(VTXHPDVGHPRUIRORJtDJULHJD (/$/)$%(72*5,(*2 0D\~VFXOD $ % * ' ( = + 4 , . / 0 1 ; 2 3 5 6 7 8 ) & < : 0LQ~VFXOD D E J G H ] K T L N O P Q [ R S U V W X I F \ Z 3URQXQFLDFLyQ D E J GpELO G H EUHYH GV H ODUJD ] L N O P Q NV R EUHYH S U V W I M SV R ODUJD 1RPEUHGHORVVLJQRV JULHJR FDVWHOODQR D>OID EKWD JDYPPD GHYOWD H>\LORYQ ]KWD K?WD TKWD LMZWD NDYSSD ODYPEGD PX QX [L R>PLNURYQ SL U-Z VLJPD WDX X>\LORYQ IL FL \L Z?PHYJD 127$6 /D VyORVHXVDDILQGHSDODEUD /DJ VHSURQXQFLDFRPR³Q´DQWH JNF[ D>JJHOR /DX VHOHH³X´HQORVGLSWRQJRV DXHX(OGLSWRQJRRX VHOHH ³X´ /DGREOHODPEGD OO VHOHHFRPRGREOH³O´ DOID EHWD JDPPD GHOWD pSVLORQ GVHWD HWD ]HWD LRWD FDSSD ODPEGD PL QL [L yPLFURQ SL UR VLJPD WDX tSVLORQ IL ML SVL RPHJD (VTXHPDVGHPRUIRORJtDJULHJD /26',3721*26 'HSULPHUHOHPHQWREUHYHDLHLRLDXHXRX 'HSULPHUHOHPHQWRODUJRDKZKX (/(63Ë5,78 7RGDVODVSDODEUDVTXHHPSLH]DQSRUYRFDO RGLSWRQJR KDQGHOOHYDUQHFHVDULDPHQWHXQVLJQR JUiILFROODPDGRHVStULWX(VWHHVStULWXSXHGHVHUVXDYH M TXHQRVHSURQXQFLDRiVSHUR - TXHVHSURQXQFLDFRPRXQD³M´ (QODVPLQ~VFXODVHOHVStULWXVHFRORFDHQFLPDGHODYRFDORVREUHHOVHJXQGRHOHPHQWRGHO GLSWRQJR(QODVPD\~VFXODVVHFRORFDDODL]TXLHUGDGHODYRFDOLQLFLDO /26$&(1726 (ODFHQWRJULHJRHVWiUHSUHVHQWDGRSRUWUHVVLJQRV Y DJXGR JUDYH\ FLUFXQIOHMR(O DFHQWRFLUFXQIOHMR VyORSXHGHLUFRORFDGRVREUHVtODEDODUJDRGLSWRQJR\~QLFDPHQWHHQODV GRV~OWLPDVVtODEDVGHXQDSDODEUD(ODFHQWRDJXGR SXHGHLUVREUHFXDOTXLHUYRFDO\GLSWRQJR \SXHGHDSDUHFHUHQODVWUHV~OWLPDVVtODEDVGHODSDODEUD(ODFHQWRJUDYH HVXQDYDULDQWHGHO DFHQWRDJXGRWRGDSDODEUDTXHOOHYHDFHQWRDJXGRHQOD~OWLPDVtODED\QRVHDILQDOGHIUDVH VXVWLWX\HHVHDFHQWRDJXGRSRUHOJUDYH 6,*126'(38178$&,Ï1 SXQWR\FRPD B VLJQRGHLQWHUURJDFLyQ SXQWRDOWR HTXLYDOHQWHDQXHVWURVGRVSXQWRVRDQXHVWURSXQWR\FRPD SXQWR \FRPD VHXWLOL]DQFRPRHQFDVWHOODQR (QORVGLSWRQJRVGHSULPHUHOHPHQWRODUJRODL VHVXVFULEHHQODVPLQ~VFXODV HQODVPD\~VFXODVHHVFULEHDOD GHUHFKD \QRVHSURQXQFLD /DFRQVRQDQWHU HQSRVLFLyQLQLFLDOOOHYDVLHPSUHXQHVStULWXiVSHUR TXHQRVHSURQXQFLD (VTXHPDVGHPRUIRORJtDJULHJD FLEXIÓN NOMINAL 35,0(5$'(&/,1$&,Ï1 7HPDVHQD 120,1$7,92 92&$7,92 $&86$7,92 *(1,7,92 '$7,92 6,1*8/$5 )(0(1,126 D SXUD D LPSXUD K D D DQ D D D D DQ K K K K KQ K K 0$6&8/,126 D D D DQ RX D K K D KQ RX K 3/85$/ )(0<0$6& DL DL D ZQ DL 6(*81'$'(&/,1$&,Ï1 7HPDVHQR 120,1$7,92 92&$7,92 $&86$7,92 *(1,7,92 '$7,92 6,1*8/$5 0$6&<)(0(1 1(87526 R H RQ RX Z RQ RQ RQ RX Z 3/85$/ 0$6&<)(0(1 1(87526 RL RL RX ZQ RL D D D ZQ RL 7(5&(5$'(&/,1$&,Ï1 )OH[LyQDWHPiWLFD 120,1$7,92 92&$7,92 $&86$7,92 *(1,7,92 '$7,92 6,1*8/$5 0$6&<)(0(1 1(8752 6 R WHPDDODUJDGR RVLQGHVLQHQFLD QD R L R L 3/85$/ 0$6&<)(0(1 1(87526 H H D ZQ VL Q D D D ZQ VL Q (VTXHPDVGHPRUIRORJt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iPSDUD ODPSDY ODPSDY ODPSDYGD ODPSDYGR ODPSDYGL WRVZPD HOFXHUSR VZPD VZPD VZPD VZYPDWR VZYPDWL ODPSDYGH ODPSDYGH ODPSDYGD ODPSDYGZQ ODPSDYVL Q VZYPDWD VZYPDWD VZYPDWD VZPDYWZQ VZYPDVL Q HQGHQWDOFRPSUHQGHQVXVWDQWLYRVPDVFXOLQRVIHPHQLQRV\QHXWURV /RVPDVFXOLQRV\IHPHQLQRVWRPDQ HQHOQRPLQDWLYR\YRFDWLYRVLQJXODU +D\TXHWHQHUHQFXHQWDTXHXQDGHQWDODQWHODV GHODGHVLQHQFLDGHQRPLQDWLYR\YRFDWLYR VLQJXODUHV\GHGDWLYRSOXUDOGHVDSDUHFHDGHPiVXQDGHQWDOQRSXHGHVHUILQDOGHSDODEUD /RVVXVWDQWLYRVHQLX GHWHPDHQGHQWDOWLHQHQHODFXVDWLYRVLQJXODUHQQFXDQGRLX QROOHYDQDFHQWRHQHOQRPLQDWLYR K-FDYULo DFXV FDYULQ K-SDWULYo DFXVSDWULYGD K-NRYUXo DFXVNRYUXQ K-FODPXYo DFXV FODPXYGD (VTXHPDVGHPRUIRORJt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tTXLGD OU 120,1$7,92 92&$7,92 $&86$7,92 *(1,7,92 '$7,92 6,1*8/$5 R-U-KYWZUHORUDGRU U-KYWZU U-KWRU U-KYWRUD U-KYWRUR U-KYWRUL R-D^OODVDO D^O D^O D^OD D-ORY D-OLY U-KYWRUH U-KYWRUH U-KYWRUD U-KWRYUZQ U-KYWRUVL Q 3/85$/ D^OH D^OH D^OD D-OZQ D-OVLY Q &RPSUHQGHQVXVWDQWLYRVPDVFXOLQRVIHPHQLQRV\QHXWURV /RVPDVFXOLQRV\IHPHQLQRVSURORQJDQODYRFDOILQDOGHOWHPDHQHOQRPLQDWLYRVLQJXODU (O~QLFRWHPDHQO HVD^OTXHWRPD HQHOQRPLQDWLYRVLQJXODU $OJXQRVVXVWDQWLYRVHQWKU VXIUHQVtQFRSDGHH HQHOJHQLWLYR\GDWLYRVLQJXODU\WLHQHQXQ GDWLYRSOXUDOHQDVL SDWKYU JHQVLQSDWURY GDWVLQSDWULYGDWSO SDWUDYVL PDWKYU JHQVLQPDWURY GDWVLQPDWULYGDWSOPDWUDYVL (VTXHPDVGHPRUIRORJtDJULHJD H 7HPDVHQ VLOEDQWH )HQyPHQRFRP~QDWRGRVORVWHPDVHQVLOEDQWHHVODSpUGLGDGHODVLQWHUYRFiOLFDFRQOR TXH ODV YRFDOHV TXH TXHGDQ HQ FRQWDFWR FRQWUDHQ QRUPDOPHQWH /D FRQWUDFFLyQ VH SURGXFH FRQIRUPHDODVVLJXLHQWHVUHJODV HH! HL HR!RX HD!K HZ!Z 7HPDVHQH YDULDEOH 120,1$7,92 92&$7,92 $&86$7,92 *(1,7,92 '$7,92 6yOR SUHVHQWDQ HVWD GHFOLQDFLyQ VXVWDQWLYRV GH Jp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iORJD DOQRPLQDWLYR ERXRYEXH\ ERX ERX ERXQ ERRY ERLY )RUPDQVXVWDQWLYRVPDVFXOLQRV\IHPHQLQRV /DX VHHOLGHFXDQGRVHHQFXHQWUDHQWUHYRFDOHV WULKYUHL WULKYUHL WULKYUHL WULKYUZQ WULKYUHVL ERYH ERYH ERX ERZQ ERXVLY (VTXHPDVGHPRUIRORJt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Ï1'(/26$'-(7,926 75(67(50,1$&,21(6 35,0(5$&/$6( 6(*81'$&/$6( NDORYKYRYQ PHYODPHYODLQDPHYODQ '267(50,1$&,21(6 35,0(5$&/$6( 6(*81'$&/$6( H>QGR[RRQ HXMGDLYPZQRQ $'-(7,926,55(*8/$5(6 SROXYSROOKYSROXY PXFKR 0$6& SROXY 120,1$7,92 SROXYQ $&86$7,92 SROORX *(1,7,92 SROOZ '$7,92 6,1*8/$5 )(0(1 1(8752 SROOKY SROXY SROOKYQ SROXY SROOK SROORX SROOK SROOZ 0$6& SROORLY SROORXY SROOZQ SROORL 3/85$/ )(0(1 SROODLY SROODY SROOZQ SROODL 1(8752 SROODY SROODY SROOZQ SROORL (VTXHPDVGHPRUIRORJtDJULHJD PHYJDPHJDYOKPHYJD JUDQGH 6,1*8/$5 )(0(1 1(8752 PHJDYOK PHYJD PHJDYOKQ PHYJD PHJDYOK PHJDYORX PHJDYOK PHJDYOZ 0$6& PHYJD 120,1$7,92 PHYJDQ $&86$7,92 PHJDYORX *(1,7,92 PHJDYOZ '$7,92 0$6& PHJDYORL PHJDYORX PHJDYOZQ PHJDYORL 3/85$/ )(0(1 1(8752 PHJDYODL PHJDYOD PHJDYOD PHJDYOD PHJDYOZQ PHJDYOZQ PHJDYODL PHJDYORL /26*5$'26'(/$'-(7,92 &203$5$7,92 WHURDRQ LYZQLRQ 683(5/$7,92 WDWRKRQ LVWRKRQ *HQLWLYR FIODWtQDEODWLYR K> \HOPLVPRFDVRTXHHOSULPHU WpUPLQR FIODWtQTXDP *HQLWLYR SDUWLWLYR 68),-26 6(*81'27e50,12 (MHPSORV 6RIZYWHURYHMVWLWRX3HYWURX 6RIZYWHURYHMVWLK> 3HYWUR 6ZNUDYWKK?QVRIZYWDWRWZQ-(OOKYQZQ $'-(7,926'(75(67(50,1$&,21(6&/$6( 0$6& R 120,1$7,92 92&$7,92 H RQ $&86$7,92 RX *(1,7,92 Z '$7,92 6,1*8/$53/85$/ )(0(1 1(8752 0$6& )(0(1 1(8752 DK RQ RL DL D DK DQKQ DK DK RQ RQ RX Z RL RX ZQ RL DL D ZQ DL D D ZQ RL (/$57Ì&8/2 120,1$7,92 $&86$7,92 *(1,7,92 '$7,92 0$6& RWRYQ WRX WZ 6,1*8/$5 )(0(1 1(8752 KWKYQ WK WK WRY WRY WRX WZ 0$6& RLWRXY WZQ WRL 3/85$/ )(0(1 DLWDY WZQ WDL 1(8752 WDY WDY WZQ WRL (VTXHPDVGHPRUIRORJtDJULHJD &203/(0(1726'(/8*$5 $&86$7,92 &RPSOHPHQWRSRL OXJDUDGRQGH HLM HMSLYSURYNDWDYDMQDYSDUDY *(1,7,92 &RPSOHPHQWRSRYTHQ OXJDUGHGRQGH DMSRYSDUDYHMN &RPSOHPHQWRSK OXJDU SRUGRQGH GLDY '$7,92 &RPSOHPHQWRSRX OXJDUHQGRQGH HMQSDUDYSURY (VTXHPDVGHPRUIRORJtDJULHJD /26352120%5(6 352120%5(63(5621$/(6125()/(;,926 3(56 HMJZY 120,1$7,92 HMPHYPH $&86$7,92 HMPRXPRX *(1,7,92 HMPRLYPRL '$7,92 6,1*8/$5 3(56 VXY VHYVH VRXVRX VRLYVRL 3(56 H^HRX_RXRL_RL- 3(56 K-PHL K-PD K-PZQ K-PLQ 3/85$/ 3(56 X-PHL X-PD X-PZQ X-PLQ 3(56 VIHL VID VIZQ VILYVL Q &RPRQRPLQDWLYRGHOSURQRPEUHGHSHUVRQDVHXVDQORVGHPRVWUDWLYRVRX_WR \HMNHLQRHQORVGHPiV FDVRVVHVXHOHXWLOL]DUHOSURQRPEUHDXMWRYSXHVHOSURQRPEUHH^ HVPX\SRFRXVDGR 352120%5(63(5621$/(65()/(;,926 $&86$7,92 *(1,7,92 '$7,92 3(56 HHMPDXWRYQKYQ 6,1*8/$5 3(56 VHDXWRYQKYQ HMPDXWRXK VHDXWRXK HMPDXWZK VHDXWZK 3(56 H-DXWRYQKYQRY H-DXWRXKRX H-DXWZKZ 3/85$/ 3(56 3(56 3(56 K-PDDXMWRXY X-PDDXMWRXY VIDDXMWRXY DY DY DYDY K-PZQDXMWZQ X-PZQDXMWZQ VIZQDXMWZQ K-PLQDXMWRL X-PLQDXMWRL VILYVL Q DXMWRL DL DL DL (QODWHUFHUDSHUVRQDGHOSOXUDOWDPELpQVHXWLOL]DQODVIRUPDVDFXVH-DXWRXYDYDYJHQH-DXWZQ \GDW H-DXWRLDL 352120%5(6326(6,926 81326(('25 9$5,26326(('25(6 35,0(5$3(5621$ HMPRYKYRYQ K-PHYWHURDRQ 6(*81'$3(5621$ VRYKYRYQ X-PHYWHURDRQ /D WHUFHUD SHUVRQD QR SRVHH IRUPDV SURSLDV GH SRVHVLYR 8WLOL]D ORV JHQLWLYRV GHO SURQRPEUH DXMWRYKYRY DXMWRXDXMWKDXMWRX FI ODWtQ HLXV DXMWZQ FI ODWtQ HRUXP HDUXPHRUXP /RVSRVHVLYRVGHSULPHUD\VHJXQGDSHUVRQDSXHGHQVHUVXVWLWXLGRVSRUHOJHQLWLYRGH ORVSURQRPEUHVSHUVRQDOHV R-SDWKUPRX R-HMPRSDWKYU (VTXHPDVGHPRUIRORJtDJULHJD 352120%5(6'(02675$7,926 $ 'HPRVWUDWLYRR^GH aODWtQKLFKDHFKRF 120,1$7,92 $&86$7,92 *(1,7,92 '$7,92 0$6& R^GH WRYQGH WRXGH WZGH 6,1*8/$53/85$/ )(0(1 1(8752 0$6& )(0(1 1(8752 K^GH WRYGH RL^GH DL^GH WDYGH WKYQGH WRYGH WRXYVGH WDYVGH WDYGH WKVGH WRXGH WZQGH WZQGH WZQGH WKGH WZGH WRLVGH WDLVGH WRLVGH % 'HPRVWUDWLYRRX_WR aODWtQLVWHLVWDLVWXG 120,1$7,92 $&86$7,92 *(1,7,92 '$7,92 0$6& RX_WR WRXWRQ WRXYWRX WRXYWZ 6,1*8/$53/85$/ )(0(1 1(8752 0$6& )(0(1 1(8752 DX^WK WRXWR RX_WRL DX_WDL WDXWD WDXYWKQ WRXWR WRXYWRX WDXYWD WDXWD WDXYWK WRXYWRX WRXYWZQ WRXYWZQ WRXYWZQ WDXYWK WRXYWZ WRXYWRL WDXYWDL WRXYWRL & 'HPRVWUDWLYRHMNHLQR aODWtQLOOHLOODLOOXG 120,1$7,92 $&86$7,92 *(1,7,92 '$7,92 0$6& HMNHLQR HMNHLQRQ HMNHLYQRX HMNHLYQZ 6,1*8/$53/85$/ )(0(1 1(8752 0$6& )(0(1 1(8752 HMNHLYQK HMNHLQR HMNHLQRL HMNHLQDL HMNHLQD HMNHLYQKQ HMNHLQR HMNHLYQRX HMNHLYQD HMNHLQD HMNHLYQK HMNHLYQRX HMNHLYQZQ HMNHLYQZQ HMNHLYQZQ HMNHLYQK HMNHLYQZ HMNHLYQRL HMNHLYQDL HMNHLYQRL (VTXHPDVGHPRUIRORJtDJULHJD 352120%5(5(/$7,92 120,1$7,92 $&86$7,92 *(1,7,92 '$7,92 0$6& R^ R^Q RX_ Z_ 6,1*8/$5 )(0(1 1(8752 K^ K^Q K_ K_ R^ R^ RX_ Z_ 0$6& RL^ RX^ Z_Q RL_ 3/85$/ )(0(1 DL^ D^ Z_Q DL_ 1(8752 D^ D^ Z_Q RL_ (OUHODWLYRKDGHFRQFHUWDUFRQVXDQWHFHGHQWHHQJpQHUR\Q~PHURHQWDQWRTXHDSDUHFHUiHQ HOFDVRTXHH[LMDVXIXQFLyQHQODRUDFLyQ -+PRXVLNKYK^QVXQXQPDQTDYQHLPHWHYUSHL 352120%5( DXMWRY 120,1$7,92 $&86$7,92 *(1,7,92 '$7,92 PLVPR´ 0$6& DXMWRY DXMWRYQ DXMWRX DXMWZ 6,1*8/$5 )(0(1 1(8752 DXMWKY DXMWKYQ DXMWK DXMWK DXMWRY DXMWRY DXMWRX DXMWZ 0$6& DXMWRLY DXMWRXY DXMWZQ DXMWRL 3/85$/ )(0(1 DXMWDLY DXMWDY DXMWZQ DXMWDL 1(8752 DXMWDY DXMWDY DXMWZQ DXMWRL 3UHFHGLGRGHODUWtFXORHOSURQRPEUHDXMWRY HTXLYDOHDOODWtQLGHP\VLJQLILFD³HO R-DXMWREDVLOHXYLGHPUH[ 1R SUHFHGLGR LQPHGLDWDPHQWH GHO DUWtFXOR HO SURQRPEUH DXMWRY HTXLYDOH DO ODWtQ LSVH\VLJQLILFD³PLVPRHQSHUVRQD´ DXMWRR-EDVLOHXYLSVHUH[ ODWtQLV ([FHSWRHQQRPLQDWLYRHOSURQRPEUHDXMWRY HVXQSURQRPEUHIyULFR\HTXLYDOHDO (VTXHPDVGHPRUIRORJtDJULHJD 352120%5(,17(552*$7,92 FIODWTXLV 120,1$7,92 $&86$7,92 *(1,7,92 '$7,92 6,1*8/$5 0$6&)(0(1 1(8752 WLY WLYQD WLYQRWRX WLYQLWZ WLY WLY WLYQRWRX WLYQLWZ 3/85$/ 0$6&)(0(1 1(8752 WLYQH WLYQD WLYQZQ WLYVL Q WLYQD WLYQD WLYQZQ WLYVL Q 352120%5(,1'(),1,'2 FIODWTXLV 120,1$7,92 $&86$7,92 *(1,7,92 '$7,92 6,1*8/$5 0$6&)(0(1 1(8752 WL WLQDY WLQRYWRX WLQLYWZ WL WL WLQRYWRX WLQLYWZ 3/85$/ 0$6&)(0(1 1(8752 WLQHY WLQDY WLQZQ WLVLY Q WLQDYD>WWD WLQDYD>WWD WLQZQ WLVLY Q (VTXHPDVGHPRUIRORJtDJULHJD CARACTERÍSTICAS GENERALES DE LA CONJUGACIÓN GRIEGA 92&(602'267,(03267(0$61Ò0(526$63(&72 $FWLYD ,QGLFDWLYR 3UHVHQWH 3UHVHQWH 6LQJXODU 3UHVHQWH 0HGLD 6XEMXQWLYR )XWXUR )XWXUR 3OXUDO $RULVWR 3DVLYD ,PSHUDWLYR 3HUIHFWR $RULVWR 'XDO 3HUIHFWR 2SWDWLYR $RULVWR 3HUIHFWR ,QILQLWLYR ,PSHUIHFWR 3DUWLFLSLR 3OXVFXDPS 7LHPSRV 6HFXQGDULRV 7LHPSRV 3ULPDULRV &/$6,),&$&,Ï1'(/9(5%2*5,(*2 (QYRFDO SXURV LXSXURVQRFRQWUDFWRV DHRSXURVFRQWUDFWRV 7(0È7,&26 HQZ OOHYDQYRFDOWHPiWLFD 2FOXVLYD0XGRV (QFRQVRQDQWH FRQVRQiQWLFRV /tTXLGD\QDVDOOtTXLGRV $7(0È7,&26 HQPL VLQYRFDOWHPiWLFD &RQUHGXSOLFDFLyQ &RQVXILMR 6LQUHGXSOLFDFLyQQLVXILMR /DYRFDOWHPiWLFDTXHVLUYHGHXQLyQHQWUHHOWHPDYHUEDO\ODVGHVLQHQFLDVHV RDQWH QP HHQHOUHVWRGHORVFDVRV (VTXHPDVGHPRUIRORJtDJULHJD '(6,1(1&,$63(5621$/(6 $&7,9$6 0(',23$6,9$6 3ULPDULDV6HFXQGDULDV3ULPDULDV6HFXQGDULDV Z QPDLPKQ VDLVR WDLWR PHQPHQPHTDPHTD WHWHVTHVTH VLQVDQQWDLYWR /DVGHVLQHQFLDVSULPDULDVVRQSDUDHOSUHVHQWHIXWXURSHUIHFWR\WRGRVORVVXEMXQWLYRV /DVGHVLQHQFLDVVHFXQGDULDVVRQSDUDLPSHUIHFWRDRULVWRSOXVFXDPSHUIHFWR\WRGRVORVRSWDWLYRV (VTXHPDVGHPRUIRORJtDJULHJD MORFOLOGÍA VERBAL. VOZ ACTIVA ,1',&$7,92 ,03(5$7,92 3UHVHQWH ,PSHUIHFWR )XWXUR $RULVWR 3HUIHFWR 3OXVFXDP 68%-817,92 7HPD 7HPD 7HPD VH VHYWZ 9RFDOODUJD 'HVLQHQFLDV SHWH SULPDULDV 'HVLQHQFLDV SRYQWZQ SULPDULDV $XPHQWR 7HPD 'HVLQHQFLDV VHFXQGDULDV 7HPD V 'HVLQHQFLDV SULPDULDV $XPHQWR 7HPD VD 'HVLQHQFLDV VHFXQGDULDV 5HGXSOLFDFLyQ 7HPD N 'HVLQHQFLDV SULPDULDV $XPHQWR 5HGXSOLFDFLyQ 7HPD NHL 'HVLQHQFLDV VHFXQGDULDV 7HPD VVRQ VVDYWZ SVDWH SVDYQWZQ 3DUWLFLSLRGH SHUIHFWR VL>VTL VH>VWZ SH>VWH SR>QWZQ 7HPD V 9RFDOODUJD 'HVLQHQFLDV SULPDULDV 5HGXSOLFDFLyQ 7HPD N 9RFDOODUJD 'HVLQHQFLDV SULPDULDV 237$7,92 7HPD RL 'HVLQHQFLDV VHFXQGDULDV 7HPD VRL 'HVLQHQFLDV VHFXQGDULDV 7HPD VDL 'HVLQHQFLDV VHFXQGDULDV 5HGXSOLFDFLyQ 7HPD NRL 'HVLQHQFLDV VHFXQGDULDV ,1),1,7,92 7HPD HLQ QDL 7HPD VHLQ 7HPD VDL 5HGXSOLFDFLyQ 7HPD NHYQDL 3$57,&,3,2 7HPD 0DVFZQ RQWR )HPRXVD RXVK 1HXWRQ RQWR 7HPD 0DVFVZQ VRQWR )HPVRXVD VRXVK 1HXWVRQ VRQWR 7HPD 0DVFVD VDQWR )HPVDVD VDYVK 1HXWVDQ VDQWR 5HGXSOLFDFLyQ 7HPD 0DVFNZY NRYWR )HPNXLD NXLYD 1HXWNRY NRYWR (VTXHPDVGHPRUIRORJt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tDJULHJD &21-8*$&,Ï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tDJULHJD &21-8*$&,Ï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tDJULHJD 6,*1,),&$'26 /$92=0(',$ /DYR]PHGLDLQGLFDGHXQDPDQHUDXQWDQWRLQGHWHUPLQDGDTXHHOVXMHWRGHDOJ~Q PRGRVHYHDIHFWDGRSRUODDFFLyQYHUEDOTXHpOPLVPRUHDOL]D (VWDLQGHWHUPLQDFLyQGDSLHDTXHHQFRQWUHPRVVHJ~QORVGLIHUHQWHVPDQXDOHVJUDQ YDULHGDG GHXVRVFRQFUHWRVDWULEXLGRVDODYR]PHGLD$VtVLJXLHQGRXQRGHHVWRVPDQXDOHVOD YR]PHGLDWLHQHGRVXVRVSULQFLSDOHV 9R]PHGLDUHIOH[LYD (QVtPLVPR SDUDVNHXDY]HLQSDUDVNHXDY]HVTDL SUHSDUDUSUHSDUDUVH (QDOJRUHODFLRQDGRFRQpOPLVPR DL-UHLQDL-UHLVTDL FRJHUHVFRJHU (QXQREMHWRTXHOHSHUWHQHFH ORXYRPDLWDFHLUDPHODYRODVPDQRV 9R]PHGLDGLQiPLFD SROLWHXYHLQSROLWHXYHVTDL VHUFLXGDGDQRSDUWLFLSDUHQHOJRELHUQRFRPRFLXGDGDQR (QRWURPDQXDO\DWHQGLHQGRDRWURVFULWHULRVHQFRQWUDPRVXQDUHODFLyQPiVSUROLMD GHORVXVRVGHODYR]PHGLD 9HUERV WUDQVLWLYRV $FFLyQUHIOH[LYDLQGLUHFWD ODPiVJHQHUDO IHYURQWDLRLMNRYTHQD>UWRQVHOOHYDQHOSDQGHFDVD ORXYRPDLWRXSRYGDPHODYRORVSLHV $FFLyQUHIOH[LYDGLUHFWD FULYRQWDLHMODLYZVHXQWDQFRQDFHLWH $FFLyQUHIOH[LYDLQGLUHFWDFDXVDWLYD (VTXHPDVGHPRUIRORJtDJULHJD SDLGHXYRPDLWRXSDLGDKDJRHGXFDUDORVKLMRV $FFLyQUHIOH[LYDGLQiPLFD OXYHVTDLWRQXL-RYQUHVFDWDUDOKLMR FRQGLQHURSURSLR 9HUERVLQWUDQVLWLYRV FRQFRPSOHPHQWRLQGLUHFWRGHUpJLPHQRFLUFXQVWDQFLDO 7RLQRYPRLSHLYTRXREHGHFHDODVOH\HV (QGHILQLWLYDODYR]PHGLDLQGLFDTXHHOTXHUHDOL]DODDFFLyQHQFXHQWUDHQHOODXQ LQWHUpVHVSHFLDORGHODTXHHVHOFHQWUR6XFDUiFWHUVXEMHWLYRH[SOLFDTXHKD\DFRQYHQLGRD ODH[SUHVLyQGHSHQVDPLHQWRVRVHQWLPLHQWRV ERXYORPDLµTXHUHU¶ (VTXHPDVGHPRUIRORJtDJULHJD &21-8*$&,Ï19(5%2OXYZ92=3$6,9$ /DYR]SDVLYDVyORGLILHUHGHODYR]PHGLDHQORVWHPDVGHIXWXUR\DRULVWR&XHQWDDGHPiV FRQXQWLHPSRH[FOXVLYRGHHOODHOIXWXURSHUIHFWR ,1',&$7,92 ,03(5$7,92 OXTKYVRPDL ) OXTKYVK HL 8 OXTKYVHWDL 68%-817,92 7 8 5 2 OXTKVRLYPHTD OXTKYVRLVTH OXTKYVRLQWR OXTKVRYPHTD OXTKYVHVTH OXTKYVRQWDL ) OHOXYVRPDL 8 OHOXYVK HL 7 OHOXYVHWDL 3 ( 5 ) OHOXVRYPHTD OHOXYVHVTH OHOXYVRQWDL HMOXYTKQ $ HMOXYTK 2 HMOXYTK 5 , 6 7 2 HMOXYTKPHQ HMOXYTKWH HMOXYTKVDQ 237$7,92 OXTKVRLYPKQ OXTKYVRLR OXTKYVRLWR OXYTKWL OXTKYWZ OXYTKWH OXTHYQWZQ OXTZ OXTK OXTK OXTZPHQ OXTKWH OXTZVL Q ,1),1,7,92 OXTKYVHVTDL OXTHLYKQ OXTHLYK OXTHLYK OXTHLYKPHQ OXTHLYKWH OXTHLYKVDQ OXTKQDL 3$57,&,3,2 OXTKVRYPHQRKRQ 0OXTHLY OXTHYQWR )OXTHLVD OXTHLYVK 1OXTHYQ OXTHYQWR (/&203/(0(172$*(17( 6LHODJHQWHHVSHUVRQDHOFRPSOHPHQWRVHH[SUHVDFRQXSRYJHQLWLYR FIODWDE DEODWLYR SDLGHXYRPDLX-SRSDWURY 6LHODJHQWHHVFRVDHOFRPSOHPHQWRVHH[SUHVDHQGDWLYR FIODWDEODWLYR NZOXYRQWDLWZQRYPZ OXTHLPHQ OXTHLWH OXTHLHQ (VTXHPDVGHPRUIRORJtDJULHJD (/,1),1,7,92*5,(*2 025)2/2*Ë$ QHXWUR (OLQILQLWLYRHVXQDIRUPDQRPLQDOGHOYHUERTXHVHGHILQHFRPRVXVWDQWLYRYHUEDO ,1),1,7,926'(/$92=$&7,9$ 35(6(17( SDXYHLQ )87852 SDXYVHLQ $25,672 SDXVDL 3(5)(&72 SHSDXNHYQDL 6,17$;,6 D &RQDUWtFXOR (OXVRGHODUWtFXORFRQHOLQILQLWLYRVXSRQHODDXWpQWLFDGHFOLQDFLyQGHOLQILQLWLYR6XIXQFLyQ VLQWiFWLFD YLHQH PDUFDGD SRU HO FDVR TXH HO DUWtFXOR OH LPSRQJD \ HQ VX FDVR SRU HO XVR GH SUHSRVLFLRQHV 7ZSRQHLQVXQHFZHMNUDYWKVDQRL--5RPDLRL 'LDWRILORPDTKHL?QDLSROODDMQKUZYWD E 2UDFLyQFRPSOHWLYDGHLQILQLWLYR VXMHWRRFRPSOHPHQWRGLUHFWR E 6LQVXMHWRHOLQILQLWLYRVHWUDGXFHSRUHOLQILQLWLYRHVSDxRO HXMTXSDLGHPDQTDYQRXVLQD>UFHLQ FUKSLVWHXYHLQTHZ E &RQVXMHWRHOVXMHWRGHOLQILQLWLYRDSDUHFHHQDFXVDWLYR'LFKRVXMHWRSXHGH QRH[SUHVDUVHVLHVHOPLVPRTXHHOGHOYHUERSULQFLSDORVLHQODRUDFLyQ SULQFLSDODSDUHFHHQ JHQLWLYRRGDWLYR 1RPLY]ZTHRQHL?QDL 'HLWRQD>QTUZSRQSLVWHXYHLQTHZ 3DODLRLVRIRLH>OHJRQWKQ\XFKQDMTDYQDWRQHL?QDL 1RPLY]ZSLVWRXILYORXH>FHLQ 3URVKYNHLD>QTUZSRLDMQGUHLYRLHL?QDL E &RQVWUXFFLyQSHUVRQDOHOVXMHWRGHOLQILQLWLYRDSDUHFHHQQRPLQDWLYR SRUVHU SULPHURVXMHWRGHOYHUERSULQFLSDOHQIRUPDSHUVRQDO 'RNHLPRLD-PDUWDYQHLQ R-VWUDWKJRQLNKVDLOHYJHWDL (VTXHPDVGHPRUIRORJtDJULHJD (/3$57,&,3,2 (648(0$ '(),1,&,Ï1DGMHWLYRYHUEDO 025)2/2*Ë$YHUFXDGURGHFRQMXJDFLRQHV 6,17$;,6 3DUWLFLSLR DWULEXWLYR FRQ DUWtFXOR # RUDFLyQ GH UHODWLYR HVSHFLILFDWLYD 3DUWLFLSLRDSRVLWLYR VLQDUWtFXOR # RUDFLyQFLUFXQVWDQFLDO &RQFHUWDGR $EVROXWR JHQLWLYRRDFXVDWLYR 3DUWLFLSLRSUHGLFDWLYR 6XEMHWLYR 2EMHWLYR# RUDFLyQFRPSOHWLYD '(),1,&,Ï1 (O SDUWLFLSLR HV XQ DGMHWLYR YHUEDO 3DUWLFLSD SRU WDQWR GH ODV FDUDFWHUtVWLFDV GHO DGMHWLYRGHEHFRQFHUWDUHQJpQHURQ~PHUR\FDVRFRQXQVXVWDQWLYRRSURQRPEUH\GHODV GHO YHUER WLHQH WLHPSR YR] DVSHFWR VXMHWR \ ORV FRPSOHPHQWRV TXH SXHGD R GHED OOHYDU FXDOTXLHUIRUPDYHUEDO 025)2/2*Ë$ 9HUORVFXDGURVGHODVFRQMXJDFLRQHVDFWLYDPHGLD\SDVLYDDVtFRPRHOFXDGURGHOD FRQMXJDFLyQGHOYHUERHLMPLY 6,17$;,6 8QDGHODVFDUDFWHUtVWLFDVPiVQRWDEOHVGHODVLQWD[LVJULHJDHVHODEXQGDQWtVLPRXVR TXHKDFHGHOSDUWLFLSLR7UHVVRQODVFRQVWUXFFLRQHVVLQWiFWLFDVTXHHOSDUWLFLSLRJULHJRSXHGH SUHVHQWDUDWULEXWLYRDSRVLWLYR\SUHGLFDWLYR $ 3$57,&,3,2$75,%87,92 $GHPiVHOSDUWLFLSLRFRPRDGMHWLYRTXHHVSXHGHVXVWDQWLYDUVH(VWRRFXUUHFXDQGRDSDUHFHSUHVHQWDGRSRU HODUWtFXOR\VLQFRQFHUWDUFRQQDGLH(QHVWRVFDVRVVHWUDGXFHELHQSRUXQVXVWDQWLYRELHQSRUXQDRUDFLyQGH UHODWLYRVXVWDQWLYDGD RL-THZYPHQRLORVHVSHFWDGRUHV RL-WKQSDWULYGDILORXQWHORVTXHDPDQDVXSDWULD (VTXHPDVGHPRUIRORJtDJULHJD 6HWUDWDGHOSDUWLFLSLRTXHDSDUHFHFRQHODUWtFXOR(TXLYDOHDXQDRUDFLyQGHUHODWLYR HVSHFLILFDWLYD 2L-NDPRYQWHVWUDWLZWDLHMNRLPKYTKVDQ /RVVROGDGRVTXHHVWDEDQFDQVDGRVVHDFRVWDURQ % 3$57,&,3,2$326,7,92 (O SDUWLFLSLR TXH DSDUHFH VLQ DUWtFXOR HTXLYDOH D XQD RUDFLyQ VXERUGLQDGD DGYHUELDO WHPSRUDOILQDOFDXVDOFRQGLFLRQDOFRQFHVLYD 3XHGHSUHVHQWDUVHEDMRGRVIRUPDV E &RQFHUWDQGR FRQ XQ VXVWDQWLYR R SURQRPEUH TXH GHVHPSHxD XQD IXQFLyQ HQ OD RUDFLyQSULQFLSDO FIODWSDUWLFLSLRFRQFHUWDGR 7RXYWRXWRXNHYUGRXDMSHYUFRPDLDLMVFURQQRPLY]ZQ ^(OOKQHR>QWHEDUEDYURLGRXOHXYVRPHQ ?+OTHOXVRYPHQRTXYJDWUD E *HQLWLYRRDFXVDWLYRDEVROXWR (OJHQLWLYRDEVROXWR FIODWDEODWLYRDEVROXWR HV OD FRQVWUXFFLyQ HQ OD TXH HO SDUWLFLSR FRQFLHUWD FRQ XQ VXVWDQWLYR R SURQRPEUH TXH QR GHVHPSHxDQLQJXQDIXQFLyQHQODRUDFLyQSULQFLSDOHVGHFLUIXQFLRQDH[FOXVLYDPHQWHFRPR VXMHWRGHOSDUWLFLSLR(QWDOFDVRWDQWRHOVXVWDQWLYRRSURQRPEUHFRPRHOSDUWLFLSLRDSDUHFHQ HQJHQLWLYR ;HYU[RXD>UFRQWRRL-3HYUVDLHLMWKQ-(OODYGDHMVWUDWHXYVDQWR 4HZPHYQZQWRQDMJZQDWZQH-WDLYUZQSROOKILORQLNLYDHMJHYQHWR (O DFXVDWLYR DEVROXWR &RQ FLHUWDV H[SUHVLRQHV LPSHUVRQDOHV HO JULHJR XVD HO SDUWLFLSRQHXWURHQDFXVDWLYRGHIRUPDDEVROXWD GHYRQVLHQGR SXHVWRTXHHV SUHFLVR SURVKNRQVLHQGR SXHVWRTXHHV FRQYHQLHQWH GXQDYWRQR>QVLHQGR SXHVWRTXHHV SRVLEOH HM[RQSDURYQSDUHYFRQVLHQGR SXHVWRTXHHV SRVLEOH GRNRXQGRY[DQSXHVVHKDGHFLGLGR GLYNDLRQR>QSXHVWRTXHHVMXVWR & 3$57,&,3,235(',&$7,92 6H WUDWD GHO SDUWLFLSLR XVDGR HQ IXQFLyQSUHGLFDWLYD VXEMHWLYD FRQFHUWDQGR FRQ HO VXMHWR XREMHWLYD FRQFHUWDQGRFRQHOREMHWRGLUHFWR F 3UHGLFDWLYRVXEMHWLYR c 9HUERV TXH H[SUHVDQ XQ PRGR GH VHU R HVWDU GHO VXMHWR WXJFDYQZ VHU SRU FDVXDOLGDG UHVXOWDU ODQTDYQZ HVWDU RFXOWR SDVDU LQDGYHUWLGR IDLYQRPDL SDUHFHU VHU PDQLILHVWR *HQHUDOPHQWH WUDGXFLUHPRV HVWRV YHUERV SRU XQ DGYHUELR GH OD PLVPD UDt] YHUEDO \ HO SDUWLFLSLRFRPRYHUERSULQFLSDO (VTXHPDVGHPRUIRORJtDJULHJD 3DUZQHMWXYJFDQHFDVXDOPHQWHVHKDOODEDSUHVHQWH >(ODTHQDMSRGUDYKX\yRFXOWDPHQWH )DLYQHWDLNDNRZ>QHVHYLGHQWHPHQWHPDOR d 9HUERVTXHVLJQLILFDQDFDEDUHPSH]DUFRQWLQXDUVHUHOSULPHURDYHQWDMDUYHQFHUKDFHU ELHQRPDO M$UFZYPHTDGLDOHJRYPHQRLHPSHFHPRVDGLDORJDU )TDYQZWRXILYORXHXMHUJHWZQVR\HOSULPHURHQIDYRUHFHUDORVDPLJRV .DOZHMSRLYKVDOHYJZQKLFLVWHELHQHQKDEODU VHQWLPLHQWRV R DIHFWRV e 9HUERV TXH H[SUHVDQ FDLYUZK^GRPDL DOHJUDUVH D>FTRPDL DIOLJLUVH DLMVFXYQRPDL DYHUJRQ]DUVH PHWDPHYORPDL DUUHSHQWLUVH $LMVFXYQRPDLWDXWDLMGZYQPHDYHUJHQ]RGHKDEHUYLVWRHVWR 0HWDPHYORPDL\HXVDYPHQRPHDUUHSLHQWRGHKDEHUPHQWLGR F 3UHGLFDWLYRREMHWLYR c /RVYHUERVTXHH[SUHVDQXQDSHUFHSFLyQVHQVLEOHRLQWHOHFWXDO YHURtUVDEHULJQRUDU FRPSUHQGHUGHVFXEULUPRVWUDUFRQYHQFHUHWF SXHGHQOOHYDUXQSDUWLFLSLRFRQFHUWDGRFRQ HO FRPSOHPHQWR GLUHFWR FRQVWUXFFLyQ TXH HTXLYDOH \ GHEH WUDGXFLUVH FRPR RUDFLyQ FRPSOHWLYD -2UZPHQWDXWDSDYQWDDMOKTKR>QWDYHPRVTXHWRGRHVWRHVYHUGDG 'HLY[ZRX^WZWDXWDH>FRQWDGHPRVWUDUpTXHHVWRHVDVt