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9
9
$
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,QWHQVLGDG QRPL $ UPV
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:

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ODU QRPLQDO
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PV
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D XQD WHPSHUDWXUD GHO ERELQDGR GH LQGXFLGR GH q& (O UHVWR GH YDORUHV VH KDQ FDOFXODGR D q&7RGRV ORVYDORUHV
VRQ FDUDFWHUVWLFRV

/RV YDORUHV QRPLQDOHV FRUUHVSRQGHQ D YDORUHV GH SDU FRQWLQXRV SHUPLWLGRV D q& FRQ XQ GLVLSDGRU GH FDORU LQVWD
ODGR
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u u PP GH N: D N:
u u PP GH N: D N:
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IUHQR GH SDUDGD ORV YDORUHV QXPULFRV TXH VH LQGLFDQ D FRQWLQXDFLQ 7DPELQ
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6*03+
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$
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(Q HO FDVR GH TXH XQ PRWRU YD\D HTXLSDGR FRQ XQ UHWQ SDUD UERO XWLOLFH ODV
VLJXLHQWHV FDUDFWHUVWLFDV GH UHGXFFLQ GHELGR DO YDORU VXSHULRU GHO SDU GH IULF
FLQ 7DPELQ YDULDU Q OLJHUDPHQWH RWUDV HVSHFLILFDFLRQHV
6*03+
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$
%

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7DEOD )UHQRV GH SDUDGD FRQ WHQVLQ QRPLQDO GH 9 && HVW QGDU
6HUYRPRWRU 3RWHQFLD GHO
VHUYRPRWRU 3RWHQFLD
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:
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HVSHUD
GH ERELQD
QRPLQDO
1iP
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6*03+

6*03+

6*03+

6*03+

6*03+
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6HUYRPRWRU 3RWHQFLD GHO
VHUYRPRWRU 3RWHQFLD
3DU GH
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GH ERELQD
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6*03+

6*03+

6*03+

6*03+

6*03+

6HUYRPRWRUHV 6*03+

VHUYRPRWRUHV 6*03+
$ FRQWLQXDFLQ VH PXHVWUDQ ODV FDUDFWHUVWLFDV GHO SDU \ GH OD YHORFLGDG GHO PRWRU GH ORV
VHUYRPRWRUHV 6*03+
6HUYRPRWRUHV GH 9
6*03+$
6*03+$

9HORFL
GDG GHO
PRWRU
USP

9HORFL
GDG GHO
PRWRU
USP

3DU 1iP

6*03+$

9HORFL
GDG GHO
PRWRU
USP

6*03+$

9HORFL
GDG GHO
PRWRU
USP

3DU 1iP

3DU 1iP

3DU 1iP
6*03+$

9HORFL
GDG GHO
PRWRU
USP

$ 6HUYLFLR FRQWLQXR

3DU 1iP
3DU R] LQ

6HUYRPRWRUHV GH 9
6*03+%
6*03+%

9HORFL
GDG GHO
PRWRU
USP

9HORFL
GDG GHO
PRWRU
USP

3DU 1iP
$ 6HUYLFLR FRQWLQXR

3DU 1iP
6HUYRPRWRUHV 6*03+

! &DUDFWHUVWLFDV \ HVSHFLILFDFLRQHV GH VHUYRPRWRUHV 6*03+ FRQ
&ODVH WUPLFD %
PLQXWR
0 : PQ
VDFLQ
UHFWR
: +XHOJR PLQ P [
7DEOD &DUDFWHUVWLFDV \ HVSHFLILFDFLRQHV GH VHUYRPRWRUHV 6*03+ FRQ
6HUYRPRWRU
(QJUDQDMH
6DOLGD : 9HORFL 3DU QR 5HODFLQ 0RYL 3DU QRPL 3DU
9HORFL 9HORFL
GDG QR PLQDO GH WUDQV PLHQWR QDOUHQGL P [LPR GDG QR GDG P [
PLQDO
1xP
LQ
PLQDO
USP
1xP VWDQW QH USP
USP
R 1xP

:
0RGHOR GH
VHUYRPRWRU
6*03+PP$-P

:
:
6*03+PP$-P

6*03+PP$-&P

6*03+PP$-P

6*03+PP$-P

6*03+PP$-P

6*03+PP$-&P

6*03+PP$-P

6*03+$P$-P

6*03+$P$-P

6*03+$P$-&P

6*03+$P$-P

0RGHOR GH
VHUYRPRWRU
6*03+$P$-P
6HUYRPRWRU
(QJUDQDMH
9HORFL 9HORFL
LQ
PLQDO
PLQDO
1xP
USP
1xP VWDQW QH USP
USP
R 1xP

6*03+$P$-P

6*03+$P$-&P

6*03+$P$-P

6*03+$P$-P

6*03+$P$-P

6*03+$P$-&P

6*03+$P$-P


6HUYRPRWRUHV 6*03+
6*03+PP$-P
6*03+PP$-P
6*03+PP$-&P
6*03+PP$-P
6*03+PP$-P
6*03+PP$-P
6*03+PP$-&P
6*03+PP$-P
6*03+$P$-P
6*03+$P$-P
6*03+$P$-&P
6*03+$P$-P
6*03+$P$-P
6*03+$P$-P
6*03+$P$-&P
6*03+$P$-P
6*03+$P$-P
6*03+$P$-P
6*03+$P$-&P
6*03+$P$-P
(QJUDQDMH
&DUJD UDGLDO
&DUJD D[LDO
SHUPLWLGD
SHUPLWLGD
)U
)V

)U &DUJD UDGLDO

)V &DUJD D[LDO

(QJUDQDMH GHO UERO

GHO VHUYRPRWRU \
PRPHQWR GH LQHUFLD

1RWD
5HQGL
PLHQWR
5HQGL
PLHQWR
3DU GH VDOLGD
9HORFLGDG GHO PRWRU
(OHPHQWR
9DORU FDUDFWHUVWLFR

USP
9HORFLGDG QRPLQDO

USP
0 [ YHORFLGDG GH
HQWUDGD GHO PRWRU
SHUPLWLGD
3DU QRPLQDO

VDOLGD
DUF PLQ P [
3UHFLVLQ
PLVLQ DQJXODU

5LJLGH] D
OD WRUVLQ
0RYL
PLHQWR
SHUGLGR
5LJLGH] D
OD WRUVLQ
3DU
3DU QRPLQDO

3DU
3DU QRPLQDO GHO r
3DU QRPLQDO
5LJLGH] D
OD WRUVLQ
6HUYRPRWRUHV 6*03+

&ODVH WUPLFD %
PLQXWR
0 : PQ
VDFLQ
UHFWR
: +XHOJR PLQ P [
6HUYRPRWRU
(QJUDQDMH
9HORFL 9HORFL
PLQDO
1xP
LQ
PLQDO USP
P
1
x
USP
VWDQW QH USP
R 1xP

:
0RGHOR GH
VHUYRPRWRU
6*03+PP$*P

:
:
6*03+PP$*%P

6*03+PP$*&P

6*03+PP$*P

6*03+PP$*P

6*03+PP$*%P

6*03+PP$*&P

6*03+PP$*P

6*03+$P$*P

6*03+$P$*%P

6*03+$P$*&P

6*03+$P$*P

0RGHOR GH
VHUYRPRWRU
6*03+$P$*P
6HUYRPRWRU
(QJUDQDMH
9HORFL 9HORFL
PLQDO
1xP
LQ
PLQDO USP
1xP VWDQW QH USP
USP
R 1xP

6*03+$P$*%P

6*03+$P$*&P

6*03+$P$*P

6*03+$P$*P

6*03+$P$*%P

6*03+$P$*&P

6*03+$P$*P


(O SDU GHO HQJUDQDMH GH VDOLGD VH H[SUHVD PHGLDQWH OD HFXDFLQ VLJXLHQWH
3DU GHO HQJUDQDMH GH VDOLGD 3DU GHO VHUYRPRWRU GH VDOLGD u UHODFLQ GH WUDQVPLVLQ u UHQGLPLHQWR
/RV YDORUHV GH SDU P [LPR LQVWDQW QHR VHDODGRV FRQ HVW Q OLPLWDGRV DO HQJUDQDMH 8WLOLFH SRU WDQWR HO VLJXLHQWH
SDU P [LPR LQVWDQW QHR GHO VHUYRPRWRU (Q HVWH FDVR GHILQD SDUD ORV SDU PHWURV OPLWH 3Q \ 3Q SDUD
HO VHUYRSDFN
6*03+PP$*P
6*03+PP$*%P
6*03+PP$*&P
6*03+PP$*P
6*03+PP$*P
6*03+PP$*%P
6*03+PP$*&P
6*03+PP$*P
6*03+$P$*P
6*03+$P$*%P
6*03+$P$*&P
6*03+$P$*P
6*03+$P$*P
6*03+$P$*%P
(QJUDQDMH
&DUJD UDGLDO
&DUJD D[LDO
SHUPLWLGD
SHUPLWLGD
)U
)V

(QJUDQDMH GHO UERO

GHO VHUYRPRWRU \
PRPHQWR GH LQHUFLD

6HUYRPRWRUHV 6*03+
6*03+$P$*&P
6*03+$P$*P
6*03+$P$*P
6*03+$P$*%P
6*03+$P$*&P
6*03+$P$*P
(QJUDQDMH
&DUJD UDGLDO
&DUJD D[LDO
SHUPLWLGD
SHUPLWLGD
)U
)V

)U &DUJD UDGLDO

)V &DUJD D[LDO

(QJUDQDMH GHO UERO

GHO VHUYRPRWRU \
PRPHQWR GH LQHUFLD

1RWD
5HQGL
PLHQWR
5HQGL
PLHQWR
9HORFLGDG GHO PRWRU
3DU GH VDOLGD
'DWRV GH UXLGRV
/RV VLJXLHQWHV GDWRV VREUH UXLGRV HQ UHODFLQ FRQ XQ VHUYRPRWRU GH &$ GH OD VHULH
6 FRQ
HQJUDQDMH VRQ QRPLQDOHV \ SXHGHQ YDULDU OLJHUDPHQWH HQ IXQFLQ GH OD SRWHQFLD \ OD UHOD

FLQ GH WUDQVPLVLQ GH ORV VHUYRPRWRUHV
&RQGLFLRQHV GH PHGLFLQ
(VFDOD $ FP
5XLGR GH IRQGR G%
1LYHO GH UXLGR
LQLFLDO G%
9HORFLGDG GH HQWUDGD USP

6HUYRPRWRUHV 6*03+
(OHPHQWR
9DORU FDUDFWHUVWLFR

USP
9HORFLGDG QRPLQDO

USP
0 [ YHORFLGDG GH
HQWUDGD GHO PRWRU
SHUPLWLGD
3DU QRPLQDO
GH SDU QRPLQDO GH r YDORU P [LPR HQ FXDO

TXLHUD GH ODV FXDWUR SRVLFLRQHV GXUDQWH OD VD
OLGD
DUF PLQ P [
3UHFLVLQ
PLVLQ DQJXODU

5LJLGH] D
OD WRUVLQ
0RYL
PLHQWR
SHUGLGR
5LJLGH] D
OD WRUVLQ
3DU
3DU QRPLQDO GH r
3DU
3DU QRPLQDO

3DU QRPLQDO
5LJLGH] D
OD WRUVLQ


HQJUDQDMHV
5JLPHQ GH IXQFLRQDPLHQWR &RQWL

QXR
: &ODVH GH YLEUDFLQ PP R LQIHULRU
&ODVH WUPLFD )
7HQVLQ QR GLVUXSWLYD
6HUYRPRWRUHV GH 9 9 &$ GXUDQWH XQ PLQXWR
: &DMD 7RWDOPHQWH FXELHUWR DXWRYHQWLODGR H[FHSWR DEHU
: 5HVLVWHQFLD GH DLVODPLHQWR 9
WXUD GHO UERO
&& 0 : PQ
: +XPHGDG UHODWLYD GHO DO VLQ FRQGHQVDFLQ
7DEOD &DUDFWHUVWLFDV \ HVSHFLILFDFLRQHV GHO VHUYRPRWRU HVW QGDU 6*0*+
7HQVLQ
0RGHOR GH VHUYRPRWRU 6*0*+
6DOLGD QRPLQDO N:
3DU QRPLQDO
1xP
OEiLQ
3DU P [LPR LQ 1xP
VWDQW QHR
OEiLQ
QDO
,QWHQVLGDG
$ UPV
P [LPD LQ
VWDQW QHD
9HORFLGDG QRPL USP
QDO
9HORFLGDG P [ USP
OEiLQ$ UPV
9
$P$ $P$ $P$ $P$ $P$ $P$ $P$ $P$ $P$ (P$


FLD GHO URWRU [
OEiLQiV

$FHOHUDFLQ DQ UDGV

JXODU QRPLQDO
&RQVWDQWH GH
PV
WLHPSR GH LQHUFLD
&RQVWDQWH GH
PV
WLHPSR LQGXFWLYR

7HQVLQ
0RGHOR GH VHUYRPRWRU 6*0*+
6DOLGD QRPLQDO N:
3DU QRPLQDO 1iP
OEiLQ
3DU P [LPR LQ 1iP
VWDQW QHR
OE LQ
QDO
,QWHQVLGDG
$ UPV
P [LPD LQ
VWDQW QHD
9HORFLGDG QRPL USP
QDO
9HORFLGDG P [ USP
OE LQ$ UPV
9
'P$ 'P$ 'P$ 'P$ 'P$ 'P$ 'P$ 'P$ $'P$ ('P$


FLD GHO URWRU [
OEiLQiV

$FHOHUDFLQ DQ UDGV

JXODU QRPLQDO
&RQVWDQWH GH
PV
WLHPSR GH LQHUFLD
&RQVWDQWH GH
PV
WLHPSR LQGXFWLYR

(VWRV HOHPHQWRV \ ODV FDUDFWHUVWLFDV GH YHORFLGDG GHO PRWRU \ GH SDU LQGLFDGDV HQ FRPELQDFLQ FRQ XQ VHUYRSDFN
6*'+ VH HQFXHQWUDQ D XQD WHPSHUDWXUD GH ERELQDGR GH LQGXFLGR GH q&
1RWD (VWDV FDUDFWHUVWLFDV FRUUHVSRQGHQ D YDORUHV FRQ ORV VLJXLHQWHV GLVLSDGRUHV GHO FDORU SODFDV GH DFHUR LQVWD
ODGRV SDUD UHIULJHUDFLQ
u u PP VHUYRPRWRUHV $P$ D $P$ VHUYRPRWRUHV 'P$ D 'P$
6XPHDORVPRPHQWRVGHLQHUFLDGHODWDEODGHVHUYRPRWRUHVHTXLSDGRVFRQXQIUHQRGHSDUDGDORVVLJXLHQWHV
YDORUHV QXPULFRV 7DPELQ YDULDU Q OLJHUDPHQWH RWUDV HVSHFLILFDFLRQHV
$P$ $P$ $P$ $P$ $P$ $P$ $P$ $P$
6*0*+
'P$ 'P$ 'P$ 'P$ 'P$ 'P$ 'P$ 'P$


[ OEiLQiV



VHUYRPRWRUHV 6*0*+
(Q ORV DSDUWDGRV VLJXLHQWHV VH HQXPHUDQ ODV FDUDFWHUVWLFDV GHO SDU \ GH OD YHORFLGDG GHO
PRWRU GH ORV VHUYRPRWRUHV 6*0*+ D USP

P$ 'P$
6*0*+$
9HORFL
GDG GHO
$
PRWRU
USP

$ 6HUYLFLR FRQWLQXR

3DU 1iP

P$ 'P$

3DU 1iP

3DU 1iP

P$ 'P$
6*0*+$
9HORFL
GDG GHO
PRWRU
USP

P$ 'P$

3DU 1iP
6*0*+$
9HORFL
GDG GHO
$
PRWRU
USP

6*0*+$
9HORFL
GDG GHO
$
PRWRU
USP

P$ 'P$

3DU 1iP
6*0*+$
9HORFL
GDG GHO
PRWRU
USP

9HORFL
GDG GHO
$
PRWRU
USP

P$ 'P$
6*0*+$

3DU 1iP


P$ 'P$
6*0*+$

9HORFL
GDG GHO
PRWRU
USP

9HORFL
GDG GHO
PRWRU
USP

3DU 1iP

P$ $'P$
6*0*+$$

9HORFL
GDG GHO
PRWRU
USP

3DU 1iP
$ 6HUYLFLR FRQWLQXR

3DU 1iP

P$ ('P$
6*0*+($

9HORFL
GDG GHO
PRWRU
USP

P$ 'P$
6*0*+$

3DU 1iP

! &DUDFWHUVWLFDV \ HVSHFLILFDFLRQHV GH VHUYRPRWRUHV 6*0*+ FRQ

5JLPHQ GH IXQFLRQDPLHQWR &RQWL

QXR
: &ODVH GH YLEUDFLQ PP R LQIHULRU
&ODVH WUPLFD )
: &DMD 7RWDOPHQWH FXELHUWR DXWRYHQWLODGR H[FHSWR
DEHUWXUD GHO UERO
: +XPHGDG UHODWLYD GHO DO VLQ FRQGHQVDFLQ
:
5HVLVWHQFLD GH DLVODPLHQWR 9

&& 0 : PQ
: 0RQWDMH VREUH SLHV \ EULGDV
7LSRV GH D PRQWDMH RPQLGLUHFFLRQDO
7LSRV GH D PRQWDMH HQ KRUL]RQWDO DO UERO
: 6HQWLGR GH URWDFLQ D GHUHFKDVL]TXLHUGDV
: 0WRGR GH OXEULILFDFLQ GH HQJUDQDMHV
7LSRV GH D JUDVD
7LSRV GH D DFHLWH
: +XHOJR DSUR[ GH D q HQ HO UERO GHO HQJUDQDMH GH
VDOLGD
:
3DUD OD OXEULILFDFLQ SRU DFHLWH HO PRWRU GHEHU LU PRQWDGR HQ SRVLFLQ KRUL]RQWDO UH
VSHFWR DO UERO 3QJDVH HQ FRQWDFWR FRQ VX UHSUHVHQWDQWH GH <DVNDZD SDUD OD OXEULILFD
FLQ HQ PRQWDMHV HQ QJXOR
7DEOD &DUDFWHUVWLFDV \ HVSHFLILFDFLRQHV GH VHUYRPRWRUHV 6*0*+ FRQ

0RGHOR GH
VHUYRPRWRU
6*0*+
$P$P$
'P$P$
$P$P$
6HUYRPRWRU
N: GH 9HORFL 3DU QR
VDOLGD GDG QR PLQDO
PLQDO 1iP
USP

'P$P%
$P$P&
'P$P&
$P$P
'P$P
$P$P$
'P$P$
$P$P%
'P$P%
$P$P&
'P$P&
$P$P

(QJUDQDMH
5HOD 3DU QR
FLQ GH PLQDO
WUDQVPL UHQGL
VLQ
PLHQWR
1iP
0RPHQWR GH
GH OD
3DU
9HORFL 9HORFL LQHUFLD
FDUJD
HQ HO
Pi[LPR GDG QR GDG
iUERO
GHO
PR
PLQDO P [ WRU
LQ
USP
VWDQWiQH USP
VHUYRPRWRU
RUHQGL
\ HQJUDQDMH
PLHQWR
NJP
1iP
0RPHQWR
GH LQHUFLD
GHO HQJUD
QDMH .JiP

l l

l l

l l

l l

l l

l l

l l

l l
'P$P

0RGHOR GH
VHUYRPRWRU
6*0*+
6HUYRPRWRU
N: GH 9HORFL 3DU QR
VDOLGD GDG QR PLQDO
PLQDO 1iP
USP
(QJUDQDMH
5HOD 3DU QR
FLQ GH PLQDO
WUDQVPL UHQGL
VLQ
PLHQWR
1iP
0RPHQWR GH
GH OD
3DU
FDUJD
HQ HO
Pi[LPR GDG QR GDG
iUERO
GHO
PR
PLQDO P [ WRU
LQ
USP
VWDQWiQH USP
VHUYRPRWRU
RUHQGL
\ HQJUDQDMH
PLHQWR
NJP
1iP
0RPHQWR
GH LQHUFLD
GHO HQJUD
QDMH .JiP

l l

l l

l l

l l

l l

l l

l l

l l

l l

l l

l l

l l

l l
$P$P%

l l
$P$P&

l l
$P$P

l l

l l

l l
$P$P&

l l
$P$P

l l

l l
$P$P&

l l
$P$P

l l
$P$P$

'P$P$
$P$P%
'P$P%
$P$P&
'P$P&
$P$P
'P$P
$P$P$

'P$P$
$P$P%
'P$P%
$P$P&
'P$P&
$P$P
'P$P
$P$P$

'P$P$
$P$P%
'P$P%
$P$P&
'P$P&
$P$P
'P$P
$P$P$
$P$P$

$P$P%
$P$P%

1RWD
GH UHQGLPLHQWR /RV YDORUHV GH OD WDEOD VH KDQ FDOFXODGR D OD YHORFLGDG QRPLQDO
GHO PRWRU
5HQGL
PLHQWR
5HQGL
PLHQWR
3DU GH VDOLGD
9HORFLGDG GHO PRWRU
&RQILJXUDFLQ
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\ HILFD]
6H XWLOL]D XQ HQJUDQDMH FLFOR FRQ HO PHFDQLVPR GH HQJUDQDMH SODQHWDULR GHO VHUYRPRWRU
1"

5HIHUHQFLD GH FRPSRQHQWH
UERO GH EDMD YHORFLGDG
&ROODU
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3LQ LQWHUQR
5RGLOOR LQWHUQR
3LQ H[WHUQR
%DVWLGRU
$QLOOR
3ODFD FXUYDGD
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&XELHUWD LQWHUQD
UERO GH DOWD YHORFLGDG
3ODFD GH DGDSWDGRU
0RWRU

/XEULILFDFLQ GH HQJUDQDMHV
7LSR GH OXEULILFDFLyQ SRU JUDVD GH D
/D FDMD GH HQJUDQDMHV YLHQH UHOOHQD GH I EULFD
7LSR GH OXEULILFDFLyQ SRU DFHLWH GH D

6H H[WUDH WRGR HO DFHLWH GH ORV HQJUDQDMHV DQWHV GH VX WUDQVSRUWH 'HEH OOHQDUVH OD FDMD
GH HQJUDQDMHV KDVWD OD OQHD URMD GH OD SDUWH VXSHULRU GHO FDOLEUDGRU GH DFHLWH DQWHV GH
XWLOL]DUVH SRU SULPHUD YH]
5HFRPHQGDPRV XWLOL]DU DFHLWH LQGXVWULDO SDUD HQJUDQDMHV GH DOWD SUHVLQ R ELHQ WLSR 63
R DFHLWH LQGXVWULDO SDUD HQJUDQDMHV -,6 . WLSR R HTXLYDOHQWH 9DVH OD WDEOD VL
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7HPSHUDWXUD
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GH D q&
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PLVLQ 1P W QHR USP
USP

VHUYRPRWRU
NJiP
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1RWD

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VHUYRPRWRU NJiP
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1"

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9HORFL
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%

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%

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USP
USP
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PV

PV

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PV

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3DU 1iP

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3DU 1iP

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PLVLQ 1iP W QHR USP
USP
:
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USP
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USP
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: )UHQR GH SDUDGD 9 && SDU GH IULFFLQ
HVW WLFD 1P
7DEOD &DUDFWHUVWLFDV \ HVSHFLILFDFLRQHV GH ORV VHUYRPRWRUHV 6*0*+ HVW QGDU
$P$P%
$P$P%
$P$P%
6*0'+

6DOLGD QRPLQDO N:

3DU QRPLQDO
1iP

OEiLQ

3DU P [LPR LQ
1iP
VWDQW QHR

OEiLQ

QDO

LQVWDQW QHD

:

:
:
9HORFLGDG P [ USP
OEiLQ$ UPV
FLD GHO URWRU OEiLQiV
LQFOXLGR HO IUHQR [

GH SDUDGD
ODU QRPLQDO
&RQVWDQWH GH
PV
WLHPSR GH LQHUFLD
&RQVWDQWH GH
PV
WLHPSR LQGXFWLYR

1RWD
(VWDV FDUDFWHUVWLFDV FRUUHVSRQGHQ D YDORUHV FRQ ORV VLJXLHQWHV GLVLSDGRUHV GHO FDORU SODFDV GH DFHUR LQVWD
u u PP VHUYRPRWRUHV $P$P% D $P$P%

6HUYRPRWRUHV 6*0'+

VHUYRPRWRUHV 6*0'+
PRWRU GH ORV VHUYRPRWRUHV 6*0'+
P$P%
6*0'+$

9HORFL
GDG GHO
PRWRU
USP

9HORFL
GDG GHO
PRWRU
USP

3DU 1iP

P$P%
6*0'+$

9HORFL
GDG GHO
PRWRU
USP

3DU 1iP

P$P%
6*0'+$

$ 6HUYLFLR FRQWLQXR

3DU 1iP

6HUYRPRWRUHV 6*08+

! &DUDFWHUVWLFDV \ HVSHFLILFDFLRQHV GH VHUYRPRWRUHV HVW QGDU
&ODVH WUPLFD )
:
: 7HQVLQ QR GLVUXSWLYD 9 &$ GXUDQWH XQ
PLQXWR
0 : PQ
UERO
VDFLQ

7DEOD &DUDFWHUVWLFDV \ HVSHFLILFDFLRQHV GH ORV VHUYRPRWRUHV 6*08+ HVW QGDU

'P$
'P$
'P$
'P$
6*08+

6DOLGD QRPLQDO N:

3DU QRPLQDO
1iP

OEiLQ

3DU P [LPR LQ
1iP
VWDQW QHR

OEiLQ

QDO

LQVWDQW QHD


9HORFLGDG P [ USP
OEiLQ$ UPV
FLDL GGHOO URWRU [ OEiLQiV

N:V
UDGV

PV
PV
3RWHQFLD QRPLQDO
$FHOHUDFLQ DQJX
ODU QRPLQDO
&RQVWDQWH GH
WLHPSR GH LQHUFLD
&RQVWDQWH GH
WLHPSR LQGXFWLYR

1RWD
(VWDV FDUDFWHUVWLFDV FRUUHVSRQGHQ D YDORUHV FRQ ORV VLJXLHQWHV GLVLSDGRUHV GHO FDORU SODFDV GH DFHUR LQVWD
u u PP VHUYRPRWRUHV 'P$ D 'P$
u u PP VHUYRPRWRUHV 'P$

6HUYRPRWRUHV 6*08+

VHUYRPRWRUHV 6*08+
(Q ORV DSDUWDGRV VLJXLHQWHV VH SURSRUFLRQDQ ODV FDUDFWHUVWLFDV GH YHORFLGDG GHO PRWRU
\ GH SDU GH ORV VHUYRPRWRUHV 6*08+
P$
P$
6*08+'
6*08+'

9HORFL
GDG GHO
PRWRU
USP

9HORFL
GDG GHO
PRWRU
USP

3DU 1iP

3DU 1iP

P$
P$
6*08+'
6*08+'

9HORFL
GDG GHO
PRWRU
USP
$

9HORFL
GDG GHO
PRWRU
USP

$

3DU 1iP

$ 6HUYLFLR FRQWLQXR

3DU 1iP

&DUDFWHUtVWLFDV PHFiQLFDV
&DUDFWHUVWLFDV PHF QLFDV

(Q ORV DSDUWDGRV VLJXLHQWHV VH SUHVHQWDQ ODV FDUDFWHUVWLFDV PHF QLFDV GH ORV VHUYRPRWRUHV
P+
6*0

(Q OD VLJXLHQWH WDEOD VH PXHVWUDQ ODV FDUJDV SHUPLWLGDV VREUH ORV
P+
UEROHV GH VDOLGD GH ORV
VHUYRPRWRUHV 6*0
&RQILJXUH ODV FDUJDV D[LDO \ UDGLDO HQ HO
UERO GH VDOLGD GXUDQWH HO VHUYLFLR GHO VHUYRPRWRU
GHQWUR GHO LQWHUYDOR TXH VH PXHVWUD HQ OD WDEOD
7DEOD &DUJDV D[LDO \ UDGLDO SHUPLWLGDV SDUD HO VHUYRPRWRU

0RGHOR GH
&DUJD UDGLDO
&DUJD D[LDO
/5
VHUYRPRWRU
SHUPLWLGD
SHUPLWLGD
PP
)U
)V

6*0$+ $
6*0$+

$

6*03+
6*03+

6*0*+ $P$
6*0*+
'P$
$P$
'P$
$P$
'P$
$P$
'P$
$P$
'P$
$P$
'P$
$P$
'P$
$P$

'P$

'LDJUDPD GH
UHIHUHQFLD
0RGHOR GH
VHUYRPRWRU
6*0*+
$$P$
&DUJD UDGLDO
SHUPLWLGD
)U

&DUJD D[LDO
SHUPLWLGD
)V

/5
PP

'LDJUDPD GH
UHIHUHQFLD

$'P$
($P$
('P$
6*0*+ $P%
$P%
$P%
$P%
$P%
$P%
$P%
$P%
6*06+ $

'
$
'
$
'
$

'
$
'
$
'
6*0'+ $
$
$
6*08+
'
'
'
'

/D FDUJD UDGLDO SHUPLWLGD FRUUHVSRQGH D OD FDUJD P [LPD TXH SXHGH DSOLFDUVH HQ HO H[
WUHPR GHO UERO GH VDOLGD

&DUDFWHUtVWLFDV PHFiQLFDV
7ROHUDQFLD PHF QLFD

(Q OD WDEOD VLJXLHQWH VH PXHVWUDQ ODV WROHUDQFLDV SDUD HO
UERO GH VDOLGD GHO VHUYRPRWRU
P+ \ HO UHD GH LQVWDODFLQ 3DUD P V LQIRUPDFLQ DFHUFD GH ODV WROHUDQFLDV FRQVXOWH
6*0
HO SODQR GH GLPHQVLRQHV GHO VHUYRPRWRU
7ROHUDQFLD 7 , 5 /HFWXUD GH ,QGLFDGRU 7RWDO

3HUSHQGLFXODULGDG HQWUH HO ODGR GH ODV EULGDV \ $
HO UERO GH VDOLGD
&RQFHQWULFLGDG GH XQLQ GHO GL PHWUR H[WHULRU %
GH OD EULGD
([FHQWULFLGDG HQ HO H[WUHPR GHO UERO
&
'LDJUDPD GH UHIHUHQFLD

9LVWD GHVGH OD FDUJD OD URWDFLQ SRVLWLYD GHO VHUYRPRWRU HV HQ VHQWLGR FRQWUDULR DO GH ODV
DJXMDV GHO UHORM
6HQWLGR SRVLWLYR
ORV VLJXLHQ
0RQWH HO VHUYRPRWRU FRQ HO HMH HQ SRVLFLQ KRUL]RQWDO (O VHUYRPRWRU UHVLVWLU

WHV LPSDFWRV YHUWLFDOHV
,PSDFWR GH OD DFHOHUDFLyQ PV
1~PHUR GH LPSDFWRV
YHUWLFDOHV
UERO KRUL]RQWDO
,PSDFWR HMHUFLGR VREUH HO VHUYRPRWRU
,03257$17(
/RV VHUYRPRWRUHV 6*0P+ GLVSRQHQ GH XQ GHWHFWRU GH SUHFLVLQ LQFRUSRUDGR HQ HO H[WUHPR GHO

UERO HQ HO ODGR RSXHVWR D OD FDUJD (YLWH ORV LPSDFWRV GLUHFWRV HQ HO UERO \D TXH HO GHWHFWRU SRGUD
UHVXOWDU GDDGR

&ODVH GH YLEUDFLQ

ODV YLEUDFLR
0RQWH HO VHUYRPRWRU FRQ HO HMH HQ SRVLFLQ KRUL]RQWDO (O VHUYRPRWRU UHVLVWLU
QHV SRU DFHOHUDFLQ HQ ODV VLJXLHQWHV WUHV GLUHFFLRQHV YHUWLFDO GH ODGR D ODGR \ GH GHODQWH
KDFLD DWU V
6*0$+6*03+
- 9LEUDFLyQ SRU DFHOHUDFLyQ PV 6*06+6*0*+ 6*0'+ 6*08+
-
9LEUDFLyQ SRU DFHOHUDFLyQ PV
9HUWLFDO
'H GHODQWH KDFLD DWU V
UERO KRUL]RQWDO
'H ODGR D ODGR
,PSDFWR HMHUFLGR VREUH HO VHUYRPRWRU
&ODVH GH YLEUDFLQ

P+ D OD YHORFLGDG QRPLQDO GHO PRWRU
/D FODVH GH YLEUDFLQ SDUD ORV VHUYRPRWRUHV 6*0

HV OD VLJXLHQWH
&ODVH GH YLEUDFLyQ
PP R LQIHULRU
3RVLFLQ SDUD OD PHGLFLQ GH OD YLEUDFLQ
7e50,126
&ODVH GH YLEUDFLQ
8QD FODVH GH YLEUDFLQ GH PP R PHQRV LQGLFD XQD DPSOLWXG GH YLEUDFLQ WRWDO GH PP FRPR P [LPR
HQ HO VHUYRPRWRU GXUDQWH OD URWDFLQ QRPLQDO

(Q HVWH FDSWXOR VH SUHVHQWDQ ODV HVSHFLILFDFLRQHV \ FDUDFWHUVWLFDV
PHF QLFDV GH ORV VHUYRSDFNV 6*'0

&DUDFWHUVWLFDV



,QHUFLD GH FDUJD
&DUJDV VREUDQWHV


(Q ODV WDEODV D VH SUHVHQWDQ ODV HVSHFLILFDFLRQHV GH ODV FRPELQDFLRQHV GH ORV VHU
YRSDFNV 6*'0 \ GH ORV VHUYRPRWRUHV 6*0$+ 6*03+ 6*0*+ 6*06+ 6*0'+ \
6*08+
7DEOD
(VSHFLILFDFLRQHV GH FRPELQDFLRQHV GH VHUYRSDFN \ ORV VHUYRPRWRUHV

6*0$+6*03+ FRQ WHQVLQ PRQRI VLFD GH 9
0RQRI VLFD GH 9
7HQVLQ
0RGHOR GH VHUYRSDFN
$%(
$%(
%(
%(
$%
$%
%
%

6*'+
6HULH
6HUYR
0RGHOR
6*0$+
PRWRU
6*0$+
DGPL
DGPL
WLGR
3RWHQFLD
HQ N:
9HORFLGDG GHO
PRWRU USP
(QFRGHU DGPLWLGR
,QWHQVLGDG GH VDOLGD
FRQWLQXD $ UPV
1RPLQDO P [LPD

(VW QGDU HQFRGHU LQFUHPHQWDO GH ELWV


(QHUJD GH UHJHQHUDFLQ

P [LPD $ UPV
SHUPLVLEOH -RXOHV
6HULH
6HUYR
0RGHOR
6*03+
PRWRU
6*03+
DGPL
DGPL
WLGR
3RWHQFLD

PRWRU USP
(QFRGHU DGPLWLGR
FRQWLQXD $ UPV
P [LPD $ UPV
(QHUJD GH UHJHQHUDFLQ
%
%

1RPLQDO P [LPD


SHUPLVLEOH -RXOHV
/D HQHUJD GH UHJHQHUDFLQ SHUPLVLEOH HV HO YDORU FRQ XQD WHQVLQ GH DOLPHQWDFLQ GH

HQWUDGD&$GH9UPV/DHQHUJDGHUHJHQHUDFLQSHUPLVLEOHSXHGHYDULDUFRQODVIOXF
WXDFLRQHV GHO VXPLQLVWUR GH DOLPHQWDFLQ

HQ N:
9HORFLGDG GHO

7DEOD

6*0$+6*03+ FRQ WHQVLQ PRQRI VLFD \ WULI VLFD GH 9
0RQRI VLFD GH 9
7HQVLQ
0RGHOR GH VHUYRSDFN
$$(
$$(
$(
$(
$(
7ULI VLFD GH 9

$(6
$(6
$(
$(
$(
$(
$$ $$ $ $ $
$
$


6*'+
6HULH
6HUYR
0RGHOR
6*0$+
PRWRU
6*0$+
DGPL
DGPL
WLGR
3RWHQFLD
HQ N:
9HORFLGDG GHO
PRWRU USP
(QFRGHU DGPLWLGR
FRQWLQXD $ UPV
P [LPD $ UPV

1RPLQDO P [LPD

(QHUJD GH UHJHQHUD
FLQ SHUPLVLEOH

-RXOHV
)UHFXHQFLD GH UHJHQH
UDFLQ SHUPLVLEOH
YHFHVPLQ
6HULH
6HUYR
0RGHOR
6*03+
PRWRU
6*03+
DGPL
DGPL
WLGR
3RWHQFLD
HQ N:
9HORFLGDG GHO
PRWRU USP
(QFRGHU DGPLWLGR
FRQWLQXD $ UPV
P [LPD $ UPV
(QHUJD GH UHJHQHUD
FLQ SHUPLVLEOH

$ $ $
$
$
$
$


1RPLQDO P [LPD

-RXOHV
UDFLQ SHUPLVLEOH

YHFHVPLQ
/D HQHUJD GH UHJHQHUDFLQ SHUPLVLEOH HV HO YDORU FRQ XQD WHQVLQ GH DOLPHQWDFLQ GH HQWUDGD &$ GH 9UPV /D
HQHUJD GH UHJHQHUDFLQ SHUPLVLEOH SXHGH YDULDU FRQ ODV IOXFWXDFLRQHV GHO VXPLQLVWUR GH DOLPHQWDFLQ
/D IUHFXHQFLD GH UHJHQHUDFLQ SHUPLVLEOH SXHGH DSOLFDUVH D XQ QLFR VHUYRPRWRU TXH UHDOLFH VXFHVLYDV RSHUDFLRQHV
GH DFHOHUDFLQGHFHOHUDFLQ UHSURGXFLHQGR OD YHORFLGDG GHO PRWRU HQWUH \ OD YHORFLGDG P [LPD USP


7DEOD

6*0*+ FRQ WHQVLQ WULI VLFD GH 9
7ULI VLFD GH 9
7HQVLQ
0RGHOR GH VHUYRSDFN
$(
$(
$(
$(
$(
$(
$(
$(
$(
$$(
($(
6*'+
6HULH
6HUYR
0RGHOR
6*0*+
PRWRU
6*0*+
DGPL
WLGR
3RWHQFLD
HQ N:
9HORFLGDG GHO
PRWRU USP
(QFRGHU DGPLWLGR
FRQWLQXD $ UPV
$P
$

$P $P $P $P $P $P $P $$P ($P

$
$
$
$
$
$
$
$
$

1RPLQDO P [LPD


1RPLQDO
P [LPD



P [LPD $ UPV
UDFLQ SHUPLVLEOH
YHFHVPLQ
6HULH
6HUYR
0RGHOR
6*0*+
PRWRU
6*0*+
DGPL
WLGR
3RWHQFLD
HQ N:
9HORFLGDG GHO
PRWRU USP
(QFRGHU DGPLWLGR
FRQWLQXD $ UPV
$P $P $P $P $P $P $P $P

%
%
%
%
%
%
%
%

1RPLQDO P [LPD



P [LPD $ UPV
UDFLQ SHUPLVLEOH

YHFHVPLQ
/RV YDORUHV GH IUHFXHQFLD GH UHJHQHUDFLQ SHUPLVLEOH YHFHVPLQ SDUD ORV PRGHORV 6*'+$( D 6*'+($( VRQ
Y OLGRV VL VH XWLOL]D OD XQLGDG GH UHVLVWHQFLD GH UHJHQHUDFLQ -8635$ R -8635$ SDUD FDGD VHUYRSDFN 9DVH
SDUD P V LQIRUPDFLQ VREUH HVWRV GLVSRVLWLYRV

7DEOD

6*06+6*0'+ FRQ WHQVLQ WULI VLFD GH 9
7ULI VLFD GH 9
7HQVLQ
0RGHOR GH VHUYRSDFN
$(
$(
$(
$(
$(
$(
$(
$
$
$
$
$
$

6*'+
6HULH
6HUYR
0RGHOR
6*06+
PRWRU
6*06+
DGPL
WLGR
3RWHQFLD
HQ N:
9HORFLGDG GHO
PRWRU USP
(QFRGHU DGPLWLGR
FRQWLQXD $ UPV
1RPLQDO P [LPD




$
$
$

P [LPD $ UPV
UDFLQ SHUPLVLEOH
YHFHVPLQ
6HULH
6HUYR
0RGHOR
6*0'+
PRWRU
6*0'+
DGPL
WLGR
3RWHQFLD
HQ N:
9HORFLGDG GHO
PRWRU USP
(QFRGHU DGPLWLGR
1RPLQDO P [LPD




FRQWLQXD $ UPV
P [LPD $ UPV
UDFLQ SHUPLVLEOH
YHFHVPLQ


7DEOD

6*0*+6*06+6*08+ FRQ WHQVLQ WULI VLFD GH 9
7ULI VLFD GH 9
7HQVLQ
0RGHOR GH VHUYRSDFN
'(
'(
'(
'(
'(
'(
'(
'(
$'(
('(
'
'
'
'
'
'
'
'
$'
('

6*'+
6HULH
6HUYR
0RGHOR
6*0*+
PRWRU
6*0*+
DGPL
DGPL
WLGR
3RWHQFLD
HQ N:
9HORFLGDG
GHO PRWRU
USP
(QFRGHU DGPLWLGR
,QWHQVLGDG GH
VDOLGD FRQWLQXD $
UPV
,QWHQVLGDG GH
VDOLGD P [LPD $
UPV
)UHFXHQFLD GH UH
JHQHUDFLQ
1RPLQDO P [LPD
1RPLQDO
P [LPD

'
'
'
'
'
'

SHUPLVLEOH
YHFHVPLQ
6HULH
6HUYR
0RGHOR
6*06+
PRWRU
6*06+
DGPL
DGPL
WLGR
3RWHQFLD
HQ N:
9HORFLGDG
GHO PRWRU
USP
(QFRGHU
DGPLWLGR
,QWHQVLGDG GH VD
1RPLQDO P [LPD


OLGD FRQWLQXD $
UPV
,QWHQVLGDG GH VD
OLGD P [LPD $
UPV
)UHFXHQFLD
GH UHJHQHUDFLQ
SHUPLVLEOH
YHFHVPLQ

7ULI VLFD GH 9
7HQVLQ
0RGHOR GH VHUYRSDFN
'(
'(
'(
'(
'(
'(
'(
'(
$'(
('(
'
'
'
'

6*'+
6HULH
6HUYR
0RGHOR
6*08+
PRWRU
6*08+
DGPL
DGPL
WLGR
3RWHQFLD
HQ N:
9HORFLGDG
GHO PRWRU
USP
(QFRGHU DGPLWLGR
,QWHQVLGDG GH VD
OLGD FRQWLQXD $
1RPLQDO P [LPD


UPV
,QWHQVLGDG GH VD
OLGD P [LPD $

UPV
)UHFXHQFLD GH
UHJHQHUDFLQ
SHUPLVLEOH
YHFHVPLQ
/RV YDORUHV GH IUHFXHQFLD GH UHJHQHUDFLQ SHUPLVLEOH YHFHVPLQ SDUD ORV PRGHORV 6*'+'( D 6*'+('( VRQ
Y OLGRV VL VH XWLOL]D OD XQLGDG GH UHVLVWHQFLD GH UHJHQHUDFLQ -8635$ R -8635$ SDUD FDGD VHUYRSDFN 9DVH
SDUD P V LQIRUPDFLQ VREUH HVWRV GLVSRVLWLYRV
,1)2
&RQVXOWH HO 0DQXDO GHO XVXDULR GH GLVHR \ PDQWHQLPLHQWR PDQXDO Q" 6,(6,, GH ORV
P
6 SDUD P V LQIRUPDFLQ VREUH HQHUJD \ IUHFXHQFLD GH UHJHQHUDFLQ SHUPL
VLEOHV
6*0
+6*'+ 6HULH
,,


(Q OD VLJXLHQWH WDEOD VH PXHVWUDQ ODV FDUDFWHUVWLFDV \ HVSHFLILFDFLRQHV GHO VHUYRSDFN 6*'+
&RQVOWHODV DO VHOHFFLRQDU XQ VHUYRSDFN
7DEOD
&DUDFWHUVWLFDV \ HVSHFLILFDFLRQHV GHO VHUYRSDFN
0RGHOR GH VHUYRSDFN
6*'+
6HUYR
9
DGPL
6*0$+P%
6*03+P%
PRWRU
9
WLGR
6*0$+P$
6*03+P$
6*0*+P$P$
$
$

$
$
$
$

USP
6*0*+P$P%
6*0'+P$
9



ILFDFLR
VHUYRPRWRU >HQ N:@
QHV
9
FRQWLQXD >$ UPV@
P [LPD >$ UPV@
FRQWLQXD >$ UPV@
P [LPD >$ UPV@

FRQWLQXD >$ UPV@

P [LPD >$ UPV@
$OLPHQ
&LUFXLWR
9
WDFLQ
SULQFL
S
9
GH HQ
SDO
9
&LUFXLWR
9
GH FRQ
9
WURO
9
WUDGD

&DSDFLGDG P [LPD DGPLWLGD GHO
9

6*08+P'
(VSHFL
9

6*0*+P'
6*06+P'
E VLFDV

USP
6*06+P$

0WRGR GH FRQWURO
5HDOLPHQWDFLQ
&RQGL
7HPSHUDWXUD DP
FLRQHV
ELHQWHGH DOPDFHQDMH
RSHUDWL
RSH
DW
YDV
+XPHGDG UHODWLYDGH
DOPDFHQDMH
5HVLVWHQFLD D
YLEUDFLRQHVLPSDFWRV
&RQILJXUDFLQ

0RQRI VLFD GH D 9 &$ GH D +]

7ULI VLFD GH D 9 &$ GH D +]
9 && r
,*%73:0 FRQ UHFWLILFDFLQ GH RQGD FRPSOHWD DFFLRQDPLHQWR SRU RQGD
VLQXVRLGDO PRQRI VLFR R WULI VLFR
(QFRGHU VHULH ELWV LQFUHPHQWDO
ELWV LQFUHPHQWDODEVROXWR
GH D q&GH D q&
+XPHGDG UHODWLYD GHO R LQIHULRU VLQ FRQGHQVDFLQ
PV PV
0RQWDGR VREUH OD EDVH PRQWDMH HQ EDVWLGRU RSFLRQDO

0RGHOR GH VHUYRSDFN
6*'+
0RGRV
5HQGL
5DQJR GH FRQWURO GH
GH FRQ
PLHQWR
YHORFLGDG
WURO GH
5HJXOD
5HJXODFLQ
YHORFL
FLQ GH
GH OD FDUJD
GDGSDU
OD YHOR
5HJXODFLQ
FLGDG
GH OD WHQ
VLQ
5HJXODFLQ
GH OD WHP
SHUDWXUD
&DUDFWHUVWLFDV GH OD
IUHFXHQFLD
7ROHUDQFLD GH FRQWURO
GH SDU UHSHWLELOLGDG
&RQILJXUDFLQ GHO
WLHPSR GH DUUDQTXH
VXDYH
6HDOHV
(QWUDGD
GH HQ
GH YHOR
WWUDGD
DGD
FLGDG
F
GDG
QRPLQDO
7HQVLQ QR
PLQDO
,PSHGDQFLD
GH HQWUDGD
&RQVWDQWH
$
$


OD YHORFLGDG PQLPD GHO UDQJR GH FRQWURO GH YHORFLGDG HV OD YHOR

FLGDG D OD TXH HO VHUYRPRWRU QR VH GHWLHQH FRQ XQD FDUJD GH SDU QRPLQDO
FDUJD GH D P [ D YHORFLGDG QRPLQDO
7HQVLQ QRPLQDOr D YHORFLGDG QRPLQDO
r q& r P [ D YHORFLGDG QRPLQDO
+] D -/ -0

'H D V SXHGH FRQILJXUDUVH LQGLYLGXDOPHQWH SDUD OD DFHOHUDFLQ \ OD

GHVDFHOHUDFLQ
r 9 && UDQJR GH FRQILJXUDFLQ YDULDEOH GH r D r 9 && FRQ SDU QR
PLQDO URWDFLQ D GHUHFKDV FRQ YDORU QRPLQDO SRVLWLYR WHQVLQ GH HQWUDGD
r 9 P [
$OUHGHGRU GH N:
GH WLHPSR
GHO FLUFXLWR
(QWUDGD
GHO SDU
7HQVLQ QR
PLQDO
QRPLQDO
R
D
,PSHGDQFLD
GH HQWUDGD
&RQVWDQWH
GH WLHPSR
GHO FLUFXLWR
9HORFL
6HOHFFLQ
GDG QR
GHO VHQWLGR
PLQDO
D
GH URWDFLQ
GH FRQ
6HOHFFLQ
WDFWR
GH OD YHOR
FLGDG
0RGRV
5HQGL
&RQILJXUDFLQ GH OD
GH FRQ
PLHQWR
SRODUL]DFLQ
WURO GH
&RPSHQVDFLQ GH
SRVL
S
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<$6.

6*02+6*'+ 6HULH 6,,

0DQXDO GHO XVXDULR

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6HOHFFLQ GH VHUYRDFFLRQDPLHQWRV \ GH GLVSRVLWLYRV

 'HVLJQDFLRQHV GH PRGHOR                                             

 'LDJUDPD GH IOXMR GH VHOHFFLQ GH VHUYRPRWRUHV                         

 'HVLJQDFLRQHV GH PRGHOR                                             

 6HUYRSDFNV \ VHUYRPRWRUHV FRPSDWLEOHV                                

6HOHFFLQ GH GLVSRVLWLYRV SHULIULFRV                        

 6HUYRPRWRUHV 6*0$+                                                

 6HUYRPRWRUHV 6*03+                                                

 6HUYRPRWRUHV 6*0*+ SDUD  USP

 6HUYRPRWRUHV 6*0*+ SDUD  USP

 6HUYRPRWRUHV 6*06+                                                

 6HUYRPRWRUHV 6*0'+                                                

 6HUYRPRWRUHV 6*08+                                                

 &DUJDV UDGLDO \ D[LDO SHUPLWLGDV                                        

 7ROHUDQFLD PHF QLFD                                                  

 5HVLVWHQFLD D ORV LPSDFWRV                                            

 5HVLVWHQFLD D ODV YLEUDFLRQHV                                          

 &ODVH GH YLEUDFLQ                                                   

 (VSHFLILFDFLRQHV FRPELQDGDV                                         

 &DUDFWHUVWLFDV \ HVSHFLILFDFLRQHV                                      

 &DUDFWHUVWLFDV GH VREUHFDUJD                                         

 7LHPSR GH DUUDQTXH \ GH GHWHQFLQ                                    

 0RPHQWR GH LQHUFLD GH OD FDUJD                                        

 &DUJDV VREUDQWHV                                                    

 6HUYRPRWRUHV 6*0$+                                                

 6HUYRPRWRUHV 6*03+                                                

 6HUYRPRWRUHV 6*0*+  USP                                     

 6HUYRPRWRUHV 6*0*+  USP                                     

 6HUYRPRWRUHV 6*06+                                                

 6HUYRPRWRUHV 6*0'+                                                

 6HUYRPRWRUHV 6*08+                                                

3ODQRV GH GLPHQVLRQHV GH VHUYRPRWRUHV

3ODQRV GH GLPHQVLRQHV GH VHUYRSDFNV                       

 6HUYRSDFNV PRQWDGRV VREUH OD EDVH                                   

 6HUYRSDFNV PRQWDGRV HQ EDVWLGRU                                     

 6HUYRSDFNV FRQ YHQWLODFLQ SRU FRQGXFWRV                              

(VSHFLILFDFLRQHV \ SODQRV GH GLPHQVLRQHV

(VSHFLILFDFLRQHV GH FDEOHV \ GLVSRVLWLYRV SHULIULFRV         

 (VSHFLILFDFLRQHV GH FDEOHV                                            

 7LSRV \ SRWHQFLDV GH GLVSRVLWLYRV SHULIULFRV

 8QLGDG GLJLWDO GH PDQHMR

 5HVLVWHQFLDV GH UHJHQHUDFLQ H[WHUQDV

 8QLGDG GH UHVLVWHQFLD GH UHJHQHUDFLQ

 5HDFWDQFLDV GH && SDUD IXHQWHV GH DOLPHQWDFLQ

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 %DWHUD GHO HQFRGHU DEVROXWR                                          

 &RQYHUWLGRU GHO EORTXH GH ERUQHV GH FRQHFWRUHV                         

 &RQYHUWLGRU GH VHDOHV GH HQFRGHU

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 6RIWZDUH GH YLJLODQFLD FRQ 3&                                        

 ,QWHUUXSWRU DXWRP WLFR HQ FDMD PROGHDGD 0&&%                        

 )LOWUR GH UXLGRV

 &RQWDFWRU PDJQWLFR                                                 

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