Descargar el Catálogo Completo del Remate de Arte de Julio de

,03257$17(9(17$
&2/(&&,21
$/%(5729('2<$
6$5$6(5e'(9('2<$
02%,/,$5,248(3(57(1(&,Ð$
)('(5,&2-25*(./(00
(;326,&,Ð1
9,(51(66$%$'2/81(6<0$57(6'(-8/,2
'($<'($+25$6
'20,1*2'(-8/,2
'($+25$6
(/5(0$7(7(1'5$/8*$5(1%8(126$,5(6
(1/266$/21(6'(18(6752
+27(/'(9(17$6
*8,'2
/26'Ì$6
0,e5&2/(6-8(9(6<9,(51(6'(-8/,2$/$6+6
&217,18$1'2
/81(6<0$57(6'(-8/,2$/$6+6
&21',&,21(6'(9(17$
6LXVWHGGHVHDKDFHURIHUWDHQXQUHPDWHOHUHFRPHQGD
PRVOHDODV&RQGLFLRQHVGH9HQWDTXHÀJXUDQDFRQWL
QXDFLyQ
/DVVLJXLHQWHVFRQGLFLRQHVGHYHQWDFRQJDUDQWtDOLPLWD
GDHQFRQMXQWRFRQFXDOTXLHUJORVDULRTXHSXGLHUDDSDUH
FHUHQRWUDVSDUWHVGHHVWDSXEOLFDFLyQ\HOFRPSUREDQWH
HQWUHJDGRFRPRFRQVWDQFLDGHOSDJRGHUHVHUYDTXHVHOH
HQWUHJDHOGtDGHOUHPDWHFRQVWLWX\HQHOFRQYHQLRHQWUH
-&1DyQ\&tD6$\HO&RPSUDGRUHQUHODFLyQFRQ
ORV ELHQHV LQFOXLGRV HQ HVWH FDWiORJR /DV FRQGLFLRQHV
GHYHQWD\JDUDQWtDOLPLWDGDDVtFRPRWRGRHOFRQWHQLGR
GH HVWH FDWiORJR SRGUiQ VHU PRGLÀFDGRV PHGLDQWH DYL
VRV ÀMDGRV HQ HO VDOyQ GH UHPDWHV R DQXQFLRV YHUEDOHV
TXHVHHIHFW~HQGXUDQWHODYHQWD/RVELHQHVVRQRIUHFL
GRVSRUQRVRWURVHQFDOLGDGGHPDQGDWDULRVVDOYRTXHVH
LQGLTXHH[SUHVDPHQWHGHRWUDPDQHUD
/DVH[SRVLFLRQHVGHSUHYHQWDGHWRGDVQXHVWUDVVXEDVWDV
HVWiQDELHUWDVDOS~EOLFR\QRKD\FDUJRGHHQWUDGD7R
GRVORVELHQHVDYHQGHUVHHQVXEDVWDVHH[KLEHQGXUDQWH
YDULRV GtDV DQWHV GH OD YHQWD 6H UHFRPLHQGD D ORV LQWH
UHVDGRV H[DPLQDU PLQXFLRVDPHQWH ORV ORWHV \ VROLFLWDU
LQIRUPHV /RV HVSHFLDOLVWDV \ SHUVRQDO GH -& 1DyQ \
&tD6$HVWiQDVXGLVSRVLFLyQSDUDFXDOTXLHUFRQVXOWD
GXUDQWHODVH[SRVLFLRQHV
$O KDFHU RIHUWDV HQ OD VXEDVWD 8VWHG DFXHUGD TXHGDU
REOLJDGRDODVVLJXLHQWHVFRQGLFLRQHV
+
DELHQGR HVWDGR HQ H[SRVLFLyQ ORV REMHWRV D VXEDV
WDUVH FRQ VXÀFLHQWH DQWHODFLyQ SDUD VX SUHFLVR H[D
PHQQRVHDGPLWLUiUHFODPRDOJXQRXQDYH]EDMDGRHO
PDUWLOORQLVHDVXPHREOLJDFLyQGHJDUDQWtDKDFLDHO
FRPSUDGRU\DVHDUHVSHFWRGHODDXWHQWLFLGDGRULJHQ
pSRFD R HVWDGR FRPR DVt WDPSRFR SRU HUURU DYHUtD
XRWURGHIHFWRDXQTXHQRVHKXELHUDGHWDOODGRHQHO
SUHVHQWHFDWiORJR3RUHOORURJDPRVHVSHFLDOPHQWHD
ORV LQWHUHVDGRV WRPHQ ORV UHFDXGRV QHFHVDULRV SDUD
HOHVWXGLRGHODPHUFDGHUtDHYLWDQGRSODQWHDPLHQWRV
SRVWHULRUHVTXHVHUiQUHFKD]DGRVGHSODQR
1R SRGHPRV JDUDQWL]DU OD DXWRUtD GH ORV ELHQHV LQ
FOXLGRVHQHOFDWiORJRGHWDOPDQHUDTXHORVELHQHV
VH YHQGHQ WDO FRPR HVWiQ VLQ DÀUPDFLyQ R JDUDQWtD
QXHVWUD R GHO UHPLWHQWH FRQ UHVSHFWR D OD FRPHUFLD
ELOLGDGLGRQHLGDGSDUDXQSURSyVLWRHVSHFtÀFRGHV
FULSFLyQ WDPDxR FDOLGDG FRQGLFLyQ UDUH]D LPSRU
WDQFLDSURFHGHQFLD\RDQWHFHGHQWHVGHH[SRVLFLyQ
1LQJXQDGHFODUDFLyQFRQWHQLGDHQHVWHFDWiORJRRKHFKD
GXUDQWHODVXEDVWDSRGUiFRQVLGHUDUVHFRPRJDUDQWtD
RVRWURV \ HO PDQGDQWH QR VRPRV UHVSRQVDEOHV SRU
1
HUURUHV X RPLVLRQHV HQ HO FDWiORJR /RV HYHQWXDOHV
FRPSUDGRUHVWLHQHQHOGHUHFKR\ODREOLJDFLyQGHLQV
SHFFLRQDU ORV ELHQHV DQWHV GH KDFHU VX RIHUWD D ORV
ÀQHVGHFRPSUREDUVXHVWDGR\YHULÀFDUVLKDQVLGR
UHVWDXUDGRVRUHSDUDGRV
/DYHQWDVHUHDOL]DDOFRQWDGR8QDYH]DGMXGLFDGRHO
ORWH HO FRPSUDGRU GHEHUi DERQDU HO WUHLQWD SRU FLHQ
WR GH UHVHUYD HQ HIHFWLYR 'H QR FXPSOLU FRQ
WDO REOLJDFLyQ ORV PDUWLOOHURV DQXODUiQ WDO RSHUDFLyQ
\RIUHFHUiQQXHYDPHQWHHODUWtFXORDODYHQWDVLQGH
UHFKRDOJXQRSRUSDUWHGHOFRPSUDGRUTXLHQQRSRGUi
HIHFWXDUQLQJ~QRIUHFLPLHQWRSRUORWHVSRVWHULRUHV
(OSUHFLRRIHUWDGRSRUHOFRPSUDGRUVHUiHOGHODRIHU
WDÀQDOPiVQXHVWUDFRPLVLyQTXHDVFLHQGHDOTXLQFH
SRUFLHQWR(OLPSXHVWRDOYDORUDJUHJDGR
JUDYDVRODPHQWHODFRPLVLyQ
1
RV UHVHUYDPRV HO GHUHFKR GH UHWLUDU FXDOTXLHU ORWH
DQWHVR GXUDQWH HO UHPDWH \R D UHFKD]DU FXDOTXLHU
RIHUWD TXH QR JXDUGH UHODFLyQ FRQ HO SUHFLR QR WH
QLHQGR QLQJXQD UHVSRQVDELOLGDG SRU WDOHV FLUFXQV
WDQFLDV/RVPDUWLOOHURVVHUHVHUYDQODIDFXOWDGGHQR
VHJXLU HVWULFWDPHQWH HO RUGHQ GH YHQWD HVWDEOHFLGR
\ WHQGUiQ DEVROXWD OLEHUWDG SDUD UHVROYHU FXDOTXLHU
LQFLGHQWHTXHVHSURGXMHUD
(OSRVWRUTXHKDJDODRIHUWDPiVDOWDUHFRQRFLGDSRU
HOVXEDVWDGRUVHUiHOFRPSUDGRU(QFDVRGHGLVSXWD
HQWUH FRPSUDGRUHV UHODFLRQDGD D ORV ELHQHV TXH VH
VXEDVWDQ HO UHPDWDGRU WHQGUi OD OLEHUWDG DEVROXWD
GH GHWHUPLQDU HO SRVWRU JDQDGRU FRPSUDGRU FRQ
WLQXDUHOUHPDWHFDQFHODUODRSHUDFLyQ\RRIUHFHUOR
GHQXHYR
$QXHVWURFULWHULRSUHYLRDODVXEDVWDQRVUHVHUYDPRV
DFHSWDU
D R IHUWDV SRU HVFULWR UHFHSFLRQDGDV SRU QXHVWUD
´0HVDGH(QFDUJXHVµDQWHVGHOUHPDWH
E RIHUWDV WHOHIyQLFDV FRQYHQLGDV SUHYLDPHQWH VLQ
QLQJXQDUHVSRQVDELOLGDGFRQHOODVSRURPLVLRQHV
HUURUHV R LPSRVLELOLGDG GH FRPXQLFDUVH FRQ UHOD
FLyQDODVPLVPDV
F VXPDVGHGLQHURYDORUHV\RFRPSUREDQWHGHGH
SyVLWREDQFDULRSDUDODUHVHUYDGHVXFRPSUD
/DSURSLHGDGGHOORWHRIUHFLGRSDVDDOFRPSUDGRUGHV
SXpVGHEDMDGRHOPDUWLOORSRUHOUHPDWDGRU\HODQXQFLR
GHOPLVPRTXHHOORWHVHKDYHQGLGRFRQGLFLRQDGRDO
SDJRGHODUHVHUYDTXHVHOHH[LMD\DOSDJRWRWDOGHORE
MHWRFRPLVLyQHLPSXHVWRVTXHFRUUHVSRQGDQDVXPLHQ
GRWRGRULHVJR\UHVSRQVDELOLGDGSRUORFRPSUDGR
(
O~QLFRGRFXPHQWRTXHORKDELOLWDUiDFDQFHODUHOVDOGR
SHQGLHQWH HV OD %ROHWD FRQ &RQVWDQFLD GH 5HVHUYD HQ
WUHJDGDSRU-&1DyQ\&tD6$HOGtDGHOUHPDWH(O
SOD]RSDUDFDQFHODUHOORWHSRU8GDGTXLULGRYHQFHDODV
FXDUHQWD\RFKRKRUDVKVGHFHOHEUDGRHOUHPDWH(O
FRPSUDGRUGHEHUiUHWLUDUHOORWH\DDERQDGRGHQWURGHO
PLVPRSOD]R
$QWHODIDOWDGHFDQFHODFLyQGHOORWH-&1DyQ\&tD
6$GDUiSRUUHVFLQGLGDODRSHUDFLyQFRQODSpUGLGD
GHODVVXPDVHQWUHJDGDVSRUHORIHUWDQWH
(QFDVRGHQRUHWLUDUVXFRPSUDHQHOSOD]RPi[LPRHV
WDEOHFLGRGHEHUiSDJDUSRUFDGDGtDGHGHPRUDODVXPD
GHSHVRVYHLQWHSRUFDGDORWHHQFRQFHSWRGH
GHSyVLWRVHJXUR\JDVWRVDGPLQLVWUDWLYRV
1R QRV UHVSRQVDELOL]DPRV SRU HO PDQHMR HPEDODMH
UHWLURRHPEDUTXHGHOORWHFRPSUDGR(OFRPSUDGRUHV
HO~QLFRUHVSRQVDEOH\SXHGHKDFHUORSHUVRQDOPHQWHR
HQYLDUSHUVRQDVLGyQHDVSDUDHIHFWXDUOR
$OKDFHUXQDRIHUWDHQXQDVXEDVWD\DVHDSRUDVLVWHQ
FLD SHUVRQDO R SRU DJHQWH RIHUWD HQ DXVHQFLD RIHUWD
WHOHIyQLFDXRWURPHGLRVHFRQVLGHUDUiTXHHOFRPSUD
GRUKDGDGRVXFRQVHQWLPLHQWRDODMXULVGLFFLyQH[FOX
VLYDGHORVWULEXQDOHVGH&DSLWDO)HGHUDO(OFRPSUDGRU
DFXHUGDH[SUHVDPHQWHTXH
D Q L-&1DyQ\&tD6$QLHOUHPLWHQWHVHUiQ
UHVSRQVDEOHV \D VHD WRWDO R SDUFLDOPHQWH GH
&RPLVLyQ
)DFWXUDV(
6HxD
,9$
6817
FXDOHVTXLHUD GDxRV \ SHUMXLFLRV HVSHFLDOHV LQ
GLUHFWRV R FRQVHFXHQWHV LQFOXVR VLQ OtPLWH OD
SpUGLGDGHXWLOLGDGHV\
E ORVGDxRV\SHUMXLFLRVGHOFRPSUDGRUVHOLPLWDQH[
FOXVLYDPHQWHDOSUHFLRGHFRPSUDRULJLQDOSDJDGR
SRUHOORWH
/DVDUDxDV\DSOLTXHVTXHVHH[SRQHQVHHQWUHJD
UiQ DO FRPSUDGRU VLQ ERPELWDV GH OX] SDQWDOODV
FDGHQDVSODIRQHV\RYHODV/RVFXDGURV\HVSHMRV
VLQHOHPHQWRVSDUDVXFROJDGR
/RVFKHTXHVGHMDGRVHQSDJRGHVHxDVGHEHUiQVHU
FDPELDGRVSRUHIHFWLYRDOGtDVLJXLHQWHGHOUHPDWH
HQQXHVWUDVRÀFLQDVHQHOKRUDULRGHDKVGH
ORFRQWUDULRVHUiQGHSRVLWDGRV
6H HQFXHQWUDQ JUDYDGRV FRQ ,PSXHVWR 6XQWXDULR D
FDUJR GHO FRPSUDGRU FRQ XQD DOtFXRWD QRPLQDO GHO
WDVDHIHFWLYD/26/27(60$5&$'26
&21$67(5,6&2 &RPSUHQGH SLHGUDV SUHFLRVDV R
VHPLSUHFLRVDV SLHGUDV GXUDV WDOODGDV SHUODV QDWXUD
OHVPRQHGDVGHRUR\SODWDREMHWRVSDUDFX\DFRQ
IHFFLyQVHXWLOLFHQSODWLQRSDODGLRRURSODWDFULVWDO
MDGH PDUÀO iPEDU FDUH\ FRUDO HVSXPD GH PDU R
FULVWDOGHURFDDOIRPEUDV\WDSLFHVGHSXQWRDQXGDGR
RHQUROODGR
,QIRUPDPRVTXHGHDFXHUGRDO'HFUHWR1ž
GH,PSXHVWRV,QWHUQRVYLJHQWHGHVGHHOž
SURUURJDGR KDVWD HO QR VH HQFXHQWUDQ
JUDYDGRVDTXHOORVORWHVFX\RPRQWRLQFOXLGDODFR
PLVLyQQRVXSHUHORV
(QORVFDVRVTXHVHUHTXLHUDXQDIDFWXUDGH([SRUWD
FLyQ(ODFRPLVLyQGHOFRPSUDGRUHVHOVREUHHO
SUHFLRGHOPDUWLOOR([HQWRGH,9$
-&1DyQ&LD6$
+RWHOGHYHQWDV
7HOHID[
(PDLOLQIR#QDRQFRP
,QWHUQHWKWWSZZZQDRQFRP
,1',&('($8725(6
$/.(16DPXHO+HQU\,
)$%%,)DELR
$//28$5'+HQUL(PLOH
)$'(5)HUQDQGR
$/21=2'RPLQLTXH
),*$5,3HGUR
$0(5,*2<$3$5,&,)UDQFLVFR-DYLHU
)217$1$/XFLR
$1*/$'$&$0$5$66$+HUPHQHJLOGR
)25$,1-HDQ/RXLV
)257(9LFHQWH\
%$5(1*(5-DPHV,,
)5$1&2<6$/,1$6/XLV
%$58*(/(VWKHU
)5(0,(7(PPDQXHO
%($848(61(:LOIULG&RQVWDQW
%(1//,85(<*,/-RVp
*e6,1869,66(5%RE
%5,6627'(:$59,//()pOL[6
*$0(/,1-DFTXHV
%87/(5+RUDFLR
*$5&,$<52'5,*8(=0DQXHO
*8$<$6$0,12VZDOGR
&$&+28')UDQFRLV&KDUOHV
&$67$*1,12-XDQ&DUORV
+$5/2:*HRUJH+HQU\
&+$%$63DXO
+(1'5,.6:\EUDQG
&+$/(*HUWUXGLV\
+,5$*$.DPHVXNp\
&+$/,%(570
+21'(&2(7(50HOFKLRUGH
&+$3/,1&KDUOHV
+8%(//+HQU\6DOHP
&/$8'((XJqQH
+8%(5752%(570DULXV
&2*25126DQWLDJR\
,03(5,$/(2VYDOGR
'$/28+HQUL3LHUUH
'(7$9(5$)3
.(<:LOOHP
'(0$51(-HDQ/RXLV
.2&+*HRUJ
(5'0$112WWR:LOKHOP(GXDUG
/$&È0(5$)RUWXQDWR
/$'(//(OOHQ
5266(573DXO
/$55$f$*$(QULTXHGH\
52866($8+HQULePLOLHQ
/$952))*HRUJLV'PLWULHYLF
52<%(7)HUGLQDQG
/(*287*e5$5')HUQDQG0DULH(XJqQH
\
6$1&+(=%$5%8'26DOYDGRU
/2,5/XLJL
6$1&+(=3(55,(5(PLOLR
6&+25.+DQV
0Ç1(3LHUUH-XOHV\
6((0DWKLOGH
0$5,12',7($1$)UDQFHVFR
6+$<(5&KDUOHV:DOOHU
0$6&$57*XVWDYH
6,021/XFLHQ
0$8)5$0D[LPH&DPLOOH/RXLV
625.$8$OEHUW
0(1',/$+$5=8*UDFLDQR
6</9$,10DUFHO
0217(1$5')UHGHULF
025(7+HQU\
7$17$5',1,$QWRQLR
7+,%21'(/,%,$19DOHQWtQ\
3(//(*5,1,&KDUOHV+HQUL&DUORV(QULTXH
3(//,&&,277,$UPDQGR
9$10$5&.(GH/800(1(PLOH\
3(5(=&(/,6
9$=2VFDU$QWRQLR
3(7,7-($1(GPRQG0DULH\
9,&725,&$0LJXHO&DUORV\
3,*$//(-HDQ%DSWLVWH
3,1$$OIUHGR
:(%%-DPHV
3,1722FWDYLR
:255(//$EUDKDP%UXLQLQJKYDQ
48,148(/$0$57,1%HQLWR
;8/62/$5$OHMDQGUR
48,5Ï6&HViUHR%HUQDOGRGH
,1',&('(/27(6$/$9(17$325',$
35,0(5$12&+(0LpUFROHVGHMXOLRDODVKV
6(*81'$12&+(-XHYHVGHMXOLRDODVKV
7(5&(5$12&+(9LHUQHVGHMXOLRDODVKV
35,0(5$7$5'(/XQHVGHMXOLRDODVKV
6(*81'$7$5'(0DUWHVGHMXOLRDODVKV
3,1785$6
$&8$5(/$6<*5$%$'26
52866($8+HQULePLOLHQ
(VFXHOD)UDQFHVD
´3(5621$-(6$/$(175$'$'(81$9,//$0$55248̵
3LQWXUDDOyOHRVREUHWHOD
5HHQWHODGD
)LUPDGD+HQUL52866($8DEDMRDODGHUHFKD
0HGLGDV[FP
(QFDGUHPHQWV+$9$5')UqUHV3DUtV
&ROHFFLyQ),532'(9272
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
+27(/'(9(17$6*8,'2
%(1//,85(<*,/-RVp
(VFXHOD(VSDxROD
'(0$51(-HDQ/RXLV
(VFXHOD)UDQFHVD
$WULEXLGR
´12&78512&/$52'(/81$´
3LQWXUDDOyOHRVREUHWHOD
)LUPDGD-/RXLV'(0$51(DEDMRDODL]TXLHUGD
0HGLGDV[FP
&ROHFFLyQ),532'(9272
(VWLPDFLyQ86
$121,02
(VFXHOD)UDQFHVD
6LJOR;,;
$121,02
(VFXHOD+RODQGHVD
6LJOR;9,,,
´9$626 251$0(17$/(6 &21 )/25(6 )58
726<$9(6µ
&XDWURSLQWXUDVDOyOHRVREUHWHOD
6LQÀUPD
0HGLGDV[FP
&ROHFFLyQ),532'(9272
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
´(6&(1$'(0(5&$'2µ
3LQWXUDDOyOHRVREUHWDEOD
)LUPDGD-%(1//,85(DEDMRDODGHUHFKD
0HGLGDV[FP
(QFDGUHPHQWV+$9$5')UqUHV3DUtV
&ROHFFLyQ),532'(9272
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
´(6&(1$'('(6(0%$5&2µ
3LQWXUDDOyOHRVREUHWHOD
5HHQWHODGD
6LQÀUPD
0HGLGDV[FP
(VWLPDFLyQ86
-&1$21&,$6$
3$11,1,*LRYDQQL3DROR
(VFXHOD,WDOLDQD
(VFXHODGH
´3$,6$-(&2158,1$6<3(5621$-(6µ
3LQWXUDDOyOHRVREUHWHOD
5HHQWHODGD
6LQÀUPD
0HGLGDV[FP
(VWLPDFLyQ86
$121,02
(VFXHOD)ODPHQFD
6LJOR;9,,
´(6&(1$'(%$7$//$µ
3LQWXUDDOyOHRVREUHWHOD
5HHQWHODGD
6LQÀUPD
625.$8$OEHUW
(VFXHOD)UDQFHVD
0HGLGDV[FP
(VWLPDFLyQ86
+(1'5,.6:\EUDQG
(VFXHOD+RODQGHVD
$WULEXLGR
´3$,6$-( &21 &216758&&,21(6 $1,0$/(6
<3(5621$-(6µ
3LQWXUDDOyOHRVREUHWHOD
6HFWRULQIHULRUGHUHFKRUHHQWHODGR
)LUPDGD:+(1'5,.6DEDMRDODGHUHFKD
0HGLGDV[FP
(VWLPDFLyQ86
´6,59,(17$6(181,17(5,25µ
3LQWXUDDOyOHRVREUHWHOD
)LUPDGD625.$8DEDMRDODL]TXLHUGD
0HGLGDV[FP
(VWLPDFLyQ86
+27(/'(9(17$6*8,'2
3(7,7-($1(GPRQG0DULH
(VFXHOD)UDQFHVD
025(7+HQU\
(VFXHOD)UDQFHVD
´/(66$5',1,(56&Ñ7('(%5(7$*1(µ
3LQWXUDDOyOHRVREUHWHOD
)LUPDGD+HQUL025(7DEDMRDODGHUHFKD
7LWXODGD\IHFKDGDHQXQDDQWLJXDHWLTXHWDSHJDGD
DOEDVWLGRU
0HGLGDV[FP
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
+8%(//+HQU\6DOHP
(VFXHOD$PHULFDQD
´5(75$72'(08-(5&21620%5(52<&+$/µ
3LQWXUDDOyOHRVREUHWHOD
)LUPDGD+6+8%(//DEDMRDODGHUHFKD
0HGLGDV[FP
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
´81(58(­6(085µ
3LQWXUDDOyOHRVREUHWHOD
)LUPDGD(GPRQG3(7,7-($1DEDMRDODL]TXLHUGD
7LWXODGD´5XHGH9LOODJH6HPXUµHQHOEDVWLGRU
0HGLGDV[FP
(VWLPDFLyQ86
/(*287*e5$5')HUQDQG0DULH(XJqQH
(VFXHOD)UDQFHVD
´9Ë521$µ
3LQWXUDDOyOHRVREUHWDEOD
)LUPDGD)/(*287*e5$5'9pURQDDEDMRDODL]
TXLHUGD
0HGLGDV[FP
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
-&1$21&,$6$
*$0(/,1-DFTXHV
(VFXHOD)UDQFHVD
´(6&(1$60,/,7$5(6µ
3DUGHDQWLJXRVGLEXMRVFRQUHDOFHVEODQFRVDFXDUHODGRV
6LQÀUPD
3DVVHSDUWRXWVDFXDUHODGRV
9DULOODVGHPDGHUDGRUDGDDODKRMD
0HGLGDV[FP
(VWLPDFLyQ86
&+$%$63DXO
(VFXHOD)UDQFHVD
´-(81(%$,*1(86(µ
3LQWXUDDOyOHRVREUHWHOD
)LUPDGD3DXO&+$%$6DEDMRDODGHUHFKD
0HGLGDV[FP
0DLVRQ327,(53DUtV
&ROHFFLyQ$OEHUWR9('2<$
6DUD6(5eGH9('2<$
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
+27(/'(9(17$6*8,'2
.(<:LOOHP
(VFXHOD)ODPHQFD
$WULEXLGR
´5(75$72'(&$%$//(52µ
3LQWXUDDOyOHRVREUHWHOD
5HHQWHODGD
6LQÀUPD
,QVFULSFLyQ´$(7$7,6µDUULEDDODGHUHFKD
0HGLGDV[FP
&ROHFFLyQ$OEHUWR9('2<$
6DUD6(5eGH9('2<$
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
6,021/XFLHQ
(VFXHOD)UDQFHVD
$WULEXLGR
´5(75$72'(-29(1%5(721$µ
$FXDUHOD
)LUPDGD/6,021DUULEDDODGHUHFKD
0HGLGDV[FP
(QFDGUHPHQW+$9$5')UqUHV3DUtV
9,$8<=21$)ORULGD%XHQRV$LUHV
&ROHFFLyQ$OEHUWR9('2<$
6DUD6(5eGH9('2<$
(VWLPDFLyQ86
-&1$21&,$6$
)25$,1-HDQ/RXLV
(VFXHOD)UDQFHVD
´5(75$72'(08-(5µ
'LEXMRFDUERQLOOD\SDVWHO
)LUPDGR-/)25$,1DEDMRDODGHUHFKD
0HGLGDV[FP
086(21$&,21$/'(%(//$6$57(6
GH2FWXEUH
3URSLHWDULR:LOGHQVWHLQ\WLWXODGR
(WLTXHWDHQHOUHYHUVRQXPHUDGD
&ROHFFLyQ$OEHUWR9('2<$
6DUD6(5eGH9('2<$
(VWLPDFLyQ86
$/.(16DPXHO+HQU\,
(VFXHOD,QJOHVD
´7+(&2&.),*+7µ
3LQWXUDDOyOHRVREUHWDEOD
)LUPDGD6$/.(1DEDMRDODGHUHFKD
0HGLGDV[FP
:,/'(167(,1$57(6$%XHQRV$LUHV
GHMXOLRGH
&ROOHFWLRQRIWKH0RVW+RQ7KH0DUTXHVVRI7ZHHGGDOH
(WLTXHWDVDOGRUVR
&ROHFFLyQ$OEHUWR9('2<$
6DUD6(5eGH9('2<$
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
%$5(1*(5-DPHV,,
(VFXHOD,QJOHVD
´&2&.),*+7,1*µ
3LQWXUDDOyOHRVREUHWHOD
)LUPDGD-%$5(1*(5DUULEDDODGHUHFKD
0HGLGDV[FP
:,/'(167(,1$57(6$%XHQRV$LUHV
GHMXOLRGH
&ROOHFWLRQRIWKH0RVW+RQ7KH0DUTXHVVRI7ZHHGGDOH
(WLTXHWDVDOGRUVR
&ROHFFLyQ$OEHUWR9('2<$
6DUD6(5eGH9('2<$
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
+27(/'(9(17$6*8,'2
9$10$5&.(GH/800(1(PLOH
(VFXHOD)UDQFHVD
´7583($835Ë6'8028/,1µ
3LQWXUDDOyOHRVREUHWHOD
5HHQWHODGD
)LUPDRULJLQDOPX\SRFRYLVLEOHDEDMRDODL]TXLHUGD
0HGLGDV[FP
([&ROHFFLyQ5RGROIR$),77(
(VWLPDFLyQ86
$121,02
(VFXHOD,WDOLDQD
6LJOR;9,,
´/$9,5*(1<(/1,f2µ
$QWLJXDSLQWXUDDOyOHRVREUHWDEOD
(VFXHODGH6LHQD
6LQÀUPD
3DVVHSDUWRXWGHSDQD
0DUFRGHODpSRFDFRQIUHQWHWDOODGR\GRUDGR
,QVFULSFLyQ PDQXVFULWD HQ HO UHYHUVR GRQGH VH OHH
´$TXLVWDWRLQ)LUHQ]HHOPDU]Rµ
0HGLGDV[FP
&ROHFFLyQ$OEHUWR9('2<$
6DUD6(5eGH9('2<$
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
*e6,1869,66(5%RE
3DtVHV%DMRV
´/$)(1È75(µ
3LQWXUDDOyOHRVREUHWHOD
)LUPDGD*e6,186DUULEDDODGHUHFKD
0HGLGDV[FP
&ROHFFLyQ*DE\6$/2021
(VWLPDFLyQ86
+,5$*$.DPHVXNp
(VFXHOD-DSRQHVD
´/$7285'(/·e*/,6('$16/(9,//$*(µ
3LQWXUDDOyOHRVREUHWHOD
)LUPDGD.+,5$*$\IHFKDGD´µDEDMRDODGHUHFKD
0HGLGDV[FP
(VWLPDFLyQ86
+,5$*$.DPHVXNp
(VFXHOD-DSRQHVD
´&$//('(38(%/2µ
3LQWXUDDOyOHRVREUHWHOD
)LUPDGD.+,5$*$\IHFKDGDDEDMRDODL]TXLHUGD
0HGLGDV[FP
(VWLPDFLyQ86
'(&/$86$'(3LHUUH
(VFXHOD)UDQFHVD
´(1%$,('(6200(µ
3LQWXUDDOyOHRVREUHWHOD
)LUPDGD3GH&/$86$'(DEDMRDODGHUHFKD
0HGLGDV[FP
&ROHFFLyQ*DE\6$/2021
(VWLPDFLyQ86
/2,5/XLJL
(VFXHOD)UDQFHVD
´(6&(1$'(3$5,6(181$&$//(1(9$'$µ
$FXDUHOD
)LUPDGD/XLJL/2,5DEDMRDODGHUHFKD
0HGLGDV[FP
(QFDGUHPHQWV//(52<3DUtV
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
-&1$21&,$6$
$1*/$'$&$0$5$66$+HUPHQHJLOGR
(VFXHOD(VSDxROD
´725620$6&8/,12µ
&DUERQLOOD
)LUPDGD +HUPHQHJLOGR $1*/$'$ &$0$5$66$
DEDMRDODL]TXLHUGD
0HGLGDV[FP
(VWLPDFLyQ86
6</9$,10DUFHO
(VFXHOD)UDQFHVD
6LJOR;;
´6(1'(52(181%2648(<),*85$)(0(1,1$µ
3LQWXUDDOyOHRVREUHWHOD
5HHQWHODGD
)LUPDGD6</9$,1DEDMRDODL]TXLHUGD
0HGLGDV[FP
*DOHUtD9$/0217%XHQRV$LUHV
(WLTXHWDDOGRUVR
(VWLPDFLyQ86
9$10$5&.(GH/800(1(PLOH
(VFXHOD)UDQFHVD
´&$%5$µ
3LQWXUDDOyOHRVREUHWHOD
5HHQWHODGD
)LUPDGD(P9$10$5&.(DEDMRDODGHUHFKD
0HGLGDV[FP
(VWLPDFLyQ86
&+$3/,1&KDUOHV
(VFXHOD)UDQFHVD
´$025&,726&21,167580(1726086,&$/(6µ
3HTXHxDSLQWXUDVREUHWDEODGHIRUPDFLUFXODU
)LUPDGD&K&KDSOLQDEDMRHQHOFHQWUR
0DUFRIUDQFpVGHPDGHUDGRUDGD\WDOODGDHVWDPSLOODGR
&+$53(17,(5HQHOUHYHUVR
'LiPHWURFP
(VWLPDFLyQ86
%($848(61(:LOIULG&RQVWDQW
(VFXHOD)UDQFHVD
´%$7$//$'(&$%$//(5,$µ
3LQWXUDDOyOHRVREUHWDEOD
)LUPDGD:%($848(61(\IHFKDGDDEDMRDOD
GHUHFKD
0HGLGDV[FP
(VWLPDFLyQ86
&/$8'((XJqQH
(VFXHOD)UDQFHVD
´1$785$/(=$08(57$µ
3LQWXUDDOyOHRVREUHWHOD
)LUPDGD(XJ&/$8'(\IHFKDGDDEDMRDODL]
TXLHUGD
0HGLGDV[FP
(VWLPDFLyQ86
&$&+28')UDQFRLV&KDUOHV
(VFXHOD)UDQFHVD
´/(6)(50(6$8&/$,5('(/81(µ
3LQWXUDDOyOHRVREUHWHOD
5HHQWHODGD
)LUPDGD)&$&+28'DEDMRDODGHUHFKD
0HGLGDV[FP
*DOHUtD9$/0217%XHQRV$LUHV
(WLTXHWDDOGRUVR
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
+27(/'(9(17$6*8,'2
6+$<(5&KDUOHV:DOOHU
(VFXHOD,QJOHVD
´81$/72(1(/&$0,12µ
3LQWXUDDOyOHRVREUHWHOD
5HHQWHODGD
)LUPDGD&K6+$<(5\IHFKDGDDEDMRDODGHUHFKD
0HGLGDV[FP
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
´5(75$72'(12%/(&$%$//(52µ
3LQWXUDDOyOHRVREUHWDEODSDUTXHWpH
6LQÀUPD
,QVFULSFLRQHV´$(7$7,669$(2$3µDUULEDDODL]
TXLHUGD\´$112'1,µDODGHUHFKD
0HGLGDV[FP
(VWLPDFLyQ86
6((0DWKLOGH
(VFXHOD)UDQFHVD
"
´9$626&21)/25(6µ
3DUGHDFXDUHODV
)LUPDGDV0DWKLOGH6((\IHFKDGDV\DEDMR
DODL]TXLHUGD
0HGLGDV[FP
(VWLPDFLyQ86
$121,02
(VFXHOD)ODPHQFD
6LJOR;9,,
/(*287*e5$5')HUQDQG0DULH(XJqQH
(VFXHOD)UDQFHVD
´08-(5(6%5(721$6µ
3LQWXUDDOSDVWHO
)LUPDGD)/(*287*(5$5'\IHFKDGD´µDEDMRD
ODL]TXLHUGD
0HGLGDV[FP
(QFDGUHPHQWV%(8*1,(7)LOV%21-($13DUtV
(WLTXHWDDOGRUVR
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
-&1$21&,$6$
+27(/'(9(17$6*8,'2
/(*287*e5$5')HUQDQG0DULH(XJqQH
(VFXHOD)UDQFHVD
6$1&+(=3(55,(5(PLOLR
(VFXHOD(VSDxROD
´0$5&+e$&21&$51($8µ
3LQWXUDDOyOHRVREUHWHOD
)LUPDGD)/(*287*(5$5'DEDMRDODGHUHFKD
0HGLGDV[FP
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
´3$,6$-(&215,2<*5$1$5%8672µ
3LQWXUDDOyOHRVREUHWDEOD
)LUPDGD(6$1&+(=3(55,(5DEDMRDODL]TXLHUGD
0HGLGDV[FP
(VWLPDFLyQ86
3(7,7-($1(GPRQG0DULH
(VFXHOD)UDQFHVD
´'81(6(19(1'((µ
3LQWXUDDOyOHRVREUHFDUWyQ
)LUPDGD(3(7,7-($1DEDMRDODL]TXLHUGD
0HGLGDV[FP
(VWLPDFLyQ86
´5(75$726µ
3DUGHSLQWXUDVDOyOHRVREUHWHOD
8QD GH HOODV ÀUPDGD -XO 6,00216$/7212 " \
IHFKDGD´µDEDMRDODL]TXLHUGD
0HGLGDV[FP
(VWLPDFLyQ86
5HI&HUWLÀFDGRGHDXWHQWLFLGDGH[SHGLGRSRU´9LQFHQW
0DQQ*DOOHU\µHOGH(QHURGH
/(*287*e5$5')HUQDQG0DULH(XJqQH
(VFXHOD)UDQFHVD
)5$1&2<6$/,1$6/XLV
(VFXHOD(VSDxROD
´'$0$&2172&$'2µ
3LQWXUDDOyOHRVREUHWDEOD
)LUPDGD/)5$1&2DEDMRDODGHUHFKD
0HGLGDV[FP
(VWLPDFLyQ86
$0(5,*2<$3$5,&,)UDQFLVFR-DYLHU
(VFXHOD(VSDxROD
´),(67$&$51$9$/(6&$µ
3LQWXUDDOyOHRVREUHWHOD
)LUPDGD)-$0(5,*2DEDMRDODL]TXLHUGD
0HGLGDV[FP
(VWLPDFLyQ86
´'$16/(3257'(&21&$51($8µ
3LQWXUDDOyOHRVREUHWHOD
5HHQWHODGD
)LUPDGD)/(*287*(5$5'DEDMRDODGHUHFKD
0HGLGDV[FP
$GTXLULGRDOD*DOHUtD$//$53DUtVDxR
&RPSUDGRHQHOUHPDWHGHFXDGURVGH
*UHJRULR$5$2=$/)$52
(WLTXHWDDOGRUVR
&ROHFFLyQ/$1866(=8%(5%+h/(5
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
´/$9,5*(1<(/1,f2µ
$QWLJXDSLQWXUDVREUHSODFDGHSRUFHODQD
)LUPDGD-*,$1,)LUHQ]HDEDMRDODL]TXLHUGD
0DUFRGHUREOHPROGXUDGR\WDOODGR
0HGLGDV[FP
(VWLPDFLyQ86
-&1$21&,$6$
$121,02
(VFXHOD&X]TXHxD
6LJOR;9,,,
´,0$*(1'(/$9,5*(1'(/526$5,2µ
$QWLJXDSLQWXUDDOyOHRVREUHWHOD
5HHQWHODGD
5HVHUYDFRQLQVFULSFLyQHQODTXHVHOHH´(VWD<PDJHQGHO
5RVDULRVH3LQWySRU'HYRFLyQGH'RxD(XJHQLD9DOKHUGH
GH9LVDJD\/RKDWRU3HGUR2UD]R6HSUHGHDxRVµ
0DUFRGHODpSRFDFRQGHFRUDFLyQSROLFURPDGD$OJ~Q
IDOWDQWH
0HGLGDV$OWRFP$QFKRFP
&ROHFFLyQ3DEOR),5323(f$
(VWLPDFLyQ86
*25,%$51LFROiV-DYLHU
(VFXHOD(FXDWRULDQD
$WULEXLGR
´6$1-26(<(/1,f2µ
3LQWXUDDOyOHRVREUHWHODSHJDGDVREUHWDEOD
6LQÀUPD
(QPDUFDPLHQWRGHPDGHUDWDOODGD\GRUDGD
0HGLGDV[FP
&ROHFFLyQ3DEOR),5323(f$
(VWLPDFLyQ86
5HI(QHOUHYHUVRVHOHH´<R$OIRQVR5XELR3FHUWLÀ
FRTXHHVWDSLQWXUDGH6DQ-RVpSHUWHQHFHDOGHVWDFDGR
SLQWRU(FXDWRULDQR*RULEDU6LJOR;9,,µ
+27(/'(9(17$6*8,'2
52<%(7)HUGLQDQG
(VFXHOD)UDQFHVD
´(6&(1$(1/$&(5&$1,$'(81$&,8'$'µ
3LQWXUDDOyOHRVREUHWHOD
)LUPDGD52<%(7DEDMRDODL]TXLHUGD
0HGLGDV[FP
(QFDGUHPHQWV+$9$5')UHUHV3DUtV
(WLTXHWDHQHOUHYHUVR
&ROHFFLyQ-XOLR3DOHPyQ+8(5*2
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
+21'(&2(7(50HOFKLRUGH
(VFXHOD)UDQFHVD
$WULEXLGR
´*$//2 < *$//,1$6 62%5( )21'2 '( 3$,
6$-(µ
3LQWXUDDOyOHRVREUHWHOD
5HHQWHODGD
6LQÀUPD
0HGLGDV[FP
&ROHFFLyQ-XOLR3DOHPyQ+8(5*2
(VWLPDFLyQ86
$121,02
(VFXHOD)UDQFHVD
6LJOR;,;
´&,*1(6(7*(216'$16813$<6$*(µ
3LQWXUDDOyOHRVREUHWHOD
5HHQWHODGD
)LUPDGD-%2*'$1,DEDMRDODGHUHFKD
0HGLGDV[FP
(VWLPDFLyQ86
+$5/2:*HRUJH+HQU\
(VFXHOD,QJOHVD
´32575$,72)$/$'<µ
3LQWXUDDOyOHRVREUHWHOD
5HHQWHODGD
6LQÀUPD
0HGLGDV[FP
&ROHFFLyQ-XOLR3DOHPyQ+8(5*2
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
-&1$21&,$6$
$121,02
(VFXHOD,WDOLDQD
6LJOR;9,,,
´(/68(f2'(81021-(µ
3LQWXUDDOyOHRVREUHWHOD
5HHQWHODGD
6LQÀUPD
0HGLGDV[FP
(VWLPDFLyQ86
$121,02
(VFXHOD(VSDxROD
6LJOR;9,,,
´0$5,$0$*'$/(1$µ
3LQWXUDDOyOHRVREUHWHOD
5HHQWHODGD
6LQÀUPD
0HGLGDV[FP
(VWLPDFLyQ86
6$1&+(=%$5%8'26DOYDGRU
(VFXHOD(VSDxROD
+8%(5752%(570DULXV
(VFXHOD)UDQFHVD
´(6&(1$1250$1'$µ
3LQWXUDDOyOHRVREUHWHOD
)LUPDGD0DULXV+8%(5752%(57DEDMRDODL]TXLHUGD
0HGLGDV[FP
(VWLPDFLyQ86
´&$6$0,(1729(1(&,$12µ
3LQWXUDDOyOHRVREUHWHOD
)LUPDGD%$5%8'2\IHFKDGDDEDMRDODL]TXLHUGD
0HGLGDV[FP
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
.2&+*HRUJ
(VFXHOD$OHPDQD
"
$121,02
(VFXHOD,WDOLDQD
6LJOR;9,,,
´'(618'25(&267$'2<&83,'2µ
3LQWXUDDOyOHRVREUHWHODSHJDGDVREUHWDEOD
5HVWDXUDFLRQHV
(VFXHODGH*XLGR5HPL
6LQÀUPD
0HGLGDV[FP
(VWLPDFLyQ86
´3$,6$-( &21 &216758&&,21 &$%$//26 <
9$&$6µ
3LQWXUDDOyOHRVREUHWHOD
)LUPDGD*.2&+DEDMRDODL]TXLHUGD
0HGLGDV[FP
(VWLPDFLyQ86
´/$$6&(16,21'(/$9,5*(1µ
3LQWXUDDOyOHRVREUHWHOD
5HHQWHODGD
6LQÀUPD
0HGLGDV[FP
(VWLPDFLyQ86
+27(/'(9(17$6*8,'2
(5'0$112WWR:LOKHOP(GXDUG
(VFXHOD$OHPDQD
0217(1$5')UHGHULF
(VFXHOD)UDQFHVD
´5(75$72'(08-(5'(3(5),/µ
3LQWXUDDOyOHRVREUHWDEODGHIRUPDRYDO
)LUPDGD2(5'0$11\IHFKDGD3DUtV´µDEDMRDOD
GHUHFKD
0HGLGDV[FP
(VWLPDFLyQ86
´9,67$'(38(572µ
3LQWXUDDOyOHRVREUHWHOD
)LUPDGD)0217(1$5'DEDMRDODL]TXLHUGD
0HGLGDV[FP
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
:(%%-DPHV
(VFXHOD,QJOHVD
5266(573DXO
(VFXHOD)UDQFHVD
´),6+,1*%2$76217+(%($&+/2:7,'(µ
3LQWXUDDOyOHRVREUHWHOD
5HHQWHODGD
)LUPDGD-DPHV:(%%\IHFKDGDDEDMRDODGHUHFKD
0HGLGDV[FP
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
´08-(56(17$'$(1/$3/$<$µ
3LQWXUDDOyOHRVREUHWDEOD
)LUPDGD35266(57DEDMRDODGHUHFKD
0HGLGDV[FP
(VWLPDFLyQ86
-&1$21&,$6$
+27(/'(9(17$6*8,'2
0$6&$57*XVWDYH
(VFXHOD)UDQFHVD
)$%%,)DELR
(VFXHOD,WDOLDQD
´$1&,$12$5$%(µ
$FXDUHOD
)LUPDGD)$%%,DEDMRDODGHUHFKD
0HGLGDV[FP
(VWLPDFLyQ86
%5,6627'(:$59,//()pOL[6
(VFXHOD)UDQFHVD
´0287216$/$%(5*(5,(µ
3LQWXUDDOyOHRVREUHWDEOD
)LUPDGD)%5,6627DEDMRDODL]TXLHUGD
0HGLGDV[FP
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
$121,02
(VFXHOD)UDQFHVD
6LJOR;9,,,
´5(75$72'('$0$µ
3LQWXUDDOyOHRVREUHWHOD
5HHQWHODGD
6LQÀUPD
0HGLGDV[FP
(VWLPDFLyQ86
/$'(//(OOHQ
(VFXHOD,QJOHVD
"
´1$785$/(=$08(57$µ
3LQWXUDDOyOHRVREUHWHOD
)LUPDGD(/$'(//DEDMRDODGHUHFKD
0HGLGDV[FP
(VWLPDFLyQ86
´(6&(1$6'(0(5&$'2µ
3DUGHSLQWXUDVDOyOHRVREUHWHOD
2EUDVGHOSLQWRUIUDQFpV*XVWDYH0$6&$57
)LUPDGDVFRQHOVHXGyQLPR7$9(51<DEDMRDODGHUHFKD
0HGLGDV[FP
(VWLPDFLyQ86
:255(//$EUDKDP%UXLQLQJKYDQ
(VFXHOD+RODQGHVD
´3(5621$-(6)5(17($81$(175$'$µ
3LQWXUDDOyOHRVREUHWHOD
)LUPDGD$%9$1:255(//\IHFKDGDDEDMRD
ODGHUHFKD
0HGLGDV[FP
(VWLPDFLyQ86
67()$1,'$)266$12$PEURJLRGLWLO%25*2*121(
(VFXHOD,WDOLDQD
$WULEXLGR
´(6&(1$'(%$7$//$µ
3LQWXUDDOyOHRVREUHWHOD
5HHQWHODGD
6LQÀUPD
0HGLGDV[FP
9HQWDGHOD*DOHUtDGH&XDGURVGH
GRQ/RUHQ]R3(//(5$12
&XDGUR1žGHOFDWiORJRJHQHUDO
1žGHO,QYHQWDULR-XGLFLDO
(WLTXHWDDOGRUVR
*8(55,&2:,//,$062FWXEUHGH
(VWLPDFLyQ86
*$5&,$<52'5,*8(=0DQXHO
(VFXHOD(VSDxROD
´9,67$'(6(9,//$µ
3LQWXUDDOyOHRVREUHFDUWyQ
)LUPDGD *$5&,$ < 52'5,*8(= \ IHFKDGD DEDMRDODGHUHFKD
0HGLGDV[FP
(VWLPDFLyQ86
-&1$21&,$6$
0$8)5$0D[LPH&DPLOOH/RXLV
(VFXHOD)UDQFHVD
´*(/e(%/$1&+((1$87201(025*$7µ
3LQWXUDDOyOHRVREUHWHOD
)LUPDGD0$8)5$\IHFKDGDDEDMRDODL]TXLHUGD
7LWXODGDRULJLQDOPHQWHHQHOEDVWLGRU
0HGLGDV[FP
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
$121,02
(VFXHOD)UDQFHVD
6LJOR;,;
´5(75$72'(1,f$&21)/25(6µ
3LQWXUDDOSDVWHO
6LQÀUPD
0HGLGDV[FP
(VWLPDFLyQ86
$121,02
(VFXHOD)ODPHQFD
6LJOR;9,,,
´5(75$72 '( '$0$ &21 (1&$-(6 < 38/6(
5$6'(&25$/µ
3LQWXUDDOyOHRVREUHWHOD
5HHQWHODGD
6LQÀUPD
0HGLGDV[FP
(VWLPDFLyQ86
$121,02
(VFXHOD)ODPHQFD
6LJOR;9,,,
´3$6725(6&215(%$f2)21'2'(3$,6$-(µ
3LQWXUDDOyOHRVREUHWDEOD
'RVUHIXHU]RVGHUDMDGXUDVHQODSDUWHSRVWHULRU
6LQÀUPD
0HGLGDV[FP
(VWLPDFLyQ86
+27(/'(9(17$6*8,'2
3(//(*5,1,&KDUOHV+HQUL&DUORV(QULTXH
$UJHQWLQD
&KDPEHU\%XHQRV$LUHV
&2*25126DQWLDJR
$UJHQWLQR
´5(75$72'(6(f25$&213(,1(7$µ
'LEXMRDOiSL]FRQUHDOFHVGHDFXDUHODEODQFD
)LUPDGD&+3(//(*5,1,DEDMRDODGHUHFKD
0HGLGDV[FP
(VWLPDFLyQ86
´08-(5(6(1/$3/$<$µ
7pFQLFDPL[WD
)LUPDGD6&2*2512\IHFKDGDHQHOUHYHUVR
0HGLGDV[FP
(VWLPDFLyQ86
3,1722FWDYLR
$UJHQWLQR
&2*25126DQWLDJR
$UJHQWLQR
´3$,6$-(&217(&+261(9$'26µ
3LQWXUDDOyOHRVREUHFDUWyQ
)LUPDGD2FWDYLR3,172DEDMRDODGHUHFKD
0HGLGDV[FP
*DOHUtD58%%(56%XHQRV$LUHV
(WLTXHWDDOGRUVR
(VWLPDFLyQ86
´&$1$67$&21)/25(6µ
7pFQLFDPL[WD
)LUPDGD6&2*2512DEDMRDODGHUHFKD
0HGLGDV[FP
(VWLPDFLyQ86
-&1$21&,$6$
&+$/(*HUWUXGLV
(VFXHOD$XVWUtDFD
;8/62/$5$OHMDQGUR
$UJHQWLQR
´6,17,78/2µ
7pFQLFDPL[WD$xR
)LUPDGD;8/DEDMRDODGHUHFKD
1XPHUDGDHQHOFHQWURGHUHFKR
0HGLGDV[FP
326$'$65HPDWHV6$%XHQRV$LUHV
$EULOGH
/RWHQžGHOFDWiORJR
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
´'(638(6'(/%$f2µ
'LEXMROiSL]VREUHSDSHO
)LUPDGRFRQLQLFLDOHV*&KIHFKDGR\WLWXODGRDED
MRDODL]TXLHUGD
0HGLGDV[FP
(VWLPDFLyQ86
5HI5HSURGXFLGDHQHOOLEUR´*(5758',6&+$/(
81$3,1725$(1(/081'2$1',12µSRU0DXUL
FLR1(80$1SiJTXHVHHQWUHJDUiDOFRPSUDGRU
5HI&HUWLÀFDGRGHDXWHQWLFLGDGH[SHGLGRHQHOUHYHUVR
GHXQDIRWRSRUOD)XQGDFLyQ3$1./8%
9$=2VFDU$QWRQLR
$UJHQWLQR
0(1',/$+$5=8*UDFLDQR
$UJHQWLQR
´-29(108-(55(&267$'$)21'2'(3$,6$-(µ
3LQWXUDDOyOHRVREUHWHOD
5HHQWHODGD
)LUPDGD0(1',/$+$5=8\IHFKDGD´µDEDMRDOD
GHUHFKD
0HGLGDV[FP
(VWLPDFLyQ86
´5,2/80,1262µ
3LQWXUDDOyOHRVREUHKDUGERDUG
)LUPDGD2VFDU9$=\IHFKDGDDEDMRDODL]TXLHUGD
7LWXODGD\ÀUPDGDHQHOUHYHUVR
0HGLGDV[FP
*DOHUtD.$3(527;,3,0DUGHO3ODWD
(VWLPDFLyQ86
&$67$*1,12-XDQ&DUORV
$UJHQWLQR
´75(6&$%$//26µ
$JXDGDVREUHSDSHO
)LUPDGD&$67$*1,12DEDMRDODL]TXLHUGD
9DULOODPHGLDFDxDGHPDGHUDSLQWDGDGHQHJUR\GRUDGR
0HGLGDV[FP
(VWLPDFLyQ86
9,&725,&$0LJXHO&DUORV
$UJHQWLQR
´$87255(75$72µ
3LQWXUDDOyOHRVREUHWHOD
)LUPDGD0&9,&725,&$\IHFKDGD%$DED
MRDODGHUHFKD
0HGLGDV[FP
([&ROHFFLyQ$&48$521(%XHQRV$LUHV
*DOHUtD%21,12%XHQRV$LUHV
(WLTXHWDVDOGRUVR
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
+27(/'(9(17$6*8,'2
&+$/(*HUWUXGLV
(VFXHOD$XVWUtDFD
´,1',$6(17$'$µ
3LQWXUDDOyOHRVREUHFDUWyQ
)LUPDGD*&+$/(DEDMRDODL]TXLHUGD
0HGLGDV[FP
(VWLPDFLyQ86
7+,%21'(/,%,$19DOHQWtQ
$UJHQWLQR
´%$,/$5,1$6µ
3LQWXUDDOyOHRVREUHWHOD
)LUPDGD7+,%21DEDMRDODGHUHFKD
0HGLGDV[FP
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
5HI5HSURGXFLGDHQHOOLEUR´*(5758',6&+$/(
81$ 3,1725$ (1 (/ 081'2$1',12µ SiJ SRU0DXULFLR1(80$1TXHVHHQWUHJDUiDOFRPSUDGRU
48,5Ð6&HViUHR%HUQDOGRGH
$UJHQWLQR
&+$/(*HUWUXGLV
(VFXHOD$XVWUtDFD
´(/$6$'2µ
3LQWXUDDOyOHRVREUHFDUWyQ
)LUPDGD*&+$/(DEDMRDODL]TXLHUGD
0HGLGDV[FP
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
´3$55$/'(81$&$6$(10$//25&$µ
3LQWXUDDOyOHRVREUHWHOD
)LUPDGD&%HUQDOGRGH48,526DEDMRDODL]TXLHUGD
0HGLGDV[FP
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
5HI5HSURGXFLGDHQHOOLEUR´*(5758',6&+$/(
81$3,1725$(1(/081'2$1',12µSRU0DX
ULFLR1(80$1SiJTXHVHHQWUHJDUiDOFRPSUDGRU
-&1$21&,$6$
+27(/'(9(17$6*8,'2
9,&725,&$0LJXHO&DUORV
$UJHQWLQR
/$55$f$*$(QULTXHGH
$UJHQWLQR
´0$6&$5,7$/$)5(*21$µ
3LQWXUDDOyOHRVREUHWHOD
)LUPDGD (QULTXH GH /$55$f$*$ DEDMR D OD L]
TXLHUGD
0HGLGDV[FP
*DOHUtD628'$1%XHQRV$LUHV
(WLTXHWDDOGRUVR
(VWLPDFLyQ86
*8$<$6$0,12VZDOGR
(FXDGRU
´08-(5$1',1$µ
7pFQLFDPL[WD
)LUPDGD*8$<$6$0,1DEDMRDODGHUHFKD
0HGLGDV[FP
(VWLPDFLyQ86
´$87255(75$72µ
3LQWXUDDOyOHRVREUHFDUWyQHQWHODGR
)LUPDGR0&9,&725,&$DEDMRDODGHUHFKD
0HGLGDV[FP
(VWLPDFLyQ86
/$55$f$*$(QULTXHGH
$UJHQWLQR
´0$6&$5$63238/$5(6µ
3LQWXUDDOyOHRVREUHWHOD
)LUPDGD(QULTXHGH/$55$f$*$DEDMRDODL]TXLHUGD
0HGLGDV[FP
*DOHUtD628'$1%XHQRV$LUHV
(WLTXHWDDOGRUVR
(VWLPDFLyQ86
&+$/(*HUWUXGLV
(VFXHOD$XVWUtDFD
´0$'5(<1,f2µ
3LQWXUDDOyOHRVREUHSDSHOSHUJDPLQR
6LQÀUPD
0HGLGDV[FP
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
5HI5HSURGXFLGDHQHOOLEUR´*(5758',6&+$/(
81$ 3,1725$ (1 (/ 081'2 $1',12µ SRU
0DXULFLR 1(80$1 SiJ TXH VH HQWUHJDUi DO
FRPSUDGRU
5HI ([SHUWL]DMH UHDOL]DGR SRU HO VHxRU -XOLR /RUHQ]R
*DUURHQ%DUUDQFRGLFLHPEUHGHDGLVSRVLFLyQGH
ORVLQWHUHVDGRV
),*$5,3HGUR
8UXJXD\R
´&$5,'$'µ
3LQWXUDDOyOHRVREUHFDUWyQ
)LUPDGD3),*$5,DEDMRDODGHUHFKD
0HGLGDV[FP
6HULHD1ž
6HOORVFRQQ~PHURV\HQQHJUR
$XWHQWLFDGDSRUXQDGHVXVKLMDVHQHOUHYHUVR
(VWLPDFLyQ86
-&1$21&,$6$
&+$/(*HUWUXGLV
(VFXHOD$XVWUtDFD
´*$/(5,$6$17$)((678',2085$/µ
'LEXMROiSL]GHFRORU\WLQWDVREUHSDSHO
6LQÀUPD
0HGLGDV[FP
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
5HI5HSURGXFLGDHQHOOLEUR´*(5758',6&+$/(
81$ 3,1725$ (1 (/ 081'2 $1',12µ SRU
0DXULFLR 1(80$1 SiJ TXH VH HQWUHJDUi DO
FRPSUDGRU
,03(5,$/(2VYDOGR
$UJHQWLQR
´/$%2&$µ
3LQWXUDDOSDVWHO
6LQÀUPD
)LUPDGRHQHOUHYHUVR
0HGLGDV[FP
(VWLPDFLyQ86
)257(9LFHQWH
$UJHQWLQR
)257(9LFHQWH
$UJHQWLQR
´/260Ô6,&2612&78512µ
3LQWXUDDOyOHRVREUHWHOD
)LUPDGD)257(DEDMRDODGHUHFKD
0HGLGDV[FP
*DOHUtD)(/'0$1&yUGRED
(WLTXHWDDOGRUVR
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
´&20326,&,21&21)587$6µ
7pPSHUD
)LUPDGD)257(DEDMRDODGHUHFKD
0HGLGDV[FP
(VWLPDFLyQ86
/$&É0(5$)RUWXQDWR
$UJHQWLQR
´3$,6$-(µ
3LQWXUDDOyOHRVREUHWDEOD
)LUPDGD)/$&$0(5$DEDMRDODL]TXLHUGD
0HGLGDV[FP
(VWLPDFLyQ86
+27(/'(9(17$6*8,'2
48,148(/$0$57,1%HQLWR
$UJHQWLQR
´',$*5,6µ
3LQWXUDDOyOHRVREUHFDUWyQ
)LUPDGD48,148(/$0$57,1DEDMRDODL]TXLHUGD
7LWXODGDÀUPDGD\IHFKDGDHQHOUHYHUVR
0HGLGDV[FP
(VWLPDFLyQ86
5HI&HUWLÀFDGRGHDXWHQWLFLGDGH[SHGLGRSRUHODXWRU
HQHOUHYHUVRGHXQDIRWRJUDItDIHFKDGR'LFLHPEUH
6HOORGHO&RQVHMR1DFLRQDOGH(GXFDFLyQGH%H
OODV$UWHVGHOD%RFD
)$'(5)HUQDQGR
$UJHQWLQR
´3$,6$-(&215$1&+2µ
3LQWXUDDOyOHRVREUHWHODSHJDGDVREUHFDUWyQ
)LUPDGD)HUQDQGR)$'(5\IHFKDGDHQHOFRVWDGR
L]TXLHUGR
0HGLGDV[FP
(VWLPDFLyQ86
5HI&HUWLÀFDGRGHDXWHQWLFLGDGH[SHGLGRSRUHOH[SHU
WR$QJHO'$OHVVLRHQHOUHYHUVRGHXQDIRWRJUDItD
3(5(=&(/,6
$UJHQWLQR
´18(675$6$50$6%,2/2*,&$6µ
3LQWXUDDOyOHRVREUHWHOD
)LUPDGD3(5(=&(/,6\IHFKDGD´&DUDFDVµDEDMR
DODGHUHFKD
7LWXODGDÀUPDGD\IHFKDGDHQHOUHYHUVR
0HGLGDV[FP
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
7+,%21'(/,%,$19DOHQWtQ
$UJHQWLQR
´(/%$55(1'(52µ
'LEXMRDWLQWD
)LUPDGR7+,%21DEDMRDODGHUHFKD
0HGLGDV[FP
(VWLPDFLyQ86
7+,%21'(/,%,$19DOHQWtQ
$UJHQWLQR
´$),/$'25µ
'LEXMRDWLQWD
7LWXODGR\ÀUPDGR7+,%21DEDMRDODGHUHFKD
0HGLGDV[FP
(VWLPDFLyQ86
7+,%21'(/,%,$19DOHQWtQ
$UJHQWLQR
´3(6&$'2)5(6&2µ
'LEXMRDWLQWD
7LWXODGRHQODSDUWHVXSHULRU
)LUPDGR7+,%21DEDMRDODGHUHFKD
0HGLGDV[FP
(VWLPDFLyQ86
%87/(5+RUDFLR
$UJHQWLQR
´(//252µ
3LQWXUDDOyOHRVREUHWHOD
)LUPDGD%87/(5DEDMRDODGHUHFKD
0HGLGDV[FP
([SRVLFLyQ*DOHUtD%21,12
2FWXEUH1RYLHPEUHGH
1žGHFDWiORJR(WLTXHWDDOGRUVR
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
$121,02
(VFXHOD(VSDxROD
6LJOR;,;
´5(75$72'(-29(108-(5µ
3LQWXUDDOyOHRVREUHWHOD
5HHQWHODGD
3HTXHxDDYHUtD
6LQÀUPD
0HGLGDV[FP
(VWLPDFLyQ86
3(//,&&,277,$UPDQGR
(VFXHOD,WDOLDQD
6LJOR;;
©3257$6235$1$%25',*+(5$ª
3LQWXUDDOyOHRVREUHWDEOD
)LUPDGD$3(//,&&,277,DEDMRDODGHUHFKD
0HGLGDV[FP
(VWLPDFLyQ86
-&1$21&,$6$
&,1&2/,72*5$),$6$0(5,&$1$6(1&2/25(6
/LWRJUDItDV FDULFDWXUHVFDV FRQ HVFHQDV GH FDUUHUDV \
FDFHUtD
9DULOODVGHPDGHUDPROGXUDGD\HQFHUDGD
(VWLPDFLyQ86
3$5 '( .$.(02126 &+,126 3,17$'26 62
%5(3$3(/
(VFHQDVGHLQWHULRUGHVWDFiQGRVHXQDQFLDQRGHGLIHUHQ
WHVH[RHQFDGDXQDGHODVSLH]DV3HJDGRVVREUHVHGD
9DULOODVFKDWDVGHPDGHUDGRUDGD
&KLQD
)LQHVGHO6LJOR;,;
0HGLGDV[FP
(VWLPDFLyQ86
´(6&(1$6'(%$7$//$µ
3DUGHDQWLJXRVJUDEDGRVIUDQFHVHV
7RPDGRVGHVHQGDVSLQWXUDVSRU)9$1'(50(8/(1
5%211$57JUDEy
9DULOODVGHPDGHUDGRUDGD
(VWLPDFLyQ86
´/(5+,13$66e$/$1$*(3$5/(6)5$1d2,6µ
$QWLJXRJUDEDGRIUDQFpV
7RPDGRGHXQDSLQWXUDSRU)9$1'(50(8/(1
66,0211($8JUDEy
9DULOODGHPDGHUDGRUDGD
(VWLPDFLyQ86
+27(/'(9(17$6*8,'2
´6+$.63($5(µ
3DUGHDQWLJXRVJUDEDGRVLQJOHVHV
7RPDGRVGHVHQGDVSLQWXUDVSRUHO5HY:P3(7(56
5RE7+(:JUDEy
3DVVHSDUWRXWVDFXDUHODGRV
9DULOODVGHPDGHUDPROGXUDGD\GRUDGDDODKRMD
&ROHFFLyQ),532'(9272
(VWLPDFLyQ86
´%2<6 52%%,1*$1 25&+$5'µ ´7+($1*5<
)$50(5µ
3DUGHJUDEDGRVLQJOHVHVHQFRORUHV
7RPDGRVGHSLQWXUDVSRU*025/$1'
3DVVHSDUWRXWVDFXDUHODGRV
9DULOODVGHPDGHUDPROGXUDGDSHUODGD\GRUDGDDODKRMD
&ROHFFLyQ$OEHUWR9('2<$
6DUD6(5eGH9('2<$
(VWLPDFLyQ86
&8$7523(48(f26*5$%$'26,1*/(6(6$1
7,*826
&DGDXQRGHHOORVUHSUHVHQWDODÀJXUDGHXQDQLxDGHQ
WURGHXQSDLVDMH
3DVVHSDUWRXWVDFXDUHODGRV
9DULOODVGHPDGHUDPROGXUDGD\GRUDGDDODKRMD
&ROHFFLyQ$OEHUWR9('2<$
6DUD6(5eGH9('2<$
(VWLPDFLyQ86
)/$;0$1-RKQ,,
(VFXHOD,QJOHVD
´$&762)0(5&<µ
&XDWURSHTXHxRVGLEXMRVOiSL]\DFXDUHODGH-RKQ)OD[
PDQHQGRVHQPDUFDPLHQWRV
&DGDXQRGHHOORVFRQVXWtWXOR
9DULOODVGHPDGHUDPROGXUDGD\GRUDGDDODKRMD
&ROHFFLyQ$OEHUWR9('2<$
6DUD6(5eGH9('2<$
(VWLPDFLyQ86
$17,*82*5$%$'2$548,7(&721,&2,1*/(6
9DULOODLQJOHVDGHUDt]GHPDSOH
(VWLPDFLyQ86
3$5'($17,*826*5$%$'26)5$1&(6(6(1
&2/25(6
3DVVHSDUWRXWVFRORUFHOHVWH9DULOODVGHPDGHUDPROGX
UDGDVFRQJXDUGDVFRQWLQXDV\GRUDGDV
(VWLPDFLyQ86
08(%/(6$17,*826
08(%/(6'((67,/2
$17,*82%22.&$6(,1*/(6*(25*(,,,
0X\LPSRUWDQWHELEOLRWHFDLQJOHVDIRUPDGDSRUVHLVFXHUSRVGHVPRQWDEOHV7RWDOPHQWHODPLQDGDHQQRJDO\UDt]&XHUSR
LQIHULRUIRUPDGRSRUWUHVPyGXORVWRGRVHOORVFRQFDMRQHVGHGLIHUHQWHVWDPDxRV/DDO]DGDSUHVHQWDFXDWURJUDQGHVKRMDV
GHSXHUWDFHUUDQGRFRPSDUWLPHQWRVFRQHVWDQWHVGHVPRQWDEOHV6HFWRUHVODWHUDOHVFRQHVSDFLRVXSHULRUDELHUWRFDMRQHV\
SXHUWDVYHUWLFDOPHQWHVXSHUSXHVWRV(O]yFDOR\ODFRUQLVDVRQGHXQDVRODSLH]DSDUDHOSHUIHFWRDMXVWHGHOPXHEOH7LUDGRUHV
VREUHIRQGRVUHFRUWDGRV\ELVDJUDVGHEURQFH
,QJODWHUUD
6HJXQGD0LWDGGHO6LJOR;9,,,
$OWRFP$QFKRFP3URIFP
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
+27(/'(9(17$6*8,'2
3$5 '( $17,*8$6 5,1&21(5$6 )5$1&(6$6
/8,6;9
0DGHUDHQFKDSDGDHQSDORGHURVD\SDOLVDQGUR)UHQ
WHFXUYRFRQXQDKRMDGHSXHUWDHQODTXHHOSDORGH
URVDHVWiGLVSXHVWRHQFRPSDFWDVOtQHDVYHUWLFDOHVIRU
PDQGRXQDPDUTXHWHUtD&DtGDV\ERFDOODYHVGHEURQ
FHFLQFHODGR\SDWLQDGR*UXHVDVWDSDVGHPiUPROGL
IHUHQWHV
)UDQFLD
3ULQFLSLRVGHO6LJOR;,;
0HGLGDV$OWRFP$QFKRFP3URIFP
-RVHSK5RGJHUV3DUtV
&ROHFFLyQ$OEHUWR9('2<$
6DUD6(5eGH9('2<$
(VWLPDFLyQ86
$17,*826(&5(7$,5(,7$/,$12&21,1)/8(1
&,$)5$1&(6$
6LJOR ;9,,, &RQVWUXLGR HQ PDGHUD HQFKDSDGD HQ
FDRED)LOHWHVUHFWRVGHPDUTXHWHUtD)UHQWHGHSOD
QRLQFOLQDGR'RVDPSOLRVFDMRQHV\GRVVXSHULRUHV
PiV FKLFRV D XQ PLVPR QLYHO 7DSD YROFDEOH TXH
DSR\DHQGRVWLUHWHVODWHUDOHV,QWHULRUFRQSHTXHxD
SXHUWDVHLVFDMRQHVFKLFRV\FXDWURHVSDFLRVDELHU
WRV %RFDOODYHV \ WLUDGRUHV GH EURQFH FLQFHODGR \
SDWLQDGR
,WDOLD
6HJXQGD0LWDGGHO6LJOR;9,,,
$OWRFP$QFKRFP3URIFP
&ROHFFLyQ$OEHUWR9('2<$
6DUD6(5eGH9('2<$
(VWLPDFLyQ86
$17,*8$ &202'$ )5$1&(6$ '( (32&$
75$16,&,21
(MHFXWDGD HQ PDGHUD HQFKDSDGD HQ QRJDO \ FDRED UX
ELD)LOHWHVGHERM\ERLVGHYLROHWIRUPDQGRUHFXDGURV
'RVDPSOLRVFDMRQHVGHLJXDOWDPDxRHQHOIUHQWH%R
FDOODYHVFLQFHODGRV7LUDGRUHVDSOLFDGRVVREUHXQIRQGR
FLUFXODUFRQPHGDOORQHVGHHVPDOWHVREUHFREUH$OJX
QDVDYHUtDV7DSDGHPiUPROEODQFRYHWHDGRFRUWDGRD
PDQRHQODSDUWHSRVWHULRU
)UDQFLD
6HJXQGD0LWDGGHO6LJOR;9,,,
$OWRFP$QFKRFP3URIFP
&ROHFFLyQ$OEHUWR9('2<$
6DUD6(5eGH9('2<$
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
$17,*826,//21,1*/(678'25
5HDOL]DGR HQ UREOH 3DQHO SRVWHULRU SODQR FRQ VKHOO
WDOODGD$SR\DEUD]RV FXUYRV &LQFR SDWDV ODV WUHV GHO
IUHQWHWRUQHDGDVWRGDVXQLGDVSRUWUDYHVDxRV$OPRKD
GLOODWDSL]DGDHQWHUFLRSHOR
,QJODWHUUD
6LJOR;9,,
&ROHFFLyQ$OEHUWR9('2<$
6DUD6(5eGH9('2<$
(VWLPDFLyQ86
$17,*8$ 0(6$ )5$1&(6$ 3$5$ &(1752 '(
)250$29$/
&LUFD(QFKDSDGDHQQRJDO\SDORGHURVD)LOH
WHVUHFWRVGHGRVWRQRV7DSDGHPiUPROYHWHDGRFRORU
YLROHWDFRQUHVWDXUDFLyQSURWHJLGDHQHOERUGHSRUXQD
PROGXUDGHQRJDO
)UDQFLD
&LUFD
$OWRFP/DUJRFP$QFKRFP
&ROHFFLyQ$OEHUWR9('2<$
6DUD6(5eGH9('2<$
(VWLPDFLyQ86
$17,*82 (6&5,725,2 )5$1&(6 '( (32&$
/8,6;9,
2EUDGHOHEDQLVWDIUDQFpV$QGUp/RXLV*LOEHUW(VWDP
SLOODGR$/*,/%(57/OHYDWDPELpQODPDUFD-0(
GHOMXUDGRGHPDHVWURVHEDQLVWDVGH3DUtV0HVDHVFUL
WRULR UHFWDQJXODU FRQVWUXLGD HQ PDGHUD HQFKDSDGD HQ
FDRED\SDORGHURVD0DUTXHWHUtDGHÀOHWHVIRUPDQGR
GLVHxRVUHFWRV7UHVFDMRQHVHQODFLQWXUD7DSDSURWH
JLGDSRUXQDPROGXUDGHEURQFH%RFDOODYHVWLUDGRUHV
FDSLWHOHV\VDERWVGHEURQFHFLQFHODGR7LUHWHVODWHUDOHV
FRQ WDSHWHV GH FXHUR YHUGH YLxHWHDGR (Q XQR GH ORV
FDMRQHV OOHYD OD HVWDPSLOOD '/ 3HOOHWLHU GHO HEDQLVWD
'HQLV/RXLV3HOOHWLHU
)UDQFLD
6HJXQGD0LWDGGHO6LJOR;9,,,
$OWRFP/DUJRFP3URIFP
&ROHFFLyQ$OEHUWR9('2<$
6DUD6(5eGH9('2<$
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
*,/%(57 $QGUp /RXLV 1RWDEOH HEDQLVWD IUDQFpV
QDFLGR HQ 3DUtV HQ PXHUWR HQ 6X DWHOLHU
HVWDEDHQSOHQDSURVSHULGDGFXDQGRVREUHYLQROD5H
YROXFLyQ
-&1$21&,$6$
+27(/'(9(17$6*8,'2
'26$17,*8$60(6$63('(67$/)5$1&(6$6
6,*/2;,;
$OJXQDVGLIHUHQFLDV)RUPDFLUFXODU&ROXPQDIDFHWDGD
VREUHXQDEDVHGHWUHVSURORQJDFLRQHV$OWXUDUHJXODEOH
7DSDVGHPiUPROEODQFRYHWHDGRXQDFRQDYHUtDSURWH
JLGDVSRUJDOHUtDVGHEURQFHFDODGR
)UDQFLD
6HJXQGD0LWDGGHO6LJOR;,;
&ROHFFLyQ$OEHUWR9('2<$
6DUD6(5eGH9('2<$
(VWLPDFLyQ86
3(48(f$0(6$)5$1&(6$$17,*8$/8,6;9
(QFKDSDGDHQSDOLVDQGUR\SDORGHURVD7UHVFDMRQHV
GHLJXDOWDPDxRHQHOIUHQWH
)UDQFLD
3ULPHUD0LWDGGHO6LJOR;,;
$OWRFP$QFKRFP3URIFP
&ROHFFLyQ$OEHUWR9('2<$
6DUD6(5eGH9('2<$
(VWLPDFLyQ86
3(48(f$62)$7$%/(,1*/(6$'(/6,*/2;,;
&RQVWUXLGDHQPDGHUDGHFDREDPDFL]D$OHWDVODWHUDOHV
YROFDEOHV$SR\RVHQORVFRVWDGRVXQLGRVSRUXQWUDYH
VDxRHQVXSDUWHPHGLD5XHGLWDVJLUDWRULDV
,QJODWHUUD
0HGLDGRVGHO6LJOR;,;
$OWRFP$QFKRH[WHQGLGDFP3URIFP
&ROHFFLyQ$OEHUWR9('2<$
6DUD6(5eGH9('2<$
(VWLPDFLyQ86
0(6$'($55,02)5$1&(6$'((67,/2/8,6;9,
0HVLWDUHFWDQJXODUHQFKDSDGDHQFDRED)LOHWHVGHPD
GHUDRVFXUD)UHQWHFRQXQFDMyQ\GRVSXHUWDVGHFRUD
GDVFRQORPRVGHOLEURV5HJDWRQHVGHEURQFH
&ROHFFLyQ$OEHUWR9('2<$
6DUD6(5eGH9('2<$
(VWLPDFLyQ86
$17,*82 08(%/( )5$1&(6 $ $/785$ '(
$32<26,*/2;9,,,
&RQVWUXLGRHQPDGHUDODPLQDGDHQFDRED\SDORGHURVD
)LOHWHVGHERLVGHYLROHW\SDORGHURVD(OIUHQWHPXHVWUD
GRVFDMRQHVGRVSXHUWDVYROFDEOHVTXHVLUYHQGHHVFULED
QtD\GRVSXHUWDVTXHFLHUUDQHVSDFLRVFRQHVWDQWH%RFD
OODYHVGHEURQFHFLQFHODGR\SDWLQDGR7DSDGHPiUPRO
JULVYHWHDGRGHODpSRFDFRQFRUWHSRVWHULRUDPDQR
)UDQFLD
0LWDGGHOVLJOR;9,,,
$OWRFP$QFKRFP3URIFP
&ROHFFLyQ$OEHUWR9('2<$
6DUD6(5eGH9('2<$
(VWLPDFLyQ86
$17,*8$ 0(6$ )5$1&(6$ (67,/2 /8,6 ;9,
3$5$&(1752
)RUPD FLUFXODU &RQVWUXLGD HQ PDGHUD HQFKDSDGD HQ
FDRED'RVFDMRQHV\GRVWLUHWHVRSXHVWRVHQWUHVtHQOD
FLQWXUD$SR\RVDFDQDODGRVXQLGRVSRUXQHVWDQWHLQIH
ULRU 7DSD GH PiUPRO JULV YHWDGR *DOHUtDV GH EURQFH
FDODGR\UXHGLWDVJLUDWRULDV
)UDQFLD
6HJXQGD0LWDGGHO6LJOR;,;
$OWRFP'LiPHWURFP
&ROHFFLyQ$OEHUWR9('2<$
6DUD6(5eGH9('2<$
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
3$5 '( $17,*826 6,//21(6 )5$1&(6(6 '(
(67,/2/8,6;9
$OJXQDV GLIHUHQFLDV$UPD]RQHV GH PDGHUD GH QRJDO
7DOODV GH KRMDV \ ÁRUHV 5HVWDXUDFLRQHV 5HVSDOGRV \
DVLHQWRVDEDVWLGRU7DSL]DGRVHQSDQDFRORURURYLHMR
&ROHFFLyQ$OEHUWR9('2<$
6DUD6(5eGH9('2<$
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
0(6$ )5$1&(6$ '( (67,/2 /8,6 ;9, 3$5$
&(1752
)RUPD FXDGUDQJXODU FRQ HVTXLQDV RFKDYDGDV (QFKD
SDGDHQFDRED7DSDGHGDPHURHQFLWURQQLHU$GRUQRV
GHEURQFHHQODFLQWXUD$SR\RVDFDQDODGRVXQLGRVSRU
WUDYHVDxRVFXUYRV
&ROHFFLyQ$OEHUWR9('2<$
6DUD6(5eGH9('2<$
(VWLPDFLyQ86
0(6$,1*/(6$('8$5',$1$3$5$&(1752
)RUPD FLUFXODU 0DGHUD HQFKDSDGD HQ FLWURQQLHU )LOHWHV
GHPDGHUDQHJUD$SR\RVWHUPLQDGRVHQSXQWDGHODQ]DLQ
YHUWLGDXQLGRVSRUWUDYHVDxRVTXHFRQYHUJHQHQHOFHQWUR
,QJODWHUUD
3ULQFLSLRVGHO6LJOR;;
$OWRFP'LiPHWURFP
&ROHFFLyQ$OEHUWR9('2<$
6DUD6(5eGH9('2<$
(VWLPDFLyQ86
$17,*826,//21)5$1&(6'((67,/2/8,6;9
$UPD]yQGHPDGHUDGHQRJDOPROGXUDGR0X\ÀQDWDOODGH
ÁRUHV\KRMDVHQHOUHVSDOGR\ODFLQWXUD7DSLFHUtDGHFXHUR
)UDQFLD
6HJXQGD0LWDGGHO6LJOR;9,,,
$OWRFP$QFKRFP3URIFP
&ROHFFLyQ$OEHUWR9('2<$
6DUD6(5eGH9('2<$
(VWLPDFLyQ86
-&1$21&,$6$
62)$'((67,/2)5$1&(6/8,6;93$5$75(6
&8(5326
$UPD]yQGHPDGHUDGHQRJDOPROGXUDGR7DOODVGHKR
MDV\ÁRUHVHQODFLQWXUD7DSL]DGRHQVHGDFRORUYHUGH
$OPRKDGyQGXYHWFRQDYHUtDHQHOWDSL]DGR
&ROHFFLyQ$OEHUWR9('2<$
6DUD6(5eGH9('2<$
(VWLPDFLyQ86
0(6$(6&5,725,2)5$1&(6$'((67,/2/8,6
;9,
&RQVWUXLGDHQPDGHUDHQFKDSDGDHQFDRED7UHVFDMR
QHVHQODFLQWXUDHOFHQWUDOPiVDQFKR7DSHWHGHFXHUR
FRQYLxHWDHQHOERUGH0ROGXUDSURWHFWRUDGHODWDSD
FDSLWHOHVWLUDGRUHV\VDERWVGHEURQFH
$OWRFP/DUJRFP$QFKRFP
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
+27(/'(9(17$6*8,'2
$17,*8262)$)5$1&(6'((67,/2/8,6;9,
$UPD]yQ GH PDGHUD SLQWDGD DO ODTXp \ SDWLQDGD 2UQD
PHQWDFLyQPROGXUDGD\WDOODGD5HVSDOGRFRQPRYLPLHQWR
RQGHDGR\DSR\DEUD]RVDOWRV6HLVDSR\RV7DSL]DGRHQJp
QHURÁRUHDGR$OPRKDGyQHQHODVLHQWR\UROORVODWHUDOHV
$OWRFP$QFKRFP3URIFP
(VWLPDFLyQ86
0(6$%$-$5($/,=$'$727$/0(17((1*58(
62$&5,/,&2
$SR\RVODWHUDOHVSODQRV
$OWRFP/DUJRFP3URIFP
(VWLPDFLyQ86
$17,*8$ 0(6$ ,1*/(6$ '( 75(6 3('(67$
/(63$5$&20('25
&RQVWUXLGDHQFDREDPDFL]D3HGHVWDOHVWRUQHDGRVWHU
PLQDGRVHQFXDWURSURORQJDFLRQHV6DERWVGHEURQFH\
UXHGLWDVJLUDWRULDV'RVWDEODVSDUDDJUDQGDU
,QJODWHUUD
3ULQFLSLRVGHO6LJOR;,;
$OWRFP/DUJRFRQWUHVSHGHVWDOHVFP$QFKRFP
$QFKRGHFDGDWDEODFP
(VWLPDFLyQ86
',(=6,//$6,1*/(6$63$5$&20('25
$UPD]RQHV GH PDGHUD GH FDRED )LOHWHV GH FLWURQQLHU
IRUPDQGRUHFWiQJXORV5HVSDOGRVFRQWUHVOLVWRQHV\WDOOD
VXSHULRU$VLHQWRVDEDVWLGRUWDSL]DGRVHQFXHURYHUGH
(VWLPDFLyQ86
$17,*8$&202'$)5$1&(6$75$16,&,21
(MHFXWDGDHQPDGHUDHQFKDSDGDHQSDORGHURVD)LOHWHV
GHODPLVPDPDGHUD\GH´ERLVGHYLROHWµ)UHQWHFRQ
GRV DPSOLRV FDMRQHV VXSHUSXHVWRV \ RWUR VXSHULRU GH
PHQRUDOWXUD&DtGDVERFDOODYHVWLUDGRUHV\VDERWVGH
EURQFHFLQFHODGR\SDWLQDGR0iUPROYHWHDGRGHIDEUL
FDFLyQSRVWHULRU
)UDQFLD
3ULPHUD0LWDGGHO6LJOR;,;
$OWRFP$QFKRFP3URIFP
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
3$5'(0(6$6&2162/$6'()250$'(0,/8
1(
&RQVWUXLGDVHQPDGHUDUXELDGHPX\YLVWRVDYHWD%RU
GH\IDMDVGHODFLQWXUDGHpEDQR8QSHTXHxRFDMyQHQ
ORVFHQWURV'RVDSR\RVFXUYRVVREUHXQDEDVHGHIRUPD
LUUHJXODU
6LJOR;,;
$OWRFP$QFKRFP3URIFP
(VWLPDFLyQ86
3$5'(6,//21(6%(5*(5('((67,/2)5$1
&(6/8,6;9,
$UPD]RQHV GH PDGHUD PROGXUDGD SLQWDGD DO ODTXp GH
GRVWRQRV\SDWLQDGD5RVHWDVWDOODGDV7DSL]DGRVHQJp
QHURGHDOJRGyQFRORUEULFN$OPRKDGyQHQORVDVLHQWRV
(VWLPDFLyQ86
-&1$21&,$6$
3$5'($17,*8266,//21(6)5$1&(6(6/8,6
;9,
$UPD]RQHVGHQRJDOPROGXUDGR5RVHWDVWDOODGDVHQOD
XQLyQGHORVDSR\RVGHODQWHURV\ODFLQWXUD5HVSDOGRV
\DVLHQWRVHVWHULOODGRV$OPRKDGLOODVWDSL]DGDV
)UDQFLD
3ULPHUD0LWDGGHO6LJOR;,;
$OWRFP$QFKRFP3URIFP
(VWLPDFLyQ86
3$5 '( 6,//21(6 '( (67,/2 )5$1&(6 /8,6
;9,
$UPD]RQHV GH QRJDO PROGXUDGR 7DOODV GH KRMDV GH
DFDQWR5HVSDOGRVDVLHQWRV\DSR\DEUD]RVWDSL]DGRVHQ
JpQHURUD\DGR
(VWLPDFLyQ86
$17,*8$&202'$$/7$,1*/(6$-25*(,,,
&RQVWUXLGD HQ PDGHUD ODPLQDGD HQ QRJDO )LOHWHV GH
PDUTXHWHUtD IRUPDQGR UHFXDGURV /DWHUDOHV GH UREOH
)UHQWHFRQWUHVDPSOLRVFDMRQHVGHWDPDxRVSURJUHVLYRV
\WUHVVXSHULRUHVDXQDPLVPDDOWXUD%RFDOODYHV\WLUD
GRUHVGHEURQFH
,QJODWHUUD
&LUFD
$OWRFP$QFKRFP3URIFP
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
$17,*8$0(6$)5$1&(6$/8,6;93$5$&(1
752
(QFKDSDGD HQ SDOLVDQGUR \ SDOR GH URVD 0DUTXHWHUtD
IRUPDQGRGDPHURHQHOIUHQWHORVFRVWDGRV\HOHVWDQWH
LQIHULRU5HVHUYDVFRQPDUTXHWHUtDÁRUDO'RVFDMRQHV
HQHOIUHQWH\XQRVXSHULRUODWHUDO%RFDOODYHV\VDERWV
GHEURQFH3ODFDGHPiUPROEODQFRHQODWDSD
)UDQFLD
6HJXQGD0LWDGGHO6LJOR;,;
(VWLPDFLyQ86
$17,*8$/227$%/(,1*/(6$9,&725,$1$
&RQVWUXLGDHQPDGHUDGHQRJDO\UDt]7DSDRYDODGDFRQ
PHFDQLVPRTXHSHUPLWHVXSUHVHQWDFLyQYHUWLFDO$SR
\RHQIRUPDGHEXOERVREUHFXDWURIXHUWHVSURORQJDFLR
QHV5XHGLWDVJLUDWRULDV
,QJODWHUUD
6HJXQGD0LWDGGHO6LJOR;,;
$OWRFP/DUJRFP$QFKRFP
(VWLPDFLyQ86
3(48(f$ %,%/,27(&$ '( (67,/2 )5$1&(6
/8,6;9
0DGHUDHQFKDSDGDHQSDORGHURVD)UHQWHDELHUWRFRQ
GRVHVWDQWHV%URQFHVFLQFHODGRV\SDWLQDGRV7DSDGH
PiUPROYHWHDGRSURWHJLGRSRUXQDJDOHUtDGHEURQFH
(VWLPDFLyQ86
3(48(f26,//21'((67,/2,1*/(6
$UPD]yQ GH QRJDO 5HVSDOGR FRQ PRWLYRV FDODGRV
$VLHQWR WDSL]DGR HQ JpQHUR GH DOJRGyQ FRORU FUXGR
$SR\RVXQLGRVSRUWUDYHVDxRV
(VWLPDFLyQ86
3$5'(0(6$6%$-$6'(/,1($02'(51$
)RUPDUHFWDQJXODU$UPD]RQHVPHWiOLFRVGHFRORUJULV
$SR\RVODWHUDOHVHQIRUPDGH´7µLQYHUWLGDXQLGRVSRU
WUDYHVDxRV7DSDVGHYLGULR
(VWLPDFLyQ86
$17,*8$ %,%/,27(&$ '( $55,02 (67,/2 ,1
*/(6
5HDOL]DGD HQ PDGHUD HQFKDSDGD HQ FDRED 'RV KRMDV
GH SXHUWD FRQ SDQHOHV GH YLGULR ,QWHULRU FRQ HVWDQWHV
JUDGXDEOHV
$OWRFP$QFKRFP3URIFP
(VWLPDFLyQ86
+27(/'(9(17$6*8,'2
3$5'(6,//21(6,1*/(6(6'((67,/2-25*(
,,,
6LOORQHV EHUJHUH FRQ DUPD]RQHV GH FDRED 0ROGXUDV
FRPSDFWDVHQODVTXHVHUHSLWHXQDWDOODGHKRMDV&LQ
WXUDFLUFXODUFRQJXDUGDWDOODGD7DSLFHUtDGHUDVRFRORU
YHUGH$OPRKDGyQHQORVDVLHQWRV
(VWLPDFLyQ86
3(48(f$0(6$'((67,/2)5$1&(675$16,
&,213$5$&(1752
(QFKDSDGD HQ SDOR GH URVD HQ WRGR HO FRQWRUQR 0DU
TXHWHUtDHQPDGHUDRVFXUDIRUPDQGRUHFXDGURV)UHQWH
FRQHVSDFLRVXSHULRUDELHUWRVREUHXQDSXHUWDFRUWLQD
6DERWVGHEURQFHFLQFHODGR\SDWLQDGR7DSDGHPiUPRO
FRQUHVWDXUDFLyQHQXQDHVTXLQD\ERUGHPROGXUDGR
(VWLPDFLyQ86
$17,*8$0(6$&2162/$&2/21,$/6,*/2;,;
(MHFXWDGD HQ PDGHUD GH MDFDUDQGi 0DUTXHWHUtD IRU
PDQGRJXDUGDV\XQGLVHxRHQHOFHQWURGHODWDSD7D
OODVHQUHOLHYHHQODFLQWXUD$SR\RVFDPEUHDGRV
$UWH&RORQLDO
6LJOR;,;
$OWRFP$QFKRFP3URIFP
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
$17,*8$%$148(7$&2/21,$/6,*/2;,;
$UPD]yQ GH FDRED 7DOODV HQ UHOLHYH HQ ORV FHQWURV
$VLHQWRDEDVWLGRUWDSL]DGRHQWDSHVWU\ÁRUHDGR$SR
\RVFDPEUHDGRVWHUPLQDGRVHQ´SDGµ
$UWH&RORQLDO
3ULPHUD0LWDGGHO6LJOR;,;
$OWRFP$QFKRFP3URIFP
(VWLPDFLyQ86
$17,*8$ 0(6$ ,1*/(6$ '( 75(6 (67$17(6
*,5$725,26
&RQVWUXLGDHQPDGHUDGHFDRED(MHWRUQHDGRVREUHXQD
EDVHGHWUHVSURORQJDFLRQHV5XHGLWDVJLUDWRULDV(VWDQ
WHVGHGLiPHWURGHPD\RUDPHQRU\GHDEDMRKDFLDDUUL
ED$OHWDVYROFDEOHV
$OWRFP
(VWLPDFLyQ86
$17,*8$&202'$,1*/(6$5(*(1&<
(MHFXWDGD HQ PDGHUD HQFKDSDGD HQ FDRED \ SOXPD
)UHQWHFRQWUHVFDMRQHVGHWDPDxRVSURJUHVLYRVOLPLWD
GRVSRUGRVFROXPQDVODWHUDOHVFLOtQGULFDV8QDPSOLR
FDMyQVXSHULRUHQSODQRVDOLHQWH*XDUGDV\DGRUQRVFRQ
LQFUXVWDFLRQHVGHEURQFH7LUDGRUHVGHEURQFHFLQFHOD
GRHQIRUPDGHURVHWD
,QJODWHUUD
3ULPHUD0LWDGGHO6LJOR;,;
$OWRFP$QFKRFP3URIFP
(VWLPDFLyQ86
-&1$21&,$6$
3$5'(6,//21(6,1*/(6(6(67,/2:,1'625
$UPD]RQHVGHPDGHUDHQFHUDGD5HVSDOGRVFRQOLVWyQ
FHQWUDOFDODGR\EDUURWHVFLOtQGULFRVGLVSXHVWRVYHUWLFDO
PHQWH$VLHQWRVHVWHULOODGRVXQRFRQODHVWHULOODÁRMD
$SR\RVWRUQHDGRVXQLGRVSRUWUDYHVDxRV
(VWLPDFLyQ86
,17(5(6$17(0(6$'((67,/2,1*/(63$5$
&(17522&20('25
&RQVWUXLGD HQ PDGHUD HQFKDSDGD HQ FDRED (QWUH
VXVSRVLELOLGDGHVSXHGHSUHVHQWDUVHFRPRPHVDFLU
FXODU FRQ DOHWDV YROFDEOHV R ELHQ FRPR PHVD SDUD
FRPHGRU FRQ ODV DOHWDV H[WHQGLGDV \ GRV WDEODV GH
DODUJXH(QHVWHFDVRGRVDSR\RVDGLFLRQDOHVVLUYHQ
GHUHIXHU]R7RGRVORVPLHPEURVWHUPLQDQHQUXHGL
WDVJLUDWRULDV
$OWRFP/DUJRH[WHQGLGDFP$QFKRFP
(VWLPDFLyQ86
$17,*8$3(48(f$0(6$)5$1&(6$'(352
9,1&,$(67,/2/8,6;9
(MHFXWDGDHQPDGHUDHQFKDSDGDHQQRJDO0DUTXHWHUtD
IRUPDQGRURPERV*DOHUtDPROGXUDGD)UHQWHFRQGRV
KRMDVGHSXHUWD\XQSHTXHxRFDMyQVXSHULRU8QODWHUDO
FRQFDMRQFLWR%RFDOODYHVWLUDGRUHV\VDERWVGHEURQFH
FLQFHODGR
(VWLPDFLyQ86
$17,*82%85($8,1*/(6-25*(,,,
&RQVWUXLGRHQPDGHUDODPLQDGDHQQRJDO)UHQWHSODQR
FRQFXDWURFDMRQHVGHWDPDxRVSURJUHVLYRV$ORVFRV
WDGRVGHOFDMyQVXSHULRUGRVWLUHWHVVLUYHQGHDSR\RD
ODSXHUWDYROFDEOH,QWHULRUFRQFLQFRSHTXHxRVFDMRQHV
\ HVSDFLRV DELHUWRV %RFDOODYHV \ WLUDGRUHV GH EURQFH
GRUDGR
,QJODWHUUD
3ULPHUD0LWDGGHO6LJOR;,;
$OWRFP$QFKRFP3URIFP
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
6,//21 '( (67,/2 )5$1&(6 /8,6 ;9, 3$5$
(6&5,725,2
$UPD]yQ GH FDRED PROGXUDGD $VLHQWR JLUDWRULR FRQ
DOPRKDGLOOD7DSL]DGRHQJpQHURD]XO
(VWLPDFLyQ86
0(6$3$f8(/2&8$'5$1*8/$53$5$-8(*2
(QFKDSDGDHQFDREDUXELD7DSDJLUDWRULDFRQFXDWUR
WULiQJXORVTXHDEUHQKDFLDDIXHUDPRVWUDQGRHOWDSHWH
GHSDxRYHUGH8QFDMyQ$SR\RVVREUHUXHGLWDVJLUD
WRULDV
(VWLPDFLyQ86
62)$&21)257$%/(727$/0(17(7$3,=$'2
5HFXELHUWRSRUXQJpQHURPRQRFURPREHLJH*UDQDO
PRKDGyQHQHODVLHQWR\WUHVSDUDHOUHVSDOGR
6HYHQGHUiFRQRSFLyQDOORWHVLJXLHQWH
(VWLPDFLyQ86
62)$&21)257$%/(727$/0(17(7$3,=$'2
5HFXELHUWRSRUXQJpQHURPRQRFURPREHLJH*UDQDO
PRKDGyQHQHODVLHQWR\WUHVSDUDHOUHVSDOGR
(VWLPDFLyQ86
3$5 '( 3(48(f$6 0(6$6 '( (67,/2 )5$1
&(6/8,6;9
5HDOL]DGDVSRU-$16(11žGHVHULH(MHFXWDGDV
HQPDGHUDGRUDGD7DSDVUHFXELHUWDVSRUODFDQHJUDFRQ
GHFRUDFLyQRULHQWDO3HTXHxRFDMyQODWHUDO\RWURVLPX
ODGR*XDUGDVIRUPDQGRURPERV7LUDGRUHV\VDERWVGH
EURQFHFLQFHODGR
-$16(1%V$V
(VWLPDFLyQ86
0(6$ 5(&7$1*8/$5 '( (67,/2 ,1*/(6 78
'25
&RQVWUXLGDHQPDGHUDGHQRJDO&LQWXUDWDOODGDFRQPR
WLYRVFRQWLQXRV$SR\RVHQIRUPDGHEXOERXQLGRVSRU
WUDYHVDxRVUHFWRV
(VWLPDFLyQ86
+27(/'(9(17$6*8,'2
$17,*82%,20%2&+,12'(/$&$'(3(.,1
)RUPDGRSRUFXDWURKRMDV'RVGHHOODVFRUUHVSRQGHQD
XQRGHORVODWHUDOHVGHOELRPERRULJLQDO\ODVRWUDVGRVDO
ODGRRSXHVWR'HFRUDFLyQRULHQWDOGHSDLVDMHVDQLPDGRV
HQODFDRURVREUHIRQGRQHJUR5DPDVKRMDVÁRUHV\PD
ULSRVDVHQHOUHYHUVR5HVWDXUDFLyQHQXQDGHODVKRMDV
&KLQD
3ULPHUD0LWDGGHO6LJOR;,;
$OWRFP$QFKRGHFDGDKRMDFP
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
0(6$ %$-$ '( )250$ 5(&7$1*8/$5 3$5$
&(1752
(VWDPSLOODGD 67$1)25' (QFKDSDGD HQ SDOLVDQGUR
FDRED \ QRJDO )LOHWHV \ ERUGHV HVFDORQDGRV QHJURV
&XDWURÀJXUDVGHHVÀQJHVWDOODGDVVHSUHVHQWDQHQODV
HVTXLQDV
67$1)25'%XHQRV$LUHV
(VWLPDFLyQ86
62)$ 7$%/( '( (67,/2 ,1*/(6 &21$/(7$6
92/&$%/(6
0HVDHQFKDSDGDHQSDOLVDQGUR\FDRED,QFUXVWDFLRQHV
GHEURQFHUHSUHVHQWDGDVSRUÀOHWHV\ÁRUHVGHOLV'RV
FDMRQHVHQODFLQWXUD/DWHUDOHVHQIRUPDGHO\UDXQLGRV
SRUWUDYHVDxR
67$1)25'%XHQRV$LUHV
(VWLPDFLyQ86
%$5*8(f2(63$f2/(67,/25(1$&,0,(172
&RQVWUXLGRHQPDGHUDGHUDXOt6HHQFXHQWUDWRWDOPHQWH
UHYHVWLGRHQFXHURUHSXMDGRSLQWDGRDPDQRFRQGLVH
xRVGHDUDEHVFRV3XHUWDYROFDEOHWDPELpQUHFXELHUWDHQ
FXHURTXHVHREVHUYDGHEDMRGHXQODPLQDGRGHKLHUUR
FDODGR/DUHVHUYDPXHVWUDXQDHVFHQDGHODUHQGLFLyQ
GH*UDQDGD\UHVHUYDVFRQUHWUDWRVGHORVUH\HV$SR
\DHQXQSLHGHORVOODPDGRV´GHSXHQWHµ7LUHWHVSDUD
HODSR\RGHODKRMDYROFDEOHTXHSUHVHQWDQFDEH]DVGH
DQLPDOHVWDOODGDV&HUUDGXUDSDVDGRUHV\PDQLMDVODWH
UDOHVGHKLHUUR
$OWRFP$QFKRFP3URIFP
(VWLPDFLyQ86
$17,*82(6&5,725,2,7$/,$123$5$&(1752
&RQVWUXLGRHQPDGHUDODPLQDGDHQQRJDO\UDt]0DU
TXHWHUtDGHFRUDQGRODWDSD\WRGRHOFRQWRUQR8QFDMyQ
VREUH HO HVSDFLR SDUD SLHUQDV \ WUHV PiV D FDGD ODGR
%RFDOODYHVGHEURQFHFLQFHODGR
$GTXLULGRHQ$17,48(6%XHQRV$LUHV
(VWLPDFLyQ86
3(48(f$0(6$)5$1&(6$'((67,/2/8,6;9
(QFKDSDGD HQ SDOR GH URVD &DMyQ ODWHUDO \ WLUHWH FRQ
WDSHWHGHFXHUR$O]DGDÀMDFRQGRVFDMRQHV\HVWDQWHV
HVFDORQDGRV
(VWLPDFLyQ86
(6&5,725,2,1*/(6('8$5',$12'()250$
52*121
(QFKDSDGRHQFDRED\SOXPD)LOHWHVGHVDWLQZRRG8Q
FDMyQFHQWUDOVHSDUDFXDWURGHWDPDxRVSURJUHVLYRVDFDGD
ODGR7LUDGRUHVGHEURQFH7DSHWHGHFXHURHQODWDSD
(VWLPDFLyQ86
-&1$21&,$6$
$17,*8$ &202'$ 6(&5(7$,5( '(/ 1257(
'(,7$/,$
&RQVWUXLGDHQPDGHUDODPLQDGDHQQRJDO\UDt]0DUTXHWHUtD
GHÀOHWHVHQSDORGHURVD7UHVJUDQGHVFDMRQHVGHIUHQWHVXD
YHPHQWHRQGHDGR8QFDMyQVXSHULRUGHPHQRUDOWXUDVLUYH
GHDSR\RDODSXHUWDGHOVHFUHWDLUH,QWHULRUFRQSXHUWDFHQWUDO
\GRVFDMRQHVDFDGDODGR&DMRQHVVXSHULRUHVODWHUDOHV
,WDOLD
6HJXQGD0LWDGGHO6LJOR;9,,,
$OWRFP$QFKRFP3URIFP
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
25,*,1$/ 08(%/( '( $55,02 '( /$ &$6$
-$16(1
/OHYDQXPHUDFLyQ0DGHUDHQFKDSDGDHQFDRED
UHYHVWLGDH[WHULRUPHQWHSRUXQDODFDFRORUURMD)UHQWH
FRQHOHJDQWHPRYLPLHQWRRQGHDGR'RVKRMDVGHSXHU
WD$UWtVWLFDRUQDPHQWDFLyQWDOODGDHQUHOLHYH\GRUDGD
DODKRMD0ROGXUDVDFDQDODGDV\FLQWDVHQWUHFUX]DGDV
*UXHVDWDSDGHPiUPROYHWHDGRPROGXUDGRHQHOERUGH
$OWRFP$QFKRFP3URIFP
-$16(1%XHQRV$LUHV
(VWLPDFLyQ86
*5$1 &202'$ )5$1&(6$ 62%5( 02'(/2
'(*8,//$80(%(11(0$1
,PSRUWDQWH FyPRGD HMHFXWDGD HQ PDGHUD HQFKDSDGD HQ
FDRED7UHVFDMRQHVHQODFLQWXUDHOFHQWUDOPiVSHTXHxR
'RVJUDQGHVKRMDVGHSXHUWDFXEUHQHOLQWHULRUFRQVHLV
FDMRQHV (O PXHEOH VH HQFXHQWUD WRWDOPHQWH RUQDPHQWD
GRSRUEURQFHVFLQFHODGRV\GRUDGRVUHSUHVHQWDGRVSRU
JUDQGHVPHGDOORQHVDUDEHVFRVFRQÁRUHVKRMDVGHDFDQ
WRJXDUGDVFRQGUDSHDGRV\VDERWV*UXHVDWDSDGHPiU
PROYHWHDGRGHERUGHPROGXUDGR\HVTXLQDVUHGRQGHDGDV
)UDQFLD
)LQHVGHO6LJOR;,;
$OWRFP$QFKRFP3URIFP
(VWLPDFLyQ86
$17,*8$0(6$,7$/,$1$3$5$&(1752
)RUPDUHFWDQJXODU0DUTXHWHUtDGHGLVHxRVJHRPpWULFRV
HQODWDSDODFLQWXUD\ORVDSR\RV7UHVFDMRQHV6DERWV
GHEURQFH
(VWLPDFLyQ86
3(48(f$0(6$)5$1&(6$$17,*8$/8,6;9
(QFKDSDGDHQSDORGHURVD)LOHWHVUHFWRVHQGRVFRPEL
QDFLRQHVGHPDGHUD&DMyQODWHUDO
)UDQFLD
)LQHVGHO6LJOR;,;
&ROHFFLyQ$OEHUWR9('2<$
6DUD6(5eGH9('2<$
(VWLPDFLyQ86
3(48(f$&202'$)5$1&(6$/8,6;9,
6LJOR;9,,,(VWDPSLOODPX\ERUURVDGHHEDQLVWDHQHO
iQJXOR GHODQWHUR GHUHFKR GHEDMR GHO PiUPRO 0DGHUD
HQFKDSDGDHQFDRED\SDOLVDQGUR)LOHWHVGHPDUTXHWH
UtDHQPDGHUDFODUD)UHQWHFRQWUHVFDMRQHVHOVXSHULRU
GHPHQRUDOWXUD$OJXQDDQWLJXDUHVWDXUDFLyQ7DSDGHOD
pSRFDGHPiUPROJULVYHWHDGRPROGXUDGRHQHOERUGH
)UDQFLD
6HJXQGD0LWDGGHO6LJOR;9,,,
$OWRFP$QFKRFP3URIFP
(VWLPDFLyQ86
3$5'(3(48(f$6&202'$6,7$/,$1$6$1
7,*8$6
&LUFD/DPLQDGDVHQSHGXOGHQRJDO\UDt])UHQWH
FRQPRYLPLHQWRTXHEUDGR\WUHVFDMRQHVGHXQDPLVPD
DOWXUD &DGD FDMyQ PXHVWUD GRV FXULRVRV WLUDGRUHV GH
EURQFHSDWLQDGR
,WDOLD
&LUFD
$OWRFP$QFKRFP3URIFP
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
+27(/'(9(17$6*8,'2
3$5 '( 6,//21(6 '( (67,/2 )5$1&(6 /8,6
;9,
$UPD]RQHVGHFDRED7DSLFHUtDGHWDSHVWU\
(VWLPDFLyQ86
$17,*8$&202'$,1*/(6$&21$/=$'$'(
(63(-2
&RQVWUXLGD HQ PDGHUD HQFKDSDGD HQ MDFDUDQGi7DOODV
HQORVPRQWDQWHV&XDWURDPSOLRVFDMRQHVHQHOIUHQWH
7DSDUHVWDXUDGD\SHTXHxDVDO]DGDVSRVWHULRUHVGHPiU
PROEODQFRYHWHDGR'RVFDMRQFLWRVGHDSHUWXUDODWHUDO
VHSUHVHQWDQHQODDO]DGD(VSHMRFRQPRYLPLHQWR&R
URQDPLHQWRWDOODGR
,QJODWHUUD
6HJXQGD0LWDGGHO6LJOR;,;
$OWRFP$QFKRFP3URIFP
(VWLPDFLyQ86
6,//21'((67,/2)5$1&(6/8,6;9
$UPD]yQGHQRJDOPROGXUDGR7DOODHQHOFHQWURVXSH
ULRU\HQODFLQWXUD5HVSDOGRDVLHQWR\DSR\DEUD]RV
UHFXELHUWRVSRUXQDWDSLFHUtDJURVSRLQWWHMLGDDPDQR
HQODQDVGHYLYRFRORULGR
&ROHFFLyQ3DEOR),5323(f$
(VWLPDFLyQ86
3$5'(6,//21(6'((67,/2)5$1&(6/8,6;9,
$UPD]RQHV GH FDRED PROGXUDGD 5HVSDOGRV RYDOHV
$SR\DEUD]RV\DVLHQWRVWDSL]DGRVHQXQ´FKLQW]µÁR
UHDGR
&ROHFFLyQ3DEOR),5323(f$
(VWLPDFLyQ86
6(&5(7$,5(&21%,%/,27(&$(67,/2,1*/(6
*(25*,$1
(VWDPSLOODGR%217(032&RQVWUXLGRHQPDGHUDGH
UREOHHQFKDSDGDHQQRJDO\UDt]7UHVFDMRQHVLQIHULRUHV
GHWDPDxRVSURJUHVLYRV'RVWLUHWHVODWHUDOHVVLUYHQGH
DSR\RDODEDWWDQW,QWHULRUFRQSXHUWDFHQWUDOFDMRQFL
WRV\HVWDQWHVDELHUWRVGHGLVWULEXFLyQVLPpWULFD$O]DGD
FRQGRVKRMDVGHSXHUWDGHEDMRGHODVFXDOHVVHREVHUYDQ
SHTXHxRVWLUHWHVSDUDDSR\RGHFDQGHOHURV/DVSXHUWDV
FXEUHQXQVHFWRUFRQXQDSXHUWDFLQFRFDMRQHVHVWDQWHV
YHUWLFDOHV \ RWURV KRUL]RQWDOHV JUDGXDEOHV &RUQLVD GH
GREOHPRYLPLHQWR
$OWRFP$QFKRFP3URIFP
$17,48(6%217(032%XHQRV$LUHV
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
6,//21'((67,/2)5$1&(6/8,6;9
$UPD]yQ GH QRJDO PROGXUDGR7DSLFHUtD IUDQFHVD ÁR
UHDGD
&ROHFFLyQ3DEOR),5323(f$
(VWLPDFLyQ86
3$5'($17,*8$66,//$6)5$1&(6$6/8,6;9
(VWDPSLOODGDV-$16(13DUtVHQHOUHYHUVRGHODVLHQ
WR $UPD]RQHV GH PDGHUD PROGXUDGD DUWtVWLFDPHQWH
WDOODGD \ GRUDGD 5HVSDOGRV ´ERXWRQQpµ 7DSLFHUtD GH
JpQHURÁRUHDGR$OPRKDGyQHQORVDVLHQWRV
-$16(13DUtV
&ROHFFLyQ3DEOR),5323(f$
(VWLPDFLyQ86
3$5 '( 6,//21(6 '( (67,/2 )5$1&(6 /8,6
;9,
$UPD]RQHV HQ PDGHUD GH QRJDO 'HWDOOHV DFDQDODGRV
5HVSDOGRV DSR\D EUD]RV \ DVLHQWRV WDSL]DGRV HQ JURV
SRLQWFRQGLVHxRGHÁRUHVVREUHIRQGREHLJH
&ROHFFLyQ3DEOR),5323(f$
(VWLPDFLyQ86
-&1$21&,$6$
$17,*82%,20%2&+,12'(/6,*/2;9,,,
eSRFD &KLHQ /XQJ &DGD XQD GHODVKRMDV
SUHVHQWD WUHV VHFWRUHV HQ HO IUHQWH (O LQIHULRU FRQ SD
QHOHVGHODFDFKLQD&2520$1'(/UHSUHVHQWDQGRHV
FHQDVSDODFLHJDV/RVUHFWiQJXORVFHQWUDOHVFRQIRQGR
GHODFDQHJUDSUHVHQWDQHOHPHQWRVRULHQWDOHVHQUHOLHYH
UHDOL]DGRVHQSLHGUDVGHGLIHUHQWHVFRORUHV\HVFULWXUDV
GH QiFDU UHFRUWDGR 6HFWRUHV VXSHULRUHV FRQ FtUFXORV
FHQWUDOHV(QHOFRQWUDIUHQWHODGHFRUDFLyQHVEDVWDQWH
VLPLODUWHQLHQGRHQORVFHQWURVVRODPHQWHHVFULWXUDVHQ
QiFDU
&KLQD
0LWDGGHO6LJOR;9,,,
$OWRPWV$QFKRPWV
([&ROHFFLyQ)UDQFLVFR0(1',=$%$/
&ROHFFLyQ3DEOR),5323(f$
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
08(%/(6(&5(7$,5(%22.&$6(,1*/(6&21
$/=$'$'(60217$%/(
(MHFXWDGRHQPDGHUDGHFDREDFRQÀOHWHVGHPDUTXHWH
UtD7DSDYROFDEOH&XDWURFDMRQHVHQHOIUHQWH$O]DGD
GHYLWULQDHQFLHUUDWUHVHVWDQWHVJUDGXDEOHV
3HUWHQHQFLDGH/7GH:$
(VWLPDFLyQ86
0(6$'('2%/((67$17('()250$29$/
(QFKDSDGDHQPDGHUDGHFDRED8QVRSRUWHFHQWUDOWHU
PLQDGRHQWUHVDSR\RVFXUYRV
3HUWHQHQFLDGH/7GH:$
(VWLPDFLyQ86
3(48(f2(63(-2,1*/(6'($/=$'$
)UHQWH FXUYR 7UHV FDMRQHV (VSHMR FRQ PRYLPLHQWR
7HUPLQDOHVODWHUDOHVGHEURQFH
3HUWHQHQFLDGH/7GH:$
(VWLPDFLyQ86
+27(/'(9(17$6*8,'2
3$5'(6,//21(6'((67,/2)5$1&(6/8,6;9
$UPD]RQHV GH PDGHUD GH QRJDO PROGXUDGR7DOODV HQ
ODVFLQWXUDV5HVSDOGRVDVLHQWRV\DSR\DEUD]RVWDSL]D
GRVHQXQJpQHURGHDOJRGyQFRORUQHJUR
&ROHFFLyQ0DUFRV&85,
(VWLPDFLyQ86
6,//21'((67,/2)5$1&(6/8,6;9
$UPD]yQGHPDGHUDPROGXUDGD\OXVWUDGD'HWDOOHVWD
OODGRV5HVSDOGRDVLHQWR\DSR\DEUD]RVFRQWDSL]DGR
JURVSRLQWWHMLGRDPDQR
(VWLPDFLyQ86
3(48(f2 08(%/( $3$5$'25 ,1*/(6 &21
$/=$'$
(QFKDSDGRHQPDGHUDGHFDRED\SOXPD'RVKRMDVGH
SXHUWDHQODSDUWHLQIHULRU$O]DGDFRQGRVHVWDQWHV3H
TXHxDVFROXPQDVWRUQHDGDVIDOWDXQD
$OWRFP$QFKRFP3URIFP
&ROHFFLyQ-XOLR3DOHPyQ+8(5*2
(VWLPDFLyQ86
0(6$&,5&8/$53$5$&(1752&21(67$17(
,1)(5,25
(MHFXWDGDHQPDGHUDGHFDRED7DSDFLUFXODUXQLGDDO
HVWDQWH LQIHULRU SRU WUHV SURORQJDFLRQHV FXUYDV DMXVWD
GDV FRQ FODYLMDV 7UHV DSR\RV XQLGRV SRU WUDYHVDxRV
5XHGLWDVJLUDWRULDV
'LiPHWURFP
&ROHFFLyQ-XOLR3DOHPyQ+8(5*2
(VWLPDFLyQ86
3$5'(6,//$6'((67,/2%,('(50(,(5
$UPD]RQHVHMHFXWDGRVHQPDGHUDGHQRJDO\UDt]0DU
TXHWHUtD UHSUHVHQWDQGR SHUVRQDMHV PDVFXOLQRV HQ ORV
UHVSDOGRV$VLHQWRVWDSL]DGRVHQJpQHURHVWDPSDGRVR
EUHIRQGREHLJH
(VWLPDFLyQ86
3$5'(3(48(f$60(6$6&,5&8/$5(6'((6
7,/2,1*/(6
5HDOL]DGDVHQPDGHUDHQFKDSDGDHQFDRED0DUTXHWH
UtDGHHVWUHOODHQHOFHQWURGHODVWDSDV&ROXPQDWRUQHD
GDWHUPLQDGDHQWUHVDSR\RV
(VWLPDFLyQ86
3(48(f$&202'$(67,/2)5$1&(6'()5(1
7(21'($'2
0DGHUDHQFKDSDGDHQQRJDO7UHVFDMRQHV7LUDGRUHV\ER
FDOODYHVGHEURQFHFLQFHODGR\SDWLQDGR7DSDGHPiUPRO
YHWHDGR0pQVXODGHDSR\RWDSL]DGRHQSDQDFRORUQDUDQMD
(VWLPDFLyQ86
$17,*8$&202'$)5$1&(6$'((32&$/8,6
;9,
(MHFXWDGD HQ PDGHUD ODPLQDGD HQ SDOLVDQGUR \ SDOR GH
URVD)LOHWHVGHPDUTXHWHUtD)UHQWHUHFWRFRQGRVDPSOLRV
FDMRQHVLQIHULRUHV\WUHVSHTXHxRVVXSHULRUHVDXQDPLVPD
DOWXUD%RFDOODYHV\WLUDGRUHVGHEURQFHFLQFHODGR\SDWL
QDGR7DSDGHPiUPROJULVYHWHDGRFRQERUGHPROGXUDGR
)UDQFLD
6HJXQGD0LWDGGHO6LJOR;9,,,
$OWRFP$QFKRFP3URIFP
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
3$5 '( 6,//$6 %$-$6 '( (67,/2 )5$1&(6
/8,6;9
$UPD]RQHV GH PDGHUD SLQWDGRV DO ODTXp \ SDWLQDGRV
5HVSDOGRV \ DVLHQWRV WDSL]DGRV HQ WHUFLRSHOR GH ODQD
YHUGH$OPRKDGyQHQORVDVLHQWRV
-$16(1%XHQRV$LUHV
(VWLPDFLyQ86
$17,*82%85($8,1*/(6(32&$-25*(,,,
6HFUHWDLUHLQJOpVHMHFXWDGRHQPDGHUDGHFDRED)UHQWH
SODQRFRQFXDWURFDMRQHVGHWDPDxRVSURJUHVLYRV7DSD
YROFDEOHTXHDSR\DHQGRVOLVWRQHVGHVOL]DEOHV,QWHULRU
FRQ SXHUWLWD FHQWUDO HVWDQWHV DELHUWRV \ SHTXHxRV FDMR
QHV%RFDOODYHV\WLUDGRUHVGHEURQFHUHFRUWDGR\FDODGR
,QJODWHUUD
3ULQFLSLRV6LJOR;,;
$OWRFP$QFKRFP3URIFP
.(57(8;%V$V
(VWLPDFLyQ86
-&1$21&,$6$
$17,*8208(%/(´%8))(7µ,1*/(6'(75(6
(67$17(6
(MHFXWDGRHQPDGHUDGHFDRED'RVFDMRQHVHQODSDUWHPH
GLD&ROXPQDV\WHUPLQDOHVWRUQHDGDV7LUDGRUHVGHPDGHUD
,QJODWHUUD
6HJXQGD0LWDGGHO6LJOR;,;
$OWRFP$QFKRFP3URIFP
(VWLPDFLyQ86
$17,*82´/2:%2<µ,1*/(66,*/2;9,,,
0HVD GH DUULPR HMHFXWDGD HQ PDGHUD GH UREOH 7UHV
FDMRQHV HQ HO IUHQWH$SR\RV FLOtQGULFRV7LUDGRUHV GH
EURQFHFLQFHODGR
,QJODWHUUD
)LQHVGHO6LJOR;9,,,
$OWRFP$QFKRFP3URIFP
(VWLPDFLyQ86
$17,*8$0(6$,1*/(6$´7,/7723µ*8,//(5
02,9
7DSDGHIRUPDFLUFXODUFRQPHFDQLVPRTXHSHUPLWHSR
QHUODHQSODQRYHUWLFDO&ROXPQDWRUQHDGDWHUPLQDGDHQ
WUHVDSR\RVGHGREOHFXUYDWXUD
,QJODWHUUD
0HGLDGRVGHO6LJOR;,;
(VWLPDFLyQ86
$17,*8$&202'$$/7$$0(5,&$1$'(/6,
*/2;,;
5HDOL]DGDHQPDGHUDHQFKDSDGDHQFDRED\SOXPD)UHQWH
FRQFXDWURDPSOLRVFDMRQHV\GRVVXSHULRUHVPiVFKLFRVD
XQDPLVPDDOWXUD$SR\RVGHODQWHURVHQIRUPDGHHVIHUD
$OWRFP$QFKRFP3URIFP
(VWLPDFLyQ86
&202'$ 0$5,1(5$ ,1*/(6$ '(/ 6,*/2
;,;
(QFKDSDGD HQ PDGHUD GH FDRED )UHQWH FRQ GRV DP
SOLRVFDMRQHVHQODSDUWHLQIHULRUMXQWRDGRVPiVFKL
FRVDXQDPLVPDDOWXUD&DMyQVHFUHWDLUHVXSHULRUFRQ
GLYLVLRQHV\SHTXHxRVFDMRQHV%RFDOODYHV\WLUDGRUHV
GHEURQFH
$OWRFP$QFKRFP3URIFP
(VWLPDFLyQ86
$17,*82$5&21 ,1*/(6 (67,/2 :,//,$0 0$5<
(MHFXWDGR HQ UREOH PDFL]R 7DSD UHEDWLEOH FRQ ERUGH
PROGXUDGR)UHQWHFRQWUHVSDQHOHVWDOODGRV\PRWLYRV
JHRPpWULFRV
,QJODWHUUD
3ULQFLSLRVGHO6LJOR;,;
(VWLPDFLyQ86
$17,*8$&202'$)5$1&(6$'((32&$/8,6
;9,
&RQVWUXLGDHQPDGHUDODPLQDGDHQFDRED\UDt]GHWXOOD
)UHQWHSODQRFRQWUHVDPSOLRVFDMRQHVGHLJXDODOWXUD
%RFDOODYHVFLQFHODGRV7DSDGHPiUPROJULVYHWHDGRGH
ODpSRFDPROGXUDGRHQHOERUGH
)UDQFLD
6HJXQGD0LWDGGHO6LJOR;9,,,
$OWRFP$QFKRFP3URIFP
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
+27(/'(9(17$6*8,'2
$17,*82 ´32/( 6&5((1µ ,1*/(6 '(/ 6,*/2
;,;
$UPD]yQ GH PDGHUD GH FDRED %DVH IRUPDGD SRU WUHV
DSR\RV FXUYRV (MH FHQWUDO WRUQHDGR 3DQWDOOD RYDO GH
DOWXUDJUDGXDEOH
,QJODWHUUD
6HJXQGD0LWDGGHO6LJOR;,;
(VWLPDFLyQ86
$17,*8$ 3(0%52.( 7$%/( ,1*/(6$ (32&$
*(25*(,9
0HVD HMHFXWDGD HQ PDGHUD GH FDRED )RUPD UHFWDQ
JXODU$OHWDVYROFDEOHVFRQHVTXLQDVUHGRQGHDGDV8Q
FDMyQHQHOIUHQWH\RWURVLPXODGRHQHOFRQWUDIUHQWH
&XDWURDSR\RVWRUQHDGRVWHUPLQDGRVHQUXHGLWDVJLUD
WRULDV
,QJODWHUUD
3ULPHUD0LWDGGHO6LJOR;,;
$OWRFP/DUJRFP$QFKRH[WHQGLGDFP
(VWLPDFLyQ86
$17,*82*5$1')$7+(5&/2&.,1*/(6'(/
6,*/2;9,,,
&DMDHMHFXWDGDHQPDGHUDGHFDRED\SOXPD&ROXP
QDV DFDQDODGDV FRQ FDSLWHOHV GH EURQFH FLQFHODGR
&XDGUDQWHGHDFHURFRQQ~PHURVURPDQRV\DUiELJRV
SLQWDGRV D PDQR )LUPDGR 2EDG 6PLWK 5DOO\ +LJK
:D\ /RQGRQ 3HTXHxRV FXDGUDQWHV DX[LOLDUHV SDUD
VHJXQGHUR\FDOHQGDULR'HWDOOHVGHEURQFHFLQFHODGR
0iTXLQDDSpQGXOR
,QJODWHUUD
6LJOR;9,,,
$OWRFP
7+(&/2&.+286(%XHQRV$LUHV
&HUWLÀFDGRGHOGH-XOLRGH
(VWLPDFLyQ86
60,7+2EDGLDK5HORMHURTXHWUDEDMyHQ/RQGUHVHQ
WUHORVDxRVD9HU´:DWFKPDNHUVDQG&ORF
NPDNHUVRI7KH:RUOGµSRU&+%DLOOLHSiJ
62)$)5$1&(6´&25%(,//(µ'((67,/2/8,6;9
$UPD]yQGHPDGHUDSLQWDGDDOODTXp\SDWLQDGD$UWtV
WLFRWUDEDMRGHHEDQLVWHUtDIRUPDQGRPROGXUDVÁRUHV\
KRMDV7DSL]DGRHQXQGDPDVFRGHDOJRGyQFRORUFHOHV
WH$OPRKDGyQHQHODVLHQWR
$OWRFP$QFKRFP3URIFP
(VWLPDFLyQ86
3$5'(08(%/(6'($55,02(67,/275$16,
&,21
(VWDPSLOODGRV -$16(1 &RQVWUXLGRV HQ PDGHUD HQ
FKDSDGD HQ SDOR GH URVD \ FDRED 8QR GH HOORV FRQ
GRV KRMDV GH SXHUWD \ HO RWUR FRQ SXHUWD YROFDEOH \
GRV SXHUWDV LQIHULRUHV )LOHWHV UHFWRV GH PDUTXHWHUtD
IRUPDQGR UHFXDGURV %RFDOODYHV \ VDERWV GH EURQFH
7DSDVGHPiUPROEUHFKHXQDGHHOODVFRQDYHUtD)DO
WDQDOJXQRVHQFKDSDGRV
-$16(1%XHQRV$LUHV
(VWLPDFLyQ86
3(48(f208(%/()5$1&(6'(/6,*/2;9,,,
&RQVWUXLGRHQPDGHUDODPLQDGDHQQRJDO\SDOLVDQGUR
0DUTXHWHUtDGHOtQHDVUHFWDVFRQWLQXDVHQODSXHUWDGHO
IUHQWHWDSD\FRVWDGRV8QHVWDQWH
)UDQFLD
6LJOR;9,,,
.(57(8;%XHQRV$LUHV
(WLTXHWDHQODSDUWHSRVWHULRU
(VWLPDFLyQ86
3$5'(6,//21(6%(5*(5('((67,/2)5$1
&(6/8,6;9
(VWDPSLOODGRV -$16(1 1XPHUDGRV $UPD]R
QHVGHKD\DPROGXUDGD7DOODGHKRMDV\ÁRUHVHQORV
UHVSDOGRV \ ODV FLQWXUDV ,PSRUWDQWH WDSLFHUtD ´JURV HW
SHWLWSRLQWµWHMLGDDPDQRHQODQDVGHYLYRVFRORULGRV
$OPRKDGyQHQORVDVLHQWRV
$OWRFP$QFKRFP3URIFP
-$16(1%XHQRV$LUHV
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
$50$5,2$/72'((67,/2)5$1&(675$16,
&,21
(VWDPSLOODGR-$16(1(MHFXWDGRHQPDGHUDHQFKDSDGD
HQSDOLVDQGUR\FDRED/DVGRVKRMDVGHSXHUWDGHOIUHQWH
VHHQFXHQWUDQGHFRUDGDVFRQXQDPDUTXHWHUtDGLVWULEXLGD
HQVHLVVHFWRUHVHQORVTXHVHKDXWLOL]DGRODSDUWHQXGRVD
GHODPDGHUD,QWHULRUFRQFLQFRHVWDQWHVJUDGXDEOHV%R
FDOODYHVGHEURQFHFLQFHODGR+HUUDMHLQWHULRUGHKLHUUR
$OWRFP$QFKRFP3URIFP
-$16(1%XHQRV$LUHV
(VWLPDFLyQ86
3(48(f$&202'$)5$1&(6$'('26&$-2
1(6
0DGHUDHQFKDSDGD0ROGXUDVUHFWDVERFDOODYHV\WLUD
GRUHVGHEURQFHSDWLQDGR
(VWLPDFLyQ86
-&1$21&,$6$
3(48(f$0(6$$8;,/,$5'('26$32<26
(VWDPSLOODGD -$16(1 (QFKDSDGD HQ QRJDO$SR\RV
ODWHUDOHVGHSHUÀOHVUHFRUWDGRV
-$16(1%XHQRV$LUHV
(VWLPDFLyQ86
3(48(f$ 0(6$ )5$1&(6$ &21 (6&5,%$1,$
'(60217$%/(
(MHFXWDGDHQPDGHUDHQFKDSDGDHQFDRED0HVLWDFRQ
XQFDMyQHVWDQWHLQIHULRU\FROXPQDVWRUQHDGDV3ODFD
UHFWDQJXODUGHPiUPROHQODWDSD7UDYHVDxRSRVWHULRU
GHO TXH GHVOL]D XQD SDQWDOOD WDSL]DGD (VFULEDQtD GH
DSR\RDMXVWDGDDOWUDYHVDxR3XHUWDYROFDEOH\FDMRQFL
WRVLQWHULRUHV
(VWLPDFLyQ86
$17,*82 %,20%2 &+,12 '( &2520$1'(/
7$//$'2
)RUPDGR SRU RFKR KRMDV GH GREOH ID] %LVDJUDV GH
GREOHDUWLFXODFLyQ)RQGRGHODFDFRORUEHUHQMHQD/D
HVFHQDFHQWUDOPXHVWUDXQSDLVDMHDQLPDGRSRUQXPH
URVRV SHUVRQDMHV DOJXQRV GH HOORV D FDEDOOR$PSOLD
JXDUGD FRQ HOHPHQWRV RUQDPHQWDOHV \ PRWLYRV ÁR
UDOHV (Q HO FRQWUDIUHQWH VH REVHUYDQ SODQWDV HQ ÁRU
\ DYHV FRPR WHPD SULQFLSDO HQPDUFDGDV SRU DQFKD
JXDUGD
&KLQD
)LQHVGHO6LJOR;9,,,
$OWRFP$QFKRGHFDGDKRMDFP
(VWLPDFLyQ86
$17,*8$&202'$)5$1&(6$'((32&$/8,6
;9,
0DGHUD UHFXELHUWD SRU XQ JUXHVR ODPLQDGR GH FDRED
)UHQWH SODQR FRQ WUHV FDMRQHV GH LJXDO WDPDxR 0RQ
WDQWHV ODWHUDOHV DFDQDODGRV %RFDOODYHV \ WLUDGRUHV GH
EURQFH 7DSD GH PiUPRO EODQFR YHWHDGR GH OD pSRFD
PROGXUDGRHQHOERUGH
)UDQFLD
6HJXQGD0LWDGGHO6LJOR;9,,,
$OWRFP$QFKRFP3URIFP
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
+27(/'(9(17$6*8,'2
'5(662,5 (67,/2 )5$1&(6 '( 0$502/9(
7($'2
0iUPROFRORUURVDYLHMR\EODQFR'RVIXHUWHVPpQVXODV
DFDQDODGDVFRQUROHRVHQODSDUWHVXSHULRU*UXHVDWDSD
GHERUGHPROGXUDGR
$OWRFP$QFKRFP3URIFP
(VWLPDFLyQ86
3(48(f$%,%/,27(&$,1*/(6$&216758,'$
(1&$f$'(%$0%22
7UHVHVWDQWHVGHUDWiQWUHQ]DGR
(VWLPDFLyQ86
62)$ 7$%/( '( (67,/2 ,1*/(6 &21$/(7$6
92/&$%/(6
(MHFXWDGDHQPDGHUDHQFKDSDGDHQSDOLVDQGUR)LOHWHV
GHPDUTXHWHUtD'RVFDMRQHVHQODFLQWXUD$SR\RVODWH
UDOHVXQLGRVSRUXQWUDYHVDxRHQIRUPDGHDUFR6DERWV
GHEURQFHFLQFHODGRVREUHUXHGLWDVJLUDWRULDV
(VWLPDFLyQ86
0(6$ &,5&8/$5 '( (67,/2 ,1*/(6 3$5$
&(1752
(VWDPSLOODGD67$1)25'\QXPHUDGD(QFKDSDGDHQ
FDRED\SDOLVDQGUR7DSHWH\FXDWURWLUHWHVGHODFLQWXUD
WDSL]DGRV HQ FXHUR QHJUR &ROXPQD FHQWUDO WRUQHDGD
7UHVDSR\RVFXUYRVFRQWDOODGHURVHWDV\KRMDV6DERWV
GHEURQFHFRQUXHGLWDVJLUDWRULDV
67$1)25'%XHQRV$LUHV
(VWLPDFLyQ86
&8$7526,//21(6&21$50$=21(6'(&$2%$
$UPD]RQHVGHFDRED7DOODVGHKRMDV\HVFDPDV)DOWDQ
WDFKDVGHEURQFHHQORVWDSL]DGRV
(VWLPDFLyQ86
(6&5,725,2 '( 3('(67$/(6 &+,12 &21 ,1
)/8(1&,$,1*/(6$
0DGHUDUHFXELHUWDSRUXQDODFDQHJUD)LQDGHFRUDFLyQ
RULHQWDOHQODFDVSROtFURPDVFRQPRWLYRVÁRUDOHV\DYHV
HQHOIUHQWH(VFHQDSDODFLHJDFRQSHUVRQDMHVHQODWDSD
$OJXQRV SDQHOHV FRQ VLJQRV GH HVFULWXUD RULHQWDO (V
FULWRULRGHVPRQWDEOHSDUDFHQWURFRQSHGHVWDOHVGHWUHV
FDMRQHVFDGDXQR+HUUDMHVFKLQRVGHEURQFHSDWLQDGR
&KLQD
)LQHVGHO6LJOR;,;
$OWRFP$QFKRFP3URIFP
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
$17,*8208(%/((648,1(52,1*/(66,*/2
;,;
(VWLOR:LOOLDP0DU\7RWDOPHQWHGHFRUDGRFRQXQD
FRPSDFWDPDUTXHWHUtD)UHQWHRQGHDGRFRQXQDKRMDGH
SXHUWD&LQFRDSR\RVWRUQHDGRVXQLGRVSRUWUDYHVDxRV
SODQRV
,QJODWHUUD
6LJOR;,;
$OWRFP$QFKRFP3URIFP
&ROHFFLyQ),532'(9272
(VWLPDFLyQ86
-&1$21&,$6$
0(6$ ,1*/(6$ (-(&87$'$ (1 52%/( 3$5$
&(1752
5HFWDQJXODU7DOODVHQHOERUGHGHODWDSD\HQHOFDMyQ
GHOIUHQWH&XDWURDSR\RVXQLGRVODWHUDOPHQWH\WUDYH
VDxRFHQWUDOWRUQHDGRV
(VWLPDFLyQ86
3$5 '( 3(48(f$6 0(6$6 &21 $50$=21(6
'(%521&(3$7,1$'2
)RUPDFLUFXODU7UHVDSR\RVFXUYRVXQLGRVHQHOFHQWUR
$UJROODVODWHUDOHV7DSDVGHYLGULRQHJURXQDFRQFDV
FDGXUDHQHOUHYHUVR
&207(%XHQRV$LUHV
(VWLPDFLyQ86
&2162/$'((67,/2)5$1&(65(*(1&(
0DGHUDWUDEDMDGDLPLWDFLyQUREOH7DOODVGHKRMDV\FR
TXLOOHV 'RV DSR\RV IXHUWHPHQWH FDPEUHDGRV VH XQHQ
DXQDGRUQRHQODSDUWHLQIHULRU7DSDGHPiUPROEHLJH
YHWHDGRPROGXUDGRHQHOERUGH
$OWRFP$QFKRFP3URIFP
-$16(1%XHQRV$LUHV
6XFHVLyQ0DUtD0GH0$7$5$==2
-&1$216$'LFLHPEUHGH
/RWHQžGHOFDWiORJR
(VWLPDFLyQ86
$17,*82*5$1')$7+(5&/2&.,1*/(6'(/
6,*/2;9,,,
&DMD GH PDGHUD FRQ GHFRUDFLyQ FKLQD )RQGR GH ODFD
QHJUD'LVHxRVRULHQWDOHVHQODFDRUR8QDKRMDGHSXHU
WDHQHOIUHQWH&XDGUDQWHGHEURQFHFRQiQJXORVFLQFH
ODGRV)LUPDGR-D'28*/$66&KHUWVH\HQODSDUWH
DOWD0iTXLQDDSpQGXORFRQVRQHUtD3HULOODVGHEURQFH
HQHOFRURQDPLHQWR
,QJODWHUUD
6HJXQGD0LWDGGHO6LJOR;9,,,
$OWRFP
&ROHFFLyQ),532'(9272
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
'28*/$66-DPHV5HORMHURLQJOpVTXHWUDEDMyHQWUH
ORV DxRV 9HU ´:DWFKPDNHUV DQG &ORFN
PDNHUVRIWKH:RUOGµSRU*+%DLOOLHSiJ
3$5'(6,//21(6%(5*(5('((67,/2)5$1
&(6/8,6;9
$UPD]RQHVGHQRJDOPROGXUDGR7DOODVGHÁRUHVHQORV
FHQWURVVXSHULRUHV\HQODVFLQWXUDV7DSLFHUtDGHJpQH
UR HVWDPSDGR GH IRQGR FRORU URVD$OPRKDGyQ HQ ORV
DVLHQWRV
(VWLPDFLyQ86
+27(/'(9(17$6*8,'2
6(,66,//$6(67,/2&2/21,$/3$5$&20('25
$UPD]RQHVGHPDGHUDOXVWUDGD5HVSDOGRVPROGXUDGRV
FRQOLVWyQYHUWLFDOFDODGR'HWDOOHVWDOODGRVHQODVFRUQL
VDV\ODVFLQWXUDV$SR\RVGHODQWHURVFXUYRV$VLHQWRVD
EDVWLGRUWDSL]DGRVHQJpQHURODEUDGRVREUHIRQGRFHOHV
WH\RUR
(VWLPDFLyQ86
3(48(f$&202'$)5$1&(6$'(/6,*/2;,;
&RQVWUXLGDHQPDGHUDHQFKDSDGDHQSDOLVDQGUR\SDOR
GHURVD0DUTXHWHUtDIRUPDQGRURPERVHQODWDSD\ORV
FRVWDGRV)LOHWHVGHPDGHUDFODUD)UHQWHERPEpHFRQ
WUHVDPSOLRVFDMRQHV/DFHUUDGXUDGHOFDMyQFHQWUDOFLH
UUD WDPELpQ HO GH DUULED &DtGDV DGRUQRV \ VDERWV GH
EURQFHFLQFHODGR\GRUDGR
)UDQFLD
3ULPHUD0LWDGGHO6LJOR;,;
$OWRFP$QFKRFP3URIFP
(VWLPDFLyQ86
0(6$%$-$(67,/29(1(&,$123$5$&(1752
0DGHUDPROGXUDGD\GRUDGD7DSDGHHVSHMRGHFRUDGR
HQHVPDOWHRUR0LHPEURVHQHTXLVXQLGRVSRUXQWUDYH
VDxRWRUQHDGR
125',6.$.203$1,(7%XHQRV$LUHV
(VWLPDFLyQ86
$17,*8208(%/($8675,$&2'(/6,*/2;9,,,
0XHEOHGHDUULPRIRUPDGRSRUGRVFXHUSRVGHVPRQWD
EOHV/DPLQDGRHQQRJDO\SHGXO0X\VREULDPDUTXH
WHUtDGHGLVHxRVJHRPpWULFRV\ÀOHWHV&yPRGDFRQWUHV
DPSOLRV FDMRQHV$O]DGD FRQ JXDUGD LQIHULRU WDOODGD \
XQDWDSDGHSODQRLQFOLQDGRTXHDEUHKDFLDDUULED3XHU
WDFHQWUDOVHSDUDQGRFXDWURFDMRQHVGHFDGDODGR7UDED
LQWHULRUSDUDORVFDMRQHVLQWHUPHGLRV%RFDOODYHV\WLUD
GRUHVGHEURQFHSDWLQDGR
$XVWULD
0HGLDGRVGHO6LJOR;,;
$OWRFP$QFKRFP3URIFP
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
$17,*8$&202'$&(1752(8523($'(/6,
*/2;9,,,
&RQVWUXLGDHQPDGHUDODPLQDGDHQQRJDO0DUTXHWHUtD
GH PDGHUD FODUD HQPDUFDQGR HO VHFWRU GH UDt] GH QR
JDOGHODWDSD\HQORVWUHVFDMRQHV)UHQWHVXDYHPHQWH
RQGHDGR7LUDGRUHVGHGRVYDULHGDGHV\ERFDOODYHVGH
EURQFHFLQFHODGR\SDWLQDGR
&HQWURGH(XURSD
6HJXQGD0LWDGGHO6LJOR;9,,,
$OWRFP$QFKRFP3URIFP
(VWLPDFLyQ86
3$5 '( &2162/$6 '(0,/81( '( (67,/2 ,1
*/(6
(QFKDSDGDVHQFDREDPDGHUDUXELD\SDOLVDQGUR0ROGX
UDVHQODVFLQWXUDV7DOODVGHFDEH]DVGHDQLPDOHVVDOYDMHV
HQUHVHUYDV&XDWURDSR\RVWHUPLQDGRVHQSH]XxD\KRMDV
$OWRFP$QFKRFP3URIFP
67$1)25'%XHQRV$LUHV
(VWLPDFLyQ86
0(6$ '( 75(6 3('(67$/(6 (67,/2 ,1*/(6
3$5$&20('25
&RQVWUXLGDHQPDGHUDHQFKDSDGDHQSDOLVDQGUR)LOHWHV
UHFWRVGHPDGHUDRVFXUD7DSDUHFWDQJXODUFRQHVTXLQDV
UHGRQGHDGDV3HGHVWDOHVGHFROXPQDVSODQDVVREUHED
VHVGHFXDWURSURORQJDFLRQHV6DERWVGHEURQFHFLQFHOD
GRVREUHUXHGLWDVJLUDWRULDV
$OWRFP/DUJRWRWDOFP$QFKRFP
67$1)25'%XHQRV$LUHV
(VWLPDFLyQ86
'266,//21(6<',(=6,//$6(67,/2,1*/(6
3$5$&20('25
$UPD]RQHV GH FDRED \ SDOLVDQGUR 7DOODV HQ ORV FHQ
WURVGHORVUHVSDOGRV\HQHOIUHQWHGHORVDSR\DEUD]RV
0LHPEURV GHODQWHURV FXUYRV \ WRUVDGRV HQ HVSLUDO
$VLHQWRVHVWHULOODGRV$OPRKDGLOODVWDSL]DGDV
67$1)25'%XHQRV$LUHV
(VWLPDFLyQ86
-&1$21&,$6$
08(%/( $3$5$'25 '( $55,02 (67,/2 ,1
*/(6
0DGHUDHQFKDSDGDHQSDOLVDQGUR)UHQWHFRQWUHVFDMR
QHV\FXDWURSXHUWDV(QUHMDGRGHEURQFHFRQDOJXQRV
IDOWDQWHV7LUDGRUHV GH EURQFH HQ IRUPD GH DURV VREUH
IRQGRFLQFHODGR
$OWRFP/DUJRFP3URIFP
67$1)25'%XHQRV$LUHV
(VWLPDFLyQ86
'5(662,5'($55,02(67,/2,1*/(6
(QFKDSDGR HQ FDRED FRQ DOJXQDV VDOWDGXUDV &LQWXUD
DFDQDODGD6HLVDSR\RVUHFWRV
67$1)25'%XHQRV$LUHV
(VWLPDFLyQ86
3$5'(6,//21(6'((67,/2)5$1&(6/8,6;9
$UPD]RQHV GH QRJDO PROGXUDGR 7DSLFHUtD GH JpQHUR
FRQGLEXMRE~OJDUR
(VWLPDFLyQ86
(6&5,725,2,1*/(6'((67,/2*8,//(502,9
&RQVWUXLGRHQPDGHUDGHFDRED'RVFDMRQHVHQODFLQ
WXUD$SR\RVWRUQHDGRV\DFDQDODGRVDMXVWDEOHVDURVFD
5XHGLWDVJLUDWRULDV7DSHWHGHFXHURYLxHWHDGR
$OWRFP/DUJRFP$QFKRFP
(VWLPDFLyQ86
3$5 '( 0(6$6 5(&7$1*8/$5(6 3$5$ &(1
7522$55,02
$UPD]RQHVGHKLHUURSLQWDGRGHQHJUR$SR\RVUHFWRV
XQLGRVSRUWUDYHVDxRV7DSDVODTXHDGDVHQPDUFDGDVSRU
PROGXUDVGHEURQFH
(VWLPDFLyQ86
0(6$%$-$'()250$&8$'5$1*8/$53$5$
&(1752
$UPD]yQGHDFUtOLFRFRQUHFXDGUR\HVTXLQDVGHEURQ
FH7DSD\HVWDQWHGHYLGULR
(VWLPDFLyQ86
3$5'(3(48(f2608(%/(6'($55,02
1XPHUDFLyQ GH OD FDVD -DQVHQ 0DGHUD UHFX
ELHUWDSRUXQDODFDQHJUD3XHUWDGHORVIUHQWHVFRQGH
FRUDFLyQSLQWDGDHQHVPDOWHRURUHSUHVHQWDQGRUDPDV
KRMDV\ÁRUHV(OPRWLYRVHSUHVHQWDHQPDUFDGRSRUXQD
PROGXUDRQGHDGDGHPDGHUDWDOODGD\GRUDGDDODKRMD
,QWHULRUGHUREOHFRQXQHVWDQWH&DtGDVDGRUQR\VDERWV
GH EURQFH FLQFHODGR 7DSDV GH PiUPRO YHWHDGR FRORU
EHLJHXQDGHHOODVFRQUHVWDXUDFLyQHQXQDHVTXLQD
$OWRFP$QFKRFP3URIFP
-$16(1%XHQRV$LUHV
(VWLPDFLyQ86
3(48(f$&202'$'((67,/2)5$1&(6/8,6
;9
(QFKDSDGD HQ PDGHUD GH FDRED 0DUTXHWHUtD GH PD
GHUDV FODUDV HQ HO IUHQWH \ ORV ODWHUDOHV 'RV FDMRQHV
$GRUQRV WLUDGRUHV \ ERFDOODYHV GH EURQFH FLQFHODGR
7DSDGHPiUPROEHLJHYHWHDGR
(VWLPDFLyQ86
3(48(f2 6(&5(7$,5( (67,/2 )5$1&(6 /2
8,63+,/,33(
5HDOL]DGRHQPDGHUDHQFKDSDGDHQSDOLVDQGUR\SDOR
GH URVD )UHQWH FRQ FXDWUR FDMRQHV \ SXHUWD YROFDEOH
VLPXODQGRRWURVWUHV,QWHULRUFRQWDSHWHGHWHUFLRSHOR
FHOHVWH HVSDFLR DELHUWR \ FXDWUR FDMRQFLWRV %RUGHV
DGRUQRVWLUDGRUHVERFDOODYHV\FDtGDVGHEURQFHFLQ
FHODGR IDOWD XQD SHTXHxD PROGXUD 7DSD GH PiUPRO
EODQFR
(VWLPDFLyQ86
3$5 '( 3(48(f$6 %$148(7$6 &21 $50$
=21(6'(%521&(3$7,1$'2
$SR\RV FXUYRV 3HULOODV WRUQHDGDV$OPRKDGLOODV WDSL
]DGDVHQSDQDD]XO
(VWLPDFLyQ86
'2&( 6,//$6 '( (67,/2 )5$1&(6 /8,6 ;9
3$5$&20('25
(VWDPSLOODGDV-$16(1$UPD]RQHVGHPDGHUDPROGX
UDGDSLQWDGDDOODTXp\SDWLQDGD7DOODVHQVXDYHUHOLH
YH7DSL]DGDV HQ WHUFLRSHOR ODEUDGR JDVWDGR$OPRKD
GyQHQORVDVLHQWRVGRVGHHOORVFRQVHULDVDYHUtDVHQ
ORVWDSL]DGRV
-$16(1%XHQRV$LUHV
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
&202'$ (-(&87$'$ (1 0$'(5$ 3,17$'$
$//$48e
1XPHUDFLyQ GH OD FDVD -DQVHQ )UHQWH FRQ WUHV
FDMRQHV VXSHULRUHV \ VHLV LQIHULRUHV IRUPDQGR SDUHV
7DSDGHHVSHMRGHERUGHLUUHJXODUHQPDGHUDPROGXUDGD
\GRUDGDDODKRMD
$OWRFP$QFKRFP3URIFP
-$16(1%XHQRV$LUHV
(VWLPDFLyQ86
3$5'(6,//$6'((67,/2)5$1&(6/8,6;9
1XPHUDFLyQ GH OD FDVD -DQVHQ $UPD]RQHV GH
PDGHUDGHKD\DHQFHUDGD7DOODVHQORVUHVSDOGRV\ODV
FLQWXUDV7DSLFHUtDGHVHGDUD\DGD$OPRKDGyQ´GXYHWµ
HQORVDVLHQWRV
-$16(1%XHQRV$LUHV
(VWLPDFLyQ86
+27(/'(9(17$6*8,'2
,17(5(6$17( 0(6$ 3$5$ &20('25 '( /$
&$6$-$16(1
/OHYDQXPHUDFLyQ&RQVWUXLGDHQPDGHUDGHUR
EOH &LQWXUD\ DSR\RV SLQWDGRV FRORU FUHPD7DOODVHQ
UHOLHYHSLQWDGDVHQWRQRYHUGHFODUR/DWDSDIRUPDGD
SRUGRVVHFFLRQHV\ODVGRVWDEODVGHDJUDQGHHVWiQUH
FXELHUWDVSRUXQDODFDQHJUD'RVDSR\RVSOHJDEOHVVLU
YHQGHUHIXHU]RDODJUDQGDUODPHVD
$OWRFP/DUJRFP$QFKRFP
$QFKRGHFDGDWDEODFP
-$16(1%XHQRV$LUHV
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
%$148(7$ 5(&7$1*8/$5 '( (67,/2 )5$1
&(6/8,6;9,
0DGHUDPROGXUDGDSLQWDGDDOODTXp\SDWLQDGD$VLHQWR
HVWHULOODGR$OPRKDGLOODWDSL]DGD
(VWLPDFLyQ86
3(48(f$0(6$'()250$29$/3$5$&(1752
1XPHUDFLyQGHODFDVD-DQVHQ0DGHUDHQFKDSD
GDHQFDRED$SR\RHQIRUPDGHO\UDVREUHXQDEDVHGH
IRUPDLUUHJXODU7DSHWHGHFXHUR
-$16(1%XHQRV$LUHV
(VWLPDFLyQ86
3(48(f2 &$1$3( '( (67,/2 )5$1&(6 /8,6
;9
1XPHUDFLyQGHODFDVD-DQVHQ$UPD]yQGHPD
GHUDPROGXUDGDSLQWDGDDOODTXp\SDWLQDGD6RIDFLWR
GH GRV FXHUSRV FRQ IUHQWH SURQXQFLDGDPHQWH FXUYR
(OHJDQWHPRYLPLHQWRRQGHDGRHQHOUHVSDOGRFRQWD
OODHQHOFHQWUR$SR\DHQVLHWHPLHPEURVWHUPLQDGRV
HQYROXWD7DSLFHUtDGHVHGDFRQDYHUtDV$OPRKDGyQ
´GXYHWµHQHODVLHQWR
-$16(1%XHQRV$LUHV
(VWLPDFLyQ86
3(48(f262)$'((67,/2)5$1&(6/8,6;9
3$5$'26&8(5326
1XPHUDFLyQGHODFDVD-DQVHQ$UPD]yQGHPD
GHUDPROGXUDGDSLQWDGDDOODTXp\SDWLQDGD7DOODVGH
ÁRUHV \ KRMDV$SR\D HQ VHLV PLHPEURV 7DSLFHUtD GH
VHGD HVWDPSDGD GH IRQGR FRORU RUR$OPRKDGyQ ´GX
YHWµHQHODVLHQWRFRQXQDSHTXHxDPDQFKD
-$16(1%XHQRV$LUHV
(VWLPDFLyQ86
3(48(f$0(6$%$-$3$5$&(1752
1XPHUDFLyQGHODFDVD-DQVHQ$UPD]yQGHPD
GHUDGRUDGDDODKRMD7DSDGHYLGULRFRQHQPDUFDPLHQ
WR RQGHDGR$SR\RV VLPXODQGR WUHV FDxDV XQLGDV SRU
OLDQDV
-$16(1%XHQRV$LUHV
(VWLPDFLyQ86
-&1$21&,$6$
0(6$5(&7$1*8/$5(10$'(5$(1&+$3$
'$(1&$2%$
/OHYDQXPHUDFLyQGHODFDVD-DQVHQ'RVFDMRQHV
HQODFLQWXUD5HJDWRQHVGHEURQFH
-$16(1%XHQRV$LUHV
(VWLPDFLyQ86
$3$5$'25 (-(&87$'2 (1 52%/( 3,17$'2
(1'26&2/25(6
3LQWDGR DO ODTXp FRORU FUHPD 5HFXDGURV \ WDOODV HQ
UHOLHYH SLQWDGRV HQ WRQR YHUGH FODUR )UHQWH FRQ GRV
KRMDVGHSXHUWD,QWHULRUFRQGRVFDMRQHV\XQHVWDQWH
JUDGXDEOH7DSDGHERUGHPROGXUDGRSLQWDGDDODODFD
QHJUD
$OWRFP$QFKRFP3URIFP
-$16(1%XHQRV$LUHV
(VWLPDFLyQ86
(6&5,725,2,1*/(6$'$0'()250$52*121
&RQVWUXLGR HQ PDGHUD HQFKDSDGD HQ FLWURQQLHU$UWtV
WLFD GHFRUDFLyQ SLQWDGD D PDQR HQ WRGR HO FRQWRUQR
UHSUHVHQWDQGR UHVHUYD JXLUQDOGDV XUQDV \ YDVRV FRQ
ÁRUHV8QFDMyQFHQWUDOVREUHODDSHUWXUDSDUDSLHUQDV
VHSDUDQGRWUHVFDMRQHVGHWDPDxRVSURJUHVLYRVDFDGD
ODGR7DSDGHFXHUR$SR\RVFRQVXDYHFXUYDWXUD7LUD
GRUHVGHEURQFHSDWLQDGR
,QJODWHUUD
3ULQFLSLRVGHO6LJOR;;
$OWRFP$QFKRFP3URIFP
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
3(48(f2(6&5,725,2,1*/(6('8$5'29,,
(VWDPSLOODGR7:,//621HQXQFDMyQ(VFULWRULRUHF
WDQJXODUHQFKDSDGRHQFDRED\SOXPD*XDUGDV\ÀOHWHV
GHFLWURQQLHU'RVFDMRQHVHQODFLQWXUD\RWURVGRVODWH
UDOHV7DSHWHGHFXHURYHUGHYLxHWHDGRHQRUR$SR\RV
UHFWRVVREUHUXHGLWDVJLUDWRULDV
,QJODWHUUD
3ULQFLSLRVGHO6LJOR;;
$OWRFP$QFKRFP3URIFP
7:,//621*UHDW4XHHQ6WUHHW/RQGRQ
(VWLPDFLyQ86
$17,*82-8(*23$5$6$/$)5$1&(6(67,/2
,03(5,2
&RPSXHVWRSRUVRIiGHWUHVFXHUSRV\GRVVLOORQHV$U
PD]RQHV GH PDGHUD GH FDRED (OHJDQWHV WDOODV HQ ORV
DSR\DEUD]RV FRQWLQXDQGR HQ ORV DSR\RV GHODQWHURV
6LOORQHVWDSL]DGRVHQVHGDPH]FODFRORURUR\VRIiHQ
JpQHUR D EDVWRQHV$OPRKDGyQ HQ ORV DVLHQWRV GH ORV
VLOORQHV
)UDQFLD
3ULPHUD0LWDGGHO6LJOR;,;
(VWLPDFLyQ86
3$5'(6,//21(6'((67,/21(2&/$6,&2
$UPD]RQHVGHPDGHUDGHFDRED'HFRUDFLRQHVSLQWDGDV
GH QHJUR IRUPDQGR ÀOHWHV \ GLVHxRV VLPpWULFRV$SR
\DEUD]RVWHUPLQDGRVHQWDOODGHJDUUD7DSLFHUtDVLQWpWL
FDLPLWDFLyQSLHOGHOHRSDUGR
&ROHFFLyQ)HGHULFR-RUJH./(00
(VWLPDFLyQ86
+27(/'(9(17$6*8,'2
3$5 '( 0(6$6 5(&7$1*8/$5(6 3$5$ &(1
752
0DGHUDHQFKDSDGDHQFDRED)LOHWHVUHFWRVSLQWDGRVFR
ORUQHJUR&DMyQHQHOIUHQWH\HVWDQWHLQIHULRU7DSDVGH
PiUPROYHWHDGRSURWHJLGDVSRUPROGXUDVGHEURQFH
&ROHFFLyQ)HGHULFR-RUJH./(00
(VWLPDFLyQ86
0(6$ %$-$ '( )250$ 5(&7$1*8/$5 3$5$
&(1752
0DGHUDWDOODGDUHFXELHUWDSRUXQDSiWLQDGRUDGD7DSD
GHSLHGUDSXOLGD
$OWRFP/DUJRFP$QFKRFP
&ROHFFLyQ)HGHULFR-RUJH./(00
(VWLPDFLyQ86
*5$1%$148(7$238))'()250$&,5&8/$5
7DSL]DGR HQ SDQD HVWDPSDGD GH IRQGR QHJUR 'LVHxR
RULJLQDO GH *LDQQL 9(56$&( )ORUHV \ DUDEHVFRV HQ
RURPRGHOR)URQWH)OHFRVGHSDVDPDQHUtD
'LiPHWURFP
&ROHFFLyQ)HGHULFR-RUJH./(00
(VWLPDFLyQ86
3$5'(6,//21(6'((67,/2)5$1&(6,03(5,2
$UPD]RQHVGHPDGHUDSLQWDGDGHQHJUR7DOODVHQUHOLH
YHGRUDGDV7DSLFHUtDGHVHGDPH]FODGHIRQGRURMRFRQ
URPERVGRUDGRV7HODFRQPDUFDVGHSROLOOD
&ROHFFLyQ)HGHULFR-RUJH./(00
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
&85,26$ 0(6$ '( )250$ &,5&8/$5 3$5$
&(1752
&ROXPQD FHQWUDO HQ OD TXH VH GHVWDFD XQ DQJHOLWR WR
FDQGR OD ÁDXWD 7DSD HQFKDSDGD %RUGH \ DGRUQRV GH
PDGHUDWDOODGD\GRUDGD7UHVSURORQJDFLRQHV
$OWRFP'LiPHWURFP
&ROHFFLyQ)HGHULFR-RUJH./(00
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
3$5'(*5$1'(66,//21(6%(5*(5(727$/
0(17(7$3,=$'26
5HFXELHUWRVSRUXQDSDQDFRORUPRVWD]D$OPRKDGyQHQ
ORVDVLHQWRV)OHFRVLQIHULRUHVGHSDVDPDQHUtDDOWRQR
&ROHFFLyQ)HGHULFR-RUJH./(00
(VWLPDFLyQ86
&202'$'((67,/2)5$1&(6,03(5,2
(QFKDSDGDHQPDGHUDQXGRVD)UHQWHFRQWUHVFDMRQHV
%URQFHVFLQFHODGRV\GRUDGRVFRUUHVSRQGLHQWHVDOHVWLOR
&ROHFFLyQ)HGHULFR-RUJH./(00
(VWLPDFLyQ86
62)$ &21)257$%/( 7$3,=$'2 3$5$ 75(6
&8(5326
7RWDOPHQWHUHFXELHUWRSRUXQWHUFLRSHORODEUDGRGHIRQ
GRFRORUUXEtFRQGLVHxRGHDUDEHVFRV\ÁRUHV7UHVDO
PRKDGRQHVHQHODVLHQWR
&ROHFFLyQ)HGHULFR-RUJH./(00
(VWLPDFLyQ86
-&1$21&,$6$
08(%/('($55,02)5$1&(6'(/6,*/2;,;
0DGHUD UHFXELHUWD SRU XQD ODFD QHJUD 8QD KRMD GH
SXHUWD 'HFRUDFLyQ UHDOL]DGD FRQ LQFUXVWDFLRQHV GH
EURQFH PDUILO \ QiFDU IRUPDQGR XQ HOHJDQWH GLVH
xR 2UQDPHQWDFLyQ GH EURQFH FLQFHODGR \ GRUDGR
HPEHOOHFLHQGRHOIUHQWH\FRVWDGRV7DSDGHPiUPRO
YHWHDGR
)UDQFLD
6LJOR;,;
$OWRFP$QFKRFP3URIFP
&ROHFFLyQ)HGHULFR-RUJH./(00
(VWLPDFLyQ86
3$5'(0(6,7$6'($55,02,7$/,$1$6
(QFKDSDGDV HQ QRJDO \ UDt] 0DUTXHWHUtD GLEXMDGD HQ
ORVIUHQWHV7UHVFDMRQHVHQPDUFDGRVSRUFROXPQDVOD
WHUDOHV&DMRQFLWRVVXSHULRUHV\WLUHWH
&ROHFFLyQ)HGHULFR-RUJH./(00
(VWLPDFLyQ86
75(6 6,//21(6 &21 ,1)/8(1&,$ '( (67,/2
)5$1&(6,03(5,2
$UPD]RQHVGHPDGHUDSLQWDGDDOODTXpFRORUPDUÀO7D
OODVIRUPDQGRJXDUGDV2UQDPHQWDFLyQGRUDGD7DSLFH
UtDGHSDQDGLVHxRGH*LDQQL9(56$&()RQGRQHJUR
GHFRUDGR FRQ DUDEHVFRV \ ÁRUHV HQ WRQR RUR PRGHOR
)URQWH
&ROHFFLyQ)HGHULFR-RUJH./(00
(VWLPDFLyQ86
3$5'(%$148(7$6'()250$&,5&8/$5
$UPD]RQHV GH PDGHUD PROGXUDGD WDOODGD \ GRUDGD
$VLHQWRVWDSL]DGRVHQWHODLPLWDFLyQSLHOGHOHRSDUGR
&ROHFFLyQ)HGHULFR-RUJH./(00
(VWLPDFLyQ86
62)$ ´5(&$0,(5µ )5$1&(6 &21 $50$=21
'25$'2
0DGHUDWDOODGDHQUHOLHYH$SR\RVWHUPLQDGRVHQYROX
WDV7DSLFHUtDGHJpQHURIUDQFpVFRQGLVHxRQDSROHyQL
FR5ROORSDUDHOUHVSDOGR
&ROHFFLyQ)HGHULFR-RUJH./(00
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
0(6$ '( (67,/2 )5$1&(6 /8,6 ;9, 3$5$
&(1752
5HFWDQJXODU 0DGHUD HQFKDSDGD HQ FDRED 7DSD GH
PiUPRO YHWHDGR \ HVWDQWH LQIHULRU *DOHUtD VXSHULRU
DGRUQRV FDSLWHOHV \ PROGXUDV GH EURQFH FLQFHODGR \
GRUDGR
&ROHFFLyQ)HGHULFR-RUJH./(00
(VWLPDFLyQ86
3$5'($6,(17265($/,=$'26&213$7$6'(
(/()$17(
7DSL]DGRVXSHULRUGHFXHURGHFHEUD
$OWRFP
&ROHFFLyQ)HGHULFR-RUJH./(00
(VWLPDFLyQ86
6,//21%(5*(5(&21$50$=21'(0$'(5$
'25$'$
&DEH]DVGHFLVQHVHQHOIUHQWHGHORVDSR\DEUD]RV7D
SLFHUtDGHUDVRGHDOJRGyQFRORUQHJUR$OPRKDGyQHQ
HODVLHQWR
&ROHFFLyQ)HGHULFR-RUJH./(00
(VWLPDFLyQ86
3$5 '( 0(6$6 5(&7$1*8/$5(6 3$5$ &(1
752
0DGHUDHQFKDSDGDHQFDRED)LOHWHVUHFWRVSLQWDGRVFR
ORUQHJUR&DMyQHQORVIUHQWHV\HVWDQWHLQIHULRU7DSDV
GHPiUPROYHWHDGRSURWHJLGDVSRUPROGXUDGHEURQFH
&ROHFFLyQ)HGHULFR-RUJH./(00
(VWLPDFLyQ86
3$5 '( %$148(7$6 &8$'5$1*8/$5(6 '(
$&5,/,&2
'LVHxR GH )HGHULFR -RUJH .OHPP$OPRKDGRQHV FRQ
GLIHUHQWHV WDSL]DGRV DPERV FRQ GLVHxRV GH *LDQQL
9(56$&(3DVDPDQHUtDHQORVERUGHV
&ROHFFLyQ)HGHULFR-RUJH./(00
(VWLPDFLyQ86
0(6$ %$-$ '( /,1($ 02'(51$ 3$5$ &(1
752
'LVHxR GH )HGHULFR -RUJH .OHPP %DVH UHFWDQJXODU
GHDFUtOLFRHQODTXHFDO]DQFXDWURFLOLQGURVGHDFUtOLFR
EODQFR*UXHVDWDSDGHYLGULR
$OWRFP/DUJRFP$QFKRFP
&ROHFFLyQ)HGHULFR-RUJH./(00
(VWLPDFLyQ86
+27(/'(9(17$6*8,'2
0(6$ %$-$ '( )250$ 5(&7$1*8/$5 3$5$
&(1752
'LVHxRGH)HGHULFR-RUJH.OHPP%DVHUHFWDQJXODUGH
DFUtOLFRHQODTXHFDO]DQFXDWURFLOLQGURVGHDFUtOLFRFH
OHVWH*UXHVDWDSDGHYLGULR
$OWRFP/DUJRFP$QFKRFP
&ROHFFLyQ)HGHULFR-RUJH./(00
(VWLPDFLyQ86
25,*,1$/0(6$02'(51$3$5$&20('25
'LVHxRGH)HGHULFR-RUJH.OHP%DVHFHQWUDOUHSUHVHQ
WDQGRXQKD]GHPLHVHVGHWULJRGRUDGR*UXHVDWDSDGH
YLGULRGHERUGHQHJUR
$OWRFP/DUJRFP$QFKRFP
&ROHFFLyQ)HGHULFR-RUJH./(00
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
'2&( 6,//$6 '( /,1($ 02'(51$ 3$5$ &2
0('25
$UPD]RQHV GH PDGHUD UHFXELHUWD SRU XQD ODFD QHJUD
'LVHxRHQHOFHQWURGHORVUHVSDOGRVGHPDGHUDGRUDGD
$VLHQWRV D EDVWLGRU WDSL]DGRV HQ XQ JpQHUR FRQ KLORV
RURVREUHIRQGRQHJUR
&ROHFFLyQ)HGHULFR-RUJH./(00
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
3$5 '( &2/801$6 3('(67$/ '( &(5$0,&$
,0,7$&,210$502/
&ROXPQDVDFDQDODGDVVREUHEDVHVQHJUDV&DSLWHOHVVX
SHULRUHV)LOHWHVGRUDGRV
$OWRFP
&ROHFFLyQ)HGHULFR-RUJH./(00
(VWLPDFLyQ86
&85,26$ &$0$ '( 0$'(5$ 7$//$'$ 3$5$
'263/$=$6
5HVSDOGRWDSL]DGRHQJpQHURHVWDPSDGRVREUHIRQGR
URMR/DWHUDOHVGHPDGHUDWDOODGDUHSUHVHQWDQGRFLV
QHV/DWHUDOHV\IUHQWHSLQWDGRVGHQHJURFRQERUGHV
\DSOLFDFLRQHVWDOODGDVHQWRQRRUR(OiVWLFRGHPD
GHUD
&ROHFFLyQ)HGHULFR-RUJH./(00
(VWLPDFLyQ86
&$0$'(0$'(5$7$//$'$<3$7,1$'$3$5$
81$3/$=$
5HVSDOGRFRQÁRUHVWDOODGDV\JXDUGDGHFLQWDVHQWUHOD
]DGDVTXHVHUHSLWHQHQORVODWHUDOHV\HOIUHQWH(OiVWLFR
PHWiOLFR
&ROHFFLyQ)HGHULFR-RUJH./(00
(VWLPDFLyQ86
3$5'(&2/801$6&,/,1'5,&$6'(0$'(5$
'25$'$
%DVHV FLUFXODUHV PROGXUDGDV &XHUSRV WDOODGRV FRQ
PRWLYRGHÁRUHV\KRMDV&DSLWHOHVVXSHULRUHVWDOODGRV
VRVWHQLHQGRHVIHUDVSLQWDGDV8QRGHORVFDSLWHOHVFRQ
IDOWDQWHV
$OWRFP
&ROHFFLyQ)HGHULFR-RUJH./(00
(VWLPDFLyQ86
&2162/$'(0$'(5$7$//$'$<'25$'$
%DVHUHSUHVHQWDQGRUDPDMHVFRQKRMDV\IUXWRVGHODYLG
7DSDGHPiUPROEODQFRYHWHDGR
$OWRFP$QFKRFP3URIFP
&ROHFFLyQ)HGHULFR-RUJH./(00
(VWLPDFLyQ86
-&1$21&,$6$
&2162/$'($55,02(1<(6202/'($'2<
'25$'2
)RUPDGHSOXPDMH5HVWDXUDFLyQ7DSDGHHVSHMRHQYH
MHFLGR
$OWRFP
&ROHFFLyQ)HGHULFR-RUJH./(00
(VWLPDFLyQ86
25,*,1$/ %$148(7$ &21 $32<26 (1 )25
0$'((63$'$6
$UPD]yQGHPDGHUDFRQSDUWHVSODWHDGDV(VSDGDVWD
OODGDV$VLHQWRWDSL]DGRHQLPLWDFLyQSLHOGHOHRSDUGR
&ROHFFLyQ)HGHULFR-RUJH./(00
(VWLPDFLyQ86
$17,*82$3$5$'25'((67,/2$57'(&2
(QFKDSDGRHQPDGHUDGHWUHVYDULHGDGHVXQDGHHOODV
PiVFODUDFRQIXHUWHVYHWDV)UHQWHFRQFXDWURFDMRQHV
FHQWUDOHV HQ OtQHD \ XQD KRMD GH SXHUWD D FDGD ODGR
)UDQMDVUHFWDVIRUPDQGRPDUTXHWHUtD
$OWRFP$QFKRFP3URIFP
&ROHFFLyQ)HGHULFR-RUJH./(00
(VWLPDFLyQ86
(67$17(5,$ '(6$50$%/( (-(&87$'$ (1
$&5,/,&2
%DVHGHGREOH]yFDORHQODTXHFDO]DQFXDWURFROXPQDV
SODQDV&XDWURHVWDQWHVUHFWDQJXODUHV
$OWRFP$QFKRFP3URIFP
6HYHQGHUiFRQRSFLyQDOORWHVLJXLHQWH
(VWLPDFLyQ86
(67$17(5,$ '(6$50$%/( (-(&87$'$ (1
$&5,/,&2
%DVHGHGREOH]yFDORHQODTXHFDO]DQFXDWURFROXPQDV
SODQDV&XDWURHVWDQWHVUHFWDQJXODUHV
$OWRFP$QFKRFP3URIFP
(VWLPDFLyQ86
$17,*82%85($8%22.&$6(,1*/(6-25*(,,,
%LEOLRWHFD FRQ VHFUHWDLUH IRUPDGD SRU GRV FXHUSRV
&RQVWUXLGD HQ PDGHUD GH FDRED &yPRGD FRQ FXDWUR
DPSOLRV FDMRQHV GH WDPDxRV SURJUHVLYRV 7DSD YROFD
EOH,QWHULRUFRQVHLVSHTXHxRVFDMRQHV\HVSDFLRVFDU
WRQHURV&XHUSRVXSHULRUGHVPRQWDEOHFRQGRVKRMDVGH
SXHUWD 3DQHOHV GH YLGULR IRUPDQGR GLVHxRV JHRPpWUL
FRV ,QWHULRU FRQ IRQGR WDSL]DGR \ HVWDQWHV JUDGXDEOHV
&RUQLVDGHVPRQWDEOHFRQPROGXUDVHVFDORQDGDV\JXDUGD
JULHJDWDOODGD7LUDGRUHVFXUYRVVREUHSODQFKDVGHEURQFH
UHFRUWDGR\FDODGR$SR\RVHQIRUPDGHPpQVXOD
,QJODWHUUD
3ULQFLSLRVGHO6LJOR;,;
$OWRFP$QFKRFP3URIFP
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
3$5 '( 08(%/(6 '( $55,02 $ $/785$ '(
$32<2
(MHFXWDGRVHQUREOH3XHUWDGHOIUHQWHFRQFDEH]DGHOHyQWD
OODGRHQHOFHQWUR$SR\RVWRUQHDGRVXQLGRVSRUWUDYHVDxRV
$OWRFP$QFKRFP3URIFP
(VWLPDFLyQ86
$17,*82&+,))21,(5)5$1&(6$$/785$'(
$32<2
&KLIIRQLHU GH ORV GHQRPLQDGRV ´VHPDLQLHUµ GH HVWLOR
/XLV;9,(MHFXWDGRHQPDGHUDHQFKDSDGDHQSDORGH
URVD)LOHWHVUHFWRVGHPDUTXHWHUtDIRUPDQGRUHFXDGURV
)UHQWHSODQRFRQVLHWHDPSOLRVFDMRQHVWRGRVHOORVGH
LJXDOWDPDxR\WDSL]DGRVHQVXLQWHULRU7LUHWHHQODSDU
WHPHGLDFRQWDSHWHGHFXHURYLxHWHDGR\HVFXGRFHQ
WUDO7LUDGRUHVFLUFXODUHVFLQFHODGRVGHSDOPDVGHKRMDV
DSOLFDGRVVREUHURVHWDVHQFHUUDQGRXQURVWURIHPHQLQR
HQUHOLHYH%RFDOODYHV\VDERWVSDWLQDGRV7DSDGHPiU
PROQHJURYHWHDGRGHODpSRFDPROGXUDGRHQHOERUGH
)UDQFLD
6HJXQGD0LWDGGHO6LJOR;9,,,
$OWRFP$QFKRFP3URIFP
(VWLPDFLyQ86
+27(/'(9(17$6*8,'2
-&1$21&,$6$
6(,6$17,*8$6 6,//$6 )5$1&(6$6 '( 5(6
3$/'2$/72
$UPD]RQHV GH PDGHUD PROGXUDGD \ GRUDGD $SR\RV
FRQSDUWHVFXUYDVXQLGRVSRUWUDYHVDxRV5HVSDOGRV\
DVLHQWRV WDSL]DGRV HQ JpQHUR PH]FOD HVWDPSDGR FRORU
YHUGH)OHFRVGHSDVDPDQHUtD
$OWRFP$QFKRFP3URIFP
(VWLPDFLyQ86
0(6$ )5$1&(6$ '( (67,/2 /8,6 ;9, 3$5$
6$/$
0HVD UHFWDQJXODU FRQVWUXLGD HQ PDGHUD PROGXUDGD \
GRUDGD2UQDPHQWDFLyQWDOODGDHQODFLQWXUDORVDSR\RV
\ORVWUDYHVDxRVGHXQLyQ7DSDGHPiUPRO´URXJHGH
IHUµYHWHDGRPROGXUDGRHQHOERUGH3HTXHxDUHVWDXUD
FLyQHQXQDHVTXLQD
$OWRFP/DUJRFP$QFKRFP
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
3$5 '( *5$1'(6 6,//21(6 )5$1&(6(6 '(
5(63$/'2$/72
$UPD]RQHV GH PDGHUD GRUDGD 'HFRUDFLyQ WDOODGD
$SR\DEUD]RVGHIXHUWHFXUYDWXUD0LHPEURVXQLGRVSRU
VyOLGRVWUDYHVDxRV7DSLFHUtDGHVHGDÁRUHDGDFRQDYH
UtDVHQORVDVLHQWRV
$OWRFP$QFKRFP3URIFP
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
3$5'(6,//21(6%(5*(5()5$1&(6(6(67,
/2/8,6;9,
$UPD]RQHVGHPDGHUDPROGXUDGDSLQWDGDDOODTXp\GR
UDGD7DOODVHQUHOLHYH7DSL]DGRVHQJpQHURGHDOJRGyQ
FRORUFHOHVWH$OPRKDGyQHQORVDVLHQWRV
&ROHFFLyQ$OEHUWR9('2<$
6DUD6(5eGH9('2<$
(VWLPDFLyQ86
3$5 '( 3(48(f$6 6,//$6 '( (67,/2 )5$1
&(6/8,6;9
1XPHUDFLyQ\GHODFDVD-DQVHQ$UPD
]RQHVGHPDGHUDPROGXUDGDSLQWDGDDOODTXp7DSLFHUtD
WHMLGDDPDQRSUHGRPLQDQGRODQDVD]XOHVIRUPDQGRXQD
GHFRUDFLyQFKLQRLVHULH$OPRKDGyQHQORVDVLHQWRV
-$16(1%XHQRV$LUHV
&ROHFFLyQ$OEHUWR9('2<$
6DUD6(5eGH9('2<$
(VWLPDFLyQ86
$17,*826,'(%2$5',1*/(6'(/6,*/2;,;
0XHEOHGHVPRQWDEOH&RQVWUXLGRHQPDGHUDHQFKDSDGD
HQSOXPDGHFDREDSDOLVDQGUR\FLWURQQLHUIRUPDQGRXQ
GLVHxRGHUHVHUYDV\JXDUGDV3DUWHVXSHULRUGHFHQWUR
FXUYR\WUHVFDMRQHV3HGHVWDOHVFRQXQDKRMDGHSXHUWD
7LUDGRUHVGHEURQFH
,QJODWHUUD
3ULPHUD0LWDGGHO6LJOR;,;
$OWRFP$QFKRFP3URIFP
(VWLPDFLyQ86
$/)20%5$6<7$3,&(6
$17,*8$7$3,&(5,$)5$1&(6$´9(5'85(µ7(-,'$$0$12
&DUWyQUHSUHVHQWDQGRXQVHFWRUGHERVTXHFRQJUDQGHViUEROHVHQHOSULPHUSODQR(QODSDUWHLQIHULRUSODQWDVGHGLIHUHQWHV
HVSHFLHVDOJXQDVFRQÁRUHV\GRVDYHV(QXQFODURGHODYHJHWDFLyQVHREVHUYDQFRQVWUXFFLRQHVOHMDQDV*XDUGDFRQWLQXD
IRUPDGDSRUXQDJXLUQDOGDGHUDPDVKRMDVÁRUHV\FLQWDVIRUPDQGRPRxR
)UDQFLD
0HGLDGRVGHO6LJOR;9,,,
$OWRFP$QFKRFP
&ROHFFLyQ$OEHUWR9('2<$
6DUD6(5eGH9('2<$
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
+27(/'(9(17$6*8,'2
$/)20%5$3(56$'(/$1$7(-,'$$0$12
'LVHxRFHQWUDOHQHOTXHVHSUHVHQWDQGRVDEHUWXUDVFRQ
OiPSDUDVFROJDQWHVHQFDGDXQDGHHOODVFRPSOHWDQHO
PLVPRYDULHGDGGHÁRUHV(OIRQGRHVWiIRUPDGRSRUWR
QRVD]XOYHUGH\URMR&LQFRIUDQMDVIRUPDQODJXDUGD
/DUJRFP$QFKRFP
(VWLPDFLyQ86
$/)20%5$&$0,12&$8&$6,&$'(/$1$7(
-,'$$0$12
&DPSRFHQWUDOFRQWUHVJUDQGHVPHGDOORQHVVREUHIRQ
GRURMR7UHVIUDQMDVIRUPDQODJXDUGD
/DUJRFP$QFKRFP
(VWLPDFLyQ86
$/)20%5$ (63$f2/$ 6$9211(5,( '( /$
5($/)$%5,&$'(7$3,&(6
/DQD WHMLGD D PDQR *UDQ PHGDOOyQ FHQWUDO HQFHUUDQ
GRDUDEHVFRV\ÁRUHV/RURGHDXQDJXLUQDOGDGHKRMDV
\ÁRUHVMXQWRDFLQWDVFRQSDUWHVGHWRQRD]XO$QFKD
JXDUGDFRQGLVHxRVHQORViQJXORV\JXLUQDOGDVGHÁRUHV
VRVWHQLGDSRUHVODERQHV,QLFLDOHV5)7\PRQRJUDPD
0'IHFKDGRHQHOERUGH
/DUJRFP$QFKRFP
(VWLPDFLyQ86
$17,*8$ $/)20%5$ 3(56$ $*5$ '( /$1$
7(-,'$$0$12
&DPSRFHQWUDOFRQGLVHxRGHUDPDMHVÁRUHV\KRMDVHQ
WRQRVKDEDQRYHUGH\ODGULOORVREUHIRQGRQHJUR&LQFR
IUDQMDVODFHQWUDOPiVDQFKDIRUPDQODJXDUGD
/DUJRFP$QFKRFP
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
$/)20%5$3(56$.,50$1'(/$1$7(-,'$$
0$12
&DPSR FHQWUDO FRQ PHGDOOyQ \ GLVHxR GH ÁRUHV VREUH
IRQGR ERUUDYLQR$PSOLD JXDUGD GH FRPSDFWD GHFRUD
FLyQVREUHIRQGRVD]XO\YHUGH
/DUJRFP$QFKRFP
(VWLPDFLyQ86
$/)20%5$ 3(56$ )(55$+$1 '( /$1$7(-,
'$$0$12
&RPSDFWRVGLVHxRVHQHOFDPSRGHIRQGRD]XO*XDUGD
IRUPDGDSRUFLQFRIUDQMDVODFHQWUDOPiVDQFKD
/DUJRFP$QFKRFP
(VWLPDFLyQ86
-&1$21&,$6$
$/)20%5$3(56$6$528.'(/$1$7(-,'$$
0$12
8Q JUDQ PHGDOOyQ HQ HO FHQWUR \ FXDWUR HVTXLQDV VR
EUHIRQGRURMR2WURVGLEXMRVGHGLVWULEXFLyQVLPpWULFD
FRPSOHWDQODGHFRUDFLyQ*XDUGDIRUPDGDSRUWUHVIUDQ
MDVODGHOPHGLRPiVDQFKD
/DUJRFP$QFKRFP
(VWLPDFLyQ86
$17,*8$$/)20%5$3(56$6(5$3,'(/$1$
7(-,'$$0$12
&DPSR FHQWUDO FRQ JUDQ PHGDOOyQ RUQDPHQWDGR SRU
GLVHxRV JHRPpWULFRV GH UDPDMHV ÁRUHV \ KRMDV HQ
WRQRV D]XO YHUGH \ KDEDQR VREUH IRQGR FRORU DUHQD
$PSOLDJXDUGDIRUPDGDSRUWUHVIUDQMDVODFHQWUDOPiV
DQFKD
/DUJRFP$QFKRFP
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
$/)20%5$3(56$7$%5,6'(/$1$7(-,'$$
0$12
&RPSDFWRGLVHxRGHUDPDMHVÁRUHV\KRMDVVREUHIRQGR
D]XOHQHOTXHVHGHVWDFDQGRViQIRUDVVHSDUDGDVHQWUHVt
SRUXQJUDQPHGDOOyQFHQWUDO$PSOLDJXDUGDIRUPDGD
SRUFXDWURIUDQMDVXQDGHHOODVPiVDQFKDFRQUHVHUYDV
FRQWLQXDVHQVXLQWHULRUVREUHIRQGRYHUGH
/DUJRFP$QFKRFP
(VWLPDFLyQ86
$/)20%5$ &$0,12 3(56$ 6(1(+ '( /$1$
7(-,'$$0$12
&DPSR FHQWUDO FRQ KLOHUDV KRUL]RQWDOHV GH ´ERWHKµ
VREUH IRQGR QHJUR$PSOLD JXDUGD IRUPDGD SRU FLQFR
IUDQMDV
/DUJRFP$QFKRFP
(VWLPDFLyQ86
+27(/'(9(17$6*8,'2
$/)20%5$25,(17$/'(/$1$7(-,'$$0$12
&DPSRFHQWUDOFRQYDULDGRVGLVHxRVÁRUDOHVVREUHIRQ
GREHLJH$PSOLDJXDUGDIRUPDGDSRUVLHWHIUDQMDV
/DUJRFP$QFKRFP
(VWLPDFLyQ86
$17,*8$$/)20%5$3(56$0$+$/'(/$1$
7(-,'$$0$12
&DPSRFHQWUDOFRQGLVHxRGHÁRUHV\KRMDVVREUHIRQGR
URVDYLHMR$PSOLDJXDUGDIRUPDGDSRUWUHVIUDQMDVOD
FHQWUDOPiVDQFKDVREUHIRQGRYHUGH
/DUJRFP$QFKRFP
(VWLPDFLyQ86
$/)20%5$3(56$%$.+6+,$6+'(/$1$7(
-,'$$0$12
&DPSRFHQWUDOFRQGLVHxRGHUDPDMHVÁRUHV\KRMDVHQ
YDULDGRVWRQRVVREUHIRQGREHLJH,PSRUWDQWHJXDUGDIRU
PDGDSRUFLQFRIUDQMDVGRVGHHOODVGHPD\RUWDPDxR
XQDVREUHIRQGRURVDYLHMR\ODRWUDVREUHIRQGRD]XO
/DUJRFP$QFKRFP
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
$17,*8$7$3,&(5,$'()/$1'(66,*/2;9,,
0DJQtÀFR WDSL] GH SRVLFLyQ YHUWLFDO FRUUHVSRQGLHQWH
DODVHULHGHODYLGDGH(VWHU\$VXHUR'RVLPSRUWDQ
WHVSHUVRQDMHVFRQOXMRVDVYHVWLPHQWDVPDQWLHQHQXQD
FRQYHUVDFLyQ VREUH XQ IRQGR GH SDLVDMH /D JXDUGD
GHPXHVWUDODJUDQFDOLGDGGHODWDSLFHUtD$ORVFRVWD
GRVGRVJUDQGHVSLODUHVVLUYHQGHDSR\RDDPRUFLWRV
FDQDVWRV FRQ IUXWRV DYHV GH GLIHUHQWHV HVSHFLHV \ À
JXUDVPLWROyJLFDV5HVHUYDHQHOFHQWURVXSHULRUOLPL
WDGD SRU DQJHOLWRV \ DUDEHVFRV (Q HO iQJXOR LQIHULRU
L]TXLHUGRVHHQFXHQWUDODÀUPDGHODXWRU
)ODQGHV
6LJOR;9,,
$OWRFP$QFKRFP
([&ROHFFLyQ9LFWRULD$*8,55(
([&ROHFFLyQ5RVD$*8,55(GH%$/&$5&(
([&ROHFFLyQ/XLV*$5&,$/$:621
&ROHFFLyQ)HUQDQGR*$5&,$%$/&$5&(
´(;326,&,21'(7$3,&(66,*/26;9$;9,,,µ
0XVHR1DFLRQDOGH$UWH'HFRUDWLYR%XHQRV$LUHVDxR
1žGHODPXHVWUD5HSURGXFLGRHQFDWiORJR
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
-&1$21&,$6$
$/)20%5$&$0,123(56$6+,59$1'(/$1$
7(-,'$$0$12
&DPSRFHQWUDOFRQGRVKLOHUDVGHGLVHxRVJHRPpWULFRV
VREUH IRQGR D]XO $PSOLD JXDUGD IRUPDGD SRU VLHWH
IUDQMDV$OJXQDVSHTXHxDVUHVWDXUDFLRQHV
/DUJRFP$QFKRFP
(VWLPDFLyQ86
$/)20%5$3(56$)(5$+$1'(/$1$7(-,'$
$0$12
0X\ FRPSDFWRV \ YDULDGRV GLVHxRV FXEUHQ FDVL WRWDO
PHQWHHOUHFWiQJXOR6LHWHIUDQMDVGHGLIHUHQWHVDQFKRV
\GLEXMRVIRUPDQODVJXDUGD
/DUJRFP$QFKRFP
(VWLPDFLyQ86
+27(/'(9(17$6*8,'2
$/)20%5$3(56$6+,59$1'(/$1$7(-,'$$
0$12
&DPSRFHQWUDOFRQGRVGLVHxRVDOWHUQDGRVVREUHIRQGR
D]XO&XDWURIUDQMDVIRUPDQODJXDUGD
/DUJRFP$QFKRFP
(VWLPDFLyQ86
$/)20%5$%28&.$5$'(/$1$7(-,'$$0$12
&DPSR FHQWUDO FRQ WUHV KLOHUDV GH QXHYH GLEXMRV RF
WRJRQDOHVFDGDXQDVREUHIRQGREHLJH$PSOLDJXDUGD
IRUPDGDSRUVHLVIUDQMDV
/DUJRFPDQFKRFP
(VWLPDFLyQ86
$/)20%5$3(56$7$%5,6'(/$1$7(-,'$$
0$12
&DPSR FRQ PHGDOOyQ FHQWUDO \ GLVHxR GH DQLPDOHV
ÁRUHV\KRMDVVREUHIRQGRJULV6LHWHIUDQMDVODFHQWUDO
PiVDQFKDIRUPDQODJXDUGD
/DUJRFP$QFKRFP
(VWLPDFLyQ86
$/)20%5$&+,1$'(/$1$7(-,'$$0$12
)RQGRFRORUDUHQD'LVHxRGHUDPDVKRMDV\ÁRUHVGH
GLVWULEXFLyQLUUHJXODU'RVIUDQMDVIRUPDQODJXDUGD
/DUJRFP$QFKRFP
&ROHFFLyQ3DEOR),5323(f$
(VWLPDFLyQ86
$/)20%5$'($)*$1,67$1'(/$1$7(-,'$
$0$12
&DPSRFHQWUDOFRQFXDWURKLOHUDVGHGLEXMRVRFWRJRQD
OHVHQWRQRD]XOVREUHIRQGRFRORUURVDYLHMR6HLVIUDQ
MDVIRUPDQODJXDUGD
/DUJRFP$QFKRFP
&ROHFFLyQ3DEOR),5323(f$
(VWLPDFLyQ86
$/)20%5$3(56$7$%5,6'(/$1$7(-,'$$
0$12
&DPSRFHQWUDOFRQGLVHxRGHÁRUHV\KRMDVVREUHIRQGRURVD
YLHMR$PSOLDJXDUGDIRUPDGDSRUFLQFRIUDQMDVODFHQWUDO
PiVDQFKDVREUHIRQGRD]XO$OJXQDVUHVWDXUDFLRQHV
/DUJRFP$QFKRFP
(VWLPDFLyQ86
$/)20%5$3(56$6+,5$6'(/$1$7(-,'$$
0$12
&DPSR FHQWUDO FRQ GLVHxR GH ÀJXUDV JHRPpWULFDV iU
EROHV\ÁRUHVVREUHIRQGRFRORUODGULOOR$PSOLDJXDUGD
IRUPDGDSRURFKRIUDQMDV
/DUJRFP$QFKRFP
(VWLPDFLyQ86
$17,*8$ 7$3,&(5,$ '( /$ 0$18)$&785$
'(%586(/$6
7RPDGRGHXQFDUWyQSRU-HDQ/HFOHUF8QiUEROHQHO
FHQWURGLYLGHHOFDPSRHQGRVJUDQGHVVHFWRUHV(QHO
FRVWDGRL]TXLHUGRXQSDVWRULQGLFDHOFDPLQRDWUHVYLD
MDQWHV(QHOODGRRSXHVWRXQSDLVDMHHQHOTXHVHGHVWDFD
XQDJUDQFRQVWUXFFLyQ3ODQWDVGHGLIHUHQWHVHVSHFLHV\
DYHFRPSOHWDQODGHFRUDFLyQ*XDUGDFRQWLQXDFRQÁR
UHVKRMDV\FLQWDVIRUPDQGRPRxRV)LUPDGD,$1/(
&/(5&DEDMRDODGHUHFKD
%UXVHODV
6LJOR;9,,,
$OWRFP$QFKRFP
(VWLPDFLyQ86
$/)20%5$3(56$'(/$1$7(-,'$$0$12
&DPSRFHQWUDOFRQYDULDGRGLVHxRÁRUDOIRUPDQGRSH
TXHxRVURPERVVREUHIRQGRFRORUODGULOOR&LQFRIUDQ
MDVODFHQWUDOPiVDQFKDIRUPDQODJXDUGD
/DUJRFP$QFKRFP
(VWLPDFLyQ86
*5$1$/)20%5$'(/$1$7(-,'$$0$12
,PSRUWDQWH DOIRPEUD IDEULFDGD SRU 'iQGROR 3ULPL
0X\ FRPSDFWRV GLVHxRV GH DUDEHVFRV UDPDV KRMDV \
ÁRUHVHQODQDVGHYDULDGRFRORULGRVREUHIRQGREHLJH
$PSOLDJXDUGDFRQODGRLQWHULRURQGHDGR\PRWLYRVTXH
VHUHSLWHQDOWHUQDGDPHQWH
/DUJRFP$QFKR
'$1'2/235,0,%XHQRV$LUHV
(VWLPDFLyQ86
*5$1 $/)20%5$ &21 ',%8-2 .,50$1 '(
/$1$7(-,'$$0$12
'HFRUDFLyQ´PLOÁRUHVµ6REUHHOIRQGREHLJHVHSUH
VHQWDQ JUDQ FDQWLGDG GH UDPDV KRMDV \ ÁRUHV GH YD
ULDGR \ IXHUWH FRORULGR /D GLVWULEXFLyQ HV VLPpWULFD
*XDUGD IRUPDGD SRU FLQFR IUDQMDV GH WUHV DQFKRV \
GHFRUDFLRQHVGLIHUHQWHV
/DUJRFP$QFKRFP
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
$/)20%5$&+,1$'(/$1$7(-,'$$0$12
)RQGRD]XOLQWHQVR8QPLVPRGLVHxRVHUHSLWHOLQHDO
PHQWHHQHOUHFWiQJXOR*XDUGDIRUPDGDSRUGRVIUDQMDV
GHGLIHUHQWHVDQFKRV\GLEXMRV
/DUJRFP$QFKRFP
(VWLPDFLyQ86
-&1$21&,$6$
$/)20%5$1$&,21$/'(/$1$7(-,'$$0$12
&DPSR GH IRQGR FRORU DUHQD GHFRUDGR SRU XQ PHGD
OOyQFHQWUDOGHIRUPDURPERLGDO\FXDWURHVTXLQDV6LHWH
IUDQMDVIRUPDQODJXDUGDODFHQWUDOPiVDQFKD
/DUJRFP$QFKRFP
(VWLPDFLyQ86
$/)20%5$'(/$1$7(-,'$$0$12
&DPSR GH IRQGR FRORU URMR GHFRUDGR FRQ PHGDOOyQ
FHQWUDO\FXDWURHVTXLQDVFRQGLVHxRVSHUVDV*XDUGD
IRUPDGDSRUWUHVIUDQMDVODFHQWUDOPiVDQFKDGHIRQ
GRD]XO
/DUJRFP$QFKRFP
&ROHFFLyQ)HGHULFR-RUJH./(00
(VWLPDFLyQ86
3(48(f$$/)20%5$3(56$'(/$1$7(-,'$
$0$12
5HFWiQJXOR GLYLGLGR HQ GRV VHFWRUHV HQ ORV TXH VH
UHSLWHXQPLVPRGLVHxRHQGLVWLQWRVFRORUHV/RHQ
PDUFDQ EDQGDV GH GLIHUHQWHV DQFKRV \ FRQ GLVWLQWRV
GLEXMRV
/DUJRFP$QFKRFP
&ROHFFLyQ)HGHULFR-RUJH./(00
(VWLPDFLyQ86
$/)20%5$3(56$'(/$1$7(-,'$$0$12
&DPSR FHQWUDO FRQ GLVHxR JHRPpWULFR VREUH IRQGR
ERUGy&LQFRIUDQMDVIRUPDQODJXDUGD3DUWHVJDVWD
GDV
/DUJRFP$QFKRFP
&ROHFFLyQ)HGHULFR-RUJH./(00
(VWLPDFLyQ86
+27(/'(9(17$6*8,'2
*5$1$/)20%5$3(56$+(5,='(/$1$7(-,
'$$0$12
)RQGRFRORUODGULOOR9DULDGRVGLVHxRVGHVXDYHSROLFUR
PtD \ GLVWULEXFLyQ VLPpWULFD IRUPDQ OD GHFRUDFLyQ GHO
UHFWiQJXOR *XDUGD IRUPDGD SRU FXDWUR IUDQMDV XQD GH
HOODVPiVDQFKDFRQGLEXMRVFRQWLQXRVVREUHIRQGRFODUR
/DUJRFP$QFKRFP
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
´%$(721µ6$17,$*8(f2'(/$1$+,/$'$$
0$12
&LUFD7HMLGRHQWHODUFULROOR6REUHIRQGRQDWXUDO
VHGHVWDFDQDYHV\HOHPHQWRVYHJHWDOHV)ORUHV\IROOD
MHVHQDUPRQLRVDSROLFURPtD
/DUJRFP[FP
(VWLPDFLyQ86
62%5(&$0$´3$//$'$µ6$17,$*8(f$7(-,
'$(17(/$5&5,2//2
0HGLDGRVGHO6LJOR;;'LVHxRGHHVWUHOODVIHGHUDOHV\
URPERVHQKLORVÁRWDQWHVSDOODGRHQODQDGHRYHMDKL
ODGDDPDQRHQWRQRVYLROHWD\DPDULOOR/LVWDVHQQHJUR
QDWXUDO\JULVRVFXURHQSHORGHFDEUD
/DUJRFP[FP
(VWLPDFLyQ86
62%5(&$0$´0$17(/$'$µ6$17,$*8(f$'(
+,/$'2$57(6$1$/
&LUFD 7HMLGR HQ WHODU FULROOR 6X GLVHxR WLHQH
DQWHFHGHQWHV HQ<D]G 3HUVLD 6LULD \7XUTXtD /RV
FRORUHV HPSOHDGRV HVWiQ DWHQXDGRV SRU VX DQWLJH
GDG &RORUDGR URVD YLROHWD \ YHUGH HQ DUPRQLRVD
FRQMXQFLyQ
/DUJRFP$QFKRFP
(VWLPDFLyQ86
62%5(&$0$'(´&$5$&2/,//2µ78&80$12
'(/$1$+,/$'$$0$12
0HGLDGRV GHO 6LJOR ;;$~QD HOHPHQWRV GHFRUDWLYRV
RULHQWDOHVUHSUHVHQWDQGRiUEROHVGHODYLGDHVWLOL]DGRV
ÁRUHVGHGLVHxRQD]DUt~OWLPDGLQDVWtDPXVXOPDQDHQ
DO$QGDOXV\JHRPHWUtDVSUHFRORPELQDV
/DUJRFP$QFKRFP
(VWLPDFLyQ86
$/)20%5$6+,59$1'(/$1$7(-,'$$0$12
&DPSR FHQWUDO FRQ GLEXMRV JHRPpWULFRV VREUH IRQGR
D]XO$PSOLDJXDUGDIRUPDGDSRUVHLVIUDQMDVFRQGLIH
UHQWHVGLVHxRV\FRORULGRV
/DUJRFP$QFKRFP
(VWLPDFLyQ'OV
$5$f$6<$33/,48(6
*,5$1'2/(6
$5$f$&21$50$=21'(%521&('25$'2<3$7,1$'2
(MHUHYHVWLGRSRUVHFFLRQHVGHVPRQWDEOHVGHFULVWDO'HOFHQWURLQIHULRUVHGHVSUHQGHQQXHYHEUD]RVWUHVGHORVFXDOHVDOWHUQDGRV
IRUPDQHOFXHUSR&DLUHOHVSODTXHWDV\DOPHQGUDVIDFHWDGDV3ODWLOORVFRQYHODVHOHFWULÀFDGDV,QVWDODFLyQSDUDYHLQWLXQDOXFHV
-$16(1%XHQRV$LUHV
(VWLPDFLyQ86
$5$f$)5$1&(6$&21$50$=21'(%521&('25$'2<3$7,1$'2
&XDWURUDPLÀFDFLRQHVIRUPDQHOFXHUSR(QWUHFDGDXQRGHHOORVVHSUHVHQWDQGRVEUD]RVFRUWRVFRQPRYLPLHQWR/RVGRFH
FRQUHFHSWiFXORVSDUDYHOD&ULVWDOHUtDIUDQFHVDIRUPDGDSRUFDLUHOHVOiJULPDV\WRUUHVIDFHWDGDV,QVWDODFLyQHOpFWULFDSDUD
YHLQWLXQDOXFHV
(VWLPDFLyQ86
,03257$17($5$f$)5$1&(6$&21$50$=21'(+,(5523$7,1$'2
(OFXHUSRHVWiIRUPDGRSRUWUHVUDPDOHV6HLVEUD]RVFRUWRVVHLQWHUFDODQHQWUHHOORV+RMDVFLQFHODGDV)LQDFULVWDOHUtDIUDQFHVDLQ
WHJUDGDSRUJUDQGHVOiJULPDVDOJXQDVGHHOODVFRORUDKXPDGR&DLUHOHV\URVHWDVIDFHWDGDV,QVWDODFLyQHOpFWULFDSDUDQXHYHOXFHV
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
+27(/'(9(17$6*8,'2
3$5 '( $5$f$6 )5$1&(6$6 &21 $50$=2
1(6'(%521&(
&DGDXQDGHHOODVIRUPDGDSRURFKREUD]RVTXHQDFHQ
HQ HO FHQWUR LQIHULRU %UD]RV FRQ LQVWDODFLyQ HOpFWULFD
5HYHVWLPLHQWRGHORVHMHVFDLUHOHVOiJULPDV\URVHWDV
IDFHWDGDV$OJXQRVGHORVFDLUHOHVGHFULVWDODKXPDGR
(VWLPDFLyQ86
$5$f$ )5$1&(6$ (-(&87$'$ (1 %521&(
&,1&(/$'2
'RFHEUD]RVDGRVDOWXUDVGLIHUHQWHVSUHSDUDGRVFRQLQV
WDODFLyQHOpFWULFD&LQFHODGRGHUDPDVKRMDV\ÁRUHV
&ROHFFLyQ)HGHULFR-RUJH./(00
(VWLPDFLyQ86
$5$f$'((67,/2)5$1&(6,03(5,2
$UPD]yQGHEURQFHFRQSDUWHVSDWLQDGDV&LQFHODGRGH
KRMDV*UDQDURLQIHULRUGHOTXHVHGHVSUHQGHQRFKREUD
]RVFRQLQVWDODFLyQSDUDXQDOX]FDGDXQR&DGHQDVGH
DOPHQGUDVIDFHWDGDV
(VWLPDFLyQ86
$5$f$ '( (67,/2 )5$1&(6 &21 $50$=21
'(%521&(
(MHFHQWUDOFRQSODIyQGLIXVRUHQODSDUWHVXSHULRU2FKR
EUD]RVFXUYRVFRQLQVWDODFLyQSDUDXQDOX]FDGDXQR&DLUH
OHVFDGHQDVGHDOPHQGUDVURVHWDV\IUXWRVGHPHGLRFULVWDO
(VWLPDFLyQ86
*5$1$5$f$'(%521&('((67,/2+2/$1
'(6
%URQFHGRUDGR'RFHEUD]RVLQIHULRUHVGHGREOHFXUYD
WXUD\VHLVGHLJXDOIRUPDDXQDDOWXUDVXSHULRU,QVWDOD
FLyQSDUDGLHFLRFKROXFHV
&ROHFFLyQ0DUFRV&85,
(VWLPDFLyQ86
$17,*8$ $5$f$ )5$1&(6$ &21 $50$=21
'(%521&(
%URQFHUHFXELHUWRSRUXQDJUXHVDSiWLQDSLQWDGD2FKR
UDPLÀFDFLRQHVVXUJHQGHODSDUWHLQIHULRUODPLWDGGH
ODVFXDOHVVHSURORQJDQKDFLDHOVHFWRUVXSHULRU7RGDV
HOODVFRQLQVWDODFLyQHOpFWULFD7RUUHFDLUHOHVOiJULPDV
\IUXWRVIDFHWDGRV
(VWLPDFLyQ86
$17,*8$ $5$f$ )5$1&(6$ &21 $50$=21
'(0$'(5$'25$'$
(MHWDOODGR2FKREUD]RVFRQLQVWDODFLyQHOpFWULFDVHSD
UDGRVSRUKRMDVPHWiOLFDVFRQVXOX]FDGDXQD5DPDMHV
UHYHVWLGRVSRUSHUODVHQKLOHUDV&DLUHOHVURVHWDV\FD
GHQDVGHDOPHQGUDVIDFHWDGDV
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
-&1$21&,$6$
$5$f$'(%521&($/(67,/2'(/$6+2/$1
'(6$6
(MH FHQWUDO WRUQHDGR TXH HQ HO FRURQDPLHQWR PXHVWUD
XQ iJXLOD ELFpIDOD 6HLV EUD]RV GREOHV TXH OOHYDQ FLQ
FHODGDVÀJXUDVGHSHFHVPLWROyJLFRV&DPSDQLWDVDOWDV
,QVWDODFLyQSDUDGRFHOXFHV
&ROHFFLyQ0DUFRV&85,
(VWLPDFLyQ86
$5$f$&21$50$=21'(%521&(&,1&(/$
'2<'25$'2
2FKREUD]RVSUHSDUDGRVFRQLQVWDODFLyQHOpFWULFD&DL
UHOHVIDFHWDGRV3ODIRQGFHQWUDOUHYHVWLGRFRQFDGHQDV
GHDOPHQGUDV,QWHULRUFRQFXDWUROXFHV
(VWLPDFLyQ86
&85,262&2/*$17(&21&$f2&520$'2<
$526'(+,(552
(QHOFRQWRUQROOHYDFROJDQGRSODFDVGHYLGULRDUWtVWLFR
,QVWDODFLyQHOpFWULFDSDUDRQFHOXFHV
&ROHFFLyQ)HGHULFR-RUJH./(00
(VWLPDFLyQ86
$5$f$&21$50$=21'(%521&(3$7,1$'2
2FKROXFHV&ROXPQDFHQWUDOFRQWUHVVHFFLRQHVGHPH
GLR FULVWDO IDFHWDGR 2FKR EUD]RV FRQ GREOH FXUYDWXUD
*XLUQDOGDVGHÁRUHV\KRMDVURVHWDV\FDLUHOHVIDFHWDGRV
(VWLPDFLyQ86
$5$f$ &+(&26/29$&$ &21 $50$=21 '(
),120(',2&5,67$/
,QVWDODFLyQSDUDWUHFHOXFHV&ROXPQDFHQWUDOFRPSXHV
WD SRU FLQFR VHFFLRQHV VXDYHPHQWH IDFHWDGDV &XDWUR
EUD]RVFRQGREOHFXUYDWXUDWHUPLQDGRVHQWUHVUDPLÀFD
FLRQHVFDGDXQR/iJULPDVFDLUHOHVURVHWDV\SODTXHWDV
FRPSOHWDQODGHFRUDFLyQ
(VWLPDFLyQ86
3(48(f$$5$f$)5$1&(6$'(6(,6%5$=26
(MH FHQWUDO UHYHVWLGR SRU VHFFLRQHV GHVPRQWDEOHV LQ
FRPSOHWDV 6HLV EUD]RV GH EURQFH SUHSDUDGRV FRQ LQV
WDODFLyQHOpFWULFD/OHYDYLVWRVDVHVIHUDV\URVHWDVDWUHV
DOWXUDVHQHOHMH\HQORVEUD]RV
&ROHFFLyQ$OEHUWR9('2<$
6DUD6(5eGH9('2<$
(VWLPDFLyQ86
3$5'($33/,48(6)5$1&(6(6&21$50$=2
1(6'(%521&(
%URQFHGRUDGR\SDWLQDGR&LQFRUDPDVXQLGDVSRUXQ
JUDQPRxRVHGHVSUHQGHQGHODSDUWHLQIHULRU&DGDXQD
GHHOODVWHUPLQDHQXQSODWLOORFRQLQVWDODFLyQHOpFWULFD
)ORUHV\KRMDVGHFULVWDOIDFHWDGR
%$*8e3DUtV
&ROHFFLyQ$OEHUWR9('2<$
6DUD6(5eGH9('2<$
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
+27(/'(9(17$6*8,'2
3$5'($33/,48(6$/(67,/2'(/26,1*/(
6(626/(5
)RQGR FLUFXODU GH EURQFH ÀUPDGR 3$//$52/6 'RV
EUD]RV FXUYRV FDGD XQR SUHSDUDGRV FRQ LQVWDODFLyQ
HOpFWULFD7XOLSDVJUDEDGDV
(VWLPDFLyQ86
3$5'($33/,48(6)5$1&(6(6&21$50$=2
1(6'(%521&('25$'2
%URQFH SDWLQDGR 'HO FHQWUR LQIHULRU VH GHVSUHQGHQ
FXDWUR EUD]RV TXH OOHYDQ SRUWDYHODV /RV GRV ODWHUDOHV
IRUPDQ HO FXHUSR &ULVWDOHUtD IUDQFHVD FRPSXHVWD SRU
FDLUHOHVOiJULPDVWRUUHV\HVWUHOODVIDFHWDGDV,QVWDOD
FLyQSDUDVHLVOXFHVFDGDXQR+DFHQMXHJRFRQODDUDxD
GHOORWHDQWHULRU
(VWLPDFLyQ86
3$5 '( $33/,48(6 '( %521&( '25$'2 <
3$7,1$'2
5DPDMHVHQUHOLHYHURGHDQGRXQGUDSHDGR7UHVEUD]RV
SUHSDUDGRVFRQLQVWDODFLyQHOpFWULFD
&ROHFFLyQ)HGHULFR-RUJH./(00
(VWLPDFLyQ86
3$5'($33/,48(6'((67,/2)5$1&(6/8,6
;9
(MHFXWDGRVHQEURQFHPROGXUDGR\FLQFHODGRFRQPRYL
PLHQWRURFDLOOH7UHVEUD]RVSUHSDUDGRVFRQLQVWDODFLyQ
HOpFWULFD
(VWLPDFLyQ86
&8$752$33/,48(6'((67,/2)5$1&(6/8,6
;9,
5HDOL]DGRV HQ EURQFH GRUDGR +RMDV FLQFHODGDV &DGD
XQRGHHOORVFRQWUHVEUD]RVFXUYRVWHUPLQDGRVHQSRU
WDYHODV
(VWLPDFLyQ86
325&(/$1$6</2=$6
-8(*2'($17,*8$325&(/$1$$/(0$1$'(%(5/,1
0DUFDD]XOFRUUHVSRQGLHQWHHQHOUHYHUVR3RUFHODQDEODQFD*XDUGDSODQDVLPXODQGRXQWUHQ]DGRGHFDQDVWR'HFRUDFLyQ
ÁRUDO\ÀOHWHVRURÀUPDGRVSRUODGHFRUDGRUD&0/87,%HUOtQFLUFD&RPSXHVWRSRU
3ODWRVSDUDFRPLGDFXDWURGHHOORVVLQÀOHWHGRUDGR3ODWRVSDUDVRSDXQRFRQSHTXHxDFDVFDGXUDHQHOERUGH
7D]DVFRQWDSD\GLHFLVHLVSODWLWRVSDUDFRQVRPpXQDWD]DVLQVXWDSD3ODWRVSDUDSRVWUH3ODWRVSDUDSDQ´3RWHV
jFUqPHµFRQDVD\WDSDVHLVGHHOORVGHFRUDGRV6DOVHUDFRQWDSD\IXHQWHDGKHULGD'XOFHUDFRQWDSD6RQFLHQWR
WUHLQWD\XQDSLH]DVHQWRWDO
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
+27(/'(9(17$6*8,'2
-8(*2'(325&(/$1$,1*/(6$52<$/'28/
7213$5$0(6$
0RGHOR.,1*6:22'5DPRGHÁRUHVHQHOFHQWUR\
ERXTXHWVHQODJXDUGD&RPSXHVWRSRU
3ODWRVFRPLGDXQRFRQFDVFDGXUD%ROVSDUD
FRQVRPp3ODWRVSRVWUH7D]DVFRQRQFHSODWRV
SDUDFDIp&DIHWHUDFRQWDSD$]XFDUHUDFRQWDSD
/HFKHUD6RQVHVHQWD\WUHVSLH]DVHQWRWDO
(VWLPDFLyQ86
-8(*2 '( 325&(/$1$ )5$1&(6$ '( /,02
*(63$5$0(6$
3RUFHODQD EODQFD 'HFRUDFLyQ ÁRUDO \ ÀOHWHV GRUDGRV
&RPSXHVWRSRU
3ODWRVFRPLGDXQRFRQFDVFDGXUDHQHOERUGH
3ODWRVSDUDVRSD7D]DVFRQVXVSODWRVSDUDFRQ
VRPp3ODWRVSDUDSRVWUH3ODWRVSDUDSDQ
3ODWRVLQGLYLGXDOHVSDUDHQVDODGD)XHQWHVRYDOHV
GLIHUHQWHVWDPDxRV)XHQWHFLUFXODU(QVDODGHUD
3ODWRVPDVLWHURV3DQHUDV6DOVHUDFRQIXHQWH
DGKHULGD7D]DVFRQVXVSODWRVSDUDWp7D]DV
FRQVXVSODWRVSDUDFDIp6RQFLHQWRFLQFXHQWD\FXD
WURSLH]DVWRWDO
(VWLPDFLyQ86
623(5$ '( $17,*8$ 325&(/$1$ $/(0$1$
'(0(,66(1&217$3$
$VD ODWHUDO 'HFRUDFLyQ FHQWUDO UHSUHVHQWDGD SRU DYHV
H[yWLFDVHQXQSDLVDMH*XDUGDIRUPDGDSRUXQMXHJRGH
GDPHURHQHVPDOWHYHUGHVREUHFXELHUWDEODQFD(ORUR
DSOLFDGRHQIRUPDGHÁRUHV\UDPDMHVFREUDUHOLHYHSRU
ODYDULHGDGGHPDWLFHVTXHOHGDHOODEUDGRÀQDPHQWH
HMHFXWDGR &RURQD OD WDSD XQD ÀJXUD GH DPRUFLWR UHV
WDXUDGRVRVWHQLHQGRXQFXHUQRGHODDEXQGDQFLDGHOTXH
EURWDQJUDQFDQWLGDGGHÁRUHV
$OHPDQLD
6HJXQGD0LWDGGHO6LJOR;9,,,
$OWRFP/DUJRFP
([FROHFFLyQ(GXDUGR'5$%%/(
(UFLOLD0(1'(=&$%5$/GH'5$%%/(
-&1$21&tD65/QRYLHPEUHGH
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
5HI(VWDVSLH]DVIRUPDQSDUWHGHO6HUYLFLRGHO3DOD
FLR,PSHULDOHQFRPHQGDGRSRUOD(PSHUDWUL]&DWDOLQD
,, GH 5XVLD HO FXDO HVWXYR HQ XVR KDVWD OD FDtGD GHO
~OWLPR]DU
-&1$21&,$6$
3$5'(&(17526+21'26'($17,*8$325
&(/$1$$/(0$1$
/DGHFRUDFLyQFHQWUDOTXHYDUtDHQFDGDSLH]DHVWiUHSUH
VHQWDGDSRUDYHVH[yWLFDVHQXQSDLVDMH*XDUGDIRUPDGD
SRUXQMXHJRGHGDPHURHQHVPDOWHYHUGHVREUHFXELHUWD
EODQFD(ORURDSOLFDGRHQIRUPDGHÁRUHV\UDPDMHVFR
EUDUHOLHYHSRUODYDULHGDGGHPDWLFHVTXHOHGDHOODEUD
GR ÀQDPHQWH HMHFXWDGR /OHYD OD PDUFD GH 0(,66(1
GH HVSDGDV FUX]DGDV 0DUFD ´µ GHO GHFRUDGRU HQ HO
UHYHUVRGHODVEDVHV
$OHPDQLD
6HJXQGD0LWDGGHO6LJOR;9,,,
'LiPHWURFP
([FROHFFLyQ(GXDUGR'5$%%/(
(UFLOLD0(1'(=&$%5$/GH'5$%%/(
-&1$21&tD65/QRYLHPEUHGH
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
5HI(VWDVSLH]DVIRUPDQSDUWHGHO6HUYLFLRGHO3DOD
FLR,PSHULDOHQFRPHQGDGRSRUOD(PSHUDWUL]&DWDOLQD
,, GH 5XVLD HO FXDO HVWXYR HQ XVR KDVWD OD FDtGD GHO
~OWLPR]DU
&8$752 3/$726 '( $17,*8$ 325&(/$1$
$/(0$1$'(0(,66(1
/DGHFRUDFLyQFHQWUDOTXHYDUtDHQFDGDSLH]DHVWiUHSUH
VHQWDGDSRUDYHVH[yWLFDVHQXQSDLVDMH*XDUGDIRUPDGD
SRUXQMXHJRGHGDPHURHQHVPDOWHYHUGHVREUHFXELHUWD
EODQFD(ORURDSOLFDGRHQIRUPDGHÁRUHV\UDPDMHVFR
EUDUHOLHYHSRUODYDULHGDGGHPDWLFHVTXHOHGDHOODEUD
GR ÀQDPHQWH HMHFXWDGR /OHYD OD PDUFD GH 0(,66(1
GH HVSDGDV FUX]DGDV 0DUFD ´µ GHO GHFRUDGRU HQ HO
UHYHUVRGHODVEDVHV
$OHPDQLD
6HJXQGD0LWDGGHO6LJOR;9,,,
'LiPHWURFP
([FROHFFLyQ(GXDUGR'5$%%/(
(UFLOLD0(1'(=&$%5$/GH'5$%%/(
-&1$21&tD65/QRYLHPEUHGH
6HYHQGHUiFRQRSFLyQDOORWHVLJXLHQWH
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
5HI(VWDVSLH]DVIRUPDQSDUWHGHO6HUYLFLRGHO3DOD
FLR,PSHULDOHQFRPHQGDGRSRUOD(PSHUDWUL]&DWDOLQD
,, GH 5XVLD HO FXDO HVWXYR HQ XVR KDVWD OD FDtGD GHO
~OWLPR]DU
+27(/'(9(17$6*8,'2
&8$752 3/$726 '( $17,*8$ 325&(/$1$
$/(0$1$'(0(,66(1
/DGHFRUDFLyQFHQWUDOTXHYDUtDHQFDGDSLH]DHVWiUH
SUHVHQWDGDSRUDYHVH[yWLFDVHQXQSDLVDMH*XDUGDIRU
PDGDSRUXQMXHJRGHGDPHURHQHVPDOWHYHUGHVREUH
FXELHUWD EODQFD (O RUR DSOLFDGR HQ IRUPD GH ÁRUHV \
UDPDMHV FREUD UHOLHYH SRU OD YDULHGDG GH PDWLFHV TXH
OHGDHOODEUDGRÀQDPHQWHHMHFXWDGR/OHYDODPDUFDGH
0(,66(1GHHVSDGDVFUX]DGDV0DUFD´µGHOGHFRUD
GRUHQHOUHYHUVRGHODVEDVHV
$OHPDQLD
6HJXQGD0LWDGGHO6LJOR;9,,,
'LiPHWURFP
([FROHFFLyQ(GXDUGR'5$%%/(
(UFLOLD0(1'(=&$%5$/GH'5$%%/(
-&1$21&tD65/QRYLHPEUHGH
6HYHQGHUiFRQRSFLyQDOORWHVLJXLHQWH
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
&8$752 3/$726 '( $17,*8$ 325&(/$1$
$/(0$1$'(0(,66(1
/DGHFRUDFLyQFHQWUDOTXHYDUtDHQFDGDSLH]DHVWiUH
SUHVHQWDGDSRUDYHVH[yWLFDVHQXQSDLVDMH*XDUGDIRU
PDGDSRUXQMXHJRGHGDPHURHQHVPDOWHYHUGHVREUH
FXELHUWD EODQFD (O RUR DSOLFDGR HQ IRUPD GH ÁRUHV \
UDPDMHV FREUD UHOLHYH SRU OD YDULHGDG GH PDWLFHV TXH
OHGDHOODEUDGRÀQDPHQWHHMHFXWDGR/OHYDODPDUFDGH
0(,66(1GHHVSDGDVFUX]DGDV0DUFD´µGHOGHFRUD
GRUHQHOUHYHUVRGHODVEDVHV
$OHPDQLD
6HJXQGD0LWDGGHO6LJOR;9,,,
'LiPHWURFP
([FROHFFLyQ(GXDUGR'5$%%/(
(UFLOLD0(1'(=&$%5$/GH'5$%%/(
-&1$21&tD65/QRYLHPEUHGH
6HYHQGHUiFRQRSFLyQDOORWHVLJXLHQWH
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
5HI(VWDVSLH]DVIRUPDQSDUWHGHO6HUYLFLRGHO3DOD
FLR,PSHULDOHQFRPHQGDGRSRUOD(PSHUDWUL]&DWDOLQD
,, GH 5XVLD HO FXDO HVWXYR HQ XVR KDVWD OD FDtGD GHO
~OWLPR]DU
5HI(VWDVSLH]DVIRUPDQSDUWHGHO6HUYLFLRGHO3DOD
FLR,PSHULDOHQFRPHQGDGRSRUOD(PSHUDWUL]&DWDOLQD
,, GH 5XVLD HO FXDO HVWXYR HQ XVR KDVWD OD FDtGD GHO
~OWLPR]DU
-&1$21&,$6$
&$725&( 3/$726 '( 325&(/$1$ ',1$0$5
48(6$3$5$)587$6
3RUFHODQD 5R\DO &RSHQKDJHQ 3LH]DV QXPHUDGDV
'HFRUDFLRQHV GH IUXWRV IRUPDQGR SDUHV FRQ HO PLV
PRGLVHxR)LOHWHVGRUDGRV8QRGHORVSDUHVFRQOD
PLVPDQXPHUDFLyQ\JXDUGDVFRORUGXUD]QR
(VWLPDFLyQ86
-8(*2'(325&(/$1$',1$0$548(6$52
<$/&23(1+$*(13$5$0(6$
0DUFD FRUUHVSRQGLHQWH \ QXPHUDFLyQ HQ ORV UHYHU
VRV &DQDVWR FRQ ÁRUHV HQ ORV FHQWURV \ SHTXHxRV
ERXTXHWV HQ OD JXDUGD $QFKR ÀOHWH RUR ODEUDGR
&RPSXHVWRSRU
3ODWRVFRPLGD7D]DVFRQWUHFHSODWRVSDUD
FRQVRPpXQDWD]DFRQÀVXUD3ODWRVSRVWUH
3ODWRVOXQFK3ODWLWRVSDQ*XLVHUDFRQWDSD
6DOVHUDFRQIXHQWHDGKHULGD6RQVHWHQWD\FXDWUR
SLH]DVHQWRWDO
(VWLPDFLyQ86
-8(*2 '( 325&(/$1$ $/(0$1$ '( 0(,6
6(13$5$7(
0DUFD D]XO GH ODV HVSDGDV FUX]DGDV EDMR FXELHUWD
'HFRUDFLyQ GH HVWLOR RULHQWDO FRQ GUDJRQHV HQ OD
JXDUGD\DYHVHQHOFHQWUR(VPDOWHVSROtFURPRVSUH
GRPLQDQGRHOYHUGH)LOHWHVRUR&RPSXHVWRSRU
7D]DVFRQVXVSODWRVFRUUHVSRQGLHQWHVXQDWD]D
FRQUHVWDXUDFLyQHQHODVD3ODWRVSDUDOXQFK
3HTXHxRSODWRFLUFXODU6RQYHLQWLFLQFRSLH]DVHQ
WRWDO
(VWLPDFLyQ86
&21-8172 '( 325&(/$1$ $/(0$1$ '(
0(,66(13$5$&$)(
0DUFDD]XOGHHVSDGDVFUX]DGDVEDMRFXELHUWD'HFR
UDFLyQÁRUDO\JXDUGDVSLQWDGDVHQHVPDOWHYHUGHGH
GLIHUHQWHLQWHQVLGDG&RPSXHVWRSRU
7D]DVFRQVXVSODWRVFRUUHVSRQGLHQWHVXQDWD]D
FRQÀVXUD&DIHWHUDFRQWDSDSHTXHxDFDVFDGXUD
HQHOSLFR&UHPHUD%RZO6RQRFKRSLH]DVHQ
WRWDO
(VWLPDFLyQ86
-8(*2'(325&(/$1$,1*/(6$1(:&+(/
6($3$5$7(
&XELHUWDGHHVPDOWHFRORUPDUÀO*XLUQDOGDGHKRMDV
HQODJXDUGD(QHOFHQWURXQDURVDSLQWDGDDPDQR
&RPSXHVWRSRU
7D]DV FRQ VXV SODWRV FRUUHVSRQGLHQWHV XQ SOD
WR FRQ SHTXHxD FDVFDGXUD \ ÀVXUD 3ODWRV SDUD
OXQFK XQR FRQ UHVWDXUDFLyQ 6RQ FXDUHQWD \ RFKR
SLH]DVHQWRWDO
&ROHFFLyQ$OEHUWR9('2<$
6DUD6(5eGH9('2<$
(VWLPDFLyQ86
&21-8172'(325&(/$1$)5$1&(6$3$5$
(63$55$*26
&RPSXHVWR SRU RQFH SODWRV FLUFXODUHV XQD IXHQWH
KRQGDFRQDVDVODWHUDOHV\XQDVDOVHUDFRQIXHQWHDG
KHULGD3RUFHODQDEODQFDGH/LPRJHV%RUGHRQGHDGR
\ÀOHWHGRUDGR*XDUGD\GLVHxRFHQWUDOGHSHTXHxDV
ÀJXUDVJHRPpWULFDVHQWRQRVYHUGHQHJUR\JULV3OD
WRVFRQHOHYDFLRQHVTXHIRUPDQWUHVGLYLVLRQHV
81,21&(5$0,48(/LPRJHV
&ROHFFLyQ3DEOR),5323(f$
(VWLPDFLyQ86
)8(17('($17,*8$325&(/$1$&+,1$'(
&$1721
)RUPD RYDODGD *XDUGD FDODGD 'HFRUDFLyQ WtSLFD
GHODPDQXIDFWXUD5HVHUYDVFRQHVFHQDVGHLQWHULRU
UDPRVGHÁRUHVDYHV\PDULSRVDVHQHVPDOWHVSROt
FURPRV%RUGHSURWHJLGRSRUXQDURGHSODWDIUDQFH
VDVHOODGD\FLQFHODGDGHKRMDVGHODXUHO3XQ]yQGH
0(5&85,2
6LJOR;,;
/DUJRFP
&ROHFFLyQ3DEOR),5323(f$
(VWLPDFLyQ86
75(63/$726'($17,*8$325&(/$1$&+,
1$'(&$1721
8QR GH HOORV GH PD\RU WDPDxR FRQ UHVWDXUDFLyQ GH
FDVFDGXUD /RV RWURV IRUPDQ SDU &DUDFWHUtVWLFD GH
FRUDFLyQHQHVPDOWHVSROtFURPRV
'LiPHWURV\FP
&ROHFFLyQ3DEOR),5323(f$
(VWLPDFLyQ86
&21-8172'(&(5$0,&$)5$1&(6$'(/8
1(9,//(
&RPSXHVWRSRUGRFHSODWRVLQGLYLGXDOHV\XQDIXHQWH
SDUDVHUYLU3ODWRVSDUDHVSiUUDJRV\DOFDXFLOHV&D
YLGDGHVSDUDVDOVD'HFRUDFLyQHQIXHUWHSROLFURPtD
&ROHFFLyQ3DEOR),5323(f$
(VWLPDFLyQ86
+27(/'(9(17$6*8,'2
,03257$17( -8(*2 '( 325&(/$1$$/(0$
1$'(0(,66(13$5$0(6$
0DUFDD]XOGHODVHVSDGDVFUX]DGDVEDMRFXELHUWD%RU
GHRQGHDGR\ÀOHWHGRUDGR*XDUGDHQVXDYHUHOLHYHVL
PXODQGRXQWUHQ]DGR'HFRUDFLyQGHUDPRV\ERXTXHWV
GHÁRUHVMXQWRDSHTXHxRVLQVHFWRV&RPSXHVWRSRU
3ODWRVFRPLGDWUHVFRQPX\SHTXHxDFDVFDGXUD
HQHOERUGH3ODWRVVRSD3ODWRVSRVWUHXQRGH
WDPDxR XQ SRFR PiV JUDQGH 6RSHUD FRQ WDSD )XHQWHVRYDODGDVXQDFRQFDVFDGXUDHQHOERUGH
)XHQWHV FLUFXODUHV GH WDPDxRV SURJUHVLYRV &HQ
WURVKRQGRVGHGLIHUHQWHVWDPDxRV)XHQWHSHVFD
GR(QVDODGHUD6DOVHUDVFRQIXHQWHDGKHULGD
6DOHULWRV SODWLWRV KRQGRV XQR FRQ FDVFDGXUD
7D]DV FRQ GLH] SODWRV SDUD FDIp XQ SODWLWR FRQ SH
TXHxDFDVFDGXUD6RQFLHQWRGLH]SLH]DVHQWRWDO
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
48,1&( 3/$726 '( 325&(/$1$ 52<$/ &2
3(1+$*(1
3RUFHODQDGLQDPDUTXHVD0DUFDD]XOFRUUHVSRQGLHQWHH
LQVFULSFLyQFRQHOPRWLYRFHQWUDOGHOIUHQWH7RGRVHOORV
FRQ HVFHQDV QDYLGHxDV 'HFRUDFLRQHV HQ FODURVFXUR
D]XO(QHOFHQWURLQIHULRUOOHYDHODxRGHVXIDEULFDFLyQ
&ROHFFLyQ3DEOR),5323(f$
(VWLPDFLyQ86
&,1&23/$726'(325&(/$1$52<$/&23(1
+$*(1
3RUFHODQD GLQDPDUTXHVD 'HFRUDFLRQHV HQ FODURVFXUR
D]XO&XDWURGHHOORVFRQHVFHQDVQDYLGHxDV\HOTXLQWR
FRQPHPRUDWLYR GH ORV MXHJRV ROtPSLFRV GH 0RQWUHDO
DxR
&ROHFFLyQ3DEOR),5323(f$
(VWLPDFLyQ86
-&1$21&,$6$
6(,63/$726'($17,*8$325&(/$1$&+,1$
0DUFDGHRULJHQHQHOUHYHUVRGHODEDVH3ODWRVKRQGRV
FLUFXODUHV'HFRUDFLyQHQFODURVFXURD]XO
'LiPHWURFP
&ROHFFLyQ0DUFRV&85,
(VWLPDFLyQ86
3$5'(3/$726'(325&(/$1$&+,1$'(&2
5$'$
0DUFDFRQFDUDFWHUHVGHVHOORHQHOUHYHUVR'HFRUDFLyQ
GHHVWLORRULHQWDOHQFODURVFXURD]XO
'LiPHWURFP
&ROHFFLyQ0DUFRV&85,
(VWLPDFLyQ86
-8(*2'(/2=$,1*/(6$$'$063$5$0(6$
0RGHOR´2OG&RORQLDOµ*XDUGDGHÁRUHV\KRMDVFRQ
ÀOHWHVERUGy&RPSXHVWRSRU
3ODWRV FRPLGD 7D]DV FRQVRPp FRQ VXV SODWRV
XQDWD]DFRQUHVWDXUDFLyQ3ODWRVSRVWUH3ODWRV
SDQ+XHYHULWDV&RPSRWHUDV)XHQWHVRFWRJR
QDOHV )XHQWHV FLUFXODUHV (QVDODGHUDV &HQWURV
KRQGRV6DOVHUDFRQIXHQWH&DIHWHUDFRQWDSD7H
WHUDFRQWDSD$]XFDUHUDFRQWDSD-DUULWDVOHFKHUDV
%RO3ODWRVPDVLWHURV7D]DVFRQVXVSODWRVWp
7D]DVFRQVXVSODWRVFDIp3ODWRVOXQFKGHGRVWDPD
xRV6RQGRVFLHQWDVVHWHQWD\FXDWURSLH]DVHQWRWDO
(VWLPDFLyQ86
623(5$ '($17,*8$ 325&(/$1$ &+,1$ &21
7$3$
6LJOR;,;3RUFHODQDGHOD&RPSDJQLHGHV,QGHV)RU
PDUHFWDQJXODUFRQHVTXLQDVRFKDYDGDV'HFRUDFLyQHQ
HVPDOWHVGHOD)DPLOOH5RVHUHSUHVHQWDGDSRUDUEXVWRV
SODQWDV ÁRUHV \ DYHV H[yWLFDV $JDUUDGHUDV ODWHUDOHV
FRQFDEH]DVGHFKDQFKRV)DOWDQWHVHQODVRUHMDV\HQOD
JUDQDGDGHODWDSD%DVHWDSL]DGDHQWHUFLRSHORPDUUyQ
&KLQD
3ULPHUD0LWDGGHO6LJOR;,;
$OWRFP/DUJRFP
(VWLPDFLyQ86
&8$752 3/$726 '( 325&(/$1$ &+,1$ '(
&25$'$
'LVWLQWDVIDEULFDFLRQHV\GHFRUDFLRQHV(VPDOWHVSROt
FURPRV'RVGHHOORVFRQUHVWDXUDFLyQHQHOERUGH\ORV
RWURVFRQFDVFDGXUD
(VWLPDFLyQ86
6(,6 3/$726 '( 325&(/$1$ )5$1&(6$ '(
6$;(
0DUFD FRQ FRURQD HQ HO UHYHUVR *XDUGD FRQ UHVHUYDV
\ JXLUQDOGDV GH ÁRUHV %RUGHV SURWHJLGRV SRU DURV GH
SODWDIUDQFHVDVHOODGD3XQ]RQHVGH0(5&85,2\GH
RUIHEUH*XDUGDVFLQFHODGDV\SHUODGDV
(VWLPDFLyQ86
-8(*2 '( /2=$ ,1*/(6$ 52<$/ '28/721
3$5$0(6$
0RGHOR ´7+( .,5.:22'µ &XELHUWD GH HVPDOWH
FRORUPDUÀO'HFRUDFLyQUDPDVKRMDVÁRUHV\IUXWRV
&RPSXHVWRSRU
3ODWRVFRPLGDVHLVFRQFDVFDGXUDHQHOERUGH
3ODWRVVRSD7D]DVFRQVXVSODWRVSDUDFRQ
VRPp XQ SODWR FRQ FDVFDGXUD 3ODWRV SRVWUH
3ODWRVSDQXQRFRQFDVFDGXUD*XLVHUDFRQ
WDSD )XHQWHV RYDODGDV GLVWLQWRV WDPDxRV 7D]DV Wp FRQ WUHLQWD \ VHLV SODWRV FRUUHVSRQGLHQ
WHVXQDWD]DFRQFDVFDGXUD7HWHUDFRQWDSD
$]XFDUHUD FRQ WDSD /HFKHUD 3ODWRV PDVDV
7D]DV FRQ VXV SODWRV SDUD FDIp XQD WD]D FRQ
FDVFDGXUD\RWUDFRQUHVWDXUDFLyQ6RQGRVFLHQWDV
RQFHSLH]DVHQWRWDO
(VWLPDFLyQ
3/$7(5Ì$<&5,67$/(5Ì$
6(,60$*1,),&266$/(526'($17,*8$3/$7$,1*/(6$6(//$'$
3XQ]yQGH/RQGUHV'RVGHpSRFD-RUJH,9$xR2EUDVGHORUIHEUH:P(OOLRWW&XDWURGHpSRFD9LFWRULDQD$xR
\2EUDVGHORUIHEUH*HRUJH$QJHOO3LH]DVÀQDPHQWHFLQFHODGDV&XDWURDSR\RVRUQDPHQWDGRVSRUÀJXUDVGHiJXLODV
FRQFXHUSRVHQUHOLHYH'RVHVFXGRVQRELOLDULRVFRQWUDSXHVWRVHQFDGDSLH]DGRVGHHOORVFRQÀJXUDVGHJDOJRV\ORVFXDWUR
UHVWDQWHVFRQPRQRJUDPDFRURQDGR*XDUGDGHÁRUHV\KRMDVHQHOERUGHVXSHULRU5HFLSLHQWHLQWHUQRFRQEDxRYHUPHLO
$FRPSDxDQFXDWURFXFKDULWDVGHpSRFD(GXDUGR9,,$xR
,QJODWHUUD
6LJOR;,;
3HVRNJ
&ROHFFLyQ$OEHUWR9('2<$
6DUD6(5eGH9('2<$
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
+27(/'(9(17$6*8,'2
,17(5(6$17( &21-8172 ,1*/(6 '( 0(7$/
(316
0HWDOSODWHDGR,QLFLDOHV´(0'9µJUDEDGDV7RGDVODV
SLH]DVTXHVHGHWDOODQDOSLHFDO]DQHQXQJUDQFRIUHGH
FDREDFRQWDSD/OHYDQSXQ]yQ-56,QWHULRUFRQGLYL
VLRQHVHVSHFLDOHVSDUDFDGDXQDGHODVSLH]DVWDSL]DGRHQ
SDxRD]XO%DQGHMDVXSHULRUGHVPRQWDEOH&RPSXHVWRSRU
)XHQWHVRYDODGDVGHWDPDxRVSURJUHVLYRV)XHQWH
SDUD SHVFDGR *XLVHUD FRQ WDSD \ DJDUUDGHUD GHV
PRQWDEOH3ODWRVPDVLWHURVFRQSLH\JXDUGDFDOD
GD 3DQHUD FLUFXODU &HQWURV RYDOHV SDUD VFRQHV
%DQGHMDVFLUFXODUHVFRQHVTXLQDVFDODGDV\FXDWUR
DSR\RV)XHQWHRYDOFRQVRSRUWHGHVPRQWDEOHSDUD
HVSiUUDJRV3LQ]DSDUDHVSiUUDJRV6DOVHUDFRQDVD
ODWHUDO0DQWHTXHUDGREOHFRQVRSRUWHGHPHWDO\UH
FLSLHQWHVGHYLGULRFRQWDSD6RSRUWHFRQDJDUUDGHUD
FHQWUDO\GRVIUDVFRVFRQWDSDSDUDSLFNOHV6RSRU
WHVSDUDDGHUH]RVFRQGRVVDOHURVXQPRVWDFHUR\XQ
IUDVFRVLQWDSD6RSRUWHSDUDFDO]DUIXHQWHV6DPR
YDUFRQVRSRUWH\FDOHQWDGRU&DIHWHUDFRQWDSD
/HFKHUDFRQWDSD7HWHUDFRQWDSD$]XFDUHUDFRQ
WDSD&UHPHUD0DQLMDVGHVPRQWDEOHVSDUDIXHQWH
6RQYHLQWLQXHYHSLH]DVHQWRWDO
&ROHFFLyQ$OEHUWR9('2<$
6DUD6(5eGH9('2<$
(VWLPDFLyQ86
7(7(5$%2:/&21$6$6</(&+(5$'(3/$
7$,1*/(6$6(//$'$
3XQ]yQGHODFLXGDGGH/RQGUHV(SRFD*XLOOHUPR,9
$xR 2EUD GH ORV RUIHEUHV 5 3HDUFH * %X
UURZV &DGD SLH]D VREUH FXDWUR DSR\RV FLQFHODGRV
&XHUSRVFRQQHUYDGXUDVYHUWLFDOHV&LQFHODGRGHUDPDV
\ÁRUHV%RZO\OHFKHUDFRQLQWHULRUYHUPHLO$JDUUDGH
UDGHODWHWHUDGHVPRQWDEOH
,QJODWHUUD
3ULPHUD0LWDGGHO6LJOR;,;
3HVRNJ
&ROHFFLyQ$OEHUWR9('2<$
6DUD6(5eGH9('2<$
(VWLPDFLyQ86
$17,*82&(1752'(3/$7$,1*/(6$6(//$
'$&217$3$
3XQ]yQGH/RQGUHV(SRFD9LFWRULDQD$xR2EUD
GH ORV RUIHEUHV (GZDUG (GZDUG MU -RKQ :LOOLDP
%DUQDUG &HQWUR FLUFXODU GH ERUGH VXSHULRU RQGHDGR
&XHUSRGLYLGLGRHQQHUYDGXUDVYHUWLFDOHV(VSDFLRVFLQ
FHODGRVGHKRMDV\ÁRUHV,QWHULRUYHUPHLO$JDUUDGHUD
GHODWDSDGHVPRQWDEOHHQIRUPDGHÁRU
,QJODWHUUD
3ULPHUD0LWDGGHO6LJOR;,;
$OWRFP'LiPHWURFP
3HVRNJ
&ROHFFLyQ$OEHUWR9('2<$
6DUD6(5eGH9('2<$
(VWLPDFLyQ86
6(,608<),1263257$0(18(6&2168(678
&+(&255(6321',(17(
3ODWD LQJOHVD VHOODGD 3XQ]yQ GH %LUPLQJKDP $xR
3XQ]yQGHRUIHEUHQRLGHQWLÀFDGR%DVH\IUHQWH
GHIRUPDRYDO3ODFDVGHFDUH\FRQDUWtVWLFRWUDEDMRUHD
OL]DGRFRQLQFUXVWDFLRQHVGHSODWD(VWXFKHFRUUHVSRQ
GLHQWHFRQLQWHULRUWDSL]DGR
'0'$9,6%LUPLQJKDP
&ROHFFLyQ$OEHUWR9('2<$
6DUD6(5eGH9('2<$
(VWLPDFLyQ86
6(,608<),1263257$0(18(6&2168(678
&+(&255(6321',(17(
3ODWD LQJOHVD VHOODGD 3XQ]yQ GH %LUPLQJKDP $xR
2UIHEUHUtDGH0DSSLQ:HEE%DVH\IUHQWHGH
IRUPDUHFWDQJXODU3ODFDVGHFDUH\FRQDUWtVWLFRWUDEDMR
UHDOL]DGR FRQ LQFUXVWDFLRQHV GH SODWD (VWXFKH FRUUHV
SRQGLHQWHFRQLQWHULRUWDSL]DGR
0$33,1:(%%%LUPLQJKDP
&ROHFFLyQ$OEHUWR9('2<$
6DUD6(5eGH9('2<$
(VWLPDFLyQ86
3$5 '( $17,*826 &$1'(/$%526 '( 3/$7$
)5$1&(6$6(//$'$
3XQ]yQ SRVLEOHPHQWH GH OD SULPHUD PLWDG GHO VLJOR
;,;3LHGHFDQGHOHURHQHOTXHDSR\DXQHMHFRQWUHV
EUD]RV)DOWDXQSODWLOORSRUWDYHOD&LQFHODGRGHHVWLOR
IUDQFpV/XLV;9,%DVHFLUFXODUGHERUGHHVFDORQDGR
)UDQFLD
3ULPHUD0LWDGGHO6LJOR;,;
$OWRFP
3HVRNJ
&ROHFFLyQ$OEHUWR9('2<$
6DUD6(5eGH9('2<$
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
-&1$21&,$6$
&(51,'25,1*/(6&21&8(532)$&(7$'2<
7$3$&$/$'$
3XQ]yQGHODFLXGDGGH%LUPLQJKDP$xR3ODWD
LQJOHVD VHOODGD (VWXFKH FRUUHVSRQGLHQWH FRQ LQWHULRU
WDSL]DGR
&ROHFFLyQ$OEHUWR9('2<$
6DUD6(5eGH9('2<$
(VWLPDFLyQ86
3(48(f2&(51,'25,1*/(6&21&8(532)$
&(7$'2
3XQ]yQGHODFLXGDGGH%LUPLQJKDP$xR3ODWD
LQJOHVDVHOODGD7DSDFDODGD
&ROHFFLyQ$OEHUWR9('2<$
6DUD6(5eGH9('2<$
(VWLPDFLyQ86
3$5 '( 3(48(f26 &(17526 29$/(6 62%5(
&8$752$32<26
3ODWD VHOODGD /OHYDQ SXQ]RQHV GH OHyQ UDPSDQWH GH
RUIHEUH FRQ LQLFLDOHV 06 LQLFLDOHV 5 \ ) OHWUD $
FRURQDGD\GRVSRFROHJLEOHV&HQWURVFRQERUGHRQ
GHDGR'HFRUDFLyQFLQFHODGD\FDODGD5HVHUYDVHQFH
UUDQGRXQPRWLYRPDULQRFRQQLxRDODGRPRQWDGRHQ
XQWULWyQ
3HVRNJ
&ROHFFLyQ$OEHUWR9('2<$
6DUD6(5eGH9('2<$
(VWLPDFLyQ86
3$67,//(52 '( 3/$7$ (1 )250$ '( )5872
&217$3$
3XQ]yQFRQLQLFLDOHV'$&&XHUSR\WDSDFRQGLYLVLR
QHVYHUWLFDOHVFDGDXQDGHHOODVFRQODPLVPDGHFRUD
FLyQFLQFHODGD\UHSXMDGD5DPDFRQJUDQGHVKRMDVHQ
ODWDSD
&ROHFFLyQ$OEHUWR9('2<$
6DUD6(5eGH9('2<$
(VWLPDFLyQ86
$17,*8$&$)(7(5$,1*/(6$(32&$-25*(,,
3XQ]yQ GH OD FLXGDG GH /RQGUHV )LQHV GHO UHLQDGR
GH -RUJH ,, $xR 2EUD GH ORV RUIHEUHV 7KRV
:KLSKDP &KDV :ULJKW 3ODWD LQJOHVD VHOODGD
7DSDXQLGDDODVDODWHUDOGHPDGHUDSRUELVDJUD'H
FRUDFLyQ FLQFHODGD \ UHSXMDGD (VFXGR KHUiOGLFR \
FUHVWJUDEDGRV
,QJODWHUUD
0HGLDGRVGHO6LJOR;9,,,
$OWRFP
3HVRNJ
&ROHFFLyQ$OEHUWR9('2<$
6DUD6(5eGH9('2<$
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
$17,*82 6$029$5 '( 3/$7$ ,1*/(6$ 6(
//$'$&217$3$
3XQ]yQ GH OD FLXGDG GH /RQGUHV (SRFD 9LFWRULDQD
$xR2EUDGHORVRUIHEUHV6PLWK1LFKROVRQ
6DPRYDU GH IRUPD HVIpULFD DFKDWDGD FRQ DJDUUDGHUD
VXSHULRU ÀMD$JDUUDGHUD GH OD WDSD HQ IRUPD GH ÁRU
6RSRUWH GH WUHV DSR\RV FRQ FDOHQWDGRU \ UDPDMH FRQ
IUXWRVHQUHOLHYH
,QJODWHUUD
6HJXQGD0LWDGGHO6LJOR;,;
$OWRFP
3HVRNJ
&ROHFFLyQ$OEHUWR9('2<$
6DUD6(5eGH9('2<$
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
'26 $17,*826 7($ &$'',(6 '( 3/$7$ ,1
*/(6$6(//$'$
3XQ]RQHVGH/RQGUHV3ULQFLSLRVGHOUHLQDGRGH-RUJH
,,,$xR3XQ]yQGHRUIHEUHV´,:9/µQRLGHQ
WLÀFDGR3LH]DVLJXDOHVGHGLIHUHQWHVWDPDxRV\DOWXUD
VLPLODU&XHUSRVIRUPDGRVSRUFXDWURFDUDVFDGDXQDGH
HOODVFRQGHFRUDFLyQÁRUDOFLQFHODGD\UHSXMDGD$JD
UUDGHUDGHODVWDSDVHQIRUPDGHÁRU
,QJODWHUUD
6HJXQGD0LWDGGHO6LJOR;9,,,
$OWRFP
3HVRNJ
&ROHFFLyQ$OEHUWR9('2<$
6DUD6(5eGH9('2<$
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
$17,*82 7($ &$''< ,1*/(6 '( 3/$7$ 6(
//$'$
3XQ]yQGH/RQGUHV(SRFD-RUJH,,,$xR3XQ]yQ
GH RUIHEUH FRQ LQLFLDOHV 51 QR LGHQWLÀFDGR &XHUSR
OLVR FRQ EDVH GH IRUPD RYDODGD *XDUGDV JUDEDGDV HQ
ORVH[WUHPRV\HQODWDSD$JDUUDGHUDFRURQDGDSRUXQ
IUXWR
,QJODWHUUD
3ULPHUD0LWDGGHO6LJOR;,;
$OWRFP
3HVRNJ
&ROHFFLyQ$OEHUWR9('2<$
6DUD6(5eGH9('2<$
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
+27(/'(9(17$6*8,'2
$17,*827($&$''<'(3/$7$,1*/(6$6(
//$'$
3XQ]yQ GH OD FLXGDG GH /RQGUHV (SRFD -RUJH ,,,
$xR3XQ]yQGHRUIHEUHFRQLQLFLDOHV+1QR
LGHQWLÀFDGR&XHUSRGHFXDWURFDUDV\SHTXHxRVDSR
\RV HQ ODV HVTXLQDV $UWtVWLFR WUDEDMR GH RUIHEUHUtD
FLQFHODGR \ UHSXMDGR /DWHUDOHV \ WDSD FRQ PRWLYRV
RULHQWDOHV
,QJODWHUUD
6HJXQGD0LWDGGHO6LJOR;9,,,
$OWRFP
&ROHFFLyQ$OEHUWR9('2<$
6DUD6(5eGH9('2<$
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
&85,26$&$-,7$'(3/$7$326,%/(0(17('(
/$,1',$&217$3$
6LJQRV GH HVFULWXUD HQ HO UHYHUVR GH OD EDVH &XHUSR
HQ IRUPD GH HOHIDQWH ULFDPHQWH DWDYLDGR FRQ FDEH]D
ODGHDGD \ WURPSD HOHYDGD7DSD FDODGD UHPDWDGD SRU
XQDÁRU
3HVRNJ
&ROHFFLyQ$OEHUWR9('2<$
6DUD6(5eGH9('2<$
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
$17,*8$ 7(7(5$ &+,1$ '( 3/$7$ 6(//$'$
&217$3$
3XQ]RQHV FRUUHVSRQGLHQWHV HQ HO UHYHUVR GH OD EDVH
0X\ÀQDGHFRUDFLyQFRPSDFWDUHDOL]DGDFRQLQFUXVWD
FLRQHVRUR'HFRUDFLyQGHÁRUHV\KRMDV$JDUUDGHUD
VXSHULRUHQIRUPDGHDUFR$OJXQDVDEROODGXUDV
$OWRFP
3HVRNJ
&ROHFFLyQ$OEHUWR9('2<$
6DUD6(5eGH9('2<$
(VWLPDFLyQ86
&8$7526$/(526'($17,*8$3/$7$,1*/(
6$6(//$'$
3XQ]yQ GH /RQGUHV (SRFD *XLOOHUPR ,9 $xR 2EUDGHORVRUIHEUHV((-\:%DUQDUG6yOLGRVVD
OHURVFLUFXODUHVVREUHXQHOHJDQWHDSR\RGHKRMDV\WUHV
JDUUDV *XDUGD FLQFHODGD HQ UHOLHYH GH KRMDV \ ÁRUHV
&UHVWJUDEDGR
,QJODWHUUD
3ULPHUD0LWDGGHO6LJOR;,;
3HVRNJ
&ROHFFLyQ$OEHUWR9('2<$
6DUD6(5eGH9('2<$
(VWLPDFLyQ86
-&1$21&,$6$
'2&(%2:/6&21',(&,6(,63/$726&255(6
321',(17(6
3ODWDIUDQFHVDVHOODGD3XQ]yQGH0(5&85,2)RUPD
RFWRJRQDO
3HVRNJ
&ROHFFLyQ$OEHUWR9('2<$
6DUD6(5eGH9('2<$
(VWLPDFLyQ86
-8(*2 '( &8%,(5726 '( 3/$7$ )5$1&(6$
6(//$'$
3XQ]yQGH0HUFXULRSDUDODSODWDGHSXUH]D
0RGHORGHERUGHPROGXUDGRSHTXHxRGLVHxRFLUFXODU
\H[WUHPRHQIRUPDGHFRTXLOOH&RIUHGHPDGHUDFRQ
EDQGHMDV WDSL]DGDV TXH QR VLUYH SDUD WRGR HO MXHJR
&RPSXHVWRSRU
&XFKLOORVFRPLGD7HQHGRUHVFRPLGD&XFKD
UDVVRSD&XFKLOORVSHVFDGR7HQHGRUHVSHVFDGR
&XFKLOORVSRVWUHQXHYHFRQKRMDGHSODWD&XFKL
OORVSRVWUHFRQEDxRYHUPHLOXQRFRQKRMDGHSODWD
7HQHGRUHVSRVWUHGRFHGHHOORVFRQEDxRYHUPHLO
&XFKDUDVSRVWUHVHLVFRQEDxRYHUPHLO&XFKDUDV
KHODGRVFRQEDxRYHUPHLO&XFKDUDVWp&XFKDUDV
FDIp3LH]DVYDULDVSDUDVHUYLUFXDWURFRQEDxRYHU
PHLO6RQGRVFLHQWDVFXDUHQWDSLH]DVHQWRWDO
3HVRWRWDOGHOMXHJRNJ
&ROHFFLyQ$OEHUWR9('2<$
6DUD6(5eGH9('2<$
(VWLPDFLyQ86
3(48(f2-$552&2/21,$/&21$6$/$7(5$/
3ODWDEDMD3XQ]yQFRQLQLFLDOHV5*'
3HVRNJ
&ROHFFLyQ$OEHUWR9('2<$
6DUD6(5eGH9('2<$
(VWLPDFLyQ86
3(48(f$&$-,7$(1)250$'((/()$17(
3ODWDVHOODGD7DSDXQLGDSRUELVDJUD
&ROHFFLyQ$OEHUWR9('2<$
6DUD6(5eGH9('2<$
(VWLPDFLyQ86
3$5 '( *8,6(5$6 )5$1&(6$6 '( 0(7$/
&+5,672)/(
*XLVHUDVFLUFXODUHVFRQWDSD%URQFHSODWHDGR(OHJDQ
WHV DVDV ODWHUDOHV 7DSDV GHVPRQWDEOHV FRQ DJDUUDGHUD
FLQFHODGDGHUDPDMHFRQIUXWR0RQRJUDPDJUDEDGR
&+5,672)/(3DUtV
(VWLPDFLyQ86
3$5 '( $17,*826 -$5526 '( 3/$7$ &2/2
1,$/&21$6$
*XDUGDVFLQFHODGDVHQORVH[WUHPRV3DUWHLQIHULRUID
FHWDGD$VDODWHUDOUHSUHVHQWDQGRFDEH]DVGHRÀGLRV\
ÁRUHV,QLFLDOHVGHH[GXHxRVJUDEDGDVHQHOUHYHUVRGH
ODEDVH
3HVRNJ
(VWLPDFLyQ86
%$1'(-$&,5&8/$5'(3/$7$)5$1&(6$6(
//$'$
3XQ]yQGHSODWD0ROGXUDHQHOERUGH
'LiPHWURFP
3HVRNJ
(VWLPDFLyQ86
3$5 '( &$1'(/(526 '( 3/$7$ &21 381=2
1(6'(25,*(1
3XQ]RQHVQRLGHQWLÀFDGRV%DVHVFLUFXODUHVFRQLQLFLD
OHV'$JUDEDGDV
$OWRFP
3HVRNJ
(VWLPDFLyQ86
'263257$55(75$726&210$5&26'(3/$
7$6(//$'$
'LIHUHQWHVWDPDxRV/OHYDQSXQ]yQGHSODWHUR-XDQ3$
//$52/6
(VWLPDFLyQ86
3$5 '( $17,*8$6 *$55$)$6 )5$1&(6$6
&217$3$<$6$/$7(5$/
&XHUSRV \ FXHOORV GH FULVWDO IDFHWDGR 0RQWXUD FRQ
EDVHWDSD\DVDODWHUDOGHSODWDIUDQFHVDVHOODGD3XQ
]yQGH0(5&85,2&LQFHODGRGHJXLUQDOGDGHKRMDV\
VHFWRUHVFDODGRV
$OWRFP
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
+27(/'(9(17$6*8,'2
3(48(f$ *$55$)$ )5$1&(6$ '( (67,/2
$57'(&2
&XHUSRGHYLGULRHVPHULODGR'HFRUDFLyQHQUHOLHYHGH
UDPDMHVÁRULGRVHQWRQRVYHUGHD]XO\DPDULOOR0RQ
WXUDFRQWDSD\DVDODWHUDOGHPHWDO*$/,$FLQFHODGR
/OHYDQXPHUDFLyQHQHODURGHODEDVH\SXQ]RQHVHQ
HOFXHOOR
$OWRFP
(VWLPDFLyQ86
-8(*2'()8(17(6'(3/$7$6(//$'$326,
%/(0(17(586$
&DGD XQD GH ODV SLH]DV OOHYD SXQ]yQ FRQ OHWUD 12
\DxR3XQ]yQGHFLXGDG\GHSODWD%RUGHVRQ
GHDGRV\PROGXUDGRVHQORVTXHVHDOWHUQDQSHTXHxDV
FRTXLOOHVFLQFHODGDV&RPSXHVWRSRU
)XHQWHV RYDODGDV GH FP GH ODUJR )XHQWHV
FLUFXODUHVGHFPGHGLiPHWUR)XHQWHVFLUFXOD
UHVGHFPGHGLiPHWUR&HQWURKRQGRFLUFXODU
6RQVLHWHSLH]DVHQWRWDO
3HVRNJ
(VWLPDFLyQ86
-8(*2'(&23$69(1(&,$12'(),120(',2
&5,67$/)$&(7$'2
%RUGHVGRUDGRVHQODVEDVHVGHODVFRSDV\HQODVER
FDVGHWRGDVODVSLH]DV&XHUSRVFRQIDFHWDVYHUWLFDOHV
&RPSXHVWRSRU
&RSDV DJXD &RSDV YLQR WLQWR &RSDV
YLQREODQFRGRVFRQSHTXHxDFDVFDGXUD9DVRV
WUDJRVODUJRV9DVRVFKDPSDJQH9DVRVZKLV
N\9DVLWRVOLFRU6RQQRYHQWD\FXDWURSLH]DV
HQWRWDO
3$8/<&9HQH]LD
(VWDPSLOODSHJDGDHQXQDGHODVSLH]DV
(VWLPDFLyQ86
),*85$´(/()$17(µ'(3/$7$6(//$'$
6HOODGDHQHOUHYHUVRGHXQDSDWD
3HVRNJ
(VWLPDFLyQ86
&,*$55(5$5(&7$1*8/$5'(3/$7$6(
//$'$&217$3$
&LQFHODGRJXLOORFKp,QWHULRUGHPDGHUD
(VWLPDFLyQ86
$17,*8$623(5$'(3/$7$,1*/(6$6(//$
'$(32&$-25*(,,
3XQ]yQGHODFLXGDGGH/21'5(6(SRFD*(25*(
,,$xR2EUDGHORUIHEUH:LOOLDP&5,3366R
SHUDFRQWDSDGHIRUPDRYDO$VDVODWHUDOHV(OFXHUSR
RIUHFHXQDGHFRUDFLyQÀQDPHQWHFLQFHODGD\UHSXMDGD
GHDUDEHVFRVÁRUHV\KRMDV&DEH]DVGHOHRQHVHQHO
QDFLPLHQWRGHORVFXDWURDSR\RVFRQWHUPLQDFLyQGH
JDUUDVREUHHVIHUD*XDUGDVFLQFHODGDVGH´JRGURQVµ
(VFXGRVQRELOLDULRV\´FUHVWµJUDEDGRV5HFLSLHQWHLQ
WHULRU GHVPRQWDEOH GH SODWD LQJOHVD FRQ SXQ]RQHV GH
ODFLXGDGGH/21'5(6eSRFD9,&725,$1$$xR
2EUDGHORUIHEUH-&KDV(',1*721*UDED
FLyQQXPHUDGDµSDUDLGHQWLÀFDUSLH]DVGHODFR
OHFFLyQ
,QJODWHUUD
0HGLDGRVGHO6LJOR;9,,,
$OWRFP/DUJRFP
3HVRNJ
&ROHFFLyQ$JXVWtQ/$55(7$\6UD
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
3(48(f$ *$55$)$ ,1*/(6$ $17,*8$ &21
&8(532/,62
&ULVWDOOLVR0RQWXUDFRQWDSD\DVDODWHUDOGHSODWDLQ
JOHVDVHOODGD3XQ]yQGHODFLXGDGGH/RQGUHV(SRFD
YLFWRULDQD
(VWLPDFLyQ86
&(1752 29$/ )5$1&(6 6(//$'2 %$&&$
5$7
6HOODGRHQHOUHYHUVRGHODEDVH3LH]DGHIRUPDRYD
ODGD*DMRVYHUWLFDOHVWRUVDGRVTXHVHFRQWLQ~DQHQOD
EDVH
%$&&$5$7)UDQFH
(VWLPDFLyQ86
&21-8172'(08<),120(',2&5,67$/)$
&(7$'2
3LH]DV GH XQD PLVPD IDEULFDFLyQ (VWi IRUPDGR SRU
WUHV FHQWURV GLIHUHQWHV GLHFLVpLV SODWLWRV KRQGRV GRV
FRQ FDVFDGXUD HQ HO ERUGH \ XQ SHTXHxR ERZO 6RQ
YHLQWHSLH]DVHQWRWDO
(VWLPDFLyQ86
-&1$21&,$6$
&23$'($17,*8$3/$7$,1*/(6$6(//$'$
3XQ]yQGHODFLXGDGGH/RQGUHV(SRFDYLFWRULDQD$xR
2EUDGHORVRUIHEUHV5REHUWV%ULJJV&XHUSR
HQ IRUPD GH FiOL] 'HFRUDFLyQ FLQFHODGD \ UHSXMDGD
,QVFULSFLyQIHFKDGDHQHQHOUHYHUVRGHODEDVH
,QJODWHUUD
0HGLDGRVGHO6LJOR;,;
(VWLPDFLyQ86
$'2512(1)250$'(&8(512'(3/$7$,1
*/(6$6(//$'$
3XQ]RQHVGHODFLXGDGGH/RQGUHV\GHRUIHEUH3LH]DFRQ
DSR\RV GHODQWHURV DELHUWRV \ DVD SRVWHULRU 'HFRUDFLyQ
FLQFHODGD\UHSXMDGD7DSDFDODGDFRQFLHUUHDURVFD
$OWRFP
3HVRNJ
(VWLPDFLyQ86
3(48(f$&$-$'(3/$7$67(5/,1*6(//$'$
'RV FRPSDUWLPHQWRV GH GLIHUHQWHV WDPDxRV FDGD XQR
FRQVXWDSD$QFKDJXDUGDGHHVPDOWHFRQDSOLFDFLRQHV
GHÁRUHVGHOLVVHJXUDPHQWHGHRUR
(VWLPDFLyQ86
%$1'(-$5(&7$1*8/$5<)8(17(29$/$'$
'(3/$7$6(//$'$
3LH]DVGHXQDPLVPDIDEULFDFLyQ%RUGHVPROGXUDGRV\
RQGHDGRV
/DUJR\FP
3HVRNJ
(VWLPDFLyQ86
'26 0$1*26 '( $55,$'25(6 < 81 &8&+,
//2&219$,1$
$UULDGRUHVFRORQLDOHVGHSODWDEDMD\FXFKLOORGHSODWD
VLQSXQ]RQHVYLVLEOHV)DOWDXQIUDJPHQWRHQODFUX]
(VWLPDFLyQ86
,03257$17(%$1'(-$)5$1&(6$'(/$0$,
621&$5'(,/+$&
6yOLGDEDQGHMDGHPHWDOGHIRUPDUHFWDQJXODURFKDYD
GD(OHJDQWHVDVDVODWHUDOHV%RUGHPROGXUDGR\FLQFH
ODGR*XDUGDLQWHULRUEXULODGD0RQRJUDPDJUDEDGRHQ
HOFHQWUR
/DUJRFP$QFKRFP
&$5'(,/+$&3DUtV
(VWLPDFLyQ86
+27(/'(9(17$6*8,'2
3$5 '( &$1'(/$%526 '( 3/$7$ )5$1&(6$
6(//$'$
3XQ]yQIUDQFpVGH0(5&85,2%DVHFLUFXODUGHERU
GHPROGXUDGR\HVFDORQDGR$QFKRIXVWHIDFHWDGR8QD
XUQDFRURQDHOHMHFHQWUDO&XDWUREUD]RVWHUPLQDGRVHQ
UHFHSWiFXORSDUDYHOD
$OWRFP
3HVRNJ
7(7$5')UHV3DUtV
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
&(51,'25 '( $17,*8$ 3/$7$ ,1*/(6$ 6(
//$'$
3XQ]yQGHODFLXGDGGH/RQGUHV(SRFD(GXDUGR9,,
$xR2UIHEUHUtDGH(/.,1*7213HTXHxDVDVDV
ODWHUDOHV*XDUGDVFLQFHODGDV\UHSXMDGDV7DSDFDODGD
$OWRFP
&ROHFFLyQ3DEOR),5323(f$
(VWLPDFLyQ86
623257(&21'2%/($6$'(3/$7$9(50(,/
6(//$'$
3XQ]yQGHRULJHQ\GHSODWD$QFKDEDQGDFDODGD\
JUDEDGDHQHOFRQWRUQR
&ROHFFLyQ3DEOR),5323(f$
(VWLPDFLyQ86
&21-8172'(&8%,(5726&21%$f29(50(,/
(VWiIRUPDGRSRUVHLVFXFKDUDVVHLVFXFKLOORVVHLVWH
QHGRUHVSDUDSRVWUH\FXDWURFXFKDUDVSDUDWp0HWDOFRQ
EDxRYHUPHLO'HFRUDFLyQFLQFHODGD\PROGXUDGD0R
QRJUDPDFRQLQLFLDOHVJUDEDGDV
&ROHFFLyQ3DEOR),5323(f$
(VWLPDFLyQ86
&8$7523,(=$6'(3/$7$586$6(//$'$
)RUPDQHOFRQMXQWRGRVSHTXHxDVFRSDVFRQSXQ]RQHV
GHODxRXQSHTXHxRYDVRFRQUHVHUYDVHQFHUUDQGR
SDLVDMHV\SXQ]RQHVGHODxR\XQYDVLWRFRQLQV
FULSFLyQ7UDEDMRFRQHVPDOWHQHJUR
&ROHFFLyQ3DEOR),5323(f$
(VWLPDFLyQ86
-&1$21&,$6$
3$/,//(52 &2/21,$/ 62%5( 6$/9,//$ &,5
&8/$5
%DUDQGDFDODGD\WUHVDSR\RV&HQWURHQIRUPDGHFRSD
FRQIUXWRV\UDPDMHV
$OWRFP
&ROHFFLyQ3DEOR),5323(f$
(VWLPDFLyQ86
&,1&2&8%,(57263$5$6(59,5'(3/$7$
6(//$'$
0DQJRV FLQFHODGRV GH SODWD VHOODGD 0RQRJUDPD
FRQ LQLFLDOHV 0* JUDEDGDV 7UHV GH HOORV GH EURQFH
FDODGR\ORVRWURVGRVLPLWDFLyQPDUÀO(VWXFKHFRUUHV
SRQGLHQWH
&ROHFFLyQ3DEOR),5323(f$
(VWLPDFLyQ86
&+,)/('($67$&21$*$55$'(5$683(5,25
([WUHPR\PRQWXUDGHSODWDOLVD
&ROHFFLyQ3DEOR),5323(f$
(VWLPDFLyQ86
$17,*8$ &$-,7$ 5(&7$1*8/$5 '( 3/$7$
+2/$1'(6$6(//$'$
3XQ]yQ FRUUHVSRQGLHQWH D OD SULPHUD PLWDG GHO VLJOR
;,; 3ODWD GH SXUH]D /DWHUDOHV RUQDPHQWD
GRVFRQHVFHQDVGHJUDQMDURGHDGDVGHÁRUHV\KRMDV
7DSDFRQGHFRUDFLyQHQUHOLHYHUHSUHVHQWDQGRXQLQWH
ULRUGHWDEHUQDDQLPDGDSRUSHUVRQDMHV
&ROHFFLyQ3DEOR),5323(f$
(VWLPDFLyQ86
'26&8&+$5$6'(3/$7$,1*/(6$9(50(,/
6(//$'$
3XQ]yQGHODFLXGDGGH%,50,1*+$07UDEDMRFLQ
FHODGRHQHOH[WUHPR
(/.,1*721&R%LUPLQJKDP
(VWLPDFLyQ86
$17,*820$7(&2/21,$/&216$/9,//$
3ODWDEDWLGD*XDUGDFLQFHODGD\UHSXMDGDHQHOFXHUSR
'RVÀJXUDVGHDYHHQODHPERFDGXUD2WUDVDYHVVHSUH
VHQWDQFROJDGDVDOUHGHGRUGHXQGLVFR6DOYLOODGHWUHV
DSR\RV$FRPSDxDXQDERPELOODFRQFXDWURDYHVDGRV
DOWXUDV
3HVR.J
&ROHFFLyQ3DEOR),5323(f$
(VWLPDFLyQ86
-$552'(3/$7$&21$6$/$7(5$/&,1&(/$'$
$QFKR FXHOOR FRQ GHFRUDFLyQ GH DUDEHVFRV \ ÁRUHV
0RQRJUDPDRURHQUHOLHYH
$OWRFP
3HVRNJ
&ROHFFLyQ3DEOR),5323(f$
(VWLPDFLyQ86
&21-8172'(&8%,(5726'(3/$7$9(50(,/
3$5$32675(
3XQ]RQHVGHSODWDDXVWURK~QJDUD\GHRUIHEUH0RGHOR
OLVR&RPSXHVWRSRU
&XFKLOORV7HQHGRUHV&XFKDUDV6RQWUHLQ
WD\VHLVSLH]DVHQWRWDO
3HVRDSUR[NJ
&ROHFFLyQ3DEOR),5323(f$
(VWLPDFLyQ86
,03257$17( -8(*2 '( &23$6 ,1*/(6 ),1$
0(17(7$//$'2
'LVHxR FRQWLQXR HQFHUUDQGR HVWUHOODV 3LH IDFHWDGR
&RPSXHVWRSRU
&RSDV DJXD XQD FRQ FDVFDGXUD HQ OD EDVH &RSDVYLQRWLQWR&RSDVYHUGHVYLQREODQFR
&RSDVFKDPSDJQHXQDFRQFDVFDGXUDHQODEDVH
&RSDV RSRUWR &RSDV MHUH] &RSLWDV OLFRU 9DVRVGRVFRQFDVFDGXUDHQODERFD7D]DVFRQ
DVD ODWHUDO SDUD SRQFKH GRV FRQ ÀVXUD 3ODWLWRV
FRQDVDSDUDKHODGR3ODWRVLQGLYLGXDOHVXQRFRQ
FDVFDGXUD&HQWURVKRQGRVRYDOHVGRVIRUPDQSDU
GRVFRQFDVFDGXUD3ODWRVFRQSLHDOWRSDUDERPER
QHV*DUUDIDVFRQWUHVWDSRQHVXQDGHPHQRUWDPD
xR-DUUDFRQDVDODWHUDO6RQFLHQWRRFKHQWD\GRV
SLH]DVHQWRWDO
&ROHFFLyQ3DEOR),5323(f$
(VWLPDFLyQ86
-8(*2 '( &23$6 )5$1&(6 ),1$0(17( 7$
//$'2
7DOODGHURPERV3LHIDFHWDGR%DVHFRQHVWUHOODHQHO
UHYHUVR&RPSXHVWRSRU
&RSDV DJXD &RSDV YLQR WLQWR XQD FRQ SH
TXHxD FDVFDGXUD &RSDV YLQR EODQFR &RSDV
FKDPSDJQH &RSDV RSRUWR &RSDV MHUH] XQD
FRQÀVXUDHQODERFD&RSLWDVOLFRUXQDFRQFDV
FDGXUD\ÀVXUD%ROVGRVFRQFDVFDGXUDHQODERFD
%RWHOORQHVFRQVXVWDSRQHVGRVIRUPDQSDU-D
UULWDVFRQDVDODWHUDO6RQFLHQWRGLHFLVpLVSLH]DVHQ
WRWDO
&ROHFFLyQ3DEOR),5323(f$
(VWLPDFLyQ86
+27(/'(9(17$6*8,'2
'2&( $17,*826 3/$726 '( 3/$7$ ,1*/(6$
6(//$'$
7RGRVOOHYDQDQWLJXRVSXQ]RQHVGHODFLXGDGGH/21
'5(6 (SRFD -RUJH ,,, 6HLV FRQ SXQ]yQ FRUUHVSRQ
GLHQWH DO DxR \ GH RUIHEUH FRQ LQLFLDOHV ,(()
/RVRWURVVHLVGHODxRFRQSXQ]yQGHRUIHEUH:P
6XPQHU3ODWRVGHIRUPDFLUFXODU%RUGHRQGHDGR\FLQ
FHODGRGHJRGURQV7RGRVOOHYDQWUHVHVFXGRVQRELOLD
ULRVJUDEDGRV
'LiPHWURFP
3HVRNJ
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
&23$'(3/$7$,1*/(6$6(//$'$3$5$35(
0,2
3XQ]RQHVGHODFLXGDGGH'XEOLQ\GHRUIHEUHFRQLQL
FLDOHV ´6:µ $VDV ODWHUDOHV 0ROGXUDV KRUL]RQWDOHV
´&UHVWRIDUPVµJUDEDGR
3HVRNJ
&ROHFFLyQ3DEOR),5323(f$
(VWLPDFLyQ86
2&+2 623257(6 &21 $6$ /$7(5$/ '( 25,
*(15862
7RGRVHOORVOOHYDQSXQ]RQHVGHSODWDGHÀQHVGHOVLJOR
;,;'LVWLQWRVPRGHORV
3HVRNJ
&ROHFFLyQ3DEOR),5323(f$
(VWLPDFLyQ86
3(48(f$%$1'(-$'($17,*8$3/$7$586$
6(//$'$
3XQ]RQHVGHSODWDUXVDGHODxR\GHRUIHEUHFRQ
LQLFLDOHV´1.µ%DQGHMLWDUHFWDQJXODUGHERUGHRQGHD
GR \ PROGXUDGR$VDV ODWHUDOHV FDODGDV 3ODQR FHQWUDO
FLQFHODGR\EXULODGRFRQGHFRUDFLyQURGHDQGRXQDUH
VHUYDFRQFRQVWUXFFLRQHV
5XVLD
6HJXQGD0LWDGGHO6LJOR;,;
&ROHFFLyQ3DEOR),5323(f$
(VWLPDFLyQ86
3(48(f$ &$)(7(5$ &21 381=Ð1 )5$1&e6
6(//$'2
3XQ]yQFRQFDEH]DGHPHUFXULRHLQLFLDOHVGHRUIHEUH
$)HQURPER$JDUUDGHUDFRQHPSXxDGXUD
3HUWHQHQFLDGH/7GH:$
(VWLPDFLyQ86
-&1$21&,$6$
3$5'(&$1'(/$%526'(%521&(3/$7($'2
%DVHFLUFXODUFRQJXDUGD\GLVHxRVFLUFXODUHV(MHFRQ
WHUPLQDFLyQGHWUHVFDEH]DVIHPHQLQDV
$OWRFP
&ROHFFLyQ0DUFRV&85,
(VWLPDFLyQ86
3$5 '( %27(//21(6 ,1*/(6(6 6(//$'26
678$57
7DSRQHV FRUUHVSRQGLHQWHV &XHUSRV FRQ SDUWHV IDFHWD
GDV \ JXDUGD VXSHULRU WDOODGD DO GLDPDQWH 'LVHxR GH
HVWUHOODHQHOUHYHUVR&DUWHOLWRVLQJOHVHVGHPHWDOFRQ
LQVFULSFLRQHVVREUHIRQGRGHHVPDOWHD]XO
&ROHFFLyQ0DUFRV&85,
(VWLPDFLyQ86
$17,*8$7$3$&$03$1$,1*/(6$2/'6+()
),(/'
,QFLDOHV::GHRUIHEUH7DSDRYDO*XDUGDPROGXUD
GDFLQFHODGDGHKRMDV\VKHOOV(VFXGRGHQREOH]DJUD
EDGR$JDUUDGHUDGHODWDSDFLQFHODGDGHVPRQWDEOH
,QJODWHUUD
3ULPHUD0LWDGGHO6LJOR;,;
$OWRFP/DUJRFP
(VWLPDFLyQ86
%$1'(-$ '( 0(7$/ ,1*/(6 3/$7($'2&21
$6$6
)RUPDRYDODGD%RUGHSHUODGR*XDUGDFDODGD,QWHULRU
FRQLQLFLDOHV;7URGHDGDSRUJXDUGDVRYDOHVJUDEDGDV
/DUJRFP
(VWLPDFLyQ86
3(48(f2 $/+$-(52 '( 3/$7$ ,1*/(6$ 6(
//$'$&217$3$
3XQ]yQGHODFLXGDGGH%,50,1*+$0&XHUSRRYDO
7DSDFRQDQJRVWDJXDUGDFLQFHODGD&XDWURDSR\RV,Q
WHULRUFRQEDVHWDSL]DGD
0$33,1:(%%(QJODQG
(VWLPDFLyQ86
3(48(f$&$-$'(3/$7$)5$1&(6$6(//$'$
&217$3$
3XQ]RQHVGH0,1(59$\GHRUIHEUH&DMDFLUFXODUFRQ
JXDUGDHQHOFRQWRUQR*XLUQDOGDGHÁRUHV\FLQWDIRU
PDQGRPRxRHQODWDSD'LVFRGHPDUÀOHVFXOSLGRHQHO
FHQWURÀUPDGR-)/(*$67(/2,6
(VWLPDFLyQ86
&(1752 '( 0(6$ 5(&7$1*8/$5 &21 %$6(
'((63(-2
(VTXLQDV UHGRQGHDGDV %DUDQGD GHO FRQWRUQR GH SODWD
IUDQFHVD VHOODGD 3XQ]yQ GH 0,1(59$ \ GH SODWHUR
$UWtVWLFRWUDEDMRFLQFHODGR\FDODGR
/DUJRFP$QFKRFP
(VWLPDFLyQ86
3$5 '( 3/$726 0$6,7(526 '( 3/$7$ )5$1
&(6$6(//$'$
3XQ]yQGH0(5&85,23ODWRVFLUFXODUHVGHSLHEDMR
*XDUGDLQWHULRU\ERUGHSHUODGR
3HVRNJ
(VWLPDFLyQ86
'263/$726&2/21,$/(6'(3/$7$)81','$
'LIHUHQWHV3ODWRVFLUFXODUHVFRQERUGHRQGHDGR
3HVR.J
(VWLPDFLyQ86
3(48(f$%$1'(-$5(&7$1*8/$5'(3/$7$
%RUGHPROGXUDGR8QPLVPRGLVHxRFLQFHODGRHQODVHV
TXLQDV\RWURGHÁRUHVHQORVFHQWURVGHORVODGRVODUJRV
(VWLPDFLyQ86
623(5$ )5$1&(6$ '( 3/$7$ 6(//$'$
&217$3$
3XQ]yQIUDQFpVGHSODWD%RUGHRFWRJRQDO*XDUGD
GH JRGURQV HQ OD WDSD &LQFHODGR GH HVWLOR /XLV ;,9
&XDWURURVWURVGHViWLURVRSXHVWRVHQWUHVtGHDSDUHQHO
FXHUSR$JDUUDGHUDVXSHULRUGHVPRQWDEOH
$OWRFP/DUJRFP
3HVRNJ
*+,623DUtV%XHQRV$LUHV
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
+27(/'(9(17$6*8,'2
&(1752)5$1&(6'(&5,67$/<3/$7$3$5$
0(6$
&HQWURRYDODGRGHFULVWDOOLVR&DO]DHQXQDPRQWXUDGH
SODWDIUDQFHVDVHOODGD3XQ]yQGH0(5&85,2%DVHGH
HVSHMRFRQSHTXHxDVGLIHUHQFLDVHQHOFLQFHODGR/XQD
ELVHODGD'HVFDQVDHQFXDWURSHTXHxDVHVIHUDV
(VWLPDFLyQ86
3$5'(6$/(526'2%/(6'(0(7$/)5$1&(6
&+5,672)/(
$JDUUDGHUD FHQWUDO VHSDUDQGR GRV UHFLSLHQWHV RYDOHV
FRQFXHUSRVFDODGRV5HFLSLHQWHVGHVPRQWDEOHVGHYL
GULRD]XO
&+5,672)/(3DUtV
(VWLPDFLyQ86
3$5 '( 3/$726 0$6,7(526 )5$1&(6(6 '(
&5,67$/<3/$7$
3ODWRVFLUFXODUHVGHSLHEDMR&ULVWDOIDFHWDGR\JUDED
GR$URSURWHFWRUGHOERUGH\EDVHGHSODWDIUDQFHVDYHU
PHLOVHOODGD)RQGRJXLOORFKp\JXLUQDOGDVGHÁRUHVHQ
UHOLHYH
'LiPHWURFP
(VWLPDFLyQ86
3$5'(%27(//21(6)5$1&(6(6'(&5,67$/
7$//$'2
&XHUSRVIDFHWDGRVHQODSDUWHLQIHULRU*XLUQDOGDJUDED
GDGHKRMDV\FLQWDVIRUPDQGRPRxRV0RQWXUDWDSRQHV
\EDVHVGHSODWDIUDQFHVDVHOODGD3XQ]yQGH0,1(59$
\GHRUIHEUH$$8&2&&LQFHODGRGHKRMDV
$OWRFP
(VWLPDFLyQ86
&21-81723$5$0(6$'(3/$7$,1*/(6$6(
//$'$
)RUPDGRSRUXQFHUQLGRUFXDWURVDOHURVFRQVXVFXFKD
ULWDVGRVVDOHURVXQPRVWDFHURFRQWDSD\FXFKDULWDFR
UUHVSRQGLHQWH3XQ]yQGHODFLXGDGGH%,50,1*+$0
'HFRUDFLyQFLQFHODGD(VWXFKHGHFXHURFRQLQWHULRUWD
SL]DGR
(VWLPDFLyQ86
3$5'(%27(//21(6)5$1&(6(6'(&5,67$/
<3/$7$
&XHUSRVGHFULVWDO)DFHWDVYHUWLFDOHV7UHVUHVHUYDVHQ
FHUUDQGRPRWLYRVÁRUDOHV\FLQWDV&XHOORV\WDSRQHVGH
SODWDIUDQFHVDVHOODGD3XQ]RQHVGH0(5&85,2\GH
RUIHEUH8QRGHHOORVFRQÀVXUDHQHOFXHOORGLVLPXODGD
SRUODPRQWXUD
$OWRFP
(VWLPDFLyQ86
-&1$21&,$6$
3$5 '( -$55$6 )5$1&(6$6 '( &5,67$/ <
3/$7$
-DUUDVFRQDVDODWHUDO)DFHWDVYHUWLFDOHVHQHOFXHOOR\
ODEDVH8QDSLH]DFRQÀVXUD\SHTXHxDFDVFDGXUDHQOD
ERFD7DSDVGHSODWDIUDQFHVDVHOODGDXQLGDDODVDVDV
*XDUGDVFLQFHODGDVGHKRMDVGHODXUHO
$OWRFP
(VWLPDFLyQ86
'2&( 3/$726 '( 3/$7$ )5$1&(6$9(50(,/
6(//$'$
3XQ]yQGH0(5&85,22UIHEUHUtDGH%28/$1*(5
3ODWRVFLUFXODUHVGHERUGHRQGHDGR0RWLYRFLQFHODGR
TXHVHUHSLWHVHSDUDGRSRUPROGXUDVFRPSDFWDV0RQR
JUDPDJUDEDGR$FRPSDxDQGLHFLRFKRSODWRVGHYLGULR
ÀQRFRQÀOHWHRUR
'LiPHWURFP
3HVR.J
%28/$1*(53DUtV
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
3$5'(*$55$)$6)5$1&(6$6'(&5,67$/<
3/$7$6(//$'$
&XHUSRVJOREXODUHVGHFULVWDOJUDEDGR\IDFHWDGR0RQ
WXUDFRQWDSDDVDODWHUDO\EDVHGHSODWDIUDQFHVDYHU
PHLO VHOODGD 3XQ]yQ GH 0(5&85,2 &LQFHODGR GH
JXLUQDOGDGHÁRUHV\FLQWDVIRUPDQGRPRxRV
$OWRFP
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
623257($/72'(3/$7$,1*/(6$6(//$'$
3XQ]yQ GH OD FLXGDG GH 6+()),(/' 3DUWH VXSHULRU
FLUFXODUGHFHQWURHOHYDGR*XDUGDFDODGD&XDWURDSR
\RVXQLGRVHQWUHVt
0$33,1:(%%6KHIÀHOG
&ROHFFLyQ),532'(9272
(VWLPDFLyQ86
3(48(f$%20%21(5$'(3/$7$,1*/(6$6(
//$'$
3XQ]yQGHODFLXGDGGH6+()),(/'%RUGHIRUPDGR
SRUVHLVSDUWHVRQGHDGDV\JXDUGDLQWHULRUFDODGD
-$0(6',;216RQV6KHIÀHOG
&ROHFFLyQ),532'(9272
(VWLPDFLyQ86
&21-8172'(&8%,(5726'(3/$7$)5$1&(
6$6(//$'$
3XQ]RQHVGH0(5&85,2\GHRUIHEUH0RGHORFLQFH
ODGRFRQGHWDOOHVFLQFHODGRVHQUHOLHYH&RPSXHVWRSRU
&XFKLOORVFRPLGD7HQHGRUHVFRPLGD&X
FKDUDVVRSD&XFKLOORVSRVWUH7HQHGRUHVSRV
WUH XQR GLIHUHQWH &XFKDUDV SRVWUH &XFKDUDV
FDIp3LH]DVSDUDVHUYLU6RQQRYHQWD\XQDSLH]DV
HQWRWDO
&ROHFFLyQ),532'(9272
(VWLPDFLyQ86
-8(*2 '( )8(17(6 '( 3/$7$ $/(0$1$ 6(//$'$
&RPSXHVWRSRUGRVIXHQWHVRYDODGDVGHWDPDxRVSUR
JUHVLYRVXQDIXHQWHSDUDSHVFDGR\XQDFLUFXODU%RUGH
RQGHDGR*XDUGDFLQFHODGDFRQKRMDVGHODXUHO
1(77(50$11+(,0$OHPDQLD
3HVRNJ
(VWLPDFLyQ86
&(1752 '( 3/$7$ )5$1&(6$ 6(//$'$ &21
7$3$
3XQ]yQIUDQFpVGHSODWD&LQFHODGRGHHVWLOR/XLV
;,9*XDUGDVGHJRGURQV
3HVRNJ
(VWLPDFLyQ86
-8(*2 '( &8%,(5726 '( 0(7$/ ,1*/(6
35,1&(·63/$7(
0RGHOR .,1*·6 3$77(51 &OiVLFR GLVHxR GH ERUGH
PROGXUDGR FLQFHODGR GH KRMDV \ ´VKHOOµ &RPSXHVWR
SRU
&XFKLOORVFRPLGD7HQHGRUHVFRPLGD&X
FKDUDV VRSD &XFKLOORV SHVFDGR 7HQHGRUHV
SHVFDGR &XFKLOORV SRVWUH 7HQHGRUHV SRVWUH
&XFKDUDVSRVWUH3LH]DVYDULDVSDUDVHUYLU6RQ
FLHQWRQRYHQWDSLH]DVHQWRWDO
0$33,1:(%%(QJODQG
(VWLPDFLyQ86
5(%(148(&21381=21(6'(3/$7$<'(
3/$7(52
&LUFD3ODWHUR'7255(6)XVWHGHFXHUR&DER
WHUPLQDGRHQSRPR\FLQFHODGRGHKRMDV6RVWpQGHFXH
URFRQFDQHERQHV/RQMDGHFXHURFUXGR
(VWLPDFLyQ86
/$7,*2&21&$f2'(%521&(&,1&(/$'2<
'25$'2
7HUPLQDOHVGHSODWD&XHURFUXGRWUHQ]DGR
(VWLPDFLyQ86
+27(/'(9(17$6*8,'2
5(%(148(&5,2//2&21381=21'(3/$7(52
2UIHEUH 0 - '(/83, %RPEDV GH SODWD VREUH WUHQ
]DGRGHFXHUR$UJROODDUWLFXODGDFRQODVLQLFLDOHVGHO
GXHxR
(VWLPDFLyQ86
6(59,&,2'(3/$7$)5$1&(6$6(//$'$3$5$
7(<&$)(
3XQ]yQIUDQFpVGH0,1(59$*XDUGDVPROGXUDGDV\
FLQWDVHQWUHFUX]DGDV5HVHUYDVFRQJXLUQDOGDVGHKRMDV
&RPSXHVWRSRU
%DQGHMD UHFWDQJXODU FRQ DVDV ODWHUDOHV 6DPR
YDU FRQ VRSRUWH \ FDOHQWDGRU &DIHWHUD FRQ WDSD
7HWHUDFRQWDSD$]XFDUHUDFRQWDSD%RZO
/HFKHUD6RQVLHWHSLH]DVHQWRWDO
3HVRNJ
$/(52<55HDXPXU3DUtV
(VWLPDFLyQ86
&21-8172'(&,1&2)8(17(6'(3/$7$1$
&,21$/6(//$'$
3LH]DVGHXQPLVPRPRGHOR\WUHVIDEULFDFLRQHVGLIH
UHQWHV&RPSXHVWRSRUXQDEDQGHMDRYDODGDJUDQGHWUHV
RYDOHVGHWDPDxRVSURJUHVLYRVGHODFDVD:VW\XQD
PLVPDIDEULFDFLyQXQDIXHQWHFLUFXODU
3HVRNJ
(VWLPDFLyQ86
%$1'(-$ &8$'5$1*8/$5 '( 3/$7$ ,1*/(
6$6(//$'$
3XQ]yQGHODFLXGDGGH%LUPLQJKDP$xR2UIH
EUHUtDGH(ONLQJWRQ&R%RUGHFRQJXDUGDFLQFHODGD
'LVHxRVHQODVHVTXLQDV
/DGRFP
3HVRNJ
,PSRUWDGDSRU:DOVHU:DOG&R%XHQRV$LUHV
(VWLPDFLyQ86
*8,6(5$&,5&8/$5'(3/$7$1$&,21$/
6(//$'$&217$3$
%RUGHRQGHDGR\PROGXUDGR
3HVR.J
(VWLPDFLyQ86
3(48(f23/$72&,5&8/$5'(3/$7$,1*/(
6$6(//$'$
3XQ]yQGH6KHIÀHOG2UIHEUHUtDGH-DPHV'L[RQ6RQ
*XDUGDFDODGD
(VWLPDFLyQ86
6$/6(5$'(3/$7$1$&,21$/6(//$'$
%DQGHMLWDRYDOGHVPRQWDEOH$VDSRVWHULRU
3HVRNJ
:h67%XHQRV$LUHV
(VWLPDFLyQ86
(63(-2 '($32<2 )5$1&(6 &21 0$5&2 '(
3/$7$6(//$'$
3XQ]yQGH0HUFXULR\GHRUIHEUH0DUFRPROGXUDGR\
FLQFHODGRGHKRMDV0RQRJUDPDFRQLQLFLDOHV707HQ
HOFRURQDPLHQWR$SR\RSRVWHULRU
$OWRFP
(VWLPDFLyQ86
&(1752'(&5,67$/)5$1&(67$//$'2&21
7$3$
%DVH\DURVXSHULRUGHSODWDIUDQFHVDVHOODGD$JDUUDGH
UDGHODWDSDUHSUHVHQWDQGRXQQHW]XNH&DVFDGXUDHQHO
ERUGH\DEROODGXUDHQODEDVH
(VWLPDFLyQ86
2%-(726'($57(
2%-(7269$5,26
3$5'(08<,03257$17(67(-$6&+,1$6(32&$0,1*
'LQDVWtD0LQJ$OIDUHUtDFKLQDUHFXELHUWDSRUHVSHVRVHVPDOWHVFDUDFWHUtVWLFRVGHODPDQXIDFWXUD3LH]DVIRUPD
GDVSRUGRVSDUHMDVGHGLIHUHQWHVH[RSDUDGDVDGLIHUHQWHVDOWXUDV(QODVPXMHUHVXQDGHHOODVOOHYDXQDWLDUD\XQQLxRHQ
EUD]RV%DVHVGHERLVGHIHUGHSODQROLVR\DSR\RVWHUPLQDGRVHQUROHRV3HGHVWDOHVGHPiUPROSDWLQDGR
&KLQD
6LJORV;9,;9,,
$OWRGHODVWHMDVFP
$OWRGHORVSHGHVWDOHVFP
&ROHFFLyQ$OEHUWR9('2<$
6DUD6(5eGH9('2<$
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
+27(/'(9(17$6*8,'2
9$62)5$1&(6'(9,'5,2$57,67,&2),50$
'2'$801$1&<
&XHUSRDFKDWDGRGHFXULRVDIRUPD'HFRUDFLyQÁRUDO
HQUHOLHYHHQFRPELQDFLyQGHGRVWRQRVVREUHIRQGR
WUDQVSDUHQWH 3LH]D ÀUPDGD '$80 1$1&< HQ HO
IUHQWH
$OWRFP
&ROHFFLyQ$OEHUWR9('2<$
6DUD6(5eGH9('2<$
(VWLPDFLyQ86
$17,*82 9$62 '( 325&(/$1$ &+,1$ (6
0$/7$'$
(SRFD.·LHQ/XQJ0DUFDD]XOFRQFDUDFWH
UHVGHHVFULWXUDHQHOUHYHUVRGHODEDVH(VPDOWHGHIRQGR
QHJURFXELHUWRHQJUDQSDUWHSRUXQFKRUUHDGRYHUGHFHOD
GyQPDQFKDGR0X\SHTXHxDFDVFDGXUDHQODERFD
&KLQD
6LJOR;9,,,
$OWRFP
&ROHFFLyQ$OEHUWR9('2<$
6DUD6(5eGH9('2<$
(VWLPDFLyQ86
$17,*8$&$-$&+,1$'(%521&(&217$3$
$JDUUDGHUDGREOHFRQPRYLPLHQWR&XHUSRFRQQHUYDGXUDV
YHUWLFDOHV7DSDFDODGD$PSOLDERFDFRQERUGHGHSODWD
&ROHFFLyQ$OEHUWR9('2<$
6DUD6(5eGH9('2<$
(VWLPDFLyQ86
$17,*82(63(-2,1*/(6-25*(,,,
/XQD UHFWDQJXODU HQYHMHFLGD 0DUFR GH PDGHUD HQ
FKDSDGDHQQRJDO0ROGXUDVHQUHOLHYHWDOODGDV\GR
UDGDV)LJXUDGHDYHHQHOFHQWURGHOFRURQDPLHQWR
8Q DOD FRQ UHVWDXUDFLyQ \ SHTXHxR IDOWDQWH 5ROHRV
ODWHUDOHV
,QJODWHUUD
&LUFD
$OWRFP$QFKRFP
&ROHFFLyQ$OEHUWR9('2<$
6DUD6(5eGH9('2<$
(VWLPDFLyQ86
3$5'(*5$1'(69$626'(325&(/$1$&+,
1$&(/$'21
(VPDOWHPRQRFURPRFUDTXHOHW5HFLSLHQWHVFLOtQGULFRV
SDUDÁRUHVTXHVHLQVHUWDQHQODERFD
$OWRFP
&ROHFFLyQ$OEHUWR9('2<$
6DUD6(5eGH9('2<$
(VWLPDFLyQ86
$17,*8$7$//$,7$/,$1$'(0$5),/(6&8/
3,'2
0DUFDFRQLQLFLDOHV*3HQFHUUDGDVHQHVFXGRHQHOUH
YHUVRGHODEDVH7DOODGHHVWLORJyWLFRUHSUHVHQWDQGRD
OD9LUJHQFRQHO1LxR(QODSDUWHSRVWHULRUVHREVHUYD
HOWURQRHQHOTXHVHDSR\DQ
,WDOLD
6LJOR;,;
$OWRFP
&ROHFFLyQ$OEHUWR9('2<$
6DUD6(5eGH9('2<$
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
$17,*82 */2%27(55(675( ,1*/(6 '(/ 6,
*/2;,;
,QVFULSFLyQ´0DQXIDFWXUHGE\1HZWRQ6RQ%HUU\
&KDQVHU\/DQH/RQGRQ3XEOLVKHG-DQVWµ6R
SRUWHRULJLQDOGHFXDWURDSR\RV$OJXQDVDYHUtDV
&ROHFFLyQ$OEHUWR9('2<$
6DUD6(5eGH9('2<$
(VWLPDFLyQ86
-&1$21&,$6$
9$62&+,12'(5$,='((60(5$/'$(6&8/
3,'$
&XHUSR URGHDGR SRU XQ UDPDMH HQ UHOLHYH %RFD
DELHUWDHQIRUPDGHSpWDORV%DVHFKLQDGHERLVGHIHU
WDOODGR
$OWRFP
&ROHFFLyQ$OEHUWR9('2<$
6DUD6(5eGH9('2<$
(VWLPDFLyQ86
3$5 '( $17,*826 &$1'(/(526 &219(57,
'26(1/$03$5$6
0DGHUDWDOODGDGRUDGD\SDWLQDGD)DOWDDOJ~QSHTXHxR
IUDJPHQWR,QVWDODFLyQHOpFWULFDSDUDXQDOX]FDGDXQR
3DQWDOODVGHSHUJDPLQR
&ROHFFLyQ$OEHUWR9('2<$
6DUD6(5eGH9('2<$
(VWLPDFLyQ86
$17,*829$62&+,12'(*5(6(60$/7$'2
&XHUSRUHFXELHUWRSRUXQHVPDOWHPRQRFURPRÀQDPHQ
WHFUDTXHDGR
$OWRFP
&ROHFFLyQ$OEHUWR9('2<$
6DUD6(5eGH9('2<$
(VWLPDFLyQ86
3(48(f$ (6&8',//$ &+,1$ '( $17,*82
*5(6(60$/7$'2
5HFXELHUWD tQWHJUDPHQWH SRU XQ HVPDOWH PRQRFURPR
FRORURFUH$QWLJXDFDVFDGXUDHQHOERUGH%DVHFKLQD
FLUFXODUGHPDGHUDFDODGD
'LiPHWURFP
&ROHFFLyQ$OEHUWR9('2<$
6DUD6(5eGH9('2<$
(VWLPDFLyQ86
3(48(f$851$)81(5$5,$$17,*8$
7HUUDFRWDSDWLQDGD$YHUtDHQODERFD
&ROHFFLyQ$OEHUWR9('2<$
6DUD6(5eGH9('2<$
(VWLPDFLyQ86
%$58*(/(VWKHU
$UJHQWLQD
&RQWHPSRUiQHD
´$'$1<(9$µ
(VFXOWXUDGHEURQFHFRQSiWLQDYHUGH)LUPDGDFRQLQL
FLDOHV(%HQODSDUWHLQIHULRU%DVHGHPDGHUD
$OWRFP
&ROHFFLyQ$OEHUWR9('2<$
6DUD6(5eGH9('2<$
(VWLPDFLyQ86
$17,*82(63(-2)5$1&(6'(/6,*/2;,;
/XQDFHQWUDO0DUFRGHPDGHUDPROGXUDGDGRUDGDDOD
KRMD$UWtVWLFD WDOOD HQ UHOLHYH GH UDPDV KRMDV ÁRUHV \
SLPSROORV
)UDQFLD
6HJXQGD0LWDGGHO6LJOR;,;
0HGLGDV$OWRFP$QFKRFP
&ROHFFLyQ$OEHUWR9('2<$
6DUD6(5eGH9('2<$
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
3(48(f$ (6&8/785$ '( %521&( &21 3$7,
1$0$5521
)LJXUDLQGtJHQDIHPHQLQD%DVHGHPDGHUDFRQVRVWpQ
SRVWHULRU
&ROHFFLyQ$OEHUWR9('2<$
6DUD6(5eGH9('2<$
(VWLPDFLyQ86
+27(/'(9(17$6*8,'2
´/·(&2/,(5µ
(VFXOWXUDIUDQFHVDGHEURQFHFRQSiWLQDPDUUyQ
5pSOLFDGH'(*$6
1XPHUDGD´15&µ
$OWRFP
&ROHFFLyQ$OEHUWR9('2<$
6DUD6(5eGH9('2<$
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
$17,*8$ ),*85$ 7$,/$1'(6$ '( %521&(
3$7,1$'2
'LYLQLGDG RULHQWDO GH SLH %URQFH GRUDGR \ SDWLQDGR
%DVHUHFWDQJXODUGHPDGHUD
$OWRFP
&ROHFFLyQ$OEHUWR9('2<$
6DUD6(5eGH9('2<$
(VWLPDFLyQ86
$17,*8$&$%(=$'(0$502/(6&8/3,'2<
3$7,1$'2
$SR\DHQXQDEDVHFLUFXODUHVFDORQDGDGHDODEDVWURSX
OLGR
$OWRFP
&ROHFFLyQ$OEHUWR9('2<$
6DUD6(5eGH9('2<$
(VWLPDFLyQ86
$'2512'($33/,48((10$502/(6&8/3,
'2
0iUPRO YHWHDGR FRORU EHLJH )UHQWH HVFXOSLGR %RUGH
VXSHULRUPROGXUDGR
$OWRFP
&ROHFFLyQ$OEHUWR9('2<$
6DUD6(5eGH9('2<$
(VWLPDFLyQ86
)/25(52)5$1&(6'(9,'5,2$57,67,&2),5
0$'2/$/,48(
&XHUSROLVRFRQFXDWURVHFWRUHVHQUHOLHYHHQIRUPDGH
KRMD)LUPDGR5/$/,48(HQHOUHYHUVRGHODEDVH
$OWRFP
&ROHFFLyQ$OEHUWR9('2<$
6DUD6(5eGH9('2<$
(VWLPDFLyQ86
'(7$9(5$)3
(VFXHOD(VSDxROD
6LJOR;,;
´&(670,µ
(VFXOWXUDIUDQFHVDGHEURQFHUHFXELHUWDSRUXQDSiWLQD
PDUUyQ)LUPDGD)3GH7$9(5$QXPHUDGD\IH
FKDGDHQODEDVH7LWXODGDHQHOIUHQWH6HOORGH
IXQGLFLyQHQODSDUWHSRVWHULRU=yFDORGHPiUPROYHUGH
YHWHDGR
$OWRFP
%62/*$13DUtV
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
´1,f2&21752032µ
(VFXOWXUDGHEURQFHUHFXELHUWDSRUXQDSiWLQDPDUUyQ
)LUPDGD/$1'8&HQODEDVH
$OWRFP
$OEHUWR9,*1(6%XHQRV$LUHV
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
3$5'($17,*8$6/$03$5$625,*,1$/0(1
7($.(526(1(
&XHUSRVGHFHUiPLFDHQIRUPDGHERWHOOD'HFRUDFLyQ
ÁRUDOSLQWDGDDPDQRHQVXDYHUHOLHYH0RQWXUD\EDVH
GHEURQFH*ORERVHVPHULODGRV,QVWDODFLyQSDUDXQDOX]
FDGDXQD
(VWLPDFLyQ86
3,*$//(-HDQ%DSWLVWH
(VFXHOD)UDQFHVD
G·DSUqV
´/·2,6($8(7/·(1)$17­/$&$*(µ
(VFXOWXUD IUDQFHVD GH PiUPRO DODEDVWUR HVFXOSLGR
G·DSUqV -HDQ %DSWLVWH 3LJDOOH )DOWD XQ SHTXHxR IUDJ
PHQWRHQXQGHGR\UHVWDXUDFLyQHQRWUR
$OWRFP
(VWLPDFLyQ86
-&1$21&,$6$
´9(186'(0,/2µ
(VFXOWXUDGHPiUPROEODQFR)LUPDGD%%$5=$17,
)LUHQ]HHQODSDUWHWUDVHUDGHODEDVH
$OWRFP
(VWLPDFLyQ86
(6&8/785$'(0$502/%/$1&2(6&8/3,'2
5HSUHVHQWDXQDQJHOLWRPRQWDGRVREUHXQFLVQH)DOWDQ
WHHQHOSLFRGHOFLVQH\HQHODODGHXQDQJHOLWR$OJXQDV
UHVWDXUDFLRQHVGHEXHQDIDFWXUD
$OWRFP
(VWLPDFLyQ86
,17(5(6$17( 7,17(52 )5$1&(6 $17,*82
),50$'20,//(7
%DVHGHERUGHLUUHJXODUHQUDt]GHHVPHUDOGDHVFXOSLGD
7LQWHURVODWHUDOHVFRQWDSDDSR\DODSLFHUDV\PROGXUDV
GHEURQFH)LJXUDFHQWUDOUHSUHVHQWDQGRXQDGLRVDPL
WROyJLFDFRQDYHSLVDQGRXQWULWyQ)DOWDXQGHGRGHOD
PDQRL]TXLHUGD
&ROHFFLyQ),5323(f$
(VWLPDFLyQ86
0È1(3LHUUH-XOHV
(VFXHOD)UDQFHVD
´&+,(1%5$48(­/$)(8,//(µ
(VFXOWXUDIUDQFHVDGHEURQFHFRQSiWLQDPDUUyQ3LH]D
ÀUPDGD3-0È1(HQODEDVH=yFDORRYDOPROGXUDGR
$OWRFP$QFKRFP
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
7$17$5',1,$QWRQLR
(VFXHOD,WDOLDQD
´%8672)(0(1,12µ
(VFXOWXUD GH PiUPRO GH FDUUDUD )LUPDGD $QWRQLR
7$17$5',1,0LODQRHQHOUHYHUVR
$OWRFP
(VWLPDFLyQ86
$17,*82 *5832 )5$1&(6 '( %,6&8,7 &21
%$6('(%521&(
/HWUD5\Q~PHURHQD]XOHQHOUHYHUVRGHODEDVH
)RUPDGR SRU XQD ÀJXUD IHPHQLQD \ XQ DPRUFLWR FRQ
RMRVYHQGDGRV$OJXQDVUHVWDXUDFLRQHV\IDOWDQWHV%DVH
FLUFXODUGHEURQFHFLQFHODGR\GRUDGR
(VWLPDFLyQ86
*5832)5$1&(6'(%,6&8,762%5(%$6('(
%521&(
)RUPDGRSRUODÀJXUDGHWUHVQLxRV)DOWDQWHV\UHVWDX
UDFLRQHV 3LH]D ÀUPDGD 5286$1' HQ OD EDVH %DVH
FLUFXODUGHEURQFHFLQFHODGR\GRUDGR
(VWLPDFLyQ86
3$67,//(52 '($17,*8$ 325&(/$1$ )5$1
&(6$'(9,1&(11(6
6LQ PDUFD YLVLEOH &DMLWD UHFWDQJXODU FRQ WDSD 3RU
FHODQD EODQFD 'HFRUDFLRQHV GH SDLVDMHV SLQWDGRV D
PDQR HO GH OD WDSD FRQ HVFHQD JDODQWH 0RQWXUD GH
EURQFH
([&ROHFFLyQ*DE\6$/2021
(VWLPDFLyQ86
+27(/'(9(17$6*8,'2
3$5'(0,1,$785$63,17$'$6$0$12
5HSUHVHQWDQ LQWHULRU GH PH]TXLWDV 8QD GH HOODV FRQ
SHTXHxDUHVWDXUDFLyQLQIHULRU0DUFRGHPDGHUDWDOODGD
FRQOXVWUHQHJUR)DOWDXQSHTXHxRIUDJPHQWRGHXQRGH
ORVDSR\RV
(VWLPDFLyQ86
0$48(7$$(6&$/$'(/$)5$*$7$+(5&8
/(6
&RQRFLGDFRPR´/D1HJUDµIXHODQDYH&DSLWDQDGHO
$OWH *XLOOHUPR %URZQ 5HSUHVHQWDGD HQ HVWH PRGHOR
FRQORVDUUHJORV\PRGLÀFDFLRQHVUHDOL]DGRVHQHODxR
EDVDGRHQODLQYHVWLJDFLyQ\UHFRQVWUXFFLyQUHD
OL]DGD SRU HO &DS GH 1DYtR UH -XDQ &DUORV 6LGGHUV
LQYHVWLJDGRU \ 'LUHFWRU GHO 086(2 1$9$/ '( /$
1$&,21 (VFDOD 5HDOL]DGD SRU HO
PRGHOLVWDQDYDO-RUJH$(/6(*22'
$OWRFP$QFKRFP3URIFP
(VWLPDFLyQ86
5HIž3UHPLRGHOD´([SRVLFLyQ1DFLRQDOGH0RGHOLV
PR1DYDOµRWRUJDGRSRU(O&HQWUR1DYDO$GLVSRVLFLyQ
GHOFRPSUDGRU
0$48(7$$(6&$/$'(/$*2/(7$$/%$7526
*ROHWD FRQVWUXLGD HQ %DOWLPRUH HQ GHVWLQDGD DO
VHUYLFLRGHJXDUGDFRVWDVHQORV(VWDGRV8QLGRV0RGH
ORDHVFDOD5HDOL]DGDSRUHOPRGHOLVWDQDYDO-RUJH
$(/6(*22'
$OWRFP/DUJRFP$QFKRFP
(VWLPDFLyQ86
3$5 '( /$03$5$6 02'(51$6 ',6(f2 9$1
7($/
&XHUSRV UHDOL]DGRV HQ DFUtOLFR GH IRUPD UHFWDQJXODU
'HFRUDFLyQGHHVWUtDVRQGXODGDV)LUPDGDVHQODEDVH
,QVWDODFLyQSDUDXQDOX]FDGDXQD3DQWDOODVFRUUHVSRQ
GLHQWHV
(VWLPDFLyQ86
)5(0,(7(PPDQXHO
(VFXHOD)UDQFHVD
´3$1(72856216µ
(VFXOWXUDIUDQFHVDGHEURQFHGRUDGR)LUPDGD()5(
0,(7HQHOIUHQWH%DVHGHPiUPROYHUGHYHWHDGR\DUR
GHEURQFHHQHOFRQWRUQR
$OWRFP/DUJRFP
)%$5%(',(11()RQGHXU3DUtV
(VWLPDFLyQ86
$17,*82)/25(52'(23$/,1$%/$1&$'(
&25$'$
&XHUSR HQ IRUPD GH EDODXVWUH FRQ ERFD HQVDQFKDGD
'HFRUDFLyQGHÁRUHV\KRMDVHQHVPDOWHVFHOHVWHURVD\
RURFRQSDUWHVJDVWDGDV
$OWRFP
(VWLPDFLyQ86
3$5'(&23$6'(),1$23$/,1$%/$1&$'(
&25$'$
&iOL]FRQERFDIHVWRQHDGD'HFRUDFLyQGHÁRUHV\KRMDV
SLQWDGDVDPDQRHQHOLQWHULRU*XDUGDGHHVPDOWHFHOHV
WH\ÀOHWHVRUR
$OWRFP
(VWLPDFLyQ86
327('(325&(/$1$)5$1&(6$(60$/7$'$
&217$3$
*XDUGDVGHHVFDPDVHQWRQRVD]XO\FHOHVWH9DULHGDG
GHÁRUHVHQHVPDOWHVSROtFURPRV)LOHWHVDVDVODWHUDOHV
\DJDUUDGHUDGHODWDSDHQHVPDOWHRUR
(VWLPDFLyQ86
'26 $17,*8$6 %27(//$6 '( 325&(/$1$
&+,1$(60$/7$'$
0X\ SHTXHxDV GLIHUHQFLDV (SRFD .·LHQ /XQJ 0DUFDD]XOFRQVLJQRVGHHVFULWXUDHQHOUHYHUVR
GHODVEDVHV'HFRUDFLyQGHGUDJRQHVUDPDMHVÁRUHV\
KRMDVHQHVPDOWHVYHUGHFRUDOD]XO\DPDULOOR&XHOORV
OLVRVFRQJXDUGDVXSHULRU
&KLQD
6HJXQGD0LWDGGHO6LJOR;9,,,
$OWRFP
(VWLPDFLyQ86
),*85$ '( 325&(/$1$ 1$32/,7$1$ &$32
',0217(
0DUFD D]XO FRUUHVSRQGLHQWH HQ HO UHYHUVR GH OD EDVH
3LH]D UHSUHVHQWDQGR XQ JXDFDPD\R SRVDGR VREUH XQ
WURQFR5HFXELHUWDSRUHVPDOWHVSROtFURPRV3HTXHxDV
FDVFDGXUDV\UHVWDXUDFLyQHQXQRGHORVGHGRV
$OWRFP
(VWLPDFLyQ86
3$5 '( ),*85$6 '( 325&(/$1$ $/(0$1$
'(&25$'$
0DUFDD]XOGHOVLJOR;,;HQODSDUWHSRVWHULRU3LH]DV
UHSUHVHQWDQGRJDOOLQDVGHJXLQHD&XELHUWDGHHVPDOWH
HQWRQRVFDUDFWHUtVWLFRVGHODYH
$OWRFP
(VWLPDFLyQ86
-&1$21&,$6$
%2/$'(/$3$&,(1&,$&+,1$'(0$5),/7$
//$'2<&$/$'2
3LH]DIRUPDGDSRUHVIHUDVGHWDPDxRVSURJUHVLYRVHQ
FHUUDGDVHQWUHVt)LJXUDVGHGUDJRQHVHVFXOSLGRVHQOD
HVIHUDVXSHULRU
(VWLPDFLyQ86
3(48(f2 %8672 '( 0$5),/ (8523(2 (6
&8/3,'2
)LJXUDGHDQFLDQR=yFDORGHPDGHUDSLQWDGD
$OWRFP
(VWLPDFLyQ86
3$5'(6$/(526'(21,;<%521&(3/$7($
'2
&DYLGDGHV VHPLHVIpULFDV FRQ SHTXHxDV FDVFDGXUDV
$SR\RVFLQFHODGRV
(VWLPDFLyQ86
*5832&+,12'(0$/$48,7$(6&8/3,'$
3LH]D UHSUHVHQWDQGR XQD GDPD RULHQWDO FRQ ÁRU \ XQ
DYHSKRHQL[HQHOFRVWDGR%DVHFKLQDGHERLVGHIHU
WDOODGR
$OWRFP
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
$17,*82*5832&+,12'(-$'((6&8/3,'2
)LJXUD IHPHQLQD FRQ ÁRU \ DYH 3LHGUDGXUD FRQ PDQ
FKDVYHUGHV%DVHFKLQDGHERLVGHIHUPROGXUDGR\FD
ODGR
$OWRFP
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
3$5 '( ),*85$6 &+,1$6 '( 0$/$48,7$ (6
&8/3,'$
&DGDXQDGHODVSLH]DVUHSUHVHQWDXQFDEDOORDODGR%D
VHVFKLQDVGHERLVGHIHUWDOODGR
$OWRFP/DUJRFP
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
$17,*82 *5832 &+,12 '( 62$3 6721( (6
&8/,'2
3HUURGHIXHJRDFRPSDxDGRGHVXVFUtDV0X\SHTXHxD
FDVFDGXUDHQODQDUL]%DVHFKLQDGHERLVGHIHUWDOODGR
/DUJRFP
(VWLPDFLyQ86
*5832&+,12'(&8$5=2526$(6&8/3,'2
3LH]D UHSUHVHQWDQGR XQ SHUUR GH IR FRQ VX FUtD %DVH
FRUUHVSRQGLHQWHGHPDGHUDRVFXUD
(VWLPDFLyQ86
+27(/'(9(17$6*8,'2
3$5'($17,*8$6&2/801$66$/2021,&$6
0DGHUDGRUDGDDODKRMD&ROXPQDVHQHVSLUDOURGHDGDV
GHUDPDMHVFRQIUXWRV&DSLWHOHVWDOODGRVGHHVWLORFRULQ
WLR%DVHVFXDGUDQJXODUHVWDSL]DGDVHQSDQDPDUUyQ
6LJOR;,;
$OWRWRWDOFP
(VWLPDFLyQ86
*856&+1(5*XVWDY
(VFXHOD$XVWUtDFD
/$03$5$ '( 0(6$ '( %521&( &21 3$7,1$
9(5'(
6REUH XQ SODWR HQ IRUPD GH KRMD VH HOHYD XQD ÀJXUD
IHPHQLQD XQLGD D XQ WURQFR ,QVWDODFLyQ SDUD XQD OX]
7XOLSD GH YLGULR LULGLVFHQWH 3LH]D ÀUPDGD *856&+
1(5HQHOUHYHUVRGHODEDVH
3ULPHUD0LWDGGHO6LJOR;;
$OWRFP
(VWLPDFLyQ86
3$5'(&23$6)5$1&(6$6'(%521&('25$
'2<3$7,1$'2
$VDV ODWHUDOHV IRUPDQGR UDPDV HQWUHOD]DGDV 5RVWURV
GHSHUVRQDMHVPLWROyJLFRVHQHOFXHUSR3HGHVWDOHVGH
PiUPROSL]DUUD
$OWRFP
(VWLPDFLyQ86
$17,*82 026$,&2 520$12 (1 3/$&$ '(
0$502/3,=$55$
,PDJHQ RYDO UHSUHVHQWDQGR HO SDQWHyQ GH 5RPD 6H
SUHVHQWD DSOLFDGR VREUH XQD SODFD GH PiUPRO SL]DUUD
(QPDUFDPLHQWRGHPDGHUDGRUDGD
,WDOLD
)LQHVGHO6LJOR;,;
(VWLPDFLyQ86
),*85$&+,1$'(0$5),/(6&8/3,'2
5HSUHVHQWDXQDQFLDQRHQSRVLFLyQGHSLHSRUWDQGRXQD
SDQWDOOD%DVHFXDGUDQJXODUGHPDGHUDOXVWUDGD
$OWRFP
(VWLPDFLyQ86
3/$&$ 5(/,*,26$ '( 21,; 3$5$$*8$ %(1
',7$
2QL[VREUHFKDSDGHEURQFHFRQUHVWDXUDFLRQHV(QPDU
FDPLHQWRGHEURQFH\HVPDOWHGHGRVWRQRV(QHOFHQWUR
XQDSODFDGHHVPDOWHVREUHFREUHFRQLPDJHQGHO6DJUD
GR &RUD]yQ ÀUPDGD /H %UXQ /LPRJHV HQ HO FRVWDGR
GHUHFKR
$OWRFP$QFKRFP
(VWLPDFLyQ86
327,&+( '( 325&(/$1$ )5$1&(6$ '( 6(
95(6&217$3$
(VPDOWHD]XOFREDOWR\GHFRUDFLyQHQHVPDOWHRUR'RV
UHVHUYDVGHIRUPDRYDORSXHVWDVHQWUHVtHQHOFXHUSR
$VDVODWHUDOHVFRQDURVPRYLEOHVPROGXUDVJXLUQDOGDV
GHÁRUHV\EDVHGHEURQFHFLQFHODGR
$OWRFP
(VWLPDFLyQ86
$1)25$'(325&(/$1$)5$1&(6$&21$6$6
683(5,25(6
(VPDOWHPRQRFURPRD]XO$URVXSHULRUUHSUHVHQWDQGR
XQD JXDUGD FLQFHODGD \ FDODGD &DtGDV GHEDMR GH ODV
DVDVPRQWXUD\EDVHGHEURQFH$FRPSDxDXQDO\UDGH
EURQFHFRQLQVWDODFLyQSDUDGRVOXFHV
$OWRFP
(VWLPDFLyQ86
&2/801$3('(67$/'(0$502/9(5'(9(
7($'2
7UHVVHFFLRQHVGHVPRQWDEOHV%DVHRFWRJRQDO&XHUSR
FLOtQGULFRFRQSHTXHxDFDVFDGXUD7DSDFXDGUDQJXODU
$OWRFP
(VWLPDFLyQ86
6&+25.+DQV
(VFXHOD$XVWULDFD
"
´/$6(0%5$'25$µ
(VFXOWXUDGHEURQFHSDWLQDGR)LUPDGD6&+25.+DQV
\IHFKDGDHQODEDVH$FRPSDxDXQDFROXPQDSHGHV
WDOGHPiUPROYHUGHYHWHDGRFRQSHTXHxDVFDVFDGXUDV
$OWRFP
$OWRGHOSHGHVWDOFP
(VWLPDFLyQ86
3,1$$OIUHGR
(VFXHOD,WDOLDQD
´+200(­*(128;6858152&+(5µ
(VFXOWXUDIUDQFHVDGHEURQFHFRQSiWLQDYHUGH)LUPDGD
3,1$HQODSDUWHLQIHULRU
$OWRFP
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
$17,*82&58&,),-2,7$/,$12&21&58='(
3$/,6$1'52
&ULVWRGHPDUÀOHVFXOSLGR´,15,µGHPDUÀO
$OWRFP
(VWLPDFLyQ86
-&1$21&,$6$
9$62'($17,*8$325&(/$1$)5$1&(6$'(
&+$17,//<
2ULJLQDOPHQWH OiPSDUD &XHUSR HQ IRUPD GH ERWHOOD
'HFRUDFLyQ GH HVFXGR QRELOLDULR UHVHUYDV \ PRWLYRV
ÁRUDOHV'HWDOOHVHQUHOLHYH
(VWLPDFLyQ86
$17,*8$ ´&21&+$ '( &$5$&2/µ &+,1$ '(
%521&(3$7,1$'2
9DULHGDGGHJDVWHUyGRSRFRQFXHUSRHVSLUDODGR\UHVWRV
GHSROLFURPtD$UWtVWLFDEDVHFKLQDGHERLVGHIHUWDOODGR
&KLQD
6LJOR;9,,,
$OWRFP
(VWLPDFLyQ86
$17,*8$ 7$//$ 5(/,*,26$ (63$f2/$ '(
0$'(5$'25$'$
)LJXUDGH&ULVWRGHSLHFRQVXVPDQRVH[WHQGLGDV)DO
WDQIUDJPHQWRVGHGHGRV
(VSDxD
6LJOR;9,,,
$OWRFP
(VWLPDFLyQ86
$17,*8$ &$%(=$ 25,(17$/ '( 7(55$&27$
(60$/7$'$
)LJXUDIHPHQLQDFRQOODPDWLYRDUUHJORHQHOSHOR(V
PDOWHHQSDUWHVDOWDGR)DOWDXQIUDJPHQWRHQXQDGHODV
RUHMDV
6LJOR;9,,;9,,,
$OWRFP
(VWLPDFLyQ86
5HI ([LVWH XQ FHUWLÀFDGR H[SHGLGR SRU OD HVSRVD GH
-RKQ+HQU\DQWLFXDULRGH(GLPEXUJRIHFKDGRHQ
HQHOTXHPDQLÀHVWDTXHODSLH]DSURYLHQHGHODFROHF
FLyQ&ROYLOOH&DOGHU+DOO6FRWODQG
3$5'($17,*826&+(1(76)5$1&(6(6/8,6
;9,
(MHFXWDGRVHQEURQFHGRUDGR)XHUWHVFROXPQDVHQORV
IUHQWHVHQODVTXHDSR\DQXUQDVFRQJXLUQDOGDVGHKR
MDV\WUHVDSR\RVWHUPLQDGDVHQSH]XxD7UDYHVDxRGH
XQLyQFRQODFROXPQDSRVWHULRU&LQFHODGRHQUHOLHYHGH
KRMDVGHODXUHO
)UDQFLD
6HJXQGD0LWDGGHO6LJOR;,;
$OWRFP
(VWLPDFLyQ86
´2&7$9,2$8*8672µ
(VFXOWXUDLWDOLDQDHQEURQFHGHOIDPRVRHPSHUDGRUUR
PDQR3HGHVWDOGHPiUPROSL]DUUDFRORUQHJUR
,WDOLD
6LJOR;,;
$OWRWRWDOFP
(VWLPDFLyQ86
3$5'(/$03$5$6&219$626'(325&(/$
1$'(&$1721
$QWLJXDSRUFHODQDFKLQD'RVJUDQGHVUHVHUYDVHQORV
FXHUSRV\GRVFKLFDVHQORVFXHOORV(VFHQDVJXHUUHUDV
\ GH LQWHULRU &RPSDFWD GHFRUDFLyQ GH ÁRUHV \ KRMDV
$QLPDOHVPLWROyJLFRVHQUHOLHYH8QDSLH]DFRQUHVWDX
UDFLyQ/\UDVGHEURQFHGHDOWXUDJUDGXDEOH\GRVOXFHV
3DQWDOODVGHSHUJDPLQR%DVHVFLUFXODUHVGHPDGHUDFRQ
OXVWUHQHJUR
&KLQD
)LQHVGHO6LJOR;,;
(VWLPDFLyQ86
+27(/'(9(17$6*8,'2
*5$19$62-$321(6'(325&(/$1$(60$/
7$'$
0DUFDFRUUHVSRQGLHQWHHQHOUHYHUVRGHODEDVH'HFR
UDFLyQ HQ HVPDOWHV GH FODURVFXUR D]XO UHSUHVHQWDQGR
DUEXVWRVHQÁRU%DVHFLUFXODUGHPDGHUD
$OWRFP
(VWLPDFLyQ86
´/$6(0(85(86(µ
(VFXOWXUDDOHPDQDGHEURQFHGRUDGR5RVWURFXHOOR\
EUD]RVGHPDUÀOHVFXOSLGR3LH]DÀUPDGD6&+0,'7
)(//,1*HQODSDUWHLQIHULRU3HGHVWDOGHPiUPROYH
WHDGR
$OWRFP
&ROHFFLyQ3DEOR),5323(f$
(VWLPDFLyQ86
5HI6&+0,'7)(//,1*3XHGHVHU3DXO
y-XOLXV
'$/28-XOHV
(VFXHOD)UDQFHVD
´/$%28/211$,6(µ
(VFXOWXUD IUDQFHVD GH EURQFH ´D OD FHUD SHUGLGDµ UH
FXELHUWRSRUXQDSiWLQDYHUGH)LUPDGD'$/28HQOD
EDVH
$OWRFP
6866()UHV(GLWHXUV3DUtV
&ROHFFLyQ3DEOR),5323(f$
(VWLPDFLyQ86
$17,*8$7$//$ 5(/,*,26$ '( 0$'(5$ '2
5$'$<3$7,1$'$
3LH]DUHSUHVHQWDQGRDXQDVDQWDHQSRVLFLyQRUDQWH
$OWRFP
&ROHFFLyQ3DEOR),5323(f$
(VWLPDFLyQ86
),*85$ 25,(17$/ '( 0$5),/ (6&8/3,'2 <
32/,&520$'2
6HOORURMRGHODUWHVDQRHQHOUHYHUVRGHODEDVH*UXSR
UHSUHVHQWDQGRXQDQFLDQRVREUHXQGUDJyQVRVWHQLHQGR
XQHOHPHQWRHQHOTXHDSR\DQGRVDYHV0DUÀOFRQSDU
WHVSROLFURPDGDV
$OWRFP
&ROHFFLyQ3DEOR),5323(f$
(VWLPDFLyQ86
3(48(f$),*85$'(0$5),/(6&8/3,'2
5HSUHVHQWDXQOHyQHFKDGR
&ROHFFLyQ3DEOR),5323(f$
(VWLPDFLyQ86
$17,*8$7$//$5(/,*,26$'(0$'(5$
*UXSRUHSUHVHQWDQGRDOD9LUJHQ\HO1LxR
6LJOR;,;
$OWRFP
&ROHFFLyQ3DEOR),5323(f$
(VWLPDFLyQ86
9$62'(&(5$0,&$&21'(&25$&,213,17$
'$$0$12
*XLUQDOGD GH ÁRUHV IRUPDQGR XQD JXDUGD VXSHULRU
&LQFRJUDQGHVURPERVHQFLHUUDQSHUVRQDMHVLQWHUSUH
WDQGR GLIHUHQWHV LQVWUXPHQWRV PXVLFDOHV$YHV iUER
OHV \ SODQWDV HQ ÁRU FRPSOHWDQ OD GHFRUDFLyQ )LVXUD
HQODSDUWHVXSHULRU0RQWXUD\EDVHGHSODWDIUDQFHVD
VHOODGD 3XQ]yQ GH 0HUFXULR *XDUGDV IRUPDQGR JR
GURQV
$OWRFP
&ROHFFLyQ3DEOR),5323(f$
(VWLPDFLyQ86
/$03$5$ &21 9$62 '( 325&(/$1$ )5$1
&(6$
&XHUSR UHFXELHUWR SRU XQ HVPDOWH PRQRFURPR EOHX
WXUTXRLVH'HFRUDFLyQLQFLVD0RQWXUD\EDVHGHSOD
WDVLQSXQ]RQHVYLVLEOHV&LQFHODGRGHKRMDV\UROHRV
/\UD JUDGXDEOH SDUD GRV OXFHV 3DQWDOOD FRUUHVSRQ
GLHQWH
&ROHFFLyQ3DEOR),5323(f$
(VWLPDFLyQ86
$17,*82´.296&+µ'(3/$7$586$6(//$'$
3XQ]yQ UXVR FRUUHVSRQGLHQWH DO DxR 3XQ]yQ
´0232%EµGHORUIHEUH0252=293ODWDOLVD(V
FXGR QRELOLDULR JUDEDGR ,QVFULSFLRQHV ´(Q PHPRLUH
GHODYLVLWHDPLFDOHGHO·HVFDGUH)UDQFDLVHHQ5XVVLHµ
\RWUDRSXHVWDHQFLUtOLFR(QHODVDVHOHH´6RXYHQLU
FRUGLDOGH OD9LOOHGH 6W 3pWHUVERXUJ 9,, i 0U
'HYDUHQQHµ
5XVLD
)LQHVGHO6LJOR;,;
/DUJRFP
&ROHFFLyQ3DEOR),5323(f$
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
5HI(OGHMXOLRGHGXUDQWHODFHOHEUDGDYLVLWD
GHODHVFXDGUDIUDQFHVDD5XVLDORVRÀFLDOHVIUDQFHVHV
IXHURQDJDVDMDGRVHQOD&DVD0XQLFLSDOGH6DQ3HWHUV
EXUJR&DGDXQRGHHOORVUHFLELyXQDWD]DGHSODWDUXVD
R´NRYVFKµFRQPHPRUDQGRODRFDVLyQ
-&1$21&,$6$
,03257$17( %$1'(-$ '( 3/$7$ 586$ 6(
//$'$<(60$/7(
/OHYDSXQ]RQHVGHSODWDUXVDGHRUIHEUH\XQWHUFHURQR
LGHQWLÀFDGR3ODWDFRQEDxRYHUPHLO*XDUGDFRQGLVH
xRÁRUDOOLPLWDGDSRUSHUOLWDVGHHVPDOWHWXUTXHVD,QV
FULSFLyQJUDEDGDHQHOFHQWURFRQGHGLFDWRULDÀUPDGD
5XVLD
)LQHVGHO6LJOR;,;
/DUJRFP$QFKRFP
3HVRNJ
&ROHFFLyQ3DEOR),5323(f$
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
$17,*8$3,7,//(5$'(3/$7$586$6(//$'$
&217$3$
/OHYDSXQ]RQHVGHSODWDUXVDGHRUIHEUH,9$16$/
7,.29\RWURGHODxR'HFRUDFLyQHQUHOLHYHHQ
HVPDOWHHQDPEDVFDUDV*XDUGDVGHSHTXHxDVSHUODVHQ
HVPDOWH EODQFR 'HGLFDWRULD JUDEDGD HQ HO LQWHULRU IH
FKDGDHQ0RVF~HOGHQRYLHPEUHGH
5XVLD
)LQHVGHO6LJOR;,;
/DUJRFP$QFKRFP
&ROHFFLyQ3DEOR),5323(f$
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
3(48(f$ $1)25$ '( $17,*8$ 3/$7$ 586$
6(//$'$<(60$/7(
3XQ]RQHVGHSODWDUXVDGHRUIHEUH,9$16$/7,.29\
GHODxR)LQDGHFRUDFLyQHQUHOLHYHHQHVPDOWHVGH
GLVWLQWRVWRQRV%DQGDV\JXDUGDVKRUL]RQWDOHV
5XVLD
)LQHVGHO6LJOR;,;
$OWRFP
&ROHFFLyQ3DEOR),5323(f$
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
3(48(f2 &(1752 &,5&8/$5 '( $17,*8$
3/$7$586$
3XQ]yQ GH SODWD UXVD \ GH RUIHEUH 2 .85/8.29
&HQWULWRVREUHWUHVDSR\RVFRQJXDUGD\ERUGHRQGHDGR
(QHOFHQWURPXHVWUDXQDPX\ÀQDGHFRUDFLyQGHHVPDO
WHHQODTXHVHGHVWDFDXQDSDORPD
5XVLD
)LQHVGHO6LJOR;,;
&ROHFFLyQ3DEOR),5323(f$
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
+27(/'(9(17$6*8,'2
'26$17,*8$6&8&+$5$6586$6'(3/$7$<
(60$/7(
'LIHUHQWHV 8QD GH HOODV FHUQLGRUD OOHYD SXQ]RQHV GH
SODWDUXVDGHRUIHEUH*./,1*(57\GHODxR
&DYLGDGRYDOFRQPX\ÀQRWUDEDMRGHHVPDOWH/DRWUD
FXFKDUDPXHVWUDHOPDQJRWRUVDGR\WRUQHDGR2EUDGHO
RUIHEUH$QWLS.8=0,&+(9$xR
5XVLD
)LQHVGHO6LJOR;,;
&ROHFFLyQ3DEOR),5323(f$
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
$17,*82$526(59,//(7(52'(3/$7$586$
3XQ]RQHVGHSODWD\GHRUIHEUH*867$9./,1*(57
$QFKD EDQGD GH HVPDOWH OLPLWDGD SRU SHUODGRV GH HV
PDOWHEODQFR
5XVLD
)LQHVGHO6LJOR;,;
&ROHFFLyQ3DEOR),5323(f$
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
/$03$5$&219$62'(325&(/$1$&+,1$
'HFRUDFLyQ ÁRUDO SROtFURPD GH SXUR HVWLOR RULHQWDO
%DVH FLUFXODU GH EURQFH /\UD GH EURQFH H LQVWDODFLyQ
SDUDXQDOX]3DQWDOODFRUUHVSRQGLHQWH
&ROHFFLyQ3DEOR),5323(f$
(VWLPDFLyQ86
3(48(f2*5832&+,12'(0$5),/(6&8/3,
'2
)LUPDGHODUWHVDQRHQHOUHYHUVRGHODEDVH5HSUHVHQWD
XQDGLYLQLGDGRULHQWDOFRQXQSHTXHxRDFyOLWRDVXVHV
SDOGDV
&ROHFFLyQ3DEOR),5323(f$
(VWLPDFLyQ86
&$1'(/(52 )5$1&(6 '( %521&( $'$37$
'23$5$/$03$5$
%URQFH PROGHDGR \ FLQFHODGR HQ UHOLHYH ,QVWDODFLyQ
SDUD WUHV OXFHV %DVH GH PiUPRO 3DQWDOOD FRUUHVSRQ
GLHQWH
&ROHFFLyQ3DEOR),5323(f$
(VWLPDFLyQ86
,03257$17(0,75$27,$5$'(/5,722572
'2;2
7HOD FRQ KLORV PHWiOLFRV ULFDPHQWH ERUGDGRV$SOLFD
FLRQHV GH SHTXHxDV SLHGUDV GH FRORU &XDWUR UHVHUYDV
RYDOHVGHSRUFHODQDSLQWDGDVDPDQR,QWHULRUGHVHGD
$OWRFP
&ROHFFLyQ3DEOR),5323(f$
(VWLPDFLyQ86
$'2512 ´+8(92µ '( 325&(/$1$ 586$ '(
&25$'$
+XHYRIDEULFDGRSDUDSDVFXD'HFRUDFLyQÁRUDOSLQWD
GDDPDQRVREUHIRQGRFRORUOLOD([WUHPRVSHUIRUDGRV
SRUORVTXHSDVDXQDFLQWD$SR\DHQXQDEDVHGHSODWD
IUDQFHVDYHUPHLOVHOODGD\FLQFHODGD3XQ]yQGH0(5
&85,27UHVDSR\RV
&ROHFFLyQ3DEOR),5323(f$
(VWLPDFLyQ86
3$5 '( ´+8(926µ '( 325&(/$1$ 586$ '(
&25$'$
+XHYRVIDEULFDGRVSDUDSDVFXD'HFRUDFLRQHVGLIHUHQ
WHVSLQWDGDVDPDQR([WUHPRVSHUIRUDGRVSRUORVTXH
SDVDHQXQRGHHOORVXQDFLQWDGHVHGD\HQHORWURXQ
FRUGyQGHSDVDPDQHUtD$PEDVSLH]DVFDO]DQHQVRSRU
WHVGHSODWDYHUPHLOFLQFHODGDFRQJXLUQDOGDVGHÁRUHV
&ROHFFLyQ3DEOR),5323(f$
(VWLPDFLyQ86
%5$6(5225,(17$/'(%521&('25$'2
%DVH GH FXDWUR ODGRV FXUYRV GRQGH DSR\D OD EDVH HQ
IRUPDGHFRSDTXHDSR\DHQXQDEDQGHMDFLUFXODUFRQ
ERUGH (Q OD SDUWH VXSHULRU FDO]D HO EUDVHUR FRQ DVDV
ODWHUDOHV7DSDVHPLHVIpULFDFDODGD
$OWRFP
&ROHFFLyQ3DEOR),5323(f$
(VWLPDFLyQ86
3$5'(*5$1'(6-$55$6'(&(5$0,&$,7$
/,$1$&21$6$
&XHUSRVRYLIRUPHV\FXHOORVDQJRVWRV$VDVUHSUHVHQ
WDQGRRÀGLRVHQWUHOD]DGRVFRQUHVWDXUDFLRQHV'HFRUD
FLRQHV PLWROyJLFDV SLQWDGDV D PDQR$OJXQD UHVWDXUD
FLyQHQODVXQLyQGHORVFXHUSRVFRQODVEDVHV\HQORV
SLFRVYHUWHGRUHV
$OWRFP
&ROHFFLyQ3DEOR),5323(f$
(VWLPDFLyQ86
'26&58&(6&237$6586$6',)(5(17(6
$PEDVGHEURQFHFLQFHODGR8QDGHHOODVFRQIRQGRGH
HVPDOWHD]XO
&ROHFFLyQ3DEOR),5323(f$
(VWLPDFLyQ86
3$5 '( )/25(526 '( /$ 0$18)$&785$ '(
%2+(0,$
6HOODGRV 026(5 .$5/6%$5' &XHUSRV IDFHWDGRV
FRORU YLROHWD$QFKD JXDUGD KRUL]RQWDO FRQ ÀJXUDV GH
JXHUUHURVURPDQRVHQEDWDOODVREUHIRQGRGRUDGR
$OWRFP
&ROHFFLyQ3DEOR),5323(f$
(VWLPDFLyQ86
-&1$21&,$6$
&+$/,%(570
(VFXHOD)UDQFHVD
6LJOR;;
75(60,1,$785$63,17$'$6$/$$&8$5(/$
'LIHUHQWHVIRUPDV&DGDXQDGHHOODVPRVWUDQGRÁRUHVGH
GLVWLQWDVHVSHFLHVHQYDVRV\FDQDVWR)LUPDGDV0&+$
/,%(57HQODSDUWHLQIHULRU0DUFRVGHPDGHUDGRUDGD
&ROHFFLyQ3DEOR),5323(f$
(VWLPDFLyQ86
$121,02
(VFXHOD&X]TXHxD
6LJOR;9,,,
$17,*8$3,1785$5(/,*,26$(10,1,$785$
3LQWXUDDQyQLPDGHIRUPDUHFWDQJXODU5HSUHVHQWDXQD
LPDJHQGHOD9LUJHQFRQVRPEUHUR\HO1LxRHQEUD]RV
0DUFRGHSODWDFRQJXDUGDLQWHULRURQGHDGD
0HGLGDV[FP
&ROHFFLyQ3DEOR),5323(f$
(VWLPDFLyQ86
&,1&2$17,*826 9$6,726 '( 3/$7$ 586$<
(60$/7(
3XQ]yQ GH SODWD UXVD 8Q SDU GHO DxR \ RWURGL
IHUHQWHFRQSXQ]yQFRURQDGRGHRUIHEUH/RVUHVWDQWHV
FRQ DVD ODWHUDO GLVWLQWRV (O PiV JUDQGH GHO DxR FRQFRQWUDVWHGHRUIHEUH7RGRVHOORVFRQGHFRUDFLyQGH
HVPDOWHHQUHOLHYH
5XVLD
)LQHVGHO6LJOR;,;
&ROHFFLyQ3DEOR),5323(f$
(VWLPDFLyQ86
3(48(f2 3$67,//(52 '( 3/$7$ 586$ < (6
0$/7(&217$3$
3XQ]RQHVGHSODWDUXVD\GHRUIHEUH&DMLWDUHFWDQJXODU
FRQÀQDGHFRUDFLyQHQHVPDOWHVHQODWDSD\HOFRQWRU
QR$FRPSDxD XQD SRUWD IRVIRUHUD GH SODWD \ HVPDOWH
VLQSXQ]RQHVYLVLEOHV
5XVLD
)LQHVGHO6LJOR;,;
&ROHFFLyQ3DEOR),5323(f$
(VWLPDFLyQ86
75(6$17,*826$5266(59,//(7(52675$16
)250$'26(1&$-$6
3ODWDYHUPHLOVLQSXQ]RQHVYLVLEOHV3RVLEOHPHQWHGHORU
IHEUH+$57(5'RVGHHOORVFLUFXODUHVIRUPDQGRSDU\HO
WHUFHURWULDQJXODU'HFRUDFLRQHVHQUHOLHYHFLQFHODGDV\HV
PDOWDGDV/DVWUHVFDUDVGHOWULDQJXODUSUHVHQWDQODPLVPD
GHFRUDFLyQ0RQRJUDPDHQUHVHUYDHQXQDGHODVSLH]DV
&ROHFFLyQ3DEOR),5323(f$
(VWLPDFLyQ86
75(6 3(48(f26 6$/(526 ',)(5(17(6 '(
3/$7$<(60$/7(
7RGRV FRQ SXQ]RQHV GH SODWD UXVD 8QR GH HOORV FRQ
SXQ]RQHVGHODxRSODWD\RUIHEUH,9$16$/
7,.292WURGHODxR\RUIHEUH´&.µ(OWHUFHUR
GHRUIHEUH/8%$9,1'HFRUDFLRQHVGLIHUHQWHV$FRP
SDxDQFXDWURFXFKDULWDV
5XVLD
)LQHVGHO6LJOR;,;
&ROHFFLyQ3DEOR),5323(f$
(VWLPDFLyQ86
&21-8172 )250$'2 325 &8$752 &8&+$
5$6',)(5(17(6
7UHVGHHOODVOOHYDQSXQ]RQHVGHSODWDUXVDGRVIRUPDQ
GRSDU0DQJRVFLQFHODGRV\HVPDOWH/DFXDUWDFXFKDUD
HVSDUDDOLPHQWDUQLxRV/OHYDSXQ]RQHVHVFDQGLQDYRV
&ROHFFLyQ3DEOR),5323(f$
(VWLPDFLyQ86
$17,*82,&2125(/,*,2625862'(/6,*/2
;,;
5HSUHVHQWDODÀJXUDGHXQDQFLDQRFRQYHVWLPHQWDVGHO
ULWRRUWRGR[R,PiJHQHVODWHUDOHVGH-HV~V\OD9LUJHQ
)UHQWHGHFREUHGRUDGR)LQRWUDEDMRDOEXULOHQPDUFDQ
GRODREUD
5XVLD
6HJXQGD0LWDGGHO6LJOR;,;
$OWRFP$QFKRFP
&ROHFFLyQ3DEOR),5323(f$
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
+27(/'(9(17$6*8,'2
$17,*82 < 25,*,1$/ 7$5-(7(52 -$321(6
'(0$5),/&217$3$
3ODFDDSOLFDGDHQHOUHYHUVRGHODEDVHFRQODÀUPD
GHO DUWHVDQR (Q FDGD XQD GH ODV FDUDV VH GHVWDFDQ
HVFHQDVDQLPDGDVSRUSHUVRQDMHV7DOODVHQUHOLHYHGH
FDxDV\KRMDV/DWDSDVHHQFXHQWUDXQLGDDOFXHUSR
SRUXQKLORGHVHGD&DUHWD\SHTXHxDHVIHUDFRQWUHV
FDUDV
&ROHFFLyQ3DEOR),5323(f$
(VWLPDFLyQ86
3(48(f$ ),*85$ -$321(6$ '( $17,*82
0$5),/(6&8/3,'2
)LUPD GHO DUWHVDQR HQ HO UHYHUVR GH OD EDVH$QFLDQR
RULHQWDO SRUWDQGR XQ HVWDQGDUWH 0DUÀO HVFXOSLGR FRQ
SDUWHVSROLFURPDGDV
$OWRFP
&ROHFFLyQ3DEOR),5323(f$
(VWLPDFLyQ86
$17,*8$3,(=$&+,1$'(0$5),/3$7,1$'2
3ODQRFXUYR,QVFULSFLRQHVJUDEDGDVHQODSDUWHSRVWH
ULRU3RVLEOHPHQWHVHUYtDGHDSR\RDOEUD]RGHOSLQWRU
/DUJRFP
&ROHFFLyQ3DEOR),5323(f$
(VWLPDFLyQ86
$17,*82 -$5521 &+,12 '( $/)$5(5,$ (6
0$/7$'$
&XHUSRUHFXELHUWRSRUXQHVPDOWHPRQRFURPRPDUUyQ
&LQFRFDUDVGHDQLPDOHVPLWROyJLFRVHQUHOLHYHGHEDMR
GHOFXHOOR'HFRUDFLyQGHGUDJyQ\JXDUGDVRQGHDGDV
&KLQD
6LJOR;,;
$OWRFP
&ROHFFLyQ3DEOR),5323(f$
(VWLPDFLyQ86
$17,*8$),*85$´&,61(µ'(7(55$&27$(6
0$/7$'$
&XHUSRGHHVPDOWHEODQFRFUDTXHDGR3DUWHVSROLFURPD
GDV0X\SHTXHxDVFDVFDGXUDVHQHOHVPDOWH
$OWRFP
&ROHFFLyQ3DEOR),5323(f$
(VWLPDFLyQ86
,17(5(6$17(&2)5($/+$-(52,1*/(6&21
0(&$1,602
(QFKDSDGR HQ DEHGXO ÀQODQGpV /D WDSD SUHVHQWD XQ
PHFDQLVPR TXH DO HOHYDUVH GHVOL]D HO FDMyQ LQIHULRU
,QWHULRUFRQUHYHVWLPLHQWRVSLQWDGRV(QXQDSHTXHxD
SODFDGHPDUÀOOOHYDODLQVFULSFLyQ´5G1žµ
&HUUDGXUD LQJOHVD KHFKD D PDQR ´7:2 /(9(5
/2&.µ
&ROHFFLyQ3DEOR),5323(f$
(VWLPDFLyQ86
$17,*82&58&,),-2'(0$'(5$&215(6726
'(32/,&520,$
3RVLEOHPHQWHGHODVPLVLRQHVMHVXtWLFDV&UX]GHPDGH
UDTXHFDO]DHQXQDEDVHGHODPLVPDpSRFDFRQSDUWHV
SLQWDGDV
$UWH0LVLRQHUR
6LJOR;9,,;9,,,
$OWRFP
&ROHFFLyQ3DEOR),5323(f$
(VWLPDFLyQ86
$17,*82,&2125(/,*,262'(/6,*/2;9,,,
,PDJHQ FHQWUDO GH OD9LUJHQ FRQ HO 1LxR URGHDGRV GH
VDQWRV\DUFiQJHOHVDFDEDOOR6LJQRVGHHVFULWXUD
5XVLD
6LJOR;9,,,
$OWRFP$QFKRFP
&ROHFFLyQ3DEOR),5323(f$
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
-&1$21&,$6$
$17,*82,&2125(/,*,2625862'(/6,*/2
;,;
$QFKD WDEOD FXUYD TXH OOHYD HQ HO IUHQWH OD ÀJXUD GH
XQVDQWRSRVLEOHPHQWHDOJXQRGHORVHYDQJHOLVWDV'RV
LPiJHQHVFLUFXODUHV\RWUDVGRVDODUJDGDVHQORVERUGHV
6LJQRVGHHVFULWXUD
5XVLD
6HJXQGD0LWDGGHO6LJOR;9,,,
$OWRFP$QFKRFP
&ROHFFLyQ3DEOR),5323(f$
(VWLPDFLyQ86
$17,*82,&2125(/,*,26258626,*/2;,;
3UHVHQWDODLPDJHQGH&ULVWRURGHDGRGHORVDSyVWROHV
(OQRPEUHGHFDGDXQRGHORVGLVFtSXORVHVWiHVFULWRHQ
ODDXUHROD
5XVLD
6HJXGD0LWDGGHO6LJOR;,;
$OWRFP$QFKRFP
(VWLPDFLyQ86
$17,*82,&2125(/,*,2625862'(/6,*/2
;,;
,PDJHQFRQHOURVWURGH&ULVWR\ÀJXUDVGHiQJHOHV7D
EODFRQGRVUHIXHU]RVHQHOUHYHUVR
5XVLD
6HJXQD0LWDGGHO6LJOR;,;
$OWRFP$QFKRFP
&ROHFFLyQ3DEOR),5323(f$
(VWLPDFLyQ86
$17,*82 ,&212 &21 ,0$*(1 '(/ 5,72 25
72'2;2
)LJXUDGHSLH,QVFULSFLRQHVVXSHULRUHVHQFLUtOLFR)H
FKDGRHQODSDUWHLQIHULRU
6LJOR;,;
FP$QFKRFP
&ROHFFLyQ3DEOR),5323(f$
(VWLPDFLyQ86
3$5'(,&21265(/,*,26263,17$'26$0$12
8QRGHHOORVUHSUHVHQWDQGROD$QXQFLDFLyQ\HORWUROD
HQWUDGDGH-HV~VHQ-HUXVDOHQ(QPDUFDPLHQWRVSLQWD
GRV
&ROHFFLyQ3DEOR),5323(f$
(VWLPDFLyQ86
$17,*8$ &$-$ )5$1&(6$ '( )250$ 29$/
&217$3$
0DUFDHQFHUUDQGRHODxRHQHOUHYHUVRGHODEDVH
0RQWXUD GH EURQFH 3LH]D UHFXELHUWD SRU XQD JUXHVD
FDSDGHHVPDOWHHQDPEDVFDUDV0X\ÀQDGHFRUDFLyQ
ÁRUDO\DUDEHVFRVIRUPDQGRJXDUGD3HTXHxDVDOWDGXUD
GHOHVPDOWHHQODWDSD
)UDQFLD
6HJXQGD0LWDGGHO6LJOR;9,,,
&ROHFFLyQ3DEOR),5323(f$
(VWLPDFLyQ86
$/+$-(52 )5$1&(6 &21 0,1,$785$ (1 /$
7$3$
3ODWDIUDQFHVDVHOODGD3XQ]yQGH0HUFXULR&DMDUHF
WDQJXODUFRQiQJXORVRFKDYDGRV)LQDGHFRUDFLyQFLQ
FHODGDHQODWDSD\HOFRQWRUQR,QWHULRUWDSL]DGR0L
QLDWXUDFRQUHWUDWRGHGDPDÀUPDGD(W3RPPLHU
&ROHFFLyQ3DEOR),5323(f$
(VWLPDFLyQ86
&$5%21(5$ ,1*/(6$ '( %521&( (67$03$
'2<38/,'2
)RUPDFLUFXODU3HUVRQDMHV\PDVFDURQHVODWHUDOHVVXMH
WDQGRDURVPRYLEOHV
(VWLPDFLyQ86
)217$1$/XFLR
$UJHQWLQR
´/$1(*5$µ
(VFXOWXUDGHEURQFHDODFHUDSHUGLGD)LUPDGD/)21
7$1$\IHFKDGD´µHQHOFRVWDGRGHUHFKR%DVHFXD
GUDQJXODUGHPiUPROEODQFR
$OWRFP$QFKRFP
(VWLPDFLyQ86
0È1(3LHUUH-XOHV
(VFXHOD)UDQFHVD
´'(8;/(95(77(6-28$17$9(&81(%28/(µ
(VFXOWXUDGHEURQFHUHFXELHUWDSRUSiWLQDPDUUyQ)LU
PDGD3-0È1(HQODEDVH
$OWRFP/DUJRFP$QFKRFP
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
+27(/'(9(17$6*8,'2
0È1(3LHUUH-XOHV
(VFXHOD)UDQFHVD
´/e95,(5(7.,1*·6&+$5/(6­/·e9(17$/µ
(VFXOWXUDIUDQFHVDGHEURQFHUHFXELHUWDSRUXQDSiWLQD
PDUUyQ)LUPDGD3-0È1(HQODEDVH
$OWRFP/DUJRFP$QFKRFP
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
$17,*8$ 7$//$ 5(/,*,26$ (63$f2/$ '(
0$'(5$32/,&520$'$
,PDJHQGHOD9LUJHQ$OJXQDVVDOWDGXUDVHQHOHVPDOWH
(VSDxD
6LJOR;9,,,
$OWRFP
(VWLPDFLyQ86
$17,*829$62&+,12'(%521&(&/2,6211e
&XHUSRJOREXODUHQDQJRVWDGRHQHOFXHOOR'HFRUDFLyQ
RULHQWDOGHDQLPDOHVPLWROyJLFRVQXEHV\KRMDVHQHV
PDOWHVSROtFURPRV
&KLQD
6HJXQGD0LWDGGHO6LJOR;,;
$OWRFP
(VWLPDFLyQ86
$17,*82327,&+(&217$3$$'$37$'23$5$
/$03$5$
)RQGR GH HQJREH EODQFR &XHUSR GLYLGLGR HQ FXDWUR
VHFWRUHV FDGD XQR GH HOORV HQFHUUDQGR UDPDMHV RULHQ
WDOHVFRQÁRUHVDYHVHLQVHFWRV(VPDOWHVGHOD)DPL
OOH9HUW%DVHIUDQFHVDGHEURQFHFLQFHODGRHVWLOR/XLV
;9, /\UD GH EURQFH FRQ LQVWDODFLyQ SDUD GRV OXFHV
3DQWDOODGHSHUJDPLQR
(VWLPDFLyQ86
0È1(3LHUUH-XOHV
(VFXHOD)UDQFHVD
´&+,(1%5$48(­/$)(8,//(µ
(VFXOWXUDIUDQFHVDGHEURQFHUHFXELHUWRSRUXQDSiWLQD
PDUUyQ)LUPDGD3-0È1(HQODEDVH
$OWRFP/DUJRFP
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
/$952))*HRUJLV'PLWULHYLF
(VFXHOD5XVD
´/$3$17+(5(µ
(VFXOWXUDGHEURQFHUHFXELHUWDSRUXQDSiWLQDJULV)LU
PDGD*/$952))QXPHUDGDHQODSDUWHSRVWH
ULRU$SR\DHQXQDEDVHFXUYDGHPiUPROSL]DUUD
/DUJRFP
(VWLPDFLyQ86
-&1$21&,$6$
$/+$-(52 )5$1&(6 '( %521&( '25$'2
&217$3$
&XDWURFDUDVFRQGHFRUDFLyQHQUHOLHYHGHDUDEHVFRV\ÀJX
UDVPLWROyJLFDV8QDQJHOLWRHQODWDSD\RWURVHQODVHVTXL
QDV$SR\RVHQIRUPDGHYROXWD,QWHULRUWDSL]DGRHQVHGD
(VWLPDFLyQ86
327,&+( )5$1&(6 '( /$ 0$18)$&785$
)5$1&(6$'(6$03621
0DUFDFRUUHVSRQGLHQWHHQHOUHYHUVRGHODEDVH3RWLFKHFRQ
WDSD UHFXELHUWR SRU XQ HVPDOWH FUDTXHDGR FRORU FHODGyQ
'HFRUDFLyQHQUHOLHYHGHHVWLORRULHQWDOFRQGUDJyQ\QXEHV
$OWRFP
(VWLPDFLyQ86
3$5 '( $17,*8$6 (6&8',//$6 &+,1$6 '(
325&(/$1$
6LJOR;,;0DUFDD]XOHQHOUHYHUVRGHODEDVH(VPDOWH
YHUGHPDQ]DQD'HFRUDFLyQRULHQWDOGHDUEXVWRVKRMDV
\ÁRUHV%DVHVFLUFXODUHVGHPDGHUDPROGXUDGD
(VWLPDFLyQ86
3$5 '( 3(48(f26 )/25(526 '( &(5$0,&$
)5$1&(6$
0DQXIDFWXUD GH 6(95(6 (VPDOWH PRQRFURPR D]XO
FREDOWR0RQWXUD\EDVHGHSODWDIUDQFHVDVHOODGD3XQ
]yQGH0(5&85,2)LQRWUDEDMRFLQFHODGRFRQFDEH
]DVPLWROyJLFDV\UDPDVFRQKRMDV\IUXWRV
(VWLPDFLyQ86
3$5 '( $17,*826 &(17526 '( $/)$5(5,$
&+,1$
6LJOR ;9,,, $OIDUHUtD UHFXELHUWD SRU HVPDOWHV RFUH
YHUGH\DPDULOOR%RFDVRYDOHVGHERUGHRQGHDGR&XHU
SRVFRQUHVHUYDVFDODGDV\GLVHxRGHKRMDV$OJXQDSH
TXHxDFDVFDGXUDDQWLJXD
$OWRFP
(VWLPDFLyQ86
3(48(f2 )/25(52 )5$1&(6 '( 0$502/
%/$1&2
&XHOORDFDQDODGR0RQWXUDGHSODWDIUDQFHVDYHUPHLOVHOODGD
'HFRUDFLyQPROGXUDGDFLQFHODGDGHPRxRV\JXLUQDOGDV
$OWRFP
7(7$5')UHV3DUtV
(VWLPDFLyQ86
´',$1$+(50(6µ
3DU GH SHTXHxDV HVFXOWXUDV VREUH SHGHVWDOHV %URQFH
UHFXELHUWRSRUXQDSiWLQDPDUUyQ3HGHVWDOHVFRQGHFR
UDFLyQHQUHOLHYH
$OWRFP
(VWLPDFLyQ86
3$5 '( )/25(526 )5$1&(6(6 '( 21,; <
%521&(
&XHUSRV\EDVHVGHyQL[SXOLGR3LHV\FXHOORVGHEURQFH
FORLVRQQp)RQGRGHHVPDOWHDPDULOOR\JXDUGDVFHOHVWHV
$OWRFP
(VWLPDFLyQ86
3$5'($17,*8269$626'(325&(/$1$&+,1$
6LJOR;9,,,)ORUHURVUHFXELHUWRVH[WHULRUPHQWHSRUXQHV
PDOWHQHJURPRQRFURPR8QDSLH]DFRQUHVWDXUDFLyQHQOD
ERFD%DVHVGHERLVGHIHUXQDGHHOODVFRQSHTXHxRIDOWDQWH
$OWRFP
0DLVRQ6$780$%XHQRV$LUHV
(VWLPDFLyQ86
$17,*82 &(1752 '( $/)$5(5,$ 3(56$ (6
0$/7$'$
)RUPD GH HVFXGLOOD 5HFXELHUWR H[WHULRUPHQWH SRU XQ
HVPDOWHQHJURFKRUUHDGR0DUFDGHÀVXUD%DVHFLUFXODU
GHPDGHUD
'LiPHWURFP
(VWLPDFLyQ86
+27(/'(9(17$6*8,'2
$17,*82 7$1.$5' '( 0$5),/ < 3/$7$ 6(
//$'$
$VD ODWHUDO UHSUHVHQWDQGR XQD ÀJXUD PDVFXOLQD DODGD
$UWtVWLFD WDOOD HQ HO FXHUSR PRVWUDQGR YDULDV EDxLVWDV
MXJDQGRFRQWULWRQHVHQXQPDUFRQRODV$QJHOLWRVFRP
SOHWDQODGHFRUDFLyQ(QODJXDUGDLQIHULRUGRVURVWURVGH
1HSWXQR\GRVÀJXUDVDODGDVRSXHVWDVHQWUHVt0RQWXUD
WDSD XQLGD DO DVD \ EDVH GH SODWD VHOODGD 3XQ]RQHV QR
LGHQWLÀFDGRV HQ HO UHYHUVR GH OD EDVH 2UQDPHQWDFLyQ
FLQFHODGD\UHSXMDGDFRQDUDEHVFRVKRMDV\IUXWRV3LH
GUDVHQJDU]DGDV(QHOFRURQDPLHQWRXQQLxRVRVWHQLHQ
GRXQUDFLPRGHXYDVFRQUHVWDXUDFLyQHQHOFXHOOR
3RVLEOHPHQWH$OHPDQLD
6LJOR;,;
$OWRFP
&ROHFFLyQ),532'(9272
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
$17,*8$ ),*85$ &+,1$ '( /$&$ 52-$ 7$
//$'$
$QFLDQR RULHQWDO FRQ ODUJD EDUED \ ULFD YHVWLPHQWD
5HVWDXUDFLRQHVHQODVPDQRV%DVHFKLQDGHERLVGHIHU
WDOODGR\FDODGR
&KLQD
6LJOR;,;
$OWRFP
&ROHFFLyQ),532'(9272
(VWLPDFLyQ86
$17,*8$),*85$-$321(6$'(0$5),/32/,
&520$'2
)LUPDGHODUWHVDQRHQHOUHYHUVRGHODEDVH/DSLH]DUHSUH
VHQWDXQYHQGHGRUGHJDOOLQDV&RQVXPDQRGHUHFKDVRVWLH
QHXQDFDQDVWDFRQJDOOLQDTXHDSR\DHQVXFDEH]D5DFLPR
FRQIUXWRV5HDO]DGDFRQWRQRVGHIXHUWHSROLFURPtD)DOWD
XQSHTXHxRIUDJPHQWRTXHXQtDHOFRGRFRQHOUDFLPR
-DSyQ
6HJXQGD0LWDGGHO6LJOR;,;
$OWRFP
&ROHFFLyQ),532'(9272
(VWLPDFLyQ86
$17,*8$),*85$-$321(6$'(0$5),/32/,
&520$'2
6HOORURMRGHODUWHVDQRHQHOUHYHUVRGHODEDVH5HSUH
VHQWDXQDQFLDQRRULHQWDOFRQHOHJDQWHYHVWLPHQWDFDU
JDQGRXQPRQRVREUHVXKRPEURGHUHFKR/DSLH]DVH
HQFXHQWUDUHDO]DGDSRUSLQWXUDVGHIXHUWHSROLFURPtD
-DSyQ
6HJXQGD0LWDGGHO6LJOR;,;
$OWRFP
&ROHFFLyQ),532'(9272
(VWLPDFLyQ86
3$5 '( 48,0(5$6 '( 325&(/$1$ %/(8 '(
&+,1(
3LH]DV UHSUHVHQWDQGR XQD SDUHMD GH SHUURV GH IXHJR GH
OD PLWRORJtD RULHQWDO HO PDFKR DSR\DGR HQ XQD HVIHUD
\ OD KHPEUD HQ VX FUtD 5HFXELHUWDV WRWDOPHQWH SRU XQ
HVPDOWHPRQRFURPREOHXWXUTXRLVH,PSRUWDQWHVSHGHV
WDOHVGHSODWDIUDQFHVDVHOODGD3XQ]yQGH0(5&85,2
)RUPDGRVSRUXQ]yFDORUHFWDQJXODUFRQFDUDVFLQFHODGDV
PRVWUDQGRSDLVDMHVRULHQWDOHVFRQFRQVWUXFFLRQHV(QHO
SODQRVXSHULRUJXDUGDGHJXLUQDOGDGHKRMDVGHSXURHVWL
ORIUDQFpV/DVWDSDVGHORVVDKXPDGRUHVVRQWDPELpQGH
ODPLVPDSODWD\OOHYDQSXQ]yQGHORUIHEUH
$OWRFP
&ROHFFLyQ),532'(9272
(VWLPDFLyQ86
3$5 '( $17,*826 6$+80$'25(6 '( $/)$
5(5,$(60$/7$'$
6LJOR;,;$QLPDOHVGHODPLWRORJtDRULHQWDOVREUHSHGHVWD
OHV3LH]DVUHFXELHUWDVHQSDUWHVSRUXQHVPDOWHPRQRFURPR
EOHXWXUTXRLVH$OJXQDDQWLJXDUHVWDXUDFLyQ\FDVFDGXUDV
&KLQD
6LJOR;,;
$OWRFP
&ROHFFLyQ),532'(9272
(VWLPDFLyQ86
-&1$21&,$6$
3$5 '( $17,*8$6 ),*85$6 -$321(6$6 '(
0$5),/(6&8/3,'2
,QVFULSFLRQHV HQ URMR HQ OD SDUWH SRVWHULRU 3LH]DV UH
SUHVHQWDQGR JHLVKDV HOHJDQWHPHQWH YHVWLGDV 0XMHUHV
GHSLHSRUWDQGRUDPRVGHÁRUHV'HWDOOHVSROLFURPDGRV
TXHUHDO]DQDPEDVÀJXUDV
-DSyQ
6LJOR;,;
$OWRFP
&ROHFFLyQ),532'(9272
(VWLPDFLyQ86
$17,*82*5832-$321(6'(0$5),/(6&8/
3,'2
0DUFDGHRULJHQ\ÀUPDGHDUWHVDQRHQHOUHYHUVRGHOD
EDVH /D WDOOD UHSUHVHQWD XQ SHUVRQDMH RULHQWDO SDUDGR
VREUHXQDIRUPDFLyQURFRVD6REUHVXKRPEURL]TXLHU
GRVRVWLHQHXQQLxRTXHDVXYH]SRUWDXQDFDUHWD$OSLH
ODÀJXUDGHXQPRQRYHVWLGRFRPSOHWDODSLH]D6HHQ
FXHQWUDHPEHOOHFLGDSRUSDUWHSLQWDGDVDPDQRHQWRQRV
SROtFURPRV
-DSyQ
6HJXQGD0LWDGGHO6LJOR;,;
$OWRFP
&ROHFFLyQ),532'(9272
(VWLPDFLyQ86
$17,*82 9$62 251$0(17$/ &+,12 '(
0$5),/(6&8/3,'2
(SRFD.·LHQ/XQJ0DUFDFRQFDUDFWHUHVGH
VHOOR\GLVHxRVÁRUDOHVHQHOUHYHUVRGHODEDVH$VDVOD
WHUDOHVFRQDURVPRYLEOHV&XHUSRDUWtVWLFDPHQWHWDOODGR
UHSUHVHQWDQGR´ORVTXLQLHQWRVGLVFtSXORVGH%XKGDµ(Q
ODJXDUGDLQIHULRUGHGHVWDFDQGRVGUDJRQHVPLWROyJLFRV
(QHOFXHOORGRVPiVFDUDVVLUYHQGHVRVWpQDODVDVDV\
GRVJUDQGHVUHVHUYDVPXHVWUDQGLYHUVRVSHUVRQDMHVDOUH
GHGRUGHXQDPHVD,PSRUWDQWHWDSDHQODTXHRWURVSHU
VRQDMHVDSDUHFHQGHQWUR\DOUHGHGRUGHXQDFRQVWUXFFLyQ
%DVHGHPDGHUDWDOODGDVREUHFXDWURDSR\RV
&KLQD
0HGLDGRVGHO6LJOR;9,,,
$OWRFP
$GTXLULGRHQ$/&(/(67(,03(5,2%XHQRV$LUHV
&HUWLÀFDGR\IDFWXUDGHIHFKD-XOLRGH
&ROHFFLyQ),532'(9272
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
$17,*82*5832-$321(6'(0$5),/(6&8/
3,'2<32/,&520$'2
0DUFDGHRULJHQ\VHOORURMRGHODUWHVDQRHQHOUHYHUVR
GHODEDVH(QHOJUXSRVHGHVWDFDXQSHUVRQDMHRULHQWDO
FRQEDUEDSRUWDQGRXQDHVFDOHUDHQVXPDQRGHUHFKD
'RVQLxRVHQODSDUWHVXSHULRU\XQWHUFHURGHEDMRGH
ODHVFDOHUDVRVWHQLHQGRXQDFDUHWDUDPDMHVFRQÁRUHV
\IUXWRV/DSLH]DKDVLGRHQSDUWHSLQWDGDDPDQRHQ
HVPDOWHVGHIXHUWHSROLFURPtD
-DSyQ
6HJXQGD0LWDGGHO6LJOR;,;
$OWRFP
&ROHFFLyQ),532'(9272
(VWLPDFLyQ86
´9(186<&83,'2µ
(VFXOWXUDIUDQFHVDGHPDUÀOHVFXOSLGR$PEDVÀJXUDVVH
SUHVHQWDQVREUHXQDEDVHGHIRUPDRYDODGD\ERUGHSXOLGR
)UDQFLD
6HJXQGD0LWDGGHO6LJOR;,;
$OWRFP
&ROHFFLyQ),532'(9272
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
+27(/'(9(17$6*8,'2
'26 ),*85$6 -$321(6$6 '($17,*82 0$5
),/(6&8/3,'2
'LIHUHQWHV8QDGHHOODVUHSUHVHQWDXQDGDPDRULHQWDO
GHSLHVRVWHQLHQGRXQDWHWHUD\SRVDGDVREUHXQDURFD
/DRWUDPXHVWUDRWUDGDPDVREUHODFDEH]DGHXQDQLPDO
PDULQR FRQ XQ SHVFDGR DO FRVWDGR /D ÀJXUD VRVWLHQH
XQUDPDMHHQÁRU\XQDERWHOOD'HHVWDSLH]DIDOWDXQ
IUDJPHQWRLQIHULRU
-DSyQ
)LQHVGHO6LJOR;,;
$OWR\FP
&ROHFFLyQ),532'(9272
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
,03257$17(9$62-$321(6$17,*82'(0$5
),/(6&8/3,'2
2EUDGHPX\EXHQDFDOLGDGHMHFXWDGDSRUXQGHVWDFDGR
DUWLVWD6XÀUPDVHHQFXHQWUDVREUHODWDSDGHXQDPHVD
'HFRUDFLyQFRQWLQXDURGHDQGRHOFXHUSRUHSUHVHQWDQGR
XQDHVFHQDGHLQWHULRUDQLPDGDSRUYDULRVSHUVRQDMHVHQ
GLIHUHQWHVDFWLWXGHVYDVRRUQDPHQWDOFRQÁRUHV\HOH
PHQWRVGHFRUDWLYRV3HTXHxDVLQFUXVWDFLRQHVGHQiFDU
FRORUHDGR3HTXHxDFDVFDGXUDHQODEDVH
-DSyQ
6HJXQGD0LWDGGHO6LJOR;,;
$OWRFP
&ROHFFLyQ),532'(9272
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
),*85$ '( $17,*82 0$5),/ (6&8/3,'2 <
32/,&520$'2
0DUÀOMDSRQpVFRQPX\EXHQDWDOOD)LUPDURMDHQXQRGH
ORVFRVWDGRV)LJXUDIHPHQLQDGHSLHVRVWHQLHQGRXQDEDQL
FRHQVXPDQRL]TXLHUGD\XQFDQDVWRFRQÁRUHVHQODRWUD
3LH]DUHDO]DGDFRQSDUWHVSLQWDGDVDPDQRHQIXHUWHVWRQRV
-DSyQ
6HJXQGD0LWDGGHO6LJOR;,;
$OWRFP
&ROHFFLyQ),532'(9272
(VWLPDFLyQ86
$17,*82*5832-$321(6'(0$5),/(6&8/
3,'2
2ULJLQDO PDUFD \ ÀUPD HQ URMR GHO DUWHVDQR HQ HO UH
YHUVR GH OD EDVH (O JUXSR VH HQFXHQWUD IRUPDGR SRU
XQDQFLDQRGHODUJDEDUEDVRVWHQLHQGRXQEiFXOR\XQ
FRQHMR(QXQRGHORVFRVWDGRVVHHQFXHQWUDXQQLxRFRQ
XQUDPRGHÁRUHV*UDQGHVSDUWHVGHODSLH]DKDQVLGR
SLQWDGRVDPDQRHQWRQRVGHIXHUWHSROLFURPtD
-DSyQ
6HJXQGD0LWDGGHO6LJOR;,;
$OWRFP
&ROHFFLyQ),532'(9272
(VWLPDFLyQ86
-&1$21&,$6$
0$*1,),&29$62-$321(6'($17,*820$5
),/(6&8/3,'2
/OHYDFHUFDGHODEDVHXQDPDUFDHQIRUPDGHVHOOR\
HQXQUHFXDGURHQUHOLHYHODÀUPDGHODUWHVDQRVHJXUD
PHQWHXQPX\UHFRQRFLGRDUWLVWD/DGHFRUDFLyQKDVLGR
WDOODGD D GLIHUHQWHV SURIXQGLGDGHV 8QD GH ODV FDUDV
PXHVWUDDFXDWURJXHUUHURVHQFX\RVURVWURVVHGHVWDFD
ODÀHUH]D(QHOODGRRSXHVWRODHVFHQDHVWiUHSUHVHQWD
GDSRUVHLVSHUVRQDMHVHQGLIHUHQWHVDFWLWXGHV%RFDGH
IRUPDRYDO
-DSyQ
0HGLDGRVGHO6LJOR;,;
$OWRFP
&ROHFFLyQ),532'(9272
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
&$&+(327'(325&(/$1$-$321(6$'(&2
5$'$
0DUFDFRUUHVSRQGLHQWHHQWRQRFRUDOHQHOUHYHUVRGHOD
EDVH'HFRUDFLyQRULHQWDOGHDYHVUDPDVKRMDV\ÁRUHV
HQHVPDOWHVSROtFURPRVVREUHIRQGRFRORUODFUH*XDUGD
VXSHULRUVREUHIRQGRD]XO0DUFDGHÀVXUDHQHOIRQGR
TXHQRVHREVHUYDHQHOFRQWRUQR
-DSyQ
)LQHVGHO6LJOR;,;
$OWRFP
&ROHFFLyQ),532'(9272
(VWLPDFLyQ86
/$03$5$ &21 9$62 '( 325&(/$1$ &+,1$
$17,*8$
&tUFXOR D]XO HQ HO UHYHUVR GH OD EDVH 'HFRUDFLyQ GH
UHVHUYDVHQHOFXHUSR\HOFXHOOR5DPDMHVHQÁRUHLQ
VHFWRVHQHVPDOWHVGHOD)DPLOOH9HUW%DVHFLUFXODUGH
EURQFHPROGXUDGR\FLQFHODGR&XHUSRFRQÀVXUDYHUWL
FDOSRFRYLVLEOH,QVWDODFLyQSDUDGRVOXFHV3DQWDOODGH
SHUJDPLQR
&KLQD
6LJOR;,;
&ROHFFLyQ),532'(9272
(VWLPDFLyQ86
&2/0,//2$)5,&$12'(0$5),/(6&8/3,'2
<3$7,1$'2
/D GHFRUDFLyQ UHSUHVHQWD QXPHURVRV SHUVRQDMHV FRP
SDFWRV GLVSXHVWRV HQ IUDQMDV HVSLUDODGDV ,QLFLDOHV
$%3WDOODGDVHQODEDVH$SR\DHQXQVRSRUWHDIULFDQR
GHPDGHUDHVFXOSLGDFRQEDVHPROGXUDGD
/DUJRFP
&ROHFFLyQ),532'(9272
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
3$5 '( &(17526 '( 325&(/$1$ )5$1&(6$
'(6(95(6
6LJOR ;,; 0DUFD D]XO FRUUHVSRQGLHQWH HQ HO UHYHUVR
GHODEDVH'HFRUDFLyQGHJXLUQDOGDVGHÁRUHV\FLQWDV
IRUPDQGRPRxRV$URVSURWHFWRUHVGHODVERFDV\EDVHV
GHSODWDIUDQFHVDVHOODGD3XQ]RQHVGH0(5&85,2\
GHRUIHEUH*XDUGDVFLQFHODGDV\SHUODGDV
$OWRFP
(VWLPDFLyQ86
+27(/'(9(17$6*8,'2
$17,*82 &(1752 '( 0(6$ '( 325&(/$1$
)5$1&(6$
6LJOR ;,; 0DUFD GH RULJHQ HQ HO UHYHUVR GH OD EDVH
$VDVODWHUDOHV&XHUSRFRQGHFRUDFLyQÁRUDOSLQWDGDD
PDQR)LOHWHV\GHWDOOHVRUR'LYLVLyQFDODGDHQHOLQWH
ULRU%DVHGHSODWDIUDQFHVDVHOODGD3XQ]yQGH0,1(5
9$%RUGHRQGHDGR\PROGXUDGR
$OWRFP/DUJRFP
(VWLPDFLyQ86
7,0%5('(0(6$'(23$/,1$$=8/<%521&(
&XHUSRGHRSDOLQDHQIRUPDGHWHWHUD0RQWXUDGHEURQ
FHFLQFHODGR\GRUDGR%DVHGHDODEDVWURFRQSHTXHxD
FDVFDGXUD
(VWLPDFLyQ86
$17,*823$67,//(52)5$1&(6'(325&(/$
1$&217$3$
3RUFHODQDUHFXELHUWDH[WHULRUPHQWHSRUXQHVPDOWHURVD
5HVHUYDV HQ HO FRQWRUQR FRQ GHFRUDFLyQ ÁRUDO (Q OD
WDSDPXHVWUDXQDHVFHQDGHSHUVRQDMHVDFDEDOORMXQWRD
XQDIXHQWH0RQWXUDGHEURQFHGRUDGR
(VWLPDFLyQ86
&$-$ 29$/ '( 3/$7$ )5$1&(6$ 6(//$'$
&217$3$
3XQ]yQ GH 0(5&85,2 )LQR WUDEDMR FLQFHODGR
5HYHUVR GH OD EDVH ´JXLOORFKpµ ,QWHULRU YHUPHLO \
HVSHMRHQHOUHYHUVRGHODWDSD0LQLDWXUDSLQWDGDD
PDQR\ÀUPDGDUHSUHVHQWDQGRXQDHVFHQDFDOOHMHUD
)LUPDGD
(VWLPDFLyQ86
$17,*82 9$62 '( 325&(/$1$ &+,1$ (6
0$/7$'$
6LJOR;,;'HFRUDFLyQHQHVPDOWHD]XOGHGLIHUHQWHLQ
WHQVLGDGHQODTXHVHGHVWDFDQWUHVDQLPDOHVGHODPLWR
ORJtDRULHQWDOVREUHURFDV\IRQGRGHRODV
&KLQD
3ULQFLSLRVGHO6LJOR;,;
$OWRFP
(VWLPDFLyQ86
$17,*829$623(56$'($/)$5(5,$(60$/
7$'$
6LJOR ;,; (VPDOWH YLGULDGR EOHX WXUTXRLVH 'HFRUD
FLyQSLQWDGDDPDQRHQODTXHVHREVHUYDQJXDUGDVH[
WUHPDV\HQHOFHQWURDQLPDOHVSODQWDV\ÁRUHV
&KLQD
6LJOR;,;
$OWRFP
(VWLPDFLyQ86
9$62 '( $17,*8$ $/)$5(5,$ 3(56$ '(&2
5$'$
6LJOR;9,,,0DUFDD]XOHQHOUHYHUVRGHODEDVH&XHU
SRGHHVPDOWHYLGULDGR/DGHFRUDFLyQSULQFLSDOPXHV
WUDUDPDVKRMDV\ÁRUHVGHGLIHUHQWHVHVSHFLHV$PSOLR
FXHOORGHIRQGRD]XO
3HUVLD
6LJOR;9,,,
$OWRFP
(VWLPDFLyQ86
$17,*829$62&+,12'($/)$5(5,$(60$/
7$'$
'HFRUDFLyQGHHVWLORRULHQWDOHQHVPDOWHD]XOGHGLIH
UHQWHVLQWHQVLGDGHV*XDUGDVGLIHUHQWHVHQHOERUGH\HQ
ODEDVH5DPDVKRMDV\ÁRUHVGHGLVWULEXFLyQVLPpWULFD
%RUGHGHODERFD\EDVHFRQDURVGHEURQFHFLQFHODGR
3LH]DDGDSWDGDSDUDOiPSDUDFRQLQVWDODFLyQHOpFWULFD\
SODIRQGGHRSDOLQDEODQFD
&KLQD
3ULQFLSLRVGHO6LJOR;,;
$OWRFP
(VWLPDFLyQ86
3$5 '( $17,*8$6 /$03$5$6 '( 23$/,1$
%/$1&$
2ULJLQDOPHQWH OiPSDUDV D NHURVHQH 2SDOLQD EODQFD
FRQSDUWHVJULVHV3UHSDUDGDVFRQLQVWDODFLyQHOpFWULFD
SDUD XQD OX] FDGD XQD 7XOLSDV GH ERFD IHVWRQHDGD \
GHFRUDFLyQÁRUDOSLQWDGDDPDQR
$OWRFP
(VWLPDFLyQ86
3$5'(3(48(f$6$1)25$6'($17,*8$$/
)$5(5,$&+,1$
6LJOR;9,,,&XHUSRVUHFXELHUWRVSRUHVPDOWHEOHXWXU
TXRLVHFRQGUDJyQHQUHOLHYH$VDVHQORVFXHOORVFRQ
FDEH]DVGHHOHIDQWH
&KLQD
6LJOR;9,,,
$OWRFP
(VWLPDFLyQ86
$17,*8$ 3/$&$$/(0$1$ '( (60$/7( 62
%5(&2%5(
3LH]D UHSUHVHQWDQGR XQD HVFHQD PLWROyJLFD HQ OD TXH
XQDVLUHQDHVUHVFDWDGDHQWUHRODV,QVFULSFLyQHQODEDVH
HQ OD TXH VH OHH ´(XWZ Y 2WWR /HVVLQJ DXVJH) Y
(UQVW %DVWDQLHU µ $QFKR PDUFR GH PDGHUD FRQ
OXVWUHQHJUR
0HGLGDV[FP
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
-&1$21&,$6$
3$5 '( ),*85$6 &+,1$6 '( 5$,= '( (60(
5$/'$(6&8/3,'$
5HSUHVHQWDQDYHVOOHYDQGRHQVXVSLFRVUDPDVFRQÁR
UHV%DVHVFKLQDVGHERLVGHIHUWDOODGR\FDODGR
(VWLPDFLyQ86
3(48(f2327,&+(&+,12'($*$7$(6&8/3,
'$&217$3$
$VDVODWHUDOHVFRQDURVPRYLEOHV'HFRUDFLyQHQUHOLHYH
GHHVWLORRULHQWDO%DVHGHPDGHUDRVFXUD
$OWRFP
(VWLPDFLyQ86
618)) %277/( &+,12 '( 78548(6$ (6&8/
3,'$&217$3$
'HFRUDFLyQHQUHOLHYHGHSHUVRQDMHVRULHQWDOHV\UDPDV
FRQÁRUHV%DVHGHPDGHUD
$OWRFP
(VWLPDFLyQ86
'26 3(48(f26 327,&+(6 &+,126 '( 785
48(6$(6&8/3,'$
'LIHUHQWHV$PERVFRQGHFRUDFLRQHVHQUHOLHYH%DVHV
FKLQDVGHERLVGHIHUWDOODGR\FDODGR
$OWRFP
(VWLPDFLyQ86
75(63(48(f$63,(=$6&+,1$6'(78548(
6$(6&8/3,'$
'LIHUHQWHV8QDGHHOODVUHSUHVHQWDXQDPXMHUVHQWDGD
MXQWRDXQVDSR\UDPRGHÁRUHV/DVHJXQGDXQDPXMHU
FRQEDQGHMD\ODWHUFHUDXQQLxRVHQWDGR&DGDSLH]D
FRQVXEDVHFRUUHVSRQGLHQWH
(VWLPDFLyQ86
3(48(f2 *5832 &+,12 '( 758548(6$ (6
&8/3,'$
)RUPDGRSRUGRVQLxRV\XQUDPDMHHQÁRU%DVHFKLQD
GHERLVGHIHUWDOODGR\FDODGR
(VWLPDFLyQ86
75(63(48(f$63,(=$6&+,1$6'(78548(
6$(6&8/3,'$
'LIHUHQWHV 0XMHU FRQ QLxR KRPEUH DO FRVWDGR GH XQ
VQXIIERWWOH\KRPEUHFRQFDQDVWR&DGDSLH]DFRQVX
EDVHFRUUHVSRQGLHQWH
(VWLPDFLyQ86
&8$752$'25126&+,126'(&25$/(6&8/
3,'2
'LIHUHQWHV&DGDXQDGHODVSLH]DVVHSUHVHQWDVREUHXQD
EDVHGHERLVGHIHUWDOODGR\FDODGR
(VWLPDFLyQ86
$17,*8$),*85$25,(17$/'(%521&(3$7,
1$'2
)LJXUD IHPHQLQD HQ SRVLFLyQ VHQWDGD UHFXELHUWD SRU
XQDSiWLQDPDUUyQ)LUPDGDHQHOFRVWDGRL]TXLHUGR
$OWRFP
(VWLPDFLyQ86
$1)25$ '( 325&(/$1$ )5$1&(6$ '( 6(
95(6&217$3$
0DUFDVGHODPDQXIDFWXUDGH6(95(6\GHO&KDWHDX
GHV 7XLOHULHV )RQGR GH HVPDOWH D]XO FREDOWR 'RV
UHVHUYDRSXHVWDVHQWUHVtSLQWDGDVDPDQR0RQWXUD
FRQDURFDODGRDVDVODWHUDOHV\EDVHGHEURQFHFLQ
FHODGR
$OWRFP
(VWLPDFLyQ86
+27(/'(9(17$6*8,'2
3$5'(),*85$6'(3,('5$5(&2167,78,'$
5HSUHVHQWDQJDOJRVHQSRVLFLyQVHQWDGD3LH]DVSLQWD
GDV \ SDWLQDGDV %DVHV GH IRUPD UHFWDQJXODU 8QD GH
HOODVFRQFDGHQDHQHOFROODU
$OWRFP
(VWLPDFLyQ86
$17,*8$ ),*85$ &+,1$ $'$37$'$ 3$5$
/$03$5$
3HUURGHIXHJRGHSRUFHODQDGHFRUDGRHQHVPDOWHVSROt
FURPRV3RUWDOiPSDUDHQHOFRURQDPLHQWR
&KLQD
6LJOR;,;
(VWLPDFLyQ86
$17,*82 5(/2- '($32<2 )5$1&(6 (67,/2
/8,6;9,
&XHUSRHQIRUPDGHiQIRUDGHSRUFHODQDUHFXELHUWDSRU
XQHVPDOWHD]XOFREDOWR0RQWXUDGHEURQFHFLQFHODGR
FRQXQDEDVHGHVLHWHDSR\RVHQODTXHVHGHVWDFDQODV
ÀJXUDVGHGRVFKLFDV$XQDGHHOODVOHIDOWDXQHOHPHQ
WR$VDVODWHUDOHVFRQFDEH]DVGHFDUQHURXQLGDVDOUHORM
SRUJXLUQDOGDVGHÁRUHV&XDGUDQWHGHHVPDOWHEODQFR
3HTXHxDFDVFDGXUDHQHOFRVWDGRGHXQDGHODVSHUIRUD
FLRQHVSDUDODFXHUGD0iTXLQDDSpQGXORFRQVRQHUtD
)UDQFLD
)LQHVGHO6LJOR;,;
$OWRFP$QFKRLQIHULRUFP
(VWLPDFLyQ86
(63(-2'(&2/*$5&21'(&25$&,21'((6
7,/29(1(&,$12
/XQD GH IRUPD UHFWDQJXODU (QPDUFDPLHQWR GH HVSHMR
FRQSDUWHVSLQWDGDVGHQHJUR\RWUDVÀQDPHQWHGRUDGDV
$OWRFP$QFKRFP
-$16(1%XHQRV$LUHV
(VWLPDFLyQ86
3$5'($1)25$6)5$1&(6$66(//$'$6%$&
&$5$7
6HOODGDV%$&&$5$73DUtVHQHODURVXSHULRU0RQWX
UDFRQDVDVODWHUDOHVJXLUQDOGDVFRQPRWLYRVGHODYLG
\EDVHGHFXDWURDSR\RVGHEURQFHFLQFHODGR\GRUDGR
&XHUSRVGHFULVWDOFRQQHUYDGXUDVYHUWLFDOHV
$OWRFP
%$&&$5$73DUtV
&ROHFFLyQ)HGHULFR-RUJH./(00
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
$17,*8$ (6&5,%$1,$ ,1*/(6$ '(/ 6,*/2
;,;
(MHFXWDGDHQPDGHUDHQFKDSDGDHQMDFDUDQGi7DSDVX
SHULRUUHEDWLEOHTXHSHUPLWHODDSHUWXUDGHOIUHQWHYRO
FDEOH ,QWHULRU HQ PDGHUD GH DEHGXO 'LYLVLRQHV SRUWD
SDSHOHV\FDMRQFLWRVHQODSDUWHVXSHULRU'REOHWDSHWH
GH WHUFLRSHOR YLROHWD \ FRPSDUWLPHQWRV SDUD SOXPD \
WLQWHURVHQODSDUWHLQIHULRU$VDVODWHUDOHV\ERFDOODYH
GHEURQFH3HTXHxRVIDOWDQWHVHQHOHQFKDSDGR
,QJODWHUUD
6HJXQGD0LWDGGHO6LJOR;,;
$OWRFP$QFKRFP3URIFP
(VWLPDFLyQ86
3$5'((6&8/785$6'(<(623$7,1$'2
)LJXUDVJULHJDV3HGHVWDOHVSODQRVUHYHVWLGRVHQHVSHMR
FRQDOJXQDVDYHUtDV
$OWXUDWRWDOFP
&ROHFFLyQ)HGHULFR-RUJH./(00
(VWLPDFLyQ86
(6&8/785$ '( &(0(172 5(35(6(17$1'2
81$),*85$520$1$
0XMHUGHSLHFRQMDUUD\UHFLSLHQWHHQODVPDQRV3LH]D
SLQWDGDHQWRQRVEHLJHSODWHDGR\GRUDGR
$OWRFP
&ROHFFLyQ)HGHULFR-RUJH./(00
(VWLPDFLyQ86
3$5 '( (6),1*(6 (*,3&,$6 '( %521&( '2
5$'2<3$7,1$'2
$OWRFP/DUJRFP
&ROHFFLyQ)HGHULFR-RUJH./(00
(VWLPDFLyQ86
-&1$21&,$6$
'26$/02+$'21(6'(,*8$/',6(f2(1',
)(5(17(67$0$f26
6HGDGLVHxRGH*LDQQL9(56$&(&RUGRQHVGHSDVD
PDQHUtDHQHOERUGH
&ROHFFLyQ)HGHULFR-RUJH./(00
(VWLPDFLyQ86
*5$13$1(/'(&2%5('25$'2&21(6&(1$
(*,3&,$
7UDEDMRUHSXMDGRPRVWUDQGRDOIDUDyQHQVXWURQRMXQWR
DVROGDGRV\HVFODYRV6LJQRVGHMHURJOtÀFR\PRWLYRV
HJLSFLRV )LUPD LOHJLEOH QR LGHQWLÀFDGD \ IHFKD ´µ
DEDMRDODGHUHFKD
$OWRFP$QFKRFP
&ROHFFLyQ)HGHULFR-RUJH./(00
(VWLPDFLyQ86
$'2512'(%521&((1)250$'(//$0$
%DVHFXDGUDQJXODU,QVWDODFLyQHOpFWULFDHQODSDUWHSRV
WHULRU
&ROHFFLyQ)HGHULFR-RUJH./(00
(VWLPDFLyQ86
(6),1*( '( 0$'(5$ 5(&8%,(57$ (1 3$3(/
'25$'2
&ROHFFLyQ)HGHULFR-RUJH./(00
(VWLPDFLyQ86
&21-8172)250$'2325'2&($/02+$'2
1(67$3,=$'26
7RGRVGHXQPLVPRWDPDxR6HLVGLVHxRVGLIHUHQWHV
&ROHFFLyQ)HGHULFR-RUJH./(00
(VWLPDFLyQ86
'26*5$1'(6$/02+$'21(67$3,=$'26
8QR GH HOORV WDSL]DGR HQ VHGD FRQ ERUGH GH SDVDPD
QHUtD GH OD 0DLVRQ 9(56$&( PDQFKDGR (O RWUR GH
JDPX]DQHJUDSDVDPDQHUtDFRQKLORVRUR
&ROHFFLyQ)HGHULFR-RUJH./(00
(VWLPDFLyQ86
3$5'(&$1'(/$%526)5$1&(6(6'(%521
&(<0$502/
(VFXOWXUDV FHQWUDOHV GH EURQFH FRQ SiWLQD PDUUyQ UH
SUHVHQWDQGRDQJHOLWRVSRUWDQGRFDQDVWRVVREUHVXVFD
EH]DV &DQGHODEUR GH EURQFH GRUDGR FRQ VHLV EUD]RV
WHUPLQDGRVHQSRUWDYHODV%DVHVGHPiUPROFRORUy[LGR
FRQDURVGHEURQFH
)UDQFLD
6HJXQGD0LWDGGHO6LJOR;,;
$OWRFP
&ROHFFLyQ)HGHULFR-RUJH./(00
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
3$5 '( ),*85$6 9(1(&,$1$6 '( 0$'(5$
7$//$'$
1HJURV FRQ YHVWLPHQWDV SROtFURPDV VRVWHQLHQGR XQD
EDQGHMD\XQDDQWRUFKDTXHVLUYHGHFDQGHOHUR$OJXQD
UHVWDXUDFLyQ
9HQHFLD
6HJXQGD0LWDGGHO6LJOR;,;
$OWRFP
&ROHFFLyQ)HGHULFR-RUJH./(00
(VWLPDFLyQ86
3$5'(&$1'(/(526'($/($&,21'25$'$
<&,1&(/$'$
&ROXPQDVGHFHUiPLFDFRQHVPDOWHD]XO3LHGHJDUUD
VREUHEDVHWULDQJXODU
$OWRFP
&ROHFFLyQ)HGHULFR-RUJH./(00
(VWLPDFLyQ86
+27(/'(9(17$6*8,'2
3$5'(3257$9(/21(675$16)250$'26(1
/$03$5$6
0DGHUD FRQ SDUWHV RVFXUDV \ RWUDV GRUDGDV /\UDV GH
EURQFHFRQLQVWDODFLyQSDUDGRVOXFHVFDGDXQD3DQWD
OODVGHSHUJDPLQR
&ROHFFLyQ)HGHULFR-RUJH./(00
(VWLPDFLyQ86
3$5'(&$1'(/$%526&21),*85$6'($1
*(/,726
&DGDXQRGHHOORVSRVDGRVREUHXQDHVIHUDVRVWHQLHQGR
XQUDPDMHFRQVLHWHSRUWDYHODV%DVHVFRQSDUWHVGHPiU
PROYHUGHYHWHDGR8QRGHORVGLVFRVFRQUHVWDXUDFLyQ
$OWRFP
&ROHFFLyQ)HGHULFR-RUJH./(00
(VWLPDFLyQ86
/$03$5$ '($32<2 &21 &2/801$ '( 0$
'(5$1(*5$
%DVH\PRQWXUDGHEURQFH,QVWDODFLyQSDUDGRVOXFHV
3DQWDOODWDSL]DGD
&ROHFFLyQ)HGHULFR-RUJH./(00
(VWLPDFLyQ86
&(17523$5$0(6$&21)8(17('($*8$
&DYLGDG KRQGD FRQ ERUGH IRUPDQGR SXQWDV &HUiPLFD
EODQFD\GRUDGD(VIHUDFHQWUDOFRURQDGDSRUXQSHTXHxR
FXSLGR6LVWHPDHOpFWULFRSDUDODFLUFXODFLyQGHODJXD
$OWRFP'LiPHWURFP
&ROHFFLyQ)HGHULFR-RUJH./(00
(VWLPDFLyQ86
$17,*8$ 7$//$ ,7$/,$1$ 5(35(6(17$1'2
81$1*(/,72
0DGHUDWDOODGD\HVWXFDGD$OJXQDVUHVWDXUDFLRQHV
$OWRFP
&ROHFFLyQ)HGHULFR-RUJH./(00
(VWLPDFLyQ86
$17,*8$ 7$//$ ,1'Ì*(1$ 5(35(6(17$1'2
$&5,672
0DGHUDHVWXFDGDFRQUHVWRVGHSROLFURPtD
$OWRFP
&ROHFFLyQ)HGHULFR-RUJH./(00
(VWLPDFLyQ86
9$62)5$1&(6'(9,'5,2$57,67,&2),50$'2
0DQFKDVFRORUy[LGRVREUHIRQGRWXUTXHVD)LUPDER
UURVDHQHOFXHUSR
$OWRFP
&ROHFFLyQ)HGHULFR-RUJH./(00
(VWLPDFLyQ86
9$62'(9,'5,2$57,67,&2&2/25$=8/
'HFRUDFLyQHQUHOLHYHGHÁRUHV\KRMDV
$OWRFP
&ROHFFLyQ)HGHULFR-RUJH./(00
(VWLPDFLyQ86
9$62'(*58(629,'5,2'(&25$'2
&RPELQDFLyQGHWRQRVJULV\EHLJH
$OWRFP
&ROHFFLyQ)HGHULFR-RUJH./(00
(VWLPDFLyQ86
(63(-2 &21 /81$ &(175$/ ,55(*8/$5 %,
6(/$'$
'LVHxR GH )HGHULFR -RUJH .OHPP $PSOLR HQPDUFD
PLHQWRWRWDOPHQWHGRUDGRFRQURVWURVGHDQJHOLWRV
$OWRFP
&ROHFFLyQ)HGHULFR-RUJH./(00
(VWLPDFLyQ86
(63(-29(1(&,$12'(/$0$18)$&785$'(
085$12
/XQD ELVHODGD )RUPD RFWRJRQDO 3HTXHxDV VHFFLRQHV
GHHVSHMRHQHOFRURQDPLHQWR)DMDFHQWUDOGHOPDUFRGH
YLGULRD]XO
$OWRFP
&ROHFFLyQ)HGHULFR-RUJH./(00
(VWLPDFLyQ86
(63(-2&21/81$&(175$/'()250$29$
/$'$
'LVHxRGH)HGHULFR-RUJH.OHPP/XQDELVHODGD$P
SOLR HQPDUFDPLHQWR WRWDOPHQWH GRUDGR GHFRUDGR FRQ
JUDQGHVKRMDVPRWLYRVGHODYLG\DPRUFLWRHQHOFHQWUR
LQIHULRU
$OWRFP
&ROHFFLyQ)HGHULFR-RUJH./(00
(VWLPDFLyQ86
(63(-2 '( 3$5(' &21 /81$ 5(&7$1*8/$5
%,6(/$'$
$PSOLRHQPDUFDPLHQWRGHPDGHUDWDOODGD\GRUDGD
$OWRFP
&ROHFFLyQ)HGHULFR-RUJH./(00
(VWLPDFLyQ86
3$5'(%86726520$126'(&(0(1723,1
7$'2
8QRFRQUHVWDXUDFLyQHQODEDVH
&ROHFFLyQ)HGHULFR-RUJH./(00
(VWLPDFLyQ86
-&1$21&,$6$
3$5 '($17,*8$6 ),*85$69(1(&,$1$6 '(
0$'(5$(678&$'$
3LH]DV UHSUHVHQWDQGR FDEDOORV PDULQRV DODGRV UHFX
ELHUWRV SRU XQD SiWLQD SODWHDGD$OJXQDV VDOWDGXUDV \
UHVWDXUDFLRQHV%DVHVGHDFUtOLFR
9HQHFLD
3ULQFLSLRVGHO6LJOR;,;
$OWRFP/DUJRFP
(VWLPDFLyQ86
9HUUHSURGXFFLyQ
/$03$5$&219$62'(325&(/$1$-$321(
6$'(,0$5,
&XHUSRHQIRUPDGHERWHOODFRQDVDVHQHOFXHOOR'H
FRUDFLyQ HQ HVPDOWHV SROtFURPRV %DVH \ PRQWXUD GH
EURQFHFLQFHODGR\SDWLQDGR/\UDFRQLQVWDODFLyQSDUD
GRVOXFHV3DQWDOODFRUUHVSRQGLHQWH
(VWLPDFLyQ86
327,&+('(325&(/$1$-$321(6$'(,0$5,
&217$3$
'HFRUDFLyQ GH UDPDMHV ÁRUHV KRMDV \ DYHV HQ FDUDF
WHUtVWLFRVHVPDOWHVD]XOFRUDO\RUR&XHUSR\WDSDFRQ
VXDYHVHVWUtDVYHUWLFDOHV$JDUUDGHUDVXSHULRUUHSUHVHQ
WDQGDSRUXQSHUURGHIXHJR
$OWRFP
(VWLPDFLyQ86
3$5'(*5$1'(63/$726'()$,(1&()5$1
&(6$(60$/7$'$
)LUPDGRV FRQ LQLFLDOHV -( GH GHFRUDGRU QXPHUDGRV
\)UDQFHHQHOUHYHUVR$PSOLDJXDUGD
FRQGLVHxRGHUHVHUYDVHQFHUUDQGRFDQDVWDVFRQÁRUHV
KRMDV\IUXWRVHQHVPDOWHVSROtFURPRV&DQDVWDFHQWUDO
FRPSOHWDQGRODGHFRUDFLyQ3UHSDUDGRVSDUDFROJDU
'LiPHWURFP
(VWLPDFLyQ86
&58&,),-2'(0$5),/(6&8/3,'2&21&58=
'(0$'(5$
´,15,µGHPDUÀO5HVWDXUDFLyQHQXQSLH\ORVEUD
]RV)DOWDQWHVHQORVGHGRV\HQODFRURQD&UX]GHPD
GHUDQHJUDFRQUHVWDXUDFLyQ
$OWRFP
(VWLPDFLyQ86
$17,*8$3/$&$(8523($'(0$5),/(6&8/
3,'2
3LH]DFLUFXODUHVFXOSLGDHQEDMRUHOLHYHUHSUHVHQWDQGR
XQ iUERO FRQ SHUVRQDMHV $QLPDOHV PLWROyJLFRV HQ HO
FRQWRUQR3HTXHxDDYHUtDHQHOFHQWUR
(VWLPDFLyQ86
0$5,12',7($1$)UDQFHVFR
(VFXHOD,WDOLDQD
´&20326,&,21µ
(VFXOWXUDGHDFHUR&XDWURPHGLRVDURVVREUHXQDEDVH
UHFWDQJXODU )LUPDGD HQ PRQRJUDPD FRQ LQLFLDOHV
0GL7
$OWRFP/DUJRFP
(VWLPDFLyQ86
+,(/(5$ 5($/,=$'$ &21 3$7$ '( 5,12&(
5217(
0RQWXUDDJDUUDGHUDGHODWDSD\WHUPLQDFLRQHVGHODV
SH]XxDVGHSODWD5HFLSLHQWHLQWHUQRGHVPRQWDEOH
(VWLPDFLyQ86
6(,63,(=$6'(3/$7$<(60$/7(3$5$(6&5,
725,2
3ODWDIUDQFHVDVHOODGD\HVPDOWHJXLOORFKpFRORUFHOHVWH
3HTXHxDVVDOWDGXUDVHQHOHVPDOWH&RPSXHVWRSRUXQ
WLQWHURFRQFXHUSRGHFULVWDOXQVHFDQWHXQVHOORSDUD
ODFUHXQDEUHFDUWDVFRQKRMDGHPDUÀOUHVWDXUDGD\GRV
VHFFLRQHVGHSRUWDPLQDV
(VWLPDFLyQ86
+27(/'(9(17$6*8,'2
*5$13/$72'($17,*8$325&(/$1$-$32
1(6$'(,0$5,
3RUFHODQD EODQFD 5HVHUYD FHQWUDO GH IRUPD FLUFXODU
URGHDGDGHXQDDQFKDJXDUGDHQODTXHVHDOWHUQDQWUHV
GLVHxRVRULHQWDOHVGLIHUHQWHV(VPDOWHVHQORVTXHSUH
GRPLQDQWRQRVFRUDOD]XO\RUR
-DSyQ
6LJOR;,;
'LiPHWURFP
(VWLPDFLyQ86
$//28$5'+HQUL(PLOH
(VFXHOD)UDQFHVD
(6&8/785$(&8(675('(%521&(&213$7,
1$9(5'(
%URQFHDODFHUDSHUGLGDQXPHUDGR0LOLWDUSRUWDQ
GREDQGHUDSRVLEOHPHQWHHO*HQHUDO0DQXHO%HOJUDQR
%DVH GH IRUPD RYDODGD VREUH XQ SHGHVWDO HVFDORQDGR
GHPiUPROYHWHDGR(VFXGRQDFLRQDOHQEURQFHGRUDGR
3LH]DÀUPDGD+$//28$5'
$OWRFP/DUJRFP
)XQGLFLyQ6866()UHV(GW3DUtV
(VWLPDFLyQ86
$/21=2'RPLQLTXH
(VFXHOD)UDQFHVD
6LJORV;,;\;;
*5832 )5$1&(6 '( %521&( &,1&(/$'2 <
'25$'2
5HSUHVHQWDDWUHVFKLFRVURGHDQGRXQEHEHGHUR%DVHGH
yQL[3LH]DÀUPDGD'$/21=2HQHOEHEHGHUR
$OWRFP$QFKRFP
(VWLPDFLyQ86
&(1752 -$321(6 '( %521&( &21 3$7,1$
0$5521
6LJQRVGHHVFULWXUDHQHOUHYHUVRGHODEDVH&XHUSRGH
IRUPDDFKDWDGD*XDUGDFRQÀJXUDVGHDYHV$URVPR
YLEOHVHQODVDVDVODWHUDOHV
$OWRFP'LiPHWURFP
(VWLPDFLyQ86
3$5'(3/$&$6(63$f2/$6'(0$<2/,&$(6
0$/7$'$
&DGDXQDGHHOODVUHSUHVHQWDXQDHVFHQDHVSDxROD(Q
PDUFDPLHQWRV GH KLHUUR UHDOL]DGRV SRU -RVp 7KHQpH
3ODFDGHEURQFHHQHOUHYHUVR
$OWRFP$QFKRFP
(VWLPDFLyQ86
$17,*823$67,//(52)5$1&(6'(325&(/$
1$
&DMLWDUHFWDQJXODUGHSRUFHODQDEODQFD0X\ÀQDGHFR
UDFLyQSLQWDGDDPDQRHQWRGDODSDUWHH[WHULRU\HQHO
UHYHUVRGHODWDSD&HUFRVLQVHFWRVDUEXVWRV\UDPDMHV
ÁRULGRVHQODGHFRUDFLyQ0RQWXUDGHSODWDVHOODGDFRQ
SXQ]yQGHGLItFLOLGHQWLÀFDFLyQ
&ROHFFLyQ$OEHUWR9('2<$
6DUD6(5eGH9('2<$
(VWLPDFLyQ86
$17,*82 3$67,//(52 29$/ '( &2%5(< (6
0$/7(
/D WDSD SUHVHQWD XQD GHFRUDFLyQ GH SDLVDMH QRFWXUQR
FRQ ÀJXUD IHPHQLQD \ DPRUFLWRV XQR GH HOORV UHSUH
VHQWDQGRD&XSLGR(OUHVWRGHOHVPDOWHHVQHJUR(QHO
FRQWRUQRSUHVHQWDXQDGHFRUDFLyQGHDYHVDUDEHVFRV\
ÁRUHVHQHVPDOWHVSROtFURPRV
&ROHFFLyQ$OEHUWR9('2<$
6DUD6(5eGH9('2<$
(VWLPDFLyQ86
$17,*82 3$67,//(52 $/(0$1 '( 0$5),/
(6&8/3,'2&217$3$
&DMLWDGHIRUPDLUUHJXODU3DUWHH[WHULRUFRQGHFRUDFLyQ
HVFXOSLGD0RQWXUDGHEURQFHGRUDGR\SDWLQDGR
&ROHFFLyQ$OEHUWR9('2<$
6DUD6(5eGH9('2<$
(VWLPDFLyQ86
3$67,//(52 &,5&8/$5 '( 3/$7$ 6(//$
'$&217$3$
3XQ]RQHVFRUUHVSRQGLHQWHV7DSD\FRQWRUQRGHHVPDOWH
JXLOORFKpFRORURUR\ÀOHWHVGHHVPDOWHEODQFR3HTXH
xDVVDOWDGXUDV)LQRWUDEDMRFLQFHODGRHQHOUHYHUVRGH
ODEDVH
0$33,1:(%%(QJODQG
&ROHFFLyQ$OEHUWR9('2<$
6DUD6(5eGH9('2<$
(VWLPDFLyQ86
3(48(f2 3$67,//(52 5(&7$1*8/$5 '(
325&(/$1$&217$3$
3RUFHODQDEODQFD'HFRUDFLyQÁRUDOHQODWDSD\HOFRQ
WRUQR0RQWXUD\´HQUHMDGRµGHEURQFH
&ROHFFLyQ$OEHUWR9('2<$
6DUD6(5eGH9('2<$
(VWLPDFLyQ86
-&1$21&,$6$
$17,*82 3$67,//(52 29$/ '( 3/$7$ < (6
0$/7(&217$3$
3ODWDFRQEDxRYHUPHLO3XQ]RQHVQRLGHQWLÀFDGRVHQOD
PRQWXUD,QWHULRUUHYHVWLGRHQFDUH\RVFXUR(QWRGDOD
SDUWHH[WHULRUSUHVHQWDXQDÀQtVLPDGHFRUDFLyQHQHV
PDOWH6DOWDGXUDHQHOUHYHUVRGHODEDVH\PX\SHTXHxD
HQODWDSD
&ROHFFLyQ$OEHUWR9('2<$
6DUD6(5eGH9('2<$
(VWLPDFLyQ86
&85,26$&$-$)5$1&(6$'(3/$7$6(//$'$
<0$5),/
3XQ]yQGH0LQHUYD\GHRUIHEUHFRQLQLFLDOHV-0QR
LGHQWLÀFDGR &DMD FLUFXODU GH SODWD FRQ GHFRUDFLyQ HQ
UHOLHYH)LJXUDGHPRQRFLQFHODGRHQXQFRVWDGR%RFD
GH IRUPD RYDODGD7DSD GH PDUÀO FKLQR GHFRUDGR SRU
ÀJXUDVGHPRQRV/DDJDUUDGHUDGHODWDSDPXHVWUDDXQ
PRQRGHPDUÀOFRQSiWLQDPDUUyQ
&ROHFFLyQ$OEHUWR9('2<$
6DUD6(5eGH9('2<$
(VWLPDFLyQ86
3$67,//(52 )5$1&(6 '( 325&(/$1$ &21
7$3$
0DUFDVGH6HYUHV\GH/LPRJHVHQHOUHYHUVRGHODEDVH
3RUFHODQDEODQFDFRQSDUWHVGRUDGDV5HVHUYDHQODWDSD
HQFHUUDQGR OD ÀJXUD GH XQ DQJHOLWR \ XQ FDQDVWR FRQ
ÁRUHV0RQWXUDGHEURQFH
&ROHFFLyQ$OEHUWR9('2<$
6DUD6(5eGH9('2<$
(VWLPDFLyQ86
3$67,//(52 &,5&8/$5 '( 9,'5,2 /,62 &2
/2558%,
0RQWXUD GH ÀOLJUDQD GH EURQFH 0LQLDWXUD FRQ ÀJXUD
IHPHQLQDHQODWDSD
&ROHFFLyQ$OEHUWR9('2<$
6DUD6(5eGH9('2<$
(VWLPDFLyQ86
&$-,7$23$67,//(52'(325&(/$1$(1)25
0$'($9(
'HFRUDFLyQ SLQWDGD D PDQR 7DSD HQ OD SDUWH LQIHULRU
FRQPRQWXUDGHEURQFHFLQFHODGR
&ROHFFLyQ$OEHUWR9('2<$
6DUD6(5eGH9('2<$
(VWLPDFLyQ86
&$-,7$ 5(&7$1*8/$5 '( &251$/,1$ &21
7$3$
3LHGUDGXUDSXOLGD'RVELVDJUDVSRVWHULRUHVGHSODWD
&ROHFFLyQ$OEHUWR9('2<$
6DUD6(5eGH9('2<$
(VWLPDFLyQ86
3(48(f$ &$-,7$ ,1*/(6$ 9,&725,$1$ '(
3$3,(50$&+(
3DUWHH[WHULRUFRORUHDGD0LQLDWXUDRYDOSLQWDGDDPDQR
FRQPDUFRGHEURQFHHQODWDSD)DOWDXQSHTXHxRIUDJ
PHQWRHQHOERUGH
&ROHFFLyQ$OEHUWR9('2<$
6DUD6(5eGH9('2<$
(VWLPDFLyQ86
3$67,//(52&8$'5$1*8/$5'(3/$7$9(5
0(,/&217$3$
3XQ]RQHV FRUUHVSRQGLHQWHV 'HFRUDFLyQ FLQFHODGD GH
UDPDVKRMDVÁRUHV\DYHVHQWRGDODSDUWHH[WHULRU
&ROHFFLyQ$OEHUWR9('2<$
6DUD6(5eGH9('2<$
(VWLPDFLyQ86
3$67,//(52'(3/$7$,1*/(6$6(//$'$&21
7$3$
3XQ]RQHVGHODFLXGDGGH/RQGUHV\GHRUIHEUH&DMLWD
FXDGUDQJXODU FRQ ODGRV RQGHDGRV 0ROGXUDV FLQFHOD
GDV%RWyQGHQiFDUHQODWDSD
&ROHFFLyQ$OEHUWR9('2<$
6DUD6(5eGH9('2<$
(VWLPDFLyQ86
3$67,//(52 &21 &$-$ '( &(5$0,&$ -$32
1(6$'(6$7=80$
'HFRUDFLyQHQODTXHVHGHVWDFDQSHTXHxDVPDULSRVDV
0RQWXUDGHSODWDIUDQFHVDYHUPHLOVHOODGD
&ROHFFLyQ$OEHUWR9('2<$
6DUD6(5eGH9('2<$
(VWLPDFLyQ86
&26785(52(10,1,$785$(1)250$'(/,
%52
&DMDGHSODWDVLQSXQ]RQHVYLVLEOHV5DPDMHV\DYHVHQ
HVPDOWHRUR(OHPHQWRVSDUDFRVWXUDHQHOLQWHULRU
&ROHFFLyQ$OEHUWR9('2<$
6DUD6(5eGH9('2<$
(VWLPDFLyQ86
+27(/'(9(17$6*8,'2
3$5'(9$626&+,126'(%521&(&/2,621
1(
&XHUSRFRQYDULDGRGLVHxRÁRUDOHQHVPDOWHVSROtFUR
PRV*XDUGDVHQHOFXHOOR\ODEDVHVREUHIRQGRQHJUR
$OWRFP
(VWLPDFLyQ86
$17,*8$ ),*85$ &+,1$ '( $/)$5(5,$ (6
0$/7$'$
3LH]DUHSUHVHQWDQGRXQFKLHQGHIR5HFXELHUWRSRUHV
PDOWHVDPDULOOR\YHUGH$OJXQDUHVWDXUDFLyQ%DVHGH
PDGHUDWDOODGD
&KLQD
6LJOR;,;
$OWRFP/DUJRFP
(VWLPDFLyQ86
$17,*8$7(-$&+,1$'($/)$5(5,$(60$/
7$'$
*XHUUHURDFDEDOORVREUHXQDIRUPDFLyQGHRODV$OJXQRV
IDOWDQWHV\UHVWDXUDFLRQHV%DVHUHFWDQJXODUGHPDGHUD
&KLQD
6LJOR;,;
$OWRFP
(VWLPDFLyQ86
´',$1$<&83,'2µ
$QWLJXD HVFXOWXUD GH KLHUUR )LUPD LOHJLEOH \ SRVLEOH
PHQWHIHFKDGD/DSLH]DSUHVHQWDDOJXQDVUDMDGX
UDV\UHVWDXUDFLRQHV
$OWRFP
)21'(5,(6'·$57(6'89$/'·261(
%RXOHYDUG9ROWDLUH3DUtV
'RVVHOORVGLIHUHQWHVHQODSDUWHLQIHULRU
(VWLPDFLyQ86
$17,*829$62&+,12'(325&(/$1$'(&2
5$'$
0DUFDD]XOVtPERORGHODGHFRUDFLyQHQHOUHYHUVRGH
ODEDVH&XHUSRIRUPDGRSRUFXDWURFDUDVSODQDV'HFR
UDFLyQRULHQWDOHQHVPDOWHVGHOD)DPLOOH9(573LH]D
DGDSWDGDSDUDOiPSDUD/\UDGHEURQFHFRQLQVWDODFLyQ
SDUDGRVOXFHV3DQWDOODFRUUHVSRQGLHQWH
&KLQD
6LJOR;9,,,
$OWRGHOYDVRFP
&ROHFFLyQ0DUFRV&85,
(VWLPDFLyQ86
3$5'(/$03$5$6&21327,&+(6'(325&(
/$1$&+,1$
(SRFD&KLD&KLQJ3RWLFKHVFRQWDSD6REUH
ODFXELHUWDEODQFDVHGHVWDFDXQDGHFRUDFLyQVLPpWULFD
HQHVPDOWHVFRUDO\YHUGH*XDUGDVH[WUHPDVFRQGLVH
xRVFRQWLQXRV7DSDVSHJDGDVXQDGHHOODVFRQUHVWDX
UDFLyQ$PEDV SLH]DV DSR\DQ HQ XQD EDVH FLUFXODU GH
PDGHUDGHGRQGHQDFHODO\UD,QVWDODFLyQSDUDGRVOXFHV
FDGDXQD3DQWDOODVFRUUHVSRQGLHQWHV
&KLQD
3ULQFLSLRVGHO6LJOR;,;
$OWRGHORVSRWLFKHVFP
&ROHFFLyQ0DUFRV&85,
(VWLPDFLyQ86
*5$1&(1752-$321(6'(%521&(&217$3$
%URQFHUHFXELHUWRSRUXQDSiWLQDPDUUyQ$VDVODWHUDOHV
UHSUHVHQWDGDVSRUFDEH]DVGHHOHIDQWHV5HVHUYDVJUDED
GDV7DSDFRURQDGDSRUODÀJXUDGHXQSHUURGHIR
-DSyQ
6HJXQGD0LWDGGHO6LJOR;,;
$OWRFP
&ROHFFLyQ0DUFRV&85,
(VWLPDFLyQ86
6$+80$'2525,(17$/'(%521&(&217$3$
%URQFHFRQSiWLQDPDUUyQ$VDVODWHUDOHV'HFRUDFLyQ
HQUHOLHYH\SLHGULWDVHQJDU]DGDV7DSDHQIRUPDGHQX
EHVFRQSiWLQDJDVWDGD
$OWRFP
&ROHFFLyQ0DUFRV&85,
(VWLPDFLyQ86
3(48(f$&$%(=$'(*5(6(60$/7$'2
3RVLEOHPHQWHUHDOL]DGDSRU-RVp),25$9$7,
6HSUHVHQWDVREUHXQDEDVHDOWDGHDFUtOLFR
$OWRFP
&ROHFFLyQ0DUFRV&85,
(VWLPDFLyQ86
&$%(=$ 25,(17$/ '( 3,('5$ &21 3$7,1$
26&85$
6HSUHVHQWDVREUHXQDEDVHF~ELFDGHPDGHUDSLQWDGDD
ODODFDFRUDO3HGHVWDOGHPDGHUD
$OWRWRWDOFP
&ROHFFLyQ0DUFRV&85,
(VWLPDFLyQ86
-&1$21&,$6$
$17,*82&(1752+21'2'($/)$5(5,$(6
0$/7$'$
6LJOR ;9,,, (VPDOWH QHJUR &DVFDGXUD HQ OD ERFD
%DVHFLUFXODUGHPDGHUDHVFDORQDGDHQHOERUGH
'LiPHWURFP
(VWLPDFLyQ86
&$&+(327'(&(5$0,&$)5$1&(6$(60$/
7$'$
(VPDOWHYHUGHFKRUUHDGR&XHUSRIRUPDQGRJDMRV'H
FRUDFLyQRURHQUHOLHYH5HVWDXUDFLyQHQODERFD
$OWRFP
(VWLPDFLyQ86
0(025$1'80
0(025$1'80
0(025$1'80