KWWSZZZHOSUDFWLFDQWHJDOHRQFRP

(-(5&,&,263$5$(/(1)(502$)(&72'(
3$5.,1621

%HUQDO1DYDUUR(
&RPSDQ\-RVp&
)DXV&XxDW9
%HUQDO9DOOV(
)LVLRWHUDSHXWD+RVSLWDO'U3HVHW
)LVLRWHUDSHXWD
'8(

5HVXPHQ

(QHVWHWUDEDMRKHPRVLQWHQWDGRGHVDUUROODUJUiILFDPHQWHXQRVHMHUFLFLRVORPiV
VHQFLOORVSRVLEOHVSDUDTXHHOHQIHUPRORVUHDOLFHGLDULDPHQWH\FRUULMDFRPRXQD
DFWLYLGDGPiVGHVXYLGDGLDULDORVSUREOHPDVTXHVXUJHQFRQODGHDPEXODFLyQ&RQ
HOORQR VyORHYLWDUHPRVHOGHWHULRURItVLFRTXHFRQOOHYDODHQIHUPHGDGVLQRTXHPHMRUDUi
ODFDOLGDGGHYLGD
3$/$%5$6&/$9(3DUNLQVRQ(VWLUDPLHQWRV3RWHQFLDFLyQPXVFXODU0HFDQLVPRV
GHD\XGD

(QXQDUWtFXORDQWHULRUVHGHVDUUROODURQORVHVWDGLRVGHOD HQIHUPHGDGGH3DUNLQVRQDVt
FRPRXQDVUHFRPHQGDFLRQHVSUiFWLFDVGHFDUDDHVWHWLSRGHHQIHUPRVHQFDPLQDGDV
WRGDVHOODVDDFWLYLGDGHVTXHGHEHUHDOL]DUHQVXYLGDGLDULD

$FRQWLQXDFLyQVHH[SRQHQDOJXQRVHMHUFLFLRVTXHGHEHQUHDOL]DUHVWHWLSRGHSDFLHQWHV
(MHUFLFLRVHQORVTXHGHVWDFDVXVHQFLOOH]GHUHDOL]DFLyQ\TXHHQSRFDVRFDVLRQHV
QHFHVLWDQGHODD\XGDGHRWUDVSHUVRQDVSDUDSRGHUUHDOL]DUORV
7RGRVHOORVQRVYDQDDPDQWHQHUORVUHFRUULGRVDUWLFXODUHV\HOWRQRPXVFXODUE
SRWHQFLDUODPXVFXODWXUDFHYLWDUDFRUWDPLHQWRGHSDUWHVEODQGDV7RGRHVWRSHUPLWLUi
PDQWHQHUXQDLQGHSHQGHQFLDHQODVDFWLYLGDGHVGHODYLGDGLDULDGHHVWDVSHUVRQDV
7DPELpQVHGHVFULEHQD\XGDVSDUDTXHHOHQIHUPRSXHGDPRYHUVHPHMRUHQODFDPD\
WDPELpQRWURVFRQVHMRV SDUDTXHODVSHUVRQDVTXHDVLVWHQDOHQIHUPRORKDJDQVLQ
HVIXHU]R\FRQXQDPD\RUHILFDFLD
(OHYDFLyQGHORVEUD]RVSRUHQFLPDGHODFDEH]D

3RVLFLyQ

'HF~ELWRVXSLQR

&RQD\XGDGHOIDPLOLDU(OHYDFLyQ\
0RYLPLHQWR GHVFHQVRGHOEUD]RSRUHQFLPDGHOD
FDEH]D

(OHYDFLyQGHOPLHPEURLQIHULRU
3RVLFLyQ

0RYLPLHQWR

'HF~ELWRVXSLQR

&RQD\XGDGHOIDPLOLDU(OHYDFLyQ\
GHVFHQVRGHOPLHPEURLQIHULRU

*LURVGHURGLOODV
3RVLFLyQ

'HF~ELWRVXSLQRFRQODVURGLOODV
GREODGDV%UD]RVH[WHQGLGRVDOODGRGHO
FXHUSR

*LUHVXVURGLOODVDODGHUHFKD*LUHOD
FDEH]DKDFLDHOPLVPRODGR
0RYLPLHQWR *LUHVXVURGLOODVDODL]TXLHUGD*LUHOD
FDEH]DKDFLDHOPLVPRODGR5HSLWD
YHFHV

(OHYDFLyQGHODFDGHUD
3RVLFLyQ

0RYLPLHQWR

'HF~ELWRVXSLQRFRQURGLOODVGREODGDV
(OHYDFLyQGHODVFDGHUDVGHOVXHOR
0DQWHQJD5HSLWDYHFHV

/HYDQWHVXVEUD]RVDOWHUQDWLYDPHQWH
3RVLFLyQ

'HF~ELWRSURQRFRQXQDDOPRKDGD
GHEDMRGHVXHVWyPDJR(VWLUHORVEUD]RV
SRUHQFLPDGHVXFDEH]D

/HYDQWHVXEUD]RGHUHFKR
*LUHODFDEH]DKDFLDHOEUD]ROHYDQWDGR
0RYLPLHQWR %DMHVXEUD]R
$OWHUQDWLYDPHQWHOHYDQWHVXEUD]R
FRQWUDULR5HSLWDYHFHV

/HYDQWHVXVSLHUQDVDOWHUQDWLYDPHQWH
3RVLFLyQ

'HF~ELWRSURQRFRQXQDDOPRKDGD
GHEDMRGHVXHVWyPDJR
&RORTXHVXVEUD]RVFUX]DGRVGHEDMRGH
VXFDEH]D

/HYDQWHVXSLHUQDGHUHFKD
%DMHVXSLHUQD
0RYLPLHQWR
$OWHUQDWLYDPHQWHOHYDQWHVXVSLHUQDV
5HSLWDYHFHV

'HVHGHVWDFLyQDELSHGHVWDFLyQ
3RVLFLyQ

'HVOLFHVXVFDGHUDVKDVWDHOERUGHGHOD
VLOOD
6XVSLHVOLJHUDPHQWHVHSDUDGRV\GHWUiV
GHVXVURGLOODV
0DQRVDSR\DGDVHQODVLOOD

*LUHVXFDEH]D\KRPEURVKDFLDGHODQWH
GHVXVURGLOODV
(PSXMHFRQVXVEUD]RVHQHOPRPHQWR
0RYLPLHQWR
GHODELSHGHVWDFLyQ
5HJUHVHDODSRVLFLyQLQLFLDO
5HSLWDYHFHV

(TXLOLEULRVREUHPDQRV\URGLOODV
3RVLFLyQ

$JDWDV&RORTXHVXVPDQRVDQLYHOGH
ORVKRPEURV&RORTXHVXVURGLOODVD
QLYHOGHODVFDGHUDV

(VWLUHVXSLHUQDGHUHFKDKDFLDDUULED\
KDFLDDWUiV
0DQWHQJDHOHTXLOLEULR\GHVFDQVH
(VWLUHVXEUD]RL]TXLHUGRKDFLDGHODQWH
0RYLPLHQWR \KDFLDDUULED
0DQWHQJDHOHTXLOLEULR\GHVFDQVH
5HDOLFHHOHMHUFLFLRDOWHUQDQGRPLHPEUR
VXSHULRUHLQIHULRU
5HSLWDYHFHV

&RRUGLQDFLyQPDQRPDQR
3RVLFLyQ

6HQWDGRFRQORVSLHVHQHOVXHOR6X
HVSDOGDUHFWD
6RVWHQHUXQDSHORWDRVDFRHQVXPDQR
GHUHFKD

/DQ]DUODSHORWDVREUHVXPDQR
L]TXLHUGD
0RYLPLHQWR $OWHUQDWLYDPHQWHPDQRGHUHFKDPDQR
L]TXLHUGD
5HSHWLUYHFHV

$EGXFFLyQGHOPLHPEURLQIHULRU
3RVLFLyQ

3HUPDQHFHUHUJXLGR8WLOLFHXQVRSRUWH
SDUDHOHTXLOLEULR

(VWLUHVXSLHUQDGHUHFKDKDFLDXQODGR
5HJUHVHDODSRVLFLyQLQLFLDO
0RYLPLHQWR
$OWHUQHDPERVPLHPEURV
5HSLWDYHFHV

(67,5$0,(1726
(VWLUDPLHQWRGHORVP~VFXORVSRVWHULRUHV
3RVLFLyQ

'HF~ELWRVXSLQRFRQURGLOODVGREODGDV

(VWLUHVXSLHUQDL]TXLHUGDSURFXUDQGR
TXHODSDUWHSRVWHULRUGHODURGLOODWRTXH
ILUPHPHQWHDOVXHOR0LHQWUDVTXHOD
SLHUQDGHUHFKDWRFDHOSHFKR
0RYLPLHQWR
&XHQWHKDVWD
5HSLWDHOPRYLPLHQWRFRQVXSLHUQD
L]TXLHUGD
5HSLWDYHFHVDOWHUQDQGRVXVSLHUQDV

(VWLUDPLHQWRP~VFXORVSRVWHULRUHVGHODSLHUQD
3RVLFLyQ

6HQWDGRHQXQDVLOOD&RORTXHVXSLHUQD
VREUHXQDEDQTXHWD

&RORTXHVXVPDQRVVREUHODURGLOOD
,QFOtQHVHKDFLDGHODQWH(PSXMHVX
URGLOODOLJHUDPHQWHKDFLDDEDMR
6LHQWDXQHVWLUDPLHQWRGHORVP~VFXORV
0RYLPLHQWR
SRVWHULRUHV
&XHQWHKDVWD
$OWHUQHDPEDVURGLOODV5HSLWD
YHFHV

(VWLUDPLHQWRGHKRPEURV
3RVLFLyQ

'HSLHHQIUHQWHGHOiQJXORGHXQD
HVTXLQDGHODFDVD
&RORTXHXQDPDQRHQFDGDH[WUHPRGH
ODSDUHG%UD]RVHVWLUDGRV

,QFOtQHVHKDFLDHOiQJXORGHODSDUHG
0RYLPLHQWR VLQWLHQGRFRPRVXVKRPEURVVHHVWLUDQ
5HSLWDYHFHV

(VWLUDPLHQWRVPLHPEURVVXSHULRUHV\HVSDOGD
3RVLFLyQ

&ROyTXHVHGHURGLOODVVREUHXQD
DOIRPEUD$Sy\HVHVREUHXQVLOOyQ

,QFOtQHVHKDFLDDWUiVDPHGLGDTXH
OHYDQWDHOEUD]RSRUHQFLPDGHVX
0RYLPLHQWR
FDEH]D
'HVFLHQGDHOEUD]RVREUHHOVLOOyQ

$OWHUQHHOHMHUFLFLROHYDQWDQGRORV
PLHPEURVDOWHUQDWLYDPHQWH
5HSLWDYHFHV

(VWLUDPLHQWRGHORVP~VFXORVSRVWHULRUHVGHODHVSDOGD
3RVLFLyQ

6LpQWHVHFRQORVSLHVDSR\DGRVVREUHHO
VXHOR\ODVPDQRVDSR\DGDVHQVXV
URGLOODV

'REOHVXWURQFRKDFLDGHODQWH\WRTXH
FRQVXPDQRVXWRELOOR
5HJUHVHDODSRVLFLyQLQLFLDO
0RYLPLHQWR
5HSLWDHOHMHUFLFLRDOWHUQDQGRORV
PLHPEURVVXSHULRUHV
5HSLWDYHFHV

(VWLUDPLHQWRGHORVP~VFXORVGHODSDQWRUULOOD
3RVLFLyQ

'HSLHVHSDUDGROLJHUDPHQWHGHXQD
PHVD
3LHVSODQRVVREUHHOVXHOR3LHV
GLULJLGRVKDFLDGHODQWH

&RORTXHVXSLHGHUHFKRFHUFDGHOD
PHVD'REOHODURGLOODGHUHFKD
0DQWHQJDODSLHUQDL]TXLHUGDKDFLD
0RYLPLHQWR DWUiV0DQWHQJDHOWDOyQL]TXLHUGRVREUH
HOVXHOR
$OWHUQDUDPEDVSLHUQDV
5HSLWDYHFHV

327(1&,$&,1086&8/$5
3RWHQFLDFLyQPLHPEURVLQIHULRUHV
3RVLFLyQ

0DQWHQHUVHHUJXLGRFHUFDGHXQDVLOOD
%UD]RVDOODGRGHOFXHUSRRDSR\DGRV
VREUHXQPXHEOH

0DQWHQHUVHHQHTXLOLEULRDPHGLGDTXH
GREODVXVURGLOODV
0RYLPLHQWR 0DQWHQHUORVSLHVDSR\DGRVHQHOVXHOR
&RQWDUKDVWD(VWLUHVXVURGLOODV
5HSLWDYHFHV

3RWHQFLDFLyQP~VFXORVGHODSDQWRUULOOD
3RVLFLyQ

'HSLHFRQORVEUD]RVDSR\DGRVHQXQD
VLOOD

/HYDQWDUVHVREUHODSXQWDGHORVGHGRV
0RYLPLHQWR 'HVFHQGHUDODSRVLFLyQLQLFLDO
5HSHWLUYHFHV

(-(5&,&,26'(0$5&+$
0DUFKDHVWiWLFD
3RVLFLyQ

0DQWpQJDVHHUHFWRHQIUHQWHGHXQD
PHVD&RORTXHVXVSLHVVHSDUDGRV

/HYDQWHXQSLH\URGLOODOXHJREDMH
0RYLPLHQWR 5HDOLFHDOWHUQDQFLDVGHPLHPEURV
LQIHULRUHV5HSLWDYHFHV

(MHUFLFLRVGHPDUFKD
3RVLFLyQ

(QELSHGHVWDFLyQFRQORVSLHVGHVFDO]RV
RFRQ]DSDWLOODV

&DPLQHOHQWDPHQWHDSUHFLDQGRFRPROD
SUHVLyQVREUHODSODQWDGHORVSLHV
FDPELD
0RYLPLHQWR 3ULPHURDSR\HVREUHHOWDOyQOXHJR
DSODQHHOSLH%XVTXHHOHTXLOLEULRGHVGH
HOWDOyQDODSXQWDGHORVGHGRV$OWHUQH
DPERVSLHV5HSLWDYHFHV

&DPLQHFRQEDODQFHRGHEUD]RV
3RVLFLyQ

'HSLHFRQORVEUD]RVDOODGR

%DODQFHRGHEUD]RVOLEUHPHQWHFXDQGR
FDPLQD%DODQFHHORVEUD]RVFRQOD
0RYLPLHQWR SLHUQDRSXHVWD
(OEUD]RGHUHFKREDODQFHDFRQODSLHUQD
L]TXLHUGD(OEUD]RL]TXLHUGREDODQFHD

FRQODSLHUQDGHUHFKD

*LURVHQFtUFXORV
3RVLFLyQ

(QELSHGHVWDFLyQFRQORVSLHV
VHSDUDGRV

*LUHHQFtUFXORFRQORVSLHVVHSDUDGRV
0RYLPLHQWR $OWHUQHFRQGRVRWUHVVLOODVFtUFXORVHQ
RFKR5HSLWDYHFHV

0DUFKDJROSHDQGRHOVXHORFRQHOWDOyQ
3RVLFLyQ

(QSLH

/HYDQWHVXVGHGRVFRQFDGDSDVR
5HDOLFHHQSULPHUOXJDUXQFRQWDFWRFRQ
0RYLPLHQWR
HOWDOyQ
([DJHUHORVSDVRVWDOyQGHGRVGHOSLH

0DUFKDFRQSDVRODUJR
3RVLFLyQ

'HSLHFRQORVEUD]RVDOODGR

0RYLPLHQWR 0DUTXHHQHOVXHORGLVWDQFLDVPD\RUHV

TXHVXSDVRGHPDUFKDQRUPDO
&DPLQHSRUHQFLPDGHODVPDUFDV
7UDWHGHFDPLQDUODPLVPDGLVWDQFLDFRQ
SRFRVSDVRVSHURODUJRV

&DPLQHFDPELDQGRODYHORFLGDGGHODPDUFKD
3RVLFLyQ

'HSLHFRQORVEUD]RVDOODGR3UDFWLTXH
FDPLQDUFRQGLIHUHQWHVYHORFLGDGHV

&DPLQHOHQWDPHQWH\OXHJRUiSLGDPHQWH
0RYLPLHQWR FDPELHODYHORFLGDGPiVUiSLGD
&DPLQHHUJXLGR

0DUFKDJOREDO
3RVLFLyQ

'HSLHFRQORVEUD]RVDOODGR

0DQWHQJDHUJXLGDVXFDEH]D%DODQFHH
VXVEUD]RVGHVGHORVKRPEURV
0RYLPLHQWR
/HYDQWHORVGHGRVJROSHHFRQORV
WDORQHV3DVRODUJR

0DUFKDPLOLWDU

/HYDQWHVXSLH\URGLOODDOPLVPR
WLHPSR$OWHUQHODPDUFKD
$FFLyQ
0DUFKHGHLJXDOPDQHUDTXHDQGD
PRYLPLHQWR
%UD]RFRQWUDULRKDFLDGHODQWH
%UD]RGHLJXDOODGRKDFLDDWUiV

'HSRUWH0DUFKD

8WLOLFHURSD\]DSDWRVFRQIRUWDEOHV(PSLHFHFRQ
GLVWDQFLDVFRUWDVGXUDQWHFLQFRPLQXWRV\SURJUHVH
KDVWDPLQXWRV
&RQWUROHVXSXOVR5HDOLFHXQSHUtRGRGH
FDOHQWDPLHQWRPX\VXDYHGXUDQWHPLQXWRV\
FRQWUROHVXSXOVR&DPLQHUiSLGDPHQWHGXUDQWH
PLQXWRV\FRQWUROHVXSXOVR5HOiMHVHFDPLQDQGR
OHQWDPHQWHGXUDQWHYDULRVPLQXWRV

$6,67(1&,$$/(1)(502
$\XGDVDODVHGHVWDFLyQ\ELSH[GHVWDFLyQ
$\XGDVDODVHGHVWDFLyQGHVGHODFDPD

$\XGDVFRQVXVEUD]RV6XIDPLOLDUFRQWURODVX
FXHOOR\KRPEURKDFLDGHODQWH\KDFLDDUULED
$VLVWDHQODWDUHDFRQVXVURGLOODV\SLHV

$\XGDDODELSHGHVWDFLyQGHVGHODVLOOD

,QFOtQHVHKDFLDGHODQWH\HPSXMHFRQVXVEUD]RV

6XIDPLOLDUFRQWURODVXFXHOOR\KRPEURV\DVXYH]
EORTXHDODURGLOODSDUDDVLVWLUOHHQODELSHGHVWDFLyQ

/HYDQWDUVHGHODFDPD
3RVLFLyQ

'HVOtFHVHKDFLDHOERUGHODFDPD
(PSXMHVXVEUD]RV
'REOHODVURGLOODVVREUHVXSHFKRFRQ
ORVSLHVVREUHHOERUGHGHODFDPD

'HVOLFHVXVSLHVKDFLDDEDMRPLHQWUDV
HPSXMDFRQORVFRGRV\PDQRVKDVWDOD
0RYLPLHQWR
SRVLFLyQGHVHGHVWDFLyQ
5HSLWDYHFHV

+DELWDFLyQ

&DPDFRQGLYHUVRVPHFDQLVPRVGHD\XGDSDUDTXH
HOSDFLHQWHSXHGDPRYHUVHHQHOOD