QDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQD VRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVR QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQL Fk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk 3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3D QDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQD VRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVR QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQL Fk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk 3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDV
%,(19(1,'$ (VWLPDGR &OLHQWH GH 3DQDVRQLF %LHQYHQLGR D OD IDPLOLD GH ORV FOLHQWHV GH 3DQDVRQLF (VSHUDPRV TXH GLVIUXWH PXFKRV DÆRV GH VX QXHYR WHOHYLVRU HQ FRORU (VWH WHOHYLVRU HV GH XQ PRGHOR PX\ DYDQ]DGR VLQ HPEDUJR HQ OD *XõD GH 5HIHUHQFLD 5 SLGD HQFRQWUDU OD LQIRUPDFLÊQ QHFHVDULD SDUD SRQHU HO DSDUDWR HQ IXQFLRQDPLHQWR GH XQD IRUPD U SLGD $ FRQWLQXDFLÊQ SXHGH OHHU ODV LQVWUXFFLRQHV FRPSOHWDV \ JXDUGDUODV SDUD IXWXUDV FRQVXOWDV ô1',&( $GYHUWHQFLDV \ 3UHFDXFLRQHV $FFHVRULRV
$'9(57(1&,$6 < 35(&$8&,21(6 - - (VWH WHOHYLVRU KD VLGR GLVHÆDGR SDUD - (V HVHQFLDO XQD YHQWLODFLÊQ DGHFXDGD SDUD IXQFLRQDU FRQ FRUULHQWH DOWHUQD GH 9 HYLWDU +] HO FWULFRV SRU OR TXH OH UHFRPHQGDPRV TXH ODV DYHUõDV HQ ORV FRPSRQHQWHV GHMH XQ HVSDFLR GH FP FRPR PõQLPR 3DUD HYLWDU GHWHULRURV TXH SRGUõDQ GDU FRPR DOUHGHGRU GHO WHOHYLVRU LQFOXVR FXDQGR HVW UHVXOWDGR GHVFDUJDV HO FWULFDV R LQFHQGLR GHQWUR GH RWUR PXHEOH R HQWUH HVWDQWHV QR H[SRQJD HVWH WHOHYLVRU D OD OO
$&&(625,26 &RPSUXHEH TXH KD UHFLELGR ORV DFFHVRULRV \ HOHPHQWRV TXH VH LQGLFDQ 0DQXDO GH ,QVWUXFFLRQHV T /D *DUDQWõD GHO WHOHYLVRU GH )XQFLRQDPLHQWR 7UDQVPLVRU GH 0DQGR D 'LVWDQFLD 3LODV SDUD HO 7UDQVPLVRU GHO (85 0DQGR D 'LVWDQFLD GHO WDPDÆR 5 80 3LODV GHO PDQGR D GLVWDQFLD - $VHJÔUHVH GH TXH ODV SLODV HVW Q FRORFDGDV HQ OD SRVLFLÊQ FRUUHFWD - 1R PH]FOH SLODV YLHMDV \ SLODV QXHYDV 5HWLUH GH PDQHUD LQPHGLDWD ODV SLODV YLHMDV \D DJRWDGDV - 1R PH]FOH SLODV GH WLSRV GLIHUHQW
*8,$ 3$5$ /$ 38(67$ (1 0$5&+$ 5$3,'$ (QFKXIH OD DQWHQD \ FRQHFWH ORV HTXLSRV DX[LOLDUHV 5(&(3725 325 6$7þ/,7( $9 $9 Ë 9&5 '9' 5 $9 $9 (Q SULPHU OXJDU DVHJÔUHVH GH TXH HO HTXLSR GH YõGHR '9' 5 HVW HQ HO PRGR GH (Q (VSHUD &RQHFWH HO WHOHYLVRU \ HQFL QGDOR
*8,$ 3$5$ /$ 38(67$ (1 0$5&+$ 5$3,'$ 6HOHFFLRQH VX SDõV $SULHWH HO SXOVDGRU URMR 'DU FRPLHQ]R OD FRQILJXUDFLÊQ DXWRP WLFD ODV HPLVRUDV VHU Q ORFDOL]DGDV \ TXHGDU Q '9' 5 FRPSDWLEOH PHPRUL]DGDV 6L KD\ XQ HTXLSR GH YõGHR FRQHFWDGR D OD EDVH GH HQFKXIH $9 Ê $9 ORV GDWRV GH ORV SURJUDPDV VHU Q FRSLDGRV HQ HO YõGHR '9' 5 D WUDY V GHO 4 /LQN 9HD OD S JLQD 3XOVH HO ERWÊQ 79 $9 VL TXLHUH WHUPLQDU FRQ OD VHFXHQFLD $73 6L HVW XVWHG LQVWDODQGR XQ QXHYR HTXLSR GH YõGHR '9' 5 79 $9 F
*8,$ 3$5$ /$ 38(67$ (1 0$5&+$ 5$3,'$ 8WLOL]DQGR ODV WHFODV LQGLFDGDV GHO PDQGR D GLVWDQFLD DFFHGD DO PHQÔ GH *HRPDJQHWLF FRUUHFWLRQ l&RUUHFFLÊQ JHRPDJQ WLFDl \ VLJD ORV SDVRV TXH VH LQGLFDQ P V DGHODQWH VL GHVHD LQIRUPDFLÊQ GHWDOODGD VREUH HO VLVWHPD GH PHQÔV GH 9LVXDOL]DFLÊQ HQ 3DQWDOOD FRQVXOWH OD S JLQD 0(18 6HOHFFLRQH HO PHQÔ GH 3ULQFLSDO 9D\D DO PHQÔ GH &RQILJXUDFLÊQ $FFHGD DO PHQÔ GH &RQILJXUDFLÊQ 9D\D D OD RSFLÊQ GH PHQÔ *HRPDJQ WLFD $FFHGD DO PHQÔ *HRPDJQ WLFD $MXVWH OD LPDJHQ OR QHFH
&21752/(6 % 6,&26 &8$'52 )5217$/ < 0$1'2 $ ',67$1&,$ %DVHV GH ,QWHUUXSWRU GH FRQH[LÊQ GH (QFHQGLGR \ $XGLR 9õGHR $SDJDGR GHO 5&$ WHOHYLVRU S JLQD /X] URMD TXH LQGLFD HO PRGR GH (Q (QFKXIH GH 6 9+6 S JLQD (VSHUD 8WLOLFH HO FRQPXWDGRU GH (Q (VSHUD R ODV WHFODV SDUD %DVH GH FRQH[LÊQ SDUD ORV DXULFXODUHV HQFHQGHU HO WHOHYLVRU YHD OD S JLQD 675 0HPRULD GH 1RUPDOL]DFLÊQ 6H XWLOL]D SDUD PHPRUL]DU ODV VLQWRQõDV \ ORV YDORUHV GH DMXVWH GH RWUDV IXQFLRQHV &RQPXWDGRU GH 79 $9
5%2/ '( 352*5$0$6 0(18 0HQ~ SULQFLSDO 0RGR GH LPDJHQ ,PDJHQ 6RQLGR &RQILJXUDFLyQ ,PDJHQ 0RGR GH LPDJHQ &RQWUDVWH %ULOOR &RORU 0DWL] 176& 1LWLGH] 7HPS FRORU 3 15 6RQLGR 9ROXPHQ *UDYHV $JXGRV %DODQFH 03; 0RGR $PELHQWH &RQILJXUDFLyQ 6DOLGD $9 6DOLGD $9 0RGR 7H[WR 7HPSRUL]DGRU )OLFNHU 5 4 /LQN =RQD 7HOHWH[WR 6LQWRQL]DU ,GLRPD GH 26' *HRPDJQpWLFD $63(&7 &RQWUROHV GH DVSHFWR 3DQDVRQLF $XWR 3UHFLVR =RRP =RRP =RRP (GLFLyQ SURJUDPPD %RUUDU ,QVHUW 0RYHU 'HVFDUJDU 6LQWRQL]DU (GLFLyQ SURJUD
862 '( /$6 ,1',&$&,21(6 (1 3$17$//$ (VWH WHOHYLVRU GLVSRQH GH XQ VLVWHPD FRPSOHWR GH PHQÔV GH ,QGLFDFLRQHV (Q 3DQWDOOD SDUD DFFHGHU D ORV DMXVWHV \ D ODV RSFLRQHV 2.
&21752/(6 '( $63(&72 /D WHOHYLVLÊQ SDQRU PLFD OH SHUPLWH GLVIUXWDU GH XQD LPDJHQ HQ VX WDPDÆR \ YLVXDOL]DFLÊQ ÊSWLPRV LQFOX\HQGR ODV LP JHQHV HQ IRUPDWR FLQHPD SDQRU PLFR 3XOVH HO ERWÊQ $63(&7 UHSHWLGDPHQWH SDUD GHVSOD]DUVH SRU ODV VLHWH RSFLRQHV GH $63(&7 YLVXDOL]DFLÊQ 3DQDVRQLF $XWR 3UHFLVR =RRP =RRP \ =RRP 2 3XOVH HO ERWÊQ $63(&7 \ OXHJR XWLOLFH ORV ERWRQHV 52-2 R 9(5'( SDUD GHVSOD]DUVH HQ FXDOTXLHU GLUHFFLÊQ D WUDY V GH ODV VLHWH RSFLRQHV GH YLVXDOL]DFLÊQ 3DQDVRQLF $XWR 3
&21752/(6 '( $63(&72 PRVWUDU XQ EX]ÊQ GH R XQD LPDJHQ GH VLQ GLVWRUVLRQHV GH DVSHFWR !! 3UHFLVR 8WLOLFH HVWH PRGR VL GHVHD H[SDQGLU XQD LPDJHQ 3UHFLVR TXH SRVHH XQD UHODFLÊQ GH DVSHFWR KDVWD UHOOHQDU WRGD OD SDQWDOOD HQ OXJDU GH YHU HO SURJUDPD FRQ EDQGDV QHJUDV YHUWLFDOHV D OD L]TXLHUGD \ D OD GHUHFKD GH OD LPDJHQ /D LPDJHQ FRQ UHODFLÊQ VH YHU FRQ XQ HVWUHFKDPLHQWR KRUL]RQWDO TXH SHUPLWH UHOOHQDU WRGD OD SDQWDOOD (VWR VH UHDOL]D GH WDO PDQHUD
&21752/(6 '( $63(&72 =RRP =RRP =RRP PRVWUDU LP JHQHV /HWWHUER[ DQDPÊUILFDV RFXSDQGR OD SDQWDOOD FRPSOHWD VLQ TXH OD YLVXDOL]DFLÊQ VH GLVWRUVLRQH !! =RRP =RRP =RRP PRVWUDU RFXSDQGR OD LP JHQHV SDQWDOOD /HWWHUER[ FRPSOHWD VLQ TXH =RRP OD YLVXDOL]DFLÊQ VH GLVWRUVLRQH PRVWUDU OD LPDJHQ HQ VX WDPDÆR P [LPR SHUR FRQ XQ OLJHUR HQVDQFKDPLHQWR !! =RRP &21752/ '( 3$86$ /D WHFOD GH 3$86$ OH SHUPLWH FRQJHODU OD LPDJHQ HQ FXDOTXLHU PRPHQWR +2/'
0(1Õ 35,1&,3$/ (VWH 0HQÔ OH SHUPLWH DFFHGHU DO 0RGR GH LPDJHQ 0HQÔ GH ,PDJHQ 6RQLGR \ &RQILJXUDFLÊQ 6HOHFFLRQH HO 0HQÔ SULQFLSDO 0(18 2.
0(1Õ '( ,0$*(1 (VWH PHQÔ OH SHUPLWH HIHFWXDU DMXVWHV HQ OD FDOLGDG GH OD LPDJHQ 0(18 6HOHFFLRQH HO PHQÔ GH 3ULQFLSDO 9ROYHU 9D\D DO PHQÔ GH ,PDJHQ 2.
0(1Õ '( ,0$*(1 &RQWUDVWH %ULOOR &RORU 0DWL] 176& 1LWLGH] 7HPS FRORU /RV QLYHOHV GH &RQWUDVWH GH %ULOOR GH &RORU GH 0DWL] 176& \ GH 1LWLGH] SXHGHQ DMXVWDUVH SDUD DGDSWDUORV D VXV SUHIHUHQFLDV \ D ODV FRQGLFLRQHV GH OX] DPELHQWDO (O DMXVWH GHO EDODQFH GH &RORU OH SHUPLWH ILMDU OD WRQDOLGDG JHQHUDO GH OD FRORUDFLÊQ GH OD LPDJHQ 3 15 3 15 UHGXFH GH IRUPD DXWRP WLFD ODV LQWHUIHUHQFLDV QR GHVHDGDV HQ OD LPDJHQ
0(1Õ '( 621,'2 (O PHQÔ GH 6RQLGR OH SHUPLWH HVWDEOHFHU VXV SUHIHUHQFLDV SHUVRQDOHV SRU OR TXH VH UHILHUH D WRGRV ORV DVSHFWRV GH OD FDOLGDG GHO VRQLGR 6HOHFFLRQH HO PHQÔ GH 3ULQFLSDO 0(18 9D\D DO PHQÔ GH 6RQLGR 9ROYHU 6HOHFFLRQDU 2.
0(1Õ '( &21),*85$&,Ë1 (O PHQÔ GH &RQILJXUDFLÊQ GD DFFHVR D GLYHUVDV FDUDFWHUõVWLFDV DYDQ]DGDV \ WDPEL Q DO PHQÔ GH 6LQWRQõD 0(18 6HOHFFLRQH HO PHQÔ GH 3ULQFLSDO 9D\D DO PHQÔ GH &RQILJXUDFLÊQ 9ROYHU 6HOHFFLRQDU &DPELDU 6DOLU &RQILJXUDFLyQ $FFHGD DO PHQÔ GH &RQILJXUDFLÊQ 9D\D D OD RSFLÊQ TXH GHVHH $XPHQWH R GLVPLQX\D ORV QLYHOHV ILMH ODV RSFLRQHV R DFFHGD D QXHYRV PHQÔV 79 $9 3XOVH OD WHFOD 79$9SDUD VDOLU 2.
0(1Õ '( &21),*85$&,Ë1 4 /LQN =RQD 7HOHWH[WR 4 /LQN OH SHUPLWH DFWLYDU $9 Ê $9 R GHVDFWLYDU OD FRPXQLFDFLÊQ GH GDWRV FRQ XQ DSDUDWR JUDEDGRU UHSURGXFWRU FRPSDWLEOH 9HD S JLQD 6HOHFFLRQD HO MXHJR GH FDUDFWHUHV GHO LGLRPD FRQ HO ILQ GH TXH HVW Q GLVSRQLEOHV WRGRV ORV FDUDFWHUHV GH WH[WR QHFHVDULRV SDUD ODV S JLQDV GH WHOHWH[WR SRU HMHPSOR ORV FDUDFWHUHV FLUõOLFRV HWF 0RGR 2HVWH (VWH (VWH 6LQWRQL]DU ,GLRPDV LQJO V IUDQF V DOHP Q JULHJR LWDOLDQR HVSDÆRO VXHFR \ WXUFR LQJO V HVWRQL
0(1Õ '( 6,1721ô$ (O PHQÔ GH 6LQWRQõD SURSRUFLRQD HO DFFHVR D ORV PHQÔV GH VLQWRQõD PDQXDO DXWRP WLFD \ ILQD 0(18 6HOHFFLRQH HO PHQÔ GH 3ULQFLSDO 0HPRUL]DU 9D\D DO PHQÔ GH &RQILJXUDFLÊQ 9ROYHU $FFHGD DO PHQÔ GH &RQILJXUDFLÊQ 2.
0(1Õ '( 6,1721ô$ (',&,Ë1 352*5$0$ (O PHQÔ GH HGLFLÊQ GH 3URJUDPDV OH SHUPLWH HGLWDU ORV YDORUHV GH SRVLFLÊQ GH ORV SURJUDPDV 6HOHFFLRQH HO PHQÔ GH 3ULQFLSDO 0(18 9ROYHU $FFHGD DO PHQÔ GH &RQILJXUDFLÊQ 6HOHFFLRQDU 2.
0(1Õ '( 6,1721ô$ (',&,Ë1 352*5$0$ 3DUD DÆDGLU XQD SRVLFLÊQ GH SURJUDPD (OLMD OD SRVLFLÊQ GH SURJUDPD HQ OD TXH VH KD GH LQWURGXFLU HO QXHYR SURJUDPD 3XOVH OD WHFOD 9HUGH 9XHOYD D SXOVDU OD WHFOD 9HUGH SDUD (GLFLyQ SURJUDPD 3URJ &DQ 1RPEUH %ORTXHR 6LVW FRQILUPDU &+ ;<= 2II 2II 2II 2II 2II ,QVHUW 6& 6& 6& 6& 6& &DQFHODU (VWH SURJUDPD HQ EODQFR SXHGH D FRQWLQXDFLÊQ VHU VLQWRQL]DGR GDUOH XQ QRPEUH VHU EORTXHDGR \ VHU DVLJQDGR DO VLVWHPD GH 79 TXH XVWHG HOLMD 3DUD
0(1Õ '( 6,1721ô$ (',&,Ë1 352*5$0$ 3DUD FDPELDU HO QRPEUH GH XQD SRVLFLÊQ GH SURJUDPD (OLMD OD SRVLFLÊQ GHO SURJUDPD 0HPRUL]DU 9ROYHU 9D\D D OD FROXPQD GH 1RPEUH &DPELR FDUDFWHUHV 6HOHFFLRQDU 6DOLU (GLFLyQ SURJUDPD 3URJ &DQ 1RPEUH %ORTXHR 6LVW (OLMD HO QXHYR FDU FWHU 3DVH D OD SRVLFLÊQ GHO FDU FWHU VLJXLHQWH &RQWLQÔH KDVWD KDEHU HIHFWXDGR HO %ORTXHR GH XQD SRVLFLÊQ GH SURJUDPD SDUD HYLWDU HO DFFHVR D OD PLVPD &+ ;<= 0HPRUL]DU (OLMD OD SRVLFLÊQ GHO SURJUDPD 9ROYHU 9D
0(1Õ '( 6,1721ô$ (',&,Ë1 '( 352*5$0$ 3DUD FRSLDU OD LQIRUPDFLÊQ GH ORV SURJUDPDV HQ XQ DSDUDWR GH YõGHR '9' 5 FRPSDWLEOH FRQHFWDGR D $9 Ê $9 9D\D D OD FROXPQD GH 3URJUDPDV 3URJ 3XOVH OD WHFOD $]XO HQ HO PDQGR D GLVWDQFLD /RV GDWRV GH ORV SURJUDPDV VHU Q HQYLDGRV D FRQWLQXDFLÊQ DO DSDUDWR GH YõGHR '9' 5 (VWR SXHGH H[LJLU DOJXQRV VHJXQGRV GHSHQGLHQGR GHO QÔPHUR GH HPLVRUDV TXH HVW Q PHPRUL]DGDV 1RWDV 6L HQ OD SDQWDOOD DSDUHFH HO PHQVDMH k(UURUl - &RPSUXHEH HO HVWDGR 4 /LQN $9 Ê $9 -
0(1Õ '( 6,1721ô$ &21),*85$&,Ë1 $8720 7,&$ $73 (O PHQÔ GH FRQILJXUDFLÊQ $XWRP WLFD OH SHUPLWLU YROYHU D VLQWRQL]DU DXWRP WLFDPHQWH HO WHOHYLVRU D ODV HPLVRUDV ORFDOHV (VWR UHVXOWD GH XWLOLGDG VL XVWHG VH WUDVODGD D XQD UHJLÊQ GLIHUHQWH $WHQFLyQ 5HLQLFLDQGR $73 VH ERUUDQ ORV SURJUDPDV PHPRUL]DGRV VLQWRQL]iQGRVH ODV HPLVLRQHV GLVSRQLEOHV HQ HVH PRPHQWR 0(18 ,QLFLH HO PHQÔ GH 3ULQFLSDO 9D\D DO PHQÔ GH &RQILJXUDFLÊQ 2.
0(1Õ '( 6,1721ô$ 6,1721ô$ 0$18$/ /D VLQWRQõD PDQXDO GH ODV SRVLFLRQHV GH ORV 3URJUDPDV HVW GLVSRQLEOH ELHQ VHD GHVGH HO PHQÔ GH ODV ,QGLFDFLRQHV (Q 3DQWDOOD R GHVGH ORV FRQWUROHV GHO FXDGUR IURQWDO 0HQÔ GH 6LQWRQLD PDQXDO 0(18 ,QLFLH HO PHQÔ GH 3ULQFLSDO 0HPRUL]DU 9D\D DO PHQÔ GH &RQILJXUDFLÊQ 9ROYHU $FFHGD DO PHQÔ GH 2.
0(1Õ '( 6,1721ô$ 6,1721ô$ 0$18$/ 6LQWRQõD PDQXDO &XDGUR IURQWDO 3XOVH OD WHFOD ) ) &XDGUR IURQWDO KDVWD OOHJDU D k0RGR GH VLQWRQõDl 3XOVH OD WHFOD R OD SDUD DFFHGHU Y DO PRGR GH 6LQWRQõD 3XOVH OD WHFOD 79 $9 SDUD PRYHUVH HQWUH k&DPELR 3URJUDPDl 79 $9 k(PSH]DU OD EÔVTXHGDl R k&DPELDU VLVWHPD 79l 3XOVH OD WHFOD R OD SDUD FDPELDU OD SRVLFLÊQ GHO SURJUDPD LQLFLDU OD Y EÔVTXHGD R PRGLILFDU HO VLVWHPD GH 79 8QD YH] TXH VH KD HQFRQWUDGR OD 675 HPLVRUD TXH VH GHVHD SXOVH 675 0R
,',20$ '( 26' &XDQGR VH LQVWDOÊ HO WHOHYLVRU SRU SULPHUD YH] HO LGLRPD GH ODV ,QGLFDFLRQHV HQ 3DQWDOOD IXH HVWDEOHFLGR GH DFXHUGR FRQ OD HOHFFLÊQ GH SDõV HIHFWXDGD SRU XVWHG 6L GHVHD XWLOL]DU XQ LGLRPD GLIHUHQWH HO PLVPR SXHGH VHU VHOHFFLRQDGR D SDUWLU GHO PHQÔ GHO LGLRPD GH ODV ,QGLFDFLRQHV (Q 3DQWDOOD 26' ,QLFLH HO PHQÔ GH 3ULQFLSDO 0(18 9D\D DO PHQÔ GH &RQILJXUDFLÊQ 9ROYHU 6HOHFFLRQDU 2.
4 /,1. 4 /LQN SHUPLWH TXH HO WHOHYLVRU VH FRPXQLTXH FRQ HO JUDEDGRU UHSURGXFWRU GH YõGHR '9' 5 ,QLFLH HO PHQÔ GH 3ULQFLSDO 0(18 9D\D DO PHQÔ GH &RQILJXUDFLÊQ 9ROYHU &DPELDU 6DOLU &RQILJXUDFLyQ $FFHGD DO PHQÔ 6DOLGD $9 6DOLGD $9 0RGR 7H[WR 7HPSRUL]DGRU )OLFNHU 5 4 /LQN =RQD 7HOHWH[WR 6LQWRQL]DU ,GLRPD GH 26' *HRPDJQpWLFD GH &RQILJXUDFLÊQ 9D\D D 4 /LQN &RQILUPH TXH HO (QODFH 4 HVW 6HOHFFLRQDU 2.
4 /,1.
)81&,21$0,(172 &21 9&5 '9' 5 (O 0DQGR D 'LVWDQFLD SXHGH KDFHU IXQFLRQDU DOJXQDV GH ODV IXQFLRQHV GH HTXLSRV VHOHFFLRQDGRV GH 9&5 *UDEDFLÊQ \ 5HSURGXFFLÊQ GH &LQWDV GH 9õGHR \ GH '9' 'LVFR 9HUV WLO 'LJLWDO GH 3DQDVRQLF $OJXQRV HTXLSRV GH 9&5 \ GH '9' WLHQHQ IXQFLRQHV GLIHUHQWHV SRU OR TXH DO REMHWR GH DVHJXUDUVH GH VX FRPSDWLELOLGDG VõUYDQVH FRQVXOWDU HO PDQXDO GH LQVWUXFFLRQHV GH VX HTXLSR R ELHQ D VX SURYHHGRU SRU OR TXH UHVSHFWD D ORV GHWDOOHV (Q (VSHUD 3XOVH SDUD SDVDU HO 9&5 '9' DO PRGR GH (Q
)81&,21$0,(172 '(/ 7(/(7(;72 - /DV FDUDFWHUõVWLFDV GHO 7HOHWH[WR SXHGHQ YDULDU GHSHQGLHQGR GH OD &RPSDÆõD (PLVRUD \ VÊOR HVW GLVSRQLEOH VL HO FDQDO VHOHFFLRQDGR HVW WUDQVPLWLHQGR 7HOHWH[WR $O SXOVDU GRV YHFHV OD WHFOD GH 0(18 PLHQWUDV IXQFLRQD HO 7HOHWH[WR DSDUHFHU FRQWUDVWH FRQ XQD EDUUD GH FRORU FLDQ 3XOVH OD IXQFLÊQ GHO * SDUD PRGLILFDU HO DMXVWH VHJÔQ VHD QHFHVDULR $O SXOVDU XQD YH] OD WHFOD GH 0(18 PLHQWUDV IXQFLRQD HO 7HOHWH[WR DSDUHFHU Q ODV RSFLRQHV GH ODV - IXQFLRQHV HVSHFLDOHV HQ OD
)81&,21$0,(172 '(/ 7(/(7(;72 1R HV SRVLEOH FDPELDU OD SRVLFLÊQ GHO SURJUDPD FXDQGR VH HVW HQ $YDQFHV GH 1RWLFLDV HQ $FWXDOL]DFLÊQ R HQ OD RSHUDFLÊQ GH $FFHVR D 3 JLQDV 6XE FRGLILFDGDV 3 JLQD )DYRULWD ) 3 $OPDFHQD HQ PHPRULD XQD S JLQD IDYRULWD SDUD VX UHFXSHUDFLÊQ LQVWDQW QHD 3DUD ) 3 DOPDFHQDU HVWD S JLQD OD 79 GHEH HVWDU HQ PRGR /,67 \ OD SRVLFLÊQ GHO $]XO VHOHFFLRQH HO QÔPHUR GH 2.
&21(;,21(6 '( $8',2 9ô'(2 6HOHFFLÊQ \ FRQILJXUDFLÊQ GH $9 (V SRVLEOH FRQHFWDU XQD JUDQ YDULHGDG GH HTXLSRV HOHFWUÊQLFRV D HVWH WHOHYLVRU /DV S JLQDV VLJXLHQWHV RIUHFHQ GHWDOOHV VREUH FÊPR FRQHFWDU HTXLSRV H[WHUQRV WDQWR SRU GHODQWH FRPR SRU GHWU V GHO WHOHYLVRU 8QD YH] KD\D FRQHFWDGR HO HTXLSR XWLOLFH HO VLJXLHQWH SURFHGLPLHQWR SDUD SRGHU YLVXDOL]DU VX VHÆDO GH HQWUDGD 3XOVH HO ERWÊQ GH PHQÔ 79 $9 79 $9 3XOVH OD WHFOD TXH FRUUHVSRQGD HQ HO VHOHFWRU GH SDQWDOOD SDUD VHOHFFLRQDU OD IXHQWH $9 TXH GH
&21(;,21(6 '( $8',2 9ô'(2 7RPDV WUDVHUDV 6,67(0$ '( $/7$ ),'(/,'$' &DEOHV GH $XGLR 5&$ %DVHV GH &RQH[LÊQ GH 6$/,'$ '( $8',2 / 5 (QWUDGD 6DOLGD GH OD (QWUDGD 6DOLGD GH OD &DEOH 6&$57 %DVH GH &RQH[LÊQ 6FDUW (48,32 '( 9ô'(2 $9 &DEOH 6&$57 6FDUW $9 'DWRV GHO 4 /LQN 'DWRV GHO 4 /LQN &203$7,%/( &21 4 /,1. %DVH GH &RQH[LÊQ (48,32 '( 9ô'(2 9,'(2*5$%$'25$ 6 9ô'(2 9,'(2*5$%$'25$ &$-$ 683(5,25 '(/ &203$7,%/( &21 4 /,1.
&21(;,21(6 '( $8',2 9ô'(2 ,QIRUPDFLÊQ DFHUFD GH ORV &RQHFWRUHV 6&$57 &RQHFWRU 6&$57 $9 GH SDWLOODV %DVH GH 7RPD GH 0DVD 6DOLGD &9%6 YõGHR 7RPD GH PDVD &9%6 (QWUDGD GHO URMR 7RPD GH PDVD GHO URMR (QWUDGD GHO YHUGH 7RPD GH PDVD GHO YHUGH (QWUDGD GHO D]XO 7RPD GH PDVD GHO $]XO 6DOLGD GH $XGLR L]T 6DOLGD GH $XGLR GHU /DV HQWUDGDV DGHFXDGDV SDUD (QWUDGD &9%6 YõGHR 7RPD GH PDVD (VWDGR 5*% (VWDGR 5*% 7RPD GH PDVD 'DW
/2&$/,=$&,Ë1 '( $9(5ô$6 ,PDJHQ 6õQWRPDV &RPSUREDFLRQHV 6RQLGR 6LWXDFLÊQ GLUHFFLÊQ R FRQH[LÊQ GH OD DQWHQD ,PDJHQ FRQ 1LHYH 6RQLGR $QRUPDO 6LWXDFLÊQ GLUHFFLÊQ R FRQH[LÊQ GH OD DQWHQD ,P JHQHV 0ÔOWLSOHV 6RQLGR 1RUPDO $SDUDWRV HO FWULFRV &RFKHV 0RWRFLFOHWDV 7XERV IOXRUHVFHQWHV &RQHFWDU 3 15 HQ HO PHQÔ GH ,PDJHQ SDUD ,QWHUIHUHQFLD 6RQLGR $QRUPDO UHGXFLU HO UXLGR GH OD LPDJHQ 1LYHO GHO YROXPHQ D FHUR (VW ,PDJHQ 1RUPDO DFWLYDGR HO VLOHQFLDGRU GHO VRQLGR 1R +D\ 6RQLGR (O WHOHYLVRU HVW HQ HO
,1)250$&,Ë1 *(1(5$/ 5HSDUDFLRQHV $QWHV GH VROLFLWDU XQD UHSDUDFLÊQ VõUYDVH FRQVXOWDU OD JXõD SDUD OD ORFDOL]DFLÊQ GH DYHUõDV GH OD S JLQD DQWHULRU SDUD GHWHUPLQDU ORV VõQWRPDV 3DUD REWHQHU XQD UHSDUDFLÊQ VõUYDVH SRQHUVH HQ FRQWDFWR FRQ VX GLVWULEXLGRU ORFDO GH 3DQDVRQLF LQGLFDQGR HO QÔPHUR GHO PRGHOR \ HO QÔPHUR GH VHULH DPERV SXHGHQ HQFRQWUDUVH HQ OD SDUWH SRVWHULRU GHO WHOHYLVRU (63(&,),&$&,21(6 7; 36 ) $OLPHQWDFLÊQ (O FWULFD &RQVXPR GH (QHUJõD &RQVXPR (Q (VSHUD 7XER GH ,PDJHQ &RUULHQWH $OWHU
'(&/$5$&,Ë1 '( &21)250,'$' 3DQDVRQLF $9& 1HWZRUNV &]HFK V U R FRQ GRPLFLOLR HQ 8 3DQDVRQLNX 3LOVHQ 5HSÔEOLFD &KHFD '(&/$5$ EDMR VX H[FOXVLYD UHVSRQVDELOLGDG TXH HO HTXLSR 7HOHYLVRU &RORU IDEULFDGR SRU 3DQDVRQLF $9& 1HWZRUNV &]HFK V U R HQ 5HSÔEOLFD &KHFD PDUFD 3DQDVRQLF PRGHOR 7; 36 ) 7; 36 ) FXPSOH ODV GLVSRVLFLRQHV HVWDEOHFLGDV HQ (O 5HDO 'HFUHWR GH GH PDU]R WUDQVSRVLFLÊQ GH OD 'LUHFWLYD &(( VREUH FRPSDWLELOLGDG HOHFWURPDJQ WLFD (
&6