Ge Appliances 0 Part1 Z Phb925Stss Use And Care Manual 49 80655_HiRes_En
4-Part1-Z-Phb925Stss-Z-Use-And-Care-Manual 4-part1-z-phb925stss-z-use-and-care-manual
2014-07-05
: Ge-Appliances 0-Part1-Z-Phb925Stss-Z-Use-And-Care-Manual 0-part1-z-phb925stss-z-use-and-care-manual ge-appliances pdf
Open the PDF directly: View PDF .
Page Count: 88
Download | |
Open PDF In Browser | View PDF |
)UHH6WDQGLQJ6OLGH,QDQG'URS,Q,QGXFWLRQ 5DQJHV *($SSOLDQFHVFRP (VSDxRO 6DIHW\,QVWUXFWLRQV ² 2SHUDWLQJ,QVWUXFWLRQV .LWFKHQ7LPHU 2YHQ ² $GMXVW2YHQ7KHUPRVWDW %DNLQJRU5RDVWLQJ %URLOLQJ%URLOLQJ*XLGH &RQWUROV &RQYHFWLRQ2YHQ 3L]]D 3UHKHDWLQJ 3UREH 6DEEDWK)HDWXUH 6HOI&OHDQLQJ 6ORZ&RRNDQG:DUPLQJ)HDWXUHV 6SHFLDO)HDWXUHV 6WHDP&OHDQ 7LPHG%DNLQJDQG5RDVWLQJ :DUPLQJ'UDZHU 6XUIDFH8QLWV ² &RRNZDUH *ODVV&RRNWRS :DUPLQJ=RQH 2ZQHU·V0DQXDO 1H[W6WHS&RQWURO &DUHDQG&OHDQLQJ $OXPLQXP)RLO &RQWURO3DQHO *ODVV&RRNWRS /LIW2II2YHQ'RRU /LJKW 2YHQ)ORRU 2YHQ+HDWLQJ(OHPHQWV 5DFNV 5HPRYDEOH:DUPLQJ'UDZHU'UDZHU3DQ 6WRUDJH'UDZHU 6XUIDFHV 9HQW 7URXEOHVKRRWLQJ7LSV $FFHVVRULHV &RQVXPHU6XSSRUW &RQVXPHU6XSSRUW %DFN&RYHU :DUUDQW\ )RUD6SDQLVKYHUVLRQRIWKLVPDQXDOYLVLW RXU:HEVLWHDW*($SSOLDQFHVFRP :ULWHWKHPRGHODQGVHULDO QXPEHUVKHUH 3DUDFRQVXOWDUXQDYHUVLRQHQHVSDxRO GHHVWHPDQXDOGHLQVWUXFFLRQHVYLVLWH 0RGHOBBBBBBBBBBBBBBBB QXHVWURVLWLRGHLQWHUQHW *($SSOLDQFHVFRP 6HULDO BBBBBBBBBBBBBBBB ,Q&DQDGD ZZZ*($SSOLDQFHVFD 3ULQWHGLQWKH8QLWHG6WDWHVFPDFP@GHO TXHGHQMXJRVRV6HFRFLQDQ HOHPHQWRGHDVDGR SRUFRPSOHWRDQWHVGHGRUDUVH FRFLQDQSRUFRPSOHWR )LOHWHV² (ORVDOLPHQWRVGHEHQ 3DUDHYLWDUTXHODFDUQD µDµFPD HVWDUGHµDµ VHHQURVTXHFRUWHODJUDVDDVH FPGHJURVRU >FPDFP@GHO HQURVTXHLQWHUYDORVGHµFP HOHPHQWRGHDVDGR )LOHWHV² 'R(ORVDOLPHQWRV µDµFPD GHEHQHVWDUGHµDµ FPGHJURVRUR >FPDFP@GHO SDWWLHVGHFDUQHSLFDGD HOHPHQWRGHDVDGR 3ROOR 3HFKXJDVLQKXHVR 3HFKXJDFRQKXHVR &ORVDOLPHQWRVGHEHQ HVWDUGHµDµ >FPDFP@GHO HOHPHQWRGHDVDGR &ORVDOLPHQWRVGHEHQ HVWDUGHµDµ >FPDFP@GHO HOHPHQWRGHDVDGR $VDUVREUHHOODGRGHODSLHO SULPHUR )LOHWHVGH SHVFDGR µDµFPD FPGHJURVRU 'R(ORVDOLPHQWRV GHEHQHVWDUµDµ >FPDFP@GHO HOHPHQWRGHDVDGR 0DQLSXOH\JLUHFRQ PXFKRFXLGDGR &KXOHWDV GHFHUGR %LHQFRFLGD )& µFP GHJURVRU 'ORVDOLPHQWRVGHEHQ HVWDUGHµDµ >FPDFP@GHO HOHPHQWRGHDVDGR 3DUDHYLWDUTXHODFDUQD VHHQURVTXHFRUWH ODJUDVDDLQWHUYDORV GHµFP 8WLOLFHODSRVLFLyQGHEDQGHMD$SDUDHOKRUQRPiVSHTXHxRFRQSRVLFLyQGHEDQGHMDV £$MXVWHHOWHUPRVWDWRGHOKRUQRXVWHGPLVPR *($SSOLDQFHVFRP (VSRVLEOHTXHVXQXHYRKRUQRFRFLQHGHPDQHUDGLIHUHQWHDODTXHXVWHGVHHQFXHQWUDDFRVWXPEUDGR8WLOtFHORGXUDQWH DOJXQDVVHPDQDVSDUDIDPLOLDUL]DUVHFRQVXVIXQFLRQHV6LOXHJRGHHVWHSHUtRGRFRQVLGHUDTXHODWHPSHUDWXUDGHOKRUQR HVGHPDVLDGREDMDRGHPDVLDGRDOWDXVWHGSXHGHUHJXODUHOWHUPRVWDWR 1RXWLOLFHWHUPyPHWURVFRPRORVTXHVHYHQGHQHQODVWLHQGDVSDUDYHULILFDUODFRQILJXUDFLyQGHWHPSHUDWXUDGHOKRUQR (VRVWHUPyPHWURVSXHGHQYDULDUHQWUH²JUDGRV 127$(VWHDMXVWHVyORDIHFWDODVWHPSHUDWXUDVGHKRUQHDGR\URVWL]DGRQRDIHFWDODVWHPSHUDWXUDVGHDVDGRR GHDXWROLPSLH]D(ODMXVWHVHFRQVHUYDUiHQODPHPRULDD~QGHVSXpVGHXQFRUWHGHHQHUJtD &yPRDMXVWDUHOWHUPRVWDWR 3UHVLRQHORVERWRQHV%52,/+,/2DVDU DOWREDMR\%$.(KRUQHDUDOPLVPR WLHPSRKDVWDTXHHQODSDQWDOODSXHGD YHUVH6) 3UHVLRQHODWHFOD%$.(+RUQHDU(QOD SDQWDOODVHPXHVWUDXQQ~PHUR +RUQRV'REOHV3DUDDMXVWDUHOWHUPRVWDWR GHOKRUQRVXSHULRUSUHVLRQHODWHFOD%$.( +RUQHDUGHOKRUQRVXSHULRU3DUDDMXVWDU HOWHUPRVWDWRGHOKRUQRLQIHULRUSUHVLRQHOD WHFOD%$.(+RUQHDUGHOKRUQRLQIHULRU /DWHPSHUDWXUDGHOKRUQRSXHGHVXELUVH HQ)&REDMDUVHHQ) &3UHVLRQHODVDOPRKDGLOODVQXPpULFDV GHODPLVPDPDQHUDHQTXHODVOHH3RU HMHPSORSDUDFDPELDUODWHPSHUDWXUDGHO KRUQR)&SUHVLRQH\ 3UHVLRQHODWHFOD%$.(+RUQHDU QXHYDPHQWHSDUDDOWHUQDUHQWUH LQFUHPHQWDU\UHGXFLUODWHPSHUDWXUDGHO KRUQR &XDQGRKD\DILQDOL]DGRHODMXVWHSUHVLRQH HOERWyQ67$57LQLFLDUSDUDYROYHUDOD SDQWDOODGHODKRUD8WLOLFHHOKRUQRGHOD PDQHUDQRUPDO £(OWLSRGHPDUJDULQDXWLOL]DGRPRGLILFDHOKRUQHDGR /DPD\RUtDGHODVUHFHWDVGHKRUQHDGRLQFOX\HQSURGXFWRVGHDOWRFRQWHQLGRJUDVRWDOHVFRPRODPDQWHFDRODPDUJDULQD GHJUDVD6LVHUHGXFHHOFRQWHQLGRGHJUDVDHOUHVXOWDGRILQDOSXHGHVHUGLIHUHQWHDOHVSHUDGR 6LVHXWLOL]DQSURGXFWRVGHEDMRFRQWHQLGRJUDVRHQWRUWDVSDVWHOHVPDVDVJDOOHWDVRGXOFHVODUHFHWDSXHGHIUDFDVDU$ PHQRUFRQWHQLGRJUDVRPD\RUHVGLIHUHQFLDVHQHOUHVXOWDGRILQDO /DVQRUPDVIHGHUDOHVH[LJHQTXHORVSURGXFWRVFRQGHQRPLQDFLyQGH´PDUJDULQDµWHQJDQXQFRQWHQLGRJUDVRGHDOPHQRV HQUHODFLyQDOSHVR/RVSURGXFWRVGHEDMRFRQWHQLGRJUDVRFRQWLHQHQPHQRVJUDVD\PiVDJXD(OHOHYDGRFRQWHQLGRGHKXPHGDG GHHVWRVSURGXFWRVDIHFWDODWH[WXUD\HOVDERUGHORVDOLPHQWRVKRUQHDGRV3DUDREWHQHUORVPHMRUHVUHVXOWDGRVFRQVXVUHFHWDV WUDGLFLRQDOHVIDYRULWDVXWLOLFHPDUJDULQDXRWURVSURGXFWRVFRQXQFRQWHQLGRGHSRUORPHQRVGHDFHLWHYHJHWDO &yPRXVDUHOKRUQRGHFRQYHFFLyQHQDOJXQRVPRGHORV )XQFLRQDPLHQWRGHOYHQWLODGRUGHFRQYHFFLyQ (QXQKRUQRGHFRQYHFFLyQXQYHQWLODGRU KDFHFLUFXODUDLUHFDOLHQWHVREUHSRUGHEDMR\ DOUHGHGRUGHORVDOLPHQWRV (VWDFLUFXODFLyQGHDLUHFDOLHQWHVHGLVWULEX\HGH PDQHUDSDUHMDDWUDYpVGHODFDYLGDGGHOKRUQR &RPRUHVXOWDGRORVDOLPHQWRVVHFRFLQDQ\ GRUDQHQIRUPDSDUHMDDPHQXGRHQPHQRV WLHPSR 127$(QDOJXQRVPRGHORVHOYHQWLODGRUIXH GLVHxDGRSDUDJLUDUHQDPEDVGLUHFFLRQHVFRQ XQDSDXVDLQWHUPHGLD(VWRHVQRUPDO (OYHQWLODGRUGHFRQYHFFLyQVHDSDJDFXDQGR VHDEUHODSXHUWDGHKRUQR12'(-(ODSXHUWD DELHUWDGXUDQWHSHUtRGRVSURORQJDGRVPLHQWUDV XWLOL]DODFRFFLyQSRUFRQYHFFLyQ\DTXHSXHGH DFRUWDUODYLGD~WLOGHOHOHPHQWRFDOHQWDGRUGH FRQYHFFLyQ &RFFLyQSRUFRQYHFFLyQHQDOJXQRVPRGHORV (OKRUQRGHFRQYHFFLyQYLHQHFRQXQPRGR GHFRFFLyQSRUFRQYHFFLyQ\SXHGHXWLOL]DUVH SDUDKRUQHDGRSRUFRQYHFFLyQGHEDQGHMD XKRUQHDGRSRUFRQYHFFLyQFRQEDQGHMDV P~OWLSOHV +RUQHDGRSRUFRQYHFFLyQFRQEDQGHMDVP~OWLSOHV 3RVLFLyQGHEDQGHMDVP~OWLSOHV 'HELGRDTXHHODLUHFDOLHQWHFLUFXODHQIRUPD SDUHMDHQWRGRHOKRUQRORVDOLPHQWRVSXHGHQ KRUQHDUVHFRQH[FHOHQWHVUHVXOWDGRVXVDQGR EDQGHMDVP~OWLSOHV (OKRUQHDGRFRQEDQGHMDVP~OWLSOHVSXHGH LQFUHPHQWDUXQSRFRORVWLHPSRVGHFRFFLyQ GHDOJXQRVDOLPHQWRVSHURHOUHVXOWDGRWRWDO HVHODKRUURGHWLHPSR/DVJDOOHWDVPXIILQV EL]FRFKRV\RWURVSDQHVUiSLGRVORJUDQ UHVXOWDGRVPX\EXHQRVFRQHOKRUQHDGRFRQ EDQGHMDVP~OWLSOHV &XDQGRKRUQHHFRQEDQGHMDVFRORTXHXQD HQODVHJXQGD%SRVLFLyQRWUDHQODFXDUWD' SRVLFLyQ\ODWHUFHUDHQODVH[WD)SRVLFLyQ 3DUDKRUQHDGRFRQGRVEDQGHMDVFRORTXH XQDHQODVHJXQGD%SRVLFLyQ&RORTXHODRWUD EDQGHMDHQODTXLWD(SRVLFLyQ +RUQHDGRSRUFRQYHFFLyQFRQEDQGHMDHQDOJXQRVPRGHORV &XDQGRUHDOLFHXQKRUQHDGRSRUFRQYHFFLyQ FRQVyOREDQGHMDFRORTXHORVDOLPHQWRVHQHO FHQWURGHOKRUQR &yPRFRQILJXUDUHOKRUQRSDUDKRUQHDGRSRUFRQYHFFLyQ 3UHVLRQHODWHFOD&219(&7,21&22. &RFFLyQSRU&RQYHFFLyQSDUDXWLOL]DUHVWD IXQFLyQ 3UHVLRQHODVDOPRKDGLOODVQXPpULFDVSDUD FRQILJXUDUODWHPSHUDWXUDGHOKRUQR 3UHVLRQHHOERWyQ67$57LQLFLDU 127$6LOD)XQFLyQGH&RQYHUVLyQ$XWR5HFLSH VHHQFXHQWUDDFWLYDGDDXWRPiWLFDPHQWH UHGXFLUiODWHPSHUDWXUDGHKRUQHDGRUHJXODUHQ DSUR[LPDGDPHQWH)KDVWDODWHPSHUDWXUD GHFRQYHFFLyQDSURSLDGDHQHOPRGRGH KRUQHDGRSRUFRQYHFFLyQ/HD&RQYHUVLyQFRQ $XWR5HFLSHHQODVHFFLyQGH&DUDFWHUtVWLFDV (VSHFLDOHV 3DUDFDPELDUODWHPSHUDWXUDGHOKRUQRSUHVLRQH HOERWyQ&219(&7,21&22.\OXHJRODV DOPRKDGLOODVQXPpULFDVSDUDFRQILJXUDUODQXHYD WHPSHUDWXUD &XDQGRHOKRUQRFRPLHQ]DDFDOHQWDUSRGUi YHUVHODWHPSHUDWXUDFDPELDQWHFRPHQ]DQGR D)&&XDQGRHOKRUQRDOFDQ]DOD WHPSHUDWXUDFRQILJXUDGDVRQDUiQSLWLGRV 3UHVLRQHHOERWyQ&/($52))ERUUDU DSDJDGRFXDQGRKD\DILQDOL]DGR 0LHQWUDVFRFLQHSRUFRQYHFFLyQVHRLUi XQYHQWLODGRU(OYHQWLODGRUVHGHWHQGUi FXDQGRVHDEUDODSXHUWDSHURHOFDORU QRVHDSDJDUi 'XUDQWHHOKRUQHDGRSXHGHQHVFXFKDUVH FKDVTXLGRVSURYHQLHQWHVGHOKRUQR (VWRHVQRUPDO *($SSOLDQFHVFRP 5HFLSLHQWHVSDUDFRFFLyQSRUFRQYHFFLyQ &XDQGRKRUQHHJDOOHWDVREWHQGUi PHMRUHVUHVXOWDGRVVLXVDXQD SODQFKDSODQDSDUDJDOOHWDVHQ OXJDUGHXQUHFLSLHQWHGHODGRV EDMRV $QWHVGHXWLOL]DUHOKRUQRGHFRQYHFFLyQYHULILTXH TXHVXVHOHPHQWRVGHFRFFLyQGHMHQHVSDFLR VXILFLHQWHSDUDODFLUFXODFLyQGHDLUHHQHOKRUQR 6LYDDKRUQHDUFRQYDULRVUHFLSLHQWHVGHMHXQ HVSDFLRHQWUHHOORV$GHPiVDVHJ~UHVHGHTXH ORVUHFLSLHQWHVQRVHWRTXHQHQWUHVtRWRTXHQODV SDUHGHVGHOKRUQR 3DSHO\SOiVWLFR /RVUHFLSLHQWHVGHSDSHO\SOiVWLFRUHVLVWHQWHV DOFDORUUHFRPHQGDGRVSDUDXWLOL]DUHQ KRUQHDGRQRUPDOWDPELpQSXHGHQXWLOL]DUVH SDUDKRUQHDGRSRUFRQYHFFLyQSHURQRGHEHQ XWLOL]DUVHDWHPSHUDWXUDVPiVHOHYDGDVTXHOD WHPSHUDWXUDUHFRPHQGDGDSRUHOIDEULFDQWH GHORVHOHPHQWRVGHFRFFLyQ7DPELpQSXHGHQ XWLOL]DUVHHOHPHQWRVGHFRFFLyQSOiVWLFRV UHVLVWHQWHVDWHPSHUDWXUDVGH)& 0HWDO\YLGULR &XDOTXLHUWLSRGHUHFLSLHQWHGHFRFFLyQIXQFLRQD HQVXKRUQRGHFRQYHFFLyQVLQHPEDUJR ORVUHFLSLHQWHVGHPHWDOVHFDOLHQWDQPiV UiSLGDPHQWH\VHUHFRPLHQGDQSDUDKRUQHDGR SRUFRQYHFFLyQ /DVEDQGHMDVRVFXUDVRFRQDFDEDGRPDWH KRUQHDQDOLPHQWRVPiVUiSLGRTXHODV EULOODQWHV /RVUHFLSLHQWHVGHYLGULRRFHUiPLFDFRFLQDQ PiVGHVSDFLR 3DUDUHFHWDVFRPRSROORKRUQHDGRXWLOLFHXQ UHFLSLHQWHFRQODGRVEDMRV(ODLUHFDOLHQWHQRSXHGH FLUFXODUELHQDOUHGHGRUGHORVDOLPHQWRVHQXQ UHFLSLHQWHGHODGRVDOWRV &RQODIXQFLyQGHODSL]]DHQDOJXQRVPRGHORV &yPRFRQILJXUDUHOKRUQRVXSHULRUSDUDSL]]DHQDOJXQRVPRGHORV $MXVWHODSRVLFLyQGHODEDQGHMDSDUDHOWLSRGH UHFLSLHQWHSDUDSL]]DTXHVHHVWiXVDQGRYHUWDEOD 3UHVLRQHHOERWyQ3,==$ 3UHVLRQHODVDOPRKDGLOODVQXPpULFDVSDUD VHOHFFLRQDUSDUDSL]]DFRQJHODGD\SDUD SL]]DIUHVFD 3UHVLRQHODVDOPRKDGLOODVQXPpULFDVSDUD FRQILJXUDUODWHPSHUDWXUDGHKRUQHDGR 3UHVLRQHHOERWyQ67$57LQLFLDU (OWLHPSRGHKRUQHDGRHVWiGHWHUPLQDGR SRUODVLQVWUXFFLRQHVGHOSDTXHWH 7LSRGHUHFLSLHQWH GHSL]]D 5HFLSLHQWHFRQSL]]DIUHVFD 3L]]DFRORFDGDGLUHFWDPHQWH VREUHODEDQGHMD 5HFLSLHQWHGHPHWDO 3RVLFLyQGH ODEDQGHMD % % $ &yPRXVDUODVRQGDHQDOJXQRVPRGHORV (QPXFKRVDOLPHQWRVHVSHFLDOPHQWHDVDGRV\FDUQHVGHDYHODWHPSHUDWXUDLQWHUQDGHORVDOLPHQWRVHVODPHMRUSUXHEDSDUD YHULILFDUHOJUDGRGHFRFFLyQ0HGLDQWHODVRQGDGHWHPSHUDWXUDVHHYLWDWHQHUTXHDGLYLQDUHOJUDGRGHFRFFLyQ \VHORJUDHOSXQWRGHFRFFLyQH[DFWR &DEOH (QFKXIH 35(&$8&,Ï1 3DUDHYLWDUTXHPDGXUDVQRGHVHQFKXIHODVRQGDGH ODERFDGHVDOLGDGHOKRUQRKDVWDTXHpVWHVHKD\D HQIULDGR (OXVRGHVRQGDVGLVWLQWDVDODVSURYLVWDVFRQHVWH SURGXFWRSXHGHSURYRFDUOHVGDxRVDODVPLVPDVRDO FRQWUROGHOKRUQR /DVRQGDGHWHPSHUDWXUDFXHQWD FRQXQDVRQGDVLPLODUDXQSLQFKR HQXQH[WUHPR\XQHQFKXIHHQHO RWURH[WUHPRTXHVHLQWURGXFHHQ ODERFDGHVDOLGDGHOKRUQR 8WLOLFHODVPDQLMDVGHODVRQGD\HOHQFKXIHFXDQGR ODVLQWURGX]FD\TXLWHGHORVDOLPHQWRV\GHODERFD GHVDOLGD 3DUDHYLWDUGDxRVDODVRQGDQRXWLOLFHSLQ]DVSDUD WLUDUGHOFDEOHFXDQGRORTXLWH 3DUDQRURPSHUODVRQGDYHULILTXHTXHORV DOLPHQWRVHVWpQWRWDOPHQWHGHVFRQJHODGRVDQWHV GHLQWURGXFLUOD 'HVSXpVGHSUHSDUDUODFDUQH\FRORFDUODHQXQ SRVDIXHQWHVRVREUHODUHMLOODGHODDVDGHUDVLJDHVWDV LQVWUXFFLRQHVSDUDXQDFRORFDFLyQDGHFXDGDGHOD VRQGD ,QWURGX]FDODVRQGDFRPSOHWDPHQWHHQODFDUQH1R GHEHWRFDUKXHVRJUDVDRFDUWtODJR 0DQLMDV 6RQGD /HD\TXLWHODHWLTXHWD 1XQFDGHMHODVRQGDGHQWURGHOKRUQRGXUDQWHXQ FLFORGHDXWROLPSLH]DRGHDVDGR 1RJXDUGHODVRQGDGHQWURGHOKRUQR 3DUDDVDGRVVLQKXHVRLQWURGX]FDODVRQGDGHQWUR GHODSDUWHPiVFDUQRVD3DUDMDPyQRFRUGHURFRQ KXHVRLQWURGX]FDODVRQGDHQHOFHQWURGHOP~VFXOR JUDQGHPiVEDMR ,QWURGX]FDODVRQGDHQHOFHQWURGHSODWRVWDOHV FRPRSDQGHFDUQHRHVWRIDGRV ,QWURGX]FDODVRQGDGHQWURGHODSDUWHPiVFDUQRVD GHOPXVORLQWHUQRGHVGHDEDMR\HQIRUPDSDUDOHODD ODSDWDGHXQSDYRHQWHUR 127$1RVHSRGUiQXWLOL]DUODVFRQILJXUDFLRQHVGH DXWROLPSLH]DQLGHDVDGRVLODVRQGDGHWHPSHUDWXUD VHHQFXHQWUDHQFKXIDGD 127$1RLQVHUWDUSRUFRPSOHWRODVRQGDGHQWURGHOD FDUQHSXHGHSURYRFDUXQSREUHGHVHPSHxRGHFRFFLyQ SRUTXHODVRQGDGHWHFWDUiHODLUHGHOKRUQR\QROD WHPSHUDWXUDGHORVDOLPHQWRV &yPRFRQILJXUDUHOKRUQRSDUDKRUQHDGRURVWL]DGRFXDQGRXVDODVRQGD HQDOJXQRVPRGHORV ,QWURGX]FDODVRQGDSRUFRPSOHWRHQORV DOLPHQWRV OR (QFKXIHODVRQGDGHQWURGHODERFDGHVDOLGD GHOKRUQR9HULILTXHTXHHVWpLQWURGXFLGDKDVWD HOIRQGR&LHUUHODSXHUWDGHOKRUQR9HULILTXH TXHHOFDEOHGHODVRQGDQRWRTXHHOHOHPHQWR DVDGRU 3UHVLRQHHOERWyQ352%(VRQGD /DSDQWDOODPRVWUDUi´6HW3UREH7HPSµ 7HPSHUDWXUDGHOD6RQGD 3UHVLRQHODVDOPRKDGLOODVQXPpULFDV SDUDFRQILJXUDUODWHPSHUDWXUDLQWHUQD GHVHDGDGHORVDOLPHQWRVRGHODFDUQH/D WHPSHUDWXUDLQWHUQDPi[LPDDODTXHSXHGHQ FRQILJXUDUVHORVDOLPHQWRVHV)& 3UHVLRQHODWHFOD67$57,QLFLDU 3UHVLRQHODWHFOD%$.(+RUQHDUR &219(&7,21&RQYHFFLyQ 3UHVLRQHODVDOPRKDGLOODVQXPpULFDVSDUD FRQILJXUDUODWHPSHUDWXUDGHVHDGDGHOKRUQR 3UHVLRQHHOERWyQ67$57LQLFLDU /DSDQWDOODGHVWHOODUiVLODVRQGDVHHQFXHQWUD HQFKXIDGDGHQWURGHODERFDGHVDOLGD\XVWHGQRKD FRQILJXUDGRXQDWHPSHUDWXUDGHVRQGD \SUHVLRQDGRHOERWyQ67$57LQLFLDU 3UHVLRQHODWHFOD352%(6RQGDSDUDUHFRUGDUOD WHPSHUDWXUDGHODVRQGDRODWHFOD%$.(+RUQHDU R&219(&7,21&RQYHFFLyQSDUDUHFRUGDUOD WHPSHUDWXUDGHOKRUQR3DUDODWHPSHUDWXUDGH ODVRQGDOXHJRGHTXHODWHPSHUDWXUDLQWHUQDGH ODFRPLGDDOFDQFHORV)ORVFDPELRVGHOD WHPSHUDWXUDLQWHUQDDSDUHFHUiQHQODSDQWDOOD &XDQGRODWHPSHUDWXUDLQWHUQDGHORV DOLPHQWRVDOFDQ]DODFLIUDTXHXVWHGKD FRQILJXUDGRODVRQGD\HOKRUQRVHDSDJDQ\ ORVFRQWUROHVGHOKRUQRFRPLHQ]DQDGHVWHOODU 3DUDGHWHQHUHOGHVWHOORSUHVLRQHHOERWyQ &/($52))ERUUDUDSDJDGR8WLOLFHJXDQWHV GHFRFLQDSDUDTXLWDUODVRQGDGHORVDOLPHQWRV 1RXWLOLFHSLQ]DVSDUDTXLWDUODSRUTXHSRGUtDQ GDxDUOD 6LODVRQGDVHTXLWDGHOKRUQRPLHQWUDV VHHVWDEDFRFLQDQGRHOKRUQRQRVHDSDJDUi DXWRPiWLFDPHQWH 3DUDFDPELDUODWHPSHUDWXUDGHOKRUQRGXUDQWHHO FLFORGHKRUQHDGRURVWL]DGRSUHVLRQHHOERWyQ%$.( KRUQHDUR&219(&7,21FRQYHFFLyQ\OXHJRODV DOPRKDGLOODVQXPpULFDVSDUDFRQILJXUDUODQXHYD WHPSHUDWXUD 3XHGHXWLOL]DUHOWHPSRUL]DGRUGHFRFLQDDXQTXH QRSXHGHQXVDUVHRSHUDFLRQHV GHOKRUQRFRQWHPSRUL]DGRUPLHQWUDVVHXWLOLFHOD VRQGD &yPRXWLOL]DUODVFDUDFWHUtVWLFDVGHKRUQHDGR \URVWL]DGRFRQWHPSRUL]DGRUHQDOJXQRVPRGHORV *($SSOLDQFHVFRP 127$/RVDOLPHQWRVTXHVHHFKDQDSHUGHUFRQIDFLOLGDG³FRPROHFKHKXHYRVSHVFDGRUHOOHQRVFDUQHGHDYH\FHUGR³QRGHEHQ GHMDUVHUHSRVDUSRUPiVGHKRUDDQWHV\GHVSXpVGHODFRFFLyQ/DWHPSHUDWXUDDPELHQWHSURPXHYHHOFUHFLPLHQWRGHEDFWHULDV GDxLQDV9HULILTXHTXHODOX]GHOKRUQRHVWpDSDJDGDSRUTXHHOFDORUSURYHQLHQWHGHODERPELOODSXHGHDFHOHUDUHOFUHFLPLHQWRGH EDFWHULDV &yPRFRQILJXUDUXQLQLFLRLQPHGLDWR\XQDSDJDGRDXWRPiWLFR OR (OKRUQRVHHQFLHQGHLQPHGLDWDPHQWH \FRFLQDORVDOLPHQWRVGXUDQWHXQSHUtRGRGH WLHPSRVHOHFFLRQDGR$OILQDOL]DUHOWLHPSRGH FRFFLyQHOKRUQRVHDSDJDDXWRPiWLFDPHQWH 3UHVLRQHHOERWyQ&219(&7,21&22. +RUQHDGRSRU&RQYHFFLyQ 3UHVLRQHODVDOPRKDGLOODVQXPpULFDVSDUD FRQILJXUDUODWHPSHUDWXUDGHVHDGDGHO KRUQR 3UHVLRQHODWHFOD67$57,QLFLDU 3UHVLRQHHOERWyQ&22.7,0(WLHPSRGH FRFFLyQ 127$6LVXUHFHWDUHTXLHUHSUHFDOHQWDPLHQWR SXHGHQHFHVLWDUDJUHJDUWLHPSRDGLFLRQDO DOWLHPSRGHFRFFLyQ 3UHVLRQHODVDOPRKDGLOODVQXPpULFDVSDUD FRQILJXUDUHOWLHPSRGHFRFFLyQGHVHDGR (OWLHPSRGHFRFFLyQPtQLPRTXHXVWHG SXHGHFRQILJXUDUHVPLQXWR /DWHPSHUDWXUDGHOKRUQRTXHKD FRQILJXUDGR\HOWLHPSRGHFRFFLyQ LQJUHVDGRDSDUHFHUiQHQODSDQWDOOD 3UHVLRQHHOERWyQ67$57LQLFLDU (OKRUQRHVWDUiHQODSRVLFLyQ21(QFHQGLGR\ HQODSDQWDOODDSDUHFHUiHOFRQWHRGHODFRFFLyQ \HOFDPELRGHWHPSHUDWXUDDSDUWLUGHORV )/DSDQWDOODGHWHPSHUDWXUDFRPHQ]DUiD FDPELDUXQDYH]TXHODWHPSHUDWXUDGHOKRUQR DOFDQFHORV)&XDQGRHOKRUQRDOFDQFHOD WHPSHUDWXUDTXHSURJUDPyVRQDUiQSLWLGRV (OKRUQRFRQWLQXDUiFRFLQDQGRGXUDQWHOD FDQWLGDGGHWLHPSRFRQILJXUDGD\OXHJRGH DSDJDUiGHIRUPDDXWRPiWLFD 6LIXHUDQHFHVDULRSUHVLRQHHOERWyQ &/($52))ERUUDUDSDJDGRSDUDERUUDU ODSDQWDOOD4XLWHORVDOLPHQWRVGHOKRUQR 5HFXHUGHDXQTXHHOKRUQRVHDSDJD DXWRPiWLFDPHQWHORVDOLPHQWRVTXHVH GHMHQHQHOKRUQRVHJXLUiQFRFLQiQGRVH GHVSXpVGHDSDJDGRHOPLVPR &yPRFRQILJXUDUXQLQLFLRUHWDUGDGR\XQDSDJDGRDXWRPiWLFR OR OKRUQRVHHQFHQGHUiHQHOKRUDULRTXH ( XVWHGKD\DFRQILJXUDGRFRFLQDUiDOLPHQWRV GXUDQWHXQSHUtRGRGHWLHPSRHVSHFtILFR \OXHJRVHDSDJDUiDXWRPiWLFDPHQWH $VHJ~UHVHGHTXHHOUHORMPXHVWUHODKRUD FRUUHFWD 3UHVLRQHODWHFOD'(/$<67$57,QLFLR 5HWUDVDGR 3UHVLRQHODVDOPRKDGLOODVQXPpULFDV SDUDFRQILJXUDUODWHPSHUDWXUDGHVHDGD GHOKRUQR 3UHVLRQHODWHFOD67$57,QLFLDU /DWHPSHUDWXUDGHOKRUQRTXHKD FRQILJXUDGR\HOWLHPSRGHFRFFLyQ LQJUHVDGRDSDUHFHUiQHQODSDQWDOOD 3UHVLRQHHOERWyQ67$57LQLFLDU 127$6LGHVHDYHULILFDUORVKRUDULRVTXHKD FRQILJXUDGRSUHVLRQHHOERWyQ'(/$<67$57 LQLFLRUHWDUGDGRSDUDFRQWURODUODKRUDGH LQLFLRFRQILJXUDGDRSUHVLRQHHOERWyQ&22. 7,0(WLHPSRGHFRFFLyQSDUDYHULILFDUOD H[WHQVLyQGHFRFFLyQTXHKDFRQILJXUDGR &XDQGRHOKRUQRVHHQFLHQGH21HQ HOKRUDULRTXHKDFRQILJXUDGRODSDQWDOOD PRVWUDUiODFXHQWDUHJUHVLYDGHOWLHPSR GHFRFFLyQ\ODQXHYDWHPSHUDWXUD 3UHVLRQHODWHFOD&219(&7,21&22. +RUQHDGRSRU&RQYHFFLyQXRWUDIXQFLyQ FRPHQ]DQGRHQ)&/DSDQWDOOD GHWHPSHUDWXUDFRPHQ]DUiDFDPELDU GHFRFFLyQGHVHDGD FXDQGRODWHPSHUDWXUDGHOKRUQROOHJXHD 7RTXHORVODVWHFODVQXPpULFDVSDUD ORV)>&@&XDQGRHOKRUQRDOFDQ]DOD SURJUDPDUODWHPSHUDWXUDGHOKRUQR WHPSHUDWXUDFRQILJXUDGDVRQDUiQSLWLGRV GHVHDGD (OKRUQRVHJXLUiFRFLQDQGRGXUDQWHXQ SHUtRGRGHWLHPSRGHWHUPLQDGR\OXHJR 3UHVLRQHODWHFOD67$57,QLFLDU VHDSDJDUiDXWRPiWLFDPHQWH 3UHVLRQHODWHFOD&22.7,0( 6LIXHUDQHFHVDULRSUHVLRQHHOERWyQ &/($52))ERUUDUDSDJDGRSDUD 7HPSRUL]DGRUGH&RFFLyQ ERUUDUODSDQWDOOD4XLWHORVDOLPHQWRV 127$6LVXUHFHWDUHTXLHUHSUHFDOHQWDPLHQWR GHOKRUQR5HFXHUGHDXQTXHHOKRUQRVH SXHGHQHFHVLWDUDJUHJDUWLHPSRDGLFLRQDODO DSDJDDXWRPiWLFDPHQWHORVDOLPHQWRV WLHPSRGHFRFFLyQ TXHVHGHMHQHQHOKRUQRVHJXLUiQ 3UHVLRQHODVDOPRKDGLOODVQXPpULFDVSDUD FRFLQiQGRVHGHVSXpVGHDSDJDGR FRQILJXUDUHOWLHPSRGHFRFFLyQGHVHDGR HOPLVPR (OWLHPSRGHFRFFLyQPtQLPRTXHXVWHG SXHGHFRQILJXUDUHVPLQXWR 8VRGHODVIXQFLRQHVGHFRFFLyQOHQWD\FDOHQWDU $'9(57(1&,$ 5,(6*2'(,172;,&$&,Ï1$/,0(17$5,$3RUGHEDMRGHORV)&SXHGHSURGXFLUVH FUHFLPLHQWRGHEDFWHULDVHQORVDOLPHQWRV 6LHPSUHHPSLHFHFRQDOLPHQWRVFDOLHQWHV1RXWLOLFHFRQILJXUDFLRQHVGHPDQWHQHUFDOLHQWH SDUDFDOHQWDUDOLPHQWRVIUtRV 1RFDOLHQWHDOLPHQWRVSRUPiVGHKRUDV 1RVHJXLUHVWDVLQVWUXFFLRQHVSXHGHSURYRFDUHQIHUPHGDGHVWUDQVPLWLGDVSRUORVDOLPHQWRV &RQILJXUDFLyQGHO+RUQRSDUDXQD&RFFLyQ/HQWD /DFRFFLyQOHQWDHVWiGLVHxDGDSDUDSHUtRGRV SURORQJDGRVGHFRFFLyQVLQDWHQFLyQ 3UHVLRQHHOERWyQ6/2:&22.FRFFLyQOHQWD /DSDQWDOODPRVWUDUi3RXOWU\$YH3DUD FDPELDUD0HDWV&DUQHVSUHVLRQHODWHFOD 6/2:&22.&RFFLyQ/HQWDQXHYDPHQWH 3DUDXQDFRQILJXUDFLyQFRUUHFWDSUHVLRQHOD *XtDGH&RFFLyQ/HQWD8VH0HDWV&DUQHVVL QRHVWiVHJXURGHTXpFRQILJXUDFLyQXVDU *XtDGHFRFFLyQOHQWD $OLPHQWR &DUQHGHUHV $VDGRGHFXDUWR GHODQWHUR &RVWLOODV &DUQHGHDYH 3ROORHQWHUR 7UR]RVGHSROOR &HUGR $VDGRGHSDOHWD VLQKXHVR &KXOHWDVGHFHUGR HVWLORGHFDPSR &KXOHWDVGHFHUGR 6RSD 6RSDGHFDUQH YHJHWDO &KLOH &DQWLGDG ²øOEV ²NJ ø²OEV ²NJ OEVNJ WUR]RV DSUR[OEV >NJ@ ²OEV ²NJ ø²OEV ²NJ ²OEV ²NJ FXDUWRV GHJDOyQ OLWHUV FXDUWRV GHJDOyQ OLWHUV 3UHVLRQHODVDOPRKDGLOODVQXPpULFDVSDUD FRQILJXUDUHOWLHPSRGHFRFFLyQGHVHDGR(O WLHPSRGHFRFFLyQGHEHVHUGHSRUORPHQRV KRUDVKDVWDXQPi[LPRKRUDV PLQXWRV 3UHVLRQHHOERWyQ67$57LQLFLDU 127$6LRFXUUHXQFRUWHGHHQHUJtDGXUDQWH ODFRFFLyQOHQWDODFRFLQDVHDSDJDUi (OSURJUDPDGHFRFFLyQOHQWDXWLOL]DXQDVHULH 3RVLFLyQ &RQILJ GHOD GHORV EDQGHMD DOLPHQWRV & &DUQHV & &DUQHV & &DUQH GHDYH & &DUQH GHDYH & &DUQHV & &DUQHV & &DUQHV & &DUQHV & &DUQHV 7LHPSR +RUDV +,DOWD ²KUV /2EDMD ²KUV +,DOWD ²KUV /2EDMD ²KUV +,DOWD ²KUV /2EDMD ²KUV +,DOWD ²KUV /2EDMD ²KUV &RPHQWDULRV $JUHJXHWD]DGHOtTXLGR &RORTXHODVFRVWLOODVHQ XQDVRODFDSD $JUHJXHWD]DGHOtTXLGR 0HMRUFRORTXHEDMRXQDVDOVD SDUDTXHQRVHVHTXH +,DOWD ²KUV /2EDMD ²KUV +,DOWD ²KUV /2EDMD ²KUV +,DOWD ²KUV /2EDMD ²KUV $JUHJXH²WD]DGHOtTXLGR +,DOWD ²KUV /2EDMD ²KUV +,DOWD ²KUV /2EDMD ²KUV $VHJ~UHVHGHTXHORVWUR]RV GHFDUQHHVWpQVXPHUJLGRV &RORTXHODVFRVWLOODVHQ XQDVRODFDSD &RORTXHODVFKXOHWDVHQ XQDVRODFDSD 6XPHUMDORVIULMROHVSDUDTXH QRVHVHTXHQ FRPSOHMDGHFLFORVGHWHPSHUDWXUDSDUDREWHQHUORV PHMRUHVUHVXOWDGRV3RUHVWDUD]yQVHUHFRPLHQGD TXHHOSURJUDPDGHFRFFLyQOHQWDIXQFLRQHVLQ FDQFHODFLRQHVQLUHLQLFLDFLRQHV6LVHUHLQLFLDOD FDUDFWHUtVWLFDGHFRFFLyQOHQWDPLHQWUDVVHHQFXHQWUD HQSURJUHVRODFDUQHSXHGHFRFLQDUVHGHPiV 3DUDFDUQHMXJRVD\WLHUQDHOLMDFRUWHVGHFDUQHFRPR DVDGRGHFXDUWRGHODQWHURRXQDVDGRGHSDOHWD VLQKXHVR/RVFRUWHVGHFDUQHPiVPDJURVFRPR HOFXDUWRWUDVHURVXSHULRUVRQPiVVHFRV\SXHGHQ QHFHVLWDUOtTXLGRDGLFLRQDO 8WLOLFHVyORSODWRVGHYLGULRRFHUiPLFD/DVROODV\ VDUWHQHVGHPHWDOWLHQGHQDWUDQVIHULUHOFDORUDORV DOLPHQWRVGHPDVLDGRUiSLGR $MXVWHODFDQWLGDGGHDOLPHQWRVDOWDPDxRGHO UHFLSLHQWH/OHQHHOUHFLSLHQWHKDVWDôSDUDPHMRUHV UHVXOWDGRV8QDROODPX\JUDQGHGHMDHVFDSDUHO YDSRUORTXHVHFDORVDOLPHQWRV 6LHPSUHFXEUDODROODFRQXQDWDSDRFRQSDSHOGH DOXPLQLR 3XHGHXVDUVHXQDJDPDPiVDPSOLDGHUHFHWDV FRQODFDUDFWHUtVWLFDGHFRFFLyQOHQWD3DUDPHMRUHV UHVXOWDGRVGHEHQUHDOL]DUVHDOJXQRVDMXVWHV3DUD UHFHWDVGHWDPDxRVPiVSHTXHxRVFRPLHQFHD FRQWURODUHQHOWLHPSRPtQLPR3DUDUHFHWDVPiV JUDQGHVRFXDQGRGREOHODVFDQWLGDGHVGHODV UHFHWDVORVDOLPHQWRVSXHGHQFRFLQDUVHSRUSHUtRGRV PiVSURORQJDGRV &XDQGRODFDUDFWHUtVWLFDGHFRFFLyQOHQWDILQDOL]DHO KRUQRFDPELDDXWRPiWLFDPHQWHHOPRGR´ZDUPµ PDQWHQHUFDOLHQWH6LVHGHVHDWLHPSRDGLFLRQDOSDUD FRFFLyQOHQWDHVWHPRGRGHPDQWHQHUFDOLHQWHSXHGH XWLOL]DUVHSDUDREWHQHUWLHPSRH[WUD &yPRFRQILJXUDUHOKRUQRSDUDPDQWHQHUFDOLHQWH /DIXQFLyQ:$50&DOHQWDUPDQWLHQHFDOLHQWHV ODVFRPLGDVFRFLQDGDV (VWDIXQFLyQQRIXHGLVHxDGDSDUDYROYHUD FDOHQWDUFRPLGDIUtD 3DUDXVDUODIXQFLyQ:$50&DOHQWDUSUHVLRQHODWHFOD :$50&DOHQWDU\OXHJRODWHFOD67$57,QLFLDU 3DUDXWLOL]DUODFDUDFWHUtVWLFD:$50FDOLHQWH GHVSXpVGHKRUQHDGRSRUWHPSRUL]DGRUVLJD HVWRVSDVRV 3UHVLRQHHOPRGRKRUQHDU 3UHVLRQHODVDOPRKDGLOODVQXPpULFDVSDUD FRQILJXUDUODWHPSHUDWXUDGHOKRUQR 3UHVLRQHHOERWyQ&22.7,0(WLHPSRGH FRFFLyQ 3UHVLRQHODVDOPRKDGLOODVQXPpULFDVSDUD FRQILJXUDUHOWLHPSRGHFRFFLyQGHVHDGR 3UHVLRQHHOERWyQ:$50FDOLHQWH 3UHVLRQHHOERWyQ67$57LQLFLDU 127$/RVUHFLSLHQWHVRWDSDVGHSOiVWLFRR HQYROWRULRVSOiVWLFRVVHGHUUHWLUiQVLVHORVFRORFD GHQWURGHOKRUQR(VSRVLEOHTXHQRSXHGDTXLWDU HOSOiVWLFRGHUUHWLGR\HVWRQRHVWiFXELHUWRSRUOD JDUDQWtD &yPRXVDUHOFDMyQFDOHQWDGRUHQDOJXQRVPRGHORV $'9(57(1&,$ *($SSOLDQFHVFRP 5,(6*2'(,172;,&$&,Ï1$/,0(17$5,$3RUGHEDMRGHORV)&SXHGHSURGXFLUVHFUHFLPLHQWRGH EDFWHULDVHQORVDOLPHQWRV 6LHPSUHHPSLHFHFRQDOLPHQWRVFDOLHQWHV1RXWLOLFHFRQILJXUDFLRQHVGHPDQWHQHU FDOLHQWHSDUDFDOHQWDUDOLPHQWRVIUtRV 1RFDOLHQWHDOLPHQWRVSRUPiVGHKRUDV 1RVHJXLUHVWDVLQVWUXFFLRQHVSXHGHSURYRFDUHQIHUPHGDGHVWUDQVPLWLGDVSRUORVDOLPHQWRV (OFDMyQFDOHQWDGRUPDQWHQGUiDOLPHQWRVFDOLHQWHV\FRFLGRVDXQDWHPSHUDWXUDGHVHUYLFLR6LHPSUHHPSLHFHFRQDOLPHQWRVFDOLHQWHV1ROR XVHSDUDFDOHQWDUDOLPHQWRVIUtRVFRQH[FHSFLyQGHVHFDUJDOOHWDVSDSLWDV\FHUHDO &yPRXVDUHOFDMyQFDOHQWDGRU 3UHVLRQHODWHFOD:$50,1*'5$:(5212)) (QFHQGLGR$SDJDGRGHO&DMyQ&DOHQWDGRU´6HW :DUPLQJ'UDZHUµ&RQILJXUDFLyQGHO&DMyQ &DOHQWDGRUFRPLHQ]DDWLWLODU3UHVLRQHODWHFODGH :$50,1*'5$:(56(77,1*&RQILJXUDFLyQGHO &DMyQ&DOHQWDGRUSDUDFRQILJXUDUHOPLVPRHQ ´+,µ$OWR´67'µR´/2µ 3DUDFDQFHODUSUHVLRQHHOERWyQ:$50,1* '5$:(5FDMyQFDOHQWDGRU 127$3UHVLRQDUHOERWyQ&/($52))ERUUDU DSDJDGRQRDSDJDHOFDMyQFDOHQWDGRU &XDQGRXVHHOFDMyQFDOHQWDGRU (OFDMyQFDOHQWDGRUPDQWHQGUiDOLPHQWRVFDOLHQWHV \FRFLGRVDXQDWHPSHUDWXUDGHVHUYLFLR6LHPSUHHPSLHFH FRQDOLPHQWRVFDOLHQWHV1RORXVHSDUDFDOHQWDUDOLPHQWRV IUtRVFRQH[FHSFLyQGHVHFDUJDOOHWDVSDSLWDV\FHUHDO 1RUHFXEUDHOFDMyQFDOHQWDGRURUHFLSLHQWHGHFRFFLyQFRQ SDSHOPHWiOLFR(OSDSHOPHWiOLFRHVXQH[FHOHQWHDLVODQWH GHFDORU\DWUDSDUiHOFDORUGHEDMRGHpO(VWRDOWHUDUiHO GHVHPSHxRGHOFDMyQ\SRGUtDGDxDUHODFDEDGRLQWHULRU 3HUPLWDTXHHOFDMyQFDOHQWDGRUVHSUHFDOLHQWHGXUDQWH DSUR[LPDGDPHQWHPLQXWRV 1RFRORTXHOtTXLGRRDJXDHQHOFDMyQFDOHQWDGRU 7RGRVORVDOLPHQWRVTXHVHFRORTXHQHQHOFDMyQ FDOHQWDGRUGHEHQFXEULUVHFRQXQDWDSDRSDSHOPHWiOLFR &XDQGRFDOLHQWHSDVWHOLWRV\SDQHVODWDSDGHEHFRQWDU FRQXQDYHQWLODFLyQSDUDSHUPLWLUODVDOLGDGHKXPHGDG /RVDOLPHQWRVGHEHQPDQWHQHUVHHQVXUHFLSLHQWHFDOLHQWH RWUDVSDVDUVHDXQSODWRGHVHUYLFLRUHVLVWHQWHDOFDORU 127$/RVUHFLSLHQWHVSOiVWLFRVRORVHQYROWRULRVSOiVWLFRVVH GHUULWHQVLHQWUDQHQFRQWDFWRGLUHFWRFRQHOFDMyQUHFLSLHQWH GHFRFFLyQRXWHQVLOLRFDOLHQWH(OSOiVWLFRGHUUHWLGRQRSXHGH UHPRYHUVH\HVWRQRVHHQFXHQWUDFXELHUWRSRUODJDUDQWtD 4XLWHODVFXFKDUDVGHVHUYLFLRHWFDQWHVGHFRORFDU UHFLSLHQWHVHQHOFDMyQFDOHQWDGRU 7DEODGHVHOHFFLyQGHWHPSHUDWXUD 3DUDPDQWHQHUFDOLHQWHVGLIHUHQWHVWLSRVGHDOLPHQWRV HVWDEOH]FDHOFRQWUROFRQODFRQILJXUDFLyQPiVHOHYDGD /DWHPSHUDWXUDWLSRFDQWLGDGGHDOLPHQWRV\ HOWLHPSRHQTXHVHPDQWHQJDQGHQWURGHOKRUQR DIHFWDQODFDOLGDGGHORVDOLPHQWRV $ODEULUHOFDMyQHQIRUPDUHLWHUDGDHODLUHFDOLHQWHVH HVFDSDUi\ORVDOLPHQWRVVHHQIULDUiQ &RQJUDQGHVFDUJDVSXHGHVHUQHFHVDULRXWLOL]DUXQD FRQILJXUDFLyQGHOFDMyQFDOHQWDGRUPiVHOHYDGD\ FXEULUDOJXQRVGHORVDOLPHQWRVFRFLGRV 1 RXWLOLFHUHFLSLHQWHVRHQYROWRULRVSOiVWLFRV 7LSRGHDOLPHQWR &KLOH (VWRIDGR 3DSDVDOKRUQR 3L]]D 7RWRSRV :DIOHV &RQILJXUDFLyQ GHFRQWURO +, 0(' +, 0(' /2 /2 3DUDYROYHUFUXMLHQWHVSURGXFWRVQRIUHVFRV &RORTXHORVDOLPHQWRVHQSODWRVREDQGHMDV GHODGRVEDMRV 3UHFDOLHQWHHQODFRQILJXUDFLyQ/2 'HVSXpVGHPLQXWRVYHULILTXHVLHVWiQFUXMLHQWHV $JUHJXHWLHPSRVLIXHVHQHFHVDULR 3DUDFDOHQWDUWD]RQHV\SODWRVGHVHUYLFLR 35(&$8&,Ï1 /RVSODWRVHVWDUiQFDOLHQWHV8WLOLFHDJDUUDGHUDV RJXDQWHVFXDQGRTXLWHSODWRVFDOLHQWHV 3DUDFDOHQWDUWD]RQHV\SODWRVGHVHUYLFLRFRQILJXUHHO FRQWUROHQ/2 8WLOLFHVyORUHFLSLHQWHVUHVLVWHQWHVDOFDORU 6LGHVHDFDOHQWDUSRUFHODQDILQDFRQVXOWH DOIDEULFDQWHGHODYDMLOODVREUHVXWROHUDQFLDPi[LPDDO FDORU 8VWHGSXHGHFDOHQWDUSODWRVGHVHUYLFLRYDFtRVPLHQWUDV SUHFDOLHQWDHOFDMyQ 8VRGHOKRUQRFRQDXWROLPSLH]D $QWHVGHXQFLFORGH$XWR/LPSLH]D $'9(57(1&,$ 3(/,*52'(,1&(1',2/LPSLHODJUDVD\ODVXFLHGDG UHEHOGHGHOSLVRGHOKRUQRDQWHVGHODDXWROLPSLH]D 1RKDFHUORSXHGHSURYRFDUXQLQFHQGLRHQHOKRUQR /LPSLHFRQXQSDxRORVGHVHFKRV UHEHOGHVDFXPXODGRVHQHOSLVRGHO KRUQR 5HFRPHQGDPRVYHQWLODUVXFRFLQDFRQXQDYHQWDQD DELHUWDRXWLOL]DQGRXQYHQWLODGRURFDPSDQD GXUDQWHHOSULPHUFLFORGHDXWROLPSLH]D 4XLWHODDVDGHUDUHMLOODVRQGDWRGRVORVUHFLSLHQWHV GHFRFFLyQ\FXDOTXLHUWUR]RGHSDSHOGHDOXPLQLRGHO KRUQR 127$6 6LHOKRUQRVHHQFXHQWUDHTXLSDGRFRQSDUULOODV SDUDKRUQREULOORVDV\GHFRORUSODWHDGRVH UHFRPLHQGDUHWLUDUODVPLVPDVDQWHVGHFRPHQ]DU FRQHOFLFORGHDXWROLPSLH]D3RGUiQSHUPDQHFHU HQHOKRUQRGXUDQWHHOFLFORGHDXWROLPSLH]DSHUR VHRVFXUHFHUiQSHUGHUiQVXOXVWUH\VHUiGLItFLO GHVOL]DUODV 6LVXKRUQRHVWiHTXLSDGRFRQEDQGHMDVUHYHVWLGDV GHSRUFHODQDJULVSXHGHQGHMDUVHGHQWURGHOKRUQR GXUDQWHHOFLFORGHDXWROLPSLH]D /DVXFLHGDGXELFDGDHQHOPDUFRIURQWDOGHODFRFLQD \IXHUDGHODMXQWDGHODSXHUWDGHEHUiOLPSLDUVH DPDQR/LPSLHHVWDViUHDVFRQDJXDFDOLHQWH HVSRQMLOODVGHODQDGHDFHURHPEHELGDVHQMDEyQR OLPSLDGRUHVWDOHVFRPR6RIW6FUXE(QMXDJXHELHQ FRQDJXDOLPSLD\VHTXH 1ROLPSLHODMXQWD(OPDWHULDOGHILEUDGHYLGULRGH ODMXQWDGHODSXHUWDGHOKRUQRQRUHVLVWHSURGXFWRV DEUDVLYRV(VHVHQFLDOTXHODMXQWDVHPDQWHQJD LQWDFWD6LXVWHGQRWDTXHHVWiGHVJDVWDGD UHHPSOiFHOD 9HULILTXHTXHODWDSDGHODERPELOODGHOX]GHOKRUQR HVWpHQVXOXJDU\TXHODOX]GHOKRUQRHVWpDSDJDGD ,03257$17(/DVHPDQDFLRQHVSURGXFLGDVSRU HOFLFORGHDXWROLPSLH]DGHFXDOTXLHUKRUQRDIHFWDQ ODVDOXGGHDOJXQDVDYHVGHPDQHUDQRWRULD3URFXUH OOHYDUVXVDYHVDRWUDKDELWDFLyQELHQYHQWLODGD +RUQRGREOH\PRGHORVFDQDGLHQVHVVRODPHQWH /DVXQLGDGHVGHVXSHUILFLHVHGHVDFWLYDQ DXWRPiWLFDPHQWHGXUDQWHHOFLFORGHDXWROLPSLH]D 9HULILTXHTXHWRGRVORVFRQWUROHVGHXQLGDGHV GHVXSHUILFLHHVWpQDSDJDGRVHQWRGRPRPHQWR GXUDQWHHOFLFORGHDXWROLPSLH]D&XDOTXLHUXQLGDG GHVXSHUILFLHFRQILJXUDGDHQXQDSRVLFLyQ´RQµ HQFHQGLGRPLHQWUDVIXQFLRQDHOFLFORGHDXWR OLPSLH]DVHDFFLRQDUiDXWRPiWLFDPHQWHGHVSXpVGH WHUPLQDGRHOFLFOR\SXHGHSURYRFDUHOHQFHQGLGR GHXQDXQLGDGGHVXSHUILFLH\TXHGDUVLQDWHQFLyQ (VSHUHKDVWDTXHWHUPLQHHOFLFORGHDXWROLPSLH]D SDUDFRQILJXUDU\XVDUODVXQLGDGHVGHVXSHUILFLH &yPRFRQILJXUDUHOKRUQRSDUDXQDDXWROLPSLH]D /DVSXHUWDVGHOKRUQRGHEHHVWDUFHUUDGDV\WRGRV ORVFRQWUROHVGHEHQHVWDUFRUUHFWDPHQWHFRQILJXUDGRV SDUDTXHHOFLFORIXQFLRQHHQIRUPDDGHFXDGD 3UHVLRQHHOERWyQ6(/)&/($1DXWROLPSLH]D 6HUHFRPLHQGDXQFLFORGHKRUDVSDUDOLPSLDU GHUUDPHVSHTXHxRV\FRQWHQLGRV6HUHFRPLHQGD XQFLFORGHDXWROLPSLH]DGHKRUDVSDUDXQ KRUQRPiVVXFLR 6LQHFHVLWDXQFLFORGLIHUHQWHGHRKRUDVXWLOLFH ODVDOPRKDGLOODVQXPpULFDVHLQJUHVHHOWLHPSRGH OLPSLH]DGHVHDGR (OWLHPSRGHOLPSLH]DSXHGHFRQILJXUDUVHHQWUHKRUDV \KRUDVGHDFXHUGRFRQHOJUDGRGHVXFLHGDGGHO KRUQR 3UHVLRQHHOERWyQ67$57LQLFLDU /DVSXHUWDVGHOKRUQRVXSHULRUHLQIHULRUVHEORTXHDQ DXWRPiWLFDPHQWH/RVHOHPHQWRVGHODHVWXIDWDPELpQ VHEORTXHDQGXUDQWHODOLPSLH]D/DSDQWDOODPRVWUDUi HOWLHPSRGHOLPSLH]DUHVWDQWH1RSRGUiQDEULUVH ODVSXHUWDVGHOKRUQRRXWLOL]DUODHVWXIDKDVWDTXHOD WHPSHUDWXUDGHVFLHQGDSRUGHEDMRGHODWHPSHUDWXUD GHEORTXHR\VHDSDJXH/2&.(''225 SXHUWD EORTXHDGDGHODSDQWDOODGHFRQWURO /DSDODEUD/2&.(''225 3XHUWDEORTXHDGD WLWLODUi\ODSDODEUD'2253XHUWDDSDUHFHUiVL FRQILJXUDHOFLFORGHOLPSLH]D\ROYLGDFHUUDUODSXHUWD GHOKRUQR 6LXVWHGFRQILJXUDHOFLFORGHOLPSLH]D\VHROYLGDGH FHUUDUODVSXHUWDVGHOKRUQRGHVWHOODUi/2&.(' '225 SXHUWDEORTXHDGD\ODSDODEUDGRRU SXHUWDDSDUHFHUiHQODSDQWDOOD 3DUDGHWHQHUHOFLFORGHOLPSLH]DSUHVLRQHHOERWyQ &/($52))ERUUDUDSDJDGR&XDQGRVHDSDJD /2&.(''225 SXHUWDEORTXHDGDLQGLFDQGR TXHODWHPSHUDWXUDGHORVKRUQRVKDGHVFHQGLGRSRU GHEDMRGHODWHPSHUDWXUDGHEORTXHRXVWHGSRGUi DEULUODVSXHUWDV +RUQRVGREOHV 8VWHGSXHGHFRQILJXUDUXQFLFORGHOLPSLH]DHQ DPERVKRUQRVDOPLVPRWLHPSRVLQHPEDUJRQR HIHFWXDUiQODDXWROLPSLH]DDOPLVPRWLHPSR(O ~OWLPRKRUQRHQFRQILJXUDUVHUHWDUGDUiVXLQLFLR DXWRPiWLFDPHQWHKDVWDODILQDOL]DFLyQGHOFLFORGH OLPSLH]DGHOSULPHUKRUQR &XDQGRVHFRQILJXUHXQKRUQRSDUDODDXWROLPSLH]D ODVGRVSXHUWDVGHOKRUQR\ORVFRQWUROHVGHODHVWXID VHEORTXHDUiQ/RVKRUQRV\ODHVWXIDQRSXHGHQ XVDUVHFXDQGRXQKRUQRHVWiFRQILJXUDGRSDUD ODDXWROLPSLH]D *($SSOLDQFHVFRP /DVSXHUWDVGHOKRUQRGHEHHVWDUFHUUDGDV\WRGRVORVFRQWUROHVGHEHQHVWDUFRUUHFWDPHQWHFRQILJXUDGRVSDUDTXHHOFLFOR IXQFLRQHHQIRUPDDGHFXDGD &yPRFRQILJXUDUXQLQLFLRUHWDUGDGRGHOLPSLH]D 3UHVLRQHHOERWyQ'(/$<67$57LQLFLR UHWDUGDGR 0HGLDQWHODVDOPRKDGLOODVQXPpULFDV LQJUHVHODKRUDHQTXHGHVHDLQLFLDU HOFLFORGHOLPSLH]D /DSXHUWDGHOKRUQRVHFLHUUDDXWRPiWLFDPHQWH 1RSRGUiQDEULUVHODVSXHUWDVGHOKRUQRR XWLOL]DUVHODHVWXIDKDVWDTXHODWHPSHUDWXUD GHVFLHQGDSRUGHEDMRGHODWHPSHUDWXUDGH EORTXHR\VHDSDJXH/2&.(''225 SXHUWD EORTXHDGDGHODSDQWDOODGHFRQWURO 3UHVLRQHHOERWyQ67$57LQLFLDU 3UHVLRQHHOERWyQ6(/)&/($1DXWR OLPSLH]D 0HGLDQWHODVDOPRKDGLOODVQXPpULFDV LQJUHVHODKRUDHQTXHGHVHDLQLFLDU HOFLFORGHOLPSLH]D (OWLHPSRGHOLPSLH]DSXHGHFRQILJXUDUVHHQWUH KRUDV\KRUDVGHDFXHUGRFRQHOJUDGRGH VXFLHGDGGHOKRUQR 3UHVLRQHHOERWyQ67$57LQLFLDU 'HVSXpVGHXQFLFORGHOLPSLH]D (VSRVLEOHTXHREVHUYHDOJXQDVFHQL]DVEODQFDVHQHO KRUQR/tPSLHODVFRQXQSDxRK~PHGRGHVSXpVGHTXHHO KRUQRVHHQIUtH 6LODVPDQFKDVEODQFDVSHUPDQHFHQUHPXpYDODV FRQXQHVWURSDMRGHDFHUROOHQRGHMDEyQ\HQMXDJXH JHQHURVDPHQWHFRQXQDPH]FODGHYLQDJUH\DJXD(VWRV GHSyVLWRVVRQXVXDOPHQWHUHVLGXRVGHVDOTXHHOFLFORGH OLPSLH]DQRSXHGHHOLPLQDU 6LHOKRUQRQRTXHGDOLPSLRGHVSXpVGHXQFLFORGH OLPSLH]DUHSLWDHOFLFOR 8VWHGQRSXHGHFRQILJXUDUHOKRUQRSDUDFRFFLyQKDVWD TXHHOKRUQRHVWpORVXILFLHQWHPHQWHIUtRFRPRSDUDTXH ODSXHUWDVHGHVEORTXHH 0LHQWUDVHOKRUQRHVWpHQDXWROLPSLH]DXVWHGSXHGH SUHVLRQDUHOERWyQ5(/2-SDUDPRVWUDUHQSDQWDOOD ODKRUDGHOGtD3DUDYROYHUDODFXHQWDUHJUHVLYDGH OLPSLH]DSUHVLRQHHOERWyQ$872/,03,(=$ 3DUULOODVHVWiQGDU 6LUHVXOWDGLItFLOGHVOL]DUODVSDVHDFHLWHGHFRFFLyQFRQXQ SDxRHQVXVFRVWDGRVODWHUDOHV\HQORVVRSRUWHVGHODV SDUULOODVGHOKRUQR 3DUULOODGHH[WHQVLyQ 6LGHVOL]DUODPLVPDUHVXOWDGLItFLOYHU3DUULOODGHH[WHQVLyQ HQODVHFFLyQ&XLGDGR\OLPSLH]D1RURFtHODSDUULOOD GHH[WHQVLyQFRQSXOYHUL]DGRUSDUDFRFFLyQXRWURV OXEULFDQWHVHQVSUD\ 6LUHVXOWDGLItFLOTXLWDUODRFRORFDUODSDVHDFHLWHGHFRFFLyQ FRQXQSDxRHQORVVRSRUWHVGHODVSDUULOODVGHOKRUQR1R SDVHDFHLWHGHFRFFLyQHQORVGHVOL]DGRUHV 127$/XHJRGHOSULPHUFLFORGHOLPSLH]DDXWRPiWLFDODV VXSHUILFLHVGHDFHURLQR[LGDEOHJULVFDPELDUiQGHFRORUHQ ORVHVWDQWHVH[WHQVLEOHVHVPDOWDGRV(VWRHVQRUPDO1RVH UHFRPLHQGDODOLPSLH]DDXWRPiWLFDGHHVWDQWHVH[WHQVLEOHV GHQtTXHO\DTXHWRGRHOHVWDQWHSHUGHUiFRORUGHELGRDODV WHPSHUDWXUDVGHODOLPSLH]DDXWRPiWLFD 8VRGHOD/LPSLH]DDO9DSRUHQDOJXQRVPRGHORV 'XUDQWHHOFLFORGH OLPSLH]DDOYDSRU HOIRQGRGHOKRUQR VHYXHOYHORVXILFLHQWHPHQWHFDOLHQWHFRPRSDUD RFDVLRQDUTXHPDGXUDV(VSHUHKDVWDTXHHOFLFORHVWp WHUPLQDGRPLQXWRVDQWHVGHOLPSLDUODVVXSHUILFLHV LQWHULRUHVGHOKRUQR6LHVWRQRVHFXPSOHVHSRGUi VXIULUTXHPDGXUDV 35(&$8&,Ï1 (OFLFOR6WHDP&OHDQ/LPSLH]DDO9DSRUIDFLOLWDODOLPSLH]D GHVXFLHGDGOHYHGHOLQWHULRUGHOKRUQRGHSRUFHODQDGH OLPSLH]DHVWiQGDU /DFRFLQDHVWDUiDWHPSHUDWXUDDPELHQWHDQWHVGHFRPHQ]DU HOFLFOR6WHDP&OHDQ/LPSLH]DDO9DSRU6LHOKRUQRHVWi GHPDVLDGRFDOLHQWHHQODSDQWDOODVHREVHUYDUi´FDOLHQWHµ\ HOFLFORQRVHDFWLYDUiKDVWDTXHHOKRUQRVHHQIUtH (OFLFOR6WHDP&OHDQ/LPSLH]DDO9DSRUIXQFLRQDPHMRUHQ QXHYRVGHUUDPHVRVXFLHGDGHV/DFRPLGDTXHPDGDHVPiV GLItFLOGHHOLPLQDU 3DUD&RPHQ]DUHO&LFORGH/LPSLH]DDO9DSRU 5HWLUHORVHVWDQWHV\DFFHVRULRVGHOD FDYLGDGGHOKRUQR1RFRORTXHXWHQVLOLRVX RWURVDUWtFXORVHQHOKRUQRGXUDQWHHO&LFOR GH/LPSLH]DDO9DSRU 9LHUWDRQ]DVGHDJXDHQHOSLVR GHOKRUQR 9LHUWDWD]DR]GHDJXDDWHPSHUDWXUD DPELHQWHHQHOiUHDLQWHUPHGLDGHOIRQGR GHOKRUQR1RDJUHJXHVROXFLRQHVGH OLPSLH]DQLTXtPLFRVGHQLQJ~QWLSRDO DJXD6yORDJUHJXHDJXDDOXVDUHOFLFOR 6WHDP&OHDQ/LPSLH]DDO9DSRU6yOR DJUHJXHDJXDDOXVDUHOFLFOR6HOI&OHDQ $XWR/LPSLH]D &LHUUHODSXHUWD 3UHVLRQHODWHFOD6WHDP&OHDQ/LPSLH]DDO 9DSRUOXHJRSUHVLRQH6WDUW,QLFLDU /DSXHUWDGHOKRUQRVHFLHUUD DXWRPiWLFDPHQWH8QFLFORGHPLQXWRV FRPHQ]DUiODFXHQWDUHJUHVLYDHQOD SDQWDOOD1RVHUiSRVLEOHDEULUODSXHUWDGHO KRUQRKDVWDTXHHOFLFORILQDOLFHRKDVWD TXHXVWHGSUHVLRQHODWHFOD&OHDU2II %RUUDU$SDJDU\TXHODSXHUWDVH GHVEORTXHH &XDQGRHOFLFOR6WHDP&OHDQ/LPSLH]DDO 9DSRUHVWpFRPSOHWRODSXHUWDGH GHVEORTXHDUiHOFRQWUROGHOKRUQRHPLWLUi XQSLWLGR\ODOX]GH/LPSLH]DDO9DSRU WLWLODUi3UHVLRQHODWHFOD&OHDU2II%RUUDU $SDJDU\DEUDODSXHUWD (OIRQGRGHOKRUQR\HODJXDUHVWDQWHD~Q HVWDUiQPX\FDOLHQWHVDOILQDOGHOFLFOR(VWR HVQRUPDO 5HWLUHODVXFLHGDGIUHJDQGRFRQXQFHSLOOR RDOPRKDGLOODGHQ\ORQ6HSRGUiXVDUXQD DOPRKDGLOODGHHVWURSDMRFRQMDEyQVyORHQ HOLQWHULRUGHOKRUQRGHSRUFHODQD(OXVRGH DOPRKDGLOODVDEUDVLYDVUD\DUiHOYLGULRGH ODSXHUWD1ROLPSLHODVXFLHGDGQLHODJXD GHODMXQWDGHODSXHUWD 5HWLUHHODJXDUHVWDQWHFRQXQDHVSRQMDR WHODVHFD 'HMHODSXHUWDDELHUWDSDUDTXHVHVHTXH FRQHODLUH 127$6,03257$17(6 6LXQFLFORGHOLPSLH]DDOYDSRUHVLQLFLDGR VLQDJXDSUHVLRQHODWHFOD&OHDU2II %RUUDU$SDJDUSDUDILQDOL]DUGLFKRFLFOR (VSHUHDTXHODFRFLQDUHDOLFHODFRFFLyQD WHPSHUDWXUDDPELHQWHDQWHVGHYHUWHUDJXD HQHODJXDLQWHUPHGLDHLQLFLDURWURFLFORGH YDSRU 1RDEUDODSXHUWDGXUDQWHHOFLFOR6WHDP &OHDQ/LPSLH]DDO9DSRU8QSLWLGRGHHUURU VRQDUiDODEULUODSXHUWD 3UHVLRQHODWHFOD&OHDU2II%RUUDU$SDJDU HQFXDOTXLHUPRPHQWRSDUDILQDOL]DUHOFLFOR 6LSHUPDQHFHQGHSyVLWRVPLQHUDOHVHQHO IRQGRGHOKRUQROXHJRGHODOLPSLH]DXVH XQDWHODRHVSRQMDPRMDGDHQYLQDJUHSDUD HOLPLQDU (VSRVLEOHTXHJRWHHDOJRGHDJXDGHVGHOD SDUWHLQIHULRUGHODSXHUWDGHOKRUQR6LHVWR VXFHGHOLPSLHODPLVPDDOILQDOL]DUHOFLFOR /DMXQWDGHODSXHUWDSRGUiHVWDUPRMDGD FXDQGRHOFLFOR6WHDP&OHDQ/LPSLH]DDO 9DSRUILQDOLFH(VWRHVQRUPDO1ROLPSLHOD MXQWD 6LD~QSHUPDQHFHVXFLHGDGOXHJRGHOD OLPSLH]DGHOKRUQRFRQVXOWHODVHFFLyQGH &XLGDGR\OLPSLH]DGHODFRFLQDHQHO0DQXDO GHO3URSLHWDULRSDUDDFFHGHUDRSFLRQHV DGLFLRQDOHV &DUDFWHUtVWLFDVHVSHFLDOHVGHORVFRQWUROHVGHOKRUQR *($SSOLDQFHVFRP /RVQXHYRVFRQWUROHVFRQERWRQHVGHWRTXHFXHQWDQFRQFDUDFWHUtVWLFDVDGLFLRQDOHV/DVVLJXLHQWHVVRQODVFDUDFWHUtVWLFDV \ODPDQHUDHQTXHXVWHGSXHGHDFWLYDUODV /RVPRGRVGHFDUDFWHUtVWLFDVHVSHFLDOHVVyORSXHGHQDFWLYDUVHPLHQWUDVODSDQWDOODPXHVWUDODKRUD6HFRQVHUYDQHQOD PHPRULDGHORVFRQWUROHVKDVWDTXHVHUHSLWDQORVSDVRV 3DUDLQJUHVDUXQDFDUDFWHUtVWLFDHVSHFLDOHQXQRGHORVGRVKRUQRVXVWHGGHEHSULPHURSUHVLRQDUORVERWRQHV%52,/+, /2DVDUDOWREDMR\%$.(KRUQHDUGHOKRUQRVXSHULRUDOPLVPRWLHPSR/RVERWRQHV%52,/+,/2DVDUDOWREDMR\%$.( KRUQHDUGHOKRUQRLQIHULRUQRDFWLYDQFDUDFWHUtVWLFDVHVSHFLDOHV &XDQGRODSDQWDOODPXHVWUDVXRSFLyQSUHVLRQHHOERWyQ67$57LQLFLDU/DVFDUDFWHUtVWLFDVHVSHFLDOHVVHFRQVHUYDUiQHQOD PHPRULDGHVSXpVGHXQFRUWHGHHQHUJtDFRQH[FHSFLyQGHO6DEEDWKTXHGHEHUHFRQILJXUDUVH 6HOHFFLyQGHWHPSHUDWXUDHQ)DKUHQKHLWR&HOVLXV 6XFRQWUROGHKRUQRHVWiFRQILJXUDGRSDUDXWLOL]DU ODVVHOHFFLRQHVGHWHPSHUDWXUD)DKUHQKHLWSHUR SXHGHPRGLILFDUVHSDUDXVDUVHOHFFLRQHVHQ &HOVLXV 3UHVLRQHORVERWRQHV%52,/+,/2DVDUDOWR EDMR\%$.(KRUQHDUGHOKRUQRVXSHULRUDO PLVPRWLHPSRKDVWDTXHHQODSDQWDOOD SXHGDYHUVH6) 3UHVLRQHORVERWRQHV&22.7,0(WLHPSRGH FRFFLyQ\%52,/+,/2DVDUDOWREDMRDO PLVPRWLHPSR(QODSDQWDOODSRGUiYHUVH) )DKUHQKHLW 3UHVLRQHORVERWRQHV&22.7,0(WLHPSRGH FRFFLyQ\%52,/+,/2DVDUDOWREDMRGH QXHYRDOPLVPRWLHPSR(QODSDQWDOODSRGUi YHUVH&&HOVLXV 3UHVLRQHHOERWyQ67$57LQLFLDU 6HxDOHVVRQRUDVDOILQDOL]DUXQFLFORFRQWHPSRUL]DGRU $OILQDOL]DUXQFLFORFRQWHPSRUL]DGRUVHHVFXFKDQ SLWLGRVFRUWRVVHJXLGRVSRUXQSLWLGRFDGD VHJXQGRVKDVWDTXHVHSUHVLRQHHOERWyQ&/($5 2))ERUUDUDSDJDGR(VWHSLWLGRFRQWLQXRGH VHJXQGRVSXHGHFDQFHODUVH 3DUDFDQFHODUHOSLWLGRFRQWLQXRGHVHJXQGRV 3UHVLRQHORVERWRQHV%52,/+,/2DVDUDOWR EDMR\%$.(KRUQHDUGHOKRUQRVXSHULRUDO PLVPRWLHPSRKDVWDTXHHQODSDQWDOOD SXHGDYHUVH6) 3UHVLRQHHOERWyQ%52,/DVDU/DSDQWDOOD PXHVWUD&217,%((3SLWLGRFRQWLQXR 3UHVLRQHHOERWyQ%52,/DVDUGHQXHYR/D SDQWDOODPXHVWUD6,1*/(%((3SLWLGR~QLFR (VWRFDQFHODHOSLWLGRFDGDVHJXQGRV 3UHVLRQHHOERWyQ67$57LQLFLDU 9ROXPHQGHOWRQR (VWDFDUDFWHUtVWLFDSHUPLWHUHJXODUHOYROXPHQGH ORVWRQRVSDUDORJUDUXQYROXPHQPiVDFHSWDEOH ([LVWHQWUHVQLYHOHVGHYROXPHQGLIHUHQWHV 3UHVLRQHORVERWRQHV%52,/+,/2DVDUDOWR EDMR\%$.(KRUQHDUGHOKRUQRVXSHULRUDO PLVPRWLHPSRKDVWDTXHHQODSDQWDOODSXHGD YHUVH6) 3UHVLRQHHOERWyQ&22.7,0(WLHPSRGH FRFFLyQ(QODSDQWDOODSRGUiYHUVH67'%((3 3,7,'267'(VWHHVHOQLYHOGHYROXPHQPHGLR 7RXFKWKH&22.7,0(SDGDJDLQ7KLV FKDQJHVWKHYROXPHOHYHOHDFKWLPHWKH SDGLVWRXFKHGDQGDWRQHZLOOVRXQGWR SURYLGHDQLQGLFDWLRQRIWKHYROXPHOHYHO &KRRVHWKHGHVLUHGVRXQGOHYHO/2%((3 67'%((3+,%((3RU2)) 3UHVLRQHHOERWyQ67$57LQLFLDUSDUDDFWLYDUHO QLYHOHOHJLGR &DUDFWHUtVWLFDVHVSHFLDOHVGHORVFRQWUROHVGHOKRUQR KRUDVKRUDVREORTXHRGHOUHORM 6XVFRQWUROHVHVWiQFRQILJXUDGRVSDUDXVDUXQUHORM GHKRUDV 6LSUHILHUHWHQHUXQUHORMGHHVWLORPLOLWDUGHKRUDV RDQXODUODYLVXDOL]DFLyQGHOUHORMVLJDORVVLJXLHQWHV SDVRV 3UHVLRQHORVERWRQHV%52,/+,/2DVDUDOWR EDMR\%$.(KRUQHDUGHOKRUQRVXSHULRUDO PLVPRWLHPSRKDVWDTXHHQODSDQWDOODSXHGD YHUVH6) 3UHVLRQHHOERWyQ&/2&.UHORMXQDYH](QOD SDQWDOODSRGUiYHUVHKU6LHVWDHVODRSFLyQ TXHGHVHDSUHVLRQHHOERWyQ67$57LQLFLDU 3UHVLRQHHOERWyQ&/2&.UHORMGHQXHYRSDUD FDPELDUDOUHORMHVWLORPLOLWDUGHKRUDV(QOD SDQWDOODSRGUiYHUVHKU6LHVWDHVODRSFLyQTXH GHVHDSUHVLRQHHOERWyQ67$57LQLFLDU 3UHVLRQHHOERWyQ&/2&.UHORMGHQXHYRSDUDDQXODU ODYLVXDOL]DFLyQGHOUHORM(QODSDQWDOODSRGUiYHUVH 2))DSDJDGR6LHVWDHVODRSFLyQTXHGHVHD SUHVLRQHHOERWyQ67$57LQLFLDU 127$6LHOUHORMVHHQFXHQWUDHQHOPRGRVLQ YLVXDOL]DFLyQXVWHGQRSRGUiXWLOL]DUODIXQFLyQGH LQLFLRUHWDUGDGR &RQYHUVLyQ$XWRPiWLFDGH5HFHWDVHQDOJXQRVPRGHORV $OXVDUHOKRUQHDGRSRUFRQYHFFLyQODIXQFLyQGH &RQYHUVLyQ$XWR5HFLSHSRGUiDXWRPiWLFDPHQWH FRQYHUWLUWHPSHUDWXUDVGHKRUQHDGRUHJXODU LQJUHVDGDVDWHPSHUDWXUDVGHKRUQHDGRSRU FRQYHFFLyQ/DSDQWDOODQRPRVWUDUiODWHPSHUDWXUD FRQYHUWLGD6LHPSUHPRVWUDUiODWHPSHUDWXUD LQJUHVDGD 3 UHVLRQHODWHFOD&219(&7,21&22.&RFFLyQ SRU&RQYHFFLyQKDVWDTXHODSDQWDOODPXHVWUH &2121&RQYHUVLyQ(QFHQGLGDR&212)) &RQYHUVLyQ$SDJDGDVHJ~QVHGHVHH 3UHVLRQHHOERWyQ67$57LQLFLDU 3DUDDFWLYDURGHVDFWLYDUODIXQFLyQ 3UHVLRQHORVERWRQHV%$.(KRUQHDU\%52,/ +,/2DVDUDOWREDMRGHOKRUQRVXSHULRUDO PLVPRWLHPSRKDVWDTXHHQODSDQWDOODSXHGD YHUVH6) $SDJDGROXHJRGHKRUDV &RQHVWDRSFLyQHQFDVRGHGHMDUVHHOKRUQR HQFHQGLGRDFFLGHQWDOPHQWHHOFRQWUROORDSDJD HQIRUPDDXWRPiWLFDOXHJRGHKRUDVGXUDQWH IXQFLRQHVGHKRUQHDGRRGHVSXpVGHKRUDV GXUDQWHODIXQFLyQGHDVDGR 6LGHVHDDSDJDU2))HVWDIXQFLyQVLJDORVSDVRV VLJXLHQWHV 3UHVLRQHORVERWRQHV%52,/+,/2DVDUDOWR EDMR\%$.(KRUQHDUGHOKRUQRVXSHULRUDO PLVPRWLHPSRKDVWDTXHHQODSDQWDOOD SXHGDYHUVH6) 3UHVLRQHHOERWyQ'(/$<67$57LQLFLR UHWDUGDGRKDVWDTXHDSDUH]FDQRVKGQQR DSDJDGRHQODSDQWDOOD 3UHVLRQHHOERWyQ67$57LQLFLDUSDUDDFWLYDU ODFDUDFWHUtVWLFDGHQRDSDJDGR\GHMDUHO FRQWUROFRQILJXUDGRHQHVWHPRGRGH FDUDFWHUtVWLFDVHVSHFLDOHV &yPRXVDUODIXQFLyQ6DEEDWKKRUQRVVXSHULRUHLQIHULRU 'LVHxDGDSDUDXWLOL]DUVHGXUDQWHHO6DEEDWKXRWUDV)LHVWDV-XGtDVHQDOJXQRVPRGHORV *($SSOLDQFHVFRP /DIXQFLyQ6DEEDWKVRODPHQWHSXHGHXWLOL]DUVHSDUDKRUQHDUURVWL]DU1RHVSRVLEOHXWLOL]DUODSDUDFRQYHFFLyQDVDGRDXWROLPSLH]DRFRFFLyQFRQ LQLFLRUHWDUGDGR 127$/DOX]LQWHULRUGHOKRUQRVHHQFLHQGHDXWRPiWLFDPHQWHHQDOJXQRVPRGHORVFXDQGRVHDEUHODSXHUWD\VHDSDJDFXDQGRVHODFLHUUD3XHGH TXLWDUVHODERPELOODGHOX]9HUODVHFFLyQGH5HHPSOD]RGHERPELOODGHOX](QORVPRGHORVFRQLQWHUUXSWRUGHOX]HQHOSDQHOGHFRQWUROODOX]GHO KRUQRSXHGHHQFHQGHUVH\GHMDUVHDVt &XDQGRODSDQWDOODPXHVWUD HOKRUQRHVWiFRQILJXUDGRSDUD 6DEEDWK&XDQGRODSDQWDOOD PXHVWUDHOKRUQRHVWi KRUQHDQGRURVWL]DQGR $VHJ~UHVHGHTXHHOUHORMPXHVWUHODKRUDFRUUHFWD\TXH HOKRUQRHVWpDSDJDGR 3UHVLRQH\VRVWHQJDORVERWRQHV%52,/+,/2 DVDUDOWREDMR\%$.(KRUQHDUDOPLVPRWLHPSR KDVWDTXHHQODSDQWDOODSXHGDYHUVH6) 127$6LHQODSDQWDOODDSDUHFHQ%DNHKRUQHDUR %URLODVDUORVERWRQHV%52,/+,/2DVDUDOWR EDMR\%$.(KRUQHDUQRVHSUHVLRQDURQDOPLVPR WLHPSR3UHVLRQHHOERWyQ&/($52))ERUUDU DSDJDGR\FRPLHQFHGHQXHYR 3UHVLRQHHOERWyQ'(/$<67$57LQLFLRUHWDUGDGR KDVWDTXHDSDUH]FD6$EE$W+HQODSDQWDOOD 3UHVLRQHHOERWyQ67$57LQLFLDU\DSDUHFHUiHQ ODSDQWDOOD(OKRUQRVHHQFXHQWUDDKRUDHQHO PRGR6DEiWLFR 3UHVLRQHHOERWyQ%$.(KRUQHDU1RVHGDUiXQD VHxDO 0HGLDQWHODVDOPRKDGLOODVQXPpULFDVLQJUHVHOD WHPSHUDWXUDGHVHDGDHQWUH)&\) &1RVHGDUiQLQJXQDVHxDORWHPSHUDWXUD 1RKD\XQDWHPSHUDWXUDSUHGHWHUPLQDGD 3UHVLRQHHOERWyQ67$57LQLFLDUHQHOKRUQR FRUUHVSRQGLHQWH 'HVSXpVGHXQSHUtRGRDOHDWRULRGH DSUR[LPDGDPHQWHVHJXQGRVDPLQXWR DSDUHFHUiHQODSDQWDOODLQGLFDQGRTXHHOKRUQR HVWiKRUQHDQGRURVWL]DQGR6LQRDSDUHFHHQ ODSDQWDOODFRPLHQFHGHQXHYRHQHOSDVR 3DUDDMXVWDUODWHPSHUDWXUDGHOKRUQRSUHVLRQHHOERWyQ %$.(KRUQHDULQJUHVHODQXHYDWHPSHUDWXUDXVDQGR ODVDOPRKDGLOODVQXPpULFDV\SUHVLRQHHOERWyQ67$57 LQLFLDU 127$/RVERWRQHV&/($52))ERUUDUDSDJDGR\ &22.7,0(WLHPSRGHFRFFLyQVHHQFXHQWUDQDFWLYRV GXUDQWHODIXQFLyQ6DEEDWK &yPRGHVDFWLYDUODIXQFLyQ6DEEDWK 3UHVLRQHHOERWyQ&/($52))ERUUDUDSDJDGR 6LHOKRUQRHVWiFRFLQDQGRHVSHUHXQSHUtRGR DOHDWRULRGHDSUR[LPDGDPHQWHVHJXQGRVD PLQXWRKDVWDTXHVyORDSDUH]FDHQODSDQWDOOD 3UHVLRQH\VRVWHQJDORVERWRQHV%52,/+,/2 DVDUDOWREDMR\%$.(KRUQHDUDOPLVPRWLHPSR KDVWDTXHHQODSDQWDOODSXHGDYHUVH6) 3UHVLRQHHOERWyQ'(/$<67$57LQLFLRUHWDUGDGR KDVWDTXHVKGQRQRVKGQDSDUH]FDQHQOD SDQWDOOD (OLMDVKGQLQGLFDQGRTXHHOKRUQRVHDSDJDUi DXWRPiWLFDPHQWHGHVSXpVGHKRUDVRQR VKGQLQGLFDQGRTXHHOKRUQRQRVHDSDJDUi DXWRPiWLFDPHQWHGHVSXpVGHKRUDV 3UHVLRQH67$57LQLFLDUFXDQGRODRSFLyQGHVHDGD DSDUHFHHQODSDQWDOODVKGQRQRVKGQ 127$(QFDVRGHFRUWHGHHQHUJtDFRQODIXQFLyQ GH6DEEDWKDFWLYDGDGLFKDIXQFLyQVHDSDJDUi DXWRPiWLFDPHQWHD~QFXDQGRYXHOYDODHQHUJtD(O FRQWUROGHOKRUQRGHEHYROYHUDFRQILJXUDUVH$OJXQRV PRGHORVFRQWLQXDUiQHOPRGR6DEEDWKVLQHPEDUJRVL VHDEUHODSXHUWDVHDFWLYDUiODOX]GHOKRUQR &yPRSRQHUVHSDUDFRFFLyQFDOFXODGD 127$(VWHSURFHGLPLHQWRGHEHOOHYDUVHDFDER$17(6 GHTXHFRPLHQFHHO6DEEDWKSDUDSRGHUXWLOL]DUOD FDUDFWHUtVWLFDGHKRUQHDGRFRQWHPSRUL]DGRUGXUDQWH HO6DEEDWKODXQLGDG12GHEHFRORFDUVHHQHOPRGR 6DEEDWKGXUDQWHXQKRUQHDGRFRQWHPSRUL]DGRU 3UHVLRQH\VRVWHQJDORVERWRQHV%52,/+,/2 DVDUDOWREDMR\%$.(KRUQHDUDOPLVPRWLHPSR KDVWDTXHHQODSDQWDOODSXHGDYHUVH6) 127$6LHQODSDQWDOODDSDUHFHQ%DNHKRUQHDUR %URLODVDUORVERWRQHV%52,/+,/2DVDUDOWR EDMR\%$.(KRUQHDUQRVHSUHVLRQDURQDOPLVPR WLHPSR3UHVLRQHHOERWyQ&/($52))ERUUDU DSDJDGR\FRPLHQFHGHQXHYR 3UHVLRQHHOERWyQ%52,/+,/2DVDUDOWREDMR SDUDFDPELDUODFRQILJXUDFLyQGHOSLWLGRDE((3OD FRQILJXUDFLyQSUHGHWHUPLQDGDHVSLWLGRFRQWLQXR TXHVHYLVXDOL]DHQODSDQWDOODFRPR&RQE((3 3UHVLRQHHOERWyQ67$57LQLFLDUSDUDJXDUGDUORV FDPELRV 3UHVLRQHHOERWyQ%$.(KRUQHDU 3UHVLRQHHOERWyQ67$57LQLFLDUHQHOKRUQR FRUUHVSRQGLHQWH 3UHVLRQH&22.7,0(WLHPSRGHFRFFLyQSDUDHO KRUQRFRUUHVSRQGLHQWH 3UHVLRQHODVDOPRKDGLOODVQXPpULFDVSDUD FRQILJXUDUHOWLHPSRGHVHDGRGHFRFFLyQHQWUH PLQXWR\KRUDV\PLQXWRV 3UHVLRQHHOERWyQ67$57LQLFLDU 3UHVLRQHHOERWyQ&/2&.UHORMSDUDSRGHU YLVXDOL]DUODKRUDDFWXDO(VWRHVSDUDSRGHU YLVXDOL]DUODKRUDDFWXDOHQOXJDUGHODFXHQWD UHJUHVLYDGHOWHPSRUL]DGRUGHFRFFLyQ(OKRUQR IXQFLRQDUiDODWHPSHUDWXUDFRQILJXUDGDSDUDOD FDQWLGDGGHWLHPSRFRQILJXUDGD\GHVSXpVVH DSDJDUi(QHOPRPHQWRHQTXHHOKRUQRVH DSDJDHOSLWLGRVRQDUiYHFHV 3 UHVLRQHODVDOPRKDGLOODVQXPpULFDVSDUD FRQILJXUDUODWHPSHUDWXUDGHVHDGD &XLGDGR\OLPSLH]DGHODFRFLQD $VHJ~UHVHGHTXHWRGRVORVFRQWUROHVHVWpQDSDJDGRV\TXHODVVXSHUILFLHVHVWpQIUtDVDQWHVGHOLPSLDUFXDOTXLHUSDUWHGHODFRFLQD $'9(57(1&,$ 6LVHTXLWDODFRFLQDSDUDHIHFWXDUXQDOLPSLH]DUHSDUDFLRQHVR FXDOTXLHURWUDUD]yQYHULILTXHTXH HOGLVSRVLWLYRDQWLYROFDGXUDVVHFRORTXHGHPDQHUDDGHFXDGD FXDQGRYXHOYDDLQVWDODUVHODFRFLQD 6LQRWRPDHVWDSUHFDXFLyQODFRFLQDSXHGHYROFDUVH \SURYRFDUOHVLRQHV &yPRTXLWDUHOHQYROWRULRGHSURWHFFLyQ\ODFLQWDGHHPEDODMH &RQFXLGDGRWRPHXQDSXQWDGHOHQYROWRULR GHSURWHFFLyQFRQVXVGHGRV\OHQWDPHQWHTXtWHORGHOD VXSHUILFLHGHODSDUDWR1RXVHHOHPHQWRVILORVRVSDUD TXLWDUHOHQYROWRULR4XLWHWRGRHOHQYROWRULRDQWHVGH XVDUHODSDUDWRSRUSULPHUDYH] 3DUDDVHJXUDUVHGHQRGDxDUHODFDEDGRGHOSURGXFWR ODPHMRUIRUPDGHTXLWDUHOSHJDPHQWRGHODFLQWDGH HPSDTXHGHORVDSDUDWRVQXHYRVFRQVLVWHHQDSOLFDU GHWHUJHQWHSDUDYDMLOODVOtTXLGR$SOLTXHFRQXQSDxR VXDYH\GHMHUHPRMDU 127$'HEHUHWLUDUVHHODGKHVLYRGHWRGDVODVSDUWHV 6LVHFDOLHQWDVHUiLPSRVLEOHGHTXLWDU 3DQHOGHFRQWURO 6LDVtORGHVHDSXHGHGHVDFWLYDUORVERWRQHVGHWRTXH DQWHVGHODOLPSLH]D 9HUODLQIRUPDFLyQVREUH%ORTXHRGHFRQWUROHVHQOD VHFFLyQ&yPRXVDUHOUHORMHOWHPSRUL]DGRU\HOEORTXHR GHFRQWUROHVGHHVWHPDQXDO /LPSLHORVGHUUDPHVFRQXQSDxRK~PHGR 7DPELpQSXHGHXWLOL]DUXQOLPSLDGRUGHYLGULRV 4XLWHVXFLHGDGHVPiVUHEHOGHVFRQDJXDWLELD MDERQRVD1RXWLOLFHDEUDVLYRVGHQLQJXQDFODVH 9XHOYDDDFWLYDUORVERWRQHVGHWRTXHGHVSXpVGHOD OLPSLH]D 6XSHUILFLHVSLQWDGDV /DVVXSHUILFLHVSLQWDGDVLQFOX\HQORVODGRVGHODFRFLQD \ODSXHUWDODSDUWHVXSHULRUGHOSDQHOGHFRQWURO\HO IUHQWHGHOFDMyQ/tPSLHODVFRQMDEyQ\DJXDRFRQXQD VROXFLyQGHDJXD\YLQDJUH 1RXWLOLFHOLPSLDGRUHVGHKRUQRFRPHUFLDOHVSROYRV OLPSLDGRUHVHVSRQMLOODVGHDFHURRDEUDVLYRVSRWHQWHV VREUHFXDOTXLHUVXSHUILFLHSLQWDGD 6XSHUILFLHVGHDFHURLQR[LGDEOHHQDOJXQRVPRGHORV 1RXWLOLFHDOPRKDGLOODVGHDFHURSRUTXHUD\DQ ODVXSHUILFLH 3DUDOLPSLDUODVXSHUILFLHGHDFHURLQR[LGDEOH XWLOLFHDJXDWLELDMDERQRVDRXQOLPSLDGRUR OXVWUDGRUGHDFHURLQR[LGDEOH6LHPSUHOLPSLH ODVXSHUILFLHHQGLUHFFLyQGHODYHWD6LJDODV LQVWUXFFLRQHVGHOSURGXFWRSDUDOLPSLDUOD VXSHUILFLHGHDFHURLQR[LGDEOH 3DUDFRQVXOWDUVREUHODFRPSUDGHOLPSLDGRUHV ROXVWUDGRUHVGHDSDUDWRVGHDFHURLQR[LGDEOHR SDUDHQFRQWUDUODXELFDFLyQGHOGLVWULEXLGRUPiV FHUFDQRDVXGRPLFLOLROODPHDQXHVWURQ~PHUR JUDWXLWR &HQWURQDFLRQDOGHUHSXHVWRV *($SSOLDQFHVFRP (VWXIDGHHVPDOWHGHSRUFHODQDHQDOJXQRVPRGHORV (ODFDEDGRGHHVPDOWHGHSRUFHODQDHV UHVLVWHQWHSHURSXHGHURPSHUVHVLVHXWLOL]D LQFRUUHFWDPHQWH(VWHDFDEDGRHVUHVLVWHQWH DOiFLGR6LQHPEDUJRQRGHEHSHUPLWLUVHTXH DOJXQRVDOLPHQWRViFLGRVTXH VHGHUUDPDQFRPRMXJRVGHIUXWDWRPDWHR YLQDJUHSHUPDQH]FDQHQHODFDEDGR 6LVHGHUUDPDQiFLGRVHQODHVWXIDPLHQWUDVHVWi FDOLHQWHXWLOLFHXQDWRDOODGHSDSHORXQSDxR VHFRVSDUDOLPSLDUORHQHOPRPHQWR&XDQGR ODVXSHUILFLHVHKD\DHQIULDGROLPSLHFRQDJXD MDERQRVD(QMXDJXHELHQ (QHOFDVRGHRWURVGHUUDPHVFRPRVDOSLFDGXUDV GHJUDVDHWFOLPSLHFRQDJXDMDERQRVDRSROYRV OLPSLDGRUHVFXDQGRODVXSHUILFLHVHKD\DHQIULDGR (QMXDJXHELHQ3XODFRQXQSDxRVHFR *($SSOLDQFHVFRP $'9(57(1&,$ 35(&$8&,Ï1 5HFHSWiFXOR 3RUWDOiPSDUD %RPELOOD GH* /HQJHWD &XELHUWDGHYLGULR HQDOJXQDVPRGHORV 5HFHSWiFXOR 3RUWDOiPSDUD %RPELOOD GH* /HQJHWD &XELHUWDGHYLGULR 3(/,*52'('(6&$5*$(/e&75,&$248(0$'85$6$QWHVGHUHHPSOD]DUODERPELOOD GHOKRUQRGHVFRQHFWHODDOLPHQWDFLyQGHHQHUJtDDOKRUQRGHVGHHOSDQHOSULQFLSDO GHIXVLEOHVRGHOLQWHUUXSWRUGHFLUFXLWRV1RKDFHUORSXHGHSURYRFDUXQDGHVFDUJD HOpFWULFDRXQDTXHPDGXUD 3(/,*52'(48(0$'85$6/DWDSDGHYLGULR\ODOiPSDUDGHOX]VHGHEHUiQUHWLUDUFXDQGR HVWpQIUtDV7RFDUHOYLGULRFDOLHQWHVLQSURWHFFLyQHQODVPDQRVRFRQXQWUDSRK~PHGR SXHGHRFDVLRQDUTXHPDGXUDV 5HHPSOD]RGHODERPELOODGHOKRUQRHQDOJXQRVPRGHORV 3DUDUHWLUDU *LUHODFXELHUWDGHYLGULRHQVHQWLGRFRQWUDULR DODVPDQHFLOODVGHOUHORMGHYXHOWDKDVWD TXHODVOHQJHWDVGHODFXELHUWDGHYLGULR OLEHUHQORVVXUFRVGHOSRUWDOiPSDUDV &RORFDUVHJXDQWHVGHOiWH[SXHGHEULQGDU XQPHMRUDJDUUH 8WLOL]DQGRJXDQWHVRXQSDxRVHFRUHPXHYD ODERPELOODMDOiQGRODHQOtQHDUHFWD 3DUDUHHPSOD]DU 8WLOLFHXQDQXHYDERPELOODKDOyJHQDGH YROWLRVQRH[FHGDYDWLRV 5HHPSODFHODOiPSDUDGHOX]FRQHOPLVPR WLSRGHOiPSDUDTXHVHUHWLUy(QVXPRGHOR FRUUHVSRQGHUiXQRGHORVGRVWLSRVTXH ILJXUDQDODL]TXLHUGD3DUDGHWHUPLQDUFXiO HVODOiPSDUDFRUUHFWDFRQWUROHODV WHUPLQDOHVGHODOiPSDUD/DVOiPSDUDVFRQ WHUPLQDOHVFRQFODYLMDVUHFWDVVRQOiPSDUDV GH*/DVOiPSDUDVFRQWHUPLQDOHVFRQ FODYLMDVFRQFXUYDVVRQOiPSDUDVGH*1R ODVLQWHUFDPELH$VHJ~UHVHDOUHHPSOD]DUOD OiPSDUDTXHVHDGHYROWVRYROWV 12GHYROWV 8WLOL]DQGRJXDQWHVRXQSDxRVHFRUHPXHYD ODERPELOODGHVXSDTXHWH1RWRTXHOD ERPELOODFRQORVGHGRVGHVQXGRV(ODFHLWH SDUDSLHOGDxDUiODOiPSDUD\DFRUWDUiVX WLHPSRGHGXUDFLyQ HQDOJXQDVPRGHORV 5HFHSWiFXOR 8VH JXDQWHV RXQ SDxR (PSXMHODERPELOODHQOtQHDUHFWDGHQWURGHO UHFHSWiFXORKDVWDHOWRSH &RORTXHODVOHQJHWDVGHODFXELHUWDGH YLGULRGHQWURGHORVVXUFRVGHO SRUWDOiPSDUDV*LUHODFXELHUWDGHYLGULRHQ VHQWLGRGHODVPDQHFLOODVGHOUHORMGH YXHOWD 3DUDXQDPHMRULOXPLQDFLyQGHQWURGHO KRUQROLPSLHIUHFXHQWHPHQWHODFXELHUWD GHYLGULRXWLOL]DQGRXQSDxRK~PHGR(VWR GHEHUtDKDFHUVHFXDQGRHOKRUQRHVWi FRPSOHWDPHQWHIUtR &RQHFWHQXHYDPHQWHHOVXPLQLVWURHOpFWULFR DOKRUQR 5HHPSOD]RGHODERPELOODGHOKRUQRHQDOJXQRVPRGHORV 9HULILTXHTXHODWDSDGHODOiPSDUD\OD ERPELOODVHKD\DQHQIULDGRSRUFRPSOHWR 3DUDTXLWDUODWDSD +DJDJLUDUODOHQWHHQóGHYXHOWDHQ VHQWLGRDQWLKRUDULRSDUDTXLWDUOD 3DUDYROYHUDFRORFDUODWDSD $OLQHHODVOHQJHWDVGHODOHQWHIUHQWHDODV OHQJHWDVGHODFDUFDVD\JLUHHQVHQWLGR KRUDULRSDUDWUDEDU 1RTXLWHQLQJ~QWRUQLOORSDUDVDFDUODWDSD &RORTXHXQDERPELOODGHYDWLRVRXQD ERPELOODKDOyJHQDGHGRVHVSLJDVVHJ~Q FRUUHVSRQGD &XLGDGR\OLPSLH]DGHODFRFLQD &yPROLPSLDUODSXHUWDGHOKRUQR 3DUDOLPSLDUODSDUWHLQWHUQDGHODSXHUWD 'HELGRDTXHHOiUHDTXHVHHQFXHQWUD GHQWURGHODMXQWDVHOLPSLDGXUDQWHHOFLFORGH DXWROLPSLH]DQRHVQHFHVDULROLPSLDUODDPDQR /DMXQWDHVWiGLVHxDGDFRQXQHVSDFLR HQODSDUWHLQIHULRUSDUDSHUPLWLUXQD DGHFXDGDFLUFXODFLyQGHDLUH 1RIURWHROLPSLHODMXQWDGHODSXHUWD SRUTXHWLHQHXQDUHVLVWHQFLDPX\EDMD DODDEUDVLyQ 6LVHDGYLHUWHTXHODMXQWDHVWi GHVJDVWDGDUDtGDRGDxDGDRVLVH KDGHVSOD]DGRGHVXOXJDUVHODGHEH UHHPSOD]DU (OiUHDTXHVHHQFXHQWUDIXHUDGHODMXQWD \HOEXUOHWHGHODSXHUWDSXHGHQOLPSLDUVHFRQ XQDHVSRQMLOODSOiVWLFDFRQMDEyQDJXDFDOLHQWH \GHWHUJHQWH(QMXDJXHELHQFRQXQDVROXFLyQGH DJXD\YLQDJUH 3DUDOLPSLDUODSDUWHH[WHUQDGHODSXHUWD ODVHFFLyQGHYHQWLODFLyQGHODSXHUWDXWLOLFH XQOLPSLDGRUDEUDVLYRVXDYH\XQDHVSRQMDSDUD REWHQHUORVPHMRUHVUHVXOWDGRV /DVVDOSLFDGXUDVGHVDOVDVMXJRVGHIUXWDVVDOVDV GHWRPDWH\MXJRVGHDOLPHQWRVTXHFRQWLHQHQ iFLGRVSXHGHQGHFRORUDUODVXSHUILFLHSRUORTXH VHGHEHHQMXDJDUORVGHLQPHGLDWR&XDQGROD VXSHUILFLHHVWpIUtDOLPSLH\HQMXDJXH 1RXWLOLFHOLPSLDGRUHVSDUDKRUQRVSROYRV OLPSLDGRUHVRDEUDVLYRVSRWHQWHVHQODSDUWH H[WHUQDGHODSXHUWD 8WLOLFHMDEyQ\DJXDSDUDOLPSLDUFXLGDGRVDPHQWH ODSDUWHVXSHULRUORVODGRV\HOIUHQWHGHODSXHUWD GHOKRUQR(QMXDJXHELHQ7DPELpQHVSRVLEOH XWLOL]DUXQOLPSLDGRUGHYLGULRVSDUDOLPSLDUODSDUWH H[WHULRUGHODSXHUWD1RSHUPLWDTXHFDLJDDJXD VREUHODVDEHUWXUDVGHYHQWLODFLyQ 6LTXHGDDOJXQDPDQFKDSHUVLVWHQWHHQ 3XHUWDGHOKRUQRGHVPRQWDEOHHQDOJXQRVPRGHORV /DSXHUWDHVPX\SHVDGD7HQJDFXLGDGRDOTXLWDU\ OHYDQWDUODSXHUWD 1ROHYDQWHODSXHUWDGHODPDQLMD 3DUDTXLWDUODSXHUWD 5DQXUD 7UDEDGH ODELVDJUD 7LUHODVWUDEDVGHODELVDJUDKDFLD DEDMRSDUDGHVWUDEDU $EUDODSXHUWDSRUFRPSOHWR 3UHVLRQHODVWUDEDVGHODELVDJUDKDFLDDEDMRHQ GLUHFFLyQGHOPDUFRGHODSXHUWDKDVWD GHVWUDEDUODV3XHGHQHFHVLWDUVHXQDKHUUDPLHQWD FRPRXQGHVWRUQLOODGRUSODQRSHTXHxR 7RPHFRQILUPH]DDPERVODGRVGHODSXHUWDGHOD SDUWHVXSHULRU &LHUUHODSXHUWDKDVWDODSRVLFLyQGHUHPRFLyQGH SXHUWDTXHHVDPLWDGGHFDPLQRHQWUHOD SRVLFLyQGHDVDGR\ODSXHUWDFHUUDGD /HYDQWHODSXHUWDKDVWDTXHHOEUD]RGHOD ELVDJUDKD\DVDOLGRGHODUDQXUD 3DUDYROYHUDFRORFDUODSXHUWD 7RPHFRQILUPH]DDPERVODGRVGHODSXHUWDGHOD SDUWHVXSHULRU 3RVLFLyQGHUHPRFLyQ &RQODSXHUWDHQ ([WUHPR %UD]RGH HOPLVPRiQJXOR LQIHULRUGH ODELVDJUD GHODSRVLFLyQGH ODUDQXUD UHPRFLyQ LQWURGX]FD ODPXHVFDGHOEUD]R GHODELVDJUDGHQWUR 0XHVFD GHOH[WUHPRLQIHULRUGHOD UDQXUDGHODELVDJUD/D UDQXUDGHOEUD]RGHOD ELVDJUDGHEH HVWDUELHQFRORFDGDHQODSDUWHLQIHULRU GHODUDQXUD $EUDODSXHUWDSRUFRPSOHWR6LODSXHUWD QRVHDEUHSRUFRPSOHWRODPXHVFDQRHVWiELHQ FRORFDGDHQHOH[WUHPRLQIHULRUGH ODUDQXUD 3UHVLRQHODVWUDEDVGHODELVDJUDKDFLDDUULED FRQWUDHOPDUFRIURQWDOGHODFDYLGDGGHOKRUQR KDVWDDOFDQ]DUODSRVLFLyQGHEORTXHR 7UDEDGH ODELVDJUD %UD]RGH ODELVDJUD 3UHVLRQHODVWUDEDVGHODELVDJUD KDFLDDUULEDSDUDEORTXHDU &LHUUHODSXHUWDGHOKRUQR *($SSOLDQFHVFRP 3XHUWDGHOKRUQRVXSHULRUGHVPRQWDEOHHQDOJXQRVPRGHORV 3DUDTXLWDUODSXHUWD 0DUFR GHO KRUQR $EUDODSXHUWDSRUFRPSOHWR /HYDQWHODWUDEDGHODELVDJUDKDFLDHOPDUFR GHOKRUQRKDVWDTXHVHGHWHQJD &LHUUHODSXHUWDHQJUDGRVVHVHQWLUiHO WRSHGHODSXHUWD/DWUDEDGHODELVDJUD KDUiFRQWDFWRFRQHOPDUFRGHOKRUQR 6REUHDPERVODGRVGHODSXHUWDSUHVLRQH KDFLDDEDMRVREUHORVERWRQHVGHOLEHUDFLyQ GHFDGDELVDJUD /HYDQWHODSXHUWDKDFLDDUULEDKDVWDTXHVH VDOJDGHODELVDJUD 0DUFR GHOD SXHUWD %RWRQHVGH OLEHUDFLyQ 7LUHGHORVEUD]RVGHODELVDJUDVXDYHPHQWH SDUDOLEHUDUSUHVLyQVREUHODVOHQJHWDVGH EORTXHR 3UHVLRQHODVWUDEDVGHODELVDJUDKDFLDDEDMR GHQWURGHODELVDJUD 3UHVLRQHODVELVDJUDVKDFLDODXQLGDGSDUD TXHVHFLHUUHQ 3DUDYROYHUDFRORFDUODSXHUWD 7LUHGHODVELVDJUDVKDFLDDEDMRHQVHQWLGR FRQWUDULRGHOPDUFRGHOKRUQRKDVWDDOFDQ]DU ODSRVLFLyQDELHUWDWRWDO /HYDQWHODVWUDEDVGHODELVDJUDKDFLD HOPDUFRGHOKRUQRKDVWDTXHVHGHWHQJDQ /DVELVDJUDVVHOLEHUDQHQODSRVLFLyQ GHJUDGRV/DVWUDEDVGHODELVDJUDKDUiQ FRQWDFWRFRQHOPDUFRGHOKRUQR 'HVOLFHODSXHUWDGHQWURGHODVELVDJUDV $VHJ~UHVHGHTXHORVERWRQHVYXHOYDQD VDOLU $EUDODSXHUWDSRUFRPSOHWR 3UHVLRQHODVWUDEDVGHODELVDJUDKDFLDDEDMR GHQWURGHODELVDJUD &LHUUHODSXHUWDGHOKRUQR 3UHVLRQH KDFLD DGHQWUR 7LUHKDFLD DEDMR &XLGDGR\OLPSLH]DGHODFRFLQD %DQGHMDSODQD 0DQLMDV 3DUDKRUQRVGREOHVXVHODSDULOODFRQ ODVGRVPDQLMDVIURQWDOHVHQHOKRUQR VXSHULRU %DQGHMDVGHOKRUQR 7RGDVODVEDQGHMDVGHOKRUQRSXHGHQOLPSLDUVHD PDQRFRQXQOLPSLDGRUDEUDVLYRRXQDHVSRQMLOOD GHDFHUR'HVSXpVGHOLPSLDUHQMXDJXHODV EDQGHMDVFRQDJXDOLPSLD\VpTXHODVFRQXQSDxR OLPSLR/DVEDQGHMDVUHYHVWLGDVGHSRUFHODQDJULV SXHGHQSHUPDQHFHUHQHOKRUQRGXUDQWHHOFLFOR GHDXWROLPSLH]DVLQVXIULUGDxRV/DVEDQGHMDVGHO KRUQRGHQtTXHOSXHGHQSHUPDQHFHUHQHOKRUQR GXUDQWHHOFLFORGHDXWROLPSLH]DSHURSHUGHUiQHO OXVWUH\UHVXOWDUiGLItFLOGHVOL]DUODV6HUiQHFHVDULR HQJUDVDUWRGRVORVH[WUHPRVGHODVEDQGHMDVFRQ XQDFDSDGHDFHLWHYHJHWDOVXDYHGHVSXpVGH OLPSLDUODVDPDQRRHQHOKRUQR(VWRD\XGDUiD PDQWHQHUHOIiFLOGHVOL]DPLHQWRGHODVEDQGHMDV 3DUDKRUQRVGREOHVXVHODSDULOODVLQ ODVGRVPDQLMDVIURQWDOHVHQHOKRUQR LQIHULRU 3DUULOODGHH[WHQVLyQHQDOJXQRVPRGHORV /DVSDUULOODVGHH[WHQVLyQVHSRGUiQOLPSLDUDPDQR FRQXQOLPSLDGRUDEUDVLYRRHVWURSDMR'XUDQWHOD OLPSLH]DHYLWHTXHLQJUHVHDJXDROLPSLDGRUHQODV EDUUDVGHVOL]DQWHVGHH[WHQVLyQDORVFRVWDGRVGHOD SDUULOOD 127$1RODODYHHQHOODYDYDMLOODV 6LUHVXOWDGLItFLOGHVOL]DUODSDUULOODRVLUHVXOWDGLItFLO DFFLRQDUODSDOHWDGHEHOXEULFDUVHODSDUULOOD XWLOL]DQGRHOOXEULFDQWHGHJUDILWRHQYLDGRFRQVX KRUQR3DUDVROLFLWDUOXEULFDQWHGHJUDILWRDGLFLRQDO OODPHDQXHVWURFHQWURQDFLRQDOGHUHSXHVWRVDO FRQODUHIHUHQFLD:%7 6LUHWLUDURUHHPSOD]DUODSDUULOODUHVXOWDGLItFLO OLPSLHOLJHUDPHQWHORVVRSRUWHVGHODSDUULOODFRQ DFHLWHGHFRFLQD1RSDVHDFHLWHGHFRFFLyQHQORV GHVOL]DGRUHV 3DUDOXEULFDUORVGHVOL]DGRUHV 127$1RURFtHODSDUULOODGHH[WHQVLyQFRQ SXOYHUL]DGRUSDUDFRFFLyQXRWURVOXEULFDQWHVHQ VSUD\ 4XLWHODSDUULOODGHOKRUQR9HU3DUULOODGH H[WHQVLyQHQODVHFFLyQ8VRGHOKRUQR ([WLHQGDSRUFRPSOHWRODSDUULOODVREUHXQD PHVDRPRVWUDGRUGHHQFLPHUD3XHGH FRORFDUVHSDSHOGHGLDULRGHEDMRGHODSDUULOOD SDUDXQDOLPSLH]DVHQFLOOD 6LKD\UHVLGXRVHQODVJXtDVGHGHVOL]DPLHQWR OtPSLHODVFRQXQDWRDOODGHSDSHO 127$7RGRHOOXEULFDQWHGHJUDILWRHOLPLQDGR GXUDQWHODOLPSLH]DGHEHYROYHUDFRORFDUVH VHHVWHSVWKURXJK $JLWHHOOXEULFDQWHGHJUDILWRDQWHVGHDEULUOR &RPHQ]DQGRFRQHOPHFDQLVPRGH GHVOL]DPLHQWRL]TXLHUGRGHODSDUULOODFRORTXH FXDWURJRWDVGHOXEULFDQWHVREUHODVGRV JXtDVWUDVHUDVFHUFDQDVDORVFRMLQHWHVGH DSR\R 5HSLWDHQHOPHFDQLVPRGHOODGRGHUHFKRGH ODJXtD /DGRL]TXLHUGR *XtDODGRGHUHFKRDUULED /DGRGHUHFKR *XtDODGRGHUHFKRDUULED $EUD\FLHUUHODJXtDYDULDVYHFHVSDUD GLVWULEXLUHOOXEULFDQWH 9XHOYDDFRORFDUODWDSDGHOOXEULFDQWH\ DJtWHORQXHYDPHQWH'pYXHOWDODSDUULOOD\ UHSLWDORVSDVRV\ &LHUUHODSDUULOODJLUHODSDUULOODGHMDQGRHO ODGRGHUHFKRKDFLDDUULED\FROyTXHODHQHO KRUQR9HU3DUULOODGHH[WHQVLyQHQODVHFFLyQ 8VRGHOKRUQR 3DUDOXEULFDUODSDOHWD $JLWHHOOXEULFDQWH\DSOLTXHHOPLVPRDODVSDUWHV PyYLOHVGHORVPHFDQLVPRVGHODVSDOHWDVFRPRVH PXHVWUD *($SSOLDQFHVFRP (OHPHQWRVFDOHQWDGRUHVGHOKRUQR 1ROLPSLHHOHOHPHQWRSDUDKRUQHDURHO HOHPHQWRSDUDDVDU/DVVXFLHGDGHVVH TXHPDUiQFXDQGRVHFDOLHQWHQORVHOHPHQWRV 3DUDOLPSLDUHOSLVRGHOKRUQRHOHYH VXDYHPHQWHHOHOHPHQWRDKRUQHDU(QDOJXQRV PRGHORVHOHOHPHQWRDKRUQHDUQRHVWi H[SXHVWR\VHHQFXHQWUDGHEDMRGHOSLVRGHO VXHOR/LPSLHFRQDJXDFDOLHQWH\MDEyQ /LPSLHFRQXQSDxRORVGHVHFKRV UHEHOGHVDFXPXODGRVHQHOSLVRGHO KRUQR 9HQWLODFLyQGHOKRUQRHQHVWXIDVGHYLGULR 7RGRVORVPRGHORVFXHQWDQFRQXQDYHQWLODFLyQSDUD KRUQRXELFDGDGHWUiVGHODXQLGDGVXSHUILFLDOWUDVHUD GHUHFKD(QKRUQRVGREOHVKD\XQDYHQWLODFLyQGH KRUQRDGLFLRQDOSDUDHOKRUQRVXSHULRUGHWUiVGHOD XQLGDGVXSHUILFLDOWUDVHUDL]TXLHUGD (VWDiUHDSXHGHFDOHQWDUVHGXUDQWHHOXVRGHO KRUQR (VQRUPDOTXHVDOJDYDSRUGHODYHQWLODFLyQ \SXHGHMXQWDUVHKXPHGDGGHEDMRGHODPLVPD FXDQGRHOKRUQRHVWiHQXVR /DYHQWLODFLyQHVLPSRUWDQWHSDUDORJUDUXQD DGHFXDGDFLUFXODFLyQGHDLUH1XQFDEORTXHHHVWD YHQWLODFLyQ 5HPRFLyQGHOFDMyQGHDOPDFHQDPLHQWRHQDOJXQRVPRGHORV 5LHO *XtDGHWRSH 3DUDTXLWDUHOFDMyQ 7LUHGHOFDMyQKDFLDIXHUDKDVWDTXHVH GHWHQJD /HYDQWHHOIUHQWHGHOFDMyQKDVWDTXHODV WUDEDVVDOJDQGHODVJXtDV 5HWLUHHOFDMyQ 3DUDYROYHUDFRORFDUHOFDMyQ &RORTXHORVULHOHVGHOFDMyQHQODVJXtDV (PSXMHHOFDMyQKDVWDTXHVHGHWHQJD /HYDQWHHOIUHQWHGHOFDMyQ\HPSXMHKDVWD TXHODVWUDEDVVXSHUHQODVJXtDV %DMHHOIUHQWHGHOFDMyQ\HPSXMHKDFLDDEDMR KDVWDTXHFLHUUH &DMyQFDOHQWDGRUGHVPRQWDEOH2OODGHO&DMyQHQDOJXQRVPRGHORV 127$(QORVPRGHORVFRQFDMyQFDOHQWDGRU HOpFWULFRDQWHVGHUHDOL]DUFXDOTXLHUFODVH GHDMXVWHOLPSLH]DRUHSDUDFLyQGHVFRQHFWH ODFRQH[LyQHOpFWULFDGHODFRFLQDGHVGHHO SDQHOGHGLVWULEXFLyQGRPpVWLFRTXLWDQGR HOIXVLEOHRGHVFRQHFWDQGRHOLQWHUUXSWRU GHFLUFXLWRV9HULILTXHTXHHOHOHPHQWR FDOHQWDGRUGHOFDMyQHVWpIUtR 127$'HMHTXHHOFDMyQFDOHQWDGRUVHHQIUtHQ DQWHVGHTXLWDUHOUHFLSLHQWH 127$/LPSLHORVGHUUDPHVUiSLGDPHQWH GHVSXpVGHFDGDXVR 1XQFDFRORTXHXWLOLFHROLPSLHPHGLDQWHOD FDUDFWHUtVWLFDGHDXWROLPSLH]DHOUHFLSLHQWH GHOFDMyQHQHOKRUQRVXSHULRU (OFDMyQFDOHQWDGRUFXHQWDQFRQXQ UHFLSLHQWHGHVPRQWDEOHSDUDXQDOLPSLH]D IiFLO/LPSLHFRQDJXDMDERQRVDFDOLHQWH\ XQDHVSRQMDRUHSDVDGRU6HTXHFRQXQSDxR VXDYH\OLPSLR9XHOYDDFRORFDUHOUHFLSLHQWH HQHOFDMyQFDOHQWDGRURHOFDMyQGHOKRUQR LQIHULRU &yPROLPSLDUODHVWXIDGHYLGULRHQDOJXQRVPRGHORV /LPSLH]DQRUPDOGHXVRGLDULR 6Ï/2XWLOLFHHOOLPSLDGRUGHHVWXIDVFHUiPLFDV &(5$0$%5<7(HQODHVWXIDGHYLGULR2WUDV FUHPDVSXHGHQQRVHUWDQHIHFWLYDV 3DUDPDQWHQHU\SURWHJHUODVXSHUILFLHGHVX HVWXIDGHYLGULRVLJDHVWRVSDVRV /LPSLHODHVWXIDGHVSXpV GHFDGDGHUUDPH8WLOLFH HOOLPSLDGRUGHHVWXIDV FHUiPLFDV&(5$0$%5<7( $QWHVGHXVDUODHVWXIDSRUSULPHUDYH] OtPSLHODFRQHOOLPSLDGRUGHHVWXIDV FHUiPLFDV&(5$0$%5<7((VWRD\XGDD SURWHJHUODHVWXID\KDFHODOLPSLH]DPiV VHQFLOOD (OXVRGLDULRGHOOLPSLDGRUGHHVWXIDV FHUiPLFDV&(5$0$%5<7(D\XGDUiD TXHODHVWXIDTXHGHFRPRQXHYD $JLWHELHQODFUHPDGHOLPSLH]D$SOLTXH XQDVJRWDVGHOOLPSLDGRUGHHVWXIDV FHUiPLFDV&(5$0$%5<7(GLUHFWDPHQWH VREUHODHVWXID 8WLOLFHXQDWRDOODGHSDSHORXQSDxRGH OLPSLH]D&(5$0$%5<7(SDUDHVWXIDV FHUiPLFDVSDUDOLPSLDUWRGDODVXSHUILFLH GHODHVWXID 8VHXQSDxRVHFRRXQDWRDOODGHSDSHO SDUDTXLWDUORVUHVWRVGHOOLPSLDGRU1R KDFHIDOWDHQMXDJDU 127$(VPX\LPSRUWDQWHTXH12&$/,(17( ODHVWXIDKDVWDTXHODKD\DOLPSLDGRSRU FRPSOHWR 5HVLGXRVSHJDGRV 127$8VWHGSXHGH'$³$5ODVXSHUILFLHGH YLGULRVLXWLOL]DHVSRQMLOODVTXHQRVHDQODV UHFRPHQGDGDV 'HMHHQIULDUODHVWXID 8WLOLFHXQSDxRGHOLPSLH]D&(5$0$ %5<7(SDUDHVWXIDVFHUiPLFDV &RORTXHXQDVJRWDVGHOOLPSLDGRUGH HVWXIDVFHUiPLFDV&(5$0$%5<7( VREUHWRGDHOiUHDGHUHVLGXRVSHJDGRV 8WLOL]DQGRHOSDxRGHOLPSLH]D&(5$0$ %5<7(SDUDHVWXIDVFHUiPLFDVLQFOXLGR IURWHHOiUHDVXFLDDSOLFDQGRSUHVLyQ VHJ~QVHDQHFHVDULR 5HVLGXRVSHJDGRVUHEHOGHV 'HMHHQIULDUODHVWXID (OUDVSDGRUGHHVWXIDVFHUiPLFDV &(5$0$%5<7(\WRGRVORV LQVXPRVUHFRPHQGDGRVVH HQFXHQWUDQGLVSRQLEOHVHQ QXHVWUR&HQWURGH5HSXHVWRV 9HULQVWUXFFLRQHVEDMRODVHFFLyQ ´3DUDVROLFLWDUUHSXHVWRVµHQOD SiJLQDVLJXLHQWH 127$1RXWLOLFHKRMDVGHVDILODGDV RGDxDGDV 8WLOLFHHOUDVSDGRUGHILOR~QLFRDXQ iQJXORDSUR[LPDGRGHGHJUHHV FRQWUDODVXSHUILFLHGHOYLGULR\UDVSHOD VXFLHGDG3XHGHVHUQHFHVDULRDSOLFDU SUHVLyQDOUDVSDGRUSDUDTXLWDUOD VXFLHGDG 'HVSXpVGHXWLOL]DUHOUDVSDGRUFRORTXH XQDVJRWDVGHOLPSLDGRUGHHVWXIDV FHUiPLFDV&(5$0$%5<7(VREUHWRGD HOiUHDGHVXFLHGDGTXHPDGD8WLOLFHHO SDxRGHOLPSLH]D&(5$0$%5<7(SDUD TXLWDUODVXFLHGDGUHVWDQWH 3DUDSURWHFFLyQDGLFLRQDOGHVSXpVGH KDEHUTXLWDGRWRGRVORVUHVWRVSXOD WRGDODVXSHUILFLHFRQOLPSLDGRUGH HVWXIDVFHUiPLFDV&(5$0$%5<7(\ XQDWRDOODGHSDSHO 6LTXHGDQUHVWRVUHSLWDORVSDVRV LQGLFDGRVFRQDQWHULRULGDG 3DUDSURWHFFLyQDGLFLRQDOGHVSXpVGH KDEHUTXLWDGRWRGRVORVUHVWRVSXOD WRGDODVXSHUILFLHFRQOLPSLDGRUGH HVWXIDVFHUiPLFDV&(5$0$%5<7(\ XQDWRDOOD GHSDSHO *($SSOLDQFHVFRP 0DUFDVGHPHWDO\UD\RQHV 7HQJDFXLGDGRGHQRGHVOL]DUROODV\ VDUWHQHVDWUDYpVGHVXHVWXID'HMDUi PDUFDVGHPHWDOVREUHODVXSHUILFLHGHOD HVWXID (VWDVPDUFDVSXHGHQTXLWDUVHXWLOL]DQGR OLPSLDGRUGHHVWXIDVFHUiPLFDV&(5$0$ %5<7(FRQHOSDxRGHOLPSLH]D&(5$0$ %5<7(SDUDHVWXIDVFHUiPLFDV 6LVHSHUPLWHTXHROODVFRQXQDFDSDILQD GHDOXPLQLRRFREUHKLHUYDQHQVHFROD FDSDSXHGHGHMDUXQDGHFRORUDFLyQ QHJUDHQODHVWXID (VWRGHEHTXLWDUVHGHLQPHGLDWRDQWHV GHFDOHQWDUGHQXHYRRODGHFRORUDFLyQ SXHGHOOHJDUDVHUSHUPDQHQWH 127$9HULILTXHFRQGHWHQLPLHQWRTXHODEDVH GHODVROODVQRVHDiVSHUDSDUDQRUD\DUOD HVWXID 6HOODGRGHODHVWXID 3DUDOLPSLDUHOVHOODGRGHODHVWXIDDOUHGHGRU GHORVERUGHVGHYLGULRFRORTXHXQSDxR K~PHGRVREUHORVPLVPRVGXUDQWHXQRV PLQXWRV\OXHJROLPSLHFRQOLPSLDGRUHVQR DEUDVLYRV 6XSHUILFLHGHYLGULRSRVLELOLGDGHVGHGDxRSHUPDQHQWH /RVGHUUDPHVD]XFDUDGRV FRPRJHODWLQDVGXOFH FDUDPHORMDUDEHVRSOiVWLFRV GHUUHWLGRVSXHGHQPDUFDU ODVXSHUILFLHGHODHVWXIDQR FXELHUWRSRUODJDUDQWtDD PHQRVTXHHOGHUUDPHVH TXLWHPLHQWUDVHVWiFDOLHQWH 'HEHWHQHUVHPXFKRFXLGDGR DOUHPRYHUVXVWDQFLDV FDOLHQWHV $VHJ~UHVHGHXWLOL]DUXQ UDVSDGRUQXHYR\DILODGR 1RXWLOLFHKRMDVGHVDILODGDVR GDxDGDV 'DxRVSRUGHUUDPHVD]XFDUDGRV\SOiVWLFRGHUUHWLGR $ SDJXHWRGDVODVXQLGDGHVGHVXSHUILFLH 4XLWHODVROODVFDOLHQWHV 8WLOL]DQGRXQJXDQWHGHFRFLQD D8VHXQUDVSDGRUGHILOR~QLFR UDVSDGRUSDUDHVWXIDVFHUiPLFDV &(5$0$%5<7(SDUDGHVSOD]DUHO GHUUDPHDXQiUHDIUtDGHODHVWXID 1RXVHODVXQLGDGHVGHVXSHUILFLHGH QXHYRKDVWDTXHWRGRVORVUHVWRVVH KD\DQHOLPLQDGRSRUFRPSOHWR 127$6LODVXSHUILFLHGHYLGULR\DKDVXIULGR PDUFDVRKHQGLGXUDVHOYLGULRGHODHVWXID GHEHUiFDPELDUVH(QHVHFDVRVHUiQHFHVDULDOD DWHQFLyQGHXQWpFQLFR E4XLWHHOGHUUDPHFRQWRDOODVGHSDSHO &XDOTXLHUGHUUDPHUHVWDQWHGHEHGHMDUVH KDVWDTXHODVXSHUILFLHGHODHVWXIDVHKD\D HQIULDGR 3DUDVROLFLWDUUHSXHVWRV 3DUDVROLFLWDUHOOLPSLDGRUGHHVWXIDV FHUiPLFDV&(5$0$%5<7(\HOUDVSDGRUGH HVWXIDVOODPHDQXHVWURQ~PHURJUDWXLWR &HQWURQDFLRQDOGHSLH]DV /LPSLDGRUGHHVWXIDVFHUiPLFDV&(5$0$ %5<7( :;; 5DVSDGRUGHHVWXIDVFHUiPLFDV &(5$0$%5<7( :;; .LW :%; (ONLWLQFOX\HODFUHPD\HOUDVSDGRUGHHVWXIDV 3DxRVGHOLPSLH]D&(5$0$%5<7(SDUD HVWXIDVFHUiPLFDV :;; VHFWLRQVRIWKLVPDQXDOIRUPRUHGHWDLO $QWHVGHOODPDUDOVHUYLFLRWpFQLFR« &RQVHMRVSDUDLGHQWLILFDFLyQ\VROXFLyQGHSUREOHPDV £$KRUUHWLHPSR\GLQHUR/HDODVWDEODVGHODVVLJXLHQWHV SiJLQDV\TXL]iVQRQHFHVLWHOODPDUDOVHUYLFLRWpFQLFR 3UREOHPD &DXVDVSRVLEOHV 4XpKDFHU /DVXQLGDGHVGH VXSHUILFLHQRIXQFLRQDQ ELHQRGHVWHOOD ODFRQILJXUDFLyQ GHHQHUJtD 6HHVWiQXWLOL]DQGRUHFLSLHQWHV 5HFLSLHQWHLQFRUUHFWR8VHXQLPiQSDUDYHULILFDUTXHHOUHFLSLHQWHVHD GHFRFFLyQLQDGHFXDGRV FRPSDWLEOHFRQODLQGXFFLyQ8VHXQUHFLSLHQWHSODQRFRQFDSDFLGDG GHLQGXFFLyQTXHFXPSODFRQHOWDPDxRPtQLPRSDUDHOHOHPHQWR TXHVHHVWiXVDQGR9HUODVHFFLyQ7DPDxR\IRUPDGHORVUHFLSLHQWHV (OUHFLSLHQWHHVPX\SHTXHxR (OWDPDxRGHOUHFLSLHQWHHVPHQRUDOWDPDxRPtQLPRSDUDHOHOHPHQWR 9HUODVHFFLyQ7DPDxR\IRUPDGHORVUHFLSLHQWHV (OUHFLSLHQWHQRHVWiELHQFRORFDGR &HQWUHHOUHFLSLHQWHHQOD]RQDGHFRFFLyQ /DGHWHFFLyQPHGLFLyQ GHUHFLSLHQWHVQRHVWi IXQFLRQDQGRGHPDQHUD DGHFXDGD (OUHFLSLHQWHHVWiPDOFRORFDGR 9HULILTXHTXHHOUHFLSLHQWHHVWpFHQWUDGRHQHOHOHPHQWRGHVXSHUILFLH FRUUHVSRQGLHQWH (OFRQWUROGHODHVWXIDHVWi 9HULILTXHTXHHOFRQWUROHVWpELHQFRQILJXUDGR PDOFRQILJXUDGR /DFRQILJXUDFLyQGHOD 'LVWULEXFLyQGHHQHUJtD 9HULILTXHVLVHHVWiFRPSDUWLHQGRODHQHUJtDHQWUHGRVHOHPHQWRV XQLGDGGHVXSHUILFLH HOHPHQWRVHQODPLVPDiUHDVRQDFWLYDGRV\XQHOHPHQWRVHVWi FRQILJXUDGRHQ%RRVW+$XPHQWDGR(OHOHPHQWRTXH FDPELyRVHDSDJy GHUHSHQWH QRHVFRQILJXUDGRHQ%RRVW$XPHQWDGRFDPELDUiDXQQLYHO GHSRWHQFLDLQIHULRURVHDSDJDUi(VWRVHOODPD,QWHUFDPELR GHSRWHQFLD3RZHU6KDULQJ3DUDPiVGHWDOOHVFRQVXOWHODV VHFFLRQHV%RRVW0RGH0RGR$XPHQWDGR\3RZHU6KDULQJ ,QWHUFDPELRGH3RWHQFLD 7HPSHUDWXUDHOHYDGDGH 3HUPLWDTXHHOYHQWLODGRULQWHUQRHQIUtHODHVWXID ODHVWXID 5D\RQHVSXHGHQSDUHFHU FRPRURWXUDVHQOD VXSHUILFLHGHYLGULR GHODHVWXID 6HHVWiQXVDQGRPpWRGRV GHOLPSLH]DLQFRUUHFWRV /RVUD\RQHVQRSXHGHQUHPRYHUVH/RVUD\RQHVPiVSHTXHxRV VHYROYHUiQPHQRVYLVLEOHVFRPRUHVXOWDGRGHODOLPSLH]D 6HHVWiQXVDQGRUHFLSLHQWHV FRQEDVHViVSHUDVRKD\ SDUWtFXODVJUXHVDVVDORDUHQD HQWUHHOUHFLSLHQWH\ODVXSHUILFLH GHODHVWXID 3DUDHYLWDUUD\RQHVXVHORVSURFHGLPLHQWRVGHOLPSLH]D UHFRPHQGDGRV9HULILTXHTXHODVEDVHVGHORVUHFLSLHQWHV HVWpQOLPSLDVDQWHVGHOXVR\XWLOLFHUHFLSLHQWHVFRQEDVHV OLVDV 6HKDGHVOL]DGRXQUHFLSLHQWHD WUDYpVGHODVXSHUILFLHGHODHVWXID ÈUHDVGHGHFRORUDFLyQ HQODHVWXID 9HUODVHFFLyQ&yPROLPSLDUODHVWXIDGHYLGULR 1RVHOLPSLDURQORVGHUUDPHV GHDOLPHQWRVDQWHVGHOXVRVLJXLHQWH 6XSHUILFLHFDOLHQWHHQ (VWRHVQRUPDO/DVXSHUILFLHSXHGHSDUHFHUGHFRORUDGD XQPRGHORFRQXQDHVWXID FXDQGRHVWiFDOLHQWH(VWRHVWHPSRUDO\GHVDSDUHFHUi GHFRORUFODUR DPHGLGDTXHVHHQIUtDHOYLGULR 3OiVWLFRGHUUHWLGR VREUHODVXSHUILFLH /DHVWXIDFDOLHQWHHQWUy HQFRQWDFWRFRQSOiVWLFR FRORFDGRVREUHODPLVPD 9HUODVHFFLyQ6XSHUILFLHGHYLGULRSRVLELOLGDGHVGHGDxR SHUPDQHQWHHQODVHFFLyQ&yPROLPSLDUODHVWXID GHYLGULR 0DUFDVRKHQGLGXUDV 6HKDGHUUDPDGRXQDPH]FOD HQODHVWXID D]XFDUDGDFDOLHQWHHQODHVWXID /ODPHDXQWpFQLFRFDOLILFDGRSDUDHOUHHPSOD]R /DOX]GHOKRUQR QRIXQFLRQD /DERPELOODGHOX]HVWiIORMD $MXVWHRFDPELHODERPELOOD (OHQFKXIHGHODFRFLQD QRHVWiLQWURGXFLGRGHOWRGR HQHOWRPDFRUULHQWH (OIXVLEOHSXHGHKDEHUVH TXHPDGRRHOLQWHUUXSWRUGH FLUFXLWRVSXHGHKDEHUVDOWDGR /RVFRQWUROHVGHOKRUQRHVWiQ PDOFRQILJXUDGRV (OKRUQRHVWiPX\FDOLHQWH 9HULILTXHTXHHOHQFKXIHHOpFWULFRHVWpFRQHFWDGR DXQWRPDFRUULHQWHFRQWHQVLyQ\DGHFXDGDFRQH[LyQ DWLHUUD &DPELHHOIXVLEOHRYXHOYDDFRQILJXUDUHOLQWHUUXSWRU GHFLUFXLWRV (OKRUQRQRIXQFLRQD 9HUODVHFFLyQ&yPRXVDUHOKRUQR 'HMHTXHHOKRUQRVHHQIUtHSRUGHEDMR GHODWHPSHUDWXUDGHEORTXHR *($SSOLDQFHVFRP 3UREOHPD &DXVDVSRVLEOHV /RVDOLPHQWRVQR VHKRUQHDQRURVWL]DQ FRUUHFWDPHQWH /RVFRQWUROHVGHOKRUQRHVWiQ 9HUODVHFFLyQ&yPRXVDUHOKRUQR PDOFRQILJXUDGRV /DSRVLFLyQGHODEDQGHMDHV LQFRUUHFWDRQRHVWiQLYHODGD 6HHVWiQXWLOL]DQGRUHFLSLHQWHV 9HUODVHFFLyQ&yPRXVDUHOKRUQR GHFRFFLyQLQFRUUHFWRVR GHWDPDxRLQDSURSLDGR (OWHUPRVWDWRGHOKRUQRGHEH 9HUODVHFFLyQ$MXVWHHOWHUPRVWDWRGHOKRUQRXVWHG DMXVWDUVH PLVPR /RVDOLPHQWRVQR VHDVDQGHPDQHUD DGHFXDGD /RVFRQWUROHVGHOKRUQRHVWiQ $VHJ~UHVHGHSUHVLRQDUHOERWyQ%52,/+,/2 PDOFRQILJXUDGRV DVDUDOWDEDMD 6HHVWiXVDQGRXQDSRVLFLyQ GHEDQGHMDLQDGHFXDGD 9HUOD*XtDGHDVDGR /RVUHFLSLHQWHVQRVRQ DGHFXDGRVSDUDDVDU 3DUDPHMRUHVUHVXOWDGRVXWLOLFHXQUHFLSLHQWHGLVHxDGR SDUDDVDGR /DVRQGDHVWiHQFKXIDGD GHQWURGHODVDOLGDGHOKRUQR HQDOJXQRVPRGHORV 'HVHQFKXIH\TXLWHODVRQGDGHOKRUQR (QDOJXQDVUHJLRQHVODHQHUJtD 3UHFDOLHQWHHOHOHPHQWRSDUDDVDUGXUDQWHPLQXWRV YROWDMHSXHGHVHUEDMD $VHSRUHOSHUtRGRGHWLHPSRPiVSURORQJDGRTXH VHUHFRPLHQGHHQOD*XtDGHDVDGR 4XpKDFHU 9HUODVHFFLyQ&yPRXVDUHOKRUQR /DWHPSHUDWXUD (OWHUPRVWDWRGHOKRUQRGHEH 9HUODVHFFLyQ$MXVWHHOWHUPRVWDWRGHOKRUQRXVWHG GHOKRUQRHVPX\DOWD DMXVWDUVH PLVPR RPX\EDMD (OFDMyQGH DOPDFHQDPLHQWR HVWiWRUFLGR (OVRSRUWHGHFDMyQWUDVHUR 9XHOYDDFRORFDUHOFDMyQ9HUODVLQVWUXFFLRQHVGH VHHQFXHQWUDVREUHHOULHO 5HPRFLyQGHOFDMyQGHDOPDFHQDPLHQWRHQODVHFFLyQ GHODJXtD &XLGDGR\OLPSLH]DGHODFRFLQD 9HULILTXHTXHHOFDMyQHVWpELHQFRORFDGRVLVHORTXLWD (OFDMyQGH DOPDFHQDPLHQWR QRFLHUUD (OFDEOHGHHQHUJtDSXHGH HVWDUREVWUX\HQGRHOFDMyQ HQODSDUWHWUDVHUDLQIHULRU GHODFRFLQD &DPELHODXELFDFLyQGHOFDMyQ\GHOFDEOHGHHQHUJtD 9HUODVLQVWUXFFLRQHVGH5HPRFLyQGHOFDMyQGH DOPDFHQDPLHQWRHQODVHFFLyQ&XLGDGR\OLPSLH]D GHODFRFLQD (OVRSRUWHGHFDMyQWUDVHUR 9XHOYDDFRORFDUHOFDMyQ9HUODVLQVWUXFFLRQHVGH VHHQFXHQWUDVREUHHOULHO 5HPRFLyQGHOFDMyQGHDOPDFHQDPLHQWRHQODVHFFLyQ GHODJXtD &XLGDGR\OLPSLH]DGHODFRFLQD /DSXHUWDGHOKRUQR DOLQHDGD /DSXHUWDQRHVWiELHQ 'DGRTXHODSXHUWDGHOKRUQRHVGHVPRQWDEOHDYHFHVHVWiWRUFLGD VHGHVHTXLOLEUDGXUDQWHODLQVWDODFLyQ 3DUDHQGHUH]DUODSXHUWDSUHVLRQHKDFLDDEDMRVREUHODHVTXLQD VXSHULRU $QWHVGHOODPDUDOVHUYLFLRWpFQLFR« &RQVHMRVSDUDLGHQWLILFDFLyQ\VROXFLyQGHSUREOHPDV 3UREOHPD &DXVDVSRVLEOHV 4XpKDFHU (OUHORM\HOWHPSRUL]DGRU (OHQFKXIHGHODFRFLQDQRHVWi 9HULILTXHTXHHOHQFKXIHHOpFWULFRHVWpFRQHFWDGRDXQ QRIXQFLRQDQ LQWURGXFLGRGHOWRGRHQHOWRPDFRUULHQWH WRPDFRUULHQWHFRQWHQVLyQ\DGHFXDGDFRQH[LyQDWLHUUD (OIXVLEOHSXHGHKDEHUVH &DPELHHOIXVLEOHRYXHOYDDFRQILJXUDUHOLQWHUUXSWRU TXHPDGRRHOLQWHUUXSWRU GHFLUFXLWRV GHFLUFXLWRVSXHGHKDEHUVDOWDGR /RVFRQWUROHVGHOKRUQRHVWiQ PDOFRQILJXUDGRV 9HUODVHFFLyQ&yPRXVDUHOWHPSRUL]DGRUGHFRFLQD (OKRUQRQRUHDOL]D ODDXWROLPSLH]D /DWHPSHUDWXUDGHOKRUQRHVWi PX\HOHYDGDSDUDFRQILJXUDU ODIXQFLyQGHDXWROLPSLH]D 'HMHTXHODFRFLQDVHHQIUtH\YXHOYDDFRQILJXUDU ORVFRQWUROHV /RVFRQWUROHVGHOKRUQRHVWiQ PDOFRQILJXUDGRV 9HUODVHFFLyQ8VRGHOKRUQRFRQDXWROLPSLH]D /DVRQGDHVWiHQFKXIDGD 4XLWHODVRQGDGHOKRUQR GHQWURGHODERFDGHVDOLGD GHOKRUQRHQDOJXQRVPRGHORV 5XLGRGH´FUXMLGRVµ R´FKDVTXLGRVµ (VHOVRQLGRGHOPHWDO FDOHQWiQGRVH\HQIULiQGRVH GXUDQWHODVIXQFLRQHV GHFRFFLyQ\OLPSLH]D (VWRHVQRUPDO +XPRH[FHVLYR HQHOKRUQRGXUDQWH FLFORGHOLPSLH]D 6XFLHGDGH[FHVLYD 3UHVLRQHHOERWyQ&/($52))ERUUDUDSDJDGR $EUDODVYHQWDQDVSDUDTXHVDOJDHOKXPR(VSHUHHO KDVWDTXHVHDSDJXH/2&.(''225 'HVSXpVGHTXH VHHQIUtHHOKRUQROLPSLHHOH[FHVRGHVXFLHGDG\YXHOYDD FRQILJXUDUHOFLFORGHOLPSLH]D /DSXHUWDGHOKRUQR QRVHDEUHGHVSXpVGHO XQFLFORGHOLPSLH]D (OKRUQRHVWiPX\FDOLHQWH 'HMHTXHHOKRUQRVHHQIUtHSRUGHEDMR GHODWHPSHUDWXUDGHEORTXHR (OKRUQRQRHVWiOLPSLR GHVSXpVGHXQFLFOR GHOLPSLH]D /RVFRQWUROHVGHOKRUQRQRHVWiQ 9HUODVHFFLyQ8VRGHOKRUQRFRQDXWROLPSLH]D FRQILJXUDGRVFRUUHFWDPHQWH (OKRUQRHVWDEDPX\VXFLR /LPSLHORVGHUUDPHVPiVUHEHOGHVDQWHVGHLQLFLDUHOFLFOR GHOLPSLH]D/RVKRUQRVPX\VXFLRVSXHGHQQHFHVLWDUXQD QXHYDDXWROLPSLH]DRXQDOLPSLH]DPiVSURORQJDGD /DOX]GHEORTXHR ´/2&.('µGHVWHOOD HQODSDQWDOOD GHOKRUQR 6HKDVHOHFFLRQDGRHOFLFOR GHDXWROLPSLH]DSHUR ODSXHUWDQRHVWiFHUUDGD &LHUUHODSXHUWDGHOKRUQR /DOX]GHEORTXHR ´/2&.('µHVWi HQFHQGLGDFXDQGR GHVHDFRFLQDU /DSXHUWDGHOKRUQR HVWiEORTXHDGDSRUTXH ODWHPSHUDWXUDGHQWUR GHOPLVPRQRKDGHVFHQGLGR GHEDMRGHODWHPSHUDWXUD GHEORTXHR 3UHVLRQHHOERWyQ&/($52))ERUUDUDSDJDGR 'HMHHQIULDUHOKRUQR ´)³µ\XQQ~PHUR ROHWUDGHVWHOODQ HQODSDQWDOOD +D\XQFyGLJRGHHUURU GHIXQFLyQ 'HVHQFKXIHHOKRUQRSRUORPHQRVVHJXQGRV\OXHJR YXHOYDDHQFKXIDUOR6LHOFyGLJRGHHUURUGHIXQFLyQ VHUHSLWHOODPHDOVHUYLFLRWpFQLFR *($SSOLDQFHVFRP 3UREOHPD &DXVDVSRVLEOHV 4XpKDFHU (OFRQWUROHPLWHXQD VHxDOGHVSXpVGHLQJUHVDU XQWLHPSRGHFRFFLyQ RGHLQLFLR /DSDQWDOODTXHGD HQEODQFR /DSDQWDOODGHVWHOOD /DSDQWDOODQR PXHVWUD´6)µ $SDUHFH´3UREHµ VRQGDHQODSDQWDOOD DOJXQRVPRGHORV &RUWHGHHQHUJtD HOUHORMGHVWHOOD (PLVLyQGHYDSRU GHVGHODYHQWLODFLyQ 8QRORUD´TXHPDGRµ R´DFHLWRVRµVDOH GHODYHQWLODFLyQ 2ORUSHQHWUDQWH 6HR\HXQYHQWLODGRU HQDOJXQRVPRGHORV 2OYLGyLQJUHVDU 3UHVLRQHHOERWyQ%$.(KRUQHDU\ODWHPSHUDWXUD XQWHPSHUDWXUDGHKRUQHDGR GHVHDGDRHOERWyQ6(/)&/($1DXWROLPSLH]D RXQKRUDULRGHOLPSLH]D \HOWLHPSRGHOLPSLH]DGHVHDGR (OIXVLEOHSXHGHKDEHUVHTXHPDGR &DPELHHOIXVLEOHRYXHOYDDFRQILJXUDUHOLQWHUUXSWRU RHOLQWHUUXSWRUGHFLUFXLWRV GHFLUFXLWRV SXHGHKDEHUVDOWDGR (OUHORMVHHQFXHQWUDHQ 9HUODVHFFLyQGH&DUDFWHUtVWLFDVHVSHFLDOHVGH HOPRGRVLQYLVXDOL]DFLyQ ORVFRQWUROHVGHOKRUQR &RUWHGHHQHUJtD 5HFRQILJXUHHOUHORM /RVERWRQHVGHFRQWUROGHOKRUQR /RVERWRQHV%52,/+,/2DVDUDOWREDMR\%$.( QRVHSUHVLRQDURQFRUUHFWDPHQWH KRUQHDUGHEHQSUHVLRQDUVHDOPLVPRWLHPSR \VRVWHQHUVHGXUDQWHVHJXQGRV (VWROHUHFXHUGDGHLQJUHVDU ,QJUHVHXQDWHPSHUDWXUDGHVRQGD XQDWHPSHUDWXUDGHVRQGD GHVSXpVGHHQFKXIDUOD &RUWHGHHQHUJtDRVXELGD 5HFRQILJXUHHOUHORM6LHOKRUQRHVWDEDHQXVRXVWHG GHWHQVLyQ GHEHUHFRQILJXUDUORSUHVLRQDQGRHOERWyQ&/($52)) ERUUDUDSDJDGRFRQILJXUDQGRHOUHORM\ UHFRQILJXUDQGRFXDOTXLHUIXQFLyQGHFRFFLyQ &XDQGRVHXWLOL]DQORVKRUQRV (VWRHVQRUPDO HVQRUPDOYHUXQDHPLVLyQGHYDSRU GHODYHQWLODFLyQGHOKRUQR$PHGLGD TXHHOQ~PHURGHEDQGHMDVR ODFDQWLGDGGHDOLPHQWRVDFRFLQDU VHLQFUHPHQWDODFDQWLGDGGHYDSRU YLVLEOHVHHOHYDUi (VWRHVQRUPDOHQXQKRUQR 3DUDDFHOHUDUHOSURFHVRFRQILJXUHXQFLFORGH QXHYR\GHVDSDUHFHFRQ DXWROLPSLH]DGXUDQWHXQPtQLPRGHKRUDV9HU HOWLHPSR 9HUODVHFFLyQ8VRGHOKRUQRFRQDXWROLPSLH]D /DVSULPHUDVYHFHVTXH (VWRHVWHPSRUDO VHXWLOL]DHOKRUQRHVQRUPDO VHQWLUXQRORUSURYHQLHQWH GHODLVODQWHTXHUHFXEUH ODSDUWHLQWHUQDGHOKRUQR 8QYHQWLODGRUGHFRQYHFFLyQ (VWRHVQRUPDO3DUDSRWHQFLDUDOPi[LPRXQDFRFFLyQ SXHGHHQFHQGHUVH\DSDJDUVH SDUHMDHOYHQWLODGRUHVWiGLVHxDGRSDUDJLUDUHQDPEDV DXWRPiWLFDPHQWH GLUHFFLRQHVFRQXQDSDXVDHQWUHHOODV (OYHQWLODGRUGHFRQYHFFLyQIXQFLRQDGXUDQWHHO SUHFDOHQWDPLHQWRGHOFLFORGHKRUQHDGR(OYHQWLODGRU VHDSDJDUiGHVSXpVGHTXHHOKRUQRKD\DDOFDQ]DGR ODWHPSHUDWXUDFRQILJXUDGD(VWRHVQRUPDO 8QYHQWLODGRUGHUHIULJHUDFLyQ (VWRHVQRUPDO6HHQFHQGHUi\DSDJDUiXQYHQWLODGRU SXHGHHQFHQGHUVH\DSDJDUVH GHUHIULJHUDFLyQSDUDHQIULDUODVSLH]DVLQWHUQDV3XHGH DXWRPiWLFDPHQWH IXQFLRQDUD~QGHVSXpVGHTXHHOKRUQRVHKD\D DSDJDGR $QWHVGHOODPDUDOVHUYLFLRWpFQLFR« &RQVHMRVSDUDLGHQWLILFDFLyQ\VROXFLyQGHSUREOHPDV 3UREOHPD &DXVDVSRVLEOHV 4XpKDFHU 5HVXOWDGLItFLOGHVOL]DU /DVSDUULOODVGHFRORU $SOLTXHXQDSHTXHxDFDQWLGDGGHDFHLWHYHJHWDOHQ ODVEDQGHMDVGHOKRUQR SODWHDGREULOODQWHVHOLPSLDURQ XQDWRDOODGHSDSHO\IURWHORVERUGHVGHODVEDQGHMDV HQXQFLFORGHDXWROLPSLH]D GHOKRUQR1RURFtHFRQ3DPXRWUROXEULFDQWHHQVSUD\ (OFDMyQQRVHGHVOL]D ELHQRKD\TXHWLUDU GHpO (OFDMyQQRHVWiELHQ DOLQHDGR ([WLHQGDHOFDMyQSRUFRPSOHWR\SUHVLyQHORKDVWD HOIRQGR9HUODVHFFLyQ&XLGDGR\OLPSLH]DGHODFRFLQD (OFDMyQHVWiPX\FDUJDGR 5HGX]FDHOSHVR5HGLVWULEX\DHOFRQWHQLGRGHOFDMyQ RODFDUJDQRHVWiHTXLOLEUDGD 1RIXQFLRQDQHOFDMyQ (OIXVLEOHSXHGHKDEHUVH &DPELHHOIXVLEOHRYXHOYDDFRQILJXUDUHOLQWHUUXSWRU FDOHQWDGRU TXHPDGRRHOLQWHUUXSWRUGH GHFLUFXLWRV FLUFXLWRVSXHGHKDEHUVDOWDGR /RVFRQWUROHVHVWiQPDO FRQILJXUDGRV 9HUODVHFFLyQ&yPRXVDUHOFDMyQFDOHQWDGRU &RQGHQVDFLyQH[FHVLYD /tTXLGRHQHOFDMyQ HQHOFDMyQ $OLPHQWRVVLQFXEULU 4XLWHHOOtTXLGR 5HGX]FDODFRQILJXUDFLyQGHODWHPSHUDWXUD /DFRQILJXUDFLyQGH WHPSHUDWXUDHVWiPX\DOWD &XEUDORVDOLPHQWRVFRQXQDWDSDRFRQSDSHO GHDOXPLQLR /RVDOLPHQWRVVHVHFDQ /DKXPHGDGVHHVFDSD HQHOFDMyQFDOHQWDGRU &XEUDORVDOLPHQWRVFRQXQDWDSDRFRQSDSHO GHDOXPLQLR 3UHVLRQHHOFDMyQKDFLDDGHQWURKDVWDTXHHOVXMHWDGRU HQJDQFKH (OFDMyQQRHVWiWRWDOPHQWH FHUUDGR $FFHVRULRV *($SSOLDQFHVFRP ¢'HVHDDOJRPiV"1RWRGRVORVDFFHVRULRVVHHQFXHQWUDQGLVSRQLEOHVSDUDWRGRV ORVPRGHORV 8VWHGSXHGHHQFRQWUDUHVWRVDFFHVRULRV\PXFKRVPiVHQ*($SSOLDQFHVFRPROODPHDO HQKRUDULRGHWUDEDMRQRUPDO7HQJDOLVWRHOQ~PHURGHPRGHOR 5HMLOODV &DEH]DOHVRWDSDVGH TXHPDGRUHVGHVXSHUILFLH 3HULOODV (OHPHQWRVGHVXSHUILFLH\ EDQGHMDVFROHFWRUDV R %DQGHMDVGHOKRUQR (OHPHQWRVGHOKRUQR %RPELOODVGHOX] 3DUULOODGHH[WHQVLyQ 6LVXPRGHORLQFOX\HXQDSDUULOODGHH[WHQVLyQSXHGHLQFUHPHQWDUODIXQFLRQDOLGDGGHVXDOFDQFHDODGTXLULUSDUULOODVGHH[WHQVLyQDGLFLRQDOHV9LVLWHZZZJHDSSOLDQFHSDUWV FRPROODPHDO\RUGHQHODSLH]DQ~PHUR:%76HGHEHWHQHUHQFXHQWDTXHODVSDUULOODVGHH[WHQVLyQQRFRUUHVSRQGHQDWRGRVORVWLSRVGHPRGHORV £3UXHEHHVWRVRWURVH[FHOHQWHVSURGXFWRVSDUDTXHVXFRFLQDVHYHDHVWXSHQGD .LWGHOLPSLH]D GHDQDIHV YLWURFHUiPLFRV ,QFOX\HOLPSLDGRU UDVTXHWD\SDxR 7RDOOLWDV GHOLPSLH]D GHDQDIHV YLWURFHUiPLFRV 7RDOOLWDVSDUD SXOLUDUWHIDFWRV GHDFHUR LQR[LGDEOH /LPSLDGRU GHDUWHIDFWRV GHDFHUR LQR[LGDEOH :;;*&6 :;; :;; 30; £$SURYHFKHDOPi[LPRVXEDQGHMDSDUDDVDU1RSDUDXVDUFRQPRGHORVGHFDMyQDVDGRU £8WLOLFHVXEDQGHMD\WDSDGHUHMLOODSDUDDVDUKDPEXUJXHVDVIUXWRVGHPDUILOHWHVYHJHWDOHVSDQFHWD FRVWLOODV\PXFKRPiV/DEDQGHMDLQIHULRUUHWLHQHHOH[FHVRGHJUDVDV\DFHLWHV 3LH]D*(JHQXLQD )iFLOGHOLPSLDU *DUDQWtDGHXQDxR £2IHUWDGHWLHPSROLPLWDGR£(QYtRVLQFDUJR &XDQGRVROLFLWHODEDQGHMDSDUDDVDUGHQWURGHORVGtDVGHKDEHUDGTXLULGRVXSURGXFWRGHFRFLQD*( 1GHSLH]D 'LPHQVLRQHV 3HTXHxD :%; µ$[µ$[µ3 *UDQGH :%; µ$[µ$[µ3 ([WUDJUDQGH :%; µ$[µ$[µ3 /DEDQGHMDSDUDDVDUJUDQGHHVWiQGDUQRHQWUDHQFRFLQDVGHSXOJDGDV /DEDQGHMDH[WUDJUDQGHQRHQWUDHQKRUQRVGHSDUHGHVGHSXOJDGDVHPSRWUDGDVGHSXOJDGDVRFRFLQDVGHSXOJDGDV /ODPHDORXWLOLFHHVWHIRUPXODULRSDUDHQYLDUVXVROLFLWXGSRUFRUUHR *(3DUWV32%R[0HPSKLV71 BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB )RUPXODULRGHVROLFLWXGGHODEDQGHMDSDUDDVDU &DQWLGDG BBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBB 1~PHURGHSLH]DBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 1~PHURGHPRGHORBBBBBBBBBBBB 1~PHURGHVHULH BBBBBBBBBBBBBBBB 0DUFDBBBBBBBBBBBBBB )HFKDGHFRPSUDBBBBBBBBB 1RPEUH BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB $SHOOLGRBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 'LUHFFLyQ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB &LXGDG BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB (VWDGRBBBBBBBBBB &yGLJR3RVWDOBBBBBBBBBBBBBBBBBBBBBBBBB 7HOpIRQRBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB &RUUHRHOHFWUyQLFRBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB &KHFN BBBBBB *LURSRVWDOBBBBBB 3DUDFRQVXOWDUVREUHORVSUHFLRVDFWXDOHVOODPHDO7RGDVODVyUGHQHVFRQWDUMHWDGHFUpGLWRVHGHEHUiQUHDOL]DU HQIRUPDWHOHIyQLFD 1RWDV *DUDQWtDGHFRFLQDHOpFWULFDGH*( 7RGRVORVVHUYLFLRVWpFQLFRVGHJDUDQWtDVRQRWRUJDGRVSRUQXHVWURV &HQWURVGH6HUYLFLRGH)iEULFDRXQWpFQLFRDXWRUL]DGRSRU &XVWRPHU&DUH3DUDSURJUDPDUHOVHUYLFLRWpFQLFRYLVtWHQRVRQOLQH HQ*($SSOLDQFHVFRPROODPHDO*(&$5(6 7HQJDHOQ~PHURGHVHULH\GHPRGHORDPDQRFXDQGROODPHSDUD VROLFLWDUXQVHUYLFLRWpFQLFR *($SSOLDQFHVFRP $EURFKHVXUHFLERDTXt 6HQHFHVLWDXQDSUXHED GHODIHFKDGHFRPSUDRULJLQDOSDUD REWHQHUVHUYLFLRWpFQLFRFXELHUWRSRU ODJDUDQWtD 3RUHOSHUtRGRGH *(RWRUJDUi 8QDxR 'HVGHODIHFKDGH FRPSUDRULJLQDO 3DUDORV0RGHORV3URILOH &LQFR$xRV 'HVGHODIHFKD GHODFRPSUDRULJLQDO &XDOTXLHUSLH]DGHODFRFLQDTXHIDOOHGHELGRDXQGHIHFWRGHORVPDWHULDOHVRPDQRGHREUD 'XUDQWHHVWDJDUDQWtDOLPLWDGDGHXQDxR*(WDPELpQRIUHFHHQIRUPDJUDWXLWDODPDQRGH REUD\WUDEDMRVHQHOKRJDUSDUDUHHPSOD]DUODSLH]DGHIHFWXRVD 3DUDORV0RGHORV3URILOH (OUHHPSOD]RGHXQDHVWXIDGHYLGULRVLVHDJULHWDGHELGRDXQFKRTXHWpUPLFR RVLHOSDWUyQVHGHVJDVWD (OUHHPSOD]RGHODXQLGDGGHODVXSHUILFLHUDGLDQWHVLVHTXHPDUD 'XUDQWHHVWDJDUDQWtDOLPLWDGDDGLFLRQDOGHFXDWURDxRVXVWHGVHUiUHVSRQVDEOHSRU SRUFXDOTXLHUWUDEDMRRUHSDUDFLyQHQHOKRJDU *(QRFXEULUi 9LVLWDVDVXKRJDUSDUDHQVHxDUOHDXVDUHOSURGXFWR ,QVWDODFLyQHQWUHJDRPDQWHQLPLHQWRLQDGHFXDGRV 'DxRRIDOODVGHOSURGXFWRHQFDVRGHDEXVRXVR LQDGHFXDGRXVRSDUDRWURVSURSyVLWRVTXHQRVHDQHO DGHFXDGRRXVRFRPHUFLDO 'DxRVDODHVWXIDGHYLGULRSURYRFDGRVSRUHOXVR GHOLPSLDGRUHVGLVWLQWRVGHODVFUHPDV\SDxRV UHFRPHQGDGRV 'DxRVDODHVWXIDGHYLGULRSURYRFDGRVSRUGHUUDPHV HQGXUHFLGRVGHPDWHULDOHVD]XFDUDGRVRSOiVWLFRGHUUHWLGR TXHQRVHOLPSLDURQGHDFXHUGRFRQ ODVLQVWUXFFLRQHVGHO0DQXDOGHO3URSLHWDULR 5HHPSOD]RGHIXVLEOHVGRPpVWLFRVRODUHFRQILJXUDFLyQGH LQWHUUXSWRUHVGHFLUFXLWR 'DxRVDOSURGXFWRSURYRFDGRVSRUDFFLGHQWHVLQFHQGLRV LQXQGDFLRQHVRIXHU]DPD\RU 'DxRVLQFLGHQWDOHVRUHVXOWDQWHVSURYRFDGRVSRUSRVLEOHV GHIHFWRVHQHVWHDUWHIDFWR 'DxRVSURYRFDGRVGHVSXpVGHODHQWUHJD 8QSURGXFWRQRDFFHVLEOHSDUDSUHVWDUHOVHUYLFLRWpFQLFR VROLFLWDGR (;&/86,Ï1'(*$5$17Ë$6,03/Ë&,7$6³6X~QLFR\H[FOXVLYRUHFXUVRHVODUHSDUDFLyQGHOSURGXFWRFRPR VHHVWDEOHFHHQODSUHVHQWH*DUDQWtD/LPLWDGD/DVJDUDQWtDVLPSOtFLWDVLQFOX\HQGRJDUDQWtDVGHFRPHUFLDELOLGDG \DSWLWXGSDUDXQREMHWLYRSDUWLFXODUVHHQFXHQWUDQOLPLWDGDVDXQDxRRDOSHUtRGRPiVFRUWRSHUPLWLGRSRUODOH\ (VWDJDUDQWtDVHH[WLHQGHDOFRPSUDGRURULJLQDO\FXDOTXLHUGXHxRSRVWHULRUSDUDSURGXFWRVDGTXLULGRVSDUD XVRGRPpVWLFRGHQWURGHORV((886LHOSURGXFWRVHHQFXHQWUDHQXQDUHJLyQGRQGHQRKD\6HUYLFLR7pFQLFR DXWRUL]DGRGH*(XVWHGVHUiUHVSRQVDEOHGHOFRVWRGHOYLDMHRXVWHGSXHGHWHQHUTXHOOHYDUHOSURGXFWRDXQ 6HUYLFLR7pFQLFR$XWRUL]DGRGH*(SDUDHIHFWXDUODUHSDUDFLyQ(Q$ODVNDODJDUDQWtDH[FOX\HHOFRVWRGHHQYtRR YLVLWDVSDUDHIHFWXDUDUUHJORVHQVXKRJDU $OJXQRVHVWDGRVQRSHUPLWHQODH[FOXVLyQROLPLWDFLyQGHGDxRVLQFLGHQWDOHVRUHVXOWDQWHV(VWDJDUDQWtD OHRWRUJDGHUHFKRVOHJDOHVHVSHFtILFRV\XVWHGSXHGHFRQWDUFRQRWURVGHUHFKRVTXHSXHGHQYDULDUGHHVWDGRD HVWDGR3DUDFRQRFHUVXVGHUHFKRVOHJDOHVFRQVXOWHDVXRILFLQDGHOFRQVXPLGRUORFDORHVWDWDO RDO)LVFDO*HQHUDOGHVXHVWDGR *DUDQWH*HQHUDO(OHFWULF&RPSDQ\/RXLVYLOOH.< $SR\RDOFOLHQWH 3iJLQD:HEGH*($SSOLDQFHV *($SSOLDQFHVFRP ¢7LHQHDOJXQDSUHJXQWDVREUHVXHOHFWURGRPpVWLFR"£3UXHEHODSiJLQD:HEGH*($SSOLDQFHVKRUDVDOGtD FXDOTXLHUGtDGHODxR3DUDPD\RUFRQYHQLHQFLD\VHUYLFLRPiVUiSLGR\DSXHGHGHVFDUJDUORV0DQXDOHV GHORV3URSLHWDULRVSHGLUSLH]DVRLQFOXVRKDFHUXQDFLWDHQOtQHDSDUDTXHYHQJDQDUHDOL]DUXQDUHSDUDFLyQ 6ROLFLWHXQDUHSDUDFLyQ *($SSOLDQFHVFRP (OVHUYLFLRGHH[SHUWRV*(HVWiDWDQVyORXQSDVRGHVXSXHUWD£(QWUHHQOtQHD\VROLFLWHVXUHSDUDFLyQFXDQGR OHYHQJDFXDOTXLHUGtDGHODxR2OODPHDO*(&$5(6GXUDQWHKRUDVQRUPDOHVGHRILFLQD 5HDO/LIH'HVLJQ6WXGLR(VWXGLRGHGLVHxRSDUDODYLGDUHDO *($SSOLDQFHVFRP *(DSR\DHOFRQFHSWRGH'LVHxR8QLYHUVDO³SURGXFWRVVHUYLFLRV\DPELHQWHVTXHSXHGHQXVDUJHQWHGHWRGDV ODVHGDGHVWDPDxRV\FDSDFLGDGHV5HFRQRFHPRVODQHFHVLGDGGHGLVHxDUSDUDXQDJUDQJDPDGHKDELOLGDGHV \GLILFXOWDGHVItVLFDV\PHQWDOHV3DUDPiVGHWDOOHVFREUHODVDSOLFDFLRQHVGH*('LVHxR8QLYHUVDOLQFOX\HQGR LGHDVGHGLVHxRSDUDODFRFLQDSDUDSHUVRQDVFRQGLVFDSDFLGDGHVPLUHQXHVWUDSiJLQD:HEKR\PLVPR 3DUDSHUVRQDVFRQGLILFXOWDGHVDXGLWLYDVIDYRUGHOODPDUDO7''*($& *DUDQWtDVDPSOLDGDV *($SSOLDQFHVFRP &RPSUHXQDJDUDQWtDDPSOLDGD\REWHQJDGHWDOOHVVREUHGHVFXHQWRVHVSHFLDOHVGLVSRQLEOHVPLHQWUDVVXJDUDQWtD HVWiD~QDFWLYD3XHGHFRPSUDUODHQOtQHDHQFXDOTXLHUPRPHQWRROODPDUDOGXUDQWHKRUDV QRUPDOHVGHRILFLQD*(&RQVXPHU+RPH6HUYLFHVHVWDUiD~QDKtFXDQGRVXJDUDQWtDWHUPLQH 3LH]DV\DFFHVRULRV *($SSOLDQFHVFRP $TXHOORVLQGLYLGXRVFRQODFDOLILFDFLyQQHFHVDULDSDUDUHSDUDUVXVSURSLRVHOHFWURGRPpVWLFRVSXHGHQ SHGLUTXHVHOHVPDQGHQODVSLH]DVRDFFHVRULRVGLUHFWDPHQWHDVXVKRJDUHVDFHSWDPRVODVWDUMHWDV 9,6$0DVWHU&DUG\'LVFRYHU+DJDVXSHGLGRHQOtQHDKR\KRUDVFDGDGtDROODPDUSRUWHOpIRQR DOGXUDQWHKRUDVQRUPDOHVGHRILFLQD /DVLQVWUXFFLRQHVGHVFULWDVHQHVWHPDQXDOFXEUHQORVSURFHGLPLHQWRVDVHJXLUSRUFXDOTXLHUXVXDULR&XDOTXLHU RWUDUHSDUDFLyQGHEHUtDSRUUHJODJHQHUDOUHIHULUVHDSHUVRQDOFDOLILFDGRDXWRUL]DGR'HEHHMHUFHUVHSUHFDXFLyQ \DTXHODVUHSDUDFLRQHVLQFRUUHFWDVSXHGHQFDXVDUFRQGLFLRQHVGHIXQFLRQDPLHQWRLQVHJXUDV 3yQJDVHHQFRQWDFWRFRQQRVRWURV *($SSOLDQFHVFRP 6LQRHVWiVDWLVIHFKRFRQHOVHUYLFLRTXHUHFLEHGH*(SyQJDVHHQFRQWDFWRFRQQRVRWURVHQQXHVWUDSiJLQD :HELQGLFDQGRWRGRVORVGHWDOOHVDVtFRPRVXQ~PHURGHWHOpIRQRRHVFUtEDQRVD *HQHUDO0DQDJHU&XVWRPHU5HODWLRQV *($SSOLDQFHV$SSOLDQFH3DUN /RXLVYLOOH.< 5HJLVWUHVXHOHFWURGRPpVWLFR *($SSOLDQFHVFRP £5HJLVWUHVXQXHYRHOHFWURGRPpVWLFRHQOtQHD³FXDQGRXVWHGSUHILHUD(OUHJLVWUDUVXSURGXFWRDWLHPSR OHSURSRUFLRQDUiVLVXUJLHUDODQHFHVLGDGXQDPHMRUFRPXQLFDFLyQ\XQVHUYLFLRPiVUiSLGREDMRORVWpUPLQRV GHVXJDUDQWtD7DPELpQSXHGHHQYLDUVXWDUMHWDGHUHJLVWURSUHLPSUHVDTXHVHLQFOX\HHQHOPDWHULDOGH HPEDODMH
Source Exif Data:
File Type : PDF File Type Extension : pdf MIME Type : application/pdf PDF Version : 1.6 Linearized : Yes Author : 220038803 Create Date : 2012:07:13 11:17:34-04:00 Modify Date : 2012:07:13 14:19:20-04:00 XMP Toolkit : Adobe XMP Core 4.2.1-c043 52.372728, 2009/01/18-15:08:04 Metadata Date : 2012:07:13 14:19:20-04:00 Creator Tool : Adobe InDesign CS4 (6.0.6) Format : application/pdf Title : 49-80655_HiRes_En.pdf Creator : 220038803 Document ID : uuid:a235f047-94e2-4bd0-932e-b943965584b5 Instance ID : uuid:642928ea-8d42-48e2-ab40-ffe1dfcbb8a8 Producer : Acrobat Distiller 9.5.1 (Windows) Page Count : 88EXIF Metadata provided by EXIF.tools