Está en la página 1de 332

(6&$/$%É6,&$

'(32/,&Ì$1$&,21$/

GHHQHURGH
O N L I N E

Servicios de Editorial MAD por internet


-
EL AULA VIRTUAL DE EDITORIAL MAD
Te ofrecemos el complemento ideal a tu formación
Cursos por internet
Tienes en tus manos un texto para prepararte, fruto de la experiencia de más de 25 años de
Editorial MAD en la preparación de oposiciones. En él vas a encontrar los contenidos que
necesitas para prepararte las pruebas de selección.

Además ahora te ofrecemos la posibilidad de contar con un apoyo extra para tu preparación
a través de e-duforma online, un sistema de tutorización para nuestros libros que está lleno de
ventajas:

Flexible: A través de internet y sin horarios, de manera que puedes adaptar tus horarios
de estudio según tus necesidades y desde tu propia casa.

Personal: Con un Tutor personal que te guiará el estudio en función de tu evolución y


capacidades.

Compromiso de preparación: Con un sistema de evaluación enfocado a resultados con


el que obtendrás un índice de aciertos en el examen final entre un 80% y un 100%.
Con pruebas de evaluación en tiempo real.
O N L I N E

Total garantía de actualización mientras estés matriculado.

Con elementos que facilitarán tu aprendizaje: Biblioteca de legislación, Foro de


discusión, Materiales adicionales, Glosario de términos, Correo electrónico propio,
Consulta a tutores, Guía didáctica, Tablón de noticias y Bases de datos de imágenes.

Economía: Con un precio muy inferior a otros sistemas de formación presenciales.

Garantía: Con la garantía de Editorial MAD, empresa líder en la publicación de textos


para oposiciones.

Si dispones de internet, e-duforma online es el apoyo


que esperabas para ayudarte en tu preparación.
Consulta los cursos disponibles en:

www.eduformaonline.com
El camino hacia una formación con éxito

Solicita GRATIS información del curso que te interesa


eduformaonline@mad.es – 902 111 163

Servicios de suscripción gratuita


Información sobre oposiciones y sobre novedades editoriales en:
www.mad.es/suscripciones
Recuerda consultar nuestra web:

www.mad.es
(6&$/$%É6,&$
'(32/,&Ì$1$&,21$/

(-(5&,&,2636,&27e&1,&26
<'(3(5621$/,'$'
$8725
0$18(/9(&,12&$6752
3UHSDUDGRUGHRSRVLFLRQHVDO&XHUSR1DFLRQDOGH3ROLFtD

‹(GLWRULDO0DG6/
‹(ODXWRU
&XDUWDHGLFLyQHQHUR
'HUHFKRVGHHGLFLyQUHVHUYDGRVDIDYRUGH(',725,$/0$'6/
3URKLELGDODUHSURGXFFLyQWRWDORSDUFLDOVLQSHUPLVRHVFULWRGHOHGLWRU
,035(62(1(63$f$
'LVHxR3RUWDGD(',725,$/0$'6/
(GLWD(',725,$/0$'6/
3OJ0HUNDF%1DYH$/&$/É'(*8$'$Ì5$ 6HYLOOD
7HOI
:(%ZZZPDGHV
,6%118
35(6(17$&,Ð1

&RQ HVWD REUD VH SUHWHQGH SURSRUFLRQDU D DTXHOODV SHUVRQDV TXH GHVHDQ RSRVLWDU
DO&XHUSR1DFLRQDOGH3ROLFtDXQDIRUPDFLyQJOREDOSDUDODSUXHEDSVLFRWpFQLFDDXQTXH
SXHGHVHUGHJUDQXWLOLGDGSDUDDTXHOORVIXQFLRQDULRVTXH\DSHUWHQHFHQDO&XHUSR\TXH
TXLHUDQSURPRFLRQDUVH

(OPDQXDOVHKDGLYLGLGRHQFXDWUREORTXHV(-(5&,&,2636,&27e&1,&26(-(5&,&,26
Ð01,%86(-(5&,&,26'(3(5621$/,'$'<(175(9,67$/RVHMHUFLFLRVTXHORFRPSRQHQ
VRQ VLPLODUHV D ORV XWLOL]DGRV HQ OD RSRVLFLyQ DO &XHUSR 1DFLRQDO GH 3ROLFtD 'H KHFKR
PXFKDVGHODVSUHJXQWDVTXHYDDHQFRQWUDUKDQDSDUHFLGRHQH[iPHQHVDQWHULRUHV

'HVSXpVGHFDGDEORTXHHQFRQWUDUiXQD+RMDGH5HVSXHVWDVVLPLODUDODXWLOL]DGD
HQORVH[iPHQHVRILFLDOHV/HDFRQVHMDPRVTXHODIRWRFRSLH\DTXHDVtSRGUiUHSHWLUORV
HMHUFLFLRVWRGDVODVYHFHVTXHTXLHUD

(VSHUDPRVTXHHVWHPDWHULDOOHVLUYDSDUDDSUREDU£68(57(
Ì1',&(

(-(5&,&,2636,&27e&1,&26
(MHUFLFLR$1ž 
(MHUFLFLR$1ž 
(MHUFLFLR$1ž 
(MHUFLFLR$1ž 
(MHUFLFLR$1ž 
(MHUFLFLR$1ž 
(MHUFLFLR$1ž 
(MHUFLFLR$1ž 
(MHUFLFLR$1ž 
(MHUFLFLR$1ž 
(MHUFLFLR$1ž 
(MHUFLFLR$1ž 
(MHUFLFLR$1ž 
(MHUFLFLR$1ž 
(MHUFLFLR$1ž 
(MHUFLFLR$1ž 
(MHUFLFLR$1ž 
(MHUFLFLR$1ž 
(MHUFLFLR$1ž 
(MHUFLFLR$1ž 
(MHUFLFLR$1ž 
(MHUFLFLR$1ž 
(MHUFLFLR$1ž 
(MHUFLFLR$1ž 
(MHUFLFLR$1ž 
(MHUFLFLR$1ž 
(MHUFLFLR$1ž 
(MHUFLFLR$1ž 
(MHUFLFLR$1ž 
(MHUFLFLR$1ž 
+RMDGHUHVSXHVWDV 
6ROXFLRQHVDORVHMHUFLFLRV3VLFRWpFQLFRV 
5HVSXHVWDVFRPHQWDGDV 
(-(5&,&,26Ð01,%86
(MHUFLFLR%1ž 
(MHUFLFLR%1ž 
(MHUFLFLR%1ž 
(MHUFLFLR%1ž 
(MHUFLFLR%1ž 
(MHUFLFLR%1ž 
+RMDGHUHVSXHVWDV 
6ROXFLRQHVDORVHMHUFLFLRVGHÐPQLEXV 
5HVSXHVWDVFRPHQWDGDV 

358(%$'(3(5621$/,'$'
(MHUFLFLR&1ž 
(MHUFLFLR&1ž 
(MHUFLFLR&1ž 
(MHUFLFLR&1ž 
(MHUFLFLR&1ž 
+RMDGHUHVSXHVWDV 
/DHQWUHYLVWDSHUVRQDO 
(-(5&,&,2 $    1ž 
7 H V W  3 V L F R W p F Q L F R
,QVWUXFFLRQHV
$FRQWLQXDFLyQVHSUHVHQWDQHMHUFLFLRVQXPHUDGRVGHODO
/HD DWHQWDPHQWH FDGD HMHUFLFLR \ GH HQWUH ODV DOWHUQDWLYDV TXH VH OH SURSRQHQ
HOLMD OD TXH FUHD TXH HV OD FRUUHFWD /DV FRQWHVWDFLRQHV ODV DQRWDUi HQ OD +RMD GH
5HVSXHVWDV
(QHVWHWLSRGHSUXHEDVVHPLGHHVHQFLDOPHQWHODFDSDFLGDGGHUHIOH[LyQ\HOUD]R
QDPLHQWR
(QHOODVHVIXQGDPHQWDOODUDSLGH]\ODOyJLFD
(Q OD PD\RUtD GH ORV FDVRV SDUD OOHJDU D OD UHVSXHVWD FRUUHFWD HV FRQYHQLHQWH
UHVROYHUHOSODQWHDPLHQWRDSDUWLUGHODVDOWHUQDWLYDV

(MHPSORV
6L$HVPD\RUTXH%VLHQGR&LJXDOD$\'PD\RUTXH&(QWRQFHV'HV
$  0HQRUTXH& &  0D\RUTXH$
%  0HQRUTXH% '  ,JXDOTXH&
&RPRVHSXHGHGHGXFLU'SXHGHVHUPD\RUTXH$TXH%\TXH&SRUWDQWRODUHVSXHVWDHVOD&
¢&XiOGHODVVLJXLHQWHVH[SUHVLRQHVHVLUUHOHYDQWHSDUDSRGHUDILUPDUOR
VLJXLHQWH"
´$OJXQDVDYHVQRHVWiQSURWHJLGDVSRUHO,&21$µ
$  $OJXQDVUDSDFHVVRQSHUMXGLFLDOHVSDUDHOFDPSR
%  /DVUDSDFHVVRQDYHV
&  $OJXQDVDYHVQRVRQSHUMXGLFLDOHVSDUDHOFDPSR
'  /RVDQLPDOHVSHUMXGLFLDOHVSDUDHOFDPSRQRHVWiQSURWHJLGRVSRUHO
,&21$
'HODVUHVSXHVWDVVHGHGXFHTXHODVDYHVSHUMXGLFLDOHVSDUDHOFDPSRQRHVWiQSURWHJLGDVSRUWDQWROD
UHVSXHVWDHVOD³%´

5(&8(5'(48(6Ð/2'(%('$581$5(638(67$325(-(5&,&,2
',6321('(0,187263$5$5(6321'(5


(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2

 &RPSOHWH OyJLFDPHQWH OD VLJXLHQWH IUDVH (O SDGUH  HV PD\RU
TXHODPDGUH
 $ $YHFHV % 6LHPSUH & 1XQFD ' 1R

 6L-XDQHVKHUPDQRGH0DUtD\/XLVHVWtRGH-XDQ¢TXpHV0DUtDFRQ
UHVSHFWRD/XLV"
 $ 7tD % 3ULPD & 6REULQD ' +HUPDQD

 (Q XQD FDOOH KD\ WUHV FDVDV TXH HVWiQ VLWXDGDV GH OD VLJXLHQWH IRUPD
/DFDVDFRQHOWHMDGRD]XODODGHUHFKDGHODTXHWLHQHHOWHMDGRURMROD
YHUGHDODGHUHFKDGHODGHOWHMDGRD]XO¢&XiOGHODVWUHVHVWiVLWXDGD
HQHOPHGLR"
 $ /DYHUGH % /DURMD & /DD]XO ' 1LQJXQD

 6L/XLVDHVWtDGH/XLV\$QWRQLRHVKLMRGH/XLVD¢4XpHV/XLVFRQUHV
SHFWRD$QWRQLR"
 $ 6REULQR % 3ULPRV & 7tR ' 3ULPR

 $QWRQLRHVPD\RUTXH/XLV0DUtDWLHQHODPLVPDHGDGTXH&DUPHQOD
FXDOHVPD\RUTXH$QWRQLR¢4XLpQHVHOPHQRUGHORVFXDWUR"
 $ $QWRQLR % &DUPHQ & /XLV ' 0DUtD

 /H SUHJXQWDPRV DO 6U 5XL] FXiQWRV DQLPDOHV WLHQH HQ VX FDVD 1RV
UHVSRQGLyWRGRVVRQFDQDULRVPHQRVWUHVWRGRVVRQSHFHVPHQRVWUHV
WRGRVVRQWRUWXJDVPHQRVWUHV\WRGRVVRQSHUURVPHQRVWUHV¢&XiQWRV
DQLPDOHVWLHQHHO6U5XL]"
 $  %  &  ' 

 6LODVGRVSULPHUDVSURSRVLFLRQHVVRQYHUGDGHUDV¢ODWHUFHUDHV"
 ² /RVPLHPEURVGHHVWHHTXLSRVRQGHQWLVWDV
 ² $QWRQLRHVGHQWLVWD
 ² $QWRQLRSHUWHQHFHDHVWHHTXLSR
 $ 9HUGDGHUD % )DOVD & ,QFLHUWD ' ,PSUREDEOH

 8QDIRWRFRSLDGRUDKDFHFRSLDVSRUPLQXWRSHURKD\TXHGHVHFKDU
XQD GH FDGD  SRU GHIHFWXRVD 3DUD HYLWDU XQ UHFDOHQWDPLHQWR H[FH
VLYRODIRWRFRSLDGRUDGHEHSDUDUGRVPLQXWRVGHVSXpVGHFDGDPHGLD
KRUDGHWUDEDMR¢&XiQWDVFRSLDVFRUUHFWDVKDFHGXUDQWHORVSULPH
URVPLQXWRV"
 $  %  &  ' 

 (QXQDILODHVWiQVHQWDGRVWUHVDPLJRV-XDQDODGHUHFKDGH6HUJLR\
5DPyQDODGHUHFKDGH-XDQ¢4XLpQHVWiHQHOFHQWUR"
  $ -XDQ % 6HUJLR & 5DPyQ ' 1LQJXQR

(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$

 8QDSHUVRQDVDOHGHVXRILFLQD&DPLQDSDVRVKDFLDODL]TXLHUGD\
SHQVDQGR TXH VH ROYLGy DOJR UHWURFHGH  SDVRV KDFLD OD GHUHFKD ¢$
FXiQWRVSDVRVHVWiGHODRILFLQD"
 $  %  &  ' 

 6L$HVPHQRUTXH%6HVPD\RUTXH-\pVWDHVPD\RUTXH%-HV
 $ 0D\RUTXH6 % 0HQRUTXH% & 0D\RUTXH$ ' 0HQRUTXH$

 (QXQFDOGHURJUDQGHKD\PHWLGRVVHLVPiVSHTXHxRVTXHFRQWLHQHQD
VXYH]GRFHFDOGHURVFDGDXQR¢&XiQWRVFDOGHURVKD\HQWRWDO"
 $  %  &  ' 

 )HUQDQGRHVPHQRUTXH-XOLR%HJRxDWLHQHODPLVPDHGDGTXHÉJXHGD
ODFXDOHVPHQRUTXH)HUQDQGR¢4XLpQHVHOPD\RUGHORVFXDWUR"
 $ )HUQDQGR % ÉJXHGD & -XOLR ' %HJRxD

 (QXQDDJHQFLDGHYLDMHVUHVHUYDQSDVDMHVWUHVPDWULPRQLRVWUHVKHU
PDQRV \ WUHV KHUPDQDV ¢&XiO HV HO Q~PHUR PtQLPR GH SHUVRQDV TXH
VROLFLWDQSDVDMH"
 $  %  &  ' 

 0DUtDHVPD\RUTXH/XLVD$QDWLHQHODPLVPDHGDGTXH5RVDVLHQGR
pVWDPD\RUTXH0DUtD¢4XpHV5RVDFRQUHVSHFWRD/XLVD"
 $ 0D\RU % 0HQRU & 7LHQHQODPLVPDHGDG ' 1RVHSXHGHVDEHU

 )pOL[\ÉQJHOYLVLWDQDXQRVDPLJRVHQHOSXHEORÉQJHOWLHQHDOOtXQWtR
TXHHVWiFDVDGRFRQ(OHQD(OHQDWLHQHGRVKLMDV0HUFKH\0DLWH¢TXp
HV(OHQDGHÉQJHO"
 $ 7tD % +HUPDQD & $PLJD ' 6REULQD

 6LWHQJRHOFXiGUXSORGHHXURV\/XLVWLHQHHOGREOHGHODPLWDGGHOR
TXH\RSRVHRPiVFLQFR¢&XiQWRVHXURVWLHQH/XLV"
 $  %  &  ' 

 6L $QWRQLR HV PiV MRYHQ TXH -XDQ \ $QWRQLR HV PiV YLHMR TXH 6HUJLR
HQWRQFHV6HUJLRHVTXH-XDQ
 $  0iVMRYHQ
 %  0iVYLHMR
 &  0HQRVMRYHQ
 '  'HODPLVPDHGDG


(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2

 6LODVGRVSULPHUDVSURSRVLFLRQHVVRQYHUGDGHUDVODWHUFHUDHV
² $OJXQRVDPLJRVGH-XDQVRQLWDOLDQRV
² $OJXQRVDPLJRVGH-XDQVRQPpGLFRV
² $OJXQRVDPLJRVGH-XDQVRQPpGLFRVLWDOLDQRV
 $ 9HUGDGHUD % )DOVD & ,QFLHUWD ' ,PSUREDEOH

 3UHJXQWDQGRHQXQDIDPLOLDFXiQWRVKLMRVVRQUHVSRQGHHOPD\RUTXHpOWLHQH
WDQWDVKHUPDQDVFRPRKHUPDQRV\ODKLMDPD\RUGLFHTXHWLHQHGREOHQ~PH
URGHKHUPDQRVTXHGHKHUPDQDV¢&XiQWRVKLMRVHKLMDVHUDQ"
 $ KLMDV\KLMRV
 % KLMRV\KLMDV
 & KLMRV\KLMDV
 ' KLMRV\KLMDV

 /DQLHWDGHOSDGUHGHODKHUPDQDGHPLPDGUHHVPL
 $ 7tD % 6REULQD & 0DGUH ' 3ULPD

 <RWHQtDXQDFLWDFRQXQDPLJRWRGRVORVGRPLQJRVDPHGLRGtD/DSUL
PHUDYH]OOHJyDODVKRUDVODVHJXQGDDODVKRUDVODVLJXLHQ
WHDODVKRUDV\SRUILQOD~OWLPDYH]DODVKRUDV¢DTXpKRUD
VHVXSRQHTXHOOHJDUiODSUy[LPDYH]"
 $ $ODVKRUDV
 % $ODVKRUDV
 & $ODVKRUDV
 ' 1LQJXQDGHODVUHVSXHVWDVDQWHULRUHV

 $QDHVPHQRUTXH/XLVD0DUtDWLHQHODPLVPDHGDGTXH-XDQHOFXDOHV
PD\RUTXH/XLVDH,UHQHHVPHQRUTXH$QD¢4XpHV/XLVDFRQUHVSHFWR
D,UHQH"
 $ 0D\RU
 % 0HQRU
 & 1RVHVDEH
 ' 7LHQHQODPLVPDHGDG

 8QJULIRYDOOHQDQGRXQUHFLSLHQWHGHWDOIRUPDTXHFDGDPLQXWRTXH
SDVDHOJULIRKDGXSOLFDGRODFDQWLGDGGHDJXDTXHKD\HQHOUHFLSLHQWH
6LDOFDERGHXQDKRUD\PHGLDHOUHFLSLHQWHHVWiFRPSOHWDPHQWHOOHQR
¢FXiQWRWLHPSRVHKDEUiQHFHVLWDGRSDUDOOHQDUHOUHFLSLHQWHXQFXDUWR
GHVXFDSDFLGDGWRWDO"
 $ 0HGLDKRUD
 % 8QDKRUD


(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$

 & PLQXWRV
 ' PLQXWRV

 6L /XLVD HV KLMD GH OD KHUPDQD GH PL KHUPDQR \ -XDQ HV HO SDGUH GH
/XLVD¢4XpHV-XDQFRQUHVSHFWRDPt"
 $ 3ULPR % 7tR & &XxDGR ' 3DGUH

 6DELHQGRTXHXQDHVWUHOODPiVXQURPERPiVXQDUHGRQGDYDOHQFLQFR
TXHGRVUHGRQGDV\WUHVURPERVYDOHQXQFXDGUDGR\TXHXQDUHGRQGD
\GRVURPERVYDOHQXQDHVWUHOOD¢FXiQWRYDOHXQFXDGUDGR"
 $  %  &  ' 

 6L$HVPD\RUTXH&VLHQGR%LJXDOD$\(PD\RUTXH%HQWRQFHV(HV
 $ 0HQRUTXH%
 % 0D\RUTXH&
 & 0HQRUTXH&
 ' ,JXDOTXH&

 /XLVDHVPD\RUTXH$QD,UHQHHVPD\RUTXH/XLVD¢&XiOHVODPHQRU
GHODVWUHV"
 $ /XLVD % $QD & ,UHQH ' 1RVHSXHGHVDEHU

 (Q XQD ILOD HVWiQ VHQWDGRV FLQFR DPLJRV 5LFDUGR HVWi VHQWDGR D OD
GHUHFKDGH-DLPH/XLVDODL]TXLHUGDGH-DLPH-XDQDODGHUHFKDGH
5LFDUGR \ (VWHEDQ D OD L]TXLHUGD GH /XLV ¢4XLpQ HVWi VHQWDGR HQ HO
FHQWUR"
 $ /XLV % 5LFDUGR & -DLPH ' -XDQ

 6L 3HGUR HVWXGLD PiV TXH -RUJH \ -XDQ HVWXGLD PiV TXH 3HGUR pVWH
HVWXGLD
 $ 0iVTXH-XDQ
 % 0HQRVTXH-XDQ
 & 0HQRVTXH-RUJH
 ' ,JXDOTXH-RUJH

),1'(/(-(5&,&,2



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
( - ( 5 & , & , 2 $ 1  ž 
7 H V W  3 V L F R W p F Q L F R
,QVWUXFFLRQHV
$FRQWLQXDFLyQVHSUHVHQWDQHMHUFLFLRVQXPHUDGRVGHODO
6HWUDWDGHEXVFDUHQWUHYDULDVRSFLRQHVGHUHVSXHVWDHOVLQyQLPRRDQWyQLPRGH
ODVSDODEUDVSURSXHVWDV
/DVFRQWHVWDFLRQHVODVDQRWDUiHQOD+RMDGH5HVSXHVWDV
6HJXLGDPHQWHVHRIUHFHQGRVHMHPSORV

(MHPSORV
¢4XpSDUHMDGH6,1Ð1,026HV,1&255(&7$"
$  &RQFHGHU2WRUJDU
%  'LOLJHQWH/DERULRVR
&  3HUPLVLyQ,QWROHUDQFLD
'  &DPELR0XWDFLyQ
/DVROXFLyQHV3HUPLVLyQ,QWROHUDQFLD\HVWHSDUGHSDODEUDVWLHQHGHODQWHODOHWUD´&µTXHHVODTXH
KDEUtDTXHPDUFDU
¢4XpSDUHMDGH$17Ð1,026HV,1&255(&7$"
$  'LItFLO)iFLO
%  'RPLQDU6HUYLU
&  'LVFUHSDU&RQYHQLU
'  'LVFXOSDU([FXVDU
(QHVWHFDVRODVROXFLyQHV'LVFXOSDU([FXVDU\HVWHSDUGHSDODEUDVWLHQHQGHODQWHODOHWUD´'µTXH
HVODTXHKDEUtDTXHPDUFDU

5(&8(5'(48(6Ð/2'(%('$581$5(638(67$325(-(5&,&,2
',6321('(0,187263$5$5(6321'(5


(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$

 ¢4XpSDUHMDGH6,1Ð1,026HV,1&255(&7$"
 $ 0RID%HID % 7H[WXDO3UHFLVR & 'LOLJHQFLD5DSLGH]
 ' 4XHUHOOD²&RQYHQLR ( )XQGDPHQWR&LPLHQWR

 ¢4XpSDUHMDGH$17Ð1,026HV,1&255(&7$"
 $ $JUDYLR+RPHQDMH % 6HQVDWH]²/RFXUD & 7DQJLEOH²3DOSDEOH
 ' /DPSLxR²%DUEXGR ( /DVLWXG²(QHUJtD

 ¢4XpSDUHMDGH6,1Ð1,026HV,1&255(&7$"
 $ 3DUWLU'LYLGLU % /OHQDU+HQFKLU & (VWyOLGR6yOLGR
 ' &KLVWRVR-RFRVR ( 'LVFXOSD3UHWH[WR

 /RVVLQyQLPRVGH9$38/($5\&21675(f,5VRQ
 $ 9HQWLODU,PSRQHU % 3XOYHUL]DU2SULPLU & $]RWDU6RFRUUHU
 ' 6DFXGLU5HxLU ( *ROSHDU2EOLJDU

 ¢4XpSDUHMDGH6,1Ð1,026HV,1&255(&7$"
 $ 3RPSD%RDWR % 2SXHVWR$GYHUVR & ,QFDXWR,QFUpGXOR
 ' 3HUHFHGHUR(ItPHUR ( 2EVWLQDGR(PSHxDGR

 ¢4XpSDUHMDGH6,1Ð1,026HV,1&255(&7$"
 $ ,QIXQGLU,QVSLUDU % ,QQRYDU5HIRUPDU & 6XVFULELU6XVFLWDU
 ' &RQWHQGHU'LVSXWDU ( ,QWHUFDODU,QWHUSRQHU

 6RQDQWyQLPRGH(;27e5,&2\VLQyQLPRGH(;3,5$5
 $ (VRWpULFR)DOOHFHU % $FFHVLEOH([KDODU & &RP~Q3XUJDU
 ' 6HFUHWR$WLVEDU ( $UFDQR5HGLPLU

 ¢4XpSDUHMDGH6,1Ð1,026HV,1&255(&7$"
 $ ([LPLR([iQLPH % $VXPLU$GTXLULU & /XFUR*DQDQFLD
 ' ([KRUWDU3HUVXDGLU ( *HQHURVR'DGLYRVR

 ¢4XpSDUHMDGH6,1Ð1,026HV,1&255(&7$"
 $ ,JQRWR1HFLR % +ROODU+XPLOODU & &LUFXQVSHFWR3UXGHQWH
 ' $EDQGRQDGR'HVDPSDUDGR ( +HUPDIURGLWD$QGUyJLQR

¢4XpSDUHMDGH6,1Ð1,026HV,1&255(&7$"
 $ 6DLQHWHDU$JUDGDU % 6LELOLQR0LVWHULRVR & 6XEURJDU6XVWLWXLU
 ' (VWXOWR,QVLJQH ( *DODQXUD*HQWLOH]D


(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2

 ¢4XpSDUHMDGH6,1Ð1,026HV,1&255(&7$"
 $ +RPpULFReSLFR % ,QPRODU6DFULILFDU & 0DFLOHQWR'HVFRORULGR
 ' ,QQRPLQDGR,QGyPLWR ( &iEDOD&RQMHWXUD

 ¢4XpSDUHMDGH$17Ð1,026HV,1&255(&7$"
 $ &RQDWR,QWHQWR % 5HYRFDU9DOLGDU & &RQYH[R&yQFDYR
 ' 5LJRU,PSUHFLVLyQ ( ,UUDFLRQDO6HQVDWR

 ¢4XpSDUHMDGH6,1Ð1,026HV,1&255(&7$"
 $ &XLWD3HQD % (VFXGULxDU2WHDU & ,GHRJUi¿FR6LPEyOLFR
 ' %HOIRV'XHQGHV ( /HUGR7RUSH

/RVVLQyQLPRVGH80%5$/H,1&2$5VRQ
 $ &RPLHQ]R3OHLWHDU % 9HVWtEXOR$PHQD]DU & 7pUPLQR(PSH]DU
 ' 3ULQFLSLR7HUPLQDU ( (QWUDGD,QFUHPHQWDU

 ¢4XpSDUHMDGH6,1Ð1,026HV,1&255(&7$"
 $ 5RPR&KDWR % $XJXVWR0DMHVWXRVR & 'HVFROODQWH6REUHVDOLHQWH
 ' <HUPR$UPDGXUD ( (PSXMyQ(QYLWH

 ¢4XpSDUHMDGH6,1Ð1,026HV,1&255(&7$"
 $ %DVWR$QFKR % 9HWXVWR$QWLJXR & 6XFLQWR5HVXPLGR
 ' 6LEDULWD([TXLVLWR ( 0ROLFLH%ODQGXUD

 /RVVLQyQLPRVGH2-($5\$85$VRQ
 $ 9HU*ORULD % 0LUDU&RURQD & $WUDHU$OLHQWR
 ' &HJDU9LHQWR ( (VSDQWDU6RSOR

 ¢4XpSDUHMDGH6,1Ð1,026HV,1&255(&7$"
 $ /DFHUDGR+HULGR % 3XVLOiQLPH7tPLGR & 6XEYHQLU5HFXHUGR
 ' +LODULGDG5LVD ( /LVLDGR,QYiOLGR

 ¢4XpSDUHMDGH6,1Ð1,026HV,1&255(&7$"
 $ *UH\5HEDxR % 5LFWXV3URFHVLyQ & &RQGRQDU3HUGRQDU
 ' $ELJDUUDGR$PRQWRQDGR( /LFHQFLRVR'LVROXWR

 ¢4XpSDUHMDGH6,1Ð1,026HV,1&255(&7$"
 $ (QWHFR(QIHUPL]R % /LVRQMHDU$GXODU & ,QFXULD1REOH]D
 ' &RQPLQDU$PHQD]DU ( ,QFRQVLVWHQFLD)UDJLOLGDG


(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$

 ¢4XpSDUHMDGH6,1Ð1,026HV,1&255(&7$"
 $ 0DQLGR6REDGR % %DODGt,QVLJQLILFDQWH & 6yUGLGR,QGHFHQWH
 ' $SRFDGR,QFOLQDGR ( (QXQFLDU'HFODUDU

 ¢4XpSDUHMDGH$17Ð1,026HV,1&255(&7$"
 $ /HJDO,OtFLWR % &UHHU-X]JDU & ,QFRUSRUDU6HSDUDU
 ' ,QGHFLVLyQ5HVROXFLyQ ( 2UDWH&XHUGR

 ¢4XpSDUHMDGH6,1Ð1,026HV,1&255(&7$"
 $ )DODFLD(QJDxR % ,GLRVLQFUDVLD3HFXOLDULGDG & 'LVSHQGLR$EVROXFLyQ
 ' &DWHUYD0XOWLWXG ( $VLPHWUtD,UUHJXODULGDG

 /RVVLQyQLPRVGH',7,5$0%2\)É08/$VRQ
 $ 7UDMtQ$]DIDWD % (QFRPLR&ULDGD & )OHPyQ&KLFD
 ' 'HVSLVWDGR&XHQWR ( %LIXUFDGR5HSXWDFLyQ

 ¢4XpSDUHMDGH6,1Ð1,026HV,1&255(&7$"
 $ 0HQGD]7HUFR % 9HQDO6RERUQDEOH & (SLF~UHR([TXLVLWR
 ' 7XUJHQWH+LQFKDGR ( $JUDYLDU0ROHVWDU

 ¢4XpSDUHMDGH6,1Ð1,026HV,1&255(&7$"
 $ 6RH]*URVHUR % )UtYROR/LJHUR & 7XPHIDFWR$EXOWDGR
 ' 'LSVyPDQR$EVWHPLR( 'LJUHVLyQ'LYDJDFLyQ

 /RVVLQyQLPRVGH0$&,/(172\*/$8&2VRQ
 $ /HQWR)ODFR % 0DOROLHQWHÌQWHJUR & 0DOR(QFDQWDGRU
 ' 3RGULGR*ODXFRPD ( 'HVFRORULGR9HUGH

 ¢4XpSDUHMDGH6,1Ð1,026HV,1&255(&7$"
 $ $SULVFR(VWDEOR % )HUD],QGyPLWR & )~WLO,QVLJQLILFDQWH
 ' 3DUFR0RGHUDGR ( $JRELDU$EUXPDU

 ¢4XpSDUHMDGH6,1Ð1,026HV,1&255(&7$"
 $ =ROOLSDU6ROOR]DU % &XWtFXOD(SLGHUPLV & 0DQFLOOD0iFXOD
 ' )XVWD7RUQHR ( 3DUDGLJPD0RGHOR

 ¢4XpSDUHMDGH6,1Ð1,026HV&255(&7$"
 $ $UWH3LQWXUD % 5HORM7LHPSR & 0DQDGD+DWR
 ' %RUUDVFRVR%RUURVR ( 7HPSRUDO$QWLFLFOyQ

),1'(/(-(5&,&,2 

(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
( - ( 5 & , & , 2 $ 1  ž 
7HVW 3VLFRWpFQLFR
,QVWUXFFLRQHV
6HOHSUHVHQWDQFXHVWLRQHVGHFiOFXORTXHGHEHUiUHVROYHU
9DPRVDUHSDVDUGLYHUVRVHMHUFLFLRVGHPDWHPiWLFDHOHPHQWDOFRPRODQXPHUDFLyQ
URPDQDHFXDFLRQHVSRUFHQWDMHVHOPi[LPRFRP~QGLYLVRU\HOPtQLPRFRP~QP~OWL
SORRSHUDFLRQHVFRQIUDFFLRQHVSULQFLSDOHVXQLGDGHVGHPHGLGDUHJODGHWUHVVLVWHPD
ELQDULRiUHDVGHSROtJRQRVPHGLDDULWPpWLFDPHGLDQD\PRGDHWF
/DPD\RUtDVRQFXHVWLRQHVVHQFLOODVHQODVTXHVXGLILFXOWDGUHVLGHQRHQODUHVROX
FLyQHQVtVLQRHQODUDSLGH]FRQODTXHKDQGHUHVROYHUVH
$ YHFHV HQ YH] GH EXVFDU OD VROXFLyQ D SDUWLU GHO HQXQFLDGR OR TXH LQWHUHVD HV
SUREDU ODV UHVSXHVWDV SDUD YHU FXiO GH HOODV VH DMXVWD DO HQXQFLDGR FRQ OR TXH VH
DKRUUDUtDHOWLHPSRGHOSODQWHDPLHQWR\UHVROXFLyQGHOSUREOHPD
/DVFRQWHVWDFLRQHVODVDQRWDUiHQOD+RMDGH5HVSXHVWDV

(MHPSORV
6LHOSUHFLRGHIRWRFRSLDVHVFpQWLPRV¢FXiQWRFRVWDUiQIRWRFRSLDV"
 $  %  &  ' 
5HJODGHWUHVVLPSOH\GLUHFWD
 0pWRGRQRUPDO 0pWRGRGHUHGXFFLyQDODXQLGDG
 6LIRWRFRSLDVFXHVWDQFpQWLPRV FXHVWDQFpQWLPRV
 IRWRFRSLDVFRVWDUiQ[FpQWLPRV FXHVWD FpQWLPRV
  [GHGRQGH[  Ã   FRVWDUiQÃ FpQWLPRV
 [ FpQWLPRV
(Q XQ WULiQJXOR UHFWiQJXOR XQ iQJXOR PLGH ž ¢&XiQWR PLGH HO RWUR
iQJXORQRUHFWR"
 $ ž % ž & ž ' ž

/RVWUHViQJXORVVXPDQž\DGHPiVKD\XQiQJXORUHFWRTXHPLGHž
3DUDKDOODUODVROXFLyQVXPDPRV \HVWDFLIUDVHODUHVWDPRVDOXHJR² 

5(&8(5'(48(6Ð/2'(%('$581$5(638(67$325(-(5&,&,2
',6321('(0,187263$5$5(6321'(5


(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$

 ¢&XiOHVHOPi[LPRFRP~QGLYLVRUGH\"
 $  %  &  ' 

 ¢&XiOHVHOPtQLPRFRP~QP~OWLSORGH\"
 $  %  &  ' 

 6LHOGHXQFDSLWDODVFLHQGHDHXURV¢FXiQWRHVHOFDSLWDO"
 $  %  &  ' 

 ¢&XiOHVHOGHHXURV"
 $ HXURV % HXURV & HXURV ' HXURV

 ¢4XpSRUFHQWDMHKD\TXHDSOLFDUDSDUDTXHUHVXOWH"
 $  %  &  ' 

 6L$QWRQLRVHFRPHGHXQDWDUWD\0DUtD¢FXiQWRVHFRPHQHQWUH
ORVGRV"
 $  %  &  ' 

 ¢&XiOHVHOUHVXOWDGRGHPXOWLSOLFDUSRU"
 $  %  &  ' 

 ¢&XiOHVHOUHVXOWDGRGHGLYLGLUHQWUH"
 $  %  &  ' 

 ¢4Xp Q~PHUR WLHQH TXH GLYLGLU DO  SDUD TXH HO FRFLHQWH VHD  \ HO
UHVWR"
 $  %  &  ' 

 +DOODHOiUHDGHXQWULiQJXORGHFPGHDOWXUD\FPGHEDVH
 $ FPò % FPò & FPò ' FPò

 +DOODHOiUHDGHXQWUDSHFLRGHFPGHEDVHPD\RUFPGHEDVHPHQRU
\FPGHDOWXUD
 $ FPò % FPò & FPò ' FPò

 +DOODODORQJLWXGGHXQDFLUFXQIHUHQFLDGHFPGHGLiPHWUR
 $ FP % FP & FP ' FP

 +DOODHOiUHDGHXQFtUFXORGHFPGHUDGLR
 $ FPò % FPò & FPò ' FPò



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2

 (Q FLQFR GtDV 5RVD JDVWy HQ FKXFKHUtDV     \  FpQWLPRV
¢&XiQWRJDVWySRUWpUPLQRPHGLR"
 $  %  &  ' 

 /DVSDJDVVHPDQDOHVGHFLQFRDPLJRVVRQ\HXURV&DOFXOD
ODPHGLDQD
 $  %  &  ' 

 (OSHVRGHORVFXDWURPLHPEURVGHXQDIDPLOLDHV\+DOOD
ODPHGLDQD
 $  %  &  ' 

 /DVQRWDVHQ,QJOpVGHVLHWHDOXPQRVVRQ\&DOFXODOD
PRGD
 $ \ %  &  ' \

  PXMHUHV GH XQD HPSUHVD HVWiQ FDVDGDV \ UHSUHVHQWDQ HO  GH
ODVPXMHUHV TXH WUDEDMDQ HQ GLFKD HPSUHVD¢&XiQWDVPXMHUHVKD\ HQ
WRWDO"
 $  %  &  ' 

 6LXQOLEURTXHQRVFRVWyHXURVORYHQGHPRVXQPiVFDUR¢SRU
FXiQWRGLQHURORYHQGHUHPRV"
 $ HXURV % HXURV & HXURV ' HXURV

 9HQGt XQD PHUFDQFtD HQ  HXURV ¢&XiO IXH HO SUHFLR GH FRPSUD VL
JDQpXQHQHOSUHFLRGHYHQWD"
 $  %  &  ' 

 6LHQXQDVUHEDMDVXQDFDPLVDGHHXURVFXHVWDVyOR¢TXpSRUFHQ
WDMHGHUHEDMDKDFHQ"
 $  %  &  ' 

 6LGLVSRQJRGHHXURVGHORVFXDOHVFRORFRDODQXDO\HOUHVWR
DODQXDO¢TXpLQWHUHVHVPHSURGXFLUiQHQXQDxR"
 $  %  &  ' 

 6L  PiTXLQDV GH UHYHODGR DXWRPiWLFR IXQFLRQDQGR GXUDQWH  KRUDV


GLDULDVUHYHODQFDUUHWHV¢FXiQWRVFDUUHWHVUHYHODUiQPiTXLQDV
VLIXQFLRQDQGXUDQWHKRUDVGLDULDV"
 $  %  &  ' 



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$

 8QDLPSUHVRUDWDUGDKRUDVHQLPSULPLUSiJLQDV¢4XpQ~PHUR
GH LPSUHVRUDV GHO PLVPR WLSR VH KD GH SRQHU HQ PDUFKD VLPXOWiQHD
PHQWHSDUDLPSULPLUSiJLQDVHQWUHVKRUDV"
 $  %  &  ' 

 'RV SHUVRQDV WUDEDMDQGR  KRUDV GLDULDV WDUGDQ  GtDV HQ KDFHU XQD
REUD ¢&XiQWDV SHUVRQDV VHUiQ QHFHVDULDV SDUD KDFHU ODV PLVPD REUD
HQGtDVWUDEDMDQGRKRUDVGLDULDV"
 $  %  &  ' 

 8QFRFKHTXHFLUFXODDNPKWDUGDKRUDVHQUHFRUUHUXQWUD\HFWR
¢&XiQWRWDUGDUiHQKDFHUHOPLVPRUHFRUULGRVLFLUFXODDNPK"
 $  %  &  ' 

 3DUDFRQVWUXLUXQDSDUHGWUDEDMDGRUHVWDUGDQGtDV¢&XiQWRWDU
GDUiQWUDEDMDGRUHV"
 $ GtDV % GtDV & GtDV ' GtDV

 6H TXLHUHQ HQYDVDU  PDJGDOHQDV \  EL]FRFKRV HQ FDMDV OR PiV
JUDQGHV TXH VHD SRVLEOH VLQ PH]FODUORV \ VLQ TXH VREUH QLQJXQR
¢&XiQWDVFDMDVKDFHQIDOWDSDUDFDGDFRVD"
 $ P\E % P\E & P\E ' P\E

 3DUDSDVDUXQDVYDFDFLRQHVJDVWRXQRFWDYRHQPDQXWHQFLyQXQWHUFLR
HQDORMDPLHQWRODPLWDGHQGLYHUWLUPH\YXHOYRDFDVDFRQHXURV
¢&XiQWRGLQHURKHJDVWDGR"
 $ ¼ % ¼ & ¼ ' ¼

 8QD FDPSDQD WDxH FDGD  PLQXWRV \ RWUD FDGD  PLQXWRV 6RQDURQ
MXQWDVDODVHQWRQFHV¢DTXpKRUDVRQDUiQMXQWDVGHQXHYR"
 $  %  &  ' 

),1'(/(-(5&,&,2



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
( - ( 5 & , & , 2 $ 1  ž 
7 H V W  3 V L F R W p F Q L F R
,QVWUXFFLRQHV
$FRQWLQXDFLyQVHSUHVHQWDQHMHUFLFLRVQXPHUDGRVGHODO
6HWUDWDGHIUDVHVLQFRPSOHWDVDODVTXHOHVIDOWDXQDRGRVSDODEUDV\TXHGHEH
FRPSOHWDUHVFRJLHQGRHQWUHYDULDVRSFLRQHVGHUHVSXHVWD
/DVFRQWHVWDFLRQHVODVDQRWDUiHQOD+RMDGH5HVSXHVWDV
6HJXLGDPHQWHVHRIUHFHXQHMHPSOR

(MHPSOR
&RPSOHWHFRUUHFWDPHQWHODIUDVHVLJXLHQWH

«««HVD12&+(FRPR'(6$<812HVD««
$  &(1$&2&,1$
%  $/08(5=20$f$1$
&  38(57$9(17$1$
'  $%81'$1&,$3/$&(5
(  &(1$0$f$1$
/D IUDVHFRPSOHWDVHUtD&(1$HVD12&+(FRPR'(6$<812HVD0$f$1$
/DVROXFLyQHVSXHV&(1$0$f$1$\HVWHSDUGHSDODEUDVWLHQHQGHODQWHODOHWUD´(µTXHHVODTXH
KDEUtDTXHPDUFDU

5(&8(5'((;,67(81$62/$5(638(67$(1&$'$352%/(0$
',6321('(0,187263$5$5(6321'(5


(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$

 «««HVD9(562FRPR(6&8/725HVD«««
 $ SRHWDDUWLVWD % SRHWDHVWDWXD & P~VLFRHVWDWXD
 ' UHYHUVRHVWDWXD ( UHYHUVRDUWLVWD

 «««HVD1,f2FRPR9(7(5,1$5,2HV«««
 $ SHGLDWUDJDWR % SURIHVRUDQLPDO & SHUURHQIHUPHUD
 ' PDGUHHQIHUPHUD ( MXJXHWHLQ\HFFLyQ

 «««HVD3e6,02FRPR3(25HVD«««
 $ PDORPHMRU % PDOREXHQR & PHMRUySWLPR
 ' EXHQtVLPRPDOR ( FHOHEpUULPRSDXSpUULPR

 «««HVD6235$12ORTXH&21)(5(1&,$HVD«««
 $ DULDRUDGRU % SDUWLWXUDDSXQWHV & SHQWDJUDPDGLVFXUVR
 ' SLDQRJUDEDGRUD ( RUTXHVWDSROtWLFR

 «««HVD$-2FRPR&252HVD«««
 $ EDMRRUR % WDMRORUR & IDMRWRUR
 ' DMRVIRUR ( JDMRPRUR

 «««HVD9(*(7$/FRPR$&8$5,2HVD«««
 $ KXHUWDSH] % IORUDQLPDO & WRPDWHDJXD
 ' MDUGtQSLHGUD ( HQVDODGDPDU

 «««HVD5Ì2FRPR6(5HVD«««
 $ IXHQWHUHV % DUUR\RHEUR & PRQWDxDH[LVWLU
 ' RtUUHV ( DJXDSHUVRQD

 «««HVD$&(,7(FRPR&$5%85$17(HVD«««
 $ OXEULFDQWHJDVROLQD % DFHLWXQDHQFHQGLGR & JDVROLQDPRWRU
 ' HQJUDVHEXMtD ( UDGLDGRUVHJPHQWR

 ««««HVD62/FRPR6$/HVD««««
 $ FDORUPDU % IUtRDOLPHQWR & ORVODV
 ' DJXDPDU ( OX]VDERU

 «««HVD9$5,26FRPR021Ð/2*2HVD«««
 $ Q~PHURSDODEUD % WUHVSUyORJR & FDQWLGDGFLIUD
 ' XQRGLiORJR ( G~RWUHV


(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2

 «««HVD-8(*2FRPR%e/,&2HVD«««
 $ PXxHFDHQHPLJR % GLYHUVLyQDUPD & O~GLFRJXHUUD
 ' EDWDOODWULXQIR ( GHSRUWHDXWRULGDG

 «««HVD%,6785ÌFRPR(6&8/725HVD«««
 $ FLUXMDQRFLQFHO % RSHUDFLyQHVWDWXD & FRUWHDUWH
 ' PpGLFRDUTXLWHFWR ( PDQREDUUR

 «««HVD9(57,&$/FRPR9,*$HVD«««
 $ SRVLFLyQFROXPQD % OLPDFRQVWUXFFLyQ & YpUWLFHFHPHQWR
 ' FROXPQDKRUL]RQWDO ( HVFDOyQGLQWHO

 ««««HVDÐ37,&$FRPR621,'2HVD«««
 $ RMRVLOHQFLR % FRORUVDERU & OX]DF~VWLFD
 ' JDIDVP~VLFD ( P~VLFDYLVWD

 ««HVD&8$'5$'2FRPR7(75$('52HVD««
 $ URPERFRQR % FtUFXORFRQR & FXERWULiQJXOR
 ' WULiQJXORWUDSHFLR ( WUDSHFLRSHQWiJRQR

 «««HVD$%5,/FRPR)(%5(52HVD«««
 $ PD\RHQHUR % PDU]RHQHUR & MXOLRRFWXEUH
 ' GLFLHPEUHPDU]R ( MXOLRDJRVWR

 ««HVD$621$17(FRPR&2162/$56(HVD««
 $ VRODUFRQVRODU % GLVRQDQWHHQIDGDUVH & PDOVRQDQWHFRQIRUWDUVH
 ' FRQVRQDQWHDVRODUVH ( VXHQDVRODU

 «HVD3(1Ô/7,02FRPR3$6$'20$f$1$HVD«
 $ ~OWLPRPDxDQD % DQWHSHQ~OWLPRD\HU& SULPHURKR\
 ' PDxDQDPDUWHV ( SDVDGRSUHVHQWH

 «««HVD(55$5FRPR$%1(*$&,Ð1HVD«««
 $ DFHUWDUUHVLJQDFLyQ % DEHUUDUDEQHJDU & IDOODUGLODFLyQ
 ' DEHUUDUQHJDFLyQ ( DFLHUWRIDOOR

 «««HVD$/&851,$FRPR&2163,&82HVD«««
 $ OLQDMHDVFHQGHQFLD % SURVDSLDLQVLJQH & LOXVWUHOLEHUWLQR
 ' FUiSXODOXMXULRVR ( VREUHVDOLHQWHFDVWD


(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$

 «««HVD5(%(/$56(FRPR$/$%$5HVD«««
 $ DFDWDUHQVDO]DU % VROLYLDQWDUVHGHQRWDU & GHVREHGHFHULQMXULDU
 ' REHGHFHUGHQRVWDU ( GHVDFDWRLQVXOWDU

 «««HVD'85$'(52FRPR75$,&,Ð1HVD«««
 $ HWHUQROHDOWDG % LQILQLWRILGHOLGDG & WUDQVLWRULRLQILGHOLGDG
 ' SHUHFHGHURWUDJHGLD ( FRQVLVWHQWHSHUILGLD

 «««HVD$&8&,$5FRPR$3267$7$5HVD«««
 $ DSUHPLDUDEMXUDU % DEUD]DUUHJHQHUDU & DSUHVXUDUUHSOLFDU
 ' FRPSURPHWHUDSRVWDU( UDOHQWL]DUUHQHJDU

 «««HVD,1),(512FRPR&(/(67,$/HVD«««
 $ OODPDVFLHOR % DYHUQRHPStUHR & WiUWDURWHUUHQDO
 ' OLPERSXUJDWRULR ( D]XOURMR

 «««HVD%(62FRPR$0,*$HVD«««
 $ FDULxRREHVD % QRYLDUHVSHWR & REHVRPLJD
 ' WRUWD]RPXMHU ( FDULFLDQLxD

 «««HVD9(5'(FRPR%(50(//Ð1HVD«««
 $ PDUPDUUyQ % FDPSRD]XO & FRORUJUDQR
 ' JODXFRURMR ( SLQWXUDDGRUQR

 «««HVD&$7$/8f$FRPR+8(/9$HVD«««
 $ $QGDOXFtD*HURQD % FRVWDSURYLQFLD & &yUGRED/pULGD
 ' 6HYLOOD%DUFHORQD ( SURYLQFLDFRPXQLGDG

 «««HVD&$%$//(5Ì$FRPR3,(HVD«««
 $ HMpUFLWRSLHUQD % FDEDOOHURLQIDQWH & DUWLOOHUtDGHGR
 ' FDEDOORLQIDQWHUtD ( EULGDVERWD

 «««HVD//89,$FRPR',48(HVD«««
 $ DJXDVDOLGD % SDUDJXDVLQXQGDFLyQ & QXEHULHVJR
 ' DJXDFUHFLGD ( EDUURDUHQD

 «««HVD&2//$5FRPR(6/$%Ð1HVD«««
 $ UHORMSXOVHUD % SHUODURVDULR & FXHOORPXxHFD
 ' FXHQWDFDGHQD ( PHGDOODHVFODYD

),1'(/(-(5&,&,2 

(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
( - ( 5 & , & , 2 $ 1  ž 
 7 H V W  3 V L F R W p F Q L F R
,QVWUXFFLRQHV
$FRQWLQXDFLyQVHSUHVHQWDQHMHUFLFLRVQXPHUDGRVGHODO
6HWUDWDGHPDWULFHVTXHHVWiQIRUPDGDVSRUXQDVHULHGHVLJQRVTXHFRPSRQHQXQ
JUXSRUHODFLRQDGR6LQHPEDUJRIDOWDXQHOHPHQWRHQHOJUXSRTXHKDGHVHUGHGXFLGR
SRU9G/DVSLH]DVTXHFRPSRQHQODPDWUL]QRHVWiQSXHVWDVSRUFDVXDOLGDGVLQRTXH
HVWiQVLWXDGDVVLJXLHQGRXQDOyJLFD'HGXFLHQGRHVDOyJLFDOHVHUiIiFLOHQFRQWUDUHQ
HOUHSHUWRULRGHVROXFLRQHVSURSXHVWDVFXiOHVODFRUUHFWD
/DVFRQWHVWDFLRQHVODVDQRWDUiHQOD+RMDGH5HVSXHVWDV
6HJXLGDPHQWHVHRIUHFHXQHMHPSOR

(MHPSOR

 $ % & '
/DUHVSXHVWDHVOD´%µ+D\WUHVFRORUHVQHJUREODQFR\UD\DGR/RVWUHVFRORUHV
YDQSHUPXWDQGRGHSRVLFLyQ\QRDSDUHFHQQLKRUL]RQWDOQLYHUWLFDOPHQWHPiVTXH
XQDYH]HQFDGDILODRHQFDGDFROXPQDÔQLFDPHQWHIDOWDSRUVDOLUHOFRORUQHJURSXHV
WDQWRHQXQVHQWLGRFRPRHQHORWURKDQDSDUHFLGR\DHOEODQFR\HOUD\DGR

5(&8(5'(48(6Ð/2'(%('$581$5(638(67$325(-(5&,&,2
',6321('(0,187263$5$5(6321'(5


(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$

 

 $ %  
& '  (  $ %  & '  (

 

  $ %  &  '  (  $ %  &  '  (

 

 $ %  &  '  (
 $ %  &  '  (



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2

 

  $ %  
& '  (  $ %  
& '  (

 

 $ %  
& '  (  $ %  
& '  (

 

 $ %  
& '  (  $ %  
& '  (


(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$

 

 $ %  
& '  (  $ %  & '  (

 

 $ %  
& '  (  $ %  & '  (

 

 $ %  
& '  (  $ %  & '  (



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2

 

 $ %  
& '  (
 $  %  
& '  (

 

 $ %  
& '  (  $  %  &  '  (

 


 $ %  
& '  (  $  %   '
& (

(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$

 

 $  %  
& '  (  $  %  &  ' (
 

 $  %  & ' (  $ %  
& '  (
 

 $  % & ' (
 $ %  
& '  (

),1'(/(-(5&,&,2 

(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
( - ( 5 & , & , 2 $ 1  ž 
 7 H V W  3 V L F R W p F Q L F R
,QVWUXFFLRQHV
$FRQWLQXDFLyQVHSUHVHQWDQHMHUFLFLRVQXPHUDGRVGHODO
6HWUDWDGHIUDVHVLQFRPSOHWDVDODVTXHOHVIDOWDXQDRGRVSDODEUDV\TXHGHEH
FRPSOHWDUHVFRJLHQGRHQWUHYDULDVRSFLRQHVGHUHVSXHVWD
/DVFRQWHVWDFLRQHVODVDQRWDUiHQOD+RMDGH5HVSXHVWDV
6HJXLGDPHQWHVHRIUHFHXQHMHPSOR

(MHPSOR
&RPSOHWHFRUUHFWDPHQWHODIUDVHVLJXLHQWH

«««HVD12&+(FRPR'(6$<812HVD««
$  &(1$&2&,1$
%  $/08(5=20$f$1$
&  38(57$9(17$1$
'  $%81'$1&,$3/$&(5
(  &(1$0$f$1$
/DIUDVHFRPSOHWDVHUtD&(1$HVD12&+(FRPR'(6$<812HVD0$f$1$
/DVROXFLyQHVSXHV&(1$0$f$1$\HVWHSDUGHSDODEUDVWLHQHQGHODQWHODOHWUD´(µTXHHVODTXH
KDEUtDTXHPDUFDU

5(&8(5'(48(6Ð/2'(%('$581$5(638(67$325(-(5&,&,2
',6321('(0,187263$5$5(6321'(5


(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$

 «««HVD*$5$-(FRPRÉ5%2/HVD«««
 $ FDVDERVTXH % FRFKHKRMDV & SDUNLQJUDPDV
 ' RTXHGDGYHUGH ( DXWRPyYLOFDPSR

 «««HVD52',//$FRPR%5$=2HVD«««
 $ SLHGHGRV % SLHUQDFRGR & PDQRGHGRV
 ' SLHUQDPDQJD ( SXxRKRPEUR

 $7(18$5HVD«««FRPR'(),1,5HVD«««
 $ RSULPLURFDVLRQDU % PLWLJDUGHOLPLWDU & GHVFLIUDUH[SUHVDU
 ' GHPRUDUOLPLWDU ( DXPHQWDUERFHWDU

 325HVD«««FRPR3$5$HVD«««
 $ P~OWLSORUHSDUWR % ILQDOLGDGREMHWLYR & FDXVDILQDOLGDG
 ' VXMHWRFRPSOHPHQWR ( PDVFXOLQRIHPHQLQR

 386,/É1,0(HVD«««FRPR25,*,1$/HVD«««
 $ MXELORVRFRSLD % DYH]DGREXUOD & REYLRERFHWR
 ' DXGD]FDOFR ( WUDLGRUGLVWLQWR

 3$7(17(HVD««««FRPR1Ì7,'2HVD«««
 $ SDWpWLFROHVLYR % SURSLRQLPLR & SDOPDULROLPSLR
 ' SURFOLYHQtYHR ( RULJLQDOFODUR

 $3É7,&2HVD«««FRPR52781'2HVD«««
 $ GLVFUHSDQWHDGXVWR % LQGROHQWHUHGRQGR & DSDUHQWHVDUFiVWLFR
 ' LQGROHQWHREWXVR ( VLPSiWLFRGHILQLWLYR

 ),50(HVD«««FRPR92/8%/(HVD«««
 $ HVWDEOHYHUViWLO % YHUViWLODUELWUDULR & HQpUJLFRHVSDFLRVR
 ' FRQVWDQWHLGyQHR ( UHFWRFXUYR

 +$&,$HVD«««FRPR75$6HVD««««
 $ SURFHGHQFLDVLWXDFLyQ% SUHVDJLRSRVWHULRU & GLQiPLFRDYDQFH
 ' GLUHFFLyQVLWXDFLyQ ( YHUERDGYHUELR

 75$16,*(17(HVD«FRPR75$16*5(625HVD«
 $ WROHUDQWHFXPSOLGRU % IUDQFRLQVLQFHUR & FRQGHVFHQGLHQWHLQIUDFWRU
 ' FXPSOLGRUH[DOWDGR ( SHUPLVLYRDXWRULWDULR


(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2

 $+25$HVD««««FRPR$3(1$6HVD«««
 $ WLHPSRFDOLGDG % DFWXDOSRFR & SUHVHQWHUDQJR
 ' DFWXDOFDWHJRUtD ( VLHPSUHQXQFD

 -867,35(&,$5HVD'(635(&,$5FRPR25,*(1HVD«««
 $ SULQFLSLR % FRPLHQ]R & FXQD
 ' GHVHQODFH ( DSUHFLDU

 /,%52HVD%,%/,27(&$FRPR',$5,2HVD««««
 $ SLQDFRWHFD % KHPHURWHFD & UHYLVWD
 ' FRQWDELOLGDG ( TXLRVFR

 %$48(/,7$HVD$,6/$17(FRPR&2%5(HVD««««
 $ FRQGXFWRU % EURQFH & VHOHFWRU
 ' HVWDxR ( FRQVWULFWRU

 '(55,%2HVD(',),&,2FRPR'(6*8$&(HVD«««
 $ FRQVWUXFFLyQ % UHSDUDFLyQ & HPEDUFDFLyQ
 ' DUPDGXUD ( QDXIUDJLR

 &2&+(HVD92/$17(FRPR%$5&2HVD««««
 $ SURD % WLPyQ & VH[WDQWH
 ' EU~MXOD ( DQFOD

 7(03(5$785$HVD7(50Ð0(752FRPR9,(172HVD«
 $ DQHPyPHWUR % FURQyPHWUR & SOXYLyPHWUR
 ' EDUyPHWUR ( JRQLyPHWUR

 0É48,1$HVD3,(=$FRPR3$/$%5$HVD««««
 $ OHWUD % IUDVH & HVFULWXUD
 ' OHQJXDMH ( H[SUHVLyQ

 &(17$852HVD&$%$//2FRPR)$812HVD««««
 $ iJXLOD % RYHMD & PDFKRFDEUtR
 ' IHOLQR ( XQLFRUQLR

 0,//$HVD/21*,78'FRPR/,%5$HVD««««
 $ FDSDFLGDG % VXSHU¿FLH & SHVR
 ' IXHU]D ( ORQJLWXG


(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$

 &$&(5(f2HVD&É&(5(6FRPR(*$%5(16(HVD««
 $ &iGL] % &DODWD\XG & &DEUD
 ' *XDGDODMDUD ( *HURQD

 2%/,&82HVD,1&/,1$'2FRPR$-(12HVD««««
 $ KXUWR % H[WUDxR & SHUMXGLFLDO
 ' DXVHQWH ( YLHMR

 (1/$&(HVD&21(;,Ð1FRPR&203/(-2HVD««««
 $ VHJXLGR % LQWULQFDGR & VLPSOH
 ' DJOXWLQDGR ( WDUD

 $6(17,5HVD$'0,7,5FRPR',98/*$5HVD««««
 $ VXSHGLWDU % VXJHULU & UHFRQRFHU
 ' H[WHQGHU ( FULWLFDU

 ()(&7,92HVD5($/FRPR(;38(672HVD««««
 $ SHOLJURVR % HItPHUR & ILFWLFLR
 ' LPSHULRVR ( RSXHVWR

 (1$/7(&(5HVD(16$/=$5FRPR&255(*,5HVD««
 $ HVWLPXODU % WHUPLQDU & DPRQHVWDU
 ' H[DPLQDU ( ERUUDU

 ««««HVD$1,0$/FRPR&257(=$HVD«««
 $ FiVFDUDiUERO % SLHOKXHYR & SLHOiUERO
 ' KRPEUHSURWHFFLyQ ( FiVFDUDKXHYR

 «««HVD3$/$%5$FRPR3$/$%5$HVD«««
 $ YRFDEORSURPHVD % VtODEDIUDVH & VtODEDKRQRU
 ' KRQRUIUDVH ( OHWUDVtODED

 «««HVD7(-$'2FRPR%$6(HVD««««
 $ DOHURWULiQJXOR % WHUUD]DDOWXUD & WHUUD]DODGR
 ' F~VSLGHVXHOR ( FXOPHQFLPD

 ««««HVD5Ì2FRPR&267$HVD««««
 $ ROHDMHSOD\D % FRUULHQWHPDU & RULOODPDU
 ' ROHDMHPDU ( FRUULHQWHSOD\D

),1'(/(-(5&,&,2 

(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
( - ( 5 & , & , 2 $ 1  ž 
 7 H V W  3 V L F R W p F Q L F R
,QVWUXFFLRQHV
$FRQWLQXDFLyQVHSUHVHQWDQHMHUFLFLRVQXPHUDGRVGHODO
6HWUDWDGHVHULHVLQFRPSOHWDVGHILJXUDVDODVTXHOHVIDOWDXQHOHPHQWRTXHGHEH
FRPSOHWDUHVFRJLHQGRHQWUHYDULDVRSFLRQHVGHUHVSXHVWD
/DVILJXUDVQRHVWiQSXHVWDVSRUFDVXDOLGDGVLQRTXHHVWiQVLWXDGDVVLJXLHQGRXQD
HYROXFLyQOyJLFD'HGXFLHQGRHVDHYROXFLyQOHVHUiIiFLOHQFRQWUDUHQHOUHSHUWRULRGH
VROXFLRQHVSURSXHVWDVFXiOHVODFRUUHFWD
/DVFRQWHVWDFLRQHVODVDQRWDUiHQOD+RMDGH5HVSXHVWDV
6HJXLGDPHQWHVHRIUHFHXQHMHPSOR

(MHPSOR
¢4XpILJXUDFRQWLQ~DODVHULH"

 $ % & ' (
6LREVHUYDGHWHQLGDPHQWHSXHGHYHUTXHODSULPHUDILJXUDWLHQHWUHVODGRVODVHJXQ
GDFXDWURODWHUFHUDFLQFR\ODFXDUWDILJXUDGHEHUtDWHQHUVHLVODGRV3RUWDQWROD
ILJXUDTXHFRQWLQ~DODVHULHFRUUHVSRQGHDODDOWHUQDWLYD´%µ

5(&8(5'(48(6Ð/2'(%('$581$5(638(67$325(-(5&,&,2
',6321('(0,187263$5$5(6321'(5


(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$

 $ % & ' (

 $ % & ' (

 $ % & ' (

 $ % & ' (

 $ % & ' (

 $ % & ' (

 $ % & ' (

 $ % & ' (

 $ % & ' (



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2

 $ % & ' (

 $ % & ' (

 $ % & ' (

 $ % & ' (

 $ % & ' (

 $ % & ' (

 $ % & ' (

 $ % & ' (

 $ % & ' (



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$

 $ % & ' (

 $ % & ' (

 $ % & ' (

 $ % & ' (

 $ % & ' (

 $ % & ' (

 $ % & ' (

 $ % & ' (

 $ % & ' (



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2

 $ % & ' (

 $ % & ' (

 $ % & ' (

),1'(/(-(5&,&,2



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
( - ( 5 & , & , 2 $ 1  ž 
 7 H V W  3 V L F R W p F Q L F R
,QVWUXFFLRQHV
$FRQWLQXDFLyQVHSUHVHQWDQIUDVHVQXPHUDGDVGHODO
6HWUDWDGHEXVFDUHOMXHJRGHSDODEUDVGHHQWUHODVTXHVHSURSRQHQTXHVXVWLWXL
UtDDODVHQWUHFRPLOODGDVVLQFDPELDUHOVHQWLGRGHODIUDVH
/DVFRQWHVWDFLRQHVODVDQRWDUiHQOD+RMDGH5HVSXHVWDV
6HJXLGDPHQWHVHRIUHFHQGRVHMHPSORV

(MHPSORV
(O´EHRGRµIXHREMHWRGH´HVFDUQLRµS~EOLFR
$  ERUUDFKRORD
%  ORFXD]DIUHQWD
&  HEULRPRID
'  LPSiYLGRDGXODFLyQ
/DVROXFLyQHV´HEULRPRIDµ\HVWHSDUGHSDODEUDVWLHQHQGHODQWHODOHWUD´&µTXHHVODTXHKDEUtD
TXHPDUFDU

6LHPSUHOHKHPRVFRQVLGHUDGRPX\´ODGLQRµSHURKDUHVXOWDGRVHU
PX\´LQRFXRµ
$  WXOOLGRDVWXWR
%  DVWXWRDE\HFWR
&  LQTXLQDGRSXVLOiQLPH
'  DVWXWRLQRFHQWH
(QHVWHFDVRODVROXFLyQHV´DVWXWRLQRFHQWHµ\HVWHSDUGHSDODEUDVWLHQHQGHODQWHODOHWUD´'µ
TXHHVODTXHKDEUtDTXHPDUFDU

5(&8(5'(48(6Ð/2'(%('$581$5(638(67$325(-(5&,&,2
',6321('(0,187263$5$5(6321'(5


(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2

 /D´HFXDQLPLGDGµHQVXVDILUPDFLRQHVSURYRFDED´HVFDUQLRµHQWUHVXV
FRPSDxHURV
 $ LJXDOGDGDGXODFLyQ % SDUFLDOLGDGOLVRQMD
 & HTXLGDGPRID ' UHODWLYLGDGEXUOD

 /DQXHYD´SDULGDGµPRQHWDULDSURGXMR´SDUR[LVPRµHQOD%ROVD
 $ FRUULHQWHFDOPD % LJXDOGDGLQVHQVLELOLGDG
 & HTXLYDOHQFLDH[DOWDFLyQ ' SURWHFFLyQHIHUYHVFHQFLD

 &RQiQLPR´SHUVXDGLGRµVXSHUyODV´GLVSXWDVµVXUJLGDVHQWUHHOORV
 $ UHQRYDGRGLVFXVLRQHV % YDFLODQWHGLVFUHSDQFLDV
 & FRQYHQFLGRGLVHQVLRQHV ' YDFLODQWHFRQFRUGLDV

 (OMXH]´H[KRUWyµDOUHRTXHGHSXVLHUDVXDFWLWXG´DIUHQWRVDµ
 $ H[HFUyXOWUDMDQWH % HQFRPLySRQ]RxRVD
 & DGYLUWLyLQMXULRVD ' LQYLWyMDFWDQFLRVD

 )XHGHFLVLYRHOFRDFFLRQDGRYRWRGH´LQGRFWRVµYHOHLGRVRV\´GHVDEULGRVµ
 $ GtVFRORVKRVFRV % SURVpOLWRVLQVXOVRV
 & LJQRUDQWHVGLVSOLFHQWHV ' UHEHOGHVUtJLGRV

 /D´PHVXUDµHQVXVDFFLRQHVHUDGLJQDGH´HQFRPLRµ
 $ SHFXOLDULGDGGLVWLQFLyQ % SUXGHQFLDDODEDQ]D
 & UHIOH[LyQHMHPSOR ' YXOJDULGDGUHFRPSHQVD

 &RQ´GHQXHGRµWRPyOD´HQVHxDµ\DYDQ]yKDFLDHOHQHPLJR
 $ YDORUEDQGHUD % EL]DUUtDEDVWLyQ
 & GHODFLyQEDOXDUWH ' WHPHULGDGHVWDQGDUWH

 ´6RVOD\DQGRµODVGLILFXOWDGHV´XUGLHURQµXQDQXHYDHVWUDWHJLD
 $ VRUWHDQGRWUDPDURQ % UHFDOFDQGRWUDPLWDURQ
 & FRQMHWXUDQGRPDTXLQDURQ ' VRVSHFKDQGRDSUHPLDURQ

 2EVHUYDURQFRQ´UHWLFHQFLDµFyPRVXHVStULWX´SXVLOiQLPHµVHDSRGH
UDEDGHpO
 $ DxRUDQ]DDXGD] % GLVLPXORSRQ]RxRVR
 & UHSXJQDQFLDDSUHQVLYR ' UHVHUYDFREDUGH

(UD´YHOHLGRVRµHQVXWUDWRFRQORVGHPiVSHURXQ´DYH]DGRµSURIHVLRQDO
 $ YDQLGRVRDJUHVLYR % FDSULFKRVRLQIDWLJDEOH
  & HQYLGLRVRH[SHULPHQWDGR ' LQFRQVWDQWHH[SHUWR

(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$

7UDVSURIHULUXQDIUDVH´FRQFOX\HQWHµOHVPLUyFRQJHVWR´GLVSOLFHQWHµ
 $ FDWHJyULFDLQGLIHUHQWH % UHGXQGDQWHGLVFUHSDQWH
 & WDMDQWHGLVWDQWH ' FRUWDQWHGLVFRUGDQWH

(UDGHWRGRVELHQFRQRFLGDVX´SHUVSLFDFLDµ\´SHWXODQFLDµ
 $ FDSDFLGDGIDWXLGDG % DVWXFLDLPSRUWDQFLD
 & VDJDFLGDGHQYDQHFLPLHQWR ' DJXGH]DYHUVDWLOLGDG

7RGDVVXVSURSLHGDGHVIXHURQ´DUUDVDGDVµDFDXVDGHODV´LPSHWXRVDVµ
OOXYLDV
 $ GHVEDVWDGDVLQFOHPHQWHV % GHYDVWDGDVYHKHPHQWHV
 & GHVRODGDVFiXVWLFDV ' GHVEDUDWDGDVLQVLVWHQWHV

3UHVHQWDEDXQJHVWR´PRKtQRµDOKDEHUVLGR´YHMDGRµSRUVXDPLJRV
 $ PHODQFyOLFRFRQWUDULDGR % HVTXLYRVRUSUHQGLGR
 & PRUWHFLQRGHQLJUDGR ' GLVJXVWDGRPDOWUDWDGR

6X´PDOYDGRµFRPSRUWDPLHQWROHDFDUUHyOD´HQHPLVWDGµFRQVXSXHEOR
 $ LQRFXRDQWLSDWtD % LQLFXRLQVLGLD
 & SHUYHUVRKRVWLOLGDG ' PDOVDQRLQTXLQD

/H´LQVWDURQµDTXHUHDOL]DUDODV´SHVTXLVDVµSHUWLQHQWHV
 $ H[KRUWDURQLQGDJDFLRQHV % DFRQVHMDURQSUHPLVDV
 & DQLPDURQDYHULJXDFLRQHV ' VXJLULHURQLQYHVWLJDFLRQHV

6HKDEOyVLQ´URGHRVµVREUHODVFRQVHFXHQFLDVGHVX´GLVLGHQFLDµ
 $ EDJDMHVGLVFRUGDQFLD % SUHWH[WRVGLVRQDQFLD
 & UHVHUYDVGLVSHQGLR ' DPEDJHVGLVFUHSDQFLD

0DQLIHVWyVX´DTXLHVFHQFLDµDXQTXHQRHUDDOJR´LQPDQHQWHµDVXSHU
VRQDOLGDG
 $ FRQVHQVRLQPLQHQWH % DVHQVRLQKHUHQWH
 & FRQIRUPLGDGLQQHJDEOH ' FRQVHQWLPLHQWRLQPXWDEOH

(UD´HVFODUHFHGRUµFRQWHPSODUFyPR´PHGUDEDµHQVXWUDEDMR
 $ GLOXFLGDGRUSURJUHVDED % UHVSODQGHFHGRUVXEtD
 & VLQWRPiWLFRFRQVSLUDED ' HVWUHPHFHGRULQWULJDED

/HGLHURQXQ´UHYXOVLYRµFRQWUDHOEUHEDMH´OHWDOµ
 $ UHSXOVLYRYHQHQRVR % SXUJDQWHOHWiUJLFR

 & UHVWDXUDWLYROHVLYR ' DQWtGRWR²PRUWtIHUR

(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2

 6XV IDFXOWDGHV KDEtDQ ´PHUPDGRµ DQWH ODV ´DIUHQWDVµ GH VXV HQHPL
JRV
 $ PHQJXDGRDODEDQ]DV % DXPHQWDGRDJUDYLRV
 & PHMRUDGRLQVXOWRV ' GLVPLQXLGRRIHQVDV

 &RQIHVy WRGD OD YHUGDG VLQ ´SDOLDWLYRVµ DQWH XQ DXGLWRULR ´DPLODQD
GRµ
 $ DWHQXDQWHVLQWLPLGDGR % DJUDYDQWHVWHPHURVR
 & H[FXVDVDPLQRUDGR ' VXDYL]DQWHVYDOLHQWH

 8QDYH]GHPRVWUDGD´HPStULFDPHQWHµVXWHRUtDIXHOOHYDGDDODSUiFWL
FDFRQ´SUHPXUDµ
 $ KLSRWpWLFDPHQWHFDOPD % H[SHULPHQWDOPHQWHXUJHQFLD
 & REMHWLYDPHQWHSURQWLWXG ' FLHQWtILFDPHQWHVRVLHJR

 7UDWDEDQVLHPSUHGH´HPXODUµDVXV´GLVROXWRVµYHFLQRV
 $ PROHVWDUYLUWXRVRV % LPLWDUOLEHUWLQRV
 & DJUDGDUPHVXUDGRV ' HVWLPXODUGtVFRORV

 /DV ´ODFHUDQWHVµ FUtWLFDV UHFLELGDV FRQVWLWXtDQ XQ ´HVWtPXORµ SDUD


VHJXLUVXSHUiQGRVH
 $ KLULHQWHVDFLFDWH % SXQ]DQWHVIUHQR
 & LQFOHPHQWHVDOLFLHQWH ' ORDEOHVGHVSUHFLR

 (O´H[FHOVRµJXHUUHURGHMy´SDWHQWHµVXEL]DUUtD
 $ DOWtVLPRRFXOWR % WLPRUDWRSDOSDEOH
 & HPLQHQWHPDQLILHVWD ' PRKtQRYLVLEOH

 7UDWDEDFRQ´SURGLJDOLGDGµDORVPDUJLQDGRV\´PHQHVWHURVRVµ
 $ IDPLOLDULGDGLQGLJHQWHV % GLVWDQFLDPLHQWRDIDQRVRV
 & IUHFXHQFLDSXGLHQWHV ' JHQHURVLGDGQHFHVLWDGRV

 $TXHOORV ´DERUtJHQHVµ FRQWHPSODEDQ ´HQDMHQDGRVµ OD OOHJDGD GH OD


H[SHGLFLyQ
 $ QDWLYRVH[WDVLDGRV % IRUiQHRVHVWXSHIDFWRV
 & H[yWLFRVDUUHEDWDGRV ' LQGtJHQDVPHVXUDGRV

 )XH´LQWHUSHODGRµSRUHOWULEXQDODFHUFDGHVXLPSOLFDFLyQHQDTXHOOD
´PDVDFUHµ
 $ H[SORUDGRDQLTXLODPLHQWR % LQWHUSUHWDGRPDWDQ]D


 & SUHJXQWDGRH[WHUPLQLR ' LQWHUURJDGRUHIULHJD

(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$

 &RQVLJXLyORTXHVHSURSRQtDPHGLDQWH´IDODFLDVµ\RWUDV´DUJXFLDVµ
 $ IUDXGHVDUWLPDxDV % LQJHQLRVLGDGHVDOHJDFLRQHV
 & YHUGDGHVWUHWDV ' HQJDxRVVXWLOH]DV

),1'(/(-(5&,&,2



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
( - ( 5 & , & , 2 $ 1  ž 
 7 H V W  3 V L F R W p F Q L F R
,QVWUXFFLRQHV
$FRQWLQXDFLyQVHSUHVHQWDQHMHUFLFLRVQXPHUDGRVGHODO
6HWUDWDGHVHULHVLQFRPSOHWDVGHILJXUDVDODVTXHOHVIDOWDXQHOHPHQWRTXHGHEH
FRPSOHWDUHVFRJLHQGRHQWUHYDULDVRSFLRQHVGHUHVSXHVWD
/DVILJXUDVQRHVWiQSXHVWDVSRUFDVXDOLGDGVLQRTXHHVWiQVLWXDGDVVLJXLHQGRXQD
HYROXFLyQOyJLFD'HGXFLHQGRHVDHYROXFLyQOHVHUiIiFLOHQFRQWUDUHQHOUHSHUWRULRGH
VROXFLRQHVSURSXHVWDVFXiOHVODFRUUHFWD
/DVFRQWHVWDFLRQHVODVDQRWDUiHQOD+RMDGH5HVSXHVWDV
6HJXLGDPHQWHVHRIUHFHXQHMHPSOR

(MHPSOR
¢4XpILJXUDFRQWLQ~DODVHULH"

 $ % & ' (
6LREVHUYDGHWHQLGDPHQWHSXHGHYHUTXHODSULPHUDILJXUDWLHQHWUHVODGRVODVHJXQGDFXDWUR
ODWHUFHUDFLQFR\ODFXDUWDILJXUDGHEHUtDWHQHUVHLVODGRV3RUWDQWRODILJXUDTXHFRQWLQ~D
ODVHULHFRUUHVSRQGHDODDOWHUQDWLYD´%µ

5(&8(5'(48(6Ð/2'(%('$581$5(638(67$325(-(5&,&,2
',6321('(0,187263$5$5(6321'(5


(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$

 $ % & '

 $ % & '

 $ % & '

 $ % & '

 $ % & '

 $ % & '

 $ % & '

 $ % & '

 $ % & '



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2

 $ % & '

 $ % & '

 $ % & '

 $ % & '

 $ % & '

 $ % & '

 $ % & '

 $ % & '

 $ % & '



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$

 $ % & '

 $ % & '

 $ % & '

 $ % & '

 $ % & '

 $ % & '

 $ % & '

 $ % & '

 $ % & '



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2

 $ % & '

 $ % & '

 $ % & '

),1'(/(-(5&,&,2



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
( - ( 5 & , & , 2 $ 1  ž  
7 H V W  3 V L F R W p F Q L F R
,QVWUXFFLRQHV
$FRQWLQXDFLyQVHSUHVHQWDQHMHUFLFLRVQXPHUDGRVGHODO
6HWUDWDGHVHULHVGHQ~PHURV6XWUDEDMRFRQVLVWHHQHQFRQWUDUHQWUHHOUHSHUWRULR
GHVROXFLRQHVSURSXHVWDVHOQ~PHURTXHHQEXHQDOyJLFDVHJXLUtDODVHULH
/DVFRQWHVWDFLRQHVODVDQRWDUiHQOD+RMDGH5HVSXHVWDV
6HJXLGDPHQWHVHRIUHFHQYDULRVHMHPSORV

(MHPSORV
(QFXHQWUHHOQ~PHURTXHVLJXHODVHULH «
 $  %  &  '  ( 
&DGDQ~PHURGHODVHULHHVHOGREOHGHODQWHULRU\HOTXHGHEHLUGHWUiVGHOHVSXHVHO

(QFXHQWUHHOQ~PHURTXHVLJXHODVHULH « 
 $  %  &  '  ( 
$TXtKD\GRVVHULHVPH]FODGDV/DVHULHSDUIRUPDGDSRUORVQ~PHURV\ODVHULHLPSDU
TXHHVWiIRUPDGDSRUORVQ~PHURV « &RPRVHSXHGHYHUFDGDQ~PHURHVWUHVXQL
GDGHVPHQRUTXHHODQWHULRU(QHVWHFDVRODVROXFLyQHVHO

(QFXHQWUHHOQ~PHURTXHVLJXHODVHULH «
 $  %  &  '  ( 
(QHVWH~OWLPRFDVRODVHULHHVWiIRUPDGDSRUORVQ~PHURVSDUHVTXH
HVWiQFRORFDGRVGHIRUPDFRQVHFXWLYD
/DVROXFLyQHVSXHVHO

5(&8(5'(48(6Ð/2'(%('$581$5(638(67$325(-(5&,&,2
',6321('(0,187263$5$5(6321'(5


(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2

  «««


 $  %  &  '  ( 

  ,QGLTXHODFLIUDHTXLYRFDGD


 $  %  &  '  ( 

  «
 $  %  &  '  ( 

  «««


 $  %  &  '  ( 

  «
 $  %  &  '  ( 

  «


 $  %  &  '  ( 

  « 
 $  %  &  '  ( 

  «
 $  %  &  '  ( 

  «
 $  %  &  '  ( 

  «
 $  %  &  '  ( 

  «
 $  %  &  '  ( 

  « 
 $  %  &  '  ( 

  «
 $  %  &  '  ( 

  «
 $  %  &  '  ( 


(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$

  «
 $  %  &  '  ( 

  «
 $  %  &  '  ( 

  « 
 $  %  &  '  ( 

  « 


 $  %  &  '  ( 

  « 


 $  %  &  '  ( 

  « 


 $  %  &  '  ( 

  « 


 $  %  &  '  ( 

  « 
 $  %  &  '  ( 

  «
 $  %  &  '  ( 

  «
 $  %  &  '  ( 

  «
 $  %  &  '  ( 

  «
 $  %  &  '  ( 

  « 
 $  %  &  '  ( 

  «
 $  %  &  '  ( 


(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2

  «
 $  %  &  '  ( 

  «
 $  %  &  '  ( 

),1'(/(-(5&,&,2



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
( - ( 5 & , & , 2 $ 1  ž  
7 H V W  3 V L F R W p F Q L F R
,QVWUXFFLRQHV
$FRQWLQXDFLyQVHSUHVHQWDQHMHUFLFLRVQXPHUDGRVGHODO
6HWUDWDGHJUXSRVGHSDODEUDVTXHSRUVXUHODFLyQIRUPDQXQDIDPLOLD(QWUHHOODV
KD\XQDTXHQRSHUWHQHFHDOJUXSR3UHFLVDPHQWHVXODERUFRQVLVWHHQHQFRQWUDUOD
SDODEUDDMHQDDOJUXSR
/DVFRQWHVWDFLRQHVODVDQRWDUiHQOD+RMDGH5HVSXHVWDV
6HJXLGDPHQWHVHRIUHFHQYDULRVHMHPSORV

(MHPSORV
6HxDOHODSDODEUDTXHQRSHUWHQHFHDOJUXSR
 $ 'iGLYD % ÐELFH & /LPRVQD ' ÐEROR ( 'RQDWLYR
/DVROXFLyQHVOD´%µOXJDUGRQGHVHHQFXHQWUDODSDODEUD´ÐELFHµVLQyQLPRGH´REVWiFXORµ\SRUWDQWR
QDGDWLHQHTXHYHUFRQODVRWUDVFXDWURTXHVHUH¿HUHQDODPLVPDFRVD

6HxDOHODSDODEUDTXHQRSHUWHQHFHDOJUXSR
 $ %UHYH % 6XFLQWR & &RQIXVR ' /DFyQLFR ( 6REULR
$TXtODVROXFLyQHVOD´&µOXJDUGRQGHVHHQFXHQWUDODSDODEUD´&RQIXVRµTXHHVVLQyQLPRGH³GLIXVR´\
SRUWDQWRQDGDWLHQHTXHYHUFRQODVRWUDVFXDWURTXHVHUH¿HUHQDEUHYHGDG

6HxDOHODSDODEUDTXHQRSHUWHQHFHDOJUXSR
 $ &RQVWLWXLU % &RQVWUXLU & &RQVWDWDU ' &RQVWUHxLU ( &RQVWDQWH
(QHVWH~OWLPRFDVRODVROXFLyQHVOD´(µOXJDUGRQGHVHHQFXHQWUDODSDODEUD´&RQVWDQWHµTXHWHUPLQD
FRQODOHWUD³H´\SRUWDQWRQDGDWLHQHTXHYHUFRQODVRWUDVFXDWURTXHWHUPLQDQFRQ³U´

5(&8(5'(48(6Ð/2'(%('$581$5(638(67$325(-(5&,&,2
',6321('(0,187263$5$5(6321'(5


(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2

6HxDOHODSDODEUDTXHQRSHUWHQHFHDOJUXSR

 $ $YLyQ % %DUFR & 7D[L ' 7UHQ ( 0HWUR

 $ $JHQWH % %DUED & 3RUUD ' 'RUDGR ( (FR

 $ 9HUGH % %ODQFD & $PDULOOD ' 1HJUD ( &REUL]D

 $ /DGLQR % 0RUGD] & $VWXWR ' $UWHUR ( 7DLPDGR

 $ 'pFDGD % 'HFLPDO & 'HFDGHQWH ' 'HFiORJR ( 'HFtPHWUR

 $ 0DQR % 1DUL] & 2MR ' &RGR ( 3LH

 $ 3HQWiJRQR % &RQR & &LOLQGUR ' (VIHUD ( 3LUiPLGH

 $ &KDFRWD % 3ODxLGR & %XIRQDGD ' +LODULGDG ( -RFRVLGDG

 $ &DOD % *ROIR & &DER ' /DJXQD ( (VWUHFKR

 $ /LEUHUtD % 7HQGHUR & 3DSHOHUtD ' 3DVWHOHUtD ( 6XSHUPHUFDGR

 $ %LQJR % /iSL] & &HORIiQ ' 1DUL] ( %RFD

 $ $SHOOLGR % $OLDV & $SRGR ' 5HPRTXHWH ( 6REUHQRPEUH

 $ &ixDPR % <XWH & /LQR ' $OJRGyQ ( 6HGD

 $ ([WUDxR % ([LPLR & $GYHQHGL]R ' ,QWUXVR ( 'HVFRQRFLGR

 $ %pOJLFD % +RODQGD & )LQODQGLD ' 6XHFLD ( 1RUXHJD

 $ 1DUDQMD % /LPyQ & 7RPDWH ' 3RPHOR ( $OEDULFRTXH

 $ 4XLWDU % 'HVSRMDU & 3ULYDU ' 5HOHJDU ( 6XVWUDHU

 $ $FDFLD % $JHQGD & $QDQiV ' $OSDFD ( ÉUQLFD

 $ 9DJDU % 'HDPEXODU & 9DGHDU ' (UUDU ( 9DJDEXQGHDU

 $ $SUHPLDU % $SUHWDU & $UUHFLDU ' 2SULPLU ( $JRELDU

 $ /HQWHMD % &HQWHQR & 7ULJR ' &HEDGD ( 0Dt]

 $ 3H]HVSDGD % 'HOItQ & 5RGDEDOOR ' -XUHO ( $W~Q

 $ *DWR % /HyQ & /LHEUH ' 3DQWHUD ( /LQFH

 $ 2UFD % &DFKDORWH & 'HOItQ ' %DOOHQD ( 7LEXUyQ

 $ 8UDO % 'DQXELR & 1LOR ' .LOLPDQMDUR ( $PD]RQDV

 $ &yUFHJD % 0DOORUFD & &HUGHxD ' ,EL]D ( /D3DOPD

 $ (YDVLYD % +XLGD & 5HIXJLR ' 6XEWHUIXJLR ( (VFDSDWRULD




(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$

 $ &HUD % 0LHO & 0HOD]D ' -DOHD ( *HODWLQD

 $ )ODXWD % 2ERH & 7URPSHWD ' 6D[RIyQ ( &ODYLFRUGLR

 $ 0DUWLOOR % (VWULER & /HQWLFXODU ' 7RUQLOOR ( <XQTXH

),1'(/(-(5&,&,2



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
( - ( 5 & , & , 2 $ 1  ž  
7HVW 3VLFRWpFQLFR
,QVWUXFFLRQHV
$FRQWLQXDFLyQVHSUHVHQWDQHMHUFLFLRVQXPHUDGRVGHODO
6XODERUFRQVLVWHHQHQFRQWUDUHQWUHHOUHSHUWRULRGHDOWHUQDWLYDVODSDODEUDTXH
PiVVHSDUH]FDDODSDODEUDSURSXHVWD
/DVFRQWHVWDFLRQHVODVDQRWDUiHQOD+RMDGH5HVSXHVWDV
6HJXLGDPHQWHVHRIUHFHQYDULRVHMHPSORV

(MHPSORV
6HxDOHODSDODEUDTXHPiVVHSDUHFHD,1(50(
 $ 'RUPLGR % $EXUULGR & 7XPEDGR ' ,QGHIHQVR( 'HVJDQDGR
(QHVWHFDVRODVROXFLyQHVOD´'µOXJDUGRQGHVHHQFXHQWUDODSDODEUD´,QGHIHQVRµ\DTXHODSDODEUD
´,QHUPHµTXLHUHGHFLUTXHVHHVWiVLQDUPDV

6HxDOHODSDODEUDTXHPiVVHSDUHFHD%8&Ð/,&2
 $ 3DVPDGR % %XFDO & 3DVWRULO ' $WyQLWR ( $WRORQGUDGR
$TXtVHSURSRQHODSDODEUD´%XFyOLFRµTXHKDFHUHIHUHQFLDDOJpQHURSRpWLFRTXHWUDWDGHODYLGDSDVWRULO
SRUWDQWRODVROXFLyQHVOD´&µOXJDUGRQGHVHHQFXHQWUDODSDODEUD´3DVWRULOµ

6HxDOHODSDODEUDTXHPiVVHSDUHFHD/Ð%5(*$
 $ /DUJD % 3URIXQGD & &DYHUQDULD ' 6LQXRVD ( 2VFXUD
(QHVWHFDVRODVROXFLyQHVWiHQOD´(µOXJDUGRQGHVHHQFXHQWUDODSDODEUD´2VFXUDµTXHHVVLQyQLPR
GHODSDODEUDSURSXHVWD

5(&8(5'(48(6Ð/2'(%('$581$5(638(67$325(-(5&,&,2
',6321('(0,187263$5$5(6321'(5


(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$

6HxDOHODSDODEUDTXHPiVVHSDUHFHD
 $%52*$5

$ 5HJDU % $ERQDU & ,QWHUFHGHU ' $EROLU ( (VTXLYDU

 $%<(&72

$ 8QLGR % 'LVWUDtGR & 9LO ' 6HSDUDGR ( 7UD\HFWR

 $+Ì72

$ $JXGR % 'LVWUDtGR & (QMXWR ' +DUWR ( ÉYLGR

 $038/262

$ %UXVFR % 'HVLJXDO & 3RPSRVR ' $OWLVRQDQWH ( 1DWXUDO

 $1$&25(7$

$ 6LUYLHQWD % (UPLWDxR & 2ULXQGR ' (JRtVWD ( &RPHUFLDQWH

 $1)5$&78262

$ 6LQXRVR % 5RWR & $QWLJXR ' )UiJLO ( $PRUIR

 $1*267$

$ $PSOLD % ÉVSHUD & %DUURFD ' $OWD ( (VWUHFKD

 $3Ð/2*2

$ )iEXOD % 'LVFXUVR & 0RWH ' 3UHiPEXOR ( $SpQGLFH

 $5&$12

$ &RQRFLGR % (VRWpULFR & 3DWHQWH ' $UFDLFR ( 3~EOLFR

 $675262

$ (VWUHOODGR % 6DELR & 'HVDVHDGR ' *UDFLRVR ( &DyWLFR

 $9,(62

$ 2EOLFXR % $YLVSDGR & 3HUYHUVR ' $JULR ( $QFLDQR

 %É&8/2

$ 'RFXPHQWR % 3UHODGR & &D\DGR ' 9DFtR ( 0RQMH

 %$+255,1$

$ 7ULVWH]D % 6XFLHGDG & 1RVWDOJLD ' /ODQWR ( %DUUR

 %$5'2

$ 7RVFR % 3RHWD & *URVHUR ' %XOWR ( /tR

 &$%,/'(2

$ %RDWR % 3UHVXQFLyQ & %XOOLFLR ' ,QWULJD ( $EDWLPLHQWR 

(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2

 &É5&$9$
$ +HULGD % 0XOWLWXG & =DQMD ' &DUSHWD ( $QWLFXDGR
 &(12%,2
$ &RPHGRU % 6DOD & &ODYHFtQ ' 0RQDVWHULR ( &HQLFHUR
 &21780$&,$
$ 7HVWDUXGH] % 0DQtD & 3HUVSLFDFLD ' 'HVWUH]D ( &RQWURYHUVLD
 '(35(&$&,Ð1
$ ,QVXOWR % $PHQD]D & 5HDFFLyQ ' 6~SOLFD ( ([FODPDFLyQ
 ',62/872
$ $VXVWDGR % 'HFLGLGR & ,QGHFLVR ' 9LFLRVR ( $WRORQGUDGR
 (03('(51,'2
$ 2EVWLQDGR % &DSULFKRVR & 5HEHOGH ' ,QRFHQWH ( %HEHGRU
 (17,%$5
$ (QIULDU % (QWDEOLOODU & $SXQWDODU ' $SDLVDU ( (VSHWDU
 (;27e5,&2
$ 5HOLJLRVR % 3URIDQR & 2FXOWR ' 3~EOLFR ( 6DJUDGR
 ),/$175Ð3,&2
$ )LORVyILFR % $OWUXLVWD & (JRtVWD ' 5HEHOGH ( &ROHFFLRQLVWD
 *e1(6,6
$ 2ULJHQ % 6DELGXUtD & /LEUR ' ,GHD ( (QJHQGUR
 ,03(/(5
$ 5HWHQHU % (PSXMDU & (VWLPDU ' 5HTXHULU ( 5HJDxDU
 ,03(5,&,$
$ (QIHUPHGDG % ,PSUHYLVLyQ & 'HVFXLGR ' 'HVWUH]D ( 7RUSH]D
 ,03/(0(172
$ 6XSOHPHQWR % ,PSOtFLWR & %UtR ' 8WHQVLOLR ( ,PSHGLPHQWR
 ,1&Ð/80(
$ 6DQR % )LUPH & 'HUHFKR ' 6HUHQR ( 9HUWLFDO
 ,123(
$ ,QRFXR % &LHJR & ,Q~WLO ' 3REUH ( ,QRFHQWH

 ),1'(/(-(5&,&,2

(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
( - ( 5 & , & , 2 $ 1  ž  
7 H V W  3 V L F R W p F Q L F R
,QVWUXFFLRQHV
$FRQWLQXDFLyQVHSUHVHQWDQHMHUFLFLRVQXPHUDGRVGHODO
6HWUDWDGHSDODEUDVUHODFLRQDGDVHQXQDVHFXHQFLDOyJLFD'HGXFLHQGRODUHODFLyQ
TXH KD\ HQWUH ODV SDODEUDV OH VHUi IiFLO HQFRQWUDU HQWUH HO UHSHUWRULR GH VROXFLRQHV
SURSXHVWDV FXiO HV OD SDODEUD OHWUD R FLIUD FRUUHFWD TXH GHEHUtD LU HQ OXJDU GH ORV
SXQWRVVXVSHQVLYRV
/DVFRQWHVWDFLRQHVODVDQRWDUiHQOD+RMDGH5HVSXHVWDV
6HJXLGDPHQWHVHRIUHFHQYDULRVHMHPSORV

(MHPSORV
6HxDOHODSDODEUDTXHFXPSOHODUHODFLyQ\TXHGHEHUtDLUHQORVSXQWRVVXVSHQVLYRV
(192/725,2 )81'$ &5($68*(5(1&,$ «««« -817$
 $ 23,1,Ð1 % &216(-2 & *2%,(512' &216(162 ( -8,&,2
/DVROXFLyQHVOD´%µOXJDUGRQGHVHHQFXHQWUD´&216(-2µSDODEUDTXHHVDOPLVPRWLHPSR
VLQyQLPRGH´68*(5(1&,$µ\GH´-817$µ

6HxDOHODSDODEUDTXHVLJXHODVHFXHQFLD\TXHGHEHUtDLUHQORVSXQWRVVXVSHQVLYRV
3$525,=20,725272««««
 $ 6,7,2 % 0(6$ & 0,72 ' 7$6$ ( 5,6$
$TXtODVROXFLyQHVOD´&µOXJDUGRQGHVHHQFXHQWUD´0,72µ~QLFDSDODEUDGH
FXDWUROHWUDVTXHWHUPLQDHQ´2µ

5(&8(5'(48(6Ð/2'(%('$581$5(638(67$325(-(5&,&,2
',6321('(0,187263$5$5(6321'(5


(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2

6HxDOHODSDODEUDOHWUDRFLIUDTXHGHEHUtDLUHQORVSXQWRVVXVSHQVLYRV

 ,5É1 1$'$ &,8'$'$7/$6 ««« &$1$/


$ 6$/$ % 7$/$ & 6$&$ ' /$1$ ( 6$1$
 &$13(&$15(72&$1«««
$ 2%&(&$1 % $7$&$1 & $'-8',&$1 ' ('8&$1 ( &$'8&$1
 129(/$ 1$7$ 7,=$3,(51$ ««« 7($752
$ 3(72 % 3$72 & 3,72 ' 3$52 ( 3(5$
 /$ &$/$'20, &$0,6$'( «««««
$ 3,&$'(52 % $'(&8$'2 & 7(1'(52 ' 02'(5$'2 ( $'(&(17$5
 $'+(5,5 3(*$5 *2/3($56$/72 «««« %$5&$
$ &+$/83$ % %5,1&2 & &$12$ ' %27( ( %$-(/
 5$525(025,725272««««
$ 5$6$ % 58/2 & 586$ ' 52-2 ( 5(72
 '(7(1&,Ð1 $/72 (/(9$'2$6(',2 «««« /8*$5
$ $6$/72 % &(5&2 & (63$&,2 ' 6,7,2 ( 32%/$'2
  /(1*8$'2 «««««
$ '8(/2 % /(*$'2 & '2*$/ ' '8(/$1 ( '$/,$
 $57(5,$ $75$(5 (5,=2/$85(/ ««« *25,/$
$ /2*,$ % /É*5,0$ & /8*$5 ' /(*$'2 ( /8(*2
 $1$ /$85$ &5,67,1$ /8&Ì$ «
$  %  &  '  ( 
 -8*$5 $3267$5 6,78$5,1&,6,Ð1 ««««« 6e48,72
$ +(1','85$ % &257(-2 & 7$-2 ' &20,7,9$ ( &257(
 0$1(/(0,.,/2««««
$ -2.8 % -2/$ & -8/$ ' .2-8 ( -2.$
 &219(1,5 9(5'( $'(/$&2&,1$5 ««««« $&23/$5
$ &23$ % &,1&2 & &23/$ ' &,5&2 ( &2&2
 7(-$'2'2&(1$1$9(*2««««
$ *2%(51$5 % *2/26$ & *27(5$ ' *2081$ ( *2/($'$
 3(*$0(172 &2/$ 5$%2025$'85$ «««««« (&/(6,É67,&2

$ (48,026,6 % &85,$ & &$5'(1$/ ' 0$5$7Ð1 ( &$5',2




(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$

 %$5$72 0(5/Ð1 3523(162 «««««« 


$ 7(67$58'2 % 7251,6&Ð1 & 9,578' ' =855$5 ( 75$%$-2
 720$7( $372 3,/$025(12 «««« (63(5$5
$ 023$ % 5(02 & 025$ ' 5$02 ( 5(12
 %$ %/86$7$ 725(5$31 «««««
$ &$%$//2 % 3(fÐ1 & 3$7,2 ' )$/'$ ( 3$5&$
 35(&,2 9$/25 &25$-(52%$5 ««««« /$9$5
$ )5(*$5 % 6$&$5 & %$f$5 ' +857$5 ( /,03,$5
 3$1$3(5$3,/$32'$«««
$ 38f2 % 3(f$ & 3,&$ ' 32&$ ( 380$
 6,0,2 $0,*2 /$*22-(5$ «««« $6,$
$ 6(5,$ % 5$6$5 & 6,5,$ ' 6(5$ ( 5(-$
  ',(=0$5 &,(1&,$ ««
$ 0Ì0,&$ % 0,/$*52 & 0,*$-$ ' 0,*5$5 ( 0,72
 'e%,/ )/$&2 '(/*$'21$55$5 ««««« &$/&8/$5
$ (67,0$5 % &217$5 & (9$/8$5 ' 5()(5,5 ( ,0$*,1$5
 9$//$ 6(5(1$6 &2',&,$'$ ««««
$  %  &  '  ( 
 6,1&(52 )5$1&2 '(63(-$'2&$%$/*$5 «««« $50$5
$ &$5*$5 % (16$57$5 & 0217$5 ' 7527$5 ( $3817$5
 , ;,9 ;,, 9, ««
$  %  &  '  ( 
 ),&7,&,2 )$/62 ,1(67$%/('(5(&+2 «««« 725(52
$ 0$(6752 % (63$'$ & (1+,(672 ' ',(6752 ( $19(562
 %2/ Ð%2/2,21 ,/86,21,67$68 «««
$ 35(680,5 % 86853$5 & 680$5 ' 8685(52 ( $68672
 %21,72 0212 6,0,2$55(*/$5 «««« 3(5&$7$56(
$ $-867$5 % &$37$5 & $&,&$/$5 ' 127$5 ( 5(3$5$5
 36 636,(1( ««««
$ ,1((6 % ,16(( & (1(,6 ' 86,1( ( (1(6

),1'(/(-(5&,&,2 

(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
( - ( 5 & , & , 2 $ 1  ž  
 7 H V W  3 V L F R W p F Q L F R
$FRQWLQXDFLyQVHSUHVHQWDQHMHUFLFLRV
(Q HVWH HMHUFLFLR HQFRQWUDUi GRV WUHV R FXDWUR FXDGUDGRV VXSHUSXHVWRV YHUWLFDO
PHQWH &DGD XQR GH HVWRV FXDGUDGRV WLHQH D VX GHUHFKD XQD RUGHQ GH URWDFLyQ R
FDPELR(VWDVyUGHQHVHVWiQHQFtUFXORVRURPERV6XWDUHDFRQVLVWHHQHVWXGLDUFDGD
FROXPQD GH FXDGUDGRV HPSH]DQGR SRU DUULED \ GHFLGLU FyPR TXHGDUtD GHVSXpV GH
DSOLFDUODVyUGHQHVTXHKD\DVXODGR

(MHPSOR
25'(1 '$/$98(/7$$/$),*85$ $55,%$$%$-2

$%&'(

/DVIOHFKDVQRVRUGHQDQGDUODYXHOWDDODVILJXUDV DUULEDDEDMR SRUWDQWRODUHVSXHVWDHVOD%

5(&8(5'(48(6Ð/2'(%('$581$5(638(67$325(-(5&,&,2
',6321('(0,187263$5$5(6321'(5


(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$


Ð5'(1(6'(527$&,Ð12&$0%,2


'$/$98(/7$$/$),*85$ $55,%$$%$-2 



*,5$'(/$'2/$),*85$ '(5(&+$²,=48,(5'$ 



&$0%,$(/25'(1'((67(&8$'52&21(/48((67É(1&,0$

 

$18/$/$25'(1$17(5,25

 

$18/$/$25'(16,*8,(17(

 

$18/$/$),*85$'(/&8$'52$17(5,25

 

$18/$/$),*85$'(/&8$'526,*8,(17(

 

'$/$98(/7$$/26&8$'526'(/$&2/801$

 

&$0%,$ /26 '26 &8$'5$'26 ,1)(5,25(6 325 /26 '26
 683(5,25(6

 

//(9$ /$6 '26 ),*85$6 '(/ &(1752 $ /26 (;75(026 <
 9,&(9(56$



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2



$%&'(




$%&'(



$%&'(




$%&'(




(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$


$%&'(




$%&'(




$%&'(




$%&'(






(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2


$%&'(




$%&'(




$%&'(




$%&'(






(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$


$%&'(




$%&'(




$%&'(




$%&'(






(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2

$%&'(

$%&'(

$%&'(

$%&'(



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$


$%&'(




$%&'(




$%&'(






(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2



$%& '(




$%& '(




$%& '(




$%& '(



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$




$%& '(





$%& '(





$%& '(




),1'(/(-(5&,&,2 

(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
( - ( 5 & , & , 2 $ 1  ž  
7HVW 3VLFRWpFQLFR
,QVWUXFFLRQHV
$FRQWLQXDFLyQVHSUHVHQWDQHMHUFLFLRVQXPHUDGRVGHODO
6HWUDWDGHVHULHVGHOHWUDVGHQ~PHURVRPL[WDV6XWUDEDMRFRQVLVWHHQHQFRQWUDU
HQWUHHOUHSHUWRULRGHVROXFLRQHVSURSXHVWDVHOQ~PHURRODOHWUDTXHGHEHUtDLUHQWUH
ORVSDUpQWHVLV\TXHHQEXHQDOyJLFDVHJXLUtDODVHULH
/DVFRQWHVWDFLRQHVODVDQRWDUiHQOD+RMDGH5HVSXHVWDV
6HJXLGDPHQWHVHRIUHFHQYDULRVHMHPSORV
(ODOIDEHWRTXHXVDUHPRVFRQWLHQHODVVLJXLHQWHVOHWUDV

$ % & ' ( ) * + ,
        

- . / 0 1 f 2 3 4
        

5 6 7 8 9 : ; < =
        

(MHPSORV
6HxDOHODOHWUDTXHFRQWLQXDODVHULH$%&$%&$% «
 $ $ % % & & ' ' ( (
&RPRSXHGHYHUVHUHSLWHODVHULH$%&/DUHVSXHVWDFRUUHFWDHVOD´&µ
6HxDOHODOHWUDRQ~PHURTXHFRQWLQXDODVHULH0/. «
 $  %  &  '  ( 
(QWUHODVOHWUDVVHDOWHUQDQORVQ~PHURVSRUWDQWROHWRFDDO/DUHVSXHVWDFRUUHFWDHVOD´'µ

5(&8(5'(48(6Ð/2'(%('$581$5(638(67$325(-(5&,&,2
',6321('(0,187263$5$5(6321'(5


(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$

6HxDOHODOHWUDRQ~PHURTXHFRQWLQ~DODVHULH

 '<-'<,'< «
$ - % , & ' ' < ( +
 $',2 « 
$ 9 % : & ; ' < ( =
 ,&-$+%,&-$+%, «
$ $ % % & & ' + ( -
 $1&2(4* «  «
$ 6( % ,/ & 6, ' +8 ( 5+
 $%&$'()'*+, «
$ * % + & , ' - ( .
 $% & .2 = $- 
$ % % & & . ' 2 ( 3
 $&)*/0f45 «
$ 6 % 7 & 8 ' 9 ( :
 $=&;(9 «««« 
$ *6 % )7 & *7 ' *8 ( *7
 $%&&'())*+, «
$ + % , & - ' . ( /
 &''())*++ «« 
$ +,, % ,,+ & +,- ' -,, ( ,--
 %).3 «
$ : % 9 & 8 ' ; ( <
 $%'(*+ «  «
$ () % ,- & -. ' ./ ( /0
 %(+. «
$  %  &  '  ( 
 =;<:89756 ««««
$ 432 % 423 & 423 ' 342 ( 324
 =;9 «
$ 5 % 6 & 7 ' 8 ( 9


(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2

 &$<:8 «  «


$ 36 % 62 & 45 ' 64 ( <$
 *$9*%9*&9 « 
$ ' % ( & ) ' * ( +
 8752/ «  «
$ %- % $) & *$ ' =' ( &/
 16$f7%28& «
$ 3 % 4 & 9 ' ' ( 5
 '&%*)(-,+ «  «
$ 10 % 0/ & /. ' f1 ( ,+
 0$0=0%0<0&0 «
$ 0 % ; & ' ' : ( 7
 $&5(*5,.50 «  «
$ 01 % 12 & f5 ' 24 ( 35
 5=56=567=5678= «
$ 9 % 5 & : ' 8 ( ;
 :86 «««
$ < % ; & < ' 4 ( 6
 $%&' «
$  %  &  '  ( 
 $&(*,. ««««
$ /0 % /0 & 0f ' 0f ( 0f
 =0;f93 «
$ : % < &  ' 8 ( 7
 ,.149% « 
$ * % + & , ' - ( .
 0+</*;.) «
$ 9 % 7 & - ' ( ( :
  '  4  7  
$ & % ' & * ' + ( ,

 ),1'(/(-(5&,&,2

(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
( - ( 5 & , & , 2 $ 1  ž  
7 H V W  3 V L F R W p F Q L F R
,QVWUXFFLRQHV
$FRQWLQXDFLyQVHSUHVHQWDQHMHUFLFLRVQXPHUDGRVGHODO
6XODERUFRQVLVWHHQHQFRQWUDUHQWUHHOUHSHUWRULRGHDOWHUQDWLYDVODSDODEUDTXH
PiVVHSDUH]FDDODSDODEUDSURSXHVWD
/DVFRQWHVWDFLRQHVODVDQRWDUiHQOD+RMDGH5HVSXHVWDV
6HJXLGDPHQWHVHRIUHFHQYDULRVHMHPSORV

(MHPSORV
6HxDOHODSDODEUDTXHPiVVHSDUHFHD,1(50(
 $ 'RUPLGR % $EXUULGR & 7XPEDGR ' ,QGHIHQVR ( 'HVJDQDGR
(QHVWHFDVRODVROXFLyQHVOD´'µOXJDUGRQGHVHHQFXHQWUDODSDODEUD´,QGHIHQVRµ\DTXHODSDODEUD
´,QHUPHµTXLHUHGHFLUTXHVHHVWiVLQDUPDV

6HxDOHODSDODEUDTXHPiVVHSDUHFHD%8&Ð/,&2
 $ 3DVPDGR % %XFDO & 3DVWRULO ' $WyQLWR ( $WRORQGUDGR
$TXtVHSURSRQHODSDODEUD´%XFyOLFRµTXHKDFHUHIHUHQFLDDOJpQHURSRpWLFRTXHWUDWDGHODYLGDSDVWRULO
SRUWDQWRODVROXFLyQHVOD´&µOXJDUGRQGHVHHQFXHQWUDODSDODEUD´3DVWRULOµ

6HxDOHODSDODEUDTXHPiVVHSDUHFHD/Ð%5(*$
 $ /DUJD % 3URIXQGD & &DYHUQDULD ' 6LQXRVD ( 2VFXUD
(QHVWHFDVRODVROXFLyQHVWiHQOD´(µOXJDUGRQGHVHHQFXHQWUDODSDODEUD´2VFXUDµTXHHVVLQyQLPR
GHODSDODEUDSURSXHVWD

5(&8(5'(48(6Ð/2'(%('$581$5(638(67$325(-(5&,&,2
',6321('(0,187263$5$5(6321'(5


(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2

6HxDOHODSDODEUDTXHPiVVHSDUHFHD

 $%$&(52

$ %UDFHUR % (QWHUR & &DQWHUD ' 7HQGHUR ( 0RQMH

 $%Ô/,&2

$ $EXUULGR % $QWLSiWLFR & 3XVLOiQLPH ' &DPSHVWUH ( 3DVWRULO

 $&(1'5$'2

$ $FXPXODGR % 3XUR & (VIRU]DGR ' $ILODGR ( /LPSLR

 $/&$1&Ì$

$ +XFKD % &iUFHO & %DUUD ' 6XPLGHUR ( )RUWDOH]D

 $/)$*8$5$

$ &ORDFD % $YH & 0DQDQWLDO ' %RVTXH ( 9DVLMD

 $/0,5(=

$ %RWLMR % 0RUWHUR & 3HUROD ' $OPLGyQ ( $PDUJRU

 $1),1(852

$ &UXVWiFHR % 3HUWXUEDGR & 0ROXVFR ' (VWUHFKR ( 1HUYLRVR

 $50,67,&,2

$ 'HVDUPH % +RVWLOLGDG & 7UHJXD ' 5HDUPH ( $UPRQtD

 $7255$17(

$ %DQGLGR % ,PSUXGHQWH & $WUHYLGR ' 7RUSH ( +ROJD]iQ

 %$7$+2/$

$ %XUOD % 7UDPSD & %XOOD ' 'LVSXWD ( %DUDQGLOOD

 %,68172

$ $VXQWR % 6XFLR & /LVWR ' /tR ( 8QLGR

 %,7248(

$ %ODQGR % /DWD & 7DSyQ ' &XHUGD ( %RQLWR

 %5812

$ &LUXHOD % 9DOLHQWH & 7ULVWH ' $OHJUH ( 1HFLR

 %85(2

$ %DUFR % -XHUJD & &KR]D ' 5HIXJLR ( (PEXVWH




(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$

 &$5,É7,'(

$ 0XVD % +XHVR & (VWDWXD ' 'LRVD ( $UWHULD

 &$5/,1*$

$ &DULFDWXUD % 'HVDLUH & &DELQD ' (QYLGLD ( 3UHVWLJLR

 '(%(/$5

$ 5HQGLU % 2FXOWDU & 'HVYLYLUVH ' 'HVFXEULU ( &XLGDU

 ',$75,%$

$ 7UDYHVXUD % 6iWLUD & &DUHQFLD ' $ODEDQ]D ( 0DQGR

 ',f$5

$ *XLxDU % 0RULU & 6DOLU ' 0RQHGD ( $SXxDODU

 'Ì6&2/2

$ 5HGRQGR % 'LVFtSXOR & )ORULGR ' 3XGLHQWH ( 'HVREHGLHQWH

 (1'(&+$

$ %XUOD % (QJDxR & 'HUHFKD ' (VWURID ( (QYLGLD

 (6&2/,2

$ &ROHJLR % &KLFKyQ & 1RWD ' 7H[WR ( &DOYD

 (;25',2

$ 3HOHD % 3HULFDUGLR & 6HUPyQ ' 'HXGD ( ,QWURGXFFLyQ

 )8&6,1$

$ (QIHUPHGDG % 5RVDGR & &RORU ' &RORUDQWH ( $UURJDQFLD

 +,'5$

$ +LHGUD % 'LRVD & 0HGXVD ' &XOHEUD ( $PD]RQD

 Ì/(21

$ )HOLQR % ,QWHVWLQR & /H\HV ' /HWUDGR ( (VFODYR

 ,035Ð9,'2

$ 5HPRYLGR % $WUHYLGR & %DxDGR ' 'HVKRQHVWR ( 'HVSUHYHQLGR

 -(5*Ð1

$ /HQJXD % -HULQJD & &ROFKyQ ' 9LUUH\ ( -R\D




(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2

 -,)(52

$ &D]DGRU % 2ELVSDO & )DUR ' 0DWDULIH ( ,QVWUXPHQWR

 /(9$

$ ([SRVLFLyQ % 5HJDOR & $OWXUD ' 7UDVODGR ( 5HFOXWDPLHQWR

),1'(/(-(5&,&,2



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
( - ( 5 & , & , 2 $ 1  ž  
 7HVW 3VLFRWpFQLFR
,QVWUXFFLRQHV
$FRQWLQXDFLyQVHSUHVHQWDQHMHUFLFLRVQXPHUDGRVGHODO
(VWDSUXHEDWUDWDGHPHGLUVXFDSDFLGDGGHSHUFHSFLyQHVSDFLDO\SDUDHOORVHOH
SLGHTXHDQDOLFHGLVWLQWRVGLEXMRVJHRPpWULFRV
3DUDGHVFXEULUODVUHVSXHVWDVFRUUHFWDVGHEHUiWHQHUHQFXHQWDHOWDPDxRGHODV
ILJXUDVFXiQWDVYHFHVVHUHSLWHQVXRULHQWDFLyQHQHOHVSDFLRHWF
/DVFRQWHVWDFLRQHVODVDQRWDUiHQOD+RMDGH5HVSXHVWDV
6HJXLGDPHQWHVHRIUHFHXQHMHPSOR

(MHPSOR
2EVHUYHHVWDILJXUD

¢&RQTXpRWUDILJXUD $%&R' IRUPDXQUHFWiQJXOR"

 $ % & '
&RPRSXHGHYHUHOSODQRIRUPDXQUHFWiQJXORSHUIHFWRFRQODILJXUD´$µ

5(&8(5'(48(6Ð/2'(%('$581$5(638(67$325(-(5&,&,2
',6321('(0,187263$5$5(6321'(5


(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2

6HxDOHODILJXUDTXHQRWLHQHUHODFLyQFRQODVGHPiV


$%&'(

$KRUDGHEHDYHULJXDUHOQ~PHURWRWDOGHFXERVTXHKD\HQFDGDPRQWyQ

 $ % & ' 

 $ % & ' 

2EVHUYHODILJXUDGHODL]TXLHUGD¢HQTXpSRVLFLyQVHHQFXHQWUDGHVSXpVGH
KDEHUJLUDGRƒKDFLDODGHUHFKD"



$%&

,GHQWLILTXHFXiOGHODVFXDWURILJXUDVTXHVH
SUHVHQWDQDFRQWLQXDFLyQFRUUHVSRQGHDOD
TXHVHKDIRUPDGRGREODQGRHOPRGHORGHOD
L]TXLHUGD


$%&'


(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$

¢&XiQWDVFDUDVWLHQHHVWHFXHUSRVyOLGR"

 $ % & ' 



2EVHUYH HO YROXPHQ GH OD L]TXLHUGD ¢&RQ TXp RWUR YROXPHQ $ % R & 
HQFDMD"



$%&

2EVHUYH HO YROXPHQ GH OD L]TXLHUGD ¢&RQ TXp RWUR YROXPHQ $ % R & 
HQFDMD"



$%&

6HKDYROWHDGRHVWDILJXUD KDFLDODL]TXLHUGD\OXHJRVHKDJLUDGR

 ¢&XiOHVODILJXUDTXH
UHVXOWDGHHOOR"
$%&'



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2

HVD FRPR HVD«




$%& '(

(OLMDHQWUHODVDOWHUQDWLYDVHOQHJDWLYRGHODVLJXLHQWHILJXUD



$%&'(

2EVHUYHHOYROXPHQGHODL]TXLHUGDVHKDREWHQLGRGREODQGRXQDGHODVWUHV
ILJXUDVVLJXLHQWHV'LJDFXiO



$%&

¢&XiQWDVIOHFKDVGLIHUHQWHVKD\"




$ % & ' 



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$

¢&XiQWDVFDUDVWLHQHHVWHYROXPHQ"

  $ % & ' 

+HPRVJLUDGRHVWD ¢&XiORFXiOHVVRQODVTXHVHFRUUHVSRQ
ILJXUD GHQFRQHOPRGHOR"



$%&'(

2EVHUYHHOFXHUSRVyOLGRGHODL]TXLHUGD¢HQTXpSRVLFLyQVHHQFRQWUDUiVL
ORKDFHPRVJLUDUƒDODGHUHFKD"



$%&'

2EVHUYHHVWH ¢$TXpILJXUDFRUUHVSRQGHVLORKDFH
PRVDLFR PRVJLUDUƒDODL]TXLHUGD"



$%&'



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2

 HVD FRPR HVD«

 $%&'(

6HxDOHODILJXUDTXHQRWLHQHUHODFLyQFRQODVGHPiV

 $%&'(

,GHQWLILTXHFXiOGHODVFXDWURILJXUDVTXH
 VHSUHVHQWDQDFRQWLQXDFLyQFRUUHVSRQGH
DODTXHVHKDIRUPDGRGREODQGRHOPRGH
ORGHODL]TXLHUGD

$%&'

)tMHVHHQODOyJLFDGHORVVLJXLHQWHVGLEXMRV\VHxDOHODUHVSXHVWDFRUUHFWD
$%&'


$%&'


$%&'




(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$

6HxDOHODILJXUDTXHQRWLHQHUHODFLyQFRQODVGHPiV

  $%&'(

 ,GHQWLILTXHFXiOGHODVFXDWURILJXUDVTXHVH
SUHVHQWDQDFRQWLQXDFLyQFRUUHVSRQGHDOD
TXHVHKDIRUPDGRGREODQGRHOPRGHORGHOD
L]TXLHUGD

$%&'

 HVD FRPR HVD«

$%&'(


)tMHVHHQ ¢&XiQWDVYHFHVDSDUHFHQUHSHWLGDV
HVWHGLEXMR ODVILJXUDV GHODFROXPQDL]TXLHUGD"

 $  %  &  ' 

 $  %  &  ' 

 $  %  &  ' 




(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2


2EVHUYHHOGLEXMRGHODL]TXLHUGD¢&XiOGH
ORVFXDWURFXERVFRUUHVSRQGHDOGLEXMR"

$%&'

),1'(/(-(5&,&,2



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
( - ( 5 & , & , 2 $ 1  ž  
7HVW 3VLFRWpFQLFR

0HPRULD

,QVWUXFFLRQHV
$FRQWLQXDFLyQVHOHSUHVHQWDQYDULRVHMHUFLFLRVGHPHPRULDTXHFRQVWDQGHLPi
JHQHV\RWH[WRV

6HOHFRQFHGHUiXQWLHPSRSDUDTXHSXHGDREVHUYDUGHWHQLGDPHQWHODVLPiJHQHV
\OHHUORVWH[WRV

3RVWHULRUPHQWHFRQWHVWDUiDSUHJXQWDVVREUHHVRVHMHUFLFLRV

5HFXHUGHTXHQRSXHGHWRPDUQRWDVHVFULWDV

&RQVHMRV
'HEHVDEHUTXHHVWDHVXQDSUXHEDFRQXQEDMRSRUFHQWDMHGHDFLHUWRVSRUWDQWR
QR´WLUHODWRDOODµ\SLHQVHTXHORVGHPiVRSRVLWRUHVWLHQHQODVPLVPDVGLILFXOWDGHV

/HDDOSULQFLSLRWRGRHOWH[WRSDUDWHQHUXQDLGHDJHQHUDO\GHVSXpVYD\DTXHGiQ
GRVHFRQORVGHWDOOHV

$ YHFHV ODV SUHJXQWDV VH FRQFHQWUDQ VREUH OD SDUWH ILQDO GHO HMHUFLFLR \D TXH
VDEHQTXHORVFDQGLGDWRVKDFHQXQPD\RUHVIXHU]RDOSULQFLSLR\DOILQDOR\DWLHQHQ
PXFKRVGDWRVRQROHVTXHGDWLHPSR



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2

(-(5&,&,21ž812

'LVSRQHGH&,1&20,18726SDUDPHPRUL]DUORVGHWDOOHVGHHVWHSODQR



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$

(-(5&,&,21ž'26

$TXtWLHQHXQDVHULHGHGLEXMRVDVRFLDGRVDSDODEUDV3RVWHULRUPHQWHVHOHSUHVHQ
WDUiQ HVRV PLVPRV GLEXMRV SDUD TXH ORV HPSDUHMH FRUUHFWDPHQWH FRQ OD SDODEUD
TXHHQVXFDVRWXYLHVHQDVRFLDGD'LVSRQHGH810,1872SDUDPHPRUL]DUODV
SDUHMDV

)LQR 3HOR )HR

'tD 3LVR 7DSD

(-(5&,&,21ž75(6

$KRUDWLHQHXQDOLVWDFRQYHLQWHSDUHMDVGHSDODEUDV3RVWHULRUPHQWHVHOHSUHVHQWDUiQ
YDULDVSDODEUDVVXHOWDVSDUDTXHODVHPSDUHMHFRUUHFWDPHQWHFRQODSDODEUDTXHHQVX
FDVRWXYLHVHQDVRFLDGD'LVSRQHGH'260,18726SDUDPHPRUL]DUODVSDUHMDV

&2&+(²58('$ &$032²%$7$//$
/É3,=²0(6$ &2&,1$²3$5(-$
&,1785Ð1²9(67,'2 &É0$5$²/8=
*20$²38(57$ %,%(5Ð1²%2/6$
7$%$&2²68(/2 08-(5²5$',2
78/,3É1²1Ô0(52 *$62/,1$²021('$
&$6$²3$3(/(5$ 6(//2²3/É67,&2
/,%52²&$1&,Ð1 0$1&+$²&$%/(
)5$6&2²(/(*$1&,$ &2/25²$=8)5(
&(52²3/$72 *$0%$²085$//$



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2

(-(5&,&,21ž&8$752

6HJXLGDPHQWHVHOHSUHVHQWDXQWH[WRFX\RVGHWDOOHVGHEHUiPHPRUL]DU3RVWHULRUPHQWH
GHEHUiUHVSRQGHUDYDULDVSUHJXQWDVVREUHHOWH[WR'LVSRQHGH810,1872SDUD
PHPRUL]DUOR

7(;72

6HJ~QXQLQWHUHVDQWHHVWXGLRVHKDQHQFRQWUDGRGLYHUVDVFRLQFLGHQFLDV
HQGRVGHORVSUHVLGHQWHVPiVLPSRUWDQWHVGHORVPXFKRVTXHKDQJREHUQD
GRHQORV(VWDGRV8QLGRV-RKQ).HQQHG\\$EUDKDP/LQFROQ

/DSULPHUDHVTXHDPERVFRPHQ]DURQVXPDQGDWRHQXQDxR.HQQHG\
HQ\/LQFROQFLHQDxRVDQWHV

/D VHJXQGD HV TXH DPERV IXHURQ DVHVLQDGRV HQ XQ DFWR S~EOLFR \ SRU
GLVSDURVGHEDOD

/DWHUFHUDHVTXHORVYLFHSUHVLGHQWHVGHXQR\RWURVHOODPDEDQGHSUL
PHUDSHOOLGR-RKQVRQ

<RWUDPiV/RVDWHQWDGRVVXFHGLHURQHQYLHUQHV\ORVDVHVLQRVQRSXGLH
URQVHUMX]JDGRVSRUPRULUDVXYH]YtFWLPDVGHDUPDVGHIXHJR

(-(5&,&,21ž&,1&2

'LVSRQHGH75(60,18726SDUDPHPRUL]DUORVGHWDOOHVGHHVWDSiJLQD

)XQFLRQDULRQž812 )XQFLRQDULRQž'26
1RPEUH5REHUWR$5$*Ð1 1RPEUH3DWULFLD&$6752
&DWHJRUtD&ODVH$(GDG &DWHJRUtD&ODVH&(GDG


(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$

)XQFLRQDULRQž75(6 )XQFLRQDULRQž&8$752
1RPEUH0DQXHO*$5&Ì$ 1RPEUH-RVp*21=É/(=
&DWHJRUtD&ODVH%(GDG &DWHJRUtD&ODVH'(GDG

)XQFLRQDULRQž&,1&2 )XQFLRQDULRQž6(,6
1RPEUH'DQLHO52'5Ì*8(= 1RPEUH$OLFLD=$3$7(52
&DWHJRUtD&ODVH$(GDG &DWHJRUtD&ODVH((GDG

$3$57,5'($+25$',6321('(0,187263$5$5(6321'(5

35(*817$662%5((/(-(5&,&,21ž812

 ¢&XiQWDVFDOOHVHQWRWDODSDUHFHQHQHOSODQR"

 $  %  &  ' 

 ¢3RUTXpFDOOHWLHQHODHQWUDGDOD&RPLVDUtDGH3ROLFtD"

 $ &DOOH/XQD % $YGGHO3XHUWR & &DOOH&HUYDQWHV ' 3DVHRGH3L]DUUR



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2

 ¢&XiQWRV YHKtFXORV HQ WRWDO HVWiQ FLUFXODQGR SRU ODV GLVWLQWDV FDO]D
GDV"

 $  %  &  ' 

 3RUHO3DVHRGH3L]DUURORVYHKtFXORVSXHGHQFLUFXODU

 $ (QDPEDVGLUHFFLRQHV

 % 'LUHFFLyQ6XU1RUWH

 & 'LUHFFLyQ1RUWH6XU

 ' 'LUHFFLyQ(VWH2HVWH

 (QWUHOD&DOOH&HUYDQWHV\OD&DOOH/XQDKD\

 $ ÉUEROHV % (GLILFLRV & (GLILFLRV\iUEROHV ' 1DGD

 (QODHVTXLQDIRUPDGDSRUHO3DVHRGH3L]DUUR\OD&DOOH)HUQDQGR9,,
HVWi

 $ /DIiEULFD % /D,JOHVLD & /D&RPLVDUtD ' (O+RVSLWDO

 &RQUHVSHFWRDO+RVSLWDOOD,JOHVLDHVWiVLWXDGD

 $ $O1RUHVWH % $O6XUHVWH & $O1RURHVWH ' $O6XURHVWH

 ¢&XiQWRV YHKtFXORV HVWiQ HVWDFLRQDGRV HQ HO DSDUFDPLHQWR GHO


(VWDGLR"

 $  %  &  ' 

35(*817$662%5((/(-(5&,&,21ž'26

6HxDOHODSDODEUDDVRFLDGDDORVGLEXMRVVLJXLHQWHV

 $ 7DSD % 3HOR & 3LVR ' )HR



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$

 $ 7DSD % 3HOR & 3LVR ' 'tD

 $ )LQR % 3HOR & 3LVR ' 'tD

 $ )LQR % 3HOR & 3LVR ' )HR

 $ 'tD % 3HOR & 3LVR ' 7DSD

 $ 'tD % 3HOR & 3LVR ' )LQR

35(*817$662%5((/(-(5&,&,21ž75(6

6HxDOHODSDUHMDGHODVSDODEUDVVLJXLHQWHV

 &2&+( $ 58('$ % 0(6$ & 9(67,'2 ' 38(57$

 /É3,= $ 58('$ % 0(6$ & 9(67,'2 ' 38(57$

 &,1785Ð1$ 58('$ % 0(6$ & 9(67,'2 ' 38(57$

 *20$ $ 58('$ % 0(6$ & 9(67,'2 ' 38(57$

 7$%$&2 $ 68(/2 % 1Ô0(52 & 3$3(/(5$ ' &$1&,Ð1

 78/,3É1 $ 68(/2 % 1Ô0(52 & 3$3(/(5$ ' &$1&,Ð1




(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2

35(*817$662%5((/(-(5&,&,21ž&8$752

 $EUDKDP/LQFROQFRPHQ]yVXPDQGDWRHQHODxR

 $  %  &  ' 

 (OSULPHUDSHOOLGRGHORVYLFHSUHVLGHQWHVGHDPERVSUHVLGHQWHVHUD

 $ -RKQVRQ % &DUWHU & 1HOVRQ ' 'DYLGV

 $PERVDWHQWDGRVVXFHGLHURQHQ

 $ 0DUWHV % 0LpUFROHV & -XHYHV ' 9LHUQHV

 ¢&XiOHVODVHJXQGDFRLQFLGHQFLDTXHVHPHQFLRQDHQHOWH[WR"

 $  $PERVFRPHQ]DURQVXPDQGDWRHQXQDxR

 %  $PERVIXHURQDVHVLQDGRVHQXQDFWRS~EOLFR\SRUGLVSDURVGHEDOD

 &  /RVYLFHSUHVLGHQWHVGHXQR\RWURVHOODPDEDQGHSULPHUDSHOOLGR

 '  /RVDWHQWDGRVVXFHGLHURQXQ\ORVDVHVLQRVQRSXGLHURQVHUMX]JDGRV

35(*817$662%5((/(-(5&,&,21ž&,1&2

¢&yPRVHOODPDHOIXQFLRQDULRTXHHVWiIXPDQGR"

 $ 3DWULFLD % 0DQXHO & $OLFLD ' 5REHUWR

/RVGRVIXQFLRQDULRVTXHWLHQHQDxRVVRQ

 $ (O\HO % (O\HO & (O\HO ' (O\HO

(OIXQFLRQDULRQ~PHUR75(6HV

 $ 5REHUWR$5$*Ð1

 % $OLFLD=$3$7(52

 & 0DQXHO*$5&Ì$

  ' 3DWULFLD&$6752

(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$

(OIXQFLRQDULRTXHVHHVWiDUUHJODQGRODFRUEDWDVHOODPD

 $ 5REHUWR % 0DQXHO & $OLFLD ' 'DQLHO

/RVGRVIXQFLRQDULRVGHOD&ODVH$VRQ

 $ (O\HO % (O\HO & (O\HO ' (O\HO

¢&XiQWRVDxRVWLHQH-RVp0DUtD*21=É/(="

 $  %  &  ' 

),1'(/(-(5&,&,2



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
( - ( 5 & , & , 2 $ 1  ž  
7HVW 3VLFRWpFQLFR
,QVWUXFFLRQHV
6HOHSUHVHQWDQSUREOHPDVTXHGHEHUiUHVROYHU
6HWUDWDGHSUREOHPDVTXHHQDSDULHQFLDQRSUHVHQWDQGLILFXOWDGHQVXUHVROXFLyQ
SHURTXHSXHGHQWHQHUXQSHTXHxRWUXFRHQVXHQXQFLDGRTXHKDUiTXHODVROXFLyQ
VHDPiVGLItFLOGHKDOODU
$ YHFHV HQ YH] GH EXVFDU OD VROXFLyQ D SDUWLU GHO HQXQFLDGR OR TXH LQWHUHVD HV
SUREDU ODV UHVSXHVWDV SDUD YHU FXiO GH HOODV VH DMXVWD DO DQXQFLDGR FRQ OR TXH VH
DKRUUDUtDHOWLHPSRGHOSODQWHDPLHQWR\UHVROXFLyQGHOSUREOHPD
6HUHFRPLHQGDUHSDVDUFXHVWLRQHVGHPDWHPiWLFDHOHPHQWDOFRPRODUHJODGHWUHV
VLPSOH\FRPSXHVWDVLVWHPDPpWULFRGHFLPDOIyUPXODGHLQWHUpVVLPSOHSRUFHQWDMHV
SODQWHDPLHQWRGHSUREOHPDVPHGLDQWHVLVWHPDVGHHFXDFLRQHVHWF
/DVFRQWHVWDFLRQHVODVDQRWDUiHQOD+RMDGH5HVSXHVWDV

(MHPSORV
6LDOGLQHURTXHWHQJRDKRUDOHDxDGLHUDVXPLWDG\DGHPiVRWURV
HXURVWHQGUtDHXURV¢&XiQWRGLQHURWHQJR"
 $  %  &  ' 
3ODQWHDPRVODHFXDFLyQ[[ 
5HVROYHPRV[[  Ã [[ 
[ ² [  
0LUHORMDGHODQWDPLQXWRVDOGtD6LORSRQJRHQKRUDDOPHGLRGtDGHO
OXQHV¢TXpKRUDPDUFDUiDOVLJXLHQWHPLpUFROHVFXDQGRVHDQHQUHDOLGDG
ODVVHLVGHODWDUGH"
 $ KRUDV % KPLQ & KPLQ ' KPLQ
&DGDGtD KRUDV DGHODQWDPLQXWRV+DQSDVDGRGRVGtDV\KRUDVSRUWDQWRKDEUiDGHODQWDGR
 PLQXWRV

5(&8(5'(48(6Ð/2'(%('$581$5(638(67$325(-(5&,&,2
',6321('(0,187263$5$5(6321'(5


(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$

 +DOODU XQ Q~PHUR TXH VXPDGR FRQ  XQLGDGHV VHD LJXDO DO WULSOH GH
GLFKRQ~PHURGLVPLQXLGRHQXQLGDGHV
 $  %  &  ' 

 +DOODUXQQ~PHURTXHDOVXPDUOHVXGREOH\VXWHUFHUDSDUWHUHVXOWH

 $  %  &  ' 

 'RVQ~PHURVSDUHVFRQVHFXWLYRVVXPDQ¢&XiOHVHOPD\RU"
 $  %  &  ' 

 /DVXPDGHWUHVQ~PHURVFRQVHFXWLYRVHV¢&XiOHVHOPD\RU"
  $  %  &  ' 

 /DGLIHUHQFLDGHGRVQ~PHURVHV\HOPD\RUHVWULSOHGHOPHQRU¢&XiO
HVHOPD\RU"
 $  %  &  ' 

 /D VXPD GH GRV Q~PHURV HV  $xDGLHQGR  DO PD\RU VH REWLHQH HO
GREOHGHOPHQRU¢&XiOHVHOPHQRU"
 $  %  &  ' 

 +DOODHOQ~PHURFX\DPLWDGWHUFHUD\FXDUWDSDUWHVXPDQ
 $  %  &  ' 

 6HKDGHVFRPSXHVWRHOQ~PHURHQGRVSDUWHVWDOHVTXHDOGLYLGLUXQD
HQWUH OD RWUD VH REWLHQH  GH FRFLHQWH \  GH UHVWR ¢&XiO HV OD SDUWH
GLYLGHQGR"
 $  %  &  ' 

 8QDPDGUHWLHQHDxRV\VXKLMR¢&XiQWRVDxRVKDQGHWUDQVFXUULU
SDUDTXHODHGDGGHODPDGUHVHDHOWULSOHGHODHGDGGHOKLMR"
 $  %  &  ' 

 /DVHGDGHVGHXQSDGUH\VXKLMRVHGLIHUHQFLDQHQDxRV'HQWURGH
FLQFRDxRVODHGDGGHOSDGUHVHUiWUHVYHFHVODHGDGGHOKLMR¢4XpHGDG
WLHQHHOSDGUH"
 $  %  &  ' 

 9tFWRUWLHQHDxRVPiVTXHVXKHUPDQD\GHQWURGHDxRVODVXPDGH
VXVHGDGHVVHUiGHDxRV¢4XpHGDGWLHQH9tFWRU"
 $  %  &  ' 



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2

 $QGUHDWLHQHDxRVVXKHUPDQR3DFR\VXSDGUH¢&XiQWRVDxRV
KDQGHSDVDUSDUDTXHODHGDGGHOSDGUHVHDODVXPDGHODVHGDGHVGH
ORVKLMRV"
 $  %  &  ' 

 $QD GLFH D VX KLMD %HDWUL] ´+DFH  DxRV PL HGDG HUD  YHFHV OD WX\D
SHURDKRUDVyORHVHOWULSOHµ¢4XpHGDGWLHQH$QD"
 $  %  &  ' 

 &XDWURUHIUHVFRVPiVERFDGLOORVD¼FDGDXQR\EROVDVGHSDWDWDV
D¼FDGDXQDFXHVWDQ¼¢&XiQWRFXHVWDFDGDUHIUHVFR"
 $ ¼ % ¼ & ¼ ' ¼

 8QFRPHUFLDQWHGHFDIpKDFHXQDPH]FODGHGRVFDOLGDGHVGLVWLQWDVXQD
DHXURVHONJ\RWUDDHXURVHONJ\KDREWHQLGRNJGHFDIpD
HXURVHONJ&DOFXODORVNJGHFDIpTXHVHKDQPH]FODGRGHFDGDFODVH
 $ \ % \ & \ ' \

 (QWUH  DPLJRV KDQ GH SDJDU  ¼ &RPR DOJXQRV GH HOORV QR WLHQHQ
GLQHURFDGDXQRGHORVUHVWDQWHVKDSDJDGR¼PiVGHORVTXHOHFRUUHV
SRQGtD¢&XiQWRVQRWLHQHQGLQHUR"
 $  %  &  ' 

 (QXQDOPDFpQKD\GRVYHFHVPiVPLFURRQGDVTXHWHOHYLVRUHV\FLQFR
YHFHVPiVODYDGRUDVTXHPLFURRQGDV6LHQWRWDOKD\HOHFWURGRPpV
WLFRV¢FXiQWDVODYDGRUDVKD\"
 $  %  &  ' 

 8QDXWRE~VWLHQHFXDWURYHFHVPiVSOD]DVGHSLHTXHSOD]DVGHDVLHQWR
¢&XiOHVHOQ~PHURGHSOD]DVGHSLHVLHODXWRE~VWLHQHXQWRWDOGH
SOD]DV"
 $  %  &  ' 

 0DULVDKDUHDOL]DGRWUHVH[iPHQHV\WLHQHXQDQRWDPHGLDGH¢&XiO
GHEHVHUVXSUy[LPDQRWDSDUDTXHODPHGLDVHD"
 $  %  &  ' 

 3HGUR WLHQH HO WULSOH GH HXURV TXH $QWRQLR 6L 3HGUR WXYLHVH  HXURV
PHQRV\$QWRQLRHXURVPiVORVGRVWHQGUtDQLJXDOQ~PHURGHHXURV
¢&XiQWRVHXURVWLHQH3HGUR"
 $  %  &  ' 

 (QXQDFDVDGHFDPSRKD\FRQHMRV\JDOOLQDV6LFRQWDPRVODVFDEH]DVVRQ
\VLFRQWDPRVODVSDWDVVRQ¢&XiQWRVFRQHMRV\JDOOLQDVKD\"
  $ F\J % F\J & FJ ' F\J

(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$

 8Q KRWHO WLHQH  KDELWDFLRQHV HQWUH GREOHV\ VHQFLOODV ¢&XiQWDV KD\
GHFDGDWLSRVDELHQGRTXHHOQ~PHURWRWDOGHFDPDVHV"
 $ \ % \ & \ ' \

 (Q XQD UHXQLyQ GH  SHUVRQDV KD\ GREOH Q~PHUR GH PXMHUHV TXH GH
KRPEUHV \ HO Q~PHUR GH QLxRV HV HO FXiGUXSOH GHO Q~PHUR GH KRPEUHV
¢&XiQWRVQLxRVKD\"
 $  %  &  ' 

 6LXQSDGUHUHSDUWHHXURVHQWUHVXVWUHVKLMRV$QWRQLR%HOpQ\
&pVDUHQFDQWLGDGHVGLUHFWDPHQWHSURSRUFLRQDOHVDORVKLMRVTXHpVWRV
WLHQHQ TXH VRQ   \  UHVSHFWLYDPHQWH ¢FXiQWR OH FRUUHVSRQGH D
&pVDU"
 $  %  &  ' 

 8QSDGUHUHSDUWH¼HQWUHVXVGRVKLMRVGH\DxRVGHIRUPD
LQYHUVDPHQWH SURSRUFLRQDO D VXV HGDGHV ¢&XiQWR FRUUHVSRQGH DO
PD\RU"
 $ ¼ % ¼ & ¼ ' ¼

 8QWUHQKDFXELHUWR\DGHVXLWLQHUDULR6LD~QOHIDOWDQNP¢FXiO
HVODORQJLWXGWRWDOGHOUHFRUULGR"
 $ NP % NP & NP ' NP

 'HSUHJXQWDVHQXQWHVWVHREWLHQHQSXQWRVSRUFDGDUHVSXHVWD
FRUUHFWD\VHUHVWDQSXQWRVSRUFDGDHUURU6LPLQRWDKDVLGR
¢FXiQWRVDFLHUWRV\HUURUHVKHWHQLGR"
 $ D\H % D\H & D\H ' D\H

 (OSHUtPHWURGHXQUHFWiQJXORHVGHFP\HOODGRODUJRHVWUHVYHFHV
HODQFKR¢FXiQWRPLGHHOODGRODUJR"
 $  %  &  ' 

 8Q JULIR OOHQD XQ GHSyVLWR HQ  K \ XQ VHJXQGR JULIR OOHQD HO PLVPR
GHSyVLWRHQ¢&XiQWRWDUGDUiQHQOOHQDUORORVGRVMXQWRV"
 $ KPLQ % KPLQ & KPLQ ' KPLQ

 8QREUHURWDUGDKHQKDFHUXQDREUD\RWURWDUGD¢&XiQWRWDUGDUiQ
ORVGRVMXQWRV"
 $ KPLQV% KPLQV& KPLQV' KPLQV

),1'(/(-(5&,&,2



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
( - ( 5 & , & , 2 $ 1  ž  
7 H V W  3 V L F R W p F Q L F R
,QVWUXFFLRQHV
$FRQWLQXDFLyQVHSUHVHQWDQIUDVHVGHVRUGHQDGDVQXPHUDGDVGHODO
6X WUDEDMR FRQVLVWLUi HQ RUGHQDUODV DGHFXDGDPHQWH SDUD TXH DGTXLHUDQ VHQWLGR
3RVWHULRUPHQWHVHxDODUiHQOD+RMDGH5HVSXHVWDVOD~OWLPDSDODEUDGHFDGDIUDVH
6HJXLGDPHQWHVHRIUHFHQYDULRVHMHPSORV

(MHPSORV
PDGUXJDU1RPXFKRWHPSUDQRDPDQHFHSRUPiV
 $ PDGUXJDU % PXFKR & WHPSUDQR ' DPDQHFH
/DIUDVHRUGHQDGDTXHGDUtDDVt´1RSRUPXFKRPDGUXJDUDPDQHFHPiVWHPSUDQRµSRUWDQWRODUHV
SXHVWDFRUUHFWDHVOD´&µ
SDUGRVQRFKHWRGRV'HJDWRVVRQORV
 $ SDUGRV % QRFKH & WRGRV ' JDWRV
/DIUDVHRUGHQDGDTXHGDUtDDVt´'HQRFKHWRGRVORVJDWRVVRQSDUGRVµSRUWDQWRODUHVSXHVWDFRUUHFWD
HVOD´$µ
ROPRSHUDV1RDOSLGDV
 $ ROPR % SHUDV & DO ' SLGDV
/DIUDVHRUGHQDGDTXHGDUtDDVt´1RSLGDVSHUDVDOROPRµSRUWDQWRODUHVSXHVWDFRUUHFWDHVOD´$µ

5(&8(5'(48(6Ð/2'(%('$581$5(638(67$325(-(5&,&,2
',6321('(0,187263$5$5(6321'(5


(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$

2UGHQHODVVLJXLHQWHVIUDVHV\VHxDOHOD~OWLPDSDODEUDGHFDGDXQD

)Ì-(6(48(/$63$/$%5$648((03,(=$13250$<Ô6&8/$6216,(035(/$
35,0(5$3$/$%5$'(&$'$)5$6(

 VRORVROHGDG/DVLJQLILFDHVWDUQR
$ VROR % VROHGDG & VLJQLILFD ' HVWDU
 PHGLRSUHYLVWR8QDEROLGRSHOLJURHVWi
$ PHGLR % SUHYLVWR & DEROLGR ' SHOLJUR
 SHQVDUQXHVWURFRPSRUWDPLHQWR'HEHPRVHQSURSLR
$ SHQVDU % QXHVWUR & FRPSRUWDPLHQWR ' SURSLR
 SODQWHH1RVROXFLRQHVSUREOHPDVSURSRQJDVyOR
$ VROXFLRQHV % SUREOHPDV & SURSRQJD ' VyOR
 JREHUQDUXVXUSDGRUVLHPSUH4XLHQVDEHHVXQQR
$ VDEH % VLHPSUH & JREHUQDU ' XVXUSDGRU
 MRYHQIDQWDVtD6yORODVLHPSUHSHUPDQHFH
$ MRYHQ % IDQWDVtD & VLHPSUH ' SHUPDQHFH
 /DVTXHIXHURQVRQFRPRIXHURQFRVDVFRPRVRQSRU
$ FRVDV % VRQ & FRPR ' IXHURQ
 DPRUHVPDWDQSHTXHxHFHVORVJUDQGHV/DV
$ DPRUHV % PDWDQ & SHTXHxHFHV ' JUDQGHV
 DTXHOORWHPHUGHHQWLHQGH6HTXHGHMDVH
$ DTXHOOR % WHPHU & HQWLHQGH ' GHMD
 QDGDDPDGRTXHSHUGtTXHOR1RKD\PiV
$ QDGD % DPDGR & SHUGt ' KD\
 VXUJHGHSDUWLUORLQVLJQLILFDQWHWUiJLFR/RD
$ VXUJH % SDUWLU & LQVLJQLILFDQWH ' WUiJLFR
 DUUXLQDGRVHIHFWLYRHQHVFRVD(OGLQHURGH
$ DUUXLQDGRV % HIHFWLYR & FRVD ' GLQHUR
 KHUHQFLD(O\SHURHOWRQWRVORVGHFXDQGRHVOD
$ KHUHQFLD % SHUR & WRQWRV ' FXDQGR



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2

 QDGLH&XtGDWHTXHRGLHGHUD]yQWHFRQ

$ QDGLH % RGLH & UD]yQ ' FRQ

 PXHUWH/DVROODGHJORULDHVHO

$ PXHUWH % VRO & JORULD ' HO

 \DYHUJHQ]DPXULHUDVHGHYLYRHVWDUtDQR6L

$ YHUJHQ]D % PXULHUD & YLYR ' HVWDUtD

 DSUHKHQGH6HFXDQGRDSUHQGHVH

$ DSUHKHQGH % FXDQGR & DSUHQGH ' VH

 OHYiQWDWH6LVLHWHFDHVRFKRYHFHV

$ OHYiQWDWH % VLHWH & RFKR ' YHFHV

 RGLHV1RDPDSHUGHUJDQDU

$ RGLHV % DPD & SHUGHU ' JDQDU

 FRQVLVWHSURJUHVR(OFDPELRHQHO

$ FRQVLVWH % SURJUHVR & FDPELR ' HO

 PXOWLSOLFDU\LQWHULRUYLGDHQULTXHFHU/HHUHVOD

$ PXOWLSOLFDU % LQWHULRU & YLGD ' HQULTXHFHU

 PHMRUVLQUD]yQ(VKDEOHQTXH

$ PHMRU % VLQ & UD]yQ ' KDEOHQ

 KDFHUODVKD\FUtWLFDVWLHPSRD/DVTXHVDEHU

$ KDFHUODV % FUtWLFDV & WLHPSR ' VDEHU

 JUDQGHVMHIHVVLPSOLILFDGRUHV/RVEXHQRVVHUGHEHQ

$ JUDQGHV % MHIHV & VLPSOLILFDGRUHV ' EXHQRV

 EDWDOODVGLVWLQJXLUTXp$SUHQGHJDQDUGHEHVD

$ EDWDOODV % GLVWLQJXLU & JDQDU ' GHEHV

 WHPRUHV/DiQLPRVGHEHUtDTXHUHOLJLyQPiVGDU

$ WHPRUHV % iQLPRV & UHOLJLyQ ' GDU

 FRQVHMRDJXDGHFLGHHQHOFRQ7RPDYLQRSHUR

$ FRQVHMR % DJXD & GHFLGH ' YLQR

 MXHJR(QFRQRFHODDOVHPHVDFDEDOOHUR\HOHQ

$ MXHJR % FRQRFH & PHVD ' FDEDOOHUR




(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$

 UHVSRQVDELOLGDGHVLPSRUWDQWH/DPiVKDELOLGDGOD

$ UHVSRQVDELOLGDG % LPSRUWDQWH & PiV ' KDELOLGDG

 QRHUHVGLUpORVHU\TXHOR'LPHTXHWHFUHHV

$ HUHV % VHU & GLUp ' FUHHV

),1'(/(-(5&,&,2



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
( - ( 5 & , & , 2 $ 1  ž  
7 H V W  3 V L F R W p F Q L F R
3ULPHUDSDUWHHMHUFLFLRVGHFRPSUHQVLyQOHFWRUD
(Q OD SULPHUD SDUWH SUHJXQWDV   VH HQFRQWUDUi FRQ WUHV WH[WRV TXH GHEHUi
OHHUDWHQWDPHQWH,QPHGLDWDPHQWHGHVSXpVGHFDGDWH[WRDSDUHFHQSUHJXQWDVVREUH
pOTXHGHEHUiFRQWHVWDU
(-(03/2
7(;72´3UHYLDH[KLELFLyQGHOGRFXPHQWRLQGLYLGXDORFROHFWLYRDFUHGLWD
WLYRGHODGHXGDWULEXWDULDORV-XHFHVGH,QVWUXFFLyQDXWRUL]DUiQGHQWURGH
ODVYHLQWLFXDWURKRUDVVLJXLHQWHVDODVROLFLWXGODHQWUDGDHQHOGRPLFLOLRGHO
GHXGRUVLHPSUHTXHVHPDQLILHVWHSRUORVyUJDQRVGHUHFDXGDFLyQKDEHUSHU
VHJXLGRFXDQWRVELHQHVVHDSRVLEOHWUDEDUVLQQHFHVLGDGGHDTXHOODHQWUDGDµ
3UHJXQWD/RV-XHFHVGH,QVWUXFFLyQDXWRUL]DUiQODHQWUDGDHQHOGRPL
FLOLRGHOGHXGRU
$ 'HVSXpVGHKRUDVGHKDEHUORVROLFLWDGR
% &XDQGRXQLQGLYLGXRRXQFROHFWLYRORVROLFLWHQ
& $FXDOTXLHUSHUVRQDLQGLYLGXDORFROHFWLYD
' (QHOSOD]RGHKRUDVGHVGHODVROLFLWXG
(QHVWHFDVRODUHVSXHVWDFRUUHFWDHVOD´'µ

6HJXQGDSDUWHHMHUFLFLRVGHSHQVDPLHQWROyJLFRDQDOtWLFR
(QODVHJXQGDSDUWH SUHJXQWDV VHHQFRQWUDUiFRQGRVHMHUFLFLRVFRPSXHV
WRVSRUXQDVHULHGHSLVWDVTXHGHEHUiOHHUDWHQWDPHQWH,QPHGLDWDPHQWHGHVSXpVGH
FDGDHMHUFLFLRDSDUHFHQSUHJXQWDVVREUHpOTXHGHEHUiFRQWHVWDU
3DUDUHVROYHUHVWHWLSRGHHMHUFLFLRVHVFRQYHQLHQWHHODERUDUFXDGURVFRQWRGRVORV
GDWRV/XHJROHHPRVODVSLVWDV\YDPRVWDFKDQGRORVGDWRVTXHQRVVREUDQ\GHMDQGR
ORVFRUUHFWRV

/HDDWHQWDPHQWHFDGDHMHUFLFLR\GHHQWUHODVDOWHUQDWLYDVTXHVHOHSURSRQHQHOLMDOD
TXHFUHDTXHHVODFRUUHFWD/DVFRQWHVWDFLRQHVODVDQRWDUiHQOD+RMDGH5HVSXHVWDV

5(&8(5'(48(6Ð/2'(%('$581$5(638(67$325(-(5&,&,2
',6321('(0,187263$5$5(6321'(5


(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$

(-(5&,&,2812/($&21$7(1&,Ð1(/6,*8,(17(7(;72

/RV TXLQFH IXQFLRQDULRV GH OD 2ILFLQD GH 'HQXQFLDV HVWiQ GLVWULEXLGRV HQ FLQFR
WXUQRVWDUGHPDxDQDQRFKHOLEUHOLEUH3DUDHPSH]DUDWUDEDMDUFDGDIXQFLRQDULR
SHGLUiDO-HIHGH7XUQRHO/LEURGH5HOHYRVDQRWDUiHQpOVXQ~PHURGHFDUQpSURIHVLR
QDO\VHORGHYROYHUiSDUDTXHpOOROOHYHSHUVRQDOPHQWHDODILUPDGHO-HIHGH6HUYLFLRV
(VWHHVHOSURFHGLPLHQWRTXHGHEHVHJXLUVHQRUPDOPHQWH
6LQHPEDUJRVLVHWUDWDGHOWXUQRGHQRFKHRHQGtDVIHVWLYRVEDVWDUiTXHHO-HIHGH
7XUQRILUPHHO/LEURGH5HOHYRVGDQGRFXHQWDGHHOORYHUEDOPHQWHDO-HIHGH6HUYLFLRV
DOGtDVLJXLHQWH
(Q FDGD FDPELR GH WXUQR HO -HIH GH 7XUQR HQWUDQWH UHFLELUi SHUVRQDOPHQWH ODV
LQVWUXFFLRQHVHVFULWDVTXHOHGDUiHO-HIHGH6HUYLFLRV'LFKR-HIHGH7XUQRDQWHVGH
QDGD GHEHUi UHXQLU D ORV IXQFLRQDULRV OHV OHHUi ODV LQVWUXFFLRQHV UHFLELGDV \ pVWRV
ILUPDUiQHQHO/LEURGH5HOHYRVODFRQIRUPLGDG

&217(67($/$66,*8,(17(635(*817$6

 (QFDGDFDPELRGHWXUQR
$  (O-HIHGH7XUQRUHFLELUiODVLQVWUXFFLRQHVTXHOHGDUiQSHUVRQDOPHQWHORV
IXQFLRQDULRV
%  (O-HIHGH6HUYLFLRVUHFLELUiODVLQVWUXFFLRQHVTXHOHGDUiSHUVRQDOPHQWHHO
-HIHGH7XUQR
&  (O -HIH GH 7XUQR UHFLELUi ODV LQVWUXFFLRQHV HVFULWDV TXH OH GDUi HO -HIH GH
6HUYLFLRV
'  /RVIXQFLRQDULRVUHFLELUiQGLUHFWDPHQWHGHO-HIHGH6HUYLFLRVODVLQVWUXFFLRQHV

 ¢(QTXpFDVRVGHEHILUPDUHO/LEURGH5HOHYRVHO-HIHGH6HUYLFLRV"
$  (QWRGRVORVFDVRV
%  (QORVWXUQRVGHGtDVLHPSUH\FXDQGRQRVHDIHVWLYR
&  ÔQLFDPHQWHHQORVWXUQRVGHQRFKH\GtDVIHVWLYRV
'  (QQLQJ~QFDVR

 $OHPSH]DUHQFDGDFDPELRGHWXUQRHO-HIHGH7XUQR
$  3HGLUiDORVIXQFLRQDULRVTXHILUPHQODFRQIRUPLGDG
%  )LUPDUiODFRQIRUPLGDGSRUFDGDIXQFLRQDULR 

(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2

&  'HEHUiOHHUOHVODVLQVWUXFFLRQHVUHFLELGDV\pVWRVILUPDUiQODFRQIRUPLGDG
'  'HEHUiUHXQLUDORVIXQFLRQDULRV\ILUPDUpOPLVPRODVLQVWUXFFLRQHV

 ¢4XLpQUHXQLUiDORVIXQFLRQDULRVHQFDGDFDPELRGHWXUQR"
$  /RV-HIHVGH7XUQR
%  (O-HIHGH6HUYLFLRV
&  (O-HIHGH7XUQRHQWUDQWH
'  1LQJXQDGHODVUHVSXHVWDVDQWHULRUHVHVFRUUHFWD

 6L HQ WRGRV ORV WXUQRV KD\ ORV PLVPRV IXQFLRQDULRV ¢FXiQWRV KD\ HQ
FDGDWXUQR"
$  %  &  ' 

 (QORVWXUQRVGHGtD\FXDQGRQRVHDIHVWLYR
$  (O/LEURGH5HOHYRVKDGHVHUILUPDGRSRUHO-HIHGH7XUQR
%  (O/LEURGH5HOHYRVKDGHVHUILUPDGR~QLFDPHQWHSRUORVIXQFLRQDULRV
&  (QHVWHFDVRQRHVQHFHVDULRILUPDUGLFKROLEUR
'  6HVLJXHHOSURFHGLPLHQWRQRUPDO

(-(5&,&,2'26/($&21$7(1&,Ð1(/6,*8,(17(7(;72

(O-XH]GH,QVWUXFFLyQQ~PGHORVGH0DGULGLQVWUX\HXQH[SHGLHQWHFULPLQDO
GH'LOLJHQFLDV3UHYLDVFRQWUDHO6U5RVHQGR9(1785$&$%(=$6IXQFLRQDULRGH
FDUUHUDHPSOHDGRHQHO'HSDUWDPHQWRGH6DQLGDGLQWHJUDGRHQOD'LUHFFLyQ*HQHUDO
GHOD6DOXG3~EOLFDGH7ROHGRSRUODVXSXHVWDFRPLVLyQGHXQGHOLWRGHFRKHFKRSDVL
YRSRUKDEHUDFHSWDGRGLQHURGHXQDGPLQLVWUDGRDFDPELRGHOLEUDUOHXQDFHUWLILFD
FLyQIDOVDGHODSRWDELOLGDGGHODVDJXDVFRQTXHVHQXWUHXQDLQGXVWULDDOLPHQWDULD
TXHQRSURYLHQHQGHODUHGGHVXPLQLVWURPXQLFLSDO
3RU HVWD PLVPD FDXVD OD SURSLD 'LUHFFLyQ *HQHUDO GH OD 6DOXG 3~EOLFD KD
DELHUWRXQH[SHGLHQWHGLVFLSOLQDULRFRQWUDHOFLWDGRIXQFLRQDULRHQHOFXDOFRQVWDQ
ODV GLYHUVDV DFWXDFLRQHV WHVWLILFDOHV TXH DFUHGLWDQ TXH HO 6U 5RVHQGR 9(1785$
&$%(=$6 HO GtD  GH MXOLR GH  DFHSWy  ¼XURV GHO 6U 0DULR 3(5(=
(6&8'(52 SURSLHWDULR GH OD HPSUHVD DOLPHQWDULD 325&,126$ D FDPELR GH
IDFLOLWDUOH XQD FHUWLILFDFLyQ DFUHGLWDWLYD IDOVD TXH FHUWLILFDED TXH ODV DJXDV SUR
FHGHQWHVGHOVXPLQLVWURSDUWLFXODUGHODLQGXVWULDUHXQtDQWRGDVODVFRQGLFLRQHV
QHFHVDULDVSDUDVHUGHFODUDGDVSRWDEOHV


(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$

&217(67($/$66,*8,(17(635(*817$6

 /DVDJXDVSURFHGHQ
$  'HODUHGGHVXPLQLVWURPXQLFLSDO
%  'HXQSR]R
&  'HVXPLQLVWURSDUWLFXODU
'  'HXQUtRFHUFDQR

 /DLQGXVWULDVHGHGLFDD
$  'LVWULEXFLyQGHDJXDV
%  $FWLYLGDGHVDOLPHQWDULDV
&  6RERUQDUIXQFLRQDULRVGHFDUUHUD
'  $EDVWHFLPLHQWRGHDJXDVGH7ROHGR

 (O6U5RVHQGR9(1785$
$  (V-XH]HQ0DGULG
%  (V*HUHQWHGH3RUFLQRVD
&  (VIXQFLRQDULRHQ0DGULG
'  (VIXQFLRQDULRHQ7ROHGR

 /DDFXVDFLyQFULPLQDOHVGH
$  3UHYDULFDFLyQ
%  )DOVLILFDFLyQGHGRFXPHQWRV
&  6RERUQRSDVLYR
'  &RKHFKRSDVLYR

 (O'HSDUWDPHQWRGH6DQLGDGHVWiLQWHJUDGR
$  (QOD'LUHFFLyQ*HQHUDOGH6DQLGDG\6HJXULGDG6RFLDO
%  (QOD'LUHFFLyQ*HQHUDOGH6DQLGDG\$FFLyQ6RFLDO
&  (QOD'LUHFFLyQ*HQHUDOGHOD6DOXG3~EOLFD
'  1RILJXUDHQHOWH[WR

 (O-XH]LQVWUX\H
$  8QH[SHGLHQWHGLVFLSOLQDULRGH'LOLJHQFLDV3UHYLDV
%  8QH[SHGLHQWHGLVFLSOLQDULRFRQWUDHO6U5RVHQGR9(1785$
&  $\%VRQFRUUHFWDV
'  1LQJXQDHVFRUUHFWD


(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2

(-(5&,&,275(6/($&21$7(1&,Ð1(/6,*8,(17(7(;72

(QHOHGLILFLRGHOD'LYLVLyQGH)RUPDFLyQ\3HUIHFFLRQDPLHQWRVLWRHQHOQƒGH
OD$YGGH3tR;,,GH0DGULGKD\GRVHQWUDGDVFX\RFRQWUROGHDFFHVRFRUUHVSRQGHD
GRVVXEDOWHUQRV
(QODSXHUWD$TXHGDDFFHVRDODVSODQWDVDDD\DVHHQFXHQWUDHOVXEDO
WHUQR;(OKRUDULRGHDFFHVRDOHGLILFLRSRUHVWDSXHUWDHVGHDKRUDVSDUD
ODVSHUVRQDVDMHQDVDOD'LYLVLyQ\GHDKRUDV\GHDKRUDV
SDUDHOSHUVRQDOGHODSURSLD'LYLVLyQ
(OFRQWUROGHODSXHUWD%FRUUHVSRQGHDOVXEDOWHUQR<\GDDFFHVRDODVSODQWDVD
DD\D(OKRUDULRGHDFFHVRDOHGLILFLRSRUHVWDSXHUWDHVSRUODWDUGHGHD
KRUDVSDUDODVSHUVRQDVDMHQDVDOD'LYLVLyQ\GHDKRUDVSDUDORV
HPSOHDGRVGHOD'LYLVLyQ

&217(67($/$66,*8,(17(635(*817$6

 8QHPSOHDGRGHOD'LYLVLyQDFXGHDODVKRUDVDUHDOL]DUXQDGHWHU
PLQDJHVWLyQHQODDSODQWDDQWHORFXDO
$  (OVXEDOWHUQR<OHSHUPLWLUiHODFFHVR
%  (OVXEDOWHUQRGHODSXHUWD$OHLQGLFDUiTXHGHEHUiHVSHUDUPLQXWRV
&  (OVXEDOWHUQR;OHSHUPLWLUiHODFFHVR
'  6RODPHQWHVHOHSRGUiGDUDFFHVRSRUODSXHUWD%

 3RUODVWDUGHVHOKRUDULRGHDFFHVRSRUODSXHUWD%HV
$  'HDKRUDVSDUDHOSHUVRQDOGHODSURSLD'LYLVLyQ
%  'HDKRUDVSDUDODVSHUVRQDVDMHQDVDOD'LYLVLyQ
&  'HDKRUDVSDUDHOSHUVRQDOGHODSURSLD'LYLVLyQ
'  'HDKRUDVSDUDODVSHUVRQDVDMHQDVDOD'LYLVLyQ

 (OFRQWUROGHODSXHUWD$ORUHDOL]DUi
$  (OVXEDOWHUQR;
%  (OVXEDOWHUQR<
&  /RVGRVDOWHUQDWLYDPHQWH
'  1RH[LVWHSXHUWD$


(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$

 8QIXQFLRQDULRGHOD'LYLVLyQGHVHDKDFHUXQDYLVLWDDXQGHWHUPLQDGR
FDUJRGHODSURSLD'LYLVLyQTXHVHHQFXHQWUDHQODSODQWDD\DFXGH
DODVKRUDV
$  3RGUiHQWUDUHQHOHGLILFLRSRUODSXHUWD%
%  3RGUiHQWUDUHQHOHGLILFLRSUHYLDSUHVHQWDFLyQGHODDXWRUL]DFLyQILUPDGD
&  1RSRGUiUHDOL]DUODYLVLWDSRUHVWDUIXHUDGHKRUDULRGHDWHQFLyQDOS~EOLFR
'  1RSRGUiUHDOL]DUODYLVLWDSRUQRWHQHUFLWDSUHYLD

 (ODFFHVRSRUODSXHUWD%DODVKRUDV
$  (VSRVLEOHSDUDFXDOTXLHUSHUVRQD
%  3XHGHUHDOL]DUORVyORHOSHUVRQDOGHOD'LYLVLyQ
&  1HFHVLWDUiODFRUUHVSRQGLHQWHDXWRUL]DFLyQILUPDGD
'  'HEHUiVHUFRQWURODGRSRUHOVXEDOWHUQR;

 (OFRQWUROGHODSXHUWD%ORUHDOL]DUi
$  (OVXEDOWHUQR;
%  (OVXEDOWHUQR<
&  /RVGRVDOWHUQDWLYDPHQWH
'  1RH[LVWHSXHUWD%

(-(5&,&,2&8$752/($&21$7(1&,Ð1/266,*8,(17(6'$72662%5(/26
&8$75235,0(526&/$6,),&$'26(181$&203(7,&,Ð1'(7,5232/,&,$/

D  (O0RVVRG(VFXDGUDWLHQHXQD3LVWROD+.\QRYLHQHGH6DEDGHOO
E  (OSDUWLFLSDQWHGHDxRVWLHQHXQD3LVWROD6WDU3.
F  (OSDUWLFLSDQWHTXHOOHYyHOSULPHUSUHPLRYLHQHGH5HXV
G  (O3ROLFtD1DFLRQDOTXHYLHQHGH0DWDUyQRWLHQHXQ5HYyOYHU$VWUDSHUR
HVHOPD\RUGHORVFXDWUR
H  (O*XDUGLD&LYLOWLHQHDxRVPHQRVTXHpO\WLHQHXQ5HYyOYHU$VWUD
I  (OTXHTXHGyHQFXDUWROXJDUWLHQHDxRV\YLHQHGH7DUUDJRQD\HOTXHTXHGy
HQWHUFHUOXJDUQRHV3ROLFtD/RFDOQLWLHQHDxRV
J  (OTXHTXHGyFODVLILFDGRHQVHJXQGROXJDUYLHQHGH6DEDGHOO\QRWLHQHDxRV
QL
K  (OTXHYLHQHGH7DUUDJRQDQRHV3ROLFtD/RFDO


(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2

&217(67($/$66,*8,(17(635(*817$6

 ¢4XLpQTXHGyFODVLILFDGRHOSULPHUR"
$  3ROLFtD/RFDO
%  *XDUGLD&LYLO
&  3ROLFtD1DFLRQDO
'  0RVVRG(VFXDGUD

 ¢4XLpQHVHOGHPHQRVHGDG"
$  3ROLFtD/RFDO
%  *XDUGLD&LYLO
&  3ROLFtD1DFLRQDO
'  0RVVRG(VFXDGUD

 ¢4XLpQHVHOGHPiVHGDG"
$  3ROLFtD/RFDO
%  *XDUGLD&LYLO
&  3ROLFtD1DFLRQDO
'  0RVVRG(VFXDGUD

 ¢4XpDUPDWLHQHHO3ROLFtD/RFDO"
$  3LVWROD+.
%  3LVWROD6WDU3.
&  3LVWROD%HUHWWD)
'  5HYyOYHU$VWUD

 ¢4XpHGDGWLHQHHO0RVVR"
$ 
% 
& 
' 

 ¢4XpHVHOSDUWLFLSDQWHTXHYLHQHGH6DEDGHOO"
$  3ROLFtD/RFDO
%  *XDUGLD&LYLO
&  3ROLFtD1DFLRQDO
'  0RVVRG(VFXDGUD


(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$

(-(5&,&,2&,1&2
/($&21$7(1&,Ð1/266,*8,(17(6'$72662%5(&8$752)81&,21$5,26
&$7(*25Ì$('$''(67,12<3/$17$'Ð1'(75$%$-$1

D  (OIXQFLRQDULRGHVWLQDGRHQ'(181&,$6QRHV,163(&725
E  (O&20,6$5,2WLHQHDxRV\QRHVWiHQOD3/$17$%$-$
F  (O 68%,163(&725 HVWi HQ OD 35,0(5$ 3/$17$ SHUR QR HV GH
+20,&,',26
G  (OIXQFLRQDULRGHDxRVHVWiHQOD7(5&(5$3/$17$
H  (O32/,&Ì$QRHVWiGHVWLQDGRHQ'(181&,$6QLHQ$75$&26
I  (OIXQFLRQDULRGHVWLQDGRHQ(;75$1-(526HVWiHQOD6(*81'$3/$17$
J  (OIXQFLRQDULRGHOD3/$17$%$-$QRWLHQHQLDxRV
K  (OIXQFLRQDULRGHOD7(5&(5$3/$17$HV32/,&Ì$SHURQRWLHQHDxRV

&217(67($/$66,*8,(17(635(*817$6

 ¢4XLpQHVWiHQODSODQWDEDMD"
$ &RPLVDULR
% ,QVSHFWRU
& 6XELQVSHFWRU
' 3ROLFtD

 ¢4XpFDWHJRUtDWLHQHHOGHPHQRVHGDG"
$ &RPLVDULR
% ,QVSHFWRU
& 6XELQVSHFWRU
' 3ROLFtD

 ¢4XpFDWHJRUtDWLHQHHOIXQFLRQDULRGHVWLQDGRHQ'(181&,$6"
$ &RPLVDULR
% ,QVSHFWRU
& 6XELQVSHFWRU
' 3ROLFtD


(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2

 ¢4XpGHVWLQRWLHQHHOPiVMRYHQ"
$ ([WUDQMHURV
% $WUDFRV
& 'HQXQFLDV
' +RPLFLGLRV

 ¢(QTXpSODQWDHVWiHO3ROLFtD"
$ %$-$
% 35,0(5$
& 6(*81'$
' 7(5&(5$

 ¢4XpHGDGWLHQHHOIXQFLRQDULRGHVWLQDGRHQ(;75$1-(526"
$ 
% 
& 
' 

),1'(/(-(5&,&,2



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
( - ( 5 & , & , 2 $ 1  ž  
7HVW 3VLFRWpFQLFR
,QVWUXFFLRQHV
$FRQWLQXDFLyQVHSUHVHQWDQHMHUFLFLRVQXPHUDGRVGHODO
(QHVWDSUXHEDVHOHSLGHTXHDQDOLFHGLEXMRV\SDODEUDVFRGLILFDGDV(QFRQWUDUiWDPELpQ
RWURVHMHUFLFLRVGHOyJLFDTXHWHQGUiTXHUHVROYHU$VLPLVPRVHHQIUHQWDUiDVHQFLOORVHMHUFLFLRV
HQORVTXHWHQGUiTXHFXDQWLILFDUOHWUDV
/DVFRQWHVWDFLRQHVODVDQRWDUiHQOD+RMDGH5HVSXHVWDV
6HJXLGDPHQWHVHRIUHFHQGRVHMHPSORV

(MHPSORV
)tMHVHHQHVWHFyGLJR



(QORVVLJXLHQWHVGLEXMRVVHKDQVXPDGRORVSXQWRVFRUUHVSRQGLHQWHVDOFyGLJR
HVWDEOHFLGR7RGRVVXPDQORPLVPRPHQRVXQRTXHVXPDGLIHUHQWH¢FXiOHV"

$%&'
&RPRSXHGHYHUWRGRVVXPDQLJXDODH[FHSFLyQGHOTXHHVWiHQODOHWUD´$µ

 3DODEUDPRGHOR & 2 1 7 ( 0 3 / $ 5
6XSRQLHQGRTXHQRVHGLVSRQHGHPiVILFKDVTXHODVGHODSDODEUDPRGHOR\SRUWDQWR
QRVHSXHGHQUHSHWLUH[DPLQHODVFXDWURSDODEUDVVLJXLHQWHV\FRQWHVWHFRQODDOWHUQDWLYDHQOD
TXHVHSXHGDQXWLOL]DUPD\RUQ~PHURGHILFKDV
$ %2/(7Ì1 % %/$1',5 & (;&/86,92  ' 0(17,5$
&RPRSRGHPRVFRPSUREDUVHSXHGHQXWLOL]DUPD\RUQ~PHURGHILFKDVIRUPDQGRODSDODEUD
0(17,5$SRUWDQWRPDUFDUtDPRVHQODKRMDGHUHVSXHVWDVOD'

5(&8(5'(48(6Ð/2'(%('$581$5(638(67$325(-(5&,&,2
',6321('(0,187263$5$5(6321'(5


(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2

)tMHVHHQHVWHFyGLJR



(Q FDGD HMHUFLFLR VH SUHVHQWDQ YDULRV GLEXMRV GRQGH VH KDQ VXPDGR ORV
SXQWRVFRUUHVSRQGLHQWHVDOFyGLJR7RGRVVXPDQORPLVPRPHQRVXQRTXH
VXPDGLIHUHQWH¢FXiOHVpVWHHQFDGDFDVR"



  $ % & '



  $ % & '



  $ % & '

 'HEHPRVWUDVODGDUQRVDXQ&HQWURVLWXDGRHQRWUDFLXGDGSDUDUHDOL
]DUXQRVH[iPHQHV¢&yPRRUGHQDUtDORVVLJXLHQWHVHOHPHQWRVDILQGH
UHDOL]DUHVWDWDUHDGHODIRUPDPiVUDFLRQDO"
 (QFDUJDUORVELOOHWHVSDUDHOYLDMH
 3UHVHQWDUVHHQHO&HQWUR
 ,QIRUPDUVHGHODIHFKDGHSUHVHQWDFLyQ
 5HDOL]DUHOSULPHUHMHUFLFLR
 3UHSDUDUHOHTXLSDMH
 $  %  &  ' 

 8Q YHKtFXOR TXH FLUFXODED GHODQWH GH 9G (Q FDUUHWHUD KD WHQLGR XQ
DFFLGHQWH\KDFRPHQ]DGRDLQFHQGLDUVH¢&yPRRUGHQDUtDODVVLJXLHQ
WHVDFWLYLGDGHVSDUDDX[LOLDUDORVRFXSDQWHVGHOYHKtFXORDFFLGHQWDGR
GHODIRUPDPiVHILFD]"
 6DFDUDORVKHULGRVGHOFRFKHVLQLHVWUDGR
  $\XGDUDRULOODUHOFRFKHTXHTXHGyHQODFDUUHWHUD

(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$

 +DFHUOHODUHVSLUDFLyQDUWLILFLDODXQKHULGRTXHVHDVIL[LD
 7UDVODGDUDXQKHULGRPHQRVJUDYH QRFDEtDHQODDPEXODQFLD
 3HGLUDORVSULPHURVTXHSDVHQTXHDYLVHQDXQDDPEXODQFLD

 $  %  &  ' 

 (Q XQD OHQJXD H[WUDMHUD 7,3( /$66 TXLHUH GHFLU 32&2 (63$&,2
/26$/$66TXLHUHGHFLU08&+2(63$&,2¢&yPRVHGLFH(63$&,2"

 $ 7,3( % /26$ & 7,6$ ' /$66

 (QXQDOHQJXDH[WUDMHUD&237$<1(%25$7VLJQLILFD48,(523$1<
-$0Ð11(%27,6VLJQLILFD7(1*2-$0Ð1¢&yPRVHGLFH-$0Ð1"

 $ 7,6 % 1(%2 & 7$< ' 5$7

 (QXQDOHQJXD H[WUDMHUD 3,575$7VLJQLILFD48,(523$13,57,66


VLJQLILFD7(1*23$1¢&yPRVHGLFH3$1"

 $ 75,7 % 3,5 & 7,66 ' 75$7

'DGDVODVVLJXLHQWHVFODYHV

$(,28'037

6HxDOHHOGLEXMRTXHUHSUHVHQWDODVVLJXLHQWHVSDODEUDV

 7Ì2

$%&'

 3Ò$

$%&'


(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2

 '$0(


(QXQDFODYHVHFUHWDVHVXVWLWX\HFDGDOHWUDSRUODVLJXLHQWHGHODOIDEHWR
'HVFLIUHODVVLJXLHQWHVSDODEUDVTXHHVFULELyXQDJHQWH

 46-1%;)6%

 $ 3ULPDYHUD % 3ULPHUD & 3UHPDWXUR ' 3UHFDXFLyQ

 196'-%

 $ 0DUWH % 0LUOR & 0XUFLD ' 0iUWLU

 '%f%6-%7

 $ &DEDOOR % &DQDULDV & &DEH]D ' &DQDOOD

 47-'303+-%

 $ 3ULPDULR % 3HVDGR & 3RVHVLyQ ' 3VLFRORJtD

/HDDWHQWDPHQWHODIUDVHTXHKD\GHQWURGHOUHFXDGUR

/$,*8$/'$'(1/$5,48(=$'(%(&216,67,5(148(1,1*Ô1
&,8'$'$126($7$1238/(17248(38('$&2035$5$2752
1,1,1*8127$132%5(48(6(9($1(&(6,7$'2'(9(1'(56(

 ¢4XpFRQVRQDQWHDSDUHFHPiVYHFHVHQODIUDVH"

 $ /D' % /D6 & /D5 ' /D1

 ¢&XiQWDVSDODEUDVGHPHQRVGHOHWUDVSHURGHPiVGHOHWUDVWLH
QHQXQDFRQVRQDQWHDOSULQFLSLR\DOILQDOGHODSDODEUD"

 $  %  &  ' 

 ¢&XiQWDV YHFHV DSDUHFHQ GRV YRFDOHV MXQWDV HQ ODV SDODEUDV GH OD
IUDVH"

  $  %  &  ' 

(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$

 +D\DOJXQDVFRQVRQDQWHVTXHQRDSDUHFHQQXQFDHQODIUDVH\XQDHV
OD«

 $ * % ) & 3 ' %

 ¢&XiQWDV YRFDOHV HQ WRWDO KD\ HQ ODV WUHV SDODEUDV PiV ODUJDV GH OD
IUDVH"

 $  %  &  ' 

3DODEUDPRGHOR & 2 1 7 ( 0 3 / $ 5

6XSRQLHQGRTXHQRVHGLVSRQHGHPiVILFKDVTXHODVGHODSDODEUDPRGH
OR \ SRU WDQWR QR VH SXHGHQ UHSHWLU H[DPLQH ODV FXDWUR SDODEUDV GH ORV
HMHUFLFLRVVLJXLHQWHV\FRQWHVWHHQOD+RMDGH5HVSXHVWDVFRQODDOWHUQDWLYD
HQODTXHVHSXHGDQXWLOL]DUPD\RUQ~PHURGHILFKDV

 $ ),(/$72 % 3817(52 & 62/785$ ' 3$7(512

 $ $80(172 % '(%$7,5 & 9,2/(7$ ' 9(56$'2

 $ '(6+25$ % 9Ì1&8/2 & (1)2&$5 ' 027,9$5

 $ 02/'($5 % 920,7$5 & (8)25,$ ' /,1'(52

 $ 3/Ô0%(2 % *5É9,'2 & 9,*8(7$ ' 5(0217$

 $ 6,1&(52 % (6&5,%$ & &25%(7$ ' (672)$5

&ODVLILFDUSREODFLRQHVVHJ~QVXQ~PHURGHKDELWDQWHVDWHQGLHQGRDORV
GDWRVVLJXLHQWHV

 ‡PHQRVGHKDELWDQWHV585$/

 ‡HQWUH\KDELW,17(50(',$

 ‡PiVGHKDELWDQWHV85%$1$


(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2

$KRUD DQDOLFH HO GLDJUDPD GH OD


GHUHFKD \ WUDWH GH UHVSRQGHU D
ODVFXHVWLRQHVVLJXLHQWHV

 ¢4Xp SUHJXQWD GHEHUtD FRQ


WHQHU OD FDVLOOD TXH WLHQH HO
Q~PHUR"

 $ ¢5XUDO"
 % ¢,QWHUPHGLD"
 & ¢0iVGHKDELWDQWHV"
 ' ¢0HQRVGHKDELWDQWHV"

 ¢4XpSDODEUDGHEHUtDILJXUDU
HQ OD FDVLOOD TXH FRQWLHQH HO
Q~PHUR"

 $ 5XUDO
 % 8UEDQD
 & 3REODFLyQ
 ' ,QWHUPHGLD

 ¢4XpSDODEUDGHEHUtDILJXUDUHQODFDVLOODTXHFRQWLHQHHOQ~PHUR"

 $ 8UEDQD
 % 3REODFLyQ
 & ,QWHUPHGLD
 ' 0iVGHKDELWDQWHV

 ¢4XpSUHJXQWDGHEHUtDFRQWHQHUODFDVLOODTXHWLHQHHOQ~PHUR"

 $ ¢5XUDO"
 % ¢1žGHVFRQRFLGR"
 & ¢(OFRQWDGRUPDUFD"
 ' ¢0HQRVGHKDELWDQWHV"

 ),1'(/(-(5&,&,2

(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
( - ( 5 & , & , 2 $ 1  ž  
7HVW 3VLFRWpFQLFR
,QVWUXFFLRQHV
$FRQWLQXDFLyQVHOHSUHVHQWDQHMHUFLFLRVTXHGHEHUiUHVROYHU
(VWpDWHQWRDFDGDFXHVWLyQ\GHHQWUHODVDOWHUQDWLYDVTXHVHOHSURSRQHQHOLMDOD
TXHFUHDTXHHVODFRUUHFWD
/DVFRQWHVWDFLRQHVODVDQRWDUiHQOD+RMDGH5HVSXHVWDV
6HJXLGDPHQWHVHRIUHFHQGRVHMHPSORV7UDWHGHUHVROYHUORVPHQWDOPHQWH

(MHPSOR
'DGR HO VLJXLHQWH SODQWHDPLHQWR ¢FXiQWR YDOH HO VLJQR TXH HVWi HQWUH
LQWHUURJDQWHV"

$ % & ' 


7ULiQJXOR URPER HVWUHOOD UHFWiQJXOR /DUHVSXHVWDFRUUHFWDKDGHVHUOD´&µ
'DGR HO VLJXLHQWH SODQWHDPLHQWR ¢FXiQWR YDOH HO VLJQR TXH HVWi HQWUH
LQWHUURJDQWHV"

$ % & ' 


7ULiQJXOR URPER HVWUHOOD UHFWiQJXOR (QHVWHFDVRODVROXFLyQFRUUHFWDHVOD´%µ

5(&8(5'(48(6Ð/2'(%('$581$5(638(67$325(-(5&,&,2
',6321('(0,187263$5$5(6321'(5


(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2

  $  %  &  ' 

  $  %  &  ' 

  $  %  &  ' 

  $  %  &  ' 

  $  %  &  ' 

  $  %  &  ' 

  $  %  &  ' 

  $  %  &  ' 



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$

  $  %  &  ' 

 $  %  &  ' 

 $  %  &  ' 

  $  %  &  ' 

  $  %  &  ' 

  $  %  &  ' 

  $  %  &  ' 

  $  %  &  ' 



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2

  $  %  &  ' 

 $  %  &  ' 

  $  %  &  ' 

  $  %  &  ' 

  $  %  &  ' 

  $  %  &  ' 

  $  %  &  ' 

  $  %  &  ' 

  $  %  &  ' 



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$

 $  %  &  ' 

  $  %  &  ' 

  $  %  &  ' 

  $  %  &  ' 

  $  %  &  ' 

),1'(/(-(5&,&,2



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
( - ( 5 & , & , 2 $ 1  ž  
7 H V W  3 V L F R W p F Q L F R
,QVWUXFFLRQHV
6HOHSUHVHQWDQHMHUFLFLRVGHILFKDVGHGRPLQy&RPR\DVDEHFDGDILFKDHVWiFRP
SXHVWDGHXQUHFWiQJXORGLYLGLGRHQGRVFXDGUDGRVGHQWURGHORVFXDOHVSXHGHKDEHUXQ
GHWHUPLQDGRQ~PHURGHSXQWLWRVTXHRVFLODHQWUH\6XWUDEDMRFRQVLVWHHQDYHULJXDU
HOQ~PHURGHSXQWRVTXHGHEHUtDWHQHUHOUHFWiQJXORHQEODQFR
6HJXLGDPHQWHVHRIUHFHQGRVHMHPSORV




 
/DUHVSXHVWDFRUUHFWDHVOD´(µ/DUHVSXHVWDFRUUHFWDHVOD´%µ

5(&8(5'(48(6Ð/2'(%('$581$5(638(67$325(-(5&,&,2
',6321('(0,187263$5$5(6321'(5


(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2





(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$













(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2













(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$













(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2











),1'(/(-(5&,&,2



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
( - ( 5 & , & , 2 $ 1  ž  
7 H V W  3 V L F R W p F Q L F R
,QVWUXFFLRQHV
$FRQWLQXDFLyQVHSUHVHQWDQHMHUFLFLRVQXPHUDGRVGHODO
(Q HVWD SUXHED HQFRQWUDUi VtPERORV TXH HVWiQ UHODFLRQDGRV SRU XQD VHFXHQFLD
OyJLFD7DPELpQHQFRQWUDUiGLEXMRVJHRPpWULFRVFRPELQDGRVFRQQ~PHURVTXHHVWiQ
UHODFLRQDGRVLJXDOPHQWHSRUXQDVHFXHQFLDOyJLFD$VLPLVPRVHHQIUHQWDUiDHMHUFL
FLRVVHQFLOORVGHFiOFXOR
/DVFRQWHVWDFLRQHVODVDQRWDUiHQOD+RMDGH5HVSXHVWDV
6HJXLGDPHQWHVHRIUHFHQGRVHMHPSORV

(MHPSORV
)tMHVHHQHVWHFyGLJR×Ø­8€ÂB›¦“ÐÎDה7”•¡‘™7†„
(Q FDGD HMHUFLFLR VH SUHVHQWD XQD VHULH GH VtPERORV RUGHQDGRV VHJ~Q HO FLWDGR
FyGLJR 6X WDUHD FRQVLVWH HQ DYHULJXDU TXp VtPEROR FRQWLQXDUtD ODV VHULHV TXH VH OH
SUHVHQWDQ
3RUHMHPSORVLWXYLpVHPRVODVHULH”•¡‘"HOVtPERORTXHODFRQWLQXDUtDVHUtD™

¢4XpQ~PHURGHEHLUHQODLQFyJQLWD"

$ % & ' 

/DSULPHUDILODDXPHQWDGHXQRHQXQRODVHJXQGDGHGRVHQGRV\ODWHUFHUDGHWUHVHQWUHVSRUWDQWR
ODUHVSXHVWDHV

5(&8(5'(48(6Ð/2'(%('$581$5(638(67$325(-(5&,&,2
',6321('(0,187263$5$5(6321'(5


(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2

 )tMHVHHQHVWHFyGLJR

×Ø­8€ÂB›¦“ÐÎDה7”•¡‘™7†„

 6XWDUHDFRQVLVWHHQDYHULJXDUTXpVtPERORGHORVFXDWURVLWXDGRVDOD
GHUHFKDFRQWLQXDUtDODVHULHTXHVHSUHVHQWDDODL]TXLHUGD

 Ø8›“Î×7• $ ¡ % ™ & ‘ ' 7

 „™•”Φ­ $ % › & × ' „

 ×8¦Ð×7¡™ $ ‘ % † & 7 ' „

 €ÂB›€ÂB›€ $ € % ¦ &  ' 8

 †™¡””DЦB $  % € & “ ' 8

 ׭“” $ 7 % ™ & ‘ ' ¡

 BЦDДD”” $ ™ % ¡ & ‘ ' •

 ××Ø­­8€€ÂB $ € % B &  ' ›

 ×ØÐέ8€ÐÎÂB› $ Ð % Î & Ø ' “

 %XVTXHODUHODFLyQHLQGLTXHHOQ~PHURTXHGHEHLUHQODLQFyJQLWD

 $  %  &  ' 



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$

 $  %  &  ' 

 $  %  &  ' 

 $  %  &  ' 

 $  %  &  ' 

 $  %  &  ' 



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2

 $  %  &  ' 

 7HQLHQGRHQFXHQWDORVYDORUHVVLJXLHQWHV

 &DOFXOHHOYDORUGHODLQFyJQLWDHQORVVLJXLHQWHVHMHUFLFLRV




 $ &pQWLPRV % &pQWLPRV & &pQWLPRV ' (XURV




 $  %  &  ' 



 $ PRQHGDV % PRQHGDV & PRQHGDV ' PRQHGDV




(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$




 $ PRQHGDV % PRQHGDV & PRQHGDV ' PRQHGDV

/DVGLH]SUHJXQWDVVLJXLHQWHVHVWiQFRPSXHVWDVSRUILODVGHOHWUDVDSDUWLU
GHODVFXDOHVGHEHUiREWHQHUXQRGHORVUHVXOWDGRVILQDOHVHQWUHORVTXHDSD
UHFHQFRPRRSFLRQHVGHUHVSXHVWD3DUDOOHJDUDOUHVXOWDGRFRUUHFWRGHEHUi
VHJXLUORVSDVRVTXHVHLQGLFDQDFRQWLQXDFLyQ

$ 7
 UDQVIRUPHFDGDOHWUDHQHOQ~PHURFRUUHVSRQGLHQWHGHDFXHUGRFRQODVLJXLHQWH
WDEOD
/(75$6 H I J K L M N P Q x
1Ô0(526          

%6XPHORVQ~PHURVTXHKDQUHVXOWDGRGHODWUDQVIRUPDFLyQUHDOL]DGDHQFDGDILOD
& 5HVWHSXQWRVFDGDYH]TXHXQDOHWUDYD\DLQPHGLDWDPHQWHVHJXLGDGHVtPLVPD
HQFDGDXQDGHODVILODV
'6XPHSXQWRVSRUFDGDOHWUDTXHVHUHSLWDRPiVYHFHVHQODPLVPDILODDXQTXH
QRVHDGHIRUPDVHJXLGD
(6L HO UHVXOWDGR REWHQLGR WUDV ODV RSHUDFLRQHV DQWHULRUHV HV SDU UHG~]FDOR D OD
PLWDGGHORFRQWUDULRPDQWpQJDORFRPRHVWi

 QxPJQLIKMN $  %  &  ' 

 xxMIMNQHIK $  %  &  ' 

 JHKQNNQLQM $  %  &  ' 

 xLLPLLNKQP $  %  &  ' 

 MKQQxxxKLJ $  %  &  ' 

 IMIMMILLJI $  %  &  ' 




(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2

 NPNxNHHNPQ $  %  &  ' 

 ILIIJIKILL $  %  &  ' 

 PPPPPPPPPP $  %  &  ' 

 LKQLLQKLQQ $  %  &  ' 

),1'(/(-(5&,&,2



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
( - ( 5 & , & , 2 $ 1  ž  
 7 H V W  3 V L F R W p F Q L F R
,QVWUXFFLRQHV
$FRQWLQXDFLyQVHSUHVHQWDQYDULDVWDEODVFRQGDWRVHVWDGtVWLFRVTXHWHQGUiTXH
FRPSDUDU\FRQORVTXHGHEHUiUHDOL]DUFiOFXORVSDUDSRGHUFRQWHVWDUDODVSUHJXQWDV
TXHDFRQWLQXDFLyQVHOHIRUPXODQ
/HD DWHQWDPHQWH FDGD SUHJXQWD \ GH HQWUH ODV DOWHUQDWLYDV TXH VH OH SURSRQHQ
HOLMDODTXHFUHDTXHHVODFRUUHFWD
/DVFRQWHVWDFLRQHVODVDQRWDUiHQOD+RMDGH5HVSXHVWDV
6HJXLGDPHQWHVHRIUHFHXQHMHPSOR

,1',&$'25(6'((92/8&,Ð1'(/$&5,0,1$/,'$'
   
52%26&21)8(5=$    
'()5$8'$&,21(6    
7,521(6    
9,2/$&,21(6    

6HJ~QORVGDWRVGHODWDEOD¢HQTXpDxRVHSURGXMHURQPHQRVGHOLWRV"
  $ 
  % 
  & 
  ' 
  ( 1RVHSXHGHVDEHU
6XPDQGRODVFROXPQDVOOHJDPRVDODVROXFLyQTXHHQHVWHFDVRHVOD´&µ

5(&8(5'(48(6Ð/2'(%('$581$5(638(67$325(-(5&,&,2
',6321('(0,187263$5$5(6321'(5


(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2

3/$17,//$0(',$'(81$&20,6$5Ì$/2&$/$f2
('$' 68%,163(&725(6 2),&,$/(6 32/,&Ì$6
RPiV   
   
RPHQRV   
('$''(-8%,/$&,Ð1$f26

5HVSRQGDDODVVLJXLHQWHVSUHJXQWDV

 ¢4Xp FDWHJRUtD WLHQH PD\RU Q~PHUR GH JHQWH FRQ HGDG VXSHULRU D 
DxRV"
 $ 3ROLFtDV % 2ILFLDOHV & 6XELQVSHFWRUHV
 ' 7RGDVLJXDO ( 1RVHSXHGHVDEHU

 'HODSODQWLOODDFWXDO¢FXiQWDVSHUVRQDVVHKDEUiQMXELODGRHQ"
 $  %  & 
 '  ( 1RVHSXHGHVDEHU

 ¢&XiQWDVQXHYDVLQFRUSRUDFLRQHVGHEHQUHDOL]DUVHKDVWDHOSDUD
TXHHVHDxRODSODQWLOODKD\DDXPHQWDGRHQSHUVRQDV"
 $  %  & 
 '  ( 

 ¢&XiQWRV3ROLFtDVSRGUtDQDVFHQGHUD2ILFLDOVLVHFXEULHVHQWRGDVODV
YDFDQWHVTXHVHSURGX]FDQSRUMXELODFLyQHQWUH\"
 $  %  & 
 '  ( 

 ¢&XiQWRVRILFLDOHVPD\RUHVGHDxRVKDEUiHQHO"
 $  %  & 
 '  ( 1RVHSXHGHVDEHU

 6L SUHYHPRV TXH KDVWD HO  DVFHQGHUiQ D RILFLDO  IXQFLRQDULRV
¢FXiQWDVSHUVRQDVGHEHPRVLQFRUSRUDUSDUDPDQWHQHUODFDSDFLGDGGH
IXQFLRQDULRVGHODFDWHJRUtDGHSROLFtDVWHQLHQGRHQFXHQWDODVMXELOD
FLRQHV
 $  %  & 
 '  ( 


(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$

,1',&$'25(6'((92/8&,Ð1'(/$&5,0,1$/,'$'325',675,726
 

'HOLWRV 'HOLWRV 'HOLWRV 'HOLWRV


'HWHQLGRV 'HWHQLGRV
HVFODUHFLGRV FRQRFLGRV HVFODUHFLGRV FRQRFLGRV

'LVWULWR$      
'LVWULWR%      

5HVSRQGDDODVVLJXLHQWHVSUHJXQWDV

 6LFRPSDUDPRVHOQ~PHURGHGHOLWRVTXHTXHGDURQVLQHVFODUHFHUHQ
HQHOGLVWULWR$FRQHOQ~PHURGHORVGHOGLVWULWR%GHVFXEULUHPRVTXH
 $ )XHURQLJXDOHV
 % (Q$TXHGDURQPiVSRUHVFODUHFHU
 & )XHLQIHULRUHQ%
 ' (Q%TXHGDURQPiVSRUHVFODUHFHU
 ( 1LQJXQDGHODVDQWHULRUHV

 6HJ~QORVGDWRVGHODWDEODHOQ~PHURVGHGHWHQLGRV
 $ (QGLVPLQX\yHQHOGLVWULWR%
 % (QDXPHQWyHQORVGRVGLVWULWRV
 & (QKXERPiVGHWHQLGRVTXHHQ
 ' (QDXPHQWyHQHO$
 ( 1LQJXQDGHODVDQWHULRUHV

 (OQ~PHURGHGHOLWRVFRQRFLGRV
 $ $XPHQWyHQHQHOGLVWULWR%
 % (QGLVPLQX\yHQHOGLVWULWR$
 & (QDXPHQWyHQHO$
 ' (QDXPHQWyHQDPERVGLVWULWRV
 ( 1LQJXQD

 (QHOGLVWULWR%HOQ~PHURGHGHWHQLGRVHQUHODFLyQDOQ~PHURGHGHOL
WRVHVFODUHFLGRVIXH
 $ ,JXDOHQ\
 % ,QIHULRUHQ
 & ,QIHULRUHQ
 ' 'REOHHQTXHHQ
 ( 1LQJXQD 

(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2

 (QHODxRKXER
 $ 0HQRUQ~PHURGHGHOLWRVHVFODUHFLGRV
 % 0D\RUQ~PHURGHGHWHQLGRVTXHHQ
 & (OPLVPRQ~PHURGHGHWHQLGRVTXHHQ
 ' (OPLVPRQ~PHURGHGHOLWRVFRQRFLGRVTXHHQ
 ( 1LQJXQDGHODVDQWHULRUHV

 (QHOELHQLRHOQ~PHURGHGHOLWRVFRQRFLGRVIXH
 $ 7ULSOHHQ%TXHHQ$
 % 6XSHULRUHQHOGLVWULWR$
 & 6XSHULRUHQHOGLVWULWR%
 ' ,JXDOHQDPERVGLVWULWRV
 ( 'REOHHQ$TXHHQ%

,1',&$'25(6'((92/8&,Ð1'(/$&5,0,1$/,'$'
   
52%26&21)8(5=$    
'()5$8'$&,21(6    
7,521(6    
9,2/$&,21(6    

5HVSRQGDDODVVLJXLHQWHVSUHJXQWDV

 6HJ~QORVGDWRVGHODWDEOD¢HQTXpDxRVHSURGXMHURQPiVGHOLWRV"
 $  %  & 
 '  ( 1RVHSXHGHVDEHU

 (QFRQUHVSHFWRDODUHGXFFLyQHQHOQ~PHURGHGHOLWRVIXH
PD\RUHQ
 $ 7LURQHV % 9LRODFLRQHV & 5RERVFRQIXHU]D
 ' 'HIUDXGDFLRQHV ( 1RGLVPLQX\yQLQJ~QWLSRGHGHOLWR

 ¢4XpGHOLWRVGLVPLQX\HURQHQFRQUHVSHFWRD"
 $ 5RERVFRQIXHU]D\GHIUDXGDFLRQHV
 % 'HIUDXGDFLRQHV\YLRODFLRQHV
  & 5RERVFRQIXHU]D\YLRODFLRQHV

(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$

 ' 'HIUDXGDFLRQHV\WLURQHV
 ( 5RERVFRQIXHU]D\WLURQHV

 ¢&XiQGRVHLQFUHPHQWDURQWRGRVORVWLSRVGHGHOLWRVPHQRVXQR"
 $  %  & \
 '  ( 1LQJXQDGHODVDQWHULRUHV

 ¢(QTXpELHQLRVHSURGXMRPD\RUQ~PHURGHWLURQHV"
 $  %  & 
 '  ( 1LQJXQDGHODVDQWHULRUHV

 ¢(QTXpELHQLRVHSURGXMRPD\RUQ~PHURGHGHIUDXGDFLRQHV"
 $  %  & 
 '  ( 1LQJXQDGHODVDQWHULRUHV

)5(&8(1&,$67(Ð5,&$6'(3$62'(3$758//$6325+25$
6(*Ô1=21$6
0DxDQD 7DUGH 1RFKH
9LYLHQGDVWLSR, NPGHFDOOHV   
9LYLHQGDVWLSR,, NPGHFDOOHV   
&KDOHWV NPGHFDOOHV   
&RPHUFLDO NPGHFDOOHV   
9HORFLGDGGHSDWUXOODMHDSLHNPKHQDXWRNPK

5HVSRQGDDODVVLJXLHQWHVSUHJXQWDV

 6HJ~QORVGDWRVGHODWDEOD
 $ /DIUHFXHQFLDWRWDOGHSDVRHVPD\RUSRUODVPDxDQDV
 % /DIUHFXHQFLDWRWDOGHSDVRHVPD\RUSRUODVWDUGHV
 & /DIUHFXHQFLDWRWDOGHSDVRHVPD\RUSRUODVQRFKHV
 ' 1RH[LVWHGLIHUHQFLDHQWUHODPDxDQD\ODWDUGH
 ( 1RH[LVWHGLIHUHQFLDHQWUHODWDUGH\ODQRFKH

 6LGHVHDPRVSDWUXOODUOD]RQDFRPHUFLDOHQHOWXUQRGHQRFKHFRQDXWRV
=HWDV ¢FXiQWRVFRFKHVQHFHVLWDUHPRV"
 $  %  & 

 '  ( 1LQJXQDGHODVDQWHULRUHV

(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2

 ¢&XiQWRVFRFKHV=HWDVQHFHVLWDUHPRVSDUDFXEULUHOSDWUXOODMHFRPSOH
WRGHOD]RQDGHFKDOHWVHQHOWXUQRGHQRFKH"
 $  %  & 
 '  ( 1LQJXQDGHODVDQWHULRUHV

 ¢&XiQWRV=HWDVVHUiQQHFHVDULRVSDUDSDWUXOODUHQHOWXUQRGHQRFKH
NPGHFDOOHVHQOD]RQDGHYLYLHQGDVWLSR,"
 $  %  & 
 '  ( 

 ¢&XiQWRV=HWDVVHUiQQHFHVDULRVSDUDSDWUXOODUHQHOWXUQRGHPDxDQD
ODPLWDGGHODVFDOOHVGHOD]RQDFRPHUFLDO"
 $  %  & 
 '  ( 

 'HELGRDXQDXPHQWRHQHOQ~PHURGHGHOLWRVVHYDQDSDWUXOODUNP
GHFDOOHVGHOD]RQDGHFKDOHWVFRQSDUHMDVDSLH¢&XiQWRVIXQFLRQDULRV
QHFHVLWDUHPRVSDUDFXEULUHVWHVHUYLFLRSRUODWDUGH"
 $  %  & 
 '  ( 

1Ô0(52(67,0$'2'(',/,*(1&,$6325'Ì$)81&,21$5,2

'HQXQFLDV 'RFXPHQWDFLyQ 3HWLFLyQGH


0DxDQD7DUGH1RFKH '1,HWF LQIRUPDFLyQ

1~PHURHVWLPDGR
    
GHGLOLJHQFLDVDOGtD

1~PHURGH
    
IXQFLRQDULRV

5HVSRQGDDODVVLJXLHQWHVSUHJXQWDV

 ¢&XiOHVHOQ~PHURHVWLPDGRGHGHQXQFLDVGLDULDV"
 $  %  & 
 '  ( 



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$

 7RPDQGR HO Q~PHUR WRWDO GH GLOLJHQFLDV \ GH IXQFLRQDULRV ¢FXiQWDV
GLOLJHQFLDVDWLHQGHXQIXQFLRQDULRSRUWpUPLQRPHGLR"
 $  %  & 
 '  ( 

 (VSHUDPRV TXH HO  GH QXHVWURV IXQFLRQDULRV WRPHQ ODV YDFDFLR
QHV HQ HO PHV GH DJRVWR 7HQLHQGR HQ FXHQWD HO DXPHQWR SRU  HQ HO
Q~PHUR GH GHQXQFLDV \ TXH GHELGR D OD UHGXFFLyQ HQ OD WUDPLWDFLyQ
GHGRFXPHQWRVSRGHPRVOLEHUDUDIXQFLRQDULRVGHHVHVHUYLFLR¢TXp
FDQWLGDG GH SHUVRQDV GH UHIXHU]R GHEHPRV VROLFLWDU SDUD HO PHV GH
DJRVWR FRQWDQGR FRQ TXH OD FDQWLGDG GH SHWLFLRQHV GH LQIRUPDFLyQ
QR YDUtH \ PDQWHQLHQGR HO Q~PHUR PHGLR GH GLOLJHQFLDV GLDULDV SRU
IXQFLRQDULR"
 $  %  & 
 '  ( 

 'XUDQWH HO PHV GH DJRVWR VH UHGXFH HO Q~PHUR GH WUDPLWDFLRQHV GH
GRFXPHQWRV D OD PLWDG VLQ HPEDUJR VH PXOWLSOLFDQ HO Q~PHUR GH
GHQXQFLDVSRU6LODVSHWLFLRQHVGHLQIRUPDFLyQQRYDULDUDQ¢FXiQWRV
IXQFLRQDULRVVHUtDQQHFHVDULRVSDUDFXEULUHOVHUYLFLRPDQWHQLHQGRHO
Q~PHURPHGLRGHGLOLJHQFLDVGLDULDVSRUIXQFLRQDULR"
 $  %  & 
 '  ( 

 ¢(QTXpWXUQRHOQ~PHURGHGHQXQFLDVSRUIXQFLRQDULRHVPHQRU"
 $ 3RUODPDxDQD % 3RUODWDUGH & 3RUODQRFKH
 ' (QWRGRVLJXDO ( 1LQJXQDGHODVDQWHULRUHV

 ¢4XpSRUFHQWDMHGHGLOLJHQFLDVSRUSHUVRQDUHDOL]DQORVIXQFLRQDULRVGH
GRFXPHQWDFLyQ\SHWLFLyQGHLQIRUPDFLyQ"
 $   %  & 
 '  ( 

),1'(/(-(5&,&,2



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
( - ( 5 & , & , 2 $ 1  ž  
7HVW 3VLFRWpFQLFR
,QVWUXFFLRQHV
$FRQWLQXDFLyQVHSUHVHQWDQSURYHUELRVRGLFKRVTXHGHEHUiOHHUDWHQWDPHQWH
/HDDWHQWDPHQWHFDGDSURYHUELRRGLFKR\GHHQWUHODVDOWHUQDWLYDVTXHVHOHSUR
SRQHQHOLMDODTXHFUHDTXHPiVVHDSUR[LPDDOSURYHUELRRGLFKRSULQFLSDO
/DVFRQWHVWDFLRQHVODVDQRWDUiHQOD+RMDGH5HVSXHVWDV
7UDEDMHGHSULVDQRSLHUGDWLHPSRGHMHODVFXHVWLRQHVTXHOHSDUH]FDQPiVGLItFLOHV
SDUDHOILQDO

6XWDUHDFRQVLVWHHQORVLJXLHQWH
'HEHOHHUFXLGDGRVDPHQWHFDGDSURYHUELRRGLFKRTXHDSDUHFHHVFULWRHQQHJULWD
'HVSXpVGHEHUiHOHJLUODUHVSXHVWDFX\RVLJQLILFDGRPiVVHOHDSUR[LPH
6HJXLGDPHQWHVHRIUHFHXQHMHPSORWUDWHGHUHVROYHUORPHQWDOPHQWH

(MHPSOR
$KLHUURFDOLHQWHEDWLUGHUHSHQWH
$ (OKLHUURVHEDWHHQFDOLHQWH
% (OKLHUURIUtRQRVLUYHSDUDQDGD
& 0HMRUKDFHUXQDFRVDELHQTXHPXFKDVPDO
' +D\TXHVDEHUDSURYHFKDUHOPRPHQWRRSRUWXQR
(QHVWHFDVRODUHVSXHVWDFRUUHFWDHVOD´'µ

5(&8(5'(48(6Ð/2'(%('$581$5(638(67$325(-(5&,&,2
',6321('(0,187263$5$5(6321'(5


(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$

 $XQTXHHOPDGHURHVWpDxRVHQHODJXDQRVHYROYHUiFDLPiQ
$  'RQGHQRKD\PDWDQRKD\SDWDWD
%  6LQHODJXDDSUR[LPDUQXQFDWHSRGUiVPRMDU
&  1RSRUPXFKRPDGUXJDUDPDQHFHPiVWHPSUDQR
'  $ODJXD\DOPDWULPRQLRKD\TXHWLUDUVHGHFDEH]D

 +D\KRPEUHVYDQRVTXHWLHQHQERFDSHURQRWLHQHQPDQRV
$  =DSDWHURDWXV]DSDWRV
%  /DVSDODEUDVYXHODQORVHVFULWRVTXHGDQ
&  (OIXHJRGHODOHxDYHUGHSURSRUFLRQDPiVKXPRTXHFDORU
'  /RVYLHMRVGLFHQORTXHKDQKHFKR\ORVQHFLRVORTXHKDUiQ

 +D\TXHWUDEDMDUHOKLHUURPLHQWUDVHVWiFDOLHQWH
$  +D\TXHQDYHJDUFXDQGRVRSODHOYLHQWR
%  (ODJXDPiVFODUDSXHGHYHQLUGHOIDQJR
&  1RVHGHEHQFRQWDUORVSROOLWRVDQWHVGHVDOLUGHOFDVFDUyQ
'  /RVYLHMRVGLFHQORTXHKDQKHFKR\ORVQHFLRVORTXHKDUiQ

 2EUDVVRQDPRUHV\QREXHQDVUD]RQHV
$  9DOHPiVOHDOWDGGHFRUD]yQTXHFLHQVDOPRV
%  /DYHUGDG\ODPDxDQDVHHVFODUHFHQFRQHOWLHPSR
&  /RVYLHMRVGLFHQORTXHKDQKHFKR\ORVQHFLRVORTXHKDUiQ
'  (OH[LOLRFRQGLQHURHVXQDSDWULD\ODSDWULDVLQGLQHURHVXQH[LOLR

 7LHPSR\GLQHURJUDQGHVUHPHGLRV
$  (OUHPHGLRGHWRGRVORVYLFLRVHVWHQHUSRFRGLQHUR
%  3DUDHOKDPEULHQWRHOSDQVLHPSUHWDUGDHQFRFHUVH
&  (OFHQLFHUR\HOULFRFXDQWRPiVVHHPSOHDQPiVVXFLRV
'  (OH[LOLRFRQGLQHURHVXQDSDWULD\ODSDWULDVLQGLQHURHVXQH[LOLR

 (ODVQRIURWDDODVQR
$  'LRVORVFUHD\HOORVVHMXQWDQ
%  /DYHUGDG\ODPDxDQDVHHVFODUHFHQFRQHOWLHPSR
&  (OFHQLFHUR\HOULFRFXDQWRPiVVHHPSOHDQPiVVXFLRV
'  /RVYLHMRVGLFHQORTXHKDQKHFKR\ORVQHFLRVORTXHKDUiQ

 (OLJQRUDQWHHVSRFRWROHUDQWH
$  6yORVHUHFRJHORTXHVHVLHPEUD
%  /DSHUH]DHVODOODYHGHOYLFLR\ODSREUH]D 

(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2

&  /RVYLHMRVGLFHQORTXHKDQKHFKR\ORVQHFLRVORTXHKDUiQ
'  'HODFDVDDMHQDVXHOHFULWLFDUTXLHQODVX\DQRVDEHFXLGDU

 /RPHMRUGHORVGDGRVHVQRMXJDUORV
$  0HMRUFDVDUVHTXHTXHPDUVH
%  6yORVHUHFRJHORTXHVHVLHPEUD
&  /DSHUH]DHVODOODYHGHOYLFLR\ODSREUH]D
'  (OUHPHGLRGHWRGRVORVYLFLRVHVWHQHUSRFRGLQHUR

 /DFDUQHRFLRVDVLHPSUHHVOXMXULRVD
$  6yORVHUHFRJHORTXHVHVLHPEUD
%  $EXHQKDPEUHQRKD\SDQGXUR
&  &RJHEXHQDIDPD\pFKDWHDGRUPLU
'  /DSHUH]DHVODOODYHGHOYLFLR\ODSREUH]D

 (OTXHVLHPEUDYLHQWRVUHFRJHWHPSHVWDGHV
$  6yORVHUHFRJHORTXHVHVLHPEUD
%  &RJHEXHQDIDPD\pFKDWHDGRUPLU
&  2EUDVVRQDPRUHV\QREXHQDVUD]RQHV
'  3UHVXQFLyQVLQKHFKRVHVSyOYRUDHQVDOYDV

 0XHUWRDQGDHQODYLGDTXLHQWLHQHODIDPDSHUGLGD
$  4XLHQPDODQGDPDODFDED
%  0LHQWUDVKD\YLGDKD\HVSHUDQ]D
&  &RJHEXHQDIDPD\pFKDWHDGRUPLU
'  'LPHFRQTXLpQDQGDV\WHGLUpTXLpQHUHV

 1RSHFDGHJXODTXLHQQXQFDWXYRKROJXUD
$  4XLHQPDODQGDPDODFDED
%  $EXHQKDPEUHQRKD\SDQGXUR
&  3UHVXQFLyQVLQKHFKRVHVSyOYRUDHQVDOYDV
'  3DUDHOKDPEULHQWRHOSDQVLHPSUHWDUGDHQFRFHUVH

 3UHVXPLUVLQYDOHUHVPDVFDUVLQFRPHU
$  3UHVXQFLyQVLQKHFKRVHVSyOYRUDHQVDOYDV
%  0iVYDOHOHDOWDGGHFRUD]yQTXHVDOPRV
&  6LQDODJXDDSUR[LPDUQXQFDWHSRGUiVPRMDU
'  $OPDOWUDEDMDGRUQROHYLHQHELHQQLQJ~QD]DGyQ


(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$

 4XLHQGHPR]RQRWUDEDMDGHYLHMRGXHUPHHQODSDMD
$  4XLHQPDODQGDPDODFDED
%  6LQDODJXDDSUR[LPDUQXQFDWHSRGUiVPRMDU
&  $OPDOWUDEDMDGRUQROHYLHQHELHQQLQJ~QD]DGyQ
'  (OIXHJRGHODOHxDYHUGHSURSRUFLRQDPiVKXPRTXHFDORU

 7UDEDMDQGRKD]WHGLHVWUR\VHUiVXQEXHQPDHVWUR
$  'HUHSHQWHQRKD\GLHVWURQLYDOLHQWH
%  6LQDODJXDDSUR[LPDUQXQFDWHSRGUiVPRMDU
&  $OPDOWUDEDMDGRUQROHYLHQHELHQQLQJ~QD]DGyQ
'  (OIXHJRGHODOHxDYHUGHSURSRUFLRQDPiVKXPRTXHFDORU

 3RUVXIUXWRVHFRQRFHDOiUERO
$  'HWDOSDORWDODVWLOOD
%  (OPDOQXQFDSXHGHVHUGLVLPXODGR
&  (OKRPEUHVHGDDFRQRFHUSRUVXVDFFLRQHV
'  6yORDXQWRQWRVHOHRFXUUHSHGLUSHUDVDOROPR

 (OSULPHUDPRUVHSDUHFHDODSULPHUDQLHYHHQORSRFRTXHGXUD
$  'HWDOSDORWDODVWLOOD
%  4XLHQGDSULPHURGDGRVYHFHV
&  3UHVXQFLyQVLQKHFKRVHVSyOYRUDHQVDOYDV
'  (OIXHJRGHODOHxDYHUGHSURSRUFLRQDPiVKXPRTXHFDORU

 9tVWHPHGHVSDFLRTXHWHQJRSULVD
$  $SUHV~UDWHOHQWDPHQWH
%  (OTXHHVSHUDGHVHVSHUD
&  (OTXHUtDHO~OWLPRUHLUiPHMRU
'  3DUDHOKDPEULHQWRHOSDQVLHPSUHWDUGDHQFRFHUVH

 ([FXVDQRSHGLGDDFXVDFLyQPDQLIHVWDGD
$  (OTXHVHSLFDDMRVPDVWLFD
%  'HORTXHUHERVDHOFRUD]yQKDEODODERFD
&  $OEXHQHQWHQGHGRUFRQPHGLDSDODEUDEDVWD
'  7RGRVWHQHPRVIXHU]DVSDUDVRSRUWDUODVGHVGLFKDVDMHQDV

 $UHVXOWDGRVDXJXVWRVSRUYtDVDQJRVWDV
$  (OiJXLODQRFD]DPRVFDV
%  7RGDEXHQDPHGLFLQDWLHQHVDERUDPDUJR


(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2

&  $OEXHQHQWHQGHGRUFRQPHGLDSDODEUDEDVWD
'  /DDEHMDWLHQHGHODPLHOHOGXO]RU\GHODJXLMyQHOHVFR]RU

 $PRUTXHQRVHDWUHYHHVGHVSUHFLDGRSRUODVPXMHUHV
$  $PRUFRQFDVDGDYLGDSUHVWDGD
%  (ODPRUHQFRJLGRHQSRFRHVWHQLGR
&  $TXLHQOHJXVWDQORVSHUURVVRSRUWDODVSXOJDV
'  /DDEHMDWLHQHGHODPLHOHOGXO]RU\GHODJXLMyQHOHVFR]RU

 /DDYDULFLDURPSHHOVDFR
$  $TXLHQOHJXVWDQORVSHUURVVRSRUWDODVSXOJDV
%  $IXHU]DGHFKXSDUHOPRVTXLWRVHKDFHDSODVWDU
&  /DDEHMDWLHQHGHODPLHOHOGXO]RU\GHODJXLMyQHOHVFR]RU
'  6LODPRFHGDGVXSLHUD\ODYHMH]SXGLHUD¢TXpQRKLFLHUDQ"

 1RKD\URVDVLQHVSLQDV
$  $TXLHQOHJXVWDQORVSHUURVVRSRUWDODVSXOJDV
%  4XLHQDPDDXQDPXMHUFDVDGDWLHQHODYLGDSUHVWDGD
&  /DDEHMDWLHQHGHODPLHOHOGXO]RU\GHODJXLMyQHOHVFR]RU
'  6LODPRFHGDGVXSLHUD\ODYHMH]SXGLHUD¢TXpQRKLFLHUDQ"

 6DUQDFRQJXVWRQRSLFD
$  (OTXHVHSLFDDMRVPDVWLFD
%  $TXLHQOHJXVWDQORVSHUURVVRSRUWDODVSXOJDV
&  4XLHQDPDDXQDPXMHUFDVDGDWLHQHODYLGDSUHVWDGD
'  6LODPRFHGDGVXSLHUD\ODYHMH]SXGLHUD¢TXpQRKLFLHUDQ"

 9HMH]\EHOOH]DQRDQGDQMXQWDV
$  0LHQWUDVVHYLYHWRGRHVSRVLEOH
%  4XLHQDPDDXQDPXMHUFDVDGDWLHQHODYLGDSUHVWDGD
&  6LODPRFHGDGVXSLHUD\ODYHMH]SXGLHUD¢TXpQRKLFLHUDQ"
'  +X\HQGRGHWXPXHUWHFDQVDUiVWXVSLHUQDVVLQGHHOODOLEUHYHUWH

 $PRUFRQFDVDGDYLGDDUULHVJDGD
$  $YLGDUHSRVDGDPXHUWHOHMDQD
%  0LHQWUDVVHYLYHWRGRHVSRVLEOH
&  4XLHQDPDDXQDPXMHUFDVDGDWLHQHODYLGDSUHVWDGD
'  +X\HQGRGHWXPXHUWHFDQVDUiVWXVSLHUQDVVLQGHHOODOLEUHYHUWH


(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$

 0LHQWUDVKD\YLGDKD\HVSHUDQ]D
$  $YLGDUHSRVDGDPXHUWHOHMDQD
%  0LHQWUDVVHYLYHWRGRHVSRVLEOH
&  0XHUWRDQGDHQODYLGDTXLHQWLHQHODIDPDSHUGLGD
'  +X\HQGRGHWXPXHUWHFDQVDUiVWXVSLHUQDVVLQGHHOODOLEUHYHUWH

 'HODPXHUWHQRHVFDSDQLHOULFRQLHOUH\QLHOSDSD
$  $YLGDUHSRVDGDPXHUWHOHMDQD
%  0LHQWUDVKD\YLGDKD\HVSHUDQ]D
&  0XHUWRDQGDHQODYLGDTXLHQWLHQHODIDPDSHUGLGD
'  +X\HQGRGHWXPXHUWHFDQVDUiVWXVSLHUQDVVLQGHHOODOLEUHYHUWH

 6XEHODVHVFDOHUDVFRPRYLHMR\OOHJDUiVDUULEDFRPRMRYHQ
$  $YLGDUHSRVDGDPXHUWHOHMDQD
%  (ODPRUHQFRJLGRHQSRFRHVWHQLGR
&  6LODPRFHGDGVXSLHUD\ODYHMH]SXGLHUD¢TXpQRKLFLHUDQ"
'  +X\HQGRGHWXPXHUWHFDQVDUiVWXVSLHUQDVVLQGHHOODOLEUHYHUWH

 (QFRMHUDGHSHUUR\HQOiJULPDVGHPXMHUQRGHEHVFUHHU
$  (ODPRUHQFRJLGRHQSRFRHVWHQLGR
%  /DPXMHUUtHFXDQGRSXHGH\OORUDFXDQGRTXLHUH
&  /DYHUGDG\ODPDxDQDVHHVFODUHFHQFRQHOWLHPSR
'  6LHUHVXQDVQRWRGRVFDUJDUiQVXVDFRVREUHWXORPR

),1'(/(-(5&,&,2



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
( - ( 5 & , & , 2 $ 1  ž  
7HVW 3VLFRWpFQLFR
,QVWUXFFLRQHV
(QHVWHHMHUFLFLRVHHQFRQWUDUiFLQFRGLDJUDPDVFRPSXHVWRVSRUVHULHVGHOHWUDVXQLGDVSRU
IOHFKDV6XWDUHDFRQVLVWHHQHVWXGLDUFDGDGLDJUDPDVLJXLHQGRHOVHQWLGRTXHLQGLFDQODVGLIH
UHQWHVIOHFKDVDILQGHGHWHUPLQDUHOHIHFWRGHORVFRPDQGRVLQWHUFDODGRVHQHOODV

(MHPSOR
$%&

*+, Ä Ä ,+*

123 Ä Ä 12

&%

&RPRSXHGHFRPSUREDUODVHULH*+,KDVLGRLQYHUWLGDSRUHOFRPDQGR TXHGDQGRDVt,+*
(QODVHULH123OD~OWLPDOHWUDKDVLGRRPLWLGDSRUHOFRPDQGR TXHGDQGRDVt12
/DVHULH$%&KDVLGRLQYHUWLGDSRUHOFRPDQGR \GHVSXpV
OD~OWLPDOHWUDKDVLGRRPLWLGDSRUHOFRPDQGR TXHGDQGRDVt&%

'HVSXpV GHEHUi UHVSRQGHU D XQDV SUHJXQWDV DSOLFDQGR HO PLVPR HIHFWR GH ORV FRPDQGRV
(QWUHGRVVHULHVGHOHWUDVVyORSXHGHVHJXLUHOFDPLQRWUD]DGRSRUHOPLVPRWLSRGHIOHFKD

5(&8(5'(48(6Ð/2'(%('$581$5(638(67$325(-(5&,&,2
',6321('(0,187263$5$5(6321'(5


(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$

',$*5$0$

$%

:;<=
Ä Ä Ä ;<==

Æ
$%%

Æ
;=<

$QDOLFHHOGLDJUDPD\DSOLFDQGRHOPLVPRHIHFWRGHORVFRPDQGRVFRQWHVWH
DODVVLJXLHQWHVFXHVWLRQHV

 $%& Ä " Ä %&

1,1*81$
Ä
$ % & ' (

 -/. Ä Ä Ä "

-/. .// ./- //. /..


$ % & ' (

 3456 Ä Ä "

3455 6345 345 34566 33456


$ % & ' (



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2

 -./0 Ä Ä Ä "

0-/. .0/ ./0- -/. 0/.


$ % & ' (

 6789 Ä Ä "

789 8967 7869 8697 6987


$ % & ' (

 $%& Ä " Ä &%$

1,1*81$
Ä
$ % & ' (

',$*5$0$

+*)) %&

$
Ä Ä Ä Ä $$

./0
Ä Ä Ä 00/.

)*+ %%

$QDOLFHHOGLDJUDPD\DSOLFDQGRHOPLVPRHIHFWRGHORVFRPDQGRVFRQWHVWH
DODVVLJXLHQWHVFXHVWLRQHV

 7+%6 Ä Ä "

7+6% 7+%66 +%6 6%+7 77+%6


 $ % & ' (

(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$

 $% Ä Ä "

%$ $ % $%% $$%
$ % & ' (

 '77 Ä Ä "

77' 77 ''77 '777 '7


$ % & ' (

 ;<= Ä " Ä =<

 Ä  Ä  Ä  Ä 1,1*81$

$ % & ' (

 -./0 Ä Ä Ä "

-/.. ./-- --./ -/.0 0/.-


$ % & ' (

 3456 Ä Ä Ä "

34566 33456 4566 3345 3456


$ % & ' (



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2

',$*5$0$

$%&' )*+,

=<;:
Ä Ä Ä <;:==

$./0-
Í Í Í -./0

$&'% )*+,,$

$QDOLFHHOGLDJUDPD\DSOLFDQGRHOPLVPRHIHFWRGHORVFRPDQGRVFRQWHVWH
DODVVLJXLHQWHVFXHVWLRQHV

 1(34 Ä Ä "

$1(34 41(3 1(43 (341 (34


$ % & ' (

 3456 Ä Ä "

34566 33456 4566 3345 3456


$ % & ' (

 789: Ä " Ä 897:

Ä Ä Ä Ä Ä


$ % & ' (


 509) Ä Ä Ä "

(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$

550)9 ))509 )09)5 )590 950)


$ % & ' (

 $%& Ä Ä Ä "

$%&$ $%&$$ $$%&$ $%&&$ %&$$


$ % & ' (

 :/69 Ä " Ä /6:9$

Ä Ä Ä Ä 1,1*81$

$ % & ' (

',$*5$0$

789:

8:;< Ä Ä Ä <8;

$%&' Ä Ä Ä %%&'$

%&' Ä Ä Ä '%%&

%897
$QDOLFHHOGLDJUDPD\DSOLFDQGRHOPLVPRHIHFWRGHORVFRPDQGRVFRQWHVWH
DODVVLJXLHQWHVFXHVWLRQHV


(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2

 $%& Ä Ä "

$%&: $$%& %$%& $%%& $%&&


$ % & ' (

 $:36 Ä Ä "

:$36 $36 6$:3 :36$ %$:36


$ % & ' (

 48./ Ä Ä "

8./4 84./ /8.4 /48. 8./


$ % & ' (

 '*0 Ä Ä Ä "

0%'* ''*0 ''* 0*' '0*


$ % & ' (

 701 Ä Ä Ä "

%170 0017 1770 7710 7017


$ % & ' (

 68: Ä Ä Ä "

:68 68: %68 %8: 68%


$ % & ' (

',$*5$0$


(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$

$$%&

')()

Å
$%&' Ä Ä Ä Ä Ä $%$&

'() ())

$QDOLFHHOGLDJUDPD\DSOLFDQGRHOPLVPRHIHFWRGHORVFRPDQGRVFRQWHVWH
DODVVLJXLHQWHVFXHVWLRQHV

 $%&' Ä Ä "

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


$ % & ' (

 '67/ Ä Ä "

67/ '67// /76' /67' '6/7


$ % & ' (



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2

 ;*/) Ä Ä "

*/) );*/ )/*; */); ;*/


$ % & ' (

 505/ Ä Ä Ä "

/50 505 /505 /055 //505


$ % & ' (

 +-./ Ä Ä Ä "

-.// +-.// ++-./ -./ --./


$ % & ' (

 '+1* Ä " Ä +1**

Ä Ä 1,1*81$


Ä Ä
$ % & ' (

),1'(/(-(5&,&,2



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
( - ( 5 & , & , 2 $ 1  ž  
7HVW 3VLFRWpFQLFR
,QVWUXFFLRQHV
$FRQWLQXDFLyQVHSUHVHQWDQHMHUFLFLRVQXPHUDGRVGHODO
6HWUDWDGHVHULHVLQFRPSOHWDVGHILJXUDVDODVTXHOHVIDOWDXQHOHPHQWRTXHGHEH
FRPSOHWDUHVFRJLHQGRHQWUHYDULDVRSFLRQHVGHUHVSXHVWD
/DVILJXUDVQRHVWiQSXHVWDVSRUFDVXDOLGDGVLQRTXHHVWiQVLWXDGDVVLJXLHQGRXQD
HYROXFLyQOyJLFD'HGXFLHQGRHVDHYROXFLyQOHVHUiIiFLOHQFRQWUDUHQHOUHSHUWRULRGH
VROXFLRQHVSURSXHVWDVFXiOHVODFRUUHFWD
/DVFRQWHVWDFLRQHVODVDQRWDUiHQOD+RMDGH5HVSXHVWDV
6HJXLGDPHQWHVHRIUHFHXQHMHPSOR

(MHPSOR
¢4XpILJXUDFRQWLQ~DODVHULH"

$%&'(
6LREVHUYDGHWHQLGDPHQWHSXHGHYHUTXHODSULPHUDILJXUDWLHQHWUHVODGRV
ODVHJXQGDFXDWURODWHUFHUDFLQFR\ODFXDUWDILJXUDGHEHUtDWHQHUVHLVODGRV
3RUWDQWRODILJXUDTXHFRQWLQ~DODVHULHFRUUHVSRQGHDODDOWHUQDWLYD´%µ

5(&8(5'(48(6Ð/2'(%('$581$5(638(67$325(-(5&,&,2
',6321('(0,187263$5$5(6321'(5


(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2

$%&'(

$%&'(

$%&'(

$%&'(

$%&'(

$%&'(

$%&'(

$%&'(



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$

$%&'(

$%&'(

$%&'(

$%&'(

$%&'(

$%&'(

$%&'(

$%&'(



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2

$%&'(

$%&'(

$%&'(

$%&'(

$%&'

$%&'

$%&'

$%&'



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$

$%&'

$%&'

$%&'

$%&'

$%&'

$%&'



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
( - ( 5 & , & , 2 $ 1  ž  
7HVW 3VLFRWpFQLFR
,QVWUXFFLRQHV
$FRQWLQXDFLyQVHSUHVHQWDQHMHUFLFLRVQXPHUDGRVGHODO
(QODSULPHUDILODKD\FLQFRSDODEUDV\HQODVHJXQGDHVDVSDODEUDVHVWiQHQRWURRUGHQ\
HVFULWDVFRQVtPERORV(VWXGLHODUHODFLyQTXHKD\HQWUHHOODVSDUDSRGHUUHVSRQGHUDODSUH
JXQWDTXHKD\GHEDMR/DUHODFLyQHQWUHOHWUDV\VtPERORVFDPELDHQFDGDHMHUFLFLR\QRVLUYHOD
FRUUHVSRQGHQFLDHQFRQWUDGDHQHOHMHUFLFLRDQWHULRU
/DVFRQWHVWDFLRQHVODVDQRWDUiHQOD+RMDGH5HVSXHVWDV
6HJXLGDPHQWHVHRIUHFHXQHMHPSOR

(MHPSOR
(QODSULPHUDILODKD\FLQFRSDODEUDV
(QODVHJXQGDHVDVSDODEUDVHVWiQHQRWURRUGHQ\HVFULWDVFRQVtPERORV
(VWXGLHODUHODFLyQTXHKD\HQWUHHOODVSDUDSRGHUUHVSRQGHUDODSUHJXQWDTXHKD\GHEDMR

%$-$5 &$%(5 0(7(5 0,5/2 72'26

g8œ8Ò ¡: :Ò g
Ò56 Š:¡8Ò œ6š6d

¢4XpVtPERORFRUUHVSRQGHDODOHWUD$" $ 6 % : & 8 ' 5

'HVSXpVGHHVWXGLDUODUHODFLyQHQWUHSDODEUDV\VtPERORVHORUGHQ\ODFRUUHVSRQGHQFLD
HVHVWH

g8œ8Ò ¡: :Ò g
Ò56 Š:¡8Ò œ6š6d
0(7(5 %$-$5 0,5/2 &$%(5 72'26

/DVROXFLyQHV:\HVWHVtPERORWLHQHGHODQWHODOHWUD´%µTXHHVODRSFLyQTXHKDEUtD
TXHPDUFDU
5(&8(5'(/DUHODFLyQHQWUHOHWUDV\VtPERORVFDPELDHQFDGDHMHUFLFLR\QRVLUYHOD
FRUUHVSRQGHQFLDHQFRQWUDGDHQHOHMHUFLFLRDQWHULRU

5(&8(5'(48(6Ð/2'(%('$581$5(638(67$325(-(5&,&,2
',6321('(0,187263$5$5(6321'(5


(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$

$75É6 )$*27 +('(5 -8*$5 35(62


63:3Š  Šg œ6× -Š3g× ™e6Š
¢4XpVtPERORFRUUHVSRQGHDODOHWUD5"$ g% Š &   ' ×

&2/02 ),50( /(35$ 3(=Ð1 7(/Ð1


ƆšƉÒ ƅƉ:Ɖ 51 :š šØ € ؚ
ƉÒ
¢4XpVtPERORFRUUHVSRQGHDODOHWUD$"$ Ɔ % 5 & € ' Ø

'(/7$ )(/,= )25-$ -$0Ð1 /$5*2


@™,:… 1™8…€ /…,1™ /g@6
Òg@5™
¢4XpVtPERORFRUUHVSRQGHDODOHWUD/"$ 1 % @ & / ' Ò

*$/$6 +É%,/ +(&(6 9,5$/ 9,6,Ð1


-+8+š ×+ŠĬ8 ×@Ɖ@š
ĬšĬ5d
Ĭ6+8
¢4XpVtPERORFRUUHVSRQGHDODOHWUD6"$ 8% d & š ' ×

$1752 )/27$ )5(12 6(1,/ 625'2


Ö7@Š 8g 68Ö7 Ò7™8 6Š™Ò
¢4XpVtPERORFRUUHVSRQGHDODOHWUD)"$ 6% Ò &   ' 7

%(/*$ &2'$/ 3$1(/ 3$5(' 6(*$5


Ɖ6(
š œ.š=
Ɔ

.( Ɔ
.š Š.=

¢4XpVtPERORFRUUHVSRQGHDODOHWUD5"$ 
 % ( & ‘ ' 

&$%$/ 0$/9$ 0$5&2 726&2 9,5,/


=šȍš:
š:ך
š™=5 c5€=5 ×ҙÒ:
¢4XpVtPERORFRUUHVSRQGHDODOHWUD9"$ ×% c & = ' 

%$5Ð1 &5('2 '(%87 *$5=$ /8*$5


:œƈ. 5:œ: €
e ›œ
€ƈ Ɔe5:œ
¢4XpVtPERORFRUUHVSRQGHDODOHWUD%"$ › % € & 5 ' 

%8672 &58'2 081'2 5$%$/ 5$7Ð1


™8Ɖ8Ø ™86…€ Ɖ@Š6… g™@
… @€
…
¢4XpVtPERORFRUUHVSRQGHDODOHWUD7"$ 
% 8 & 6 ' …



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2

%5$6$ &/252 +26&2 3/(9( 687,/


6
ƉƉ cBȍB ƉŸ6Ɖ ȍØSg
Ĭ
š§š
¢4XpVtPERORFRUUHVSRQGHDODOHWUD&"$ c%  & Ĭ ' 6

%$6$/ &$75( &23/$ 5,)/( 9,586


Ɔbšb™ Š83™œ ƅ֙b b¯Šœ 18ŠBš
¢4XpVtPERORFRUUHVSRQGHDODOHWUD5"$ Š% b & 1 ' š

$&725 )27Ð1 321(5 6(&$5 623/2


Ò6-=› ™=Õƅ› ™6Ò 6 ƅÕe6› š6e6-
¢4XpVtPERORFRUUHVSRQGHDODOHWUD1"$ Ò% - & › ' 6

$5*Ð1 3$/&2 3/$&$ 5$372 =$*$/


5@™6… 5™@6@
@5š… .@ @™ @
…=
¢4XpVtPERORFRUUHVSRQGHDODOHWUD*"$ ™% š & 5 ' 

&$67$ )250$ 027(/ 08-2/ 237$5


ƅ™×š™ c
Ò6€ c6š-€ g66c™ 6:š™6
¢4XpVtPERORFRUUHVSRQGHDODOHWUD)"$ g % c & 6 ' ƅ

&$%/( 3$672 32/92 521&2 9,7$/


7Ĭš 8 œØ87Ø œ 6šØ 5؀3Ø 3 /8@
¢4XpVtPERORFRUUHVSRQGHDODOHWUD9"$ œ % 5 & 3 ' 7

&2+,%,5 (038-$5 *5$1$'2 3/$7,1$ 7,0,'(=


×geŠeš œ8ƆƉ› š .š : g
e8eœ@ ƆÒ
e:
¢4XpVtPERORFRUUHVSRQGHDODOHWUD7"$ œ % 
 & Ɔ ' ×

%$/'26$ &(1(*$/ (6),1*( )(&81'2 )/$0($5


כ:5
ŠÒ׊g ,Š
5 @Š ›××ĬŠ
×@6Ĭ×
¢4XpVtPERORFRUUHVSRQGHDODOHWUD/"$ ×% 
 & Š ' 

&$67$f2 &$9(51$ (;$/7$5 ,038/62 -$321e6



ŠÒ:ƈÒd ڙÛ3:=Ø šÒÛ؝
= 6Ò=ƈÒ€Ø 6Ò¯
dÒ
¢4XpVtPERORFRUUHVSRQGHDODOHWUD3"$ Û% Ò & = ' ƈ



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$

$/$&5É1 0$5$7Ð1 1()$672 5É3,'26 7$%/$'2


Ø:
6 š
5…6 6€gÛ5…
.ƆĬ…Û 5›ØĬ…
¢4XpVtPERORFRUUHVSRQGHDODOHWUD0"$ š% 
 & 6 ' 5

$75$&Ð1 &(17$92 ),1*,'2 3,672/$ 32/9(5$


Ê׀Êdڜ BšÄ×Ú:Ê gšœ
š™Ú dŠœ×ÊƉÚ BÚ:ƉŠ€Ê
¢4XpVtPERORFRUUHVSRQGHDODOHWUD*"$ Ɖ% × & : ' 


&58(172 '(&/,9( (67$03$ 0$1*8$/ 6$5&20$


6d:Š+Äd :ƈd™5 d65ØƆšØ 6Ø: ƆØ Ɔؙ@ƈ؊
¢4XpVtPERORFRUUHVSRQGHDODOHWUD/"$   % d & Ø ' Š

%$5&$=$ &$67,*2 (03(f$5 ,102/$5 7$3,=$5


:›€šd =5Ø=Š6 Ɔ6:ƅ €ؚƅ6 šg5
6
¢4XpVtPERORFRUUHVSRQGHDODOHWUD0"$ Ø%  & › ' 5

$53,67$ &+,5,3$ '()(16$ *5$18-$ 7(&/$'2


…
²€Ö6² 5/²š> ²
ƆeĬ² 5Ãe
eƆ² šÛ€Ĭ²
¢4XpVtPERORFRUUHVSRQGHDODOHWUD7"$ …%  & 5 ' ²

(&+$53( +,63$12 25',1$/ 3(6$'(= 6$/2%5(


›:™8؀
™ØÒ
Ɔ5
g:€ØÒ 5š›Ø85 85™Øg5Ã
¢4XpVtPERORFRUUHVSRQGHDODOHWUD+"$ 5 % › & 8 ' ™

/,0261$ 0$1'$72 0,7,*$5 3/(*$'2 9$&,/$5


8 Ö6€5 Ö5›¯6 Ö ¯ ™Ĭ 8d™›6
š 8Ĭ
¢4XpVtPERORFRUUHVSRQGHDODOHWUD9"$  % Ö & 
 ' 8

&$0(/$5 &$3,7É1 &20(',5 (;,67,5 ,1'8/72


šØg6š- gÊe3e-
ØgŠe- š@ešc ecŠƆ6

¢4XpVtPERORFRUUHVSRQGHDODOHWUD'"$ Ê% g & Š ' @

$17,)$= %,)2&$/ (67$&$5 )$/'(52 0$/',72


S8
B5BØ ›Ĭ6È5Bd B
Ĭ6BÒ ƆBd-Ĭ
È 6Bd-SØÈ
¢4XpVtPERORFRUUHVSRQGHDODOHWUD0"$ S % Ƈ & B ' Ɔ



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2

%8',602 &$3,7$/ 2%6&(12 35Ð;,02 52721'$


š›:Ɖ6Ò ™ØÊƉÒ ØƆ: Ĭ ™Ɖ 3 š6Ĭ…Ɔ
¢4XpVtPERORFRUUHVSRQGHDODOHWUD'"$  % : & ™ ' 6

$0$16$5 &2%$/72 (;+,%,5 /$6&,92 18(6752


ƉdŠÒ ™3Ĭ›:3 ׅƈ@Ĭ@Ò dƅ׊:Ò3 ›Š™@ 3
¢4XpVtPERORFRUUHVSRQGHDODOHWUD;"$ …% Ɖ & ƅ ' 3

%$f,67$ &5(Ì%/( (1<(6$5 *$=1$7( 6e37,02


ÊØ>d€5> €Ɔ6d8@Ɔ >
:>8ƆØ šƆ
Ɔ@> 8>ƈ@dÄB
¢4XpVtPERORFRUUHVSRQGHDODOHWUDf"$ 6%   & : ' ƈ

),1'(/(-(5&,&,2



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
)272&23,$5
6ROXFLRQHVDORVHMHUFLFLRV3VLFRWpFQLFRV

$ $ $ $ $ $ $ $ $ $

$ ' % % $ ( ( & $ %
& & ' $ & % % & ' &
& & & & & % ' & ' &
' ( % $ % & $ & % '
& & ' $ & ' ( & % %
$ & % $ & & % % ' %
& $ $ ' $ % ( $ % &
% $ & $ $ $ $ $ $ (
$ $ & & & ' $ ' % '
% ' $ ' & & % ' & '
& ' % & ( % ' $ % $
' $ % $ ( ' ( & & '
& ' ' ' % % ' % $ %
% $ % & $ $ ( ' $ %
$ ' & & $ & $ & & '
$ $ % $ & % $ $ ' '
' ( % ' % $ % ' & (
$ & ' $ & $ % % $ %
& % & ' % & ( $ ' '
% & % % & & & ' & %
' ' ' ' $ & ' ' & '
% % & ( ( % ( $ $ (
$ & & $ $ % & % & &
' % & % % ' ( % ' $
& $ % & ' $ ( $ ' $
' ' ' ' & & ' & ' '
% ( & $ ( & ' ' ' '
% % % ' ( % & $ % '
& ' ' % & ' % & % %
% & % ' & & % ' & (



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2

$ $ $ $ $ $ $ $ $ $

& ' $ % ( ' ' & ' $
& & & & & & ' & & &
$ ' % $ & % % $ ' &
% & & & & $ % % ' $
& % ' $ $ & ' $ % '
% $ % ( & % % ' $ $
$ ( ' & ( & $ $ ' '
% $ ' ' ( & $ & ' $
' % ( $ % ( $ ' $ &
% & $ & ( & & $ & &
& & ( & $ % ( $ $ &
$ & $ ' & & % % % $
( % ' ( ' $ % & ' &
% % & % & % ' $ ' &
$ ' & ( & & & $ ' $
( & % ' ' & & % $ &
' ' % ' ' $ % & ' $
& $ % & & % % ' ' &
& ' ( $ $ % % $ % '
& ' ( ( % ( & % ' &
$ $ $ % % ' ' & $ %
% & % % & & % $ $ &
& ' % & % ( & ' ' &
( % & ( ' ' ' % ' &
' $ & % ( ' ' & $ &
( % % ' & % $ $ % $
& ( ' ' ( ( % & & %
$ ' $ $ & & & $ & '
( $ ( ( ( ' & ' % $
' ' % $ $ ( & % % $



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
62/8&,21(636,&27e&1,&2

$ $ $ $ $ $ $ $ $ $

& ' % & & % $ $ % %
% $ $ % $ ( ' % & &
& % $ % ' ( $ ' & %
& ' % & & & $ % ( &
% & $ % % ( ' $ $ $
' ' $ % % ' $ ( ' '
& % % ( % ' ' ' $ $
% % & ( % ' ' ( ( '
' $ & & $ & ' ' ( &
' & $ ' & % $ & & '
& ' $ ' % % & & % $
' $ % ( ' & % ( & %
& & & $ $ ' $ ' & '
' % $ % ' $ $ $ & $
$ ' & $ ' % % & % '
$ % % ' & ' & & ( %
% & $ $ % $ ' % ( %
% % % & % & $ ( % $
% % ' % % ( $ & & $
' $ ' $ & % % % % '
& ' % ( $ % % ' ' '
% $ $ $ % ' % $ % '
$ & ' ( $ % & ( & %
$ $ % $ % ( % & $ %
% ' & ' % ( & % & &
% & & & & $ & $ $ &
& ' $ & $ $ % & % '
% $ % ( & & ' ( % %
' & % & $ & $ $ $ $
& & ' & % & % ' & $



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
5HVSXHVWDV&RPHQWDGDV
(-(5&,&,2$1ž
 &DGDYH]OOHJDPLQXWRVPiVWDUGHTXHODYH]DQWHULRU  

(-(5&,&,2$1ž
 &DOFXODQGRORVGLYLVRUHVGH\WHQHPRV   \  
 /RVGLYLVRUHVFRPXQHVDDPERVVRQ\(OPD\RUGHWRGRVHOORVHV

    (QODSUiFWLFDHOPi[LPRFRP~QGLYLVRU PFG GHGRVQ~PH


URVVHREWLHQH
   
‡ 'HVFRPSRQLHQGRFDGDQ~PHURHQSURGXFWRGHIDFWRUHVSULPRV
   
‡ 0XOWLSOLFDQGRORVIDFWRUHVFRPXQHVHOHYDGRVDOPHQRUH[SR
  
QHQWH

 óÃ\ Ãò

 /RVIDFWRUHV\VRQFRPXQHVDDPERV\HOLJLHQGRORVPHQRUHVH[SRQHQWHVTXHGDÃ 

 /RVP~OWLSORVGHDPERVVRQ  «   


« (OPHQRUGHORVP~OWLSORVFRPXQHVHV(QODSUiFWLFDVHPXOWLSOLFDQORVIDFWRUHV
FRPXQHV\QRFRPXQHVHOHYDGRVDOPD\RUH[SRQHQWH
  óÃ\ Ãò(OPtQLPRFRP~QP~OWLSOR PFP HVóÃò 
 ²²
 ²²[ Ã  
 GH  Ã  
 ²  ²²
  ²²[ Ã  
 6HUHGXFHQDFRP~QGHQRPLQDGRU\VHVXPDQRUHVWDQORVQXPHUDGRUHV

0pWRGR GH ORV SURGXFWRV FUX]D 0pWRGRGHOPtQLPRFRP~QP~OWLSOR6HFDOFXODHO


GRV 6H PXOWLSOLFD HO QXPHUDGRU \ HO PFPGHORVGRVGHQRPLQDGRUHV   \HVWHYDORU
GHQRPLQDGRU GH FDGD IUDFFLyQ SRU HO VH WRPD FRPR GHQRPLQDGRU FRP~Q 'HVSXpV GLYLGL
GHQRPLQDGRUGHODRWUD PRVHVHPFPSRUHOGHQRPLQDGRUGHFDGDIUDFFLyQ\HO
UHVXOWDGRORPXOWLSOLFDPRVSRUHOQXPHUDGRU
à à 
 Ã 
à à 
 Ã 
 
  

 (OSURGXFWRGHGRVIUDFFLRQHVDE\FGHVRWUDIUDFFLyQTXHWLHQHSRUQXPHUDGRUHOSURGXF
WRGHORVQXPHUDGRUHV\FRPRGHQRPLQDGRUHOSURGXFWRGHORVGHQRPLQDGRUHV
 Ã ÃÃ \TXHVLPSOLILFDQGRTXHGD 

(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2

 3DUDGLYLGLUIUDFFLRQHVVHPXOWLSOLFDODSULPHUDSRUODLQYHUVDGHODVHJXQGD 
à à à 
 [ ¨[ ¨[ ¨[ 
 ÉUHDGHOWULiQJXOREÃKÃ  FPò
 ÉUHDGHOWUDSHFLR %E ÃK %\E %DVH   Ã FPò
 /RQJLWXGGHODFLUFXQIHUHQFLD(VLJXDODVXGLiPHWURPXOWLSOLFDGRSRUHO1žSL›  
/ ÛÃU
 ÉUHDGHOFtUFXOR(VLJXDODSLSRUUDGLRDOFXDGUDGRD ›ÃUò
 /DPHGLDDULWPpWLFDGHQQ~PHURVVHREWLHQHGLYLGLHQGRODVXPDGHWRGRVHOORVSRUQ
 (QORVGtDVJDVWy HXURV5RVDJDVWySRUWpUPLQRPHGLR
 FpQWLPRV
 6H RUGHQDQ ORV GDWRV GH IRUPD FUHFLHQWH \ HO GDWR TXH VH HQFXHQWUD HQ HO FHQWUR HV OD
PHGLDQD
 6HRUGHQDQ    /XHJRODPHGLDQDHV 
 &XDQGRHOQ~PHURGHGDWRVHVSDUVHWRPDFRPRPHGLDQDODVHPLVXPDGHORVGRVGDWRV
FHQWUDOHV
 6HRUGHQDQ0HGLDQD    
 /DPHGLDQDHVVHHQFXHQWUDQHQHOFHQWURGRVGDWRVHVWiQSRUGHEDMR\RWURVGRVSRU
HQFLPD
 (OGDWRTXHPiVYHFHVVHUHSLWHHVODPRGD(QHVWHFDVRHV

²²²²  [GHGRQGH[  Ã  
²²²²[ [ PXMHUHVWRWDO

GH  Ã   


 GH  Ã  ² 

²²²² Ã  ² 
²²²²[
 GHVRQ HOUHVWRVRQ 
 GH  Ã  GH  Ã   

 5HJODGHWUHVFRPSXHVWDGLUHFWD5HGXFLPRVDODXQLGDG\UHVROYHPRVHOSUREOHPD

0iTXLQDV +RUDV &DUUHWHV


  
   Ã  
  ÃÃ 



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
5(638(67$6&20(17$'$6



,PSUHVRUDV +RUDV 3iJLQDV


  
   Ã  
 Ã    



3HUVRQDV +RUDV 'tDV+RUDV


  ÃK K
   Ã  K
 Ã     ÃK K

 5HJODGHWUHVLQYHUVD $NPK²²²²K3RUWDQWR [

  $NPK²²²²[K[  Ã  KRUDV



²²²²GtDV 3RUWDQWR [
²²²²[GtDV [  Ã  GtDV
 PFG   HQFDGDFDMD¨ FDMDVPDJGDOHQDV¨ FDMDV
EL]FRFKRV
 ¨PFP   ¨ Ã ¨ Ã ¨ 
à 
   IUDFFLyQJDVWDGD¨² UHVWR ¨ ¨Ã 
¨JDVWDGRV
 PFP   ¨ ¨ KRUDV

(-(5&,&,2$1ž
%$-2&252 &21$621$17(&21$62/$56(
2,55,26(55(6 /HWUDVDOUHYpV  $%(55$5$%1(*$&,Ð1
/2662/6$//$6 /HWUDVDOUHYpV  2%(62$0,*$

(-(5&,&,2$1ž
 (Q OD FROXPQD L]TXLHUGD HVWiQ HO SRVLWLYR \ HO QHJDWLYR SRU WDQWR HO QHJDWLYR GHO GH OD
GHUHFKDHVHO&
 3HTXHxDPHGLQDJUDQGH
 8QDOtQHDGRVOtQHDVWUHVOtQHDVFXDWUROtQHDV
 /DVUD\DVTXHIRUPDQODEDQGHULWDVHYDQDORWURODGRFRQYHUWLGDVHQSXQWLWRV



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2

 )LODGHDUULEDVHPLFtUFXORVPLUDQDODL]TXLHUGDHQPHGLRPLUDQDODL]TXLHUGDDEDMR
IDOWDXQRTXHPLUHDODL]TXLHUGD/RPLVPRRFXUUHFRQORVFtUFXORVEODQFRVDODL]TXLHU
GD\XQRDODGHUHFKD
 OtQHDH[WUHPRVLJXDOHVOtQHDGLIHUHQWHODGHUHFKDOtQHDLJXDOHVODVWUHV
    6XPDU OD  FROXPQD D OD  (O UHVXOWDGR HVWi HQ OD FROXPQD GHUHFKD /RV
GLEXMRVGHGHQWURUHVWDQDORVGHIXHUD
 6HVXPDQODSULPHUDFROXPQDDODVHJXQGDHOUHVXOWDGRDODGHUHFKD/DVOtQHDVLJXDOHV
UHVWDQ
 6XPDUODILODDOD(OUHVXOWDGRHVWiHQODILODGHDUULED
 6XPDUODILODDOD(OUHVXOWDGRHVWiDODGHUHFKD

(-(5&,&,2$1ž
 /DUD\DGHODL]TXLHUGDDYDQ]DKDFLDODGHUHFKDGHHQJUDGRV/DUD\DFHQWUDOQRVH
PXHYH/DUD\DGHODGHUHFKDDYDQ]DGHHQJUDGRV
 žGHVDSDUHFHODFROXPQD'HVSXpVGHVDSDUHFHODFROXPQD7RFDGHVDSDUHFHUODFROXPQD
 9pUWLFHVXSHULRUGHUHFKR8QFXDGURGRVFXDGURVXQLGRVWUHV\OXHJRFXDWURFXDGURVXQLGRV
 (OSXQWRH[WHULRUDYDQ]DKDFLDODL]TXLHUGDODGR\PHGLR
 (OFXDGURVHPXHYHHQGLDJRQDO(OSXQWRKDFLDODL]TXLHUGD
 *UDQGHGRVSXQWRVDODL]TXLHUGD3HTXHxDXQSXQWRDODGHUHFKD
 /D[GHDUULEDDYDQ]DKDFLDODGHUHFKD/D[GHDEDMRDYDQ]DKDFLDDUULED/D[GHODGHUH
FKDDYDQ]DKDFLDODL]TXLHUGD
 /D PDQFKD HQ OD PLWDG VXSHULRU DYDQ]D KDFLD OD GHUHFKD (Q OD PLWDG LQIHULRU DYDQ]D
KDFLDODL]TXLHUGD
 /tQHDYHUWLFDOL]TXLHUGDGHUHFKD/DKRUL]RQWDOEDMDSDXODWLQDPHQWH
 (OSXQWRDYDQ]D

(-(5&,&,2$1ž
 /tQHD HQWHUD QHJUD DYDQ]D DEDMRDUULED DOWHUQDQGR OtQHDV /tQHD SDUWLGD QHJUD DYDQ]D
DUULEDDEDMRDOWHUQDQGROtQHDV
 6HYDGHVDUPDQGRHOUHFWiQJXORGHDUULED\DUPiQGRVHDEDMR
 /DSULPHUDIOHFKDDSXQWDODVHJXQGDWLHQHORVGRVH[WUHPRVLJXDOHV
 $UULED²DEDMR²
 (OEUD]RDSDUHFHSRUODL]TXLHUGDSRUWDQWRODSLHUQDGHEHDSDUHFHUSRUHOPLVPRODGR
 8QSXQWRDODL]TXLHUGDXQDFROXPQDDODGHUHFKD'RVSXQWRVDODL]TXLHUGDGRVFROXP
QDVDODGHUHFKD7UHVSXQWRVDODL]TXLHUGDWUHVFROXPQDVDODGHUHFKDHWF
 ²²
 (QORVGLEXMRV\FDPELDODGLDJRQDO??


(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
5(638(67$6&20(17$'$6

(-(5&,&,2$1ž
 6XPDQWRGRV  6HULHLPSDU 
 [ [   [²[²[²[²
 ²²²²²²²  'LIHUHQFLDV
   
      6HULHSDU ²
 òòòòòò  ²²UHSHWLU
 [   [  [    6HULHSDU
[   ó²ó²ó²
 6HULHSDU  ²UHSHWLU
   6HULHLPSDU 
 *UXSRVGHWUHV ²   'LIHUHQFLDV
²
 'LIHUHQFLDV
 ²UHSHWLU
 6HULHLPSDU ²
 [²UHSHWLU
 [²UHSHWLU
 6HULHSDU
 UHSHWLU
 óóóóó
 'LIHUHQFLDV

(-(5&,&,2$1ž
 7UDQVSRUWHVFROHFWLYRV  )UXWRVFRQSHSLWDV
 3DODEUDVHQRUGHQDOIDEpWLFR  6LQyQLPRV
 6LQyQLPRV  $FDEDQHQODOHWUD´Dµ
 6LQyQLPRV  6LQyQLPRV
 3DODEUDVUHODFLRQDGDVFRQHOQ~PHURGLH]  6LQyQLPRV
 +D\GRVGHWRGR  *UDPtQHDV FHUHDOHV
 )LJXUDVFRQYROXPHQ  &RPHVWLEOHV
 3DODEUDVUHODFLRQDGDVFRQODULVD  )HOLQRV
 $FFLGHQWHVPDULQRV  &HWiFHRV
 (VWDEOHFLPLHQWRVFRPHUFLDOHV  5tRV
 3DODEUDVGHGRVVtODEDV  ,VODVPHGLWHUUiQHDV
 6LQyQLPRV  6LQyQLPRV
 )LEUDVYHJHWDOHV  &RPHVWLEOHV
 6LQyQLPRV  ,QVWUXPHQWRVGHYLHQWR
 3DODEUDVVLQDFHQWRJUiILFR  +XHVRVGHORtGR

(-(5&,&,2$1ž
 /DVGRV~OWLPDVOHWUDV DOUHYpV GHODVSDODEUDVODWHUDOHVIRUPDQODSDODEUDFHQWUDO
 VtODEDVtODEDVVtODEDVVtODEDVWRGDVDFDEDQHQ´FDQµ 

(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2

 /DSULPHUD\OD~OWLPDOHWUDGHODVSDODEUDVODWHUDOHVIRUPDQODSDODEUDFHQWUDO
 /DVtODEDFHQWUDOGHFDGDSDODEUDDSDUHFHDODL]TXLHUGD
 6LQyQLPRV
 $(,28WRGDVDFDEDQHQ´Rµ
 6LQyQLPRV
 &DGDFLIUDFRUUHVSRQGHDXQDOHWUD(MHPSOR ' 1
 /HWUDVLPSDUHV $75$ GHODSULPHUDSDODEUD\ODVGRVSULPHUDVOHWUDVGHOD~OWLPD
 1~PHURGH´Dµ
 6LQyQLPRV
 $(,280/.-
 6tODEDFHQWUDO\~OWLPDOHWUDVGHODSULPHUDSDODEUDPiVODVtODEDFHQWUDOGHOD~OWLPD
 $(2/D~OWLPDVtODEDVHUHSLWHHQODVLJXLHQWHSDODEUD
 6LQyQLPRV
 1~PHURGHFRQVRQDQWHV
 /DVVOHWUDV  GHODSDODEUD\ODVOHWUDVGHORVH[WUHPRV  GHOD~OWLPD(O
1žVLW~DHOOXJDUGHODOHWUD
 /DSULPHUD\OD~OWLPDOHWUDGHFDGDSDODEUDSDVDQDODL]TXLHUGD
 6LQyQLPRV
 $(,287RGDVDFDEDQHQ´Dµ
 /DV~OWLPDVOHWUDV  GHODSDODEUDPiVODVOHWUDVFHQWUDOHV  GHOD~OWLPD
(O1žVLW~DHOOXJDUGHODOHWUD
  'LH] &LHQ 0LO
 6LQyQLPRV
 9DOOD9$/&RGLFLDGD&2',$
 6LQyQLPRV
 1~PHURGHUD\DVSDORV
 6LQyQLPRV
 /DVWUHVOHWUDVFHQWUDOHVGHFDGDSDODEUDDSDUHFHQDODL]TXLHUGD
 6LQyQLPRV
 (OQ~PHURVLW~DHOOXJDUGHODOHWUD

(-(5&,&,2$1ž
 'HVSXpVGHODSDUHMD'<HVWiQODVOHWUDV-,DKRUDWRFDOD+ ² 
 1~PHURVFRUUHODWLYRV/HWUDVGLIHUHQFLD$'  ',  ,2  2;  
 'HVGH,D%HVXQDVHFXHQFLDTXHVHUHSLWH
  6HULHLPSDU$&(*,  VHULHSDU1246  

(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
5(638(67$6&20(17$'$6

 &DGDWUHVOHWUDVVHUHSLWHODSULPHUD
 6HVXPDQODVOHWUDV\HOUHVXOWDGRVHSRQHHQWUHSDUpQWHVLV$% &    $- .  
  UHSHWLU
 3ULPHUDOHWUD$&(*  VHJXQGDOHWUD=;97 ² SULPHUQ~PHURVHJXQ
GRQ~PHUR
 &DGDWUHVOHWUDVVHUHSLWHOD~OWLPD
 &DGDGRVOHWUDVVHUHSLWHOD~OWLPD
 
 UHSHWLU
 1~PHURV[
 3ULPHU Q~PHUR  VHJXQGR Q~PHUR  OHWUDV =;< ;<=  756 567 
423 234 
 /HWUDV=;97 ² 
 ²UHSHWLU
 (QWUHODVOHWUDV$%&HVWiODSDUHMD9*
 ²²²²²²
 7UHVVHULHV 1f23  678  $%& 
 7UtRVGHOHWUDVDOUHYpV'&% %&' -,+ +,- 0/. ./0 
 (QWUHODV´0µVHDOWHUQDQODVVHULHV$%&\=<;
 (QWUHODV´5µHVWiQODVOHWUDV$&(*,.0  
 (QWUHODV´=µHVWiQODVOHWUDV556567HWF
 3ULPHUQ~PHURVHJXQGRQ~PHUROHWUDV:964 ² 
 1~PHURV
 3ULPHUQ~PHUR [ VHJXQGRQ~PHUR  OHWUDV$&(*,.0f
 
 6LJXHQODVOHWUDV=;97 ² 
 
 6HULH+*)VHULH<;:QRWHQHUHQFXHQWDOD0
 (QWUHSDUpQWHVLVHVWiODSULPHUDOHWUDGHODSDODEUDTXHUHVXOWDGHOHHUHOQ~PHUR

(-(5&,&,2$1ž
 )LJXUDVGLYLGLGDVHQFXDWURSDUWHVLJXDOHVH[FHSWROD'
 /DPDQFKDGHQWURGHODHVWUHOODHVORTXHODKDFHGLIHUHQWH
 $ %&' (0 1f2 3
 /DVGRVOHWUDVHVORTXHODKDFHGLIHUHQWH


(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2

(-(5&,&,2$1ž
 [ [²¨²[ ²¨[ ¨[ 
 [[[ ¨ Ã ¨[[[ ¨[ ¨[ ¨[ 
 [  [  ¨[[ ¨[[ ²²¨[ ¨[ 
¨[ 
   \
 3ODQWHDPRVODHFXDFLyQ [ [  [   5HVROYHPRV [ ¨
 [ ² ¨[ ¨[ /RVQ~PHURVFRQVHFXWLYRVVRQ\
 [²[ ¨[ ¨[ ¨[ ¨Ã² ¨² ¨\

 [ [  PXOWLSOLFDPRVSRUODHFXDFLyQSDUDHOLPLQDUODIUDFFLyQ[[

 [ ²¨[ ¨[ ¨[ ž ž    
 [[[ ¨PFP   ¨[[[ ¨
 Ã ¨[[[ ¨[ ¨[ ¨[ 
 3DUWHGLYLGHQGR[ 3ODQWHDPRV [\ 
` 'HVSHMDPRVHQODV [ ²\ `
3DUWHGLYLVRU\ HOVLVWHPD \ [ GRVHFXDFLRQHVOD[ [ \
 3RUWDQWR\ ²\¨\ ¨\ ¨\ ¨[ ² 
 3ODQWHDPRVODHFXDFLyQ[  [ 5HVROYHPRV[  [ ¨[ 
[
 ² [²[¨ [¨[ ¨[ 
 +LMR[3DGUH 3 [3ODQWHDPRVODHFXDFLyQ[  [
 5HVROYHPRV[ [ ¨[²[ ²¨²[ ²¨[ ¨3 
 9 [+ [ [  [  ¨ [  [  ¨[[ 
²²¨
 [ ¨[ ¨[ ¨+ ¨9  
 $ [+ [3 [[[ [¨[[²[ ²
²¨[ 
 $QWHV% [$ [$KRUD% [$ [¨[[ [[¨[[²[²[
¨
 [ ¨[ ¨[ $QWHV% $ $KRUD%  $  

 Ã[  à  à  ¨[ ¨[ ²¨[ ¨[ 
 &ODVH$[&ODVH%²[3ODQWHDPRVODHFXDFLyQ[ ²[  Ã
 5HVROYHPRV[²[ ¨²[ ²¨[ ¨%² 
  ¨ ¨[ ¨[ ¨[ ¨² 
 7 [0 [/ Ã[¨[[ Ã[  ¨[[ ¨
 [ ¨[ ¨[ ¨7 0 [ / Ã[ 


 [[ ¨[ ¨[ ¨[ ¨² 

(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
5(638(67$6&20(17$'$6

 Ã[  ¨ [  ¨ à ¨ [  ¨[ ²¨[ 

 [² [¨[²[ ¨[ ¨[ ¨[ ¨Ã 
 &RQHMRV [*DOOLQDV ²[&DGDFRQHMRWLHQHSDWDV\FDGDJDOOLQDOXHJRODHFXD
FLyQHV[ ²[  
 5HVROYHPRV[²[ ¨[²[ ²¨[ ¨[ FRQHMRV¨JDOOLQDV
² 
 'REOHV[ 3ODQWHDPRV HO [\ 
VLVWHPD
` 0XOWLSOLFDPRV OD  [\
HF SRU  OD SRQHPRV

`
6HQFLOODV\ [\  ²[²\ ²
HQ QHJDWLYR \ UHVWD
PRV
 [ ¨\ ² 
 + [0 [1 [¨[[[ ¨[ ¨[ ¨[ ¨1 [ 
à 
 &DOFXODPRVODSDUWHFRUUHVSRQGLHQWHDXQDXQLGDG\PXOWLSOLFDPRVHOUHVXOWDGRSRUFDGD
XQDGHODVFDQWLGDGHVHQWUHODVTXHWHQHPRVTXHUHSDUWLU
6XPDPRV 3RUXQLGDGFRUUHVSRQGH HXURV
$QWRQLRÃ ¼%HOpQÃ ¼&pVDUÃ ¼
 [[ ¨PFP   
 à [[  è[[ ¨[[ ¨[ 
¨[ 
 [ ¨Ã   DxRV ¨Ã  
DxRV
 ²  NP Ã 
 $FLHUWRV[ 3ODQWHDPRV [²\ 
`0XOWLSOLFDPRV OD [²\
HFXDSRU

`
)DOORV\ HOVLVWHPD [\  [\ 
\VXPDPRV
 [ ¨[ DFLHUWRV¨\ ² IDOORV
 &RUWR [/DUJR [¨[[[[ ¨[ ¨[ ¨[ ¨[ 
¨Ã 
     VLPSOLILFDU    ¨ ¨ 

3DVDUDVLVWHPD ²²
VH[DJHVLPDO ²²[ Ã  PLQ KPLQ
          VLPSOLILFDU        ¨      ¨
 
3DVDUDVLVWHPD ²²
VH[DJHVLPDO ²²[ Ã  PLQV KPLQV



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2

(-(5&,&,2$1ž
/DVROHGDGQRVLJQLILFDHVWDUVROR 6LVHPXULHUDGHYHUJHQ]D\DQRHVWD
8QSHOLJURSUHYLVWRHVWiPHGLRDEROLGR UtDYLYR
'HEHPRVSHQVDUHQQXHVWURSURSLR 6HDSUHQGHFXDQGRVHDSUHKHQGH
FRPSRUWDPLHQWR 6LFDHVVLHWHYHFHVOHYiQWDWHRFKR
1RSODQWHHVyORSUREOHPDVSURSRQJD 1RRGLHVSHUGHUDPDJDQDU
VROXFLRQHV (OSURJUHVRFRQVLVWHHQHOFDPELR
4XLHQQRVDEHJREHUQDUHVVLHPSUHXQ /HHUHVPXOWLSOLFDU\HQULTXHFHUOD
XVXUSDGRU YLGDLQWHULRU
6yORODIDQWDVtDSHUPDQHFHVLHPSUH (VPHMRUTXHKDEOHQVLQUD]yQ
MRYHQ /DVFUtWLFDVKD\TXHVDEHUKDFHUODVD
/DVFRVDVVRQFRPRVRQSRUTXHIXHURQ WLHPSR
FRPRIXHURQ /RVEXHQRVMHIHVGHEHQVHUJUDQGHV
/DVSHTXHxHFHVPDWDQORVJUDQGHV VLPSOLILFDGRUHV
DPRUHV $SUHQGHDGLVWLQJXLUTXpEDWDOODV
6HGHMDGHWHPHUDTXHOORTXHVHHQWLHQGH GHEHVJDQDU
1RKD\QDGDPiVDPDGRTXHORTXH /DUHOLJLyQGHEHUtDGDUPiViQLPRV
SHUGt TXHWHPRUHV
/RWUiJLFRVXUJHDSDUWLUGHORLQVLJQL 7RPDFRQVHMRHQHOYLQRSHURGHFLGH
ILFDQWH FRQDJXD
(OGLQHURHQHIHFWLYRHVFRVDGHDUUXL (QODPHVD\HQHOMXHJRVHFRQRFHDO
QDGRV FDEDOOHUR
(OFXiQGR\HOSHURHVODKHUHQFLDGH /DKDELOLGDGPiVLPSRUWDQWHHVODUHV
ORVWRQWRV SRQVDELOLGDG
&XtGDWHGHTXHQDGLHWHRGLHFRQUD]yQ 'LPHORTXHFUHHVVHU\WHGLUpORTXH
/DJORULDHVHOVROGHODPXHUWH QRHUHV

(-(5&,&,2$1ž
(MHUFLFLRFXDWUR
3DUDUHVROYHUHVWHWLSRGHHMHUFLFLRVHVFRQYHQLHQWHHODERUDUFXDGURVFRQWRGRVORVGDWRV

3ROLFtD/RFDO *XDUGLD&LYLO
       
7DUUDJRQD 6DEDGHOO 6DORX 0DWDUy 7DUUDJRQD 6DEDGHOO 6DORX 0DWDUy
ž ž ž ž ž ž ž ž
3LVWROD 6WDU %HUHWWD $VWUD 3LVWROD 6WDU %HUHWWD $VWUD
+. 3. ) +. 3. )

3ROLFtD1DFLRQDO 0RVVRG(VFXDGUD
       
7DUUDJRQD 6DEDGHOO 6DORX 0DWDUy 7DUUDJRQD 6DEDGHOO 6DORX 0DWDUy
ž ž ž ž ž ž ž ž
3LVWROD+. 6WDU %HUHWWD $VWUD 3LVWROD 6WDU %HUHWWD $VWUD
3. )  +. 3. ) 

 /XHJROHHPRVODVSLVWDV\YDPRVWDFKDQGRORVGDWRVTXHQRVVREUDQ\GHMDQGRORVFRUUHFWRV

(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
5(638(67$6&20(17$'$6

(OUHVXOWDGRILQDOGHEHVHUpVWH

3ROLFtD/RFDO *XDUGLD&LYLO
 
6DEDGHOO 6DORX
ž ž
6WDU $VWUD
3. 

3ROLFtD1DFLRQDO 0RVVRG(VFXDGUD
 
0DWDUy 7DUUDJRQD
ž ž
%HUHWWD 3LVWROD
) +.

$KRUD\DHVWiHQGLVSRVLFLyQGHFRQWHVWDUDWRGDVODVSUHJXQWDV
(MHUFLFLRFLQFR

&RPLVDULR ,QVSHFWRU
       
([WUDQMHURV $WUDFRV 'HQXQFLDV +RPLFLGLRV ([WUDQMHURV $WUDFRV 'HQXQFLDV +RPLFLGLRV
%DMD 3ULPHUD 6HJXQGD 7HUFHUD %DMD 3ULPHUD 6HJXQGD 7HUFHUD

6XELQVSHFWRU 3ROLFtD
       
([WUDQMHURV $WUDFRV 'HQXQFLDV +RPLFLGLRV ([WUDQMHURV $WUDFRV 'HQXQFLDV +RPLFLGLRV
%DMD 3ULPHUD 6HJXQGD 7HUFHUD %DMD 3ULPHUD 6HJXQGD 7HUFHUD

5HVXOWDGR

&RPLVDULR ,QVSHFWRU
 
([WUDQMHURV $WUDFRV
6HJXQGD %DMD

6XELQVSHFWRU 3ROLFtD
 
'HQXQFLDV +RPLFLGLRV
3ULPHUD 7HUFHUD

(-(5&,&,2$1ž

(VWUHOOD&tUFXOR 

(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2

(-(5&,&,2$1ž

 ([WHULRUHVFRUUHODWLYRVKDFLDODL]TXLHUGDLQWHULRUHVKDFLDODGHUHFKD
 (OFDPELDDUULED\DEDMRUHVWRFRUUHODWLYRVDUULED\DEDMR
 0LUDUHQ;DUULEDDEDMR
 5HVWDUQXPHUDGRUHVVXPDUGHQRPLQDGRUHVUHVXOWDGRVDODGHUHFKD
 6XPDUHQ;
 3HUPXWDQODVPLVPDVILFKDV
 ([WHULRUHVKDFLDODL]TXLHUGDLQWHULRUHVFRUUHODWLYRV
 +D\GRVGHFDGD Q~PHURV 
 5HVWDUQXPHUDGRUHVVXPDUGHQRPLQDGRUHVUHVXOWDGRVDODGHUHFKD
 &RQVHFXWLYRVQXPHUDGRUHV\GHQRPLQDGRUHV
 +D\GRVGHFDGD Q~PHURV 
 1XPHUDGRUHVGHQRPLQDGRUHV²²²²²²
 3DUWLHQGRGHOVHLVGREOHVLPHWUtDHQODVGRVGLUHFFLRQHV
 'HQWURGHODILFKD²IXHUDGHODILFKD²
 6HDOWHUQDQ~PHURVROR\Q~PHURUHSHWLGRQ~PHURUHSHWLGRQ~PHURVROR²
 'HQWURGHODILFKDIXHUDGHODILFKD
 \FRUUHODWLYRVDUULED\DEDMRHOUHVWRVRQFRQVHFXWLYRVKDFLDODL]TXLHUGD
 $UULEDDEDMRFRUUHODWLYRVVLQžžž
 'HQWUR\IXHUDGHODILFKD
 1XPHUDGRUHVGHQRPLQDGRUHV²KDVWDODEODQFDOXHJR
 6HDOWHUQDQILFKDPL[WD\ILFKDGREOHQXPHUDGRUHVFRUUHODWLYRV² VDOYRILFKDGREOH 
 ([WHULRUHV²²L]TXLHUGDLQWHULRUHV²²L]TXLHUGD
 ([WHULRUHVKDFLDODL]TXLHUGDLQWHULRUHVVHDOWHUQDQ\
 (OVHUHSLWHHQILFKDWXPEDGDHQODRWUDSDUWHGHODILFKDWXPEDGD
 7RGRVORVQ~PHURVGRVYHFHVVLQRUGHQ
 0LUDUHQ;VHUHSLWHQXPHUDGRUGHQRPLQDGRU
 1XPHUDGRUHVGHQRPLQDGRUHV²
 \ILFKDVHUHVWDQHOUHVXOWDGRHVWiHQODUHSHWLUFRQODVRWUDVWUHV
 1~PHURVFRUUHODWLYRV
 1~PHURVUHSHWLGRVGRVYHFHV



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
5(638(67$6&20(17$'$6

(-(5&,&,2$1ž
   /DVILODVVXPDQ
 ²  FROXPQD[FROXPQD[UHVXOWDGRVHQ
FROXPQDFHQWUDO
 
 [² [² [² 
 6tPERORVUHSHWLGRV€ÂB›
 6HUHVWDQORVQ~PHURVGHORViQJXORVODWHUDOHVGH
 ²
FDGDWULiQJXORHOUHVXOWDGRHQHORWURiQJXOR
 
 /RVQ~PHURVGHORVWULiQJXORVVXPDQ
 ²
 (OUHIOHMRHVHOFXDGUDGR
 6HUHSLWHQ××­­€€BB
     
 6HUHSLWHQÐÎ

(-(5&,&,2$1ž

  %RUUDOD 5HSLWHOD~OWLPD /D~OWLPDSDVDDSHQ~OWLPD


  5HSLWHOD 5HSLWHOD~OWLPD %RUUDOD~OWLPD 9ROWHDWRGDV
  $ODODSDVD~OWLPD 5HSLWHOD~OWLPD $OWHUQDODFRQ
OD~OWLPD $xDGH$DOILQDO
  %RUUD: 3DVDOD~OWLPDD /DSDVDDOILQDO 5HSLWH
OD $xDGH%DOSULQFLSLR
  9ROWHDWRGDV 5HSLWHOD~OWLPD %RUUDOD /DSDVDDO
ILQDOODDYDQ]DXQSXHVWR

(-(5&,&,2$1ž
 $XPHQWDKRUDPLQXWRV
 3XQWDIOHFKDKDFLDDEDMR\OXHJRKDFLDDUULED&ROXPQDL]TXLHUGDXQFXDGUDGRHQQHJUR
GRVWUHV\FXDWUR
 /DVOtQHDVKRUL]RQWDOHVSDVDQSRUODVFXDWURHVTXLQDV/DVYHUWLFDOHVSHUPXWDQGHQWURGH
ODPLVPDGLDJRQDO/RVFtUFXORVSDVDQSRUODVFXDWURHVTXLQDVSHUPXWDQGRGHFRORU
 3HTXHxDDODGHUHFKDGHGRVHQGRVSXQWRV*UDQGHDODLQYHUVD
 /RVWUHVSXQWRVDYDQ]DQGHFXDGURHQFXDGUR(OSXQWRDYDQ]DGHGRVHQGRV
     
 [ [ [ 
 žFtUFXORVžHVWUHOODVžWULiQJXORVžFXDGUDGRV5HSHWLU
 ²²3ULPHURDSDUHFHXQDGLDJRQDOOXHJRODRWUD\ILQDOPHQWHODVOHWUDVFHQ
WUDOHV,QYHUWLUHOSURFHVR
 /DVUD\DVGHOVHMXQWDQHQHOPDQWHQLHQGRODGLDJRQDO\DVtVXFHVLYDPHQWH
 (OSXQWRQHJURVHYDFtDKDVWDODPLWDGOOHQiQGRVHHOTXHHVWiDVXODGR\DVtVXFHVLYDPHQWH
 7RFDILJXUDFRQYROXPHQHQODGLDJRQDOGHOD$ 

(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2

 3XQWRVGHDUULED\DEDMRSXQWRVGHOPHGLR
 'LEXMR\FDPELDODGLDJRQDO??

(-(5&,&,2$1ž

 63:3Š  Šg œ6× -Š3g× ™e6Š


+('(5 $75É6 )$*27 35(62 -8*$5

 6šƉÒ ­Ɖ:Ɖ 51 :š šØ € ؚ


ƉÒ
7(/Ð1 &2/02 ),50( /(35$ 3(=Ð1

 @™,:d 1™8d€ /d,1™ /g@6


Òg@5™
/$5*2 -$0Ð1 )25-$ )(/,= '(/7$

 -+8+š ×+ŠĬ8 ×@Ɖ@š


ĬšĬ5d
Ĭ6+8
*$/$6 +É%,/ +(&(6 9,6,Ð1 9,5$/

 Ö7@Š 8g 68Ö7 Ò7™8 6Š™Ò


6(1,/ 625'2 )5(12 $1752 )/27$

 Ɖ6(
š œ.š=
Ɔ

.( Ɔ
.š Š.=

&2'$/ %(/*$ 3$5(' 3$1(/ 6(*$5

 =šȍš:
š:ך
š™=5 c5€=5 ×ҙÒ:
&$%$/ 0$/9$ 0$5&2 726&2 9,5,/

 :œƈ. 5:œ: €
e ›œ
€ƈ Ɔe5:œ
%$5Ð1 *$5=$ '(%87 &5('2 /8*$5

 ™8Ɖ8Ø ™86d€ Ɖ@Š6d g™@


d @€
d
5$%$/ 5$7Ð1 %8672 &58'2 081'2

 6
ƉƉ cBȍB Ɖȍ6Ɖ ȍØSg
Ĭ
š§š
&/252 %5$6$ +26&2 687,/ 3/(9(

 Ɔbšb™ Š83™œ ƅ֙b b¯Šœ 18ŠBš


%$6$/ 5,)/( &23/$ &$75( 9,586



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
5(638(67$6&20(17$'$6

 Ò6-=› ™=Õƅ› ™6Ò6 ƅÕe6› š6e6-


321(5 6(&$5 623/2 $&725 )27Ð1

 5@™6d 5™@6@


@5šd .@ @™ @
d=
3$/&2 3/$&$ 5$372 =$*$/ $5*Ð1

 ƅ™×š™ c
Ò6€ c6š-€ g66c™ 6:š™6
&$67$ 08-2/ 027(/ )250$ 237$5

 7Ĭš 8 œØ87Ø œ 6šØ 5؀3Ø 3 /8@


9,7$/ 32/92 3$672 521&2 &$%/(

 ×geŠeš œ8ƆƉ› š .š : g


e8eœ@ ƆÒ
e:
&2+,%,5 (038-$5 *5$1$'2 7,0,'(= 3/$7,1$

 כ:5
ŠÒ׊g ,Š
5 @Š ›××ĬŠ
×@6Ĭ×
)(&81'2 )/$0($5 %$/'26$ &(1(*$/ (6),1*(


ŠÒ:ƈÒd ڙÛ3:=Ø šÒÛ؝
= 6Ò=ƈÒ€Ø 6Ò¯
dÒ
(;$/7$5 ,038/62 -$321e6 &$67$f2 &$9(51$

 Ø:
6 š
5d6 6€gÛ5d
.ƆĬdÛ 5›ØĬd
$/$&5É1 0$5$7Ð1 1()$672 5É3,'26 7$%/$'2

 Ê׀Êdڜ BšÄ×Ú:Ê gšœ


š™Ú dŠœ×ÊƉÚ BÚ:Š€Ê
$75$&Ð1 3,672/$ ),1*,'2 &(17$92 32/9(5$

 6d:Š+Äd :ƈd™5 d65ØƆšØ 6Ø: ƆØ Ɔؙ@ƈ؊


'(&/,9( &58(172 (67$03$ 6$5&20$ 0$1*8$/

 :›€šd =5Ø=Š6 Ɔ6:ƅ €ؚƅ6 šg5


6
&$67,*2 (03(f$5 %$5&$=$ 7$3,=$5 ,102/$5

 …
²€Ö6² 5/²š> ²
ƆeĬ² 5Ãe
eƆ² šÛ€Ĭ²
*5$18-$ 7(&/$'2 $53,67$ &+,5,3$ '()(16$

 ›:™8؀
™ØÒ
Ɔ5
g:€ØÒ 5š›Ø85 85™Øg5Ã
+,63$12 6$/2%5( 25',1$/ (&+$53( 3(6$'(=



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2

 8 Ö6€5 Ö5›¯6 Ö ¯ ™Ĭ 8d™›6


š 8Ĭ
/,0261$ 0$1'$72 0,7,*$5 3/(*$'2 9$&,/$5

 šØg6š- gÊe3e-


ØgŠe- š@ešc ecŠƆ6

&$0(/$5 (;,67,5 &20(',5 &$3,7É1 ,1'8/72

 S8
B5BØ ›Ĭ6È5Bd B
Ĭ6BÒ ƆBd-Ĭ
È 6Bd-SØÈ
(67$&$5 %,)2&$/ $17,)$= 0$/',72 )$/'(52

 š›:Ɖ6Ò ™ØÊƉÒ ØƆ: Ĭ ™Ɖ 3 š6ĬdƆ


%8',602 352;,02 52721'$ &$3,7$/ 2%6&(12

 ƉdŠÒ ™3Ĭ›:3 ׅƈ@Ĭ@Ò dƅ׊:Ò3 ›Š™@ 3


$0$16$5 &2%$/72 (;+,%,5 18(6752 /$6&,92

 ÊØ>d€5> €Ɔ6d8@Ɔ >


:>8ƆØ šƆ
Ɔ@> 8>ƈ@dÄB
&5(Ì%/( %$f,67$ (1<(6$5 *$=1$7( 6e37,02



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
Ejercicios
Omnibus
(;$0(1%Qž
(MHUFLFLRVÐPQLEXV
 %XVTXHODDQDORJtD5(/2-HVD+25$FRPR7(50Ð0(752HVD"
 D &$/25 E *5$'2 F 7(03(5$785$

 'HGXFLUHORUGHQOyJLFRSDUDRSWLPL]DUODVLJXLHQWHWDUHD'HXQDKDEL
WDFLyQTXHWLHQHXQDDPSOLDYHQWDQDKD\TXHVDFDUXQVRIiTXHQRFDEH
SRUODSXHUWD
 'HFLGLUODPHMRUPDQHUD\FDPLQRSDUDWUDVODGDUOR
 0HGLUODDPSOLWXGGHODYHQWDQD
 $SUR[LPDUHOVRIiDOOXJDUGHVDOLGDGHODKDELWDFLyQ
 0HGLUODDPSOLWXGGHODSXHUWD\GHOVRIi
 7UDVODGDUORVREMHWRVTXHSXHGHQHVWRUEDUHQHOUHFRUULGR

 D  E  F 

 (QHOGLDJUDPDTXHFRORFDPRVDFRQWLQXDFLyQVHKDQYROFDGRORVGDWRV
REWHQLGRVHQXQDHQFXHVWDUHDOL]DGDDXQJUXSRGHMyYHQHVHQODTXH
VHOHVSUHJXQWyDFHUFDGHVXVSUHIHUHQFLDVSRUFLHUWRVPHGLRVGHWUDQV
SRUWH ELFLFOHWD PRWRFLFOHWD \ DXWRPyYLO  /RV Q~PHURV TXH DSDUHFHQ
VHUHILHUHQDODVFDQWLGDGHVGHSHUVRQDVTXHUHVSRQGLHURQDODSUHJXQWD
HQODVGLYHUVDVIRUPDVSRVLEOHV



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
(-(5&,&,26Ð01,%86

6REUHODEDVHGHHVWRVGDWRVUHVSRQGHUHPRVDODVVLJXLHQWHVSUHJXQWDV

 ¢$FXiQWDVOHVJXVWDEDHODXWRPyYLO"
 D $SHUVRQDV E $SHUVRQDV F $SHUVRQDV

 ¢$FXiQWDVOHVJXVWDEDODELFLFOHWDVRODPHQWH"
 D $QLQJXQD E $SHUVRQDV F $SHUVRQDV

 ¢$FXiQWDVOHVJXVWDEDODELFLFOHWD\HODXWRPyYLOSHURQRODPRWRFLFOHWD"
 D $SHUVRQDV E $SHUVRQDV F $SHUVRQDV

¢$FXiQWDVOHVJXVWDEDQODVWUHVFRVDV"
 D $SHUVRQDV E $SHUVRQDV F $SHUVRQDV

¢$FXiQWDVOHVJXVWDEDODPRWRFLFOHWDVRODPHQWH"
 D $SHUVRQDV E $SHUVRQDV F $SHUVRQDV

 ¢$FXiQWDVOHVJXVWDEDODPRWRFLFOHWD\ODELFLFOHWDSHURQRHODXWRPyYLO"
 D $SHUVRQDV E $SHUVRQDV F $SHUVRQDV

 ¢$FXiQWDVOHVJXVWDEDHODXWRPyYLO\ODPRWRFLFOHWDSHURQRODELFLFOH
WD"
 D $SHUVRQDV E $SHUVRQDV F $SHUVRQDV

 ¢$FXiQWDVOHVJXVWDEDHODXWRPyYLOVRODPHQWH"
 D $SHUVRQDV E $SHUVRQDV F $SHUVRQDV

 ¢$FXiQWDVOHVJXVWDEDODPRWRFLFOHWD"
 D $SHUVRQDV E $SHUVRQDV F $SHUVRQDV

 ¢&XiOIXHHOQ~PHURGHSHUVRQDVHQWUHYLVWDGDV"
 D SHUVRQDV E SHUVRQDV F SHUVRQDV

 6HxDOHHOGLEXMRTXHWLHQHDOJXQDGLIHUHQFLDFRQUHVSHFWRDORVRWURVGRV
 D  E  F 

  


(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
(;$0(1%1ž

&RPSOHWHODVVHULHVVLJXLHQWHV

 6HULH²²²²²²"
 D  E  F 

 6HULH²²²²²²²²"
 D  E  F 

 6HULH²²²²²"
 D  E  F 

 6HULH²²²²²"
 D  E  F 

 6HULH²²²²²²"
 D  E  F 

 6HULH²²²²²²"
 D  E  F 

 6HULH8:=",f
 D $ E ( F '

 6HULH=0;f937"
 D 4 E 3 F 5

 ,QGLTXHHOQ~PHURHTXLYRFDGR²²²²²²²
 D  E  F 

 ,QGLTXHHOQ~PHURHTXLYRFDGR²²²²²²
 D  E  F 

 6HxDOHHOGLEXMRTXHWLHQHDOJXQDGLIHUHQFLDFRQUHVSHFWRDORVRWURVGRV
 D  E  F

  


(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
(-(5&,&,26Ð01,%86

6HxDOHHOUHVXOWDGRPD\RUVLVRQLJXDOHVPDUTXHOD´Fµ
 D E F
GHõGH GHôGH ,*8$/(6
 D E F
¢9DORUGH;" ¢9DORUGH;" ,*8$/(6
 ;  ;
 D E F
4XLQWDSDUWHGH 6H[WDSDUWHGH ,*8$/(6
XQRFWDYRGH XQTXLQWRGH

¢&XiOHVODGLIHUHQFLDHQWUHORVSULPHURVQ~PHURVSDUHVHLPSDUHV"
 D  E  F 

 ¢&XiQWDSDODEUDVGLVWLQWDVVHSXHGHQIRUPDUFRQODVOHWUDVGHODSDOD
EUD6$/HQWUDQGRWRGDVHOODV\DXQTXHFDUH]FDQGHVLJQLILFDGR"
 D  E  F 

 6H WLHQHQ  OLEURV \ VyOR  HVSDFLRV HQ XQD ELEOLRWHFD ¢'H FXiQWDV
PDQHUDVVHSXHGHQFRORFDUOLEURVHOHJLGRVHQWUHORVVLHWHGDGRVVXSR
QLHQGRTXHQRH[LVWDQUD]RQHVSDUDSUHIHULUDOJXQR"
 D  E  F 

 -XDQ WLHQH HO GREOH GH GLQHUR TXH 3HSH \ HQWUH ORV GRV WLHQHQ  ¼
¢&XiQWRGLQHURWLHQH3HSH"
 D ¼ E ¼ F ¼

 'RV KHUPDQRV GHFLGHQ DKRUUDU MXQWRV ODV SURSLQDV TXH UHFLEHQ GH VX
SDGUHGXUDQWHXQDxR$OILQDOGHHVWHSHUtRGRORJUDURQUHXQLU¼6L
HOKHUPDQRPD\RUDKRUUyHOWULSOHGHORTXHDKRUUyHOPHQRU¢FXiQWR
DKRUUyFDGDXQR"
 D \ E \ F \

 6LQDUDQMDVFXHVWDQ¼¢FXiOVHUiHOSUHFLRGHQDUDQMDV"
 D  E  F 

 6LREUHURVWDUGDQGtDVHQUHDOL]DUXQWUDEDMR¢FXiQWRWDUGDUiQ
REUHURVPiV"
 D  E  F 

  JULIRV DELHUWRV GXUDQWH  KRUDV GLDULDV KDQ FRQVXPLGR XQD FDQ
WLGDGGHDJXDSRUYDORUGH¼$YHULJXDUHOSUHFLRGHOYHUWLGRGH
JULIRVDELHUWRVKRUDVGXUDQWHORVPLVPRVGtDV
  D  E  F 

(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
(;$0(1%1ž

 6HxDOHHOGLEXMRTXHWLHQHDOJXQDGLIHUHQFLDFRQUHVSHFWRDORVRWURVGRV
 D  E  F

  

$KRUDGHEHHQFRQWUDUODVGRVSDODEUDVTXHKDQVLGRRPLWLGDVHQFDGDIUDVH

 0iVYDOHTXH"\QRTXH"
 D FRUUDVSDUHV E YHQJDVYD\DV F VREUHIDOWH

 /D"VHFHUUySRUIDOWDGH"
 D RILFLQDWLHPSR E FDOOHYHQWDV F VXFXUVDOUHQWDELOLGDG

 +D\TXHOOHJDUFRQVXILFLHQWH"DQWHVGHO"
 D SULVDWLHPSR E DQWHODFLyQHPEDUTXH F FDPELRPRPHQWR

 /DSUHVHQWDFLyQGHO"HQODIHULDIXHXQ"
 D FRFKHPRGD E SURGXFWRp[LWR F OLEURQRYHGDG

 /DV"VRQLPSRUWDQWHV\ORV"QXORV
 D YHQWDVSUHFLRV E EHQHILFLRVJDVWRV F YHQWDMDVLQFRQYHQLHQWHV

&RQODD\XGDGHHVWD7DEODFRQWHVWHDODVSUHJXQWDVVLJXLHQWHV

(67$'Ì67,&$'(/35,0(56(0(675(
5RERVFRQWUD
ODVSHUVRQDV
5RERVHQ 5RERVHQ
(VWDIDV 6LUODV 7LURQHV 727$/
FRPHUFLRV GRPLFLOLRV
=RQD      "
=RQD      "
=RQD      "
=RQD      "
727$/   " "  "
2%-(7,9263$5$/2635Ð;,0266(,60(6(6
5HGXFLUHOQ~PHURGHGHOLWRVHQOD=RQDHQXQ
5HGXFLUHOQ~PHURGHGHOLWRVHQOD=RQDHQXQ

)Ð508/$'(/Ì1',&('('(/,1&8(1&,$
 URERVFRPHUFLRV[  HVWDIDV[  URERVSHUVRQDV[  URERVGRPLFLOLRV[
,' ²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
(-(5&,&,26Ð01,%86

 ¢4Xp]RQDVIXHURQODVTXHWXYLHURQHOPD\RUQ~PHURGHGHOLWRV"
 D \ E \ F \

 ¢&XiOHVHOÌQGLFHGH'HOLQFXHQFLD ,' GHOD=RQD"


 D  E  F 

 ¢&XiQWRVGHOLWRVVHGHEHUtDQFRPHWHUHQWRWDOHQOD=RQDHOSUy[LPR
VHPHVWUHVLVHFXPSOLHUDQORVREMHWLYRV"
 D 0HQRVGH E 0HQRVGH F 0HQRVGH

 ¢(Q TXp FDQWLGDG GHEHUtDQ GHVFHQGHU ORV GHOLWRV HQ OD =RQD  SDUD
FXPSOLUFRQORVREMHWLYRVGHORVSUy[LPRVVHLVPHVHV"
 D  E  F 

 ¢&XiOHVHOÌQGLFHGH'HOLQFXHQFLDHQOD=RQD"
 D  E  F 

 ¢&XiQWRV URERV HQ FRPHUFLRV VH GHEHUtDQ FRPHWHU HQ OD =RQD  SDUD
FXPSOLUORVREMHWLYRVGHORVSUy[LPRVPHVHV"
 D  E  F 1RVHSXHGHVDEHU

 ¢&XiQWRVGHOLWRVVHGHEHUtDQFRPHWHUHQWRWDOHQOD=RQDHOSUy[LPR
VHPHVWUHVLVHFXPSOLHUDQORVREMHWLYRV"
 D 0HQRVGH E 0HQRVGH F 0HQRVGH

 ¢&XiOHVHOtQGLFHGHGHOLQFXHQFLDHQOD=RQD"
 D  E  F 

 ¢(QTXp]RQDVHFRPHWLHURQHQWRWDOPHQRVGHOLWRVTXHHOWRWDOGHWLUR
QHVHQODV]RQDV"
 D  E  F 

 ¢&XiOHVHO,'GHOD=RQD"
 D      E      F 

 %XVTXHODILJXUDTXHFRQWLQ~DODVHFXHQFLD
  D E F



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
(;$0(1%1ž

 -RVp HV KLMR GH -XDQ \ pVWH HV KHUPDQR GH 3HGUR pVWH WLHQH XQD KLMD
OODPDGD,QpV/XLV\0DUtDVRQORVKLMRVGH-RVpPLHQWUDVTXH(OLVD\
(OHQDVRQODVKLMDVGH,QpV¢4XpHV3HGURUHVSHFWRGH/XLV"
 D FXxDGR E DEXHOR F WtRDEXHOR

 (OKLMRGHODHVSRVDGHODEXHORGHPLPDGUHHVPL
 D WtR E SDGUH F DEXHOR

 -XDQHVKHUPDQRGH0DQXHO\/XLVHVKHUPDQRGH&DUORV-DLPHHVHO
KHUPDQR GH -RVp -RVp HV KHUPDQR GH /XLV $QWRQLR HV KHUPDQR GH
-DLPH\SULPRGH-XDQ¢&XiQWRVSULPRVWLHQH0DQXHO"
 D  E  F 

 6DUDHVODKHUPDQDPD\RUGH7DQLD\pVWDHVPiVMRYHQTXHVXDPLJD
/XSH/XSHWLHQHODPLVPDHGDGTXH-RVHID\pVWDHVPD\RUTXH6DUD
¢&XiOHVODGHPHQRUHGDG"
 D 6DUD E /XSH F 7DQLD

 $QD HV PiV DOWD TXH -XOLR /DXUD HV PiV DOWD TXH 3HGUR 6L 3HGUR HV
PiVEDMRTXH$QD-XDQPiVDOWRTXH3HGUR\7RQLPiVEDMRTXH$QD
HQWRQFHV/DXUDHV
 D PiVDOWDTXH$QD E PiVEDMDTXH$QD F QLQJXQDYDOH

 +D\XQDVLOODURMDTXHHVPiVSHTXHxDTXHODVLOODD]XOODVLOODYHUGHHV
PD\RUTXHODVLOODPDUUyQODVLOODPDUUyQHVPHQRUTXHODD]XOSHUROD
EODQFDHVPD\RUTXHODD]XO(QWRQFHVODVLOODEODQFDHV
 D PD\RUTXHODURMD E PD\RUTXHODPDUUyQ F PHQRUTXHODPDUUyQ

 ¢4XpFXDGUDGR DEF FRPSOHWDODVHFXHQFLD"

D E F

 $OJXQRV´JXYVµVRQ´YRSVµ$OJXQRV´SLEVµVRQ´JXYVµ7RGRVORV´SLEVµ
VRQ´ODUVµ3RUWDQWR
 D $OJXQRV´ODUVµVRQ´JXYVµ
 E 7RGRVORV´ODUVµVRQ´YRSVµ
 F 7RGRVORV´SLEVµVRQ´YRSVµ 

(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
(-(5&,&,26Ð01,%86

 $OJXQRV DUPDULRV WLHQHQ HVWDQWHUtDV 7RGRV ORV SHUURV VRQ DUPDULRV
3RUWDQWR
 D $OJXQRVSHUURVVRQHVWDQWHUtDV
 E $OJXQRVSHUURVWLHQHQHVWDQWHUtDV
 F 7RGRVORVSHUURVWLHQHQHVWDQWHUtDV

 7RGRVORVJXDSRVVRQSROLFtDV7RGRVORVSROLFtDVVRQUXELRV/RVUXELRV
VRQJLJDQWHV/RVUXELRVVHFRPHQDORVSROLFtDV3RUWDQWR
 D /RVDOWRVVRQSROLFtDV
 E 7RGRVORVUXELRVVRQJXDSRV
 F /RVUXELRVVHFRPHQDVtPLVPRV

 ¢4XpFXDGUDGR DEF FRPSOHWDODVHFXHQFLD"

D E F

(Q XQ LGLRPD H[WUDQMHUR .75,1  08&+  786.2 HV ´OD FDVD JUDQGHµ
.75,1786.26725$HV´ODFDVDOLPSLDµ$67(5786.208&+786.2
6725$HV´FDVDJUDQGH\FDVDOLPSLDµ

 (QWRQFHV08&+HV
 D FDVD E OLPSLD F JUDQGH

 6725$HV
 D FDVD E OLPSLD F JUDQGH

 786.2HV
 D OD E FDVD F JUDQGH

 <$67(5HV
 D \ E OD F FDVD



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
(;$0(1%1ž

 ¢&XiO GH ODV ILJXUDV GH OD GHUHFKD HVWi IRUPDGD SRU ODV SLH]DV TXH VH
UHSUHVHQWDQHQHOFXDGURGHODL]TXLHUGD"

D E F

2UGHQDUODVOHWUDV\VHxDODUODSDODEUDGLIHUHQWHDODVGHPiV

 $=7$$629&$23256$ WD]DYDVRFRSDURVD


 D $629 E &$23 F 256$

 5$%$5*$7(%2083$$7(< JDEDUUDERWHSXPD\DWH


 D 7(%2 E $7(< F 083$

 %XVTXHODDQDORJtD
D E F

6HxDOHODIUDVHFRUUHFWDPHQWHHVFULWDHVGHFLUVLQIDOWDVGHRUWRJUDItD

 D 6XHVStULWXSUHYLVRUOHKL]RDRUUDU
 E 6XHVSLULWXSUHYLVRUOHKL]RDKRUUDU
 F 6XHVStULWXSUHYLVRUOHKL]RDKRUUDU

 D /DFRQVWUXFFLyQIXpXQSURGLJLRVRLQJHQLR
 E /DFRQVWUXFLyQIXHXQSURGLJLRVRLQJHQLR
 F /DFRQVWUXFFLyQIXHXQSURGLJLRVRLQJHQLR

 D 6HOHH[RUWyDTXHWUDEDMDUDFRQDLQFR
 E 6HOHH[KRUWyDTXHWUDEDMDUDFRQDKtQFR
 F 6HOHH[RUWyDTXHWUDEDMDUDFRQDKtQFR

 D (OLJLyHOFDUUXDMHPiVH[WUDxR
 E (OLMLyHOFDUUXDMHPiVH[WUDxR
 F (OLJLyHOFDUUXDMHPiVHVWUDxR


(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
(-(5&,&,26Ð01,%86

 D /DEtERUDHVWDEDMXQWRDODYyYHGD
 E /DYtERUDHVWDEDMXQWRDODEyYHGD
 F /DEtERUDHVWDEDMXQWRDODEyYHGD

 D /DDQFLDQDELJLODEDHOWDOOHUGHWHMLGRV
 E /DDQFLDQDELJLODEDHOWDOOHUGHWHJLGRV
 F /DDQFLDQDYLJLODEDHOWDOOHUGHWHMLGRV

¢4Xp FXDGUR DEF  HV HO UHVXOWDGR GH VXPDU HO SULPHUR \ VHJXQGR \ GH
UHVWDUHOWHUFHUR"
D E F



D E F



D E F



 )$&8/7$7,92HVHODQWyQLPRGH
 D SUREDEOH E REOLJDWRULR F SUHFHSWLYR

/RFRQWUDULRD5()/(;,92HV
 D WRUSH E LQGROHQWH F DWRORQGUDGR

 (ODQWyQLPRGH$7(=$5HV
 D RFXOWDU E EODQTXHDU F RVFXUHFHU

 ,QGLTXHTXpSDODEUDVHSDUHFHPiVD´SUHVLGHQWHPLQLVWURJHQHUDOµ
 D UH\ E VROGDGR F VHFUHWDULR



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
(;$0(1%1ž

 %XVTXHODILJXUDTXHFRQWLQ~DODVHFXHQFLD
D E F

(VFRMDODRSFLyQPiVDSURSLDGDSDUDFDGDXQDGHODVIUDVHVVLJXLHQWHV

 3RUPiVTXHSLHQVRQRFRQVLJRHQWHQGHUHO"GHVXFRPSRUWD
PLHQWR
 D SRUTXH E SRUTXp F SRUTXp

 /HGLHOSUHPLR"FUHRTXHVHORPHUHFH
 D SRUTXH E SRUTXp F SRUTXH

 7UiHPHXQRVOLEURV"
 D FXDOTXLHU E FXDOTXLHUD F FXDOHVTXLHUD

 (VWHHVPL"\QXQFDFDPELDUi
 D VLQR VXVWDQWLYR 
 E VLQR FRQMXQFLyQDGYHUVDWLYD 
 F VLQR FRQMXQFLyQDGYHUELR 

 6HxDOHODSDODEUDGHOSULPHUUHFXDGURTXHWLHQHHQHOVHJXQGRXQVLQy
QLPR\HQHOWHUFHURXQDQWyQLPR

/DVLWXG $YLHVR
+LHUUR /DVFLYLD
2EOLJDU $FLHUWR
/DFHUDU
(UURU $OHJUDU
3URPLVFXLGDG
$GROHFHU $EXOLD
<HUUR
&ULVRO $QFODU
&DUFRPHU $SHQDU
9LVFRVR (QMXQGLD

D /DFHUDUE 3URPLVFXLGDGF <HUUR

 'HGXFLUHORUGHQOyJLFRSDUDRSWLPL]DUODVLJXLHQWHWDUHD8QFRFKHVH
KDGHWHQLGRDYHULDGRHQPHGLRGHXQDFDUUHWHUD\VXFRQGXFWRUSUHWHQ
GHDUUHJODUOR
 3HGLUD\XGDDXQWDOOHU
 (PSXMDUHOFRFKHDXQDRULOOD 

(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
(-(5&,&,26Ð01,%86

 0DQLSXODUORVHOHPHQWRVDYHULDGRV
 0LUDUHOPRWRU
 ,QWHQWDUDUUDQFDUHOFRFKHSDUDFRPSUREDUVLVHKDUHSDUDGR
 D  E  F 

 ,QGLTXHTXpVHULHQRJXDUGDHORUGHQDOIDEpWLFROyJLFR
 D FDUGHQDOFiUGHQDFDUGHURFDUGLDV
 E FDUFHOHUDFDUFHODMHFiUFRODFDUFRPH
 F DUTXLWHFWRDUTXLYROWDDUUDEDODUUDEDOGH

 %XVTXHODDQDORJtD()Ì0(52HVD"FRPR1(*/,*(17(HVD"
 D )5É*,/,03(78262
 E 3(5(11((60(5$'2
 F Ì17(*52&803/,'25

 6HxDOHHOQ~PHURGHYHFHVTXHHOQ~PHURYDVHJXLGRRSUHFHGLGRGH
XQQ~PHURSDU
 
 D  E  F 

 (OQ~PHURFRUUHVSRQGHDODSDODEUD/,%5(7$¢TXpQ~PHUROH
FRUUHVSRQGHUiDODSDODEUD5$7(5$"
 D  E  F 

¢4XpSDODEUDFRPSOHWDPHMRUFDGDXQDGHODVIUDVHVVLJXLHQWHV"

 &RPHUFLDUFRQORVREMHWRV"HVSHFDGRGHVLPRQtD
 D DMHQRV E GRUDGRV F VDJUDGRV

 /D"HVODFXDOLGDGGHORVKRPEUHVTXHGHVHDQGHVPHVXUDGD
PHQWHDOJR
 D JXOD E DPELFLyQ F HVSHUDQ]D

 /DEDUFD"HQXQDUUHFLIHGHELGRDOIXHUWHYLHQWRUHLQDQWH
 D DWUDFy E HQFDOOy F WURSH]y

 6HGLFHTXHXQDOtQHDHV"DRWUDFXDQGRODVGRVIRUPDQXQ
iQJXORUHFWR
 D REOLFXD E SDUDOHOD F SHUSHQGLFXODU

/DVSHUVRQDV"PXFKDVYHFHVQRPDQLILHVWDQVXVYHUGDGHUDV
LQWHQFLRQHV
  D DVWXWDV E UHIOH[LYDV F LQWURYHUWLGDV

(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
(;$0(1%Qž
(MHUFLFLRVÐPQLEXV
 %XVTXHODDQDORJtD3$/$%5$HVD)5$6(FRPR/(75$HVD"
 D 6Ì/$%$ E 25$&,Ð1 F /(1*8$-(

 'HGXFLUHORUGHQOyJLFRSDUDRSWLPL]DUODVLJXLHQWHWDUHD5HDOL]DUXQD
UHXQLyQHQXQORFDODOTXLODGR
 &DPELDUDOJ~QXWHQVLOLRRPXHEOHGHOXJDU
 /OHJDUDXQDFXHUGRFRQHOGXHxR
 'HFLGLUORVFDPELRVGHPRELOLDULR
 6HOHFFLRQDUHOORFDO
 3DJDUXQDVHxDOGHDOTXLOHU
 D  E  F 

(Q HO GLDJUDPD TXH FRORFDPRV D FRQWLQXDFLyQ VH KDQ YROFDGR ORV GDWRV
GH SURGXFFLyQ GH XQD HPSUHVD GXUDQWH HO PHV GH DEULO /RV Q~PHURV TXH
DSDUHFHQ VH UHILHUHQ D ORV GtDV HQ ORV TXH VH KDQ IDEULFDGR ORV SURGXFWRV
GHOWLSR$%R&

6REUHODEDVHGHHVWRVGDWRVUHVSRQGHUHPRVDODVVLJXLHQWHVSUHJXQWDV

 ¢&XiQWRVGtDVGHOPHVVHKDQIDEULFDGRVyORSURGXFWRVGHOWLSR$"
 D GtDV E GtDV F GtDV



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
(-(5&,&,26Ð01,%86

 ¢&XiQWRVGtDVGHOPHVVHKDQIDEULFDGRSURGXFWRVGHORVWLSRV%\&"
 D GtDV E GtDV F GtDV

 ¢&XiQWRVGtDVGHOPHVVHKDQIDEULFDGRVyORSURGXFWRVGHORVWLSRV$\&"
 D GtDV E GtDV F GtDV

 ¢&XiQWRVGtDVGHOPHVVHKDQIDEULFDGRSURGXFWRVGHOWLSR$"
 D GtDV E GtDV F GtDV

 ¢&XiQWRVGtDVGHOPHVVHKDQIDEULFDGRSURGXFWRVGHORVWLSRV$\%"
 D GtDV E GtDV F GtDV

 ¢&XiQWRVGtDVGHOPHVVHKDQIDEULFDGRDOJXQRGHORVSURGXFWRV"
 D GtDV E GtDV F GtDV

 ¢&XiQWRVGtDVGHOPHVVHKDQIDEULFDGRVyORSURGXFWRVGHORVWLSRV%\&"
 D GtDV E GtDV F GtDV

 ¢&XiQWRVGtDVGHOPHVVHKDQIDEULFDGRSURGXFWRVGHOWLSR%"
 D GtDV E GtDV F GtDV

 ¢&XiQWRVGtDVGHOPHVVHKDQIDEULFDGRORVWUHVSURGXFWRV"
 D GtD E GtDV F GtDV

 ¢&XiQWRVGtDVGHOPHVVHKDQIDEULFDGRDOPLVPRWLHPSRSURGXFWRVGH
ORVWLSRV%\&"
 D GtD E GtDV F GtDV

 6HxDOH HO GLEXMR TXH WLHQH DOJXQD GLIHUHQFLD FRQ UHVSHFWR D ORV RWURV
GRV
 D  E  F

  

&RPSOHWHODVVHULHVVLJXLHQWHV

 6HULH²²²²²²"
 D  E  F 


(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
(;$0(1%1ž

 6HULH²²²²²"²
 D  E  F 

 6HULH     """   


 D  E  F 

 6HULH²²²"²
 D  E  F 

 6HULH²²²²²²"
 D  E  F 

 6HULH²²²²"
 D  E  F 

 6HULH$*&((&*"
 D + E , F -

 6HULH/1/Of0"
 D 2 E 3 F 4

 ,QGLTXHHOQ~PHURHTXLYRFDGR²²²²²²²²²
 D  E  F 

 ,QGLTXHHOQ~PHURHTXLYRFDGR²²²²²²²²²
 D  E  F 

 6HxDOH HO GLEXMR TXH WLHQH DOJXQD GLIHUHQFLD FRQ UHVSHFWR D ORV RWURV
GRV
 D  E  F

  

6HxDOHHOUHVXOWDGRPD\RUVLVRQLJXDOHVPDUTXHOD´Fµ
 D E F
GH GH ,*8$/(6


(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
(-(5&,&,26Ð01,%86

 D E F
¢9DORUGH;" ¢9DORUGH;" ,*8$/(6
; Ã  Ã ² ²; Ã   
 D E F
ÉQJXORTXHUHFRUUHOD ÉQJXORTXHUHFRUUH ,*8$/(6
DJXMDPLQXWHURGHXQ ODDJXMDKRUDULRGH
UHORMHQPLQXWRV XQUHORMHQPLQXWRV

 ¢4XpQ~PHURHVPHQRUTXHHQODPLVPDPHGLGDTXHHVPD\RUTXH"
 D  E  F 

 ¢&XiQWDVSDODEUDVGLVWLQWDVDXQTXHFDUH]FDQGHVLJQLILFDGRVHSXHGHQ
IRUPDUFRQODVOHWUDVGHODSDODEUD6$/$HQWUDQGRWRGDVHOODV"
 D  E  F 

 8QKRVSLWDOFXHQWDFRQFLUXMDQRVFRQORVFXDOHVKD\TXHIRUPDUWHU
QDVSDUDUHDOL]DUJXDUGLDV¢&XiQWRVWUtRVVHSRGUiQIRUPDU"
 D  E  F 

 8QQ~PHURPiVVXGREOHVXPDQ¢&XiOHVHVHQ~PHUR"
 D  E  F 

 5LFDUGRFRPSUyGRVOLEURV\XQFXDGHUQRSRU¼6LXQOLEURFXHVWDOD
PLWDGGHORWUR\HOFXDGHUQR¼PHQRVTXHHOOLEURPiVFDUR¢FXiQWR
SDJySRUFDGDDUWtFXOR"
 D \ E \ F \

 8QHPSOHDGRTXHWUDEDMDKRUDVGLDULDVUHFLEHFRPRVDODULRHXURV
DOPHV(OGXHxRGHODIiEULFDOHKDFRPXQLFDGRTXHODHPSUHVDDXPHQ
WDUi VX KRUDULR GH WUDEDMR HQ  KRUDV GLDULDV ¢&XiO VHUi D SDUWLU GH
DKRUDVXVXHOGR"
 D  E  F 

 6LREUHURVWHUPLQDQXQDREUDHQGtDV¢FXiQWRWDUGDUiQHQWHUPL
QDUODREUHURVPiV"
 D GtDV E GtDV F GtDV

 6LREUHURVWUDEDMDQGRKRUDVGLDULDVFRQVWUX\HQXQPXURHQGtDV
¢FXiQWRWDUGDUiQREUHURVWUDEDMDQGRKRUDVGLDULDV"
 D  E  F 



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
(;$0(1%1ž

 6HxDOHHOGLEXMRTXHWLHQHDOJXQDGLIHUHQFLDFRQUHVSHFWRDORVRWURVGRV
 D  E  F

  

$KRUDGHEHHQFRQWUDUODVGRVSDODEUDVTXHKDQVLGRRPLWLGDVHQFDGDIUDVH

 )XHQHFHVDULRREWHQHUHO"DQWHVGHO"
 D SHUPLVRFRPSUD E GLQHURYHQFLPLHQWR F SUpVWDPRVHPDQD

 7RGR"PHFDQRJUDILDGRGHEHUiVHU"DQWHVGHVHU
HQYLDGR
 D LQIRUPHHVFULWR E WH[WRSUHVHQWDUVH F GRFXPHQWRUHYLVDGR

 (OSDJRDORV"VHUHDOL]DUiHQODV"SUHYLVWDV
 D FOLHQWHVGtDV E SURYHHGRUHVIHFKDV F YHQGHGRUHVFRQWDGR

 (QRFKRPHVHVQRVHKDFRQVHJXLGR"WRGROR"
 D YHQGHUSUHYLVWR E FRPSUDUSDJDGR F RUJDQL]DUDUFKLYRV

 'HOPRGRGH"GHSHQGHODIDFLOLGDGGH"DODLQIRU
PDFLyQ
 D HVFULELUDPSOLDU E DUFKLYDUDFFHGHU F FRPSUDUORJUDU

&RQODD\XGDGHHVWD7DEODFRQWHVWHDFDGDXQDGHODVSUHJXQWDVVLJXLHQWHV
(67$'Ì67,&$'(/35,0(56(0(675(
5RERVFRQWUDODV
SHUVRQDV
5RERVHQ (VWDIDV 6LUODV 7LURQHV 5RERVHQ 727$/
FRPHUFLRV GRPLFLOLRV
=RQD      "
=RQD      "
=RQD      "
=RQD      "
727$/   " "  "
(92/8&,Ð1'(/6(*81'26(0(675(
727$/ ²  ²  ²


(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
(-(5&,&,26Ð01,%86

 ¢4Xp]RQDVIXHURQODVTXHWXYLHURQPHQRUQ~PHURGHGHOLWRV"
 D \ E \ F \

 ¢&XiQWDVVLUODVKXERHQHOVHJXQGRVHPHVWUHHQODV]RQDV"
 D  E  F 

 ¢4Xp ]RQD HV OD TXH PHQRV URERV FRQWUD ODV SHUVRQDV KD WHQLGR HQ HO
SULPHUVHPHVWUH"
 D  E  F 

 ¢&XiQWRVURERVHQFRPHUFLRVVHSURGXMHURQHQWRWDOGXUDQWHHOVHJXQGR
VHPHVWUH"
 D  E  F 

 (QHOVHJXQGRVHPHVWUH¢TXp]RQDWXYRPHQRVURERVHQFRPHUFLRV"
 D  E  F 1RVHSXHGHVDEHU

 ¢&XiQWRVURERVFRQWUDODVSHUVRQDVKXERHQHOVHJXQGRVHPHVWUH"
 D  E  F 

 ¢&XiQWRVWLURQHVVHSURGXMHURQHQWRWDOGXUDQWHHOVHJXQGRVHPHVWUH"
 D   F 

 (OQ~PHURWRWDOGHGHOLWRVHQHOVHJXQGRVHPHVWUHHV
 D  E  F 

 ¢4XpQ~PHURGHGHOLWRVWHQGUtDQTXHLQFUHPHQWDUVHHQOD=RQDSDUD
LJXDODUHOQ~PHURWRWDOGHGHOLWRVGHOD=RQD"
 D  E  F 1LQJXQRGHHOORV

 ¢4XpFODVHGHGHOLWRVHSURGXMRHQPHQRUQ~PHURHQHOVHJXQGRVHPHV
WUH"
 D 6LUODV E 7LURQHV F (VWDIDV

 %XVTXHODILJXUDTXHFRQWLQ~DODVHFXHQFLD
D E F



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
(;$0(1%1ž

 /RV DEXHORV GH &DUPHQ \ /DXUD VRQ ORV PLVPRV 0DUtD HV OD PDGUH
GH &DUPHQ \ HV OD KHUPDQD GH 5DPRQD TXH HV OD PDGUH GH /DXUD
6L &DUPHQ WLHQH XQ KHUPDQR -DYLHU ¢TXp UHODFLyQ WLHQH pVWH FRQ ORV
SDGUHVGH0DUtD"
 D WtR E KLMR F QLHWR

 (OQLHWRGHODPDGUHGHOKHUPDQRGHPLSDGUHHVPL
 D WtR E SULPR F VREULQR

 (O\HUQRGHODHVSRVDGHODEXHORGHPLPDGUHHVP
 D WtR E SDGUH F DEXHOR

 -XDQ HVWi HQ HO PHGLR GH XQD ILOD GH QLxRV \ DGHPiV RFXSD HO TXLQWR
OXJDUFRQWDQGRGHVGHXQRGHORVH[WUHPRVGHODILOD¢&XiQWRVQLxRVKD\
HQHVDILOD"
 D  E  F 

 6L6HVPD\RUTXH*+HVLJXDOTXH**HVPD\RUTXH)\)HVPHQRUTXH
%\PD\RUTXH.%HVPHQRUTXH6'HVPD\RUTXH$HQWRQFHV+HV
 D PHQRUTXH% E PD\RUTXH. F PHQRUTXH)

 (O FRFKH ; FRUUH PiV UiSLGR TXH < HO FRFKH = FRUUH LJXDO TXH HO ; 9
FRUUH PiV TXH ; \ OD PRWR 5 PiV TXH 9 6 FRUUH LJXDO TXH OD PRWR <
(QWRQFHVHOFRFKH<FRUUH
 D PHQRVTXH= E LJXDOTXH; F PiVTXH9

 ¢4XpFXDGUDGR DEF FRPSOHWDODVHFXHQFLD"

D E F

 /DVPiTXLQDVVRQVLQFHUDV7RGRVORVTXHVRQVLQFHURVFRPHQODPHQWH
3RUWDQWR
 D /DVPiTXLQDVFRPHQODPHQWH
 E $OJXQDVPiTXLQDVFRPHQODPHQWH
 F /RVTXHFRPHQODPHQWHVRQVLQFHURV 

(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
(-(5&,&,26Ð01,%86

 /DVFDWHGUDOHVURPiQLFDVHVSDxRODVIXHURQFRQVWUXLGDVHQWLHPSRVGH
OD5HFRQTXLVWD/DVLJOHVLDVIURQWHUL]DVIXHURQFRQVWUXLGDVHQWLHPSRV
GH JXHUUD \ WLHQHQ IRUPD GH IRUWDOH]D 6LJHQ]D WLHQH XQD FDWHGUDO
URPiQLFD6LJHQ]DIXHFLXGDGIURQWHUL]D(QWRQFHV
 D /DVLJOHVLDVIURQWHUL]DVVRQURPiQLFDV
 E /DFDWHGUDOGH6LJHQ]DWLHQHIRUPDGHIRUWDOH]D
 F 6LJHQ]DWLHQHXQDFDWHGUDOFRQVWUXLGDHQWLHPSRVGHOD5HFRQTXLVWD

 7RGRV ORV RUGHQDGRUHV UD]RQDQ $OJXQDV PiTXLQDV VRQ RUGHQDGRUHV


/DVPiTXLQDVHVWURSHDQHOSHQVDPLHQWR3RUWDQWR
 D $OJXQDVPiTXLQDVUD]RQDQ
 E 7RGDVODVPiTXLQDVUD]RQDQ
 F /RVRUGHQDGRUHVTXHQRUD]RQDQHVWURSHDQHOSHQVDPLHQWR

¢4XpFXDGUDGR DEF FRPSOHWDODVHFXHQFLD"

D E F

(Q XQD ELEOLRWHFD VH XVD HVWH FyGLJR $  %  &  '  HWF 3HUR DO
LQWURGXFLUORHQHORUGHQDGRUHOFyGLJRVHFDPELySRUHVWHQXHYR * +
 , -HWF

 ¢4XpQXHYRFyGLJRFRUUHVSRQGHD'($%"
 D +,/. E ,+/. F ,+/.,$

 ¢4XpQXHYRFyGLJRFRUUHVSRQGHD)(%$"
 D *+./ E *+.- F *+/.

 ¢4XpQXHYRFyGLJRFRUUHVSRQGHD&$%%"
 D -/-. E -/.-  F -/..

 ¢4XpQXHYRFyGLJRFRUUHVSRQGHD(%&'"
 D +(-, E +.-, F .+-,



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
(;$0(1%1ž

 ¢&XiO GH ODV ILJXUDV GH OD GHUHFKD HVWi IRUPDGD SRU ODV SLH]DV TXH VH
UHSUHVHQWDQHQHOFXDGURGHODL]TXLHUGD"

D E F

2UGHQDUODVOHWUDV\VHxDODUODSDODEUDGLIHUHQWHDODVGHPiV

 -225/8=$85%255('(9
 D 85%25 E /8=$ F -225

 25(1,'$'8&52272)7853,1$
 D $'8&52 E 25(1,' F 7853,1$

 %XVTXHODDQDORJtD
D E F

6HxDOHODIUDVHFRUUHFWDPHQWHHVFULWDHVGHFLUVLQIDOWDVGHRUWRJUDItD

 D 'HHVWDVGRVKHELOODV¢FXiOSUHILHUHV"
 E 'HHVWDVGRVHELOODV¢FXiOSUHILHUHV"
 F 'HHVWDVGRVKHELOODV¢FXDOSUHILHUHV"

 D (OLQYHQWRHUDPX\LQMHQLRVR
 E (OLQYHQWRHUDPX\LQJHQLRVR
 F (OLQYpQWRHUDPX\LQJHQLRVR

 D /XFtDFRQRVWHQWDFLyQXQGLMHGHUXEtV
 E /XFtDFRQRVWHQWDFLyQXQGLMHGHUXEtHV
 F /XFtDFRQRVWHQWDFLyQXQGLJHGHUXEtHV

 D &RQGXMHHOFRFKHDVWDOD&RQVHUMHULD
 E &RQGXJHHOFRFKHDVWDOD&RQVHUMHUtD
 F &RQGXMHHOFRFKHKDVWDOD&RQVHUMHUtD


(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
(-(5&,&,26Ð01,%86

 D 7URSHFH\FDtHQODKLHUED
 E 7URSHFp\FDtHQODKLHUED
 F 7URSHFp\FDtHQODKLHUYD

 D (ODJXDKHUYtDHQODKROOD
 E (ODJXDKHUYtDHQODROOD
 F (ODJXDKHUEtDHQODROOD

¢4XpFXDGUR DEF HVHOUHVXOWDGRGHVXPDUHOSULPHUR\HOVHJXQGR\UHV


WDUHOWHUFHUR"

 D E F

 D E F

 D E F

 (OVLQyQLPRGH)/(0É7,&2HV
 D FDOPRVR E HQIHUPR F QHUYLRVR

 (OVLQyQLPRGH3,*125$5HV
 D FREUDU E HPSHxDU F UHVWDXUDU

 (OVLQyQLPRGH23Ì3$52HV
 D FRSLRVR E RYtSDUR F PH]TXLQR

 6HxDOHODSDODEUDTXHVLJQLILFD´GLIHUHQFLDLQGLYLGXDOTXHFRQVWLWX\HD
FDGDSHUVRQD\ODGLVWLQJXHGHRWUDµ
 D SHUVRQDO E SHUVRQDOLGDG F SHUVRQLILFDFLyQ



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
(;$0(1%1ž

 %XVTXHODILJXUDTXHFRQWLQ~DODVHFXHQFLD
D E F

(VFRMDODRSFLyQPiVDSURSLDGDSDUDFDGDXQDGHODVIUDVHVVLJXLHQWHV

 )XHHQWRQFHVFXDQGROHGLMH¢"QRWHFDOODV"
 D SRUTXH E SRUTXp F SRUTXp

 $~QQRVpFXDOHVODFDXVD"VHYLQR
 D SRUTXH E SRUTXp F SRUTXH

 6LHPSUHVDOHFRQ"H[FXVD
 D FXDOTXLHU E FXDOTXLHUD F FXDOHVTXLHUD

 ¢3RUTXpLQVLVWHVWDQWR"HVWiVVHJXUR"
 D VLQR VXVWDQWLYR 
 E VLQR FRQMXQFLyQDGYHUVDWLYD 
 F VLQR FRQMXQFLyQDGYHUELR 

 6HxDOHODSDODEUDGHOSULPHUUHFXDGURTXHWLHQHHQHOVHJXQGRXQVLQy
QLPR\HQHOWHUFHURXQDQWyQLPR

0DQFKDGR )DFLDO
$IDEOH -DFR
$GROHVFHQWH $E\HFWR
&KDOXSD
'HVHFKR +LWR
/DVWUH
$IDQDU /LPSLR
3LQWDMR
,QGROHQFLD 6LVDU
3LOODMH &KDQ]D
8UGLU /DFUDU

 D &KDOXSD E /DVWUH F 3LQWDMR

 'HGXFLUHORUGHQOyJLFRSDUDRSWLPL]DUODVLJXLHQWHWDUHD&DPELDUXQD
ERPELOODTXHQRLOXPLQD
 2EVHUYDUODERPELOODQXHYDDQWHVGHFRORFDUOD
 (QURVFDUFRQPiVSUHFLVLyQODERPELOODDQWLJXD
 4XLWDUODERPELOODTXHQRLOXPLQD 

(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
(-(5&,&,26Ð01,%86

 &RPSUREDUHOHQFHQGLGRDOHQWUDUHQODKDELWDFLyQ
 3RQHUODERPELOODQXHYD
 D  E  F 

 ,QGLTXHTXpVHULHJXDUGDHORUGHQDOIDEpWLFRFRUUHFWR
 D FRUSRUDUFRUSyUHRFRUUDFRUSXV
 E FXDWULOODFXDWURSHDFXDWUHURFXHUULD
 F FRURQDFLyQFRURQGDFRUSLxRFRUSRUDO

 %XVTXHODDQDORJtD(/8',5HVD"FRPR&(1685$5HV
D"
 D (1&$5$5(1&20,$5
 E '(6$),$55(75,%8,5
 F $)5217$56(*5(*$5

 6HxDOHODLJXDOGDGHQODTXHORVGRVPLHPEURVVRQLGpQWLFRV
 D %)2/14$=<2%567+ %)2/14$5<2%567+
 E $362%4590/'(+-% $362%4590/'(+-%
 F 32$'%7=/9)*;+'( 32$'%7=69)*;+'(

 6LODSDODEUD3(/Ì&$12VHUHSUHVHQWDFRQHOQ~PHUR¢FyPR
VHUHSUHVHQWDUtDODSDODEUD&(/2"
 D  E  F 

¢4XpSDODEUDFRPSOHWDPHMRUFDGDXQDGHODVIUDVHVVLJXLHQWHV"

 (VLPSRVLEOHTXHGRVSHUVRQDVVHDQWRWDOPHQWH"
 D LGpQWLFDV E SDUHFLGDV F YLUWXRVDV

 /DVUHYROXFLRQHVWLHQHQHOSRGHUGH"ODVVRFLHGDGHV
 D PXWDU E FRQVROLGDU F IXQGDPHQWDU

 7HQHUSUHFDXFLyQHVXQDPDQHUDGH"DOJXQDVFRQVHFXHQFLDV
LQGHVHDEOHV
 D YDORUDU E VRUWHDU F SUHGHFLU

 &XDQGRXQDSHUVRQDPXHUHVHGLFHTXHKDH[KDODGRHO"VXVSLUR
 D SRVWUHU E PD\RU F SHQ~OWLPR

$PHGLRGtDWRGDVODVQXEHVSURGXFHQ"


 D OOXYLD E VRPEUD F HYDSRUDFLyQ

(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
(;$0(1%Qž
(MHUFLFLRVÐPQLEXV
 %XVTXHODDQDORJtD&/$52HVD&/$92FRPR3$52HVD"
 D $/72 E &$52 F 3$92

 'HGXFLUHORUGHQOyJLFRSDUDRSWLPL]DUODVLJXLHQWHWDUHD5HDOL]DUOD
PXGDQ]DGHODFDVD
 )LUPDUHOFRQWUDWR
 5HFRJHUORVREMHWRVIUiJLOHV
 3HGLUXQSUHVXSXHVWRDYDULRVWUDQVSRUWLVWDV
 7UDVODGDUORVPXHEOHV
 4XHORVWUDQVSRUWLVWDVHYDO~HQODFDQWLGDG\WLSRGHPRELOLDULR
 D  E  F 

(Q HO GLDJUDPD TXH FRORFDPRV D FRQWLQXDFLyQ VH KDQ YROFDGR ORV GDWRV
REWHQLGRVHQXQDHQFXHVWDUHDOL]DGDDXQJUXSRGHSHUVRQDVHQODTXHVH
OHVSUHJXQWyVLWRPDEDQWpFDIpRFKRFRODWH/RVQ~PHURVTXHDSDUHFHQVH
UHILHUHQDODVFDQWLGDGHVGHSHUVRQDVTXHUHVSRQGLHURQDODSUHJXQWDHQODV
GLYHUVDVIRUPDVSRVLEOHV

6REUHODEDVHGHHVWRVGDWRVUHVSRQGHUHPRVDODVVLJXLHQWHVSUHJXQWDV

 ¢&XiQWDVSHUVRQDVWRPDEDQWp"
 D SHUVRQDV E SHUVRQDV F SHUVRQDV


(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
(-(5&,&,26Ð01,%86

 ¢&XiQWDVSHUVRQDVWRPDEDQSRUORPHQRVXQDGHHVDVWUHVEHELGDV"
 D SHUVRQDV E SHUVRQDV F SHUVRQDV

 ¢&XiQWDVSHUVRQDVWRPDEDQVyORGRVGHHVDVWUHVEHELGDV"
 D SHUVRQDV E SHUVRQDV F SHUVRQDV

 ¢&XiQWDVSHUVRQDVWRPDEDQH[DFWDPHQWHXQDGHHVDVWUHVEHELGDV"
 D SHUVRQD E SHUVRQDV F SHUVRQDV

 ¢&XiQWDVSHUVRQDVQRWRPDEDQWp"
 D SHUVRQDV E SHUVRQDV F SHUVRQDV

 ¢&XiQWDVSHUVRQDVQRWRPDEDQQLQJXQDGHHVDVWUHVEHELGDV"
 D SHUVRQDV E SHUVRQDV F SHUVRQDV

 ¢&XiQWDVSHUVRQDVWRPDEDQODVWUHVEHELGDV"
 D SHUVRQD E SHUVRQDV F SHUVRQDV

 ¢&XiQWDVSHUVRQDVWRPDEDQWp\FDIp"
 D SHUVRQDV E SHUVRQDV F SHUVRQDV

 ¢&XiQWDVSHUVRQDVQRWRPDEDQQLWpQLFDIp"
 D SHUVRQDV E SHUVRQDV F SHUVRQDV

 ¢&XiQWDVSHUVRQDVIXHURQHQFXHVWDGDV"
 D SHUVRQDV E SHUVRQDV F SHUVRQDV

 6HxDOH HO GLEXMR TXH WLHQH DOJXQD GLIHUHQFLD FRQ UHVSHFWR D ORV RWURV
GRV
 D  E  F

  

&RPSOHWHODVVHULHVVLJXLHQWHV

 6HULH²²²²"
 D  E  F 


(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
(;$0(1%1ž

 6HULH     """   


 D  E  F 

 6HULH²²²²"
 D  E  F 

 6HULH²²²²²²"
 D  E  F 

 6HULH²²²²²²²"
 D  E  F 

 6HULH²"²²²²²²"
 D  E  F 

 6HULH%$$%&(''()+**+,"
 D .--/. E .--./ F -..-/

 6HULH$%&%&'&'("
 D ' E ( F )

 ,QGLTXHHOQ~PHURHTXLYRFDGR²²²²²²²²²²
 D  E  F 

 ,QGLTXHHOQ~PHURHTXLYRFDGR²²²²²²²
 D  E  F 

 6HxDOHHOGLEXMRTXHWLHQHDOJXQDGLIHUHQFLDFRQUHVSHFWRDORVRWURVGRV
 D  E  F

  

6HxDOHHOUHVXOWDGRPD\RUVLVRQLJXDOHVPDUTXHOD´Fµ
 D E F
GH GH ,*8$/(6



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
(-(5&,&,26Ð01,%86

 D E F
¢9DORUGH;" ¢9DORUGH;" ,*8$/(6
;  ²; 
 D E F
6XSHUILFLHGHXQ 6XSHUILFLHGHXQ ,*8$/(6
UHFWiQJXORGH[P FXDGUDGRGHP
GHODGR

 /RVGRVVpSWLPRV  GHXQQ~PHURVRQ¢'HTXpQ~PHURVHWUDWD"


 D  E  F 

 ¢'HFXiQWDVPDQHUDVVHSXHGHQFRORFDUSHUVRQDVHQXQDILOD"
 D  E  F 

 ¢'H FXiQWDV PDQHUDV VH SXHGHQ RUGHQDU ODV OHWUDV GH OD SDODEUD
$0$6$6"
 D  E  F 

 $QWRQLRKDJDVWDGR¼PiVTXH/ROD6LHQWUHORVGRVKDQJDVWDGR¼
¢&XiQWRJDVWy/ROD"
 D  E  F 

 /DHGDGGH-XDQHVHOGREOHTXHODGH3HSH\ODHGDGGH3HSHHVHOWULSOH
TXHODGH$QWRQLRVLHQWUHWRGRVHOORVVXPDQDxRV¢&XiOHVODHGDG
GH$QWRQLR"
 D  E  F 

 8Q FRFKH D YHORFLGDG FRQVWDQWH FRQVXPH  OLWURV GH JDVROLQD SDUD
UHFRUUHU  NP 6L HO FRFKH UHFRUUH  NP D HVD PLVPD YHORFLGDG
¢FXiQWRVOLWURVFRQVXPLUi"
 D  E  F 

 6LJULIRVWDUGDQHQOOHQDUXQDFLVWHUQDPLQXWRV¢FXiQWRWDUGDUiQ
HQUHOOHQDUHVDPLVPDFLVWHUQDJULIRVPiV"
 D PLQXWRV E PLQXWRV F PLQXWRV

 6LREUHURVUHDOL]DQHQGtDVWUDEDMDQGRKRUDVGLDULDVXQPXURGH
 PHWURV ¢&XiQWRV GtDV QHFHVLWDUiQ  REUHURV WUDEDMDQGR  KRUDV
GLDULDVSDUDUHDOL]DUXQPXURGHPHWURV"
 D GtDV E GtDV F GtDV


(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
(;$0(1%1ž

 6HxDOHHOGLEXMRTXHWLHQHDOJXQDGLIHUHQFLDFRQUHVSHFWRDORVRWURVGRV
 D  E  F

  

$KRUD GHEH HQFRQWUDU ODV GRV SDODEUDV TXH KDQ VLGR RPLWLGDV HQ FDGD
IUDVH

 1RHVWDPRV"SDUDDERUGDUOD"
 D QHJRFLDQGRSDUR E SUHSDUDGRVFULVLV F ORJUDQGRVLWXDFLyQ

 $ILQDOGHPHVDFDEDQORV"GH"
 D SOD]RVQHJRFLDFLyQ E LPSXHVWRVREMHWLYRV F UHQWDELOLGDGLQIRUPHV

 (ODXPHQWRGH"SURYRFyXQD"HQORVFRVWHV
 D UHQWDDXPHQWR E UHVXOWDGRVVHSDUDFLyQ F SURGXFWLYLGDGUHGXFFLyQ

 'HEHPRVSUHVHQWDUXQOLVWDGRGH"\VXFRUUHVSRQGLHQWH"
 D GLYLVDVFRWL]DFLyQE YLDMDQWHVELOOHWHV F YHQWDMDVLQFRQYHQLHQWHV

 (O"WLHQHSRFDVSRVLELOLGDGHVGH"
 D HTXLSRDUFKLYDU E SUR\HFWRYLDELOLGDGF HPSOHDGRUHPXQHUDU

&RQODD\XGDGHHVWD7DEODFRQWHVWHDFDGDXQDGHODVSUHJXQWDVVLJXLHQWHV

(67$'Ì67,&$'(/35,0(56(0(675(
5RERVFRQWUD
ODVSHUVRQDV
5RERVHQ 5RERVHQ
(VWDIDV 6LUODV 7LURQHV 727$/
FRPHUFLRV GRPLFLOLRV
=RQD      "
=RQD      "
=RQD      "
=RQD      "
727$/   " "  "
=RQDKDELWDQWHV =RQDKDELWDQWHV
=RQDKDELWDQWHV =RQDKDELWDQWHV
)Ð508/$'(/Ì1',&('($/$50$62&,$/
URERVFRQWUDSHUVRQDVURERVHQGRPLFLOLRV
,$6 ²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²
1~PHURGHKDELWDQWHV


(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
(-(5&,&,26Ð01,%86

 ¢&XiOHVHOtQGLFHGHDODUPDVRFLDO ,$6 GHOD=RQD"


 D  E  F 

 /D =RQD  WLHQH XQ Q~PHUR GH KDELWDQWHV VXSHULRU D OD VXPD GH ODV
=RQDV
 D \ E \ F \

 ¢&XiOHVHO,$6HQOD=RQD"
 D  E  F 

 ¢&XiO HV HO Q~PHUR WRWDO GH URERV FRQWUD ODV SHUVRQDV HQ ODV FXDWUR
=RQDV"
 D  E  F 

 ¢4Xp=RQDHVODTXHPiVURERVFRQWUDODVSHUVRQDVKDWHQLGR"
 D  E  F 

¢&XiOHVHO,$6GHOD=RQD"
 D  E  F 

 (OtQGLFHGHDODUPDVRFLDOVHPLGHFRQ
 D (VWDIDVWLURQHV\URERVHQGRPLFLOLR
 E 5RERVFRQWUDODVSHUVRQDV\URERVHQGRPLFLOLR
 F 6LUODVWLURQHVURERVHQGRPLFLOLR\Q~PHURGHKDELWDQWHV

 ¢&XiOHVHOQ~PHURWRWDOGHGHOLWRVHQODVFXDWUR=RQDV"
 D  E  F 

 ¢&XiOHVHO,$6GHOD=RQD"
 D  E  F 

 ¢4Xp=RQDWLHQHHOPHQRU,$6"
 D  E  F 

 %XVTXHODILJXUDTXHFRQWLQ~DODVHFXHQFLD
D E F



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
(;$0(1%1ž

 /D QLHWD GH PL SDGUH HV VREULQD GH PL ~QLFD KHUPDQD ¢4Xp UHODFLyQ
WHQJR\RFRQODQLHWDGHPLSDGUH"
 D KLMD E PDGUH F KHUPDQD

 (OSDGUHGHOKHUPDQRGHPLWtRHVPL
 D WtR E SULPR F DEXHOR

 6L6DUDHVKHUPDQDGH-XDQ\/XLVHVSULPRGH6DUD¢TXpHV-XDQFRQ
UHVSHFWRD/XLV"
 D WtR E VREULQR F SULPR

 4XLTXHQDFLyGHVSXpVGH0DUtD3HSHHVPiVYLHMRTXH4XLTXH\TXH%HUWR
6DUDQDFLyGHVSXpVGH4XLTXHSHURDQWHVTXH%HUWR0DUtDHVPD\RUTXH
3HSH¢4XLpQRFXSDHOVHJXQGROXJDUSRURUGHQGHQDFLPLHQWR"
 D 3HSH E 6DUD F 4XLTXH

 0DULQDHVPiVQHUYLRVDTXH2OJD%HUWDHVPHQRVQHUYLRVDTXH0DUWD
/DVGRVPiVWUDQTXLODVWLHQHQHOSHORUXELR2OJDHVPRUHQD¢&XiOHV
ODPiVWUDQTXLODGHODVFXDWUR"
 D 2OJD E %HUWD F 0DUWD

 &LQFRSDORPDV$(,2\8HVWiQSRVDGDVHQXQFDEOH$HVWiHQXQ
H[WUHPR \ 8 HQ HO RWUR ( HVWi SRVDGD DO ODGR GH , \ 2 DO ODGR GH 8
¢4XLpQHVWiSRVDGDHQPHGLR"
 D , E ( F 2

 ¢4XpFXDGUDGR DEF FRPSOHWDODVHFXHQFLD"

D E F

 7RGRVORVFROLEUtHVWLHQHQYLYRVFRORUHV1LQJ~QSiMDURGHJUDQWDPDxR
VH DOLPHQWD GH PLHO /RV SiMDURV TXH QR VH DOLPHQWDQ GH PLHO WLHQHQ
WRGRVFRORUHVDSDJDGRV3RUWDQWR
 D 7RGRVORVFROLEUtHVVRQGHJUDQWDPDxR
 E 7RGRVORVFROLEUtHVVRQGHSHTXHxRWDPDxR

 F 7RGRVORVFROLEUtHVWLHQHQFRORUHVDSDJDGRV

(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
(-(5&,&,26Ð01,%86

 $OJXQRVPLHPEURVGH0HQVDVRQJHQLRV7RGRVORVJHQLRVWLHQHQDOJX
QDVYLUWXGHVKXPDQDVFRPRFDOLGDGHVUHGHQWRUDV3RUWDQWR
 D 7RGRVORVJHQLRVVRQPLHPEURVGH0HQVD
 E 7RGRVORVPLHPEURVGH0HQVDWLHQHQDOJXQDYLUWXG
 F $OJXQRVPLHPEURVGH0HQVDWLHQHQFXDOLGDGHVUHGHQWRUDV

 $OJXQRV FRFKHV WLHQHQ SXHUWDV 7RGRV ORV DQLPDOHV VRQ FRFKHV /DV
SXHUWDVFUHDQRUGHQ3RUWDQWR
 D 7RGRVORVFRFKHVVRQDQLPDOHV
 E 7RGRVORVDQLPDOHVFUHDQRUGHQ
 F $OJXQRVDQLPDOHVQRFUHDQRUGHQ

 ¢4XpFXDGUDGR DEF FRPSOHWDODVHFXHQFLD"

D E F

 (QXQDFLHUWDFODYH&26$1HVHOQ~PHUR¢4XpQ~PHURUHSUHVHQ
WDODSDODEUD6$&2\TXpSDODEUDVHUtDHOQ~PHUR"
 D \62&2 E \6$&$ F \62&$

 /D SDODEUD 3$/8',602 FRUUHVSRQGH DO Q~PHUR  FRPR DO
Q~PHURFRUUHVSRQGHODSDODEUD
 D 6,0$6 E 620$6 F 680$6

 6LHQGR3401 UHVXHOYD43²04


 D  E  F ²

 6LHQGR0 1% 3UHVXHOYD03 %"


 D 0 E 1 F 3



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
(;$0(1%1ž

 ¢&XiO GH ODV ILJXUDV GH OD GHUHFKD HVWi IRUPDGD SRU ODV SLH]DV TXH VH
UHSUHVHQWDQHQHOFXDGURGHODL]TXLHUGD"

D E F


2UGHQDUODVOHWUDV\VHxDODUODSDODEUDGLIHUHQWHDODVGHPiV

 6(57$0'$35('2-(7$$19(1$7
 D 6(57$0 E '$35( F $19(1$7

 $&5(2f$3$/(%52&&215(%
 D $&5(2 E f$3$/ F &215(%

 %XVTXHODDQDORJtD
D E F

6HxDOHODIUDVHFRUUHFWDPHQWHHVFULWDHVGHFLUVLQIDOWDVGHRUWRJUDItD

 D 1RYDFLOyDOGHFLUTXHHVWRHUDXQEDFLOR
 E 1RYDFLOyDOGHFLUTXHpVWRHUDXQEDFLOR
 F 1REDFLOyDOGHFLUTXHHVWRHUDXQYDFLOR

 D (OS~EOLFRRYDFLRQyDOEDUtWRQR
 E (OSXEOLFRREDFLRQyDOEDUtWRQR
 F (OSXEOLFRRYDFLRQyDOYDUtWRQR

 D /DEDOODHVWiVDEURVtVLPDYD\DDSRUPDV
 E /DED\DHVWiVDEURVtVLPDYDOODDSRUPiV
 F /DED\DHVWiVDEURVtVLPDYD\DDSRUPiV

 D 6XDGLFLyQDODVGURJDVOHKXQGLy
 E 6XDGLFFLyQDODVGURJDVOHKXQGLy
 F 6XDGLFFLyQDODVGURJDVOHKXQGLR


(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
(-(5&,&,26Ð01,%86

 D /HSUHVWpHOYHKtFXOR\QRPHORDGHYXHOWR
 E /HSUHVWpHOYHKtFXOR\QRPHORKDGHYXHOWR
 F /HSUHVWpHOYHKtFXOR\QRPHORDGHEXHOWR

 D (OJXtDLEDGHODQWHSDUDRMHDUODFD]D
 E (OJXLDLYDGHODQWHSDUDRMHDUODFD]D
 F (OJXtDLEDGHODQWHSDUDKRMHDUODFD]D

¢4XpFXDGUR DEF HVHOUHVXOWDGRGHVXPDUHOSULPHUR\HOVHJXQGR\UHV


WDUHOWHUFHUR"

 D E F

 D E F

 D E F

 (ODQWyQLPRGH6(03,7(512HV
 D PRUWDO E SHUHQQH F LQWHUPLQDEOH

 /RRSXHVWRDOD62%(5%,$HV
 D GHVGpQ E KXPLOGDG F DOWDQHUtD

 62/$=KDFHUHIHUHQFLDD
 D DOFREDRKDELWDFLyQ E UHFUHRRGHVFDQVR F VRODURGHVFDPSDGR

 ¢&XiOGHHVWDVSDODEUDVQRVLJQLILFDORPLVPRTXHHOUHVWR"
 D UHVXHOWR E FREDUGH F LPSiYLGR


(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
(;$0(1%1ž

 %XVTXHODILJXUDTXHFRQWLQ~DODVHFXHQFLD

D E F

(VFRMDODRSFLyQPiVDSURSLDGDSDUDFDGDXQDGHODVIUDVHVVLJXLHQWHV

 'LPHRWUDYH]"QRYLQLVWHD\HU
 D SRUTXH E SRUTXp F SRUTXp

 /RVPRWLYRV"ORKL]RQDGLHORVDEH
 D SRUTXH E SRUTXp F SRUTXH

 "GtDWHYDDVRUSUHQGHU
 D FXDOTXLHU E FXDOTXLHUD F FXDOHVTXLHUD

 1RFUHH"ORTXHYHFRQVXVSURSLRVRMRV
 D VLQR VXVWDQWLYR 
 E VLQR FRQMXQFLyQDGYHUVDWLYD 
 F VLQR FRQMXQFLyQDGYHUELR 

 6HxDOHODSDODEUDGHOSULPHUUHFXDGURTXHWLHQHHQHOVHJXQGRXQVLQy
QLPR\HQHOWHUFHURXQDQWyQLPR

'LVSXWD $FLDJR
+HUUDMH 6XHUWH
*URVVR /HQWR
&XLWD
9DKtGR (VWXSRU
'LVODWH
'HVYHQWXUD %RJDU
3LQWLSDUDGR
(VHQFLD 5DXGR
&XLGDGR 0DFHUDU
3URQWLWXG *ULWHUtD

 D &XLWD E 'LVODWH F 3LQWLSDUDGR



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
(-(5&,&,26Ð01,%86

 'HGXFLUHORUGHQOyJLFRSDUDRSWLPL]DUODVLJXLHQWHWDUHD$UUHJODUXQ
UDGLDGRUTXHJRWHD
 2EVHUYDUHOOXJDUGHODDYHUtD\HYDOXDUVXLPSRUWDQFLD
 5HDOL]DUODUHSDUDFLyQ
 &HUUDUODHQWUDGDGHDJXDGHOUDGLDGRUWUDVHYDOXDUODDYHUtD
 %XVFDUKHUUDPLHQWDV
 $EULUODHQWUDGDGHDJXDSDUDFRPSUREDUVLJRWHD
 D  E  F 

 2UGHQHDOIDEpWLFDPHQWHHVWDVSDODEUDV75(158,'258('$.,/2
+,*29(67,'23(/2/(75$58%,$\GLJDSRUTXpOHWUDFRPLHQ]D
ODSDODEUDFHQWUDO
 D . E 5 F 7

 %XVTXHODDQDORJtD5202HVD"FRPR5(),1$'2HVD"
 D 381=$17(58'2
 E 7$-$17($67872
 F $*8'2'(385$'2

 6HxDOHHOQ~PHURGHYHFHVTXHODOHWUD3YDVHJXLGDGHXQDYRFDO
 68;<32:0$3(<7,346(3/27%3,*(+3/)=$/3(
 D  E  F 

 /D SDODEUD 0$/75(&+26 HV DO Q~PHUR  FRPR HO Q~PHUR
HVDODSDODEUD"
 D /$72 E /27( F 0$/2

¢4XpSDODEUDFRPSOHWDPHMRUFDGDXQDGHODVIUDVHVVLJXLHQWHV"

 /DVYHUGDGHVVHSUXHEDQSRUPHGLRGH"
 D KLSyWHVLV E ILORVRItD F GHPRVWUDFLyQ

 3DUD FRQVWUXLU HQ WHUUHQR QR XUEDQL]DEOH ORV JREHUQDQWHV GHEHQ
DQWHV"
 D FDQDOL]DUOR E XUEDQL]DUOR F UHFDOLILFDUOR

 (O"HVHOOXJDUGRQGHVHJXDUGDQODVDUPDV
 D FXDUWHO E DUVHQDO F SROYRUtQ

 /DLPDJLQDFLyQQRVSHUPLWH"ORDXVHQWH
 D UD]RQDU E UHSUHVHQWDU F PHPRUL]DU

 /DVSHUVRQDVRUGHQDGDVREUDQ"HQODYLGD
 D H[SUHVDPHQWH E WUDQTXLODPHQWH F VLVWHPiWLFDPHQWH


(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
(;$0(1%Qž
(MHUFLFLRVÐPQLEXV
$ FRQWLQXDFLyQ VH OH SUHVHQWDQ GLH] HMHUFLFLRV 6H WUDWD GH SDODEUDV TXH
WLHQHQXQDUHODFLyQ6XWUDEDMRFRQVLVWHHQHQFRQWUDUODSDODEUDTXHIDOWD
HQGLFKDUHODFLyQ

 $ 6RUWLOHJLR % &RQGHQD
,QIDUWR (PEROLD
([RUFLVPR " & 7URPER ' &RiJXOR

 $ 0DQWHQHU % 5HWHQHU
(QFRQWUDU 3HUGHU
&UHDU " & *XDUGDU ' 'HVWUXLU

 $ $WUHYLGR % &REDUGH
%ULOODQWH 0DWH
" 9DOLHQWH & &ODUR ' /XPLQRVR

 $ (VWLPDU % ([DPLQDU
7DVDU 5HLWHUDU
" 9DORUDU & 5HSHWLU ' 0HGLU

 $ ÌQWHJUR % /LPLWDGR
&RPSOHWR (QWHUR
" 5HVWULQJLGR & 6HYHUR ' )LUPH

 $ ([DFWR % 'XGRVR
" 3UHFLVR
$G\DFHQWH 3Uy[LPR & 5HPRWR ' /HMDQR

 $ &HWiFHR % ,QVHFWR
0RVFD (OHIDQWH
'tSWHUR " & &DUQtYRUR ' 3DTXLGHUPR

 $ $UJHQWLQD % 8UXJXD\
9LHQD "
0RQWHYLGHR $XVWULD & 0pMLFR ' &KLOH 

(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
(-(5&,&,26Ð01,%86

 $ $GRUQR % )UDLOH
$EDORULR %DFDODR
$EDGHMR " & &XHQWHFLOOD ' 0RQMH

 $ 3RSD % 3URD


%DERU "
$EDGHMR %DFD & 'HUHFKR ' ,]TXLHUGR

,QGLTXHODILJXUDTXHFRQWLQXDODVHULH

$%&'

 

 ¢&XiOGHODVVLJXLHQWHVSDODEUDVWLHQH0(126/(75$6&2,1&,'(17(6
FRQODVGHODSDODEUD=$3$72"
 $ 7$3,= % &$/,=$ & %,=$17,12 ' &$%,=%$-2

 ¢&XiO GH ODV VLJXLHQWHV SDODEUDV WLHQH H[DFWDPHQWH 2&+2 /(75$6
&2,1&,'(17(6FRQODVGHODSDODEUD3(5,2',67$"
 $ 3(5','2 % 6$1,7$5,2 & 3$7,/$5*2 ' 3(50$1(17(

 ¢&XiO GH ODV VLJXLHQWHV SDODEUDV WLHQH H[DFWDPHQWH 75(6 /(75$6
&2,1&,'(17(6FRQODVGHODSDODEUD*(1(5$/"
 $ 6$5*(172 % 7(1,(17( & &$3,7$1 ' &20$1'$17(

 ¢&XiO GH ODV FXDWUR RSFLRQHV GHEHUtD DSDUHFHU HQ OXJDU GH OD LQWHUUR
JDQWH"



$%&'




 ¢4XpFLIUDGHEHUtDVXVWLWXLUDOD(HQHVWDVXPD"

 (((((  $  %  &  ' 




(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
(;$0(1%1ž

 ¢4XpFLIUDGHEHUtDVXVWLWXLUDOD)HQHVWDVXPD"

 )  $  %  &  ' 

 ¢4XpFLIUDGHEHUtDVXVWLWXLUDOD*HQHVWDUHVWD"

 ²*  $  %  &  ' 

 ¢4XpFLIUDGHEHUtDVXVWLWXLUDOD+HQHVWDUHVWD"

 +²++ + $  %  &  ' 

 ¢4XpFLIUDGHEHUtDVXVWLWXLUDOD-HQHVWDPXOWLSOLFDFLyQ"

 -[  $  %  &  ' 

 ¢4XpFLIUDGHEHUtDVXVWLWXLUDOD.HQHVWDPXOWLSOLFDFLyQ"

 [. .. $  %  &  ' 

 ¢4XpFLIUDGHEHUtDVXVWLWXLUDOD/HQHVWDGLYLVLyQ"

 // / $  %  &  ' 

 ¢4XpFLIUDGHEHUtDVXVWLWXLUDOD0HQHVWDGLYLVLyQ"

 00 0 $  %  &  ' 

 ¢4XpFLIUDSXHGHVXVWLWXLUDOD1HQHVWDSURSRUFLyQ"

 1 1 $  %  &  ' 

 ¢4XpFLIUDSXHGHVXVWLWXLUDOD3HQHVWDSURSRUFLyQ"

  3 $  %  &  ' 



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
(-(5&,&,26Ð01,%86

 ¢4XpFLIUDSXHGHVXVWLWXLUDDPERVVLJQRVGHLQWHUURJDFLyQHQHVWDSUR
SRUFLyQ"

 " " $  %  &  ' 

,QGLTXHODILJXUDTXHFRQWLQXDODVHULH

 $%&'

 

$KRUDHQFRQWUDUiFXDWURFXDGURVFRQOHWUDVHQVXLQWHULRU\VXWDUHDFRQ
VLVWHHQFRPSDUDUHOFRQWHQLGRGHORVFXDGURV

6LKD\GRVFXDGURVLJXDOHVFRQWHVWH$
6LKD\WUHVFXDGURVLJXDOHVFRQWHVWH%
6LWRGRVORVFXDGURVVRQLJXDOHVFRQWHVWH&
6LWRGRVORVFXDGURVVRQGLVWLQWRVFRQWHVWH'

,QGLTXHFXiOGHODVFRQGLFLRQHV $%&y' VHFXPSOH

 DKYE[VT  DKYE[VT  DKYE[VT  DKYE[VT


IPWSV\R IPWSV\R IPWSV\R IPWSV\R
ZXYNHMD ZXYNHMD ZXYNHMD ZXYNHMD

 DKYE[VT  DKYE[VT  DKYE[UT  DKYE[VT


IPWSU\R IPWSV\R IPWSV\R IPWSV\R
ZXYNHMD ZVYNHMD ZXYNHMD ZXYNRMD

 DKYE[VT  DKYE[VT  DKYE[VT  DKYE[VT


IPWSV\R IPWEV\R IPWSV\R IPWTV\R
ZXYNHMD ZXYNHMD ZXYNHMD ZXYNHMD


DKYE[VT  DKYE[VT  DKYE[VT  DKYE[VT
IPWSV\R IPWSV\R IPWSV\R IPWSV\R
ZXYNHMD ZXYNHMD ZXYNHMD ZXYNHMD


DKYE[VT  DKYE[VT  DKYE[VT  DKYE[VT
IPWSVWR IPWSV\R IPWSV\R IPWSV\R
ZXYNHMD ZXYNHMD ZXYNHMD ZXYNHMD
 

(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
(;$0(1%1ž

 ¢&XiO GH ODV FXDWUR RSFLRQHV GHEHUtD DSDUHFHU HQ OXJDU GH OD LQWHUUR
JDQWH"



$%&'




$YHULJHHOYDORUGHOLQWHUURJDQWHDSDUWLUGHODLQIRUPDFLyQTXHKD\HQHO
UHFXDGUR\HQODVRSHUDFLRQHVTXHHVWiQDVXGHUHFKD7HQJDHQFXHQWDTXH
ORVYDORUHVGHORVVtPERORVSXHGHQFDPELDUGHXQHMHUFLFLRDRWUR



 

  $  %  &  ' 



 

  $  %  &  ' 






  $  %  &  ' 




(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
(-(5&,&,26Ð01,%86

/HDDWHQWDPHQWHHOWH[WRTXHVHSUHVHQWDDFRQWLQXDFLyQ\UHOOHQHORVKXH
FRV FRQWHQLGRV HQ pO HOLJLHQGR HQWUH ODV RSFLRQHV SURSXHVWDV OD PiV DGH
FXDGDSDUDGDUVHQWLGRDOWH[WR

(OFDUiFWHUGH/H\2UJiQLFDYLHQHH[LJLGRSRUHODUWtFXOR³³GHOD
&RQVWLWXFLyQSDUDODVIXQFLRQHVSULQFLSLRVEiVLFRVGHDFWXDFLyQ\HVWDWX
WRVJHQpULFDPHQWHGHODV)XHU]DV\&XHUSRVGH6HJXULGDGSRUHODUWtFXOR
SDUDGHWHUPLQDUHO³³HQHOTXHORV(VWDWXWRVGH$XWRQRPtD
SXHGHQHVWDEOHFHUODIRUPDGHFRQFUHWDUODSRVLELOLGDGGH³³GHSROLFtDV
GHODVUHVSHFWLYDVFRPXQLGDGHV\SRUHODUWtFXOR
3DUD ³³ ORV WpUPLQRV GHQWUR GH ORV FXDOHV ODV &RPXQLGDGHV
$XWyQRPDV SXHGHQ ³³FRPSHWHQFLDV HQ FXDQWR D OD FRRUGLQDFLyQ \
GHPiVIDFXOWDGHVHQUHODFLyQFRQODVSROLFtDVORFDOHV
5HVSHFWRDODSROLFtDMXGLFLDOHOFDUiFWHUGH/H\2UJiQLFDVHGHGXFHGHO
FRQWHQLGR GHO DUWtFXOR ³³ GH OD &RQVWLWXFLyQ \D TXH DO UHJXODU ODV
UHODFLRQHVHQWUHODSROLFtD\HO3RGHU-XGLFLDOGHWHUPLQDLQGLUHFWD\SDU
FLDOPHQWH ORV ³³ GH DPERV \ DO FRQFUHWDU ODV IXQFLRQHV GH OD SROLFtD
MXGLFLDO LQFLGH HQ ³³ SURSLDV GH OD /H\ GH HQMXLFLDPLHQWR FULPLQDO \
FRQFUHWDPHQWHHQORUHODWLYRDODDYHULJXDFLyQGHOGHOLWR\GHVFXEULPLHQWR
\DVHJXUDPLHQWRGHOGHOLQFXHQWHTXHFRQVWLWX\HQ]RQDVGHGHOLPLWDFLyQGH
GHUHFKRVIXQGDPHQWDOHVGHODSHUVRQD
6LQ HPEDUJR RWURV DVSHFWRV GHO SUR\HFWR GH /H\ HVSHFLDOPHQWH ORV
UHODWLYRVDOSURFHVRGHLQWHJUDFLyQGHORV&XHUSRV6XSHULRUGH3ROLFtD\GH
3ROLFtD1DFLRQDOHQHO&XHUSR1DFLRQDOGH3ROLFtD³³WLHQHQHOFDUiFWHU
GH/H\2UJiQLFDORTXHLPSRQHODGHWHUPLQDFLyQDWUDYpVGHXQDGLVSRVL
FLyQ³³GHORVSUHFHSWRVTXHWLHQHQFDUiFWHUGH/H\2UJiQLFD
/H\2UJiQLFDGH)XHU]DV\&XHUSRVGH6HJXULGDG

 $  %  &  ' 

 $ OXJDU % PDUFR & HVWDWXWR ' iPELWR

 $ JHVWLyQ % FUHDFLyQ & FRQFUHFLyQ ' JHQHUDFLyQ

 $ ILMDU % FRQFUHWDU & HQFRQWUDU ' HVWDEOHFHU

 $ SHGLU % ORJUDU & DVXPLU ' GHOHJDU

 $  %  &  ' 

 $ )XHURV % (VWDWXWRV & 5HJODPHQWRV ' 2UGHQDPLHQWRV

 $ FRVDV % OH\HV & PDWHULDV ' IXQFLRQHV

 $ Vt % QR & VyOR ' QXQFD

  $ ILQDO % DGMXQWD & WUDQVLWRULD ' WUDQVYHUVDO

(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
(;$0(1%1ž

,QGLTXHODILJXUDTXHFRQWLQXDODVHULH
$%&'

 

6LJDODVHFXHQFLDOyJLFDSDUDHQFRQWUDUODDOWHUQDWLYDFRUUHFWD

 0LQXWR +RUD ¢««" 6HPDQD 0HV

$ 'tD % $xR & 6HJXQGR ' 7LHPSR

 ¢««" )UtR 7HPSODGR &DOGHDGR $EUDVDGR

$ 7LELR % +HODGR & &DOXURVR ' %RFKRUQRVR

 )UHQHVt (QWXVLDVPR ,QGLIHUHQFLD 'HVJDQD ¢««"

$ $SDWtD % 9LYH]D & 'HViQLPR ' 7UDQTXLOLGDG

 ¢««" 5HJODPHQWR 2UGHQ 6XJHUHQFLD ,QVLQXDFLyQ

$ /H\ % $XWRULGDG & 'LVSRVLFLyQ ' 5HFRPHQGDFLyQ

 ¢&XiO GH ODV FXDWUR RSFLRQHV GHEHUtD DSDUHFHU HQ OXJDU GH OD LQWHUUR
JDQWH"




$%&'






(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
(-(5&,&,26Ð01,%86

,QGLTXHFXiOGHORVUHFXDGURVFRQWLHQHHQVXLQWHULRUGRVSDODEUDVVLQyQL
PDV

$  %  &  '
 DEGLFDU  YRUD]  WiFLWR  IUXVOHUtD
UHFRUGDU VDJD] WDUGR DUUXPDFR
VXE\XJDU ORFXD] LPSOtFLWR FDPEDODFKH

$  %  &  '
 YDWLFLQDU  LOXVR  SUHiPEXOR  WHUJLYHUVDU
WHPSODU SXVLOiQLPH GHVDFDWR DXVSLFLDU
DXJXUDU GHVGHxRVR GHVYDtGR FRQFLWDU

$  %  &  '
 SURFXUDU  GHIHQHVWUDU  ULxD  UDPSOyQ
EDUUXQWDU FRDUWDU SL]FD YXOJDU
UHYLQGLFDU PDOYHUVDU JXLVD UXPERVR

$  %  &  '
 OXFUR  WUDPDU  GHVDFXHUGR  GHVDOLxDGR
WXPXOWR GDxDU DOXYLyQ FUtSWLFR
PRID WUDEDU GHVDYHQHQFLD LQVyOLWR

$  %  &  '
 LQVLGLRVR  HQVXFLDU  PHOyPDQR  DFLDJR
HVFDUSDGR GHVJUHxDU HQJUHtGR DULVFR
KDUDJiQ HQFRQDU StFDUR LQHVFUXWDEOH


,QGLTXHODILJXUDTXHFRQWLQXDODVHULH

 $%&'




7HQLHQGRHQFXHQWDTXHODSDODEUD*(50,1$7,92FRUUHVSRQGHDOQ~PH
UR\TXHDFDGDOHWUDOHFRUUHVSRQGHVLHPSUHODPLVPDFLIUD
LQGLTXHHOUHVXOWDGRGHODVVLJXLHQWHVRSHUDFLRQHV

 

 $ $,02 % $159 & $7(2 ' $51,

(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
(;$0(1%1ž

 

$ *52( % (*5( & *5*2 ' (*5*

 1(5$7,92

$ *07($ % (07($ & *70($ ' (07(1

 $5(*0,72

$ $( % 1* & $( ' $*

 5$²(2

$ 0219 % 5129 & 0129 ' 5291

  $1,0$/'(&203$fÌ$

$  %  &  ' 

 (03(f2'(6$),2 

$  %  &  ' 

  81,'$''(/21*,78'

$ *,7(*2 % *27(*, & *,*27( ' *2*,7(

 120%5$520(1&,21$5  /$1&('(/$-('5(=

$ 5(*2*9 % 0((29* & ,(*2*9 ' 5(*29*

 «'(%255$5  029,0,(172$&203$6$'2

$ 5,$$7 % ($77, & 5177$ ' ($77$

6HxDOHODRSFLyQTXHFRPSOHWDHOHVSDFLRHQEODQFR


$%&'

 



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
(-(5&,&,26Ð01,%86

6HxDOHODRSFLyQTXHFRQWHQJDORVVLJQRVTXHFRPSOHWDQFRUUHFWDPHQWHODV
RSHUDFLRQHV

 """  $ [ % [ & [ ' [

 """  $ [ % [ & [ ' [

 """  $ [ % [ & [ ' [

 """  $ [ % [ & [ ' [

 """  $ [ % [ & [ ' [

 ¢&XiO GH ODV FXDWUR RSFLRQHV GHEHUtD DSDUHFHU HQ OXJDU GH OD LQWHUUR
JDQWH"



$%&'




¢&XiO GH ODV FXDWUR IUDVHV GH OD GHUHFKD GHILQH PHMRU OR TXH VLJQLILFD OD
SDODEUDHQPD\~VFXODV"

 &$3,72/,2 $ (GLILFLRPDMHVWXRVR\HOHYDGR


% 3DUWHVXSHULRUGHXQDFROXPQD
& 3HUVRQDFRQLQIOXHQFLDRPDQGR
' &RQYHQLRHQHOTXHVHHVWLSXODODUHQGLFLyQ

 &$38/(72 $ 0ROXVFRJDVWHUySRGR


% (QHPLJRGHORV0RQWHVFRV
& (QYROWXUDGHFLHUWRVPHGLFDPHQWRV
' 3LH]DTXHVLUYHSDUDFXEULUODFDEH]D

 '(8'2 $ 'HWHULRURHFRQyPLFR


% &DQWLGDGTXHVHKDGHDQRWDUHQHOGHEH
& 4XHGHEHRHVWiREOLJDGRDVDWLVIDFHUXQDGHXGD
 ' 3DULHQWHDVFHQGLHQWHGHVFHQGLHQWHRFRODWHUDOGHVXIDPLOLD

(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
(;$0(1%1ž

 (0e5,72 $ 'LJQLGDGRFDUJRGHHPLU


% 7tWXORGHKRQRUTXHVHGDDORVFDUGHQDOHV
& $OWRHOHYDGRTXHGHVFXHOODHQWUHORVGHPiV
' 3HUVRQDUHWLUDGDTXHGLVIUXWDGHXQSUHPLRSRUVXVVHU
YLFLRV

 )$782 $ 'pELOIODFR


% 6HPLGLyVGHORVFDPSRV\VHOYDV
& 3RPSDH[WHULRUOXMRH[WUDRUGLQDULR
' )DOWRGHUD]yQRGHHQWHQGLPLHQWR

 ¢&XiO GH ODV FXDWUR RSFLRQHV GHEHUtD DSDUHFHU HQ OXJDU GH OD LQWHUUR
JDQWH"



$%&'




(OLMDHQWUHODVRSFLRQHVGHUHVSXHVWDODTXHPHMRUFRQWLQ~DODVHULH


  $%& '


 

  $%& '


 

  $%& '


 



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
(-(5&,&,26Ð01,%86


  $%& '


 

  $%&'


 

,QGLTXHODSDODEUDTXHIDOWDHQHOKXHFR

 VLOOD DVLHQWR VLOOyQ $ DQLPDO % HTXLQR


EXUUR " DVQR & PDPtIHUR ' MXPHQWR

 FD]XHOD FD]R DWUDSR $ VRUWLMD % DUR


DQLOOR " FRPSURPLVR & DOLDQ]D ' YDVLMD

 FRWLOOHDU KXVPHDU ILVJDU $ ROIDWHDU % DHURQDYH


EXTXH " QDYH & LQWXLU ' EDMHO

 FXHUSR SRFR FRVD $ MDEyQ % PXFKR


KRMD " ERQVDL & iUERO ' YHJHWDO

 FDOODGR OODPD WDPDxR $ IXWXUR % FDVD
HVFDOyQ " SDVDGR & IXHJR ' PXGR

 ¢&XiO GH ODV FXDWUR RSFLRQHV GHEHUtD DSDUHFHU HQ OXJDU GH OD LQWHUUR
JDQWH"




$%&'






(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
(;$0(1%1ž

¢4XpOHWUDVIDOWDQSDUDTXHORVFRQMXQWRVDGTXLHUDQXQVHQWLGROyJLFR"

  
    
 ( " %
 $ % & '
 


 5 1 0 5
( $
 , 2 $ 8
  
 
- " /


  
    
, " $
$ % & '
 


 0 5 7 %
2 &
5 1 1 6
  
 
' " 8


  
    
* " 6
$ % & '
  
  2 , ( $
$ 2
, , 2 ,
  
 
1 " /
 

$FRQWLQXDFLyQHQFRQWUDUiXQEORTXHFRPSXHVWRSRUGLIHUHQWHVFDUDFWHUHV
GLVSXHVWRVVLQRUGHQDOJXQR

  
ÐÎؑ‹}‡€7ÐÎؑ‹‡}7€
Îؑ‹‡}Ð7΀ؑ‡‹}€7Ð
7}€77Ðؑ}‹‡}7ÐÎؑ‹
ÐÎؑ‹‡}‹€}΀‡7ÐؑÎ
‹‡}΀Ð7ÎؑÐÐÎؑ‹‡}
ؑ‹}€7Їؑ‹‡}΀ؑ€
ÐÎ؋‡}‘€7ÐÎ؀7‡‘‹}
ÎБ‹€7‡}€Ø7ÐÎؑ}‹‡
‘Î؇‘‹}€7ЋÎؑ€‹‡Ø
ÎÐؑ€7‹}‡€7ÐÎؑ7‡}

3DUDFRQWHVWDUGHEHUiFRQWDUFXiQWDVYHFHVDSDUHFHQORVJUXSRVGHFDUDF
WHUHVWDOFRPRILJXUDQHQORVUHFWiQJXORVGHODL]TXLHUGD


 ‹‡}  $  %  &  ' 




(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
(-(5&,&,26Ð01,%86

 ؑ}  $  %  &  ' 




}€7  $  %  &  ' 


 

  ‡}€  $  %  &  ' 


 

 €7ÐÎ  $  %  &  ' 






(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
(;$0(1%Qž
(MHUFLFLRVÐPQLEXV
$ FRQWLQXDFLyQ VH OH SUHVHQWDQ GLH] HMHUFLFLRV 6H WUDWD GH SDODEUDV TXH
WLHQHQXQDUHODFLyQ6XWUDEDMRFRQVLVWHHQHQFRQWUDUODSDODEUDTXHIDOWD
HQGLFKDUHODFLyQ

 $ 6XEUHSWLFLR % 3DWHQWH
([SHGLU &DPXÀDGR
" 7UDPLWDU & *HVWLRQDU ' 9LVLEOH

 $ &DHU % 5RPSHU
5HSDUDU $VFHQGHU
(VFDODU " & $UUHJODU ' 6XELU

 $ 5DWLILFDU % 5HIXWDU
,JQRUDU "
&RQILUPDU &RQRFHU & $ILUPDU ' %DXWL]DU

 $ $xDGLU % 5HVWDU
6XVWUDHU &RPSHWLU
" 'HGXFLU & &RRSHUDU ' 5LYDOL]DU

 $ 3HUPDQHFHU % 0RULU
&DGXFDU "
([SLUDU &DQMHDU & 6XVWLWXLU ' 5HVHUYDU

 $ 6XSHUILFLDO % )UHFXHQWH
,QVyOLWR 6XILFLHQWH
([FHVLYR " & $GHFXDGR ' ([WUDRUGLQDULR

 $ (VSHUDQ]D % 5HVLJQDFLyQ
" 6DORPyQ
6DELGXUtD -RE & 3DFLHQFLD ' %RQGDG

 $ $GMHWLYR % 1RPEUH
3URQRPEUH (O
" 5RMR & 9HUER ' $UWtFXOR 

(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
(-(5&,&,26Ð01,%86

 $ 3H] % 3iMDUR
$EHMDUXFR ,QVHFWR
$EHMRUUR " & ÉUERO ' 3ODQWD

 $ ,JOHVLD % &DPSDQDULR


&DPSDQD "
7DPERU 3DOLOOR & %DGDMR ' &DPSDQDGD

,QGLTXHODILJXUDTXHFRQWLQXDODVHULH

 $%&'

 

 ¢&XiOGHODVVLJXLHQWHVSDODEUDVWLHQH0(126/(75$6&2,1&,'(17(6
FRQODVGHODSDODEUD02'(67,$"
 $ '(&(17( % 0$/'(&,5 & &203/,&( ' 0$57,//2

 ¢&XiO GH ODV VLJXLHQWHV SDODEUDV WLHQH H[DFWDPHQWH &,1&2 /(75$6
&2,1&,'(17(6FRQODVGHODSDODEUD('8&$&,21"
 $ $'(&8$'2 % 6,03$7,&2 & '(62/$'2 ' )(67,9,'$'

 ¢&XiO GH ODV VLJXLHQWHV SDODEUDV WLHQH H[DFWDPHQWH 6(,6 /(75$6
&2,1&,'(17(6FRQODVGHODSDODEUD(/(*$1&,$"
 $ *(1(5262 % *$1$1&,$ & /(*,21$5,2 ' $/*2'21$/

 ¢&XiO GH ODV FXDWUR RSFLRQHV GHEHUtD DSDUHFHU HQ OXJDU GH OD LQWHUUR
JDQWH"



$%&'




 ¢4XpFLIUDGHEHUtDVXVWLWXLUDOD(HQHVWDVXPD"

 (((  $  %  &  ' 




(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
(;$0(1%1ž

 ¢4XpFLIUDGHEHUtDVXVWLWXLUDOD)HQHVWDVXPD"

 ))) ) $  %  &  ' 

 ¢4XpFLIUDGHEHUtDVXVWLWXLUDOD*HQHVWDUHVWD"

 **²**  $  %  &  ' 

 ¢4XpFLIUDGHEHUtDVXVWLWXLUDOD+HQHVWDUHVWD"

 +²+  $  %  &  ' 

 ¢4XpFLIUDGHEHUtDVXVWLWXLUDOD-HQHVWDPXOWLSOLFDFLyQ"

 -[- - $  %  &  ' 

 ¢4XpFLIUDGHEHUtDVXVWLWXLUDOD.HQHVWDPXOWLSOLFDFLyQ"

 .[. . $  %  &  ' 

 ¢4XpFLIUDGHEHUtDVXVWLWXLUDOD/HQHVWDGLYLVLyQ"

 //  $  %  &  ' 

 ¢4XpFLIUDGHEHUtDVXVWLWXLUDOD0HQHVWDGLYLVLyQ"

 00 0 $  %  &  ' 

 ¢4XpFLIUDSXHGHVXVWLWXLUDOD1HQHVWDSURSRUFLyQ"

 1  $  %  &  ' 

 ¢4XpFLIUDSXHGHVXVWLWXLUDOD3HQHVWDSURSRUFLyQ"

  3 $  %  &  ' 



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
(-(5&,&,26Ð01,%86

 ¢4XpFLIUDSXHGHVXVWLWXLUDDPERVVLJQRVGHLQWHUURJDFLyQHQHVWDSUR
SRUFLyQ"

 " " $  %  &  ' 

,QGLTXHODILJXUDTXHFRQWLQXDODVHULH

$%&'

 

$KRUDHQFRQWUDUiFXDWURFXDGURVFRQOHWUDVHQVXLQWHULRU\VXWDUHDFRQ
VLVWHHQFRPSDUDUHOFRQWHQLGRGHORVFXDGURV

6LKD\GRVFXDGURVLJXDOHVFRQWHVWH$
6LKD\WUHVFXDGURVLJXDOHVFRQWHVWH%
6LWRGRVORVFXDGURVVRQLJXDOHVFRQWHVWH&
6LWRGRVORVFXDGURVVRQGLVWLQWRVFRQWHVWH'

,QGLTXHFXiOGHODVFRQGLFLRQHV $%&y' VHFXPSOH

 DKYE[Tx  DKYE[Tx  DKYE[Tx  DKYE[Tx


ZXYNHKL ZXYNHKL ZXYNHKL ZXYEHKL
NQE[HWT NQE[HWT NQE[HWT NQE[HWT

 DKYE[Tx  DKYE[Tx  DKYE[Tx  DKYE[Tx


ZXYNHKL ZXYNHKL ZXYNHKL ZXYNHKL
NQE[RWT NQE[HWT NQE[HWT NQE[DWT

 DKYE[Tx  DKYE[Tx  DKYE[Tx  DKYE[Tx


ZXYNHKL ZXYNHKL ZXYNHKL ZXYNHKL
NQE[HWT NQE[HWT NQE[HWT NQE[HWT

 DKYE[Tx  DKYE[Tx  DKYE[Tx  DKYE[Tx


ZXYNHKL ZXYNHKL ZXYNHKL ZXYNHKY
NQE[HWT NQE[HWT NQE[HWT NQE[HWT

 DKYE[Tx  DKYE[Tx  DKYE[Tx  HKYE[Tx


ZXYNHKL ZXYNHKL ZXYNDKL ZXYNHKL
NQE[RWT NQE[HWT NQE[HWT NQE[HWT
 

(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
(;$0(1%1ž

 ¢&XiO GH ODV FXDWUR RSFLRQHV GHEHUtD DSDUHFHU HQ OXJDU GH OD LQWHUUR
JDQWH"



$%&'




$YHULJHHOYDORUGHOLQWHUURJDQWHDSDUWLUGHODLQIRUPDFLyQTXHKD\HQHO
UHFXDGUR\HQODVRSHUDFLRQHVTXHHVWiQDVXGHUHFKD7HQJDHQFXHQWDTXH
ORVYDORUHVGHORVVtPERORVSXHGHQFDPELDUGHXQHMHUFLFLRDRWUR



 

  $  %  &  ' 



 

  $  %  &  ' 






  $  %  &  ' 




(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
(-(5&,&,26Ð01,%86

/HDDWHQWDPHQWHHOWH[WRTXHVHSUHVHQWDDFRQWLQXDFLyQ\UHOOHQHORVKXH
FRV FRQWHQLGRV HQ pO HOLJLHQGR HQWUH ODV RSFLRQHV SURSXHVWDV OD PiV DGH
FXDGDSDUDGDUVHQWLGRDOWH[WR

/DSURWHFFLyQGHODVHJXULGDGFLXGDGDQD\HOHMHUFLFLRGHODVOLEHUWDGHV
S~EOLFDVFRQVWLWX\HQXQ³³LQVHSDUDEOH\DPERVFRQFHSWRVVRQUHTXL
VLWRVEiVLFRVGHODFRQYLYHQFLDHQXQDVRFLHGDGGHPRFUiWLFD
/D &RQVWLWXFLyQ SRU RWUD SDUWH HVWDEOHFH XQD DWULEXFLyQ JHQpULFD GH
FRPSHWHQFLDDO(VWDGRHQPDWHULDGHVHJXULGDGSXEOLFD DUWtFXOR 
\HVSHFtILFDPHQWHDWULEX\HDODV)XHU]DV\&XHUSRVGH6HJXULGDGEDMROD
GHSHQGHQFLDGHO³³ODWDUHDGHSURWHJHUHOOLEUHHMHUFLFLRGHORVGHUH
FKRV\OLEHUWDGHV\GHJDUDQWL]DUODVHJXULGDGFLXGDGDQD DUWtFXOR³³ 
DIHFWDQGRHQVXUHJXODFLyQDOHMHUFLFLRGHDOJXQRVGHUHFKRVIXQGDPHQWDOHV
FRPRHOGHUHFKRDODOLEHUWDGDODOLEUHFLUFXODFLyQSRUHOWHUULWRULRQDFLRQDO
\DHQWUDU\VDOLUOLEUHPHQWHGH(VSDxDRDOGHUHFKRGHUHXQLyQ
'HVGHODSURPXOJDFLyQGHOD&RQVWLWXFLyQHQXQSURFHVRLQLQWHUUXPSLGR
ODV&RUWHV³³KDQWUDWDGRGHPDQWHQHUXQSRVLWLYRHTXLOLEULRHQWUHOLEHU
WDG\³³KDELOLWDQGRDODVDXWRULGDGHVFRUUHVSRQGLHQWHVSDUDHOFXPSOL
PLHQWRGHVXVGHEHUHVFRQVWLWXFLRQDOHVHQPDWHULDGHVHJXULGDGPHGLDQWHOD
³³GH/H\HV2UJiQLFDV*HQHUDOHVFRPRODGHGHMXQLRGHGHORV
(VWDGRVGHDODUPDH[FHSFLyQ\VLWLRODGHGHMXOLRGHVREUH'HUHFKRV
\OLEHUWDGHVGHORVH[WUDQMHURVHQ(VSDxDRODGH³³GHPDU]RGHGH
)XHU]DV\&XHUSRVGH6HJXULGDG$VLPLVPRVHKDQDSUREDGR/H\HV(VSHFLDOHV
FRPRODGHGHMXOLRGH³³5HJXODGRUDGHO'HUHFKRGH5HXQLyQODGH
GHHQHURGHVREUH3URWHFFLyQ&LYLORODGHGHMXOLRGHGH%DVHV
VREUH7UiILFRFLUFXODFLyQGHYHKtFXORVDPRWRU\VHJXULGDG³³LQFOX\pQ
GRVH DVLPLVPR PHGLGDV GH SUHYHQFLyQ GH OD YLROHQFLD HQ ORV HVSHFWiFXORV
³³PHGLDQWHOD/H\GHGHRFWXEUHGHO'HSRUWH
/H\2UJiQLFDGH)XHU]DV\&XHUSRVGH6HJXULGDG

 $ JUXSR % DVXQWR & ELQRPLR ' FRQMXQWR

 $ (VWDGR % *RELHUQR & 0LQLVWUR ' 3DUODPHQWR

 $  %  &  ' 

 $ (VSDxRODV % *HQHUDOHV & 1DFLRQDOHV ' $XWRQyPLFDV

 $ FRQWURO % GHUHFKRV & UHSUHVLyQ ' VHJXULGDG

 $ VDQFLyQ % FUHDFLyQ & DSUREDFLyQ ' SURPXOJDFLyQ

 $  %  &  ' 

 $  %  &  ' 

 $ YLDO % OHJDO & FLXGDGDQD ' FLUFXODWRULD

  $ S~EOLFRV % FLUFHQVHV & GHSRUWLYRV ' WHOHYLVLYRV

(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
(;$0(1%1ž

,QGLTXHODILJXUDTXHFRQWLQXDODVHULH
$%&'





6LJXDODVHFXHQFLDOyJLFDSDUDHQFRQWUDUODDOWHUQDWLYDFRUUHFWD

 ¢««" 3DUODQFKtQ +DEODGRU &DOODGR 7DFLWXUQR

$ /RFXD] % 'LDORJDQWH & &RQYHUVDGRU '  6LOHQFLRVR

 5DGLDQWH 6ROHDGR ¢««" /yEUHJR 7HQHEURVR

$ 7XUELR % 'LIXVR & 8PEUtR ' %ULOODQWH

 9HUJHO +XHUWD ¢««" 3iUDPR 'HVLHUWR

$ (GpQ % 2DVLV & 3DUTXH ' %DOGtR

 (ItPHUR 3DVDMHUR 3HUHFHGHUR 'XUDGHUR ¢««"

$ &RUWR % &DGXFR & 3HUHQQH ' 7UDQVLWRULR

 ¢&XiO GH ODV FXDWUR RSFLRQHV GHEHUtD DSDUHFHU HQ OXJDU GH OD LQWHUUR
JDQWH"




$%&'






(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
(-(5&,&,26Ð01,%86

,QGLTXHFXiOGHORVUHFXDGURVFRQWLHQHHQVXLQWHULRUGRVSDODEUDVVLQyQL
PDV

$  %  &  '

I~WLO  QHJOLJHQFLD  DIUHQWD  FRQVHQWLPLHQWR
REYLR YHKHPHQFLD GiGLYD RVWHQWDFLyQ
FDEDO DSDVLRQDPLHQWR ODQJXLGH] SXMDQ]D

$  %  &  '
 DEVRUWR  PRWtQ  IOHPD  VXVSLFDFLD
MXLFLRVR RUQDWR GHUURFKH PXWLVPR
H[FXOSDGR PRID SURGLJDOLGDG ODVFLYLD

$  %  &  '

SUyIXJR  HStVWROD  DSHVDGXPEUDGR  IDUUDJRVR
SURIDQR SUHIDFLR VyUGLGR SHQRVR
SUROLMR SRVWUHUR SUHFDULR HQPDUDxDGR

$  %  &  '
 UHPXQHUDFLyQ  IOHPiWLFR  REVWLQDU  GLULPLU
HVWLUDPLHQWR GDGLYRVR UHSUREDU DWULEXLU
JUDWLILFDFLyQ RSRUWXQLVWD FDOXPQLDU LQFLGLU

$  %  &  '

GtVFROR  FDUL]  UpPRUD  VRVSHFKDU
LPSiYLGR FRQVHQWLPLHQWR PHUPD LQFLWDU
 DJULR WDUGDQ]D PHQRVFDER SHUWUHFKDU

,QGLTXHODILJXUDTXHFRQWLQXDODVHULH

$%&'




7HQLHQGR HQ FXHQWD TXH OD SDODEUD $<817$0,(1726 FRUUHVSRQGH DO


Q~PHUR\TXHDFDGDOHWUDOHFRUUHVSRQGHVLHPSUHODPLVPD
FLIUDLQGLTXHHOUHVXOWDGRGHODVVLJXLHQWHVRSHUDFLRQHV

 

 $ (106 % ,(06 & (160 ' ,(60

(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
(;$0(1%1ž

 

$ $8$6 % <$<2 & $<$2 ' <$<6

 87($06<1

$ 7076 % 2067 & 7$27 ' 2$67

 (0827$1,

$ 1< % <1 & <1 ' 1<

 (,²<1

$ <<2< % $<2< & <<6$ ' $$2<

  021('$-$321(6$

$  %  &  ' 

 5(&,(11$&,'$ 

$  %  &  ' 

  (0%$5&$&,Ð1'(*$/$

$ 1,8< % 7(<8 & 1,<8 ' 7(8<

 ««'(0$1,/$  81,'$''(&8(17$(1$/*Ô1-8(*2

$ 708$87 % 108$81 & 7,8$87 ' 1,8$81

 &$57$'(815(67$85$17(  *5$6$'($1,0$/

$  %  &  ' 

6HxDOHODRSFLyQTXHFRPSOHWDHOHVSDFLRHQEODQFR

$%&'

 



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
(-(5&,&,26Ð01,%86

6HxDOHODRSFLyQTXHFRQWHQJDORVVLJQRVTXHFRPSOHWDQFRUUHFWDPHQWHODV
RSHUDFLRQHV

 """  $ [ % [ & [ ' [

 """  $ [ % [ & [ ' [

 ¢&XiO GH ODV FXDWUR RSFLRQHV GHEHUtD DSDUHFHU HQ OXJDU GH OD LQWHUUR
JDQWH"



$%&'




¢&XiO GH ODV FXDWUR IUDVHV GH OD GHUHFKD GHILQH PHMRU OR TXH VLJQLILFD OD
SDODEUDHQPD\~VFXODV"

 %(/'$' $ &DOLGDGGHEHOLJHUDQWH


% $YHQWDUFRQHOELHOGRODVPLHVHV
& *URVHUDHLQVXOWDQWHH[SUHVLyQGHGHVSUHFLR
' %HOOH]DRKHUPRVXUD\SDUWLFXODUPHQWHODGHODPXMHU

 $/%25$'$ $ (VSHFLHGHFDSRWHFRQFDSXFKD


% 7LHPSRGXUDQWHHOFXDODPDQHFH
& ([WUDRUGLQDULRUHJRFLMRSODFHURDOHJUtD
' 9RFHUtRRHVWUpSLWRFDXVDGRSRUYDULDVSHUVRQDV

 &8%Ì&8/2 $ $SRVHQWRDOFRED


% 9DVRPiVDQFKRSRUODERFDTXHSRUODEDVH
& 6LWLRGRQGHORVDQLPDOHVVHUHFRJHQSDUDGRUPLU
' 5HFLSLHQWHGHPDGHUDTXHVLUYHSDUDFRQWHQHUOtTXLGRV

 Ì%,&( $ (VSHFLHGHFDEUDPRQWpV


% ,QGLFLRRVHxDOGHXQDFRVD
& 6LJQRTXHSRVHHFXDOLGDGHVGHOLFRQR
' $YH]DQFXGDYHQHUDGDSRUORVHJLSFLRV



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
(;$0(1%1ž

 &$0%$/$&+( $ )LJXUDWDOODGDGHUHOLHYH


% /HFKRSREUH\GHVDOLxDGR
& 7UXHTXHGHGLYHUVRVREMHWRV
' 3HUWHQHFLHQWHRUHODWLYRDOFDPDOHyQ

(OLMDHQWUHODVRSFLRQHVGHUHVSXHVWDODTXHPHMRUFRQWLQ~DODVHULH

   $ % &'


 

   $ %&'


 

   $ %&'


 

  $ % &'


 

  $ % &'


 

,QGLTXHODSDODEUDTXHIDOWDHQHOKXHFR

 GHVSUHFLR RIHQVD GHVGpQ $ HVWLPD % FHUD


FLULR " YHOD & EXMtD ' FRUWHVtD

 GpVSRWD WLUDQR GLFWDGRU $ PRQDUFD % EUtR


HPSXMH " iQLPR & VREHUDQR ' GHVDOLHQWR


(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
(-(5&,&,26Ð01,%86

 DEXQGDQFLD FRSLD LPLWD $ SHJD % HVFULEH


SDVWHO " ERIHWDGD & WDUWD ' WRUWD

 ERQLWR WRPD PDWHULD $ GDPD % GRVLV


PRQHGD " PDOD & VXMHWD ' IDOVD


 PDFHWD FHUD SDUDGRU $ YHOD % SODQWD


FDOPDQWH " PDWRMR & DEHMD ' PDQWR

¢4XpOHWUDVIDOWDQSDUDTXHORVFRQMXQWRVDGTXLHUDQXQVHQWLGROyJLFR"

  
    
& " 1
 $ % & '
 
   $ 2 2 ,
2 9
 6 1 5 5
  
 
7 " (


  
    
$ " 7
$ % & '
 
   , 1 1 6
5 (
 , $ , 8
  
 
2 " 5


  
    
' " 6
$ % & '
 
   $ , 2 (
2 $
 8 , , 2
  
 
* " +






(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
(;$0(1%1ž

$ FRQWLQXDFLyQ HQFRQWUDUi XQD WDEOD FRPSXHVWD GH ILODV \ FROXPQDV IRU


PDQGRFHOGDVGHQWURGHODVFXDOHVVHHQFXHQWUDQVtPERORV

            
$  ‘ - -  s  ‘
/ - 
% s - ‘/   ‘ ‘ -  /
 ‘
&   s  ‘ /  -/ -  s
' - ‘ / ‘    s    
( s   -- ‘‘ - ‘ -/ s ‘- ‘
) -   ‘  -  ‘ ‘  /
* ‘ / ‘ s  ‘ s ‘  -  -
+  - s
 /  ‘/  
s ‘
, - ‘ -   - ‘ s -
 s
-  ‘  - ‘ /  s ‘/ - /
.  - /   - / - ‘ / /  ‘
/ ‘ /  -   ‘  ‘ ‘ / 

6XWUDEDMRFRQVLVWHHQORFDOL]DUXQDRYDULDVFHOGDV\FRQWDUFXiQWDVYHFHV
DSDUHFHQGHWHUPLQDGRVVtPERORVHQHVDVFHOGDV

 ¢&XiQWRVVtPERORVFRPRHVWH´‘µKD\HQODVFHOGDVGHODVFROXPQDV
\"

$  %  &  ' 

¢&XiQWRVVtPERORVFRPRHVWH´/µKD\HQODVFHOGDV&(\."

$  %  &  ' 

 ¢&XiQWRVVtPERORVFRPRHVWH´µKD\HQODVFHOGDV/%\)"

$  %  &  ' 

 ¢&XiQWRVVtPERORVFRPRHVWH´‘µKD\HQODVFHOGDV$'(+*
\'"

$  %  &  ' 



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
(-(5&,&,26Ð01,%86

 ¢&XiQWRVVtPERORVFRPRHVWH´-µKD\HQODVFHOGDV+*'),
\$"

$  %  &  ' 

 ¢&XiQWRVVtPERORVFRPRHVWH´µKD\HQODVFHOGDV/)'('
\%"

$  %  &  ' 

 ¢&XiQWRV VtPERORV FRPR HVWH ´/µ KD\ HQ OD FROXPQD  VLQ WHQHU HQ
FXHQWDODFHOGD-"

$  %  &  ' 

 ¢&XiQWRVVtPERORVFRPRHVWH´µKD\HQODILOD+VLQWHQHUHQFXHQWD
ODVFROXPQDV\"

$  %  &  ' 

 ¢&XiQWDV YHFHV DSDUHFHQ HVWRV VtPERORV ´‘/µ MXQWRV HQ XQD PLVPD
FHOGD"

$  %  &  ' 

¢&XiQWDVYHFHVDSDUHFHHVWHVtPEROR´-µHQODVFHOGDVGHODVILODV$
'*\-"

$  %  &  ' 



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
(;$0(1%Qž
(MHUFLFLRVÐPQLEXV
$ FRQWLQXDFLyQ VH OH SUHVHQWDQ GLH] HMHUFLFLRV 6H WUDWD GH SDODEUDV TXH
WLHQHQXQDUHODFLyQ6XWUDEDMRFRQVLVWHHQHQFRQWUDUODSDODEUDTXHIDOWD
HQGLFKDUHODFLyQ

 $ $IUHQWD % ,QIDPLD
8OWUDMDU ,QMXULDU
2IUHQGD " & 2IHQVD ' 'iGLYD

 $ 0iV % 0XFKR
" &DQWLGDG
&DOLGDG 0HMRU & 3HRU ' %XHQR

 $ &ODUR % 3UHFDYLGR
$WHQWR "
9LJLODQWH 9ROiWLO & 'HQVR ' (WpUHR

 $ $EVWUDFWR % 0HQWDO
7HyULFR 'LVFUHWR
" 3UiFWLFR & /iELO ' ,GHROyJLFR

 $ &RQILDU % 3URYHHU
" 2SLQLyQ
&UHHQFLD $EDVWHFHU & ,GHRORJtD ' 'HVFXLGDU

 $ $VRFLDGR % 3UHFHGHQWH
&RQFXUUHQWH 6XFHVLYR
6LPXOWiQHR " & &RQVHFXWLYR ' ,QJHQLRVR

 $ 3HVDGR % /HQWR
" &ODUR
2VFXUR 5DOR & +LUVXWR ' $EXQGDQWH

 $ 6DOWDU % &RUUHU
3DVR "
=DQFDGD $QGDU & 'LVWDQFLD ' 1DGDU 

(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
(-(5&,&,26Ð01,%86

 $ &RPSDFWR % +RPRJpQHR
$ELJDUUDGR "
6XDYL]DU $EODQGDU & +HWHURJpQHR ' 5XGR

 $ 2UJDQLOOR % )ODXWD


$FRUGHyQ %DQGRQHyQ
*XLWDUUD " & 2ERH ' %DQGXUULD

,QGLTXHODILJXUDTXHFRQWLQXDODVHULH

 $%&'

 

 ¢&XiOGHODVVLJXLHQWHVSDODEUDVWLHQH0É6/(75$6&2,1&,'(17(6
FRQODVGHODSDODEUD&Ì5&8/2"
 $ 7$0%25 % 520(5Ì$ & 0(/2'Ì$ ' &$/(1'$5,2

 ¢&XiO GH ODV VLJXLHQWHV SDODEUDV WLHQH H[DFWDPHQWH 6,(7( /(75$6
&2,1&,'(17(6FRQODVGHODSDODEUD(;75$1-(52"
 $ 75$%$-2 % &216,67,5 & $17(5,25 ' 3$7521$72

 ¢&XiO GH ODV VLJXLHQWHV SDODEUDV WLHQH H[DFWDPHQWH 6(,6 /(75$6
&2,1&,'(17(6FRQODVGHODSDODEUD0$1&+(*2"
 $ 0(1',*2 % &2/(*,$/ & 0(17,5262 ' *(1(5262

 ¢&XiO GH ODV FXDWUR RSFLRQHV GHEHUtD DSDUHFHU HQ OXJDU GH OD LQWHUUR
JDQWH"



$%&'




 ¢4XpFLIUDGHEHUtDVXVWLWXLUDOD(HQHVWDVXPD"

 ((  $  %  &  ' 




(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
(;$0(1%1ž

 ¢4XpFLIUDGHEHUtDVXVWLWXLUDOD)HQHVWDVXPD"

 ))) ) $  %  &  ' 

 ¢4XpFLIUDGHEHUtDVXVWLWXLUDOD*HQHVWDUHVWD"

 *²* * $  %  &  ' 

 ¢4XpFLIUDGHEHUtDVXVWLWXLUDOD+HQHVWDUHVWD"

 +²++ + $  %  &  ' 

 ¢4XpFLIUDGHEHUtDVXVWLWXLUDOD-HQHVWDPXOWLSOLFDFLyQ"

 -[-  $  %  &  ' 

 ¢4XpFLIUDGHEHUtDVXVWLWXLUDOD.HQHVWDPXOWLSOLFDFLyQ"

 .[ . $  %  &  ' 

 ¢4XpFLIUDGHEHUtDVXVWLWXLUDOD/HQHVWDGLYLVLyQ"

 //[ / $  %  &  ' 

 ¢4XpFLIUDGHEHUtDVXVWLWXLUDOD1HQHVWDGLYLVLyQ"

 11  $  %  &  ' 

 ¢4XpFLIUDSXHGHVXVWLWXLUDOD0HQHVWDSURSRUFLyQ"

 0  $  %  &  ' 

 ¢4XpFLIUDSXHGHVXVWLWXLUDOD3HQHVWDSURSRUFLyQ"

  3 $  %  &  ' 



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
(-(5&,&,26Ð01,%86

 ¢4XpFLIUDSXHGHVXVWLWXLUDDPERVVLJQRVGHLQWHUURJDFLyQHQHVWDSUR
SRUFLyQ"

 " " $  %  &  ' 

,QGLTXHODILJXUDTXHFRQWLQXDODVHULH

$%&'

 

$KRUDHQFRQWUDUiFXDWURFXDGURVFRQOHWUDVHQVXLQWHULRU\VXWDUHDFRQ
VLVWHHQFRPSDUDUHOFRQWHQLGRGHORVFXDGURV

6LKD\GRVFXDGURVLJXDOHVFRQWHVWH$
6LKD\WUHVFXDGURVLJXDOHVFRQWHVWH%
6LWRGRVORVFXDGURVVRQLJXDOHVFRQWHVWH&
6LWRGRVORVFXDGURVVRQGLVWLQWRVFRQWHVWH'

,QGLTXHFXiOGHODVFRQGLFLRQHV $%&y' VHFXPSOH

 DKY[EVG  DKY[EVG  DKY[EVG  DKY[EVG


IUWSVIPL IUWSVIPL IUWSVIPL IUWSVIPL
ZXYNHJX ZXYNHJX ZXYNHJX ZXYNHJX

 DKY[EVG  DKY[EVG  DKY[EVG  DKY[EVG


IUWSVIPL IUWSVIPL IUWSVIPL IYWSVIPL
ZXYNHJX ZXYNHJX ZXYNHJX ZXYNHJX

 DKY[EVG  DKY[EVG  DKY[EUG  DKY[EVG


IUWSVIPL IUWSVIZL IUWSVIPL IUWSVIPL
ZXYNHJX ZXYNHJX ZXYNHJX ZGYNHJX


DKY[EVG  DKY[EVG  DKY[EVG  DEY[EVG
IUWSVIPL IUWSVIPL IUWSVIPL IUWSVIPL
ZXYNHJX ZXYNHJX ZXYNHJX ZXYNHJX


DKY[GVG  DKY[EVG  DKY[EVG  DKY[EVG
IUWSVIPL IUWSVIPL IUWSVIPL IUWSVEQL
ZXYNHJX ZXYNHJX ZXYNHJX ZXYNHJX
 

(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
(;$0(1%1ž

 ¢&XiO GH ODV FXDWUR RSFLRQHV GHEHUtD DSDUHFHU HQ OXJDU GH OD LQWHUUR
JDQWH"



$%&'




$YHULJHHOYDORUGHOLQWHUURJDQWHDSDUWLUGHODLQIRUPDFLyQTXHKD\HQHO
UHFXDGUR\HQODVRSHUDFLRQHVTXHHVWiQDVXGHUHFKD7HQJDHQFXHQWDTXH
ORVYDORUHVGHORVVtPERORVSXHGHQFDPELDUGHXQHMHUFLFLRDRWUR



 

  $  %  &  ' 



 

  $  %  &  ' 






  $  %  &  ' 




(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
(-(5&,&,26Ð01,%86

/HDDWHQWDPHQWHHOWH[WRTXHVHSUHVHQWDDFRQWLQXDFLyQ\UHOOHQHORVKXH
FRV FRQWHQLGRV HQ pO HOLJLHQGR HQWUH ODV RSFLRQHV SURSXHVWDV OD PiV DGH
FXDGDSDUDGDUVHQWLGRDOWH[WR

/DYLROHQFLDGHJpQHURQRHVXQSUREOHPDTXHDIHFWHDOiPELWR³³$O
FRQWUDULRVHPDQLILHVWDFRPRHO³³PiVEUXWDOGHODGHVLJXDOGDGH[LVWHQWH
HQQXHVWUDVRFLHGDG6HWUDWDGHXQDYLROHQFLDTXHVHGLULJHVREUHODVPXMHUHV
SRUHOKHFKRPLVPRGHVHUORSRUVHUFRQVLGHUDGDVSRUVXVDJUHVRUHVFDUHQWHV
GHORVGHUHFKRVPtQLPRVGHOLEHUWDGUHVSHWR\FDSDFLGDGGHGHFLVLyQ
1XHVWUD &RQVWLWXFLyQ LQFRUSRUD HQ VX DUWtFXOR ³³ HO GHUHFKR GH
WRGRV D OD YLGD \ D OD LQWHJULGDG ItVLFD \ PRUDO VLQ TXH HQ QLQJ~Q FDVR
SXHGDQVHUVRPHWLGRVDWRUWXUDVQLDSHQDVRWUDWRVLQKXPDQRVR³³
$GHPiVFRQWLQ~DQXHVWUD&DUWD³³HVWRVGHUHFKRVYLQFXODQDWRGRVORV
SRGHUHVS~EOLFRV\VyORSRUOH\SXHGHUHJXODUVHVXHMHUFLFLR
/D2UJDQL]DFLyQ GH 1DFLRQHV ³³HQOD,9&RQIHUHQFLD0XQGLDOGH
UHFRQRFLy\DTXHODYLROHQFLDFRQWUDODVPXMHUHVHVXQREVWiFXORSDUD
ORJUDU ORV REMHWLYRV GH LJXDOGDG GHVDUUROOR \ SD] \ YLROD \ PHQRVFDED HO
GLVIUXWH GH ORV GHUHFKRV ³³ \ ODV OLEHUWDGHV IXQGDPHQWDOHV $GHPiV
ODGHILQHDPSOLDPHQWHFRPRXQDPDQLIHVWDFLyQGHODVUHODFLRQHVGHSRGHU
KLVWyULFDPHQWHGHVLJXDOHVHQWUHPXMHUHV\KRPEUHV([LVWH\DLQFOXVRXQD
GHILQLFLyQWpFQLFDGHOVtQGURPHGHODPXMHU³³TXHFRQVLVWHHQODVDJUH
VLRQHVVXIULGDVSRUODPXMHUFRPRFRQVHFXHQFLDGHORVFRQGLFLRQDQWHVVRFLR
FXOWXUDOHV TXH DFW~DQ VREUH HO JpQHUR PDVFXOLQR \ IHPHQLQR VLWXiQGROD
HQXQDSRVLFLyQGH³³DOKRPEUH\PDQLIHVWDGDVHQORV³³iPELWRV
EiVLFRVGHUHODFLyQGHODSHUVRQDPDOWUDWRHQHOVHQRGHODVUHODFLRQHVGH
SDUHMDDJUHVLyQVH[XDOHQODYLGDVRFLDO\DFRVRHQHOPHGLRODERUDO
/H\2UJiQLFDGH0HGLGDVGH3URWHFFLyQ,QWHJUDOFRQWUDOD9LROHQFLDGH*pQHUR

 $ S~EOLFR % SULYDGR & IHPHQLQR ' IDPLOLDU

 $ DVXQWR % LQGLFLR & HMHPSOR ' VtPEROR

 $  %  &  ' GHJUDGDQWHV

 $ EUXWDOHV % LQPRUDOHV & GHQLJUDQWHV ' HVWDEOHFHU

 $ /HJDO % 0DJQD & 6XSUHPD ' &RQVWLWXFLRQDO

 $ 8QLGDV % 0XQGLDOHV & $PHULFDQDV ' ,QWHUQDFLRQDOHV

 $ JHQHUDOHV % KXPDQRV & VXSHULRUHV ' LQYLRODEOHV

 $ YHMDGD % VRPHWLGD & YLROHQWDGD ' PDOWUDWDGD

 $ VXMHFLyQ % VXPLVLyQ & VRPHWLPLHQWR ' VXERUGLQDFLyQ

  $ GRV % WUHV & FXDWUR ' FLQFR

(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
(;$0(1%1ž

,QGLTXHODILJXUDTXHFRQWLQXDODVHULH


$%&'




6LJXDODVHFXHQFLDOyJLFDSDUDHQFRQWUDUODDOWHUQDWLYDFRUUHFWD

 (VWUXHQGR 5XLGR 5XPRU 6XVXUUR ¢««"

$ 3D] % 6LOHQFLR & 9RFHUtR ' $OJDUDGD

 $UURJDQWH 9DQLGRVR ¢««" 0RGHVWR +XPLOGH

$ 0tQLPR % 0LVHUDEOH & 2UJXOORVR ' ,QVLJQLILFDQWH

 $WHR ¢««" ,QGLIHUHQFLD 5HOLJLRVR 0tVWLFR

$ 6HJODU % 6HFXODU & 5DFLRQDO ' $JQyVWLFR

 $QFKR (VSDFLRVR $QJRVWR ¢««" &RQVWUHxLGR

$ 9DVWR % ,QPHQVR & 5HGXFLGR ' &RPHGLGR

 ¢&XiO GH ODV FXDWUR RSFLRQHV GHEHUtD DSDUHFHU HQ OXJDU GH OD LQWHUUR
JDQWH"




$%&'






(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
(-(5&,&,26Ð01,%86

,QGLTXHFXiOGHORVUHFXDGURVFRQWLHQHHQVXLQWHULRUGRVSDODEUDVVLQyQL
PDV

$  %  &  '
 LUDFXQGR SURPXOJDU SHURUDU YDQR
WLPRUDWR UDSLxDU SHUMXUDU LQRFXR
WUHPHEXQGR GLYXOJDU SHUSHWUDU LQKyVSLWR

$  %  &  '
 YDOHURVR FRSLRVR VREUHVDOWDU FRPSDUVD
SHUWLQD] SURSLFLR DWLVEDU DFHQWR
JDQGXO VXFLQWR DSHFKXJDU pQIDVLV

$  %  &  '
 KXUDxR VXEWHUIXJLR YDJXHGDG SDUWLGDULR
SHUVSLFD] FR\XQWXUD HVWXSLGH] EDVWR
SHQGHQFLHUR DEXQGDQFLD QHFHGDG DGHSWR

$  %  &  '
 FiQGLGR GHFODPDU SURSHQVLyQ HVWUDWDJHPD
VHULR GHPDQGDU GHOLEHUDFLyQ UHVXHOOR
YROXEOH GHVYHODU UHJUHVLyQ WUHWD

$  %  &  '
 UH]XPDU DJUDYLR DFHSFLyQ SRVWHUJDFLyQ
DFHFKDU GHVD]yQ UHJUHVLyQ GLVFHUQLPLHQWR
DFLFDODU DIUHQWD GLODFLyQ LQHUFLD


,QGLTXHODILJXUDTXHFRQWLQXDODVHULH

 $%&'




7HQLHQGR HQ FXHQWD TXH OD SDODEUD $75(9,0,(1726 FRUUHVSRQGH DO


Q~PHUR\TXHDFDGDOHWUDOHFRUUHVSRQGHVLHPSUHODPLVPD
FLIUDLQGLTXHHOUHVXOWDGRGHODVVLJXLHQWHVRSHUDFLRQHV

 

 $ 2(,0 % 19,9 & 2(90 ' 19,0

(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
(;$0(1%1ž

 

$ 7$$1 % $771 & 7$71 ' $770

 5($07921

$ 96$9 % ,6$9 & 9679 ' ,679

 9$5,70,6

$ 70 % 7, & 7, ' 5,

 59²(,

$  %  &  ' 

 &2175$7,(032 

$  %  &  ' 

 (6&$3$5$7( 

$  %  &  ' 

  0(0%5$1$,17(5,25'(/2-2

$ 5(955, % 7(9((, & 5(9((, ' 7(955,

 «««<129,672  3$5É6,72'(/,167(17,12

$ 755,1 % 5$$,1 & 75501 ' 5$$1,

 7523$'(5()8(5=2  23(5$&,Ð1$5,70e7,&$

$  %  &  ' 

6HxDOHODRSFLyQTXHFRPSOHWDHOHVSDFLRHQEODQFR


$%&'

 



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
(-(5&,&,26Ð01,%86

6HxDOHODRSFLyQTXHFRQWHQJDORVVLJQRVTXHFRPSOHWDQFRUUHFWDPHQWHODV
RSHUDFLRQHV

 """  $ [ % [ & [ ' [

 """  $ [ % [ & [ ' [

 """  $ [ % [ & [ ' [

 """  $ [ % [ & [ ' [

 """  $ [ % [ & [ ' [

 ¢&XiO GH ODV FXDWUR RSFLRQHV GHEHUtD DSDUHFHU HQ OXJDU GH OD LQWHUUR
JDQWH"



$%&'




¢&XiO GH ODV FXDWUR IUDVHV GH OD GHUHFKD GHILQH PHMRU OR TXH VLJQLILFD OD
SDODEUDHQPD\~VFXODV"

 )5$1&$&+(/$ $ 6LQFHULGDGGXGRVDRDSDUHQWH


% $VSHUH]D\HVSHVXUDGHORVPRQWHV
& 5HXQLyQGHYDULDVSHUVRQDVSDUDGLYHUWLUVHVLQPHGLGD
' 6HQVDFLyQTXHVHH[SHULPHQWDDOFRQWDFWRFRQFXHUSRV
IUtRV

 %$'8/$48( $ +RPEUHQHFLRLQFRQVLVWHQWH


% &RVDGHSRFDVXVWDQFLDRYDORU
& 3DORRFD\DGRTXHVLUYHSDUDVRVWHQHUVH
' &RQMXQWRGHFRVDVTXHVHOOHYDQHQORVYLDMHV

 =$6&$1',/ $ 3RHWDTXHHVFULEH]DU]XHODV


% &RPSRVLFLyQSRpWLFDGHRULJHQiUDEH
& +RPEUHGHVSUHFLDEOHLQTXLHWR\HQUHGDGRU
 ' +RPEUHKROJD]iQTXHVHVXVWHQWDGHORDMHQR

(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
(;$0(1%1ž

 9Ð57,&( $ &HQWURGHXQFLFOyQ


% &~VSLGHGHODSLUiPLGHRGHOFRQR
& 5HODWLYRDORVFDPLQRV\FDUUHWHUDV
' $WULRTXHHVWiDODHQWUDGDHQXQHGLILFLR

 683,12 $ 4XHFRQWLHQHV~SOLFD


% 4XHHVWiWHQGLGRVREUHHOGRUVR
& 3UHHPLQHQFLDVXSHULRULGDGMHUiUTXLFD
' (OHPHQWRFRPSRVLWLYRTXHVLJQLILFD´DUULEDµ

 ¢&XiO GH ODV FXDWUR RSFLRQHV GHEHUtD DSDUHFHU HQ OXJDU GH OD LQWHUUR
JDQWH"



$%&'




(OLMDHQWUHODVRSFLRQHVGHUHVSXHVWDODTXHPHMRUFRQWLQ~DODVHULH


   $%&'


 

   $ %&'


 

   $ %&'


 



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
(-(5&,&,26Ð01,%86

   $ %&'




 

  $%& '


 

,QGLTXHODSDODEUDTXHIDOWDHQHOKXHFR

 DVHVLQD PDWD DUEXVWR $ UDPD % PDWRUUDO


DEHMyQ " KROJD]iQ & DEHMRUUR ' ]iQJDQR

 DYLHVR SpUILGR PDOR $ EUHWH % OXFKD


DSULHWR " FRQIOLFWR & SDFtILFR ' ERQGDGRVR

 HVSDGD WRUHUR GLHVWUR $ FXFKDUD % YDMLOOD


YDVLMD " UHFLSLHQWH & iQIRUD ' PDWDGRU

 WLULWD WDFR FRFLQD $ VRSD % FRWD


SURFHVR " SDUDMH & MXLFLR ' FRPHGRU

 FDSDWD] SDVD TXHVDGD $ HQWUD % SRVWUH
WRPDWH " UHWDUGR & FRPLGD ' PDWDU

 ¢&XiO GH ODV FXDWUR RSFLRQHV GHEHUtD DSDUHFHU HQ OXJDU GH OD LQWHUUR
JDQWH"



$%&'






(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
(;$0(1%1ž

¢4XpOHWUDVIDOWDQSDUDTXHORVFRQMXQWRVDGTXLHUDQXQVHQWLGROyJLFR"

   
    
* " 1
 $ % & '
 
  , 2 $ (
2 (
 $ , $ 2
  
 
6 " 5



¢4XpOHWUDVIDOWDQSDUDTXHWRGDVDGTXLHUDQXQVHQWLGROyJLFR"
  
    
 0 " 6
$ % & '
 
   , $ , 2
5 7
 & & 5 '
  
 
$ " ,



¢4XpOHWUDVIDOWDQSDUDTXHWRGDVDGTXLHUDQXQVHQWLGROyJLFR"
  
    
+ " 0
 $ % & '
 
   , $ 2 2
$ %
 2 , ( ,
  
 
5 " 5



$FRQWLQXDFLyQHQFRQWUDUiXQEORTXHFRPSXHVWRSRUGLIHUHQWHVFDUDFWHUHV
GLVSXHVWRVVLQRUGHQDOJXQR

  
Ðؑ‹‡}€7зؑ‹}€7Ð
Α‹‡}€7ÎÐÎؑ‹‡Ø}€Ø
‡}€7ÐÎؑ}‹}€ÐØΑ7‹
ÐÎؑ‹‡}€}€‹‡7Î7Ðؑ
‹}€7ÐÎ؇‘БÐÎؑ‹‡}
ؑ‹‡}€7‹Î؇‘‹}€7€7
ÐÎؑ‹‡}€7ÐÎ؀7‘‹‡}
΋‡7€}‡Î€7΋Ðؑ}‹‡
‡Ð7‘‹€7ØÐ}Îؑ€7‹7Ø
ΑÐ؀7‹‡}€7ÐÎ؋‘‡}



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
(-(5&,&,26Ð01,%86

3DUDFRQWHVWDUGHEHUiFRQWDUFXiQWDVYHFHVDSDUHFHQORVJUXSRVGHFDUDF
WHUHVWDOFRPRILJXUDQHQORVUHFWiQJXORVGHODL]TXLHUGD


 €7‹  $  %  &  ' 




 ‘}‹  $  %  &  ' 




 ‹‡7  $  %  &  ' 

 

 7ÐÎ  $  %  &  ' 


 

 Îؑ‹  $  %  &  ' 






(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
)272&23,$5



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
6ROXFLRQHVDORVHMHUFLFLRVÐPQLEXV

      
% % %
  
       
% $  $ &  & $
$ % % % $ %
& & % & & %
$ & & % % &
% % $ & & &
$ & & $ & $
% & & % & %
$ % $ $ % %
% % % $ $ $
$ $ & & $ %
& % $ & % &
% & & $ % &
% & & & $ &
% & & % % &
& % $ $ % %
& % % & & &
% $ & % & %
% & & & % $
% & $ $ $ $
& & % % % %
& % $ $ % %
% & % $ & $
& & & % $ $
& % $ % % &
& $ & & % %
% % & % & %
$ & $ % % $
$ $ & $ % $
% $ $ $ $ &
% & $ % $ $
% % % $ % $
& & % % % %
& % & $ & %
% $ & % % %
% & $ % $ &
$ % % & & &
& $ % & % &
& & & $ $ $
% $ % & & %
% & $ & $ $
& $ % $ % $
$ % & & $ %
% % % $ & $
$ % & % $ $
% & $ $ % %
$ & & $ $ &
& % % $ $ &
% % & % & %
$ & & $ % %
% $ & % $ &



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2


        

      
% % %
  
         

 $ $  $ &  ' & 


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




(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
5HVSXHVWDVFRPHQWDGDV
(-(5&,&,2%1ž



  « 



«



«



 0f35   =;975 ²

      

  

² 

[[ 

[[ 

3HSH[-XDQ[[[ [ [ [ 

[[ [ [ [ [ 



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2

 5HJODGHWUHVVLPSOHGLUHFWD$PiVQDUDQMDVPiVGLQHURĺ'LUHFWDPHQWHSUR
SRUFLRQDO
²²²² 6H PXOWLSOLFDQ ORV YDORUHV TXH HVWiQ HQ OD [  [ 
²²²²[ GLDJRQDOTXHQRFRQWLHQHOD[\VHGLYLGHHVH [ 
UHVXOWDGRSRUHOYDORUTXHHVWiHQODGLDJRQDO
TXHFRQWLHQHOD[
 5HJOD GH WUHV VLPSOH LQYHUVD $ PiV REUHURV PHQRV WLHPSR ĺ ,QYHUVDPHQWH
SURSRUFLRQDO
²²²²²² 6HPXOWLSOLFDQORVYDORUHVGHODSULPHUDOtQHD [  [ 
²²²²²²[ KRUL]RQWDO TXH QR FRQWLHQH OD [ \ VH GLYLGH [ 
HOUHVXOWDGRSRUHOYDORUGHODVHJXQGDOtQHD
KRUL]RQWDOTXHFRQWLHQHOD[
5HJODGHWUHVFRPSXHVWDGLUHFWD$PiVJULIRVPiVHXURVĺ'LUHFWD$PiVKRUDV
PiVHXURVĺ'LUHFWD
JULIRV²²'²²KRUDV²²'²²HXURV &XDQGRHVGLUHFWDVHHVFULEHODUD]yQ
JULIRV²²²²²²KRUDV²²²²²²[HXURV HQHOPLVPRRUGHQ
 [   [
 [[  [ [ 

 -XDQ3HGUR
 -RVp,QpV
 /XLV0DUtD(OLVD(OHQD

 ELVDEXHORHVSRVD
 KLMRDEXHOR
 PDGUH
 \R

 /XLV&DUORV-DLPH-RVp\$QWRQLR KHUPDQRV

 -RVHID/XSH!6DUD!7DQLD

 $QD!-XOLR/DXUD!3HGUR$QD!3HGUR-XDQ!3HGUR$QD!7RQL

 %!$$!0%!0

 WD]DYDVRFRSDURVD

  JDEDUUDERWHSXPD\DWH

(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
5(638(67$6&20(17$'$6

(-(5&,&,2%1ž

 [[[

     ²

 ž   ž[ [ [ [   ž 


    

 

   

   

 $&(*,   *(&$ ²

 //O0  1f2

 ²²²

     

 ²   ² 

 (OQ~PHURGHSHUPXWDFLRQHVSRVLEOHVHV33HURTXpRFXUUHFRQODVOHWUDVTXHVH
UHSLWHQ/DVSHUPXWDFLRQHVGHHOHPHQWRV ODV´$µ VRQ36HSXHGHHQFRQWUDU
HO Q~PHUR GH SHUPXWDFLRQHV GLVWLQJXLEOHV GLYLGLHQGR HO SURGXFWR GHO WRWDO GH
SHUPXWDFLRQHVGLVWLQJXLEOHV 3 SRUODVQRGLVWLQJXLEOHV 3 33[[
[ [  

 6LTXLVLpUDPRVIRUPDUWRGDVODVWHUQDVSRVLEOHVSDUDHOSULPHUHOHPHQWRKD\
SRVLELOLGDGHVSDUDHOVHJXQGRTXHGDQSRVLELOLGDGHV\SDUDHOWHUFHURSRU
ORWDQWRHOQ~PHURGHWHUQDVSRVLEOHVHVWiGDGRSRUăă 3HURFDGD
WHUQD DSDUHFH UHSHWLGD HQ GLVWLQWR RUGHQ SRU HMHPSOR WHQGUHPRV $%& $&%
%$&&$%\&%$6RQVHLVWHUQDVFRQORVPLVPRVHOHPHQWRV3RUORWDQWRHOWRWDO
GHWHUQDVREWHQLGR  KD\TXHGLYLGLUORSRU 

 [[ [ [ [  

(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2

 [[[² PXOWLSOLFDUSRU[[[² [² 


 [ [ VL[ HQWRQFHV[ \[² 

 5HJODGHWUHVVLPSOHGLUHFWD$PiVKRUDVPiVVDODULRĺ'LUHFWDPHQWHSURSRU
FLRQDO
²²² 6HPXOWLSOLFDQORVYDORUHVTXHHVWiQHQODGLDJRQDO [  [ 
²²²[ TXHQRFRQWLHQHOD[\VHGLYLGHHVHUHVXOWDGRSRUHO [ 
YDORUTXHHVWiHQODGLDJRQDOTXHFRQWLHQHOD[

 5HJOD GH WUHV VLPSOH LQYHUVD $ PiV REUHURV PHQRV WLHPSR ĺ ,QYHUVDPHQWH
SURSRUFLRQDO
²²²² 6HPXOWLSOLFDQORVYDORUHVGHODSULPHUDOtQHDKRUL [  [ 
²²²²[ ]RQWDOTXHQRFRQWLHQHOD[\VHGLYLGHHOUHVXOWDGR [ 
SRU HO YDORU GH OD VHJXQGD OtQHD KRUL]RQWDO TXH
FRQWLHQHOD[

 5HJODGHWUHVFRPSXHVWDLQYHUVD$PHQRVREUHURVPiVGtDVĺ,QYHUVD$PiV
KRUDVPHQRVGtDVĺ,QYHUVD
REUHURV²²,²²KRUDV²²,²²'tDV &XDQGRHVLQYHUVDVHHVFULEHODUD]yQLQYLU
REUHURV²²²²²KRUDV²²²²²²['tDV WLHQGRORVQ~PHURV  [   [

[[  [  

 DEXHORV
 0DUtD5DPRQD
 -DYLHU&DUPHQ/DXUD

 DEXHOD
 SDGUHKHUPDQR
 \RSULPR

 ELVDEXHORHVSRVD
 \HUQRDEXHOR
 PDGUH
 \R

  

 + **!))!.+!.

 ;!<= ;=!<




(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
5(638(67$6&20(17$'$6

 URMRD]XOUXERUYHUGH

 GLQHURFXDGURIRWRSLQWXUD

(-(5&,&,2%1ž

 

 ž   ž\ž  [[[[


 ž\ž  

 

 ²²

 ²[ UHSHWLU

 

 $%&%&'&'('()

     

    ²²²

   [ 

 [[[[ 

 (OQ~PHURGHSHUPXWDFLRQHVSRVLEOHVHV3HURTXpRFXUUHFRQODVOHWUDVTXHVH
UHSLWHQ /DV SHUPXWDFLRQHV GH  HOHPHQWRV ODV ´$µ  VRQ  /DV SHUPXWDFLRQHV
GHHOHPHQWRV ODV´6µ VRQ6HSXHGHHQFRQWUDUHOQ~PHURGHSHUPXWDFLRQHV
GLVWLQJXLEOHVGLYLGLHQGRHOSURGXFWRGHOWRWDOGHSHUPXWDFLRQHVGLVWLQJXLEOHV  
SRUODVQRGLVWLQJXLEOHV \ 3 3[3 [[[[[ 
[[ [ [ 


(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2

 /ROD[$QWRQLR[[ [ [ 


 [ [ [ [ 

 $QWRQLR[3HSH[-XDQ[[[[ [ [ [ 

 5HJOD GH WUHV VLPSOH GLUHFWD $ PiV UHFRUULGR PiV FRQVXPR ĺ 'LUHFWDPHQWH
SURSRUFLRQDO
²²² 6HPXOWLSOLFDQORVYDORUHVTXHHVWiQHQODGLDJRQDO [  [ 
²²²[ TXHQRFRQWLHQHOD[\VHGLYLGHHVHUHVXOWDGRSRUHO [ 
YDORUTXHHVWiHQODGLDJRQDOTXHFRQWLHQHOD[

 5HJODGHWUHVVLPSOHLQYHUVD$PiVJULIRVPHQRVWLHPSRĺ,QYHUVDPHQWHSUR
SRUFLRQDO
²²²² 6H PXOWLSOLFDQ ORV YDORUHV GH OD SULPHUD OtQHD [  [ 
²²²²[ KRUL]RQWDO TXH QR FRQWLHQH OD [ \ VH GLYLGH HO [ 
UHVXOWDGR SRU HO YDORU GH OD VHJXQGD OtQHD KRUL
]RQWDOTXHFRQWLHQHOD[

 5HJODGHWUHVFRPSXHVWDPL[WD
 $PiVREUHURVPHQRVGtDVĺ,QYHUVD
 $PiVKRUDVPHQRVGtDVĺ,QYHUVD
 $PiVPHWURVPiVGtDVĺ'LUHFWD
 REUHURV²,²GtDV²,²KRUDV²'²PHWURV
 REUHURV²²[GtDV²²KRUDV²²PHWURV
 &XDQGRHVLQYHUVDVHHVFULEHODUD]yQLQYLUWLHQGRORVQ~PHURV\FXDQGRHVGLUHF
WDVHHVFULEHHQHOPLVPRRUGHQ
  [  [   [ [[[  [[  

 SDGUH
 \RPDGUHKHUPDQD
 QLHWD

 DEXHOR
 KHUPDQRWtR
 \R

 6L6DUD\-XDQVRQKHUPDQRV/XLVKDGHVHUSULPRGHDPERV


(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
5(638(67$6&20(17$'$6

 ž0DUtD²ž3HSH²ž4XLTXH²ž6DUD²ž%HUWR

 6L2OJDHVPRUHQD\0DULQDHVPiVQHUYLRVDODVGRVUXELDVVRQ%HUWD\0DUWD

 $,(28

 PDUWHVSDUHGWHMDGRYHQWDQD

 DFHURSDxDOFREUHEURQFH

(-(5&,&,2%1ž










 

(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2

WiFLWRLPSOtFLWR

YDWLFLQDUDXJXUDU

UDPSOyQYXOJDU

GHVDFXHUGRGHVDYHQHQFLD

HQVXFLDUGHVJUHxDU

²*$72

5(72

0(752

0(17$5²0$7(

*20$5,702










(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
5(638(67$6&20(17$'$6

 FXHUSRFRVD  KRMDERQVDL

>FD OOD GR²WD PD xR@>HV FD OyQ²SD VD GR@





(0%$/$-(

,5$&81'2

*$62/,1$

(-(5&,&,2%1ž









(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2





YHKHPHQFLDDSDVLRQDPLHQWR

GHUURFKHSURGLJDOLGDG

IDUUDJRVRHQPDUDxDGR

UHPXQHUDFLyQJUDWLILFDFLyQ

PHUPDPHQRVFDER

<(1

1(21$7$

<$7(

0$17Ð1²7$172

0(188172






(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
5(638(67$6&20(17$'$6

 ERQLWRPDWHULD  PRQHGDPDOD

>PD FH WD²SD UD GRU@>FDO PDQ WH²PD WR MR@

&219(172

$17(5,25

'(6$+2*2

(-(5&,&,2%1ž









 

(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2

SURPXOJDUGLYXOJDU

DFHQWRpQIDVLV

HVWXSLGH]QHFHGDG

HVWUDWDJHPDWUHWD

DJUDYLRDIUHQWD

5(9e6

9,75,1$

5(7,1$

9,672²7(1,$

5(7e15(67$










(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
5(638(67$6&20(17$'$6

 WLULWDFRFLQD  SURFHVRSDUDMH

>FD SD WD]²TXH VD GD@>WR PD WH²UH WDU GR@





*(1(5262

0$67,&$5

+20%5(5$



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
( M H U F L F L R & Q  ž 
7 H V W  G H  3 H U V R Q D O L G D G
3UHJXQWDVDELHUWDV

,QVWUXFFLRQHV
/DSUXHEDGHSHUVRQDOLGDGFRPLHQ]DFRQXQWHVWGHSUHJXQWDVDELHUWDV&XDQGRVH
HQIUHQWHDHVWHFXHVWLRQDULRGHEHFXLGDUODFDOLJUDItDSURFXUDQGRQRFRPHWHUIDOWDV
GH RUWRJUDItD \ HYLWDQGR FXDOTXLHU WLSR GH WDFKyQ R FRUUHFFLyQ $ FRQWLQXDFLyQ OH
PRVWUDPRVODVSUHJXQWDVPiVIUHFXHQWHV

¢4XpWDOVHOOHYDFRQVXVSDGUHV\KHUPDQRV"
¢&RQTXpIDPLOLDUVHLGHQWLILFDPiV"¢3RUTXp"
¢&yPRVHYHHQUHODFLyQFRQORVGHPiV"

,JXDO ,QIHULRU 6XSHULRU ,QGLIHUHQWH

¢&yPRHQFDMDODVFUtWLFDV"
(VFULEDFXDWURDGMHWLYRV SRVLWLYRVRQHJDWLYRV TXHOHGHILQDQ
¢4XpFXDOLGDGHV\GHIHFWRVGHVWDFDQGH8VWHGVXVDPLJRV"
+iEOHQRVGHVXH[SHULHQFLDODERUDO\HVWXGLRV
¢4XpUHFXHUGRVWLHQHSRVLWLYRVRQHJDWLYRVGHVXLQIDQFLD\DGROHVFHQFLD"
¢&XiOHVKDQVLGRVXVp[LWRV\IUDFDVRVPiVGHVWDFDGRV"
¢&XiOKDVLGRODGHFLVLyQPiVLPSRUWDQWHTXHKDWRPDGRHQVXYLGD"
¢+DSDUWLFLSDGRDOJXQDYH]HQDOJXQDSHOHDGLUHFWDRLQGLUHFWDPHQWH"
¢4XpOHSURYRFDD8VWHGWHQVLyQ"
¢$TXpGHGLFDVXWLHPSROLEUH"¢FXiOHVVRQVXVKREELHV"
¢$TXpWLSRGHSHUVRQDVHOOHYDUtDGHYDFDFLRQHV"
¢4XpHVSDUD8VWHGXQDSHUVRQDGLVFLSOLQDGD"¢<XQDSHUVRQDKRQHVWD"
¢$TXpWLSRGHSHUVRQDVH[FOXLUtDGHHVWDRSRVLFLyQ"


(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
3(5621$/,'$'

&RPHQWHHVWDVFXDWURIUDVHV
D ,JXDOGDGGHGHUHFKRVHQWUHKRPEUHV\PXMHUHV
E /H\GHO7DOLyQ2MRSRURMRGLHQWHSRUGLHQWH
F (OXVRGHODFRHUFLyQFRPRPHGLGDFRQWUDODVSHUVRQDV
G /DGHIHQVDDXOWUDQ]DGHODFXOWXUD\ODVWUDGLFLRQHV

¢3RUTXpTXLHUHVHUSROLFtD"
¢4XpSXHGH8VWHGDSRUWDUDO&XHUSR1DFLRQDOGH3ROLFtD"
¢4XpOHRIUHFHD8VWHGHO&XHUSR1DFLRQDOGH3ROLFtD"
 ¢4Xp FDUDFWHUtVWLFDV FUHH TXH GHEH WHQHU HQ FXHQWD HO 7ULEXQDO SDUD
VHOHFFLRQDUDXQRSRVLWRU"
 ¢&XiOHV VRQ ORV YDORUHV TXH FRQVLGHUD PiV LPSRUWDQWHV HQ XQ EXHQ
3ROLFtD"
¢&yPROHJXVWDUtDTXHIXHUDVXFRPSDxHURGHWUDEDMR"
¢4XpHVORTXHQROHWROHUDUtDDVXFRPSDxHUR"
¢&RQTXpFODVHGHFRPSDxHURVHVHQWLUtDPiVLQVHJXURFRQXQFRPSDxH
URGHPDVLDGRGHFLGLGRHLPSXOVLYRRFRQXQRH[WUHPDGDPHQWHSUXGHQWH"
¢3RUTXp"
,PDJtQHVHTXHDXQDPXMHUOHVXVWUDHQHOEROVRGHXQWLUyQWLUiQGRODDO
VXHOR\8VWHGORYH¢4XpKDUtDFRPRFLXGDGDQR"¢<FRPRSROLFtD"
¢&XiOHVVRQVXVREMHWLYRVDODUJRSOD]RGHQWURGHOD3ROLFtD"
&RQWHVWH6Ì12\SRUTXp
D ¢8QSROLFtDGHEHVHUSUXGHQWH"
E ¢8QSROLFtDGHEHVHUHGXFDGR"
F ¢8QSROLFtDGHEHVHUUHVSRQVDEOH"
G ¢8QSROLFtDGHEHVHUGHVFRQILDGR"
¢4XpWUDEDMROHJXVWDUtDGHVHPSHxDUGHQWURGHOD3ROLFtD"
 &RPHQWH DOJXQD QRWLFLD GH DFWXDOLGDG VREUH HO &XHUSR 1DFLRQDO GH
3ROLFtDTXHOHKD\DOODPDGRODDWHQFLyQ

),1'(/(-(5&,&,2



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
( M H U F L F L R & Q  ž 
7HVW GH 3HUVRQDOLGDG
3UHJXQWDVFHUUDGDV

,QVWUXFFLRQHV
/DSUXHEDGHSHUVRQDOLGDGFRQWLQ~DFRQXQWHVWGHSUHJXQWDVFHUUDGDVTXHKDFHQ
UHIHUHQFLD D VXV DFWLWXGHV GHVHRV R LQWHUHVHV (O REMHWLYR GH HVWRV WHVW HV REWHQHU
LQIRUPDFLyQ VREUH VX SHUVRQDOLGDG FDSDFLGDGHV DQRPDOtDV JUDGR GH LQWHUpV HWF 
TXHSHUPLWDGHWHUPLQDUKDVWDTXpSXQWRHQFDMDFRQODVH[LJHQFLDVGHOSXHVWR,QWHQWH
GHVFULELUVH KRQHVWDPHQWH SHQVDQGR HQ FyPR HV HQ HO PRPHQWR DFWXDO QR FRPR
GHVHDUtDVHUHQHOIXWXUR
/HDDWHQWDPHQWHFDGDIUDVH\PDUTXHHQOD+RMDGH5HVSXHVWDVODDOWHUQDWLYDTXH
PiVVHDMXVWDDVXPRGRGHVHU3URFXUHQRGHMDUFXHVWLRQHVVLQFRQWHVWDU

)DFWRUHVGHODSHUVRQDOLGDGTXHVHVXHOHQHYDOXDU
6LQFHULGDG1XQFDGHMRSDUDPDxDQDORTXHSXHGRKDFHUKR\
$XWRULWDULVPR3LHQVRTXHMDPiVVHKDUHVXHOWRXQSUREOHPDFRQODWROHUDQFLD
6RFLDELOLGDG/RTXHPiVPHGLYLHUWHHVHVWDUVRORFRQPLVFRVDV
0DGXUH]$YHFHVFDPELRPLVGHFLVLRQHVDXQTXHHVRVXSRQJDXQDGHVOHDOWDGSDUD
DOJXLHQ
2UJDQL]DFLyQ$YHFHVDSXQWRWHOpIRQRVHQWUR]RVGHSDSHOTXHOXHJRQXQFDHQFXHQWUR
&RPSUHQVLyQ3LHQVRTXHORPHMRUHV´QRSDVDUQLXQDµDODVSHUVRQDVFRQODVTXHWUDWR
(VTXL]RIUHQLD&UHRTXHSRVHRSRGHUHVTXHRWURVQRWLHQHQ
3DUDQRLD)UHFXHQWHPHQWHWHQJRODVHQVDFLyQGHTXHPHYLJLODQ
'HSUHVLyQ$PHQXGRQRWHQJRJDQDVGHQDGDVyORGHWXPEDUPH\QRKDFHUQDGD
6HJXULGDG&XDQGRWHQJRTXHWRPDUXQDGHFLVLyQVLHPSUHOHGR\PXFKDVYXHOWDV
5HVSRQVDELOLGDG &XDQGR DOJR PH VDOH PDO FDVL VLHPSUH HV FXOSD GH OD PDOD
VXHUWH
+LVWHULD$PHQXGRODVSHTXHxDVIUXVWUDFLRQHVFRWLGLDQDVPHKDFHQSHUGHUORV
QHUYLRV

&RQVHMRV
'HEHVDEHUTXHHVWRVFXHVWLRQDULRVVXHOHQWHQHULQGLFDGRUHVTXHGHODWDQODIDOWD
GHVLQFHULGDGSRUHVROHDFRQVHMDPRVTXHVHDPX\VLQFHURHQVXVUHVSXHVWDV$GHPiV
UHFXHUGHTXHORTXHFRQWHVWHHQHVWHWHVWVHUiHPSOHDGRFRPRJXtDGHFRQYHUVDFLyQ
HQODHQWUHYLVWD 

(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
3(5621$/,'$'

0DUTXHHQODKRMDGHUHVSXHVWDVODDOWHUQDWLYD$VLODIUDVHVHDMXVWDDVX
SHUVRQDOLGDG OD DOWHUQDWLYD % VL QR HVWi VHJXURD R OD DOWHUQDWLYD & VL OD
IUDVHQRVHDMXVWDDVXSHUVRQD
$ 6t  % 1RHVWR\VHJXURD  & 1R

  )
 UHFXHQWHPHQWHVLHQWRODQHFHVLGDGGHOXFKDUSDUDQRGHMDUPHOOHYDUSRUHOGHV
DOLHQWR
  (QPLYLGDPHKDD\XGDGRPXFKRHOHMHPSORGHPLVSDGUHV
  7
 HQJR WDQ DUUDLJDGRV YDULRV PDORV KiELWRV TXH QR YDOH OD SHQD OXFKDU FRQWUD
HOORV
  &
 XDQGRWHQJR DOJ~Q SUREOHPD Vp TXH SXHGR FRQWDU FRQ DOJ~QPLHPEURGHPL
IDPLOLD
  $YHFHVFXDQGRPHKHPLUDGRHQXQHVSHMRKHOOHJDGRDVHQWLUTXHQRVR\\R
  $OJXQDVYHFHVHQODVHOHFFLRQHVYRWRDFDQGLGDWRVTXHFDVLQRFRQR]FR
  (QVHJXLGDHQFXHQWURDOJRGHTXpKDEODUFXDQGRFRQR]FRDSHUVRQDVQXHYDV
  3LHQVRTXHHVSUXGHQWHGHVFRQILDUVLVWHPiWLFDPHQWHGHORVTXHPHURGHDQ
  'HVSXpVGHWRPDUXQDGHFLVLyQVXHORFDPELDUODEDMRORVHIHFWRVGHXQLPSXOVR
 7DUWDPXGHROORURWLHPEORHQURMH]FRRHPSDOLGH]FRFRQIDFLOLGDG
 0HGLVJXVWDTXHODVFRVDVRWHPDVTXHGHQHQHODLUHRFRQGXGDV
 $
 YHFHVVLHQWRXQDIXHU]DLQWHULRUTXHPHOOHYDDUHDOL]DUDFWRVSHOLJURVRVRSUR
KLELGRV
 6
 LXQSUREOHPDQRWLHQHXQDUHVSXHVWDFODUD\GHILQLGDSUHILHURQRHQIUHQWDUPHD
pO
 6LHQWRODQHFHVLGDGGHWHQHUDDOJXLHQDPLODGRTXHPHGpiQLPRV
 +HWHQLGRGLILFXOWDGHVFRQPLVFRPSDxHURVGHWUDEDMR
 $
 YHFHVHQODPHVDPHVLUYRODPHMRUSRUFLyQDSHVDUGHVDEHUTXHRWURVWDP
ELpQODGHVHDQ
 )UHFXHQWHPHQWHDEDQGRQRWDUHDVDQWHVGHWHUPLQDUODV
 5HFXHUGRKDEHUPH´ILQJLGRHQIHUPRµSDUDHYLWDUDOJR
 $YHFHVPHHQWUDQPXFKDVJDQDVGHFDXVDUGDxRDREMHWRVRSHUVRQDV
 (
 Q PL IDPLOLD LQPHGLDWD DOJXLHQ KD VLGR WUDWDGR D FDXVD GH XQD HQIHUPHGDG
PHQWDO
 6
 LHQWRTXHPHKDVLGRHQFRPHQGDGDODODERUGHUHIRUPDULPSRUWDQWHVDVSHFWRV
VRFLDOHV
 3
 UHILHURXQWUDEDMRHYHQWXDOFRQJUDQGHVJDQDQFLDVTXHRWURFRQVXHOGRSHTXH
xRSHURVHJXUR
 (
 Q PLV UHODFLRQHV VRFLDOHV PH VLHQWR DFRPSOHMDGR SRU UD]RQHV LQWHOHFWXDOHV R
FXOWXUDOHV
  &XDQGRKHWRPDGRXQDGHFLVLyQUDUDVYHFHVFDPELRGHRSLQLyQ

(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
&

 (QRFDVLRQHVSLHQVRTXHVR\XQDFDUJDSDUDORVGHPiV
 &
 XDQGRHVQHFHVDULRHPSOHDUXQSRFRGHGLSORPDFLDVLHPSUHPHORHQFDUJDQD
Pt
 )UHFXHQWHPHQWHFRPLHQ]RDKDFHUFRVDVTXHQXQFDWHUPLQR
 7
 HQJR OD LPSUHVLyQ GH TXH ´VH PH GHMD GH ODGRµ FXDQGR PH HQFXHQWUR HQ XQ
JUXSR
 7HQJRTXHUHFRQRFHUTXHPHUHVXOWDGLItFLOWUDEDMDUEDMRQRUPDV\UHJODVHVWULFWDV
 6
 HPHFRQVLGHUDXQD´SHUVRQDGHLGHDVµTXHFDVLVLHPSUHDSRUWDVROXFLRQHVDORV
SUREOHPDV
 +HOOHJDGRDWHQHUHQS~EOLFRWUDVWRUQRVGHOKDEOD WDUWDPXGHRFHFHRHWF 
 'HVSXpVGHSRQHUPHUHDOPHQWHIXULRVRVXHORFDOPDUOHPX\SURQWR
 6LHPSUHVLJRODUHJOD´ODREOLJDFLyQDQWHVTXHODGHYRFLyQµ
 0
 HDWUDHODYLGDHUUDQWH\VyORPHHQFXHQWURIHOL]FXDQGRYLDMRGHXQODGRSDUD
RWUR
 (QRFDVLRQHVVLHQWRODQHFHVLGDGLUUHVLVWLEOHGHUHSHWLUFLHUWRVDFWRV\HVWRPHDOLYLD
 0
 HJXVWDXQWUDEDMRTXHSUHVHQWHFDPELRVYDULHGDG\YLDMHVDXQTXHLPSOLTXH
DOJ~QSHOLJUR
 $
 PHQXGRKDJRORTXHPHDSHWHFHHQHVHPRPHQWRLQFOXVRDFRVWDGHXQDPHWD
IXWXUD
 1RVRSRUWRYHUDODJHQWHYHVWLGDGHVFXLGDGDPHQWH
 (QHOFROHJLRPLFDOLILFDFLyQHQFRQGXFWDHUDPDODIUHFXHQWHPHQWH
 &XDQGRPHFULWLFDQGXUDPHQWHSRUDOJRTXHQRKHKHFKRPHVLHQWRFXOSDEOH
 *HQHUDOPHQWHQRSXHGRWROHUDUDODJHQWHSUHVXQWXRVD\IDQIDUURQD
 $OJXQDYH]PHKHVHQWLGRFXOSDEOHSRUDFWXDUGHPDQHUDLQFRUUHFWD
 6R\GHHVHWLSRGHSHUVRQDVFRQWDQWDHQHUJtDTXHVLHPSUHHVWiQRFXSDGDV
 7HQJRODLPSUHVLyQGHTXHPHUREDQPLVSHQVDPLHQWRVLQFOXVRORVPiVVHFUHWRV
 $
 OJXQDVYHFHVPHKDWXUEDGRHOTXHODJHQWHGLJDDPLHVSDOGDFRVDVGHVDJUDGD
EOHVGHPt
 &
 XDQGR ORV GHPiV VH PXHVWUDQ PiV DPDEOHV FRQPLJR GH OR TXH HVSHUDED PH
LQTXLHWR
 7HQJRODLPSUHVLyQGHQRVHUFRPRWRGRHOPXQGR
 $
 OJXQD YH] KH VXIULGR XQD SpUGLGD GH FRQRFLPLHQWR D FDXVD GH XQ JROSH HQ OD
FDEH]D
 'HYH]HQFXDQGRVLHQWRXQUHSHQWLQRPLHGRVLQSRGHUFRPSUHQGHUODVUD]RQHV
 0HGLVJXVWDPXFKRTXHODJHQWHPHHVWpPLUDQGRFXDQGRWUDEDMR
 $
  PHQXGR SLHQVR TXH ODV SHUVRQDV \ ORV REMHWRV TXH PH URGHDQ VH KDQ YXHOWR
H[WUDxRV
 'HVDSUXHERDDOJXLHQTXHHQXQDUHXQLyQVRFLDOEHEHKDVWDODLQWR[LFDFLyQ
 0HJXVWDSODQHDUPLVDFWLYLGDGHVFRQDQWLFLSDFLyQ 

(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
3(5621$/,'$'

 0LVFRQRFLGRVPHGLFHQTXHVR\PX\LPSXOVLYR
 +HSHUGLGRHOJXVWRSRUGLVWUDHUPH
 6LHQWRODQHFHVLGDGGHFDPELDUIUHFXHQWHPHQWHGHOXJDURGHDFWLYLGDGODERUDO
 /DLGHDGHWHQHUTXHOOHJDUDXVDUXQDUPDGHIXHJRPHSUHRFXSDPXFKR
 3
 UHIHULUtDWHQHUXQDFDVDDLVODGDHQHOERVTXHTXHHQXQEDUULRFRQPXFKDYLGD
VRFLDO
 6XHORGHFLUVLQSHQVDUODVFRVDVTXHOXHJRODPHQWRPXFKR
 3XHGRVHUDPDEOHFRQODVSHUVRQDVTXHKDFHQFRVDVTXH\RFRQVLGHURHUUyQHDV
 0HJXVWDSDVDUPXFKDVKRUDVVRxDQGRRIDQWDVHDQGR
 5DUDYH]RQXQFDLQWHQWRLQIOXLUHQRWUDVSHUVRQDV
 0HJXVWDQODVUHODFLRQHVVRFLDOHVSRUHOKHFKRGHHVWDUFRQJHQWH
 )iFLOPHQWHPHGR\SRUYHQFLGRFXDQGRODVFRVDVYDQPDO
 $
 YHFHVPHKDFRVWDGRFRQFLOLDUHOVXHxRSRU´GDUOHYXHOWDVµDORVDFRQWHFLPLHQ
WRVGHOGtD
 (QDOJXQDRFDVLyQKHGDGRGLVJXVWRVLPSRUWDQWHVDPLVSDGUHV
 +DJRFRVDVSHOLJURVDVVyORSRUHOSODFHUGHH[SHULPHQWDUTXpHVORTXHVHVLHQWH
 6LHQWRTXHPHHVWR\´TXHGDQGRDWUiVµ\TXHHOPXQGRPHDGHODQWD
 6XHORWHQHU´H[SORVLRQHVµGHJHQLRRHPRFLRQDOHV
 /DPiVSHTXHxDDFWLYLGDGPHH[LJHVLHPSUHXQJUDQHVIXHU]R
 6LHPSUHSRVHRVXILFLHQWHHQHUJtDSDUDHQIUHQWDUPHDWRGRVPLVSUREOHPDV
 $FDXVDGHPLVDPLVWDGHVVHKDQFUHDGRWHQVLRQHVLPSRUWDQWHVFRQPLIDPLOLD
 +DJRDJXGDV\VDUFiVWLFDVREVHUYDFLRQHVDODJHQWHVLFUHRTXHODVPHUHFH
 &
 UHR TXH XQD YR] DMHQD D Pt R XQD IXHU]D H[WUDxD GLFWDQ PLV DFWRV \ SHQVD
PLHQWRV
 $
 YHFHVKHH[SHULPHQWDGRXQDVHQVDFLyQGHQHUYLRVHQODJDUJDQWDRHQODERFD
GHOHVWyPDJR
 &RQVLGHURVXILFLHQWHVORVFDVWLJRVDSOLFDGRVDTXLHQHVFRPHWHQGHOLWRV
 (
 VWDQGRHQXQJUXSRPHVLHQWRXQSRFRWXUEDGRVLGHSURQWRSDVRDVHUHOIRFR
GHDWHQFLyQ
 +DEODUFRQSHUVRQDVFRUULHQWHVPHIDVWLGLDSRUTXHQRHVLQWHUHVDQWHQLLQVWUXFWLYR
 $
 QWHVLWXDFLRQHVGHSHOLJURRHPHUJHQFLDFRQWURORPLVHPRFLRQHV\DFW~RDGHFXD
GDPHQWH
 $YHFHVQRSXHGRGRUPLUPHSRUTXHWHQJRXQDLGHDTXHPHGDYXHOWDVHQODFDEH]D
 (QPLLQIDQFLDRDGROHVFHQFLDKHOOHJDGRDIXJDUPHGHOGRPLFLOLRIDPLOLDU
 (QRFDVLRQHVKHVHQWLGRTXHQRLEDDSRGHUDIURQWDUPLVREOLJDFLRQHV
 (QDOJXQDRFDVLyQKHWRPDGRDOJ~QPHGLFDPHQWRSDUDSRGHUGRUPLU
 'HVSXpVGHXQDHPRFLyQIXHUWHPHFXHVWDYROYHUDUHDFFLRQDUQRUPDOPHQWH


(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
&

 &UHRTXHHVPiVLPSRUWDQWHPXFKDOLEHUWDGTXHEXHQDHGXFDFLyQ\UHVSHWRDOD
OH\
 /RVGHPiVPHFRQVLGHUDQXQDSHUVRQDLPSHUWXUEDEOHLPSDVLEOHDQWHORVYDLYH
QHVGHODYLGD
 (QDOJXQDRFDVLyQKHFRQVXOWDGRDXQQHXUyORJRSVLFyORJRRSVLTXLDWUD
 6LYHRSHOHiQGRVHDORVQLxRVGHPLVYHFLQRVQRLQWHUYHQJR\OHVGHMRVROXFLRQDU
VXVSUREOHPDV
 6LPLMHIHRSURIHVRUPHOODPDDVXGHVSDFKRWHPRKDEHUKHFKRDOJRPDOR
 0HUHVXOWDGLItFLOFRQJHQLDUFRQDOJXLHQTXHVLHPSUHWLHQHGXGDV\QRHVWiVHJXUR
VREUHODVFRVDV
 &XDQGRDOJXLHQPHKDFHXQDIDHQDVLHPSUHSURFXURGHYROYpUVHODSRUFXHVWLyQ
GHSULQFLSLRV
 7HQJRODLPSUHVLyQGHVHUHVSLDGRRVHJXLGR
 $OJXQDVYHFHVPH´VDFDQGHTXLFLRµSHTXHxDVFRVDVDXQTXHUHFRQR]FDTXHVRQ
WULYLDOHV
 8QDLGHDVLHPSUHODPLVPDPHURQGDVLQFHVDU\VLQSRGHUOLEHUDUPHGHHOOD
 (QDOJXQDRFDVLyQPHKDQGLFKRTXHPHSUHRFXSRGHPDVLDGRSRUPLVDOXG
 (QRFDVLRQHVPHGDPLHGRTXHGDUPHVRORHQODRVFXULGDG
 &XDQGRPHREVHUYDQVLQQLQJ~QPRWLYRPHSUHRFXSR
 0LFDUiFWHUPHKDFUHDGRSUREOHPDVHQPLVUHODFLRQHV
 +HWHQLGRDOJ~QDFFLGHQWHTXHPHKDGHMDGRDOJXQDPROHVWLDLPSRUWDQWH
5HFXHUGRPLLQIDQFLDFRPRXQDpSRFDIHOL]

),1'(/(-(5&,&,2



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
( M H U F L F L R & Q  ž 
7HVW GH 3HUVRQDOLGDG
,QVWUXFFLRQHV
/DSUXHEDGHSHUVRQDOLGDGFRQWLQ~DFRQXQWHVWGHSUHJXQWDVFHUUDGDVTXHKDFHQ
UHIHUHQFLD D VXV DFWLWXGHV GHVHRV R LQWHUHVHV (O REMHWLYR GH HVWRV WHVW HV REWHQHU
LQIRUPDFLyQ VREUH VX SHUVRQDOLGDG FDSDFLGDGHV DQRPDOtDV JUDGR GH LQWHUpV HWF 
TXHSHUPLWDGHWHUPLQDUKDVWDTXpSXQWRHQFDMDFRQODVH[LJHQFLDVGHOSXHVWR,QWHQWH
GHVFULELUVH KRQHVWDPHQWH SHQVDQGR HQ FyPR HV HQ HO PRPHQWR DFWXDO QR FRPR
GHVHDUtDVHUHQHOIXWXUR
/HDDWHQWDPHQWHFDGDIUDVH\PDUTXHHQOD+RMDGH5HVSXHVWDVODDOWHUQDWLYDTXH
PiVVHDMXVWDDVXPRGRGHVHU3URFXUHQRGHMDUFXHVWLRQHVVLQFRQWHVWDU

)DFWRUHVGHODSHUVRQDOLGDGTXHVHVXHOHQHYDOXDU
6LQFHULGDG1XQFDGHMRSDUDPDxDQDORTXHSXHGRKDFHUKR\
$XWRULWDULVPR3LHQVRTXHMDPiVVHKDUHVXHOWRXQSUREOHPDFRQODWROHUDQFLD
6RFLDELOLGDG/RTXHPiVPHGLYLHUWHHVHVWDUVRORFRQPLVFRVDV
0DGXUH]$YHFHVFDPELRPLVGHFLVLRQHVDXQTXHHVRVXSRQJDXQDGHVOHDOWDGSDUD
DOJXLHQ
2UJDQL]DFLyQ$YHFHVDSXQWRWHOpIRQRVHQWUR]RVGHSDSHOTXHOXHJRQXQFDHQFXHQWUR
&RPSUHQVLyQ3LHQVRTXHORPHMRUHV´QRSDVDUQLXQDµDODVSHUVRQDVFRQODVTXHWUDWR
(VTXL]RIUHQLD&UHRTXHSRVHRSRGHUHVTXHRWURVQRWLHQHQ
3DUDQRLD)UHFXHQWHPHQWHWHQJRODVHQVDFLyQGHTXHPHYLJLODQ
'HSUHVLyQ$PHQXGRQRWHQJRJDQDVGHQDGDVyORGHWXPEDUPH\QRKDFHUQDGD
6HJXULGDG&XDQGRWHQJRTXHWRPDUXQDGHFLVLyQVLHPSUHOHGR\PXFKDVYXHOWDV
5HVSRQVDELOLGDG &XDQGR DOJR PH VDOH PDO FDVL VLHPSUH HV FXOSD GH OD PDOD
VXHUWH
+LVWHULD$PHQXGRODVSHTXHxDVIUXVWUDFLRQHVFRWLGLDQDVPHKDFHQSHUGHUORVQHUYLRV

&RQVHMRV
'HEHVDEHUTXHHVWRVFXHVWLRQDULRVVXHOHQWHQHULQGLFDGRUHVTXHGHODWDQODIDOWD
GHVLQFHULGDGSRUHVROHDFRQVHMDPRVTXHVHDPX\VLQFHURHQVXVUHVSXHVWDV$GHPiV
UHFXHUGHTXHORTXHFRQWHVWHHQHVWHWHVWVHUiHPSOHDGRFRPRJXtDGHFRQYHUVDFLyQHQ
ODHQWUHYLVWD3RUWDQWRVyORODVLQFHULGDGOHJDUDQWL]DUiQRLQFXUULUHQFRQWUDGLFFLR
QHVTXHREYLDPHQWHVHUtDQXQPDOVtQWRPD



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
&

0DUTXHHQODKRMDGHUHVSXHVWDVODDOWHUQDWLYD$VLODIUDVHVHDMXVWDDVX
SHUVRQDOLGDG OD DOWHUQDWLYD % VL QR HVWi VHJXURD R OD DOWHUQDWLYD & VL OD
IUDVHQRVHDMXVWDDVXSHUVRQD
$ 6t  % 1RHVWR\VHJXURD  & 1R

  ¢'LVFXWHPXFKRFRQVXVKHUPDQRVRSDGUHV"
  ¢/HJXVWDQODVDUPDVGHIXHJR"
  ¢6HHQFXHQWUDIRUPDGR PDGXUR SDUDODPD\RUSDUWHGHODVFRVDV"
  ¢+DEOD8VWHGDPHQXGRFRQVXIDPLOLDGHWHPDVSROtWLFRVRVRFLDOHV"
  ¢$YHFHVVHKDHQIDGDGRWDQWRTXHKDJROSHDGRRURWRDOJR"
  ¢+D\SHUVRQDVTXHHYLWDQHQFRQWUDUVHFRQ8VWHG"
  ¢7LHQHDOJXQRVDPLJRVTXHVRQUHEHOGHV\WRVFRV"
  ¢$FDEDFRQIUHFXHQFLDORVWUDEDMRVHQHO~OWLPRPRPHQWR"
  ¢6LHQWH8VWHGDPHQXGRTXHODYLGDHVPX\DEXUULGD"
 ¢ 6XHOH ROYLGDU ODV FRVDV WULYLDOHV \ VLQ LPSRUWDQFLD FRPR ORV QRPEUHV GH ODV
FDOOHV"
 ¢/HJXVWDPH]FODUVHFRQODJHQWH"
 ¢6LHPSUHFRPHQWDDVXIDPLOLDVXVSUREOHPDVSHUVRQDOHV"
 ¢&UHHTXHFDVLWRGRVHSXHGHFRPSUDUFRQGLQHUR"
 ¢6XVDPLJRVOHKDQIDOODGRHQPXFKDVRFDVLRQHV"
 ¢/HJXVWDSDVDUPXFKRWLHPSRVRxDQGR"
 ¢$PHQXGRKDFHFRVDVTXHQRGHVHDFRQWDOGHQRGHIUDXGDUDRWUDVSHUVRQDV"
 ¢6HDYHUJHQ]DGHDOJRTXHKD\DKHFKRDOJXQDYH]"
 ¢ 7LHQH 8VWHG FDVL VLHPSUH XQD UHVSXHVWD UiSLGD D PDQR FXDQGR OD JHQWH OH
KDEOD"
 ¢ +DSHQVDQGRHQDOJXQDRFDVLyQHQHOVXLFLGLRFRPR~QLFDVDOLGDDVXVSUREOH
PDV"
 ¢/HUHVXOWDHPEDUD]RVRTXHOHGHGLTXHQHORJLRVRFXPSOLGRV"
 ¢+DOOHJDGR8VWHGDOJXQDYH]WDUGHDXQDFLWDRDOWUDEDMR"
 ¢6LHPSUHHVFDSD]GHFRQWURODUSHUIHFWDPHQWHODH[SUHVLyQGHVXVVHQWLPLHQWRV"
 ¢3LHQVDTXHODVSHUVRQDVSXHGHQGLYLGLUVHHQIXHUWHV\GpELOHV"
 ¢6XIUH8VWHGGHORV´QHUYLRVµ"
 ¢7LHQHDOJXQDYH]GRORUGHFDEH]D"
 ¢ &RPLHQ]DDPHQXGRDFWLYLGDGHVTXHOHRFXSDQPiVWLHPSRGHOTXHUHDOPHQWH
GLVSRQH"
 ¢ 6H URPSH IiFLOPHQWH VX DPLVWDG FRQ RWUDV SHUVRQDV VLQ TXH 8VWHG WHQJD OD
FXOSD"


(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
3(5621$/,'$'

 ¢6HVLHQWHDPHQXGRVROR"
 ¢'HMD8VWHGDYHFHVSDUDPDxDQDORTXHSXHGHKDFHUKR\"
 ¢(V8VWHGFDSD]GHDQLPDUGHSRQHUHQPDUFKDXQDUHXQLyQVRFLDO"
 ¢5HK~VDFXPSOLUFRQVXGHEHUFXDQGRVXSRQHHVIXHU]RRFXDQGRQRHVSODFHQWHUR"
¢/HUHVXOWDQODVQRYHGDGHVLQFyPRGDVDXQTXHQRVHDQQHJDWLYDVHQVtPLVPDV"
 ¢+DPHQWLGRDOJXQDYH]"
 ¢/HJXVWDKDFHUUDELDUDOJXQDVYHFHVDORVDQLPDOHV"
 ¢/HPROHVWDTXHODJHQWHSLHQVHTXHVXFRPSRUWDPLHQWRHVGHPDVLDGRUDUR"
 ¢3UDFWLFD8VWHGVLHPSUHORTXHSUHGLFD"
 ¢/HJXVWDTXHKD\DPXFKDDQLPDFLyQEXOOLFLRDVXDOUHGHGRU"
 ¢6XHOHOOHJDUWDUGHDVXVFLWDV"
 ¢ /HKDQFRPHQWDGRDOJXQDYH]TXHQRVHOHSXHGHGHFLUQDGDSRUTXHHQVHJXLGD
VHHQIDGD"
 ¢/HUHVXOWDPROHVWDODYLVWDGHXQDKDELWDFLyQPX\VXFLD"
 ¢3LHQVDQRWUDVSHUVRQDVTXH8VWHGHVPX\HQpUJLFR\DQLPDGR"
 ¢&UHH8VWHGTXHORVMyYHQHVGHKR\QHFHVLWDQPiVGLVFLSOLQD"
 ¢/HKDFHSHUGHUHODSHWLWRFXDOTXLHUFRQWUDULHGDGSRUSHTXHxDTXHpVWDVHD"
 ¢/HJXVWDKDFHUFRVDVDWUHYLGDV\WHPHUDULDVVyORSRUHOSODFHUGHGLYHUWLUVH"
 ¢'XGDPXFKRDQWHVGHWRPDUFXDOTXLHUGHFLVLyQSRUSHTXHxDTXHVHD"
 &XDQGRHUDQLxR¢KDFtDORTXHOHPDQGDEDQLQPHGLDWDPHQWH\VLQSURWHVWDU"
 ¢6XHOHLPSRQHUDVXVDPLJRVODSHOtFXODTXH8VWHGTXLHUHYHU"
 ¢/HFXHVWDEDVWDQWHKDEODURGLULJLUODSDODEUDDXQJUXSRQXPHURVR"
 ¢6HKDVHQWLGRDPHQXGRGHVDQLPDGRFDQVDGRVLQQLQJXQDUD]yQ"
 ¢ 3LHQVDTXHODJHQWHSDVDGHPDVLDGRWLHPSRSUHRFXSiQGRVHSRUVXIXWXURFRQ
DKRUURV\VHJXURV"
 ¢3LHQVDTXHGHVKDFLpQGRQRVGHORVLQ~WLOHVUHVROYHUHPRVORVSUREOHPDVVRFLDOHV"
 ¢(V8VWHGXQDSHUVRQDIiFLOPHQWHVXJHVWLRQDEOH"
 ¢7LHQHDPHQXGRDOWLEDMRVVXHVWDGRGHiQLPR"
 ¢ /H DJUDGD TXHGDUVH HQ VHJXQGR WpUPLQR \ GHMD TXH RWURV OOHYHQ HO SHVR GH OD
FRQYHUVDFLyQ"
 ¢7LHQH8VWHGPXFKRV´KREE\VµPXFKDVDILFLRQHV"
 6LHOVXHOGRIXHUDHOPLVPR¢SUHIHULUtDVHUSLORWRDQWHVTXHDERJDGR"
 ¢/HJXVWDGHFLUODVFRVDVWDOFRPRVHOHRFXUUHQVLQSHQVDUHQODVFRQVHFXHQFLDV"
 ¢ (V 8VWHG GH ORV TXH FLHUUD ODV SXHUWDV GH VX FDVD FXLGDGRVDPHQWH WRGDV ODV
QRFKHV"
 ¢ &UHH8VWHGTXHGHWUiVGHODPD\RUtDGHODVFUtWLFDVVHHVFRQGHXQDPDODLQWHQ

FLyQ"

(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
&

 ¢6HSUHRFXSD8VWHGDPHQXGRSRUFRVDVTXHQRGHEHUtDKDEHUKHFKRRGLFKR"
 ¢ +DTXLWDGR8VWHGDOJRTXHQROHSHUWHQHFtDDXQTXHQRIXHVHPiVTXHXQDOILOHU
RXQERWyQ"
 ¢(VSDUD8VWHGHORUGHQXQDREOLJDFLyQTXHOHLPSRQHQGHVGHIXHUD"
 ¢/HJXVWDFRQRFHUDJHQWHQXHYDKDFHUDPLVWDGHV"
 ¢7LHQGHDDJRELDUVHFXDQGRWLHQHPXFKRTXHKDFHU"
 ¢ 6XHOHFXPSOLUVXVSURPHVDVDSHVDUGHORVPXFKRVLQFRQYHQLHQWHVTXHVHSXH
GDQSUHVHQWDU"
 ¢6HDEXUUHFRQIUHFXHQFLDHQVXWLHPSROLEUH"
 ¢6HKLHUHQVXVVHQWLPLHQWRVFRQIDFLOLGDG"
 ¢+DURWRRSHUGLGR8VWHGDOJRTXHSHUWHQHFtDDRWUDSHUVRQD"
 ¢7LHQGH8VWHGDPDQWHQHUVHHQVHJXQGRSODQRHQODVUHXQLRQHVVRFLDOHV"
 ¢+DEODPDODOJXQDVYHFHVGHSHUVRQDVTXHFRQRFH"
 ¢6HVLHQWHDPHQXGRKDUWR´KDVWDODFRURQLOODµ"
 ¢$FRVWXPEUDDHOHYDUHOWRQRGHYR]SDUDVHUHVFXFKDGRHQXQDGLVFXVLyQ"
 ¢1RSXHGHVRSRUWDUYHUDODJHQWHGHVDOLxDGD\VXFLD"
 ¢(VWi8VWHGVLHPSUHGLVSXHVWRDDGPLWLUXQHUURUFXDQGRORKDFRPHWLGR"
 ¢/HDVDOWDQDPHQXGRVHQWLPLHQWRVGHFXOSD"
 ¢3LHQVD8VWHGTXHHOPDWULPRQLRHVWiSDVDGRGHPRGD\GHEHUtDVXSULPLUVH"
 ¢ 7LHQHXQEXHQVHQWLGRGHODRULHQWDFLyQFXDQGRVHHQFXHQWUDHQXQOXJDUGHV
FRQRFLGR"
 ¢6DOHDGLYHUWLUVHRDXQHVSHFWiFXORPHQRVGHORFRUULHQWH"
 ¢&UHH8VWHGTXHODVSHUVRQDVVHVXHOHQFULWLFDUSRUHQYLGLD"
 ¢3UHILHUH8VWHGOHHUDFRQRFHUJHQWH"
 ¢6XHOHHVWDUFRQYHQFLGRGHODUHDOLGDG\GHODFHUWH]DGHVXVRSLQLRQHV"
 ¢/HUHVXOWDUtDPX\GLItFLOQRDFHSWDUXQDFLWDTXHQRGHVHD"
 ¢+DGLFKR8VWHGDOJXQDYH]DOJRPDORRPDOLQWHQFLRQDGRDFHUFDGHDOJXLHQ"
 ¢6HVLHQWHPX\DEDWLGRFXDQGRODJHQWHOHFULWLFDHQXQJUXSR"
 ¢&UHH8VWHGTXHWLHQHSRGHUHVTXHRWURVQRWLHQHQ"
 ¢6HH[SUHVDPHMRUHPSOHDQGR´WDFRVµRSDODEUDVPX\H[SUHVLYDV"
 ¢/HGLFHQORVGHPiVTXHQROHVFRPSUHQGH"
 ¢/HJXVWDFRQRFHUSHUVRQDVQXHYDV"
 ¢6XIUH8VWHGGHLQVRPQLR"
 ¢6HSUHRFXSD8VWHGDFHUFDGHODVFRVDVWHUULEOHVTXHSXHGDQVXFHGHU"
 ¢ 3LHQVD TXH FXDQGR XQD SHUVRQD QR HV KRQUDGD FDVL VLHPSUH VH OH QRWD HQ OD
FDUD"
 ¢(V8VWHGGHORVTXHDYHFHVIDQIDUURQHDQXQSRFR" 

(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
3(5621$/,'$'

 ¢(VGHHVDVSHUVRQDVTXHSHUGRQDQSHURQRROYLGDQ"
 ¢6HFRQVLGHUD8VWHGWHQVRLUULWDEOH´GHSRFRDJXDQWHµ"
 ¢+DKHFKRDOJXQDYH]WUDPSDVHQHOMXHJR"
 ¢6XVGHFLVLRQHVVHDSR\DQPiVHQHOFRUD]yQTXHHQODFDEH]D"
 ¢6HSUHRFXSD8VWHGPXFKRDFHUFDGHVXVDOXG"
 ¢6HKDDSURYHFKDGR8VWHGDOJXQDYH]GHRWUDSHUVRQD"
 ¢3LHQVDTXHGHEHUtDHVWDUSURKLELGDODFLUFXODFLyQGHODSUHQVDH[WUHPLVWD"
¢/HPROHVWDODJHQWHTXHFRQGXFHHOFRFKHPX\GHVSDFLR"

),1'(/(-(5&,&,2



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
( M H U F L F L R & Q  ž 
7HVW GH 3HUVRQDOLGDG
,QVWUXFFLRQHV
/DSUXHEDGHSHUVRQDOLGDGFRQWLQ~DFRQXQWHVWGHSUHJXQWDVFHUUDGDVTXHKDFHQ
UHIHUHQFLD D VXV DFWLWXGHV GHVHRV R LQWHUHVHV (O REMHWLYR GH HVWRV WHVW HV REWHQHU
LQIRUPDFLyQ VREUH VX SHUVRQDOLGDG FDSDFLGDGHV DQRPDOtDV JUDGR GH LQWHUpV HWF 
TXHSHUPLWDGHWHUPLQDUKDVWDTXpSXQWRHQFDMDFRQODVH[LJHQFLDVGHOSXHVWR,QWHQWH
GHVFULELUVH KRQHVWDPHQWH SHQVDQGR HQ FyPR HV HQ HO PRPHQWR DFWXDO QR FRPR
GHVHDUtDVHUHQHOIXWXUR
/HDDWHQWDPHQWHFDGDIUDVH\PDUTXHHQOD+RMDGH5HVSXHVWDVODDOWHUQDWLYDTXH
PiVVHDMXVWDDVXPRGRGHVHU3URFXUHQRGHMDUFXHVWLRQHVVLQFRQWHVWDU

)DFWRUHVGHODSHUVRQDOLGDGTXHVHVXHOHQHYDOXDU
6LQFHULGDG1XQFDGHMRSDUDPDxDQDORTXHSXHGRKDFHUKR\
$XWRULWDULVPR3LHQVRTXHMDPiVVHKDUHVXHOWRXQSUREOHPDFRQODWROHUDQFLD
6RFLDELOLGDG/RTXHPiVPHGLYLHUWHHVHVWDUVRORFRQPLVFRVDV
0DGXUH]$YHFHVFDPELRPLVGHFLVLRQHVDXQTXHHVRVXSRQJDXQDGHVOHDOWDGSDUD
DOJXLHQ
2UJDQL]DFLyQ$YHFHVDSXQWRWHOpIRQRVHQWUR]RVGHSDSHOTXHOXHJRQXQFDHQFXHQWUR
&RPSUHQVLyQ3LHQVRTXHORPHMRUHV´QRSDVDUQLXQDµDODVSHUVRQDVFRQODVTXHWUDWR
(VTXL]RIUHQLD&UHRTXHSRVHRSRGHUHVTXHRWURVQRWLHQHQ
3DUDQRLD)UHFXHQWHPHQWHWHQJRODVHQVDFLyQGHTXHPHYLJLODQ
'HSUHVLyQ$PHQXGRQRWHQJRJDQDVGHQDGDVyORGHWXPEDUPH\QRKDFHUQDGD
6HJXULGDG&XDQGRWHQJRTXHWRPDUXQDGHFLVLyQVLHPSUHOHGR\PXFKDVYXHOWDV
5HVSRQVDELOLGDG &XDQGR DOJR PH VDOH PDO FDVL VLHPSUH HV FXOSD GH OD PDOD
VXHUWH
+LVWHULD$PHQXGRODVSHTXHxDVIUXVWUDFLRQHVFRWLGLDQDVPHKDFHQSHUGHUORVQHUYLRV

&RQVHMRV
'HEHVDEHUTXHHVWRVFXHVWLRQDULRVVXHOHQWHQHULQGLFDGRUHVTXHGHODWDQODIDOWD
GHVLQFHULGDGSRUHVROHDFRQVHMDPRVTXHVHDPX\VLQFHURHQVXVUHVSXHVWDV$GHPiV
UHFXHUGHTXHORTXHFRQWHVWHHQHVWHWHVWVHUiHPSOHDGRFRPRJXtDGHFRQYHUVDFLyQHQ
ODHQWUHYLVWDGHVHOHFFLyQ



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
3(5621$/,'$'

3DUDUHVSRQGHUDHVWHFXHVWLRQDULRKDGHGHFLGLUVLHVWiPX\GHDFXHUGRGHDFXHUGR
HQ GHVDFXHUGR R PX\ HQ GHVDFXHUGR FRQ HO FRQWHQLGR GH FDGD IUDVH DSOLFDGR D VX
FDVR
$ 0X\GHDFXHUGR% 'HDFXHUGR& (QGHVDFXHUGR' 0X\HQGHVDFXHUGR

  $PHQXGRPHVLHQWRLQIHULRUDORVGHPiV
  $YHFHVODLUDPHDUUDVWUDDKDFHUFRVDVTXHHVWDQGRVHUHQRQRKDUtD
  /DPD\RUtDGHODVPHWDVHVWiQGHWHUPLQDGDVSRUODEXHQDRPDODVXHUWH
  (QRFDVLRQHVFRQWUDULHGDGHVPX\SHTXHxDVPHLUULWDQPXFKR
  6XHORJULWDUDODVSHUVRQDVSDUDFRQVHJXLUTXHFXPSODQPLVLQVWUXFFLRQHV
  $
 WRGRVQRVPROHVWDUtDTXHQXHVWURVKLMRVWXYLHUDQFRPSDxHURVGHRWUDVUD]DV
HQODHVFXHOD
 $YHFHVGHMRTXHVHQWLPLHQWRVGHHQYLGLDRFHORVLQIOX\DQHQPLVDFFLRQHV
 0HYHRFRPRDOJXLHQTXHWLHQGHDVHUFULWLFyQ
 (
 OFRQVXPRGHGURJDVEODQGDVHVVyORHOFRPLHQ]RSXHVDOILQDOWRGRVDFDEDQHQ
GURJDVGXUDV
 &UHRTXHVHPHGHVFULEHPHMRUFRPRFRPHGLGR\UHSRVDGRTXHHQpUJLFR
 (QYH]GHGLVFXWLUWLHQGRDDVXPLUODUHVSRQVDELOLGDGSRUORVHUURUHVGHRWURV
 (
 VGLItFLOTXHDOJXLHQKDJDDOJRSRUOD&RPXQLGDGDPHQRVTXHVHOHSDJXHSRU
HOOR
 3UHILHURODP~VLFDHPRWLYD\VHQWLPHQWDODODPRYLGD\DQLPDGD
 6LDOJXLHQPHKDFHXQD´IDHQDµQRSDURKDVWDYHQJDUPH
 /
 D GHVREHGLHQFLD D GHWHUPLQDGDV QRUPDV VHD GHO WLSR TXH IXHUH QXQFD HVWi
MXVWLILFDGD
 7LHQGRDTXHGDUPHVLQKDEODFXDQGRHVWR\FRQXQDSHUVRQDTXHHQFXHQWURDWUDF
WLYD
 3
 UHILHURYHVWLUPHFRQVHQFLOOH]\FRUUHFFLyQTXHFRQXQHVWLORSHUVRQDO\OODPD
WLYR
 '
 HEHWHQHUDOJ~QSUREOHPDODSHUVRQDTXHQRSXHGHUHFLELUyUGHQHVVLQPRVWUDU
VHHQIDGDGD
 0HYHRFRPRDOJXLHQTXHYDORUDORDUWtVWLFRORHVWpWLFR
 (
 Q XQ YLDMH ODUJR SUHIHULUtD OHHU DOJR SURIXQGR TXH FKDUODU GH FXDOTXLHU FRVD
FRQRWURYLDMHUR
 3ODQHDUSRUDGHODQWDGRQXHVWUDVDFWLYLGDGHVHVTXLWDUOHDODYLGDWRGRORGLYHUWLGR
 &
 UHRILUPHPHQWHTXH´HOMHIHQRWLHQHVLHPSUHUD]yQSHURVLHPSUHODWLHQHSRU
VHUHOMHIHµ
 6LKD\DOJRTXHQRVpKDFHUHVSUHFLVDPHQWHQRKDFHUQDGD
 (OIXWXURHVGHPDVLDGRLQVHJXURHLPSUHYLVLEOHFRPRSDUDKDFHUSODQHVVHULRV
 +D\JHQWHTXHRSLQDTXHOOHYRXQDYLGDGHPDVLDGRDFHOHUDGD


(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
&

 6LHPSUHSXHGRFDPELDUPDORVKiELWRVVLQGLILFXOWDG\VLQYROYHUDHOORV
 /
 D~QLFDIRUPDGHDFDEDUFRQORVGURJDGLFWRVHVTXHORVYHFLQRVORVHFKHQGHORV
EDUULRV
 (QPLRSLQLyQHQWUHDPLJRVQRKD\EURPDVGHPDOJXVWR
 $GPLURPiVODEHOOH]DGHXQSRHPDTXHODGHXQDUPDGHIXHJRELHQFRQVWUXLGD
 &DVLQDGLHGLFHODYHUGDGQLFRQItDHQORTXHGLFHQORVGHPiV
 6
 LDOJXLHQPHGLFHDOJRTXH\RVpTXHQRHVFLHUWRVXHORSHQVDUTXHHVXQPHQ
WLURVR
 0LVMHIHV\PLIDPLOLDVLHPSUHPHHQFXHQWUDQGHIHFWRVTXHQRWHQJR
 /DPD\RUtDGHODJHQWHHVKRQUDGDSULQFLSDOPHQWHSRUHOWHPRUDVHUGHVFXELHUWD
 6
 LHPSUHPHJXVWDVHJXLUPLVSURSLRVFDPLQRVHQYH]GHDFWXDUVHJ~QQRUPDV
HVWDEOHFLGDV
 6XHORDFHUWDUFXDQGRLPDJLQRHOILQDOGHXQDSHOtFXOD
 )UHFXHQWHPHQWHQRPHVLHQWRFRQKXPRU\SUHILHURHVWDUVROR
 6
 L WXYLHUD TXH HVFRJHU SUHIHULUtD VHU JXDUGD IRUHVWDO D SURIHVRU GH HQVHxDQ]D
SULPDULD
 (QRFDVLRQHVKDEORDGHVFRQRFLGRVVREUHFRVDVTXHFRQVLGHURLPSRUWDQWHV
 6
 HUtDPHMRUTXHODVYDFDFLRQHVIXHUDQPiVODUJDV\REOLJDWRULDVSDUDWRGDVODV
SHUVRQDV
 (QPLYLGDSHUVRQDOFRQVLJRFDVLVLHPSUHPLVSURSyVLWRV
 *
 HQHUDOPHQWHPHSRQJRDJDUDEDWHDURPRYHUPHFXDQGRHVWR\VHQWDGRHQXQD
UHXQLyQ
 0
 HSHUWXUEDTXHODJHQWHPHKDJDDOJXQDVXJHUHQFLDFXDQGRHVWR\FRQFHQWUDGR
MXJDQGR
 0
 H SRQJR QHUYLRVR WHQVR  FXDQGR SLHQVR HQ WRGDV ODV FRVDV TXH WHQJR TXH
KDFHU
 /
 RTXHHOPXQGRQHFHVLWDHVPiVFLXGDGDQRVVHQVDWRV\PHQRVFLXGDGDQRVLGHD
OLVWDV
 6LHPSUHWHQJRPLKDELWDFLyQRUJDQL]DGDFRQODVFRVDVFRORFDGDVHQVXVLWLR
 6
 R\XQDSHUVRQDEDVWDQWHHVWULFWDHLQVLVWRVLHPSUHHQKDFHUODVFRVDVFRUUHFWD
PHQWH
 (VPHMRUVHUFDXWR\HVSHUDUSRFRTXHRSWLPLVWD\HVSHUDUVLHPSUHHOp[LWR
 +HWHQLGRVXHxRVWDQLQWHQVRVTXHQRPHKDQGHMDGRGRUPLUELHQ
 6
 XHORSHUPDQHFHUFDOODGRFXDQGRKDEODQSHUVRQDVFRQPiVH[SHULHQFLDRMHUDU
TXtDTXH\R
 (VQHFHVDULRKDEODUPHQRV\WUDEDMDUPiV
 $OJXQDVFRVDVPHLUULWDQWDQWRTXHFUHRTXHHQWRQFHVORPHMRUHVQRKDEODU
 0
 HGHVDVRVLHJDFXDQGRWUDEDMRHQDOJRTXHUHTXLHUHXQDDFFLyQUiSLGDTXHDIHFWD
DORVGHPiV


(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
3(5621$/,'$'

 8QFXDUWRGHKRUDGHUHWUDVRHQXQDFLWDHVDOJRQRUPDO
 3
 UHILHUR SDVDU OD WDUGH HQ XQD WDUHD D OD TXH WHQJD DILFLyQ TXH HVWDU HQ XQD
UHXQLyQDQLPDGD
 &
 XDQGR VH DFHUFD HO PRPHQWR GH DOJR TXH KH HVSHUDGR HQ RFDVLRQHV SLHUGR OD
LOXVLyQSRUHOOR
 1DGLHSXHGHUHSURFKDUPHXQDFLWDRXQFRPSURPLVRTXHQRKD\DFXPSOLGR
 (QODVUHXQLRQHVVRFLDOHVQRPHLPSRUWDTXHVHXVHXQOHQJXDMHREVFHQR
 1
 R VR\ UDFLVWD SHUR QR PH JXVWDUtD TXH PLV KLMRV VH FDVDVHQ FRQ SHUVRQDV GH
UD]DQHJUD
 6LVLHPSUHKLFLpUDPRVORTXHHVWiDXWRUL]DGRRSUHYLVWRQXQFDQRVGLYHUWLUtDPRV
 $
 O OOHYDU D FDER XQD WDUHD QR HVWR\ VDWLVIHFKR KDVWD TXH VH KD FRQVLGHUDGR HO
PHQRUGHWDOOH
 $YHFHVKDJRODVFRVDVLPSXOVLYDPHQWH\OXHJRPHDUUHSLHQWR
 /
 DGLSORPDFLDHQUHDOLGDGQRHVPiVTXHXQMXHJRGHKLSyFULWDVHVWHQRHVPL
HVWLOR
 0HJXVWDHVWDUGRQGHHVWiODDFFLyQ
 *
 DVWRJUDQSDUWHGHPLWLHPSROLEUHKDEODQGRVREUHVLWXDFLRQHVDJUDGDEOHVYLYL
GDVHQHOSDVDGR
 +
 D\TXHVHUSUXGHQWHDOPH]FODUVHFRQGHVFRQRFLGRVSXHVWRTXHKD\SHOLJURVGH
LQIHFFLyQ
 3
 UHILHUR OHHU XQD QRYHOD LPDJLQDWLYD TXH XQD QDUUDFLyQ UHDOLVWD GH HSLVRGLRV
KLVWyULFRV
 +
 D\WDQWDVSHTXHxDVFRVDVTXHKDFHUTXHDYHFHVORTXHKDJRHVQRDWHQGHUD
QLQJXQD
 $
 SUHQGRPHMRUOH\HQGRXQEXHQOLEURTXHSDUWLFLSDQGRHQXQJUXSRGHGLVFX
VLyQ
 $YHFHVLQWLPLGRRDGXORDODJHQWHSDUDTXHKDJDORTXH\RTXLHUR
 (VGLItFLOTXH\RSLHUGDORVHVWULERV
 /DVSHUVRQDVVyORUHVSHWDQDTXLHQHVVRQELHQSDUHFLGRVWDOHQWRVRVRULFRV
 6
 LHVWR\VHJXURGHTXHXQDSHUVRQDHVLQMXVWDVHORGLJRLQFOXVRVLHVWRPHFDXVD
SUREOHPDV
 3RGUtDGHVDSDUHFHUGHODID]GHODWLHUUD\QDGLHORQRWDUtD
 0HYHRFRPRDOJXLHQTXHOHJXVWDUHIOH[LRQDUMXJDUFRQODVLGHDV
 &
 XDQGRODJHQWHDXWRULWDULDWUDWDGHGRPLQDUPHKDJRMXVWDPHQWHORFRQWUDULR
GHORTXHTXLHUH
 'LVIUXWRHQODVILHVWDVHQODVTXHKD\PXFKDJHQWH
 /RVPHQGLJRVQRPHLQVSLUDQVLPSDWtD
 $YHFHVFRQVLJRFRQDUWLPDxDVTXHODJHQWHKDJDORTXH\RTXLHUR
 0XFKDVYHFHVQRSUHSDURGHDQWHPDQRORTXHWHQJRTXHKDFHU


(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
&

 0HJXVWDWRPDUSDUWHDFWLYDHQODVWDUHDVVRFLDOHVWUDEDMRVDVLVWHQFLDOHVHWF
 0HSRQJRQHUYLRVRDQWHDQLPDOHVVDOYDMHVLQFOXVRFXDQGRHVWiQHQFHUUDGRVHQ
IXHUWHVMDXODV
 $OJXQDVSHUVRQDVSDUHFHQLJQRUDUPHRHYLWDUPHDXQTXHQRVpSRUTXp
 6LHPSUHHVWR\DOHUWDDQWHORVLQWHQWRVGHSURSDJDQGDHQODVFRVDVTXHOHR
 (QFXHQWURDEXUULGDVODVGLVFXVLRQHVILORVyILFDV
 &XDQGRPHKDQRIHQGLGRORTXHLQWHQWRHVSHUGRQDU\ROYLGDU
 $QWHVGHHPSUHQGHUXQDDFFLyQVLHPSUHFRQVLGHURVXVFRQVHFXHQFLDV
 &XDQGRHVWR\EDMRXQIXHUWHHVWUpVDYHFHVVLHQWRTXHPHYR\DGHVPRURQDU
 0LSULPHUDUHDFFLyQHVFRQILDUHQODJHQWH
 $PRVHULQGHSHQGLHQWHSRUHQFLPDGHWRGR
 $OJXQDVSHUVRQDVSLHQVDQGHPtTXHVR\IUtR\FDOFXODGRU
 6R\XQDSHUVRQDDSDVLRQDGDFXDQGRSDUWLFLSRHQDOJRORKDJRFRQWRGRHOHQWX
VLDVPR
 7HQJRSRFRLQWHUpVHQDQGDUSHQVDQGRVREUHODQDWXUDOH]DGHOXQLYHUVRRGHOD
FRQGLFLyQKXPDQD
 6R\EDVWDQWHHVWDEOHHPRFLRQDOPHQWH
 6yORDVLVWRDUHXQLRQHVVRFLDOHVFXDQGRQRPHTXHGDPiVUHPHGLR
 7HQJRFDUDFWHUtVWLFDVFRQODVTXHPHVLHQWRFODUDPHQWHVXSHULRUDODPD\RUSDUWH
GHODJHQWH
 7LHQGRDVHUHOODOtGHUHQPLJUXSRGHDPLJRV
 3XHGRFRQFHQWUDUPHHQHOWUDEDMRVLQTXHPHPROHVWHQODVSHUVRQDVTXHHVWiQD
PLDOUHGHGRU
 $OJXQDVYHFHVODJHQWHGLFHTXHVR\GHVFXLGDGRDXQTXHPHFRQVLGHUDXQDSHU
VRQDDJUDGDEOH
 1RVXHORHTXLYRFDUPHHQPLVGHFLVLRQHVQLHQODVWDUHDVTXHOOHYRDFDER
&UHRTXHSDVDUSRUGHEDMRGHXQDHVFDOHUDGDPDODVXHUWH

),1'(/(-(5&,&,2



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
( M H U F L F L R & Q  ž 
7HVW GH 3HUVRQDOLGDG
,QVWUXFFLRQHV
/DSUXHEDGHSHUVRQDOLGDGFRQWLQ~DFRQXQWHVWGHSUHJXQWDVFHUUDGDVTXHKDFHQ
UHIHUHQFLD D VXV DFWLWXGHV GHVHRV R LQWHUHVHV (O REMHWLYR GH HVWRV WHVW HV REWHQHU
LQIRUPDFLyQ VREUH VX SHUVRQDOLGDG FDSDFLGDGHV DQRPDOtDV JUDGR GH LQWHUpV HWF 
TXHSHUPLWDGHWHUPLQDUKDVWDTXpSXQWRHQFDMDFRQODVH[LJHQFLDVGHOSXHVWR,QWHQWH
GHVFULELUVH KRQHVWDPHQWH SHQVDQGR HQ FyPR HV HQ HO PRPHQWR DFWXDO QR FRPR
GHVHDUtDVHUHQHOIXWXUR
/HDDWHQWDPHQWHFDGDIUDVH\PDUTXHHQOD+RMDGH5HVSXHVWDVODDOWHUQDWLYDTXH
PiVVHDMXVWDDVXPRGRGHVHU3URFXUHQRGHMDUFXHVWLRQHVVLQFRQWHVWDU

)DFWRUHVGHODSHUVRQDOLGDGTXHVHVXHOHQHYDOXDU
6LQFHULGDG1XQFDGHMRSDUDPDxDQDORTXHSXHGRKDFHUKR\
$XWRULWDULVPR3LHQVRTXHMDPiVVHKDUHVXHOWRXQSUREOHPDFRQODWROHUDQFLD
6RFLDELOLGDG/RTXHPiVPHGLYLHUWHHVHVWDUVRORFRQPLVFRVDV
0DGXUH]$YHFHVFDPELRPLVGHFLVLRQHVDXQTXHHVRVXSRQJDXQDGHVOHDOWDGSDUD
DOJXLHQ
2UJDQL]DFLyQ $ YHFHV DSXQWR WHOpIRQRV HQ WUR]RV GH SDSHO TXH OXHJR QXQFD
HQFXHQWUR
&RPSUHQVLyQ3LHQVRTXHORPHMRUHV´QRSDVDUQLXQDµDODVSHUVRQDVFRQODV
TXHWUDWR
(VTXL]RIUHQLD&UHRTXHSRVHRSRGHUHVTXHRWURVQRWLHQHQ
3DUDQRLD)UHFXHQWHPHQWHWHQJRODVHQVDFLyQGHTXHPHYLJLODQ
'HSUHVLyQ $ PHQXGR QR WHQJR JDQDV GH QDGD VyOR GH WXPEDUPH \ QR KDFHU
QDGD
6HJXULGDG&XDQGRWHQJRTXHWRPDUXQDGHFLVLyQVLHPSUHOHGR\PXFKDVYXHOWDV
5HVSRQVDELOLGDG &XDQGR DOJR PH VDOH PDO FDVL VLHPSUH HV FXOSD GH OD PDOD
VXHUWH
+LVWHULD$PHQXGRODVSHTXHxDVIUXVWUDFLRQHVFRWLGLDQDVPHKDFHQSHUGHUORV
QHUYLRV

&RQVHMRV
'HEHVDEHUTXHHVWRVFXHVWLRQDULRVVXHOHQWHQHULQGLFDGRUHVTXHGHODWDQODIDOWD
GHVLQFHULGDGSRUHVROHDFRQVHMDPRVTXHVHDPX\VLQFHURHQVXVUHVSXHVWDV$GHPiV
UHFXHUGHTXHORTXHFRQWHVWHHQHVWHWHVWVHUiHPSOHDGRFRPRJXtDGHFRQYHUVDFLyQHQ
ODHQWUHYLVWDGHVHOHFFLyQ


(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
&

/DLQFHUWLGXPEUHJHQHUDOPHQWHPHOOHYDD
$ 7RPDUSUHFDXFLRQHV % $FWXDUFXDQWRDQWHV

6LPHRSRQHQUHVLVWHQFLDSLHQVRTXHHVPHMRU
$ &HGHUSDUDHYLWDUFRQIOLFWRV % /XFKDUSRUPLVREMHWLYRV

&RQORVGHPiVSURFXURFDVLVLHPSUH
$ 6HUDJUDGDEOH % 0DQWHQHUPHUHVHUYDGR

&XDQGRHVWR\FDQVDGRGHWUDEDMDUSUHILHUR
$ 'LVWUDHUPH % 'HVFDQVDU

&RPRDFWLYLGDGGHRFLRSUHILHUR
$ (OSDUFKtV % /DOHFWXUD

&XDQGRFRQR]FRDJHQWHQXHYDWLHQGRD
$ 0DQWHQHUPHDGLVWDQFLD % (QWDEODUFRQYHUVDFLyQ

3UHILHURSDVDUODWDUGHHQFRPSDxtDGH
$ 8QD~QLFDSHUVRQD % 'HXQJUXSRGHDPLJRV

(QODVVLWXDFLRQHVDUULHVJDGDVVXHORLQFLWDUDORVGHPiVD
$ ,QTXLHWDUVH % &DOPDUVH

)UHQWHDXQSUREOHPDSUHILHUR
$ $IURQWDUOR % 5RGHDUOR

3DUDLUGHYDFDFLRQHVHOHJLUtDLUD
$ %HQLGRUP % 8QOXJDUWUDQTXLOR\VROLWDULR

(QXQDUHXQLyQVXHOR
$ 6HUHODQLPDGRUGHOJUXSR % 0RVWUDUPHFRPHGLGR

&XDQGRPHDYLVDQGHXQSHOLJURJHQHUDOPHQWHSUHILHUR
$ 6HJXLUPLLQWXLFLyQ % 6HJXLUORVFRQVHMRV
 

(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
3(5621$/,'$'

6LDOJXLHQPHKDFHXQDREVHUYDFLyQTXHPHKLHUH
$ 0HFLHUURFRPRXQDRVWUD % 0DQLILHVWRPLGHFHSFLyQRPLFyOHUD

3DUDWULXQIDUSUHILHUR
$ 3URYRFDUORVDFRQWHFLPLHQWRV % $FWXDUVLQDUULHVJDUPH

&XDQGRGHERWRPDUFXDOTXLHUGHFLVLyQ
$ 0HGHFLGRUiSLGDPHQWH % 'XGRPXFKR

(QXQDFRQYHUVDFLyQODPD\RUtDGHODVYHFHVHPSLH]R
$ 'LFLHQGRORTXHSLHQVR % 3UHJXQWDQGRDORVGHPiVORTXHSLHQVDQ

/DSULPHUDLPSUHVLyQTXHVHWLHQHGHPtHVTXH
$ 6R\GLVWDQWH % ,QWHQWRJXVWDU

0LUHODFLyQFRQHOGLQHURSXHGHGHVFULELUVHDVt
$ 1XQFDVpFXiQWRGLQHURWHQJR % 5HFXHUGRHQTXHJDVWpPLSULPHUHXUR

&XDQGRPHYHRHQYXHOWRDHQXQFRQIOLFWR«
$ 0HHVFDEXOOR % 1HJRFLR

&XDQGRXQDFRQWUDULHGDGPHLPSLGHKDFHUDOJRVXHOR
$ 3HUVLVWLUDSHVDUGHWRGR % $SOD]DUORPRPHQWiQHDPHQWH

7HQJRODLPSUHVLyQTXHDODVILHVWDVPHLQYLWDQ
$ 3RUFRUWHVtD % 3DUDTXHHQWUHWHQJDDODJHQWH

)UHQWHDGRVSHUVRQDVHQGHVDFXHUGRSLHQVRTXHHVPHMRU
$ ,QWHQWDUPHGLDU % 0DQWHQHUVHDOPDUJHQ

6LXQDFRQWHFLPLHQWRIHOL]RFXUUHHQPLYLGD
$ 6HORGLJRDWRGRHOPXQGR % 6yORORGLJRVLPHSUHJXQWDQ

3DUDFRPSUHQGHUXQDVLWXDFLyQJHQHUDOPHQWHHPSLH]R
$ )LMiQGRPHHQORHVHQFLDO % (QXPHUDQGRORVGHWDOOHV


(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
&

&XDQGRSUHVHQFLRXQDLQMXVWLFLD«
$ /DLQGLJQDFLyQPHSDUDOL]D % ,QWHQWRKDFHUDOJR

3DUDVHUIHOL]WHQJRQHFHVLGDGGHWHQHU
$ 3HUVRQDVHQWRUQRDPt % 0LVOLEURV\PLVGLVFRV

3UHILHURODVVLWXDFLRQHVTXHPHSHUPLWHQ
$ 6HQWLUHPRFLRQHVIXHUWHV % 6HQWLUVHJXULGDG

&XDQGRDOJXLHQFRPHWHXQHUURUVXHOR
$ 3HUGRQiUVHOR % 5HSURFKiUVHOR

&XDQGRFRPLHQ]RXQDWDUHD
$ 'HERWHUPLQDUODUiSLGDPHQWH % 1RWHQJRSULVDSRUWHUPLQDUOD

&XDQGRXQDVLWXDFLyQVHGHWHULRUDHQSULPHUOXJDUPHILMRHQORTXHSRGUtD
$ (PSHRUDUOD % 0HMRUDUOD

6LWHQJRXQDFLWDFDVLVLHPSUH«
$ /OHJRSXQWXDO % /OHJRWDUGH

(QPHGLRGHODVGLILFXOWDGHVVXHOR
$ 'HVIDOOHFHU % (VSDELODUPH

6LQRREWHQJRORTXHTXLHURPLUHDFFLyQVXHOHVHU
$ 2EVWLQDUPHHQPLREMHWLYR % %XVFDURWUDFRVD

&XDQGRVHWUDWDGHFRPSHWLUFRQRWURV«
$ 1RUHK~\RODFRPSHWHQFLD % 1RWHQJRHVStULWXGHFRPSHWLGRU

(QXQDFRQYHUVDFLyQHQJUXSRVXHOR
$ 7RPDUODLQLFLDWLYD % 3UHILHURHVFXFKDU

6LDOJXLHQPHKDEODGHFRVDVLQWUDVFHQGHQWHV«
$ 6XHORSHUGHUHOKLORGHORTXHGLFH % /RHVFXFKRPX\DWHQWDPHQWH


(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
3(5621$/,'$'

(QXQDFRQYHUVDFLyQVXHOR
$ 3UHJXQWDU % $ILUPDU

/DVVLWXDFLRQHVSRFRKDELWXDOHVWLHQGHQD
$ $WUDHUPHGHPDQHUDHVSRQWiQHD % ,QGXFLUPHDODQiOLVLV

&XDQGRKD\PXFKDSUHVLyQ«
$ $YHFHVPHLUULWR % 1XQFDPHLUULWR

6LORVGHPiVQRHVWiQDODDOWXUDWLHQGRD
$ (QWHQGHUVXVFDUHQFLDV % +DFHUOHVYHUVXVFDUHQFLDV

3RUPLIRUPDGHVHUPHSRGUtDQUHSURFKDUTXHDFW~RFRQ
$ 'HPDVLDGDVJDUDQWtDV % 'HPDVLDGRVULHVJRV

6LWHQJRTXHHVSHUDUDDOJXLHQTXHVHUHWUDVD«
$ 0HLPSDFLHQWRUiSLGDPHQWH % (VSHURSDFLHQWHPHQWH

$ODKRUDGHGHFLU´WHTXLHURµ«
$ 0HFXHVWDEDVWDQWH % /RKDJRFRQIUHFXHQFLD

0LVDPLJRVGLFHQTXH«
$ 6R\XQDSHUVRQDFDOPDGD % 9LYRDSRUKRUD

6LUHFLERXQHORJLR«
$ 0HSUHJXQWRTXHKD\GHWUiV % /RUHFLERVLQPiV

(QPLHQWRUQRPiVELHQPHUHSURFKDUtDQHOKHFKRGH
$ (PRFLRQDUPHGHPDVLDGR % ([LJLUPHGHPDVLDGR

$ODKRUDGHH[SUHVDUPHORKDJR«
$ /HQWD\SDXVDGDPHQWH % &RQYLJRU\KDFLHQGRPXFKRVJHVWRV

3UHILHURFRGHDUPHFRQJHQWHLQWHUHVDGDSRU
$ 5HVSHWDUPLOLEHUWDG % &RPSDUWLUVXVLGHDVFRQPLJR
 

(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
&

3DUDPtHORUGHQHV«
$ 8QDREOLJDFLyQTXHPHLPSRQHQRWURV % $OJRWRWDOPHQWHQHFHVDULR

&XDQGRFRPHWRXQHUURUVXHOR
$ +DFHUDXWRFUtWLFD % -XVWLILFDUPH

(QSUHVHQFLDGHGHVFRQRFLGRVVXHOR
$ ([SUHVDUPHGHIRUPDHVSRQWiQHD % (VSHUDUDVDEHUPiV

(QHOFROHJLRPLSDSHOHUDHO«
$ 'HMHIHGHODSDQGLOOD % 4XHHMHFXWDEDORTXHHOMHIHGHFtD

3RUPLIRUPDGHVHUSUHILHUR
$ 3DVDUGHVDSHUFLELGR % /ODPDUODDWHQFLyQ

(QXQDFRQYHUVDFLyQQRPHJXVWDWHQHUTXH
$ &HGHUWHUUHQR % (QWUDUHQFRQIOLFWR

6LORVLPSUHYLVWRVGHODYLGDPHREOLJDQDFDPELDUPLVSODQHV«
$ 0HKXQGRGXUDQWHXQWLHPSR % %XVFRYHQWDMDVDODQXHYDVLWXDFLyQ

6LQRPHHQWLHQGHQPLUHDFFLyQFRQVLVWHPiVELHQHQ
$ ([LJLUPiVDWHQFLyQ % ([SOLFDUFRQSDFLHQFLD

$OSHQVDUHQHOIXWXURFRQVLGHURTXHHVPiVSUXGHQWH
$ (VSHUDUORSHRU % (VSHUDUORPHMRU

&XDQGRSDVDDOJRDJUDGDEOHRDWUDFWLYRDPLDOUHGHGRU«
$ 0HGHWHQJRDDGPLUDUOR % 6LJRPLFDPLQRVLQPiV

3DUDVHUHILFD]FUHRTXHHVPHMRU
$ 3UHSDUDUVHFRQWLHPSR % 5HDFFLRQDUUiSLGDPHQWH

6LDOJXLHQKDFHXQDFUtWLFDVREUHPLIRUPDGHVHUVXHORSHQVDUTXH«
$ (VXQDFUtWLFDFRQVWUXFWLYD % (VXQFRPHQWDULRGHVFRUWpV


(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
3(5621$/,'$'

(QFXHQWURPiVVDWLVIDFWRULR
$ ,PDJLQDUHOIXWXUR % $QDOL]DUHOSDVDGR

3DUDVROXFLRQDUXQDGLVSXWDFUHRTXHHVPHMRU
$ 1RHYLWDUHOFRQIOLFWR % 3URSRQHUXQFRPSURPLVR

6LXQDPLJRQRPHDSR\DFRPR\RHVSHUDEDSLHQVRTXH«
$ 7LHQHXQDMXVWLILFDFLyQ % 1RVHSXHGHFRQWDUFRQORVDPLJRV

0HLPSOLFRGHIRUPDPiVLQWHUHVDGDFXDQGRVHWUDWDGH
$ /DQ]DUQXHYRVSUR\HFWRV % 3UHVHUYDUORVORJURVFRQVHJXLGRV

&XDQGRDOJRVDOHPDO«
$ 9DORURVLKDSRGLGRVHUSRUPLFXOSD % &DVLVLHPSUHHVFXOSDGHORVRWURV

&XDQGRPHSUHVHQWDQDSHUVRQDVGHVFRQRFLGDVSUHILHUR
$ ,UKDFLDHOODV % 'HMDUTXHYHQJDQKDFLDPt

(QFDVRGHGXGDWLHQGRPiVDPHQXGRD
$ $UULHVJDUPH % 1RDYDQ]DUKDVWDHVWDUVHJXUR

&XDQGRSLHQVRHQHOSDVDGRWLHQGRDUHFRUGDUHQSULPHUOXJDU«
$ 0LVp[LWRV % 0LVIUDFDVRV

3DUDVROXFLRQDUXQDGLVFUHSDQFLDFUHRTXHORPiVLPSRUWDQWHHV
$ 7HQHUUD]yQ % 6HUFRPSUHQGLGR

3DUDVDOLUGHODLQFHUWLGXPEUHSUHILHUR
$ /DQ]DUPH % ,QWHUURJDUPH

6LHQXQDILHVWDHQODTXHHVWR\LQYLWDGRVyORFRQR]FRDXQDSHUVRQD«
$ 1RPHVHSDURGHHOOD % 3URFXURKDFHUQXHYRVDPLJRV

/DSULPHUDYH]TXHFRQR]FRDXQDSHUVRQD«
$ 7LHQGRDHQFRQWUDUODVLPSiWLFD % 3URFXURQRVDFDUFRQFOXVLRQHV


(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
&

6LWHQJRTXHSDVDUXQDHQWUHYLVWDSDUDXQQXHYRHPSOHRVLHPSUHSLHQVRTXH«
$ 7HQJRSRVLELOLGDGHV % (OSXHVWRVHORYDQDGDUDRWURD

&XDQGRVLHQWRPDOHVWDUVXHOR
$ ([SUHVDUORDPLDOUHGHGRU % *XDUGDUVLOHQFLR

6LDOJXLHQPHFULWLFDDPLVHVSDOGDVPLUHDFFLyQVXHOHVHU
$ 3UHRFXSDUPH % ,JQRUDUOR

6LOOHJRWDUGHDXQDFRQIHUHQFLDHQWURHQODVDOD«
$ 6LQYDFLODU % 3URFXUDQGRSDVDUGHVDSHUFLELGR

3DUDLPSOLFDUPHHQXQSUR\HFWRSUHILHUR
$ &RQRFHUORGHDQWHPDQR % 'HVFXEULUORGHLPSURYLVR

&XDQGRSLHQVRHQHOIXWXURWLHQGRDLPDJLQDUTXHPLVLWXDFLyQ«
$ 9DDPHMRUDU % 9DDHPSHRUDU

6LHVWDPRVFRQYHUVDQGRVREUHXQWHPDGRQGHPLVFRQRFLPLHQWRVVRQOLPLWDGRV«
$ +DEORSRUTXHQRPHVLHQWRLQIHULRU % (VFXFKRSDUDVDEHUPiV

6LDOJXLHQPHKDFHIUHQWHHVWRPHOOHYDD
$ (QGXUHFHUPLVDUJXPHQWRV % (QFRQWUDUXQHTXLOLEULR

6LPLMHIHPHULxHSHVHDKDEHUKHFKRH[DFWDPHQWHORTXHPHKDEtDSHGLGR«
$ /HUHFXHUGRILUPHPHQWHVXGLUHFWLYD % 0HGLVFXOSR\OHGLJRTXHORUHSHWLUp

&UHRTXHDSUHQGRPiVIiFLOPHQWHFXDQGRSXHGR
$ 5HFLELUODH[SHULHQFLDGHRWURV % ([SHULPHQWDUSRUPtPLVPR

&XDQGRHODPELHQWHHVWiDSDJDGRWLHQGRPiVELHQD«
$ $SRUWDUDOHJUtD % 1RPDQLIHVWDUPH

&RQRFHUQXHYDVSHUVRQDV«
$ 0HGDSHUH]D % 6LHPSUHPHUHVXOWDLQWHUHVDQWH


(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
3(5621$/,'$'

6LHQWRPiVVDWLVIDFFLyQFXDQGRSXHGR
$ $FWXDUFRQDXWRQRPtD % &RRSHUDUFRQORVGHPiV

(QPLHQWRUQRSUHIHULUtDQTXHWXYLHUDPiVWHQGHQFLDD
$ $FWXDU % 5HIOH[LRQDU

6LWHQJRTXHLQWHUYHQLUHQXQDFRQIHUHQFLDSURFXUR«
$ 5HSDVDUORTXHWHQtDSUHYLVWRGHFLU % $GDSWDUPLH[SRVLFLyQDORVRWURV

&UHRTXHODVH[SHULHQFLDVGHVDJUDGDEOHV
$ 6LUYHQSDUDDSUHQGHU % 6yORVLUYHQSDUDVXIULU

7HQJRODLPSUHVLyQTXHORVRWURVPH«
$ 7UDWDQGHLJXDODLJXDO % 0HQRVSUHFLDQ

&XDQGRPLVSODQWHDPLHQWRVQRVRQDFHSWDGRVSRUORVGHPiV«
$ 0HDJXDQWR\PHFDOOR % ,QVLVWRKDVWDFRQVHJXLUORTXHTXLHUR

6REUHODVIHOLFLWDFLRQHVSLHQVRTXHUHFLER«
$ 0iVGHODVTXHPHUH]FR % 0HQRVGHODVTXHPHUH]FR

(QXQHQIUHQWDPLHQWRFDUDDFDUD
$ 1RUHK~\RPHGLUPHFRQHORWUR % ,QWHQWROOHJDUDXQDFXHUGR

&XDQGRDOJXLHQHPLWHXQDREVHUYDFLyQGHVFRUWpVVREUHPLIRUPDGHVHU«
$ 0HVLHQWRUHFKD]DGR % 0HVLHQWRLQFRPSUHQGLGR

/DVSHUVRQDVPiVFRPXQLFDWLYDVTXH\RWLHQGHQD
$ ,PSUHVLRQDUPH % (VWLPXODUPH

0LWLPLGH]PH«
$ ,PSLGHTXHGLJDORTXHSLHQVR % +DFHGHFLUFRVDVTXHQRSLHQVR

)UHQWHDODVGLILFXOWDGHVSUHILHUR«
$ 3HUVHYHUDU % 3UREDURWUDFRVD


(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
&

3DUDFRQYHQFHUDORVGHPiVWLHQGRPiVDPHQXGRD«
$ ,QVLVWLUHQPLVFRQYLFFLRQHV % &RQVLGHUDUVXVRSLQLRQHV

&XDQGRRIUH]FRPLFRODERUDFLyQWLHQGRPiVELHQD«
$ &RPSURPHWHUPHGHIRUPDGXUDGHUD % 3UHVHUYDUPLGLVSRQLELOLGDG

(OMXLFLRGHPLVDPLJRV«
$ 0HLQFLWDDFDPELDUGHDFWLWXG % 1RVXHOHKDFHUPHFDPELDU

*HQHUDOPHQWHYDORUDQPiVPLFDSDFLGDGSDUD«
$ 3URJUDPDUPLDFWLYLGDG % 5HDFFLRQDUVLQGHPRUD

),1'(/(-(5&,&,2



(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
)
2
7
2
&
2
3
,
$
5
/$(175(9,67$3(5621$/
+É%/(0('(867('
&RQ OD HQWUHYLVWD SHUVRQDO WHUPLQD OD SUXHED GH SHUVRQDOLGDG $FXGD D OD FLWD
FRQXQDVSHFWRLQPHMRUDEOH%LHQSHLQDGRFRQXQWUDMHDGHFXDGR\GLVFUHWRQDGDGH
YDTXHURV QL ]DSDWLOODV GHSRUWLYDV 1R VRQ FRQYHQLHQWHV ORV SLHUFLQJV QL ORV DGRUQRV
YLVWRVRV SHQGLHQWHVFROODUHVSXOVHUDVDQLOORV 7DPSRFRGHEHOOHYDUWHOpIRQRPyYLO
/HOODPDUDQSRUVXQ~PHURGHRSRVLWRU\OHGDUiQXQVREUHRFDUSHWDTXHGHEHUi
HQWUHJDU HQ XQD VDOD QXPHUDGD /XHJR OH PDQGDUiQ HVSHUDU XQRV FLQFR PLQXWRV
PLHQWUDVORVHQWUHYLVWDGRUHVHVWXGLDQVXH[SHGLHQWH3RVWHULRUPHQWHOHKDUiQSDVDU
SDUDUHDOL]DUODHQWUHYLVWDTXHGXUDUiDOUHGHGRUGHPLQXWRV
$QWHVGHHQWUDUHQHOGHVSDFKRGHOHQWUHYLVWDGRUUHVSLUHKRQGR\WUDWHGHUHODMDUVH
1RVHDGHODQWHDGDUODPDQRSHURVLOHLQYLWDQDHOORKiJDORFRQILUPH]DSHURVLQ
H[DJHUDUDFRPSDxDQGRHOVDOXGRFRQXQDVRQULVDFRUGLDO1RVHVLHQWHKDVWDTXHQRVH
OHLQGLTXH'HEHVHQWDUVHFyPRGRHQODVLOODVLQKXQGLUVHHQHODVLHQWRFRPRVLTXL
VLHUDGHVDSDUHFHUQLGHVOL]DUVHKDFLDODSDUWHGHODQWHUDFRPRVLGHVHDUDPDUFKDUVH
$OVHQWDUVHGHEHDEULUVHODFKDTXHWDSDUDPDQLIHVWDUTXHVHVLHQWHVHJXUR(PSLHFH
DKDEODUFXDQGROHLQYLWHQDHOOR\WUDWHGH´XVWHGµDOHTXLSRHQWUHYLVWDGRUVDOYRTXH
LQVLVWDQHQTXHOHVWXWHH
&RQWRGDSUREDELOLGDGVHUiQGRVSHUVRQDVODVTXHUHDOLFHQODHQWUHYLVWDXQDYHV
WLGDGHXQLIRUPH\ODRWUDGHSDLVDQR/DSHUVRQDXQLIRUPDGDOHKDUiSUHJXQWDVGH
WLSRSURIHVLRQDOFRQODILQDOLGDGGHHYDOXDUVXFDSDFLGDGSDUDUHDOL]DUODVIXQFLRQHV
SROLFLDOHV/DSHUVRQDYHVWLGDGHSDLVDQRVHUiHOSVLFyORJR\VHHQFDUJDUiGHKDFHUOH
SUHJXQWDVSDUDFRQRFHUVXSHUVRQDOLGDG7DPELpQHVSUREDEOHTXHXQRGHORVHQWUH
YLVWDGRUHVVHPXHVWUHPX\FRUGLDOPLHQWUDVTXHHORWURPDQWHQJDXQDSRVWXUDPiV
VHULD\GLVWDQWHPLUiQGROHILMDPHQWHDOWLHPSRTXHWRPDQRWDV
3URFXUHHVWDUWUDQTXLOR\QDWXUDO&LHUWDGRVLVGHWHQVLyQQHUYLRVDHVLQHYLWDEOHH
LQFOXVREHQHILFLRVD/HD\XGDUiDPDQWHQHUVHYLJLODQWHSHURQRODH[SUHVHHQPRYL
PLHQWRVQHUYLRVRVGHSLHVRPDQRV1XQFDFRQYLHQHXQLUODVPDQRVVXVLJQLILFDGRHV
TXH XQR HVWi LQWHQWDQGR GRPLQDUVH 'HMH TXH OD LQLFLDWLYD OD OOHYH HO HQWUHYLVWDGRU
TXHHVTXLHQGHEHPDQGDUWRGRHOWLHPSRRDOPHQRVGHEHFUHHUTXHHVDVt+DEOH
FRQYR]FODUDQRWUDWHGHLPSUHVLRQDUFRQXQOHQJXDMHUHEXVFDGR\SURFXUHQRLQWH
UUXPSLU 'HEH RUJDQL]DU OD UHVSXHVWD \ UHVSRQGHU GHVSXpV GH XQRV VHJXQGRV (VH
SHTXHxRVLOHQFLRH[SUHVDFRQWURO\FRQILDQ]DHQVtPLVPR1RXVHH[SUHVLRQHVFRPR
¢PHFRPSUHQGHXVWHG"¢PHHQWLHQGHXVWHG"HWF
'HPXHVWUHVHJXULGDGHQVXSURSLDFDSDFLGDG\UHVSRQGDVLHPSUHGHIRUPDSRVL
WLYDPLUDQGRDORVRMRVGHOHQWUHYLVWDGRUDXQTXHQRHVQHFHVDULRTXHORKDJDFRQV
WDQWHPHQWHSXHVFUHDUtDHQpOFLHUWDLQFRPRGLGDG(VDHVODIRUPDGHWUDQVPLWLUXQ
PHQVDMH GH KRQHVWLGDG \ IUDQTXH]D (YLWH ODV FRQWUDGLFFLRQHV QR GHEH GHFLU HQ XQ
PRPHQWRXQDFRVD\OXHJRRWUD
5HFXHUGHTXHORVWHVWGHSHUVRQDOLGDGVHDSOLFDQGLOXLGRVHQODHQWUHYLVWD\TXHVH
YDDHQFRQWUDUFRQSUHJXQWDVUHODFLRQDGDVFRQODVFRQWHVWDFLRQHVTXHKDSXHVWRHQ
HOORV'XUDQWHODHQWUHYLVWDKD\SDUWHVHQODVTXHSXHGHFRQWHVWDUFRQPRQRVtODERV
\RWUDVHQODVTXHORTXHVHEXVFDHVODFRQYHUVDFLyQ0XpVWUHVHIDYRUDEOHDGDUUHV
SXHVWDDWRGDVODVSUHJXQWDVTXHVHOHIRUPXOHQ\SURFXUHQRHQIDGDUVHLQIDQWLOPHQWH
DQWHODVTXHSXHGDQSDUHFHUOHLPSHUWLQHQWHV 

(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
/$(175(9,67$3(5621$/

1XQFD GHEH GHFLU TXH QR WLHQH GHIHFWRV ([SOLTXH ORV PiV LQRFXRV \ VXDYtFHORV
OR PiV SRVLEOH &RQYLHUWD YLUWXGHV HQ GHIHFWRV ´6R\ GHPDVLDGR H[LJHQWH FRQPLJR
PLVPRµ´0LPD\RUGHIHFWRHVTXHWUDEDMRGHPDVLDGRµ 6HDVLHPSUHPX\GLSORPiWLFR
HQORVFRPHQWDULRVVREUHWHUFHUDVSHUVRQDVRLQVWLWXFLRQHVDXQTXHHOHQWUHYLVWDGRU
KDJDMXLFLRVGHYDORUVREUHHOODV
1RGHEHGDUODLPSUHVLyQGHTXHVHSUHVHQWDDODRSRVLFLyQ´SRUSUHVHQWDUVHµ(Q
HVWHSXQWRPXHVWUHFLHUWD´YRFDFLyQµSRUODSURIHVLyQ+DJDYHUDOHQWUHYLVWDGRUTXH
VXUHQGLPLHQWRYDDVHULQPHGLDWRTXHOD2UJDQL]DFLyQYDDREWHQHUEHQHILFLRVGHVGH
HOPLVPRPRPHQWRHQTXHFRPLHQFHDWUDEDMD\TXHGDGDVVXVDSWLWXGHVQRQHFHVL
WDUiPXFKRWLHPSRSDUDDGDSWDUVH
6LHQODHQWUHYLVWDGHPXHVWUDFLHUWDVHJXULGDGHVLQHYLWDEOH²\HOORVORHQWHQGH
UiQ² DOJ~Q QHUYLRVLVPR SRU VX SDUWH \ SXHGH FRQYHQFHUOHV GH TXH HV XQD SHUVRQD
FDSD]GHUHDOL]DUHOHPSOHRDOTXHRSRVLWD\DWLHQHSUiFWLFDPHQWHWRGRKHFKR3DUD
HVWHILQQDGDPHMRUTXHODQDWXUDOLGDG

(QWUHYLVWD3UHJXQWDVWtSLFDV
‡ ¢6DEHFXiOHVHOREMHWLYRGHODHQWUHYLVWD"
‡ ¢+DSUHSDUDGRODHQWUHYLVWD"¢1R"¢(QWRQFHVYLHQHDODEDUWROD"
‡ 6L8VWHGIXHUDSVLFyORJR¢TXpYDORUHVEXVFDUtDHQXQRSRVLWRU"
‡ 9HQtVWRGRVYHVWLGRVGH´$UPDQLµ¢SRUTXp"
‡ ¢&yPRHVTXH8VWHGQRYLHQHYHVWLGRGH0i[LPR'XWWLFRPRHOUHVWRGHVXVFRP
SDxHURV"
‡ £4XpVHKDFRPSUDGRHOWUDMHSDUDODRFDVLyQ¢QR"¢/HJXVWDYHVWLUGHWUDMH"
‡ (OWUDMHHVPX\ERQLWR¢ORKDHOHJLGR8VWHGVRORROHKDD\XGDGRVXQRYLD"
‡ ¢&XiQWRVERWRQHVWLHQHVXFKDTXHWD"¢6HJXURTXHWLHQHWUHV"
‡ (VDSXOVHUDWDQ´OODPDWLYDµTXHOOHYD¢OHGDVXHUWH"
‡ ¢6HKDGDGRFXHQWDGHTXHQRWLHQHHOERWyQGHOFXHOORGHODFDPLVDDEURFKDGR"
‡ %XHQR¢TXpKDFHDTXtFRQDxLWRV"¢<FyPRWDQMRYHQTXLHUHVHUSROLFtD"
‡ ¢1RHVPX\PD\RUSDUDSUHVHQWDUVHDHVWDRSRVLFLyQ"
‡ ¢3RUTXpKDHVSHUDGRWDQWRSDUDRSRVLWDUVLGLFHDTXtTXHVLHPSUHWXYRYRFDFLyQ
GHSROLFtD"
‡ ([SOtTXHPH¢FyPRHVHVRGHHVWXGLDUHFRQRPtD\DKRUDTXHUHUVHUSROLFtD"
‡ £9D\D9HRTXHVHKDSUHVHQWDGR\DFLQFRYHFHV¢HV8VWHGPDOHVWXGLDQWH"
‡ ¢4XpHVWXGLRVWLHQH"¢3RUTXpQRVLJXLyHVWXGLDQGR"$PtPHGDODLPSUHVLyQGH
TXHHV8VWHGXQYDJRQROHJXVWDHVWXGLDU\SRUHVRQRTXLHUHLUDODXQLYHUVLGDG
QLQDGD
‡ ¢3RU TXp VLHQGR OLFHQFLDGR QR RSWy D OD (VFDOD (MHFXWLYD" ¢(V TXH QR HV 8VWHG
DPELFLRVR"
‡ 'tJDPH¢TXpQRWDVDFyHQHOWHyULFR"¢<HQODVItVLFDV"
‡ £&XpQWHQRVVXYLGDKDVWDDKRUD+DJDXQEUHYHUHVXPHQ
 ‡ £'tJDPHDOJRSRVLWLYR\DOJRQHJDWLYRTXHOHKD\DSDVDGRHQVXMXYHQWXG

(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
+É%/(0('(867('

‡ ¢4XpWUDEDMRVKDGHVHPSHxDGRDQWHULRUPHQWH"£3DUHFHTXHFDPELDDPHQXGRGH
WUDEDMR
‡ ¢<FXiQWRFREUD"<FREUDQGRPiV¢SRUTXpTXLHUHFDPELDUGHWUDEDMR"
‡ ¢<TXpRSLQDVXMHIHGHTXHVHSUHVHQWHDO&XHUSR1DFLRQDOGH3ROLFtD"
‡ ¢1XQFD KD GLVFXWLGR FRQ VX MHIH" 0H H[WUDxD \D TXH SXVR 8VWHG DTXt TXH VX
RSLQLyQYDSRUGHODQWHGHODGHORVGHPiV\TXHQRFXHQWDFRQODGHQDGLH ¢0H
HVWiOODPDQGRPHQWLURVD"
‡ ¢(QTXpWUDEDMDQVXVSDGUHV\VXVKHUPDQRV"
‡ &RQTXLpQVHOOHYDPHMRU¢FRQVXSDGUHRFRQVXPDGUH"<FRQVXKHUPDQR¢FyPR
VHOOHYD"
‡ <VXPDGUH¢TXpSLHQVDGHTXHHQWUHHQOD3ROLFtD"¢1ROHGLFHTXHHVPX\SHOL
JURVR\TXHORGHMH"
‡ ¢$Vt TXH VX SDGUH HV 3ROLFtD" (V FRQGXFWRU  £$K HV TXH FRPR YHR TXH HUHV GH
3DPSORQD
‡ 9HRTXHKDSXHVWRHQHOWHVWGHSHUVRQDOLGDGTXHVXVSDGUHVVHOOHYDQPDO 1R 
0iVWDUGH(QWRQFHVPHKDGLFKRTXHVXVSDGUHVVHOOHYDQPDO¢YHUGDG" 1R 
0XFKRPiVWDUGH$VtTXHDOILQDOKHPRVGLFKRTXHVXVSDGUHVVHOOHYDQPDO¢HV
TXHHVWiQVHSDUDGRV"
‡ ¢3RUTXpSXVRHQHOWHVWTXHVHQWtDFRPRTXHVXIDPLOLDQROHTXLHUH" ´0HKDEUp
HTXLYRFDGRµ 3DUHFHTXHVHHTXLYRFyPXFKR¢QR"
‡ ¢4XpRSLQLyQWLHQHQVXVDPLJRVGH8VWHG"
‡ &XpQWHPHDTXpVHGHGLFDQVXVDPLJRVPiVFHUFDQRV
‡ ¢4XpKDUtDVLXQDPLJROHMXHJDXQDPDODSDVDGD"
‡ <VXVDPLJRV¢TXpRSLQDQGHOKHFKRGHTXH8VWHGVHPHWDDSROLFtD"
‡ ¢7LHQHQRYLDR"¢$TXpVHGHGLFD"¢3RUTXpQRWLHQHSDUHMD"
‡ 9HRTXHKDWHQLGRSUREOHPDVFRQVXQRYLDRQRORQLHJXHSRUTXHORHVWR\YLHQGR
\RHQVXWHVW
‡ 6HJXUDPHQWHWHQJDQTXHHVWDUVHSDUDGRVODUJRVSHUtRGRVGHWLHPSR¢FyPRORYDQ
DDIURQWDU"
‡ ¢&yPRHV8VWHG"¢4XpVLJQLILFDVHULR"¢(LQWHOLJHQWH"
‡ ¢(VXVWHGVRxDGRU"¢<DTXpDVSLUDHQODYLGD"
‡ £(VWi8VWHGPX\QHUYLRVR¢3RUTXp"
‡ ¢$OJXQDYH]KDTXHULGRGHMDUORWRGRHLQFOXVRVXLFLGDUVH"
‡ ¢4XpGHIHFWRVOHFULWLFDQODJHQWHTXHOHURGHD"¢4XpKDUtDVLDOJXLHQOHFULWLFD"
‡ ¢/HJXVWDHVWDUHQFRQWDFWRFRQODJHQWH"¢/HFXHVWDKDFHUDPLJRV"
‡ 3UHILHUHWUDEDMDU¢HQHTXLSRRLQGLYLGXDOPHQWH"¢6HFRQVLGHUDXQOtGHU"
‡ ¢&XiOHVVRQODVFXDOLGDGHVTXHPiVYDORUDHQORVGHPiV"
‡ ¢4XpHVORTXHQRVRSRUWDGHRWUDVSHUVRQDV"
‡ £&XpQWHQRVXQFKLVWH


(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
/$(175(9,67$3(5621$/

‡ <ODIUDVHVRQ¢TXpOHGLFH"
‡ ¢&XiOHVVXPHMRUFXDOLGDG\VXSHRUGHIHFWR"¢4XpFDPELDUtDGH8VWHG"
‡ (QHOFXHVWLRQDULRVHGHILQHFRPR«GtJDQRVHMHPSORVTXHORFRUURERUHQ
‡ ¢6XHOHDFDEDUORTXHHPSLH]D"
‡ ¢&RQTXpWLSRGHSHUVRQDVVXHOHFKRFDU"
‡ ¢4XpRSLQDGHOWHUURULVPR"¢&yPRDFDEDUtD8VWHGFRQHOWHUURULVPR"
‡ $TXtSRQH8VWHGTXHHVPX\WHPSHUDPHQWDO3yQJDPHXQHMHPSOR
‡ ¢+DWHQLGRDOJXQDGHSUHVLyQ"
‡ ¢8VWHGFUHHTXHVLKD\FDULxRVHGHEHUtDQSHUGRQDUORVPDORVWUDWRV"
‡ %LHQHQODDILUPDFLyQ´$YHFHVORVSDGUHVSXHGHQFRUUHJLUPiVDXQQLxRFRQXQD
ERIHWDGDTXHFRQPLOGLVFXUVRVµKDUHVSRQGLGRTXH´HQDOJXQDVRFDVLRQHVµ¢3RU
TXH"
‡ ¢4XpSLHQVDGHORMRSRURMR"
‡ %XHQRKHYLVWRTXHHQVXWUDEDMRHVFULWRWLHQHEDVWDQWHVWDFKRQHV¢HV8VWHGLQVH
JXUR"
‡ 'LFHTXHHVVLQFHURD£SHURDTXtKDSXHVWRTXHDYHFHVQRGLFHODYHUGDGSDUDQR
KDFHUGDxR
‡ $TXtSXVRTXHHVXQDSHUVRQDtQWHJUD¢TXpHVSDUD8VWHGODLQWHJULGDG"
‡ 9HRTXHXQRGHVXVGHIHFWRVHVVHUFDEH]yQ£WRGRVORVRSRVLWRUHVFRQWHVWiLVORPLVPR
6HYHTXHRVORGLFHQHQODVDFDGHPLDVLPDJLQRTXHLJXDOTXHD8VWHG¢QR"
‡ $TXtGLFHTXHXQRGHVXVGHIHFWRVHVTXHHVPX\SHUIHFFLRQLVWD¢SXHGHH[SOLFDUOR"
‡ ¢4XpPLHGRVWLHQH"¢SRUHMHPSOR"
‡ (QHOWHVWSRQHTXHWLHQHXQDSHUVRQDOLGDGIXHUWH([SOtTXHPHHVR
‡ ¢6HHQRMDIiFLOPHQWH"¢6HFRQVLGHUDWtPLGR"
‡ %XHQR\FXDQGRVHFDEUHD¢QRGDSDWDGDVRSXxHWD]RVDODVSXHUWDV"
‡ $TXtSRQH´6LPHEXVFDQODVFRVTXLOODVPHODVHQFXHQWUDQµ\KDUHVSRQGLGRTXH
´DYHFHVµ([SOtTXHPHHVR
‡ (QHOWHVWGHSHUVRQDOLGDGKD\XQDSUHJXQWDTXHGLFH´7RGRORPDORTXHPHSDVD
HVSRUPLFXOSDµ\UHVSRQGLyTXH6t¢FyPRDUJXPHQWDHVWR"1RSRQJDHVDFDUD
TXHQRSDVDQDGD
‡ 0HLQWHUHVDVDEHUTXHHVORTXHKDFHORVILQHVGHVHPDQD3HUR¢TXpHVHVRGHVDOLU
GHPDUFKD"¢1XQFDVHKDHPERUUDFKDGR"£1RPHSXHGRFUHHUTXHQRKD\DSURED
GRHOPRMLWR
‡ &XpQWHPHVXSUREOHPDFRQHODOFRKRO3HURVL8VWHGSXVRDTXtTXHVXFRPSDxHUR
LGHDOVHUtDDTXHOTXHQRIXHVHXQDOFRKyOLFR"¢/RLOHJDOL]DUtD"¢/RHTXLSDUDUtD
FRQODVGURJDV"
‡ ¢+DSUREDGRDOJXQDGURJD"+RPEUHSHURXQSRUULWR«¢<VXVDPLJRV"3HURVLQR
ODVKDSUREDGR¢FyPRSRGUiLGHQWLILFDUODVGLIHUHQFLDUODFRFDGHOKDFKtVHWF"
‡ 6DEHPRVTXH8VWHGVHGURJD\TXHHVXQERUUDFKR£&RQILpVHOR


(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
+É%/(0('(867('

‡ 7HQJRHQWHQGLGRTXHVHJDVWDWRGRVXVXHOGRHQHOELQJR0HSDUHFHDPtTXHHV
8VWHGXQSRFRDEXUULGRQLEHEHQLIXPDSRUURVQLYDDOELQJR
‡ ¢/HJXVWDSUDFWLFDUDFWLYLGDGHVGHULHVJR"
‡ £3HURHVTXHORTXHDFDEDGHGHFLUVHFRQWUDGLFHFRQORTXHGLMRDQWHV
‡ ¢7LHQH FRFKH" ¢&RUUH 8VWHG PXFKR" ¢/H KDQ PXOWDGR DOJXQD YH]" ¢+D HVWDGR
LQYROXFUDGRHQDOJ~QDFFLGHQWH"1RPLHQWDSRUTXHORWHQHPRVWRGRDTXt
‡ $TXt KD SXHVWR TXH ´HQ RFDVLRQHV KD VHQWLGR JDQDV GH SHOHDUVH FRQ DOJXLHQµ
'tJDPH¢FXiQGRIXHOD~OWLPDSHOHDTXHWXYR"SHURDSXxHWD]RV£HK
‡ 8VWHGKDSXHVWRTXHHUDPX\REVHUYDGRU¢SXHGHOHYDQWDUVHXQPRPHQWR\GDUVH
ODYXHOWD"'tJDPHTXpKD\VREUHODPHVD6HKDROYLGDGRQRPEUDUPLIXQGDGH
ODVJDIDVTXHODWHQtDGHODQWHGH8VWHGWRGRHOUDWR¢DFDVRFUHHTXHPLHQWR"2
VHDTXHVRPRVGRVFRQWUDXQR¢\PDQWLHQHTXHQRODKDYLVWR"6LpQWHVHRWUDYH]
¢TXpKD\DKRUDTXHQRKDEtDDQWHV"
‡ +DSXHVWR8VWHGHQHOWHVWGHSHUVRQDOLGDGTXHHQYDULDVRFDVLRQHVDOPLUDUVHDO
HVSHMRQRVHKDUHFRQRFLGR6tVtTXHORKDSXHVWR¢1LVLTXLHUDFRQUHVDFD"
‡ ¢&XiOKDVLGROD~OWLPDSHOtFXODTXHKDYLVWR"¢&XiOKDVLGRHO~OWLPROLEURTXH
KDOHtGR"
‡ 'tJDPHTXpWUHVSHUVRQDMHVKLVWyULFRVDGPLUD
‡ ¢6HFUHHVXSHULRUDORVGHPiV"¢<SRUTXpSXVRTXHFUHtDTXHKDEtDQDFLGRSDUD
KDFHUDOJRJUDQGH"
‡ 'tJDPH¢DFDVRWLHQHQHFHVLGDGGHVDOLUGHOiPELWRIDPLOLDU"(QWRQFHV¢SRUTXp
TXLHUHVHUSROLFtD"
‡ $VtTXHGH*LMyQDYHUGtJDPH¢FXiOHVODDOLQHDFLyQGHO6SRUWLQJ"
‡ ¢'HTXpHTXLSRHV8VWHG"(ORSRVLWRUDQWHULRUHUDGHO%DUVD\KHPRVSHQVDGRHQ
VXVSHQGHUOHSRUHVR¢TXpOHSDUHFH"3XHV8VWHGWDPSRFRWLHQHHODSUREDGRSRUVHU
GHO0DGULG
‡ ¢4XpVLJQLILFDSDUD8VWHGODSDODEUDGLVFLSOLQD"¢6HFRQVLGHUDXQDSHUVRQDGLV
FLSOLQDGD"
‡ ¢3RUTXpTXLHUHVHUSROLFtD"¢4XpHVODYRFDFLyQSDUD8VWHG"
‡ £9pQGDVH¢SRUTXpGHEHPRVHOHJLUOHD8VWHG"
‡ %XHQR HQ HO LPSUREDEOH FDVR GH TXH VH SURGX]FD XQD PLODJURVD FRQMXQFLyQ GH
DVWURVFHOHVWHV\GHSODQHWDV\8VWHGORJUHVXSHUDUODHQWUHYLVWD¢TXpDSRUWDUtDD
OD3ROLFtD"
‡ ¢4XpOHRIUHFH8VWHGDOD3ROLFtD"¢<TXpOHRIUHFHOD3ROLFtDD8VWHG"
‡ ,PDJLQH TXH YD D OD (VFXHOD HQ ÉYLOD \ XQD QRFKH VH OHYDQWD GH OD FDPD YD
DO FXDUWR GH EDxR \ HQFXHQWUD D XQ FRPSDxHURIXPDQGR XQFDQXWR ¢TXp KDUtD
8VWHG"¢<VLDOGtDVLJXLHQWHHVWiIXPDQGRRWURSRUUR"3HURVLDYLVDDXQVXSHULRU
OHYDQDSRQHUGHFKLYDWRD¢QR"
‡ %XHQRLPDJtQHVHTXHKDDSUREDGRHVWiHQÉYLOD\XQFRPSDxHURGHVXKDELWD
FLyQTXHKDVDFDGRPDODVQRWDVVHFDEUHD\OHSHJDXQDSDWDGDDODSXHUWD\OH
KDFHXQDJXMHUR¢TXpKDUtD"


(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
/$(175(9,67$3(5621$/

‡ < VL HVWi HQ ÉYLOD \ HQ XQ PRPHQWR GHWHUPLQDGR YH FyPR XQ FRPSDxHUR HVWi
UREDQGRXQUHORMGHRWURFRPSDxHUR¢TXpKDFH"
‡ ¢+DLGRDOJXQDYH]DXQD&RPLVDUtD"¢3DUDTXp"
‡ ¢7LHQHDOJ~QIDPLOLDUGHQWURGHOD3ROLFtD"2VHDTXHHVWiDTXtPiVTXHQDGD
SRULPLWDUOH¢QR"¢4XpFRVDVEXHQDV\PDODVOHKDFRPHQWDGRGHOD3ROLFtD"
‡ 'tJDPHODV&RPLVDUtDV*HQHUDOHVTXHKD\HQ(VSDxD
‡ ¢6DEH8VWHGTXHHVXQ=XQ.\ORV7('$;"£9HRTXHQRWHQtDQLLGHDGHOD3ROLFtD
‡ ¢+DYLVWRDOJXQDYH]XQDLQWHUYHQFLyQSROLFLDO"¢<TXpOHKDSDUHFLGR"
‡ 6LSXGLHUDHOHJLU¢DTXpXQLGDGOHJXVWDUtDLU"
‡ ¢&UHHTXHOD3ROLFtDHVWiELHQSDJDGD"
‡ ¢4XpIXQFLyQGHVWDFDUtDGHWRGDVODVTXHUHDOL]DOD3ROLFtD"
‡ ¢&DPELDUtD8VWHGDOJRGHO&XHUSR1DFLRQDOGH3ROLFtD"
‡ ¢&yPRFUHHTXHWLHQHTXHVHUXQEXHQSROLFtD"
‡ ¢&yPRFUHHTXHHVHOGtDDGtDGHQWURGHOD3ROLFtD"
‡ ¢&UHH TXH HVWi FDSDFLWDGR SDUD HMHUFHU ODERUHV GH VHJXULGDG FLXGDGDQD" ¢4Xp
KDUtDVLYLHUDXQDSHOHDGHSHUVRQDV"¢&yPRDFWXDUtDVLIXHUDSROLFtD"
‡ ¢6DEH OR TXH HV OD 8,3" ¢/H JXVWDUtD WUDEDMDU DKt" 6L OH RUGHQDUDQ GLVROYHU
XQJUXSRGHPDQLIHVWDQWHVTXHWLHQHQUD]yQHQVXVSURWHVWDV¢ORKDUtD"<VLOH
RUGHQDQODQ]DUSHORWDVGHJRPDFRQWUDODPXOWLWXG¢ORKDUtD"<VLVXVXSHULRU
OHRUGHQDTXHHQYH]GHSyOYRUDQRUPDOOHPHWDSHUGLJRQHVGHORVTXHPDWDQ¢OR
KDUtD"3XHVVLHQWRGHFLUOHTXHQRVRWURVQROHYHPRVFRPRXQDSHUVRQDFDSD]GH
UHDOL]DUHVDVIXQFLRQHVUHSUHVLYDVWDQLPSRUWDQWHV
‡ ¢4XpRSLQDGHTXHDODVPXMHUHVOHVH[LMDQPHQRVQRWDHQODVSUXHEDVItVLFDVTXH
D ORV KRPEUHV" ¢/H LPSRUWDUtD TXH VX FRPSDxHUR GH SDWUXOOD IXHUD PXMHU" <
VLWLHQHDXQDFRPSDxHUDPXMHU\WLHQHQTXHLUDDOJ~QDOWHUFDGR¢SHQVDUtDOR
PLVPR"
‡ ¢/H JXVWDQ ODV DUPDV" ,PDJtQHVH TXH HV SROLFtD \ VH OH DFHUFDQ GRV LQGLYLGXRV
DUPDGRVFRQQDYDMDV¢TXpKDUtD"\VLIXHUDQHFHVDULR¢GLVSDUDUtD"<VLYHDXQ
SDUGHH[WUDQMHURVGHOWRSPDQWDTXHVDOHQFRUULHQGRWUDVGDUOHHODOWR¢VDFDUtD
HODUPD"
‡ 9DQ8VWHG\VXFRPSDxHURGHSDWUXOOD\YHQGRVSHUVRQDVFRQPRWRVUREDGDVDORV
TXHGHWLHQHQVLQHPEDUJRUHSHQWLQDPHQWHOHVDYLVDQSRUUDGLR\VXFRPSDxHURVH
YDFRQHOFRFKHGHMiQGROHVRORFRQORVGHWHQLGRV¢TXpKDUtD"
‡ /RYHWRGRPX\ERQLWROD3ROLFtDQRHVORTXH8VWHGSLHQVDQRVDEHGyQGHVHYDD
PHWHU¢TXpSDVDUtDVLOHPDQGDQKDFHUFXVWRGLDGHFDODER]RV"<VLOHWUDHQD
PDOHDQWHVSDUD8VWHGVROR\XQRVHOHHQFDUD¢TXpKDFH"$PtPHVLJXHSDUHFLHQ
GRTXHQRVDEHPX\ELHQGyQGHVHPHWH
‡ 0H GD OD LPSUHVLyQ GH TXH HV GH ORV TXH DEDQGRQDQ HO EDUFR HQVHJXLGD DKRUD
ORYHWRGRPX\ERQLWRSHUROXHJRFXDQGRHQWUHQROHJXVWD\VHJXURTXHQRVGHMD
WLUDGRV
‡ &tWHPHXQPRPHQWRHQVXYLGDHQHOTXHKD\DGHIHQGLGRVXVGHUHFKRVSRUTXH
QHFHVLWDPRVTXHQRVGHPXHVWUHVXVGRWHVGHPDQGRFRPRSROLFtD


(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
+É%/(0('(867('

‡ ¢9HUGDGTXH8VWHGQRVHYHRFKRKRUDVDEXUULGRGHJXDUGLDHQXQDSXHUWDFRQHO
FKDOHFRDQWLEDODVHQFLPDFRQORTXHSHVD"¢9HUGDGTXHQRTXLHUHDFDEDUDVt"
‡ 6DEHTXHVHYDDWHQHUTXHLUIXHUD¢DGyQGHOHJXVWDUtDLU"¢<DODV&DQDULDV"
‡ ¢4Xp LPSDFWR WLHQH VREUH 8VWHG OD QRWLFLD GH TXH KD PXHUWR XQ 3ROLFtD" ¢< OD
QRWLFLDGHTXHKDQGHWHQLGRDXQ3ROLFtD"
‡ ¢(VWDUtDGLVSXHVWRDFRUWDUVHHOSHOR\DGHMDUGHXVDUSHQGLHQWHVSDUDHQWUDUHQ
OD3ROLFtD"
‡ ¢3RUTXpFUHH8VWHGTXHYDOGUtDSDUDHVWR"¢+DYLVWRDOJXQDYH]XQPXHUWR"
‡ &XpQWHPHDOJXQDDQpFGRWDGHVXYLGDHQODTXHUHVROYLHUDFRQp[LWRXQDVLWXDFLyQ
SUREOHPiWLFD
‡ 3yQJDPHXQHMHPSORGRQGH8VWHGKD\DWRPDGRXQDGHFLVLyQUiSLGD
‡ 3yQJDPHXQHMHPSORHQHOTXH8VWHGKD\DWRPDGRXQDGHFLVLyQSHQVDGD
‡ ¢4XpOHSDUHFHODUHJXODUL]DFLyQGHLQPLJUDQWHVOOHYDGDDFDERSRUHO*RELHUQR"
¢4XpRSLQDGHODLQPLJUDFLyQLOHJDO\VXVPDILDV"
‡ <VLHVWXYLHUDHQXQSXHVWRGHSXHUWD\OHRUGHQDUDQTXHSRUHVDSXHUWDQRSDVH
QDGLHTXHQRWHQJDXQDWDUMHWDLGHQWLILFDWLYDHVSHFLDO\TXLHUHHQWUDUHO&RPLVDULR
-HIH GH OD &RPLVDUtD ¢OR GHMDUtD SDVDU" ¢< VL VDOHQ WRGRV WXV FRPSDxHURV GH
&RPLVDUtD\OHSLGHQTXHORVGHMHSDVDUSRUTXHOHFRQRFHQ"8VWHGHVDOJR´FDEURQ
FHWHµ\SRFRKXPDQRQRVHSXHGHVHUWDQLQIOH[LEOH
‡ ,PDJLQHTXHHV8VWHGXQSROLFtDHQSUiFWLFDV\HVWiHQHO]HWDFRQXQFRPSDxH
UR YHWHUDQR HQ XQ VHUYLFLR GH QRFKH 6X FRPSDxHUR GHWLHQH HO ]HWD HQ XQ OXJDU
WUDQTXLOR\UHFOLQDHOVLOOyQSRUTXHGLFHTXHYDDGRUPLUXQUDWR\DTXHDOGtD
VLJXLHQWHWLHQHTXHFRQGXFLUXQWD[LGXUDQWHRFKRKRUDV¢TXpKDFH8VWHGHQHVWH
FDVR"
‡ ,PDJLQH TXH HVWi SDWUXOODQGR FRQ VX FRPSDxHUR \ REVHUYDQ TXH XQ EDU TXH \D
GHEtD HVWDU FHUUDGR SHUPDQHFH D~Q DELHUWR 6H GLVSRQHQ D SHGLU DO SURSLHWDULR
TXHFLHUUHHOHVWDEOHFLPLHQWRSHURVXFRPSDxHURGLFHTXHQRTXHHVHHVHOEDUGH
VXFROHJXLWD\DOOtOHSRQHQFRSDVJUDWLV\OHSLGHTXHKDJDQODYLVWDJRUGD¢FyPR
DFWXDUtD"
‡ ¢<VLVXFRPSDxHURTXLHUHOLJDUFRQ8VWHG\OHKDFHSURSRVLFLRQHVGHVKRQHVWDV"
¢1ROHSUHRFXSDTXHOHPHWDQXQSXUR"/RWHQGUHPRVHQFXHQWDVLDOJXQDYH]OD
WHQHPRVFRPRFRPSDxHUD
‡ ,PDJtQHVHTXHXQDPLJRVX\RHVFDPHOOR\WLHQHTXHGHWHQHUOH¢ORKDUtD"
‡ %XHQR¢TXpOHKDSDUHFLGRODHQWUHYLVWD"
‡ ¢4XpRSLQLyQFUHHTXHWHQHPRVGH8VWHGGHVSXpVGHHVWDHQWUHYLVWD"
‡ &RPRYHRTXHHUHVXQWtRHFKDGRSDUDDGHODQWH\VHJXURGHWLPLVPR¢FyPRYDORUD
UtDVWXHQWUHYLVWDHQXQDHVFDODGHODO"£8QQDGDPiV£¢3RUTXpQRXQ"
‡ %XHQR\VLVXVSHQGH¢TXpYDDKDFHU"(QWRQFHVpVWHSDUDHOSUy[LPRDxRSRU
KDEHUGLFKRHVRGHTXHYROYHUtDHOSUy[LPRDxR
‡ ¢+DHFKDGR8VWHGODLQVWDQFLDSDUDODSUy[LPDFRQYRFDWRULD"£0X\ELHQKD\TXH
VHUUHDOLVWD
‡ <DKHPRVDFDEDGR¢TXLHUHDxDGLUDOJRPiV"


(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'

También podría gustarte