=.^KƠƠ.Eci^o.

KEc
YjƆƘǔǔäêİƘƎĈ(ƆƘǔƘŁŖǔêƆ_ŏ ĬĊŴă

=.^KƠƠ.Eci^o.KEc
@Ǝäǔ.

@Ǝäǔ.
_ŏ ĬĊŴă
:$51,1*%UHDWKLQJGLHVHOHQJLQHH[KDXVWH[SRVHV\RXWRFKHPLFDOV
NQRZQWRWKH6WDWHRI&DOLIRUQLDWRFDXVHFDQFHUDQGELUWKGHIHFWVRURWKHU
UHSURGXFWLYHKDUP

‡$OZD\VVWDUWDQGRSHUDWHWKHHQJLQHLQDZHOOYHQWLODWHGDUHD
‡,ILQDQHQFORVHGDUHDYHQWWKHH[KDXVWWRWKHRXWVLGH
‡'RQRWPRGLI\RUWDPSHUZLWKWKHH[KDXVWV\VWHP
‡'RQRWLGOHWKHHQJLQHH[FHSWDVQHFHVVDU\

)RUPRUHLQIRUPDWLRQJRWRZZZ3ZDUQLQJVFDJRYGLHVHO

$'9(57(1&,$5HVSLUDUORVJDVHVGHOHVFDSHGHPRWRUHVDGLpVHOOH
H[SRQHDTXtPLFRVFRQRFLGRVSRUHO(VWDGRGH&DOLIRUQLDFRPRFDXVDQWHVGH
FiQFHU\GHIHFWRVGHQDFLPLHQWRXRWURVGDxRVUHSURGXFWLYRV

‡6LHPSUHHQFLHQGD\RSHUHHOPRWRUHQXQiUHDELHQYHQWLODGD
‡6LHVHQXQiUHDFHUUDGDYHQWLOHHORULILFLRGHOHVFDSHKDFLDHOH[WHULRU
‡1RPRGLILTXHQLDOWHUHHOVLVWHPDGHHVFDSH
‡1RHQFLHQGDHOPRWRUH[FHSWRFXDQGRVHDQHFHVDULR

3DUDPD\RULQIRUPDFLyQYLVLWHZZZ3ZDUQLQJVFDJRYGLHVHO

:$51,1*2SHUDWLQJVHUYLFLQJDQGPDLQWDLQLQJDSDVVHQJHUYHKLFOHRURII
URDGYHKLFOHFDQH[SRVH\RXWRFKHPLFDOVLQFOXGLQJHQJLQHH[KDXVWFDUERQ
PRQR[LGHSKWKDODWHVDQGOHDGZKLFKDUHNQRZQWRWKH6WDWHRI&DOLIRUQLDWR
FDXVHFDQFHUDQGELUWKGHIHFWVRURWKHUUHSURGXFWLYHKDUP7RPLQLPL]H
H[SRVXUHDYRLGEUHDWKLQJH[KDXVWGRQRWLGOHWKHHQJLQHH[FHSWDVQHFHVVDU\
VHUYLFH\RXUYHKLFOHLQDZHOOYHQWLODWHGDUHDDQGZHDUJORYHVRUZDVK\RXU
KDQGVIUHTXHQWO\ZKHQVHUYLFLQJ\RXUYHKLFOH)RUPRUHLQIRUPDWLRQJRWR
ZZZ3:DUQLQJVFDJRYSDVVHQJHUYHKLFOH

$'9(57(1&,$2SHUDUGDUVHUYLFLR\PDQWHQLPLHQWRDXQYHKtFXORGH
SDVDMHURVRYHKtFXORWRGRWHUUHQRSXHGHH[SRQHUOHDTXtPLFRVLQFOX\HQGRJDVHV
GHOHVFDSHPRQy[LGRGHFDUERQRIWDODWRV\SORPRORVFXDOHVVRQFRQRFLGRV
SRUHO(VWDGRGH&DOLIRUQLDFRPRFDXVDQWHVGHFiQFHU\GHIHFWRVGHQDFLPLHQWR
XRWURVGDxRVUHSURGXFWLYRV3DUDPLQLPL]DUODH[SRVLFLyQHYLWHUHVSLUDUORV
JDVHVGHOHVFDSHQRHQFLHQGDHOPRWRUH[FHSWRVLHVQHFHVDULRGpVHUYLFLRD
VXYHKtFXORHQXQiUHDELHQYHQWLODGD\XWLOLFHJXDQWHVRODYHVXVPDQRV
IUHFXHQWHPHQWHFXDQGRGpVHUYLFLRDVXYHKtFXOR3DUDPD\RULQIRUPDFLyQYLVLWH
ZZZ3:DUQLQJVFDJRYSDVVHQJHUYHKLFOH
@Ǝäǔ.

3UHIDFLR =.^KƠƠ.Eci^o.KEc
(VWHOLEURGHLQVWUXFFLRQHVHVW£GHVWLQDGRDVHUXQDJX¯DSDUDHOXVR\
PDQWHQLPLHQWRFRUUHFWRVGHODP£TXLQD/HDHVWHPDQXDO
FXLGDGRVDPHQWHDQWHVGHHPSH]DU\PRYHUODP£TXLQDRDQWHVGHOOHYDU
DFDERQLQJ¼QPDQWHQLPLHQWRSUHYHQWLYR
0DQWHQJDHVWHPDQXDOHQODFRPSDUWLPHQWRGHDOPDFHQDPLHQWRFRQOODYH
GHPDQHUDTXHVLHPSUHHVW«GLVSRQLEOHSDUDFRQVXOWD6XVWLW¼\DOR
LQPHGLDWDPHQWHVLVHSLHUGH Q
QGLFH
(OOLEURGHLQVWUXFFLRQHVGHVFULEHODVDSOLFDFLRQHVSDUDODVFXDOHVOD
P£TXLQDIXHSULQFLSDOPHQWHGLVH³DGD+DVLGRHVFULWRSDUDTXHVHDY£OLGR
HQWRGRVORVPHUFDGRV3RUFRQVLJXLHQWHSRUIDYRULJQRUHFXDOTXLHU
VHFFLµQTXHQRWHQJDUHODFLµQFRQVXP£TXLQDRFRQHOWUDEDMRTXHXVWHG
UHDOL]DFRQVXP£TXLQD 3UUHVHQ
QWDFLµ
µQ
1227$
6LHOPDQXDOFXEUHP£VGHXQDP£TXLQDODLQIRUPDFLµQVHUHILHUHDWRGDV
ODVP£TXLQDVVDOYRTXHVHHVSHFLILTXHGHRWURPRGR
3D
DQHOHVG
GHLQVWUUXPHQWRV
1227$
'HSHQGLHQGRGHOPHUFDGRGHGHVWLQRODVP£TXLQDVVHSXHGHQIDEULFDU
FRQPRWRUHVFRQRVLQVLVWHPDGHSRVWUDWDPLHQWRGHORVJDVHVGHHVFDSH
&RPSUXHEHHOPRGHORGHPRWRUHQODSHJDWLQDDGLFLRQDOVREUHORVJDVHV
GHHVFDSHYHDODS£JLQD6LHOPRGHORGHPRWRUHV'-HOPRWRU 2WWURVP
PDQGRV
FXHQWDFRQXQVLVWHPDGHSRVWUDWDPLHQWRGHORVJDVHVGHHVFDSH6LHO
PRGHORGHPRWRUHV'(HOPRWRUQRFXHQWDFRQXQVLVWHPDGH
SRVWUDWDPLHQWRGHORVJDVHVGHHVFDSH/DLQIRUPDFLµQGHHVWHPDQXDO
TXHVRORVHDSOLFDDXQRGHORVPRGHORVGHPRWRUHVW£LGHQWLILFDGD
LQGLFDQGRVLVHUHILHUHDO'-RDO'( ,Q
QVWUUXFFL
FLR
RQHVG
GHIXQFLR
RQDPLHQWR
$OGLVH³DUHVWDP£TXLQDVHKDLQYHUWLGRPXFKRWLHPSRHQORJUDUODPHMRU
HILFLHQFLD\VHJXULGDGSRVLEOHV6LQHPEDUJRORVDFFLGHQWHVRFXUUHQ\OD
PD\RU¯DGHHOORVVHSXHGHQDWULEXLUDXQHUURUKXPDQR8QDSHUVRQD
FRQVFLHQWHGHODVHJXULGDG\XQDP£TXLQDELHQPDQWHQLGDFRQVWLWX\HQ 7«F
7«FQLLFDGHFRQ
QGXFFL
FLµµQ
XQDFRPELQDFLµQILDEOHSRWHQWH\UHQWDEOH3
3RUUOORWDQWROHDODV
LQ
QVWUUXF
FFL
FLR
RQHVG
GHVHJ
JXUULG
GDG
G\\VV¯J
JDOODV
1RVHVIRU]DPRVFRQWLQXDPHQWHHQGHVDUUROODU\PHMRUDUODHILFLHQFLDGH
QXHVWURVSURGXFWRVUHDOL]DQGRFDPELRVDVXGLVH³R1RVUHVHUYDPRVHO 6H
HJXULGDGGXUDQWHHO
GHUHFKRDUHDOL]DUPRGLILFDFLRQHVGHGLVH³RDORVSURGXFWRVLQFOXVR VHUUYLFFLR
VH R
GHVSX«VGHTXHKD\DQVLGRVXPLQLVWUDGRV$GHP£VQRVUHVHUYDPRVHO
GHUHFKRDFDPELDUGDWRV\HTXLSRVDV¯FRPRODVLQVWUXFFLRQHVGHVHUYLFLR
\PDQWHQLPLHQWRVLQSUHYLRDYLVR
0D
DQWHQLPLHQWR

(V
VSH
HFLIILFDF
FLR
RQHV

Q
QGLFHDOIDE«WLFR

38%*
(OLGLRPDRULJLQDOHVHOLQJO«V7UDGXFLGRGHODVLQVWUXFFLRQHVRULJLQDOHV

&R
RS\ULLJKWk9ROYR&RQVWUUXFWLLRQ(TXLLSPH
HQW7RGRVOORVG
GHUHFKR
RVUUHVHUUYDG
GRV
V
 3UUHIDFLR
R

1RUPDVGHVHJXULGDG
(ORSHUDGRUGHODP£TXLQDWLHQHODUHVSRQVDELOLGDGGHFRQRFHU\FXPSOLU
ODVLQVWUXFFLRQHVGHVHJXULGDGQDFLRQDOHV\UHJLRQDOHVSHUWLQHQWHVTXH
PDUFDODOH\/DVLQVWUXFFLRQHVGHVHJXULGDGGHHVWHOLEURGHLQVWUXFFLRQHV
VHDSOLFDQFRPRUHTXLVLWRE£VLFRSHURGHEHU¯DQVHJXLUVHODVQRUPDV
ORFDOHVRQDFLRQDOHVTXHVHDQP£VHVWULFWDV

3(
(/,*52
(OV¯PERORGHVHJXULGDGFRPELQDGRFRQHVWDSDODEUDGHVH³DOLQGLFDXQD
VLWXDFLµQSHOLJURVDTXHVLQRVHHYLWDUHUHVVXOWWDU£HQJ
JUDYYHVVOOHVLR
RQHVVR
ROOD
PXH HUWH
H(OSHOLJURHVW£OLPLWDGRDODVVLWXDFLRQHVP£VH[WUHPDV

$'
'9(57(1&,$
(OV¯PERORGHVHJXULGDGFRPELQDGRFRQHVWDSDODEUDGHVH³DOL]DFLµQ
LQGLFDXQDVLWXDFLµQSHOLJURVDODFXDOVLQRVHHYLWDSXHGHUHVXOWDUHQ
PXH
PX HUWH
HROHVLR
RQH
HVJ
JUDYHVV

$7
7(1&,•1
(OV¯PERORGHVHJXULGDGFRPELQDGRFRQHVWDSDODEUDGHVH³DOL]DFLµQ
LQGLFDXQDVLWXDFLµQSHOLJURVDODFXDOVLQRVHHYLWDSXHGHUHVXOWDUHQ
OH
HVLR
RQHVP
PHQQRUHVRRP
PRGGHUUDGD
DV 

$9,6
62
,QGLFDXQ
QDVL
VLWWXDFLµ
µQSRWWHQFLD
DOPHQ
QWHSHOOLJURV
VDTX
XHSX
XHGHSUURYRFDUUGD
D³RV
HQQODP£TTXLQD
12
27$
6HXVDQSDUDUHIHULUVHDLQIRUPDFLµQGHLQVWDODFLµQRSHUDFLµQR
PDQWHQLPLHQWRTXHHVLPSRUWDQWHSHURQRHVW£UHODFLRQDGDFRQXQSHOLJUR
c&
&RQR]FD
FDODFDS
SDFLG
GDG\OORVOO¯PLWHVG
GHVXP£TXLQD
 Q
QGLFH 


QGLFH
3UHIDFLR 
1¼PHURVGHLGHQWLILFDFLµQ 
3UUHVHQ
QWDFLµ
µQ

0DUFD&(GLUHFWLYD(0& 
(TXLSRGHFRPXQLFDFLµQLQVWDODFLµQ 
&RPSRQHQWHVGHVHJXULGDG 

/HWUHURVGHLGHQWLILFDFLµQ 
3HJDWLQDVGHLQIRUPDFLµQ\DGYHUWHQFLD 
3D
DQHOHVG
GHLQVWUUXPHQWRV
 

3DQHOGHLQVWUXPHQWRVGHODQWHUR
8QLGDGGHSDQWDOOD 
9ROYR&R3LORW
3DQHOGHLQVWUXPHQWRVSRVWHGHODFDELQD 
3DQHOGHLQVWUXPHQWRVSDUWHVXSHULRU 
3DQHOGHLQVWUXPHQWRVSDUWHWUDVHUD 
3DQHOGHFRQWURO 
2WWURVP
PDQGRV 

0DQGRV
&DELQD 
&RQIRUWGHOFRQGXFWRU 
6LVWHPDFOLPDWL]DGRU 
,Q
QVWUUXFFL
FLR
RQHVG
GHIXQFLR
RQDPLHQWR 
 
5HJODVGHVHJXULGDGSDUDODXWLOL]DFLµQGHODP£TXLQD 
0HGLGDVTXHGHEHQDSOLFDUVHDQWHVGHODFRQGXFFLµQ
$UUDQTXHGHOPRWRU
6LVWHPDKLGU£XOLFRFDOHQWDPLHQWR
(VSHMRV
&DPELRGHPDUFKD 
'LUHFFLµQ 
)UHQR 
6LVWHPDSRVWUDWDPLHQWRGHORVJDVHVGHHVFDSH
3DUDGD
(VWDFLRQDPLHQWR
6LODP£TXLQDTXHGDDWDVFDGD 
5HVFDWH\UHPROFDGR
7UDQVSRUWHGHODP£TXLQD 
7«
7«F
FQLLFDGHFRQ
QGXFFL
FLµµQ 
 
&RQGXFFLµQHFRQµPLFD 
9LEUDFLRQHVHQWRGRHOFXHUSR
7UDEDMRGHQWURGH]RQDVSHOLJURVDV 
,PSOHPHQWRV
3RUWDLPSOHPHQWRV 
lIXQFLµQKLGU£XOLFD 
/LEHUDFLµQGHSUHVLµQ 
&XFKDUDV 
0DQLSXODFLµQGHEORTXHVGHSLHGUD
+RUTXLOODVGHPDGHUD 
%UD]RVGHHOHYDFLµQGHVFHQVRDOWHUQDWLYR 
'LDJUDPDGHVH³DOL]DFLµQ 
 Q
QGLFH

6HJXULGDGGXUDQWHHOVHUYLFLR 
3RVLFLµQGHPDQWHQLPLHQWR 
$QWHVGHOVHUYLFLROHD 
3UHSDUDWLYRVDQWHVGHODVODERUHVGHVHUYLFLR
3UHYHQFLµQGHLQFHQGLRV 
0DQHMRGHPDWHULDOHVSHOLJURVRV
0DQLSXODFLµQGHFRQGXFWRVWXERV\PDQJXHUDV 
0D
DQWHQLPLHQWR 

(VTXHPDGHOXEULFDFLµQ\FXLGDGRV
6HUYLFLRGHPDQWHQLPLHQWRFDGDKRUDV 
6HUYLFLRGHPDQWHQLPLHQWRFDGDKRUDV 
6HUYLFLRGHPDQWHQLPLHQWRFDGDKRUDV 
6HUYLFLRGHPDQWHQLPLHQWRFDGDKRUDV 
6HUYLFLRGHPDQWHQLPLHQWRFDGDKRUDV 
6HUYLFLRGHPDQWHQLPLHQWRFXDQGRVHDQHFHVDULR
(VVSH
HFLIILFDF
FLR
RQHV 

/XEULFDQWHVUHFRPHQGDGRV 
6LVWHPDGHFRPEXVWLEOH 
&DSDFLGDGGHVHUYLFLRHLQWHUYDORVGHVXVWLWXFLµQ
0RWRU 
6LVWHPDHO«FWULFR 
7UDQVPLVLµQ
)UHQR 
'LUHFFLµQ 
5XHGDV 
&DELQD 
5XLGR\YLEUDFLRQHV 
6LVWHPDKLGU£XOLFR 
3HVRVGHODP£TXLQD
'LPHQVLRQHV
&DSDFLGDGGHODP£TXLQD
+LVWRULDOGHVHUYLFLR 
Q
QGLFHDOIDE«WLFR



 3UUHVHQ
QWDFLµ
µQ


1¼PHURVGHLGHQWLILFDFLµQ
1¼PHURVGHLGHQWLILFDFLµQ
,QWURGX]FDHOQ¼PHURGHLGHQWLILFDFLµQGHODP£TXLQD\GHORVFRPSRQHQWHVDEDMR&LWHHOQ¼PHURFXDQGRVH
GLULMDDOIDEULFDQWH\SDUDHOSHGLGRGHSLH]DVGHUHSXHVWR/DSRVLFLµQGHODVSODFDVHVW£PRVWUDGDHQODS£JLQD


)DEULFDQWH 9ROYR&RQVWUXFWLRQ(TXLSPHQW
6((VNLOVWXQD
6XHFLD

1¼PHURGHLGHQWLILFDFLµQGHSURGXFWRGHP£TXLQD 3,1

0RWRU

&DMDGHFDPELRV

(MHGHODQWHUR

(MHWUDVHUR

3OXPD

&DELQD

(QY¯HVXVRSLQLRQHVVREUHHOOLEURGHLQVWUXFFLRQHVDRP#YROYRFRP
/D¼OWLPDLQIRUPDFLµQHVW£GLVSRQLEOHHQ3526,6

3UUHVHQ
QWDFLµ
µQ

/+

9
 3UHVHQ
QWDFLµ
µQ 

8VRGHGLVH³R
/DP£TXLQDE£VLFDHVW£GHVWLQDGDDOXVRHQFRQGLFLRQHV
QRUPDOHVHVGHFLUHQHOH[WHULRUVREUHODVXSHUILFLHKDVWDXQD
HOHYDFLµQGHP IW SRUHQFLPDGHOQLYHOGHOPDUIXHUD
GHODFDUUHWHUDSDUDRSHUDFLRQHVGHPRYLPLHQWRGHWLHUUD\DXQD
WHPSHUDWXUDDPELHQWHGHHQWUHr& r) \r& r)
FRQVRORHORSHUDGRUHQODFDELQD/DVFRQGLFLRQHVTXHVH
GHVY¯DQGHHVWRWDPEL«QHVW£QGHVFULWDVHQHOOLEURGH
LQVWUXFFLRQHV3DUDHOXVRHQY¯DVS¼EOLFDVODP£TXLQDGHEH
DGDSWDUVHDODOHJLVODFLµQQDFLRQDOYLJHQWH
6LVHXWLOL]DSDUDRWURVSURSµVLWRVRHQHQWRUQRVSRWHQFLDOPHQWH
SHOLJURVRVSHMHQWRUQRVH[SORVLYRV\RLQIODPDEOHVR£UHDVFRQ
SROYRFRQFRQWHQLGRGHDPLDQWRVHGHEHU£QVHJXLUQRUPDVGH
VHJXULGDGHVSHFLDOHV\ODP£TXLQDGHEHU£HTXLSDUVHSDUDWDOXVR

\PDQLSXODFLµQ&RQWDFWHFRQHOIDEULFDQWHFRQFHVLRQDULRSDUD
P£VLQIRUPDFLµQ
/DP£TXLQDHVW£GLVH³DGDSDUDXQP£[LPRGHSHVRWRWDO
LQFOX\HQGRHTXLSDPLHQWRHLPSOHPHQWRV YHDODS£JLQD(O
SHVRP£[LPRDSOLFDFXDQGRODP£TXLQDHVW£HTXLSDGDSDUD
FLHUWDVDSOLFDFLRQHVDSUREDGDVSRU9ROYR/DVHJXULGDGVH
FRPSURPHWHVLVHH[FHGHHOSHVRP£[LPR$GHP£VQRVRQ
Y£OLGDVODVJDUDQW¯DVSRUSDUWHGHOIDEULFDQWH1RREVWDQWH
FXPSODVLHPSUHODVQRUPDVQDFLRQDOHVSDUDODFLUFXODFLµQSRU
Y¯DVS¼EOLFDV
2SHUDFLµ
µQVXE
EWHUU£QHD
/DQHFHVLGDGGHYHQWLODFLµQGHORVHVFDSHVGHEHFRPSUREDUVH
DQWHVGHXWLOL]DUODP£TXLQDHQW¼QHOHVRHQRWUDVRSHUDFLRQHV
VXEWHUU£QHDV2WUDVOH\HV\QRUPDVSXHGHQVHUDSOLFDEOHVWDOHV
FRPROH\HVQDFLRQDOHV\GHWUDEDMR
/DP£TXLQDHVW£HTXLSDGDFRQXQDFLQHP£WLFDGHODFDUJDGRUD
GHEDUUDVHQ=

5HT
TXLVLWWRVP
PHGLRD
DPELHQ
QWDOOHV
6HDFRQVFLHQWHGHOPHGLRDPELHQWHFXDQGRXVHODP£TXLQD\DO
UHDOL]DUHOVHUYLFLR\PDQWHQLPLHQWR6LJDVLHPSUHODOHJLVODFLµQ
PHGLRDPELHQWDOORFDO\QDFLRQDODSOLFDEOHDWRGDPDQLSXODFLµQGH
ODP£TXLQD

0R
RWRU
/DP£TXLQDHVW£HTXLSDGDFRQXQPRWRUEµ[HUGHVHLVFLOLQGURV
FXDWURWLHPSRVWXUERGL«VHOGHLQ\HFFLµQGLUHFWDHLQWHUFRROHU(O
PRWRUWLHQHXQ£UEROGHOHYDVVXSHULRU\XQLQ\HFWRUGH
FRPEXVWLEOHSRUFLOLQGUR/DFXODWDHVFRP¼QSDUDWRGRVORV
FLOLQGURV\WLHQHFXDWURY£OYXODVSRUFLOLQGUR
 3UHVHQWDFLµQ


6RORDSOLFDEOHVSDUDP£TXLQDVFRQPRWRU'-
/RVPRWRUHVHVW£QHTXLSDGRVSDUDFXPSOLUFRQORVUHTXLVLWRV
OHJDOHVUHVSHFWRDHPLVLRQHVGHJDVHVGHHVFDSHFRQIRUPHD
7LHUILQDOGH((887LHUILQDOGH&DOLIRUQLDR(WDSD9GHOD
8(

c127
c1 7$/DVPP£T TXLLQDVFFRQPRWWRUHV VG
GHVWLLQD
DGRVD D((88\
&D DQDGG£QRSXHG GHQVVHUYYHQ QGLGDDVR
RXVDGD DVHHQOD8(\OODV
P£T
P£ TXLQDVVFRQ
FRQPR
PRWWRUHV VSDUD
SDUDHO
OPH
PHUUFD
FDGGRGHHOD
D8(QR
QRSXHGHQ
XHGHQVHVHU
YHQ
YH QGLGDDVR
RXVDGDVHQ
VDGDVHQ(( ((88
8\&DQQDG£ £VD
VDOOYRTX
XHVH
VHVXVXVWLLWX
X\D
HOOPRWRRUS
SRUXXQRY£OOLGGRSDUDHOPHUUFD
FDGRDSOLLFDEOH(OPHUUFD
FDGR R
SDDUDHOFXDDOHVW££GGHVWLLQDGRHOPRWWRUVVHPXHHVWUUDHQOODSHJDWLLQD
GHHHHPLVLµµQ YH
YHDDOODS
S£JLQDD

&RQHOILQGHUHGXFLUORVµ[LGRVGHQLWUµJHQR 12[ SDUW¯FXODV
30 KLGURFDUEXURV\PRQµ[LGRGHFDUERQRHQORVJDVHVGH
HVFDSHHOPRWRULQFOX\HXQDUHFLUFXODFLµQH[WHUQDGHJDVHVGH
HVFDSHUHIULJHUDGRV (*5 \XQVLVWHPDGHSRVWUDWDPLHQWRGH
JDVHVGHHVFDSH ($76 FRQLQ\HFFLµQGH$G%OXHp'()
(OVLVWHPDGHSRVWUDWDPLHQWRGHHVFDSHHVW£FHUWLILFDGRFRPR
VXSUHVRUGHFKLVSDVGHDFXHUGRFRQOD'LUHFWLYD&(\(1



,Q
QIRUPDFLµQ
Q$G%OXH
Hp'()
)
12
27$
6RORDSOLFDEOHVSDUDP£TXLQDVFRQPRWRU'-
(O$G%OXHp'()HVQHFHVDULRSDUDUHGXFLUORVµ[LGRVGH
QLWUµJHQR 12[ HQORVJDVHVGHHVFDSH(O$G%OXHp'()VH
YLHUWHHQXQGHSµVLWRVHSDUDGRHQODP£TXLQD(O$G%OXHp'()
QRVHGHEHPH]FODUFRQHOFRQWHQLGRGHOGHSµVLWRGHJDVµOHR\
HOJDVµOHRQRVHGHEHPH]FODUFRQHO$G%OXHp'()
3DUUDGLLVWUULE
3D EXFLµ
µQGH
H$G
$G%OOXHp'() VR
VROORY£
Y£OLLGRHQHOOPH
PHUUFD
FDGGRGH
H
((88 
((
 $WHQFLµQDOFOLHQWHGH9ROYR&( KRUDULRGH
DWHQFLµQDOS¼EOLFR
 ZZZYROYRFHFRP IXHUDGHKRUDVGHDWHQFLµQDOS¼EOLFR
3DUDODGLVWULEXFLµQGH$G%OXHp'() WRGRVORVGHP£V
PHUFDGRV SRUIDYRUFRQWDFWHFRQVXFRQFHVLRQDULRORFDOGH
9ROYRSDUDREWHQHUP£VLQIRUPDFLµQ
9HDODS£JLQDSDUDREWHQHULQIRUPDFLµQVREUHHOOOHQDGRGH
$G%OXHp'()
 3UUHVHQ
QWDFLµ
µQ 

6LVWHPDSRVWUDWDPLHQWRGHORVJDVHVGH
HVFDSH
 127$
&
 6RORDSOLFDEOHVSDUDP£TXLQDVFRQPRWRU'-
&
 (OPRWRUFXHQWDFRQXQVLVWHPDGHSRVWUDWDPLHQWRGHORVJDVHV
GHHVFDSH ($76 TXHFRQWLHQHXQILOWURGHSDUW¯FXODVGL«VHO
'3) SDUDUHGXFLUODVSDUW¯FXODV\XQVLVWHPDGHUHGXFFLµQ
 FDWDO¯WLFDVHOHFWLYD 6&5 SDUDUHGXFLUORVµ[LGRVGHQLWUµJHQR
 ' 12[ (O'3)\ORVFDWDOL]DGRUHVGH6&5HVW£QLQFOXLGRVHQXQ
 VLOHQFLDGRU¼QLFR(O$G%OXHp'()VHLQ\HFWDHQORVJDVHVGH
HVFDSHSDUDUHGXFLUORV12[

% &
 3DUDDSR\DUDO'3)\OD6&5KD\XQFDWDOL]DGRUGHR[LGDFLµQ
GLHVHO '2& HQHOLQWHULRUGHOVLOHQFLDGRU

(O'3)DWUDSDSDUW¯FXODVGHORVJDVHVGHHVFDSHGHOPRWRU\
$ FRPRFRQWLQXDPHQWHVHFDUJDFRQHVWDVSDUW¯FXODVGHORVJDVHV
 GHHVFDSHQHFHVLWDVHUUHJHQHUDGRSDUDUHWLUDUODVSDUW¯FXODV/D
UHJHQHUDFLµQWDPEL«QVHUHTXLHUHSDUDOLEHUDUHOD]XIUHDWUDSDGR
62 \RWUDVVXVWDQFLDVTXHTXHGDQDWUDSDGDVHQOD6&5\
 UHGXFHQODHILFLHQFLDGHOD6&5VLQRVRQUHWLUDGDV
3DUDDVHJXUDUTXHVHSURGXFHODUHGXFFLµQGHODVHPLVLRQHVHO
9
($76HVW£PRQLWRUL]DGRSRUHOVLVWHPDHOHFWUµQLFRGHFRQWUROGH
ODP£TXLQD
 8QLGDGGH$G%OXHp'()
 &RPSUHVRUGHDLUH 3DUDP£VLQIRUPDFLµQYHDODS£JLQD
 8QLGDGGRVLILFDGRUDGHFRPEXVWLEOHSDUD
SRVWUDWDPLHQWR
 &DWDOL]DGRUHVGH6&5
 %RTXLOODGH$G%OXHp'()
 =RQDGHPH]FODGR
 )LOWURGHSDUW¯FXODVGLHVHO '3)
 &DWDOL]DGRUGHR[LGDFLµQGLHVHO '2&
 3RVWUDWDPLHQWRERTXLOODGHFRPEXVWLEOH
$ *DVHVGHHVFDSH GHOPRWRU
% $G%OXHp'()
& $LUHSUHVXUL]DGR
' &RPEXVWLEOHDLUHGHSXUJD


6LVWH
HPDHO«F
FWUULFR
/DP£TXLQDFXHQWDFRQXQVLVWHPDHO«FWULFRGH9FRQGRV
EDWHU¯DVGH9FRQHFWDGDVHQVHULHVLWXDGDVHQODFDMDGH
EDWHU¯DVHQHOODGRGHUHFKRGHODFDELQD
(OLQWHUUXSWRUGHEDWHU¯DHVW£VLWXDGRGHQWURGHODFDMDGH
KHUUDPLHQWDVHQHOODGRL]TXLHUGRGHODP£TXLQD
127 7$
$SDJXHODDOLPHQWDFLµQHO«FWULFDFRQHOGHVFRQHFWDGRUGHEDWHU¯D
FDGDG¯DYHDODS£JLQDFXDQGRHOPRWRUHVW«DSDJDGR\OD
OODYHGHDUUDQTXHHVW«HQODSRVLFLµQ
/RVUHO«V\IXVLEOHVHVW£QSULQFLSDOPHQWHVLWXDGRVHQODFDMDGH
GLVWULEXFLµQHO«FWULFDGHWU£VGHODVLHQWRGHORSHUDGRU\VHSXHGH
DFFHGHUDHOORVGHVSX«VGHDEULUODWDSDGHODFDMDGHGLVWULEXFLµQ
HO«FWULFD(OLQWHULRUGHODWDSDFXHQWDFRQXQDSHJDWLQDTXH
PXHVWUDTX«GLVSRVLWLYRGHFRQVXPRGHFRUULHQWHHVW£FRQHFWDGR
DFDGDUHO«\IXVLEOH(QODFDMDGHGLVWULEXFLµQHO«FWULFDH[LVWHXQ
WHUPLQDOLQFRUSRUDGRSDUDFRPSUREDUIXVLEOHV/RVUHO«VGHOD
FDMDGHGLVWULEXFLµQHO«FWULFDVHSXHGHQLQWHUFDPELDUVLHPSUHTXH
ODVSDWLOODVHQFDMHQ
 3UUHVHQ
QWDFLµ
µQ


3DUDREWHQHULQIRUPDFLµQP£VGHWDOODGDVREUHHOVLVWHPD
HO«FWULFRYHDODS£JLQD

7UD
DQVPLLVLµQ
Q
/DWUDQVPLVLµQHVGHOPRGHOR+7(FRQFDMDGHFDPELRV
WRWDOPHQWHDXWRP£WLFDHMHVSODQHWDULRV\HPEUDJXHVGHGLVFR
ED³DGRVHQDFHLWHFRQWURODGRVSRUORVVROHQRLGHVGHFDPELRGH
PDUFKD/DWUDQVPLVLµQWLHQHFXDWURPDUFKDVDGHODQWH\FXDWUR
PDUFKDVDWU£VPDQHMDGDVSRUPHGLRGHHPEUDJXHV
KLGU£XOLFRV

/R
RFN
NXXS
&XDQGRHVW£DFWLYDODIXQFLµQ/RFNXSRIUHFHGH
WUDQVPLVLµQGHSRWHQFLDGHVGHHOPRWRUDODWUDQVPLVLµQSRU
PHGLRGHOEORTXHRPHF£QLFRHQHOFRQYHUWLGRUGHSDU/D
WUDQVPLVLµQGLUHFWDGHSRWHQFLDFRQWULEX\HDUHGXFLUODVS«UGLGDV
GHHQHUJ¯DHQDSOLFDFLRQHVFRPRFDUJD\WUDQVSRUWH\RSHUDFLµQ
GHWUDQVSRUWH
&RQXQDSURGXFWLYLGDGVRVWHQLGDUHGXFHHOFRQVXPRGH
FRPEXVWLEOH\HOGHVJDVWHGHOFRQYHUWLGRUGHSDUHQYDULDV
DSOLFDFLRQHV(QJHQHUDO/RFNXSGHEHU¯DHVWDUVLHPSUH
DFWLYDGR3DUDREWHQHUP£VLQIRUPDFLµQVREUHHOXVRGHO/RFNXS
HQGLYHUVDVDSOLFDFLRQHVYHDODVHFFLµQ7«FQLFDVGHRSHUDFLµQ

6LLVWH
HPDGHIUH
HQRV
/DP£TXLQDVHSXHGHIUHQDUGHWUHVPDQHUDV
 HOIUHQRGHVHUYLFLRDSOLFDORVGLVFRVGHIULFFLµQ IUHQRVGH
GLVFR HQORVHMHV
 HOIUHQRGHHVWDFLRQDPLHQWRDSOLFDORVGLVFRVGHIULFFLµQ IUHQRV
GHGLVFR HQODWUDQVPLVLµQ
 HOIUHQRDX[LOLDU IUHQRGHPRWRU TXHDXPHQWDODUHVLVWHQFLD
GHOPRWRUPHGLDQWHXQDFDUJDDXPHQWDGDVREUHODERPEDGHO
YHQWLODGRU
6LODP£TXLQDVHPXHYHDNPKRP£VHOSXQWRPXHUWRQRVH
DFWLYDFXDQGRVHDSOLFDHOIUHQRGHHVWDFLRQDPLHQWR(VWRHVSDUD
UHIRU]DUODSRWHQFLDGHIUHQDGRSRUPHGLRGHXQPRWRUTXHQRVH
PXHYHJLUDFXDQGRVHXVDHOIUHQRGHHVWDFLRQDPLHQWRFRPR
IUHQRVXSOHPHQWDULR
(OVLVWHPDGHIUHQRVHVW£LQWHJUDGRHQHOVLVWHPDGHOYHQWLODGRU
GHUHIULJHUDFLµQ\HOIUHQRGHHVWDFLRQDPLHQWR7DPEL«QSXHGH
KDEHUHTXLSRVRSFLRQDOHVTXHDIHFWHQDOVLVWHPDGHIUHQRV

6LLVWH
HPDGHGLUHFFL
FLµQ
Q
/DP£TXLQDHVW£HTXLSDGDFRQXQVLVWHPDGHGLUHFFLµQKLGU£XOLFD
FRQGHWHFFLµQGHFDUJDDV¯FRPRXQVLVWHPDGHGLUHFFLµQGH
HPHUJHQFLD (OVLVWHPDGHGLUHFFLµQUHFLEHVXIOXMRKLGU£XOLFRGH
XQDERPEDKLGU£XOLFDTXHHVDFFLRQDGDSRUODWUDQVPLVLµQ/D
ERPEDGHODGLUHFFLµQGHHPHUJHQFLDTXHHVDFFLRQDGDSRUXQ
PRWRUHO«FWULFRVHDFWLYDFXDQGRVHQHFHVLWDSRUHMHPSOR
FXDQGRHOPRWRUVHSDUDGHUHSHQWH\VHFRPSUXHEDHQFDGD
DUUDQTXHGHOPRWRU/DGLUHFFLµQGHSDODQFD &'& HVW£WDPEL«Q
GLVSRQLEOHHQHVWDP£TXLQD

&DE
ELQD
D
/DFDELQDWLHQHXQHTXLSRGHFDOHIDFFLµQ\YHQWLODFLµQFRQ
VLVWHPDDQWLYDKRSDUDWRGDVODVYHQWDQDV(OFOLPDWL]DGRUHV
 3UUHVHQ
QWDFLµ
µQ 


HTXLSRGHVHULHPLHQWUDVTXHHOHTXLSRGHDLUHDFRQGLFLRQDGR
$& HVRSFLRQDO
/DFDELQDWLHQHJUDQGHVVXSHUILFLHVDFULVWDODGDVSDUDEXHQD
YLVLELOLGDGDWRGRDOUHGHGRU/DFDELQDWLHQHXQDYHQWDQD
GHVOL]DQWHHQHOODGRGHUHFKR/DFDELQDHVW£GRWDGDFRQILOWURGH
DLUHUHFLUFXODFLµQ\VLVWHPDGHFDOHIDFFLµQ
6DOLGDGHHPHUJHQFLD
D
/DFDELQDWLHQHGRVVDOLGDVGHHPHUJHQFLDODSXHUWD\OD
YHQWDQLOODODWHUDOGHUHFKD

)2
236
6\523
36
/DFDELQDHVW£DSUREDGDFRPRFDELQDGHSURWHFFLµQVHJ¼QODV
QRUPDV)236\5236YHDODS£JLQD)236HVXQD

DEUHYLDFLµQGH(VWUXFWXUDGHSURWHFFLµQDQWLFD¯GDGHREMHWRV\
5236HVXQDDEUHYLDFLµQGH(VWUXFWXUDGHSURWHFFLµQ
DQWLYXHOFR
6LFXDOTXLHUSDUWHGHODHVWUXFWXUDGHSURWHFFLµQGHODFDELQDHVW£
DIHFWDGDSRUFXDOTXLHUGHIRUPDFLµQUHVWDQWHRIDOORVKD\TXH
LQVSHFFLRQDUODFDELQDLQPHGLDWDPHQWH\VHGHEHQDGRSWDUWRGDV
ODVPHGLGDVQHFHVDULDV&RQWDFWHFRQ9ROYRRFRQXQ
FRQFHVLRQDULR9ROYRUHVSHFWRDODLQVSHFFLµQ\ODVPHGLGDV
1XQFDUHDOLFHQLQJXQDPRGLILFDFLµQQRDXWRUL]DGDHQODFDELQD
FRPREDMDUODDOWXUDGHOWHFKRWDODGUDUVROGDUVREUHVRSRUWHV
SDUDHOH[WLQWRUGHLQFHQGLRVDQWHQDGHODUDGLRXRWURVHTXLSRV
VLQKDEHUFRPHQWDGRSULPHURODVPRGLILFDFLRQHVDWUDY«VGHXQ
FRQFHVLRQDULRFRQSHUVRQDOGHOGHSDUWDPHQWRGHLQJHQLHU¯DGH
9ROYR&RQVWUXFWLRQ(TXLSPHQW(VWHGHSDUWDPHQWRGHFLGLU£VLOD
PRGLILFDFLµQSXHGHKDFHUTXHODDSUREDFLµQTXHGHDQXODGD

6LVWH
HPDKLGU£XOLF
FR
(OVLVWHPDKLGU£XOLFRWLHQHGHWHFFLµQGHFDUJDHVGHFLUODV
ERPEDVKLGU£XOLFDVGHODP£TXLQDDGDSWDQHOFDXGDOGHDFHLWH
HQSURSRUFLµQDODSRVLFLµQGHODVSDODQFDVKLGU£XOLFDV
/RVFRPSRQHQWHVSULQFLSDOHVGHOVLVWHPDKLGU£XOLFRGHWUDEDMRGH
ODP£TXLQDVRQHOGHSµVLWRGHDFHLWHKLGU£XOLFRHOHQIULDGRUGH
DFHLWHKLGU£XOLFRODVERPEDVGHDFHLWHFRQGHVSOD]DPLHQWR
YDULDEOHHOEORTXHFHQWUDOODY£OYXODGHFRQWUROSULQFLSDO\ORV
FLOLQGURVSDUDODIXQFLµQGHHOHYDFLµQ\EDVFXODPLHQWR
2WURVVLVWHPDVTXHSXHGHQDIHFWDUDOVLVWHPDKLGU£XOLFRGH
WUDEDMRVRQHOVLVWHPDGHIUHQRVHOVLVWHPDGHGLUHFFLµQHO
VLVWHPDGHOVHUYRHOVLVWHPDGHVXVSHQVLµQGHORVEUD]RVGH
FDUJD %66 DV¯FRPRODlIXQFLµQKLGU£XOLFD
127 7$
1RXWLOLFHODKLGU£XOLFDGHWUDEDMRHQODP£[LPDYHORFLGDGKDVWD
TXHHODFHLWHKLGU£XOLFRHVW«FDOLHQWH(OILOWURGHDFHLWHKLGU£XOLFR
QRILOWUDWRGRHODFHLWHFXDQGRODWHPSHUDWXUDHVW£SRUGHEDMRGH
ORV|& |) HQIOXMRDOWR(VWRSXHGHSURYRFDUTXHVH
ERPEHHDFHLWHQRILOWUDGRHQHOVLVWHPDORFXDOSXHGHUHVXOWDUHQ
UXLGR\RIDOORVGHIXQFLRQDPLHQWR3DUDFDOHQWDUHODFHLWH
KLGU£XOLFRYHDODS£JLQD

(TXLSR
R
/DP£TXLQDSXHGHVHUVXPLQLVWUDGDFRQGLVWLQWRVWLSRVGHHTXLSR
RSFLRQDOGHSHQGLHQGRGHORVUHTXLVLWRVGHORVGLIHUHQWHV
PHUFDGRV(MHPSORVVRQODGLUHFFLµQGHSDODQFD &'& HO%66
 3UUHVHQ
QWDFLµ
µQ


VXVSHQVLµQGHORVEUD]RVGHFDUJD XQEORTXHRGHOLPSOHPHQWR
SRUVHSDUDGRHODSDJDGRDXWRP£WLFRGHOPRWRU\HOVLVWHPDGH
HQJUDVDGRDXWRP£WLFR

0RGLILLFDFFLR
RQHV
/DVPRGLILFDFLRQHVGHHVWDP£TXLQD\VXVFRPSRQHQWHVFRPR
HOVLVWHPDGHOPRWRU\HODX[LOLDULQFOX\HQGRHOXVRGH
LPSOHPHQWRVDFFHVRULRVXQLGDGHVRSLH]DVTXHQRHVW«Q
DXWRUL]DGRVSXHGHDIHFWDUDODLQWHJULGDGGHODP£TXLQD HVWDGR 
ODFDSDFLGDGGHIXQFLRQDPLHQWRGHODP£TXLQDGHODIRUPDSDUD
ODTXHHVW£GLVH³DGD\DQXODUODDSUREDFLµQGHODP£TXLQD\GHO
VLVWHPDGHOPRWRU\HODX[LOLDUHPLWLGDSRUOD8(/DVSHUVRQDVX
RUJDQL]DFLRQHVTXHUHDOLFHQPRGLILFDFLRQHVQRDXWRUL]DGDV
DVXPHQWRGDODUHVSRQVDELOLGDGSRUODVFRQVHFXHQFLDVTXH
VXUMDQGHELGRDPRGLILFDFLRQHVRTXHSXHGDQDWULEXLUVHD
PRGLILFDFLRQHVLQFOX\HQGRGD³RVDODP£TXLQD
3URKLELGRUHDOL]DUPRGLILFDFLµQGHQLQJ¼QWLSRHQHVWHSURGXFWR
VLQTXHFDGDPRGLILFDFLµQHVSHF¯ILFDKD\DVLGRSUHYLDPHQWH
DSUREDGDSRUHVFULWRSRU9ROYR&RQVWUXFWLRQ(TXLSPHQW9ROYR
&RQVWUXFWLRQ(TXLSPHQWVHUHVHUYDHOGHUHFKRDUHFKD]DU
UHFODPDFLRQHVEDMRJDUDQW¯DTXHKD\DQVXUJLGRRSXHGDQ
UHODFLRQDUVHFRQPRGLILFDFLRQHVQRDXWRUL]DGDV
/DVPRGLILFDFLRQHVSRGU£QFRQVLGHUDUVHRILFLDOPHQWHDSUREDGDV
VLVHFXPSOHFRPRP¯QLPRXQDGHODVFRQGLFLRQHVVLJXLHQWHV
 (OLPSOHPHQWRHODFFHVRULRODXQLGDGRODSLH]DKDQVLGR
IDEULFDGRVRGLVWULEXLGRVSRU9ROYR&RQVWUXFWLRQ(TXLSPHQW\
KDQVLGRPRQWDGRVVHJ¼QHOP«WRGRDSUREDGRSRUODI£EULFD
\GHVFULWRHQXQDSXEOLFDFLµQGLVSRQLEOHGH9ROYR
&RQVWUXFWLRQ(TXLSPHQWR
 /DPRGLILFDFLµQKDVLGRDSUREDGDSRUHVFULWRSRUHO
GHSDUWDPHQWRGHFRQVWUXFFLµQSDUDHOSURGXFWR
FRUUHVSRQGLHQWHHQ9ROYR&RQVWUXFWLRQ(TXLSPHQW

6LLVWH
HPDDQ
QWLUUURER
HTXLSRRSFLR
RQDO
,QVWDODQGRXQDSURWHFFLµQDQWLUURERUHVXOWDU£P£VGLI¯FLOHOURER
GHODPDTXLQD9ROYRSXHGHHQWUHJDUSURWHFFLµQDQWLUURERFRPR
HTXLSRRSFLRQDO6LVXP£TXLQDQRHVW£GRWDGDFRQHTXLSR
DQWLUURERLQYHVWLJXHODSRVLELOLGDGGHTXHORLQVWDOHVX
FRQFHVLRQDULR

'DWWRVVG
GHODP£TXLQDUHJLVWUUDGRV
/DP£TXLQDHVW£HTXLSDGDFRQVLVWHPDVGHVRIWZDUHTXH
UHJLVWUDQ\DOPDFHQDQGLVWLQWRVWLSRVGHLQIRUPDFLµQ/D
LQIRUPDFLµQSXHGHWUDQVPLWLUVHD9ROYRSDUDILQHVGHGHVDUUROOR
GHSURGXFWR\HQODORFDOL]DFLµQGHIDOORV/RVGDWRVDOPDFHQDGRV
LQFOX\HQHQWUHRWURVODYHORFLGDGGHODP£TXLQDHOFRQVXPRGH
FRPEXVWLEOH\GLVWLQWDVWHPSHUDWXUDV/RVGDWRVVHU£QXWLOL]DGRV
SRU9ROYR\W«FQLFRVGHVHUYLFLRFXDOLILFDGRV

&DUUH7UDFN
/DP£TXLQDSXHGHHVWDUHTXLSDGDFRQ&DUH7UDFNXQVLVWHPD
WHOHP£WLFRGHVDUUROODGRSRU9ROYR&RQVWUXFWLRQ(TXLSPHQW(O
VLVWHPDDOPDFHQDLQIRUPDFLµQVREUHODP£TXLQDWDOFRPR
SRVLFLµQGHODP£TXLQDKRUDVGHIXQFLRQDPLHQWRFRQVXPRGH
FRPEXVWLEOH\QLYHOGHFRPEXVWLEOHTXHSXHGHWUDQVPLWLUVH
 3UUHVHQ
QWDFLµ
µQ 


SRVWHULRUPHQWHSRUPHGLRVLQDO£PEULFRVDXQRUGHQDGRU+D\
YDULDVYHUVLRQHVGH&DUH7UDFNVHJ¼QODFDQWLGDGGHLQIRUPDFLµQ
GHVHDGD
&DUH7UDFNVLPSOLILFDODSODQLILFDFLµQGHOVHUYLFLR\UHGXFHODV
LQPRYLOL]DFLRQHVFRVWRVDV0HMRUDODSURGXFWLYLGDG\DTXHVH
SXHGHYHUVLVHHVW£XVDQGRODP£TXLQDFRUUHFWDPHQWH\FX£QWR
FRPEXVWLEOHFRQVXPH&DUH7UDFNSHUPLWHWDPEL«QTXHHOFOLHQWH
OLPLWHHO£UHDGHWUDEDMRGHODP£TXLQDHPSOHDQGRO¯PLWHV
JHRJU£ILFRVYLUWXDOHV(VWRFRQWULEX\HDPLQLPL]DUHOULHVJRGH
URER\HOXVRQRDXWRUL]DGRGHODP£TXLQD3DUDP£VLQIRUPDFLµQ
GLU¯MDVHDXQFRQFHVLRQDULRGH9ROYR&RQVWUXFWLRQ(TXLSPHQW
(OVLVWHPD&DUH7UDFNWUDQVPLWHGDWRVGHODPLVPDPDQHUDTXH
XQWHO«IRQRPµYLOFRQXQDWDVDP£[LPDGHVDOLGDGH:(O
WUDQVPLVRUVLHPSUHHVW£FRQHFWDGR\HORSHUDGRUQRSXHGH
GHVFRQHFWDUOR

/DVSUHFDXFLRQHV\UHVWULFFLRQHVORFDOHVDSOLFDEOHVDWHO«IRQRV
PµYLOHVSRUHMHPSORHQFXDQWRDGLVWDQFLDGHVHJXULGDGWDPEL«Q
VHDSOLFDQDOVLVWHPD&DUH7UDFN

&DUUH7UDFN
N6LLVWHP
PDVG
GHLQIIRUUPDFLµQ
Q
/DVP£TXLQDVGH9ROYR&RQVWUXFWLRQ(TXLSPHQWHVW£QHTXLSDGDV
FRQ&DUH7UDFN\RXQRRP£VVLVWHPDVTXHSXHGHQUHFRSLODU\
DOPDFHQDULQIRUPDFLµQVREUHODP£TXLQD ORV6 6LVWHPDVGH
LQIRUPD
LQIRUPDF FLµ
µQ LQFOX\HQGRSHURVLQOLPLWDUVHDHOORLQIRUPDFLµQ
UHODFLRQDGDFRQHOHVWDGR\HOUHQGLPLHQWRGHODP£TXLQDH
LQIRUPDFLµQUHODFLRQDGDFRQHOIXQFLRQDPLHQWRGHODPLVPD HQ
FRQMXQWRORV''DWRVGHODP£TXLQD
DWRVGHODP£TXLQD 8VWHGVHFRPSURPHWHDQR
LQWHUIHULUHQHOIXQFLRQDPLHQWRGHOGLVSRVLWLYRWHOHP£WLFRGH
QLQJXQDPDQHUD
&DUH7UDFNIDFLOLWDODSODQLILFDFLµQGHOVHUYLFLR\UHGXFHORV
FRVWRVRVWLHPSRVGHLQDFWLYLGDG/DSURGXFWLYLGDGPHMRUDDO
VDEHUVLODVP£TXLQDVHVW£QVLHQGRRSHUDGDVFRUUHFWDPHQWH\
FX£QWRFRPEXVWLEOHVHHVW£FRQVXPLHQGR&DUH7UDFNWDPEL«Q
SHUPLWHDOFOLHQWHUHVWULQJLUHO£UHDGHRSHUDFLµQGHODP£TXLQD
PHGLDQWHHOXVRGHYDOODVYLUWXDOHV(VWRD\XGDDHOLPLQDUHOXVR
QRDXWRUL]DGRGHODP£TXLQDDV¯FRPRORVURERV3DUDP£V
LQIRUPDFLµQSµQJDVHHQFRQWDFWRFRQXQFRQFHVLRQDULRGH9ROYR
&RQVWUXFWLRQ(TXLSPHQW(OVLVWHPD&DUH7UDFNWUDQVPLWHGDWRV
GHOPLVPRPRGRTXHORKDFHXQWHO«IRQRPµYLOFRQXQDSRWHQFLD
P£[LPDGH:(OWUDQVPLVRUHVW£VLHPSUHHQFHQGLGR\HO
RSHUDGRUQRSXHGHDSDJDUOR/DVSUHFDXFLRQHV\UHVWULFFLRQHV
ORFDOHVDSOLFDEOHVDORVWHO«IRQRVPµYLOHVSRUHMHPSOROD
GLVWDQFLDGHVHJXULGDGVHDSOLFDQWDPEL«QDOVLVWHPD&DUH7UDFN
9ROYR&RQVWUXFWLRQ(TXLSPHQWSXHGH L DFFHGHUDORVVLVWHPDV
GHLQIRUPDFLµQHQFXDOTXLHUPRPHQWR LQFOX\HQGRHODFFHVR
UHPRWR  LL UHFRSLODUORVGDWRVGHODP£TXLQD LLL DOPDFHQDUORV
GDWRVGHODP£TXLQDHQORVVLVWHPDVGHO*UXSR9ROYR LY XWLOL]DU
ORVGDWRVGHODP£TXLQDSDUDSUHVWDUVHUYLFLRVDVXVFOLHQWHVDV¯
FRPRSDUDVXVSURSLRVILQHVHPSUHVDULDOHVLQWHUQRV\RWURVILQHV
UD]RQDEOHV\ Y FRPSDUWLUORVGDWRVGHODP£TXLQDGHQWURGHO
*UXSR9ROYR\FRQFLHUWRVWHUFHURV
/RVGDWRVGHODP£TXLQDSXHGHQLQFOXLULQIRUPDFLµQSHUVRQDO
VREUHHORSHUDGRUTXHSXHGHVHUUHFRSLODGDDOPDFHQDGD
XWLOL]DGDFRPSDUWLGDRSURFHVDGDGHRWURPRGRSRU9ROYR
&RQVWUXFWLRQ(TXLSPHQWGHDFXHUGRFRQVXDYLVRGHSULYDFLGDG
GLVSRQLEOHHQKWWSVZZZYROYRJURXSFRPHQHQSULYDF\KWPO 
6LWLHQHDOJXQDSUHJXQWDRGXGDVREUHHOWUDWDPLHQWRGHVX
LQIRUPDFLµQSHUVRQDOSRUSDUWHGH9ROYR&RQVWUXFWLRQ(TXLSPHQW
 3UUHVHQ
QWDFLµ
µQ


SµQJDVHHQFRQWDFWRFRQHOUHVSRQVDEOHGHSULYDFLGDGGHO*UXSR
9ROYRHQJSRRIILFH#YROYRFRPRSRUFRUUHRSRVWDOHQ$%9ROYR
$WW*URXS3ULYDF\2IILFH'HSW$$9*+46(
*¸WHERUJ6XHFLDRSRUWHO«IRQRHQ  

-X
-XH
HJRGHKHUUDPLHQ
QWDV
2S
2 SFLR
RQHV
VD
DGLFLR
RQD
DOHV
/DFDMDGHKHUUDPLHQWDVVHHQFXHQWUDEDMRORVSHOGD³RVHQHO
ODGRL]TXLHUGRGHODP£TXLQD
(VSRVLEOHTXHVHVXPLQLVWUHQYDULDVKHUUDPLHQWDVFRQOD
P£TXLQD

9

&DMDGHKHUUDPLHQWDV

 3UHVHQ
QWDFLµ
µQ 



 

 


 

 

   



9

-XHJRGHKHUUDPLHQWDV

 %ROVD  3LVWRODOXEULFDQWH
 'HVWRUQLOODGRUHV  0DUWLOORGHEROD
 /ODYHDMXVWDEOHPP  /ODYHDMXVWDEOHPP
 /ODYH  /ODYH
 5DFRU  $OLFDWHV
 7HFOD  /ODYH$OOHQ
 &DQGDGR
 3UUHVHQ
QWDFLµ
µQ



 

 
9

/ODYHGHWXHUFDGHUXHGD

 0DQJR  3URORQJDFLµQ
 /ODYHGHYDVR  /ODYHGHYDVR

 

 


9

+HUUDPLHQWDGHPXHVWUHRGHDFHLWH

 %RPEDGHYDF¯R  0DQJXHUD
 0DQJXHUD  5DFRUGHSUXHEDV
 5DFRU

6LLVWHP
PDGH
HVXS
SUHVLµQ
QGHLQFHQ
QGLRV
V
HTXLSRRSFLR
RQDO
(OVLVWHPDGHH[WLQFLµQGHLQFHQGLRVHVXQVLVWHPDGHDVSHUVRUHV
SDUDHOFRPSDUWLPHQWRGHOPRWRU
(OVLVWHPDVDWLVIDFHUORVUHTXLVLWRVGH6%) UHJODVVXHFDV
SDUDHTXLSRGHURFLDGRUHVHQPRQWDMHILMR\RWURVGLVSRVLWLYRVGH
SURWHFFLµQFRQWUDLQFHQGLRVHQP£TXLQDVIRUHVWDOHV\GHREUDV
S¼EOLFDV 
9HDODS£JLQDSDUDP£VLQIRUPDFLµQ
 3UUHVHQ
QWDFLµ
µQ 
0D
DUFD&(GLUHFWLLYD(0&
& 

0DUFD&(GLUHFWLYD(0&
'HFODUDFLµQGHFRQIRUPLGDG
(VWDP£TXLQDOOHYDODPDUFD&(ORTXHVLJQLILFDTXHDODHQWUHJD
LQLFLDOGHODP£TXLQDDOFOLHQWHFXPSOHFRQODV1RUPDV
HVHQFLDOHVGHVHJXULGDGHKLJLHQHGHOD'LUHFWLYDGHP£TXLQDV
GHOD8(&(
6LVHKDFHQPRGLILFDFLRQHVTXHDIHFWDQODVHJXULGDGGHOD
P£TXLQDVHU£QUHVSRQVDEOHVGHHOODVORVTXHUHDOLFHQODV
PRGLILFDFLRQHV
&RPRSUXHEDGHFXPSOLPLHQWRGHORVUHTXLVLWRVVHHQWUHJDFRQ
 ODP£TXLQDXQD'HFODUDFLµQGH&RQIRUPLGDGGHOD8((VWDV
GHFODUDFLRQHVVRQHPLWLGDVSRU9ROYRSDUDFDGDP£TXLQD
LQGLYLGXDO(VWDGHFODUDFLµQGHOD8(DEDUFDWDPEL«QDORV

LPSOHPHQWRVIDEULFDGRVSRU9ROYR/DGRFXPHQWDFLµQHVYDOLRVD
\GHEHFRQVHUYDUVHHQXQOXJDUVHJXUR\J JXDUUGD
DUVH
VHSRUQR
QRPHQRV
HQRV
GHD³RV(OGR
GHD³RV(O RFXPPHQWR
RGH
HEH
HVL
VLHHPSUUHDFRPSD³DUUD
DOD
DP£
P£TTXLQD
FXD
FX DQGGRHVYYHQ
QGLLGD
6LODP£TXLQDVHXVDSDUDRWURVSURSµVLWRVRFRQRWURV
LPSOHPHQWRVTXHQRVHDQORVGHVFULWRVHQHVWHPDQXDOVHGHEH
JDUDQWL]DUODVHJXULGDGHQWRGRPRPHQWR\HQFDGDFDVRSRU
VHSDUDGR8QDPRGLILFDFLµQSXHGHHQFLHUWRVFDVRVUHTXHULUXQD
QXHYDPDUFD&(\ODHPLVLµQGHXQDQXHYD'HFODUDFLµQGH
FRQIRUPLGDGGHOD8(/DSHUVRQDTXHUHDOLFHODPRGLILFDFLµQHV
UHVSRQVDEOHGHHVWR
'LLUHFWLLYD(0&GHOD8(
(OHTXLSRHOHFWUµQLFRGHODP£TXLQDSXHGHHQDOJXQRVFDVRV
LQWHUIHULUFRQRWURHTXLSRHOHFWUµQLFRRYHUVHVRPHWLGRD
LQWHUIHUHQFLDVHOHFWURPDJQ«WLFDVH[WHULRUHVORFXDOSXHGH
VXSRQHUULHVJRVGHVHJXULGDG
/DGLUHFWLYD&(0GHOD8(VREUH&RPSDWLELOLGDG
HOHFWURPDJQ«WLFD&(SUHVHQWDXQDGHVFULSFLµQ
JHQHUDOGHODVH[LJHQFLDVSDUDODVP£TXLQDVGHVGHHOSXQWRGH
YLVWDGHODVHJXULGDGFX\RVYDORUHVO¯PLWHKDQVLGRHVWDEOHFLGRV
VHJ¼QQRUPDWLYDVLQWHUQDFLRQDOHV
8QDP£TXLQDRXQDSDUDWRGHEHU£QFXPSOLUORVUHTXLVLWRVSDUD
OOHYDUODPDUFD&(1XHVWUDVP£TXLQDVHVW£QSUREDGDV
HVSHFLDOPHQWHHQORUHVSHFWDDODVSHUWXUEDFLRQHV
HOHFWURPDJQ«WLFDV/DPDUFD&(GHODP£TXLQD\OD'HFODUDFLµQ
GHFRQIRUPLGDGFXEUHQWDPEL«QODGLUHFWLYD(0&
6LKD\RWURVHTXLSRVHOHFWUµQLFRVLQVWDODGRVHQHVWDP£TXLQDORV
HTXLSRVGHEHQWHQHUODPDUFD&(\KDEHUVLGRFRPSUREDGRVHQ
ODP£TXLQDUHVSHFWRDLQWHUIHUHQFLDHOHFWURPDJQ«WLFDVHJ¼QOD
,62VLQRVHSXHGHH[FOXLUHOLPSDFWRVREUHODVIXQFLRQHV
UHODFLRQDGDVFRQODVHJXULGDG
127 7$
/DVFRQGLFLRQHVGHOPDUFRUHJXODWRULRGHOD8((((SXHGHQ
FDPELDUFRQHOWLHPSR
6LODHQWUHJDLQLFLDOGHXQDP£TXLQDTXHFXPSODFRQODQRUPDWLYD
GHOD&(HVGHFLUFRQODPDUFD&(VHUHDOL]µRULJLQDOPHQWHHQ
XQSD¯VIXHUDGHOD8((((\VLHVWDEDSUHYLVWRTXHODP£TXLQD
YROYLHUDDVHULPSRUWDGDDSD¯VHVGHOD8((((HQXQDIHFKD
SRVWHULRUHQWRQFHVODP£TXLQDWHQGU£TXHFXPSOLUFRQODV
FRQGLFLRQHVGHOPDUFRUHJXODWRULRGHOD8((((HQODIHFKDHQ
TXHYXHOYDDHQWUDUDSD¯VHVGHOD8((((
 3UUHVHQ
QWDFLµ
µQ

 0D
DUFD&(GLUHFWLLYD(0&
&
'HFODUDFLµQGHFRQIRUPLGDG
/DVLJXLHQWHS£JLQDPXHVWUDXQDFRSLDGHOD'HFODUDFLµQGH
FRQIRUPLGDG YHUVLµQHQLQJO«V SDUDODP£TXLQD
c127
c1 7$/D'HF
FODUUDFLµ
µQGHFRQ
QIR
RUPL
PLGDG
GVROORWLHQHYYDOOLGH
H]H
HQOOD
8QQLµQ(
(XUURS
SHD
 3UHVHQWDFLµQ 
0DUFD&(GLUHFWLYD(0& 
9£OLGRSDUDODVFDUJDGRUDVGHUXHGDV9ROYR
(VWHGRFXPHQWRVµORHVDSOLFDEOHHQOD8(


 3UUHVHQ
QWDFLµ
µQ

 (T
TXLSRGHFRP
PXQLFDFFLµ
µQLQVWD
DODFLµ
µQ

(TXLSRGHFRPXQLFDFLµQ
LQVWDODFLµQ
$9,6
62
7RGDLQVWDODFLµQGHHTXLSRHOHFWUµQLFRGHFRPXQLFDFLµQRSFLRQDO
GHEHQUHDOL]DUODSURIHVLRQDOHVFXDOLILFDGRV\FRQIRUPHDODV
LQVWUXFFLRQHVGH9ROYR&RQVWUXFWLRQ(TXLSPHQW
3URWHFFLµQFRQWUDODVLQWHUIHUHQFLDVHOHFWURPDJQ«WLFDV
(VWDP£TXLQDKDVLGRSUREDGDVHJ¼QODGLUHFWLYD&(GH
OD8(TXHUHJODPHQWDODVLQWHUIHUHQFLDVHOHFWURPDJQ«WLFDV3RU
ORWDQWRHVPX\LPSRUWDQWHTXHWRGRVORVDFFHVRULRVHOHFWUµQLFRV
QRDSUREDGRVWDOHVFRPRORVHTXLSRVGHFRPXQLFDFLRQHVVHDQ
SUREDGRVDQWHVGHVXLQVWDODFLµQ\XVRSRUTXHSRGU¯DQLQWHUIHULU
FRQORVVLVWHPDVHOHFWUµQLFRVGHODP£TXLQD
'LLUHFWUULFHVV
'HEHQVHJXLUVHODVVLJXLHQWHVSDXWDVGXUDQWHODLQVWDODFLµQ
/DFRORFDFLµQGHODDQWHQDGHEHVHOHFFLRQDUVHSDUDTXHHVW«
ELHQDGDSWDGDDOHQWRUQR
(OFDEOHGHODDQWHQDGHEHVHUGHOWLSRFRD[LDO7HQJDFXLGDGR
GHDVHJXUDUVHGHTXHHOFDEOHQRHVW£GD³DGRTXHODIXQGD\
ODWUHQ]DQRHVW£QSDUWLGDVHQORVH[WUHPRVTXHODWUHQ]DFXEUH
ODVI«UXODVGHOFRQHFWRU\WLHQHXQEXHQFRQWDFWRJDOY£QLFRFRQ
HOODV
/DVXSHUILFLHGHHQFDMHHQWUHHOVRSRUWHGHPRQWDMHGHOD
DQWHQD\ODFDUURFHU¯DGHEHWHQHUVXSHUILFLHVPHW£OLFDVOLPSLDV
VLQµ[LGRQLVXFLHGDG3URWHMDODVVXSHUILFLHVGHHQFDMHFRQWUD
FRUURVLµQWUDVODLQVWDODFLµQSDUDPDQWHQHUXQEXHQFRQWDFWR
JDOY£QLFR
5HFXHUGHVHSDUDUI¯VLFDPHQWHORVFDEOHVTXHLQWHUILHUHQGHORV
LQWHUIHULGRV/RVFDEOHVTXHLQWHUILHUHQVRQORVFDEOHVGH
DOLPHQWDFLµQ\HOFDEOHGHODDQWHQDGHOHTXLSRGH
FRPXQLFDFLµQ/RVFDEOHVLQWHUIHULGRVVRQORVTXHHVW£Q
FRQHFWDGRVDGLVSRVLWLYRVHOHFWUµQLFRVGHODP£TXLQD0RQWH
ORVFDEOHVWDQFHUFDFRPRVHDSRVLEOHGHVXSHUILFLHVGHKRMD
PHW£OLFDFRQWRPDGHWLHUUD PDVD SXHVWRTXHODKRMDPHW£OLFD
WLHQHXQHIHFWRSURWHFWRU
 3UUHVHQ
QWDFLµ
µQ 
&R
RPSRQHQWHVG
GHVHJ
JXULGDG 

&RPSRQHQWHVGHVHJXULGDG
/DVSLH]DVGHUHFDPELRDXW«QWLFDVGH9ROYRJDUDQWL]DUODPHMRU
YLGD¼WLOILDELOLGDG\VHJXULGDGSDUDODP£TXLQD\HORSHUDGRU6L
QRVHXVDQSLH]DVILDEOHV\DGHFXDGDVSDUDHOSURSµVLWRVX
VHJXULGDGVXVDOXG\HOIXQFLRQDPLHQWRGHODP£TXLQDSXHGHQ
YHUVHFRPSURPHWLGRV&RQWDFWHFRQVXFRQFHVLRQDULRHLQGLTXH
ODGHQRPLQDFLµQGHPRGHORQ¼PHURGHVHULHGHODP£TXLQD
Q¼PHURGH3,1 DOVROLFLWDUSLH]DVGHUHFDPELR3DUDODSRVLFLµQ
GHODSODFDGH3,1YHDODVHFFLµQ3ODFDVGHSURGXFWR
6XFRQFHVLRQDULR9ROYRVLHPSUHGLVSRQHGHLQIRUPDFLµQ
DFWXDOL]DGDVREUHSLH]DVGHUHFDPELRODFXDOVHDFWXDOL]DD
LQWHUYDORVUHJXODUHVDWUDY«VGHOVLVWHPDGHLQIRUPDFLµQ3526,6
3LLH]DV VGH
GHOD
DP£
£TXLQ
XLQD\GH
HUH
HFDP
PELRFO
FOD
DVLIILFDG
GDVFRPR

FU¯¯WLFDV
FU VS
SDUDODVHJ
JXULGDG
3LH]DVGHODP£TXLQD\GHUHFDPELRFODVLILFDGDVFRPRFU¯WLFDV
SDUDODVHJXULGDGVLJQLILFDTXHORVFRPSRQHQWHVHVW£Q
GHVWLQDGRVDFXPSOLUXQDIXQFLµQGHVHJXULGDG

(MMHPSORVG GHSLH]DVVG
GHODP£TXLQDSLH]DV VG
GHUHFDP
PELR
FOD
FODVLIILFDG
GDVF
FRPPRFU¯¯WLFDV
VS
SDUDODVHJ
JXULGDG
'LVSRVLWLYRVJXDUGDVGHSURWHFFLµQH[WUD¯EOHVVREUHSLH]DV
JLUDWRULDVRVXSHUILFLHVFDOLHQWHV
3ODFDVGHSURWHFFLµQULHOHVFXELHUWDV\SHOGD³RV
&RPSRQHQWHVLQFOXLGRVHQVLVWHPDVSDUDUHGXFLUHOVRQLGR\
ODVYLEUDFLRQHV
&RPSRQHQWHVLQFOXLGRVHQVLVWHPDVSDUDPHMRUDUODYLVLELOLGDG
GHORSHUDGRU
$VLHQWRGHORSHUDGRUFRPSOHWRLQFOX\HQGRHOFLQWXUµQGH
VHJXULGDG
3HJDWLQDV\SODFDV
)LOWURGHODFDELQD
127 7$
/DVSLH]DVGHODP£TXLQD\GHUHFDPELRFODVLILFDGDVFRPR
FU¯WLFDVSDUDODVHJXULGDGVHYROYHU£QDPRQWDUVHUHSDUDU£QR
VHVXVWLWXLU£QLQPHGLDWDPHQWHVLVHKDQUHWLUDGRRGD³DGR
$OFDPELDUHORSHUDGRUSURSLHWDULRGHODP£TXLQDORVIDOORV\
GHIHFWRVHQSLH]DVGHODP£TXLQD\GHUHFDPELRFODVLILFDGDV
FRPRFU¯WLFDVSDUDODVHJXULGDGVHQRWLILFDU£QLQPHGLDWDPHQWH\
VHHVWDEOHFHU£XQSODQGHDFFLµQ
+D\P£VLQIRUPDFLµQLPSRUWDQWHHQHOOLEURGHLQVWUXFFLRQHV
DFHUFDGHORVFRPSRQHQWHVTXHVHFRQVLGHUDQFU¯WLFRVSDUDOD
VHJXULGDG
 3UHVHQWDFLµQ
 /HWUHURVGHLGHQWLILFDFLµQ

/HWUHURVGHLGHQWLILFDFLµQ
 3UUHVHQ
QWDFLµ
µQ

 /H
HWUHURVG
GHLGHQWLILFDFFLµ
µQ

8WLOL]DQGRODVSODFDVGHSURGXFWROLVWDGDVDEDMRHVSRVLEOHLGHQWLILFDUODP£TXLQD\VXVFRPSRQHQWHV,QGLTXH
HVWRVQ¼PHURVFXDQGRSLGDSLH]DVGHUHFDPELRRFXDQGRUHDOLFHFRQVXOWDV




 

 




9
 3UHVHQ
QWDFLµ
µQ 
/H
HWUHURVG
GHLGHQWLILFDF
FLµ
µQ 

3ODFDGHSURGXFWR
(OQRPEUH\GLUHFFLµQGHOIDEULFDQWHHOQ¼PHURGH
SURGXFWR\HOQ¼PHURGHVHULHGHODP£TXLQD
3HVRGHODP£TXLQD  FRQILJXUDFLµQP£VFRP¼QGH
ODP£TXLQD SRWHQFLDGHOPRWRUD³RGH
IDEULFDFLµQD³RGHHQWUHJD\SRVLFLµQGHODPDUFD
&( VRORSD¯VHVGH8(((( 
/DSODFDGHODP£TXLQDHVW£HQFKLQRSDUDHO
PHUFDGRGHOD&KLQD(OFHQWURGHSURGXFFLµQ\GH
HQVDPEODMHVHLQFOX\HQHQODSODFD
&DELQD
(OQRPEUH\ODGLUHFFLµQGHOIDEULFDQWHHOQ¼PHURGH
SURGXFWRODGHQRPLQDFLµQGHPRGHORGHODP£TXLQD
HOSHVRP£[LPRFRPSUREDGR  SDUDHOFXDOOD
FDELQDHVW«DSUREDGDVHJ¼QXQDSUXHEDGHOD
5236 HOQ¼PHURGHVHULHGHODFDELQDHOQ¼PHUR
GHOD5236)236\HOQ¼PHURGHFHUWLILFDGRGHOD
5236)236 3ODFDVLWXDGDHQHOLQWHULRUGHO
PRQWDQWHHQODFDELQD 

3HJDWLQDGHOHVFD
FDSSHVXS
SOHPHQWDULR
/DGHVLJQDFLµQGHOWLSRGHPRWRU\HOQ¼PHURGH
(MHWUDVHUUR
1RPEUH\GLUHFFLµQGHOIDEULFDQWH\Q¼PHURGHO

FRPSRQHQWH GHP£VI£FLODFFHVRTXHODSHJDWLQD FRPSRQHQWHGHOHMHGHDFFLRQDPLHQWRWUDVHUR
GHOHVFDSHRUGLQDULRODFXDOSXHGHHVWDU
HVFRQGLGD 

(MHGHODQWHUR 7UD
DQVPLLVLµ
µQ
1RPEUH\GLUHFFLµQGHOIDEULFDQWH\Q¼PHURGHO 1RPEUH\GLUHFFLµQGHOIDEULFDQWH\Q¼PHURGHO
FRPSRQHQWHGHOHMHGHDFFLRQDPLHQWRGHODQWHUR FRPSRQHQWHGHODWUDQVPLVLµQ

0DUFDSULQFLS
SD O (WLTXHWDYHUUGH VROORVHDSOLFDHQ&KLQD
3,1GHODP£TXLQD HVWDPSDGRHQHOODGR /DVQRUPDVQDFLRQDOHVTXHODP£TXLQDSXHGH
L]TXLHUGR  FXPSOLUODIHFKDGHIDEULFDFLµQHOQ¼PHURGHVHULH
GHODP£TXLQDLQIRUPDFLµQE£VLFDGHODP£TXLQD
3HJDWLQDGHOPRWRUHVFD
FDS
SH FRPSRQHQWHVFODYHUHODFLRQDGRVFRQODSURWHFFLµQ
DPELHQWDO
/DGHVLJQDFLµQGHOWLSRGHPRWRU\HOQ¼PHURGHO
FRPSRQHQWH
12
27$
7HQJDHQFXHQWDHOWLSRGHPRWRUFRQHOTXHHVW£
HTXLSDGDODP£TXLQD\VLJDODVLQVWUXFFLRQHVTXH
DSOLFDQDOPRWRU

 3DUDHOSHVRUHOHYDQWHGHODP£TXLQD GHSHQGLHQGRGHORVQHXP£WLFRVHTXLSDPLHQWR\FRPELQDFLRQHVGH
LPSOHPHQWRV YHDODS£JLQD
 3DUDHOSHVRWRWDOP£[LPRGHODP£TXLQDYHDODS£JLQD
 3UUHVHQ
QWDFLµ
µQ

 3HJ
JDWLQDVG
GHLQIRUPDFLµ
µQ\D
DGYHUUWHQFLD
D

3HJDWLQDVGHLQIRUPDFLµQ\
DGYHUWHQFLD
(ORSHUDGRUHVWDU£SHQGLHQWH\VHJXLU£WRGDODLQIRUPDFLµQ\
SODFDVSHJDWLQDVGHDGYHUWHQFLDVLWXDGDVHQODP£TXLQD1R
WRGDVODVSODFDVSHJDWLQDVVHHQFXHQWUDQHQWRGDVODV
P£TXLQDVSXHVWRTXHGHSHQGHQGHOPHUFDGR\GHODP£TXLQD
/DVSHJDWLQDVSODFDVGHEHQPDQWHQHUVHOLEUHVGHVXFLHGDG
SDUDTXHVHSXHGDQOHHU\FRPSUHQGHU6LVHKDQSHUGLGRR\D
QRVRQOHJLEOHVWLHQHQTXHFDPELDUVHLQPHGLDWDPHQWH(O
Q¼PHURGHSLH]D Q¼PHURGHSHGLGR VHPXHVWUDHQFDGD
SHJDWLQDSODFDGHOFDW£ORJRGHSLH]DV
/D
DS
SDOD
DEUD$'9(5(577(1&,$ $DSDUHFFHHQODVS
SHJDWLLQD
DVG
GH
DG
GYHUWH
HQFLD
DGH$P«P«UULFDG
GHO1RUWH
H
 3UHVHQWDFLµQ 
3HJDWLQDVGHLQIRUPDFLµQ\DGYHUWHQFLD 

&


&

9
 3UUHVHQ
QWDFLµ
µQ

 3HJ
JDWLQDVG
GHLQIRUPDFLµ
µQ\D
DGYHUUWHQFLD
D

9
 3UUHVHQ
QWDFLµ
µQ 
3H
HJDWLQDVG
GHLQIRUPDFLµ
µQ\D
DGYHUUWHQFLD
D 

9

5HIOHFWRUGHPDUFDGRODWHUDO (OHYDFLµQ\DPDUUH 3XQWRGHHOHYDFLµQFXDQGRVH

1¼PHURGHSLH]DGHUHSXHVWR 1¼PHURGHSLH]DGHUHSXHVWRHQ(( HOHYD
 88 HQLQJO«V  1¼PHURGHSLH]DGHUHSXHVWR
1¼PHURGHSLH]DGHUHSXHVWRHQ(( 
88 HQHVSD³RO 


)XVLEOHGHGLIHUHQWHVIXQFLRQHV $ORSHUDUHQY¯DVS¼EOLFDVHVW£ c$GYHUWHQFLD1RSLVHVREUH

HQHOLQWHULRUGHODFXELHUWD SURKLELGRWHQHUODGLUHFFLµQGH HVWDVXSHUILFLH
1¼PHURGHSLH]DGHUHSXHVWR SDODQFD &'& DFWLYDGDXVHHO 1¼PHURGHSLH]DGHUHSXHVWRHQ
 YRODQWH ((88
1¼PHURGHSLH]DGHUHSXHVWR 1¼PHURGHSLH]DGHUHSXHVWRHQ
 &KLQD
1¼PHURGHSLH]DGHUHSXHVWR
WRGRVORVGHP£VPHUFDGRV




9 9

c$'9(57(1&,$6XSHUILFLHV 1LYHOGHSRWHQFLDVRQRUDIXHUDGH 3XQWRGHILMDFLµQSDUDDPDUUH

FDOLHQWHV ODP£TXLQD 1¼PHURGHSLH]DGHUHSXHVWR
1¼PHURGHSLH]DGHUHSXHVWRHQ 1RHVW£GLVSRQLEOHFRPRSLH]DGH 
((88 UHSXHVWR
1¼PHURGHSLH]DGHUHSXHVWR
WRGRVORVGHP£VPHUFDGRV

 3UUHVHQ
QWDFLµ
µQ

 3HJ
JDWLQDVG
GHLQIRUPDFLµ
µQ\D
DGYHUUWHQFLD
D
c$'9(57(1&,$$QWHVGH 7UDQVPLVLµQOHDHO0DQXDOGHO 3XQWRGHOOHQDGRGH
FRQHFWDUORVFDEOHVGHDUUDQTXH RSHUDGRU FRPEXVWLEOH
OHDHO/LEURGHLQVWUXFFLRQHV 1¼PHURGHSLH]DGHUHSXHVWR 1¼PHURGHSLH]DGHUHSXHVWR
1¼PHURGHSLH]DGHUHSXHVWRHQ  
((88
1¼PHURGHSLH]DGHUHSXHVWR
WRGRVORVGHP£VPHUFDGRV


5DNJ W &2 HT

*:3
%* ‡ &6 2EVDKXMHIOXRUR YDQpV NOHQtNRYpSO\Q\‡ '.1
2 ,QGHKROGHUIOXR UKROGLJHG ULYKXVJDVVHU‡
'( (Q WKlOWIOXR ULHUWH 7UHLEKDXVJDVH‡ (7 VLVDOGDEIOXRULWXG NDVYXKRRQHJDDVH‡ (/ ‡ (1&RQ WDLQVIOXRULQDWHG
JUHHQKRXVHJDVHV‡ (6 &RQ WLHQHJDVHVIOXR UDGRVGHH IHFWRLQYHUQDGH UR‡ ), 6LVlOWllIOXR
UDWWXMD NDVYLKXRQH NDDVXMD‡ )5 &RQ WLHQWGHVJD]jHII HWGHVH UUHIOXR UpV‡
+5 6DGUåDYDIOXRULUDQHVWD N RYH‡ +8)OXRUWD UWDOP~ YHJKi]K DWiV~Ji ]R NDWWD UWDOPD]‡ ,7 &RQWLHQHJDVIOXRUX UDWLDHII HW WRVHUUD‡
/7 W\MH\UDIOXRULQ I /9 6DWXUIOXRU FHI ]HV‡ 07 )LKJDVVLMLHWIOXZRUXUDWL E HI I HWWWD VHUUD‡
1/ %HYDWJHIOXRUHH UGHE URHL NDVJDVVHQ‡ 3/ =DZLHUDIOXRURZDQHJD ]\FLHSODUQLDQH‡ 37 &RQWpPJDVHVIOXR UDGRV FRPH IHLWRGHHVWXID‡ 52 &RQ ]H
IOXRUXUDWHFXHIHFWGHVHU . REVDKXMHIOXyURYDQpV NOHQtNRYpSO\Q \‡ 6/YVHEXMHIOXR ULUDQH WRSORJ UHGQHSOLQH‡ 69 ,QQHKnOOHUIOXR UHUDGH Yl[WKXVJDVHU
‡ ,6 ,QQLKHOGXUIO~R UDèDU JUyèX UK~VDOR IWWHJXQGLU


9 9

c$'9(57(1&,$9HQWLODGRU 3RWHQFLDOGHFDOHQWDPLHQWR 1LYHOGHSUHVLµQVRQRUDHQOD

JLUDWRULR JOREDO *:3 HTXLYDOHQWHD&2 FDELQD
1¼PHURGHSLH]DGHUHSXHVWRHQ 1¼PHURGHSLH]DGHUHSXHVWR 1RHVW£GLVSRQLEOHFRPRSLH]D
((88  GHUHSXHVWR
1¼PHURGHSLH]DGHUHSXHVWRHQ
&KLQD
1¼PHURGHSLH]DGHUHSXHVWR
WRGRVORVGHP£VPHUFDGRV


5HIOHFWRU c$'9(57(1&,$0£TXLQD )XHU]DP£[LPDHQHO

1¼PHURGHSLH]DGHUHSXHVWR GDQGRPDUFKDDWU£V GLVSRVLWLYRGHUHPROTXHOHDHO
 1¼PHURGHSLH]DGHUHSXHVWRHQ(( 0DQXDOGHORSHUDGRU
88 1¼PHURGHSLH]DGHUHSXHVWR
1¼PHURGHSLH]DGHUHSXHVWRWRGRV 
ORVGHP£VPHUFDGRV



9

'HVFRQHFWDGRUGHEDWHU¯D c$'9(57(1&,$6LVWHPD c$'9(57(1&,$3HOLJURGH

1¼PHURGHSLH]DGHUHSXHVWR SUHVXUL]DGR DSODVWDPLHQWRHQODDUWLFXODFLµQ
 1¼PHURGHSLH]DGHUHSXHVWRHQ(( GHOEDVWLGRUVLVHPXHYHOD
88 P£TXLQD
1¼PHURGHSLH]DGHUHSXHVWRWRGRV 1¼PHURGHSLH]DGHUHSXHVWRHQ
ORVGHP£VPHUFDGRV ((88
1¼PHURGHSLH]DGHUHSXHVWR
WRGRVORVGHP£VPHUFDGRV

 3UHVHQ
QWDFLµ
µQ 
3H
HJDWLQDVG
GHLQIRUPDFLµ
µQ\D
DGYHUUWHQFLD
D 

c$'9(57(1&,$1RFDPLQDU 3HJDWLQDGHFRPEXVWLEOH VROR 3HJDWLQDGHFRPEXVWLEOH

QXQFDSRUGHEDMRGHXQ ((88 VROR8(
LPSOHPHQWRHOHYDGR 0£
0£[SSPG
GH$
$=8
8)5( 0£[
0£ [S
SSPG
GH$=8
8)5(
1¼PHURGHSLH]DGHUHSXHVWRHQ
((88
1¼PHURGHSLH]DGHUHSXHVWR

1¼PHURGHSLH]DGHUHSXHVWR


1¼PHURGHSLH]DGHUHSXHVWR
WRGRVORVGHP£VPHUFDGRV


7DEODGHOXEULFDFLµQ\ )LOWURGHDLUHOHDHO0DQXDOGHO 9DFLDGR

PDQWHQLPLHQWR RSHUDGRU 1¼PHURGHSLH]DGHUHSXHVWR
1¼PHURGHSLH]DGHUHSXHVWR 1¼PHURGHSLH]DGHUHSXHVWR 
 



9 9

,QIRUPDFLµQVREUHILOWURVGH 5HIULJHUDQWHFDOLHQWH 8VHUHIULJHUDQWH9ROYR

UHSXHVWR
1¼PHURGHSLH]DGHUHSXHVWRHQ
((88 HQLQJO«V 
1¼PHURGHSLH]DGHUHSXHVWRHQ
((88 HQHVSD³RO 
1¼PHURGHSLH]DGHUHSXHVWRHQ
((88
1¼PHURGHSLH]DGHUHSXHVWRWRGRV
ORVGHP£VPHUFDGRV
&RRODQW9&6ದOHDHO0DQXDOGHO
RSHUDGRU
1¼PHURGHSLH]DGHUHSXHVWRHQ
((88
1¼PHURGHSLH]DGHUHSXHVWR
WRGRVORVGHP£VPHUFDGRV

 3UUHVHQ
QWDFLµ
µQ

 3HJ
JDWLQDVG
GHLQIRUPDFLµ
µQ\D
DGYHUUWHQFLD
D

9

 

c$'9(57(1&,$&DPSRV c$'9(57(1&,$/HDSULPHURHO c$'9(57(1&,$'HVFHQGHU

HOHFWURPDJQ«WLFRV&(0/HDHO /LEURGHLQVWUXFFLRQHV VLHPSUHHOLPSOHPHQWRDQWHVGH
/LEURGHLQVWUXFFLRQHV 1¼PHURGHSLH]DGHUHSXHVWRHQ(( OHYDQWDUVHGHODVLHQWR
1¼PHURGHSLH]DGHUHSXHVWRHQ 88 1¼PHURGHSLH]DGHUHSXHVWRHQ
((88 1¼PHURGHSLH]DGHUHSXHVWRWRGRV ((88 HQHVSD³RO 
1¼PHURGHSLH]DGHUHSXHVWRHQ ORVGHP£VPHUFDGRV 1¼PHURGHSLH]DGHUHSXHVWRHQ
&KLQD ((88 HQLQJO«V 
1¼PHURGHSLH]DGHUHSXHVWR
WRGRVORVGHP£VPHUFDGRV


/HIW7XUQ :DUQLQJ6WRS :DUQLQJ&KHFN,QIR 5LJKW7XUQ

6LJQDO 0DFKLQH 0DFKLQH 6LJQDO (QJLQH .LFN'RZ Q
(QJLQHHU %UDN H +RU Q
0DFKLQH7UDYHO
6SHHG UPLQ

)RUZDUG 
'()6&5 7UDQVPLVVLRQ
/HYHO 2LO7HPS 5HYHUVH

+LJK([KDXVW'LIIORFN
7HPSHUDWXUH (QJDJHG (QJLQH
2LOWHPS )RUZDUG 
/RZ)XHO/HYHO
,QGLFDWRU 5HYHUV H
$FWLYDWLR Q
)XHO/HYHO
/HYHU/RF N
$7 7$&+0(17
0DLQ/LJKW &'&$FWLYDWHG
%RRP6XVSHQVLRQ 5(/($6(
+LJK%HDP %DFRQ 5HJHQHUDWLRQ$FWLYDWHG .LFN'RZ Q +RU Q
:RUNLQJ 3DUNLQJ (QJLQH2LO %DWWHU\ 6HDWEHOW '()6&5 (QJLQH
/LJKW /LJKW %UHDN 3UHVVXUH &RQGLWLRQ5HPLQGHU :DUQLQJ1HHGHG
%UDN H

)RUZDUG 
$8; 
5HYHUV H
$FWLYDWLR Q
$/7
.LFN'RZ Q
VWJHDU /HYHU/RF N

)RUZDUG 
5HYHUV H

+$=$5'
:$51,1* $/7
3$5.,1*
%5$.(
$/7

%8&.(7 %8&.(7 )5217 5($5

7,0(5
:25.,1* :25.,1*
&$%+($7,1* 52//%$&. 5$,6(
726723 /,*+76 /,*+76
726723

 $&

)$15(*8/$7,21 7(0 3 5(&,5&8/$7,21 5(7851

0$67(5
/,*+7
%($&21
/,*+7
6,'(
/,*+7
7 2',*

$'-867$%/(

 3$57,&/(
),/7(5
$8 720 $7,&
)/2$7,1*
326,7,21
6,1*/(
$&7,1*
5($50,5525

',6&211(&767((5,1*
.,&.'2:1 0,5525 5($5

)5$0(/2&.%()25(
5(*(1(5$7,21 '2:1
'()5267,1* :,3(5
'(0,67,1* :$6+(5 9

 &219(57(5
/2&.83
%220
6863(16,21
6<67 (0 21
67$57
029,1*0$&+,1(
 2))

    
,*1,7,21.(<

9 9

9LVLµQJHQHUDOGHORVPDQGRV 'HVFRQHFWHHOEORTXHRGHO (VW£SURKLELGRVROGDU\R

GHODFDELQD HQHVSD³RO EDVWLGRUGHGLUHFFLµQDQWHVGH WDODGUDUHQODFDELQD
1¼PHURGHSLH]DGHUHSXHVWRHQ PRYHUODP£TXLQD 1¼PHURGHSLH]DGHUHSXHVWR
((88 1¼PHURGHSLH]DGHUHSXHVWRHQ(( 
88 HQLQJO«V 
1¼PHURGHSLH]DGHUHSXHVWRHQ((
88 HQHVSD³RO 

/HIW7XUQ :DUQLQJ6WRS :DUQLQJ&KHFN,QIR 5LJKW7XUQ

6LJQDO 0DFKLQH 0DFKLQH 6LJQDO (QJLQH .LFN'RZ Q
(QJLQHHU %UDN H +RU Q
0DFKLQH7UDYHO
6SHHG UPLQ

)RUZDUG 
'()6&5 7UDQVPLVVLRQ
/HYHO 2LO7HPS 5HYHUVH

+LJK([KDXVW'LIIORFN
7HPSHUDWXUH (QJDJHG (QJLQH
2LOWHPS )RUZDUG 
/RZ)XHO/HYHO
,QGLFDWRU 5HYHUV H
$FWLYDWLR Q
)XHO/HYHO
/HYHU/RF N
$7 7$&+0(17
0DLQ/LJKW &'&$FWLYDWHG
%RRP6XVSHQVLRQ
+LJK%HDP %DFRQ 5(/($6(
5HJHQHUDWLRQ$FWLYDWHG
:RUNLQJ 3DUNLQJ (QJLQH2LO %DWWHU\ 6HDWEHOW '()6&5 .LFN'RZ Q +RU Q
/LJKW (QJLQH
/LJKW %UHDN 3UHVVXUH &RQGLWLRQ5HPLQGHU :DUQLQJ1HHGHG
%UDN H

)RUZDUG 
$8; 
5HYHUV H
$FWLYDWLR Q
$/7
.LFN'RZ Q
VWJHDU /HYHU/RF N

)RUZDUG 
5HYHUV H

+$=$5'
:$51,1* $/7
3$5.,1*
%5$.(
$/7

%8&.(7 %8&.(7 )5217 5($5

7,0(5
:25.,1* :25.,1*
&$%+($7,1* 52//%$&. 5$,6(
726723 /,*+76 /,*+76
726723

 $&

)$15(*8/$7,21 7(0 3 5(&,5&8/$7,21 5(7851

0$67(5
/,*+7
%($&21
/,*+7
6,'(
/,*+7
7 2',*

$'-867$%/(
5($50,5525

 3$57,&/( )/2$7,1* 6,1*/(

$8 720 $7,& 326,7,21 $&7,1*
),/7(5 .,&.'2:1 0,5525 5($5
5(*(1(5$7,21 '2:1
'()5267,1* :,3(5
'(0,67,1* :$6+(5 9

 &219(57(5
/2&.83
%220
6863(16,21
6<67 (0 21
67$57

 2))

   
,*1,7,21.(<

9

6DOLGDGHHPHUJHQFLD 9LVLµQJHQHUDOGHORVPDQGRVGH 1LYHOGHDFHLWHKLGU£XOLFR

1¼PHURGHSLH]DGHUHSXHVWR ODFDELQD HQLQJO«V 1¼PHURGHSLH]DGHUHSXHVWR
 1¼PHURGHSLH]DGHUHSXHVWRHQ(( 
88
 3UUHVHQ
QWDFLµ
µQ 
3HJ
JDWLQDVG
GHLQIRUPDFLµ
µQ\D
DGYHUUWHQFLD
D 

.LFN'RZQ
VWJHDU


9

3XQWRGHOOHQDGRGHDFHLWH /XPEUHUDVGHSUHVLµQGH )XQFLRQHVGHODSDODQFD

1¼PHURGHSLH]DGHUHSXHVWR WUDQVPLVLµQ LQGLYLGXDO
 1¼PHURGHSLH]DGHUHSXHVWR
 

9


9 9

c$'9(57(1&,$3GH c$'9(57(1&,$&RPSUXHEH c$'9(57(1&,$$SHUWXUDGH

&DOLIRUQLD TXHHOLPSOHPHQWRHVW£EORTXHDGR ODSXHUWDFRQPDQGRDGLVWDQFLD
1¼PHURGHSLH]DGHUHSXHVWR 1¼PHURGHSLH]DGHUHSXHVWRHQ(( OHDHO0DQXDOGHORSHUDGRU
 88 1¼PHURGHSLH]DGHUHSXHVWRHQ
1¼PHURGHSLH]DGHUHSXHVWRWRGRV ((88
ORVGHP£VPHUFDGRV 1¼PHURGHSLH]DGHUHSXHVWR
WRGRVORVGHP£VPHUFDGRV

+2 7&/,0 $7( ),5(5(6,6 7$1 7
5('8&('(19,5210(17$/,03$&7
0,1(5$/ 6<17+(7,& 6<17+(7,&
2,/ 2,/
8QLYLV1   (67(5
9 9 9ROYR%LR+\GU2LO9* 
9

$FHLWHKLGU£XOLFR PLQHUDO $FHLWHKLGU£XOLFR VLQW«WLFR $FHLWHKLGU£XOLFR «VWHU

1¼PHURGHSLH]DGHUHSXHVWR 1¼PHURGHSLH]DGHUHSXHVWR VLQW«WLFR
  1¼PHURGHSLH]DGHUHSXHVWR

:$51,1*

9

9

$


9

$FWLYDFLµQPDQXDOGHO6LVWHPD $'9(57(1&,$&DOHQWDGRUGHO 3DUDGDGHHPHUJHQFLDPRWRU

GHH[WLQFLµQGHLQFHQGLRV )66 PRWRUDOWDWHQVLµQ 1¼PHURGHSLH]DGHUHSXHVWR
HTXLSRRSFLRQDO 1¼PHURGHSLH]DGHUHSXHVWR 
1¼PHURGHSLH]DGHUHSXHVWR 

 3UUHVHQ
QWDFLµ
µQ

 3HJ
JDWLQDVG
GHLQIRUPDFLµ
µQ\D
DGYHUUWHQFLD
D

9

%RWµQGHDFWLYDFLµQLQWHUQD
SDUDHO6LVWHPDGHH[WLQFLµQGH
LQFHQGLRV )66HTXLSRRSFLRQDO
1¼PHURGHSLH]DGHUHSXHVWR

 3D
DQHOHVG
GHLQVWUUXPHQWRV 



3DQHOHVGHLQVWUXPHQWRV
$'9(57(1&,$
5LHVJRGHOHVLRQHVJUDYHV
2SHUDUODP£TXLQDVLQODVVXILFLHQWHVDSWLWXGHV\FRQRFLPLHQWR
GHOFRQWHQLGRGHOOLEURGHLQVWUXFFLRQHVSXHGHOOHYDUDXQD
S«UGLGDGHOFRQWUROGHODP£TXLQD\SXHGHFDXVDUOHVLRQHVJUDYHV
LQFOX\HQGRODPXHUWH
/HHDFFXLLGDGR
RVDPPHQ QWHH
HOOOLEURGHLLQVWUUXFFL
FLRQHV\\D
DSU«QGDVHOODV
VH³
VH ³DOHVG GHDGYHUUWH
HQFLDV¯PPER RORVHHLQVWUUXFFL
FLRQHHVG
GHRSHUDF
FLµQ
DQQWHVG
GHRSHUDUUOODP
P£TX XLQD



&RQVHUYHHO/LEURGHLQVWUXFFLRQHVHQODFDELQDSDUDTXHVLHPSUH
HVW«GLVSRQLEOH
 3D
DQHOHVG
GHLQVWUUXPHQWRV


3DQHOHVGHLQVWUXPHQWRV

 3DQHOGHODQWHUR SDUDQGHLQIRUPDFLµQ
LQWHUUXSWRUHV\WHFODGR
 3DQHOGHOWHFKR FOLPDWL]DGRU
 3DQHOGHSRVWHGHFDELQD LQWHUUXSWRUHV
HQFHQGLGRFRQWUROGHODPDULSRVDPDQXDO\WRPD
GH9
 3DQHOWUDVHURFRQWRPDGH9FDMDGH
GLVWULEXFLµQHO«FWULFDFRQIXVLEOHV\UHO«VWRPD
SDUDKHUUDPLHQWDGHVHUYLFLR
 3DUDGDGHHPHUJHQFLD
 3D
DQHOHVG
GHLQVWUUXPHQWRV 
3D
DQHOGHLQVWUUXPHQWRVGHODQWHUR 

3DQHOGHLQVWUXPHQWRVGHODQWHUR
3DQHOGHLQVWUXPHQWRVGHODQWHUR






  
9

 )UHQRGHHVWDFLRQDPLHQWR
 7HFODGR
 &LHUUHGHLPSOHPHQWRVHSDUDGR HTXLSRRSFLRQDO
 3DQHOGHLQIRUPDFLµQ
 ,QWHUPLWHQWHVGHDGYHUWHQFLD
 5HVHUYD
 5HVHUYD

)UH
HQRGHHVWD
DFLR
RQDPLHQWR
)XQFLRQDPLHQWRGHOIUHQRGHHVWDFLRQDPLHQWR9HUODS£JLQD


9

7HF
FOD
DGR
,QIRUPDFLµQVREUHHOWHFODGRHQODS£JLQD

9

 3D
DQHOHVG
GHLQVWUUXPHQWRV

 3D
DQHOGHLQVWUUXPHQWRVGHODQWHUR
&LHUUHGHLPSOHPHQWRVHSDUDGR HTXLSRRSFLRQDO
127$
(OVXVSHQVLµQGHORVEUD]RVGHFDUJDGHEHU¯DGHVDFWLYDUVHDO
FRPSUREDUHOEORTXHRGHOLPSOHPHQWR

$'
'9(57(1&,$
5LHVJRGHDSODVWDPLHQWR
9 8QLPSOHPHQWRQRILMDGRSRGU¯DFDHUVH\SURYRFDUOHVLRQHV
 JUDYHVRODPXHUWH
$VHJ
$VH J¼UHV
VHVLHPSUUHGGHTXHHOLPSOOHPPHQQWRRH
HVW£
£E
ELHQQILMDGR R
SUUHV
VLR
RQDQGGRODSDUWHHGHOODQWHUDGHOLPSOHPHQ QWR
RFRQQWUDHOVXH
HOR
R
KD
DVWDDTXHOODP£T
TXLLQDH
HVW««OLJH
HUDPHQ QWHOOHYDQWD
DGD
(OHTXLSREULQGDDOFRQGXFWRUODSRVLELOLGDGGHDFRSODU\
GHVDFRSODUHOLPSOHPHQWRGHVGHHOSXHVWRGHFRQGXFFLµQ9HUOD
S£JLQD
3UHVLRQHHOERWµQURMRHQODSDUWHVXSHULRUGHOLQWHUUXSWRUSDUD
DEULUHOEORTXHRGHOLPSOHPHQWR
3UHVLRQHODSDUWHLQIHULRUGHOLQWHUUXSWRUSDUDFHUUDUHOEORTXHRGHO
LPSOHPHQWR
127$
&XDQGRHVW£FRQHFWDGRHOLQWHUUXSWRUVHSXHGHPDQLREUDUDO
PLVPRWLHPSRODIXQFLµQGHEDVFXODPLHQWR\HOHYDFLµQSDUD
HQFDMDUHOLPSOHPHQWR

 6HPXHVWUDHQODSDQWDOODXQPHQVDMHGHDGYHUWHQFLD&LHUUHGHO
LPSOHPHQWRDELHUWR\VXHQDXQDVH³DODF¼VWLFD&RQHFWH\
GHVFRQHFWHVHJ¼QODS£JLQD
3DQHOGHLQIRUPDFLµ
µQ
$GRSWDQGRPHGLGDVDWLHPSRVHSXHGHQLPSHGLUJUDYHVGD³RV
DODP£TXLQD3RUHOOR«FKHOHXQYLVWD]RGHYH]HQFXDQGRDO
SDQHOGHLQIRUPDFLµQTXHSURSRUFLRQDLQIRUPDFLµQDORSHUDGRU
VLRFXUUHDOJRTXHUHTXLHUHWRPDUPHGLGDV3DUDFRQWURODUHO
9 IXQFLRQDPLHQWRGHORVLQVWUXPHQWRV\PDQGRVGHEHU£HVWDU
 FRQHFWDGDODFRUULHQWH\HOHQFHQGLGRHQODSRVLFLµQ SRVLFLµQ
GHFRQGXFFLµQ 9HDODH[SOLFDFLµQGHORVV¯PERORVP£VDGHODQWH
HQHOPDQXDO
,QWHUPLWHQWHVG
GHDGYHUUWHQFLD
D
3DUWHVXSHULRUGHOLQWHUUXSWRUSUHVLRQDGD 6HHQFLHQGHQWRGRV
ORVLQGLFDGRUHVGHGLUHFFLµQ\ODO£PSDUDGHOLQWHUUXSWRUDOPLVPR
WLHPSRTXHODO£PSDUDWHVWLJRGHLQGLFDGRUHVGHGLUHFFLµQ
SDUSDGHDDOULWPRGH«VWRV/RVLQWHUPLWHQWHVGHDGYHUWHQFLD
SXHGHQXVDUVHWDPEL«QDXQTXHQRHVW«FRQHFWDGDODFHUUDGXUD
GHHQFHQGLGR


5HVHUUYD
5HVHUUYD
 3D
DQHOHVG
GHLQVWUUXPHQWRV 
3D
DQHOGHLQVWUUXPHQWRVGHODQWHUR 
3DQHOGHLQIRUPDFLµQ

       

 

9

               

 1LYHOGH$G%OXHp'()  /X]GHDGYHUWHQFLDJLUDWRULD DPDULOOD

D

 9HORF¯PHWUR  $OXPEUDGRGHWUDEDMR DPDULOOD

 3DQWDOOD  )UHQRGHHVWDFLRQDPLHQWRDSOLFDGR URMD
 ,QWHUPLWHQWHGHGLUHFFLµQL]TXLHUGR YHUGH  3UHVLµQEDMDGHDFHLWHGHOPRWRU URMD
 $GYHUWHQFLDFHQWUDO URMD  &DUJDGHODEDWHU¯D URMD
 $GYHUWHQFLDFHQWUDO DPDULOOD  &LQWXUµQGHVHJXULGDGQRDEURFKDGR URMR
 6¯PERORGHLQIRUPDFLµQ D]XO  $G%OXHp'()DGYHUWHQFLD £PEDU
D
 ,QWHUPLWHQWHGHGLUHFFLµQGHUHFKR YHUGH  5HJHQHUDFLµQQHFHVDULD £PEDU
D
 &XHQWDUUHYROXFLRQHV  7HPSHUDWXUDDOWDGHORVJDVHVGHHVFDSH
GXUDQWHODUHJHQHUDFLµQ £PEDU
D
 $OWDWHPSHUDWXUDGHDFHLWHGHODWUDQVPLVLµQ  $GYHUWHQFLDGHOVLVWHPDGHHPLVLRQHVGHOPRWRU
£PEDU
 1LYHOGHFRPEXVWLEOHEDMR DPDULOOR  6LVWHPDGHVXVSHQVLµQGHORVEUD]RVGHFDUJD
DFWLYDGR YHUGH
 1LYHOGHFRPEXVWLEOH  'LUHFFLµQGHSDODQFDDFWLYDGD YHUGH
 /X]ODUJD D]XO  7HPSGHOUHIULJHUDQWH
D 6RORVHDSOLFDDP£TXLQDVFRQPRWRU'-
 3D
DQHOHVG
GHLQVWUUXPHQWRV

 3D
DQHOGHLQVWUUXPHQWRVGHODQWHUR

1LYHOGH$G%OXHp'()
&XDQGRHOGHSµVLWRGH$G%OXHp'()HVW£TXHGDQGR
YDF¯RVHDFWLYDODO£PSDUDGHDGYHUWHQFLDDODL]TXLHUGD
GHOLQGLFDGRU6LHOQLYHOEDMDP£VVHPXHVWUDWDPEL«Q
XQPHQVDMHHQODSDQWDOOD(OGHSµVLWRVHGHEHUHOOHQDU
FRQ$G%OXHp'()KDVWDHOP£[LPRORDQWHVSRVLEOHYHD
ODS£JLQDUHVSHFWRDOOOHQDGR

9

9HOR
RF¯P
PHWWUR
(OYHORF¯PHWURPXHVWUDODYHORFLGDGGHWUDVODFLµQGHOD
P£TXLQD\HVW£JUDGXDGRGHDNPK ದPSK 

9

3DQWWDOOD
(QODSDQWDOODVHYLVXDOL]DQDGHP£VGHORVWH[WRVGH
DGYHUWHQFLDODVHFXHQFLDGHDUUDQTXHLQIRUPDFLµQGH
FRQGXFFLµQ\DMXVWHV9HUODS£JLQD




R
 OK )O / &

9

,QWH
HUPL
PLWH
HQWWHGHGLUHF
FFL
FLµQL]TXLH
HUGR
R YH
YHUUGH
H
/DOX]GHVWHOODFXDQGRODSDODQFDVHPXHYHKDFLD
GHODQWHYHDODS£JLQD8QGHVWHOORLUUHJXODULQGLFD
XQDERPELOODGHIHFWXRVDTXHQHFHVLWDVXVWLWXLUVH
$GYHUWH
HQFLD DFHQ
QWUDO UR
URMD
/DO£PSDUDSDUSDGHDVLKD\YDORUHVGHIXQFLRQDPLHQWR
DQµPDORVRVLVXUJHQIDOORVGHIXQFLRQDPLHQWR(OWH[WR
GHDGYHUWHQFLDVHYLVXDOL]DHQODSDQWDOOD(O]XPEDGRU
9
VXHQDKDVWDTXHVHKD\DWRPDGRODPHGLGDQHFHVDULD
127 7$
0XHYDODP£TXLQDKDVWDXQOXJDUVHJXUR
$GYHUWH
HQFLDDFHQ QWUDO DP
PDULOOOD
/DO£PSDUDSDUSDGHDFXDQGRXQDIXQFLµQHVW£DFRSODGD
RGHVDFRSODGDRFXDQGRHVQHFHVDULRVXSHUYLVDUXQD
IXQFLµQ SHMILOWURREWXUDGR (OWH[WRGHDGYHUWHQFLDVH
YLVXDOL]DHQODSDQWDOOD\HO]XPEDGRUVXHQDFXDWUR
YHFHV
 3D
DQHOHVG
GHLQVWUUXPHQWRV 
3D
DQHOGHLQVWUUXPHQWRVGHODQWHUR 
6¯PERORGHLQIRUPDFLµQ D]XO
,QGLFDDOJ¼QWLSRGHGLVFUHSDQFLD(OWH[WRGH
DGYHUWHQFLDVHYLVXDOL]DGXUDQWHVHJXQGRVHQOD
SDQWDOOD(O]XPEDGRUVXHQDGRVYHFHV

,QWHUPL
PLWWHQWHGHG
GLUHF
FFL
FLµ
µQG
GHUHF
FKR
R YH
YHUUGH
H
/DOX]GHVWHOODFXDQGRODSDODQFDVHPXHYHKDFLDDWU£V
YHDODS£JLQD8QGHVWHOORLUUHJXODULQGLFDXQD
ERPELOODGHIHFWXRVDTXHQHFHVLWDVXVWLWXLUVH
&&XHHQWDUUH
UHY
YROXF
FLRQQHV
(OFXHQWDUUHYROXFLRQHVPXHVWUDHOU«JLPHQDFWXDOGHO
PRWRU USP (VW£JUDGXDGRGHDUSP LQGLFD
[USPHVGHFLUUSP 


9


$OWDDWHPSH
HUDWX
XUDGHDFHLLWHGHODWUDQ
QVPL
PLV
VLµQ
6LHOLQGLFDGRUDSDUHFHHQHOVHFWRUURMRODO£PSDUDGH
DGYHUWHQFLDVHHQFLHQGH&RPRSUHFDXFLµQHOU«JLPHQ
GHOPRWRUVHOLPLWDDOPLVPRWLHPSR
3DUHODP£TXLQDHLQYHVWLJXHODFDXVD(O]XPEDGRU
VXHQDVLKD\XQDPDUFKDGLUHFFLRQDODFWLYDGD\VH
PXHVWUDXQWH[WRGHDODUPDHQODSDQWDOOD

1LYHOOGHFFRPEX
XVWLLEOH
&XDQGRHOLQGLFDGRULQGLFDYDF¯RODOX]DODL]TXLHUGDGHO
LQGLFDGRUVHDFWLYD\VHPXHVWUDXQPHQVDMHHQOD
SDQWDOOD/DP£TXLQDGHEHU¯DUHSRVWDUVHORDQWHV
SRVLEOHSDUDSUHYHQLUTXHHQWUHDLUHHQHOVLVWHPD6LHO
GHSµVLWRKDHVWDGRIXQFLRQDQGRHQYDF¯RVHGHEH
SXUJDUWRGRHODLUHGHOVLVWHPDYHDODS£JLQD


/X]OODUUJD D]XO
/DO£PSDUDVHHQFLHQGHFXDQGRHVW£FRQHFWDGRHO
DOXPEUDGRGHWUDEDMR9HUODS£JLQD


/X]G
GHDGYHUUWH
HQFLD
DJ
JLUDWWRULD DPDUULOOOD
/DO£PSDUDVHHQFLHQGHFXDQGRHVW£HQFHQGLGDODOX]
GHDGYHUWHQFLDJLUDWRULD9HUODS£JLQD


$OXP
PEUUDG
GRGHWWUDED
DMR DPDUULOOOD
/DO£PSDUDVHHQFLHQGHFXDQGRHVW£HQFHQGLGRHO
DOXPEUDGRGHWUDEDMR9HUODS£JLQD


)UHQRRGHH
HVWDDFLRQD
DPLHHQWR
RD
DSOOLFDG
GR URMD
D
/DO£PSDUDVHHQFLHQGHFXDQGRHVW£DSOLFDGRHOIUHQR
GHHVWDFLRQDPLHQWR
(O]XPEDGRUVXHQD\VHYLVXDOL]DHOWH[WRGHDGYHUWHQFLD
HQODSDQWDOODVLKD\XQDPDUFKDGLUHFFLRQDODFRSODGD
 3D
DQHOHVG
GHLQVWUUXPHQWRV

 3DQ
QHOGHLQVWUUXPHQWRVGHODQWHUR
3UHVLµQGHDFHLWHGHOPRWRUEDMD URMR

9
$9,6
62
5LHVJRGHGD³RVDODP£TXLQD
8QDOX]GHDGYHUWHQFLDGHLQVWUXPHQWRV\XQ]XPEDGRU
SRGU¯DQLQGLFDUXQIDOORGHIXQFLRQDPLHQWRJUDYH
3DUHODP£TXLQDLQPHGLDWDPHQWHHLQYHVWLJXHODV
FDXVDVGHODVH³DO
/DOX]VHHQFLHQGHFXDQGRODSUHVLµQGHODFHLWHHV
GHPDVLDGREDMD

&&DUUJDGHODEDWHU¯D
D UR
URMMD
6LVHHQFLHQGHODO£PSDUDGXUDQWHODFRQGXFFLµQ
UHPHGLHODFDXVDSDUDLPSHGLUGD³RVDODVEDWHU¯DV
&LQWX
XUµQQG
GHVVHJJXULG
GDGQRDEURF
FKD
DGR URMMR
 /DO£PSDUDLQGLFDGRUDHVW£HQFHQGLGDFXDQGRHOFLQWXUµQ
GHVHJXULGDGQRHVW£DEURFKDGR
9
 6LVHVHOHFFLRQDHOVHQWLGRGHODPDUFKDDSDUHFHXQD
DGYHUWHQFLDHQURMR 3$5(DEURFKHVXFLQWXUµQ 
 (O]XPEDGRUVXHQDVLVHFRQGXFHODP£TXLQDVLQWHQHU
DEURFKDGRHOFLQWXUµQGHVHJXULGDG

$
$G%OXHp'()DGYHUWH HQFLD
D £PED DU
/DOX]EULOODGHPDQHUDILMDSRUXQQLYHOEDMRPDODFDOLGDG
RPHGLFLµQLQFRUUHFWDGH$G%OXHp'()/DOX]
SDUSDGHDHQFDVRGHDGYHUWHQFLDGHQLYHOP£VDOWR
9

5
5HJJHQ
QHUUDFLµ
µQQ
QHF FHV
VDUULD
D £P
PEDU
&XDQGRHOILOWURGHSDUW¯FXODVGLHVHOHVW£OOHQR\HV
9
PRPHQWRGHUHDOL]DUXQDUHJHQHUDFLµQVHDFWLYDOD
O£PSDUDLQGLFDGRUDYHDODS£JLQD
7H
HPSHHUDWWXUDDOWD
DGHORV
VJDVVHV
VGHHV
VFD
FDSSHGX
XUDQWH
HOD
D
UHJH
UH HQHUDF
FLµQQ £P
PED DU

9

$7
7(1&,•1
5LHVJRGHSHOLJURW«UPLFR
/DWHPSHUDWXUDGHORVJDVHVGHHVFDSHVXEHSRUHQFLPD
GHOQLYHOQRUPDOGHIXQFLRQDPLHQWRGXUDQWHXQD
UHJHQHUDFLµQ
$VHJ
$VH J¼UHVHGHTXHODP£
P£TTXLQD
DHV
VW£
£HQ
QXQHQ
QWRUQR
RVH
VHJJXUUR
GX
XUDQQWHODUHJH
HQHUDFLµµQ
/DOX]HVW£HQFHQGLGDFXDQGRODUHJHQHUDFLµQGHOILOWUR
GHSDUW¯FXODVGLHVHOHVW£HQFXUVRHLQGLFDTXHOD
WHPSHUDWXUDGHORVJDVHVGHHVFDSHGHOWXERGHHVFDSH
HVVXSHULRUDORQRUPDO1RDSDJXHHOPRWRUPLHQWUDVOD
O£PSDUDHVW«HQFHQGLGD
$
$GYHUUWH
HQFLD
DG
GHOVVLV
VWH
HPDGHHPLVLR
RQHVGGHOPRWWRU
£PED
£ DU
9 /DOX]GHVWHOODRHVW£FRQWLQXDPHQWHLOXPLQDGD
GHSHQGLHQGRGHODJUDYHGDGGHOIDOORGHIXQFLRQDPLHQWR
GHOVLVWHPDGHHPLVLRQHVGHOPRWRU&RQWDFWHFRQXQ
W«FQLFRGHVHUYLFLRFXDOLILFDGR
6X
6XVVSHQVLµQQGH
HORVEUUD]RVGHFD
FDUUJD
DDF
FWLLYDG
GD YH
YHUGH
H
/DO£PSDUDVHHQFLHQGHFRQEULOORSHUPDQHQWHPLHQWUDV
HVW«DFWLYDGDODVXVSHQVLµQGHORVEUD]RVGHFDUJD
 3DQHOHVG
GHLQVWUUXPHQWRV 
3D
DQHOGHLQVWUUXPHQWRVGHODQWHUR 
'LUHFFLµQGHSDODQFDDFWLYDGD YHUGH
/DOX]VHHQFLHQGHFXDQGRHOFRQWUROGHGLUHFFLµQSRU
SDODQFD &'& HVW£DFWLYDGR(VSRVLEOHJLUDU\FDPELDU
GHPDUFKDGHVGHHOUHSRVDEUD]RVGHOODGRL]TXLHUGRGHO
DVLHQWRGHORSHUDGRU&XDQGRODYHORFLGDGH[FHGHORV
NPK PSK ODOX]FRPLHQ]DDSDUSDGHDU
127$
(OVHOHFWRUGHPDUFKDVHVW£QGDUGHEHHVWDUHQOD
SRVLFLµQGHSXQWRPXHUWR&RQVXOWHLQVWUXFFLRQHV
DGLFLRQDOHVHQODS£JLQD&RQWUROGHWUDQVPLVLµQGH
FRQIRUW&'& HTXLSRRSFLRQDO 

7HPSGHOUHIIULJ
JHUDQ
QWH
6LHOLQGLFDGRUDSDUHFHHQHOVHFWRUURMRODO£PSDUDGH
DGYHUWHQFLDVHHQFLHQGH&RPRSUHFDXFLµQHOU«JLPHQ
GHOPRWRUVHOLPLWDDOPLVPRWLHPSR
'HMHHOPRWRUHQUDOHQW¯EDMRGXUDQWHXQRVPLQXWRV6L
HOLQGLFDGRUSHUPDQHFHHQODEDQGDURMDSDUHHOPRWRU
\DYHULJ¾HODFDXVD
6LKD\XQDPDUFKDGLUHFFLRQDOHQJUDQDGDVXHQDHO
]XPEDGRU\VHYLVXDOL]DHOWH[WRGHDGYHUWHQFLDHQOD

SDQWDOOD
 3D
DQHOHVG
GHLQVWUUXPHQWRV

 8Q
QLGDGGHSDQWDOOD

8QLGDGGHSDQWDOOD
/DSDQWDOODPXHVWUDLQIRUPDFLµQGHOIXQFLRQDPLHQWRDFWXDO
PHQVDMHVGHOYHK¯FXOR\WH[WRVGHDGYHUWHQFLD&RQHOWHFODGRGHO
SDQHOGHLQVWUXPHQWRVGHODQWHURHORSHUDGRUSXHGHWDPEL«Q
REWHQHULQIRUPDFLµQDFHUFDGHOHVWDGRGHODP£TXLQD\UHDOL]DU
DMXVWHV
$SHQDVVHDFWLYDHOLQWHUUXSWRUSULQFLSDOVHPXHVWUDQODVKRUDV
GHWUDEDMRDFXPXODGDVGHODP£TXLQDGXUDQWHPLQXWRVHQHO
GLVSOD\/DVKRUDVGHODP£TXLQDWDPEL«QVHPXHVWUDQGXUDQWH
PLQXWRVGHVSX«VGHDSDJDUHOHQFHQGLGR
&XDQGRVHJLUDODFHUUDGXUDGHHQFHQGLGRDODSRVLFLµQ
FRPLHQ]DDIXQFLRQDUODHOHFWUµQLFD\VHHMHFXWDODSUXHEDGH
O£PSDUDVWHVWLJR7RGDVODVO£PSDUDVWHVWLJRVHHQFLHQGHQ
GXUDQWHGRVVHJXQGRV\GHVSX«VODVDJXMDVGHORVLQGLFDGRUHV
VHPXHYHQSDUDLQGLFDUORVYDORUHVFRUUHFWRVGHOQLYHOGH
FRPEXVWLEOH\GHODWHPSHUDWXUD(QHOGLVSOD\DSDUHFHODSDQWDOOD
LQLFLDOFRQXQORJRGH9ROYRTXHJLUD(VWDVHFXHQFLDGHPRUD
DOJXQRVVHJXQGRV$SDUWLUGHHQWRQFHVODHOHFWUµQLFDHVWDOLVWD

SDUDHODUUDQTXHGHOPRWRU\VHSXHGHJLUDUODOODYHGHDUUDQTXH
DODSRVLFLµQGHDUUDQTXH SRVLFLµQGRV 
6LODP£TXLQDHVW£HTXLSDGDFRQXQGLVSRVLWLYRDQWLUURERVHSLGH
HQODSDQWDOODTXHVHLQWURGX]FDHOFµGLJRFRQVXOWHODS£JLQD
8QDYH]LQWURGXFLGRHOFµGLJRFRUUHFWRVHLQLFLDU£HO
SURJUDPDGHSUXHED

3DQWDOODGHYLVXDDOL]DF
FLµQ
QGH
HODLQIIRUPDFLµQ
QGH
XQFLRQ
IX QDPLHQ Q WR
&XDQGRHOPRWRUHVW£DUUDQFDGR\HQHOPRGRGHRSHUDFLµQ
QRUPDOVHPXHVWUDQODVSDQWDOODVGHRSHUDFLµQHQODXQLGDGGH
SDQWDOOD+D\WUHVYHUVLRQHVGHSDQWDOODVGHRSHUDFLµQSDQWDOOD
GHRSHUDFLµQSDQWDOODGHRSHUDFLµQ\SDQWDOODGHRSHUDFLµQ
&XDQGRODP£TXLQDVHDUUDQFDVLHPSUHVHPXHVWUDODSDQWDOOD
GHRSHUDFLµQTXHHVWDEDDFWLYDFXDQGRVHGHVFRQHFWµOD
HOHFWUµQLFDSRU¼OWLPDYH]&XDQGRVHDUUDQFDODP£TXLQDSRU
SULPHUDYH]VLHPSUHVHPXHVWUDODSDQWDOODGHRSHUDFLµQ
3DUDDOWHUQDUHQWUHODVSDQWDOODVGHRSHUDFLµQXWLOLFHODVWHFODV
GHIOHFKD

   ,P
PDJHQGHRSHUDFLµ
µQ
/RVV¯PERORVGHODSDQWDOODGHLQIRUPDFLµQPXHVWUDQOR
VLJXLHQWH
 &RQVXPRGHFRPEXVWLEOHHQOLWURVSRUKRUD FRQVXPRPHGLR
 5HORMGLJLWDO

  &XDQGRVHPXHVWUDODSDQWDOODGHRSHUDFLµQVHSXHGH
XWLOL]DUODWHFODGHIOHFKDKDFLDDEDMRGHOWHFODGRGHODXQLGDG
GHSDQWDOODGHLQIRUPDFLµQGHRSHUDFLµQSDUDVHOHFFLRQDUOD
SDQWDOODGHRSHUDFLµQYHDODS£JLQD
 3UHFDOHQWDPLHQWRRSRVFDOHQWDPLHQWRGHOPRWRUDFWLYDGR
 R
 OK )O /
$36
&  (ODFHOHUDGRUGHPDQRHVW£DFWLYDGR
 /DP£TXLQDHVW£UHJHQHUDQGRHQPRGRGHUHJHQHUDFLµQ
2.
DXWRP£WLFRYHDODS£JLQD VRORVHDSOLFDDP£TXLQDVFRQ
PRWRU'-
         6¯PERORTXHPXHVWUDFX£QGRVHSXHGHDSDJDUHOPRWRU
9  ,QGLFDFLµQGHPDUFKDTXHPXHVWUDODPDUFKDDFWLYD
,PDJHQGHRSHUDFLµQ  7PSDPE

 ,QIRUPDFLµQGLVSRQLEOHSDUDVXUHWLUDGDXVDUFODYHFRQHVWH
V¯PEROR
 3D
DQHOHVG
GHLQVWUUXPHQWRV 
8Q
QLGDGGHSDQWDOOD 
 0HQVDMHGHOYHK¯FXORGLVSRQLEOHSDUDVXUHWLUDGDXVDUFODYH
FRQHVWHV¯PEROR
6LFXDOTXLHULQIRUPDFLµQIDOWDRQRDSDUHFHVHPRVWUDU£ದದದ

  ,PDJHQGHRSHUDFLµ
µQ
/DLPDJHQGHRSHUDFLµQSUHVHQWDODPLVPDLQIRUPDFLµQTXHOD
 LPDJHQGHRSHUDFLµQ$GHP£VYLVXDOL]DORVLJXLHQWH
 OK  $SOLFDFLµQGHODFHOHUDGRU DFHOHUDFLµQ
 &RQVXPRGHFRPEXVWLEOHDFWXDOHQOLWURVSRUKRUD
LQVWDQW£QHR
 /RFNXS V¯PEROREODQFR ODIXQFLµQHVW£DFWLYDGDV¯PEROR
YHUGH ODIXQFLµQHVW£DSOLFDGD
 3URJUDPDGHFDPELRVGHPDUFKDGHO$36
&XDQGRHVWDSDQWDOODGHRSHUDFLµQHVW£DFWLYDVHOHFFLRQHOD
 R
 OK )O /
$36
& WHFODGHIOHFKDDUULEDSDUDFDPELDUDODSDQWDOODGHRSHUDFLµQ
2.
RODWHFODGHIOHFKDDEDMRSDUDFDPELDUDODSDQWDOODGHRSHUDFLµQ

 
9
6LFXDOTXLHULQIRUPDFLµQIDOWDRQRDSDUHFHVHPRVWUDU£ದದದ 
,PDJHQGHRSHUDFLµQ

([S
([SOLFDFLµ
µQG
GHOODILJXUDDQWH
HULR
RU SD
DQWDOODGHRSHUDF
FLµQ

) ) * * * *
O +
O 3

9

$SOLFDFLµQGHODFHOHUDGRU DFHOHUDFLµQ
6HJPHQWR O O ) ) * * * * + 3
&RORU $]XORVFXUR $]XOFODUR 9HUGH $PDULOOR 1DUDQMD
2SHUDFLµQ 5DOHQW¯ 5DOHQW¯DOWR 0RGR(&2 (QFHQGL (QFHQGL
LQWHUYDOR EDMR GR GR
PRGR PRGR

 3D
DQWDOODGHRSHUDFLµ
µQ
/DSDQWDOODGHRSHUDFLµQPXHVWUDXQDFDUJDGRUDGHUXHGDV
(VWDILJXUDPXHVWUDSRUHMHPSORVLKD\XQGHVDFRSODPLHQWRGH
ODWUDQVPLVLµQ(VWRSHUPLWHDORSHUDGRUFRQVHJXLUXQDYLVLµQ
 JHQHUDOU£SLGDGHTX«IXQFLRQHVHVW£QDFWLYDGDV V¯PERORV
EODQFRV \FX£OHVHVW£QDFRSODGDV V¯PERORVYHUGHV 
)XQFLµQDFWLYDGD V¯PEROREODQFR ODIXQFLµQHVW£DFWLYDGD
SDUDSHUPLWLUTXHODP£TXLQDODXVH SHURODP£TXLQDQRODKD
 R
 OK )O /
$36
& DSOLFDGR
)XQFLµQDSOLFDGD V¯PERORYHUGH ODIXQFLµQHVW£DFWLYDGD\
2.
HVW£VLHQGRXWLOL]DGDSRUODP£TXLQD KDVLGRDSOLFDGDSRUOD
9
P£TXLQD
3DQWDOODGHRSHUDFLµQ WRGDVODVIXQFLRQHVVH
PXHVWUDQDTX¯

 3D
DQHOHVG
GHLQVWUUXPHQWRV

 8Q
QLGDGGHSDQWDOOD
%ORTXHRGHLPSOHPHQWR

+D\GRVSRVLFLRQHVSDUDHOEORTXHRGHOLPSOHPHQWR
 &XFKDUDURMD HOEORTXHRGHOLPSOHPHQWRHVW£DELHUWR
 &XFKDUDQHXWUD HOEORTXHRGHOLPSOHPHQWRHVW£FHUUDGR

 R
 OK )O /
$36
&
2.

9


6LV
6LVWH
HPDGHVXVSHQV VLµQ
QGHODSOXPD %66 G
GHS
SHQGLLHQWHG
GHOOD
 PDUFK
PD FKDDVHOOHFFL
FLRRQD
DGD
 &XFKDUDQHXWUD\V¯PEROREODQFR HOVLVWHPDGHVXVSHQVLµQ
GHODSOXPD %66 GHSHQGLHQWHGHODPDUFKDVHOHFFLRQDGD
HVW£DFWLYDGR
 &XFKDUDQHXWUD\V¯PERORYHUGH HOVLVWHPDGHVXVSHQVLµQ
GHODSOXPD %66 GHSHQGLHQWHGHODPDUFKDVHOHFFLRQDGD
HVW£DSOLFDGR

 R
 OK )O /
$36
&
2.

9

6LV
6LVWHHPDGHVXVSHQV
VLµQ
QGHODSOXPD %66 G
GHS
SHQGLLHQWHG
GHOOD
 YHOORFLG
YH GDG
 &XFKDUDQHXWUD\V¯PEROREODQFR HOVLVWHPDGHVXVSHQVLµQ
GHODSOXPD %66 GHSHQGLHQWHGHODYHORFLGDGHVW£DFWLYDGR
 &XFKDUDQHXWUD\V¯PERORYHUGH HOVLVWHPDGHVXVSHQVLµQ
GHODSOXPD %66 GHSHQGLHQWHGHODYHORFLGDGVHOHFFLRQDGD
HVW£DSOLFDGR

 R
 OK )O /
$36
&
2.

9

%ORTXHR
%OR RGHSDODQFDV
  6¯PEROREODQFR HOEORTXHRGHSDODQFDVHVW£DFWLYDGR \
GHVDFRSODODIXQFLµQKLGU£XOLFDGHODVSDODQFDVGHFRQWUROSDUD
TXHQRVHDFWLYHQDFFLGHQWDOPHQWH

 R
 OK )O /
$36
&
2.

9

 3D
DQHOHVG
GHLQVWUUXPHQWRV 
8Q
QLGDGGHSDQWDOOD 
'HVDFRSODPLHQWRGHODWUDQVPLVLµQ
  6¯PEROREODQFR HOGHVHPEUDJXHGHODWUDQVPLVLµQHVW£
DFWLYDGR
 6¯PERORYHUGH HOGHVDFRSODPLHQWRGHODWUDQVPLVLµQHVW£
DSOLFDGR


R
 OK )O /
$36
&
2.

9


$OWX
$O XUDP£[
[SOXP
PD
  6¯PEROREODQFR VHDFWLYDOD$OWXUDP£[SOXPD


 R
 OK )O /
$36
&
2.

9


7H
HFOD
DGRX
XQLGD
DGGHSDQWDOOD
DGHLQIIRUPDFLµ
µQ
8VDQGRHOWHFODGRHORSHUDGRUSXHGHDFFHGHUDLQIRUPDFLµQ
VREUHHOHVWDGRGHODP£TXLQD\UHDOL]DUDMXVWHV
/DWHFOD6(/(&7VHXWLOL]DSDUDDFFHGHUDXQVXEPHQ¼RUHDOL]DU
XQDVHOHFFLµQSHURWDPEL«QSDUDREWHQHUP£VLQIRUPDFLµQ
FXDQGRVHPXHVWUDXQPHQVDMHGHLQIRUPDFLµQRPHQVDMHGH
FRQWUROHQODXQLGDGGHSDQWDOOD
(OG¯JLWRTXHHVW£P£VDODGHUHFKDHQFDGDWHFODFRUUHVSRQGHDO
G¯JLWRTXHGHEHU¯DLQWURGXFLUVHDOUHDOL]DUGLIHUHQWHVDMXVWHV
FRPRODIHFKD(QP£TXLQDVHTXLSDGDVFRQXQGLVSRVLWLYR
DQWLUURERORVG¯JLWRVVHXVDQSDUDLQWURGXFLUHOFµGLJRFRUUHFWR
6RORVHSXHGHFDPELDUGHSDQWDOODVLODYHORFLGDGHVLQIHULRUD
9 NPK PSK 
7HFODGR


7H
H[WRV
VG
GHDGYHUUWHQ
QFLD
/DLQIRUPDFLµQDORSHUDGRUVHHIHFW¼DHQODSDQWDOODHQIRUPDGH
WH[WRVGHDGYHUWHQFLDTXHVHGLYLGHQHQWUHVFODVHV$GYHUWHQFLD
&RPSUREDFLµQH,QIRUPDFLµQ3DUDWRGDVODVFODVHVVHDSOLFD
TXHDXQDYHORFLGDGSRUHQFLPDGHNPK PSK VH
YLVXDOL]DHOWH[WRGHDODUPDGXUDQWHWUHVVHJXQGRV\
VHJXLGDPHQWHVHFDPELDDODLPDJHQPRVWUDGDDQWHULRUPHQWH
GXUDQWHWUHVVHJXQGRV/DDOWHUQDFLµQGHODVGRVSDQWDOODV
FRQWLQXDU£PLHQWUDVSHUVLVWDHOSUREOHPDRDOWHUQDWLYDPHQWH
KDVWDTXHKD\DWHQLGROXJDUHOQ¼PHURHVSHFLILFDGRGH
YLVXDOL]DFLRQHVGHDODUPD
,Q
QIRUPDFLµ
µQ
 $SDUHFHHOV¯PERORGHLQIRUPDFLµQ
 (O]XPEDGRUVXHQDGRVYHFHV
 3D
DQHOHVG
GHLQVWUUXPHQWRV

 8Q
QLGDGGHSDQWDOOD
 (OWH[WRGHDGYHUWHQFLDVHYLVXDOL]DGXUDQWHVLHWHVHJXQGRV\
DFRQWLQXDFLµQUHDSDUHFHODLPDJHQGHFRQGXFFLµQ
 &RQVXOWHRFRQWDFWHFRQXQW«FQLFRGHVHUYLFLRFXDOLILFDGRSDUD
REWHQHUP£VLQIRUPDFLµQ
0RWRU

,Q
QIRUPD
PDFFLµ
µQ ,Q
QIRUPD
PDFFLµ
µQ
6DOOLGDUHIIULJ
6D JHUDQ
QWH HUHG
GXF
FLGD
D $ER
$E RUWD
DU(
(6&
&RP PSUURE EDUUUDG
GLDGRU 3DUUDG
3D GDG
GHP
PRWR RUD
DXWRP£WLLFD

5HJ
JQRQHF
F &D
DPELR'
'3)
)QHF
FHSURQWR
R
D D

$SDJDGRU
$S UHWD
DUGDDGRG
GHOPRWWRU
;;;
;; ;;
$ER
$E RUWD
DU(
(6&
D 6RORDSOLFDEOHDP£TXLQDVFRQPRWRU'-

7UD
7UDQVPLLVLµ
µQ

,Q
QIR
RUPD
PDF
FLµ
µQ ,Q
QIRUPD
PDFFLµ
µQ
6HO
6HOHFWR
RUP
PDUUFK
FKDV
VQ
QRH
HQSXQ
QWR
RPXHUUWR
R %OR
%O RTX
XHRD
DOWD
DYHOOGHVDF
FWLLYDG
GR

9H P£T
9HO TGGHPDV VLD
DGR 5H
HGX]
]FD
FDYHOODQWH
HVG
GHFFDP
PELRG
GHVF
DOWWDP
PUFK
UFKDFRSO

0DO
0DOXVRGHOGHVHP
PEUUDJ
JXHG
GHOODWUDQ
QVPL
PLVLµ
µQ

6LLVWH
HPDGHGLUHFFL
FLµ
µQ

,Q
QIRUPD
PDFFLµ
µQ ,Q
QIRUPD
PDFFLµ
µQ
6RSRUUWH
6RS HSDOOGHVDF
FW 6RSUWSDOQRDFWLLY
6RS
&''&DFWLLYDG
GR &''&DFWLLYDG
GR
6RS
6R SSDODFWLLY 6RSRUWHSDOGHVDFW

+LLGU£XOLFD

,Q
QIR
RUPD
PDFLµQ ,Q
QIRUPD
PDFFLµ
µQ
3UHF
3UH FLVLµQ
QDXP PHQWD
DGD 3UHF
3UH FLVLµ
µQD
DXP PHQWD
DGD
+DDELOLLWDGR
R ,Q
QKDEELOLWDGR

(OHYDUS
(O SOXP
PDKDV
VWD
DWRSH

9D
DULRV

,Q
QIRUPD
PDFFLµ
µQ ,Q
QIRUPD
PDFFLµ
µQ
%DMMRQ
%D QLYHOOODY SDU 
YDS

(OOFRQ
QWUR
ROGH
HOQLLYHOOWLH
HQHOX
XJDUGH
HIRUUPDFRQ
QWLQXDGX
XUDQWHOD
DRS
SHUDFLµ
µQ
 3D
DQHOHVG
GHLQVWUUXPHQWRV 
8Q
QLGDGGHSDQWDOOD 
9DULRV

,QIRUPDFLµQ ,QIRUPDFLµQ
1LYHODFWOXEUEDMR
&RPSUSUµ[SDUDGD

&RPSUREDU
 6HPXHVWUDHOV¯PERORGHDGYHUWHQFLDFHQWUDO£PEDU
 (O]XPEDGRUVXHQDFXDWURYHFHV
 3XOVH6(/(&7SDUDREWHQHUP£VLQIRUPDFLµQVREUHHOIDOORGH
IXQFLRQDPLHQWR
 (OWH[WRGHDGYHUWHQFLDVHYLVXDOL]DKDVWDHODFXVHGHUHFLER
SXOVDQGR(6&
 5HSDUHRFRQWDFWHFRQXQW«FQLFRGHVHUYLFLRFXDOLILFDGRSDUD
REWHQHUP£VLQIRUPDFLµQ 
0R
RWRU

&R
RPSURE
EDUU &R
RPSURE
EDU
)D
DOORGHOP
PRWR
RU )D
DOORSUHFDOHQ
QW

)D
DOORHQVVLV
VWYHQ
QWUHIUULJ
J )D
DOOR
RYHQWWUHYHUV
VGHUUHIIULJ
JHUDF
FLµQ
Q

6HQ
6H QVRUQ
QLYHOFRPEX
XVWLLEOOH 1LY
YHOOFFRP
PEEDMR

)D
DOORDFHOPDQ
QXD
DO $OWDWWHPSP
$OW PRWWRUD
DUU
(VSHUH
(VS PLQ
QDUU

7H
HPSDOWDUUHIUULJPRWWRU 7H
HPSDOWD
DD
DFHLLWH
HPRWWRU

)D
DOOORVLVWLQ\HF
FF $JXDH
$JX HQH
HOFFRP
PEXV
VWLLEOH
9DFLDU
9D

)D
DOORVLV
VWH
HPDHPLV
VLR
RQHV 'HVFR
FRQQH[
[Lµ
µQHQFDOOLH
HQWHWWXUER
D

3RV
3R VLEOH
HIIXJDFRPEX
XVWLLEOOH )LLOWURG
GHFRP
PEX
XVWLLEOHR
REWWXUDG
GR

6HQV
6H VRUUQ
QLY
YHOD
DFHLWH
HP
PRWWRU )LLOWURG GHDLUHR
REWX
XUDGGR
OLLPSLLDUFFDP
PELDUU

+LLJKFRRODQWWWHPS5HGXF
FHGHQJLQHIXQFWLLRQ 5H
HJQRS
SRVL
5H
HJQRS
SRVL
D

5HJJHQ
QPRY 5HJ
JHQPRY
3UH QH$UUD
3UHVLRQ UUDQTXH HQ
QFFXUUVR
D D
 3D
DQHOHVG
GHLQVWUUXPHQWRV

 8Q
QLGDGGHSDQWDOOD
5HJHQPRY ,QQLFLDUUUUHJHQ
DERUWDGD 5H
HJHVWD
DFLRSRVLE EOH
H
D D

5HJHQ
QHQPRYQHF
FHVV 5H
HJHQHUDF
FLµQ
QFDQ
QFHOODGD
3UHVLR
3UH RQHH$$UUD
UUDQQTX
XH D
D

5H
HJH
HQH
HUDF
FLµQQFFDQF FHOD
DGD 3URV
3UR VHJ
JXLUWWUDEDMDQ
QGR
5HGGDFWLLYD %DMMDWHPSH
%D HUDWX
XUD5
5HJHQHUDF FLµQSHQGLH
HQWWH
D D

$SO
$SOLFDUUIIUHQR
RG
GHPDQ
QR5HJ
JHQ
QHUUDFLµQQ
QHFHV (UURUS
(UUR SRVWOOXEUL
D

(VWD
(VW DSURQWWR 0DQ
0DQWP£TX
XLQDH
HVWD
DFLRUHJ
JHQHUDF
FLµQ
QHQFXUUVR
5HJ
JHVWQHF D
D

(VWD
(VW DSURQWWR (VWD
(VW DFLRP£T
T
5H
HJH
HQH
HUDFFLµQQFFDQF
FHOD
DGD 5HJ
JHQHUDFLµ
µQHVWD
DFLR
RQDPLH HQWR
RREOLJDWWRULD
5HG
GXF FSURQ
Q 5H
HGDFWLLYD
D D

5HOOO$G%OXHH5HOOHQDUU'
'()
) 5HOOO$G%OXXH5HOOHHQDU'
'()
$G%
$G%OX XHYYDF¯R
R'()HPSWW\ $G%
$G %OXXHYYDF
F¯R
R'()HPSW\\
5HGFRP PDFW 5HHGDFWLLYD
D D

5H
HSODDFH$
$G%OX XH6XVWLLWX
XLU'
'() 5HS
SODFH$G% %OXH6XV VWLLWX
XLU'
'()
&D
DO$G%OHU&DO'()HUUµ
Uµ &D
DO$G%OHU&DO'()HUUµ
5HG GXF FSURQ
Q 5H HGDFWLLYD
D D

5H
HSODDFH$
$G%OX XH6XVWLLWX XLU'
'() (VWD
(VW DFLR
RVHJJ
&D
DO$G%OHU&DO'()HUUµ Uµ $G%
$G%OX
XHYYDF
F¯R
R'()HPSW\\
5HGFRP PDFW 5HHGFRSUR
D D

(VW
(VWD DFLR RVHJ
J &RRPSVLV V6&5
&D
DO$G%OHU&DO'()HUUµ
Uµ )DDOORVLV
V6&5
5
5HG GFRSUR D
D

&RRPSVLV6&5 &RRPSVLV V6&5

)D
DOORVLV
V6&5 )DDOORVLV
V6&5
5
5HG GXF
FSURQQ 5HHGDFWLLYD
D D

(VW
(VWDDFLR RVHJ
J &RRPSVLV V6&5
)D
DOORVLVV6&5 )DDOORVLV
V6&5
5
5HG GFRSUR 5HG GFRPDFW
D D
 3D
DQHOHVG
GHLQVWUUXPHQWRV 
8Q
QLGDGGHSDQWDOOD 
&RPSUREDUVLVWHPD'3) &RPSUREDUVLVWHPD'3)
6LVWHPD'3)GHVDFWLYDGR 6LVWHPD'3)DXVHQWH

&RPSUREDUVLVWHPD'3) ,QWHUUXSWRUUHJHQHUDFLµQ
)DOORGHOVLVWHPD'3) D

3RW
3R SOPRW $SD
$S DJDGRPRWWRU?Q
QUHWWDUGD
DGR
WH
HPSUHVWD
D 

D $ER
$E RUWD
DU(
(6&

$SD
$S DJD
DGR RP
PRWWRU?QQUHWD
DUGDDGR
$ER
$E RUWDDU(
(6&
$SD
$S DJD
DGR RP
PRWWRU?QQUHWD
DUGDDGR
7LLPHUUHPDLQLLQJ 7LLHPSRRUHV
VWD
DQWH 


D 6RORDSOLFDEOHDP£TXLQDVFRQPRWRU'-

6LLVWH
HPDHO«FWUULFR 
&RP
PSUURE
EDU &R
RPSUURE
EDU
$OWD
$O DWHQVLµ
µQVVLVW %DMMDWHQVLµ
%D µQVLV
VW

(&&
(& &QRIIXQF
FLRQ
QD )D
DOORGHUUHOO«

)D
DOOR
RH
HQVVHUYR
YRH
HO«FWUULFR
R /DEDWHU¯DQRFDUJD

6,'
6, 'Q
QRIIXQF
FLRQ
QD &DUH7
7UDF
FNUH
NUHVHUYD
YDQRIXQFLRQD
D

(UULOX
(UU XPHQW ,Q
QWHUU
USULQ
QDELH

7UD
7U DQVPLLVLµ
µQ

&RP
PSUURE
EDU &RPSUURE
EDU
6HQV
6H VRUUG
GHWUDQ
QVPL
PLV
VLµ
µQ 6HQVRUUWWHPSDFHLWWHWWUDQVP
6H P

6HQVRUUS
6H SUHVLµ
µQDFHLWH
HWUDQV
VPL
PLVVLµ
µQ )LLOWURD
DFHLWH
HWUDQ
QVPR
REWX
XUDGR
R

6HQILOWWDFFDPELR
6H )D
DOOORVVHOO)15
&RP
PSUUSSUµ[S SDUDG
GD

)D
DOORVHOOPDUUFK
FKDDV&
&'& )D
DOOORVHOOPDUFK
FKDDV
&RP PSUUS SUµ[
[S
SDUUDGD
D &RP
PSUUS SUµ[S SDUDGGD

)D
DOORVVHOOHFWR
RU)
)5 )X
XQFLµQ
QGHFDP
PELRUUHG
GXFLG
GD
&RP
PSUUS SUµ[[S
SDUUDGD
D

1LY
YHOD
DFWWUDQ
QVE
EDMR $YHU¯D
$YH DGHOODWWUDQ
QVPL
PLVLµ
µQ

(MMHV

&R
RPSUREDUU &RPSURE
EDU
DOORGHH
)D HMH 6HQVRUUG
6H GHWWHPSDFHLLWH
HH
HMHV
 3D
DQHOHVG
GHLQVWUUXPHQWRV

 8Q
QLGDGGHSDQWDOOD

$OWDWHDFHHMHUXHGD 7HPSFUHFDFHLWHHMHGHODQWHUR

7HPSFUHFDFHLWHHMHWUDVHUR

)UHQRV

&RPSUREDU &RPSUREDU
)DOORVLVWIUHQRV )DOORIUHQRHVWDF

3UXHEDIUH
$FWLYH $FWLYR

6LVWHPDGHGLUHFFLµQ

&RPSUREDU &RPSUREDU
)DOORGLUHFUHVHUYD )DOORERPEDGLUHFGHUHVHUYD

)DOORHQ&'&

+LGU£XOLFD

&RPSUREDU &RPSUREDU
)DOORVLVWKLGU£XOLFR &LHUUHLPSOHPHQWR

&RPSUFLHUUHLPS\FRQILUPDU 
&RPSUFLHUUHLPS\FRQILUPDU )D
DOORH
HQVVXV
VS??QEUUD]RVG
GHFFDUUJD

6HQVRUUWWHPSKLGU
6H 6HQVSUHV/6
6HQVSUHV/6

%RP
%R PED
DK
KLGU£X
XOLLFD

9D
DULRV

&R
RPSURED
DU &R
RPSURE
EDU
&R
RPXQLLFLQWH
HUU
UFRQUUHG
GGH(&8 5H
HGG
GH( GXF 
(&8&RPXQLLFUHG

3DUU£PHWUURLLQFRUUU
3D )D
)DOOROOXEUULFFHQ
QWUDOO

DOOROOLPSLLDSD
)D DU )DOOROLPSLDSDUWUDV

6HQV
6H VRUS
SHGD
DODFHO 6HQVRUG
6H GHWHPSGHOHQWRUQR
R

3UµVHUULQW
3Uµ )D
DOORLQLGHQW

(VIX
(VI XHIUHQ
QRPRWWRUUUHG
GXF 0LVVLQJ3LFW
0LVVLQ

&RQILUPDUFRQ6(/(&7
&RPXQLFDFLµQUHGXFLGDHQWUHODV(&8/DP£TXLQDVµORSXHGHFRQGXFLUVHHQODVPDUFKDVl\l(QODSDQWDOODVµORHVW£Q
GLVSRQLEOHVODLQIRUPDFLµQGHFRQGXFFLµQ\ODVDODUPDV
 3D
DQHOHVG
GHLQVWUUXPHQWRV 
8Q
QLGDGGHSDQWDOOD 

&LUDODULQY /LPS+RPH
IDOORUHODFVHJ 
IDOORUHODFVHJ

$EUµFKFLQ
$E QWX
XUµQ
Q

$G
GYHUUWHQFLD
D
 6HPXHVWUDHOV¯PERORGHDGYHUWHQFLDFHQWUDOURMD
 (O]XPEDGRUVRQDU£KDVWDTXHVHKD\DOOHYDGRDFDEROD
DFFLµQUHTXHULGD
 6HPRVWUDU£HOWH[WRGHDODUPDKDVWDTXHVHKD\DOOHYDGRD
FDERODDFFLµQUHTXHULGD
 5HSDUHRFRQWDFWHFRQXQW«FQLFRGHVHUYLFLRFXDOLILFDGRSDUD
REWHQHUP£VLQIRUPDFLµQ
127 7$

6LVHPXHVWUDQODVVLJXLHQWHVDGYHUWHQFLDVDSDJXHHOPRWRU\
FRORTXHODOODYHGHDUUDQTXHHQODSRVLFLµQSDUDFRPSUREDUHO
WH[WRGHDODUPDVLJXLHQWH6LODP£TXLQDGHEHPRYHUVHKDVWDXQ
OXJDUVHJXURDQWHVGHDSDJDUHOPRWRUSUHVLRQHHOERWµQ(6&
SDUDRFXOWDUORVPHQVDMHVGHDGYHUWHQFLDGXUDQWHVHJXQGRV

$GY
$G YHUWH
HQFLD $GY
$G YHUUWH
HQF
FLD
D
3DUUHH
3D HOYYHK¯¯FXOOR 3DUUHH
3D HOYYHK¯FFXOOR3DUHHOPRWR
RU

(VWDVGRVDGYHUWHQFLDVVLHPSUHHVW£QVHJXLGDVGHXQWH[WRGHDODUPDDGLFLRQDO6LJDODVLQVWUXFFLRQHVHQOD
SDQWDOOD\UHSDUHRFRQWDFWHFRQXQW«FQLFRGHVHUYLFLRFXDOLILFDGR&XDQGRVHPXHVWUDXQDDGYHUWHQFLDHOPRWRU
VHGHEHU¯DDSDJDU\ODOODYHGHDUUDQTXHVHGHEHU¯DFRORFDUHQODSRVLFLµQSDUDPRVWUDUHOVLJXLHQWHWH[WRGH
DODUPD
0R
RWRU

$GYHUUWH
$G HQF
FLD
D $GYHUUWH
$G HQFLD
7H
HPSDOWD
DUUHIUULJ
JPRWWRU 7H
HPSDOWDDLUHD
DGPPRWR
RU

3UHV
3UH VLµQ
QD
DLUHD
DOLPDOWD 3UHVLµ
3UH µQE
EDMD
DDFHLWWHP
PRWWRU

1LLYHOOUHIIULJEDMR  )D
DOORG
GHOP
PRWWRU

7H
HPSDOWD
DFRP
PE $OWD
$O DSUHV
VLµQ
QFDMD
DFLJ
JXH³DOO

$OWWDWWHPSWXUER
$O R 1LYHOOE
EDMRDFWPRWW

6RE
6R EUHY
YHORF
FLG
GDGPRWWRU )D
DOORVLV
VWH
HPDHPLV
VLRQ
QHV
D

$JXD
$J DHQHHOFFRPEXV VWLLEOH )D
DOOORVLV
VWH
HPDLQ\
\HF
FFL
FLµQFRP
PEXV
VWLLEOH
9DF
9D FLD
DUFFD]ROHWWD

&RQWDFWHFRQXQW«FQLFRGHVHUYLFLRFXDOLILFDGRSRULQIRUPDFLµQ
(OFRQWUROGHOQLYHOWLHQHOXJDUGHIRUPDFRQWLQXDGXUDQWHODRSHUDFLµQ
 3D
DQHOHVG
GHLQVWUUXPHQWRV

 8Q
QLGDGGHSDQWDOOD
7HPSHUDWXUDVDOLGDWXUERFRPSUHVRU (VWDFLRVHJ
5HJHQHUVHUYQHFHV
5HGDFWLYD
D

(VWD
(VWDFLR RP£TT 7H
HPSVLV
VWH
HPDH
HVFD
FDSSHD
DOWD
D
6H YLF
6HUYL FLR
RQ
QHF FHV
VDULR D
5HGDFWLLYD
D

5H
HGXXFU«JJPRWWRU
5HJHQQHVWDDFLR
RQHFHV
D

D 6RORDSOLFDEOHDP£TXLQDVFRQPRWRU'-

7UD
7UDQVPLLVLµ
µQ

$GYHUUWH
$G HQFLD
D $GYHUWH
$G HQFLD
D
HPSH
7H HUDWX
XUDD
DOWD
DDFHLWWHWWUDQVPL
PLVVLµ
µQ 3UHVLµQEDMDDFHLLWHWUDQ
3UH QVPL
PLVLµ
µQ

)D
DOORWWUDQV
VPL
PLVLµQ
Q &D
DPELLRVHQWWLGR
RDYHOR
RFLGD
DGH
H[FH
FHVLY
YD

)UUHQRV

$GYHUWH
$G HQF
FLD
D $GY
$G YHUUWH
HQFLD
%DMDSUHV
%D VLµQ
QG
GHIUHQ
QRV )UUHQ
QRGHHVWD
DFLRQ
QDPD
DSOLF
FDG
GR

)D
DOORVVLVWIUHQR
RV )UUHQ
QRH
HVWD
DFLRQ
QDP1
12DSOLF
FDG
GR

(MMHV

$GYHUWH
$G HQF
FLD
D $GYHUWH
$G HQFLD
D
$OWWDWWHPSDFHLWWHHMHG
$O GHOD
DQWHUR
R $OWDWHPSDFHLWHHMHWUDVHUR
$OWDWHPSDFHLWHHMHWUDVHUR

6LLVWH
HPDGH
PDGHGL
GLUHFFL
HFFLµ
µQ

$GY
$G YHUUWH
HQFLD
D $GYHUWH
$G HQFLD
D
%DMDS
%D SUHV
VLµ
µQGLU )DOORVLVWGLUHFF

+LLGU£XOLFD

$GYHUWH
$G HQFLD
D $GY
$G YHUUWH
HQFLD
1LY
YHOOEDMR
RDFHLWH KLGU 
HK 7H
HPSHUDWWXUDDOWDDFHLWWHK
KLGU£XOLLFR

&LHUUUH
UHLPSOODELHUUWR
R )D
DOOOROOLPLWWDOWP£[
[SOX
XPD

(OFRQWUROGHOQLYHOWLHQHOXJDUGHIRUPDFRQWLQXDGXUDQWHODRSHUDFLµQ
 3D
DQHOHVG
GHLQVWUUXPHQWRV 
8Q
QLGDGGHSDQWDOOD 
9DULRV

$GYHUWHQFLD $GYHUWHQFLD
5HGXFLUYHORFLGDG 6HUYLFLRQHFHVDULR

7HPSHUDWXUDVDOLGDWXUERFRPSUHVRU 3DUDGDGHHPHUJHQFLD

$EURFKHFLQWXUµQ $QWLUUPDOFRQI

'HPLQWHQWRV
7LHPSREORT

3URWHFFLµQDQWLUURER
HTXLSRRSFLRQDO
/DSURWHFFLµQDQWLUURERGLILFXOWDHOURERGHODP£TXLQD\DTXH

 HOPRWRUQRDUUDQFD
 HOVHOHFWRUGHPDUFKDVQRIXQFLRQD
 HOIUHQRGHHVWDFLRQDPLHQWRQRVHGHVDSOLFD
3D
3DUUDD
DUUD
UDQQFDUUH
HOP
PRWR
RU
 *LUHODOODYHGHHQFHQGLGRDODSRVLFLµQ


%OR
%O RTX
XHR
RD
DUUD
UDQTX
XH  (VSHUHKDVWDTXHDSDUH]FDODLPDJHQVLJXLHQWHHQODSDQWDOOD

,Q
QWURG
GX]FD
FDHOFFµG
GLJR  8WLOLFHHOWHFODGRSDUDLQWURGXFLUHOFµGLJR3,1GHFXDWURG¯JLWRV
 SDUDP£TXLQDVQXHYDVDMXVWDGDVHQI£EULFD 
 6LKDLQWURGXFLGRHOFµGLJRFRUUHFWRVHGHVDFWLYDU£OD
 SURWHFFLµQDQWLUURER\VHU£SRVLEOHDUUDQFDUHOPRWRU
 8VHODWHFOD(6&SDUDGHVSOD]DUHOSXQWHURKDFLDOD
L]TXLHUGDVLGHVHDPRGLILFDUXQG¯JLWRLQFRUUHFWR
 &XDQGRKDLQWURGXFLGRHOFµGLJR\DOJ¼QG¯JLWRHVLQFRUUHFWR
HOVLVWHPDYXHOYHDXWRP£WLFDPHQWHDODSRVLFLµQGHOSULPHU
G¯JLWR,QWURGX]FDGHQXHYRHOFµGLJR
/DFµGLJR3,1VRODPHQWHGHEHVHUFDPELDGRSRUXQW«FQLFRGH
VHUYLFLRFXDOLILFDGR
(OPRWRUSXHGHYROYHUDDUUDQFDUVHHQORVPLQXWRV
VLJXLHQWHVDVXGHVFRQH[LµQVLQWHQHUTXHLQWURGXFLUHOFµGLJR
DMXVWHGHI£EULFD (OWLHPSRSDUDYROYHUDDUUDQFDUVRORSXHGH
VHUFDPELDGRGHDPLQXWRVSRUXQW«FQLFRGHVHUYLFLR
FXDOLILFDGR

9

 3D
DQHOHVG
GHLQVWUUXPHQWRV

 8Q
QLGDGGHSDQWDOOD
0HQ¼VGHLQIRUPDFLµQ\DMXVWHV
3XOVHXQDWHFOD D GHOWHFODGRSDUDOOHJDUDORVPHQ¼V
GHVHDGRV(QFDGDPHQ¼VHSXHGHREWHQHULQIRUPDFLµQVREUH
ODFRQGLFLµQHVWDGR\RORVDMXVWHVGHODP£TXLQDHQORV
VXEPHQ¼V3XHGHQUHDOL]DUVHDMXVWHVFXDQGRKD\XQDIOHFKD
DSXQWDQGRDODGHUHFKD
1D
DYHJJDFLµ
µQH
HQPHQQ¼V\\VVXE
EPHQ¼
¼V
7HFOD(6&SXOVHSDUDYROYHU VDOJDGHOPHQ¼RVXEPHQ¼
DFWXDO
7HFODVGHIOHFKDDUULEDDEDMRSXOVHSDUDGHVSOD]DUVHKDFLD
DUULEDRKDFLDDEDMR
7HFOD6(/(&7SXOVHSDUDDFFHGHUDXQVXEPHQ¼RUHDOL]DU
9
XQDVHOHFFLµQ
7HFODGR
0RWRU
7UDQVPLVLµQ
6LVWHPDKLGU£XOLFR
(MHVIUHQRV
6LVWHPDHO«FWULFR
,QIRUPDFLµQGHODP£TXLQD
0HQVDMHVGHOYHK¯FXOR
6HUYLFLR
&RQILJXUDFLµQ 6(783
'DWRVRSHUDWLYRV


0H
HQ¼GH
HOPR
RWRU
3DUDREWHQHULQIRUPDFLµQVREUHFµPRXVDUHOWHFODGRR
VHOHFFLRQDUORVPHQ¼VYHD

027
02 725

7H
HPSUHIIULJH
HUDQ
QWH
H 0XHVWUDODWHPSHUDWXUDGHOUHIULJHUDQWH

9
;;rr&
;; $OWWD
$O

2LLOSUHVVX
VXUH 0XHVWUDODSUHVLµQGHDFHLWH

9 %DMMR
%D ;;
; ;EDUHV
V

2LLOOHYHO 1LLYHODFHLLWH 0XHVWUDHOQLYHOGHDFHLWHGHOPRWRU

%DMR
1RUPDO 1RUPDO
9 1R
RUPD
PDO
%DMMR
%D
1R
1 RUPD
PDOO

)LLOWURGHD
DLUH 0XHVWUDHOHVWDGRGHOILOWURGHDLUHGHOPRWRU
127 7$
6LHOILOWURGHDLUHHVW£REVWUXLGRVHPRVWUDU£XQPHQVDMHGHWH[WR
1R
RUPDO
PD
9
2E
EWX
XU
1R
1 RUPD
PDO
 3D
DQHOHVG
GHLQVWUUXPHQWRV 
8Q
QLGDGGHSDQWDOOD 

7HPSHUDWXUDDFHLWH 0XHVWUDODWHPSHUDWXUDGHODFHLWHGHOPRWRU

;;rr&
;; $OWD
$O D
9

5«JGHOPRWWRU 9LVXDOL]DHOU«JLPHQUHDOGHOPRWRU

;;;UUSP
;;; P
9

9HOUDOOHQWU
9H 0XHVWUDHODMXVWHDFWXDOGHOU«JLPHQGHUDOHQW¯GXUDQWHXQDSDXVDHQHO
WUDEDMR VXEPHQ¼GLVSRQLEOH

ಯ6HOOHFFL
ಯ6H FLµQDFWX
XDOರ


9

6HOYHUDOO
6H (OPRWRUIXQFLRQDU£DOU«JLPHQGHUDOHQW¯VHOHFFLRQDGRGXUDQWHXQD
SDXVDHQHOWUDEDMRFXDQGR
ODGLUHFFLµQGHSDODQFD&'&HVW£DIHFWDGD
9 FXDOTXLHUPDQGRGHODKLGU£XOLFDHVW£DIHFWDGR
KD\XQDPDUFKDVHOHFFLRQDGD
2III 2III HODFHOHUDGRUHVW£DIHFWDGR
(OU«JLPHQGHUDOHQW¯GXUDQWHXQDSDXVDHQHOWUDEDMRVHGHEHDGDSWDU
DFµPRVHXVDODP£TXLQD\TX«YHORFLGDGGHUHVSXHVWDKLGU£XOLFDVH

ಧ
ಧ

GHVHD8QU«JLPHQGHUDOHQW¯P£VHOHYDGRGXUDQWHXQDSDXVDHQHO
WUDEDMRVLJQLILFDXQDUHVSXHVWDP£VU£SLGDGHODKLGU£XOLFDSHURWDPEL«Q
XQPD\RUFRQVXPRGHFRPEXVWLEOH

0X«YDVHFRQODVWHFODVGHIOHFKD\SXOVH6(/(&7
2IIODIXQFLµQHVW£DFWLYDGD HVW£QVHOHFFLRQDGDVODVUHYROXFLRQHV
E£VLFDVDUDOHQW¯GHOPRWRU
ಧUSPODVUHYROXFLRQHVDUDOHQW¯GXUDQWHXQDSDXVDHQHO
WUDEDMRVHSXHGHQDMXVWDUHQDUSP HQSDVRVGHUSP 
3DUDYROYHUDORVPHQ¼VDQWHULRUHVSXOVH(6&
127 7$
6LODGLUHFFLµQGHSDODQFD&'&ORVFRQWUROHVRSHUDWLYRVSDUDOD
KLGU£XOLFDODVPDUFKDVRHODFHOHUDGRUQRHVW£QDIHFWDGRVHOPRWRUVH
FRORFDHQUHYROXFLRQHVE£VLFDVDUDOHQW¯GHVSX«VGHVHJXQGRV

5HJH HQH
HUDWWLRQ
QP
PRGH 0R
0RGGR 0XHVWUDHODMXVWHDFWXDO
GH
HUUHJH
HQ 3UHVLRQH6(/(&7SDUDDFFHGHUDXQVXEPHQ¼HQHOFXDOSRGU£UHDOL]DU
D XQQXHYRDMXVWH

ಯ6HOOHFFL
ಯ6H FLµQDFWX
XDOರ
9

D 6RORVHDSOLFDDP£TXLQDVFRQPRWRU'-

0X«YDVHFRQODVWHFODVGHIOHFKD\SXOVH6(/(&7
0DQXDOO 0D
0D 0DQX
XDOO /DOX]GHODSDQWDOODSDUDODUHJHQHUDFLµQDXWRP£WLFDHVW£HQFHQGLGD
FXDQGRODUHJHQHUDFLµQDXWRP£WLFDHVW£VHOHFFLRQDGDYHDODLPDJHQGH
RSHUDFLµQHQODS£JLQD
$XWR
$X RP£WLLFR
 3D
DQHOHVG
GHLQVWUUXPHQWRV

 8Q
QLGDGGHSDQWDOOD

9HQWUHIULJUHY 0XHVWUDHODMXVWHDFWXDO
3UHVLRQH6(/(&7SDUDDFFHGHUDXQVXEPHQ¼HQHOFXDOSRGU£UHDOL]DU
ಯ6HOOHFFL
ಯ6H FLµQD
DFWX
XDOOರ XQQXHYRDMXVWH
9

0X«YDVHFRQODVWHFODVGHIOHFKD\SXOVH6(/(&7
&R
RUWR
R /DVVLJXLHQWHVFRQGLFLRQHVGHEHQFXPSOLUVHSDUDTXHHOYHQWLODGRUGH
UHIULJHUDFLµQVHSXHGDLQYHUWLUORFXDOSXHGHVHULPSRUWDQWHGHWHQHUHQ
/D
DUJR FXHQWD
ODWHPSHUDWXUDGHODFHLWHKLGU£XOLFRGHEHVHUVXSHULRUDr& r)
HODLUHDFRQGLFLRQDGRQRVROLFLWDP£VUHIULJHUDFLµQ
0DQ
0D QXDO 0D
0DQQXD
DO ODWHPSHUDWXUDGHODLUHGHVREUHDOLPHQWDFLµQQRGHEHVHUGHPDVLDGR
DOWD
HOYHQWLODGRUGHUHIULJHUDFLµQQRVROLFLWDP£VUHYROXFLRQHVSDUDHOIUHQR
2)
)) PRWRU

9HQ
9H QWUHIIULJUHY
Y 0XHVWUDHODMXVWHDFWXDO2IIRODGXUDFLµQGHOLQWHUYDORHQPLQXWRV
3UHVLRQH6(/(&7SDUDDFFHGHUDXQVXEPHQ¼HQHOFXDOSRGU£UHDOL]DU
ಯ6HOOHFFL
ಯ6H FLµQD
DFWX
XDOOರ XQQXHYRDMXVWH
9

0X«YDVHFRQODVWHFODVGHIOHFKD\SXOVH6(/(&7
2III 2III 3DUDXQDLQYHUVLµQPDQXDOVHOHFFLRQH,QYLHUWH\HOYHQWLODGRUGH
UHIULJHUDFLµQHPSLH]DDIXQFLRQDUHQVHQWLGRRSXHVWR6HGHWLHQH
DXWRP£WLFDPHQWH
,Q
QYLH
HUWH
H

(VWDIXQFLµQFRQWURODHOSRVHQIULDPLHQWRGHOPRWRUWUDVDSDJDUHO
HQFHQGLGR6HDVHJXUDGHTXHHOPRWRUHVW«HQPDUFKDKDVWDTXHHVW«
VXILFLHQWHPHQWHHQIULDGR\OXHJRVHDSDJD(OWLHPSRUHTXHULGRSDUDHO
SRVHQIULDPLHQWRHVGHP£[LPRPLQXWRVVDOYRTXHVHUHTXLHUDXQD
UHJHQHUDFLµQWUDVXQSRVHQIULDPLHQWRGHKDVWDPLQXWRV6HSXHGH
DMXVWDUPDQXDOPHQWHHOWLHPSRGHDSDJDGRHQHOLQWHUYDORGHD
PLQXWRVSHURHOWLHPSRUHTXHULGRSDUDHOSRVHQIULDPLHQWRVLHPSUH
WHQGU£SULRULGDG
(OWLHPSRUHVWDQWHGHVGHTXHODOODYHGHHQFHQGLGRVHKDGHVDFWLYDGR
$SD
$S DJPRWWRUUUHWUUDV KDVWDHODSDJDGRVHPXHVWUDHQODSDQWDOOD6LODP£TXLQDVHHVW£
9
UHJHQHUDQGRVHPRVWUDU£RWURPHQVDMHHQVXOXJDU
6HSXHGHFDQFHODUHOSRVHQIULDPLHQWR\DSDJDUHOPRWRUGLUHFWDPHQWH
\DVHDSUHVLRQDQGR(6&DWUDY«VGHOLQWHUUXSWRUGHEDWHU¯DRXVDQGR
FXDOTXLHUSDUDGDGHHPHUJHQFLDSHURQRVHUHFRPLHQGD6H
UHFRPLHQGDQRYROYHUDUHDOL]DUHOHQFHQGLGRGXUDQWHHOSURFHVRGH
FXHQWDUHJUHVLYDSDUDXQFRPSRUWDPLHQWRQRUPDOVHYROYHUDUUDQFDUOD
P£TXLQDGHVGHXQHVWDGRGHDSDJDGRFRPSOHWR$SDUHFHU£XQPHQVDMH
GXUDQWHHOUHDUUDQTXHVLHOPRWRUVHKDDSDJDGRDQWHVGHTXHVHKD\D
FRPSOHWDGRHOSRVHQIULDPLHQWR

$FWLLY'HVDF
$FW FW 6HPXHVWUDODVHOHFFLµQDFWXDO3XOVH6(/(&7SDUDHQWUDUHQXQ
VXEPHQ¼GRQGHVHSXHGDUHDOL]DUXQDQXHYDVHOHFFLµQ
$XWR
$X RVLJQLILFDTXHODIXQFLµQHVW£DFWLYDGD\GHEHVHOHFFLRQDUVHSDUD
SHUPLWLUHODMXVWHGHOWLHPSR
ಯ6HOOHFFL
ಯ6H FLµµQDFWX
XDOರ 2IIIVLJQLILFDTXHODIXQFLµQHVW£GHVDFWLYDGD\QRUPDOPHQWHQRGHEHU¯D
9 VHOHFFLRQDUVHSRUTXHHOPRWRUVHDSDJDU£GLUHFWDPHQWHFXDQGRHO
HQFHQGLGRHVW«DSDJDGR\QRKD\DXQSRVHQIULDPLHQWRHQFXUVR
 3D
DQHOHVG
GHLQVWUUXPHQWRV 
8Q
QLGDGGHSDQWDOOD 
7LHPSRILMDGRRPLQ 6HPXHVWUDODVHOHFFLµQDFWXDO3XOVH6(/(&7SDUDSRGHUDMXVWDUODKRUD
XVDQGRODVWHFODVGHIOHFKD
PLQXWRVVLJQLILFDTXHHOPRWRUVHDSDJDU£WDQSURQWRFRPRVHKD\D
HQIULDGRORVXILFLHQWHWUDVDSDJDUHOHQFHQGLGR
;P
; PLQ
Q (QHOSOD]RGHDPLQXWRVHOPRWRUVHDSDJDU£GHVSX«VGHTXHKD\D
9 WUDQVFXUULGRHOQ¼PHURGHPLQXWRVVHOHFFLRQDGRWUDVDSDJDUHO
HQFHQGLGR

0H
HQ¼GH
HODWUDQVPLLVLµQ
Q
3DUDREWHQHULQIRUPDFLµQVREUHFµPRXVDUHOWHFODGRR
VHOHFFLRQDUORVPHQ¼VYHD

9 75
5$160,
0,66,•
•1
)LLOWUURGHD
DFHLLWH 0XHVWUDVLHOILOWURGHODFHLWHGHODWUDQVPLVLµQHVQRUPDO6HPXHVWUDXQ
PHQVDMHGHWH[WRHQFDVRGHREWXUDFLµQ 
1RUPD
PDOO
EWXU
2E
9 1RUPD
1 PDOO

'HV
VDF
FFDPELR 0XHVWUDODVHOHFFLµQDFWXDOGHGHVDFRSODPLHQWRGHODWUDQVPLVLµQ
3DUDUHDOL]DUXQDQXHYDVHOHFFLµQSUHVLRQH6(/(&7XVHODVWHFODVGH
ಯ6HOHFFL
ಯ6H FLµµQDFWX
XDOರ IOHFKDSDUDPRYHUVHKDVWDODVHOHFFLµQGHVHDGD\DFRQWLQXDFLµQ
SUHVLRQH6(/(&7
9

0X«YDVHFRQODVWHFODVGHIOHFKD\SXOVH6(/(&7
2)
)) +D\FLQFRSRVLFLRQHVGLIHUHQWHVSDUDHOGHVHPEUDJXHGHODWUDQVPLVLµQ
2)) TXHUHSUHVHQWDQODIXHU]DFRQTXHKD\TXHSLVDUHOSHGDO
 GHOIUHQRSDUDTXHODWUDQVPLVLµQVHGHVHPEUDJXH

0H
HQ¼GH
HODKLGUU£XOLFD
3DUDREWHQHULQIRUPDFLµQVREUHFµPRXVDUHOWHFODGRR
VHOHFFLRQDUORVPHQ¼VYHD

6,6
6, 67(
(0$
0$+
+,'
'5ƒ8
8/,,&2
9

2LLOWHPSHUUDWX
XUH 7H
HPSGHO 0XHVWUDODWHPSHUDWXUDDFWXDOGHODFHLWHKLGU£XOLFR
DF
FHLLWH

;;rr&
;; $OWD
$O D
9
 3D
DQHOHVG
GHLQVWUUXPHQWRV

 8Q
QLGDGGHSDQWDOOD

1LYHOGHODFHLWH 0XHVWUDHOQLYHODFWXDOGHODFHLWHKLGU£XOLFR

9
%DMMR
%D 1R
RUPD
PDO

0H
HQ¼GHHMMHVVIUH
HQRV
3DUDREWHQHULQIRUPDFLµQVREUHFµPRXVDUHOWHFODGRR
VHOHFFLRQDUORVPHQ¼VYHD

(-(6<
(-(6 <)
)5(1
126
9

7H
HPSDFHLLWHH
HMHGHOO 0XHVWUDODWHPSHUDWXUDGHODFHLWHHQHOHMHGHODQWHUR

;;rr&
;; $OWWD
$O

7H
HPSDFHLLWHH
HMHWUD 0XHVWUDODWHPSHUDWXUDGHODFHLWHHQHOHMHWUDVHUR

;;rr&
;; $OWWD
$O

0H
HQ¼GHOVVLVWH
HPDHOO«FFWUULFR
3DUDREWHQHULQIRUPDFLµQVREUHFµPRXVDUHOWHFODGRR
VHOHFFLRQDUORVPHQ¼VYHD

6,6
6,67(
(0$
0$(
(/‹&
&75,&2
9

7H
HQVLµQ 0XHVWUDODWHQVLµQDFWXDOGHODEDWHU¯D

9 %DMMR
%D ;;;
;; ;9 $OWD
$O D

0H
HQ¼GHLQIIRUUPDFLµ
µQGHODP£
£TXLQD
D
3DUDREWHQHULQIRUPDFLµQVREUHFµPRXVDUHOWHFODGRR
VHOHFFLRQDUORVPHQ¼VYHD

,1
1)250$&
$&,,•1'(/
/$0ƒ4
ƒ488,1
1$
9

0RGHO 0R
0RG 0RGH
HOR 0XHVWUDHOPRGHORGHODP£TXLQD
/;
;;;
1¼
¼PGHIIDEULF
FDF
FLµ
µQ 0XHVWUDHOQ¼PHURGHVHULH Q¼PHURGHIDEULFDFLµQ
/;
;;;;;;;;;;;
+R
RUDVVP
P£T 0XHVWUDODVKRUDVGHODP£TXLQD
;;
;;KK
7LLHPSR 0XHVWUDODKRUDDFWXDO
;;
;;;;;
HFKD
)H D 0XHVWUDODIHFKDDFWXDO
$$$$00'
$$$$00''
 3D
DQHOHVG
GHLQVWUUXPHQWRV 
8Q
QLGDGGHSDQWDOOD 

0HQ¼GHVHUYLFLR
3DUDREWHQHULQIRUPDFLµQVREUHFµPRXVDUHOWHFODGRR
VHOHFFLRQDUORVPHQ¼VYHD

0$17
0$1 7(1,0,(
(172
2

0XHVWUDHODMXVWHDFWXDO
6HUYL
6H YLFLR
RVVLJXLLHQ
QWH 3UHVLRQH6(/(&7SDUDDFFHGHUDXQVXEPHQ¼FRQP£VLQIRUPDFLµQ

7LLHPSRUHV
VWD
DQWH
H 0XHVWUDODVKRUDVGHIXQFLRQDPLHQWRUHVWDQWHVKDVWDHOSUµ[LPR
;;K
;;K VHUYLFLR
,Q
QWHUYD
;;;K
;;;K
YDOO ,Q
QWHUYD
YDOOR 0XHVWUDHOLQWHUYDORKDVWDHOSUµ[LPRVHUYLFLR

3UHVLRQH6(/(&7SDUDDFFHGHUDXQVXEPHQ¼HQHOFXDOVHPXHVWUDHO
/X
XEULF
FDF
FLµQ
QFFHQWUUDO DMXVWHDFWXDO

0XHVWUDHODMXVWHDFWXDO
ಯ6HOOHFFL
ಯ6H FLµQDFWX
XDOರ 3UHVLRQH6(/(&7SDUDDFFHGHUDXQVXEPHQ¼HQHOFXDOVHPXHVWUDHO
DMXVWHDFWXDO

,Q
QWHUY

0X«YDVHFRQODVWHFODVGHIOHFKD\SXOVH6(/(&7
/LLJKW

1RUPD
PDOO

+HDY
Y\

0H
HQ¼GH
HFRQ
QILJX
XUDFLµ
µQ
3DUDREWHQHULQIRUPDFLµQVREUHFµPRXVDUHOWHFODGRR
VHOHFFLRQDUORVPHQ¼VYHD

&21
1),*85$
$&,•1
9

&RQILLJSHUVR
VRQQD O 3UHVLRQH6(/(&7SDUDDFFHGHUDORVVLJXLHQWHVVXEPHQ¼V

&RQ
QWIXHU]D
DUUD
UDVW 0XHVWUDODVHOHFFLµQDFWXDO
3UHVLRQH6(/(&7SDUDDFFHGHUDXQVXEPHQ¼HQHOFXDOSRGU£UHDOL]DU
ಯ6HOH
ಯ6H HFFL
FLµQ
QD
DFWX
XDOOರ XQQXHYRDMXVWH
 3D
DQHOHVG
GHLQVWUUXPHQWRV

 8Q
QLGDGGHSDQWDOOD
0X«YDVHFRQODVWHFODVGHIOHFKD\SXOVH6(/(&7
2)) &RQHVWDIXQFLµQVHSXHGHDMXVWDUODWUDFFLµQSDUDHYLWDUHOJLURGHODV
UXHGDV\SRUORWDQWRUHGXFLUHOGHVJDVWHGHORVQHXP£WLFRV
3URFHGDGHODVLJXLHQWHPDQHUDSDUDUHDOL]DUXQDVHOHFFLµQDGHFXDGD

  6HOHFFLRQH WUDFFLµQP£VEDMD
 ,QWURGX]FDHOPDWHULDOTXHGHEHU¯DFDUJDUVH\DFHOHUHDU«JLPHQSOHQRGHO
PRWRUFXDQGRODP£TXLQDVHKD\DSDUDGR

  0DQWHQJDHOU«JLPHQSOHQRGHOPRWRU\DXPHQWHODWUDFFLµQSDVRDSDVR
KDVWDTXHODVUXHGDVHVW«QDSXQWRGHJLUDU

12
27$


(OGHODWUDFFLµQVLUYHSDUDODPD\RUSDUWHGHFLFORVGHFDUJDGH
PDQHMRGHODFXFKDUDSHURHVWRSRGU¯DGLIHULUHQIXQFLµQGHODV
FRQGLFLRQHVGHOVXHOR\GHODUHVLVWHQFLDGHOPDWHULDOTXHGHEHU¯D


FDUJDUVH

$36 0XHVWUDODVHOHFFLµQDFWXDO
3UHVLRQH6(/(&7SDUDDFFHGHUDXQVXEPHQ¼HQHOFXDOSRGU£UHDOL]DU
$36 XQQXHYRDMXVWH
ಯ6HOOHFFL
ಯ6H FLµµQDFWX
XDOರ
9

0X«YDVHFRQODVWHFODVGHIOHFKD\SXOVH6(/(&7
/LLJKW

0HG
0HGLDQR

+H
HDY\

$XWWR
$X

&R
RQWU 0XHVWUDODVHOHFFLµQDFWXDO
SD
DODQFD+
+RRE
EMXK
KWLLPLQH
H 3UHVLRQH6(/(&7SDUDDFFHGHUDXQVXEPHQ¼HQHOFXDOSRGU£UHDOL]DU
XQQXHYRDMXVWH

ಯ6HOOHFFL
ಯ6H FLµµQDFWX
XDOರ
9

0X«YDVHFRQODVWHFODVGHIOHFKD\SXOVH6(/(&7
$FWLLYH $FW
$FW $FWLLYR 6HOHFFLRQHHODMXVWHGHSHQGLHQGRGHFµPRGHEHU¯DUHDFFLRQDUODIXQFLµQ
GHHOHYDFLµQ\EDVFXODPLHQWR

1R
RUPDO
PD

6RIIW /LLJHUUR
6R

&R
RQILJLQF
FOLLQDXWR
R 0XHVWUDODVHOHFFLµQDFWXDO
3UHVLRQH6(/(&7SDUDDFFHGHUDXQVXEPHQ¼HQHOFXDOSRGU£UHDOL]DU
XQQXHYRDMXVWH
ಯ6HOOHFFL
ಯ6H FLµµQDFWX
XDOರ
9
 3DQHOHVG
GHLQVWUUXPHQWRV 
8Q
QLGDGGHSDQWDOOD 
0X«YDVHFRQODVWHFODVGHIOHFKD\SXOVH6(/(&7
'HQWUR

)X
XHUD

$PERV
$PE V

0XHVWUDODVHOHFFLµQDFWXDO
3UHVLRQH6(/(&7SDUDDFFHGHUDXQVXEPHQ¼HQHOFXDOSRGU£UHDOL]DU
ಯ6HOH
ಯ6H HFFL
FLµQ
QD
DFWX
XDOOರ XQQXHYRDMXVWH
9

0X«YDVHFRQODVWHFODVGHIOHFKD\SXOVH6(/(&7
2)
))

21
1 
/HYDQWHODSOXPDKDVWDODDOWXUDGHVHDGDSXOVH6(/(&7
6(/(&&,21$5 SDUDJXDUGDUHOO¯PLWHVXSHULRUGHODSOXPD
$SDUHFHXQPHQVDMHGHFRQILUPDFLµQHQODSDQWDOOD\VHHVFXFKDXQD
'HIILQLUOO¯P
PLWH
HVXS
SHUULR
RU
EUHYHVH³DODF¼VWLFD
3DUDREWHQHULQVWUXFFLRQHVP£VGHWDOODGDVSDUDHODMXVWHYHDODS£JLQD


'HIIDXOWVHWWWLQJV 3UHVLRQH6(/(&7SDUDDFFHGHUDXQVXEPHQ¼HQHOFXDOSRGU£UHDOL]DU
XQQXHYRDMXVWH
0X«YDVHFRQODVWHFODVGHIOHFKD\SXOVH6(/(&7
1R 1R 6HOHFFLRQH<(6 6‘ SDUDUHFXSHUDUWRGRVORVDMXVWHVSRUGHIHFWRHQ
$MXVWHVSHUVRQDOHV

<HV 6¯
<H

3UHVLRQH6(/(&7SDUDDFFHGHUDXQVXEPHQ¼HQHOFXDOSRGU£UHDOL]DU
+R
RUDIHFKD
D
XQQXHYRDMXVWH
$MXVWH
$M HK KRUD 3XOVH6(/(&7SDUDDMXVWDUODKRUD
$MXVWH
$M HIIHFKD
D 3XOVH6(/(&7SDUDDMXVWDUODIHFKD
7LLPHIRUPD
PDW )R
RUPD
PDWWRKRUUD 3XOVH6(/(&7SDUDFDPELDUHOIRUPDWRGHODKRUD
'DDWHIIRUPD
PDWW )R
RUPD
PDWWRGH 3XOVH6(/(&7SDUDFDPELDUHOIRUPDWRGHODIHFKD
IH
HFKDD

/DQ
QJXDJ
JH ,G
GLRPD 3UHVLRQH6(/(&7SDUDFDPELDUGHLGLRPD

8Q
QLWV 8QLLGDG
GHV
V 3UHVLRQH6(/(&7SDUDFDPELDUGHXQLGDGHV

'LLVSOOD\LLQWWHQVLWW\ 3UHVLRQH6(/(&7SDUDDMXVWDUODLQWHQVLGDGGHODOX]GHODSDQWDOOD

%DF
%D FNO
NOLLJKWW 3UHVLRQH6(/(&7SDUDDMXVWDUODLOXPLQDFLµQGHOWHFODGR

0H
HQ¼GH
HGDWRVRS
SHUDWLYRV
V
3DUDREWHQHULQIRUPDFLµQVREUHFµPRXVDUHOWHFODGRR
VHOHFFLRQDUORVPHQ¼VYHD
 3D
DQHOHVG
GHLQVWUUXPHQWRV

 8Q
QLGDGGHSDQWDOOD

'$72623(5$7,926
7LHRSHU 6HLQGLFDHQKRUDV\PLQXWRV
;;;
;;;;
'LLVWD
DQFLD
D 6HLQGLFDHQNLOµPHWURVPLOODV
;;;;;;
;;;;;;NNPPLOOODV
&LLFORV
V 6HLQGLFDHQQ¼PHURGHFLFORV
;;;
&R
RQVXPRP PHGGLR 6HLQGLFDHQOLWURVJDORQHVSRUKRUD
;;
;;OK
KJSK
&R
RQVXPRWWRWD
DO 6HPXHVWUDHQOLWURVJDORQHV
;;;O
;;;OJDO
&R
RQVXPRLLQVW 6HLQGLFDHQOLWURVJDORQHVSRUKRUD
;;
;;OK
KJSK
(QHVWHPHQ¼VHSXHGHUHDOL]DUORVLJXLHQWH
5HLQLFLDUWRGR
5HLQLFLDUGLVWDQFLD
5H
HSRQHU
5HLQLFLDUFLFOR
5HLQLFLHFRP\WLHP
6LQUHLQLFLR

0H
HQ¼GHPH
HQVDMMHVVGH
HOYHK
K¯FXOOR
3DUDREWHQHULQIRUPDFLµQVREUHFµPRXVDUHOWHFODGRR
VHOHFFLRQDUORVPHQ¼VYHD

0(16
0(1 6$-(6
$-(6''(/9(+
(+&8/2
2
9

9HKLFOH
9HK HPPHV VVD
VDJ
JHV
V 0H
0HQV
VDMMHV 0XHVWUDORVPHQVDMHVDFWXDOHVGHODP£TXLQD
9
GH
HOYHK¯FFXOOR
 3D
DQHOHVG
GHLQVWUUXPHQWRV 
9ROOYR&R3LOORW 

9ROYR&R3LORW
9ROYR&R3LORW
HTXLSRRSFLRQDO
9ROYR&R3LORWHVODSODWDIRUPDSDUDDSOLFDFLRQHVGHVRIWZDUHD
ERUGR(QODSDQWDOODW£FWLOVHSXHGHQUHDOL]DUDMXVWHVHQHOFHQWUR
GHDFFLRQHVTXHVHDEUHGHVOL]DQGRKDFLDDEDMRODEDUUDGH
HVWDGR/DEDUUDGHHVWDGRLQGLFDHOHVWDGRDFWXDOGHO&R3LORW\
ODVDSOLFDFLRQHVHQXVR
$ /DVS£JLQDVVLJXLHQWHVGHVFULEHQFµPRDMXVWDUODSDQWDOOD\
RIUHFHQXQDYLVLµQJHQHUDOGHODVFRQH[LRQHVHQODSDUWH
SRVWHULRUODEDUUDGHHVWDGR\HOFHQWURGHDFFLRQHV\FµPR
LQVWDODUXQDWDUMHWD6,0



9

$ 3DQWDOOD
% 8ELFDFLµQUHFRPHQGDGDSDUDODLPSUHVRUD


9ROYR&R3LORW
 %DUUDGHHVWDGR
 &HQWURGHDFFLRQHV

 3D
DQHOHVG
GHLQVWUUXPHQWRV

 9R
ROYR&R3LORW
3LH]DVGHFRQWDFWRSDQRU£PLFD
    /RVVLJXLHQWHVFRQHFWRUHVVHHQFXHQWUDQHQODSDUWHSRVWHULRUGH
ODXQLGDGGHSDQWDOOD
 86%
6%SDUDFRQHFWDUXQDLPSUHVRUDH[SRUWDUDXQD
PHPRULD86%\UHDOL]DUDFWXDOL]DFLRQHVGHOVLVWHPD
 (WKHUQHW
WKHUQHWSDUDDFWXDOL]DFLRQHVGHOVLVWHPD\UHGHVORFDOHV
 
 &RQHFWRUSDWLOODV
RQHFWRUSDWLOODVSDUDDOLPHQWDFLµQHO«FWULFDHLQWHUID]
  FRQODP£TXLQD
 (QWUDGDVDOLGDGHDXGLR
QWUDGDVDOLGDGHDXGLR3DUDXVRIXWXUR
   9  (QWUDGDGHY¯GHR
QWUDGDGHY¯GHRSDUDVH³DOGHF£PDUD
&RQHFWRUSDUWHSRVWHULRUGHODXQLGDGGHSDQWDOOD  *60H[WHUQR
60H[WHUQRHQWUDGDGHDQWHQD**60
  7DSDSDUDWDUMHWD0LQL6,0
DSDSDUDWDUMHWD0LQL6,0UHWLUHODWDSDSDUDDFFHGHUDOD
WDUMHWD0LQL6,06RORSDUD*\*60
12
27$
(OPµGHPPµYLO**60HVW£GHVDFWLYDGRSDUDGHWHUPLQDGRV
PHUFDGRV

7D
DUMHWWD6,0LQV
VWDOODFLµQ
Q
/RVLJXLHQWHGHVFULEHODLQVWDODFLµQGHXQDWDUMHWD6,0HQHO9ROYR
&R3LORW
12
27$
3ULPHURDVHJ¼UHVHGHWHQHUXQDWDUMHWD0LQL6,0\XQD
VXVFULSFLµQFRQXQRSHUDGRUGHUHGTXHHVW«DSUREDGRSDUDHO
9ROYR&R3LORW6LHVQHFHVDULRFRPSUXHEHFRQVX
FRQFHVLRQDULR
 $VHJ¼UHVHGHTXHODP£TXLQDYHK¯FXORHVW£HVWDEOH\FRQHO
PRWRUSDUDGR
 $VHJ¼UHVHGHTXHODP£TXLQDYHK¯FXORVHKDDSDJDGR
 'HVFRQHFWHORVFDEOHVHQODSDUWHSRVWHULRUGH9ROYR&R3LORW
   $IORMHORVWRUQLOORV\VDTXHODFXELHUWD  HQODSDUWHSRVWHULRU
GHO9ROYR&R3LORW

9

 3HUQRVGHILMDFLµQ
 &KDSDGHUHFXEULPLHQWR

 3D
DQHOHVG
GHLQVWUUXPHQWRV 
9R
ROYR&R3LORW 
 ,QVWDOHODWDUMHWD0LQL6,0
 0RQWHODWDSD
 5HFRQHFWHORVFDEOHVHQODSDUWHSRVWHULRUGH9ROYR&R3LORW
 &RQHFWHODDOLPHQWDFLµQ
 &RQHFWHHOHQFHQGLGR
 6LODWDUMHWD6,0HVW£SURWHJLGDFRQXQFµGLJR3,1HVSHUH
KDVWDTXHVHPXHVWUHODYHQWDQDGHPHQVDMHVSDUDHOFµGLJR
3,1HLQWURGX]FDHOFµGLJRHQHO9ROYR&R3LORW
 (O9ROYR&R3LORWVHFRQHFWDDXWRP£WLFDPHQWHDLQWHUQHW

$%& 9

$ 0LQL6,0 ))
% 0LFUR6,0
& 1DQR6,0


3DQWDOODDMXV
VWH
H
1277$
$MXVWHODSDQWDOODVHJ¼QODVLQVWUXFFLRQHVDFRQWLQXDFLµQSDUD

DVHJXUDUVHGHTXHQRSXHGDLQWHUIHULUFRQQLQJ¼QFRQWURO
 $MXVWHHODVLHQWR\HOYRODQWHHQXQDSRVLFLµQGHFRQGXFFLµQ
VHJXUD\FµPRGDYHDHO/LEURGHLQVWUXFFLRQHVGHODP£TXLQD
  $MXVWHHOUHSRVDEUD]RVHQXQDSRVLFLµQSDUDHOEXHQ
 IXQFLRQDPLHQWRGHODP£TXLQDYHDHO/LEURGHLQVWUXFFLRQHV
GHODP£TXLQD
 $MXVWHODSDQWDOODHQODSRVLFLµQP£VDGHFXDGD\FRQUHIOHMRV
P¯QLPRV$VHJ¼UHVHGHTXHKD\DXQDGLVWDQFLDP¯QLPDGHDO
PHQRVPP LQ HQWUHODSDQWDOOD\ODVSDODQFDV\GHTXH
XVWHGSRGU£PRYHUODVSDODQFDVVLQLQWHUIHULUFRQODSDQWDOOD
DORSHUDUODP£TXLQD
 $IORMHHOEORTXHRGHDUWLFXODFLµQ  SDUDPRYHUODSDQWDOOD
KDFLDGHODQWHRKDFLDDWU£V\OXHJRDSULHWHILUPHPHQWHHO
EORTXHRGHDUWLFXODFLµQ
 $IORMHHOEORTXHRGHDUWLFXODFLµQ  SDUDEDVFXODUODSDQWDOOD
DUULEDRDEDMR\ODWHUDOPHQWH\OXHJRDSULHWHILUPHPHQWHHO
EORTXHRGHDUWLFXODFLµQ
 7UDVDSUHWDUFRPSUXHEHTXHODSDQWDOODQRSRGU£PRYHUVHH
LQWHUIHULUFRQQLQJ¼QFRQWURODORSHUDUODP£TXLQD
9

3DQWDOODDMXVWH


3D
DQWDOODOOLPS
SLH]
]D

$9,6
62
5LHVVJR
RGHGHVSH HUIHHFWRRVH
HQHOHTXLSDP PLHHQWR
/R
RVTX¯¯PLF FRV
VDJUUHVVLY
YRVVSX
XHGHHQSUURY
YRFDUODDSSDULF FLµQ
QGHHS¯[[HOOHV
GH
HIHFWXXRVRV VH
HQOODS
SDQWWDOOD
/LLPSLHODSDQ
QWD
DOOD¼QLFFDP
PHQ QWH
HFRQ
QXQOLP
PSLLDGRUUVVXD
DYH
/LPSLHODSDQWDOOD\ODFDMDFRQXQWUDSRVXDYH\XQDJHQWHGH
OLPSLH]DDSUREDGRSDUDSDQWDOODV

,Q
QLFLRGHVHV
VLµQ
QHQ&R3LORWW
&XDQGR9ROYR&R3LORWDUUDQFDSRUSULPHUDYH]GHVSX«VGH
KRUDVRVLHO¼OWLPRXVXDULRKDWHUPLQDGRVXVHVLµQVHPXHVWUD
ODSDQWDOODGHLQLFLRGHVHVLµQ
 3D
DQHOHVG
GHLQVWUUXPHQWRV

 9ROOYR&R3LORW



9


3DQWDOODGHLQLFLRGHVHVLµQ
 8VXDULRVDFWLYRV
 &LHUUDODSDQWDOODGHLQLFLRGHVHVLµQ
 $FFHVRU£SLGRDORVSHUILOHVGHORSHUDGRUHQ&RQILJXUDFLµQ
 $FFHVRU£SLGRSDUDD³DGLUXVXDULR

 (OSHUILOGHO¼OWLPRXVXDULRRSHUDGRUDFWLYR(OP£VUHFLHQWH
HVW£DODL]TXLHUGD+DJDFOLFHQHOXVXDULRSDUDLQLFLDUVHVLµQ
 6LQLQJ¼QXVXDULRKDLQLFLDGRVHVLµQ\ODSDQWDOODGHLQLFLRGH
VHVLµQHVW£FHUUDGDHQWRQFHVVHLQLFLDU£VHVLµQFRQOD,'GHO
FKDVLVGHODP£TXLQD
 $FFHVRU£SLGRDOD&RQILJXUDFLµQGHOSHUILOGHRSHUDGRU9HD
ODS£JLQD
 $FFHVRU£SLGRSDUDD³DGLUXQQXHYRSHUILOGHRSHUDGRU\
XVXDULR9HDODS£JLQD
&XDQGR9ROYR&R3LORWDUUDQFDSRUSULPHUDYH]GHVSX«VGH
KRUDV\HO¼OWLPRXVXDULRVLJXHGHQWURGHVXVHVLµQVHPXHVWUD
ODVLJXLHQWHSDQWDOODGHLQLFLRGHVHVLµQ


9
 
3DQWDOODGHLQLFLRGHVHVLµQFRQXVXDULRGHQWURGHODVHVLµQ
 8VXDULRVDFWLYRV
 &HUUDUODSDQWDOODGHLQLFLRGHVHVLµQ
 $FFHVRU£SLGRDORVSHUILOHVGHORSHUDGRUHQ&RQILJXUDFLµQ
 $FFHVRU£SLGRSDUDD³DGLUXVXDULR
 7HUPLQDUVHVLµQ
 3D
DQHOHVG
GHLQVWUUXPHQWRV 
9R
ROYR&R3LORW 
 (OSHUILOGHO¼OWLPRXVXDULRRSHUDGRUDFWLYR(OXVXDULRGHQWUR
GHXQDVHVLµQHVW£HQHOH[WUHPRL]TXLHUGRUHVDOWDGRFRQXQD
O¯QHD
 &LHUUHODSDQWDOODGHLQLFLRGHVHVLµQ
 $MXVWHVGHODFFHVRU£SLGRDOSHUILOGHRSHUDGRU9HDODS£JLQD

 $FFHVRU£SLGRSDUDD³DGLUXQQXHYRSHUILOGHRSHUDGRU\
XVXDULR9HDODS£JLQD
 +DJDFOLFHQHOV¯PEROR\VHWHUPLQDODVHVLµQGHOXVXDULR
6LVHLQLFLD9ROYR&R3LORWDQWHVGHTXHKD\DQWUDQVFXUULGR
KRUDV\HOXVXDULRHVW£GHQWURGHXQDVHVLµQVHDEUHODDSOLFDFLµQ
TXHVHXWLOL]µSRU¼OWLPDYH]

%DUUDGHHVWD
DGR
/DEDUUDGHHVWDGRLQGLFDHOHVWDGRDFWXDOGHO&R3LORW\ODVDSOLFDFLRQHVHQXVRVHJ¼QODLOXVWUDFLµQ\ODWDEOD
DFRQWLQXDFLµQ/DEDUUDGHHVWDGRVHPXHVWUD\VHGHVFULEHFRQWRGDVODVIXQFLRQHVSRVLEOHV/DIXQFLRQDOLGDG
GLVSRQLEOHGHSHQGHGHODVVXVFULSFLRQHVDSOLFDFLRQHV\VXVFRPSRQHQWHVDVRFLDGRVHWF/RTXHVHPXHVWUD
GHSHQGHGHTX«KD\DFWXDOPHQWHDFWLYRRHQFXUVR\WDPEL«QGHODFREHUWXUD6LVRORVHPXHVWUDXQRGHORV
FXDWURV¯PERORVDODL]TXLHUGDHVWDU£ODSRVLFLµQQ|6LVHPXHVWUDQP£VORVV¯PERORVVHH[SDQGHQKDFLDOD

GHUHFKDHQRUGHQGHSULRULGDG GHD 3DUDORVVHLVV¯PERORVDODGHUHFKDODH[SDQVLµQVHOOHYDDFDERGH
GHUHFKDDL]TXLHUGDVHJ¼QODSULRULGDG GHD 

'HVOLFHKDFLDDEDMRSDUDDFFHGHUDOFHQWURGHDFFLRQHVORVPHQVDMHV
0HQVDMHGH
 DFWLYRVVHHQFXHQWUDQHQHOFHQWURGHPHQVDMHV
DGYHUWHQFLDDFWLYR
/HDHOPHQVDMH\HIHFW¼HODDFFLµQVROLFLWDGD
'HVOLFHKDFLDDEDMRSDUDDFFHGHUDOFHQWURGHDFFLRQHVORVPHQVDMHV
0HQVDMHGH
 DFWLYRVVHHQFXHQWUDQHQHOFHQWURGHPHQVDMHV
LQIRUPDFLµQDFWLYR
/HDHOPHQVDMH\HIHFW¼HODDFFLµQVROLFLWDGD
+D\XQDGHVFDUJDGHVRIWZDUHDFWLYD
 'HVFDUJDGH6(06
(OV¯PEROR LQGLFDXQSUREOHPDWHPSRUDOFRQODGHVFDUJD

 3URFHVRHQFXUVR +D\HQFXUVRXQSURFHVRLQLFLDGRSRUHOXVXDULR
$FFHVRDOFHQWURGH 'HVOLFHKDFLDDEDMR GHVGHFXDOTXLHUSRVLFLµQHQODEDUUDGHHVWDGR SDUD

DFFLRQHV DEULUHOFHQWURGHDFFLRQHV

 &RQH[LµQDLQWHUQHW (OV¯PERORVHPXHVWUDVLKD\FRQH[LµQDLQWHUQHWGLVSRQLEOH

&RQH[LµQSRU (OFDEOHGHHWKHUQHWHVW£FRQHFWDGR(OV¯PERORVRORVHXVDSDUD

(WKHUQHW DSOLFDFLRQHVTXHVHFRPXQLFDQSRUHWKHUQHW F£PDUDVGH,3SRUHMHPSOR 
'LUHFFLµQGHOD 6HLGHQWLILFDODGLUHFFLµQGHODP£TXLQD RQRVHLGHQWLILFDVHJ¼QORLQGLFDGR

P£TXLQD SRUHOV¯PERORGHDEDMRHQODLOXVWUDFLµQ
6%$6/%$1'57.\175,3VRQWLSRVGLIHUHQWHVGHFRUUHFFLRQHV
 7LSRGH*166
H[WHUQDVSDUDXQDPHMRUSUHFLVLµQGHOSRVLFLRQDPLHQWRSRU*36
 3D
DQHOHVG
GHLQVWUUXPHQWRV

 9ROOYR&R3LORW

(OQLYHOGHSUHFLVLµQGHODVFRUUHFFLRQHVH[WHUQDVSDUDXQDPHMRUSUHFLVLµQ
GHOSRVLFLRQDPLHQWRSRU*36/DLOXVWUDFLµQPXHVWUDODPHMRUSUHFLVLµQHQ
 3UHFLVLµQGHO*166
ODSDUWHVXSHULRUKDVWDHVWDGRVLQ*166HQODLQIHULRU1RVHSXHGH
DOFDQ]DUODPHMRUSUHFLVLµQVLQFRUUHFFLRQHVH[WHUQDV

7LSRGHFRQH[LµQ *!( SDUD(

(GJHHQ* !*!+ SDUD$$OWDYHORFLGDGHQ*

FHOXODU GHSHQGLHQGRGHOWLSRGHFRQH[LµQGLVSRQLEOH
)XHU]DGHODVH³DOGHFRQH[LµQFHOXODU/DLOXVWUDFLµQPXHVWUDODIXHU]D
 )XHU]DGHODVH³DO
P£[LPD\VLQFRQH[LµQDEDMR

&HQ
QWUR
RGHDF
FFL
FLRQ
QHV


 $






9
   

 $FFHVRDO&HQWURGHDFFLRQHV GHVOLFHKDFLDDEDMRKDJDGREOH  &HQWURGHD\XGD 0DQXDOHV

FOLF
 &DPSRGHHVWDGR QRYLVLEOHFXDQGRHOFHQWURGHDFFLRQHV  3HUILOHVGHXVXDULR
HVW£DELHUWR
 ƒUHDSDUDDSOLFDFLRQHVGHVRIWZDUH £UHDGHSURJUDPDV  ,QWHQVLGDGGHODOX] GHVOL]DUSDUDDMXVWDU
 $MXVWHVGHO9ROYR&R3LORW  0HQVDMHVGHLQIRUPDFLµQ
 0RGRGHG¯DQRFKH  0HQVDMHVGHDGYHUWHQFLD
 &HQWURGHPHQVDMHV  &DPSRGHXVXDULR FRQXVXDULRDFWLYR
1227$
/RVPHQVDMHVVHPXHVWUDQHQODSDQWDOODSULQFLSDO\HQHOFHQWUR
GHPHQVDMHV7RTXHHOPHQVDMHSDUDDEULUORHQHOFHQWURGH
PHQVDMHV(OQ¼PHURMXQWRDOV¯PERORGHOPHQVDMHLQGLFDHO
Q¼PHURGHPHQVDMHVQROH¯GRVGHVGHHO¼OWLPRLQLFLR(OQ¼PHUR
GLVPLQX\HDPHGLGDTXHVHDEUHQ\FLHUUDQORVPHQVDMHV/RV
PHQVDMHVFHUUDGRVHVW£QDFWLYRVKDVWDTXHHOFRQGXFWRURXQ
W«FQLFRGHVHUYLFLRFXDOLILFDGRKD\DQWRPDGRODVPHGLGDV
QHFHVDULDV

6LLVWHP
PDUH
HWURYLV
VRUU
HTXLSRRSFLRQDO
3DUDODF£PDUDGHYLVLµQGHODQWHUDYHDODS£JLQD
/DF£PDUDXELFDGDHQODSDUWHWUDVHUDGHODP£TXLQDMXQWRFRQ
HO&RSLORWGHODFDELQDGDDORSHUDGRUXQDEXHQDYLVLELOLGDGGH
ODSDUWHWUDVHUDFXDQGRSHMPXHYHODP£TXLQDPDUFKDDWU£V
HWF
 DQHOHVG
3D GHLQVWUUXPHQWRV 
9R
ROYR&R3LORW 
/DF£PDUDGHPDUFKDDWU£VVHDFWLYDFXDQGRHOHQFHQGLGRHVW£
HQSRVLFLµQ
&RPRRSFLµQWDPEL«QKD\XQVLVWHPDGHGHWHFFLµQGHUDGDUHV
TXHGHWHFWDXQ£UHDGHWU£VGHODP£TXLQDVLODPDUFKDDWU£VHVW£
DFWLYDGD6LKD\ULHVJRGHJROSHDUDOJRDOGDUPDUFKDDWU£VHO
VLVWHPDDGYLHUWHGHORTXHVHGHWHFWDGHQWURGHO£UHDGHDODUPD
(O£UHDGHGHWHFFLµQVHPXHVWUDHQODYLVWDGHODF£PDUDGHO&R
SLORW
127 7$
(OVLVWHPDGHGHWHFFLµQSRUUDGDUGHEHU¯DFRQVLGHUDUVHFRPRXQ
GLVSRVLWLYRDX[LOLDU3HVHDOPLVPRKD\TXHVHJXLUWHQLHQGR
PXFKRFXLGDGRDOGDUPDUFKDDWU£VFRQODP£TXLQD
0D
DQWHQLPLHQWR
(O¼QLFRPDQWHQLPLHQWRQHFHVDULRHQODF£PDUD\HOPRQLWRUHV
OLPSLH]D
 /LPSLHODVOHQWHVGHODF£PDUDGHPDUFKDDWU£VFXDQGRVHD
QHFHVDULRFRQXQWUDSRK¼PHGR DJXD 
 /LPSLHODSDQWDOODGHOPRQLWRUGHODFDELQDFRQXQDHVSXPDGH
OLPSLH]DGHDOWDFDOLGDG

12
27$
1RGHEHQXWLOL]DUVHTX¯PLFRVDJUHVLYRVROLPSLDGRUHV
DEUDVLYRVHQODSDQWDOODGHQLQJXQDPDQHUD
1227$
1RWRTXHODSDQWDOODFRQVXVGHGRV(YLWHSUHVLRQDUIXHUWHHQ
ODSDQWDOODVHSXHGHQGD³DUORVS¯[HOHVGHODSDQWDOOD

$MMXVVWH
HVG
GH&R3LORWW
(ODFFHVRDDMXVWHVSDUD9ROYR&R3LORWVHHQFXHQWUDHQHOFHQWUR
GHDFFLRQHV
 $EUDHOFHQWURGHDFFLRQHVGHVGHODEDUUDGHHVWDGRGHOD
SDQWDOOD

9

%DUUDGHHVWDGR
 &HQWURGHDFFLRQHV

 $SDUHFHODEDUUDGHPHQ¼GHOFHQWURGHDFFLRQHV
$

3XOVHHOV¯PERORSDUDORVDMXVWHV
 $SDUHFHQORVDMXVWHVSDUD9ROYR&R3LORW


9

 $MXVWHV

 3D
DQHOHVG
GHLQVWUUXPHQWRV

 9ROOYR&R3LORW

9

(QHOPHQ¼GH$MXVWHVGH&R3LORWVHSXHGHHOHJLUHQWUH
GLIHUHQWHVVXEPHQ¼V

$MMXV
VWH
HVGH
HFRQ
QHFWLLYLGD
DGGH&R3LOR
RW
&R
RQHFWLLYLG
GD G
(Q&RQHFWLYLGDGHOXVXDULRSXHGHVHOHFFLRQDU\HQWUDUHQLQWHUQHW
\HQXQDUHGPµYLO7DPEL«QVHSXHGHYHUVL9ROYR&R3LORWHVW£
FRQHFWDGRDFXDOTXLHUUHG
127$
$QWHVGHXVDUVHUYLFLRVGHFRQH[LµQORFDORY¯DVDW«OLWH
FRPSUXHEHODUHVSRQVDELOLGDGVHJ¼QORVUHJODPHQWRV\
GLVSRVLFLRQHVORFDOHV

9

$MXVWHV
 &RQHFWLYLGDG

$MMXVWH
HVG
GHFRQ
QH[LµµQHQFDV
VRGHXQDFRQ
QH[Lµ
µQ
DX
XWRP£WLFDIDOOLGD
 $EUDHOFHQWURGHDFFLRQHVGHVGHOD%DUUDGHHVWDGRGHOD
SDQWDOOD
 $SDUHFHODEDUUDGHPHQ¼GHO&HQWURGHDFFLRQHV
 3D
DQHOHVG
GHLQVWUUXPHQWRV 
9R
ROYR&R3LORW 

3XOVHHOV¯PERORSDUDORVDMXVWHV \OXHJR&
&RQHFWLLYLGDG
$XWR
 3XOVH$ RP£WWLFD
6HPXHVWUDXQPHQVDMH
ಯ5
ಯ 5HVWD
DEOHFHUOORVD
DMXVWH
HVG
GHFRQHF
FWLLYLG
GDG"ರ
3XOVH2
2.SDUDUHVWDEOHFHUORVDMXVWHV
12
27$
(VWHPHQVDMHQRVHPXHVWUDODSULPHUDYH]GHVSX«VGHXQD
QXHYDLQVWDODFLµQ
9ROYR&R3LORWVHFRQHFWDU£DXWRP£WLFDPHQWHDLQWHUQHW
 (VWRSXHGHWDUGDUKDVWDPLQXWR
 6LODFRQH[LµQVXFHGHFRUUHFWDPHQWH
(OHVWDGRGHFRQH[LµQVHPXHVWUDHQODSDUWHLQIHULRUGHOD
S£JLQD
3XOVH22.
 6LODFRQH[LµQIDOOD
6L9ROYR&R3LORWQRSXHGHFRQHFWDUVHDLQWHUQHWVHPXHVWUD
HVWDLPDJHQ


3XOVH22.\VLJDODVLQVWUXFFLRQHVDFRQWLQXDFLµQ
c12
c127$
/DFDXVDGHXQDFRQH[LµQIDOOLGDSXHGHVHUXQDFRQH[LµQ
GHILFLHQWHDODUHGPµYLOTXHQRTXHGHQGDWRVHQOD
VXVFULSFLµQORVUHTXLVLWRVGHODUHGPµYLOHWF
&RPSUXHEHHOUHQGLPLHQWRGHODUHGODVSURSLHGDGHVGHOD
WDUMHWD6,0ORVUHTXLVLWRVGHODUHGPµYLO
6LLHOUHJLVWUURDXWRP£WLFRQRIXQFLR
RQD
 3XOVH&
&RQIILJX
XUDFLµQQSH
HUVR
VRQDDOL]DG
GD\$
$MXVWHV
MXVWHVGH
HOD
DUHG
HGFHOXODU
FHOXODU
 3XOVH1
1RPEUHV VG
GHSXQWRRG
GHD
DFFH
FHVVR\VHOHFFLRQHODFRQH[LµQ
SDUDFDPELDUORVDMXVWHVGHSXQWRGHDFFHVRVHJ¼QORV
UHTXLVLWRVGHODUHGPµYLO
 3DUDJXDUGDUORVFDPELRVWRTXHHOV¯PERORGHWUHVSXQWRV\
SXOVH*
*XDUGD DU
 3D
DQHOHVG
GHLQVWUUXPHQWRV

 9R
ROYR&R3LORW
$MXVWHVGH&R3LORW$FWXDOL]DFLµQGHVRIWZDUH
(OVRIWZDUH9ROYR&R3LORWVHSXHGHDFWXDOL]DURQOLQHDWUDY«VGH
ODWHFQRORJ¯D2W$ 2YHUWKH$LU
 3XOVH$ $FW
FWXXDOL]DFLµ
µQGHVRIWWZDUH\OXHJR$
$FW
FWXXDOOL]DF
FLµ
µQ2
2W$
 (OVLVWHPDFRPSUXHEDVLKD\DFWXDOL]DFLRQHV
 6LJDODVLQVWUXFFLRQHV
1227$
/DGHVFDUJD\DFWXDOL]DFLµQGHVRIWZDUHVHSURGXFLU£HQYDULDV
HWDSDV\OXHJRVHUHLQLFLDU£
12
27$
$VHJ¼UHVHGHTXHTXHGHQFRPRP¯QLPR0%GHGDWRV

PµYLOHVSDUDFDGDDFWXDOL]DFLµQ
&RQFRQH[LµQDLQWHUQHWFDGDG¯DVHFRPSUXHEDHOVLVWHPDGH
IRUPDDXWRP£WLFDSRUVLKD\XQDDFWXDOL]DFLµQGHVRIWZDUH
6LHVWRQRRFXUUHVHSXHGHVROLFLWDUPDQXDOPHQWHXWLOL]DQGRHO
PHQ¼$ $FW
FWX
XDOOL]DF
FLµ
µQ2W$
(OVLVWHPD9ROYR&R3LORWGDLQIRUPDFLµQVREUHHOVRIWZDUH
LQVWDODGRODYHUVLµQGHVRIWZDUHGHODP£TXLQD\ODYHUVLµQGH
DSOLFDFLµQ$QGURLG
(OVHUYLGRUUHPRWRFRPSUXHEDVLKD\XQDQXHYDYHUVLµQGH
VRIWZDUHGLVSRQLEOH6LVHHQFXHQWUDXQDQXHYDYHUVLµQVH
PXHVWUDXQPHQVDMHHQODSDQWDOOD\HORSHUDGRUSXHGH
GHVFDUJDUHLQVWDODUHOVRIWZDUH
1227$
(OVRIWZDUHWDPEL«QVHSXHGHDFWXDOL]DUXWLOL]DQGRODKHUUDPLHQWD
GHVHUYLFLR\XQW«FQLFRGHVHUYLFLRFXDOLILFDGRTXLHQWDPEL«Q
SXHGHDFRQVHMDUVREUHRWUDVDSOLFDFLRQHV\DFWXDOL]DFLRQHVGHO
VLVWHPD

$MMXV
VWH
HVG
GHO&R3LORWWSHUILOH
HVG
GHRS
SHUDGRU
$³DGLUERUUDU\HGLWDUSHUILOHVGHRSHUDGRU

9

 3HUILOHVGHRSHUDGRU
 3D
DQHOHVG
GHLQVWUUXPHQWRV 
9R
ROYR&R3LORW 
$³DGLUXQSHUILOGHRSHUDGRU

9

 $³DGLUSHUILOHVGHRSHUDGRU

3XOVHODWHFODP£V  SDUDD³DGLUXQSHUILO

 
9

,QWURGX]FDHOQRPEUHGHOSHUILO\SXOVH2.SDUDJXDUGDU
1277$
0DUTXHODFDVLOODSDUDLQLFLDUVHVLµQDXWRP£WLFDPHQWHFRQHVWH
SHUILOGHRSHUDGRU
(OOLPLQDUXQSHUILOGHRSHUDGRU
3DUDHOLPLQDUXQSHUILOGHRSHUDGRUUHV£OWHOR\SXOVHVREUHOD
SDSHOHUD
 3D
DQHOHVG
GHLQVWUUXPHQWRV

 9R
ROYR&R3LOORW

9

$MMXVVWH
HVG
GH&R3LORWWSHUILOG
GHORSHUDGRU
HOOLPLLQD
DFLµQ
QGHGD
DWRV
3DUDUHWLUDUWRGRVORVGDWRVHVSHF¯ILFRVDORSHUDGRUVHGHEHU¯D
ERUUDUHOSHUILOGHORSHUDGRU

$MMXV
VWH
HVG
GH&RSLORWWSDQWDOOD
$MXVWHHOEULOORGHODSDQWDOODPDQXDOPHQWHRDM¼VWHORXVDQGR
$GDSWLYHEULJKWQHVV

$MMXV
VWH
HVG
GH&RSLORWWLGLLRP
PDHLQWWUR
RGXFFL
FLµQ
Q
$TX¯VHSXHGHVHOHFFLRQDUHOLGLRPD\HOWLSRGHWHFODGR

$MMXV
VWH
HVG
GH&RSLORWWIHFKD
D\K
KRUD
%DMRHVWHHQFDEH]DGRVHSXHGHDMXVWDU
 )HFKD
 =RQDKRUDULD
 $XWRP£WLFDSXHGHDMXVWDUVHVLKD\XQDUHGGLVSRQLEOH
 )RUPDWRGHSDQWDOODIRUPDWRGHRKRUDV

$MMXV
VWH
HVGH
HO&
&R3LORWWVRE
EUHODWD
DEOHWWD
/DSDQWDOOD$FHUFDGHFRQWLHQH
 (VSHFLILFDFLRQHVGHVRIWZDUH\ILUPZDUH
 ,GHQWLILFDFLµQGHOFKDVLVGHODP£TXLQD\Q¼PHURGHVHULHGHO
9ROYR&R3LORW
 (VWDGRGHODUHG
 ,QIRUPDFLµQGHVHQVRUHV
 ,QIRUPDFLµQVREUHOLFHQFLDVGHVRIWZDUH
 ,QIRUPDFLµQGHODYHUVLµQGHODVDSOLFDFLRQHVLQVWDODGDV
 $FFHVRDO&HQWURGHLQIRUPDFLµQ

0H
HQVDMMHV
/RVPHQVDMHVVHPXHVWUDQHQODSDQWDOODSULQFLSDO\HQHOFHQWUR
GHPHQVDMHV,QGHSHQGLHQWHPHQWHGHGµQGHVHKDJDFOLFHQXQ
PHQVDMHVHDEUHHQHOFHQWURGHPHQVDMHV(OQ¼PHURGH
V¯PERORVGHOPHQVDMHLQGLFDHOQ¼PHURGHPHQVDMHVQROH¯GRV
 3DQHOHVG
GHLQVWUUXPHQWRV 
9ROOYR&R3LOORW 
GHVGHHO¼OWLPRDUUDQTXH(OQ¼PHURVHUHGXFHFDGDYH]TXHVH
DEUH\VHFLHUUDXQPHQVDMH




9


&HQWURGHDFFLRQHV
 &HQWURGHPHQVDMHV
 0HQVDMHVGHLQIRUPDFLµQ
 0HQVDMHVGHDGYHUWHQFLD 
/RVPHQVDMHVGHDGYHUWHQFLDVHPRVWUDU£QHQDPDULOOR(VWRV
LQGLFDQXQIDOORGHIXQFLRQDPLHQWRGH9ROYR&R3LORWR
DSOLFDFLRQHV/HDHOPHQVDMHWRPHPHGLGDVDGHFXDGDV\
FRQWDFWHFRQXQW«FQLFRGHVHUYLFLRFXDOLILFDGR
/RVPHQVDMHVGHLQIRUPDFLµQVHPRVWUDU£QHQD]XO6H
PXHVWUDQLQIRUPDFLµQVREUHHO9ROYR&R3LORWRDSOLFDFLRQHV
/HDHOPHQVDMH\WRPHPHGLGDVDGHFXDGDV

&HQ
QWUR
RGHD\XG
GD
3DUDDFFHGHUDO&HQWURGHD\XGDDEUDHO&HQWURGHDFFLRQHVHQ
OD%DUUDGHHVWDGRGHODSDQWDOOD\KDJDFOLFHQ 

9

 &HQWURGHDFFLRQHV
 &HQWURGHD\XGD

0D
DQXDOHV
V
/RV0DQXDOHVGLJLWDOHVHVW£QGLVSRQLEOHVHQHO&HQWURGHD\XGD
GHO9ROYR&R3LORWTXHWDPEL«QFRQWLHQHKHUUDPLHQWDVGH
DVLVWHQFLDUHPRWD HQFDVRGDGR 
 3D
DQHOHVG
GHLQVWUUXPHQWRV

 9R
ROYR&R3LORW

9
 3DQHOHVGHLQVWUXPHQWRV 
3DQHOGHLQVWUXPHQWRVSRVWHGHODFDELQD 

3DQHOGHLQVWUXPHQWRVSRVWHGHOD
FDELQD
 5HJHQHUDFLµQ
D

 &DPELRGHVFHQGHQWHWRWDOPHQWHDXWRP£WLFR  )$36

 5HVHUYD
 %ORTXHR
   %DVFXODPLHQWRDXWRP£WLFR SRVLFLRQDGRUGHFXFKDUD
 (OHYDFLµQDXWRP£WLFD DXWRPDWLVPRGHHOHYDFLµQGHOD
  SOXPD
 5HVHUYD
 'HVFHQVRDXWRP£WLFRGHORVEUD]RVGHFDUJD HTXLSR
  RSFLRQDO

 


5HVHUYD
)XQFLµQGHHOHYDFLµQGHVLPSOHHIHFWR HTXLSRRSFLRQDO

 lIXQFLµQKLGU£XOLFDIOXMRFRQVWDQWHDMXVWDEOH HTXLSR
  RSFLRQDO
 6HOHFWRUGHIXQFLµQVXVSHQVLµQGHORVEUD]RVGHFDUJD
  HTXLSRRSFLRQDO
 $OXPEUDGRGHWUDEDMRSDUWHGHODQWHUD
 $OXPEUDGRGHWUDEDMRSDUWHWUDVHUD
 
 )DURV
   /X]GHDGYHUWHQFLDJLUDWRULD HTXLSRRSFLRQDO
0,55 256

/ 5
 5HWURYLVRUHVGHDMXVWHHO«FWULFR HTXLSRRSFLRQDO
  5HWURYLVRUHVW«UPLFRV HTXLSRRSFLRQDO
  /LPSLDSDUDEULVDV\ODYDSDUDEULVDVHQYHQWDQDWUDVHUD

 &HUUDGXUDGHHQFHQGLGR
 /XFHVGHWUDEDMRH[WHQGLGDV/X]GHODHQWUDGD HTXLSR
 RSFLRQDO
 5HVHUYD
 0DQGRPDQXDOGHODFHOHUDGRU HTXLSRRSFLRQDO
   7RPDGHFRUULHQWHHO«FWULFDGH9
D 6RORVHDSOLFDDODVP£TXLQDFRQPRWRU'-




 9
 3D
DQHOHVG
GHLQVWUUXPHQWRV

 3D
DQHOGHLQVWUUXPHQWRVSRVWH
HGHODFDE
ELQD
5HJHQHUDFLµQ VRORVHDSOLFDDODVP£TXLQDFRQ
PRWRU'-
&XDQGRVHQHFHVLWDXQDUHJHQHUDFLµQDSDUHFHXQPHQVDMHHQ
ODSDQWDOODSDUDLQGLFDUTXHHVKRUDGHHMHFXWDUXQDUHJHQHUDFLµQ
9HDODS£JLQD

9

&DPELRGHVFH
FHQ
QGHQWHWRWDOPHQWHDXWRP£WLFR 
$36
)$
3DUWHVXSHULRUGHOLQWHUUXSWRUSUHVLRQDGD FDPELRGHVFHQGHQWH
DXWRP£WLFRDODlPDUFKDFXDQGRHVQHFHVDULR VLJXHVLHQGR
SRVLEOHKDFHUHOFDPELRGHVFHQGHQWHGHIRUPDPDQXDOPHGLDQWH
XQRGHORVERWRQHVGHNLFNGRZQ 
3DUWHLQIHULRUGHOLQWHUUXSWRUSUHVLRQDGDHQ SRVLFLµQ  VH
 HIHFW¼DHOFDPELRGHVFHQGHQWHDXWRP£WLFRDODlPDUFKDSRU
PHGLRGHXQRGHORVERWRQHVGHNLFNGRZQ
12
27$
&XDQGRHOLQWHUUXSWRUQRHVW£DFWLYDGRVHSXHGHDFWLYDUODl
PDUFKDDXWRP£WLFDPHQWHSDUDUHGXFLUHOFRQVXPRGH
FRPEXVWLEOHYHDODS£JLQDSDUDP£VLQIRUPDFLµQ
5HVHUUYD
/RFN
NX
XS
3DUWHVXSHULRUGHOLQWHUUXSWRUSUHVLRQDGD IXQFLµQGH/RFNXS
HPEUDJXHGHDFRSODPLHQWRGLUHFWRHQHOFRQYHUWLGRUGHSDU
DFWLYDGR6HHQFLHQGHXQDO£PSDUDWHVWLJRHQHOSDQHOGH
LQVWUXPHQWRVGHODQWHURFXDQGRHVW£DSOLFDGRHO/RFNXSYHDOD
S£JLQD
3DUWHLQIHULRUGHOLQWHUUXSWRUSUHVLRQDGD $FRSODPLHQWRGLUHFWR

GHVDFWLYDGR
%DVFX
FXOODPLHQWRDXWRP£WLFR SRVLF
FLR
RQDGRUGH
FXF
FXFKD
DUD
3DUWHVXSHULRUGHOLQWHUUXSWRUSUHVLRQDGD UHWRUQRGHEDODQF¯Q 
DMXVWHGHODSRVLFLµQGHEDVFXODPLHQWRFRQVXOWHODS£JLQD
,QWHUUXSWRUHQSRVLFLµQFHQWUDO EDVFXODPLHQWRDXWRP£WLFR
SRVLFLRQDPLHQWRGHODFXFKDUD DFWLYDGR
,QWHUUXSWRUSDUWHLQIHULRUSUHVLRQDGD EDVFXODPLHQWRDXWRP£WLFR
 SRVLFLRQDGRUGHODFXFKDUD GHVDFWLYDGR
(OOHYDF
FLµ
µQDX
XWRP£WLFD DXWRPDWLVPR
RGH
HHOOHYDFFLµ
µQGH
H
ODSOXPD
3DUWHVXSHULRUGHOLQWHUUXSWRUSUHVLRQDGD UHWRUQRGHEDODQF¯Q 
DMXVWHGHODDOWXUDGHHOHYDFLµQFRQVXOWHODS£JLQD
,QWHUUXSWRUHQSRVLFLµQFHQWUDO HOHYDFLµQDXWRP£WLFD
DXWRPDWLVPRGHHOHYDFLµQGHODSOXPD DFWLYDGR
,QWHUUXSWRUSDUWHLQIHULRUSUHVLRQDGD HOHYDFLµQDXWRP£WLFD

DXWRPDWLVPRGHHOHYDFLµQGHODSOXPD GHVDFWLYDGR
3RUP£VLQVWUXFFLRQHVFRQVXOWHODS£JLQD
 3D
DQHOHVG
GHLQVWUUXPHQWRV 
3DQ
QHOGHLQVWUUXPHQWRVSRVWH
HGHODFDE
ELQD 
5HVHUYD
5HWRUQRDH[FDYDFLµQ GHVFHQVRDXWRP£WLFRGHOD
SOXPD  HTXLSRRSFLRQDO
3DUWHVXSHULRUGHOLQWHUUXSWRUSUHVLRQDGD UHWRUQRGHEDODQF¯Q 
DMXVWHGHODSRVLFLµQGHEDMDGD9HUODS£JLQD
,QWHUUXSWRUHQODSRVLFLµQFHQWUDO GHVFHQVRDXWRP£WLFRGHORV
EUD]RVGHFDUJDDFWLYDGR
9
,QWHUUXSWRUSDUWHLQIHULRUSUHVLRQDGD GHVFHQVRDXWRP£WLFRGH

ORVEUD]RVGHFDUJDGHVDFWLYDGR
5HVHUUYD
)XQ
 QFLµ
µQGHHOHYDF
FLµ
µQGHVLP
PSOHHIHFWR
R HTXLSR
RS
SFLR
RQDO
3DUWHVXSHULRUGHOLQWHUUXSWRUSUHVLRQDGD )XQFLµQGHHOHYDFLµQ
GHVLPSOHHIHFWRDFWLYDGD
3DUWHLQIHULRUGHOLQWHUUXSWRUSUHVLRQDGD )XQFLµQGHHOHYDFLµQ

GHVLPSOHHIHFWRGHVDFWLYDGD
$KRUDVHSXHGHOHYDQWDUHOLPSOHPHQWRHVGHFLUSRUHMHPSORVL

VHSDVDSRUSDUWHVLUUHJXODUHVGHOWHUUHQRSHURYXHOYHDOD
SRVLFLµQRULJLQDOSRUVXSHVRPXHUWR
 3D
DQHOHVG
GHLQVWUUXPHQWRV

 3DQ
QHOGHLQVWUUXPHQWRVSRVWH
HGHODFDE
ELQD
DIXQFLµQKLGU£XOLFDFDXGDOFRQVWDQWHDMXVWDEOH
HTXLSDPLHQWRRSFLRQDO
(VWDIXQFLµQVHXVDSULPDULDPHQWHSDUDLPSOHPHQWRVFRQSLH]DV
PµYLOHVWDOHVFRPREDUUHGRUDVRVRSODQLHYHVFXDQGRVH
QHFHVLWDXQDYHORFLGDGGHURWDFLµQDGHFXDGDXVDQGRHOFDXGDO
GHODDIXQFLµQKLGU£XOLFD

9
3DUWHVXSHULRUGHOLQWHUUXSWRUSUHVLRQDGD UHWRUQRGHOEDODQF¯Q 
 DMXVWHGHOIOXMR
$ ,QWHUUXSWRUHQSRVLFLµQFHQWUDO IOXMRDMXVWDEOHDFWLYDGR
% 3DUWHLQIHULRUGHOLQWHUUXSWRUSUHVLRQDGD IOXMRDMXVWDEOH
GHVDFWLYDGR
+DJDORTXHVHLQGLFDDFRQWLQXDFLµQSDUDDMXVWDUHOFDXGDO
VHQWLGRGHURWDFLµQ\YHORFLGDGGHURWDFLµQ 
 $GDSWHHOU«JLPHQGHOPRWRUDOWUDEDMRDUHDOL]DU
 3UHVLRQHODSDUWHVXSHULRUGHOLQWHUUXSWRUVHHVFXFKDU£XQ
ELS
 6HOHFFLRQHHOVHQWLGRGHURWDFLµQ $R% \SDVHDXQDFDUUHUD
DGHFXDGDSDUDDMXVWDUODYHORFLGDGGHURWDFLµQKDVWDTXHVH
RLJDHOVLJXLHQWHELSSDVDGRVVLHWHVHJXQGRV VHJXDUGDHO
DMXVWH OXHJRPXHYDLQPHGLDWDPHQWHDFDUUHUDFRPSOHWD
% GXUDQWHQRPHQRVGHVHJXQGRVSDUDDFWLYDUHODMXVWH
$ &DQFHOHHODMXVWHDFWXDOPRYLHQGRHOFRQWUROHQHOVHQWLGR
RSXHVWR %R$ RGHVDFWLYDQGRFRQHOLQWHUUXSWRU
12
27$
6LHVQHFHVDULRUHGXFLUHOU«JLPHQGHOPRWRUVHSXHGHGHWRGRV
PRGRVFRQVHUYDUODYHORFLGDGGHURWDFLµQPDQWHQLHQGRXQD
FDUUHUDP£VSURORQJDGD
1227$
6HJXDUGDHODMXVWHP£VUHFLHQWH\VHSXHGHXVDUQXHYDPHQWH
DFWLYDQGRODIXQFLµQ LQWHUUXSWRUHQODSRVLFLµQFHQWUDO SDVDQGR
9
OXHJRDFDUUHUDFRPSOHWDGXUDQWHQRPHQRVGHVHJXQGRV
0DQGRV
/XHJRVHEORTXHDHOIOXMRHQHODMXVWHDQWHULRU\HQWRQFHVVH
 SXHGHOLEHUDUHOPDQGR
3DUDFRQHFWDUODlIXQFLµQKLGU£XOLFDDOLPSOHPHQWR9HUOD
S£JLQD

6H
HOHFWR
RUGH
HIX
XQFLµ
µQVX
VXVVSH
HQVLµ
µQGH
HOEUUD]RGH
HFD
FDUUJD
%66  HTXLSRRSFLRRQDO
(OLQWHUUXSWRUWLHQHWUHVSRVLFLRQHV&XDQGRDUUDQFDHOPRWRUOD
IXQFLµQUHYLHUWHDODSRVLFLµQSUHVHOHFFLRQDGD
3DUDORVDMXVWHVGHOVLVWHPDGHVXVSHQVLµQGHODSOXPDHQ
FRPELQDFLµQFRQGLVWLQWRVLPSOHPHQWRVYHDODVHFFLµQ7«FQLFDV
GHFRQGXFFLµQ
9
 3DUWH
3DU HVVXS
SHULR
RUGGHOOLLQWWHUUX
UXSSWRUS
SUHVLR
RQDGD 6XV VSH
HQVLµQGHOORV
EUUD]
]RV
VGGHFDUUJDGHSHQGLHQ QWHG
GHODYHOR
RFLGDG
G
LQGHSHQGLHQWHPHQWHGHODSRVLFLµQGHOVHOHFWRUGHPDUFKDV 
 /DO£PSDUDWHVWLJRGHODVXVSHQVLµQGHORVEUD]RVGHFDUJDVH
HQFLHQGH\HQODSDQWDOODEDMRHOPHQ¼+LGU£XOLFDDSDUHFH
%66$FWLYDGRR%66'HVDFWLYDGRVHJ¼QHVW«DFRSODGR
RGHVDFRSODGRHOVLVWHPD GHSHQGHGHODYHORFLGDG 
 /DVXVSHQVLµQGHORVEUD]RVGHFDUJDVHDFRSODU£GHQXHYRVL
VHH[FHGHXQDFLHUWDYHORFLGDG
 3RUGHEDMRGHXQDFLHUWDYHORFLGDG DSUR[LPDGDPHQWHNPK
FRQODPDUFKDDGHODQWHDFRSODGDRDSUR[LPDGDPHQWHNPK
 3D
DQHOHVG
GHLQVWUUXPHQWRV 
3DQ
QHOGHLQVWUUXPHQWRVSRVWH
HGHODFDE
ELQD 
HQSXQWRPXHUWRRFRQODPDUFKDDWU£VDFRSODGD VH
GHVDFRSODU£ODIXQFLµQ
,QWHUUX
UXSSWRUH
HQSRV
VLFLµ
µQFHQ
QWUUDOO 6XVSHQ
QVLµ
µQGHOORVE
EUD]
]RV
VG
GH
FDUUJDGHS
FD SHQQGLLHQWHGHODPDUFKFKD
 /DO£PSDUDWHVWLJRGHODVXVSHQVLµQGHORVEUD]RVGHFDUJDVH
HQFLHQGH\HQODSDQWDOODEDMRHOPHQ¼+LGU£XOLFDDSDUHFH
%66$FWLYDGRR%66'HVDFWLYDGRVHJ¼QHVW«DFRSODGR
RGHVDFRSODGRHOVLVWHPD GHSHQGHGHODPDUFKD 
 (OVLVWHPDGHVXVSHQVLµQGHODSOXPDHVW£DFRSODGRHQODV
SRVLFLRQHVGHFDPELRGHPDUFKDV\\FXDQGRHVW£
DFRSODGRSXQWRPXHUWRPDUFKDDGHODQWHRPDUFKDDWU£V
 &XDQGRNLFNGRZQHVW£DFWLYDGRVHGHVDFRSODU£ODIXQFLµQ
3DUUWH
HLQIHULRUUG
GHOLLQWHUUX
UXSSWRUS
SUHVLRQ
QDGD
D VXV
VSH
HQVLµQ
QGHOORV
V
EUUD]
]RVVG
GHFFDUJD DGHVDFWLLYDGD

$OXPEUDGRGHWUDEDMRSDUWHGHODQWHUD
,QWHUUXSWRUSDUWHVXSHULRUSUHVLRQDGD HODOXPEUDGRGHWUDEDMR
GHOWHFKRGHODFDELQDHODOXPEUDGRGHWUDEDMRLQIHULRU\HO
DOXPEUDGRGHWUDEDMRGHOLPSOHPHQWR HTXLSRRSFLRQDO HVW£Q

HQFHQGLGRV
,QWHUUXSWRUHQODSRVLFLµQFHQWUDO $OXPEUDGRGHWUDEDMRHQHO
WHFKRGHODFDELQDHQFHQGLGR
 3DUWHLQIHULRUGHOLQWHUUXSWRUSUHVLRQDGD $OXPEUDGRGHWUDEDMR
GHODQWHURDSDJDGR
/DO£PSDUDWHVWLJRHQHOSDQHOGHLQVWUXPHQWRVGHODQWHURLQGLFD
TXHHVW£FRQHFWDGRHODOXPEUDGRGHWUDEDMR
/DVOXFHVGHHVWDFLRQDPLHQWR\ODVOXFHVGHODPDWU¯FXOD HTXLSR
RSFLRQDO WDPEL«QHVW£QHQFHQGLGDVFXDQGRHODOXPEUDGRGH
WUDEDMRHVW£QHQFHQGLGR

$OXPEUDGRGHWUDEDMRSDUWHWUDVHUUD
,QWHUUXSWRUSDUWHVXSHULRUSUHVLRQDGD HODOXPEUDGRGHWUDEDMR
GHOWHFKRGHODFDELQD\HODOXPEUDGRGHWUDEDMRLQIHULRUHVW£Q
HQFHQGLGRVFXDQGRODPDUFKDDWU£VHVW£DFWLYDGD
,QWHUUXSWRUHQODSRVLFLµQFHQWUDO $OXPEUDGRGHWUDEDMRHQHO
WHFKRGHODFDELQDHQFHQGLGR
3DUWHLQIHULRUGHOLQWHUUXSWRUSUHVLRQDGD $OXPEUDGRGHWUDEDMR
 DSDJDGR
/DO£PSDUDWHVWLJRHQHOSDQHOGHLQVWUXPHQWRVGHODQWHURLQGLFD
TXHHVW£FRQHFWDGRHODOXPEUDGRGHWUDEDMR
/DVOXFHVGHHVWDFLRQDPLHQWR\ODVOXFHVGHODPDWU¯FXOD HTXLSR
RSFLRQDO WDPEL«QHVW£QHQFHQGLGDVFXDQGRHODOXPEUDGRGH
WUDEDMRHVW£QHQFHQGLGR
127 7$
(ODOXPEUDGRGHWUDEDMRGHEHHVWDUGHVFRQHFWDGRDOGHVSOD]DUVH
SRUY¯DVS¼EOLFDV

)DUURV
,QWHUUXSWRUSDUWHVXSHULRUSUHVLRQDGD ORVIDURVODVOXFHVGH
HVWDFLRQDPLHQWR\ODVOXFHVGHODPDWU¯FXOD HTXLSRRSFLRQDO
HVW£QHQFHQGLGRV
,QWHUUXSWRUHQSRVLFLµQFHQWUDO ODVOXFHVGHHVWDFLRQDPLHQWR\
ODVOXFHVGHODPDWU¯FXOD HTXLSRRSFLRQDO HVW£QHQFHQGLGDV
3DUWHLQIHULRUGHOLQWHUUXSWRUSUHVLRQDGD ORVIDURVHVW£Q
 DSDJDGRV
 3D
DQHOHVG
GHLQVWUUXPHQWRV

 3D
DQHOGHLQVWUUXPHQWRVSRVWH
HGHODFDE
ELQD
&DPELRGHOX]ODUJDDOX]GHFUXFHHQODS£JLQD
/DO£PSDUDWHVWLJRHQHOSDQHOGHLQVWUXPHQWRVGHODQWHURLQGLFD
TXHHVW£QFRQHFWDGDVODVOXFHVODUJDV
/X]G
GHDGYHUUWHQFLD
DJLUDWRULD HTXLSRRSFLR
RQDO
3DUWHVXSHULRUGHOLQWHUUXSWRUSUHVLRQDGD /X]GHDGYHUWHQFLD
JLUDWRULDFRQHFWDGDYHDWDPEL«QODS£JLQD
3DUWHLQIHULRUGHOLQWHUUXSWRUSUHVLRQDGD /X]GHDGYHUWHQFLD
JLUDWRULDGHVFRQHFWDGD
/DO£PSDUDWHVWLJRHQHOSDQHOGHLQVWUXPHQWRVGHODQWHURLQGLFD
TXHODOX]GHDGYHUWHQFLDJLUDWRULDHVW£FRQHFWDGD


0 ,55 2 5 6 5HWURYLV
VRUUHVG
GHDMXVWH
HHO«FWUULFR HTXLSRRSFLR
RQDO
/ 5 6HOHFFLRQHHOUHWURYLVRUL]TXLHUGRRGHUHFKRPRYLHQGRHOERWµQ
SHTXH³RGHODSDUWHVXSHULRU
$MXVWHORVHVSHMRVUHWURYLVRUHVPRYLHQGRHOERWµQLQIHULRUHQOD
GLUHFFLµQGHODVIOHFKDV

9
12
27$

6RORHOHVSHMRVXSHULRUGHORVGRVHVSHMRVGHFDGDODGRSXHGH
VHURSHUDGRHO«FWULFDPHQWH(OHVSHMRLQIHULRUVHGHEHDMXVWDU
PDQXDOPHQWH

5HWURYLVVRUUHVWW«UPLFRV
V HTXLSRRSFLR
RQDO
3DUWHVXSHULRUGHOLQWHUUXSWRUSUHVLRQDGD &DOHIDFFLµQHO«FWULFD
DFWLYDGD
3DUWHLQIHULRUGHOLQWHUUXSWRUSUHVLRQDGD &DOHIDFFLµQHO«FWULFD
GHVDFWLYDGD



/LLPSLDSDUDEULVDVV\ODY
YDS
SDUDEULVDVVYH
YHQQWDQDWUUDVHUUD
3DUWHVXSHULRUGHOLQWHUUXSWRUSUHVLRQDGD LQWHUUXSWRUGHEDODQF¯Q
HOODYDSDUDEULVDVHVW£DFWLYDGR\HOOLPSLDSDUDEULVDVUHDOL]D
XQDVSRFDVSDVDGDV
,QWHUUXSWRUHQODSRVLFLµQGHPHGLR HOOLPSLDOXQHWDIXQFLRQDD
LQWHUYDORV(OWLHPSRGHLQWHUYDORHVV
&RQODPDUFKDDWU£VDSOLFDGDHOOLPSLDOXQHWDIXQFLRQD
 FRQWLQXDPHQWH
3DUWHLQIHULRUGHOLQWHUUXSWRUSUHVLRQDGD /LPSLDSDUDEULVDV\
ODYDGRGHVDFWLYDGRV
'HSµVLWRGHO¯TXLGRGHODYDGRSDUDSDUDEULVDVGHODQWHUR\
YHQWDQDWUDVHUD9HUODS£JLQD
 3D
DQHOHVG
GHLQVWUUXPHQWRV 
3D
DQHOGHLQVWUUXPHQWRVSRVWH
HGHODFDE
ELQD 
&HUUDGXUDGHHQFHQGLGR
(QFHQGLGRSRVLFLRQHV

 'HVDFWLYDGR PRWRUDSDJDGRFRQODOODYH
5 3RVLFLµQGHUDGLR
 0RGRGHFRQGXFFLµQ
 3RVLFLµQGHDUUDQTXH


)XQFLµ
)XQ µQGH
HEOORTXHR\DS
SHUWXUDGH
HOD
DSX
XHUWDSR
RUFR
FRQ
QWURO
UH
HPRWR HTXLSRRSFLRRQDO

$'
'9(57(1&,$
3HOLJURGHOHVLRQHVJUDYHV 
$EULUODSXHUWDPLHQWUDVKD\DSHUVRQDVHQHO£UHDGHRSHUDFLµQ
GHODPLVPDSRGU¯DSURYRFDUJUDYHVOHVLRQHV
 $EUDOD
$E DSXHUWD
DSR
RUFR
FRQWWUROUH
UHPPRWR
RVR
VROORVL
VLHV
VW£
£VH
VHJJXURGHTXXHQD
DGLLH
SX
XHGHHVHUJJROSHDDGRSSRUOODSXHUWDDFXDQG GRVVHHVW«
«D
DEUULH
HQGR
(OGHVEORTXHR\DEHUWXUDGHODSXHUWDSRUFRQWUROUHPRWRHV
SRVLEOHFRQODOODYHGHDUUDQTXHDXQDGLVWDQFLDGHKDVWD
 PHWURVGHODP£TXLQD(OGHVFRQHFWDGRUGHEDWHU¯DGHEHHVWDU
 DFWLYDGR
 127 7$
6LODSXHUWDQRHVW£FRPSOHWDPHQWHFHUUDGDQRVHSXHGH
EORTXHDUXVDQGRHOFRQWUROUHPRWR

%DWWHU¯D
%D DVXV
VWLLWX
XFLµ
µQ
9 $EUDODWDSDGHODEDWHU¯DHQODSDUWHWUDVHUDGHODOODYHSDUD
/ODYHGHDUUDQTXHFRQFRQWUROUHPRWR HTXLSR VXVWLWXLUODEDWHU¯D &59 
RSFLRQDO
 /ODYHEDODQFHDDGHQWURDIXHUD
 %ORTXHDUSXHUWD
 'HVEORTXHDUSXHUWD
 'HVEORTXHR\DSHUWXUDGHODSXHUWD
SUHVLRQHHOERWµQGRVYHFHV
 7DSDGHODVEDWHU¯DV

 3D
DQHOHVG
GHLQVWUUXPHQWRV

 3D
DQHOGHLQVWUUXPHQWRVSRVWH
HGHODFDE
ELQD
/XFHVGHWUDEDMRH[WHQGLGDV/X]GHODHQWUDGD
HTXLSRRSFLRQDO
/DVOXFHVGHWUDEDMRDGLFLRQDOHVHVW£QVLWXDGDVDOUHGHGRUGHOD
FDELQDSDUDXQDPHMRULOXPLQDFLµQGHODP£TXLQD\ODOX]GHOD
HQWUDGDHVSDUDORVSHOGD³RVGHODFDELQD
,QWHUUXSWRUSDUWHLQIHULRUSXOVDGD ODVOXFHVGHWUDEDMR
9
DGLFLRQDOHV\ODOX]GHODHQWUDGDQRHVW£QGLVSRQLEOHV

,QWHUUXSWRUHQODSRVLFLµQGHOPHGLR ODOX]GHODHQWUDGDHVW£
  GLVSRQLEOH\VHHQFLHQGHFXDQGR
 ODDOLPHQWDFLµQSULQFLSDOHVW£FRQHFWDGD
 HOERWµQ  HVW£SXOVDGR
 VHDEUHODSXHUWD
,QWHUUXSWRUSDUWHVXSHULRUSUHVLRQDGD ODVOXFHVGH
HVWDFLRQDPLHQWR\ODVOXFHVGHODPDWU¯FXOD HTXLSRRSFLRQDO
HVW£QHQFHQGLGDV\ODVOXFHVGHWUDEDMRDGLFLRQDOHV\ODOX]GH
HQWUDGDHVW£QGLVSRQLEOHV
/DVOXFHVGHWUDEDMRDGLFLRQDOHVVHHQFLHQGHQFRQHOHQFHQGLGR
HQODSRVLFLµQ
/DOX]GHODHQWUDGDVHHQFLHQGHFXDQGR
 ODDOLPHQWDFLµQSULQFLSDOHVW£FRQHFWDGD
 HOERWµQ  HVW£SXOVDGR
 VHDEUHODSXHUWD
/DOX]GHODHQWUDGDVHDSDJDGHVSX«VGHWUHVPLQXWRVRVLOD
P£TXLQDVHPXHYH

9

 /XFHVGHWUDEDMRDGLFLRQDOHV
 /XFHVGHWUDEDMRDGLFLRQDOHVOX]GHOD
HQWUDGD
 3XOVDGRU


5HVHUUYD
0DQGRPDQXDOGHODFHOOHUDGRU HTXLSRRSFLR
 RQDO
/DDSOLFDFLµQGHODFHOHUDGRUVHWUDQVPLWHHO«FWULFDPHQWH
/DDFHOHUDFLµQVHPRGLILFDJLUDQGRHOPDQGR(OJLURHQVHQWLGR
KRUDULRDXPHQWDHOU«JLPHQ
'HSHQGLHQGRGHODMXVWHDQWHULRUSXHGHVHUQHFHVDULRJLUDUHO

PDQGRSULPHURHQVHQWLGRFRQWUDKRUDULR\VHJXLGDPHQWHHQ
VHQWLGRKRUDULRSDUDDMXVWDUHOU«JLPHQ
(OGHVHPEUDJXHVHSURGXFHFXDQGRVHXVDHOSHGDOGHOIUHQR
'XUDQWHHODUUDQTXHGHOPRWRUODPDULSRVDPDQXDOVH
GHVDFRSODLQGHSHQGLHQWHPHQWHGHODMXVWHDQWHULRU
 3D
DQHOHVG
GHLQVWUUXPHQWRV 
3DQ
QHOGHLQVWUUXPHQWRVSRVWH
HGHODFDE
ELQD 
7RPDGHFRUULHQWHHO«FWULFDGH9
3DUDFDUJDUXQGLVSRVLWLYRFRPRSRUHMHPSORXQWHO«IRQRPµYLO


 3D
DQHOHVG
GHLQVWUUXPHQWRV

 3DQ
QHOGHLQVWUUXPHQWRVSDUWHVXS
SHULRU

3DQHOGHLQVWUXPHQWRVSDUWH
VXSHULRU
3DQHOGHLQVWUXPHQWRVSDUWHVXSHULRU

 $FRQGLFLRQDGRUGHDLUH
 9HQWLODFLµQGHFDELQD\FDOHQWDGRUDPRWRUSDUDGR
 0DQGRGHOYHQWLODGRU
 0DQGRGHWHPSHUDWXUD
 0DQGRGHGLVWULEXFLµQGHODLUH

,QIRUPDFLµQVREUHHOFOLPDWL]DGRUHQODS£JLQD
 3D
DQHOHVG
GHLQVWUUXPHQWRV 
3DQ
QHOGHLQVWUUXPHQWRVSDUWHWUDVHUUD 

3DQHOGHLQVWUXPHQWRVSDUWH
WUDVHUD

 7RPDGHDOLPHQWDFLµQHO«FWULFD9 SHMGHO
HQFHQGHGRU
 &XELHUWDSDUDODFDMDGHGLVWULEXFLµQHO«FWULFDFRQ
IXVLEOHV\UHO«V


9

3UUXHEDGHIXVLE
EOHV
(VSRVLEOHXVDUIXVLEOHVGHSUXHED
(QODSODFDGHFLUFXLWRLPSUHVR GHWU£VGHODFXELHUWDGHODFDMD
GHIXVLEOHV\UHO«V KD\ODPDUFD)86(7(67 358(%$'(
)86,%/(6 
3DUDSUREDUVLXQIXVLEOHHVW£IXQGLGRRQRDSµ\HORFRQWUDOD
VXSHUILFLHGHFRQWDFWRTXHHVW£GHEDMRGHODPDUFD)86(7(67
6LHOIXVLEOHQRHVW£IXQGLGRVHLOXPLQDHOGLRGROXPLQRVRYHUGH
TXHHVW£HQFLPDGHODPDUFD
3DUDODVHVSHFLILFDFLRQHVGHOVLVWHPDYHDODS£JLQD

3UXHEDGHIXVLEOHV

 3D
DQHOHVG
GHLQVWUUXPHQWRV

 3D
DQHOGHFRQ
QWURO

3DQHOGHFRQWURO
6LVWHPDGHVXSUHVLµQGHLQFHQGLRV
HTXLSRRSFLRQDO
12
27$
$OXVDUHOERWµQ%HQHOSDQHOGHPDQGRVHOPRWRUQRVHSDUD
/DP£TXLQDVHSXHGHPRYHUGXUDQWHHOWLHPSRHQTXHODH[WLQFLµQ
GHOLQFHQGLRHVW«HQFXUVR HOVLVWHPDVHDFWLYD /DRSFLµQGHO
RSHUDGRUGHSHQGHGHODVLWXDFLµQ
$ (OVHOORVHURPSHVLVHOHYDQWDODFXELHUWDGHSO£VWLFR $ 
% 0DQWHQJDSUHVLRQDGRHOERWµQGXUDQWHXQVHJXQGRSDUD
DFWLYDUHOVLVWHPDGHURFLDGRUHVFXDQGRVHLQGLFDXQLQFHQGLR
(OPRWRUQRVHSDUD6HSXHGHXWLOL]DUFXDQGRODP£TXLQDVH
KDGHPRYHUDOPLVPRWLHPSRTXHVHDFWLYDHOVLVWHPD
& (OGLRGROXPLQLVFHQWHHVW£URMRFXDQGRVHGHWHFWDXQLQFHQGLR
\ODVLUHQD\ODOX]HVWURERVFµSLFDVHDFWLYDQDOPLVPRWLHPSR
3DUDDFWLYDUHOVLVWHPDGHURFLDGRUHVPDQXDOPHQWH
PDQWHQJDSXOVDGRHOERWµQ % GXUDQWHVHJXQGR
' (OGLRGROXPLQLVFHQWHHVW£DPDULOORFXDQGRKD\XQIDOORGH
IXQFLRQDPLHQWRGHODIXQFLµQGHDFWLYDFLµQ6LHOGLRGR
OXPLQLVFHQWHHVW£DFWLYDGRFRQWDFWHFRQXQW«FQLFRGH
VHUYLFLRFXDOLILFDGR
$ 7DSDGHSO£VWLFR ( (OGLRGROXPLQLVFHQWHHVW£DPDULOORFXDQGRKD\XQIDOORGH
% /LEHUDFLµQ DFWLYDFLµQ PDQXDO IXQFLRQDPLHQWRGHOFLUFXLWRGHOGHWHFWRU6LHOGLRGR
& $ODUPDGHLQFHQGLR OXPLQLVFHQWHHVW£DFWLYDGRFRQWDFWHFRQXQW«FQLFRGH
' $FWXDGRUGHIHFWXRVR
VHUYLFLRFXDOLILFDGR
( 'HWHFWRUGHIHFWXRVR
) 0DQXDO ) (OGLRGROXPLQLVFHQWHHVW£DPDULOORFXDQGRHOVLVWHPDHVW£HQ
* &RQHFWDGR PRGRPDQXDOHVGHFLUFXDQGRHOIUHQRGHHVWDFLRQDPLHQWR
+ 3UXHEDUHLQLFLR HVW£OLEHUDGR
 * (OGLRGROXPLQLVFHQWHHVW£YHUGHFXDQGRODP£TXLQDHVW£
HVWDFLRQDGD\FXDQGRHOVLVWHPDHVW£HQPRGRDXWRP£WLFR
(OVLVWHPDHVW£DOLPHQWDGRFRQFRUULHQWHHO«FWULFD HOVLVWHPD
UHFLEHHOHFWULFLGDGLQFOXVRFXDQGRHOGHVFRQHFWDGRUGH
EDWHU¯DHVW£GHVDFWLYDGR 
+ %RWµQGHSUXHEDFXDQGRHOERWµQGHSUXHEDHVW£SUHVLRQDGR
VHOOHYDDFDERXQDFRPSUREDFLµQGHIXQFLRQHVGHOVLVWHPD
7RGRVORVGLRGRVOXPLQLVFHQWHVODVLUHQD\ODOX]
HVWURERVFµSLFDVHDFWLYDQGXUDQWHXQRVWUHVVHJXQGRV6H
UHFRPLHQGDXQDSUXHEDGLDULD
&R
RPSUREDFLµ
µQGHIXQFLR
RQHV
12
27$
/DFXELHUWDGHSO£VWLFRQRGHEHU¯DOHYDQWDUVH
&RPSUXHEHGLDULDPHQWHTXHHOVLVWHPDIXQFLRQH
3XOVHHOERWµQGHSUXHED + GHOSDQHOGHPDQGRV
(Q
(QFDVRG GHT
TXHHVHLLQGLTX XHXQIIDOORG GHIIXQFLR
RQDPLH
HQWR
RFRQ
QWDFWH
H
FRQ
FR QXQWW«FQLLFRGHVHUUYL
YLFLR
RFFXDOOLILLFDG
GR
 2WWURVP
PDQGRV 
0D
DQGRV 

2WURVPDQGRV
0DQGRV


 

 
 
$





%



9

 'LUHFFLµQGHSDODQFD &'&  3HGDOGHODFHOHUDGRU

 )UHQRGHHVWDFLRQDPLHQWR $ 6RSRUWHGHSDODQFDVVHUYRHO«FWULFDVKLGU£XOLFDGH
WUDEDMRNLFNGRZQIUHQRPRWRUEORTXHRGHSDODQFDVGH
FRQWURODGHODQWHDWU£VDFWLYDFLµQGHDGHODQWHDWU£V\
ERFLQD
 6HOHFWRUGHPDUFKDV\ERFLQD % 0DQGRPRQRSDODQFD HTXLSRRSFLRQDO KLGU£XOLFDGH
WUDEDMRNLFNGRZQIUHQRPRWRUEORTXHRGHSDODQFDVGH
FRQWURODGHODQWHDWU£VDFWLYDFLµQGHDGHODQWHDWU£V\
ERFLQD
 3HGDOGHIUHQR  5HSRVDEUD]RVDMXVWH
 5HVHUYD  3DUDGDGHHPHUJHQFLDPRWRU
 3HGDOGHIUHQR  %RWµQGHDSHUWXUDSXHUWDGHODFDELQD
)XHUDGHODFDELQD
 $MXVWHGHOYRODQWH
 ,QWHUUXSWRUGHOXFHVGHFDUUHWHUDFUXFH
ODYDSDUDEULVDVLQWHUPLWHQWHV\
OLPSLDSDUDEULVDV
 2WURVPDQGRV
 0DQGRV
 2WWURVP
PDQGRV 
0D
DQGRV 
'LUHFFLµQGHSDODQFD&'&
(OHTXLSRFRQVLVWHHQXQUHSRVDEUD]RVDEDWLEOHGRQGHVH
DJUXSDQWUHVIXQFLRQHVGHFRQGXFFLµQGLUHFFLµQDGHODQWH
DWU£V\NLFNGRZQ

/DVIXQFLRQHVVHDFWLYDQEDMDQGRHOUHSRVDEUD]RV\
SUHVLRQDQGRHOERWµQGHDFWLYDFLµQ HOVHOHFWRUGHPDUFKDV
GHEHHVWDUHQSRVLFLµQGHSXQWRPXHUWR 
8QDO£PSDUDWHVWLJRGHOSDQHOGHLQVWUXPHQWRVFHQWUDOVH
HQFLHQGHFXDQGRHOVLVWHPDHVW£DFWLYDGR
2WUDVLQVWUXFFLRQHVHQODS£JLQD
)UH
HQRGHHVWD
DFLR
RQDPLHQWR
&XDQGRHVW£DSOLFDGRHOIUHQRGHHVWDFLRQDPLHQWRVH
HQFLHQGHODO£PSDUDWHVWLJR6LHVW£DSOLFDGRHOIUHQRGH
HVWDFLRQDPLHQWRFXDQGRVHVHOHFFLRQDODPDUFKDGLUHFFLRQDO
ODO£PSDUDURMDGHDGYHUWHQFLDFHQWUDOGHVWHOODHO]XPEDGRU
 VXHQD\DSDUHFHXQWH[WRGHDGYHUWHQFLDHQODSDQWDOOD
(OEORTXHRGHOLQWHUUXSWRULPSLGHODDSOLFDFLµQIRUWXLWDGHOIUHQR
GHHVWDFLRQDPLHQWR
$S
$SOLLFDFLµ
µQ
 )UHQH\GHWHQJDODP£TXLQDFRQORVIUHQRVGHVHUYLFLR
 3RQJDHOVHOHFWRUGHPDUFKDVHQSRVLFLµQGHSXQWRPXHUWR 
 3UHVLRQHODSDUWHLQIHULRUGHOLQWHUUXSWRU/DP£TXLQDGHEHU£
HVWDUFRPSOHWDPHQWHLQPµYLODQWHVGHDSOLFDUHOIUHQRGH
HVWDFLRQDPLHQWR
(OIUHQRGHHVWDFLRQDPLHQWRVHDSOLFDDXWRP£WLFDPHQWH
FXDQGRVHDSDJDHOPRWRU
'H
HVDSOOLFDF
FLµQ
Q
127 7$
6LHOVHOHFWRUGHPDUFKDVVHPXHYHDODSRVLFLµQGHPDUFKD
DGHODQWHRDWU£VDQWHVGHOLEHUDUHOIUHQRGHHVWDFLRQDPLHQWR
HQWRQFHVODPDUFKDFRQWLQXDU£HQODSRVLFLµQGHSXQWRPXHUWR
(OVHOHFWRUGHPDUFKDVGHEHPRYHUVHSULPHURDODSRVLFLµQGH
SXQWRPXHUWRSDUDKDELOLWDUODVHOHFFLµQGHXQDPDUFKD
 3RQJDHOVHOHFWRUGHPDUFKDVHQSRVLFLµQGHSXQWRPXHUWR
 3UHVLRQHODFXELHUWDURMD\SUHVLRQHODSDUWHLQIHULRUGHO
LQWHUUXSWRU
'HHVDSSOLF
FDFLµ
µQ VL
VLVVHKDDSOLLFDGRDXWR
RP£WLLFDP
PHQ
QWH
HH
HOIUHQ
QR
GHHHVWD
DFLRRQDPPLHHQWR R
 3RQJDHOVHOHFWRUGHPDUFKDVHQSRVLFLµQGHSXQWRPXHUWR
 3UHVLRQHODSDUWHVXSHULRUGHOLQWHUUXSWRU
 3UHVLRQHODFXELHUWDURMD\SUHVLRQHODSDUWHLQIHULRUGHO
LQWHUUXSWRU

9

0DQGRGHVHOOHFWR
RUGHPDUFKD
DV
(OFDPELRHQWUHODVPDUFKDVVHHIHFW¼DJLUDQGRHOPDQJR
1277$
1RVDOJDQXQFDGHODP£TXLQDGHMDQGRHOVHOHFWRUGHPDUFKDV
HQODSRVLFLµQGHPDUFKDDGHODQWHRDWU£VFRQHOPRWRUHQ

PDUFKD
2WUDVLQVWUXFFLRQHVSDUDHOFDPELRGHPDUFKDVHQODS£JLQD

 2WWURVP
PDQGRV

 0D
DQGRV
$GHODQWH$WU£V
3DODQFDHQSRVLFLµQ) 0DUFKDDGHODQWH
3DODQFDHQSRVLFLµQ1 3XQWRPXHUWR
3DODQFDHQODSRVLFLµQ5 )XQFLRQDPLHQWRHQPDUFKDDWU£V
12
27$
&XDQGRVHDSOLFDHOIUHQRGHHVWDFLRQDPLHQWRQRVHSXHGH
DFWLYDUQLQJXQDPDUFKDDGHODQWHRDWU£V(OIUHQRGH

HVWDFLRQDPLHQWRGHEHOLEHUDUVHVLHPSUHHQSRVLFLµQGHSXQWR
PXHUWRSDUDKDELOLWDUODVHOHFFLµQGHXQDPDUFKD&XDQGRVH
DFWLYDHOIUHQRGHHVWDFLRQDPLHQWRODPDUFKDDGHODQWHRDWU£V
FDPELDDSXQWRPXHUWR
%R
RFLQ
QD
$SULHWHHOERWµQ %RFLQD


3HGDOGHIUHQR
5HVHUUYD
3HGDOGHIUHQR
$MXVWH
HGHOYROODQWH
(OPDQGRHVW£VLWXDGRDODGHUHFKDEDMRHOYRODQWH
0DQGRKDFLDDUULED $MXVWHGHODDOWXUD
0DQGRKDFLDDEDMR $MXVWHGHODLQFOLQDFLµQ

&RQPXWDGRUGHOXFHV
V
$OHMDUODSDODQFDGHOYRODQWH /X]ODUJD
3RVLFLµQPHGLD /X]GHFUXFH
+DFLDHOYRODQWH /X]GHU£IDJDV

&R
RQPXWDGRUGHLQGLFDG
GRUHVG
GHGLUHFFL
FLµµQ
3DODQFDKDFLDDGHODQWH ,QGLFDGRUHVGHGLUHFFLµQL]TXLHUGRV
3DODQFDKDFLDDWU£V ,QGLFDGRUHVGHGLUHFFLµQGHUHFKRV


/LLPSLDSDUDEULVDV
V
3RVLFLµQ 3RVLFLµQQHXWUD
3RVLFLµQ %DUULGRGHOLPSLDSDUDEULVDVDLQWHUYDORV
3RVLFLRQHV,\,, /LPSLDSDUDEULVDV GRVYHORFLGDGHV
(VSRVLEOHPRGLILFDUHOWLHPSRGHOLQWHUYDOR/DOODYHGH
HQFHQGLGRGHEHHVWDUHQODSRVLFLµQ*LUHSULPHURHOPDQGRD

ODSRVLFLµQGHLQWHUYDOR\GHMHTXHIXQFLRQHQODVHVFRELOODV$
FRQWLQXDFLµQJLUHHOPDQGRDODSRVLFLµQHVSHUHHOWLHPSR
GHVHDGRSDUDHOQXHYRLQWHUYDOR\JLUHGHQXHYRHOPDQGRDOD
SRVLFLµQGHLQWHUYDOR3RUGHIHFWRHOLQWHUYDORHVVHJXQGRV(O
LQWHUYDORVHSXHGHDMXVWDUHQWUH\VHJXQGRV
&XDQGRVHSDUDHOPRWRUJLUDQGRODOODYHGHHQFHQGLGRDOD
SRVLFLµQVHUHVWDEOHFHHODMXVWHE£VLFRGHOLQWHUYDOR
 2WWURVP
PDQGRV 
0D
DQGRV 
/DYDSDUDEULVDV
%RWµQSUHVLRQDGR /DYDGRGHOSDUDEULVDV


3HGDOGHODFHOOHUDGRU
( /DDFHOHUDFLµQVHWUDQVPLWHHO«FWULFDPHQWH
8WLOLFHHOSHGDOGHODFHOHUDGRUHQHOUDQJRGHRSHUDFLµQ
HFRQµPLFR ( SDUDXQPHQRUFRQVXPRGHFRPEXVWLEOH(OUDQJR
GHRSHUDFLµQHFRQµPLFRHVY£OLGRKDVWDTXHHOSHGDOHQFXHQWUD
DOJRGHUHVLVWHQFLD&XDQGRVHSUHVLRQDP£VHOSHGDOGHO
3
DFHOHUDGRUHQWUDHQHOUDQJRGHSRWHQFLD
9

$SOLFDFLµQGHODFHOHUDGRU DFHOHUDFLµQ 127 7$

( 5DQJRGHRSHUDFLµQHFRQµPLFD
&XDQGRHOSHGDOGHODFHOHUDGRUHVW£HQHOLQWHUYDORGHSRWHQFLD
3 5DQJRGHSRWHQFLD 3 \HOFDPELRDXWRP£WLFRHVW£HQPRGR/LYLDQR0HGLDQR

3HVDGRR$XWRODP£TXLQDSXHGHUHEDMDUHOFDPELR
DXWRP£WLFDPHQWHDlPDUFKDLQFOXVRVLQRHVW£VHOHFFLRQDGR
&DPELRGHVFHQGHQWHWRWDOPHQWHDXWRP£WLFR )$36 YHDOD
S£JLQD
$6RSRUWHGHSDODQFDV
VVHUUYRHO«FWUULFR

%0DQGRPRQRSDODQFD HTXLSRRSFLR
RQDO
&XDQGRWUDEDMHHQ]RQDVFRQULHVJRGHFDPSRVHO«FWULFRV&(0 
YHUODS£JLQD

  


 '

 
&  
 
 ) ( * +

$


 %
 
   

9 9

 (OHYDFLµQGHVFHQVR
 %DVFXODPLHQWRKDFLDDWU£VKDFLDGHODQWH
 lIXQFLµQKLGU£XOLFD HTXLSRRSFLRQDO
 )UHQRPRWRUFDPELRGHVFHQGHQWH
 .LFNGRZQ
 %RFLQD
 6HQWLGRGHPDUFKD)15
 %RWµQGHDFWLYDFLµQ
 %ORTXHRGHSDODQFDV

%DVFX
%DVFXOODPLHQQWRKDFLD
DDWU£V
V (OH
(O HYDF
FLµQG
GHVFH
FHQQVR 
KD
DFLD
DGHODQ
QWH
H 
(%DVFXODPLHQWRKDFLDDWU£V $(OHYDFLµQ
 2WWURVP
PDQGRV

 0D
DQGRV
)%DVFXODPLHQWRGHUHWUDFFLµQ %(OHYDFLµQDXWRP£WLFD DXWRPDWLVPRGHHOHYDFLµQGHODSOXPD
DXWRP£WLFR SRVLFLRQDGRUGH
FXFKDUD
*,QFOLQDFLµQKDFLDIXHUD &'HVFHQVR
+%DVFXODPLHQWRGHH[WHQVLµQ '9ROYHUDH[FDYDU GHVFHQVRDXWRP£WLFRGHORVEUD]RVGHHOHYDFLµQ
DXWRP£WLFR SRVLFLRQDGRUGH
FXFKDUD

$9,6
62
6HKDFD
FDPPELLDGR ROD
DIX
XQF
FLµQ
QDXWWRP£WWLFDGHPD
PDQHUUDTX
XHODSD
DODQ
QFD
GH
HFFRQ
QWUUROO\DQRSHUPD
PDQHFHHQVXS SRVLFLµµQWRSH
/DIXQFLµQVHDFWLYDFXDQGRODSDODQFDVHPXHYHP£VDOO£GH
XQDSRVLFLµQGHGHWHFFLµQ XQDPD\RUUHVLVWHQFLDDDSUR[
GHODFDUUHUDFRPSOHWDGHODSDODQFD \DFRQWLQXDFLµQODSDODQFD
VHSXHGHOLEHUDU
3DUDREWHQHUP£VLQIRUPDFLµQVREUHODHOHYDFLµQDXWRP£WLFDGH
ODSOXPD\HODXWRPDWLVPRGHEDVFXODPLHQWRGHODFXFKDUD
HOHYDFLµQDXWRP£WLFD\EDVFXODPLHQWRDXWRP£WLFR DV¯FRPRHO
GHVFHQVRDXWRP£WLFRGHORVEUD]RVGHFDUJD GHVFHQVRGHORV
EUD]RVGHHOHYDFLµQ YHDODS£JLQD
lIXQF
FLµQ
QKLGU£X
XOLFD HTXLSRR
RSF
FLR
RQD
DO  
7RPDKLGU£XOLFDGHGREOHHIHFWRVHXVDVLODP£TXLQDHVW£
HTXLSDGDSRUHMHPSORFRQXQDJDUUDSDUDWURQFRV
7DPEL«QVHSXHGHXVDUSDUDDFRSODPLHQWRVJLUDWRULRV
KLGU£XOLFDPHQWHDFFLRQDGRV
)UUHQ
QRP
PRWR
RU\\FFDPELLRG
GHVFH
FHQQGHQ
QWH 
6HXWLOL]DSDUDFRQVHJXLUHOFDPELRLQPHGLDWRDXQDPDUFKD
LQIHULRUDOGHVFHQGHUSRUXQDSHQGLHQWHRSDUDLPSHGLUHOFDPELR
QRGHVHDGRDXQDPDUFKDP£VDOWD9HUODS£JLQD
.LF
FNG
NGRRZQ 
/DIXQFLµQSXHGHVHOHFFLRQDUVHGHVGHHOVRSRUWHGHSDODQFDVHO
PDQGRPRQRSDODQFDRFRQODGLUHFFLµQGHSDODQFD9HDOD
S£JLQD
%RF
FLQ
QD 
6HQ
6H QWLGRG
GHP
PDUUFK
FKDD)15 
3DUDXVDUODIXQFLµQSULPHURGHEHSUHVLRQDUVHHOERWµQGH
DFWLYDFLµQ  
'HVSX«VGHODDFWLYDFLµQDSDUHFH)5GHODQWHGHODPDUFKD
GLUHFFLRQDOVHOHFFLRQDGDHQODLPDJHQGHLQIRUPDFLµQGH
IXQFLRQDPLHQWRGHODXQLGDGGHSDQWDOODGHLQIRUPDFLµQ
,QWHUUXSWRUHQODSRVLFLµQGHODQWHUD 0DUFKDDGHODQWH
,QWHUUXSWRUHQODSRVLFLµQFHQWUDO 3XQWRPXHUWR
,QWHUUXSWRUHQODSRVLFLµQWUDVHUD 0DUFKDDWU£V
8QDQXHYDDFWLYDFLµQGHOVLVWHPDUHTXLHUHYROYHUDSUHVLRQDUHO
ERWµQGHDFWLYDFLµQ  
1227$
(OVHOHFWRUGHPDUFKDVHVW£QGDU PHGLDQWHHOYRODQWH WLHQH
SULRULGDGVREUHODPDUFKDGLUHFFLRQDOHQHOVRSRUWHGHSDODQFDV
RHOPDQGRPRQRSDODQFD\DVXPHHOFRQWUROVLVHXVD
%RWWµQGHDFWLLYDF
%R FLµ
µQ 
 2WWURVP
PDQGRV 
0D
DQGRV 
/DDFWLYDFLµQGHODPDUFKDGLUHFFLRQDO)15HQHOVRSRUWHGH
SDODQFDVRHQHOPDQGRPRQRSDODQFDVHOOHYDDFDER
SUHVLRQDQGRHOERWµQGHDFWLYDFLµQ  
127 7$
(OVHOHFWRUGHPDUFKDVHVW£QGDUPHGLDQWHHOYRODQWH\ODPDUFKD
GLUHFFLRQDOHQHOVRSRUWHGHSDODQFDVRHQHOPDQGR
PRQRSDODQFDGHEHHVWDUHQSXQWRPXHUWRGXUDQWHODDFWLYDFLµQ
/DGLUHFFLµQGHSDODQFDQRGHEHHVWDUDFWLYDGD
%ORT
%O TXHRGHSDODQFDV 
6HGHEHXWLOL]DUHOEORTXHRGHODVSDODQFDVSDUDSUHYHQLUOD
DFWLYDFLµQDFFLGHQWDOGHODVSDODQFDVGHFRQWUROSHMGXUDQWHHO
VHUYLFLRRFXDQGRVHRSHUHHQY¯DVS¼EOLFDV
,QWHUUXSWRUSDUWHGHODQWHUDSUHVLRQDGD ODIXQFLµQKLGU£XOLFDGH
ODVSDODQFDVGHFRQWUROHVW£GHVDFWLYDGDHVGHFLUHVW£DFWLYDGR
HOEORTXHRGHODVSDODQFDV
(OLQWHUUXSWRUFXHQWDFRQXQVHJXURSDUDSUHYHQLUXQDDFWLYDFLµQ
,QWHUUXSWRUEORTXHRGHSDODQFDV DFFLGHQWDO
 /DDGYHUWHQFLDFHQWUDO£PEDU\HOWH[WRHQODXQLGDGGHSDQWDOOD
PXHVWUDQTXHODIXQFLµQGHEORTXHRGHODVSDODQFDVHVW£
DFWLYDGD

5HSRVDE
EUD]RV
VDMXVWH
H
/RVUHSRVDEUD]RVGHEHU¯DQDMXVWDUVHHQXQDSRVLFLµQµSWLPD
SDUDHOIXQFLRQDPLHQWR\ODFRPRGLGDGYHDODS£JLQD

 3DUDGDGHHPHUJHQFLD
D HTXLSRRSFLR
RQDO
127 7$
 &XDQGRVHDFWLYDODSDUDGDGHHPHUJHQFLDWLHQHQVLHPSUHOXJDU
ORVSDVRVDFRQWLQXDFLµQ6RORWHQGU£OXJDUHOSDVRVLVH
GHWHFWDXQLQFHQGLR
/RVLJXLHQWHWLHQHOXJDUFXDQGRODP£TXLQDHVW£HQ
IXQFLRQDPLHQWRFRQHOIUHQRGHHVWDFLRQDPLHQWROLEHUDGRHO
VLVWHPDGHWHFWDXQLQFHQGLR\VHDFWLYDODSDUDGDGHHPHUJHQFLD
&
 (OPRWRUVHSDUDDXWRP£WLFDPHQWH
 6HFRUWDODFRUULHQWHSULQFLSDO
 6HDSOLFDHOIUHQRGHHVWDFLRQDPLHQWR
 6HDFWLYDHOVLVWHPDGHURFLDGRUHV VµORFXDQGRVHGHWHFWDXQ
LQFHQGLR  6LVWHPDGHH[WLQFLµQGHLQFHQGLRVHTXLSR
9 RSFLRQDO 
 3DUDGDGHHPHUJHQFLD
1227$
 3DQHOGHFRQWUROVLVWHPDGHH[WLQFLµQGH
LQFHQGLRV
6HSXHGHQDFWLYDUORVLQWHUPLWHQWHVGHDGYHUWHQFLDSDUDOODPDUOD
DWHQFLµQ

 (OPRWRUHVW£DSDJDGR
 6HFRUWDODFRUULHQWHSULQFLSDO
 6HDSOLFDHOIUHQRGHHVWDFLRQDPLHQWR
1227$
6HSXHGHQDFWLYDUORVLQWHUPLWHQWHVGHDGYHUWHQFLDSDUDOODPDUOD
DWHQFLµQ
 2WWURVP
PDQGRV

 0D
DQGRV
%RWµQGHDSHUWXUDSXHUWDGHODFDELQD

$'9(57(1&,$
3HOLJURGHOHVLRQHVJUDYHV
$EULUODSXHUWDPLHQWUDVKD\DSHUVRQDVHQHO£UHDGHRSHUDFLµQ
GHODPLVPDSRGU¯DSURYRFDUJUDYHVOHVLRQHV
$EUUDODSX
$E XHUWD
DSR
RUFRQWURO
FRQWUROUH
UHPRWWRVR
VROORVL
VLHV
VW£
£VH
VHJXUURGHTX
XHQDG
GLH
SX
XHGGHVVHUUJJROSHHDGRS
SRUUOODS
SXHUWD
DFXDQ QGRVVHHVW«
«DEULHHQGGR
(VWHERWµQVHXVDSDUDDEULUODSXHUWDGHODFDELQDFXDQGROD
SXHUWDQRHVW£FHUUDGDFRQOODYH

$ %RWµQGHDSHUWXUDSXHUWDGHODFDELQD


)XQ
QFLµQ
QGHHOOHY
YDFFLµQ
Q\E
EDVFX
FXOODP
PLHQ
QWR

$9,6
62
6HKDQFFDP PELDGGRODVIIXQFLR RQHVDDXWWRP££WLLFDVGGHPPDQHUD
DTXH HOD
SD
DODQ QFDGHHFR
FRQWWURO\D
\DQR
RSH
HUPD
PDQHF FHHQVXV VS
SRVLFLR
RQHVW
WR
RSH(Q
VXOXJ
VX JDUODVS
SDODQFDVG GHEHQQSDVDUUX
XQDDSRVLF FLµQ
QGHGHWHFFLFLµ
µQ
SD
DUDTXHODVIIXQFLRRQHVD DXWRP£WLLFDVVVHD
DFRS SOHQ
(ODXWRPDWLVPRGHHOHYDFLµQGHODSOXPD\HOSRVLFLRQDGRUGHOD
FXFKDUDKDFHQTXHHOLPSOHPHQWRVHGHWHQJDDXWRP£WLFDPHQWH
HQFLHUWDVSRVLFLRQHVSUHGHWHUPLQDGDV(VWRUHVXOWDU£HQWLHPSRV
GHFLFORP£VFRUWRV\HQXQPHQRUGHVJDVWH6LJDODV
LQVWUXFFLRQHVDFRQWLQXDFLµQSDUDDMXVWDUKDVWDODDOWXUDGHVHDGD
DOVXELUREDMDUDV¯FRPRODSDUDGDGHVHDGDDOEDVFXODUKDFLD
GHQWUR\KDFLDIXHUD
'XUDQWHWRGRVORVDMXVWHVRDOYHULILFDUIXQFLRQHVODP£TXLQD
GHEHU¯DHVWDUDODWHPSHUDWXUDGHWUDEDMRQRUPDO
/RVDMXVWHVVHUHDOL]DQGHVGHODHVWDFLµQGHORSHUDGRUFRQHO
PRWRUHQPDUFKD
$FFFL
FLR
RQDPLHQWR
1227$
(OIXQFLRQDPLHQWRDXWRP£WLFRVHSXHGHGHWHQHUPRYLHQGROD
SDODQFDGHPDQGRDODSRVLFLµQGHSXQWRPXHUWRRGHVDFWLYDQGR
HOLQWHUUXSWRUGHODIXQFLµQUHVSHFWLYD
$MMXVWH
HGHODDOWXUDGHHOHYDF
FLµ
µQ
3DUWHVXSHULRUGHOLQWHUUXSWRUSUHVLRQDGD DMXVWHGHODDOWXUDGH
HOHYDFLµQ
,QWHUUXSWRUHQSRVLFLµQFHQWUDO HOHYDFLµQDXWRP£WLFD
DXWRPDWLVPRGHHOHYDFLµQGHODSOXPD DFWLYDGR
,QWHUUXSWRUSDUWHLQIHULRUSUHVLRQDGD DXWRPDWLVPRGHHOHYDFLµQ
GHODSOXPD HOHYDFLµQDXWRP£WLFD GHVDFWLYDGR
,QWHUUXSWRUDXWRPDWLVPRGHHOHYDFLµQGHODSOXPD

HOHYDFLµQDXWRP£WLFD
  (OHYHHOLPSOHPHQWRDODDOWXUDGHVHDGD
 2WWURVP
PDQGRV 
0D
DQGRV 
 3UHVLRQH\PDQWHQJDSUHVLRQDGRHOLQWHUUXSWRUHQODSRVLFLµQ
VXSHULRUGHUHWRUQRGHOEDODQF¯QKDVWDR¯UXQDEUHYHVH³DO
DF¼VWLFDGHO]XPEDGRUGHOSDQHOGHLQVWUXPHQWRV GH HVSX
X«VGH
DSUUR[VHJ
JXQ
QGRV $KRUDODSRVLFLµQVHKDJXDUGDGR
9HULILLFDF
9HU FLµ
µQDXWWRPDWWLVPR
PRGHH
HOHYDF
FLµ
µQG
GHODSOX
XPD HOOHYDF
FLµQ
DX
XWRP£WLLFD
 /HYDQWHODSOXPDKDVWDODDOWXUDGHHOHYDFLµQGHVHDGD
 3UHVLRQH\PDQWHQJDSUHVLRQDGRHOLQWHUUXSWRUHQODSRVLFLµQ
VXSHULRUGHUHWRUQRGHOEDODQF¯QKDVWDR¯UXQDEUHYHVH³DO
DF¼VWLFDGHO]XPEDGRUGHOSDQHOGHLQVWUXPHQWRV GH HVSXX«VGH
DSUUR[VHJ
JXQ QGRV 
 'HVFLHQGDHOLPSOHPHQWRDOVXHOR
 0XHYDODSDODQFDGHOWRGRKDFLDGHODQWH\DFRQWLQXDFLµQ
VXHOWHODSDODQFDODHOHYDFLµQDXWRP£WLFDHVW£DKRUD
DFWLYDGD
 &RPSUXHEHTXHHOLPSOHPHQWRVHGHWLHQHVXDYHPHQWHHQOD
SRVLFLµQVHOHFFLRQDGD
 'HVDFWLYHHODXWRPDWLVPRGHHOHYDFLµQGHSOXPD HOHYDFLµQ
DXWRP£WLFD FRQHOLQWHUUXSWRU

$MMXVWH
HGHODSRVLF
FLµ
µQGHGHVFH
FHQ
QVR
3DUWHVXSHULRUGHOLQWHUUXSWRUSUHVLRQDGD DMXVWHGHODSRVLFLµQ
GHGHVFHQVR 
,QWHUUXSWRUHQODSRVLFLµQFHQWUDO GHVFHQVRDXWRP£WLFRGHORV
EUD]RVGHFDUJDDFWLYDGR
,QWHUUXSWRUSDUWHLQIHULRUSUHVLRQDGD GHVFHQVRDXWRP£WLFRGH
9 ORVEUD]RVGHFDUJDGHVDFWLYDGR
,QWHUUXSWRUGHVFHQVRDXWRP£WLFRGHORVEUD]RVGH
FDUJD GHVFHQVRDXWRP£WLFRGHORVEUD]RVGH

HOHYDFLµQ  %DMHHOLPSOHPHQWRKDVWDODSRVLFLµQGHVHDGD
  3UHVLRQH\PDQWHQJDSUHVLRQDGRHOLQWHUUXSWRUHQODSRVLFLµQ
VXSHULRUGHUHWRUQRGHOEDODQF¯QKDVWDR¯UXQDEUHYHVH³DO
DF¼VWLFDGHO]XPEDGRUGHOSDQHOGHLQVWUXPHQWRV GH HVSX
X«VGH
DSUUR[VHJ
JXQ
QGRV $KRUDODSRVLFLµQVHKDJXDUGDGR
9HULILLFDF
9HU FLµ
µQGHVVFH
FHQQVRD
DXWWRP£WWLFRG
GHORVE
EUD]]RV
VG
GHFFDUJD
GHV
G VFH
FHQQVRDDXWWRP£WWLFRG
GHOORVE
EUD]
]RV
VG
GHHHOHYYDF
FLµ
µQ
 %DMHHOLPSOHPHQWRKDVWDODSRVLFLµQGHVHDGD
 3UHVLRQH\PDQWHQJDSUHVLRQDGRHOLQWHUUXSWRUHQODSRVLFLµQ
VXSHULRUGHUHWRUQRGHOEDODQF¯QKDVWDR¯UXQDEUHYHVH³DO
DF¼VWLFDGHO]XPEDGRUGHOSDQHOGHLQVWUXPHQWRV GH HVSXX«VGH
DSUUR[VHJJXQ
QGRV
 /HYDQWHODSOXPDSRUHQFLPDGHODSRVLFLµQKRUL]RQWDO
 0XHYDODSDODQFDGHOWRGRKDFLDGHODQWH\DFRQWLQXDFLµQ
VXHOWHODSDODQFDHOGHVFHQVRGHOEUD]RGHHOHYDFLµQ
DXWRP£WLFDHVW£DKRUDDFWLYDGR UHWRUQRDH[FDYDFLµQ 
 &RPSUXHEHTXHHOLPSOHPHQWRVHGHWLHQHVXDYHPHQWHHQOD
SRVLFLµQVHOHFFLRQDGD
 'HVDFWLYHHOGHVFHQVRGHOEUD]RGHHOHYDFLµQDXWRP£WLFD
UHWRUQRDH[FDYDFLµQ FRQHOLQWHUUXSWRU
 2WWURVP
PDQGRV

 0D
DQGRV
$MXVWHGHOSRVLFLRQDGRUGHODFXFKDUD EDVFXODPLHQWR
DXWRP£WLFR
,QWHUUXSWRUSDUWHVXSHULRUSUHVLRQDGD DMXVWHGHODSRVLFLµQGH
EDVFXODPLHQWR
,QWHUUXSWRUHQSRVLFLµQFHQWUDO EDVFXODPLHQWRDXWRP£WLFR
SRVLFLRQDPLHQWRGHODFXFKDUD DFWLYDGR
,QWHUUXSWRUSDUWHLQIHULRUSUHVLRQDGD DXWRPDWLVPRGH
,QWHUUXSWRUSRVLFLRQDGRUGHODFXFKDUD EDVFXODPLHQWR EDVFXODPLHQWRDXWRP£WLFR GHVDFWLYDGR
EDVFXODPLHQWRDXWRP£WLFR 

 %DVFXOHHOLPSOHPHQWRKDVWDODSRVLFLµQGHVHDGD
 3UHVLRQH\PDQWHQJDSUHVLRQDGRHOLQWHUUXSWRUHQODSRVLFLµQ
VXSHULRUGHUHWRUQRGHOEDODQF¯QKDVWDR¯UXQDEUHYHVH³DO
DF¼VWLFDGHO]XPEDGRUGHOSDQHOGHLQVWUXPHQWRV GHHVSX«VVGH
DSUR[VHJXQGRV $KRUDODSRVLFLµQVHKDJXDUGDGR
9HUULILLFDF
9H FLµ
µQGHOS
SRV
VLFLRQ
QDG
GRUG
GHODFXFKDUD ED
DVFX
FXOD
DPLH
HQWR
R
DX
XWRRP£WWLFR
%DVFXOHHOLPSOHPHQWRKDVWDODSRVLFLµQKRUL]RQWDO
6HJ¼QORSUHGHILQLGRODSRVLFLµQGHEDVFXODPLHQWRDXWRP£WLFR
KDFLDGHQWUR\EDVFXODPLHQWRDXWRP£WLFRKDFLDIXHUDVHU£
VLHPSUHODPLVPDVHUHFRPLHQGDODSRVLFLµQKRUL]RQWDODO
9

YHULILFDU
3UHVLRQH\PDQWHQJDSUHVLRQDGRHOLQWHUUXSWRUHQODSRVLFLµQ
VXSHULRUGHUHWRUQRGHOEDODQF¯QKDVWDR¯UXQDEUHYHVH³DO
DF¼VWLFDGHO]XPEDGRUGHOSDQHOGHLQVWUXPHQWRV GHVSX«V VG
GH
DSSUR[[VVHJ
JXQG
GRV 
$MXVWH &RQILJLQFOLQDXWR HQ $PERV HQHOFXDGURGH
LQIRUPDFLµQORFXDOVLJQLILFDTXHVHKDQVHOHFFLRQDGRWDQWRHO
EDVFXODPLHQWRDXWRP£WLFRKDFLDGHQWURFRPRKDFLDIXHUDYHDOD
S£JLQD
%DV
VFX
FXOD
DPLH
HQWR
RD
DXWR
RP£WWLFRK
KDFLDIIXHUD
%DVFXOHHOLPSOHPHQWRFRPSOHWDPHQWHKDFLDGHQWUR
%DVFXOHKDFLDIXHUDFRQXQDSDVDGDFRPSOHWDGHODSDODQFD\
OXHJRVXHOWHODSDODQFDDKRUDHOEDVFXODPLHQWRDXWRP£WLFRKDFLD
IXHUD SRVLFLRQDGRUGHODFXFKDUD HVW£DSOLFDGR
&RPSUXHEHTXHHOLPSOHPHQWRVHGHWLHQHVXDYHPHQWHHQOD
SRVLFLµQVHOHFFLRQDGD
%DV
%D VFX
FXOODPLHQWWRDXWRP£WWLFRKDFLD
DGHQWUR
%DVFXOHHOLPSOHPHQWRFRPSOHWDPHQWHKDFLDIXHUD
%DVFXOHKDFLDGHQWURFRQXQDSDVDGDFRPSOHWDGHODSDODQFD
\OXHJRVXHOWHODSDODQFDDKRUDHOEDVFXODPLHQWRDXWRP£WLFR
KDFLDGHQWUR SRVLFLRQDGRUGHODFXFKDUD HVW£DSOLFDGR
&RPSUXHEHTXHHOLPSOHPHQWRVHGHWLHQHVXDYHPHQWHHQOD
SRVLFLµQVHOHFFLRQDGD
$FFWLLYDF
FLµ
µQGH
HOD
DIX
XQFLµ
µQGH
HHOOHYDF
FLµ
µQGH
HVL
VLP
PSOHHIIHFWR
R
HTXLSRRSFLR RQDO
3DUWHVXSHULRUGHOLQWHUUXSWRUSUHVLRQDGD )XQFLµQGHHOHYDFLµQ
GHVLPSOHHIHFWRDFWLYDGD
3DUWHLQIHULRUGHOLQWHUUXSWRUSUHVLRQDGD )XQFLµQGHHOHYDFLµQ
GHVLPSOHHIHFWRGHVDFWLYDGD

,QWHUUXSWRUIXQFLµQGHHOHYDFLµQGHVLPSOHHIHFWR 9HULILLFDF
9HU FLµ
µQGHOIIXQF
FLR
RQDP
PLH
HQWR
RG
GHHOH
HYDF
FLµQGHVLP
PSOOHHIH
HFWR
R
  $MXVWHORVEUD]RVGHHOHYDFLµQSDUDTXHKD\DXQHVSDFLRHQWUH
HOLPSOHPHQWR\HOVXHOR
 $FWLYHHOIXQFLRQDPLHQWRGHHOHYDFLµQGHVLPSOHHIHFWR
 2WWURVP
PDQGRV 
0D
DQGRV 
 ,QFOLQHFRQFXLGDGRHOLPSOHPHQWRKDFLDGHODQWH\FRPSUXHEH
TXHWRGRVORVEUD]RVGHHOHYDFLµQQRODP£TXLQDHVW«Q
OHYDQWDGRV
 ,QFOLQHHOLPSOHPHQWRKDFLDDWU£VKDVWDODSRVLFLµQLQLFLDO\
FRPSUXHEHTXHORVEUD]RVGHHOHYDFLµQVLJXHQEDMDQGR\TXH
HOHVSDFLRHQWUHHOLPSOHPHQWR\HOVXHORHVDSUR[LPDGDPHQWH
LJXDOTXHDQWHV
 'HVDFWLYHODIXQFLµQGHHOHYDFLµQGHVLPSOHHIHFWRFRQHO
LQWHUUXSWRU

$OWX
XUDP£[SOXPD
1277$
(VWDIXQFLµQVRORVHXVDU£HQDSOLFDFLRQHVGRQGHVHSHUPLWD
(VWDIXQFLµQOLPLWDODDOWXUDGHHOHYDFLµQP£[LPDGHODSOXPDD
XQDSRVLFLµQSUHGHWHUPLQDGD(VWRHVSDUDIDFLOLWDUHOWUDEDMRHQ
HQWRUQRVGRQGHODVFRQGLFLRQHVI¯VLFDVOLPLWHQODDOWXUDGH
HOHYDFLµQ
(ORSHUDGRUGHILQHODDOWXUDGHHOHYDFLµQOLPLWDGDSRVLFLRQDQGROD
SOXPDHQODDOWXUDP£[LPD(ORSHUDGRUJXDUGDHQWRQFHVHVWD
SRVLFLµQHQHOSDQHOGHLQVWUXPHQWRVGHODQWHUR
6LJDODVLQVWUXFFLRQHVDFRQWLQXDFLµQSDUDDMXVWDUODDOWXUD
P£[LPDGHODSOXPD
&R
RQILJXUDFLµ
µQ

127 7$
'XUDQWHHODMXVWHODP£TXLQDGHEHU¯DHVWDUDXQDWHPSHUDWXUDGH
WUDEDMRQRUPDO
(ODMXVWHVHSURGXFHGHVGHODFDELQDFRQHOPRWRUHQPDUFKD
(ODMXVWHVHUHDOL]DHQODSDQWDOODYHDODS£JLQD
 3RQJDODP£TXLQDGRQGHVHHQFXHQWUDODDOWXUDGHWUDEDMRP£V
EDMD $ 
%  /HYDQWHODSOXPDKDVWDODDOWXUDP£[LPDGHVHDGDSDUDHO
LPSOHPHQWRRODFDUJD
$VHJ¼UHVHGHWHQHUHOLPSOHPHQWRHQODSRVLFLµQTXH
SURSRUFLRQDU£ODPD\RUDOWXUDDOHOHYDU JUDQLQIOXHQFLDSDUD
FXFKDUDGHEDVFXODPLHQWRODWHUDOSRUHMHPSOR 
$ (OPDUJHQKDVWDHOREMHWRP£VEDMR % WLHQHTXHVHU
VXILFLHQWH
1277$
(OPDUJHQKDVWDHOREMHWRP£VEDMRWLHQHTXHVHUVXILFLHQWHc/D
VXVSHQVLµQHQORVQHXP£WLFRV\ODSOXPDUHGXFHODGLVWDQFLD
HQWUHODFDUJD\HOREMHWRP£VEDMRDOFRQGXFLUODP£TXLQD
9
 3XOVH&RQILJXUDFLµQHQHOWHFODGR
0£TXLQDHQODDOWXUDGHWUDEDMRP£VEDMD
6HOHFFLRQH&RQILJSHUVRQDO
$ $OWXUDGHWUDEDMRP£VEDMD 6HOHFFLRQH$OWXUDP£[SOXPD
% 0DUJHQKDVWDHOREMHWRP£VEDMR
6HOHFFLRQH'HILQLUO¯PLWHVXSHULRU

$SDUHFHXQPHQVDMHGHFRQILUPDFLµQHQODSDQWDOOD\VH
HVFXFKDXQDEUHYHVH³DODF¼VWLFDGHVGHHO]XPEDGRUGHO
SDQHOGHLQVWUXPHQWRV

/¯PLWHVXSHULRUSOXPDGHIHQSRVLFLµQDFWXDOSOXPD


$F
FWLLYDF
FLµ
µQGHVDF
FWLLYDFFLµ
µQ
 6HOHFFLRQH21SDUDDFWLYDUOD$OWXUDP£[SOXPD
8QV¯PERORHQODSDQWDOODLQGLFD$OWXUDP£[SOXPDDFWLYDGD
 2WWURVP
PDQGRV

 0D
DQGRV
 127$
(VUHVSRQVDELOLGDGGHORSHUDGRUDVHJXUDUVHGHTXHHODMXVWH
SUHGHWHUPLQDGRGHODDOWXUDGHHOHYDFLµQP£[LPDGHODSOXPDHV
HOHVSHUDGR(VWRHVHVSHFLDOPHQWHLPSRUWDQWHDOHQWUDUHQXQ
£UHDROXJDUGHWUDEDMRGRQGHVHYD\DDXVDUHVWDIXQFLµQ
 6HOHFFLRQH2))SDUDGHVDFWLYDUOD$OWXUDP£[SOXPD
 6HOHFFLRQH21SDUDDFWLYDUOD$OWXUDP£[SOXPDJXDUGDGD
P£VUHFLHQWHPHQWH
127$
 R
 OK )O /
$36
& 6LODIXQFLµQGHOLPLWDFLµQGHODDOWXUDGHODSOXPDIDOODDSDUHFH
XQPHQVDMHGHDGYHUWHQFLDHQODSDQWDOOD\VXHQDHO]XPEDGRU
2.
YHDODS£JLQD
9

 $OWXUDP£[SOXPDDFWLYDGD 
 )DOOROLPLWDOWP£[SOXPD

 2WWURVP
PDQGRV 
&D
DELQD 

&DELQD
6LVWHPDUHWURYLVRU
3DUDODF£PDUDGHYLVLµQGHODQWHUDYHDODS£JLQD
/DF£PDUDXELFDGDHQODSDUWHWUDVHUDGHODP£TXLQDMXQWRFRQ
HOPRQLWRUGHODFDELQDGDDORSHUDGRUXQDEXHQDYLVLELOLGDGGH
ODSDUWHWUDVHUDFXDQGRSHMPXHYHODP£TXLQDPDUFKDDWU£V
HWF
/DF£PDUDGHPDUFKDDWU£VVHDFWLYDFXDQGRHOHQFHQGLGRHVW£
HQSRVLFLµQ
&RPRRSFLµQWDPEL«QKD\XQVLVWHPDGHGHWHFFLµQGHUDGDUHV
TXHGHWHFWDXQ£UHDGHWU£VGHODP£TXLQDVLODPDUFKDDWU£VHVW£
DFWLYDGD6LKD\ULHVJRGHJROSHDUDOJRDOGDUPDUFKDDWU£VHO
VLVWHPDDGYLHUWHGHORTXHVHGHWHFWDGHQWURGHO£UHDGHDODUPD
/DDODUPDVHSXHGHDSDJDUWHPSRUDOPHQWHSUHVLRQDQGRODWHFOD
HQHOPRQLWRU(O£UHDGHGHWHFFLµQVHPXHVWUDHQODYLVWDGHOD
F£PDUDGHUHWURYLVLµQHQHOPRQLWRU
127 7$
(OVLVWHPDGHGHWHFFLµQSRUUDGDUGHEHU¯DFRQVLGHUDUVHFRPRXQ
GLVSRVLWLYRDX[LOLDU3HVHDOPLVPRKD\TXHVHJXLUWHQLHQGR
PXFKRFXLGDGRDOGDUPDUFKDDWU£VFRQODP£TXLQD 
/RVLJXLHQWHH[SOLFDODIXQFLµQGHORVERWRQHVGHOPRQLWRU
6HOHFFL
FLµ
µQGHFF£P PDUD
6LHOVLVWHPDVRORWLHQHXQDF£PDUDODIXQFLµQQRHVDSOLFDEOH
$MX
XVWH
HG
GHODUHWUURLOX
XPLQDFLµQGHODSDQWDOOD/
/&'
'
(VWHERWµQSHUPLWHFDPELDUHQWUHODVVLJXLHQWHVSRVLFLRQHV
&RRQWUUROODXWR
RP£WLLFRHQHVWDSRVLFLµQODUHWURLOXPLQDFLµQ
GHODSDQWDOODVHFRQWURODDXWRP£WLFDPHQWHHQWUHOD
LQWHQVLGDGGHOX]P¯Q\P£[GHSHQGLHQGRGHOD
LQWHQVLGDGGHOX]GHORVDOUHGHGRUHV
$MX
$MXVWHHGHG¯DHOSDU£PHWURGHODLQWHQVLGDGGHODOX]GH
UHWURLOXPLQDFLµQGHODSDQWDOODVHDMXVWDSUHVLRQDQGRORV
ERWRQHVP£V\PHQRV(ODMXVWHVHJUDED
$M
$MX
XVWHHGHQRFKH HHOSDU£PHWURGHODLQWHQVLGDGGHODOX]
GHUHWURLOXPLQDFLµQGHODSDQWDOODVHDMXVWDSUHVLRQDQGR
ORVERWRQHVP£V\PHQRV(ODMXVWHVHJUDED
        &RQWUDVWH H
9
 3UHVLRQHHOERWµQXQDYH]SDUDHQWUDUHQHOPRGRGHDMXVWH
8WLOLFHORVERWRQHVGHP£V\PHQRVSDUDDMXVWDUHOFRQWUDVWH
\
6DWXUDFLµ µQG
GHOOFROORUU
3DUDHQWUDUHQHOPRGRGHDMXVWHGHVDWXUDFLµQGHFRORU
SUHVLRQHORVERWRQHV\DOPLVPRWLHPSR8WLOLFHORVERWRQHV
P£V\PHQRVSDUDDMXVWDUODVDWXUDFLµQGHFRORUGHODLPDJHQ
,QWHQVVLGDDGGHODOX]
3UHVLRQHHOERWµQXQDYH]SDUDHQWUDUHQHOPRGRGHDMXVWHGH
LQWHQVLGDGGHODOX]8WLOLFHORVERWRQHVP£V\PHQRVSDUD
DMXVWDUODLQWHQVLGDGGHODOX]
$OWWHUQDWWLYD
&XDQGRVHSUHVLRQDHOERWµQ$OWHUQDWLYRVHJHQHUDXQD
LPDJHQ HVW£WLFD GHODF£PDUDFRQHFWDGD(VSRVLEOHDMXVWDU
HOWLHPSRGXUDQWHHOFXDOVHPRVWUDU£ODLPDJHQHVW£WLFD/D
DODUPDGHOVLVWHPDGHGHWHFFLµQGHUDGDUHVWDPEL«QVHDSDJD
WHPSRUDOPHQWHFXDQGRODWHFODHVW£SUHVLRQDGD
6HOHFFL FLµ
µQDMX
XVWH
HP
PHQ QRV
6HOHFFLFLµ
µQDMX
XVWH
HP
P£V V
,QWURGXXFLU
 2WWURVP
PDQGRV

 &D
DELQD
6HSXHGHXVDUODWHFOD,QWURSDUDDSDJDUWHPSRUDOPHQWHOD
DODUPDGHOVLVWHPDGHGHWHFFLµQGHUDGDUHV
0DQWHQLPLHQWR
(O¼QLFRPDQWHQLPLHQWRQHFHVDULRHQODF£PDUD\HOPRQLWRUHV
OLPSLH]D
 /LPSLHODVOHQWHVGHODF£PDUDGHPDUFKDDWU£VFXDQGRVHD
QHFHVDULRFRQXQWUDSRK¼PHGR DJXD 
 /LPSLHODSDQWDOODGHOPRQLWRUGHODFDELQDFRQXQDHVSXPDGH
OLPSLH]DGHDOWDFDOLGDG
1277$
1RGHEHQXWLOL]DUVHTX¯PLFRVDJUHVLYRVROLPSLDGRUHV
DEUDVLYRVHQODSDQWDOODGHQLQJXQDPDQHUD
127 7$
1RWRTXHODSDQWDOODFRQVXVGHGRV(YLWHSUHVLRQDUIXHUWHHQ
ODSDQWDOODVHSXHGHQGD³DUORVS¯[HOHVGHODSDQWDOOD
 2WWURVP
PDQGRV 
&R
RQIRUWGHOFRQ
QGXFWR
RU 

&RQIRUWGHOFRQGXFWRU
$VLHQWRGHORSHUDGRU
(ODVLHQWRGHORSHUDGRUFXPSOHFRQODVQRUPDV(1,62
(QSRFDVSDODEUDVHVWRVLJQLILFDTXHHODVLHQWRHVW£
GLVH³DGRSDUDPLQLPL]DUGHODPHMRUPDQHUDSRVLEOHODV
YLEUDFLRQHVGHFXHUSRHQWHURDODVFXDOHVHORSHUDGRUHVW£
H[SXHVWRDORSHUDUODP£TXLQD/DLQWHQVLGDGGHODVYLEUDFLRQHV
GHSHQGHGHPXFKRVIDFWRUHVGLVWLQWRVPXFKRVGHORVFXDOHVQR
HVW£QUHODFLRQDGRVFRQHOGLVH³RGHODP£TXLQDFRPRODV
FRQGLFLRQHVGHOVXHORODYHORFLGDG\ODVW«FQLFDVGHRSHUDFLµQ
7HQJDSUHVHQWHORVLJXLHQWH
 $MXVWHHODVLHQWRVHJ¼QHOSHVR\ODHVWDWXUDGHOFRQGXFWRU
 0DQWHQJDHOWHUUHQRGHO£UHDGHWUDEDMRHQEXHQDV
FRQGLFLRQHV
 $GDSWDUODW«FQLFDGHFRQGXFFLµQ\ODYHORFLGDGDODV
FRQGLFLRQHVUHLQDQWHV
8QDVLHQWRGHORSHUDGRUFRUUHFWDPHQWHDMXVWDGRDXPHQWDOD
FRPRGLGDG\ODVHJXULGDGGHORSHUDGRU8QDVLHQWRPDODMXVWDGR
SXHGHSURYRFDUOHVLRQHV/RVDMXVWHVTXHVHGHEHU¯DQUHDOL]DU
VRQ

$ ƒQJXORGHOUHVSDOGR
% $SR\ROXPEDU
& ,QFOLQDFLµQ\HOHYDFLµQGHVFHQVRGHOFRM¯QGHODVLHQWR
' 3HVRGHOFRQGXFWRU
( 6HQWLGRORQJLWXGLQDO HVSDFLRSDUDODVSLHUQDV
/RVPDQGRVGHDMXVWHSXHGHQYDULDUVHJ¼QHOPRGHORGH
DVLHQWR 
(OVRSRUWHGHPRQWDMHGHODVLHQWRGHORSHUDGRUWLHQHYDULRV
DJXMHURVSDUDDFRSODUHODVLHQWR3RUFRQVLJXLHQWHHODVLHQWRGHO
RSHUDGRUVHSXHGHPRYHUHQHOVRSRUWHGHDFRSODPLHQWR
SURSRUFLRQDQGRDV¯SRVLELOLGDGHVDGLFLRQDOHVGHDMXVWHDGHODQWH
DWU£V
([LVWHQWUHVSRVLFLRQHVHQTXHVHSXHGHQLQVWDODUODVJX¯DVGHO
DVLHQWRODSRVLFLµQFHQWUDOHVODHVW£QGDU6LODP£TXLQDHVXVDGD
SRURSHUDGRUHVEDMRV RXQRSHUDGRUTXHHVHO¼QLFRRSHUDGRUGH
ODP£TXLQD ODVJX¯DVVHSXHGHQPRYHUKDVWDORVDJXMHURV
GHODQWHURVSDUDREWHQHUXQDEXHQDSRVLFLµQGHWUDEDMR3DUD
RSHUDGRUHVDOWRV RXQRSHUDGRUTXHHVHO¼QLFRRSHUDGRUGHOD
P£TXLQD ODVJX¯DVVHSXHGHQPRYHUKDVWDORVDJXMHURV
WUDVHURV
(ODVLHQWRGHORSHUDGRUGHEHU¯DVHUPRYLGRSRUXQW«FQLFRGH
VHUYLFLRFXDOLILFDGR
6LHODVLHQWRGHORSHUDGRUWLHQHTXHVHUUHHPSOD]DGRHQWRQFHV
HOQXHYRDVLHQWRGHEHFRPSUREDUVHGHDFXHUGRFRQ,62
ORFXDOVLJQLILFDTXHHOIDEULFDQWHGHODVLHQWRKDGLVH³DGR\
 2WWURVP
PDQGRV

 &R
RQIRUWGHOFRQ
QGXFWR
RU
DGDSWDGRODVSURSLHGDGHVGHYLEUDFLµQDPRUWLJXDFLµQGHODVLHQWR
DOWLSRGHP£TXLQDHQHOTXHVHYDDLQVWDODU
127$
(ODVLHQWRHVWDU£PDUFDGRFRQODFODVHGHYLEUDFLµQ
DPRUWLJXDFLµQ(0(VW£SURKLELGRFDPELDUORSRUXQQXHYR
DVLHQWRTXHQRGLVSRQJDGHODFDSDFLGDGGHDPRUWLJXDFLµQ
FRUUHFWD
12
27$
1RKDJDDMXVWHVGHODVLHQWRGXUDQWHODPDUFKD
$V
VLH
HQWR&RPIRUWGHVXV
VSH
HQVLµ
µQQHXP£WLFD
6HDSOLFDDP£TX
6H XLQD
DVIIDEULFDGD
DVK
KDVWD
DIHEUHURGH

LLQF
FOXV
VLYH 
27$
12
(ODVLHQWRHVW£GLVH³DGRSDUDXQRSHUDGRUFRQXQSHVRP£[LPR
GHNJ OE 
$ ƒQJXORGHOUHVSDOGR
7LUHKDFLDDUULEDGHODEDUUDDJDUUDGHUDSDUDDMXVWDUKDVWDHO
£QJXORGHVHDGR
% ƒQJXOR
7LUHKDFLDDUULEDGHODVEDUUDVDJDUUDGHUDVSDUDOHYDQWDUOD
SDUWHGHODQWHUDGHODVLHQWR\HPSXMHKDFLDDEDMRSDUD
EDMDUOD
& $OWXUD\GXUH]DGHODVXVSHQVLµQ OODYHGHDUUDQTXHHQOD
SRVLFLµQ,
7LUHKDFLDDUULEDGHODEDUUDDJDUUDGHUDSDUDOHYDQWDUHO
DVLHQWR\HPSXMHKDFLDDEDMRSDUDEDMDUOR(OLQGLFDGRUYHUGH
PXHVWUDTXHHODMXVWHGHODGXUH]DGHODVXVSHQVLµQHV
FRUUHFWR
* ' ,QGLFDGRUGHVXVSHQVLµQFRUUHFWD
(OLQGLFDGRUYHUGHPXHVWUDTXHHODMXVWHGHODGXUH]DGHOD
VXVSHQVLµQHVFRUUHFWRSDUDPLQLPL]DUODVYLEUDFLRQHVGH
WRGRHOFXHUSR
( 6HQWLGRORQJLWXGLQDO HVSDFLRSDUDODVSLHUQDV
7LUHGHODEDUUDKDFLDDUULED\GHVSODFHHODVLHQWR KDFLD
$ GHODQWHRDWU£V 
9
) $MXVWHGHODSR\ROXPEDU
(OVRSRUWHOXPEDUVHUHJXODPDQXDOPHQWHFRQXQDERPEDGH
% & ( ' ) DLUH
* &DOHIDFFLµQGHODVLHQWR


$VLHQWRGHVXVSHQVLµQQHXP£WLFDVHUYLFLRSHVDGR
HTXLSRRSFLRQDO
127$
(ODVLHQWRHVW£GLVH³DGRSDUDXQRSHUDGRUFRQXQSHVRP£[LPR
GHNJ OE 
 2WURVP
PDQGRV 
&R
RQIRUWGHOFRQ
QGXFWR
RU 
'HDOWDUHVLVWHQFLDVLJQLILFDTXHHODVLHQWRHVW£GLVH³DGRSDUD
XQRSHUDGRUP£VSHVDGR\P£VJUDQGH(OGLVH³RHVP£VUREXVWR
\HODVLHQWRHVP£VDQFKR PPHQFRPSDUDFLµQFRQXQ
DVLHQWRTXHQRVHDGHDOWDUHVLVWHQFLD ,65,PP 
$ ,QWHUUXSWRUFDOHIDFFLµQGHODVLHQWR OODYHGHDUUDQTXHHQOD
SRVLFLµQ,
$ &XDQGRVHFRQHFWDODFDOHIDFFLµQHO«FWULFDGHODVLHQWRXQ
WHUPRVWDWRFRQWURODFXDQGRVHDFWLYD\VHGHVDFWLYDOD
FDOHIDFFLµQ/DFDOHIDFFLµQVHDFWLYDDsr&\VH
% GHVDFWLYDDsr&
' % ƒQJXORGHOUHVSDOGR
7LUHKDFLDDUULEDGHODEDUUDDJDUUDGHUDSDUDDMXVWDUHO
UHVSDOGRKDVWDHO£QJXORGHVHDGR
& ƒQJXORGHODVLHQWR
7LUHKDFLDDUULEDGHODEDUUDDJDUUDGHUD\DMXVWHHO£QJXORGH
WRGRHODVLHQWR FRM¯QGHODVLHQWR\UHVSDOGR
' $OWXUD\GXUH]DGHODVXVSHQVLµQ OODYHGHDUUDQTXHHQOD
SRVLFLµQ,
7LUHKDFLDDUULEDGHODEDUUDDJDUUDGHUDSDUDOHYDQWDUHO
DVLHQWR\HPSXMHKDFLDDEDMRSDUDEDMDUOR(OLQGLFDGRUYHUGH
* ) & 9
PXHVWUDTXHHODMXVWHGHODGXUH]DGHODVXVSHQVLµQHV
FRUUHFWR



( ,QGLFDGRUGHVXVSHQVLµQFRUUHFWD
(OLQGLFDGRUYHUGHPXHVWUDTXHHODMXVWHGHODGXUH]DGHOD
VXVSHQVLµQHVFRUUHFWRSDUDPLQLPL]DUODVYLEUDFLRQHVGH
WRGRHOFXHUSR
) 6HQWLGRORQJLWXGLQDO
/HYDQWHODEDUUDDJDUUDGHUD\DMXVWHHODVLHQWRHQVHQWLGR
ORQJLWXGLQDO
* $SR\ROXPEDU
(ODSR\ROXPEDUVHDMXVWDPDQXDOPHQWHFRQXQDERPEDGH
DLUH/DERPEDGHDLUHFRQXQDY£OYXODHVW£VLWXDGDHQHOODGR
GHUHFKRGHODVLHQWR
$V
VLH
HQWR3UHPLXPGHVXVVSHHQVLµ
µQQHXP£WLFDVHUUYLF
FLR
R
HVDG
SH GR HTXLSRRSFLR
RQDO
12
27$
(ODVLHQWRHVW£GLVH³DGRSDUDXQRSHUDGRUFRQXQSHVRP£[LPR
GHNJ OE 
 2WWURVP
PDQGRV

 &R
RQIRUWGHOFRQ
QGXFWR
RU
(OVLVWHPDHVW£GLVH³DGRSDUDP£[LPDFRPRGLGDGFRQDMXVWH
DXWRP£WLFRSRUSHVRVLVWHPDGHFOLPDWL]DFLµQLQFRUSRUDGR\
FRM¯Q\VXVSHQVLµQGHODVLHQWRSOHQDPHQWHDMXVWDEOHV
$ ƒQJXOR
7LUHKDFLDDUULEDGHODVEDUUDVDJDUUDGHUDVSDUDOHYDQWDUOD
SDUWHGHODQWHUDGHODVLHQWR\HPSXMHKDFLDDEDMRSDUD
EDMDUOD
% $MXVWHGHODSURIXQGLGDGGHOFRM¯Q
7LUHGHODEDUUDKDFLDDUULED\PXHYDHOFRM¯Q KDFLDGHODQWH
RDWU£V 
& $MXVWHGHODDOWXUD
*LUHSDUDDMXVWDUODDOWXUDGHODVLHQWR\HOSHVRVHDMXVWDU£
DXWRP£WLFDPHQWH
' 'LVSRVLWLYRGHEORTXHRGHODLVODGRU
&RQHFWHGHVFRQHFWHODVXVSHQVLµQKRUL]RQWDO
( 6HQWLGRORQJLWXGLQDO
/HYDQWHODEDUUDDJDUUDGHUD\DMXVWHHODVLHQWRHQVHQWLGR
ORQJLWXGLQDO
) $MXVWHGHODPRUWLJXDGRU
$MXVWHDXQDGXUH]DDGHFXDGDGHODVXVSHQVLµQ
* $MXVWHGHOUHVSDOGR
7LUHKDFLDDUULEDGHODEDUUDDJDUUDGHUDSDUDDMXVWDUKDVWDHO
£QJXORGHVHDGR
+ &OLPDWL]DFLµQ
$ %& ' ( ) * + , - . / &RQPXWDGRUFDOLHQWHIU¯RGHFOLPDWL]DFLµQGHODVLHQWR
9
, 3DUWHLQIHULRUGHOVRSRUWHOXPEDUQHXP£WLFR
 $MXVWHHOVRSRUWHOXPEDUHQODSDUWHLQIHULRUGHOUHVSDOGR
- 3DUWHVXSHULRUGHOVRSRUWHOXPEDUQHXP£WLFR
$MXVWHHOVRSRUWHOXPEDUHQODSDUWHGHOPHGLRGHOUHVSDOGR
. 6RSRUWHODWHUDO
$MXVWHHODSR\ROXPEDUDDPERVODGRVGHOUHVSDOGR\HQORV
FRVWDGRVGHOFRM¯QGHODVLHQWR
/ &RQWUROGHODMXVWHGHODYHQWLODFLµQ
$MXVWHODYHQWLODFLµQGHODVLHQWR

5HS
SRVDE
EUD]RV
VDMXV
VWH
H
/RVUHSRVDEUD]RVSDUDVRSRUWHGHSDODQFDV\GLUHFFLµQGH
SDODQFDDV¯FRPRHOVRSRUWHGHSDODQFDVSXHGHQDMXVWDUVHGH
IRUPDTXHHOFRQGXFWRUWHQJDODPHMRUSRVWXUDGHFRQGXFFLµQ
SRVLEOH
 2WWURVP
PDQGRV 
&R
RQIRUWGHOFRQ
QGXFWR
RU 




 



$MMXVWH
HGHOUHSRVDE
EUD]RV
VFFRQ
QGLUHFFL
FLµµQGHSDODQFD
9

&'&
6HQWLGRORQJLWXGLQDO
$IORMHHOYRODQWHGHEORTXHRDMXVWHHOVHQWLGRORQJLWXGLQDODOD
SRVLFLµQGHVHDGD\VHJXLGDPHQWHDSULHWHHOYRODQWHGHEORTXHR
6HQWLGRODWHUDO
$IORMHHOYRODQWHGHEORTXHRDMXVWHHOUHSRVDEUD]RV
ORQJLWXGLQDOPHQWHDODSRVLFLµQGHVHDGD\VHJXLGDPHQWHDSULHWH
HOYRODQWHGHEORTXHR
$OWXUD
$IORMHHOYRODQWHGHEORTXHRDMXVWHHOUHSRVDEUD]RVYHUWLFDOPHQWH
DODSRVLFLµQGHVHDGD\VHJXLGDPHQWHDSULHWHHOYRODQWHGH
EORTXHR
$MMXVWH
HHOUHSRVDE
EUD]RV
V\\H
HOVRS
SRUWHGHODSDODQFD
6RSRUWHGHSDODQFDV
VDOWXUD
$IORMHHOYRODQWHGHEORTXHRDMXVWHHOVRSRUWHGHODSDODQFD
YHUWLFDOPHQWHDODSRVLFLµQGHVHDGD\VHJXLGDPHQWHDSULHWHHO
YRODQWHGHEORTXHR
5HSRVDEEUD]RVV\\V
VRS
SRUWHGHODSDODQFDVHQ
QWLGR
OR
RQJLWXGLQDO
$IORMHHOYRODQWHGHEORTXHRDMXVWHHOUHSRVDEUD]RV\HOVRSRUWH
GHODSDODQFDHQVHQWLGRORQJLWXGLQDODODSRVLFLµQGHVHDGD\
VHJXLGDPHQWHDSULHWHHOYRODQWHGHEORTXHR
5HSRVDE
EUD]RVV\
\VVRS
SRUWHGHODSDODQFDODWHUDOPHQWH
$IORMHHOYRODQWHGHEORTXHRDMXVWHHOUHSRVDEUD]RV\HOVRSRUWH
GHODSDODQFDODWHUDOPHQWHDODSRVLFLµQGHVHDGD\
VHJXLGDPHQWHDSULHWHHOYRODQWHGHEORTXHR
5HSRVDE
EUD]RV
V\\VVRS
SRUWHGHODSDODQFD£QJXOR
$IORMHHOYRODQWHGHEORTXHRDMXVWHHO£QJXORGHOUHSRVDEUD]RV\
HOVRSRUWHGHODSDODQFDDODSRVLFLµQGHVHDGD\VHJXLGDPHQWH
DSULHWHHOYRODQWHGHEORTXHR
 2WWURVP
PDQGRV

 &R
RQIRUWGHOFRQ
QGXFWR
RU
&LQWXUµQGHVHJXULGDG

$'9(57(1&,$
c5LHVJRGHOHVLRQHVJUDYHV
(OPRYLPLHQWRLQHVSHUDGRGHODP£TXLQDSXHGHSURYRFDUTXHHO
RSHUDGRUVHDH[SXOVDGRGHODP£TXLQDFDXV£QGROHOHVLRQHV
JUDYHV
2SSHUUHOODP
P£TX XLQDVVµOORFXD
DQGRRHVW«
«VVHQ
QWDGRHQH
HOD
DVLH
HQWR
RGHO
RS
SHUUDGR RUFFRQH
HOFLQWWXUµQG
GHVHJX
XULGD
DGDDEURF
FKDGR
(OFLQWXUµQGHVHJXULGDGHVFU¯WLFRSDUDODVHJXULGDGGHORSHUDGRU
6LHPSUHKD\TXHOOHYDUORSXHVWR\DEURFKDGRFXDQGRVHHVW«
XWLOL]DQGRODP£TXLQDSDUDSUHYHQLUTXHHORSHUDGRUVDOJD
GHVSHGLGRGHODFDELQDRGHODSODWDIRUPDGHORSHUDGRUVLOD
P£TXLQDYXHOFDVHLQFOLQDRWLHQHXQDFFLGHQWH8QFLQWXUµQGH
VHJXULGDGDEURFKDGRWDPEL«QD\XGDDORSHUDGRUDPDQWHQHUHO
FRQWUROGHODP£TXLQDVLHVWDVHPXHYHGHUHSHQWHRGHIRUPD
LQHVSHUDGD(OQRXVDUHOFLQWXUµQGHVHJXULGDGFXDQGRVHXWLOL]D
ODP£TXLQDSXHGHSURYRFDUJUDYHVOHVLRQHVRDFFLGHQWHV
PRUWDOHV(OFLQWXUµQGHVHJXULGDGVRORHVW£GHVWLQDGRSDUDXQ
DGXOWR$VHJ¼UHVHGHTXHHOFLQWXUµQGHVHJXULGDGHVW«HQUROODGR
FXDQGRQRHVW£HQXVR

$VLHQWRFRQFLQWXUµQGHVHJXULGDGGHFDGHUD

$'
'9(57(1&,$
5LHVJRGHOHVLRQHVJUDYHVHLQFOXVRPRUWDOHV
8QFLQWXUµQGHVHJXULGDGGD³DGRSRGU¯DFDXVDUOHVLRQHVJUDYHV
RPRUWDOHV
&RRPSUXHHEH
HODVVS
SLH]DVD
DVRFFLD
DGDVFFRQ
QHOFLQ
QWX
XUµQ
QGHVVHJXUULGD
DG
DQ
QWH
HVG
GHD
DUUD
UDQF
FDUOODP£T
TXLQDD
&RPSUXHEHHOFLQWXUµQGHVHJXULGDG\ODVSLH]DVDVRFLDGDVWRGRV
ORVG¯DV$VHJ¼UHVHGHTXHODVILMDFLRQHV\ODVSLH]DVGH
LQVWDODFLµQHVW«QELHQDSUHWDGDV6XVWLWX\DWRGRHOFLQWXUµQGH
VHJXULGDGLQPHGLDWDPHQWHVLKD\FXDOTXLHUGHVJDVWHVLHO
FLQWXUµQHVW£UD¯GRWLHQHFRVWXUDVVXHOWDVHVW£GHIRUPDGRRVL
HOFDUUHWHQRIXQFLRQD6XVWLWX\DHOFLQWXUµQGHVHJXULGDGVLOD
P£TXLQDKDHVWDGRLQYROXFUDGDHQXQDFFLGHQWHGRQGHHOFLQWXUµQ
VHKD\DHVWLUDGRGLVWHQGLGRRKD\DHVWDGRVXMHWRDDOWDVIXHU]DV
&RPSUXHEHODVILMDFLRQHV\ODVSLH]DVGHLQVWDODFLµQ(VW£
SURKLELGRFDPELDURPRGLILFDUHOFLQWXUµQRVXVDFRSODPLHQWRV\
ILMDFLRQHV8VHVRORDJXDWLELDDOOLPSLDUQRXVHDJHQWHVGH
OLPSLH]DRGHWHUJHQWHV'HMHTXHHOFLQWXUµQVHVHTXHPLHQWUDV
HVW£VDFDGRGHOFDUUHWHDQWHVGHHQUROODUOR
9ROYR&RQVWUXFWLRQ(TXLSPHQWUHFRPLHQGDODVXVWLWXFLµQGHORV
FLQWXURQHVGHVHJXULGDGFDGDD³RVLQGHSHQGLHQWHPHQWHGHVX
DVSHFWR
12
27$
(OFLQWXUµQGHVHJXULGDGGHWUHVSXQWRVHVXQHTXLSRRSFLRQDO

$VLHQWRFRQFLQWXUµQGHVHJXULGDGGHWUHVSXQWRV


(TXLSRRSFLRQDO
 2WWURVP
PDQGRV 
&R
RQIRUWGHOFRQ
QGXFWR
RU 
&£PDUDGHODQWHUD
HTXLSRRSFLRQDO
3DUDXWLOL]DUDOJXQRVLPSOHPHQWRVYROXPLQRVRV\ODVFXFKDUDV
P£VJUDQGHVGHODJDPDGH9ROYRVHUHFRPLHQGDFRPSOHWDUOD
P£TXLQDFRQXQDF£PDUDXELFDGDHQDOWR\FRQHFWDGDDOPRQLWRU
RUGLQDULRGHODFDELQDDOREMHWRGHPHMRUDUODYLVLELOLGDGGHO
FRQGXFWRUKDFLDGHODQWH
/DDOWXUDP£[LPDGHODF£PDUDGLULJLGDKDFLDGHODQWHSRUHQFLPD
GHOWHFKRGHODFDELQDHVGHPP LQ SDUDODDGDSWDFLµQ
DXQDPHMRUYLVLELOLGDGSRUHQFLPDGHXQLPSOHPHQWRRXQD
FXFKDUDJUDQGHV3DUDYLVLELOLGDGµSWLPDKDFLDGHODQWHDMXVWH
 PLQXFLRVDPHQWHODF£PDUD
127 7$
6HJ¼QODQRUPDGHPHGLFLµQGHYLVLELOLGDG,62VHPLGHOD
YLVLELOLGDGFRQODP£TXLQDSDUDGD\VLQFDUJD\FRQHOFDQWR
LQIHULRUGHOPX³µQGHODFXFKDUDXELFDGRFRPRP¯QLPRDPP
LQ SRUHQFLPDGHOSODQRGHOVXHOR
/DF£PDUDGLULJLGDKDFLDGHODQWHSXHGHVXVWLWXLUQRUPDOPHQWHORV
GRVHVSHMRVGLULJLGRVKDFLDGHODQWH
&RQVXOWHDXQFRQFHVLRQDULRGH9ROYRSDUDYHUHOFDW£ORJRGH
LPSOHPHQWRVTXHFRQWLHQHP£VLQIRUPDFLµQ 
5HWWURYLVRUUHVG
GHODQ
QWHURV
HTXLSRRSFLR
RQDO
3DUDHOXVRGHDOJXQRVLPSOHPHQWRVYROXPLQRVRV\FXFKDUDV
JUDQGHVGHODJDPDGH9ROYRVHUHFRPLHQGDFRPSOHWDUOD
P£TXLQDFRQGRVHVSHMRVDGLFLRQDOHVPRQWDGRVGHODQWHSDUD
PHMRUDUODYLVLELOLGDGGHOFRQGXFWRUKDFLDGHODQWH3DUDYLVLELOLGDG
µSWLPDKDFLDGHODQWHDMXVWHPLQXFLRVDPHQWHORVHVSHMRV9HDOD
S£JLQD
127 7$
6HJ¼QODQRUPDGHPHGLFLµQGHYLVLELOLGDG,62VHPLGHOD
YLVLELOLGDGFRQODP£TXLQDSDUDGD\VLQFDUJD\FRQHOFDQWR
LQIHULRUGHOPX³µQGHODFXFKDUDXELFDGRFRPRP¯QLPRDPP
9 LQ SRUHQFLPDGHOSODQRGHOVXHOR

 2WWURVP
PDQGRV

 6LLVWH
HPDFOLLPDWL]DG
GRU

6LVWHPDFOLPDWL]DGRU





9


 %RTXLOODVGHDLUHGHODQWH
 3DQHOFOLPDWL]DGRU
 %RTXLOODVGHDLUHGHWU£V
 6HQVRUGHWHPSHUDWXUDLQWHULRUGHODFDELQD

1227$
$VHJ¼UHVHGHGHMDUOLEUHHOHVSDFLRGHODQWHGHOVHQVRUGH
WHPSHUDWXUD1RRULHQWHQLQJXQDERTXLOODGLUHFWDPHQWHDOVHQVRU
GHWHPSHUDWXUD
 2WWURVP
PDQGRV 
6LLVWH
HPDFOLLPDWL]DG
GRU 

 $FRQGLFLRQDGRUGHDLUH HTXLSRRSFLRQDO
 9HQWLODFLµQGHODFDELQDFDOHIDFFLµQDLQWHUYDORV
HTXLSRRSFLRQDO
 0DQGRGHOYHQWLODGRU
 0DQGRGHWHPSHUDWXUD
 0DQGRGHGLVWULEXFLµQGHODLUH

$FRQ
QGLFLR
RQDGRUGHDLUH HTXLSRRSFLR
RQDO
3UHVLRQHHOLQWHUUXSWRUSDUDFRQHFWDUHODLUHDFRQGLFLRQDGR
/DO£PSDUDWHVWLJRGHOLQWHUUXSWRUPXHVWUDTXHODIXQFLµQHVW£

$FRQGLFLRQDGRUGHDLUH HTXLSRRSFLRQDO DFWLYD

6LODO£PSDUDWHVWLJRHPSLH]DDGHVWHOODUHODLUHDFRQGLFLRQDGR
VHKDGHVFRQHFWDGR/DFDXVDSXHGHVHUXQFRQGHQVDGRU\R
HQIULDGRUREWXUDGRYHDODS£JLQD
127$
(OLQWHUUXSWRUWDPEL«QHVW£LQVWDODGRHQP£TXLQDVVLQHVWHHTXLSR
RSFLRQDOSHURQRWLHQHHVWDIXQFLµQ
9HQWLODFLµ
µQGHODFDE ELQDFDOOHIDFFL
FLµ
µQDLQWHUYDOORV OD
FDOOHIDFFL
FD FLµµQDLQWHUYDOORVH
HQXQHTXLSRRSFLR RQDO
/DYHQWLODFLµQGHODFDELQDFDOHIDFFLµQDLQWHUYDORVRFXUUHXVDQGR
9HQWLODFLµQGHODFDELQDFDOHIDFFLµQDLQWHUYDORV HOYHQWLODGRUGHODFDELQDDOPLVPRWLHPSRTXHHOPRWRUHVW£
 DSDJDGR\ODOODYHGHDUUDQTXHHVW£HQODSRVLFLµQ
)XQFLRQDDXQTXHODOODYHGHDUUDQTXHVHKD\DUHWLUDGRGHO
HQFHQGLGR
(OGHVFRQHFWDGRUGHEDWHU¯DGHEHHVWDUDFWLYDGR
$FW
$FWLLYDFLµ
µQ
3UHVLRQHHOLQWHUUXSWRU  SDUDDFWLYDUODYHQWLODFLµQGHFDELQD\
HOFDOHQWDGRUDPRWRUSDUDGR
/DDFWLYDFLµQSXHGHWHQHUOXJDUP£[PLQXWRDQWHVRP£[
VHJXQGRVGHVSX«VGHTXHODOODYHGHDUUDQTXHVHFRORTXHHQOD
SRVLFLµQDSDJDQGRDV¯HOPRWRU
/DO£PSDUDWHVWLJRGHOLQWHUUXSWRUHVW£HQFHQGLGD\PXHVWUDTXH
ODIXQFLµQHVW£DFWLYD
&OOLPDH[WH
HULRUUFF£OOLGRYHQ
QWLODF
FLµQ
QG
GHOODFDE
ELQD
6HYHQWLODODFDELQDGXUDQWHHODSDUFDPLHQWR
6HUHFRPLHQGDODYHORFLGDGGHOYHQWLODGRU$87
(OWLHPSRHVFRPRP£[LPRKRUDV
&OOLPDH[WH
HULRUUIIU¯R
RFDOHQWWDGRUD
DP
PRWWRUS
SDUDGR HT
TXLSRRSFLR
RQDO
 2WWURVP
PDQGRV

 6LLVWH
HPDFOLLPDWL]DG
GRU
(OUHIULJHUDQWHGHOPRWRUFLUFXODDSRUWDQGRFRQHOORFDORUDOD
FDELQD
(OWLHPSRGHODFDOHIDFFLµQDPRWRUSDUDGRHVPLHQWUDVOD
WHPSHUDWXUDGHOPRWRUVHDORVXILFLHQWHPHQWHDOWDRFRPR
P£[LPRKRUD
6HUHFRPLHQGDODYHORFLGDGGHOYHQWLODGRU$87
(OFDOHIDFWRUDLQWHUYDORVVHHVIXHU]DSRUPDQWHQHUVHDXQD
WHPSHUDWXUDDMXVWDGDGHದR& GHSHQGLHQGRGHODMXVWHGH
SDU£PHWURVHQODP£TXLQD LQGHSHQGLHQWHPHQWHGHODSRVLFLµQ
GHODUHJXODFLµQGHWHPSHUDWXUD
/DGHVDF
FWLLYDF
FLµ
µQWLHQ
QHOXJDUU
&RQHOLQWHUUXSWRU  
&XDQGRKDWUDQVFXUULGRHOLQWHUYDORGHWLHPSR
&XDQGRVHDUUDQFDHOPRWRU
0DQGRGHOYHQ
QWLODGRU
3RVLFLµQ 9HQWLODGRUSDUDGR
3RVLFLµQ$87 5HJXODFLµQDXWRP£WLFDGHODYHORFLGDGGHO
YHQWLODGRUVLQHVFDORQHV
=RQDPDUFDGD $MXVWHPDQXDOSRVLFLRQHVILMDVSDUDODYHORFLGDG
GHOYHQWLODGRU
0DQGRGHOYHQWLODGRU 127$

6LVHDEUHODSXHUWDGHODFDELQDPLHQWUDVHOPDQGRGHOYHQWLODGRU
VHHQFXHQWUDHQODSRVLFLµQ$87VHUHGXFHDXWRP£WLFDPHQWHOD
YHORFLGDGGHOYHQWLODGRUHQFLHUWRVFDVRV
0DQGRGHWHPSHUDWXUD
3RVLFLµQKDFLDDUULED &DORUP£[LPRPDUFDURMD
3RVLFLµQL]TXLHUGD 6HOHFFLµQGHWHPSHUDWXUDGHVHDGD
3RVLFLµQKDFLDDEDMR 5HIULJHUDFLµQP£[LPDPDUFDD]XO

0DQGRGHWHPSHUDWXUD

0DQGRGHGLVWUULEXFLµ
µQGHODLUH
3RVLFLµQ$87 5HJXODFLµQDXWRP£WLFD
3RVLFLµQL]TXLHUGDHQVHQWLGRKDFLDHOV¯PEROR $LUHGH
UHFLUFXODFLµQDOP£[LPR
=RQDPDUFDGD 0H]FODGHDLUHGHUHFLUFXODFLµQFRQDLUHGHO
0DQGRGHGLVWULEXFLµQGHODLUH
HQWRUQR
 3RVLFLµQGHUHFKDHQVHQWLGRKDFLDHOV¯PERORVXSHULRU $LUHGHO
HQWRUQRDOP£[LPR
3RVLFLµQGHUHFKD 8QLGDGDQWLYDKRFRQODVERTXLOODVGH
YHQWLODFLµQHQODVYHQWDQDVDELHUWDV\GLULJLGDVKDFLDORVFULVWDOHV
 2WWURVP
PDQGRV 
6LLVWH
HPDFOLLPDWL]DG
GRU 
%RTXLOODVGHYHQWLODFLµQ
$EUDODVERTXLOODVGHYHQWLODFLµQ\DMXVWHODGLUHFFLµQGHODLUHSDUD
RSWLPL]DUODYHQWLODFLµQ\ODGLVWULEXFLµQGHODLUH

$$E
ELHUUWDV
V
%&HUUUDGDV
&'HWHFFFL
FLµQ
QGH
HDLLUH


6LLVWH
HPDFOLP
PDWL]DG
GRUDMMXV
VWH
H
/DVLQVWUXFFLRQHVVLJXLHQWHVFRQVWLWX\HQXQDUHFRPHQGDFLµQ
E£VLFD&DGDFRQGXFWRUWHQGU£TXHDSUHQGHUDDMXVWDU\UHJXODU
HOFOLPDWL]DGRUSDUDREWHQHUODWHPSHUDWXUDDGHFXDGDVLQ
FRUULHQWHV\FRQHOORHOPHMRUHQWRUQRGHWUDEDMR
3DUDORJUDUHOPHMRUFRQWUROGHWHPSHUDWXUDHQODFDELQDLQWHQWH
WHQHUHOPD\RUQ¼PHURSRVLEOHGHERTXLOODVDELHUWDV
5HF
FLUFX
FXOODFLµ
µQP£[
[LP
PDH
HQHOP
PDQ
QGRG
GHG
GLV
VWUULEXF
FLµ
µQG
GHOD
DLUH
6HSXHGHXVDUFRPRXQDMXVWHSDUDUHGXFLUODHQWUDGDGHPDORV

RORUHV(VWRWDPEL«QUHGXFHODDFXPXODFLµQGHSROYRHQORVILOWURV
GHYHQWLODFLµQGHODFDELQD
6LODVYHQWDQDVVHHPSD³DQJLUHHOPDQGRKDVWD$LUHDPELHQWH
P£[LPR&XDQGRVHDQHFHVDULROLPSLH\FRPSUXHEHRFDPELHHO
ILOWURGHYHQWLODFLµQGHODFDELQDYHDODS£JLQD
$V¯HVFFµP
PRVHDMXVWD
D
XQDWHPSHUDWXUDGHWUDEDMRFµP
PRGD
7RGDVODVERTXLOODVFRPSOHWDPHQWHDELHUWDV
(QFDVRGHFOLPDH[WHULRUF£OLGRDFWLYHHODLUHDFRQGLFLRQDGR
0DQGRGHOYHQWLODGRUHQODSRVLFLµQ$87
0DQGRGHWHPSHUDWXUDDMXVWDGRDODWHPSHUDWXUDGHVHDGD
0DQGRGHOGLVWULEXFLµQGHDLUHHQODSRVLFLµQ$87
HOLPLQDUHOYDK
KRHQWRGDVOODVYYHQ
QWDQLOODV
%RTXLOODVGHODQWHUDVGLULJLGDVKDFLDHOSDUDEULVDV
/DVERTXLOODVGHOVXHOREDMRHOSDQHOGHLQVWUXPHQWRVFHUUDGDV
/DVERTXLOODVWUDVHUDVGLULJLGDVDODYHQWDQDWUDVHUDYHQWDQD
ODWHUDO
0DQGRGHGLVWULEXFLµQGHODLUHHQODSRVLFLµQDQWLYDKRORFXDO
SURSRUFLRQD
 $LUHGHOHQWRUQRDOP£[LPR
 &DORUP£[LPR
 5HIULJHUDFLµQP£[LPDVLODP£TXLQDHVW£HTXLSDGDFRQDLUH
DFRQGLFLRQDGR
 9HORFLGDGGHOYHQWLODGRUDOP£[LPR
8QDYH]FRQVHJXLGRHOHIHFWRGHVHDGR\FXDQGRVHKD\DJLUDGR
HOPDQGRGHGLVWULEXFLµQGHODLUHDODSRVLFLµQGHVHDGDHO
FOLPDWL]DGRUYXHOYHDODWHPSHUDWXUDVHOHFFLRQDGD\DOD
YHORFLGDGGHOYHQWLODGRUVHOHFFLRQDGD$EUDODVERTXLOODVGHOSLVR
3DUDUHGXFLUHOULHVJRGHTXHODVYHQWDQDVVHHPSD³HQ
PDQW«QJDODVOLPSLDV8VHVRORXQOLPSLDGRUGHYHQWDQDVFRP¼Q
SDUDOLPSLDUODV
 2WURVPDQGRV
 6LVWHPDFOLPDWL]DGRU
3URFXUHREWHQHUXQDEXHQDYHQWLODFLµQ
1RFRQGX]FDGHPDVLDGRWLHPSRVLQYHQWLODFLµQRFRQODFDELQD
WRWDOPHQWHFHUUDGDVLQTXHHVW«HQPDUFKDHOYHQWLODGRU
8QDYHQWLODFLµQLQVXILFLHQWHSXHGHFDXVDUFDQVDQFLR GHELGRD
IDOWDGHR[¯JHQR 
 ,QVWUUXFFL
FLRRQHVG
GHIXQFLR
RQDPLHQWR 



,QVWUXFFLRQHVGH
IXQFLRQDPLHQWR
(VWDXQLGDGFRQWLHQHQRUPDVTXHVHGHEHQVHJXLUSDUDWUDEDMDU
FRQODP£TXLQDGHIRUPDVHJXUD1RREVWDQWHHVWDVQRUPDVVH
GHEHU£QDSOLFDUHQFRPELQDFLµQFRQODOHJLVODFLµQ\RWUDV
UHJXODFLRQHVQDFLRQDOHVVREUHVHJXULGDGHQFDUUHWHUD\
SUHYHQFLµQODERUDO
/DGHELGDYLJLODQFLDHOVHQWLGRFRP¼Q\HOUHVSHWRDODOHJLVODFLµQ
VREUHVHJXULGDGVRQODVFRQGLFLRQHVIXQGDPHQWDOHVSDUDHYLWDU
HOULHVJRGHDFFLGHQWHV

,Q
QVWUUXFFL
FLRQ
QHVS
SDUDHOUR
RGDMH
'XUDQWHODVSULPHUDVKRUDVODP£TXLQDVHGHEHXWLOL]DUFRQ
EDVWDQWHFXLGDGR(VIXQGDPHQWDOFRPSUREDUDPHQXGRHOQLYHO
GHDFHLWH\GHIOXLGRVGXUDQWHHOSHU¯RGRGHURGDMH
6HGHEHLQVSHFFLRQDUHODSULHWHGHORVSHUQRVGHODVUXHGDVFDGD
RFKRKRUDVGHIXQFLRQDPLHQWRFRQVXOWHODS£JLQD

3URWHFFFL
FLµ
µQGHOP
PRWRUU6R
RIWZDUUH
/DIXQFLµQLQIRUPDDORSHUDGRU\OLPLWDHOU«JLPHQ\HOSDUGHO
PRWRUDV¯FRPRODYHORFLGDGGHWUDVODFLµQGHODP£TXLQDSDUD
SUHYHQLUTXHHOPRWRUVHGD³H(ODSDJDGRGHOPRWRUQRVH
SURGXFHKDVWDTXHODYHORFLGDGKDFD¯GRSRUGHEDMRGHNPK
PSK (VWRSRVLELOLWDTXHVLHPSUHVHSXHGDDSDUWDUOD
P£TXLQDGHVLWXDFLRQHVSHOLJURVDVDQWHVGHTXHHOPRWRUVH

DSDJXH
/DIXQFLµQHVW£UHJXODGDSRUODXQLGDGGHPDQGRGHOPRWRU\
GHSHQGLHQGRGHTX«FRPSRQHQWHHVW«JHQHUDQGRODDODUPDVH
SXHGHDFWLYDUFXDOTXLHUDGHODVVLJXLHQWHVIXQFLRQHV
 UHGXFFLµQGHSDUGHOPRWRU
 OLPLWDFLµQGHOU«JLPHQGHOPRWRU
 DSDJDGRGHOPRWRU

$S
SDJDGRUH
HWDUGDGRGHOPR
RWRU
(VWDIXQFLµQFRQWURODHOSRVHQIULDLHQWRGHOPRWRUXQDYH]
DSDJDGRHOHQFHQGLGR$VHJXUDTXHHOPRWRUVLJDIXQFLRQDQGR
KDVWDTXHVHKD\DHQIULDGRVXILFLHQWHPHQWH\DFRQWLQXDFLµQOR
DSDJD
(OWLHPSRUHVWDQWHGHVGHTXHODOODYHGHHQFHQGLGRVHKD
GHVDFWLYDGRKDVWDTXHHOPRWRUVHDSDJDDSDUHFHHQODSDQWDOOD
3DUDDERUWDUODSDUDGDGHOPRWRUGXUDQWHHOUHWDUGRJLUHODOODYH
GHHQFHQGLGRDODSRVLFLµQ,(VWRGHYROYHU£ODP£TXLQDDODV
FRQGLFLRQHVGHIXQFLRQDPLHQWR
6HSXHGHFDQFHODUHOSRVHQIULDPLHQWR\DSDJDUHOPRWRU
GLUHFWDPHQWH\DVHDSUHVLRQDQGR(6&DWUDY«VGHOLQWHUUXSWRU
GHEDWHU¯DRXVDQGRFXDOTXLHUSDUDGDGHHPHUJHQFLDSHURQRVH
UHFRPLHQGD
3DUDREWHQHULQIRUPDFLµQVREUHORVDMXVWHVGHHVWDIXQFLµQYHD
ODS£JLQD
 ,Q
QVWUUXFFL
FLR
RQHVG
GHIXQFLR
RQDPLHQWR


'HVFRQH[LµQDXWRP£WLFDGHOPRWRU
HTXLSDPLHQWRRSFLRQDO
127$
/DIXQFLµQGH$SDJDGRGHOPRWRUUHWDUGDGRFRQWURODHO
SRVHQIULDPLHQWRGHOPRWRU\WLHQHPD\RUSULRULGDGTXHHODSDJDGR
DXWRP£WLFRGHOPRWRU
(ODSDJDGRGHOPRWRUWLHQHOXJDUGHVSX«VGHXQWLHPSR
SUHGHWHUPLQDGR
(OWLHPSRVHDMXVWDFRQ7HFK7RRO
6HUHTX
6H XLHUHQ
QODVVVLJ
JXLLHQWH
HVFFRQ
QGLLFLRQ
QHVS
SDUDHODSD
DJDG
GRGHO
PRWR
PR RU
 /DP£TXLQDSDUDGD
 (OPRWRUHVW£DUDOHQW¯
 (OVHOHFWRUGHPDUFKDVHQSXQWRPXHUWR
 /DPDULSRVDPDQXDOQRHVW£DFWLYDGD
&XDQGRODVFRQGLFLRQHVVHKDQFXPSOLGR\TXHGDXQPLQXWRGHO
WLHPSRSUHGHWHUPLQDGRVHPXHVWUDXQPHQVDMHHQODXQLGDGGH
SDQWDOOD
(QWRQFHVVHSXHGHLQWHUUXPSLUHODSDJDGRGHOPRWRUDFWLYDQGR
HOSHGDOGHODFHOHUDGRUODPDULSRVDPDQXDORHOVHOHFWRUGH
PDUFKDV
&X
XDQGR RHODSD
DJDGGRDXWRP£WWLFRGHOPRWR
RUVVHK
KDS
SURG
GXFLG
GR
 6HDSOLFDHOIUHQRGHHVWDFLRQDPLHQWR
 /DOODYHGHDUUDQTXHFRQWLQ¼DHQODSRVLFLµQSRVLFLµQGH
PDUFKD
7RGDVODVOXFHVXRWURVGLVSRVLWLYRVFRQHFWDGRVTXHFRQVXPDQ
FRUULHQWHSHUPDQHFHQFRQHFWDGRV
 ,Q
QVWUUXFFL
FLRRQHVG
GHIXQFLR
RQDPLHQWR 



9LVLELOLGDG

$'9(57(1&,$
5LHVJRGHDFFLGHQWHVJUDYHV
/DVSLH]DVHTXLSDPLHQWRRFDUJDGHODP£TXLQDSRGU¯DQREVWUXLU
ODYLVWDGHORSHUDGRU2SHUDURFRQGXFLUFRQODYLVWDGHORSHUDGRU
REVWUXLGDSRGU¯DSURYRFDUJUDYHVDFFLGHQWHV
8VHX XQVVH³
³DOLVWD
DVLODYLV
VWD
DGHOR
RSHUUDG
GRUH
HVW£
£REVWUUXLLGD
/D
DLQ
QIR
RUPD
PDFFLµ
µQVL
VLJ
JXLHQWH HVH
VHDS
SOLFDDOD
DVP£TXLQDVHQWUHJDGDVHQ
P£TXLQDVHQWUHJDGDVHQ
SD¯VHVGHOD8(\SXHGHQDSOLFDUVHWDPEL«
SD¯VHVGHOD8(\SXHGHQDSOLFDUVH «QD
DP£TXXLQ
QDV
HQ
QWUHJJDG
GDVH
HQSSD¯VHVVIIXHUDGHOD8(
3XHGHVHUGLI¯FLOSURSRUFLRQDUXQDYLVLELOLGDGGLUHFWDHQWRGDVODV
£UHDVDOUHGHGRUGHODP£TXLQD3DUDORJUDUXQDYLVLELOLGDG
DFHSWDEOHVHSXHGHQXWLOL]DUGLVSRVLWLYRVDGLFLRQDOHVFRPR
VLVWHPDVGHDGYHUWHQFLDHVSHMRV\F£PDUDVGHWHOHYLVLµQGH
FLUFXLWRFHUUDGR &&79 
127 7$
$OJXQDVSDUWHVGHODP£TXLQDE£VLFDSXHGHQUHVWULQJLUOD
YLVLELOLGDGSRUHMHPSORORVPRQWDQWHVGHODFDELQDEDVWLGRUHV
WXERGHHVFDSHFDSµDV¯FRPRORVHTXLSRVRSFLRQDOHV/DFDUJD
TXHVHPDQHMDFRQHVWRVLPSOHPHQWRVWDPEL«QSRGU¯DUHVWULQJLU
ODYLVLELOLGDG
3DUDPLQLPL]DUORVULHVJRVFDXVDGRVSRUODYLVLELOLGDGOLPLWDGDOD
GLUHFFLµQGHOOXJDUGHWUDEDMRGHEHU£HVWDEOHFHUUHJODV\
SURFHGLPLHQWRV3RUHMHPSOR

$VHJ¼UHVHGHTXHORVRSHUDULRV\WUDEDMDGRUHVGHODREUDKDQ
UHFLELGRWRGDVODVLQVWUXFFLRQHVGHVHJXULGDG
+DJDTXHHOFRQGXFWRU\HOSHUVRQDOHQHOOXJDUGHWUDEDMR
DVLVWDQDFXUVRVGHVHJXULGDG
&RQWURODUHOHVTXHPDGHWU£ILFRSDUDODP£TXLQD\RWURV
YHK¯FXORVHQHOOXJDU(YLWDUODWUDVODFLµQKDFLDDWU£VVLHPSUH
TXHVHDSRVLEOH
$VHJ¼UHVHGHTXHWLHQHFRQWUROVREUHHO£UHDRSHUDWLYDGHOD
P£TXLQD\TXHODYLVLELOLGDGHVEXHQDSODQLILFDQGRHOOXJDUSRU
HMHPSORGLVSRQLHQGRFRQRVFDUUHWHUDVOXJDUHVSDUDDSDUFDU
\QRDSDUFDUP£TXLQDVHWF
8VHXQVH³DOLVWDSDUDD\XGDUDORSHUDGRU8VHODVVH³DOHV
VHJ¼QHOGLDJUDPDGHVH³DOHVYHDODS£JLQD
6XPLQLVWUDUHTXLSRGHFRPXQLFDFLµQDGRVY¯DVVLHV
QHFHVDULR
$VHJXUDUVHGHTXHORVWUDEDMDGRUHVHQHOOXJDUGHODREUD
FRPXQLFDQFRQHORSHUDGRUDQWHVGHDFHUFDUVHDODP£TXLQD
8VDUOHWUHURVGHDGYHUWHQFLD
5HVWULFFLRQHVSDUDYHORFLGDGP£[LPDSHUPLWLGD\
HYHQWXDOPHQWHSDUDFRQGXFLUODP£TXLQDHQPDUFKDDWU£V
ODUJRVWUHFKRV
 ,Q
QVWUUXFFL
FLR
RQHVG
GHIXQFLR
RQDPLHQWR


1RUPDVGHYLVLELOLGDGSDUDFXPSOLUFRQODGLUHFWLYDGH
P£TXLQDVGHOD8(
(OHVW£QGDU,620DTXLQDULDSDUDUHPRYHUWLHUUD&DPSR
GHYLVLELOLGDGGHORSHUDGRUWUDWDGHODYLVLELOLGDGGHORSHUDGRU
DOUHGHGRUGHODP£TXLQD\HVW£GLVH³DGRSDUDPHGLU\HYDOXDU
ODYLVLELOLGDG
 /DP£TXLQDKDVLGRFRPSUREDGDXWLOL]DQGRP«WRGRV\FULWHULRV
GHUHQGLPLHQWREDVDGRVHQHVWHHVW£QGDU3XHGHVHUTXHHO
P«WRGRGHYLVLELOLGDGXWLOL]DGRQRLQFOX\DWRGRVORVDVSHFWRV
GHODYLVLELOLGDGGHORSHUDGRUSHURV¯SURSRUFLRQDOD
LQIRUPDFLµQQHFHVDULDSDUDGHWHUPLQDUVLHVQHFHVDULRD³DGLU
GLVSRVLWLYRVGHYLVLELOLGDGLQGLUHFWDFRPRVLVWHPDVGH
DGYHUWHQFLD
 /DSUXHEDVHUHDOL]µFRQP£TXLQDVHVWDFLRQDULDVFRQ
LPSOHPHQWRV\HTXLSDPLHQWRHVW£QGDU6LVHPRGLILFDOD
P£TXLQDRVHHTXLSDFRQRWURHTXLSDPLHQWRRLPSOHPHQWRTXH
UHVXOWHHQYLVLELOLGDGUHGXFLGDVHGHEHYROYHUDFRPSUREDU
VHJ¼QOD,62
,620DTXLQDULDGHREUDV9LVLELOLGDGFRQODD\XGDGH
HVSHMRVUHWURYLVRUHV
,62(DUWKPRYLQJPDFKLQHU\+D]DUGGHWHFWLRQ
V\VWHPVDQGYLVXDODLGV3HUIRUPDQFHUHTXLUHPHQWVDQGWHVWV
0DTXLQDULDGHREUDVS¼EOLFDV9LVLELOLGDGFRQODD\XGDGH
F£PDUDV 
6LVHXVDQRWURVHTXLSRVRLPSOHPHQWRVTXHUHGXFHQOD
YHORFLGDGVHGHEHU£LQIRUPDUGHHOORDORSHUDGRU
(OFXPSOLPLHQWRGHOHVW£QGDUHVXQUHTXLVLWRHQORVSD¯VHVGHOD
8QLµQ(XURSHD\SURSRUFLRQDXQDPHMRUYLVLELOLGDGDOUHGHGRUGH
ODP£TXLQD
0H
HGLGDVS
SUHYLD
DVD
DODRSHUDFLµ
µQ\G
GXUDQWHHOOD
$QGHDOUHGHGRUGHODP£TXLQD\FRPSUXHEHTXHQRKD\D
REVW£FXORVMXQWRDODPLVPD
&RPSUXHEHTXHORVHVSHMRV\RWURVGLVSRVLWLYRVSDUDPHMRUDU
ODYLVLELOLGDGHVW«QHVEXHQHVWDGROLPSLRV\FRUUHFWDPHQWH
DMXVWDGRV
/LPSLHODVF£PDUDVVLKD\F£PDUDVLQVWDODGDV
/LPSLHODQLHYHGHOVHQVRUGHUDGDUVLHVTXHHVW£LQVWDODGRHO
VLVWHPDGHWHFWRUGHUDGDU
12
27$
&XDQGRQRWHQJDDFFHVRGLUHFWRDODVF£PDUDVSDUDOLPSLDUODV
DVHJ¼UHVHGHXVDUXQDHVFDOHUDH[WHUQDRXQDSODWDIRUPD
DSURSLDGDV
&RPSUXHEHTXHIXQFLRQDQFRUUHFWDPHQWHODERFLQDODDODUPD
GHPDUFKDDWU£VWUDVODFLµQ\ODOX]JLUDWRULD HTXLSDPLHQWR
RSFLRQDO 
&RPSUXHEHVLODGLUHFFLµQGHODREUDKDHVWDEOHFLGRUHJODVR
SURFHGLPLHQWRVSDUDODREUD
3UHVWHVLHPSUHDWHQFLµQDOUHGHGRUGHODP£TXLQDSDUD
LGHQWLILFDUFXDOTXLHUREVW£FXOR
 ,Q
QVWUUXFFL
FLRRQHVG
GHIXQFLR
RQDPLHQWR 
5H
HJODVG
GHVHJ
JXULGDGSDUDODXWLOL]DFFLµ
µQGHODP£TXLQD 

5HJODVGHVHJXULGDGSDUDOD
XWLOL]DFLµQGHODP£TXLQD
&RPEXVWLEOHOOHQDGR

$'9(57(1&,$
5LHVJRGHH[SORVLµQ
/RVYDSRUHVGHXQFRQWHQHGRUGHFRPEXVWLEOHYDF¯RVRQ
H[SORVLYRV3XHGHUHVXOWDUHQOHVLRQHVSHUVRQDOHVJUDYHVR
PXHUWH
0DQ
0D QWH
HQJD
DOODVVOOODPDVV\\OODVFFKLVSDVOOHMMRVG
GHO£UHDGGHUUHS
SRVWD
DMH
1RIXPH
1XQQFDFRUUWH
HRVVXHHOGH
HO¯QHD DVGGHFFRPEX XVWLLEOH
HGHSµV
VLWWRVR
R
FRQ
FR QWHQHGRUUHV

3UURFHG
GLPLHQWRVG
GHVHJ
JXULGDGGXUDQWHODFDUUJDGH
FRP
FR PEXVWLLEOH
$SDJXHHOPRWRU\WRGRVORVLQWHUUXSWRUHVHO«FWULFRVOD
FDOHIDFFLµQGHODFDELQD\HOVHFFLRQDGRUGHEDWHU¯D
1RFDUJXHFRPEXVWLEOHHQHVSDFLRVFHUUDGRV
$VHJ¼UHVHGHTXHOD]RQDGHFDUJDHVW£FRUUHFWDPHQWH
YHQWLODGD
1RFDUJXHFRPEXVWLEOHFRQHOPRWRUHQPDUFKD
'HMHHQIULDUHOPRWRUDQWHVGHUHDOL]DUODFDUJD
6LHVQHFHVDULRXWLOLFHORVDVLGHURV\ORVSHOGD³RV
FRUUHVSRQGLHQWHVSDUDOOHJDUDOGHSµVLWR

3URFHGDFRQSUHFDXFLµQDOUHWLUDUODWDSDGHOGHSµVLWRGH
FRPEXVWLEOH
3DUDHYLWDUTXHODVFKLVSDVJHQHUDGDVSRUODHOHFWULFLGDG
HVW£WLFDSURYRTXHQODLQIODPDFLµQGHORVYDSRUHVGH
FRPEXVWLEOHPDQWHQJDXQFRQWDFWRGHWLHUUDDGHFXDGR
SURFXUDQGRTXHODERTXLOODGHFRPEXVWLEOHHVW«VLHPSUHHQ
FRQWDFWRFRQHORULILFLRGHOOHQDGRGHOGHSµVLWR
1RPH]FOHJDVROLQDXRWURVPDWHULDOHVQRHVSHFLILFDGRVFRQHO
FRPEXVWLEOHGL«VHO3RGU¯DQJHQHUDUVHYDSRUHVDOWDPHQWH
LQIODPDEOHV
8WLOLFHFRPEXVWLEOHGHODJUDGXDFLµQTXHVHDGDSWHPHMRUD
FDGD«SRFD
1ROOHQHHOGHSµVLWRGHFRPEXVWLEOHKDVWDVXFDSDFLGDG
P£[LPD
/LPSLHORVGHUUDPHVGHFRPEXVWLEOHGHLQPHGLDWR
&RORTXH\DSULHWHODWDSDGHOGHSµVLWRGHFRPEXVWLEOH
127 7$
6LSLHUGHODWDSDGHOGHSµVLWRF£PELHODVRORSRURWUDWDSDRULJLQDO
GHOIDEULFDQWH6LXWLOL]DXQDWDSDQRDXWRUL]DGDVLQXQDYHQWLODFLµQ
FRUUHFWDSRGU¯DSURGXFLUVHSUHVXUL]DFLµQHQHOGHSµVLWRGH
FRPEXVWLEOH
 ,Q
QVWUUXFFL
FLRRQHVG
GHIXQFLR
RQDPLHQWR

 5H
HJODVG
GHVHJ
JXULGDGSDUDODXWLOL]DFFLµ
µQGHODP£TXLQD
2EOLJDFLRQHVGHORSHUDGRU

$'9(57(1&,$
5LHVJRGHDFFLGHQWHVPRUWDOHV
/DSUHVHQFLDGHSHUVRQDVQRDXWRUL]DGDVHQHO£UHDGHWUDEDMR
GHODP£TXLQDSXHGHSURYRFDUOHVLRQHVJUDYHVSRU
DSODVWDPLHQWR
ವ$SDUWH HDWRGRHOSHUUVR
VRQDOOQRDXWRUL]DGR RGHO£UHDDGHWUDED
DMR
ವ9LJLLOHHQWRGDV
VOODVG
GLUHF
FFL
FLR
RQHVV
ವ1RWRRTXXHODDVSDODQFDVGH
SDODQFDVGHFR FRQ
QWUROQLORVVLQWHUUX
LQWHUUXSSWR
RUHV
VGXUDQWH
GXUDQWHHOO
DUUDQ
DUUD QTXH
ವ+DJDVRQDUOODERFLQ QDD
DQWHHVG
GHHPSH] ]DUUD
DR
RSHUDUU

$'
'9(57(1&,$
5LHVJRGHDFFLGHQWHVPRUWDOHV
(OXVRGHLPSOHPHQWRVSDUDHOHYDURWUDQVSRUWDUSHUVRQDVSXHGH
FRQGXFLUDDFFLGHQWHVIDWDOHVFRQOHVLRQHVSRUDSODVWDPLHQWR
JUDYHVHLQFOXVRPRUWDOHV
1RXWLOLFHQ
QXQF
FDX
XQLPSOOHPHQ
QWRSDUDHOH
HYDUUR
RWWUDQ
QVSR
RUWD
DU
SHUVR
VRQ
QDV
$VHJ¼UHVHGHRSHUDUODP£TXLQDGHWDOIRUPDTXHVHPLQLPLFH
HOULHVJRGHDFFLGHQWHVSDUDHORSHUDGRU\ODVSHUVRQDVTXHVH
HQFXHQWUHQHQHOOXJDUGHWUDEDMR\HQHO£UHDGH
GHVSOD]DPLHQWR
$VHJ¼UHVHGHHVWDUELHQIDPLOLDUL]DGRFRQHODFFLRQDPLHQWR\
HOFXLGDGRGHODP£TXLQD\GHEHU£FRPSOHWDUXQFXUVRGH
IRUPDFLµQSDUDODP£TXLQD
$VHJ¼UHVHGHVHJXLUODVUHJODV\UHFRPHQGDFLRQHVGHO/LEUR
GHLQVWUXFFLRQHVDGHP£VGHSUHVWDUDWHQFLµQDFXDOTXLHU
GLVSRVLFLµQOHJDORQDFLRQDOUHTXLVLWRVHVSHF¯ILFRVRULHVJRV
TXHVHDSOLFDQDOOXJDUGHWUDEDMR
$VHJ¼UHVHGHHVWDUELHQGHVFDQVDGR\QRDFFLRQHQXQFDOD
P£TXLQDFXDQGRVHHQFXHQWUHEDMRORVHIHFWRVGHDOFRKRO
PHGLFLQDVXRWUDVGURJDV
8VWHGHVUHVSRQVDEOHGHFXDOTXLHUFDUJDWUDQVSRUWDGDSRUOD
P£TXLQDPLHQWUDVWUDEDMDFRQODP£TXLQD
 1RGHEHU£KDEHUULHVJRGHFD¯GDGHODFDUJDGXUDQWHOD
RSHUDFLµQ
 1RDFHSWHXQDFDUJDTXHSUHVHQWHXQULHVJRREYLRSDUDOD
VHJXULGDG
 5HVSHWHODFDUJDP£[LPDLQGLFDGDSDUDODP£TXLQD3UHVWH
DWHQFLµQDODLQIOXHQFLDGHORVGLIHUHQWHVLPSOHPHQWRV
FXDQGRODFDUJDHVW«OHYDQWDGDHQSRVLFLµQDOWD\FRQOD
P£TXLQDHQPRYLPLHQWR
'HEHFRPSUREDUTXHORVHVSHMRV\ODVF£PDUDV VLHVW£Q
GLVSRQLEOHV HVW«QHQEXHQHVWDGROLPSLRV\ELHQDMXVWDGRV
SDUDWHQHUXQDEXHQDYLVLELOLGDGDQWHVGHRSHUDUODP£TXLQD
12
27$
/DVF£PDUDV VLHVW£QGLVSRQLEOHV QRVHSXHGHQDMXVWDUHQOD
P£TXLQD&RPSUXHEHTXHODSDQWDOODGHODF£PDUDDSDUH]FD
FRUUHFWDPHQWHHQHO,& FXDGURGHLQVWUXPHQWRV DOSUHVLRQDUHO
ERWµQGHODF£PDUDHQHOWHFODGR
 ,Q
QVWUUXFFL
FLRRQHVG
GHIXQFLR
RQDPLHQWR 
5H
HJODVG
GHVHJ
JXULGDGSDUDODXWLOL]DFFLµ
µQGHODP£TXLQD 
'HEHHVWDUHQFRQWUROGHO£UHDGHWUDEDMRGHODP£TXLQD
 1RSHUPLWHTXHODVSHUVRQHVDQGHQRVHSRQJDQEDMRXQ
HTXLSRGHH[FDYDFLµQHOHYDGRDPHQRVTXHKD\DVLGR
DVHJXUDGRRVRSRUWDGR
 ,PSLGDTXHODVSHUVRQDVHQWUHQRSHUPDQH]FDQHQOD]RQD
/D]RQDSHOLJURVDDOUHGHGRUGHODVP£TXLQDVHV SHOLJURVDTXHHVXQDGLVWDQFLDGHXQUDGLRP¯QLPRGHP
FRPRP¯QLPRP IW  IW HQWRGDVODVGLUHFFLRQHVGHP£TXLQDVHQ
 IXQFLRQDPLHQWRLQFOX\HQGRVXVLPSOHPHQWRV/D]RQD
SHOLJURVDSXHGHYDULDUGHSHQGLHQGRGHODWDUHD\RGHO
LPSOHPHQWRXWLOL]DGR(ORSHUDGRUSXHGHSHUPLWLUOHDXQD
SHUVRQDSHUPDQHFHUHQOD]RQDGHSHOLJURSHURGHEHU£
WHQHUFXLGDGR\DFFLRQDUODP£TXLQDVµORFXDQGRODSHUVRQD
HVW«YLVLEOHRKD\DLQGLFDGRFODUDPHQWHGµQGHVHHQFXHQWUD
 ,PSLGDTXHKD\DSHUVRQDVHQODFDELQDGHXQYHK¯FXOR
FRORFDGRGHIRUPDTXHKD\DULHVJRGHTXHODFDELQDUHFLED
HOLPSDFWRGHRWUDVP£TXLQDVRGHREMHWRVFD¯GRVFRPR
URFDVRWURQFRV(VWRQRVHDSOLFDVLODFDELQDHVOR
VXILFLHQWHPHQWHUHVLVWHQWHRHVW£SURWHJLGDSDUDVRSRUWDUHO
LPSDFWRGHWDOHVIXHU]DVH[WHUQDV
 $VHJ¼UHVHGHFRQRFHUODOLPLWDFLµQGHSHVRGHOWHUUHQRGH
WUDEDMR

$FFL
FLGH
HQWHV

$'
'9(57(1&,$
5LHVJRGHOHVLRQHVJUDYHV
/DSUHVHQFLDGHP£VGHXQDSHUVRQDHQODFDELQDGXUDQWHOD
RSHUDFLµQSRGU¯DFDXVDUJUDYHVDFFLGHQWHV\OHVLRQHV

6ROORHOFRQGX
6R XFWR
RUVHQWWDGR
RHQHODVLH
HQWRGGHOFFRQ
QGXFWR RUSXHGH
HV
VWDDUH
HQOODFFDE
ELQDFXD DQGRRXVDOODP
P£T
TXLQQD7RGDDVOODV
VG
GHP£V
SH
HUVR
VRQQDVGGHE EHQPDQ QWH
HQHUVH
VHDXQD
DGLVWD
DQFLDVHJJXUDGHOOD
P£
P£T TXLLQD
'«SDUWHLQPHGLDWDPHQWHGHFXDOTXLHUDFFLGHQWHDODGLUHFFLµQ
GHODREUD
6LHVSRVLEOHGHMHODP£TXLQDHQHOOXJDUGHODFFLGHQWH
7RPDUVµORODVPHGLGDVQHFHVDULDVSDUDSDOLDUGD³RV
HVSHFLDOPHQWHORVGD³RVSHUVRQDOHV(YLWHODVPHGLGDVTXH
SXHGDQGLILFXOWDUODLQYHVWLJDFLµQGHODFFLGHQWH
(QFDVRGHDFFLGHQWHSDUWLFLSHHQODVPHGLGDVLQFOXLGDVHQ
ORVSUHSDUDWLYRVSDUDDFFLGHQWHVRVLJDRWUDVGLVSRVLFLRQHV
3RUORGHP£VDJXDUGHODVLQVWUXFFLRQHVGHODGLUHFFLµQGHOD
REUD

6H
HJXULGD
DGGHOR
RSHUDGRU
8WLOLFHVLHPSUHHOFLQWXUµQGHVHJXULGDG
6L«QWHVHVLHPSUHHQHODVLHQWRGHORSHUDGRUFRQHOFLQWXUµQGH
VHJXULGDGDEURFKDGRFXDQGRDUUDQTXHODP£TXLQD PRWRU \
FXDQGRRSHUHODP£TXLQD
&RPSUXHEHTXHHOFLQWXUµQGHVHJXULGDGQRHVW«DYHULDGRR
GHVJDVWDGRYHDODS£JLQD


/DP£TXLQDGHEHU£IXQFLRQDUFRUUHFWDPHQWHHVGHFLUTXHVH
GHEHU£QUHSDUDUORVGHIHFWRVTXHSXHGDQFDXVDUDFFLGHQWHV
8WLOLFHURSDDGHFXDGDSDUDSHUPLWLUXQPDQHMRVHJXUR8VHXQ
FDVFRIXHUDGHODFDELQD
 ,Q
QVWUUXFFL
FLR
RQHVG
GHIXQFLR
RQDPLHQWR

 5H
HJODVG
GHVHJ
JXULGDGSDUDODXWLOL]DFFLµ
µQGHODP£TXLQD
7RGDDSOLFDFLµQTXHXWLOLFHWUDQVPLVRUHVGHUDGLRFRQQLYHOHV
GHSRWHQFLDVXSHULRUHVDORVGHORVVLVWHPDVGHWHOHIRQ¯DPµYLO
JHQHUDOPHQWHD: LQFOXLU£DQWHQDVPRQWDGDVHQHOWHFKR
3URKLELGRXVDUXQWHO«IRQRPµYLOVXHOWRFXDQGRVHHVW«XVDQGR
ODP£TXLQD2EVHUYHODVGLVSRVLFLRQHVQDFLRQDOHVSDUD
WHO«IRQRVPµYLOHVGXUDQWHODRSHUDFLµQ
0DQWHQJDODVPDQRVDOHMDGDVGH£UHDVHQODVTXHKD\DULHVJR
GHDSODVWDPLHQWRSRUHMHPSORFXELHUWDVODSXHUWD\ODV
YHQWDQDV
8WLOLFHORVSHOGD³RV\ORVDVLGHURVFXDQGRHQWUHRDEDQGRQHOD
P£TXLQD8WLOLFHODQRUPDGHWUHVSXQWRVHVGHFLUGRVPDQRV
\XQSLHRGRVSLHV\XQDPDQR0LUHVLHPSUHKDFLDODP£TXLQD
cQRVDOWH
/DSXHUWDGHEHHVWDUFHUUDGDGXUDQWHHOWUDEDMRODRSHUDFLµQ
GHWUDQVSRUWH\HOHVWDFLRQDPLHQWR
/DYLEUDFLµQ DJLWDFLµQ TXHRFXUUHGXUDQWHODRSHUDFLµQSXHGH
VHUSHOLJURVDSDUDHOFRQGXFWRU5HG¼]FDOD
 DMXVWDQGRHODVLHQWR\DSUHW£QGRVHHOFLQWXUµQGHVHJXULGDG
 HVFRJLHQGRODVXSHUILFLHGHRSHUDFLµQP£VVXDYHSDUDOD
P£TXLQD QLYHOHODVXSHUILFLHVLHVQHFHVDULR 
 DGDSWDQGRODYHORFLGDG
/DFDELQDFRQVWLWX\HODSURWHFFLµQGHOFRQGXFWRUGHOD
P£TXLQD\FXPSOHWDPEL«QFRQORVUHTXLVLWRVGHHVWUXFWXUDV
GHSURWHFFLµQDQWLYXHOFR 5ROO2YHU3URWHFWLYH6WUXFWXUHV 
VHJ¼QHOHVW£QGDUGHSUXHED 5236 3RUHOORDJ£UUHVHELHQ
DOYRODQWHVLYXHOFDODP£TXLQDc1RVDOWH
/DFDELQDWDPEL«QVHKDGLVH³DGRGHFRQIRUPLGDGFRQORV
UHTXLVLWRVVREUHFD¯GDGHREMHWRV\VXSHVRFRUUHVSRQGHFRQ
ORVP«WRGRVGHSUXHEDLQGLFDGRV )236 
&DPLQHVRORSRUVXSHUILFLHVFRQSURWHFFLµQDQWLGHVOL]DQWH
1RHQWUHQLVDOJDGHODP£TXLQDGXUDQWHXQDWRUPHQWD
 6LVHHQFXHQWUDIXHUDGHODP£TXLQDDO«MHVHGHHOODKDVWD
TXHKD\DSDVDGRODWRUPHQWD
 6LHVW£HQODFDELQDSHUPDQH]FDVHQWDGRFRQODP£TXLQD
9 LQPµYLOKDVWDTXHSDVHODWRUPHQWD1RWRTXHQLQJ¼QPDQGR
)LJXUDHVTXHP£WLFD RQDGDPHW£OLFR
6XSHUILFLHVGHDFFHVR
&RPSUXHEHTXHHOLPSOHPHQWRHVW£GHELGDPHQWHVXMHWR\

EORTXHDGR
/DFDELQDWLHQHGRVVDOLGDVGHHPHUJHQFLDODSXHUWD\OD
YHQWDQLOODODWHUDOGHUHFKDYHDODS£JLQD

2SH
HUDFLµQ
QHQODY¯DS¼
¼EOLFD
12
27$
/DVP£TXLQDVHTXLSDGDVFRQXQWHVWLJROXPLQRVRGHFLQWXUµQGH
VHJXULGDG HTXLSRRSFLRQDO QRGHEHQXWLOL]DUVHHQY¯DVS¼EOLFDV
(VWHWHVWLJROXPLQRVRGHVSLGHGHVWHOORVYHUGHV
'HEHU£QXVDUVHVH³DOHVGHWU£ILFREDUUHUDV\RWURV
GLVSRVLWLYRVGHVHJXULGDGTXHVHDQQHFHVDULRVFRQVLGHUDQGR
ODYHORFLGDGHOYROXPHQGHWU£ILFRXRWUDVFRQGLFLRQHVORFDOHV
6HGHEHSUHVWDUHVSHFLDODWHQFLµQFXDQGRVHPXHYHXQD
P£TXLQDFRQXQDFDUJDVXVSHQGLGD&XDQGRVHDQHFHVDULR
VHGHEHU£HPSOHDUXQHQFDUJDGRGHVH³DOL]DFLµQ
1RVHGHEHXWLOL]DUODGLUHFFLµQGHSDODQFD &'& VLODP£TXLQD
VHRSHUDFHUFDGHSHUVRQDVYHK¯FXORVXRWURVXVXDULRVGHOD
FDUUHWHUD
 ,Q
QVWUUXFFL
FLR
RQHVG
GHIXQFLR
RQDPLHQWR 
5H
HJODVG
GHVHJ
JXULGDGSDUDODXWLOL]DFFLµ
µQGHODP£TXLQD 
/DOX]GHDGYHUWHQFLDJLUDWRULDSXHGHXVDUVH
 HQODP£TXLQDGXUDQWHWUDEDMRVGHPDQWHQLPLHQWRGH
FDUUHWHUDVSHMEDUULGRGHQLHYH
 HQLPSOHPHQWRVDFRSODGRVRFRQHFWDGRVTXHVRQP£VDQFKRV
TXHODSURSLDP£TXLQD
 FXDQGRODP£TXLQDFRQVWLWX\DXQREVW£FXORRXQSHOLJURSDUD
HOWU£ILFRHQJHQHUDO
 (QORVWUDEDMRVHQODFDO]DGDRDOODGRGHODPLVPD
 VLJDODVUHJODV\QRUPDWLYDVORFDOHV

7UDVODF
FLµQ
QSRUODY¯D
DS¼EOLFD
1277$
/DVP£TXLQDVHTXLSDGDVFRQXQWHVWLJROXPLQRVRGHFLQWXUµQGH
VHJXULGDG HTXLSRRSFLRQDO QRGHEHQXWLOL]DUVHHQY¯DVS¼EOLFDV
(VWHWHVWLJROXPLQRVRGHVSLGHGHVWHOORVYHUGHV
$OFRQGXFWRUGHODP£TXLQDVHOHFRQVLGHUDXQXVXDULRP£VGH
Y¯DS¼EOLFDSRUORTXHVHOHH[LJHHOFRQRFLPLHQWR\HOUHVSHWR
GHODVGLVSRVLFLRQHVORFDOHV\ODOHJLVODFLµQQDFLRQDOGHWU£ILFR
(VLPSRUWDQWHUHFRUGDUTXHODP£TXLQDHQFRPSDUDFLµQFRQ
HOUHVWRGHOWU£ILFRHVXQYHK¯FXORDQFKR\OHQWRTXHSXHGHVHU
XQREVW£FXOR7HQJDHQFXHQWDHVWR\SUHVWHDWHQFLµQDOWU£ILFR
TXHOHVLJXH)DFLOLWHORVDGHODQWDPLHQWRV
6HGHEHXWLOL]DUXQOHWUHURGHYHK¯FXORGHPRYLPLHQWROHQWR
'HEHFRORFDUVHHQODSDUWHGHDWU£VGHODP£TXLQDHQXQD
SRVLFLµQFODUDPHQWHYLVLEOHQRGHQWURGHODYHQWDQDWUDVHUDR
FXDOTXLHURWUDYHQWDQD'HEHHVWDUDXQDDOWXUDGHP
ದLQ VREUHHOVXHORPLGLHQGRGHVGHODSDUWHLQIHULRU
GHOOHWUHUR
(OLPSOHPHQWRGHEHHVWDUYDF¯REDMDGRDODSRVLFLµQGH

6H³DOGHYHK¯FXORGHPRYLPLHQWROHQWR WUDQVSRUWH ದFP ದLQ VREUHHOVXHOR \

FRPSOHWDPHQWHLQFOLQDGRKDFLDDWU£V
(OH[WUHPRGHODQWHURGHOEUD]RGHPDQLSXODFLµQGHPDWHULDOHV
GHEHPDUFDUVHFRQXQDEDQGHUDURMD
%ORTXHHODVSDODQFDVGHFRQWUROFRQHOEORTXHRGHSDODQFDV
GHFRQWURO
7RGDVODVOXFHVGHWUDEDMR\FXDOTXLHUOX]JLUDWRULDGHEHU¯DQ
HVWDUGHVDFWLYDGDV
/RVLQWHUPLWHQWHVGHDGYHUWHQFLDVRORGHEHQXWLOL]DUVHHQ
VLWXDFLRQHVGHHPHUJHQFLD
1RVHGHEHQXWLOL]DULPSOHPHQWRV\FXFKDUDVTXHLPSLGDQOD
YLVLELOLGDG
$VHJ¼UHVHGHTXHQRKD\DJUDQGHVLPSOHPHQWRVFXFKDUDVHQ
PHGLRGHORVIDURV'HDFXHUGRFRQODOHJLVODFLµQORVIDURVGH
ODP£TXLQDGHEHQSURSRUFLRQDUVXILFLHQWHOX]\YLVLELOLGDGHQOD
SDUWHGHODQWHUDGHODP£TXLQD
/DVKHUUDPLHQWDVDGLFLRQDOHVWDOHVFRPRFXFKDUDVSDODV\
EDUUDVGHKLHUURGHEHQHVWDUFRPSOHWDPHQWHILMDGDVFRQ
FRUUHDVGHWHQVLµQRFDGHQDV
6LKD\TXHOOHYDUXQUHPROTXHGHWU£VGHODP£TXLQDYHDOD
S£JLQD
(OGLVSRVLWLYRGHDFRSODPLHQWRGHOFRQWUDSHVRQRGHEHXVDUVH
SDUDHOUHVFDWHHOUHPROFDGRRFXDQGRVHRSHUDHQFDUUHWHUD
2EVHUYHODVGLVSRVLFLRQHVQDFLRQDOHV
(OFRQWUROGHGLUHFFLµQSRUSDODQFD &'& QRGHEHXWLOL]DUVH

$9,6
62
6LJD
DODQRUPD
PDWLLYDD
DSOOLFDE
EOH
 ,Q
QVWUUXFFL
FLR
RQHVG
GHIXQFLR
RQDPLHQWR

 5H
HJODVG
GHVHJ
JXULGDGSDUDODXWLOL]DF
FLµ
µQGHODP£TXLQD
5HJODVGHVHJXULGDGHQFDVRGHLQFHQGLR
6LVXSURSLDVHJXULGDGQRHVW£HQSHOLJURLQPHGLDWRDGRSWHODV
PHGLGDVVLJXLHQWHV
(Q
QFDV
VRGHLQFHQ
QGLRHQHOOXJDUGHWUDEDMR
 6LHVSRVLEOHDSDUWHODP£TXLQDGHO£UHDGHSHOLJUR
 'HVFLHQGDHOLPSOHPHQWRDOVXHOR
 $SDJXHHOPRWRUJLUDQGRODOODYHGHDUUDQTXHHQVHQWLGR
FRQWUDULRDOGHODVDJXMDVGHOUHORMRSUHVLRQDQGRODSDUDGDGH
HPHUJHQFLD HTXLSRRSFLRQDO HQODFDELQD
 6DOJDGHODFDELQD
 $SDJXHODDOLPHQWDFLµQHO«FWULFDFRQHOGHVFRQHFWDGRUGH
EDWHU¯D
 6LHVSRVLEOHSDUWLFLSHDFWLYDPHQWHHQODH[WLQFLµQGHOIXHJR
\OODPHDORVERPEHURVVLHVQHFHVDULR
(Q
QFDV
VRGHLQFHQ
QGLRHQODP£TXLQD
6LODP£TXLQDHVW£HQRSHUDFLµQ
 VLHVSRVLEOHHVWDFLµQHODHQXQOXJDUDSUXHEDGHLQFHQGLRV
 'HVFLHQGDHOLPSOHPHQWRDOVXHOR
 $SDJXHHOPRWRUJLUDQGRODOODYHGHDUUDQTXHHQVHQWLGR
FRQWUDULRDOGHODVDJXMDVGHOUHORMRSUHVLRQDQGRODSDUDGDGH
HPHUJHQFLD HTXLSRRSFLRQDO HQODFDELQD
 6DOJDGHODFDELQD
 6LHVSRVLEOHDSDJXHODDOLPHQWDFLµQHO«FWULFDFRQHO
GHVFRQHFWDGRUGHEDWHU¯D
 7UDWHGHH[WLQJXLUHOIXHJR
 /ODPHDOGHSDUWDPHQWRGHERPEHURVVLHVQHFHVDULR
(Q
(QFDVRGGHLLQFHQ
QGLLRH
HQODP£T
TXLLQDFFRQ
QHOVLV
VWH
HPDG
GHH[WLLQFLµ
µQ
GH
HLLQFHQ
QGLLRV HT
TXLLSRR
RSFLRQDOO
6LODP£TXLQDHVW£RSHUDQGR VLVWHPDGHDFWLYDFLµQGHURFLDGRUHV
GHSHQGLHQWHGHORSHUDGRU 
 6LHVSRVLEOHDSDUTXHHQXQOXJDUDSUXHEDGHLQFHQGLR
 $SDJXHHOPRWRUFRQODSDUDGDGHHPHUJHQFLD HTXLSR
RSFLRQDO HQODFDELQDRJLUDQGRODOODYHGHDUUDQTXHHQ
VHQWLGRFRQWUDULRDOGHODVDJXMDVGHOUHORM
12
27$
(OVLVWHPDGHURFLDGRUHVVHDFWLYDVLVHGHWHFWDXQLQFHQGLR
 6DOJDGHODFDELQD
12
27$
7DPEL«QHVSRVLEOHDFWLYDUHOVLVWHPDGHURFLDGRUHVFRQHOERWµQ
GHDFWLYDFLµQPDQXDO IXHUDGHODFDELQD YHDODS£JLQD
 6LHVSRVLEOHGHVFRQHFWHODFRUULHQWHSULQFLSDOFRQHO
GHVFRQHFWDGRUGHEDWHU¯DXELFDGRGHEDMRGHORVSHOGD³RVGHO
ODGRL]TXLHUGRGHODP£TXLQD
 (VW«OLVWRFRQHOH[WLQWRUGHPDQR\DTXHHVSRVLEOHTXHKD\D
XQLQFHQGLRHQODVSURIXQGLGDGHVGHODP£TXLQDTXHSXHGD
EURWDU
 /ODPHDOGHSDUWDPHQWRGHERPEHURVVLHVQHFHVDULR
127$
6LODP£TXLQDQRHVW£RSHUDQGRRVLHOIUHQRGHHVWDFLRQDPLHQWR
HVW£DSOLFDGRHOVLVWHPDGHURFLDGRUHVVHDFWLYD
DXWRP£WLFDPHQWH
 ,Q
QVWUUXFFL
FLRRQHVG
GHIXQFLR
RQDPLHQWR 
5H
HJODVG
GHVHJ
JXULGDGSDUDODXWLOL]DFFLµ
µQGHODP£TXLQD 

/¯QHDVGHDOWDWHQVLµQGLVWDQFLDP¯QLPD

3(/,*52
5LHVJRGHHOHFWURFXFLµQ
7UDEDMDUFHUFDGHRKDFHUFRQWDFWRFRQO¯QHDVHOHYDGDVGHDOWD
WHQVLµQSXHGHSURYRFDUFKLVSDV\HOHFWURFXFLµQ
 0DQ
0D QWH
HQJD
DVVLHP
PSUUHHOHVSDF
FLROLEUUHD
DORVWWHQGLGRVH
HO«
«FWUULFRV
V
D««UHR
RV
/DDOWDWHQVLµQHVOHWDO\SRGU¯DVHUORVXILFLHQWHPHQWHSRWHQWH
FRPRSDUDGHVWUXLUODP£TXLQD\ORVLPSOHPHQWRV&RQWDFWH
VLHPSUHFRQODVDXWRULGDGHVORFDOHVDQWHVGHHPSH]DUDWUDEDMDU
FHUFDGHFDEOHVGHDOWDWHQVLµQVXVSHQGLGRV
2SHUDUODP£TXLQDFHUFDGHFDEOHVHO«FWULFRVVXVSHQGLGRV
UHTXLHUHSUHFDXFLRQHVHVSHFLDOHV
&RQVLGHUHTXHWRGRVORVFDEOHVHO«FWULFRVVXVSHQGLGRVHVW£Q
HQHUJL]DGRVFRQFRUULHQWHHO«FWULFDLQFOXVRDTXHOORVTXH
VXSXHVWDPHQWHQRWLHQHQFRUULHQWHHO«FWULFD
(OFRQWDFWRFRQFDEOHVHO«FWULFRVVXVSHQGLGRVSRGU¯DSURYRFDU
XQFRUWHWHPSRUDOGHFRUULHQWH/DFRUULHQWHSXHGHYROYHU
DXWRP£WLFDPHQWHVLQQLQJXQDDGYHUWHQFLD
([LVWHXQULHVJRGHHOHFWURFXFLµQVLDOJXLHQWRFDODP£TXLQD\
HOVXHORDOPLVPRWLHPSR
(VW«VLHPSUHDWHQWRDOJUDYHULHVJRVLODP£TXLQDHQWUDHQ
FRQWDFWRFRQDOWDWHQVLµQ
5HFXHUGHTXHODWHQVLµQGHORVFDEOHVHO«FWULFRVGHWHUPLQDOD
GLVWDQFLDGHVHJXULGDG

(VSRVLEOHTXHGHVFDUJDVHO«FWULFDVGD³HQODP£TXLQD\
OHVLRQHQDORSHUDGRULQFOXVRDGLVWDQFLDVJUDQGHVFRQUHVSHFWR
DFDEOHVHO«FWULFRV
0DQWHQJDVLHPSUHODGLVWDQFLDP¯QLPDFRQUHVSHFWRDFDEOHV
VXVSHQGLGRVGHDOWDWHQVLµQ
'LLVWD
DQFLD
DP¯QLPDFRQ
QUHVSH
HFWR
RDFDE
EOHVH
HO«FWUULFRV
V
VXV
VX VSHHQGLGRV

7HQVLµQGHFDEOHVHO«FWULFRV 'LVWDQFLDP¯QLPD
VXVSHQGLGRV P IW
9ROWLRV 9
KDVWD  
GHD  
GHD  
D  
D  
D  
D  
P£VGH  

&RQR]FDODXELFDFLµQ\ODWHQVLµQGHWRGRVORVFDEOHVHO«FWULFRV
VXVSHQGLGRVHQHOOXJDUGHWUDEDMRDQWHVGHRSHUDUODP£TXLQD
&RQWDFWHFRQODVDXWRULGDGHVORFDOHVVLWLHQHFXDOTXLHUSUHJXQWD
VREUHVLORVFDEOHVHVW£QVLHQGRHQHUJL]DGRVRVREUHVXWHQVLµQ
 ,Q
QVWUUXFFL
FLR
RQHVG
GHIXQFLR
RQDPLHQWR

 5H
HJODVG
GHVHJ
JXULGDGSDUDODXWLOL]DF
FLµ
µQGHODP£TXLQD
7HQJDSUHVHQWHORVLJXLHQWHSDUDJDUDQWL]DUODVHJXULGDG
GXUDQWHHOIXQFLRQDPLHQWR
6HSDTXHKDFHUVLKD\XQDGHVFDUJDHO«FWULFDTXHLQYROXFUHD
XQDSHUVRQDRODP£TXLQD
2SHUHODP£TXLQDP£VOHQWRGHORQRUPDODOWUDEDMDUFHUFDGH
FDEOHVHO«FWULFRV
&RQVLGHUHHOSDQGHRGHORVFDEOHVHO«FWULFRVODUJRV\DTXH
HVWRVSXHGHQFROJDU\UHGXFLUODGLVWDQFLD
7HQJDFXLGDGRDOGHVSOD]DUVHVREUHWHUUHQRGHVLJXDOORFXDO
SRGU¯DKDFHUTXHODP£TXLQDVHYROYLHUDLQHVWDEOH
0DQWHQJDDWRGDVODVSHUVRQDVDSDUWDGDVGHODP£TXLQD
FXDQGRHVWDHVW«FHUFDGHFDEOHVHO«FWULFRV
1RSHUPLWDTXHODVSHUVRQDVWRTXHQODP£TXLQDRVXFDUJD
DQWHVGHTXHVHKD\DFRQILUPDGRTXHHVVHJXURKDFHUOR
&XDQGRXQDP£TXLQDHVW£HQFRQWDFWRFRQXQFDEOHHO«FWULFR
VXVSHQGLGRQRSHUPLWDTXHQDGLHHVW«FHUFDGHODP£TXLQDR
ODWRTXH3HUPDQH]FDDSDUWDGRGHODP£TXLQD\VROLFLWHD\XGD
1XQFDWRTXHDXQDSHUVRQDTXHHVW«HQFRQWDFWRFRQXQFDEOH
HO«FWULFRHQHUJL]DGR

6LLVXP£TXLQDHQWUDHQFRQ
QWDFWR
RFRQ
QFDE
EOHVH
HO«FWUULFRVV
VXV
VX VSH
HQGLGRV
3HUPDQH]FDHQHODVLHQWRGHORSHUDGRUPLHQWUDVTXHOD
P£TXLQDHVW«HQFRQWDFWRFRQHOFDEOHHO«FWULFR
$GYLHUWDDOSHUVRQDOIXHUDGHODP£TXLQDGHTXHQRWRTXHQ
QLQJXQDSDUWHGHODP£TXLQD\TXHSHUPDQH]FDQDSDUWDGRV
3HUPDQH]FDHQHODVLHQWRGHORSHUDGRU\EDMHFXDOTXLHUSLH]D
OHYDQWDGDTXHHVW«HQFRQWDFWRFRQORVFDEOHVHO«FWULFRV
VXVSHQGLGRVRFRQGX]FDODP£TXLQDDSDUW£QGRODGHORVFDEOHV
HO«FWULFRVVXVSHQGLGRVVLHVSRVLEOH
6LHOFRQWDFWRQRSXHGHLQWHUUXPSLUVHSHUPDQH]FDHQHO
DVLHQWRGHORSHUDGRUKDVWDTXHXVWHGVHSDTXHODFRUULHQWH
HVW£GHVFRQHFWDGD
6LQHFHVLWDVDOLUGHODP£TXLQDSDUDSHGLUD\XGDRGHELGRDXQ
LQFHQGLRVDOWHORP£VOHMRVTXHSXHGDVLQWRFDUQLQJ¼QFDEOH
RODP£TXLQDSHUPDQH]FDGHUHFKRPDQWHQJDVXVSLHVMXQWRV
\VDOWHKDVWDXQOXJDUVHJXUR
c(O
c(OQRVVHJ
JXLUH
HVWD
DLLQVWUUXFFL
FLµ
µQS
SRGU¯D
DSURY
YRF
FDUX
XQDHOH
HFWUURF
FXFLµ
µQ
RODPXH HUWH
H
 ,Q
QVWUUXFFL
FLRRQHVG
GHIXQFLR
RQDPLHQWR 
5H
HJODVG
GHVHJ
JXULGDGSDUDODXWLOL]DFFLµ
µQGHODP£TXLQD 
6DOLGDGHHPHUJHQFLD
/DFDELQDWLHQHGRVVDOLGDVGHHPHUJHQFLDODSXHUWD\OD
YHQWDQLOODODWHUDOGHUHFKD
 5RPSDODYHQWDQDFRQHOPDUWLOORGHHPHUJHQFLDVLWXDGRHQHO
SLODUGHODFDELQD
 (PSXMHKDFLDIXHUDODWLUDGHOPHGLRSDUDVDOLUGHODFDELQD
6LODP£
6L P£TTXLQD
DHV
VW£
£HTX
XLSDGD
DFR
FRQ
Q3UR
URWH
HFFL
FLµµQGH
HYH
YHQWWDQDDODWWHUDOO
 5RPSDODYHQWDQDFRPRVHKDGHVFULWRDQWHULRUPHQWH
 5HWLUHORVFXDWURSDVDGRUHVTXHVXMHWDQODUHMLOODGHSURWHFFLµQ
GHODYHQWDQDHQVXOXJDUVXMHWDQGRORVDQLOORV\WLUDQGRGH
HOORV
 (PSXMHKDFLDIXHUDODUHMLOODGHSURWHFFLµQGHODYHQWDQD

9

9HQWDQDGHOODGRGHUHFKRGHVGHHOLQWHULRUGHOD
FDELQD




9

3DVDGRUHVTXHVHGHEHQUHWLUDU

 ,Q
QVWUUXFFL
FLR
RQHVG
GHIXQFLR
RQDPLHQWR

 0H
HGLGDVT
TXHGHEHQDSOLFDUUVHDQWHVG
GHODFRQ
QGXFFL
FLµ
µQ

0HGLGDVTXHGHEHQDSOLFDUVHDQWHV
GHODFRQGXFFLµQ

$'9(57(1&,$
5LHVJRGHDFFLGHQWHV
7HQHUODGLUHFFLµQSRUSDODQFDDFWLYDGDDORSHUDUHQXQDY¯D
S¼EOLFDSRGU¯DSURYRFDUDFFLGHQWHV
1R RXVHOD
DGLUHF
FFL
FLµµQSRUSDODQFD
SDODQFDDO
ORSHUDUHQ
SHUDUHQXQD
QDY¯
Y¯DDS¼
¼EOLLFD8VH
HOOYROODQWH
 5HDOLFHHOVHUYLFLRGLDULR9HDODS£JLQD
 /LPSLHODQLHYHGHODSODWDIRUPDGHOODGRGHUHFKRMXQWRDOD
DGPLVLµQGHDLUHGHOPRWRU
 &RPSUXHEHTXHODIXQGDGHOUDGLDGRU\ODVWDSDVGHOPRWRU\
GHDFFHVRHVW«QFHUUDGDV\ILMDGDV
 &RPSUXHEHTXHQRKD\QLQJXQDSHUVRQDHQODVFHUFDQ¯DVGH
ODP£TXLQD9HDODS£JLQD
 $EURFKHHOFLQWXUµQGHVHJXULGDG
 &RPSUXHEHTXHKD\VXILFLHQWHFRPEXVWLEOHHQHOGHSµVLWR
 6LODP£TXLQDHVW£IU¯DFDOLHQWHHOVLVWHPDKLGU£XOLFRYHDOD
S£JLQD
'HVSXX«VGGHOWWUDE
EDMR
/OHQHHOGHSµVLWRGHFRPEXVWLEOHFRQORFXDOVHLPSLGHOD
IRUPDFLµQGHDJXDGHFRQGHQVDFLµQ
$VHJ¼UHVHGHTXHKD\VXILFLHQWHDQWLFRQJHODQWHHQHOVLVWHPD
GHUHIULJHUDFLµQ YHDODS£JLQD \HQHOO¯TXLGRGHO
ODYDSDUDEULVDVDWHPSHUDWXUDVSRUGHEDMRGHORV|& r) 
'HVFRQHFWHODFRUULHQWHHO«FWULFDFRQHOLQWHUUXSWRUGHEDWHU¯D
9HDODS£JLQD
 ,Q
QVWUUXFFL
FLR
RQHVG
GHIXQFLR
RQDPLHQWR 
$UUUDQTXHGHOPRWRU 

$UUDQTXHGHOPRWRU
 3RQJDHOVHOHFWRUGHPDUFKDVHQSXQWRPXHUWR
 *LUHODOODYHHQODFHUUDGXUDGHHQFHQGLGRDODSRVLFLµQGH
DUUDQTXH  GHIRUPDTXHWHQJDOXJDUODSUXHEDGHOVLVWHPD
GXUDQWHRVHJXQGRV
 &RPSUXHEHDOPLVPRWLHPSRTXHVHHQFLHQGHQWRGDVODV
O£PSDUDV\TXHIXQFLRQDQORVLQGLFDGRUHV
 *LUHODOODYHGHHQFHQGLGRDODSRVLFLµQGHDUUDQTXH  6LQR
DUUDQFDHOPRWRUJLUHODOODYHGHYXHOWDDODSRVLFLµQDQWHV
GHKDFHUXQQXHYRLQWHQWRGHDUUDQTXH
 &RPSUXHEHTXHWRGRVORVWHVWLJRVOXPLQRVRVGHFRQWURO\

DGYHUWHQFLDHVW£QGHVDFWLYDGRVFXDQGRKDDUUDQFDGRHO
PRWRU
 'HMHHOPRWRUDUDOHQW¯GXUDQWHDOPHQRVVHJXQGRV
 &RPSUXHEHTXHHOLPSOHPHQWRHVW£FRUUHFWDPHQWHILMDGR
SUHVLRQ£QGRORFRQWUDHOVXHOR
 +DJDVRQDUODERFLQDDQWHVGHGHVDSOLFDUHOIUHQRGH
HVWDFLRQDPLHQWR
 'HVDSOLTXHHOIUHQRGHHVWDFLRQDPLHQWR
 6HOHFFLRQHXQDSRVLFLµQGHPDUFKD\DXPHQWHHOU«JLPHQGHO
PRWRU
7X
XUERFRP
PSUHVRUU
(OWXUERFRPSUHVRUVHOXEULFDDWUDY«VGHOVLVWHPDGHOXEULFDFLµQ

GHOPRWRU
(VLLPSR
(V RUWD
DQWH
HS
SDUDHOIXQFLRQD
DPLH
HQWWRGHOOWXUERFRPSUUHVRUT
TXH

$LUH $FHLWH *DVHVGH

OXEULFDQWH HVFDSH


$ (QWUDGDGHHVFDSH
% $OVLVWHPDGHHVFDSH
& (QWUDGDGHDLUH
' $LUHFRPSULPLGR


VHFXLGHODOXEULFDFLµQ
 QRUHYROXFLRQDQGRH[FHVLYDPHQWHHOPRWRUSRFRGHVSX«V
GHDUUDQFDU
 GHMDQGRHOPRWRUDUDOHQW¯KDVWDT TXHH
HOV¯P
PER
ROR2.VH
PXH
PX HVWUUHYHUUGH
HHQODSDQWDOOODDQWHVGHGHVDFWLYDUVH
 ,Q
QVWUUXFFL
FLRRQHVG
GHIXQFLR
RQDPLHQWR

 $UUUDQTXHGHOPRWRU

HODFHLWHGHOPRWRU\HOILOWURGHDFHLWHVHFDPELDQHQORV
LQWHUYDORVSUHVFULWRV
VHUHDOL]DVHUYLFLRDOILOWURGHDLUHUHJXODUPHQWH\TXHHOVLVWHPD
 GHHVFDSH\ODVWXEHU¯DVGHDFHLWHGHOXEULFDFLµQQRWHQJDQ
IXJDV
6LVHQRWDQUXLGRVDQRUPDOHVRYLEUDFLRQHVSURFHGHQWHVGHO
WXUERFRPSUHVRUF£PELHORLQPHGLDWDPHQWH
 R
 OK )O /
$36
& /RVVWWUDED
DMRVH
HQH HOWWXUER
RFRPSUUHVRUG
GHEHVHUUUHDOL]DGR
RVS
SRUX
XQ
2.
W«
«FQLFRG GHVHUUYL
YLF
FLR
RFXDOLLILLFDGR
9

6¯PEROR2.

$UUUDQTXHGHODP£TXLQDHQWHPSHUDWXUDVIIU¯DV>>SRU
GH
HEDMRGHr&r)

$'
'9(57(1&,$
5LHVJRGHH[SORVLµQ
/DSXOYHUL]DFLµQGHPHGLRVGHD\XGDDODUUDQTXHLQIODPDEOHVHQ
ORVFRPSRQHQWHVGHOPRWRUSXHGHSURYRFDUXQDH[SORVLµQ
1RRXWLOLFHQ
QXQF
FDPPHGGLRVG
GHD
D\XG
GDD
DOD
DUUD
UDQT
TXHFFXDQGR
RLQWWHQWH
H
DUUUD
UDQF
FDUUH
HOPRWWRU
/DIXQFLµQGHSUHFDOHQWDPLHQWRHVFRQWURODGDSRUHOVLVWHPD
HOHFWUµQLFRGHODP£TXLQD
 *LUHODOODYHGHHQFHQGLGRDODSRVLFLµQGHFRQGXFFLµQ  
 6LKD\QHFHVLGDGGHSUHFDOHQWDPLHQWR«VWHVHDFWLYD
DXWRP£WLFDPHQWH
 6HHQFLHQGHXQV¯PERORHQXQLGDGGHSDQWDOODGHLQIRUPDFLµQ
GHODQWHUDTXHLQGLFDTXHHOSUHFDOHQWDPLHQWRHVW£DFWLYDGR
9HUODS£JLQD
 &XDQGRVHDSDJDHOV¯PERORVHSXHGHDUUDQFDUHOPRWRU
JLUDQGRODOODYHGHHQFHQGLGRDODSRVLFLµQGHDUUDQTXH  
'HMHTXHHOPRWRUIXQFLRQHDUDOHQW¯EDMRSRUORPHQRV
GXUDQWHVHJXQGRV
6LVHHPEDODHOPRWRULQPHGLDWDPHQWHGHVSX«VGHO
DUUDQTXHVHSRQHHQSHOLJURODOXEULFDFLµQ\ODUHIULJHUDFLµQ
GHOWXUERFRPSUHVRUFRQHOFRQVLJXLHQWHULHVJRGHTXHVH
URPSDQORVFRMLQHWHV
1227$
1RXWLOLFHODKLGU£XOLFDGHWUDEDMRDWRGDYHORFLGDGKDVWDTXHHO
DFHLWHKLGU£XOLFRHVW«FDOLHQWH3DUDFDOHQWDUHOVLVWHPD
KLGU£XOLFRYHDODS£JLQD

$UUDQTXHFRQ
QEDWHU¯DVVD
DX[LOLLDUUHV
6HGHEHREVHUYDUORVLJXLHQWHDODUUDQFDUFRQEDWHU¯DVDX[LOLDUHV
 ,Q
QVWUUXFFL
FLR
RQHVG
GHIXQFLR
RQDPLHQWR 
$UUUDQTXHGHOPRWRU 

$'9(57(1&,$
5LHVJRGHH[SORVLµQ
/DVEDWHU¯DVSRGU¯DQH[SORWDUSRUHIHFWRGHODV¼ELWDFRUULHQWHGH
JUDQPDJQLWXGVLVHFRQHFWDXQDEDWHU¯DWRWDOPHQWHFDUJDGDD
XQDEDWHU¯DWRWDOPHQWHGHVFDUJDGDRFRQJHODGD
1RUHD
DOLFHXQD
DUUD
UDQT
TXHIRU]D
]DGR
RGHODP£TXLLQDFRQ
QX
XQDEDWHU¯DD
FRP
FR PSOOHWD
DPHQ QWHGHVFD
FDUJDGD DRFRQJ
JHODGD
D

$'
'9(57(1&,$
5LHVJRGHH[SORVLµQ
(ODUUDQTXHDX[LOLDGRSXHGHGDUOXJDUDODHPLVLµQGHJDVHV
LQIODPDEOHVSURFHGHQWHVGHODEDWHU¯D/DVFKLVSDVFHUFDGHOD
EDWHU¯DSXHGHQSURYRFDUXQDH[SORVLµQFRQJUDYHVOHVLRQHV
FRPRFRQVHFXHQFLD
(YLWWHORVFFRUWR
(YL RFLUUFX
FXLWWRVODV
VOOODPDVV\\OODV
VFFKLVSD
DVH
HO«FWUULFDV V/D
P£T
P£ TXLLQDREEMHWWRGH
HODUUUD
UDQT TXHDX[ [LOOLD
DGRQRGH
HEHHHQ
QWUDUUHQFR
FRQWWDFWR
R
FRQ
FR QODP£T TXLQDTXHDSRUWD DODFRUUUL
ULH
HQWH

$'
'9(57(1&,$
5LHVJRGHTXHPDGXUDVTX¯PLFDV
(OFRQWDFWRFRQHO£FLGRGHODEDWHU¯DSXHGHSURYRFDUJUDYHV
TXHPDGXUDVTX¯PLFDV
8WLLOLFHVVLHP
PSUUHJXDQWHHVJDID
DV\\UURS
SDG
GHS
SURWH
HFFL
FLµQ
QSHUVR
VRQDO
FXD
FX DQGRPDQH HMHOODVE
EDWHU¯D DV
&RP PSUUXHHEHTXH
DOOLPHQWWDFLµ
HODVE
µQWLHQH
EDWH
HU¯D
HQODPLV
DVD
VPD
DX[[LOOLDUUHV
PDWHQVLµQ
VX
XR
RWUDVIIXHQ
QTXHOODVE
QWHVG
EDWHU¯D
GH
DVH
HVW£
£QGDU

 3RQJDHOVHOHFWRUGHPDUFKDVHQSRVLFLµQGHSXQWRPXHUWR
 &RQHFWHHOODGRSRVLWLYR $ SULPHURGHVGHHO  GHODEDWHU¯D
DX[LOLDUDO  GHODEDWHU¯DGHDUUDQTXHGHODP£TXLQD
 /XHJRFRQHFWHHOODGRQHJDWLYR % GHO  GHODEDWHU¯DDX[LOLDU
DOSXQWRGHPDVD SHUQR GHODFDMDGHODVEDWHU¯DVGHOD
P£TXLQD
 &RPSUXHEHTXHHOLQWHUUXSWRUGHEDWHU¯DHVW£FRQHFWDGR
12
27$
% 0RQWHORVFDEOHVPLQXWRVDQWHVGHDUUDQFDUHOPRWRU
 $UUDQTXHHOPRWRUFRQODOODYHGHHQFHQGLGRHQODFDELQD
 'HMHODVEDWHU¯DVFRQHFWDGDVPLQXWRVGHVSX«VGHTXHHO
PRWRUKD\DDUUDQFDGR
 3ULPHURGHVFRQHFWHHOODGRQHJDWLYR % FRPHQ]DQGRSRUHO
SXQWRGHPDVD
 /XHJRGHVFRQHFWHHOODGRSRVLWLYR $ FRPHQ]DQGRSRUOD
EDWHU¯DGHDUUDQTXHGHODP£TXLQD % 
 &RORTXHODVSURWHFFLRQHVHQORVERUQHVGHODVEDWHU¯DV
$ 9


 ,Q
QVWUUXFFL
FLR
RQHVG
GHIXQFLR
RQDPLHQWR

 $UUUDQTXHGHOPRWRU
&DOHQWDGRUGHEORTXHGHOPRWRU
HTXLSRRSFLRQDO
(VWHHTXLSRVHXVDSDUDUHGXFLUODFDUJDGHOPRWRUTXHSURYRFD
GHVJDVWHHQHOPRWRUFXDQGRVHDUUDQFDHQ£UHDVGH
WHPSHUDWXUDVIU¯DV

7LHPSRGHFRQH[LµQUHFRPHQGDGRSDUDHOFDOHQWDGRUGHO
EORTXHGHOPRWRU
R& ದR& ದR& R& R&
ದR) R) R) R)
+RUDV    
127$
3DUDPD\RUVHJXULGDGXVHXQLQWHUUXSWRUFRQGHWHFFLµQGHIDOOR
GHFRQH[LµQDWLHUUD *), HQODWRPDGHSDUHG\FRPSUXHEHVLHO
FDEOHGHFRQH[LµQHVW£GD³DGR

9

&RQH[LµQSDUDHOFDOHQWDGRUGHOEORTXHGHOPRWRU
VLWXDGRDODL]TXLHUGDGHORVSHOGD³RVEDMRHO
GHVFRQHFWDGRUGHEDWHU¯D

 ,QVWUUXFFL
FLRRQHVG
GHIXQFLR
RQDPLHQWR 
6LLVWH
HPDKLGU£XOLFRFDOOHQWDPLHQWR 

6LVWHPDKLGU£XOLFRFDOHQWDPLHQWR

$'9(57(1&,$
5LHVJRGHOHVLRQHVSRUDSODVWDPLHQWR
$EDMDWHPSHUDWXUDHOVLVWHPDKLGU£XOLFRSXHGHUHVSRQGHU
OHQWDPHQWHGDQGROXJDUDPRYLPLHQWRVLQHVSHUDGRVGHOD
P£TXLQD
3URF
3UR FHGGDFRQ
QFFXLLGDGR
RK
KDVWDDTXHHHOVLVWH
HPDKLG
GU£XOLFRK
KD\D
DOOFDQ
Q]DG
GROODWWHPSHUUDWX
XUDGHWUDE
EDMMR
(ODFHLWHHVYLVFRVRFXDQGRHVW£IU¯RSRUORWDQWRODVIXQFLRQHV
KLGU£XOLFDVGHODP£TXLQDSXHGHQPRYHUVHP£VGHVSDFLRTXH
FXDQGRHODFHLWHHVW£FDOLHQWH
6LXQDRP£VIXQFLRQHVGHODP£TXLQDVHHMHFXWDQDOILQDOGHVXV
SRVLFLRQHVVLQDQWHVFDOHQWDUHOVLVWHPDHVWRSXHGHFDXVDU
PRYLPLHQWRVLQHVSHUDGRVGD³RVDODP£TXLQD\IDOORVGH
IXQFLRQDPLHQWR

$9,6
62
1RDFHOHUUHH
HOFFDOHQ
QWD
DPLH HQWR
RG
GHODFHLLWH\DTXHH
HOFFDOOHQ
QWDPLHQWR
R
IR
RU]D
]DGGRS
SXHGGHGD³D DUOODP
P£TX XLQD
&DOLHQWHHODFHLWHKLGU£XOLFRDODWHPSHUDWXUDGHWUDEDMRದ
r& ದr) /DWHPSHUDWXUDVHFRPSUXHEDHQODSDQWDOOD
(OFDOHQWDPLHQWRVHSXHGHOOHYDUDFDERFRQRVLQLPSOHPHQWR
SHURQRGHEHU¯DOOHYDUVHQLQJXQDFDUJD
 &RPSUXHEHTXHQRKD\DFDUJDHQODFXFKDUDRHQHO
LPSOHPHQWR\TXHHOEORTXHRGHODDUWLFXODFLµQGHOEDVWLGRU

HVW«GHVFRQHFWDGR
 *LUHODOODYHGHHQFHQGLGRDODSRVLFLµQ
 3UHVLRQHODWHFOD KLGU£XOLFD GHOWHFODGR\FRPSUXHEHOD
WHPSHUDWXUDHQODSDQWDOOD
 $UUDQTXHHOPRWRU
127 7$
8WLOLFHODKLGU£XOLFDFRQFXLGDGRVLHODFHLWHHVW£IU¯R
 %DVFXOHFRPSOHWDPHQWHKDFLDGHODQWH\OHYDQWHHO
LPSOHPHQWRKDVWDODDOWXUDGHHOHYDFLµQP£[LPD
 %DVF¼OHORKDFLDDWU£VSRUFRPSOHWR\E£MHORKDVWDHOVXHOR
 *LUHHOYRODQWHDOWHUQDWLYDPHQWHKDVWDHOWRSHL]TXLHUGR\HO
WRSHGHUHFKR
 5HSLWDORVSDVRVKDVWDTXHHODFHLWHKD\DDOFDQ]DGROD
WHPSHUDWXUDGHWUDEDMR
 ,Q
QVWUUXFFL
FLRRQHVG
GHIXQFLR
RQDPLHQWR

 (V
VSH
HMRV

(VSHMRV
(VSHMRVGHODQWHURV
HTXLSRRSFLRQDO
$MXVWHORVHVSHMRVGHODQWHURVFRPRVLJXH
 8ELTXHXQREMHWRILMRHQHOSXQWR$
 3RVLFLRQHODFXFKDUDHQODSRVLFLµQFRUUHVSRQGLHQWH
 &RPSUXHEHTXHHOREMHWRHQ$VHSXHGDYHUGHVGHDPERV
HVSHMRV
 6LHOREMHWRHQ$QRVHSXHGHYHUGHVGHDPERVHVSHMRV
DM¼VWHORVKDVWDTXHHOREMHWR$HVW«YLVLEOHHQDPERVHVSHMRV
1227$
$MXVWHORVHVSHMRVGHPDQHUDTXHHOREMHWRHQHOSXQWR$VH
REVHUYHHQHOPHGLRGHOHVSHMR\DSUR[DGHVGHHOERUGH
LQWHULRUGHOHVSHMR(OSXQWR$GHEHHVWDUYLVLEOHHQDPERV
HVSHMRV9HDHOGHWDOOH6

$ 5HTXLVLWROHJDO
% 5HTXLVLWROHJDO
& /¯QHDYLVXDO
' 5DGLRGHP IW
( PP LQ GHWU£VGHOPRQWDQWHGHODFDELQD
) 3RVLFLµQGHORVRMRV
 ,Q
QVWUUXFFL
FLRRQHVG
GHIXQFLR
RQDPLHQWR 
(V
VSH
HMRV 
* P IW GHVGHHOVXHOR
+ P IW
, P IW
- 3XQWR$GHVGHHOQLYHOGHOVXHOR
. /¯QHDYLVXDO
/ 5DGLRGHP IW
0 3XQWR$HQHOHVSHMR
1 GHODDQFKXUDGHOHVSHMR
2 GHODORQJLWXGGHOHVSHMR
3 3XQWR$HQHOHVSHMR
4 /¯QHDYLVXDO
5 /¯QHDFHQWUDOFDELQD
6 (VSHMRVGHODQWHURV

5HWURYLV
VRUUHV

 $ 

%


9

=RQDVGHYLVLELOLGDGSDUDHVSHMRVHQEUD]RVHVW£QGDU
$P IW
%P IW
5HWURYLVRUH[WHULRUL]TXLHUGR
5HWURYLVRUH[WHULRUGHUHFKR
5HWURYLVRULQWHULRU

5HWWURY
YLV
VRUUHVS
SULQ
QFLSD
DOHV
/RVHVSHMRVHVW£QPRQWDGRVGHQWUR\IXHUDGHODFDELQD\
SURSRUFLRQDQYLVLELOLGDGDGLFLRQDODOUHGHGRUGHODP£TXLQD
/RVHVSHMRVPRQWDGRVHQHOH[WHULRUHVW£QGLVSRQLEOHVHQGRV
WLSRVHVSHMRVHQEUD]RHVW£QGDU\HVSHMRVHQEUD]RODUJR
$MXV
$M VWH
H
$MXVWHORVHVSHMRVSDUDSURSRUFLRQDUODPHMRUYLVLELOLGDGSRVLEOH
GHHVWDPDQHUD
$MXVWHHOUHWURYLVRUH[WHULRUL]TXLHUGR  \HOUHWURYLVRUH[WHULRU
GHUHFKR  SDUDFXEULUORP£[LPRSRVLEOHGHODV]RQDVGH
YLVLELOLGDGDDPERVODGRVGHODP£TXLQD
$MXVWHHOHVSHMRLQWHULRU  SDUDFXEULUHOP£[LPRSRVLEOHGHOD
]RQDGHYLVLELOLGDGKDFLDODSDUWHWUDVHUDGHODP£TXLQD
$VHJ¼UHVHGHTXHVHSXHGDYHUFXDOTXLHUREMHWRDXQDGLVWDQFLD
YHUWLFDOGHP IW GHOVXHORDXQDGLVWDQFLDGHP 
IW GHVGHODSDUWHWUDVHUDGHODP£TXLQD
 ,Q
QVWUUXFFL
FLR
RQHVG
GHIXQFLR
RQDPLHQWR

 (VSH
HMRV
; 127$
9DULRVHTXLSRVPRQWDGRVHQHOH[WHULRUGHODP£TXLQDSXHGHQ
DIHFWDU\UHGXFLUODYLVLELOLGDGGHVGHODFDELQD

<
9

; P IW
< P IW

 ,Q
QVWUUXFFL
FLRRQHVG
GHIXQFLR
RQDPLHQWR 
&D
DPELRGHPDUFKD
D 

&DPELRGHPDUFKD
6HOHFFLRQHXQDPDUFKDDGHFXDGDJLUDQGRHOPDQGRVHOHFWRU
GHPDUFKDVDODPDUFKDGHVHDGD\VHJXLGDPHQWHHOVHQWLGR
GHODPDUFKDKDFLDDGHODQWHRDWU£V
1277$

/DWUDQVPLVLµQSXHGHDFFLRQDUODP£TXLQDFRQXQDPDUFKD
DFRSODGDLQFOXVRDUSPGHUDOHQW¯VLHOIUHQRGHHVWDFLRQDPLHQWR
QRHVW£DSOLFDGR
6H
HQWLGRGHPDUFKD
D

$'
'9(57(1&,$
5LHVJRGHP£TXLQDIXHUDGHFRQWURO
'HMDUODWUDQVPLVLµQHQSXQWRPXHUWRDOFRQGXFLUFXHVWDDEDMR
SRGU¯DOOHYDUDXQDS«UGLGDGHOFRQWUROGHODP£TXLQD\SURYRFDU
DFFLGHQWHVPRUWDOHV
7H
HQJDDVL
VLH
HPSUHXQ
QDPD
PDUUFK
FKDDG
GHODQ
QWHDFWLLYDGD
DDOFR
FRQQGX
XFLUUFX
FXHVWD
D
DE
EDMR
/D
DWUDQ
QVPLPLVLµ
µQVHSXHGH HG
GD³DUU\\X
XVWH
HGSXHGH
HSHUGHUUH
HOFRQWWUROO
GH
HODP£TXLQ QDVLOODWWUDQV
VPL
PLVVLµQ
QVHGHVSOD
D]DD
DS
SXQWWRP
PXHUWR RDO
RS
SHUDUUFFXH
HVWD
DDEDMR

$'
'9(57(1&,$
5LHVJRGHOHVLRQHVJUDYHV
8QPRYLPLHQWRGHVFRQWURODGRGHODP£TXLQDSRGU¯DSURYRFDU

OHVLRQHVJUDYHV
1XXQFDG GHMMHODP£T
TXLQDFRQ
QHOVVHOOHFWR
RUG
GHPDUFKFKD
DVH
HQS
SRVLFLµQ
KDDFLDGHOODQWH
HRKDFLD
DD
DWUU£VFFXD
DQGRH HOP
PRWWRUH
HVW«
«HQPDUUFKD
D
 3DODQFDHQSRVLFLµQ1 3XQWRPXHUWR
3DODQFDHQSRVLFLµQ) 0DUFKDDGHODQWH
3DODQFDHQODSRVLFLµQ5 )XQFLRQDPLHQWRHQPDUFKDDWU£V
$OHIHFWXDUPDQLREUDVGHFDPELRGHDGHODQWHDDWU£VR
YLFHYHUVDFRQYLHQHUHGXFLUODYHORFLGDGGHODP£TXLQD\HO
U«JLPHQGHOPRWRUHVSHFLDOPHQWHVLODVUXHGDVVHKDOODQVREUH
VXHORILUPH
(OFDPELRHQWUHODPDUFKDDGHODQWH\DWU£VVµORGHEHHIHFWXDUVH
HQODVPDUFKDVl\l

&D
DPELRDXWRP
P£WLFR $36
/D
DIXQFLµ
µQGH$36
36HHVW£
£G
GLVSRQ
QLEOHHQOODS
SDQWDOODYHD
DOODS£JLQD

(OVHOHFWRUGHSURJUDPDSHUPLWHDOFRQGXFWRUGHODP£TXLQDHOHJLU
GLVWLQWRVSURJUDPDVGHFDPELRDXWRP£WLFRVHJ¼QODV
FRQGLFLRQHVGHFRQGXFFLµQ
2S
SHUDFLµ
µQFRQ
Q$36
6HOHFFLRQHHOSURJUDPDGHFDPELRGHPDUFKDV VH
UHFRPLHQGDHOPRGRDXWR
6HOHFFLRQHHOVHQWLGRGHODPDUFKD
$FHOHUHODP£TXLQDDUUDQFDHQlPDUFKD PDUFKDE£VLFD 
(OFDPELRDVFHQGHQWH\GHVFHQGHQWHRFXUUHHQWUHODll
PDUFKDKDFLDGHODQWH\KDFLDDWU£V
 ,Q
QVWUUXFFL
FLR
RQHVG
GHIXQFLR
RQDPLHQWR

 &D
DPELRGHPDUFKD
D
&XDQGRVHKDFDPELDGRHOVHQWLGRGHPDUFKDODP£TXLQD
DUUDQFDU£HQlPDUFKD
&DPELRGHVFHQGHQWHDODlPDUFKD9HD&DPELR
GHVFHQGHQWHFRPSOHWDPHQWHDXWRP£WLFR  )$36S£JLQD
R)XQFLµQGHNLFNGRZQHQODS£JLQD
0RGROLYLD
DQR\P
PRGRPHGLDQR
(OPRGR/LYLDQRVLJQLILFDTXHHOFDPELRWHQGU£OXJDUDEDMR
U«JLPHQGHOPRWRU\DEDMDYHORFLGDGGHODP£TXLQD
(OPRGR0HGLDQRVLJQLILFDTXHHOFDPELRWHQGU£OXJDUDXQ
U«JLPHQGHOPRWRU\YHORFLGDGGHODP£TXLQDOLJHUDPHQWHP£V
HOHYDGRV
&RQHODFHOHUDGRUSLVDGRDIRQGRHOFDPELRDVFHQGHQWHWLHQH
OXJDUVHJ¼QHOPRGR3HVDGR
/DXWLOL]DFLµQµSWLPDVHREWLHQHUHGXFLHQGRODDFHOHUDFLµQ
FXDQGRHVHYLGHQWHODGLIHUHQFLDHQHOU«JLPHQGHOPRWRUHQ
FDPELRDVFHQGHQWHHQWUHODVGLVWLQWDVSRVLFLRQHV /LYLDQR
0HGLDQR\3HVDGR 
2IUHFHXQPHQRUFRQVXPRGHFRPEXVWLEOH
0R
RGRSHVDG
GR
/DP£TXLQDFDPELDVµORFRQU«JLPHQHOHYDGR\DPD\RU
YHORFLGDG
6HUHFRPLHQGDXVDUODFXDQGRODP£TXLQDFDPELDGHPDUFKD
HQVHQWLGRDVFHQGHQWH\GHVFHQGHQWHFLUFXODQGRHQFXHVWD
DUULEDRFRQXQDJUDQUHVLVWHQFLDDODURGDGXUD
0R
RGRDXWRP£WLFR
/DSURSLDP£TXLQDVHOHFFLRQDHOSURJUDPD$36VHJ¼QORV
K£ELWRVGHFRQGXFFLµQGHOFRQGXFWRU

)X
XQFLµQ
QNLFN
NG
GRZQ UHGXFFL
FLµQ
QGHYHOORF
FLGD
DG
6HREWLHQHNLFNGRZQVLHOVHOHFWRUGHPDUFKDVHVW£HQODSRVLFLµQ
R\VHSUHVLRQDXQRGHORVERWRQHVGHNLFNGRZQ
&XDQGRVHSUHVLRQDHOERWµQGHNLFNGRZQODlPDUFKDVH
DSOLFDU£VLODYHORFLGDGGHODP£TXLQD\DHVW£SRUGHEDMRGH
NPK PSK RVLODYHORFLGDGFDHSRUGHEDMRGHNPK 
PSK HQXQSOD]RGHVHJXQGRVGHVSX«VGHSUHVLRQDUHO
ERWµQ
/DlPDUFKDSHUPDQHFHDSOLFDGDDQRVHUTXHKD\DXQD
QXHYDDFWLYDFLµQGHODIXQFLµQGHNLFNGRZQRVLVHKDQ
DOFDQ]DGRODVUHYROXFLRQHVGHOPRWRUHQUHODFLµQFRQOD
YHORFLGDGGHODP£TXLQD(OQLYHOGHUHYROXFLRQHVGHOPRWRUVH
DMXVWDFRQODIXQFLµQGH$36HQODSDQWDOOD
6LVHFDPELDHOVHQWLGRGHWUDVODFLµQODP£TXLQDDUUDQFDU£HQ
lPDUFKDVLHOPRGRGHFDPELRDXWRP£WLFRHVW£
VHOHFFLRQDGR
.LFNGRZQ 6LHOVLVWHPDGHVXVSHQVLµQGHODSOXPD %66 HVW£DMXVWDGR
 HQHOPRGRGHSHQGLHQWHGHODPDUFKDVHGHVDFWLYD
 ,Q
QVWUUXFFL
FLRRQHVG
GHIXQFLR
RQDPLHQWR 
&D
DPELRGHPDUFKD
D 
DXWRP£WLFDPHQWHDOUHGXFLUDlVLVHKDVHOHFFLRQDGRPDQXDO
R)$36
127 7$
/DP£TXLQDUHGXFLU£DXWRP£WLFDPHQWHDlPDUFKDLQFOXVRHQODV
PDUFKDV YHD5HGXFFLµQFRPSOHWDPHQWHDXWRP£WLFD)$36
HQODS£JLQD HQXQDVLWXDFLµQHQTXHODP£TXLQDQHFHVLWHl
PDUFKDSRUHMHPSORDORSHUDUHQSHQGLHQWHVSURQXQFLDGDV
FXHVWDDUULEDRFRQDOWDUHVLVWHQFLDDOURGDPLHQWRFXDQGRODl
PDUFKDQRSURSRUFLRQHVXILFLHQWHIXHU]DGHWUDFFLµQ6LQ
HPEDUJRHVWDUHGXFFLµQVRORWLHQHOXJDUFRQHOSHGDOGHO
DFHOHUDGRUHQPRGRGH3RWHQFLDYHD3HGDOGHODFHOHUDGRUHQ
ODS£JLQD
1277$
/DP£TXLQDFXHQWDFRQGLUHFFLµQGHSDODQFDSRUORTXHODIXQFLµQ
GHNLFNGRZQWDPEL«QHVW£GLVSRQLEOHHQHOUHSRVDEUD]RV

)UUHQDGRGHOP
PRWRUUH
HGXFFL
FLµQ
QGHPDUFKD
D
8VDUHOERWµQGHIUHQRGHOPRWRUUHGXFFLµQGHPDUFKDSHUPLWH
UHGXFLUDXWRP£WLFDPHQWHGHPDUFKDHQXQRRGRVSDVRVR
SUHYHQLUXQDXPHQWRGHPDUFKDQRGHVHDGR
6LHOERWµQVHSUHVLRQDXQDYH]DYHORFLGDGHVVXSHULRUHVVH
UHGXFHGHlDlPDUFKD
6LVHYXHOYHDSUHVLRQDUDXQDYHORFLGDGLQIHULRUVHUHGXFHD
lPDUFKD
6LHOLQWHUUXSWRUVHPDQWLHQHSUHVLRQDGRVHSUHYLHQHXQ
DXPHQWRDODPDUFKDVXSHULRUORFXDOVHSXHGHXWLOL]DUDO
RSHUDUFXHVWDDEDMRRDODFHUFDUVHDXQYHK¯FXORTXHVHWHQJD 
TXHFDUJDU
127 7$
6LVHVXSHUDQFLHUWDVUSP\YHORFLGDGHVFU¯WLFDVGHODP£TXLQD
VHDXPHQWDGHPDUFKD
6LHOU«JLPHQGHOPRWRURODWUDQVPLVLµQVHYXHOYHGHPDVLDGR
)UHQRPRWRU\FDPELRGHVFHQGHQWH DOWRODOX]GHDGYHUWHQFLDFHQWUDOURMDGHVWHOODHO]XPEDGRU

VXHQD\VHPXHVWUDXQWH[WRGHDODUPDHQODSDQWDOOD
%DMRHVWDVFLUFXQVWDQFLDVUHGX]FDODYHORFLGDGRVHOHFFLRQH
XQDPDUFKDVXSHULRUSDUDUHGXFLUHOU«JLPHQGHOPRWRU

%OORT
TXHRVHF
FXH
HQFLDGHFDP
PELRGH
HHQ
QJUDQDMHV
3DUDKDELOLWDUHOHPEUDJXHGLUHFWRHQHOFRQYHUWLGRUGHSDU /RFN
XS HVW£IXQFLµQGHEHDFWLYDUVHSULPHUR

,QWHUUXSWRU/RFNXS

3DUWHVXSHULRUGHOLQWHUUXSWRUSUHVLRQDGD IXQFLµQGH/RFNXS
HPEUDJXHGHDFRSODPLHQWRGLUHFWRHQHOFRQYHUWLGRUGHSDU
DFWLYDGR6HHQFLHQGHODO£PSDUDWHVWLJRHQHOLQVWUXPHQWR
FHQWUDOFXDQGRHVW£DSOLFDGRHOHPEUDJXHGHDFFLRQDPLHQWR
GLUHFWR /RFNXS YHDODS£JLQD
3DUWHLQIHULRUGHOLQWHUUXSWRUSUHVLRQDGD /RFNXS
GHVDFWLYDGR
 ,Q
QVWUUXFFL
FLR
RQHVG
GHIXQFLR
RQDPLHQWR

 &D
DPELRGHPDUFKD
D

/£PSDUDWHVWLJR/RFNXS

6HOHFWRUGHPDUFKDVSRVLFLRQHV
(O/RFNXSHVW£GLVSRQLEOHHQODll\lPDUFKD
(OORFNXSVHDFWLYDGXUDQWHRSHUDFLRQHVGHWUDQVSRUWHHQODV
PDUFKDVVHOHFFLRQDGDVHQORVPHQ¼V9HDODS£JLQD
6HOHFWRUGHPDUFKDV

&RQVHMMRVS
SDUDHOXVR
$OXWLOL]DUODP£TXLQDSDUDUHWLUDUQLHYHRWUDEDMRVVLPLODUHVVH
SXHGHXVDUHO/RFNXSHQODlPDUFKDSDUDUHGXFLUHOFRQVXPR
GHFRPEXVWLEOH
(QPRGRDXWRP£WLFRODP£TXLQDHVW£SURJUDPDGDSDUDOHHU
SULPHURODGLVWDQFLDGHWUDQVSRUWH\DGLVWDQFLDVP£VFRUWDVGH
PHWURVSDUDVHOHFFLRQDUHOPRGRDOWRTXHSUHYLHQHOD
DFWLYDFLµQGHO/RFNXSHQFDUJDVGHFLFORFRUWR6LQHPEDUJR
WRPDFLFORVGHWUDEDMRDQWHVGHTXHODP£TXLQDVHKD\D
DGDSWDGRDOSURJUDPD PRGRGHWUDEDMR 
3DUDWUDQVSRUWDUDGLVWDQFLDVGHP£VGHPHWURVODP£TXLQD
VHOHFFLRQDHOPRGRPHGLRDXWRP£WLFDPHQWH\SDUDGLVWDQFLDVGH
P£VGHPHWURVODP£TXLQDVHOHFFLRQDHOPRGROLJHURSDUDXQ
FDPELRDVFHQGHQWHP£VU£SLGR\ODDFWLYDFLµQGHOEORTXHR
 ,QVWUUXFFL
FLRRQHVG
GHIXQFLR
RQDPLHQWR 
'LLUHFFL
FLµ
µQ 

'LUHFFLµQ
127$
(QFDVRGHSDUDGDGHOPRWRUGHWHQJDLQPHGLDWDPHQWHOD
P£TXLQD\DFWLYHHOIUHQRGHHVWDFLRQDPLHQWR
/DP£TXLQDWLHQHGLUHFFLµQDUWLFXODGDGHOWLSRKLGURVW£WLFR

'LUH
HFFL
FLµ
µQGH
HUH
HVHUUYDUU
/DP£TXLQDSXHGHHTXLSDUVHFRQXQVLVWHPDGHGLUHFFLµQ
VHFXQGDULD6LJDODOHJLVODFLµQ\ODVQRUPDVQDFLRQDOHV
6L
6LDDSDDUHFFHHQODSDQWD
DOOD$GYHUUWH
HQFLDG
GHS
SUHV
VLµ
µQE
EDMMDG
GHOOD
GLLUHF
FFL
FLµµQSDUHOODP
P£TTXLQDLQPHGLLDWDPHQWWH\FFRQQWDFWH
HFFRQ
QXQ
9
«FQLFRG
W« GHVVHUUYL
YLFLRFFXD
DOLILFDG
GR
$GYHUWHQFLDGHSUHVLµQEDMDGHODGLUHFFLµQ


'LUUHFFL
FLµQ
QGHSD
DODQFD &'&

$'
'9(57(1&,$
5LHVJRGHOHVLRQHVJUDYHV
8QFRPSRUWDPLHQWRLQHVSHUDGRGHODGLUHFFLµQSRUMR\VWLFNSXHGH
SURYRFDUODS«UGLGDGHOFRQWUROGHODP£TXLQD
(OYR
(O YROODQQWHFR
FRQWLLQ¼D
DIX
XQFLRRQDQG GRPL
PLHQ QWUDVOD
DGLUUHF FFL
FLµQ QSRUMMR\VW
VWLLFN
HVVW£
MR\
£H
\VW
HQXVR(PS
VWLLFNQ
PSLHF
QRUUHVSR
FHDG
RQGHVVHJ
GLULJ
JLUFFRQHOYYRODQ
J¼QORH HVSHUDGR R
QWHVVLODGLUUHFFL
FLµQ QSRU

/DGLUHFFLµQGHSDODQFD &'& QRGHEHXWLOL]DUVHDO
GHVSOD]DUVHSRUY¯DVS¼EOLFDVYHDODS£JLQD

$9,6
62
$OWWUDEDDMDUHHQ£
£UHD DVFFRQUULH
HVJRRGHFDPSRRVH
HOHFWUURPDJ
JQ«WLLFRV
(0) HOFFRQ QWUROOGHFRQGGXFFL FLµQFFµPRG
GD &'&& VVLH
HPSUUHHVWD
DU£
GH
HVDF FWLLYDG
GR


9




 ,Q
QVWUUXFFL
FLRRQHVG
GHIXQFLR
RQDPLHQWR

 'LLUHFFL
FLµµQ
9HUODS£JLQD
&DPELDQGRHQWUHODGLUHFFLµQGHSDODQFD\FRQHOYRODQWHHO
FRQGXFWRUSRGU£FRQVHJXLUXQDPD\RUYDULDFLµQGHPRYLPLHQWRV
(OVLVWHPDFRQVLVWHHQXQUHSRVDEUD]RVDEDWLEOHVHQHOFXDOVH
DJUXSDQWUHVIXQFLRQHVGLUHFFLµQDGHODQWHDWU£V\NLFNGRZQ(O
VLVWHPDVHDFWLYDFRQHOERWµQHQHOUHSRVDEUD]RV YHUODS£JLQD
/DGLUHFFLµQGHSDODQFD &'& VHGHVDFWLYD VLJXLHQWH (OUHSRVDEUD]RVGHEHHVWDUHQODSRVLFLµQDEDWLGD
UHSOHJDQGRHOUHSRVDEUD]RVRGHVSOD]DQGRHO SDUDTXHVHDFWLYHODIXQFLµQ
VHOHFWRUGHFDPELRVGHODSRVLFLµQQHXWUD
 /DGLUHFFLµQGHSDODQFD &'& VHGHVDFWLYDUHSOHJDQGRHO
UHSRVDEUD]RV
3DUDHODMXVWHGHOUHSRVDEUD]RVFRQFRQWUROGHFRQGXFFLµQ
FµPRGD &'& YHDODS£JLQD
/DIXQFLµQ&'&VHGHVDFWLYDWDPEL«QGHVSOD]DQGRHOVHOHFWRUGH
PDUFKDVGHODSRVLFLµQQHXWUD
/DO£PSDUDWHVWLJRGHOSDQHOGHLQVWUXPHQWRVVHDFWLYDFXDQGRHO
FRQWUROGHGLUHFFLµQSRUSDODQFD &'& HVW£DFWLYDGR/DOX]
SDUSDGHDVLODYHORFLGDGHVVXSHULRUDNPK PSK 
/DIXQFLµQGLUHFFLRQDOGHOYRODQWHVHPDQWLHQHSHUPDQHQWHPHQWH
\WLHQHSULRULGDGVREUHHO&'&(VWRVLJQLILFDTXHVLXVWHGWUDWD
GHFRQGXFLUKDFLDODGHUHFKDFRQHO&'&\KDFLDODL]TXLHUGDFRQ
HOYRODQWHODP£TXLQDVHGLULJLU£HQHOVHQWLGRHQTXHJLUHHO
YRODQWH
127$
'HVDFWLYHHO&'&VLVHPXHVWUDHOPHQVDMHIDOORGHO&'&HQOD
SDQWDOOD\OOHYHODP£TXLQDDXQDSDUDGDVHJXUDXWLOL]DQGRHO
YRODQWH
1227$
$ORSHUDUODP£TXLQDFRQHO&'&ODYHORFLGDGP£[LPD
UHFRPHQGDGDHVNPK PSK 
$FW
FWLLYDF
FLµQ
Q &'
'&
3DUDTXHIXQFLRQHQGHELGDPHQWHODVIXQFLRQHVGHGLUHFFLµQ
DGHODQWHDWU£V\NLFNGRZQGHVGHHOUHSRVDEUD]RVHVQHFHVDULR
TXHHVWHHVW«EDMDGR\TXHHOVLVWHPDKD\DVLGRDFWLYDGRFRQHO
/£PSDUDWHVWLJRGHGLUHFFLµQGHSDODQFD ERWµQ
 $QWHVGHDFWLYDUHVQHFHVDULRDGRSWDUDGHP£VODVPHGLGDV
VLJXLHQWHV
 (OUHSRVDEUD]RVGHEHHVWDUDEDWLGRHQODSRVLFLµQLQIHULRU
1227$
(QFLHUWDVVLWXDFLRQHVHVQHFHVDULRGHVSOD]DUHOUHSRVDEUD]RV
KDFLDODGHUHFKDFRQWUDHODVLHQWRSDUDDFFHGHUDODSRVLFLµQ
LQIHULRU
 (OVHOHFWRUGHVHQWLGRGHPDUFKDHQHOUHSRVDEUD]RVHO
/DGLUHFFLµQGHSDODQFD &'& VHGHVDFWLYD
UHSOHJDQGRHOUHSRVDEUD]RVRGHVSOD]DQGRHO VHOHFWRUGHPDUFKDVRUGLQDULR\HOFRQWUROGHPDUFKDDGHODQWH
VHOHFWRUGHFDPELRVGHODSRVLFLµQQHXWUD QHXWUDOPDUFKDDWU£VMXQWRDOVRSRUWHGHODSDODQFDGHEHQHVWDU
 HQSRVLFLµQQHXWUDO
 (OPRWRUKDGHHVWDUHQPDUFKDSHURODP£TXLQDSDUDGD
 &XDQGRHOVLVWHPDHVW£DFWLYDGRVHHQFLHQGHXQDO£PSDUD
WHVWLJRHQHOSDQHOGHLQVWUXPHQWRV
 ,Q
QVWUUXFFL
FLRRQHVG
GHIXQFLR
RQDPLHQWR 
'LLUHFFL
FLµ
µQ 
127$
/DGLUHFFLµQGHSDODQFD &'& VHGHVDFWLYDUHSOHJDQGRHO
UHSRVDEUD]RV7DPEL«QVHGHVDFWLYDGHVSOD]DQGRHOVHOHFWRUGH
FDPELRVGHODSRVLFLµQQHXWUD
3DOD
DQFDG
GHGLUHF
FFL
FLµ
µQ
/DSDODQFDGHODGLUHFFLµQVHDFFLRQDDSOLFDQGRPX\SRFDIXHU]D
FRQORVGHGRVHQHOVHQWLGRGHVHDGR\ODYHORFLGDGGHUHVSXHVWD
GHODGLUHFFLµQHVSURSRUFLRQDODOGHVSOD]DPLHQWRGHODSDODQFD
/DIXQFLµQGLUHFFLRQDOGHOYRODQWHVLJXHVLHPSUHDFWLYD
%RWµ
µQGHNLF
FNG
NGRRZQ
Q
%RWµQGHNLFNGRZQHQSRVLFLµQSUHVLRQDGD /DP£TXLQDFDPELD
DODlPDUFKDVLHOPDQGRVHOHFWRUGHPDUFKDVHVW£DMXVWDGRHQ
ODSRVLFLµQR
2WUDVLQVWUXFFLRQHVHQODS£JLQD
6HOH
HFWR
RUG
GHPDUUFK
FKDDGLUHF
FFL
FLRRQDOO
3DUWHGHODQWHUDGHOLQWHUUXSWRUSUHVLRQDGD &RQGXFFLµQKDFLD
DGHODQWH
3DUWHSRVWHULRUGHOLQWHUUXSWRUSUHVLRQDGD &RQGXFFLµQKDFLD
DWU£V
(QWUHODVSRVLFLRQHVGHPDUFKDDGHODQWH\DWU£VKD\WDPEL«QXQD
SRVLFLµQQHXWUD
9

 $FWLYDFLµQ&'& 1277$
 3DODQFDGHGLUHFFLµQ (OPDQGRVHOHFWRUGHPDUFKDVRUGLQDULRWLHQHVLHPSUHSULRULGDG



%RWµQGHNLFNGRZQ
6HOHFWRUGHPDUFKDGLUHFFLRQDO
$MXVWHGHOUHSRVDEUD]RVODWHUDOPHQWH
GHPRGRTXHVLVHDFFLRQDHOPDQGRVHOHFWRUGHPDUFKDV
RUGLQDULRVHGHVDFRSODU£HODMXVWHSURFHGHQWHGHOUHSRVDEUD]RV 
 $MXVWHGHOUHSRVDEUD]RVYHUWLFDOPHQWH $MXV
VWH
HG
GHOOUUHS
SRVDEUD]
]RV
VVHQ
QWLGROODWH
HUDOO
 $IORMHHOYRODQWHGHEORTXHRDMXVWHHOUHSRVDEUD]RVHQVHQWLGR
ODWHUDODODSRVLFLµQGHVHDGD\VHJXLGDPHQWHDSULHWHHOYRODQWH
GHEORTXHR
$MXV
VWH
HG
GHOOUUHS
SRVDEUD]
]RV
VDOWX
XUD
$IORMHHOYRODQWHGHEORTXHRDMXVWHHOUHSRVDEUD]RVHQDOWXUDD
ODSRVLFLµQGHVHDGD\VHJXLGDPHQWHDSULHWHHOYRODQWHGH
EORTXHR
 ,Q
QVWUUXFFL
FLR
RQHVG
GHIXQFLR
RQDPLHQWR

 )UUHQR

)UHQR
$9,6
62
5LHVJRGHGD³RVDODP£TXLQD
8VDUODIXQFLµQGHGHVDFRSODPLHQWRGHODWUDQVPLVLµQGXUDQWH
RSHUDFLRQHVGHWUDQVSRUWHSRGU¯DSURYRFDUGD³RVHQODP£TXLQD
1RXVHODIXQFLµQGHGHVDFRSODPLHQWRGHODWUDQVPLVLµQGXUDQWH
RSHUDFLRQHVGHWUDQVSRUWH
)UHQHVXDYHPHQWH(VWRHVHVSHFLDOPHQWHLPSRUWDQWHDORSHUDU
FRQXQDFDUJD\VREUHWHUUHQRGHVOL]DQWH6LVHUHTXLHUHGXUDQWH
FLHUWDVRSHUDFLRQHVVHSXHGHREWHQHUHOGHVDFRSODPLHQWR
DXWRP£WLFRGHODWUDQVPLVLµQDOIUHQDU/DDFWLYDFLµQGHHVWD
IXQFLµQVHUHDOL]DHQODSDQWDOODYHDODS£JLQD
(OIUHQDGRGHOPRWRUXVDQGRHOERWµQGHUHGXFFLµQGHPDUFKDHV
YHQWDMRVRHVSHFLDOPHQWHDORSHUDUFXHVWDDEDMR'HHVWDIRUPD
HVSRVLEOHUHGXFLUHOFDOHQWDPLHQWRGHODFHLWHSDUDHMHVYHDOD
S£JLQD

3UXHEDGHIUH
H QR V
&RQWUROGHOIUHQRGHVHUUYLFFLR
R

$'
'9(57(1&,$
5LHVJRGHDFFLGHQWHV
/DUHDOL]DFLµQGHXQDSUXHEDGHIUHQRVHQ£UHDVSHOLJURVDV
SRGU¯DSURYRFDUDFFLGHQWHV
/OOHYHDFD
FDEERODSUUXH
HEDGHIUUHQ
QRV¼Q
QLFDP
PHQWWHHQ£UUHD
DVGR
RQGHQR
R
H[LVWD
DULHHVJRRG
GHD DFFL
FLGHQQWH
HV
/DSUXHEDGHIUHQRVVHUHDOL]DFRQVRIWZDUHGHXQRUGHQDGRUTXH
PLGHODUHWDUGDFLµQSURPHGLRGHODP£TXLQD(VWDSUXHEDSXHGH
VHUOOHYDGDDFDERSRUHORSHUDGRUGHODP£TXLQDGHVGHODXQLGDG
GHSDQWDOOD
1227$
/DSUXHEDGHIUHQRVGHEHVHUUHDOL]DGDHQXQOXJDUGRQGHQR
H[LVWDULHVJRGHOHVLRQHVDOSHUVRQDORGD³RVDORVHTXLSRV(O
VXHORGHEHHVWDUOLPSLR\WHQHUXQDEXHQDIULFFLµQ DVIDOWRVHFR
RVLPLODU /DP£TXLQDQRGHEHHVWDUFDUJDGD
 3UHVLRQH\PDQWHQJDSUHVLRQDGDODWHFOD VHUYLFLR GHO
WHFODGRGXUDQWHDSUR[LPDGDPHQWHVHJXQGRV$SDUHFHU£XQ
PHQVDMHFXDQGRHQWUHHQPRGRGHVHUYLFLR
 $FRSOHODSRVLFLµQGHPDUFKD)\DFHOHUHFXDQGRVHPXHVWUH
HOWH[WR$FHOHUDUDP£VGHNPKHQODSDQWDOODGH
LQIRUPDFLµQIUHQHDOP£[LPRFXDQGRVHPXHVWUHHOWH[WR
)UHQDUKDVWDSDUDUHQODSDQWDOODGHLQIRUPDFLµQ
(OYDORUGHUHWDUGDFLµQVHPXHVWUDHQODSDQWDOODGH
LQIRUPDFLµQ
 6LODVUXHGDVVHEORTXHDQ\VHGHVOL]DQVREUHHOVXHORVHWLHQH
TXHUHSHWLUODSUXHED
 /RVWUHVYDORUHVGHSUXHEDP£VUHFLHQWHVHVW£QJXDUGDGRVHQ
HO5HJLVWURGHSUXHEDVGHIUHQRV
 ,Q
QVWUUXFFL
FLR
RQHVG
GHIXQFLR
RQDPLHQWR 
)UUHQR 
9DORUP¯QLPRGHUHWDUGDFLµQSDUDODSUXHEDGHIUHQRV
PVt J
127$
(OYDORUVHJ¼QODVHVSHFLILFDFLRQHVVHWLHQHTXHFRQVLGHUDUFRPR
XQYDORUP¯QLPRDEVROXWR(QFDVRGHTXHVHVRVSHFKHXQ
IXQFLRQDPLHQWRUHGXFLGRGHORVIUHQRVFRQWDFWHFRQXQW«FQLFR
GHVHUYLFLRFXDOLILFDGR

)X
XQFLµQ
QGHIUH
HQRGH
HHVWD
DFLRQ
QDPLHQ
QWRFRQ
QWUR
RO

$'
'9(57(1&,$
5LHVJRGHPDJXOODGXUDV
(OPRYLPLHQWRLQHVSHUDGRGHODP£TXLQDSXHGHSURYRFDU
OHVLRQHVJUDYHV
1XQQFDUH
UHDDOLFHSUUXH
HEDV
VGHOIUUHQ
QRGH
HHV
VWD
DFLRQD
DPLHQWWRFX
FXDQ
QGRKD\D
SHHUVR
VRQQDVHHQOD]RQ
QDGHSHOLLJUR
&RPSUXHEHHOIXQFLRQDPLHQWRFRQIRUPHDORVLJXLHQWH
 $VHJ¼UHVHGHTXHHOVHOHFWRUGHPDUFKDVHVW£HQSXQWR
PXHUWR
 &RQHFWHHOHQFHQGLGR\DSOLTXHHOIUHQRGHHVWDFLRQDPLHQWR
$VHJ¼UHVHGHTXHODIXQFLµQGHGHVHPEUDJXHGHOD
WUDQVPLVLµQQRHVW«DFWLYDGDYHDODS£JLQDSDUDREWHQHU
P£VLQIRUPDFLµQ


 3UHVLRQHODWHFODGHVHUYLFLRHQHOWHFODGRSDUDDFFHGHUDORV
PHQ¼VGHVHUYLFLR
$FWLYHHOVHUYLFLRGHDMXVWHVGHO$363XOVH(6&HQHOWHFODGR
SDUDYHUODVUHYROXFLRQHVHQODSDQWDOOD
1277$
$QWHVGHODYHUVLµQGHVRIWZDUH%/HODMXVWHGHO$36VH
UHDOL]DEDHQHOPHQ¼GHODWUDQVPLVLµQ  'HVSX«VGHODYHUVLµQ
GHVRIWZDUH%/HODMXVWHGHO$36VHUHDOL]DHQHOPHQ¼GH
&RQILJXUDFLµQ  HQ$MXVWHVSHUVRQDOHV
 $UUDQTXHHOPRWRU\VHOHFFLRQHODPDUFKD)'HEHU¯D
DSDUHFHUHOVLJXLHQWHPHQVDMHHQODSDQWDOOD
3UXHEDIUH
3UXH
DF
FWLLYD
 3LVHOLJHUDPHQWHHOSHGDOGHODFHOHUDGRUDIRQGRKDVWDOOHJDU
DOWRSH/DP£TXLQDQRGHEHU¯DPRYHUVH
 6LODP£TXLQDVHPXHYHFRQWDFWHFRQXQW«FQLFRGHVHUYLFLR
FXDOLILFDGR
 ,Q
QVWUUXFFL
FLR
RQHVG
GHIXQFLR
RQDPLHQWR

 6LLVWH
HPDSRVWUUDWDPLHQWRGHORVJ
JDVHVVG
GHHVFD
FDSSH

6LVWHPDSRVWUDWDPLHQWRGHORV
JDVHVGHHVFDSH
5HJHQHUDFLµQ
, 127$
6RORDSOLFDEOHDP£TXLQDVFRQPRWRU'-

$'
'9(57(1&,$
5LHVJRGHTXHPDGXUDV
/RVFRPSRQHQWHVGHOPRWRU\GHOVLVWHPDGHHVFDSHDOFDQ]DQ
PX\DOWDVWHPSHUDWXUDVFRQULHVJRGHJUDYHVTXHPDGXUDV
0LHQWWUDV
0L VQ
QRVHK
KD\DH HQIUULDGRH
HOP
PRWR RUHYLWH
HHOFRQWWDFWR
RFFRQOODV

R
 OK )O /
$36
&
WD
DSDVG GHOFFRPSDDUWLLPHQ
QWRGHOPPRWWRUORVFFRPSRQHQ QWHVG
GHOOP
PRWR RU
2.

\H
HOVVLV
VWH
HPDGHHVFDFDS
SH
(OSURSµVLWRGHODUHJHQHUDFLµQHVHOHYDUODWHPSHUDWXUDHQHO
VLVWHPDGHSRVWUDWDPLHQWRGHPDQHUDTXHFXDOTXLHUVXVWDQFLD
9
DWUDSDGDVHTXHPHSDUDSHUPLWLUTXHHOVLVWHPDUHFXSHUHVX
& % $ FDSDFLGDGSOHQD(VSRVLEOHTXHVDOJDDOJRGHKXPRGHOWXERGH
,QIRUPDFLµQDFRPSUREDU
HVFDSHGXUDQWHODUHJHQHUDFLµQGHSRVWUDWDPLHQWRHQP£TXLQDV
TXHIXQFLRQHQFRQGL«VHOFRQDOWRFRQWHQLGRGHD]XIUH
$ )DOORGHODUHJHQHUDFLµQ
% /£PSDUD+(67 WHPSHUDWXUDDOWDGHORV /DUHJHQHUDFLµQGHEHU¯DPDQHMDUVHDOWUDEDMDUFRQODP£TXLQD
JDVHVGHHVFDSH  LOXPLQDGDVLHPSUHTXHOD UHJHQHUDFLµQHQPRYLPLHQWR 6LODUHJHQHUDFLµQVHFDQFHODR
UHJHQHUDFLµQHVW«HQFXUVR VHUHWUDVDUHSHWLGDPHQWHRVLVHSURGXFHQIDOORVGH
& 5HJHQHUDFLµQQHFHVDULD
IXQFLRQDPLHQWRHVSRVLEOHTXHKD\DTXHDSDUFDUODP£TXLQD
' 6HSHUPLWHHODSDJDGRGHOPRWRU
( 6HSXHGHUHDOL]DUXQDUHJHQHUDFLµQ SDUDOOHYDUDFDERODUHJHQHUDFLµQ UHJHQHUDFLµQHVWDFLRQDULD 
DXWRP£WLFD ORFXDOWDUGDDSUR[LPDGDPHQWHPLQXWRVHQFRPSOHWDUVH
) 3DQWDOODSDUDPHQVDMHV 1227$
* $GYHUWHQFLDFHQWUDO URMD /DO£PSDUDGH+(67 WHPSHUDWXUDDOWDGHORVJDVHVGHHVFDSH
+ $GYHUWHQFLDFHQWUDO DPDULOOD
HVW£LOXPLQDGDPLHQWUDVODUHJHQHUDFLµQHVW£HQFXUVR/D
, ,QIRUPDFLµQFHQWUDO D]XO
P£TXLQDGHEHHVWDUHQXQ£UHDQRVHQVLEOHDOFDORUPLHQWUDVTXH

ODO£PSDUD+(67HVW£LOXPLQDGDSRUTXHORVJDVHVGHHVFDSH
HVW£QPX\FDOLHQWHVGXUDQWHODUHJHQHUDFLµQ
/DUHJHQHUDFLµQKDWHUPLQDGRFXDQGRODO£PSDUD\DQRHVW£
LOXPLQDGD(OV¯PEROR2.VHSXHGHXVDUSDUDFXDQGRVHSHUPLWH
 HODSDJDGRGHOPRWRU
1227$
3XOVHODSDUWHLQIHULRUGHOLQWHUUXSWRUGHUHJHQHUDFLµQSDUD
 FDQFHODUODUHJHQHUDFLµQ(VWRQRGHEHU¯DUHDOL]DUVH
LQQHFHVDULDPHQWH

9

,QWHUUXSWRUGHUHJHQHUDFLµQ
 ,QLFLDUUHJHQHUDFLµQ
 &DQFHODUUHJHQHUDFLµQ

5H
HJHQHUDFLµ
µQHQPRYLP
PLHQWR
3DUDXQDUHJHQHUDFLµQHQPRYLPLHQWRVHSXHGHVHOHFFLRQDU
UHJHQHUDFLµQDXWRP£WLFDRPDQXDOGHSHQGLHQGRGHGµQGHVHXVH
ODP£TXLQD
/DUHJHQHUDFLµQDXWRP£WLFDSRGU¯DVHOHFFLRQDUVHFXDQGROD
P£TXLQDHVW«HQ£UHDVQRVHQVLEOHVDOFDORU
/DUHJHQHUDFLµQPDQXDOGHEHU¯DVHOHFFLRQDUVHFXDQGROD
P£TXLQDHVW«HQ£UHDVQRVHQVLEOHVDOFDORU
 ,Q
QVWUUXFFL
FLRRQHVG
GHIXQFLR
RQDPLHQWR 
6LV
VWH
HPDSRVWUUDWDPLHQWRGHORVJ
JDVHVVG
GHHVFD
FDSSH 
9HDODS£JLQDSDUDVHOHFFLRQDUHQWUHUHJHQHUDFLµQDXWRP£WLFD
RPDQXDO
/DUHJHQHUDFLµQSXHGHFDQFHODUVHSXOVDQGRODSDUWHLQIHULRUGHO
LQWHUUXSWRUGHUHJHQHUDFLµQ(VWRQRGHEHU¯DUHDOL]DUVH
LQQHFHVDULDPHQWHYHDODVSRVLEOHVFRQVHFXHQFLDVP£V
DGHODQWH
5HJ
JHQHUUDFLµQD
DXWWRP£WLLFD
127 7$
$OVHOHFFLRQDUODUHJHQHUDFLµQDXWRP£WLFDODUHJHQHUDFLµQ

 HPSH]DU£VLQQLQJ¼QPHQVDMH
127 7$
(OV¯PERORGHUHJHQHUDFLµQDXWRP£WLFDVHPXHVWUDFXDQGRVH
SXHGHUHDOL]DUXQDUHJHQHUDFLµQDXWRP£WLFD

 R
 OK )O /
$36
&

9

6¯PERORGHUHJHQHUDFLµQDXWRP£WLFD

5HJ
JHQHUUDFLµQP
PDQ
QXDO
&XDQGRVHVHOHFFLRQDUHJHQHUDFLµQPDQXDODSDUHFHU£XQ
PHQVDMHFXDQGRVHQHFHVLWDXQDUHJHQHUDFLµQ/DUHJHQHUDFLµQ
SXHGHLQLFLDUVHHQWRQFHVSXOVDQGRODSDUWHVXSHULRUGHO

6HQHFHVLWDXQDUHJHQHUDFLµQHQPRYLPLHQWR
LQWHUUXSWRUGHUHJHQHUDFLµQ



9

,QWHUUXSWRUUHJHQHUDFLµQ
 ,QLFLDUUHJHQHUDFLµQ
 &DQFHODUUHJHQHUDFLµQ

5H
HJHQHUDFLµ
µQHVWD
DFLR
RQDULD
(VSRVLEOHTXHVHDQHFHVDULDXQDUHJHQHUDFLµQHVWDFLRQDULDVL
 ORVSDVRVDQWHULRUHVGHUHJHQHUDFLµQKDQIDOODGRRVHKDQ
FDQFHODGRUHSHWLGDPHQWH
 KDSDVDGRGHPDVLDGRWLHPSRGHVGHOD¼OWLPDUHJHQHUDFLµQ
 HOVLVWHPDGHSRVWUDWDPLHQWRKDDFXPXODGRSDUW¯FXODVRD]XIUH
HQH[FHVR
1RVHSXHGHUHDOL]DUQLQJ¼QWLSRGHWUDEDMRGXUDQWHXQD
UHJHQHUDFLµQHVWDFLRQDULD(OU«JLPHQGHOPRWRUDXPHQWD
GXUDQWHXQDUHJHQHUDFLµQHVWDFLRQDULD1RHVDFRQVHMDEOH
FDQFHODUXQDUHJHQHUDFLµQHVWDFLRQDULDHQFXUVRVDOYRHQFDVR
GHHPHUJHQFLD
1277$
8QDUHJHQHUDFLµQHVWDFLRQDULDWDUGDUDDSUR[LPDGDPHQWHGH
DPLQXWRV/DO£PSDUD+(67HVW£LOXPLQDGDPLHQWUDVOD
UHJHQHUDFLµQHVW£HQFXUVR
 ,Q
QVWUUXFFL
FLR
RQHVG
GHIXQFLR
RQDPLHQWR

 6LV
VWH
HPDSRVWUUDWDPLHQWRGHORVJ
JDVHV
VG
GHHVFD
FDS
SH
3DUDHPSH]DUXQDUHJHQHUDFLµQHVWDFLRQDULDGHWHQJDOD
P£TXLQDDSOLTXHHOIUHQRGHHVWDFLRQDPLHQWR\SUHVLRQHODSDUWH
VXSHULRUGHOLQWHUUXSWRUGHUHJHQHUDFLµQ
127$
/DP£
P£TXLLQDGHE
EHHVVWD
DUHQ
QXQ
Q£UUHD
DQRVH
VHQQVLE
EOHDOOFD
FDOR
RUFX
FXDQ
QGROD
D
O£
£PSDDUD+(67
67HVW£
£LOXPLQDGGD
&D
DQFHOODURUHWUDVDUUODUHJHQHUDFLµ
µQ
c1 7$
c127
(VLLPSRUUWD
(V DQWH
HQRFDQ
QFHODUR
RUHWUUDV
VDUX
XQDUUHJ
JHQ
QHUDF
FLµ
µQ
LQ
QQHFFHV
VDULDDPHQQWH
H
9 &DQFHODUXQDUHJHQHUDFLµQHQFXUVRSXHGHVHUQHFHVDULRVLOD
5HJHQHUDFLµQFDQFHODGD P£TXLQDHVW£HQXQHQWRUQRVHQVLEOHDOFDORU3XOVHODSDUWH

LQIHULRUGHOLQWHUUXSWRUGHUHJHQHUDFLµQSDUDFDQFHODUXQD
UHJHQHUDFLµQHQFXUVR
8QPHQVDMHFRQILUPDTXHODUHJHQHUDFLµQVHKDFDQFHODGR
/DUHJHQHUDFLµQVHUHWUDVDVLQRVHLQLFLDFXDQGRHVQHFHVDULR\
ORVPHQVDMHVGHODSDQWDOODSXHGHQUHFRQRFHUVH ERUUDUVH
SXOVDQGR(6&HQHOWHFODGRGHODSDQWDOODVLQLQLFLDUOD
UHJHQHUDFLµQ
(OPHQVDMHDSDUHFHU£GHQXHYRFXDQGRHOPRWRUVHYXHOYDD
DUUDQFDU

3RVLE
EOHVFFRQ
QVHFFXH
HQFLD
DVG
GHFDQ
QFHOODURUHWUDVDUUOD
UH
HJHQHUDFLµµQ
 UHGXFFLµQGHODSRWHQFLDGHOPRWRU
 PD\RUFRQVXPRGHFRPEXVWLEOH
 YLGD¼WLOP£VFRUWDGHOILOWURGHSDUW¯FXODVGLHVHO
 GD³RVHQHOVLVWHPDGHSRVWUDWDPLHQWR
/DUHJHQHUDFLµQVHFDQFHODDXWRP£WLFDPHQWHVL
 VHSURGXFHXQIDOORGHIXQFLRQDPLHQWR
 HOPRWRUHVW£DSDJDGR
 HOIXQFLRQDPLHQWRGHODP£TXLQDHPSLH]D\KD\XQD
UHJHQHUDFLµQHVWDFLRQDULDHQFXUVR
 HOIUHQRGHHVWDFLRQDPLHQWRVHGHVDSOLFD\KD\XQD
UHJHQHUDFLµQHVWDFLRQDULDHQFXUVR
 HOSHGDOGHODFHOHUDGRUVHXVDFXDQGRKD\XQDUHJHQHUDFLµQ
HVWDFLRQDULDHQFXUVR
 ,Q
QVWUUXFFL
FLRRQHVG
GHIXQFLR
RQDPLHQWR 
6LV
VWH
HPDSRVWUUDWDPLHQWRGHORVJ
JDVHV
VG
GHHVFD
FDS
SH 
$ODUPDVTXHUHTXLHUHQXQDDFFLµQHVSHF¯ILFD
7H[WRHQHOSDQHO
,QGLFDFLµQGHSDQWDOOD 1LYHOGHDODUPD $FFLµQ
GHSDQWDOOD
5(*(1(5$&,• $GYHUWHQFLD£PEDU  VXHQDHO]XPEDGRU  2SHUHODP£TXLQDHQXQ
1(1  DGYHUWHQFLDFHQWUDO £UHDQRVHQVLEOHDO
029,0,(172 £PEDUHQFHQGLGD FDORU
1(&(6$5,$  $UUDQTXHOD
UHJHQHUDFLµQ
3XOVHLQLFLR

5HJHQHUDFLµQ $GYHUWHQFLD£PEDU  VXHQDHO]XPEDGRU  5HLQLFLHOD

FDQFHODGD  DGYHUWHQFLDFHQWUDO UHJHQHUDFLµQFXDQGR
£PEDUHQFHQGLGD VHDSRVLEOH

9

5('8=&$(/ $GYHUWHQFLD£PEDU  VXHQDHO]XPEDGRU  5HGX]FDHOU«JLPHQGHO

5‹*,0(1'(/  DGYHUWHQFLDFHQWUDO PRWRU
02725 £PEDUHQFHQGLGD  (VWDFLRQHODP£TXLQD
5HJHQHUDFLµQ HQXQ£UHDQRVHQVLEOH
DOFDORU
HVWDFLRQDULD
 $SOLTXHHOIUHQRGH
QHFHVDULD HVWDFLRQDPLHQWR
 $UUDQTXHOD
UHJHQHUDFLµQ
5('8=&$(/
5‹*,0(1'(/
02725
$GYHUWHQFLD£PEDU  VXHQDHO]XPEDGRU
 DGYHUWHQFLDFHQWUDO
£PEDUHQFHQGLGD



5HGX]FDHOU«JLPHQGHO
PRWRU
(VWDFLRQHODP£TXLQD

5HJHQHUDFLµQ HQXQ£UHDQRVHQVLEOH
DOFDORU
QHFHVDULDFRQOD
 $SOLTXHHOIUHQRGH
P£TXLQD HVWDFLRQDPLHQWR
HVWDFLRQDGD  $UUDQTXHOD
UHJHQHUDFLµQ
(67$&,21$5 $GYHUWHQFLD£PEDU  VXHQDHO]XPEDGRU  (VWDFLRQHODP£TXLQD
352172  DGYHUWHQFLDFHQWUDO HQXQ£UHDQRVHQVLEOH
5HJHQHUDFLµQ £PEDUHQFHQGLGD DOFDORU
HVWDFLRQDULD  $SOLTXHHOIUHQRGH
HVWDFLRQDPLHQWR
QHFHVDULD
 $UUDQTXHOD
UHJHQHUDFLµQ

c127$
c12
/D DUHJHQ QHUDFLµQ QVH
FDQ
FD QFHOODVVLVHOLEHUDH
HO
IUUHQRG GH
HV VWD
DFLRRQDPLHQ QWRRRVH
DS SDJDHOP PRWR RU
c12
c1 27$
/D DVUUSP
PD DUDOOHQWW¯VH
DX XPHQWWDU£Q QG
GXUDQ QWH
WRRGRH HOS
SURF FHVVRGH
UHJHQH
UH HUDFFLµµQ
 ,Q
QVWUUXFFL
FLR
RQHVG
GHIXQFLR
RQDPLHQWR

 6LV
VWH
HPDSRVWUUDWDPLHQWRGHORVJ
JDVHV
VG
GHHVFD
FDS
SH
,1,&,$5 $GYHUWHQFLD£PEDU  VXHQDHO]XPEDGRU  (VWDFLRQHODP£TXLQD
5(*(1(5$&,•  DGYHUWHQFLDFHQWUDO HQXQ£UHDQRVHQVLEOH
1 £PEDUHQFHQGLGD DOFDORU
5HJHQHVWDFLR  $SOLTXHHOIUHQRGH
HVWDFLRQDPLHQWR
SRVLEOH
 $UUDQTXHOD
UHJHQHUDFLµQ

c1
c12 27$
/D DUHJJHQHUDF FLµ
µQVVH
FDQFHODVLVVHOLEHUUDH
FD HO
IUUHQ
QRGH
HV VWD
DFLRRQD
DPLH HQWRRVVH
DS SDJD DHOPRWR RU
c1
c12 27$
/D DVUUSP
PD DUUDOH
HQW¯VH
DX XPHQWWDU£Q QGXUUDQWHH
WRRGRHOSURFHVRGH
UHJHQ
UH QHUDF FLµ
µQ
0$17(1(5 $GYHUWHQFLD£PEDU  VXHQDHO]XPEDGRU  0DQWHQJDODP£TXLQD
0ƒ48,  DGYHUWHQFLDFHQWUDO HVWDFLRQDGD
(67$&,2 £PEDUHQFHQGLGD
5HJHQHUDFLµQHQ
FXUVR

5HJHQHUDFLµQ $GYHUWHQFLD£PEDU  VXHQDHO]XPEDGRU  5HLQLFLHOD

FDQFHODGD  DGYHUWHQFLDFHQWUDO UHJHQHUDFLµQFXDQGR
5HGXFFLµQSURQWR £PEDUHQFHQGLGD VHDSRVLEOH

9

(67$&,21$5 $GYHUWHQFLD£PEDU  VXHQDHO]XPEDGRU  (VWDFLRQHODP£TXLQD

0ƒ48,1$  DGYHUWHQFLDFHQWUDO HQXQ£UHDQRVHQVLEOH
5HJHQHUDFLµQ £PEDUHQFHQGLGD DOFDORU
QHFHVDULDFRQOD  VHDFWLYDOD  5HLQLFLHOD
UHGXFFLµQGH UHJHQHUDFLµQFXDQGR
P£TXLQD
SRWHQFLDGHOPRWRU VHDSRVLEOH
HVWDFLRQDGD SHURVHUHVWDXUD
5HGXFFLµQDFWLYD GHVSX«VGH 1227$
FRPSOHWDUOD /DUHJHQHUDFLµQVH
UHJHQHUDFLµQ FDQFHODVLVHOLEHUDHO
IUHQRGH
HVWDFLRQDPLHQWRRVH
DSDJDHOPRWRU
1227$
/DVUSPDUDOHQW¯VH
DXPHQWDU£QGXUDQWH
WRGRHOSURFHVRGH
UHJHQHUDFLµQ
5HJHQHUDFLµQ $GYHUWHQFLD£PEDU  VXHQDHO]XPEDGRU  5HLQLFLHOD
FDQFHODGD  DGYHUWHQFLDFHQWUDO UHJHQHUDFLµQFXDQGR
5HGXFFLµQDFWLYD £PEDUHQFHQGLGD VHDSRVLEOH
 VHDFWLYDOD
UHGXFFLµQGH
SRWHQFLDGHOPRWRU
SHURVHUHVWDXUD
9 GHVSX«VGH
FRPSOHWDUOD
UHJHQHUDFLµQ
 ,Q
QVWUUXFFL
FLRRQHVG
GHIXQFLR
RQDPLHQWR 
6LV
VWH
HPDSRVWUUDWDPLHQWRGHORVJ
JDVHV
VG
GHHVFD
FDS
SH 

(67$& $GYHUWHQFLDURMR  VXHQDHO]XPEDGRU  (VWDFLRQHODP£TXLQD

0$1(5$  DGYHUWHQFLDFHQWUDO HQXQ£UHDQRVHQVLEOH
6(*85$ URMDDFWLYDGD DOFDORU
5HJHQVHUYLFLR  HOUHQGLPLHQWRGHO  $SOLTXHHOIUHQRGH
PRWRUVHUHGXFH HVWDFLRQDPLHQWR
QHFHV
FRQVLGHUDEOHPHQWH  3DUHHOPRWRU
5HGXFFLµQDFWLYD SHURVHUHVWDXUD  &RQWDFWHFRQXQW«FQLFR
GHVSX«VGH GHVHUYLFLRFXDOLILFDGR
FRPSOHWDUOD HQFXDQWRDOD
UHJHQHUDFLµQ UHJHQHUDFLµQ

c1227$
6RORVVHSXHGHQ
6R QUHDOLL]DU
UHJHQH
UH HUDFFLR
RQHVFFRQ
Q
7HHFK7
7RRO
(67$&,21$5 $GYHUWHQFLDURMR  VXHQDHO]XPEDGRU  (VWDFLRQHODP£TXLQD
0ƒ48,1$  DGYHUWHQFLDFHQWUDO HQXQ£UHDQRVHQVLEOH
6HUYLFLR URMDDFWLYDGD DOFDORU
QHFHVDULR  VHUHGXFH  $SOLTXHHOIUHQRGH
FRQVLGHUDEOHPHQWH HVWDFLRQDPLHQWR
5HGXFFLµQDFWLYD
HOUHQGLPLHQWRGHO  3DUHHOPRWRU
PRWRU  &RQWDFWHFRQXQW«FQLFR
GHVHUYLFLRFXDOLILFDGR
SDUDTXHVXVWLWX\DHO
ILOWURGHSDUW¯FXODV
GLHVHO

c12
27$
/D
DFDUUJDG
GHKROO¯QVVROR
SX
XHGHVHUS
SR
RUS
SHUVR
VRQ
SXHVWD
QDOD
DDFFHUUR
DXWRUL]
]DGGR

SR
RU9
9ROYYR

/DVDODUPDVGHODWDEODVLJXLHQWHSXHGHQVHUPRVWUDGDVHQ
FRQH[LµQFRQODVDODUPDVGHODWDEODGHDUULED

$3/,48((/ $GYHUWHQFLD£PEDU  VXHQDHO]XPEDGRU  (VWDFLRQHODP£TXLQDHQ

)5(12'(  DGYHUWHQFLDFHQWUDO XQ£UHDQRVHQVLEOHDO
(67$&,21$ £PEDUHQFHQGLGD FDORU
0,(172  $SOLTXHHOIUHQRGH
HVWDFLRQDPLHQWR
5HJHQHUDFLµQ
 $UUDQTXHOD
QHFHVDULD UHJHQHUDFLµQ

1RVH $GYHUWHQFLDD]XO  VXHQDHO]XPEDGRU  1RVHSUHFLVDQLQJXQD

QHFHVLWD  DGYHUWHQFLDFHQWUDO PHGLGD
UHJHQHUDFLµQ D]XOHQFHQGLGD

9
 ,Q
QVWUUXFFL
FLRRQHVG
GHIXQFLR
RQDPLHQWR

 6LLVWH
HPDSRVWUUDWDPLHQWRGHORVJ
JDVHVVG
GHHVFD
FDSSH
3526(*8,5 $GYHUWHQFLD£PEDU  VXHQDHO]XPEDGRU  &RQWLQ¼HHO
75$%$-$1'  DGYHUWHQFLDFHQWUDO IXQFLRQDPLHQWR
2 £PEDUHQFHQGLGD
%DMD
WHPSHUDWXUD
5HJHQHUDFLµQ
SHQGLHQWH
6(59,&,2 $GYHUWHQFLD£PEDU  VXHQDHO]XPEDGRU  6HUYLFLRUHTXHULGR
1(&(6$5,2  DGYHUWHQFLDFHQWUDO
5HJHQHUDFLµQ £PEDUHQFHQGLGD
QRSRVLEOH
)DOORGHO
VLVWHPD

&XP
PSOLPLLHQ
QWRFR
FRQQORV
VUH
HTXLVLWRVVGH
HHP
PLVLRQ
QHV
12
27$
6RORVHDSOLFDDP£TXLQDVFRQPRWRU'-
(OVLVWHPDGHSRVWUDWDPLHQWRHVW£FRQWURODGRSRUORVVLVWHPDVGH
GLDJQµVWLFRGHODVXQLGDGHVGHFRQWUROSDUDJDUDQWL]DUHPLVLRQHV
UHGXFLGDV6LHOVLVWHPDQRFXPSOHFRQORVUHTXLVLWRVGH
HPLVLRQHVQRGHEHU¯DVHUSRVLEOHXVDUODP£TXLQDSDUDWUDEDMDU
FRPRGHFRVWXPEUH(VWRRFXUUHPHGLDQWHXQDUHGXFFLµQGHOD
SRWHQFLDGHOPRWRU

/D
DSRWHQFLD
DGHOPRWRUVHUHGXFHVL
 (OQLYHOHQHOGHSµVLWRGH$G%OXHp'()HVGHPDVLDGREDMR
 (O$G%OXHp'()HVGHEDMDFDOLGDG
 +D\XQSUREOHPDIDOORGHIXQFLRQDPLHQWRHQHOVLVWHPDGH
SRVWUDWDPLHQWR
+D\GRVQLYHOHVGHUHGXFFLµQGHSRWHQFLDGHOPRWRUTXHVH
DFWLYDQGHVSX«VGHXQFLHUWRWLHPSRGHSHQGLHQGRGHOWLSRGH
SUREOHPDDV¯FRPRGHVLHOIDOORGHIXQFLRQDPLHQWRYXHOYHD
SURGXFLUVHRQR
5H
HVWD
DXUUDFLµ
µQGHODIXQFLµQG
GHOOPRWWRU
6LVHUHDUUDQFDHOPRWRU TXLWDQGR\YROYLHQGRDFRORFDUODOODYH
FRQXQDUHGXFFLµQGHSRWHQFLDGHOPRWRUDFWLYDHVWHSXHGH
DOFDQ]DUVXSOHQDSRWHQFLDGXUDQWHPLQXWRVGRVYHFHVSDUDHO
QLYHOGHUHGXFFLµQGHSRWHQFLD(VWRSXHGHXWLOL]DUVHVLVH
SURGXFHXQPRGRGHDYDQFHXOWUDOHQWRGHHPHUJHQFLD\KD\TXH
PRYHUODP£TXLQD(VWRQRH[WHQGHU£HOWLHPSRGHDFWLYDFLµQGHO
QLYHOGHUHGXFFLµQGHSRWHQFLD7DQSURQWRFRPRVHDOFDQFHHO
QLYHOGHUHGXFFLµQGHSRWHQFLDQRVHSRGU£XWLOL]DUXQ
IXQFLRQDPLHQWRUHVWDEOHFLGR
'XUDQWHHOIXQFLRQDPLHQWRUHVWDEOHFLGRHOSDU\HOU«JLPHQSOHQR
GHOPRWRUHVW£QGLVSRQLEOHVGXUDQWHPLQXWRV'HVSX«VGHHVR
HOPRWRUYXHOYHDVXQLYHOGHUHGXFFLµQGHSRWHQFLDDQWHULRUHQHO
SOD]RGHXQPLQXWR6LHOPRWRUVHDSDJDHQHVWHHVWDGR\HO
WLHPSRGHFLFORSDUDHOIXQFLRQDPLHQWRUHVWDEOHFLGRQRVHKD
DFDEDGRVHJXDUGDU£SDUDXWLOL]DUORFXDQGRVHUHDUUDQTXHHO
PRWRU
 ,Q
QVWUUXFFL
FLRRQHVG
GHIXQFLR
RQDPLHQWR 
6LV
VWH
HPDSRVWUUDWDPLHQWRGHORVJ
JDVHV
VG
GHHVFD
FDS
SH 

6LVWHPDGHSRVWUDWDPLHQWRGHORVJDVHVGH
HVFDSHDODUPDVTXHUHTXLHUHQDFFLRQHV
HVSHFLDOHV
127$
6RORDSOLFDEOHDP£TXLQDVFRQPRWRU'-
127 7$
(OWH[WRHQSDQWDOODPRVWUDU£ರ$G%OXHpರHQP£TXLQDVSDUDHO
PHUFDGRHXURSHR\ಯ'()ರHQP£TXLQDVSDUDHOPHUFDGR
HVWDGRXQLGHQVH

&R
RQWUROOGHQ
QLYHOG
GH$G%
%OXH
Hp'()
)LJXUDHQSDQWDOOD 1LYHOGHDODUPD 0HGLGD
  V¯PERORILMMR  3DUHHOPRWRU
 /OHQHHOGHSµVLWRGH$G%OXHp
'()FRQ$G%OXHp'()
5HOOHQDU$G%OXH  HO]XPEDGRUVXHQDYHFHV  3DUHHOPRWRU
 DGYHUWHQFLDFHQWUDO£PEDU  /OHQHHOGHSµVLWRGH$G%OXHp
HQFHQGLGD '()FRQ$G%OXHp'()
 V¯PERORGHVWDOODQGR
 UHGXFFLµQGHSDU
9

$G%OXHYDF¯R
5HGXFFLµQDFWLYD
(VWDFPDQHUDVHJXUD  HO]XPEDGRUVXHQD  3DUHHOPRWRU
FRQWLQXDPHQWH
 DGYHUWHQFLDFHQWUDOURMD
DFWLYDGD
 /OHQHHOGHSµVLWRGH$G%OXHp
'()FRQ$G%OXHp'() 
 V¯PERORGHVWDOODQGR
9
 UHGXFFLµQGHSDU
$G%OXHYDF¯R
5HGXFFRPSOSURQWR
5HOOHQDU$G%OXH  HO]XPEDGRUVXHQD  3DUHHOPRWRU
FRQWLQXDPHQWH  /OHQHHOGHSµVLWRGH$G%OXHp
 DGYHUWHQFLDFHQWUDOURMD '()FRQ$G%OXHp'()
DFWLYDGD
 V¯PERORGHVWDOODQGR
9
 UDOHQW¯RSDUUHGXFLGRV\
$G%OXHYDF¯R UHGXFFLµQGHYHORFLGDG
5HGXFFRPSODFWLYD GHSHQGLHQGRGHO
PHUFDGR
 ,Q
QVWUUXFFL
FLR
RQHVG
GHIXQFLR
RQDPLHQWR

 6LV
VWH
HPDSRVWUUDWDPLHQWRGHORVJ
JDVHV
VG
GHHVFD
FDS
SH
&RQWUROGHFDOLGDGGH$G%OXHp'()
)LJXUDHQSDQWDOOD 1LYHOGHDODUPD 0HGLGD
6XVWLWXLU$G%OXH  VRQLGRVGHO]XPEDGRU  &RQWDFWHFRQXQW«FQLFRGH
 DGYHUWHQFLDFHQWUDO£PEDU VHUYLFLRFXDOLILFDGR
HQFHQGLGD
 V¯PERORILMMR
9

(UURUFDOLGDG$G%OXH
5HGXFFLµQSURQWR
6XVWLWXLU$G%OXH
9
 VRQLGRVGHO]XPEDGRU  &RQWDFWHFRQXQW«FQLFRGH
 DGYHUWHQFLDFHQWUDO£PEDU VHUYLFLRFXDOLILFDGR
HQFHQGLGD
 V¯PERORGHVWDOODQGR
 UHGXFFLµQGHSDU

(UURUFDOLGDG$G%OXH
5HGXFFLµQDFWLYD
(VWDFPDQHUDVHJXUD
9
 VRQLGRVGHO]XPEDGRU  &RQWDFWHFRQXQW«FQLFRGH
 DGYHUWHQFLDFHQWUDOURMD VHUYLFLRFXDOLILFDGR
HQFHQGLGD
 V¯PERORGHVWDOODQGR
 UHGXFFLµQGHSDU

(UURUFDOLGDG$G%OXH
5HGXFFRPSOSURQWR
6XVWLWXLU$G%OXH
9
(UURUFDOLGDG$G%OXH
5HGXFFRPSODFWLYD
 VRQLGRVGHO]XPEDGRU  &RQWDFWHFRQXQW«FQLFRGH
 DGYHUWHQFLDFHQWUDOURMD VHUYLFLRFXDOLILFDGR
HQFHQGLGD
 V¯PERORGHVWDOODQGR
 UDOHQW¯RSDUUHGXFLGRV\
UHGXFFLµQGHYHORFLGDG
GHSHQGLHQGRGHO
PHUFDGR
 ,Q
QVWUUXFFL
FLRRQHVG
GHIXQFLR
RQDPLHQWR 
6LV
VWH
HPDSRVWUUDWDPLHQWRGHORVJ
JDVHV
VG
GHHVFD
FDS
SH 
&RQWUROGHIDOORVGHOVLVWHPDGH6&5
)LJXUDHQSDQWDOOD 1LYHOGHDODUPD 0HGLGD
&RPSUREDUVLVW6&5  VRQLGRVGHO]XPEDGRU  &RQWDFWHFRQXQW«FQLFRGH
 DGYHUWHQFLDFHQWUDO£PEDU VHUYLFLRFXDOLILFDGR
HQFHQGLGD
9  V¯PERORILMMR
$YHU¯DVLVWHPD6&5
5HGXFFLµQSURQWR
&RPSUREDUVLVW6&5  VRQLGRVGHO]XPEDGRU  &RQWDFWHFRQXQW«FQLFRGH
 DGYHUWHQFLDFHQWUDO£PEDU VHUYLFLRFXDOLILFDGR
HQFHQGLGD
9  V¯PERORGHVWDOODQGR
 UHGXFFLµQGHSDU
$YHU¯DVLVWHPD6&5
5HGXFFLµQDFWLYD
(VWDFPDQHUDVHJXUD  VRQLGRVGHO]XPEDGRU  &RQWDFWHFRQXQW«FQLFRGH
 DGYHUWHQFLDFHQWUDOURMD VHUYLFLRFXDOLILFDGR
HQFHQGLGD
9  V¯PERORGHVWDOODQGR
 UHGXFFLµQGHSDU
$YHU¯DVLVWHPD6&5
5HGXFFRPSOSURQWR
&RPSUREDUVLVW6&5  VRQLGRVGHO]XPEDGRU  &RQWDFWHFRQXQW«FQLFRGH
 DGYHUWHQFLDFHQWUDOURMD VHUYLFLRFXDOLILFDGR
HQFHQGLGD
9  V¯PERORGHVWDOODQGR
 UDOHQW¯RSDUUHGXFLGRV\
$YHU¯DVLVWHPD6&5
UHGXFFLµQGHYHORFLGDG
5HGXFFRPSODFWLYD GHSHQGLHQGRGHO
PHUFDGR 
&R
RQWUROOGHIIDOOR
RVG
GHOOVLV
VWH
HPDG
GHO'
'3)
)
)LJXUDHQSDQWDOOD 1LYHOGHDODUPD $FFLµQ
&2036,67'3)  HO]XPEDGRUVXHQDYHFHV &RQWDFWHFRQXQW«FQLFRGH
 DGYHUWHQFLDFHQWUDO£PEDU VHUYLFLRFXDOLILFDGR
HQFHQGLGD
9  V¯PERORILMMR
6LVWHPD'3)GHVDFWLYDGR
&2036,67'3)  HO]XPEDGRUVXHQDYHFHV &RQWDFWHFRQXQW«FQLFRGH
 DGYHUWHQFLDFHQWUDO£PEDU VHUYLFLRFXDOLILFDGR
HQFHQGLGD
9  V¯PERORILMMR
6LVWHPD'3)DXVHQWH
&2036,67'3)  HO]XPEDGRUVXHQDYHFHV &RQWDFWHFRQXQW«FQLFRGH
 DGYHUWHQFLDFHQWUDO£PEDU VHUYLFLRFXDOLILFDGR
HQFHQGLGD
9  V¯PERORILMMR
)DOORGHOVLVWHPD'3)
 ,Q
QVWUUXFFL
FLRRQHVG
GHIXQFLR
RQDPLHQWR

 3D
DUDGD

3DUDGD
$9,6
62
1RGHVFRQHFWHHOLQWHUUXSWRUGHEDWHU¯DPLHQWUDVHVW«HQPDUFKD
HOPRWRU\DTXHVHSXHGHGD³DUHOVLVWHPDHO«FWULFR

 5HGX]FDHOU«JLPHQGHOPRWRU
 3DUHODP£TXLQDFRQHOIUHQRGHVHUYLFLR&XDQGRODP£TXLQD
VHKD\DGHWHQLGRGHOWRGRPXHYDHOVHOHFWRUGHPDUFKDVD
SXQWRPXHUWR
 'HVFLHQGDHOLPSOHPHQWRDOVXHOR
1227$
%DMHODSOXPDLQPHGLDWDPHQWHP£[PLQXWRVGHVSX«VGHTXH
HOPRWRUVHKD\DSDUDGR6LKDQSDVDGRP£VGHPLQXWRVKDEU£
TXHYROYHUDDUUDQFDUHOPRWRU6LHVWRIDOODFRQWDFWHFRQSHUVRQDO
GHVHUYLFLRRDFRUGRQHHO£UHD\DVLJQHXQYLJLODQWH
 $SOLTXHHOIUHQRGHHVWDFLRQDPLHQWR
12
27$
1RSDUHHOPRWRUKDVWDTXHHOV¯PEROR2.VHPXHVWUHHQOD
SDQWDOOD YHDODILJXUD 

  *LUHODOODYHGHDUUDQTXHHQVHQWLGRFRQWUDULRDOGHODVDJXMDV
GHOUHORMFXDQGRHOV¯PERORTXHLQGLFDTXHVHSHUPLWHHO
DSDJDGRGHOPRWRUHVW«LOXPLQDGRDFRQWLQXDFLµQODV
O£PSDUDVWHVWLJRVHDSDJDQ\HOPRWRUVHDSDJD

 R
 OK )O /
$36
&  'HVFRQHFWHODFRUULHQWHHO«FWULFDFRQHOLQWHUUXSWRUGHEDWHU¯D
9HDODS£JLQD
2.
127$
9
(VLPSRUWDQWHQRDSDJDUHOPRWRUGXUDQWHXQDUHJHQHUDFLµQ(VWR
6¯PERORTXHPXHVWUDFX£QGRVHSXHGHDSDJDUHO JHQHUDXQHVWU«VSRUFDORULQQHFHVDULRVREUHORVFRPSRQHQWHV
PRWRU GHO($76(VSHUHKDVWDTXHVHKD\DDSDJDGRODO£PSDUD+(67

3RUFRQVLJXLHQWHHVSHUHKDVWDTXHODO£PSDUD+(67VHKD\D
DSDJDGR VRORVHDSOLFDDP£TXLQDVFRQPRWRU'- 
12
27$
9 (OWLHPSRTXHWDUGDHQDFWLYDUVHHOV¯PERORTXHPXHVWUDTXHVH
/£PSDUD+(67 DOWDWHPSHUDWXUDGHORVJDVHVGH SHUPLWHHODSDJDGRGHOPRWRUGHSHQGHGHODFDUJDGHOPRWRU
HVFDSH UHJHQHUDFLµQHQFXUVR VRORVHDSOLFDD
ODVP£TXLQDVFRQPRWRU'- 6LHOFRQGXFWRUWLHQHTXHVDOLUGHODFDELQDFRQHOPRWRUHQ
 PDUFKDGHEHU£WHQHUFXLGDGRDOEDMDUVHSDUDQRJLUDU
DFFLGHQWDOPHQWHHOYRODQWH(VWRVHDSOLFDHVSHFLDOPHQWHVLHO
YRODQWHHVW£HTXLSDGRFRQXQSRPRGHGLUHFFLµQ

$'
'9(57(1&,$
c5LHVJRGHFD¯GD
6XELU\EDMDUGHODP£TXLQDVLQWHQHUFXLGDGRSRGU¯DUHVXOWDUHQ
FD¯GDV\OHVLRQHV
8V VHVVLH
HPSUUHHHOP«WWRGRGHORVWWUHV VS
SXQWRRVS
SDUDHQWUDUDDOD
P£TX
P£ XLQDRVD
VDOLUGHHHOOODXWWLOL]DQG
GRGRVVPD
PDQQRV\XQSLLHRXQ
QDPDQ QR
\DPPER RVSLHVV8VHOD
DVVX
VXSHUUILLFLH
HVSDUDSLVDU\OR
RVDV
VLG
GHURV0L
0LUH
VLH
VL HPSUHKDFLD DODP
P£T TXLLQDSDUDHQWUDUR
REDMDDUG
GHHOODc1RRE
EDMMH
GH
HXXQVVDOWRR
 ,Q
QVWUUXFFL
FLRRQHVG
GHIXQFLR
RQDPLHQWR 
(V
VWD
DFLR
RQDPLHQWR 

(VWDFLRQDPLHQWR
 6LHVSRVLEOHFRORTXHODP£TXLQDHQXQVXHORDQLYHO6LQR
HVSRVLEOHEORTXHHODVUXHGDVGHPDQHUDTXHLPSHGLUTXHOD
P£TXLQDHPSLHFHDURGDU%DMHHOLPSOHPHQWRKDVWDHOVXHOR
 &RPSUXHEHTXHWRGRVORVLQWHUUXSWRUHV\PDQGRVHVW£Q
GHVFRQHFWDGRVRHQSXQWRPXHUWR
 $SOLTXHHOIUHQRGHHVWDFLRQDPLHQWRXQDYH]TXHODP£TXLQD
 VHKD\DGHWHQLGRGHOWRGR
 5HWLUHODVOODYHV
 'HVFRQHFWHODFRUULHQWHHO«FWULFDFRQHOLQWHUUXSWRUGHEDWHU¯D
9HDODS£JLQD
127 7$
3DUDHYLWDUXQDYLGD¼WLOUHGXFLGDGHODEDWHU¯DGHELGRDOD
VXOIDWDFLµQGXUDQWHSHU¯RGRVSURORQJDGRVGHHVWDFLRQDPLHQWR
ODVEDWHU¯DVGHEHQPDQWHQHUVHELHQFDUJDGDV'HELGRDOD
DXWRGHVFDUJDGHODEDWHU¯DORVQLYHOHVGHWHQVLµQGHDPEDV
EDWHU¯DVGHEHQVHUGHDOPHQRV9SDUDVRSRUWDUXQSHU¯RGR
GHHVWDFLRQDPLHQWRGHKDVWDG¯DV6LODVEDWHU¯DVVH
PDQWLHQHQDQLYHOHVEDMRVGHWHQVLµQHVWRSRGU¯DUHGXFLUVXYLGD
¼WLO
1227$
6LODDOLPHQWDFLµQHO«FWULFDQRVHSXHGHDSDJDUFRQHO
GHVFRQHFWDGRUGHEDWHU¯DODUD]µQSXHGHVHUTXHODWHQVLµQGH
EDWHU¯DHVGHPDVLDGREDMD8VHODVKHUUDPLHQWDVGHDUUDQTXH
UHIRU]DGRSDUDDVHJXUDUVHGHTXHHOUHO«UHFLEHVXILFLHQWH

DOLPHQWDFLµQHO«FWULFD
 $VHJ¼UHVHGHTXHKD\VXILFLHQWHDQWLFRQJHODQWHHQHOVLVWHPD
GHUHIULJHUDFLµQ YHDODS£JLQD \HQHOO¯TXLGRGHO
ODYDSDUDEULVDVDWHPSHUDWXUDVSRUGHEDMRGHORV|&FXDQGR
ODP£TXLQDHVW£HVWDFLRQDGD
 6HUHFRPLHQGDOOHQDUSRUFRPSOHWRHOGHSµVLWRGH$G%OXHp
'()
 %ORTXHHWRGDVODVFXELHUWDVODVYHQWDQDV\ODSXHUWD
7HQJDSUHVHQWHTXHHOULHVJRGHURER\DFFHVRLQGHELGRSXHGH
PLQLPL]DUVHKDFLHQGRORVLJXLHQWH
 UHWLUDQGRODOODYHGHDUUDQTXHFXDQGRGHMHODP£TXLQD
GHVDWHQGLGD
 FHUUDQGRODVSXHUWDV\FXELHUWDVDOFRQFOXLUHOWXUQRGHWUDEDMR
 DSDJDQGRODDOLPHQWDFLµQHO«FWULFDFRQHOGHVFRQHFWDGRUGH
EDWHU¯D
 HYLWDQGRHOHVWDFLRQDPLHQWRGHODP£TXLQDHQOXJDUHVFRQ
JUDQGHVULHVJRVGHURERV\YDQGDOLVPR
 UHWLUDQGRWRGRVORVREMHWRVYDOLRVRVGHODFDELQDSRUHMHPSOR
WHO«IRQRVPµYLOHVRUGHQDGRUHVODUDGLR\EROVRV
(VP£VI£FLOLGHQWLILFDUP£TXLQDVUREDGDVVLVHJUDEDHQHOFULVWDO
GHODVYHQWDQDVHOQ¼PHURGH3,1RGHUHJLVWUR
 ,Q
QVWUUXFFL
FLR
RQHVG
GHIXQFLR
RQDPLHQWR

 (V
VWD
DFLR
RQDPLHQWR
(VWDFLRQDPLHQWRGHODUJDGXUDFLµQ HVWDFLRQDPLHQWR
GXUDQWHXQWLHPSRVXSHULRUDGRVPHVHV

$9,6
62
6LODP£TXLQDQRVHYDDXWLOL]DUDGLDULRGHEHU£QSURWHJHUVH
WRGRVORVFLOLQGURVFRQWUDFRUURVLµQ
/DWHPSHUDWXUDQRGHEHVHULQIHULRUD|&RVXSHULRUD
|&
&RPSUREDUTXHODVEDWHU¯DVHVW£QWRWDOPHQWHFDUJDGDV
7RPHDFFLRQHVSDUDHVWDFLRQDU\JXDUGDUFRQIRUPHDOR
DQWHULRU
/DYHODP£TXLQD\UHWRTXHORVGD³RVHQODSLQWXUDSDUDSUHYHQLU
HOµ[LGR
8VHDJHQWHVTXHSURWHMDQFRQWUDODFRUURVLµQGHODVSDUWHV
H[SXHVWDVHQJUDVHODP£TXLQDDIRQGR\XVHJUDVDVREUHODV
SDUWHVQRSLQWDGDV FLOLQGURVGHHOHYDFLµQ\FLOLQGURVGH
EDVFXODPLHQWRHWF 
5HOOHQHHOGHSµVLWRGHFRPEXVWLEOH\HOGHSµVLWRGHDFHLWH
KLGU£XOLFRKDVWDVXVPDUFDVGHP£[
7DSHHOWXERGHJDVHVGHHVFDSH DOHVWDFLRQDUDODLUHOLEUH 
5HWLUHHOIXVLEOHGHOWUDQVIRUPDGRU'HRWURPRGRODEDWHU¯D
SRGU¯DGHVFDUJDUVH
&RPSUXHEHODSUHVLµQGHORVQHXP£WLFRV\SURW«MDORVFRQWUDOD
OX]VRODULQWHQVD
7UUDVIILQDOL]DUUXQSHU¯RGRGHHVWD
DFLR
RQDPLHQWRGHODUJD
GX
XUDFLµ µQFRPPSUXHEH
7RGRVORVQLYHOHVGHDFHLWH\O¯TXLGRV
/DWHQVLµQGHWRGDVODVFRUUHDV
3UHVLµQGHODLUH
)LOWURGHDLUH
0RQWHHOIXVLEOHGHOWUDQVIRUPDGRU
1227$
6LVHKDQXWLOL]DGRFRPSXHVWRVSURWHFWRUHV DJHQWHV
DQWLFRUURVLµQHWF HQODP£TXLQDDOSUHSDUDUODSDUD
HVWDFLRQDPLHQWRDODUJRSOD]RVLJDODVLQVWUXFFLRQHVGHO
IDEULFDQWHHQFXDQWRDSUHFDXFLRQHVGHVHJXULGDG\P«WRGRV
SDUDUHWLUDU
 ,Q
QVWUUXFFL
FLRRQHVG
GHIXQFLR
RQDPLHQWR 
6LLODP£TXLQDTXHGDDWDVFD
FDGGD 

6LODP£TXLQDTXHGDDWDVFDGD
6LODP£TXLQDVHKDDWRUDGRORPHMRUHVXVXDOPHQWHLUPDUFKD
DWU£V6LQRSXHGHLUKDFLDDWU£VRKDFLDGHODQWHLQWHQWHOR
VLJXLHQWH
 6HOHFFLRQHXQQLYHOGHPDUFKDEDMR DRD 
 9D\DPDUFKDDWU£V\YXHOYDODGLUHFFLµQFRPSOHWDPHQWHKDFLD
ODL]TXLHUGD\GHVSX«VKDFLDODGHUHFKDGHIRUPDDOWHUQDGD
FRPRFDPLQDQORVSDWRV 
6LVRORVHDWDVFDURQODVUXHGDVGHODQWHUDVSUXHEHDOJXQRGH
 HVWRVP«WRGRV
 /HYDQWHODVUXHGDVGHODQWHUDVDSR\DQGRODP£TXLQDVREUHHO
IRQGRGHXQDFXFKDUDSODQD\YD\DPDUFKDDWU£V
 9XHOYDODGLUHFFLµQDGHUHFKDRL]TXLHUGDSUHVLRQHFRQOD
FXFKDUDVREUHHOWHUUHQROHYDQWHODVUXHGDVGHODQWHUDV\
YXHOYDODGLUHFFLµQKDFLDHORWURODGROHYDQWHXQSRFROD
FXFKDUD\YD\DPDUFKDDWU£V
 (OHYHODVUXHGDVGHODQWHUDVXWLOL]DQGRODFXFKDUD5HOOHQH
PDQXDOPHQWHORVDJXMHURVEDMRODVUXHGDVFRQUDPDVSLH]DV
GHPDGHUDRVLPLODUHV\YD\DPDUFKDDWU£V
 6LIXHUDQHFHVDULRUHVFDWDUODP£TXLQDFRQVXOWHODS£JLQD



 ,Q
QVWUUXFFL
FLR
RQHVG
GHIXQFLR
RQDPLHQWR

 5H
HVFD
FDWWH\UUHPROFDG
GR

5HVFDWH\UHPROFDGR

$'9(57(1&,$
5LHVJRGHDFFLGHQWHVPRUWDOHVSURYRFDGRVSRUXQDP£TXLQD
GHVFRQWURODGD
/DS«UGLGDGHIXQFLRQDPLHQWRGHORVIUHQRV\ODS«UGLGDGH
IXQFLRQDPLHQWRGHODGLUHFFLµQSRGU¯DQFDXVDUOHVLRQHVJUDYHVR
ODPXHUWHSRUHOPRYLPLHQWRLQFRQWURODGRGHODP£TXLQD
6LQRVHS
6L SXHG GHDUUD
UDQFDUH HOPRWWRUHOUHPROFFDGRVVROORGHEH
H
UHD
UH DOL]DUUVH
VHHHQFFDVRG GHHPHUJH HQFFLDSRUUS
SHUVR
VRQDOIIRUPDG GR\\VVRORR
HQQOODG
GLV
VWD
DQFLD DP
P£V VFFRUUWD
DSRVVLEOOHDXQDYYHOORFLG
GDGP
PX\OOHQWD D6L
HVVS
SRVLE EOHWUDQ
QVSRRUWHHODP£TXLLQDHQXQUHPROOTXH
1227$
(OGLVSRVLWLYRGHFRQH[LµQ HQJDQFKHGHUHPROTXH HQHO
FRQWUDSHVRRODVDUJROODVHQHOEDVWLGRUWUDVHURVLWXDGDVHQHO
LQWHULRUGHODVUXHGDVWUDVHUDVQRGHEHQVHUXWLOL]DGRVGXUDQWHOD
UHFXSHUDFLµQRUHPROTXH
5H
HPROFDG
GR
$VHUSRVLEOHHOPRWRUGHEHU£HVWDUHQPDUFKDSDUDTXH
IXQFLRQHQORVIUHQRV\ODGLUHFFLµQ
6LQRVHSXHGHDUUDQFDUHOPRWRURVLQRHVSRVLEOHFUHDU
VXILFLHQWHSUHVLµQSDUDOLEHUDUHOIUHQRGHHVWDFLRQDPLHQWRSRU
DOJXQDRWUDUD]µQHOIUHQRGHHVWDFLRQDPLHQWRSXHGHOLEHUDUVH
PHF£QLFDPHQWH&RQWDFWHXQW«FQLFRGHVHUYLFLRFXDOLILFDGR
3DUDHOUHPROFDGRKDFLDDWU£VXWLOLFHODVDUJROODVEDMRHO
FRQWUDSHVRTXHHVW£QGHVWLQDGDVSDUDHODPDUUHGHOD
P£TXLQD
3DUDHOUHPROFDGRKDFLDDGHODQWHXWLOLFHODVDUJROODVHQOD
ILMDFLµQGHOHMHGHODQWHURTXHHVW£QGHVWLQDGDVSDUDHODPDUUH
GHODP£TXLQD
&RQHFWHDDPEDVDUJROODVSDUDHYLWDUFDUJDVGHFRUWHWDQWR
FRPRVHDSRVLEOH

0£[
0£ [LPDFDSDF
FLG
GDGDOUHPROOFDU
$GHOODQWH
$G H 'HWUU£V
V

/ + N1 OEI N1 OEI
9

$UJROODVEDMRHOFRQWUDSHVRSDUDUHFXSHUDFLµQ
UHPROFDGR\DPDUUH



 ,Q
QVWUUXFFL
FLRRQHVG
GHIXQFLR
RQDPLHQWR 
5H
HVFD
FDWWH\UUHPROFDG
GR 

5HPROFDGR
(OPRWRUGHODP£TXLQDUHPROFDGDGHEHHVWDUHQPDUFKD
'HEHKDEHUXQRSHUDGRUHQODP£TXLQDUHPROFDGDSDUDIUHQDU
\GLULJLUODP£TXLQD
(OYHK¯FXORRP£TXLQDUHPROFDGRUGHEHSHVDUDOPHQRVWDQWR
FRPRODP£TXLQDUHPROFDGD\GHEHWHQHUODSRWHQFLDGHOPRWRU
DGHFXDGD\ODFDSDFLGDGGHIUHQDGDSDUDUHPROFDUHOYHK¯FXOR
HQFXHVWLµQ
(OWUHFKRGHUHPROFDGRKDGHVHUORP£VFRUWRSRVLEOH\DTXH
HOUHPROFDGRGHODUJDGXUDFLµQSXHGHHVWURSHDUOD
WUDQVPLVLµQ
$FRSOHGHODPLVPDPDQHUDTXHSDUDHOUHPROFDGR
6LQRVHSXHGHDUUDQFDUHOPRWRURVLQRHVSRVLEOHFUHDU
VXILFLHQWHSUHVLµQSDUDOLEHUDUHOIUHQRGHHVWDFLRQDPLHQWRSRU
DOJXQDRWUDUD]µQHOIUHQRGHHVWDFLRQDPLHQWRSXHGHOLEHUDUVH
PHF£QLFDPHQWH&RQWDFWHXQW«FQLFRGHVHUYLFLRFXDOLILFDGR
1277$
1RHVSRVLEOHDUUDQFDUHOPRWRUUHPROFDQGRODP£TXLQD
6LJD
6L DODVUUHJ
JODVYYLJH
HQWHVH
HQFDGD
DSD¯V

3XQWRGHILMDFLµQSDUDDPDUUH

'LLVSR
RVLWWLYRGHUHPROTXHHQHOFRQ
QWUDSHVR
127 7$
(OGLVSRVLWLYRGHDFRSODPLHQWRGHOFRQWUDSHVRQRGHEHXVDUVH

SDUDHOUHVFDWHHOUHPROFDGRRHQODY¯DS¼EOLFD2EVHUYHODV
GLVSRVLFLRQHVQDFLRQDOHV
/DIXHU]DWHPSRUDOP£[LPDGHOGLVSRVLWLYRGHFRQH[LµQGHO
FRQWUDSHVRLQFOX\HQGRHOLPSOHPHQWRQRGHEHH[FHGHUXQD
IXHU]DKRUL]RQWDOGHN1 OEI \XQDIXHU]DYHUWLFDOGH
N1 OEI 

9

'LVSRVLWLYRGHUHPROTXHHQHOFRQWUDSHVR


127 7$
$VHJ¼UHVHGHTXHHOSDVDGRUGHEORTXHRGHOSDVDGRUGH
UHPROTXHFRQDEUD]DGHUDGHEORTXHRHVW£ILMDGRFRQVHJXULGDG
XWLOL]DQGRHOGLVSRVLWLYRGHFRQH[LµQ
(OGLVSRVLWLYRGHDFRSODPLHQWRVµORGHEHXVDUVHGHIRUPD
WHPSRUDOSDUDHOWUDQVSRUWHGHDUW¯FXORVGHPDQWHQLPLHQWR

GHVWLQDGRVSDUDODP£TXLQDHQHOOXJDUGHWUDEDMR LPSOHPHQWRV
KHUUDPLHQWDVFRPEXVWLEOHDFHLWHHWF«WHUD (OQXHYRSHVRWRWDO
P£TXLQD\UHPROTXHVLQIUHQRFRQFDUJD QRGHEHU£VXSHUDUHO
SHVRP£[LPRGHODP£TXLQD9HUODS£JLQD

)UHQRGHHVWDFFLR
RQDPLHQ
QWROOLEH
HUDFLµQ
Q
PHHF£Q
QLFD
 ,Q
QVWUUXFFL
FLR
RQHVG
GHIXQFLR
RQDPLHQWR

 5H
HVFD
FDWWH\UUHPROFDG
GR
&RQWDFWHFRQXQW«FQLFRGHVHUYLFLRFXDOLILFDGRVLHOIUHQRGH
HVWDFLRQDPLHQWRWLHQHTXHVHUGHVDSOLFDGRPHF£QLFDPHQWH
 ,Q
QVWUUXFFL
FLR
RQHVG
GHIXQFLR
RQDPLHQWR 
7UUDQVSR
RUWHGHODP£TXLQD 

7UDQVSRUWHGHODP£TXLQD
0HGLGDVDQWHVGHOWUDQVSRUWHGHODP£TXLQD
127$
$QWHVGHFDUJDUODP£TXLQDSDUDHOWUDQVSRUWHGHVDFWLYHHO
GHVDFRSODPLHQWRGHODWUDQVPLVLµQYHDODS£JLQD

$'
'9(57(1&,$
5LHVJRGHOHVLRQHVJUDYHV
/DP£TXLQDSXHGHLQFOLQDUVHGXUDQWHODFDUJDRGHVFDUJDGHO
WUDQVSRUWDGRU/DLQFOLQDFLµQGHODP£TXLQDFDXVDU£ODFD¯GDGHO
RSHUDGRUORFXDOSRGU¯DUHVXOWDUHQOHVLRQHVJUDYHV
$VHJ
$VH J¼UHVHGH HHQQFXDDGUDUODDS
SUR[LPDF
FLµQDOD
DVUD
UDPPSDDVGHFDFDUJDD
8WLLOLFHVVLHPPSUUHXQVH³DDODGRUUS
SDUDD
DVLV
VWLLUOH
HGXUDQQWH
HODFDUUJD\\
GHHVFDFDUUJDGHODP£TTXLQD

$'
'9(57(1&,$
5LHVJRGHYXHOFR
8QDP£TXLQDSXHGHFDXVDUOHVLRQHVJUDYHVRPRUWDOHVVLYXHOFD
PLHQWUDVHVFRQGXFLGDVREUHODSODWDIRUPDGHXQYHK¯FXORGH
WUDQVSRUWH
$VH
VHJ¼ ¼UHV
VHGHTXH
HH
HOYYHK¯¯FXORRG
GHWUDQ
QVSRRUWH
HH
HVW££IUHQQDGR
R\FFRQQ
OD
DVUUXH
HGDVVE
EORTX XHDGDV)LMHOODVUUDPSD DVG
GHFRQG GXFFLFLµQG
GHIRUPD
VHJ
VH JXUDSDUDTXHODP
P£T TXLQDQRS SXHHGDYROOFDUUR
REDODQF FHDUUVH
127 7$
3DUDLPSHGLUODHQWUDGDGHDLUHDSUHVLµQHQHOWXERGHHVFDSH

GXUDQWHHOWUDQVSRUWHFRQORVFRQVLJXLHQWHVGD³RVDO
WXUERFRPSUHVRUFXEUDHOWXERGHHVFDSHFRQXQDSURWHFFLµQ
DGHFXDGD QRGHSO£VWLFR 
(QRWUURYHK¯¯FXOOR
(Q
6LVHL]DODP£TXLQDDRWURYHK¯FXORODDUWLFXODFLµQGHOEDVWLGRU
GHEHU£HVWDUEORTXHDGD
 8VHORVSXQWRVGHILMDFLµQSDUDODHOHYDFLµQ
 %ORTXHHODDUWLFXODFLµQGHOEDVWLGRU
%ORTXHRGHODDUWLFXODFLµQGHOEDVWLGRU &XDQGRVHFRQGXFHODP£TXLQDSDUDVXELUODDXQYHK¯FXOROD
 DUWLFXODFLµQGHOEDVWLGRUQRGHEHHVWDUEORTXHDGD1REORTXHH
ODDUWLFXODFLµQGHOEDVWLGRUKDVWDTXHODP£TXLQDVHHQFXHQWUH
HQHOYHK¯FXOR
$WH DPDUUH ODP£TXLQDGHDFXHUGRDODVS£JLQDVVLJXLHQWHV
3RU
3RUX
XQDSDV
VDUUHOD
&RPSUXHEHSULPHURTXHODSDVDUHODWLHQHODDQFKXUD\
UHVLVWHQFLDQHFHVDULDV\TXHQRSXHGHGHVOL]DUVH
(Q
(QHOH
HYDG
GRUUX
XRWUURHVSD
DFLR
RHVWUUHF
FKR
R
 ,QWURGX]FDODP£TXLQDGDQGRPDUFKDDWU£V
 $SOLTXHHOIUHQRGHHVWDFLRQDPLHQWR\SDUHHOPRWRUDQWHVGH
SRQHUHQPDUFKDHOHOHYDGRU
3RUUOORGHP£V
3R VVLJDODQRUPD
PDWWLYDQDFLR
RQDO
 ,Q
QVWUUXFFL
FLR
RQHVG
GHIXQFLR
RQDPLHQWR

 7UUDQVSR
RUWHGHODP£TXLQD
(OHYDFLµQGHODP£TXLQD
P (OHYHODP£TXLQDXWLOL]DQGRODVDUJROODVGHHOHYDFLµQSDUDHVWH
P SURSµVLWR YHDODVILJXUDV /DXQLµQGHOEDVWLGRUGHEH
P EORTXHDUVHDQWHVGHHOHYDUOD
/RVJXDUGDEDUURVGHEHQHVWDUDELHUWRVSDUDILMDUODVHVOLQJDV
GHHOHYDFLµQDORVF£QFDPRVGHHOHYDFLµQSRVWHULRUHV\QRVH
P SXHGHQFHUUDU/RVJXDUGDEDUURVVHGHEHQILMDUDQWHVGH
HOHYDU
9HDHOSHVRP£[LPRGHODP£TXLQDHQODS£JLQD

9 $ %
$ %ORTXHRGHODDUWLFXODFLµQGHOEDVWLGRU
% %ORTXHRGHOJXDUGDEDUURVHQSRVLFLµQ
DELHUWR

)LMDFLµ
µQGHODFDUUJD P£TXLQD TXHKDVLG
GRFDUUJDGD
9HDODVFRQGLFLRQHVVLJXLHQWHVSDUDILMDUXQDP£TXLQDTXHKD
VLGRFDUJDGDDV¯FRPRORVYDORUHVHLQVWUXFFLRQHVSDUDFDGD
P£TXLQDHQODVWDEODVVLJXLHQWHV
&R
RQGLFLR
RQH
HVS
SDUDIILMDUX
XQD
DFDUJD
/DVLQVWUXFFLRQHVHQODVS£JLQDVVLJXLHQWHVVRORVRQY£OLGDVVLVH
KDQFXPSOLGRODVVLJXLHQWHVFRQGLFLRQHV
5H
HTXLVLWWRVG
GHDFHOH
HUDF
FLµQ
/DP£TXLQDHVW£VXMHWDDXQDDFHOHUDFLµQP£[LPDGHJ
KDFLDGHODQWHJKDFLDDWU£VJODWHUDOPHQWH\JKDFLD
DUULED 
/DVDFHOHUDFLRQHVKDFLDGHODQWHKDFLDDWU£V\ODWHUDODFW¼DQ
LQGLYLGXDOPHQWH\VHFRPELQDQFRQJKDFLDDWU£V 
/DDFHOHUDFLµQKDFLDDUULEDQRVHFRPELQDFRQRWUDV
DFHOHUDFLRQHV 
6HKDXWLOL]DGRXQIDFWRUGHVHJXULGDGGHSDUDFRPSHQVDU
ODGLVWULEXFLµQGHIXHU]DVGHVLJXDOHQORVDPDUUHV(OVLVWHPD
WDPEL«QSXHGHVRSRUWDUXQDDFHOHUDFLµQGHJKDFLDGHODQWH
VLQIDFWRUGHVHJXULGDG 
/D
DP
P£TX XLQD
/DP£TXLQD FRQRVLQLPSOHPHQWR HVW£IDEULFDGDSRU9ROYR
&RQVWUXFWLRQ(TXLSPHQW
9HDHOSHVRP£[LPRGHODP£TXLQDHQODS£JLQD
/DP£TXLQDWLHQHUXHGDVGHJRPDQXHYDVRFRQGHVJDVWH
QRUPDORDOWHUQDWLYDPHQWHOODQWDVFRQ]DSDWDVGHPDGHUDGH
SLQRRDEHGXO6LODV]DSDWDVGHPDGHUDVRQGHDEHGXOVHU£
QHFHVDULRXVDUSLH]DVLQWHUPHGLDVGHJRPDHQWUHODV]DSDWDV
GHPDGHUD\ODEDVHSDUDXQDIULFFLµQGH6LQRVHXVDQ
SLH]DVLQWHUPHGLDVODIULFFLµQHVVµORGH
&D
DUJD
D\IILMDF
FLµQ
QHQHOVRSRUWH
HG
GHFFDUUJD
D
/DP£TXLQDHVW£FHQWUDGDHQVHQWLGRODWHUDO sFP LQ \
HVW£DSR\DGDFRPRP¯QLPRHQODPLWDGGHODDQFKXUDGHORV
QHXP£WLFRV

/RVGDWRVGHDFHOHUDFLµQFXPSOHQORVUHTXLVLWRVE£VLFRVGHFDVLWRGDVODVQRUPDV\UHJXODFLRQHVGHFDUUHWHUDGHWRGRV
PRGRVFLHUWRVSD¯VHVSXHGHQWHQHUQRUPDV\GLUHFWLYDVTXHUHTXLHUHQRWURVRWLSRVVXSOHPHQWDULRVGHEORTXHR\RDPDUUH
 ,Q
QVWUUXFFL
FLR
RQHVG
GHIXQFLR
RQDPLHQWR 
7UUDQVSR
RUWHGHODP£TXLQD 
(OIUHQRGHHVWDFLRQDPLHQWRHVW£DSOLFDGR\IXQFLRQD\VRSRUWD
XQDLQFOLQDFLµQ SHQGLHQWH GHFRPRP¯QLPRr
/DDUWLFXODFLµQGHOEDVWLGRUHVW£EORTXHDGD
/DP£TXLQDHVW£FDUJDGD\ILMDGDGHWDOPDQHUDTXHQLQJXQD
SLH]DSHMVXSHUILFLHVSLQWDGDVRQHXP£WLFRVSXHGD
GD³DUVH
7UDQ
QVSRRUWD
DGRRUG
GHFDUUJD
D
/DP£TXLQDHVW£FDUJDGDHQXQYHK¯FXORFRQXQDFDPDGH
UHPROTXHKHFKDGHPDGHUDPDGHUDFRQWUDFKDSDGDSODFDVGH
DOXPLQLRUDQXUDGDVSODFDVGHDFHURSLQWDGDVRQRSLQWDGDV
/DGLVWDQFLDHQVHQWLGRODWHUDOHQWUHORVSXQWRVGHDPDUUHHQ
HOYHK¯FXORGHWUDQVSRUWHGHFDUJDHVGHDSUR[LPDGDPHQWH
PP LQ 
/DVILMDFLRQHVGHDPDUUHHQHOUHPROTXHWLHQHQFRPRP¯QLPR
ODPLVPDUHVLVWHQFLDDODUXSWXUDTXHORVDPDUUHV
$PDU
$PDUUHUHV
V DPDUUUH
UHVV
/RVDPDUUHVHVW£QSUHWHQVDGRVDXQP¯QLPRGH1
GXUDQWHWRGRHOWUDQVSRUWH
/RVDPDUUHVHVW£QXELFDGRVVLP«WULFDPHQWHHQSDUHV\HVW£Q
ILMDGRVHQORVSXQWRVGHDPDUUHDGHFXDGRVGHODP£TXLQD
6RORVHGHEHILMDUXQDPDUUHHQFDGDSXQWRGHDPDUUH
/RVJDQFKRVGHDPDUUHQRGHEHU£QSRGHUSHUGHUVXDJDUUHVL
VHDIORMDQORVDPDUUHV
/DFDUJDGHVHJXULGDGHQODFDGHQD 06//&6:/ HVGHDO
PHQRVHOGHODUHVLVWHQFLDDODURWXUD 0%/ 
6HGHEHQXWLOL]DUDPRUWLJXDGRUHVFXDQGRVHXVDQDPDUUHV
FRUWRV\YHUWLFDOHVHQODVP£TXLQDVFRQQHXP£WLFRVGHJRPD
SDUDUHGXFLUODVVDFXGLGDV\ORVJROSHVDORVTXHODVFDGHQDV
SXHGHQVHUVRPHWLGDV

/R
RVL
VLJ
JXLHQQWHDS SOLLFDVL
VLVH
VHXWLLOL]DQ
QEOORT
TXHVRODP£
P£TXLLQDVH
VHEOR
RTX
XHD
FRQ
FR QWUDHOFFXH
HOORGGHFFLVVQHH
&XDQGRVHXVDQWDFRVHVWRVKDQGHHVWDUILMDGRVFRQXQ
£QJXORGHLQFOLQDFLµQGHDSUR[LPDGDPHQWHr  XQD
DOWXUDP¯QLPDGHFP LQ \GLVSXHVWRVSRUSDUHV
RSDUHVVHJ¼QODVWDEODVGHDUULEDSDUDGLVSRVLFLµQGHORV
WDFRV
(OFRQWDFWRGHODVOODQWDVFRQQHXP£WLFRVGHJRPDR]DSDWDV
GHPDGHUDFRQWUDORVHVSDFLRVOLEUHVGHODVUXHGDVHTXLYDOHQ
DOXVRGHWDFRV
%ORTXHDUODFXFKDUDODFLQHP£WLFDGHODFDUJDGRUDODSDUWH
WUDVHUDGHODP£TXLQDRORVSDUHVGHUXHGDVHQGLUHFFLµQKDFLD
DUULEDKDVWDDOPHQRVODPLWDGGHOUDGLRGHODUXHGDFRQWUDHO
FXHOORGHFLVQHHYLWDHOPRYLPLHQWRKDFLDGHODQWH
%ORTXHDUFRQVXILFLHQWHDOWXUDFRQWUDODSDUWHLQWHULRURH[WHULRU
GHODVFXDWURUXHGDVHYLWDORVPRYLPLHQWRVODWHUDOHV
 ,Q
QVWUUXFFL
FLR
RQHVG
GHIXQFLR
RQDPLHQWR

 7UUDQVSR
RUWHGHODP£TXLQD
&HUWLILFDGRGHILMDFLµQGHODFDUJDFDUJDGDFRQODSDUWH
GHODQWHUDKDFLDGHODQWH

/&HVODGLVWDQFLDHQWUHORVSXQWRV
'\(
(''HVHOSXQWRSUR\HFWDGR
ODWHUDOPHQWHHQ£QJXORUHFWRKDFLD
HOERUGHGHODSODWDIRUPDGHVGHHO
SXQWRGHDPDUUH& &GHODFDUJDGRUD
GHUXHGDV( (HVHOSXQWRGHDPDUUH
GHODSODWDIRUPD/DUHODFLµQHQWUH
/)/
/5))\/
/555HVODPLVPD

/RVYDORUHVHLQVWUXFFLRQHVGHODVLJXLHQWHWDEODVRQVRORY£OLGRVVLVHFXPSOHQODVFRQGLFLRQHVGHVFULWDV
DQWHULRUPHQWHHQODVHFFLµQEDMRHOW¯WXOR&RQGLFLRQHVSDUDILMDUXQDFDUJD

) 'LLUHF
FFL
FLµµQGHG
GHVSOD]
]DP
PLHQ
QWR ,Q
QWHUYD
YDOORGHGLVWD
DQF
FLDSHUPL
PLWLLGDHQWUHD
DPDUUUH
UHV
VH
HQPHWWURV P S
SXOJ
J
6XS
6X SHUILLFLH
HVG
GH %O TXH
%ORT HVR
R &D
DGHQDP¯Q QFOD
DVH š
šP
PP
IUULF
FFL
FLµµQ EORT
TXHR 0%/
0%/ WWRQHOODGDVV/&
N1 
WWRQHODG
GDV
/) GREOHHFUXX]DGGR /& ¼QLFFR /5)) GREEOH /55
5 GREOOHFUX
X]DGR
*RPDSLQR 6LQWDFRV
DEHGXOFRQ SDU $OWHUQDWLYDVGHILMDFLµQGHODFDUJDQRDSUREDGDV
JRPD VHFDVR
PRMDGDV SDUHMDV
w 
 SDUHV ದ ದ ದ ದ
SDUHV ದ ದ ದ ದ
%ORTXHRKDFLD ದ ದ ದ ದ
GHODQWH
%ORTXHRODWHUDO $OWHUQDWLYDVGHILMDFLµQGHODFDUJDQRDSUREDGDV
%ORTXHRKDFLD ದ ದ ದ ದ
GHODQWH\ODWHUDO
(VFDUFKDKLHOR 6LQWDFRV
QLHYHVXFLHGDG SDU $OWHUQDWLYDVGHILMDFLµQGHODFDUJDQRDSUREDGDV
DEHGXOVLQ
JRPD SDUHMDV
w 
 SDUHV ದ ದ ದ ದ
SDUHV ದ ದ ದ ದ
%ORTXHRKDFLD ದ ದ ದ ದ
GHODQWH
%ORTXHRODWHUDO $OWHUQDWLYDVGHILMDFLµQGHODFDUJDQRDSUREDGDV
%ORTXHRKDFLD ದ ದ ದ ದ
GHODQWH\ODWHUDO
 ,Q
QVWUUXFFL
FLRRQHVG
GHIXQFLR
RQDPLHQWR 
7UUDQVSR
RUWHGHODP£TXLQD 
&HUWLILFDGRGHILMDFLµQGHODFDUJDFDUJDGDFRQODSDUWH
GHODQWHUDKDFLDDWU£V

/&HVODGLVWDQFLDHQWUHORVSXQWRV
'\(('
'HVHOSXQWRSUR\HFWDGR
ODWHUDOPHQWHHQ£QJXORUHFWRKDFLD
HOERUGHGHODSODWDIRUPDGHVGHHO
SXQWRGHDPDUUH& &GHODFDUJDGRUD
GHUXHGDV((HVHOSXQWRGHDPDUUH
GHODSODWDIRUPD/DUHODFLµQHQWUH
/)))/
/)5
5\/
/5HVODPLVPD

/RVYDORUHVHLQVWUXFFLRQHVGHODVLJXLHQWHWDEODVRQVRORY£OLGRVVLVHFXPSOHQODVFRQGLFLRQHVGHVFULWDV
DQWHULRUPHQWHHQODVHFFLµQEDMRHOW¯WXOR&RQGLFLRQHVSDUDILMDUXQDFDUJD

) 'LLUHF
FFL
FLµµQG
GHGHV
VSOOD]DP
PLH
HQWR ,Q
QWH
HUYD
YDOORGHGLVWD
DQFLD
DSH
HUPL
PLWWLGDHQ
QWUHDPDUUUH
UHVVHQ
QPH
PHWWURV P SXOJ
6XSHUILLFLHVG
6XS GH %ORTX
%OR XHV
VR
R &D
DGH
HQDPP¯QQFOD
DVHš
šP
PP
IUULF
FFL
FLµµQ EOORTX
XHR
R 0%/
0%/ WRQHOODGDV/&
NN1 
WWRQHODGD
DV
/))) GREOOHFUXX]DGGR /)5
5 GREOOH /& ¼QLFR /5 FUXX]DGGR
*RPDSLQR 6LQWDFRV ದ ದ ದ ದ
DEHGXOFRQJRPD SDU ದ ದ ದ ದ
VHFDVR
PRMDGDV
w 

SDUHV
SDUHV
ದ
ದ
ದ
ದ
ದ
ದ
ದ
ದ

SDUHV ದ ದ ದ ದ
%ORTXHRKDFLD ದ ದ ದ ದ
GHODQWH
%ORTXHRODWHUDO ದ ದ ದ ದ
%ORTXHRKDFLD ದ ದ ದ ದ
GHODQWH\ODWHUDO
(VFDUFKDKLHOR 6LQWDFRV ದ ದ ದ ದ
QLHYHVXFLHGDG SDU ದ ದ ದ ದ
DEHGXOVLQJRPD
w 
 SDUHV ದ ದ ದ ದ
SDUHV ದ ದ ದ ದ
SDUHV ದ ದ ದ ದ
%ORTXHRKDFLD ದ ದ ದ ದ
GHODQWH
%ORTXHRODWHUDO ದ ದ ದ ದ
%ORTXHRKDFLD ದ ದ ದ ದ
GHODQWH\ODWHUDO
 7«FFQLLFDGHFRQ
QGXFFL
FLµµQ



7«FQLFDGHFRQGXFFLµQ
(QODVS£JLQDVVLJXLHQWHVVHGDQDOJXQRVFRQVHMRVH
LQVWUXFFLRQHVVREUHFµPRKD\TXHWUDEDMDUFRQODP£TXLQD\
HMHPSORVGHOXVRGHORVLPSOHPHQWRVP£VFRUULHQWHV(V
LPSRUWDQWHXWLOL]DUODW«FQLFDGHFRQGXFFLµQFRUUHFWDSDUDWUDEDMDU
FRQHILFDFLD\VHJXULGDG
 7«
«FQLLFDGHFRQ
QGXFFL
FLµ
µQ 
&R
RQGXFFL
FLµµQHFRQ
QµPLFD 

&RQGXFFLµQHFRQµPLFD
RZHU
KS 1P OEII W

N:
  3DUDODXWLOL]DFLµQµSWLPDGHOVLVWHPD\FRQHOP£VEDMRFRQVXPR



  GHFRPEXVWLEOHGHEHU£PDQWHQHUVHXQU«JLPHQEDMRGHOPRWRU






GXUDQWHWRGDODPDQLSXODFLµQ/DVH[FHSFLRQHVH[LVWHQWHVVRQ
     DOOOHQDUODFXFKDUDFXDQGRHVQHFHVDULRDGDSWDUHOU«JLPHQD

  


ODUHVLVWHQFLDGHOPDWHULDO
       UPL Q  GXUDQWHODIDVHGHDFHOHUDFLµQHQFLFORVGHWUDEDMRP£VODUJRV
     UV
9
SHMFDUJD\DFDUUHR &XDQGRVHDOFDQ]DODYHORFLGDGGH
WUDQVSRUWHVHSXHGHUHGXFLUODDFHOHUDFLµQ
5«JLPHQHFRQµPLFR EDQGDJULV
ಧ3RWHQFLD /RFNXSYHDODS£JLQDRIUHFHXQPHQRUFRQVXPRGH
ಹ3DU FRPEXVWLEOHHQDSOLFDFLRQHVFRPRFDUJD\DFDUUHR\RSHUDFLRQHV
 GHWUDQVSRUWH
/DYHOORFLG GDGGGHH HOHYDFLµQ\OODSRWHQFLD DVRQ
QVVXILLFLH
HQWWHVD
DS
SDUUWLLU
GH
HXQ QU«
U«JJLPHQ QEDDMRORFX
FXDDOUH
UHGGXF
FHHOFR
FRQQVXP
PRGH HFR
FRPPEXXVWLLEOH\
HOOQLYHOOVRQRRURFRQQXQPD\RUUFFRQIR RUW\P
PDQWH HQLHQG GRX
XQQQLYHOGH
SUURGGXFWLLYLG
GDGGH
HOHYDG GR
/RVK£ELWRVGHFRQGXFFLµQTXHDKRUUDQFRPEXVWLEOHFRQOOHYDQ
WDPEL«QPHQRVGHVJDVWHGHODP£TXLQD\XQPHQRULPSDFWRHQ
HOPHGLRDPELHQWH7UDWHVLHPSUHGH
0DQ
0D QW«QJDV VHHQHOUDQJR RGHUSPH HFRQ QµPLFR
9HDODVWDEODVDODL]TXLHUGD8QU«JLPHQGHOPRWRUHOHYDGR
UDUDYH]VHWUDGXFHHQXQDXPHQWRGHODSURGXFWLYLGDGSHUR
FRQIUHFXHQFLDHQP£VDOWRFRQVXPRGHFRPEXVWLEOH3DUD
HOHYDUODFXFKDUDDGDSWHHOU«JLPHQDODUHVLVWHQFLDGHO
PDWHULDO\GXUDQWHODIDVHGHDFHOHUDFLµQHQFLFORVGHWUDEDMR
ODUJRV SHMFDUJD\WUDQVSRUWH VHSXHGHDXPHQWDUOD
DFHOHUDFLµQKDVWDDOFDQ]DUODYHORFLGDGGHWUDQVSRUWH
$GDS
$G SWHHODRSHUDFLµQG GHODP£TXLLQDDOODD DSOLF
FDF
FLµµQ
6LJDODVUHFRPHQGDFLRQHVSDUDODVDSOLFDFLRQHVGHVFULWDVHQ
ODVHFFLµQ
6HOH
6H HFFL
FLR
RQH HH
HOLPSOOHPHQ QWRGHDFXH HUGR RDODDSOLF
FDFFLµQ 
8VDULPSOHPHQWRVDGDSWDGRVSDUDODDSOLFDFLµQDXPHQWDOD
SURGXFWLYLGDGDOPLVPRWLHPSRTXHGLVPLQX\HHOFRQVXPRGH
FRPEXVWLEOH\HOGHVJDVWHGHODP£TXLQD6LJDODV
UHFRPHQGDFLRQHVLQGLFDGDVHQHOFDS¯WXOR
0DQ
0D QWHQJDODSUHVLµ µQGHLQIIODG
GRFRUUUH
UHF
FWD
DHQORVQ
QHXP£WWLFRV
(QODS£JLQDHQFRQWUDU£UHFRPHQGDFLRQHVSDUDODSUHVLµQ
GHDLUHHQORVQHXP£WLFRV/DSUHVLµQGHDLUHDGHFXDGDHQORV
QHXP£WLFRVUHGXFHHOFRQVXPRGHFRPEXVWLEOH\HOGHVJDVWH
GHODP£TXLQD
1RRH
HVW««DOUDOOHQWW¯LQQHFHV VDUULDDPHQWWH
(QVXOXJDUVLJDODVUHFRPHQGDFLRQHVSDUDGHWHQHUOD
P£TXLQDYHDODS£JLQDSDUDDVHJXUDUODOXEULFDFLµQGHO
WXUER
3ODQ
3O QLILTX
XHH HOOXJDUGGHWWUDEEDMMR
(YDO¼H\SODQLILTXHOD]RQDGHWUDEDMR\VXGLVSRVLFLµQ
SDUWLHQGRGHODVP£TXLQDVTXHYD\DQDWUDEDMDUHQHOODSDUD
KDFHUHOWUDEDMRGHIRUPDP£VRUJDQL]DGD\HILFD]0DQWHQJD
ODEDVHXQLIRUPH\OLEUHGHJUDQGHVURFDV\RWURVREVW£FXORV
SRWHQFLDOHV
&RRODE
ERUH
&RODERUHFRQRWURVFRQGXFWRUHVSDUDSRGHUWUDEDMDUFRQODV
P£TXLQDVGHODIRUPDP£VHILFD]SRVLEOH
2SSHUHH HQHOUDQQJRH HFRQQµP PLF FR
9HDODS£JLQDSDUDHOXVRGHOSHGDOGHODFHOHUDGRUGHXQD
PDQHUDHFRQµPLFD
'LU¯MDVHDVXFRQFHVLRQDULRSDUDREWHQHUP£VLQIRUPDFLµQ\SDUD
DYHULJXDUODVSRVLELOLGDGHVGHSDUWLFLSDUHQXQFXUVRHQOD]RQD
 7«F
FQLLFDGHFRQ
QGXFFL
FLµ
µQ

 9LE
EUDFLR
RQHVH
HQWRGRHOFXH
HUSR

9LEUDFLRQHVHQWRGRHOFXHUSR
/DVYLEUDFLRQHVGHOFXHUSRHQHURJHQHUDGDVSRUODVP£TXLQDV
SDUDREUDVGHFRQVWUXFFLµQVHYHQDIHFWDGDVSRUGLVWLQWRV
IDFWRUHVWDOHVFRPRODIRUPDGHWUDEDMDUODVFRQGLFLRQHVGHO
WHUUHQRODYHORFLGDGGHODP£TXLQDHWF«WHUD
(ORSHUDGRUSXHGHLQIOXLUHQORVQLYHOHVUHDOHVGHYLEUDFLµQHQ
JUDQPHGLGD\DTXHHVTXLHQFRQWURODODYHORFLGDGGHODP£TXLQD
HOP«WRGRGHWUDEDMR\ODUXWDGHWUDQVSRUWH3RUORWDQWRHO
UHVXOWDGRSXHGHVHUXQDDPSOLDJDPDGHQLYHOHVGHYLEUDFLµQ
SDUDHOPLVPRWLSRGHP£TXLQD9HDODVHVSHFLILFDFLRQHVGHOD
FDELQDHQODS£JLQD
'LUHFWUULFHV
VS
SDUDUHGXFLUUORVQ
QLYHOOHVG
GHYLE
EUDFLR
RQHVH
HQ
OD
DVP
P£TXLQDVS SDUDPRYLP PLHQWRGHWLHUUD
8VHXQDP£TXLQDGHOWLSR\WDPD³RDGHFXDGRVFRQ
QHXP£WLFRVFRQHTXLSRVRSFLRQDOHVHLPSOHPHQWRVSDUDOD
DSOLFDFLµQ
$VHJ¼UHVHGHPDQWHQHUODEDVHHQEXHQDVFRQGLFLRQHV
 5HWLUHODVURFDVXREVW£FXORVJUDQGHVTXHKD\D
 5HOOHQH]DQMDV\DJXMHURV
 $GTXLHUDHOHTXLSRQHFHVDULR\GHGLTXHWLHPSRDO
PDQWHQLPLHQWRGHODVFRQGLFLRQHVGHOWHUUHQR
$GDSWHODYHORFLGDG\HOWUD\HFWRDUHFRUUHUSDUDPLQLPL]DUHO
QLYHOGHODVYLEUDFLRQHV
 5RGHHORVREVW£FXORV\HOWHUUHQRDFFLGHQWDGR
 5HGX]FDODYHORFLGDGVLHVQHFHVDULRFRQGXFLUSRUWHUUHQR
DFFLGHQWDGR
0DQWHQJDODVP£TXLQDVVHJ¼QODVUHFRPHQGDFLRQHVGHO
IDEULFDQWH
 3UHVLµQGHLQIODGRGHORVQHXP£WLFRV
 6LVWHPDVGHIUHQR\GLUHFFLµQ
 •UJDQRVGHPDQGRVLVWHPDKLGU£XOLFRVLVWHPDGH
DUWLFXODFLµQ
&RPSUXHEHTXHVHUHDOL]DHOPDQWHQLPLHQWRGHODVLHQWRGHO
FRQGXFWRU\TXHHVW£DMXVWDGRFRUUHFWDPHQWH
 $MXVWHHODVLHQWR\VXVXVSHQVLµQDOSHVR\ODHVWDWXUDGHO
FRQGXFWRU
 ,QVSHFFLRQH\PDQWHQJDODVXVSHQVLµQGHODVLHQWRGHO
FRQGXFWRU\HOPHFDQLVPRGHDMXVWH
 8VHHOFLQWXUµQGHVHJXULGDG\DM¼VWHORFRUUHFWDPHQWH
'LULMDIUHQHDFHOHUHFDPELHGHPDUFKDV\RSHUHORV
LPSOHPHQWRVFRQVXDYLGDG
0LQLPLFHODVYLEUDFLRQHVHQORVFLFORVGHWUDEDMRODUJRVR
FXDQGRFRQGX]FDODUJDVGLVWDQFLDV
 8WLOLFHHOVLVWHPDGHVXVSHQVLµQGHORVEUD]RVGHFDUJDVL
ODP£TXLQDHVW£HTXLSDGDFRQGLFKRVLVWHPD
 6LODP£TXLQDQRHVW£HTXLSDGDFRQXQVLVWHPDGH
VXVSHQVLµQGHODSOXPDUHGX]FDODYHORFLGDGSDUDSUHYHQLU
TXHUHERWH\VHLQFOLQH
 7UDQVSRUWHODP£TXLQDFXDQGRKD\DXQDJUDQGLVWDQFLD
HQWUHOXJDUHVGHWUDEDMR
(OGRORUGHHVSDOGDSUHVXQWDPHQWHGHELGRDYLEUDFLRQHVGHWRGR
HOFXHUSRSXHGHHVWDUFDXVDGRSRURWURVIDFWRUHVGHULHVJR/DV
VLJXLHQWHVSDXWDVSXHGHQVHUHILFDFHVSDUDPLQLPL]DUORVULHVJRV
GHGRORUGHHVSDOGD
 $MXVWHHODVLHQWR\ORVµUJDQRVGHPDQGRGHIRUPDTXHYD\D
VHQWDGRFRQXQDEXHQDSRVWXUD
 $MXVWHORVUHWURYLVRUHVSDUDPLQLPL]DUHOJLURGHOFXHUSR
 7«FQLLFDGHFRQ
QGXFFL
FLµµQ 
9LE
EUDFLR
RQHVH
HQWRGRHOFXH
HUSR 
 3ODQLILTXHSDXVDVFRQREMHWRGHHYLWDUORVODUJRVSHULRGRV
VHQWDGRHQODPLVPDSRVWXUD
 1RVDOWHGHODP£TXLQD
 0LQLPLFHODPDQLSXODFLµQ\ODHOHYDFLµQUHSHWLGDVGHREMHWRV


 7«FFQLLFDGHFRQ
QGXFFL
FLµ
µQ

 7UUDEDMRGHQWURGH]RQ
QDVS
SHOLJURVDVV

7UDEDMRGHQWURGH]RQDVSHOLJURVDV
1RFRQGX]FDGHPDVLDGRFHUFDGHOERUGHGHXQPXHOOHXQD
SDVDUHODRVLPLODU
&RQGX]FDOHQWDPHQWHHQHVSDFLRVHVWUHFKRV\FRPSUXHEH
TXHKD\HVSDFLRVXILFLHQWHSDUDODP£TXLQD\ODFDUJD
3DUDORVWUDEDMRVEDMRWLHUUDVHQHFHVLWDQHTXLSRVHVSHFLDOHV
WDOHVFRPRXQPRWRUFHUWLILFDGRHQORVSD¯VHVGHOD8(\(((
&RQVXOWHDVXFRQFHVLRQDULR
(QORVWUDEDMRVHQFRQGLFLRQHVGHOX]LQVXILFLHQWHSRUHMHPSOR
EDMRWHFKR\HQW¼QHOHVXVHHODOXPEUDGRGHODP£TXLQD
3DUDHOWUDEDMRFRQODP£TXLQDHQXQHQWRUQRFRQWDPLQDGRR
SHOLJURVRSDUDODVDOXGHVQHFHVDULRTXHODP£TXLQDHVW«
HVSHFLDOPHQWHHTXLSDGDSDUDHOOR&RQVXOWHDVX
FRQFHVLRQDULR&RPSUXHEHWDPEL«QODVGLVSRVLFLRQHVORFDOHV
DQWHVGHHQWUDUHQOD]RQD

&DP
PSRHOHF
FWUURPDJQ«WLFR (0)
7UD
7U DEDMRHQ
Q]R
]RQ
QDFR
FRQ
QFD
FDPPSRVHOOHFWUURPDJQ«WLFRV
V&(0

$9,6
62
$OWUDEDMMDUUH
HQ£UHD DVFFRQ
QULH
HVJR RG
GHFDP
PSRRVH
HOH
HFWUURPDJ
JQ««WLFRV
(0) HOFRQ QWUROG
GHFFRQ
QGXF FFL
FLµµQFFµP
PRGDD &'&& VVLH
HPSUUHHVWD
DU£
GHVVDFFWLLYDG
GR
9

(OHPSOHDGRUWLHQHODREOLJDFLµQGHVDEHUTX«]RQDVWLHQHQ

IXHUWHVFDPSRVHOHFWURPDJQ«WLFRV\GHLQIRUPDUDOFRQGXFWRU
 VREUH«VWRV
(OFRQGXFWRUGHEHLQIRUPDUVHGHVLOD]RQDGHWUDEDMRHVW£
VRPHWLGDDIXHUWHVFDPERVHOHFWURPDJQ«WLFRV
/RVFDPSRVHOHFWURPDJQ«WLFRV&(0SXHGHQDIHFWDUOD
P£TXLQDVLHVW£HTXLSDGDFRQVHUYRHO«FWULFR\GLUHFFLµQGH
SDODQFD &'& 3DUDODGLUHFFLµQGHSDODQFDYHDODS£JLQD
&RQWUROGHWUDQVPLVLµQGHFRQIRUW&'& HTXLSRRSFLRQDO 

&DE
EOHV
V\WWXEHU¯DVVVVXE
EWHUU£QHRV
$VHJ¼UHVHGHKDEHUFRQWDFWDGRDODVDXWRULGDGHVRFRPSD³¯DV
UHVSRQVDEOHVGHORVFDEOHV\WXERV\TXHVHVLJDQVXV
LQVWUXFFLRQHV7DPEL«QFRPSUXHEHTX«QRUPDVVHDSOLFDQSDUD
HOSHUVRQDOGHWLHUUDFRQUHVSHFWRDFDEOHV\WXERVH[SXHVWRV
1RUPDOPHQWHVRORHOSHUVRQDOGHODVFRPSD³¯DVGHVHUYLFLR
SXHGHGHVFXEULU\DUUHJODUVXVSHQVLRQHVSURYLVLRQDOHVGHORV
FDEOHV
$\¼GHVHGHXQDSHUVRQDTXHVH³DOLFHFXDQGRQRSXHGDYHUHO
SXQWRH[DFWRGRQGHHVW£WUDEDMDQGRRFXDQGRODSRVLFLµQGHOWXER
RHOFDEOHVHDFULWLFDFRQVXOWHODS£JLQD(VSRVLEOHTXHOD
SRVLFLµQGHOWXERRHOFDEOHVHGHVY¯HUHVSHFWRDOSODQRRTXHODV
GLVWDQFLDVVHKD\DQGHWHUPLQDGRGHPDQHUDLQFRUUHFWD
&RQVLGHUHTXHWRGRVORVFDEOHVHO«FWULFRVHVW£QFRQHFWDGRV
 7«
«FQLLFDGHFRQ
QGXFFL
FLµ
µQ 
7UUDEDMRGHQWURGH]RQ
QDVS
SHOLJURVDV
V 
7UDEDMRHQSHQGLHQWHV

$'9(57(1&,$
5LHVJRGHOHVLµQRPXHUWH
/DP£TXLQDVHSXHGHYROYHULQHVWDEOHFXDQGRRSHUDHQ
SHQGLHQWHVRSHQGLHQWHVPX\SURQXQFLDGDVUHVXOWDQGRHQ
S«UGLGDGHFRQWUROFD¯GDRYXHOFR
2S
SHUHOD
DP£
P£TTXLLQDHQVX
VXEELGDRED
DMD
DGD(YL
(YLWH
HJLLUDU\RS
SHUUDUDWUUDY«V
V
GH
HODSHQGLHQQWH7HQJJDH[WUUHPPRFXLLGDG
GRFFXDDQGRWUDEDDMHHQX XQD
SH
HQGLHQ QWHSURQXQQFLD
DGD
&XDQGRVHWUDEDMDHQXQDSHQGLHQWHHVQHFHVDULRSUHVWDU
DWHQFLµQDODVFRQGLFLRQHVPHWHRUROµJLFDV\GHOWHUUHQRDILQ
GHQRSRQHUHQSHOLJURODVHJXULGDG
7HQJDFXLGDGRDODEULUODSXHUWD\DTXHSXHGHUHVXOWDUP£V
GLI¯FLOFRQWURODUODP£TXLQDHQXQDSHQGLHQWH&XDQGRODFLHUUH
FRPSUXHEHTXHHVW£FRPSOHWDPHQWHFHUUDGD
&RQGX]FDOHQWDPHQWHFXDQGRVHDFHUTXHDXQDSHQGLHQWHR
GHVFLHQGDSRUHOOD
1RGHVFLHQGDXQDSHQGLHQWHDPD\RUYHORFLGDGGHODTXH
SXHGHDOFDQ]DUODP£TXLQDDOVXELUOD
1RFDPELHHOVHQWLGRGHODPDUFKDPLHQWUDVFRQGXFHSRUXQD
SHQGLHQWHQLFRQGX]FDWUDQVYHUVDOPHQWHDODSHQGLHQWH
6LVHGHVOL]DODP£TXLQDEDMHLQPHGLDWDPHQWHODFXFKDUDDO
VXHOR/DP£TXLQDSXHGHYROFDUVLHQWUDHQGHVHTXLOLEULR6LOD
P£TXLQDQRHVW£FRPSOHWDPHQWHHVWDEOHQRJLUHFRQFDUJDHQ
ODFXFKDUD6LHVDEVROXWDPHQWHQHFHVDULRDPRQWRQHWLHUUDHQ
ODSHQGLHQWHSDUDSRGHUSRQHUODP£TXLQDHQSRVLFLµQSODQD\
HVWDEOH
6LVHSDUDHOPRWRUFXDQGRODP£TXLQDVHHQFXHQWUDHQXQD
SHQGLHQWHGHVFLHQGDHOLPSOHPHQWRDOVXHOR

$9,6
62

6LJDDODDVUH
UHF
FRP
PHQGDF FLR
RQHVGHLQQFOLLQDFLµQQP£
P£[LP PDSH HUPL
PLWWLGDHQOD
DEODVLJXLLHQWH'HORFRQ
WD QWUDULR
RSRQGUU£HQSHOOLJUURODVIIXQFLR
RQHV
GHHODP£TTXLQD
DFRPROODOOXEULF
FDFFLµ
µQSRUH
HMHP
PSOORSURY YRFFDQQGR
GDD³RVH HQODP£TXLQD D
,Q
QFOLLQDFLµ
µQP£[LP
PDSHUPLWLGD
/DILJXUDGHODL]TXLHUGDPXHVWUDFµPRDIHFWDODP£TXLQDHO
£QJXORFRUUHVSRQGLHQWH $\% 

0£T
0£ TXLLQDDDIH
HFWD
DGD
DHQVHQ
QWLGR 0£T
0£ TXLQDDIHFWD
DGDH
HQVHQWLLGR
OR
RQJLWX
XGLLQDO ODWH
HUDOO
£QJ
£ JXOR$ $ £Q
£ QJXOR%
&RQWLQXDPHQW 7HPSRUDOPHQ &RQWLQXDPHQW 7HPSRUDOPHQ
HDIHFWDGD WHDIHFWDGD HDIHFWDGD WHDIHFWDGD
$ r $ r % r % r
,QFOLQDFLµQP£[LPDSHUPLWLGD
$ 0£TXLQDDIHFWDGDHQVHQWLGRORQJLWXGLQDO
% 0£TXLQDDIHFWDGDHQVHQWLGRODWHUDO

 7«FFQLLFDGHFRQ
QGXFFL
FLµ
µQ

 7UUDEDMRGHQWURGH]RQ
QDVS
SHOLJURVDV
V
7UDEDMRHQDJXD\HQWHUUHQRSDQWDQRVR

$9,6
62
3UHVWHDWHQFLµQDODSURIXQGLGDGGHDJXDSHUPLWLGDSDUDHYLWDU
ORVGD³RVDODP£TXLQD
'XUDQWHHOIXQFLRQDPLHQWRQRUPDOSXHGHTXHHODJXDQRDOFDQFH
HOERUGHLQIHULRUGHORVDVLHQWRVGHORVFXERV£UEROHVGH
WUDQVPLVLµQ\HOFRMLQHWHGHRVFLODFLµQGHOHMHWUDVHUR
'XUDQWHXQXVRWHPSRUDOFRPRDOFUX]DUXQFXHUSRGHDJXDFRQ
ODP£TXLQDSXHGHTXHHOQLYHOGHDJXDQRVHDP£VDOWRTXHHO
FHQWURGHOFXERGHUXHGD(YLWHXVDUODVIXQFLRQHVKLGU£XOLFDVHQ
HVWDVFRQGLFLRQHVGHQLYHOGHDJXD
3UHVWHDWHQFLµQVLHODJXDHVW£WXUELDSRUTXHSRGU¯DKDEHU
REVW£FXORVRFXOWRVRKXHFRVSURIXQGRVSHOLJURVRVHQHOIRQGR
(YLWHRSHUDUHQHO£UHDVLQRWLHQHODFHUWH]DGHTXHHVVHJXUR
KDFHUOR
'HVSX«VGHWUDEDMDUHQHODJXDVHGHEHQHQJUDVDUORVSXQWRV
GHHQJUDVHTXHKDQHVWDGREDMRHODJXDSDUDIRU]DUODVDOLGD
GHFXDOTXLHUUHVWRGHDJXD
&RPSUXHEHTXHQRKD\DHQWUDGRDJXDHQODWUDQVPLVLµQRORV
HMHV

7UDEDMRGRQGHDK¯UULHV
VJR
RGHFRUUULPLLHQ
QWRGH
WLLHUUDV
&RPSUXHEHVLHPSUHODVFRQGLFLRQHVGHOVXHORDQWHVGHHPSH]DU
DWUDEDMDU6LHOVXHORHVW£EODQGRKD\TXHWHQHUPXFKRFXLGDGR
DOSRVLFLRQDUODP£TXLQD8QWHUUHQRFRQJHODGRTXHVHHVW«
GHUULWLHQGRODOOXYLDHOWU£ILFRHODSLODGR\HOJUDQDOODGRVRQ
IDFWRUHVTXHSXHGHQDXPHQWDUHOULHVJRGHGHVOL]DPLHQWRGH
WLHUUDV(OULHVJRWDPEL«QDXPHQWDVREUHWHUUHQRHQSHQGLHQWH
1RRSHUHGHPDVLDGRFHUFDGHOERUGHGHXQDSHQGLHQWHPX\
LQFOLQDGDRGHODRULOODGHXQDFDUUHWHUD7HQJDFXLGDGRDO
WUDEDMDUHQXQOXJDUGRQGHODP£TXLQDSXHGDYROFDU
7HQJDFXLGDGRDOWUDEDMDUVREUHRULOODVGHU¯RVRHQOXJDUHV
VLPLODUHVGRQGHHOWHUUHQRHVW«EODQGR([LVWHHOULHVJRGHTXH
ODP£TXLQDSXHGDKXQGLUVHGHELGRDVXSURSLRSHVR\DVXV
SURSLDVYLEUDFLRQHV\HVWRSRGU¯DSURYRFDUDFFLGHQWHV
7HQJDHQFXHQWDTXHODVFRQGLFLRQHVGHOVXHORSXHGHQKDEHU
FDPELDGRVLKDOORYLGRPXFKR3RUFRQVLJXLHQWHWHQJDFXLGDGR
DOYROYHUDHPSH]DUDWUDEDMDU(VWRHVSDUWLFXODUPHQWH
LPSRUWDQWHDOWUDEDMDUFHUFDGHOERUGHGHFXQHWDVDUFHQHVR
VLPLODUHVSXHVWRTXHHOVXHORSRGU¯DFHGHUI£FLOPHQWHGHVSX«V
GHODOOXYLD

7UD
DEDMRHQ
QWLHP
PSRIU¯¯R

$'
'9(57(1&,$
5LHVJRGHOHVLRQHVSRUDSODVWDPLHQWR
$EDMDWHPSHUDWXUDHOVLVWHPDKLGU£XOLFRSXHGHUHVSRQGHU
OHQWDPHQWHGDQGROXJDUDPRYLPLHQWRVLQHVSHUDGRVGHOD
P£TXLQD
3UR
3URFHGDDFRQFFXLLGDG
GRKDVWD DTXHHHOVLVWH
HPDK
KLGUU£XOOLFRKD\
\D
DOOFDQ
Q]DG
GRODWWHPSH
HUDWWXUDG
GHWWUDED
DMR
/HDODVLQVWUXFFLRQHVSDUDHODUUDQTXHHQODS£JLQD
 7«FFQLLFDGHFRQ
QGXFFL
FLµµQ 
7UUDEDMRGHQWURGH]RQ
QDVS
SHOLJURVDVV 
/DVYHQWDQDVGHEHU¯DQHVWDUOLEUHVGHKLHOR\QLHYHDQWHVGH
HPSH]DUDXVDUODP£TXLQD8QDYLVLELOLGDGDFHSWDEOHHVVLHPSUH
XQDFRQGLFLµQREOLJDWRULDYHDODS£JLQD
7HQJDFXLGDGRHQODVSDUWHVUHVEDODGL]DVGHODP£TXLQD$QGH
VµORSRUODV]RQDVFRQSURWHFFLµQDQWLGHVOL]DQWH
8WLOLFHXQUDVFDGRUSDUDTXLWDUHOKLHORGHODVYHQWDQDV6LHV
QHFHVDULRXVHXQUDVFDGRUFRQPDQJRODUJRRXQDHVFDOHULOOD

$'9(57(1&,$
5LHVJRGHOHVLRQHVSRUFRQJHODFLµQ
/DSLHOVLQSURWHFFLµQSRGU¯DFRQJHODUVH\TXHGDUVHSHJDGDD
PHWDOIU¯RORFXDOSRGU¯DSURYRFDUOHVLRQHV
8V
VHHTXLSRRGHSURWHHFFL
FLµ
µQS
SHUVR
VRQDOOD
DOP
PDQLLSXODUR
REMHWWRVIIU¯R
RV

3(
(/,*52
5LHVJRGHGHVFDUJDHO«FWULFD
6HSURGXFHXQDOHVLµQSHUVRQDOVLXQDSDUWHGHOFXHUSRHQWUDHQ
FRQWDFWRFRQXQDP£TXLQDFRQGXFWRUDGHFRUULHQWHHO«FWULFD
'HVVFR
FRQQHF
FWH
HHOOFD
FDOOHQWDGRUGHOOPR
PRWR
RUHO«F
FWUULFRDQ
QWHVGH
HWUUDE
EDMD
DUH
HQQ
OD
DP£T
TXLQQD 


 7«FFQLLFDGHFRQ
QGXFFL
FLµµQ

 ,P
PSOHPHQWRV

,PSOHPHQWRV
9ROYR &RQVWUXFWLRQ (TXLSPHQW
$'9(57(1&,$
5LHVJRGHDFFLGHQWHVPRUWDOHV
(OXVRGHLPSOHPHQWRVSDUDHOHYDURWUDQVSRUWDUSHUVRQDVSXHGH
FRQGXFLUDDFFLGHQWHVIDWDOHVFRQOHVLRQHVSRUDSODVWDPLHQWR
JUDYHVHLQFOXVRPRUWDOHV
1R
RXWLOLFHQ
QXQF
FDX
XQLPSOOHPHQ
QWRSDUDHOH
HYDUUR
RWWUDQ
QVSR
RUWD
DU
SH
HUVR
VRQ
QDV

9
3ODFDGHSURGXFWRTXHGHEHHVWDUHQODFXFKDUD
SDUDTXHHVWDSXHGDWHQHUODPDUFD&( DSOLFDHQ
OD8( \ODPDUFD($& VHDSOLFDHQOD8QLµQ
$GXDQHUD(XURDVL£WLFD 
 P£TXLQDLPSOHPHQWR
9
/DP£TXLQDWLHQHXQLPSOHPHQWRILMDGRFRQSDVDGRURXQ
SRUWDLPSOHPHQWRVKLGU£XOLFRTXHSHUPLWHFDPELRVU£SLGRVGH
LPSOHPHQWRV8VDUHOLPSOHPHQWRFRUUHFWRSDUDXQWUDEDMRHQ
SDUWLFXODUHVXQIDFWRUTXHKD\TXHGHFLGLUHQIXQFLµQGHOD
FDSDFLGDGGHODP£TXLQD/DFDUJDSHUPLWLGDHVWDU£OLPLWDGDDOD
FDSDFLGDGGHFDUJDGHWUDEDMRP£VEDMDGHODFRPELQDFLµQ
6LJDVLHPSUHODVUHFRPHQGDFLRQHVGH9ROYRSDUDVHOHFFLRQDU
LPSOHPHQWRV6LJDODVLQVWUXFFLRQHVGHO0DQXDOGHORSHUDGRU
6HJ¼QODGLUHFWLYDGHP£TXLQDVGHOD8(GHEHU£KDEHUXQD
PDUFD&(HQODSODFDGHSURGXFWRGHODP£TXLQD YHDODV
LOXVWUDFLRQHV DV¯FRPRXQD'HFODUDFLµQGHFRQIRUPLGDG(VWD
PDUFDWDPEL«QFXEUHLPSOHPHQWRVGLVH³DGRVSRU9ROYR\
DGDSWDGRVSDUDFDUJDGRUDV9ROYR\DTXHVRQXQDSDUWHLQWHJUDO
GHODP£TXLQD\HVW£QDGDSWDGRVDODPLVPD3DUDOD8QLµQ

$GXDQHUD(XURDVL£WLFD ($&8 H[LVWHQUHTXLVLWRVVLPLODUHVSDUD

3ODFDGHSURGXFWRTXHGHEHHVWDUHQORV
LPSOHPHQWRVGHDFFLRQDPLHQWRKLGU£XOLFRSDUD
TXHSXHGDQWHQHUODPDUFD&( DSOLFDHQOD8( \
ODPDUFD($& VHDSOLFDHQOD8QLµQ$GXDQHUD
(XURDVL£WLFD 
 3DUDLQIRUPDFLµQP£VGHWDOODGDVREUHODVHOHFFLµQGHO
9ROYR&RQVWUXFWLRQ(TXLSPHQW
9
ODPDUFD($&GHP£TXLQDVHLPSOHPHQWRV YHDODVLOXVWUDFLRQHV 
(VUHVSRQVDELOLGDGGHOSURSLHWDULRGHODP£TXLQDDVHJXUDUVHGH
TXHORVLPSOHPHQWRVHVW£QDSUREDGRVSDUDVXPRQWDMHHQOD
P£TXLQD(OSURSLHWDULRGHODP£TXLQDHVUHVSRQVDEOHGHOD
VHJXULGDGGHODFRPELQDFLµQGHODP£TXLQDFRQHOLPSOHPHQWR
LPSOHPHQWRVROLFLWHHOFDW£ORJRGHLPSOHPHQWRVDXQ
FRQFHVLRQDULRDXWRUL]DGR
/DP£TXLQDHVW£SUHSDUDGDSDUDGLVWLQWRVLPSOHPHQWRV3DUD
HIHFWXDUHODFRSODPLHQWRKLGU£XOLFRGH«VWRVDODP£TXLQDHV
QHFHVDULRGHVFDUJDUODSUHVLµQGHODKLGU£XOLFD9HUODS£JLQD


/DH
HVWD
DELOLGDGGHODP£TXLQD
DSXHGH
HYDUULD
DUG
GHSHQG
GLHQGR
RG
GHOORV
V
LP
PSOHP
PHQQWRRV
3ODFDGHSURGXFWRTXHGHEHHVWDUHQHO
DFRSODPLHQWRU£SLGR\ODJDUUDSDUDTXHSXHGDQ
WHQHUODPDUFD&( DSOLFDHQOD8( \ODPDUFD($&
VHDSOLFDHQOD8QLµQ$GXDQHUD(XURDVL£WLFD 

7UUDQVSR
RUWHGHLPSOHPHQWRVF
FRQ
QRWURYHK
K¯FXOOR
6LJDODVLQVWUXFFLRQHVGHDPDUUHDPDUUHVHJ¼QODQRUPD66(1
\WDPEL«QODVUHJODVGHWUDQVSRUWHORFDOHV
 7«F
FQLLFDGHFRQ
QGXFFL
FLµ
µQ 
3R
RUWDLPSOHPHQWRV 

3RUWDLPSOHPHQWRV

$'9(57(1&,$
c3HOLJURGHDSODVWDPLHQWR
/DFD¯GDGHXQLPSOHPHQWRSXHGHUHVXOWDUHQOHVLRQHVJUDYHVR
 
PXHUWH
&R RPSOOHWHVL
VLHP
PSUUHFD
FDG
GDSURF FHVRGH HDFFRSOD DPLH HQWRDVHJXXU£QGRVVH
GH
HTXHH HOLLPSOOHP
PHQWR RHOS
SRUWD
DLPSOOHPHQ QWR
RVORVS
SDVDGR RUHV
VG
GH
EOORTXH
HRODV VP
PDQJ JXHUDVK KLGU£XXOLFDVV\\OODVFFRQH[[LR
RQHV VQ
QRHVW«
«Q
GD
D³DG GRV\\TTXHHHVW««QELHQIILMDGRV V
 
9 $9,6
62

&XDDQGRFD
FDPPELH
HDRWWURLP
PSOOHPHQQWRHVQHF
FHVVDUULR
ROLLPSLD
DU\OX
XEULFDUU
OR
RVS
SDV
VDGGRUHVG
GHVHJ JXUULGDGGHQHOQXHYRLLPSOH
HPHQWR R
127 7$
$VHJ¼UHVHGHTXHODV£UHDVLQGLFDGRUDVGHOSRUWDLPSOHPHQWRV
HVW«QOLPSLDVGHFXDOTXLHUPDWHULDOTXHSXGLHUDUHGXFLUOD
YLVLELOLGDGVREUHHOLQGLFDGRU
$FR ODPLH
$FRSO HQWWR
 /LEHUHORVSDVDGRUHVGHEORTXHRSUHVLRQDQGRHOLQWHUUXSWRU
9

%ORTXHRGHLPSOHPHQWR 1277$
 6HPXHVWUDHOPHQVDMHGHDGYHUWHQFLD&LHUUHGHLPSOHPHQWR
DELHUWRHQODSDQWDOOD
 %DVFXOHHOSRUWDLPSOHPHQWRVKDFLDGHODQWHXQRV|\DOLQHH
ORVSXQWRVGHILMDFLµQVXSHULRUHVGHOSRUWDLPSOHPHQWRVFRQORV
SXQWRVGHILMDFLµQVXSHULRUHVGHOLPSOHPHQWR/HYDQWHHO
LPSOHPHQWRGHOVXHOR\DFRQWLQXDFLµQEDVF¼OHORGHQXHYR
KDVWDODSRVLFLµQQLYHODGD
 %ORTXHHHOLPSOHPHQWRFRQHOLQWHUUXSWRU 
12
27$
(QP£TXLQDVFRQVLVWHPDGHVXVSHQVLµQGHODSOXPD\IXQFLµQ
GHHOHYDFLµQGHVLPSOHHIHFWRHVWDVIXQFLRQHVGHEHQ
GHVDFWLYDUVHFRQORVLQWHUUXSWRUHVSDUDSRGHUUHDOL]DUOD
 FRPSUREDFLµQGHTXHHOLPSOHPHQWRHVW«EORTXHDGRGHPDQHUD
VHJXUD
 &RPSUXHEHTXHHOLPSOHPHQWRHVW«EORTXHDGRFRUUHFWDPHQWH
SUHVLRQDQGRHOERUGHGHODQWHURGHOLPSOHPHQWRFRQWUDHO
 VXHOR6LHVW£EORTXHDGRODSDUWHGHODQWHUDGHODP£TXLQD
 HPSH]DU£DOHYDQWDUVH&RQILUPHHOEORTXHRGHOLPSOHPHQWR
SUHVLRQDQGR(6&HQHOWHFODGR
 /HYDQWHHOLPSOHPHQWRORVXILFLHQWHSDUDYHUTXHORV
LQGLFDGRUHVHVW«QHQODSRVLFLµQEORTXHDGD YHDODILJXUD 

9

,QGLFDGRUHV $'
'9(57(1&,$
 3RVLFLµQDELHUWD 5LHVJRGHDSODVWDPLHQWR
 3RVLFLµQEORTXHDGD 8QLPSOHPHQWRQRILMDGRSRGU¯DFDHUVH\SURYRFDUOHVLRQHV
 JUDYHVRODPXHUWH
$VHJ¼
$VH ¼UHV
VHVLH
HPSUHG GHT
TXH
HHOLPSOOHPHQ QWRHVW£
£E
ELHQIILMD
DGR
SUUHV
VLRQ
QDQGRODSDUWHHG
GHODQ
QWHUDGHOOLPSOOHPHQ
QWRFRQQWUUDHOVVXH
HOR
KD
DVWDDTXHODP£T TXLLQDHVW«
«OOLJHUUDPHQWH
HOHYDQ
QWDGD
6LQRHVW£VHJXURGHTXHHOLPSOHPHQWRHVW«EORTXHDGR
FRUUHFWDPHQWHFRPSUXHEHYLVXDOPHQWHTXHORVSDVDGRUHVGH
 7«FFQLLFDGHFRQ
QGXFFL
FLµ
µQ

 3R
RUWDLPSOHPHQWRV
EORTXHRGHOVRSRUWHGHLPSOHPHQWRVVHHQFXHQWUHQHQODSRVLFLµQ
GHEORTXHR
'HVDF
FRSSODPLHQQWR
 (OLPSOHPHQWRGHEHHQFRQWUDUVHHQXQDSRVLFLµQVREUHHO
VXHOR
 /LEHUHORVSDVDGRUHVGHEORTXHRSUHVLRQDQGRHOLQWHUUXSWRU
12
27$
6HPXHVWUDHOPHQVDMHGHDGYHUWHQFLD&LHUUHGHLPSOHPHQWR
DELHUWRHQODSDQWDOOD
 %DMHORVEUD]RVGHHOHYDFLµQGHPRGRTXHVHGHVFRQHFWHQ
GHOLPSOHPHQWR
 '«PDUFKDDWU£VSDUDDOHMDUVHGHOLPSOHPHQWR
 6LHOLPSOHPHQWRQRVHGHVFRQHFWDG«MHORVREUHHOVXHOR\
 FRPSUXHEHODSRVLFLµQGHORVLQGLFDGRUHV6LORVSDVDGRUHV
GHEORTXHRGHOSRUWDLPSOHPHQWRVVHKDQUHWUD¯GRKDVWDVDOLU
GHOLPSOHPHQWRORVLQGLFDGRUHVGHEHU¯DQHVWDUHQSRVLFLµQ
DELHUWD YHDODILJXUD 


$7
7(1&,•1
5LHVJRGHDSODVWDPLHQWR
3UHVLRQDUHOLQWHUUXSWRUGHOSRUWDLPSOHPHQWRVSRGU¯DKDFHUTXH
 HOLPSOHPHQWRVHFD\HUD\SURYRFDUDOHVLRQHVSHUVRQDOHV
9
3UHVLR
3UH RQH HHOLQWWHUUX
UXSWWRUG
GHOSRUWD
DLP
PSOOHPHQ
QWRVVVRODPHQ
QWH
HDO
FDP
FD PELDUULLPSOOHPPHQQWRV
,QGLFDGRUHV
 3RVLFLµQDELHUWD
 3RVLFLµQEORTXHDGD


,P
PSOHP PHQWRVS
SDUDXV
VRFRQQHO
SR
RUWDLLPS
SOHPHQWRV DFRS SODP
PLHQ QWRU£SLGR
R
12
27$
 1RWRGRVORVLPSOHPHQWRVHVW£QGLVSRQLEOHVHQWRGRVORV
PHUFDGRV\VRQDSOLFDEOHVDWRGRVORVPRGHORV
 /DFDUJDSHUPLWLGDHVWDU£OLPLWDGDDODFDSDFLGDGGHFDUJDGH
WUDEDMRP£VEDMDGHODFRPELQDFLµQP£TXLQDLPSOHPHQWR3RU
HVDUD]µQHVLPSRUWDQWHHVFRJHUHOWLSR\WDPD³RFRUUHFWRV
GHLPSOHPHQWR
&X
XFKD
DUD
9ROYRRIUHFHXQDDPSOLDJDPDGHFXFKDUDVLQFOX\HQGR
&XFKDUDGHSURSµVLWRJHQHUDO
&XFKDUDSDUDURFDV
&XFKDUDGHUHPDQLSXODFLµQ
&XFKDUDSDUDDUHQD
&XFKDUDGHVXHORSODQR
&XFKDUDFRQEDVFXODPLHQWRODWHUDO
&XFKDUDGHSHUILODOWR
&XFKDUDSDUDPDWHULDOHVOLYLDQRV
&XFKDUDSDUDGHVHFKRV
&XFKDUDGHQLYHODFLµQ


$ODKRUDGHVHOHFFLRQDUXQDFXFKDUDFRQWDFWHFRQVX
FRQFHVLRQDULR9ROYRSDUDREWHQHUUHFRPHQGDFLRQHVVREUH
LPSOHPHQWRV
3DUDREWHQHULQIRUPDFLµQVREUHFµPRRSHUDUFRUUHFWDPHQWHFRQ
FXFKDUDVFRQVXOWH77«FQLFDG
GHFFRQ
QGXFFL
FLµ
µQ!&
&XFKDUDVV
 7«F
FQLLFDGHFRQ
QGXFFL
FLµ
µQ 
3RUUWDLPSOHPHQWRV 
3DUDREWHQHUODVHVSHFLILFDFLRQHVGHODVFXFKDUDVFRQVXOWH
(VSHF
(VS FLIILFDF
FLRQ
QHVಧ!&
&DSDFFLG
GDGGHODP£T
TXLQD
+R
RUTXLOOD
3DUDWUDEDMDUHQSDWLRVGHPDQHMRGHPDWHULDOHVDOPDFHQHVR
SXHUWRV9ROYRSURSRUFLRQDGLIHUHQWHVWLSRVGHEDVWLGRUHVGH
KRUTXLOODSDODVGHKRUTXLOOD\VROXFLRQHVDPHGLGDSDUDWUDEDMDU
FRQVXFDUJDGRUDGHUXHGDV9ROYR
+RUTXLOODSDUDSDOHWV
+RUTXLOODSDUDPDGHUD
+RUTXLOODGHGHVSOD]DPLHQWRODWHUDO
+RUTXLOODFRPELQDGD
+RUTXLOODSDUDEORTXHVGHSLHGUD
5DVWULOOR
$ODKRUDGHVHOHFFLRQDUHOEDVWLGRU\ODVSDODVGHXQDKRUTXLOOD
FRQWDFWHFRQVXFRQFHVLRQDULR9ROYRSDUDREWHQHU
 UHFRPHQGDFLRQHVVREUHLPSOHPHQWRV
3DUDREWHQHULQIRUPDFLµQVREUHFµPRRSHUDUFRUUHFWDPHQWHFRQ
KRUTXLOODVSDUDSDOHWDVFRQVXOWH7 7«FQLLFDGGHFRQGX XFFL
FLµQ!
+RUUTXLLOODVS
SDUUDSDOOOHWV
3DUDREWHQHULQIRUPDFLµQVREUHFµPRRSHUDUFRUUHFWDPHQWHFRQ
KRUTXLOODVSDUDEORTXHVGHSLHGUDFRQVXOWH7 7«FQLFDG
GH
FRQ
FR QGXFFLFLµ
µQ!00DQ QLSXODF FLµ
µQGHE
EORTX
XHVG GHSLHGUD
3DUDREWHQHUODVHVSHFLILFDFLRQHVGHODVKRUTXLOODVFRQVXOWH
(VSHF
(VS FLIILFDFFLRQ
QHVಧ!+ +RUTXLLOODVS
SDUDSDOOOHWVV
*D
DUUDV
9ROYRRIUHFHXQDDPSOLDJDPDGHJDUUDVLQFOX\HQGR
*DUUDVGHGHVFDUJD
*DUUDVGHFODVLILFDFLµQ
*DUUDVGHSURSµVLWRJHQHUDO
$ODKRUDGHVHOHFFLRQDUXQDJDUUDFRQWDFWHFRQVXFRQFHVLRQDULR
9ROYRSDUDREWHQHUUHFRPHQGDFLRQHVVREUHLPSOHPHQWRV

3DUDREWHQHULQIRUPDFLµQVREUHFµPRRSHUDUFRUUHFWDPHQWHFRQ
JDUUDVSDUDPDGHUDFRQVXOWH7 7«FQLLFDGHFRQGX
XFFL
FLµµQ!
+RUUTXLLOODVG
GHPDG GHUD
3DUDREWHQHUODVHVSHFLILFDFLRQHVGHODVJDUUDVSDUDPDGHUD
FRQVXOWH( (VS
VSH
HFLILLFDFLR
RQHVಧ!+
+RUTXLOODV
RUTXLOODVG
GHP
HPDGHUD
DGHUD


%UUD]R
]RGH
GHPDQLS
QLSXOD
XODFLµ
µQG
QGHP
HPDWHU
WHULDOHV
(OEUD]RGHPDQLSXODFLµQGHPDWHULDOHVVHXWLOL]DSDUDUHFRJHU
WUDQVSRUWDURFDUJDUXQDJUDQYDULHGDGGHPDWHULDOHV\HTXLSRV
@$ODKRUDGHVHOHFFLRQDUXQEUD]RGHPDQLSXODFLµQGH
PDWHULDOHVFRQWDFWHFRQVXFRQFHVLRQDULR9ROYRSDUDREWHQHU
UHFRPHQGDFLRQHVVREUHLPSOHPHQWRV
3DUDREWHQHULQIRUPDFLµQGHWDOODGDFRQVXOWHHODS«QGLFHGHO
0DQXDOGHORSHUDGRUTXHWUDWDVREUHHOEUD]RGHPDQLSXODFLµQGH
PDWHULDOHV


,P
PSOHPHQWRVS
SDUDDSOLFDF
FLR
RQHVH
HVSH
HFLD
DOHV
3DUDDPSOLDUD¼QP£VODYHUVDWLOLGDGGHODVFDUJDGRUDVGHUXHGDV
9ROYR9ROYRWDPEL«QSURSRUFLRQDLPSOHPHQWRVKHFKRVSRURWURV
 7«FFQLLFDGHFRQ
QGXFFL
FLµ
µQ

 3R
RUWDLPSOHPHQWRV
IDEULFDQWHVSDUDTXHVHDGDSWHQDQXHVWURVSURGXFWRVFRPRSRU
HMHPSOR
+RMDSDUDQLHYHHQGLDJRQDO
4XLWDQLHYHVSOHJDEOH
%DUUHGRUD
%DUUHGRUDGHUHFRJLGD
(OIDEULFDQWHRGLVWULEXLGRUORFDOUHVSHFWLYRVSXHGHQSURSRUFLRQDU
HVSHFLILFDFLRQHVGHWDOODGDV\GHP£VWLSRVGHLQIRUPDFLµQ
 7«
«FQLLFDGHFRQ
QGXFFL
FLµ
µQ 
llIXQFLµ
µQKLGU£XOLFD 

lIXQFLµQKLGU£XOLFD

$'9(57(1&,$
5LHVJRGHDFFLGHQWHV
8VDUXQLPSOHPHQWRFRQPDQJXHUDVKLGU£XOLFDVGHPDVLDGR
FRUWDVSRGU¯DSURYRFDUDFFLGHQWHV
&RP PSUUXHHEHVLHHPSUUHH HOIIXQFLR
RQDPLH HQWR RDQWH
HVG GHSRQHUUOOD
P£T
P£ TXLLQDD
DWWUDEEDMMDU&RPPSUXH HEHTXH HOODVP
PDQQJXHUDV VK
KLG GU£XXOLFDV V
\OD
DVFRQH[LRQHVDO
FRQH[LRQHVDOLPSOHPHQWR
PSOHPHQWRHVW£Q
VW£QHQUXWDGDVGH
QUXWDGDVGHPD PDQH HUDOLLEUUH
\VVHD
DQOORVXIILFLH
HQWWHPHQ QWHODUJD DVS
SDUDSHUUPL
PLWLLUWWRGRHOUDQJRGH
PRY
PR YLP
PLHQWWR8VHP PDQJ JXHUDV VG
GHH
H[WHHQV VLµ
µQVLHVQ QHFHVVDULR R

$9,6
62
$OFR
FRQQHF
FWD
DURGHVFR
FRQ QHFWDDUDFRSOD
DPLH
HQWRVKLLGUU£XOOLFRVFR
FRPSUXH
HEH
TX
XHHHVW£
£QOLPSLLRVOORV
VD
DFRSSODP
PLH
HQWRV\\OOD]]RQ
QDDOUHG
GHGR RU
$VHJ¼UHVHGHTXHHODFHLWHKLGU£XOLFRGHOLPSOHPHQWRDFRSODGR
QRHVW«VXFLR SDUW¯FXODVH[WUD³DVDJXDHWF VLQRTXHHVGHOD
PLVPDFDOLGDGTXHHOTXHOOHYDODP£TXLQD
/DLOXVWUDFLµQDODL]TXLHUGDPXHVWUDORVDFRSODPLHQWRVSDUDODl
IXQFLµQKLGU£XOLFDHQHOODGRGHUHFKRGHODSOXPD/RV
DFRSODPLHQWRVHQHOODGRL]TXLHUGRGHODSOXPDHVW£QHQODPLVPD
SRVLFLµQ
$FRSO
$FR ODPLH
HQWWR
  9HDODS£JLQD6LJDORVSXQWRVSDUDHODFRSODPLHQWR
 3RQJDHOLPSOHPHQWRKRUL]RQWDOFRQWUDHOVXHOR
9
 'HVFDUJXHODSUHVLµQGHODlIXQFLµQKLGU£XOLFDYHDD
 &RQH[LRQHVlIXQFLµQKLGU£XOLFD FRQWLQXDFLµQ
  /LPSLHDIRQGRORVDFRSODPLHQWRVKLGU£XOLFRVWDQWRHQOD
P£TXLQDFRPRHQHOLPSOHPHQWR
 $FRSOHODVPDQJXHUDVKLGU£XOLFDVGHOLPSOHPHQWRDOD
P£TXLQD

1277$
3UXHEHVLHPSUHODVIXQFLRQHVGHPDQLREUDGHOLPSOHPHQWRDQWHV
GHLQLFLDUHOWUDEDMR
'HV
VDFRSOODPLH
HQWR
R
 3RQJDHOLPSOHPHQWRKRUL]RQWDOFRQWUDHOVXHOR
 'HVFDUJXHODSUHVLµQGHODlIXQFLµQKLGU£XOLFDYHDD
FRQWLQXDFLµQ
 'HVDFRSOHGHODP£TXLQDODVPDQJXHUDVKLGU£XOLFDVGHO
LPSOHPHQWR
 $VHJ¼UHVHGHTXHHOLPSOHPHQWRQRSXHGHYROFDUGHVSX«VGHO
GHVDFRSODPLHQWR
 9HDODS£JLQD6LJDORVSDVRVSDUDGHVFRQHFWDUHO
LPSOHPHQWRGHODP£TXLQD
'HVFD
FDUUJDGHODSUHVLµ
µQlIXQFLµ
µQKLGU£XOLFD
/DSUHVLµQUHVLGXDOHQODVPDQJXHUDVKDFHTXHVHDPX\GLI¯FLO
FRQHFWDURGHVFRQHFWDUORVDFRSODPLHQWRVU£SLGRV
(VWRVHIDFLOLWDGHVFDUJDQGRODSUHVLµQGHOVLVWHPDKLGU£XOLFRS
HMFXDQGRTXLHUHGHVFRQHFWDUXQDPDQJXHUDKLGU£XOLFD
 3DUHHOPRWRU
 (QFHQGLGRHQODSRVLFLµQ
 'HVSODFHKDFLDGHODQWH\DWU£VODVSDODQFDVGHPDQLREUDSDUD
ODIXQFLµQFRUUHVSRQGLHQWH\PDQW«QJDODVHQODSRVLFLµQILQDO
FRUUHVSRQGLHQWHGXUDQWHWUHVVHJXQGRV
 7«FFQLLFDGHFRQ
QGXFFL
FLµ
µQ

 llIIXQFLµ
µQKLGU£XOLFD
/DSUHVLµQHQODVPDQJXHUDVGHODVJDUUDVSDUDWURQFRVVH
GHVFDUJDFRPRVLJXH
 &LHUUHHOEUD]RGHVXMHFLµQSRUFRPSOHWR
 5HDOLFHXQPRYLPLHQWRU£SLGRFRQODSDODQFDHQHOVHQWLGR
RSXHVWR
/DVPDQJXHUDVVHTXHGDQIORMDVFXDQGRVHOLEHUDODSUHVLµQ
(OLPSOOHPHQ
(O QWRGHEHHHVWD
DUVVLH
HPSUHVRE
EUHHOVXH
HORFXD
DQGRVVH
GH
HVFDFDUUJD
DODSUHVLµQ
Q
/DSUHVLµQDOWDHQXQLPSOHPHQWRKLGU£XOLFRVHHOLPLQDDIORMDQGR
WHPSRUDOPHQWHODFRQWUDWXHUFDHQWUHODPDQJXHUD\HOWXER
KLGU£XOLFR\DSUHW£QGRODGHQXHYR3UHVWHDWHQFLµQDO
LPSOHPHQWR
5HFRJHUHODFHLWHTXHUHERVH
 7«FFQLLFDGHFRQ
QGXFFL
FLµ
µQ 
/LLEHUDFLµ
µQGHSUHVLµ
µQ 

/LEHUDFLµQGHSUHVLµQ
/DSUHVLµQUHVLGXDOHQODVPDQJXHUDVKDFHTXHVHDPX\GLI¯FLO
FRQHFWDURGHVFRQHFWDUORVDFRSODPLHQWRVU£SLGRV
(VWRUHVXOWDP£VI£FLOGHVFDUJDQGRODSUHVLµQHQHOVLVWHPD
KLGU£XOLFRFXDQGRSHMVHYDDVROWDUXQDPDQJXHUDKLGU£XOLFD
 3DUHHOPRWRU
 (QFHQGLGRHQODSRVLFLµQ
 'HVSODFHKDFLDGHODQWH\DWU£VODVSDODQFDVGHPDQLREUDSDUD
ODIXQFLµQFRUUHVSRQGLHQWH\PDQW«QJDODVHQODSRVLFLµQILQDO
FRUUHVSRQGLHQWHGXUDQWHWUHVVHJXQGRV
 'HVFRQHFWHRFRQHFWHORVDFRSODPLHQWRVU£SLGRV(VWRGHEH
UHDOL]DUVHMXVWRGHVSX«VGHOLEHUDUODSUHVLµQGHRWURPRGROD
SUHVLµQDXPHQWDU£GHQXHYRRGLVPLQXLU£GHSHQGLHQGRGH
ODWHPSHUDWXUD
(O LPSOOHP
(OL PHQWWRG GHEH HHVWD
DUVVLHP
PSUUHVRE
EUHH
HOVVXHORFFXD
DQGRVVH
GH
HVFDFDUUJDODSUHV
VLµ
µQ
'H
HVSUUHVXUUL]DF
FLµ
µQGHOLPSOHPHQWRGHVFR
FRQ
QHFWD
DGR
/DSUHVLµQDOWDHQXQLPSOHPHQWRKLGU£XOLFRVHHOLPLQDDIORMDQGR
ODPDQJXHUDGHOWXERKLGU£XOLFR\DSUHW£QGRODGHQXHYR3UHVWH
DWHQFLµQDOLPSOHPHQWR
5HFRJHUHODFHLWHTXHUHERVH


 7«FFQLLFDGHFRQ
QGXFFL
FLµ
µQ

 &X
XFKD
DUDV

&XFKDUDV
&XFKDUDV
&XDQGRVHXVDODP£TXLQDFRQFXFKDUDODFDUJDGHWUDEDMR
P£[LPDSHUPLWLGDHVHOGHODFDUJDGHYXHOFRFRQODP£TXLQD

WRWDOPHQWHYLUDGD'HSHQGLHQGRGHODDSOLFDFLµQ\RGHOWDPD³R
GHODP£TXLQDHOIDEULFDQWHUHFRPLHQGDDPHQXGRTXHVHXWLOLFH
PHQRVGHO
3DUDLQIIRUPD
3DU PDFLµ µQVVREUHS
SHVRYROXP
PHQFDUUJDSURWWHFWR
RUHVGGH
ER
RUGH HHWFFRQ
QWDFWH
HFRQ
QVVXFRQF
FHV
VLR
RQDULR
RSDUDREWHQHUH HO
FDWW£ORJRG
FD GHLPSOOHPHQWWRV
 &DPELRGHGLHQWHVGHFXFKDUDHQODS£JLQD

$'
'9(57(1&,$
5LHVJRGHDFFLGHQWHVPRUWDOHV
(OXVRGHLPSOHPHQWRVSDUDHOHYDURWUDQVSRUWDUSHUVRQDVSXHGH
 FRQGXFLUDDFFLGHQWHVIDWDOHVFRQOHVLRQHVSRUDSODVWDPLHQWR
JUDYHVHLQFOXVRPRUWDOHV
1R
RXWLOLFHQ
QXQF
FDX
XQLPSOOHPHQ
QWRSDUDHOH
HYDUUR
RWWUDQ
QVSR
RUWD
DU
SH
HUVR
VRQ
QDV
12
27$
/DH[FDYDFLµQKDFLDDGHODQWHQRGHEHU£UHDOL]DUVHDDOWD
 YHORFLGDGFXDQGRVHEDVFXODODFXFKDUDP£VGHr\GHEHU£
HYLWDUVHODEDVFXODFLµQP£[KDFLDDGHODQWH

9

/RVFLQFRWLSRVP£VFRPXQHVGHFXFKDUD
 &XFKDUDUHFWDVLQGLHQWHV PDWHULDOHV
VXHOWRVDUHQDWLHUUDIHUWLOL]DQWH
 &XFKDUDUHFWDFRQGLHQWHV PDWHULDOHVGXURV
JUDYDDUFLOODWUDEDMRVGHH[FDYDFLµQFDUJD
 &XFKDUDGHO£PLQDUHFWDVLQGLHQWHV
PDWHULDOHVTXHUHTXLHUHQEXHQDIXHU]DGH
SHQHWUDFLµQJUDYDURFDGHWRQDGDILQD\
PLQHUDOHV
 &XFKDUDGHO£PLQDUHFWDFRQGLHQWHV
PDWHULDOHVGXURV\SLHGUDVJUDYDGXUD\
PDWHULDOGHWDOXG
 &XFKDUDQLYHODGRUD WUDEDMRVGHH[FDYDFLµQ
P£VGHOLFDGRVUHWLUDGDGHODFDSDYHJHWDO\
QLYHODFLµQGHUHOOHQR 

(OOHFFL
FLµ
µQGHFXFFKD
DUD
/DHOHFFLµQGHFXFKDUDGHSHQGHGHOWLSRGHPDWHULDO GXUR
VXHOWR VXGHQVLGDG SHVDGROLJHUR \ODFDUJDGHYXHOFRGHOD
P£TXLQD
8QDFXFKDUDGHPDVLDGRJUDQGHFRQUHODFLµQDODGHQVLGDGGHO
PDWHULDO\DODFDUJDGHYXHOFRGHODP£TXLQDKDFHTXHOD
 7«
«FQLLFDGHFRQ
QGXFFL
FLµ
µQ 
&X
XFKD
DUDV 
P£TXLQDG«XQDLPSUHVLµQGHSRFDSRWHQFLDHLQHVWDELOLGDG\
QRDXPHQWHODSURGXFWLYLGDG
3DUDODHOHFFLµQGHFXFKDUDVFRQWDFWHFRQVXFRQFHVLRQDULRFRQ
HOILQGHREWHQHUHOFDW£ORJRGHLPSOHPHQWRV

$9,6
62
&RP PSUUXH
HEHHOSD
DUGHHDS
SULH
HWHGHORVSH
HUQRVGH
HVSX X«VGHODVFX
FXDWWUR
SUULP
PHUUDVK
KRUDVGGHIXQFLRRQDDPLHQWWRJX¯HVHSSRUOODWDEOD
SUUHVHQQWD
DGDDDFRQWWLQXDDFLµ
µQ

(O SDUUG
(OS GHDSULHWWHSDUDOORVIILORVUUHSRQ
QLEOHV\\OORVVVHJ
JPHQ
QWRVFFRQ
XQ
QLµQGHSHUQRRV SHUQR RVGGHODFFODVHG GHFDOLLGDGG
'LPHQ
QVLµ
µQ 3DUHV
3D VG
GHD
DSULHWH
H
0 s1P
0 s1P
0 s1P
0 s1P

0D
DQHMRGHODFXFFKD
DUD
3DUDREWHQHUHILFDFLD\VHJXULGDGHQHOWUDEDMRHVLPSRUWDQWH
WHQHUHQFXHQWDORVLJXLHQWH
(OLMDODFXFKDUDFRUUHFWD
$OLVHHOOXJDUGHWUDEDMRORP£VSRVLEOH\DVHJ¼UHVHGHTXHHO
VXHORHVW«ILUPH
(YLWHHOSDWLQDGRGHODVUXHGDVDGDSWDQGRHOU«JLPHQGHOPRWRU
\WUDQVILULHQGRWDQWDFDUJDFRPRVHDSRVLEOHDODVUXHGDV
GHODQWHUDV(VWRVHKDFHHOHYDQGRODFXFKDUDOLJHUDPHQWH
GHVSX«VGHTXHKD\DFRPHQ]DGRDSHQHWUDUHOPDWHULDO
7UDEDMHFRQODP£TXLQDUHFWDKDFLDHOPDWHULDOSDUDREWHQHUOD
PHMRUSHQHWUDFLµQ(VWRWDPEL«QFRQWULEX\HWDPEL«QDUHGXFLU
HOGHVJDVWHGHORVQHXP£WLFRV

&D
DUJDGHJUDYD\S
SLODV
 1LYHOHODFXFKDUD\E£MHODDOVXHORMXVWRDQWHVGHODSLODGH
JUDYD
 3HQHWUHHOPDWHULDOHQlPDUFKDNLFNGRZQPDQXDORFRQ
ODIXQFLµQGHUHEDMHGHPDUFKDDXWRP£WLFR  DFWLYDGDYHD
9
ODS£JLQD&XDQGRODP£TXLQDHVW«FDVLGHWHQLGD\FRPR
VHKDDOFDQ]DGRVXP£[LPDIXHU]DGHWUDFFLµQOHYDQWHOD
 FXFKDUDDOPLVPRWLHPSRTXHODEDVFXODKDFLDDWU£VFRQ
EUHYHVJROSHVGHSDODQFD
6LHVSR
6L RVLEEOHHY
YLWWHHOOED
DVFX
FXOODP
PLH
HQWWRGH
HODFX
FXFKDUUDKDF FLD
DDGHODDQWH
DOOOOOHQDUUOD
D/R
RVPR
PRY YLP
PLHQ QWRVH[
[DJJHUDGGRV VGHOD
DSDDODQFDSUURGXFHQ Q
UHVEDOODPLH
UH HQWWR1RRSH
HQHWUUHQXQQFDHQHOOPD
PDWWHULD
DODJUDQ
QYH
YHOORFLG
GDG
G

&XF
FKDUUDDGH
HFXD
DGD 5HFFWD
DFRQ QR
RVVLQG
GLHQWWHV
0DUUFK
0D FKDDDGHFXD
DGD 6HOOHFWR
6H RUGGHPPDUUFK
FKD
DVHHQ
SR
RVLFFLµ
µQµµ
6HOHFWR
6HO RUG
GHPDUFKFKD
DV 3RVLFLµQ0
9 6XV
6X VSHHQVLµ
µQG
GHOORVE
EUD]
]RVG
GH 3RV
3R VLFLµQGHSHQGLHQWWHG GH
 FDUUJD
FD PDUFK
PD FKDD
/R
RFNX
NXSS 1RDFWLLYDG
GR
 7«FFQLLFDGHFRQ
QGXFFL
FLµ
µQ

 &X
XFKD
DUDV

$'9(57(1&,$
5LHVJRGHDSODVWDPLHQWR
/DFD¯GDGHXQDFDUJDSXHGHFDXVDUOHVLRQHVJUDYHV
$VHJ
$VH J¼UHV
VHVL
VLHHPSUUHGHTX
XHOR
RVFR
FRP
PSRQQHQWWHVHV
VW£
£QELLHQILLMD
DGRV\
DS
SR\\DG
GRVFFRQQH
HTX
XLSDPLH HQWRGHFDS
SDFLG
GDGQQRP
PLQQDOD
DGHFXDGD
([
[FD
FDYYDF
FLµ
µQ
 $OH[FDYDU\UDVSDUVXSHUILFLHVHPSLHFHFRORFDQGRODFXFKDUD
HQ£QJXORKDFLDDEDMR|
 2SHUHHQlPDUFKD\DEDMRU«JLPHQGHOPRWRU$XPHQWH
JUDGXDOPHQWHHOU«JLPHQGHOPRWRUDOPLVPRWLHPSRTXHHOHYD
9
OLJHUDPHQWHODFXFKDUD

&X
XFKD
DUDDGHFXD
DGDD 5H
HFWDDFRQRVLQ
QGLHQWH
HV
0DUFK
0D FKD
DDGHFXDGD D 6HOOHF
6H FWR
RUGGHPDUUFK
FKDV
VH
HQ
SR
RVLFFLµ
µQ
6HOHFWR
6HO RUG
GHP
PDUFKFKDV
V 3RVLFLµQ0
6XV
6X VSHHQVLµµQG
GHORVE
EUD]
]RV
VG
GH 1R
RDDFWLLYDG
GR
FDUUJD
FD D
/R
RFNX
NXSS 1R
RD
DFWLLYDG
GR
&D
DUJDGHSLHGUD
8QU«JLPHQGHOPRWRUFRUUHFWRHVGHJUDQLPSRUWDQFLDVLHV
GHPDVLDGRHOHYDGRKDU£SDWLQDUODVUXHGDV
&RQGX]FDGLUHFWRKDFLDHOPDWHULDOSDUDHYLWDUWHQVLRQHVGH
FRUWHTXHSXHGDQGD³DUHOVLVWHPDGHORVEUD]RVGHHOHYDFLµQ
(OILORGHODFXFKDUDGHEHXELFDUVHHQWUH\SRUGHEDMRGHODV
SLHGUDVHVGHFLUGHEHU£SUHVWDUHVSHFLDODWHQFLµQFXDQGROD
FXFKDUDSHQHWUDHOPDWHULDO
6LVHKDDWDVFDGRXQDURFDSURFXUDUGHVSUHQGHUODDFWXDQGR
GHVGHRWUR£QJXORSHURKD\TXHHYLWDUXVDUODHVTXLQDGHOD
FXFKDUDFRPRSDODQFD
(YLWHVXELUODP£TXLQDHQFLPDGHOPDWHULDO\DTXHKD\JUDQ
ULHVJRGHDYHULDUORVQHXP£WLFRVFRQWUR]RVILORVRVGHPDWHULDO
GHWDOXG4XLWHWDPEL«QODVSLHGUDVTXHVHKD\DQFD¯GRGHOD
FXFKDUD

&X
XFKDUDDGHFXDG
GD &XXFKDUDS SDUDUURF
FDGHO£P
PLQ
QD
UHFWD
UH DFRQRRVLQ
QGLHHQWHV
0DUUFK
0D FKDD
DGH
HFXD
DGD 6HOOHF
6H FWR
RUGGHPDUUFK
FKDVVH
HQ
SR
RVLFFLµ
µQ
9 6HOHF
6HO FWRRUG
GHPDUUFK
FKDV
V 3RVLFLµQ0
 6XV
6X VSHHQVVLµQQGHOORV
VE
EUD]
]RV
VG
GH 3RV
3R VLF
FLµ
µQGGHSH
HQGLHQ QWHGH
FDUJD
FD D PDUUFK
PD FKD
/RFFNX
NXSS 1RRD
DFWLLYDG
GR
7UD
7U DQVSR
RUWHGHFDUUJD FDUUJDದD
DFDUUUHR
 /DFXFKDUDGHEHHVWDUFRPSOHWDPHQWHLQFOLQDGDKDFLDDWU£V\
UHWHQLGDHQODSRVLFLµQGHDFDUUHRದFP ದLQ SRU
HQFLPDGHOVXHOR
 &RQVHUYHODY¯DGHWUDQVSRUWHOLVD\VLQSLHGUDVXRWURVREMHWRV
&XDQGRVHOOHYDODFXFKDUDGHPDVLDGROOHQDVHSURGXFH
VLHPSUHXQGHUUDPHGHPDWHULDO
 $OODQHHOFDPLQRDODYXHOWDVLHVQHFHVDULR

9HOORF
9H FLG
GDG
GP£[
[LP
PDDGHFXDG
GD $SUR[
$SU [NP
PKK P
PSKK
0DUUFK
0D FKDDDGH
HFXD
DGD 6HOOHF
6H FWRRUG
GHPDUUFK
FKDV VH
HQ
SR
RVLFFLµ
µQ
6HOOHF
6H FWR
RUG
GHPDUUFK
FKDV
V 3RVLFLµQ/
 7«F
FQLLFDGHFRQ
QGXFFL
FLµ
µQ 
&X
XFKD
DUDV 
6XVSHQVLµQGHORVEUD]RVGH 3RVLFLµQGHSHQGLHQWHGH
FDUJD PDUFKD
/RFNXS $FWLYDGR
(QODFRQGXFFLµQHQTXHVHSURGXFHYDFLODFLµQGHODWUDQVPLVLµQ
VHOHFFLRQHHOPRGR+SDUDTXHODP£TXLQDGHEDDOFDQ]DUXQD
YHORFLGDGUHVSHFWRDOWHUUHQRP£VDOWDDQWHVGHKDFHUHOFDPELR
DVFHQGHQWH
(MHPSORRSHUDFLµQHQSHQGLHQWHVODUJDVGXUDQWHWUDEDMRVGH
FDUJDWUDQVSRUWH
127$
7«QJDVHHQFXHQWDTXHODHVWDELOLGDGVHPRGLILFDVLODP£TXLQD
HVW£YLUDGD\PX\FDUJDGD
9D
DFLD
DGRGHODFDUUJD

$'
'9(57(1&,$
5LHVJRGHDFFLGHQWHVJUDYHV
/DVSLH]DVHTXLSDPLHQWRRFDUJDGHODP£TXLQDSRGU¯DQREVWUXLU
9 ODYLVWDGHORSHUDGRU2SHUDURFRQGXFLUFRQODYLVWDGHORSHUDGRU
 REVWUXLGDSRGU¯DSURYRFDUJUDYHVDFFLGHQWHV
8VHX XQVVH³
³DOLVWD
DVLODYLV
VWD
DGHOR
RSHUUDG
GRUH
HVW£
£REVWUUXLLGD
7UDWHGHEDVFXODUODFDUJDFXHVWDDUULEDVLHOWHUUHQRGHO
YHUWHGHURWLHQHSHQGLHQWH(VWRDIHFWDDODHVWDELOLGDGGHOD
P£TXLQDGHPDQHUDSRVLWLYD
0DQWHQJDODFXFKDUDORP£VFHUFDSRVLEOHSRUHQFLPDGHO
FXHUSRGHEDVFXODPLHQWRRGHODWROYDSDUDORJUDUXQ
EDVFXODPLHQWRVXDYH\XQPHMRUFRQWUROGHODFRORFDFLµQGHOD
FDUJD


$OFDUJDUURFDVLQWHQWHOOHQDUODSULPHUDFXFKDUDFRQPDWHULDO
ORP£VILQRSRVLEOHSDUDDPRUWLJXDUHOLPSDFWRGHODVURFDVP£V
JUDQGHVVXEVLJXLHQWH
3R
RVLF
FLR
RQDPLHQWRGHOYHK
K¯FXOORGHWUDQVSR
RUWH
(OSRVLFLRQDPLHQWRGHODFDUJDGRUD YHK¯FXORGHWUDQVSRUWH HV
GHJUDQLPSRUWDQFLDSDUDXQDFDUJDHILFLHQWH
(ORSHUDGRUGHEHLQGLFDUGµQGHVHXELFDU£HOYHK¯FXORGH
WUDQVSRUWHSDUDORFXDOOHYDQWDU£ODFXFKDUD8QDYH]LQGLFDGD
ODXELFDFLµQODVHJXULGDGGHOOXJDUGHFDUJDHV
UHVSRQVDELOLGDGGHORSHUDGRU
1LLYHOODFLµ
µQ
/DFXFKDUDGHEHHVWDUSODQDVREUHHOVXHOR3DUDSRGHU
UHOOHQDUSR]RVVXUFRVHWFGHEHU£WHQHUPDWHULDOGHQWUR\SRU
GHODQWHGHODFXFKDUDFXDQGRFRQGX]FDKDFLDDGHODQWH
3DUDWHUPLQDUODRSHUDFLµQGHQLYHODGRUHWURFHGDFRQOD
FXFKDUDDOJRLQFOLQDGDKDFLDDGHODQWHDOPLVPRWLHPSRTXH
SUHVLRQDODFXFKDUDOLJHUDPHQWHFRQWUDHOVXHOR
3DUDP£VWUDEDMRVGHWHUPLQDFLµQPDQWHQJDODFXFKDUDSODQD
FRQWUDHOVXHORPLHQWUDVUHWURFHGH6HUHFRPLHQGDXQD
FXFKDUDUHFWDFRQXQSLVRGHFXFKDUDODUJRSDUDREWHQHUXQ
UHVXOWDGRGHEXHQDVSHFWR

9HO
9HORFLG
GDGPP£[LP
PDDGH
HFXD
DGD &XFFKDDUDVLQG
GLHQWWHV
0DUUFK
0D FKDDDGHFXD
DGD 6HOOHFWR
6H RUGGHP
PDUUFK
FKD DVH
HQ
SR
RVLFFLµ
µQRR

6HOOHFWR
6H RUG
GHPDUFK
FKD
DV 3RVLFLµQ0
 7«FQLFDGHFRQGXFFLµQ
 &XFKDUDV
6XVSHQVLµQGHORVEUD]RVGH 1RDFWLYDGR
FDUJD
/RFNXS 1RDFWLYDGR
 7«
«FQLLFDGHFRQ
QGXFFL
FLµ
µQ 
0D
DQLSXODFLµ
µQGHEORTXHVG
GHSLHGUD 

0DQLSXODFLµQGHEORTXHVGHSLHGUD
0DQLSXODFLµQGHEORTXHVGHSLHGUD
7UDEDMRFRQKRUTXLOODSDUDURFD
/OHYHVLHPSUHORVEORTXHVGHURFDORP£VEDMRSRVLEOHHQOD
SRVLFLµQWRWDOPHQWHEDVFXODGDKDFLDDWU£V
7UDEDMHFRQPRYLPLHQWRVGHSDODQFDORP£VFRUWRV\FXLGDGRVRV
SRVLEOHVHVSHFLDOPHQWHSDUDODFDUJD\GHVFDUJDGHYHK¯FXORV
 0DQHMHVLHPSUHORVEORTXHVGHIRUPDTXHHOFHQWURGHJUDYHGDG
TXHGHORP£VFHUFDSRVLEOHGHODP£TXLQD
1RXVHQXQFDODKRUTXLOODSDUDGHVSHJDUURFDVQLWDPSRFR
WUDVODGHJUDQGHVEORTXHVXVDQGRXQVROREUD]RGHODKRUTXLOOD
(QYH]GHHOORXVHHOEUD]RURPSHGRUFRQFHELGRSDUDWDOHV
REMHWRV
3DUDHVWDELOLGDGµSWLPDWUDWHGHPDQWHQHUODP£TXLQDORP£V
UHFWDSRVLEOHGXUDQWHODPDQLSXODFLµQGHURFDV
3DUDDXPHQWDUODHVWDELOLGDGHVLPSRUWDQWHTXHORVQHXP£WLFRV
WHQJDQODSUHVLµQGHLQIODGRUHFRPHQGDGD
&XDQGRVHFRQGXFHFRQXQDFDUJDSHVDGDHQFXHVWDDEDMR
+RUTXLOODSDUDURFD
 SXHGHVHUXQDEXHQDLGHDXVDUODP£TXLQDHQPDUFKDDWU£V
&XDQGRVHXVDODP£TXLQDFRQKRUTXLOODSDUDURFDODFDUJD
P£[LPDSHUPLWLGDHVHOGHODFDUJDGHYXHOFRHQWHUUHQR
ILUPH\OODQR
/DFDUJDGHWUDEDMRP£[LPDVHEDVDHQORVLJXLHQWH ,62

/DYHORFLGDGP£[LPDPHQRUGHNPK
/DP£TXLQDUHFWD
/DFDUJDWRWDOPHQWHEDVFXODGDKDFLDDWU£V

/DFDUJDHOHYDGDKDVWDHODOFDQFHP£[LPR
&HQWURGHJUDYHGDGGHODFDUJD; PP< PP
(OXVRP£[LPRSHUPLWLGRHVHOGHODFDUJDGHYXHOFRHQ
VXHORILUPH\OODQR

&HQWURGHJUDYHGDGGHODFDUJD

0DUFK
0DUFKDDDGHFXD
DGD 6H HFWR
6HOH RUG
GHPDUUFK
FKDDVH
HQ
RVLFLµ
SR µQ
6HOHFWR
6HO RUGGHPDUFKFKD
DV 3RVLFLµQ/
6XV
6X VSHHQVLµµQG
GHOORVE
EUD]
]RVG
GH 3RVLF
3R FLµ
µQGGHSHQGLHQWWHG GH
FDUUJD
FD PDUUFK
PD FKD
/R
RFNX
NXSS 1R
RDFWLLYDGR

%UD]RURPSHGRU

 7«FFQLLFDGHFRQ
QGXFFL
FLµ
µQ

 +R
RUTXLOODVG
GHPDGHUD

+RUTXLOODVGHPDGHUD
7UDEDMRFRQJDUUDSDUDWURQFRV
'HVFDUJDGHXQYHK¯FXOR
2SHUHFRQPXFKRFXLGDGRDOOOHQDUODJDUUDSDUDHYLWDUGD³DUORV
SRVWHV\VXVILMDFLRQHVDOYHK¯FXOR
 $F«UTXHVHDOYHK¯FXORTXHVHWLHQHTXHGHVFDUJDUFRQXQD
JDUUDOHYDQWDGD\FRPSOHWDPHQWHDELHUWD
 ,QFOLQHODJDUUDKDFLDGHODQWH\FROµTXHODVREUHODFDUJD


&LHUUHHOEUD]RGHVXMHFLµQ\HPSLHFHDLQFOLQDUOLJHUDPHQWHKDFLD
DUULED$FRQWLQXDFLµQUHSLWDHOFLHUUH\ODLQFOLQDFLµQKDFLDDUULED
GHODJDUUDKDVWDTXHHVW«OOHQD
12
27$
2SHUHFXLGDGRVDPHQWHDOGHVFDUJDUXQYHK¯FXORHVSHFLDOPHQWH
FXDQGRVRODPHQWHTXHGHQXQRVSRFRVWURQFRV6LODJDUUD
DJDUUDUDSRUHOERUGHH[WUHPRGHODSODWDIRUPDVHSRGU¯DQ
SURGXFLUGD³RV

&D
DUJDGHOYHK
K¯FXOORFRQ
QJDUUDVS
SDUDWURQFRV
V
 $VHJ¼UHVHGHTXHFDGDWURQFRHVW£FRUUHFWDPHQWHFRORFDGR
HQODJDUUDSDUDHYLWDUXQQLGRGHFXHUYRV
 $F«UTXHVHDOYHK¯FXORTXHVHWLHQHTXHFDUJDUPLHQWUDV
OHYDQWDDOPLVPRWLHPSRHOLPSOHPHQWRSDUDTXHORVWURQFRV
QRWRTXHQORVSRVWHV
 %DMHODJDUUDKDVWDTXHHVW«DQLYHOFRQODVFDPDVROD
SODWDIRUPD\GHSRVLWHHOIDUGRFRQWUDORVSRVWHVGHOODGRP£V
 DOHMDGR
 $EUDFRPSOHWDPHQWHHOEUD]RGHVXMHFLµQ\G«PDUFKDDWU£V
FXLGDGRVDPHQWH
$S
SLODGR
3DUDP£TXLQDVFRQVLVWHPDGHVXVSHQVLµQGHODSOXPDVH
UHFRPLHQGDVHOHFFLRQDUODIXQFLµQGHSHQGLHQWHGHODYHORFLGDG
VHOHFFLRQDGD/DSUHFLVLµQDXPHQWD\HOULHVJRGHQLGRGH
FXHUYRVVHUHGXFH
 0DQWHQJDODJDUUDORP£VFHUFDSRVLEOHGHODSLODSDUDSUHYHQLU
ODFD¯GDGHORVWURQFRV

 ,QFOLQHODJDUUDOLJHUDPHQWHKDFLDGHODQWH
 $EUDFXLGDGRVDPHQWHHOEUD]RGHVXMHFLµQSRUFRPSOHWRGH
PDQHUDTXHORVWURQFRVHPSLHFHQDURGDU\VDOJDQGHODJDUUD
 $FRQWLQXDFLµQDEUDFRPSOHWDPHQWHHOEUD]RGHVXMHFLµQ\G«
PDUFKDDWU£VFXLGDGRVDPHQWHPLHQWUDVEDMDODJDUUD\UHWLHQH
ORVWURQFRVTXHVHFDLJDQ
(OFRQWUDVRSRUWHGHODJDUUDVHSXHGHXVDUFRPRDXWRPDWLVPR
GHHOHYDFLµQGHOWDOµQ\SRUORWDQWRQRHVQHFHVDULRLQFOLQDUOD
JDUUDKDFLDGHODQWH(OSHVRGHHOHYDFLµQGHODP£TXLQDVHXVD
PHMRU\HVSRVLEOHUHDOL]DUSLODVP£VDOWDV(ODXWRPDWLVPRGH
HOHYDFLµQGHOWDOµQWDPEL«QVHSXHGHXVDUFRPRFRQWUDVRSRUWH
DOPDQHMDUWURQFRVLQGLYLGXDOHV
5H
HJODE£VLF
FDDVHJ¼UHVHGHTXHORVWURQFRVVDOHQGHODJDUUDVLQ
FDHUVH

0D
0DUFK
FKD
DDGHFXDGD
D 6HOHFWR
6HO RUG
GHPDUUFK
FKDVH
HQ
SRVVLFLµQ

$MX
$MXVWH $36 D
HV$ 6LVWH
6L HPDDXWR RP£WWLFR
 7«FFQLLFDGHFRQ
QGXFFL
FLµµQ 
+R
RUTXLOODVG
GHPDGHUD 
6XVSHQVLµQGHORVEUD]RVGH 3RVLFLµQGHSHQGLHQWHGHOD
FDUJD YHORFLGDG
/RFNXS $FWLYDGR
D 3DUDVHOHFFLRQDU$MXVWHV$36YHDODS£JLQD

5HFRJ
JLGDGHXQDSLOD
3L EDMD
3LOD
 0DQWHQJDODVSDODVGHODJDUUDSODQDVFRQWUDHOVXHORFRQOD
JDUUDFRPSOHWDPHQWHDELHUWD
 ,QWURGX]FDODJDUUDHQODSLOD\FLHUUHHOEUD]RGHVXMHFLµQOR
P£[LPRSRVLEOH
 '«PDUFKDDWU£VFXLGDGRVDPHQWHPLHQWUDVFLHUUDP£VOD
JDUUD
3LODDOWD
3L
 (PSLHFHORP£VDOWRSRVLEOHHLQFOLQHODVSDODVGHODJDUUD
OLJHUDPHQWHKDFLDGHODQWHFRQODJDUUDFRPSOHWDPHQWH
DELHUWD
 &XDQGRODJDUUDHVW«ELHQLQWURGXFLGDHQODSLODFL«UUHOD
 3DVHGHOWRGRFRQODJDUUDSDUDHYLWDUTXHVHFDLJDQWURQFRV
EDMRODVSDODVGHODJDUUD
6L
6LVVHFDHQQWWURQ
QFRV
VH
HQWUUHOODVS
SDODVGGHOODJ
JDUUD
UDEDMH
H
FXLLGDGRV
FX VDPHQWWHODFDUJDK KDVVWD
DH
HOVXH
HORG«P
PDUUFK
FKDDWUU£V
VH
H
LQ
QWHQWHUHFRJHUUOODFDUUJDDGHQXHYR$VH VHJ¼UUHVHG GHQRG
GD³DUUOORV
WUURQ
QFRV V
8QDXWRPDWLVPRGHHOHYDFLµQGHOWDOµQSRVLELOLWDDSLODUORVWURQFRV
DP£VDOWXUD\PDQWHQHUHOVXHORIUHQWHDODVUXHGDVGHODP£TXLQD
GHVSHMDGRGHWURQFRV
2S
SHUDFLµ
µQFRQ
QWURQFRV
VG
GHODDOWXUDGHXQ£UERO
3UHVWHHVSHFLDODWHQFLµQDTXHHOFHQWURGHJUDYHGDGGHORV
WURQFRVHVW«FRUUHFWDPHQWHSRVLFLRQDGRSDUDPDQWHQHUXQD
HVWDELOLGDGODWHUDOVDWLVIDFWRULD
$VHJ¼UHVHGHXVDUXQVH³DOLVWDDORSHUDUHQFRQGLFLRQHVGH

YLVLELOLGDGOLPLWDGDYHDODS£JLQD

$'
'9(57(1&,$
5LHVJRGHDSODVWDPLHQWR
(OJLURGHREMHWRVSXHGHFDXVDUOHVLRQHVJUDYHV
$VHJ¼
$VH ¼UHV
VHVLH
HPSUHGGHT
TXHHQRKD\DQDGLH
HH
HQOD]RQ
QDGHS
SHOLLJUR
DQ
QWHVGGHHOHYDUUR
RP
PRYHURREMHWR
RV
 7«FFQLLFDGHFRQ
QGXFFL
FLµ
µQ

 %UUD]RVVG
GHHOHYDF
FLµ
µQGHVFH
FHQ
QVRDOWHUQDWLYR

%UD]RVGHHOHYDFLµQGHVFHQVR
DOWHUQDWLYR

$'9(57(1&,$
c3HOLJURGHDSODVWDPLHQWR
1XQ QFDSDVHSRUG GHEDMRGGHXQEUD]RG GHHOH
HYDF
FLµQOHYDQWWDGR
%DMMHVLHP
%D PSUHHOEUD]RGHH
HOHY YDFFLµ
µQDQWHVG
GHDEDDQGR RQDDUOOD
FDE
FD ELQD
1XQ QFDRSHUUHODP£T TXLQ
QDVLVRV
VSH HFKDGGD³RRVK
KLGUU£XOLLFRVR
R
GDD³RV VH
HQHOE
EUD]RGGHHOHYDF FLµ
µQ&RQWDFWHHFFRQ
QXQWW«FQLLFRG GH
VHUUYL
VH YLF
FLRFXDOOLILFDGR
R
'H
HVFH
FHQ
QVRGHHPHUJHQFLD
D
6LHOPRWRUGHODP£TXLQDVHKDSDUDGRFRQODSOXPDHQOD
SRVLFLµQHOHYDGDVHSXHGHEDMDUODSOXPDFRQHOUHVWRGHSUHVLµQ
HQHOVLVWHPDKLGU£XOLFR
1227$
%DMHODSOXPDLQPHGLDWDPHQWHP£[PLQXWRVGHVSX«VGHTXH
HOPRWRUVHKD\DSDUDGR6LKDQSDVDGRP£VGHPLQXWRVVH
YROYHU£DDUUDQFDUHOPRWRU6LHVWRIDOODFRQWDFWHFRQXQW«FQLFR
GHVHUYLFLRFXDOLILFDGRRDFRUGRQHHO£UHD\DVLJQHXQYLJLODQWH
 (OHQFHQGLGRGHEHHVWDUHQODSRVLFLµQGHPDUFKD  DQWHV
GHEDMDUODSOXPD
 &XDQGRVHKDEDMDGRODSOXPDVHGHEHQGHVSUHVXUL]DUWRGDV
ODVPDQJXHUDVGHODSOXPDFRQODVSDODQFDVGHFRQWUROYHD
ODS£JLQD
 7«F
FQLLFDGHFRQ
QGXFFL
FLµ
µQ 
'LLDJUDPDGHVH³
³DOL]DF
FLµ
µQ 

'LDJUDPDGHVH³DOL]DFLµQ
6LHORSHUDGRUWLHQHOLPLWDGDODYLVLELOLGDGSRUHMHPSORGHELGRD
XQDFDUJDYROXPLQRVDD\¼GHVHGHXQDSHUVRQDTXHVH³DOLFH
&XDQWRP£VU£SLGRVHDQHFHVDULRUHDOL]DUODHOHYDFLµQHO
GHVFHQVRRORVPRYLPLHQWRVP£VPDUFDGRVGHEHQVHUORV
PRYLPLHQWRVGHOKRPEUHTXHKDFHODVVH³DOHV6LYDULRV
RSHUDGRUHVVHVLUYHQGHODPLVPDSHUVRQDSDUDVH³DOL]DUGHEH
HVWDEOHFHUVHGHDQWHPDQRODIRUPDHQODTXHVHYD\DDUHDOL]DU
ODHOHYDFLµQ\FµPRYDDGDULQGLFDFLRQHVDFDGDRSHUDGRU

$55$14
$55 48( 3$5
3$5$'$ $ ),,1
%UD]RVH[WHQGLGRV %UD]RGHUHFKRVH³DODQGRKDFLD 0DQRVMXQWDVDODDOWXUDGHOSHFKR
KRUL]RQWDOPHQWHFRQODVSDOPDV DUULEDFRQODSDOPDKDFLDGHODQWH
KDFLDGHODQWH


(/(9$&
(/( 9$&,,•1 '(6&6&((1622 ',6
67$1&,$ $9(5
(577,&$/
%UD]RGHUHFKRVH³DODQGRKDFLD %UD]RGHUHFKRVH³DODQGRKDFLD /DVPDQRVLQGLFDQODGLVWDQFLD
DUULEDFRQODSDOPDKDFLDGHODQWH DEDMRFRQODSDOPDKDFLDGHODQWH\ SHUWLQHQWH
\ODPDQRWUD]DQGROHQWDPHQWHXQ ODPDQRWUD]DQGROHQWDPHQWHXQ
F¯UFXOR F¯UFXOR

029,0
029 0,(
(1722+$&,$ 02
0299,0,((1772+$& &,$$75ƒ6 3(/ *52 3$5
3(/,* 3$5$ $'$'(
$'(
$' (/$
$177( $PERVEUD]RVGREODGRVFRQODV (0(5*
(0(5 *(1&,$
$PERVEUD]RVGREODGRVFRQODV SDOPDVKDFLDDEDMR\PRYLHQGRORV $PERVEUD]RVOHYDQWDGRVFRQODV
SDOPDVKDFLDDUULED\PRYLHQGR DQWHEUD]RVOHQWD\UHSHWLGDPHQWH SDOPDVKDFLDGHODQWH
ORVDQWHEUD]RVOHQWD\ KDFLDDEDMRDOHM£QGRVHGHOFXHUSR
UHSHWLGDPHQWHKDFLDDUULED\KDFLD
HOFXHUSR
 7«FFQLLFDGHFRQ
QGXFFL
FLµ
µQ

 'LLDJUDPDGHVH³
³DOL]DF
FLµ
µQ

6('(%(87,/,=$5(1/$
',5(&&,•1,1',&$'$
(OEUD]RH[WHQGLGR
KRUL]RQWDOPHQWHFRQODSDOPD
KDFLDDEDMR\HOEUD]RKDFLHQGR
SHTXH³RVPRYLPLHQWRVDGHODQWH\
DWU£VOHQWDPHQWHKDFLDODGHUHFKD
6('
6('(%(%(8
87,,/,=$5(
(1//$ ',,67$1&,$ $+25,=217$ $/
',,5(&&,,•1,,1',,&$''$ /DVPDQRVLQGLFDQODGLVWDQFLD
(OEUD]RH[WHQGLGR SHUWLQHQWH
KRUL]RQWDOPHQWHFRQODSDOPD
KDFLDDEDMR\HOEUD]RKDFLHQGR
SHTXH³RVPRYLPLHQWRVDGHODQWH\
DWU£VOHQWDPHQWHKDFLDOD
L]TXLHUGD
 6H
HJXULGDGGXUDQWHHOVHUUYLF
FLR
R 



6HJXULGDGGXUDQWHHOVHUYLFLR
(VWDVHFFLµQWUDWDGHODVUHJODVGHVHJXULGDGTXHGHEHQVHJXLUVH
DOFRPSUREDU\UHDOL]DUHOVHUYLFLRGHODP£TXLQD9ROYRQR
DFHSWDU£QLQJXQDUHVSRQVDELOLGDGVLVHXVDQRWUDVKHUUDPLHQWDV
GLVSRVLWLYRVGHHOHYDFLµQRP«WRGRVGHWUDEDMRGLVWLQWRVDORV
GHVFULWRVHQHVWDSXEOLFDFLµQ

 (QFDGDVHFFLµQVHGDQRWUDVUHJODVGHVHJXULGDGWH[WRVGH
LQIRUPDFLµQ\GHDGYHUWHQFLD
1277$
6RORHOSHUVRQDOHQWUHQDGRSXHGHHOHYDU\DSR\DUODP£TXLQD

$'
'9(57(1&,$
c5LHVJRGHTXHPDGXUDV
/DVSDUWHVFDOLHQWHVGHODP£TXLQDSXHGHQFDXVDUTXHPDGXUDV
3HUPL
3H PLWWDTXHOODVS
SDUWHHVFFDOOLHQWHHVG GHODP£TTXLQD
DVVHH
HQIU¯HHQDQWH
HV
GH
HUHD
DOL]]DUD
DMXVVWH
HVR
RVHUUYL
YLFLR8WLLOLF
FHH
HTXXLSRGHSURWWHFFL
FLµµQ
SH
HUVR
VRQQDOO


 6H
HJXULGDGGXUDQWHHOVHUUYLF
FLR
R

 3R
RVLF
FLµ
µQGHPDQWHQLPLHQWR

3RVLFLµQGHPDQWHQLPLHQWR
3RVLFLµQGHPDQWHQLPLHQWR
$17(6GHHPSH]DUXQWUDEDMRGHVHUYLFLRODP£TXLQDGHEHVHU
$17(6GHHPSH]DUXQWUDEDMRGHVHUYLFLR
FRORFDGDVREUHWHUUHQRQLYHODGR\SUHSDUDUVHFRPRVHLQGLFDD
FRQWLQXDFLµQ/DP£TXLQDGHEHHVWDUOLPSLD
'((638
638‹ ‹6GGHKDEHUWWHUPL
PLQQDGRXQWUDE
EDMR
RGHVHUYL
YLFFLR
RWRGDVODV
SODFDVGHSURWHFFLµQGHEHQYROYHUDLQVWDODUVHHOFDSµ\WRGDV
ODVFXELHUWDVGHEHQFHUUDUVH\EORTXHDUVH

    

9

    

 &RQHFWHHOEORTXHRGHODDUWLFXODFLµQGHO
EDVWLGRU
 %DMHHOLPSOHPHQWR\DSµ\HORVREUHHOVXHOR
 $SOLTXHHOIUHQRGHHVWDFLRQDPLHQWR\DSDJXHHO 
PRWRU
 )LMHXQDHWLTXHWDGHDGYHUWHQFLDDPDULOOD\QHJUD
HQHOYRODQWH HQ((88VHSXHGHXVDUXQD
EDQGHUDURMDHQVXOXJDU 
 &DOFHODVUXHGDVSHMFRQFX³DV
$SDJXHHOGHVFRQHFWDGRUGHEDWHU¯D
1227$
'HVFRQHFWHORVFDEOHVGHEDWHU¯DGHODVEDWHU¯DV
SDUDTXHQRTXHGHQDGDGHDOLPHQWDFLµQHQOD
P£TXLQDSRUHMHPSORSDUDVXVWLWXLUHOPRWRUGH
DUUDQTXHHODOWHUQDGRUHOSUHFDOHQWDGRU\SDUD
UHWLUDUHOPRWRURODFDELQD
 6H
HJXULGDGGXUDQWHHOVHUUYLF
FLR
R 
3R
RVLF
FLµ
µQGHPDQWHQLPLHQWR 
  3HUPLWDTXHODP£TXLQDVHHQIU¯H
$'9(57(1&,$
5LHVJRGHLQ\HFFLµQGHDOWDSUHVLµQ
/DGHVFDUJDGHDFHLWHKLGU£XOLFRSXHGHSURYRFDU $'
'9(57(1&,$
OHVLRQHVJUDYHVFXDQGRVHSUR\HFWDVREUHODSLHO c5LHVJRGHTXHPDGXUDV
(ODFHLWHKLGU£XOLFRHVW£EDMRDOWDSUHVLµQ /RVO¯TXLGRV\SLH]DVGHODP£TXLQDTXHHVW«Q
'HVSUHVXULFHHOVLVWHPDKLGU£XOLFRDQWHVGH FDOLHQWHVSXHGHQFDXVDUTXHPDGXUDV
WUDEDMDUHQ«O 'HHMHT
TXH
HODP£TTXLQD
DVHHQIUU¯H
HDQWHVG
GHLQLF
FLDU
3DUDGHVSUHVXUL]DUJLUHODOODYHGHDUUDQTXHDOD QLQ
QJ¼QVVHUYL
YLFLR
R
SRVLFLµQGHHQFHQGLGR  /DVWXEHU¯DV
SUHVXUL]DGDV\ORVGHSµVLWRVGHSUHVLµQGHEHU¯DQ
GHVSUHVXUL]DUVHFXLGDGRVDPHQWHSDUDOLEHUDUOD
DOWDSUHVLµQVLQULHVJR9HDODS£JLQD
 5HWLUHODOODYHGHDUUDQTXH  'HVSOLHJXH\EORTXHHORVJXDUGDEDUURV


 6H
HJXULGDGGXUDQWHHOVHUUYLF
FLR
R

 $Q
QWHVG
GHOVHUUYLF
FLR
ROHD

$QWHVGHOVHUYLFLROHD
3UHYHQJDORVGD³RVSHUVRQDOHV
/HDODVLQVWUXFFLRQHVGHO/LEURGHLQVWUXFFLRQHVDQWHVGHLQLFLDU
XQWUDEDMRHQODP£TXLQD7DPEL«QHVLPSRUWDQWHOHHU\VHJXLU
ODLQIRUPDFLµQ\ODVLQVWUXFFLRQHVGHODVSODFDV\SHJDWLQDV
1ROOHYHURSDVXHOWDQLMR\DVTXHSXHGHQHQJDQFKDUVH\
SURYRFDUOHVLRQHV
8WLOLFHVLHPSUHXQFDVFRJDIDVGHVHJXULGDGSURWHFWRUDV
JXDQWHVGHWUDEDMR]DSDWRVSURWHFWRUHVGHWUDEDMRSURWHFFLµQ
UHVSLUDWRULD\SURWHFFLµQDXGLWLYDFXDQGRHOWUDEDMRORUHTXLHUD
$VHJ¼UHVHGHTXHODYHQWLODFLµQHVVXILFLHQWHVLVHYDD
DUUDQFDUHOPRWRUEDMRWHFKR
1RVHSRQJDGHODQWHQLGHWU£VGHODP£TXLQDFXDQGRHVW«HQ
PDUFKDHOPRWRU

$SDJXHHOPRWRUDQWHVGHTXLWDUODVWDSDVGHSURWHFFLµQRDEULU
ORVFDSµVGHOPRWRU
&XDQGRVHKDDSDJDGRHOPRWRUKD\SUHVLµQUHVLGXDO
DFXPXODGDHQHOVLVWHPD6LVHDEUHXQVLVWHPDDQWHVGHKDEHU
GHVFDUJDGRODSUHVLµQHOIOXLGRSXHGHVDOLUSUR\HFWDGRDDOWD
SUHVLµQ
3DUDFRPSUREDUVLKD\IXJDVXWLOLFHXQSDSHORXQWUR]RGH
FDUWµQQXQFDODPDQR
$VHJ¼UHVHGHTXHODVVXSHUILFLHVSDUDDQGDUORVDVLGHURV\
ODVVXSHUILFLHVDQWLGHVOL]DQWHVHVW£QOLPSLDVGHDFHLWH
JDVµOHRVXFLHGDG\KLHOR
6¼EDVH¼QLFDPHQWHSRUODVSDUWHVGHODP£TXLQDGRWDGDVFRQ
SURWHFFLµQDQWLGHVOL]DQWH YHDODLOXVWUDFLµQSULQFLSDO 
(VLPSRUWDQWHXVDUODVKHUUDPLHQWDV\ORVHTXLSRVDGHFXDGRV
/DVKHUUDPLHQWDVRORVHTXLSRVHVWURSHDGRVGHEHQUHSDUDUVH
RVXVWLWXLUVH
6LVHKDGHUHDOL]DUXQWUDEDMRGHVHUYLFLREDMRXQLPSOHPHQWR
9 DVHJ¼UHVHGHTXHHVWHHVW«DVHJXUDGRDQWHVGHLQLFLDUHO
3URWHFFLµQDQWLGHVOL]DQWHFRORFDFLµQ LOXVWUDFLµQ WUDEDMR$SOLTXHHOEORTXHRGHSDODQFDV\HOIUHQRGH
GHOSULQFLSLR HVWDFLRQDPLHQWR

3UUHYHQ
QJDORVG
GD³RVD
DODP£TXLQD
6LHVQHFHVDULRHOHYDUODP£TXLQDRFRORFDUVREUHFDEDOOHWHV
XWLOLFHXQHTXLSRFRQVXILFLHQWHFDSDFLGDGGHHOHYDFLµQ
9ROYRQRDFHSWDU£UHVSRQVDELOLGDGDOJXQDVLVHHPSOHDQ
GLVSRVLWLYRVGHHOHYDFLµQKHUUDPLHQWDVP«WRGRVGHWUDEDMR
OXEULFDQWHV\SLH]DVGLVWLQWRVGHORVGHVFULWRVHQHVWH/LEURGH
LQVWUXFFLRQHV
$VHJ¼UHVHGHTXHQRVHKDROYLGDGRVREUHODP£TXLQDRGHQWUR
GHHOODQLQJXQDKHUUDPLHQWDXRWURREMHWRTXHSXHGDFDXVDU
GD³RV
'HVFDUJXHODSUHVLµQGHOVLVWHPDKLGU£XOLFRDQWHVGHLQLFLDU
WDUHDVGHVHUYLFLR
/DVP£TXLQDVXVDGDVHQXQHQWRUQRFRQWDPLQDGRRHQXQD
]RQDSHOLJURVDSDUDODVDOXGGHEHQHTXLSDUVHSDUDHOOR
$GHP£VVHDSOLFDQQRUPDVGHVHJXULGDGHVSHFLDOHVSDUDORV
WUDEDMRVGHVHUYLFLRHQHVDVP£TXLQDV
/DLQVWDODFLµQGHXQUDGLRWHO«IRQRWHO«IRQRPµYLORHTXLSR
VLPLODUGHEHU£HIHFWXDUVHVHJ¼QODVLQVWUXFFLRQHVGHO
IDEULFDQWHSDUDHOLPLQDUODVLQWHUIHUHQFLDVFRQORVVLVWHPDV\
ORVFRPSRQHQWHVHOHFWUµQLFRVGHVWLQDGRVDOIXQFLRQDPLHQWRGH
ODP£TXLQD9HUODS£JLQD
3DUDODVPHGLGDVTXHGHEHQDGRSWDUVHFRQPRWLYRGHOD
VROGDGXUDHO«FWULFDYHUODS£JLQD
 6H
HJXULGDGGXUDQWHHOVHUUYLF
FLR
R 
$Q
QWHVG
GHOVHUUYLF
FLR
ROHD 
$QWHVGHDUUDQFDUHOPRWRU\FRPHQ]DUDXVDUODP£TXLQD
FRPSUXHEHTXHWRGDVODVFKDSDVSURWHFWRUDVWDSDV\FDSµV
VHHQFXHQWUDQHQVXVLWLR
8VHWUHVSXQWRVGHDSR\R GRVSLHV\XQDPDQR SDUDOLPSLDU
RUDVFDUHOKLHORGHODVYHQWDQLOODVUHWURYLVRUHV\F£PDUDV
3UHYHQ
QJDHOLPSDFWR
RPHGLRDPELHQWDO
7HQJDHQFXHQWDHOPHGLRDPELHQWHFXDQGRUHDOLFHVHUYLFLR\
PDQWHQLPLHQWR/RVDFHLWHV\IOXLGRVQRFLYRVSDUDHOPHGLR
DPELHQWHTXHVHGHVFDUJDQHQODQDWXUDOH]DFDXVDQGD³RVHQHO
PHGLRDPELHQWH(ODFHLWHWDUGDPXFKRWLHPSRHQ
GHVFRPSRQHUVHHQHODJXD\HQVHGLPHQWRV8QOLWURGHDFHLWH
SXHGHHVWURSHDUPLOORQHVGHOLWURVGHDJXDSRWDEOH/DP£TXLQD
GHEHOLPSLDUVHHQXQUHFLQWRFRQVHSDUDGRUGHDFHLWHRHTXLSR
HTXLYDOHQWH
1277$
&RP¼QDWRGRVORVSXQWRVLQGLFDGRVDEDMRHVTXHORVGHVHFKRV
GHEHQHQWUHJDUVHDXQDHPSUHVDGHWUDWDPLHQWRGHUHVLGXRVTXH
FXHQWHFRQDSUREDFLµQRILFLDO
&XDQGRVHYDF¯DQDFHLWHV\O¯TXLGRVVHGHEHQUHFRJHUHQXQ
UHFLSLHQWHFROHFWRUDGHFXDGR\DGRSWDUODVPHGLGDV
QHFHVDULDVSDUDHYLWDUGHUUDPHV
/RVILOWURVXVDGRVGHEHQYDFLDUVHGHWRGRO¯TXLGRDQWHVGH
PDQLSXODUORVFRPRGHVHFKRV&XDQGRFDPELHILOWURVGH
DPLDQWRHOILOWURGHDPLDQWRXVDGRGHEHFRORFDUVHHQODEROVD
GHSO£VWLFRFRQVHOODGRVXPLQLVWUDGDFRQFDGDSDTXHWHGHILOWUR
GHDPLDQWR1RDJLWHHOILOWURGHDPLDQWRFROµTXHOR
FXLGDGRVDPHQWHHQODEROVDGHSO£VWLFRVXPLQLVWUDGD6HOOHOD
EROVDGHSO£VWLFR\DVHJ¼UHVHGHTXHVHGHSRVLWDHQXQOXJDU
DGHFXDGRSDUDGHVHFKRVGHDPLDQWR
/DVEDWHU¯DVFRQWLHQHQVXVWDQFLDVSHOLJURVDVSDUDHOPHGLR
DPELHQWH\ODVDOXG3RUFRQVLJXLHQWHODVEDWHU¯DVXVDGDV
GHEHQWUDWDUVHFRPRUHVLGXRSHOLJURVRSDUDHOPHGLR
DPELHQWH
/RVFRQVXPLEOHVFRPRWUDSRVJXDQWHV\ERWHOODVXVDGRV
WDPEL«QSXHGDQHVWDUFRQWDPLQDGRVFRQDFHLWHV\O¯TXLGRVTXH
VHDQSHOLJURVRVSDUDHOPHGLRDPELHQWH(QWDOHVFDVRVGHEHQ
VHUWUDWDGRVFRPRUHVLGXRSHOLJURVRSDUDHOPHGLRDPELHQWH

 6H
HJXULGDGGXUDQWHHOVHUUYLF
FLR
R

 3UUHSDUDWLYRV
VD
DQWHVG
GHODVOODERUHVG
GHVHUUYLF
FLR
R

3UHSDUDWLYRVDQWHVGHODVODERUHVGH
VHUYLFLR
%DWHU¯DGHVFRQH[LµQ\FRQH[LµQ
'HVFRQH[LµQ
 $SDUTXHODP£TXLQDHQODSRVLFLµQGHVHUYLFLR&RQVXOWH
S£JLQD

$9,6
62
5LHV VJRRGHGD³RVD DOODP
P£T TXLQ
QD
8QD DPDQQLSXOODFLµQLQFRUUUH UHF
FWD
DGHOVLVWHHPDHO««FWUULFRSSRGU¯D D
FDX
FD XVDUUG
GD³RV VD
DOODP£TXLQD
$VHJ¼
$VH ¼UHVVHGHHTXHODDP£P£TXLQD DQR
RUH
UHFFLE
EDDOOLP
PHQWWDFLµQ QHOO«F
FWUULFD
WWH
HQVLµ
µQ FFROORFDQ QGRH HOH
HQFHQG GLGRH
HQODS
SRVLFLµµQ ODXQLGDG
GH HSDQWDDOODGHLQIIRUPD
PDF FLµQWDPELL«QGGHEHHU¯DDH
HVWD DUD
DSDJDGD
 $VHJ¼UHVHGHTXHODP£TXLQDHVW«VLQDOLPHQWDFLµQHO«FWULFD
WHQVLµQ GHVFRQHFWDQGRHOFDEOHGHOWHUPLQDOSRVLWLYR
V¯PERORP£V GHODEDWHU¯D
$F
FRS
SODPLHQWR

$9,6
62
5LHV
VJR
RGHGHVSH HUIH
HFWRRVHHQODP£T TXLQDD
/D
DPD
PDQQLS
SXOODFLµ
µQLQF
FRUUUH
UHFFWD
DGH
HOVL
VLV
VWH
HPDHOO«FWUULF
FRSXH
HGHFD
FDXVDUU
GD
D³RVHHQODP£TXLQD D
$VHJ
$VH J¼UHVHGHTTXHHOHQFFHQQGLGRHVW« «HQODSRVLFLµQQD
DQWH
HV
GH
HHPSH H]DUUD
DWUDEEDMDU
 &RQHFWHHOFDEOHDOWHUPLQDOSRVLWLYR V¯PERORP£V GHOD
EDWHU¯D
 5HWLUHODP£TXLQDGHODSRVLFLµQGHVHUYLFLR

6R
ROGD
DGXUD
12
27$
6RORXQVROGDGRUFXDOLILFDGRSXHGHUHDOL]DUWUDEDMRVGHVROGDGXUD
HQODP£TXLQD

$'
'9(57(1&,$
5LHVJRGHLQKDODFLµQGHWR[LQDV
/DFRPEXVWLµQGHSLH]DVSLQWDGDVGHSO£VWLFRRGHJRPD
SURGXFHJDVHVSHUMXGLFLDOHVSDUDODVY¯DVUHVSLUDWRULDV
1R RTXHPHQXQFDQLQJXQD
DSLH]DSLQWD
DGDR
RG
GHJRPDQLQ
QLQJ
J¼Q
SOO£VWLLFR

$9,6
62
(QWRGR RVOORVWWUDE
EDMMRVGGHVROG
GDGXUDVHGHEHU£WHQHUD
DP
PDQRXQ
H[
[WLLQWWRUG
GHLQFHQ QGLLRV

$9,6
62
$QWWHVGGHHPSH H]DUUOORVWWUDE
EDMMRVG
GHVROGDGXUDHO«FWUULF
FDGHE
EHQ
LQ
QWHUUX
UXPSLLUVH
VHOODVFFRQH H[LRQHVD DODEDWHU¯D
DE
EDWHU¯D
DV7RGDVOODV
FRQ
FR QH[LRRQHV VDOD
DVXQLGDG GHVGH HPD
PDQGR (&(&8 GH HEHQLQ QWH
HUUX
UXP
PSLUUVH
VH
&RRQHFWD DUH
HOFFRQ
QGXFWR RUDDWLHUUD
UDG
GHOOHTX
XLSRG
GHVROGGDGXUDORPP£V V
FHUUFD
FH FDG
GHOSSXQ QWRGHVROGDG GXUDSRVLEOH
 6H
HJXULGDGGXUDQWHHOVHUUYLF
FLR
R 
3UUHSDUDWLYRV
VD
DQWHVG
GHODVOODERUHVG
GHVHUUYLF
FLR
R 
 $SDJXHODDOLPHQWDFLµQHO«FWULFDFRQHOGHVFRQHFWDGRUGH
EDWHU¯D
 'HVFRQHFWHODVEDWHU¯DVHPSLHFHSRUHOERUQHQHJDWLYR\D
FRQWLQXDFLµQHOERUQHSRVLWLYR
 'HVHQFKXIHODVXQLGDGHVHOHFWUµQLFDV3DUDP£VLQIRUPDFLµQ
FRQWDFWHFRQXQW«FQLFRGHVHUYLFLRFXDOLILFDGR
 &RQHFWHODFRQH[LµQGHPDVDGHOHTXLSRGHVROGDGXUDORP£V
FHUFDSRVLEOHGHOSXQWRGHVROGDGXUD\DVHJ¼UHVHGHTXHOD
FRUULHQWHQRSDVDDWUDY«VGHXQFRMLQHWH
 $VHJ¼UHVHGHXQDEXHQDYHQWLODFLµQ
 4XLWHWRGDODSLQWXUDHQXQUDGLRGHFRPRP¯QLPRFP LQ
DOUHGHGRUGHOSXQWRGHVROGDGXUD
 $OWHUPLQDUGHVROGDUGHVFRQHFWHHOFDEOHGHPDVD
 (QFKXIHODVXQLGDGHVHOHFWUµQLFDV
 &RQHFWHODVEDWHU¯DV
 &RQHFWHODFRUULHQWHHO«FWULFDFRQHOLQWHUUXSWRUGHEDWHU¯D
9HDWDPEL«QODS£JLQD

7RPDGHFRUUULHQ
QWH
+D\GRVWRPDFRUULHQWHVGHYROWLRVSDUDFRQHFWDUOXFHVGH
WUDEDMRH[WHUQDVRSDUDDOLPHQWDUDUW¯FXORVHO«FWULFRVFRPRXQD
ERPEDGHYDF¯R8QRHVW£VREUHHOGHSµVLWRKLGU£XOLFR\HORWUR
GHQWURGHODUHMLOOD DFFHVLEOHFXDQGRVHDEUHODUHMLOOD 



9

7RPDFRUULHQWHVREUHHOGHSµVLWRKLGU£XOLFR

 6H
HJXULGDGGXUDQWHHOVHUUYLF
FLR
R

 3UH
HSDUDWLYRVVD
DQWHVG
GHODVOODERUHVG
GHVHUUYLF
FLR
R

9

7RPDFRUULHQWHHQHOLQWHULRUGHODUHMLOOD
 6H
HJXULGDGGXUDQWHHOVHUUYLF
FLR
R 
3UH
HYHQ
QFLµ
µQGHLQFHQ
QGLRV 

3UHYHQFLµQGHLQFHQGLRV

$'9(57(1&,$
5LHVJRGHLQFHQGLR
2SHUDUHQHQWRUQRVFRQSDUW¯FXODVLQIODPDEOHVXRWUDVSDUW¯FXODV
H[SORVLYDVHQHODLUHSRGU¯DDXPHQWDUHOULHVJRGHLQFHQGLR
8VHH
HTXLLSRHVSH HFLD
DO\X
XQDYHQ
QWLODFLµ
µQDGHFXD
DGDDORSH
HUDUH
HQ
HQ
QWRUQR
RVS
SHOOLJUURV
VRVV
6LHPSUHKD\ULHVJRGHLQFHQGLR$YHULJ¾HHOWLSRGHH[WLQWRUTXH
VHXVDHQVXOXJDUGHWUDEDMR\DSUHQGDDXVDUOR8QH[WLQWRUHV
XQHTXLSRRSFLRQDOTXHSXHGHDGTXLULUHQVXFRQFHVLRQDULR6LOD
P£TXLQDHVW£HTXLSDGDFRQH[WLQWRUGHEHU£JXDUGDUVH«VWHHQ
ODSDUWHSRVWHULRUGHOJXDUGDEDUURVGHODQWHUR
6LODP£TXLQDHVW£HTXLSDGDFRQH[WLQWRUPDQXDO«VWHGHEHVHU
GHOWLSR$%( $%&HQ1RUWHDP«ULFD /DGHVLJQDFLµQ$%(
VLJQLILFDTXHSXHGHXVDUVHSDUDH[WLQJXLUIXHJRVWDQWRHQ
PDWHULDOHVRUJ£QLFRVVµOLGRVFRPRHQO¯TXLGRV\TXHHODJHQWH
H[WLQWRUQRFRQGXFHODHOHFWULFLGDG/DFDWHJRU¯DGHHILFDFLD,
VLJQLILFDTXHHOH[WLQWRUGHEHWHQHUXQWLHPSRUHDOGHH[WLQFLµQGH
FRPRP¯QLPRVHJXQGRVODFDWHJRU¯DGHHILFDFLD,,FRPR
P¯QLPRVHJXQGRV\ODFDWHJRU¯DGHHILFDFLD,,,FRPRP¯QLPR
VHJXQGRV
8QH[WLQWRUPDQXDO$%(,VXHOHWHQHUXQFRQWHQLGRHILFD]GHNJ
OE  FODVH(1$%& QRUPD(1SDUWHV\

0H
HGLGDVG
GHSUHYHQ
QFLµ
µQGHLQFHQ
QGLRV
(VW£SURKLELGRIXPDURKDFHUIXHJRHQODVFHUFDQ¯DVGHOD
P£TXLQDGXUDQWHHOUHSRVWDMHRFXDQGRHOVLVWHPDGH
FRPEXVWLEOHHVW£DELHUWR\HQFRQWDFWRFRQHODLUHFLUFXQGDQWH
(OJDVµOHRHVLQIODPDEOH\QRGHEHXWLOL]DUVHSDUDODOLPSLH]D
(QYH]GHHOORXWLOLFHSURGXFWRVSDUDHOFXLGDGRGHDXWRPµYLOHV
GHVWLQDGRVSDUDODOLPSLH]DRHOGHVHQJUDVH7HQJDWDPEL«Q
HQFXHQWDTXHDOJXQRVGLVROYHQWHVSXHGHQFDXVDUHUXSFLRQHV
HQODSLHOGD³DUODSLQWXUDRFRQVWLWXLUXQSHOLJURGHLQFHQGLR
0DQWHQJDOLPSLRHOOXJDUGHWUDEDMRGRQGHVHYD\DDUHDOL]DU

HOVHUYLFLR(ODFHLWH\HODJXDSXHGHQKDFHUTXHHOVXHOR\ODV
VXSHUILFLHVSDUDDQGDUVHDQUHVEDODGL]DV(VWRSXHGHVHU
WDPEL«QSHOLJURVRHQFRPELQDFLµQFRQHTXLSRVHO«FWULFRVR
KHUUDPLHQWDVHO«FWULFDV/DURSDHPSDSDGDFRQDFHLWH\OOHQD
GHJUDVDSXHGHFRQVWLWXLUXQJUDYHSHOLJURGHLQFHQGLR
&RPSUXHEHGLDULDPHQWHTXHODP£TXLQD\HOHTXLSRHVW£Q
OLEUHVGHSROYR\DFHLWH$V¯VHUHGXFHHOULHVJRGHLQFHQGLR
DGHP£VGHTXHUHVXOWDP£VI£FLOGHVFXEULUSLH]DVGD³DGDVR
VXHOWDV
127 7$
7HQJDPXFKRFXLGDGRVLXVDXQFKRUURGHDJXDDDOWDSUHVLµQ
SDUDODOLPSLH]D\DTXHEDVWDFRQXQDSUHVLµQ\XQDWHPSHUDWXUD
UHODWLYDPHQWHEDMDVSDUDGD³DUORVFRPSRQHQWHV\FDEOHV
HO«FWULFRV3URWHMDDGHFXDGDPHQWHORVFRPSRQHQWHV\FDEOHV
HO«FWULFRV
7HQJDHVSHFLDOFXLGDGRHQODOLPSLH]DGHXQDP£TXLQDTXH
IXQFLRQDHQXQHQWRUQRLQIODPDEOHFRPRXQDVHUUDGHURXQ
EDVXUHUR6HSXHGHUHGXFLUDGLFLRQDOPHQWHHOULHVJRGH
LQIODPDFLµQHVSRQW£QHDPRQWDQGRDLVODPLHQWRHQHO
VLOHQFLDGRU
 6H
HJXULGDGGXUDQWHHOVHUUYLF
FLR
R

 3UH
HYHQ
QFLµ
µQGHLQFHQ
QGLRV
(VQHFHVDULRFXLGDUHOH[WLQWRUSDUDTXHIXQFLRQHFXDQGRVHD
QHFHVDULR
&RPSUXHEHTXHORVWXERVGHFRPEXVWLEOHODVPDQJXHUDV
KLGU£XOLFDVODVPDQJXHUDVGHIUHQR\ORVFDEOHVHO«FWULFRVQR
KD\DQVLGRGD³DGRVSRUURFHRQRHVW«QHQSHOLJURGHVHU
GD³DGRVDV¯SRUXQPDOPRQWDMHRILMDFLµQ
7RGRVORVFDEOHVHO«FWULFRVGHODP£TXLQDHVW£QSURWHJLGRVSRU
PDQJXHUDVFRUUXJDGDV QHJUDV (OFDEOHFRUWRHQWUHEDWHU¯DV
QRWLHQHXQDPDQJXHUDFRUUXJDGD\HVURMR/RVFDEOHVVLQ
IXVLEOHVHVW£QGLVSXHVWRVFRPRVLJXH
 HQWUHEDWHU¯DV
 HQWUHXQDEDWHU¯D\HOUHO«GLV\XQWRUGHODEDWHU¯D
 HQWUHHOUHO«GHGHVFRQH[LµQGHEDWHU¯D\HOPRWRUGHDUUDQTXH
 HQWUHHOPRWRUGHDUUDQTXH\ODFDMDGHIXVLEOHV
/RVFDEOHVHO«FWULFRVQRGHEHQHVWDUHQFRQWDFWRGLUHFWRFRQ
WXEHU¯DVGHDFHLWHRFRPEXVWLEOH
1RVXHOGHQLDPROHHQOXJDUHVOOHQRVGHO¯TXLGRLQIODPDEOH
WDOHVFRPRORVGHSµVLWRV\ORVWXERVKLGU£XOLFRV2EVHUYHXQ
P£[LPRGHFXLGDGRDOUHDOL]DUHVDVWDUHDVHQODVFHUFDQ¯DVGH
GLFKRVOXJDUHV0DQWHQJDXQH[WLQWRUDODPDQR
0HGLGDVH
HQFDV
VRGHLQFHQ
QGLR
6LODVFFLUUFX
6L FXQVWD
DQFLDDVOORSHUPL
PLWWHQ\H
HVS
SRVLE
EOHVVLQSHOLJURSDUDVVX
VHJXUULG
VH GDG GDGR
RSWWHODVVVLJ
JXLHQ
QWHVPPHG GLGDVD
DQWH
HODP P£VVP
P¯Q QLP
PD
LQGLLFDF
FLµQ QGHIXHJJR
 3DUHODP£TXLQDVLHVW£HQPRYLPLHQWR
 'HVFLHQGDORVLPSOHPHQWRVDOVXHOR
 0XHYDHOEORTXHRGHSDODQFDVDODSRVLFLµQGHEORTXHDGR
 *LUHODOODYHGHHQFHQGLGRDODSRVLFLµQGHSDUDGD
 6DOJDGHODFDELQD
 $YLVHDORVERPEHURV
 'HVFRQHFWHHOLQWHUUXSWRUGHEDWHU¯DVLSXHGHDFFHGHUD«VWH
GHIRUPDVHJXUD
 ,QWHQWHDSDJDUHOIXHJRVLHVSRVLEOH'HORFRQWUDULRDO«MHVH
GHODP£TXLQD\GHOD]RQDGHULHVJR
0H
HGLGDVG
GHVSX
X«VG
GHXQLQFHQ
QGLR
6LXQDP£TXLQ
6L QDKDH
HVWD
DGRH H[SXHVWD
DDXQLQFHQQGLRRD
DFXD
DOT
TXLHU
RWWURFDOOHQWWDPLHHQWR
RIXHUWH
HGHEHU£QDGR
RSWD
DUVH
VHOODVP
PHG GLGDV
VG
GH
SUURWWHFFL
FLµµQVLJ
JXLHQ
QWHV
8VHJDIDVGHSURWHFFLµQ\JUXHVRVJXDQWHVGHSURWHFFLµQ
KHFKRVGHJRPD
1RWRTXHQXQFDFRQODVPDQRVGHVSURWHJLGDVSLH]DV
TXHPDGDVSDUDHYLWDUHOFRQWDFWRFRQPDWHULDOHVSRO¯PHURV
IXQGLGRV/DYHSULPHURPLQXFLRVDPHQWH\HQDEXQGDQFLDFRQ
DJXDGHFDO XQDVROXFLµQGHKLGUµ[LGRGHFDOFLRHVGHFLUFDO
DSDJDGD 
3DUDHOPDQHMRGHJRPDGHIOXRURFDUERQRFDOHQWDGDYHUOD
S£JLQD

6LVWH
HPDGHVXS
SUHVLµQ
QGHLQFHQ
QGLRV
V
HTXLSRRSFLR
RQDO
(OVLVWHPDGHH[WLQFLµQGHLQFHQGLRVHVXQVLVWHPDGHURFLDGRUHV
SDUDHOFRPSDUWLPHQWRGHOPRWRU\FXHQWDFRQERTXLOODVGH
DVSHUVLµQ(OVLVWHPDVHUHFRPLHQGDSDUDODVP£TXLQDVTXH
RSHUDQHQFRQGLFLRQHVFRQSHOLJURGHLQFHQGLR
 6H
HJXULGDGGXUDQWHHOVHUUYLF
FLR
R 
3UH
HYHQ
QFLµ
µQGHLQFHQ
QGLRV 
(OVLVWHPDVDWLVIDFHUORVUHTXLVLWRVGH6%) UHJODVVXHFDV
SDUDHTXLSRGHURFLDGRUHVHQPRQWDMHILMR\RWURVGLVSRVLWLYRVGH
SURWHFFLµQFRQWUDLQFHQGLRVHQP£TXLQDVIRUHVWDOHV\GHREUDV
S¼EOLFDV 
0RG
0R GRDXWWRP£WWLFR
(QHOPRGRDXWRP£WLFRVRORVHHQFLHQGHHOGLRGROXPLQLVFHQWH
YHUGH $FWLYDGR HQHOSDQHOGHPDQGRV9HUODS£JLQD
(OVLVWHPDGHURFLDGRUHVVHDFWLYDDXWRP£WLFDPHQWHHQGRV
PRGRV
 FXDQGRODP£TXLQDQRHVW£HQRSHUDFLµQ SHMHQHO
DSDUFDPLHQWR FRQHOPRWRUSDUDGR\WDPEL«QFXDQGROD
FRUULHQWHSULQFLSDOHVW£FRUWDGD LQWHUUXSWRUGHEDWHU¯D
GHVFRQHFWDGR R
 FXDQGRHOIUHQRGHHVWDFLRQDPLHQWRHVW£DSOLFDGRFRQHOPRWRU
9 HQPDUFKD
&LUFXLWRGHGHWHFWRU\URFLDGRU (QFDVRGHDOWDWHPSHUDWXUDXQFLUFXLWRGHWHFWRUGHVFXEUHHO

LQFHQGLR\VHGLVSDUDDXWRP£WLFDPHQWHHOVLVWHPDGHURFLDGRUHV
8QDYH]GLVSDUDGRHOVLVWHPDHODJHQWHH[WLQWRUGXUD
DSUR[LPDGDPHQWHVHJXQGRV'HVSX«VGHHVRHOGHSµVLWRGH
DJHQWHH[WLQWRUHVWDU£YDF¯R

$ 0RG
GRPDQXD
DO
(QHOPRGRPDQXDOHVW£QHQFHQGLGRVHOGLRGROXPLQLVFHQWH
% YHUGH $FWLYDGR \HOGLRGROXPLQLVFHQWHDPDULOOR 0DQXDO 
9HDODS£JLQD
& (OVLVWHPDGHURFLDGRUHVVHHQFXHQWUDHQODSRVLFLµQPDQXDO HO
FRQGXFWRUDFWLYDHOVLVWHPD FXDQGRODP£TXLQDHVW£HQ
RSHUDFLµQ\HOIUHQRGHHVWDFLRQDPLHQWROLEHUDGR
6LVHGHWHFWDXQLQFHQGLRFXDQGRODP£TXLQDHVW£HQRSHUDFLµQ
VHGDODDODUPDDWUDY«VGHXQDO£PSDUDURMDHQHOSDQHOGH
PDQGRV % \VHDFWLYDODVLUHQDOX]GHGHVWHOORV(QWRQFHVVHU£
QHFHVDULRDFWLYDUPDQXDOPHQWHHOVLVWHPDFRQODSDUDGDGH
HPHUJHQFLD $ DWUDY«VGHOSDQHOGHPDQGRV % RUHWLUDQGROD
MXQWDDQWLPDQLSXODFLµQ  \SUHVLRQDQGRHOERWµQGHDFWLYDFLµQ
9

3LODUGHODQWHURL]TXLHUGRGHODFDELQD
PDQXDO  3DUDP£VLQIRUPDFLµQYHDODS£JLQD
3DUDODVIXQFLRQHVGHOSDQHOGHPDQGRVYHUODS£JLQD

$ 3DUDGDGHHPHUJHQFLD SDUDHOPRWRUFRUWD
c12
27$/D DWD
DSDGHSOO£VWLLFR & VR
VROORGH
HEHHVVWD
DUOH
HYDQ
QWDGDFX
FXD
DQGRR
ODFRUULHQWH\GLVSDUDHOVLVWHPDGH
URFLDGRUHVVLVHLQGLFDXQLQFHQGLR 
VHXV
VH VDHOSD
DQHOGH
HFR
FRQWWUROO(O
(OSUHFFLQ
QWRDQWWLPDQQLSXODFLµQ
QLQGHELG
GD
% 3DQHOGHPDQGRV VHUHS
VH SRQH HH
HQHOVHUUYL
YLF
FLR\\PPDQ QWHQLPLH HQWR
R
& 7DSDGHSO£VWLFR 3DUDODVUHJODVGHVHJXULGDGHQFDVRGHLQFHQGLRYHUODS£JLQD
 
%RWµQGHDFWLLYDF
FLµ
µQPDQXDO

  9
 6H
HJXULGDGGXUDQWHHOVHUUYLF
FLR
R

 3UUHYHQ
QFLµ
µQGHLQFHQ
QGLRV
 3UHFLQWRDQWLPDQLSXODFLµQLQGHELGD
 %RWµQSDUDDFWLYDUHOVLVWHPDGHH[WLQFLµQGHLQFHQGLRV

(OERWµQGHDFWLYDFLµQPDQXDOSXHGHXVDUVHHQWRGDVODV
VLWXDFLRQHVSDUDDFWLYDUHOVLVWHPDGHURFLDGRUHVLQFOXVRFXDQGR
ODP£TXLQDQRHVW£HQPDUFKD\VLQFRUULHQWHHO«FWULFDDOJXQD
 ([WUDLJDHOVHOORDQWLPDQLSXODFLµQLQGHELGDDPDULOOR  
 3UHVLRQHHOERWµQURMR  

$FWLYDFLµQPDQXDOGHOVLVWHPDGHURFLDGRUHVFRQ
HOERWµQGHDFWLYDFLµQPDQXDO

6LUHQDOX]G
GHGHVWH
HOORV
/DVLUHQDOX]GHGHVWHOORVVHDFWLYD
 FXDQGRVHGHWHFWDXQLQFHQGLR
 FXDQGRVHDFWLYDHOVLVWHPDGHURFLDGRUHVDWUDY«VGHOSDQHO
GHPDQGRV
 FXDQGRVHDFWLYDHOVLVWHPDFRQHOERWµQGHDFWLYDFLµQPDQXDO
 FXDQGRVHSUHVLRQDHOERWµQGHSUXHEDHQHOSDQHOGHPDQGRV
3HJDWLQDSDUDVLUHQD XELFDGDMXQWRDODVLUHQDOX] /DVLUHQDOX]GHGHVWHOORVHVWDU£DFWLYDGDKDVWDTXHVHSUHVLRQH
GHGHVWHOORV HOERWµQGHSUXHEDHQHOSDQHOGHPDQGRV6LSHUVLVWHOD
 LQGLFDFLµQGHLQFHQGLRVHDFWLYDU£GHQXHYRODVLUHQDOX]GH
GHVWHOORV&RQWDFWHFRQXQW«FQLFRGHVHUYLFLRFXDOLILFDGR
(V
VSD
DFLR
RSDUDH[WLLQWRUPDQXDO HTXLSRRSFLR
RQDO
+D\HVSDFLRSDUDGRVH[WLQWRUHVPDQXDOHVXQRHQFDGD
JXDUGDEDUURVGHODQWHUR(VWRVFRPSOHPHQWDQHOVLVWHPDGH
URFLDGRUHVILMR\WLHQHQFRPRREMHWRSULQFLSDOSURWHJHUHOHQWRUQR
\SDUDRSHUDFLRQHVGHH[WLQFLµQSRVWHULRUHV/DQRUPDVXHFD
6%)H[LJHTXHKD\DGRVH[WLQWRUHVGHNJ OLE FDGDXQR
SDUDORVWUDEDMRVHQXQHQWRUQRLQIODPDEOH
3DUDXVDUORVH[WLQWRUHVPDQXDOHV
 0DQWHQJDHOH[WLQWRUGHUHFKR\H[WUDLJDHOVHJXUR
 'LULMDODERTXLOODKDFLDODEDVHGHODVOODPDVDXQDGLVWDQFLD
GHFRPRP¯QLPRPHWUR LQ 
3HJDWLQDSDUDH[WLQWRUPDQXDO XELFDGDMXQWRDO  3UHVLRQHHOJDWLOOR
H[WLQWRUFRUUHVSRQGLHQWH

 6H
HJXULGDGGXUDQWHHOVHUUYLF
FLR
R 
3UUHYHQ
QFLµ
µQGHLQFHQ
QGLRV 
$JHQWHH[WLQWRU
(ODJHQWHH[WLQWRUHVXQSROYREDVDGRHQDJXDTXHHVI£FLOGH
HOLPLQDUODY£QGRORGHVSX«VGHODDFWLYDFLµQGHOVLVWHPD
6LVHDFWLYDHOVLVWHPDGHURFLDGRUHVHODJHQWHH[WLQWRUGXUD
VHJXQGRVDSUR[LPDGDPHQWH
(ODJHQWHH[WLQWRUHVW£SURWHJLGRFRQWUDODFRQJHODFLµQKDVWD
r&

3HJDWLQDSDUDDJHQWHH[WLQWRU XELFDGDHQHO
GHSµVLWRGHDJHQWHH[WLQWRU


$'
'9(57(1&,$
5LHVJRTX¯PLFR
(OFRQWDFWRFRQXQDJHQWHH[WLQWRUTXHFRQWHQJDJOLFROSRGU¯D
SURYRFDUOHVLRQHVSHUVRQDOHV
8VHHHTXLLSRGHSURWWHFFL FLµQSHUUVR
VRQ
QDOO\H
HYLWWHH
HOFFRQWD
DFWRR
(QFDV
(Q VRGGHFRQQWDFWR RFFRQ QORVR
RMR
RVDFO£
£UHOORVFFRQDDJX XD(QFFDV
VR
GH
HFRQQWDFWRRFFRQQOODS
SLHOO£Y
YHOODFRQMDE
EµQ\\DDFO£UHOODFRQQDJXD
&RQQVXOOWHVLH
HPSUHFFRQ QX
XQP P«GLLFRWUDVVH
HQWUUDUH
HQFRQWWDFWR RFFRQ
QX
XQ
DJ
JHQWHHH[WLLQWWRU

9

'HSµVLWRGHDJHQWHH[WLQWRU

'H
HVSX
X«VG
GHODDFWLLYDF
FLµ
µQGHOVLV
VWH
HPDGHURFLD
DGRUHV
7UDVODDFWLYDFLµQGHOVLVWHPDGHURFLDGRUHVFRQWDFWHFRQXQ
W«FQLFRGHVHUYLFLRFXDOLILFDGR
 6H
HJXULGDGGXUDQWHHOVHUUYLFFLR
R

 0D
DQHMRGHPDWHULDOHVS
SHOLJURVRVV

0DQHMRGHPDWHULDOHVSHOLJURVRV
3LQWXUDFDOHQWDGD

$'9(57(1&,$
c5LHVJRGHOHVLRQHVSRUTX¯PLFRV
/DJRPD\ORVSO£VWLFRVFDOLHQWHVSURGXFHQFRPSRQHQWHVWµ[LFRV
TXHSRGU¯DQGD³DUODSLHOGHVSURWHJLGDORVRMRV\HOWUDFWR
UHVSLUDWRULR
1XXQFDFFDOOLHQ
QWH
HR
RHQFLH
HQGDS
SO£V
VWLLFRVR
RJRPDH
HQODP£TXLQQD
&XDQGRVHFDOLHQWDODSLQWXUDVHSURGXFHQJDVHVYHQHQRVRV3RU
HOORDQWHVGHODVROGDGXUDHODPRODGR\HOFRUWHFRQVRSOHWHHV
QHFHVDULRTXLWDUODSLQWXUDHQXQUDGLRP¯QLPRGHFP LQ
DOUHGHGRUGHOOXJDUGHWUDEDMRDQWHVGHUHDOL]DUODVROGDGXUDHO
DPRODGRRHOFRUWHFRQVRSOHWH$GHP£VGHORVHIHFWRVQRFLYRV
SDUDODVDOXGVHREWLHQHXQDXQLµQVROGDGDW«FQLFDPHQWH
GHILFLHQWHFRQIDOORGHODVROGDGXUDFRPRFRQVHFXHQFLDSRVLEOH
0« RGRV
0«WR V\\P
PHG
GLGDV
VG
GHVHJ
JXULGDGSDUDTTXLLWDUOODS
SLQ
QWX
XUD
&KRUURGHDUHQD
 XVHPDVFDULOOD\JDIDVGHSURWHFFLµQ
'LVROYHQWHVSDUDTXLWDUSLQWXUDXRWURVSURGXFWRVTX¯PLFRV
 XVHDVSLUDFLµQSXQWXDOPDVFDULOOD\JXDQWHVGHSURWHFFLµQ
$PRODGRUD
 XVHDVSLUDFLµQSXQWXDOPDVFDULOODJXDQWHV\JDIDVGH
SURWHFFLµQ
1RVHGHEHQTXHPDUQXQFDODVSLH]DVGHVHFKDGDVTXHHVW«Q
SLQWDGDV'HEHU£QHQWUHJDUVHDXQDSODQWDGHWUDWDPLHQWRGH
UHVLGXRVDSUREDGD
*R
RPD\S
SO£VWLLFRV
VFFDOOHQWDGRV
&XDQGRVHFDOLHQWDQORVPDWHULDOHVSRO¯PHURVSXHGHQJHQHUDU
VXVWDQFLDVQRFLYDVSDUDODVDOXG\HOPHGLRDPELHQWH\SRUHOOR
QXQFDGHEHQTXHPDUVHFXDQGRVHGHVHFKDQ
6LVH
6LVHYD
YDQDKD
DFHUWUUDE
EDMRRVGHFR
FRUUWH
HRVR
VROG
GDGXUDHQ QOD
DVFH
FHUUFDQ
Q¯DV
GH
HWWDOHVP
PDWWHULDOH
HVVHGHEHU£QQD
DGRS SWDUOODVVVLJX
XLHQWHVP
PHG GLGDV
GH
HVVHJJXULG
GDG
 3URWHMDHOPDWHULDOFRQWUDHOFDORU
 8VHJXDQWHVJDIDV\PDVFDULOODGHSURWHFFLµQ
*R
RPDGHIOXRURFDUUERQRFDOOHQWDGD

$'
'9(57(1&,$
5LHVJRGHOHVLRQHVJUDYHV
$WHPSHUDWXUDVPX\HOHYDGDODJRPDGHIOXRURFDUERQRIRUPD
VXVWDQFLDVPX\FRUURVLYDVSDUDODSLHO\ORVSXOPRQHV
8WWLOLFHVLH
HPSUHHTXLSR
RG
GHSURWWHFFL
FLµQS
SHUUVR
VRQQDO
6LXQDP£TXLQ
6L QDKDH
HVWD
DGRH H[SXHVWD
DDXQLQFHQQGLRRD
DFXD
DOT
TXLHU
RWWURFDOOHQWWDPLHHQWR
RIXHUWH
HGHEHU£QDGR
RSWD
DUVH
VHOODVP
PHG GLGDV
VG
GH
SUURWWHFFL
FLµ
µQVLJ
JXLHQ
QWHV
8WLOLFHJUXHVRVJXDQWHVGHJRPD\JDIDVGHSURWHFFLµQ
'HVHFKHORVJXDQWHVWUDSRVHWFTXHKD\DQHVWDGRHQ
FRQWDFWRFRQJRPDGHIOXRURFDUERQRFDOHQWDGDGHVSX«VGH
KDEHUORVODYDGRHQDJXDGHFDO XQDVROXFLµQGHKLGUµ[LGRGH
FDOFLRHVGHFLUFDODSDJDGDHQDJXD (VWRVVHWUDWDQFRPR
GHVHFKRVSHOLJURVRV
 6HJXULGDGGXUDQWHHOVHUUYLF
FLR
R 
0D
DQHMRGHPDWHULDOHVS
SHOLJURVRVV 
/D]RQDDOUHGHGRUGHXQDSLH]DTXHKD\DHVWDGRPX\FDOLHQWH
\TXHSXHGDHVWDUKHFKDGHJRPDGHIOXRURFDUERQRGHEH
GHVFRQWDPLQDUVHPHGLDQWHODYDGRPLQXFLRVRFRQDJXDGHFDO
HQDEXQGDQFLD
&RPRPHGLGDGHSUHFDXFLµQPDQHMHVLHPSUHWRGDVODVMXQWDV
DURVWµULFRV\RWUDVMXQWDVGHDFHLWH FRPRVLIXHUDQGHJRPD
GHIOXRURFDUERQR
(O£FLGRIOXRUK¯GULFRSXHGHSHUPDQHFHUHQORVFRPSRQHQWHV
GHODP£TXLQDGXUDQWHYDULRVD³RVGHVSX«VGHXQLQFHQGLR
6LDSDUHFHQLQIODPDFLRQHVHQURMHFLPLHQWRRHVFR]RU\OD
FDXVDVHVRVSHFKDKDEHUVLGRHOFRQWDFWRFRQSURGXFWRVGH
JRPDGHIOXRURFDUERQRDFXGDLQPHGLDWDPHQWHDOP«GLFR1R
REVWDQWHSXHGHQWUDQVFXUULUYDULDVKRUDVDQWHVGHTXH
DSDUH]FDV¯QWRPDDOJXQR\QRKD\DGYHUWHQFLDLQPHGLDWD
1RHVSRVLEOHODYDURDFODUDUHO£FLGRGHODSLHO&RQWDFWHFRQ
XQP«GLFR\WU£WHORFRQYDVHOLQDSDUDTXHPDGXUDVFRQ£FLGR
KLGURIOXµULFR

%DWHU¯DV

$'
'9(57(1&,$
5LHVJRGHTXHPDGXUDVTX¯PLFDV
(OHOHFWUROLWRGHODEDWHU¯DFRQWLHQH£FLGRVXOI¼ULFRFRUURVLYRTXH
SRGU¯DFDXVDUJUDYHVTXHPDGXUDVTX¯PLFDV
6LGH
6L HUUD UDPDHOOHFWUUROLWR
RHQ
QODSLH
HOGHV
VQX XGDTXX¯WHORLQ
QPHG GLDWDPHQWH H
\OODY
YHOD]RQQDDIHFWD DGDFRQQDJXXD\\MMDEµQHHQDEXQ QGDQQFLD6LOOH
VDOOSLFDHQ
VD QORV
VRMMRVRHQFX
FXDDOTXLH
HURWWUDSDUUWH
HVH
VHQQVLEEOHGH
HOFX
FXHHUSR R
HQ
QMXDJ JXHFR
FRQQDJXXDHQDE EXQGD DQFLD
D\DF FXG
GDLQPHG GLDWWDPHQ QWH
HDXQ Q
P«G
P« GLFR
1RIXPHVXHOGHOLMH\HQFLHQGDOODPDVFHUFDGHODVEDWHU¯DV
\DTXHHVWDVGHVSUHQGHQJDVHVH[SORVLYRV 
$VHJ¼UHVHGHTXHQRHQWUHQHQFRQWDFWRFRQORVERUQHVGHOD
EDWHU¯DREMHWRVGHPHWDOWDOHVFRPRKHUUDPLHQWDVDQLOORV\
EUD]DOHWHVGHUHORM
&RPSUXHEHTXHODVSURWHFFLRQHVGHORVERUQHVGHODEDWHU¯D
VLHPSUHHVW£QHQVXVLWLR
1RLQFOLQHXQDEDWHU¯DHQQLQJXQDGLUHFFLµQ3RGU¯DIXJDUVHHO

HOHFWUROLWRGHODEDWHU¯D (VWRQRDSOLFDDEDWHU¯DVVLQ
PDQWHQLPLHQWR 
1RFRQHFWHXQDEDWHU¯DGHVFDUJDGDHQVHULHFRQXQD
FRPSOHWDPHQWHFDUJDGD\DTXHHVWRUHVXOWDU£HQXQULHVJRGH
H[SORVLµQ
3DUDTXLWDUXQDEDWHU¯DGHVFRQHFWHSULPHURHOFDEOHGHPDVD
\SDUDODLQVWDODFLµQFRQHFWHHOFDEOHGHPDVDHQ¼OWLPROXJDU
SDUDUHGXFLUHOULHVJRGHFKLVSDV
/DVEDWHU¯DVGHVHFKDGDVGHEHQWUDWDUVHVHJ¼QODV
GLVSRVLFLRQHVPHGLRDPELHQWDOHVQDFLRQDOHV
&DUJDGHODVEDWHU¯DVHQODS£JLQD
$UUDQTXHFRQEDWHU¯DVDX[LOLDUHVHQODS£JLQD
 6H
HJXULGDGGXUDQWHHOVHUUYLF
FLR
R

 0D
DQHMRGHPDWHULDOHVS
SHOLJURVRVV
3ROYRGHV¯OLFHFULVWDOLQD SROYRGHFXDU]R

$'9(57(1&,$
5LHVJRGHLQKDODFLµQSHOLJURVD
7UDEDMDUHQHQWRUQRVTXHFRQWHQJDQSROYRSHOLJURVRSXHGHOOHYDU
DJUDYHVSUREOHPDVGHVDOXG
/OOHYHH
HTXLLSRGHS
SURWH
HFFL
FLµQSHUVR
VRQD
DODOWUDE
EDMDUUH
HQHQWR
RUQR
RV
SR
ROYRULH
HQWR
RV
(OGLµ[LGRGHVLOLFLRFULVWDOLQRHVXQFRPSRQHQWHE£VLFRGHOD
DUHQD\HOJUDQLWR(QPXFKDVDFWLYLGDGHVHQREUDVGH
FRQVWUXFFLµQ\PLQDVWDOHVFRPRH[FDYDFLµQGH]DQMDVDVHUUDGR
\WDODGUDGRVHSURGXFHXQSROYRTXHFRQWLHQHGLµ[LGRGHVLOLFLR
FULVWDOLQR(VWHSROYRSXHGHFDXVDUVLOLFRVLV
(OHPSOHDGRURODGLUHFFLµQGHOOXJDUGHWUDEDMRGHEHQLQIRUPDU
DOFRQGXFWRUGHODSUHVHQFLDGHGLµ[LGRGHVLOLFLRFULVWDOLQRHQHO
OXJDUGHWUDEDMRGHODVLQVWUXFFLRQHVGHWUDEDMR\PHGLGDV
HVSHFLDOHVQHFHVDULDV\WDPEL«QSURSRUFLRQDUOHHOHTXLSRGH
SURWHFFLµQQHFHVDULR
&RPSUXHEHWDPEL«QODVGLVSRVLFLRQHVORFDOHV\QDFLRQDOHV
UHODWLYDVDOGLµ[LGRGHVLOLFLRFULVWDOLQR\DODVLOLFRVLV
3R
ROYRGHDPLDQWR
(VLPSRUWDQWHPDQWHQHUODFDELQDORP£VOLEUHSRVLEOHGHSROYR
HQJHQHUDO\GHSROYRGHDPLDQWRHQSDUWLFXODU
 (QWUH\VDOJDGHODP£TXLQDHQXQOXJDUDSDUWDGRGHOD]RQD
FRQWDPLQDGDFRQDPLDQWR
 0DQWHQJDODURSD\ORV]DSDWRVOLPSLRVGHSROYR
 /LPSLHODFDELQD\SDVHXQDVSLUDGRUFRQIUHFXHQFLD\XWLOLFH
HTXLSRGHSURWHFFLµQSHUVRQDOFRPRSRUHMHPSORXQD
SURWHFFLµQUHVSLUDWRULDFRQFHELGDSDUD]RQDVFRQWDPLQDGDV
FRQDPLDQWR
 $VHJ¼UHVHGHPDQWHQHUELHQFHUUDGDVODVSXHUWDV\ODV
YHQWDQDVGXUDQWHHOWUDEDMR
/DYHQWLODFLµQGHEHWHQHUOXJDUDWUDY«VGHOVLVWHPDGH
YHQWLODFLµQGHODFDELQDTXHGRWDWDPEL«QSURSRUFLRQD
VREUHSUHVLµQHQODFDELQD
7HQLHQGRHQFXHQWDHOULHVJRSDUDODVDOXG\HOPHGLR
DPELHQWHORVILOWURVXVDGRVGHEHQFRORFDUVHHQODEROVDGH
SO£VWLFRKHUP«WLFDTXHVHVXPLQLVWUDFRQXQILOWURQXHYR$
FRQWLQXDFLµQVHGHEHGHSRVLWDUODEROVDHQXQOXJDU
HVSHFLDOPHQWHGHVWLQDGRDORVGHVHFKRVGHDPLDQWR/RV
ILOWURVGHDPLDQWRGHEHU£QVHUFDPELDGRVSRUXQW«FQLFRGH
VHUYLFLRFXDOLILFDGR
 6H
HJXULGDGGXUDQWHHOVHUUYLF
FLR
R 
0D
DQHMRGHPDWHULDOHVS
SHOLJURVRVV 

)ULJRU¯JHQR
3UHFDXFLRQHVPHGLRDPELHQWDOHV
(OVLVWHPDGHDLUHDFRQGLFLRQDGRGHODP£TXLQDVHOOHQDFRQ
IULJRU¯JHQR5DHQI£EULFD(OIULJRU¯JHQR5DHVXQJDV
IOXRUDGRGHHIHFWRLQYHUQDGHURTXHFRQWULEX\HDOFDOHQWDPLHQWR
JOREDO
1ROLEHUHIULJRU¯JHQRDOPHGLRDPELHQWH9HDHQODS£JLQDOD
FDQWLGDGGHIULJRU¯JHQR5DHQVXP£TXLQD\VXSRWHQFLDOGH
HIHFWRVREUHHOFDOHQWDPLHQWRJOREDO
3UHFDX
XFLR
RQHVG
GHVHJ
JXULGDG
/RVWUDEDMRVHQHOVLVWHPDGHDLUHDFRQGLFLRQDGRVRORGHEHQVHU
OOHYDGRVDFDERSRUXQW«FQLFRGHVHUYLFLRFXDOLILFDGR1RLQWHQWH
UHDOL]DUWUDEDMRVHQHOVLVWHPDGHDLUHDFRQGLFLRQDGR
8WLOLFHJDIDVGHVHJXULGDGJXDQWHVUHVLVWHQWHVDORVTX¯PLFRV
SHMGHQHRSUHQRRJRPDGHEXWLOR \HTXLSRVGHSURWHFFLµQ
SHUVRQDODGHFXDGRVSDUDSURWHJHUODSLHOGHVQXGDFXDQGRH[LVWD
ULHVJRGHFRQWDFWRFRQIULJRU¯JHQR
0H
HGLGDVH
HQFDV
VRGHH[SR
RVLF
FLµ
µQ
&RQ
QWDFWR
RFRQ
QORVRRMRV
VDFODUHFRQDJXDWLELD\DSOLTXHXQOLJHUR
YHQGDMH6ROLFLWHDWHQFLµQP«GLFDGHLQPHGLDWR
&RQ QWDFWR
ROLPLWWDGRFFRQ
QOODS
SLHODFODUHFRQDJXDWLELD\DSOLTXHXQ
OLJHURYHQGDMH6ROLFLWHDWHQFLµQP«GLFDGHLQPHGLDWR
&RQQWDFWR
RH[WH
HQVRFRQOODS
SLHOODFODUDFRQDJXDWLELD\FDOLHQWH
FXLGDGRVDPHQWHHO£UHDFRQDJXDWLELDRWUDSRVWLELRV6ROLFLWH
DWHQFLµQP«GLFDGHLQPHGLDWR
,Q
QKDODFLµ
µQDEDQGRQHHO£UHD\UHVSLUHDLUHIUHVFR6ROLFLWH
DWHQFLµQP«GLFDGHLQPHGLDWR


 6H
HJXULGDGGXUDQWHHOVHUUYLFFLR
R

 0D
DQLSXODFLµ
µQGHFRQ
QGXFWR
RVWXERV\\P
PDQJXHUDV

0DQLSXODFLµQGHFRQGXFWRVWXERV\
PDQJXHUDV

$'9(57(1&,$
5LHVJRGHLQ\HFFLµQGHDOWDSUHVLµQ
/DVIXJDVGHPDQJXHUDVGHDOWDSUHVLµQSRGU¯DQSURYRFDUJUDYHV
OHVLRQHVHQODSLHO\ORVRMRV
6LODV
6L VPDQJXHUDVGH
PDQJXHUDVGHDOWD OWDSUHVLµQ
UHVLµQHVW£Q
VW£QIORMDVR
ORMDVRSUHVHQWDQ
UHVHQWDQIXJDV
XJDV
FRQ
FR QWDFWH
HFFRQXQWW«FQLLFRGHVHUYL
YLF
FLRFXD
DOLIILFDG
GR
0DQWW«QJ
0D JDVHDSDUWD DGRGGHOO¯TXLGRURFLD
DGR
8VVHXQWUUR]
]RGHFD
FDUWµ
µQU¯
U¯J
JLGRSDDUDFR
FRPPSURE EDUVL
VLH[LVWHQ
[LVWHQS«UGLGDV
«UGLGDV
1XQFDXWLOLFHODVPDQRVSDUDFRPSUREDUVLH[LVWHQIXJDV
1RGREOHODVO¯QHDVGHDOWDSUHVLµQ
1RJROSHHODVO¯QHDVGHDOWDSUHVLµQ
1RPRQWHQLQJXQDO¯QHDTXHHVW«GREODGDRGD³DGD
&RPSUXHEHODVO¯QHDVORVWXERV\ODVPDQJXHUDV
FXLGDGRVDPHQWH
1RUHXWLOLFHODVPDQJXHUDVWXERV\KHUUDMHV
1RXVHODVPDQRVVLQJXDQWHVSDUDFRPSUREDUVLKD\IXJDV
$SULHWHWRGDVODVFRQH[LRQHV&RQVXOWHFRQVXFRQFHVLRQDULR
9ROYRHOSDUGHDSULHWHUHFRPHQGDGR
6LVHHQFXHQWUDFXDOTXLHUDGHODVVLJXLHQWHVFRQGLFLRQHVFDPELH
ODVSLH]DV&RQVXOWHFRQVXFRQFHVLRQDULR9ROYR
/DVFRQH[LRQHVGHH[WUHPRHVW£QGD³DGDVRWLHQHQIXJDV
/RVUHFXEULPLHQWRVH[WHUQRVHVW£QFKDIDGRVRFRUWDGRV
/RVFDEOHVGHUHIXHU]RHVW£QDODYLVWD
/RVUHFXEULPLHQWRVH[WHUQRVHVW£QKLQFKDGRV
/DSDUWHIOH[LEOHGHODVPDQJXHUDVHVW£GREODGD
/DVFRQH[LRQHVGHH[WUHPRHVW£QGHVSOD]DGDV
+D\REMHWRVH[WUD³RVHQORVUHFXEULPLHQWRV

$9,6
62
$VH
VHJJ¼UHVVHGHTXHWRGDVOODVD DEUUD]DGHUUDV VJXDUGDV\\SSDQWWDOOODV
W«
«UPL
PLFFDVH HVW£
£QFRUUHUHFWD
DPHQ QWHLQVWDDODGDDV(VWVWR
RFFRQ
QWULEX X\HD
D
SUUHY
YHQQLUOODV
VYYLE
EUDF
FLR
RQHVORVUURF
FHVVFFRQRWUDVVS
SLH]DVV\\OOD
JHHQH
HUDFFLµQ QGHFDORRUH
H[FH
FHVVLYDPHQ QWHLQWHQVR
 0D
DQWHQLPLHQWR 



0DQWHQLPLHQWR
0DQWHQLPLHQWR
(VWDVHFFLµQGHVFULEHORVLQWHUYDORVGHPDQWHQLPLHQWR
SURJUDPDGRVSDUDODP£TXLQD\SURSRUFLRQDLQVWUXFFLRQHVSDUD
ORVSURFHGLPLHQWRVGHPDQWHQLPLHQWRTXHSXHGHUHDOL]DUHO
RSHUDGRU
/RVLQWHUYDORVGHPDQWHQLPLHQWRSURJUDPDGRVGHEHQOOHYDUVHD
FDERVHJ¼QORHVSHFLILFDGRSDUDODP£[LPDILDELOLGDG
UHQGLPLHQWR\VHJXULGDGGHODP£TXLQD

+LLVWR
RULDOOG
GHVHUUYLFLR
R
(OKLVWRULDOGHVHUYLFLRHVXQUHJLVWURGHTXHODP£TXLQDKD
UHFLELGRHOPDQWHQLPLHQWRFRUUHFWR\VHSXHGHFRQVXOWDUDOYHQGHU
ODP£TXLQD5HOOHQHHOKLVWRULDOGHVHUYLFLRGHVSX«VGHFRPSOHWDU
FDGDVHUYLFLRGHPDQWHQLPLHQWRSURJUDPDGR9HDODS£JLQD


3URJUDPDGH
HVHUUYLFLR
(O3URJUDPDGHVHUYLFLRHVXQDOLVWDGHYHULILFDFLµQGHWRGRVORV
LQWHUYDORVGHPDQWHQLPLHQWRSURJUDPDGRVSDUDXQDJDPD
HVSHF¯ILFDGHPRGHORVEDMRFRQGLFLRQHVRSHUDWLYDVQRUPDOHV(O
3URJUDPDGHVHUYLFLRHVW£GLVSRQLEOHGHXQFRQFHVLRQDULRRILFLDO
9ROYR&RQVWUXFWLRQ(TXLSPHQWVHHVIXHU]DFRQWLQXDPHQWHSRU
PHMRUDUODHILFLHQFLD\ODIDFLOLGDGGHVHUYLFLRSRUPHGLRGH
FDPELRVHQHOGLVH³RGHORVSURGXFWRV(VWRVFDPELRVQRVLHPSUH
VHD³DGHQDORV/LEURVGHLQVWUXFFLRQHVSDUDSURGXFWRV\D
VXPLQLVWUDGRV& &RQ
QVXOWWHVVLH
HPSUHHO3UR
URJUDPDGHVHUUYLYLF
FLR
RS
SDUD
RE
EWHQHUOODLLQIIRUPD
PDFFLµQ
QP£VD DFWX
XDOLL]DGD
DVRE
EUHOORV
VLLQWH
HUYD
YDOR
RVG
GH
VHUUYL
VH YLF
FLRGHPDQ QWHQLPLHHQWR
3DUDT
3DU TXHHFXDOOTXLHUJ
JDUDQWW¯DGHI£EULFDVHD DY£OLLGD
DODP£TXLLQD D
GH
HEHUHFLE
ELUP
PDQWHHQLPLHQ QWRFFRQIR RUPH
PHDO3UR
URJUUDPDGHVVHUYLYLFLR
RV3
/R 3UR
URJJUDPDVG GHVVHUUYL
YLF
FLR
RUHOOHQ QDGRVVG
GHEHQDUFKLLYDUUVH VH\VVHUU
SUUHV
VHQ
QWDGRVVD
D9ROYR& &RQV VWUUXFWLLRQ(TXLSPHQ QWEDMRVVROLLFLWX
XG


 0D
DQWHQLPLHQWR

 (VTX
XHPDGHOXEULFDFFLµ
µQ\FFXLLGDGRV

(VTXHPDGHOXEULFDFLµQ\FXLGDGRV
/XEULFDFLµQ
/DYLGD¼WLOGHORVFDVTXLOORV\ORVHMHVGHDUWLFXODFLµQSXHGHQVHU
H[WHQGLGDFRQVLGHUDEOHPHQWHHQJUDVDQGRUHJXODUPHQWHOD
P£TXLQDGHIRUPDFRUUHFWD
/DOXE
EULFDFLµ
µQGHOORVFFRMMLQHWHVWWLHQHGRVR
REMH
HWLLYRV
VS
SULQ
QFLS
SDOH
HV
 $³DGDJUDVDSDUDUHGXFLUODIULFFLµQHQWUHHOSDVDGRU\HO
FDVTXLOOR
 6XVWLWX\DODJUDVDYLHMDTXHSXHGDFRQWHQHUSDUW¯FXODVGH
VXFLHGDG/DJUDVDHQHOHVSDFLRGHGHQWURGHODMXQWDH[WHULRU
DFXPXODODVXFLHGDGLPSLGLHQGRDOPLVPRWLHPSROD
SHQHWUDFLµQGHDJXD\VXFLHGDGHQHOFRMLQHWH


$9,6
62
3DV VHXQSD³RSRUUOORVHHQJUDVVDGGRUHV\\OODSLVWR
RODGHOXEULFDFLµ
µQ
DQ
QWH HVGHHHQJUUDVDUUSD
DUDHY
YLWD
DUTX
XHHQWUUHVX
VXFFLH
HGDG\D
\DUUHQD
DHQORV
FRMMLQHWH
FR HVD
DWUDY
Y«V
VGGHOORVH
HQJUDVDG GRUUHV
(QJUDVHHOFRMLQHWHKDVWDTXHVDOJDJUDVDQXHYD\OLPSLDSRUOD
MXQWDH[WHULRU9HDODJUDVDUHFRPHQGDGDHQODS£JLQD
6HUHTXLHUHQHQWUH\FLFORVFRQXQDSLVWRODGHHQJUDVH
PDQXDOQRUPDOSDUDHQJUDVDUXQFRMLQHWHHQODSOXPD
 0D
DQWHQLPLHQWR 
(VVTX
XHPDGHOXEULFDFFLµ
µQ\FFXLLGDGRV 

&ODYHGHV¯PERORV
(QORVSODQHVGHOXEULFDFLµQ\PDQWHQLPLHQWRVHXVDQORV
VLJXLHQWHVV¯PERORVHVW£QGDU

0RWR
0R RU /XEULF
FDF
FLµ
µQ

7UUDQV
VPL
PLVVLµQ
Q (QJ
(Q JUDV
VDG
GRU

6LV
6LVWH
HPDKLG
GU£XOLFR $FHLWH
$FH HOO¯TXLGR

6LV
6LVWH
HPDGHIIUHQR
RV )LLOWURV

(MH
(MHV )LLOWURG
GHD
DLUH

6LV
6LVWH
HPDGHFFRPEX
XVWLLEOOH &RQ
QWUUROOG
GHQ
QLY
YHO

%DWH
%D HU¯D
D 7H
HQVLµ
µQGHODFRUUH
UHD

$QWLLFRQJHOODQ
$Q QWH /XFHV
VG
GHWHVWLLJR

6LV
6LVWH
HPDGHD
DLUHDFRQ
QGLFLR
RQDGR 'UHQDMMH


 0D
DQWHQLPLHQWR

 (V
VTX
XHPDGHOXEULFDF
FLµ
µQ\F
FXLLGDGRV

(VTXHPDGHOXEULFDFLµQ\FXLGDGRV
,QWHUYDORV
'LDULDPHQWH FDGDKRUDVKRUDVKRUDV\KRUDV H[SOLFDFLµQGHV¯PERORVYHDODS£JLQD 
/+

9
 0D
DQWHQLPLHQWR 
(VTX
XHPDGHOXEULFDF
FLµ
µQ\F
FXLLGDGRV 
(OHPHQWR 3£JLQD $FFLµQ
',$5,$0(17( FDGDKRUDV
  )XQFLRQDPLHQWRGHSUXHED\FRQWURO
 $SDJXHODDOLPHQWDFLµQHO«FWULFDFRQHOGHVFRQHFWDGRUGHEDWHU¯D

(OH
HPHQ
QWR 3£J
3£ JLQD
D &$$'$ +
+25 5$6 6
7UUDV
VFFRP
PSOOHWDUH
HOVVHUUYL
YLFFLR
RGLDULR
R
  (QJUDVHODSOXPD
(QJU£VHODGLDULDPHQWHHQFDVRGHFRQGLFLRQHVGHWUDEDMRGXUDV
  &RPSUXHEHHOQLYHOGHDFHLWHGHOPRWRU FDGDKRUDVRFXDQGR
DSDUH]FDXQPHQVDMHHQODSDQWDOODGHLQIRUPDFLµQ
  &RPSUXHEHORVQHXP£WLFRV SUHVLµQGHLQIODGR\GD³RV
 &RPSUXHEHGLDULDPHQWHVLODP£TXLQDVHXVDSDUDPDQLSXODU
URFDV
 &RPSUXHEHHOQLYHOGHODFHLWHHQHOILOWURGHDLUHHQED³RGHDFHLWH
HTXLSRRSFLRQDO

(OH
HPHQ
QWR 3£J
3£ JLQD
D &$'$$+25$6
'HVSX«VVG
GHKDE
EHUFFRP
PSOOHWD
DGRHOVHUUYL
YLFFLR
RG
GLDULR
R\G
GHK
KRUDV
V
  (QJUDVHORVFRMLQHWHVGHORVFLOLQGURVGHGLUHFFLµQ
(QFRQGLFLRQHVDJUHVLYDVFRUURVLYDVHQJUDVHFDGDKRUDV
  (QJUDVHHOFRMLQHWHVXSHULRUGHODDUWLFXODFLµQGHOEDVWLGRU
(QFRQGLFLRQHVDJUHVLYDVFRUURVLYDVHQJUDVHFDGDKRUDV
  (QJUDVHHOSRUWDLPSOHPHQWRV\ORVLPSOHPHQWRV
(QFRQGLFLRQHVDJUHVLYDVFRUURVLYDVHQJUDVHFDGDKRUDV
(QJU£VHODGLDULDPHQWHHQFDVRGHFRQGLFLRQHVGHWUDEDMRGXUDV
&RQWDFWHFRQXQ &DPELHHOQLYHOGHODFHLWHHQHOILOWURGHDLUHHQED³RGHDFHLWH
W«FQLFRGHVHUYLFLR HTXLSRRSFLRQDO
FXDOLILFDGR
&RPSUXHEHVLKD\IXJDV DFHLWH\RUHIULJHUDQWH  HMHV
WUDQVPLVLµQFRMLQHWHGHOHMHWUDVHURPRWRU\UDGLDGRU

(OH
HPHQ
QWR 3£J
3£ JLQD
D &$'$$+25$6
'HVSX«VVGH
HKD
DEHUUFR
FRPSOOHWDGRHOVH
VHUYL
YLF
FLR
RGLD
DULRGH
HKRUDV\G
\GH

KRUDV
V
  &RQWUROHHOQLYHOGHDFHLWHGHOVLVWHPDKLGU£XOLFR
2VHJ¼QODVH³DO 
  &RPSUXHEHHOQLYHOGHUHIULJHUDQWH
2VHJ¼QODVH³DO
 &RQWDFWHFRQXQ &DPELHHODFHLWH\HOILOWURGHOPRWRU
W«FQLFRGHVHUYLFLR (OLQWHUYDORYDU¯DGHSHQGLHQGRGHOJUDGRGHODFHLWH\GHO
FXDOLILFDGR FRQWHQLGRGHD]XIUHGHOFRPEXVWLEOHYHDODS£JLQD
  (QJUDVHHOFRMLQHWHGHUHVSDOGRGHO£UEROGHWUDQVPLVLµQ
(QXQHQWRUQRDJUHVLYRFRUURVLYRODVDUWLFXODFLRQHVXQLYHUVDOHV
GHEHU¯DQOXEULFDUVHFDGDKRUDV
  &RPSUXHEHHOQLYHOGHDFHLWHGHODWUDQVPLVLµQ
 &RQWDFWHFRQXQ &RPSUXHEHODWHQVLµQGHODVFRUUHDV\VLSUHVHQWDQGD³RV
W«FQLFRGHVHUYLFLR
FXDOLILFDGR
 &RQWDFWHFRQXQ &DPELHORVILOWURVGHFRPEXVWLEOH SUHILOWUR\ILOWURSULQFLSDO
W«FQLFRGHVHUYLFLR
FXDOLILFDGR
 0D
DQWHQLPLHQWR

 (VTX
XHPDGHOXEULFDFFLµ
µQ\FFXLLGDGRV
 &RPSUXHEHHOQLYHOGHDFHLWHGHOFRMLQHWHGHORVHMHVGHODQWHUR\
WUDVHUR
 &RPSUXHEH\OLPSLHHOUDGLDGRUHOFRQGHQVDGRU\HOHQIULDGRUGH
DFHLWHKLGU£XOLFR
&RQWDFWHFRQXQ &DPELHHOILOWURSDUDHOVLVWHPDGHOXEULFDFLµQFHQWUDO HTXLSR
W«FQLFRGHVHUYLFLR RSFLRQDO
FXDOLILFDGR

(OH
HPHQ
QWR 3£JLLQD
3£ 6,(61
6, 1(&(
(6$5
6$5,,2
 &RPSUXHEH\YDF¯HHOVHSDUDGRUGHDJXDGHOILOWURGHFRPEXVWLEOH
FXDQGRVHDQHFHVDULRRFXDQGRVHPXHVWUHHOPHQVDMHHQOD
SDQWDOODGHLQIRUPDFLµQ
 3HUQRVGHUXHGDFRQWUROGHOSDUGHDSULHWH
 /LPSLHODP£TXLQD
 9LHUWDP£VFRPEXVWLEOHHQHOGHSµVLWRGHFRPEXVWLEOH
 9LHUWD$G%OXHp'()HQHOGHSµVLWRGH$G%OXHp'() VRORVH
DSOLFDDP£TXLQDVFRQPRWRU'-
 &RPSUXHEH\UHOOHQHHOVLVWHPDGHOXEULFDFLµQFHQWUDO HTXLSR
RSFLRQDO
 &DUJXHODVEDWHU¯DV
&DPELHODVEDWHU¯DVGHORVFRQWUROHVUHPRWRV
 &DPELHORVIXVLEOHV\RUHO«V
 &DPELHODVERPELOODV
 $MXVWHORVIDURV
$MXVWHODVOXFHVGHWUDEDMR
 /LPSLHHOSUHILOWURGHYHQWLODFLµQGHODFDELQD
1277$
/LPSLHVRORHOSUHILOWUR
 &RPSUXHEHHOQLYHOGHODYDSDUDEULVDVUHOOHQHVLHVQHFHVDULR
 /LPSLHHOFRPSDUWLPHQWRGHOPRWRU
 /LPSLHHOILOWURGHDLUHGHOILOWURSULPDULR
127 7$
(OILOWURVHGHEHUHHPSOD]DUWUDVXQP£[LPRGHFLQFROLPSLH]DV

$FFLR
$FFL RQHVT
TXHSXHGH
HQVVHUUUUHD
DOL]DG
GDV
VS
SRUH
HOR
RSHUDG
GRU

3£J
3£ JLQD &$''$ +255$66
'HVVSX««VGH
GHKDEHU
DEHUFRPSOHWDGR
FRPSOHWDGRHO
OVH
VHUUYL
YLF
FLR
RGLLDUULR
RGH


\\

KRUDV
 5HDOLFHXQDFRPSUREDFLµQGHIUHQRVSDUDHOIUHQRGH
VHUYLFLR
 5HDOLFHXQDFRPSUREDFLµQGHIUHQRVSDUDHOIUHQRGH
HVWDFLRQDPLHQWR

3£J
JLQD &$''$+255$66
'HVVSX««VGH
GHKDEHU
DEHUFRPSOHWDGR
FRPSOHWDGRHO
OVH
VHUUYL
YLF
FLR
RGLLDUULR
RGH


\
KRUDV
V
 (QJUDVHHOFRMLQHWHLQIHULRUGHODDUWLFXODFLµQGHO
EDVWLGRU
(QJUDVHP£VDPHQXGRVLHVQHFHVDULR
 0D
DQWHQLPLHQWR 
(VTX
XHPDGHOXEULFDF
FLµ
µQ\F
FXLLGDGRV 
(QJUDVHODVELVDJUDVGHODVFXELHUWDVWUDPSLOODV\GHOD
FDELQD
(QJUDVHP£VDPHQXGRVLVHDQHFHVDULR

3£J
3£JLQD &$
$'$+25$6
'H
HVSX X«VGH HKDE
EHUFR
FRPSOOHWDGRHOVH
VHUUYL
YLF
FLRGLDUULRGH
\\
KRUDVV
 &RPSUXHEHHOFLQWXUµQGHVHJXULGDG


 0D
DQWHQLPLHQWR

 (VTX
XHPDGHOXEULFDFFLµ
µQ\FFXLLGDGRV
$FFLRQHVDVHUFXPSOLGDVSRUXQW«FQLFRGHVHUYLFLRFXDOLILFDGRDORVLQWHUYDORVLQGLFDGRVDFRQWLQXDFLµQ

35,0(5$6+25$6
'HVSX«VGHKDEHUFRPSOHWDGRHOVHUYLFLRGLDULRGH\KRUDV
&DPELHHODFHLWHGHHMHV\HOILOWURGHDFHLWHGHHMHV

&$
$'$$
+25$6 6
'H
HVSX
X«VG
GHKDEH
HUFFRPSOH
HWD
DGR
RH
HOVHUYL
YLFFLR
RGLDUULRGH\
KRUDV
&DPELHHODFHLWH\HOILOWURGHOPRWRU
6RORVHDSOLFDDP£TXLQDVFRQPRWRU'-ILOWURGHDFHLWHGHPRWRU9ROYR+LJK3HUIRUPDQFH\DFHLWHV
DSUREDGRVVHJ¼Q
2FRPRP¯QLPRXQDYH]DOD³R
&DPELHHOSUHILOWURGHYHQWLODFLµQGHODFDELQD
&DPELHHOILOWURP£VDPHQXGRVLHVQHFHVDULR
&DPELHHOILOWURSULQFLSDOGHYHQWLODFLµQGHODFDELQDVLKD\PRQWDGRXQILOWURGHFDUEµQRXQILOWURGHDPLDQWR
(TXLSDPLHQWRRSFLRQDO
6HUYLFLR\PDQWHQLPLHQWRGHOVLVWHPDGHH[WLQFLµQGHLQFHQGLRV FDGDKRUDVRFDGDPHVHV  (TXLSDPLHQWR
RSFLRQDO
&RPSUXHEHORVFDEOHV\ODVFRQH[LRQHVGHODEDWHU¯D
&RPSUXHEHODSUHVLµQGHORVIUHQRV
9DF¯HHOORGRGHOGHSµVLWRKLGU£XOLFR
5HYLVHODWHQVLµQGHODVFRUUHDVGHOPRWRU
&DPELHHOILOWURGHDFHLWHGHODWUDQVPLVLµQ
&DPELHHODFHLWHGHODWUDQVPLVLµQ\OLPSLHHOFRODGRU
(MHFXWHXQDOHFWXUDGH0$75,6\7HFK7RRO
6RIWZDUHDFWXDOL]DFLµQFRQWURO

&$'$$
+25$6 6
'H
HVSX
X«VG
GHKDEH
HUFFRPSOH
HWD
DGR
RH
HOVHUYL
YLFFLR
RGLDUULRGH\
KRUUDV
&DPELHHOILOWURSULPDULRGHOILOWURGHDLUH FDGDKRUDVXQDYH]DOD³RRFXDQGRVHPXHVWUHHOPHQVDMHHQ
ODSDQWDOODGHLQIRUPDFLµQ
&RPSUXHEHHOSXQWRGHFRQJHODFLµQGHOUHIULJHUDQWH FDGDKRUDVRFRPRP¯QLPRXQDYH]DOD³R
&DPELHHOILOWURGHDFHLWHGHUHWRUQRGHOVLVWHPDKLGU£XOLFR\OLPSLHODYDULOODPDJQ«WLFD
&DPELHHOILOWURGHOUHVSLUDGHURGHOVLVWHPDKLGU£XOLFR
/LPSLHORVLQVHUWRVGHOLPSLH]DGHOED³RGHDFHLWH FDGDKRUDVDOPHQRVXQDYH]DOD³RRFXDQGRDSDUH]FD
XQPHQVDMHHQODSDQWDOODGHLQIRUPDFLµQHOSULPHURTXHRFXUUD  (TXLSDPLHQWRRSFLRQDO
&DPELHHOILOWURSULQFLSDOGHYHQWLODFLµQGHODFDELQD
&DPELHHOILOWURP£VDPHQXGRVLHVQHFHVDULR
&DPELHORVILOWURVGHOUHVSLUDGHURGHORVHMHVGHODQWHUR\WUDVHUR
&DPELHHOILOWURGHOUHVSLUDGHURGHOVLVWHPDGHFRPEXVWLEOH
&DPELHHOILOWURGHYHQWLODFLµQGHODWUDQVPLVLµQ
&RPSUXHEHHODFXPXODGRUGHOVLVWHPDGHVXVSHQVLµQGHODSOXPD %66  (TXLSDPLHQWRRSFLRQDO
&DPELHHODFHLWHGHHMHV HQHOHMHGHODQWHUR\WUDVHUR
&DPELHORVILOWURVGHODFHLWHGHHMHV
&RPSUXHEHVLKD\GHVJDVWHHQHOIUHQRGHVHUYLFLRGHOGLVFRGHIUHQR

&$
$'$$
+25$6 6
'H
HVSX
X«VG
GHKDEH
HUFFRPSOH
HWD
DGR
RH
HOVHUYL
YLFFLR
RGLDUULRGH
\
KRUDV
V
&DPELHHODFHLWHKLGU£XOLFRGHOGHSµVLWRKLGU£XOLFR
(OLQWHUYDORYDU¯DGHSHQGLHQGRGHOJUDGRGHDFHLWHYHD
 0D
DQWHQLPLHQWR 
(VTX
XHPDGHOXEULFDF
FLµ
µQ\FFXLLGDGRV 
&DPELHHOILOWURVHFXQGDULRGHOILOWURGHDLUH FDGDKRUDVGHVSX«VGHWUHVFDPELRVGHOILOWURSULPDULRRFRPR
P¯QLPRFDGDGRVD³RVGHSHQGLHQGRGHORTXHRFXUUDSULPHUR
&DPELHHOILOWURGHDLUHSDUDHOGHSµVLWRGH$G%OXHp'()
VRORVHDSOLFDDP£TXLQDVFRQPRWRU'-
&RPSUXHEH\DMXVWHHOMXHJRGHY£OYXODV
&RPSUXHEHODSUHVLµQGHODFHLWHKLGU£XOLFR
&DPELHHODFHLWHHQHOFRMLQHWHGHOSXHQWHGHORVHMHVGHODQWHUR\WUDVHUR
&DPELHHOILOWURGHOVHFDGRUGHOVLVWHPDGHDLUHFRPSULPLGR VRORVHDSOLFDDP£TXLQDVFRQPRWRU'-
DP£VWDUGDUHQHOSOD]RP£[LPRGHD³RV

&$'$$
+
+25$6
'H
HVSX
X«VG
GHKDEHUFFRPSOHWD
DGRHOVHUUYL
YLFLR
RG
GLDUULRGH
\\
K
KRUDV
V
&DPELHHOILOWURGHSDUW¯FXODVGL«VHO'3) VRORVHDSOLFDDP£TXLQDVFRQPRWRU'-
2VLVHPXHVWUDHOPHQVDMHGHLQIRUPDFLµQ&DPELR'3)QHFHSURQWR

&$
$'$$
+
+25$6
'H
HVSX
X«VG
GHKDEHUFFRPSOHWD
DGRHOVHUUYL
YLFLR
RG
GLDUULRGH
\
KRUDV
V
&DPELHHODQWLFRQJHODQWH FDGDKRUDVRDP£VWDUGDUFDGDFXDWURD³RV
&RPSUXHEHHOWXER9HQWXULGHOD(*5 VRORVHDSOLFDDP£TXLQDVFRQPRWRU'-

3DUUDP£T
3D TXLQDV
VFFRQVLVWH
HPDG
GHOOXEUULF
FDF
FLµQ
QFFHQWUUDOO VL
VLVVWH
HPDGHH
HQJUDVHD DODS£JLQD
DXWRP£WWLFR YHD 


 0D
DQWHQLPLHQWR

 6H
HUYLF
FLR
RGHPDQWHQLPLHQWRFDG
GDKRUDV

6HUYLFLRGHPDQWHQLPLHQWRFDGD
KRUDV
3UXHEDGHFRQGXFFLµQ\FRQWURO
5HDOL]DGRGLDULDPHQWH

3HJDWLQDVGHDGYHUWHQFLD
 &RPSUXHEHTXHWRGDVODVSHJDWLQDVGHDGYHUWHQFLDVH
HQFXHQWUDQHQVXVLWLRVLJXHQOHJLEOHV\QRSUHVHQWDQGD³RV
YHDODS£JLQD

&RQWUROH[WH
HULRU
 &RPSUXHEHTXHODP£TXLQDQRSUHVHQWDGD³RVH[WHUQRVR
SLH]DVGHIHFWXRVDVVXHOWDV(VSHFLDOPHQWHHQORV
QHXP£WLFRVODVPDQJXHUDV\ORVWXERV
 &RPSUXHEHTXHQRKD\IXJDVYLVLEOHV
 /LPSLH\UDVTXHODVYHQWDQDV\ORVUHWURYLVRUHV
 &RPSUXHEHTXHHODOXPEUDGRGHWUDEDMR\ORVIDURVHVW«Q
OLPSLRVHLQWDFWRV
 &RPSUXHEHTXHODF£PDUDGHUHWURYLVLµQ HTXLSRRSFLRQDO
HVW£OLPSLDHLQWDFWD
 &RPSUXHEHTXHHVW«GHVFRQHFWDGRHOFLHUUHGHODMXQWDGHO
EDVWLGRU
 $VHJ¼UHVHGHTXHHVW£QFHUUDGRVHOFDSµODVFKDSDVGH
IDOGµQEDMRODFDUURFHU¯D\ODVFKDSDVGHSURWHFFLµQ
 &RPSUXHEHWRGRVORVUHIOHFWRUHV
 &RPSUXHEHTXHQRHVW£QEORTXHDGDVODVUXHGDV
 &RPSUXHEHTXHHOLQWHUUXSWRUGHEDWHU¯DHVW£FRQHFWDGR

/X
XFHVVLQVWUUXPHQWRV\\P
PDQGRV
 $MXVWHHOYRODQWH\HODVLHQWRGHORSHUDGRU3DUDDMXVWDUHO
DVLHQWRGHORSHUDGRUYHDODS£JLQD
 *LUHHOHQFHQGLGRDODSRVLFLµQ SRVLFLµQGHRSHUDFLµQ \
FRPSUXHEHTXHWRGDVODVO£PSDUDVWHVWLJRGHDFWLYDQ\TXH
ORVLQGLFDGRUHVPXHVWUDQOHFWXUDV
 &RPSUXHEHTXHKD\VXILFLHQWHFRPEXVWLEOH\$G%OXHp'()
HQORVGHSµVLWRV
 &RPSUXHEHHOIXQFLRQDPLHQWRGHWRGDVODVOXFHV
 &RPSUXHEHTXHHOFLQWXUµQGHVHJXULGDGSXHGHDEURFKDUVH\
QRHVW£GD³DGR$EURFKHHOFLQWXUµQGHVHJXULGDG
 &RPSUXHEHTXHQRKD\QLQJXQDSHUVRQDHQODVFHUFDQ¯DVGH
ODP£TXLQD9HDODS£JLQD
 $UUDQTXHHOPRWRU
 &RPSUXHEHTXHWRGDVODVO£PSDUDVWHVWLJR\GHDGYHUWHQFLD
HVW£QDSDJDGDV&XDQGRHVW£DSOLFDGRHOIUHQRGH
HVWDFLRQDPLHQWRVHHQFLHQGHODO£PSDUDGHDGYHUWHQFLD
FRUUHVSRQGLHQWH
 &RPSUXHEHTXHODERFLQDIXQFLRQD
 0D
DQWHQLPLHQWR 
6H
HUYLFFLR
RGHPDQWHQLPLHQWRFDG
GDKRUDV 
6LVWHPDGHIUHQRV IUHQRGHVHUYLFLR
 'HMHHOPRWRUHQUDOHQW¯PLHQWUDVVHDFXPXODODSUHVLµQ
 &RPSUXHEHTXHQRDSDUHFHQDGYHUWHQFLDVVREUHHOVLVWHPD
GHIUHQRV
 'HVDFWLYHHOIUHQRGHHVWDFLRQDPLHQWR\SLVHHOSHGDOGHIUHQR
DIRQGR&RPSUXHEHTXHQRVHGLVSDUDXQDDODUPDHQOD
P£TXLQD
 3RQJDODP£TXLQDHQPRYLPLHQWRFRQFXLGDGR\KDJDOD
SUXHEDGHORVIUHQRV/RVIUHQRVGHEHQDSOLFDUVHFRQ
VXDYLGDG\VLQJHQHUDUUXLGRDOJXQR

6LLVWH
HPDGHGLUHFFL
FLµµQ
 *LUHHOYRODQWHKDVWDWRSHHQDPEDVGLUHFFLRQHVGHUHFKDH
L]TXLHUGD
 &RPSUXHEHTXHODGLUHFFLµQHVW£OLEUHGHKXHOJRV\UXLGRV

$OODUPDGHPDUFKD
DDWU£V&
&£PDUDUHWURYLV
VRUUD HTXLSR
SFLR
RS RQDO
 3RQJDHOVHOHFWRUGHPDUFKDVHQPDUFKDDWU£V
 &RPSUXHEHTXHODDODUPDGHPDUFKDDWU£V\ODF£PDUD
UHWURYLVRUD HTXLSRRSFLRQDO IXQFLRQHQ
 3DUHHOPRWRU

0H
HGLGDVG
GHVSX
X«VG
GHODRSHUDFLµ
µQ
/OHQHHOGHSµVLWRGHFRPEXVWLEOHFRQORFXDOVHLPSLGHOD
IRUPDFLµQGHDJXDGHFRQGHQVDFLµQ
1277$
&RQWDFWHFRQXQW«FQLFRGHVHUYLFLRFXDOLILFDGRVLKD\XQ
SUREOHPDFRQFXDOTXLHUDGHORVDUW¯FXORVDQWHULRUHV

,QWWHUUXSWRUGHEDWHU¯D
(OLQWHUUXSWRUGHEDWHU¯DHVW£VLWXDGRGHQWURGHODFXELHUWDGHEDMR
GHODSODWDIRUPDHQHOODGRL]TXLHUGRGHODP£TXLQD
1277$
&RQHOPRWRUSDUDGR\ODOODYHGHHQFHQGLGRHQODSRVLFLµQ
DSDJXHODDOLPHQWDFLµQHO«FWULFDFRQHOGHVFRQHFWDGRUGHEDWHU¯D
GLDULDPHQWHDV¯FRPRFXDQGRODP£TXLQDQRVHXWLOL]D(VWR

FRQVHUYDODVEDWHU¯DVDOHYLWDUODGHVFDUJDGHODEDWHU¯DTXH
SRGU¯DSURYRFDUXQDYLGD¼WLOUHGXFLGDGHODEDWHU¯D

9

'HVFRQHFWDGRUGHEDWHU¯D

 0D
DQWHQLPLHQWR

 6HUUYLF
FLR
RGHPDQWHQLPLHQWRFDG
GDKRUDV

6HUYLFLRGHPDQWHQLPLHQWRFDGD
KRUDV
1LYHOGHDFHLWHGHOPRWRUFRQWURO
$ % &RPSUXHEHHOQLYHOGHDFHLWHFDGDKRUDVRFXDQGRDSDUH]FD
XQPHQVDMHHQODSDQWDOODYHDODS£JLQD
(OQLYHOGHEHU¯DHVWDUHQWUHODVPDUFDVGHODYDULOODGH
PHGLFLµQ

9

$ 7XERGHOOHQDGR
% 9DULOODGHQLYHO


1HX
XP£WLFRFRQ
QWUROGH
HODSUHVLµQ
QGHLQIIODG
GR

$'
'9(57(1&,$
5LHVJRGHH[SORVLµQ
,QIODUXQQHXP£WLFRSRGU¯DSURYRFDUVXH[SORVLµQ/DH[SORVLµQ
GHXQQHXP£WLFRSRGU¯DSURYRFDUOHVLRQHVPRUWDOHV
8VVHXXQPDQ QGULOOGHD
DLUHDXWWRDFRSSODEOHFRQ QXQD DPDQ QJXHUDOOR
VXIILFLH
VX HQWWHPHQ QWHODUJD DFRPPRSSDUDSHUPLPLWWLUTTXHH HOQ
QHXP£WWLFRVH
LQ
QIOHVLQVLWWXDUVH
VHMXVWRRHQIUHQQWHHGHOODOOODQWDD\OORP£VVD
DSDUWDDGR
SRRVLEEOH$VH
$VHJJ¼UUHVHGHTX XHQDDGLHHHV
VW££GH HODQ
QWHRSD DVDSRUUG
GHOODQWH
H
GHODOODQ
QWDGXUDQWWHHOLQIODGR R

1RUPDOPHQWHVHGHEHQREVHUYDUODVSUHVLRQHVGHLQIODGR
UHFRPHQGDGDV9HDODS£JLQD1RREVWDQWHODVFRQGLFLRQHV
HVSHFLDOHVGHOWHUUHQRSXHGHQKDFHUQHFHVDULRDMXVWDUODSUHVLµQ
GHORVQHXP£WLFRV6LJDODVLQVWUXFFLRQHVGHOSURYHHGRUGH
QHXP£WLFRV\QRVXSHUHODVSUHVLRQHVP£[LPDVSHUPLWLGDV
(VSRVLEOHTXHVHKD\DHQWUHJDGRODP£TXLQDGHIDEULFDFRQ
SUHVLµQHOHYDGDHQORVQHXP£WLFRV3RUHOORFRPSUXHEH\DGDSWH
ODSUHVLµQGHDLUHVHJ¼QODVUHFRPHQGDFLRQHVDQWHVGHXVDUOD
P£TXLQDSRUSULPHUDYH]
 0DQWHQLPLHQWR 
6H
HUYLFFLR
RGHPDQWHQLPLHQWRFDG
GDKRUDV 

$'9(57(1&,$
c5LHVJRGHH[SORVLµQ
,QWHQWDUUHSDUDURVROGDUXQDOODQWDFRQXQQHXP£WLFRLQIODGR
SXHGHSURYRFDUTXHVHSDUWDODOODQWDRTXHH[SORWHHOQHXP£WLFR
/DH[SORVLµQGHXQQHXP£WLFRSXHGHSURYRFDUOHVLRQHVPRUWDOHV
/DDUHSSDUDF
FLµ
µQGHQHXP£WWLFRV V\\OOODQWWDVG
GHE
EHVHUOOOH
HYDG
GDDFDER
SRRUX
XQW«FQLLFRGHVVHUUYL
YLFLR
RFFXDOOLILFDGR R
/D
DVVLJXLHQWHVLQVWUXFFL
VLJXLHQWHVLQVWUXFFLRRQHVVH
VHDSOLFDQ
SOLFDQVL
VLHVQHFHVDULR
QHFHVDULROOHQDU
OHQDUP£V£V
DLUHHQXQQHXP£WLFR\D
DLUHHQXQQHXP£WLFR\DLQIIODGR R6L
6LVH
VHKDYD
YDFFLD
DGRWR
RGRHOODLUUHGH
HO
QH
HXP£WWLFRGLU¯MMDVHDXQP
PHF£QLLFRG
GHVHUYL
YLFLR
RFXD
DOLLILLFDGRR
 &XDQGRVHPLGDODSUHVLµQGHLQIODGRHOQHXP£WLFRGHEHU£
HVWDUIU¯R\ODP£TXLQDVLQFDUJD
 +DJDTXHVHDOHMHQRWUDVSHUVRQDVGHOD]RQDGHSHOLJUR
GHODQWHGHODOODQWD 
 3µQJDVHMXQWRDODEDQGDGHURGDGXUDGHOQHXP£WLFR/RV
QHXP£WLFRVPRQWDGRVHQXQDOODQWDGLYLGLGDSXHGHQH[SORWDU
KDFLDDIXHUDFDXVDQGRGD³RVSHUVRQDOHVHLQFOXVRPRUWDOHV
 8WLOLFHXQDPDQJXHUDGHDLUHFRPSULPLGRODUJD FRQERTXLOOD
DXWREORFDQWH TXHSHUPLWDPDQWHQHUVHIXHUDGHOD]RQDGH
SHOLJUR
 /RVQHXP£WLFRVGHUXHGDVDOPDFHQDGDV UXHGDVGHUHSXHVWR
GHEHU£QJXDUGDUVHHQSRVLFLµQKRUL]RQWDO\VµORFRQHODLUH
VXILFLHQWHSDUDPDQWHQHUODVSDUWHVGHODOODQWDHQVXVLWLR
 1RVHGHEHUHOOHQDUXQQHXP£WLFRFRQDLUHVLVHKDFRQGXFLGR
ODP£TXLQDFRQXQDSUHVLµQGHDLUHHQHOQHXP£WLFRSRUGHEDMR
GHOGHODSUHVLµQGHDLUHP£VEDMDUHFRPHQGDGDVHJ¼QOD
HVSHFLILFDFLµQVLKD\XQGD³RDSDUHQWHHQHOQHXP£WLFRROD
OODQWDRVLVHVRVSHFKDTXHORKD\

1HX
XP£WLFRV
VFRQ
QWUROG
GHOGH
HVJD
DVWH
H
&R
RPSUXHEH
 TXHTXHGDVXILFLHQWHHVFXOSLGRHQHOQHXP£WLFR
 TXHQRHVW£YLVLEOHHOFRUGDMHHQODEDQGDGHURGDGXUD
 ORVODWHUDOHVGHORVQHXP£WLFRV\TXHQRSUHVHQWDQFRUWHV
SURIXQGRVTXHOOHJDQKDVWDHOFRUGDMH

)LLOWUR
RGHDLUH
HHQED³RGH
HDFHLLWH
HFRQ
QWURO
&RPPSUUXHHEHHOODF
FHLLWHHQ
QOD
DFX
FXEEHWD
DFD
FDGGDKR
RUDV
V P£VDPH
P£VDPHQXG
GR 
FXD
FX DQGRVHD
DQQHFHVDULR R
 3RQJDODP£TXLQDHQODSRVLFLµQGHVHUYLFLRVHJ¼QODS£JLQD

 (VSHUHPLQXWRVSDUDTXHHODFHLWHSDVHDOGHSµVLWRGH
DFHLWH
 $IORMHHOGHSµVLWRGHDFHLWHFRQHOFDUWXFKRGHILOWURLQIHULRU\
UHW¯UHOR
 &RPSUXHEHODFDOLGDGGHODFHLWH(ODFHLWHGHEHU¯DFDPELDUVH
VLFRQWLHQHORGR\HVHVSHVR&RQWDFWHFRQXQW«FQLFRGH
VHUYLFLRFXDOLILFDGR
 &RPSUXHEHHOODGRLQIHULRUGHOFDUWXFKRGHILOWUR(ODFHLWH
GHEHU¯DFDPELDUVHVLKD\GHSµVLWRVGHORGR&RQWDFWHFRQXQ
W«FQLFRGHVHUYLFLRFXDOLILFDGR
 0RQWHGHQXHYRHOGHSµVLWRGHDFHLWH
 0D
DQWHQLPLHQWR

 6H
HUYLF
FLR
RGHPDQWHQLPLHQWRFDG
GDKRUDV
/XEULFDFLµQ
%DVWLGRUGHHOHYDFLµQHQJUDVH

 %DVWLGRUGHHOHYDFLµQ 

(QJUDVHGLDULDPHQWHHQFRQGLFLRQHVDJUHVLYDVFRUURVLYDV
 0D
DQWHQLPLHQWR 
6H
HUYLF
FLR
RGHPDQWHQLPLHQWRFDG
GDKRUDV 

6HUYLFLRGHPDQWHQLPLHQWRFDGD
KRUDV
6HSDUDGRUGHDJXDYDFLDGR
9DF¯HODWUDPSDGHDJXDFXDQGRHQSDQWDOODVHPXHVWUHXQ
PHQVDMHYHDODS£JLQD
127$
c1RXVHODERPEDPDQXDOSDUDYDFLDUHOVHSDUDGRUGHDJXD
 ,QWURGX]FDHOH[WUHPRGHODPDQJXHUDHQXQFRQWHQHGRU
 $IORMHHOUDFRUGHYDFLDGRKDVWDTXHVHYHDQEXUEXMDVGHDLUH
HQHOVHSDUDGRUGHDJXD
 9DF¯DKDVWDTXHVDOJDFRPEXVWLEOHOLPSLRGHODPDQJXHUD\
KDVWDTXHWRGDHODJXDKD\DGHVDSDUHFLGR
 $SULHWHHOUDFRUGHYDFLDGRGHVSX«VGHOYDFLDGR
'HV
VHFKHORVVIILOWWURVDFHLLWHV\\IIOXLGR
RVGGHIRUPD
PDVVHJX
XUDSDUDHO
PHG
PH GLRDPELLHQWH H9HDODS£JLQD 

9

$ % &

$ 0DQJXHUD
% 5DFRUGHYDFLDGR
& 6HSDUDGRUGHDJXD



 0D
DQWHQLPLHQWR

 6H
HUYLF
FLR
RGHPDQWHQLPLHQWRFDG
GDKRUDV
(QJUDVH
&RMLQHWHVXSHULRUGHODXQLµQGHOEDVWLGRU\FRMLQHWHV
GHORVFLOLQGURVGHODGLUHFFLµQHQJUDVH

9

 
3XQWRVGHHQJUDVH
 $UWLFXODFLµQGHOEDVWLGRUFRMLQHWHVXSHULRU 
 &LOLQGURVGHGLUHFFLµQFRMLQHWHV 


 9

3XQWRVGHHQJUDVH
 &RMLQHWHVGHORVFLOLQGURVGHGLUHFFLµQ

 0D
DQWHQLPLHQWR 
6H
HUYLF
FLR
RGHPDQWHQLPLHQWRFDG
GDKRUDV 

6HUYLFLRGHPDQWHQLPLHQWRFDGD
KRUDV
(QJUDVH
&RMLQHWHVGHDSR\R

9

3XQWRVGHHQJUDVH
 &RMLQHWHGHVRSRUWH

1LY
YHOOG
GHDFHLLWHGH
HODWUDQVPLLVLµQ
QFRQ
QWUR
RO
&RP
PSUUXH
HEHHOQ
QLYHOOG
GHOD
DFHLWH
HFFDG
GDKRUDV
V
$OFRPSUREDUODP£TXLQDGHEHU¯DHVWDUVREUHWHUUHQRQLYHODGR
$ % FRQHOVHOHFWRUGHPDUFKDVHQSXQWRPXHUWR\HOIUHQRGH
HVWDFLRQDPLHQWRDSOLFDGR
&RQODP£TXLQDDWHPSHUDWXUDGHIXQFLRQDPLHQWR\HOPRWRUD
UDOHQW¯EDMRHOQLYHOGHODFHLWHGHODWUDQVPLVLµQGHEHU¯DHVWDU
HQWUHODVPDUFDVGH+,*+\/2:GHODSDUWHLLQIH HULR
RUGHODPLULOOD
(ODFHLWHVHOOHQDSRUHOWXERGHOOHQDGR
&DOLGDGGHDFHLWHYHUODS£JLQD
+£J JDVHFD
FDUUJR
RGH
HOR
RVILLOWWURV
VDF
FHLLWHV\IOOXLGR
RVGH
HIR
RUPD
PDVH
VHJJXUDSD
DUD

HOOPHG
GLRDPELLHQ QWH9HDOODS£JLLQD 

9

$ 0LULOODGHQLYHO
% 7XERGHOOHQDGR

 0D
DQWHQLPLHQWR

 6H
HUYLF
FLR
RGHPDQWHQLPLHQWRFDG
GDKRUDV
(QIULDGRU\FRQGHQVDGRUOLPSLH]D
/LPSLHHOUDGLDGRUHOFRQGHQVDGRU\HOHQIULDGRUGHDFHLWH
KLGU£XOLFRFDGDKRUDV
1227$
(OUDGLDGRUGHEHU¯DOLPSLDUVHDLQWHUYDORVUHJXODUHVSDUD
JDUDQWL]DUODUHIULJHUDFLµQGHOPRWRU$ORSHUDUEDMRFRQGLFLRQHV
HVSHFLDOPHQWHSROYRULHQWDVHOUDGLDGRUGHEHU¯DFRPSUREDUVH
GLDULDPHQWH6LODP£TXLQDFXHQWDFRQXQYHQWLODGRUGH
UHIULJHUDFLµQUHYHUVLEOHORVLQWHUYDORVVHSXHGHQDMXVWDUSDUD
LQYHUWLUWHPSRUDOPHQWHHOVHQWLGRGHJLURGHOYHQWLODGRUSDUD
OLPSLDUHOUDGLDGRUYHDODS£JLQD
127$
/LPSLHVLHPSUHHOFRQGHQVDGRU\HOHQIULDGRUGHDFHLWHKLGU£XOLFR
DOPLVPRWLHPSRTXHOLPSLDHOUDGLDGRUYHDDFRQWLQXDFLµQ

$'
'9(57(1&,$
5LHVJRGHDSODVWDPLHQWR\FRUWH
/DVSLH]DVJLUDWRULDVSXHGHQSURYRFDUOHVLRQHVJUDYHV
$S
$SDDJXH HODP£TTXLQD
DDQWHVG
GHOLPSLLDUOD
DR
RFFXD
DOTXLH
HUFFRPSR
RQHQWWH
GH
HOODP
PLV
VPD
PD

$'
'9(57(1&,$
5LHVJRGHOHVLRQHVJUDYHV
(ODLUHFRPSULPLGRHODJXDDSUHVLµQRHOYDSRUSXHGHQFDXVDU
GD³RVHQORVRMRV\ODSLHOVLQSURWHFFLµQ
8V
VHVVLH
HPSUUHJJXDQWH HVJDIDV\\UURSD
DGHSURWWHFFL
FLµ
µQS
SHUVR
VRQD
DO
FXD
FX DQGRRXVHDLUHFRP
PSULP PLG
GRDJXDDSUHV VLµQRYDS
SRU

$'
'9(57(1&,$
5LHVJRGHLQKDODFLµQSHOLJURVD
8QSROYRSHOLJURVRSXHGHSURYRFDUJUDYHVSUREOHPDVGHVDOXG
8WWLOLFHVLH
HPSUHHTXLSR RVG
GHSURWHHFFL
FLµµQS
SHUVRVRQ
QDOLQFOX\
\HQ QGRRX
XQDD
PDVFD
PD FDUULOOODFRQILOWURSURWH
HFFL
FLµQ
QR
RFXOODU\\J
JXDQQWHVD DGHFFXDG GRVD
DO
PDQLLSXODU\OLLPSLDUHOOFR
PD FRP
PSDUWLLPHQWWRGHOPRPRWRRUORVH
HQIIULD
DGR
RUHV\\
OR
RVIILOWURV
VG GHD
DLUH

1227$
(OFRQGHQVDGRUHOQ¼FOHRGHOUDGLDGRU\HOHQIULDGRUGHDFHLWH
KLGU£XOLFRSXHGHQGD³DUVHVLQRVHPDQHMDQFRQFXLGDGR
0DQWHQJDXQDGLVWDQFLDGHSRUORPHQRVFP LQ DOOLPSLDU
FRQXQGLVSRVLWLYRGHODYDGRDDOWDSUHVLµQ
 0D
DQWHQLPLHQWR 
6H
HUYLF
FLR
RGHPDQWHQLPLHQWRFDG
GDKRUDV 


9
  
 $LUHFRPSULPLGR
 &DUFDVDGHOUDGLDGRU
 %DVWLGRUHQIULDGRUGHDFHLWHKLGU£XOLFR\FRQGHQVDGRU
 3XHUWDGHODUHMLOOD

 $EUDHOFDSµ\ORVSDQHOHVGHFREHUWXUD
 3RQJDODP£TXLQDHQODSRVLFLµQGHVHUYLFLRVHJ¼QODS£JLQD

 $EUDODFDUFDVDGHOUDGLDGRU
 *LUHKDFLDIXHUDHOEDVWLGRUGHOHQIULDGRUGHDFHLWHKLGU£XOLFR
\HOFRQGHQVDGRU XQSDVDGRUGHEORTXHRORVEORTXHDHQOD
SRVLFLµQJLUDGDKDFLDIXHUD 
 $IORMH\DEUDODVSXHUWDVGHODUHMLOOD
 6RSOHHOUDGLDGRUDWUDY«VGHODDEHUWXUDGHDGPLVLµQGHDLUH
GHOODGRGHUHFKRHL]TXLHUGR
 6RSOH\OLPSLHHOHQIULDGRUGHDFHLWHKLGU£XOLFR\HO
FRQGHQVDGRUGHVGHGHQWUR\IXHUD
 (PSXMHKDFLDDUULEDHOSDVDGRUGHEORTXHRJLUHKDFLDGHQWUR
HOHQIULDGRUGHDFHLWHKLGU£XOLFR\HOFRQGHQVDGRU\EORTX«HOR
HQVXOXJDU
 &LHUUHODFDUFDVDGHOUDGLDGRUWUDVODOLPSLH]D
 &LHUUH\PRQWHODVSXHUWDVGHODUHMLOOD

 &RPSUXHEH\OLPSLHHOH[WHULRUGHODFDUFDVDGHOUDGLDGRU
 5HVWDXUHODP£TXLQD

$FHLLWHKLLGU£XOLF
FRFRQ
QWUR
ROG
GHOQLYHOO\\UH
HOOHQ
QDGR

9

1LYHOGHDFHLWHKLGU£XOLFR
 0D
DQWHQLPLHQWR

 6H
HUYLF
FLR
RGHPDQWHQLPLHQWRFDG
GDKRUDV

(OQLYHOGHDFHLWHGHEHU¯DHVWDUHQWUH0£[\0¯QHQODPLULOOD
XELFDGDHQHOODGRL]TXLHUGRGHODP£TXLQD 
127$
(OQLYHOGHDFHLWHGHEHU¯DFRPSUREDUVHFRQORVEUD]RVGH
HOHYDFLµQHQVXSRVLFLµQP£VEDMD\FRQHOLPSOHPHQWRSODQR
VREUHHOVXHOR
/OHQHGHVGHODSDUWHVXSHULRUGHOGHSµVLWRKLGU£XOLFR

$9,6
62
(VPPX\LLPSR RUWDDQWHHP
PDQQWHQHUUH
HOVLVWH
HPDK KLG
GU£XOOLFROLE
EUHGH
VXF
VX FLHG
GDGHV V\D
\DTX
XH«V
VWD
DVSXHHGHQFD
FDXXVDUXQGH HVJDVWH HDQ QRUUPDOO\
JH
HQH HUDUUS
SHUWXXUEDF FLR
RQHVFFRVWR
RVDV VH
HQHHOIIXQFLRRQDPLH HQWR RG
GHOOD
$
P£TX
P£ XLQD'HE EHU£REVHUUYD
YDUVH
VHXQDOLPSLH H]DDEVVROOXWDDOWWUDEEDMMDU
FRQ
FR QORVFFRPSR RQHQWHV\\H
HOD
DFHLLWHKLGU£XOLFR

9
$9,6
62
$ 3XQWRGHOOHQDGRGHDFHLWH 5LHVJR RGHG GHVSH HUIH
HFWRRVHHQOODP£T TXLLQD
 8V
VDUD DFHLLWHELRGHJUUDGD DEOHHT
TXH HFRQWH HQJ
JDDFHLLWHPLQH HUDOOS
SRGU¯DD
GD
D³D DUOORVFFRP
PSRQHQ QWHVK KLGUU£XOOLFRVVGGHOODP£TX XLQD
6LODP£T
6L TXLQDVHOOOHQ
QDFRQ QD
DFHLWWHKLG GU£XOLLFREELRGHHJUDG GDE EOH
HHVWH
H
DF
FHLLWHWDPELL«QVVHGHEHX XVDUUDDOUHOOOH
HQDU\\FFDPELLDUHHODFHLWWH(O
FRQ
FR QWHQLG GRGHDFHLLWHPPLQH HUDOOHQHODFHLWH HEELRGGHJUDGDE EOHQRGGHEH
VXS
VX SHUDUU $O
$OFD
FDPPELDDUGH HDFFHLLWHPL
PLQQHUDOODDFHLWHHELLRGHJUUDG GDEOHH
FRQ
FR QWDFWH HFFRQXQWW«FQLLFRGHVHUYL YLF
FLRFXD
DOLIILFDG
GR
 /OHQHDFHLWHKDVWDHOQLYHOFRUUHFWR
 $UUDQTXHHOPRWRU\DFFLRQHORVFLOLQGURVGHHOHYDFLµQ\
EDVFXODPLHQWRKDVWDDPEDVSRVLFLRQHVH[WUHPDV
 5HOOHQHDFHLWHVLHVQHFHVDULR
&RPSUXHEHTXHQRKD\DIXJDV
'H
HVHFFKHHORVIILOWURV
VDFHLWWHV\\IIOXLLGRVGGHIRUPD
PDVVHJ
JXUDSDUDH
HO
PHGLLRDPELLHQWWH9HD
PH DODSS£JLQD D 

5HIIULJH
HUDQWHFRQ
QWUROG
GHOQLLYHOO\UUHOOHQ
QDGR
12
27$
/DWDSDVHKDFDPELDGRGHFRORUGHDPDULOORDQHJURSHUROD
HVSHFLILFDFLµQFRQWLQ¼DVLHQGRODPLVPDYHDODS£JLQD
&RPSUXH HEHHHOQLY
YHOG
GHUHIIULJ
JHUDQ
QWH
HFDG
GDK
KRUDV
VR
RFXD
DQGR
SDUUH]FD
DS FDXQPHQQVDMHHQODSDQWD
DOOD
(OQLYHOGHEHU£HQFRQWUDUVHHQWUHODVPDUFDVP£[LPD\P¯QLPD
GHOGHSµVLWRGHH[SDQVLµQ
+D\TXHOOHQDUHOGHSµVLWRGHH[SDQVLµQFRQUHIULJHUDQWH

9

 0D
DQWHQLPLHQWR 
6H
HUYLF
FLR
RGHPDQWHQLPLHQWRFDG
GDKRUDV 
$FHLWHGHFRMLQHWHGHOHMHWUDVHURFRQWURO
&RMLQHWHGHOHMHWUDVHUR
&RPSUXHEHHOQLYHOGHDFHLWHFDGDKRUDV9HDORVOXEULFDQWHV
UHFRPHQGDGRVHQODS£JLQD
(OFRMLQHWHGHOHMHWUDVHURGHODQWHURQRQHFHVLWDPDQWHQLPLHQWR

9

'HSµVLWRQLYHOGHDFHLWHFRMLQHWHGHOHMHWUDVHUR



 0D
DQWHQLPLHQWR

 6HUUYLF
FLR
RGHPDQWHQLPLHQWRFDG
GDKRUDV

6HUYLFLRGHPDQWHQLPLHQWRFDGD
KRUDV
(QJUDVH
&RMLQHWHGHDUWLFXODFLµQGHOEDVWLGRULQIHULRU
127$
(QFRQGLFLRQHVDJUHVLYDVFRUURVLYDVHOHQJUDVHGHEHU¯DOOHYDUVH
DFDERP£VDPHQXGR

 $UWLFXODFLµQGHOEDVWLGRUFRMLQHWHLQIHULRU
 0D
DQWHQLPLHQWR 
6H
HUYLF
FLR
RGHPDQWHQLPLHQWRFXD
DQGRVHD
DQHFHVVDUULR 

6HUYLFLRGHPDQWHQLPLHQWRFXDQGR
VHDQHFHVDULR
&RPEXVWLEOHOOHQDGR

$'9(57(1&,$
5LHVJRGHOHVLRQHVJUDYHV
/DVSLH]DVJLUDWRULDVSXHGHQFDXVDUJUDYHVOHVLRQHVSRUFRUWHR
DSODVWDPLHQWR
1XQQFDDEUDHOFFDS
SµFXD
DQGRHOP
PRWWRUH
HVW«
«HQP
PDUFKD
D

$9,6
62
5LHVVJR
RGHGD³RVD DOODP
P£T TXLQQD
9
$ 5HSSRVWDDUHOOGH
HSµVLWWRGHHFRFRPEXVWLLEOOHFR
FRQQRWUURO¯T
TXLGRTXHHQRVH
VHDD
JD
DVµOOHRSXHHGHFFDXVDUUG GD³RVH HQODP£T TXLQ
QD
1RDUUD
UDQQTXH HHOPRWWRUVVLKDUHS
SRVWD
DGRHOG
GHSSµVLWWRFRQQR
RWUR
FRP
FR PEXXVWLLEOHT
TXHQQRVHD DJDVµOH HRS
SXUR

$ 7DSDGHOGHSµVLWRGHFRPEXVWLEOH
$9,6
62

5LHV VJR
RGHFRQWWDPLQ QDFLµ µQG
GHOGHS SµVLWR
RGGHFRPEXVWLLEOH H
8QOOHQ
QDGRDFFL FLG
GHQWDDOGGH$
$G% %OXHp'() )HQHHOG
GHSµ µVLWWRG GH
FRP
FR PEX XVWLLEOHSSURY
YRFFDODFFRQWD DPLQ
QDFLµµQGGHOG
GHSµ µVLWWRG
GH
FRP
FR PEX XVWLLEOH
8VHVVROORHTXLSR RVGGHOOHQ
QDGRGH$G%OX XHp'() )TXH HWHQJ JDQXQD
Y£OOYXOD
Y£ DTXH¼QLFDP PHQ QWHVHD DEUDHQP
P£TX XLQDVHHTXLSDG GDVFFRQX
XQ
DQ
QLOORPPDJ JQ«WLLFRHHQODERFDGHOOHQDGR RGH$G% %OXXHp'()SDUD
HY
YLWWDUOODFRQWWDPLQQDFLµµQG GHOGHS
SµVLWWRGHFRPEX XVWLLEOOH
&DS SDFLGGDGGHOOGHSµVLWRRGHFRPEXVWLLEOOHDSUR[LPDG
GDPHQWH
H

OLLWURV
V 
86JDOO 
&DOOLGDGG GHOFRPPEXVVWLLEOHHQODS£JLQD


$'
'9(57(1&,$
5LHVJRGHLQFHQGLR
(OFRPEXVWLEOHHQOODPDVSXHGHSURYRFDUOHVLRQHVPRUWDOHV
'HWWHQJ
JDHOPRWWRUD
DQWWHVG
GHUUHS
SRUWD
DUFFRPEX
XVWLLEOH
6LH
6L
GH
HOQ
QLYHOOGHFFRP
HDODUPD
PEX XVWLLEOHH
PDYHDODS£J JLQD
HVW£
£EDMRVHPXHV
5HSRVVWHHDVHJ
VWUUDXQDLLQGLLFDF
JXU£QGRVHG GHT
FLµQ
TXHQR

HQ
QWUDDLUHHQH
HOVVLV
VWH
HPD
/LPSLHFXLGDGRVDPHQWHORVDOUHGHGRUHVGHODWDSDGHO
GHSµVLWRGHFRPEXVWLEOHDQWHVGHTXLWDUOD
(YLWHGHUUDPHVDOOOHQDUc(OSROYR\ODVXFLHGDGHPSDSDGRV
HQGLHVHOFRQVWLWX\HQULHVJRVGHLQFHQGLR
(QLQYLHUQRPDQWHQJDHOGHSµVLWRGHFRPEXVWLEOHOOHQRSDUD
SUHYHQLUTXHVHIRUPHFRQGHQVDFLµQHQHOGHSµVLWR
(O$G%OXHp'()QRGHEHPH]FODUVHHQHOGHSµVLWRGLHVHO\HO
GLHVHOQRGHEHPH]FODUVHHQHOGHSµVLWRGH$G%OXHp'()
VRORDSOLFDEOHDP£TXLQDVFRQPRWRU' 
3RU
3RUID
DYRUUFR
FRQWWDFWH
HFR
FRQQVX
VXFR
FRQ
QFHV
VLR
RQD
DULROR
RFDOO9R
9ROOYRSDUDREWWHQH
HU
P£V
P£ VLLQIR
RUPD
PDF
FLµµQ
 0D
DQWHQLPLHQWR

 6H
HUYLF
FLR
RGHPDQWHQLPLHQWRFXD
DQGRVHD
DQHFHVVDUULR
$G%OXHp'()OOHQDGR
127$
6RORVHDSOLFDDP£TXLQDVFRQPRWRU'-

$'
'9(57(1&,$
5LHVJRGHOHVLRQHVJUDYHV
/DVSLH]DVJLUDWRULDVSXHGHQFDXVDUJUDYHVOHVLRQHVSRUFRUWHR
DSODVWDPLHQWR
1X
XQFDDEUDHOFDS
SµFXDQ
QGRHOPRWR
RUH
HVW«
«H
HQP
PDUFK
FKD

$9,6
62
5LHVJR RGHG GD³R RVDDOODP£TXLLQD
5HHOOHQDUUOO¯TXLGRVFFRQ QDOJRG
GLVWLLQWRDORH
HVSHFLIILFDG
GRH
HQH
HVWHH
PDQX
PD XDOSRGU¯D DFFDXV
VDUUGGD³RVVSSHUUPD
PDQQHQWHVDDOVLVWH
HPDGHO
FDWWDOL]DG
FD GRU
8VVHVVROOROORVOO¯TXLLGRVVH
HVSHHFLIILFDGGRV
VH
HQHVWHHS
SURFHGLLPLHHQWR
RSDUD
UHOOOHQDUU
UH

$9,6
62
5LHVJR RGHG GD³R RVD
DOODP£TXLLQD
(O$G%OOXHp
(O p'() )HVDDOWDPHQWH HFRUUUR
URVVLYYR6LHOGHSµVLWWRVVHOOOHQD
9 H[
[FHFHV
VLYDPHQ QWHHVSSRVLE EOHTTXHVHSSURGX]FD FDXQDIIXJDG GH
$
$G%
$G %OX
XHp'()DWUDY Y«V VG
GHOWXERGHYHQ QWLODFLµ µQGGHDLUH6LH
HO
$ 7DSDGHOGHSµVLWRGH$G%OXHp'() GH
HSµ µVLWWRVVHOOOH
HQDDH
H[FHFHVVLY
YDPHQWH H\H
HOO¯TXLGRVHFFRQJHOODHO
 GH
HSµ µVLWWR\\OODVP
PDQJ JXHUDVS SXHGHQT TXHGDUS SHUPD
PDQH HQWHPHQWH H
GD
D³D DGRV
1R
ROOHHQHHOGHSµ µVLWR
RHH[FH
FHV VLYDPHQ QWH'HMH HVLHHPSUHG GHYHUUWHHU
FXD
FX DQGRRHOO¯T TXLGGRDOFDQ QFHODOXPEUUHUUDGHOOHQDGR RR
RFFXD
DQGR ROD
ER
RTX XLOODGHOOOHQD DGRD DXWRRP£WWLFRVVHFLH
HUUHUH

$9,6
62
5LHVJR RGHFFRQ QWD
DPLQ QDFFLµ
µQG
GHOG
GHSµVLWR RGHFFRP
PEX XVWLLEOH
8Q
QOOHHQDGRDFFL FLGHQWWDOGH$G%OOXHp'() )HQHOG
GHSµVLWWRGH
FRP
FR PEXV VWLLEOHS
SURYRFDODFRQ QWDPLQ QDFLµ
µQG
GHOGGHSµVLWWRGH
FRP
FR PEXV VWLLEOH
8V
VHVVROORH HTXLLSRV VG
GHOOHQDGR RGH$ $G%OXH
Hp'()TXHWHQJDQ QX
XQ D
Y£OOYXOODTXH¼
Y£ ¼QLLFDPHQ QWHVVHD
DEUUDHHQP
P£TTXLQQDVH
HTXLLSD DGDVVFFRQX
XQ
DQ
QLOORPDJ JQ«WWLFRHQODERFDG GHOOOHQDG
GRGH$$G%OXHp'()SDUUD
HY
YLWWDUOODFRQ QWDPLQDFLµQ QGHOGHSµVLWR RGHFFRP
PEXXVWLLEOH

$9,6
62
5LHVJR RGHG GD³RRVDDOODP£TXLLQD
8Q QILOWURGH$G%OOXHp p'() )REWX XUDG GRSSXH HGHSURYRFDUUG GLILLFXOOWD
DGHV
DOOOOHQDUUH HOGHSµV VLWR
R
9HUUWH
9H HU$G
$G%OOXHp'()HQ QHOGHHSµV VLWWRFR
FRQXQILLOWUURGD³ ³DGR RRVL
VLQ
QXQ
Q
ILLOWURHHQVXOXJJDUSSXHHGHFFRQ QWD
DPLQD DUH
HOOO¯TTXLGR$G%OOXHp'()\
GD D³D DUJJUDYHPHQWWHHOVVLV VWH
HPDGHSRVWUUDWWDPLHQWWR
(VSR
(VS RVLEEOHTXHHVH
VHDQHF FHV VDULR
RUH
UHWWLUDUUOLLPSLDUU\YR
\YROOYHUUDFR FROORFDUHHOO
ILLOWURHHQVXOXJJDUDDQWWHVG GHOOHQD DU1XQFDGD³HH HOIILOWWURRYYLHUUWD
D
$G%
$G %OX
XHp'()VL VLQ
QHOILLOWURHQQVX
VXOX
XJD DU'LUU¯MMDVHDVX
VXFR FRQF FHVVLRQDUULRR
OR
RFDOO9ROYRSDUDR REWWHQHUD DVLVWHHQFLD D
$ 9
12
27$
$ )LOWURGH$G%OXHp'() 1ROOHQHFRQQLQJ¼QRWURO¯TXLGRQRHVSHFLILFDGRHQOD,62
 1RUHFRPHQGDPRVUHXWLOL]DU$G%OXHp'()YDFLDGR
GHELGRDOULHVJRGHLPSXUH]DV
 0D
DQWHQLPLHQWR 
6H
HUYLF
FLR
RGHPDQWHQLPLHQWRFXD
DQGRVHD
DQHFHVVDUULR 
3DUDODFDSDFLGDGGHOGHSµVLWRGH$G%OXHp'()YHDODS£JLQD

&DOLGDGGHO$G%OXHp'()YHDODS£JLQD
&XDQGRKD\XQQLYHOEDMRGH$G%OXHp'()VHPXHVWUDXQD
LQGLFDFLµQGHDODUPDYHDODS£JLQD/OHQHHOGHSµVLWRGH
$G%OXHp'()FRQ$G%OXHp'()
127$
(OHTXLSRGHOOHQDGRGH$G%OXHp'()GHEHHVWDUGHVWLQDGRSDUD
XQIOXMRP£[LPRGHOLWURVPLQXWR\VHUDMXVWDEOHDXQIOXMR
LQIHULRUDOLWURVPLQXWR(QFDVRGHFXDOTXLHUSUREOHPDGH
OOHQDGR\VLHVWRVSUREOHPDVFRQWLQ¼DQWUDVKDEHUOLPSLDGRHO
ILOWURGHOOHQDGRYHDHOPDQXDOGHOXVXDULRSDUDHOHTXLSRGH
OOHQDGR\WRPHODVPHGLGDVQHFHVDULDV
127$
/LPSLHHOUHFLSLHQWHGHGHUUDPHWUDVYHUWHU$G%OXHp'()
(O$G%OXHp'()QRHVW£FODVLILFDGRFRPRXQDVXVWDQFLD
SHOLJURVDSHURDXQDV¯GHEHU¯DPDQLSXODUVHFRQFXLGDGR(V
PX\FRUURVLYR
(QFDVRGHFRQWDFWRFRQODSLHOODYHDIRQGRFRQDJXD
(QFDVRGHFRQWDFWRFRQORVRMRVHQMX£JXHORVDIRQGRGXUDQWH
YDULRVPLQXWRV&RQWDFWHFRQXQP«GLFRVLHVQHFHVDULR
(QFDVRGHLQKDODFLµQUHVSLUHDLUHIUHVFR\FRQWDFWHFRQXQ
P«GLFRVLHVQHFHVDULR
(QFDVRGHLQJHVWLµQEHEDDJXD\FRQWDFWHFRQXQP«GLFR
1RSHUPLWDTXHHO$G%OXHp'()HQWUHHQFRQWDFWRFRQRWURV
TX¯PLFRV
(O$G%OXHp'()QRHVFRPEXVWLEOH6LHO$G%OXHp'()VH
H[SRQHDDOWDVWHPSHUDWXUDVVHGHVFRPSRQGU£HQDPRQ¯DFR
\GLµ[LGRGHFDUERQR
(O$G%OXHp'()QRSXHGHPH]FODUVHHQHOGHSµVLWRGHGLHVHO
\HOGLHVHOQRSXHGHPH]FODUVHHQHOGHSµVLWRGH$G%OXHp
'()
3DU
3DUDGLLVWUULE
EXFLµ µQGHH$G
$G%OOXHp'() VR VROORY£
Y£OLGR RHQHOOPHUFD
FDGGRGH
((88 
((
6
6HUYL
YLF
FLR
RGHDWH HQFFLµ
µQD
DOFFOLLHQWHGH9ROOYR&(  
KRUUDULR
K RG
GHR RILLFLQD
Z
ZZZYROYRFHFFRP P IX
XHUDGHOK KRUDUULR
RGHRRILLFLQD
D
3DUUDOODG
3D GLVWUULE
EXF FLµQGH$G%OXH Hp'() WR
RGRVOORVGGHP£VV
PH
PHUUFD
RE
FDG GRV FRQWD
EWHQHUP P£V
DFWH
HFRQ
VLLQIIRUPD
PDF FLµ
QVXFFRQ
µQ
QFHV
VLR
RQDULRRORFDOO9
9ROYRS
SDUD

6LLVWH
HPDGHFRP
PEXVWLLEOOHS
SXUJDGHDLUH
5HF
FRMD
DOR
RVGHUUD
GHUUDP
PHVGH
GHFR
FRPPEX
XVWLLEOHXV
VDQ
QGRXQUH
UHFFLS
SLHQWH
HRXQD
PDQ
PD QJX
XHUDGHSO£VWLLFR
 0D
DQWHQLPLHQWR

 6H
HUYLF
FLR
RGHPDQWHQLPLHQWRFXD
DQGRVHD
DQHFHVVDUULR
3XHGHVHUQHFHVDULRKDFHUODSXUJDGHDLUHPDQXDOPHQWHVL
 6HKDQUHDOL]DGRWUDEDMRVGHVHUYLFLRHQHOVLVWHPDGH
FRPEXVWLEOH
 (OPRWRUVHKDTXHGDGRVLQFRPEXVWLEOH
$EUDHOFDSµ\HOSDQHOGHFREHUWXUDGHOODGRL]TXLHUGRGHOD
P£TXLQD
$SDJXHODDOLPHQWDFLµQHO«FWULFDSULQFLSDOFRQHOGHVFRQHFWDGRU
GHEDWHU¯D
127$
/DSXUJDGHDLUHQRVHSXHGHUHDOL]DUFRQHOPRWRUGHDUUDQTXH
&RPSUXHEHSULPHURTXHKD\VXILFLHQWHFRPEXVWLEOHHQHO
GHSµVLWR
12
27$
$VHJ¼UHVHGHTXHODERPEDPDQXDOQRHVW«VXMHWDDHVIXHU]RV
GHIOH[LµQ
9
3UHVLRQHKDFLDDEDMR\JLUHHOPDQJRHQVHQWLGRFRQWUDULRDOGH
ODVDJXMDVGHOUHORMSDUDTXHWHUPLQHHQODSRVLFLµQGHERPEHR
%RPEHHDSUR[YHFHVFRQODERPEDGHPDQRKDVWD
QRWDUUHVLVWHQFLD\KDVWDTXHVHHVFXFKHXQFOLFGHODY£OYXOD
%RPEDPDQXDOHQFDEH]DGHOILOWUR HQHOVRSRUWHGHOILOWURGHFRPEXVWLEOH

%ORTXHHODERPEDPDQXDOSUHVLRQ£QGRODKDFLDDEDMR\
JLU£QGRODHQVHQWLGRKRUDULRSDUDSDUDU
$FWLYHODFRUULHQWHHO«FWULFDSULQFLSDOFRQHOGHVFRQHFWDGRUGH
EDWHU¯D$UUDQTXHHOPRWRU%RPEHHFRQODERPEDPDQXDOVLHO
PRWRUQRDUUDQFDWUDVVHJXQGRV
7UUDV
VH
HOD
DUUD
UDQQTXHFRP
PSUXHHEH
HVLKD\IIXJDV
12
27$
/DERPEDPDQXDOQRVHSXHGHXVDUFXDQGRHOPRWRUHVW£HQ
PDUFKD
'HMHHOPRWRUDUDOHQW¯GXUDQWHPLQXWRVDQWHVGHDXPHQWDU
ODVUSPSDUDYHQWLODUHOUHVWRGHDLUH
12
27$
1RDXPHQWHHOU«JLPHQGHOPRWRUSXHVWRTXHSXHGHHQWUDUDLUH
HQHOVLVWHPDORFXDOUHVXOWDU£HQIDOORVGHHQFHQGLGR
3XHGHKDEHUHQWUDGRDLUHHQORVFDQDOHVGHODFXODWDVLHOPRWRU
QRDUUDQFDRVLDUUDQFD\DOFDERGHSRFRWLHPSRVHYXHOYHD
SDUDU(VWRWDPEL«QSXHGHRFXUULUSRUHMHPSORDOVXVWLWXLU
LQ\HFWRUHVERPED
&RQHFWHXQDPDQJXHUDWUDQVSDUHQWHHQHOUDFRUGHSXUJD
VLWXDGRHQODSDUWHGHODQWHUDGHODFXODWD
$EUDHOFDSXFKµQGHOGHSµVLWR\FRORTXHODPDQJXHUDHQHO
WXERGHOOHQDGR
$EUDHOUDFRU\ERPEHHFRQODERPEDPDQXDOKDVWDTXHHO
FRPEXVWLEOHHVW«OLEUHGHEXUEXMDVGHDLUH
&LHUUHHOUDFRUVDTXHODPDQJXHUD\FRORTXHHOFDSXFKµQGHO
GHSµVLWR
%ORTXHHHOPDQJRGHODERPEDHLQWHQWHDUUDQFDUGHQXHYR
'H
HVHFFKHHORVIILOWURV
VDFHLWWHV\\IIOXLLGRVGGHIRUPD
PDVVHJ
JXUDSDUDH
HO
PHGLLRDPELLHQWWH9HD
PH DODSS£JLQD D 
 0D
DQWHQLPLHQWR 
6H
HUYLF
FLR
RGHPDQWHQLPLHQWRFXD
DQGRVHD
DQHFHVVDUULR 
6HSDUDGRUGHDJXDYDFLDGR
9DF¯HODWUDPSDGHDJXDFXDQGRHQSDQWDOODVHPXHVWUHXQ
PHQVDMHYHDODS£JLQD
127$
c1RXVHODERPEDPDQXDOSDUDYDFLDUHOVHSDUDGRUGHDJXD
 ,QWURGX]FDHOH[WUHPRGHODPDQJXHUDHQXQFRQWHQHGRU
 $IORMHHOUDFRUGHYDFLDGRKDVWDTXHVHYHDQEXUEXMDVGHDLUH
HQHOVHSDUDGRUGHDJXD
 9DF¯DKDVWDTXHVDOJDFRPEXVWLEOHOLPSLRGHODPDQJXHUD\
KDVWDTXHWRGDHODJXDKD\DGHVDSDUHFLGR
 $SULHWHHOUDFRUGHYDFLDGRGHVSX«VGHOYDFLDGR
'H
HVHFKHOORV
VIILOWURV
VDFHLLWH
HV\\IIOXLGRV
VG GHIRUPD
PDVHJ
JXUDS
SDUDH
HO
PHG
PH GLRD
DPELH
HQWWH9HDOODS JLQD
S£J  

9

$ % &

$ 0DQJXHUD
% 5DFRUGHYDFLDGR
& 6HSDUDGRUGHDJXD


)LLOWUR
RSULPD
DULRGHOILLOWUURGHDLUH
HOLPS
SLH]]D

$'
'9(57(1&,$
5LHVJRGHLQKDODFLµQSHOLJURVD
8QSROYRSHOLJURVRSXHGHSURYRFDUJUDYHVSUREOHPDVGHVDOXG
8WWLOLFHVLH
HPSUUHH HTXLLSRVG GHSURWWHFFL
FLµµQSHUUVR
VRQDOOLQFOX\\HQG GRX
XQD
PDV
PD VFD
FDULOOODFRQ QIILOWUURSURWWHFFL
FLµQ
QRFXOODU\\J
JXDQWHHVD DGHFXD DGRVVD
DO
PD
PDQ QLSXOODU\OLLPSLD DUHOOFR
FRPSD DUWLLPHQ
QWRGHHOPR
PRWWRUORVVH
HQQIULD
DGRUUHV
V\
OR
RVIILOWURVGGHDDLUH
6L HOH
6LH HVWD
DGRP
PXHHVWUUDREWX
XUDGR
RORVFFDUUWX
XFKRVG
GHOILOWURGHD
DLUH
HV
VW£
£QREWXUDGR
RV\\H
HVQQHFHVDULR
ROOLPSLD DUORVRRVXV
VWLLWXLUORV
V

)LOWURSULQFLSDO

1277$
'RFXPHQWHFDGDYH]TXHHOILOWURVHOLPSLD(OILOWURGHEHVHU

VXVWLWXLGRSRUXQW«FQLFRFXDOLILFDGRVLHVW£GD³DGR\RGHVSX«V
GHFDGDFLQFROLPSLH]DV
127 7$
(OILOWURVHFXQGDULRQRVHGHEHGHVPRQWDUQLOLPSLDU$FW¼DFRPR
ILOWURSURWHFWRUHQHOFDVRGHTXHHOILOWURSULPDULRHVW«GD³DGR\
GHEHVHUVXVWLWXLGRSRUXQW«FQLFRGHVHUYLFLRFXDOLILFDGRVHJ¼Q
HOLQWHUYDORGHVHUYLFLRHVSHFLILFDGR
 0D
DQWHQLPLHQWR

 6HUUYLF
FLR
RGHPDQWHQLPLHQWRFXD
DQGRVHD
DQHFHVVDUULR
$9,62
2
5LHVJRGHGD³RVDODP£TXLQD
3XHGHHQWUDUSROYRHQHOVLVWHPDVLHOILOWURVHFXQGDULRVHVDOH
6LHOILOWURVHFXQGDULRVHVDOHOLPSLHODFDMDGHOILOWURGHDLUHD
IRQGR\DVHJ¼UHVHGHTXHQRHQWUHSROYRHQHOVLVWHPDGH
DGPLVLµQGHDLUHDQWHVGHYROYHUDPRQWDUHOILOWURVHFXQGDULR
 1RXVHDLUHFRPSULPLGR
 6HUHFRPLHQGDOLPSLDUFRQXQDDVSLUDGRUDSRUTXHHVWR
PLQLPL]DHOULHVJRGHTXHHQWUHSROYRHQHOVLVWHPDGH
DGPLVLµQGHDLUH
 7DPEL«QVHSXHGHXVDUXQWUDSRK¼PHGRSHURWHQJDFXLGDGR
GHQRHPSXMDUSROYRKDFLDHOVLVWHPDGHWRPDGHDLUH
9
8QDLUHPDOILOWUDGRSXHGHSURYRFDUGD³RV\XQGHVJDVWH
ƒUHDTXHVHGHEHOLPSLDU LQQHFHVDULRGHOPRWRU(OILOWURGHDLUHHYLWDTXHHQWUHQSROYRX
 RWUDVLPSXUH]DVHQHOPRWRU3RUORWDQWRHVPX\LPSRUWDQWH
FRPSUREDUHOILOWURGHDLUHFRQUHJXODULGDG\GDUOHXQ
PDQWHQLPLHQWRFRUUHFWR
8WLOLFHSURWHFFLµQGHUHVSLUDFLµQGXUDQWHODOLPSLH]D
/DFDMDGHOILOWURGHDLUHVHGHEHOLPSLDUDIRQGRFDGDYH]TXH
VHOLPSLDHOILOWURSULPDULR
&RPSUXHEHODHVWDQTXHLGDGGHWRGDVODVFRQH[LRQHVGHODV
PDQJXHUDV\WXERVHQWUHHOILOWURGHDLUH\HOFROHFWRUGH
DGPLVLµQGHOPRWRU$VHJ¼UHVHGHTXHWRGDVODVDEUD]DGHUDV
GHPDQJXHUDHVW«QELHQILMDGDV
6LHOWH[WRGHDODUPDFRQWLQ¼DWUDVODOLPSLH]DFRQWDFWHFRQXQ
W«FQLFRGHVHUYLFLRFXDOLILFDGR
%DM
%DMRQLQJ
JXQDFL FLUUFX
FXQV
VWD
DQF
FLD
DSRQ
QJDHQ
QPD
PDUFK
FKDDHOPR
PRWR
RUVL
VLQXQILLOWUUR
RFRQ
QXQIILOWUURGD³DGRR

/LLPSLH]DPHF£Q
QLFD
12
27$
1RJROSHHHOILOWURFRQWUDXQDVXSHUILFLHGXUD
 *ROSHHFRQFXLGDGRODSDUWHSODQDGHOILOWURFRQWUDXQD
VXSHUILFLHEODQGD\OLPSLD
/LLPSLH]DFRQ
QDLUHFRP
PSULPLGR
 8WLOLFHDLUHFRPSULPLGROLPSLR\VHFRDXQDSUHVLµQP£[LPD
GHN3D EDUHV  SVL 1RDFHUTXHODERTXLOODP£V
GHDFP ದLQ 
 /LPSLHHOILOWURVRSODQGRGHVGHHOLQWHULRU


&R
RQWUROGHOILOWUR
 &RPSUXHEHHOILOWURFRQXQDOX]
 $OP£VP¯QLPRGHVJDUURDUD³D]RJULHWDXRWURGD³RHOILOWUR
GHEHGHVHFKDUVH


 0D
DQWHQLPLHQWR 
6H
HUYLF
FLR
RGHPDQWHQLPLHQWRFXD
DQGRVHD
DQHFHVVDUULR 
%DWHU¯DVFDUJD

$'9(57(1&,$
3HOLJURGHOHVLRQHVJUDYHV
8QFRUWRFLUFXLWROODPDVGHVFXELHUWDVRFKLVSDVFHUFDGHXQD
EDWHU¯DTXHVHHVW«FDUJDQGRSRGU¯DQSURYRFDUXQDH[SORVLµQ
$SDJ
$S JXHOODFRUUUL
ULHHQWH
HGGHFDUUJDDDQWHVGGHFRQHFFWD
DU\\G
GHVFR
FRQHFWDDU
ODV
VSSLQ]DVG GHOFDE EOHGHFDUUJDD1XQFDFDUUJXXHX
XQDEDWH HU¯D
DFHUFD
FD
GHHOODP
PDV VD
DOGHVFX FXELLHUWR
RR
RFKLLVSD
DV&DUJX
XHVVLHP
PSUHXQDEDWH HU¯D
D
HQQ£UHDVVEELHQYHQWLLODGD DV

$'
'9(57(1&,$
5LHVJRGHTXHPDGXUDVTX¯PLFDV
(OHOHFWUROLWRGHODEDWHU¯DFRQWLHQH£FLGRVXOI¼ULFRFRUURVLYRTXH
SRGU¯DFDXVDUJUDYHVTXHPDGXUDVTX¯PLFDV
9
6LG UDPDHOHFWUUROLWR
GHUUD RH
HQOODS HOGHV
SLH VQX XGDTX¯WHORLQPHG GLDWDPHQWH H
'HVFRQHFWDGRUGHEDWHU¯D

\OODY
YHOD]RQQDDIHFWDDGDFRQ QDJXXD\\MMDEµQHHQDEXQ QGDQQFLD6LOOH
VDOOSLFDHQOORV
VR
RMRVRRHQFXDDOTXLHHUR
RWUDS HVHQ
SDUUWH QVLEEOHGHOFXH
HUSR R
HQMXDJ JXHFFRQQD XDHQDEXQGD
DJX DQFLDD\D DFXG
GDLLQPHGGLDWWDPHQ QWH
HD
DX XQ
P«G GLFR
&R
RQH[Lµ
µQGHOFDUUJDGRU
127 7$
/DWHQVLµQGHFDUJDGHEHVHUODPLVPDTXHODWHQVLµQGHODEDWHU¯D
9R9 
 $SDJXHODDOLPHQWDFLµQHO«FWULFDFRQHOGHVFRQHFWDGRUGH
EDWHU¯D
 'HVFRQHFWHHOFDEOHGHOWHUPLQDOSRVLWLYR
 3URWHMDODEDWHU¯DGHODVXFLHGDG
 ,QVWDOHODVSLQ]DVGHOFDUJDGRUHOFDEOHSRVLWLYRDOERUQH
SRVLWLYR  \HOFDEOHQHJDWLYRDOERUQHQHJDWLYR  
 $VHJ¼UHVHGHTXHHOFDUJDGRUGHEDWHU¯DVHVW£DMXVWDGRDOD
WHQVLµQFRUUHFWD
 (QFLHQGDHOFDUJDGRU
127 7$
&DUJXHVLHPSUHDPEDVEDWHU¯DVGHODP£TXLQDGHRWURPRGR
9 H[LVWHHOULHVJRGHTXHODVEDWHU¯DVQRHVW«QHTXLOLEUDGDV
%DWHU¯DV

GLIHUHQFLDSRWHQFLDOHQWUHODVEDWHU¯DV 6LODVEDWHU¯DVVHKDQ
FDUJDGRSDUDTXHHVW«QGHVHTXLOLEUDGDVHVWRVLJQLILFDTXH
FXDQGRVHFDUJXHQ DWUDY«VGHODOWHUQDGRU ODEDWHU¯D

FRPSOHWDPHQWHFDUJDGDVHFDUJDU£HQH[FHVRPLHQWUDVTXHOD
RWUDEDWHU¯DVHFDUJDU£LQVXILFLHQWHPHQWH$ODUJRSOD]RHVWR
SRGU¯DSURYRFDUXQDYLGD¼WLOUHGXFLGDGHODEDWHU¯D

'H
HVFR
FRQQH[Lµ
µQGHOFDUUJDGRU
 $SDJXHHOFDUJDGRU
 5HWLUHODVSLQ]DVGHOFDUJDGRU
 &RQHFWHHOFDEOHDOWHUPLQDOSRVLWLYR
 &RQHFWHODFRUULHQWHHO«FWULFDFRQHOLQWHUUXSWRUGHEDWHU¯D
 $UUDQTXHODP£TXLQD

)X
XVLEOOHV
V\\UUHO«VV
/DPD\RU¯DGHIXVLEOHV\UHO«VHVW£QXELFDGRVGHWU£VGHODSDUHG
WUDVHUDGHODFDELQDGHWU£VGHODVLHQWRGHORSHUDGRU\SXHGHQ
HQFRQWUDUVHDEULHQGRODFXELHUWDGHSO£VWLFR8QDSHJDWLQDHQHO
LQWHULRUGHODFXELHUWDPXHVWUDTX«GLVSRVLWLYRFRQVXPLGRUGH
 0D
DQWHQLPLHQWR

 6HUUYLF
FLR
RGHPDQWHQLPLHQWRFXD
DQGRVHD
DQHFHVVDUULR
FRUULHQWHHVW£FRQHFWDGRDFDGDUHO«\IXVLEOH3DUDLQIRUPDFLµQ
GHWDOODGDVREUHIXVLEOHV\UHO«VYHDODS£JLQD
6LVXUJHXQSUREOHPDHQXQUHO«VHSXHGHUHPHGLDUHVWR
WHPSRUDOPHQWHFDPELDQGRHOUHO«GHIHFWXRVRSRURWURTXHWHQJD
XQDIXQFLµQGHPHQRULPSRUWDQFLD&RPSUXHEHPLQXFLRVDPHQWH
TXHVHWUDWDGHXQUHO«LG«QWLFR

$9,6
62
5LHVJR RGHLLQFHQG GLR
8Q QIXVLE
EOHLQDS
SURS SLDGRRSRGU¯DDUHVVXOOWDUH
HQGGD³RVRRIXHJRHQH HO
FLUUFX
FL FXLWR
RLLPSUUHV
VR
1X XQFDPR
PRQ QWHXQQIXXVLEOH
HFR
FRQXQDPPSH HUDMMHVX
VXSSHULR
RUDOOLQGLLFDG
GRHQ
OD
DSHJD DWLQDD
6LVDOWDXQIXVLEOHHQUHSHWLGDVRFDVLRQHVHQODPLVPDSRVLFLµQ
GHEHDYHULJXDUVHHOPRWLYR

%R
RPELOODVXV
VWLLWX
XFLµ
µQ
3DUDVXVWLWXLUXQDERPELOODFRQWDFWHFRQXQW«FQLFRGHVHUYLFLR
FXDOLILFDGR
9HDODVHVSHFLILFDFLRQHVGHODVERPELOODVGHODP£TXLQDHQOD
S£JLQD

$9,6
62
5LHVJR RGHS
SHOLJURP
PHGLLRDPELH HQWDDO
/D
DVE ERPELLOODVS
SXHHGHQFRQWH HQH
HUT
TX¯¯PLFRVS SHOLJJURV
VRV
V\\S
SURY
YRF
FDU
XQ
QUULH
HVJRRPHGLRDP PELLHQQWDO
6LJ
6LJDODDVSDDXWDVPH
PHGGLRDPELLHQ QWD
DOHV
VORRFDOOHVDOOGHVHFKD
DUER RPELOOODV
1R
RWLUHERPELOOODVD
DOODE
EDVXUDQRUPDPDO

$'
'9(57(1&,$
5LHVJRGHSHOLJURWµ[LFR
(OFRQWDFWRFRQTX¯PLFRVFRQWHQLGRVHQERPELOODVSRGU¯D
SURYRFDUXQDH[SRVLFLµQDTX¯PLFRVSHOLJURVRV
8WWLOLFHVLH
HPSUHHTXLSR
RG
GHSURWWHFFL
FLµQS
SHUUVR
VRQQDODOP
PDQ
QLSXOODU
ER
RPELLOODV V

)D
DURVD
DMXVVWH
H
(OUHJODMHGHORVIDURVWLHQHXQDLPSRUWDQFLDHVHQFLDOSDUDQR
GHVOXPEUDU/RVIDURVSULQFLSDOHVVRQGHOWLSRDVLP«WULFRGH
PRGRTXHHVQHFHVDULRDMXVWDUORVFRQXQFXLGDGRH[WUD
&RORTXHODP£TXLQDTXHQRGHEHU£OOHYDUFDUJDHQVXHORSODQR
\DXQ£QJXORUHFWRFRQXQDSDUHGRVLPLODU
$MXVWHHOO¯PLWHGHOX]RVFXULGDG + FRQODOX]GHFUXFHHQFHQGLGD
DODGLVWDQFLD / GHORVIDURV&RPSUXHEHODGLVWDQFLD < HQWUH
ORVKDFHVGHOX]FRQODVOXFHVODUJDVFRQHFWDGDV/DGLVWDQFLD
GHEHU£VHUODPLVPDTXHHQWUHORVIDURVGHODP£TXLQD
 0D
DQWHQLPLHQWR 
6H
HUYLFFLR
RGHPDQWHQLPLHQWRFXD
DQGRVHD
DQHFHV
VDUULR 
0HGLFLRQHVGHDMXVWH

YLVWDODWHUDO

/ PP LQ GLVWDQFLDGHOIDURKDVWDODSDUHGRUHMLOOD

5 'LVWDQFLDPHGLGDGHOVXHORDOFHQWURGHODUXHGDGHODQWHUD
= 6HJ¼QODWDEODPLGLHQGRGHOFHQWURGHODUXHGDGHODQWHUDDO
FHQGURGHORVIDURV 
+ PXOWLSOLFDGRSRU =5 OX]VXSHULRUO¯PLWHRVFXUR
FXDQGRODVOXFHVFRUWDVHVW£QHQFHQGLGDV
< 6HJ¼QODWDEODGLVWDQFLDHQWUHFHQWURVGHORVIDURV

0RG
0RGHOR = PP < PP
/+  

/D
DYDS
SDUDEULVDV
VFRQ
QWUROG
GHQLLYHOO\UUHOOHQ
QDGR
(OGHSµVLWRGHO¯TXLGRGHODYDGRHVW£GHWU£VGHODFDMDGH
KHUUDPLHQWDVGHOODGRL]TXLHUGRGHODP£TXLQD
(OQLYHOGHO¯TXLGRODYDSDUDEULVDVVHFRPSUXHED
FRQWLQXDPHQWHGXUDQWHODRSHUDFLµQ\VHPXHVWUDXQDDODUPD
HQODSDQWDOODVLHOQLYHOHVGHPDVLDGREDMR
$VHJ¼UHVHTXHHOO¯TXLGRGHODYDGROOHYHVXILFLHQWHO¯TXLGR
DQWLFRQJHODQWHFXDQGRKD\ULHVJRGHFRQJHODFLµQ
5HOOHQHVLHVQHFHVDULR

(OGHSµVLWRWLHQHXQYROXPHQGHOLWURV 86JDO \
DSDUHFHU£XQDDODUPDFXDQGRTXHGHQDSUR[LPDGDPHQWH
OLWURV 86JDO HQHOGHSµVLWR

9

'HSµVLWRGHO¯TXLGRODYDSDUDEULVDVSXQWRGH
OOHQDGR


$OPHGLUFRQOXFHVKDOµJHQDVSDUDOXFHV/('XVHODVPLVPDVFLIUDV
 0D
DQWHQLPLHQWR

 6HUUYLF
FLR
RGHPDQWHQLPLHQWRFXD
DQGRVHD
DQHFHVVDUULR
)LOWURVGHYHQWLODFLµQGHODFDELQDOLPSLH]D
(OILOWURGHYHQWLODFLµQGHODFDELQDFRQVLVWHHQSUHILOWUR\ILOWUR
SULQFLSDO/DP£TXLQDVHXVDFRQIUHFXHQFLDHQHQWRUQRV
SROYRULHQWRV\SRUHOORVHHQWUHJDFRQILOWURVTXHFXPSOHQODFODVH
GHHILFDFLD)VHJ¼Q(1/RVILOWURVGLVPLQX\HQHO
ULHVJRGHVLOLFRVLV\UHGXFHQODVSDUW¯FXODVILQDPHQWH
 IUDFFLRQDGDVWDOHVFRPRHOFXDU]RHOSROHQODVEDFWHULDV\ODV
HVSRUDVGHKRQJRV6HUHFRPLHQGDXWLOL]DUWDPEL«QHOPLVPRWLSR
DOFDPELDUORV'LU¯MDVHDOFRQFHVLRQDULRSDUDP£VLQIRUPDFLµQ
/D DR
REWXXUDF
FLµ
µQG
GHOORVIILOWUURV
VG
GHS
SHQGH
HWRWDOP
PHQ
QWHHG
GHOHQWRUQRGGH
WUUDEDDMRGHODP£TTXLLQDSHURGHEHFFRP PSUUREDUUVH
VHX
XQDYH]]S
SRU
VHP
VH PDQD D

$'
'9(57(1&,$
5LHVJRGHLQKDODFLµQSHOLJURVD
8QSROYRSHOLJURVRSXHGHSURYRFDUJUDYHVSUREOHPDVGHVDOXG
9
8WWLOLFHVLH
HPSUHHTXLSR RVG
GHSURWHHFFL
FLµµQS
SHUVRVRQ
QDOLQFOX\
\HQ QGRRX
XQDD
PDVFD
PD FDUULOOODFRQILOWURSURWH
HFFL
FLµQ
QR
RFXOODU\\J
JXDQQWHVD DGHFFXDG GRVD
DO
 &XELHUWDODWHUDO
PDQLLSXODU\OLLPSLDUHOOFR
PD FRP
PSDUWLLPHQWWRGHOPRPRWRRUORVH
HQIIULD
DGR
RUHV\\

OR
RVIILOWURV
VG GHD
DLUH
1227$
/RVILOWURVGHODFDELQDVµORHVW£QGHVWLQDGRVDVHSDUDUSDUW¯FXODV
SROYR 6LKD\JDVHVSHOLJURVRVQRVHU£QILOWUDGRV
1227$
c6RORVHSXHGHOLPSLDUHOSUHILOWUR(OILOWURSULQFLSDOHVVXVWLWXLGR
SRUXQW«FQLFRGHVHUYLFLRFXDOLILFDGR
/LLPSLH]D
 8WLOLFHSURWHFFLµQGHUHVSLUDFLµQ
 7LUHGHOFLHUUH YHDODIOHFKD \DEUDODFXELHUWDODWHUDO
 $SDUWHODVILMDFLRQHVTXHVXMHWDQHOSUHILOWURHQVXVLWLR\
GHVPRQWHHOSUHILOWUR
   6DFXGDHOILOWURFRQFXLGDGRSDUDQRGD³DUOR1RXVHDLUH
FRPSULPLGRQLXQDVSLUDGRU
 (OILOWURSXHGHOLPSLDUVHFRQDJXDVXPHUJL«QGRORHQXQ
UHFLSLHQWHDGHFXDGR

9

 )LMDFLRQHV
 3UHILOWUR

)LOWURGHFDUUERQR HTXLSRRSFLR
RQDO
(OILOWURGHFDUERQR PDUFRYHUGH HVXQILOWURSULQFLSDOFRQFHELGR
HVSHFLDOPHQWHSDUDXVRHQOXJDUHVGRQGHHVQHFHVDULRUHGXFLU
ORVRORUHVGHJDVHVRUJ£QLFRV\FRQFRQWHQLGRGHD]XIUH(OILOWUR
FXPSOHFRQODPLVPDFODVHGHHILFDFLDGHSDUW¯FXODVTXHHOILOWUR
SULQFLSDOHVW£QGDU
 0D
DQWHQLPLHQWR 
6H
HUYLFFLR
RGHPDQWHQLPLHQWRFXD
DQGRVHD
DQHFHV
VDUULR 
)LOWURGHDPLDQWR HTXLSRRSFLRQDO
127$
(OLQWHUYDORGHFDPELRSDUDHOILOWURGHDPLDQWRHVFDGD
KRUDVSHURSXHGHDXPHQWDUVHRGLVPLQXLUVHGHSHQGLHQGRGHOR
SROYRULHQWDVTXHVHDQODVFRQGLFLRQHVGHWUDEDMR
127 7$
/RVFDPELRVGHILOWURGHEHQVHUUHDOL]DGRVSRUXQW«FQLFRGH
VHUYLFLRFXDOLILFDGR\ORVILOWURVGHDPLDQWRGHEHQVHU
PDQLSXODGRVVLHPSUHFRQFXLGDGRH[WUD&XDQGRFDPELHHOILOWUR
GHDPLDQWRHOILOWURGHDPLDQWRXVDGRGHEHVHUFRORFDGRHQOD
EROVDGHSO£VWLFRVHOODGDTXHVHVXPLQLVWUDFRQFDGDSDTXHWHGH
ILOWURGHDPLDQWR1RVDFXGDQXQFDHOILOWURGHDPLDQWRFROµTXHOR
FXLGDGRVDPHQWHHQODEROVDGHSO£VWLFRVXPLQLVWUDGD/DEROVD
GHSO£VWLFRGHEHVHOODUVH\GHSRVLWDUVHHQXQOXJDUDGHFXDGR
SDUDUHVLGXRVGHDPLDQWR
(OILOWURGHDPLDQWR EDVWLGRUURMR HVXQILOWURSULQFLSDOGLVH³DGR
HVSHFLDOPHQWHSDUDXWLOL]DUVHHQOXJDUHVGRQGHSXHGHH[LVWLU
SROYRGHDPLDQWRDXQTXHQDWXUDOPHQWHWDPEL«QHVHILFD]SDUD
RWURVWLSRVGHSROYRFXDQGRHOFRQGXFWRUQHFHVLWDDLUHDOWDPHQWH
ILOWUDGRHQODFDELQD
(OILOWURFXPSOHFRQORVUHTXLVLWRVGH(1FODVHGHILOWUR+
2EVHUYHODVGLVSRVLFLRQHVQDFLRQDOHVDSOLFDEOHVDOWUDEDMRHQHO
HQWRUQRHQFXHVWLµQ

/LLPS
SLH]]DGH
HODP£TXLQD
D
/LPSLHODP£TXLQDSHULµGLFDPHQWHFRQSURGXFWRV
FRQYHQFLRQDOHVSDUDFXLGDGRGHDXWRPµYLOHVFRQREMHWRGH
HOLPLQDUHOULHVJRGHGD³RVHQHOHVPDOWH\HQRWUDVVXSHUILFLHV
GHODP£TXLQD
12
27$
(OLQWHULRUGHODFDELQDQRVHSXHGHOLPSLDUFRQDJXDFRUULHQWHR
FRQRWURO¯TXLGRDDOWDSUHVLµQ

$9,6
62
(YL
YLWWHHOOXV
VRGHHSURG
GXFWR
RVGHOLPSLLH]DRTX¯¯PLF
FRV
VD
DJJUHV
VLYRVSDUUD
PLQ
PL QLPL]DUH HOULHVJR
RG
GHGD³
³RVD DOODS
SLQWWXUD
1277$
/LPSLHGLDULDPHQWHODV]RQDVGHODP£TXLQDGRQGHSXHGHQ
DFXPXODUVHSROYRYLUXWDV\VLPLODUHVSDUDPLQLPL]DUHOULHVJRGH

LQFHQGLR9HDODS£JLQD
5HFRPHQ QGDFLRRQHHVS
SDUDODOLPSLH]
]DGHODP£T
TXLQD
3RQJDODP£TXLQDHQXQOXJDUGHVWLQDGRDODOLPSLH]D
6LJDODVLQVWUXFFLRQHVLQFOXLGDVFRQHOSURGXFWRSDUDFXLGDGR
GHDXWRPµYLOHV
/DWHPSHUDWXUDGHODJXDQRGHEHU£VHUVXSHULRUDr& 
r) 
6LVHXVDODYDGRDDOWDSUHVLµQPDQWHQJDXQDGLVWDQFLD
P¯QLPDGHದFP ದLQ HQWUHODERTXLOOD\ODVXSHUILFLH
GHODP£TXLQD8QDSUHVLµQGHPDVLDGRDOWD\XQDGLVWDQFLD
GHPDVLDGRFRUWDSXHGHQFDXVDUGD³RV3URWHMD
DGHFXDGDPHQWHORVFDEOHVHO«FWULFRV
 0D
DQWHQLPLHQWR

 6H
HUYLF
FLR
RGHPDQWHQLPLHQWRFXD
DQGRVHD
DQHFHV
VDUULR
$9,62
2
6LXVDODYDGRGHDOWDSUHVLµQWHQJDFXLGDGRSDUDTXHQRVH
VXHOWHQODVSHJDWLQDV
8VHXQDHVSRQMDGHVXSHUILFLHVXDYH
&RQFOX\DHQMXDJDQGRODWRWDOLGDGGHODP£TXLQDFRQDJXD
OLPSLD
/XEULTXHVLHPSUHODP£TXLQDGHVSX«VGHOODYDGR
5HWRTXHODSLQWXUDGRQGHVHDQHFHVDULR
6LXQDSHJDWLQDHVW£GHWHULRUDGDRHVLOHJLEOHGHEHVXVWLWXLUVH
LQPHGLDWDPHQWHYHDODS£JLQDSDUDP£VLQIRUPDFLµQ

0DQWHQLPLLHQ
QWRGHSLLQWWXUDGH
HDFDE
EDGR
/DVP£TXLQDVVHXWLOL]DQHQHQWRUQRVFRUURVLYRVHVW£QP£V
H[SXHVWDVDOµ[LGRTXHRWUDV&RPRPHGLGDSUHYHQWLYDVH
UHFRPLHQGDUHDOL]DUWUDEDMRVGHPDQWHQLPLHQWRHQHODFDEDGRGH
ODSLQWXUDFDGDVHLVPHVHV6LWLHQHFXDOTXLHUGXGDDFHUFDGHVL
ODVFRQGLFLRQHVVRQFRUURVLYDVRQRSµQJDVHHQFRQWDFWRFRQVX
FRQFHVLRQDULR
/LPSLHSULPHURODP£TXLQD
$SOLTXH'LQRO% RXQDQWLR[LGDQWHGHFHUDWUDQVSDUHQWH
VLPLODU IRUPDQGRXQDFDSDGHದwGHHVSHVRU
6HSXHGHDSOLFDUXQDFDSDSURWHFWRUDGHSDVWDGHEDMRV'LQRO
 RVLPLODU HQODSDUWHLQIHULRUGHORVJXDUGDEDUURVGRQGH
VHVXHOHSURGXFLUGHVJDVWHPHF£QLFR

/LLPS
SLH]
]DGHOFFRP
PSDUWLPLHQWRGHOP
PRWRU
/DVP£TXLQDVTXHWUDEDMDQHQHQWRUQRVSROYRULHQWRV\FRQULHVJR
GHLQFHQGLRSHMHQODLQGXVWULDGHODPDGHUDPDQLSXODFLµQGH
DVWLOODV\PDQLSXODFLµQGHJUDQR\SLHQVRVGHDQLPDOHV
UHTXLHUHQFRQWURO\OLPSLH]DGLDULRVGHOFRPSDUWLPLHQWRGHOPRWRU
\GHODV]RQDVDG\DFHQWHV
(QHOWUDEDMRHQRWURVHQWRUQRVHVQHFHVDULRUHDOL]DUHO
PDQWHQLPLHQWR\ODOLPSLH]DXQDYH]SRUVHPDQD

$'
'9(57(1&,$
5LHVJRGHLQKDODFLµQSHOLJURVD
8QSROYRSHOLJURVRSXHGHSURYRFDUJUDYHVSUREOHPDVGHVDOXG
8WWLOLFHVLH
HPSUHHTXLSR RVG
GHSURWHHFFL
FLµµQS
SHUVRVRQ
QDOLQFOX\
\HQ QGRRX
XQDD
PDVFD
PD FDUULOOODFRQILOWURSURWH
HFFL
FLµQ
QR
RFXOODU\\J
JXDQQWHVD DGHFFXDG GRVD
DO
PDQLLSXODU\OLLPSLDUHOOFR
PD FRP
PSDUWLLPHQWWRGHOPRPRWRRUORVH
HQIIULD
DGR
RUHV\\
=RQDVTXHUHTXLHUHQFRQWURO\OLPSLH]D OR
RVIILOWURV
VG GHD
DLUH
 3DUWHVXSHULRUGHOGHSµVLWRKLGU£XOLFR
 $GPLVLµQGHDLUHPRWRU
 %DMRHOFDSµVHSURGXFHDFXPXODFLµQHQOD $'
'9(57(1&,$
FXELHUWDGHODVY£OYXODVGHOPRWRU\RWUDV
5LHVJRGHTXHPDGXUDV
VXSHUILFLHVHVSHFLDOPHQWHHQVXSHUILFLHV
FDOLHQWHVWDOHVFRPRHOVLOHQFLDGRUHOWXUER /RVFRPSRQHQWHVGHOPRWRU\GHOVLVWHPDGHHVFDSHDOFDQ]DQ
HOWXERGHHVFDSHHOFROHFWRUGHHVFDSHOD PX\DOWDVWHPSHUDWXUDVFRQULHVJRGHJUDYHVTXHPDGXUDV
ERELQDGHSUHFDOHQWDPLHQWR\HODOWHUQDGRU 0LHQWWUDV
0L VQ
QRVHK
KD\DH HQIUULDGRH
HOP
PRWR RUHYLWH
HHOFRQWWDFWR
RFFRQOODV
9HDODILJXUDGHOFRPSDUWLPHQWRGHOPRWRU WD
DSDVG GHOFFRPSDDUWLLPHQ
QWRGHOPPRWWRUORVFFRPSRQHQ QWHVG
GHOOP
PRWR RU
&RPSUXHEH\OLPSLHWDPEL«QHOPRWRUGH \H
HOVVLV
VWH
HPDGHHVFDFDS
SH
DUUDQTXHHOSXQWRGHOOHQDGRGHDFHLWHORV
ILOWURVGHDFHLWH\HOILOWURGHFRPEXVWLEOH 12
27$
 (VSDFLRHQWUHHOPRWRU\HOUDGLDGRU (YLWHURFLDUDJXDHQHOVLVWHPDGHJDVHVGHHVFDSH
 'HWU£VGHODFXELHUWDGHOUDGLDGRU
 3XQWRGHOOHQDGRGHFRPEXVWLEOH (VDGHFXDGROLPSLDUODP£TXLQDDOILQDOGHOWXUQRGHWUDEDMR
 3DUWHVXSHULRUGHOGHSµVLWRGHFRPEXVWLEOH\ DQWHVGHHVWDFLRQDUOD
]RQDVFHUFDQDV
 0D
DQWHQLPLHQWR 
6H
HUYLF
FLR
RGHPDQWHQLPLHQWRFXD
DQGRVHD
DQHFHVVDUULR 
 8VHHTXLSRGHSURWHFFLµQSHUVRQDOWDOFRPRJDIDVGH
SURWHFFLµQJXDQWHVGHSURWHFFLµQ\HTXLSRGHSURWHFFLµQ
UHVSLUDWRULD
&RPLHQFHFRQODV]RQDVP£VDOWDV\FRQFOX\DDEDMRGHOWRGR
HQFLPDGHOGHSµVLWRGHFRPEXVWLEOH\HQODV]RQDVFHUFDQDV
DOPLVPR
(OPDWHULDOVXHOWRVHTXLWDFRQDLUHFRPSULPLGRSRUHMHPSOR
'HVSX«VGHODOLPSLH]DFRPSUXHEHVLKD\IXJDV\UHS£UHODV
&LHUUHWRGDVODVWDSDV\FXELHUWDV
6XSHUILFLH
HVFFDOOLHQWHVH
HQHOFRP
PSDUWLPHQWRGHOPRWRU

9

0RWRU(WDSD,9GHOD8(7LHUILQDOGH((88

HSµVLWWRGH
'H HDLLUHFR
FRP
PSULPLGRHQ
QHOOFR
FRP
PSDUWLPHQWRGH
HO
PR
RWRU
HTX
H XLSRRSF
FLRQ
QDOSDUD(W
(WDDSD,9
9G
GH
HOD
D8(
7LLHUILLQD
DOGH((
((888
6HSXHGHXVDUDLUHFRPSULPLGRSDUDVLPSOLILFDUODOLPSLH]DGHO
FRPSDUWLPHQWRGHOPRWRU+D\XQDPDQJXHUDGHDLUHFRPSULPLGR
P£VXQDERTXLOODHQODFDMDGHKHUUDPLHQWDV/DPDQJXHUDWLHQH
PHWURVGHODUJR/DSUHVLµQP£[LPDHVEDUHV\HOYROXPHQ
WRWDOGHOGHSµVLWRHVGHOLWURV
127 7$

(ODLUHFRPSULPLGRHVVRORSDUDOLPSLDUODP£TXLQD\QRGHEH
XWLOL]DUVHSDUDLQIODUQHXP£WLFRVHWF(ODLUHFRPSULPLGRQRGHEH
XWLOL]DUVHFXDQGRHOPRWRUHVW£HQPDUFKD
3DUDXVDUHODLUHFRPSULPLGR
 $EUDHOFDSµ
 6DTXHODPDQJXHUDGHDLUHFRPSULPLGRFRQODERTXLOODGHOD
FDMDGHKHUUDPLHQWDV
 &RQHFWHODPDQJXHUDDODFRQH[LµQ
 0D
DQWHQLPLHQWR

 6H
HUYLF
FLR
RGHPDQWHQLPLHQWRFXD
DQGRVHD
DQHFHVVDUULR
'LHQWHVGHODFXFKDUDVXVWLWXFLµQ
/DVLJXLHQWHLQIRUPDFLµQHVY£OLGDSDUDHOVLVWHPD9ROYR7RRWK
6\VWHP
6HSXHGHSHGLUXQDKHUUDPLHQWDHVSHFLDOSDUDIDFLOLWDUOD
VXVWLWXFLµQGHORVGLHQWHV/DKHUUDPLHQWDVHHQFXHQWUD
GLVSRQLEOHHQGLVWLQWRVWDPD³RVVHJ¼QHOWDPD³RGHORVGLHQWHV
'LU¯MDVHDVXFRQFHVLRQDULRSDUDP£VLQIRUPDFLµQ

+HUUDPLHQWDHVSHFLDO

$'
'9(57(1&,$
5LHVJRGHOHVLRQHVSRUPDWHULDOHVSUR\HFWDGRV
$OJROSHDUREMHWRVGHPHWDOFRQXQPDUWLOORODVHVTXLUODVGHPHWDO
SUR\HFWDGDVSXHGHQSURYRFDUJUDYHVOHVLRQHVHQORVRMRVRHQ
RWUDVSDUWHVGHOFXHUSR
8WWLOLFHVLH
HPSUUHH HTX
XLSRGHS
SURWWHFFLFLµ
µQSHUVR
VRQD
DOLQFOX
X\HQQGR
RJDIIDV
GHSURWH HFFL
FLµ
µQFXDQ
QGRVVXV
VWLLWX\DORVG
GLHQ
QWHVG
GHODFXF FKDUD
'HVPR
RQWDMHGHGLHQWH
 'HVFLHQGDODFXFKDUDKDVWDHOVXHOR\SµQJDODDXQ£QJXOR
OLJHUDPHQWHKDFLDDUULED
 /LPSLHODDEHUWXUDSDUDHOGLVSRVLWLYRGHEORTXHRGHO
DGDSWDGRUGHOGLHQWH
 ([WUDLJDHOGLVSRVLWLYRGHEORTXHRFRQXQPDUWLOOR\OD
KHUUDPLHQWDHVSHFLDOXRWURPDQGULODGHFXDGR
 5HWLUHHOGLHQWH

([WUDLJDHOGLVSRVLWLYRGHEORTXHR

0R
RQWDMHGHGLHQWH
 /LPSLHODSDUWHGHODQWHUDGHODGDSWDGRUGHGLHQWH\HODJXMHUR
SDUDHOGLVSRVLWLYRGHEORTXHR
 0RQWHHOGLHQWHGHIRUPDTXHODVRUHMHWDVGHJX¯DHQFDMHQHQ
ORVKXHFRVGHODGDSWDGRUGHOGLHQWH
 6XVWLWX\DHOILMDGRUGHEORTXHR % SRUXQRQXHYR

'LVSRVLWLYRGHEORTXHR
$ 3DVDGRUGHDFHUR
% )LDGRUGHEORTXHR

 0D
DQWHQLPLHQWR 
6H
HUYLF
FLR
RGHPDQWHQLPLHQWRFXD
DQGRVHD
DQHFHVVDUULR 
 0RQWHHOGLVSRVLWLYRGHEORTXHRGHIRUPDTXHODSDUWH
ELVHODGDHVW«RULHQWDGDKDFLDDEDMR\HOILDGRUGHEORTXHR
KDFLDGHODQWH
 ([WUDLJDHOGLVSRVLWLYRGHEORTXHRFRQXQPDUWLOORKDVWDTXH
TXHGHQLYHODGRFRQODSDUWHVXSHULRUGHODGDSWDGRUGHOGLHQWH
 ([WUDLJDP£VHOGLVSRVLWLYRGHEORTXHRFRQXQPDUWLOOR\OD
KHUUDPLHQWDHVSHFLDOXRWURPDQGULODGHFXDGRKDVWDTXHOD
SDUWHVXSHULRUTXHGHMXVWDPHQWHSRUGHEDMRGHODO¯QHD
PDUFDGDHQHODJXMHUR
6XV
6X VWLLWX\DHOSDVDGGRUG
GHDFHUURFRQP
PRWWLYRGHOUHHP
PSOD
D]RGHO
DG
GDSWWDGR RUGGHOOGLHQWH
(OGLVSRVLWLYRGHEORTXHRGHEHU¯DHVWDUMXVWR
GHEDMRGHODPDUFD


'LH
HQWHVG
GHODFXFFKD
DUDVXV
VWLLWX
XFLµ
µQ
/DVLJXLHQWHLQIRUPDFLµQHVY£OLGDSDUDHOVLVWHPD9ROYR7RRWK
6\VWHP QXHYDJHQHUDFLµQ 
6HSXHGHSHGLUXQDKHUUDPLHQWDHVSHFLDOSDUDIDFLOLWDUOD
VXVWLWXFLµQGHORVGLHQWHV/DKHUUDPLHQWDVHHQFXHQWUD
GLVSRQLEOHHQGLVWLQWRVWDPD³RVVHJ¼QHOWDPD³RGHORVGLHQWHV
'LU¯MDVHDVXFRQFHVLRQDULRSDUDP£VLQIRUPDFLµQ
9

+HUUDPLHQWDHVSHFLDO

'H
HVPR
RQWDMHGHGLHQWH
 'HVFLHQGDODFXFKDUDKDVWDHOVXHOR\SµQJDODDXQ£QJXOR
OLJHUDPHQWHKDFLDDUULED
 /LPSLHHODJXMHURFXDGUDGRGHOSDVDGRU
 0RQWHODKHUUDPLHQWDHQHOSDVDGRU\J¯UHODJUDGRVHQ
FXDOTXLHUVHQWLGRSDUDGHVEORTXHDUOR
 *LUHODKHUUDPLHQWDKDFLDGHODQWH\DWU£VFRQXQPRYLPLHQWR
KDFLDHOH[WHULRUKDVWDVDFDUHOSDVDGRU8VHHOH[WUHPRGH
ODSDODQFDGHODKHUUDPLHQWDVLHOSDVDGRUVHDWDVFD
 5HWLUHHOGLHQWH


9
  
 +HUUDPLHQWDHVSHFLDO
 3DVDGRU
 'LHQWH

0R
RQWDMHGHGLHQWH
 6LVHHVW£FDPELDQGRODSRVLFLµQGHXQGLHQWHFRPSUXHEHTXH
HOUHW«QQRHVW«GREODGRQLGD³DGR
 &RPSUXHEHTXHHOSDVDGRUQRHVW«GREODGRQLGD³DGR
 /LPSLHODSDUWHGHODQWHUDGHODGDSWDGRU\ORVDJXMHURVSDUDHO
SDVDGRU
 3RQJDHOGLHQWHHQHODGDSWDGRU
 0D
DQWHQLPLHQWR

 6H
HUYLF
FLR
RGHPDQWHQLPLHQWRFXD
DQGRVHD
DQHFHVVDUULR
 3RQJDHOSDVDGRUHQHOGLHQWH&RPSUXHEHTXHODEULGDGHO
SDVDGRUHVW«DOLQHDGDFRQHOGLHQWH
 0RQWHODKHUUDPLHQWDHQHOSDVDGRU\J¯UHODKDFLDGHODQWH\
DWU£VFRQXQPRYLPLHQWRKDFLDHOLQWHULRUKDVWDTXHHO
SDVDGRUHVW«PRQWDGR6HHVFXFKDU£XQFOLF
 &RPSUXHEHTXHHOGLHQWHHVW«ILMDGRDODGDSWDGRU

9

'LHQWHFRQSDVDGRU


3HUQRVG
GHUX
XHGDVUUHDSULHWH
&XDQGRVHKD\DFDPELDGRXQQHXP£WLFRRVLSRUDOJXQDUD]µQ
VHKDTXLWDGRODUXHGD\YXHOWRDPRQWDUUHDSULHWHORVSHUQRVGH
ODUXHGDDOFDERGHRFKRKRUDVGHRSHUDFLµQ
3DUUG
3D GHDSUULHWWHs
s1P

3X
XQWRVGH
HOXE
EULFDFFLµQ
QOXE
EULFDFFLµQ
QDXWRP£WLFD
1227$
/DOXEULFDFLµQFHQWUDOLQFOX\HWRGRVORVSXQWRVGHHQJUDVHGHOD
P£TXLQDH[FHSWRODVELVDJUDVODVDUWLFXODFLRQHVXQLYHUVDOHV\
ODVDUWLFXODFLRQHVHVWULDGDVGHORV£UEROHVGHWUDQVPLVLµQ
 0D
DQWHQLPLHQWR 
6H
HUYLF
FLR
RGHPDQWHQLPLHQWRFXD
DQGRVHD
DQHFHVVDUULR 
/OHQDGRGHOXEULFDQWH
+D\TXHUHOOHQDUHOOXEULFDQWHDQWHVGHTXHHOQLYHOFDLJDSRU
GHEDMRGHODPDUFDP¯QLPDHQHOGHSµVLWR
127$
'HMHTXHHOQLYHOFDLJDSRUFRPSOHWRKDVWDHOIRQGRXQDYH]V¯\
XQDYH]QRFDGDYH]TXHOOHQHJUDVDSDUDTXHQRKD\DJUDVDHQ
ODSDUWHVXSHULRUGHOGHSµVLWR
(QODXQLGDGGHERPEDKD\XQDFRQH[LµQGHOOHQDGR UDFRUGH
JUDVD GRQGHVHFRQHFWDXQDERPEDPDQXDORLQGXVWULDOSDUDHO
OOHQDGR
127 7$
6LVHXVDXQDERPEDLQGXVWULDOHOILOWURHQWUHODFRQH[LµQ\OD
ERPEDGHEHOLPSLDUVHFRQUHJXODULGDG8QILOWURSDUFLDOPHQWH
EORTXHDGRSXHGHH[SORWDUI£FLOPHQWHFRQHOJUDQULHVJR
FRQVHFXHQWHGHTXHHQWUHQSDUW¯FXODVSHTXH³DVHQHOVLVWHPDGH
OXEULFDFLµQ(VWRDVXYH]SRGU¯DSURYRFDUXQDDYHU¯DHQHO
VLVWHPDGHOXEULFDFLµQ
3DUDLQIRUPDFLµQVREUHHOWLSRGHJUDVDYHD/XEULFDQWHV
UHFRPHQGDGRVHQODS£JLQD
3UR
URFFHG
GDGHODVLJ
JXLHQ
QWH
HPDQ
QHUD
 6DTXHODWDSDSURWHFWRUD/LPSLHFXLGDGRVDPHQWHODFRQH[LµQ
GHOOHQDGR\ODFRQH[LµQHQODPDQJXHUDGHOOHQDGR
 /OHQHFRPSOHWDPHQWHGHJUDVDODPDQJXHUDGHOOHQDGRDQWHV
GHLQLFLDUHOOOHQDGRHVWRLPSLGHODHQWUDGDGHDLUHHQHO
VLVWHPD
 &RQHFWHODFRQH[LµQHQODFRQH[LµQGHOOHQDGR
 /OHQHFRQOXEULFDQWHKDVWDHOQLYHOP£[LPRHQHOGHSµVLWR
6LHVGLI¯FLOERPEHDUJUDVDKDFLDGHQWURRELHQHOILOWURGHWU£V
9 GHODFRQH[LµQGHOOHQDGRHVW£EORTXHDGRRSXHGHKDEHU
&RQH[LµQGHOOHQDGR VXFLHGDGHQHOHQJUDVDGRUHQV¯/LPSLHHOILOWUR\VLHV
 QHFHVDULRVXVWLWX\DHOHQJUDVDGRUHLQW«QWHORGHQXHYR
 &RORTXHODWDSDGHSURWHFFLµQHQVXVLWLR
 *XDUGHODERPEDGHJUDVDHQXQOXJDUOLEUHGHSROYRSDUD
TXHQRVHYHDH[SXHVWDDODVXFLHGDG
6LHOGHSµVLWRVHOOHQDSRUHQFLPDGHOQLYHOP£[LPRHO
OXEULFDQWHH[WUDVHYDFLDU£DWUDY«VGHODJXMHURGHYHQWLODFLµQHQ
HOODGRL]TXLHUGRGHOGHSµVLWR&XDOTXLHUDLUHEDMRODSODFDGHO


GHSµVLWRWDPEL«QVHYDFLDU£DWUDY«VGHODJXMHURGHYHQWLODFLµQ

&DP
PELRGHOLQWWHUUYDOORGHOXEULFDFFLµ
µQ
6LHOLQWHUYDORGHOXEULFDFLµQQRHVDGHFXDGRSDUDODVFRQGLFLRQHV
GHWUDEDMR\FDUJDDORVTXHVHYHVRPHWLGDODP£TXLQDVHSXHGH
PRGLILFDUHOLQWHUYDORFRQODD\XGDGHOWHFODGR\ODSDQWDOOD9HD
ODS£JLQD
 *LUHODOODYHGHHQFHQGLGRDODSRVLFLµQ SRVLFLµQGH
FRQGXFFLµQ 
 6HOHFFLRQHಯ6HUYLFLRರFRQHOWHFODGR
 0DUTXH/XEULFDFLµQFHQWUDOFRQODVWHFODVGHIOHFKD\SXOVH
6(/(&7
 0DUTXHಯ,QWHUYDORರFRQODVWHFODVGHIOHFKD\SXOVH6(/(&7
 0DUTXHFRQODVWHFODVGHIOHFKDHOLQWHUYDORGHOXEULFDFLµQDO
TXHGHVHDFDPELDU\SXOVH6(/(&7
 (VSHUHVHJXQGRV
VSHUHVHJXQGRVDQWHVGHJLUDUODOODYHGHHQFHQGLGRD
(OLQWHUYDORVHOHFFLRQDGRHQODSDQWDOODSXHGHYROYHUDO
 0D
DQWHQLPLHQWR

 6H
HUYLF
FLR
RGHPDQWHQLPLHQWRFXD
DQGRVHD
DQHFHVVDUULR
LQWHUYDORSUHYLRSHURODPRGLILFDFLµQHQWUDU£HQYLJHQFLDDO
FDERGHVHJXQGRV 
127$
6LVHJLUDODOODYHGHHQFHQGLGRDODSRVLFLµQHQHOSOD]RGH
VHJXQGRVGHVSX«VGHUHDOL]DGDODPRGLILFDFLµQGHOLQWHUYDORGH
OXEULFDFLµQVHERUUDU£OD¼OWLPDVHOHFFLµQGHLQWHUYDORGH
OXEULFDFLµQ3RUHOORHVSHUHXQP¯QLPRGHVHJXQGRVGHVSX«V
GHODMXVWHDQWHVGHJLUDUODOODYHGHHQFHQGLGRDODSRVLFLµQ
 *LUHODOODYHGHHQFHQGLGRDODSRVLFLµQ\HVSHUHDTXHVH
KD\DDSDJDGRODSDQWDOOD
 *LUHODOODYHGHHQFHQGLGRDODSRVLFLµQ SRVLFLµQGH
FRQGXFFLµQ \FRPSUXHEHTXHVHYLVXDOL]DHOLQWHUYDORGH
OXEULFDFLµQFRUUHFWRHQODSDQWDOOD
3DUDFDPELDUGHQXHYRHOLQWHUYDORGHOXEULFDFLµQHVQHFHVDULR
JLUDUODOODYHGHHQFHQGLGRDODSRVLFLµQ\FXDQGRVHKD\D
DSDJDGRODSDQWDOODVHJLUDODOODYHGHYXHOWDDODSRVLFLµQ\
VHU£SRVLEOHVHOHFFLRQDUXQQXHYRLQWHUYDORGHOXEULFDFLµQ

3UUXHEDGHOVLV
VWH
HPD
3DUDFRPSUREDUHOIXQFLRQDPLHQWRGHOVLVWHPDGHHQJUDVHR
SDUDLQLFLDUXQFLFORH[WUDGHOXEULFDFLµQGHVSX«VGHSRUHMHPSOR
KDEHUODYDGRODP£TXLQDVHSXHGHUHDOL]DUXQDSUXHEDGHO
VLVWHPD(OERWµQGHSUXHEDTXHVHXVDSDUDHPSH]DUXQD
SUXHEDGHOVLVWHPDHVW£FRORFDGRHQODSDUWHGHODQWHUDGHOD
ERPED
œQLFDPHQWHHVSRVLEOHUHDOL]DUXQFLFORGHSUXHEDVLODERPEDVH
HQFXHQWUDHQWUHGRVFLFORVGHOXEULFDFLµQRUGLQDULD QRGXUDQWH
XQFLFORGHOXEULFDFLµQHQFXUVR 
3UX
3UXHE
EDGHX
XQVVROORFLF
FORG
GHOXEULFDFLµ
µQ
/DERPEDVRORUHDOL]DX XQFFLF
FORGHOXE
EULFDFLµQ6H
6HSXHGHX
XVDUU
GH
HVSX«
«VGGHODYDUS
SDUDREWHQHUOOXEULF FDFLµQDGLFLR
RQDO
 *LUHODOODYHGHHQFHQGLGRDODSRVLFLµQGH SRVLFLµQGH
RSHUDFLµQ 
%RWµQGHSUXHED  3XOVHODWHFODGHSUXHEDGXUDQWHದVHJXQGRV
  (OFLFORGHOXEULFDFLµQFRPLHQ]D
 (OFLFORGHSUXHEDWHUPLQDDXWRP£WLFDPHQWH
6L
6LHOFL
FLF
FORGHOX
XEUULF
FDFLµ
µQGHHSUUXH
HEDVH
VHKD
DXVDGRRSDDUDREWWHQHUX
XQ
FLF
FL FORGHOXEEULFDFLµµQDDGLLFLRQ
QDOGHVSX« «VGGHX
XQODYDGGRHOE
ERWµµQGGH
SUUXHHEDGHEHU¯D DSUHVLRQDUUVHVHXQDYH]P
P£VVS
SDUDOXEULFDUOODR
RWUD
XEHU¯D
WX DSULQFLSDO
3UXHE
3UX EDGHFFLFORG
GHOXE
EULFDFLµQFFRQ
QWLQXR
/DERPEDUHDOL]DX XQQ¼
¼PHUURGHFL FLFOR
RVGHOXEUULFDFLµ µQLOOLPLWD
DGRHV
GHFLUERPEHDJUDVDFRQWLQXDPHQWHDOWHUQDQGRHQWUHD DPEDV
WXEHU¯DVSULQFLSDOHV((VW
VWRRVH
VHXWWLOL]DSD
DUDSX
XUJDDUDLLUHGHOVL
VLVVWH
HPD
 *LUHODOODYHGHHQFHQGLGRDODSRVLFLµQGH SRVLFLµQGH
RSHUDFLµQ 
 3UHVLRQHHOERWµQGHSUXHEDGXUDQWHP£VGHVHJXQGRV
 (OFLFORGHOXEULFDFLµQFRPLHQ]D
 )LQDOLFHHOFLFORGHSUXHEDJLUDQGRODOODYHGHHQFHQGLGRDOD
SRVLFLµQ
(O
(OFFLF
FORGHSUXHE
EDQRIILQDOOL]DDXWRP£WLLFDPHQ QWH

/LLPSLH]
]D
1RUPDOPHQWHHODJXDQRSXHGHSHQHWUDUHQHOVLVWHPD6LQ
HPEDUJRGXUDQWHXQODYDGRGHDOWDSUHVLµQHOULHVJRDXPHQWD\
 0DQWHQLPLHQWR 
6H
HUYLF
FLR
RGHPDQWHQLPLHQWRFXD
DQGRVHD
DQHFHV
VDUULR 
ODXQLGDGGHERPEDGHEHSURWHJHUVH\DTXHHODJXDTXHHQWUD
HQHOVLVWHPDQRVRORQRGHVDSDUHFHSRUVLPLVPDVLQRTXHFDXVD
SUREOHPDVGHIXQFLRQDPLHQWR7UDVHOODYDGRDDOWDSUHVLµQVH
GHEHU¯DUHDOL]DUXQFFLFORGHOXEULFDFLµQGHSUXHEDFRQWLQXD
LFORGHOXEULFDFLµQGHSUXHEDFRQWLQXDYHD
ODS£JLQDSDUDREWHQHUOXEULFDFLµQH[WUD


 (VVSH
HFLIILFDFFLR
RQHV

 /X
XEULFDQ
QWHVUUHFRP
PHQGDGRV

(VSHFLILFDFLRQHV
/XEULFDQWHVUHFRPHQGDGRV
/XEULFDQWHVUHFRPHQGDGRV
9DOLGIRURSWLRQFRQILJXUDWLRQ
2SWLRQ &RQILJXUDWLRQ
(QJLQH '-867LHUILQDO
(QJLQH '-(86WDJH9

3DUDFXDOTXLHUSUHJXQWDRP£VLQIRUPDFLµQVREUHDFHLWHVOXEULFDQWHV\WHPSHUDWXUDVDPELHQWHH[WUHPDVSRU
IDYRUGLU¯MDVHDVXFRQFHVLRQDULRSDUDREWHQHULQIRUPDFLµQ
12
27$
7HQJDHQFXHQWDHOWLSRGHPRWRULQVWDODGRHQODP£TXLQD\VLJDODVLQVWUXFFLRQHVSHUWLQHQWHVSDUDGLFKRPRWRU
12
27$
(VPX\LPSRUWDQWHVHJXLUODVLQVWUXFFLRQHVUHODWLYDVDOJUDGRGHODFHLWHGHRWURPRGRORVGHSµVLWRVGHDFHLWH
SRGU¯DQREWXUDUHOILOWURGHSDUW¯FXODVGLHVHO

0RWWRU
0R
&D
DOLGDGGHODFHLLWH
H 9LVFR
9L FRVLG
GDG
GUHFRP
PHQ
QGDGD
DD
DYDUULD
DVWWHPSH
HUDWWXUDV
VD
DPELH
HQWDOHV
9ROYR(QJLQH2LO9'6
ƒ&        
2WURDFHLWHDSUREDGR9'6
ƒ)        
9ROYR(QJLQH2LO9'6
2WURDFHLWHDSUREDGR9'6 6$(:
$&($(R 6$(:
$3,&-R
6$(:
$3,&.
6$(:
6$(:
9

6RORDFHLWHVDSUREDGRVSRU9'6\9'66HSXHGHQXVDURWURVDFHLWHVKDVWDR&

0R
0RWWRU
&D
DOLGDGGHODFHLLWH
H ,Q
QWHUYD
YDOORVG
GHFDP
PELR &RQWHQLGRGHD]XIUHHQHOFRPEXVWLEOH
SSP !SDUWHHVSSRUU
PLOOµ
PLO µQQRH HVW£
£
SHUUPLWLLGR
)LOWURGHDFHLWHGHPRWRU9
9ROY
YR )LOWURGHDFHLWHGHPRWRU
+LLJK3HUIRRUPD
PDQQFH 9ROOYR3
9R 3HUIR
RUPD
PDQFFH
9ROYR(QJLQH2LO9'6 FDGDKRUDV &DGDKRUDV
2WURDFHLWH9'6 RDOPHQRVFDGDPHVHV
DSUREDGR D
2WURDFHLWHDSUREDGR &DGDKRUDV &DGDKRUDV
9'6
9ROYR(QJLQH2LO9'6
2WURDFHLWHDSUREDGR
9'6
$&($(R &DGDKRUDV &DGDKRUDV
$3,&-R
$3,&.
D $SUREDGRSDUDKRUDVGHDFXHUGRFRQHODFHLWHGHPRWRU9ROYR9'6HVW£QGDU
 (VVSH
HFLIILFDFFLR
RQHV 
/X
XEULFDQ
QWHVUUHFRP
PHQGDGRV 

&DOLGDGGHODFHLWH ,QWHUYDORGH 9LVFRVLGDGUHFRPHQGDGDDYDULDVWHPSHUDWXUDV

PDQWHQLPLHQWR DPELHQWDOHV
3ULPHU &DGD
DV KRUDV
KRUDV
(-(6 9ROYR:HW%UDNH  
2LO9ROYR
:%
2WURDFHLWH
DSUREDGRVHJ¼QOD
QRUPD9ROYR
 
:%
&2
2-,11(7(( 9ROYR:HW%UDNH  
'(
(/(-( 2LO9ROYR
75
5$6(5
6(522 :%
2WURDFHLWH
DSUREDGRVHJ¼QOD
QRUPD9ROYR
 
:%
75
5$16
60,
0,66,•1 9ROYR  
7UDQVPLVVLRQ2LO
:
9ROYR
7UDQVPLVVLRQ2LO

6,
6,667(
(0$ 9ROYR+\GUDXOLF2LO  
+,,'5ƒ8/
/,&2 9ROYR
%LRGHJUDGDEOH
9ROYR+\GUDXOLF2LO  
9ROYR6XSHU

9ROYR+\GUDXOLF2LO
9ROYR6XSHU

6,
6,667(
(0$
0$'
'( 9ROYR&RRODQW9&6  R
5(
()5 5,*(5$&, 5HDG\0L[HG P£[
•1
1 3DUDP£V D³RV
LQIRUPDFLµQYHD


/X
XEULFDQ
QWHVUUHFRP
PHQGDGRV 
9D
DOLGIRUR
RSWLR
RQFRQ
QILJXUDWWLRQ
2SWWLRQ &R
RQILJXUDWWLRQ
(QJLQH '(6WDJH,,,$

3DUDFXDOTXLHUSUHJXQWDRP£VLQIRUPDFLµQVREUHDFHLWHVOXEULFDQWHV\WHPSHUDWXUDVDPELHQWHH[WUHPDVSRU
IDYRUGLU¯MDVHDVXFRQFHVLRQDULRSDUDREWHQHULQIRUPDFLµQ
12
27$
7HQJDHQFXHQWDHOWLSRGHPRWRULQVWDODGRHQODP£TXLQD\VLJDODVLQVWUXFFLRQHVSHUWLQHQWHVSDUDGLFKRPRWRU
12
27$
(VPX\LPSRUWDQWHVHJXLUODVLQVWUXFFLRQHVUHODWLYDVDOJUDGRGHODFHLWHGHRWURPRGRORVGHSµVLWRVGHDFHLWH
SRGU¯DQREWXUDUHOILOWURGHSDUW¯FXODVGLHVHO
 (VVSH
HFLIILFDFFLR
RQHV

 /X
XEULFDQ
QWHVUUHFRP
PHQGDGRV

0RWRU
&DOLGDGGHODFHLWH 9LVFRVLGDGUHFRPHQGDGDDYDULDVWHPSHUDWXUDVDPELHQWDOHV
$FHLWHGHPRWRU9ROYR9'6:
ƒ&        
$FHLWHGHPRWRU9ROYR9'6:
2WURVDFHLWHV9'6DSUREDGRV
ƒ)        
$FHLWHGHPRWRU9ROYR9'6: 6$(:
$FHLWHGHPRWRU9ROYR9'6: 6$(:
22WURDFHLWH9'6DSUREDGR
6$(:
$FHLWHGHPRWRU9ROYR9'6:
$FHLWHGHPRWRU9ROYR9'6: 6$(:
2WURDFHLWH9'6DSUREDGR 6$(:
$3,&,R$&($( 9
$3,&-ದR$3,&.R$&($(

6RORDFHLWHVDSUREDGRVSRU9'6R9'66HSXHGHQXVDURWURVDFHLWHVKDVWDR&
 (V
VSH
HFLIILFDF
FLR
RQHV 
/X
XEULFDQ
QWHVUUHFRP
PHQGDGRV 
0RWRU
&DOLGDGGHODFHLWH ,QWHUYDORVGHFDPELR
,QWHUYDORVGHFDPELR &RQWHQLGRGHD]XIUHHQHOFRPEXVWLEOH
SSP
P 

 

 

 !SSP
P
SS
SP SSP
P SSP
$FHLWHGHPRWRU9ROYR9'6: &DGDKRUDV &DGD FDGD
$FHLWHGHPRWRU9ROYR9'6: KRUDV KRUDV
2WURVDFHLWHV9'6DSUREDGRV
$FHLWHGHPRWRU9ROYR9'6:
$FHLWHGHPRWRU9ROYR9'6:
2WURDFHLWH9'6DSUREDGR
9$FHLWHGHPRWRU9ROYR9'6:
$FHLWHGHPRWRU9ROYR9'6:
2WURDFHLWH9'6DSUREDGR
$3,&,R$&($( &DGDKRUDV FDGD FDGD
$3,&-ದR$3,&.R$&($( KRUDV KRUDV


 (VVSH
HFLIILFDFFLR
RQHV

 /X
XEULFDQ
QWHVUUHFRP
PHQGDGRV
&DOLGDGGHO ,QWHUYDORGH 9LVFRVLGDGUHFRPHQGDGDDYDULDVWHPSHUDWXUDVDPELHQWDOHV
DFHLWH PDQWHQLPLHQW
R
3ULPH &DGD
UDV KRUDV
KRUD
V
(-(6 $FHLWHSDUD  
IUHQRV
K¼PHGRV
9ROYR
:%
2WURDFHLWH
DSUREDGR
VHJ¼QOD
QRUPD9ROYR


:%
&2
2-,11(7(
('
'(/ $FHLWHSDUD  
(-(7
(-( 75$6(5
6(522 IUHQRV
K¼PHGRV
9ROYR
:%
2WURDFHLWH
DSUREDGR
VHJ¼QOD
QRUPD9ROYR


:%
75
5$16
60,
0,66,•
•1 $FHLWHGH  
FDMDGH
FDPELRV
9ROYR:
9ROYR
7UDQVPLVVLR
Q2LO
6,
6,667(
(0$ $FHLWH  
+,,'5ƒ8/
/,&2 KLGU£XOLFR
9ROYR
ELRGHJUDGDE
OH D
$FHLWH  
KLGU£XOLFR

6XSHU
$FHLWH
KLGU£XOLFR
9ROYR
6XSHU
6,
6,667(
(0$
0$'
'( 5HIULJHUDQWH  R
5(
()5 5,*(5$$&,• 9ROYR9&6 P£[
1 PH]FODOLVWD D³RV
3DUDP£V
LQIRUPDFLµQ
YHD
 (VSH
HFLIILFDFFLR
RQHV 
/X
XEULFDQ
QWHVUUHFRP
PHQGDGRV 
D 6RORY£OLGRFRQDFHLWHKLGU£XOLFR9ROYR%LRGHJUDGDEOHOOHQDGRHQI£EULFDEDMRHOUHTXLVLWRSUHYLRGHDQ£OLVLVGH
PXHVWUDVGHDFHLWHDLQWHUYDORVUHJXODUHV

5HIIULJH
HUDQWH
8VHVµORUHIULJHUDQWH9ROYR9&6DOUHOOHQDURFDPELDUHOUHIULJHUDQWH3DUDHYLWDUGD³RVDOPRWRU\DOVLVWHPDGH
UHIULJHUDFLµQQRVHGHEHQPH]FODUGLIHUHQWHVWLSRVGHUHIULJHUDQWHRSURWHFFLµQFRQWUDODFRUURVLµQ
$OXVDUUHIULJHUDQWH9ROYR9&6FRQFHQWUDGR\DJXDOLPSLDODPH]FODGHEHFRQWHQHUGHUHIULJHUDQWH
FRQFHQWUDGR\GHDJXDOLPSLD/DFDQWLGDGGHUHIULJHUDQWHFRQFHQWUDGRQRGHEHVHUQXQFDVXSHULRUDO
GHODPH]FODWRWDOY«DVHODVLJXLHQWHWDEOD

3URWHFFLµQFRQWUDODFRQJHODFLµQKDVWD &DQWLGDGPH]FODGDGHUHIULJHUDQWHFRQFHQWUDGR
r& r) 
r& r) 
r& r) 

1RVHGHEHPH]FODUHOUHIULJHUDQWHFRQFHQWUDGRFRQDJXDTXHFRQWHQJDXQDJUDQFDQWLGDGGHFDO DJXDGXUD 
VDOXRWURVPHWDOHV

(ODJXDOLPSLD
(O DSDUUDHOVVLV
VWH
HPDG
GHUUHIIULJH
HUDF
FLµQG
GHEH
HU£FXP
PSOOLUWWDPEL«
«QORVUUHT
TXLV
VLWWRVVVLJ
JXLHQ
QWH
HV

'H
HVFUL
FULSSFLµQ 9DOORU
9D
1¼PHURWRWDOGHSDUW¯FXODVVµOLGDV SSP
'XUH]DWRWDO rG+
&ORUXUR SSP
6XOIDWR SSP
YDORUS+ 
6¯OLFH PJ6L2OLWUR
+LHUUR PJ)HOLWUR
0DQJDQHVR PJ0QOLWUR
&RQGXFWLYLGDGHO«FWULFD w6FP
0DWHULDORUJ£QLFR&2'0Q PJOLWUR

6LH[LVWHFXDOTXLHUGXGDVREUHODFDOLGDGGHODJXDXVHUHIULJHUDQWH9ROYR9&6\DPH]FODGRTXHFRQWLHQH
GHUHIULJHUDQWHFRQFHQWUDGR1RPH]FOHFRQQLQJ¼QRWURUHIULJHUDQWH\DPH]FODGRSXHVWRTXHHVWRSRGU¯DSURYRFDU
GD³RVDOPRWRU

*UD
DVD
9RO
9ROYR6XS
SHUU*
*UHD
DVH/
/LWK
KLXP(
(3
3
2JUDVDOXEULFDQWHHTXLYDOHQWHHQEDVHGHOLWLRFRQDGLWLYR(3\HVSHVDQWHJUDVD1/*,FODVH
6LODP£TXLQDWLHQHXQVLVWHPDGHOXEULFDFLµQFHQWUDOVHDSOLFDQRWUDVUHFRPHQGDFLRQHVGHOXEULFDQWHV 
&RRMLQHWHVG
GHOHMHWUDVHUUR
&RMLQHWHVGHODQWHURVGHOHMHWUDVHUR
$FHLWHGHHMHVVHJ¼QOXEULFDQWHVUHFRPHQGDGRVHQODS£JLQD
&RMLQHWHVWUDVHURVGHOHMHWUDVHUR
5XEHQV+7 4
&KHYURQ8OWUD'XW\1R
7H[DFR6WDUSOH[+'
$OPDJDUG
/RVFRMLQHWHVWUDVHURVGHOHMHWUDVHURQRUHTXLHUHQPDQWHQLPLHQWR6µORVHOXEULFDQFRQPRWLYRGHORVWUDEDMRV
GHVHUYLFLR
 (VVSH
HFLIILFDFFLR
RQHV

 /X
XEULFDQ
QWHVUUHFRP
PHQGDGRV
/XEULFDFLµQFHQWUDODXWRP£WLFD
/XEULFDQWHVUHFRPHQGDGRV
/RVVLJXLHQWHVUHTXLVLWRVDSOLFDQSDUDODJUDVDTXHVHXWLOL]DHQHOVLVWHPDGHHQJUDVHFHQWUDO
 1RPH]FOHWLSRVGLVWLQWRVGHOXEULFDQWHV&XDQGRORVFDPELHFDPELHWRGRHOOXEULFDQWHQRVRORHOTXHHVW£HQHOGHSµVLWR
QRGHEHFRQWHQHUJUDILWRR37)( WHIOµQ
 /DJUDVDQ
 6RORVHSHUPLWHHOXVRGHJUDVDTXHFRQWLHQHGLVXOIXURGHPROLEGHQR 0R6 VL
 (OOXEULFDQWHQRFRQWLHQHP£VGH0R6
 6HFRPSUXHEDDLQWHUYDORVSHULµGLFRVTXHHOVLVWHPDGHOXEULFDFLµQIXQFLRQDFRQILDEOHPHQWH
 /RVWXERVSULQFLSDOHVVHODYDQDOPHQRVXQDYH]DOD³R
 6HUHFRPLHQGDODVLJXLHQWHFODVH1/*,DWHPSHUDWXUDVGHWUDEDMRHQWUH

5D
DQJRGHWHPSHUDWWXUDG
GHWUDE
EDMMR &ODV
VH1
1/*,,
ದr& ದr) Dr& r) 
ದr& ದr) Dr& r) 
ದr& ದr) Dr& r) VLQW«WLFR
ದr& ದr) Dr& r) VLQW«WLFR
 (VVSH
HFLIILFDFFLR
RQHV 
6LLVWH
HPDGHFRP
PEXVWLLEOH 

6LVWHPDGHFRPEXVWLEOH
5HFRPHQGDFLµQGHFRPEXVWLEOHSDUDPRWRUHV
FHUWLILFDGRVSRUOD8( PRWRUHV-FRQUHFLUFXODFLµQ
GHORVJDVHVGHHVFDSH(*5\SRVWUDWDPLHQWRGHORV
JDVHVGHHVFDSH GHORVPRGHORVGHOD³R
/RVPRWRUHVGL«VHOGHOD³RGHPRGHOR\SRVWHULRUHVVROR
HVW£QGLVH³DGRVSDUDRSHUDUFRQFRPEXVWLEOHVLQD]XIUHFRQXQ
FRQWHQLGRP£[LPRGHD]XIUHGHSSP(OXVRGHFRPEXVWLEOHV
TXHQRVHDQFRPEXVWLEOHVLQD]XIUHUHGXFLU£ODHILFDFLD\ODYLGD
¼WLOGHOPRWRUGD³DU£SHUPDQHQWHPHQWHORVVLVWHPDVGHFRQWURO
GHHPLVLRQHVDYDQ]DGDVDXPHQWDU£HOFRQVXPRGHFRPEXVWLEOH
\SRVLEOHPHQWHHYLWDU£TXHHOPRWRUIXQFLRQHHQDEVROXWR/DV
JDUDQW¯DVGHOIDEULFDQWHSXHGHQTXHGDUDQXODGDVVLVHXVDXQ
FRPEXVWLEOHLQDSURSLDGRRLQFRUUHFWR(VHVHQFLDOXVDUHO
FRPEXVWLEOHFRUUHFWRSDUDDVHJXUDUVHGHTXHHOFRQVXPRGH
FRPEXVWLEOHHOUHQGLPLHQWR\ODYLGD¼WLOGHOPRWRUVHDQEXHQRV
'HEHU¯DQXWLOL]DUVHORVFRPEXVWLEOHVHQHOPHUFDGRTXHFXPSOHQ
FRQODQRUPDGHFRPEXVWLEOHGL«VHO&(1(1RFRQOD
GLUHFWLYDHXURSHDGHFDOLGDGGHFRPEXVWLEOHV&(7DPEL«Q
VHSXHGHQXVDUYDULDQWHVGHFRPEXVWLEOHFRPR+92 DFHLWH
YHJHWDOKLGURWUDWDGR *7/ JDVDO¯TXLGR &7/ FDUEµQDO¯TXLGR 
%7/ ELRPDVDDO¯TXLGR \FRPEXVWLEOHVGL«VHOGHOD&ODVH
$PELHQWDO6XHFD 0N VLFXPSOHQFRQODQRUPDRGLUHFWLYD
DQWHULRUPHQWHPHQFLRQDGDV(VLPSRUWDQWHTXHHOFRPEXVWLEOH
QRVHFRQWDPLQHFRQSROYRRDJXD\DTXHHVWRSRGU¯DGD³DUHO
VLVWHPDGHFRPEXVWLEOHGHOPRWRU\DXPHQWDUHOGHVJDVWHGHO
PRWRU
5H
HFRP PHQGDFLµµQGHFRPPEXVWLLEOHSDUDPRWRUHV
FHUUWLILFDG
FH GRVSR
RU(((88 PRWRUHV-FR
FRQ
QUHFLUUFXOODFLµµQ
GH
HORRVJDDVHV
VGHHHV
VFD
FDSSH(*
*5\SRRVWUUDWDPLHQWRGH HOR
RV
DVHVVG
JD GHHVFD
FDSSH GHORVP
PRGHORVGGHOD³R
/RVPRWRUHVGLHVHOSDUDORVPRGHORVGHOD³R\SRVWHULRUHV
HVW£QVRORGLVH³DGRVSDUDRSHUDUFRQFRPEXVWLEOHFRQXQ
FRQWHQLGRXOWUDEDMRGHD]XIUH 8/6' FRQXQFRQWHQLGRP£[LPR
GHD]XIUHGHSSP(OXVRGHRWURVFRPEXVWLEOHVTXHQRVHDQ
8/6'UHGXFLU£ODHILFLHQFLD\ODGXUDELOLGDGGHOPRWRUGD³DU£
SHUPDQHQWHPHQWHORVVLVWHPDVGHFRQWUROGHHPLVLRQHV
DYDQ]DGRVUHGXFLU£ODHFRQRP¯DGHFRQVXPRGHFRPEXVWLEOH\
SRVLEOHPHQWHLPSLGDTXHHOPRWRUIXQFLRQH/DVJDUDQW¯DVGHO
IDEULFDQWHSXHGHQTXHGDUDQXODGDVSRUXQXVRGHFRPEXVWLEOH
QRDGHFXDGRRQRFRUUHFWR\HOXVRGHFRPEXVWLEOHVTXHQRVHDQ
GHOWLSR8/6'HQP£TXLQDVGLHVHOHVLOHJDO\SXQLEOHFRQ
VDQFLRQHVFLYLOHV(VHVHQFLDOODVHOHFFLµQGHXQFRPEXVWLEOH
FRUUHFWRSDUDDVHJXUDUXQDHFRQRP¯DGHFRPEXVWLEOHXQ
UHQGLPLHQWR\XQDYLGD¼WLOGHOPRWRUEXHQRV6HGHEHXVDU

FRPEXVWLEOH$670Q¼PHUR'8/6'FXDQGRODV
FRQGLFLRQHVFOLP£WLFDVORSHUPLWDQ(OFRPEXVWLEOH$670'
Q¼PHUR'8/6'SXHGHXVDUVHHQWHPSHUDWXUDVIU¯DV3XHGHQ
XVDUVHPH]FODVGHFRPEXVWLEOH8/6'$670'Q¼PHUR'
\Q¼PHUR'SDUDDGDSWDUVHDYDULDVFRQGLFLRQHVFOLP£WLFDV(V
LPSRUWDQWHTXHHOFRPEXVWLEOHQRHVW«FRQWDPLQDGRFRQSROYRR
DJXDSXHVWRTXHHVWRSRGU¯DGD³DUHOVLVWHPDGHFRPEXVWLEOH
GHOPRWRUHLQFUHPHQWDUHOGHVJDVWHGHOPRWRU
1RWWD
/D
DVJJDUDQ QW¯¯DVS
SXHGHHQTXHGGDUD
DQXXODDGDVVS
SRUUX
XQX
XVRGH
FRP
FR PEXXVWLLEOHQQRDDGHF
FXDGGRR
RQRFFRUUUH
UHFWR
R
 (V
VSH
HFLIILFDF
FLR
RQHV

 6LLVWH
HPDGHFRP
PEXVWLLEOH
5HFRPHQGDFLµQGHFRPEXVWLEOHSDUDPRWRUHVVLQ
WUDWDPLHQWRSRVWHULRUGHORVJDVHVGHHVFDSH
0RWRUHV(R)
(VWHPRWRUGL«VHOHVW£GLVH³DGRSDUDRSHUDUFRQFRPEXVWLEOHV
GL«VHOFRPHUFLDOPHQWHGLVSRQLEOHV6HUHFRPLHQGDXVDU
FRPEXVWLEOHTXHFXPSODFRQQRUPDVQDFLRQDOHVR
LQWHUQDFLRQDOHVSDUDFRPEXVWLEOHGL«VHO(OFRPEXVWLEOHFRQXQ
EDMRFRQWHQLGRGHD]XIUH SRUGHEDMRGHSSP HVSUHIHULEOH
SXHVWRTXHUHGXFHHOGHVJDVWHDV¯FRPRHOLPSDFWR
PHGLRDPELHQWDO/DVHOHFFLµQGHXQFRPEXVWLEOHFRUUHFWRHV
HVHQFLDOSDUDXQDEXHQDHFRQRP¯DUHQGLPLHQWR\YLGD¼WLOGHO
PRWRU(VLPSRUWDQWHTXHHOFRPEXVWLEOHQRHVW«FRQWDPLQDGR
FRQSROYRRDJXDSRUTXHHVWRSRGU¯DGD³DUHOVLVWHPDGH
FRPEXVWLEOHGHOPRWRU\DXPHQWDUHOGHVJDVWHGHOPRWRU

&R
RPEXVWLLEOOHV
VD
DOWHUUQDWLYRVV
(VWD
(VW DGH
HFOD
DUDF
FLµ
µQHV
VVR
VROORY£
Y£OOLGD
DSD
DUDPR
PRWR
RUHVGH
HODPD
PDUFD9R
9ROY
YR
(ODFHLWHYHJHWDOKLGURWUDWDGR +92 \HOELRGLHVHOGHPHWLO«VWHU
GH£FLGRVJUDVRV )$0( VHIDEULFDQDSDUWLUGHPDWHULDVSULPDV
UHQRYDEOHVFRPRDFHLWHVYHJHWDOHV\JUDVDVDQLPDOHVSHURVH
SURFHVDQTX¯PLFDPHQWHGHPDQHUDGLIHUHQWH
$F
FHLLWHYHJ
JHWDOKLGURWUDWDGR +92
6HFUHDFRPEXVWLEOH+92XWLOL]DQGRXQSURFHVRTX¯PLFR
GHQRPLQDGRKLGURWUDWDPLHQWR(OKLGURWUDWDPLHQWRFUHDXQ
SURGXFWRGHKLGURFDUEXURVLQR[¯JHQRTXHHVPX\VLPLODUDO
FRPEXVWLEOHGL«VHOGHVWLODGR\TXHHVDSWRSDUDXVRHQPRWRUHV
GL«VHO/RVFRPEXVWLEOHV+92TXHFXPSOHQFRQODQRUPDGH
FRPEXVWLEOHGL«VHO&(1(1RFRQODGLUHFWLYDHXURSHD
GHFDOLGDGGHFRPEXVWLEOHV&(HVW£QDSUREDGRVSDUDXVR
HQWRGRVORVPRWRUHVGL«VHOGH9ROYR&RQVWUXFWLRQ(TXLSPHQWVLQ
QLQJ¼QFDPELRHQORVLQWHUYDORVGHPDQWHQLPLHQWR/RV
FRPEXVWLEOHVGL«VHOSDUDI¯QLFRVTXHFXPSOHQFRQODQRUPDO&(1
SXHGHQXVDUVHHQWRGDVODVP£TXLQDVTXHRSHUDQIXHUD
GHOD8QLµQ(XURSHD\SDUDPRWRUHVFHUWLILFDGRVHQOD8(KDVWD
HOQLYHOGHHPLVLRQHV(WDSD,9(VWRVFRPEXVWLEOHVWDPEL«QVH
SXHGHQXVDUSDUDORVPRWRUHVFHUWLILFDGRVSRUOD8(''\
'TXHFXPSODQFRQHOQLYHOGHHPLVLRQHV(WDSD9
%LLRGLHVHOO
(OELRGLHVHOHVXQSURGXFWRDSDUWLUGHIXHQWHVUHQRYDEOHVFRPR
DFHLWHVYHJHWDOHVRJUDVDVDQLPDOHV(OELRGLHVHOTXHVHKD
SURFHVDGRTX¯PLFDPHQWHKDVWDFRQYHUWLUORHQPHWLO«VWHUGH
£FLGRVJUDVRV )$0( VHSXHGHPH]FODUFRQFRPEXVWLEOHGLHVHO
GHVWLODGRHQDOJXQRVPRWRUHVGLHVHO(OELRGLHVHOVLQPH]FODUVH
GHQRPLQD%SRUTXHHVELRGLHVHO
(OPHWLO«VWHUGHFRO]D 50( HVHOWLSRP£VFRP¼QGH)$0(
XWLOL]DGRHQ(XURSD(OPHWLO«VWHUGHVRMD 60( \HOPHWLO«VWHU
GHDFHLWHGHJLUDVRO 620( VRQORVWLSRVP£VFRPXQHVGH)$0(
XWLOL]DGRVHQ(VWDGRV8QLGRV
$XQTXHHOXVRGHELRGLHVHO)$0(HVDKRUDXQUHTXLVLWROHJDOHQ
DOJXQRVPHUFDGRVQRVHSXHGHXVDUHQPRWRUHVGLHVHOFRPR
GLHVHOFRQYHQFLRQDOR+92 DFHLWHYHJHWDOKLGURWUDWDGR 
5H
HTXLVLWWRVG
GHOFRP
PEXVWLLEOHELRGLHVHOO
/DVPH]FODVGHELRGLHVHO)$0(HVSHFLILFDGDVHQODWDEODD
FRQWLQXDFLµQHVW£QDSUREDGDVSDUDVXXVRVL
 (OELRGLHVHO\DYLHQHPH]FODGRSRUHOIDEULFDQWHGHO
FRPEXVWLEOH
 (V
VSH
HFLIILFDF
FLR
RQHV 
6LLVWH
HPDGHFRP
PEXVWLLEOH 
 (OELRGLHVHOXVDGRHQODPH]FODFXPSOHFRQ(1R$670
'
 (OFRPEXVWLEOHGHVWLODGRXVDGRHQODPH]FODFXPSOHFRQORV
UHTXLVLWRVGHD]XIUHHQHOFRPEXVWLEOH
 (OFRPEXVWLEOHGHVWLODGRHQODPH]FODFXPSOHFRQ(1R
$670'
 /DVPH]FODVGHELRGLHVHO%%FXPSOHQFRQ(1R$670
'
 /DVPH]FODVGHELRGLHVHO%%FXPSOHQFRQ(1R$670
'
 /DVPH]FODVGHELRGL«VHO%%FXPSOHQFRQODVQRUPDV
(1 % R$670'

'HQ
QRPLQD
DFLµQ
QG
GHHPLVLR
RQHVG
GH 7D
DPD³R 0H FOD
0H]FO D
PRWWRU
PR GH
HOPRWWRU DFHS
SWDEOH
H
(WDSD,,GHOD8(7LHUGH((88 3RUGHEDMR +DVWD%
(WDSD,,,$GHOD8(7LHUGH((88 GH'
OLWURV
(WDSD,,,%GHOD8(7LHULQWHULPGH
((88
(WDSD,9GHOD8(7LHUILQDOGH
((88
(WDSD9GHOD8(
(WDSD,,GHOD8(7LHUGH((88 'ದ' +DVWD%
(WDSD,,,$GHOD8(7LHUGH((88

(WDSD,,,%GHOD8(7LHULQWHULPGH
((88
(WDSD,9GHOD8(7LHUILQDOGH
((88
(WDSD,,GHOD8(7LHUGH((88 'ದ' +DVWD%
(WDSD,,,$GHOD8(7LHUGH((88

7LHUILQDOGH((88DFXHUGR
HVSHFLDOSDUD$P«ULFDGHO1RUWH
(WDSD,,,%GHOD8(7LHULQWHULPGH 'ದ' +DVWD%
((88
(WDSD,9GHOD8(7LHUILQDOGH
((88
(WDSD,,,%GHOD8(7LHULQWHULPGH 'ದ' +DVWD%
((88HTXLSDGRFRQMXHJRGH
FRQYHUVLµQGHFRPEXVWLEOHFRQDOWR
FRQWHQLGRGHD]XIUH VRORGLVSRQLEOH
HQPHUFDGRVQRUHJXODGRV


(WDSD,9GHOD8(7LHUILQDOGH
((88HTXLSDGRFRQMXHJRGH
FRQYHUVLµQGHFRPEXVWLEOHFRQDOWR
FRQWHQLGRGHD]XIUH VRORGLVSRQLEOH
HQPHUFDGRVQRUHJXODGRV
 (V
VSH
HFLIILFDF
FLR
RQHV

 6LLVWH
HPDGHFRP
PEXVWLLEOH
'HQRPLQDFLµQGHHPLVLRQHVGH 7DPD³R 0H]FOD
PRWRU GHOPRWRU DFHSWDEOH
(WDSD9GHOD8( 'ದ' +DVWD%
&RPRODVUHJXODFLRQHVGHHPLVLRQHVSDUD7LHU\7LHU
WHUPLQDURQHQ\UHVSHFWLYDPHQWHORVPRWRUHV
SURGXFLGRVGHVGHHQWRQFHVQRUPDOPHQWHF FXP
PSOH
HQFFRQ
QOODV
V
UHJ
UH JXODFLR
RQH
HV(
(WDSD,,(WD
DSD,,,$SHUPLWLHQGRVXYHQGDHQ
PHUFDGRVPHQRVUHJXODGRV
&RQUHVWULFFLRQHVDGLFLRQDOHV\FRQGLFLRQHVRSHUDWLYDV
HVSHFLDOHVORVHTXLSRVXWLOL]DGRVHQ$P«ULFDGHO1RUWHSXHGHQ
RSHUDUFRQGL«VHO%
1227$
/DVDYHU¯DVSURYRFDGDVGLUHFWDPHQWHSRUXQXVRGH
ELRFRPEXVWLEOHGHEDMDFDOLGDGRGHFXDOTXLHURWURFRPEXVWLEOH
TXHQRFXPSODFRQODVQRUPDVQRVRQGHIHFWRVGHI£EULFD\QR
VHDSOLFDODJDUDQW¯DGHOIDEULFDQWH
5H
HTXLVLWWRVG
GHLQWHUYDOORVG
GHPDQWHQLPLHQWR
(VREOLJDWRULRUHDOL]DUDFFLRQHVGHVHUYLFLRDGLFLRQDOHV\WHQHU
LQWHUYDORVGHPDQWHQLPLHQWRP£VFRUWRVDOXVDUPH]FODVGH
ELRGLHVHOSRUHQFLPDGH%

&D
DGD
K
KRUUDV
 &RPSUXHEHHODFHLWHGHOPRWRU\F£PELHORVLVXEHSRUHQFLPDGHO
QLYHOP£[LPRGHOOHQDGR
 ,QVSHFFLRQHORVFRPSRQHQWHVGHOVLVWHPDGHFRPEXVWLEOH\
VXVWLW¼\DORVVHJ¼QVHDQHFHVDULR
0L
0LWD
DGG
GHOLLQWH
HUYD
YDOORR
RULJLLQDO
 &DPELHHODFHLWH\HOILOWURGHOPRWRU
 6XVWLWX\DHOILOWUR V GHFRPEXVWLEOH
&D
DGDD³RLQ
QGHS
SHQGLLHQWH
HPHQWWHGHODV
VKR
RUDVGH
HIX
XQFLR
RQD
DPLH
HQWR
 &DPELHHODFHLWH\HOILOWURGHOPRWRU
 /LPSLHHOGHSµVLWRGHFRPEXVWLEOH

(IIHFWR
RVG
GHOELRGLHVHOOVRE
EUHHODFHLLWHGHOPRWRU
8VDUELRGLHVHOSXHGHSURYRFDUXQDPD\RUGLOXFLµQGHODFHLWH8VH
KHUUDPLHQWDVGHDQ£OLVLVGHODFHLWHGHOPRWRUIUHFXHQWHPHQWH
SDUDFRPSUREDUODGLOXFLµQGHODFHLWH\FRQWUROHHOHVWDGRGHO
DFHLWHGHOPRWRU&RPSUXHEHHOQLYHOGHDFHLWHGHOPRWRUFDGD
G¯D&DPELHVLHPSUHHODFHLWHGHOPRWRUVLHOQLYHOGHOPLVPRVXEH
SRUHQFLPDGHOQLYHOP£[LPRGHOOHQDGR
(IIHFWR
RVG
GHOELRGLHVHOOHQVLV
VWH
HPDVG
GHFRP
PEXVWLLEOH
(OELRGLHVHOGLVXHOYH\DIORMDDOJXQRVGHSµVLWRVGHOVLVWHPDGH
FRPEXVWLEOH'XUDQWHODFRQYHUVLµQLQLFLDODELRGLHVHOORV
GHSµVLWRVDIORMDGRVVHGHVSOD]DU£QKDFLDORVILOWURVGH
FRPEXVWLEOH\UHTXHULU£QFDPELDUHOILOWURGHFRPEXVWLEOHFRQ
PD\RUIUHFXHQFLD(PSLHFHFRQILOWURVGHFRPEXVWLEOHQXHYRVDO
XVDUELRGLHVHOSRUSULPHUDYH]
(OELRGLHVHOHVDJUHVLYRFRQDOJXQRVPDWHULDOHVXVDGRVHQ
FRPSRQHQWHVGHOVLVWHPDGHFRPEXVWLEOH,QVSHFFLRQHORV
UHWHQHVODVPDQJXHUDV\ORVFRPSRQHQWHVGHJRPD\SO£VWLFR
FDGDKRUDV5HSDUHRVXVWLWX\DFXDOTXLHUFRPSRQHQWHTXH
HVW«GD³DGRTXHVHKD\DUHEODQGHFLGRRTXHWHQJDXQDIXJD
/LPSLHHOELRGLHVHOGHVXSHUILFLHVSLQWDGDVLQPHGLDWDPHQWHSDUD
SUHYHQLUTXHVHGD³HODSLQWXUD
(OELRGLHVHOHVP£VVHQVLEOHDODVEDFWHULDV\DODFRQWDPLQDFLµQ
GHODJXDTXHHOFRPEXVWLEOHGLHVHOGHVWLODGR
 (V
VSH
HFLIILFDF
FLR
RQHV 
6LLVWH
HPDGHFRP
PEXVWLLEOH 
 8VHWDQWRFRPEXVWLEOHFRPRVHDSRVLEOHDQWHVGHUHSRVWDUHO
GHSµVLWRGHFRPEXVWLEOHSDUDSUHYHQLUHOFUHFLPLHQWRGH
EDFWHULDVVLODP£TXLQDHVW£HQXVRUHJXODUHVGHFLUXVD
QRUPDOPHQWHKDVWDXQGHSµVLWRGHFRPEXVWLEOHDODVHPDQD
(QFOLPDVGRQGHODFRQGHQVDFLµQVHDXQULHVJRRFXDQGROD
P£TXLQDRSHUHGXUDQWHLQWHUYDORVEUHYHVPDQWHQJDHO
GHSµVLWRGHFRPEXVWLEOHOOHQR
 1RXVHELRGLHVHOHQP£TXLQDVFRQXQDEDMDXWLOL]DFLµQRWLHPSR
GHIXQFLRQDPLHQWREUHYH
 1RJXDUGHP£TXLQDVGXUDQWHP£VGHVHPDQDVVLQVDFDUHO
ELRGLHVHOGHOVLVWHPDGHFRPEXVWLEOHSRUPHGLRGHOD
RSHUDFLµQGHODP£TXLQDKDVWDTXHJDVWHFRPRP¯QLPRXQ
GHSµVLWRFRPSOHWRGHFRPEXVWLEOHGLHVHOGHVWLODGR
 6LJDVLHPSUHODVUHFRPHQGDFLRQHVGHDOPDFHQDPLHQWRGHO
IDEULFDQWH\ODVIHFKDVGHFRQVXPRSUHIHUHQWHSDUDFDGD
VXPLQLVWURGHELRGLHVHO
(IHFWR
RVGH
HOELLRGLHVHOOHQ
QVL
VLV
VWH
HPDVGH
HSR
RVWUUDWDPLHQWRGH
HOR
RV
DVHVVG
JD GHHVFD
FDS SH
(OELRGLHVHOGHMDPD\RUHVQLYHOHVGHFHQL]DHQILOWURVGH
SDUW¯FXODVGLHVHO\SXHGHUHTXHULUXQDUHJHQHUDFLµQ\OLPSLH]D
P£VIUHFXHQWHVGHOILOWURGHSDUW¯FXODVGLHVHO '3) (OELRGLHVHO
SXHGHXVDUGHVYLDFLRQHVHQODVWHPSHUDWXUDV\ODIXQFLRQDOLGDG
GHOTXHPDGRUGHO'3)\SXHGHSURYRFDUFµGLJRVGHDYHU¯DR
HUURUHV
/RVJDVHVGHHVFDSHGHELRGLHVHOVRQDJUHVLYRVFRQDOJXQRV
PDWHULDOHVXVDGRVHQVLVWHPDVGHUHGXFFLµQFDWDO¯WLFDVHOHFWLYD
6&5 \SXHGHQUHTXHULUOLPSLH]DUHSDUDFLµQRVXVWLWXFLµQGH
SLH]DVFRQPD\RUIUHFXHQFLD
(IIHFWR
RVG
GHOELRGLHVHOOVRE
EUHHOIXQFLR
RQDPLHQWRHQ
WH
HPSHUDWXUDVIIU¯DV
(OELRGLHVHOWLHQHXQDYLVFRVLGDGDOWDDWHPSHUDWXUDVSRUGHEDMR
GHə& ə) \SXHGHSURYRFDUSUREOHPDVGHDUUDQTXHGHO
PRWRU8VHXQFDOHQWDGRUGHFRPEXVWLEOHRHVWDFLRQHODP£TXLQD
HQXQHGLILFLRFRQFDOHIDFFLµQDVHUSRVLEOH
(IIHFWR
RVG
GHOELRGLHVHOOVRE
EUHHOUHQGLPLHQWRGHOPRWRU
(OELRGL«VHO%WLHQHXQDGHQVLGDGHQHUJ«WLFD
DSUR[LPDGDPHQWHLQIHULRUDXQFRPEXVWLEOHGL«VHOUHJXODU
/DVPH]FODVLJXDOHVRLQIHULRUHVDO%WLHQHQXQSHTXH³R
LPSDFWRVREUHHOUHQGLPLHQWRGHOPRWRU
(IIHFWR
RVG
GHOELRGLHVHOOVRE
EUHHOFXP
PSOLPLHQWRFRQ
QODV
HP
PLVLRRQHV
/RVPRWRUHVHVW£QFHUWLILFDGRVSDUDFXPSOLUFRQOD(3$GH
((88ODVQRUPDVGH&DOLIRUQLD\OD8(HQIXQFLµQGHOXVRGH
FRPEXVWLEOHVGHSUXHEDFRQODVHVSHFLILFDFLRQHVHVWDEOHFLGDV
SRUHVWDVDJHQFLDVUHJXODWRULDV&RPEXVWLEOHVDOWHUQDWLYRVFRPR
HOELRGL«VHOTXHQRVHDQVXVWDQFLDOPHQWHVLPLODUHVDORV

FRPEXVWLEOHVGHSUXHEDUHTXHULGRVSXHGHQDIHFWDU
QHJDWLYDPHQWHDOFXPSOLPLHQWRGHOPRWRUFRQODVHPLVLRQHV
&RPRUHVXOWDGR9ROYRQRJDUDQWL]DTXHHOPRWRUFXPSOLU£FRQ
ORVO¯PLWHVIHGHUDOHVGH&DOLIRUQLD\OD8(DSOLFDEOHVUHVSHFWRD
HPLVLRQHVDOVHURSHUDGRRDOKDEHUVLGRRSHUDGRFRQELRGL«VHO
XRWURVFRPEXVWLEOHVDOWHUQDWLYRVTXHQRVHDQVXVWDQFLDOPHQWH
VLPLODUHVDORVFRPEXVWLEOHVGHSUXHEDHVSHFLILFDGRVXVDGRV
SDUDODFHUWLILFDFLµQQRVLVHXWLOL]DELRGL«VHOGL«VHOUHJXODUHQ
PH]FODVTXHVXSHUHQODVUHFRPHQGDFLRQHV
1RREVWDQWHHOXVRGHELRGL«VHOKDVWDXQP£[LPRGHO %
QRDIHFWDU£GHSRUV¯DODJDUDQW¯DPHF£QLFDGHOIDEULFDQWHSRUOR
TXHUHVSHFWDDOPRWRURHOVLVWHPDGHHPLVLRQHVVLHPSUHTXHHO
 (VVSH
HFLIILFDFFLR
RQHV

 6LV
VWH
HPDGHFRP
PEXVWLLEOH
ELRGL«VHOXWLOL]DGRHQODPH]FODFXPSODFRQODVQRUPDVDSOLFDEOHV
\TXHVHVLJDQORVSDVRVDGLFLRQDOHVDTX¯GHVWDFDGRV
 (VSH
HFLIILFDFFLR
RQHV 
6LLVWH
HPDGHFRP
PEXVWLLEOH 

$G%OXHp'()
127$
6RORDSOLFDEOHDP£TXLQDVFRQPRWRU'-

$9,6
62
5LHVJR RGHGGD³RV VDDODP
P£T TXLLQD
$FRUUWR
$FR RSOOD]RHOXV VRGHHXQ QO¯¯TXLGR RHUUµUµQHRSXHG GHUH UHV
VXOOWDUHQXQ
QDPH
PHQ QRUSRWWHQFLD
DGHOOPR
PRWWRU$O
$ODDUJRSOOD]RSX
XHGH
GD
D³DUH HOVLV
VWH
HPDGH6 6&5\\H HOFFDWWDOL]DGGRUU5HXWLLOL]DUU$
$G%OXHp p'() )SXHG GHSURYYRFFDUUFFRQ
QWDPLQ QDFLµQ/RVG GD³RV V
FDX
FDXVDG GRVS SRUHHOXVRG GHO¯TXLGR RVLLQFRUUH UHF
FWR
RVQQRHVWD DU£QFFXE ELHUWR
RVSSRUOODJDUDQQW¯D
8V
VHVLH
HPSUHH HOOO¯T
TXLLGRHVSHF FLIILFDGRRHQOOD,,62 1RUUHX XWLOLFHHO$
$G%OXHp'()YDF FLD
DGR
3DUDUHGXFLUORVµ[LGRVGHQLWUµJHQR 12; HOPRWRUHVW£HTXLSDGRFRQXQVLVWHPDGHUHGXFFLµQFDWDO¯WLFD
VHOHFWLYD 6&5 6HQHFHVLWDXQO¯TXLGRGHHVFDSHGL«VHOSDUDSURFHVDUHOWUDEDMR(OO¯TXLGRVHGHQRPLQD$G%OXHp
HQ(XURSD\$VLDSHURHQ$P«ULFDGHO1RUWHVHGHQRPLQDO¯TXLGRGHHVFDSHGL«VHO '() &XDQGRVHDQHFHVDULR
HOVLVWHPDGH6&5FDOLHQWDHOGHSµVLWR\ODVWXEHU¯DVGH$G%OXHp'()
(OO¯TXLGRVHOOHQDHQXQGHSµVLWRGLIHUHQWHTXHHVW£FRPSOHWDPHQWHVHSDUDGRGHOGHSµVLWRGHFRPEXVWLEOH(O
$G%OXHp'()QRGHEHPH]FODUVHHQHOGHSµVLWRGHFRPEXVWLEOH\HOFRPEXVWLEOHQRGHEHPH]FODUVHHQHO
GHSµVLWRGH$G%OXHp'()
(O$G%OXHp'()VHFRPSRQHGHFULVWDOHVGHXUHD  \DJXDGHVWLODGD  (VWUDQVSDUHQWHFODUR\
WLHQHXQOLJHURRORUDDPRQ¯DFR(OO¯TXLGRQRVHFRQVLGHUDSHOLJURVRSHURDXQDV¯GHEHVHUPDQLSXODGRFRQ
FXLGDGR(VPX\FRUURVLYRHVSHFLDOPHQWHFRQFREUH\DOXPLQLR3RUHVWDUD]µQHYLWHTXHVHGHUUDPHO¯TXLGRHQ
ORVFDEOHV\FRPSRQHQWHVHO«FWULFRV/LPSLHVLHPSUHFXDOTXLHUGHUUDPHGH$G%OXHp'()
(O$G%OXHp'()QRHVXQSURGXFWRLQIODPDEOH&XDQGRVHH[SRQHDDOWDVWHPSHUDWXUDVVHFRQYLHUWHHQDPRQ¯DFR
\GLµ[LGRGHFDUERQR(OO¯TXLGRQRGHEHU¯DHQWUDUHQFRQWDFWRFRQRWURVSURGXFWRVTX¯PLFRVRVHUPH]FODGRFRQ
RWURVSURGXFWRVTX¯PLFRV
(O$G%OXHp'()HVVHQVLEOHDWHPSHUDWXUDVDOWDV\EDMDV1RGHEHU¯DH[SRQHUVHDODOX]GLUHFWDGHOVROGXUDQWH
QLQJ¼QSHU¯RGRGHWLHPSRH[WHQGLGR6LODP£TXLQDQRVHXVDHO$G%OXHp'()HPSLH]DDFRQJHODUVHDr&
r) (OYROXPHQGHO¯TXLGRHQHOGHSµVLWRDXPHQWDFXDQGRVHFRQJHOD\HVSRUHVRTXHHVLPSRUWDQWHVHJXLU
HOYROXPHQGHOOHQDGRUHFRPHQGDGR(O$G%OXHp'()QRVHGHVFRPSRQHQLVHGHJUDGDFXDQGRVHFRQJHOD(O
VLVWHPDGH6&5GHUUHWLU£HOO¯TXLGRSDUDTXHUHFXSHUHVXFRQFHQWUDFLµQPDQWHQLHQGRODFDOLGDG/DP£TXLQD
IXQFLRQDU£QRUPDOPHQWHGXUDQWHHOWLHPSRHQHOTXHHOO¯TXLGRVHGHUULWD
$WHPSHUDWXUDVVXSHULRUHVDr& r) GHO$G%OXHp'()HOO¯TXLGRFRPLHQ]DDGHJUDGDUVH$FRQWLQXDFLµQ
HOIOXLGRSURGXFHDPRQLDFRTXHHVDJUHVLYRSDUDODJRPDSRUHMHPSOR$WHPSHUDWXUDVVXSHULRUHVDr&
ದr) DXPHQWDODSURGXFFLµQGHDPRQLDFR6LQHPEDUJRVHSHUPLWHQDOWDVWHPSHUDWXUDVGXUDQWHXQ
FRUWRHVSDFLRGHWLHPSR

(O$G%OXHp'()GHEHU¯DDOPDFHQDUVHHQXQOXJDUIUHVFRVHFR\YHQWLODGR(OO¯TXLGRQRSXHGHVHUDOPDFHQDGR
GLUHFWDPHQWHDODOX]GHOVRO/DWHPSHUDWXUDGHDOPDFHQDPLHQWRUHFRPHQGDGDSDUDHO$G%OXHp'()HVHQWUH
r& r) \r& r) (QHVWDVFRQGLFLRQHVODGXUDFLµQGHDOPDFHQDPLHQWRHVGHDSUR[GRVD³RV(O
DOPDFHQDPLHQWRDODUJRSOD]RGH$G%OXHp'()DXQDWHPSHUDWXUDVXSHULRUDr& r) SXHGHUHGXFLUODYLGD
¼WLOGHOO¯TXLGR/DH[SRVLFLµQGXUDQWHXQEUHYHSHU¯RGRGHWLHPSRDWHPSHUDWXUDVP£VDOWDVQRWLHQHLPSDFWRHQ


ODFDOLGDG
 (VVSH
HFLIILFDFFLR
RQHV

 6LLVWH
HPDGHFRP
PEXVWLLEOH

127$
6LODP£TXLQDVHYDDHVWDFLRQDUGXUDQWHXQSHU¯RGRGHWLHPSRSURORQJDGR YDULRVPHVHV DWHPSHUDWXUDV
DPELHQWHVXSHULRUHVD|& r) VHGHEHYDFLDUHOGHSµVLWR(VWRHVSDUDSUHYHQLUTXHHOO¯TXLGRWHQJDXQD
FDOLGDGHUUµQHDDODUUDQFDUODP£TXLQDRTXHORVSUHFLSLWDGRVWHQJDQXQLPSDFWRQHJDWLYRVREUHODVSLH]DVGH
ORVFRPSRQHQWHV
1227$
6LHOGHSµVLWRVHKDYDFLDGRSRUFRPSOHWRGHEHU¯DHQMXDJDUVHFRQQXHYR$G%OXHp'()DQWHVGHOOHQDUORFRQHO
QXHYRO¯TXLGR1XQFDUHXWLOLFHHOO¯TXLGRYLHMR6LVHXWLOL]DDJXDGHVWLODGDRDJXDFRUULHQWHSDUDHOHQMXDJXHH[LVWH
HOULHVJRGHTXHHOVLVWHPDJHQHUHXQDDODUPDGHELGRDXQDFDOLGDGHUUµQHDGH$G%OXHp'()
1227$
1RGHEHU¯DXVDUVHDJXDGHQLQJ¼QWLSRDOOLPSLDUHOVLVWHPDGH$G%OXHp'()RORVFRPSRQHQWHVGHO
$G%OXHp'()\DTXHH[LVWHHOULHVJRGHTXHLQFOXVRXQDSHTXH³DFDQWLGDGGHDJXDSHUPDQH]FDHQHOVLVWHPD
WUDVOLPSLDU/DV¼QLFDVH[FHSFLRQHVSHUPLWLGDVVRQODVRSHUDFLRQHVGHVFULWDVHQODLQIRUPDFLµQGHVHUYLFLR
UHGDFWDGDSRU9ROYR

(O$G%OXHp'()HVW£GLVSRQLEOHHQFRQWHQHGRUHVGHSO£VWLFRELGRQHV,%&RDJUDQHO
3DUDREWHQHULQIRUPDFLµQVREUHFµPRSHGLU$G%OXHp'() VRORDSOLFDDOPHUFDGRGH((88 
ವ 9ROYR&RQVWUXFWLRQ(TXLSPHQW HQKRUDULRGHRILFLQD
ವ ZZZYROYRFHFRP IXHUDGHOKRUDULRGHRILFLQD

3DUDLQIRUPDFLµQVREUHFµPRSHGLU$G%OXHp'() RWURVPHUFDGRV FRQWDFWHFRQVXFRQFHVLRQDULRORFDO9ROYR

$FFFL
FLR
RQHVH
HQFDV
VRGHFRQ
QWDFWR
RFRQ
Q$G%OXHp'()
ವ (QFDVRGHFRQWDFWRFRQODSLHOODYHDIRQGRFRQDJXD(OO¯TXLGRSXHGHFDXVDULUULWDFLµQHQODSLHO
ವ (QFDVRGHFRQWDFWRFRQORVRMRVODYHDIRQGRGXUDQWHYDULRVPLQXWRV6LHVQHFHVDULRREWHQJDDVLVWHQFLDP«GLFD
ವ (QFDVRGHLQKDODFLµQUHVSLUHDLUHIUHVFR\FRQWDFWHFRQXQP«GLFRVLHVQHFHVDULR
ವ (QFDVRGHLQJHVWLµQEHEDDJXD\FRQWDFWHFRQXQP«GLFR
 (V
VSH
HFLIILFDF
FLR
RQHV 
&D
DSDFLG
GDGGHVHUUYLF
FLR
RHLQWHUYDOORVG
GHVXV
VWLLWXFLµ
µQ 

&DSDFLGDGGHVHUYLFLRHLQWHUYDORV
GHVXVWLWXFLµQ
&DSDFLGDGHV (QHOFDPELR 7RWDO
$FHLWHSDUDPRWRULQFOILOWUR OLWURV 86JDO
7UDQVPLVLµQLQFOILOWUR OLWURV 86JDO
(MHGHODQWHUR OLWURV 86JDO OLWURV 86JDO
(MHWUDVHUR OLWURV 86JDO OLWURV 86JDO
6LVWHPDKLGU£XOLFR OLWURV 86JDO
'HSµVLWRGHDFHLWHKLGU£XOLFRLQFOILOWUR OLWURV 86JDO
'HSµVLWRGHFRPEXVWLEOH OLWURV 86JDO
'HSµVLWRGH$G%OXHp'() D OLWURV 86JDO
6LVWHPDGHUHIULJHUDFLµQ OLWURV 86JDO OLWURV 86JDO
)LOWURGHDLUHHQED³RGHDFHLWH RSFLRQDO OLWURV 86JDO
D 6RORVHDSOLFDDP£TXLQDVFRQPRWRU'-

,QWWHUUYDOORV
VGH
HFDP
PELR
&D
DPELLRGHD
DFHLLWH\\IIOXLLGRV +R
RUDV
V
)LOWURGHDLUHHQED³RGHDFHLWH (TXLSDPLHQWRRSFLRQDO 
$FHLWHGHPRWRU  D
 E
6RORVHDSOLFDDP£TXLQDVFRQPRWRU'-ILOWUR
GHDFHLWHGHPRWRU9ROYR+LJK3HUIRUPDQFH\
DFHLWHVDSUREDGRVVHJ¼Q
7UDQVPLVLµQODYHDOPLVPRWLHPSRHOFRODGRU 
$FHLWHGHOHMHGHODQWHUR\WUDVHUR 3ULPHUDV

$FHLWHGHFRMLQHWHVGHOHMHWUDVHUR 
$FHLWHKLGU£XOLFRGHSµVLWR  F
5HIULJHUDQWH  G
D (OLQWHUYDORYDU¯DGHSHQGLHQGRGHOJUDGRGHODFHLWH\GHOFRQWHQLGRGHD]XIUHGHOFRPEXVWLEOHYHDODS£JLQD
E 2FRPRP¯QLPRXQDYH]DOD³R
F (OLQWHUYDORYDU¯DGHSHQGLHQGRGHOJUDGRGHODFHLWH\GHOFRQWHQLGRGHD]XIUHGHOFRPEXVWLEOHYHDODS£JLQD
G &DPELHHOUHIULJHUDQWHFDGDKRUDVRFDGDFXDWURD³RV9HDWDPEL«QODS£JLQD

&DPELLRGHOILOWUUR
0RWRUILOWURVGHDFHLWH
+RUDV
 D

 E
6RORVHDSOLFDDP£TXLQDVFRQPRWRU'-ILOWUR
GHDFHLWHGHPRWRU9ROYR+LJK3HUIRUPDQFH\
DFHLWHVDSUREDGRVVHJ¼Q
0RWRUILOWURGHDLUHILOWURSULQFLSDO  F
0RWRUILOWURGHDLUHILOWURGHVHJXULGDG  G
)LOWURVGHFRPEXVWLEOH 
6LVWHPDGHFRPEXVWLEOHILOWURGHYHQWLODFLµQ 
)LOWURGHDLUHHQED³RGHDFHLWHOLPSLH]DGHOFDUWXFKRGH  H
ILOWUR (TXLSDPLHQWRRSFLRQDO
 (VVSH
HFLIILFDFFLR
RQHV

 &D
DSDFLG
GDGGHVHUUYLF
FLR
RHLQWHUYDOORVG
GHVXV
VWLLWXFLµ
µQ
)LOWURGHSDUW¯FXODVGLHVHO  I
'HSµVLWRGH$G%OXHp'()ILOWURGHYHQWLODFLµQ  J
7UDQVPLVLµQILOWURGHDFHLWH 
7UDQVPLVLµQILOWURGHYHQWLODFLµQ 
)LOWURGHUHIULJHUDFLµQGHODFHLWHGHHMHV 3ULPHUDV

(MHVILOWURGHYHQWLODFLµQ 
&DELQDILOWURSULQFLSDOGHYHQWLODFLµQ 
&DELQDSUHILOWURGHYHQWLODFLµQ 
&DELQDILOWURGHFDUEµQ (TXLSDPLHQWRRSFLRQDO 
&DELQDILOWURGHDPLDQWR (TXLSDPLHQWRRSFLRQDO 
'HSµVLWRKLGU£XOLFRILOWURGHDFHLWHGHUHWRUQR 
'HSµVLWRKLGU£XOLFRILOWURGHYHQWLODFLµQ 
)LOWURGHOVLVWHPDGHOXEULFDFLµQDXWRP£WLFD (TXLSDPLHQWR 
RSFLRQDO
D (OLQWHUYDORYDU¯DGHSHQGLHQGRGHOJUDGRGHODFHLWH\GHOFRQWHQLGRGHD]XIUHGHOFRPEXVWLEOHYHDODS£JLQD
E 2FRPRP¯QLPRXQDYH]DOD³R
F 2FXDQGRKD\DXQDVH³DORDOPHQRVXQDYH]DOD³R
G 2DODVH³DORFRPRP¯QLPRHQD³RVDOWHUQDWLYRVRFDGDWUHVVXVWLWXFLRQHVGHOILOWURSULPDULR
H 2DODVH³DO
I 6RORVHDSOLFDDP£TXLQDVFRQPRWRU'-
J 6RORVHDSOLFDDP£TXLQDVFRQPRWRU'-
 (V
VSH
HFLIILFDF
FLR
RQHV 
0R
RWRU 

0RWRU
'HVLJQDFLµQ 9ROYR'- 9ROYR'(
3RWHQFLDP£[LPDDUSP UV (&(5QHWD N: &9 N: &9
3RWHQFLDP£[LPDDUSP UV ,626$(- N: &9 N: &9
QHWD
3DUP£[LPRDUSP UV (&(5QHWR 1P OEIIW 1P OEIIW
5DQJRGHRSHUDFLµQHFRQµPLFD ದUSP ದ ದUSP ದ
UV UV
1¼PHURGHFLOLQGURV  
&LOLQGUDGD OLWURV 86JDO OLWURV 86JDO
5«JLPHQGHUDOHQW¯EDMR USP UV USP UV
5«JLPHQGHUDOHQW¯HOHYDGR USP UV USP UV
)LOWURGHDLUH )LOWUDGRGHODLUHHQ )LOWUDGRGHODLUHHQ
HWDSDV HWDSDV
3UHILOWURFLFOµQLFRILOWUR 3UHILOWURFLFOµQLFRILOWUR
SULPDULRILOWUR SULPDULRILOWUR
VHFXQGDULR VHFXQGDULR

(P
PLVLR
RQHVG
GHGLµ[
[LGR
RGHFDUUERQR
1277$
6RORDSOLFDEOHDPRWRUHVHTXLSDGRVSDUDFXPSOLUFRQORV
UHTXLVLWRVOHJDOHVUHVSHFWRDHPLVLRQHVGHJDVHVGHHVFDSH
VHJ¼QOD(WDSD9GHOD8(
/DWDEODDFRQWLQXDFLµQPXHVWUDHOYDORUGHODVHPLVLRQHVGH
GLµ[LGRGHFDUERQR &2 GHWHUPLQDGRDSDUWLUGHSUXHEDVGH
DSUREDFLµQGHOD8(HQPRWRUHVGHUHIHUHQFLDHQODSDUWHFDOLHQWH
GHOFLFORGHSUXHEDVWUDQVLWRULRQRGHFDUUHWHUD 157& 

&LLFORGHSUXHE
EDV1
157&
&
0RWWRUG
0R GHUUHIIHUHQF
FLD &RQ
Q &R
RQ
FRP
FR PEXV
VWLLEOH FRP
FR PEXVWLLEOH
H
% +9
92
'-&2 JN:K  


 (VVSH
HFLIILFDFFLR
RQHV

 6LV
VWH
HPDHO«FWUULFR

6LVWHPDHO«FWULFR
7HQVLµQGHOVLVWHPD 9
%DWHU¯DV  FRQHFWDGDVHQVHULH
7HQVLµQGHEDWHU¯D [9
&DSDFLGDGGHEDWHU¯D [$K
$OWHUQDGRU :$
:$
3RWHQFLDGHOPRWRUGHDUUDQTXH N: &9

/X
XFHV
V/
/(' 9DWLRV
9DWLRV
)DURVOXFHVGHFUXFH 
)DURVOXFHVODUJDV 
/X]GHHVWDFLRQDPLHQWRGHODQWHUD 
,QWHUPLWHQWHVSDUWHGHODQWHUD 
/X]GHHVWDFLRQDPLHQWRWUDVHUD 
/XFHVGHIUHQR 
,QWHUPLWHQWHVSDUWHWUDVHUD 
$OXPEUDGRGHWUDEDMR 
,QWHUPLWHQWHVODWHUDOHV 

/X
XFHV
VK
KDOµJHQD
DV 9DWWLRV
9D 7R
RPD
)DURVOXFHVGHFUXFH 3;'
 +
)DURVOXFHVODUJDV 3.6
 +
/X]GHHVWDFLRQDPLHQWRGHODQWHUD  %$V
,QWHUPLWHQWHVSDUWHGHODQWHUD  %$V
/X]GHOKDELW£FXOR 
 %$V
/X]GHHVWDFLRQDPLHQWRWUDVHUD  %$V
/XFHVGHIUHQR  %$V
,QWHUPLWHQWHVSDUWHWUDVHUD  %$V
$OXPEUDGRGHWUDEDMR 3.V
 +
12
27$
(OWLSRGHOXFHVGHSHQGHGHODFRQILJXUDFLµQGHVXP£TXLQD

)XVVLE
EOHV
V\\UH
HO«V
V
)X
XVLE
EOHV
)XVLEOHVHQSODFDGHFLUFXLWRLPSUHVR
12
27$
6HSXHGHQSUREDUORVIXVLEOHVHQODSODFDGHFLUFXLWRLPSUHVR9HD
)86(7(67VLWXDGRHQWUH)8\)8
 (V
VSH
HFLIILFDF
FLR
RQHV 
6LLVWH
HPDHO«FWUULFR 

9

)LJ3ODFDGHFLUFXLWRLPSUHVR

'H
HVLJ
JQDFLµQ &OODVLILLFDFL
µQ
QQQRPLQ QDO 'H
HVFUL
FULSSFLµQ
)8 $ 5( OXFHVGHIUHQR
)8 $ +0,&8
7DEOHURGHLQVWUXPHQWRV
)8 $ 5( $OXPEUDGRGHWUDEDMRFDELQDSDUWHGHODQWHUD
)8 $ 5( &&0FRPSUHVRUGH$&YHQWLODGRUGHODFDELQDFDOHIDFWRUSDUDSDXVDV
)8 $ /X]GHHVWDFLRQDPLHQWRGHODQWHUDL]TXLHUGD
/X]GHHVWDFLRQDPLHQWRWUDVHUDGHUHFKD

)8 $ /X]GHHVWDFLRQDPLHQWRGHODQWHUDGHUHFKD
/X]GHHVWDFLRQDPLHQWRWUDVHUDL]TXLHUGD
)8 $ /X]FRUWDL]TXLHUGD
)8 $ /X]FRUWDGHUHFKD
)8 $ 5( /X]GHPDUFKDDWU£VDGYHUWHQFLDGHPDUFKDDWU£VOXFHVGHWUDEDMRGH
PDUFKDDWU£VSDUWHWUDVHUD
)8 $ /X]ODUJDGHUHFKD
)8 $ /X]ODUJDL]TXLHUGD
 (VVSH
HFLIILFDFFLR
RQHV

 6LV
VWH
HPDHO«FWUULFR
'HVLJQDFLµQ &ODVLILFDFL
µQQRPLQDO 'HVFULSFLµQ
)8 $ 9DULDQWHQXHYDYHDODSHJDWLQDGHORVIXVLEOHVHQODP£TXLQDS£JLQD

9DULDQWHDQWHULRUYHDODSHJDWLQDGHORVIXVLEOHVHQODP£TXLQDS£JLQD
&£PDUDUHWURYLVRUD
&£PDUDGHYLVLµQGHODQWHUD
6LVWHPDGHDGYHUWHQFLDGHPDUFKDDWU£V
)8 $ 5( OXFHVGHWUDEDMRSDUWHGHODQWHUD
)8 $ ,QWHUPLWHQWHVGHDGYHUWHQFLD
)8 $ 5( OXFHVGHWUDEDMRSDUWHWUDVHUDGHODFDELQD
)8 $ 5( OXFHVGHWUDEDMRSDUWHWUDVHUD
)8 $ 9DULDQWHQXHYDYHDODSHJDWLQDGHORVIXVLEOHVHQODP£TXLQDS£JLQD
(QFHQGLGRRSHUDGRUSRULQWHUUXSWRUGHGHVFRQH[LµQGHODVEDWHU¯DV5(
DOLPHQWDFLµQGHWHQVLµQDODV(&8FROXPQDGHOYRODQWHGHOVHOHFWRUGH
PDUFKDVDOWHUQDGRUGHSUHPDJQHWL]DFLµQ5( PRWRU\SRVWUDWDPLHQWR
9DULDQWHDQWHULRUYHDODSHJDWLQDGHORVIXVLEOHVHQODP£TXLQDS£JLQD
(QFHQGLGRRSHUDGRUSRULQWHUUXSWRUGHGHVFRQH[LµQGHODVEDWHU¯DV5(
DOLPHQWDFLµQGHWHQVLµQDODV(&8DVLHQWRGHORSHUDGRUFROXPQDGHOYRODQWH
GHOVHOHFWRUGHPDUFKDVDOWHUQDGRUGHSUHPDJQHWL]DFLµQ5( PRWRU\
SRVWUDWDPLHQWR
)8 $ 7RPDGHWHQVLµQGH9
+HUUDPLHQWDGHVHUYLFLRGH9ROYR
)8 $ )DURV
)8
)8
)8 $ &HUUDGXUDGHHQFHQGLGR
7UDQVIRUPDGRU
5( $DOLPHQWDFLµQ
5( %DOLPHQWDFLµQ
5( ($DOLPHQWDFLµQ
)8 $ /X]GHHQWUDGD
)DURVJLUDWRULRV
,OXPLQDFLµQLQWHULRU
/XFHVGHWUDEDMRH[WHQGLGDV
3RVLFLµQGHODSXHUWD
)8  
)8  
)8 $ +0,&8
*30(&8
)8
)8
)8
)8 $ *30(&8
)8 $ *30(&8
&'&
)8 $ &&0
9HQWLODGRUGHODFDELQD
&RPSUHVRUGH$&
5( &DOHIDFWRUDLQWHUYDORV
)8  
)8  
)8 $ 5( 0RWRU\SRVWUDWDPLHQWR
$&0
 (V
VSH
HFLIILFDF
FLR
RQHV 
6LLVWH
HPDHO«FWUULFR 
'HVLJQDFLµQ &ODVLILFDFL
µQQRPLQDO 'HVFULSFLµQ
)8 $ 9DULDQWHQXHYDYHDODSHJDWLQDGHORVIXVLEOHVHQODP£TXLQDS£JLQD
6HOHFWRUGHPDUFKDVFROXPQDGHGLUHFFLµQ
$OWHUQDGRUGHSUHPDJQHWL]DFLµQ
9DULDQWHDQWHULRUYHDODSHJDWLQDGHORVIXVLEOHVHQODP£TXLQDS£JLQD
3UHVHQFLDHQHODVLHQWR
&LQWXUµQGHVHJXULGDG
6HOHFWRUGHPDUFKDVFROXPQDGHGLUHFFLµQ
$OWHUQDGRUGHSUHPDJQHWL]DFLµQ
)8 $ (OHYDFLµQGHVLPSOHHIHFWR
5( VXVSHQVLµQGHORVEUD]RVGHFDUJD
)8 $ 5HJHQHUDFLµQ
)8 $ /LPSLDSDUDEULVDV\ODYDSDUDEULVDVGHODQWHURV
5( /LPSLDSDUDEULVDVSDUWHGHODQWHUD
/X]GHU£IDJDV
)8 $ /LPSLDSDUDEULVDV\ODYDSDUDEULVDVWUDVHURV
5( /LPSLDSDUDEULVDVSDUWHWUDVHUD
6HQVRUGHQLYHOGHO¯TXLGRODYDSDUDEULVDV
)8 $ 5( .LWGHIXVLEOHVH[WUD
3
)8 $ ,QWHUPLWHQWHV
)8 $ $OXPEUDGRGHWUDEDMRSDUWHGHODQWHUD
$OXPEUDGRGHWUDEDMRSDUWHWUDVHUD
5( )LOWURGHFRPEXVWLEOHFRQFDOHIDFFLµQHO«FWULFD
5( /XFHVGHWUDEDMRH[WHQGLGDV
)8 $ .LFNGRZQ &'&
5HWURYLVRUHVW«UPLFRVHO«FWULFDPHQWHFRQWURODGRV
%RFLQD
)8 $ )8 &£PDUDUHWURYLVRUDF£PDUDGHYLVLµQGHODQWHUDVLVWHPDGHDGYHUWHQFLD
GHPDUFKDDWU£V
)8 $ &DOHIDFFLµQGHODVLHQWR
&RPSUHVRUGHODVLHQWR
)8 $ %ORTXHR
6LVWHPDGHVXVSHQVLµQGHOEUD]RGHFDUJD %66
&DPELRGHVFHQGHQWHWRWDOPHQWHDXWRP£WLFR )$36
3RVLFLµQGHOUHSRVDEUD]RVGHO&'&
$FWLYDFLµQGHO&'&
0DUFKDGHGLUHFFLµQ &'&
$FWLYDFLµQ)15 VRSRUWHGHSDODQFDV
)UHQRPRWRU
0DUFKDGHGLUHFFLµQ VRSRUWHGHSDODQFDV

)8 $
.LFNGRZQ VRSRUWHGHSDODQFDV
/XEULFDFLµQFHQWUDO

)8 $ 'HVFHQVRDXWRP£WLFRGHEUD]RVGHFDUJD
(OHYDFLµQDXWRP£WLFD
%DVFXODPLHQWRDXWRP£WLFR
%ORTXHRGHSDODQFD
lIXQFLµQKLGU£XOLFDGHOIOXMRFRQVWDQWHDMXVWDEOH
)8 $ 9DULDQWHQXHYDYHDODSHJDWLQDGHORVIXVLEOHVHQODP£TXLQDS£JLQD
/£PSDUDLQGLFDGRUDGHFLQWXUµQGHVHJXULGDG
3UHVHQFLDHQHODVLHQWR
&LQWXUµQGHVHJXULGDG
9DULDQWHDQWHULRUYHDODSHJDWLQDGHORVIXVLEOHVHQODP£TXLQDS£JLQD
/£PSDUDLQGLFDGRUDGHFLQWXUµQGHVHJXULGDG
 (VVSH
HFLIILFDFFLR
RQHV

 6LV
VWH
HPDHO«FWUULFR
'HVLJQDFLµQ &ODVLILFDFL
µQQRPLQDO 'HVFULSFLµQ
)8  
)8 $ $OLPHQWDFLµQHO«FWULFDDOD7(&8GHSHQGLHQWHGHODFHUUDGXUDGHHQFHQGLGR
)8 $ )UHQRGHHVWDFLRQDPLHQWR
)8 $ 'LUHFFLµQVHFXQGDULD
)8 $ 9DULDQWHQXHYDYHDODSHJDWLQDGHORVIXVLEOHVHQODP£TXLQDS£JLQD
%XVGH&$1LQWHUID]
&£PDUDUHWURYLVRUD
&£PDUDGHYLVLµQGHODQWHUD
6LVWHPDGHDGYHUWHQFLDGHPDUFKDDWU£V
9DULDQWHDQWHULRUYHDODSHJDWLQDGHORVIXVLEOHVHQODP£TXLQDS£JLQD
%ORTXHRGHLPSOHPHQWR
)8 $ $OLPHQWDFLµQHO«FWULFDGHSHQGLHQWHGHOHQFHQGLGRDODV(&8
+HUUDPLHQWDGHVHUYLFLRGH9ROYR
$SDJDGRUHWDUGDGR
 (VVSH
HFLIILFDFFLR
RQHV 
6LVVWH
HPDHO«FWUULFR 
)XVLEOHV
2WURVIXVLEOHVHQODSDUHGSRVWHULRU\VREUHODP£TXLQD

)8 )8 )8 )8 )8 )8

)8 )8 )8 )8 )8 )8

); ); ); );

9

)LJ3DUHGSRVWHULRU


 (VVSH
HFLIILFDFFLR
RQHV

 6LV
VWH
HPDHO«FWUULFR

)8 )8 )8 )8 )8

9

)LJ&RPSDUWLPHQWRGHOPRWRU

)8

9

)LJ&DMDGHKHUUDPLHQWDV

'HVLJ
JQDFLµ
µQ &ODVVLILLFDFL
µQQRPLQ QDO 'H
HVFUL
FULSSFLµ
µQ
)8 $ 5( )LOWURGHFRPEXVWLEOHFRQFDOHIDFFLµQHO«FWULFD
)8 $ $EUHSXHUWDVHO«FWULFR
)8 $ 9ROYR&R3LORW
&£PDUDUHWURYLVRUD
6LVWHPDGHVXSHUYLVLµQGHODSUHVLµQGHORVQHXP£WLFRV 7306
 (V
VSH
HFLIILFDF
FLR
RQHV 
6LV
VWH
HPDHO«FWUULFR 
'HVLJQDFLµQ &ODVLILFDFL
µQQRPLQDO 'HVFULSFLµQ
)8 $ 5( SUHFDOHQWDPLHQWR
)8 $ $OWHUQDGRU
)8 $ $OLPHQWDFLµQDODFDELQD
)8
)8
5( 0RWRU\SRVWUDWDPLHQWR
)8
)8 $ )8 WRPDVGHWHQVLµQ
)8 $ $OWHUQDGRU
7UDQVIRUPDGRU
6LVWHPDGHH[WLQFLµQGHLQFHQGLRV )66
:(&8
%XVGH&$1LQWHUID]
)8 $ $&0
)8 $ (&0
)8
)8
)8 $ 7(&8
)8 $ 6HQVRUHVGH12[
9£OYXODGHOIUHQRGHFRPSUHVLµQ9ROYR 9&%
9£OYXODGHUHFLUFXODFLµQGHORVJDVHVGHHVFDSH (*5
)8  
)8 $ 9ROYR&R3LORW
7306
)8  
)8 $ 5( SUHFDOHQWDPLHQWR
7XUER9*7
9£OYXODVROHQRLGHGHGHVFDUJD
)8 $ 'HVFRQHFWDGRUGHEDWHU¯D
)UHQRGHHVFDSH
)8 $ 7RPDVGHWHQVLµQ

)XV
)XVLE
EOHSDUDUDGLR
(VQHFHVDULRUHWLUDUSULPHURODUDGLRSDUDDFFHGHUDOIXVLEOH 
$ GHODUDGLR8VHODVGRVDVDVTXHVHHQFXHQWUDQHQODJXDQWHUD
HLQV«UWHODVHQORVDJXMHURVGHODUDGLRSDUDWDOILQ&XDQGRVH
HVFXFKHXQFOLFODUDGLRVHSXHGHH[WUDHUGHVXSRVLFLµQFRQODV
DVDV(OIXVLEOHHVW£VLWXDGRHQODSDUWHWUDVHUDGHODUDGLR



9

 (VVSH
HFLIILFDFFLR
RQHV

 6LV
VWH
HPDHO«FWUULFR
5HO«V
5HO«VHQSODFDGHFLUFXLWRLPSUHVR

9

)LJ3ODFDGHFLUFXLWRLPSUHVR

'H
HVLJ
JQDFLµ
µQ 'H
HVFUL
FULSSFLµ
µQ
5( 
5( /X]GHPDUFKDDWU£V
$GYHUWHQFLDGHPDUFKDDWU£V
/XFHVGHWUDEDMRGHPDUFKDDWU£VSDUWHWUDVHUD
5( $OXPEUDGRGHWUDEDMRSDUWHGHODQWHUD
5( $OXPEUDGRGHWUDEDMRSDUWHWUDVHUDGHODFDELQD
5( 
5( 
5( $OXPEUDGRGHWUDEDMRSDUWHGHODQWHUDGHODFDELQD
5( 6LVWHPDGHVXVSHQVLµQGHOEUD]RGHFDUJD %66
5( /LPSLDSDUDEULVDVSDUWHWUDVHUD
5( /XFHVGHIUHQR
5( $OXPEUDGRGHWUDEDMRSDUWHWUDVHUD
5( $SDJDGRUHWDUGDGR
 (V
VSH
HFLIILFDF
FLR
RQHV 
6LLVWH
HPDHO«FWUULFR 
'HVLJQDFLµQ 'HVFULSFLµQ
5( 9DULDQWHQXHYDYHDODSHJDWLQDGHORVIXVLEOHVHQODP£TXLQDS£JLQD
$OLPHQWDFLµQGHWHQVLµQDODV(&8
6HOHFWRUGHPDUFKDVFROXPQDGHGLUHFFLµQ
$OWHUQDGRUGHSUHPDJQHWL]DFLµQ
5( 0RWRU\SRVWUDWDPLHQWR
9DULDQWHDQWHULRUYHDODSHJDWLQDGHORVIXVLEOHVHQODP£TXLQDS£JLQD
$OLPHQWDFLµQGHWHQVLµQDODV(&8
$VLHQWRGHORSHUDGRU
6HOHFWRUGHPDUFKDVFROXPQDGHGLUHFFLµQ
$OWHUQDGRUGHSUHPDJQHWL]DFLµQ
5( 0RWRU\SRVWUDWDPLHQWR
5( $OLPHQWDFLµQGHWHQVLµQD&&0
&RPSUHVRUGH$&
9HQWLODGRUGHODFDELQD
&DOHIDFWRUDLQWHUYDORV
5( /LPSLDSDUDEULVDVSDUWHGHODQWHUD
5( $OLPHQWDFLµQGHWHQVLµQGHSHQGLHQWHGHOHQFHQGLGR $DOLPHQWDFLµQ
5( $OLPHQWDFLµQGHWHQVLµQGHSHQGLHQWHGHOHQFHQGLGR %DOLPHQWDFLµQ
5( $OLPHQWDFLµQGHWHQVLµQGHSHQGLHQWHGHOHQFHQGLGR ($DOLPHQWDFLµQ
5) 5HO«GHLQWHUPLWHQFLD


 (V
VSH
HFLIILFDF
FLR
RQHV

 6LLVWH
HPDHO«FWUULFR
5HO«V
2WURVUHO«VHQODSDUHGSRVWHULRU\VREUHODP£TXLQD

5( 5( 5( 5( 5( 5( 5( 5(

5(

9

)LJ3DUHGSRVWHULRU

5(
9

)LJ%DMRODFDELQD
 (V
VSH
HFLIILFDF
FLR
RQHV 
6LLVWH
HPDHO«FWUULFR 

5(

5(
9

)LJ%DMRODFDELQD\HOFRPSDUWLPHQWRGHOPRWRU

'HVLJ
JQDFLµQ 'HV
VFUL
FULSSFLµQ
5( )LOWURGHFRPEXVWLEOHFRQFDOHIDFFLµQHO«FWULFD
5( 3UHFDOHQWDPLHQWR
5( 0RWRU\SRVWUDWDPLHQWR
5( ,OXPLQDFLµQLQWHULRU
5( /XFHVGHWUDEDMRH[WHQGLGDV
5( /X]GHHQWUDGD
5( /£PSDUDLQGLFDGRUDGHFLQWXUµQGHVHJXULGDG
5( .LWGHIXVLEOHVH[WUD
5( 'HVFRQHFWDGRUGHEDWHU¯D
5( )UHQRGHHVWDFLRQDPLHQWR
5( 'LUHFFLµQVHFXQGDULD
5( &DOHIDFWRUDLQWHUYDORV


 (VVSH
HFLIILFDFFLR
RQHV

 7UUDQVPLLVLµ
µQ

7UDQVPLVLµQ
7UDQVPLVLµQKLGU£XOLFD
0DUFD 9ROYR
7LSR 7UDQVPLVLµQDVLVWLGD3RZHUVKLIW
'HVLJQDFLµQ +7(
&RQYHUWLGRUGHSDU &RQYHUWLGRUGHSDUGHHOHPHQWRVHWDSD\IDVHVFRQIXQFLµQGH
EORTXHR\HVW£WRUGHUXHGDOLEUH
5HIXHU]RGHSDU 
1¼PHURGHPDUFKDV GHODQWH\DWU£V
6LVWHPDGHFDPELRGHPDUFKDV (OHFWURKLGU£XOLFDFRQ$36 $XWRPDWLF3RZHU6KLIW
9HORFLGDGP£[ l NPK PSK NPK PSK
GHODQWHDWU£V l NPK PSK NPK PSK
5/
l NPK PSK NPK PSK
l NPK PSK NPK PSK

(MMHV
V
7LSR 6HPLHMHVGHVFDUJDGRVFRQUHGXFWRUHVGHFXERGHOWLSRGH
HQJUDQDMHSODQHWDULR
(MHGHODQWHUR $+:
(MHWUDVHUR $+:
 (V
VSH
HFLIILFDF
FLR
RQHV 
)UUHQR 

)UHQR
6LVWHPDGHIUHQRV
)UHQRVGHVHUYLFLR
)UHQRGHVHUYLFLRWLSR )UHQRGHGLVFRVWRWDOPHQWHKLGU£XOLFRGHGREOH
FLUFXLWR
1¼PHURGHGLVFRVSRUUXHGDGHODQWHUDWUDVHUD 
$FXPXODGRU )UHQRGHVHUYLFLR
)UHQRVGHVHUYLFLRHVSHVRUGHORVGLVFRVQXHYRV PP LQ
)UHQRVGHVHUYLFLRHVSHVRUGHORVGLVFRVP¯QLPR PP LQ

)UUHQ
QRGHH
HVWD
DFLRQ
QDP
PLHQ
QWR
R
7LSR 2SHUDGRHOHFWURKLGU£XOLFDPHQWHDSOLFDGRSRU
UHVRUWHIUHQRK¼PHGR
)UHQRGHHVWDFLRQDPLHQWRHVSHVRUGHORVGLVFRVQXHYRV PP LQ
)UHQRGHHVWDFLRQDPLHQWRHVSHVRUGHORVGLVFRVP¯QLPR PP LQ
3UHVLµQGHFRQWURO 03D


 (VVSH
HFLIILFDFFLR
RQHV

 'LLUHFFL
FLµ
µQ

'LUHFFLµQ
6LVWHPDGHGLUHFFLµQ
7LSR 6HQVLEOHDODFDUJDKLGURVW£WLFR
0RYLPLHQWRGHOYRODQWHWRWDO ದYXHOWDV
ƒQJXORGHGLUHFFLµQ sr
%RPEDGHODGLUHFFLµQ &RP¼QFRQODKLGU£XOLFDGHWUDEDMR
 (V
VSH
HFLIILFDF
FLR
RQHV 
5X
XHGDV 

5XHGDV
7DPD³RV\SUHVLRQHVGHQHXP£WLFRV
/DVVLJXLHQWHVWDEODVLQFOX\HQODVGLPHQVLRQHVGHORVQHXP£WLFRVDSUREDGRVSDUDODP£TXLQD6LVHFRQVLGHUDQ
QHFHVDULRVQHXP£WLFRVGHRWUDVGLPHQVLRQHVHQWRQFHVGLFKRVQHXP£WLFRVGHEHQVHUHVSHFLILFDGRV\DSUREDGRV
SRUHVFULWRSRUHOIDEULFDQWH/DWDEODGHSUHVLµQGHORVQHXP£WLFRVGHEHU¯DFRQVLGHUDUVHXQDUHFRPHQGDFLµQ
SDUDHOXVRQRUPDOGHODFXFKDUD3DUDRWUDVDSOLFDFLRQHVFRQWDFWHFRQVXSURYHHGRUORFDOGHQHXP£WLFRVSDUD
REWHQHUUHFRPHQGDFLRQHV8QDSUHVLµQVXSHULRUDXPHQWDU£ODHVWDELOLGDGGHODP£TXLQD8QDSUHVLµQLQIHULRU
DXPHQWDU£ODWUDFFLµQ\ODFRPRGLGDG9HDODVLQVWUXFFLRQHVSDUDFRPSUREDUODSUHVLµQGHLQIODGRHQODS£JLQD


c12
27$2SHUDUS
SRUFFDUUUH
UHWWHUDDYYHORFLGD
DGH
HVDDOWDVQQRUPD
PDOPHQ QWHUHTX
XLHUHXXQDDSSUHV
VLµ
µQG
GHDLUUHVVXSHULR
RUH
HQOORV
QH
HXP£WWLFRV
VS
SDUDUHG
GXF
FLUOODD
DFXPPXOODFLµµQGHFDORUUH
HQOORVQ
QHXP£WWLFRV\\S
SDUDUHGXFLUH
HOFFRQ
QVXP PRGHFRP
PEXV VWLLEOH

c127$'X
c12 XUDQWHHWUUDQ
QVSRUUWH
HVHQ
HQORVTXH
RVTXHOD
DP£
P£TX XLQDHVW«
«DWWDGD D
DPPDUUD
UDGD
D OD
DSUUHV
VLµ
µQGH
HLQ
QIODGRHQ
QOR
RVQHXP£WLFRV
GHEHU¯DHVWDUHQWUH\N3D \\
GHEHU¯DHVWDUHQWUH\N3D SVL 

 /DVUHFRPHQGDFLRQHVVREUHODSUHVLµQGHODLUHVHEDVDQHQODFDUJDGHWUDEDMR FDUJDQRPLQDO SDUDFDGDFDVRGH

PDQLSXODFLµQ
 &XDQGRVHGDQPD\RUHVFDUJDVHVSHFLDOPHQWHHQODPDQLSXODFLµQGHWURQFRVRHQWUDEDMRVGHFDUJD\DFDUUHRVHUHTXLHUH
XQDSUHVLµQGHDLUHP£VDOWDHQORVQHXP£WLFRV&RQWDFWHFRQHOFRQFHVLRQDULRGHOIDEULFDQWHGHQHXP£WLFRVSDUDREWHQHU
ODSUHVLµQGHLQIODGRFRUUHFWDSDUDODFDUJDTXHKD\TXHPDQLSXODU\SDUDODGLVWDQFLDGHOWUDQVSRUWHHQFXHVWLµQ
 6LVHXVDQQHXP£WLFRV/R/HQRSHUDFLRQHVGHFDUJDDFDUUHRKD\TXHWHQHUHQFXHQWDODVGLVWDQFLDVGHWUDQVSRUWH
6HSUHILHUHQQHXP£WLFRVUDGLDOHVSDUDRSHUDFLRQHVGHFDUJDDFDUUHRSRUTXHKD\PHQRVDFXPXODFLµQGHFDORUHQHVWHWLSR
GHQHXP£WLFR

/
+
3UHV
3UH VLµ
µQG
GHORVQ
QHXP£WWLFRV
V
1H
HXP
P£WLLFR $GH
$G HODQWH
H 'H
HWU£V
N3D SVL N3D SVL
5    
5    
5    
0DQLSXODFLµQGHEORTXHVWURQFRV


 (VVSH
HFLIILFDFFLR
RQHV

 &D
DELQD

&DELQD
*HQHUDOLGDGHV
/DFDELQDYDPRQWDGDVREUHHOHPHQWRVGHJRPDHVW£DLVODGD\WLHQHHOVXHORSODQRFXELHUWRSRUXQDDOIRPEULOOD
GHJRPD
/DFDELQDKDVLGRHQVD\DGD\KRPRORJDGDVHJ¼QFRQIRUPLGDGFRQ5236 ,626$(- )236 ,62
 /DFDELQDFXPSOHFRQORVUHTXLVLWRVGHOD,62 3URWHFFLµQD«UHDSDUDHORSHUDGRU&DPLRQHV
LQGXVWULDOHV DQG6$(- 6LVWHPDGHVXMHFLµQGHORSHUDGRU 
0DWHULDOLQWHULRUGHODFDELQD ,JQ¯IXJRPHGLGRVHJ¼Q,62
1¼PHURGHVDOLGDVGHHPHUJHQFLD  SXHUWD\YHQWDQLOODODWHUDOGHUHFKD

&D
DOHIDFFL
FLµ
µQ\YYHQWLLODFLµ
µQ
(QVXYHUVLµQE£VLFDODFDUJDGRUDLQFRUSRUDHTXLSRGHFDOHIDFFLµQ\YHQWLODFLµQFRQVLVWHPDDQWLYDKRSDUD
WRGDVODVYHQWDQDV\ODPHMRUGLVWULEXFLµQGHODLUHSRVLEOH ERTXLOODV (ODLUHDFRQGLFLRQDGRHVW£GLVSRQLEOH
FRPRHTXLSRRSFLRQDO

$VLH
$VL HQWRGHOFRQGXFWR
RU
(VWDP£TXLQDHVW£GRWDGDFRQXQDVLHQWRGHOFRQGXFWRUTXHFXPSOHFRQORVFULWHULRVGHYLEUDFLµQDPRUWLJXDFLµQ
(1,62
$VLHQWRGHVXVSHQVLµQ $VLHQWRGHVXVSHQVLµQ $VLHQWRGHVXVSHQVLµQ
QHXP£WLFD QHXP£WLFD QHXP£WLFD
3DUDVHUYLFLRSHVDGR 3DUDVHUYLFLRSHVDGR
HTXLSRRSFLRQDO DVLHQWRGHSULPHUD
HTXLSRRSFLRQDO
$MXVWHHQDOWXUD DMXVWH PP LQ PP LQ PP LQ
U£SLGR
$MXVWHHQVHQWLGR PP LQ PP LQ PP LQ
ORQJLWXGLQDO
$MXVWHVHJ¼QHOSHVRGHO ದNJ ದOE NJ OE NJ OE
FRQGXFWRU NJ OE  FRQ
VHUYRHO«FWULFR 
$MXVWHGHOUHVSDOGR r r rKDFLDGHODQWH\r
LQFOLQDFLµQUHJXODEOH KDFLDDWU£V
7DSL]DGR ,JQ¯IXJR
&LQWXUµQGHVHJXULGDG 6¯
FRQURGLOOR

)UULJR
RU¯JHQR
7LLSR
R &D
DQWWLGD
DG :3 D
*:
5D NJ OE &2HT
D (OSRWHQFLDOGHFDOHQWDPLHQWRJOREDO *:3 HVXQDPHGLGDGHFX£QWR
FDORUXQJDVDWUDSDHQODDWPµVIHUDHQUHODFLµQFRQHOGLµ[LGRGHFDUERQR
&2 (O*:3VHFDOFXODHQW«UPLQRVGHSRWHQFLDOGHFDOHQWDPLHQWRHQ
D³RVGHNJGHXQJDVGHHIHFWRLQYHUQDGHURHQUHODFLµQFRQNJ
GH&2
 (VVSH
HFLIILFDF
FLR
RQHV 
5X
XLGR\YYLE
EUDFLR
RQHV 

5XLGR\YLEUDFLRQHV
5XLGR\YLEUDFLRQHV

9LEUDFLRQHVHQPDQRV\EUD]RV
/DVYLEUDFLRQHVHQPDQRV\EUD]RVJHQHUDGDVHQFRQGLFLRQHVUHDOHVGHWUDEDMRVLVHXVDODP£TXLQDHQODIRUPD
GHELGDVRQLQIHULRUHVDXQDDFHOHUDFLµQGHPV506 YDORUHIHFWLYR VHJ¼Q,62

9LLEUDFLR
RQHVG
GHWRGRHOFXH
HUSR
/DHPLVLµQGHYLEUDFLRQHVGHFXHUSRHQWHURTXHVHJHQHUDQGXUDQWHFRQGLFLRQHVGHRSHUDFLµQUHDOHVFXDQGR
VHXWLOL]DODP£TXLQDFRPRVHLQGLFDVRQGHDFXHUGRDODVLJXLHQWHWDEOD

&RQGLFLRQHVGHWUDEDMR (PLVLRQHVGHYLEUDFLµQ (PLVLRQHVGHYLEUDFLµQ (PLVLRQHVGHYLEUDFLµQ

W¯SLFDV YDORU YDORU YDORU
DZHT[ DZHT\ DZHT]
PVt506 PVt506 PVt506
0DQLSXODFLµQGHFDUJD   
DFDUUHR
0LQHU¯D   
&RQGXFFLµQGHWUDQVSRUWH   
0DQLSXODFLµQGHFDUJD\   
DFDUUHRHQIRUPDGH9

6HGHILQHQORVVLJXLHQWHVVHQWLGRVGHYLEUDFLµQ
[ VHQWLGRORQJLWXGLQDO
\ VHQWLGRODWHUDO
] SHUSHQGLFXODU
1227$
(VWRVYDORUHVSDUDODVYLEUDFLRQHVGHWRGRHOFXHUSRJHQHUDGDVIXHURQGHWHUPLQDGRVHQFRQGLFLRQHVHVSHFLDOHV
GHRSHUDFLµQ\GHOWHUUHQR\SRUHOORQRVRQUHSUHVHQWDWLYDVGHWRGDVODVGLVWLQWDVFRQGLFLRQHVFXELHUWDVSRUHO
FDPSRGHDSOLFDFLRQHVGHODP£TXLQD3RUFRQVLJXLHQWHQRGHEHU£QXVDUVHH[FOXVLYDPHQWHSDUDGHWHUPLQDUODV
YLEUDFLRQHVGHWRGRHOFXHUSRDODVTXHVHYHH[SXHVWRHOFRQGXFWRUFXDQGRXVDODP£TXLQD3DUDHVWHREMHWR
VHUHFRPLHQGDODLQIRUPDFLµQHQHO,QIRUPHW«FQLFRGH,6275
3DUDDVHJXUDUVHGHPDQWHQHUDOP¯QLPRODHPLVLµQGHYLEUDFLRQHVGHFXHUSRHQWHURJHQHUDGDGXUDQWHHOXVRGH
ODP£TXLQD9HDODS£JLQD
,QIRUPDFLµ
µQVRE
EUHHOVRQ
QLGR

$OWWHUQDWWLYDG
$O GHP
PRWWRUWWLSR $O HUQD
$OWH DWLYDGHP
PRWWRUWWLSR
-0£TXLQDVF FRQ
QHTXLSR ಯ(ರ0£TXLQDFFRQ
ಯ(ರ QHTXLSR
RSFLRQDOGH
DPRUWLJXDFLµQGHO
VRQLGR 
RSFLRQDOGH
DPRUWLJXDFLµQVRQRUD  
1LYHOPHGLGRGHSUHVLµQDF¼VWLFDPHGLD /S$ HQODHVWDFLµQ G% $ G% $
GHORSHUDGRU
9DORUPHGLGRFRQGHVYLDFLµQHVW£QGDUG% $ FRQIRUPH
DOD,62 

(OHTXLSRRSFLRQDOGHDPRUWLJXDFLµQGHOVRQLGRHVXQUHTXLVLWRSDUDP£TXLQDVFRQODPDUFD&(
 (VVSH
HFLIILFDFFLR
RQHV

 5X
XLGR\YYLE
EUDFLR
RQHV
1LYHOPHGLGRGHSRWHQFLDDF¼VWLFDH[WHULRUPHGLD /:$ G% $ G% $
HPLWLGDSRUODP£TXLQDFRQXQDGHVYLDFLµQHVW£QGDUGH
G% $ 
1LYHOO¯PLWHGHSRWHQFLDVRQRUDH[WHULRU /:$ SDUDOD G% $ 
P£TXLQD 0HGLGDVHJ¼QOD,62&HUWLILFDGDFRQIRUPH
DOGRFXPHQWR1RLVH%RG\*11|ದ 
 (V
VSH
HFLIILFDF
FLR
RQHV 
6LLVWH
HPDKLGU£XOLFR 

6LVWHPDKLGU£XOLFR
7LSR 'HWHFFLµQGHFDUJD FHQWURFHUUDGR FRQY£OYXODV
KLGU£XOLFDVDFFLRQDGDVSRUSLORWR\XQGHSµVLWRQR
SUHVXUL]DGR
%RPEDGHDFHLWHKLGU£XOLFRWLSR %RPEDGHSLVWRQHVD[LDOHVGHVSOD]DPLHQWRYDULDEOH

%RP
%R PED
D
)XQFLµQ +LGU£XOLFDGHWUDEDMRVLVWHPDVGHSLORWR\GHIUHQRV

%RP
%R PED
D
)XQFLµQ +LGU£XOLFDGHWUDEDMRVLVWHPDGHGLUHFFLµQVLVWHPDVGH
SLORWR\GHIUHQRV

%RP
%RPED
D
)XQFLµQ %RPEDGHOYHQWLODGRUGHUHIULJHUDFLµQ\VLVWHPDGH
IUHQRV


 (VVSH
HFLIILFDFFLR
RQHV

 6LV
VWH
HPDKLGU£XOLFR

7LHPSRVGHIXQFLRQDPLHQWRHVSHFLILFDFLRQHV
7RGRVORVWLHPSRVVRQDSOLFDEOHVDXQDP£TXLQDFDOHQWDGDKDVWD
ODWHPSHUDWXUDGHIXQFLRQDPLHQWR
'HEHU£GHVFRQHFWDUVHODDPRUWLJXDFLµQHQSRVLFLµQILQDOGLFKD
GHVFRQH[LµQVHOOHYDDFDERFRQILJXUDQGRHOSDU£PHWUR7HFK7RRO
3.-1HQ

%UD]RGHFDUUJD
%UD] DHVW£
£QGDU\\E
EUD]
]RGHFFDUJDOODUJR
(OHYDFLµQ   ದV
 (VW£QGDUFXFKDUDFDUJDGDFRQDSUR[LPDGDPHQWHNJ OEV 
 'HVGHFXFKDUDWRWDOPHQWHLQFOLQDGDKDFLDGHQWUR\DUDVGHOVXHOR
 +DVWDWRSHPHF£QLFRGHORVFLOLQGURVGHHOHYDFLµQHQODSRVLFLµQVXSHULRU
 0RWRUIXQFLRQDQGRDUDOHQW¯DOWR
(OHYDFLµQ   ದV
 &XFKDUDHVW£QGDUYDF¯D
 'HVGHFXFKDUDDSR\DGDHQHOVXHOR
 +DVWDWRSHPHF£QLFRGHORVFLOLQGURVGHHOHYDFLµQHQODSRVLFLµQVXSHULRU
 0RWRUIXQFLRQDQGRDUDOHQW¯DOWR
'HVFHQVR   ದV
 &XFKDUDHVW£QGDUYDF¯D
 'HVGHWRSHPHF£QLFRGHORVFLOLQGURVGHHOHYDFLµQHQODSRVLFLµQVXSHULRU
 +DVWDFXFKDUDDSR\DGDHQHOVXHOR
 0RWRUIXQFLRQDQGRDUDOHQW¯EDMR
%DVFXODPLHQWRLQWHULRU   ದV
 &XFKDUDHVW£QGDUYDF¯D
 'HVGHFXFKDUDWRWDOPHQWHLQFOLQDGDKDFLDIXHUDEUD]RGHFDUJDSDUDOHORDOVXHOR
 +DVWDFXFKDUDWRWDOPHQWHLQFOLQDGDKDFLDGHQWUR WRGDODFDUUHUDGHOFLOLQGUR 
 0RWRUIXQFLRQDQGRDUDOHQW¯DOWR
%DVFXODPLHQWRH[WHULRU   ದV
 &XFKDUDHVW£QGDUYDF¯D
 'HVGHFXFKDUDWRWDOPHQWHLQFOLQDGDKDFLDGHQWUREUD]RGHFDUJDSDUDOHORDOVXHOR
 +DVWDFXFKDUDWRWDOPHQWHLQFOLQDGDKDFLDIXHUD WRGDODFDUUHUDGHOFLOLQGUR 
 0RWRUIXQFLRQDQGRDUDOHQW¯DOWR
 (V
VSH
HFLIILFDF
FLR
RQHV 
3H
HVRVVG
GHODP£TXLQD 

3HVRVGHODP£TXLQD
3HVRGHODP£TXLQD NJ
(OSHVRGHRSHUDFLµQHVODFRQILJXUDFLµQP£VFRP¼QGHODP£TXLQD OEV

/DFRQILJXUDFLµQP£VFRP¼QGHODP£TXLQDLQFOX\H
 &XFKDUD FRQSDVDGRU P \G
 1HXP£WLFRV5/
 3OXPDHVW£QGDU
 2SHUDGRU\WRGRVORVO¯TXLGRV
3HVRP£[LP
3HV PRGHOODP
P£T
TXLQD NJ
3HVRP£[LPRGHODP£TXLQD LQFOX\HQGRHTXLSDPLHQWRHLPSOHPHQWR OEV




/DP£TXLQDHVW£GLVH³DGDSDUDXQSHVRP£[LPRGHDFXHUGRFRQODWDEOD(OSHVRP£[LPRDSOLFDFXDQGRODP£TXLQDHVW£
HTXLSDGDSDUDFLHUWDVDSOLFDFLRQHVDSUREDGDVSRU9ROYR/DVHJXULGDGSXHGHFRPSURPHWHUVHVLVHH[FHGHHOSHVRP£[LPR
$GHP£VQRVHU£QY£OLGDVODVJDUDQW¯DVGHOIDEULFDQWH6LQHPEDUJRSUHVWHVLHPSUHDWHQFLµQDODVUHJXODFLRQHVQDFLRQDOHV
SDUDHOGHVSOD]DPLHQWRSRUY¯DVS¼EOLFDV
 (VVSH
HFLIILFDFFLR
RQHV

 'LLPHQVLR
RQHV

'LPHQVLRQHV
/DVHVSHFLILFDFLRQHV\ORVGDWRVGLPHQVLRQDOHVVLJXHQHQSDUWHVDSOLFDEOHVFRQ,626$(-
-81,626$(-)(%6$(-0$<,623DUWH\
/D
DLQ
QIRUPDF
PDFLµ
µQDS
SOLLFDDXQDP£
P£T
TXLQDFR
FRQQQHXP£WLLFRV
V

5
/\FX
\FXFKD
DUDGH P67
H 67(
(%2
%2(
( ILILMDFLµ
µQGLLUHFWD
D

D

/
/+ .
-
) +
5
*

8
'

&
%
( D D
$

9 ;
<

3OX
3O XPDH
HVW£
£QG
GDUU 3OX
3O XPDHVW£
£QG
GDU 3OXP
3O PDODUJD
D 3OX
3O XPDOODUJD
D
$ PP LQ 2 r $ PP LQ 7 PP LQ
% PP LQ 3 D r % PP LQ 8 PP LQ
& PP LQ 5 r ( PP LQ = PP LQ
' PP LQ 5 E r + PP LQ
( PP LQ 6 r - PP LQ
) PP LQ 7 PP LQ . PP LQ
) PP LQ 8 PP LQ / PP LQ
) PP LQ 9 PP LQ 0 PP LQ
* PP LQ ;F PP LQ 1 PP LQ
+ PP LQ <F PP LQ 2 r
- PP LQ = PP LQ 3 D r
. PP LQ D PP LQ 5 r
/ PP LQ D PP LQ 5 r
E

0 PP LQ D r 6 r

1 PP LQ
D 3P£[
E 3RVLFLµQGHWUDQVSRUWH6$(
F /DVGLPHQVLRQHVYDU¯DQGHSHQGLHQGRGHOHTXLSDPLHQWRGHQHXP£WLFRV

$TX¯VHLOXVWUDODGLIHUHQFLDHQWUHODSOXPDHVW£QGDU\ODSOXPDODUJDFRQHOPLVPRWDPD³RGHFXFKDUD
2EV«UYHVHTXHODYHUVLµQGHSOXPDODUJDHVW£FRQFHELGDSDUDXVDUODFRQXQPDWHULDOGHPHQRUGHQVLGDG
 (V
VSH
HFLIILFDF
FLR
RQHV 
&D
DSDFLG
GDGGHODP£TXLQD 

&DSDFLGDGGHODP£TXLQD
3HVRP£[LPRGHODP£TXLQDYHDODS£JLQD(OSHVRDFWXDOGHODP£TXLQDGHSHQGHGHOHTXLSRYHDODWDEOD
¼OWLPDO¯QHD 
3OXPDHVW£
£QGDU

0$7(5
0$7(
,$
$/
1H
HXP£WLLFR /,,*(5
5
 5
5/. ./ 86
62*(1(5$/
/ 52&$ 2 (/,0,1$&,•1

9 9 9 9 9 9 9

Pu Pu

P
Pu P
Pu 
P
Pu 67(5
67( 52
2 631 
P
Pu 
Pu 
P
Pu
67(
67 (3 67(
67 (37 67(
67 (3 37
3 7 52
237 
Pu 67(
67(37 67(3
67( 67((3
%2(
%2 ( 6(* %2(
%2 ( 6(* 6(* /033 6(* %2
%2(( %2(
%2 (
9ROXPHQ
FROPDGR
,626$( >P@         
9ROXPHQDXQ
IDFWRUGH
OOHQDGRGHO
 >P@         
&DUJDGH
HTXLOLEULR
HVW£WLFD
P£TXLQDUHFWD
6$( >NJ@         
&DUJDGH
HTXLOLEULR
HVW£WLFD
JLUDGDD
JUDGRV 6$( >NJ@         
&DUJDGH
HTXLOLEULR
HVW£WLFD
JLUDGDGHOWRGR
6$( >NJ@         
)XHU]DGH
GHVJDUUHD
QLYHOGHOVXHOR
DILOR >N1@          
$ >PP@         
( >PP@         
+D >PP@         
/ >PP@         
0D >PP@         
1D >PP@         
9 >PP@         
 (VVSH
HFLIILFDFFLR
RQHV

 &D
DSDFLG
GDGGHODP£TXLQD
0$7(5
,$/
1HXP£WLFR /,*(5
5 5/./ 862*(1(5$/ 52&$ 2 (/,0,1$&,•1

9 9 9 9 9 9 9

Pu Pu
Pu Pu Pu 67(52 631 Pu Pu Pu
67(3 67(37 67(3 37 5237 Pu 67(37 67(3 67(3
%2( 6(* %2( 6(* 6(* /03 6(* %2( %2(
F¯UFXORGH
KROJXUDD >PP@         
3HVRRSHUDWLYR
VLQFDUJD >NJ@         
D 0HGLGDKDVWDODSXQWDGHORVGLHQWHVRHOERUGHDWRUQLOODGR$OWXUDGHEDVFXODPLHQWRKDVWDHOERUGHGHODFXFKDUD1RWDHVWR
VRORVHDSOLFDDLPSOHPHQWRVRULJLQDOHV9ROYR0HGLGDDXQ£QJXORGHEDVFXODPLHQWRGH| 3DUDFXFKDUDVGHSDODD| 

3OXPDODUJD

0$7(5
0$7(
,$
$/
1H
HXP£WWLFR
 /,,*(5
5
 5/. ./
/ 86
62*(1(
(5$
$/ 52&$ 2 (/,0,1$&,•1

9 9 9 9 9 9 9

Pu

P
Pu Pu 
P
Pu Pu 67(5
67( 52
2 
Pu Pu 
Pu
67(
67 (37 67(
67 (3
3 67(
67 (3 6313
631 3 37
3 7 
P
Pu 67(
67(37 67(3
67( 67(
67 (33
6(* %2(
%2 ( %2(
%2 ( 76(* 6(* /0
033 6(* %2(
%2 ( %2
%2( (
9ROXPHQ
FROPDGR
,626$( >P@         
9ROXPHQDXQ
IDFWRUGH
OOHQDGRGHO
 >P@         
&DUJDGH
HTXLOLEULR
HVW£WLFD
P£TXLQDUHFWD
6$( >NJ@         
&DUJDGH
HTXLOLEULR
HVW£WLFD
JLUDGDD
JUDGRV 6$( >NJ@         
&DUJDGH
HTXLOLEULR
HVW£WLFD
JLUDGDGHOWRGR
6$( >NJ@         
 (V
VSH
HFLIILFDF
FLR
RQHV 
&D
DSDFLG
GDGGHODP£TXLQD 
0$7(5
,$/
1HXP£WLFR /,*(5
5 5/./ 862*(1(5$/ 52&$ 2 (/,0,1$&,•1

9 9 9 9 9 9 9

Pu
Pu Pu Pu Pu 67(52 Pu Pu Pu
67(37 67(3 67(3 6313 37 Pu 67(37 67(3 67(3
6(* %2( %2( 76(* 6(* /03 6(* %2( %2(
)XHU]DGH
GHVJDUUHD
QLYHOGHOVXHOR
DILOR >N1@         
$ >PP@         
( >PP@         
+D >PP@         
/ >PP@         
0D >PP@         
1D >PP@         
9 >PP@         
F¯UFXORGH
KROJXUDD >PP@         
3HVRRSHUDWLYR
VLQFDUJD >NJ@         
D 0HGLGDKDVWDODSXQWDGHORVGLHQWHVRHOERUGHDWRUQLOODGR$OWXUDGHEDVFXODPLHQWRKDVWDHOERUGHGHODFXFKDUD1RWDHVWR
VRORVHDSOLFDDLPSOHPHQWRVRULJLQDOHV9ROYR0HGLGDDXQ£QJXORGHEDVFXODPLHQWRGH| 3DUDFXFKDUDVGHSDODD| 


 (VVSH
HFLIILFDFFLR
RQHV

 +LLVWR
RULDOGHVHUUYLF
FLR
R

+LVWRULDOGHVHUYLFLR
KRUDVGHVHUYLFLR /
+
+ದ/
+
+ 7LSRGHVHUYLFLR )LUPD\VHOOR
)HFKD +RUDV 3ULPHUDVKRUDV


KRUDVGHVHUYLFLR /+
+ದ/
+ 7LSRGHVHUYLFLR )LUPD\VHOOR
\/
/++/
)HFKD +RUDV 3ULPHUDVKRUDV


6HUYLFLRGHKRUDV 7LSRGHVHUYLFLR )LUPD\VHOOR

)HFKD +RUDV &XLGDGRV\PDQWHQLPLHQWR


6HUYLFLRGHKRUDV 7LSRGHVHUYLFLR )LUPD\VHOOR

)HFKD +RUD 3ULPHUDVKRUDV
&XLGDGRV\PDQWHQLPLHQWR

6HUYLFLRGHKRUDV 7LSRGHVHUYLFLR )LUPD\VHOOR

)HFKD +RUDV &XLGDGRV\PDQWHQLPLHQWR


6HUYLFLRGHKRUDV 7LSRGHVHUYLFLR )LUPD\VHOOR

)HFKD +RUDV &XLGDGRV\PDQWHQLPLHQWR


6HUYLFLRGHKRUDV 7LSRGHVHUYLFLR )LUPD\VHOOR

)HFKD +RUDV &XLGDGRV\PDQWHQLPLHQWR


6HUYLFLRGHKRUDV 7LSRGHVHUYLFLR )LUPD\VHOOR

)HFKD +RUDV &XLGDGRV\PDQWHQLPLHQWR


6HUYLFLRGHKRUDV 7LSRGHVHUYLFLR )LUPD\VHOOR

)HFKD +RUDV &XLGDGRV\PDQWHQLPLHQWR

 (V
VSH
HFLIILFDF
FLR
RQHV 
+LLVWR
RULDOGHVHUUYLF
FLR
R 

6HUYLFLRGHKRUDV 7LSRGHVHUYLFLR )LUPD\VHOOR

)HFKD +RUDV &XLGDGRV\PDQWHQLPLHQWR


6HUYLFLRGHKRUDV 7LSRGHVHUYLFLR )LUPD\VHOOR

)HFKD +RUDV &XLGDGRV\PDQWHQLPLHQWR


6HUYLFLRGHKRUDV 7LSRGHVHUYLFLR )LUPD\VHOOR

)HFKD +RUDV &XLGDGRV\PDQWHQLPLHQWR


6HUYLFLRGHKRUDV 7LSRGHVHUYLFLR )LUPD\VHOOR

)HFKD +RUDV &XLGDGRV\PDQWHQLPLHQWR


6HUYLFLRGHKRUDV 7LSRGHVHUYLFLR )LUPD\VHOOR

)HFKD +RUDV &XLGDGRV\PDQWHQLPLHQWR


6HUYLFLRGHKRUDV 7LSRGHVHUYLFLR )LUPD\VHOOR

)HFKD +RUDV &XLGDGRV\PDQWHQLPLHQWR


6HUYLFLRGHKRUDV 7LSRGHVHUYLFLR )LUPD\VHOOR

)HFKD +RUDV &XLGDGRV\PDQWHQLPLHQWR


6HUYLFLRGHKRUDV 7LSRGHVHUYLFLR )LUPD\VHOOR

)HFKD +RUDV &XLGDGRV\PDQWHQLPLHQWR



6HUYLFLRGHKRUDV 7LSRGHVHUYLFLR )LUPD\VHOOR
)HFKD +RUDV &XLGDGRV\PDQWHQLPLHQWR


6HUYLFLRGHKRUDV 7LSRGHVHUYLFLR )LUPD\VHOOR

)HFKD +RUDV &XLGDGRV\PDQWHQLPLHQWR

 (VVSH
HFLIILFDFFLR
RQHV

 +LLVWR
RULDOGHVHUUYLF
FLR
R

6HUYLFLRGHKRUDV 7LSRGHVHUYLFLR )LUPD\VHOOR

)HFKD +RUDV &XLGDGRV\PDQWHQLPLHQWR


6HUYLFLRGHKRUDV 7LSRGHVHUYLFLR )LUPD\VHOOR

)HFKD +RUDV &XLGDGRV\PDQWHQLPLHQWR


6HUYLFLRGHKRUDV 7LSRGHVHUYLFLR )LUPD\VHOOR

)HFKD +RUDV &XLGDGRV\PDQWHQLPLHQWR


6HUYLFLRGHKRUDV 7LSRGHVHUYLFLR )LUPD\VHOOR

)HFKD +RUDV &XLGDGRV\PDQWHQLPLHQWR


6HUYLFLRGHKRUDV 7LSRGHVHUYLFLR )LUPD\VHOOR

)HFKD +RUDV &XLGDGRV\PDQWHQLPLHQWR


6HUYLFLRGHKRUDV 7LSRGHVHUYLFLR )LUPD\VHOOR

)HFKD +RUDV &XLGDGRV\PDQWHQLPLHQWR


6HUYLFLRGHKRUDV 7LSRGHVHUYLFLR )LUPD\VHOOR

)HFKD +RUDV &XLGDGRV\PDQWHQLPLHQWR

 QGLFHDOIDE«WLFR 
 

(PLVLRQHVGHGLµ[LGRGHFDUERQR 
QGLFHDOIDE«WLFR (QIULDGRU\FRQGHQVDGRUOLPSLH]D
(QJUDVH
 (TXLSR 
lIXQFLµQKLGU£XOLFD  (TXLSRGHFRPXQLFDFLµQLQVWDODFLµQ 
$ (VSHMRV 
$FFLGHQWHV (VTXHPDGHOXEULFDFLµQ\FXLGDGRV
$FHLWHGHFRMLQHWHGHOHMHWUDVHURFRQWURO  (VWDFLRQDPLHQWR
$FHLWHKLGU£XOLFRFRQWUROGHOQLYHO\UHOOHQDGR  )
$G%OXHp'() )DURVDMXVWH 
$G%OXHp'()OOHQDGR  )LOWURGHDLUHHQED³RGHDFHLWHFRQWURO
$GYHUWHQFLD  )LOWURSULPDULRGHOILOWURGHDLUHOLPSLH]D 
$MXVWHVGHFRQHFWLYLGDGGH&R3LORW )LOWURVGHYHQWLODFLµQGHODFDELQDOLPSLH]D
$MXVWHVGH&R3LORW )236\5236 
$MXVWHVGH&R3LORW$FWXDOL]DFLµQGHVRIWZDUH )UHQDGRGHOPRWRUUHGXFFLµQGHPDUFKD 
$MXVWHVGH&RSLORWIHFKD\KRUD  )UHQR
$MXVWHVGH&RSLORWLGLRPDHLQWURGXFFLµQ  )UHQRGHHVWDFLRQDPLHQWROLEHUDFLµQPHF£QLFD
$MXVWHVGH&RSLORWSDQWDOOD  )ULJRU¯JHQR
$MXVWHVGH&R3LORWSHUILOGHORSHUDGRUHOLPLQDFLµQ )XQFLµQGHHOHYDFLµQ\EDVFXODPLHQWR 
GHGDWRV  )XQFLµQGHIUHQRGHHVWDFLRQDPLHQWRFRQWURO 
$MXVWHVGHO&R3LORWSHUILOHVGHRSHUDGRU )XQFLµQNLFNGRZQ UHGXFFLµQGHYHORFLGDG  
$MXVWHVGHO&R3LORWVREUHODWDEOHWD  )XVLEOHV\UHO«V 
$OWXUDP£[SOXPD 
*
$QWHVGHOVHUYLFLROHD 
*UDVD 
$SDJDGRUHWDUGDGRGHOPRWRU 
$UUDQTXHFRQEDWHU¯DVDX[LOLDUHV  +
$UUDQTXHGHOPRWRU  +LVWRULDOGHVHUYLFLR 
$VLHQWRGHORSHUDGRU  +RUTXLOODVGHPDGHUD 
% ,
%DUUDGHHVWDGR ,PSOHPHQWRV
%DWHU¯DGHVFRQH[LµQ\FRQH[LµQ  ,PSOHPHQWRVSDUDXVRFRQHOSRUWDLPSOHPHQWRV
%DWHU¯DVFDUJD DFRSODPLHQWRU£SLGR  
%ORTXHRVHFXHQFLDGHFDPELRGHHQJUDQDMHV  ,QIRUPDFLµQ$G%OXHp'() 
%RPELOODVXVWLWXFLµQ  ,QLFLRGHVHVLµQHQ&R3LORW
%UD]RVGHHOHYDFLµQGHVFHQVRDOWHUQDWLYR ,QVWUXFFLRQHVSDUDHOURGDMH 
,QWHUUXSWRUGHEDWHU¯D 
&
,QWHUYDORVGHFDPELR 
&DELQD
&DEOHV\WXEHU¯DVVXEWHUU£QHRV  -
&DOHQWDGRUGHEORTXHGHOPRWRU -XHJRGHKHUUDPLHQWDV 
&£PDUDGHODQWHUD  /
&DPELRDXWRP£WLFR $36  /DYDSDUDEULVDVFRQWUROGHQLYHO\UHOOHQDGR
&DPELRGHPDUFKD /HWUHURVGHLGHQWLILFDFLµQ 
&DPELRGHOLQWHUYDORGHOXEULFDFLµQ  /LEHUDFLµQGHSUHVLµQ
&DPSRHOHFWURPDJQ«WLFR (0)   /LPSLH]D
&DSDFLGDGGHODP£TXLQD  /LPSLH]DGHODP£TXLQD 
&DSDFLGDGGHVHUYLFLRHLQWHUYDORVGHVXVWLWXFLµQ  /LPSLH]DGHOFRPSDUWLPLHQWRGHOPRWRU 
&DUH7UDFN  /¯QHDVGHDOWDWHQVLµQGLVWDQFLDP¯QLPD 
&DUH7UDFN6LVWHPDVGHLQIRUPDFLµQ  /RFNXS 
&HQWURGHDFFLRQHV  /XEULFDFLµQ
&HQWURGHD\XGD /XEULFDFLµQFHQWUDODXWRP£WLFD 
&LQWXUµQGHVHJXULGDG /XEULFDQWHVUHFRPHQGDGRV
&ODYHGHV¯PERORV /OHQDGRGHOXEULFDQWH
&RPEXVWLEOHOOHQDGR
&RPEXVWLEOHVDOWHUQDWLYRV  0
&RPSRQHQWHVGHVHJXULGDG  0DQGRV 
&RPSUREDU  0DQHMRGHPDWHULDOHVSHOLJURVRV 
&RQGXFFLµQHFRQµPLFD 0DQLSXODFLµQGHEORTXHVGHSLHGUD 
&RQIRUWGHOFRQGXFWRU 0DQLSXODFLµQGHFRQGXFWRVWXERV\PDQJXHUDV 
&XFKDUDV 0DQWHQLPLHQWR
&XPSOLPLHQWRFRQORVUHTXLVLWRVGHHPLVLRQHV  0DQWHQLPLHQWRGHSLQWXUDGHDFDEDGR
'
'DWRVGHODP£TXLQDUHJLVWUDGRV 
'HVFRQH[LµQDXWRP£WLFDGHOPRWRU HTXLSDPLHQWR
0DQXDOHV
0DUFD&(GLUHFWLYD(0&
0HGLGDVTXHGHEHQDSOLFDUVHDQWHVGHODFRQGXFFLµQ 

0HQVDMHV
RSFLRQDO  0HQ¼GHFRQILJXUDFLµQ
'LDJUDPDGHVH³DOL]DFLµQ 0HQ¼GHGDWRVRSHUDWLYRV
'LHQWHVGHODFXFKDUDVXVWLWXFLµQ  0HQ¼GHHMHVIUHQRV
'LPHQVLRQHV  0HQ¼GHLQIRUPDFLµQGHODP£TXLQD 
'LUHFFLµQ  0HQ¼GHODKLGU£XOLFD 
'LUHFFLµQGHSDODQFD &'&   0HQ¼GHODWUDQVPLVLµQ 
'LUHFFLµQGHUHVHUYDU  0HQ¼GHPHQVDMHVGHOYHK¯FXOR
( 0HQ¼GHVHUYLFLR 
(MHV  0HQ¼GHOPRWRU 
 Q
QGLFHDOIDE«WLFR

 
0HQ¼GHOVLVWHPDHO«FWULFR 6LVWHPDGHVXSUHVLµQGHLQFHQGLRV 
0HQ¼VGHLQIRUPDFLµQ\DMXVWHV 6LVWHPDHO«FWULFR
0RGLILFDFLRQHV  6LVWHPDKLGU£XOLFR
0RWRU  6LVWHPDKLGU£XOLFRFDOHQWDPLHQWR 
1 6LVWHPDSRVWUDWDPLHQWRGHORVJDVHVGHHVFDSH
1HXP£WLFRFRQWUROGHODSUHVLµQGHLQIODGR  6LVWHPDUHWURYLVRU 
1HXP£WLFRVFRQWUROGHOGHVJDVWH  6ROGDGXUD
1LYHOGHDFHLWHGHODWUDQVPLVLµQFRQWURO 7
1LYHOGHDFHLWHGHOPRWRUFRQWURO 7DPD³RV\SUHVLRQHVGHQHXP£WLFRV 
1¼PHURVGHLGHQWLILFDFLµQ 7DUMHWD6,0LQVWDODFLµQ
2 7HFODGRXQLGDGGHSDQWDOODGHLQIRUPDFLµQ 
2EOLJDFLRQHVGHORSHUDGRU  7H[WRVGHDGYHUWHQFLD
2SHUDFLµQHQODY¯DS¼EOLFD 7LHPSRVGHIXQFLRQDPLHQWRHVSHFLILFDFLRQHV
7RPDGHFRUULHQWH 
3 7UDEDMRFRQJDUUDSDUDWURQFRV
3DQHOGHFRQWURO  7UDEDMRGHQWURGH]RQDVSHOLJURVDV
3DQHOGHLQVWUXPHQWRVGHODQWHUR  7UDEDMRGRQGHDK¯ULHVJRGHFRUULPLHQWRGHWLHUUDV 
3DQHOGHLQVWUXPHQWRVGHODQWHUR  7UDEDMRHQDJXD\HQWHUUHQRSDQWDQRVR 
3DQHOGHLQVWUXPHQWRVSDUWHVXSHULRU  7UDEDMRHQSHQGLHQWHV 
3DQHOGHLQVWUXPHQWRVSDUWHWUDVHUD  7UDEDMRHQWLHPSRIU¯R 
3DQHOGHLQVWUXPHQWRVSRVWHGHODFDELQD  7UDQVPLVLµQ
3DQWDOODGHYLVXDOL]DFLµQGHODLQIRUPDFLµQGH 7UDQVSRUWHGHODP£TXLQD 
IXQFLRQDPLHQWR 7UDVODFLµQSRUODY¯DS¼EOLFD 
3DQWDOODDMXVWH
3DQWDOODOLPSLH]D  8
3DUDGD 8QLGDGGHSDQWDOOD 
3HJDWLQDVGHLQIRUPDFLµQ\DGYHUWHQFLD  8VRGHGLVH³R 
3HUQRVGHUXHGDVUHDSULHWH 9
3HVRVGHODP£TXLQD 9LEUDFLRQHVHQWRGRHOFXHUSR
3LH]DVGHFRQWDFWRSDQRU£PLFD  9LVLELOLGDG 
3RUWDLPSOHPHQWRV  9ROYR&R3LORW 
3RVLFLµQGHPDQWHQLPLHQWR  
3UHSDUDWLYRVDQWHVGHODVODERUHVGHVHUYLFLR
3UHYHQFLµQGHLQFHQGLRV 
3URJUDPDGHVHUYLFLR 
3URWHFFLµQDQWLUURER 
3URWHFFLµQGHOPRWRU6RIWZDUH
3UXHEDGHFRQGXFFLµQ\FRQWURO
3UXHEDGHIUHQRV
3UXHEDGHOVLVWHPD 
3XQWRVGHOXEULFDFLµQOXEULFDFLµQDXWRP£WLFD 
5
5HIULJHUDQWH 
5HIULJHUDQWHFRQWUROGHOQLYHO\UHOOHQDGR
5HJHQHUDFLµQ
5HJODVGHVHJXULGDGHQFDVRGHLQFHQGLR 
5HJODVGHVHJXULGDGSDUDODXWLOL]DFLµQGHODP£TXLQD
5HSRVDEUD]RVDMXVWH 
5HTXLVLWRVPHGLRDPELHQWDOHV 
5HVFDWH\UHPROFDGR 
5HWURYLVRUHVGHODQWHURV 
5XHGDV
5XLGR\YLEUDFLRQHV
6
6DOLGDGHHPHUJHQFLD 
6HJXULGDGGHORSHUDGRU
6HSDUDGRUGHDJXDYDFLDGR 
6HUYLFLRGHPDQWHQLPLHQWRFDGDKRUDV 
6HUYLFLRGHPDQWHQLPLHQWRFDGDKRUDV 
6HUYLFLRGHPDQWHQLPLHQWRFDGDKRUDV 
6HUYLFLRGHPDQWHQLPLHQWRFDGDKRUDV 
6HUYLFLRGHPDQWHQLPLHQWRFDGDKRUDV 
6HUYLFLRGHPDQWHQLPLHQWRFXDQGRVHDQHFHVDULR
6LODP£TXLQDTXHGDDWDVFDGD
6LVWHPDDQWLUURER 
6LVWHPDFOLPDWL]DGRU 
6LVWHPDFOLPDWL]DGRUDMXVWH 
6LVWHPDGHFRPEXVWLEOH 
6LVWHPDGHFRPEXVWLEOHSXUJDGHDLUH
6LVWHPDGHGLUHFFLµQ
6LVWHPDGHIUHQRV 
6LVWHPDGHSRVWUDWDPLHQWRGHORVJDVHVGHHVFDSH
DODUPDVTXHUHTXLHUHQDFFLRQHVHVSHFLDOHV 
 QGLFHDOIDE«WLFR