$YHUtDV

0HQVDMHVGHDYLVR\GHDYHUtD
± /DVGLVWLQWDVDYHUtDVTXHVHSUHVHQWHQVHLQGLFDQSRUPHGLRGHORVFDPSRVGH
VtPERORFRUUHVSRQGLHQWHVySWLFRVRGHORVLQVWUXPHQWRVGHGLVSOD\GHOSDQHO
GHLQVWUXPHQWRV
± (QGHWHUPLQDGRVFDVRVODVIXQFLRQHVGHDYLVRVHUHIXHU]DQDF~VWLFDPHQWH
5HFRQRFHU\HOLPLQDUDYHUtDV\IDOORV
± 0XFKDVYHFHVODVDYHUtDVVHGHEHQDXQPDQHMRRPDQWHQLPLHQWRLQFRUUHFWRV
GHODPiTXLQD
3RUHOORFXDQGRVXUMDXQDDYHUtDYXHOYDDOHHUDWHQWDPHQWHODSDUWH
FRUUHVSRQGLHQWHHQHO³0DQXDOGHOFRQGXFWRU´
± ([DPLQHODFDXVD\HOLPtQHODLQPHGLDWDPHQWH
± 6LDFXGHDO6(59,&,27e&1,&2'(/,(%+(55GHVFULEDFRQODPD\RUH[DF
WLWXGSRVLEOHODDYHUtD\ODVFLUFXQVWDQFLDVTXHODURGHDQ
/DVLQGLFDFLRQHVSUHFLVDVSHUPLWHQORFDOL]DU\VROXFLRQDUUiSLGDPHQWHODDYHUtD
3DUDHOORWDPELpQHVQHFHVDULRGDUORVGDWRVH[DFWRVVREUHHOPRGHOR\HO
Q~PHURGHVHULHGHODPiTXLQD
± 1RUHDOLFHQLQJ~QWUDEDMRSDUDHOFXDOQRHVWpFXDOLILFDGRQLKD\DVLGRLQVWUXLGR

)LJ

1RWD
6LQRUHFRQRFHODFDXVDGHODDYHUtDHQODV³WDEODVGHFyGLJRVGHVHUYLFLR´RVL
ODVROXFLyQGDGDHQpVWDVQROHSHUPLWHHOLPLQDUOD
 DFXGDDO6(59,&,27e&1,&2'(/,(%+(55
/%+HV

 &yGLJRVGHVHUYLFLR

 ,QGLFDFLyQGHORVFyGLJRVGHVHUYLFLRHQHOGLVSOD\
/DPiTXLQDHVVXSHUYLVDGDHQPXFKDVIXQFLRQHVSRUHOVLVWHPDGHFRQWURO

FRS\ULJKWE\

/ 
$YHUtDV 0DQXDOGHOFRQGXFWRU
&yGLJRVGHVHUYLFLR

6HVXSHUYLVDVLKD\FRUWRFLUFXLWRVURWXUDGHFDEOHVWHQVLyQGHSURFHGHQFLDDMHQD
\VHxDOHVGHHQWUDGD\VDOLGDLQFRUUHFWDV
$GHPiVHOFRQWUROFRPSUXHEDFRQVWDQWHPHQWHHOGHVDUUROORGHOSURJUDPD\OD
FRPXQLFDFLyQFRQORVPyGXORVGHFRQWURO

)LJ8QLGDGGHGLVSOD\

 'LVSOD\GHOORVFyGLJRVGH  'LVSOD\³6723´

VHUYLFLR

6LGXUDQWHODSXHVWDHQIXQFLRQDPLHQWRXRSHUDFLyQGHODPiTXLQDVHSURGXFHXQ
IDOORpVWHDSDUHFHLQGLFDGRHQODXQLGDGGHGLVSOD\RVHJXDUGDHQODPHPRULDGHO
FyGLJRGHVHUYLFLRGHODHOHFWUyQLFDFHQWUDO0$67(5

)LJ,QGLFDFLyQGHOFyGLJRGHVHUYLFLR

'HEHWHQHUHQFXHQWDORVLJXLHQWH
± (OFyGLJRGHVHUYLFLRVHYLVXDOL]DHQHOVHJPHQWRLQGLFDGRU
± 7RGRVORVFyGLJRVGHVHUYLFLRVHJXDUGDQHQODPHPRULDGHFyGLJRVGHVHUYLFLR
GHODHOHFWUyQLFDSULQFLSDO0$67(5
± 7RGRVORVFyGLJRVGHVHUYLFLRVHSXHGHQOHHUFRQHOVRIWZDUHGHGLDJQyVWLFRGH
/%+HV

/,(%+(55
± &XDQGRDSDUHFHXQFyGLJRGHVHUYLFLRVXHQDXQ~QLFRSLWLGR

$YHUtDV\VXVHIHFWRV
&DGDDYHUtDSURYRFDXQHIHFWRGHWHUPLQDGR
'HSHQGLHQGRGHFXiOVHDODFDXVDGHOIDOORVHJXLUiVLHQGRSRVLEOHXQPRGRGH
PDUFKDOLPLWDGR
(QHOFDVRGHTXHVHSURGX]FDQDYHUtDVTXHSURYRTXHQVHULRVGDxRVHQOD
PiTXLQD

FRS\ULJKWE\

 /
 0DQXDOGHOFRQGXFWRU $YHUtDV
&yGLJRVGHVHUYLFLR

± pVWDVHSDUD
± HOVHQWLGRGHPDUFKDSDVDHQWRQFHVDXWRPiWLFDPHQWHD³QHXWUDO´\ODPiTXLQD
UXHGDHQLQHUFLD
± HVWRVHLQGLFDHQODXQLGDGGHGLVSOD\PHGLDQWHHOGLVSOD\³6723´

1RWD
7UDVGHVFRQHFWDUHOHQFHQGLGRVHERUUDHOFyGLJRGHVHUYLFLRHQHOVHJPHQWRLQGL
FDGRU
 $QRWHHOFyGLJRGHVHUYLFLR
 (QFDUJXHODHOLPLQDFLyQGHOHUURUDO6(59,&,27e&1,&2'(/,(%+(55

&yGLJRGHVHUYLFLR &RQVHFXHQFLD &DXVD 6ROXFLyQ

( /DIXQFLyQGHGLUHFFLyQ ,QWHUUXSWRUGHSUHVLyQSDUD &RQVXOWDUDO6(59,&,2
GHHPHUJHQFLDQRHVWi ERPEDGHGLUHFFLyQGHHPHU 7e&1,&2'(/,(%+(55
GLVSRQLEOH JHQFLDFHUUDGRDSHVDUGHTXH
HOPRWRUHVWiSDUDGR
( /DIXQFLyQGHGLUHFFLyQ (OLQWHUUXSWRUGHSUHVLyQGHOD &RQVXOWDUDO6(59,&,2
GHHPHUJHQFLDQRHVWi ERPEDGHGLUHFFLyQGHHPHU 7e&1,&2'(/,(%+(55
GLVSRQLEOH JHQFLDQRFRQPXWDFXDQGR
DUUDQFDHOPRWRU
( /DIXQFLyQGHGLUHFFLyQ 'LUHFFLyQGHHPHUJHQFLD &RQVXOWDUDO6(59,&,2
GHHPHUJHQFLDQRHVWi FRQWUROIDOOLGRHOLQWHUUXSWRUGH 7e&1,&2'(/,(%+(55
GLVSRQLEOH SUHVLyQSDUDHOFRQWUROGHOD
ERPEDGHGLUHFFLyQGHHPHU
JHQFLDQRFRQPXWD
( /DIXQFLyQGHGLUHFFLyQ 'LUHFFLyQGHHPHUJHQFLDLQWH &RQVXOWDUDO6(59,&,2
GHHPHUJHQFLDQRHVWi UUXSWRUGHSUHVLyQSDUDHO 7e&1,&2'(/,(%+(55
GLVSRQLEOH FRQWUROGHODERPEDGHGLUHF
FLyQGHHPHUJHQFLDFHUUDGRVLQ
FRQWURO
( 6HUHGXFHODSRWHQFLD 6REUHWHPSHUDWXUDGHODFHLWH /LPSLDUHOVLVWHPDGHUHIULJHUD
GHODERPEDGHWUDVOD KLGUiXOLFRWHPSHUDWXUDVXSHULRU FLyQ&RQVXOWDUDO6(59,&,2
FLyQ Dƒ& 7e&1,&2'(/,(%+(55
( (OFDPSRGHVtPEROR 3UHVLyQGHODFXPXODGRUGHORV &RQVXOWDUDO6(59,&,2
3UHVLyQGHODFXPXODGRU IUHQRVGHPDVLDGREDMD 7e&1,&2'(/,(%+(55
GHOVLVWHPDGHIUHQRV
VHLOXPLQDGHVSXpVGH
TXHHODYLVDGRUDF~V
WLFRKDHPLWLGRXQSLWLGR
FRQVWDQWHGXUDQWH
PLQXWRVQRVHSXHGH
VHOHFFLRQDUHOVHQWLGR
/%+HV

GHPDUFKD
() 1RVHSXHGHSUHVHOHF ,QWHUUXSWRUGHSUHVLyQSDUD &RQVXOWDUDO6(59,&,2
FLRQDUHOVHQWLGRGH HVWDWXVGHOIUHQRGHHVWDFLRQD 7e&1,&2'(/,(%+(55
PDUFKD,QGLFDFLyQGHO PLHQWRQRFRLQFLGHFRQODVHxDO
IUHQRGHHVWDFLRQD GHVDOLGDGHOFRQWURO8(&W•
PLHQWRDFWLYR VHJ(UURUHQHOFDEOHDGR
HOHFWURYiOYXODKLGUiXOLFDRLQWH
UUXSWRUGHSUHVLyQHUURUGH
KDUGZDUHHQHOFRQWURO

FRS\ULJKWE\

/ 
$YHUtDV 0DQXDOGHOFRQGXFWRU
&yGLJRVGHVHUYLFLR

&yGLJRGHVHUYLFLR &RQVHFXHQFLD &DXVD 6ROXFLyQ

( (OFDPSRGHVtPEROR ,QWHUUXSWRUGHSUHVLyQSDUD &RQVXOWDUDO6(59,&,2
SDUDSUHVLyQGHDFHLWH SUHVLyQGHDFHLWHGHOPRWRU 7e&1,&2'(/,(%+(55
GHOPRWRUWDPELpQ FRUWRFLUFXLWRDPDVDW•
SHUPDQHFHFRQHO VHJ,QWHUUXSWRUGHSUHVLyQR
PRWRUHQPDUFKD1R FDEOHDGRGHIHFWXRVRVHUURUGH
HVSRVLEOHGHWHFWDUXQD KDUGZDUHGHOFRQWURO
SUHVLyQGHDFHLWHGHO
PRWRUGHPDVLDGREDMD
( (OFDPSRGHVtPEROR ,QWHUUXSWRUGHSUHVLyQGHO &RQVXOWDUDO6(59,&,2
6723SDUSDGHDOD FRQWUROGHODERPEDGHGLUHF 7e&1,&2'(/,(%+(55
IXQFLyQGHGLUHFFLyQGH FLyQGHHPHUJHQFLDFRUWRFLU
HPHUJHQFLDQRHVWi FXLWRDPDVD
GLVSRQLEOH
( (OFDPSRGHVtPEROR ,QWHUUXSWRUGHSUHVLyQGHOD &RQVXOWDUDO6(59,&,2
6723SDUSDGHDOD ERPEDGHGLUHFFLyQGHHPHU 7e&1,&2'(/,(%+(55
IXQFLyQGHGLUHFFLyQGH JHQFLDFRUWRFLUFXLWRDPDVD
HPHUJHQFLDQRHVWi
GLVSRQLEOH
( (OFDPSRGHVtPEROR ,QWHUUXSWRUGHSUHVLyQSDUDOD &RQVXOWDUDO6(59,&,2
3UHVLyQGHODFXPXODGRU SUHVLyQGHODFXPXODGRUGH 7e&1,&2'(/,(%+(55
GHOVLVWHPDGHIUHQRV IUHQRVFRUWRFLUFXLWRDPDVD
+VHLOXPLQDQRVH
SXHGHUHFRQRFHUHO
HVWDGRGHORVIUHQRVGH
WUDEDMR
( /DIXQFLyQLQFKQRHVWi 6HQVRUGHiQJXORSDUDDFWLYDU &RQVXOWDUDO6(59,&,2
GLVSRQLEOH ODIXQFLyQLQFKFDQDOVREUHFR 7e&1,&2'(/,(%+(55
UULHQWH!P$
( /DIXQFLyQLQFKQRHVWi 6HQVRUGHiQJXORSDUDDFWLYDU &RQVXOWDUDO6(59,&,2
GLVSRQLEOH ODIXQFLyQLQFKFDQDOVXEFR 7e&1,&2'(/,(%+(55
UULHQWHP$
(% 1RVHSXHGHGHWHU 6HQVRUGHOQLYHOGHFRPEXV &RQVXOWDUDO6(59,&,2
PLQDUHOQLYHOGH WLEOHVXEWHQVLyQ9 7e&1,&2'(/,(%+(55
OOHQDGRGHFRPEXVWLEOH
VHLQGLFDHOQLYHO
PtQLPR
(& 1RVHSXHGHGHWHU 6HQVRUGHOQLYHOGHFRPEXV &RQVXOWDUDO6(59,&,2
PLQDUHOQLYHOGH WLEOHVXEWHQVLyQ!9 7e&1,&2'(/,(%+(55
OOHQDGRGHFRPEXVWLEOH
VHLQGLFDHOQLYHO
PtQLPR
/%+HV

(( /DIXQFLyQGHODFHOH 6HQVRUGHOiQJXORGHJLUR &RQVXOWDUDO6(59,&,2

UDGRUQRHVWiGLVSR 3HGDOGHODFHOHUDGRUFDQDO 7e&1,&2'(/,(%+(55
QLEOH VREUHFRUULHQWH!P$
() /DIXQFLyQGHODFHOH 6HQVRUGHOiQJXORGHJLUR &RQVXOWDUDO6(59,&,2
UDGRUQRHVWiGLVSR 3HGDOGHODFHOHUDGRUFDQDO 7e&1,&2'(/,(%+(55
QLEOH VXEFRUULHQWHP$

FRS\ULJKWE\

 /
 0DQXDOGHOFRQGXFWRU $YHUtDV
&yGLJRVGHVHUYLFLR

&yGLJRGHVHUYLFLR &RQVHFXHQFLD &DXVD 6ROXFLyQ

( (OFDPSRGHVtPEROR 6HQVRUGHWHPSHUDWXUDSDUDHO &RQVXOWDUDO6(59,&,2
6REUHFDOHQWDPLHQWRGHO DFHLWHKLGUiXOLFRFRUWRFLUFXLWRD 7e&1,&2'(/,(%+(55
DFHLWHKLGUiXOLFR PDVD
SDUSDGHDHOYHQWLODGRU
JLUDDXQDYHORFLGDG
DOWDVyORHVSRVLEOH
FRQWLQXDUDYDQ]DQGRHQ
ODPDUFKDILMDy
( (OFDPSRGHVtPEROR 6HQVRUGHWHPSHUDWXUDSDUDHO &RQVXOWDUDO6(59,&,2
6REUHFDOHQWDPLHQWRGHO DFHLWHKLGUiXOLFRLQWHUUXSFLyQ 7e&1,&2'(/,(%+(55
DFHLWHKLGUiXOLFR
SDUSDGHDHOYHQWLODGRU
JLUDDXQDYHORFLGDG
DOWDVyORHVSRVLEOH
FRQWLQXDUDYDQ]DQGRHQ
ODPDUFKDILMDy
( 6yORHVSRVLEOHVHJXLU 6HQVRUGHUHYROXFLRQHVSDUD &RQVXOWDUDO6(59,&,2
FLUFXODQGRFRQOD UpJLPHQGHUHYROXFLRQHVGHOD 7e&1,&2'(/,(%+(55
PDUFKDILMD GHULYDFRUWRFLUFXLWRDPDVD
( 6yORHVSRVLEOHVHJXLU 6HQVRUGHUHYROXFLRQHVSDUD &RQVXOWDUDO6(59,&,2
FLUFXODQGRFRQOD UpJLPHQGHUHYROXFLRQHVGHOD 7e&1,&2'(/,(%+(55
PDUFKDILMD GHULYDLQWHUUXSFLyQ
(% 1RKD\GLVSRQLEOH 0RWRUGHFDXGDOYDULDEOH &RQVXOWDUDO6(59,&,2
QLQJ~QUpJLPHQGH UpJLPHQGHUHYROXFLRQHVGHOD 7e&1,&2'(/,(%+(55
UHYROXFLRQHVGHOD GHULYDFRUWRFLUFXLWRHQHOWUDQV
GHULYD PLVRULQGXFWLYRWUDVKDEHUUHFL
ELGRWHQVLyQGHDOLPHQWDFLyQ
(& 1RVHGLVSRQHGH &RUWRFLUFXLWRDPDVDHQHO &RQVXOWDUDO6(59,&,2
QLQJXQDLQIRUPDFLyQ VHQVRUGHWHPSHUDWXUDGHOUHIUL 7e&1,&2'(/,(%+(55
VREUHODWHPSHUDWXUD JHUDQWHW•VHJ(O
DFWXDOGHOUHIULJHUDQWH VHQVRUODFRQGXFFLyQODV
HOYHQWLODGRUJLUDDDOWD FODYLMDVGHFRQH[LyQRHOFRQWURO
YHORFLGDG WLHQHQFRUWRFLUFXLWRDPDVD
(' 1RVHGLVSRQHGH ,QWHUUXSFLyQHQHOVHQVRUGH &RQVXOWDUDO6(59,&,2
QLQJXQDLQIRUPDFLyQ WHPSHUDWXUDGHOUHIULJHUDQWHW• 7e&1,&2'(/,(%+(55
VREUHODWHPSHUDWXUD VHJ(OVHQVRUODFRQGXF
DFWXDOGHOUHIULJHUDQWH FLyQODVFODYLMDVGHFRQH[LyQR
HOYHQWLODGRUJLUDDDOWD HOFRQWUROHVWiQDYHULDGRV
YHORFLGDG
(( (OYHQWLODGRUJLUDDO &RUWRFLUFXLWRHQHOVHQVRUGH &RQVXOWDUDO6(59,&,2
UpJLPHQPi[LPR\DTXH WHPSHUDWXUDGHOUHIULJHUDQWHW• 7e&1,&2'(/,(%+(55
QRVHGLVSRQHGH VHJ(OVHQVRUODFRQGXF
/%+HV

QLQJXQDLQIRUPDFLyQ FLyQODVFODYLMDVGHFRQH[LyQR
VREUHODWHPSHUDWXUD HOFRQWUROHVWiQDYHULDGRV
DFWXDOGHOPRWRU
() (OYHQWLODGRUJLUDDO ,QWHUUXSFLyQHQHOVHQVRUGH &RQVXOWDUDO6(59,&,2
UpJLPHQPi[LPR\DTXH WHPSHUDWXUDGHOUHIULJHUDQWHW• 7e&1,&2'(/,(%+(55
QRVHGLVSRQHGH PLQ(OVHQVRUODFRQGXF
QLQJXQDLQIRUPDFLyQ FLyQODVFODYLMDVGHFRQH[LyQR
VREUHODWHPSHUDWXUD HOFRQWUROHVWiQDYHULDGRV
DFWXDOGHOPRWRU

FRS\ULJKWE\

/ 
$YHUtDV 0DQXDOGHOFRQGXFWRU
&yGLJRVGHVHUYLFLR

&yGLJRGHVHUYLFLR &RQVHFXHQFLD &DXVD 6ROXFLyQ

( (OFDPSRGHVtPEROR ,QWHUUXSWRUGHSUHVLyQSDUD &RQVXOWDUDO6(59,&,2
SDUDSUHVLyQGHDFHLWH SUHVLyQGHDFHLWHGHOPRWRU 7e&1,&2'(/,(%+(55
GHOPRWRUVHDSDJD FRUWRFLUFXLWRDOSRORSRVLWLYRW•
GHVSXpVGHOFRQWUROGH VHJ)DOORHQHOLQWHUUXSWRU
OiPSDUDV<DQRVH GHSUHVLyQFDEOHDGRHUURUGH
SXHGHGHWHFWDUVLIDOWD KDUGZDUHHQHOFRQWURO
SUHVLyQGHDFHLWHGHO
PRWRU
( (OFDPSRGHVtPEROR &RUWRFLUFXLWRDPDVDHQHOLQWH &RQVXOWDUDO6(59,&,2
SDUDIUHQRGHHVWDFLR UUXSWRUGHSUHVLyQSDUDIUHQRGH 7e&1,&2'(/,(%+(55
QDPLHQWRVHLOXPLQD HVWDFLRQDPLHQWRW•VHJ
WDPELpQFXDQGRHO )DOORHQHOLQWHUUXSWRUGH
PRWRUHVWiHQPDUFKD\ SUHVLyQFDEOHDGRHUURUGH
HOLQWHUUXSWRUSDUDIUHQR KDUGZDUHHQHOFRQWURO
GHHVWDFLRQDPLHQWR
DFFLRQDGR<DQRVH
SXHGHGHWHFWDUHO
HVWDGRGHOIUHQRGH
HVWDFLRQDPLHQWR
(( /DIXQFLyQGHOUHWURFHVR ,QWHUUXSWRULQGXFWLYRHOUHWUR &RQVXOWDUDO6(59,&,2
GHOFD]RQRHVWiGLVSR FHVRGHOFD]RD~QQRKDILQDOL 7e&1,&2'(/,(%+(55
QLEOH ]DGRSDVDGRVVHJXQGRV
(& /DSRVLFLyQIORWDQWHQR 3RVLFLyQIORWDQWHIDOORHOpFWULFR &RQVXOWDUDO6(59,&,2
IXQFLRQD HQODVDOLGDVREUHFRUULHQWH 7e&1,&2'(/,(%+(55
FRUWRFLUFXLWRRLQWHUUXSFLyQHQOD
OtQHD
( (OFDPSRGHVtPEROR )UHQRGHHVWDFLRQDPLHQWR &RQVXOWDUDO6(59,&,2
)UHQRGHHVWDFLRQD FRUWRFLUFXLWRHQODVDOLGD 7e&1,&2'(/,(%+(55
PLHQWRSDUSDGHDQRVH
SXHGHVROWDUHOIUHQRGH
HVWDFLRQDPLHQWRQRHV
SRVLEOHODPDUFKD
( (OFDPSRGHVtPEROR )UHQRGHHVWDFLRQDPLHQWRLQWH &RQVXOWDUDO6(59,&,2
)UHQRGHHVWDFLRQD UUXSFLyQHQODVDOLGD 7e&1,&2'(/,(%+(55
PLHQWRSDUSDGHDQRVH
SXHGHVROWDUHOIUHQRGH
HVWDFLRQDPLHQWRQRHV
SRVLEOHODPDUFKD
( (OEORTXHRGHODKLGUiX %ORTXHRGHODKLGUiXOLFDGH &RQVXOWDUDO6(59,&,2
OLFDGHWUDEDMRHVWi WUDEDMRFRUWRFLUFXLWRHQOD 7e&1,&2'(/,(%+(55
FRQVWDQWHPHQWHDFWL VDOLGD
YDGR
/%+HV

( (OEORTXHRGHODKLGUiX %ORTXHRGHODKLGUiXOLFDGH &RQVXOWDUDO6(59,&,2

OLFDGHWUDEDMRHVWi WUDEDMRLQWHUUXSFLyQHQOD 7e&1,&2'(/,(%+(55
FRQVWDQWHPHQWHDFWL VDOLGD
YDGR
($ (OYHQWLODGRUJLUDDOD 9HQWLODGRUFRUWRFLUFXLWRHQOD &RQVXOWDUDO6(59,&,2
Pi[LPDYHORFLGDG VDOLGD 7e&1,&2'(/,(%+(55
(% (OYHQWLODGRUJLUDDOD 9HQWLODGRULQWHUUXSFLyQHQOD &RQVXOWDUDO6(59,&,2
Pi[LPDYHORFLGDG VDOLGD 7e&1,&2'(/,(%+(55

FRS\ULJKWE\

 /
 0DQXDOGHOFRQGXFWRU $YHUtDV
&yGLJRVGHVHUYLFLR

&yGLJRGHVHUYLFLR &RQVHFXHQFLD &DXVD 6ROXFLyQ

($ 6HDFWLYDODPDUFKDILMD 0RWRUGHFDXGDOYDULDEOH &RQVXOWDUDO6(59,&,2
QRHVSRVLEOHOD FRUWRFLUFXLWRHQODVDOLGD 7e&1,&2'(/,(%+(55
IXQFLyQ.LFN'RZQ
(% 6HDFWLYDODPDUFKDILMD 0RWRUGHFDXGDOYDULDEOH &RQVXOWDUDO6(59,&,2
QRHVSRVLEOHOD LQWHUUXSFLyQHQODVDOLGD 7e&1,&2'(/,(%+(55
IXQFLyQ.LFN'RZQ
(( 6HDFWLYDODPDUFKDILMD 0RWRUGHFDXGDOYDULDEOH &RQVXOWDUDO6(59,&,2
\HOPRWRUGHFDXGDO FRUWRFLUFXLWRHQODVDOLGD 7e&1,&2'(/,(%+(55
YDULDEOHUHJXODDXQ
iQJXORJUDQGHSDUDTXH
QRVHSURGX]FDQVREUH
UUHYROXFLRQHV
() 6HDFWLYDODPDUFKDILMD 0RWRUGHFDXGDOYDULDEOH &RQVXOWDUDO6(59,&,2
\HOPRWRUGHFDXGDO LQWHUUXSFLyQHQODVDOLGD 7e&1,&2'(/,(%+(55
YDULDEOHUHJXODDXQ
iQJXORJUDQGHSDUDTXH
QRVHSURGX]FDQVREUH
UUHYROXFLRQHV
( 6HDFWLYDODPDUFKDILMD 0RWRUGHFDXGDOYDULDEOHHQ &RQVXOWDUDO6(59,&,2
\HOPRWRUGHFDXGDO ODVDOLGDODFRUULHQWHGHUHWRUQR 7e&1,&2'(/,(%+(55
YDULDEOHUHJXODDXQ PHGLGDQRFRLQFLGHFRQOD
iQJXORJUDQGHSDUDTXH FRUULHQWHGHLGD
QRVHSURGX]FDQVREUH
UUHYROXFLRQHV
( 6yORHVSRVLEOHOD 6HQWLGRGHPDUFKDDGHODQWH &RQVXOWDUDO6(59,&,2
PDUFKDDWUiV ERPEDFRUWRFLUFXLWRHQOD 7e&1,&2'(/,(%+(55
VDOLGD
( 6yORHVSRVLEOHOD 6HQWLGRGHPDUFKDDGHODQWH &RQVXOWDUDO6(59,&,2
PDUFKDDWUiV ERPEDLQWHUUXSFLyQHQOD 7e&1,&2'(/,(%+(55
VDOLGD
( 6yORHVSRVLEOHOD 6HQWLGRGHPDUFKDDWUiV &RQVXOWDUDO6(59,&,2
PDUFKDDGHODQWH ERPEDFRUWRFLUFXLWRHQOD 7e&1,&2'(/,(%+(55
VDOLGD
( 6yORHVSRVLEOHOD 6HQWLGRGHPDUFKDDWUiV &RQVXOWDUDO6(59,&,2
PDUFKDDGHODQWH ERPEDLQWHUUXSFLyQHQOD 7e&1,&2'(/,(%+(55
VDOLGD
($ 1RHVSRVLEOHOD 3UHVLyQGHPDQGRERPED &RQVXOWDUDO6(59,&,2
PDUFKD FRUWRFLUFXLWRHQODVDOLGD 7e&1,&2'(/,(%+(55
(% 1RHVSRVLEOHOD 3UHVLyQGHPDQGRERPED &RQVXOWDUDO6(59,&,2
PDUFKD LQWHUUXSFLyQHQODVDOLGD 7e&1,&2'(/,(%+(55
/%+HV

(' 1RHVSRVLEOHOD 3UHVLyQGHPDQGRERPED &RQVXOWDUDO6(59,&,2

PDUFKD HQODVDOLGDODFRUULHQWHGH 7e&1,&2'(/,(%+(55
UHWRUQRPHGLGDQRFRLQFLGHFRQ
ODFRUULHQWHGHLGD

FRS\ULJKWE\

/ 
$YHUtDV 0DQXDOGHOFRQGXFWRU
&yGLJRVGHVHUYLFLR

&yGLJRGHVHUYLFLR &RQVHFXHQFLD &DXVD 6ROXFLyQ

( (OFDPSRGHVtPEROR %RPEDGHGLUHFFLyQGHHPHU &RQVXOWDUDO6(59,&,2
&RQWUROGHODGLUHFFLyQ JHQFLDIDOORHOpFWULFRHQOD 7e&1,&2'(/,(%+(55
GHHPHUJHQFLDVH VDOLGDVREUHFRUULHQWHFRUWRFLU
LOXPLQDODIXQFLyQGH FXLWRRLQWHUUXSFLyQHQODOtQHD
GLUHFFLyQGHHPHU
JHQFLDQRHVWiGLVSR
QLEOH
( /DRSFLyQQRHVWi 2SFLyQIDOORHOpFWULFRHQOD &RQVXOWDUDO6(59,&,2
GLVSRQLEOH VDOLGDVREUHFRUULHQWHFRUWRFLU 7e&1,&2'(/,(%+(55
FXLWR
($ /DRSFLyQQRHVWi 2SFLyQIDOORHOpFWULFRHQOD &RQVXOWDUDO6(59,&,2
GLVSRQLEOH VDOLGDLQWHUUXSFLyQHQODOtQHD 7e&1,&2'(/,(%+(55
(% /DRSFLyQQRHVWi 2SFLyQIDOORHOpFWULFRHQOD &RQVXOWDUDO6(59,&,2
GLVSRQLEOH VDOLGDVREUHFRUULHQWHFRUWRFLU 7e&1,&2'(/,(%+(55
FXLWR
(& /DRSFLyQQRHVWi 2SFLyQIDOORHOpFWULFRHQOD &RQVXOWDUDO6(59,&,2
GLVSRQLEOH VDOLGDLQWHUUXSFLyQHQODOtQHD 7e&1,&2'(/,(%+(55
(' /DRSFLyQQRHVWi 2SFLyQIDOORHOpFWULFRHQOD &RQVXOWDUDO6(59,&,2
GLVSRQLEOH VDOLGDVREUHFRUULHQWHFRUWRFLU 7e&1,&2'(/,(%+(55
FXLWR
(( /DRSFLyQQRHVWi 2SFLyQIDOORHOpFWULFRHQOD &RQVXOWDUDO6(59,&,2
GLVSRQLEOH VDOLGDLQWHUUXSFLyQHQODOtQHD 7e&1,&2'(/,(%+(55
( /D]RQDGHPDUFKDVH (PEUDJXH&(55$'2IDOOR &RQVXOWDUDO6(59,&,2
OLPLWD HOpFWULFRHQODVDOLGDVREUHFR 7e&1,&2'(/,(%+(55
UULHQWHFRUWRFLUFXLWR
( /D]RQDGHPDUFKDVH (PEUDJXH&(55$'2IDOOR &RQVXOWDUDO6(59,&,2
OLPLWD HOpFWULFRHQODVDOLGDLQWHUUXS 7e&1,&2'(/,(%+(55
FLyQHQODOtQHD
( /D]RQDGHPDUFKDVH 0RWRUGHFDXGDOYDULDEOHIDOOR &RQVXOWDUDO6(59,&,2
OLPLWD HOpFWULFRHQODVDOLGDVXPLQLVWUR 7e&1,&2'(/,(%+(55
DMHQRGHFRUULHQWH
( /D]RQDGHPDUFKDVH (PEUDJXH&(55$'2IDOOR &RQVXOWDUDO6(59,&,2
OLPLWD HOpFWULFRHQODVDOLGDVXPLQLVWUR 7e&1,&2'(/,(%+(55
DMHQRGHFRUULHQWH
($( 1RHVSRVLEOHSUHFD 3UHFDOHQWDPLHQWRFRUWRFLUFXLWR &RQVXOWDUDO6(59,&,2
OHQWDUHOPRWRU DPDVD&RUWRFLUFXLWRHQHO 7e&1,&2'(/,(%+(55
FRQVXPLGRURHQHOFDEOHDGR
($( 1RHVSRVLEOHSUHFD 3UHFDOHQWDPLHQWRLQWHUUXSFLyQ &RQVXOWDUDO6(59,&,2
OHQWDUHOPRWRU HQODOtQHDDPDVD,QWHUUXSFLyQ 7e&1,&2'(/,(%+(55
/%+HV

HQODOtQHDGHOFRQVXPLGRURGHO
FDEOHDGR
($( /D]RQDGHPDUFKDVH 0RGXODFLyQGHOHPEUDJXH &RQVXOWDUDO6(59,&,2
OLPLWD FRUWRFLUFXLWRDPDVD&RUWRFLU 7e&1,&2'(/,(%+(55
FXLWRHQHOFRQVXPLGRURHQHO
FDEOHDGR
($( /D]RQDGHPDUFKDVH 0RGXODFLyQGHOHPEUDJXHLQWH &RQVXOWDUDO6(59,&,2
OLPLWD UUXSFLyQHQODOtQHDDPDVD 7e&1,&2'(/,(%+(55
,QWHUUXSFLyQHQODOtQHDGHO
FRQVXPLGRURGHOFDEOHDGR

FRS\ULJKWE\

 /
 0DQXDOGHOFRQGXFWRU $YHUtDV
&yGLJRVGHVHUYLFLR

&yGLJRGHVHUYLFLR &RQVHFXHQFLD &DXVD 6ROXFLyQ

( 7UDVODFLyQOHQWDRLPSR 5HJXODFLyQGHORVPRWRUHVGH &RQVXOWDUDO6(59,&,2
VLEOH FDXGDOYDULDEOHILQDOL]DGDLQFR 7e&1,&2'(/,(%+(55
UUHFWDPHQWH
(& /DIXQFLyQLQFKQRHVWi 6HQVRUGHiQJXORSDUDOD /LPSLDUHOSHGDOLQFK\KDFHU
GLVSRQLEOH IXQFLyQLQFKGXUDQWHPiVGH TXHPDUFKHFRQVXDYLGDG
PLQXWRVSRUGHEDMRGHO &RQVXOWDUDO6(59,&,2
SHGDOLQFKVXFLR 7e&1,&2GH/,(%+(55
(' /DIXQFLyQLQFKQRHVWi 6HKDGHVDFWLYDGRODIXQFLyQ &RQVXOWDUDO6(59,&,2
GLVSRQLEOH LQFKODIXQFLyQHVWiGHVFRQHF 7e&1,&2'(/,(%+(55
WDGDDWUDYpVGHSDUiPHWURV
( 6HFDPELDDSRVLFLyQ 6HQVRUGHUHYROXFLRQHVGHO &RQVXOWDUDO6(59,&,2
QHXWUDOWUDVKDEHU PRWRUGHFDXGDOYDULDEOH 7e&1,&2'(/,(%+(55
UHGXFLGRHOUpJLPHQGH VREUHUUHYROXFLRQHV
UHYROXFLRQHVHO
FRQGXFWRUSXHGHYROYHU
DVHOHFFLRQDUHOVHQWLGR
GHPDUFKD
( 6HFDPELDDSRVLFLyQ 6HQVRUGHUHYROXFLRQHVGHO &RQVXOWDUDO6(59,&,2
QHXWUDOWUDVKDEHU PRWRUGHFDXGDOYDULDEOH 7e&1,&2'(/,(%+(55
UHGXFLGRHOUpJLPHQGH VREUHUUHYROXFLRQHV
UHYROXFLRQHVHO
FRQGXFWRUSXHGHYROYHU
DVHOHFFLRQDUHOVHQWLGR
GHPDUFKD
( (OVLVWHPDQRSXHGH &RQPXWDGRUSDUDVHQWLGRGH &RQVXOWDUDO6(59,&,2
UHFRQRFHUFODUDPHQWH PDUFKDSRVLFLyQGHFRQPXWD 7e&1,&2'(/,(%+(55
ODVHOHFFLyQGHOVHQWLGR FLyQQRYiOLGD
GHPDUFKDTXHVH
GHVHD
($ (OPRWRUGHFDXGDO &RPSHQVDFLyQGHODFRUULHQWH &RQVXOWDUDO6(59,&,2
YDULDEOHPDQWLHQHHO Pi[LPDGHOPRWRUGHFDXGDO 7e&1,&2'(/,(%+(55
YDORUDQWLJXR YDULDEOHGHPDVLDGREDMD
(% (OPRWRUGHFDXGDO &RPSHQVDFLyQGHODFRUULHQWH &RQVXOWDUDO6(59,&,2
YDULDEOHPDQWLHQHHO Pi[LPDGHOPRWRUGHFDXGDO 7e&1,&2'(/,(%+(55
YDORUDQWLJXR YDULDEOHGHPDVLDGRDOWD
(& (OPRWRUGHFDXGDO &RPSHQVDFLyQGHODFRUULHQWH &RQVXOWDUDO6(59,&,2
YDULDEOHPDQWLHQHHO PtQLPDGHOPRWRUGHFDXGDO 7e&1,&2'(/,(%+(55
YDORUDQWLJXR YDULDEOHGHPDVLDGRDOWD
(' (OPRWRUGHFDXGDO &RPSHQVDFLyQGHODFRUULHQWH &RQVXOWDUDO6(59,&,2
YDULDEOHPDQWLHQHHO PtQLPDGHOPRWRUGHFDXGDO 7e&1,&2'(/,(%+(55
YDORUDQWLJXR YDULDEOHGHPDVLDGREDMD
/%+HV

(' 6HDSOLFDODPDUFKDILMD 'LIHUHQFLDHQWUHHOUpJLPHQGHO &RQVXOWDUDO6(59,&,2

 PRWRUGHFDXGDOYDULDEOH\HO
UpJLPHQGHUHYROXFLRQHVGHOD
GHULYDHQODVPDUFKDV\
(( 6HDSOLFDODPDUFKDILMD 5pJLPHQGHOPRWRUHQOD
 PDUFKD
7e&1,&2'(/,(%+(55
&RQVXOWDUDO6(59,&,2
7e&1,&2'(/,(%+(55

FRS\ULJKWE\

/ 
$YHUtDV 0DQXDOGHOFRQGXFWRU
&yGLJRVGHVHUYLFLR

&yGLJRGHVHUYLFLR &RQVHFXHQFLD &DXVD 6ROXFLyQ

( 6HYLVXDOL]DVLHPSUH 6HKDFDPELDGRODPDUFKDSRU 6HJ~QHOIDOORYpDVHHOFyGLJR
FRQRWURFyGLJRGHHUURU PRWLYRVGHVHJXULGDG GHVHUYLFLRDGLFLRQDOHQOD
VHOLPLWDOD]RQDGH PHPRULDGHIDOORV
PDUFKD
( 6HYLVXDOL]DVLHPSUH 6HKDEORTXHDGRODPDUFKD 6HJ~QHOIDOORYpDVHHOFyGLJR
FRQRWURFyGLJRGHHUURU GHELGRDXQIDOOR GHVHUYLFLRDGLFLRQDOHQOD
VHOLPLWDOD]RQDGH PHPRULDGHIDOORV
PDUFKD
() &RPSHQVDFLyQGHOD (VSHFLILFDFLyQDXWRPiWLFDGHO 1LQJXQD
FXUYDGHUHQGLPLHQWR UpJLPHQGHUHYROXFLRQHVGHO
GHODKLGUiXOLFDGHWUDV PRWRUGLHVHOSDUDFRPSHQVD
ODFLyQDFWLYDGD FLyQGHODFXUYDGHUHQGLPLHQWR
GHODKLGUiXOLFDGHWUDVODFLyQ
DFWLYDGD
( 6HDSOLFDODPDUFKDILMD (MHFDUGiQVREUHUUHYROXFLRQHV 'LVPLQXLUODYHORFLGDG

( 6HQWLGRGHPDUFKD (PEUDJXHHQSULPHUD\ &RQVXOWDUDO6(59,&,2
FRQPXWDGRDQHXWUDO VHJXQGDPDUFKDQRFHUUDGR 7e&1,&2GH/,(%+(55
( 3RVLEOHPHQWHXQ /DVVHxDOHVGHOERUQH'\ &RQVXOWDUDO6(59,&,2
IXQFLRQDPLHQWRLQFR GHOERUQHSDUIDUpJLPHQGHO 7e&1,&2GH/,(%+(55
UUHFWRGHODPiTXLQD PRWRU:W•VHJQRFRLQ
VHULJHSRUHOUpJLPHQ FLGHQ(QHOERUQH'QR
GHOPRWRURLQGLFDFLyQ KD\VHxDOSHURODVHxDOGHO
LQFRUUHFWDGHFDUJDGH UpJLPHQGHUHYROXFLRQHVGHO
ODEDWHUtDVHULJHSRU' ERUQH:HVWiDFWLYD)DOORHQHO
 FDEOHDGRDOWHUQDGRURFRQWURO
($ (OFDPSRGHVtPEROR 7HPSHUDWXUDGHOPRWRUGHPD /LPSLDUHOVLVWHPDGHUHIULJHUD
SDUDWHPSHUDWXUDGH VLDGRDOWD!ƒ& FLyQ&RQVXOWDUDO6(59,&,2
UHIULJHUDQWHSDUSDGHD\ 7e&1,&2GH/,(%+(55
HOFDPSRGHVtPEROR
6723VHLOXPLQD
(( (OFDPSRGHVtPEROR (ODOWHUQDGRUQRVXPLQLVWUD &RQVXOWDUDO6(59,&,2
SDUDLQGLFDGRUGHFDUJD FRUULHQWH 7e&1,&2GH/,(%+(55
GHODEDWHUtDVHLOXPLQD
QRVHSXHGHDEULUHO
IUHQRGHHVWDFLRQD
PLHQWR
() (OFDPSRGHVtPEROR /DWHPSHUDWXUDGHOUHIULJHUDQWH /LPSLDUHOVLVWHPDGHUHIULJHUD
SDUDWHPSHUDWXUDGHO KDVXSHUDGRHOXPEUDOGHVHJX FLyQ&RQVXOWDUDO6(59,&,2
UHIULJHUDQWH\HOFDPSR ULGDG 7e&1,&2GH/,(%+(55
GHVtPEROR6723VH
/%+HV

LOXPLQDQHODYLVDGRU
DF~VWLFRHPLWHXQSLWLGR
FRQVWDQWHVyORHV
SRVLEOHFRQGXFLUHQOD
PDUFKD

FRS\ULJKWE\

 /
 0DQXDOGHOFRQGXFWRU $YHUtDV
&yGLJRVGHVHUYLFLR

&yGLJRGHVHUYLFLR &RQVHFXHQFLD &DXVD 6ROXFLyQ

( (OFDPSRGHVtPEROR (OLQWHUUXSWRUGHSUHVLyQSDUD &RQVXOWDUDO6(59,&,2
SDUDSUHVLyQGHDFHLWH SUHVLyQGHDFHLWHGHOPRWRUQR 7e&1,&2GH/,(%+(55
GHOPRWRUWDPELpQVH FRQPXWDGHVSXpVGHSRQHUVH
LOXPLQDFRQHOPRWRUHQ HQPDUFKDHOPRWRUW•VHF
PDUFKD1RHVSRVLEOH ,QWHUUXSWRUGHSUHVLyQR
UHFRQRFHUHOHVWDGR FDEOHDGRGHIHFWXRVRVHUURUGH
QRUPDO KDUGZDUHHQHOFRQWUROQRKD\
SUHVLyQGHDFHLWHGHOPRWRUHQ
HOLQWHUUXSWRUGHSUHVLyQ
( (OFDPSRGHVtPEROR /DSUHVLyQGHODFHLWHGHOPRWRU &RQVXOWDUDO6(59,&,2
SDUDSUHVLyQGHDFHLWH HVWiSRUGHEDMRGHODFXUYDGH 7e&1,&2GH/,(%+(55
GHOPRWRU\HOFDPSRGH VHJXULGDG
VtPEROR6723VH
LOXPLQDQHODYLVDGRU
DF~VWLFRHPLWHXQSLWLGR
FRQVWDQWH
($ /DXQLGDGGHGLVSOD\QR %XV&$1WLPHRXWGHODXQLGDG &RQVXOWDUDO6(59,&,2
IXQFLRQD GHGLVSOD\KDUGZDUHDYHULDGR 7e&1,&2GH/,(%+(55
HUURUHQHOFDEOHDGR&$1
($ (UURUDFXPXODWLYR (UURUDFXPXODWLYRHQHOWHFODGR 6HJ~QHOIDOORYpDVHHOFyGLJR
GHSHQGLHQWHGHOIDOOR SULQFLSDOHOPyGXORKDHQYLDGR GHVHUYLFLRDGLFLRQDOHQOD
XQFyGLJRGHHUURULQWHUQR PHPRULDGHIDOORV
($ (UURUDFXPXODWLYR (UURUDFXPXODWLYRHQODXQLGDG 6HJ~QHOIDOORYpDVHHOFyGLJR
GHSHQGLHQWHGHOIDOOR GHGLVSOD\HOPyGXORKD GHVHUYLFLRDGLFLRQDOHQOD
HQYLDGRXQFyGLJRGHHUURU PHPRULDGHIDOORV
LQWHUQR
(%$ /DVVDOLGDVDEDVWHFLGDV 8(&IDOWDODDOLPHQWDFLyQGH &RPSUREDUHOIXVLEOH)\HO
SRU9'&BQRWLHQHQ WHQVLyQ FDEOHDGR
FDSDFLGDGGHIXQFLRQD
PLHQWR<<<
<<++
(%% /DVVDOLGDVDEDVWHFLGDV 8(&IDOWDODDOLPHQWDFLyQGH &RPSUREDUHOIXVLEOH)\HO
SRU9'&BQRWLHQHQ WHQVLyQ FDEOHDGR
FDSDFLGDGGHIXQFLRQD
PLHQWR<<<
.
(%& /DVVDOLGDVDEDVWHFLGDV 8(&IDOWDODDOLPHQWDFLyQGH &RPSUREDUHOIXVLEOH)\HO
SRU9'&BQRWLHQHQ WHQVLyQ FDEOHDGR
FDSDFLGDGGHIXQFLRQD
PLHQWR<<<
<RSF
/%+HV

(% (OYHQWLODGRUJLUDD 8(&HUURUFRQWHQVLyQLQWHUQD &RQVXOWDUDO6(59,&,2

YHORFLGDGPi[LPDLQGL 9&&B(;7 7e&1,&2GH/,(%+(55
FDFLyQGHVREUHWHPSH
UDWXUD
(%$ 1RHVSRVLEOHHOIXQFLR 8(&HUURUDOVLQFURQL]DUOD &RQVXOWDUDO6(59,&,2
QDPLHQWR HVWUXFWXUDGHODWXSOD 7e&1,&2GH/,(%+(55
(%  6HKDDFWXDOL]DGRHOVRIWZDUH &RQVXOWDUDO6(59,&,2
GHODPiTXLQD 7e&1,&2GH/,(%+(55

FRS\ULJKWE\

/ 
$YHUtDV 0DQXDOGHOFRQGXFWRU
$YHUtDV&DXVD6ROXFLyQ

 $YHUtDV&DXVD6ROXFLyQ

 6HxDOHVGHDYLVRDF~VWLFDV\ySWLFDV
(QODVLJXLHQWHWDEODVHOLVWDQMXQWRFRQODFDXVD\ODVROXFLyQORVPHQVDMHVGH
DYLVRTXHVHUHIXHU]DQPHGLDQWHXQDVHxDODF~VWLFDRTXHVyORVHLQGLFDQySWLFD
PHQWH
+D\FXDWURVHxDOHVDF~VWLFDVGHDYLVRGLIHUHQWHV
± SLWLGRFRQVWDQWH
± SLWLGRLQWHUPLWHQWHVXHQDGXUDQWHVHJXQGR\DFRQWLQXDFLyQ
VHJXQGRVGHSDXVD
± SLWLGRGXUDQWHVHJXQGR
± SLWLGRGHDYLVR[VHJ

6HxDOGHDYLVR &DXVD 6ROXFLyQ

SLWLGRVGHDYLVRGHVHJFRQ
³SUHVHOHFFLyQGHOVHQWLGRGHPDUFKD´ YDGR
&yGLJRGHVHUYLFLR(
(OFDPSRGHVtPERORSDUDVXFLHGDG
GHOILOWURGHDLUHVHLOXPLQD
&yGLJRGHVHUYLFLR(
(OFDPSRGHVtPERORSDUDWHPSHUD
WXUDGHOUHIULJHUDQWHVHLOXPLQD
(OFDPSRGHVtPEROR6723VH
LOXPLQD
3LWLGRFRQVWDQWH
&yGLJRGHVHUYLFLR(
(OFDPSRGHVtPERORSDUDVREUHFD
OHQWDPLHQWRGHODKLGUiXOLFDVH
LOXPLQD
3LWLGRLQWHUPLWHQWH
6HUHGXFHODSRWHQFLDGHODERPED
GHWUDVODFLyQ
&yGLJRGHVHUYLFLR(
(OIUHQRGHHVWDFLRQDPLHQWRHVWiDFWL
)LOWURGHDLUHVXFLR
)DOORHQHOVLVWHPDGHOILOWURGHDLUHRHQ &RQVXOWDUDO6(59,&,2
HOHOpFWULFR
1LYHOGHUHIULJHUDQWHGHPDVLDGREDMR
)DOORHQHOVLVWHPDHOpFWULFR
7HPSHUDWXUDGHODFHLWHKLGUiXOLFRSRU
HQFLPDGHƒ&
)DOORHQHOVLVWHPDGHUHIULJHUDFLyQ
KLGUiXOLFRHOpFWULFR
(OFRQWUROGHODERPEDGHGLUHFFLyQGH
HPHUJHQFLDQRKDILQDOL]DGRFRUUHFWD
PHQWH
6ROWDUHOIUHQRGHHVWDFLRQD
PLHQWR
&DPELDUHOILOWURGHDLUH
7e&1,&2'(/,(%+(55
&RPSUREDUHOQLYHOGHUHIULJH
UDQWH
&RQVXOWDUDO6(59,&,2
7e&1,&2'(/,(%+(55
/LPSLDUHOVLVWHPDGHUHIULJHUD
FLyQ&RQVXOWDUDO6(59,&,2
7e&1,&2'(/,(%+(55
&RQVXOWDUDO6(59,&,2
7e&1,&2'(/,(%+(55
&RQVXOWDUDO6(59,&,2
7e&1,&2'(/,(%+(55
/%+HV

(OFDPSRGHVtPERORSDUDFRQWUROGH )DOORHQHOVLVWHPDHOpFWULFRVLVWHPD
ODGLUHFFLyQGHHPHUJHQFLDVH KLGUiXOLFR
LOXPLQD
(OFDPSRGHVtPEROR6WRSVH
LOXPLQD

FRS\ULJKWE\

 /
 0DQXDOGHOFRQGXFWRU
6HxDOGHDYLVR
(OFDPSRGHVtPERORSDUDGLUHFFLyQ
GHHPHUJHQFLDVHLOXPLQD
(OFDPSRGHVtPEROR6WRSVH
LOXPLQD
3LWLGRGXUDQWHVHJXQGRV
&RQHOHQFHQGLGR³21´QRVHLOXPLQD 3UHVLyQGHDFHLWHGHOPRWRUHVWDQGRHO
HOFDPSRGHVtPERORSDUDSUHVLyQ
GHDFHLWHGHOPRWRU
7UDVVHJXQGRVFyGLJRGH
VHUYLFLR(
3LWLGRGXUDQWHVHJXQGR
&yGLJRVGHVHUYLFLR('(&
((
(OFDPSRGHVtPERORSDUDSUHVLyQ
GHODFHLWHGHOPRWRUVHLOXPLQD
(OFDPSRGHVtPEROR6WRSVH
LOXPLQD
7UDVVHJXQGRVSLWLGRFRQVWDQWH
&yGLJRGHVHUYLFLR(
(OFDPSRGHVtPERORSDUDSUHVLyQ
GHFDUJDGHODFXPXODGRUVHLOXPLQD
1RVHSXHGHSUHVHOHFFLRQDUHO
VHQWLGRGHPDUFKD
7UDVXQPLQXWRSLWLGRFRQVWDQWH
&yGLJRGHVHUYLFLR(
(OFDPSRGHVtPERORSDUDLQGLFDGRU
GHFDUJDGHODEDWHUtDVHLOXPLQD
(OVHJPHQWRLQGLFDGRUSDUDFyGLJRV
GHVHUYLFLRLQGLFDXQFyGLJR
3LWLGRGXUDQWHVHJXQGR
7DEOD6HxDOHVGHDYLVRDF~VWLFDV\ySWLFDV
/%+HV
/
$YHUtDV
$YHUtDV&DXVD6ROXFLyQ
&DXVD 6ROXFLyQ
&RQH[LyQGHODIXQFLyQGHGLUHFFLyQGH &RQVXOWDUDO6(59,&,2
HPHUJHQFLDDOIDOODUODERPEDGHGLUHF 7e&1,&2'(/,(%+(55
FLyQ
)DOORHQHOVLVWHPDHOpFWULFRVLVWHPD
KLGUiXOLFR
&RQVXOWDUDO6(59,&,2
PRWRUSDUDGR 7e&1,&2'(/,(%+(55
3UHVLyQGHODFHLWHGHPRWRUGHPDVLDGR &RPSUREDUHOQLYHOGHDFHLWH
EDMD
)DOORHQODDOLPHQWDFLyQGHDFHLWHOXEUL &RQVXOWDUDO6(59,&,2
FDQWHGHOPRWRUGLHVHO 7e&1,&2'(/,(%+(55
)DOORHQHOVLVWHPDHOpFWULFR &RQVXOWDUDO6(59,&,2
7e&1,&2'(/,(%+(55
3UHVLyQGHODFXPXODGRUGHORVIUHQRV &RQVXOWDUDO6(59,&,2
GHPDVLDGREDMD 7e&1,&2'(/,(%+(55
)DOORHQHOVLVWHPDHOpFWULFRVLVWHPD
KLGUiXOLFR
&RUUHDWUDSH]RLGDOGHVJDUUDGD 0RQWDUFRUUHDWUDSH]RLGDO
$OWHUQDGRUDYHULDGR &RQVXOWDUDO6(59,&,2
7e&1,&2'(/,(%+(55
)DOORHQHOVLVWHPDHOpFWULFR
FRS\ULJKWE\

$YHUtDV 0DQXDOGHOFRQGXFWRU
(OLPLQDFLyQGHDYHUtD

 (OLPLQDFLyQGHDYHUtD

 &DPELDUORVIXVLEOHV

$7(1&,Ï1
3HOLJURGHTXHHOVLVWHPDHOpFWULFRUHVXOWHGDxDGR
 $ILQGHHYLWDUGHVSHUIHFWRVHQHOVLVWHPDHOpFWULFRVyORVHSXHGHQXWLOL]DUIXVL
EOHVTXHWHQJDQHODPSHUDMHDGHFXDGR

$VHJ~UHVHGHTXH
‰ VHKD\DFRPSUREDGRHOFLUFXLWRHOpFWULFRDIHFWDGRDQWHVGHFDPELDUXQIXVLEOH
‰ SRUUD]RQHVGHVHJXULGDGHOVLVWHPDHOpFWULFRGHODPiTXLQDHVWpGHVFRQHF
WDGR

35(&$8&,Ï1
£3HOLJURGHVXIULUOHVLRQHVFRPRFRQVHFXHQFLDGHXQDGHVFDUJDGHWHQVLyQ
£/DVGHVFDUJDVGHWHQVLyQVHSURGXFHQFRPRFRQVHFXHQFLDGHOFRQWDFWRFRQ
FRPSRQHQWHVFRQGXFWRUHVGHHOHFWULFLGDG
 £'HVFRQHFWHODLQVWDODFLyQHOpFWULFDGHODPiTXLQDDQWHVGHPDQLSXODUORV
FRPSRQHQWHVFRQGXFWRUHVGHHOHFWULFLGDG
 £3RUUD]RQHVGHVHJXULGDGGHVFRQHFWHHOLQWHUUXSWRUSULQFLSDOGHODEDWHUtD

)XVLEOHVHQHOFRPSDUWLPHQWRGHODEDWHUtD

)LJ)XVLEOHVHQHOFRPSDUWLPHQWRGHODEDWHUtD

 )XVLEOH)  )XVLEOH)RSFLRQDO

 )XVLEOH)  )XVLEOH)D
/%+HV

)XVLEOH 9DORU 8QLGDG 'HQRPLQDFLyQ)XQFLyQ

)  $ )XVLEOHSULQFLSDO
)  $ 3UHFDOHQWDPLHQWR
%RPEDGHGLUHFFLyQGHHPHUJHQFLD
)  $
RSFLRQDO

FRS\ULJKWE\

 /
 0DQXDOGHOFRQGXFWRU $YHUtDV
(OLPLQDFLyQGHDYHUtD

)XVLEOH 9DORU 8QLGDG 'HQRPLQDFLyQ)XQFLyQ

)D  $ )XQFLyQGHOXFHVGHHPHUJHQFLD

7DEOD)XVLEOHVHQHOFRPSDUWLPHQWRGHODEDWHUtD

 5HWLUHODWDSDGHOFRPSDUWLPHQWRGHODEDWHUtD
 &DPELHHOIXVLEOHGHIHFWXRVRSRUXQRQXHYRGHLJXDODPSHUDMH

)XVLEOHVHQODFDELQDGHOFRQGXFWRU
/RVIXVLEOHVVHHQFXHQWUDQDODL]TXLHUGDGHWUiVGHODVLHQWRGHOFRQGXFWRUHQOD
FDMDGHIXVLEOHV

)LJ)XVLEOHVHQODFDELQDGHOFRQGXFWRU

 7DSDGHODFDMDGHIXVLEOHV  )XVLEOHV

 5HWLUHODWDSD
 ,GHQWLILTXHHOIXVLEOHGHIHFWXRVREDViQGRVHHQODVLJXLHQWHWDEOD

)XVLEOH 9DORU 8QLGDG 'HQRPLQDFLyQ)XQFLyQ

)  $ 'LVSRVLWLYRGHDFRSODPLHQWRUiSLGR
/%+HV

)  $ /XFHVGHFDUUHWHUDL]TXLHUGD
)  $ /XFHVGHFDUUHWHUDGHUHFKD
)  $ /X]GHFRUWRDOFDQFHGHUHFKD
)  $ /X]GHFRUWRDOFDQFHL]TXLHUGD
)  $ /X]GHJiOLERGHUHFKD
)  $ /X]GHJiOLERL]TXLHUGD
)E  $ )XQFLyQGHOXFHVGHHPHUJHQFLDERUQH

FRS\ULJKWE\

/ 
$YHUtDV 0DQXDOGHOFRQGXFWRU
(OLPLQDFLyQGHDYHUtD

)XVLEOH 9DORU 8QLGDG 'HQRPLQDFLyQ)XQFLyQ

)  $ $VLHQWRFRQFRPSUHVRU
)D  $ ,OXPLQDFLyQLQWHULRU
)  $ 3DODQFDGHFRQWURO
)  $ 8QLGDGGHGLVSOD\
)  $ 3HGDOLQFKSHGDOGHODFHOHUDGRU
,QWHUUXSWRUGHSUHVLyQSDUDSRVLFLyQ
)  $
IORWDQWH
)  $ 6ROHQRLGHGHDUUDQTXH
&DOHIDFFLyQVLVWHPDGHDLUHDFRQGLFLR
)  $
QDGR
)  $ 3DODQFDGHFRQWUROVHQVRUHV
)  $ 5HVHUYD
)  $ 5HVHUYD
%RPEDGHODYDGRSDUDHOOLPSLDSDUDEULVDV
)  $
WUDVHUR
)  $ 3DUDGDGHOPRWRU
)D  $ 5HVHUYD
%RPEDGHODYDGRSDUDHOOLPSLDSDUDEULVDV
)  $
GHODQWHURFOD[RQ
)  $ $YLVDGRUOXPLQRVR
)  $ 8(&9'&
)  $ 8(&9'&
)  $ 8(&9'&
)  $ 5HVHUYD
)  $ &ODYLMDGHGLDJQyVWLFR8(&9'&
)  $ /X]GHJiOLER
)  $ 5HVHUYD
)  $ 'HULYDFLyQGHOLQWHUUXSWRUGHHQFHQGLGR
)  $ $OLPHQWDFLyQGHOWUDQVIRUPDGRUGHWHQVLyQ
)D  $ )DURGHWUDEDMRGHODQWHURL]TXLHUGR
)E  $ )DURGHWUDEDMRGHODQWHURGHUHFKR
)D  $ )DURGHWUDEDMRWUDVHURL]TXLHUGR
/%+HV

)E  $ )DURGHWUDEDMRWUDVHURGHUHFKR

)  $ $ODUPDySWLFDGHPDUFKDDWUiV
)  $ 5HVHUYD
)  $ 5HVHUYD
)  $ 5HVHUYD
)  $ 5HVHUYD
)  $ 5HVHUYD

FRS\ULJKWE\

 /
 0DQXDOGHOFRQGXFWRU $YHUtDV
(OLPLQDFLyQGHDYHUtD

)XVLEOH 9DORU 8QLGDG 'HQRPLQDFLyQ)XQFLyQ

)  $ 5HVHUYD
)  $ )DURVWUDVHURV
)  $ /X]GHIUHQR
)  $ 5HVHUYD
)  $ 5HVHUYD
)  $ ,OXPLQDFLyQGHOVDOSLFDGHUR
)  $ 5HVHUYD
)  $ &DOHIDFFLyQGHOSDUDEULVDVWUDVHUR
)  $ 5DGLR9
)  $ 5DGLRHQFKXIH9

7DEOD)XVLEOHVGHHQFKXIHHQODSODWLQDGHFRQWUROSULQFLSDO

 &DPELHHOIXVLEOHGHIHFWXRVRSRUXQRQXHYRGHLJXDODPSHUDMH
/%+HV

FRS\ULJKWE\

/ 
$YHUtDV 0DQXDOGHOFRQGXFWRU
(OLPLQDFLyQGHDYHUtD

/%+HV

FRS\ULJKWE\

 /