Xpulse 200 Carb

;38/6(

$/7(51$'25(0%5$*8('($55$148(
&É57(575$160,6,Ð1&,*8(f$/
58('$75$6(5$6863(16,Ð1
6,67(0$'()5(1$'2$17,%/248(2
6,67(0$'()5(12+,'5$Ô/,&2
%$7(5Ì$6,67(0$'(&$5*$
6,67(0$'((1&(1','2
$55$148((/e&75,&2
/8&(60(','25(6,17(5583725(6
',$*5$0$(/e&75,&2
62/8&,Ð1'(352%/(0$6
6Ì0%2/26
6Ì0%2/26
3UHFDXFLRQHVJHQHUDOHVGHOVHUYLFLR 9DORUHVWRUTXHGHOPDUFR
&DUDFWHUtVWLFDV 9DORUHVHVWiQGDUGHWRUTXH
6HJXULGDGJHQHUDO /XEULFDFLyQ\SXQWRVGHVHOOR
%DWHUtDGHKLGUyJHQRJDVHRVR\ +HUUDPLHQWDVHVSHFLDOHV
HOHFWUROLWR 6LVWHPDFRQWUROGHHPLVLRQHV
,GHQWLÀFDFLyQGHOPRGHOR 6LVWHPDFRQWUROGHHPLVLRQHVGHO
(VSHFLÀFDFLRQHV H[KRVWR
/tPLWHGHOVHUYLFLR &DEOHV$UQpVGHFDEOHV7XERV
9DORUHVWRUTXHGHOPRWRU (QUXWDPLHQWRGHPDQJXHUDV
,1)250$&,Ð1*(1(5$/
&$5$&7(5Ì67,&$6
02725
3RWHQWH\HFRQyPLFRPRWRUGHWLHPSRV &RPEXVWLEOH\SRWHQWHPRWRU2+&GHWLHPSRVFRQHO~OWLPRGLVHxR
&LOLQGURGHDOXPLQLRFRQUHYHVWLPLHQWRGHDFHUR 3DUDXQDPHMRUGLVLSDFLyQGHFDORU\XQDPD\RUILDELOLGDG
&DUEXUDGRUGHYDFtRFRQVWDQWH 3DUDHQWUHJDUXQUHQGLPLHQWRySWLPR
&&9,(QFHQGLGRYDULDEOHFRQWURODGRSRUFDUEXUDGRU 3DUDWLHPSRVGHHQFHQGLGRFRQWURODGRVDYHORFLGDGHV
YDULDEOHV
$0,6LVWHPDDYDQ]DGRGHHQFHQGLGRSRUPLFURSURFHVDGRU (QFHQGLGRGLJLWDOGHHWDSDVP~OWLSOHVSDUD
XQDUHVSXHVWDUiSLGDGHODFHOHUDGRU
$UUDQTXHHOpFWULFR 3DUDXQLQLFLRUiSLGR\IiFLO
&DMDGHFDPELRVGHYHORFLGDGHV 3DUDPHMRUDUODFDSDFLGDGGHPDQHMR
7HQVRUGHFDGHQDGHOHYDDXWRPiWLFR &RQFDGHQDGHOHYDVVLOHQFLRVDWLSRFXxDSDUDPDQWHQHUEDMRVQLYHOHV
GHUXLGRGHOPRWRU
9iOYXODGHLQ\HFFLyQGHDLUH 3DUDUHGXFLUHOYROXPHQGHPRQy[LGRGHFDUERQRHQHOH[KRVWRGHOVLOHQFLDGRUSDUD
FXPSOLUFRQORV~OWLPRVHVWiQGDUHVGHHPLVLyQ
0$5&2
7LSRGHGLDPDQWHFKDVLVGHDFHURSUHQVDGRSDUDPD\RUUHVLVWHQFLDPHMRUPDQLREUDELOLGDG\YLEUDFLRQHVUHGXFLGDV
)5(126
(OIUHQRGHODQWHURHVWiHTXLSDGRFRQXQVLVWHPDGHIUHQRVDQWLEORTXHR$%6SDUDPHMRUDUODVHJXULGDGDFWLYD
)UHQRVGHGLVFRPiVJUDQGHVGHPPHQODUXHGDGHODQWHUD\IUHQRGHGLVFRGHPPHQODUXHGDWUDVHUDSDUD
XQDPD\RUHILFLHQFLDGHIUHQDGR
6863(16,Ð1
+RUTXLOODGHODQWHUDKLGUiXOLFDGHDOWRUHQGLPLHQWRSDUDDGDSWDUVHWDQWRDFDUUHWHUDVXUEDQDVFRPRUXUDOHV
(OEUD]RRVFLODQWHUHFWDQJXODUFRQVXVSHQVLyQWUDVHUDPRQRVKRFNHVWiGLVSRQLEOH

&2162/$'(,167580(1726',*,7$/(6'($/7$7(&12/2*Ì$
(OFXHQWDNLOyPHWURVPXHVWUDODGLVWDQFLDUHFRUULGDGHVGHTXHHOPHGLGRUGHYLDMHVHUHVWDEOHFLyOD~OWLPDYH]+D\GRV
PHGLGRUHVGHYLDMH7ULS\7ULS
(ORGyPHWURPXHVWUDODGLVWDQFLDDFXPXODGDUHFRUULGD
5HORMGLJLWDOLQFRUSRUDGRHQODFRQVRODGHOLQVWUXPHQWRSDUDODJHVWLyQGHOWLHPSRSRVWHULRU\ODSODQLILFDFLyQGXUDQWHXQYLDMH
(OH[FOXVLYRWDFyPHWURGHEDUUDGLJLWDOLQGLFDODVUHYROXFLRQHVGHOPRWRUSRUPLQXWR
,QGLFDGRUGLJLWDOGHFRPEXVWLEOHSDUDLQGLFDUODFDQWLGDGGHFRPEXVWLEOH
/DFRQVRODGHLQVWUXPHQWRVWDPELpQVHSUHVHQWDFRQXQLQGLFDGRU$%&SDUDYHULILFDUVLHOVLVWHPDGHIUHQRVDQWLEORTXHR$%&
HVWiIXQFLRQDQGRQRUPDO
(OLQGLFDGRU$%&QRUPDOPHQWHVHHQFLHQGHGXUDQWHVHJXQGRVFXDQGRHOLQWHUUXSWRUGHHQFHQGLGR´21µ\OXHJRVLJXH
SDUSDGHDQGRKDVWDTXHODPRWRFLFOHWDDOFDQ]DXQDYHORFLGDGGHNPK6LKD\XQSUREOHPDFRQHOVLVWHPDGHEORTXHR
DQWLEORTXHRVHHQFLHQGHHOLQGLFDGRU$%&
(OPRGR(&2D\XGDDOFRQGXFWRUDORJUDUXQDHILFLHQFLDGHFRPEXVWLEOHySWLPD
(OLQGLFDGRUGHPDUFKDPXHVWUDODPDUFKDVHOHFFLRQDGDPLHQWUDVFRQGXFH
/DDSOLFDFLyQGHQDYHJDFLyQ+HURHVWiGLVSRQLEOHSDUDDFFHGHUDEOXHWRRWKDOHUWDVGHOODPDGDVHQWUDQWHVEDWHUtDEDMDPyYLO
D%HUW\IXQFLRQHVGHQDYHJDFLyQ
/DFRQVRODGHOLQVWUXPHQWRWDPELpQVHSUHVHQWDFRQLQGLFDGRUGHVRSRUWHODWHUDOLQGLFDGRUHVGHOX]GLUHFFLRQDOLQGLFDGRUGH
OX]DOWDLQGLFDGRUQHXWURYHORFtPHWURHLQGLFDGRUGHUHFRUGDWRULRGHVHUYLFLR
/DFRQVRODGHOPHGLGRUWDPELpQPXHVWUDODVLJXLHQWHGLVWDQFLDGHVHUYLFLRGXUDQWHXQRVVHJXQGRVFXDQGRHOLQWHUUXSWRUGH
HQFHQGLGRHVWiHQ21,QGLFDFXiQWRVNLOyPHWURVTXHGDQDQWHVGHTXHYHQ]DHOSUy[LPRVHUYLFLR
),/752'($,5(
)LOWURGHDLUHSOLVDGRGHSDSHOPRMDGRILOWUDFLyQGHDLUHGHDOWDFDOLGDG\PD\RUYLGD~WLOGHOPRWRU
6,/(1&,$'25'((;+2672
6LOHQFLDGRUGLVHxDGRSRU6SHFLDIO\SDUDXQDDSDULHQFLDDWUDFWLYD\ULFD\FXHUSRGHVLOHQFLDGRUUHFXELHUWRGHSROYRSDUDXQD
PHMRUGLVLSDFLyQGHOFDORUFRQFXELHUWDGHSURWHFFLyQFRQWUDHOFDORU
(/e&75,&2
6LVWHPDGHHQFHQGLGRSRUPLFURSURFHVDGRUDYDQ]DGR$0,'LJLWLD,&',(OVLVWHPD&',HVIiFLOGHPDQWHQHU\D\XGDDDUUDQFDU
LQVWDQWiQHDPHQWHHQWRGRWLSRGHFRQGLFLRQHVFOLPiWLFDV(OVLVWHPD$0,PHMRUDODUHVSXHVWDGHOPRWRUGXUDQWHODDFHOHUDFLyQHQ
WRGDVODVSRVLFLRQHVGHPDUFKD
/$PRWRFLFOHWDHVWiHTXLSDGDFRQIDURV/('OXFHVWUDVHUDVOXFHVGHIUHQR/('\OXFHVGHSRVLFLyQ/('
0$17(1,0,(172%$7(5Ì$*5$78,7$
/DEDWHUtD0)JDUDQWL]DXQDPSHUDMHGHDUUDQTXHHQIUtR&&$VXILFLHQWHSDUDXQDUUDQTXHIiFLOLQFOXVRHQFRQGLFLRQHVGHIUtR
1RUHTXLHUHHOOOHQDGRGHDJXDGHVWLODGD\XQDLQVSHFFLyQGHJUDYHGDGHVSHFtILFDXQDYH]OOHQD\FRQGXFLGDSRUPDU
,17(5583725'(3$5$'$'(/02725
(OLQWHUUXSWRUGHSDUDGDGHOPRWRUVHSURSRUFLRQDMXQWRDODFHOHUDGRUSDUDHPHUJHQFLDV
,1)250$&,Ð1*(1(5$/
0$17(1(5)8(5$'(/$/&$1&('(/261,f26
/Ì48,'2'()5(126
35(&$8&,Ð1
'HUUDPDU OtTXLGR VREUH SLH]DV SLQWDGDV GH SOiVWLFR R
JRPDODVGDxDUi&RORTXHXQDWRDOODOLPSLDVREUHHVWDV
SDUWHVFDGDYH]TXHVHUHSDUHHOVLVWHPD
0$17(1(5)8(5$'(/$/&$1&('(/261,f26
,1)250$&,Ð1*(1(5$/
0$17(1(5)8(5$'(/$/&$1&('(/261,f26
$ODSUHWDUXQDVHULHGHSHUQRVRWXHUFDVFRPLHQFHSULPHURFRQHOGLiPHWURPD\RUGHORVSHUQRVLQWHUQRV\DSULHWHGLDJRQDOPHQWHDO
WRUTXHHVSHFLILFDGRDPHQRVTXHVHHVSHFLILTXHXQDVHFXHQFLDSDUWLFXODU
'LULMDWRGRVORVFDEOHVHOpFWULFRVFDEOHVPD]RVGHFDEOHVWXERVPDQJXHUDVFRPRVHPXHVWUDHQFRQVXOWHHOPDQXDOEDVHSiJLQDV
KDVWD
,1)250$&,Ð1*(1(5$/
,'(17,),&$&,Ð1'(/02'(/2;38/6(
)5(17( )5(17(
1~PHURGHLGHQWLÀFDFLyQ9,1 1~PHURVHULHGHOPRWRU

(O9,1HVWiHVWDPSDGRHQHOODGRGHUHFKRGHODFDEH]DGH (OQ~PHURGHVHULHGHOPRWRUHVWiLPSUHVRHQHOODGRLQIHULRU
GLUHFFLyQ L]TXLHUGRGHOFiUWHU
)5(17(
1~PHURGHLGHQWLÀFDFLyQGHOFDUEXUDGRU
(OQ~PHURGHLGHQWLILFDFLyQGHOFDUEXUDGRUHVWiLPSUHVRHQ
HOODGRGHUHFKRGHOFXHUSRGHOFDUEXUDGRU
,1)250$&,Ð1*(1(5$/
(63(&,),&$&,21(6
*(1(5$/
,7(0 (63(&,),&$&,21(6
/RQJLWXGWRWDO PP
$QFKRWRWDO PP
$OWXUDWRWDO PP
'LPHQVLRQHV 'LVWDQFLDHQWUHHMHV PP
$OWXUDGHODVLHQWR PP
3HVRHQYDFtR NJ
'LVWDQFLDDOVXHOR PP
7LSRGHPDUFR 7LSRGLDPDQWH
6XVSHQVLyQGHODQWHUD 7HQHGRUGHODQWHURWHOHVFySLFRGLiPPDQWLIULFFLyQ
*ROSHDPRUWLJXDGRUGHODQWHUR PP
6XVSHQVLyQWUDVHUD %UD]RRVFLODQWHUHFWDQJXODUFRQPRQRVKRFN
*ROSHDPRUWLJXDGRUWUDVHUR PP
7DPDxRGHODOODQWDGHODQWHUD 0&6
7DPDxRGHODOODQWDWUDVHUD 0&6

'HODQWHUD NJIFP SVL
&RQGXFWRU
0DUFR 3UHVLyQGHODOODQWD 7UDVHUD NJIFPSVL

HQIUtR &RQGXFWRU\ 'HODQWHUD NJIFP SVL
SDUULOOHUR 7UDVHUD

NJIFP SVL
)UHQRGHODQWHUR 7LSRGLVFR 'LiPHWURGHOGLVFRPP
)UHQRWUDVHUR 7LSRGLVFR 'LiPHWURGHOGLVFRPP
&DSDFLGDGWDQTXHGHFRPEXVWLEOH OLWURV
&DSDFLGDGWDQTXHGHUHVHUYD OLWURV8VDEOH
ÉQJXORGHDYDQFH
/RQJLWXGGHSDVR PP
$FHLWHGHKRUTXLOODGHODQWHUDDOGHVHQVDPEODU FF3RUSLH]D
7LSR &LOLQGURHQIULDGRFRQDLUHJROSHVVHQFLOOR2+&
'LVSRVLFLyQGHOFLOLQGUR &LOLQGURVLPSOHLQFOLQDGRGHVGHYHUWLFDO
3RWHQFLDPi[LPD N:DUSP
7RUTXHPi[LPR 1PDUSP
'LiPHWUR\JROSH [PP
'HVSOD]DPLHQWR FF
5DGLRGHFRPSUHVLyQ
7UHQGHYiOYXOD &DGHQDVLOHQFLRVD2+&
&DSDFLGDGDFHLWHGHOPRWRU PODOGHVHQVDPEOH\PODOGUHQDGRGHDFHLWH
0RWRU 6LVWHPDGHOXEULFDFLyQ 3UHVLyQIRU]DGD\VXPLGHURK~PHGR
7LSRERPEDGHDFHLWH 7URFRLGDO
)LOWUDFLyQGHDFHLWH 0DOODGHDODPEUH\ILOWURFHQWUtIXJR
)LOWUDFLyQGHDLUH 7LSRSOLVDGRK~PHGRGHSDSHO
3UHVLyQGHFRPSUHVLyQGHOFLOLQGUR NJIFP
$ELHUWD $7'&VLQFURQL]DFLyQGHYiOYXODDPPGHHOHYDFLyQGHYiOYXOD
9iOYXODGHDGPLVLyQ
&HUUDGD $%'&VLQFURQL]DFLyQGHYiOYXODDPPGHHOHYDFLyQGHYiOYXOD
$ELHUWD %%'&VLQFURQL]DFLyQGHYiOYXODDPPGHHOHYDFLyQGHYiOYXOD
9iOYXODGHH[KRVWR
&HUUDGD %7'&VLQFURQL]DFLyQGHYiOYXODDPPGHHOHYDFLyQGHYiOYXOD
$EHUWXUDGHODYiOYXOD (QWUDGD PP
HQFRQGLFLyQIUtD ([KRVWR PP
9HORFLGDGHQQHXWUR USP
,1)250$&,Ð1*(1(5$/
(63(&,),&$&,21(6
*(1(5$/
,7(0 (63(&,),&$&,21(6
(PEUDJXH 0XOWLSODFDWLSRK~PHGR
7UDQVPLVLyQ 0DOODFRQVWDQWHGHYHORFLGDGHV
5HGXFFLyQSULPDULD
VW
7UHQGH QG
5HODFLyQGH
WUDQVPLVLyQ WUDQVPLVLyQ
UG
WK
WK
5HGXFFLyQILQDO
3DWUyQGHFDPELRGHPDUFKD
'HVSOD]DPLHQWRGHOSLH1
6LVWHPDGHHQFHQGLGR 7LSRGHFRQWURODYDQ]DGRGLJLWDO

7LHPSRGH 0DUFD´)´ %7'&DUSP
HQFHQGLGR
$YDQFHFRPSOHWR %7'&DUSP
6LVWHPD :DUSP
$OWHUQDGRU
HOpFWULFR
&DSDFLGDGGHODEDWHUtD 9$K(7=%DWHUtD 0)
%XMtD 1*.&35($%26&+85'&
7DSDGHODEXMtD PP
)XVLEOH $$$$
/X]SULQFLSDO$OWD%DMD 9::/('
/X]GHSRVLFLyQ 9:/('
/X]GHSDUDGDGHFROD 9:/('
/X]GLUHFFLRQDO 9:[ 0)5%RPELOORiPEDUFRQOHQWHFODUR
,OXPLQDFLyQGHOPHGLGRU /('
/XFHV ,QGLFDGRUQHXWUR /('
,QGLFDGRUHV ,QGLFDGRUGLUHFFLRQDO'(5,=4 /('[
,QGLFDGRUGHOX]GHFDUUHWHUD /('
LQGLFDGRU$%6 /('
,QGLFDGRUUHFRUGDWRULRGHVHUYLFLR 3DQWDOOD/&'
,QGLFDGRUVRSRUWHODWHUDO /('
,QGLFDGRUOX]GHODSODFD 9:
0)/LEUHGHPDQWHQLPLHQWR
0)55HIOHFWRUPXOWLIRFDO
,1)250$&,Ð1*(1(5$/
/Ì0,7('(/6(59,&,2
0$17(1,0,(172
,7(0 (63(&,),&$&,21(6
-XHJROLEUHPDQJRGHODFHOHUDGRU
%XMtD
$EHUWXUDGHODEXMtD
$EHUWXUDGHODYiOYXOD (QWUDGD
(QFRQGLFLyQIUtD ([KRVWR
$OGUHQDU
&DSDFLGDGDFHLWHGHOPRWRU
$OGHVHQVDPEODU
0DUFD+HUR73OXV
*UDGR6$(:6/*UDGR-$620$
3URGXFLGRSRU
$FHLWHGHPRWRUUHFRPHQGDGR 7LGH:DWHU2LO&R,QGLD/WG
6DYLWD2LO7HFKQRORJLHV/LPLWHG
%KDUDW3HWUROHXP&RUSRUDWLRQ/LPLWHG
9HORFLGDGGHOPRWRUHQQHXWUR
&RPSUHVLyQGHOFLOLQGUR
)ORMHGDGGHODFDGHQDGHWUDQVPLVLyQ
$FHLWHGHIUHQRUHFRPHQGDGR 'RWR'RW
-XHJROLEUHGHODSDODQFDGHOHPEUDJXH
'HODQWHUD
7DPDxRGHODOODQWD
7UDVHUD
'HODQWHUD
&RQGXFWRU
7UDVHUD
3UHVLyQGHODOODQWDHQIUtR
&RQGXFWRU\ 'HODQWHUD
SDUULOOHUR 7UDVHUD
3URIXQGLGDGGHOJUDEDGRPtQLPRUHFRPHQGDGR 'HODQWHUD
DOFHQWURGHODOODQWD 7UDVHUD
6,67(0$'(/8%5,&$&,Ð1
,7(0 (67É1'$5 /Ì0,7('(/6(59,&,2
&DSDFLGDGDFHLWH $OGUHQDU
GHOPRWRU $OGHVHQVDPEODU
0DUFD+HUR73OXV
*UDGR6$(:6/*UDGR-$620$
$FHLWHGHPRWRUUHFRPHQGDGR 3URGXFLGRSRU
7LGH:DWHU2LO&R,QGLD/WG
$EHUWXUDFXHUSR5RWRUH[WHUQR
%RPEDGHDFHLWH $EHUWXUDH[WUHPRGHOURWRU
$EHUWXUDH[WUHPRGHODERPED
,1)250$&,Ð1*(1(5$/
6,67(0$'(&20%867,%/(
,7(0 (63(&,),&$&,21(6
&DSDFLGDGUHVHUYDGHFRPEXVWLEOH OLWURV8VDEOH
7LSRGHFDUEXUDGRU 7LSR&9FRQVLVWHPDGHHQFHQGLGRYDULDEOHFRQWURODGRSRU
FDUEXUDGRU&&9,
1~PHURGHLGHQWLILFDFLyQ
'LiPHWURYHQWXUL RHTXLYDOHQWH
1LYHOGHODIORWD
7RUQLOORSLORWRDSHUWXUDLQLFLDO YXHOWDV
9HORFLGDGHQQHXWUR
-HWSULQFLSDO
-HWOHQWR
-XHJROLEUHGHODFHOHUDGRU
9DFtRHVSHFLILFDGR6LVWHPDVXPLQLVWURGHDLUHVHFXQGDULR
5(02&,Ð1,167$/$&,Ð1'(/02725
,7(0 (63(&,),&$&,21(6
$OGUHQDU
$OGHVHQVDPEODU
&8/$7$9É/98/$6
,7(0 (67É1'$5 /Ì0,7('(/6(59,&,2
&RPSUHVLyQGHOFLOLQGUR
(QWUDGD
$EHUWXUDGHODYiOYXOD(QFRQGLFLyQIUtD
([KRVWR
$OWXUDGHOOyEXORGHODOHYDGHOiUEROGH (QWUDGD
OHYDV ([KRVWR
&RPEDGXUDGHODFXODWD
'LiPHWURLQWHUQR
%UD]R
'LiPHWURH[WHUQRGHOHMH
RVFLODQWH
-XHJRGHURGDPLHQWRVEUD]RDHMH
'LiPHWURH[WHUQRGHO (QWUDGD
YiVWDJR ([KRVWR
'LiPHWURLQWHUQRGHOD (QWUDGD
JXtD ([KRVWR
9iOYXOD
(QWUDGD
$EHUWXUDYiVWDJRDJXtD
([KRVWR
/RQJLWXGOLEUHGHOUHVRUWH ,QWHULRU
$QFKRDVLHQWRGHODYiOYXOD
$OWXUDJXtDGHODYiOYXODGHHQWUDGD
$OWXUDJXtDGHODYiOYXODGHH[KRVWR
,1)250$&,Ð1*(1(5$/
&,/,1'523,67Ð1
,7(0 (67É1'$5 /Ì0,7('(/6(59,&,2
'LiPHWURLQWHUQR
2YDOLGDG
&LOLQGUR
'LVPLQXFLyQJUDGXDO
&RPEDGXUD
'LiPHWURH[WHUQRGHOSLVWyQ
'LiPHWURLQWHUQRRULILFLRGHOSLQ
'LiPHWURH[WHUQRSLQGHOSLVWyQ
'LVWDQFLDHQWUHHOSLQGHOSLVWyQDOSLVWyQ
'LiPHWURLQWHUQRH[WUHPRGHODYDULOODSHTXHxD
$EHUWXUDGHOSLVWyQDOFLOLQGUR
$EHUWXUDGHOSLQDODYDULOODGHFRQH[LyQ
3LVWyQ
3LVWyQH[WUDJUDQGHGLVSRQLEOH
$EHUWXUDGHOSLVWyQH[WUDJUDQGH
'LVWDQFLDHQWUHHO 6XSHULRU
DQLOOR\ODDEHUWXUD
GHOSLVWyQ 6HJXQGD
6XSHULRU
'LVWDQFLDILQDOGHO
6HJXQGD
DQLOORGHOSLVWyQ
$FHLWH5LHOODWHUDO
(0%5$*8(&$-$'(&$0%,26(1*5$1$-(35,0$5,2
,7(0 (67É1'$5 /Ì0,7('(/6(59,&,2
-XHJROLEUHGHSDODQFD PP
/RQJLWXGOLEUHGHOUHVRUWH PP PP
'LVF$Q PDUFDYHUGH PP PP
(VSHVRUGHOGLVFR
'LVF%Q PP PP
(PEUDJXH
&RPEDGXUDGHODSODFD PP
'LiPHWURLQWHUQRGHODJXtDH[WHULRUGHOHPEUDJXH PP PP
'LiPHWURH[WHUQRGHODJXtDH[WHULRUGHOHPEUDJXH PP PP
'LiPHWURLQWHUQRH[WHULRUGHOHPEUDJXH PP PP

3HGDOGH 'LiPHWURLQWHUQRGHOSLxyQPP PP
DUUDQTXH
'LiPHWURH[WHUQRGHOHMH PP PP

3HGDOGH 'LiPHWURLQWHUQRGHOHQJUDQDMH PP
DUUDQTXH
'LiPHWURLQWHUQRGHOEXMH PP
PDUFKD
OHQWD
'LiPHWURH[WHUQRGHOEXMH PP
,1)250$&,Ð1*(1(5$/
$/7(51$'25(0%5$*8('(/$55$148(
,7(0 (67É1'$5 /Ì0,7('(/6(59,&,2
5HGXFFLyQGHHQJUDQDMHV 'LiPHWURH[WHUQRGHOHMH
'LiPHWURLQWHUQR
(TXLSRGHDUUDQTXH
'LiPHWURH[WHUQR
&É57(5&,*8(f$/75$160,6,Ð1
,7(0 (67É1'$5 /Ì0,7('(/6(59,&,2
'LiPHWURLQWHUQR
7HQHGRUGHFDPELR (VSHVRUGHOJDQFKR
,]TXLHUGR
'LiPHWURH[WHUQR
'HUHFKR
&DPELRGHOWDPERU
,]TXLHUGR
'LiPHWURLQWHUQRGLDULR
'HUHFKR
'LiPHWURLQWHUQRGHOHQJUDQDMH
'LiPHWURH[WHUQRGHOEXMH
'LiPHWURLQWHUQRGHOEXMH
7UDQVPLVLyQ
'LVWDQFLDHQWUHHOHQJUDQDMH\HO
EXMH
D0&
SULQFLSDO&RQWUDHMH D&
'LVWDQFLDHQWUHHOHQJUDQDMH\HO
HMH
'LVWDQFLDHQWUHHOEXMH\HOHMH
([FHQWULFLGDG
&LJXHxDO $EHUWXUDODWHUDOGHOH[WUHPRJUDQGH
$EHUWXUDUDGLDOGHOH[WUHPRJUDQGH
,1)250$&,Ð1*(1(5$/
58('$'(/$17(5$6863(16,Ð1',5(&&,Ð1
,7(0 (67É1'$5 /Ì0,7('(/6(59,&,2
3URIXQGLGDGPtQLPDGHOJUDEDGRGHODOODQWD PP PP
&RQGXFWRUNJIFPSVL
&RQGXFWRU\SDUULOOHURNJIFP SVL
([FHQWULFLGDGHMHGHODQWHUR PP PP

([FHQWULFLGDGGHODOODQWD 5DGLDO PP PP

GHODQWHUD $[LDO PP PP
/RQJLWXGOLEUHGHUHVRUWHGHOWHQHGRU PPPP
([FHQWULFLGDGGHOWXERGHOWHQHGRU PP
*UDGRDFHLWHGHOWHQHGRU $FHLWH)
&DSDFLGDGDFHLWHGHOWHQHGRU FF3RUSLH]D 5HHPSOD]DUDFHLWHDORVNP
1LYHOGHDFHLWHGHOWHQHGRU PP
58('$75$6(5$)5(126863(16,Ð1
,7(0 (67É1'$5 /Ì0,7('(/6(59,&,2
3URIXQGLGDGPtQLPDGHOJUDEDGRGHODOODQWD PP PP

&RQGXFWRU NJIFP SVL
&RQGXFWRU\SDUULOOHUR NJIFP SVL
([FHQWULFLGDGGHOHMHWUDVHUR PP
5DGLDO PP PP
([FHQWULFLGDGOODQWDWUDVHUD
$[LDO PP PP
&DGHQDGHWUDQVPLVLyQ )ORMHGDG PP
6,67(0$$17,%/248(2'()5(1$'2
,7(0 (63(&,),&$&,21(6
5HVLVWHQFLDGHOVHQVRUGHYHORFLGDGGHODUXHGD
(VSDFLRGHDLUHGHOVHQVRUGHYHORFLGDGGHODUXHGD PP
7HPSHUDWXUDGHIXQFLRQDPLHQWR &D&
7HQVLyQGHIXQFLRQDPLHQWR WR9
ÉQJXORGHLQFOLQDFLyQGHODXQLGDG$%6 ,QFOLQDGR
,1)250$&,Ð1*(1(5$/
6,67(0$'()5(12+,'5É8/,&2
,7(0
(67É1'$5 /Ì0,7('(/6(59,&,2
/tTXLGRGHIUHQRHVSHFLILFDGR 'R7R'R7
(VSHVRUGLVFRGHIUHQR PP PP
([FHQWULFLGDGGLVFRGHIUHQR PP
'HODQWHUR 'LiPHWURLQWHUQRFLOLQGURPDHVWUR PP PP
'LiPHWURH[WHUQRGHOSLVWyQFLOLQGURPDHVWUR PP PP
'LiPHWURLQWHUQRFLOLQGURGHODSLQ]DGHIUHQR PP PP
'LiPHWURH[WHUQRSLVWyQGHODSLQ]DGHIUHQR PP PP
/tTXLGRGHIUHQRHVSHFLILFDGR
'R7R'R7
(VSHVRUGLVFRGHIUHQR PP PP
([FHQWULFLGDGGLVFRGHIUHQR PP
7UDVHUR 'LiPHWURLQWHUQRFLOLQGURPDHVWUR PP PP
'LiPHWURH[WHUQRGHOSLVWyQFLOLQGURPDHVWUR PP PP
'LiPHWURLQWHUQRFLOLQGURGHODSLQ]DGHIUHQR PP PP
'LiPHWURH[WHUQRSLVWyQGHODSLQ]DGHIUHQR PP PP
%$7(5Ì$6,67(0$'(&$5*$
,7(0 (63(&,),&$&,21(6
&DSDFLGDG 9$K(7=%DWHUtD 0)
%DWHUtD )XJDGHFRUULHQWH P$Pi[LPR
9ROWDMHD&) 9PtQLPR
&DSDFLGDG :DUSP
$OWHUQDGRU
5HVLVWHQFLDFDUJDGHODERELQD&)
9ROWDMHUHJXODGRGHODERELQDGHODOiPSDUDFRQEDWHUtD 9PD[DUSP
$DUSPGtDQRFKH
&RUULHQWHUHJXODGDGHODERELQDGHODOiPSDUDFRQEDWHUtD
$DUSPGtDQRFKH
6,67(0$'((1&(1','2
,7(0 (63(&,),&$&,21(6
(VWiQGDU 1*.&35($%26&+85'&
%XMtD
7DSDGHODEXMtD PP
%RELQDGHHQFHQGLGRODGRSULPDULR 9PtQLPR
9ROWDMHSLFR
*HQHUDGRUGHSXOVR 9PtQLPRDUSP
7LHPSRGH 0DUFD) %7'&DUSP$FHOHUDGRU
HQFHQGLGR $YDQFHFRPSOHWR %7'&DUSP$FHOHUDGRU
5HVLVWHQFLDERELQDSULPDULDD&)
5HVLVWHQFLDERELQDVHFXQGDULD
%RELQDGHHQFHQGLGR VLQWDSDVXSUHVRUDGHUXLGRD&) N
5HVLVWHQFLDERELQDVHFXQGDULD
N
FRQWDSDVXSUHVRUDGHUXLGRD&)
5HVLVWHQFLDJHQHUDGRUGHSXOVRGHHQFHQGLGR
9ROWDMHHVWiQGDUHQWUHHOFDEOH736DPDULOORURMR\WLHUUD 9
9ROWDMHHVWiQGDUHQWUHFDEOHDPDULOORD]XO736\WLHUUD 9
,1)250$&,Ð1*(1(5$/
$55$148((/e&75,&2
,7(0 (67É1'$5/Ì0,7('(/6(59,&,2
/RQJLWXGGHODHVFRELOODGHOPRWRUGHDUUDQTXH PPPP
/8&(60(','25(6,17(5583725(6
,7(0 (63(&,),&$&,21(6
/X]GHSRVLFLyQ 9:/('
/X]GHSDUDGDGHFROD 9:/('
,QGLFDGRUQHXWUR /('
%RPELOORV
,QGLFDGRUGLUHFFLRQDO'(5,=4 /('[
,QGLFDGRUGHOX]GHFDUUHWHUD /('
LQGLFDGRU$%6 /('
,QGLFDGRUOX]GHODSODFD 9:
)XVLEOH $$$$
0)55HIOHFWRUPXOWLIRFDO
,1)250$&,Ð1*(1(5$/
9$/25(672548('(/02725 72548( 35
526&$
12 ,7(0 9$/25(6 2%6(59$&,21(6
7$0$f2<7,32 1P NJIP 1P
3ODFDGHUHWHQFLyQGHO
0[7RUQLOORGHEULGD a a 7%'(TXLY
URGDPLHQWRFiUWHUGHUHFKR
5RGDPLHQWRGHHPSXMH 7%'(TXLY
0[6+7RUQLOORGHEULGD a a
SODFDL]TXLHUGDFiUWHU
3HUQRVGHGUHQDMHGHDFHLWH 0[ a a
0[WDSDPP a a
7DSDL]TXLHUGDGHOFiUWHU
0[WDSDPP a a $SOLFDUJUDVD
0[7XHUFDHVSHFLDO a a $SOLFDUDFHLWH
6RSRUWHGHOiUEROGHOHYDV
0[3HUQRGHEULGD a a
&XELHUWDGHODFDEH]D 0[3HUQRHVSHFLDO a a
(QJUDQDMHGHOHYDV 0[3HUQRJROSHEULGD a a
(PSXMDGRUWXHUFDGHDMXVWH 0[7XHUFD a a $SOLFDUDFHLWH
7HQVRUDMXVWHDJXMHUR 0[3HUQR a a
%RPEDGHDFHLWH 7RUQLOORGHURVFD[ a a
5RWRUILOWURGHDFHLWH 0[7XHUFDGHEORTXHR a a $SOLFDUDFHLWH
7DSDGHOURWRUILOWURGHDFHLWH 0[7RUQLOORRYDODGR a a
$LVODGRUGHOFDUEXUDGRU
0[3HUQRGHEULGD a a
(QWUDGDGHWXEHUtD
0[7XHUFDHVSHFLDO a a $SOLFDUDFHLWH

(QVDPEOHGHOHPEUDJXH
0[3HUQRGHEULGD a a
3LxyQGHDFFLRQDPLHQWR 0[3HUQRKH[HVSHFLDO a a
3ODFDWRSHWDPERUFDPELR 0[3HUQRGHEULGD a a 7%'(TXLY
7DSyQWDPERUGHFDPELR 0[3HUQRGHEULGD a a 7%'(TXLY
(PEUDJXHDUUDQTXHH[WHULRU 0[3HUQRHVSHFLDO a a 7%'(TXLY
9RODQWH$&*O 0[7XHUFDGHEULGD a a $SOLFDUDFHLWH
3XOVDGRU 0[3HUQRVRFNHW a a 7%'(TXLY
3LQ]DGHFDEOH$&* 0[3HUQRVRFNHW a a 7%'(TXLY
%XMtD 0[ a a
&iUWHUGHUHFKRL]TXLHUGR 3HUQRGHFLOLQGUR0[ a a
&XODWD 3HUQR0[ a a
%DQGDDLVODQWH 7RUQLOOR0[ a a
(MHHTXLOLEUDGRU 7XHUFDGHEULGD0 a a
127$
(OIDFWRUSDUDODFRQYHUVLyQGHOYDORUWRUTXHGHODXQLGDG6,1PGHODXQLGDGKDELWXDONJIPVHUiHQHVWDWDEOD
9DORUHVFHQWUDOHVHQYDORU356HLQJUHVDUiQHQHOPDQXDOGHODWLHQGDVHUYLFLR
,1)250$&,Ð1*(1(5$/
9$/25(672548('(/02725
72548( 35
526&$
12 ,7(0 9$/25(6 2%6(59$&,21(6
7$0$f2<7,32 1P NJIP 1P
'LUHFFLRQ
7XHUFDGHGLUHFFLyQ 0[ a a
&RPSRQHQWHURVFDFDEH]DVXSHULRU 0[ a a
7RUQLOORWHQHGRUGHODQWHUR 0[ a a
3HUQRGHOWHQHGRUGHODQWHUR 0[ a a
3HUQRGHDSULHWHSXHQWHLQIHULRU 0[ a a %)
3HUQRGHDSULHWHSXHQWHVXSHULRU 0[ a a %)
0DQLMDGHEORTXHR 0[ a a
0DQLMDL]TXLHUGDSLYRWHGHSDODQFD 0[ a a
7XHUFDPDQLMDSDODQFDL]TXLHUGD 0[ a a
5XHGD
7XHUFDGHOHMHGHODQWHUR 0[ a a 7XHUFD37
7XHUFDGHOHMHWUDVHUR 0[ a a 7XHUFD37
7XHUFDGHQWDGD 0[ a a 7XHUFD37
3HUQRGHGLVFRIUHQRGHODQWHUR 0[ a a 3HUQR7%
3HUQRGHGLVFRIUHQRWUDVHUR 0[ a a 3HUQR7%
)UHQR
3LQ]DGHODQWHUDXVRWHQHGRU 0[ a a %)7%
,QWHUUXSWRUGHODQWHURGHSDUDGD 0[ a a 7RUQLOOR
7DSDFLOLQGURPDHVWURGHODQWHUR 0[ a a 7RUQLOOR
3LYRWHSDODQFDPDQLOODUGHU3HUQR 0[ a a
3LYRWHSDODQFDPDQLOODUGHU7XHUFD 0[ a a
6RSRUWHFLOLQGURPDHVWUR 0[ a a %)
3HUQRGHDFHLWH 0[ a a %)
3XUJDGRUGHODSLQ]DGHODQWHUD 0[ a a
3LQGHVXVSHQVLyQGHODQWHUD 0[ a a
7XHUFDGHDSULHWHSLQ]DGHODQWHUD 0[ a a $SOLFDU$6$4
3HUQRGHSLQ]DGHODQWHUD 0[ a a
3XUJDGRUGHODSLQ]DWUDVHUD 0[ a a
3HUQRSLQGHSLQ]DWUDVHUD 0[ a a
%ULGDGHWXHUFDGHODSLQ]DWUDVHUD 0[ a a $SOLFDU$6$4
3LQGHVXVSHQVLyQWUDVHUD 0[ a a
7DSDGHOFLOLQGURPDHVWURWUDVHUR 0[ a a
-XQWDYiVWDJRFLOLQGURPDHVWURWUDV 0[ a a
3LQGHSLQ]DGHODQWHUD 0[ a a
&LOLQGURPDHVWURWUDVHUR
0[ a a
8VRVRSRUWHFRUUHFWRGHSDVR
,1)250$&,Ð1*(1(5$/
9$/25(672548('(/02725 72548( 35
526&$ 9$/25(6 2%6(59$&,21(6
12 ,7(0 7$0$f2<7,32 NJIP
1P 1P
6XVSHQVLyQ
&RMtQWUDVHURVXSHULRU 0[ a a
&RMtQWUDVHURLQIHULRU 0[ a a %)
3HUQRWHQHGRUGHODQWHUR 0[ a a 3HUQRWHQHGRU
%UD]RRVFLODQWH
7XHUFDSLYRWHGHOEUD]RRVFLODQWH %DxRGHDFHLWHGH
0[ a a PRWRUGHWXHUFD37
6XVSHQVLyQGHOPRWRU
6XVSHQVLyQGHODQWHUDGHOPRWRU 0[ a a
6XVSHQVLyQWUDVHUDGHOPRWRU 0[ a a
7DQTXHGHFRPEXVWLEOH
3HUQRGHWDSDGHOWDQTXH 0[ a a
8QLGDGGHFRPEXVWLEOH 0[ a a
(QVDPEOHGHFRPEXVWLEOH 0[ a a
6LOHQFLDGRU
&XELHUWDVLOHQFLDGRU 0[ a a
&XELHUWDVLOHQFLDGRU 0[ a a
3DVR
3HUQRGHODSODFDGHSDVR 0[ a a
3HUQRFRPSOHPHQWRGHOVRSRUWH 0[ a a
&DEOHGHODFHOHUDGRU
/DGRGHODHPSXxDGXUD 0[ a a
/DGRGHOPRWRU 0[ a a
2WURV
6RSRUWHODWHUDO 0[ a a 7XHUFD8
&RPSOHPHQWRGHOHVSHMR'HU,]T 0[5RVFDL]T a a
3DQWDOODGHYLHQWR 0[ a a &RQMXQWRGHWXHUFD
3URFHGLPLHQWRGHPpWRGRGHDSULHWHHVSHFLDOHWF
,WHP6RSRUWHODWHUDO 0LHQWUDVDSULHWDODWXHUFDGHEORTXHR
7RUQLOORGHSLYRWH\WXHUFDGHEORTXHR (OWRUQLOORSLYRWHVHILMDUiFRQODKHUUDPLHQWD
,WHP3DODQFDGHODPDQLMD $ODSUHWDUODWXHUFDGHEORTXHR
7RUQLOORGHSLYRWH\WXHUFDGHEORTXHR (OSHUQRSLYRWHVHILMDUiFRQODKHUUDPLHQWD
127$
(OIDFWRUSDUDODFRQYHUVLyQGHOYDORUGHWRUTXHHVODXQLGDGQPGHODXQLGDGKDELWXDONJIPVHUiHQHVWDWDEOD
&HQWUDUORVYDORUHVHQYDORUHV35ORVTXHVHLQJUHVDUiQHQODWLHQGDPDQXDOGHVHUYLFLR
,1)250$&,Ð1*(1(5$/
9$/25(6*(1(5$/(6'(72548(
(67É1'$5
7,32'(),-$&,Ð1 72548(1P 72548(NJIP
3HUQR\WXHUFDGHPP a a
3HUQR\WXHUFDGHPPLQFOX\HSHUQRGHEULGD6+ a a
7RUQLOORGHPP a a
7RUQLOORGHPP a a
3HUQRGHEULGDGHPPLQFOXLGR16+)\WXHUFD a a
3HUQR\WXHUFDGHEULGDGHPP a a
3HUQR\WXHUFDGHEULGDGHPP a a
127$
/DVHVSHFLILFDFLRQHVGHWRUTXHHQXPHUDGDVDQWHULRUPHQWH\HQODVSiJLQDVVLJXLHQWHVVRQSDUDVXMHWDGRUHVLPSRUWDQWHV
2WURVGHEHQDMXVWDUVHDORVYDORUHVGHWRUTXHHVWiQGDUHQXPHUDGRVDQWHULRUPHQWH
0e72'2(63(&,$/'($35,(7(352&(',0,(172(7&
&É57(5'(5(&+2,=48,(5'2
(03275$'2(1526&$,1&203/(7$

3(512'(&,/,1'52
&8/$7$ %$1'$$,6/$'25$
(03275$'2(1
526&$,1&203/(7$

,1)250$&,Ð1*(1(5$/
/8%5,&$&,Ð1<381726'(6(//2
02725
120%5(%/248( 0e72'2<
É5($$3/,&$'$ 0$7(5,$/ 5$=Ð1 2%6(59$&,21(6
3,(=$ &$17,'$'
7UHVHQODFHV
&iUWHUL]TXLHUGR 6XSHUILFLHFRPSOHPHQWDULD R (VSDUFLU
*
3ODFDGHHPSXMHGHO 7%
URGDPLHQWR6+[ $QFKRGH
FiUWHUL]TXLHUGR 1R
UHFXEULPLHQWR
3DUWHURVFDGD =R 5HFXEULURHVSDUFLU
3ODFDGHVXMHFLyQGHO PP
R
URGDPLHQWR%)[ GHVGHODSXQWD
FiUWHUGHUHFKR /RFWLWH
$FHLWHGH
(QFKXIH 6XSHUILFLHHQWHUD PRWRUFRQ
0R6
7UHVHQODFHV
R
2MDO$&* 6XSHUILFLHGHVHOODGR (VSDUFLU
R
*
7DSyQPP 3DUWHURVFDGD
&LOLQGUR 6XSHUILFLHLQWHUQDGHODPDQJD $FHLWHGH
7XHUFDHVSHFLDO0 PRWRU 'LIXVLyQRJRWHR
3DUWHURVFDGDVXSHUILFLHGHO

7DSyQGHFLOLQGUR DVLHQWR
5RGDPLHQWRGHDJXMDVGHELHOD
H[WUHPRJUDQGH $FHLWHGH *RWHRaFP

&RPSRQHQWHGHO
PRWRUFRQ
FLJHxDO 6XSHUILFLHLQWHULRUGHOH[WUHPR
0R6
SHTXHxRGHODYDULOOD 'LIXVLyQRJRWHR
$JXMHURGHSDVDGRUUDQXUDGH $FHLWHGH
3LVWyQ DQLOORiUHDGHGHVOL]DPLHQWR PRWRU
$FHLWHGH
3LQGHOSLVWyQ 6XSHUILFLHH[WHULRU PRWRUFRQ
0R6 %DxRGHDFHLWHR
$QLOORGHOSLVWyQ 6XSHUILFLHHQWHUD $FHLWHGH HVSDUFLU
PRWRU
$&*\FLJHxDOL]T 6XSHUILFLHFyQLFD 'HVHQJUDVH
7XHUFDGHEULGD0 6XSHUILFLHGHDVLHQWRGHOD $FHLWHGH %DxRGHDFHLWH
9RODQWH SDUWHURVFDGD PRWRU
9iOYXODHQWUDGDH[KRVWR 6XSHUILFLHH[WHULRUGHOWDOOR $FHLWHGH 'LIXVLyQRJRWHR
H[WUHPRGHOWDOOR PRWRUFRQ
&RPSRQHQWHiUEROGHOHYDV 6XSHUILFLHGHODOHYDHQWHUD 0R6 'LIXVLyQRJRWHR
&DGHQDGHOHYDV 6XSHUILFLHHQWHUD %DxRGHDFHLWHRHVSDUFLU
(MHGHOEUD]RRVFLODQWH 6XSHUILFLHHQWHUD %DxRGHDFHLWHRHVSDUFLU
%UD]RRVFLODQWH 6XSHUILFLHLQWHULRUGHOHMH
VXSHUILFLHGHOURGLOOR 'LIXVLyQRJRWHR
$FHLWHGH
(PSXMDGRUWXHUFDGH 6XSHUILFLHGHDVLHQWRGHOD PRWRU
SDUWHURVFDGD %DxRGHDFHLWH
DMXVWH
(QVDPEOHERPEDGHDFHLWH 5RWRU 9HUWHUGHOHQJUDVDGRU
07XHUFDGHEORTXHR 6XSHUILFLHGHDVLHQWRGHOD
SDUWHURVFDGD %DxRGHDFHLWH
URWRUILOWURGHDFHLWH
,1)250$&,Ð1*(1(5$/
/8%5,&$&,Ð1<381726'(6(//2
02725
120%5(%/248( 0e72'2<
É5($$3/,&$'$ 0$7(5,$/ 5$=Ð1 2%6(59$&,21(6
3,(=$ &$17,'$'
$FHLWHDWUDYpVGH 6XSHUILFLHGHVOL]DQWH $FHLWHGHOPRWRU (VSDUFLU
*XtDH[WHULRUGH $FHLWHGHOPRWRU
6XSHUILFLHH[WHULRU %DxRGHDFHLWHRHVSDUFLU
HPEUDJXH FRQ0R6
'LVFRGHHPEUDJXH 6XSHUILFLHHQWHUD $FHLWHGHOPRWRU %DxRGHDFHLWH
&RPSRQHQWHH[WHULRU $FHLWHGHOPRWRU
6XSHUILFLHGHVOL]DQWH (VSDUFLU
GHOHPEUDJXH FRQ0R6
9DULOODHOHYDGRUDHPEUDJXH 6XSHUILFLHHQWHUD
7XHUFDGHEULGD0 6XSHUILFLHGHDVLHQWRGH $FHLWHGHOPRWRU %DxRGHDFHLWH

&HQWURGHHPEUDJXH ODSDUWHURVFDGD
0HQJUDQDMHV 6XSHUILFLHLQWHULRU (VSDUFLU
0EXMHLQWHULRU 6XSHUILFLHHQWHUD %DxRGHDFHLWHRHVSDUFLU
(QJUDQDMH& 6XSHUILFLHLQWHULRU $FHLWHGHOPRWRU (VSDUFLU
FRQ0R6
%XMHLQWHULRU& 6XSHUILFLHHQWHUD %DxRGHDFHLWHRHVSDUFLU
(QJUDQDMH0&& 'HVSOD]DUODVXSHUILFLHGHOD
UDQXUDGHOWHQHGRU
(QJUDQDMHPLVLyQ (VSDUFLU
)ODQFRGHOGLHQWH $FHLWHGHOPRWRU
SULPDULD6WDUWHU
(MHWHQHGRUGHFDPELR 6XSHUILFLHHQWHUD %DxRGHDFHLWHRHVSDUFLU
&DPELRWDPERUGLDULR 6XSHUILFLHH[WHULRUGH $FHLWHGHOPRWRU
GHVOL]DPLHQWR 'LIXVLyQRJRWHR
&DPELRGHOHMHGLDULR
7%
$QFKRGH
3ODFDGHWRSHGH 1 UHFXEULPLHQWR
WDPERUGHFDPELR 3DUWHURVFDGD RU=R 5HFXEULURHVSDUFLU
PP
R/RFWLWH
GHVGHODSXQWD
7DSyQFDPELRGHWDPERU
(TXLSRGHDUUDQTXH
6XSHUILFLHLQWHULRU (VSDUFLU
3LxyQGHDUUDQTXH $FHLWHGHOPRWRU
%XMHLQWHUQRGHO FRQ0R6
HQJUDQDMHLQDFWLYRGHO 6XSHUILFLHHQWHUD
UHWURFHVR %DxRGHDFHLWHRHVSDUFLU
(PEUDJXHGHDUUDQTXH 6XSHUILFLHURGDQWH $FHLWHGHOPRWRU
7RUQLOORGHFDEH]D 7% $QFKRGH
KXHFD[ 3DUWHURVFDGD 1R 5HFXEULURHVSDUFLU UHFXEULPLHQWR
(PEUDJXHGHDUUDQTXH =R PP
H[WHULRU R/RFWLOH GHVGHODSXQWD
5HGXFWRUGHDUUDQTXH
6XSHUILFLHHQWHUD $FHLWHGHOPRWRU (VSDUFLU
HMHGHOHQJUDQDMH
7RUQLOORGHFDEH]D
7% $QFKRGH
KXHFD[
1R UHFXEULPLHQWR
3XOVDGRU 3DUWHURVFDGD 5HFXEULURHVSDUFLU
=R PP
7RUQLOORGHFDEH]DKXHFD R/RFWLOH
[ GHVGHODSXQWD

$EUD]DGHUDGHFDEOH$&*
,1)250$&,Ð1*(1(5$/
/8%5,&$&,Ð1<381726'(6(//2
02725
120%5(%/248( 0e72'2<
É5($$3/,&$'$ 0$7(5,$/ 5$=Ð1 2%6(59$&,21(6
3,(=$ &$17,'$'
%RODV5RGDPLHQWRVGH 6XSHUILFLHURGDQWH
DJXMDV $FHLWHGHPRWRU 9HUWHUGHOHQJUDVDGRU
2ULQJ 6XSHUILFLHHQWHUD %DxRGHDFHLWH
$FHLWHGHPRWRUGH FP :6/
&iUWHU 'HQWURGHOFiUWHU JDVROLQD0&GH -$620$
WLHPSRV 1LYHOVXSHULRU,QIHULRU
5RGDPLHQWR $FHLWHGHPRWRU
6XSHUILFLHURGDQWH 'LIXVLyQRJRWHR
5RGLOOR[[ FRQ0R6
127$
(ODFHLWHGHPRWRUSDUDHVSDUFLUVHUiDFHLWHGHJDVROLQDSDUDPRWRFLFOHWDVGHWLHPSRVTXHQRFRQWHQJDPROLEGHQLWD
(OFRQWHQLGRGHSDVWDGHGLVXOIXURGHPROLEGHQRHQDFHLWHGHGLVXOIXURGHPROLEGHQRVHUiGHOHQYROXPHQ
3523Ð6,72
/XEULFDFLyQ
6HOOR
%ORTXHR
6ROLFLWDUHVWDELOL]DFLyQGHWRUTXH
2WURV
,1)250$&,Ð1*(1(5$/
/8%5,&$&,Ð1<381726'(6(//2
0$5&2
12 120%5(%/248( 0e72'2< 2%6(59$&,21(6

É5($$3/,&$'$ 0$7(5,$/ 5$=Ð1
3,(=$ &$17,'$'
'LUHFFLRQ
&DUUHUDFRQRGHGLUHFFLyQ 6XSHUILFLHGH 6KHOODOYDQLD(3R
H[FHOLWH(S /OHQDGRaJP
&DUUHUDSHORWDGHGLUHFFLyQ FRQWDFWRURGDQWH
.\RGR\XVKLFROWG
6HOORDQWLSROYRGHGLUHFFLyQ 6XSHUILFLHGHOODELR RHTXLYDOHQWH (VSDUFLU
6XVSHQVLyQ
7HQHGRUGHODQWHUR 'HQWUR 7LSRGHDFHLWH) ,Q\HFWDU
6HOORGHDFHLWHWHQHGRU *UDVD
6XSHUILFLHGHOODELR (VSDUFLU
GHODQWHUR %HUXWR[)%
$JXMDGHOURGDPLHQWRGHO
'HQWUR +(6' 5HOOHQR
EUD]RRVFLODQWH
6HOORDQWLSROYRGHSLYRWH 6XSHUILFLHGHOODELR +(6' (VSDUFLU
GHOEUD]RRVFLODQWH
7XHUFDSLYRWHGHOEUD]R 3DUWHURVFDGD +(6' (VSDUFLUJPPLQ
RVFLODQWH
)UHQR
3HUQRGHSLQ]DGHIUHQR *UDVDGHIUHQR 1RVHSHUPLWH
3DUWHGHVOL]DQWH HVSHFLDO (VSDUFLUJPPLQ
GHODQWHUR JUDVDHQOD
3LQ]DGHIUHQRGHODQWHUR *UDVDGHIUHQR VXSHUILFLHGHO
3DUWHGHVOL]DQWH (VSDUFLUJPPLQ
SHUQRSLQ$ HVSHFLDO UHYHVWLPLHQWR
$FHLWHGHPRQWDMH
3LVWyQGHIUHQRGHODQWHUR 3DUWHGHVOL]DQWH (VSDUFLU
&&1R
7XHUFDGHWRUTXHGHODSLQ]D $6(&$6$4R
3DUWHURVFDGD (VSDUFLU
GHOIUHQRGHODQWHUR HTXLYDOHQWH
3LYRWHSDODQFDIUHQR *UDVDGHIUHQR
GHODQWHUR HVSHFLDO
3LVWyQFLOLQGURPDHVWURGHO 6XSHUILFLHLQWHULRU\ $FHLWHGHPRQWDMH
(VSDUFLU
IUHQRGHODQWHUR SRUFLyQGHVOL]DQWH &&1R
9DULOODGHHPSXMHFLOLQGUR *UDVDGHIUHQR
PDHVWURGHOIUHQRGHODQWHUR HVSHFLDO
&LOLQGURPDHVWURGHOIUHQR 'HQWURGHODFRSD 3DUDVXELUGHQLYHO
'R7R'R7 ,Q\HFWDUDOQLYHO
GHVSXpVGHXQDSXUJD
GHODQWHUR GHOFLOLQGURPDHVWUR VXSHULRU GHDLUHFRPSOHWD
3HUQRGHSLQ]DGHIUHQR *UDVDGHIUHQR (VSDUFLU 1RVHSHUPLWH
3DUWHGHVOL]DQWH JPPLQ
WUDVHUR HVSHFLDO JUDVDHQOD
3HUQRGHSLQ]DGHIUHQR *UDVDGHIUHQR (VSDUFLU VXSHUILFLHGHO
3DUWHGHVOL]DQWH JPPLQ UHYHVWLPLHQWR
WUDVHURSLQ$ HVSHFLDO
3LVWyQIUHQRWUDVHUR $FHLWHGHPRQWDMH (VSDUFLU

3DUWHGHVOL]DQWH
&&1R
$QLOORWRSHGHODSLQ]DGHO
7RGRDOUHGHGRU *UDVDGHVLOLFRQD (VSDUFLU
IUHQRWUDVHUR
,1)250$&,Ð1*(1(5$/
/8%5,&$&,Ð1<381726'(6(//2
0$5&2
12 120%5(%/248( 0e72'2< 2%6(59$&,21(6

É5($$3/,&$'$ 0$7(5,$/ 5$=Ð1
3,(=$ &$17,'$'
7XHUFDGHWRUTXHGHOD $VHFFRPR
3DUWHURVFDGD (VSDUFLU
SLQ]DGHOIUHQRWUDVHUR RHTXLYDOHQWH
3LVWyQGHOFLOLQGURPDHVWUR 6XSHUILFLHLQWHULRU\ $FHLWHGHPRQWDMH
(VSDUFLU
GHOIUHQRWUDVHUR iUHDGHVOL]DQWH &&1R
&RPSXHUWDYDULOODGHHPSXMH *UDVDGHIUHQR (VSDUFLU
ÉUHDGHVOL]DQWH HVSHFLDO
FLOLQGURPDHVWURIUHQRWUDVHUR FDGDJP
3DUDVXELUGHQLYHO
&LOLQGURPDHVWURIUHQR 'HQWURGHODFRSD ,Q\HFWDUDOQLYHO GHVSXpVGHXQD
'R7R'R7 VXSHULRU SXUJDGHDLUH
WUDVHUR GHOFLOLQGURPDHVWUR
FRPSOHWD
5XHGD
6HOORGHDFHLWHUXHGDGHODQW
6XSHUILFLHGHOODELR +(6' (VSDUFLU
6HOORDQWLSROYREULGDDFF
2ULQJFXERUXHGDWUDVHUD 7RGRDOUHGHGRU +(6' (VSDUFLU
6HOORGHDFHLWHUXHGDWUDVHUD 6XSHUILFLHGHOODELR +(6' (VSDUFLU
/ODQWDWUDVHUD\GHODQWHUD ÉUHDGHODVLHQWR 6ROXFLyQGHMDEyQ (VSDUFLU

GHOWDOyQ YHJHWDO
&RQMXQWRGHVHQVRUGHYHORFLGDG
6HOORDQWLSROYR /DELR *UDVD6KHOO$OYDQLD (VSDUFLU
,PiQ 'LiPHWURLQWHULRU *UDVD6KHOO$OYDQLD (VSDUFLU
0DQLOODU
3HUQRSLYRWHSDODQFDGHO
HPEUDJXH 3RUFLyQGHVOL]DQWH +(6' (VSDUFLU
ÉUHDDGKHULGDSDUD
(PSXxDGXUDL]TXLHUGD 6XSHUILFLHGHMXHJR FHPHGLQH (VSDUFLU VHUPLQGHiUHD
RHTXLYDOHQWH GHFRQWDFWR
&RPSOHPHQWRDJDUUHGHO ÉUHDGHFRQWDFWRGH
H[WUHPRFDEOHGHO +(6' (VSDUFLU
DFHOHUDGRU DFHOHUDGRU
&DPELR
3LYRWHGHOSHGDOGHFDPELR
3RUFLyQGHVOL]DQWH +(6' (VSDUFLU
GHPDUFKD
)LOWURGHDLUH
(ODGKHVLYRQRGHEH
&DMDGHOILOWURGHDLUHWXER ÉUHDGHFRQH[LyQ FHPHGLQH UHERVDUDOODGR
GHODFDMD (VSDUFLU
GHFRQH[LyQFRQGXFWR RHTXLYDOHQWH OLPSLR
&DEOHGHFRQWURO
*UDVDGHVLOLFRQD
'HQWURGHODERWD 76*R 5HOOHQR
HTXLYDOHQWH
&DEOHGHODFHOHUDGRU 76*RDFHLWH
'HQWURGHOD GHDOHDFLyQGH
FDUFDVD PROLEGHQR0$R 5HOOHQR
HTXLYDOHQWH
,1)250$&,Ð1*(1(5$/
/8%5,&$&,Ð1<381726'(6(//2
0$5&2
12 120%5(%/248( 0e72'2< 2%6(59$&,21(6

É5($$3/,&$'$ 0$7(5,$/ 5$=Ð1
3,(=$ &$17,'$'
*UDVDGHVLOLFRQD
'HQWURGHODERWD 76* 5HOOHQR
RHTXLYDOHQWH
&DEOHGHOHPEUDJXH 76*RDFHLWH
'HQWURGHOD GHDOHDFLyQGH 5HOOHQR
FDUFDVD PROLEGHQR0$
RHTXLYDOHQWH
*UDVDGHVLOLFRQD
,QVLGHRIERRW 76* 5HOOHQR
RHTXLYDOHQWH
&DEOHGHO%\VWDUWHU
76*RDFHLWH
'HQWURGHOD GHDOHDFLyQGH
FDUFDVD 5HOOHQR
PROLEGHQR0$
RHTXLYDOHQWH
76*RDFHLWH
&DEOHEORTXHRGHODVLHQWR 'HQWURGHOD GHDOHDFLyQGH
5HOOHQR
FDUFDVD PROLEGHQR0$
RHTXLYDOHQWH
2WURV
3LYRWHGHVRSRUWHODWHUDO 3DUWHGHVOL]DQWH +(6' (VSDUFLU

3LYRWHGHVRSRUWHSULQFLSDO 3DUWHGHVOL]DQWH +(6' (VSDUFLU
7UHVHQODFHV7%Q
3HUQRGHOLQWHUUXSWRUGH
3DUWHURVFDGD RORFWLWH (VSDUFLU
EORTXHR
RHTXLYDOHQWH
%ORTXHRGHODVLHQWR 3DUWHGHVOL]DQWH +(6' (VSDUFLU
3DVR0 3DUWHGHVOL]DQWH +(6' (VSDUFLU
3DVR3 3DUWHGHVOL]DQWH +(6' (VSDUFLU
3DVR363* 3DUWHGHVOL]DQWH +(6' 5HOOHQR
3523Ð6,72
/XEULFDFLyQ
6HOOR
%ORTXHR
6ROLFLWDUHVWDELOL]DFLyQGHWRUTXH
2WURV
,1)250$&,Ð1*(1(5$/
+(55$0,(17$6(63(&,$/(6
6/ 1R'(3$57(
'(6&5,3&,Ð1 $3/,&$&,Ð1
12
([WUDFWRUGHOYRODQWH 5HWLUDUHOYRODQWHGHOFLJHxDO ++.7&
/ODYHGHWXER 5HWLUDUWXHUFDGHEORTXHRGHOHPEUDJXH\ILOWURURWRU++
6XMHWDGRUXQLYHUVDO 6XMHWDUHOYRODQWHPLHQWUDVVHUHWLUDODWXHUFD ++
6XMHWDGRUGHOFHQWURGHOHPEUDJXH 6XMHWDUFHQWURGHOHPEUDJXHUHWLUDUWXHUFDEORTXHR ++
3DUDFRPSULPLUHOUHVRUWHGHODYiOYXOD\UHWLUDUODV
&RPSUHVRUGHUHVRUWHGHODYiOYXOD ++
FKDYHWDV
$MXVWDGRUGHOFRQHFWRU7DTXpPP $MXVWDUODKROJXUDGHODYiOYXOD ++
([WUDFWRUURGDPLHQWRGHGLUHFFLyQ 5HWLUDHLQVWDODURGDGXUDVGHVGHHOWXERGHFDEH]D ++
3XQ]yQURGDPLHQWRLQIHULRUHMHGHGLUHFFLyQ,QVHUWDUURGDPLHQWRGHOFRQRLQIDOHMHGHGLUHFFLyQ++
([WUDFWRUXQLYHUVDOGHURGDPLHQWR 5HWLUDUHOURGDPLHQWRGHOFLJHxDO ++
5HPRYHGRUJXtDGHODYiOYXOD 5HWLUDUODJXtDGHODYiOYXODGHODFXODWD ++
/ODYHGHFXELHUWDGHO7DTXp 3DUDDEULUFXELHUWDGHO7DTXpGHODFXODWD ++
&RQHFWRUPP 8VDUSLVWRODQHXPiWLFDWXHUFDEORTXHRHPEUDJXH ++
7DSyQGHDOXPLQLR %ORTXHDUPDQJXHUDWXERGHFRPEXVWLEOHFDUEXUDGRU++
%RWHOODGHSUXHEDSURPHGLRGHFRQH[LyQ 3DUDPHGLUHOSURPHGLRGHFRPEXVWLEOH ++
.LWJXtDVHOORGHDFHLWHGHSOiVWLFRSLH]DV3DUDLQVWDODUVHOORGHDFHLWHGHODSODFDGHOHVWDWRU ++
6XMHWDGRU*3' 3URYHHUEORTXHRHQJUDQDMHVHQWUH*3'\HPEUDJXH++
&XHUSRVHOORGHDFHLWHWHQHGRUGHODQWHUR 3DUDLQVHUWDUQXHYRVHOORGHDFHLWH ++
+HUUDPLHQWDGHGHVPRQWHGHOWHQHGRU 3DUDVRVWHQHUHODVLHQWRGHOWXERGHOWHQHGRUPLHQWUDV
VHDEUHHOSHUQRLQIHULRUFRQODOODYHDOOHQ ++
GHODQWHUR

&RPSUHVRUDPRUWLJXDGRUWUDVHUR &RPSULPLUUHVRUWH\GHVPDQWHODUHODPRUWLJXDGRUWUDV++
6XMHWDGRUHMHGHODERPEDGHDFHLWH 3DUDUHWLUDU\EORTXHDUHOHMHGHODERPEDGHDFHLWH++
&RQHFWRUWXHUFDSLYRWHEUD]RRVFPP 3DUDDEULU\EORTXHDUODWXHUFDGHOSLYRWH ++
([WUDFWRUURGDPLHQWRGHSLQ]DPP 3DUDUHWLUDUURGDPLHQWRGHOFiUWHU ++
%DVHGHVOL]DQWHGHOSLVWyQ 3DUDDVHJXUDUHOSLVWyQDOHQVDPEODUHOFLOLQGUR ++
,QVHUWRUURGDPLHQWRGHOFRQRGHGLUHFFLyQ 3DUDLQVHUWDUURGDPLHQWRGHEDOLQHVDOWXERGLUHFFLyQ++
&RQHFWRUWXHUFDURWRUQHXPiWLFRPP3DUDXVDUVHFRQSLVWRODQHXPiWLFDDSHUWXUDILOWURURWRU++
,QVHUWRUGHOPXHOOHWULQTXHWH 3DUDLQVHUWDUHOPXHOOHWULQTXHWHGHOHMHGHODUUDQTXH++
([WUDFWRU[PP 3DUDDVHQWDUVXSHUILFLHGHURGDPLHQWRVDFDUHLQVHUWDU++
3LORWRPP 3DUDDVHQWDUHOURGDPLHQWRLQWHUQRVDFDUHLQVHUWDU ++
7DSDGHOVLOHQFLDGRUVHULH&' 3DUDUHVWULQJLUHQWUDGDGHDJXDGXUDQWHHOODYDGR ++
5HPRYHGRUFROJDQWHSDVWDGHOIUHQR 3DUDUHWLUDUHOSDVDGRUFROJDQWHGHODSLQ]DGHOIUHQR++
,QVWDODGRUUHVRUWHVRSRUWHSULQFLSDOODWHUDO 3DUDLQVWDODUHOUHVRUWHGHOVRSRUWHSULQFLSDOODWHUDO ++
&RQHFWRUWXHUFDHMHGLUHFFLyQPP 5HWLUDU\DMXVWDUODWXHUFDGHHMHGHODGLUHFFLyQ ++*%*
,QVHUWRUVHOORDFHLWHWHQHGRUGHODQWHURPP 3DUDLQVHUWDUQXHYRVHOORGHDFHLWH ++.&&
$MXVWHGH7DTXpFRQFRQHFWRUPP 3DUDDMXVWDUODKROJXUDGHODYiOYXOD ++.)1
([WUDFWRUGHOYRODQWH&%= 3DUDUHWLUDUHOYRODQWHGHOFLJHxDO ++.)1

3DUDUHWLUDUHODQLOORHOiVWLFRGHOFLOLQGURPDHVWUR\HO
$OLFDWHGH3LHUHU·V ++.)1
URGDPLHQWRGHODEULGDDFFLRQDGD
$FRSOHOODYHVHOORDFHLWHWHQHGRUGHODQWHUR
PP 3DUDLQVHUWDUQXHYRVHOORGHDFHLWH ++.)1
,1)250$&,Ð1*(1(5$/
+(55$0,(17$6(63(&,$/(6
6/ 1R'(3$57(
'(6&5,3&,Ð1 $3/,&$&,Ð1
12
5HPRYHGRUURGDPLHQWRGHOFiUWHUPP 3DUDUHWLUDUORVURGDPLHQWRVGHOFiUWHU ++.)1

(MHUHPRYHGRUURGDPLHQWRGHOFiUWHU 3DUDUHWLUDUORVURGDPLHQWRVGHOFiUWHU ++.)1
3HVRUHPRYHGRUURGDPLHQWRGHOFiUWHU 3DUDUHWLUDUORVURGDPLHQWRVGHOFiUWHU ++.)1
/ODYHURGDPLHQWRGHOPDQXEULR 3DUDVXMHWDUSLORWRH[W\UHWLUDULQVWDODUURGDPLHQWRV++.)1
/ODYHH[WHULRU[ 3DUDDVHQWDUODVXSHUILFLHH[WGHODURGDGXUDUHWLQVW++.)1
/ODYHSLORWRPP 3DUDDVHQWDUODVXSHUILFLHLQWGHODURGDGXUDUHWLQVW
++.)1
++.)1
++.)1
++.)1
&DEH]DUHPRYHGRUDPP 3DUDUHWLUDUHOURGDPLHQWRGHODOODQWDGHOFHQWUR ++.)1
&RQHFWRUWXHUFDURGDPLHQWRGHGLUHFFLyQ 3DUDDMXVWDUUHWLUDUWXHUFDGHOURGDPLHQWR ++.)1
([WUDFWRU[PP 3DUDDVHQWDUODVXSHUILFLHH[WGHODURGDGXUDUHWLQVW
++.)1
&RQHFWRUGHSUXHED736 3DUDUHLQLFLDUHOVHQVRUGHSRVLFLyQGHODFHOHUDGRU ++.5<
([WUDFWRUGHOYRODQWH 3DUDUHWLUDUHOYRODQWH ++.5<+
6XMHWDGRUGHOH[WUDFWRUGHOYRODQWH 3DUDVXMHWDUHOH[WUDFWRUGHOYRODQWH ++.5<+
3LORWRGHOFLJHxDO 3DUDXVDUVHHQFLJHxDOPLHQWUDVVHUHWLUDHOYRODQWH++.5<+
6XMHWDGRUGHOLPiQWLSRDEUD]DGHUD 3DUDVRVWHQHUHOLPiQPLHQWUDVVHUHWLUDODWXHUFD ++.5<+
3DUDSURWHJHUODVDOHWDVGHOHQIULDGRUGHDFHLWH
&XELHUWDVRSRUWHGHOHQIULDGRUGHDFHLWH GXUDQWHHOODYDGRFRQDJXD ++.5<+
$OLFDWHSDUDSHOOL]FDUPDQJXHUDV 3DUDSHOOL]FDUODPDQJXHUDGXUDQWHUHWLURGHOWDQTXH++.5<+
&DMDGLVWULEXFLyQGHSLQHV 3DUDGLDJQRVWLFDUHOVLVWHPDHOpFWULFR3URJUDPPHG),++.5<+
3UREDGRU%DWHUtD0) 3DUDSUREDUODFRQGLFLyQGHXQDEDWHUtD0) ++.5<+
([WUDFWRUFRQRGHOYiVWDJR7 3DUDH[WUDHUHOFRQRLQIHULRUGHOYiVWDJR7 ++.67
/ODYHURGDGXUDGHOFRQRLQIHULRU 3DUDLQVWDODUHOFRQRLQIHULRUGHOYiVWDJR7 ++.67
3DUDLQVWDODUODURGDGXUDGHOFRQRVXSHULRUHLQIHULRU
,QVWDODGRUGHOFRQRVXSHULRUHLQIHULRU ++.67
DOWXERGHOFDEH]DOGHODGLUHFFLyQ
&RQHFWRUWXHUFDDMXVWHURGGHGLUHFFLyQ3DUDDMXVWDUORVURGDPLHQWRVGHODGLUHFFLyQ ++.67
3DUDUHWLUDUHOURWRUGHOILOWURGHDFHLWH\ODVWXHUFDVGH
/ODYHGHWXER5RWRUGHOILOWUR\HPEUDJXH++.7&
EORTXHRGHOHPEUDJXH
&RQHFWRUWXHUFDGHOHPEUDJXH 3DUDXVDUFRQSLVWRODQHXPiWLFD\DEULUWXHUFDGH
1HXPiWLFRPP EORTXHRGHOHPEUDJXH ++.7&
6XMHWDGRUSODFDSUHVLyQGHOHPEUDJXH 6XMHWDUFHQWURGHOHPEUDJXHPLHQWUDVVHUHWLUDWXHUFD++.7&
/ODYHH[WHULRU[ 3DUDUHPRYHULQVWDODUHOURGDPLHQWRGHODUXHGD ++.)1
,QVHUWDGRUURGDPLHQWRGHOFLJHxDO5+6 3DUDLQVWDODUUHPRYHUURGDPLHQWRGHOFLJHxDO ++.7&
([WUDFWRUFRQRYiVWDJR7 3DUDH[WUDHUHOFRQRLQIHULRUGHOYiVWDJR7 ++.7&
&RQHFWRUPP 3DUDDEULU\EORTXHDUODWXHUFDGHOSLYRWH ++.7&
7DSDGHOVLOHQFLDGRU6XSHUVSOHQGRU 3DUDSURWHJHUODVODPLQLOODVGHHQIULDPLHQWRGXUDQWH

HOODYDGRFRQDJXD ++.7&

*XtDVHOORGHDFHLWHGHOFRQWUDHMH 3URWHJHUHOFRQWUDHMHPLHQWUDVVHVHSDUDHOFiUWHU ++.7&
([WUDFWRUGHOYRODQWH 3DUDUHWLUDUHOYRODQWHGHOFLJHxDO ++.71
3LQ]DPP 3DUDUHWLUDUHOURGDPLHQWRGHOFiUWHU ++.71
,1)250$&,Ð1*(1(5$/
+(55$0,(17$6(63(&,$/(6
6/ 1R'(3$57(
'(6&5,3&,Ð1 $3/,&$&,Ð1
12
([WUDFWRUURGDPLHQWRGHO FLJHxDO/+6 3DUDUHPRYHUORVURGDPLHQWRVGHOFLJHxDO ++.71

3DUDUHWLUDUORVURGDPLHQWRVGHOFRQRLQIHULRUGHOD
([WUDFWRUURGDPLHQWRGHOFRQRLQIHULRU WXEHUtDGHODFDEH]DGHGLUHFFLyQ ++.71
3LORWRPP 3DUDDVHQWDUHOURGDPLHQWRLQW\VDFDUHOURGDPLHQWR++.71
,QVHUWDGRUURGDPLHQWRGHO FLJHxDO/+6 3DUDLQVWDODUORVURGDPLHQWRVGHOFLJHxDO ++.71
3DUDJXLDUHOVHOORGHDFHLWHGHOFRQWUDHMHGXUDQWHHO ++.71
*XtDVHOORGHDFHLWHGHOFRQWUDHMH HQVDPEOH
5HPRYHGRUGHOEXMHIXQGDPHQWDO[ 3DUDUHWLUDULQVWDODUHOEXMHWUDVHURGHOPRWRU ++.73
5HPRYHGRUGHOEXMHIXQGDPHQWDO[ 3DUDUHWLUDULQVWDODUHOEXMHWUDVHURGHOPRWRU ++.73
([WHQVLyQLQVWDODGRUGHOHMHGHOPRWRU3DUDLQVWDODUHOHMHGHOPRWRUDOFiUWHUL]TXLHUGR ++.73
5HPRYHGRUURGDPLHQWRGHOHMHFRQPDQJD3DUDUHWLUDUHOURGDPLHQWRGHOHMHGHOPRWRU ++.73
6XMHWDGRUGHOGLVFRGHDJDUUH 3DUDVXMHWDUHOGLVFRGHDJDUUH\UHPRYHULQVWDODU ++.73
&RQHFWRUGHWXHUFDGHOGLVFRDFFLRQDGR 3DUDUHWLUDULQVWDODUODWXHUFDGHOGLVFRDFFLRQDGR ++.73
5HPRYHGRUGHUHVRUWHHPEUDJXHFHQWUtIXJR3DUDUHWLUDULQVWDODUHOUHVRUWHGHOHPEUDJXHFHQWUtIXJR
++.73
5HPRYHGRU,QVWDODGRUSODFDDFFLRQDGD 3DUDUHPRYHULQVWDODUURGDPLHQWRGHOGLVFRDFFLRQDGR++.73
([WUDFWRUGHOYRODQWH 3DUDUHWLUDUHOYRODQWH ++.73
6XMHWDGRUGHOYRODQWH 3DUDVRVWHQHUHOYRODQWHPLHQWUDVVHUHWLUDRLQVWDOD ++.73
&RQHFWRUWXHUFDURGGHGLUHFFLyQPP 3DUDDMXVWDUUHPRYHULQVWDODUWXHUFDGHDMXVWHGHOURG++.73
5HPRYHGRUURGDPLHQWRGHOFRQRVXSHULRU 3DUDUHWLUDUHOURGDPLHQWRGHOFRQRVXSHULRU ++.73
5HPRYHGRUFDEH]DURGGHOFRQRLQIHULRU 3DUDUHWLUDUEDOLQHVLQIHULRUHVGHODFDEH]DGHGLUHFFLyQ++.73
5HPRYHGRUURGDPLHQWRGHOFRQRLQIHULRU 3DUDUHWLUDUHOURGDPLHQWRGHOFRQRLQIHULRU ++.73
5HPRYHGRUGHSHVRURGGHOFRQRLQIHULRU 3DUDUHWLUDUHOURGDPLHQWRGHOFRQRLQIHULRU ++.73
,QVWDODGRUGHOFRQRVXSHULRUHLQIHULRU 3DUDLQVWDODUURGDPLHQWRVGHOFRQRVXSHULRUHLQIHULRU++.73
5HPRYHGRU,QVWDODGRUSDVDGRUGHUHVRUWH5HWLUDULQVWDODUSDVDGRUUHVRUWHSDODQFDGHHPEUDJXH+0&/$$%$
,QVWDODGRUFRQRYiVWDJR7 3DUDLQVWDODUDQLOORGHOFRQRGHOYiVWDJR7 ++.73
3DUDFRPSULPLUHOUHVRUWH\GHVPDQWHODUHO
([WUDFWRUGHODPRUWLJXDGRU ++.73
DPRUWLJXDGRUGHODQWHURWUDVHUR
.LWGHODYDGRDJXVWR 3DUDUHVWULQJLUHODFFHVRGHDJXDGXUDQWHHOODYDGR ++.73
7DSDGHOPRIOH*ODPRXU 3DUDUHVWULQJLUHODFFHVRGHDJXDGXUDQWHHOODYDGR ++.75
&RQHFWRUFRUWR'/& 3DUDOHHU\ERUUDUORVGDWRVGH(&8 ++.75)
0DQyPHWURGHSUHVLyQGHFRPEXVWLEOH 3DUDUHYLVDUODSUHVLyQGHFRPEXVWLEOHHQHOVLVWHPD++.75)
0XOWtPHWUR 3DUDUHYLVDUHOFDEOHDGRHQFRQHFWRUHV3URJUDPPHG),++.75)
$GDSWDGRUGHSUHVLyQGHFRPEXVWLEOH 3DUDUHYLVDUODSUHVLyQGHFRPEXVWLEOHHQHOVLVWHPD++.75)
&DEH]DUHPRYHGRUDPP 3DUDUHWLUDUHOURGDPLHQWRGHODPDVDGHODOODQWD ++.91
5HPRYHGRU,QVWDODGRUURGEUD]RRVFLODQWH 3DUDUHWLUDULQVWDODUHOURGDPLHQWRGHOEUD]RRVFLODQWH++.91
&RQHFWRUGHSUXHED736 3DUDUHLQLFLDUHOVHQVRUGHODSRVLFLyQGHODFHOHUDGRU++.91
5HPRYHGRUFRQRGHOYiVWDJR7 3DUDUHWLUDUHOFRQRLQIHULRUGHOYiVWDJR7 ++.=-
5HPRYHGRUGHOURGDPLHQWRGHODGLUHFFLyQ 3DUDUHWLUDUHOURGVXSHULRULQIHULRUGHODGLUHFFLyQ ++.=-
,1)250$&,Ð1*(1(5$/
+(55$0,(17$6(63(&,$/(6
6/ 1R'(3$57(
'(6&5,3&,Ð1 $3/,&$&,Ð1
12
,QVWDODGRUGHOURGDPLHQWRGHODGLUHFFLyQ 3DUDUHWLUDUHOURGVXSHULRULQIHULRUGHODGLUHFFLyQ++.=-

&RQHFWRUWXHUFDGHDMXVWHGHODGLUHFFLyQ 3DUDUHWLUDUDMXVWDUWXHUFDGHDMXVWHGHODGLUHFFLyQ++.=-
5HPRYHGRUURGDPLHQWRGHOEUD]RRVFLODQWH3DUDUHWLUDUHOURGDPLHQWRGHOEUD]RRVFLODQWH ++.=-
,QVWDODGRUURGDPLHQWRGHOEUD]RRVFLODQWH 3DUDLQVWDODUHOURGDPLHQWRGHOEUD]RRVFLODQWH ++.=-
5HPRYHGRU,QVWDODGRUURGPRQRVKRFN 3DUDUHPRYHULQVWDODUURGDPLHQWRGHDJXMDWUDVHUR++.=-
&DEH]DUHPRYHGRUDURGGHOODQWDPP 3DUDUHWLUDUHOURGDPLHQWRGHODPDVDGHODOODQWD++.=-
(MHGHODFDEH]DUHPRYHGRUDGHODOODQWD 3DUDUHPRYHUORVURGDPLHQWRVGHODOODQWD ++.=-
$UQpVGHSUXHED736 3DUDUHLQLFLDUHOVHQVRUGHSRVLFLyQGHODFHOHUDGRU ++.=-
3DUDOHYDQWDUODOODQWDWUDVHUDGHOSLVRFRQODPRWR
6RSRUWHGHOEUD]RRVFLODQWH HQSRVLFLyQUHFWD ++.=-
6RSRUWHGHOPDUFR 3DUDDSR\DUODPRWRPLHQWUDVVHKDFHQUHSDUDFLRQHV++.=-
([WHQVLyQGHOLQVWDODGRUGHHMHGHOPRWRU 3DUDLQVWDODUHOHMHGHOPRWRUHQHOFiUWHU ++.=1
&RPSUHVRUUHVRUWHGHODUXHGDDFFLRQDGD 3DUDFRPSULPLUHOUHVRUWHGHODUXHGDDFFLRQDGDSDUD
VXUHPRFLyQLQVWDODFLyQ ++.=1
3LQ]DPP 3DUDUHWLUDUHOURGGHDJXMDGHODUXHGDDFFLRQDGD++.=1

6XMHWDGRUGHOURGDPLHQWRFRQRVXSHULRU 3DUDVXMHWDUODWXHUFDGHEORTXHRGHOYiVWDJR++.=1
.LWGHODYDGR0DHVWUR 3DUDUHVWULQJLUODHQWUDGDGHDJXDGXUDQWHHOODYDGR++.=1
5HPRYHGRUGHOSLxyQGHWLHPSRV 3DUDUHWLUDUHOSLxyQGHWLHPSRVGHOFLJHxDO++.
,QVWDODGRUGHOSLxyQGHWLHPSRV 3DUDLQVWDODUHOSLxyQGHWLHPSRVHQHOFLJHxDO++.
([WUDFWRUGHOURGDPLHQWRGHOFLJHxDO 3DUDLQVWDODUHOURGDPLHQWRGHOFiUWHU ++.
&ROODULQGHOURGDPLHQWRGHOFLJHxDO 3DUDLQVWDODUHOURGDPLHQWRGHOFLJHxDO\HOSLxyQ++.=$
,QVHUWDGRU5+6URGDPLHQWRGHOFLJHxDO3DUDLQVWDODUHOURGDPLHQWRGHOFLJHxDODOFiUWHU ++.=$
$GDSWDGRUGHOLQVWDODGRUGHOFLJHxDO 3DUDLQVWDODUHOFLJHxDOHQHOFiUWHUGHUHFKR ++.=$
7DSyQGHOVLOHQFLDGRUJUDQGH 3DUDUHVWULQJLUHODFFHVRGHDJXDGXUDQWHHOODYDGR++.=$
7DSyQGHOVLOHQFLDGRUSHTXHxR 3DUDUHVWULQJLUHODFFHVRGHDJXDGXUDQWHHOODYDGR++.
,QVWUXPHQWRGHGLDJQyVWLFRLQWHJUDGR+HUR3DUDGLDJQyVWLFRLQPRYLOL]DGR\UHJLVWURGHOODYH+0&/$$%$
$UQpVGHFDEOHV+,', 3DUDVLQFURQL]DUHOLQVWUXPHQWR\HODUQpVGHFDEOHV+0&/$$%$
$UQpVGHSUXHED736 3DUDUHLQLFLDUHOVHQVRUGHSRVLFLyQGHODFHOHUDGRU+0&/$$%$
6RSRUWHGHVHUYLFLR 3DUDDSR\DUODPRWRHQSRVLFLyQUHFWD +0&/$$')
,QVHUWRUHQJUDQDMHGHOHYD 3DUDURWDUHOHQJUDQDMHGHOHYDHQSRVLFLyQ7'& +0&/
*XtDVHOORGHDFHLWHGHOFLJHxDOL]TXLHUGR3DUDUHPRYHUODJXtDGHOVHOORGHDFHLWHGHOFLJHxDO+0&/$$/%
,QVHUWRUVHOORGHDFHLWHGHOFLJHxDOL]T 3DUDLQVWDODUODJXtDGHOVHOORGHDFHLWHGHOFLJHxDO+0&/$$/%
,QVHUWRUVHOORGHDFHLWHGHOFLJHxDOGHU 3DUDLQVWDODUODJXtDGHOVHOORGHDFHLWHGHOFLJHxDO+0&/$$/%
([WUDFWRUGHOYRODQWH 3DUDUHPRYHUHOYRODQWHGHOFLJHxDOVSOHQGRU ++
.LWGHODYDGRPDHVWUR 3DUDHYLWDUODHQWUDGDGHDJXDGXUDQWHHOODYDGR +0&/$$:$
([WUDFWRUFRQRGHOYiVWDJR7 3DUDUHPRYHUHODQLOORGHOFRQRLQIHULRUGHOYiVWDJR7+0&/$$:$
3DUDSUHVLRQDUHOSHUQRGHOWHQHGRUGHODQWHUR\TXLWDU
&RPSUHVRUGHOUHVRUWHWHQHGRUGHODQWHUR+0&/$$:$
HODQLOORGHVHJXULGDGLQWHUQR
$GDSWDGRUGHOPDQyPHWURGHFRPEXVWLEOH 3DUDFRPSUREDUSUHVLyQGHOFRPEXVWLEOHHQVLVWHPD+0&/$$1&
&DMDGHSLQRXW 3DUDGLDJQRVWLFDUHOVLVWHPDHOpFWULFR),3URJUDPDGR+0&/$$1&
,1)250$&,Ð1*(1(5$/
+(55$0,(17$6(63(&,$/(6
6/ 1R'(3$57(
'(6&5,3&,Ð1 $3/,&$&,Ð1
12
&RQGXFWRUHQJUDQDMHGHOHYD 3DUDJLUDUUXHGDGHQWDGDGHOHYDDODSRVLFLyQ7'&+0&/$$1*

*XtDVHOORGHDFHLWHGHOFLJHxDOL]TXLHUGR3DUDUHWLUDUODJXtDGHOVHOORGHDFHLWHGHOFLJHxDO+0&/$$:'
,QVWDODGRUVHOORGHDFHLWHGHOFLJHxDOL]T 3DUDLQVWDODUJXtDGHOVHOORGHDFHLWHGHOFLJHxDO+0&/$$:'
,PSXOVRUGHOVRSRUWH 3DUDVXMHWDUHOVRSRUWHSDUDODUHPRFLyQLQVWDODFLyQ+0&/$$:'
([WUDFWRU,QVWDODGRUGHURGFRQGXFLGR 3DUDUHPRYHULQVWDODUHOURGDPLHQWRFRQGXFLGR +0&/$$:'
3DUDFRQGXFLUFRQQXHYRVHOORGHDFHLWH\EXMH
&RQGXFWRUGHOVHOORGHDFHLWHGHOWHQHGRU +0&/$$%0
GHODQWHURFRQGLiPHWURPP DQWLIULFFLyQ
3DUDVXMHWDUHODVLHQWRGHOWXERGHOWHQHGRUPLHQWUDV
([WUDFWRUGHOHMHGHOWHQHGRUGHODQWHUR +0&/$$%0
DEUHHOSHUQRLQIHULRUFRQODOODYHDOOHQ
$GDSWDGRUGHGHVPRQWDMHGHOHMHGHO
WHQHGRUGHODQWHUR 3DUDVXMHWDUHODVLHQWRGHOWXERGHOWHQHGRUPLHQWUDV +0&/$$%0
DEUHHOSHUQRLQIHULRUFRQODOODYHDOOHQ
3DUDSURWHJHUHOVHOORGHDFHLWHGHOHMHFRQWUDULR
&RQWUDHMHJXtDGHOVHOORGHDFHLWH +0&/$$%0
PLHQWUDVVHVHSDUDHOFiUWHU
7DSyQGHOVLOHQFLDGRU 3DUDUHVWULQJLUODHQWUDGDGHDJXDGXUDQWHHOODYDGR +0&/$$%0
.LWGHODYDGR 3DUDHYLWDUODHQWUDGDGHDJXDGXUDQWHHOODYDGR +0&/$%6$
,1)250$&,Ð1*(1(5$/
6,67(0$&21752/'((0,6,21(6
)8(17('((0,6,21(6
(OSURFHVRGHFRPEXVWLyQSURGXFHPRQy[LGRGHFDUERQR&2y[LGRVGHQLWUyJHQR12[HKLGURFDUEXURV+&(OFRQWURO
GHOPRQy[LGRGHFDUERQRORVy[LGRVGHQLWUyJHQR\ORVKLGURFDUEXURVHVPX\LPSRUWDQWHSRUTXHEDMRFLHUWDVFRQGLFLRQHV
UHDFFLRQDQSDUDIRUPDUVPRJIRWRTXtPLFRFXDQGRVHH[SRQHQDODOX]VRODU(OPRQy[LGRGHFDUERQRQRUHDFFLRQDGHOD
PLVPDPDQHUDSHURHVWy[LFR
+HUR0RWR&RUS/WGWLHQHFRPRREMHWLYRUHGXFLUHOPRQy[LGRGHFDUERQR\ORVKLGURFDUEXURV
6,67(0$'(&21752/'((0,6,21(6'(/&É57(5
(OPRWRUHVWiHTXLSDGRFRQXQVLVWHPDGHFiUWHUFHUUDGRSDUDHYLWDUODGHVFDUJDGHODHPLVLyQGHOFiUWHUDODDWPyVIHUD(O
JDVGHOH[KRVWRHVGHYXHOWRDODFiPDUDGHFRPEXVWLyQDWUDYpVGHOILOWURGHDLUH\HOFXHUSRGHODFHOHUDGRU
9É/98/$68&&,Ð1'($,5(
9É/98/$'(&21752/$69 &$5&$6$),/752'($,5(
78%2
'(9$&Ì2
&$5%85$'25
(/(0(172),/752'($,5(
0$1*8(5$'(
'(6)2*8('(/&É57(5
$,5()5(6&2
(6&$3('(*$6
*$6'((;+2672
&É57(5
,1)250$&,Ð1*(1(5$/
6,67(0$'(&21752/'((0,6,21(6'((6&$3(
(OVLVWHPDGHFRQWUROGHHPLVLRQHVGHHVFDSHHVWiFRPSXHVWRSRUXQVLVWHPDGHLQ\HFFLyQGHDLUH\DMXVWHVGHFDUEXUDGRUSREUH
1RGHEHKDFHUVHQLQJ~QDMXVWHH[FHSWRHODMXVWHGHODYHORFLGDGHQYDFtRFRQHOWRUQLOORGHWRSHGHODFHOHUDGRU(OVLVWHPDGH
FRQWUROGHHPLVLRQHVGHHVFDSHHVWiVHSDUDGRGHOVLVWHPDGHFRQWUROGHHPLVLRQHVGHOFiUWHU
6,67(0$'(680,1,6752'($,5(6(&81'$5,2
(OVLVWHPDGHVXPLQLVWURGHDLUHVHFXQGDULRLQWURGXFHDLUHILOWUDGRHQORVJDVHVGHHVFDSHHQHOSXHUWRGHHVFDSH(ODLUHIUHVFR
LQJUHVDDOSXHUWRGHHVFDSHSRUODIXQFLyQGHODYiOYXODGHOiPLQDV$69
(VWDFDUJDGHDLUHIUHVFRSURPXHYHODFRPEXVWLyQGHORVJDVHVGHHVFDSHQRTXHPDGRV\WUDQVIRUPDXQDFDQWLGDGFRQVLGHUDEOH
GHKLGURFDUEXURV\PRQy[LGRGHFDUERQRHQGLy[LGRGHFDUERQR\YDSRUGHDJXDUHODWLYDPHQWHLQRIHQVLYRV
/DYiOYXODGHOiPLQDV$69HYLWDHOIOXMRGHDLUHLQYHUVRDWUDYpVGHOVLVWHPD/DYiOYXODGHVXFFLyQGHDLUHUHDFFLRQDDODOWRYDFtR
GHOFROHFWRUGHDGPLVLyQ\FRUWDUiHOVXPLQLVWURGHDLUHIUHVFRGXUDQWHODGHVDFHOHUDFLyQHYLWDQGRDVtTXHVHTXHPHHOVLVWHPDGH
HVFDSH
1R GHEH KDFHUVH QLQJ~Q DMXVWH DO VLVWHPD GH LQ\HFFLyQ GH DLUH DXQTXH VH UHFRPLHQGD OD LQVSHFFLyQ SHULyGLFD GH ORV
FRPSRQHQWHV
9É/98/$68&&,Ð1'($,5(
9É/98/$'(&21752/$69 &$5&$6$),/752'($,5(
38(572 78%2
'((;+2672 '(9$&Ì2
&$5%85$'25
(/(0(172),/752'($,5(
0$1*8(5$'(
'(6)2*8('(/&É57(5
$,5()5(6&2
(6&$3('(*$6
*$6'((;+2672
&É57(5
,1)250$&,Ð1*(1(5$/
6,67(0$(9$325$7,92'(&21752/'((0,6,21(6
(VWDPRWRFLFOHWDHVWiHTXLSDGDFRQXQVLVWHPDGHFRQWUROGHHPLVLRQHVSRUHYDSRUDFLyQSDUDFXPSOLUFRQORVHVWiQGDUHVGH
HPLVLyQ'XUDQWHHOFOLPDFiOLGRORVYDSRUHVGHJDVROLQDTXHFRQWLHQHQ+&VHHYDSRUDQIiFLOPHQWHDODDWPyVIHUDGHVGHHO
WDQTXHGHFRPEXVWLEOHVLHOVLVWHPDGHFRPEXVWLEOHQRHVWiVHOODGRRHVWiDELHUWR(OVLVWHPDGHFRQWUROGHHPLVLRQHVSRU
HYDSRUDFLyQVHXWLOL]DSDUDHYLWDUTXHORVYDSRUHVGHJDVROLQDHVFDSHQDODDWPyVIHUDGHVGHHOWDQTXHGHFRPEXVWLEOH(OYDSRUGH
FRPEXVWLEOHGHOWDQTXHGHFRPEXVWLEOH\HOFDUEXUDGRUVHGLULJHDOUHFLSLHQWHGHHPLVLyQHYDSRUDWLYD(9$3GRQGHVHDGVRUEH\
DOPDFHQDPLHQWUDVHOPRWRUHVWiSDUDGR&XDQGRHOPRWRUHVWiIXQFLRQDQGR\ODYiOYXODGHFRQWUROGHSXUJDGHHPLVLyQ
HYDSRUDWLYD(9$3HVWiDELHUWDHOYDSRUGHFRPEXVWLEOHHQHOUHFLSLHQWHGH(9$3VHLQWURGXFHHQHOPRWRUDWUDYpVGHOFDUEXUDGRU
SDUDYROYHUDTXHPDU\HYLWDUODFRQWDPLQDFLyQFDXVDGDSRUHOYDSRUGHFRPEXVWLEOHGLIXQGLGRHQHODLUH
7$148('(&20%867,%/(
&20%867,%/(
52',//262%5(/$9É/98/$
9É/98/$'(81$9Ì$
&$5%Ð1$&7,9$'2
9É/98/$'(385*$ )5$6&2
&$5%85$'25 &$5&$6$),/752'($,5(
78%2'('5(1$-(
38(572
'(385*$
(/(0(172),/752'($,5(
0$1*8(5$'(
'(6)2*8('(/&É57(5
$,5()5(6&2
9$325'(&20%867,%/(
*$6'((;+2672
35(6,Ð11(*$7,9$
&$%/($51e6'(&$%/($'278%26587$'(0$1*8(5$6
&$%/('(/(0%5$*8(
9,67$/$'2'(5(&+2
9,67$)5217$/
(O FDEOH GHO HPEUDJXH HVWi
9,67$)5217$/
5+69,(: FRQHFWDGR D OD SDODQFD GHO
HPEUDJXH
(OFDEOHGHOHPEUDJXHVHHQUXWDD
WUDYpV GH OD OX] GLUHFFLRQDO FHUFD
GHOSXHQWHVXSHULRU
9,67$/$'2,=48,(5'2
(O FDEOH GHO HPEUDJXH VH SDVD D
WUDYpV GH XQD JXtD VROGDGD HQ HO
PDUFR
9,67$/$'2'(5(&+2
5+69,(:
(QUXWDPLHQWR GHO FDEOH GHO

HPEUDJXHDWUDYpVGHOUHFHSWRUHQ
HOFiUWHUGHUHFKR
9,67$/$'2'(5(&+2
(O FDEOH GHO HPEUDJXH VH SDVD D

WUDYpV GH OD JXtD VROGDGD HQ HO
PDUFR
,1)250$&,Ð1*(1(5$/

&$%/(6(1625'(9(/2&,'$''(58('$
9,67$/$'2'(5(&+2
9,67$/$'2'(5(&+2
(OFDEOHGHOVHQVRUGHYHORFLGDGGH
OD UXHGD HVWi FRQHFWDGR FRQ HO
,1)250$&,Ð1*(1(5$/
(OFDEOHGHOVHQVRUGHYHORFLGDGGH DUQpVGHFDEOHDGRSULQFLSDO\XQD
ODUXHGDSDVDDWUDYpVGHODEULGD DEUD]DGHUD
FRQHFWDGD FRQ OD PDQJXHUD GHO
IUHQRGHODQWHUR
9,67$/$'2'(5(&+2
(OFDEOHGHOVHQVRUGHYHORFLGDGGH
ODUXHGDVHSDVDDWUDYpVGHODJXtD
FRQHFWDGD FRQ OD PDQJXHUD GHO
IUHQRGHODQWHUR
9,67$/$'2'(5(&+2
(O FDEOH GHO VHQVRU GH YHORFLGDG
GHODUXHGDVHSDVDDWUDYpVGHOD
DEUD]DGHUD FRQ PDQJXHUD GH
IUHQRGHODQWHUR
9,67$/$'2'(5(&+2
(OVHQVRUGHYHORFLGDGGHODUXHGD
HVWi DWRUQLOODGR DO VRSRUWH GHO
WHQHGRUGHODQWHURODGRGHUHFKR
0$1*8(5$6'(/)5(12'(/$17(52<$%6
9,67$/$'2'(5(&+2
9,67$/$'2'(5(&+2 9,67$/$'2'(5(&+2
/D PDQJXHUD GHO IUHQR GHODQWHUR /DPDQJXHUDGHOIUHQRGHODQWHUR
SDVD D WUDYpV GH OD DEUD]DGHUD SDVD D WUDYpV GH OD JXtD HQ HO
FHUFDGHOSXHQWHVXSHULRU SXHQWHLQIHULRU
9,67$/$'2'(5(&+2
9,67$/$'2'(5(&+2
/DPDQJXHUDGHOIUHQRGHODQWHUR
/DV PDQJXHUDV GHO IUHQR SDVDDWUDYpVGHXQDDEUD]DGHUD
GHODQWHUR VH HQUXWDQ D WUDYpV GH FHUFD GHO ODGR GHUHFKR GHO
OD DEUD]DGHUD FRQ XQ WRUQLOOR WHQHGRU
PRQWDGRHQHOPDUFR
0$1*8(5$'(/)5(12'(/$17(52(175((/0217$-('(/$3,1=$<+(&8 9,67$/$'2'(5(&+2
9,67$/$'2'(5(&+2
0$1*8(5$'(/)5(12'(/$17(52(175((/&,/,1'520$(6752<+(&8 /DPDQJXHUDGHOIUHQRGHODQWHUR
0DQJXHUDGHOIUHQRGHODQWHURHQ SDVDDWUDYpVGHXQDDEUD]DGHUD
HOODGRGHODSLQ]D \ DEUD]DGHUD PRQWDGD GHVGH HO
ODGRGHUHFKRGHOWHQHGRU
,1)250$&,Ð1*(1(5$/

&$%/('(/$&(/(5$'25
9,67$/$'2'(5(&+2
9,67$)5217$/
&DEOH GHO DFHOHUDGRU FRQHFWDGR
,1)250$&,Ð1*(1(5$/
DODFDUFDVDGHODFHOHUDGRU
9,67$/$'2'(5(&+2
(OFDEOHGHODFHOHUDGRUVHSDVDD
WUDYpV GH OD JXtD FHUFD GHO
SXHQWHVXSHULRU
9,67$/$'2'(5(&+2
WUDYpVGHXQDJXtDPRQWDGDHQHO
PDUFRFHUFDGHO+(&8
9,67$/$'2'(5(&+2
WUDYpV GH OD JXtD PRQWDGD HQ HO
PDUFR FHUFD GH OD DUDQGHOD GH
PRQWDMH GHO WDQTXH GH
FRPEXVWLEOH
9,67$/$'2'(5(&+2
&DEOHGHODFHOHUDGRUFRQHFWDGRDO
VRSRUWHPRQWDGRHQHOFXHUSRGHO
DFHOHUDGRU
&$5&$6$,17(55837250$1,//$5'(5(&+2<3$5$'$'(/$17(5$
9,67$)5217$/
9,67$/$'2'(5(&+2
9,67$,1)(5,25
(O FDEOH GH OD FDUFDVD GHO
/RVFDEOHVGHOLQWHUUXSWRUGHODOX] LQWHUUXSWRU GHO PDQLOODU GHUHFKR
GHIUHQRGHODQWHUDVHHQUXWDQGHVGH VHGLULJHGHVGHHOSXHQWHVXSHULRU
OD FDUFDVD GHO LQWHUUXSWRU GHO
PDQLOODUGHUHFKR\HVWiQFRQHFWDGRV
DOLQWHUUXSWRUGHODOX]GHIUHQR
9,67$)5217$/
9,67$)5217$/ &DEOHGHOLQWHUUXSWRUGHOPDQLOODU
GHUHFKR FRQHFWDGR DO DUQpV GH
FDEOHVSULQFLSDO
( Q U X W D P L H Q W R G H O F D E O H G H O
LQWHUUXSWRU GHO PDQLOODU GHUHFKR D &$%/('(,17(5583725'(0$1,//$5'(5(&+2
WUDYpV GH OD EULGD FRQHFWDGD DO
PDQLOODUGHUHFKR
&$%/('(,17(5583725'(/8='(3$5$'$'(/$17(5$
,1)250$&,Ð1*(1(5$/

&$%/('($55$148(
9,67$/$'2,=48,(5'2
9,67$,1)(5,25
(O FDEOH GH DUUDQTXH HVWi
FRQHFWDGR D OD SDODQFD GH
,1)250$&,Ð1*(1(5$/
9,67$/$'2,=48,(5'2 DUUDQTXH
&DEOHGHDUUDQTXHHQFDPLQDGRD
WUDYpV GH OD FRPELQDFLyQ GHO
PHGLGRU
9,67$/$'2,=48,(5'2
(O FDEOH GH DUUDQTXH VH HQUXWD
GHWUiVGHODXQLGDG55
9,67$/$'2,=48,(5'2
(O FDEOH GH DUUDQTXH SDVD D

WUDYpV GH OD DEUD]DGHUD PRQWDGD
HQHOPDUFRFHUFDGHODDUDQGHOD
GHOWDQTXHGHFRPEXVWLEOH 9,67$/$'2,=48,(5'2
(O FDEOH GH DUUDQTXH HVWi

FRQHFWDGRDOFDUEXUDGRU
,17(5583725,=4'(/0$1,//$5&$%/(,17(5583725'(/(0%5$*8(
9,67$/$'2,=48,(5'2
9,67$)5217$/ 9,67$,1)(5,25
/RVFRQHFWRUHVGHOLQWHUUXSWRUGHO (OFDEOHGHOLQWHUUXSWRUGHOPDQLOODU
HPEUDJXHHVWiQFRQHFWDGRVDVXV L]TXLHUGR\HOFDEOHGHOLQWHUUXSWRU
WHUPLQDOHV GHOHPEUDJXHVHHQUXWDQGHVGHOD
FDUFDVDGHOLQWHUUXSWRUGHOPDQLOODU
L]TXLHUGR
9,67$/$'2'(5(&+2
9,67$)5217$/
(OFDEOHGHOLQWHUUXSWRUGHOPDQLOODU
&DEOHGHOLQWHUUXSWRUGHOPDQLOODU L]TXLHUGR VH SDVD D WUDYpV GH OD
L]TXLHUGR FRQHFWDGR DO DUQpV GH EULGD FRQHFWDGD DO PDQLOODU
FDEOHVSULQFLSDO L]TXLHUGR
&$%/('(,17(5583725'(0$1,//$5,=48,(5'2
&$%/('(/(0%5$*8(
,1)250$&,Ð1*(1(5$/

&21(&725'(3,1(6
9,67$)5217$/
9,67$)5217$/
,1)250$&,Ð1*(1(5$/
(O FRQHFWRU 3 HVWi FRQHFWDGR DO

FRQMXQWRGHPHGLGRUFRPELQDGR
&$%/(,17(5583725'((1&(1','2
9,67$)5217$/
9,67$)5217$/
&DEOH GHO LQWHUUXSWRU GH
HQFHQGLGRFRQDEUD]DGHUD
9,67$)5217$/
(O FDEOH GHO LQWHUUXSWRU GH

HQFHQGLGR HVWi FRQHFWDGR DO
DUQpVGHFDEOHVSULQFLSDO
,1)250$&,Ð1*(1(5$/

&$%/('(/3,72
9,67$/$'2,=48,(5'2
,1)250$&,Ð1*(1(5$/
9,67$/$'2,=48,(5'2
(OFDEOHGHOLQWHUUXSWRUGHOStWRVH
HQUXWDDWUDYpVGHXQDDEUD]DGHUD
PRQWDGDHQHOPDUFR
9,67$/$'2,=48,(5'2
)LMH FRUUHFWDPHQWH ORV GRV
FRQHFWRUHV GHO FDEOH GHO
LQWHUUXSWRU GHO SLWR VREUH ORV
WHUPLQDOHV
%2%,1$'((1&(1','2&$%/(+7&$%/('(7,(55$'(/02725
9,67$/$'2'(5(&+2
9,67$/$'2'(5(&+2
9,67$/$'2'(5(&+2
/RV FRQHFWRUHV GH OD ERELQD GH (O FDEOH GH WLHUUD GHO PRWRU \ HO
HQFHQGLGR HVWiQ FRQHFWDGRV D OD FDEOHGHDOWDWHQVLyQVHHQUXWDQD
E R E L Q D G H H Q F H Q G L G R WUDYpV GH OD DEUD]DGHUD HQ HO
FRUUHFWDPHQWH PDUFR
9,67$/$'2'(5(&+2
9,67$/$'2,=48,(5'2
/DWDSDGHOVXSUHVRUGHUXLGRHVWi
(O FDEOH GH WLHUUD GHO PRWRU HVWi LQVWDODGD FRUUHFWDPHQWH HQ OD
DWRUQLOODGRDOPRWRU EXMtD
&$%/('(7,(55$'(/02725
%2%,1$'((1&(1','2&8(5'$35,0$5,$
%2%,1$'((1&(1','2$7,(55$
&$%/(+7
,1)250$&,Ð1*(1(5$/

78%26$690$1*8(5$6
9,67$/$'2,=48,(5'2
9,67$/$'2,=48,(5'2 9,67$/$'2,=48,(5'2
&RQH[LyQ GH PDQJXHUD $69 7XER GH YDFtR $69 FRQHFWDGR
HQWUHHOWXERGHHQWUDGDGHDLUH\
,1)250$&,Ð1*(1(5$/
GHVGH $69 D WXEHUtD GH

DOLPHQWDFLyQGHDLUHFRQFOLSV HO$69FRQFOLSVGHDODPEUH
9,67$/$'2'(5(&+2
9,67$/$'2'(5(&+2 9,67$/$'2,=48,(5'2
&RQH[LyQ GH OD PDQJXHUD GH &RQH[LyQ GHO WXER GH YDFtR DO
VXPLQLVWUR GH DLUH GHVGH HO ILOWUR HQUXWDPLHQWR $69 D WUDYpV GH OD
GHDLUHDODXQLGDG$69TXHSDVD JXtDPRQWDGDHQ$69
DWUDYpVGHODJXtDPRQWDGDHQHO
FDUEXUDGRU
0$1*8(5$'(680,1,6752'($,5( 9,67$/$'2'(5(&+2
9,67$/$'2'(5(&+2
0$1*8(5$$69 0DQJXHUD GH VXPLQLVWUR GH DLUH
0DQJXHUD GH VXPLQLVWUR GH DLUH FRQHFWDGD FRUUHFWDPHQWH DO $69
FRQHFWDGD FRUUHFWDPHQWH DO ILOWUR 78%2'(9$&Ì2 FRQXQFOLSGHDODPEUH
GHDLUHFRQXQFOLSGHDODPEUH
0$1*8(5$6'(/&$1,67(5,
9,67$/$'2,=48,(5'2
9,67$/$'2'(5(&+2 9,67$/$'2,=48,(5'2
(OWXERGHSXUJDGHOFDQLVWHUHVWi
FRQHFWDGR FRUUHFWDPHQWH D OD /RVWXERVGHURGLOORFRQHFWDGRVD
YiOYXOD GH SXUJD FRQ FOLSV GH OD YiOYXOD GHO FDQLVWHU PHGLDQWH
DODPEUH FOLSVGHDODPEUH
9,67$/$'2'(5(&+2
9,67$/$'2,=48,(5'2
(OWXERGHSXUJDGHOFDQLVWHUHVWi
FRQHFWDGR FRUUHFWDPHQWH DO (OWXERGHSXUJDGHOFDQLVWHU\HO
FDUEXUDGRUFRQXQFOLSGHDODPEUH W X E R G H U R G L O O R H V W i Q
FRUUHFWDPHQWH FRQHFWDGRV DO
UHFLSLHQWHFRQXQFOLSGHDODPEUH
9,67$/$'2'(5(&+2
78%2'(385*$'(/&$1,67(5 78%26'(52',//2'(/$9É/98/$'(/&$1,67(5 9,67$/$'2'(5(&+2
7XERGHVXEFRQMXQWRGHOFDQLVWHU\
WXER GH GUHQDMH FRQHFWDGRV SRU 78%2'('5(1$-('(/&$1,67(5 78%268%&21-8172'(/&$1,67(5
FOLSGHDODPEUH (OWXERGHGUHQDMHGHOFDQLVWHUSDVD
DWUDYpVGHODJXtDPRQWDGDHQHO
PDUFR
,1)250$&,Ð1*(1(5$/

0$1*8(5$6'(/&$1,67(5,,
9,67$/$'2,=48,(5'2
,1)250$&,Ð1*(1(5$/
9,67$/$'2,=48,(5'2
7XER GH YHQWLODFLyQ FRQHFWDGR DO 9,67$/$'2,=48,(5'2
WDQTXHGHFRPEXVWLEOHSRUXQFOLS
GHDODPEUH
7XER GH UHVSLUDFLyQ \ WXER GH
YiOYXOD XQLGLUHFFLRQDO FRQHFWDGRV
DODXQLyQGHWUHVYtDVSRUFOLSVGH
DODPEUH
9,67$/$'2,=48,(5'2
7XER GH YiOYXOD XQLGLUHFFLRQDO

F R Q H F W D G R D O D Y i O Y X O D
XQLGLUHFFLRQDOSRUFOLSGHDODPEUH
9,67$/$'2,=48,(5'2
7XER GHO URGLOOR FRQHFWDGR D OD
XQLyQGHWUHVYtDVPHGLDQWHFOLSVGH
DODPEUH
52',//2'(&$1,67(562%5(78%2'(9É/98/$ 78%2'(5(63,5$'(52
78%2'(9É/98/$'(81$9Ì$
0(','25<0$1*8(5$'(&20%867,%/(
9,67$75$6(5$
9,67$75$6(5$ 9,67$75$6(5$
(O FDEOH GHO PHGLGRU GH (OFRQHFWRUGHOFDEOHGHOLQGLFDGRU
FRPEXVWLEOH HVWi HQUXWDGR \ GH FRPEXVWLEOH HVWi FRQHFWDGR DO
VXMHWRGHEDMRGHOWDQTXH DUQpVGHFDEOHVSULQFLSDO
9,67$/$'2,=48,(5'2
9,67$/$'2,=48,(5'2
9,67$/$'2,=48,(5'2
/DPDQJXHUDGHFRPEXVWLEOHHVWi
(O FDEOH GHO PHGLGRU GH FRQHFWDGD FRUUHFWDPHQWH DO
FRPEXVWLEOH HVWi FRQHFWDGR FDUEXUDGRU FRQ XQ FOLS GH
FRUUHFWDPHQWH D OD YiOYXOD GH DODPEUH
FRPEXVWLEOH FRQ XQ FOLS GH
DODPEUH
&$%/('(0(','25'(&20%867,%/(
0$1*8(5$'(&20%867,%/(
,1)250$&,Ð1*(1(5$/

78%2'(9(17,/$&,Ð1'(/7$148('(&20%867,%/(
9,67$/$'2,=48,(5'2
9,67$/$'2,=48,(5'2
,1)250$&,Ð1*(1(5$/
7XERGHYHQWLODFLyQGHOWDQTXHGH
FRPEXVWLEOH FRQHFWDGR DO WDQTXH
PHGLDQWHXQFOLSGHDODPEUH
9,67$/$'2'(5(&+2
9,67$/$'2,=48,(5'2
(O WXER GH YHQWLODFLyQ GHO WDQTXH
GHFRPEXVWLEOHVHSDVDDWUDYpVGH 9,67$/$'2,=48,(5'2
ODDEUD]DGHUDGHWUiVGHODEDWHUtD
(O WXER GH YHQWLODFLyQ GHO WDQTXH
GHFRPEXVWLEOHVHSDVDDWUDYpVGH
ODJXtDPRQWDGDHQHOPDUFR
02725'($55$148($55$148(0$*1e7,&2%$7(5Ì$9(<&$%/($7,(55$
9,67$/$'2,=48,(5'2
9,67$/$'2,=48,(5'2
5+69,(:
$SULHWH HO FDEOH GH WLHUUD
FRUUHFWDPHQWH HQ HO WHUPLQDO
QHJDWLYRGHODEDWHUtD
9,67$/$'2,=48,(5'2
5+69,(:
&RQHFWH OD EDWHUtD YH GHO
FDEOH DO LQWHUUXSWRU PDJQpWLFR GH
DUUDQTXH \ ILMH OD WDSD
FRUUHFWDPHQWH
9,67$/$'2,=48,(5'2
5+69,(:
(O FDEOH GHO PRWRU GH DUUDQTXH
YH VH SDVD D WUDYpV GH OD
DEUD]DGHUDPRQWDGDGHEDMRGHOD
EDWHUtD
9,67$/$'2,=48,(5'2
5+69,(:
&RQHFWH HO FDEOH GHO PRWRU GH
DUUDQTXH YH DO DUUDQTXH
&$%/('(%$7(5Ì$9( PDJQpWLFR \ ILMH OD WDSD
FRUUHFWDPHQWH
&$%/(,17(5583725$55$148(0$*1e7,&2
9,67$/$'2'(5(&+2
5+69,(:
&$%/(7,(55$'(%$7(5Ì$
&RQHFWH HO FDEOH GH WLHUUD GH OD
EDWHUtD \ HO PRWRU GH DUUDQTXH &$%/($55$148('(/027259(
YH DO PRWRU GH DUUDQTXH
FRUUHFWDPHQWH \ ILMH OD WDSD GHO
WHUPLQDOFRUUHFWDPHQWH
,1)250$&,Ð1*(1(5$/

81,'$'&',
9,67$683(5,25
,1)250$&,Ð1*(1(5$/
9,67$683(5,25
(O FDEOH GH OD XQLGDG &', HVWi
FRQHFWDGR FRUUHFWDPHQWH D OD
XQLGDG FRQWURODGD SRU OD XQLGDG
&',
78%2'(9(17,/$&,Ð1'(/&$5%85$'25
9,67$/$'2'(5(&+2
9,67$/$'2'(5(&+2
(O WXER GH YHQWLODFLyQ GHO
FDUEXUDGRU HVWi FRQHFWDGR DO
FDUEXUDGRU FRQ XQ FOLS GH
DODPEUH
,1)250$&,Ð1*(1(5$/

78%2'(9(17,/$&,Ð1'(/&É57(5
9,67$/$'2'(5(&+2
,1)250$&,Ð1*(1(5$/
9,67$/$'2'(5(&+2
/D PDQJXHUD GH YHQWLODFLyQ GHO
FiUWHU HVWi FRQHFWDGD DO FiUWHU
FRQFOLSGHDODPEUH
9,67$/$'2'(5(&+2
/D PDQJXHUD GHO UHVSLUDGHUR GHO

FiUWHU HVWi FRQHFWDGD
FRUUHFWDPHQWHDOILOWURGHDLUHFRQ
XQFOLSGHDODPEUH
&21-8172'(0$1*8(5$'()5(1275$6(52
9,67$/$'2'(5(&+2
9,67$/$'2,=48,(5'2
0DQJXHUD GH SLQ]D GH IUHQR

WUDVHUR HQ HO ODGR GHO FLOLQGUR
9,67$/$'2'(5(&+2 PDHVWUR
7XER GH IUHQR WUDVHUR HQ HO

H[WUHPRGHODSLQ]D
9,67$/$'2,=48,(5'2
/D PDQJXHUD GHO IUHQR WUDVHUR

HVWi FRQHFWDGD DO FLOLQGUR
PDHVWURFRQXQFOLS
0$1*8(5$'(5(6(59$'(/&,/,1'520$(6752'(/)5(1275$6(52
9,67$/$'2'(5(&+2 0$1*8(5$'(3,1=$'()5(1275$6(52
/D PDQJXHUD GH OD SLQ]D GHO
IUHQR WUDVHUR VH SDVD D WUDYpV GH 9,67$75$6(5$
OD DEUD]DGHUD PRQWDGD HQ HO
EUD]RRVFLODQWH 0DQJXHUD GH IUHQR WUDVHUR HQ HO
ODGR GHO GHSyVLWR GH OtTXLGR GH
IUHQRWUDVHURFRQXQFOLS
,1)250$&,Ð1*(1(5$/

78%2'('5(1$-('(/&$5%85$'25
9,67$/$'2'(5(&+2
,1)250$&,Ð1*(1(5$/
9,67$/$'2'(5(&+2
(OWXERGHGUHQDMHGHOFDUEXUDGRU
HVWi FRQHFWDGR D OD FiPDUD
ÁRWDQWHFRQXQFOLSGHDODPEUH
9,67$/$'2,=48,(5'2
(OWXERGHGUHQDMHGHOFDUEXUDGRU
VH GLULJH D WUDYpV GH OD JXtD
PRQWDGDHQHOPDUFR
&$%/('(/$81,'$'5(*8/$'255(&7,),&$'25
9,67$/$'2,=48,(5'2
9,67$/$'2,=48,(5'2
9,67$/$'2,=48,(5'2
&DEOHGHODXQLGDG55GHODUQpV
/RV FDEOHV GH WLHUUD GH OD XQLGDG GH FDEOHV SULQFLSDO FRQHFWDGR DO
55 HVWiQ FRQHFWDGRV DO WHUPLQDO FRQHFWRUGHODXQLGDG55
GHO SHUQR GH PRQWDMH
FRUUHFWDPHQWH
&$%/('(/$81,'$'55
&$%/($7,(55$
,1)250$&,Ð1*(1(5$/

78%2'('5(1$-(),/752'($,5(
9,67$75$6(5$
9,67$75$6(5$
,1)250$&,Ð1*(1(5$/
7XER GH GUHQDMH GHO ILOWUR GH DLUH

FRQHFWDGRDODFDUFDVDGHOILOWURGH
DLUHSRUFOLS
&$-$'()86,%/(6&21(&725'/&&$%/('(&$5*$'2586%
9,67$683(5,25
9,67$683(5,25 9,67$683(5,25
(O FDEOH GHO FDUJDGRU 86% HVWi (OFDEOHGHODFDMDGHIXVLEOHVHVWi

FRQHFWDGRDOFDUJDGRU86% FRQHFWDGRDODFDMDGHIXVLEOHV
9,67$683(5,25 9,67$683(5,25
(O FDEOH GHO FDUJDGRU 86% HVWi (O FDEOH GHO FRQHFWRU '/& HVWi
FRQHFWDGRDVXFRQHFWRU FRQHFWDGRDOFRQHFWRU'/&
&$-$'()86,%/(6
&21(&725'/&
&$5*$'2586%
,1)250$&,Ð1*(1(5$/

&$%/(',5(&&,21$/75$6(5$/8='(/$3/$&$
9,67$/$'2'(5(&+2
9,67$/$'2'(5(&+2 9,67$/$'2'(5(&+2
,1)250$&,Ð1*(1(5$/
(O FDEOH GH OD SODFDGLUHFFLRQDO (O FDEOH GH OD SODFD GLUHFFLRQDO
WUDVHUDHVWiFRQHFWDGRDODOX]GH WUDVHUD HVWi FRQHFWDGR DO
ODSODFDGHPDWUtFXOD\DODOX]GH DFRSODGRUGHODUQpVGHFDEOHVHQ
ODGLUHFFLRQDOL]TXLHUGDGHUHFKD HOJXDUGDIDQJRVWUDVHUR
&$%/(/8='(/$3/$&$
&$%/(/8=',5(&&,21$/'(5(&+$
&$%/(/8=',5(&&,21$/,=48,(5'$
&$%/(/8=75$6(5$3$5$'$
9,67$/$'2'(5(&+2
9,67$/$'2'(5(&+2
(O FDEOH GH OD OX] WUDVHUDSDUDGD

HVWi FRQHFWDGR DO FRQHFWRU GH OD
OX]WUDVHUDSDUDGD
,1)250$&,Ð1*(1(5$/

&$%/(5(7(1&,Ð1'(/$6,(172
9,67$/$'2'(5(&+2
9,67$/$'2'(5(&+2
,1)250$&,Ð1*(1(5$/
(O FDEOH GH FLHUUH GHO DVLHQWR VH

SDVD D WUDYpV GH OD DEUD]DGHUD
PRQWDGDHQHOPDUFR\VHFRQHFWD
GHEDMR GH OD FXELHUWD GHO FLHUUH
GHEDMRGHODVLHQWR
9,67$/$'2'(5(&+2
(O FDEOH GH UHWHQFLyQ GHO DVLHQWR

HVWiFRQHFWDGRDODXQLGDGGHOX]
WUDVHUDSDUDGD
$&**(1(5$'25'(38/626
/+69,(:
9,67$/$'2,=48,(5'2
$ & * J H Q H U D G R U G H S X O V R V
FRQHFWDGRDODFRSODGRUGHODUQpV
GHFDEOHVDOODGRGHODEDWHUtD
9,67$/$'2,=48,(5'2
$&* HO FDEOH GHO JHQHUDGRU GH

SXOVRV VH HQUXWD D WUDYpV GH OD
DEUD]DGHUDPRQWDGDHQHOPDUFR
,1)250$&,Ð1*(1(5$/

&$%/(6(1625'(326,&,Ð1'(/$&(/(5$'25
9,67$/$'2,=48,(5'2
,1)250$&,Ð1*(1(5$/
9,67$/$'2,=48,(5'2
(OFDEOH736VHSDVDDWUDYpVGHOD
D E U D ] D G H U D I O H [ L E O H F R Q X Q
SURWHFWRUGHFDEOHPRQWDGRHQHO
FDUEXUDGRU
9,67$/$'2,=48,(5'2
(O FDEOH 736 HVWi FRQHFWDGR DO
VHQVRU736
&$%/(,17(55837251(8752623257(/$7(5$/
9,67$/$'2,=48,(5'2
9,67$/$'2,=48,(5'2
(OFDEOHGHOLQWHUUXSWRUGHOVRSRUWH
QHXWURODWHUDO HVWi FRQHFWDGR DO 9,67$/$'2'(5(&+2
DFRSODGRU GHO DUQpV GH FDEOHV \
SDVD SRU OD DEUD]DGHUD PRQWDGD (OFDEOHGHOLQWHUUXSWRUGHOVRSRUWH
HQHOPDUFR ODWHUDOVHSDVDDWUDYpVGHOFOLSGH
EDQGD HQ HO PDUFR GHEDMR GHO
VRSRUWHGHOHVFDOyQL]TXLHUGR
9,67$/$'2,=48,(5'2
(OFDEOHGHOLQWHUUXSWRUGHSRVLFLyQ
QHXWUDRODWHUDOVHHQUXWDHQWUHODV 9,67$/$'2,=48,(5'2
UDQXUDVHQHO/&&
&DEOH GHO LQWHUUXSWRU GHO VRSRUWH
O D W H U D O H V W i F R Q H F W D G R D O
LQWHUUXSWRUGHOVRSRUWHODWHUDO
&$%/(,17(55837251(8752623257(/$7(5$/
,17(55837251(8752
,17(5583725623257(/$7(5$/
9,67$/$'2,=48,(5'2
(OFDEOHGHOLQWHUUXSWRUQHXWURHVWi
FRQHFWDGR DO DUQpV PHGLDQWH XQ
FRQHFWRU3
,1)250$&,Ð1*(1(5$/

,17(5583725/8='(3$5$'$
9,67$/$'2'(5(&+2
,1)250$&,Ð1*(1(5$/
9,67$/$'2'(5(&+2
(O LQWHUUXSWRU GH OD OX] GH SDUDGD

HVWiVXMHWRDOVRSRUWHPRQWDGRHQ
HOPDUFR
&$%/(6/8=35,1&,3$/'(326,&,Ð1/8=',5(&&,21$/'(/$17(5$
9,67$)5217$/
9,67$)5217$/
9,67$)5217$/
(O FDEOH GH OD OX] GLUHFFLRQDO
(O FDEOH GH OD OX] GLUHFFLRQDO GHODQWHUD L]TXLHUGD HVWi
GHODQWHUDGHUHFKDHVWiFRQHFWDGR FRQHFWDGR D OD OX] GLUHFFLRQDO
D OD OX] GLUHFFLRQDO GHODQWHUD L]TXLHUGD
GHUHFKD
9,67$/$'2'(5(&+2
9,67$683(5,25
(O FDEOH GH OD OX] SULQFLSDO \ GH

SRVLFLyQ HVWi FRQHFWDGR DO
FRQMXQWRGHODOX]SULQFLSDO
&$%/(/8=',5(&&,21$/'(/$17(5$'(5(&+$
&$%/(/8=',5(&&,21$/'(/$17(5$,=48,(5'$
&$%/(/8=35,1&,3$/<'(326,&,Ð1
,1)250$&,Ð1*(1(5$/

$51e6'(&$%/($'235,1&,3$/,
9,67$/$'2'(5(&+2
9,67$)5217$/
(O DUQpV GH FDEOHV SULQFLSDO HVWi
FRQHFWDGRDODFRSODGRUGHODUQpV
GHFDEOHV
,1)250$&,Ð1*(1(5$/
9,67$/$'2'(5(&+2
(O DUQpV GH FDEOHDGR SULQFLSDO VH
HQUXWD D WUDYpV GH OD DEUD]DGHUD
PRQWDGDHQHOPDUFRSRUHQFLPD
GH+(&8
9,67$/$'2'(5(&+2
(ODUQpVGHFDEOHDGRSULQFLSDOVH
HQUXWD D WUDYpV GH OD JXtD
PRQWDGDHQHOPDUFR
9,67$/$'2'(5(&+2

PRQWDGDHQHOPDUFR
9,67$/$'2'(5(&+2
(ODUQpVGHFDEOHDGRSULQFLSDOVH
VXMHWD HQ HO PDUFR GHEDMR GH OD
DUDQGHOD GHO WDQTXH GH
FRPEXVWLEOH
$51e6'(&$%/($'235,1&,3$/,,
9,67$/$'2'(5(&+2
9,67$/$'2'(5(&+2
(O DUQpV GH FDEOHV SULQFLSDO VH
PRQWDGD HQ HO PDUFR FHUFD GHO
FDUEXUDGRU
9,67$683(5,25
9,67$75$6(5$
HQUXWD D WUDYpV GH OD UDQXUD GHO (O DUQpV GH FDEOHDGR SULQFLSDO VH
JXDUGDIDQJRWUDVHUR SDVD D WUDYpV GH OD DEUD]DGHUD
PRQWDGD HQ HO PDUFR VREUH HO
FRQMXQWRGHOILOWURGHDLUH
,1)250$&,Ð1*(1(5$/

3$1(/(6'(/&8(5326,67(0$'((;+2672
8%,&$&,Ð1'(/$63$57(6
3$17$//$'(9,(172

3527(&725'(0$12
&8%,(57$/$7(5$/
$*$55(
75$6(52 &8%,(57$0217$-(
'($&&(625,26
81,'$'/8= 7$148('(
'()5(12 &20%867,%/(
3$5$'$ $6,(172 *8$5'$)$1*2
'(/$17(52
'()(16$'(+8**(5
*8$5'$)$1*2 '(/$17(52
75$6(52
'()(16$'(+8**(5 3/$72%$6+
75$6(52
*8$5'$6$5,
6,/(1&,$'25'(
(;+2672

3$1(/(6'(/&8(5326,67(0$'((;+2672
8ELFDFLyQGHODVSDUWHV 7DQTXHGHFRPEXVWLEOH

,QIRUPDFLyQGHOVHUYLFLR 6LOHQFLDGRUGHH[KRVWR$
9DORUHVGHWRUTXH6ROXFLyQGH 6LOHQFLDGRUGHH[KRVWR%
SUREOHPDV &XELHUWDPRQWDMHGHDFFHVRULRV
(VSHMRVUHWURYLVRUHV*XDUGDPDQRV $JDUUHWUDVHUR
3DQWDOODGHYLHQWR*XDUGDIDQJRV 8QLGDGOX]WUDVHUDSDUDGD
GHODQWHUR *XDUGDVDUL3URWHFWRUGHFDGHQD
'HIHQVDGH+XJJHUGHODQWHUR LQIHULRU
3URWHFWRUGHSLHUQD3LWR$VLHQWR 3ODWR%DVK
&XELHUWDVODWHUDOHV 'HIHQVDGH+XJJHUWUDVHUR
&XELHUWDPRQWDMHVRSRUWHGHO *XDUGDIDQJRVWUDVHUR$
HVWULER *XDUGDIDQJRVWUDVHUR%
,1)250$&,Ð1'(/6(59,&,2
$'9(57(1&,$
6HSXHGHQSURGXFLUTXHPDGXUDVJUDYHVVLQRVHSHUPLWHTXHHOVLVWHPDGHH[KRVWRVHHQIUtHDQWHVGHUHWLUDURUHSDUDUORV
FRPSRQHQWHV
*(1(5$/
(VWDVHFFLyQFXEUHODH[WUDFFLyQHLQVWDODFLyQGHORVSDQHOHVGHOFXHUSR\HOVLVWHPDGHH[KRVWR/DLQVWDODFLyQGHORVSDQHOHVGHO
FXHUSRHVWiHQHORUGHQLQYHUVRDODUHPRFLyQDPHQRVTXHVHLQGLTXHORFRQWUDULR
6LHPSUHUHHPSODFHODVMXQWDVGHOWXERGHH[KRVWRSRURWUDVQXHYDVGHVSXpVGHDIORMDURTXLWDUODVWXHUFDVGHXQLyQGHOWXERGH
H[KRVWR
$OLQVWDODUHOVLVWHPDGHH[KRVWRLQVWDOHVLQDSUHWDUWRGRVORVVXMHWDGRUHVGHOWXERGHH[KRVWR6LHPSUHDSULHWHSULPHURODV
WXHUFDVGHPRQWDMHGHOH[KRVWRGHOODGRGHODFXODWDOXHJRDSULHWHORVRWURVVXMHWDGRUHVGHPRQWDMH6LDSULHWDSULPHURHOSHUQR
\ODWXHUFDGHPRQWDMHHVSRVLEOHTXHHOWXERGHH[KRVWRQRVHDVLHQWHFRUUHFWDPHQWH
6LHPSUHLQVSHFFLRQHHOVLVWHPDGHH[KRVWRSRUIXJDVGHVSXpVGHODLQVWDODFLyQ
9$/25(6'(72548(
78(5&$'(-817$6,/(1&,$'25'((;+2672 NJIP
3(5120217$-(6,/(1&,$'25'((;+2672 NJIP
3(51235(6,Ð16,/(1&,$'25'((;+2672$
NJIP
3(5120217$-(6,/(1&,$'25'((;+2672% NJIP
78(5&$3,927(%5$=226&,/$17(
NJIP
3DUDRWUDVWXHUFDVSHUQRVVXMHWDGRUHVHWFFRQVXOWHORVYDORUHVGHWRUTXHHVWiQGDU6(&&,Ð1
62/8&,Ð1'(352%/(0$6
5XLGRGHH[KRVWRH[FHVLYR
6LVWHPDGHH[KRVWRURWR
)XJDGHJDVGHH[KRVWR
%DMRUHQGLPLHQWR
)XJDGHJDVGHH[KRVWR
6LVWHPDGHH[KRVWRGHIRUPDGR
6LOHQFLDGRUREVWUXLGR

3$1(/(6'(/&8(5326,67(0$'((;+2672
%27$'(*20$
(63(-265(7529,625(6
5(02&,Ð1
'HVOLFHKDFLDDUULEDODERWDGHJRPD
(63(-25(7529,625
$IORMHHOSHUQR\UHWLUHHOHVSHMRUHWURYLVRUODWHUDOL]TXLHUGR
6LJDHOPLVPRSURFHGLPLHQWRSDUDHOHVSHMRUHWURYLVRUODWHUDO
GHUHFKR
,167$/$&,Ð1
/DLQVWDODFLyQVHKDFHHQHOVHQWLGRLQYHUVRDODUHPRFLyQ
78(5&$'(%/248(2 3(512
3(512
*8$5'$0$126
*8$5'$0$126'(5(&+2
5(02&,Ð1
5HWLUHODWXHUFD\HOSHUQRGHOJXDUGDPDQRVGHUHFKR
5HWLUHHOJXDUGDPDQRVGHUHFKR
,167$/$&,Ð1
78(5&$ *8$5'$0$126'(5(&+2
3(512 $%5$=$'(5$
*8$5'$0$126,=48,(5'2
5(02&,Ð1
5HWLUHODWXHUFD\HOSHUQRGHOJXDUGDPDQRVL]TXLHUGR
5HWLUHODDEUD]DGHUDGHOJXDUGDPDQRVL]TXLHUGR
78(5&$

3$1(/(6'(/&8(5326,67(0$'((;+2672
5HWLUHHOJXDUGDPDQRVL]TXLHUGR
,167$/$&,Ð1
*8$5'$0$126,=48,(5'2
3$17$//$'(9,(172
5(02&,Ð1
5HWLUHORVWRUQLOORVGHODSDQWDOODGHYLHQWR
7251,//26
3$17$//$'(9,(172
5HWLUHODSDQWDOODGHYLHQWR
,167$/$&,Ð1
*8$5'$)$1*26'(/$17(52
5(02&,Ð1
5HWLUDU ORV SHUQRV GH PRQWDMH GHVGH HO ODGR LQWHULRU GHO
JXDUGDIDQJRVGHODQWHUR
3(5126

3$1(/(6'(/&8(5326,67(0$'((;+2672
*8$5'$)$1*26'(/$17(52
5HWLUHHOJXDUGDIDQJRVGHODQWHUR
,167$/$&,Ð1
3(512'()(16$'(+8**(5'(/$17(52
'()(16$'(+8**(5'(/$17(52
5(02&,Ð1
5HWLUHHOSHUQRGHODDEUD]DGHUDGHODPDQJXHUDGHOIUHQR
GHODQWHUR
5HWLUHORVSHUQRVGHFDGDODGRGHODGHIHQVDGH+XJJXHU
GHODQWHUR
3(512'($%5$=$'(5$
0217$-('()(16$'(+8**(5'(/$17(52
5HWLUH OD GHIHQVD GH +XJJHU GHODQWHUR GHVOL]iQGROR KDFLD
DWUiV
5HWLUHHOPRQWDMHGHODGHIHQVDGH+XJJHUGHODQWHUR
,167$/$&,Ð1
'()(16$'(+8**(5'(/$17(52

3$1(/(6'(/&8(5326,67(0$'((;+2672
3527(&725'(3,(51$ 78(5&$63(5126
3527(&725'(3,(51$
5(02&,Ð1
5HWLUHODVWXHUFDVSHUQRV
5HWLUHHOSHUQRWXHUFDGHPRQWDMHGHODSODFDGHVXVSHQVLyQ
GHOPRWRU
5HWLUDUHOSURWHFWRUGHSLHUQD
,167$/$&,Ð1
127$
7HQJDPXFKRFXLGDGRDOTXLWDUHOSURWHFWRUGHSLHUQDVSDUD
HYLWDUGDxRVHQHOVLOHQFLDGRUGHH[KRVWR 3(51278(5&$'(0217$-(
&21(&725(6
3,72
5(02&,Ð1
'HVFRQHFWHORVFRQHFWRUHVGHOFDEOHGHOSLWR
5HWLUHODWXHUFDDUDQGHOD
5HWLUHHOSLWR
,167$/$&,Ð1
3,72 78(5&$$5$1'(/$
//$9(
$6,(172
5(02&,Ð1,167$/$&,Ð1
,QVHUWH OD OODYH GH FRQWDFWR HQ OD FHUUDGXUD GHO DVLHQWR \
GHVEORTXHHJLUDQGRODOODYHHQHOVHQWLGRGHODVDJXMDVGHO
UHORM
5$185$ 3(67$f$
5HWLUHHODVLHQWRPLHQWUDVVXHOWDODVSHVWDxDVGHODVUDQXUDV
GHOPDUFR
35278%(5$1&,$ 5$185$

3$1(/(6'(/&8(5326,67(0$'((;+2672
$6,(172
,QVWDOHHODVLHQWRDOLQHDQGRVXVSHVWDxDVFRQODVUDQXUDVHQ
HO PDUFR $VHJ~UHVH GH TXH OD UDQXUD GHO DVLHQWR HVWp
FRUUHFWDPHQWH DVHQWDGD HQ HO UHERUGH GHO WDQTXH GH
FRPEXVWLEOH \ SUHVLRQH HQ OD SDUWH VXSHULRU WUDVHUD GHO
DVLHQWRKDVWDTXHKDJDFOLF

&8%,(57$/$7(5$/,=48,(5'$
&8%,(57$6/$7(5$/(6
&8%,(57$/$7(5$/,=48,(5'$
5(02&,Ð1
5HWLUHHODVLHQWRSiJLQD
5HWLUHORVWRUQLOORVGHODFXELHUWDODWHUDOL]TXLHUGD
7251,//26
3(67$f$ 2-$/(6
6XHOWH OD RUHMHWD GH OD FXELHUWD ODWHUDO GH ORV RMDOHV HQ HO
WDQTXHGHFRPEXVWLEOH
5HWLUHODFXELHUWDODWHUDOL]TXLHUGDVROWDQGRODSHVWDxDGHOD
UDQXUD
,167$/$&,Ð1
5$185$ 25(-(7$ &8%,(57$/$7(5$/,=48,(5'$

&8%,(57$/$7(5$/'(5(&+$
&8%,(57$/$7(5$/'(5(&+$
5(02&,Ð1
5HWLUHORVWRUQLOORVGHODFXELHUWDODWHUDOGHUHFKD
7251,//26

3$1(/(6'(/&8(5326,67(0$'((;+2672
2-$/(6 3(67$f$
6XHOWHODRUHMHWDGHODFXELHUWDODWHUDOGHUHFKDGHORVRMDOHV
HQHOWDQTXHGHFRPEXVWLEOH
5HWLUHODFXELHUWDODWHUDOGHUHFKDVROWDQGRODSHVWDxDGHOD
UDQXUD
,167$/$&,Ð1
&8%,(57$/$7(5$/'(5(&+$ 25(-(7$ 5$185$
&8%,(57$0217$-('(/623257('(/(675,%2
&8%,(57$0217$-(623257('(/
(675,%2
/$'2'(5(&+2
5(02&,Ð1
5HWLUHODWXHUFDGHSLYRWHGHOEUD]RRVFLODQWH
5HWLUH HO SHUQR GH PRQWDMH GHO VRSRUWH GHO HVWULER ODWHUDO
GHUHFKR
5HWLUHHOPRQWDMHGHOVRSRUWHGHOHVWULERODWHUDOGHUHFKR
,167$/$&,Ð1
78(5&$%5$=226&,/$17( 3(512
,QVWDOH\DSULHWHODWXHUFDGHSLYRWHGHOEUD]RRVFLODQWHDO
WRUTXHHVSHFLILFDGR
72548(
78(5&$3,927(%5$=226&,/$17(NJIP
/$'2,=48,(5'2 3(5123,927(%5$=226&,/$17(
5(02&,Ð1
5HWLUHHOSHUQRGHSLYRWHGHOEUD]RRVFLODQWH
5HWLUH HO SHUQR GH PRQWDMH GHO VRSRUWH GHO HVWULER ODWHUDO
L]TXLHUGR
5HWLUHHOFRQMXQWRGHOVRSRUWHGHOHVWULERODWHUDOL]TXLHUGR
,167$/$&,Ð1
,QVWDOH\DSULHWHODWXHUFDGHSLYRWHGHOEUD]RRVFLODQWHDO
WRUTXHHVSHFLILFDGR
72548(
78(5&$3,927(%5$=226&,/$17(NJIP %2/7 &8%,(57$0217$-(623257('(/(675,%2

3$1(/(6'(/&8(5326,67(0$'((;+2672
0$1*8(5$'(&20%867,%/(
7$148('(&20%867,%/(
5(02&,Ð1
*LUHODYiOYXODGHFRPEXVWLEOHDODSRVLFLyQ2))
5HWLUHODVFXELHUWDVODWHUDOHVSiJLQD
'HVFRQHFWHODPDQJXHUDGHFRPEXVWLEOH
$'9(57(1&,$
0DQWHQJDODJDVROLQDOHMRVGHOODPDVRFKLVSDV
/LPSLHODJDVROLQDGHUUDPDGDGHXQDYH]
5HWLUH HO SHUQR GH PRQWDMH GHO WDQTXH GH FRPEXVWLEOH OD
DUDQGHOD\HOFROODU
3(512'(0217$-($5$1'(/$&2//$5
'HVFRQHFWH HO FRQHFWRU GHO PHGLGRU GH FRPEXVWLEOH GHO

DUQpVGHFDEOHVSULQFLSDO
&21(&725
78%2'(9(17,/$&,Ð1
'HVFRQHFWHHOWXERGHYHQWLODFLyQGHOWDQTXHGHFRPEXVWLEOH
\ODPDQJXHUDGHGUHQDMH
0$1*8(5$'('5(1$-(

3$1(/(6'(/&8(5326,67(0$'((;+2672
7$148('(&20%867,%/(
5HWLUHHOWDQTXHGHFRPEXVWLEOHOHYDQWiQGROR\GHVOL]iQGROR
KDFLDODSDUWHWUDVHUDPLHQWUDVORGHVPRQWDGHORVRMDOHV
2-$/(6
5$185$6
,167$/$&,Ð1
127$
$OLQHHORVRMDOHVVHQHOPDUFRFRQODVUDQXUDVHQHOWDQTXH
GHFRPEXVWLEOH
'LULMDODVPDQJXHUDVFRUUHFWDPHQWH$VHJ~UHVHGHTXH
ODVPDQJXHUDVQRHVWpQSHOOL]FDGDVRGREODGDVGXUDQWH
HOPRQWDMH
2-$/(6
6,/(1&,$'25'((;+2672$
5(02&,Ð1
5HWLUHODVWXHUFDVGHODMXQWDGHOVLOHQFLDGRUGHH[KRVWR
78(5&$6'(/$-817$'(/6,/(1&,$'25'((;+2672
$IORMHHOSHUQRGHSUHVLyQGHOFRQMXQWRGHOVLOHQFLDGRUGH
H[KRVWR
3(512'(35(6,Ð1

3$1(/(6'(/&8(5326,67(0$'((;+2672
'HVOLFHHOVLOHQFLDGRUGHH[KRVWR$KDFLDHOIUHQWH
6,/(1&,$'25'((;+2672$
(03$48(
5HWLUHHOVLOHQFLDGRUGHH[KRVWR$\HOHPSDTXH
,167$/$&,Ð1
$SULHWHODVWXHUFDVGHXQLyQGHOWXERGHH[KRVWR\HOSHUQRGH
PRQWDMHGHOVLOHQFLDGRUDOWRUTXHHVSHFLILFDGR
72548(
78(5&$'(-817$6,/(1&,$'25'((;+2672
NJIP
3(51235(6,Ð16,/(1&,$'25'((;+2672$
6,/(1&,$'25'((;+2672$
NJIP
127$
6LHPSUHUHHPSODFHODMXQWDGHOVLOHQFLDGRUGHH[KRVWRSRU
XQDQXHYDFDGDYH]TXHUHWLUHHOVLOHQFLDGRUGHOPRWRU
0LHQWUDV DIORMD \ DSULHWD VLHPSUH DSULHWH SULPHUR ODV
WXHUFDVGHODMXQWDGHOVLOHQFLDGRUHQODFXODWD\OXHJRHO
SHUQRGHPRQWDMHGHOVLOHQFLDGRU
7251,//26$//(1
6,/(1&,$'25'((;+2672%
5(02&,Ð1
5HWLUHORVWRUQLOORVDOOHQGHODFXELHUWDWUDVHUDGHOVLOHQFLDGRU
GHH[KRVWR

3$1(/(6'(/&8(5326,67(0$'((;+2672
&8%,(57$75$6(5$'(/6,/(1&,$'25 5$185$
6XHOWHODSHVWDxDGHODFXELHUWDWUDVHUDGHOVLOHQFLDGRUGH
H[KRVWRGHODUDQXUD
5HWLUHODFXELHUWDSRVWHULRUGHOVLOHQFLDGRUGHH[KRVWR
3(67$f$
5HWLUHHOSHUQRGHPRQWDMHGHOVLOHQFLDGRUGHH[KRVWR
3(512'(0217$-(
5HWLUHHOVLOHQFLDGRUGHH[KRVWR%GHVOL]iQGRORKDFLDODSDUWH
WUDVHUD
5HWLUHODMXQWDGHOVLOHQFLDGRUGHH[KRVWR%
6,/(1&,$'25'((;+2672%
,167$/$&,Ð1
127$
,QVWDOHXQDQXHYDMXQWDGHOVLOHQFLDGRUGHH[KRVWR%
$SULHWHHOSHUQRGHPRQWDMHGHOVLOHQFLDGRUGHH[KRVWR%DO
WRUTXHHVSHFLILFDGR
72548(
3(5120217$-(6,/(1&,$'25'((;+2672%
NJIP
3(51235(6,Ð16,/(1&,$'25'((;+2672$
NJIP -817$'(/6,/(1&,$'25'((;+2672%

3$1(/(6'(/&8(5326,67(0$'((;+2672
&8%,(57$0217$-('($&&(625,26,=48,(5'$
&8%,(57$0217$-('($&&(625,26
5(02&,Ð1
5HWLUHORVSHUQRVGHPRQWDMHGHOODGRL]TXLHUGR
5HWLUHODFXELHUWDGHPRQWDMHGHDFFHVRULRVL]TXLHUGD

3(5126'(0217$-(
&8%,(57$0217$-('($&&(625,26'(5(&+$
5HWLUHORVSHUQRVGHPRQWDMHGHOODGRGHUHFKR
5HWLUHODFXELHUWDGHPRQWDMHGHODFFHVRULRVGHUHFKD
,167$/$&,Ð1
3(5126'(0217$-(
&8%,(57$/$7(5$/,=48,(5'$'(/$*$55(75$6(52
$*$55(75$6(52
5(02&,Ð1
5HWLUHDODYH]ODFXELHUWDGHPRQWDMHGHDFFHVRULRV
5HWLUHORVWRUQLOORVGHOODGRL]TXLHUGR
7251,//26
&8%,(57$/$7(5$/,=48,(5'$'(/$*$55(75$6(52
5HWLUH OD FXELHUWD ODWHUDO L]TXLHUGD GHO DJDUUH WUDVHUR
GHVOL]iQGRODDOUHYpVKDFLDDGHODQWH

3$1(/(6'(/&8(5326,67(0$'((;+2672
&8%,(57$/$7(5$/'(5(&+$'(/$*$55(75$6(52
5HWLUHORVWRUQLOORVGHOODGRGHUHFKR
5HWLUHODFXELHUWDODWHUDOGHUHFKDGHODJDUUHWUDVHURGHOODGR
GHUHFKR
7251,//26
&8%,(57$/$7(5$/'(5(&+$'(/$*$55(75$6(52
5HWLUH OD FXELHUWD ODWHUDO GHUHFKD GHO DJDUUH WUDVHUD
GHVOL]iQGRODKDFLDDUULED
3(5126'(0217$-(
5HWLUHORVSHUQRVGHPRQWDMH
5HWLUHODVWXHUFDVGHPRQWDMH
78(5&$6'(0217$-(
5HWLUHHODJDUUHWUDVHUR
$*$55(75$6(52

3$1(/(6'(/&8(5326,67(0$'((;+2672
3(67$f$5$185$
,167$/$&,Ð1
127$
$VHJ~UHVH GH DOLQHDU OD SHVWDxD FRQ OD UDQXUD PLHQWUDV
LQVWDODODVFXELHUWDVODWHUDOHVGHODJDUUHWUDVHUR
3(67$f$5$185$
81,'$'/8=75$6(5$3$5$'$
5(02&,Ð1
5HWLUHHODJDUUHWUDVHURSiJLQD
5HWLUHHOWRUQLOORGHDPERVODGRV
7251,//2 7251,//2
&21(&725/8=75$6(5$3$5$'$
'HVFRQHFWHHOFRQHFWRUGHODOX]WUDVHUDSDUDGD
&$%/(68-(&,Ð1'(/$6,(172
5HWLUHHOFDEOHGHVXMHFLyQGHODVLHQWR

3$1(/(6'(/&8(5326,67(0$'((;+2672
81,'$'/8=75$6(5$3$5$'$
5HWLUHODXQLGDGGHOX]WUDVHUDSDUDGD
,167$/$&,Ð1
127$
$VHJ~UHVHTXHODVUDQXUDVHVWpQDVHQWDGDVFRUUHFWDPHQWH
*8$5'$6$5,
*8$5'$6$5,
5(02&,Ð1
5HWLUHORVSHUQRVGHPRQWDMHGHOJXDUGDVDUL\HOJXDUGDVDUL
,167$/$&,Ð1
3(5126'(0217$-(
3(512'(0217$-(3527(&725'(&$'(1$
3527(&725'(&$'(1$,1)(5,25
5(02&,Ð1
5HWLUH HO SHUQR GH PRQWDMH GHO JXDUGD VDUL \ HO SHUQR GH
PRQWDMHGHOSURWHFWRUGHODFDGHQD
5HWLUHHOSURWHFWRUGHODFDGHQDLQIHULRU
,167$/$&,Ð1
3(512'(0217$-( 3527(&725&$'(1$,1)(5,25
3(5126'(0217$-(
3/$72%$6+
5(02&,Ð1
5HWLUHORVSHUQRGHPRQWDMHGHOSODWREDVK
5HWLUHHOSODWREDVK
,167$/$&,Ð1
3/$72%$6+

3$1(/(6'(/&8(5326,67(0$'((;+2672
'()(16$'(+8**(575$6(52
5(02&,Ð1
5HWLUHORVSHUQRVGHPRQWDMHGHODGHIHQVDGHKXJJHUWUDVHUR
GHOODGRL]TXLHUGRGHODPRWRFLFOHWD

3(5126'(0217$-(
3(512'(0217$-(
5HWLUHORVSHUQRVGHPRQWDMHGHODGHIHQVDGHKXJJHUWUDVHUR
GHOODGRGHUHFKRGHODPRWRFLFOHWD
'()(16$'(+8**(575$6(52
5HWLUHODGHIHQVDGH+XJJHUWUDVHURKDFLDDWUiV
,167$/$&,Ð1
&21(&725'(0$75Ì&8/$',5(&&,21$/(675$6(526
*8$5'$)$1*2675$6(52$
5(02&,Ð1
5HWLUHODXQLGDGGHODOX]WUDVHUDSDUDGDSiJLQD
'HVFRQHFWH ORV FRQHFWRUHV GH OD SODFD GH PDWUtFXOD
GLUHFFLRQDOHVWUDVHURV

3$1(/(6'(/&8(5326,67(0$'((;+2672
3(5126'(0217$-(
5HWLUH ORV SHUQRV GH PRQWDMH \ ORV WRUQLOORV GHO ODGR
L]TXLHUGRGHODPRWRFLFOHWD
7251,//26
3(5126'(0217$-(
5HWLUH ORV SHUQRV GH PRQWDMH \ ORV WRUQLOORV GHO ODGR
GHUHFKRGHODPRWRFLFOHWD
7251,//26
5HWLUHHOJXDUGDIDQJRVWUDVHUR$KDFLDODSDUWHWUDVHUD
*8$5'$)$1*2675$6(52$
5$185$6
,167$/$&,Ð1
127$
$VHJ~UHVHGHDOLQHDUODVSHVWDxDVFRQODVUDQXUDVPLHQWUDV
LQVWDODHOJXDUGDIDQJRVWUDVHUR$
3(67$f$6

3$1(/(6'(/&8(5326,67(0$'((;+2672
&21(&725&$5*$'2586%
*8$5'$)$1*2675$6(52%
5(02&,Ð1
5HWLUHHOJXDUGDIDQJRVWUDVHUR$SiJLQD
'HVFRQHFWHHOFRQHFWRUGHOFDUJDGRU86%

$51e6'(&$%/($'235,1&,3$/
6HSDUH HO DUQpV GH FDEOHDGR SULQFLSDO GH OD UDQXUD GHO
JXDUGDIDQJRVWUDVHUR%
5$185$'(*8$5'$)$1*2675$6(52%
3(512'(0217$-(
5HWLUH HO SHUQR GH PRQWDMH GHO ODGR GHUHFKR GH OD
PRWRFLFOHWD
3(512'(0217$-(
5HWLUH HO SHUQR GH PRQWDMH GHO ODGR L]TXLHUGR GH OD
PRWRFLFOHWD
5HWLUHORVSHUQRVGHPRQWDMHLQIHULRUHVGHOODGRLQIHULRUGHO
JXDUGDIDQJRVWUDVHUR%
3(5126'(0217$-(,1)(5,25

3$1(/(6'(/&8(5326,67(0$'((;+2672
*8$5'$)$1*2675$6(52%
5HWLUHHOJXDUGDIDQJRVWUDVHUR%KDFLDODSDUWHWUDVHUD
,167$/$&,Ð1
127$
&RQHFWH HO DUQpV GH FDEOHDGR SULQFLSDO D OD UDQXUD GHO
JXDUGDIDQJRVWUDVHUR%FRUUHFWDPHQWH

0$17(1,0,(172
,QIRUPDFLyQGHOVHUYLFLR /LPSLH]DGHOURWRUÀOWURGHDFHLWH

(VSHFLÀFDFLRQHV &DGHQDGHWUDQVPLVLyQ
9DORUHV GH WRUTXH+HUUDPLHQWDV 9ROWDMH GH OD EDWHUtD,QWHUUXSWRU GH
HVSHFLDOHV DUUDQTXHHOpFWULFR
3URJUDPDGHPDQWHQLPLHQWR 2SHUDFLyQLQWHUUXSWRUSDUDGDGHOPRWRU
/tQHDV0DOODÀOWURGHFRPEXVWLEOH /tTXLGRGHORVIUHQRV
)LOWURGHFRPEXVWLEOH 'HVJDVWHSDVWLOODVGHIUHQR
2SHUDFLyQGHODFHOHUDGRU ,QVSHFFLyQVLVWHPDGHIUHQRV

2SHUDFLyQGHODUUDQTXH ,QWHUUXSWRUGHOX]GHIUHQR(QIRTXH
9HORFLGDGHQQHXWURGHOPRWRU OX]SULQFLSDO
(OHPHQWRÀOWURGHDLUH 6LVWHPDGHHPEUDJXH
9HQWLODFLyQ GHO FiUWHU7XER GH 6RSRUWHSULQFLSDORSFLRQDO
GUHQDMH 6RSRUWHODWHUDO
%XMtD ,QWHUUXSWRUGHVRSRUWHODWHUDO
(VSDFLROLEUHGHODYiOYXOD 6XVSHQVLyQ
$FHLWHGHPRWRU 7XHUFDVSHUQRVVXMHWDGRUHV
&DPELRGHDFHLWH 5XHGDV/ODQWDV
/LPSLH]D GH OD PDOOD GHO ÀOWUR GH 5RGDPLHQWRVGHGLUHFFLyQ
DFHLWH (PLVLRQHVGHH[KRVWR
,1)250$&,Ð1'(/6(59,&,2
*(1(5$/
$'9(57(1&,$
6LHOPRWRUHVWiIXQFLRQDQGRSDUDKDFHUDOJ~QWUDEDMRDVHJ~UHVHGHTXHHOiUHDHVWpELHQYHQWLODGD1XQFDKDJDIXQFLRQDUHOPRWRUHQXQ
iUHDFHUUDGD
(OH[KRVWRFRQWLHQHJDVYHQHQRVRGHPRQy[LGRGHFDUERQRTXHSXHGHFDXVDUSpUGLGDGHFRQRFLPLHQWR\SXHGHFDXVDUODPXHUWH+DJD
IXQFLRQDUHOPRWRUHQXQiUHDDELHUWDRFRQXQVLVWHPDGHHYDFXDFLyQGHH[KRVWRHQXQiUHDFHUUDGD
6HSXHGHQSURGXFLUTXHPDGXUDVJUDYHVVLQRVHSHUPLWHTXHHOVLVWHPDGHHVFDSHVHHQIUtHDQWHVGHUHWLUDURUHSDUDUORVFRPSRQHQWHV
/DJDVROLQDHVH[WUHPDGDPHQWHLQIODPDEOH\H[SORVLYDEDMRFLHUWDVFRQGLFLRQHV7UDEDMHHQXQiUHDELHQYHQWLODGDFRQHOPRWRUHQFRQGLFLyQ
GHSDUDGD1RIXPHSHUPLWDOODPDVFKLVSDVHQHOiUHDGHWUDEDMRGRQGHVHDOPDFHQDODJDVROLQD
(VWDFLRQHODPRWRFLFOHWDHQXQDUDPSDDQWHVGHFRPHQ]DUFXDOTXLHUWUDEDMR
/DPDOODGHOILOWURGHDFHLWHODOLPSLH]DGHOURWRUGHOILOWURGHDFHLWH\HOVHUYLFLRGHODERPEDGHDFHLWHVHSXHGHQKDFHUFRQHOPRWRUHQHOPDUFR
$OJXQRVWUDEDMRVGHPDQWHQLPLHQWRUHTXLHUHQODHOLPLQDFLyQGHORVSDQHOHVGHOFXHUSR&RQVXOWHOD6(&&,Ð1SDUDODH[WUDFFLyQ
LQVWDODFLyQGHORVSDQHOHVGHOFXHUSRUHTXHULGRV
(63(&,),&$&,21(6
0$17(1,0,(172
,7(0 (63(&,),&$&,21(6
-XHJROLEUHPDQJRGHODFHOHUDGRU PP
%XMtD 1*.&35($%26&+85'&
$EHUWXUDGHODEXMtD PP

$EHUWXUDGHODYiOYXOD (QWUDGD PP
(QFRQGLFLyQIUtD
([KRVWR PP

$OFDPELR PO
$OGHVHQVDPEODU PO
0DUFD+HUR73OXV
*UDGR6$(:6/*UDGR-$620$
3URGXFLGRSRU
$FHLWHGHPRWRUUHFRPHQGDGR
7LGH:DWHU2LO&R,QGLD/WG

0$17(1,0,(172
9HORFLGDGHQQHXWURGHOPRWRU USP

&RPSUHVLyQGHOFLOLQGUR NJIFP
+ROJXUDGHODFDGHQDGHWUDQVPLVLyQ PP
/tTXLGRGHIUHQRVUHFRPHQGDGR 'R7R'R7
-XHJROLEUHGHODSDODQFDGHOHPEUDJXH
PP
'HODQWHUD 0&6
7DPDxRGHODOODQWD

7UDVHUD 0&6

'HODQWHUD NJIFPSVL
&RQGXFWRU

7UDVHUD NJIFPSVL
&RQGXFWRU\
'HODQWHUD NJIFPSVL
SDUULOOHUR
7UDVHUD NJIFPSVL
3URIXQGLGDGPtQLPDUHFRPHQGDGDGHODEDQGD 'HODQWHUD
PP
GHURGDGXUDGHOQHXPiWLFRFHQWUDO

7UDVHUD PP
9$/25(6'(72548(
%8-Ì$ NJIP
78(5&$'(%/248(29É/98/$'(
$-867('(/7251,//2 NJIP
3(512'5(1$-('($&(,7( NJIP
78(5&$'((-(75$6(52 NJIP
7$3$$*8-(52'(/&,*h(f$/ NJIP
78(5&$3,927(%5$=226&,/$17( NJIP
3(512623257('(/(675,%2,=48,(5'2NJIP
3(5120217$-(,1)(5,25
'(/$0257,*8$'2575$6(52 NJIP
5$',258('$'(/$17(5$ NJIP
5$',258('$75$6(5$ NJIP
+(55$0,(17$6(63(&,$/(6
$-867$'25'($/(7$
&2162&.(7PP
3$57(1R++.)1

3 5 2 * 5 $ 0 $ ' ( 0 $ 1 7 ( 1 , 0 , ( 1 7 2
/248(68&('$
35,0(52 '85$17((/3(5,2'2'(6(59,&,2*5$7,6 '(638e6'(/6(59,&,2
,7(06 6(59,&,2 *5$78,7281$9(=&$'$
'Ì$6 D 6LJ 6LJ 6LJ 6LJ
.01RWD
/tQHDVGHFRPEXVWLEOH , , , , , ,
2SHUDFLyQGHODFHOHUDGRU ,$ ,$ ,$ ,$ ,$ ,$
2SHUDFLyQGHODUUDQTXH , , , , , ,
9HORFLGDGQHXWURGHOPRWRU&DUEXUDGRU &$ $ &$ $ &$ $ &$
(OHPHQWRILOWURGHDLUH 1RWD 1RDEUDHOHOHPHQWRGHOILOWURGHDLUHDPHQRVTXHKD\DXQSUREOHPDGHFRQGXFFLyQ 5
%XMtD ,&$ ,&$ ,&$ ,&$ 5 ,&$ 5
+ROJXUDGHODYiOYXOD ,$ ,$ ,$ ,$ ,$ ,$
$FHLWHGHPRWRU 1RWD 2 ,7 2 ,7 2 ,7 2
0DOODILOWURGHDFHLWHGHOPRWRU & & & &
)LOWURFHQWUtIXJRDFHLWHGHOPRWRU & & & &
$UUDQTXHHOpFWULFR , , , , , ,
&LUFXODFLyQGHDFHLWH , , , , , ,
&DGHQDGHWUDQVPLVLyQ 1RWD ,&/$FDGDNP ,&/$FDGDNP
'HVOL]DGRUFDGHQDGHWUDQVPLVLyQ , , , , ,
9ROWDMHGHEDWHUtD , , , , , ,
'HVJDVWHSDVWLOODVGHIUHQR , , , , , ,
/tTXLGRGHIUHQRV 1RWD , , , , , ,
6LVWHPDGHIUHQRV3HGDO &/ &/ &/
,QWHUUXSWRUOX]GHIUHQR ,$ ,$ ,$ ,$ ,$ ,$
(QIRTXHOX]SULQFLSDO ,$ ,$ ,$ ,$ ,$ ,$
-XHJROLEUHSDODQFDGHHPEUDJXH ,$ ,$ ,$ ,$ ,$ ,$
6RSRUWHSULQFLSDO6RSRUWHODWHUDO / / / / / /
,QWHUUXSWRUVRSRUWHODWHUDO ,& ,& ,& ,& ,& ,&
7XHUFDSHUQRVVXMHWDGRUHV 1RWD , , , , , ,
5RGDPLHQWRVGHUXHGDV 1RWD , , , , , ,
5XHGDV/ODQWDV , , , , , ,
5RGDPLHQWRVFDEH]DGHGLUHFFLyQ , ,$ , ,$ ,/$ , ,$ ,/$
6XVSHQVLyQGHODQWHUD$FHLWH 1RWD , , , , , ,
6XVSHQVLyQWUDVHUD 1RWD , , , , , ,
,Q\HFFLyQGHDLUHVHFXQGDULR , , ,
6LOHQFLDGRU&RQYHUWLGRUFDWDOtWLFR 1RWD ,( ,( ,(
6LVWHPDFRQWUROGHHPLVLRQHV 1RWD , , , , , ,
3DUDVHUDWHQGLGRSRUVXWDOOHUDXWRUL]DGRGH+HUR0RWR&RUSDPHQRVTXHHOSURSLHWDULRWHQJDODVKHUUDPLHQWDVUHOHYDQWHVLQIRUPDFLyQWpFQLFD\HVWpWpFQLFDPHQWH
FDOLILFDGR
(QDUDVGHODVHJXULGDGUHFRPHQGDPRVTXHHVWRVWUDEDMRVORVUHDOLFH~QLFDPHQWHVXWDOOHUDXWRUL]DGRGH+HUR0RWR&RUS
1RWD(QOHFWXUDVGHRGyPHWURPiVDOWDVUHSLWDHOLQWHUYDORGHIUHFXHQFLDHVWDEOHFLGRDTXt
1RWD5HHPSODFHHOHOHPHQWRGHOILOWURGHDLUHXQDYH]FDGDNPRSXHGHVHUQHFHVDULRXQUHHPSOD]RDQWLFLSDGRDOFRQGXFLUHQiUHDVSROYRULHQWDV
1RWD5HHPSODFHHODFHLWHGHOPRWRUXQDYH]FDGDNP5HOOHQHVLHOQLYHOGHDFHLWHHVWiHQRFHUFDGHODPDUFDGHQLYHOLQIHULRU
1RWD9LVLWHHOWDOOHUDXWRUL]DGRGH+HUR0RWR&RUSSDUDODLQVSHFFLyQOLPSLH]DOXEULFDFLyQ\DMXVWHGHODFDGHQDGHWUDQVPLVLyQFDGDNP
1RWD5HHPSODFHHOOtTXLGRGHIUHQRVXQDYH]FDGDGRVDxRVRNPORTXHRFXUUDDQWHV
1RWD,QVSHFFLRQH\PDQWHQJDHOWRUTXHHVSHFLILFDGR
1RWD,QVSHFFLRQHHOMXHJROLEUHGHORVURGDPLHQWRVUHHPSOiFHORVLHVQHFHVDULR
1RWD5HHPSODFHHODFHLWHGHOWHQHGRUGHODQWHURXQDYH]FDGDDxRVRNPORTXHRFXUUDDQWHV
1RWD,QVSHFFLRQHHOMXHJRGHORVEXMHVGHPRQWDMHGHODVXVSHQVLyQWUDVHUDUHHPSODFHHODPRUWLJXDGRUWUDVHURVLHVQHFHVDULR
1RWD9HULILTXHODHPLVLyQGH&2LQDFWLYRMXQWRFRQHODMXVWHGHUSPLQDFWLYR&2LQDFWLYRVLHVQHFHVDULR
1RWD,QVSHFFLRQHODVPDQJXHUDVGHOFDUWXFKRSRUGHWHULRURGDxRVRFRQH[LRQHVIORMDV\HOFDUWXFKRSRUJULHWDVXRWURVGDxRV
1RWD6LHPSUHOLPSLHHODJXDGHOYHKtFXORGHVSXpVGHOODYDGR8VHXQSDxRVXDYH\OLPSLRRDLUHDSUHVLyQSDUDVHFDUFRPSOHWDPHQWHHODJXD
$VHJ~UHVHGHTXHFDGDVHUYLFLRSDJRHVWpGLVSRQLEOHHQGtDVRNPGHVGHODIHFKDGHOVHUYLFLRDQWHULRUORTXHRFXUUDDQWHV
,,163(&&,21$5&/,03,$555((033/$=$5$$-867$56,6(5(48,(5(2&$0%,2'($&(,7(//8%5,&$57&203/(7$5(9(5,),&$5(0,6,21(6

0$17(1,0,(172

0$17(1,0,(172
0$1*8(5$'(&20%867,%/(
/Ì1($6'(&20%867,%/(
5HYLVHODPDQJXHUDGHFRPEXVWLEOHSDUD
)XJDV
0DQJXHUDRFOLSIORMRRPDOFRORFDGR
0DQJXHUDGHWHULRUDGDRGDxDGD
5HHPSODFHFXDOTXLHUSDUWHTXHPXHVWUHVLJQRVGHGHWHULRUR
GDxRRIXJD
-817$ 0$1*8(5$
127$
&XDQGRFRQHFWHODPDQJXHUDGHFRPEXVWLEOHDODMXQWD 9
LQVHUWHODPDQJXHUDGHFRPEXVWLEOHSURIXQGDPHQWHHQ
ODMXQWDSDUDTXHHOFOLSSDVHHOiUHDVREUHVDOLHQWH
1RLQVWDOHHOFOLSHQHOiUHDVREUHVDOLHQWHGHODMXQWD
&255(&72
;
,1&255(&72
&/,3
9É/98/$'(&20%867,%/(
0$//$),/752'(&20%867,%/(
$'9(57(1&,$
/DJDVROLQDHVH[WUHPDGDPHQWHLQIODPDEOH\HVH[SORVLYD
EDMRFLHUWDVFRQGLFLRQHV7UDEDMHHQXQiUHDELHQYHQWLODGD
FRQHOPRWRUSDUDGR1RIXPHQLSHUPLWDOODPDVRFKLVSDV
HQHOiUHDGHWUDEDMRRGRQGHVHDOPDFHQDODJDVROLQD
5HWLUHODFRSDGHOILOWURGHFRPEXVWLEOH\GUHQHHOFRPEXVWLEOH
HQXQUHFLSLHQWHDGHFXDGR
5HWLUHHO2ULQJ\ODPDOODGHOILOWURGHFRPEXVWLEOH 0$//$'(/),/752
/DYHODFRSD\ODPDOODGHOILOWURGHFRPEXVWLEOHFRQVROYHQWH
QRLQIODPDEOHRGHDOWRSXQWRGHLQIODPDFLyQTXHURVHQR
,QVWDOHODPDOODGHOILOWURGHFRPEXVWLEOHXQQXHYR2ULQJ\
XQDFRSD
$SULHWHODFRSDGHOILOWUR
35(&$8&,Ð1
1RDSULHWH GHPDVLDGRODFRSDRSXHGH FDXVDUIXJDVGH
FRPEXVWLEOHGHELGRDODGHIRUPDFLyQGHO2ULQJ
'HVSXpVGHODLQVWDODFLyQJLUHODYiOYXODGHFRPEXVWLEOHDOD
SRVLFLyQ 21 \ YHULILTXH TXH QR KD\D IXJDV GH
FRPEXVWLEOH &23$'(),/752 25,1*

0$17(1,0,(172
25,1* 78(5&$'(%/248(2
),/752'(&20%867,%/(
$VHJ~UHVH GH TXH QR KD\D FRPEXVWLEOH HQ HO WDQTXH GH
FRPEXVWLEOH
5HWLUHHOWDQTXHGHFRPEXVWLEOHSiJLQD
5HWLUHHOFRQMXQWRGHODYiOYXODGHFRPEXVWLEOHGHOWDQTXHGH
FRPEXVWLEOHDIORMDQGRODWXHUFDGHEORTXHR
/LPSLHHOILOWURVLHOIOXMRGHFRPEXVWLEOHHVWiUHVWULQJLGR
127$
'HVSXpVGHOPRQWDMHDVHJ~UHVHGHTXHQRKD\DIXJDVGH
FRPEXVWLEOH
),/752
23(5$&,Ð1'(/$&(/(5$'25
&RPSUXHEH VL KD\ GHWHULRUR R GDxRV HQ HO FDEOH GHO
DFHOHUDGRU PP
9HULILTXH HO PDQJR GHO DFHOHUDGRU SDUD XQ IXQFLRQDPLHQWR
VXDYH9HULILTXHTXHHOPDQJRGHODFHOHUDGRUUHJUHVHGHOD
SRVLFLyQFRPSOHWDPHQWHDELHUWD\FHUUDGDGHPDQHUDVXDYH\
DXWRPiWLFDHQWRGDVODVSRVLFLRQHVGHGLUHFFLyQ
6LHOPDQJRGHODFHOHUDGRUQRYXHOYHFRUUHFWDPHQWHOXEULTXH
ODFDUFDVDGHOPDQJRGHODFHOHUDGRU
3DUD OD OXEULFDFLyQ GHO FDEOH 'HVFRQHFWH HO FDEOH GHO
DFHOHUDGRUHQVXH[WUHPRVXSHULRU\OXEULTXHFRPSOHWDPHQWH
HO FDEOH \ VXV SXQWRV GH SLYRWH FRQ JUDVD GH VLOLFRQD R
HTXLYDOHQWH
6L HO PDQJR GHO DFHOHUDGRU D~Q QR UHJUHVD FRUUHFWDPHQWH
UHHPSODFHHOFDEOHGHODFHOHUDGRU
$'9(57(1&,$
78(5&$
/D UHXWLOL]DFLyQ GH XQ FDEOH GHO DFHOHUDGRU GDxDGR %27$ $-867$'25 '(%/248(2
DQRUPDOPHQWH GREODGR R UHWRUFLGR SXHGH HYLWDU HO
IXQFLRQDPLHQWR FRUUHFWR GHO GHVOL]DGRU GHO DFHOHUDGRU \
SXHGH OOHYDU D XQD SpUGLGD GHO FRQWURO GHO DFHOHUDGRU
PLHQWUDVFRQGXFH
&RQHOPRWRUHQQHXWURJLUHHOPDQLOODUFRPSOHWDPHQWHKDFLD
OD GHUHFKD \ KDFLD OD L]TXLHUGD SDUD DVHJXUDUVH GH TXH OD $
YHORFLGDGHQQHXWURQRFDPELH
6LODYHORFLGDGHQQHXWURDXPHQWDYHULILTXHHOMXHJROLEUHGHO
PDQJRGHODFHOHUDGRU\ODFRQH[LyQHQUXWDPLHQWRGHOFDEOH
GHODFHOHUDGRU %
0LGDHOMXHJROLEUHGHOPDQJRGHODFHOHUDGRUHQODEULGDGHO
PDQJRGHODFHOHUDGRU
-8(*2/,%5(PP
6L HO MXHJR OLEUH GHO PDQJR GHO DFHOHUDGRU QR HV FRUUHFWR $',60,18<(-8(*2/,%5(
DM~VWHORGHODVLJXLHQWHPDQHUD %$80(17$-8(*2/,%5( 78(5&$'(%/248(2
'HVOLFHODERWDIXHUDGHODMXVWDGRU
$IORMH OD WXHUFD GH EORTXHR \ JLUH HO DMXVWDGRU VHJ~Q VHD
QHFHVDULR
5HHPSODFH HO FDEOH GHO DFHOHUDGRU VL HO SURFHGLPLHQWR
DQWHULRU\DQRHVHIHFWLYR %
'HVSXpVGHODMXVWHDSULHWHODWXHUFDGHEORTXHR\YXHOYDD
FRORFDUODFXELHUWDDQWLSROYR
9XHOYD D YHULILFDU OD RSHUDFLyQ GHO DFHOHUDGRU HQ WRGDV ODV
SRVLFLRQHVGHGLUHFFLyQ $
6HSXHGHUHDOL]DUXQDMXVWHLPSRUWDQWHFRQODWXHUFDGHDMXVWH
LQIHULRUHQHOFDUEXUDGRU
$IORMHODWXHUFDGHEORTXHR\JLUHODWXHUFDGHDMXVWH
'HVSXpVGHFRPSOHWDUHODMXVWHDSULHWHODWXHUFDGHEORTXHR
PLHQWUDVVRVWLHQHODWXHUFDGHDMXVWH
9XHOYDDYHULILFDUODRSHUDFLyQGHODFHOHUDGRU 78(5&$'($-867(

0$17(1,0,(172
23(5$&,Ð1'(/$55$148(
(VWD PRWRFLFOHWD HVWi HTXLSDGD FRQ XQ FLUFXLWR GH
HQULTXHFLPLHQWRGHFRPEXVWLEOHFRQWURODGRSRUODYiOYXODGH
DUUDQTXH
/DYiOYXODGHDUUDQTXHDEUHHOFLUFXLWRGHHQULTXHFLPLHQWRD
WUDYpV GH XQ FDEOH GH DUUDQTXH FXDQGR OD YiOYXOD GH
DUUDQTXHVHUHWLUD
9HULILTXHHOEXHQIXQFLRQDPLHQWRGHODSDODQFDGHDUUDQTXH
/XEULTXHHOFDEOHGHDUUDQTXHVLODRSHUDFLyQQRHVVXDYH
,QVSHFFLRQHHOFDEOHHQEXVFDGHJULHWDVTXHSXHGDQSHUPLWLU
ODHQWUDGDGHKXPHGDGUHHPSODFHHOFDEOHVLHVQHFHVDULR 21 2))
3$/$1&$'(/$55$148(
%27$ $-867$'25 78(5&$'(%/248(2
5HWLUHHO$69SiJLQD
6HSXHGHUHDOL]DUXQDMXVWHLPSRUWDQWHFRQODWXHUFDGHDMXVWH
LQIHULRUHQHOFDUEXUDGRU
'HVOLFHODERWDIXHUDGHODMXVWDGRU $
$IORMH OD WXHUFD GH EORTXHR \ JLUH HO DMXVWDGRU VHJ~Q VHD
QHFHVDULR
9XHOYDDYHULILFDUODRSHUDFLyQGHDUUDQTXH %
9(/2&,'$'1(8752'(/02725
127$
,QVSHFFLRQH\DMXVWHODYHORFLGDGQHXWURGHVSXpVGHTXH
VH KD\D UHDOL]DGR WRGR HO PDQWHQLPLHQWR GHO PRWRU \ $',60,18<(-8(*2/,%5(
HVWpQGHQWURGHODVHVSHFLILFDFLRQHV %$80(17$-8(*2/,%5(
$QWHVGHYHULILFDUODYHORFLGDGQHXWURLQVSHFFLRQHORV
VLJXLHQWHVHOHPHQWRV
¬(VWDGRGHODEXMtDSiJLQD
¬(VWDGRGHOILOWURGHDLUH
(OPRWRUGHEHHVWDUFDOLHQWHSDUDXQDLQVSHFFLyQ\DMXVWH
SUHFLVRVGHODYHORFLGDGQHXWUR %
$
$'9(57(1&,$
6LHOPRWRUHVWiIXQFLRQDQGRDVHJ~UHVHGHTXHHOiUHDHVWp
ELHQYHQWLODGD1XQFDKDJDIXQFLRQDUHOPRWRUHQXQiUHD
FHUUDGD
(VWDFLRQHODPRWRFLFOHWDHQVXVRSRUWHSULQFLSDOHQWHUUHQR 7251,//2723('(/$&(/(5$'25
QLYHODGR\FDPELHODWUDQVPLVLyQDQHXWUR
$UUDQTXHHOPRWRU\FDOLpQWHORDODWHPSHUDWXUDQRUPDOGH
IXQFLRQDPLHQWRD&
3DUHHOPRWRU\FRQHFWHXQWDFyPHWUR\DUUDQTXHHOPRWRU
GpMHORHQQHXWUR
9HULILTXHODYHORFLGDGQHXWUR\DMXVWHJLUDQGRHOWRUQLOORWRSH
GHODFHOHUDGRU
6L OD YHORFLGDG QHXWUR QR FXPSOH ODV HVSHFLILFDFLRQHV
YHULILTXHORVLJXLHQWH
2SHUDFLyQ GHO DFHOHUDGRU \ MXHJR OLEUH GHO PDQJR GHO
DFHOHUDGRUSiJLQD
)XJDGHDLUHGHDGPLVLyQRSUREOHPDVGHODSDUWHVXSHULRU
GHOPRWRU
9(/2&,'$'1(8752'(/02725USP

0$17(1,0,(172
(/(0(172),/752'($,5(
(OILOWURGHDLUHHVXQILOWURSOLVDGRGHSDSHOK~PHGRTXHKD
PHMRUDGRODHILFLHQFLDGHILOWUDGR
(O ILOWUR GH DLUH GHEH UHHPSOD]DUVH D LQWHUYDORV UHJXODUHV
SiJLQD
127$
$OFRQGXFLUHQiUHDVSROYRULHQWDVSXHGHVHUQHFHVDULRXQ
UHHPSOD]RPiVIUHFXHQWH
5HWLUHODFXELHUWDODWHUDOGHUHFKDSiJLQD
&8%,(57$/$7(5$/'(5(&+$
7$3$),/752'($,5(
5HWLUHORVWRUQLOORVGHODWDSDGHOILOWURGHDLUH\ODWDSD
7251,//26
5HWLUHHOHOHPHQWRGHOILOWURGHDLUHGHODFDUFDVDGHOILOWURGH
DLUH (/(0(172),/752'($,5(
5HHPSODFHHOHOHPHQWRGHOILOWURGHDLUHVHJ~QHOSURJUDPD
GHPDQWHQLPLHQWRSiJLQDRHQFXDOTXLHUPRPHQWRTXH
HVWpH[FHVLYDPHQWHVXFLRRGDxDGR\TXHHOUHQGLPLHQWRQR
VHDHODGHFXDGR
35(&$8&,Ð1
1XQFDODYHQLOLPSLHHOILOWURSOLVDGRGHSDSHOPRMDGR
5HHPSODFHHOHOHPHQWRGHOILOWURGHSDSHOFDGD
NP
5HHPSOiFHORDQWHVVLVHHQVXFLDPXFKRVLVHGDxDHQOD
VXSHUILFLHRHQHOiUHDGHVHOODGR
9HULILTXHTXHHOVHOORGHOILOWURGHDLUHHVWpHQEXHQDV
FRQGLFLRQHVUHHPSOiFHORVLHVQHFHVDULR &$5&$6$),/752'($,5(
,1<(&725 (/(0(172),/752'($,5(
1ROLPSLHFRQGLVROYHQWHSDUDHOLPLQDUHOSROYR\WDPSRFR
XVHDLUHIRU]DGRVREUHpO(ODFHLWHYLVFRVRVHSHUGHUi\HO
ILOWURVHVHFDUi&RPRHOSDSHOGHILOWUREDVHHVJUXHVRQR
SXHGHEORTXHDUHOSROYRILQRFXDQGRVHVHFD
1RFRORTXHHOHOHPHQWRGHOILOWURGHDLUHKRUL]RQWDOPHQWH
VREUHQLQJXQDVXSHUILFLH\DTXHHOSROYRSXHGHDGKHULUVHDO
ILOWURGHELGRDODFHLWHSUHVHQWH6LHVQHFHVDULRFROyTXHOR
YHUWLFDOPHQWH ,QVWDODU LQPHGLDWDPHQWH GHVSXpV GH OD
LQVSHFFLyQ
,QVWDOHXQQXHYRHOHPHQWRGHOILOWURGHDLUH\ODFXELHUWDGHOD
FDUFDVDGHOILOWURGHDLUHHQHORUGHQLQYHUVRDOGHH[WUDFFLyQ
,QVWDOHODFXELHUWDODWHUDOGHUHFKDSiJLQD

0$17(1,0,(172
9(17,/$&,Ð1 '(/ &É57(578%2

'('5(1$-(
5HYLVHHOWXERGHOUHVSLUDGHURGHOFiUWHUSRUGHWHULRURGDxRR
FRQH[LyQIORMD$VHJ~UHVHGHTXHORVWXERVQRHVWpQXQLGRV
SHOOL]FDGRVRDJULHWDGRV
5HWLUHHOWXERGHGUHQDMHGHOFRQMXQWRGHOILOWURGHDLUH\GUHQH
HOGHSyVLWRHQXQUHFLSLHQWHDGHFXDGR9XHOYDDLQVWDODUHO
WXER GH GUHQDMH 6LJD HO SURFHVR DQWHULRU FRQ PD\RU
IUHFXHQFLD FXDQGR FRQGX]FD EDMR OD OOXYLD R D WRGD
YHORFLGDG
127$
$VHJ~UHVHVLHPSUHGHUHLQVWDODUHOWXERGHGUHQDMHGHVSXpV
78%29(17,/$&,Ð1'(/&É57(5 78%2'('5(1$-(
GHGUHQDUHOGHSyVLWR
%8-Ì$
'HVFRQHFWHODWDSDGHOVXSUHVRUGHUXLGR\OLPSLHODVXFLHGDG
DOUHGHGRUGHOiUHDGHODEXMtD
127$
/LPSLHDOUHGHGRUGHOiUHDGHODEXMtDFRQDLUHFRPSULPLGR
DQWHVGHUHWLUDUOD\DVHJ~UHVHGHTXHQRHQWUHQHVFRPEURV
HQODFiPDUDGHFRPEXVWLyQ
5HWLUHODEXMtDFRQODOODYHSDUDEXMtDV
,QVSHFFLRQH OLPSLH R UHHPSODFH FRPR VH GHVFULEH HQ HO
SURJUDPDGHPDQWHQLPLHQWRSiJLQD
7$3$6835(625'(58,'2
(/(&752'2&(175$/ $,6/$'25
,163(&&,Ð1
9HULILTXHORVLJXLHQWH\UHHPSODFHVLHVQHFHVDULR
$LVODQWHSDUDJULHWDVRGDxRV
(OHFWURGRVSDUDLQFUXVWDFLRQHVGDxRVGHFRORUDFLyQR
GHVJDVWH
(VWDGRGHTXHPDGRFRORUDFLRQHV
127$
6LVHDFXPXODQGHSyVLWRVGHFDUEyQHQHOHOHFWURGRGHOD
EXMtDOLPSLHHOHOHFWURGRFRQXQFHSLOORGHDODPEUHRXQ
OLPSLDGRUGHEXMtDV
5(87,/,=$1'281$%8-Ì$ (/(&752'2/$7(5$/ $5$1'(/$'(6(//2

/LPSLHORVHOHFWURGRVGHODEXMtDHQXQOLPSLDGRUGHEXMtDV
9HULILTXHHOHVSDFLRHQWUHORVHOHFWURGRVFHQWUDOHV\ODWHUDOHV
FRQXQFDOLEUDGRUGHFLQWDGHDODPEUH6LHVQHFHVDULRDMXVWH
PP
HOHVSDFLRGREODQGRORVHOHFWURGRVODWHUDOHVFRQFXLGDGR
7$3$'(/$%8-Ì$PP
35(&$8&,Ð1
3DUDHYLWDUGDxRVHQODFXODWDDSULHWHDPDQRODEXMtDDQWHV
GHXVDUXQDOODYHSDUDDSUHWDUDOWRUTXHHVSHFLILFDGR
72548(
%8-Ì$NJIP
%8-Ì$5(&20(1'$'$
1*.&35($%26&+85'&

0$17(1,0,(172
7$3$6835(625'(58,'2
5((03/$=2'(81$%8-Ì$
( V W D E O H ] F D O D V H S D U D F L y Q G H O W D S y Q V H J ~ Q O D V
HVSHFLILFDFLRQHVFRQXQFDOLEUDGRUGHFLQWDVGHDODPEUH
35(&$8&,Ð1
1RDSULHWHGHPDVLDGRODEXMtD
,QVWDOH \ DSULHWH D PDQR OD QXHYD EXMtD OXHJR DSULpWHOD
DSUR[LPDGDPHQWHõYXHOWDGHVSXpVGHTXHODDUDQGHODGH

VHOODGRHQWUHHQFRQWDFWRFRQHODVLHQWRGHORULILFLRGHOD
EXMtD
(QFDVRGHUHXWLOL]DUODEXMtDVRORGHEHWRPDUGH
YXHOWDGHVSXpVGHTXHODEXMtDVHDVLHQWH %8-Ì$
&RQHFWHODWDSDGHOVXSUHVRUGHUXLGR
+2/*85$'(9$/98/$6
127$
,QVSHFFLRQH \ DMXVWH OD KROJXUD GH OD YiOYXOD FXDQGR HO
PRWRUHVWpIUtRSRUGHEDMRGH&)
5HWLUHODWDSDGHODFXODWDSiJLQD
7$3$'(/$&8/$7$
7$3$25,),&,2'(6,1&521,=$&,Ð1
5HWLUHODWDSDGHORULILFLRGHOFLJHxDO\ODWDSDGHORULILFLRGH
VLQFURQL]DFLyQ
*LUHHOFLJHxDOHQVHQWLGRDQWLKRUDULR\DOLQHHODPDUFD7
HQHOYRODQWHFRQODPDUFDtQGLFHHQODFXELHUWDL]TXLHUGDGHO
FiUWHU
$VHJ~UHVHGHTXHHOSLVWyQHVWpHQ7'&7RS'HDG&HQWHUHQ
OD FDUUHUD GH FRPSUHVLyQ /RV URGDPLHQWRV GHEHQ HVWDU 0$5&$Ì1',&(
OLEUHVHQHVWDFRQGLFLyQ
6LORVURGDPLHQWRV QRHVWiQOLEUHVHVSRUTXHHOSLVWyQVH
PXHYHDWUDYpVGHOJROSHGHOH[KRVWRKDFLD7'&*LUHHO
FLJHxDO XQD YXHOWD FRPSOHWD H LJXDOH OD PDUFD 7
QXHYDPHQWH 0$5&$´7µ
7$3$25,),&,2'(/&,*h(f$/
7251,//2'($-867(
$SOLTXHDFHLWHGHPRWRUOLPSLRHQODJDOJDGHHVSHVRUHV
9HULILTXHODKROJXUDGHODYiOYXODLQVHUWDQGRXQDJDOJDGH
HVSHVRUHVHQWUHHOWRUQLOORGHDMXVWHGHODYiOYXOD\HOYiVWDJR
GHODYiOYXOD
+2/*85$'(9É/98/$6FRQGLFLyQIUtD
(175$'$PP
(;+2672PP
&$/,%5$'25'(&,17$ 78(5&$'(%/248(2

0$17(1,0,(172
$-867$'25'($/(7$&2162&.(7
$MXVWH OD KROJXUD GH OD YiOYXOD DIORMDQGR OD WXHUFD GH
EORTXHR\JLUDQGRHOWRUQLOORGHDMXVWHKDVWDTXHKD\DXQ
OLJHURDUUDVWUHHQHOFDOLEUDGRU
6XMHWHHOWRUQLOORGHDMXVWH\DSULHWHODWXHUFDGHEORTXHR
$-867$'25'($/(7$&2162&.(7PP
3$57(1R++.)1
9XHOYDDFRPSUREDUODKROJXUDGHODYiOYXOD
72548(
78(5&$'(%/248(29É/98/$'($-867('(/
&$/,%5$'25'(&,17$
7251,//2NJIP
127$
8QD WXHUFD GH EORTXHR PDO DSUHWDGD SXHGH GDxDU HO
PRWRU
,QVWDOHODWDSDGHODFXODWDSiJLQD
,QVWDOHHOWDQTXHGHFRPEXVWLEOHSiJLQD
25,1*
,QVWDOHQXHYRV2ULQJVHQODWDSDGHORULILFLRGHOFLJHxDO\OD
WDSDGHORULILFLRGHVLQFURQL]DFLyQ
$SOLTXHDFHLWHGHPRWRUOLPSLRDORV2ULQJV
25,1*
7$3$25,),&,2'(6,1&521,=$&,Ð1
,QVWDOH\DSULHWHODWDSDGHORULILFLRGHVLQFURQL]DFLyQ
,QVWDOH \DSULHWH OD WDSDGHORULILFLRGHOFLJHxDODOWRUTXH
HVSHFLILFDGR
72548(
7$3$25,),&,2'(/&,*h(f$/NJIP
7$3$25,),&,2'(/&,*h(f$/

0$17(1,0,(172
9$5,//$1,9(/'($&(,7(
$&(,7('(02725
,163(&&,Ð11,9(/'($&(,7(
(VWDFLRQHODPRWRFLFOHWDHQVXVRSRUWHSULQFLSDO
$UUDQTXHHOPRWRU\GpMHORHQQHXWURGXUDQWHPLQXWRV
$IORMHOLJHUDPHQWHHOSHUQRGHFRQWUROGHDFHLWHGHOPRWRU
\YHULILTXHODHQWUDGDGHDFHLWHGHOPRWRUHQODWDSDGHOD
FXODWD
'HVSXpV GH YHULILFDU OD FLUFXODFLyQ GH DFHLWH DSULHWH HO
SHUQRGHFRQWUROGHDFHLWHGHOPRWRU
3DUHHOPRWRU\HVSHUHPLQXWRV
5HWLUHODYDULOODPHGLGRUDGHOQLYHOGHDFHLWHOtPSLHODH
LQVpUWHODVLQHQURVFDUOD
3(512'(&21752/'($&(,7('(/02725
5HWLUHODYDULOODGHQLYHOGHDFHLWH\YHULILTXHHOQLYHOGH
DFHLWH 9$5,//$1,9(/'($&(,7( 25,1*
6LHVQHFHVDULRDJUHJXHHODFHLWHHVSHFLILFDGRKDVWDOD
PDUFDGHQLYHOVXSHULRU1ROOHQHGHPDVLDGR
/D FDQWLGDG GH DFHLWH D OOHQDU HV GH DSUR[LPDGDPHQWH
POGXUDQWHHOFDPELRGHDFHLWHFXDQGRQRVHUHWLUD
ODFXELHUWDGHUHFKDGHOFiUWHU
9XHOYDDLQVWDODUODYDULOODPHGLGRUDGHOQLYHOGHDFHLWHFRQ
XQQXHYR2ULQJ\FRPSUXHEHVLKD\IXJDVGHDFHLWH
&$0%,2'($&(,7( 683(5,25
127$
/LPSLHDOUHGHGRUGHOiUHDGHODYDULOODPHGLGRUDFRQ ,1)(5,25
DLUHFRPSULPLGRDQWHVGHUHWLUDUOD\DVHJ~UHVHGHTXH
QRVHSHUPLWDODHQWUDGDGHUHVLGXRVGHQWURGHOPRWRU 9$5,//$1,9(/'($&(,7(
'UHQHHODFHLWHGHOPRWRUPLHQWUDVHOPRWRUHVWiFDOLHQWH
\HOYHKtFXORHVWiHQHOVRSRUWHSULQFLSDORHQSRVLFLyQ
YHUWLFDO(VWRDVHJXUDXQGUHQDMHFRPSOHWR\UiSLGR
0LHQWUDVLQVSHFFLRQDHOQLYHOGHDFHLWHQRDWRUQLOOHOD
YDULOOD GH QLYHO GH DFHLWH HQ OD FXELHUWD GHUHFKD GHO
FiUWHU
5HWLUHODSODFDGHJROSHSiJLQD
3DUDGUHQDUHODFHLWHDIORMHODYDULOODPHGLGRUDGHOQLYHOGH
DFHLWH\UHWLUHHOWDSyQGHGUHQDMH
'HVSXpVGHTXHHODFHLWHVHKD\DGUHQDGRSRUFRPSOHWR
YXHOYD D LQVWDODU HO WDSyQ GH GUHQDMH FRQ XQD QXHYD
DUDQGHODGHVHOODGR\DSULpWHORDOWRUTXHHVSHFLILFDGR
3/$72%$6+
72548(
3(512'5(1$-('($&(,7(NJIP $5$1'(/$'(6(//2
/OHQDUHOFiUWHUFRQDFHLWHGHPRWRUUHFRPHQGDGRDSUR[
PO FXDQGR QR VH TXLWD OD FXELHUWD GHUHFKD GHO
FiUWHU
&DSDFLGDGGHDFHLWHGHOPRWRUPODOFDPELR
GHDFHLWH
PO DO GHVHQVDPEODU OD WDSD GHO FiUWHU
GHUHFKR
9XHOYDDLQVWDODUODYDULOODGHQLYHOGHDFHLWHFRQXQQXHYR
2ULQJ
$VHJ~UHVHGHTXHHOQLYHOGHDFHLWHHVWpKDVWDODPDUFDGH
QLYHOVXSHULRU\TXHQRKD\DIXJDVGHDFHLWH
,QVWDOHHOSODWREDVKSiJLQD
7$3Ð1'('5(1$-(

0$17(1,0,(172
/,03,(=$ 0$//$ '(/ ),/752 '(

$&(,7(
5HWLUHODFXELHUWDGHUHFKDGHOFiUWHUSiJLQD
7LUHGHODPDOODGHOILOWURIXHUDGHOFiUWHU
127$
7HQJDFXLGDGRGHQRGDxDUODPDOODGHOILOWURGHDFHLWH
0$//$'(/),/752
/DYH ELHQ OD PDOOD GHO ILOWUR GH DFHLWH FRQ VROYHQWH QR
LQIODPDEOHRGHDOWRSXQWRGHLQIODPDFLyQKDVWDTXHVHKD\D
HOLPLQDGRWRGDODVXFLHGDGDFXPXODGD
5HYLVHODPDOOD\ODJRPDGHVHOODGRSRUGDxRVGHWHULRUR\
UHHPSOiFHORVVLHVQHFHVDULR
6HFDUORFRQDLUHFRPSULPLGRSDUDOLPSLDUORFRPSOHWDPHQWH &É57(5
&XEUD HO ILOWUR GH JRPD GHO ILOWUR GH DFHLWH FRQ DFHLWH GH
PRWRU
,QVWDOH OD PDOOD GHO ILOWUR GH DFHLWH FRQ HO ERUGH DILODGR
GHOJDGRKDFLDDGHQWURKDFLDHOFiUWHU
,QVWDOHODFXELHUWDGHUHFKDGHOFiUWHUSiJLQD
',5(&&,Ð1'(0$//$'(/),/752'($&(,7(
&8%,(57$52725'(/),/752'($&(,7(
/,03,(=$ 52725 '(/ ),/752 '(
$&(,7(
5HWLUH OD WDSD GHO URWRU GHO ILOWUR GH DFHLWH \ HO HPSDTXH
SiJLQD
127$
8WLOLFH VLHPSUH XQ SXOVRU GH LPSDFWR SDUD TXLWDU ORV
WRUQLOORVGHODFXELHUWDGHOILOWURGHDFHLWHGHOURWRU
1R XWLOLFH HO VRSRUWH *3' FXDQGR XVH HO SXOVRU GH
LPSDFWR
7251,//26 (03$48(
/LPSLHHOURWRUGHOILOWURGHDFHLWHHQODSHULIHULDFRQXQFHSLOOR
GHQ\ORQVXDYH\OLPSLR
/XHJROLPSLHHOURWRUGHOILOWURGHDFHLWHHQHOFRVWDGR\OD
FXELHUWD GHO URWRU GHO ILOWUR GH DFHLWH FRQ VROYHQWH QR
LQIODPDEOHRGHDOWRSXQWRGHLQIODPDFLyQTXHURVHQR
52725),/752'($&(,7(

0$17(1,0,(172
$&(,7('(/5(9(562 $&(,7('(/5(9(562
0LHQWUDV SUHVLRQD HO DFHLWH GHVGH HO UHYHUVR UHWLUH HO SLQ
3,1'(6/,=$17(
GHVOL]DQWH
35(&$8&,Ð1
1RSHUPLWDTXHHQWUHSROYRRVXFLHGDGHQHOSDVRGH
DFHLWHGHOFLJHxDO
1RXVHDLUHFRPSULPLGRSDUDOLPSLDUHOURWRUGHOILOWUR
5HWLUHHODFHLWHDWUDYpV\HOUHVRUWH6RSOH\OLPSLHHODFHLWH
FRQDLUHFRPSULPLGR
$SOLTXHDFHLWHGHPRWRUOLPSLRDODVXSHUILFLHGHODFHLWHH
LQVWDOHHOUHVRUWHHODFHLWH\HOSLQGHVOL]DQWH
3,1'(6/,=$17( &8%,(57$ 5(6257(
(03$48(
,QVWDOHODFXELHUWDGHOURWRUGHOILOWURGHDFHLWHFRQXQQXHYR
HPSDTXHDOLQHDQGRORVRULILFLRVGHORVWRUQLOORVHQODFXELHUWD
\ODMXQWD
,QVWDOH\DSULHWHORVWUHVWRUQLOORV
&8%,(57$ 7251,//26
78(5&$'((-(75$6(52
&$'(1$'(75$160,6,Ð1
$'9(57(1&,$
1XQFD LQVSHFFLRQH \ DMXVWH OD FDGHQD GH WUDQVPLVLyQ
PLHQWUDVHOPRWRUHVWiIXQFLRQDQGR
,163(&&,Ð1'(/$+2/*85$'(/$&$'(1$'(
75$160,6,Ð1
127$
/DKROJXUDH[FHVLYDGHODFDGHQDSXHGHGDxDUHOPDUFR
$SDJXHHOLQWHUUXSWRUGHHQFHQGLGRFDPELHODWUDQVPLVLyQD
QHXWUR (-(75$6(52
9HULILTXHODKROJXUDHQHOUHFRUULGRLQIHULRUGHODFDGHQDGH +2/*85$&$'(1$'(75$160,6,Ð1
WUDQVPLVLyQDPLWDGGHFDPLQRHQWUHODVUXHGDVGHQWDGDV
/DKROJXUDGHODFDGHQDGHWUDQVPLVLyQGHEHYHULILFDUVHHQHO
UHFRUULGRLQIHULRUDPHGLRFDPLQRHQWUHODVUXHGDVGHQWDGDV
0XHYDODFDGHQDGHWUDQVPLVLyQKDFLDDUULED\KDFLDDEDMR
FRQODPDQR\ODKROJXUDGHODFDGHQDGHEHDMXVWDUVHD
PPGHPRYLPLHQWRYHUWLFDOFRQODPDQR
PP
+ROJXUDFDGHQDGHWUDQVPLVLyQPP
*LUHODUXHGD\YHULILTXHTXHODFDGHQDGHWUDQVPLVLyQHVWp
IORMD PLHQWUDV OD UXHGD JLUD /D KROJXUD GH OD FDGHQD GH
WUDQVPLVLyQ GHEH SHUPDQHFHU FRQVWDQWH D PHGLGD TXH OD
UXHGDJLUD6LODFDGHQDHVWiIORMDHQXQDVHFFLyQ\DSUHWDGD
HQRWUDDOJXQRVHQODFHVHVWiQGREODGRV\DWDGRV/DXQLyQ
SXHGHHOLPLQDUVHIUHFXHQWHPHQWHPHGLDQWHOXEULFDFLyQ &$'(1$'(75$160,6,Ð1

0$17(1,0,(172
3/$&$'(%/248(2'(&$'(1$ (1/$&(0$(6752
*LUHODFDGHQDSDUDYHUODSODFDGHEORTXHRGHODFDGHQD
$VHJ~UHVHGHTXHHOH[WUHPRDELHUWRGHODSODFDGHEORTXHR
GH OD FDGHQD HVWp LQVWDODGR HQ OD GLUHFFLyQ RSXHVWD D OD
URWDFLyQGHODFDGHQD
*LUHODUXHGDWUDVHUDOHQWDPHQWHLQVSHFFLRQHODFDGHQDGH
WUDQVPLVLyQ \ ODV UXHGDV GHQWDGDV SRU FXDOTXLHUD GH ODV
VLJXLHQWHVFRQGLFLRQHV
&DGHQDGHWUDQVPLVLyQ
5RGLOORVGDxDGRV
3LQHVVXHOWRV
(QODFHVVHFRVXR[LGDGRV
(QODFHVUHWRUFLGRVRGREODGRV ),1$/$%,(572
'HVJDVWHH[FHVLYR
$MXVWHLQDGHFXDGR
yQJDVWDG
2ULQJVGDxDGRVRIDOWDQWHV GHOSLx R
WH V V
3LxRQHV HQ
'L
'LHQWHVH[FHVLYDPHQWHGHVJDVWDGRV
V
QGDxDGR
'LHQWHVURWRVRGDxDGRV
'LHQWHVGH
6L OD FDGHQD GH WUDQVPLVLyQ WLHQH URGLOORV GDxDGRV
HVODERQHV VXHOWRV \ 2ULQJV IDOWDQWHV UHHPSOiFHORV 6L OD
Lxy
FDGHQDHVWiVHFDXR[LGDGDGHEHOXEULFDUVH
OS
O S
127$
xy
L
H
G V Q
QR
QWH UP
1XQFD LQVWDOH XQD QXHYD FDGHQD GH WUDQVPLVLyQ HQ XQD 'LH DOHV
UXHGDGHQWDGDGHVJDVWDGDRXQDFDGHQDGHVJDVWDGDHQ
XQDUXHGDGHQWDGDQXHYD6LHPSUHUHHPSODFHODFDGHQD
GH WUDQVPLVLyQ \ ODV GRV UXHGDV GHQWDGDV VHJ~Q OR
HVWDEOHFLGR 78(5&$(-(75$6(52
$-867(
35(&$8&,Ð1
6LHODMXVWHHVHOPLVPRODUXHGDHVWiGHVDOLQHDGD\SXHGH
FDXVDUXQGHVJDVWHH[FHVLYRGHODUXHGDODUXHGDGHQWDGD
\ODFDGHQD
(VWDFLRQH OD PRWRFLFOHWD HQ VX VRSRUWH SULQFLSDO FRQ OD
WUDQVPLVLyQHQSXQWRQHXWUR\HOLQWHUUXSWRUGHHQFHQGLGRHQ
ODSRVLFLyQ2))
$IORMHODWXHUFDGHOHMHWUDVHUR
$IORMHODVGRVWXHUFDVGHEORTXHRGHODMXVWDGRU
*LUH DPEDV WXHUFDV GH DMXVWH KDVWD REWHQHU OD KROJXUD (-(75$6(52
FRUUHFWDGHODFDGHQDGHWUDQVPLVLyQ*LUHODWXHUFDGHDMXVWH
KDFLD OD GHUHFKD SDUD GLVPLQXLU OD KROJXUD R KDFLD OD 78(5&$'($-867(
L]TXLHUGDSDUDDXPHQWDUODKROJXUDGHODFDGHQD
$VHJ~UHVHGHTXHODPDUFDGHtQGLFHHQDPERVDMXVWDGRUHV
HVWpDOLQHDGDFRQORVERUGHVWUDVHURVGHODVUDQXUDVGHOHMHHQ
HOEUD]RRVFLODQWH
6LGHVSXpVGHODMXVWHGHODFDGHQDGHWUDQVPLVLyQHVWiIORMR
HOHMHWRFDHOERUGHWUDVHURGHODUDQXUDGHDMXVWH(ONLWGH
FDGHQDWLHQHTXHVHUUHHPSOD]DGR
$SULHWHODWXHUFDGHOHMHWUDVHURDOWRUTXHHVSHFLILFDGR
72548(
78(5&$(-(75$6(52NJIP
$SULHWHODVWXHUFDVGHDMXVWH\ODVGHEORTXHR
9XHOYDDYHULILFDUODKROJXUDGHODFDGHQDGHWUDQVPLVLyQ\OD
URWDFLyQOLEUHGHODUXHGD 0$5&$6'(Ì1',&( 78(5&$'(%/248(2

0$17(1,0,(172
(-(75$6(52
5(02&,Ð1
(VWDFLRQH OD PRWRFLFOHWD HQ VX VRSRUWH SULQFLSDO FRQ OD
WUDQVPLVLyQHQSXQWRQHXWUR\HOLQWHUUXSWRUGHHQFHQGLGRHQ
ODSRVLFLyQ2))
5HWLUHODWDSDGHOFiUWHUWUDVHURL]TXLHUGRSiJLQD

78(5&$(-(75$6(52
78(5&$'($-867(
$IORMHODWXHUFDGHDMXVWH\ODGHEORTXHR
78(5&$'(%/248(2
(PSXMHODUXHGDWUDVHUDKDFLDDGHODQWHSDUDDXPHQWDUOD
KROJXUDGHODFDGHQDGHWUDQVPLVLyQ
&$'(1$'(75$160,6,Ð1
&$'(1$'(75$160,6,Ð1
5HWLUH OD SODFD GH EORTXHR HO HQODFH PDHVWUR \ UHWLUH OD
FDGHQDGHWUDQVPLVLyQ
(1/$&(

0$17(1,0,(172
/,03,(=$ ,167$/$&,Ð1
6LODFDGHQDGHWUDQVPLVLyQVHHQVXFLDPXFKRGHEHUHWLUDUVH 'HVSXpVGHODOLPSLH]D\OXEULFDFLyQLQVWDOHODFDGHQDGH
\OLPSLDUVHDQWHVGHODOXEULFDFLyQ WUDQVPLVLyQHQHORUGHQLQYHUVRDODUHPRFLyQ
6XPHUMD XQ FHSLOOR GH Q\ORQ VXDYH HQ XQD PH]FOD GH /RVYDORUHVGHWRUTXHUHTXHULGRVGXUDQWHODLQVWDODFLyQVRQ
TXHURVHQR\DFHLWHGHPRWRU:HQXQDSURSRUFLyQGH ORVVLJXLHQWHV
\OLPSLHODVXFLHGDGDFXPXODGDHQODFDGHQDFRQOD 72548(
D\XGDGHHVWHFHSLOORVXDYH(VSHUHDSUR[LPDGDPHQWH
78(5&$3,927(%5$=226&,/$17(NJIP
PLQXWRVSDUDSHUPLWLUTXHODPH]FODSHQHWUHHQWUHHOFDVTXLOOR
\ HO URGLOOR SDUD XQD OLPSLH]D DGHFXDGD GH OD FDGHQD GH 3(512623257('(/(675,%2,=48,(5'2
WUDQVPLVLyQ5HSLWDHOSURFHVRYDULDVYHFHVGHSHQGLHQGRGH NJIP
ODDFXPXODFLyQGHVXFLHGDGHQODFDGHQDGHWUDQVPLVLyQ 3(5120217$-(,1)(5,25'(/
)LQDOPHQWHOLPSLHODFDGHQDFRQXQDWRDOODGHWDOOHUVHFD $0257,*8$'2575$6(52NJIP
SDUDHOLPLQDUORVUHVWRVGHDFHLWHTXHURVHQR,QVSHFFLRQH 78(5&$(-(75$6(52NJIP
YLVLEOHPHQWHODFDGHQDGHVSXpVGHODOLPSLH]D\DVHJ~UHVHGH $MXVWHODKROJXUDGHODFDGHQDGHWUDQVPLVLyQSiJLQD
TXHQRTXHGHEDUURQLSROYR
127$ 62/9(17(
$VHJ~UHVHGHTXHHOOLPSLDGRU\OXEULFDQWHXWLOL]DGRVHD
HOUHFRPHQGDGRSDUDXVDUHQXQDFDGHQDGH2ULQJGH
ORFRQWUDULRHO2ULQJSXHGHGHWHULRUDUVHIDOODU\SHUGHU
VXVSURSLHGDGHVGHVHOODGR
9LVLWH HO WDOOHU DXWRUL]DGR +HUR0RWR&RUS SDUD OD /,03,(
LQVSHFFLyQOLPSLH]DOXEULFDFLyQ\DMXVWHGHODFDGHQD
GHWUDQVPLVLyQFDGDNP
6(48(
/8%5,&$&,Ð1
$SOLTXHDFHLWH6$(*UDGRHQHOODGRLQWHUQRGHWRGDOD *5$'26$(
FDGHQDFRQODODWDGHDFHLWH(VSHUHPLQXWRVSDUDTXH /8%5,48(
SHQHWUHHOOXEULFDQWHGHQWURGHOFDVTXLOOR\HOURGLOORSDUDXQD
PHMRU OXEULFDFLyQ /LPSLH HO H[FHVR GH OXEULFDQWH GH OD
FDGHQD\ODVSDUWHVFHUFDQDVFRQXQDWRDOODVHFD
35(&$8&,Ð1
/DOLPSLH]DFRQYDSRUODVODYDGRUDVGHDOWDSUHVLyQ\
FLHUWRVVROYHQWHVSXHGHQGDxDUORV2ULQJVGHODFDGHQD
GHWUDQVPLVLyQ
0LHQWUDVOXEULFD\OLPSLDVRVWHQJDODUXHGDWUDVHUDFRQ
XQD PDQR SDUD HYLWDU OD SRVLELOLGDG GH TXH VX GHGR
TXHGHDWUDSDGRHQWUHODFDGHQD\ODUXHGDGHQWDGD
/DFDGHQDGHWUDQVPLVLyQHVWiHTXLSDGDFRQ2ULQJV
HQWUH ODV SODFDV GH HQODFH (VWRV 2ULQJV UHWLHQHQ OD
JUDVDGHQWURGHODFDGHQDSDUDPHMRUDUVXYLGD~WLO6LQ
HPEDUJR VH GHEHQ WRPDU SUHFDXFLRQHV HVSHFLDOHV DO
DMXVWDUOXEULFDUODYDU\UHHPSOD]DUODFDGHQD
(ODMXVWH\ODOXEULFDFLyQUHJXODUHVVHJ~QHOSURJUDPDGH
PDQWHQLPLHQWRJDUDQWL]DUtDQXQDOWRUHQGLPLHQWR\XQD
YLGD~WLOPiVODUJD
127$
(O OXEULFDQWH H[FHVLYR GHEH OLPSLDUVH FRQ XQD PRUGD]D
OLPSLD DQWHV GH VX XVR (O OXEULFDQWH H[FHVLYR VL QR VH
OLPSLDD\XGDUiDDFXPXODUSROYRDUHQD\VXFLHGDGHQOD
FDGHQDGHWUDQVPLVLyQDXPHQWDQGRVXGHVJDVWH\WDPELpQ
VHURFLDUiHQODPRWRFLFOHWDGHELGRDOPRYLPLHQWRGHOD
FDGHQD

0$17(1,0,(172
&8%,(57$75$6(5$'(/&É57(5,=48,(5'2
'(6/,=$'25&$'(1$'(75$160,6,Ð1
5HWLUH ORV GRV SHUQRV \ OD FXELHUWD WUDVHUD GHO FiUWHU
L]TXLHUGR
3(5126
'(6/,=$'25 &257(
/LPSLHHOGHVOL]DGRUGHODFDGHQDGHWUDQVPLVLyQ5HYLVHHO
GHVOL]DGRUGHODFDGHQDSRUGHVJDVWHRGDxRV
(O GHVOL]DGRU GH OD FDGHQD GHEH UHHPSOD]DUVH VL HVWi
GHVJDVWDGRKDVWDTXHVHFRUWHHOOtPLWHGHGHVJDVWHSiJLQD

352%$'25'(%$7(5Ì$0)
92/7$-('(/$%$7(5Ì$
1RHVQHFHVDULRYHULILFDUHOQLYHOGHHOHFWUROLWRGHODEDWHUtDR
DJUHJDUDJXDGHVWLODGD\DTXHODEDWHUtDHVGHWLSROLEUHGH
PDQWHQLPLHQWRVHOODGR
5HWLUHODFXELHUWDODWHUDOL]TXLHUGDSiJLQD
0LGDHOYROWDMHGHODEDWHUtDFRQXQSUREDGRUGHEDWHUtD0)
SiJLQD
92/7$-((67É1'$590tQLPR
3DUDHOSURFHGLPLHQWRGHFDUJDGHODEDWHUtDSiJLQD
$'9(57(1&,$
(VWDPRWRFLFOHWDHVWiHTXLSDGRFRQXQDEDWHUtDOLEUHGH
PDQWHQLPLHQWR \ SXHGH GDxDUVH SHUPDQHQWHPHQWH VL VH ,17(5583725'($55$148((/e&75,&2
TXLWDODWLUDGHVHOODGRGHODWDSD
, 1 7 ( 5 5 8 3 72 5 ' ( $ 5 5 $ 1 4 8 (
(/e&75,&2
9HULILTXH HO IXQFLRQDPLHQWR GHO LQWHUUXSWRU GH DUUDQTXH
HOpFWULFRHQEXVFDGHXQPRPHQWRSHJDMRVR
127$
1R RSHUH HO DUUDQFDGRU HOpFWULFR GXUDQWH PiV GH
VHJXQGRVSDUDHYLWDUTXHVHDJRWHODEDWHUtD

0$17(1,0,(172
23(5$&,Ð1 '(/ ,17(5583725 '(

3$5$'$'(/02725
(OLQWHUUXSWRUGHSDUDGDGHOPRWRUHVWiDOODGRGHOPDQJRGHO
DFHOHUDGRU&XDQGRHOLQWHUUXSWRUHVWiHQODSRVLFLyQ21
HOPRWRUIXQFLRQDUi&XDQGRHOLQWHUUXSWRUHVWiHQOD
SRVLFLyQ2))HOPRWRUQRIXQFLRQDUi(VWHLQWHUUXSWRU
HVWi GLVHxDGR SULQFLSDOPHQWH FRPR XQ LQWHUUXSWRU GH
HPHUJHQFLD\QRUPDOPHQWHGHEHSHUPDQHFHUHQODSRVLFLyQ
21
6LODPRWRFLFOHWDVHGHWLHQHFRQHOLQWHUUXSWRUGHHQFHQGLGR
HQ21\HOLQWHUUXSWRUGHSDUDGDGHOPRWRUHQ2))
HOIDURGHODQWHURODOX]GHSRVLFLyQODOX]WUDVHUDGH
SDUDGD \ OD OX] GH SODFD VHJXLUiQ HQFHQGLGDV OR TXH ,17(55837253$5$'$'(/02725
SURYRFDUiODGHVFDUJDGHODEDWHUtD '(3Ð6,72&,/,1'520$(6752
/Ì48,'2'()5(126
/tTXLGRGHIUHQRVUHFRPHQGDGR'R7R'R7
35(&$8&,Ð1
1RUHWLUHODWDSDRODWDSDDPHQRVTXHHOGHSyVLWRHVWp
QLYHODGRRVHGHUUDPHOtTXLGR
1RPH]FOH'R7\'R7\DTXHQRVRQFRPSDWLEOHV
1R SHUPLWD TXH PDWHULDO H[WUDxR LQJUHVH DO VLVWHPD DO
OOHQDUHOGHSyVLWR
(YLWHGHUUDPDUOtTXLGRVREUHSLH]DVSLQWDGDVGHSOiVWLFRR
FDXFKR&RORTXHXQDDOIRPEUDVREUHHVWDVSDUWHVFDGD
YH]TXHVHUHSDUHHOVLVWHPD
7$3$'(/'(3Ð6,72
&XDQGRHOQLYHOGHOOtTXLGRHVEDMRYHULILTXHHOGHVJDVWHGH
ODVSDVWLOODVGHIUHQRSiJLQD
8QQLYHOEDMRGHOtTXLGRSXHGHGHEHUVHDOGHVJDVWHGHODV
SDVWLOODVGHIUHQR
6LVHXVDQSDVWLOODVGHIUHQRHOSLVWyQGHODSLQ]DVHHPSXMD
KDFLDDIXHUD\HVWRH[SOLFDHOEDMRQLYHOGHOGHSyVLWR6LODV
SDVWLOODVGHIUHQRQRHVWiQGHVJDVWDGDV\HOQLYHOGHOtTXLGRHV
EDMRUHYLVHWRGRHOVLVWHPDHQEXVFDGHIXJDV
0$5&$'(1,9(/,1)(5,25
0$5&$'(1,9(/683(5,25
)5(12'(/$17(52
*LUHHOPDQLOODUSDUDTXHHOGHSyVLWRHVWpQLYHODGR\YHULILTXH
HOQLYHOGHOGHSyVLWRGHOIUHQRGHODQWHURDWUDYpVGHODPLULOOD
6LHOQLYHOHVWiFHUFDGHODPDUFDYHULILTXHHOGHVJDVWHGHODV
SDVWLOODVGHIUHQRSiJLQD
3DUDUHOOHQDUHOOtTXLGRGHIUHQRVUHWLUHODWDSDFRORTXHOD
SODFD\HOGLDIUDJPD\OOHQHHOGHSyVLWRKDVWDHOERUGHGH
IXQGLFLyQ FRQ OtTXLGR GH IUHQRV 'R7 R 'R7 GH XQ
UHFLSLHQWHVHOODGR
127$
5HHPSODFH HO OtTXLGR GH IUHQRV XQD YH] FDGD DxRV R
NPORTXHRFXUUDDQWHV
&,/,1'520$(6752'(/$17(52

0$17(1,0,(172
0$5&$1,9(/,1)(5,25 0$5&$1,9(/683(5,25
)5(1275$6(52
(VWDFLRQH OD PRWRFLFOHWD HQ XQD VXSHUILFLH QLYHODGD \
VRVWpQJDODHQSRVLFLyQYHUWLFDO
9HULILTXHHOQLYHOGHOOtTXLGRGHIUHQRVWUDVHURV
6LHOQLYHOHVWiFHUFDGHODOtQHDGHQLYHOLQIHULRUYHULILTXHHO
GHVJDVWHGHODVSDVWLOODVGHIUHQR 833(5

/2:(5
'(3Ð6,72/,48,'2'()5(1275$6(52
',$)5$*0$ 7$3$'(/'(3Ð6,72
3DUDUHOOHQDUHOOtTXLGRGHIUHQRVUHWLUHODWDSDFRORTXHOD
SODFD\HOGLDIUDJPD\OOHQHHOGHSyVLWRFRQOtTXLGRGHIUHQRV
'R7R'R7GHXQUHFLSLHQWHVHOODGR
'(6*$67(3$67,//$6'()5(12
3$67,//$6'()5(12'(/$17(52
9HULILTXHHOGHVJDVWHGHODVSDVWLOODVGHIUHQR
5HHPSODFHODVSDVWLOODVGHIUHQRVLDOJXQDGHODVSDVWLOODV
HVWiGHVJDVWDGDHQODSDUWHLQIHULRUGHODOtQHDGHOtPLWHGH
GHVJDVWH
5HHPSOD]RGHSDVWLOODVGHIUHQRSiJLQD
35(&$8&,Ð1
6LHPSUH UHHPSODFH ODV SDVWLOODV GH IUHQR HQ SDUHV SDUD
DVHJXUDUTXHVHDSOLTXHXQDSUHVLyQXQLIRUPHHQHOGLVFR
/Ì1($6'(/Ì0,7('('(6*$67(
3$67,//$6'()5(1275$6(52
9HULILTXHHOGHVJDVWHGHODVSDVWLOODVGHIUHQR
5HHPSODFHODVSDVWLOODVGHIUHQRVLDOJXQDGHODVSDVWLOODV
HVWiGHVJDVWDGDHQODSDUWHLQIHULRUGHODOtQHDGHOtPLWHGH
GHVJDVWH
5HHPSOD]RGHSDVWLOODVGHIUHQRSiJLQD
35(&$8&,Ð1
DVHJXUDUTXHVHDSOLTXHXQDSUHVLyQXQLIRUPHHQHOGLVFR
/Ì1($6'(/Ì0,7('('(6*$67(

0$17(1,0,(172
0$1*8(5$)5(12'(/$17(52
6,67(0$'()5(126
,163(&&,Ð1
$SOLTXHILUPHPHQWHHOSHGDOGHOIUHQR\YHULILTXHTXHQRKD\D
LQJUHVDGRDLUHDOVLVWHPD
6LHOSHGDOVHVLHQWHVXDYHRHVSRQMRVRFXDQGRVHRSHUD
SXUJXHHODLUHGHOVLVWHPDSiJLQD
,QVSHFFLRQHODPDQJXHUD\ORVDFFHVRULRVGHOIUHQRHQEXVFD
GHGHWHULRURJULHWDV\VLJQRVGHIXJD
$SULHWHFXDOTXLHUDFFHVRULRIORMR
5HHPSODFHODVPDQJXHUDV\DFFHVRULRVVHJ~QVHDQHFHVDULR
3DUDSXUJDGHDLUHGHIUHQRVSiJLQD
0$1*8(5$)5(1275$6(52
9$5,//$'((038-(
$-867('($/785$'(/3('$/'()5(12
$IORMHODWXHUFDGHEORTXHR\JLUHODYDULOODGHHPSXMHKDVWD
REWHQHUODDOWXUDFRUUHFWDGHOSHGDO
$MXVWHODORQJLWXGGHODYDULOODGHHPSXMHGHPRGRTXHOD
GLVWDQFLD HQWUH HO FHQWUR GHO RULILFLR GHO SHUQR GH PRQWDMH
LQIHULRUGHOFLOLQGURPDHVWUR\HORULILFLRGHOSDVDGRUGHXQLyQ
PP
VHDGHPP'HVSXpVGHODMXVWHDSULHWHODWXHUFDGH
EORTXHR
78(5&$'(%/248(2
78(5&$'(%/248(2 3('$/'()5(12
,17(5583725/8='(3$5$'$75$6(5$
,17(5583725/8='(3$5$'$
127$
5HDOLFH HO DMXVWH GHO LQWHUUXSWRU GH OD OX] GH SDUDGD
GHVSXpVGHDMXVWDUODDOWXUDGHOSHGDOGHOIUHQR\HOMXHJR
OLEUH
(OLQWHUUXSWRUGHODOX]GHSDUDGDGHODQWHUDQRUHTXLHUH
DMXVWH
&RPSUXHEHTXHODOX]GHSDUDGDHVWiHQ´21µFXDQGRVH
SLVDHOSHGDOGHOIUHQR\FRPLHQ]DHODFRSODPLHQWRGHOIUHQR
3DUD DMXVWDU VRVWHQJD HO FXHUSR GHO LQWHUUXSWRU \ JLUH OD
WXHUFDGHDMXVWH
127$
78(5&$'($-867(
1RJLUHHOFXHUSRGHOLQWHUUXSWRUGHODOX]GHIUHQR 3(512'($-867(
(1)248(/8=35,1&,3$/
$'9(57(1&,$
8Q IDUR DMXVWDGR LQFRUUHFWDPHQWH SXHGH FHJDU D ORV
FRQGXFWRUHV TXH VH DSUR[LPDQ R SXHGH QR LOXPLQDU HO
FDPLQRDXQDGLVWDQFLDVHJXUD
$-867(/8=35,1&,3$/
(VWDFLRQHODPRWRFLFOHWDHQVXVRSRUWHSULQFLSDOHQXQWHUUHQR
QLYHODGR
$MXVWHHOIDURDIORMDQGRORVSHUQRVGHDMXVWHGHOIDURXELFDGRV
HQHOODGRL]TXLHUGR\GHUHFKRGHODFXELHUWDGHOFRQMXQWRGHO
IDUR
3(512'($-867(

0$17(1,0,(172
$OLQHHODVPDUFDVGHtQGLFHGHODFDUFDVDGHODOX]SULQFLSDO
FRQODPDUFDGHtQGLFHHQODFXELHUWDGHOFRQMXQWRGHODOX]
'HVSXpVGHDMXVWDUODOX]DSULHWHHOSHUQRGHDMXVWHGHODOX]
SULQFLSDODOWRUTXHHVSHFLILFDGR
0$5&$Ì1',&( 0$5&$Ì1',&(
6,67(0$'((0%5$*8(
0LGDHOMXHJROLEUHGHODSDODQFDGHOHPEUDJXHDOILQDOGHOD
SDODQFD PP
-8(*2/,%5(PP
78(5&$'(%/248(2 78(5&$'($-867(
/RV DMXVWHV VH UHDOL]DQ DMXVWDQGR OD WXHUFD GHO FDEOH GHO
HPEUDJXHPRQWDGRHQHOPRWRU$IORMHODWXHUFDGHEORTXHR
\JLUHODWXHUFDGHDMXVWHSDUDDMXVWDUHOMXHJROLEUHGHOD
SDODQFDGHOHPEUDJXH
$'LVPLQX\HMXHJROLEUHHQVHQWLGRDQWLKRUDULR %
%$XPHQWDMXHJROLEUHHQVHQWLGRKRUDULR
'HVSXpV GH FRPSOHWDU HO DMXVWH DSULHWH OD FRQWUDWXHUFD
PLHQWUDVVXMHWDODWXHUFDGHDMXVWHGHIRUPDVHJXUD $
6L QR VH SXHGH REWHQHU HO MXHJR OLEUH DGHFXDGR R HO
HPEUDJXH VH UHVEDOD GXUDQWH OD WUDQVPLVLyQ GHVDUPH H
LQVSHFFLRQHHOHPEUDJXH
127(
9HULILTXH HO HQUXWDPLHQWR GHO FDEOH \ FXDOTXLHU VLJQR GH
GDxRGHOFDEOHTXHSXHGDFDXVDUXQDRSHUDFLyQLQFRUUHFWD $'LVPLQX\HMXHJROLEUH %$XPHQWDMXHJROLEUH
GHOHPEUDJXH 78(5&$3(512
623257( 35,1&,3$/ 23&,21$/

623257(/$7(5$/
$SR\HODPRWRFLFOHWDHQODVXSHUILFLHQLYHODGD
5HYLVHHOUHVRUWHGHUHWRUQRGHOVRSRUWHODWHUDOSULQFLSDOSRU
GDxRVRSpUGLGDGHWHQVLyQ
9HULILTXHHOVRSRUWHODWHUDOSULQFLSDOSDUDYHUODOLEHUWDGGH
PRYLPLHQWR/XEULTXHHOSLYRWHGHOVRSRUWHODWHUDOFRQJUDVD
VLHVQHFHVDULR
$VHJ~UHVHGHTXHHOVRSRUWHODWHUDOQRHVWpGREODGR
623257(/$7(5$/ 623257(35,1&,3$/

0$17(1,0,(172
,17(5583725623257(/$7(5$/
,17(5583725623257(/$7(5$/
6H SURSRUFLRQD XQ LQWHUUXSWRU GH VRSRUWH ODWHUDO HQ HO
VRSRUWH ODWHUDO VL HO VRSRUWH ODWHUDO VH EDMD VH LOXPLQD HO
LQGLFDGRUGHOVRSRUWHODWHUDOHQODFRQVRODGHOYHORFtPHWUR
,QVSHFFLRQHHOLQWHUUXSWRUGHOVRSRUWHODWHUDOSRUFXDOTXLHU
GHVJDVWH R GDxR ItVLFR /LPSLH HO LQWHUUXSWRU GHO VRSRUWH
ODWHUDO SHULyGLFDPHQWH VHJ~Q HO SURJUDPD GH
PDQWHQLPLHQWR
35(&$8&,Ð1
1XQFD TXLWH HO LQWHUUXSWRU GHO VRSRUWH ODWHUDO GH VX
PRQWDMHSDUDOLPSLDUOR
6863(16,Ð1
$'9(57(1&,$
/DV SLH]DV GH VXVSHQVLyQ IORMDV GHVJDVWDGDV R GDxDGDV
SHUMXGLFDQ OD HVWDELOLGDG \ HO FRQWURO GH OD PRWRFLFOHWD
5HSDUHRUHHPSODFHFXDOTXLHUFRPSRQHQWHGDxDGRDQWHV
GH FRQGXFLU &RQGXFLU XQ YHKtFXOR FRQ VXVSHQVLyQ
GHIHFWXRVDDXPHQWDHOULHVJRGHXQDFFLGHQWH\SRVLEOHV
OHVLRQHV
'(/$17(5$
9HULILTXH OD DFFLyQ GH ODV KRUTXLOODV DSOLFDQGR ORV IUHQRV
GHODQWHURV
\FRPSULPLHQGRODVXVSHQVLyQGHODQWHUDYDULDVYHFHV
5HYLVHWRGRHOFRQMXQWRGHODKRUTXLOODHQEXVFDGHVLJQRVGH
IXJDVDUDxD]RVGDxRVRVXMHWDGRUHVIORMRV
5HHPSODFH ORV FRPSRQHQWHV GDxDGRV TXH QR SXHGHQ
UHSDUDUVH
$SULHWHWRGDVODVWXHUFDV\WRUQLOORV
75$6(5$
$SR\H OD PRWRFLFOHWD GH IRUPD VHJXUD \ OHYDQWH OD UXHGD
WUDVHUDGHOVXHOR
9HULILTXHVLHOURGDPLHQWRGHDJXMDVGHOEUD]RRVFLODQWHHVWi
GHVJDVWDGRDJDUUDQGRODUXHGDWUDVHUDHLQWHQWDQGRPRYHU
ODUXHGDGHODGRDODGR
5HHPSODFHHOURGDPLHQWRVLVHHQFXHQWUDGHIHFWXRVR
9HULILTXHODDFFLyQGHORVDPRUWLJXDGRUHVFRPSULPLpQGRORV
YDULDVYHFHV
5HYLVHWRGRHOFRQMXQWRGHODPRUWLJXDGRUHQEXVFDGHVLJQRV
GHIXJDVGDxRVRVXMHWDGRUHVIORMRV
5HHPSODFH ORV FRPSRQHQWHV GDxDGRV TXH QR SXHGHQ
UHSDUDUVH
$SULHWHWRGDVODVWXHUFDV\WRUQLOORV
127$
(ODMXVWHGHODVXVSHQVLyQWUDVHUDVHGHEHUHDOL]DUVHJ~QHO
SURJUDPDGHPDQWHQLPLHQWR

0$17(1,0,(172
78(5&$63(512668-(7$'25(6
$SULHWH ORV SHUQRV \ WXHUFDV D LQWHUYDORV UHJXODUHV TXH VH
PXHVWUDQHQHOSURJUDPDGHPDQWHQLPLHQWR
9HULILTXH TXH WRGDV ODV WXHUFDV \ WRUQLOORV GHO FKDVLV HVWpQ
DSUHWDGRVSDUDFRUUHJLUORVYDORUHVGHWRUTXHSiJLQD
&RPSUXHEHTXHWRGRVORVSDVDGRUHVGHFKDYHWDSDVDGRUHV
GHGHVOL]DPLHQWRDEUD]DGHUDVGHPDQJXHUD\VRSRUWHVGH
FDEOHVHVWpQHQVXOXJDU

58('$6//$17$6
$VHJ~UHVHGHTXHODKRUTXLOODQRVHSXHGDPRYHUOHYDQWHOD
UXHGDGHODQWHUD\FRPSUXHEHVLKD\MXHJR*LUHODUXHGD\
YHULILTXHTXHJLUHVXDYHPHQWHVLQUXLGRLQXVXDO
6LVHHQFXHQWUDQIDOODVLQVSHFFLRQHORVURGDPLHQWRVGHODV
UXHGDV
$SR\H OD PRWRFLFOHWD GH IRUPD VHJXUD \ OHYDQWH OD UXHGD

WUDVHUDGHOVXHOR
9HULILTXH HO MXHJR HQ OD UXHGD R HQ HO SLYRWH GHO EUD]R
RVFLODQWH*LUHODUXHGD\YHULILTXHTXHJLUHVXDYHPHQWHVLQ
UXLGRLQXVXDO
6L VH VRVSHFKDQ FRQGLFLRQHV DQRUPDOHV YHULILTXH ORV
FRMLQHWHVGHODUXHGDWUDVHUD
127$
&RPR HO SLYRWH GHO EUD]R RVFLODQWH VH LQFOX\H HQ HVWD
YHULILFDFLyQ DVHJ~UHVH GH FRQILUPDU OD XELFDFLyQ GHO
MXHJRHVGHFLUGHVGHORVURGDPLHQWRVGHODVUXHGDVRHO
SLYRWHGHOEUD]RRVFLODQWH
,1',&$'2535(6,Ð1'($,5(
9HULILTXH\DMXVWHODSUHVLyQGHODVUXHGDV
127$
/DSUHVLyQGHODVUXHGDVGHEHYHULILFDUVHFXDQGRODVOODQWDV
HVWpQ)5Ì$6
3UHVLyQGHODVUXHGDV
'HODQWHUD 7UDVHUD
HQIUtRNJIFP

NJIFP NJIFP
&RQGXFWRU
SVL SVL
&RQGXFWRU\ NJIFP NJIFP
SDUULOOHUR SVL SVL

0$17(1,0,(172
,1',&$'25'('(6*$67(
5HYLVH ODV KXHOODV GH ORV QHXPiWLFRV \ OD SDUHG ODWHUDO HQ
EXVFDGHFRUWHVFODYRVLQFUXVWDGRVXRWURVGDxRV
0LGDODSURIXQGLGDGGHODEDQGDGHURGDGXUDHQHOFHQWURGH
ODOODQWD5HHPSODFHODOODQWDFXDQGRODSURIXQGLGDGGHOD
EDQGDGHURGDGXUDDOFDQFHORVVLJXLHQWHVOtPLWHV
352)81','$'0Ì1,0$%$1'$'(52'$'85$
'(/$17(5$PP
75$6(5$PP
/RVLQGLFDGRUHVGHGHVJDVWHGHODVOODQWDVVHGLVWULEX\HQHQ
YDULRV OXJDUHV DOUHGHGRU GH OD OODQWD SDUD IDFLOLWDU OD
LQVSHFFLyQ5HHPSODFHODVOODQWDVLQPHGLDWDPHQWHFXDQGRHO
LQGLFDGRUGHGHVJDVWHGHODVOODQWDVWRTXHODFDUUHWHUD
9XHOYDDDSUHWDUORVUDGLRVGHODUXHGDSHULyGLFDPHQWH
72548(
'(/$17(5$1PNJIP
75$6(5$1PNJIP
5 2 ' $ 0 , ( 1 7 2 6 & $ % ( = $ / ' (

',5(&&,Ð1
127$
9HULILTXH TXH ORV FDEOHV GH FRQWURO QR LQWHUILHUDQ FRQ OD
URWDFLyQGHOPDQLOODU
/HYDQWHODUXHGDGHODQWHUDGHOVXHORFRORFDQGRXQJDWRX
RWURVRSRUWHGHEDMRGHOPRWRU
9HULILTXHTXHHOPDQLOODUJLUHOLEUHPHQWHGHODGRDODGR6LHO
PDQLOODUVHPXHYHGHPDQHUDGHVLJXDOVHXQHRWLHQHMXHJR
LQVSHFFLRQH \ DMXVWH ORV URGDPLHQWRV GHO FDEH]DO GH
GLUHFFLyQ
6L OD RSHUDFLyQ QR HV IOXLGD YHULILTXH OD LQWHUIHUHQFLD GHO
FDEOHRGHODUQpVGHFDEOHV
9HULILTXHODGHVDOLQHDFLyQGHODUXHGDGHODQWHUDFRQUHVSHFWR
DOPDQLOODU

0$17(1,0,(172
$1$/,=$'25*$6'((;+2672
(0,6,Ð1'((;+2672
0(','$(15(3262
9HULILTXHORVVLJXLHQWHVHOHPHQWRVDQWHVGHODLQVSHFFLyQ
)LOWURGHDLUH
%XMtD
5HVSLUDGHURGHOFiUWHU
7LHPSRGHHQFHQGLGR
&DOLHQWH HO PRWRU D OD WHPSHUDWXUD QRUPDO GH F
L P
IXQFLRQDPLHQWR WHPSHUDWXUD GHO DFHLWH GHO PRWRU Q
DSUR[D&
(VWDFLRQHODPRWRFLFOHWDHQHOVRSRUWHSULQFLSDOHQXQD
VXSHUILFLHQLYHODGD
6HOOHHORULILFLRGHGUHQDMHGHOVLOHQFLDGRUFRQODFLQWDGH
VHOODGR 9É/98/$68&&,Ð1'($,5(
&RQHFWHXQDWXEHUtDRPDQJXHUDDGHFXDGDUHVLVWHQWHDO &$5&$6$),/752'($,5(

9É/98/$'(&21752/$69
FDORU UHVLVWHQWH D SURGXFWRV TXtPLFRV DO VLOHQFLDGRU
&$5%85$'25
SDUDTXHODVRQGDSXHGDLQVHUWDUVHPiVGHFP 78%2'(9$&Ì2
SXOJDGDV (/(0(172
0LGDHOGH&2\ODV530FRQHODQDOL]DGRUGHJDVHVGH ),/752'($,5(
H[KRVWR
&RPSUXHEHODYHORFLGDGHQQHXWURGHOPRWRU 0$1*8(5$'(9(17,/$&,Ð1
'(/&É57(5
9(/2&,'$'1(8752USP
$,5()5(6&2
,QVHUWHODVRQGDHQHOVLOHQFLDGRU\PLGDODFRQFHQWUDFLyQ &É57(5
(6&$3('(*$6
GHPRQy[LGRGHFDUERQR&2 *$6'((;+2672
0(','$'(/&2(15(3262
0(','$'(/+&(15(3262GHEDMRGHSSP

0(025$1'2
6,67(0$'(/8%5,&$&,Ð1
',$*5$0$'(/6,67(0$
%5$=226&,/$17(
É5%2/'(/(9$6
&,*8(f$/ 52725),/752'($&(,7(
%20%$'($&(,7(
0$//$),/752'($&(,7(
(-(35,1&,3$/
&2175$(-(

6,67(0$'(/8%5,&$&,Ð1
'LDJUDPDGHOVLVWHPD %RPEDGHDFHLWH

,QIRUPDFLyQGHOVHUYLFLR ,QVSHFFLyQ
(VSHFLILFDFLRQHV 3XQWRVGHOXEULFDFLyQ
6ROXFLyQGHSUREOHPDV
,1)250$&,Ð1'(/6(59,&,2
*(1(5$/
$'9(57(1&,$
(ODFHLWHGHPRWRUXVDGRSXHGHFDXVDUFiQFHUGHSLHOVLVHGHMDUHSHWLGDPHQWHHQFRQWDFWRFRQODSLHOGXUDQWHXQSHUtRGR
SURORQJDGR$XQTXHHVWRHVSRFRSUREDEOHDPHQRVTXHPDQHMHHODFHLWHXVDGRDGLDULRHVUHFRPHQGDEOHODYDUVHELHQODV
PDQRVFRQDJXD\MDEyQORDQWHVSRVLEOHGHVSXpVGHPDQLSXODUHODFHLWHXVDGR
6LHOPRWRUHVWiIXQFLRQDQGRSDUDKDFHUDOJ~QWUDEDMRDVHJ~UHVHGHTXHHOiUHDHVWpELHQYHQWLODGD1XQFDKDJDIXQFLRQDU
HOPRWRUHQXQiUHDFHUUDGD(OH[KRVWRFRQWLHQHJDVYHQHQRVRGHPRQy[LGRGHFDUERQRTXHSXHGHFDXVDUSpUGLGDGH
FRQRFLPLHQWR\SXHGHFDXVDUODPXHUWH
+DJDIXQFLRQDUHOPRWRUHQXQiUHDDELHUWDRFRQXQVLVWHPDGHHYDFXDFLyQGHH[KRVWRHQXQiUHDFHUUDGD
(VWDVHFFLyQFXEUHHOVHUYLFLRGHODERPEDGHDFHLWH
/DERPEDGHDFHLWHVHSXHGHUHSDUDUFRQHOPRWRULQVWDODGRHQHOPDUFR
(OSURFHGLPLHQWRGHVHUYLFLRHQODVHFFLyQGHEHUHDOL]DUVHFRQHODFHLWHGHOPRWRUGUHQDGR
/XEULTXHVLHPSUHORVFRPSRQHQWHVGHODERPEDGHDFHLWHFRQDFHLWHGHPRWRUOLPSLRDQWHVGHHQVDPEODUODERPEDGHDFHLWH
$OUHWLUDUHLQVWDODUODERPEDGHDFHLWHWHQJDFXLGDGRGHHYLWDUODHQWUDGDGHSROYRRVXFLHGDGHQHOPRWRU
6LDOJXQDSDUWHGHODERPEDGHDFHLWHVHGHVJDVWDPiVDOOiGHORVOtPLWHVGHVHUYLFLRHVSHFLILFDGRVUHHPSODFHODERPEDGH
DFHLWHFRPRXQFRQMXQWR
(63(&,),&$&,21(6
6,67(0$'(/8%5,&$&,Ð1
,7(0
(67É1'$5 /Ì0,7('(/6(59,&,2

$OGUHQD
&DSDFLGDGDFHLWH UPO
GHOPRWRU $OGHVHQVDP
EOD
UPO
0DUFD+HUR73OXV
*UDGR6$(:6/*UDGR-$620$
3URGXFLGRSRU
$FHLWHGHPRWRUUHFRPHQGDGR
7LGH:DWHU2LO&R,QGLD/LPLWHG
$EHUWXUDH[WHULRUFXHUSRGHOURWRUPPPP
%RPEDGHDFHLWH
(VSDFLROLEUHMXHJRGHOURWRUPPPP
'LVWDQFLDILQDOGHODERPEDPPPP

6,67(0$'(/8%5,&$&,Ð1
62/8&,Ð1'(352%/(0$6
1LYHOGHDFHLWHGHPDVLDGREDMR
)XJDVH[WHUQDVGHDFHLWH
*XtDGHYiOYXODRVHOORGHVJDVWDGR
$QLOORVGHSLVWyQRFLOLQGURGHVJDVWDGRV
&RQWDPLQDFLyQSRUDFHLWH
(ODFHLWHQRFDPELDSHULyGLFDPHQWH
(PSDTXHGHFXODWDGHIHFWXRVR
$QLOORVGHSLVWyQGHVJDVWDGRV
(OHOHPHQWRGHOILOWURGHDLUHQRVHOLPSLDSHULyGLFDPHQWH
%DMDSUHVLyQGHDFHLWH
1LYHOEDMRGHDFHLWH
)LOWURGHDFHLWHREVWUXLGR
)XJDLQWHUQDGHDFHLWH
6HXWLOL]DXQJUDGRLQFRUUHFWRGHDFHLWHGHOPRWRU
6LQSUHVLyQGHDFHLWH
1LYHOGHDFHLWHGHPDVLDGREDMR
)XJDVLQWHUQDVGHDFHLWH
%RPEDGHDFHLWHGDxDGD

6,67(0$'(/8%5,&$&,Ð1
%20%$'($&(,7(
5(02&,Ð1
127$
/D ERPED GH DFHLWH VH SXHGH TXLWDU FRQ HO PRWRU HQ HO
PDUFR
5HWLUHHOHQJUDQDMHSXOVRUGHODERPEDGHDFHLWH
(1*5$1$-(38/625
5HWLUHORVGRVWRUQLOORV$OOHQ\ODERPEDGHDFHLWH
3(5126//$9($//(1 %20%$'($&(,7(
3$6$'25(6
5HWLUHORVSDVDGRUHV
&8%,(57$%20%$'($&(,7(
'(6(16$0%/(
5HWLUHHOWRUQLOORGHURVFD\ODFXELHUWDGHODERPEDGHDFHLWH
7251,//2

6,67(0$'(/8%5,&$&,Ð1
52725,17(5,25
5HWLUHHOHMHGHOURWRU\HOURWRULQWHULRU
(-('(/52725
5HWLUHHOURWRUH[WHULRUGHOFXHUSRGHODERPEDGHDFHLWH
52725(;7(5,25
52725(;7(5,25 &$/,%5$'25'(&,17$
,163(&&,Ð1
,QVWDOHHOURWRUH[WHUQRHOURWRULQWHUQR\HOHMHGHOURWRUHQHO
FXHUSRGHODERPEDGHDFHLWH\PLGDODDEHUWXUDHQWUHHO
URWRUH[WHUQR\HOFXHUSRGHODERPEDGHDFHLWH
/Ì0,7('(/6(59,&,2
$%(5785$'(/&8(532'(/$%20%$'($&(,7(
PP
(-('(/52725 52725,17(5,25
52725(;7(5,25 &$/,%5$'25'(&,17$
0LGD OD DEHUWXUD GH OD SXQWD GHO URWRU HQWUH ORV URWRUHV
LQWHUQR\H[WHUQR
/Ì0,7('(/6(59,&,2
$%(5785$3817$'(/52725PP
127$
0LGDHOHVSDFLROLEUHHQYDULRVOXJDUHV\XVHODOHFWXUD
PiVJUDQGHSDUDFRPSDUDUFRQHOOtPLWHGHVHUYLFLR
6LDOJXQDSDUWHGHODERPEDGHDFHLWHVHGHVJDVWDPiV
DOOi GHO OtPLWH GH VHUYLFLR HVSHFLILFDGR UHHPSODFH OD
ERPEDGHDFHLWH\ODFXELHUWDGHODERPEDFRPRXQ
FRQMXQWR
5HWLUHHOHMHGHOURWRU
(-('(/52725 52725,17(5,25

6,67(0$'(/8%5,&$&,Ð1
%25'(5(&72 &$/,%5$'25'(&,17$
0LGDODKROJXUDGHOH[WUHPRGHODERPEDFRQXQERUGHUHFWR
\XQFDOLEUDGRUGHFLQWD
/Ì0,7('(/6(59,&,2
+2/*85$/$7(5$/'(/$%20%$PP
%20%$'($&(,7(
(16$0%/(
/LPSLH WRGDV ODV SLH]DV GHVPRQWDGDV HQ VROYHQWH QR
LQIODPDEOHGHDOWRSXQWRGHLQIODPDFLyQ\YHULILTXHVLKD\
GDxRVRGHVJDVWHDQRUPDO
(-('(/52725
&8%,(57$'(/$%20%$
&8(532'(/$%20%$
52725,17(5,25
52725(;7(5,25
0$5&$'(381=Ð1
$SOLTXHDFHLWHGHPRWRUOLPSLRDOURWRUH[WHULRUHLQVWiOHORHQ
HOFXHUSRGHODERPEDGHDFHLWHFRQVXPDUFDGHSXQ]yQ
KDFLDDUULED
52725(;7(5,25

6,67(0$'(/8%5,&$&,Ð1
0$5&$'(381=Ð1
$SOLTXHDFHLWHGHPRWRUOLPSLRDOURWRULQWHUQRHLQVWiOHORV
DOLQHDQGRHOH[WUHPRSODQRGHOHMHGHOURWRU\HOURWRULQWHULRU
127$
0LHQWUDVHQVDPEODODERPEDGHDFHLWHDVHJ~UHVHGHTXH
ODVPDUFDVGHSXQ]yQHQHOURWRULQWHULRU\H[WHULRUHVWpQ
KDFLDDIXHUD
52725,17(5,25 (-('(/52725
&8%,(57$%20%$'($&(,7(
,QVWDOHODFXELHUWDGHODERPEDGHDFHLWH\DSULHWHHOWRUQLOOR
7251,//2
3$6$'25(6
,167$/$&,Ð1
,QVWDOHORVSDVDGRUHVHQHOFiUWHU
,QVWDOHODERPEDGHDFHLWH\DSULHWHORVSHUQRVGHODOODYH
$OOHQ
%20%$'($&(,7( 3(5126//$9($//(1

6,67(0$'(/8%5,&$&,Ð1
(1*5$1$-(38/625
,QVWDOHHOHQJUDQDMHSXOVRUGHODERPEDGHDFHLWH
/LPSLHODPDOODGHOILOWURGHDFHLWH\HOILOWURGHOURWRUGHDFHLWH
SiJLQD
),/752$&(,7('(/52725

6,67(0$'(/8%5,&$&,Ð1
381726'(/8%5,&$&,Ð1
8VHJUDVDGHXVRJHQHUDOGRQGHQRVHHVSHFLILTXH
$SOLTXHDFHLWHRJUDVDDWRGDVODVGHPiVVXSHUILFLHVGHVOL]DQWHV\FDEOHVTXHQRVHPXHVWUDQDTXt
&$%/(6'(&21752/
'HVFRQHFWHSHULyGLFDPHQWHHOFDEOHGHODFHOHUDGRUHQVXH[WUHPRVXSHULRU/XEULTXHFRPSOHWDPHQWHHOFDEOH\VXVSXQWRVGH
SLYRWHFRQOXEULFDQWHSDUDFDEOHVUHFRPHQGDGRFRPHUFLDOPHQWHGLVSRQLEOHRDFHLWHGHEDMDYLVFRVLGDG

6
&$%/('(/$&(/(5$'25
,17(5,25 *
52'$0,(1726
&$%(=$'(',5(&&,Ð1
6
&$%/('((0%5$*8(,17(5,25
3,1=$'()5(12 <3,927('(3$/$1&$ $&(,7(7(1('25
75$6(52 '(/$17(52
*
52'$0,(1726
3,927('(/%5$=226&,/$17(
02725
3,927(
3('$/
'()5(12
*
52'$0,(1726
&$'(1$'(75$160,6,Ð1 3,927(3('$/ '(/$658('$6
52'$0,(1726 '($55$148(
*
3,927( ',É0(752,17(5,25
'(/$658('$6 *
623257(35,1&,3$/ 6(1625'(9(/2&,'$'
* 6(//2'(32/92,0É1
*
3,927(
623257(/$7(5$/
*

0(025$1'2
6,67(0$'(&20%867,%/(
',$*5$0$'(/6,67(0$
&É0$5$'(/)/27$'25
25,1*

3,1'(/)/27$'25 )/27$'25
9É/98/$'(/)/27$'25
-(7'($*8-$
7251,//2723('(/$&(/(5$'25
3257$$*8-$'(/-(7
-(7/(172
25,1*
-(735,1&,3$/
6(1625 $5$1'(/$
326,&,Ð1'(/$&(/(5$'25 5(6257(
25,1*
9É/98/$'(/$55$148(
5(6257(
7251,//23,/272
3,67Ð1'(9$&Ì2'(/',$)5$*0$ 5(6257(
-(7'($*8-$
$1,//2&8f$
$1,//2(
&8%,(57$&É0$5$'(9$&Ì2
$5$1'(/$
5(6257(
623257('($*8-$

6,67(0$'(&20%867,%/(
'LDJUDPDGHOVLVWHPD
$MXVWHWRUQLOORSLORWR
,QIRUPDFLyQGHOVHUYLFLR &DQLVWHU9iOYXODGHSXUJD
(VSHFLÀFDFLRQHV 9iOYXODGHLQYHUVLyQ
9DORUHVGHWRUTXH+HUUDPLHQWDV 9iOYXODGHXQDYtD

HVSHFLDOHV 6LVWHPDVXPLQLVWURGHDLUH
6ROXFLyQGHSUREOHPDV VHFXQGDULR
&DUFDVDÀOWURGHDLUH 9iOYXODVXFFLyQGHDLUH
9iOYXODGHDUUDQTXH&DUEXUDGRU )LOWURGHFRPEXVWLEOH
,1)250$&,Ð1'(/6(59,&,2
*(1(5$/
$'9(57(1&,$
/DJDVROLQDHVH[WUHPDGDPHQWHLQIODPDEOH\H[SORVLYDEDMRFLHUWDVFRQGLFLRQHV7UDEDMHHQXQiUHDELHQYHQWLODGDFRQHO
PRWRUSDUDGR
1RIXPHQLSHUPLWDOODPDVRFKLVSDVHQHOiUHDGHWUDEDMRRGRQGHVHDOPDFHQDODJDVROLQD
6LHOPRWRUHVWiIXQFLRQDQGRSDUDKDFHUDOJ~QWUDEDMRDVHJ~UHVHGHTXHHOiUHDHVWpELHQYHQWLODGD1XQFDKDJDIXQFLRQDUHO
PRWRU HQ XQ iUHD FHUUDGD (O H[KRVWR FRQWLHQH JDV YHQHQRVR GH PRQy[LGR GH FDUERQR TXH SXHGH FDXVDU SpUGLGD GH
FRQRFLPLHQWR\SXHGHFDXVDUODPXHUWH
'REODURWRUFHUORVFDEOHVGHFRQWUROSHUMXGLFDUiHOIXQFLRQDPLHQWRVXDYH\SRGUtDKDFHUTXHORVFDEOHVVHSHJXHQRDWDVTXHQ
ORTXHSURYRFDUtDODSpUGLGDGHOFRQWUROGHODPRWRFLFOHWD
35(&$8&,Ð1
$OGHVPRQWDUSLH]DVGHOVLVWHPDGHFRPEXVWLEOHWHQJDHQFXHQWDODXELFDFLyQGHORV2ULQJV5HHPSOiFHORVSRURWURVQXHYRV
HQHOUHHQVDPEODMH
$QWHVGHGHVPRQWDUHOFDUEXUDGRUFRORTXHXQUHFLSLHQWHDGHFXDGRGHEDMRGHOWRUQLOORGHGUHQDMHGHOFDUEXUDGRU$IORMHHO
WRUQLOOR\GUHQHHOFRPEXVWLEOHGHODFiPDUDGHOIORWDGRU
'HVSXpVGHUHWLUDUHOFDUEXUDGRUHQYXHOYDODVSLH]DVGHDGPLVLyQGHOPRWRUFRQXQDWRDOODGHWDOOHURF~EUDORFRQXQWUR]RGH
FLQWDSDUDHYLWDUTXHFDLJDPDWHULDOH[WUDxRHQHOPRWRU
127$
6LODPRWRFLFOHWDVHYDDDOPDFHQDUGXUDQWHPiVGHXQPHVGUHQHHOFRPEXVWLEOHGHODFiPDUDGHOIORWDGRU(OFRPEXVWLEOHTXH
TXHGDHQODFiPDUDGHOIORWDGRUSXHGHSURYRFDUFKRUURVDWDVFDGRVTXHSURYRFDQXQDUUDQTXHGLItFLORXQDFDSDFLGDGGH
FRQGXFFLyQGHILFLHQWH
(63(&,),&$&,21(6
6,67(0$'(&20%867,%/(
,7(0 (63(&,),&$&,21(6
&DSDFLGDGUHVHUYDGHFRPEXVWLEOH OLWURVXVDEOH
7LSRGHFDUEXUDGRU 7LSR&9FRQVLVWHPDGHHQFHQGLGRYDULDEOHFRQWURODGRSRUFDUEXUDGRU&&9,
1~PHURGHLGHQWLILFDFLyQ $%:%
'LiPHWUR9HQWXUL RHTXLYDOHQWH
1LYHOGHOIORWDGRU PP
$SHUWXUDLQLFLDOGHOWRUQLOORSLORWR GHJLUR
9HORFLGDGHQQHXWUR USP
-HWSULQFLSDO
-HWOHQWR
-XHJROLEUHPDQJRGHODFHOHUDGRU PP
9DFtRHVSHFLILFDGRVXPLQLVWURGHDLUHVHFXQGDULR NSDPPKJ

6,67(0$'(&20%867,%/(
9$/25(6'(72548(
78(5&$'(%/248(2'(/$9É/98/$'($55$148( NJIP
7251,//26&É0$5$'(/)/27$'25
NJIP
7251,//26'(/$&8%,(57$9É/98/$'(/$55$148( NJIP
7251,//26&8%,(57$&É0$5$'(9$&Ì2NJIP

+(55$0,(17$6(63(&,$/(6

0(','251,9(/'(/)/27$'25

62/8&,Ð1'(352%/(0$6
(OPRWRUQRDUUDQFD 3DUDGDGHOPRWRUGLItFLOGHDUUDQFDUPDUFKD
'HPDVLDGRFRPEXVWLEOHOOHJDQGRDOPRWRU OHQWDHQYDFtR
)LOWURGHDLUHREVWUXLGR /tQHDGHFRPEXVWLEOHUHVWULQJLGD
&DUEXUDGRULQXQGDGR 0DOIXQFLRQDPLHQWRGHOVLVWHPDGHHQFHQGLGR
)XJDGHDLUHGHHQWUDGD 0H]FODGHFRPEXVWLEOHGHPDVLDGRSREUHULFDDMXVWHGHO
&RPEXVWLEOHFRQWDPLQDGRGHWHULRUDGR WRUQLOORSLORWR
1RKD\FRPEXVWLEOHSDUDHOFDUEXUDGRU &RPEXVWLEOHFRQWDPLQDGRGHWHULRUDGR
)LOWURGHFRPEXVWLEOHREVWUXLGR )XJDGHDLUHGHHQWUDGD
0DQJXHUDGHFRPEXVWLEOHREVWUXLGD 9HORFLGDGQHXWUDPDODMXVWDGD
9iOYXODGHFRPEXVWLEOHDWDVFDGD 1LYHOGHOIORWDGRUPDODMXVWDGR
1LYHOGHOIORWDGRUPDODMXVWDGR 7RUQLOORGHDLUHPDODMXVWDGR
0H]FODSREUH 'HVSXpVGHTXHPDUFXDQGRVHXVDHOIUHQDGR
&KRUURGHFRPEXVWLEOHREVWUXLGR GHOPRWRU
9iOYXODGHIORWDGRUGHIHFWXRVD 0H]FODSREUHHQFLUFXLWROHQWR
1LYHOGHIORWDFLyQGHPDVLDGREDMR 9iOYXOD$69GHIHFWXRVDYiOYXODGHOiPLQDV
/tQHDGHFRPEXVWLEOHUHVWULQJLGD 7XERREVWUXLGRGHOVLVWHPD$69
)XJDGHDLUHGHDGPLVLyQ 0DOIXQFLRQDPLHQWRGHOVLVWHPDGHHQFHQGLGR
9iOYXODGHODFHOHUDGRUGHIHFWXRVD
&RQWUDIXHJRVRIDOODVGXUDQWHODDFHOHUDFLyQ
0H]FODULFD 0DOIXQFLRQDPLHQWRGHOVLVWHPDGHHQFHQGLGR
3RVLFLyQDELHUWDGHODYiOYXODGHDUUDQTXH 0H]FODGHFRPEXVWLEOHGHPDVLDGRSREUH
9iOYXODGHIORWDGRUGHIHFWXRVD
1LYHOGHOIORWDGRUGHPDVLDGRDOWR %DMRUHQGLPLHQWRPDQHMDELOLGDG\EDMR
&KRUURVGHDLUHREVWUXLGRV FRQVXPRGHFRPEXVWLEOH
&DUEXUDGRULQXQGDGR 6LVWHPDGHFRPEXVWLEOHREVWUXLGR

(OHPHQWRILOWURGHDLUHREVWUXLGR 0DOIXQFLRQDPLHQWRGHOVLVWHPDGHHQFHQGLGR

6,67(0$'(&20%867,%/(
78%2$69
&$5&$6$),/752'($,5(
5(02&,Ð1
5HWLUHODFXELHUWDGHPRQWDMHGHDFFHVRULRVGHOODGRGHUHFKR

'HVFRQHFWHHOWXER$69\HOWXERGHYHQWLODFLyQGHOFiUWHUGH
ODFDUFDVDGHOILOWURGHDLUH
78%29(17,/$&,Ð1'(/&É57(5
3(5126&$5&$6$),/752'($,5(
$IORMHHOWRUQLOORGHODEDQGDGHDUUDQTXHTXHFRQHFWDHOILOWUR
GHDLUHGHODFDUFDVDGHOILOWURGHDLUH
5HWLUHORVSHUQRVGHODFDUFDVDGHOILOWURGHDLUHGHOODGR
GHUHFKR
7251,//2'(%$1'$
5HWLUH HO SHUQR GH OD FDUFDVD GHO ILOWUR GH DLUH GHO ODGR
L]TXLHUGR
3(512&$5&$6$'(/),/752'($,5(/$'2,=48,(5'2
'HVDORMHODFDUFDVDGHOILOWURGHDLUHGHOODGRGHUHFKR
&$5&$6$),/752'($,5(

6,67(0$'(&20%867,%/(
7251,//2'(%$1'$ 78%2$69
PP
,167$/$&,Ð1
127$
0LHQWUDVLQVWDODHOWRUQLOORGHEDQGDVLJDODGLUHFFLyQTXH
VHPXHVWUDDTXt

2

78%29(17,/$&,Ð1'(/&É57(5
9É/98/$'($55$148(
&$5%85$'25
5(02&,Ð1
5HWLUHHOVLOHQFLDGRUGHH[KRVWR$SiJLQD
5HWLUHHO$69SiJLQD
5HWLUHHOFDQLVWHUSiJLQD
$IORMHODWXHUFDGHEORTXHRGHODYiOYXODGHDUUDQTXH\UHWLUH
ODYiOYXODGHDUUDQTXHGHOFXHUSRGHOFDUEXUDGRU
78(5&$'(%/248(29É/98/$'($55$148(
9É/98/$'($55$148(
5HYLVH OD YiOYXOD GH DUUDQTXH SRU PDUFDV UDVJXxRV R
GHVJDVWH
5HYLVHHODVLHQWRHQODSXQWDGHODYiOYXODGHDUUDQTXHSRU
GHVJDVWHHVFDORQDGR
5HHPSODFHHOMXHJRGHYiOYXODVGHDUUDQTXHVLHVQHFHVDULR
&$%/('(/$55$148(
3DUDTXLWDUODYiOYXODGHDUUDQTXHFRPSULPDHOUHVRUWH\
VXHOWH HO FDEOH GHO DUUDQTXH \ HO UHVRUWH GH OD YiOYXOD GH
DUUDQTXH
9É/98/$'($55$148( 5(6257(

6,67(0$'(&20%867,%/(
'HVFRQHFWH HO FRQHFWRU GHO VHQVRU GHO DFHOHUDGRU 3 GHO

FDUEXUDGRU
&21(&7253736
5(621$'25
5HWLUHHOUHVRQDGRU
78(5&$'(%/248(2
$%5$=$'(5$ 7$0%25'(/$&(/(5$'25
'HVFRQHFWHHOWXER$69GHODDEUD]DGHUDGHOFDUEXUDGRU
$IORMH OD WXHUFD GH VHJXULGDG GHO FDEOH GHO DFHOHUDGRU \
GHVFRQHFWHHOH[WUHPRGHOFDEOHGHODFHOHUDGRUGHOWDPERU
GHODFHOHUDGRU
$'9(57(1&,$
/DJDVROLQDHVH[WUHPDGDPHQWHLQIODPDEOH\H[SORVLYD
EDMR FLHUWDV FRQGLFLRQHV 7UDEDMDU HQ XQ iUHD ELHQ
YHQWLODGD
)XPDURGHMDUOODPDVRFKLVSDVHQXQiUHDGHWUDEDMRR
GRQGH VH DOPDFHQD JDVROLQD SXHGH SURYRFDU XQ
LQFHQGLRRXQDH[SORVLyQ
78%2$69 (;75(02'(/&$%/(
7251,//2'(%$1'$ 7251,//2%$1'$$,6/$17(
$IORMHHOWRUQLOORGHODEDQGDDLVODQWH
$IORMHHOILOWURGHDLUHTXHFRQHFWDHOWRUQLOORGHODEDQGDGH
DUUDQTXH
$IORMH HO WRUQLOOR GH GUHQDMH \ GUHQH HO FRPEXVWLEOH GH OD
FiPDUDGHOIORWDGRUDXQUHFLSLHQWH
'UHQH FRPSOHWDPHQWH FXDOTXLHU FRPEXVWLEOH UHVLGXDO \
DSULHWHHOWRUQLOORGHGUHQDMH
'HVFRQHFWHHOWXERGHGUHQDMHGHOFDUEXUDGRU
78%2'('5(1$-( 7251,//2'('5(1$-(

6,67(0$'(&20%867,%/(
78%2'(9(17,/$&,Ð1
'HVFRQHFWH HO WXER GH YHQWLODFLyQ GH DLUH \ UHWLUH HO
FDUEXUDGRUGHODPRWRFLFOHWD

&$5%85$'25
(67$1&,$'(/&$%/(
'(6(16$0%/(
(67$1&,$&$%/('(/$&(/(5$'25
5HWLUHORVWRUQLOORV\HOFDEOHGHODFHOHUDGRU
7251,//26
7251,//26
5HWLUHORVWRUQLOORV\ODWDSDGHODFiPDUDGHYDFtR
127$
&RPRHOUHVRUWHGHFRPSUHVLyQHVODUJRSXHGHVDOWDUGHO
FDUEXUDGRUFXDQGRVHUHWLUDODFXELHUWD
7$3$&É0$5$'(9$&Ì2
',$)5$*0$3,67Ð1'(9$&Ì2
5HWLUH HO UHVRUWH GH FRPSUHVLyQ \ HO GLDIUDJPDSLVWyQ GH
YDFtRGHOFXHUSRGHOFDUEXUDGRU
35(&$8&,Ð1
1RPDQLSXODUHOUHVRUWH
5(6257('(&2035(6,Ð1

6,67(0$'(&20%867,%/(
*LUHHOSRUWDDJXMDHQVHQWLGRDQWLKRUDULR\UHWtUHOR
3257$$*8-$
3257$$*8-$ 5(6257( $5$1'(/$ $1,//2(
5HWLUHHOUHVRUWHODDUDQGHODHODQLOORHOHFWUyQLFRHOMHWGH
DJXMDFRQFXxDGHOSLVWyQGHYDFtR
35(&$8&,Ð1
7HQJDFXLGDGRGHQRGDxDUHOGLDIUDJPD
/LPSLHHOGLDIUDJPDFRQVROYHQWH
9HULILTXHORVLJXLHQWH
-HWGHDJXMDSRUGHVJDVWHHVFDORQDGR
3LVWyQGHYDFtRSRUGHVJDVWHRGDxRV
'LDIUDJPDSDUDDJXMHURVGHDOILOHUGHWHULRURRGDxRV
0XHOOHSRUGHVJDVWHRGDxRV
3RUWDDJXMDVSRUGDxRV 3,67Ð1'(9$&Ì2',$)5$*0$
5HHPSODFHODVSDUWHVGDxDGDVVLHVQHFHVDULR -(7'($*8-$ $1,//26+,0
&É0$5$'(/)/27$'25
)/27$'25
5HWLUHORVWRUQLOORVGHODFiPDUDGHOIORWDGRU
7251,//26
&É0$5$'(/)/27$'25
5HWLUHODFiPDUDGHOIORWDGRUFRQXQ2ULQJ
25,1*

6,67(0$'(&20%867,%/(
)/27$'25 7251,//23$6$'25
5HWLUHHOWRUQLOORSDVDGRUGHOIORWDGRU

3$6$'25'(/)/27$'25
6DTXHHOSDVDGRUGHOIORWDGRU
)/27$'25
)/27$'25 9É/98/$'(/)/27$'25
5HWLUHHOIORWDGRU\ODYiOYXODGHIORWDGRU
-(7/(172
-(76
5(02&,Ð1
5HWLUHORVLJXLHQWH
-HWOHQWRXVDQGRXQGHVWRUQLOODGRUHVSHFLDOGHFDEH]D
SODQDSDUDTXLWDUHOMHWOHQWR

6,67(0$'(&20%867,%/(
3257$$*8-$'(/-(7 -(735,1&,3$/
-HWSULQFLSDO
3RUWDDJXMDGHOMHW
-HWGHDJXMD
7RUQLOORSLORWR
$QWHVGHTXLWDUHOWRUQLOORSLORWRUHJLVWUHHOQ~PHURGHYXHOWDV
KDVWD TXH VH DVLHQWH OLJHUDPHQWH OXHJR UHWLUH HO WRUQLOOR
SLORWRHOUHVRUWHODDUDQGHOD\HO2ULQJ
127$
(OWRUQLOORSLORWRVHGDxDUiVLVHDSULHWDFRQIXHU]DFRQWUDHO
DVLHQWR
-(7'($*8-$ 7251,//23,/272
25,1*6 3257$$*8-$'(/-(7 -(7'($*8-$
5HYLVHFDGDMHWSRUGHVJDVWHRGDxRV -(7/(172
5HYLVHHOWRUQLOORSLORWRHOUHVRUWHODDUDQGHOD\HO2ULQJHQ
EXVFDGHGHVJDVWHRGDxRV
5HHPSODFHODVSDUWHVGDxDGDVVLHVQHFHVDULR
7251,//23,/272 5(6257( $5$1'(/$ -(735,1&,3$/
/,03,(=$'(/&$5%85$'25
$EUD HO SDVR GH FRPEXVWLEOH GHO ODGR GHO DVLHQWR GH OD
YiOYXODFRQDLUHFRPSULPLGR\OtPSLHOR
$6,(172'(/$9É/98/$
&8(532'(/&$5%85$'25
6RSOH FDGD SDVR GH DLUH \ FRPEXVWLEOH HQ HO FXHUSR GHO
FDUEXUDGRUFRQDLUHFRPSULPLGROLEUHGHKXPHGDG
5HYLVHFDGDSLH]DSRUGHVJDVWHRGDxRV\UHHPSOiFHORVVLHV
QHFHVDULR

6,67(0$'(&20%867,%/(
(16$0%/(
3257$$*8-$
5(6257( 3,67Ð1'(9$&Ì2'(',$)5$*0$
-(7'($*8-$

5(6257(
9É/98/$'($55$148(
7$3$&É0$5$ 6(1625326,&,Ð1'(/$&(/(5$'25
'(9$&Ì2
3257$$*8-$'(/-(7
5(6257(
-(7/(172
25,1*6 -(7'($*8-$ -(735,1&,3$/

7251,//23,/272 3$6$'25'(/)/27$'25
5(6257(
$5$1'(/$
)/27$'25
7251,//2723(
'(/$&(/(5$'25 25,1*
9É/98/$'(/
)/27$'25
&É0$5$'(/
)/27$'25

6,67(0$'(&20%867,%/(
25,1*6 3257$$*8-$'(/-(7 -(7'($*8-$
-(76 -(7/(172
,167$/$&,Ð1
,QVWDOHHOWRUQLOORSLORWRFRQHOUHVRUWHODDUDQGHODHO2ULQJ
\YXHOYDDFRORFDUORHQVXSRVLFLyQRULJLQDOFRPRVHLQGLFy
GXUDQWHODUHPRFLyQ
5HDOLFHHODMXVWHGHOWRUQLOORSLORWRVLHVWiLQVWDODGRXQQXHYR
WRUQLOORSLORWRSiJLQD
127$
(OWRUQLOORSLORWRVHGDxDUiVLHOWRUQLOORVHDSULHWDFRQWUDHO
DVLHQWR
7251,//23,/272 5(6257( $5$1'(/$ -(735,1&,3$/
,QVWDOHORVLJXLHQWH
-HWOHQWR
-HWGHDJXMD
-HWSULQFLSDO
3RUWDDJXMDGHOMHW
127$
0DQHMHORVMHWVFRQFXLGDGRVHSXHGHQPDUFDURUD\DU
IiFLOPHQWH
&8(532'(/&$5%85$'25
)/27$'25
9HULILTXH OD SXQWD GH OD YiOYXOD GH IORWDGRU GRQGH KDFH
FRQWDFWRFRQHODVLHQWRGHODYiOYXODSDUDGHWHFWDUGHVJDVWH
RFRQWDPLQDFLyQHVFDORQDGD
5HHPSODFH OD YiOYXOD VL OD SXQWD HVWi GHVJDVWDGD R
FRQWDPLQDGD
,QVSHFFLRQHHODVLHQWRGHODYiOYXODGHOIORWDGRUHQEXVFDGH
PDUFDVUDVJXxRVREVWUXFFLRQHV\GDxRV
9HULILTXHHOIXQFLRQDPLHQWRGHODYiOYXODGHIORWDGRU
6L HO DVLHQWR HVWi GDxDGR UHHPSODFH HO FXHUSR GHO
FDUEXUDGRU
$6,(172'(/$9É/98/$
,QVWDOHODYiOYXODGHIORWDGRUHQHOIORWDGRUHLQVWiOHODHQHO )/27$'25 9É/98/$'(/)/27$'25
FXHUSRGHOFDUEXUDGRU

6,67(0$'(&20%867,%/(
3$6$'25'(/)/27$'25 7251,//2
,QVWDOH HO SDVDGRU GHO IORWDGRU D WUDYpV GHO FXHUSR \ HO
IORWDGRU
,QVWDOHHOWRUQLOORGHOSDVDGRUGHOIORWDGRU

)/27$'25
&RQODYiOYXODGHOIORWDGRUDVHQWDGD\HOEUD]RGHOIORWDGRU
WRFDQGR OD YiOYXOD PLGD HO QLYHO GHO IORWDGRU FRQ OD
KHUUDPLHQWDHVSHFLDOFRPRVHPXHVWUD
1,9(/'(/)/27$'25PP
0(','251,9(/'(/)/27$'25
(OIORWDGRUQRVHSXHGHDMXVWDU
5HHPSODFHHOFRQMXQWRGHOIORWDGRUVLHOQLYHOGHOIORWDGRU
HVWiIXHUDGHHVSHFLILFDFLyQRVLHVWiSHUIRUDGR
0(','251,9(/'(/)/27$'25
25,1*
,QVWDOH XQ QXHYR 2ULQJ HQ OD UDQXUD GH OD FiPDUD GHO
IORWDGRU
,QVWDOHODFiPDUDGHOIORWDGRU
&É0$5$'(/)/27$'25
&É0$5$'(/)/27$'25
,QVWDOH \ DSULHWH ORV WRUQLOORV GH OD FiPDUD GHO IORWDGRU DO
WRUTXHHVSHFLILFDGR
72548(
7251,//26&É0$5$'(/)/27$'25NJIP
7251,//26

6,67(0$'(&20%867,%/(
3257$$*8-$ 5(6257( $5$1'(/$ $1,//2(
&É0$5$'(9$&Ì2
,QVWDOHHOMHWGHDJXMDFRQDQLOORFXxDDUDQGHOD\HODQLOOR(
HQHOSLVWyQGHYDFtRGLDIUDJPD
,QVWDOHHOUHVRUWHHQHOSRUWDDJXMD\FRORTXHHOSRUWDDJXMD
HQHOSLVWyQGHYDFtR
-(7'($*8-$ $1,//2&8f$

3,67Ð1'(9$&Ì2',$)5$*0$
3,67Ð1'(9$&Ì2',$)5$*0$
*LUHHOSRUWDDJXMDHQVHQWLGRKRUDULRPLHQWUDVORSUHVLRQD
KDVWDTXHVHEORTXHH
/DV EULGDV GHO VRSRUWH \ ODV UDQXUDV GHO SLVWyQ GHEHQ
LQVWDODUVHGHVSXpVGHJLUDU
$/,1($5 3257$$*8-$
3(67$f$ 5(6257('(&2035(6,Ð1
,QVWDOH HO SLVWyQ GH YDFtRGLDIUDJPD HQ HO FXHUSR GHO
FDUEXUDGRU DOLQHDQGR OD SHVWDxD GHO GLDIUDJPD FRQ OD
UDQXUDGHOFXHUSRGHOFDUEXUDGRU
/HYDQWHODSDUWHLQIHULRUGHOSLVWyQFRQHOGHGRSDUDFRORFDU
OD FRVWLOOD GHO GLDIUDJPD HQ OD UDQXUD GHO FXHUSR GHO
FDUEXUDGRU
,QVWDOHHOUHVRUWHGHFRPSUHVLyQ\ODWDSDGHODFiPDUDGH
YDFtRPLHQWUDVOHYDQWDHOSLVWyQHQVXOXJDU
,QVWDOHORVWRUQLOORV\ODWDSDGHODFiPDUDGHYDFtRDQWHVGH
VROWDUHOSLVWyQGHYDFtR
3,67Ð1'(9$&Ì2',$)5$*0$
$1,//2'(&2035(6,Ð1
127$
7HQJDFXLGDGRGHQRGDxDUHOMHWGHDJXMD
7HQJDFXLGDGRGHQRSHOOL]FDUHOGLDIUDJPDGHEDMRGHOD
WDSD GH OD FiPDUD \ GH PDQWHQHU HO UHVRUWH UHFWR DO
FRPSULPLUOR
9HULILTXHHOUHVRUWHLQVWDODGRFRUUHFWDPHQWHSUHVLRQDQGROD
SDUWHLQIHULRUGHOSLVWyQFRQVXGHGR\DVHJ~UHVHGHTXHHO
SLVWyQYXHOYDDVXOXJDUVXDYHPHQWH
3,67Ð1'(9$&Ì2

6,67(0$'(&20%867,%/(
7251,//26
$SUHWDUORVWRUQLOORV
72548(
7251,//267$3$&É0$5$'(9$&Ì2NJIP

7$3$&É0$5$'(9$&Ì2
(67$1&,$&$%/('(/$&(/(5$'25
(67$1&,$&$%/('(/$&(/(5$'25
,QVWDOHORVWRUQLOORV\HOFDEOHGHODFHOHUDGRU
$SUHWDUORVWRUQLOORV
7251,//26
78%29(17,/$&,Ð1'($,5(
9É/98/$'($55$148(
&$5%85$'25
,167$/$&,Ð1
&RQHFWHHOWXERGHYHQWLODFLyQGHDLUH
,QVWDOH HO FDUEXUDGRU HQ OD PDQJXHUD GH FRQH[LyQ \ HO 7251,//2'(%$1'$ 7251,//2%$1'$'(/$,6/$'25
DLVODQWH PP
$OLQHDQGR OD OHQJHWD HQ HO DLVODGRU FRQ HO RULILFLR HQ HO
WRUQLOOR GH OD EDQGD DSULHWH HO WRUQLOOR GH OD EDQGD GHO
DLVODGRUSDUDTXHHOHVSDFLROLEUHGHODEDQGDVHDGH
PP
127$
0LHQWUDVLQVWDODHOWRUQLOORGHEDQGDVLJDODGLUHFFLyQTXH
2
VHPXHVWUDDTXt
$SULHWHHOILOWURGHDLUHTXHFRQHFWDHOWRUQLOORGHODEDQGDGH
DUUDQTXH
$SULHWHHOWRUQLOORGHODEDQGDDLVODQWH
&RQHFWHHOWXERGHGUHQDMHDOFDUEXUDGRU 78%2'('5(1$-(

6,67(0$'(&20%867,%/(
$%5$=$'(5$ 7$0%25 78(5&$'(%/248(2
&RQHFWHHOH[WUHPRGHOFDEOHGHODFHOHUDGRUDOWDPERUGHO
DFHOHUDGRU\DSULHWHODWXHUFDGHEORTXHR
&RQHFWHHOWXER$69DOFDUEXUDGRU
9HULILTXHHOIXQFLRQDPLHQWRGHODFHOHUDGRUSiJLQD
78%2$69 (;75(02&$%/('(/$&(/(5$'25
5(621$'25
,QVWDOHHOUHVRQDGRU

&RQHFWH HO FRQHFWRU GHO VHQVRU GHO DFHOHUDGRU 3 DO
FDUEXUDGRU
&21(&7253736
&$%/('(/$55$148(
5HYLVH OD YiOYXOD GH DUUDQTXH SRU PDUFDV UDVJXxRV R
GHVJDVWH
5HYLVHHODVLHQWRHQODSXQWDGHODYiOYXODGHODUUDQTXHSRU
GHVJDVWHHVFDORQDGR
5HHPSODFHHOMXHJRGHYiOYXODVGHODUUDQTXHVLHVQHFHVDULR
,QVWDOHODYiOYXODGHDUUDQTXHHQHOFDEOHGHDUUDQTXH
9É/98/$'($55$148( 5(6257(

6,67(0$'(&20%867,%/(
9É/98/$'($55$148(
,QVWDOHODYiOYXODGHDUUDQTXHHQHOFXHUSRGHOFDUEXUDGRU
$SULHWHODWXHUFDGHEORTXHRGHODYiOYXODGHDUUDQTXH
72548(
78(5&$'(%/248(29É/98/$'($55$148(
NJIP
'HVSXpVGHODLQVWDODFLyQYHULILTXHHOEXHQIXQFLRQDPLHQWR

GHODSDODQFDGHODUUDQTXHSiJLQD
127$
0DQHMHODWXHUFDGHEORTXHRGHODYiOYXOD%\VWDUWHUFRQ
FXLGDGRSXHGHGDxDUVHIiFLOPHQWH
,QVWDOHHOFDQLVWHUSiJLQD
,QVWDOHHO$69SiJLQD
,QVWDOHHOVLOHQFLDGRUGHH[KRVWR$SiJLQD
,QVWDOHODVFXELHUWDVODWHUDOHVSiJLQD
127$
'HVSXpVGHODLQVWDODFLyQJLUHODYiOYXODGHFRPEXVWLEOHD
ODSRVLFLyQ21\DVHJ~UHVHGHTXHQRKD\DIXJDVGH
FRPEXVWLEOH
78(5&$'(%/248(29É/98/$'($55$148(
$-867(7251,//23,/272
127$ 7251,//23,/272
(OWRUQLOORSLORWRHVWiSUHHVWDEOHFLGRGHIiEULFD(ODMXVWHQR
HV QHFHVDULR D PHQRV TXH VH UHYLVH HO FDUEXUDGRU R VH
LQVWDOHXQQXHYRWRUQLOORGHDLUH
*LUHHOWRUQLOORSLORWRHQVHQWLGRKRUDULRKDVWDTXHVHDVLHQWH
OLJHUDPHQWH\OXHJRJtUHORVHJ~QODVHVSHFLILFDFLRQHV
35(&$8&,Ð1
6HGDxDUiHODVLHQWRGHOWRUQLOORSLORWRVLVHDSULHWDFRQ
IXHU]D
$3(5785$,1,&,$/7251,//23,/272JLURV
&DOLHQWHHOPRWRUDODWHPSHUDWXUDGHIXQFLRQDPLHQWR
QRUPDOD&
3DUHHOPRWRU\FRQHFWHHOWDFyPHWUR 7251,//2723('(/$&(/(5$'25
$UUDQTXHHOPRWRU\DMXVWHODYHORFLGDGHQQHXWURFRQHO
WRUQLOORWRSHGHODFHOHUDGRU
9(/2&,'$'(11(8752USP
*LUH HO WRUQLOOR SLORWR KDFLD DGHQWUR R KDFLD DIXHUD
OHQWDPHQWHSDUDREWHQHUODPD\RUYHORFLGDGGHOPRWRU
5HDMXVWHODYHORFLGDGGHUDOHQWtDOYDORUHVSHFLILFDGRFRQ
ODD\XGDGHOWRUQLOORGHWRSHGHODFHOHUDGRU
$VHJ~UHVHGHTXHHOPRWRUQRIDOODRIXQFLRQDGHPDQHUD
HUUiWLFD5HSLWDORVSDVRV\KDVWDTXHODYHORFLGDG
GHOPRWRUDXPHQWHVXDYHPHQWH
5HDMXVWHODYHORFLGDGGHUDOHQWtFRQHOWRUQLOORGHWRSHGHO
DFHOHUDGRU

6,67(0$'(&20%867,%/(
&/,36 0$1*8(5$6 78(5&$6
&$1,67(59É/98/$'(385*$
5(02&,Ð1
'HVFRQHFWHODVPDQJXHUDVTXLWDQGRORVFOLSV
5HWLUHODYiOYXODGHSXUJD
5HWLUHODVWXHUFDVGHOVRSRUWHGHPRQWDMHGHOFDQLVWHU
5HWLUHHOFDQLVWHUWLUDQGRGHOVRSRUWHGHPRQWDMH
9É/98/$'(385*$ 0$1*8(5$6 &$1,67(5
,163(&&,Ð1
,QVSHFFLRQHODVPDQJXHUDVHQEXVFDGHGHWHULRURGDxRVR
FRQH[LRQHVIORMDV\HOFDQLVWHUHQEXVFDGHJULHWDVXRWURV
GDxRV
9HULILTXH HO SHVR GHO FDQLVWHU GHVSXpV GH FRUUHU OD
PRWRFLFOHWDSRUFLHUWRVNPHOSHVRGHEHUHGXFLUVHDDOJXQRV
JUDPRV
9HULILTXH HO SHVR GHO FDQLVWHU GHVSXpV GH HVWDFLRQDU OD
PRWRFLFOHWD HQ XQ FDOXURVR GtD GH YHUDQR HO SHVR GHEH
DXPHQWDUVHDDOJXQRVJUDPRV
,167$/$&,Ð1
&/,36 9É/98/$'(,19(56,Ð1
9É/98/$'(,19(56,Ð1
5(02&,Ð1
5HWLUHODYiOYXODGHLQYHUVLyQGHVXHVWDQFLD
,167$/$&,Ð1
0$1*8(5$6

6,67(0$'(&20%867,%/(
0$1*8(5$6
9É/98/$'(81$9Ì$
5(02&,Ð1
5HWLUHODYiOYXODGHXQDYtDGHOVRSRUWH
,167$/$&,Ð1

9É/98/$'(81$9Ì$ &/,36
9É/98/$'(385*$
,163(&&,Ð1
$9É/98/$'(385*$
6RSOHDLUHGHXQODGR\REVHUYHVLVDOHDLUHGHORWURH[WUHPRR
QR(ODLUHGHEHSDVDUHQHVWDFRQGLFLyQ
$LUH
9É/98/$'(385*$
,QWHQWHORPLVPRGHVGHHORWURODGRWDPELpQHQHVWHFDVRHO
DLUHQRGHEHSDVDU
,167$/$&,Ð1
6LQDLUH

6,67(0$'(&20%867,%/(
9É/98/$'(,19(56,Ð1
%9É/98/$'(,19(56,Ð1
6RSOHDLUHGHXQODGRHQSRVLFLyQYHUWLFDO\REVHUYHVLVDOH
DLUH GHO RWUR H[WUHPR R QR (O DLUH GHEH SDVDU HQ HVWD
FRQGLFLyQ
$LUH
9É/98/$'(,19(56,Ð1
,QWHQWHORPLVPRJLUDQGRODYiOYXODGHLQYHUVLyQHQHO
DLUHQRGHEHSDVDU
,167$/$&,Ð1
6LQDLUH
9É/98/$'(81$9Ì$
9É/98/$'(81$9Ì$
6RSOHDLUHGHXQODGR\REVHUYHVLVDOHDLUHGHORWURH[WUHPRR
QR(ODLUHGHEHSDVDUHQHVWDFRQGLFLyQ
$LUH

6,67(0$'(&20%867,%/(
9É/98/$'(81$9Ì$
,QWHQWHORPLVPRGHVGHHORWURODGRWDPELpQHQHVWHFDVRHO
DLUHQRGHEHSDVDU
,167$/$&,Ð1
6,67(0$ 680,1,6752 '( $,5(

6(&81'$5,2 6LQDLUH
,163(&&,Ð1
&DOLHQWH HO PRWRU D OD WHPSHUDWXUD GH IXQFLRQDPLHQWR
QRUPDOD&
'HVFRQHFWHODPDQJXHUDGHVXFFLyQGHDLUHGHODFDUFDVDGHO
ILOWURGHDLUH 0$1*8(5$68&&,Ð1'($,5(
9HULILTXHTXHHOSXHUWRGHODPDQJXHUDGHVXFFLyQGHDLUH
HVWpOLPSLR\VLQGHSyVLWRVGHFDUERQR 78%2'(9$&Ì2
6LHOSXHUWRHVWiVXFLRGHFDUEyQYHULILTXHODYiOYXODGHOD %20%$
VHFFLyQGHDLUH '(9$&Ì2
'HVFRQHFWHODPDQJXHUDGHVXFFLyQGHDLUHGHODFiPDUDGH
DLUH
/XHJR YHULILTXH TXH OD PDQJXHUD GH VXFFLyQ GH DLUH HVWp
OLPSLD\OLEUHGHGHSyVLWRVGHFDUERQR'HVFRQHFWHHOWXER
GHYDFtRGHODYiOYXODGHODVHFFLyQGHDLUHOXHJRFRQHFWHOD
ERPEDGHYDFtR\WDSHHOSXHUWRGHYDFtR
,QVWDOHWHPSRUDOPHQWHHOWDQTXHGHFRPEXVWLEOHSiJLQD

$UUDQTXH HO PRWRU \ DEUD HO DFHOHUDGRU OLJHUDPHQWH SDUD
DVHJXUDUVH GH TXH HO DLUH VHD DVSLUDGR D WUDYpV GH OD
PDQJXHUDGHVXFFLyQGHDLUH
6LHODLUHQRVHDVSLUDFRPSUXHEHODPDQJXHUDGHDVSLUDFLyQ
GHDLUHHVWiREVWUXLGR 7$3Ð1
&RQ HO PRWRU HQ PDUFKD DSOLTXH JUDGXDOPHQWH YDFtR DO
WXERGHYDFtRGHODYiOYXODODVHFFLyQGHDLUH
9HULILTXH TXH ODV PDQJXHUDV GH VXFFLyQ GH DLUH GHMHQ GH $,5()5(6&2
H[WUDHUDLUH\TXHODDVSLUDGRUDQRVDQJUD 9$&Ì2
*$6'((;+2672
9$&Ì2(63(&,),&$'2NSDPPKJ
6LHQWUDDLUHRVLQRVHPDQWLHQHHOYDFtRHVSHFLILFDGRLQVWDOH
XQDQXHYDYiOYXODGHVXFFLyQGHDLUH
78%2$69 3(5126 $69
9É/98/$68&&,Ð1'($,5(
5(02&,Ð1,167$/$&,Ð1
'HVFRQHFWHHOWXER$69GHO$69
'HVFRQHFWHHOWXERGHYDFtR$69\ODPDQJXHUDGHVXPLQLVWUR
GHDLUH
5HWLUHHOWXERGH$69
5HWLUHORVSHUQRVODVWXHUFDV\VHSDUHODYiOYXODGHVXFFLyQGH
DLUHGHOPDUFR
0$1*8(5$680,1,6752'($,5( 78%2'(9$&Ì2

6,67(0$'(&20%867,%/(
&8%,(57$
,163(&&,Ð1
5HWLUHORVWRUQLOORV\ODYiOYXODGHOiPLQD$69
&RPSUXHEH OD YiOYXOD GH OiPLQDV SRU IDWLJD R GDxRV
UHHPSODFHODYiOYXODGHVXFFLyQGHDLUHVLHVQHFHVDULR
5HHPSODFH OD YiOYXOD GH VXFFLyQ GH DLUH VL HO FDXFKR GHO
DVLHQWR HVWi DJULHWDGR GHWHULRUDGR R GDxDGR R VL KD\
HVSDFLRHQWUHODOiPLQD\HODVLHQWR
,QVWDOODWLRQLVLQWKHUHYHUVHRUGHURIUHPRYDO
7251,//26 9É/98/$'(/É0,1$
9É/98/$'(&20%867,%/(
),/752'(&20%867,%/(
'UHQH HO FRPEXVWLEOH GHO WDQTXH GH FRPEXVWLEOH HQ HO
UHFLSLHQWHDGHFXDGR
&23$'(),/752
78(5&$'(%/248(2
$IORMHODWXHUFDGHEORTXHRGHODYiOYXODGHFRPEXVWLEOH
9É/98/$'(&20%867,%/(
5HWLUHHOILOWURGHFRPEXVWLEOH\HOFRQMXQWRGHODYiOYXODGH
FRPEXVWLEOHGHOWDQTXHGHFRPEXVWLEOH
5HWLUHHOILOWURGHFRPEXVWLEOH\HO2ULQJGHODYiOYXODGH
FRPEXVWLEOH
25,1* ),/752'(&20%867,%/(

6,67(0$'(&20%867,%/(
),/752'(&20%867,%/(
/,03,(=$
/LPSLHHOILOWURGHFRPEXVWLEOHFRQDLUHFRPSULPLGR

9É/98/$'(&20%867,%/(
,167$/$&,Ð1
,QVWDOHHO2ULQJHQHOILOWURGHFRPEXVWLEOHHLQVWDOHHOILOWUR
GHFRPEXVWLEOHHQODYiOYXODGHFRPEXVWLEOH
,QVWDOHHOILOWURGHFRPEXVWLEOH\HOFRQMXQWRGHODYiOYXODGH
FRPEXVWLEOHHQHOWDQTXHGHFRPEXVWLEOH
25,1* ),/752'(&20%867,%/(
78(5&$'(%/248(2
$SULHWHODWXHUFDGHEORTXHRGHODYiOYXODGHFRPEXVWLEOH

0(025$1'2
5(02&,Ð1,167$/$&,Ð1'(/02725
8%,&$&,Ð1'(/$63$57(6

5(02&,Ð1,167$/$&,Ð1'(/02725
8ELFDFLyQGHODVSDUWHV
9DORUHVGHWRUTXH
,QIRUPDFLyQGHOVHUYLFLR 5HPRFLyQGHOPRWRU
(VSHFLÀFDFLRQHV ,QVWDODFLyQGHOPRWRU
,1)250$&,Ð1'(/6(59,&,2
*(1(5$/
6HUHTXLHUHXQJDWRGHSLVRXRWURVRSRUWHDMXVWDEOHSDUDVRVWHQHUHOPRWRU
/RVVLJXLHQWHVFRPSRQHQWHVUHTXLHUHQODUHPRFLyQGHOPRWRUSDUDHOVHUYLFLR
&LJHxDO7UDQVPLVLyQ

/RVVLJXLHQWHVFRPSRQHQWHVVHSXHGHQUHSDUDUFRQHOPRWRULQVWDODGRHQHOPDUFR
&DEH]DGHFLOLQGUR¬
3LVWyQGHOFLOLQGUR
$OWHUQDGRU(PEUDJXHGHDUUDQTXH¬
0RWRUGHDUUDQTXHHOpFWULFR¬
(PEUDJXH
)LOWURGHDFHLWH¬
5RWRUGHILOWURGHDFHLWH¬
%RPEDGHDFHLWH¬
&DMDGHFDPELRV
$OLQVWDODUHOPRWRUDVHJ~UHVHGHDSUHWDUORVVXMHWDGRUHVGHPRQWDMHGHOPRWRUDOWRUTXHHVSHFLILFDGR
(63(&,),&$&,21(6
5(02&,Ð1,167$/$&,Ð1'(/02725
,7(0 (63(&,),&$&,21(6
$OGUHQDU PO

$OGHVHQVDPEODU PO
9$/25(6'(72548(
78(5&$6863(16,Ð1'(/$17(5$'(/02725 NJIP
78(5&$6863(16,Ð175$6(5$'(/02725 NJIP
3(51263/$&$'(),-$&,Ð1
NJIP

5(02&,Ð1,167$/$&,Ð1'(/02725
02725
5(02&,Ð1
'UHQHHODFHLWHGHOPRWRUSiJLQD
'HVFRQHFWHORVLJXLHQWH
3LWRSiJLQD
&DEOHGHOHPEUDJXHSiJLQD
7DSDVXSUHVRUGHUXLGRSiJLQD
0DQJXHUDGHVXPLQLVWURGHDLUH$69\WXERGHYDFtR
SiJLQD
&21(&725(6
&RQHFWRUGHODOWHUQDGRU
&RQHFWRUGHFDEOHGHOJHQHUDGRUGHLPSXOVRVGH &$%/(7,(55$'(/02725
HQFHQGLGR
5HWLUHORVLJXLHQWH
3URWHFWRUGHSLHUQDVSiJLQD
7DQTXHGHFRPEXVWLEOHSiJLQD
6LOHQFLDGRUGHH[KRVWR$SiJLQD
&DUEXUDGRUSiJLQD
78(5&$(-(75$6(52
'HVFRQHFWHHOWXERGHYHQWLODFLyQGHOFiUWHU\HOFDEOHGH
WLHUUDGHOPRWRU
'HVFRQHFWH HO FDEOH GHO PRWRU GH DUUDQTXH \ HO FDEOH GH
WLHUUDGHODEDWHUtDHQHOPRWRUGHDUUDQTXHSiJLQD
5HWLUHODFXELHUWDGHOFRQMXQWRGHOVRSRUWHGHOVRSRUWHODWHUDO
GHUHFKRSiJLQD
3/$&$,1',&$'25$ 78(5&$'(%/248(2
$IORMHODSODFDLQGLFDGRUDODVWXHUFDVGHDMXVWH\ODVWXHUFDV
GHDMXVWHGHODFDGHQDGHWUDQVPLVLyQODWHUDO
(PSXMH OD UXHGD WUDVHUD KDFLD DGHODQWH \ DIORMH
FRPSOHWDPHQWHODFDGHQDGHWUDQVPLVLyQ
78(5&$'($-867(

5(02&,Ð1,167$/$&,Ð1'(/02725
3('$/'(&$0%,26 3(5126&8%,(57$'(/&É57(5
5HWLUHHOSHUQRGHDSULHWH\HOSHGDOGHFDPELRV
5HWLUH ORV GRV SHUQRV GH OD FXELHUWD SRVWHULRU GHO FiUWHU
L]TXLHUGR\ODFXELHUWDSRVWHULRUGHOFiUWHUL]TXLHUGR
3(512 &8%,(57$75$6(5$
&$%/(,17(55837251(8752623257(/$7(5$/
'HVFRQHFWHHOFRQHFWRUGHOFDEOHGHOLQWHUUXSWRUQHXWUR
5HWLUHHOFDEOHGHOLQWHUUXSWRUGHOVRSRUWHQHXWURODWHUDOGHODV
UDQXUDV
&21(&725&$%/(,17(55837251(8752
3(5126 &$'(1$'(75$160,6,Ð1
5HWLUHORVSHUQRVGHODSODFDGHILMDFLyQODSODFDGHILMDFLyQ\
HOSLxyQFRQGXFLGRFRQODFDGHQD
3/$&$'(),-$&,Ð1 3,fÐ1&21'8&,'2
&8%,(57$'(/623257((675,%2'(3$62
$IORMHODWXHUFDGHOHMHGHOEUD]RRVFLODQWHSiJLQD
5HWLUHHOSHUQRGHOFRQMXQWRGHOVRSRUWHGHOHVWULERGHSDVR
GHO ODGR L]TXLHUGR \ GHVOLFH OD FXELHUWD GHO FRQMXQWR GHO
VRSRUWHGHOHVWULERGHSDVRGHOODGRL]TXLHUGRKDFLDODSDUWH
SRVWHULRU
3(512

5(02&,Ð1,167$/$&,Ð1'(/02725
3/$&$6863(16,Ð1 3(512678(5&$6'(0217$-(
$SR\HHOPRWRUXWLOL]DQGRXQJDWRXRWURVRSRUWHDMXVWDEOH
SDUD IDFLOLWDU OD UHPRFLyQ GH ORV SHUQRV GH PRQWDMH GHO
PRWRU
5HWLUHORVSHUQRVWXHUFDVGHPRQWDMHGHOPRWRUGHODQWHUR
5HWLUHODSODFDGHVXVSHQVLyQGHOPRWRU
5HWLUHORVSHUQRVWXHUFDVGHPRQWDMHGHOPRWRUWUDVHUR
5HWLUHHOPRWRUGHOPDUFR
127$
'XUDQWHODUHPRFLyQGHOPRWRUVXMHWHHOPRWRUGHIRUPD
VHJXUD\WHQJDFXLGDGRGHQRGDxDUHOPDUFR\HOPRWRU
3(512678(5&$60217$-('(/02725'(/$17(52
3/$&$6863(16,Ð1 3(512678(5&$6'(0217$-(
02725
,167$/$&,Ð1
127$
7HQJD HQ FXHQWD OD GLUHFFLyQ GH ORV SHUQRV GH
VXVSHQVLyQGHOPRWRU
&RORTXHHOJDWRXRWURVRSRUWHDMXVWDEOHGHEDMRGHO
PRWRU
/DDOWXUDGHOJDWRGHEHDMXVWDUVHFRQWLQXDPHQWHSDUD
DOLYLDUWHQVLyQSDUDXQDIiFLOLQVWDODFLyQGHSHUQRV
'XUDQWHODLQVWDODFLyQGHOPRWRUVRVWHQJDHOPRWRUGH
PDQHUDVHJXUD\WHQJDFXLGDGRGHQRGDxDUHOPDUFR\
HOPRWRU
3(512678(5&$60217$-('(/02725'(/$17(52
35(&$8&,Ð1
$OLQHHFXLGDGRVDPHQWHORVSXQWRVGHPRQWDMHFRQHOJDWR
SDUDHYLWDUGDxRVDOPRWRUHOPDUFRORVFDEOHV\DODPEUHV
&RORTXHHOPRWRUHQHOPDUFR
,QVWDOHORVSHUQRVWXHUFDVGHPRQWDMHGHOPRWRUWUDVHURSHUR
QRORVDSULHWHFRPSOHWDPHQWH
,QVWDOHODSODFDGHVXVSHQVLyQGHOPRWRUHQHOPRWRUHLQVWDOH
ORVSHUQRVWXHUFDVGHPRQWDMHGHOPRWRUGHODQWHUR
$SULHWHODVWXHUFDVGHPRQWDMHGHOPRWRUGHODQWHUR\WUDVHUR
DOWRUTXHHVSHFLILFDGR
72548(
78(5&$6863(16,Ð1'(/$17(5$'(/02725
NJIP
78(5&$6863(16,Ð175$6(5$'(/02725
&8%,(57$'(/623257((675,%2'(3$62
NJIP
,QVWDOH OD FXELHUWD GHO FRQMXQWR GHO VRSRUWH GHO HVWULER GH
SDVRGHOODGRL]TXLHUGR\DSULHWHHOSHUQR
$SULHWH OD WXHUFD GHO HMH GHO EUD]R RVFLODQWH DO WRUTXH
HVSHFLILFDGRSiJLQD
3(512

5(02&,Ð1,167$/$&,Ð1'(/02725
3(5126 &$'(1$'(75$160,6,Ð1
,QVWDOHORVSHUQRVGHODSODFDGHILMDFLyQODSODFDGHILMDFLyQ\
HO SLxyQ FRQGXFLGR GH WUDQVPLVLyQ FRQ OD FDGHQD GH
WUDQVPLVLyQ
72548(
3(51263/$&$'(),-$&,Ð1NJIP
3/$&$'(),-$&,Ð1 3,fÐ1&21'8&,'2
&$%/(,17(55837251(8752623257(/$7(5$/
3DVH HO FDEOH GHO LQWHUUXSWRU QHXWURVRSRUWH ODWHUDO
FRUUHFWDPHQWH HQ ODV UDQXUDV GH OD FXELHUWD L]TXLHUGD GHO
FiUWHU
&RQHFWHHOFRQHFWRUGHOFDEOHGHOLQWHUUXSWRUQHXWUR
&21(&725&$%/(,17(55837251(8752
3(5126&8%,(57$'(/&É57(5 3('$/'(&$0%,26
,QVWDOHODFXELHUWDSRVWHULRUGHOFiUWHUL]TXLHUGR\ORVSHUQRV
GHODFXELHUWDSRVWHULRUGHOFiUWHUL]TXLHUGR
,QVWDOHHOSHGDOGHFDPELRV
,QVWDOH\DSULHWHHOSHUQR
,QVSHFFLRQH\DMXVWHODKROJXUDGHODFDGHQDGHWUDQVPLVLyQ
SiJLQD
&8%,(57$75$6(5$ 3(512
&$%/(7,(55$'(/02725
&RQHFWHHOFDEOHGHOPRWRUGHDUUDQTXH\HOFDEOHGHWLHUUDGH
ODEDWHUtDDOPRWRUGHDUUDQTXHSiJLQD
&RQHFWHHOWXERGHYHQWLODFLyQGHOFiUWHU\HOFDEOHWLHUUDGHO
PRWRU

5(02&,Ð1,167$/$&,Ð1'(/02725
,QVWDOHORVLJXLHQWH
&DUEXUDGRUSiJLQD
6LOHQFLDGRUGHH[KRVWR$SiJLQD
7DQTXHGHFRPEXVWLEOHSiJLQD
3URWHFWRUGHSLHUQDVSiJLQD
&RQHFWHORVLJXLHQWH
&RQHFWRU GHO FDEOH GHO JHQHUDGRU GH LPSXOVRV GH
HQFHQGLGR
&RQHFWRUGHODOWHUQDGRU
0DQJXHUD GH VXPLQLVWUR GH DLUH $69 \ WXER GH YDFtR
SiJLQD
&21(&725(6
7DSDVXSUHVRUGHUXLGRSiJLQD
&DEOHGHHPEUDJXHSiJLQD

3LWRSiJLQD
/OHQHHOFiUWHUFRQHODFHLWHGHPRWRUUHFRPHQGDGRKDVWDHO
QLYHODGHFXDGRSiJLQD

0(025$1'2

&</,1'(5+($'9$/9(6
6<67(0',$*5$0

0R2,/
0R2,/
0R2,/

&</,1'(5+($'9$/9(6
6\VWHP'LDJUDP &\OLQGHU+HDG5HPRYDO

6HUYLFH,QIRUPDWLRQ &DPVKDIW+ROGHU'LVDVVHPEO\
6SHFLILFDWLRQV &DPVKDIW+ROGHU$VVHPEO\
7RUTXH9DOXHV6SHFLDO7RROV &\OLQGHU+HDG'LVDVVHPEO\
7URXEOHVKRRWLQJ 9DOYH*XLGH5HSODFHPHQW
&\OLQGHU&RPSUHVVLRQ &\OLQGHU+HDG,QVWDOODWLRQ
&\OLQGHU+HDG&RYHU
6(59,&(,1)250$7,21
*(1(5$/
/iÊVÞìÀÊi>`ÊV>ÊLiÊÃiÀÛVi`ÊÜÌÊÌiÊi}iÊÃÌ>i`ÊÊÌiÊv>i°°
/iÊV>Ã>vÌÊV>ÊLiÊÃiÀÛVi`ÊÜÌÊÌiÊi}iÊÃÌ>i`ÊÊÌiÊv>i°
iÊV>ÀivÕÊÌÊÌÊ`>>}iÊÌiÊ>Ì}ÊÃÕÀv>ViÃÊÜiÊÀiÛ}ÊÌiÊVÞìÀÊi>`ÊVÛiÀÊ>`ÊVÞìÀÊi>`°
7iÊ`Ã>ÃÃiL}]Ê>ÀÊ>`ÊÃÌÀiÊÌiÊ`Ã>ÃÃiLi`Ê«>ÀÌÃÊÌÊiÃÕÀiÊÌ>ÌÊÌiÞÊ>ÀiÊÀiÃÌ>i`ÊÊÌiÀÊÀ}>ÊV>ÌÃ°

i>Ê>Ê`Ã>ÃÃiLi`Ê«>ÀÌÃÊÜÌÊVi>ÊÃÛiÌÊ>`Ê`ÀÞÊÌiÊÕÃ}ÊV«ÀiÃÃi`Ê>ÀÊLivÀiÊÃ«iVÌ°
7iÊÃÌ>}ÊV>Ã>vÌ]Ê>««ÞÊÞLìÕÊ`ÃÕvìÊÊÌÊÌiÊV>ÊLiÃÊ>`ÊÕÀ>Ã°

>Ã>vÌÊÕLÀV>Ì}ÊÊÃÊvi`ÊÌÀÕ}ÊÊ«>ÃÃ>}iÃÊÊÌiÊVÞìÀÊi>`ÊVÛiÀÊ>`ÊV>Ã>vÌÊìÀ°Ê
i>ÊÌiÊÊ«>ÃÃ>}iÃÊ
LivÀiÊ>ÃÃiL}ÊÌiÊVÞìÀÊi>`Ê>`ÊV>Ã>vÌÊìÀ°Ê
63(&,),&$7,216
&</,1'(5+($'9$/9(6
,7(0 67$1'$5' 6(59,&(/,0,7
Ó
ÞìÀÊV«ÀiÃÃ £Ó°ä´Ó°äÊ}vÉV
Ì>i ä°äÇÊÊ³ä°ä£Éä°äÓ
6>ÛiÊVi>À>ViÊÊV`ÊV`Ì®
Ý>ÕÃÌ ä°äÊÊ³ä°ä£Éä°äÓ
Ì>i ÎÎ°xnÎÎ°nÎnÊ ÎÎ°x{Ê
>Ã>vÌÊV>ÊLiÊi}Ì
Ý>ÕÃÌ ÎÎ°Îää£ÎÎ°x{ä£Ê ÎÎ°ÓÈÊ
ÞìÀÊi>`ÊÜ>À«>}i ä°£Ê
° £ä°äää£ä°ä£xÊ £ä°äÈÊ
,ViÀÊ>À ->vÌÊ"° °ÇÓ°nÇÊ °xÊ
,ViÀÊ>ÀÌÃ>vÌÊVi>À>Vi ä°££Ê
Ì>i {°Çx{°äÊ {°{xÊ
-ÌiÊ"°
Ý>ÕÃÌ {°xx{°ÇäÊ {°ÓxÊ
Ì>i x°äääx°ä£ÓÊ x°äÈÊ
ÕìÊ°
6>Ûi Ý>ÕÃÌ x°äääx°ä£ÓÊ x°äÈÊ
Ì>i ä°ä£ää°äÎÇÊ ä°£ÓäÊ
-ÌiÌ}ÕìÊVi>À>Vi
Ý>ÕÃÌ ä°äÎää°äxÇÊ ä°£ÓäÊ
-«À}ÊvÀiiÊi}ÌÊ iÀ {£°£ÈÊ {ä°£ÈÊ
6>ÛiÊÃi>ÌÊÜ`Ì ä°xÊ £°ÎÊ
-«iVvi`Êi}ÌÊvÊiÌÊÛ>ÛiÊ}Õì £n°ä´ä°£Ê
-«iVvi`Êi}ÌÊvÊiÝ>ÕÃÌÊÛ>ÛiÊ}Õì £{°Óx´ä°£Ê

&</,1'(5+($'9$/9(6
72548(9$/8(6
&</,1'(5+($'&29(5%2/7NJIP
&$06352&.(7%2/7NJIP
7(16,21(5 %2/7 NJIP
&$5%85(725,168/$725%2/76 NJIP
&$06+$)7+2/'(563(&,$/1876 NJIP
52&.(5$506+$)7%2/7 NJIP
ÀÊÌiÀÊÕÌÃ]ÊLÌÃ]Êv>ÃÌiiÀÃÊiÌV°ÊÀiviÀÊÌÊÃÌ>`>À`ÊÌÀµÕiÊÛ>ÕiÃÊ-
/" £®°
63(&,$/722/6
9$/9(635,1*&2035(6625
3$5712++
9$/9(*8,'(5(029(5
3$5712++
7528%/(6+227,1*
UÊ }iÊÌ«Êi`Ê«ÀLiÃÊÕÃÕ>ÞÊ>vviVÌÊi}iÊ«iÀvÀ>Vi°Ê/iÃiÊV>ÊLiÊ`>}Ãi`ÊLÞÊ>ÊV«ÀiÃÃÊÌiÃÌÊÀÊi>Ê`ÜÊÌiÃÌÊ
ÀÊLÞÊÌÀ>V}ÊÃiÃÊ>ÌÊÌiÊÌ«Êi`ÊÜÌÊ>ÊÃÕ`}ÊÀ`ÊÀÊÃÌiÌÃV«i°
UÊ vÊÌiÊ«iÀvÀ>ViÊÃÊ«ÀÊ>ÌÊÜÊÃ«ii`Ã]ÊViVÊvÀÊÊÜÌiÊÃiÊÊÌiÊVÀ>V>ÃiÊLÀi>ÌiÀÊÌÕLi°ÊvÊÌiÊÌÕLiÊÃÊÃÞÊViVÊvÀÊ>Ê
Ãiâi`Ê«ÃÌÊÀ}°Ê
&RPSUHVVLRQWRRORZKDUGVWDUW L Q JR U ([FHVVLYHVPRNH
SRRUSHUIRUPDQFHDWORZVSHHG UÊ ÜÀÊÛ>ÛiÊÃÌiÊÀÊÛ>ÛiÊ}Õì
UÊ 6>ÛiÃ UÊ `>>}i`ÊÃÌiÊÃi>
ÊÊÊ VÀÀiVÌÊÛ>ÛiÊVi>À>Vi UÊ v>ÕÌÞÊVÞìÀÊÀÊ«ÃÌÊ-
/" n®
ÊÊÊ ÕÀi`ÊÀÊLiÌÊÛ>Ûi ([FHVVLYHQRLVH
ÊÊÊ VÀÀiVÌÊÛ>ÛiÊÌ} UÊ VÀÀiVÌÊÛ>ÛiÊVi>À>Vi
ÊÊÊ ÀiÊÛ>ÛiÊÃ«À} UÊ ÃÌV}ÊÛ>ÛiÊÀÊLÀiÊÛ>ÛiÊÃ«À}
ÊÊÊ 1iÛiÊÛ>ÛiÊÃi>Ì} UÊ ÜÀÊÀÊ`>>}i`ÊV>Ã>vÌ
UÊ
ÞìÀÊi>` UÊ ÜÀÊÀÊ`>>}i`ÊÀViÀÊ>ÀÊ>`ÉÀÊÃ>vÌ
ÊÊÊ i>}ÊÀÊ`>>}i`ÊVÞìÀÊi>`Ê}>ÃiÌ UÊ ÜÀÊÀÊ`>>}i`ÊV>ÊÃ«ÀViÌÊÌiiÌ
ÊÊÊ 7>À«i`ÊÀÊVÀ>Vi`ÊVÞìÀÊi>` UÊ ÃiÊÀÊÜÀÊV>ÊV>
ÊÊÊ ÃiÊÃ«>ÀÊ«Õ} UÊ ÜÀÊÀÊ`>>}i`ÊV>ÊV>ÊÌiÃiÀ
UÊ v>ÕÌÞÊVÞìÀÊÀÊ«ÃÌÊ-
/" n® UÊ ÃiÊÃ«>ÀÊ«Õ}
&RPSUHVVLRQWRRKLJK UÊ v>ÕÌÞÊVÞìÀÊÀÊ«ÃÌÊ-
/" n®
UÊ iÝViÃÃÛiÊV>ÀLÊLÕÌÊÕ«ÊÊ«ÃÌÊÀÊ
LÕÃÌÊ UÊ v>ÕÌÞÊ ViVÌ}Ê À`]Ê VÀ>Ã>vÌÊ ÀÊ /À>ÃÃÃÊ
V>LiÀ -
/" ££®
5RXJKLGOH
UÊ ÜÊVÞìÀÊV«ÀiÃÃ

&</,1'(5+($'9$/9(6
"- Ê-1**, --",Ê
*
&</,1'(5&2035(66,21
:$51,1*
,I WKHHQJLQHPXVWEHUXQQLQJWRGRVRPHZRUNPDNH
VXUHWKDWWKHDUHDLVZHOOYHQWLODWHG1HYHUUXQWKHHQJLQH
LQDQHQFORVHGDUHD
7KHH[KDXVWFRQWDLQVSRLVRQRXVFDUERQPRQR[LGHJDV
WKDWPD\FDXVHORVVRIFRQVFLRXVQHVVDQGPD\OHDGWR
GHDWK
:DUP XS WKH HQJLQH WR QRUPDO RSHUDWLQJ WHPSHUDWXUH
&WR&
7HQPLQXWHVRIVWRSDQGJRULGLQJLVVXIILFLHQW
6WRSWKHHQJLQHGLVFRQQHFWWKHQRLVHVXSSUHVVRUFDS -*,Ê*1
5HPRYHWKHVSDUNSOXJ
,QVWDOOWKHFRPSUHVVLRQJDXJHLQWKHVSDUNSOXJKROH
6KLIWWKHWUDQVPLVVLRQLQQHXWUDO
&KHFNFKRNHOHYHURSHUDWLRQ
2SHQWKHWKURWWOHDOOWKHZD\DQGFUDQNWKHHQJLQHZLWKWKH
NLFNVWDUWHUXQWLOWKHJDXJHUHDGLQJVWRSVULVLQJ
5HSHDWWKHVDPHSURFHGXUHWLPHV
7DNHDYHUDJHRIWKUHHUHDGLQJV
&2035(66,2135(6685(
NJIFP
,IFRPSUHVVLRQLVKLJKLWLQGLFDWHVWKDWFDUERQGHSRVLWVKDYH
DFFXPXODWHGRQWKHFRPEXVWLRQFKDPEHUDQGRUWKHSLVWRQ
FURZQ8VDJHRILPSURSHUKHDGJDVNHWRIOHVVWKLFNQHVVRU
"*, --" Ê1
F\OLQGHUKHDGIDFLQJDOVROHDGVWRKLJKFRPSUHVVLRQ
,IFRPSUHVVLRQLVORZSRXUPORIFOHDQHQJLQHRLOLQWRWKH
F\OLQGHU WKURXJK WKH VSDUN SOXJ KROH DQG UHFKHFN WKH
FRPSUHVVLRQ
,IWKHFRPSUHVVLRQLQFUHDVHVIURPWKHSUHYLRXVYDOXHFKHFN
WKHF\OLQGHUSLVWRQDQGSLVWRQULQJV
/HDNLQJF\OLQGHUKHDGJDVNHWZDUSHGF\OLQGHUKHDG
:RUQSLVWRQULQJ
:RUQF\OLQGHUDQGSLVWRQ
,IWKHFRPSUHVVLRQLVWKHVDPHDVWKHSUHYLRXVYDOXHFKHFN
WKHYDOYHVIRUOHDNDJH2WKHUUHDVRQVPD\EH
,PSURSHUYDOYHDGMXVWPHQW
$LUILOWHUEORFNDJH ,Ê Ê**
'DPDJHVSDUNSOXJVHDW
3UHVVXUHOHDNDJHDWYDOYHVHDWV
,QFRUUHFWYDOYHWLPLQJYDOYHVWHPVWLFN\PRYHPHQW
&</,1'(5+($'&29(5
5(029$/
5HPRYHWKHIXHOWDQNSDJH
'LVFRQQHFWWKH$69KRVHIURPWKHDLUIHHGSLSH
5HPRYHWKHDLUIHHGSLSHPRXQWLQJEROWVIURPWKHF\OLQGHU
KHDG
"/- -6Ê"-

&</,1'(5+($'9$/9(6
,Ê Ê**
5HPRYHWKHDLUIHHGSLSHZLWK2ULQJIURPWKHF\OLQGHUKHDG
",
5HPRYH WKH F\OLQGHU KHDG FRYHU PRXQWLQJ EROWVUXEEHU

ZDVKHUV

"1 / Ê "/-É,1 ,Ê7- ,-

- / ",
5HPRYHWKHF\OLQGHUKHDGFRYHUDQGFRYHUJDVNHW
5HPRYH WKH $69 SDVVDJH 2ULQJ IURP WKH F\OLQGHU KHDG
FRYHU

9 ,Ê Ê
"6 ,
", "Ê/,"1
5HPRYHWKHRLOWKURXJKDQG2ULQJIURPWKHFDPVKDIWKROGHU

-/Ê" ,

&</,1'(5+($'9$/9(6
", "Ê/,"1
,167$//$7,21
$SSO\FOHDQHQJLQHRLOWRDQHZ2ULQJ
,QVWDOOWKHRLOWKURXJKDQG2ULQJWRWKHFDPVKDIWKROGHU

-/Ê" ,
- / ",
,QVWDOOWKH$69SDVVDJH2ULQJWRWKHF\OLQGHUKHDGFRYHU
,QVWDOO D QHZ F\OLQGHU KHDG FRYHU JDVNHW LQWR WKH F\OLQGHU
KHDGFRYHUJURRYH
,QVWDOOWKHF\OLQGHUKHDGFRYHURQWRWKHF\OLQGHUKHDG

9 ,Ê Ê
"6 ,
,QVWDOOWKHUXEEHUZDVKHUWRWKHF\OLQGHUKHDGFRYHUZLWKWKHLU º1*»Ê,
´83µPDUNIDFLQJXS
83
83
,QVWDOO WKH F\OLQGHU KHDG FRYHU PRXQWLQJ EROWVUXEEHU

ZDVKHUV
7LJKWHQWKHF\OLQGHUKHDGFRYHUEROWVWRWKHVSHFLILHGWRUTXH
72548(
&</,1'(5+($'&29(5%2/7NJIP
"1 / Ê "/-É,1 ,Ê7- ,-

&</,1'(5+($'9$/9(6
,Ê Ê**
,QVWDOODQHZ2ULQJWRWKHDLUIHHGSLSH
,QVWDOOWKHDLUIHHGSLSHWRWKHF\OLQGHUKHDGFRYHU
",
,Ê Ê**
,QVWDOODQGWLJKWHQWKHDLUIHHGSLSHPRXQWLQJEROWV

&RQQHFWWKH$69KRVHWRWKHDLUIHHGSLSH
,QVWDOOWKHIXHOWDQNSDJH
"/- -6Ê"-
-1/",Ê"1 / Ê "/-
&</,1'(5+($'
5(029$/
5HPRYHWKHF\OLQGHUKHDGFRYHUSDJH
5HPRYHWKHIROORZLQJ
([KDXVWPXIIOHU$SDJH
1RLVHVXSSUHVVRUFDSSDJH
(QJLQHHDUWKFDEOH
$LULQVXODWRUPRXQWLQJEROWV
/RRVHQWKHVSDUNSOXJSDJH
Ê ,/Ê

",
5HPRYHWKHWHQVLRQHUOLIWHUEROWDQG2ULQJ
"/

&</,1'(5+($'9$/9(6
0DNHDWHQVLRQHUVKDIWVWRSSHUWRRORXWRIDWKLQSLHFHRI £È°xÊ
VWHHOPPWKLFNQHVVXVLQJWKHGLDJUDP
°xÊ {°xÊ
/ ,Ê/
--\Êä°änÊ
67233(5722/ 7(16,21(5/,)7(5
7XUQWKH WHQVLRQHUVKDIWFORFNZLVHZLWKWKH VWRSSHUWRRO WR
UHWUDFWWKHWHQVLRQHUWKHQLQVHUWWKHVWRSSHUIXOO\WRKROGWKH
WHQVLRQHULQWKHIXOO\UHWUDFWHGSRVLWLRQ
/ Ê" Ê
*
5HPRYHWKHFUDQNVKDIWKROHFDSDQGWLPLQJKROHFDS
5RWDWHWKHFUDQNVKDIWFRXQWHUFORFNZLVHDQGDOLJQWKH7PDUN
RQ WKH IO\ZKHHO ZLWK WKH LQGH[ PDUN RQ WKH OHIW FUDQNFDVH
FRYHU
0DNHVXUHWKDWWKHSLVWRQLVDW7'&7RS'HDG&HQWUHRQWKH
FRPSUHVVLRQ VWURNH %RWK LQOHW DQG H[KDXVW URFNHU DUPV
8Ê,
VKRXOGEHIUHHLQWKLVFRQGLWLRQ
,I WKH URFNHU DUPV DUH QRW IUHH LW LV EHFDXVHWKH SLVWRQ LV
PRYLQJ WKURXJK WKH H[KDXVW VWURNH WR 7'& 5RWDWH WKH
FUDQNVKDIWRQHIXOOWXUQDQGWKHPDWFKWKH7PDUNDJDLQ
¸/¸Ê,

, -/Ê" Ê
*
"/-
'LVFRQQHFWWKH+(&8FRQQHFWRUSDJH
5HPRYHWKHFDPVSURFNHWEROWV

&</,1'(5+($'9$/9(6
-*,"
/
5HPRYHWKHFDPVSURFNHWRIIWKHFDPVKDIWIODQJH

-/Ê
5HPRYHWKHWZRF\OLQGHUKHDGVLGHEROWV

- Ê "/-
,"
,Ê,Ê-/Ê "/-
-/Ê" ,
/RRVHQWKHFDPVKDIWVHWSODWHVFUHZV
/RRVHQWKHURFNHUDUPVKDIWEROWV
5HPRYHWKHIRXUVSHFLDOQXWVVWLIIHQHUSODWHDQGFDPVKDIW
KROGHU
-*
Ê 1/- -/ ,Ê*/ - /Ê*/ Ê-
, 7-
5HPRYHWKHF\OLQGHUKHDG

9 ,Ê

&</,1'(5+($'9$/9(6

Ê

Ê-*,"
/
5HPRYHWKHFDPVSURFNHWIURPWKHFDPFKDLQ
5HPRYHWKHJDVNHWDQGGRZHOSLQV
127(
$WWDFKDSLHFHRIZLUHWRWKHFDPFKDLQWRSUHYHQWLWIURP
IDOOLQJLQWRWKHFUDQNFDVH
- / "7 Ê* -

-/Ê- /Ê*/ Ê-
, 7-
&$06+$)7+2/'(5
',6$66(0%/<
5HPRYHWKHFDPVKDIWVHWSODWHVFUHZVDQGFDPVKDIWVHWSODWH
5HPRYHWKHFDPVKDIWIURPWKHFDPVKDIWKROGHU

-/ - /Ê*/
-/Ê" ,
,"
,Ê,Ê-/Ê "/-
5HPRYHWKHURFNHUDUPVKDIWEROWV

-/Ê" ,
5HPRYH WKH URFNHU DUP VKDIWV DQG URFNHU DUPV IURP WKH
FDPVKDIWKROGHU
127(
0DUNDOOSDUWVGXULQJGLVDVVHPEO\VRWKDWWKH\FDQEHSODFHG
EDFNLQWKHLURULJLQDOORFDWLRQVGXULQJLQVWDOODWLRQ
,"
,Ê,Ê-/ ,"
,Ê,

&</,1'(5+($'9$/9(6

-/Ê ,
,163(&7,21
&$06+$)7%($5,1*
7XUQWKHRXWHUUDFHRIHDFKEHDULQJZLWK\RXUILQJHU
7KHEHDULQJVVKRXOGWXUQVPRRWKO\DQGTXLHWO\
$OVR FKHFN WKDW WKH EHDULQJ LQQHU UDFH ILWV WLJKWO\ RQ WKH
FDPVKDIW
5HSODFHWKHFDPVKDIWDVVHPEO\LIWKHRXWHUUDFHGRHVQRWWXUQ
VPRRWKO\DQGTXLHWO\RULILWLVORRVHRQWKHFDPVKDIWFKHFN
FDPOREHKHLJKW
$OZD\VLQVSHFWWKHEHDULQJDIWHUWKRURXJKO\ZDVKLQJZLWKD
KLJKIODVKSRLQWVROYHQWDLUGU\LQJDQGOXEULFDWLQJZLWKFOHDQ
HQJLQHRLO
&$87,21
:KLOHDLUGU\LQJWKHEHDULQJZLWKFRPSUHVVHGDLUSUHYHQWLWV
RXWHUUDFHIURPVSLQQLQJ7KLVFDQFDXVHSHUPDQHQWGDPDJH
&$0/2%(
0HDVXUHWKHKHLJKWRIHDFKFDPOREH
6(59,&(/,0,7
,17$.(PP
(;+$867PP
,QVSHFWWKHFDPOREHIRUGDPDJHRUH[FHVVLYHO\ZRUQ
,QVSHFW WKH RLO SDVVDJHV DQG URFNHU DUPV IRU ZHDU RU
GDPDJH
Ê"
52&.(5$506+$)7
0HDVXUHWKHURFNHUDUPVKDIW2'
6(59,&(/,0,7
"°
52&.(5$506+$)72'PP
,QVSHFWWKHURFNHUDUPVKDIWIRUZHDURUGDPDJH
52&.(5$50 ,"
,Ê,Ê-/
7XUQWKHURFNHUDUPUROOHUZLWK\RXUILQJHU ," , 1-/ Ê-
, 7
7KHUROOHUVKRXOGWXUQVPRRWKO\DQGTXLHWO\
127(
,I HLWKHU RI WKH URFNHU DUP UROOHUV UHTXLUH VHUYLFH RU
UHSODFHPHQWLQVSHFWWKHFDPOREHVIRUVFRULQJFKLSSLQJRU
IODWVSRW
0HDVXUHWKHURFNHUDUP,'
6(59,&(/,0,7 °
52&.(5$50,'PP
&DOFXODWHWKHURFNHUDUPWRVKDIWFOHDUDQFH
6(59,&(/,0,7
52&.(5$50726+$)7&/($5$1&(PP
"
Ê 1/

&</,1'(5+($'9$/9(6
,"
,Ê,Ê-/ ," , ,"
,Ê,
&$06+$)7+2/'(5
$66(0%/<
&OHDQWKHWKUHDGVRIHDFKURFNHUDUPVKDIWWKRURXJKO\
$SSO\FOHDQHQJLQHRLOWRWKHURFNHUDUP·VLQQHUVXUIDFHDQG
URFNHUDUPVKDIWZKROHVXUIDFH
,"
,Ê,Ê ,Ê-1,

,"
,Ê,Ê-/
6HWWKHURFNHUDUPLQWKHFDPVKDIWKROGHUWKHQLQVWDOOWKH
URFNHUDUPVKDIWLQWRWKHFDPVKDIWKROGHUWKURXJKWKHURFNHU
DUP
,"
,Ê,Ê-/ ,"
,Ê,
,"
,Ê,Ê-/Ê "/
$OLJQWKHKROHRIWKHURFNHUDUPVKDIWZLWKWKHKROHRIWKH
FDPVKDIWKROGHU
,QVWDOOWKHURFNHUDUPVKDIWEROWV

-/Ê" ,
,"
,Ê,Ê-/Ê "/-
7LJKWHQWKHURFNHUDUPVKDIWEROWVWRWKHVSHFLILHGWRUTXH
72548(
52&.(5$506+$)7%2/7NJIP

&</,1'(5+($'9$/9(6
, -
$SSO\ FOHDQ HQJLQH RLO ZLWK 026 WR ZKROH VXUIDFH RI
FDPVKDIW
0R2,/

Ê" -

-/
0DNHVXUHWKHWDERQWKHFDPVKDIWIODQJHLVIDFLQJXSZDUG
,QVWDOOWKHFDPVKDIWLQWRWKHFDPVKDIWKROGHU

/
-/Ê" ,

-/Ê- /Ê*/ Ê-
, 7-
,QVWDOOWKHFDPVKDIWVHWSODWHDQGWLJKWHQWKHVFUHZV

-/ - /Ê*/
-*,Ê*1 -1/",
&</,1'(5+($'
',6$66(0%/<
5HPRYHWKHVSDUNSOXJ
5HPRYHWKHWZREROWVDQGFDUEXUHWRULQVXODWRU
"/-

&</,1'(5+($'9$/9(6
66 Ê-*, Ê
"*, --",
&RPSUHVVWKHYDOYHVSULQJZLWKWKHYDOYHVSULQJFRPSUHVVRU
DQGUHPRYHWKHYDOYHFRWWHUV
9$/9(635,1*&2035(6625
3$5712++
&$87,21
7RSUHYHQWORVVRIWHQVLRQGRQRWFRPSUHVVWKHYDOYHVSULQJ
PRUHWKDQQHFHVVDU\WRUHPRYHWKHFRWWHUV

"// ,-
66 -*, Ê- /
"// ,-
/RRVHQ WKH YDOYH VSULQJ FRPSUHVVRU DQG UHPRYH WKH
IROORZLQJ
&RWWHUV
6SULQJUHWDLQHU
9DOYHVSULQJV
,QOHWH[KDXVWYDOYH
6WHPVHDOV
6SULQJVHDWV
127(
0DUN DOO SDUWV GXULQJ GLVDVVHPEO\ VR WKDW WKH\ FDQ EH
SODFHGEDFNLQWKHLURULJLQDOORFDWLRQGXULQJLQVWDOODWLRQ
-/ Ê- 66 Ê-*, -*, Ê, / ,

" 1-/" Ê
,
5HPRYHWKHFDUERQGHSRVLWVIURPWKHFRPEXVWLRQFKDPEHU
&OHDQ RII DQ\ JDVNHW PDWHULDOV IURP WKH F\OLQGHU KHDG
VXUIDFH
127(
$YRLGGDPDJLQJWKHF\OLQGHUKHDGVXUIDFH

9 ,Ê Ê-1,

,163(&7,21
9$/9(635,1*
0HDVXUHWKHYDOYHVSULQJVIUHHOHQJWK
6(59,&(/,0,7
)5((/(1*7+,11(5PP
66 Ê-*,

&</,1'(5+($'9$/9(6
&</,1'(5+($'
&KHFNWKHVSDUNSOXJKROHDQGYDOYHDUHDIRUFUDFNV
&KHFNWKHF\OLQGHUKHDGIRUZDUSDJHZLWKDVWUDLJKWHGJH
DQGDIHHOHUJDXJH
6(59,&(/,0,7
:$53$*(PP
9$/9(
,QVSHFWWKHYDOYHIRUWUXHQHVVEXUQLQJVFRULQJRUDEQRUPDO
9 ,Ê
VWHPZHDU 66
0HDVXUHWKHYDOYHVWHP2'

6(59,&(/,0,7
,17$.(PP
(;+$867PP
,QVHUWHDFKYDOYHLQWRWKHYDOYHJXLGHDQGFKHFNWKHYDOYH
PRYHPHQWLQWKHJXLGH
9$/9(*8,'(
5HDPWKHYDOYHJXLGHWRUHPRYHWKHFDUERQEXLOGXSEHIRUH
FKHFNLQJWKHYDOYHJXLGH
9$/9(*8,'(5($0(5
66 Ê1 Ê, ,
127(
$OZD\VLQVHUWWKHUHDPHUIURPWKHFRPEXVWLRQFKDPEHU
VLGH
8VHFXWWLQJRLORQUHDPHUGXULQJWKLVRSHUDWLRQ
$OZD\VURWDWHWKHUHDPHUFORFNZLVHQHYHUURWDWHFRXQWHU
FORFNZLVHHYHQZKLOHLQVHUWLQJRUUHPRYLQJWKHUHDPHU
7DNHFDUHQRWWRWLOWRUOHDQWKHUHDPHULQWKHJXLGHZKLOH
UHDPLQJ
,IUHDPLQJLVLUUHJXODURLOZLOOOHDNSDVWWKHYDOYHVWHP
VHDOLWFRXOGFDXVHLPSURSHUVHDWFRQWDFWWKDWFDQQRWEH
FRUUHFWHGE\UHIDFLQJ
0HDVXUHDQGUHFRUGHDFKYDOYHJXLGH,'ZLWKDEDOOJDXJH
9 ,Ê
6(59,&(/,0,7 66 Ê1
,17$.((;+$867PP
&DOFXODWHWKHVWHPWRJXLGHFOHDUDQFH
°
6(59,&(/,0,7
,17$.(PP
(;+$867PP
,I WKH VWHPWRJXLGH FOHDUDQFH LV RXW RI WKH VHUYLFH OLPLW
GHWHUPLQH LI D QHZ JXLGH ZLWK VWDQGDUG GLPHQVLRQV
ZRXOG EULQJ WKH FOHDUDQFH ZLWKLQ WROHUDQFH ,I VR UHSODFH
WKHJXLGHVDVQHFHVVDU\DQGUHDPWRILW
,I WKH VWHPWRJXLGH FOHDUDQFH VWLOO H[FHHGV WKH VHUYLFH
OLPLWZLWKQHZJXLGHVUHSODFHWKHYDOYH

&</,1'(5+($'9$/9(6

9 ,Ê Ê-1,

127(
,QVSHFWDQGUHIDFHWKHYDOYHVHDWZKHQHYHUQHZYDOYHJXLGHV
DUHLQVWDOOHG
9$/9(*8,'(
5(3/$&(0(17
&KLOOWKHUHSODFHPHQWYDOYHJXLGHVLQWKHIUHH]HUVHFWLRQRID
UHIULJHUDWRUIRUDERXWDQKRXU
+HDWWKHF\OLQGHUKHDGWR&&))ZLWK
DKRWSODWHRURYHQ'RQRWKHDWWKHF\OLQGHUKHDGEH\RQG
&)8VHWHPSHUDWXUHLQGLFDWRUVWLFNVDYDLODEOHDW
ZHOGLQJVXSSO\VWRUHVWREHVXUHWKHF\OLQGHUKHDGLVKHDWHG
" 1-/" Ê
,
WRWKHSURSHUWHPSHUDWXUH 66 Ê1 Ê, "6 ,
&$87,21
8VLQJ D WRUFK WR KHDW WKH F\OLQGHU KHDG PD\ FDXVH
ZDUSDJH
%HFDUHIXOQRWWRGDPDJHWKHPDWLQJVXUIDFH
6XSSRUWWKHF\OLQGHUKHDGDQGGULYHWKHYDOYHJXLGHVRXWRI
WKHF\OLQGHUKHDGIURPWKHFRPEXVWLRQFKDPEHUVLGH
9$/9(*8,'(5(029(5
3$5712++
9$/9(*8,'(5(029(5
7DNHRXWWKHQHZYDOYHJXLGHVIURPWKHIUHH]HU
,QVWDOODQGGULYHLQWKHQHZYDOYHJXLGHVIURPWKHFDPVKDIW
VLGHRIWKHF\OLQGHUKHDGZKLOHF\OLQGHUKHDGLVVWLOOKHDWHG
9$/9(*8,'(5(029(5
3$5712++
9$/9(*8,'(
$IWHULQVWDOOLQJWKHYDOYHJXLGHVPHDVXUHWKHYDOYHJXLGHV
KHLJKWIURPWKHF\OLQGHUKHDG
63(&,),('+(,*+7
,QOHWYDOYHJXLGHPP
([KDXVWYDOYHJXLGHPP
/HWWKHF\OLQGHUKHDGFRROWRURRPWHPSHUDWXUH
9$/9(*8,'(6

&</,1'(5+($'9$/9(6
66 Ê1 Ê, ,
5HDPWKHQHZYDOYHJXLGHV
9$/9(*8,'(5($0(5
7DNHFDUHQRWWRWLOWRUOHDQWKHUHDPHULQWKHJXLGHZKLOH
UHDPLQJ 2WKHUZLVH WKH YDOYH LV UHDPHG VODQWHG WKDW
FDXVHVRLOOHDNVIURPWKHVWHPVHDODQGLPSURSHUYDOYHV HW
FRQWDFWDQGUHVXOWLQWKHYDOYHVHDWUHIDFLQJQRWDEOHWREH
SHUIRUPHG
,QVHUWWKHUHDPHUIURPWKH FRPEXVWLRQFKDPEHUVLGHRI
WKHKHDGDQGDOZD\VURWDWHWKHUHDPHUFORFNZLVHZKLOH
LQVHUWLQJRUSXOOLQJRXWWKHUHDPHUIURPWKHJXLGH
9 ,Ê
8VHFXWWLQJRLORQWKHUHDPHUGXULQJWKLVRSHUDWLRQ
&OHDQ WKH F\OLQGHU WKRURXJKO\ WR UHPRYH DQ\ PHWDO
SDUWLFOHVDIWHUUHDPLQJDQGUHIDFHWKHYDOYHVHDW
9$/9(6($7,163(&7,21
OHDQWKHLQWDNHDQGH[KDXVWYDOYHVWKRURXJKO\WRUHPRYH
&
WKHFDUERQGHSRVLWV
$SSO\OLJKWFRDWLQJRI3UXVVLDQ%OXHWRWKHYDOYHVHDWV
127(
7DSWKHYDOYHDJDLQVWWKHYDOYHVHDWVHYHUDOWLPHVZLWK\RXU
ILQJHUZLWKRXWURWDWLQJWKHYDOYHWRFKHFNIRUSURSHUYDOYH
VHDWFRQWDFW
5HPRYHWKHYDOYHDQGLQVSHFWWKHZLGWKRIHDFKYDOYHVHDW
7KHYDOYHVHDWFRQWDFWVKRXOGEHZLWKLQWKHVSHFLILHGZLGWK
DQGHYHQDOODURXQGWKHFLUFXPIHUHQFH
7/
6(59,&(/,0,7
9$/9(6($7:,'7+PP
67$1'$5'PP
9DOYHVHDWZLGWKLVQRWZLWKLQVSHFLILFDWLRQUHIDFHWKHYDOYH
VHDWSDJH
&$87,21
/iÊÛ>ÛiÊV>ÌÊLiÊ}ÀÕ`°ÊvÊ>ÊÛ>ÛiÊv>ViÊÃÊLÕÀÌÊÀÊL>`ÞÊ
ÜÀÊÀÊvÊÌÊVÌ>VÌÃÊÌiÊÃi>ÌÊÕiÛiÞ]ÊÀi«>ViÊÌiÊÛ>Ûi°
Ã«iVÌÊÌiÊÛ>ÛiÊÃi>ÌÊv>ViÊvÀ\
UÊ >>}i`Êv>Vi\
Ê Ê ,i«>ViÊÌiÊÛ>ÛiÊ>`ÊÀiv>ViÊÌiÊÛ>ÛiÊÃi>Ì°
UÊ 1iÛiÊÃi>ÌÊÜ`Ì\
Ê Ê iÌÊÀÊV>«Ãi`ÊÊÛ>ÛiÊÃÌiÆ
Ê Ê ,i«>ViÊÌiÊÛ>ÛiÊ>`ÊÀiv>ViÊÌiÊÛ>ÛiÊÃi>Ì° '$0$*(')$&( 81(9(16($7
:,'7+

&</,1'(5+($'9$/9(6
&RQWDFWDUHDWRRKLJKRUWRRORZDUHD
5HIDFHWKHYDOYHVHDW
722/2: 722+,*+
9$/9(6($75()$&,1*
9DOYH6HDW&XWWHUVDJULQGHURUHTXLYDOHQWYDOYHVHDWUHIDFLQJ
HTXLSPHQWDUHUHFRPPHQGHGWRFRUUHFWZRUQYDOYHVHDW ¢
¢
¢
,IWKHFRQWDFWDUHDLVWRRKLJKRQWKHYDOYHWKHVHDWPXVWEH

" /
/Ê/""Ê
ORZHUHGXVLQJDIODWFXWWHU
"Ê- /Ê7/
,IWKHFRQWDFWDUHDLVWRRORZRQWKHYDOYHWKHVHDWPXVWEH
UDLVHGXVLQJDLQQHUFXWWHU ¢

" /
/Ê/""Ê"7
"Ê- /Ê7/
¢
66 Ê- /Ê
1// , ,"1 --
127(
5HIDFHWKHYDOYHVHDWZLWKDFXWWHUZKHQDYDOYHJXLGH LV
UHSODFHG
8VHDFXWWHUWRUHPRYHWKHURXJKQHVVRULUUHJXODULWLHV
IURPWKHVHDW

&</,1'(5+($'9$/9(6
8VLQJ FXWWHU UHPRYH WRS ô RI WKH H[LVWLQJ YDOYH VHDW
PDWHULDO
2/'6($7:,'7+

8VLQJFXWWHUUHPRYHWKHERWWRPôRIWKHROGVHDW
5HPRYH WKH FXWWHU DQG LQVSHFW WKH DUHD \RX KDYH MXVW

2/'6($7:,'7+
UHPRYHG 2
&87

,QVWDOODILQLVKFXWWHUDQGFXWWKHVHDWWRSURSHUZLGWK
0DNHVXUHWKDWDOOSLWWLQJDQGLUUHJXODULWLHVDUHUHPRYHG
6($7:,'7+
5HILQLVKLIQHFHVVDU\ 2
67$1'$5'6($7:,'7+PP &87
$IWHUFXWWLQJWKHVHDWDSSO\ODSSLQJFRPSRXQGWRWKHYDOYH
IDFHDQGODSWKHYDOYHXVLQJOLJKWSUHVVXUH 2
&87

Ê** Ê/""
127(
([FHVVLYHODSSLQJSUHVVXUHPD\GHIRUPRUGDPDJHWKH
VHDW
&KDQJHWKHDQJOHRIODSSLQJWRROIUHTXHQWO\WRSUHYHQW
XQHYHQVHDWZHDU
/DSSLQJ FRPSRXQG FDQ FDXVH GDPDJH LI LW HQWHUV
EHWZHHQWKHYDOYHVWHPDQGJXLGH
$IWHUODSSLQJZDVKDQ\UHVLGXDOFRPSRXQGRIIWKHF\OLQGHU
KHDGDQGYDOYH
5HFKHFNWKHVHDWFRQWDFWDIWHUODSSLQJ

&</,1'(5+($'9$/9(6
$66(0%/<
66 Ê
"// ,-
-*, Ê, / ,
66 Ê-*, -
-/ Ê-
-*, Ê- /
66 Ê1
0R2,/
0R2,/
81-/Ê66
/ Ê66
66 -*, Ê- /

"// ,-
&OHDQ WKH F\OLQGHU KHDG DVVHPEO\ ZLWK KLJK IODVK SRLQW
QRQIODPPDEOHVROYHQWDQGEORZWKURXJKDOORLOSDVVDJHVZLWK
FRPSUHVVHGDLU
,QVWDOOWKHYDOYHVSULQJVHDWVDQGQHZYDOYHVWHPVHDOV
/XEULFDWHHDFKYDOYHVWHPZLWKPRO\EGHQXPRLOVROXWLRQ
,QVHUWWKHLQWDNHDQGH[KDXVWYDOYHLQWRWKHYDOYHJXLGHV
127(
7RDYRLGWKHGDPDJHRIVWHPVHDOWXUQWKHYDOYHVORZO\ZKLOH
LQVHUWLQJ
-/ Ê- 66 Ê-*, -*, Ê, / ,
,QVWDOOWKHYDOYHVSULQJV
66 Ê-*,

&</,1'(5+($'9$/9(6
66 Ê-*, Ê
"*, --",
&RPSUHVVWKHYDOYHVSULQJVDQGLQVWDOOWKHYDOYHFRWWHUV
9$/9(635,1*&2035(6625
3$5712++
&$87,21
7RSUHYHQWWKHORVVRIWHQVLRQGRQRWFRPSUHVVWKHYDOYH
VSULQJVPRUHWKDQQHFHVVDU\
127(
7RHDVHLQVWDOODWLRQRIWKHFRWWHUVJUHDVHWKHPILUVW *

"// ,-

"// ,-
7DSWKHVWHPJHQWO\ZLWKWZRSODVWLFPDOOHWWRILUPO\VHDWWKH
FRWWHUV

,QVWDOODQHZ2ULQJWRWKHFDUEXUHWRULQVXODWRU
",
-1/",
,QVWDOO WKH FDUEXUHWRU LQVXODWRU WR WKH F\OLQGHU KHDG DQG
WLJKWHQWKHEROWVWRWKHVSHFLILHGWRUTXH
72548(
&$5%85(725,168/$725%2/76NJIP
,QVWDOOWKHVSDUNSOXJSDJH
"/-

&</,1'(5+($'9$/9(6

Ê

Ê-*,"
/
&</,1'(5+($'
,167$//$7,21
&OHDQWKHJDVNHWPDWHULDOIURPWKHF\OLQGHUPDWLQJVXUIDFH
,QVWDOOWKHGRZHOSLQVDQGQHZJDVNHW
7HPSRUDULO\LQVWDOOWKHFDPFKDLQRQWKHFDPVSURFNHWZLWK
WKHLQGH[OLQHIDFLQJRXWZDUGVDQG¶2·PDUNIDFLQJWRZDUGV
WKHH[KDXVWPDQLIROG
- / "7 Ê* -
,QVWDOOWKHF\OLQGHUKHDGRQWRWKHF\OLQGHU

9 ,Ê

-/Ê" ,
,QVWDOO WKH FDPVKDIW KROGHU WR WKH F\OLQGHU KHDG ZKLOH
DOLJQLQJWKHKROHVLQWKHF\OLQGHUKHDGZLWKGRZHOSLQVLQWKH
FDPVKDIWKROGHU

,"
,Ê,Ê-/Ê "/-
-/Ê" ,
$SSO\FOHDQHQJLQHRLOWRWKHWKUHDGVDQGVHDWLQJVXUIDFHVRI
WKHFDPVKDIWKROGHUVSHFLDOQXWV
,QVWDOO WKH VWLIIHQHU SODWH RQWR WKH FDPVKDIW KROGHU VSHFLDO
QXWV
,QVWDOODQGKDQGWLJKWHQWKHVSHFLDOQXWV
,QVWDOOWKHURFNHWDUPVKDIWEROWV
,QVWDOOWKHFDPVKDIWVHWSODWHVFUHZV
7LJKWHQ WKH FDPVKDIW KROGHU VSHFLDO QXWV WR WKH VSHFLILHG
WRUTXH
72548(
&$06+$)7+2/'(563(&,$/1876NJIP
-*
Ê 1/- -/ ,Ê*/ - /Ê*/ Ê-
, 7-

&</,1'(5+($'9$/9(6
,QVWDOODQGWLJKWHQWKHF\OLQGHUKHDGVLGHEROWV
- Ê "/-
/ Ê" Ê
*
+ROGLQJ WKH FDP FKDLQ URWDWH WKH FUDQNVKDIW FRXQWHU
FORFNZLVHDQGDOLJQWKH´7µPDUNRQWKHIO\ZKHHOZLWKWKH

LQGH[QRWFKRQWKHOHIWFUDQNFDVHFRYHU
0DNHVXUHWKHSLVWRQLVDWWKH7'&7RS'HDG&HQWHU
8Ê,
¸/¸Ê,

, -/Ê" Ê
*
-*,"
/
$OLJQWKHLQGH[OLQHRQWKHVSURFNHWZLWKWKHXSSHUVXUIDFHRI
WKHF\OLQGHUKHDGZLWKRXWPRYLQJWKHFDPFKDLQ
8Ê

"/- º"»Ê,
,QVWDOOWKHFDPVSURFNHWRQWRWKHFDPVKDIWIODQJH
%HVXUHWKDWWKHLQGH[OLQHVRQWKHFDPVSURFNHWDOLJQZLWKWKH
XSSHUVXUIDFHRIWKHF\OLQGHUKHDGZKHQWKHLQGH[OLQHRIWKH
´7µPDUNRQWKHIO\ZKHHOLVDOLJQHGZLWKWKHLQGH[PDUNRQWKH
FUDQNFDVHFRYHUDQG¶2·PDUNIDFLQJWRZDUGVWKHH[KDXVW
,QVWDOO DQG WLJKWHQ WKH FDP VSURFNHW EROWV WR WKH VSHFLILHG
WRUTXH
72548(
&$06352&.(7%2/7NJIP
8Ê

&</,1'(5+($'9$/9(6
-1/",Ê"1 / Ê "/- -/"** ,Ê/""
,QVWDOOWKHDLULQVXODWRUPRXQWLQJEROWV
5HPRYHWKHVWRSSHUWRROIURPWKHFDPFKDLQWHQVLRQHUOLIWHU
/ -" ,Ê/ ,
",
$SSO\FOHDQHQJLQHRLOWRDQHZ2ULQJDQGLQVWDOOLWRQWKH
OLIWHU
,QVWDOOWKHEROWDQGWLJKWHQLW
72548(
7(16,21(5%2/7NJIP
,QVWDOOWKHIROORZLQJ
1RLVHVXSSUHVVRUFDSSDJH
(QJLQHHDUWKFDEOH
([KDXVWPXIIOHU$SDJH
7LJKWHQWKHVSDUNSOXJWRWKHVSHFLILHGWRUTXHSDJH
"/ Ê ,/Ê

&</,1'(53,6721
6<67(0',$*5$0

0R2,/
0R2,/
0R2,/

&</,1'(53,6721
6\VWHP'LDJUDP 3LVWRQ3LVWRQ5LQJ,QVSHFWLRQ

6HUYLFH,QIRUPDWLRQ 3LVWRQ5LQJ,QVWDOODWLRQ
6SHFLILFDWLRQ7RUTXH9DOXHV 3LVWRQ,QVWDOODWLRQ
6SHFLDO7RROV7URXEOHVKRRWLQJ &\OLQGHU,QVWDOODWLRQ
&\OLQGHU5HPRYDO &DP&KDLQ7HQVLRQHU/LIWHU5HPRYDO
3LVWRQ5HPRYDO &DP&KDLQ7HQVLRQHU/LIWHU,QVWDOODWLRQ
6(59,&(,1)250$7,21
*(1(5$/
UÊ
ÞìÀÊ>`Ê«ÃÌÊV>ÊLiÊÃiÀÛVi`ÊÜÌÊÌiÊi}iÊÃÌ>i`ÊÊÌiÊvÀ>i°
UÊ iÊV>ÀivÕÊÌÊÌÊ`>>}iÊÌiÊ>Ì}ÊÃÕÀv>ViÃÊLÞÊÕÃ}Ê>ÊÃVÀiÜ`ÀÛiÀÊÜiÊÀiÛ}ÊÌiÊVÞìÀ°ÊÊÌÊÃÌÀiÊÌiÊVÞìÀÊÌÊ
>À`Ê`ÕÀ}ÊÀiÛ>]ÊiÛiÊÜÌÊ>ÊÀÕLLiÀÊÀÊ«>ÃÌVÊ>iÀ]ÊÌÊ«ÀiÛiÌÊÌiÊ«ÃÃLÌÞÊvÊ`>>}iÊÌÊÌiÊvÃ°
UÊ 7iÊÃÌ>}Ê«ÃÌÊ«Ê>««ÞÊÞLìÕÊ`ÃÕvìÊÊÌÊÌÃÊÜiÊÃÕÀv>Vi°
UÊ />iÊV>ÀiÊÌÊÌÊ`>>}iÊÌiÊVÞìÀÊÜ>Ê>`Ê«ÃÌ°
63(&,),&$7,216
&</,1'(53,6721
,7(0 67$1'$5' 6(59,&(/,0,7
° Èx°xÈÈ°x£Ê ÈÈ°xnÊ
"Û>ÌÞ ä°£äÊ
ÞìÀÊ
/>«iÀ ä°£äÊ
7>À«>}i ä°£äÊ
*ÃÌÊ"° ÈÈ°{xÇxÈÈ°{ÇÓxÊ ÈÈ°ÎÊ
*ÃÌÊ«ÊiÊ° £x°ääx£x°ä£Ê £x°ä{Ê
*ÃÌÊ«Ê"° £{°{£x°äääÊ £{°ÈÊ
*ÃÌÌ«ÃÌÊ«ÊVi>À>Vi ä°ääxä°ä£ÈÊ ä°äÇÊ

iVÌ}ÊÀ`ÊÃ>Êi`Ê° £x°ä£ä£x°äÓnÊ £x°äÈÊ

ÞìÀÌ«ÃÌÊVi>À>Vi ä°ä£ää°äÎäÊ ä°£äÊ

iVÌ}ÊÀ`Ì«ÃÌÊVi>À>Vi ä°ä£ää°äÎ{Ê ä°£äÊ
*ÃÌ
Û>>LiÊÛiÀÃâiÊ«ÃÌ ä°Óx£°ääÊ

i>À>ViÊvÀÊÛiÀÃâiÊ«ÃÌ ä°ä£ää°äÎäÊ
*ÃÌÊÀ}Ì}ÀÛi /« ä°äÎä°äÈäÊ ä°£äÊ
Vi>À>Vi -iV` ä°äÎä°äÈäÊ ä°£äÊ
/« ä°£xä°ÎÊ ä°xxÊ
*ÃÌÊÀ}Êi`Ê}>« -iV` ä°Îä°{Ê ä°ÇxÊÊ
"ÊÃìÊÀ>® ä°Óää°ÇäÊ £°£äÊ
72548(9$/8(6
678'%2/7 NJIP
7(16,21(5/,)7(5%2/7 NJIP
ÀÊÌiÀÊÕÌÃ]ÊLÌÃ]Êv>ÃÌiiÀÃÊiÌV°ÊÀiviÀÊÌÊÃÌ>`>À`ÊÌÀµÕiÊÛ>ÕiÃÊ-
/" £®°

&</,1'(53,6721
63(&,$/722/6
3,67216/,'(%$6(
3$5712++
7528%/(6+227,1*
&RPSUHVVLRQWRRORZKDUGWRVWDUWRU
SRRUSHUIRUPDQFHDWORZVSHHG
UÊ 7À]ÊÃÌÕVÊÀÊLÀiÊ«ÃÌÊÀ}Ã
UÊ 7ÀÊÀÊ`>>}i`ÊVÞìÀÊÀÊ«ÃÌ
UÊ i>}ÊVÞìÀÊi>`Ê}>ÃiÌ
([FHVVLYHVPRNH
UÊ 7ÀÊVÞìÀÊÀÊ«ÃÌÊÀ}Ã

UÊ «À«iÀÊÃÌ>>ÌÊvÊ«ÃÌÊÀ}Ã
UÊ -VÀi`ÊÀÊÃVÀ>ÌVi`Ê«ÃÌÊÀÊVÞìÀÊÜ>
([FHVVLYHQRLVHSLVWRQ
UÊ 7ÀÊVÞìÀÊ>`Ê«ÃÌ
UÊ 7ÀÊ«ÃÌÊ«Ê>`Ê«ÃÌÊ«Êi
UÊ 7ÀÊViVÌ}ÊÀ`ÊÃ>Êi`Ê
2YHUKHDWLQJ]ÊNQRFNLQJFRPSUHVVLRQWRRKLJK
UÊ ÝViÃÃÛiÊV>ÀLÊì«ÃÌÊÊ«ÃÌÊÀÊVLÕÃÌÊV>LiÀ

&</,1'(53,6721

Ê
Ê-*,"
/
&</,1'(5
5(029$/
5HPRYHWKHF\OLQGHUKHDGSDJH
5HPRYHWKHGRZHOSLQVDQGJDVNHWSDJH
5HPRYHWKHFDPVSURFNHWDQGFDPFKDLQJXLGH

Ê
Ê1

9 ,
/LIWWKHF\OLQGHUDQGUHPRYHLWEHLQJFDUHIXOQRWWRGDPDJH
WKHSLVWRQZLWKWKHVWXGV
&OHDQWKHWRSRIWKHF\OLQGHUWKURXJKO\
127(
%HFDUHIXOQRWWRGDPDJHWKHPDWLQJVXUIDFHVE\XVLQJD
VFUHZGULYHUZKHQVSOLWWLQJWKHF\OLQGHUIURPWKHFUDQNFDVH
"7 Ê* -
5HPRYHWKHGRZHOSLQVDQGJDVNHW
- /
678'5(3/$&(0(17
5HPRYHWKHVWXGVIURPWKHFUDQNFDVH
,QVWDOO WKH QHZ VWXGV LQWR WKH FUDQNFDVH HPEHGGHG WLOO PP
LQFRPSOHWHWKUHDGV
72548(
678'%2/7NJIP
$IWHULQVWDOOLQJWKHVWXGVFKHFNWKDWWKHOHQJWKIURPWKHKHDG
WRWKHFUDQNFDVHVXUIDFHLVZLWKLQVSHFLILFDWLRQ
678'6
(0%(''('7,//,1&203/(7(7+5($'6

&</,1'(53,6721

9 ,
&</,1'(5
7 ,
,163(&7,21
,QVSHFWWKHF\OLQGHUZDOOIRUVFRULQJDQGZHDU
0HDVXUHDQGUHFRUGWKHF\OLQGHU,'DWWKUHHOHYHOVLQERWKWKH
;DQG<D[LV7DNHWKHPD[LPXPUHDGLQJWRGHWHUPLQHWKH
F\OLQGHUZHDU
6(59,&(/,0,7
&</,1'(5,'PP
&DOFXODWHWKHF\OLQGHUIRUWDSHUDQGRYDOLW\DWWKUHHOHYHOVLQ
DQ;DQG<D[LV7DNHWKHPD[LPXPUHDGLQJWRGHWHUPLQHWKH 8
RYDOLW\
/"*

6(59,&(/,0,7
7$3(5PP
29$/,7<PP
7KHF\OLQGHUPXVWEHUHERUHGDQGDQRYHUVL]HSLVWRQILWWHGLI
WKHVHUYLFHOLPLWLVH[FHHGHG
7KHIROORZLQJRYHUVL]HSLVWRQDUHDYDLODEOH "//"
PP
7KH F\OLQGHU PXVW EH UHERUHG VR WKDW WKH FOHDUDQFH IRU
RYHUVL]HSLVWRQLVÊä°ä£äÊä°äÎäÊ°
&KHFNWKHF\OLQGHUIRUZDUSDJHE\SODFLQJDVWUDLJKWHGJH
DQGDIHHOHUJDXJHDFURVVWKHVWXGVDQGEROWKROHVDVVKRZQ
6(59,&(/,0,7
&</,1'(5:$53$*(PP
*-/" Ê* Ê
*
3,6721
5(029$/
5HPRYHWKHSLVWRQSLQFOLSXVLQJQRVHSOLHU
127(
3ODFHDFOHDQVKRSWRZHORYHUWKHFUDQNFDVHWRSUHYHQWWKH
SRVVLELOLW\RIWKHSLVWRQSLQFOLSIDOOLQJLQWRWKHFUDQNFDVH
"- Ê* ,

&</,1'(53,6721
1 /Ê-/
5HPRYHWKHSLVWRQSLQRXWE\GULYLQJLWZLWKDEOXQWVKDIW
&$87,21
'RQRWGDPDJHRUVFUDWFKWKHSLVWRQ
'RQRWDSSO\VLGHIRUFHWRWKHFRQQHFWLQJURG
*-/" *-/" Ê*

*-/" Ê
,QVSHFWWKHSLVWRQULQJVIRUPRYHPHQWE\SUHVVLQJWKHULQJV
7KH ULQJV VKRXOG EH DEOH WR PRYH LQ LWV JURRYH ZLWKRXW
FDWFKLQJ
*-/" Ê,
*-/" Ê
6SUHDGHDFKSLVWRQULQJDQGUHPRYHLWE\OLIWLQJLWXSDWD
SRLQWRSSRVLWHWKHJDS
&$87,21
'RQRWGDPDJHWKHSLVWRQULQJE\VSUHDGLQJWKHHQGV
WRRIDU
%HFDUHIXOQRWWRGDPDJHWKHSLVWRQGXULQJWKHSLVWRQ
ULQJUHPRYDO
*-/" Ê,
*-/" Ê, Ê *-/" Ê
3,67213,67215,1*
,163(&7,21
127(
&OHDQFDUERQGHSRVLWVIURPWKHSLVWRQ
",Ê
&OHDQFDUERQGHSRVLWVIURPWKHSLVWRQULQJJURRYHVZLWK 7 ,Ê
DULQJWKDWZLOOEHGLVFDUGHG1HYHUXVHDZLUHEUXVKLW
ZLOOGDPDJHWKHJURRYHV
,QVSHFWWKHSLVWRQIRUFUDFNVRURWKHUGDPDJH
,QVSHFWWKHULQJJURRYHVIRUH[FHVVLYHZHDUDQGFDUERQEXLOG
XS
*-/" Ê,

&</,1'(53,6721
0HDVXUHSLVWRQ2'DWPPIURPWKHERWWRPDQGWR
WKHSLVWRQSLQKROH
6(59,&(/,0,7
3,67212'PP
&DOFXODWHWKHF\OLQGHUWRSLVWRQFOHDUDQFH7DNHWKHPD[LPXP
FDOFXODWH WKH F\OLQGHUWRSLVWRQ FOHDUDQFH UHDGLQJ WR
GHWHUPLQHWKHFOHDUDQFH
6(59,&(/,0,7
&</,1'(5723,6721&/($5$1&(PP "°
*-/" Ê
0HDVXUHHDFKSLVWRQSLQKROH,'LQDQ;DQG<D[LV
7DNHWKHPD[LPXPUHDGLQJWRGHWHUPLQH,'
6(59,&(/,0,7 9
8

3,67213,1+2/(,'PP
°
0HDVXUHWKHSLVWRQSLQ2'DWWKUHHSRLQWV
6(59,&(/,0,7
3,67213,12'PP
&DOFXODWHWKHSLVWRQWRSLVWRQSLQFOHDUDQFH "°
6(59,&(/,0,7
3,6721723,67213,1&/($5$1&(PP
*-/" Ê*

"
/ Ê,"
0HDVXUHWKHFRQQHFWLQJURGVPDOOHQG,'
6(59,&(/,0,7
&211(&7,1*52'60$//(1','PP
&DOFXODWHWKHFRQQHFWLQJURGVPDOOHQGWRSLVWRQSLQ °
FOHDUDQFH
6(59,&(/,0,7
&211(&7,1*52'60$//(1'3,67213,1
&/($5$1&(PPÊ

&</,1'(53,6721
8VLQJDSLVWRQSXVKWKHULQJVHFXUHO\LQWRWKHF\OLQGHUDQG
PHDVXUHWKHSLVWRQULQJHQGJDSXVLQJDIHHOHUJDXJH
6(59,&(/,0,7
7235,1*(1'*$3PP
6(&21'5,1*(1'*$3PP
2,/5,1*(1'*$3PP
*-/" Ê,
*-/" Ê,
,QVSHFWWKHSLVWRQULQJVDQGUHSODFHWKHPLIWKH\DUHZRUQ
127(
$OZD\VUHSODFHWKHSLVWRQULQJVDVDVHW
5HLQVWDOOWKHSLVWRQULQJVLQWRWKHSLVWRQJURRYHV
3XVK LQ XQWLO WKH RXWHU VXUIDFH RI WKH SLVWRQ ULQJ LV QHDUO\
IOXVKHGZLWKWKHSLVWRQDQGPHDVXUHWKHFOHDUDQFHXVLQJD
IHHOHUJDXJH
6(59,&(/,0,7
723PP
6(&21'PP
*-/" Ê
3,67215,1*,167$//$7,21
&OHDQWKHSLVWRQKHDGVULQJODQGDQGVNLUW
&DUHIXOO\ LQVWDOO WKH SLVWRQ ULQJV RQWR WKH SLVWRQ ZLWK WKHLU
PDUNLQJIDFLQJXS
&$87,21
'RQRWGDPDJHWKHSLVWRQULQJE\VSUHDGLQJWKHHQGVWRR
IDU
%HFDUHIXOQRWWRGDPDJHWKHSLVWRQZKHQWKHSLVWRQULQJ
LQVWDOODWLRQ
127(
'RQRWFRQIXVHWKHWRSDQGVHFRQGULQJV *-/" Ê,
$IWHULQVWDOOLQJWKHULQJVWKH\VKRXOGURWDWHIUHHO\ZLWKRXW
VWLFNLQJ
6SDFHWKHULQJHQGJDSVDSDUW

&</,1'(53,6721
0$5.
723
723

/"*Ê, £Óäc

-
" Ê,
£Óäc
- Ê,
-*
, £Óäc

{x
- Ê,

/"*Ê,
-
" Ê,
"Ê,

&</,1'(53,6721
/ Ê-1,

3,6721
,167$//$7,21
127(
:KHQFOHDQLQJWKHF\OLQGHUPDWLQJVXUIDFHSODFHDVKRS
WRZHORYHUWKHFUDQNFDVHRSHQLQJWRSUHYHQWGLUWHQWU\LQWR
WKHHQJLQH
&OHDQDQ\JDVNHWPDWHULDOIURPWKHF\OLQGHUPDWLQJVXUIDFH
RIWKHFUDQNFDVH
*-/"
$SSO\ PRO\EGHQXP RLO VROXWLRQ WR WKH SLVWRQ SLQ RXWHU
VXUIDFHV
,QVWDOOWKHSLVWRQZLWKLWV´,1µPDUNIDFLQJWKHLQWDNHVLGH
,QVWDOOWKHSLVWRQSLQ
0R2,/
*-/" Ê*
*-/" Ê* Ê
*
,QVWDOOQHZSLVWRQSLQFOLSV
&$87,21
$OZD\VXVHQHZSLVWRQSLQFOLSV5HLQVWDOOLQJXVHGSLVWRQSLQ
FOLSVPD\OHDGWRVHULRXVHQJLQHGDPDJH
"- Ê* ,

*Ê Ê*
127(
3ODFH D VKRS WRZHO RYHU WKH FUDQNFDVH RSHQLQJ WR
SUHYHQW SLVWRQ SLQ FOLSV IURP WKH IDOOLQJ LQWR WKH
FUDQNFDVH
6HWWKHSLVWRQSLQFOLSLQWKHJURRYHSURSHUO\
'RQRWDOLJQWKHFOLS·VHQGJDSZLWKWKHSLVWRQFXWRXW
*-/" Ê
1/Ê"1/

&</,1'(53,6721
"7 Ê* -
&</,1'(5
,167$//$7,21
,QVWDOOWKHGRZHOSLQVDQGDQHZJDVNHW
127(
:KHQ FOHDQLQJ WKH F\OLQGHU PDWLQJ VXUIDFH SODFH D
VKRSWRZHORYHUWKHFUDQNFDVHRSHQLQJWRSUHYHQWGLUW
HQWU\LQWRWKHHQJLQH
'RQRWUHXVHWKHJDVNHWUHSODFHZLWKQHZRQH
&$87,21
- /
%HFDUHIXOQRWWRGDPDJHWKHSLVWRQULQJVDQGF\OLQGHU
ZDOO
9 ,Ê7 *-/" Ê- Ê -
%HFDUHIXOQRWWRMDPWKHSLVWRQULQJVWRWKHFXWDZD\RIWKH
F\OLQGHUVOHHYH
$SSO\ FOHDQ HQJLQH RLO WR WKH F\OLQGHU ZDOO SLVWRQ RXWHU

VXUIDFHDQGSLVWRQULQJV
3ODFHSLVWRQVOLGHEDVHXQGHUWKHSLVWRQ
,QVWDOO WKH F\OLQGHU RYHU WKH SLVWRQ FRPSUHVVLQJ WKH SLVWRQ
ULQJVZLWK\RXUILQJHUV
5RXWHWKHFDPFKDLQWKURXJKWKHF\OLQGHU
3,67216/,'(%$6(
9 , *-/" É*-/" Ê,
3$5712++
Ê
Ê1
,QVHUWWKHFDPFKDLQJXLGHLQWRWKHF\OLQGHUDQGFUDQNFDVH
JURRYH
,""6

Ê
Ê-*,"
/
7HPSRUDULO\LQVWDOOWKHFDPVSURFNHWRQWKHFDPFKDLQ
,QVWDOOWKHJDVNHWDQGGRZHOSLQVSDJH
,QVWDOOWKHF\OLQGHUKHDGSDJH

&</,1'(53,6721
25,1*
&$0&+$,17(16,21(5/,)7(5
5(029$/
5HPRYHWKHWHQVLRQHUEROWDQG2ULQJ
%2/7
%2/76 67233(5722/
7XUQ WKH WHQVLRQHU VKDIWFORFNZLVH ZLWK WKH VWRSSHU WRRO WR
UHWUDFWWKHWHQVLRQHUWKHQLQVHUWWKHVWRSSHUIXOO\WRKROGWKH
WHQVLRQHULQWKHIXOO\UHWUDFWHGSRVLWLRQ
5HPRYHWKHWZRPRXQWLQJEROWV
7(16,21(5/,)7(5
- /
5HPRYHWKHFDPFKDLQWHQVLRQHUOLIWHUDQGJDVNHW
/ -" ,Ê/ ,
,163(&7,21
&KHFNWKHOLIWHURSHUDWLRQ
7KHWHQVLRQHUVKDIWVKRXOGQRWJRLQWRWKHERG\ZKHQLWLV
SXVKHG
:KHQ LW LV WXUQHG FORFNZLVH ZLWK D VWRSSHU WRRO WKH
WHQVLRQHUOLIWHUVKDIWVKRXOGEHSXOOHGLQWRWKHERG\
7KHVKDIWVKRXOGVSULQJRXWRIWKHERG\DVVRRQDVWKH
VWRSSHUWRROLVUHOHDVHG
7(16,21(5/,)7(5

&</,1'(53,6721
7(16,21(5/,)7(5
&$0&+$,17(16,21(5/,)7(5
,167$//$7,21
7XUQWKHWHQVLRQHUOLIWHUVKDIWFORFNZLVHZLWKWKHVWRSSHUWRRO
WRUHWUDFWWKHWHQVLRQHUOLIWHUWKHQLQVHUWWKHVWRSSHUIXOO\WR
KROGWKHWHQVLRQHUOLIWHULQWKHUHWUDFWHGSRVLWLRQ
67233(5722/
- /
,QVWDOOWKHFDPFKDLQWHQVLRQHUOLIWHUDORQJZLWKDQHZJDVNHW
127(
1HYHUDVVHPEOHWKHWHQVLRQHUOLIWHUWRWKHHQJLQHZLWKWKH
WHQVLRQFRQGLWLRQDVLWPD\FDXVHFDPFKDLQQRLVHZHDU
/ -" ,Ê/ ,
%2/76 67233(5722/
,QVWDOOWKHPRXQWLQJEROWVDQGWLJKWHQWKHP
5HPRYHWKHVWRSSHUWRROIURPWKHWHQVLRQHUOLIWHU
7(16,21(5/,)7(5
25,1*
$SSO\FOHDQHQJLQHRLOWRDQHZ2ULQJDQGLQVWDOOLWWRWKH
OLIWHU
,QVWDOOWKHWHQVLRQHUOLIWHUEROWDQGWLJKWHQLWWRWKHVSHFLILHG
WRUTXH
72548(
7(16,21(5/,)7(5%2/7NJIP
/ -" ,Ê/ , %2/7

0(02
(0%5$*8(&$-$'(&$0%,263('$/'($55$148(
',$*5$0$'(/6,67(0$
/2&.

/2&.
0R2
0R2
,/
&%
,/
0R2,/ ',6

(0%5$*8(&$-$'(&$0%,263('$/'($55$148(
'LDJUDPDGHOVLVWHPD (PEUDJXH

,QIRUPDFLyQGHOVHUYLFLR (QJUDQDMHSULPDULR
(VSHFLILFDFLRQHV9DORUHVGH %DODQFHDGRUHQJUDQDMHFRQGXFLGR
WRUTXH %DODQFHDGRUHQJUDQDMHDFFLRQDGR
+HUUDPLHQWDVHVSHFLDOHV &DMDGHFDPELRV
6ROXFLyQGHSUREOHPDV (QJUDQDMHQHXWURGHODUUDQTXH
&XELHUWDGHUHFKDGHOFiUWHU 3HGDOGHDUUDQTXH
,1)250$&,Ð1'(/6(59,&,2
*(1(5$/
(ODFRSODPLHQWRGHOHPEUDJXH\ODFDMDGHFDPELRVVHSXHGHUHSDUDUFRQHOPRWRULQVWDODGRHQHOPDUFR
/DYLVFRVLGDG\HOQLYHOGHDFHLWHGHOPRWRUDIHFWDQHOIXQFLRQDPLHQWRGHOHPEUDJXH&XDQGRHOHPEUDJXHQRVHGHVDFRSODROD
PRWRFLFOHWDVHDUUDVWUDFRQHOHPEUDJXHGHVDFRSODGRLQVSHFFLRQHHODFHLWHGHOPRWRU\HOQLYHOGHDFHLWHDQWHVGHUHSDUDUHO
VLVWHPDGHOHPEUDJXH
$OUHWLUDUHLQVWDODUODERPEDGHDFHLWHWHQJDFXLGDGRGHHYLWDUODHQWUDGDGHDFHLWHRVXFLHGDGHQHOPRWRU
(63(&,),&$&,21(6
(0%5$*8(&$-$'(&$0%,26(1*5$1$-(&21'8&,'235,0$5,2
,7(0 (67É1'$5 /Ì0,7('(/6(59,&,2
-XHJROLEUHGHODSDODQFD
PP
/RQJLWXGOLEUHGHOUHVRUWH PP PP
'LVFR$Q PDUFDYHUGH PP PP
(VSHVRUGHOGLVFR
'LVFR%Q PP PP
(PEUDJXH
&RPEDGXUDGHOSODWR PP
'LiPHWURLQWHUQRJXtDH[WHULRUGHOHPEUDJXH
PP PP
'LiPHWURH[WHUQRJXtDH[WHULRUGHOHPEUDJXH PP PP
'LiPHWURH[WHUQRHPEUDJXHH[WHULRU
PP PP

3HGDOGH 'LiPHWURLQWHUQRGHOHQJUDQDMH
PP PP
DUUDQTXH
PP PP
PP
(QJUDQDMH
QHXWURGHO
PP
DUUDQTXH
PP
9$/25(6'(72548(
78(5&$'(%/248(2),/752'($&(,7('(/52725 NJIP
78(5&$'(%/248(2&(1752'(/(0%5$*8(
NJIP
3(512'(/3/$72(/(9$'25'(/(0%5$*8(
NJIP
3(512723('(/3/$727$0%25'(&$0%,26 NJIP
3(512723('(/3/$72%5$=27$0%25'(&$0%,26NJIP
78(5&$'(%/248(2%$/$1&($'25(1*5$1$-(&21'8&,'2 NJIP

(0%5$*8(&$-$'(&$0%,263('$/'($55$148(
+(55$0,(17$6(63(&,$/(6
623257(*3' //$9('(78%2
3$57(1R++ 3$57(1R++.7&
623257(&(1752'(/(0%5$*8( &21(&725PP
3$57(1R++ 3$57(1R++.7&
5(029('25,167$/$'25 ,167$/$'255(6257(35,1&,3$/
3,15(6257(3('$/'(/(0%5$*8( /$7(5$/
3$57(1R+0&/2$$%$ 3$57(1R++
62/8&,Ð1'(352%/(0$6
/DRSHUDFLyQGHIHFWXRVDGHOHPEUDJXHJHQHUDOPHQWHVHSXHGHFRUUHJLUDMXVWDQGRHOMXHJROLEUH
3DODQFDGHHPEUDJXHGHPDVLDGRIXHUWH
&DEOHGHHPEUDJXHGDxDGRUHWRUFLGRRVXFLR
&DEOHGHHPEUDJXHPDOHQFDPLQDGR
0HFDQLVPRGHHOHYDFLyQGHOHPEUDJXHGDxDGR
5RGDPLHQWRGHOSODWRHOHYDGRUGHOHPEUDJXHGHIHFWXRVR
(OHPEUDJXHQRVHGHVDFRSODRODPRWRFLFOHWDVHDUUDVWUDFRQHOHPEUDJXHGHVDFRSODGR
-XHJROLEUHGHODSDODQFDGHOHPEUDJXHH[FHVLYD
3ODWRGHOHPEUDJXHGHIRUPDGR
1LYHOGHDFHLWHGHPDVLDGRDOWRYLVFRVLGDGGHDFHLWHRDGLWLYRXWLOL]DGRLQDGHFXDGR
9HULILTXHVLKD\DGLWLYRVGHDFHLWH
(PEUDJXHSDWLQD
(OHYDGRUGHOHPEUDJXHSHJDGR
'LVFRVGHOHPEUDJXHGHVJDVWDGRV
6LQMXHJROLEUHGHODSDODQFDGHOHPEUDJXH
9HULILTXHVLKD\DGLWLYRVGHDFHLWH
5HVRUWHVGHOHPEUDJXHGpELOHV
/DRSHUDFLyQGHOHPEUDJXHVHVLHQWHiVSHUD
5DQXUDVH[WHULRUHVGHOHPEUDJXHiVSHUR
'LItFLOGHFDPELDU
&DEOHGHOHPEUDJXHPDODMXVWDGR
+RUTXLOODGHFDPELRGDxDGDRGREODGD
(MHGHKRUTXLOODGHFDPELRGREODGR
9LVFRVLGDGLQFRUUHFWDGHODFHLWHGHOPRWRU
(QVDPEODMHLQFRUUHFWRGHOHMHGHODFDMDGHFDPELRV
5DQXUDVGHJXtDGHWDPERUGHFDPELRGDxDGDV
/DWUDQVPLVLyQVDOWDGHFDPELR
%UD]RWRSHGHOWDPERUGHFDPELRGHVJDVWDGR
5HVRUWHGHUHWRUQRGHOHMHGHOFDPELRGHYHORFLGDGHVGHVJDVWDGRRURWR
(MHGHKRUTXLOODGHFDPELRGREODGR
5DQXUDVGHJXtDGHWDPERUGHFDPELRGDxDGDV
(OSHGDOGHODFDMDGHFDPELRVQRUHWRUQD
5HVRUWHGHUHWRUQRGHOHMHGHOFDPELRGHYHORFLGDGHVGpELORURWR
(MHGHFDPELRGHOHQJUDQDMHGREODGR

(0%5$*8(&$-$'(&$0%,263('$/'($55$148(
78(5&$%5$=226&,/$17( 3(512'(35(6,Ð1
&8%,(57$'(5(&+$'(/&É57(5
5(02&,Ð1
5HWLUHODWXHUFDGHOEUD]RRVFLODQWH
5HWLUHHOSHUQRGHODFXELHUWDGHOFRQMXQWRGHOVRSRUWHGHO
HVWULERGHUHFKR
5HWLUHHOSHUQRGHSUHVLyQGHOVLOHQFLDGRUGHH[KRVWR
3(512623257('(/(675,%2'(5(&+2
5HWLUH OD FXELHUWD GHO FRQMXQWR GHO VRSRUWH GHO

HVWULERGHOODGRGHUHFKR
&8%,(57$623257('(/(675,%2
$5$1'(/$ &2//$5
5HWLUHODDUDQGHOD\HOFROODUGHOSHGDOGHOIUHQR
5(6257(,17(5583725/8='()5(1275$6(52
6HSDUHHOUHVRUWHGHOLQWHUUXSWRUGHODOX]GHIUHQRWUDVHURGHO
SHGDOGHOIUHQR

(0%5$*8(&$-$'(&$0%,263('$/'($55$148(
3$/$1&$'(/(0%5$*8( 78(5&$'(%/248(2
$IORMH OD WXHUFD GH EORTXHR \ OD WXHUFD GH DMXVWH OXHJR 78(5&$'($-867(
GHVFRQHFWH HO FDEOH GHO HPEUDJXH GH OD SDODQFD GHO
HPEUDJXH
5HWLUHHOSHUQRGHDUUDQTXHGHOSHGDOGHDUUDQTXH\HOSHGDO
GHOPRWRUGHDUUDQTXH
3(512'(35(6,Ð1 3('$/'(/$55$148(

&8%,(57$'(5(&+$'(/&É57(5 5(&(3725
127$
/DFXELHUWDGHUHFKDGHOFiUWHUVHSXHGHUHSDUDUFRQHO
PRWRULQVWDODGRHQHOPDUFR
$SOLTXHJUDVDPXOWLSURSyVLWRDOiUHDGHQWDGDGHOHMHGHO
SHGDO
/LPSLHDOUHGHGRUGHOiUHDGHODYDULOODPHGLGRUDFRQDLUH
FRPSULPLGR DQWHV GH UHWLUDUOD \ DVHJ~UHVH GH TXH QR
HQWUHQUHVLGXRVHQHOPRWRU
5HWLUHODYDULOODGHQLYHOGHDFHLWH
$IORMH\UHWLUHORVSHUQRVGHODFXELHUWDGHOFiUWHUGHUHFKRHQ
XQSDWUyQHQWUHFUX]DGRHQRSDVRV
5HWLUHORVSHUQRVGHOUHFHSWRUGHOHPEUDJXH\ODFXELHUWD 3(5126 9$5,//$1,9(/'($&(,7(
GHUHFKDGHOFiUWHU
3$6$'25(6 (03$48(
5HWLUHHOHPSDTXH\ORVSDVDGRUHV

(0%5$*8(&$-$'(&$0%,263('$/'($55$148(
9$5,//$(/(9$'25 5(029('25,167$/$'25
'(6(16$0%/(
5HWLUHODYDULOODGHOHOHYDGRUGHOHPEUDJXH
'HVHQJDQFKHHOUHVRUWHGHUHWRUQRGHODFXELHUWDGHUHFKDGHO
FiUWHU
0LGD\UHJLVWUHODORQJLWXGGHODSURWXEHUDQFLDGHOSDVDGRU
GHUHVRUWH
,QWURGX]FD HO SDVDGRU GH UHVRUWH HQ OD SDODQFDHMH GHO
HPEUDJXHKDVWDTXHHOH[WUHPRGHOSDVDGRUTXHGHDOUDVFRQ
ODVXSHUILFLHGHODSDODQFDHMHGHOHPEUDJXH
7LUHGHODSDODQFDHMHGHOHPEUDJXHKDFLDDIXHUD\UHWLUHHO
UHVRUWHGHUHWRUQR
3$6$'25
5(6257('(5(72512 3$/$1&$(-(
5(029('25,167$/$'253,15(6257(3('$/ 3$/$1&$(-(
'(/(0%5$*8(
3$57(1R+0&/2$$%$
5HWLUHODSDODQFDHMHGHOHPEUDJXHHOVHOORGHDFHLWHGHOHMH
GHODSDODQFDGHOHPEUDJXH\HOVHOORGHDFHLWHGHOHMHGH
DUUDQTXH
5HYLVHODYDULOODGHOHOHYDGRUGHOHPEUDJXH\ODSDODQFDHMH
GHOHPEUDJXHHQEXVFDGHGHVJDVWHRGDxRV
5HYLVHHOUHVRUWHGHUHWRUQRSRUIDWLJDRGDxR
5HHPSODFHORVVHOORVGHDFHLWHSRUXQRQXHYR
6(//2'($&(,7(
3$/$1&$(-(
(16$0%/(
$SOLTXHJUDVDHQHOERUGHDXQQXHYRVHOORGHDFHLWHGHOHMH
GH OD SDODQFD GHO HPEUDJXH H LQVWiOHOR HQ OD FXELHUWD
GHUHFKDGHOFiUWHU
$SOLTXHDFHLWHOLPSLRGHPRWRUDODVXSHUILFLHGHVOL]DQWHGHO
HMHGHODSDODQFDGHOHPEUDJXHHLQVWiOHORHQODFXELHUWD
GHUHFKDGHOFiUWHU
$SOLTXH JUDVD HQ HO ERUGH GHO VHOOR GH DFHLWH GHO HMH GH
DUUDQTXHHLQVWiOHORHQODFXELHUWDGHUHFKDGHOFiUWHU
*
6(//2'($&(,7(
,QVWDOH HO UHVRUWH GH UHWRUQR HQ HO H[WUHPR GHO HMH GH OD
5(029('25,167$/$'25 9$5,//$(/(9$'25
SDODQFDGHOHPEUDJXH
'HVGHHOODGRRSXHVWRFRQGX]FDHOSDVDGRUGHUHVRUWHKDVWD
TXH SUR\HFWH OD PLVPD FDQWLGDG UHJLVWUDGD HQ HO
GHVHQVDPEOH
(QJDQFKHHOUHVRUWHGHUHWRUQRFRPRVHPXHVWUD
,QVWDOHODYDULOODGHOHOHYDGRUGHOHPEUDJXHHQODUDQXUDGHO
HMHGHODSDODQFDGHOHPEUDJXHPLHQWUDVDOLQHDODUDQXUD
FRQHORULILFLRGHODYDULOODGHOHOHYDGRUGHOHPEUDJXH
5(029('25,167$/$'253,15(6257(3('$/
'(/(0%5$*8( *$1&+2
3$57(1R+0&/2$$%$ 3$/$1&$(-( 5(6257('(5(72512 3,1

(0%5$*8(&$-$'(&$0%,263('$/'($55$148(
3$6$'25(6 (03$48(
,167$/$&,Ð1
/LPSLHFXDOTXLHUPDWHULDOGHHPSDTXHGHODVVXSHUILFLHVGH
FRQWDFWRGHOFiUWHUGHUHFKR\ODFXELHUWD
,QVWDOHORVSDVDGRUHV\XQQXHYRHPSDTXH
&8%,(57$'(5(&+$'(/&É57(5 5(&(3725
127$
$SOLTXHJUDVDPXOWLSURSyVLWRHQHOiUHDGHQWDGDGHOPRWRU
GHDUUDQTXH
,QV,QVWDOH OD FXELHUWD GHUHFKD GHO FiUWHU HO UHFHSWRU GHO

HPEUDJXH\ORVSHUQRVGHODFXELHUWD\ORVSHUQRVGHOD
FXELHUWD *
$SULHWH ORV WRUQLOORV HQ XQ SDWUyQ HQWUHFUX]DGR HQ R
SDVRV
,QVWDOHODYDULOODGHQLYHOGHDFHLWH
3(5126 9$5,//$1,9(/'($&(,7(
3$/$1&$'(/(0%5$*8( 78(5&$'(%/248(2
,QVWDOHHOSHGDOGHDUUDQTXH\DSULHWHHOSHUQRGHDUUDQTXH 78(5&$'($-867(
&RQHFWHHOFDEOHGHOHPEUDJXHDODSDODQFDGHOHPEUDJXH
3(512'(35(6,Ð1 3('$/'(/$55$148(
5(6257(,17(5583725/8='()5(1275$6(52
&RORTXHHOUHVRUWHGHOLQWHUUXSWRUGHODOX]GHIUHQRWUDVHUD
HQHOSHGDOGHOIUHQR

(0%5$*8(&$-$'(&$0%,263('$/'($55$148(
,QVWDOHHOVRSRUWHGHOHVWULERGHOODGRGHUHFKR
623257('(/(675,%2'(5(&+2
&8%,(57$'(623257( 5(6257(
,QVWDOHHOFROODU\HOUHVRUWHHQHOSHGDOGHOIUHQR
,QVWDOHHOSHGDOGHOIUHQRHQHOVRSRUWHGHOVRSRUWHGHOHVFDOyQ
GHOODGRGHUHFKR
,QVWDOHHOSDVDGRUGHXQLyQ\HOSDVDGRUGHFKDYHWD
,QVWDOHODFXELHUWDGHOVRSRUWHGHOHVWULERGHOODGRGHUHFKR
&2//$5
&2//$53$6$'25'(81,Ð1 3('$/'(/)5(12
(QJDQFKHHOUHVRUWHGHUHWRUQRGHOSHGDOGHOIUHQRFRQOD
KHUUDPLHQWDHVSHFLDO
,167$/$'255(6257(35,1&,3$//$7(5$/
3$57(1R++
3('$/'(/)5(12
78(5&$%5$=226&,/$17( 3(512'(35(6,Ð1
,QVWDOHODWXHUFDGHOEUD]RRVFLODQWHDOWRUTXHHVSHFLILFDGR
,QVWDOHHOSHUQRGHSUHVLyQGHOVLOHQFLDGRUGHH[KRVWR
72548(
78(5&$%5$=226&,/$17(NJIP
$MXVWHHOMXHJROLEUHGHODSDODQFDGHOHPEUDJXH
SiJLQD
/OHQHHOFiUWHUFRQHODFHLWHGHPRWRUUHFRPHQGDGR
SiJLQD
3(512623257('(/(675,%2'(5(&+2

(0%5$*8(&$-$'(&$0%,263('$/'($55$148(
'(67251,//$'25'(,03$&72 7251,//26
(0%5$*8(
'(6(16$0%/(
5HWLUHORVWRUQLOORVGHODFXELHUWDGHOURWRUGHOILOWURGHDFHLWH
FRQXQGHVWRUQLOODGRUGHLPSDFWR
127$
1RXVHHOVRSRUWH*3'PLHQWUDVXVDHOGHVWRUQLOODGRUGH
LPSDFWR
&8%,(57$'(/52725),/752'($&(,7(
5HWLUHODWDSDGHOURWRUGHOILOWURGHDFHLWH\HOHPSDTXH
(03$48(
623257(*3' (1*5$1$-(35,0$5,2
5HWLUHHOHQJUDQDMHFRQGXFLGRGHODERPEDGHDFHLWHSiJLQD

,QVWDOHHOVRSRUWHGHO*36HQWUHODWUDQVPLVLyQSULQFLSDO\ORV
HQJUDQDMHVDFFLRQDGRVFRPRVHPXHVWUD\DIORMHODWXHUFDGH
EORTXHRGHOURWRUGHOILOWURGHDFHLWHFRQXQDOODYHGHWXER
623257(*3'
3$57(1R++
//$9('(78%2
3$57(1R++.7&
//$9('(78%2 (1*5$1$-(%20%$'($&(,7(
$5$1'(/$
5HWLUHODWXHUFDGHEORTXHR\ODDUDQGHOD
78(5&$'(%/248(2

(0%5$*8(&$-$'(&$0%,263('$/'($55$148(
5HWLUHHOILOWURGHDFHLWHGHOURWRU
),/752'($&(,7('(/52725
3(5126
$IORMHORVSHUQRVGHODSODFDGHOHOHYDGRUGHOHPEUDJXHHQ
XQSDWUyQHQWUHFUX]DGRHQYDULRVSDVRVFRQHOVRSRUWH*3'
5HWLUHORVSHUQRVGHODSODFDGHOHOHYDGRU
623257(*3'
3/$&$'(/(/(9$'25
5HWLUHODSODFDGHOHOHYDGRU\ORVUHVRUWHVGHOHPEUDJXH
5(6257(6'(/(0%5$*8(
623257(&(175$/ 78(5&$'(%/248(2
6XMHWH OD SODFD GH SUHVLyQ FRQ HO VRSRUWH FHQWUDO GHO
HPEUDJXH \ DIORMH OD WXHUFD GH EORTXHR FHQWUDO GHO
HPEUDJXH
623257(&(175$/'(/(0%5$*8(
3$57(1R++

(0%5$*8(&$-$'(&$0%,263('$/'($55$148(
$5$1'(/$
5HWLUHODWXHUFDGHEORTXHRGHOFHQWURGHOHPEUDJXH\OD
DUDQGHOD
78(5&$'(%/248(2
&(1752'(/(0%5$*8( 3/$72'(35(6,Ð1
(OLPLQDUORVLJXLHQWH 3/$726
&HQWURGHHPEUDJXH
'LVFRVGHIULFFLyQGHOHPEUDJXH$
3ODWRVGHOHPEUDJXH
'LVFRVGHIULFFLyQGHOHPEUDJXH%
3ODWRGHSUHVLyQ
',6&2$ ',6&2% ',6&2$
5HWLUHODDUDQGHODGHHPSXMH
$5$1'(/$'((038-(
5HWLUHHOHPEUDJXHH[WHULRU
(0%5$*8((;7(5,25

(0%5$*8(&$-$'(&$0%,263('$/'($55$148(
*8Ì$(;7(5,25'(/(0%5$*8(
5HWLUHODJXtDH[WHULRUGHOHPEUDJXH
52'$0,(1723/$72(/(9$'25'(/(0%5$*8(
,163(&&,Ð1
52'$0,(172 3/$72 (/(9$'25 '(/
(0%5$*8(
*LUHODSLVWDLQWHULRUGHOURGDPLHQWRHOHYDGRUFRQVXGHGR
(OURGDPLHQWRGHEHJLUDUVXDYH\VLOHQFLRVDPHQWH
7DPELpQ YHULILTXH TXH OD SLVWD H[WHULRU GHO URGDPLHQWR
HQFDMHILUPHPHQWHHQHOSODWRHOHYDGRU
5HHPSODFH HO URGDPLHQWR VL OD SLVWD LQWHUQD QR JLUD
VXDYHPHQWH HQ VLOHQFLR R VL OD SLVWD H[WHUQD HQFDMD VLQ
DSUHWDUHQHOSODWRHOHYDGRU
5(6257('(/(0%5$*8(
5HYLVHHOUHVRUWHGHOHPEUDJXHSRUIDWLJDRGDxR
0LGDODORQJLWXGOLEUHGHOUHVRUWHGHOHPEUDJXH
/Ì0,7('(/6(59,&,2
/21*,78'/,%5('(/ 5(6257('(/ (0%5$*8(
PP
5(6257('(/(0%5$*8(
&(1752'(/(0%5$*8(
&(1752'(/(0%5$*8(
&RPSUXHEHODVUDQXUDVGHOFHQWURGHOHPEUDJXHHQEXVFD
GHGDxRVRGHVJDVWHFDXVDGRVSRUODVSODFDVGHOHPEUDJXH
5$185$6

(0%5$*8(&$-$'(&$0%,263('$/'($55$148(
',6&26'()5,&&,Ð1
',6&2)5,&&,Ð1'(/(0%5$*8( ',6&2$ ',6&2%
5HYLVHORVGLVFRVGHIULFFLyQGHOHPEUDJXHHQEXVFDGHVLJQRV
GHSXQWXDFLyQRGHFRORUDFLyQ
$!%
0LGDHOJURVRUGHFDGDGLVFR
/Ì0,7('(/6(59,&,2
'LVFR$PP
'LVFR%PP

',6&26'()5,&&,Ð1
3/$72'(/(0%5$*8(
5HYLVHORVSODWRVGHOHPEUDJXHSRUGHFRORUDFLyQ
9HULILTXHODVGHIRUPDFLRQHVGHORVSODWRVGHOHPEUDJXHHQ
XQDSODFDGHVXSHUILFLHFRQXQFDOLEUDGRUGHFLQWD
/Ì0,7('(/6(59,&,2
&20%$'85$PP
/RV SODWRV GHO HPEUDJXH GHIRUPDGRV HYLWDQ TXH HO
HPEUDJXHVHGHVDFRSOHFRUUHFWDPHQWH
3/$72'(/(0%5$*8(
(;7(5,25'(/(0%5$*8(
(0%5$*8((;7(5,25*8Ì$(;7(5,25
5HYLVHODVUDQXUDVHQHOH[WHULRUGHOHPEUDJXHHQEXVFDGH
PHOODV FRUWHV R KHQGLGXUDV KHFKDV SRU ORV GLVFRV GHO ',
HPEUDJXH
5HYLVH ORV GLHQWHV GHO HQJUDQDMH LPSXOVDGR SULPDULR SRU
GHVJDVWHRGDxRV
0LGDHOGLiPHWURH[WHULRUGHOHPEUDJXH
/Ì0,7('(/6(59,&,2
',É0(752,17(512PP

(0%5$*8(&$-$'(&$0%,263('$/'($55$148(
*8Ì$(;7(5,25'(/(0%5$*8(
0LGDHOGLiPHWURLQWHUQR\H[WHUQRGHODJXtDH[WHULRUGHO ',É0(752(;7(512
HPEUDJXH
/Ì0,7('(/6(59,&,2
',É0(752,17(512PP
',É0(752(;7(512PP
,'
*8Ì$(;7(5,25'(/(0%5$*8(
(-(35,1&,3$/
0LGDHOGLiPHWURH[WHULRUGHOHMHSULQFLSDOHQODJXtDH[WHULRU
GHOHPEUDJXH
/Ì0,7('(/6(59,&,2
',É0(752(;7(5,25PP 2'
(-(35,1&,3$/
*8Ì$(;7(5,25'(/(0%5$*8(
(16$0%/(
0R2,/
$SOLTXH XQD VROXFLyQ GH DFHLWH GH PROLEGHQR D WRGD OD
VXSHUILFLHGHODJXtDH[WHULRUGHOHPEUDJXHHLQVWiOHODHQHO
HMHSULQFLSDO
(1*5$1$-(&21'8&,'2 $55$148(&21'8&,'2
$SOLTXH DFHLWH GH PRWRU OLPSLR FRQ 026 DO FDPELR
0R2,/
LPSXOVDGDSRUHOPRWRUGHDUUDQTXH
0R2,/
$55$148(&21'8&,'2 (1*5$1$-(&21'8&,'2

(0%5$*8(&$-$'(&$0%,263('$/'($55$148(
,QVWDOHHOHPEUDJXHH[WHULRU
(0%5$*8((;7(5,25
,QVWDOHODDUDQGHODGHHPSXMH
$5$1'(/$'((038-(
&XEUD ORV GLVFRV GH IULFFLyQ GHO HPEUDJXH FRQ DFHLWH GH
PRWRUOLPSLR 3/$72'(35(6,Ð1
(QVDPEOH ORV GLVFRV GH HPEUDJXH $ % ORV SODWRV GH ',6&2%
HPEUDJXH\HOSODWRGHSUHVLyQHQHOFHQWURGHOHPEUDJXH
PLHQWUDVDOLQHDODPDUFD2GHOFHQWURGHOHPEUDJXH\HO
SODWRGHSUHVLyQ ',6&2$
127$
,QVWDOHORVGLVFRVGHIULFFLyQGHOHPEUDJXH$FRQXQDPDUFD ',6&2$
YHUGHHQHOH[WHULRUFRPRVHPXHVWUDHQODLOXVWUDFLyQ
3/$726'(/(0%5$*8(
&(1752'(/(0%5$*8(

(0%5$*8(&$-$'(&$0%,263('$/'($55$148(
&21-8172&(1752'(/(0%5$*8( 5$185$6
,QVWDOHHOFRQMXQWRGHOFHQWURGHOHPEUDJXHHQHOH[WHULRUGHO
HPEUDJXH
127$
,QVWDOHODVSHVWDxDVGHOGLVFRGHHPEUDJXH$H[WHULRUHQ
ODVUDQXUDVSRFRSURIXQGDVHQHOH[WHULRUGHOHPEUDJXH
',6&2$(;7(5,25 (;7(5,25'(/(0%5$*8(

$5$1'(/$
,QVWDOHODDUDQGHOD\ODWXHUFDGHEULGD
78(5&$'(%/248(2
623257(&(1752'(/(0%5$*8( 78(5&$
6RVWHQJD HO SODWR GH SUHVLyQ FRQ HO VRSRUWH FHQWUR GHO
HPEUDJXH
$SULHWHODWXHUFDGHEORTXHRFHQWUDOGHOHPEUDJXHFRQOD
KHUUDPLHQWDHVSHFLDO
623257(&(1752'(/(0%5$*8(
3$57(1R++
$SULHWHODWXHUFDGHEORTXHRFHQWURGHOHPEUDJXHDOWRUTXH
HVSHFLILFDGRFRQXQDOODYHGHWRUTXH
72548(
78(5&$'(%/248(2&(1752'(/(0%5$*8(
NJIP
//$9('(72548(

(0%5$*8(&$-$'(&$0%,263('$/'($55$148(
3/$72(/(9$'25
,QVWDOHORVUHVRUWHVGHOHPEUDJXH\HOSODWRHOHYDGRU
&/87&+635,1*6
3/$72(/(9$'25 623257(*3'
$SULHWH ORV SHUQRV GHO SODWR HOHYDGRU HQ XQ SDWUyQ
HQWUHFUX]DGRHQYDULRVSDVRVXWLOL]DQGRHOVRSRUWH*3'
72548(
3(5123/$72(/(9$'25'(/(0%5$*8(
NJIP
3(5126
,QVWDOHHOILOWURGHDFHLWHGHOURWRUHQHOFLJHxDO
),/752'($&(,7('(/52725
$5$1'(/$
,QVWDOHODDUDQGHODGHOILOWURGHDFHLWHGHOURWRUHQHOFLJHxDO
$SOLTXHDFHLWHGHPRWRUOLPSLRDODVURVFDV\DODVXSHUILFLH
GHDVLHQWRGHODWXHUFDGHEORTXHRHLQVWiOHORFRQHOODGR
ELVHODGRKDFLDDGHQWUR
78(5&$'(%/248(2

(0%5$*8(&$-$'(&$0%,263('$/'($55$148(
//$9('(72548( (1*5$1$-(&21'8&,'2
,QVWDOH HO VRSRUWH *3' HQWUH OD WUDQVPLVLyQ SULPDULD \ HO
HQJUDQDMHFRQGXFLGRFRPRVHPXHVWUD\DSULHWHODWXHUFDGH
EORTXHRGHOURWRUGHOILOWURGHDFHLWHDOWRUTXHHVSHFLILFDGR
FRQXQDOODYHGHWRUTXH
623257(*3'
3$57(1R++
&21(&725PP
3$57(1R++.7&
72548(
78(5&$ '( %/248(2 ),/752 '( $&(,7( '(/ 623257(*3' 78(5&$
52725NJIP
,QVWDOH HO HQJUDQDMH LPSXOVRU GH OD ERPED GH DFHLWH

SiJLQD
,QVWDOHHOQXHYRHPSDTXH
(03$48( (1*5$1$-(,038/625
7251,//26
,QVWDOHODWDSDGHOURWRUGHOILOWURGHDFHLWH\ORVWRUQLOORVOXHJR
DSULpWHORV
7$3$'(/52725),/752'($&(,7(

(0%5$*8(&$-$'(&$0%,263('$/'($55$148(
(1*5$1$-(35,0$5,2
(1*5$1$-(35,0$5,2
5(02&,Ð1
5HWLUHHOFRQMXQWRGHOHPEUDJXHSiJLQD
5HWLUHHOHQJUDQDMHSULPDULR
(1*5$1$-(35,0$5,2
,167$/$&,Ð1
$SOLTXHDFHLWHGHPRWRUOLPSLRDOHQJUDQDMHSULPDULR
,QVWDOH HO HQJUDQDMH SULPDULR DOLQHDQGR OD UDQXUD FRQ OD
OODYH:RRGUXII
,QVWDOHHOFRQMXQWRGHOHPEUDJXH
$/,1($5
623257(*3'
% $ / $ 1 & ( $ ' 2 5 ( 1 * 5 $ 1 $ - (
&21'8&,'2$&&,21$'2
5(02&,Ð1
5HWLUHODERPEDGHDFHLWHSiJLQD
5HWLUHHOHQJUDQDMHSULPDULRSiJLQD
,QVWDOH HO VRSRUWH *3' HQWUH HO HQJUDQDMH FRQGXFLGR \ HO
DFFLRQDGRSRUHOEDODQFHDGRUFRPRVHPXHVWUD\DIORMHOD
WXHUFDGHEORTXHRGHOHQJUDQDMHSULPDULR
*3'+2/'(5 78(5&$'(%/248(2
3$5712++ //$9(:22'58)) %$/$1&($'25(1*5$1$-(
5HWLUHODOODYH:RRGUXII
5HWLUHHOEDODQFHDGRUGHOHQJUDQDMHFRQGXFLGR

(0%5$*8(&$-$'(&$0%,263('$/'($55$148(
5HWLUHODWXHUFDGHEORTXHR
78(5&$'(%/248(2
%$/$1&($'25(1*5$1$-($&&,21$'2
5HWLUHHOEDODQFHDGRUGHOHQJUDQDMHDFFLRQDGR
//$9(:22'58))
5HWLUHODOODYH:RRGUXII
127$
&XDQGR UHWLUH OD OODYH :RRGUXII WHQJD FXLGDGR GH QR
GDxDUODUDQXUDGHODOODYH\HOHMHGHOEDODQFHDGRU
%$/$1&($'25(1*5$1$-(&21'8&,'2
,167$/$&,Ð1
,QVWDOHHOEDODQFHDGRUGHOHQJUDQDMHFRQGXFLGR

(0%5$*8(&$-$'(&$0%,263('$/'($55$148(
,QVWDOHODOODYH:RRGUXIIHQHOHMHGHOHQJUDQDMHFRQGXFLGR
FRPRVHPXHVWUD
//$9(:22'58)) //$9(:22'58))
(-(%$/$1&($'25(1*5$1$-($&&,21$'2
,QVWDOHODOODYH:RRGUXIIHQHOHMHGHOHQJUDQDMHDFFLRQDGR
FRPRVHPXHVWUD
//$9(:22'58)) //$9(:22'58))
$/,1($5
6XMHWDQGR HO HMH GHO HQJUDQDMH FRQGXFLGR FRQ HO
GHVWRUQLOODGRU FRPR VH PXHVWUD LQVWDOH HO HQJUDQDMH
FRQGXFLGRDOLQHDQGRODUDQXUDFRQODOODYHGH:RRGUXII\OD
PDUFDGHSXQ]yQHQHOHMHGHOEDODQFHDGRU
%$/$1&($'25(1*5$1$-($&&,21$'2 0$5&$
0$5&$'(381=Ð1
$OLQHDUODVPDUFDVGHSXQ]yQGHOHQJUDQDMHFRQGXFLGRGHO
EDODQFHDGRU\HOHQJUDQDMHDFFLRQDGR

(0%5$*8(&$-$'(&$0%,263('$/'($55$148(
623257(*3'
,QVWDOHHOVRSRUWH*3'HQWUHODXQLGDGEDODQFHDGRUD\HO
HQJUDQDMHFRQGXFLGRSRUHOEDODQFHDGRU\DSULHWHODWXHUFD
GHEORTXHRGHOHQJUDQDMHWRUTXHHVSHFLILFDGR
623257(*3'
3$57(1R++
72548(
78(5&$'(%/248(2(1*5$1$-(&21'8&,'2
NJIP
,QVWDOHHOHQJUDQDMHLPSXOVRUSULPDULRSiJLQD
,QVWDOHODERPEDGHDFHLWHSiJLQD 78(5&$'(%/248(2
$5$1'(/$'((038-(
&$-$'(&$0%,26
5(02&,Ð1
5HWLUDUORVLJXLHQWH
3HGDOGHFDPELRVSiJLQD
&RQMXQWRGHHPEUDJXHSiJLQD
127$
HQJUDQDMHGHFDPELRV
([WUDLJDHOHMHGHOHQJUDQDMHGHFDPELRVGHOFiUWHU
5HWLUHODDUDQGHODGHHPSXMH
(-((1*5$1$-('(&$0%,26
3(512723(7$0%25'(&$0%,26
5HWLUHHOSHUQRGHOSODWRWRSHGHOWDPERUGHFDPELRV
3/$72723(7$0%25'(&$0%,26
6XMHWHHOEUD]RGHOWRSHFRQXQGHVWRUQLOODGRU\UHWLUHHOSODWR
WRSHGHOWDPERUGHFDPELRV
'(67251,/$/'25 %5$=2723(

(0%5$*8(&$-$'(&$0%,263('$/'($55$148(
3$6$'25(6 %5$=2723(
5HWLUHORVLJXLHQWH
3DVDGRUHVGHOWDPERUGHFDPELRV
3HUQRGHOEUD]RWRSH
%UD]RWRSH
$UDQGHOD
5HVRUWHGHUHWRUQR
3(512$5$1'(/$ 5(6257('(5(72512
(-((1*5$1$-('(&$0%,26 3/$72
,163(&&,Ð1
5HYLVH HO HMH GHO HQJUDQDMH GH FDPELRV SRU GHVJDVWH R
GREODGR
5HYLVHHOSODWRGHOHMHSRUGHVJDVWHGDxRVRGHIRUPDFLyQ
5HYLVHHOUHVRUWHGHUHWRUQRSRUIDWLJDRGDxR
5(6257('(5(72512
%5$=2723( 5(6257('(5(72512
,167$/$&,Ð1
$SOLTXHDJHQWHGHEORTXHRDODVURVFDVGHORVSHUQRVGHO
EUD]RWRSH
,QVWDOHHOUHVRUWHGHUHWRUQRODDUDQGHODHOEUD]RWRSH\HO
SHUQR\DSULHWHHOSHUQRDOWRUTXHHVSHFLILFDGR
72548(
3(512%5$=2723('(/7$0%25'(&$0%,26
NJIP
/2&.
3(512 $5$1'(/$
3$6$'25(6 %5$=2723(
(QJDQFKHHOUHVRUWHGHUHWRUQRDODUDQXUDGHOEUD]RWRSH
,QVWDOHHOSDVDGRUHQHORULILFLRGHOWDPERUGHFDPELRV
5(6257('(5(72512

(0%5$*8(&$-$'(&$0%,263('$/'($55$148(
$/,1($5 %5$=2723(
6XMHWHHOEUD]RWRSHFRQXQGHVWRUQLOODGRUHLQVWDOHHOSODWR
WRSHGHOWDPERUGHFDPELRVDOLQHDQGRHORULILFLRFRQORV
SDVDGRUHV
3/$72723(7$0%25'(&$0%,26 '(67251,//$'25
3(512%5$=2723(7$0%25'(&$0%,26
$SOLTXHDJHQWHGHEORTXHRDODVURVFDVGHORVWRUQLOORVGHO
/2&.
SODWRWRSHGHOWDPERUGHFDPELRV
,QVWDOH HO SHUQR GHO SODWR WRSH GHO WDPERU GH FDPELRV \
DSULpWHOR
72548(
3(512 %5$=2 723( '(/ 7$0%25 '( &$0%,26
NJIP
$5$1'(/$'((038-(
$SOLTXHDFHLWHGHPRWRUOLPSLRHQHOiUHDGHURWDFLyQGHOHMH
GHOHQJUDQDMHGHFDPELRV
,QVWDOHODDUDQGHODGHHPSXMHHQHOHMHGHOHQJUDQDMHGH
FDPELRVHLQVHUWHHOHMHHQHOFiUWHU
127$
HQJUDQDMHGHFDPELRV
(-((1*5$1$-('(&$0%,26
$/,1($5
,QVWDOH HO HMH PLHQWUDV DOLQHD ORV H[WUHPRV GHO UHVRUWH GH
UHWRUQRFRQHOSDVDGRUWRSH
,QVWDOHORVLJXLHQWH
&RQMXQWRGHHPEUDJXHSiJLQD
3HGDOFDMDGHFDPELRVSiJLQD
(-((1*5$1$-('(&$0%,26

(0%5$*8(&$-$'(&$0%,263('$/'($55$148(
(1*5$1$-(1(8752'(/
$55$148(
5(02&,Ð1
5HWLUHHODQLOORGHUHWHQFLyQ\ODDUDQGHOD
$1,//2'(5(7(1&,Ð1 $5$1'(/$
5HWLUHHOHQJUDQDMHQHXWURGHODUUDQTXH
(1*5$1$-(1(8752'(/$55$148(
5HWLUHHOEXMH\ODDUDQGHOD
%8-( $5$1'(/$
(1*5$1$-(1(8752
,163(&&,Ð1
0LGDHOGLiPHWURLQWHUQRGHOHQJUDQDMHQHXWURGHODUUDQTXH ',
',
/Ì0,7('(/6(59,&,2
',É0(752,17(512'(/(1*5$1$-(1(8752
PP
0LGDHOGLiPHWURLQWHUQR\H[WHUQRGHOEXMH
/Ì0,7('(/6(59,&,2 '(
',É0(752,17(512'(/%8-(PP
',É0(752(;7(512'(/%8-(PP
%8-(

(0%5$*8(&$-$'(&$0%,263('$/'($55$148(
&2175$(-(
0LGDHOGLiPHWURH[WHULRUGHOFRQWUDHMHHQHOH[WUHPRGHO
HQJUDQDMHQHXWURGHODUUDQTXH
/Ì0,7('(/6(59,&,2
',É0(752(;7(512'(/&2175$(-(PP
2'
,167$$&,Ð1
$SOLTXHXQDVROXFLyQGHDFHLWHGHPROLEGHQRDOEXMH
,QVWDOHODDUDQGHOD\HOEXMH
$5$1'(/$ %8-(
$SOLTXHDFHLWHGHPRWRUOLPSLRDORVGLHQWHVGHOHQJUDQDMH
QHXWURGHODUUDQTXH
,QVWDOHHOHQJUDQDMHQHXWURGHODUUDQTXH
(1*5$1$-(1(8752'(/$55$148(
$1,//2'(5(7(1&,Ð1
,QVWDOHODDUDQGHOD\HODQLOORGHUHWHQFLyQ
,QVWDOHHOFRQMXQWRGHOHPEUDJXHSiJLQD
$5$1'(/$

(0%5$*8(&$-$'(&$0%,263('$/'($55$148(
3('$/'($55$148(
5(02&,Ð1
'HVHQJDQFKHHOUHVRUWHGHUHWRUQRGHOFiUWHU
5(6257('(5(72512
5HWLUHHOFRQMXQWRGHOSHGDOGHDUUDQTXH
&21-81723('$/'($55$148(
$5$1'(/$ 75,148(7( 3,fÐ1 &2//$5
'(6(16$0%/(
5HWLUHORVLJXLHQWH
$UDQGHOD
5HVRUWHGHWULQTXHWH
7ULQTXHWH
&ROODU
5HVRUWHGHUHWRUQR
5(6257('(75,148(7( 5(6257('(5(72512
$5$1'(/$% 3,fÐ1 $5$1'(/$$
$QLOORGHUHWHQFLyQ
$UDQGHOD$
3LxyQSHGDOGHDUUDQTXH
$UDQGHOD%
$1,//2'(5(7(1&,Ð1 $5$1'(/$%

(0%5$*8(&$-$'(&$0%,263('$/'($55$148(
3,fÐ1
,163(&&,Ð1
7ULQTXHWH\SLxyQSRUGHVJDVWHRGDxRH[FHVLYR
(MHSRUGREODGRRGDxDGR
0LGDHOGLiPHWURLQWHUQRGHOSLxyQ\HOGLiPHWURH[WHUQRGHO ',
HMHGHOHQJUDQDMHFRQGXFLGR '(
/Ì0,7('(/6(59,&,2
',É0(752,17(512'(/3,fÐ1PP
',É0(752(;7(512'(/(-(PP
(-(
$5$1'(/$% 3,fÐ1 $5$1'(/$$
(16$0%/(
,QVWDOHORVLJXLHQWH
$UDQGHOD%
3LxyQSHGDOGHDUUDQTXH
$UDQGHOD$
$QLOORGHUHWHQFLyQ
$1,//2'(5(7(1&,Ð1 $5$1'(/$%
75,148(7(
,QVWDOHHOWULQTXHWHDOLQHDQGRODPDUFDGHSXQ]yQHQHOHMH
0$5&$'(381=Ð1
5(6257('(75,148(7( 5(6257('(5(72512
,QVWDOHHOUHVRUWHGHWULQTXHWH
,QVWDOHODDUDQGHOD
(QJDQFKHHOUHVRUWHGHUHWRUQRDORULILFLRGHOHMH
$5$1'(/$ *$1&+2

(0%5$*8(&$-$'(&$0%,263('$/'($55$148(
$/,1($5
,QVWDOHHOFROODUDOUHVRUWHGHUHWRUQRPLHQWUDVDOLQHDHOFRUWH
GHOFROODUFRQHOUHVRUWH
&2//$5
,167$/$&,Ð1
$SOLTXHDFHLWHGHPRWRUOLPSLRDOSLxyQ
,QVWDOHHOFRQMXQWRGHOSHGDOGHDUUDQTXH
&21-81723('$/'($55$148(
5(6257('(5(72512
(QJDQFKHHOUHVRUWHGHUHWRUQRDOFiUWHU
,QVWDOHHOFRQMXQWRGHOHPEUDJXHSiJLQD
*$1&+2

0(025$1'2
$/7(51$'25(0%5$*8('($55$148(
',$*5$0$'(/6,67(0$
/2&.
&.
0R2,/
/2
6($/
/2&.

$/7(51$'25(0%5$*8('($55$148(
'LDJUDPDGHOVLVWHPD &XELHUWDL]TXLHUGDGHOFiUWHU

,QIRUPDFLyQGHOVHUYLFLR (VWDWRU*HQHUDGRUGHSXOVRGH
(VSHFLILFDFLRQHV HQFHQGLGR
9DORUHVGHWRUTXH+HUUDPLHQWDV 9RODQWH(QJUDQDMHGHDUUDQTXH
HVSHFLDOHV (QJUDQDMHWUDQVPLVRUGHDUUDQTXH
6ROXFLyQGHSUREOHPDV (PEUDJXHGHDUUDQTXH
,1)250$&,Ð1'(/6(59,&,2
*(1(5$/
(VWDVHFFLyQFXEUHODH[WUDFFLyQHLQVWDODFLyQGHOHQJUDQDMHUHGXFWRUGHDUUDQTXHHOHVWDWRUGHODOWHUQDGRUHOYRODQWH\HO
HPEUDJXHGHDUUDQTXH
(VWRVVHUYLFLRVVHSXHGHQKDFHUFRQHOPRWRULQVWDODGRHQHOPDUFR
,QVSHFFLyQGHODOWHUQDGRU\6HFFLyQSDUDLQVSHFFLyQGHOJHQHUDGRUGHSXOVRV
(63(&,),&$&,21(6
$/7(51$'25(0%5$*8('($55$148(
,7(0 (67É1'$5 /Ì0,7('(/6(59,&,2
5HGXFFLyQGHHQJUDQDMHV 'LiPHWURH[WHUQRGHOHMH PP PP
'LiPHWURLQWHUQR PP PP
(TXLSRGHDUUDQTXH
'LiPHWURH[WHUQR PP PP
9$/25(6'(72548(
78(5&$%/248(2'(/92/$17( NJIP

3(512*8Ì$'(/&$%/( NJIP
3(512&21(&725'(/67$725 NJIP
3(512'(81$9Ì$'(/(0%5$*8('($55$148(NJIP
+(55$0,(17$6(63(&,$/(6
(;75$&725'(/92/$17( 3257$,0É17,32$%5$=$'(5$

3$57(1R++.71 3$57(1R++.5<+
623257((;75$&725'(/92/$17(
3$57(1R++.5<+
62/8&,Ð1'(352%/(0$6
(OPRWRUQRJLUD
(PEUDJXHGHDUUDQTXHGHIHFWXRVR
5HGXFFLyQGHDUUDQTXHGHIHFWXRVDPDUFKDOHQWDHQJUDQDMHV
DFFLRQDGRV
0DOIXQFLRQDPLHQWRGHOVLVWHPDGHDUUDQTXHHOpFWULFR

$/7(51$'25(0%5$*8('($55$148(
&21(&725'(/$/7(51$'25
&8%,(57$,=48,(5'$'(/&É57(5
5(02&,Ð1
'HVOLFH OD IXQGD \ GHVFRQHFWH HO FRQHFWRU GHO DOWHUQDGRU
FRQHFWRUGHOFDEOHGHOJHQHUDGRUGHSXOVRVGHHQFHQGLGR
&21(&725&$%/(*(1(5$'25'(38/626
&$%/(,17(55837251(8752623257(/$7(5$/
5HWLUHODFXELHUWDSRVWHULRUGHOFiUWHUL]TXLHUGRSiJLQD
5HWLUHHOFDEOHGHOLQWHUUXSWRUQHXWURVRSRUWHODWHUDOGHODV
UDQXUDVGHODFXELHUWDL]TXLHUGDGHOFiUWHU

5$185$6
3(5126
$IORMHORVSHUQRVGHODFXELHUWDGHOFiUWHUL]TXLHUGRHQXQ
SDWUyQHQWUHFUX]DGRHQYDULRVSDVRV
5HWLUHORVSHUQRVGHODFXELHUWDGHOFiUWHUL]TXLHUGR
127$
$IORMHORVSHUQRVGHODFXELHUWDGHOFiUWHUL]TXLHUGRHQXQ
SDWUyQHQWUHFUX]DGR
/D FXELHUWD L]TXLHUGD GHO FiUWHU HVWDWRU HVWi XQLGD
PDJQpWLFDPHQWHDOYRODQWHWHQJDFXLGDGRGXUDQWHOD
UHPRFLyQ
&8%,(57$,=48,(5'$'(/&É57(5
5HWLUHODFXELHUWDL]TXLHUGDGHOFiUWHU
&8%,(57$,=48,(5'$'(/&É57(5

$/7(51$'25(0%5$*8('($55$148(
(03$48(
5HWLUHORVSDVDGRUHV\HOHPSDTXH
3$6$'25(6
(03$48(
,167$/$&,Ð1
,QVWDOHORVSDVDGRUHV\HOQXHYRHPSDTXH
3$6$'25(6
,QVWDOHODFXELHUWDL]TXLHUGDGHOFiUWHU
&8%,(57$,=48,(5'$'(/&É57(5
3(5126
,QVWDOHODFXELHUWDL]TXLHUGDGHOFiUWHUWHQLHQGRFXLGDGRGH
QR SHOOL]FDU ORV FDEOHV GHO LQWHUUXSWRU GHO VRSRUWH QHXWUR
ODWHUDO$SULHWHORVWRUQLOORVHQXQSDWUyQHQWUHFUX]DGRHQ
YDULRVSDVRV
127$
/D FXELHUWD L]TXLHUGD GHO FiUWHU HVWDWRU HVWi XQLGD
PDJQpWLFDPHQWHDOYRODQWHWHQJDFXLGDGRGXUDQWHOD
LQVWDODFLyQ
$SULHWHORVSHUQRVGHODFXELHUWDGHOFiUWHUL]TXLHUGRHQ
XQSDWUyQHQWUHFUX]DGR
&8%,(57$,=48,(5'$'(/&É57(5

$/7(51$'25(0%5$*8('($55$148(
&$%/(,17(55837251(8752623257(/$7(5$/
'LULMDHOFDEOHGHOLQWHUUXSWRUGHOVRSRUWHQHXWURODWHUDODODV
UDQXUDVGHOFiUWHUL]TXLHUGR
,QVWDOHODFXELHUWDWUDVHUDL]TXLHUGDGHOFiUWHUSiJLQD
5$185$6
&21(&725'(/$/7(51$'25
&RQHFWHHOFRQHFWRUGHODOWHUQDGRUFRQHFWRUGHOFDEOHGHO
JHQHUDGRUGHSXOVRVGHHQFHQGLGR\GHVOLFHODIXQGDHQORV
FRQHFWRUHVFRUUHFWDPHQWH
127$
'LULMDHOFDEOHGHODOWHUQDGRUFRUUHFWDPHQWH
/OHQHHOFiUWHUFRQHODFHLWHGHPRWRUUHFRPHQGDGRKDVWDHO
QLYHODGHFXDGRSiJLQD
&21(&725&$%/(*(1(5$'25'(38/626
*8Ì$'(/&$%/(
(67$725*(1(5$'25 '( 38/62
'((1&(1','2
5(02&,Ð1
5HWLUHODFXELHUWDL]TXLHUGDGHOFiUWHUSiJLQD
5HWLUHHOSHUQRFRQHFWRUGHOHVWDWRU\ODJXtDGHOFDEOH
3(512&21(&725'(/(67$725
2-$/
5HWLUHHORMDOGHODFXELHUWDL]TXLHUGDGHOFiUWHU

$/7(51$'25(0%5$*8('($55$148(
3(5126'(/&21(&725 *(1(5$'25'(38/626
5HWLUHORVSHUQRVGHOFRQHFWRU\HOJHQHUDGRUGHSXOVRVGH
HQFHQGLGR
5HWLUH ORV SHUQRV GHO FRQHFWRU GHO HVWDWRU GH OD FXELHUWD
L]TXLHUGDGHOFiUWHU
3(5126&21(&725
&8%,(57$,=48,(5'$'(/&É57(5 '(/(67$725
(67$725
5HWLUHHOFRQMXQWRGHOHVWDWRU5HHPSODFHVLHVQHFHVDULR
*(1(5$'25'(38/626
3(5126'(/&21(&725 *(1(5$'25'(38/626
,167$/$&,Ð1
,QVWDOHHOHVWDWRUHQODFXELHUWDL]TXLHUGDGHOFiUWHU
/LPSLH \ DSOLTXH DJHQWH GH EORTXHR D ODV URVFDV GH ORV
SHUQRVGHPRQWDMHGHOHVWDWRU
,QVWDOH\DSULHWHORVSHUQRVGHOHVWDWRUDOWRUTXHHVSHFLILFDGR
72548(
3(512&21(&725'(/(67$725NJIP
,QVWDOHHOJHQHUDGRUGHSXOVRVGHHQFHQGLGR\ODJXtDGH
FDEOHVGHOHVWDWRUHQODFXELHUWDL]TXLHUGDGHOFiUWHU\DSULHWH /2&.
ILUPHPHQWHHOSHUQRFRQHFWRU
3(5126&21(&725
72548( &8%,(57$,=48,(5'$'(/&É57(5 '(/(67$725
3(512*8Ì$'(/&$%/(NJIP 2-$/
$SOLTXHVHOODGRUOtTXLGRDODVXSHUILFLHGHDVLHQWRGHORMDOGHO 6($/
FDEOHHLQVWDOHHORMDOHQODUDQXUD

$/7(51$'25(0%5$*8('($55$148(
*8Ì$'(/&$%/(
,QVWDOHODJXtDGHOFDEOH\HOSHUQRFRQHFWRUGHOHVWDWRUDO
WRUTXHHVSHFLILFDGR
72548(
3(512*8Ì$'(/&$%/(NJIP
,QVWDOHODFXELHUWDL]TXLHUGDGHOFiUWHUSiJLQD
3(512&21(&725'(/(67$725
92/$17((1*5$1$-('(
$55$148(
5(02&,Ð1
5HWLUHODFXELHUWDL]TXLHUGDGHOFiUWHUSiJLQD
5HWLUHHOFROODU\HOHMH

&2//$5 (-(
(1*5$1$-(5('8&725
5HWLUHHOHQJUDQDMHUHGXFWRUGHDUUDQTXH
$5$1'(/$ 78(5&$
6XMHWH HO YRODQWH FRQ HO SRUWD LPiQ WLSR GH DEUD]DGHUD \
UHWLUHODWXHUFDGHEORTXHRGHOYRODQWH\ODDUDQGHOD
3257$,0É17,32$%5$=$'(5$
3$57(12R++.5<+
3257$,0É17,32$%5$=$'(5$

$/7(51$'25(0%5$*8('($55$148(
(;75$&725'(/92/$17( 92/$17(
5HWLUHHOYRODQWHFRQHOH[WUDFWRUGHOYRODQWH
(;75$&725'(/92/$17(
3$57(1R++.71
623257((;75$&725'(/92/$17(
3$57(1R++.5<+
623257((;75$&725'(/92/$17(
(1*5$1$-('($55$148( //$9(:22'58))
5HWLUHHOHQJUDQDMHGHDUUDQTXH
5HWLUHHOURGDPLHQWRGHDJXMDV\ODOODYH:RRGUXII
52'$0,(172'($*8-$6
(1*5$1$-(75$160,625
(1*5$1$-( 75$160,625 '(
$ 5 5 $ 1 4 8 ( ( 0 % 5 $ * 8 ( ' (
$55$148(
'(6(16$0%/(
&RPSUXHEHTXHHOHQJUDQDMHWUDQVPLVRU GHDUUDQTXHJLUD
OLEUHPHQWHHQVHQWLGRDQWLKRUDULR\VHEORTXHDHQVHQWLGR
KRUDULR
5HWLUH HO HQJUDQDMH WUDQVPLVRU GHO PRWRU GH DUUDQTXH GHO
YRODQWHPLHQWUDVJLUDHOHQJUDQDMHHQVHQWLGRDQWLKRUDULR
92/$17(
92/$17(
5HWLUH ORV SHUQRV GH XQD YtD GHO HPEUDJXH GH DUUDQTXH
PLHQWUDVVRVWLHQHHOYRODQWH
127$
8VHHOVRSRUWHGHOYRODQWHWLSRDEUD]DGHUDSDUDVRVWHQHU
HOYRODQWH
3(5126

$/7(51$'25(0%5$*8('($55$148(
52',//2'((0%5$*8('(81$9Ì$
5HWLUHHOFRQMXQWRH[WHULRUGHOHPEUDJXHGHDUUDQTXH
&21-8172(;7(5,25 92/$17(
52'$0,(1726'($*8-$6
(1*5$1$-( 75$160,625(0%5$*8(
'($55$148(
,163(&&,Ð1
9HULILTXH VL OD VXSHUILFLH GH FRQWDFWR GHO URGLOOR HVWi
GHVJDVWDGDRGDxDGD
9HULILTXHHOURGDPLHQWRGHDJXMDVHQEXVFDGHGHVJDVWHR
GDxRDQRUPDO
(1*5$1$-(75$160,625
(0%5$*8((;7(5,25'($55$148(
5HWLUHORVURGLOORVGHHPEUDJXHGHXQDYtDORVUHVRUWHV\HO
HPEUDJXHH[WHULRUGHDUUDQTXH
5HYLVHORVURGLOORVGHHPEUDJXHGHXQDYtDORVUHVRUWHVHO
HPEUDJXHH[WHULRUGHDUUDQTXHSRUGHVJDVWHRGDxRV
6LHVWiGDxDGRUHHPSODFHHOHPEUDJXHH[WHULRUGHDUUDQTXH
FRPRXQFRQMXQWR
5(6257(6 52',//26
52',//26
,QVWDOHORVUHVRUWHV\ORVURGLOORVGHHPEUDJXHGHXQDYtDHQHO
H[WHULRUGHOHPEUDJXHGHDUUDQTXHFRPRVHPXHVWUD

$/7(51$'25(0%5$*8('($55$148(
(16$0%/(
(1*5$1$-( 75$160,625 < (0%5$*8(
'($55$148(
(1*5$1$-(75$160,625
(0%5$*8((;7(5,25'(
$55$148(
52'$0,(172'( 92/$17(
$*8-$6
/2&.
3(5126
&21(&725(6
52',//26'((0%5$*8('(81$9Ì$
/LPSLHORVURGLOORVGHHPEUDJXHGHXQDYtD
,QVWDOHHOFRQMXQWRH[WHULRUGHOHPEUDJXHGHDUUDQTXHHQHO
YRODQWH
&21-8172(;7(5,25'(/(0%5$*8( 92/$17(
92/$17(
6RVWHQJD HO YRODQWH XWLOL]DQGR HO SRUWD LPiQ WLSR GH
DEUD]DGHUD
/LPSLH\DSOLTXHDJHQWHGHEORTXHRDODVURVFDVGHOSHUQR
GHOURGLOORGHXQDYtDGHOHPEUDJXHGHDUUDQTXH
,QVWDOH \ DSULHWH ORV SHUQRV FRQHFWRUHV GH XQD YtD GHO
HPEUDJXHGHDUUDQTXHDOWRUTXHHVSHFLILFDGR
72548(
3(512'(81$9Ì$'(/(0%5$*8('(
$55$148(NJIP
/2&.
3(5126

$/7(51$'25(0%5$*8('($55$148(
(1*5$1$-('($55$148(
,QVWDOHHOHQJUDQDMHGHDUUDQTXHHQHOYRODQWHJLUiQGRORHQ
VHQWLGRDQWLKRUDULR
$VHJ~UHVHGHTXHHOHQJUDQDMHWUDQVPLVRUGHDUUDQTXHJLUD
HQVHQWLGRDQWLKRUDULR\QRJLUDHQVHQWLGRKRUDULR
,QVWDOHHOYRODQWH
92/$17(
//$9(:22'58))
92/$17((1*5$1$-(75$160,625
,167$/$&,Ð1
127$
&XDQGRLQVWDOHODOODYH:RRGUXIIWHQJDFXLGDGRGHQR
GDxDUODUDQXUDGHODOODYHRHOFLJHxDO
'HVHQJUDVH HO iUHD GHO FRQR GHO FLJHxDO DQWHV GH
LQVWDODUHOYRODQWH
,QVWDOHODOODYHZRRGUXIIHQODUDQXUDGHODOODYHGHOFLJHxDO
//$9(:22'58)) (1*5$1$-('($55$148(
,QVWDOHHOURGDPLHQWRGHDJXMDV\DSOLTXHDFHLWHGHPRWRU
VREUHpO
,QVWDOHHOHQJUDQDMHGHDUUDQTXHHQHOFLJHxDO
'HVHQJUDVHODVXSHUILFLHGHFRQWDFWRGHOYRODQWH\HOiUHD
FyQLFDGHOFLJHxDO
,QVWDOHHOYRODQWHHQHOFLJHxDODOLQHDQGRODUDQXUDGHOD
OODYHGHOYRODQWHFRQODOODYH:RRGUXIIHQHOFLJHxDO
127$
&RPSUXHEHTXHQRKD\DUHVLGXRVGHQWURGHOYRODQWH
DQWHVGHODLQVWDODFLyQ/RVLPDQHVDWUDHQOLPDGXUDVGH
DFHUR\RWURVPDWHULDOHVIHUURVRV
'HVHQJUDVHODVXSHUILFLHGHFRQWDFWRGHOYRODQWH\HOiUHD
52'$0,(172'($*8-$6
FyQLFDGHOFLJHxDODQWHVGHODLQVWDODFLyQ
$5$1'(/$ 78(5&$
6XMHWHHOYRODQWHFRQHOSRUWDLPiQWLSRGHDEUD]DGHUD
3257$,0É17,32$%5$=$'(5$
3$57(1R++.5<
,QVWDODODDUDQGHOD
,QVWDOH\DSULHWHODWXHUFDGHOYRODQWH
3257$,0É17,32$%5$=$'(5$

$/7(51$'25(0%5$*8('($55$148(
$SULHWHODWXHUFDGHOYRODQWHDOWRUTXHHVSHFLILFDGRFRQOD
OODYHGHWRUTXH
72548(
78(5&$'(%/248(2'(/92/$17(NJIP
//$9('(72548(
08fÐ1 (-(
5HYLVHHOHQJUDQDMHUHGXFWRUGHDUUDQTXHHOPXxyQHOHMH\
HOFROODUSRUGHVJDVWHRGDxRV
(1*5$1$-(5('8&725 &2//$5
(1*5$1$-(5('8&725 (-('(/$55$148(
$SOLTXH DFHLWH GH PRWRU OLPSLR DO HQJUDQDMH UHGXFWRU GHO
PRWRUGHDUUDQTXHWDQWRDORVGLHQWHVGHOHQJUDQDMHFRPR
DOHQJUDQDMHWUDQVPLVRU
,QVWDOHHOHQJUDQDMHUHGXFWRUGHDUUDQTXHDOLQHiQGRORHQWUH
HOHQJUDQDMHWUDQVPLVRUSRUHOPRWRUGHDUUDQTXH\HOHMHGHO
PRWRUGHDUUDQTXH
(1*5$1$-(75$160,625
$SOLTXHDFHLWHGHPRWRUOLPSLRDOHMHGHOHQJUDQDMHUHGXFWRU
GHDUUDQTXHHLQVWiOHOR
,QVWDOHHOFROODUHQHOHMHGHOHQJUDQDMHUHGXFWRU
,QVWDOHODFXELHUWDL]TXLHUGDGHOFiUWHUSiJLQD
(-( &2//$5

&É57(575$160,6,Ð1&,*h(f$/
',$*5$0$'(/6,67(0$
&.
/2
/,2R0
/,2R0
0R2,/

/,2R0
$/
6(

&É57(575$160,6,Ð1&,*h(f$/
'LDJUDPDGHOVLVWHPD 6HSDUDFLyQGHOFiUWHU

,QIRUPDFLyQGHOVHUYLFLR (MHGHOEDODQFLQ&LJHxDO
(VSHFLÀFDFLRQHV 7UDQVPLVLyQ
9DORUHVGHWRUTXH+HUUDPLHQWDV (MHSULQFLSDO&RQWUDHMH
HVSHFLDOHV (QVDPEOHGHOFiUWHU
6ROXFLyQGHSUREOHPDV
,1)250$&,Ð1'(/6(59,&,2
*(1(5$/
(OPRWRUGHEHGHVPRQWDUVHGHOEDVWLGRUSDUDVHSDUDUHOFiUWHU
/RVVLJXLHQWHVFRPSRQHQWHVVHGHEHQTXLWDUDQWHVGHVHSDUDUHOFiUWHU
9RODQWH
&XODWD
&LOLQGURSLVWyQ
%RPEDGHDFHLWH
(PEUDJXH
&DMDGHFDPELRV
(QJUDQDMHQHXWURGHOPRWRUGHDUUDQTXH
3HGDOGHDUUDQTXH
7UDQVPLVLyQSULQFLSDOFROODUGHOFLJHxDO
,QWHUUXSWRUQHXWUR
7HQJDFXLGDGRGHQRGDxDUODVVXSHUILFLHVGHDFRSODPLHQWRGHOFiUWHUFXDQGRUHDOLFHHOVHUYLFLR
/LPSLDUHOFRQGXFWRGHDFHLWHDQWHVGHPRQWDUODVPLWDGHVGHOFiUWHU

&É57(575$160,6,Ð1&,*h(f$/
(63(&,),&$&,21(6
&É57(5&,*h(f$/75$160,6,Ð1
,7(0 (67É1'$5
/Ì0,7('(/6(59,&,2
'LiPHWURLQWHUQR PPPP
7HQHGRUGHFDPELRV
(VSHVRUGHODSLQ]D PP PP
'LiPHWURH[WHUQRGHOHMH PP PP
,]TXLHUGR PP PP
'LiPHWURH[WHUQR
'HUHFKR PPPP
7DPERUGHFDPELRV
,]TXLHUGR PPPP
'LiPHWURLQWHUQR
'HUHFKR PPPP
00 PPPP
& PPPP
& PPPP
& PPPP
00 PPPP
& PPPP
&& PPPP
0& PPPP
&& PPPP
0&& PP PP
7UDQVPLVLyQ 'LVWDQFLDHQWUHHOHQJUDQDMH\
& PP PP
HOEXMH
0 PP PP
$W0& PPPP
'LiPHWURH[WHUQRGHO

HMHSULQFLSDO\HOFRQWUDHMH $W& PPPP
& PPPP

'LVWDQFLDHQWUHHOHQJUDQDMH\ 00 PP PP
HOHMH
& PP PP
0& PP PP
'LVWDQFLDHQWUHHOEXMH\HOHMH
& PP PP
& PP PP
([FHQWULFLGDG PP
&LJXHxDO 'LVWDQFLDODWHUDOGHOH[WUHPR PP PP
'LVWDQFLDUDGLDOGHOH[WUHPR PP PP

&É57(575$160,6,Ð1&,*h(f$/
9$/25(6'(72548(
3(5123/$72&21-8172'( 3(5123/$72&21-8172'(
52'$0,(1726'(/&,*h(f$/NJIP
52'$0,(1726'(/(-(35,1&,3$/NJIP
3(5127$3Ð1'((038-(
NJIP
+(55$0,(17$6(63(&,$/(6
(;75$&725&2//$5'( ,16(57253,/272PP
52'$0,(172PP
3$57(1R++
3$57(1R++
(;75$&7253(62'(52'$0,(172
,16(57253,/272PP
'(/&É57(5
3$57(1R++.)1
3$57(1R++.)1
,16(57250$1*2'(/ ,16(5725'($&23/([PP
52'$0,(172
3$57(1R++.)1
3$57(12++.)1
,16(5725'($&23/([PP ,16(57253,/272PP
3$57(1R++ 3$5712++.71
(-((;75$&725'(/52'$0,(172
,16(5725'($&23/([PP
'(/&É57(5
3$57(1R++.)1
3$57(1R++.)1
*8Ì$6(//2'($&(,7('(/ (;75$&72552'$0,(172'(/
&2175$(-( &,*h(f$/5+6
3$57(1R+0&/$$%0 3$57(1R++.71
,16(572552'$0,(172'(/ &2//$5(;75$&72552'$0,(172
&,*h(f$//+6 '(/&É57(5PP
3$57(1R++.71 3$57(1R++.71
(;75$&725&21,16(5725 ,16(572552'$0,(172'(/
52'$0,(172'(/&,*h(f$/5+6 &,*h(f$/
3$57(1R++.7& 3$57(1R++.
62/8&,Ð1'(352%/(0$6
5XLGRH[FHVLYR /DWUDQVPLVLyQVDOWDGHFDPELR
(TXLSRGHWUDQVPLVLyQGHVJDVWDGRRDVWLOODGR *DQFKRVRUDQXUDVGHVJDVWDGRV
5RGDPLHQWRGHWUDQVPLVLyQGHVJDVWDGRRGDxDGR 5DQXUDGHJXtDGHOWDPERUGHFDPELRGHVJDVWDGD
5RGDPLHQWRGHOH[WUHPRJUDQGHGHVJDVWDGRRGDxDGRGHOD 3DVDGRUGHJXtDGHKRUTXLOODGHFDPELRGHVJDVWDGR
YDULOODGHFRQH[LyQ 5DQXUDGHKRUTXLOODGHFDPELRGHVJDVWDGDHQHO
5RGDPLHQWRGHVJDVWDGRGHOFLJHxDO FDPELR
([WUHPRSHTXHxRGHVJDVWDGRGHODYDULOODGHFRQH[LyQ (MHGHKRUTXLOODGHFDPELRGHVJDVWDGR
'LItFLOGHFDPELDU (MHGHKRUTXLOODGREODGD
+RUTXLOODGREODGD &LOLQGURVRDQLOORVGHSLVWyQJDVWDGRV
(MHGHKRUTXLOODGHFDPELRGREODGR ,QVWDODFLyQLQFRUUHFWDGHDQLOORVGHSLVWyQ
5DQXUDGHJXtDGHOWDPERUGHFDPELRGDxDGD 3LVWyQRSDUHGGHOFLOLQGURUD\DGR
3DVDGRUGHODKRUTXLOODGHFDPELRGDxDGR
2SHUDFLyQLQDGHFXDGDGHOHPEUDJXH

&É57(575$160,6,Ð1&,*h(f$/
*8Ì$'(/7(1625 *8Ì$'(/3/$72
6(3$5$&,Ð1'(/&É57(5
&RQVXOWH OD LQIRUPDFLyQ GHO VHUYLFLR SiJLQD SDUD
H[WUDHUODVSLH]DVQHFHVDULDVDQWHVGHUHPRYHUHOFiUWHU
35(&$8&,Ð1
&RORTXHXQDWRDOODGHWDOOHUSDUDFHUUDUODSDUWHLQIHULRU
DELHUWDFRPRVHPXHVWUDSDUDHYLWDUTXHFXDOTXLHUSHUQR
HWFFDLJDGHQWURGHOPRWRU
5HWLUHHOPRWRUGHDUUDQTXHSiJLQD
5HWLUHHOLQWHUUXSWRUQHXWUDOSiJLQD
5HWLUHORVSHUQRVGHOSODWRJXtDGHOWHQVRUHOSODWRJXtD\OD
JXtDGHOWHQVRU
&$'(1$'(/(9$6 72$//$ 3(5126
5HWLUHODFDGHQDGHOHYDV
3(512
5HWLUHHOSHUQR\HOSODWRWDSyQGHHPSXMH

3/$727$3Ð1'((038-(
7$3Ð1'((038-(
5HWLUHHOWDSyQGHHPSXMH\HOUHVRUWH
5(6257(
3/$726 3(5126
5HWLUHORVSHUQRVGHOSODWRGHOMXHJRGHURGDPLHQWRV

&É57(575$160,6,Ð1&,*h(f$/
5HWLUHORVSODWRVGHOMXHJRGHURGDPLHQWRV
3/$726
5HWLUHHOSHUQRGHOFiUWHUGHOODGRGHUHFKR
3(512
3(5126
$IORMH ORV SHUQRV GHO FiUWHU L]TXLHUGR HQ XQ SDWUyQ
HQWUHFUX]DGRHQRSDVRV\UHWLUHORVSHUQRV
*8Ì$6(//2'($&(,7(
&RORTXHHOFRQMXQWRGHOFiUWHUFRQHOODGRGHUHFKRKDFLD
DEDMR
$SOLTXHDFHLWHGHPRWRUOLPSLRHQODJXtDGHOVHOORGHDFHLWH
GHOFRQWUDHMH
,QVWDOHODJXtDGHOVHOORGHDFHLWHHQHOFRQWUDHMHKDVWDTXHVH
DVLHQWHGHQWURGHOVHOORGHDFHLWH
*8Ì$6(//2'($&(,7('(/&2175$(-(
3$57(1R+0&/$$%0

&É57(575$160,6,Ð1&,*h(f$/
&É57(5,=48,(5'2
6HSDUH FXLGDGRVDPHQWH HO FiUWHU L]TXLHUGR GHO FiUWHU
GHUHFKRPLHQWUDVORVJROSHDHQYDULRVOXJDUHVFRQXQPD]R
127$
1RGLYLGDHOFiUWHUFRQXQDKHUUDPLHQWDDILODGD
6LHOPRWRUVHGHVPRQWDHQODSODQWLOODGHOPRWRUUHWLUHHO
FiUWHUL]TXLHUGR
,QVWDOHODJXtDGHOVHOORGHDFHLWHGHOFRQWUDHMHDQWHVGH
H[WHQGHUHOFiUWHU
*8Ì$6(//2'($&(,7('(/&2175$(-(
&É57(5'(5(&+2
3$57(1R+0&/$$%0
3$6$'25(6
5HWLUHORVSDVDGRUHV

(-('(/%$/$1&Ì1
(-('(/%$/$1&Ì1&,*h(f$/
5(02&,Ð1
5HWLUHHOHMHGHOEDODQFtQGHOFiUWHUGHUHFKR
&É57(5'(5(&+2
&,*h(f$/
35(&$8&,Ð1
$OUHWLUDULQVWDODUHLQVSHFFLRQDUHOFLJHxDOWHQJDFXLGDGR
GHQRGDxDUQLWRUFHUODEDQGDGHODPDQLYHOD
5HWLUHHOFLJHxDOGHOFiUWHUGHUHFKR
&É57(5'(5(&+2

&É57(575$160,6,Ð1&,*h(f$/
52'$0,(172&,*h(f$/,=48,(5'2
52'$0,(172'(/&,*h(f$/,=48,(5'2
5HWLUHODWUDQVPLVLyQSiJLQD
&RORTXHHOFLJHxDOHQHOFiUWHUGHUHFKR
(OFRMLQHWHL]TXLHUGRGHOFLJHxDOVHDMXVWDDSUHVLyQHQHO
FLJHxDO 4XtWHOR FRQ XQD KHUUDPLHQWD HVSHFLDO FRPR VH
PXHVWUDHQODILJXUD
(;75$&72552'$0,(172'(/&,*h(f$//+6
3$57(1R++.71
&,*h(f$/ (;75$&72581,9(56$/'(52'$0,(172
,16(5725'($&23/(
5,*+7&5$1.6+$)7%($5,1* ,16(57253,/272
'ULYHRXWWKHEHDULQJVIURPWKHFUDQNFDVHXVLQJWKHIROORZLQJ
VSHFLDOWRRO
,16(5725'($&23/([PP
3$57(1R++
,16(57250$1*2'(/52'$0,(172
3$57(1R++.)1
,16(57253,/272PP
3$57(1R++
,16(57250$1*2'(/52'$0,(172
,163(&&,Ð1'(/&,*h(f$/
(;&(175,&,'$'
&RORTXHHOFLJHxDOHQXQVRSRUWHREORTXHVHQ9
$MXVWHHOLQGLFDGRUGHGLDOHQORVHMHV
*LUHHOFLJHxDOGRVUHYROXFLRQHV\OHDHODJRWDPLHQWR
/Ì0,7('(/6(59,&,2
(;&(175,&,'$''(/&,*h(f$/PP
&$/,%5$'25'(&,17$
',67$1&,$/$7(5$/'(/(;75(02
0LGDGLVWDQFLDODWHUDOGHOH[WUHPRJUDQGHGHODYDULOODGH
FRQH[LyQFRQXQFDOLEUDGRUGHFLQWD
/Ì0,7('(/6(59,&,2
(;75(02*5$1'(9$5,//$'(&21(;,Ð1
PP
9$5,//$'(&21(;,Ð1

&É57(575$160,6,Ð1&,*h(f$/
3,1'(&,*h(f$/
(1*5$1$-('(6,1&521,=$&,Ð1
5HYLVHORVGLHQWHVGHOHQJUDQDMHGHGLVWULEXFLyQSRUGHVJDVWH
RGDxRV
5HWLUHHOHQJUDQDMHGHVLQFURQL]DFLyQVLHVQHFHVDULR
$OLQVWDODUHOHQJUDQDMHGHVLQFURQL]DFLyQDOLQHHHOFHQWURGH
ORVGLHQWHVGHOHQJUDQDMHGHVLQFURQL]DFLyQFRQHOFHQWURGH
ODOODYH:RRGUXII
127$
6LORVGLHQWHVGHOHQJUDQDMHHVWiQGHVJDVWDGRVRGDxDGRV
UHYLVHODFDGHQDGHODOHYDHOWHQVRU\HOHQJUDQDMH
(1*5$1$-('(6,1&521,=$&,Ð1 //$9(:22'58))
5((03/$=2'(/52'$0,(172
,163(&&,Ð1
*LUDODSLVWDLQWHULRUGHOURGDPLHQWRFRQWXGHGR
(OURGDPLHQWRGHEHJLUDUVXDYH\VLOHQFLRVDPHQWH
7DPELpQYHULILTXHTXHODVSLVWDVH[WHULRUHVGHOURGDPLHQWR
HQFDMHQILUPHPHQWHHQHOFiUWHU
5HWLUH \ GHVHFKH HO URGDPLHQWR VL OD SLVWD QR JLUD
VXDYHPHQWHHQVLOHQFLRRVLVHDMXVWDVLQDSUHWDUHQHOFiUWHU

52'$0,(172
,16(572552'$0,(172'(/&,*h(f$/
,167$/$&,Ð1
(OURGDPLHQWRGHUHFKRGHOFLJHxDOVHPRQWDHQHOFiUWHU
GHUHFKRXWLOL]DQGRODKHUUDPLHQWDHVSHFLDOFRPRVHPXHVWUD
(;75$&725&21,16(572552'$0,(172'(/
&,*h(f$/5+6
3$57(1R++.7&
,16(572552'$0,(172'(/&,*h(f$/
3$57(1R++.
(;75$&725&21,16(57255+6
,16(572552'$0,(172'(/&,*h(f$//+6
$SOLTXH DFHLWH GH PRWRU OLPSLR DO QXHYR URGDPLHQWR GHO
FLJHxDO
,QVWDOH HO URGDPLHQWR L]TXLHUGR GHO FLJHxDO XVDQGR HO
LQVHUWRUURGDPLHQWRGHOFLJHxDO
,16(572552'$0,(172'(/&,*h(f$//+6
3$57(1R++.71
52'$0,(172

&É57(575$160,6,Ð1&,*h(f$/
(-(6+2548,//$6'(&$0%,26
75$160,6,Ð1
5(02&,Ð1
6HSDUHODVPLWDGHVGHOFiUWHU
5HWLUHHOFLJHxDOSiJLQD
7LUHGHORVHMHVGHODKRUTXLOODGHFDPELR\UHWtUHORGHODV
KRUTXLOODVGHFDPELR
5HWLUHODVKRUTXLOODVGHFDPELRV
+2548,//$6'(&$0%,26
7$0%25'(&$0%,26
5HWLUHHOWDPERUGHFDPELRV
(-(35,1&,3$/ &2175$(-(
5HWLUHHOHMHSULQFLSDO\HOFRQWUDHMHMXQWRV

&É57(575$160,6,Ð1&,*h(f$/
&2175$(-(
'HVHQVDPEOHHOHMHSULQFLSDO\HOFRQWUDHMH
127$
+DJD XQ VHJXLPLHQWR GH ODV SLH]DV GHVPRQWDGDV
HQJUDQDMHV FDVTXLOORV DUDQGHODV \ DQLOORV GH
UHWHQFLyQ DSLOiQGRODV HQ XQD KHUUDPLHQWD R
GHVOL]iQGRODVVREUHXQWUR]RGHFDEOH
1RH[SDQGDHODQLOORUHWHQHGRUPiVGHORQHFHVDULRSDUD
UHWLUDUOR 3DUD TXLWDU HO DQLOOR UHWHQHGRU H[SiQGDOR \
ViTXHORXVDQGRHOHQJUDQDMHGHWUiVGHpO
(-(35,1&,3$/
,163(&,Ð11
(1*5$1$-(6
5HYLVHORVHQJUDQDMHVORVDJXMHURV\ORVGLHQWHVSRUGDxRVR
GHVJDVWHH[FHVLYR
0LGDHOGLiPHWURLQWHUQRGHFDGDHQJUDQDMH
/Ì0,7('(/6(59,&,2
00PP
&PP
&PP
&PP
%8-(6
5HYLVHORVEXMHVSRUGHVJDVWHRGDxRV
0LGDHOGLiPHWURH[WHUQRGHFDGDEXMH
/Ì0,7('(/6(59,&,2
00PP ',
&PP
&&PP
0LGDHOGLiPHWURLQWHUQRGHFDGDEXMH
/Ì0,7('(/6(59,&,2
0&PP
&&PP
&DOFXOHODGLVWDQFLDGHOHQJUDQDMHDEXMH
/Ì0,7('(/6(59,&,2
0PP '(
0&&&PP

&É57(575$160,6,Ð1&,*h(f$/
(-(35,1&,3$/&2175$(-(
9HULILTXHODVUDQXUDVHVWULDGDV\ODVVXSHUILFLHVGHVOL]DQWHVHQ &
EXVFDGHGHVJDVWHRGDxRVDQRUPDOHV &
0LGDHOGLiPHWURH[WHUQRGHOHMHSULQFLSDO\HOFRQWUDHMHHQ 0
ODViUHDVGHVOL]DQWHVGHOHQJUDQDMH\GHOEXMH &
/Ì0,7('(/6(59,&,2
(MHSULQFLSDOHQHOEXMHGHOHQJUDQDMH0
PP
&RQWUDHMHHQHOEXMHGHOHQJUDQDMH&PP
HQHOEXMHGHOHQJUDQDMH&&PP
&DOFXOHODGLVWDQFLDHQWUHHOEXMH\HOHMH
/Ì0,7('(/6(59,&,2
0&PP 7$0%25'(&$0%,26
&&PP
7$0%25'(&$0%,26 /
,QVSHFFLRQHHOH[WUHPRGHOWDPERUGHFDPELRSRUPDUFDVR
HYLGHQFLDGHOXEULFDFLyQLQVXILFLHQWH
9HULILTXH ODV UDQXUDV GHO WDPERU GH FDPELR HQ EXVFD GH
GHVJDVWHRGDxRDQRUPDO
0LGDHOGLiPHWURH[WHUQRGHOWDPERUGHFDPELRVHQFDGD
H[WUHPR 5
/Ì0,7('(/6(59,&,2
/$'2,=48,(5'2PP
/$'2'(5(&+2PP
/$'2,=48,(5'2
5HYLVH HO WDPERU GH FDPELRV HQ HO FiUWHU L]TXLHUGR SRU
GHVJDVWHRGDxRH[FHVLYR
0LGDHOGLiPHWURLQWHUQRGHOWDPERUGHFDPELRV
/Ì0,7('(/6(59,&,2
/$'2,=48,(5'2PP
5HYLVH HO WDPERU GH FDPELRV HQ HO FiUWHU GHUHFKR SRU
GHVJDVWHRGDxRH[FHVLYR
0LGDHOGLiPHWURLQWHUQRGHOWDPERUGHFDPELRV
/Ì0,7('(/6(59,&,2
/$'2'(5(&+2PP
/$'2'(5(&+2
+2548,//$'(&$0%,26
5HYLVH ODV KRUTXLOODV GH FDPELRV SRU GHIRUPDFLyQ R
GHVJDVWHDQRUPDO
0LGDHOJURVRUGHFDGDJDQFKRGHODKRUTXLOODGHFDPELRV
/Ì0,7('(/6(59,&,2
*52625+2548,//$'(&$0%,26PP
0LGDHOGLiPHWURLQWHUQRGHFDGDKRUTXLOOD
/Ì0,7('(/6(59,&,2
+2548,//$PP

&É57(575$160,6,Ð1&,*h(f$/
(-(+2548,//$'(&$0%,26
(-(+2548,//$'(&$0%,26
9HULILTXH ORV HMHV GH OD KRUTXLOOD GH FDPELRV SRU GDxRV \
UHFWLWXG
0LGDHOGLiPHWURH[WHUQRGHOHMHGHODKRUTXLOODGHFDPELRV
/Ì0,7('(/6(59,&,2
',É0(752(;7(512(-(+2548,//$'(
&$0%,26PP
(-((;75$&725'(52'$0,(172 3(62
5(02&,Ð1
52'$0,(172 &2175$(-( '(/ &É57(5
'(5(&+2
([WUDLJDHOURGDPLHQWRGHOFRQWUDHMHGHOFiUWHUGHUHFKR
(-((;75$&725'(52'$0,(172'(/&É57(5
3$57(1R++.)1
(;75$&7253(62'(52'$0,(172'(/
&,*h(f$/

3$57(1R++.)1
52'$0,(172 &2//$5
&2//$5(;75$&725'(52'$0,(172'(/
&É57(5PP &2//$5
3$57(1R++.71
3DUDTXLWDUORVURGDPLHQWRVGHOFiUWHULQVWDOHHOFROODUHQHO
URGDPLHQWR \ OXHJR LQVHUWH HQ HO HMH GHO H[WUDFWRU GH
URGDPLHQWRVMXQWRFRQHOSHVRGHOH[WUDFWRUGHURGDPLHQWRV
HQHOFROODUOXHJRUHWLUHHOURGDPLHQWRGHVOL]DQGRHOSHVRGHO
H[WUDFWRUGHURGDPLHQWRVHQHOHMH
52'$0,(172
3(51263/$726
52'$0,(172(-(35,1&,3$/'(/&É57(5
'(5(&+2
5HWLUHORVWRUQLOORV\ORVSODWRVGHILMDFLyQGHOURGDPLHQWRGHO
HMHSULQFLSDOGHOFiUWHUGHUHFKR
52'$0,(172(-(35,1&,3$/

&É57(575$160,6,Ð1&,*h(f$/
,16(57250$1*2'(/52'$0,(172
([WUDLJDHOURGDPLHQWRGHOHMHSULQFLSDOGHOFiUWHUGHUHFKR
,16(57253,/272PP
3$57(1R++
,16(5725'($&23/([PP
3$57(1R++.)1
,16(57250$1*2'(/52'$0,(172
3$57(1R++.)1
,16(5725'($&23/( ,16(57253,/272
,16(5725'($&23/(
3DUDTXLWDUORVURGDPLHQWRVGHOFiUWHUFRORTXHHOLQVHUWRUGH
DFRSOHUUHTXHULGR\HOLQVHUWRUHQHOPDQJRGHOURGDPLHQWR
FRPRVHPXHVWUD\H[SXOVHORVURGDPLHQWRV
3,/272
,16(57250$1*2'(/52'$0,(172
,16(57250$1*2'(/52'$0,(172
52'$0,(172 (-( '(/ %$/$1&Ì1 '(/
&É57(5'(5(&+2
([WUDLJD HO URGDPLHQWR GHO HMH GHO EDODQFtQ GHO FiUWHU
GHUHFKR
,16(57253,/272PP
3$57(1R++
,16(5725'($&23/([PP
3$57(1R++.)1
,16(57250$1*2'(/52'$0,(172
,16(5725'($&23/( ,16(57253,/272
3$57(1R++.)1
,16(5725'($&23/(
DFRSOHUHTXHULGR\HOSLORWRHQHOLQVHUWRUGHOPDQJRFRPRVH
PXHVWUD\H[SXOVHORVURGDPLHQWRV
3,/272
,16(57250$1*2'(/52'$0,(172

&É57(575$160,6,Ð1&,*h(f$/
6(//2'($&(,7('(/&2175$(-(
6(//2'($&(,7('(/&É57(5,=48,(5'2
5(02&,Ð1
5HWLUHHOVHOORGHDFHLWHGHOFRQWUDHMH\HOVHOORGHSROYRGHO
HMHGHOHQJUDQDMHGHFDPELRVGHOFiUWHUL]TXLHUGR
6(//2'(32/92(-((1*5$1$-('(&$0%,26
52'$0,(172 &2175$(-( '(/ &É57(5 ,16(57250$1*2'(/52'$0,(172
,=48,(5'2
5(02&,Ð1
([WUDLJDHOURGDPLHQWRGHOFRQWUDHMHGHOFiUWHUL]TXLHUGRFRQ
ODVVLJXLHQWHVKHUUDPLHQWDV
,16(57253,/272PP
3$57(1R++.71
,16(5725'($&23/([PP
3$57(1R++.)1

,16(57250$1*2'(/52'$0,(172
,16(5725'($&23/( ,16(57253,/272
3$57(1R++.)1
,16(5725'($&23/(
DFRSOH UHTXHULGR \ HO SLORWR HQ HO LQVHUWRU GHO PDQJR GH
URGDPLHQWRFRPRVHPXHVWUD\H[SXOVHORVURGDPLHQWRV
3,/272
,16(57250$1*2'(/52'$0,(172
52'$0,(172(-(35,1&,3$/'(/&É57(5 (-((;75$&725'(52'$0,(172 3(62
,=48,(5'2
([WUDLJDHOURGDPLHQWRGHOHMHSULQFLSDOGHOFiUWHUL]TXLHUGR
FRQODVVLJXLHQWHVKHUUDPLHQWDV
(-((;75$&725'(/52'$0,(172'(/&É57(5
3$57(1R++.)1
(;75$&7253(62'(52'$0,(172'(/
&,*h(f$/
3$57(1R++.)1
(;75$&725&2//$5'(52'$0,(172PP
3$57(1R++ 52'$0,(172(-(35,1&,3$/ &2//$5

&É57(575$160,6,Ð1&,*h(f$/
&2//$5
3DUDTXLWDUORVURGDPLHQWRVGHOFiUWHULQVWDOHHOFROODHQHO
URGDPLHQWR \ OXHJR LQVHUWH HQ HO HMH GHO H[WUDFWRU GH
52'$0,(172
(-((;75$&725'(52'$0,(172 3(62
52'$0,(172 (-( '(/ %$/$1&Ì1 '(/
&É57(5,=48,(5'2
([WUDLJD HO URGDPLHQWR GHO HMH GHO EDODQFtQ GHO FiUWHU
L]TXLHUGR
(-((;75$&725'(/52'$0,(172'(/&É57(5
3$57(1R++.)1
(;75$&7253(62'(52'$0,(172'(/&É57(5
3$57(1R++.)1
(;75$&725&2//$5'(52'$0,(172PP
3$57(1R++ 52'$0,(172 &2//$5
&2//$5
3DUDTXLWDUORVURGDPLHQWRVGHOFiUWHULQVWDOHHOFROODUHQHO
URGDPLHQWR \ OXHJR LQVHUWH HO HMH GHO H[WUDFWRU GH
52'$0,(172
,16(5725'($&23/(
,167$/$&,Ð1
3DUDLQVWDODUORVURGDPLHQWRVHQHOFiUWHUFRORTXHHOLQVHUWRU
GHDFRSOHUHTXHULGR\HOSLORWRHQHOPDQJRLQVHUWRUFRPRVH
PXHVWUD\FRORTXHORVURGDPLHQWRV
127$
$VHJ~UHVH GH QR HPSXMDU OD EROD R OD SLVWD LQWHULRU GHO
URGDPLHQWR $VHJ~UHVH GH QR GDxDU OD VXSHUILFLH GH
URGDGXUDGHOURGDPLHQWRHQHVWHPRPHQWR 3,/272
/XEULTXHWRGRVORVURGDPLHQWRVFRQDFHLWHGHPRWRU
,QWURGX]FDQXHYRVURGDPLHQWRVHQHOFiUWHUL]TXLHUGRFRQODV
VLJXLHQWHVKHUUDPLHQWDV
,16(57250$1*2'(/52'$0,(172

&É57(575$160,6,Ð1&,*h(f$/
,16(57250$1*2'(/52'$0,(172
52'$0,(172 (-( '(/ %$/$1&Ì1 '(/
&É57(5,=48,(5'2
,167$/$&,Ð1
/XEULTXHWRGRVORVURGDPLHQWRVFRQDFHLWHGHPRWRUOLPSLR
,QWURGX]FDXQQXHYRURGDPLHQWRHQHOFiUWHUL]TXLHUGR
,16(57253,/272PP
3$57(1R++
,16(5725'($&23/([PP
3$57(1R++.)1
,16(57253,/272'($&23/(
,16(57250$1*2'(/52'$0,(172
3$57(1R++.)1 ,16(57250$1*2'(/52'$0,(172
52'$0,(172(-(35,1&,3$/'(/&É57(5
,=48,(5'2
,167$/$&,Ð1
,QVHUWHXQQXHYRURGDPLHQWRGHOHMHSULQFLSDOHQHOFiUWHU
L]TXLHUGR
,16(57253,/272PP
3$57(1R++
,16(5725'($&23/([PP
3$57(1R++.)1 ,16(57253,/272'($&23/(
,16(57250$1*2'(/52'$0,(172 ,16(57250$1*2'(/52'$0,(172
3$57(1R++.)1
52'$0,(172 &2175$(-( '(/ &É57(5
,=48,(5'2
,QVHUWH XQ QXHYRUR GDPLHQWR GHO FRQWUDHMH HQ HO FiUWHU
L]TXLHUGR
,16(57253,/272PP
3$57(1R++.71
,16(5725'($&23/([PP
3$57(1R++ ,16(5725'($&23/(3,/272
,16(57250$1*2'(/52'$0,(172 6(//2'($&(,7('(/&2175$(-(
3$57(1R++.)1 ,16(57($/),1$/
'(/$&$5$ PP
*
$SOLTXHJUDVDHQORVERUGHVGHOVHOORGHDFHLWH
,QVWDOHVHOORVGHDFHLWHGHOFRQWUDHMH\GHOHMHGHOHQJUDQDMH
GHFDPELRV
*
6(//2'($&(,7((-((1*5$1$-(

&É57(575$160,6,Ð1&,*h(f$/
,16(57250$1*2'(/52'$0,(172
52'$0,(172 (-( '(/ %$/$1&Ì1 '(/
&É57(5'(5(&+2
,167$/$&,Ð1
/XEULTXHWRGRVORVURGDPLHQWRVFRQDFHLWHGHPRWRUOLPSLR
,QVHUWHXQQXHYRURGDPLHQWRHQHOFiUWHUGHUHFKR
,16(57253,/272PP
3$57(1R++
,16(5725'($&23/([PP
3$57(1R++
,16(57253,/272'($&23/(
,16(57250$1*2'(/52'$0,(172
3$57(1R++.)1 ,16(57250$1*2'(/52'$0,(172
52'$0,(172(-(35,1&,3$/'(/&É57(5
'(5(&+2
,QVHUWHXQQXHYRURGDPLHQWRGHOHMHSULQFLSDOHQHOFiUWHU
GHUHFKR
,16(57253,/272PP
3$57(1R++
,16(5725'($&23/([PP
3$57(1R++
,16(57250$1*2'(/52'$0,(172 ,16(57253,/272'($&23/(
3$57(1R++.)1
$*(17('(%/248(2 52'$0,(172(-(35,1&,3$/
3(512
$SOLTXHDJHQWHGHEORTXHRDODVURVFDVGHOSHUQRGHOSODWR
GHILMDFLyQ
,QVWDOHORVSODWRVGHILMDFLyQ\ORVSHUQRV
$SULHWHORVWRUQLOORVDOWRUTXHHVSHFLILFDGR
72548(
52'$0,(172(-(35,1&,3$/
3(512'(3/$72NJIP
3(51263/$726
,16(57250$1*2'(/52'$0,(172
52'$0,(172 &2175$(-( '(/ &É57(5
'(5(&+2
,QVHUWH XQ QXHYR URGDPLHQWR GHO FRQWUDHMH HQ HO FiUWHU
GHUHFKR
,16(57253,/272PP
3$57(1R++
,16(5725'($&23/([PP
3$57(1R++
,16(57250$1*2'(/52'$0,(172
3$57(1R++.)1 ,16(57253,/272'($&23/(

&É57(575$160,6,Ð1&,*h(f$/
6(//2'($&(,7('(/&É57(5,=48,(5'2
,167$/$&,Ð1
,QVWDOHHOVHOORDQWLSROYRGHOHMHGHOHQJUDQDMHGHFDPELRV
GHVGHHOFiUWHUL]TXLHUGR
6(//2$17,32/92(-((1*5$1$-('(&$0%,26
6(//2'($&(,7('(/&2175$(-(
,QVWDOHHOVHOORGHDFHLWHGHOFRQWUDHMHGHOFiUWHUL]TXLHUGR

,167$/$&,Ð1 &255(&72 ,1&255(&72

/LPSLHWRGDVODVSLH]DVHQVROYHQWHQRLQIODPDEOHGHDOWR
SXQWRGHLQIODPDFLyQ
$SOLTXHDFHLWHGHPRWRUOLPSLRDFDGDGLHQWHGHHQJUDQDMH
$SOLTXHXQDVROXFLyQGHDFHLWHGHPROLEGHQRDODVXSHUILFLH
GHVOL]DQWHGHOEXMHSDUDJDUDQWL]DUODOXEULFDFLyQLQLFLDO
(QVDPEOHWRGDVODVSDUWHVHQVXVSRVLFLRQHVRULJLQDOHV
127$
9HULILTXH TXH ORV HQJUDQDMHV WHQJDQ OLEHUWDG GH
PRYLPLHQWRRURWDFLyQHQHOHMH
,QVWDOHODVDUDQGHODV\ORVDQLOORVGHUHWHQFLyQFRQHOODGR $1,//2'(5(7(1&,Ð1
ELVHODGRKDFLDHOODGRGHODFDUJDGHHPSXMH&RQILUPH
HOODGRLQWHUQRGHORVDQLOORVGHUHWHQFLyQ\ODDUDQGHOD
FXDQGRGHWHFWHHOODGRELVHODGR
1RUHXWLOLFHHODQLOORGHUHWHQFLyQGHVJDVWDGRTXHSRGUtD
JLUDUIiFLOPHQWHHQODUDQXUD
9HULILTXHTXHORVDQLOORVGHUHWHQFLyQHVWpQDVHQWDGRVHQ
ODVUDQXUDV\DOLQHHVXVHVSDFLRVILQDOHVFRQODVUDQXUDV
GHODUDQXUD
$OLQHHHOEXMHHVWULDGRFRQHORULILFLRGHDFHLWHHQHOHMH

&É57(575$160,6,Ð1&,*h(f$/
(-(35,1&,3$/
'LHQWHVGHFDGDHQJUDQDMH
(-(35,1&,3$/0(1*5$1$-(7
0R2,/
%XMHDUDQGHODHVWULDGD\FROODUHVWULDGR
%8-(0
$5$1'(/$
(675,$'$
$1,//2'(5(7(1&,Ð1
(1*5$1$-(07
(1*5$1$-(0 %8-(
7 (675,$'2
(1*5$1$-(07
$5$1'(/$(675,$'$
(1*5$1$-(07
/$'2%,6(/$'2
$5$1'(/$
'((038-(
/$'2 /$'2
/$'2%,6(/$'2
$),/$'2 %,6(/$'2

&É57(575$160,6,Ð1&,*h(f$/
&2175$(-(
(1*5$1$-(&
'LHQWHVGHFDGDHQJUDQDMH %8-(&
7
$5$1'(/$
(1*5$1$-(&
0R2,/
%XMHDUDQGHODHVWULDGD\FROODUHVWULDGR '((038-(
7
$1,//2
'(5(7(1&,Ð1
$5$1'(/$(675,$'$
%8-(&
(1*5$1$-(&
7
$5$1'(/$
'((038-(
&2175$(-(
(1*5$1$-(&
$5$1'(/$
7
'((038-(
$5$1'(/$ %8-(&
'((038-(
(1*5$1$-(& /$'2%,6(/$'2
7
/$'2$),/$'2

&É57(575$160,6,Ð1&,*h(f$/
6LVHUHWLUDHOFLJHxDOLQVWiOHORSULPHUR
$SOLTXHXQDVROXFLyQGHDFHLWHGHPROLEGHQRDODVUDQXUDV
0R2,/
GHODKRUTXLOODGHFDPELRV
$SOLTXHDFHLWHGHPRWRUOLPSLRDORVGLHQWHVGHOHQJUDQDMH
GHODWUDQVPLVLyQ
9HULILTXHTXHHOHQJUDQDMHGHWUDQVPLVLyQJLUHOLEUHPHQWH\
VHGHVOLFHVREUHHOHMH
(QJDQFKHHOHMHSULQFLSDO\HOFRQWUDHMH
0R2,/
(-(35,1&,3$/ &2175$(-(
,QVWDOH HO HMH SULQFLSDO \ HO FRQWUDHMH MXQWRV HQ HO FiUWHU
GHUHFKR $VHJ~UHVH GH LQVWDODU ODV DUDQGHODV GH WUHV
H[WUHPRV HMH SULQFLSDO L]TXLHUGD VRODPHQWHFRQWUDHMH
DPERVH[WUHPRV
127$
1R ROYLGH LQVWDODU OD DUDQGHOD GHO H[WUHPR GH OD
WUDQVPLVLyQ
'XUDQWHODLQVWDODFLyQGHOHMHSULQFLSDO\HOFRQWUDHMH
WHQJD FXLGDGR GH QR GDxDU HO VHOOR GH DFHLWH GHO
FRQWUDHMH
0$5&$´&µ 0$5&$´5/µ
127$
&DGDKRUTXLOODGHWXUQRWLHQHXQDPDUFDGHLGHQWLILFDFLyQ
5/GHUHFKDHL]TXLHUGD&&HQWUR
,QVWDOH ODV KRUTXLOODV GH FDPELRV HQ ODV UDQXUDV GHO
HQJUDQDMHGHOSHGDOGHFDPELRVFRQODVPDUFDVKDFLDDUULED
& 5/ 5/
ODGRL]TXLHUGRGHOFiUWHU
7$0%25'(&$0%,26
$SOLTXHDFHLWHGHPRWRUOLPSLRDODVUDQXUDVGHJXtDHQHO
WDPERUGHFDPELRVHLQVWiOHORPLHQWUDVDOLQHDORVSDVDGRUHV
GHJXtDGHODKRUTXLOODGHFDPELRVFRQODVUDQXUDVGHJXtD
+2548,//$'(&$0%,26

&É57(575$160,6,Ð1&,*h(f$/
(-(+2548,//$'(&$0%,26
$SOLTXH DFHLWH GH PRWRU OLPSLR DO HMH GH OD KRUTXLOOD GH
FDPELRVVHLQVpUWHORDWUDYpVGHODVKRUTXLOODVGHFDPELRVHQ
HOFiUWHUGHUHFKR
*LUHHOHMHSULQFLSDODPDQRSDUDYHUVLORVHQJUDQDMHVJLUDQ
OLEUHPHQWH
&,*h(f$/
$SOLTXHDFHLWHGHPRWRUOLPSLRDODVVXSHUILFLHVGHVOL]DQWHV
GHOURGDPLHQWRSULQFLSDOHLQVWDOHHOFLJHxDOHQHOFiUWHU
GHUHFKR

&É57(5'(5(&+2
(-('(/%$/$1&Ì1
,QVWDOHHOHMHGHOEDODQFtQHQHOFiUWHUGHUHFKR
0RQWDUHOFiUWHU
&É57(5
&É57(5'(5(&+2
(16$0%/(
&É57(5'(5(&+2
/LPSLH ELHQ ODV VXSHUILFLHV GH DFRSODPLHQWR GHO FiUWHU
L]TXLHUGR\GHUHFKR\DVHJ~UHVHGHQRGDxDUODVVXSHUILFLHV
GHDFRSODPLHQWR
9HULILTXHFXDOTXLHUGDxR
127$
9LVWD ODV VXSHUILFLHV FRQ XQD SLHGUD GH DFHLWH VL HV
QHFHVDULR SDUD FRUUHJLU FXDOTXLHU DVSHUH]D R
LUUHJXODULGDGPHQRU
'HVSXpV GH OD OLPSLH]D OXEULTXH ORV URGDPLHQWRV GHO
FLJHxDO\RWUDVVXSHUILFLHVGHFRQWDFWRFRQDFHLWHGH 6($/
PRWRUOLPSLR

&É57(575$160,6,Ð1&,*h(f$/
3$6$'25(6
,QVWDOHHOFLJHxDO\ODWUDQVPLVLyQ
127$
$SOLTXH´7KUHHERQGµRHTXLYDOHQWH
$SOLTXHXQDFDSDOLJHUDSHURFRPSOHWDGHVHOODGRUHQWRGD
ODVXSHUILFLHGHDFRSODPLHQWRGHOFiUWHUH[FHSWRHQHOiUHD
GHSDVRGHODFHLWH
,QVWDOHORVSDVDGRUHV
*8Ì$6(//2'($&(,7('(/&2175$(-(
&É57(5,=48,(5'2
$SOLTXHDFHLWHGHPRWRUOLPSLRHQODJXtDGHOVHOORGHDFHLWH
GHOFRQWUDHMH
,QVWDOHODJXtDGHOVHOORGHDFHLWHHQHOFiUWHU
*8Ì$6(//2'($&(,7('(/&2175$(-(
3$57(1R+0&/$$%0
,QVWDOHHOFiUWHUL]TXLHUGRVREUHHOFiUWHUGHUHFKR
35(&$8&,Ð1
1RIXHUFHODVPLWDGHVGHOFiUWHUMXQWDV6LVHUHTXLHUHXQD
IXHU]DH[FHVLYDDOJRHVWiPDO5HWLUHHOFiUWHUL]TXLHUGR\
YHULILTXHTXHQRKD\DSDUWHVGHVDOLQHDGDV &É57(5'(5(&+2
3(5126
,QVWDOHORVSHUQRVGHOFiUWHUL]TXLHUGR\DSULHWHORVSHUQRVHQ
XQSDWUyQHQWUHFUX]DGRHQSDVRV
,QVWDOH\DSULHWHHOSHUQRGHOFiUWHUGHUHFKR
3(512

&É57(575$160,6,Ð1&,*h(f$/
127$
$OLQVWDODUHOSODWRGHDMXVWHWLUHGHOFLJHxDO\HQJDQFKHOD
OHQJHWDGHOSODWRDODUDQXUDGHOURGDPLHQWRGHOFLJHxDO
3/$72
3/$72 3(5126
,QVWDOHORVSODWRV\ORVWRUQLOORVGHOMXHJRGHURGDPLHQWRVDO
WRUTXHHVSHFLILFDGR
72548(
3(5123/$72&21-8172'(52'$0,(1726'(/
(-(35,1&,3$/NJIP

7$3Ð1'((038-(
$SOLTXHXQDVROXFLyQGHDFHLWHGHPROLEGHQRDOWDSyQGH
HPSXMH
,QVWDOHHOWDSyQGHHPSXMH\HOUHVRUWH
127$
$OLQVWDODUHOWDSyQGHHPSXMHDVHJ~UHVHGHTXHODSLVWD
H[WHUQDGHOURGDPLHQWRGHOFLJHxDOWRTXHODSDUWHFyQLFD
GHOWDSyQGHHPSXMH
5(6257(
3(512
$SOLTXHDJHQWHGHEORTXHRDODVURVFDVGHOSHUQRGHOWDSyQ
GHHPSXMH
,QVWDOHHOSODWRWDSyQGHHPSXMH\HOSHUQR
$SULHWHHOSHUQRDOWRUTXHHVSHFLILFDGR
72548(
3(5127$3Ð1'((038-(NJIP
3/$727$3Ð1'((038-(

&É57(575$160,6,Ð1&,*h(f$/
*8Ì$'(/7(1625 3/$72*8Ì$
,QVWDOHODFDGHQDGHOHYDVHQHOHQJUDQDMHDWUDYpVGHOFiUWHU
,QVWDOHODJXtDGHOWHQVRU\HOSODWRJXtDGHOWHQVRU
,QVWDOH\DSULHWHORVSHUQRVGHOSODWRJXtDGHOWHQVRU
,QVWDOHHOPRWRUGHDUUDQTXHSiJLQD
,QVWDOHHOLQWHUUXSWRUQHXWURSiJLQD
35(&$8&,Ð1
&RORTXHXQDWRDOODGHWDOOHUSDUDFHUUDUODSDUWHLQIHULRU
DELHUWDFRPRVHPXHVWUDSDUDHYLWDUTXHFXDOTXLHUSHUQR
HWFFDLJDGHQWURGHOPRWRU
&$'(1$'(/(9$6 72$//$'(3$3(/ 3(5126

58('$'(/$17(5$6863(16,Ð1',5(&&,Ð1
',$*5$0$'(/6,67(0$

58('$'(/$17(5$6863(16,Ð1',5(&&,Ð1
'LDJUDPDGHOVLVWHPD 0DQLOODU

,QIRUPDFLyQGHOVHUYLFLR 5XHGDGHODQWHUD
(VSHFLILFDFLRQHV 7HQHGRU
9DORUHVGHWRUTXH+HUUDPLHQWDV 9iVWDJRGHODGLUHFFLyQ
HVSHFLDOHV
6ROXFLyQGHSUREOHPDV
,1)250$&,Ð1'(/6(59,&,2
*(1(5$/
$'9(57(1&,$
&RQGXFLUVREUHUXHGDVGDxDGDVSHUMXGLFDHOIXQFLRQDPLHQWRVHJXURGHODPRWRFLFOHWD
8QGLVFRRSDVWLOODGHIUHQRFRQWDPLQDGDDXPHQWDODGLVWDQFLDGHIUHQDGR'HVHFKHODDOPRKDGLOODFRQWDPLQDGD\OLPSLHXQ
GLVFRFRQWDPLQDGRFRQXQDJHQWHGHVHQJUDVDQWHGHIUHQRVGHDOWDFDOLGDG
(VWDVHFFLyQFXEUHHOPDQWHQLPLHQWRGHODUXHGDGHODQWHUDWHQHGRUHV\YiVWDJRGHODGLUHFFLyQ
/HYDQWHODUXHGDGHODQWHUDGHOVXHORDSR\DQGRODPRWRFLFOHWDGHIRUPDVHJXUDFRQXQJDWRXRWURVRSRUWHGHEDMRGHOPRWRU
'HVSXpVGHODLQVWDODFLyQGHODUXHGDGHODQWHUDYHULILTXHHOIXQFLRQDPLHQWRGHOIUHQRDSOLFDQGRODSDODQFDGHOIUHQR
,QIRUPDFLyQGHOVLVWHPDGHIUHQRVSiJLQD
,QIRUPDFLyQVREUHOXFHVPHGLGRUHVHLQWHUUXSWRUHVSiJLQD
7HQJDHVSHFLDOFXLGDGRDOTXLWDUHLQVWDODUHOURGDPLHQWRGHODUXHGDSDUDHYLWDUGDxRVDOFRGLILFDGRU
(63(&,),&$&,21(6
58('$'(/$17(5$6863(16,Ð1',5(&&,Ð1
,7(0 (67É1'$5 /Ì0,7('(/6(59,&,2
3URIXQGLGDGPtQLPDGHODEDQGDGHURGDGXUD
PP PP

&RQGXFWRU NJIFP SVL
3UHVLyQGHOODQWDVHQIUtR
&RQGXFWRU\SDUULOOHUR NJIFP SVL
([FHQWULFLGDGGHOHMHGHODQWHUR PP PP
5DGLDO PP PP
([FHQWULFLGDGUXHGDGHODQWHUD
$[LDO PP PP
/RQJLWXGOLEUHUHVRUWHGHOWHQHGRU PPPP
([FHQWULFLGDGWXERGHOWHQHGRU PP
*UDGRDFHLWHGHOWHQHGRU $FHLWH)
&DSDFLGDGDFHLWHGHOWHQHGRU FF3RUSLHUQD 5HHPSODFHDFHLWHDORVNP
1LYHODFHLWHGHOWHQHGRU PP

58('$'(/$17(5$6863(16,Ð1',5(&&,Ð1
9$/25(6'(72548(
3(512'($35,(7('(/38(17(683(5,25
NJIP
3(512'($35,(7('(/38(17(,1)(5,25 NJIP
78(5&$'(/(-('(/$17(52
NJIP
3(5127$3Ð1'(/7(1('25
NJIP
78(5&$9É67$*2'(/$',5(&&,Ð1
NJIP
3(512'(68-(&,Ð1'(/&,/,1'520$(6752 NJIP
3(512&21(&725'(/7(1('25'(/$17(52
NJIP
78(5&$'($-867(52'$0,(172'(/9É67$*2 NJIP
3(5120217$-('(/$3,1=$'(/$17(5$ NJIP
5$',2'(/$58('$'(/$17(5$
NJIP
+(55$0,(17$6(63(&,$/(6
,16(5725&8(5326(//2'($&(,7( 78(5&$'($-867(52'$0,(172
7(1('25'(/$17(52',$PP '(/$',5(&&,Ð1PP
3$57(1R+0&/$$%0 3$57(1R++.=-
(-('('(60217('(/7(1('25 ,16(57253,67$'(/&212
'(/$17(52 ,1)(5,25
3$57(1R+0&/$$%0 3$57(1R++.67
$'$37$'25(-('('(60217('(/ (;75$&725(-('(/52'$0,(172
7(1('25'(/$17(52 '(/$58('$
3$57(1R+0&/$$%0 3$57(1R++.=-
,167$/$'25&212683(5,25(
,16(572552'$0,(172'(%2/$6
,1)(5,25
3$57(1R++.71
3$57(1R++.67
(;75$&725&$%(=$'(52'$0,(172 ,16(5725'($&23/(PP
PP 3$57(1R++.)1
3$57(1R++.)1
,16(57250$1*2'(/52'$0,(172 ,16(5725'($&23/([PP
3$57(1R++.)1 3$57(1R++.)1
(;75$&725&2129É67$*27 ,16(57253,/272PP
3$57(1R++.67 3$57(1R++.)1

58('$'(/$17(5$6863(16,Ð1',5(&&,Ð1
62/8&,Ð1'(352%/(0$6
'LUHFFLyQGXUD 6XVSHQVLyQVXDYH
7XHUFDGHDMXVWHGHOURGDPLHQWRGHGLUHFFLyQ 0XHOOHGHWHQHGRUGpELO
GHPDVLDGRDSUHWDGD $FHLWHGHWHQHGRULQVXILFLHQWH
5RGDPLHQWRGHGLUHFFLyQGHVJDVWDGRRGDxDGR 9LVFRVLGDGGHODFHLWHGHPDVLDGREDMDJUDGRGHDFHLWH
9iVWDJRGHODGLUHFFLyQGREODGR LQFRUUHFWR
3UHVLyQGHODVOODQWDVLQVXILFLHQWH 3UHVLyQGHODVOODQWDVLQVXILFLHQWH
/ODQWDGHIHFWXRVD 6XVSHQVLyQGXUD
6HGLULJHKDFLDXQODGRRQRVLJXHUHFWR 7XERGHWHQHGRUGREODGRRGDxDGR
7XERGHODQWHURGREODGR 3DVRGHOtTXLGRREVWUXLGR
(MHGHODQWHURGREODGR 9LVFRVLGDGLQFRUUHFWDGHOOtTXLGR
5XHGDLQVWDODGDLQFRUUHFWDPHQWH 9ROXPHQGHDFHLWHGHPDVLDGRDOWR
5RGDPLHQWRGHGLUHFFLyQGHIHFWXRVR 'HVOL]DGRUGHWHQHGRUGDxDGR
0DUFRGREODGR 5XLGRGHVXVSHQVLyQGHODQWHUD
5RGDPLHQWRVGHUXHGDVGHVJDVWDGRVRGDxDGRV %XMHGHVOL]DQWHGHIHFWXRVR
5RGDPLHQWRVGHSLYRWHGHOEUD]RRVFLODQWHGHVJDVWDGRV /tTXLGRGHWHQHGRULQVXILFLHQWH
RGDxDGRV 6XMHWDGRUHVVXHOWRVGHODVXVSHQVLyQGHODQWHUD
7XERGHWHQHGRUL]TXLHUGR\GHUHFKRHQVDPEODGRVGH &DQWLGDGGHOtTXLGRGHVLJXDOHQORVWXERVGHORVWHQHGRUHV
PDQHUDGHVLJXDO %DMRUHQGLPLHQWRGHOIUHQR
&DQWLGDGGHVLJXDOGHDFHLWHHQFDGDWXERGHWHQHGRU )RUURGHIUHQRFRQWDPLQDGRDOPRKDGLOODGLVFR
5XHGDGHODQWHUDWDPEDOHiQGRVH
%RUGHGREODGR
5RGDPLHQWRVGHUXHGDKHOLFRLGDO
5DGLRVGREODGRVRVXHOWRV
/ODQWDGHIHFWXRVR
/ODQWDGHODQWHUD\UXHGDGHVHTXLOLEUDGDV
(MHQRDSUHWDGRFRUUHFWDPHQWH
/DUXHGDJLUDFRQIXHU]D
5RGDPLHQWRGHODUXHGDGHODQWHUDGDxDGR
$UUDVWUHGHIUHQR
(MHGHODQWHURGREODGR
3UHVLyQGHODVOODQWDVLQVXILFLHQWH
5XLGRGHIUHQRV
)RUURGHIUHQRGHVJDVWDGRDOPRKDGLOODGLVFR
)RUURGHIUHQRFRQWDPLQDGDOPRKDGLOODGLVFR

58('$'(/$17(5$6863(16,Ð1',5(&&,Ð1
(63(-265(7529,625(6
0$1,//$5
5(02&,Ð1
5HWLUHORVHVSHMRVUHWURYLVRUHVSiJLQD
5HWLUHODVEDQGDVGHDODPEUH
%$1'$6'($/$0%5(
&21(&725(6 &,/,1'520$(6752
'HVFRQHFWHODFRQH[LyQGHOLQWHUUXSWRUGHOIUHQRGHODQWHUR
5HWLUHORVSHUQRVHOVRSRUWH\HOFLOLQGURPDHVWURGHOIUHQR
623257( 3(5126
7251,//26
5HWLUHORVWRUQLOORVGHODFDUFDVDGHOLQWHUUXSWRUGHOPDQLOODU
GHUHFKR
&$5&$6$,17(5583725'(5(&+2
&$5&$6$$&(/(5$'25683(5,25 78%2
6HSDUHODFDUFDVDGHOLQWHUUXSWRUGHOPDQLOODUGHUHFKR
'HVFRQHFWHHOH[WUHPRGHOFDEOHGHODFHOHUDGRUGHOWXERGHO
DFHOHUDGRUOXHJRUHWLUHODFDUFDVDGHEDMRGHODFHOHUDGRU
&$5&$6$$&(/(5$'25,1)(5,25 (;75(02'(/&$%/(

58('$'(/$17(5$6863(16,Ð1',5(&&,Ð1
0$1,//$5 0$1*2'(/$&(/(5$'25
7LUH\UHWLUHHOWDSyQIDOVRGHOPDQLOODU
5HWLUHHOPDQJRGHODFHOHUDGRU\HOWXERGHODFHOHUDGRUGHO
PDQLOODU
78%2'(/$&(/(5$'25 7$3Ð1)$/62
&21(&725,17(5583725'(/(0%5$*8(
'HVFRQHFWHORVFRQHFWRUHVGHOLQWHUUXSWRUGHOHPEUDJXHHQHO
ODGRL]TXLHUGRGHOPDQLOODU
3(512'(68-(&,Ð1 7251,//26
$IORMH HO SHUQR GH VXMHFLyQ GHO VRSRUWH GH OD SDODQFD GHO
HPEUDJXH
5HWLUHORVSHUQRV\HOVRSRUWH
5HWLUHORVWRUQLOORVGHODFDUFDVDGHOLQWHUUXSWRUGHOPDQLOODU
L]TXLHUGRFRPRVHPXHVWUD
623257( &$5&$6$,17(5583725,=48,(5'2

58('$'(/$17(5$6863(16,Ð1',5(&&,Ð1
&$5&$6$,17(5583725,=48,(5'2
6HSDUHODFDUFDVDGHOLQWHUUXSWRUL]TXLHUGRGHOPDQLOODU
7$3Ð1)$/62
+DOH\UHWLUHHOWDSyQIDOVRGHOPDQLOODU
5HWLUHHOPDQJRL]TXLHUGRGHOPDQLOODU
0$1*2,=48,(5'2'(/0$1,//$5
7$3$6683(5,25(6
5HWLUHODVWDSDVVXSHULRUHVGHOPDQLOODU
3(5126//$9($//(1
5HWLUHORVSHUQRVGHODOODYH$OOHQGHOSXHQWHVXSHULRU

58('$'(/$17(5$6863(16,Ð1',5(&&,Ð1
623257(683(5,25'(/0$1,//$5
5HWLUHHOVRSRUWHVXSHULRUGHOPDQLOODU
0$1,//$5
5HWLUHHOPDQLOODUGHOSXHQWHVXSHULRU
0$5&$6'(381=Ð1
,167$/$&,Ð1
127$
$OLQHHODVPDUFDVGHSXQ]yQHQHOPDQLOODUFRQODSDUWH
VXSHULRUGHOVRSRUWHLQIHULRUGHOPDQLOODU
72548(
3(5126//$9('($//(1'(/0$1,//$5
683(5,25NJIP
35(&$8&,Ð1
(ODGKHVLYRQRGHEHILOWUDUVHDODSDUWHLQWHULRUGHOWXERGH
GLUHFFLyQ 78%2'(/$&(/(5$'25
127$ *
$SOLTXH JUDVD GH VLOLFRQD DO H[WUHPR GHO FDEOH GHO
DFHOHUDGRU
$SOLTXH JUDVD DO iUHD GH URWDFLyQ GHO WXER GHO
DFHOHUDGRUHQHOPDQLOODU
$SOLTXHFHPHGLQHRVXHTXLYDOHQWHHQHOODGR
LQWHUQRGHOPDQJRL]TXLHUGRGHOPDQLOODU\HVSHUHGHD
PLQXWRVOXHJRLQVWDOHHOPDQJR
0LHQWUDV LQVWDOD OD FDUFDVD GHO LQWHUUXSWRU GHO PDQLOODU
GHUHFKR DOLQHH HO SLQ GH EORTXHR HQ OD FDUFDVD FRQ HO 6
RULILFLRHQHOPDQLOODU (;75(02'(/&$%/( 3,1'(%/248(2

58('$'(/$17(5$6863(16,Ð1',5(&&,Ð1
0LHQWUDV LQVWDOD OD FDUFDVD GHO LQWHUUXSWRU GHO PDQLOODU

L]TXLHUGR DOLQHH HO SLQ GH EORTXHR FRQ OD FDUFDVD GHO
DFHOHUDGRU
&RPSUXHEHHOMXHJROLEUHGHOPDQJRGHODFHOHUDGRUSiJLQD

$MXVWHHOMXHJROLEUHGHODSDODQFDGHOHPEUDJXHSiJLQD

58('$'(/$17(5$
$'9(57(1&,$
8QGLVFRGHIUHQRFRQWDPLQDGRDXPHQWDODGLVWDQFLDGH 3,1'(%/248(2
IUHQDGR'HVHFKHODVSDVWLOODVFRQWDPLQDGDV\OLPSLHHO 58('$'(/$17(5$
GLVFR FRQWDPLQDGR FRQ XQ DJHQWH GHVHQJUDVDQWH GH
IUHQRVGHDOWDFDOLGDG
5(02&,Ð1
$IORMHODWXHUFDGHOHMH
/HYDQWHODUXHGDGHODQWHUDGHOVXHORFRORFDQGRXQJDWRX
RWURVRSRUWHGHEDMRGHOPRWRU
5HWLUHHOFDEOHGHOVHQVRUGHYHORFLGDGGHODUXHGDSiJLQD

5HWLUHHOFRQMXQWRGHODSLQ]DGHODQWHUDSiJLQD
5HWLUHODWXHUFDGHOHMHGHODQWHURHOHMH\ODUXHGD
127$
(-( 78(5&$'(/(-(
&2//$5/$'2,=48,(5'2
1RRSHUHODSDODQFDGHOIUHQRGHVSXpVGHTXLWDUODSLQ]D\
ODUXHGDGHODQWHUD6LORKDFHFDXVDUiGLILFXOWDGHVSDUD
FRORFDUHOGLVFRGHIUHQRHQWUHODVSDVWLOODVGHIUHQR
5HWLUHHOFROODUGHOODGRL]TXLHUGR
&2//$5/$'2'(5(&+2
5HWLUHHOFROODUGHOODGRGHUHFKR

58('$'(/$17(5$6863(16,Ð1',5(&&,Ð1
,163(&&,Ð1
&RORTXHHOHMHHQEORTXHVHQ9\PLGDODH[FHQWULFLGDGFRQ
XQLQGLFDGRUGHGLDO
/D H[FHQWULFLGDG UHDO HV OD PLWDG GH OD OHFWXUD WRWDO GHO
LQGLFDGRU
/Ì0,7('(/6(59,&,2
(;&(175,&,'$'&21(/,1',&$'25'(',$/
PP
(-('(/$17(52
*LUHODSLVWDLQWHULRUGHFDGDURGDPLHQWRFRQVXGHGRHO
URGDPLHQWRGHEHJLUDUVXDYH\VLOHQFLRVDPHQWH
7DPELpQ YHULILTXH TXH OD SLVWD H[WHULRU GHO URGDPLHQWR
HQFDMHILUPHPHQWHHQHOFXER
5HWLUH \ GHVHFKH ORV URGDPLHQWRV VL ODV SLVWDV QR JLUDQ
VXDYHPHQWHHQVLOHQFLRRVLVHDMXVWDQKROJDGDPHQWHHQHO
FXER
127$
5HHPSODFHORVURGDPLHQWRVGHODUXHGDHQSDUHV
52'$0,(1726
9HULILTXHODH[FHQWULFLGDGGHODOODQWDFRORFDQGRODUXHGDHQ
XQVRSRUWHJLUDWRULR
*LUHODUXHGDFRQODPDQR\OHDODH[FHQWULFLGDGXVDQGRXQ
LQGLFDGRUGHGLDO
LQGLFDGRU
/Ì0,7('(/6(59,&,2
$;,$/PP
5$',$/PP
//$17$'(/$58('$
'(6(16$0%/(
5HWLUH HO VHOOR DQWL SROYR GHO ODGR GHUHFKR GH OD UXHGD
GHODQWHUD
6(//2$17,32/92

58('$'(/$17(5$6863(16,Ð1',5(&&,Ð1
(;75$&725(-(52'$0,(172'(/$58('$
,QVHUWHHOH[WUDFWRUFDEH]DGHURGDPLHQWRVHQHOURGDPLHQWR
'HVGH HO ODGR RSXHVWR LQVWDOH HO HMH GHO H[WUDFWRU GH
URGDPLHQWRV\H[WUDLJDHOURGDPLHQWRGHOFXERGHODUXHGD
(;75$&725&$%(=$'(52'$0,(172PP
3$57(1R++.)1
(;75$&725(-(52'$0,(172'(/$58('$
3$57(1R++.=-
127$
7HQJDPXFKRFXLGDGRDOTXLWDUHOURGDPLHQWRGHODUXHGD
SDUDHYLWDUGDxRVDOFRGLILFDGRU (;75$&725&$%(=$'(52'$0,(172
(;75$&725(-(52'$0,(172'(/$58('$
5HWLUHHOFROODUGHGLVWDQFLD\H[SXOVHHORWURURGDPLHQWR
(;75$&725&$%(=$'(52'$0,(172PP
3$57(1R++.)1
(;75$&725(-(52'$0,(172'(/$58('$
3$57(1R++.=-
(;75$&725&$%(=$'(52'$0,(172
(16$0%/( &2//$5'(',67$1&,$
&2//$5/$7(5$/
$1,//2&2',),&$'25
6(//2$17,32/92 *
52'$0,(172
/2&.
3(5126
',6&2'(/)5(12
&2//$5'(',67$1&,$
52'$0,(172
6(16259(/2&,'$'
'(/$58('$
6(//2$17,32/92

58('$'(/$17(5$6863(16,Ð1',5(&&,Ð1
//$9('(5$',26
$SULHWHORVUDGLRVHQRSDVRVSURJUHVLYRV
//$9('(5$',26[PP
72548(
58('$'(5$',2'(/$17(521P
NJIP
9HULILTXHODH[FHQWULFLGDGGHOERUGH
//$9('(72548(
(PSDTXH ODV FDYLGDGHV GH ORV URGDPLHQWRV FRQ JUDVD

&RQGX]FD SULPHUR XQ QXHYR URGDPLHQWR GH OD UXHGD
GHUHFKD FRQ OD PDUFD KDFLD DUULED KDVWD TXH HVWp
FRPSOHWDPHQWHDVHQWDGR
$SOLTXHXQDFDSDGHOJDGDGHJUDVDDOFROODUGHGLVWDQFLDH
LQVWiOHOR ,16(57253,/272
&RQGX]FDHQXQDQXHYDUXHGDL]TXLHUGDFRQXQFXDGUDGR ,16(57250$1*2'(/52'$0,(172
FRQODPDUFDKDFLDDUULEDKDVWDTXHHVWpFRPSOHWDPHQWH
DVHQWDGD
,16(57250$1*2'(/52'$0,(172
3$57(1R++.)1
,16(57253,/272PP
3$57(1R++.)1
,16(5725'($&23/([PP
3$57(1R++.)1
*
127$
,16(5725'($&23/( &2//$5'(',67$1&,$
1XQFD LQVWDOH XQ URGDPLHQWR YLHMR XQD YH] TXH HO 52'$0,(172
URGDPLHQWRKDVLGRUHPRYLGRHOURGDPLHQWRGHEHVHU
UHHPSOD]DGRSRUXQRQXHYR
7HQJDHVSHFLDOFXLGDGRDOLQVWDODUHOURGDPLHQWRGHOD
UXHGDSDUDHYLWDUGDxRVHQHOFRGLILFDGRU
,16(57253,/272
,16(57250$1*2'(/52'$0,(172
(PSDTXH ODV FDYLGDGHV GH ORV URGDPLHQWRV FRQ JUDVD
&RQGX]FD SULPHUR XQ QXHYR URGDPLHQWR GH OD UXHGD
GHUHFKD FRQ OD PDUFD KDFLD DUULED KDVWD TXH HVWp
,16(57250$1*2'(/52'$0,(172
3$57(1R++.)1
,16(57253,/272PP
3$57(1R++.)1
,16(5725'($&23/([PP
3$57(1R++.)1
,16(5725'($&23/( 52'$0,(172

58('$'(/$17(5$6863(16,Ð1',5(&&,Ð1
&2//$5/$7(5$/'(5(&+2
,QVWDOHHOFROODUODWHUDOGHUHFKR
&2//$5/$7(5$/,=48,(5'2
,QVWDOHHOFROODUODWHUDOL]TXLHUGR

6(//2'(32/92
,167$/$&,Ð1'(58('$'(/$17(5$ *
$SOLTXHJUDVDHQHOERUGHGHUHFKRGHOVHOORGHSROYR
,QVWDOHHOQXHYRVHOORDQWLSROYRHQHOFXERGHODUXHGD
GHUHFKD
$'9(57(1&,$
1R SRQJD JUDVD HQ HO GLVFR GH IUHQR R DXPHQWDUi OD
GLVWDQFLDGHIUHQDGR

58('$'(/$17(5$6863(16,Ð1',5(&&,Ð1
58('$'(/$17(5$
,QVWDOHODUXHGDGHODQWHUD
%DMHODUXHGDGHODQWHUD\DSULHWHODWXHUFDGHOHMHDOWRUTXH
HVSHFLILFDGR
72548(
78(5&$(-('(/$17(52NJIP
,QVWDOHHOFRQMXQWRGHODSLQ]DGHODQWHUDSiJLQD
&RQHFWHHOFDEOHGHOVHQVRUGHYHORFLGDGGHODUXHGD

//$9('(72548(
3(512$%5$=$'(5$ *8$5'$)$1*2'(/$17(52
7(1('25
5(02&,Ð1
5HWLUHORVWRUQLOORVGHPRQWDMHGHODSLQ]DGHODQWHUDSiJLQD

5HWLUHHOSHUQRGHODDEUD]DGHUDGHODPDQJXHUDGHOIUHQR\
UHWLUH OD DEUD]DGHUD GHO GHVOL]DGRU GHO WHQHGRU 5HWLUDU OD
SLQ]D
35(&$8&,Ð1
1RVXVSHQGDODSLQ]DGHOIUHQRGHODPDQJXHUDGHOIUHQR
1RWXHU]DODPDQJXHUDGHOIUHQR
127$ 3,1=$'(/$17(5$ 58('$'(/$17(5$
1RRSHUHHOSHGDOGHOIUHQRGHODQWHURGHVSXpVGHTXLWDUOD
SLQ]D\ODUXHGDGHODQWHUD6LORKDFHFDXVDUiGLILFXOWDGHV
SDUDFRORFDUHOGLVFRGHIUHQRHQWUHODVSDVWLOODVGHIUHQR
5HWLUHODUXHGDGHODQWHUDSiJLQD
5HWLUHHOJXDUGDIDQJRVGHODQWHURSiJLQD
3(51267$3Ð1'(/7(1('25
$IORMHORVSHUQRVGHDSULHWHGHOSXHQWHVXSHULRUGHOWHQHGRU
127$
6LVHYDDGHVPRQWDUHOWHQHGRUDIORMHHOSHUQRWDSyQGHO
WHQHGRUDQWHVGHDIORMDUORVSHUQRVGHDSULHWHGHOSXHQWH
VXSHULRUHLQIHULRU
3(5126'($35,(7('(/38(17(683(5,25

58('$'(/$17(5$6863(16,Ð1',5(&&,Ð1
0LHQWUDVVRVWLHQHHOFRQWUROGHVOL]DQWHGHOWHQHGRUDIORMHORV
SHUQRVGHDSULHWHGHOSXHQWHLQIHULRUGHOWHQHGRU
3(5126'($35,(7('(/38(17(,1)(5,25
5HWLUHORVWXERVGHOWHQHGRUGHVOL]iQGRORVKDFLDDEDMRGHVGH
HOSXHQWHVXSHULRUHLQIHULRUPLHQWUDVJLUDFRQODPDQRFRPR
VHPXHVWUD
78%26'(/7(1('25
$%5$=$'(5$6 )81'$6
'(6(16$0%/(
5HWLUHODVIXQGDVGHOWHQHGRUGHODQWHURTXLWDQGRORVWRUQLOORV
GHODVDEUD]DGHUDV
7251,//26
3(5127$3Ð1'(/7(1('25 25,1*
5HWLUHHOSHUQRWDSyQGHOWHQHGRU\HO2ULQJ
$'(9(57(1&,$
/DWDSDHVWiEDMRSUHVLyQGHUHVRUWH7HQJDFXLGDGRDO
UHWLUDU

58('$'(/$17(5$6863(16,Ð1',5(&&,Ð1
(63$&,$'25 $5$1'(/$
5HWLUHHOHVSDFLDGRU\ODDUDQGHOD
5HWLUHHOUHVRUWHGHOWHQHGRUGHOWXERGHOWHQHGRU
5(6257('(/7(1('25
5(6257('(/7(1('25 78%2
9LHUWDHODFHLWHGHOFRQWUROGHVOL]DQWHGHOWHQHGRUERPEHDQGR
HOWHQHGRUYDULDVYHFHV
6(//2$17,32/92 $1,//2723(
5HWLUHHOVHOORDQWLSROYR
5HWLUHHODQLOORWRSHGHOVHOORGHDFHLWH
127$
7HQJDFXLGDGRGHQRUD\DUHOWXERGHOWHQHGRU

58('$'(/$17(5$6863(16,Ð1',5(&&,Ð1
3(512&21(&725$5$1'(/$'(6(//2
%ORTXHHHOSLVWyQGHOWHQHGRUFRQXQDKHUUDPLHQWDHVSHFLDO
FRPRVHPXHVWUD
5HWLUHHOSHUQRFRQHFWRUDUDQGHODGHVHOORFRQXQLQVHUWRUGH
LPSDFWR
(-('('(60217('(/7(1('25'(/$17(52
3$57(1R+0&/$$%0
$'$37$'25(-('('(60217('(/7(1('25
'(/$17(52
3$57(1R+0&/$$%0
127$
8VH HO SLH HQ OD KHUUDPLHQWD GH GHVPRQWH GHO WHQHGRU
GHODQWHURSDUDEORTXHDU\HYLWDUTXHHOSLVWyQGHOWHQHGRU
JLUHFRQHOSHUQRFRQHFWRU
+(55$0,(17$'(60217('(/7(1('25'(/$17(52
3,67Ð1'(/7(1('25
5HWLUHHOWXERGHOWHQHGRU\ODSLH]DGHEORTXHRGHDFHLWHGHO
FRQWUROGHVOL]DQWH
78%2 3,(=$%/248(2'($&(,7(
5(6257('(5(72512
5HWLUHHOSLVWyQGHOWHQHGRU\HOUHVRUWHGHUHWRUQRGHOWXERGHO
WHQHGRU
3,67Ð1'(/7(1('25

58('$'(/$17(5$6863(16,Ð1',5(&&,Ð1
6RVWHQJDHOWXERGHOWHQHGRU\HOFRQWUROGHVOL]DQWHFRQODV
PDQRVL]TXLHUGD\GHUHFKDUHVSHFWLYDPHQWH\JROSpHORVXQR
FRQWUDHORWURSDUDVHSDUDUORV
6(//2'($&(,7( %8-(
$KRUDUHWLUHHOVHOORGHDFHLWHHODQLOORGHUHVSDOGR\HOEXMH
$1,//2'(5(63$/'2
3(512 $1,//2'(5(63$/'2 6(//2$17,32/92
127$ '(6/,=$'25 6(//2'($&(,7(
1RUDVSHODVXSHUILFLHGHVOL]DQWHGHOWXERLQWHULRUGHO
WHQHGRU
9HULILTXHTXHHOWXERGHOWHQHGRUVHPXHYDVXDYHPHQWH
HQHOFRQWUROGHVOL]DQWHGHOWHQHGRU6LQRHVDVtYHULILTXH
TXHHOWXERGHOWHQHGRUQRHVWpGREODGRRGDxDGR
78%2 %8-(
3,(=$%/248(2'($&(,7( $1,//2723(
,163(&&,Ð1
5(6257('(/7(1('25
5HYLVHHOUHVRUWHGHOWHQHGRUSRUIDWLJDRGDxR
0LGDODORQJLWXGOLEUHGHOUHVRUWHGHOWHQHGRUFRORFDQGRHO
UHVRUWHHQXQDVXSHUILFLHSODQD
/Ì0,7('(/6(59,&,2
5(6257('(/7(1('25PP
127$
$QWHVGHLQVSHFFLRQDUODORQJLWXGOLEUHGHMHFDHUHOUHVRUWH
SDUDOLEHUDUWHQVLRQHVFRQVWDQWHV
5(6257('(/7(1('25

58('$'(/$17(5$6863(16,Ð1',5(&&,Ð1
'(6/,=$'25
78%2 '(/ 7(1('25'(6/,=$'25
3,67Ð1
6L KD\ PDUFDV R DUDxD]RV H[FHVLYRV R VL HO WHIOyQ HVWi
GHVJDVWDGR\ODVXSHUILFLHGHFREUHDSDUHFHHQPiVGHöGH
WRGDODVXSHUILFLHUHHPSODFHHOGHVOL]DGRU
5HYLVHHOWXERGHOWHQHGRUHOGHVOL]DGRU\HOSLVWyQHQEXVFD
GHPDUFDVUDVJXxRVRGHVJDVWHH[FHVLYRRDQRUPDO
5HHPSODFHORVFRPSRQHQWHVVLHVQHFHVDULR
78%2'(/7(1('25
$1,//2'(/3,67Ð1 3,67Ð1'(/7(1('25
5HYLVHHODQLOORGHOSLVWyQSRUGHVJDVWHRGDxRV
5HHPSODFHFXDOTXLHUFRPSRQHQWHTXHHVWpGHVJDVWDGRR
GDxDGR

5(6257('(5(72512
&RORTXHHOWXERGHOWHQHGRUHQHOEORTXHHQ9\PLGDOD
H[FHQWULFLGDG GHO WXER GHO WHQHGRU JLUiQGROR FRQ XQ
LQGLFDGRUGHGLDO
LQGLFDGRU
/Ì0,7('(/6(59,&,2
78%2'(/7(1('25PP
5HHPSOiFHORV VL VH H[FHGH HO OtPLWH GH VHUYLFLR R VL KD\
PDUFDVRJROSHVTXHSHUPLWLUiQTXHHODFHLWHGHOWHQHGRU
SDVHSRUORVVHOORV
127$
1RUHXWLOLFHHOWXERGHOWHQHGRUVLQRSXHGHHQGHUH]DUVH
SHUIHFWDPHQWHFRQXQPtQLPRHVIXHU]R
78%2'(/7(1('25

58('$'(/$17(5$6863(16,Ð1',5(&&,Ð1
(16$0%/(
$QWHVGHOHQVDPEOHODYHWRGDVODVSLH]DVFRQXQVROYHQWHGH
DOWRSXQWRGHLQIODPDFLyQRQRLQIODPDEOH\VpTXHODV
6(//2
$5$1'(/$'(6(//2 '(6/,=$'25 %8-( 6(//2'($&(,7( $17,32/92
3(512&21(&725 $1,//2'(5(63$/'2 $1,//2723(
3,(=$ 78%2'(/7(1('25
%/248(2'($&(,7(
(63$&,$'25
5(6257('(5(72512 3,67Ð1 $1,//2'(/3,67Ð1 7$3Ð1
5(6257('(/7(1('25 $5$1'(/$ 25,1*
)81'$ $%5$=$'(5$
$1,//2'(/3,67Ð1 3,67Ð1'(/7(1('25
,QVWDOHHOUHVRUWHGHUHWRUQR\HOSLVWyQGHOWHQHGRUHQHOWXER
GHOWHQHGRU
127$
,QVWDOHHODQLOORGHOSLVWyQHQODPLVPDRULHQWDFLyQTXHVH
PXHVWUDHQHOPDQXDO
5(6257('(5(72512

58('$'(/$17(5$6863(16,Ð1',5(&&,Ð1
3,67Ð1'(/7(1('25
,QVWDOHODSLH]DGHEORTXHRGHDFHLWHHQHOH[WUHPRGHOSLVWyQ
GHOWHQHGRU
78%2'(/7(1('25 3,(=$%/248(2'($&(,7(
6(//2'($&(,7( %8-( '(6/,=$'25

,QVWDOHHOQXHYREXMH
,QVWDOHHODQLOORGHUHVSDOGR
$SOLTXHOtTXLGRGHWHQHGRUHQHOERUGHGHOVHOORGHDFHLWHH
LQVWiOHORHQHOWXERGHOWHQHGRUFRQHOODGRGHODPDUFDKDFLD
DUULED
,QVWDOHHOVHOORGHDFHLWHHQHOWXERGHOWHQHGRUGHVGHHOODGR
GHOiUHDGHWUDEDMR
,QVWDOH HO WXER GHO WHQHGRU HQ HO FRQWURO GHVOL]DQWH GHO
WHQHGRU
$1,//2'(5(63$/'2 78%2

$5$1'(/$'(6(//2 3(512&21(&725
%ORTXHHHOSLVWyQGHOWHQHGRUFRQXQDKHUUDPLHQWDHVSHFLDO /2&.
FRPRVHPXHVWUD
(-('('(60217('(/7(1('25'(/$17(52
3$57(1R+0&/$$%0
$'$37$'25(-('('(60217('(/7(1('25
'(/$17(52
3$57(1R+0&/$$%0
/LPSLH\DSOLTXHXQDJHQWHGHEORTXHRDODVURVFDVGHORV
SHUQRVGHOWHQHGRUHLQVWiOHORFRQXQDQXHYDDUDQGHODGH
VHOODHQHOSLVWyQGHOWHQHGRU
$SULHWHHOSHUQRGHOWHQHGRUDOWRUTXHHVSHFLILFDGR
72548(
3(512&21(&725'(/7(1('25NJIP
127$
8VH HO SLH HQ OD KHUUDPLHQWD GH GHVPRQWH GHO WHQHGRU
GHODQWHURSDUDEORTXHDU\HYLWDUTXHHOSLVWyQGHOWHQHGRU
JLUHFRQHOSHUQRFRQHFWRU
+(55$0,(17$'(60217('(/7(1('25'(/$17(52

58('$'(/$17(5$6863(16,Ð1',5(&&,Ð1
6(//2'($&(,7(
,QVHUWHHOVHOORGHDFHLWHHQHOFRQWUROGHVOL]DQWH
,16(5725&8(5326(//2'($&(,7(7(1('25
'(/$17(52',$PP
3$57(1R+0&/$$%0
$1,//2'(5(63$/'2
,16(57256(//2'(/7(1('25&21(&725
$1,//2723( 6(//2$17,32/92
,QVWDOH HO DQLOOR WRSH GHO VHOOR GH DFHLWH HQ OD UDQXUD GHO
FRQWUROGHVOL]DQWHGHOWHQHGRU
,QVWDOHXQQXHYRVHOORDQWLSROYR
9LHUWD OD FDQWLGDG HVSHFLILFDGD GH OtTXLGR GHO WHQHGRU

UHFRPHQGDGRHQHOWXERGHOWHQHGRU
&$3$&,'$'/Ì48,'2'(/7(1('25FF3RU
SLH]D
%RPEHHHOWXERGHOWHQHGRUYDULDVYHFHVSDUDHOLPLQDUHODLUH
DWUDSDGRGHODSDUWHLQIHULRUGHOWXERGHOWHQHGRU
&RPSULPDHOFRQWUROGHVOL]DQWHGHOWHQHGRUFRPSOHWDPHQWH
\PLGDHOQLYHOGHDFHLWHGHVGHODSDUWHVXSHULRUGHOWXERGHO
WHQHGRU
/LPSLHHOUHVRUWHFRQJDVROLQD\GHMHTXHVHVHTXH
127$
1ROLPSLHHOUHVRUWHFRQXQDWRDOODGHWDOOHU
+$&,$$%$-2
,QVWDOH HO UHVRUWH GHO WHQHGRU FRQ HO ODGR GH OD ERELQD
HQUROODGDKDFLDDEDMRHQHOWXERGHOWHQHGRU
%2%,1$&(55$'$

58('$'(/$17(5$6863(16,Ð1',5(&&,Ð1
$5$1'(/$ (63$&,$'25
,QVWDOHODDUDQGHOD\HOHVSDFLDGRU
3(5127$3$'(/7(1('25 25,1*
$SOLTXHOtTXLGRGHWHQHGRUDXQQXHYR2ULQJHLQVWDOHORHQ
ODWDSDGHOWHQHGRU
,QVWDOHODWDSDGHOWHQHGRUHPSXMiQGRODVREUHHOWXERGHO
WHQHGRU
127$
7HQJDFXLGDGRGHQRHQKHEUDUODWDSDGHOWHQHGRU
$SULHWHHOWHQHGRUGHVSXpVGHLQVWDODUHOWXERGHOWHQHGRU
HQHOSXHQWHGHOWHQHGRU

$%5$=$'(5$6 )81'$6
,QVWDOH ODV IXQGDV GHO WHQHGRU GHODQWHUR DSUHWDQGR ORV
WRUQLOORV
7251,//26
,167$/$&,Ð1
,QVWDOHORVWXERVGHOWHQHGRUDWUDYpVGHOSXHQWHLQIHULRU\
VXSHULRU
127$
$VHJ~UHVH GH TXH ORV WXERV GHO WHQHGRU \ OD WDSD HVWpQ
DOLQHDGRVFRQHOSXHQWHVXSHULRU
78%26'(/7(1('25

58('$'(/$17(5$6863(16,Ð1',5(&&,Ð1
,QVWDOH\DSULHWHORVSHUQRVGHDSULHWHGHOSXHQWHLQIHULRUDO
WRUTXHHVSHFLILFDGR
72548(
3(512'($55$675('(/38(17(,1)(5,25
NJIP
3(5126'($35,(7(38(17(,1)(5,25
3(51267$3Ð1'(/7(1('25
$SULHWHHOSHUQRWDSyQGHOWHQHGRUDOWRUTXHHVSHFLILFDGR
72548(
3(5127$3Ð1'(/7(1('25NJIP
,QVWDOH\DSULHWHHOSHUQRGHDSULHWHGHOSXHQWHVXSHULRUDO
WRUTXHHVSHFLILFDGR
72548(
3(512'($35,(7('(/38(17(683(5,25
NJIP
3(5126'($35,(7(38(17(683(5,25
,QVWDOHORVLJXLHQWH $%5$=$'(5$0$1*8(5$
'(/)5(12 *8$5'$)$1*2'(/$17(52
*XDUGDIDQJRGHODQWHURSiJLQD
3(512
5XHGDGHODQWHUDSiJLQD
,QVWDOH OD DEUD]DGHUD GH OD PDQJXHUD GHO IUHQR HQ HO
GHVOL]DGRUGHOWHQHGRU
,QVWDOHHOSHUQRGHODDEUD]DGHUD\DSULpWHOR
,QVWDOHODSLQ]DGHOIUHQRGHODQWHURHQHOWHQHGRUGHODQWHUR
,QVWDOH\DSULHWHORVQXHYRVSHUQRVGHPRQWDMHGHODSLQ]D
GHODQWHUDDOWRUTXHHVSHFLILFDGR
72548(
3(5120217$-(3,1=$'(/$17(5$NJIP
&RQHFWH HO FDEOH GHO VHQVRU GH YHORFLGDG GH OD UXHGD
SiJLQD
3(51263,1=$ 3,1=$'(/$17(5$ 58('$'(/$17(5$

58('$'(/$17(5$6863(16,Ð1',5(&&,Ð1
0(','25'(&20%,1$&,Ð1
9É67$*2'(/$',5(&&,Ð1
5(02&,Ð1
5HWLUHHOPHGLGRUGHFRPELQDFLyQSiJLQD
5HWLUHHOPDQLOODUSiJLQD
0$1,//$5
)81'$
'HVOLFHODIXQGD
'HVFRQHFWHORVVLJXLHQWHVFRQHFWRUHV
&RQHFWRUGHOVHQVRUGHYHORFLGDGGHODUXHGD
&RQHFWRUGHOLQWHUUXSWRUGHHQFHQGLGR
&RQHFWRUHVGHODFDUFDVDGHOLQWHUUXSWRUL]TXLHUGR
&RQHFWRUHVGHODFDUFDVDGHOLQWHUUXSWRUGHUHFKR
&RQHFWRUHV GHODQWHURV GH OX] GLUHFFLRQDO L]TXLHUGD
GHUHFKD
&21(&725(6
3(512
5HWLUHHOSHUQRGHODDEUD]DGHUDGHOFDEOHGHODFHOHUDGRU
PDQJXHUDGHOIUHQRGHODQWHUR\HOVRSRUWH
623257(

58('$'(/$17(5$6863(16,Ð1',5(&&,Ð1
&21(&7259É67$*2'(/$',5(&&,Ð1
$IORMHODWXHUFDGHOYiVWDJRGHGLUHFFLyQFRQHOFRQHFWRUGHO
YiVWDJRGHGLUHFFLyQ
&21(&7259É67$*2'(/$',5(&&&,Ð1PP
3$57(1R++*%*
5HWLUHHOSHUQRGHOWHQHGRU\HOWHQHGRUGHODQWHURSiJLQD

5HWLUHODWXHUFDDUDQGHODGHOYiVWDJRGHGLUHFFLyQ
127$
$VHJ~UHVHGHTXHORVWHQHGRUHVGHODQWHURVHVWpQLQVWDODGRV
PLHQWUDVDIORMDODWXHUFDGHOYiVWDJRGHGLUHFFLyQ 78(5&$$5$1'(/$
38(17(683(5,25'(/7(1('25
5HWLUHHOSXHQWHVXSHULRUGHOWHQHGRUFRQHOLQWHUUXSWRUGH
HQFHQGLGR
623257(&2162/$'(/0(','25
5HWLUHHOVRSRUWHGHODFRQVRODGHOPHGLGRUTXLWDQGRORV
SHUQRV
3(5126
&21-8172'(623257(683(5,25,1)(5,25
5HWLUH HO FRQMXQWR GH VRSRUWH VXSHULRULQIHULRU FRQ ORV
VRSRUWHVGHOX]GLUHFFLRQDO

58('$'(/$17(5$6863(16,Ð1',5(&&,Ð1
623257(3$17$//$'(9,(172
'(6(16$0%/(
5HWLUH HO VRSRUWH GH OD SDQWDOOD GH YLHQWR TXLWDQGR ORV
SHUQRV
3(51263$17$//$'(9,(172
7251,//263$1(/&8%,(57$,17(51$
5HWLUH HO SDQHO GH OD FXELHUWD LQWHUQD GH ORV WHQHGRUHV
GHODQWHURVTXLWDQGRORVWRUQLOORV
3$1(/&8%,(57$,17(51$7(1('25'(/$17(52
623257( 3(5126
5HWLUHODVJRPDVDPRUWLJXDGRUHVGHODVFXELHUWDVGHOWHQHGRU
GHODQWHUR
5HWLUHORVSHUQRVGHOVRSRUWHGHODOX]SULQFLSDOGHDPERV
ODGRV\UHWLUHHOVRSRUWHGHODOX]SULQFLSDO
&8%,(57$ *20$6$0257,*8$'25
,1',&$'25(6',5(&&,21$/(6
5HWLUH ORV LQGLFDGRUHV GLUHFFLRQDOHV GHO VRSRUWH GH OD OX]
SULQFLSDOTXLWDQGRODVWXHUFDV
78(5&$6

58('$'(/$17(5$6863(16,Ð1',5(&&,Ð1
(16$0%/(
(OHQVDPEOHHVWiVHKDFHHQHORUGHQLQYHUVRDODUHPRFLyQ
623257(
3$17$//$'(9,(172
,1',&$'25 &8%,(57$
',5(&&,21$/ 7(1('25'(/$17(52
3$1(/&8%,(57$,17(51$
7(1('25'(/$17(52
*20$
623257(
$0257,*8$'25
/8=35,1&,3$/
&21(&725
78(5&$'($-867(52'$0,(172'(',5(&&,Ð1
6RVWHQJDHOYiVWDJRGHGLUHFFLyQGHVGHODSDUWHLQIHULRU\
UHWLUH OD WXHUFD GH DMXVWH GHO URGDPLHQWR GHO YiVWDJR GH
GLUHFFLyQFRQODKHUUDPLHQWDHVSHFLDO
&21(&72578(5&$'($-867(52'$0,(172'(
',5(&&,Ð1PP
3$57(1R++.=-
78(5&$'($-867(52'$0,(172'(',5(&&,Ð1

58('$'(/$17(5$6863(16,Ð1',5(&&,Ð1
3,67$&212683(5,25
5HWLUH OD SLVWD GH FRQR VXSHULRU GHO WXER GHO FDEH]DO GH
GLUHFFLyQ
&21-8172683(5,25-$8/$'(%2/$6
5HWLUH HO YiVWDJR GH GLUHFFLyQ GHO WXER GHO FDEH]DO GH
GLUHFFLyQ MXQWR FRQ HO FRQMXQWR GH URGDPLHQWR GH EROD
LQIHULRU
5HWLUH OD FDMD GH ERODV VXSHULRU GHO WXER GHO FDEH]DO GH
GLUHFFLyQ
5HWLUHODFDMDGHERODVLQIHULRUGHOYiVWDJRGHGLUHFFLyQ
5HYLVHHOFRQMXQWRVXSHULRUMDXODGHERODVSRUGHVJDVWHR
GDxRV
&21-8172,1)(5,25-$8/$'(%2/$6
9É67$*2'(/$',5(&&,Ð1
9HULILTXHVLORVURGDPLHQWRVGHOYiVWDJRGHODGLUHFFLyQHVWiQ
GHVJDVWDGRVRGDxDGRV
%($5,1*5$&(
3,67$ '(/ 52'$0,(172 '(/ 9É67$*2 ,16(572552'$0,(172'(%2/$6
'(/$',5(&&,Ð1
5((03/$=2
127$
6LHPSUHUHHPSODFHORVURGDPLHQWRV\ODVSLVWDVFRPRXQ
FRQMXQWR
,QVHUWHODVSLVWDVGHERODVVXSHULRUHLQIHULRUIXHUDGHOWXER
GHGLUHFFLyQXVDQGRHOLQVHUWRUURGDPLHQWRGHERODV
,16(572552'$0,(172'(%2/$6
3$57(1R++.71
,16(572552'$0,(172'(%2/$6

58('$'(/$17(5$6863(16,Ð1',5(&&,Ð1
5HWLUHHOVHOORDQWLSROYRGHOYiVWDJRGHGLUHFFLyQ
6(//2$17,32/92
5HWLUHODSLVWDGHOFRQRLQIHULRUFRQXQDKHUUDPLHQWDHVSHFLDO
FRPRVHPXHVWUD
(;75$&725&2129É67$*27
3$57(1R++.67
(;75$&725&2129É67$*27
,16(57253,67$'(/&212,1)(5,25
,167$/$&,Ð1
,QVWDOHODQXHYDSLVWDGHFRQRLQIHULRUFRQODKHUUDPLHQWD
HVSHFLDO
,16(57253,67$'(/&212,1)(5,25
3$57(1R++.67
$SOLTXHJUDVDDOERUGHGHOVHOORDQWLSROYRHLQVWiOHORHQHO
YiVWDJRGHODGLUHFFLyQ
* *
3,67$,17(51$ 6(//2$17,32/92
,167$/$'25&212683(5,25(,1)(5,25
,QVWDOH XQD QXHYD SLVWD GH URGDPLHQWRV GHO YiVWDJR GH
GLUHFFLyQVXSHULRUHLQIHULRUFRQODKHUUDPLHQWDHVSHFLDO
,167$/$'25&212683(5,25(,1)(5,25
3$57H12++.67
*
3,67$652'$0,(1726'(/9É67$*2

58('$'(/$17(5$6863(16,Ð1',5(&&,Ð1
,167$/$&,Ð1
127$
6LODPRWRFLFOHWDKDHVWDGRLQYROXFUDGDHQXQDFFLGHQWH
H[DPLQH HO iUHD DOUHGHGRU GHO FDEH]DO GH GLUHFFLyQ HQ
EXVFDGHJULHWDVRGHIRUPDFLyQ
78(5&$'($-867(52'$0,(172
'(/9É67$*2
3,67$&212683(5,25
&21-8172-$8/$'(%2/$6
3,67$683(5,25'(%2/$6
9É67$*2'(/$',5(&&,Ð1
3,67$,1)(5,25'(%2/$6
&21-8172-$8/$'(%2/$6
3,67$&212,1)(5,25
6(//2$17,32/92
&21-8172-$8/$'(%2/$6683(5,25
$SOLTXHODJUDVDUHFRPHQGDGD6KHOODOYDQLD(SRH[FHOLWH
9É67$*2
(S^.\RGR\XVKLFROWG`RHTXLYDOHQWHDODVQXHYDVSLVWDV
GHERODV\FRQRVXSHULRUHVHLQIHULRUHV '(/$',5(&&,Ð1
,QVWDOHHOFRQMXQWRGHODMDXODGHERODVVXSHULRUHQODSLVWDGH
ERODVVXSHULRU
,QVWDOHHOFRQMXQWRGHODFDMDGHERODVLQIHULRUHQODSLVWDGHO
FRQRLQIHULRU
,QVWDOH HO YiVWDJR GH GLUHFFLyQ HQ HO WXER GHO FDEH]DO GH
GLUHFFLyQ
&21-8172-$8/$'(%2/$6,1)(5,25

58('$'(/$17(5$6863(16,Ð1',5(&&,Ð1
3,67$&212683(5,25
$SOLTXHJUDVDDODQXHYDSLVWDGHFRQRVXSHULRU
,QVWDOHODSLVWDGHFRQRVXSHULRUHQHOWXERGHOFDEH]DOGH
GLUHFFLyQ
78%2&$%(=$'(',5(&&,Ð1
//$9('(72548(
,QVWDOHODWXHUFDGHDMXVWHGHOURGDPLHQWRGHGLUHFFLyQ
&RPSUXHEHTXHHOYiVWDJRGHGLUHFFLyQJLUDOLEUHPHQWH\
TXHQRKD\MXHJRYHUWLFDO
$SULHWHODWXHUFDGHDMXVWHGHOURGDPLHQWRGHGLUHFFLyQDO
WRUTXHGHDSULHWHLQLFLDOHVSHFLILFDGR
72548(
78(5&$'($-867(52'$0,(172'(',5(&&,Ð1
NJIP
623257(78(5&$'($-867(52'$0,(172'(
',5(&&,Ð1 78(5&$'($-867(52'$0,(172'(',5(&&,Ð1
3$57(1R++.67
*LUH HO EORTXHR GHO YiVWDJR GH OD GLUHFFLyQ SDUD DVHQWDU
YDULDV YHFHV HO URGDPLHQWR GH GLUHFFLyQ OXHJR DIORMH OD
WXHUFDGHDMXVWHGHOURGDPLHQWRGHGLUHFFLyQ
9XHOYD D DSUHWDU OD WXHUFD GH DMXVWH GHO URGDPLHQWR GH
GLUHFFLyQDOWRUTXHILQDOHVSHFLILFDGR
72548(
78(5&$'($-867(52'$0,(172'(
',5(&&,Ð1NJIP
623257(78(5&$'($-867(52'$0,(172'(
',5(&&,Ð1 78(5&$'($-867(52'$0,(172'(',5(&&,Ð1
3$57(1R++.67 &21-8172623257(683(5,25,1)(5,25
,QVWDOHHOFRQMXQWRGHVRSRUWHVXSHULRULQIHULRUFRQVRSRUWHV
GHGLUHFFLRQDOHV

58('$'(/$17(5$6863(16,Ð1',5(&&,Ð1
38(17(683(5,25'(/7(1('25
,QVWDOHHOSXHQWHVXSHULRUGHOWHQHGRU
78(5&$$5$1'(/$9É67$*2'(/$',5(&&,Ð1
,QVWDOHODDUDQGHOD\ODWXHUFDGHOYiVWDJRGHGLUHFFLyQHQHO
SXHQWHVXSHULRUGHOWHQHGRU
,QVWDOHORVWHQHGRUHVGHODQWHURVSiJLQD
$SULHWH OD WXHUFD GHO YiVWDJR GH GLUHFFLyQ DO WRUTXH
HVSHFLILFDGR
72548(
78(5&$9É67$*2'(/$',5(&&,Ð1NJIP
623257(9É67$*2'(/$',5(&&,Ð1
3(512
,QVWDOHHOSHUQRGHODDEUD]DGHUDGHOFDEOHGHODFHOHUDGRU
VRSRUWHGHODPDQJXHUDGHOIUHQRGHODQWHUR
623257(
)81'$
&RQHFWHORVVLJXLHQWHVFRQHFWRUHV
&RQHFWRUHVGHODQWHURVGHGLUHFFLRQDOL]TXLHUGDGHUHFKD
&RQHFWRUGHODFDUFDVDGHOLQWHUUXSWRUGHUHFKR
&RQHFWRUGHODFDUFDVDGHOLQWHUUXSWRUL]TXLHUGR
&RQHFWRUGHOLQWHUUXSWRUGHHQFHQGLGR
&RQHFWRUGHOVHQVRUGHYHORFLGDGGHODUXHGD
'HVOLFHODIXQGDFRUUHFWDPHQWH
&21(&725(6

58('$'(/$17(5$6863(16,Ð1',5(&&,Ð1
0(','25'(&20%,1$&,Ð1
,QVWDOHHOPDQLOODUSiJLQD
,QVWDOHHOPHGLGRUGHFRPELQDFLyQSiJLQD
0$1,//$5

58('$75$6(5$)5(126863(16,Ð1
',$*5$0$'(/6,67(0$

58('$75$6(5$)5(126863(16,Ð1
'LDJUDPDGHOVLVWHPD 5XHGDWUDVHUD

,QIRUPDFLyQGHOVHUYLFLR %ULGDFRQGXFLGD
(VSHFLILFDFLRQHV 3HGDOGHOIUHQR
9DORUHVGHWRUTXH $PRUWLJXDGRUWUDVHUR
+HUUDPLHQWDVHVSHFLDOHV %UD]RRVFLODQWH
6ROXFLyQGHSUREOHPDV
,1)250$&,Ð1'(/6(59,&,2
*(1(5$/
8QGLVFRRSDVWLOODGHIUHQRFRQWDPLQDGDUHGXFHODSRWHQFLDGHIUHQDGR'HVHFKHODVSDVWLOODVFRQWDPLQDGDV\OLPSLHXQGLVFR
FRQWDPLQDGRFRQXQDJHQWHGHVHQJUDVDQWHGHIUHQRVGHDOWDFDOLGDG
'HVSXpVGHODLQVWDODFLyQGHODUXHGDWUDVHUDYHULILTXHHOIXQFLRQDPLHQWRGHOIUHQRDSOLFDQGRHOSHGDOGHOIUHQR
$OUHDOL]DUHOPDQWHQLPLHQWRGHODUXHGDWUDVHUD\ODVXVSHQVLyQVRVWHQJDODPRWRFLFOHWDFRQXQVRSRUWHRSROLSDVWRGH
VHJXULGDG
8VHORVSHUQRV\WXHUFDVGHUHSXHVWRJHQXLQRVGH+HURSDUDWRGRVORVSXQWRVGHPRQWDMH\SLYRWHGHVXVSHQVLyQ
3DUDREWHQHULQIRUPDFLyQVREUHHOVLVWHPDGHIUHQRVFRQVXOWH6(&&,Ð1
(63(&,),&$&,21(6
58('$75$6(5$)5(126863(16,Ð1
,7(0 (67É1'$5 /Ì0,7('(/6(59,&,2
3URIXQGLGDGPtQLPDGHODEDQGDGHURGDGXUD
PP PP

&RQGXFWRU NJIFPSVL
3UHVLyQGHODUXHGDHQIUtR
&RQGXFWRU\SDUULOOHUR NJIFPSVL
([FHQWULFLGDGHMHWUDVHUR PP
([FHQWULFLGDGGHODOODQWD 5DGLDO PP PP
WUDVHUD $[LDO PP PP
&DGHQDGHWUDQVPLVLyQ )ORMHGDG PP
9$/25(6'(72548(
78(5&$(1*5$1$-(&21'8&,'2
NJIP
78(5&$(-(75$6(52 NJIP
78(5&$3,927(%5$=226&,/$17(
NJIP
78(5&$'(0217$-($0257,*8$'25683(5,25 NJIP
78(5&$'(0217$-($0257,*8$'25,1)(5,25 NJIP
58('$'(5$',275$6(5$
NJIP

58('$75$6(5$)5(126863(16,Ð1
+(55$0,(17$6(63(&,$/(6
&$%(=$(;75$&725'(
,16(5725(;7(5,25[PP
52'$0,(172PP
3$57(1R++
3$57(1R++.91
(-((;75$&72552'$0,(172'(
,16(5725(;7(5,25[PP
/$58('$
3$57(1R++.)1
3$57(1R++.=-
,16(57253,/272PP ,16(57250$1*2'(52'$0,(172
3$57(1R++.)1 3$57(1R++.)1
,167$/$'255(029('25'( ,16(57253,/272PP
52'$0,(172%5$=226&,/$17(
3$57(1R++.)1
3$57(1R++.91
,167$/$'255(6257(623257(
35,1&,3$//$7(5$/
3$57(1R++
62/8&,Ð1'(352%/(0$6
5XHGDWUDVHUDWDPEDOHD 6XVSHQVLyQVXDYH
5XHGDGREODGD $MXVWHGHODVXVSHQVLyQLQFRUUHFWR
5RGDPLHQWRVGHODVUXHGDVWUDVHUDVGHVJDVWDGRVR 5HVRUWHVDPRUWLJXDGRUHVGpELOHV
GDxDGRV
5RGDPLHQWRGHEULGDFRQGXFLGRGHVJDVWDGRRGDxDGR
)XJDGHDFHLWHGHODXQLGDGGHFRPSXHUWD
%DMDSUHVLyQGHODVOODQWDV

/ODQWDWUDVHUDGHIHFWXRVD 6XVSHQVLyQGXUD
/ODQWDWUDVHUDGHVHTXLOLEUDGD $MXVWHGHODVXVSHQVLyQLQFRUUHFWR
5DGLRVVXHOWRVRURWRV 9DULOODGHODPRUWLJXDGRUGREODGD
5RGDPLHQWRVGHOEUD]RRVFLODQWHGHVJDVWDGRVR 6XVSHQVLyQRURGDPLHQWRVGHSLYRWHGHOEUD]RRVFLODQWH
GDxDGRV GDxDGD
0DUFRREUD]RRVFLODQWHGREODGR 3LYRWHRPDUFRGHOEUD]RRVFLODQWHGREODGR
(OVXMHWDGRUGHOHMHQRHVWiELHQDSUHWDGR $OWDSUHVLyQGHODVOODQWDV
3UHVLyQGHODVOODQWDVGHPDVLDGREDMD 6HGLULJHKDFLDXQODGRRQRVHHVWLUDHQOtQHD
/DUXHGDJLUDFRQIXHU]D UHFWD
)UHQRGHDUUDVWUH /RVDMXVWDGRUHVGHODFDGHQDGHWUDQVPLVLyQQRHVWiQ
5RGDPLHQWRVGHIHFWXRVRV DMXVWDGRVSRULJXDO
5RGDPLHQWRVGHEULGDDFFLRQDGRVSRUIDOOD (MHGREODGR
(MHGREODGR 0DUFRGREODGR
&DGHQDFRQGXFLGDGHPDVLDGRDSUHWDGD &RPSRQHQWHVGHSLYRWHGHOEUD]RRVFLODQWHGHVJDVWDGRV
5XLGRGHODVXVSHQVLyQWUDVHUD
)LMDFLRQHVGHVXVSHQVLyQVXHOWDV
5RGDPLHQWRVGHSLYRWHGHODVXVSHQVLyQGHVJDVWDGRVR
GDxDGRV
$PRUWLJXDGRUGHIHFWXRVR

58('$75$6(5$)5(126863(16,Ð1
3/$&$,1',&$'25$
58('$75$6(5$
5(02&,Ð1
$SR\HODPRWRFLFOHWDGHPDQHUDVHJXUDHQODUDPSDOHYDQWH
ODUXHGDWUDVHUDGHODUDPSD
5HWLUHODWXHUFDGHOHMHWUDVHUR\ODSODFDLQGLFDGRUD
78(5&$(-(75$6(52
6DTXHHOHMHWUDVHUR
(-(75$6(52
5HWLUHORVDMXVWDGRUHVGHODFDGHQDGHWUDQVPLVLyQ
$-867$'25(6&$'(1$'(75$160,6,Ð1
&2//$5/$7(5$/
127$
1RFXHOJXHODSLQ]DSRUODPDQJXHUDGHOIUHQR1RWXHU]DOD
PDQJXHUDGHOIUHQR
5HWLUHHOFROODUODWHUDOGHOODGRGHUHFKRGHODUXHGD
3,1=$ 623257('(3,1=$

58('$75$6(5$)5(126863(16,Ð1
58('$75$6(5$
'HVDORMHODEULGDGHODUXHGDWUDVHUDGHOFXER
5HWLUHODUXHGDWUDVHUD
127$
1RRSHUHHOSHGDOGHOIUHQRGHVSXpVGHTXLWDUODUXHGD
WUDVHUD
%5,'$&21'8&,'$
(1*5$1$-(&21'8&,'2
'HVFDUULOH OD FDGHQD GH WUDQVPLVLyQ GHO HQJUDQDMH
FRQGXFLGR
&$'(1$'(75$160,6,Ð1
*20$'(/$0257,*8$'25
&$8&+2'($0257,*8$'25
5HWLUHODVJRPDVGHODPRUWLJXDGRU\HO2ULQJ
9HULILTXH HO HVWDGR GH ODV JRPDV GHO DPRUWLJXDGRU
5HHPSODFHODVJRPDVGHODPRUWLJXDGRUVLHVWiQGDxDGDVR
GHWHULRUDGDV
127$
5HHPSODFHHODPRUWLJXDGRUGHJRPDFRPRXQFRQMXQWR
,QVWDOHODVJRPDVGHODPRUWLJXDGRUHQHOFXERGHODUXHGD
25,1*
52'$0,(172'(/$58('$
52'$0,(172'(/$58('$
9HULILTXHHOMXHJRGHOURGDPLHQWRGHODUXHGDFRORFDQGROD
UXHGDHQXQVRSRUWHGHJLUR\JLUDQGRODUXHGDFRQODPDQR
5HHPSODFHORVURGDPLHQWRVSRURWURVQXHYRVVLVRQUXLGRVRV
RWLHQHQXQMXHJRH[FHVLYR
127$
9XHOYDDFRORFDUORVURGDPLHQWRVGHODUXHGDHQSDUHV

58('$75$6(5$)5(126863(16,Ð1
5((03/$=252'$0,(172'(/$58('$
5HWLUHHOVHOORDQWLSROYR
6(//2$17,32/92
(-((;75$&725'(52'$0,(172
,QVWDOH OD FDEH]D GHO H[WUDFWRU GH URGDPLHQWRV HQ HO
URGDPLHQWR
'HVGH HO ODGR RSXHVWR LQVWDOH HO HMH GHO H[WUDFWRU GH
URGDPLHQWRV\H[WUDLJDHOURGDPLHQWRGHOFXERGHODUXHGD
5HWLUHHOFROODUGHGLVWDQFLD\H[SXOVHHORWURURGDPLHQWR
(-((;75$&72552'$0,(172'(/$58('$
3$57(1R++.=-
&$%(=$(;75$&725'(52'$0,(172PP
3$57(1R++.91
&$%(=$(;75$&725'(52'$0,(172 &2//$5
(-((;75$&725'(52'$0,(172
'HOPLVPRPRGRUHWLUHHOURGDPLHQWRODWHUDOGHUHFKRFRQ
XQDKHUUDPLHQWDHVSHFLDO
127$
8QD YH] TXH VH TXLWDQ ORV URGDPLHQWRV GHEHQ
UHHPSOD]DUVHSRURWURVQXHYRV
(-((;75$&72552'$0,(172'(/$58('$
3$57(1R++.=-
&$%(=$(;75$&725'(52'$0,(172PP
3$57(1R++.91
&$%(=$(;75$&725'(52'$0,(172

58('$75$6(5$)5(126863(16,Ð1
,16(57250$1*2'(/52'$0,(172
,167$/$&,Ð1
(PSDTXHWRGDVODVFDYLGDGHVGHORVURGDPLHQWRVFRQJUDVD
&RQGX]FD SULPHUR HQ HO QXHYR URGDPLHQWR L]TXLHUGR
GLUHFWDPHQWHFRQHOODGRPDUFDGRKDFLDDUULEDKDVWDTXH
HVWpFRPSOHWDPHQWHDVHQWDGR
,16(57250$1*2'(/52'$0,(172
3$57(1R++.)1
,16(57253,/272PP
3$57(1R++.)1
,16(5725'($&23/([PP
,16(57253,/272 52'$0,(172 ,16(5725'($&23/(
3$57(1R++.)1
,16(57250$1*2'(/52'$0,(172
127$ ,16(57253,/272
0DQWHQJDODJUDVDIXHUDGHOGLVFRGHIUHQR
,QVWDOHHOFROODUGHGLVWDQFLD
&RQGX]FDHOQXHYRURGDPLHQWRGHUHFKRGHIRUPDFXDGUDGD
FRQ HO ODGR PDUFDGR KDFLD DUULED KDVWD TXH HVWp
722/
,16(57250$1*2'(/52'$0,(172
3$57(1R++.)1
,16(5725(;7(5,25[PP
3$57(1R++.)1 &2//$5 52'$0,(172 ,16(5725'($&23/(
,16(57253,/272PP
3$57(1R++.)1
,163(&&,Ð1'(/(-(
$MXVWH HO HMH WUDVHUR HQ EORTXHV HQ 9 SDUD PHGLU OD
H[FHQWULFLGDG
*LUHHOHMH\PLGDODH[FHQWULFLGDGXVDQGRXQLQGLFDGRUGH
GLDO
/DUHFWLWXGUHDOHVODPLWDGGHODOHFWXUDWRWDOGHOLQGLFDGRU
/Ì0,7('(/6(59,&,2
(-(75$6(52PP
(-(75$6(52
58('$52'$0,(1726%5,'$,038/6$'$
*LUH OD SLVWD LQWHULRU GH FDGD URGDPLHQWR FRQ VX GHGR HO
URGDPLHQWRGHEHJLUDUVXDYH\VLOHQFLRVDPHQWH
7DPELpQYHULILTXHTXHODSLVWDH[WHULRUGHOURGDPLHQWRHQFDMH
ILUPHPHQWHHQHOFXER
5HWLUH \ GHVHFKH ORV URGDPLHQWRV VL ODV SLVWDV QR JLUDQ
VXDYHPHQWHHQVLOHQFLRRVLVHDMXVWDQKROJDGDPHQWHHQHO
FXER
127$
5HHPSODFHORVURGDPLHQWRVGHODUXHGDHQSDUHV
52'$0,(172'(/$58('$

58('$75$6(5$)5(126863(16,Ð1
9HULILTXHHOGHVJDVWHGHODOODQWDFRORFDQGRODUXHGDHQXQ
VRSRUWHJLUDWRULR
*LUH OD UXHGD FRQ OD PDQR \ OHD HO DJRWDPLHQWR FRQ XQ
LQGLFDGRUGHGLDO
LQGLFDGRU
/Ì0,7('(/6(59,&,2
$;,$/PP
5$',$/PP
//$17$'(/$58('$
&2//$5/$7(5$/
,167$/$&,Ð1
,QVWDOHHOFROODUDOODGRGHUHFKRGHODUXHGD
*20$'(/$0257,*8$'25
$SOLTXHJUDVDHQHOQXHYR2ULQJ
,QVWDOHHO2ULQJ\ODVJRPDVGHODPRUWLJXDGRU
*
25,1*
(1*5$1$-(&21'8&,'2
,QVWDOH OD FDGHQD GH WUDQVPLVLyQ HQ HO HQJUDQDMH
FRQGXFLGR
&$'(1$'(75$160,6,Ð1

58('$75$6(5$)5(126863(16,Ð1
58('$75$6(5$
&RORTXHODUXHGDWUDVHUDHQHOEUD]RRVFLODQWH
$OLQHH\HQJUDQHODVRUHMHWDVGHODEULGDFRQGXFLGDFRQODV
UDQXUDVGHJRPDGHODPRUWLJXDGRU
$/,1($5
&2//$5/$7(5$/
,QVWDOH HO VRSRUWH GH OD SLQ]D GHO IUHQR WUDVHUR PLHQWUDV
FRORFDODUXHGDWUDVHUDHQHOEUD]RRVFLODQWH
127$
7HQJDFXLGDGRGHQRGDxDUODVSDVWLOODVGHIUHQR
623257('(3,1=$ 3,1=$
,QVWDOHORVDMXVWDGRUHVGHODFDGHQDGHWUDQVPLVLyQ
$-867$'25(6&$'(1$'(75$160,6,Ð1
(-(75$6(52
$SOLTXHXQDILQDFDSDGHJUDVDDODVXSHUILFLHH[WHUQDGHO
HMH
,QVHUWHHOHMHGHVGHHOODGRL]TXLHUGRDWUDYpVGHODSODFD
LQGLFDGRUDL]TXLHUGDHODMXVWDGRUL]TXLHUGRGHODFDGHQDGH
WUDQVPLVLyQ OD EULGD FRQGXFLGD HO FXER GH OD UXHGD HO
VRSRUWHGHODSLQ]D\HODMXVWDGRUGHUHFKRGHODFDGHQDGH
WUDQVPLVLyQODSODFDLQGLFDGRUDGHUHFKD
3/$&$,1',&$'25$

58('$75$6(5$)5(126863(16,Ð1
,QVWDOHODWXHUFDGHOHMHWUDVHUR
$MXVWHODKROJXUDGHODFDGHQDGHWUDQVPLVLyQSiJLQD

$SULHWHODWXHUFDGHOHMHWUDVHURDOWRUTXHHVSHFLILFDGR
72548(
78(5&$(-(75$6(52NJIP
78(5&$(-(75$6(52
(1*5$1$-(&21'8&,'2
%5,'$&21'8&,'$
5(02&,Ð1
5HWLUHODUXHGDWUDVHUDSiJLQD
'HVFDUJXH OD FDGHQD GH WUDQVPLVLyQ GHO HQJUDQDMH
FRQGXFLGR\UHWLUHODEULGDFRQGXFLGDGHOFXERGHODUXHGD
&$'(1$'(75$160,6,Ð1 %5,'$&21'8&,'$
9HULILTXH OD FRQGLFLyQ GH ORV GLHQWHV GHO HQJUDQDMH

FRQGXFLGRILQDO5HHPSODFHHOHQJUDQDMHVLHVWiGHVJDVWDGR
RGDxDGR
127$
6LHOHQJUDQDMHFRQGXFLGRHVWiGHVJDVWDGRRGDxDGROD %8(12 5((03/$&(
FDGHQD GH WUDQVPLVLyQ \ HO HQJUDQDMH FRQGXFLGR GHEHQ
LQVSHFFLRQDUVH\UHHPSOD]DUVHFRPRXQMXHJRFRPSOHWR
&2//$50$1*2'(/(-(
'(6(16$0%/(
(1*5$1$-(&21'8&,'2
5HWLUHHOFROODUGHOPDQJRGHOHMH

58('$75$6(5$)5(126863(16,Ð1
&2//$5
5HWLUHHOFROODU
6(//2$17,32/92
5HWLUHHOVHORDQWLSROYR
(1*5$1$-(&21'8&,'2
5HWLUHODVWXHUFDV\HOHQJUDQDMHFRQGXFLGR
78(5&$6
52'$0,(172
52'$0,(172'(/$%5,'$&21'8&,'$
9HULILTXHHOURGDPLHQWRGHODEULGDFRQGXFLGDJLUDQGROD
SLVWDLQWHULRUFRQVXGHGR
5HHPSODFHHOURGDPLHQWRSRUXQRQXHYRVLHVUXLGRVRRWLHQH
XQMXHJRH[FHVLYR

58('$75$6(5$)5(126863(16,Ð1
,16(57250$1*2'(/52'$0,(172
5HHPSODFHHOURGDPLHQWRSRUXQRQXHYRVLHVUXLGRVRRWLHQH
XQMXHJRH[FHVLYR
,16(57250$1*2'(/52'$0,(172
3$57(1R++.)1
,16(57253,/272PP
3$57(1R++.)1
,16(5725'($&23/([PP
3$57(1R++
,16(5725'($&23/( 52'$0,(172 ,16(57253,/272
(16$0%/(
&2//$50$1*2'(/(-(
(1*5$1$-(&21'8&,'2
52'$0,(172 *
6(//2
$17,32/92
%5,'$&21'8&,'$
&2//$5

58('$75$6(5$)5(126863(16,Ð1
,16(57250$1*2'(/52'$0,(172
127$
$SOLFDUEORTXHRGHURVFDDORVSHUQRVGHEULGD
52'$0,(172%5,'$&21'8&,'$
(PSDTXHODVQXHYDVFDYLGDGHVGHORVFRMLQHWHVFRQJUDVD
&RQGX]FDXQQXHYRURGDPLHQWRGHPDQHUDFXDGUDGDKDVWD
TXHHVWpFRPSOHWDPHQWHDVHQWDGR
,16(57250$1*2'(/52'$0,(172
3$57(1R++.)1
,16(57253,/272PP ,16(5725'($&23/( 52'$0,(172 ,16(57253,/272
3$57(1R++.)1 6(//2$17,32/92
,16(5725'($&23/([PP
3$57(1R++
127$
&RQGX]FDHOURGDPLHQWRGLUHFWDPHQWHVLQSHUPLWLUTXH
VHLQFOLQH
,QVWDOH HO URGDPLHQWR FRQ HO H[WUHPR VHOODGR KDFLD
DIXHUD
(1*5$1$-(&21'8&,'2
$SOLTXH JUDVD DO ERUGH GH XQ QXHYR VHOOR DQWL SROYR H
LQVWiOHOR
(1*5$1$-(&21'8&,'2 78(5&$6
,QVWDOHHOHQJUDQDMHFRQGXFLGRFRQHOODGRGHQXPHUDFLyQ
/2&.

KDFLDHOODGRGHODEULGDFRQGXFLGD
,QVWDOHODVWXHUFDV\DSULpWHODV
72548(
78(5&$(1*5$1$-(&21'8&,'2NJIP
$SOLTXH JUDVD DO ERUGH GH XQ QXHYR VHOOR DQWL SROYR H
LQVWiOHOR
/$'2%,6(/$'2 (1*5$1$-(&21'8&,'2
&2//$5 &2//$50$1*2'(/(-(
,QVWDOHHOFROODU
,QVWDOHHOFROODUGHOPDQJRGHOHMH

58('$75$6(5$)5(126863(16,Ð1
//$9('(5$',26
$SULHWHORVUDGLRVHQRSDVRVSURJUHVLYRV
//$9('(5$',26[PP
72548(
58('$'(5$',2675$6(5$1P
NJIP
9HULILTXHODH[FHQWULFLGDGGHOERUGH
//$9('(72548(
(1*5$1$-(&21'8&,'2
,167$/$&,Ð1
$OLQHHODEULGDFRQGXFLGDMXQWRDODUXHGDWUDVHUDHLQVWDOHOD
FDGHQDHQODUXHGDGHQWDGD
,QVWDOHODUXHGDWUDVHUDSiJLQD
&$'(1$'(75$160,6,Ð1 %5,'$&21'8&,'$
&21-8172623257('(/(675,%2'(3$62'(5(&+2
3('$/'(/)5(12
5(02&,Ð1
5HWLUHHOFRQMXQWRGHOVRSRUWHGHOHVWULERGHSDVRGHOODGR
GHUHFKRSiJLQD
3('$/'(/)5(12 &2//$5
5HWLUHHOUHVRUWHGHOSHGDOGHOIUHQR\HOFROODUGHOSHGDOGHO
IUHQR
5(6257(

58('$75$6(5$)5(126863(16,Ð1
3$6$'25'(&+$9(7$
5HWLUH HO SDVDGRU GH FKDYHWD HO SDVDGRU GH XQLyQ GHO
FRQMXQWRGHOFLOLQGURPDHVWURWUDVHUR\HOSHGDOGHOIUHQR
3$6$'25'(81,Ð1 3('$/'(/)5(12
,167$/$&,Ð1
,QVWDOHHOVRSRUWHGHOHVWULERGHSDVRGHOODGRGHUHFKR
623257((675,%2'(3$62'(5(&+2
&8%,(57$ 5(6257(
,QVWDOHHOFROODU\HOUHVRUWHHQHOSHGDOGHOIUHQR
,QVWDOHHOSHGDOGHOIUHQRHQHOVRSRUWHGHOHVWULERGHSDVRGHO
ODGRGHUHFKR
,QVWDOHHOSDVDGRUGHXQLyQ\HOSDVDGRUGHFKDYHWD
,QVWDOHODFXELHUWDGHOVRSRUWHGHOHVWULERGHSDVRGHOODGR
GHUHFKR
3$6$'25'(81,Ð1 &2//$5 3('$/'(/)5(12

&+$9(7$
(QJDQFKHHOUHVRUWHGHUHWRUQRGHOSHGDOGHOIUHQRFRQOD
KHUUDPLHQWDHVSHFLDO
,167$/$'25623257(35,1&,3$//$7(5$/
3$57(1R++
3('$/'(/)5(12

58('$75$6(5$)5(126863(16,Ð1
,QVWDOH \ DSULHWH OD WXHUFD GHO EUD]R RVFLODQWH DO WRUTXH

HVSHFLILFDGR
72548(
78(5&$%5$=226&,/$17(NJIP
$MXVWHODDOWXUDGHOSHGDOGHOIUHQRSiJLQD
$0257,*8$'25
$0257,*8$'2575$6(52
5(02&,Ð1
5HWLUHODFDUFDVDGHOILOWURGHDLUHSiJLQD
5HWLUHHOJXDUGDIDQJRWUDVHURSiJLQD
$SR\H OD PRWRFLFOHWD XWLOL]DQGR XQ VRSRUWH GH
PDQWHQLPLHQWRVRSRUWHGHVHJXULGDGRHOHYDGRU
5HWLUHODWXHUFDSHUQRGHPRQWDMHVXSHULRU
78(5&$3(512'(0217$-(683(5,25
5HWLUHODWXHUFDSHUQRGHPRQWDMHLQIHULRUGHODPRUWLJXDGRU
WUDVHUR
78(5&$3(512'(0217$-(,1)(5,25
$0257,*8$'25
,167$/$&,Ð1
,QVWDOHHODPRUWLJXDGRUWUDVHUR
,QVWDOH\DSULHWHHOSHUQRGHPRQWDMHLQIHULRU\ODWXHUFDDO
WRUTXHHVSHFLILFDGR
72548(6
78(5&$'(0217$-($0257,*8$'25,1)(5,25
NJIP
78(5&$3(512'(0217$-(,1)(5,25

58('$75$6(5$)5(126863(16,Ð1
,QVWDOH\DSULHWHHOSHUQRGHPRQWDMHVXSHULRU\ODWXHUFDDO
WRUTXHHVSHFLILFDGR
72548(6
78(5&$'(0217$-($0257,*8$'25
683(5,25NJIP
,QVWDOHHOJXDUGDIDQJRWUDVHURSiJLQD
,QVWDOHODFDUFDVDGHOILOWURGHDLUHSiJLQD
,QVWDOHODVFXELHUWDVODWHUDOHVSiJLQD
78(5&$3(512'(0217$-(683(5,25
*8$5'$)$1*275$6(52 *8$5'$6$5,
%5$=226&,/$17(
5(02&,Ð1
5HWLUHHOJXDUGDGHVDULSiJLQD
5HWLUHHOSURWHFWRUGHODFDGHQDLQIHULRUSiJLQD
5HWLUHHOJXDUGDIDQJRWUDVHURSiJLQD
5HWLUH OD FXELHUWD GHO FiUWHU WUDVHUR GHO ODGR L]TXLHUGR
SiJLQD
5HWLUHODEULGDFRQGXFLGDSiJLQD
5HWLUH OD WXHUFD \ HO SHUQR GH PRQWDMH LQIHULRU GHO
DPRUWLJXDGRUWUDVHURSiJLQD
5HWLUHODWXHUFDSHUQRGHSLYRWHGHOEUD]RRVFLODQWHSiJLQD 3527(&725&$'(1$,1)(5,25

$%5$=$'(5$ 0$1*8(5$'(/)5(12
5HWLUHODDEUD]DGHUDGHODPDQJXHUDGHOIUHQRTXLWDQGRHO
SHUQRGHPRQWDMH
127$
7HQJDFXLGDGRGHQRGDxDUHOUHVRUWHGHOLQWHUUXSWRUGHOD
OX]GHIUHQRWUDVHUD
6RVWHQJDHOHQVDPEODMHGHOSRVDSLpVL]TXLHUGRPLHQWUDV
UHWLUDHOSHUQRGHSLYRWHGHOEUD]RRVFLODQWH
3(512'(0217$-(
%5$=226&,/$17(
5HWLUHHOEUD]RRVFLODQWHGHOPDUFR

58('$75$6(5$)5(126863(16,Ð1
'(6(16$0%/(
5HWLUHORVSHUQRVDUDQGHODVGHVOL]DQWHVGHODFDGHQDGH
WUDQVPLVLyQGHDPERVODGRV
5HWLUH HO GHVOL]DGRU GH OD FDGHQD GH WUDQVPLVLyQ PLHQWUDV
VXHOWDODVSHVWDxDVGHODVUDQXUDV
'(6/,=$'25 3(512
5HYLVHHOGHVOL]DGRUGHODFDGHQDSRUGHVJDVWHRGDxRV
'(6/,=$'25
5(&257(
(O GHVOL]DGRU GH OD FDGHQD GHEH UHHPSOD]DUVH VL HVWi
GHVJDVWDGRKDVWDHOOtPLWHGHGHVJDVWHGHUHFRUWH
&2//$5(6
5HWLUHORVVHOORVDQWLSROYR\FROODUHV
6(//26$17,32/92

58('$75$6(5$)5(126863(16,Ð1
52'$0,(172'($*8-$
5HWLUHHOURGDPLHQWRGHDJXMDVGHOEUD]RRVFLODQWHFRQOD
KHUUDPLHQWDHVSHFLDO
,167$/$'25(;75$&72552'$0,(172%5$=2
26&,/$17(
3$57(1R++.91
,167$/$'25(;75$&72552'$0,(172
6(//2$17,32/92 52'$0,(172'($*8-$
,QVSHFFLRQHORVVHOORVDQWLSROYRGHOEUD]RRVFLODQWHHOFROODU
\HOURGDPLHQWRGHDJXMDVHQEXVFDGHGHVJDVWHRGDxRV
5HYLVHHOEUD]RRVFLODQWHSRUGDxRV
&2//$5 6(//2$17,32/92
(16$0%/( %5$=226&,/$17(
&2//$5
6(//2$17,32/92 '(6/,=$'25
&$'(1$'(75$160,6,Ð1
(-(
52'$0,(172'($*8-$

58('$75$6(5$)5(126863(16,Ð1
52'$0,(172'($*8-$
$SOLTXH JUDVD D OD VXSHUILFLH H[WHUQD GHO URGDPLHQWR GH
DJXMDVHLQVWiOHORVHQHOEUD]RRVFLODQWHFRQODD\XGDGHXQD *
KHUUDPLHQWDHVSHFLDO
,167$/$'25(;75$&72552'$0,(172%5$=2
26&,/$17(
3$57(1R++.91
,167$/$'255(029('2552'$0,(172
&2//$5(6
$SOLTXHJUDVDDODVVXSHUILFLHVGHOFROODUHLQVWiOHODVHQORV
SLYRWHVGHOEUD]RRVFLODQWH *
$SOLTXHJUDVDHQORVERUGHVGHOVHOORDQWLSROYR
,QVWDOH ORV QXHYRV VHOORV DQWL SROYR HQ HO SLYRWH GHO EUD]R
RVFLODQWH
*
6(//2$17,32/92
,QVWDOHHOGHVOL]DGRUGHODFDGHQDGHWUDQVPLVLyQPLHQWUDV
DOLQHDODVSHVWDxDVFRQODVUDQXUDV
,QVWDOHORVSHUQRVDUDQGHODVGHVOL]DQWHVGHODFDGHQDGH
WUDQVPLVLyQHQDPERVODGRV
'(6/,=$'25 3(512
%5$=226&,/$17(
,QVWDOHHOEUD]RRVFLODQWHHQHOPDUFR

58('$75$6(5$)5(126863(16,Ð1
$%5$=$'(5$ 0$1*8(5$'(/)5(12
,QVWDOHODDEUD]DGHUDGHODPDQJXHUDGHOIUHQRLQVWDODQGRHO
SHUQRGHPRQWDMH
3(512'(0217$-(
*8$5'$)$1*275$6(52 *8$5'$6$5,
,QVWDOH\DSULHWHHOSHUQRWXHUFDGHSLYRWHGHOEUD]RRVFLODQWH
FRQHOWRUTXHHVSHFLILFDGRSiJLQD
127$
6RVWHQJD \ DOLQHH HO HQVDPEOH GHO SRVDSLpV L]TXLHUGR
PLHQWUDVLQVWDODHOSHUQRGHOEUD]RRVFLODQWH
72548(
78(5&$3,927(%5$=226&,/$17(NJIP
,QVWDOH OD WXHUFD \ HO SHUQR GH PRQWDMH LQIHULRU GHO
DPRUWLJXDGRUWUDVHURSiJLQD
,QVWDOHODEULGDFRQGXFLGDSiJLQD 3527(&725'(&$'(1$,1)(5,25
,QVWDOHHOJXDUGDIDQJRWUDVHURSiJLQD
,QVWDOHHOSURWHFWRUGHODFDGHQDLQIHULRUSiJLQD

,QVWDOHHOSURWHFWRUGHVDULSiJLQD
$MXVWHODKROJXUDGHODFDGHQDGHWUDQVPLVLyQSiJLQD

0(025$1'2
6,67(0$'()5(1$'2$17,%/248(2
',$*5$0$'(/6,67(0$
81,'$''(&21752/
(/(&75Ð1,&2+,'5É8/,&2
6,67(0$'()5(1$'2$17,%/248(2
'LDJUDPDGHOVLVWHPD 3UXHEDGHDFWXDGRU

,QIRUPDFLyQGHOVHUYLFLR 8QLGDGGHFRQWUROHOHFWUyQLFR
(VSHFLILFDFLRQHV KLGUiXOLFR
9DORUHVGHWRUTXH+HUUDPLHQWDV &DEOHVHQVRUGHYHORFLGDGGH
HVSHFLDOHV ODUXHGD
'LDJUDPDGHFLUFXLWR$%6 &RGLILFDGRU
,QGLFDFLyQGHPDOIXQFLRQDPLHQWR ,QVSHFFLyQ+(&8
7DEODGHGHVFULSFLyQGHSUREOHPDV /HFWXUDGHGDWRV+(&8
GHGLDJQyVWLFR (VFULWXUDGHGDWRV
3URFHGLPLHQWRGHERUUDGRGHPDO
IXQFLRQDPLHQWR
,1)250$&,Ð1'(/6(59,&,2
*(1(5$/
(OVLVWHPDGHIUHQRVDQWLEORTXHR$%6QRIXQFLRQDVLQEDWHUtD(OYROWDMHGHIXQFLRQDPLHQWRQRUPDOGHODXQLGDGGHFRQWURO
HOHFWUyQLFRKLGUiXOLFR+(&8GHO$%6HVGHDGHYROWDMH
+(&8QRHVUHSDUDEOH1RGHVPRQWHODXQLGDG+(&8HQFDVRGHPDOIXQFLRQDPLHQWR
1RLQWHQWHFRUUHJLUORVGLHQWHVGHOFRGLILFDGRUGREODQGRPDQXDOPHQWH
'XUDQWH3',DVHJ~UHVHVLHPSUHGHTXHQRKD\DXQDGHVFULSFLyQGHPDOIXQFLRQDPLHQWRDOPDFHQDGDHQODPHPRULD+(&8
$VHJ~UHVHGHTXHWRGRVORVFRQHFWRUHV+(&8\GHODUQpVHVWpQFRUUHFWDPHQWHFRQHFWDGRV\EORTXHDGRV8QDFRQH[LyQ
GHIHFWXRVDRIORMDSXHGHFDXVDUVREUHWHQVLRQHVGHDOWRYROWDMH\GDxDUORVFLUFXLWRVLQWHJUDGRVHQ+(&8
$VHJ~UHVHGHTXHWRGDVODVPDQJXHUDVGHIUHQRHVWpQHQUXWDGDVFRUUHFWDPHQWH\TXHQRHVWpQGREODGDVRGREODGDV
(YLWHTXHODVXFLHGDG\ORVHVFRPEURVHQWUHQHQODXQLGDG+(&8GHVSXpVGHTXHVHKD\DUHWLUDGRRFDGDYH]TXHVHUHWLUHQODV
MXQWDVGHPDQJXHUDHQ+(&86HOOHORVSXHUWRVGHODPDQJXHUDGHIUHQR+(&8FRQWDSDVWDSRQHVFRQHFWRUHVURVFDGRV
DGHFXDGRV
/RVHQVDPEODMHV+(&8QRGHEHQFRORFDUVHXQRHQFLPDGHORWURVLQXQDFDSDDGHFXDGDFRORFDGDHQHOPHGLR
1RGHMHFDHUHO+(&8\DTXHSXHGHGDxDUORVFRPSRQHQWHVLQWHUQRVGHELGRDXQDGHVFDUJD
/DVWXEHUtDVGHIUHQRODVPDQJXHUDVGHIUHQRRODVOtQHDVHOpFWULFDVQRVHSXHGHQXVDUFRPRPDQLMDSDUDOHYDQWDURWUDQVSRUWDU
XQFRQMXQWR/RVHQVDPEOHVGHEHQHVWDUVXMHWRVSRUHOFXHUSRILMRSRUHMHPSORQHJURKLGUiXOLFRRPRWRU
1RWRTXHQLGREOHORV3,1(6GHOFRQHFWRU+(&8
+(&8GHEHLQVWDODUVHFRQODPHQRUWHQVLyQSRVLEOH\WDPELpQGHEHKDEHUXQFLHUWRHVSDFLROLEUHHQODSDUWHUtJLGDGHOD
VXVSHQVLyQSDUDDPRUWLJXDUODVYLEUDFLRQHV$SULHWHORVWRUQLOORVDOWRUTXHHVSHFLILFDGR
5HYLVHODVSDVWLOODVGHIUHQR\DVHJ~UHVHGHTXHHOOtTXLGRGHIUHQRVHVWpOLPSLR/RVVLVWHPDV$%6WDPELpQSXHGHQIDOODUGHELGRD
ODVSDVWLOODVGHIUHQRGHVJDVWDGDVRDODLUHRODVXFLHGDGHQHOOtTXLGRGHIUHQRV
8VHHOOtTXLGRGHIUHQRVUHFRPHQGDGRSiJLQD
5HWLUHFRQFXLGDGRODUXHGDGXUDQWHHOUHHPSOD]RGHOSLQFKD]ROODQWDSDUDHYLWDUTXHHOFRGLILFDGRUVHGDxHRVHGREOH
8WLOLFHVRORODPDUFDHOWLSR\HOWDPDxRGHOODQWDUHFRPHQGDGRVSiJLQD
'XUDQWHODFRQGXFFLyQODYLVXDOL]DFLyQGHODYHORFLGDGHQHOYHORFtPHWURSXHGHDSDJDUVHGHELGRDFRQH[LRQHVVXHOWDVGHOD
EDWHUtDEDMRYROWDMHGHODEDWHUtDRDOTXLWDUODUXHGDGHODQWHUDPDQWHQLHQGRHOHQFHQGLGRHQ21&RPRUHVXOWDGROD
OiPSDUDGHDGYHUWHQFLDGHO$%6FRPLHQ]DDLOXPLQDUVHFRQWLQXDPHQWH(QHVHFDVRHOVLVWHPDVHYXHOYHFRUUHFWRWDQSURQWR
FRPRHOHQFHQGLGRVHDSDJD\VHYXHOYHDHQFHQGHUSiJLQD
1RDMXVWHHOHVSDFLRGHDLUHGHOVHQVRUGHYHORFLGDGGHODUXHGD
1RLQWHQWHFRUUHJLUORVGLHQWHVGHOFRGLILFDGRUGREODQGRPDQXDOPHQWHRXWLOL]DQGRFXDOTXLHURWURPRGR
1RLQVHUWHQLQJXQDSLH]DPHWiOLFDFHUFDGHOVHQVRUGHYHORFLGDGGHODUXHGD
8WLOLFHVRORUHSXHVWRVRULJLQDOHVFRPRDOPRKDGLOODV\GLVFRVSiJLQD
6,67(0$'()5(1$'2$17,%/248(2
(63(&,),&$&,21(6
6,67(0$'()5(1$'2$17,%/248(2
,7(0 (63(&,),&$&,21(6
5HVLVWHQFLDGHOVHQVRUGHYHORFLGDGGHODUXHGD
(VSDFLRGHDLUHGHOVHQVRUGHYHORFLGDGGHODUXHGD PP
7HPSHUDWXUDGHIXQFLRQDPLHQWR &D&
7HQVLyQGHIXQFLRQDPLHQWR D9
ÉQJXORGHLQFOLQDFLyQGHODXQLGDG$%6 ,QFOLQDFLyQ
9$/25(6'(72548(
3(512'(0217$-('(/6(1625'(9(/2&,'$''(58('$:66 NJIP
7251,//2'(0217$-('(/$81,'$''(&21752/(/(&75Ð1,&2+,'5É8/,&2 NJIP
3(512'(0217$-('(/$81,'$''(&21752/(/(&75Ð1,&2+,'5É8/,&2 NJIP
+(55$0,(17$6(63(&,$/(6
,167580(172'(',$*1Ð67,&2
+(52,17(*5$7('
',$*1267,&,167580(17

$%&

'()
,17(*5$'2+(52+,',
3$57(1R+0&/$$%$

*+, -./ 012

3456 789 :;<=
(17(5
)Q
$51e6'(&$%/(6+,',
3$57(1R+0&/$$%$
6,67(0$'()5(1$'2$17,%/248(2
',$*5$0$'(&,5&8,72$%6
)XVLEOHSULQFLSDO
$
%DWHUtD
,QWHUUXSWRUGHDUUDQTXH 9$K
<5
\DSDJDGRLQWHUUXSWRUGH
5
5
SDUDGDGHODQWHUD
,QWHUUXSWRU 0RWRUGH
FRPELQDGR DUUDQTXH
(QFHQGLGR
%$7
&DMDGH &DMDGH )XVLEOH

%$7
7LHUUD
%$7
$%6
67
IXVLEOHV IXVLEOHV
$%6 5HJXODGRU
81,'$'$%6 $ $ $
5HFWLILFDGRU 7LHUUD
<5
5%
5%
%
5
:2
%9
5%
3<
5
*
:
*
5:
5
*
5%
5
%
:
:
*
5
&RPELQDFLyQGHPHGLGRU
%
5:
&33
3<
5%
*
:2
:
:
%9
3
&RQHFWRU
$%6 GHVHUYLFLR
:66
'HODQWHUR *HQHUDGRU
$&
6,67(0$'()5(1$'2$17,%/248(2
/8=,1',&$&,Ð1$%6
,1',&$&,Ð1'(0$/
)81&,21$0,(172
(VWDFLRQHHOYHKtFXORHQVXVRSRUWHSULQFLSDO
*LUHHOLQWHUUXSWRUGHHQFHQGLGRD21
(OLQGLFDGRUGHO$%6VHLOXPLQDUiGXUDQWHVHJXQGRV\
OXHJRFRPHQ]DUiDSDUSDGHDUKDVWDTXHODYHORFLGDGGHOD
PRWRFLFOHWDVXSHUHORVNPK
6LVHDSDJDGHVSXpVGHTXHODYHORFLGDGGHODPRWRFLFOHWD
H[FHGHORVNPKHQWRQFHVHOVLVWHPDHVQRUPDO
(QFXDOTXLHUPRPHQWRVLKD\XQPDOIXQFLRQDPLHQWRHQHO
VLVWHPD$%6HOLQGLFDGRU$%6SHUPDQHFHUiHQ 21RVH
LOXPLQDUiFRQWLQXDPHQWH
&8%,(57$'(&21(&725'/&
/XHJR UHDOLFH HO VLJXLHQWH SURFHGLPLHQWR SDUD OHHU HO PDO
IXQFLRQDPLHQWRGHOVLVWHPDGHIUHQRVDQWLEORTXHR$%6
352&(',0,(172'(/(&785$
'(6&5,3&,Ð1'(0$/)81&,21$0,(172
*LUHHOLQWHUUXSWRUGHHQFHQGLGRD2))
'HVFRQHFWHODFXELHUWDGHOFRQHFWRUGHOFRQHFWRUGHHQODFH
GHGDWRV'/&
&21(&725(1/$&('('$726'/&
&21(&725+(55$0,(17$+,',
&RQHFWHHOFRQHFWRUGHODUQpVGHFDEOHVGHODKHUUDPLHQWD
+,',DOFRQHFWRUHQODFHGHGDWRV'/&
'/&
+(55$0,(17$+,',
,167580(172'(',$*1Ð67,&2,17(*5$'2
+(52+,',
3$57(1R+0&/$$%$
$51e6'(&$%/(6+,',
3$57(1R+0&/$$%$
6,67(0$'()5(1$'2$17,%/248(2
,17(5583725'((1&(1','2
6HOHFFLRQH OD RSFLyQ 3/$7)250 SUHVLRQDQGR R

(QWHU
6HOHFFLRQHODRSFLyQ0RGHOSUHVLRQDQGRRXVHOD
IOHFKDKDFLDDEDMR\SUHVLRQH(QWHU
6H HVWDEOHFHUi XQD FRPXQLFDFLyQ HQWUH OD KHUUDPLHQWD

+,',\+(&8
3DUD HO GLDJQyVWLFR VHOHFFLRQH OD RSFLyQ '7& 5($'
SUHVLRQDQGRR(QWHU
&RQVXOWH OD WDEOD GH GHVFULSFLyQ GH SUREOHPDV GH
GLDJQyVWLFRSDUDREWHQHUPiVGLDJQyVWLFRVSiJLQD
6,67(0$'()5(1$'2$17,%/248(2
7$%/$'('(6&5,3&,Ð1'(352%/(0$6'(',$*1Ð67,&2
3DUDLGHQWLILFDUHOPDOIXQFLRQDPLHQWRGHO$%6FRQHFWHODKHUUDPLHQWD+,',\YHULILTXHHOPDOIXQFLRQDPLHQWRVHJ~QODGHVFULSFLyQ
GHOPDOIXQFLRQDPLHQWR\UHSDUHRUHHPSODFHHOFRPSRQHQWHGHIHFWXRVR'HVSXpVGHUHHPSOD]DUXQFRPSRQHQWHGHIHFWXRVR
YHULILTXHQXHYDPHQWHVLKD\DOJ~QPDOIXQFLRQDPLHQWR
'HVFULSFLyQ 3UREOHPD $FFLyQDWRPDU
5HYLVH HO DUQpV GHO VHQVRU GH

YHORFLGDGGHODUXHGDSDUDYHUVL
6HQVRUGHYHORFLGDGGHUXHGD)DOODIURQWDO (UURUGHFLUFXLWRDELHUWR K D \ F R Q H [ L R Q H V I O R M D V \
FRQWLQXLGDGSiJLQD
5HYLVHHOVHQVRUGHYHORFLGDGGH
ODUXHGDSRUFXDOTXLHUGDxR
6HQVRUGHYHORFLGDGGHODUXHGD9HULILFDFLyQGHGREOH 9HULILTXHHOHVSDFLRHQWUHHOVHQVRU
3HUWXUEDFLyQGHLQWHUIHUHQFLD GH YHORFLGDG GH OD UXHGD \ HO
IUHFXHQFLDGHODQWHUD FRGLILFDGRU
6HQVRUGHYHORFLGDGGHODUXHGD)DOODSHULyGLFD 5HHPSODFHHOFRGLILFDGRUSiJLQD
'LHQWHFRGLILFDGRUURWR
GHODQWHUD
6HQVRUGHYHORFLGDGGHUXHGD)DOORGHH[WUDSRODFLyQ 6HQVRUGHYHORFLGDGGHOD 5HHPSODFHHOVHQVRUGHYHORFLGDG

GHODQWHUR UXHGD GHODUXHGDSiJLQD
5HYLVH HO FRGLILFDGRU SRU
6HQVRUGHYHORFLGDGGHODUXHGD)DOORGHUHFRQRFLPLHQWR (OFRGLILFDGRUHVWiSUHVHQWH FXDOTXLHUGDxR
GHODUUDQTXHGHODQWHUR SHURWLHQHXQHUURUGH 5HHPSODFH HO VHQVRU YHORFLGDG
GHWHFFLyQ GHODUXHGDSiJLQD
6HQVRUGHYHORFLGDGGHODUXHGD)DVHGHORQJLWXG 5HHPSODFHHOVHQVRUGHYHORFLGDG
$FWXDGRU
)DOODGHVXSHUYLVLyQGHODQWHUD GHODUXHGDSiJLQD
(OFLUFXLWRGHOD(&8HVWi 9HULILTXH HO FLUFXLWR DELHUWR \ HO
'HVFRQH[LyQ./ DELHUWRRQRKD\VXPLQLVWUR YROWDMHGHHQWUDGDD+(&8
GHHQHUJtDDOD(&8 SiJLQD
26(.(UURUIDWDO (&8VHFRUURPSLy 5HHPSODFH+(&8SiJLQD
%RPEDGHIHFWXRVD %RPEDGHIHFWXRVD 5HHPSODFH+(&8SiJLQD

%RPEDGHFRQH[LyQ )DOWDODERPED 5HHPSODFH+(&8SiJLQD
)DOODGHKDUGZDUH )DOODHOKDUZDUH 5HHPSODFH+(&8SiJLQD
)DOODLQWHUQDGHOKDUGZDUH
)DOODLQWHUQDGHOKDUGZDUHFRQWURODGRUSULQFLSDO
FRQWURODGRUSULQFLSDO 5HHPSODFH+(&8SiJLQD
YiOYXODVHWF
YiOYXODVHWF
9HULILTXH ODV FRQH[LRQHV GH OD
'HWHFFLyQGHEDMDWHQVLyQDODUJRSOD]R )DOWDODEDWHUtD
EDWHUtD\VXYROWDMH6(&

7HQVLyQEDMD %DMRYROWDMH

7HQVLyQDOWD $OWRYROWDMH
6,67(0$'()5(1$'2$17,%/248(2
'(6&5,3&,Ð1'(/0$/
)81&,21$0,(172352&(',0,(172'(
%255$'2
3DUDERUUDU'7&VHOHFFLRQH&OHDU'7&SUHVLRQDQGR
'RZQ$UURZ
3UHVLRQH(QWHUSDUDERUUDUORV'7&
&RQVXOWH OD WDEOD GH GHVFULSFLyQ GH SUREOHPDV GH
GLDJQyVWLFRSDUDREWHQHUPiVGLDJQyVWLFRV
358(%$'($&78$'25
3DUD OD SUXHED GH $FWXDGRUHV VHOHFFLRQH OD RSFLyQ
´$FWXDWRU&RQWUROµSUHVLRQDQGR´µRXVDQGRODIOHFKD
KDFLDDEDMR
$KRUDSUHVLRQHHOQ~PHURGHVHULHRXVHODVIOHFKDVKDFLD
DUULED \ KDFLD DEDMR SDUD VHOHFFLRQDU HO $FWXDGRU \
SUHVLRQH´(QWHUµ
3DUDODSUXHEDGHODYiOYXODGHHQWUDGDYiOYXODGHVDOLGD
ERPEDVHOHFFLRQHXQDGHHOODVDODYH]SDUDYHULILFDU
SUHVLRQDQGRODIOHFKD83R'2:1
$KRUDSUHVLRQH(QWHUSDUDODDFWXDFLyQ
6L OD YiOYXOD GH HQWUDGDYiOYXOD GH VDOLGDERPED
IXQFLRQDQ ELHQ OD SDQWDOOD +,', VH PRVWUDUi FRPR
H[LWRVD
3DUD OD SUXHED GH OiPSDUDV VHOHFFLRQH WRGDV ODV

FRQGLFLRQHV OiPSDUD 2)) OiPSDUD 21 OiPSDUD
%/,1.,1*XQDSRUXQDSDUDYHULILFDUSUHVLRQDQGROD
IOHFKD83R'2:1
$KRUDSUHVLRQH(QWHUSDUDODDFWXDFLyQ
6LODOX]IXQFLRQDELHQODSDQWDOOD+,',VHPRVWUDUiFRPR
H[LWRVD
6,67(0$'()5(1$'2$17,%/248(2
81,'$''(&21752/(/(&75Ð1,&2+,'5É8/,&2+(&8

; ; ;
; ; ;

3,1+(&8 &Ð',*2'(&2/25
3,11R &2/25 '(6&5,3&,Ð1 1HJUR %
1LQJXQR 9LROHWD 9
* 7LHUUD$%6
$PDULOOR <
:2 (QWUDGDVHQVRUGHYHORFLGDGGHODUXHGD
%9 6HQVRUYHORFLGDGGHODUXHGDGHWLHUUD $]XO /
1LQJXQR 9HUGH *
1LQJXQR 5RMR 5
1LQJXQR %ODQFR :
1LQJXQR 0DUUyQ %5
3 &RQHFWRU'/&
1DUDQMD 2
3< ,QGLFDGRUGHOX]$%6
: (QWUDGDGHWDFyPHWUR $]XOFLHOR 6%
(QWUDGDGHHQHUJtDRSFLRQDO 9HUGHFODUR /*
5 )XVLEOH$$%6 5RVDGR 3
5% (QWUDGDGHOLQWHUUXSWRUGHHQFHQGLGR *ULV *5
&20%,1$&,Ð1
&RORUEDVH&RORUGHPDUFDGR
SRUHMHPSOR
&DIH%ODQFR%5:
6,67(0$'()5(1$'2$17,%/248(2
,17(5583725'((1&(1','2
81,'$''(&21752/
(/(&75Ð1,&$+,'5É8/,&$
5(02&,Ð1
*LUHHOLQWHUUXSWRUGHHQFHQGLGRDODSRVLFLyQ2))
'UHQHHOOtTXLGRGHIUHQRVSiJLQD
81,'$''(&21752/(/(&75Ð1,&$+,'5É8/,&$
'HVFRQHFWHHOFRQHFWRU+(&8
&21(&725+(&8
3(5126%$1-2/Ì1($'()5(12 0$1*8(5$6
5HWLUHORVSHUQRVEDQMR\GHVFRQHFWHODVPDQJXHUDVGHIUHQR
GHODXQLGDG+(&8
5HWLUHORVSHUQRVGHPRQWDMH+(&8GHO+(&8
5HWLUHODXQLGDG+(&8GHODPRWRFLFOHWD
127$
6HOOH ORV SXHUWRV GH OD PDQJXHUD GH IUHQR +(&8 FRQ
WDSDVDGHFXDGDVWDSyQFRQHFWRUHVURVFDGRV
1RGREOHQLGREOHODVPDQJXHUDVGHIUHQR
(YLWHTXHODVXFLHGDG\ORVHVFRPEURVHQWUHQHQODXQLGDG
+(&8GHVSXpVGHTXHVHKD\DHOLPLQDGR
3(5126'(0217$-(+(&8 +(&8
6,67(0$'()5(1$'2$17,%/248(2
5HWLUHORVWRUQLOORVGHOVRSRUWHGHPRQWDMH+(&8\VHSiUHOR
GHODXQLGDG+(&8
,167$/$&,Ð1
127$
$VHJ~UHVHGHTXHWRGDVODVPDQJXHUDVGHIUHQRHVWpQ
HQUXWDGDV FRUUHFWDPHQWH \ TXH QR HVWpQ GREODGDV QL
GREODGDV
$FWXDOLFHVLHPSUHHOQ~PHUR9,1GHVSXpVGHUHHPSOD]DU
HO+(&8GHIRUPDREOLJDWRULDSiJLQD
72548( 7251,//26 7251,//26

3(512'(0217$-('(/$81,'$''(&21752/
(/(&75Ð1,&2+,'5É8/,&2NJIP
7251,//2'(0217$-('(/$81,'$''(
&21752/(/(&75Ð1,&2+,'5É8/,&2
NJIP
&$%/( 6(1625 '( 9(/2&,'$' '(

58('$:66
5(02&,Ð1
5HWLUHHOFRQMXQWRGHODOX]SULQFLSDOSiJLQD
5HWLUHHOSHUQRGHOVHQVRUGHOWHQHGRUGHODQWHUR
5HWLUHHOFDEOHGHOVHQVRUMXQWRFRQHOVHQVRUGHYHORFLGDGGH 3(512 &$%/('(/6(1625
ODUXHGD:66GHOWHQHGRUGHODQWHUR
%5,'$6
'HVHQJDQFKHHOFDEOHGHOVHQVRUGHODDEUD]DGHUDEULGDV\
FOLSV
$%5$=$'(5$6
&21(&725
'HVFRQHFWHHOFRQHFWRUGHODUQpVGHFDEOHVSULQFLSDO\UHWLUH
HOFDEOH:66
,167$/$&,Ð1
72548(
3(512'(0217$-('(/6(1625'(
9(/2&,'$''(58('$:66NJIP
&$%/(:66
6,67(0$'()5(1$'2$17,%/248(2
3(512//$9('($//(1
&2',),&$'25
5(02&,Ð1
5HWLUHODUXHGDGHODQWHUDSiJLQD
5HWLUHORVSHUQRVGHODOODYH$OOHQGHOFXERGHODUXHGD\UHWLUH
HOFRGLILFDGRU
,167$/$&,Ð1
127$
8WLOLFHHOEORTXHRGHURVFDDQWHVGHLQVWDODUORVSHUQRV
GHOODYHGH$OOHQ
,QVSHFFLRQHHOFRGLILFDGRUSRUVLVHGREODRGDxDDQWHV
&2',),&$'25
GHVXLQVWDODFLyQ
,163(&&,Ð1+(&8
127$
$VHJ~UHVHGHTXHODEDWHUtDHVWpHQEXHQDVFRQGLFLRQHV
6(&6LQROXHJRUHHPSODFHFRQXQDEDWHUtDQXHYD\
OXHJRLQVSHFFLRQH
/HDODGHVFULSFLyQGH'7&GHODKHUUDPLHQWD+,',SiJLQD
$6LDSDUHFHODGHVFULSFLyQGHO´26(.IDWDOHUURUHQODSDQWDOODGHODKHUUDPLHQWD+,',UHHPSODFH+(&8SRUXQDQXHYDH
LQVSHFFLRQHQXHYDPHQWH
%6LDSDUHFHODGHVFULSFLyQ´./GLVFRQQHFWLRQHQODSDQWDOODGHODKHUUDPLHQWD+,',UHDOLFHORVLJXLHQWH
%RUUHODGHVFULSFLyQGHO'7&GHODPHPRULDGHOD(&8SiJLQD
*LUHHOLQWHUUXSWRUGHHQFHQGLGRD21\YXHOYDDYHULILFDUHO'7&
6LVLJXHDSDUHFLHQGRODGHVFULSFLyQGH´./GLVFRQQHFWLRQGHVFRQHFWHHOFRQHFWRU+(&8\FRPSUXHEHVLKD\XQD
FRQH[LyQIORMDRGHILFLHQWHHQHOFRQHFWRU+(&8
&RQHFWHHOFRQHFWRU+(&8*LUHHOLQWHUUXSWRUGHHQFHQGLGRD21\YXHOYDDYHULILFDUHO'7&
6LWRGDYtDDSDUHFHODGHVFULSFLyQGH´./GLVFRQQHFWLRQYHULILTXHODFRQWLQXLGDGGHODUQpVGHFDEOHV+(&8
&RQH[LRQHV
9HUGH+(&8 9HUGH7LHUUD$%6
%ODQFR1DUDQMD+(&8 %ODQFR1DUDQMD6HQVRUGHYHORFLGDGGHUXHGD$%6
1HJUR9RLOHWD+(&8 1HJUR9RLOHWD6HQVRUGHYHORFLGDGGHUXHGD$%6
5RVDGR+(&8 5RVDGR&RQHFWRUGHVHUYLFLR
5RVDGR$PDULOOR+(&8 5RVDGR$PDULOOR&RPELQDFLyQGHPHGLGRU
%ODQFR+(&8 %ODQFR&RPELQDFLyQGHPHGLGRU
5RMR+(&8 5RMR)XVLEOH$%6$
5RMR1HJUR+(&8 5RMR1HJUR,QWHUUXSWRUFRPELQDGR
&21(&725+(&83
(VWiQGDUFRQWLQXLGDG
6LQRVHGHWHFWDFRQWLQXLGDGUHHPSODFHHODUQpV
6LH[LVWHFRQWLQXLGDGYD\DDOVLJXLHQWHSDVR
'HVFRQHFWHHOFRQHFWRU+(&8SiJLQD
0LGDHOYROWDMHHQHOFRQHFWRU3+(&8
92/7$-(
&RQH[LyQ5RMR7LHUUD
(VWiQGDU9
6LHOYROWDMHHVWiIXHUDGHUDQJRUHHPSODFHHO+(&8
6,67(0$'()5(1$'2$17,%/248(2
/(&785$'('$726+(&8
/(&785$'('$726'(352'8&&,Ð1
3DUDOHHUORVGDWRVGHSURGXFFLyQVHOHFFLRQHODRSFLyQ
5HDG GDWD SUHVLRQDQGR R XVDQGR OD IOHFKD KDFLD
DEDMR\SUHVLRQH(17(5
$KRUDVHOHFFLRQH683352''$7$SUHVLRQDQGRR
(17(5
/DKHUUDPLHQWD+,',PRVWUDUi352'8&7,21'$7$
/(&785$'('$7269,1
3DUDOHHUGDWRV9,1VHOHFFLRQHODRSFLyQ5($''$7$
SUHVLRQDQGR R XVDQGR OD IOHFKD KDFLD DEDMR \
SUHVLRQH(17(5
$KRUDVHOHFFLRQHODRSFLyQ9,1'$7$SUHVLRQDQGRR
XVDQGRODIOHFKDKDFLDDEDMR\SUHVLRQHHQWHU
/DKHUUDPLHQWD+,',PRVWUDUi´9,1GDWDµ
6,67(0$'()5(1$'2$17,%/248(2
3529(('25'(/(&785$6:,''((&8
3DUDOHHUHO6:,'GHOD(&8GHOSURYHHGRUVHOHFFLRQHOD
RSFLyQ5($''$7$SUHVLRQDQGRRXVDQGRODIOHFKD
KDFLDDEDMR\SUHVLRQH(17(5
$KRUDVHOHFFLRQH683(&86:,'SUHVLRQDQGRR
XVDQGRODIOHFKDKDFLDDEDMR\SUHVLRQH(17(5
/DKHUUDPLHQWD+,',PRVWUDUiORVGDWRV6833/,(5(&8
6:,'
(6&5,785$'('$7269,1
6LHPSUH DOLPHQWH ORV GDWRV 9,1 HQ +(&8 GH IRUPD
REOLJDWRULD GHVSXpV GH UHHPSOD]DU R LQWHUFDPELDU OD
XQLGDG+(&8
3DUDHVFULELUGDWRV9,1VHOHFFLRQHODRSFLyQ:5,7(9,1
SUHVLRQDQGR R XVDQGR OD IOHFKD KDFLD DEDMR \
SUHVLRQH(17(5
$KRUD OD KHUUDPLHQWD +,', OH SHGLUi TXH LQJUHVH OD
FRQWUDVHxDSDUDFRQWLQXDU
$KRUDLQJUHVHODFRQWUDVHxD\SUHVLRQH´(17(5µ
127$
1RFRPSDUWDODFRQWUDVHxD\PDQWpQJDODFRQILGHQFLDO
3DUD FXDOTXLHU FRQVXOWD SyQJDVH HQ FRQWDFWR FRQ HO
SHUVRQDOGH+0&/
6,67(0$'()5(1$'2$17,%/248(2
$KRUDYHULILTXHItVLFDPHQWHODPRWRFLFOHWD\HVFULEDHO
FyGLJR9,1HQODKHUUDPLHQWD+,',
/D KHUUDPLHQWD +,', VH PRVWUDUi FRPR ´'$7$ :5,77(1

68&&(66)8//<
0(025$1'2
6,67(0$'()5(12+,'5É8/,&2
',$*5$0$'(/6,67(0$
'(/$17(52

75$6(52
833(5
/2:(5

6,67(0$'()5(12+,'5É8/,&2
'LDJUDPDGHOVLVWHPD 3URFHGLPLHQWRLQYHUVRGH

,QIRUPDFLyQGHOVHUYLFLR SXUJDGR
(VSHFLÀFDFLRQHV 3DVWLOODVGHOIUHQR'LVFR
9DORUHVGHWRUTXH+HUUDPLHQWDV &LOLQGURPDHVWURGHODQWHUR
HVSHFLDOHV &LOLQGURPDHVWURWUDVHUR
6ROXFLyQGHSUREOHPDV 3LQ]DGHOIUHQRGHODQWHUR
5HHPSOD]RGHOOtTXLGRGHIUHQRV 3LQ]DGHOIUHQRWUDVHUR
3XUJDGR
,1)250$&,Ð1'(/6(59,&,2
*(1(5$/
$'9(57(1&,$
8QGLVFRRSDVWLOODGHOIUHQRFRQWDPLQDGDUHGXFHODSRWHQFLDGHIUHQDGR'HVHFKHODVSDVWLOODVFRQWDPLQDGDV\OLPSLHXQGLVFR
FRQWDPLQDGRFRQXQDJHQWHGHVHQJUDVDQWHGHIUHQRVGHDOWDFDOLGDG
35(&$8&,Ð1
/DLQKDODFLyQIUHFXHQWHGHSROYRGHSDVWLOODVGHOIUHQRLQGHSHQGLHQWHPHQWHGHODFRPSRVLFLyQGHOPDWHULDOSRGUtDVHU
SHOLJURVDSDUDVXVDOXG
(YLWHUHVSLUDUSDUWtFXODVGHSROYR
1XQFDXVHXQDPDQJXHUDGHDLUHRXQFHSLOORSDUDOLPSLDUORVFRQMXQWRVGHOIUHQR8VHXQDDVSLUDGRUD
(OOtTXLGRGHIUHQRVGHUUDPDGRGDxDUiVHYHUDPHQWHODVOHQWHVGHOLQVWUXPHQWR\ODVVXSHUILFLHVSLQWDGDV7DPELpQHVSHUMXGLFLDO
SDUDDOJXQDVSLH]DVGHJRPD7HQJDFXLGDGRFDGDYH]TXHUHWLUHODWDSDGHOGHSyVLWRSULPHURDVHJ~UHVHGHTXHHOGHSyVLWR
HVWpKRUL]RQWDO
1XQFDSHUPLWDTXHVHFRQWDPLQHQDOGDUVHUYLFLRDOVLVWHPD1RPH]FOHGLIHUHQWHVWLSRVGHOtTXLGR\DTXHSXHGHQQRVHU
FRPSDWLEOHV
9HULILTXHVLHPSUHHOIXQFLRQDPLHQWRGHOIUHQRDQWHVGHFRQGXFLUODPRWRFLFOHWDWLHUUDDJXDHWFSDUDLQJUHVDUDXQGHSyVLWR
DELHUWR
8QDYH]TXHVHKDDELHUWRHOVLVWHPDKLGUiXOLFRRVLODVHQVDFLyQGHOIUHQRHVHVSRQMRVDHOVLVWHPDGHEHVDQJUDU
8WLOLFHVLHPSUHOtTXLGRGHIUHQRV'R7R'R7IUHVFRGHXQUHFLSLHQWHVHOODGR
(63(&,),&$&,21(6
6,67(0$'()5(12+,'5É8/,&2

,7(0 (67É1'$5/Ì0,7('(/6(59,&,2
/tTXLGRGHIUHQRVHVSHFLILFDGR
'R7R'R7
(VSHVRUGHOGLVFRGHOIUHQR PP PP
([FHQWULFLGDGGHOGLVFRGHOIUHQR PP
'HODQWHUR
'LiPHWURLQWHUQRFLOLQGURPDHVWUR PP
PP
'LiPHWURH[WHUQRSLVWyQFLOLQGURPDHVWUR PP
PP
'LiPHWURLQWHUQRFLOLQGURSLQ]DGHIUHQR PP PP
'LiPHWURH[WHUQRSLVWyQSLQ]DGHIUHQR PP
PP
/tTXLGRGHIUHQRVHVSHFLILFDGR
'R7R'R7
(VSHVRUGHOGLVFRGHOIUHQR PP PP
([FHQWULFLGDGGHOGLVFRGHIUHQR PP
7UDVHUR 'LiPHWURLQWHUQRFLOLQGURPDHVWUR PP
PP
'LiPHWURH[WHUQRSLVWyQFLOLQGURPDHVWUR PP
PP
'LiPHWURLQWHUQRFLOLQGURSLQ]DGHOIUHQR PP PP
'LiPHWURH[WHUQRSLVWyQSLQ]DGHOIUHQR PP
PP

6,67(0$'()5(12+,'5É8/,&2
9$/25(6'(72548(
9É/98/$'(385*$3,1=$'(/$17(5$ NJIP
3(512%$1-20$1*8(5$'(/)5(12
NJIP
3(512'(0217$-(3,1=$'(/$17(5$NJIP
3(512',6&2'(/)5(12'(/$17(52
NJIP
3(512'(0217$-(3,1=$75$6(5$ NJIP
3(5123$6$'253,1=$75$6(5$
NJIP
3(512623257('(/&,/,1'520$(6752 NJIP
+(55$0,(17$6(63(&,$/(6
3,1=$3,(5(5
3$57(1R++.)1
5(029('253,1623257(3$67,//$6'(/)5(12
3$57(1R++

6,67(0$'()5(12+,'5É8/,&2
62/8&,Ð1'(352%/(0$6
3HGDOGHIUHQRVXDYHRHVSRQMRVR
$LUHHQVLVWHPDKLGUiXOLFR
6LVWHPDKLGUiXOLFRFRQIXJDV
3DVWLOODGLVFRGHOIUHQRFRQWDPLQDGR
6HOORGHOSLVWyQGHODSLQ]DGHVJDVWDGD
&RSDVGHSLVWyQGHOFLOLQGURPDHVWURGHVJDVWDGDV
3DVWLOODGHOIUHQRGLVFRGHVJDVWDGRV
3LQ]DFRQWDPLQDGD
/DSLQ]DQRVHGHVOL]DFRUUHFWDPHQWH
%DMRQLYHOGHOtTXLGRGHIUHQRV
3DVRGHIOXLGRREVWUXLGR
'LVFRGHIUHQRFRPEDGRGHIRUPDGR
3LVWyQGHSLQ]DSHJDGDGHVJDVWDGD
3LVWyQGHOFLOLQGURPDHVWURSHJDGRGHVJDVWDGR
&LOLQGURPDHVWURFRQWDPLQDGR
3DODQFDSHGDOGHIUHQRGREODGR

3HGDOGHIUHQRGXUR
3DVRGHIOXLGRREVWUXLGRUHVWULQJLGR
6HOORGHOSLVWyQGHODSLQ]DGHVJDVWDGD
3LVWyQGHOFLOLQGURPDHVWURSHJDGRGHVJDVWDGR
3DODQFDSHGDOGHOIUHQRGREODGR
3HJDUODVXSHUILFLHGHVOL]DQWHGHOSHGDOGHOIUHQRWUDVHUR
$UUDVWUHGHIUHQR
3DVWLOODGLVFRGHIUHQRFRQWDPLQDGR
5XHGDGHVDOLQHDGD
3DVWLOODGHIUHQRGLVFRPX\GHVJDVWDGR
'LVFRGHOIUHQRFRPEDGRGHIRUPDGR
3DVRGHIOXLGRREVWUXLGRUHVWULQJLGR
3HJDUHOSLVWyQGHOFLOLQGURPDHVWUR
3HJDUODVXSHUILFLHGHVOL]DQWHGHOSHGDOGHOIUHQRWUDVHUR
%DMRUHQGLPLHQWRGHOIUHQR
5HYLVHORVGLVFRVGHIUHQRSDUDLQVSHFFLRQDUHOGHVJDVWH
%DMRQLYHOGHOtTXLGRGHIUHQRV
3HGDOGHIUHQRGHUHWRUQRGXURROHQWR
5HVRUWHGHUHWRUQRGHVJDVWDGRRURWR
9HULILTXHODUXWDGHODPDQJXHUDGHIUHQR6(&&,Ð1
3LQ]DGHSLVWyQR[LGDGD

6,67(0$'()5(12+,'5É8/,&2
7$3$'(/'(3Ð6,72
5((03/$=2/Ì48,'2'()5(126
385*$'2
127$
8Q GLVFR R SDVWLOOD GHO IUHQR FRQWDPLQDGD DXPHQWD OD
GLVWDQFLDGHIUHQDGR'HVHFKHODVSDVWLOODVFRQWDPLQDGDV\
OLPSLHHOGLVFRFRQWDPLQDGRFRQXQDJHQWHGHVHQJUDVDQWH
GHIUHQRVGHDOWDFDOLGDG
35(&$8&,Ð1
1R SHUPLWD TXH PDWHULDO H[WUDxR LQJUHVH DO VLVWHPD DO
OOHQDUHOGHSyVLWR
(YLWHGHUUDPDUOtTXLGRVREUHSLH]DVSLQWDGDVGHSOiVWLFR
RJRPD&RORTXHXQWUDSRVREUHHVWDVSDUWHVFDGDYH]
7$3$'(/'(3Ð6,72 3/$&$'($-867(
TXHVHUHSDUHHOVLVWHPD
'5(1$-(/Ì48,'2'()5(126
)5(12'(/$17(52
*LUHHOPDQLOODUKDVWDTXHHOGHSyVLWRHVWpSDUDOHORDOVXHOR
DQWHVGHTXLWDUODWDSDGHOGHSyVLWR
5HWLUHHOWRUQLOORODWDSDGHOGHSyVLWRODSODFDGHDMXVWH\HO
GLDIUDJPD
',$)5$*0$ &,/,1'520$(6752
9É/98/$'(385*$
5HWLUHODWDSDGHODYiOYXODGHSXUJD
&RQHFWHXQDPDQJXHUDDODYiOYXODGHSXUJD
$IORMHODYiOYXODGHSXUJD\ERPEHHODSDODQFDGHOIUHQR
KDVWDTXHQRVDOJDPiVIOXLGRGHODYiOYXODGHSXUJD
$SULHWHODYiOYXODGHSXUJDDOWRUTXHHVSHFLILFDGR
72548(
9É/98/$'(385*$3,1=$'(/$17(5$
NJIP
0$1*8(5$'(385*$
&8%,(57$'(/$17(5$'(/6,/(1&,$'25
)5(1275$6(52
5HWLUH OD FXELHUWD GHODQWHUD GHO VLOHQFLDGRU GH H[KRVWR%
TXLWDQGRORVWRUQLOORV
7251,//26

6,67(0$'()5(12+,'5É8/,&2
5HWLUHODWDSDGHOGHSyVLWRGHOtTXLGRGHOIUHQRWUDVHUR
'(3Ð6,72/Ì48,'2'(/)5(1275$6(52
3/$&$'($-867( ',$)5$*0$
5HWLUHODSODFDGHDMXVWH\HOGLDIUDJPD
&RQHFWHXQDPDQJXHUDGHSXUJDDODYiOYXODGHSXUJDGHOD
SLQ]D 9É/98/$'(385*$
$IORMHODYiOYXODGHSXUJD\ERPEHHODSDODQFDSHGDOGHO
IUHQR
%RPEHHODSDODQFDSHGDOGHOIUHQRKDVWDTXHQRVDOJDPiV
IOXLGRGHODYiOYXODGHSXUJD
//(1$'2/Ì48,'2'()5(12385*$'2
/OHQHHOGHSyVLWRFRQOtTXLGRGHIUHQRV'R7R'R7GHXQ
UHFLSLHQWHVHOODGR
35(&$8&,Ð1
1RPH]FOHGLIHUHQWHVWLSRVGHOtTXLGR\DTXHSXHGHQQRVHU
FRPSDWLEOHV
0$1*8(5$'(385*$
&RQHFWHXQSXUJDGRUGHIUHQRVFRPHUFLDOPHQWHGLVSRQLEOHD
385*$'25'()5(126
ODYiOYXODGHSXUJD
%RPEHHHOSXUJDGRUGHOIUHQR\DIORMHODYiOYXODGHSXUJD
$JUHJXHOtTXLGRGHIUHQRVFXDQGRHOQLYHOGHOtTXLGRHQHO
GHSyVLWRVHDEDMR
127$
9HULILTXHHOQLYHOGHOtTXLGRFRQIUHFXHQFLDPLHQWUDVSXUJD
HOIUHQRSDUDHYLWDUTXHVHERPEHHDLUHDOVLVWHPD
&XDQGRXVHXQDKHUUDPLHQWDGHSXUJDGHIUHQRVVLJDODV
LQVWUXFFLRQHVGHRSHUDFLyQGHOIDEULFDQWH
5HSLWDORVSURFHGLPLHQWRVDQWHULRUHVKDVWDTXHQRDSDUH]FDQ
EXUEXMDVGHDLUHHQODPDQJXHUDGHSOiVWLFR
&HUUDUODYiOYXODGHSXUJD

6,67(0$'()5(12+,'5É8/,&2
3$/$1&$'(/)5(12
6L QR KD\ XQ SXUJDGRU GH IUHQRV GLVSRQLEOH UHDOLFH ORV
VLJXLHQWHVSURFHGLPLHQWRV
%RPEHHODSUHVLyQGHOVLVWHPDFRQODSDODQFDRHOSHGDOGHO
IUHQRKDVWDTXHQRKD\DEXUEXMDVGHDLUHHQHOIOXLGRTXHVDOH
GHOSHTXHxRRULILFLRGHOGHSyVLWR\VHVLHQWHUHVLVWHQFLDDOD
SDODQFD
&RQHFWHXQDPDQJXHUDDODYiOYXODGHSXUJD\SXUJXHHO
VLVWHPDGHODVLJXLHQWHPDQHUD
3UHVLRQHODSDODQFDGHOIUHQRRSUHVLRQHHOSHGDOGHOIUHQR
iEUDOR
ODYiOYXODGHSXUJDõYXHOWD\OXHJRFLpUUHOD
9É/98/$'(385*$
127$
1RVXHOWHODSDODQFDGHOIUHQRKDVWDTXHODYiOYXODGHSXUJD
VHKD\DFHUUDGR
6XHOWHODSDODQFDGHOIUHQRRHOSHGDOOHQWDPHQWH\HVSHUH
YDULRV VHJXQGRV GHVSXpV GH TXH OOHJXH DO ILQDO GH VX
UHFRUULGR
5HSLWDORVSDVRV\KDVWDTXHODVEXUEXMDVGHDLUHGHMHQGH
DSDUHFHUHQHOOtTXLGRTXHVDOHGHODYiOYXODGHSXUJD
0$1*8(5$'(385*$
1,9(/683(5,25
/OHQHHOGHSyVLWRKDVWDHOQLYHOVXSHULRUFRQOtTXLGRGHIUHQRV
'R7R'R7GHVGHXQUHFLSLHQWHVHOODGR
,QVWDOHHOGLDIUDJPDODSODFDGHDMXVWH\ODWDSDGHOGHSyVLWR
$SULHWHORVWRUQLOORVGHFDEH]D

/Ì48,'2'()5(12
352&(',0,(172 ,19(562 '(
385*$
5HWLUHODVSDVWLOODVGHOIUHQRSiJLQD
5HWLUHHOSLVWyQGHODSLQ]DSiJLQD
9LHUWDOtTXLGRGHIUHQRVKDVWDHOVHOORVXSHULRUGHODSLQ]D
127$
5HWLUHHOSLVWyQFRQDLUHDSUHVLyQTXHSURWHJHHOSLVWyQFRQ
XQDEDVHVXDYH
3,1=$

6,67(0$'()5(12+,'5É8/,&2
3,67Ð1
,QVWDOHHOSLVWyQGHODSLQ]DSiJLQD\SUHVLRQHDPERV
SLVWRQHVVLPXOWiQHDPHQWH\IXHUFHHOOtTXLGRKDFLDDUULEDDO
FLOLQGURPDHVWUR
,QVWDOHODVSDVWLOODVGHOIUHQRHLQVWDOHHOFRQMXQWRGHODSLQ]D
GHOIUHQR
/Ì48,'2'()5(126 3$/$1&$'(/)5(12
3UHVLRQH\VXHOWHODSDODQFDGHOIUHQRKDVWDTXHODVEXUEXMDV
GHDLUHGHMHQGHHQWUDUHQHOFLOLQGURPDHVWUR
5HOOHQHHOOtTXLGRGHIUHQRVGHXQUHFLSLHQWHVHOODGRVLHOQLYHO
GHOtTXLGRGHIUHQRVHVEDMR$VHJ~UHVHGHTXHHOOtTXLGRQR
FDLJDSRUGHEDMRGHODPDUFD
/:5
HQHOFLOLQGURPDHVWUR
7$3$'(/'(3Ð6,72 3/$&$'($-867(
,QVWDOHHOGLDIUDJPDHQHOFLOLQGURPDHVWUROOHQRGHOtTXLGR
,QVWDOHODSODFDGHDMXVWH
,QVWDOHODWDSDGHOGHSyVLWR$SULHWHELHQORVWRUQLOORV
127$
$VHJ~UHVHGHTXHQRHQWUHSROYRHQHOFRQMXQWRGHODSLQ]D
',$)5$*0$ &,/,1'520$(6752
7$3$'(/'(3Ð6,72
9HULILTXHHOUHQGLPLHQWRGHOIUHQRSUHVLRQDQGRODSDODQFDGHO
IUHQR
6LJD HO PLVPR SURFHGLPLHQWR SDUD HO SXUJDGR GHO IUHQR
WUDVHUR

6,67(0$'()5(12+,'5É8/,&2
7$321(6'(/$6$/02+$',//$6
3$67,//$6'()5(12',6&2
$'9(57(1&,$
8Q GLVFR R SDVWLOOD GH IUHQR FRQWDPLQDGD DXPHQWD OD
GLVWDQFLDGHIUHQDGR'HVHFKHODVSDVWLOODVFRQWDPLQDGDV\
OLPSLHHOGLVFRFRQWDPLQDGRFRQXQDJHQWHGHVHQJUDVDQWH
GHIUHQRVGHDOWDFDOLGDG
3$67,//$6'()5(12'(/$17(52
5((03/$=2
127$
DVHJXUDUXQDSUHVLyQXQLIRUPHGHOGLVFR
5HWLUHORVWDSRQHVGHODVDOPRKDGLOODV 3(5126'(0217$-('(/$3,1=$
$IORMHORVSDVDGRUHVGHODDOPRKDGLOOD
5HWLUHORVSHUQRVGHPRQWDMHGHODSLQ]D
5HWLUHHOFRQMXQWRGHODSLQ]D
(PSXMHHOSLVWyQGHODSLQ]DFRPSOHWDPHQWHKDFLDDGHQWUR
HPSXMDQGRHOFXHUSRGHODSLQ]DKDFLDDGHQWURSDUDSHUPLWLU
ODLQVWDODFLyQGHQXHYDVSDVWLOODVGHIUHQR
127$
9HULILTXHHOQLYHOGHOOtTXLGRGHIUHQRVHQHOGHSyVLWRGHO
FLOLQGURPDHVWUR\DTXHHVWDRSHUDFLyQKDFHTXHHOQLYHOGHO
OtTXLGRGHIUHQRVDXPHQWH
3$6$'25(6 &21-8172'(/$3,1=$
5HWLUHORVSDVDGRUHVGHODDOPRKDGLOOD

3$6$'25(6
5HWLUHODVSDVWLOODVGHOIUHQR
3$67,//$6'(/)5(12

6,67(0$'()5(12+,'5É8/,&2
/LPSLHHOLQWHULRUGHODSLQ]DHVSHFLDOPHQWHDOUHGHGRUGHO
SLVWyQGHODSLQ]D
$VHJ~UHVHGHTXHHOUHVRUWHGHODDOPRKDGLOODHVWpLQVWDODGR
HQVXSRVLFLyQ
5(6257(
,QVWDOH DOPRKDGLOODV QXHYDV SDUD TXH VXV H[WUHPRV

GHVFDQVHQVREUHHOUHVRUWHGHODDOPRKDGLOOD
3$67,//$6'(/)5(12
3(5126'(0217$-(
,QVWDOH \ DSULHWH OD SLQ]D GHODQWHUD FRQ QXHYRV SHUQRV GH
PRQWDMHDOWRUTXHHVSHFLILFDGR
72548(
3(512'(0217$-(3,1=$'(/$17(5$
NJIP
35(&$8&,Ð1
'HVSXpV GHO UHHPSOD]R RSHUH OD SDODQFD GHO IUHQR SDUD
DVHQWDUORVSLVWRQHVGHODSLQ]DFRQWUDODVSDVWLOODV
,QVWDOH\DSULHWHORVSDVDGRUHVGHODDOPRKDGLOOD
127$
7HQJDFXLGDGRGHQRGDxDUODVSDVWLOODVGHIUHQR 3$6$'25(6 &21-8172'(/$3,1=$
7$321(6'(/$6$/02+$',//$6
,QVWDOHORVWDSRQHVGHOSDVDGRUGHODDOPRKDGLOOD

6,67(0$'()5(12+,'5É8/,&2
3$67,//$6'()5(1275$6(52
5((03/$=2
(PSXMHHOSLVWyQGHODSLQ]DFRPSOHWDPHQWHKDFLDDGHQWUR
HPSXMDQGRHOFXHUSRGHODSLQ]DKDFLDDGHQWURSDUDSHUPLWLU
ODLQVWDODFLyQGHQXHYDVSDVWLOODVGHIUHQR
127$
9HULILTXHHOQLYHOGHOOtTXLGRGHIUHQRVHQHOGHSyVLWRGHO
FLOLQGURPDHVWUR\DTXHHVWDRSHUDFLyQKDFHTXHHOQLYHOGHO
OtTXLGRGHIUHQRVDXPHQWH
5HWLUHHOWDSyQGHOSDVDGRUGHODDOPRKDGLOOD
7$3Ð1
3$6$'25
5HWLUHHOSDVDGRUGHODDOPRKDGLOODFRQODOODYH$OOHQ

5(6257(
5HWLUHODVSDVWLOODVGHIUHQR\OLPSLHHOLQWHULRUGHODSLQ]D
HVSHFLDOPHQWHDOUHGHGRUGHOSLVWyQGHODSLQ]D
3$67,//$6'()5(12 3$6$'25

6,67(0$'()5(12+,'5É8/,&2
5(6257( 25,1*
,QVWDOHXQQXHYR2ULQJHQHOSDVDGRUGHODDOPRKDGLOOD\
DSOLTXHJUDVDGHVLOLFRQDDO2ULQJ
$VHJ~UHVHGHTXHHOUHVRUWHGHODSDVWLOODHVWpHQVXOXJDUH
LQVWDOHQXHYDVSDVWLOODVGHIUHQRGHIRUPDVHJXUD
,QVWDOH HO SDVDGRU GH OD DOPRKDGLOOD SUHVLRQDQGR ODV
DOPRKDGLOODVFRQWUDHOUHVRUWHGHODDOPRKDGLOODSDUDDOLQHDU
HORULILFLRGHOSDVDGRUGHODDOPRKDGLOODHQODVDOPRKDGLOODV
GHODSLQ]D
127$
DVHJXUDUXQDSUHVLyQXQLIRUPHGHOGLVFR
3$67,//$6'()5(12 3$6$'25
3$6$'25
$SULHWHHOSDVDGRUGHODDOPRKDGLOODDOWRUTXHHVSHFLILFDGR
72548(
3(5123$6$'253,1=$75$6(5$NJIP
,QVWDOHHOWDSyQGHOSDVDGRUGHODDOPRKDGLOOD
',6&2'(/)5(12 7$3Ð1
,163(&&,Ð1
,QVSHFFLRQH YLVXDOPHQWH ORV GLVFRV GH IUHQR HQ EXVFD GH
GDxRVRJULHWDV
0LGDHOHVSHVRUGHOGLVFRGHIUHQRFRQXQPLFUyPHWUR
/
Ì0,7('(/6(59,&,2
'(/$17(52PP
75$6(52PP
127$
/DXQLGDGGHVHUYLFLRHVWiHVWDPSDGDHQHOGLVFRGHOIUHQR
5HHPSODFHHOGLVFRGHOIUHQRVLODPHGLGDPiVSHTXHxDHV
PHQRUTXHHOOtPLWHGHOVHUYLFLR

6,67(0$'()5(12+,'5É8/,&2
0LGDHOGHVJDVWHGHOGLVFRGHOIUHQRFRQXQLQGLFDGRUGHGLDO
/
Ì0,7('(/6(59,&,2
'(/$17(52PP

75$6(52PP

5HYLVHORVURGDPLHQWRVGHODVUXHGDVSRUMXHJRH[FHVLYRVLOD
GHIRUPDFLyQH[FHGHHOOtPLWHGHVHUYLFLR
5HHPSODFHHOGLVFRGHIUHQRVLORVURGDPLHQWRVGHODVUXHGDV
VRQQRUPDOHV
',6&2'(/)5(12
',6&2'(/)5(12
5((03/$=2',6&2'(/)5(12
5HWLUHODUXHGDGHODQWHUDSiJLQDRODUXHGDWUDVHUD
SiJLQD
5HWLUHORVSHUQRVGHPRQWDMHGHOGLVFRGHOIUHQR
3(5126

',6&2'(/)5(12
,QVWDOHHOGLVFRGHOIUHQRFRQODPDUFDGHIOHFKDKDFLDDIXHUD
HQODGLUHFFLyQGHURWDFLyQGHODUXHGD
,QVWDOH QXHYRV SHUQRV GH GLVFR \ DSULpWHORV HQ XQ SDWUyQ
HQWUHFUX]DGRHQWUHVSDVRVRDOWRUTXHHVSHFLILFDGR
72548(
3(512',6&2'(/)5(12'(/$17(52
NJIP
/2&.
3(5126 0$5&$'()/(&+$

6,67(0$'()5(12+,'5É8/,&2
&,/,1'520$(6752'(/$17(52
5(02&,Ð1
35(&$8&,Ð1
(YLWHGHUUDPDUOtTXLGRGHIUHQRVVREUHSLH]DVSLQWDGDV
GHSOiVWLFRRJRPD&RORTXHXQWUDSRVREUHHVWDVSDUWHV
FDGDYH]TXHVHUHSDUHHOVLVWHPD
$OUHWLUDUHOSHUQREDQMRGHODPDQJXHUDGHOIUHQRFXEUD
HOH[WUHPRGHODPDQJXHUDSDUDHYLWDUODFRQWDPLQDFLyQ
'HVFRQHFWHORVFRQHFWRUHVGHOLQWHUUXSWRUGHODOX]GHIUHQR
GHODQWHUR
&21(&725(6
3(512%$1-2 3(5126
5HWLUHHOSURWHFWRUGHPDQRSiJLQD
5HWLUHHOHVSHMRUHWURYLVRUGHUHFKRSiJLQD
'UHQHHOOtTXLGRGHIUHQRVGHOVLVWHPDKLGUiXOLFR
SiJLQD
'HVFRQHFWHODPDQJXHUDGHOIUHQRTXLWDQGRHOSHUQREDQMR
GHODPDQJXHUDGHOIUHQR\ODVDUDQGHODVGHVHOOR
5HWLUHORVSHUQRVGHOVRSRUWHGHOFLOLQGURPDHVWURHOVRSRUWH\
HOFLOLQGURPDHVWURGHOPDQLOODU
0$1*8(5$ 623257(&,/,1'520$(6752
78(5&$3,927( 3$/$1&$'(/)5(12
5HWLUHODWXHUFDGHSLYRWHHOSHUQR\HOFRQMXQWRGHODSDODQFD
GHOIUHQR
3(512
,17(5583725/8='(/)5(12'(/$17(52
5HWLUHHOWRUQLOOR\HOLQWHUUXSWRUGHODOX]GHOIUHQR
7251,//2

6,67(0$'()5(12+,'5É8/,&2
&,/,1'520$(6752
5HWLUHODWDSDSURWHFWRUDGHOFLOLQGURPDHVWUR
7$3$3527(&725$
9$5,//$'((038-(
5HWLUHODIXQGDGHOSLVWyQ\ODYDULOODGHHPSXMHGHOFLOLQGUR
PDHVWUR\HOSLVWyQPDHVWUR
)81'$
3,1=$3,(5(5
5HWLUHHODQLOORGHUHWHQFLyQGHOFXHUSRGHOFLOLQGURPDHVWUR
3,1=$3,(5(5
3$57(1R++.)1
5HWLUHHOSLVWyQGHOFLOLQGURPDHVWUR\HOUHVRUWHGHOFLOLQGUR
PDHVWUR
/LPSLHHOFLOLQGURPDHVWURHOGHSyVLWR\HOSLVWyQGHOFLOLQGUR
PDHVWURFRQOtTXLGRGHIUHQRVOLPSLR
$1,//2'(5(7(1&,Ð1
127$ &,/,1'520$(6752 3,67Ð1
5HHPSODFHHOSLVWyQGHOFLOLQGURPDHVWURHOUHVRUWHODV
FRSDV\HODQLOORGHUHWHQFLyQFRPRXQMXHJRFDGDYH]
TXHVHGHVPRQWHQ
$VHJ~UHVH GH TXH FDGD SDUWH HVWp OLEUH GH SROYR R
VXFLHGDGDQWHVGHYROYHUDDUPDUOD
1XQFDSHUPLWDTXHFRQWDPLQDQWHVVXFLHGDGDJXDHWF
HQWUHQHQXQGHSyVLWRDELHUWR
,163(&,Ð1
5HYLVHODVFRSDVGHOSLVWyQSRUGDxRV
9HULILTXHTXHHOFLOLQGURPDHVWUR\HOSLVWyQQRWHQJDQPDUFDV
&23$6
XRWURVGDxRV
5(6257( $1,//2'(5(7(1&,Ð1

6,67(0$'()5(12+,'5É8/,&2
(16$0%/(
78(5&$3,927(
7251,//2
3$/$1&$'(/)5(12
,17(5583725/8='(3$5$'$'(/$17(5$
&23$6
&,/,1'520$(6752
',$)5$*0$ 5(6257(
3,67Ð10$(6752
)81'$
3/$&$'($-867(
$1,//2'(5(7(1&,Ð1
3(5123,927(
7$3$'(/'(3Ð6,72
7251,//26 &,/,1'520$(6752 3,67Ð10$(6752

127$
5HHPSODFHHOSLVWyQPDHVWURHOUHVRUWHODVFRSDV\HO
DQLOORGHUHWHQFLyQFRPRXQFRQMXQWR
5HHPSODFH OD IXQGD VL HVWi GHVJDVWDGD GHWHULRUDGD R
GDxDGD
$SOLTXH JUDVD GH VLOLFRQD D OD VXSHUILFLH LQWHUQD GH OD
IXQGD
VXFLHGDGDQWHVGHYROYHUDDUPDU
&XEUDHOSLVWyQGHOFLOLQGURPDHVWUR\ODVFRSDVGHOSLVWyQFRQ
OtTXLGRGHIUHQRVOLPSLR,QVWDOHHOUHVRUWHHQHOH[WUHPRGHO
SLVWyQPDHVWUR,QVWDOHHOSLVWyQUHVRUWHGHOFLOLQGURPDHVWUR 5(6257( &23$6 $1,//2'(
HQHOFLOLQGURPDHVWUR 3,1=$3,(5(5 5(7(1&,Ð1
35(&$8&,Ð1
1RSHUPLWDTXHORVERUGHVGHODFRSDGHOSLVWyQVHYXHOYDQ
GHO UHYpV ,QVWDOH HO DQLOOR GH UHWHQFLyQ HQ OD UDQXUD GHO
FLOLQGURPDHVWUR
3,1=$3,(5(5
3$57(1R++.)1
35(&$8&,Ð1
$VHJ~UHVH GH TXH HO DQLOOR GH UHWHQFLyQ HVWp ILUPHPHQWH
DVHQWDGRHQODUDQXUD
$1,//2'(5(7(1&,Ð1

6,67(0$'()5(12+,'5É8/,&2
7$3$3527(&725$
,QVWDOHODWDSDSURWHFWRUDHQHOFLOLQGURPDHVWURGHIRUPD
VHJXUD
$SOLTXH JUDVD GH VLOLFRQD D OD VXSHUILFLH GH FRQWDFWR GHO

SLVWyQPDHVWUR\ODYDULOODGHHPSXMH
,QVWDOHODIXQGDHQHOFLOLQGURPDHVWURHQXQH[WUHPR\OD
UDQXUDHQHOSLVWyQPDHVWURHQHORWUR
$SOLTXHJUDVDGHVLOLFRQDDODSXQWDGHODYDULOODGHHPSXMH\
DODVXSHUILFLHGHFRQWDFWRGHODSDODQFDGHOIUHQR
)81'$
,17(5583725/8='(3$5$'$'(/$17(5$
,QVWDOH HO LQWHUUXSWRU GH OD OX] GH SDUDGD GHODQWHUD HQ HO
FLOLQGURPDHVWURDOLQHDQGRODOHQJHWDGHOLQWHUUXSWRUGHOD
OX]GHSDUDGDGHODQWHUD\ODUDQXUDGHOFLOLQGURPDHVWUR
,QVWDOH\DSULHWHHOWRUQLOORGHIRUPDVHJXUD

7251,//2
3(5123,927(
$SOLTXHJUDVDGHVLOLFRQDDODVXSHUILFLHGHVOL]DQWHGHOSHUQR
GHSLYRWHGHODSDODQFDGHOIUHQR
,QVWDOHODSDODQFDGHOIUHQRHOSURWHFWRUGHODPDQRGHUHFKD
HOSHUQRWXHUFDGHSLYRWH\DSULpWHOR
6XMHWH HO SHUQR GH SLYRWH H LQVWDOH \ DSULHWH OD WXHUFD GH
SLYRWH
78(5&$3,927( 3$/$1&$'(/)5(12

6,67(0$'()5(12+,'5É8/,&2
$/,1($5 623257(&,/,1'520$(6752
$OLQHH HO H[WUHPR GHO FLOLQGUR PDHVWUR FRQ OD PDUFD GH
SHUIRUDFLyQHQHOPDQLOODU
,QVWDOHORVSHUQRVGHODQWHURVGHOFLOLQGURPDHVWUR\DSULpWHORV
3(512623257(&,/,1'520$(6752NJIP
&RQHFWH ORV FRQHFWRUHV GHO LQWHUUXSWRU GH OD OX] GHO IUHQR
GHODQWHUR
&21(&725(6 3(5126
0$1*8(5$ $5$1'(/$'(6(//2
&RQHFWHODPDQJXHUDGHOIUHQRDOFLOLQGURPDHVWURFRQHO
SHUQR EDQMR \ ODV QXHYDV DUDQGHODV GH VHOOR \ DSULHWH HO
SHUQREDQMR
72548(
3(512%$1-20$1*8(5$'(/)5(12
NJIP
,QVWDOHHOHVSHMRUHWURYLVRUSiJLQD
/OHQH\SXUJXHHOVLVWHPDKLGUiXOLFRSiJLQD
3(512%$1-2 623257(&,/,1'520$(6752
&,/,1'520$(675275$6(52
5(02&,Ð1
35(&$8&,Ð1
(YLWHGHUUDPDUOtTXLGRGHIUHQRVVREUHSLH]DVSLQWDGDVGH
SOiVWLFRRJRPD&RORTXHXQWUDSRVREUHHVWDVSDUWHV
$OUHWLUDUHOSHUQREDQMRGHODPDQJXHUDGHOIUHQRFXEUD
HOH[WUHPRGHODPDQJXHUDSDUDHYLWDUODFRQWDPLQDFLyQ
SiJLQD
623257((675,%2'(5(&+2'(/3,e
5HWLUH HO FRQMXQWR GHO VRSRUWH GHO HVWULER GHO SLp GHO ODGR
GHUHFKRSiJLQD 3('$/'(/)5(12
5HWLUHHOSHGDOGHOIUHQRSiJLQD

6,67(0$'()5(12+,'5É8/,&2
3(512%$1-2
5HWLUHORVSHUQRVGHPRQWDMHGHOFLOLQGURPDHVWUR
$5$1'(/$6'(6(//2 3(5126
0$1*8(5$
'(6(16$0%/(
$IORMHHOFOLS\GHVFRQHFWHODPDQJXHUDGHOFLOLQGURPDHVWUR
&/,3
5HWLUHODFXELHUWDDQWLSROYRGHOFLOLQGURPDHVWUR

&8%,(57$$17,32/92
3,1=$3,(5(5
5HWLUHHODQLOORGHUHWHQFLyQGHOFXHUSRGHOFLOLQGURPDHVWUR
FRQODKHUUDPLHQWDHVSHFLDOFRPRVHPXHVWUD
,1=$3,(5(5
3
3$57(1R++.)1
$1,//2'(5(7(1&,Ð1

6,67(0$'()5(12+,'5É8/,&2
&21(&725
5HWLUHHOFRQHFWRU\HO2ULQJ
25,1*
5HWLUHODIXQGDGHOFXHUSRGHOFLOLQGURPDHVWUR
127$
7HQJDFXLGDGRGHQRGDxDUODERWD
)81'$
&,/,1'520$(6752 3,67Ð1&,/,1'520$(6752
5HWLUH HO SLVWyQ GHO FLOLQGUR PDHVWUR WUDVHUR HO UHVRUWH HO
WRUQLOORODIXQGDODDUDQGHOD\HODQLOORGHUHWHQFLyQ
/LPSLHHOLQWHULRUGHOFLOLQGURPDHVWURFRQOtTXLGRGHIUHQRV
OLPSLR
$5$1'(/$
,163(&&,Ð1 5(6257( 7251,//2 $1,//2'(5(7(1&,Ð1 )81'$
5HYLVHODIXQGDGHOSLVWyQODVFRSDVGHOSLVWyQSRUIDWLJDR
GDxR
9HULILTXHTXHHOFLOLQGURPDHVWUR\HOSLVWyQQRWHQJDQPDUFDV
XRWURVGDxRV
0LGDHOGLiPHWURLQWHUQRGHOFLOLQGURPDHVWUR
Ì0,7('(/6(59,&,2
/
',É0(752 ,17(512 '(/ &,/,1'52 0$(6752
PP
0LGDHOGLiPHWURH[WHUQRGHOSLVWyQGHOFLOLQGURPDHVWUR
/
Ì0,7('(/6(59,&,2
',É0(752 (;7(512 3,67Ð1 '(/ &,/,1'52
0$(6752PP

6,67(0$'()5(12+,'5É8/,&2
(16$0%/(
&,/,1'520$(6752
-817$'(
0$1*8(5$ 5(6257(
&23$35,0$5,$
3,67Ð10$(6752
&23$6(&81'$5,$
833(5
/2:(5
7251,//2$5$1'(/$
9$5,//$
'((038-( $1,//2'(5(7(1&,Ð1
)81'$
127$
0DQWHQJDHOSLVWyQODVFRSDVORVUHVRUWHVORVDQLOORVGH $1,//2
UHWHQFLyQ \ OD IXQGD FRPR XQ FRQMXQWR 1R VXVWLWX\D &,/,1'520$(6752 3,67Ð1 '(5(7(1&,Ð1
SDUWHVLQGLYLGXDOHV $5$1'(/$
5HHPSODFHHOSLVWyQPDHVWURHOUHVRUWHODVFRSDV\HO
DQLOORGHUHWHQFLyQFRPRXQFRQMXQWR
5HHPSODFH OD IXQGD VL HVWi GHVJDVWDGD GHWHULRUDGD R
GDxDGD
$SOLTXH JUDVD GH VLOLFRQD D OD VXSHUILFLH LQWHUQD GH OD

IXQGD
VXFLHGDGDQWHVGHYROYHUDDUPDU
&XEUDHOSLVWyQGHOFLOLQGURPDHVWUR\ODVFRSDVFRQOtTXLGR
GHIUHQRVOLPSLR,QVWDOHHOUHVRUWHHQHOH[WUHPRGHOSLVWyQ
PDHVWUR,QVWDOHHOSLVWyQUHVRUWHGHOFLOLQGURPDHVWURHQHO
FLOLQGURPDHVWUR 5(6257( &23$6 7251,//2 )81'$
35(&$8&,Ð1 3,1=$3,(5(5
1RSHUPLWDTXHORVERUGHVGHODFRSDGHOSLVWyQVHYXHOYDQ
GHOUHYpV
,QVWDOH HO DQLOOR GH UHWHQFLyQ HQ OD UDQXUD HQ HO FLOLQGUR
PDHVWUR
,1=$3,(5(5
3
3$57(1R++.)1
35(&$8&,Ð1
DVHQWDGRHQODUDQXUD
$1,//2'(5(7(1&,Ð1

6,67(0$'()5(12+,'5É8/,&2
,QVWDOHODIXQGDHQHOFXHUSRGHOFLOLQGURPDHVWUR
127$
7HQJDFXLGDGRGHQRGDxDUODIXQGD
)81'$
78(5&$'(%/248(2
6LVHGHVPRQWDODYDULOODGHHPSXMHDMXVWHODORQJLWXGGHOD
YDULOODGHHPSXMHGHPRGRTXHODGLVWDQFLDHQWUHHOFHQWURGHO
RULILFLRGHOSHUQRGHPRQWDMHLQIHULRUGHOFLOLQGURPDHVWUR\HO
RULILFLRGHOSDVDGRUGHXQLyQVHDGHPP
'HVSXpVGHODMXVWHDSULHWHODWXHUFDGHEORTXHR
PP
&21(&725 3,1=$3,(5(5
$SOLTXHOtTXLGRGHIUHQRVDXQQXHYR2ULQJHLQVWiOHORHQHO
FRQHFWRU
&RQHFWHHOFRQHFWRUDOFLOLQGURPDHVWUR
,QVWDOH HO DQLOOR GH UHWHQFLyQ HQ OD UDQXUD GHO FLOLQGUR
PDHVWUR
3,1=$3,(5(5
3$57(1R++.)1
35(&$8&,Ð1
DVHQWDGRHQODUDQXUD 25,1* $1,//2'(5(7(1&,Ð1
0$1*8(5$
,QVWDOHODFXELHUWDDQWLSROYRHQHOFXHUSRGHOFLOLQGURPDHVWUR
&RQHFWHODPDQJXHUDDOFLOLQGURPDHVWUR\DSULHWHHOFOLS
&8%,(57$$17,32/92 &/,3

6,67(0$'()5(12+,'5É8/,&2
3(512%$1-2
&,/,1'520$(675275$6(52
,167$/$&,Ð1
&RQHFWHODPDQJXHUDGHOIUHQRDOFLOLQGURPDHVWURFRQHO
SHUQREDQMR\ODVQXHYDVDUDQGHODVGHVHOORDSULHWHHOSHUQR
EDQMRDOWRUTXHHVSHFLILFDGR
72548(
3(512%$1-20$1*8(5$'(/)5(12
NJIP
,QVWDOH\DSULHWHORVSHUQRVGHPRQWDMHDOWRUTXHHVSHFLILFDGR
$5$1'(/$6'(6(//2 3(5126
3('$/'(/)5(12
,QVWDOHHOSHGDOGHOIUHQRSiJLQD

,QVWDOHHOFRQMXQWRGHOVRSRUWHGHOHVWULERGHOSLpGHOODGR
GHUHFKRSiJLQD
$MXVWHODDOWXUDGHOSHGDOGHOIUHQRWUDVHURSiJLQD
623257((675,%2'(5(&+2'(/3,e

6,67(0$'()5(12+,'5É8/,&2
3$6$'25(6'(/$$/02+$',//$
3,1=$'()5(12'(/$17(52
5(02&,Ð1
35(&$8&,Ð1
GHSOiVWLFRRJRPD&RORTXHXQWUDSRVREUHHVWDVSDUWHV
$OUHWLUDUHOSHUQREDQMRFXEUDHOH[WUHPRGHODPDQJXHUD
SDUDHYLWDUODFRQWDPLQDFLyQ
SiJLQD
5HWLUHORVWDSRQHVGHORVSDVDGRUHVGHODDOPRKDGLOOD
3(512%$1-2 3$6$'25(6
5HWLUHORVSDVDGRUHVGHODDOPRKDGLOOD
5HWLUHORVWRUQLOORVGHPRQWDMHGHODSLQ]DGHOIUHQRGHODQWHUR
\ODSLQ]DGHOIUHQRGHODQWHUR
5(029('253,1623257(3$67,//$6'(/
)5(12
3$57(1R++
$5$1'(/$'(6(//2 3(5126'(0217$-(
623257( &8(532'(/$3,1=$
5HWLUHODVSDVWLOODVGHIUHQR
'(6(16$0%/(
127$
1RTXLWHODSLQ]D\ORVSDVDGRUHVGHOVRSRUWHDPHQRV
TXHVHDQHFHVDULRUHHPSOD]DUORV
5HWLUHHOVRSRUWHGHODSLQ]DGHOFXHUSRGHODSLQ]D
5HWLUHHOUHVRUWHGHODDOPRKDGLOOD\ODIXQGDGHOSDVDGRU
GHOVRSRUWHGHOFXHUSRGHOFLOLQGUR
3$67,//$6'(/)5(12 5(6257(
&RORTXHXQDWRDOODGHWDOOHURXQDKRMDGHJRPDVXDYHVREUH
ORVSLVWRQHV&RORTXHHOFXHUSRGHODSLQ]DFRQORVSLVWRQHV
KDFLD DEDMR \ DSOLTXH SUHVLyQ GH DLUH LQVWDQWiQHD D OD
HQWUDGDGHIOXLGRSDUDH[WUDHUORVSLVWRQHV
127$
1RXWLOLFHDLUH DDOWDSUHVLyQQLDFHUTXHGHPDVLDGROD
ERTXLOODDODHQWUDGD
0DUTXH ORV SLVWRQHV SDUD JDUDQWL]DU XQ UHHQVDPEODMH
FRUUHFWR
+2-$'(*20$

6,67(0$'()5(12+,'5É8/,&2
6(//2'(/3,67Ð1
(PSXMH ORV VHOORV DQWL SROYR \ SLVWyQ KDFLD DGHQWUR \
OHYiQWHORV
35(&$8&,Ð1
7HQJDFXLGDGRGHQRGDxDUODVXSHUILFLHGHVOL]DQWHGHO
SLVWyQ
/LPSLHODVUDQXUDVGHVHOODGRORVSLVWRQHVGHODSLQ]D\
ODV VXSHUILFLHV GHVOL]DQWHV GHO SLVWyQ GH OD SLQ]D FRQ
OtTXLGRGHIUHQRVOLPSLR
6(//2$17,32/92
3,6721(6
,163(&&,Ð1
9HULILTXHTXHHOFLOLQGURGHODSLQ]D\ORVSLVWRQHVQRHVWpQ
UD\DGRVUD\DGRVRGDxDGRV
,' ,'
&,/,1'52'(/$3,1=$

3,6721(6'(/$3,1=$
9HULILTXHTXHHOSLVWyQGHODSLQ]DQRHVWpUD\DGRUD\DGRR
GDxDGR
0LGDHOGLiPHWURH[WHUQRGHOSLVWyQGHODSLQ]D
/Ì0,7('(/6(59,&,2
'
',É0(752(;7(5123,67Ð1'(/$3,1=$ (
PP '
(

6,67(0$'()5(12+,'5É8/,&2
(16$0%/( 3$6$'25(6'($/02+$',//$6
)81'$3$6$'25
'(/$3,1=$
&8(532'(/$3,1=$
6(//26$17,32/92
3$6$'25(6
6(//26'(/3,67Ð1
9É/98/$
'(385*$
623257('(/$3,1=$
5(6257(
3$67,//$6'(/)5(12
3,67Ð1'(/$3,1=$
127$
3,6721(6 6(//2'(/3,67Ð1
5HHPSODFHORVVHOORVDQWLSROYR\VHOORVGHSLVWyQSRURWURV
QXHYRV
5HHPSODFHODSLQ]D\ODIXQGDGHOSDVDGRUGHOVRSRUWHVL
HVWiGHVJDVWDGDGHWHULRUDGDRGDxDGD$SOLTXHJUDVD
GHVLOLFRQDDODVXSHUILFLHLQWHUQDGHODIXQGD
&XEUDORVVHOORVGHSLVWyQQXHYRVFRQOtTXLGRGHIUHQRVOLPSLR
HLQVWiOHORVHQODVUDQXUDVGHOVHOORHQODSLQ]D
&XEUDORVVHOORVDQWLSROYRQXHYRVFRQJUDVDGHVLOLFRQDH
LQVWiOHORVHQODVUDQXUDVGHOVHOORHQODSLQ]D
&XEUDORVSLVWRQHVGHODSLQ]DFRQOtTXLGRGHIUHQRVOLPSLRH
LQVWiOHOR HQ HO FLOLQGUR GH OD SLQ]D FRQ DSHUWXUD KDFLD ODV 6(//26$17,32/92
SDVWLOODV 623257( &8(532'(/$3,1=$
6L ODV IXQGDV GH SLQ GH SLQ]D HVWiQ GXUDV R GHWHULRUDGDV
UHHPSOiFHODVSRUXQDVQXHYDV
$SOLTXH JUDVD GH VLOLFRQD D ORV SDVDGRUHV \ IXQGDV GH OD
SLQ]D
,QVWDOHODVIXQGDVGHSLQGHODSLQ]D\HOVRSRUWHGHODSLQ]DHQ
HOFXHUSRGHODSLQ]D
,QVWDOHHOUHVRUWHGHODDOPRKDGLOODHQODSLQ]D
,QVWDOHODVSDVWLOODVGHIUHQR
,QVWDOHORVSDVDGRUHVGHODDOPRKDGLOOD
5(029('253,1623257(3$67,//$6'(/)5(12
3$57(1R++ 3$67,//$6'(/)5(12 5(6257(

6,67(0$'()5(12+,'5É8/,&2
3(512%$1-2 3$6$'25(6
,QVWDOHODSLQ]DGHOIUHQRGHODQWHURHQHOWHQHGRUGHODQWHUR
,QVWDOH\DSULHWHORVSHUQRVGHPRQWDMHGHODSLQ]DGHODQWHUD
72548(
3(512'(0217$-(3,1=$'(/$17(5$
NJIP
&RQHFWH OD PDQJXHUD GH IUHQR D OD SLQ]D FRQ QXHYDV
DUDQGHODVGHVHOOR
,QVWDOH\DSULHWHHOSHUQREDQMRDOWRUTXHHVSHFLILFDGR
72548(
3(512%$1-20$1*8(5$'(/)5(12 $5$1'(/$'(6(//2 3(5126
NJIP 3$6$'25(6'(/$6$/02+$',//$6
127$
7HQJDFXLGDGRGHQRWRUFHUODPDQJXHUDGHOIUHQR
,QVWDOHORVSDVDGRUHVGHODVDOPRKDGLOODV\ORVWDSRQHVGH
ODVFODYLMDV
3(512%$1-2
3,1=$'()5(1275$6(52
5(02&,Ð1
35(&$8&,Ð1
GH SOiVWLFR R JRPD &RORTXH XQ WUDSR VREUH HVWDV

SDUWHVFDGDYH]TXHVHUHSDUHHOVLVWHPD
$O UHWLUDU HO SHUQR EDQMR FXEUD HO H[WUHPR GH OD
PDQJXHUDSDUDHYLWDUODFRQWDPLQDFLyQ
5HWLUHODUXHGDWUDVHUDSiJLQD
5HWLUHHOSHUQREDQMR\HOFRQMXQWRGHODSLQ]D
5HWLUHODVSDVWLOODVGHIUHQRSiJLQD $5$1'(/$'(6(//2
3$6$'25(6
'(/$6$/02+$',//$6 &8(532'(/$3,1=$
'(6(16$0%/(
127$
1RUHWLUHODSLQ]D\ORVSDVDGRUHVGHOVRSRUWHDPHQRVTXH
VHDQHFHVDULRUHHPSOD]DUORV
5HWLUHHOVRSRUWHGHODSLQ]DGHOFXHUSRGHODSLQ]D
5HWLUHHOUHVRUWHGHODDOPRKDGLOOD\ODIXQGDGHOSDVDGRUGHO
VRSRUWHGHOFXHUSRGHOFLOLQGUR
3$67,//$'()5(12
3$6$'25 5(6257( 623257(

6,67(0$'()5(12+,'5É8/,&2
&RORTXHXQDWRDOODGHWDOOHURXQDKRMDGHJRPDVXDYHVREUH
HOSLVWyQ&RORTXHHOFXHUSRGHODSLQ]DFRQHOSLVWyQKDFLD
DEDMR\DSOLTXHSUHVLyQGHDLUHLQVWDQWiQHDDODHQWUDGDGH
IOXLGRSDUDH[WUDHUHOSLVWyQ
+2-$'(*20$
6(//2'(3,67Ð1
(PSXMH ORV VHOORV DQWL SROYR \ SLVWyQ KDFLD DGHQWUR \
OHYiQWHORV
35(&$8&,Ð1
7HQJD FXLGDGR GH QR GDxDU OD VXSHUILFLH GHVOL]DQWH GHO
SLVWyQ
/LPSLH ODV UDQXUDV GHO VHOOR HO SLVWyQ GH OD SLQ]D \ ODV
VXSHUILFLHVGHVOL]DQWHVGHOSLVWyQGHODSLQ]DFRQOtTXLGRGH
IUHQRVOLPSLR
6(//2$17,32/92
3,67Ð1
,163(&&,Ð1
9HULILTXHTXHHOFLOLQGURGHODSLQ]DQRHVWpUD\DGRUD\DGRR
GDxDGR
0LGDHOGLiPHWURLQWHUQRGHOFLOLQGURGHODSLQ]D
Ì0,7('(/6(59,&,2
/
',É0(752 ,17(512 &,/,1'52 '( /$ 3,1=$
PP ',
&,/,1'52'(/$3,1=$75$6(5$
3,67Ð1
9HULILTXHTXHHOSLVWyQGHODSLQ]DQRHVWpUD\DGRUD\DGRR
GDxDGR
0LGDHOGLiPHWURH[WHUQRGHOSLVWyQGHODSLQ]D
/
Ì0,7('(/6(59,&,2
',É0(752(;7(5123,67Ð1'(/$3,1=$
PP
'(

6,67(0$'()5(12+,'5É8/,&2
(16$0%/(
&8(532'(/$3,1=$
3$6$'25'(/$6
$/02+$',//$6
6(//2'(/3,67Ð1
3$6$'25
6(//2$17,32/92
)81'$6'(/3$6$'25
9É/98/$'(385*$
623257('(/$3,1=$
5(6257(
3,1=$
'(/3,67Ð1
3$67,//$6'()5(12
3,67Ð1 6(//2'(/3,67Ð1
127$
5HHPSODFHHOVHOORDQWLSROYR\HOVHOORGHOSLVWyQSRU
RWURVQXHYRV
5HHPSODFH OD SLQ]D \ HO SDVDGRU GHO VRSRUWH VL HVWi
GHVJDVWDGR GHWHULRUDGR R GDxDGR $SOLTXH JUDVD GH
VLOLFRQDDODVXSHUILFLHLQWHUQDGHODIXQGD
&XEUDHOVHOORGHOSLVWyQQXHYRFRQOtTXLGRGHIUHQRVOLPSLRH
LQVWiOHORHQODUDQXUDGHOVHOORHQODSLQ]D
6(//2$17,32/92 &8(532'(/$3,1=$
&XEUD HO VHOOR DQWL SROYR QXHYR FRQ JUDVD GH VLOLFRQD H
LQVWiOHORHQODUDQXUDGHOVHOORHQODSLQ]D
&XEUDHOSLVWyQGHODSLQ]DFRQOtTXLGRGHIUHQRVOLPSLRH
LQVWiOHOR HQ HO FLOLQGUR GH OD SLQ]D FRQ DSHUWXUD KDFLD ODV
SDVWLOODV
6L ODV IXQGDV GHO SDVDGRU GH SLQ]D HVWiQ GXUDV R
GHWHULRUDGDVUHHPSOiFHODVSRUXQDVQXHYDV
$SOLTXH JUDVD GH VLOLFRQD D ORV SDVDGRUHV \ IXQGDV GH OD
SLQ]D
,QVWDOHODVIXQGDVGHOSDVDGRUGHODSLQ]D\HOVRSRUWHGHOD
SLQ]DHQHOFXHUSRGHODSLQ]D
,QVWDOHHOUHVRUWHGHODDOPRKDGLOODHQODSLQ]D
,QVWDOHODVSDVWLOODVGHIUHQR
3$67,//$6'()5(12 623257(

6,67(0$'()5(12+,'5É8/,&2
3(512%$1-2
,167$/$&,Ð1
,QVWDOHODSLQ]DGHOIUHQRWUDVHURHQHOVRSRUWHGHODSLQ]D
72548(
3(512'(0217$-(3,1=$75$6(5$NJIP
&RQHFWHODPDQJXHUDGHIUHQRDODSLQ]DGHIUHQRFRQQXHYDV
DUDQGHODVGHVHOOR
,QVWDOH\DSULHWHHOSHUQREDQMRDOWRUTXHHVSHFLILFDGR
72548(
3(512%$1-20$1*8(5$'(/)5(12
NJIP
127$ $5$1'(/$'(6(//2
7HQJDFXLGDGRGHQRWRUFHUODPDQJXHUDGHOIUHQR
,QVWDOHODUXHGDWUDVHUDSiJLQD

%$7(5Ì$6,67(0$'(&$5*$
%$7(5Ì$
&$-$6'()86,%/(6
81,'$'
5(*8/$'25
5(&7,),&$'25 ,17(5583725
0$*1e7,&2'($55$148(
$9 $ODPEUHGHFREUHWUHQ]DGR64
)XVLEOHSULQFLSDO$
,QWHUUXSWRUPDJQpWLFR
GHDUUDQTXH

%DWHUtD 0RWRUGH
9$K
DUUDQTXH
<5
7LHUUD
5
5
7LHUUD
$OLQWHUUXSWRUGHDUUDQTXH
$OLQWHUUXSWRUFRPELQDGR
:
:
:
:
<$PDULOOR
:%ODQFR 5HJXODGRU
5HFWLÀFDGRU
*9HUGH
*HQHUDGRU
55RMR $&

%$7(5Ì$6,67(0$'(&$5*$
'LDJUDPDGHOVLVWHPD /OHQDGRGHHOHFWUROLWRV

,QIRUPDFLyQGHOVHUYLFLR 3URFHGLPLHQWRGHFDUJD
(VSHFLILFDFLRQHV $OPDFHQDPLHQWRGHEDWHUtDV
6ROXFLyQGHSUREOHPDV ,QVSHFFLyQGHOVLVWHPDGHFDUJD
%DWHUtD 5HJXODGRU5HFWLILFDGRU
3UXHEDGHEDWHUtD0) /tQHDGHFDUJD
,1)250$&,Ð1'(/6(59,&,2
*(1(5$/
$'9(57(1&,$
/DEDWHUtDHPLWHJDVHVH[SORVLYRVPDQWHQJDDOHMDGDVODVFKLVSDVOODPDV\FLJDUULOORV3URSRUFLRQHYHQWLODFLyQDGHFXDGD
FXDQGRFDUJXHRXVHODEDWHUtDHQXQHVSDFLRFHUUDGR
/DEDWHUtDFRQWLHQHiFLGRVXOI~ULFRHOHFWUROLWR(OFRQWDFWRFRQODSLHORORVRMRVSXHGHFDXVDUTXHPDGXUDVJUDYHV8VDURSD
SURWHFWRUD\XQDFDUHWD
6LOHFDHHOHFWUROLWRHQODSLHOHQMXDJXHFRQDJXD
6LOHHQWUDHOHFWUROLWRHQORVRMRVOiYHORVFRQDJXDGXUDQWHDOPHQRVPLQXWRV\OODPHDXQPpGLFRGHLQPHGLDWR
(OHOHFWUROLWRHVYHQHQRVR6LVHLQJLHUHEHEDJUDQGHVFDQWLGDGHVGHDJXDROHFKH\VLJDFRQOHFKHGHPDJQHVLDRDFHLWH
YHJHWDO\OODPHDXQPpGLFR
0$17(1(5)8(5$'(/$/&$1&('(/261,f26
35(&$8&,Ð1
6LHPSUHDSDJXHHOLQWHUUXSWRUGHHQFHQGLGRDQWHVGHGHVFRQHFWDUFXDOTXLHUFRPSRQHQWHHOpFWULFR
3DUDXQDOPDFHQDPLHQWRSURORQJDGRUHWLUHODEDWHUtDFiUJXHODSRUFRPSOHWR\JXiUGHODHQXQOXJDUIUHVFR\VHFR
3DUDXQDEDWHUtDUHVWDQWHHQXQDPRWRFLFOHWDDOPDFHQDGDGHVFRQHFWHHOFDEOHQHJDWLYRGHODEDWHUtDGHOWHUPLQDOGHOD
EDWHUtD
/D EDWHUtD SXHGH GDxDUVH VL VH VREUHFDUJD R VXEFDUJD R VL VH GHVFDUJD GXUDQWH ODUJRV SHUtRGRV (VWDV FRQGLFLRQHV
FRQWULEX\HQDDFRUWDUODYLGD~WLOGHODEDWHUtD,QFOXVREDMRXVRQRUPDOHOUHQGLPLHQWRGHODVEDWHUtDVVHGHWHULRUDGHVSXpV
GHDxRV
(OYROWDMHGHODEDWHUtDSXHGHUHFXSHUDUVHGHVSXpVGHODFDUJDGHODEDWHUtDSHUREDMRXQDFDUJDSHVDGDHOYROWDMHGHOD
EDWHUtDFDHUiUiSLGDPHQWH\HYHQWXDOPHQWHPRULUi3RUHVWDUD]yQDPHQXGRVHVRVSHFKDTXHHOVLVWHPDGHFDUJDHVHO
SUREOHPD/DVREUHFDUJDGHODEDWHUtDDPHQXGRUHVXOWDGHSUREOHPDVHQODEDWHUtDHQVtORTXHSXHGHSDUHFHUXQVtQWRPD
GHVREUHFDUJD6LXQDGHODVFHOGDVGHODEDWHUtDHVWiHQFRUWRFLUFXLWR\HOYROWDMHGHODEDWHUtDQRDXPHQWDHOUHJXODGRU
UHFWLILFDGRUVXPLQLVWUDXQH[FHVRGHYROWDMHDODEDWHUtD(QHVWDVFRQGLFLRQHVHOQLYHOGHHOHFWUROLWRVGHVFLHQGHUiSLGDPHQWH
$QWHVGHVROXFLRQDUSUREOHPDVGHOVLVWHPDGHFDUJDYHULILTXHHOXVR\PDQWHQLPLHQWRDGHFXDGRVGHODEDWHUtD9HULILTXHVLOD
EDWHUtDHVWiIUHFXHQWHPHQWHEDMRXQDFDUJDSHVDGDFRPRWHQHUODOX]GHODQWHUD\ODOX]WUDVHUD21GXUDQWHODUJRVSHUtRGRV
GHWLHPSRVLQFRQGXFLUODPRWRFLFOHWD
/DEDWHUtDVHGHVFDUJDUiDXWRPiWLFDPHQWHFXDQGRODPRWRFLFOHWDQRHVWpHQXVRSRUXQSHUtRGRSURORQJDGR3RUHVWHPRWLYR
FDUJXHODEDWHUtDXQDYH]DOPHVSDUDHYLWDUODIRUPDFLyQGHVXOIDWDFLyQ
&XDQGRYHULILTXHHOVLVWHPDGHFDUJDVLJDVLHPSUHORVSDVRVHQHOGLDJUDPDGHIOXMRGHVROXFLyQGHSUREOHPDV
(63(&,),&$&,21(6
%$7(5Ì$6,67(0$'(&$5*$
,7(0 (3(&,),&$&,21(6
&DSDFLGDG 9$K(7=%DWHUtD 0)
%DWHUtD )XJDGHFRUULHQWH P$Pi[LPR
9ROWDMHD&) 9PtQLPR
&DSDFLGDG :DUSP
$OWHUQDGRU
5HVLVWHQFLDGHODERELQDGHFDUJD&)
9ROWDMHUHJXODGRGHODERELQDGHODOiPSDUDFRQEDWHUtD 9PD[DUSP
$DUSP'tD1RFKH
&RUULHQWHUHJXODGDGHODERELQDGHODOiPSDUDFRQEDWHUtD
$DUSP'tD1RFKH

%$7(5Ì$6,67(0$'(&$5*$
62/8&,Ð1'(352%/(0$6
&DUJDEDMDGHODEDWHUtDYROWDMHQRHOHYDGRDOYROWDMHUHJXODGR
0LGDHOYROWDMHGHFDUJDFRQODEDWHUtDWRWDOPHQWH 1RUPDO 9HULILTXHODIXJDGHFRUULHQWHGHODEDWHUtDSUXHEDGH

FDUJDGR\HQEXHQHVWDGRSiJLQD IXJDSiJLQD
1RUPDO $QRUPDO
%DWHUtDGHIHFWXRVD
'HVFRQHFWHHOFRQHFWRUGHOUHJXODGRUUHFWLILFDGRU\
YXHOYDDYHULILFDUODIXJDGHFRUULHQWHGHODEDWHUtD
(OYROWDMHUHJXODGRHVWiQGDUQRVHDOFDQ]D
FXDQGRDXPHQWDODYHORFLGDGGHOPRWRU 1RUPDO $QRUPDO
$UQpVGHFDEOHFRUWR
,QWHUUXSWRUGHHQFHQGLGR
GHIHFWXRVR
5HJXODGRUUHFWLILFDGRU
GHIHFWXRVR
9HULILTXH OD OtQHD GH OD EDWHUtD HQ HO FRQHFWRU GHO $QRUPDO
UHJXODGRUUHFWLILFDGRUSiJLQD &LUFXLWRDELHUWRHQHODUQpVGHFDEOHV
&RQHFWRUHVPDOFRQHFWDGRV
1RUPDO

$QRUPDO
9HULILTXH OD OtQHD GH OD ERELQD GHO HVWDWRU HQ HO 9HULILTXHODERELQDGHOHVWDWRUGHODOWHUQDGRUSiJLQD
FRQHFWRUGHOUHJXODGRUUHFWLILFDGRUSiJLQD
1RUPDO $QRUPDO 1RUPDO
&LUFXLWRDELHUWRRFRUWRFLUFXLWR
HQHODUQpVGHFDEOHV
&RQHFWRU GHO DOWHUQDGRU PDO
FRQHFWDGR
%RELQDGHOHVWDWRUGHIHFWXRVD
5HJXODGRUUHFWLILFDGRUGHIHFWXRVR

%$7(5Ì$6,67(0$'(&$5*$
62/8&,Ð1'(352%/(0$6
6REUHFDUJDGHODEDWHUtDYROWDMHUHJXODGRGHPDVLDGRDOWR
0LGDHOYROWDMHGHFDUJDFRQODEDWHUtDWRWDOPHQWH $QRUPDO
FDUJDGR\HQEXHQHVWDGRSiJLQD %DWHUtDGHIHFWXRVD
(OYROWDMHUHJXODGRH[FHGHHQJUDQPHGLGDHOYDORUHVWiQGDU
9HULILTXHODOtQHDGHWLHUUDHQHOFRQHFWRUGHOUHJXODGRU $QRUPDO
&LUFXLWRDELHUWRHQHODUQpVGHFDEOHV
UHFWLILFDGRUSiJLQD
&RQHFWRUQHJDWLYRGHODEDWHUtDPDOFRQHFWDGR
1RUPDO
5HJXODGRUUHFWLILFDGRUGHIHFWXRVR
&RQHFWRUPDOFRQHFWDGR

%$7(5Ì$6,67(0$'(&$5*$
62/8&,Ð1'(352%/(0$6
9HULILFDFLyQGHOUHQGLPLHQWRGHODEDWHUtDFRQODEDWHUtDLQVWDODGDHQODPRWRFLFOHWD
(QFLHQGDWRGDVODVFDUJDV\SRQJDHOLQWHUUXSWRUGHDUUDQTXHHQ21µ
9HULILTXHHOIXQFLRQDPLHQWRGHOPRWRUGHDUUDQTXH
2.
*LUDFRUUHFWDPHQWHODEDWHUtDHVWiELHQ
'pELOQRJLUD
3UREDUHOVLVWHPDGHDUUDQTXHGHOPRWRU
1RHVEXHQR
2.
9HULILTXHHOVLVWHPDGHOPRWRUGHDUUDQTXH 5HFDUJDU
(QFLHQGDWRGDVODVFDUJDVGH&&\SRQJDHOLQWHUUXSWRUGHDUUDQTXHHQ21µ
2.
1RHVEXHQR
1RJLUD 'pELO
5HHPSODFHODEDWHULD 5HFDUJDU

(QFLHQGDWRGDVODVFDUJDVGH&&\HQFLHQGDHOLQWHUUXSWRUGHDUUDQTXH
2.
'pELO
1RHVEXHQR
5HHPSODFHODEDWHUtD
127$
7RGDVODVFDUJDVGH&&LQGLFDLQWHUPLWHQWHVOX]GHIUHQR\OX]GHSRVLFLyQ
/DUHFDUJDVHGHEHUHDOL]DUHQIXQFLyQGHODFDSDFLGDGLQGLFDGDHQHOSURFHGLPLHQWRGHFDUJDGHODEDWHUtDSiJLQD
'HFLVLyQGHUHHPSOD]DUODEDWHUtDGHVSXpVGHXVDUHOSUREDGRUGHEDWHUtD0)GHVSXpVGHUHFDUJDUODEDWHUtD

%$7(5Ì$6,67(0$'(&$5*$
&$%/(9( 3(512 &$%/(9(
%$7(5Ì$
5(02&,Ð1
127$
6LHPSUH DSDJXH HO LQWHUUXSWRU GH HQFHQGLGR DQWHV GH
TXLWDURLQVWDODUODEDWHUtD
'HVFRQHFWH HO FDEOH QHJDWLYR YH GH OD EDWHUtD OXHJR
GHVFRQHFWHHOFDEOHSRVLWLYRYH
5HWLUH HO SHUQR GH OD DEUD]DGHUD GH OD EDWHUtD \ OD
DEUD]DGHUDGHODEDWHUtD
5HWLUHODEDWHUtDGHODFDMDGHODEDWHUtD %$7(5Ì$ $%5$=$'(5$
,167$/$&,Ð1
,QVWDOHODEDWHUtDHQHORUGHQLQYHUVRDODUHPRFLyQ
127$
&RQHFWH HO WHUPLQDO SRVLWLYR SULPHUR \ OXHJR HO FDEOH
QHJDWLYR
'HVSXpVGHLQVWDODUODEDWHUtDFXEUDHOWHUPLQDOFRQYDVHOLQD
SDUDHYLWDUODFRUURVLyQ

%$7(5Ì$6,67(0$'(&$5*$

;38/6(

%$7(5Ì$6,67(0$'(&$5*$

%$7(5Ì$6,67(0$'(&$5*$

%$7(5Ì$6,67(0$'(&$5*$
&$5*$'25'(%$7(5Ì$0)
+HUR0RWR&RUS

%$7(5Ì$6,67(0$'(&$5*$
'LDJUDPD FRQFHSWXDO GH ODV

FDUDFWHUtVWLFDVGHDXWRGHVFDUJD
SRUWHPSHUDWXUD

(OHFWULFLGDGUHVWDQWH

&
R

LQ

&
R

3HULRGRVQRDWHQGLGRVPHV
0RWRFLFOHWDVHQERGHJD (OHFWUROLWRYHUWLGR\FDUJDGR
EDWHUtDVQXHYDV
FN
6WR
WHU\
%DW
(V GHVHDEOH DOPDFHQDU ODV EDWHUtDV HQ XQ HVWDGR

FRPSOHWDPHQWHFDUJDGR&DUJXHSHULyGLFDPHQWH

&XDQGRDOPDFHQHODPRWRFLFOHWDFRQODEDWHUtDLQVWDODGD
GHVFRQHFWHHOWHUPLQDOFRQHFWDGRDWLHUUDGHODEDWHUtD

%$7(5Ì$6,67(0$'(&$5*$
,163(&&,Ð1 '(/ 6,67(0$ '(

&$5*$
92/7$-(1250$/'(&$5*$
92/7$-('(&21752/
92/7$-('(/$%$7(5Ì$
92/7$-(9
&RQHFWHHOPXOWtPHWURHQWUHORVWHUPLQDOHVGHODEDWHUtD
9(/2&,'$''(/02725 USPPLQ
9ROWDMHUHJXODGRGHODEDWHUtD9Pi[
DUSPFRQODEDWHUtDFDUJDGD 92/7$-($1250$/'(&$5*$
92/7$-(9
9(/2&,'$''(/02725 USPPLQ

%$7(5Ì$6,67(0$'(&$5*$
621'$9(
358(%$)8*$'(&255,(17(
*LUHHOLQWHUUXSWRUGHHQFHQGLGRD2))\GHVFRQHFWHOD
VRQGDGHODEDWHUtD
&RQHFWHODVRQGDPXOWtPHWURYHDOFDEOHQHJDWLYRGHOD
EDWHUtD\ODVRQGDPXOWtPHWURYHDOWHUPLQDOQHJDWLYRGHOD
EDWHUtD
&RQHOLQWHUUXSWRUGHHQFHQGLGRHQ2))YHULILTXHVLKD\
IXJDVGHFRUULHQWH
)XJDGHFRUULHQWHP$Pi[LPR
6L OD IXJD GH FRUULHQWH H[FHGH HO YDORU HVSHFLILFDGR HV
SUREDEOHTXHVHSURGX]FDXQFRUWRFLUFXLWR 621'$9(
127$
&XDQGRPLGDODFRUULHQWHXVDQGRXQPXOWtPHWURDM~VWHORD
XQUDQJRDOWR\OXHJREDMHHOUDQJRDXQQLYHODSURSLDGR(O
IOXMRGHFRUULHQWHPD\RUTXHHOUDQJRVHOHFFLRQDGRSXHGH
DSDJDUHOIXVLEOHHQHOPXOWtPHWUR
35(&$8&,Ð1
0LHQWUDV PLGH OD FRUULHQWH QR JLUH HO LQWHUUXSWRU GH
HQFHQGLGR D 21 8Q DXPHQWR UHSHQWLQR GH FRUULHQWH
SXHGHDSDJDUHOIXVLEOHHQHOPXOWtPHWUR
5(*8/$'255(&7,),&$'25
5(*8/$'255(&7,),&$'25
5(02&,Ð1
5HWLUHHOUHJXODGRUUHFWLILFDGRUTXLWDQGRORVSHUQRV
,167$/$&,Ð1

127$
3DVHHODUQpVGHFDEOHVFRUUHFWDPHQWH
3(5126'(0217$-(
$51e6'(&$%/(6
,163(&&,Ð11
'HVFRQHFWHHOFRQHFWRU3GHOUHJXODGRUUHFWLILFDGRU
9HULILTXHTXHORVFRQHFWRUHVQRWHQJDQWHUPLQDOHVIORMRVR
FRUURtGRV
&21(&7253

%$7(5Ì$6,67(0$'(&$5*$
,163(&&,Ð1
9HULILTXHHOYROWDMHHQWUHHOFDEOHURMR\WLHUUD
(67É1'$592/7$-('(/$%$7(5Ì$
&21(;,Ð1
621'$9(&$%/(52-2
621'$9(7,(55$
621'$9( 621'$9(
9HULILTXH OD UHVLVWHQFLD HQWUH HO FDEOH EODQFR \ HO FDEOH

EODQFR
(67É1'$5D&)
&21(;,Ð1
621'$9(&$%/(%/$1&2
621'$9(&$%/(%/$1&2
621'$9( 621'$9(

&21(&7253
9HULILTXHODFRQWLQXLGDGHQWUHHOFDEOHYHUGH\ODWLHUUD
(67É1'$5&217,18,'$'
6LWRGRVORVFRPSRQHQWHVGHOVLVWHPDGHFDUJDVRQQRUPDOHV
\QRKD\XQDFRQH[LyQIORMDHQORVFRQHFWRUHVGHOUHJXODGRU
UHFWLILFDGRUUHHPSODFHODXQLGDGGHOUHJXODGRUUHFWLILFDGRU
,167$/$&,Ð1
127$
3DVHHODUQpVGHFDEOHVFRUUHFWDPHQWH
/Ì1($'(&$5*$
127$
(VWD LQVSHFFLyQ VH SXHGH UHDOL]DU FRQ HO HVWDWRU GHO
DOWHUQDGRULQVWDODGR
'HVFRQHFWHHOFRQHFWRUGHODOWHUQDGRU
'HVFRQHFWHORVFRQHFWRUHV$&*
&21(&725$&*

%$7(5Ì$6,67(0$'(&$5*$
&21(&725$&*
0LGD OD UHVLVWHQFLD GH OD ERELQD GHO HVWDWRU HQWUH FDGD
WHUPLQDOGHOFRQHFWRU\WLHUUD
&21(;,Ð1%ODQFR\EODQFR
(67É1'$5D&)
6L OD OHFWXUD GH OD ERELQD GHO HVWDWRU HVWi IXHUD GH
HVSHFLILFDFLyQUHHPSODFHHOHVWDWRUSiJLQD
621'$9( 621'$9(
9HULILTXHODFRQWLQXLGDGHQWUHORVWHUPLQDOHVGHOFDEOHGHOD
ERELQDGHOHVWDWRU\ODWLHUUD
1RGHEHKDEHUFRQWLQXLGDG
6LKD\FRQWLQXLGDGHQWUHHOFRQHFWRU\ODWLHUUDUHHPSODFHHO
HVWDWRUSiJLQD
&RQHFWHHOFRQHFWRU$&*
621'$9( 621'$9(

0(025$1'2
6,67(0$'((1&(1','2
81,'$'&',
%2%,1$'((1&(1','2
$ODPEUHGHFREUH
WUHQ]DGR64
)XVLEOHSULQFLSDO$
6HQVRU
LQWHUUXSWRU
GHODFHOHUDGRU
PDJQpWLFRGH
DUUDQTXH
8QLGDG&',
0RWRUGH

%DWHUtD
9$K DUUDQTXH 7LHUUDGHO 7LHUUDGHO
PDUFR PRWRU
7LHUUD
<5
5
&DMD &DMD
5
5*5
<5
<5
%<
</
</
/<
*
*
7LHUUD PRQWDMH PRQWDMH

IXVLEOH$ IXVLEOH$
,QWHUUXSWRU
FRPELQDGR
,QWHUUXSWRUGH
(QFHQGLGR
%DW
DUUDQTXHDSDJDGR
&',
%DW
\SDUDGDGHODQWHUD
%DW
6W
5*5
5:
<5
5%
5%
5/
5
5
%
%
:
:
/<
*
:
:
%<
*
*
5
*
$OPHGLGRUFRPELQDGR
% 1(*52 5 52-2
5HJXODGRU
< $0$5,//2 : %/$1&2 5HFWLILFDGRU
*HQHUDGRU *HQHUDGRU
/ $=8/ %5 0$55Ð1 $& GHSXOVR
* 9(5'( *5 *5,6 %RELQDGH
HQFHQGLGR
&20%,1$&,Ð1'(&2/257,(55$0$5&$

6,67(0$'((1&(1','2
'LDJUDPDGHOVLVWHPD ,QVSHFFLyQGHOJHQHUDGRUGHSXOVR

,QIRUPDFLyQGHOVHUYLFLR 7LHPSRGHHQFHQGLGR
(VSHFLILFDFLRQHV 8QLGDG&',
+HUUDPLHQWDVHVSHFLDOHV ,QVSHFFLyQGHOVHQVRUGHSRVLFLyQGHO
6ROXFLyQGHSUREOHPDV DFHOHUDGRU
,QVSHFFLyQGHOVLVWHPDGH 3URFHGLPLHQWRGHUHLQLFLRGHOVHQVRUGH
HQFHQGLGR SRVLFLyQGHODFHOHUDGRU
%RELQDGHHQFHQGLGR
,1)250$&,Ð1'(/6(59,&,2
$'9(57(1&,$
6LHOPRWRUHVWiIXQFLRQDQGRSDUDKDFHUDOJ~QWUDEDMRDVHJ~UHVHGHTXHHOiUHDHVWpELHQYHQWLODGD1XQFDKDJDIXQFLRQDUHO
PRWRUHQXQiUHDFHUUDGD(OH[KRVWRFRQWLHQHJDVYHQHQRVRGHPRQy[LGRGHFDUERQRTXHSXHGHFDXVDUSpUGLGDGHFRQFLHQFLD
\SURYRFDUODPXHUWH
35(&$8&,Ð1
$OJXQRVFRPSRQHQWHVHOpFWULFRVSXHGHQGDxDUVHVLVHFRQHFWDQRGHVFRQHFWDQWHUPLQDOHVRFRQHFWRUHVPLHQWUDVHOLQWHUUXSWRU
GHHQFHQGLGRHVWiHQ21\KD\FRUULHQWH
&XDQGRYHULILTXHHOVLVWHPDGHHQFHQGLGRVLJDVLHPSUHORVSDVRVGHODVROXFLyQGHSUREOHPDVSiJLQD
(OVLVWHPDGHHQFHQGLGR&',XWLOL]DXQVLVWHPDGHVLQFURQL]DFLyQGHHQFHQGLGRFRQWURODGRHOpFWULFDPHQWH1RVHSXHGHKDFHU
QLQJ~QDMXVWHHQODVLQFURQL]DFLyQGHHQFHQGLGR
/DXQLGDG&',SXHGHGDxDUVHVLVHFDH$GHPiVVLHOFRQHFWRUVHGHVFRQHFWDFXDQGRODFRUULHQWHIOX\HHOYROWDMHH[FHVLYR
SXHGHGDxDUODXQLGDG6LHPSUHDSDJXHHOLQWHUUXSWRUGHHQFHQGLGRDQWHVGHGDUVHUYLFLR
8QVLVWHPDGHHQFHQGLGRGHIHFWXRVRDPHQXGRHVWiUHODFLRQDGRFRQXQFRQHFWRUPDOFRQHFWDGR9HULILTXHHVDVFRQH[LRQHV
DQWHVGHFRQWLQXDU
8VHXQDEXMtDGHOUDQJRGHFDORUFRUUHFWR8VDUXQDEXMtDFRQXQUDQJRGHFDORULQFRUUHFWRSXHGHGDxDUHOPRWRU
3DUDODUHPRFLyQHLQVWDODFLyQGHOHPEUDJXHGHODOWHUQDGRUDUUDQTXHYHD6(&&,Ð1
3DUDODLQVSHFFLyQGHOLQWHUUXSWRUGHHQFHQGLGRYHULILTXHODWDEODGHFRQWLQXLGDGGHO'LDJUDPDGHFDEOHDGR&DS
'HVFRQHFWHORVFRQHFWRUHVGHOLQWHUUXSWRUGHHQFHQGLGR
(63(&,),&$&,21(6
6,67(0$'((1&(1','2
,7(0 (63(&,),&$&,21(6
(VWiQGDU 1*.&35($%26&+85'&
%XMtD
$EHUWXUDGHODEXMtD PP
%RELQDGHHQFHQGLGRODGRSULPDULR 90tQLPR
9ROWDMHSLFR
*HQHUDGRUGHSXOVR 90tQLPRDUSP
0DUFD) %7'&DUSPDFHOHUDGRU
7LHPSRGHHQFHQGLGR
$YDQFHFRPSOHWR %7'&DUSPDFHOHUDGRU
5HVLVWHQFLDGHODERELQDSULPDULDD&)
5HVLVWHQFLDGHODERELQDVHFXQGDULD
%RELQDGHHQFHQGLGR VLQWDSDGHOVXSUHVRUGHUXLGRD&)
5HVLVWHQFLDGHODERELQDVHFXQGDULD
FRQWDSDGHOVXSUHVRUGHUXLGRD&)
5HVLVWHQFLDHQFHQGLGRJHQHUDGRUGHSXOVR N
9ROWDMHHVWiQGDUHQWUHHOFDEOH736DPDULOORURMR\WLHUUD 9
9ROWDMHHVWiQGDUHQWUHHOFDEOHDPDULOORD]XO736\WLHUUD 9

6,67(0$'((1&(1','2
+(55$0,(17$6(63(&,$/(6
&21(&725'(358(%$736
3$57(1R++.=-
62/8&,Ð1'(352%/(0$6
,QVSHFFLRQHORVLJXLHQWHDQWHVGHGLDJQRVWLFDUHOVLVWHPD
%XMtDGHIHFWXRVD
7DSDGHOVXSUHVRUGHUXLGRRFDEOHGHEXMtDIORMR
(QWUDGDGHDJXDHQODWDSDGHOVXSUHVRUGHUXLGRIXJDGHOYROWDMHVHFXQGDULRGHODERELQDGHHQFHQGLGR
&21',&,Ð1,1868$/ &$86$352%$%/(&20358(%((125'(1180e5,&2

/DLPSHGDQFLDGHOPXOWtPHWURHVGHPDVLDGREDMD
/DYHORFLGDGGHDUUDQTXHHVGHPDVLDGROHQWD
(O WLHPSR GH PXHVWUHR GHO SUREDGRU \ HO SXOVR PHGLGR QR VH
VLQFURQL]DURQ(OVLVWHPDHVQRUPDOVLHOYROWDMHPHGLGRVXSHUDHO
YROWDMHHVWiQGDUDOPHQRVXQDYH]
9ROWDMHSLFREDMR
&RQHFWRUHVPDOFRQHFWDGRVRXQFLUFXLWRDELHUWRHQHOVLVWHPDGH
HQFHQGLGR
%RELQDGHHQFHQGLGRGHIHFWXRVD
&', GHIHFWXRVR HQ FDVR GH TXH ORV 1R DQWHULRUHV VHDQ
QRUPDOHV
&RQH[LRQHVLQFRUUHFWDVGHODGDSWDGRUGHYROWDMHSLFR
%RELQDGHHQFHQGLGR /DEDWHUtDHVWiGHVFDUJDGD
WHQVLyQSULPDULD ,QWHUUXSWRUGHHQFHQGLGRGHIHFWXRVR
&RQHFWRUHV&',IORMRVRPDOFRQHFWDGRV
&LUFXLWRDELHUWRRPDODFRQH[LyQHQHOFDEOHQHJURDPDULOORGHO
&',
1RKD\YROWDMHSLFR &LUFXLWRDELHUWRRPDODFRQH[LyQHQHOFDEOHYHUGHGHO&',
$GDSWDGRUGHYROWDMHSLFRGHIHFWXRVR
*HQHUDGRU GH SXOVRV GH HQFHQGLGR GHIHFWXRVR 0LGD HO YROWDMH
SLFR
&', GHIHFWXRVR HQ FDVR GH TXH ORV 1R D DQWHULRUHV VHDQ
QRUPDOHV
(OYROWDMHSLFRHVQRUPDO %XMtDGHIHFWXRVDRIXJDGHFRUULHQWHVHFXQGDULDGHODERELQDGH
SHURQRKD\VDOWRVGH HQFHQGLGR
FKLVSDHQODEXMtD %RELQDGHHQFHQGLGRGHIHFWXRVD
/DLPSHGDQFLDGHOPXOWtPHWURHVGHPDVLDGREDMD
/DYHORFLGDGGHDUUDQTXHHVGHPDVLDGROHQWD
(O WLHPSR GH PXHVWUHR GHO SUREDGRU \ HO SXOVR PHGLGR QR VH
9ROWDMHSLFREDMR VLQFURQL]DURQ(OVLVWHPDHVQRUPDOVLHOYROWDMHPHGLGRVXSHUDHO
*HQHUDGRUGHSXOVRV YROWDMHHVWiQGDUDOPHQRVXQDYH]
GHHQFHQGLGR *HQHUDGRUGHLPSXOVRVGHHQFHQGLGRGHIHFWXRVRHQFDVRGHTXH
VHDVXSHULRUD1RVRQQRUPDOHV
$GDSWDGRUGHYROWDMHSLFRGHIHFWXRVR
1RKD\YROWDMHSLFR
*HQHUDGRUGHSXOVRVGHHQFHQGLGRGHIHFWXRVR

6,67(0$'((1&(1','2
,163(&&,Ð1'(/6,67(0$'(
(1&(1','2
5HWLUHODWDSDGHOVXSUHVRUGHUXLGRGHOHQFKXIHLQVWDOHXQD
QXHYDEXMtDHQODWDSDGHOHQFKXIH\FRQHFWHDWLHUUDDOPRWRU
*LUHHOLQWHUUXSWRUGHHQFHQGLGRD21\DUUDQTXHHOPRWRU
/DFKLVSDGHEHVDOWDUHQHOHQFKXIH
6LQRKD\FKLVSDYHULILTXHHOFLUFXLWRGHHQFHQGLGR
127$
6LQRKD\VDOWRVGHFKLVSDHQHOHQFKXIHYHULILTXHWRGDVODV
FRQH[LRQHVSRUFRQWDFWRIORMRRGHILFLHQWHDQWHVGHPHGLUHO
YROWDMH
%8-Ì$
92/7$-(3,&235,0$5,2'(/$%2%,1$ 08/7Ì0(752',*,7$/
'((1&(1','2
127$
9HULILTXH ODV FRQH[LRQHV GHO VLVWHPD DQWHV GH OD
LQVSHFFLyQ /RV FRQHFWRUHV PDO FRQHFWDGRV SXHGHQ
FDXVDUOHFWXUDVLQFRUUHFWDV
&RPSUXHEHTXHODFRPSUHVLyQGHOFLOLQGURHVQRUPDO\
TXHHOWDSyQGHOHQFKXIHHVWiLQVWDODGRFRUUHFWDPHQWH
HQODFXODWD
/DOHFWXUDGLILHUHVHJ~QODLPSHGDQFLDGHHQWUDGDGHO
PXOWtPHWUR 3RU OR WDQWR XVH VROR XQ PXOWtPHWUR
GLVSRQLEOH FRPHUFLDOPHQWH FRQ XQD LPSHGDQFLD GH
HQWUDGDVXSHULRUD0'&9
$'9(57(1&,$ $'$37$'2592/7$-(3,&2
3DUD HYLWDU SRVLEOHV GHVFDUJDV HOpFWULFDV GXUDQWH ODV 621'$9(
PHGLFLRQHVGHYROWDMHQRWRTXHODVSLH]DVPHWiOLFDVGHOD
VRQGDGHSUXHED
$'$37$'25'(92/7$-(3,&2
08/7Ì0(752
&RQHFWHODVRQGDGHODGDSWDGRUGHYROWDMHGHSLFRYHD
ODWHUPLQDOGHOFRQHFWRUQHJURDPDULOOR\ODVRQGDYHDOD
PDVDGHOFXHUSR
$UUDQTXHHOPRWRU\OHDHOYROWDMHSLFRSULPDULRGHODERELQD
GHHQFHQGLGR 621'$9(
92/7$-(3,&29PtQLPR
6LHOYROWDMHSLFRHVDQRUPDOYHULILTXHXQFLUFXLWRDELHUWRR
FRQHFWRUHVPDOFRQHFWDGRVHQXQFDEOHQHJURDPDULOOR
6LQRVHHQFXHQWUDQGHIHFWRVHQHODUQpVFRQVXOWHODWDEODGH
VROXFLyQGHSUREOHPDVSiJLQD
$'9(57(1&,$
3DUD HYLWDU SRVLEOHV GHVFDUJDV HOpFWULFDV GXUDQWH ODV
PHGLFLRQHVGHYROWDMHQRWRTXHODVSLH]DVPHWiOLFDVGHOD
VRQGDGHSUXHED
6LHOYROWDMHSLFRHVDQRUPDOYHULILTXHXQFLUFXLWRDELHUWRR
FRQHFWRUHVPDOFRQHFWDGRVHQXQFDEOHQHJURDPDULOOR
6LQRVHHQFXHQWUDQGHIHFWRVHQHODUQpVFRQVXOWHODWDEODGH
VROXFLyQGHSUREOHPDVSiJLQD

6,67(0$'((1&(1','2
621'$ &21(&7253
92/7$-(3,&2*(1(5$'25'(38/626
127$
,QVWDOH OD EXMtD HQ OD FXODWD \ PLGD HO YROWDMH SLFR EDMR
FRPSUHVLyQQRUPDOGHOFLOLQGUR
'HVFRQHFWHHOFRQHFWRU3GHODXQLGDG&',
&RQHFWHODVRQGDYHGHODGDSWDGRUGHYROWDMHGHSLFRD/
WHUPLQDOGHOFDEOHGHOJHQHUDGRUGHSXOVRVD]XODPDULOOR\
ODVRQGDYHDODPDVDGHOFXHUSR
$UUDQTXHHOPRWRU\OHDHOYROWDMHPi[LPRGHOJHQHUDGRUGH
SXOVRV
&21(;,Ð1 6RQGD YH DO WHUPLQDO GHO FDEOH D]XO 621'$9(
DPDULOOR
6RQGDYHDOVXHORGHOFXHUSR &21(&725&$%/(*(1(5$'25'(38/626
9ROWDMHSLFR9PtQLPR
6LHOYROWDMHSLFRPHGLGRHQHOFRQHFWRUGHODXQLGDG&',HV
DQRUPDO GHVFRQHFWH HO FRQHFWRU GHO FDEOH GHO JHQHUDGRU
D]XODPDULOOR\EODQFRDPDULOOR
0LGDHOYROWDMHSLFR\FRPSiUHORFRQHOYROWDMHPHGLGRHQHO
FRQHFWRUGHODXQLGDG&',
&RQH[LyQ 6RQGD YH DO JHQHUDGRU GH SXOVRV D]XO
DPDULOOR
6RQGDYHDWLHUUD
6LHOYROWDMHSLFRPHGLGRHQODXQLGDG&',HVDQRUPDO\HO
PHGLGRHQHOJHQHUDGRUGHSXOVRVHVQRUPDOHODUQpVGH
FDEOHVWLHQHXQFLUFXLWRDELHUWRRXQDFRQH[LyQVXHOWD 621'$9( 621'$9(
6LORVGRVSLFRVGHYROWDMHPHGLGRVVRQDQRUPDOHVFRQVXOWH
7(50,1$/&$%/(9(5'(
ODWDEODGHVROXFLyQGHSUREOHPDVSiJLQD
%2%,1$'((1&(1','2
,163(&&,Ð1
'HVFRQHFWHORVFRQHFWRUHVGHOFDEOHSULPDULRGHODERELQD
GH HQFHQGLGR 0LGD OD UHVLVWHQFLD GH OD ERELQD SULPDULD
HQWUHORVWHUPLQDOHVGHOFRQHFWRU
(67É1'$5D&)
7(50,1$/35,0$5,2
5HWLUHOD WDSD GHO VXSUHVRUGHUXLGRGHOFDEOHGHODEXMtD

FDEOH+7\PLGDODUHVLVWHQFLDVHFXQGDULDGHODERELQD
HQWUH HO FDEOH GH OD EXMtD \ OD PDVD GH OD ERELQD GH
HQFHQGLGR
5(6,67(1&,$ 6(&81'$5,$ '( /$ %2%,1$ &21
7$3$'(6835(625'(58,'2
ND&
7$3$6835(625'(58,'2

6,67(0$'((1&(1','2
5HWLUHOD WDSD GHO VXSUHVRUGHUXLGRGHO FDEOHGHODEXMtD

FDEOH+7\PLGDODUHVLVWHQFLDGHODERELQDVHFXQGDULD
HQWUHHOFDEOHGHODEXMtD\HOWHUPLQDOGHOFRQHFWRUSULPDULR
GHODERELQDGHHQFHQGLGRYHUGH
(67É1'$5ND&)
&$%/('(/$%8-Ì$
%2%,1$'((1&(1','2
5(02&,Ð1,167$/$&,Ð1
'HVFRQHFWHORVFRQHFWRUHVGHOFDEOHSULPDULRGHODERELQD
GHHQFHQGLGR
5HWLUHODWDSDGHOVXSUHVRUGHUXLGRGHODEXMtD
5HWLUHORVSHUQRV\ODERELQDGHHQFHQGLGRGHOPDUFR
3(5126
%2%,1$'((1&(1','2
,QVWDOH OD ERELQD GH HQFHQGLGR HQ HO RUGHQ LQYHUVR D OD
UHPRFLyQ
5HWLUHODWDSDGHOVXSUHVRUGHUXLGR\PLGDODUHVLVWHQFLD
(67É1'$5N
,163(&&,Ð1 '(/ *(1(5$'25 '( 7$3$6835(625'(58,'2

38/626 &21(&725&$%/('(/*(1(5$'25'(38/626
127$
1R HV QHFHVDULR TXLWDU HO HVWDWRU GHO DOWHUQDGRU \ HO
JHQHUDGRUGHSXOVRVSDUDUHDOL]DUHVWDLQVSHFFLyQ
*(1(5$'25'(38/626
'HVFRQHFWHHOFRQHFWRUGHOFDEOHGHOJHQHUDGRUGHSXOVRV
D]XODPDULOOR \ EODQFRDPDULOOR 0LGD OD UHVLVWHQFLD GHO
JHQHUDGRUGHSXOVRVHQWUHHOWHUPLQDOGHOFRQHFWRU\HOFDEOH
YHUGH
(67É1'$5D&R)
3DUD HO UHHPSOD]R GHO JHQHUDGRU GH SXOVRV FRQVXOWH OD
VHFFLyQ
621'$9( 621'$9(

6,67(0$'((1&(1','2
7,(032'((1&(1','2
127$
(O WLHPSR GH HQFHQGLGR &', QR HV DMXVWDEOH 6L OD
VLQFURQL]DFLyQQRHVFRUUHFWDYHULILTXHODXQLGDG&',OD
XQLGDGSRVWHULRU\HOJHQHUDGRUGHSXOVRV\UHHPSODFHODV
SLH]DVGHIHFWXRVDV
&DOLHQWHHOPRWRUDWHPSHUDWXUDQRUPDOGHIXQFLRQDPLHQWR
$'9(57(1&,$
6LHOPRWRUGHEHHVWDUIXQFLRQDQGRSDUDUHDOL]DUDOJ~Q
WUDEDMRDVHJ~UHVHGHTXHHOiUHDHVWpELHQYHQWLODGD
1XQFDKDJDIXQFLRQDUHOPRWRUHQXQiUHDFHUUDGD
(O H[KRVWR FRQWLHQH JDV YHQHQRVR GH PRQy[LGR GH /8='(6,1&521,=$&,Ð1
FDUERQRTXHSXHGHFDXVDUODSpUGLGDGHOFRQRFLPLHQWR 0$5&$Ì1',&(
\SXHGHFDXVDUODPXHUWH
5HWLUHODWDSDGHORULILFLRGHVLQFURQL]DFLyQ
&RQHFWHXQDOX]GHVLQFURQL]DFLyQ\XQWDFyPHWUR
$UUDQTXHHOPRWRU\YHULILTXHHOWLHPSRGHHQFHQGLGR
/DVLQFURQL]DFLyQHQQHXWURHVFRUUHFWDVLODPDUFD)HQHO
YRODQWH HVWi HQ OtQHD FRQ OD PDUFD tQGLFH HQ OD FXELHUWD
L]TXLHUGDGHOFiUWHUDUSP
9HULILTXHHODYDQFHDXPHQWHODYHORFLGDGGHOPRWRUD
USPODPDUFD)GHEHFDPELDUHQHOVHQWLGRGHODVDJXMDV
GHOUHORMDYDQFH
&XEUDHO2ULQJQXHYRFRQDFHLWHHLQVWiOHODHQHORULILFLRGH
VLQFURQL]DFLyQ,QVWDOHODWDSDGHORULILFLRGHVLQFURQL]DFLyQ\ 0$5&$´)µÌ1',&(
DSULpWHOD
81,'$'&',
81,'$'&',
5(02&,Ð1,167$/$&,Ð1
5HWLUHODXQLGDG&',GHOVRSRUWHHQHOPDUFR\GHVFRQHFWHORV
FRQHFWRUHVGHFDEOHGHODXQLGDG&',
,QVWDOHODXQLGDG&',HQHORUGHQLQYHUVRDODUHPRFLyQ
&21(&7257363/$'2'(/$51e6
6(1625'(326,&,Ð1'(/
$&(/(5$'25
,163(&&,Ð1
'HVFRQHFWHHOFRQHFWRU7363
9HULILTXHHOYROWDMHHQHOFRQHFWRU7363GHOODGRGHODUQpV
&21(;,Ð1 6RQGDYHDOFDEOHDPDULOORURMR
6RQGDYHDOVXHORGHOFXHUSR
(67É1'$59
&RQHFWHHOFRQHFWRU7363

6,67(0$'((1&(1','2
&21(&7257363 $51e6'(358(%$736
'HVPRQWH OD XQLGDG &', GHO VRSRUWH \ GHVFRQHFWH HO
FRQHFWRU3FRORUURMRGHODXQLGDG&',
&RQHFWHHOFRQHFWRU3GHODUQpVGHSUXHED736FRORUURMR
DODXQLGDG&',
&21(&725'(358(%$736
3$57(1R++.=-
81,'$'&',
$51e6'(358(%$736 81,'$'&',
&RQHFWHHOFRQHFWRU3GHODXQLGDG&',DODFRSODGRUGHO
DUQpVGHSUXHED736
&21(&725'(358(%$736
3$57(1R++.=-
&21(&725381,'$'&',
621'$9( &$%/($0$5,//2$=8/
&RQHFWHXQPXOWtPHWURDODUQpVGHSUXHED736\PLGDHO
YROWDMH
&21(;,Ð1 6RQGDYHDOFDEOHDPDULOORD]XOHQHO
DUQpVGHSUXHED736
(67É1'$59
621'$9( 08/7Ì0(752

621'$9( &$%/($0$5,//2$=8/
&RQHFWH XQ PXOWtPHWUR DO DUQpV GH SUXHED 736 \ PLGD HO
YROWDMH
&21(;,Ð16RQGDYHDOFDEOHDPDULOORURMR
(67É1'$59
'HVFRQHFWHHODUQpVGHSUXHED736GHODXQLGDG&',\HO
FRQHFWRU3
&RQHFWHHOFRQHFWRU3FRORUURMRDODXQLGDG&',\PRQWH
ODXQLGDG&',HQHOVRSRUWH
621'$9( 08/7Ì0(752

6,67(0$'((1&(1','2
5(02&,Ð1,167$/$&,Ð1
'HVFRQHFWH HO FRQHFWRU GHO VHQVRU GH SRVLFLyQ GHO
DFHOHUDGRU3
&21(&7257363
&21(&7257363
5HWLUH HO WRUQLOOR GH DMXVWH \ HO VHQVRU GH SRVLFLyQ GHO
DFHOHUDGRU
7251,//2'($-867(
$/,1($5
,QVWDOHHOVHQVRUGHSRVLFLyQGHODFHOHUDGRUPLHQWUDVDOLQHDOD
UDQXUD GHO VHQVRU FRQ HO H[WUHPR SODQR GHO HMH FRPR VH
PXHVWUD

7251,//2'($-867(
*LUHHOVHQVRUGHSRVLFLyQGHODFHOHUDGRU736\DOLQHHHO
RULILFLRGHOVHQVRUFRQHORULILFLRGHOWRUQLOORHQHOFDUEXUDGRU
,QVWDOH\DSULHWHHOWRUQLOORGHDMXVWH
&RQHFWHHOFRQHFWRUGHOVHQVRUGHSRVLFLyQGHODFHOHUDGRU3
9HULILTXHHOIXQFLRQDPLHQWRGHODFHOHUDGRUSiJLQD
,QVWDOHODFXELHUWDODWHUDOL]TXLHUGDSiJLQD
&21(&7257363 736

6,67(0$'((1&(1','2
6(1625'(326,&,Ð1'(/
$&(/(5$'25
352&(',0,(172'(5(,1,&,2
127$
(OVHQVRUGHSRVLFLyQGHODFHOHUDGRUHVWiSUHHVWDEOHFLGR
GHIiEULFDSDUDORJUDUXQUHQGLPLHQWRySWLPR\FXPSOLU
FRQODVQRUPDVGHHPLVLyQ
6LQHPEDUJRHQFDVRGHPDOIXQFLRQDPLHQWRVLHOVHQVRU
GHSRVLFLyQGHODFHOHUDGRUVHUHWLUDGHOFDUEXUDGRUHV
REOLJDWRULRUHVWDEOHFHUOR
&DOLHQWH OD PRWRFLFOHWD D OD WHPSHUDWXUD QRUPDO GH 7251,//2723('(/$&(/(5$'25
IXQFLRQDPLHQWR
&21(&7257363 $51e6'(358(%$736
$MXVWHODV530GHOPRWRUD
'HVPRQWH OD XQLGDG &', GHO VRSRUWH \ GHVFRQHFWH HO
FRQHFWRU3FRORUURMRGHODXQLGDG&',
&RQHFWHHOFRQHFWRU3GHODUQpVGHSUXHED736FRORUURMR
DODXQLGDG&',
&21(&725'(358(%$736
3$57(1R++.=-
81,'$'&',
$51e6'(358(%$736 81,'$'&',
&RQHFWHHOFRQHFWRU3GHODXQLGDG&',DODFRSODGRUGHO
DUQpVGHSUXHED736
&21(&725381,'$'&',
621'$9( &$%/($0$5,//2$=8/
&RQHFWH XQPXOWtPHWURDO DUQpVGHSUXHED736 \PLGDHO
YROWDMH
&21(;,Ð16RQGDYHDOFDEOHDPDULOORURMR
(67É1'$59
621'$9( 08/7Ì0(752

6,67(0$'((1&(1','2
$IORMH HO WRUQLOOR GH DMXVWH GHO VHQVRU GH SRVLFLyQ GHO
DFHOHUDGRU
7251,//2'($-867(
621'$9( &$%/($0$5,//2$=8/
&RQHFWHHOPXOWtPHWURDODUQpVGHSUXHED736
&21(;,Ð16RQGDYHDOFDEOHDPDULOORD]XO
$MXVWH HO VHQVRU GH SRVLFLyQ GHO DFHOHUDGRU JLUiQGROR
OLJHUDPHQWH HQ VHQWLGR KRUDULR R DQWLKRUDULR GRQGH VH
REWLHQHXQYROWDMHHVWiQGDU
(67É1'$59
$ HVWH YROWDMH DSULHWH HO WRUQLOOR GH DMXVWH GHO VHQVRU GH
SRVLFLyQ GHO DFHOHUDGRU DO WRUTXH HVSHFLILFDGR YXHOYD D
YHULILFDUHOYROWDMH
72548(
7251,//2'($-867(NJIP 621'$9( 08/7Ì0(752
)LQDOPHQWHYHULILTXH\DMXVWHODV530HQQHXWURGHOPRWRU
5301(8752
'HVFRQHFWHHODUQpVGHSUXHED736GHODXQLGDG&',\HO
FRQHFWRU3
&RQHFWHHOFRQHFWRU3FRORUURMRDODXQLGDG&',\PRQWH
ODXQLGDG&',HQHOVRSRUWH

7251,//2723('(/$&(/(5$'25

0(025$1'2
$55$148((/e&75,&2
',$*5$0$'(/6,67(0$
,17(5583725
$55$148((/e&75,&2
',2'2'(/(0%5$*8(
%$7(5Ì$
02725'($55$148( ,17(5583725
0$*1e7,&2'($55$148(
$9 $ODPEUHGHFREUHWUHQ]DGR64 $ODPEUHGHFREUHWUHQ]DGR64
)XVLEOH
SULQFLSDO$
LQWHUUXSWRU
PDJQpWLFR
GHDUUDQTXH
%DWHUtD 0RWRUGH 7LHUUDGHO 7LHUUDGHO
9$K DUUDQTXH PDUFR PRWRU

7LHUUD &DMD &DMD
*5
<5
5
5
PRQWDMH PRQWDMH
7LHUUD
IXVLEOH IXVLEOH 7LHUUD
,QWHUUXSWRU $ $
FRPELQDGR
,QWHUUXSWRUGH
(QFHQGLGR
DUUDQTXH
%DW
DSDJDGR\SDUDGD
%DW
&',
%DW
6W
GHODQWHUD
*
5:
<5
5%
5%
5/
5
5
%
%
5 52-2
: %/$1&2
$OPHGLGRU
< $0$5,//2
*
FRPELQDGR
5
* 9(5'(
% 1(*52 /*5
,QWHUUXSWRU 5HJXODGRU
/ $=8/ QHXWUR 5HFWLILFDGRU
&2/25'(&20%,1$&,Ð17,(55$0$5&$ 5HFWLILFDGRU

$55$148((/e&75,&2
'LDJUDPDGHOVLVWHPD 0RWRUGHDUUDQTXH

,QIRUPDFLyQGHOVHUYLFLR ,QWHUUXSWRUPDJQpWLFRGHDUUDQTXH
(VSHFLILFDFLRQHV 'LRGRGHOHPEUDJXH
6ROXFLyQGHSUREOHPDV
,1)250$&,Ð1'(/6(59,&,2
*(1(5$/
$'9(57(1&,$
6LHPSUH DSDJXH HO LQWHUUXSWRU GH HQFHQGLGR DQWHV GH GDU VHUYLFLR DO PRWRU GH DUUDQTXH (O PRWRU SRGUtD DUUDQFDU
UHSHQWLQDPHQWH\FDXVDUOHVLRQHVJUDYHV
6LODFRUULHQWHVLJXHIOX\HQGRDWUDYpVGHOPRWRUGHDUUDQTXHSDUDRSHUDUORPLHQWUDVHOPRWRUQRSXHGHDUUDQFDUHOPRWRUGH
DUUDQTXHSXHGHGDxDUVH
(OPRWRUGHDUUDQTXHVHSXHGHUHSDUDUFRQHOPRWRUHQHOPDUFR
&XDQGRYHULILTXHHOVLVWHPDGHDUUDQTXHVLJDVLHPSUHORVSDVRVHQHOGLDJUDPDGHIOXMRGHVROXFLyQGHSUREOHPDV
SiJLQD
8QDEDWHUtDGpELOSXHGHQRVHUFDSD]GHKDFHUJLUDUHOPRWRUGHDUUDQTXHORVXILFLHQWHPHQWHUiSLGRRVXPLQLVWUDUXQDFRUULHQWH
GHHQFHQGLGRDGHFXDGD
3DUDHOPDQWHQLPLHQWRGHOHPEUDJXHGHDUUDQTXHSiJLQD
&RQVXOWHODVLJXLHQWHLQIRUPDFLyQGHORVFRPSRQHQWHV
,QWHUUXSWRUGHHQFHQGLGRSiJLQD
,QWHUUXSWRUPDJQpWLFRGHDUUDQTXHSiJLQD
,QWHUUXSWRUQHXWURSiJLQD
,QWHUUXSWRUGHHPEUDJXHSiJLQD
(63(&,),&$&,21(6
$55$148((/e&75,&2
,7(0(67É1'$5/Ì0,7('(/6(59,&,2
/RQJLWXGGHODHVFRELOODGHOPRWRUGHDUUDQTXHPPPP

$55$148((/e&75,&2
62/8&,Ð1'(352%/(0$6
(OPRWRUGHDUUDQTXHQRJLUD
&RPSUXHEHVLKD\IXVLEOHVTXHPDGRVDQWHVGHYHULILFDU
&RQODWUDQVPLVLyQHQSXQWRPXHUWRRFRQOD &RQHFWHHOWHUPLQDOGHOPRWRUGHDUUDQTXHDO
SDODQFD GHO HPEUDJXH SUHVLRQDGD JLUH HO &OLFV WHUPLQDOSRVLWLYRGHODEDWHUtDGLUHFWDPHQWH
LQWHUUXSWRU GH HQFHQGLGR KDFLD 21 1R XVH DODPEUH GHOJDGR SRUTXH IOX\H XQD
SUHVLRQHHOLQWHUUXSWRUGHDUUDQTXH\YHULILTXH FRUULHQWHJUDQGH
TXH KD\D XQ FOLF HQ HO LQWHUUXSWRU GH
DUUDQTXH$VHJ~UHVHGHTXHODEDWHUtDHVWpHQ (OPRWRUGH (OPRWRUGH
EXHQDVFRQGLFLRQHV DUUDQTXHJLUD DUUDQTXHQR
JLUD
6LQFOLF
0RWRUGHDUUDQTXHGHIHFWXRVR
&DEOHGHOPRWRUGHDUUDQTXHVXHOWRRGHVFRQHFWDGR
,QWHUUXSWRUPDJQpWLFRGHDUUDQTXHGHIHFWXRVR
0LGDHOYROWDMHGHODEDWHUtDHQHOLQWHUUXSWRU 1RKD\YROWDMH
PDJQpWLFRGHDUUDQTXHSiJLQD ,QWHUUXSWRUGHHQFHQGLGRGHIHFWXRVR
,QWHUUXSWRUPDJQpWLFRGHDUUDQTXH
9ROWDMHGHODEDWHUtD GHIHFWXRVR
&RQWDFWRIORMRRGHILFLHQWHGHORVFRQHFWRUHV
&LUFXLWRDELHUWRHQDUQpVGHFDEOHV
'HVFRQHFWH HO FRQHFWRU GHO LQWHUUXSWRU

PDJQpWLFR GH DUUDQTXH \ YHULILTXH OD 1RKD\YROWDMH
,QWHUUXSWRUQHXWURGHIHFWXRVR
FRQWLQXLGDGGHOFLUFXLWRGHWLHUUD
,QWHUUXSWRUGHOHPEUDJXHGHIHFWXRVR
SiJLQD
'LRGRGHOHPEUDJXHGHIHFWXRVR
&RQWLQXLGDG &RQWDFWRIORMRRGHILFLHQWHGHORVFRQHFWRUHV
&LUFXLWRDELHUWRHQHODUQpVGHFDEOHV

&RPSUXHEHHOIXQFLRQDPLHQWRGHOLQWHUUXSWRU 1RUPDO
&RQWDFWRIORMRRGHILFLHQWHGHOFRQHFWRUGHO
PDJQpWLFRGHDUUDQTXHSiJLQD
LQWHUUXSWRUPDJQpWLFRGHDUUDQTXH
$QRUPDO
,QWHUUXSWRUPDJQpWLFRGHDUUDQTXH
GHIHFWXRVR

$55$148((/e&75,&2
(O PRWRU GH DUUDQTXH JLUD FXDQGR OD WUDQVPLVLyQ HVWi HQ QHXWUR SHUR QR JLUD FRQ OD WUDQVPLVLyQ HQ
QLQJXQDSRVLFLyQGHPDUFKDH[FHSWRHQQHXWUR
,QWHUUXSWRUGHHPEUDJXHGHIHFWXRVR
(OPRWRUGHDUUDQTXHJLUDOHQWDPHQWH
%DMRYROWDMHGHODEDWHUtD
&DEOHVGHEDWHUtDPDOFRQHFWDGRV
&DEOHGHPRWRUGHDUUDQTXHPDOFRQHFWDGR
&DEOHGHWLHUUDGHODEDWHUtDPDOFRQHFWDGR
0RWRUGHDUUDQTXHGHIHFWXRVR
(OPRWRUGHDUUDQTXHJLUDSHURHOPRWRUQRDUUDQFD
(OPRWRUGHDUUDQTXHIXQFLRQDKDFLDDWUiV
7HUPLQDOHVFRQHFWDGRVLQFRUUHFWDPHQWH
(PEUDJXHGHDUUDQTXHGHIHFWXRVR
(QJUDQDMHGHDUUDQTXHGHOPRWRUGDxDGRGHIHFWXRVRHQJUDQDMHUHGXFWRULQDFWLYR
5HOpGHDUUDQTXHKDFH&/,&6SHURHOPRWRUQRDUUDQFD
(OFLJHxDOQRJLUDGHELGRDSUREOHPDVFRQHOPRWRU

$55$148((/e&75,&2
&$%/(9( 78(5&$7(50,1$/
02725'($55$148( 6,/(1&,$'25'((;+2672$
5(02&,Ð1
$'9(57(1&,$
6LHPSUHDSDJXHHOLQWHUUXSWRUGHHQFHQGLGRDQWHVGHGDU
VHUYLFLRDOPRWRUGHDUUDQTXH
5HWLUHHOVLOHQFLDGRUGHHVFDSH$SiJLQD
'HVFRQHFWHHOFDEOHQHJDWLYRYHGHOWHUPLQDOGHODEDWHUtD
5HWLUHODWDSDGHJRPD\OXHJRVRVWHQJDODWXHUFDWHUPLQDOGHO
PRWRUGHDUUDQTXHSDUDTXLWDUODWXHUFDGHPRQWDMHGHOFDEOH
\HOFDEOHGHOPRWRUGHDUUDQTXH 7$3$'(*20$
5HWLUH ORV GRV SHUQRV GH PRQWDMH GHVFRQHFWH HO FDEOH 3(5126 02725'($55$148(
QHJDWLYRYHGHODEDWHUtD\HOPRWRUGHDUUDQTXH &8%,(57$75$6(5$ &$5&$6$ &8%,(57$'(/$17(5$
'(6(16$0%/(
5HWLUH ORV GRV SHUQRV GH OD FDMD GHO PRWRU GH DUUDQTXH
DUDQGHODV\HO2ULQJ
5HWLUHODVFXELHUWDVGHODQWHUD\WUDVHUDGHODFDMDGHOPRWRU\
ORVDQLOORVGHVHOODR
127$
3DUDXQPRQWDMHFRUUHFWRUHJLVWUHODXELFDFLyQ\HOQ~PHUR
GHFXxDVHQWUHODDUPDGXUD\ODVFXELHUWDV
5HWLUHORV2ULQJV\ODDUPDGXUDGHODFDUFDVDGHOPRWRU
$1,//26'(6(//2 3(5126 25,1*
,163(&&,Ð1'(/&21087$'25
,QVSHFFLRQH ODV EDUUDV GHO FRQPXWDGRU SRU GHFRORUDFLyQ
/DV EDUUDV GHFRORUDGDV HQ SDUHV LQGLFDQ ERELQDV GH
DUPDGXUD FRQHFWDGDV D WLHUUD HQ FX\R FDVR HO PRWRU GH
DUUDQTXHGHEHVHUUHHPSOD]DGR
127$
1RXVHHVPHULORSDSHOGHOLMDHQHOFRQPXWDGRU

&21087$725
9HULILTXH OD FRQWLQXLGDG HQWUH SDUHV GH EDUUDV GH

FRQPXWDFLyQ'HEHKDEHUFRQWLQXLGDG
$GHPiV YHULILTXH OD FRQWLQXLGDG HQWUH ODV EDUUDV GH
FRQPXWDFLyQLQGLYLGXDOHV\HOHMHGHODDUPDGXUD
1RGHEHKDEHUFRQWLQXLGDG

$55$148((/e&75,&2
52'$0,(172'($*8-$6
,163(&&,Ð1&8%,(57$'(/$17(5$
5HYLVHHOVHOORGHDFHLWHSRUGHVJDVWHGDxRVRGHWHULRUR
5HYLVHHOURGDPLHQWRGHDJXMDVSRUGHVJDVWHRGDxRV
6(//2'($&(,7(
&8%,(57$75$6(5$
,163(&&,Ð1'(/$,6/$'25
9HULILTXH OD FRQWLQXLGDG HQWUH HO WHUPLQDO GHO FDEOH \ OD
FXELHUWDSRVWHULRU1RGHEHKDEHUFRQWLQXLGDG
9HULILTXH OD FRQWLQXLGDG HQWUH HO WHUPLQDO GHO FDEOH \ OD
HVFRELOODDLVODGD
'HEHKDEHUFRQWLQXLGDG
(6&2%,//$$,6/$'$ 7(50,1$/'(/&$%/(
623257( (6&2%,//$6 $5$1'(/$
,163(&&,Ð1'(/$(6&2%,//$
5HWLUHODWXHUFDODDUDQGHOD\ODVDUDQGHODVDLVODQWHVGHO
WHUPLQDOGHOFDEOH
5HWLUHHOVRSRUWHGHHVFRELOODVGHODFXELHUWDSRVWHULRU
5HWLUHODVHVFRELOODVGHOVRSRUWH
$5$1'(/$6$,6/$17(6 78(5&$
0LGHODORQJLWXGGHODHVFRELOOD
/Ì0,7('(/6(59,&,2
/21*,78''(/$(6&2%,//$PP
(6&2%,//$6

$55$148((/e&75,&2
,163(&&,Ð1&8%,(57$75$6(5$
5HYLVHHOEXMHGHPHWDOSRUGHVJDVWHRGDxRV
(16$0%/(
%8-('(0(7$/
$5$1'(/$'(%/248(2
$,6/$'25
&8%,(57$'(/$17(5$
&8f$6 &8f$6
$50$'85$
3(512 25,1*
78(5&$
$5$1'(/$
$,6/$'25
3(512
7(50,1$/(6'(/$
(6&2%,//$
5(6257( &8%,(57$
75$6(5$
25,1*
7(50,1$/(6'(/$
(6&2%,//$
25,1* 623257(
&$5&$6$'(/02725
&8%,(57$75$6(5$
,QVWDOHODVHVFRELOODVHQHOVRSRUWH
,QVWDOHHO VRSRUWHGHHVFRELOODVHQODFXELHUWDSRVWHULRU
PLHQWUDVORDOLQHDHQODFXELHUWDSRVWHULRU
2-$/ 623257((6&2%,//$6

$55$148((/e&75,&2
623257( (6&2%,//$6 $5$1'(/$
,QVWDOHODVDUDQGHODVDLVODQWHVODDUDQGHOD\ODWXHUFDHQHO
WHUPLQDOGHOFDEOHFRPRVHPXHVWUD
$5$1'(/$6$,6/$17(6 78(5&$
08(6&$ 2-$/
,QVWDOHODDUPDGXUDHQODFDUFDVDGHOPRWRU
,QVWDOHXQQXHYR2ULQJHQODFDUFDVDGHOPRWRU
,QVWDOHODVFXxDVHQHOHMHGHOFRQPXWDGRU
127$
$VHJ~UHVH GH TXH VH KD\D FRORFDGR HO Q~PHUR \ OD
XELFDFLyQ DGHFXDGRV GH ODV FXxDV FRPR VH LQGLFy
DQWHULRUPHQWHHQHOHMH
$OLQHDU OD UDQXUD GHO VRSRUWH GH HVFRELOODV FRQ OD
PXHVFD GHO PRWRU H LQVWDODU OD FXELHUWD WUDVHUD HQ HO
FDUFDVDGHOPRWRUPLHQWUDVHPSXMDHQODVHVFRELOODV
&8f$6 25,1*
25,1*
,QVWDOHXQQXHYR2ULQJHQODFDMDGHOPRWRU
,QVWDOHODVFXxDVHQHOHMHGHOFRQPXWDGRU
127$
$VHJ~UHVHGHKDEHUFRORFDGRHOQ~PHUR\ODXELFDFLyQ
DGHFXDGRVGHODVFXxDVFRPRVHLQGLFyDQWHULRUPHQWHHQ
HOHMH
,QVWDOHODDUDQGHODGHEORTXHRHQODFXELHUWDIURQWDO
&8f$6 $5$1'(/$'(%/248(2
25,1*
,QVWDOHODFXELHUWDGHODQWHUDHQODFDUFDVDGHOPRWRU
,QVWDOHODVDUDQGHODV\ORV2ULQJVQXHYRVHQORVSHUQRVGHOD
FDUFDVDGHOPRWRU
,QVWDOH\DSULHWHORVSHUQRV
(QJUDVH XQ QXHYR 2ULQJ H LQVWiOHOR HQ OD UDQXUD GH OD
FXELHUWDGHODQWHUD
25,1* 3(512

$55$148((/e&75,&2
&$%/(9( 78(5&$7(50,1$/
,167$/$&,Ð1 6,/(1&,$'25'((;+2672$
,QVWDOHHOPRWRUGHDUUDQTXHHQVXOXJDU
,QVWDOHORVSHUQRVGHPRQWDMHFRQHOFDEOHGHWLHUUD\DSULHWH
ORVSHUQRVGHIRUPDVHJXUD
,QVWDOHHOFDEOHGHOPRWRUGHDUUDQTXH\DSULHWHODWXHUFDGH
IRUPDVHJXUD
,QVWDOHODFXELHUWDGHOWHUPLQDOVREUHHOWHUPLQDOGHOFDEOH
FRUUHFWDPHQWH
,QVWDOHHOFDEOHQHJDWLYRYHHQHOWHUPLQDOGHODEDWHUtD
,QVWDOHHOVLOHQFLDGRUGHH[KRVWR$SiJLQD
7$3$'(*20$
3(5126 02725'($55$148(
,17(55837250$*1e7,&2'($55$148(
,17(55837250$*1e7,&2'(
$55$148(
,163(&&,Ð1
&DPELDODWUDQVPLVLyQDQHXWUR
*LUH HO LQWHUUXSWRU GH HQFHQGLGR D 21 \ SUHVLRQH HO
LQWHUUXSWRUGHDUUDQTXH/DERELQDGHOLQWHUUXSWRUPDJQpWLFR
GHDUUDQTXHHVQRUPDOVLKDFHFOLF
6LQRKDFHFOLFYHULILTXHHOYROWDMHPDJQpWLFRGHDUUDQTXH\HO
FLUFXLWRGHWLHUUD
7(50,1$/$0$5,//252-2
92/7$-('(/,17(55837250$*1e7,&2
'($55$148(
0LGDHOYROWDMHHQWUHHOWHUPLQDOGHOFDEOHDPDULOORURMRGHO
FRQHFWRUGHOLQWHUUXSWRUPDJQpWLFRGHDUUDQTXH\ODPDVDGHO
FXHUSR
'HEH KDEHU YROWDMH GH OD EDWHUtD FXDQGR VH SUHVLRQD HO
LQWHUUXSWRUGHDUUDQTXHFRQHOLQWHUUXSWRUGHHQFHQGLGRHQ
21

621'$ 621'$
7(50,1$/9(5'(52-2
,1,&,$5 (/ ,17(5583725 0$*1e7,&2
&,5&8,72'(7,(55$
'HVFRQHFWHHOFRQHFWRUGHOLQWHUUXSWRUPDJQpWLFRGHLQLFLR
9HULILTXHODFRQWLQXLGDGHQWUHHOWHUPLQDOGHOFDEOHYHUGH
URMRGHOFRQHFWRUGHOLQWHUUXSWRUPDJQpWLFRGHDUUDQTXH\OD
PDVDGHOFXHUSR
'HEH KDEHU FRQWLQXLGDG FXDQGR OD WUDQVPLVLyQ HVWi HQ
QHXWUR\RVHSUHVLRQDODSDODQFDGHOHPEUDJXH
621'$ 621'$

$55$148((/e&75,&2
9(5,),&$&,Ð1'(23(5$&,Ð1
'HVFRQHFWHHOFRQHFWRU\ORVFDEOHVGHOLQWHUUXSWRUPDJQpWLFR
GHDUUDQTXH
&RQHFWH XQ PXOWtPHWUR D ORV WHUPLQDOHV GHO FDEOH GH
DUUDQTXH &RQHFWH OD EDWHUtD GH 9 DO WHUPLQDO GHO
%$77(5Ì$
LQWHUUXSWRUPDJQpWLFRGHDUUDQTXHFRPRVHPXHVWUD
(O LQWHUUXSWRU PDJQpWLFR GH DUUDQTXH HV QRUPDO VL KD\
FRQWLQXLGDGHQWUHORVWHUPLQDOHVGHOFDEOHFXDQGRODEDWHUtD
HVWiFRQHFWDGD\QRKD\FRQWLQXLGDGFXDQGRODEDWHUtDHVWi
GHVFRQHFWDGD
',2'2'(/(0%5$*8(
',2'2'(/(0%5$*8(
,163(&&,Ð1
'HVOLFHODIXQGD\GHVFRQHFWHHOGLRGRGHOHPEUDJXHGHO
DUQpVGHFDEOHV
',2'2'(/(0%5$*8(
&RQHFWHODSHULOODGHOPXOWtPHWURDODSRVLFLyQGHPHGLFLyQ
GHUHVLVWHQFLDHQHOVtPEROR¬
&RQHFWHXQDVRQGDPXOWtPHWURYHDOWHUPLQDOYH\
YHODVRQGDDOWHUPLQDOYHGHOGLRGRGHOHPEUDJXH
FRPRVHPXHVWUD
'HEHPRVWUDUVHHOYDORUGHUHVLVWHQFLD
,QYLHUWD ODV VRQGDV QR GHEH DSDUHFHU QLQJ~Q YDORU HQ HO
PXOWtPHWUR
127$
'LULMDODVPDQJXHUDVFRUUHFWDPHQWH

/8&(60(','25(6,17(5583725(6
,QIRUPDFLyQGHOVHUYLFLR ,QGLFDGRUGHFRPEXVWLEOH6HQVRU

(VSHFLILFDFLRQHV QLYHOGHFRPEXVWLEOH
9DORUHVGHWRUTXH6ROXFLyQGH ,QWHUUXSWRUGHOHPEUDJXH
SUREOHPDV )XQFLRQHVGHODFRQVRODGHO
&RQMXQWROX]SULQFLSDOGHSRVLFLyQ PHGLGRU
/X]WUDVHUDGHSDUDGD &XHQWDNLOyPHWURV0HGLGRUGH
/X]GLUHFFLRQDO UHFRUULGR
/X]GHODPDWUtFXOD ,QGLFDGRUUHFRUGDWRULRGHVHUYLFLR
0HGLGRUGHFRPELQDFLyQ &DUDFWHUtVWLFDV
,QWHUUXSWRUQHXWUR6RSRUWH *XtDGHYLDMH+HUR
ODWHUDO $SOLFDFLyQGHQDYHJDFLyQ
,QWHUUXSWRUOX]GHSDUDGDGH 6HxDOHVGHQDYHJDFLyQ
HQFHQGLGR 6HQVRUYHORFLGDGGHODUXHGD
3LWR ,QVSHFFLyQPHGLGRUGHFRPELQDFLyQ
,QWHUUXSWRUGHOPDQLOODU ,QWHUUXSWRUVRSRUWHODWHUDO
&RQMXQWRGHOFDUJDGRU86%
,1)250$&,Ð1'(/6(59,&,2
*(1(5$/
7RGRVORVFRQHFWRUHVGHSOiVWLFRWLHQHQSHVWDxDVGHEORTXHRTXHGHEHQOLEHUDUVHDQWHVGHGHVFRQHFWDUVH\GHEHQDOLQHDUVHDO
YROYHUDFRQHFWDU
3DUDDLVODUXQDIDOODHOpFWULFDYHULILTXHODFRQWLQXLGDGGHODUXWDHOpFWULFDDWUDYpVGHODSLH]D3RUORJHQHUDOVHSXHGHUHDOL]DU
XQDYHULILFDFLyQGHFRQWLQXLGDGVLQTXLWDUODSLH]DGHODPRWRFLFOHWD6LPSOHPHQWHGHVFRQHFWHORVFRQHFWRUHV\FRQHFWHXQ
SUREDGRUGHFRQWLQXLGDGDORVWHUPLQDOHVRFRQH[LRQHV
8QSUREDGRUGHFRQWLQXLGDGHV~WLOFXDQGRVHYHULILFDVLKD\XQDFRQH[LyQHOpFWULFDHQWUHORVGRVSXQWRV6HQHFHVLWDXQ
RKPtPHWURSDUDPHGLUODUHVLVWHQFLDGHXQFLUFXLWRFRPRFXDQGRKD\XQDUHVLVWHQFLDHVSHFtILFDGHODERELQDLQYROXFUDGDR
FXDQGRVHYHULILFDODDOWDUHVLVWHQFLDFDXVDGDSRUODVFRQH[LRQHVFRUURtGDV
&RPSUXHEHHOHVWDGRGHODEDWHUtDDQWHVGHUHDOL]DUFXDOTXLHULQVSHFFLyQTXHUHTXLHUDXQYROWDMHGHEDWHUtDDGHFXDGR
(63(&,),&$&,21(6
/8&(60(','25(6,17(5583725(6
,7(0 (63(&,),&$&,21(6
/X]GHSRVLFLyQ 9:/('
/X]WUDVHUDGHSDUDGD 9:/('
,QGLFDGRUQHXWUR /('
%RPELOORV
,QGLFDGRUGLUHFFLRQDOHV'(5,=4 /('
,QGLFDGRUOX]DOWD /('
,QGLFDGRU$%6 /('
/X]GHODPDWUtFXOD 9:
)XVLEOH $$$$
0)55HIOHFWRU0XOWL)RFDO
/8&(60(','25(6,17(5583725(6
9$/25(6'(72548(
3(5120217$-('(/,17(5583725'((1&(1','2NJIP
78(5&$6(1625'(1,9(/'(&20%867,%/( NJIP
62/8&,Ð1'(352%/(0$6
1RVHHQFLHQGHQODVOXFHVFXDQGRHOLQWHUUXSWRUGHLOXPLQDFLyQHVWiHQ21
/('GHIHFWXRVR
&LUFXLWRDELHUWRHQPD]RGHFDEOHVRFRQH[LyQIORMD
%DWHUtDGpELORDJRWDGD
(OKD]GHOX]QRFDPELDFXDQGRVHDFFLRQDHOLQWHUUXSWRUGHDWHQXDFLyQ
/('GHIHFWXRVR
,QWHUUXSWRUDWHQXDGRUGHIHFWXRVR
/8&(60(','25(6,17(5583725(6
3(512'($-867(
&2-8172/8=35,1&,3$/'(
326,&,Ð1
5(02&,Ð1
5HWLUHODSDQWDOODGHYLHQWRSiJLQD
5HWLUHHOSHUQRGHDMXVWHGHODOX]GHODQWHUDGHDPERVODGRV
3(512'($-867(
&21(&7253/8=35,1&,3$/'(326,&,Ð1
'HVFRQHFWHHOFRQHFWRU3GHODOX]SULQFLSDOOX]GHSRVLFLyQ
&21-8172/8=35,1&,3$/'(326,&,Ð1
5HHPSODFHHOFRQMXQWRGHODOX]SULQFLSDOGHSRVLFLyQFRQ
XQRQXHYRVLHVQHFHVDULR
3(67$f$ 3(67$f$
,167$/$&,Ð1
127$
$OLQHH ODV UDQXUDV GHO FRQMXQWR GH OD OX] SULQFLSDOGH
SRVLFLyQFRQODVSHVWDxDVGHODFXELHUWDGHOFRQMXQWRGHOD
OX]FRUUHFWDPHQWH
$MXVWHHOIRFRGHODOX]SULQFLSDOSiJLQD
5$185$ 5$185$
/8&(60(','25(6,17(5583725(6
/8=75$6(5$'(3$5$'$
5(02&,Ð1
*LUH HO LQWHUUXSWRU GH HQFHQGLGR D 21 \ YHULILTXH HO
IXQFLRQDPLHQWRGHODOX]WUDVHUDGHSDUDGD
9HULILTXHTXHWRGRVORV/('HQODXQLGDGGHOX]WUDVHUDGH
SDUDGD VH LOXPLQHQ FRQ OD SDODQFD GHO IUHQR GHODQWHUR
SHGDOGHOIUHQRWUDVHURDSOLFDGR
6LDOJ~Q/('QRHVWiHQ21UHHPSODFHHOFRQMXQWRGHODOX]
WUDVHUDGHSDUDGD
&21-8172/8=75$6(5$'(3$5$'$
3(5126'(0217$-(
5HWLUHODXQLGDGGHODOX]WUDVHUDGHSDUDGDSiJLQD
5HWLUHORVSHUQRVGHPRQWDMHGHOFRQMXQWRGHODOX]WUDVHUD
GHSDUDGD
&21-8172/8=75$6(5$'(3$5$'$
5HWLUHHOFRQMXQWRGHODOX]WUDVHUDGHSDUDGD
5HHPSODFHHOFRQMXQWRGHODOX]WUDVHUDGHSDUDGDFRQXQR
QXHYRVLHVQHFHVDULR
,167$/$&,Ð1
/8&(60(','25(6,17(5583725(6
/8=',5(&&,21$/
5(02&,Ð1
5HWLUHHOWRUQLOOR
7251,//2
5HWLUHHOOHQWHGHODOX]GLUHFFLRQDO
/(17(
5HWLUH HO ERPELOOR GHO FRQHFWRU JLUiQGROR HQ VHQWLGR

DQWLKRUDULRPLHQWUDVORSUHVLRQD
5HHPSODFHFRQXQERPELOORQXHYRVLHVQHFHVDULR
$VHJ~UHVHGHTXHHOHPSDTXHGHJRPDHVWpLQVWDODGRHQVX
SRVLFLyQ\HQEXHQDVFRQGLFLRQHV
5HHPSODFH HO HPSDTXH GH JRPD FRQ XQ QXHYR VL HV
QHFHVDULR
6LJDHOPLVPRSURFHGLPLHQWRSDUDODVOXFHVGLUHFFLRQDOHV
GHODQWHUDV\WUDVHUDV
,167$/$&,Ð1
%20%,//2
/8&(60(','25(6,17(5583725(6
/8='(/$0$75Ì&8/$
5((03/$=2'(/%20%,//2
5(02&,Ð1
HWLUHORVWRUQLOORVGHODOX]GHODPDWUtFXOD
5
7251,//26
5HWLUHODFXELHUWDGHODOX]GHODPDWUtFXOD
&8%,(57$
(03$48('(*20$
5HWLUHHOERPELOORGHODOX]GHODPDWUtFXOD\UHHPSOiFHORSRU
XQRQXHYRVLHVQHFHVDULR
5HHPSODFH HO HPSDTXH GH JRPD FRQ XQR QXHYR VL HV
QHFHVDULR
,167$/$&,Ð1
%20%,//2
/8&(60(','25(6,17(5583725(6
&21(&7253
0(','25'(&20%,1$&,Ð1
5(02&,Ð1
'HVFRQHFWH HO FRQHFWRU 3 GHO FRQMXQWR GHO PHGLGRU GH
FRPELQDFLyQ
5HWLUHODVWXHUFDVGHPRQWDMH\ODVDUDQGHODV
78(5&$6<$5$1'(/$6
&21-81720(','25'(&20%,1$&,Ð1
5HWLUHHOFRQMXQWRGHOPHGLGRUGHFRPELQDFLyQGHVXVRSRUWH
GHVDORMiQGRORGHORVFRMLQHVGHOPHGLGRUGHFRPELQDFLyQHQ
HOVRSRUWH
,167$/$&,Ð1
127$
$VHJ~UHVH GH DOLQHDU HO FRQMXQWR GHO PHGLGRU GH
FRPELQDFLyQ FRQ ORV RULILFLRV GHO FRMtQ HQ VX VRSRUWH
PLHQWUDVLQVWDODHOPHGLGRUGHFRPELQDFLyQ
623257( &2-,1(6
&8%,(57$,1)(5,25
'(6(16$0%/(
5HWLUHHOFRQMXQWRGHOPHGLGRUGHFRPELQDFLyQ
5HWLUH OD FXELHUWD LQIHULRU GHO PHGLGRU GH FRPELQDFLyQ
TXLWDQGRORVWRUQLOORV
7251,//26
/8&(60(','25(6,17(5583725(6
7251,//26
5HWLUH ORV WRUQLOORV GH OD FDMD LQIHULRU GHO PHGLGRU GHO
FRPELQDFLyQ
0(','25'(&20%,1$&,Ð1
&$-$683(5,25
5HWLUHODFDMDVXSHULRUGHOPHGLGRUGHFRPELQDFLyQ
&21-81725()/(&725
5HWLUHHOFRQMXQWRUHIOHFWRUGHOPHGLGRUGHFRPELQDFLyQ
3$1(/0(','25'(&20%,1$&,Ð1
5HWLUHHOSDQHOGHOPHGLGRUGHFRPELQDFLyQ
,167$/$&,Ð1
/8&(60(','25(6,17(5583725(6
,17(5583725 1(8752623257(
/$7(5$/
5(02&,Ð1
5HWLUHHOFRQMXQWRGHOFDQLVWHUSiJLQD
'HVFRQHFWHHOFRQHFWRUGHOFDEOHGHOLQWHUUXSWRUGHOVRSRUWH
QHXWURODWHUDO
&DPELHODSRVLFLyQGHOHQJUDQDMHDODSRVLFLyQQHXWUR
&21(&725&$%/(,17(55837251(8752/$7(5$/
&21(&725&$%/(,17(55837251(8752
9HULILTXHODFRQWLQXLGDGHQWUHHOWHUPLQDOYHUGHFODURURMR\OD
PDVDGHOFXHUSR
'HEHKDEHUFRQWLQXLGDGFRQODWUDQVPLVLyQHQQHXWUR\VLQ
FRQWLQXLGDGFXDQGRODWUDQVPLVLyQHVWiHQFDPELR
621'$9( 621'$9(

3(5126'(0217$-(
5HWLUHODFXELHUWDSRVWHULRUGHOFiUWHUL]TXLHUGRSiJLQD
'HVFRQHFWHHOFRQHFWRUGHOFDEOHGHOLQWHUUXSWRUQHXWUR
5HWLUHORVSHUQRVGHPRQWDMHGHOLQWHUUXSWRUQHXWUR
&21(&725&$%/(,17(55837251(8752
5HWLUHHOLQWHUUXSWRUQHXWUR\HO2ULQJ
25,1* ,17(55837251(8752
/8&(60(','25(6,17(5583725(6
5HWLUHODWDSDGHFRQWDFWR\HOUHVRUWH
5(6257( 7$3$'(&217$&72
,167$/$&,Ð1
9HULILTXH TXH OD WDSD GH FRQWDFWR QR HVWp GHVJDVWDGD R
GDxDGDUHHPSOiFHODVLHVQHFHVDULR
(O SXQWR GH FRQWDFWR GREODGR R DSODVWDGR FDXVDUi SRFD
FRQWLQXLGDG
,QVWDOHHOUHVRUWH\ODWDSDGHFRQWDFWR
5(6257( 7$3$'(&217$&72
$SOLTXHDFHLWHGHPRWRUOLPSLRDXQQXHYR2ULQJHLQVWiOHOR
HQHOLQWHUUXSWRUQHXWUR
25,1* ,17(55837251(8752
3(5126'(0217$-( ,17(55837251(8752
,QVWDOHHOLQWHUUXSWRUQHXWUR
,QVWDOH ORV SHUQRV GH PRQWDMH GHO LQWHUUXSWRU QHXWUR \
DSULpWHORV
&RQHFWHHOFRQHFWRUGHOFDEOHGHOLQWHUUXSWRUQHXWUR
&RQHFWH HO FRQHFWRU GHO FDEOH GHO LQWHUUXSWRU GHO VRSRUWH
QHXWURODWHUDO
,QVWDOHHOFRQMXQWRGHOFDQLWHUSiJLQD
127$
'LULMD HO FDEOH GHO LQWHUUXSWRU GHO VRSRUWH QHXWURODWHUDO
KDFLD ODV SHVWDxDV GH OD FXELHUWD GHO FiUWHU L]TXLHUGR
FRUUHFWDPHQWH
&21(&725&$%/(,17(55837251(8752
/8&(60(','25(6,17(5583725(6
,17(5583725/8='(3$5$'$'(/$17(5$
,17(5583725/8='(3$5$'$
'(/$17(5$
'HVFRQHFWH ORV FRQHFWRUHV GHO LQWHUUXSWRU GH OD OX] GH
SDUDGDGHODQWHUD
'HEH KDEHU FRQWLQXLGDG FRQ OD SDODQFD GHO IUHQR
SUHVLRQDGD\QRVHOLEHUDFRQWLQXLGDGFRQODSDODQFDGHO
IUHQR
&RQHFWHORVFRQHFWRUHVGHOLQWHUUXSWRUGHODOX]GHSDUDGD
GHODQWHUD
&21(&725(6
&21(&725,17(5583725/8='(3$5$'$75$6(5$
75$6(5$
5HWLUHHOFRQMXQWRGHOFDQLVWHUSiJLQD
'HVFRQHFWHHOFRQHFWRUGHOFDEOHGHOLQWHUUXSWRUGHODOX]GH
SDUDGDWUDVHUD
9HULILTXHODFRQWLQXLGDGHQWUHORVWHUPLQDOHVGHOFRQHFWRUGHO
ODGRGHOLQWHUUXSWRU
'HEHKDEHUFRQWLQXLGDGFRQHOSHGDOGHOIUHQRSUHVLRQDGR\
QRFRQWLQXLGDGFRQHOSHGDOGHOIUHQROLEHUDGR
&RQHFWH HO FRQHFWRU GHO LQWHUUXSWRU GH OD OX] GH SDUDGD
GHODQWHUD
,QVWDOHHOFRQMXQWRGHOFDQLVWHUSiJLQD
,17(5583725'((1&(1','2
,163(&&,Ð1
5HWLUHHOFRQMXQWRGHOX]SULQFLSDOSiJLQD
'HVFRQHFWH HO FRQHFWRU GHO FDEOH GHO LQWHUUXSWRU GH
HQFHQGLGR
9HULILTXHODFRQWLQXLGDGHQWUHORVWHUPLQDOHVGHOFRQHFWRUHQ
FDGDSRVLFLyQGHOLQWHUUXSWRU
&21(&725'(&$%/(,17(5583725'((1&(1','2
,17(5583725'((1&(1','2
'HEH H[LVWLU FRQWLQXLGDG HQWUH ORV FDEOHV FRGLILFDGRV SRU
FRORUHVHQODWDEOD
&RORU
5RMR1HJUR 5RMR
3RVLFLyQ
/2&.
2))
21
/8&(60(','25(6,17(5583725(6
5(02&,Ð1,167$/$&,Ð1
5HWLUHHOSXHQWHVXSHULRUGHOWHQHGRUSiJLQD
38(17(683(5,25'(/7(1('25
38(17(
3(5126'(0217$-( 683(5,25'(/7(1('25
5HWLUHORVSHUQRVGHPRQWDMHGHODOODYH$OOHQ\HOLQWHUUXSWRU
GHHQFHQGLGRGHOSXHQWHVXSHULRU
,QVWDOHHOLQWHUUXSWRUGHHQFHQGLGRHQHORUGHQLQYHUVRDOD
UHPRFLyQ
72548(
3(5126'(0217$-('(/$//$9($//(1'(/
,17(5583725'((1&(1','2NJIP
,17(5583725'((1&(1','2
%$6('(&217$&72 %$1'$'(&$%/(
5((03/$=2'(%$6('(&217$&72
&RUWHODEDQGDGHFDEOH\UHWLUHORVWRUQLOORVGHILMDFLyQ
,QVHUWHODOODYHGHHQFHQGLGRHQHOFLOLQGURGHOLQWHUUXSWRU\
FROyTXHORHQWUHODVSRVLFLRQHV21\2))
(PSXMHODVRUHMHWDVHQODVUDQXUDV\UHWLUHODEDVHGHFRQWDFWR
GHOFLOLQGURGHOLQWHUUXSWRU
,QVWDOHXQDQXHYDEDVHGHFRQWDFWR\DSULHWHORVWRUQLOORVGH
ILMDFLyQ
$VHJXUHHOFDEOHGHOLQWHUUXSWRUFRQXQDQXHYDEDQGDGH
FDEOH
25(-(7$
/8&(60(','25(6,17(5583725(6
3(512 &21(&725(6'(&$%/(
3,72
5(02&,Ð1
'HVFRQHFWHORVFRQHFWRUHVGHFDEOHGHOSLWR
5HWLUHHOSHUQR\HOSLWR
3,72
3,72 %$7(5Ì$
,163(&&,Ð1
&RQHFWHHOYROWDMHGHODEDWHUtDDORVWHUPLQDOHVGHOSLWR
(OSLWRHVQRUPDOVLVXHQDFXDQGRHOYROWDMHGHODEDWHUtDHVWi
FRQHFWDGRDWUDYpVGHORVWHUPLQDOHVGHOSLWR
,167$/$&,Ð1
,17(5583725'(/0$1,//$5
'(5(&+2
'HVFRQHFWH ORV FRQHFWRUHV GH FDEOH GHO LQWHUUXSWRU GHO
PDQLOODUGHUHFKR
9HULILTXHODFRQWLQXLGDGGHFDGDLQWHUUXSWRUHQWUHHOWHUPLQDO
GHOFRQHFWRU
'HEHKDEHUFRQWLQXLGDGHQWUHHOFDEOHFRGLILFDGRSRUFRORU
HQFDGDFXDGUR
,17(55837253$5$'$'(/02725
&21(&725(6,17(55837250$1,//$5'(5(&+2
&RORU
5RMR1HJUR 5RMR*ULV ,17(55837253$5$'$'(/02725
3RVLFLyQ
2))
21
,17(5583725'($55$148(
&RORU
$PDULOOR5RMR 1HJUR
3RVLFLyQ
/LEUH
(PSXMH
,17(5583725'($55$148(
/8&(60(','25(6,17(5583725(6
&21(&725(6,17(55837250$1,//$5,=48,(5'2
,=48,(5'2
'HVFRQHFWH ORV FRQHFWRUHV GHO FDEOH GHO LQWHUUXSWRU GHO
PDQLOODUL]TXLHUGR
9HULILTXHODFRQWLQXLGDGGHFDGDLQWHUUXSWRUHQWUHHOWHUPLQDO
GHOFRQHFWRU
'HEHKDEHUFRQWLQXLGDGHQWUHHOFDEOHFRGLILFDGRSRUFRORU
HQFDGDFXDGUR
5(*8/$'25'(,17(16,'$'
5(*8/$'25'(,17(16,'$'
,17(5583725'(3$62
&RORU
$PDULOOR %ODQFR $]XO 1HJUR
3RVLFLyQ
3$66
,17(5583725'(3$62
,17(5583725',5(&&,21$/
,17(558725',5(&&,21$/
&RORU $]XO
*ULV 1DUDQMD
3RVLFLyQ FLHOR
,17(5583725'(/3,72
&RORU 1HJUR
1HJUR
3RVLFLyQ $]XOFODUR ,17(5583725'(/3,72
/LEUH
(PSXMH
/8&(60(','25(6,17(5583725(6
,1',&$'25'(&20%867,%/(
6(16251,9(/'(&20%867,%/(
,163(&&,Ð1'(/6,67(0$
6LHOLQGLFDGRUGHFRPEXVWLEOHQRIXQFLRQDFRUUHFWDPHQWH
,QVSHFFLyQGHOVHQVRUGHQLYHOGHFRPEXVWLEOH
5HWLUHHOSHUQRGHOWDQTXHGHFRPEXVWLEOH\OHYDQWHHOWDQTXH
GHFRPEXVWLEOHSiJLQD
'HVFRQHFWHHOFRQHFWRUGHOVHQVRUGHQLYHOGHFRPEXVWLEOH &21(&725,1',&$'25'(&20%867,%/(
0LGDODUHVLVWHQFLDHQORVWHUPLQDOHVGHOVHQVRUGHQLYHOGH
FRPEXVWLEOH
(VWiQGDU
(VODUHVLVWHQFLDGHQWURGH
12LQVSHFFLRQHHOVHQVRUGHQLYHOGHFRPEXVWLEOH
6Ì9$<$$/3$62
,QVSHFFLyQGHODOtQHDGHVDOLGDGHOVHQVRUGH
QLYHOGHFRPEXVWLEOH
9HULILTXH OD FRQWLQXLGDG HQWUH HO WHUPLQDO GHO FRQHFWRU GHO
VHQVRUGHQLYHOGHFRPEXVWLEOHGHOODGRGHODUQpVGHFDEOHV\
HOPHGLGRUGHFRPELQDFLyQ
&21(;,Ð1
$PDULOOR%ODQFR$PDULOOR%ODQFR
9HUGH9HUGH )81'$&21(&7253
¢+D\FRQWLQXLGDG" &21(&7253
12&LUFXLWRDELHUWRHQFDEOHDPDULOOREODQFRRYHUGH
6Ì9$<$$/3$62
,QVSHFFLyQGHODOtQHDGHHQWUDGDGHHQHUJtD
GHOPHGLGRUGHFRPEXVWLEOH
5HWLUHODSDQWDOODGHYLHQWRSiJLQD
'HVFRQHFWHHOFRQHFWRUFRPELQDGRGHOPHGLGRU3SiJLQD

*LUHHOLQWHUUXSWRUGHHQFHQGLGRD21\PLGDHOYROWDMH
HQWUHODWHUPLQDOGHOPHGLGRU\WLHUUD
&RQH[LyQ1HJUR7LHUUD
(VWiQGDU9ROWDMHGHODEDWHUtD
¢([LVWHHOYROWDMHGHODEDWHUtD"
12$ELHUWRRFRUWRFLUFXLWRHQHOFDEOHQHJUR $55,%$&203/(72
6Ì,QGLFDGRUGHFRPEXVWLEOHGHIHFWXRVRRFLUFXLWRDELHUWRHQ
HOFDEOHYHUGHHQWUHHOVHQVRUGHQLYHOGHFRPEXVWLEOH\OD
WLHUUD
,163(&&,Ð16(1625'(1,9(/'(&20%867,%/(
5HWLUHHOVHQVRUGHQLYHOGHFRPEXVWLEOH
&RQHFWHHORKPtPHWURDORVWHUPLQDOHVGHOVHQVRUGHQLYHOGH
FRPEXVWLEOH
,QVSHFFLRQH OD UHVLVWHQFLD GHO IORWDGRU HQ ODV SRVLFLRQHV
VXSHULRUHLQIHULRU
&RPSOHWR
9DFtR
$%$-29$&Ì2
/8&(60(','25(6,17(5583725(6
78(5&$6'(0217$-(
5(02&,Ð1,167$/$&,Ð1
'UHQH HO FRPEXVWLEOH GHO WDQTXH GH FRPEXVWLEOH HQ HO
FRQWHQHGRUDSUREDGR
'HVPRQWHHOFDEOHGHOVHQVRUGHQLYHOGHFRPEXVWLEOHGHO
WDQTXHGHFRPEXVWLEOH
5HWLUH ODV WXHUFDV GH PRQWDMH GHO VHQVRU GH QLYHO GH
FRPEXVWLEOH
&$%/('(/6(16251,9(/'(&20%867,%/(
81,'$''(/6(16251,9(/'(&20%867,%/( 25,1*
5HWLUHODXQLGDGGHOVHQVRUGHQLYHOGHFRPEXVWLEOH\HO2ULQJ
81,'$''(/6(16251,9(/'(&20%867,%/(
,QVWDOHXQQXHYR2ULQJHQHOWDQTXHGHFRPEXVWLEOH
,QVWDOHODXQLGDGGHOVHQVRUGHQLYHOGHFRPEXVWLEOHHQHO
WDQTXHGHFRPEXVWLEOH
127$
7HQJDFXLGDGRGHQRGDxDUHOEUD]RIORWDQWH
25,1*
78(5&$6'(0217$-(
,QVWDOH ODV WXHUFDV GH PRQWDMH GHO VHQVRU GH QLYHO GH
FRPEXVWLEOH\DSULpWHODV
72548(
78(5&$'(),-$&,Ð16(16251,9(/'(
&20%867,%/(NJIP
/8&(60(','25(6,17(5583725(6
,17(5583725'(/(0%5$*8(
'HVFRQHFWHORVFRQHFWRUHVGHOLQWHUUXSWRUGHOHPEUDJXH
&21(&725(6&$%/(,17(5583725'(/(0%5$*8(
9HULILTXHODFRQWLQXLGDGHQWUHORVWHUPLQDOHVGHOLQWHUUXSWRU
'HEH KDEHU FRQWLQXLGDG FRQ OD SDODQFD GHO HPEUDJXH
SUHVLRQDGD\VLQFRQWLQXLGDGFRQODSDODQFDGHOHPEUDJXH
OLEHUDGD
&$%/('(/(0%5$*8(
5(02&,Ð1
5HWLUHHOSURWHFWRUGHODPDQRL]TXLHUGDSiJLQD
$IORMHODWXHUFDGHEORTXHRGHOHPEUDJXH\DIORMHHOFDEOHGHO
HPEUDJXH
78(5&$'(%/248(2
'HVFRQHFWHHOFDEOHGHOHPEUDJXH\UHWLUHODSDODQFDGHO
HPEUDJXH
&$%/('(/(0%5$*8( 3$/$1&$'(/(0%5$*8(
/8&(60(','25(6,17(5583725(6
,17(5583725'(/(0%5$*8(
&RQXQGHVWRUQLOODGRUGHFDEH]DSODQDJROSHHVXDYHPHQWH
HOLQWHUUXSWRUGHOHPEUDJXHFRPRVHPXHVWUDHQODILJXUD
'(67251,//$'25'(&$%(=$3/$1$
,17(5583725'(/(0%5$*8(
5HWLUHHOLQWHUUXSWRUGHOHPEUDJXHGHVXXELFDFLyQHQHO\XJR
GHOHPEUDJXH
5HHPSODFHHOLQWHUUXSWRUGHOHPEUDJXHVLHVQHFHVDULR
,167$/$&,Ð1
,17(5583725'(/(0%5$*8(
/8&(60(','25(6,17(5583725(6
%27Ð1'(02'2
)81&,21(6 '( /$ &2162/$ '(/
0(','25
5(/2-',*,7$/
(OUHORMGLJLWDOPXHVWUDODKRUD\ORVPLQXWRV3DUDDMXVWDUHO
WLHPSRSURFHGDGHODVLJXLHQWHPDQHUD
0DQWHQJD SUHVLRQDGR HO ERWyQ GH FRQILJXUDFLyQ \ HO
ERWyQ GH PRGR VLPXOWiQHDPHQWH GXUDQWH PiV GH
VHJXQGRV(OUHORMVHFRQILJXUDUiHQHOPRGRGHDMXVWHFRQOD
SDQWDOODGHGtJLWRVGHODKRUDSDUSDGHDQGR
5(/2-',*,7$/ %27Ð1'($-867(
3DUD FRQILJXUDU OD KRUD SUHVLRQH HO ERWyQ GH

FRQILJXUDFLyQKDVWDTXHDSDUH]FDODKRUDGHVHDGD
(O WLHPSR DYDQ]D KRUD FDGD YH] TXH VH SUHVLRQD HO
ERWyQSUHVLRQDGR
(O WLHPSR DYDQ]D UiSLGDPHQWH FXDQGR VH PDQWLHQH
SUHVLRQDGRHOERWyQ
$0FDPELDUiD30GHVSXpVGHODV
%27Ð1'($-867(
%27Ð1'(02'2
3UHVLRQH HO ERWyQ GH PRGR /D SDQWDOOD GH PLQXWRV
FRPLHQ]DDSDUSDGHDU
/8&(60(','25(6,17(5583725(6
3DUD FRQILJXUDU ORV PLQXWRV SUHVLRQH HO ERWyQ GH

FRQILJXUDFLyQKDVWDTXHVHPXHVWUHHOPLQXWRGHVHDGR
/DYLVXDOL]DFLyQGHPLQXWRVYROYHUiD
6H OOHJD D FXDQGR VH DOFDQ]D VLQ DIHFWDU OD
YLVXDOL]DFLyQGHODKRUD
(OWLHPSRDYDQ]DHQPLQXWRFDGDYH]TXHVHSUHVLRQD
HOERWyQ
(O WLHPSR DYDQ]D UiSLGDPHQWH FXDQGR VH PDQWLHQH
SUHVLRQDGRHOERWyQ
3DUDILQDOL]DUHODMXVWHSUHVLRQHHOERWyQGHPRGRKDVWD
TXHODSDQWDOODGHOUHORMGHMHGHSDUSDGHDU
127$ %27Ð1'($-867(
(OUHORMVHUHLQLFLDUiVLODEDWHUtDHVWiGHVFRQHFWDGD
0(','25'(5(&255,'2
%27Ð1'(02'2
&8(17$.,/Ð0(7526
0(','25'(5(&255,'2
(O FXHQWD NLOyPHWURV PXHVWUD OD GLVWDQFLD DFXPXODGD
UHFRUULGD
(OPHGLGRUGHUHFRUULGRPXHVWUDODGLVWDQFLDUHFRUULGDGHVGH
TXHHOPHGLGRUVHUHLQLFLyOD~OWLPDYH]+D\GRVPHGLGRUHV
GHUHFRUULGR7ULS\7ULS
3UHVLRQHHOERWyQGHPRGRSDUDVHOHFFLRQDU7ULS\7ULS
7ULS\7ULSVHSXHGHQPRVWUDUKDVWDNP
6L HO PHGLGRU GH UHFRUULGR VXSHUD ORV NP YROYHUi
DXWRPiWLFDPHQWHDNP )(&+$ %27Ð1'($-867(
(OPHGLGRUGHUHFRUULGRPXHVWUDORVVLJXLHQWHVSDUiPHWURV &8(17$.,/Ð0(7526
y 'LVWDQFLD'LVWDQFLDUHFRUULGDHQXQYLDMH
y 9HORFLGDGSURPHGLR9HORFLGDGSURPHGLRDODTXHOD
PRWRFLFOHWDFRPSOHWDXQYLDMH
y +RUDGHYLDMDU7LHPSRQHFHVDULRDOFRPSOHWDUXQYLDMH
y )HFKD0XHVWUDODIHFKDDFWXDO
&XDQGRVHVHOHFFLRQDHOPHGLGRUGHUHFRUULGRPDQWHQJD
SUHVLRQDGRPiVGHVHJXQGRVHOERWyQGHFRQILJXUDFLyQ
SDUDUHVWDEOHFHUHOPHGLGRUGHUHFRUULGRDFHUR(OFXHQWD
NLOyPHWURVVHSXHGHPRVWUDUGHVGHDNP %27Ð1'(02'2
3DUDDFWXDOL]DUODIHFKDSURFHGDGHODVLJXLHQWHPDQHUD
0DQWHQJDSUHVLRQDGRHOERWyQGHFRQILJXUDFLyQ\HOERWyQ
GHPRGRVLPXOWiQHDPHQWHGXUDQWHPiVGHVHJXQGRV/D
SDQWDOODGHOUHORMFRPHQ]DUiDSDUSDGHDU
0DQWHQJDSUHVLRQDGR\VROWDQGRHOERWyQGHPRGRKDVWD
TXHODYLVXDOL]DFLyQGHODIHFKDFRPLHQFHDSDUSDGHDU
3$17$//$'()(&+$
/8&(60(','25(6,17(5583725(6
%27Ð1'($-867(
$KRUD SDUD FRQILJXUDU HO DxR SUHVLRQH HO ERWyQ GH
FRQILJXUDFLyQKDVWDTXHDSDUH]FDHODxRGHVHDGR
3$17$//$'()(&+$
%27Ð1'(02'2
3DUD FRQILJXUDU HO PHV SUHVLRQH HO ERWyQ GH PRGR SDUD
FDPELDUGHYLVXDOL]DFLyQGHDxRDPHV$KRUDSUHVLRQHHO
ERWyQGHFRQILJXUDFLyQKDVWDTXHDSDUH]FDHOPHVGHVHDGR
3$17$//$'()(&+$ %27Ð1'($-867(
3DUD FRQILJXUDU HO GtD SUHVLRQH HO ERWyQ GH PRGR SDUD
FDPELDUGHODYLVXDOL]DFLyQGHPHVDGtD$KRUDSUHVLRQHHO %27Ð1'(02'2
ERWyQGHFRQILJXUDFLyQKDVWDTXHDSDUH]FDHOGtDGHVHDGR
3DUDILQDOL]DUHODMXVWHSUHVLRQHHOERWyQGHPRGRKDVWDTXH
ODYLVXDOL]DFLyQGHODIHFKDGHMHGHSDUSDGHDU
,1',&$'25 5(&25'$725,2 '(

6(59,&,2
(OLQGLFDGRUGHUHFRUGDWRULRGHVHUYLFLRLQGLFDDOXVXDULRTXH
GHEH OOHYDU OD PRWRFLFOHWD D XQ WDOOHU DXWRUL]DGR GH +HUR
0RWR&RUSSDUDVXUHSDUDFLyQ(OLQGLFDGRUFRPHQ]DUiD
SDUSDGHDUFXDQGRODPRWRFLFOHWDFXEUDNLOyPHWURVFRPRVH
HVSHFLILFDHQHOSURJUDPDGHPDQWHQLPLHQWR(OLQGLFDGRU
VHJXLUiSDUSDGHDQGRGXUDQWHHOLQWHUYDORGHXQNLOyPHWUR 3$17$//$'()(&+$ %27Ð1'($-867(
SDUDXQVHUYLFLRHQSDUWLFXODU\VHPDQWHQGUiHQ 21D ,1',&$'255(&25'$725,2'(6(59,&,2
SDUWLUGHHQWRQFHV
/D FRQVROD GHO PHGLGRU WDPELpQ PXHVWUD OD VLJXLHQWH
GLVWDQFLD GH VHUYLFLR ,QGLFD FXiQWRV NLOyPHWURV TXHGDQ
DQWHV GH TXH YHQ]D HO SUy[LPR VHUYLFLR $SDUHFH GXUDQWH
XQRVVHJXQGRVFXDQGRHOLQWHUUXSWRUGHHQFHQGLGRHVWiHQ
21
(OLQGLFDGRUGHUHFRUGDWRULRGHVHUYLFLR VRORVHSXHGH
UHVWDEOHFHUHQXQWDOOHUDXWRUL]DGRGH+HUR0RWR&RUS
127$
'HVSXpVGHUHSDUDUODPRWRFLFOHWDDVHJ~UHVHGHTXHVH
KD\DUHLQLFLDGRHOLQGLFDGRUGHUHFRUGDWRULRGHVHUYLFLR
35Ð;,0$',67$1&,$'(6(59,&,2
/8&(60(','25(6,17(5583725(6
%27Ð1'(02'2
&$5$&7(5Ì67,&$6
02'2(&2/2*,&2
(OPRGR(&2D\XGDDOFRQGXFWRUDORJUDUXQDHILFLHQFLDGH
FRPEXVWLEOHySWLPD
3UHVLRQHHOERWyQGHPRGRKDVWDTXHVHPXHVWUHHOPRGR
(&2
02'2(&2
0XHVWUDODVVLJXLHQWHVLQVWUXFFLRQHVGHFRQGXFFLyQ
,QGLFDGRU GH FDPELR KDFLD DUULED 6H UHFRPLHQGD SDUD
FDPELDUDDOWDYHORFLGDG
,1',&$'25'(&$0%,2+$&,$$55,%$
,QGLFDGRUGHFDPELRKDFLDDEDMR6HUHFRPLHQGDSDUD
FDPELDUDPDUFKDEDMD
127$
(OPRGR(&2D\XGDDOFRQGXFWRUDORJUDUXQDHILFLHQFLD
GHFRPEXVWLEOHySWLPDEDVDGDHQHOUHQGLPLHQWRGHOPRWRU
GHVXPRWRFLFOHWD6HUHFRPLHQGDFRQGXFLUVXPRWRFLFOHWD
VHJ~QODVFRQGLFLRQHVGHODFDUUHWHUD\HOWUiILFR
,1',&$'25'(&$0%,2+$&,$$%$-2
,1',&$'25'(0$5&+$
(OLQGLFDGRUGHPDUFKDLQGLFDODFRQGLFLyQDFWXDOGHPDUFKD
GHODPRWRFLFOHWDHQHOTXHHVWiIXQFLRQDQGR
127$
(O LQGLFDGRU GH PDUFKD PXHVWUD FXDQGR OD
PRWRFLFOHWDHVWiHQQHXWUR
(OLQGLFDGRUGHPDUFKDPXHVWUD FXDQGRVHGHPRUD
HQPRVWUDUODLQGLFDFLyQGHPDUFKDRFXDQGRFDPELDGH
PDUFKDHQFRQGLFLRQHVHVWiWLFDVGHODPRWRFLFOHWDOD
PRWRFLFOHWDHVWiHQHOVRSRUWHSULQFLSDO\HOLQWHUUXSWRU
GHHQFHQGLGRHVWiHQODSRVLFLyQ21
,1',&$'25'(0$5&+$
/8&(60(','25(6,17(5583725(6
*8Ì$'(9,$-(+(52$3/,&$&,Ð1
'(1$9(*$&,Ð1
/DDSOLFDFLyQGHQDYHJDFLyQ+HURHVWiGLVSRQLEOHHQ*RRJOH
3OD\ 6WRUH SDUD $QGURLG R $SS 6WRUH SDUD L26 TXH VH
SXHGHLQVWDODUHQHOGLVSRVLWLYRGHOXVXDULRSDUDDFFHGHUD
%OXHWRRWKDOHUWDVGHOODPDGDVHQWUDQWHVDOHUWDGHEDWHUtD
EDMDPyYLO\IXQFLRQHVGHQDYHJDFLyQ
127$
/DFRPSDWLELOLGDG\HOUHQGLPLHQWRGHODDSOLFDFLyQJXtD
GHYLDMH+HUR SXHGHQYDULDUVHJ~QHOGLVSRVLWLYR\OD
YHUVLyQGHOVRIWZDUH
$3/,&$&,Ð1'(1$9(*$&,Ð1+(52
/DDSOLFDFLyQQHFHVLWDVHxDOGH*36FRQH[LyQDLQWHUQHW
\EOXHWRRWKSDUDUHDOL]DUODIXQFLRQDOLGDGGHQDYHJDFLyQ
GHVHDGD
%/8(7227+
(VWD PRWRFLFOHWD HVWi HTXLSDGD FRQ OD IXQFLyQ GH
FRQHFWLYLGDGEOXHWRRWKSRUODFXDOHOWHOpIRQRLQWHOLJHQWHGHO
XVXDULRVHSXHGHHPSDUHMDUFRQODFRQVRODGHOPHGLGRUD
WUDYpVGHODDSOLFDFLyQGHQDYHJDFLyQ+HUR
3DUD FRQHFWDU HO GLVSRVLWLYR GHO XVXDULR SURFHGD GH OD
VLJXLHQWHPDQHUD
$EUDODDSOLFDFLyQGHQDYHJDFLyQGHKpURHHQHOWHOpIRQR
LQWHOLJHQWHGHOXVXDULR $3/,&$&,Ð1'(1$9(*$&,Ð1+(52
3DUD HO DFRSODPLHQWR SRU SULPHUD YH] SHUPLWD TXH OD

DSOLFDFLyQDFFHGDD
8ELFDFLyQGHOGLVSRVLWLYRVLHO*36QRHVWiKDELOLWDGRHQ
HOGLVSRVLWLYRWHOpIRQRLQWHOLJHQWHGHOXVXDULR
"$&15"3
)RWRVPHGLRVDUFKLYRV
&RQWDFWRV
+DFHU\DGPLQLVWUDUOODPDGDVWHOHIyQLFDV
5HJLVWURV GH OODPDGDV WHOHIyQLFDV HQ HO GLVSRVLWLYR
WHOpIRQRLQWHOLJHQWHGHOXVXDULR
"$&15"3
/8&(60(','25(6,17(5583725(6
$&(37(7e50,126<&21',&,21(6
$KRUDVHOHFFLRQH*(767$57('SDUDFRQWLQXDU
/DDSOLFDFLyQWDPELpQOHSLGHDOXVXDULRTXHDFHSWHORV
WpUPLQRV\FRQGLFLRQHVSDUDFRQWLQXDU
&217,18$5
,1,&,(6(6,Ð1$75$9e6'()$&(%22.2*22*/(
$KRUDLQLFLHVHVLyQHQODDSOLFDFLyQFRQXQDFXHQWDGH
)DFHERRNR*RRJOH\FRPLHQFH
3HUPLWD TXH OD DSOLFDFLyQ DFWLYH EOXHWRRWK VL QR HVWi
KDELOLWDGD HQ HO GLVSRVLWLYRWHOpIRQR LQWHOLJHQWH GHO
XVXDULR
$&7,9(%/8(7227+
/D DSOLFDFLyQ EXVFD XQ PRPHQWR \ PXHVWUD WRGRV ORV

GLVSRVLWLYRV FHUFDQRV 6HOHFFLRQH HO GLVSRVLWLYR FRQ HO
QRPEUHGHOXVXDULR
6(/(&&,21((/',6326,7,92'(/868$5,2
6(/(&&,21((/',6326,7,92'(/868$5,2
$FWXDOLFH HO QRPEUH GHO XVXDULR VL HV QHFHVDULR \
VHOHFFLRQH JXDUGDU \ FRQHFWDU R FRQHFWDUVH SDUD
FRQWLQXDU
*8$5'$5<&21(&7$5 &21(&7$56(
/8&(60(','25(6,17(5583725(6
02'2%/8(7227+
(Q HO DFRSODPLHQWR OD FRQVROD GHO PHGLGRU PXHVWUD
&211(&7('GHEDMRGHOVtPERORGH%OXHWRRWKHQPRGR
%OXHWRRWK
%/8(7227+&21(&7$'2
02'2%/8(7227+
6L VH SURGXFH DOJ~Q HUURU GXUDQWH HO SURFHVR GH
DFRSODPLHQWR OD FRQVROD GHO PHGLGRU PRVWUDUi 127
)281' GHEDMR GHO VtPEROR GH %OXHWRRWK 5HSLWD ORV
SDVRV DQWHULRUHV \ PDQWHQJD HO WHOpIRQR LQWHOLJHQWH GHO
XVXDULR PiV FHUFD GH OD PRWRFLFOHWD SDUD YROYHU D
FRQHFWDUOR
1$9(*$&,Ð1 12&21(&7$'2
3DUDXVDUODIXQFLyQGHQDYHJDFLyQSURFHGDGHODVLJXLHQWH 8%,&$&,Ð1$&78$/ (/,*((/'(67,12
PDQHUD
&RQHFWHODPRWRFLFOHWDGHOXVXDULRFRQODDSOLFDFLyQGHJXtD
GHQDYHJDFLyQ+HURDWUDYpVGH%OXHWRRWKSiJLQD
'HVSXpVGHXQDFRQH[LyQH[LWRVDODDSOLFDFLyQ\ODSDQWDOOD
GHODFRQVRODGHOPHGLGRUFDPELDUiQDXWRPiWLFDPHQWHDO
PRGR GH QDYHJDFLyQ 7DPELpQ DFWXDOL]DUi OD XELFDFLyQ
DFWXDOGHOXVXDULRDWUDYpVGHOVLVWHPD*36
$KRUDHOLMDHOGHVWLQRGHOXVXDULRDWUDYpVGHODDSOLFDFLyQ\
VHOHFFLRQH67$55,'(
'HVSXpV GH SURFHVDU GXUDQWH XQ WLHPSR OD FRQVROD GHO
PHGLGRUPRVWUDUiODGLUHFFLyQODGLVWDQFLDSDUDHOSUy[LPR
PRYLPLHQWR\ODKRUDHVWLPDGDGHOOHJDGD(7$(OWLHPSR
HVWLPDGR GH OOHJDGD VH PRVWUDUi HQ $0 R 30 /D ',67$1&,$ ,1,&,$59,$-(
DSOLFDFLyQGHQDYHJDFLyQ+HUR\ODFRQVRODGHOPHGLGRUGH 35Ð;,02029,0,(172 02'2'(1$9(*$&,Ð1
OD PRWRFLFOHWD GHO XVXDULR PRVWUDUiQ SDVR D SDVR OD
RULHQWDFLyQGLUHFFLyQGHQDYHJDFLyQDWUDYpVGHODVVHxDOHV
GHQDYHJDFLyQSiJLQD
127$
(QFXDOTXLHUPRPHQWRVLHOVLVWHPDGHQDYHJDFLyQSLHUGH
ODVHxDOPXHVWUD126,*1$/HQODFRQVRODGHOPHGLGRU
FXDQGRODPRWRFLFOHWDHVWiHQPRGRGHQDYHJDFLyQ
35(&$8&,Ð1
(OVLVWHPDGHQDYHJDFLyQORD\XGDDOOHJDUDVXGHVWLQRQR
VHGLVWUDLJDPLHQWUDVFRQGXFH&RQGX]FDFRQVHJXULGDG\
REHGH]FDVLHPSUHODVQRUPDVGHWUiQVLWR
(7$ ',5(&&,Ð1 6,16(f$/
/8&(60(','25(6,17(5583725(6
$&23/$0,(172$8720É7,&2
(VWD PRWRFLFOHWD HVWi HTXLSDGD FRQ OD IXQFLyQ GH
DFRSODPLHQWRDXWRPiWLFRSRUHOFXDOVLDSDJDHOLQWHUUXSWRU
GHHQFHQGLGRGHODPRWRFLFOHWDGHVSXpVGHXQDFRSODPLHQWR
H[LWRVRFRQODDSOLFDFLyQGHQDYHJDFLyQGH+HURVHYROYHUi
DFRQHFWDUDXWRPiWLFDPHQWHXQDYH]TXHHOLQWHUUXSWRUGH
HQFHQGLGRHVWpHQ21
127$
0DQWHQJDVLHPSUHHOWHOpIRQRLQWHOLJHQWHGHORVXVXDULRV
FHUFD GH VX PRWRFLFOHWD GXUDQWH HO DFRSODPLHQWR HO
GHVDFRSODPLHQWR\ODQDYHJDFLyQ
$/(57$'(//$0$'$(175$17(
6LHOWHOpIRQRLQWHOLJHQWHGHOXVXDULRHVWiDFRSODGRFRQOD
FRQVRODGHOPHGLGRUGHVXPRWRFLFOHWDDWUDYpVGH%OXHWRRWK
SiJLQD HO XVXDULR UHFLELUi WRGDV ODV DOHUWDV GH
OODPDGDVHQWUDQWHVHQODFRQVRODGHOPHGLGRU0RVWUDUiHO -XDQ
QRPEUHGHODSHUVRQDTXHOODPDVLHVWiDOPDFHQDGRHQHO
WHOpIRQRLQWHOLJHQWHFRPSDWLEOHGHOXVXDULR3RUHMHPSORVLHO
Q~PHURGHODSHUVRQDTXHOODPDVHDOPDFHQDHQHOWHOpIRQR &DOOLQJ
LQWHOLJHQWHFRPSDWLEOHGHOXVXDULRFRQHOQRPEUHGH-XDQOD
FRQVRODGHOPHGLGRUPRVWUDUiODVOODPDGDVGH-XDQ
$/(57$'(//$0$'$(175$17(325120%5(
6LHOQ~PHURQRVHJXDUGDHQHOGLVSRVLWLYRGHOXVXDULRSRUVX
QRPEUHRVLHOGLVSRVLWLYRGHOXVXDULRHVXQL26PRVWUDUi
81.12:1&$//,1*
//$0$'$'(6&212&,'$
$/(57$'(%$7(5Ì$%$-$
8QVtPERORGHDOHUWDGHEDWHUtDEDMDDSDUHFHGXUDQWHXQRV
VHJXQGRVHQODFRQVRODGHOPHGLGRUVLODEDWHUtDGHOWHOpIRQR
LQWHOLJHQWHDFRSODGRGHOXVXDULRHVGHPDVLDGREDMD
$/(57$'(%$7(5Ì$%$-$'(/7(/e)212,17(/,*(17(
/8&(60(','25(6,17(5583725(6
6(f$/(6'(1$9(*$&,Ð1
6HxDOHV GH QDYHJDFLyQ /D SOLFDFLyQ GH QDYHJDFLyQ +HUR \ OD FRQVROD GHO PHGLGRU GH OD
PRWRFLFOHWDGHOXVXDULRPRVWUDUiSDVRDSDVRODJXtD\GLUHFFLyQDWUDYpVGHODVVHxDOHVGHQDYHJDFLyQ
FXDQGRODPRWRFLFOHWDHVWiHQPRGRGHQDYHJDFLyQFRQHOWHOpIRQRLQWHOLJHQWHGHOXVXDULR
*LUDUDODL]TXLHUGD *LUDUDODGHUHFKD *LUROHYHL]TXLHUGD *LUROHYHL]TXLHUGD *LURIXHUWHL]TXLHUGD *LURIXHUWHGHUHFKD
'HUHFKR 8QLUVH 0DQWHQHUL]TXLHUGD 0DQWHQHUGHUHFKD 5DPSDL]TXLHUGD 5DPSDGHUHFKD
5RWRQGDDOD 5RWRQGDDOD *LUHHQ8DOD *LUHHQ8DOD

L]TXLHUGD GHUHFKD L]TXLHUGD GHUHFKD &XUYDL]TXLHUGD &XUYDGHUHFKD
5HURXWH
%DUFR 7UHQIHUU\ 'HVWLQR &DPLQRHTXLYRFDGR

DOFDQ]DGR
/8&(60(','25(6,17(5583725(6
6(16259(/2&,'$''(/$58('$
,163(&&,Ð1
127$
$VHJ~UHVHGHTXHODEDWHUtDHVWpHQEXHQDVFRQGLFLRQHV
6(&6LQRHVDVtUHHPSOiFHODFRQXQDEDWHUtDQXHYD\
OXHJRLQVSHFFLRQH
9HULILTXHVLKD\WHUPLQDOHVGHFRQWDFWRIORMRVRGHILFLHQWHVHQ
HOFRQHFWRU+(&8\HOFRQHFWRUGHOVHQVRUGHYHORFLGDGGHOD
UXHGD
6L ODV FRQH[LRQHV VRQ QRUPDOHV YHULILTXH OD FRQWLQXLGDG
HQWUHHOFRQHFWRU+(&8\HOFRQHFWRUGHOVHQVRUGHYHORFLGDG
GHODUXHGD
&RQH[LyQ
1HJUR9LROHWD:661HJUR9LROHWD+(&8
%ODQFR1DUDQMD:66%ODQFR1DUDQMD+(&8
(VWiQGDU&RQWLQXLGDG
6LQRVHGHWHFWDFRQWLQXLGDGUHHPSODFHHODUQpV
6L H[LVWH FRQWLQXLGDG PLGD OD UHVLVWHQFLD GHO VHQVRU GH
YHORFLGDGGHODUXHGD
&21(&7256(1625'(9(/2&,'$''(/$58('$
0LGDODUHVLVWHQFLDGHOFRQHFWRUGHOVHQVRUGHYHORFLGDGGHOD
UXHGD
5(6,67(1&,$
&RQH[LyQ1HJUR9LROHWD%ODQFR1DUDQMD
(VWiQGDU
6LODUHVLVWHQFLDHVWiIXHUDGHHVSHFLILFDFLyQUHHPSODFHHO
VHQVRUGHYHORFLGDGGHODUXHGD
&21(&7256(1625'(9(/2&,'$''(/$58('$
/8&(60(','25(6,17(5583725(6
0(','25'(&20%,1$&,Ð1
,163(&&,Ð1
127$
$VHJ~UHVHGHTXHODEDWHUtDHVWiHQEXHQDVFRQGLFLRQHV

6(&6LQRHVDVtUHHPSOiFHODFRQXQDEDWHUtDQXHYD
Y* *0 **
7ULS
31.
* NP
\OXHJRLQVSHFFLRQH )
$YJ
NPK
7LPH
NPK ( KP
(FBS
0%0 NP $XJ
7RGRV ORV VHJPHQWRV /&' VH PXHVWUDQ SDUD HO
YHORFtPHWUR8QDILJXUDGH¶¶HVYLVLEOH
7RGRVORVVHJPHQWRV/&'VHPXHVWUDQSDUDHOUHORM
8QDILJXUDGH¶¶HVYLVLEOH
7RGRV ORV VHJPHQWRV /&' VH PXHVWUDQ SDUD HO FXHQWD
NLOyPHWURV8QDILJXUDGH¶¶HVYLVLEOH
/DDJXMDGHOWDFyPHWURRVFLODGHVGH0,10$;0,1
/DDJXMDGHOLQGLFDGRUGHFRPEXVWLEOHRVFLODGHVGH0,1
0$;0,1
6LQRVHREVHUYDQLQJXQDSDQWDOOD
1RXVDGR 9DFtR
'HVFRQHFWHHOFRQHFWRU3GHOPHGLGRU GHFRPELQDFLyQ
SiJLQD ,QWHUUXSWRUGHOHPEUDJXH9HUGH5RMR
%DWHUtD5HVSDOGR 5RMR%ODQFR
(QWUDGDGHYHORFLGDG %ODQFR
(QWUDGDGHWDFyPHWUR $PDULOOR9HUGH
,QGLFDGRUVRSRUWHODWHUDO 5RVDGR5RMR
1HXWUR 9HUGHFODUR5RMR
1RXVDGR 9DFtR
(QFHQGLGR 1HJUR
(QWUDGDGHFRPEXVWLEOH $PDULOOR%ODQFR
,QWHUPLWHQWH *ULV
*LURL]TXLHUGR 1DUDQMD
/X]DOWD $]XO
*LURGHUHFKR $]XOFLHOR
$%6:/ 5RVDGR$PDULOOR
7LHUUD 9HUGH
&21(&72530(','25'(&20%,1$&,Ð1
9HULILTXHHOSLQFRQWLHUUDGHOFXHUSRSDUDODFRQWLQXLGDG
&RQH[LyQ3LQ9HUGH7LHUUDGHOFXHUSR
(VWiQGDU&RQWLQXLGDG
6LQRVHREVHUYDFRQWLQXLGDGUHHPSODFHHODUQpV
/8&(60(','25(6,17(5583725(6
&21(&7253'(/0(','25'(&20%,1$&,Ð1
6LVHREVHUYDFRQWLQXLGDGYHULILTXHHOYROWDMHHQHOSLQ
&RQH[LyQ3LQ5RMR%ODQFR7LHUUD
&21(&7253'(/0(','25'(&20%,1$&,Ð1
6LHOYROWDMHHQHOSDVRDQWHULRUHVFRUUHFWRYHULILTXHHOYROWDMH
HQHOSLQFRQWLHUUD
&RQH[LyQ3LQ1HJUR7LHUUD
(VWiQGDU6LQYROWDMH
*LUHHOLQWHUUXSWRUGHHQFHQGLGRD21\YHULILTXHHOYROWDMH
HQHOSLQFRQWLHUUD
&RQH[LyQ3LQ1HJUR7LHUUD
6LQRVHREVHUYDYROWDMHUHHPSODFHHODUQpV
6LHOYROWDMHHVWiELHQUHHPSODFHHOPHGLGRUGHFRPELQDFLyQ
7$&Ð0(752
/DDJXMDGHOWDFyPHWURRVFLODGHVGH0,10$;0,1
6LODSDQWDOODDQWHULRUHVWiELHQYHULILTXHHOIXQFLRQDPLHQWR
GHOWDFyPHWURDUUDQFDQGRHOPRWRU\YHULILFDQGRODSDQWDOOD
GHODDJXMDDGLIHUHQWHVUSP
6L HO WDFyPHWUR QR IXQFLRQD HQ ORV SDVRV DQWHULRUHV
GHVFRQHFWH HO FRQHFWRU 3 GHO PHGLGRU GH FRPELQDFLyQ
SiJLQD5HWLUHHOWDQTXHGHFRPEXVWLEOHSiJLQD
9HULILTXH OD FRQWLQXLGDG GHO FDEOH SDUD HO SLQ FRQ HO
FRQHFWRUGHFDEOHDPDULOORYHUGHHQHOODGRGHODUQpV&',
&RQH[LyQ8QLGDGGHPHGLFLyQ&RQHFWRU33LQ
$PDULOOR9HUGH &RQHFWRU GHO DUQpV GH OD
XQLGDG&',$PDULOOR9HUGH
(VWiQGDU&RQWLQXLGDG &$%/(9(5'($0$5,//2'(/&',
6L VH REVHUYD FRQWLQXLGDG UHHPSODFH HO PHGLGRU GH
FRPELQDFLyQ
9(/2&Ì0(752
&RPSUXHEDORVLJXLHQWH
7RGRVORVVHJPHQWRV/&'VHPXHVWUDQSDUDHOYHORFtPHWUR
8QDILJXUDGH¶¶HVYLVLEOH
6LODSDQWDOODDQWHULRUHVWiELHQYHULILTXHHOIXQFLRQDPLHQWR
GHOYHORFtPHWURJLUDQGRODUXHGDGHODQWHUDFRQODPDQR\OD
PRWRFLFOHWDFRORFDGRHQHOVRSRUWHSULQFLSDO
6LODSDQWDOODGHOSDVRDQWHULRUQRHVWiELHQFRPSUXHEHHO
IXQFLRQDPLHQWRGHOVHQVRUGHYHORFLGDGSiJLQD
/8&(60(','25(6,17(5583725(6
&21(&7253'(/0(','25'(&20%,1$&,Ð1
0(','25'(&20%867,%/(
&RPSUXHEDORVLJXLHQWH
/DDJXMDGHOLQGLFDGRUGHFRPEXVWLEOHRVFLODGHVGH0,1
0$;0,1
6LODSDQWDOODDQWHULRUHVWiELHQFRPSUXHEH ODXQLGDGGH
FRPEXVWLEOHSiJLQD
6L OD DJXMD GHO LQGLFDGRU GH FRPEXVWLEOH QR IXQFLRQD
GHVFRQHFWH HO FRQHFWRU 3 GHO PHGLGRU GH FRPELQDFLyQ
SiJLQD
9HULILTXHODFRQWLQXLGDGGHOFDEOHSDUDHOSLQFRQFDEOH
DPDULOOREODQFR HQ HO FRQHFWRU 3 GHO WDQTXH GH
FRPEXVWLEOH &21(&725381,'$'0(','25'(&20%867,%/(
&RQH[LyQ8QLGDGGHPHGLGRU3&RQHFWRU
3LQDPDULOOREODQFR8QLGDGGHLQGLFDGRUGH
FRPEXVWLEOH&RQHFWRU3$PDULOOREODQFR
(VWiQGDU&RQWLQXLGDG
6L VH REVHUYD FRQWLQXLGDG UHHPSODFH OD XQLGDG GH
FRPEXVWLEOH
,17(5583725623257(/$7(5$/
5(02&,Ð1
6XHOWH HO FOLS GH HQUXWDPLHQWR SDUD ORV FRQHFWRUHV GHO
LQWHUUXSWRUGHOVRSRUWHODWHUDOGHOPDUFR
&21(&7253,17(5583725623257(/$7(5$/
'HVFRQHFWHHOFRQHFWRU3GHOLQWHUUXSWRUGHOVRSRUWHODWHUDO
3(5126'(0217$-(
5HWLUHORVSHUQRVPRQWDMHGHOLQWHUUXSWRUGHOVRSRUWHODWHUDO
5HWLUHHOLQWHUUXSWRUGHOVRSRUWHODWHUDO
,167$/$&,Ð1
,163(&&,Ð1
*LUHHOHQFHQGLGRGHODPRWRWFLOHWDDODSRVLFLyQ21
&RPSUXHEHVLHOLQGLFDGRUGHOVRSRUWHODWHUDOVHHQFLHQGH
\VHDSDJDFXDQGRVHRSHUDHOVRSRUWHODWHUDO
(OLQGLFDGRUGHEHHVWDU21FXDQGRHOFDEDOOHWHODWHUDO
HVWi'2:1\2))FXDQGRHOVRSRUWHODWHUDOHVWi83µ
6LHOLQGLFDGRUQRIXQFLRQDFRPRVHUHTXLHUHYHULILTXHHO
LQWHUUXSWRUGHOVRSRUWHODWHUDO\HO/('LQGLFDGRUSiJLQD

&RPSUXHEHHOIXVLEOHGH$HQODFDMDGHIXVLEOHV6LHO
IXVLEOHHVWiGDxDGRUHHPSOiFHOR\UHSLWDHOSDVR
$VHJ~UHVHGHTXHHOYROWDMHGHODEDWHUtDVHDQRUPDO6LHO
YROWDMHGHODEDWHUtDHVEDMRODEDWHUtDGHEHUHFDUJDUVHR
UHHPSOD]DUVH
$VHJ~UHVHGHTXHHOFRQHFWRUGHOLQWHUUXSWRUGHOVRSRUWH
ODWHUDOHVWpFRUUHFWDPHQWHFRQHFWDGRDOFRQHFWRUHQHO
DUQpVGHFDEOHV
&RPSUXHEHTXHHOVRSRUWHGHOLPiQHVWpLQVWDODGRHQHO
VRSRUWHODWHUDO\TXHQRHVWpGDxDGRDJULHWDGRRURWR
7DPELpQDVHJ~UHVHGHTXHQRKD\DEDUURFXEULHQGRHO
VRSRUWHGHOLPiQ
8VHXQREMHWRGHKLHUURSDUDYHULILFDUHOIXQFLRQDPLHQWR
GHOLPiQ )86,%/($(1&$-$'()86,%/(6
/8&(60(','25(6,17(5583725(6
6(1625,17(5583725623257(/$7(5$/
&RPSUXHEH HO HVSDFLR HQWUH HO VRSRUWH GHO LPiQ \ HO
VHQVRU FXDQGR HO VRSRUWH ODWHUDO HVWi HQ OD SRVLFLyQ
'2:1
/DVHSDUDFLyQGHEHVHUGHPP
6L HO LPiQ QR IXQFLRQD R VL HO VRSRUWH GHO LPiQ HVWi
GDxDGRUHHPSODFHHOVRSRUWHGHOLPiQ\UHSLWDHOSDVR

&RPSUXHEH TXH HO VHQVRU GHO LQWHUUXSWRU GHO VRSRUWH
ODWHUDOHVWpLQVWDODGRHQHOPDUFR\TXHQRHVWpGDxDGR
DJULHWDGRRURWR
,QVSHFFLRQHYLVXDOPHQWHHOFDEOHSDUDDVHJXUDUVHGH
TXHQRKD\DFRUWHVRURWXUDV
6L VH REVHUYD DOJ~Q GDxR UHHPSODFH HO VHQVRU GHO 3257$,0É1(1(/623257(/$7(5$/
LQWHUUXSWRUGHOVRSRUWHODWHUDO\UHSLWDHOSDVR
5HWLUHHOVHQVRU\DVHJ~UHVHGHTXHQRKD\DUHVLGXRVQL
VDOSLFDGXUDVHQHOPRQWDMHGHOVHQVRU
6LKD\HVFRPEURVRVDOSLFDGXUDVOLPSLHHOiUHDYXHOYDD )XVLEOHSULQFLSDO$
,QWHUUXSWRUPDJQpWLFR
PRQWDUHOVHQVRU\UHSLWDHOSDVR GHDUUDQTXH
,163(&&,Ð1$51e6'(&$%/($'2 ,QWHUUXSWRU
&DMD
PRQWDMH
&DMD
PRQWDMH
&RPSUREDFLyQGHODSRWHQFLD
%DWHUtD
9$K GHFRPELQDFLyQ IXVLEOH$ IXVLEOH$
9HULILTXHODFRQWLQXLGDGHQWUH(OSLQGHDOLPHQWDFLyQ 7LHUUD
%DW
5
FDEOHQHJURHQHOFRQHFWRU\HOFDEOHQHJURGHOIXVLEOH
%DW
GH$GHOSLQGHWLHUUDGHODFDMDGHIXVLEOHVFDEOH
5%
5
YHUGHHQHOFRQHFWRU\HOFXHUSRGHOPDUFR
&RPSUREDFLyQ GH OD FRQH[LyQ DO PHGLGRU $EUD HO
5:
5%
5
%
FDUHQDGR GHODQWHUR \ GHVFRQHFWH HO FRQHFWRU GHO
PHGLGRU
0HGLGRUGHFRPELQDFLyQ
9HULILTXHODFRQWLQXLGDGHQWUHHOSLQ23URVDGRURMR
HQHOFRQHFWRUGHOLQWHUUXSWRUGHOVRSRUWHODWHUDOHQHO
&RQHFWRU3
%

DUQpVGHFDEOHV\HOFDEOHURVDGRURMRHQHOFRQHFWRU 5:

GHOPHGLGRUHQHODUQpVGHFDEOHV
35

$VHJ~UHVH GH TXH KD\D FRQWLQXLGDG HQ ORV FDEOHV

PHQFLRQDGRV
&RQ OD OODYH HQ OD SRVLFLyQ 21 FRQHFWH HO SLQ GH
DOLPHQWDFLyQFDEOHQHJURDOSLQ23FDEOHURVDGR
35
*
%
URMRGHOFRQHFWRUGHOLQWHUUXSWRUGHOVRSRUWHODWHUDOHQ
HO DUQpV GH FDEOHDGR \ YHULILTXH VL HO LQGLFDGRU GHO 7LHUUD
VRSRUWHODWHUDOVHLOXPLQD
6LHOLQGLFDGRUQRVHLOXPLQDUHHPSODFHHOFRQMXQWRGHO ,QWHUUXSWRU
VRSRUWHODWHUDO
PHGLGRU\UHSLWDHOSDVR
&RQODOODYHHQODSRVLFLyQ21

9HULILTXHODGLIHUHQFLDGHYROWDMHHQWUHHOFDEOHURVDGR
URMR HQ HO FRQHFWRU GHO PHGLGRU \ WLHUUD FXHUSR GHO
PDUFR&XDQGRVHRSHUDHOVRSRUWHODWHUDOHOYROWDMH
GHEHVHUGH9R9
6LHOYROWDMHPXHVWUDDOJ~QRWURYDORUUHHPSODFHHO
VHQVRUGHOLQWHUUXSWRUGHOVRSRUWHODWHUDO\UHSLWDHOSDVR

6LQRVHHQFXHQWUDHOSUREOHPDVHGHEHUHHPSOD]DUHO
VHQVRUGHOLQWHUUXSWRUGHOVRSRUWHODWHUDO
/8&(60(','25(6,17(5583725(6
&21-8172'(/&$5*$'2586%
5(02&,Ð1,167$/$&,Ð1
(O FRQMXQWR GHO FDUJDGRU 86% VH HQFXHQWUD HQ HO
FRPSDUWLPLHQWR GHO FDUJDGRU 86% \ GHO NLW GH SULPHURV
DX[LOLRV
&21-8172'(/&$5*$'2586%
&21(&725'(/&$5*$'2586%
5HWLUHODFXELHUWDODWHUDOSiJLQD
'HVFRQHFWHHOFRQHFWRUGHOFDUJDGRU86%
$5$1'(/$'(%/248(2
5HWLUHODDUDQGHODGHEORTXHR\HOFDUJDGRU86%
&$5*$'2586%
&21-8172'(/&$5*$'2586%
,167$/$&,Ð1
0(025$1'2
',$*5$0$'(&$%/($'2
$ODPEUHGHFREUHWUHQ]DGR64
6HQVRUGHO
,QWHUUXSWRUPDJQpWLFR DFHOHUDGRU
GHDUUDQTXH
)XVLEOHSULQFLSDO
$ 8QLGDG&',
,QWHUUXSWRUGH %DWHUtD 0RWRUGH 7LHUUD 7LHUUD

9$K
DUUDQTXH DUUDQTXH
GHOPDUFR GHOPRWRU
DSDJDGR\ 7LHUUD
*5
<5
5
&DMD &DMD
5*5
<*
)XVLEOH
<5
<5
%<
</
</
/<
7LHUUD
*
*
*
,QWHUUXSWRUGH SDUDGD ,QWHUUXSWRU 7LHUUD PRQWDMH PRQWDMH
FRPELQDFLyQ GHODQWHUD 7LHUUD $%6 $
GHSDUDGD IXVLEOH$ IXVLEOH$ $%6
86% WUDVHUD
(QFHQGLGR
)URQWDOVW
%DW
8QLGDG$%6
/X]GLUHFFLRQDO
&',
%DW
%DW
*
6W
GHODQWHUDGHUHFKD
6%
*
%
9:
5*5
:2
ÉPEDU
*<
*<
<5
%9
5%
5%
5%
3<
5/
5
5
:
*
*
%
5:
5%
5
5
5
%
/X]GLUHFFLRQDO
6%
WUDVHUDGHUHFKD
*
9:
ÉPEDU
0HGLGRUGHFRPELQDFLyQ
%

<*
/ *< /X]WUDVHUD\
* *
%5 GHSDUDGD/('
&RQHFWRU3
5:
/*5 ::
6%
2
:
35
*5
*5
3< /X]GLUHFFLRQDO
<: WUDVHUDL]TXLHUGD
*
9:
2
ÉPEDU
/X]SULQFLSDO *
$FRSODGRU /X]GHODPDWUtFXOD
:D9 %5
3 9:
/X]EDMD %:
/X]DOWD /
:
:
*
5
/X]GH
%5
SRVLFLyQ

*
5HJXODGRU
5%
*
3
5HFWLILFDGRU
:2
%9
:
:
/<
&21(&7253'(/7(50,1$/
*
/X]GLUHFLRQDO
2
GHODQWHUDL]TXLHUGD &RQHFWRUGHO
/*5
35
*5
9: *
%<
*
%
*
VHUYLFLR
ÉPEDU
*
6HQVRUYHORFLGDG 1RXVDGR 9DFtR
%/*
/*5
%/*
<:
GHODUXHGD$%6
%:
*5
*5
6%
*
*
*
%
/
,QWHUUXSWRUGHOHPEUDJXH 9HUGH5RMR
%DWHUtD5HVSDOGR 5RMR%ODQFR
(QWUDGDGHYHORFLGDG %ODQFR
+2
+,
/2
+/
/
%$7
:5
5
,QWHUUXSWRU 5HFWLILFDGRU (QWUDGDGHWDFyPHWUR $PDULOOR9HUGH

*HQHUDGRU *HQHUDGRU
VRSRUWH $& GHSXOVR ,QGLFDGRUVRSRUWHODWHUDO 5RVDGR5RMR
ODWHUDO 1HXWUR 9HUGHFODUR5RMR
8QLGDGGH ,QWHUUXSWRU ,QWHUUXSWRUGHO 3LWR ,QWHUUXSWRU %RELQDGH
OX]GLUHFFLRQDO HPEUDJXH 1RXVDGR 9DFtR

FRPEXVWLEOH QHXWUR HQFHQGLGR
DWHQXDGRU\SLWR (QFHQGLGR 1HJUR
(QWUDGDGHFRPEXVWLEOH $PDULOOR%ODQFR
,QWHUPLWHQWH *ULV
% 1(*52 %5 0$55Ð1 *LURL]TXLHUGR 1DUDQMD
,17(5583725 ,17(5583725 ,17(5583725 ,17(5583725 < $0$5,//2 2 1$5$1-$ /X]DOWD $]XO
'(&20%,1$&,Ð1 5(*8/$'25'(,17(16,'$' ',5(&&,21$/ 02725
'(/3,72 '($55$148( *LURGHUHFKR $]XOFLHOR
/ $=8/ 6% $=8/&,(/2
%$7 %$7 +/ /2 +, %$ 5 :5 / %$7 +2 ,*1 &', 67 %$7 $%6:/ 5RVDGR$PDULOOR
/2&. /,%5( 2)) /,%5(
* 9(5'( /* 9(5'(&/$52 7LHUUD 9HUGH
5 52-2 3 526$'2
2)) 1 1 (038-( 21 (038-(
: %/$1&2 *5 *5,6
&25' &25'
21 &2/25 % %/* 5% 5*5 <5 %
&2/25 &2/25
9 9,2/(7$
&2/25 5% 5 3$66 &2/25 6% *5 2
&2/25&20%,1$&,Ð17,(55$0$5&$
&2/25 < : / %

0(025$1'2
62/8&,Ð1'(352%/(0$6
(OPRWRUQRDUUDQFDRHVGLItFLOGH %DMRUHQGLPLHQWRDDOWD

DUUDQFDU YHORFLGDG
(OPRWRUFDUHFHGHSRWHQFLD 0DOPDQHMR
%DMRUHQGLPLHQWRHQQHXWUR\EDMDV 6ROXFLyQGHSUREOHPDVGH$%6
YHORFLGDGHV
(/0272512$55$1&$2(6',)Ì&,/'($55$1&$5
&$86$352%$%/(
&RPSUXHEH VL HO FRPEXVWLEOH
(OFRPEXVWLEOHQRIOX\HDOFDUEXUDGRU 1RKD\FRPEXVWLEOHHQHOWDQTXHGH
IOX\H KDFLD HO FDUEXUDGRU FRPEXVWLEOH
DIORMDQGRHOWRUQLOORGHGUHQDMH /tQHDGHFRPEXVWLEOHREVWUXLGD
0DOODILOWURGHFRPEXVWLEOHREVWUXLGR
&RPEXVWLEOHTXHIOX\HDOFDUEXUDGRU
)LOWURGHFRPEXVWLEOHREVWUXLGR
9iOYXODGHOIORWDGRUSHJDGD
2ULILFLRGHYHQWLODFLyQWDSDGRGHO
WDQTXHGHFRPEXVWLEOHREVWUXLGR
5HDOL]DUSUXHEDGHFKLVSD
'pELORVLQFKLVSD %XMtDGHIHFWXRVD
%XHQDFKLVSD %XMtDVXFLD
8QLGDG&',GHIHFWXRVD
*HQHUDGRUGHSXOVRGHIHFWXRVR
&DEOHGHEXMtDURWRRHQFRUWRFLUFXLWR
%RELQDGHHQFHQGLGRGHIHFWXRVD
,QWHUUXSWRUGHHQFHQGLGRGHIHFWXRVR
0DOFRQHFWDGRURWRRHQFRUWRFLUFXLWR
&DEOHVGHOVLVWHPDGHHQFHQGLGR
%DMDFRPSUHVLyQ &RQWDFWRLQFRUUHFWRGHODVLHQWRGHOD
3UXHEHODFRPSUHVLyQGHOFLOLQGUR YiOYXOD
(VSDFLRGHODYiOYXODGHPDVLDGR
&RPSUHVLyQQRUPDO SHTXHxR
9iOYXODDWDVFDGDDELHUWD
&LOLQGURGHVJDVWDGR\DQLOORVGHSLVWyQ
(PSDTXHGHODFXODWDGDxDGD
9iOYXODDJDUUDGD
6LQFURQL]DFLyQLQFRUUHFWDGHODYiOYXOD
&RPLHQFH VLJXLHQGR HO
SURFHGLPLHQWR GH DUUDQTXH (OPRWRUDUUDQFDSHURSURQWRVHGHWLHQH )XJDGHDLUHSRUHODLVODQWHGHO
FDUEXUDGRU
QRUPDO
9HORFLGDGGHQHXWURPDODMXVWDGD
(OPRWRUQRDUUDQFD &DUEXUDGRUREVWUXLGR
7LHPSRGHHQFHQGLGRLQFRUUHFWR
0H]FODGHFRPEXVWLEOHDLUHSDUD
LQFOLQDUVH
5HWLUH\UHYLVHODEXMtD
%XMtDK~PHGD &KRTXHGHOFDUEXUDGRUH[FHVLYDPHQWH
FHUUDGR

%XMtDVHFD &DUEXUDGRULQXQGDGR
0H]FODGHFRPEXVWLEOHDLUH
GHPDVLDGRULFD
(OHPHQWRVXFLRGHOILOWURGHDLUH
&RPLHQFHFRQHOFKRTXHDSOLFDGR

62/8&,Ð1'(352%/(0$6
(/02725&$5(&('(327(1&,$ &$86$352%$%/(
/HYDQWHODVUXHGDVGHO /DVUXHGDVQRJLUDQOLEUHPHQWH )UHQRGHDUUDVWUH
VXHOR\JLUHDPDQR 5RGDPLHQWRGHODUXHGDGHVJDVWDGR
RGDxDGR
5XHGDVJLUDQOLEUHPHQWH (OURGDPLHQWRGHODUXHGDQHFHVLWD
OXEULFDFLyQ
&DGHQDGHWUDQVPLVLyQPX\DSUHWDGD
9HULILTXHODSUHVLyQGHOODQWDV 3UHVLyQPX\EDMD /ODQWDSLQFKDGD

9iOYXODGHODOODQWDGHIHFWXRVD
3UHVLyQQRUPDO
(PEUDJXHSDWLQD 5HVRUWHVGHOHPEUDJXHVHPDQDOHV
'LVFRVGHOHPEUDJXHGHVJDVWDGRV
9HULILTXHHOGHVOL]DPLHQWRGHO 3ODWRVGHOHPEUDJXHGHIRUPDGDV
HPEUDJXH -XHJROLEUHGHODSDODQFDGHO
HPEUDJXHPDODMXVWDGR
(OHPEUDJXHQRVHGHVOL]D 0HFDQLVPRGHHOHYDFLyQGHO
HPEUDJXHDGKHUHQWH
$FHOHUDOLJHUDPHQWHHOPRWRU /DYHORFLGDGGHOPRWRUQR 0H]FODGHFRPEXVWLEOHDLUH

DXPHQWDORVXILFLHQWH GHPDVLDGRULFDRSREUH
/DYHORFLGDGGHOPRWRUDXPHQWD )LOWURGHDLUHREVWUXLGR
)OXMRGHFRPEXVWLEOHUHVWULQJLGR
2ULILFLRGHYHQWLODFLyQWDSDGRGHO
WDQTXHGHFRPEXVWLEOHREVWUXLGR
6LOHQFLDGRUREVWUXLGR
9HULILTXHHOWLHPSRGHHQFHQGLGR
,QFRUUHFWR 8QLGDG&',GHIHFWXRVD
&RUUHFWR *HQHUDGRUGHSXOVRGHIHFWXRVR
*HQHUDGRUGHSXOVRPDOLQVWDODGR
%DMDFRPSUHVLyQ &RQWDFWRLQFRUUHFWRGHODVLHQWRGHOD
YiOYXOD
3UXHEDGHFRPSUHVLyQGHOFLOLQGUR (VSDFLRGHODYiOYXODGHPDVLDGR
SHTXHxR
&RPSUHVLyQQRUPDO &LOLQGUR\DQLOORVGHOSLVWyQ
GHVJDVWDGR
&LOLQGUR\DQLOORVGHSLVWyQGDxDGRV
9iOYXODDJDUUDGD
9HULILTXHTXHHOFDUEXUDGRUQRHVWpREVWUXLGR 6LQFURQL]DFLyQLQFRUUHFWDGHOD
YiOYXOD
2EVWUXLGR (OFDUEXUDGRUQRUHFLEHVHUYLFLRFRQ
1RREVWUXLGR IUHFXHQFLD
(QVXFLDGRRGHVFRORULGR /DEXMtDQRUHFLEHVHUYLFLRFRQ
IUHFXHQFLD
5HWLUH\UHYLVHODEXMtD
8VRGHEXMtDVFRQUDQJRGHFDEH]D
LQFRUUHFWR
%XHQHVWDGR
5HWLUH HO WDSyQ GH OOHQDGR GH DFHLWHOD ,QFRUUHFWR 1LYHOGHDFHLWHGHPDVLDGRDOWR
YDULOOD PHGLGRUD GHO QLYHO GH DFHLWH \ 1LYHOGHDFHLWHGHPDVLDGREDMR
YHULILTXHHOQLYHO\HOHVWDGR $FHLWHFRQWDPLQDGR
&RUUHFWR
3iJLQD

62/8&,Ð1'(352%/(0$6
5HWLUHODWDSDGHODFXODWDH
LQVSHFFLRQHODOXEULFDFLyQ 7UHQGHYiOYXODVQROXEULFDGR 3DVRGHDFHLWHREVWUXLGR
DGHFXDGDPHQWH %RPEDGHDFHLWHGHIHFWXRVD
7UHQGHYiOYXODVOXEULFDGR 0DOODGHILOWURGHDFHLWHREVWUXLGR
DGHFXDGDPHQWH
6REUHFDOHQWDPLHQWR ([FHVLYDDFXPXODFLyQGHFDUERQR
GHOPRWRU HQODFiPDUDGHFRPEXVWLyQ
&RPSUXHEHVLHOPRWRUVHVREUHFDOLHQWD 8VRGHFRPEXVWLEOHGHFDOLGDG
LQDGHFXDGD
(OPRWRUQRVHVREUHFDOLHQWD 'HVOL]DPLHQWRGHOHPEUDJXH
*ROSHVGHOPRWRU &DUERQRH[FHVLYRDFXPXODGRHQ
ODFiPDUDGHFRPEXVWLyQ
8VRGHFRPEXVWLEOHGHFDOLGDG
$FHOHUDRFRUUHDDOWDYHORFLGDG LQDGHFXDGD
&LOLQGUR\SLVWyQGHVJDVWDGRV
(OPRWRUQRJROSHD 0H]FODGHFRPEXVWLEOHDLUH
GHPDVLDGRSREUH
7LHPSRGHHQFHQGLGRGHPDVLDGR
DYDQ]DGR
%$-25(1',0,(172$%$-$9(/2&,'$'
&$86$352%$%/(
9HULILTXHHOWLHPSRGHHQFHQGLGR\HO
HVSDFLROLEUHGHODYiOYXOD ,QFRUUHFWR 8QLGDG&',GHIHFWXRVD
&RUUHFWR -XHJRGHYiOYXODVPDODMXVWDGR
*HQHUDGRUGHSXOVRPDOLQVWDODGR
9HULILTXHHODMXVWHGHOWRUQLOORGH ,QFRUUHFWR 0H]FODGHFRPEXVWLEOH\DLUHGHPDVLDGR

DLUHGHOFDUEXUDGRU SREUH
0H]FODDLUHFRPEXVWLEOHGHPDVLDGRULFD
)XJDV 3HUQRVDLVODQWHVVXHOWRVGHOFDUEXUDGRU
$LVODGRUGHFDUEXUDGRUGDxDGR
9HULILTXHVLKD\IXJDVGHDLUHSRUHO 2ULQJGHODLVODQWHGDxDGDRGHWHULRUDGD
DLVODGRUGHOFDUEXUDGRU
&KLVSDGpELOR %XMtDGHIHFWXRVD
6LQIXJDV LQWHUPLWHQWH %XMtDVXFLD
8QLGDG&',GHIHFWXRVD
*HQHUDGRUGHSXOVRVGHIHFWXRVR
&DEOHGHEXMtDURWRRHQFRUWRFLUFXLWR
5HDOL]DUSUXHEDGHFKLVSD %RELQDGHHQFHQGLGRGHIHFWXRVD
0DOFRQHFWDGRURWRRHQFRUWRFLUFXLWR
%XHQDFKLVSD VLVWHPDGHHQFHQGLGR
2EVWUXLGR &LUFXLWROHQWRGHOFDUEXUDGRUREVWUXLGR

9HULILTXHTXHHOFDUEXUDGRUQRHVWp
REVWUXLGR
1RREVWUXLGR

62/8&,Ð1'(352%/(0$6
32%5(5(1',0,(172$$/7$9(/2&,'$'
9HULILTXHHOWLHPSRGHHQFHQGLGR
&$86$352%$%/(
&RUUHFWR ,QFRUUHFWR 8QLGDG&',GHIHFWXRVD
*HQHUDGRUGHSXOVRLQVWDODGR
'HVFRQHFWHODOtQHDGHFRPEXVWLEOH LQFRUUHFWDPHQWH
HQHOFDUEXUDGRU
)OXMRGHFRPEXVWLEOH )DOWDGHFRPEXVWLEOHHQHOWDQTXH
(OFRPEXVWLEOHIOX\HOLEUHPHQWH UHVWULQJLGR /tQHDGHFRPEXVWLEOHREVWUXLGD
0DOODGHILOWURGHFRPEXVWLEOHREVWUXLGR
)LOWURGHFRPEXVWLEOHREVWUXLGR
9HULILTXHTXHORVFKRUURVGHO 2ULILFLRGHYHQWLODFLyQWDSDGRGHOWDQTXH
FDUEXUDGRUQRHVWpQREVWUXLGRV GHFRPEXVWLEOH
2EVWUXLGR &KRUURVGHFDUEXUDGRUREVWUXLGRV
1RREVWUXLGR
/LPSLDUORV
&RPSUXHEHODVLQFURQL]DFLyQGH ,QFRUUHFWR 3LxyQGHOHYDLQVWDODGRLQFRUUHFWDPHQWH

ODYiOYXOD
&RUUHFWR
'pELO 5HVRUWHGHYiOYXODGHIHFWXRVR
0XHOOHGHODYiOYXODGHUHWHQFLyQ
1RUPDO
0$/0$1(-2
&$86$352%$%/(
6LODGLUHFFLyQHVSHVDGD 7XHUFDGHDMXVWHGHOURGDPLHQWRGH
GLUHFFLyQGHPDVLDGRDSUHWDGD
5RGDPLHQWRGHGLUHFFLyQGDxDGR
6LFXDOTXLHUDGHODVUXHGDVVHWDPEDOHD -XHJRH[FHVLYRGHOURGDPLHQWRGHUXHGD
%RUGHGREODGR
3HUQRGHSLYRWHGHOEDODQFtQIORMR
%XMHGHSLYRWHGHOEDODQFtQH[FHVLYDPHQWH
GHVJDVWDGR
0DUFRGREODGR
6LODPRWRFLFOHWDWLUDKDFLDXQODGR 5XHGDVGHODQWHUDV\WUDVHUDVQRDOLQHDGDV
7HQHGRUGREODGR
%UD]RGHOEDODQFtQRPDUFRGREODGR

62/8&,Ð1'(352%/(0$6
62/8&,Ð1'(352%/(0$6$%6
352%/(0$
'XUDQWHODFRQGXFFLyQODYLVXDOL]DFLyQGHODYHORFLGDGHQHOYHORFtPHWURVHDSDJD\ODOX]GHDGYHUWHQFLDGHO$%6FRPLHQ]DD
HQFHQGHUVHORTXHLQGLFDXQPDOIXQFLRQDPLHQWRGHO$%6(OVLVWHPDVHYXHOYHFRUUHFWRWDQSURQWRFRPRHOHQFHQGLGRVHFRORFD
HQ´2))µ\VHYXHOYHD21
(QFDVRGHPDOIXQFLRQDPLHQWRVHJHQHUDUiODGHVFULSFLyQGHOSUREOHPDGHGLDJQyVWLFRTXHVHSXHGHOHHUDWUDYpVGHOD
KHUUDPLHQWD+,',
&$86$352%$%/( 62/8&,Ð1'(352%/(0$6
&RQH[LyQGHEDWHUtDVXHOWD 9HULILTXH ODV FRQH[LRQHV GHO WHUPLQDO GH OD EDWHUtD \
DSULpWHODVVLVHHQFXHQWUDQIORMDV$GHPiVDVHJ~UHVHGH
TXHQRKD\DDFRSODGRUHVVXHOWRVVLQFLUFXLWRGHFLUFXLWR
DELHUWR
5XHGDGHODQWHUDUHWLUDGDPLHQWUDVVHPDQWLHQHHO $VHJ~UHVHGHTXHODOODYHGHFRQWDFWRHVWpHQ2))µ
HQFHQGLGR21µ
%DMRYROWDMHGHELGRDOHQFHQGLGRPDQWHQLGRGXUDQWH 5HFDUJXH OD EDWHUtD SDUD FDUJDUOD FRPSOHWDPHQWH R

PXFKRWLHPSRORTXHKDFHTXHODEDWHUtDVHDJRWH UHHPSOiFHODVLHVQHFHVDULR
3DUDRWUDVVROXFLRQHVGHSUREOHPDVUHODFLRQDGDVFRQHO$%6FRQVXOWHHOVLVWHPDGHIUHQRVDQWLEORTXHR6(&&,Ð1

0(025$1'2

Xpulse 200 Carb

Uploaded by

Document Information

Original Description:

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Xpulse 200 Carb

Uploaded by

Copyright:

Available Formats

;38/6(

1~PHURGHLGHQWLÀFDFLyQ 9,1 1~PHURVHULHGHOPRWRU

3URIXQGLGDGPtQLPDGHOJUDEDGRGHODOODQWD PP PP

0[7XHUFDHVSHFLDO a a  $SOLFDUDFHLWH

H[WUHPRJUDQGH $FHLWHGH *RWHR aFP 

12 120%5(%/248( 0e72'2< 2%6(59$&,21(6

3LVWyQIUHQRWUDVHUR $FHLWHGHPRQWDMH (VSDUFLU

12 120%5(%/248( 0e72'2< 2%6(59$&,21(6

/ODQWDWUDVHUD\GHODQWHUD ÉUHDGHODVLHQWR 6ROXFLyQGHMDEyQ (VSDUFLU 

12 120%5(%/248( 0e72'2< 2%6(59$&,21(6

3LYRWHGHVRSRUWHODWHUDO 3DUWHGHVOL]DQWH +(6' (VSDUFLU 

 5HPRYHGRUURGDPLHQWRGHOFiUWHUPP 3DUDUHWLUDUORVURGDPLHQWRVGHOFiUWHU ++.)1

 7DSDGHOVLOHQFLDGRU 6XSHUVSOHQGRU 3DUDSURWHJHUODVODPLQLOODVGHHQIULDPLHQWRGXUDQWH

 ([WUDFWRUURGDPLHQWRGHO FLJHxDO /+6 3DUDUHPRYHUORVURGDPLHQWRVGHOFLJHxDO ++.71

 ,QVWDODGRUGHOURGDPLHQWRGHODGLUHFFLyQ 3DUDUHWLUDUHOURGVXSHULRULQIHULRUGHODGLUHFFLyQ++.=-

 3LQ]DPP 3DUDUHWLUDUHOURGGHDJXMDGHODUXHGDDFFLRQDGD++.=1

 &RQGXFWRUHQJUDQDMHGHOHYD 3DUDJLUDUUXHGDGHQWDGDGHOHYDDODSRVLFLyQ7'&+0&/$$1*

(QUXWDPLHQWR GHO FDEOH GHO

(O FDEOH GHO HPEUDJXH VH SDVD D

(O FDEOH GH DUUDQTXH SDVD D

(O FDEOH GH DUUDQTXH HVWi

(O FRQHFWRU 3 HVWi FRQHFWDGR DO

(O FDEOH GHO LQWHUUXSWRU GH

GHVGH $69 D WXEHUtD GH

7XER GH YiOYXOD XQLGLUHFFLRQDO

/D PDQJXHUD GHO UHVSLUDGHUR GHO

0DQJXHUD GH SLQ]D GH IUHQR

7XER GH IUHQR WUDVHUR HQ HO

/D PDQJXHUD GHO IUHQR WUDVHUR

7XER GH GUHQDMH GHO ILOWUR GH DLUH

(O FDEOH GHO FDUJDGRU 86% HVWi (OFDEOHGHODFDMDGHIXVLEOHVHVWi

(O FDEOH GH OD OX] WUDVHUDSDUDGD

(O FDEOH GH FLHUUH GHO DVLHQWR VH

(O FDEOH GH UHWHQFLyQ GHO DVLHQWR

$&* HO FDEOH GHO JHQHUDGRU GH

(O LQWHUUXSWRU GH OD OX] GH SDUDGD

(O FDEOH GH OD OX] SULQFLSDO \ GH

(O DUQpV GH FDEOHDGR SULQFLSDO VH

8ELFDFLyQGHODVSDUWHV  7DQTXHGHFRPEXVWLEOH 

5$185$ 25(-(7$ &8%,(57$/$7(5$/,=48,(5'$

&8%,(57$/$7(5$/'(5(&+$ 25(-(7$ 5$185$

'HVFRQHFWH HO FRQHFWRU GHO PHGLGRU GH FRPEXVWLEOH GHO

,QIRUPDFLyQGHOVHUYLFLR  /LPSLH]DGHOURWRUÀOWURGHDFHLWH 

9(17,/$&,Ð1 '(/ &É57(578%2

5(87,/,=$1'281$%8-Ì$ (/(&752'2/$7(5$/ $5$1'(/$'(6(//2

/,03,(=$ 0$//$ '(/ ),/752 '(

23(5$&,Ð1 '(/ ,17(5583725 '(

623257( 35,1&,3$/ 23&,21$/ 

$SR\H OD PRWRFLFOHWD GH IRUPD VHJXUD \ OHYDQWH OD UXHGD

5 2 ' $ 0 , ( 1 7 2 6 & $ % ( = $ / ' (

&RQHFWHXQDWXEHUtDRPDQJXHUDDGHFXDGD UHVLVWHQWHDO &$5&$6$),/752'($,5(

'LDJUDPDGHOVLVWHPD  %RPEDGHDFHLWH 

'HVFRQHFWH HO FRQHFWRU GHO VHQVRU GHO DFHOHUDGRU 3 GHO

7251,//23,/272 5(6257( $5$1'(/$ -(735,1&,3$/

25,1*6 -(7'($*8-$ -(735,1&,3$/

7251,//23,/272 5(6257( $5$1'(/$ -(735,1&,3$/

-(7'($*8-$ $1,//2 &8f$

9É/98/$'(385*$ 0$1*8(5$6 &$1,67(5

6,67(0$ 680,1,6752 '( $,5(

6\VWHP'LDJUDP  &\OLQGHU+HDG5HPRYDO 

5HPRYH WKH F\OLQGHU KHDG FRYHU PRXQWLQJ EROWVUXEEHU

"1 / Ê "/-É,1 ,Ê7- ,-

;38/6(

1~PHURGHLGHQWLÀFDFLyQ9,1 1~PHURVHULHGHOPRWRU

3URIXQGLGDGPtQLPDGHOJUDEDGRGHODOODQWD PP PP

0[7XHUFDHVSHFLDO a a $SOLFDUDFHLWH

H[WUHPRJUDQGH $FHLWHGH *RWHRaFP

12 120%5(%/248( 0e72'2< 2%6(59$&,21(6

12 120%5(%/248( 0e72'2< 2%6(59$&,21(6

/ODQWDWUDVHUD\GHODQWHUD ÉUHDGHODVLHQWR 6ROXFLyQGHMDEyQ (VSDUFLU

12 120%5(%/248( 0e72'2< 2%6(59$&,21(6

3LYRWHGHVRSRUWHODWHUDO 3DUWHGHVOL]DQWH +(6' (VSDUFLU

5HPRYHGRUURGDPLHQWRGHOFiUWHUPP 3DUDUHWLUDUORVURGDPLHQWRVGHOFiUWHU ++.)1

7DSDGHOVLOHQFLDGRU6XSHUVSOHQGRU 3DUDSURWHJHUODVODPLQLOODVGHHQIULDPLHQWRGXUDQWH

([WUDFWRUURGDPLHQWRGHO FLJHxDO/+6 3DUDUHPRYHUORVURGDPLHQWRVGHOFLJHxDO ++.71

,QVWDODGRUGHOURGDPLHQWRGHODGLUHFFLyQ 3DUDUHWLUDUHOURGVXSHULRULQIHULRUGHODGLUHFFLyQ++.=-

3LQ]DPP 3DUDUHWLUDUHOURGGHDJXMDGHODUXHGDDFFLRQDGD++.=1

&RQGXFWRUHQJUDQDMHGHOHYD 3DUDJLUDUUXHGDGHQWDGDGHOHYDDODSRVLFLyQ7'&+0&/$$1*

(O FRQHFWRU 3 HVWi FRQHFWDGR DO

(O FDEOH GH OD OX] WUDVHUDSDUDGD

$&* HO FDEOH GHO JHQHUDGRU GH

8ELFDFLyQGHODVSDUWHV 7DQTXHGHFRPEXVWLEOH

,QIRUPDFLyQGHOVHUYLFLR /LPSLH]DGHOURWRUÀOWURGHDFHLWH

9(17,/$&,Ð1 '(/ &É57(578%2

623257( 35,1&,3$/ 23&,21$/

&RQHFWHXQDWXEHUtDRPDQJXHUDDGHFXDGDUHVLVWHQWHDO &$5&$6$),/752'($,5(

'LDJUDPDGHOVLVWHPD %RPEDGHDFHLWH

'HVFRQHFWH HO FRQHFWRU GHO VHQVRU GHO DFHOHUDGRU 3 GHO

25,16 -(7'($8-$ -(735,1&,3$/

-(7'($*8-$ $1,//2&8f$

9É/98/$'(385$ 0$18(5$6 &$1,67(5

6\VWHP'LDJUDP &\OLQGHU+HDG5HPRYDO

5HPRYH WKH F\OLQGHU KHDG FRYHU PRXQWLQJ EROWVUXEEHU

"1 / Ê "/-É,1 ,Ê7- ,-

,QVWDOO WKH F\OLQGHU KHDG FRYHU PRXQWLQJ EROWVUXEEHU

"1 / Ê "/-É,1 ,Ê7- ,-

- / "7 Ê* -

-/ Ê- 66 Ê-, -, Ê, / ,

66 -*, Ê- /

-/ Ê- 66 Ê-, -, Ê, / ,

- / "7 Ê* -

6\VWHP'LDJUDP 3LVWRQ3LVWRQ5LQJ,QVSHFWLRQ

-/" -/" Ê*

/ -" ,Ê/ , %2/7

'LDJUDPDGHOVLVWHPD (PEUDJXH

,QV,QVWDOH OD FXELHUWD GHUHFKD GHO FiUWHU HO UHFHSWRU GHO

',6&2$(;7(5,25 (;7(5,25'(/(0%5$*8(

'LDJUDPDGHOVLVWHPD &XELHUWDL]TXLHUGDGHOFiUWHU

(;75$&725'(/92/$17( 3257$,0É17,32$%5$=$'(5$

'LDJUDPDGHOVLVWHPD 6HSDUDFLyQGHOFiUWHU

'LDJUDPDGHOVLVWHPD 0DQLOODU

(PSDTXH ODV FDYLGDGHV GH ORV URGDPLHQWRV FRQ JUDVD

5(6257('(/7(1('25 $5$1'(/$ 25,1*

'LDJUDPDGHOVLVWHPD 5XHGDWUDVHUD

3$6$'25'(81,Ð1 &2//$5 3('$/'(/)5(12

'LDJUDPDGHOVLVWHPD 3UXHEDGHDFWXDGRU

3(512'(0217$-('(/6(1625'(9(/2&,'$''(58('$:66 NJIP

3(512'(0217$-('(/$81,'$''(&21752/(/(&75Ð1,&2+,'5É8/,&2 NJIP

6HOHFFLRQH OD RSFLyQ 3/$7)250 SUHVLRQDQGR R

6H HVWDEOHFHUi XQD FRPXQLFDFLyQ HQWUH OD KHUUDPLHQWD

5HYLVH HO DUQpV GHO VHQVRU GH

6HQVRUGHYHORFLGDGGHUXHGD)DOORGHH[WUDSRODFLyQ 6HQVRUGHYHORFLGDGGHOD 5HHPSODFHHOVHQVRUGHYHORFLGDG

26(.(UURUIDWDO (&8VHFRUURPSLy 5HHPSODFH+(&8SiJLQD

%RPEDGHIHFWXRVD %RPEDGHIHFWXRVD 5HHPSODFH+(&8SiJLQD

)DOODGHKDUGZDUH )DOODHOKDUZDUH 5HHPSODFH+(&8SiJLQD

3DUD OD SUXHED GH OiPSDUDV VHOHFFLRQH WRGDV ODV

/D KHUUDPLHQWD +,', VH PRVWUDUi FRPR ´'$7$ :5,77(1

'LDJUDPDGHOVLVWHPD 3URFHGLPLHQWRLQYHUVRGH

'LDJUDPDGHOVLVWHPD /OHQDGRGHHOHFWUROLWRV

0LGDHOYROWDMHGHFDUJDFRQODEDWHUtDWRWDOPHQWH 1RUPDO 9HULILTXHODIXJDGHFRUULHQWHGHODEDWHUtDSUXHEDGH

621'$9( 621'$9(

621'$9( 621'$9(

621'$9( 621'$9(

'LDJUDPDGHOVLVWHPD ,QVSHFFLyQGHOJHQHUDGRUGHSXOVR

&21',&,Ð1,1868$/ &$86$352%$%/(&20358(%((125'(1180e5,&2