02%,/,$5,2

2¿FHQWUR'HFRUD6$GH&9ORJRWLSR\DYLVRVFRPHUFLDOHV
VRQ PDUFDV UHJLVWUDGDV HVWi SURKLELGR VX XVR \R
UHSURGXFFLyQ WRWDO R SDUFLDO VLQ DXWRUL]DFLyQ

'HNRUD VH UHVHUYD HO GHUHFKR GH FDPELDU PHGLGDV

\ GLVHxR GHWDOOHV R FRPELQDFLRQHV GH FRORUHV DVt
FRPR GHVFRQWLQXDU SURGXFWRV VLQ SUHYLR DYLVR

3RU LPSUHVLyQ GHO FDWiORJR SXHGHQ YDULDU ORV FRORUHV

\  W R Q D O L G D G H V  F R Q  O D  U H D O L G D G 

/DV LPiJHQHV PRVWUDGDV VRQ ODV PDV FHUFDQDV D OD

UHDOLGDG SRVLEOH \ SRGUiQ H[LVWLU YDULDFLRQHV
D O  S U R G X F W R  I t V L F R 

3 U R K L E L G R 6 X 8 V R \  R 5 H S U R G X F F L y Q 1 R$ X W R U L ] D G D 

Z Z Z G N R  F R P  P [

8Q6RFLR
&DWiORJRGHSURGXFWRV ( Q 7 X 1 H J R F L R
 62/8&,21(6

/tQHDV\HVWLORVHUJRQyPLFRV\
3$5$782),&,1$
P X O W L I X Q F L R Q D O H V
'(.25$ &217(1,'2
(VFULWRULRV 
&UHGHQ]DV  
&RSHWHV  
$UFKLYHURV  
$UFKLYDGRUHVSDUDÀOHV  
/LEUHURV  
2 ) , & ( 1 7 5 2 0HVDVGHMXQWD  
0yGXORVGHFyPSXWR  
(VFULWRULRVHVWPHWiOLFD  
6RPRV  XQD  HPSUHVD    PH[LFDQD  HQIRFDGD  D  OD 0HVDVPRGXODUHV  

PRELOLDULRHVFRODU\GH RILFLQD
IDEULFDFLyQ  GH  PRELOLDULR  HVFRODU  \  GH  RÀFLQD
0yGXORVGHWUDEDMR  

)X QGDGD  HQ    HQ  OD  &G  GH  2D[DFD  0p[LFR $UFKLYHURVPyYLOHV  

FRQ HO REMHWLYR GH RIUHFHU DO PHUFDGR PXHEOHV FRQ $FFHVRULRV  
ORV  HVWLORV  PiV  LQQRYDGRUHV  HQ  FDOLGDG  \  GLVHxR
$UFKLYHURVPHWiOLFRV  
/RFNHUVPHWiOLFRV  
(Q'HNRUDWUDEDMDPRVHQHOGHVDUUROORGHODPiVDOWDFDOLGDGGLVHxR
\ FRQIRUW SDUD HO Pi[LPR GHVHPSHxR GH OD DFWLYLGDG 0RELOLDULRHVFRODU  
GLDULD VDWLVIDFLHQGR ODV H[SHFWDWLYDV GH QXHVWURV FOLHQWHV 6DODVGHHVSHUD  
5HFHSFLRQHV  
2
 I L F H Q W U R ' H F R U D 6  $  G H &  9 
1XHYRVPRGHORV  
3iJ 
£$GDSWDELOLGDG\)iFLO
&RPELQDFLyQ(Q
'LIHUHQWHV$PELHQWHV
/ Ì 1 ( $ 3iJ 
'(.25$
0RG(VFULWRULRVHFUHWDULDOUHFWR
'LPHQVLRQHV [[0
&RORUQRJDOXUEDQRPHOLQJDJUH\
&DUDFWHUtVWLFDV FXELHUWD UHFWD
G R V F D M R Q H V F R Q V L V W H P D G H
F H U U D G X U D  F H Q W U D O 


0RG(VFULWRULRVHFUHWDULDO
'LPHQVLRQHV [[0
&RORUQRJDOXUEDQRPHOLQJDJUH\
&DUDFWHUtVWLFDV FXELHUWD FXUYD
G R V F D M R Q H V F R Q V L V W H P D G H
F H U U D G X U D  F H Q W U D O 


0RG(VFULWRULRDGPLQLVWUDWLYR
'LPHQVLRQHV [[0
&RORUQRJDOXUEDQRPHOLQJDJUH\
&DUDFWHUtVWLFDV FXELHUWD FXUYD
G R V F D M R Q H V F R Q V L V W H P D G H
F H U U D G X U D  F H Q W U D O 


( O H F F L y Q G H F R O R U H V
2 ) , & ( 1 7 5 2
PRELOLDULRHVFRODU\GHRILFLQD
3iJ  / Ì 1 ( $ 3iJ 

£)XQFLRQDOLGDG\(OHJDQFLD '(.25$
(Q(VSDFLRV'LQiPLFRV
0RG0HVDODWHUDOGHFRPSXWR

'LPHQVLRQHV [[0
&RORU QRJDO XUEDQR PHOLQJD JUH\
& D U D F W H U t V W L F D V   F X E L H U W D
UHFWDQJXODU \ UHJDWyQ GH SOiVWLFR





0RG(VFULWRULRHMHFXWLYR

'LPHQVLRQHV [[0
&RORU QRJDO XUEDQR PHOLQJD JUH\
&DUDFWHUtVWLFDV  FXELHUWD FXUYD
GRV FDMRQHV \ FHUUDGXUD FHQWUDO




0RG$(VFULWRULRHMHFXWLYR

'LPHQVLRQHV [[0
&RORU QRJDO XUEDQR PHOLQJD JUH\
& D U D F W H U t V W L F D V   F X E L H U W D UH F W D
FXDWURFDMRQHV\FHUUDGXUDFHQWUDO





( O H F F L y Q G H F R O R U H V
2 ) , & ( 1 7 5 2

PRELOLDULRHVFRODU\GHRILFLQD
3iJ  / Ì 1 ( $ 3iJ 

£6HQWLGR3UiFWLFR\ '(.25$
'LVWLQFLyQ(Q6X'LVHxR
0RG(VFULWRULRVHFUHWDULDOLWiOLFR

'LPHQVLRQHV [[0
&RORU QRJDO XUEDQR PHOLQJD JUH\
& D U D F W H U t V W L F D V   F X E L H U W D
IRUPDGH/\ PHVDODWHUDOGHUHFKD






0RG(VFULWRULRDGPWYRLWiOLFR

'LPHQVLRQHV [[0
&RORU QRJDO XUEDQR PHOLQJD JUH\
& D U D F W H U t V W L F D V   F X E L H U W D
IRUPDGH/\PHVDODWHUDOGHUHFKD







0RG(VFULWRULRHMHFXWLYRLWiOLFR
'LPHQVLRQHV [[0
&RORU QRJDO XUEDQR PHOLQJD JUH\
& D U D F W H U t V W L F D V   F X E L H U W D
I R U P D G H / \  D U F K L Y H U R W L S R
SHGHVWDO XQ FDMyQ \ XQD JDYHWD





( O H F F L y Q G H F R O R U H V
2 ) , & ( 1 7 5 2

PRELOLDULRHVFRODU\GHRILFLQD
3iJ  / Ì 1 ( $ 3iJ 

£)XQFLRQDOLGDG\ '(.25$
&RQIRUW
0RG(VFULWRULRKDPEXUJR

'LPHQVLRQHV [[0
&RORU QRJDO XUEDQR PHOLQJD JUH\
& D U D F W H U t V W L F D V   F X E L H U W D
IRUPD GH / \ UHJDWyQ GH SOiVWLFR






0RG(VFULWRULRYHUViWLO
'LPHQVLRQHV [[0
&RORU QRJDO XUEDQR PHOLQJD JUH\
&DUDFWHUtVWLFDVFXELHUWDHQIRUPD
GH EDOD DUFKLYHUR DX[LOLDU XQ
F D M y Q  X Q D J D Y H W D \ S H G H V W D O 





0RG(VFULWRULRDGPLQLVWUDWLYR
'LPHQVLRQHV [[0
&RORU QRJDO XUEDQR PHOLQJD JUH\
&DUDFWHUtVWLFDV FXELHUWD HQ IRUPD
GH / FRQ DUFKLYHUR DX[LOLDU FRQ
HQWUHSDxR XQ FDMyQ \ XQD JDYHWD






( O H F F L y Q G H F R O R U H V
2 ) , & ( 1 7 5 2

PRELOLDULRHVFRODU\GHRILFLQD
3iJ  /
£8Q(VWLOR'LIHUHQWH3DUD
&DGD$PELHQWH
Ì 1 ( $ 3iJ 
'(.25$
0RG(VFULWRULRHMHFXWLYR
'LPHQVLRQHV [[0
&RORU QRJDO XUEDQR PHOLQJD JUH\
&DUDFWHUtVWLFDVFXELHUWDHQIRUPD
GH EDOD PHVD ODWHUDO \ DUFKLYHUR
DX[LOLDUSRVWHULRUFRQGRVOLEUHURV



0RG(VFULWRULRGLUHFWRU
'LPHQVLRQHV [[0
&RORU QRJDO XUEDQR PHOLQJD JUH\
&DUDFWHUtVWLFDVFXELHUWDHQIRUPD
GH EDOD PHVD ODWHUDO \ FUHGHQ]D
S R V W H U L R U F R Q G R V O L E UH UR V 



0RG(VFULWRULRJHUHQFLDO
'LPHQVLRQHV [[0
&RORU QRJDO XUEDQR PHOLQJD JUH\
&DUDFWHUtVWLFDVFXELHUWDFRQPHVD
GHMXQWDVPHVDODWHUDO\FUHGHQ]D
S R V W H U L R U F R Q W UH V O L E UH UR V 



( O H F F L y Q G H F R O R U H V
2 ) , & ( 1 7 5 2
PRELOLDULRHVFRODU\GHRILFLQD
3iJ  / Ì 1 ( $ 3iJ 

£6XWLO\ '(.25$
&RQWHPSRUiQHR
0RG&UHGHQ]DVHFUHWDULDO

'LPHQVLRQHV [[0
&RORU QRJDO XUEDQR PHOLQJD JUH\
& D U D F W H U t V W L F D V  X Q D S X H U W D \
HQWUHSDxRÀMR





0RG$&UHGHQ]DVHFUHWDULDO

'LPHQVLRQHV [[0
&RORU QRJDO XUEDQR PHOLQJD JUH\
&DUDFWHUtVWLFDV  XQD SXHUWD \ GRV
JDYHWDV FRQ FHUUDGXUD FHQWUDO





0RG%&UHGHQ]DVHFUHWDULDO

'LPHQVLRQHV [[0
&RORU QRJDO XUEDQR PHOLQJD JUH\
&DUDFWHUtVWLFDV  FXDWUR JDYHWDV \
F H U U D G X U D F H Q W U D O 





( O H F F L y Q G H F R O R U H V
2 ) , & ( 1 7 5 2

PRELOLDULRHVFRODU\GHRILFLQD
3iJ  / Ì 1 ( $ 3iJ 

£3URSRUFLyQ\ '(.25$
$UPRQtD
0RG&UHGHQ]DDGPLQLVWUDWLYD

'LPHQVLRQHV [[0
&RORU QRJDO XUEDQR PHOLQJD JUH\
& D U D F W H U t V W L F D V   G R V S X H U W D V \
HQWUHSDxRÀMR





0RG$&UHGHQ]DDGPLQLVWUDWLYD
'LPHQVLRQHV [[0
&RORU QRJDO XUEDQR PHOLQJD JUH\
&DUDFWHUtVWLFDV XQD SXHUWD GRV
JDYHWDV FRQ FHUUDGXUD FHQWUDO \
H Q W U H S D x R I L M R 





0RG%&UHGHQ]DDGPLQLVWUDWLYD

'LPHQVLRQHV [[0
&RORU QRJDO XUEDQR PHOLQJD JUH\
&DUDFWHUtVWLFDV GRV SXHUWDV \ GRV
JDYHWDV FRQ FHUUDGXUD FHQWUDO





( O H F F L y Q G H F R O R U H V
2 ) , & ( 1 7 5 2

PRELOLDULRHVFRODU\GHRILFLQD
3iJ  / Ì 1 ( $ 3iJ 

£'HFRUDWLYR\ '(.25$
9HUViWLO
0RG&UHGHQ]DHMHFXWLYD

'LPHQVLRQHV [[0
&RORU QRJDO XUEDQR PHOLQJD JUH\
&DUDFWHUtVWLFDV  FXDWUR SXHUWDV
\ HQWUHSDxR FHQWUDO ÀMR





0RG$&UHGHQ]DHMHFXWLYD

'LPHQVLRQHV [[0
&RORU QRJDO XUEDQR PHOLQJD JUH\
&DUDFWHUtVWLFDV  FXDWUR JDYHWDV
\ HQWUHSDxR FHQWUDO ÀMR





0RG&UHGHQ]DJHUHQFLDO
' L P H Q V L R Q H V     [     [     0
&RORU QRJDO XUEDQR PHOLQJD JUH\
& D U D F W H U t V W L F D V   G R V S X H U W D V \
F X D W U R  J D Y H W D V  F R Q
F H U U D G X U D F H Q W U D O 





( O H F F L y Q G H F R O R U H V
2 ) , & ( 1 7 5 2

PRELOLDULRHVFRODU\GHRILFLQD
3iJ  / Ì 1 ( $ 3iJ 

£)OH[LEOH '(.25$
3UiFWLFR\
)XQFLRQDO 0RG&RSHWH

'LPHQVLRQHV [[0
&RORU QRJDO XUEDQR PHOLQJD JUH\
& D U D F W H U t V W L F D V   W UH V S X H U W D V 





0RG$&RSHWH
'LPHQVLRQHV [[0
&RORU QRJDO XUEDQR PHOLQJD JUH\
&DUDFWHUtVWLFDVWUHVSXHUWDV\WUHV
H Q W U H S D x R V  S D U D  D U F K L Y D U





0RG%&RSHWHSDUDFROJDU

'LPHQVLRQHV [[0
&RORU QRJDO XUEDQR PHOLQJD JUH\
& D U D F W H U t V W L F D V   W U H V  S X H U W D V
S D U D F R O J D U H Q P X UR V y O L G R





( O H F F L y Q G H F R O R U H V
2 ) , & ( 1 7 5 2

PRELOLDULRHVFRODU\GHRILFLQD
3iJ  / Ì 1 ( $ 3iJ 

'(.25$
£2UGHQ\
)XQFLRQDOLGDG 0RG$UFKLYHURYHUWLFDO
'LPHQVLRQHV [[0
& R O R U  Q R J D O X U E D Q R  Q H J UR
&DUDFWHUtVWLFDV GRV JDYHWDV FRQ
FHUUDGXUD FHQWUDO \ HVWUXFWXUD
PHWiOLFD





0RG$UFKLYHURYHUWLFDO
'LPHQVLRQHV [[0
& R O R U  Q R J D O X U E D Q R  Q H J UR
& D U D F W H U t V W L F D V   W U H V J D Y H W D V
FRQFHUUDGXUDFHQWUDO\
H V W U X F W X U DP H W i O L F D 





0RG$UFKLYHURYHUWLFDO
'LPHQVLRQHV [[0
& R O R U  Q R J D O X U E D Q R  Q H J UR
&DUDFWHUtVWLFDVFXDWURJDYHWDVFRQ
F H U U D G X U D  F H Q W U D O
\  H V W U X F W X U D  P H W i O L F D  





( O H F F L y Q G H F R O R U H V
2 ) , & ( 1 7 5 2

PRELOLDULRHVFRODU\GHRILFLQD
3iJ  / Ì 1 ( $ 3iJ 

£0RGHUQLGDG\
6LPSOLFLGDG
'(.25$
0RG$UFKLYHURKRUL]RQWDO
'LPHQVLRQHV [[0
& R O R U  Q R J D O X U E D Q R  Q H J UR
&DUDFWHUtVWLFDV GRV JDYHWDV FRQ
F H U U D G X U D  F H Q W U D O  \
H V W U X F W X U DP H W i O L F D 





0RG$UFKLYHURKRUL]RQWDO
'LPHQVLRQHV [[0
& R O R U  Q R J D O X U E D Q R  Q H J UR
& D U D F W H U t V W L F D V   W U H V J D Y H W D V
F R Q  F H U U D G X U D  F H Q W U D O
\HVWUXFWXUDPHWiOLFD





0RG$UFKLYHURKRUL]RQWDO
'LPHQVLRQHV [[0
& R O R U  Q R J D O X U E D Q R  Q H J UR
&DUDFWHUtVWLFDVFXDWURJDYHWDVFRQ
F H U U D G X U D  F H Q W U D O
\HVWUXFWXUDPHWiOLFD





( O H F F L y Q G H F R O R U H V
2 ) , & ( 1 7 5 2

PRELOLDULRHVFRODU\GHRILFLQD
3iJ  / Ì 1 ( $ 3iJ 

£$UPRQtD\ '(.25$
6XWLOH]D
0RG$UFKLYDGRUSDUDÀOHV
'LPHQVLRQHV [[0
& R O R U  Q R J D O X U E D Q R  Q H J UR
&DUDFWHUtVWLFDV  FXDWUR SXHUWDV
V H L V  H V S D F L R V  S D U D  D U F K L Y D U
\ H Q W UH S D x R V G H V P R Q W D E O H V 





0RG/LEUHURPRGXODU

'LPHQVLRQHV [[0
& R O R U   Q H J U R
& D U D F W H U t V W L F D V  V L Q S X H U W D V
F L Q F R H V S D F L R V S D U D D U F K L Y D U





0RG/LEUHURPRGXODU
'LPHQVLRQHV [[0
& R O R U  Q R J D O X U E D Q R  Q H J UR
&DUDFWHUtVWLFDVGRVSXHUWDV\FLQFR
H V S D F L R V  S D U D  D U F K L Y D U 





( O H F F L y Q G H F R O R U H V
2 ) , & ( 1 7 5 2

PRELOLDULRHVFRODU\GHRILFLQD
3iJ 
£)XQFLRQDOLGDG\
'LVHxR
/ Ì 1 ( $ 3iJ 
'(.25$
0RG/LEUHURPRGXODU
'LPHQVLRQHV [[0
&RORU QRJDO XUEDQRQHJUR
&DUDFWHUtVWLFDV  FXDWUR SXHUWDV
FXDWURHVSDFLRVSDUDDUFKLYDU\XQ
H Q W U H S D x R 


0RG/LEUHURPRGXODU
'LPHQVLRQHV [[0
& R O R U  Q R J D O X U E D Q R  Q H J UR
& D U D F W H U t V W L F D V  G R V S X H U W D V
F L Q F R H V S D F L R V S D U D D U F K L Y D U


0RG/LEUHURPRGXODU
'LPHQVLRQHV [[0
&RORU QRJDO XUEDQRQHJUR
&DUDFWHUtVWLFDV  FXDWUR HVSDFLRV
SDUD DUFKLYDU VLQ SXHUWDV


( O H F F L y Q G H F R O R U H V
2 ) , & ( 1 7 5 2
PRELOLDULRHVFRODU\GHRILFLQD
3iJ  / Ì 1 ( $ 3iJ 

£(OHJDQWH\ '(.25$
)XQFLRQDO
0RG/LEUHURPRGXODUPHGLDQR
'LPHQVLRQHV [[0
& R O R U  Q R J D O X U E D Q R
& D U D F W H U t V W L F D V   G R V S X H U W D V 
UHSLVDV ÀMDV FXDWUR HVSDFLRV SDUD
D U F K L Y D U





0RG/LEUHURPRGXODUPHGLDQR
'LPHQVLRQHV [[0
& R O R U  Q R J D O X U E D Q R
& D U D F W H U t V W L F D V   U H S L V D V À M D V
F X D W UR H V S D F L R V S D U D D UF K L Y D U
GRVSXHUWDVSDUWHEDMD





0RG/LEUHURPRGXODUFKLFR

'LPHQVLRQHV [[0
& R O R U  Q R J D O X U E D Q R
&DUDFWHUtVWLFDV DELHUWR FRQ GRV
H V S D F L R V  S D U D  D U F K L Y D U





( O H F F L y Q G H F R O R U H V
2 ) , & ( 1 7 5 2

PRELOLDULRHVFRODU\GHRILFLQD
3iJ  / Ì 1 ( $ 3iJ 

£3UiFWLFR\ '(.25$
'LQiPLFR
0RG/LEUHURPRGXODUFKLFR

'LPHQVLRQHV [[0
& R O R U  Q R J D O X U E D Q R
& D U D F W H U t V W L F D V  G R V S X H U W D V
G R V  H V S D F L R V  S D U D  D U F K L Y D U





0RG/LEUHURPRGXODU

' L P H Q V L R Q H V      [     [    0
& R O R U   Q H J U R
&DUDFWHUtVWLFDVDELHUWR
F L Q F R H V S D F L R V S D U D D U F K L Y D U





0RG/LEUHURPRGXODU

'LPHQVLRQHV [[0
& R O R U  Q R J D O X U E D Q R
&DUDFWHUtVWLFDVDELHUWR
F L Q F R H V S D F L R V S D U D D U F K L Y D U





( O H F F L y Q G H F R O R U H V
2 ) , & ( 1 7 5 2

PRELOLDULRHVFRODU\GHRILFLQD
3iJ  / Ì 1 ( $ 3iJ 

£$UPRQtD\ '(.25$
6LPSOLFLGDG
0RG/LEUHURPRGXODU

'LPHQVLRQHV [[0
& R O R U  Q R J D O X U E D Q R
&DUDFWHUtVWLFDVDELHUWR
FRQ FLQFR HVSDFLRV SDUD DUFKLYDU





0RG/LEUHURPRGXODU

'LPHQVLRQHV [[0
& R O R U  Q R J D O X U E D Q R
&DUDFWHUtVWLFDVDELHUWR
FRQ FXDWUR HVSDFLRV SDUD DUFKLYDU





0RG/LEUHURPRGXODU

' L P H Q V L R Q H V      [     ;    0
&RORU QRJDO XUEDQRQHJUR
& D U D F W H U t V W L F D V   D E L H U W R
FRQ FLQFR HVSDFLRV SDUD DUFKLYDU





( O H F F L y Q G H F R O R U H V
2 ) , & ( 1 7 5 2

PRELOLDULRHVFRODU\GHRILFLQD
3iJ  / Ì 1 ( $ 3iJ 

£$FWXDO\ '(.25$
6RÀVWLFDGR
0RG0HVDGHMXQWDVVHPLHMHFXWLYD

'LPHQVLRQHV [[0
& R O R U  Q R J D O X U E D Q R
&DUDFWHUtVWLFDV FXELHUWD RYDODGD
& D S  G H V H L V D R F K R S H U V R Q D V 





0RG0HVDGHMXQWDVHMHFXWLYD

'LPHQVLRQHV [[0
& R O R U  Q R J D O X U E D Q R
&DUDFWHUtVWLFDV FXELHUWD RYDODGD
&DS GH RFKR D GLH] SHUVRQDV




0RG0HVDGHMXQWDV

'LPHQVLRQHV [[0
& R O R U  Q R J D O X U E D Q R
&DUDFWHUtVWLFDV FXELHUWD RYDODGD
&DS GH GLH] D GRFH SHUVRQDV





( O H F F L y Q G H F R O R U H V
2 ) , & ( 1 7 5 2

PRELOLDULRHVFRODU\GHRILFLQD
3iJ  / Ì 1 ( $ 3iJ 

£0RGHUQR\ '(.25$
$GDSWDEOH
0RG0HVDGHMXQWDV

'LPHQVLRQHV [0
& R O R U  Q R J D O X U E D Q R
&DUDFWHUtVWLFDV FXELHUWD FLUFXODU
&DS GH FXDWUR D VHLV SHUVRQDV



0RG0HVDGHFHQWUR
'LPHQVLRQHV [[0
& R O R U  Q R J D O X U E D Q R
&DUDFWHUtVWLFDV PHVD GH FHQWUR
FRQ FXELHUWD UHFWDQJXODU
\HQWUHSDxRUHYLVWHUR





0RG0HVDODWHUDOFULVWDO
'LPHQVLRQHV [[0
& R O R U  Q R J D O X U E D Q R
&DUDFWHUtVWLFDV PHVD ODWHUDO GH
V D O D  F R Q F X E L H U W D G H F U L V W D O
\  H Q W U H S D x R  U H Y L V W H U R 





( O H F F L y Q G H F R O R U H V
2 ) , & ( 1 7 5 2

PRELOLDULRHVFRODU\GHRILFLQD
3iJ  / Ì 1 ( $ 3iJ 

£)XQFLRQDO\
'LQiPLFR
'(.25$
0RG0HVDGHFHQWURFULVWDO
'LPHQVLRQHV [[0
& R O R U  Q R J D O X U E D Q R
&DUDFWHUtVWLFDV PHVD GH FHQWUR
FRQ FXELHUWD GH FULVWDO  \
H Q W UH S D x RUH Y L V W H U R 




0RG0yGXORGHFyPSXWR
'LPHQVLRQHV [[0
& R O R U  Q R J D O X U E D Q R \ Q H J UR
& D U D F W H U t V W L F D V   W U H V  Q L Y H O H V
FRQ HVWUXFWXUD PHWiOLFD \ URGDMDV
J H P H O D VG HS O i V W L F R 




0RG0yGXORGHFyPSXWR
'LPHQVLRQHV [[0
& R O R U  Q R J D O X U E D Q R \ Q H J UR
& D U D F W H U t V W L F D V   F X E L H U W D
UHFWDQJXODU FRQ SRUWD WHFODGR \
H V W U X F W X U D P H W i O L F D \ UR G D M D V 




( O H F F L y Q G H F R O R U H V
2 ) , & ( 1 7 5 2

PRELOLDULRHVFRODU\GHRILFLQD
3iJ  / Ì 1 ( $ 3iJ 

£&OiVLFR\ '(.25$
'XUDEOH
0RG(VFULWRULRVHFUHWDULDOIRU]D
'LPHQVLRQHV [[0
& R O R U  Q R J D O X U E D Q R \ D UH Q D
& D U D F W H U t V W L F D V   F X E L H U W D
UHFWDQJXODU IDOGRQHV GH OiPLQD
FRQFDMyQJDYHWD\HVWUXFPHWiOLFD





0RG(VFULWRULRVHFUHWDULDOGHNR
'LPHQVLRQHV [[0
& R O R U  Q R J D O X U E D Q R
& D U D F W H U t V W L F D V   F X E L H U W D
U H F W D Q J X O D U F D M y Q O D S L F H U R \
H V W U X F W X U DP H W i O L F D 





0RG(VFULWRULRVHFUHWDULDOIRU]D
'LPHQVLRQHV [[0
& R O R U  Q R J D O X U E D Q R
& D U D F W H U t V W L F D V   F X E L H U W D
U H F W D Q J X O D U G R V  F D M R Q H V  F R Q
FHUUDGXUD \ HVWUXFWXUD PHWiOLFD




( O H F F L y Q G H F R O R U H V
2 ) , & ( 1 7 5 2

PRELOLDULRHVFRODU\GHRILFLQD
3iJ  / Ì 1 ( $ 3iJ 

£$PELHQWHV&RQ '(.25$
3HUVRQDOLGDG
0RG0HVDSDUDPDHVWUR

'LPHQVLRQHV [[0
& R O R U  Q R J D O X U E D Q R
& D U D F W H U t V W L F D V   F X E L H U W D
UHFWDQJXODU \ HVWUXFWXUD PHWiOLFD





0RG0HVDDGPLQLVWUDWLYD

'LPHQVLRQHV [[0
& R O R U  Q R J D O X U E D Q R \ Q H J UR
& D U D F W H U t V W L F D V   F X E L H U W D
UHFWDQJXODU \ HVWUXFWXUD PHWiOLFD





0RG0HVDGHWUDEDMRHMHFXWLYD

' L P H Q V L R Q H V     [     [     0
& R O R U  Q R J D O X U E D Q R \ Q H J UR
& D U D F W H U t V W L F D V   F X E L H U W D
UHFWDQJXODU \ HVWUXFWXUD PHWiOLFD





( O H F F L y Q G H F R O R U H V
2 ) , & ( 1 7 5 2

PRELOLDULRHVFRODU\GHRILFLQD
3iJ  / Ì 1 ( $ 3iJ 

£(OHJDQFLD(Q
6XV(VSDFLRV
'(.25$
0RG0HVDSDUDWHOpIRQR
'LPHQVLRQHV [[0
& R O R U  Q R J D O X U E D Q R
& D U D F W H U t V W L F D V   F X E L H U W D
UHFWDQJXODU HVWUXFWXUD PHWiOLFD \
U R G D M D V  J H P H O D V  G H  S O i V W L F R 





0RG0HVDPRGXODU

'LPHQVLRQHV [[0
& R O R U  Q R J D O X U E D Q R
& D U D F W H U t V W L F D V   F X E L H U W D
UHFWDQJXODU  \ IDOGRQHV ODWHUDOHV




0RG(VWDFLyQGHFyPSXWR
'LPHQVLRQHV [[0
& R O R U  Q R J D O X U E D Q R
& D U D F W H U t V W L F D V   F X E L H U W D
UHFWDQJXODU \ GLYLVLRQHV LQIHULRUHV
F R QUR G D M D VJ H P H O D V 




( O H F F L y Q G H F R O R U H V
2 ) , & ( 1 7 5 2

PRELOLDULRHVFRODU\GHRILFLQD
3iJ  / Ì 1 ( $ 3iJ 

£2SHUDWLYR\ '(.25$
(ÀFLHQWH
0RG7ULFHWDRSHUDWLYDGDNRWD
'LPHQVLRQHV [[0
& R O R U  Q R J D O X U E D Q R
& D U D F W H U t V W L F D V   W U L F H W D  F R Q
H V W U X F W X U D P H W i O L F D
PDPSDUDV GH SDQHO \ FRQWDFWRV



0RG&UXFHWDGHWUDEDMR
'LPHQVLRQHV [[0
&RORU QRJDO XUEDQR PHOLQJD JUH\
& D U D F W H U t V W L F D V   F U X F H W D S D U D
F X D W U R X V X D U L R V F R Q F D M R Q H U R
D X [ L O L D U \ P D P S D U D V G H S D Q H O 




0RG,VODGHWUDEDMRDGPWYR
'LPHQVLRQHV[[0
& R O R U  Q R J D O X U E D Q R
& D U D F W H U t V W L F D V   F X E L H U W D
UHFWDQJXODU  \ PDPSDUD VXSHULRU
SDUD FXDWURXVXDULRV




( O H F F L y Q G H F R O R U H V
2 ) , & ( 1 7 5 2

PRELOLDULRHVFRODU\GHRILFLQD
3iJ  / Ì 1 ( $ 3iJ 

£)OH[LEOH\ '(.25$
3ULYDGR
0RG0yGXORVHFUHWDULDO
'LPHQVLRQHV [[0
& R O R U  Q R J D O X U E D Q R
& D U D F W H U t V W L F D V   F X E L H U W D
UH F W D Q J X O D U W L S R F D E D O O H U L ] D \
FRSHWHFRQGRVSXHUWDV





0RG0yGXORGHFDEDOOHUL]D

'LPHQVLRQHV [[0
& R O R U  Q R J D O X U E D Q R
& D U D F W H U t V W L F D V   F X E L H U W D
UHFWDQJXODU \ HQWUHSDxR VXSHULRU





0RG0yGXORGHFDEDOOHUL]D

'LPHQVLRQHV [[0
& R O R U  Q R J D O X U E D Q R
& D U D F W H U t V W L F D V   F X E L H U W D
UHFWDQJXODU  \ IDOGRQHV ODWHUDOHV





( O H F F L y Q G H F R O R U H V
2 ) , & ( 1 7 5 2

PRELOLDULRHVFRODU\GHRILFLQD
3iJ  /
£'LPHQVLyQ\
)XQFLRQDOLGDG
Ì 1 ( $ 3iJ 
'(.25$
0RG$UFKLYHURDX[LOLDUPyYLO
'LPHQVLRQHV [[0
& R O R U  Q R J D O X U E D Q R
&DUDFWHUtVWLFDV XQ FDMyQ \ XQD
J D Y H W D  F R Q F H U U D G X U D F H Q W U D O
\ UR G D M D V J H P H O D V G H S O i V W L F R


0RG$UFKLYHURDX[LOLDU
'LPHQVLRQHV [[0
& R O R U  Q R J D O X U E D Q R
&DUDFWHUtVWLFDV GRV FDMRQHV \ XQD
J D Y H W D F R Q F H U U D G X U D F H Q W U D O 


0RG3RUWDWHFODGR
'LPHQVLRQHV [0
& R O R U   Q H J U R
&DUDFWHUtVWLFDV VLVWHPD UHWUiFWLO
W H U P L Q D G R H Q S R O L S UR S L O H Q R


( O H F F L y Q G H F R O R U H V
2 ) , & ( 1 7 5 2
PRELOLDULRHVFRODU\GHRILFLQD
3iJ  / Ì 1 ( $ 3iJ 

£'HWDOOHV\ '(.25$
(VWLOR
0RG5HYLVWHURSHTXHxR

'LPHQVLRQHV [[0
& R O R U  Q R J D O X U E D Q R
&DUDFWHUtVWLFDV FRQ WUHV HVSDFLRV
SDUD H[KLELUUHYLVWDV




0RG5HYLVWHURJUDQGH

'LPHQVLRQHV [[0
& R O R U  Q R J D O X U E D Q R
&DUDFWHUtVWLFDVFRQRFKRHVSDFLRV
SDUDH[KLELUUHYLVWDV





0RG3RUWDFSX

'LPHQVLRQHV [[0
& R O R U  Q R J D O X U E D Q R
&DUDFWHUtVWLFDV IRUPD UHFWDQJXODU
FRQ UXHGDV JHPHODV GH SOiVWLFR





( O H F F L y Q G H F R O R U H V
2 ) , & ( 1 7 5 2

PRELOLDULRHVFRODU\GHRILFLQD
 & U H G H Q ] D
5HFHSFLyQ (MHFXWLYD
5HFWD 62/8&,21(6
6 L O O y Q ' H 0 H V D G H
9L V L W D -XQWDV
6 L O O y Q
3$5$782),&,1$ /tQHDV\HVWLORVHUJRQyPLFRV\
9LVLWDQWH
0 H V D G H '(.25$ P X O W L I X Q F L R Q D O H V
6 L O O y Q
& H Q W UR
(MHFXWLYR
6 L O O D
2SHUDWLYD

&DEDOOHUL]DV

( V F U L W R U L R
'LUHFWRU
6 L O O y Q
9LVLWDQWH
0 HV D' H- X Q W DV
&L UF X O D U
0 H V D G H
& H Q W UR

6 L O O y Q ' H
9L V L W D
/ L E U H UR V G H
3D U H G
( V F U L W R U L R

'(.25$
/ L E U H UR & R Q (MHFXWLYR
3XHUWDV

(67,/2<9$1*8$5',$ 6 L O O y Q
9LVLWDQWH

(1
0 2%,/,$5,2
02%,/,$5,2
6 L O O y Q
(MHFXWLYR
3iJ  / Ì 1 ( $ 3iJ 

£2SHUDWLYLGDG\ '(.25$
9HUVDWLOLGDG
0RG3L]DUUyQ

'LPHQVLRQHV [ 0
& R O R U   E O D Q F R
& D U D F W H U t V W L F D V   S L ] D U U y Q F R Q
PDUFR\SRUWDSOXPyQGHDOXPLQLR





0RG0HWDO
'LPHQVLRQHV [[0
    ;     ;      0
& R O R U   J U L V
&DUDFWHUtVWLFDV  FLQFR FKDURODV
D M X V W D E O H V H Q O i P L Q D F D O    





0RG$UFKLYHURPHWiOLFR
'LPHQVLRQHV ;;0
    ;     ;     0 
    ;     ;     0
& R O R U   J U L V  \  D U H Q D
&DUDFWHUtVWLFDVJDYHWDV FRQ
V L V W H P D G H F H U U D G X U D F H Q W U D O 




( O H F F L y Q G H F R O R U H V
2 ) , & ( 1 7 5 2

PRELOLDULRHVFRODU\GHRILFLQD
3iJ  / Ì 1 ( $ 3iJ 

£'XUDELOLGDG\
)XQFLRQDOLGDG
'(.25$
0RG/RFNHUPHWiOLFR
'LPHQVLRQHV[[0
& R O R U   J U L V  \  D U H Q D
&DUDFWHUtVWLFDV  SXHUWDV
FRQ SRUWD FDQGDGR WHUPLQDGR HQ
OiPLQD GH DFHUR FDO 





0RG0HWDO
'LPHQVLRQHV [[0
& R O R U   D U H Q D
&DUDFWHUtVWLFDVGRVSXHUWDVGHXQD
PDQLMD FRQ OODYH \ WUHV HQWUHSDxRV
G H V P R Q W D E O H V  S D U D  D U F K L Y D U





0RG0HWiOLFR
'LPHQVLRQHV[[0
& R O R U   J U L V  \  D U H Q D
&DUDFWHUtVWLFDV  FLQFR HVSDFLRV
ÀMRV SDUD DUFKLYDU WHUPLQDGR HQ
OiPLQD GH DFHUR FDO 





( O H F F L y Q G H F R O R U H V
2 ) , & ( 1 7 5 2

PRELOLDULRHVFRODU\GHRILFLQD
3iJ  / Ì 1 ( $ 3iJ 

£&DOLGDG\ '(.25$
3UHFLR
0RG6LOODSUHHVFRODU
'LPHQVLRQHV [[0
& R O R U   Q D U D Q M D
&DUDFWHUtVWLFDVDVLHQWRHQFRQFKD
LQWHJUDO HQ SROLSURSLOHQR
\  E D V H  P H W i O L F D 





0RG6LOODSDUDSULPDULD
'LPHQVLRQHV [[0
& R O R U   Q D U D Q M D
&DUDFWHUtVWLFDVDVLHQWRHQFRQFKD
LQWHJUDO HQ SROLSURSLOHQR
\ SRUWDOLEURV FRQ EDVH PHWiOLFD





0RG6LOODELQDULD
'LPHQVLRQHV;;0
& R O R U   Q D U D Q M D
&DUDFWHUtVWLFDV DVLHQWRHQFRQFKD
LQWHJUDO HQ SROLSURSLOHQR
\ SRUWDOLEURV FRQ EDVH PHWiOLFD




( O H F F L y Q G H F R O R U H V
2 ) , & ( 1 7 5 2

PRELOLDULRHVFRODU\GHRILFLQD
3iJ  / Ì 1 ( $ 3iJ 

£&OiVLFR\ '(.25$
3UiFWLFR
0RG6LOODGHSDOHWD
'LPHQVLRQHV [[0
& R O R U Q D U D Q M D  Q H J UR
&DUDFWHUtVWLFDVDVLHQWRHQFRQFKD
\ SDOHWD LQWHJUDO HQ SROLSURSLOHQR
\ EDVH PHWiOLFD FRQ SRUWDOLEURV




0RG,VR
'LPHQVLRQHV [[0
& R O R U   Q H J U R
&DUDFWHUtVWLFDV  VLOOD GH SDOHWD
W D S L ] D G D H Q W H O D H V W  P H W i O L F D
FRQ SRUWDOLEURV




0RG%DQFRGHODERUDWRULR

' L P H Q V L R Q H V      ;     0
& R O R U   Q H J U R
& D U D F W H U t V W L F D V   D V L H Q W R  H Q
SROLSURSLOHQR \ HVWUXF PHWiOLFD



( O H F F L y Q G H F R O R U H V  0 R G    
2 ) , & ( 1 7 5 2

PRELOLDULRHVFRODU\GHRILFLQD
3iJ  / Ì 1 ( $ 3iJ 

£5HVLVWHQWH\ '(.25$
3UiFWLFR
0RG0HVDGLQiPLFD
'LPHQVLRQHV;;0
& R O R U   D ] X O  Q H J U R
& D U D F W H U t V W L F D V   F X E L H U W D
UHFWDQJXODU HQ SROLSURSLOHQR \
H V W UU XX FF WW XX UU DD PPHHW WiiO OL LF FD D





0RG0HVDSUHHVFRODUWUDSHFLR
'LPHQVLRQHV [[0
&RORUQDUDQMDQHJUR
&DUDFWHUtVWLFDV FXELHUWD HQ IRUPD
W U D S H ] R L G D O  W H U P L Q D G R  H Q
SROLSURSLOHQR\HVWUXFWXUDPHWiOLFD
S R O L S U R S L O H Q R \ H V W  P H W i O L F D 







0RG0HVDSUHHVFRODU
'LPHQVLRQHV [[0
& R O R U   D ] X O   Q H J U R
&DUDFWHUtVWLFDV FXELHUWD HQ IRUPD
UHFWDQJXODU HQ SROLSURSLOHQR \
H V W UU XX FF WW XX UU DD   PPHHW WiiO OL LF FD D





( O H F F L y Q G H F R O R U H V
2 ) , & ( 1 7 5 2

PRELOLDULRHVFRODU\GHRILFLQD
3iJ  / Ì 1 ( $ 3iJ 

£'HWDOOHV\ '(.25$
(VWLOR
0RG0HVDELQDULDSULPDULD
'LPHQVLRQHV [[0
& R O R U   U R M R  Q H J U R
& D U D F W H U t V W L F D V   F X E L H U W D
UHFWDQJXODU HQ SROLSURSLOHQR \
H V W U X F W X U DP H W i O L F D 





0RG5HVWLUDGRU

' L P H Q V L R Q H V      ;     ;    0
& R O R U  E O D Q F R  Q H J U R
& D U D F W H U t V W L F D V   F X E L H U W D
UHFWDQJXODU \ HVWUXFWXUD PHWiOLFD





0RG0HVDWUDSHFLR
'LPHQVLRQHV [[0
& R O R U  Y H U G H  Q H J U R
&DUDFWHUtVWLFDV FXELHUWD HQ IRUPD
W U D S H ] R L G D O  W H U P L Q D G D  H Q
S R O L S U R S L O H Q R  \  H V W U X F W X U D 






(OHFFLyQGHFRORUHV0RG
2 ) , & ( 1 7 5 2

PRELOLDULRHVFRODU\GHRILFLQD
3iJ  / Ì 1 ( $ 3iJ 

£$JUDGDEOH\ '(.25$
&RQIRUWDEOH
0RG0RQDUFD

'LPHQVLRQHV [[0
& R O R U   Q H J U R
& D U D F W H U t V W L F D V   V L O O y Q G H X Q D
S O D ] D W D S L ] D G R H Q W D F W R S L H O 




0RG0RQDUFD

'LPHQVLRQHV [[0
& R O R U   Q H J U R
& D U D F W H U t V W L F D V   V L O O y Q G H G R V
S O D ] D V W D S L ] D G R H Q W D F W R S L H O 




0RG0RQDUFD

'LPHQVLRQHV;;0
& R O R U   Q H J U R
& D U D F W H U t V W L F D V   V L O O y Q G H W UH V
S O D ] D V W D S L ] D G R H Q W D F W R S L H O 





( O H F F L y Q G H F R O R U H V
2 ) , & ( 1 7 5 2

PRELOLDULRHVFRODU\GHRILFLQD
3iJ  / Ì 1 ( $ 3iJ 

£,GHDO\ '(.25$
'LQiPLFR
0RG1DSROL

'LPHQVLRQHV [[0
& R O R U   Q H J U R
&DUDFWHUtVWLFDVVLOOyQGHXQDSOD]D
W D S L ] D G R  H Q  W H O D 





0RG1DSROL

'LPHQVLRQHV [[0
& R O R U   Q H J U R
&DUDFWHUtVWLFDVVLOOyQGHGRVSOD]DV
W D S L ] D G R  H Q  W H O D 





0RG1DSROL

'LPHQVLRQHV;;0
& R O R U   Q H J U R
& D U D F W H U t V W L F D V   V L O O y Q G H W UH V
SOD]DVWDSL]DGRHQWHOD





( O H F F L y Q G H F R O R U H V
2 ) , & ( 1 7 5 2

PRELOLDULRHVFRODU\GHRILFLQD
3iJ  / Ì 1 ( $ 3iJ 

£&RPRGLGDG\ '(.25$
'LVHxR
0RG,NRU\

'LPHQVLRQHV [[0
& R O R U   E O D Q F R
&DUDFWHUtVWLFDV VLOOyQ LQGLYLGXDO
W D S L ] D G R  H Q  W D F W R  S L H O 





0RG,VRSODVWLF
'LPHQVLRQHV [[0
& R O R U   Q H J U R
&DUDFWHUtVWLFDV  VLOOD LVRSODVWLF
F R Q  H V W U X F W X U D  P H W i O L F D 





0RG,VRSODVWLF
'LPHQVLRQHV;;0
& R O R U   Q H J U R
&DUDFWHUtVWLFDV EDQFD LVRSODVWLF
F R Q  H V W U X F W X U D  P H W i O L F D
S D U D W U H V X V X D U L R V 




(OHFFLyQGHFRORUHV0RG,NRU\
2 ) , & ( 1 7 5 2

PRELOLDULRHVFRODU\GHRILFLQD
3iJ  / Ì 1 ( $ 3iJ 

£0RGHUQLGDG\ '(.25$
(OHJDQFLD
0RG5HFHSFLyQUHFWD

'LPHQVLRQHV [[0
& R O R U  Q R J D O X U E D Q R  F U L V W D O
&DUDFWHUtVWLFDV UHFHSFLyQ
U H F W D  S D U D  G R V  X V X D U L R V 





0RG5HFHSFLyQHQ&

'LPHQVLRQHV [[0
&RORU QRJDO XUEDQRPHOLQJD JUH\
& D U D F W H U t V W L F D V   UH F H S F L y Q H Q
IRUPD  GH & SDUD GRV XVXDULRV




0RG5HFHSFLyQHQ/

'LPHQVLRQHV;;0
&RORUQRJDOXUEDQRPHOLQJDJUH\
&DUDFWHUtVWLFDV UHFHSFLyQ WLSR /
SDUD  GRV  XVXDULRV





( O H F F L y Q G H F R O R U H V
2 ) , & ( 1 7 5 2

PRELOLDULRHVFRODU\GHRILFLQD
3iJ  / Ì 1 ( $ 3iJ 

£(VWLOR\ '(.25$
9HUVDWLOLGDG
0RG5HFHSFLyQHQ6

'LPHQVLRQHV [[0
&RORU  QRJDO XUEDQR \ PHOLQJD
&DUDFWHUtVWLFDV UHFHSFLyQ  HQ V
S D U D W UH V R F X D W UR X V X D U L R V 






0RG5HFHSFLyQUHFWD

'LPHQVLRQHV [[0
&RORU QRJDO XUEDQR PHOLQJD JUH\
&DUDFWHUtVWLFDV  UHFHSFLyQ UHFWD
SDUD XQR R GRV XVXDULRV




0RG0RVWUDGRU
'LPHQVLRQHV[[0
& R O R U  Q R J D O X U E D Q R
& D U D F W H U t V W L F D V   F X E L H U W D
UHFWDQJXODU  \ FXELHUWD VXSHULRU
SDUD  XQ  XVXDULR





( O H F F L y Q G H F R O R U H V
2 ) , & ( 1 7 5 2

PRELOLDULRHVFRODU\GHRILFLQD
3iJ  / Ì 1 ( $ 3iJ 

£'LVHxR\ '(.25$
9DQJXDUGLD
0RG5HFHSFLyQUHFWD

' L P H Q V L R Q H V      [     [    0
&RORU SUHFRPSXHVWR FHQL]D \ JULV
&DUDFWHUtVWLFDV UHFHSFLyQ  UHFWD
SD UD  G R V  X V X D UL R V 





0RG(VFULWRULRHMHFXWLYR
'LPHQVLRQHV [[0
&RORUQRJDOXUEDQR\PHOLQJDJUH\
& D U D F W H U t V W L F D V   H V F U L W R U L R
H M H F X W L Y R F R Q O L E UH UR O D W H U D O
\  H Q W U H S D x R V  S D U D  D U F K L Y D U











PWGXQUOQFGNQU ( O H F F L y Q G H F R O R U H V
2 ) , & ( 1 7 5 2

PRELOLDULRHVFRODU\GHRILFLQD
3iJ  / Ì 1 ( $ 3iJ 

£3UiFWLFR\ '(.25$
'LQiPLFR
0RG(VFULWRULRDGPLQLVWUDWLYR
'LPHQVLRQHV [[0
&RORU SUHFRPSXHVWR FHQL]D \ JULV
& D U D F W H U t V W L F D V   F X E L H U W D
U H F W D Q J X O D U  F R Q  G R V  F D M R Q H V
SDSHOHURV \ XQD  JDYHWD





0RG(VFULWRULRHMHFXWLYR
'LPHQVLRQHV [[0
&RORU SUHFRPSXHVWR FHQL]D \ JULV
& D U D F W H U t V W L F D V   H V F U L W R U L R
HMHFXWLYR FRQ FXELHUWD UHFWDQJXODU
\HVWUXFWXUDPHWiOLFD




0RG(VFULWRULRHMHFXWLYR
'LPHQVLRQHV [[0
&RORUQRJDOXUEDQR\PHOLQJDJUH\
& D U D F W H U t V W L F D V   H V F U L W R U L R
HMHFXWLYR FRQ FXELHUWD UHFWDQJXODU
\ P H V D O D W H U D O F R Q F D M R Q H U R V 







PWGXQUOQFGNQU ( O H F F L y Q G H F R O R U H V
2 ) , & ( 1 7 5 2

PRELOLDULRHVFRODU\GHRILFLQD
3iJ  / Ì 1 ( $ 3iJ 

£$JUDGDEOH\ '(.25$
&RQIRUWDEOH
0RG0HVDGHFHQWUR
'LPHQVLRQHV [[0
& R O R U  Q R J D O X U E D Q R \ Q H J UR
&DUDFWHUtVWLFDV PHVD GH FHQWUR
FXELHUWD FRPELQDGD SDQHODUW \
H V W U X F W X U DP H W i O L F D 




0RG0HVDGHFHQWUR
'LPHQVLRQHV[[0
& R O R U  Q R J D O X U E D Q R \ Q H J UR
&DUDFWHUtVWLFDV PHVD GH FHQWUR
F X E L H U W D  H Q  S D Q H O D U W  \
H V W U X F W X U DP H W i O L F D 




0RG0HVDODWHUDO
'LPHQVLRQHV[[0
& R O R U  Q R J D O X U E D Q R \ Q H J UR
& D U D F W H U t V W L F D V   P H V D O D W H U D O
F X E L H U W D V  H Q  S D Q H O D U W  \
H V W U X F W X U DP H W i O L F D 




PWGXQUOQFGNQU ( O H F F L y Q G H F R O R U H V
2 ) , & ( 1 7 5 2

PRELOLDULRHVFRODU\GHRILFLQD
3iJ  / Ì 1 ( $ 3iJ 

£9DQJXDUGLVWD\
&RQWHPSRUiQHR
'(.25$
0RG/LEUHUR
' L P H Q V L R Q H V      [     [    0
& R O R U   Q R J D O  X U E D Q R
& D U D F W H U t V W L F D V   O L E U H U R  F R Q
H Q W U H S D x R V   V L Q I R Q G R S D U D
XWLOL]DU FRQ  GRV YLVWDV





0RG/LEUHUR
'LPHQVLRQHV[[0
&RORU SUHFRPSXHVWR FHQL]D \ JULV
&DUDFWHUtVWLFDV OLEUHUR FRQ FXDWUR
S X H U W D V \ H Q W UH S D x R V O L E UH V
F R Q G L I H U H Q W H F R O R U





0RG/LEUHUR
'LPHQVLRQHV[[0
&RORU SUHFRPSXHVWR FHQL]D \ JULV
&DUDFWHUtVWLFDV OLEUHUR FRQ FXDWUR
S X H U W D V \ H Q W UH S D x R V O L E UH V
F R Q G L I H U H Q W H F R O R U





PWGXQUOQFGNQU ( O H F F L y Q G H F R O R U H V
2 ) , & ( 1 7 5 2

PRELOLDULRHVFRODU\GHRILFLQD
3iJ  / Ì 1 ( $ 3iJ 

£0RGHUQR\ '(.25$
$FFHVLEOH
0RG/LEUHUR
'LPHQVLRQHV [[0
& R O R U   Q R J D O  X U E D Q R
&DUDFWHUtVWLFDV OLEUHUR FRQ VHLV
S X H U W D V  \  H Q W U H S D x R V
FRQ GLIHUHQWHV PHGLGDV





0RG/LEUHURSDUDFROJDU
'LPHQVLRQHV[[0
& R O R U   Q R J D O  X U E D Q R
& D U D F W H U t V W L F D V   O L E U H U R  F R Q
HQWUHSDxRV   SDUD FROJDU HQ PXUR
G L I H U H Q W H V P H G L G D V 





0RG&UHGHQ]D
'LPHQVLRQHV[[0
& R O R U   S U H F R P S X H V W R  F H Q L ] D
& D U D F W H U t V W L F D V   F UH G H Q ] D F R Q
H Q W UH S D x R O L E UH \ W UH V J D Y H W D V
EDVHPHWiOLFD





( O H F F L y Q G H F R O R U H V
2 ) , & ( 1 7 5 2

PRELOLDULRHVFRODU\GHRILFLQD
 / Ì 1 ( $
'(.25$ 
$f26
 ƒ „ Ž ‡ ” ‘ ” ‡ — „ ‹ ‡ ” – ‘ ’ ‘ ” ƒ  „ ƒ • ƒ ” ƒ •
’ ‘ ” Ž ž  ‹  ƒ • † ‡ ‘ ” ƒ – ‹ ˜ ƒ • ‹  ’ ” ‡ ‰  ƒ † ƒ • FRQWLJR
‘  ” ‡ • ‹  ƒ •  ‡ Ž ƒ  À  ‹ ƒ • “ — ‡ ‘ – ‘ ” ‰ ƒ 
—  ƒ • — ’ ‡ ” Ƥ ‹ ‡ – ‘ – ƒ Ž  ‡  – ‡ ‡ ” ” ƒ † ƒ ǡ
Ž ‹ „ ” ‡ † ‡ ’ ‘ ” ‘ • › ” ‡ • ‹ • – ‡  – ‡ ƒ Ž † ‡ • ‰ ƒ • – ‡
• — ’ ‡ ” ˆ ‹ ‹ ƒ Ž Ǥ

 &*-
( O H F F L y Q G H P D W H U L D O H V

PP
( V S H V R U H V G L V S R Q L E O H V 3UHFRPSXHVWR 1RJDO
&HQL]D 8UEDQR

0)°.*$*° )°/0°) "*$*

&DRED 1HJUR

*ULVFODUR :HQJXp
0$75,=
&DOOH $PDSRODV 1R 
&RO5HIRUPD&S
2D[DFD'H-XiUH]2D[DFD

YHQWDV#GNRFRPP[
$PSOLDJDPDGHGLVHxRV YHQWDV#GNRFRPP[

FRORUHV\GLYHUVDVWH[WXUDV


                   
) $ ;        

1RWDORFRORUHVDTXtPRVWUDGRVSXHGHQ
YDULDU GHELGR DO SURFHVR GH LPSUHVLyQ