Manual en Pdf - E

3
;
ZZZSKLOLSVFRPZHOFRPH
(6
0DQXDOGHXVXDULR
$WHQFLyQDOFOLHQWH\JDUDQWtD
5HVROXFLyQGHSUREOHPDV\
SUHJXQWDVPiVIUHFXHQWHV
ÌQGLFH
,PSRUWDQWH
3UHFDXFLRQHVGHVHJXULGDG\
PDQWHQLPLHQWR
'HVFULSFLyQGHORVVtPERORV
(OLPLQDFLyQGHOSURGXFWR\HO
PDWHULDOGHHPEDODMH
&RQÀJXUDFLyQGHOPRQLWRU
,QVWDODFLyQ
8VRGHOPRQLWRU
0XOWL9LHZ
4XLWDUHQVDPEODGRGHODEDVH
SDUDLQVWDODFLyQ9(6$
2SWLPL]DFLyQGHODLPDJHQ
6PDUW,PDJH
6PDUW&RQWUDVW
3KLOLSV6PDUW&RQWURO3UHPLXP
*XtDGH6PDUW'HVNWRS
(VSHFLÀFDFLRQHVWpFQLFDV
5HVROXFLyQ\PRGRV
SUHGHWHUPLQDGRV
&U\VWDOFOHDU
$GPLQLVWUDFLyQHQHUJtD
,QIRUPDFLyQDGPLQLVWUDWLYD
$WHQFLyQDOFOLHQWH\JDUDQWtD
3ROtWLFDGH3KLOLSVVREUHGHIHFWRV
DVRFLDGRVDSt[HOHVHQPRQLWRUHV
GHSDQHOSODQR
$WHQFLyQDOFOLHQWH\JDUDQWtD
5HVROXFLyQGHSUREOHPDV\
SUHJXQWDVPiVIUHFXHQWHV
5HVROXFLyQGHSUREOHPDV
3UHJXQWDVPiVIUHFXHQWHVDFHUFD
GH6PDUW&RQWURO3UHPLXP
3UHJXQWDVPiVIUHFXHQWHV
GHFDUiFWHUJHQHUDO
3UHJXQWDPiVIUHFXHQWHVUHODFLRQDGDV
FRQODFRQH[LyQHQFDGHQD
3UHJXQWDPiVIUHFXHQWHUHODFLRQDGDV
FRQODIXQFLyQ0XOWLYLHZ
,PSRUWDQWH
HVSHUHVHJXQGRVDQWHVGHFRQHFWDU
HOFDEOHFRUUHVSRQGLHQWHSDUDYROYHUD
XWLOL]DUOR
‡ 8WLOLFHVLHPSUHHOFDEOHGHDOLPHQWDFLyQ
KRPRORJDGRIDFLOLWDGRSRU3KLOLSV6LQR
GLVSRQHGHpOSyQJDVHHQFRQWDFWRFRQVX
FHQWURGHDVLVWHQFLDORFDO&RQVXOWHFRQHO
&HQWURGHLQIRUPDFLyQDOFRQVXPLGRUGHO
6HUYLFLRGHDWHQFLyQDOFOLHQWH
‡ 1RVRPHWDHOPRQLWRUDYLEUDFLRQHV
LQWHQVDVQLLPSDFWRVIXHUWHVGXUDQWHVX
IXQFLRQDPLHQWR
‡ (YLWHTXHHOPRQLWRUVXIUDJROSHVRFDtGDV
GXUDQWHVXIXQFLRQDPLHQWRRWUDQVSRUWH
,PSRUWDQWH
(VWDJXtDHOHFWUyQLFDGHOXVXDULRHVWiGHVWLQDGD
DFXDOTXLHUSHUVRQDTXHXWLOLFHHOPRQLWRU
3KLOLSV7yPHVHVXWLHPSR\OHDHVWHPDQXDOGH
XVXDULRDQWHVGHXWLOL]DUHOPRQLWRU&RQWLHQH
LQIRUPDFLyQ\QRWDVLPSRUWDQWHVUHODFLRQDGDV
FRQHOXVRGHOPRQLWRU
/DJDUDQWtDGH3KLOLSVVHFRQVLGHUDUiYiOLGD
VLHPSUH\FXDQGRHOSURGXFWRVHPDQLSXOH
GHELGDPHQWH\FRQIRUPHDOXVRSUHYLVWRVH
UHVSHWHQVXVLQVWUXFFLRQHVGHIXQFLRQDPLHQWR\
VHSUHVHQWHODIDFWXUDRULJLQDORHOWLFNHWGHFDMD
HQORVTXHGHEHUiQÀJXUDUODIHFKDGHFRPSUD
HOQRPEUHGHOHVWDEOHFLPLHQWRHOPRGHORGHO
HTXLSR\VXQ~PHURGHVHULH
0DQWHQLPLHQWR
‡ &RQREMHWRGHSURWHJHUHOPRQLWRUGH
SRVLEOHVGDxRVQRHMHU]DH[FHVLYDIXHU]D
VREUHHOSDQHO&XDQGRWUDVODGHHOPRQLWRU
VRVWpQJDORSRUODFDUFDVDSDUDOHYDQWDUOR
QRFRORTXHODVPDQRVRORVGHGRVVREUH
HOSDQHO
‡ 'HVFRQHFWHHOPRQLWRUVLQRWLHQH
LQWHQFLyQGHXVDUORGXUDQWHXQSHULRGR
SURORQJDGRGHWLHPSR
‡ 'HVFRQHFWHHOPRQLWRUVLQHFHVLWDOLPSLDUOR
XVHXQSDxROLJHUDPHQWHKXPHGHFLGRSDUD
OOHYDUDFDERODOLPSLH]D3XHGHOLPSLDU
ODSDQWDOODHPSOHDQGRXQSDxRVHFRFRQ
HOPRQLWRUDSDJDGR1RXWLOLFHQXQFD
GLVROYHQWHVRUJiQLFRVFRPRDOFRKROQL
OtTXLGRVTXHFRQWHQJDQDPRQLDFRSDUD
OLPSLDUHOPRQLWRU
‡ $ILQGHHYLWDUULHVJRVGHGHVFDUJDHOpFWULFD
RGDxRVLUUHSDUDEOHVHQHOPRQLWRUQROR
H[SRQJDDOSROYRODOOXYLDHODJXDRORV
DPELHQWHVH[FHVLYDPHQWHK~PHGRV
‡ 6LHOPRQLWRUVHPRMDVpTXHORFRQXQSDxR
ORDQWHVSRVLEOH
‡ 6LSHQHWUDDJXDRDOJXQDRWUDVXVWDQFLD
OtTXLGDHQHOLQWHULRUGHOPRQLWRUDSiJXHOR
GHLQPHGLDWR\GHVFRQHFWHHOFDEOHGH
DOLPHQWDFLyQ/LPSLHHODJXDRODVXVWDQFLD\
HQYtHHOPRQLWRUDXQFHQWURGHDVLVWHQFLD
WpFQLFD
‡ 1RDOPDFHQHQLXWLOLFHHOPRQLWRUHQ
OXJDUHVVRPHWLGRVDQLYHOHVH[FHVLYRVGH
FDORUIUtRROX]VRODUGLUHFWD
3UHFDXFLRQHVGHVHJXULGDG\
PDQWHQLPLHQWR
$GYHUWHQFLDV
(OXVRGHFRQWUROHVDMXVWHVRSURFHGLPLHQWRV
GLVWLQWRVDORVGHVFULWRVHQHVWDGRFXPHQWDFLyQ
SXHGHGDUOXJDUDULHVJRVGHGHVFDUJDHOpFWULFD
\RWURVSHOLJURVGHFDUiFWHUHOpFWULFR\R
PHFiQLFR
/HD\VLJDHVWDVLQVWUXFFLRQHVDOFRQHFWDU\XVDU
HOPRQLWRULQIRUPiWLFR
8VR
‡ 0DQWHQJDHOPRQLWRUDOHMDGRGHODOX]
VRODUGLUHFWDGHOXFHVEULOODQWHVPX\
LQWHQVDV\GHFXDOTXLHURWUDIXHQWHGH
FDORU/DH[SRVLFLyQSURORQJDGDDHVWHWLSR
GHHQWRUQRSXHGHGHFRORUDU\GDxDUHO
PRQLWRU
‡ $OHMHORVREMHWRVTXHSXGLHUDQSHQHWUDU
DWUDYpVGHORVRULILFLRVGHYHQWLODFLyQR
LPSHGLUODFRUUHFWDUHIULJHUDFLyQGHORV
FRPSRQHQWHVHOHFWUyQLFRVGHOPRQLWRU
‡ 1RREVWUX\DORVRULILFLRVGHYHQWLODFLyQGH
ODFDUFDVD
‡ &XDQGRLQVWDOHHOPRQLWRUDVHJ~UHVHGH
TXHHOFRQHFWRU\ODWRPDGHVXPLQLVWUR
HOpFWULFRVHDQIiFLOPHQWHDFFHVLEOHV
‡ 6LDSDJDHOPRQLWRU\GHVFRQHFWDHOFDEOH
GHDOLPHQWDFLyQRHOGHODGDSWDGRU'&
,PSRUWDQWH
‡ 6LGHVHDGLVIUXWDUVLQOLPLWDFLRQHVGHODV
SUHVWDFLRQHVGHOPRQLWRU\SURORQJDUVX
YLGD~WLOWDQWRFRPRVHDSRVLEOHXWLOtFHORHQ
XQHQWRUQRTXHVHDMXVWHDORVVLJXLHQWHV
PiUJHQHVGHWHPSHUDWXUD\KXPHGDG
‡ 7HPSHUDWXUDƒ&ƒ)
‡ +XPHGDG+5
‡ 6LGHVHDREWHQHULQIRUPDFLyQUHODFLRQDGD
FRQHOWUDQVSRUWHFRQVXOWHODVHFFLyQ
´(VSHFLILFDFLRQHVWpFQLFDVµ
‡ 1RGHMHHOPRQLWRUHQXQYHKtFXOR
H[SXHVWRDODOX]VRODUGLUHFWD
1RWD
3yQJDVHHQFRQWDFWRFRQXQWpFQLFRGHO
VHUYLFLRGHDVLVWHQFLDVLHOPRQLWRUQRIXQFLRQD
FRQQRUPDOLGDGRQRHVWiVHJXURGHTXp
PHGLGDVWRPDUGHVSXpVGHKDEHUVHJXLGRODV
LQVWUXFFLRQHVGHXVRTXHÀJXUDQHQHVWHPDQXDO
,QIRUPDFLyQLPSRUWDQWHVREUHODVLPiJHQHV
TXHPDGDVIDQWDVPDV
‡ $FWLYHVLHPSUHXQVDOYDSDQWDOODVPyYLOVL
GHMDHOPRQLWRUVLQDWHQFLyQ$FWLYHVLHPSUH
XQDDSOLFDFLyQTXHDFWXDOLFHODSDQWDOOD
SHULyGLFDPHQWHVLHOPRQLWRUVHGHVWLQDD
ODSUHVHQWDFLyQSHUPDQHQWHGHFRQWHQLGR
HVWiWLFR/DYLVXDOL]DFLyQLQLQWHUUXPSLGD
GHLPiJHQHVILMDVRHVWiWLFDVGXUDQWHXQ
SHUtRGRSURORQJDGRGHWLHPSRSXHGH
SURYRFDUTXHODLPDJHQVH´TXHPHµ
SURYRFDQGRDVtODDSDULFLyQGHXQD´LPDJHQ
UHVLGXDOµR´LPDJHQIDQWDVPDµHQODSDQWDOOD
‡ /DDSDULFLyQGHLPiJHQHV´TXHPDGDVµ
´UHVLGXDOHVµR´IDQWDVPDµHVXQIHQyPHQR
FRQRFLGRHQHOHQWRUQRTXHURGHDDODV
WHFQRORJtDVGHIDEULFDFLyQGHSDQHOHV
/&'(QODPD\RUtDGHORVFDVRVODLPDJHQ
´TXHPDGDµ´UHVLGXDOµR´IDQWDVPDµ
GHVDSDUHFHJUDGXDOPHQWHDOFDERGHXQ
WLHPSRWUDVDSDJDUHOHTXLSR
'HVFULSFLyQGHORVVtPERORV
/DVVLJXLHQWHVVXEVHFFLRQHVGHVFULEHQODV
FRQYHQFLRQHVDSOLFDGDVDHVWHGRFXPHQWRHQ
PDWHULDGHVtPERORV
1RWDVSUHFDXFLRQHV\DGYHUWHQFLDV
(VSRVLEOHTXHDOJXQRVGHORVSiUUDIRVGHHVWD
JXtDDSDUH]FDQDFRPSDxDGRVGHXQLFRQRH
LPSUHVRVHQQHJULWDRFXUVLYD'LFKRVSiUUDIRV
FRQWLHQHQQRWDVSUHFDXFLRQHV\DGYHUWHQFLDV
6XVVLJQLÀFDGRVVHH[SOLFDQDFRQWLQXDFLyQ
1RWD
(VWHLFRQRVHHPSOHDSDUDGHVWDFDULQIRUPDFLyQ
LPSRUWDQWH\VXJHUHQFLDVTXHSXHGHQD\XGDUOH
DXWLOL]DUPHMRUVXVLVWHPDLQIRUPiWLFR
$GYHUWHQFLD
6LQRVHDFWLYDXQSURWHFWRUGHSDQWDOODRXQD
DSOLFDFLyQGHDFWXDOL]DFLyQSHULyGLFDGHSDQWDOOD
HVSRVLEOHTXHH[LVWDQJUDYHVVtQWRPDVGH
LPiJHQHV´TXHPDGDVµ´UHVLGXDOHVµR´IDQWDVPDVµ
TXHQRGHVDSDUHFHUiQ\QRVHUiSRVLEOHUHVROYHU
/DJDUDQWtDQRFXEUHORVSUREOHPDVGHVFULWRV
DQWHULRUPHQWH
3UHFDXFLyQ
(VWHLFRQRVHHPSOHDSDUDGHVWDFDULQIRUPDFLyQ
TXHSHUPLWHHYLWDUSRVLEOHVGDxRVDOKDUGZDUH
RSpUGLGDVGHGDWRV
$GYHUWHQFLD
(VWHLFRQRVHHPSOHDSDUDGHVWDFDULQIRUPDFLyQ
DFHUFDGHODSRVLELOLGDGGHTXHVHSURGX]FDQ
OHVLRQHVSHUVRQDOHV\FyPRHYLWDUODV
$OJXQDVDGYHUWHQFLDVSXHGHQDSDUHFHUHQ
IRUPDWRVGLIHUHQWHVRQRFRQWDUFRQOD
FRPSDxtDGHXQLFRQR(QWDOHVFDVRVOD
SUHVHQWDFLyQHVSHFtÀFDGHODDGYHUWHQFLD
VHJXLUiODVSDXWDVHVWDEOHFLGDVSRUODDXWRULGDG
DGPLQLVWUDWLYDFRUUHVSRQGLHQWH
$VLVWHQFLDWpFQLFD
‡ /DFXELHUWDGHODFDUFDVDVyORGHEHVHU
DELHUWDSRUSHUVRQDOWpFQLFRFXDOLILFDGR
‡ 6LQHFHVLWDFXDOTXLHUGRFXPHQWRSRU
PRWLYRVGHUHSDUDFLyQRLQWHJUDFLyQ
SyQJDVHHQFRQWDFWRFRQHOFHQWUR
GHDWHQFLyQDOFOLHQWHORFDO&RQVXOWH
HOFDStWXOR´&HQWURGHLQIRUPDFLyQDO
FRQVXPLGRUµ
,PSRUWDQWH
7DNLQJEDFN5HF\FOLQJ,QIRUPDWLRQIRU
&XVWRPHUV
(OLPLQDFLyQGHOSURGXFWR\HO
PDWHULDOGHHPEDODMH
3KLOLSVHVWDEOLVKHVWHFKQLFDOO\DQGHFRQRPLFDOO\
YLDEOHREMHFWLYHVWRRSWLPL]HWKHHQYLURQPHQWDO
SHUIRUPDQFHRIWKHRUJDQL]DWLRQ
VSURGXFW
VHUYLFHDQGDFWLYLWLHV
5HVLGXRVGHDSDUDWRVHOpFWULFRV\HOHFWUyQLFRV
:(((
)URPWKHSODQQLQJGHVLJQDQGSURGXFWLRQ
VWDJHV3KLOLSVHPSKDVL]HVWKHLPSRUWDQWRI
PDNLQJSURGXFWVWKDWFDQHDVLO\EHUHF\FOHG$W
3KLOLSVHQGRIOLIHPDQDJHPHQWSULPDULO\HQWDLOV
SDUWLFLSDWLRQLQQDWLRQDOWDNHEDFNLQLWLDWLYHV
DQGUHF\FOLQJSURJUDPVZKHQHYHUSRVVLEOH
SUHIHUDEO\LQFRRSHUDWLRQZLWKFRPSHWLWRUV
ZKLFKUHF\FOHDOOPDWHULDOVSURGXFWVDQGUHODWHG
SDFNDJLQJPDWHULDOLQDFFRUGDQFHZLWKDOO
(QYLURQPHQWDO/DZVDQGWDNLQJEDFNSURJUDP
ZLWKWKHFRQWUDFWRUFRPSDQ\
7KLVPDUNLQJRQWKHSURGXFWRURQLWV
SDFNDJLQJLOOXVWUDWHVWKDWXQGHU(XURSHDQ
'LUHFWLYH(&JRYHUQLQJXVHGHOHFWULFDO
DQGHOHFWURQLFDSSOLDQFHVWKLVSURGXFWPD\
QRWEHGLVSRVHGRIZLWKQRUPDOKRXVHKROG
ZDVWH<RXDUHUHVSRQVLEOHIRUGLVSRVDORI
WKLVHTXLSPHQWWKURXJKDGHVLJQDWHGZDVWH
HOHFWULFDODQGHOHFWURQLFHTXLSPHQWFROOHFWLRQ
7RGHWHUPLQHWKHORFDWLRQVIRUGURSSLQJRII
VXFKZDVWHHOHFWULFDODQGHOHFWURQLFFRQWDFW
\RXUORFDOJRYHUQPHQWRIÀFHWKHZDVWHGLVSRVDO
RUJDQL]DWLRQWKDWVHUYHV\RXUKRXVHKROGRUWKH
VWRUHDWZKLFK\RXSXUFKDVHGWKHSURGXFW
<RXUGLVSOD\LVPDQXIDFWXUHGZLWKKLJKTXDOLW\
PDWHULDOVDQGFRPSRQHQWVZKLFKFDQEH
UHF\FOHGDQGUHXVHG
7ROHDUQPRUHDERXWRXUUHF\FOLQJ
SURJUDPSOHDVHYLVLWKWWSZZZSKLOLSV
FRPVLWHVSKLOLSVJOREDODERXWVXVWDLQDELOLW\
RXUHQYLURQPHQWSURGXFWUHF\FOLQJVHUYLFHVSDJH
<RXUQHZPRQLWRUFRQWDLQVPDWHULDOVWKDWFDQ
EHUHF\FOHGDQGUHXVHG6SHFLDOL]HGFRPSDQLHV
FDQUHF\FOH\RXUSURGXFWWRLQFUHDVHWKH
DPRXQWRIUHXVDEOHPDWHULDOVDQGWRPLQLPL]H
WKHDPRXQWWREHGLVSRVHGRI
$OOUHGXQGDQWSDFNLQJPDWHULDOKDVEHHQ
RPLWWHG:HKDYHGRQHRXUXWPRVWWRPDNHWKH
SDFNDJLQJHDVLO\VHSDUDEOHLQWRPRQRPDWHULDOV
3OHDVHÀQGRXWDERXWWKHORFDOUHJXODWLRQVRQ
KRZWRGLVSRVHRI\RXUROGPRQLWRUDQGSDFNLQJ
IURP\RXUVDOHVUHSUHVHQWDWLYH
&RQÀJXUDFLyQGHOPRQLWRU
,QVWDODFLyQGHOVRSRUWHGHODEDVH
&RQILJXUDFLyQGHO
PRQLWRU
3
&RORTXHHOPRQLWRUERFDEDMRVREUHXQD
VXSHUÀFLHVXDYH([WUHPHODSUHFDXFLyQ
SDUDHYLWDUDUDxDURGDxDUODSDQWDOOD
,QVWDODFLyQ
&RQWHQLGRGHOSDTXHWH
3
6XMHWHHOSHGHVWDOFRQODVGRVPDQRV
$FRSOHFRQFXLGDGRHOSHGHVWDODOiUHD
GHOVRSRUWH9(6$KDVWDTXHHOFLHUUH
EORTXHHGLFKDEDVH
3
$FRSOHFRQFXLGDGRODEDVHDOSHGHVWDO
8WLOLFHORVGHGRVSDUDDSUHWDUHOWRUQLOOR
VLWXDGRHQODSDUWHLQIHULRUGHODEDVH\
ÀMHHVWDDOSHGHVWDOGHIRUPDVHJXUD
3RZHUFDEOH
&DEOHGHDOLPHQWDFLyQ
$XGLRFDEOH
&DEOHGHDXGLR
'3FDEOH2SWLRQDO
&DEOH'3RSFLRQDO
'XDOOLQN'9,FDEOH
&DEOH'9,GHHQODFHGXDO
;
;
3RZHUFDEOH
&DEOHGHDOLPHQWDFLyQ
$XGLRFDEOH
&DEOHGHDXGLR
+'0,FDEOH2SWLRQDO
&DEOH+'0,RSFLRQDO
'XDOOLQN'9,FDEOH
&DEOH'9,GHHQODFHGXDO
&RQÀJXUDFLyQGHOPRQLWRU
;
&RQHFWDUVX3&
&RORTXHHOPRQLWRUERFDEDMRVREUHXQD
VXSHUÀFLHVXDYH([WUHPHODSUHFDXFLyQ
SDUDHYLWDUDUDxDURGDxDUODSDQWDOOD
3
6XMHWHODEDVHFRQDPEDVPDQRV
$FRSOHFRQFXLGDGRODEDVHDOSHGHVWDO
8WLOLFHORVGHGRVSDUDDSUHWDUHOWRUQLOOR
VLWXDGRHQODSDUWHLQIHULRUGHODEDVH\
ÀMHHVWDDOSHGHVWDOGHIRUPDVHJXUD
,QWHUUXSWRUGHDOLPHQWDFLyQGH&$
(QWUDGDGHDOLPHQWDFLyQGH&$
(QWUDGD'LVSOD\3RUW
(QWUDGD'9,
(QWUDGDV+'0,\+'0,
6DOLGD'LVSOD\3RUW
(QWUDGDGHDXGLR
%ORTXHRDQWLUURER.HQVLQJWRQ
7RPDGHDXULFXODUHV
&DUJDGRUiSLGR86%
86%GHVFHQGHQWH
$VFHQGHQWH86%
&RQÀJXUDFLyQGHOPRQLWRU
;
1RWD
‡ 'HSHQGLHQGRGHODVIXQFLRQDOLGDGHVGH
ODWDUMHWDJUiILFDGHEHUtDSRGHUFRQHFWDU
HQFDGHQDYDULDVSDQWDOODVFRQGLIHUHQWHV
FRQILJXUDFLRQHV/DVFRQILJXUDFLRQHVGHOD
SDQWDOODGHSHQGHUiQGHODVIXQFLRQDOLGDGHV
GHODWDUMHWDJUiILFD&RQVXOWHDOSURYHHGRU
GHODWDUMHWDJUiILFD\DFWXDOLFHVLHPSUH
HOFRQWURODGRUGHODPLVPD3DUDOOHYDUD
FDERODIXQFLyQGHFRQH[LyQHQFDGHQD
UHFRPHQGDPRVODWDUMHWDJUiILFD$0'
+'RVXSHULRURVXHTXLYDOHQWHHQ
RWUDPDUFD
,QWHUUXSWRUGHDOLPHQWDFLyQGH&$
(QWUDGDGHDOLPHQWDFLyQGH&$
(QWUDGD'LVSOD\3RUW
(QWUDGD'9,
(QWUDGDV+'0,\+'0,
6DOLGD'LVSOD\3RUW
(QWUDGDGHDXGLR
%ORTXHRDQWLUURER.HQVLQJWRQ
‡ 3DUDPHMRUDUODWUDQVPLVLyQGHGDWRVHQ
XQDFRQH[LyQHQFDGHQDVHGHEHXWLOL]DUXQ
FDEOH'LVSOD\3RUW
‡ 3DUDKDELOLWDUODIXQFLyQGHFRQH[LyQHQ
FDGHQDQHFHVLWDHVWDEOHFHUODRSFLyQ
´'LVSOD\3RUW'DLV\FKDLQµHQHOPRGR´2Qµ
$FWLYDGRHQHOPHQ~26''HIRUPD
SUHGHWHUPLQDGDHOPRQLWRUVHHVWDEOHFHHQ
HOPRGR´2IIµ'HVDFWLYDGR
&RORU
7RPDGHDXULFXODUHV
/DQJXDJH
)XQFLyQGHFRQH[LyQHQFDGHQD
26'6HWWLQJV
2II
'LVSOD\3RUW'DLV\FKDLQ
2II
5HVHW
1R
,QIRUPDWLRQ
6HWXS
/DFRQH[LyQHQFDGHQDSHUPLWHFRQHFWDU
YDULRVPRQLWRUHV
(VWDSDQWDOOD3KLOLSVFXHQWDFRQXQDLQWHUID]
'LVSOD\3RUWYTXHSHUPLWHFRQHFWDUYDULDV
SDQWDOODVHQFDGHQD$KRUDSXHGHFRQHFWDUHQ
FDGHQD\XWLOL]DUYDULRVPRQLWRUHVPHGLDQWHXQ
VRORFDEOHGHXQDSDQWDOODDODVLJXLHQWH
'3,1
5HVROXWLRQ1RWLILFDWLRQ
6LODWDUMHWDJUiILFDRODVDOLGDGHYtGHR
QRHVWiFHUWLILFDGDSDUD'LVSOD\3RUW9
SXHGHTXHOHDSDUH]FDODSDQWDOODHQEODQFR
RHQQHJUR(QHVWHHVFHQDULRHVSHFtILFR
YD\DDOPHQ~26'GHQXHYR\UHVWDEOH]FD
ODRSFLyQ´'LVSOD\3RUW'DLV\FKDLQµHQHO
PRGR´2IIµ'HVDFWLYDGR
'3287
$GYHUWHQFLD
3DUDHYLWDUGDxRVGHVFRQRFLGRVDVHJ~UHVHGH
FRQHFWDUVXIXHQWHGHHQWUDGD'LVSOD\3RUWDO
SXHUWR>'3,1@(175$'$'3
'3,1
&RQÀJXUDFLyQGHOPRQLWRU
3HUVRQDOL]DUVXSURSLRERWyQ´86(5µ
868$5,2
8VRGHOPRQLWRU
'HVFULSFLyQGHORVERWRQHVGHFRQWURO
(VWHERWyQGHDFFHVRGLUHFWRSHUPLWHFRQILJXUDU
VXERWyQGHIXQFLyQIDYRULWD
3UHVLRQHHOERWyQ VLWXDGRHQHOPDUFR
IURQWDOSDUDHQWUDUHQODSDQWDOODGHPHQ~V
26'
&RORU
/DQJXDJH
26'6HWWLQJV
,QSXW
9HUWLFDO
$XGLR6RXUFH
7UDQVSDUHQF\
9ROXPH
26'7LPHRXW
8VHU
6HWXS
+RUL]RQWDO
3UHVLRQHHOERWyQɼRɾSDUDVHOHFFLRQDU
HOPHQ~SULQFLSDO>26'6HWWLQJV@
&RQÀJXUDFLyQ26'\DFRQWLQXDFLyQ
SUHVLRQHHOERWyQ 3UHVLRQHHOERWyQɼRɾSDUDVHOHFFLRQDU
>8VHU@8VXDULR\DFRQWLQXDFLyQSUHVLRQH
HOERWyQ 3UHVLRQHHOERWyQɼRɾSDUDVHOHFFLRQDU
VXIXQFLyQSUHIHULGD>,QSXW@(QWUDGD
>$XGLR6RXUFH@)XHQWHR>9ROXPH@
9ROXPHQ
3UHVLRQHHOERWyQ SDUDFRQÀUPDUOD
VHOHFFLyQ
$KRUDSXHGHSUHVLRQDUHOERWyQGH
DFFHVRGLUHFWR
VLWXDGRHQHOPDUFR
IURQWDOGLUHFWDPHQWH6RODPHQWHVXIXQFLyQ
SUHVHOHFFLRQDGDDSDUHFHUiSDUDDFFHVRUiSLGR
3HUPLWH(1&(1'(5\$3$*$5
HOPRQLWRU
3HUPLWHDFFHGHUDOPHQ~26'
&RQÀUPHHODMXVWHGHOPHQ~
26'
3HUPLWHDMXVWDUHOPHQ~26'
%RWyQGHSUHIHUHQFLDGHOXVXDULR
3HUVRQDOLFHVXSURSLDIXQFLyQ
GHSUHIHUHQFLDHQHOPHQ~26'
SDUDFRQYHUWLUORHQHO´ERWyQGHO
XVXDULRµ
3L33E3'HVDFWLYDGR
,QWHUFDPELDU
3HUPLWHYROYHUDOQLYHODQWHULRU
GHOPHQ~26'
7HFODVGHDFFHVRGLUHFWR
6PDUW,PDJH([LVWHQVHLV
PRGRVGLVSRQLEOHVSDUDVX
VHOHFFLyQ2IÀFH2ÀFLQD3KRWR
)RWRJUDItD0RYLH3HOtFXOD
*DPH-XHJR(FRQRP\
$KRUUR2II$SDJDGR
&RQÀJXUDFLyQGHOPRQLWRU
3RUHMHPSORVLVHOHFFLRQy>$XGLR6RXUFH@
)XHQWHGHDXGLRFRPRERWyQGHDFFHVR
GLUHFWRSUHVLRQHHOERWyQ
VLWXDGRHQ
HOPDUFRIURQWDO$SDUHFHUiHOPHQ~>$XGLR
6RXUFH@)XHQWHGHDXGLR
3UHVLRQHHOERWyQ
VHOHFFLyQ
1RWD
‡ /DSUy[LPDYH]TXHHQFLHQGDHVWHPRQLWRU
VHOHFFLRQDUiGHIRUPDSUHGHWHUPLQDGD
ODIXHQWHGHDXGLRTXHVHOHFFLRQy
DQWHULRUPHQWH
$XGLR6RXUFH
'LVSOD\3RUW
+'0,
‡ (QHOFDVRGHTXHGHVHHFDPELDUODWHQGUi
YROYHUDORVSDVRVGHVHOHFFLyQSDUDHOHJLU
VXQXHYDIXHQWHGHDXGLRSUHIHULGDFRPROD
SUHGHWHUPLQDGD
+'0,
$XGLR,Q
5HSURGXFFLyQGHDXGLRLQGHSHQGLHQWHVHD
FXDOVHDODHQWUDGDGHYtGHR
'HVFULSFLyQGHOPHQ~HQSDQWDOOD
¢4XpHVHOPHQ~HQSDQWDOOD26'"
(OPRQLWRU3KLOLSVSXHGHUHSURGXFLUODIXHQWH
GHDXGLRLQGHSHQGLHQWHPHQWHVHDFXDOVHDOD
HQWUDGDGHYtGHR
(OPHQ~HQSDQWDOOD26'HVXQDSUHVWDFLyQ
FRQODTXHFXHQWDQWRGRVORVPRQLWRUHV3KLOLSV
3HUPLWHDOXVXDULRDMXVWDUODVSURSLHGDGHVGHOD
SDQWDOODRVHOHFFLRQDUIXQFLRQHVGLUHFWDPHQWH
DWUDYpVGHXQDYHQWDQDJUiÀFDGHFRQWURO8Q
PHQ~HQSDQWDOODLQWHUDFWLYRWLHQHHOVLJXLHQWH
DVSHFWR
3RUHMHPSORSXHGHHMHFXWDUVXUHSURGXFWRU
03DSDUWLUGHODIXHQWHGHDXGLRFRQHFWDGDDO
SXHUWR>$XGLR,Q@(QWUDGDGHDXGLRGHHVWH
PRQLWRU\VHJXLUYLYLHQGRODIXHQWHGHYtGHR
FRQHFWDGDD>+'0,@>+'0,@R>'LVSOD\3RUW@
3UHVLRQHHOERWyQ VLWXDGRHQHOPDUFR
IURQWDOSDUDHQWUDUHQODSDQWDOODGHPHQ~V
26'
,QSXW
3LFWXUH
SDUDFRQÀUPDUOD
9ROXPH
'LVSOD\3RUW
6WDQG$ORQH
+'0,
0XWH
+'0,
$XGLR6RXUFH
$XGLR,Q
,QSXW
3LFWXUH
'9,
+'0,
+'0,
'LVSOD\3RUW
3L33E3
$XGLR
&RORU
3L33E3
$XGLR
&RORU
8VREiVLFR\VHQFLOORGHORVERWRQHVGH
FRQWURO
(QHVWHPHQ~26'SXHGHSUHVLRQDUORV
ERWRQHV GHOPDUFRIURQWDOGHOPRQLWRUSDUD
PRYHUHOFXUVRU\HOERWyQ SDUDFRQÀUPDU
ODVHOHFFLyQRHOFDPELR
3UHVLRQHHOERWyQɼRɾSDUDVHOHFFLRQDU
HOPHQ~SULQFLSDO>$XGLR@\DFRQWLQXDFLyQ
SUHVLRQHHOERWyQ 3UHVLRQHHOERWyQɼRɾSDUDVHOHFFLRQDU
>$XGLR6RXUFH@)XHQWHGHDXGLR\D
FRQWLQXDFLyQSUHVLRQHHOERWyQ 3UHVLRQHHOERWyQɼRɾSDUDVHOHFFLRQDU
VXIXHQWHGHDXGLRSUHIHULGD>'LVSOD\3RUW@
>+'0,@>+'0,@R>$XGLR,Q@(QWUDGD
GHDXGLR
&RQÀJXUDFLyQGHOPRQLWRU
(OPHQ~26'
$YLVRVREUHODUHVROXFLyQ
$FRQWLQXDFLyQVHLQFOX\HXQHVTXHPDTXH
UHSUHVHQWDODHVWUXFWXUDGHOPHQ~HQSDQWDOOD
ÔVHORFRPRUHIHUHQFLDFXDQGRGHVHHOOHYDUD
FDERDOJ~QDMXVWHSRVWHULRUPHQWH
0DLQPHQX
,QSXW
(VWHPRQLWRUKDVLGRGLVHxDGRSDUD
SURSRUFLRQDUXQUHQGLPLHQWRySWLPRDVX
UHVROXFLyQQDWLYD[D+]6L
HOPRQLWRUVHHQFLHQGHFRQXQDUHVROXFLyQ
GLIHUHQWHDSDUHFHUiHOVLJXLHQWHPHQVDMHHQOD
SDQWDOOD´8VH[#+]IRUEHVW
UHVXOWVµ8VHXQDUHVROXFLyQGH[D
+]SDUDREWHQHUORVPHMRUHVUHVXOWDGRV
(VWHPHQVDMHVHSXHGHGHVDFWLYDUDWUDYpVGH
ODVHFFLyQ6HWXS&RQÀJXUDFLyQGHOPHQ~HQ
SDQWDOOD26'
6XEPHQX
'9,
+'0,
+'0,
'LVSOD\3RUW
3LFWXUH
3L33E3
3LFWXUH)RUPDW
:LGHVFUHHQ
%ULJKWQHVV
a
&RQWUDVW
a
6PDUW5HVSRQVH
2II)DVW)DVWHU)DVWHVW
6PDUW&RQWUDVW
2Q2II
6PDUW)UDPH
2Q2II
*DPPD
3L[HO2UELWLQJ
2Q2II
2YHU6FDQ
2Q2II
3L33E30RGH
2II3L33E3
3L33E36RXUFH
'9,+'0,+'0,'LVSOD\3RUW
3L36L]H
6PDOO0LGGOH/DUJH
3L33RVLWLRQ
7RS5LJKW7RS/HIW
%RWWRP5LJKW%RWWRP/HIW
6ZDS
$XGLR
&RORU
9ROXPH
a
6WDQG$ORQH
2Q2II
0XWH
2Q2II
$XGLR,Q
'LVSOD\3RUW+'0,+'0,$XGLR,Q
&RORU7HPSHUDWXUH
...
...
V5*%
8VHU'HILQH
)XQFLRQHVItVLFDV
3
,QFOLQDFLyQ
†
†
*LUR
5HGa
*UHHQa
%OXHa
/DQJXDJH
(QJOLVK(VSDÙRO)UDQ£DLV'HXWVFK,WDOLDQR
3RUWXJXÒVРусский, ৿࿒፩ၭ
26'6HWWLQJV
+RUL]RQWDO
a
9HUWLFDO
a
7UDQVSDUHQF\
2II
6HWXS
26'7LPH2XW
VVVVV
8VHU
,QSXW$XGLR6RXUFH9ROXPH
5HVROXWLRQ1RWLILFDWLRQ
2Q2II
'LVSOD\3RUW'DLV\FKDLQ
2Q2II
5HVHW
<HV1R
†
†
$MXVWHGHDOWXUD
,QIRUPDWLRQ
PP
&RQÀJXUDFLyQGHOPRQLWRU
¢3RUTXpORQHFHVLWR"
5RWDFLyQ
&RQODSDQWDOOD0XOWL9LHZGH3KLOLSVGHXOWUDDOWD
UHVROXFLyQSXHGHH[SHULPHQWDUXQPXQGRGH
FRQHFWLYLGDGGHXQDPDQHUDFyPRGDWDQWRHQ
ODRÀFLQDFRPRHQFDVD&RQHVWDYLVXDOL]DFLyQ
SXHGHGLVIUXWDUFyPRGDPHQWHGHYDULDVIXHQWHV
GHFRQWHQLGRHQXQDVRODSDQWDOOD3RUHMHPSOR
3XHGHTXHGHVHHYHUODVIXHQWHVGHYtGHRGH
QRWLFLDVHQGLUHFWRFRQDXGLRHQODYHQWDQD
SHTXHxD\DOPLVPRWLHPSRWUDEDMDUHQVX
EORJPiVUHFLHQWHRSXHGHTXHGHVHHHGLWDU
XQDUFKLYRGH([FHOHQVXHTXLSRXOWUDSRUWiWLO
PLHQWUDVLQLFLDVHVLyQHQODLQWUDQHWVHJXUDGH
ODFRPSDxtDSDUDDFFHGHUDDUFKLYRVTXHVH
HQFXHQWUDQHQXQHTXLSRGHVREUHPHVD
†
†
;
,QFOLQDFLyQ
¢&yPRSXHGRKDELOLWDUODIXQFLyQ
0XOWL9LHZPHGLDQWHXQERWyQGHDFFHVR
GLUHFWR"
†
3UHVLRQHHOERWyQGHDFFHVRGLUHFWR
VLWXDGRHQHOPDUFRIURQWDO
GLUHFWDPHQWH
†
0XOWL9LHZ
$SDUHFHUiHOPHQ~GHVHOHFFLyQ0XOWL9LHZ
3UHVLRQHHOERWyQɼRɾSDUDUHDOL]DUOD
VHOHFFLyQ
¢4XpHV"
/DIXQFLyQ0XOWLYLHZSHUPLWHXQDFRQH[LyQ\
YLVWDGXDOHVDFWLYDVGHIRUPDTXHSXHGHWUDEDMDU
FRQYDULRVGLVSRVLWLYRVFRPRXQHTXLSRGH
VREUHPHVD\XQHTXLSRSRUWiWLOHQSDUDOHOR
VLPXOWiQHDPHQWHORTXHIDFLOLWDHQRUPHPHQWH
HOFRPSOHMRWUDEDMRPXOWLWDUHD
0XOWL9LHZ
3L3
3E3
6ZDS
2II
&RQÀJXUDFLyQGHOPRQLWRU
>3L3@,PDJHQHQLPDJHQ
3UHVLRQHHOERWyQ SDUDFRQÀUPDU
ODVHOHFFLyQ\DFRQWLQXDFLyQVDOLU
DXWRPiWLFDPHQWH
¢&yPRSXHGRKDELOLWDUODIXQFLyQ
0XOWL9LHZPHGLDQWHHOPHQ~26'"
$GHPiVGHSUHVLRQDUHOERWyQGHDFFHVR
GLUHFWR
VLWXDGRHQHOPDUFRIURQWDO
GLUHFWDPHQWHODIXQFLyQ0XOWL9LHZWDPELpQVH
SXHGHVHOHFFLRQDUHQHOPHQ~26'
3UHVLRQHHOERWyQ VLWXDGRHQHOPDUFR
IURQWDOSDUDHQWUDUHQODSDQWDOODGHPHQ~V
26'
,QSXW
3LFWXUH
3L33E3
3L33E30RGH
2II
3L33E3,QSXW
3L3
3L36L]H
3E3
$EUDXQDYHQWDQDVHFXQGDULD
GHRWUDIXHQWHGHVHxDO
%
$ SULQFLSDO
&XDQGRODIXHQWHVHFXQGDULD
QRVHGHWHFWD
%
$SULQFLSDO
>3E3@,PDJHQMXQWRDLPDJHQ
$EUDXQDYHQWDQDVHFXQGDULD
MXQWRDRWUDGHRWUDIXHQWH
GHVHxDO
3L33RVLWLRQ
6ZDS
$ SULQFLSDO %
$XGLR
&XDQGRODIXHQWHVHFXQGDULD
QRVHGHWHFWD
&RORU
3UHVLRQHHOERWyQɼRɾSDUDVHOHFFLRQDU
HOPHQ~SULQFLSDO>3L33E3@\D
FRQWLQXDFLyQSUHVLRQHHOERWyQ 1RWD
8QDVEDQGDVGHFRORUQHJURDSDUHFHQHQOD
SDUWHVXSHULRUHLQIHULRUGHODSDQWDOODSDUD
FRQVHJXLUODUHODFLyQGHDVSHFWRFRUUHFWDHQHO
PRGR3E3
3UHVLRQHHOERWyQɼRɾSDUDVHOHFFLRQDU
>3L33E30RGH@0RGR3L33E3\D
FRQWLQXDFLyQSUHVLRQHHOERWyQ 3UHVLRQHHOERWyQɼRɾSDUDVHOHFFLRQDU
>3L3@R>3E3@
‡ 3L33E3,QSXW(QWUDGD3L33E3
KD\FXDWURHQWUDGDVGHYtGHRGLIHUHQWHV
HQWUHODVTXHVHSXHGHHOHJLUODIXHQWHGH
YLVXDOL]DFLyQVHFXQGDULD>'9,@>+'0,@
>+'0,@\>'LVSOD\3RUW@
$KRUDSXHGHUHWURFHGHUSDUDHVWDEOHFHU
ORVHOHPHQWRV>3L33E3,QSXW@(QWUDGD
3L33E3>3L36L]H@7DPDxR3L3
>3L33RVLWLRQ@3RVLFLyQ3L3R>6ZDS@
,QWHUFDPELDU
3UHVLRQHHOERWyQ
VHOHFFLyQ
$ SULQFLSDO %
&RQVXOWHODWDEODVLJXLHQWHSDUDFRQRFHUODV
RSFLRQHVGHFRPSDWLELOLGDGGHODIXHQWHGH
HQWUDGDSULQFLSDO\VHFXQGDULD
SDUDFRQÀUPDUOD
0XOWL9LHZHQHOPHQ~26'
)XHQWH
SULQFLSDO
‡ 3L33E30RGH0RGR3L33E3([LVWHQ
GRVPRGRVSDUD0XOWL9LHZ>3L3@\>3E3@
)XHQWH
VHFXQGDULD
'3
'9,
+'0,
+'0,
'3
'9,
;
9
9
9
9
;
;
;
+'0, +'0,
9
;
;
;
9
;
;
;
&RQÀJXUDFLyQGHOPRQLWRU
‡ 3L36L]H7DPDxR3,3FXDQGRODIXQFLyQ
3L3HVWiDFWLYDGDVHSXHGHHOHJLUHQWUHWUHV
WDPDxRVGHYHQWDQDVHFXQGDULD>6PDOO@
3HTXHxR>0LGGOH@0HGLDQR>/DUJH@
*UDQGH
‡ 2II$SDJDGRSHUPLWHGHWHQHUODIXQFLyQ
0XOWL9LHZ
$ SULQFLSDO
3HTXHxR
0HGLDQR
*UDQGH
%
$ SULQFLSDO
1RWD
&XDQGRVHHMHFXWDODIXQFLyQ6:$3
,17(5&$0%,$5HOYtGHR\VXIXHQWHGH
DXGLRVHLQWHUFDPELDQDOPLVPRWLHPSR
&RQVXOWHODSiJLQD´5HSURGXFFLyQGHDXGLR
LQGHSHQGLHQWHVHDFXDOVHDODHQWUDGDGH
YtGHRµSDUDREWHQHUPiVGHWDOOHV
‡ 3L33RVLWLRQ3RVLFLyQ3L3FXDQGROD
IXQFLyQ3L3HVWiDFWLYDGDVHSXHGHHOHJLU
HQWUHFXDWURSRVLFLRQHVGHYHQWDQD
VHFXQGDULD
$UULED,]TXLHUGD
%
$
$UULED'HUHFKD
$
SULQFLSDO
%
SULQFLSDO
$EDMR,]TXLHUGD
$EDMR'HUHFKD
$
$
%
SULQFLSDO
SULQFLSDO
%
‡ 6ZDS,QWHUFDPELRODIXHQWHGHOD
LPDJHQSULQFLSDO\ODIXHQWHGHODLPDJHQ
VHFXQGDULDVHLQWHUFDPELDQHQODSDQWDOOD
,QWHUFDPELDUODIXHQWH$\%HQHOPRGR
>3L3@
%
$ SULQFLSDO
$
Ƚ % SULQFLSDO
,QWHUFDPELDUODIXHQWH$\%HQHOPRGR
>3E3@
$SULQFLSDO %
Ƚ % SULQFLSDO $
&RQÀJXUDFLyQGHOPRQLWRU
;
4XLWDUHQVDPEODGRGHODEDVH
SDUDLQVWDODFLyQ9(6$
&RORTXHHOPRQLWRUERFDEDMRVREUHXQD
VXSHUÀFLHVXDYH([WUHPHODSUHFDXFLyQ
SDUDHYLWDUDUDxDURGDxDUODSDQWDOOD
$FRQWLQXDFLyQOHYDQWHHOVRSRUWHGHO
PRQLWRU
$QWHVGHFRPHQ]DUDGHVPRQWDUODEDVHGHO
PRQLWRUVLJDODVLQVWUXFFLRQHVGHVFULWDVD
FRQWLQXDFLyQSDUDHYLWDUFXDOTXLHUGDxRROHVLyQ
SRVLEOH
3
([WLHQGDODEDVHGHOPRQLWRUKDVWDOD
Pi[LPDDOWXUDSRVLEOH
8WLOLFHORVGHGRVSDUDDÁRMDUHOWRUQLOOR
VLWXDGRHQODSDUWHLQIHULRUGHODEDVH\D
FRQWLQXDFLyQTXLWHHVWDGHOSHGHVWDO
&RORTXHHOPRQLWRUERFDEDMRVREUHXQD
VXSHUÀFLHVXDYH([WUHPHODSUHFDXFLyQ
SDUDHYLWDUDUDxDURGDxDUODSDQWDOOD
$FRQWLQXDFLyQOHYDQWHHOVRSRUWHGHO
PRQLWRU
1RWD
(VWHPRQLWRUHVFRPSDWLEOHFRQODLQWHUID]GH
LQVWDODFLyQ9(6$GHPP[PP
PP
0LHQWUDVPDQWLHQHSUHVLRQDGRHOERWyQGH
OLEHUDFLyQLQFOLQHODEDVH\H[WUiLJDOD
PP
2SWLPL]DFLyQGHODLPDJHQ
)RWRJUDItD0RYLH3HOtFXOD*DPH-XHJR
(FRQRP\$KRUUR\2II$SDJDGR
2SWLPL]DFLyQGHODLPDJHQ
(OPHQ~26'6PDUW,PDJHSHUPDQHFHUi
HQODSDQWDOODGXUDQWHVHJXQGRVDXQTXH
WDPELpQSXHGHSUHVLRQDUHOERWyQ SDUD
FRQÀUPDUODVHOHFFLyQ
6PDUW,PDJH
¢4XpHV"
$ODFWLYDU6PDUW,PDJHHOHVTXHPDV5*%VH
GHVKDELOLWDDXWRPiWLFDPHQWH3DUDXWLOL]DU
V5*%HVQHFHVDULRGHVKDELOLWDU6PDUW,PDJH
FRQHOERWyQ VLWXDGRHQHOSDQHOIURQWDO
GHOPRQLWRU
$PHQRVTXHHPSOHHHOERWyQ SDUD
GHVSOD]DUVHKDFLDDEDMRSXHGHSXOVDUWDPELpQ
ORVERWRQHV SDUDUHDOL]DUXQDVHOHFFLyQ\
SXOVDU´ µSDUDFRQÀUPDUODVHOHFFLyQ\FHUUDU
HOPHQ~HQSDQWDOODGH6PDUW,PDJH
6PDUW,PDJHVXPLQLVWUDYDORUHVSUHGHWHUPLQDGRV
TXHRSWLPL]DQODLPDJHQSDUDGLIHUHQWHVWLSRV
GHFRQWHQLGRV\DMXVWDHOFRQWUDVWHHOFRORU\
ODQLWLGH]GHIRUPDGLQiPLFDHQWLHPSRUHDO
/DWHFQRORJtD3KLOLSV6PDUW,PDJHRSWLPL]DHO
FRPSRUWDPLHQWRGHOPRQLWRUWDQWRGXUDQWHHO
XVRGHDSOLFDFLRQHVGHWH[WRFRPRDOUHSURGXFLU
LPiJHQHVRYtGHRV
¢3RUTXpORQHFHVLWR"
3RUTXHVLHPSUHHVGHVHDEOHGLVIUXWDUGHXQ
PRQLWRUTXHUHSURGX]FDGHIRUPDRSWLPL]DGD
ORVWLSRVGHFRQWHQLGRGHXVRPiVIUHFXHQWH
'HHVWHPRGRHOVRIWZDUH6PDUW,PDJH
PRGLÀFDGLQiPLFDPHQWHHOEULOORHOFRQWUDVWHHO
FRORU\ODQLWLGH]HQWLHPSRUHDOSDUDPHMRUDUOD
H[SHULHQFLDGHYLVXDOL]DFLyQGHOPRQLWRU
([LVWHQVHLVPRGRVGLVSRQLEOHVSDUDVXVHOHFFLyQ
2IÀFH2ÀFLQD3KRWR)RWRJUDItD0RYLH
3HOtFXOD*DPH-XHJR(FRQRP\$KRUUR\
2II$SDJDGR
6PDUW,PDJH
2IILFH
¢&yPRIXQFLRQD"
3KRWR
6PDUW,PDJHHVXQDDYDQ]DGDWHFQRORJtDGH
3KLOLSVTXHDQDOL]DHOFRQWHQLGRTXHVHYLVXDOL]D
HQVXSDQWDOOD%DViQGRVHHQXQHVFHQDULR
VHOHFFLRQDGRSRUXVWHG6PDUW,PDJHPHMRUD
GLQiPLFDPHQWHHOFRQWUDVWHODVDWXUDFLyQGH
FRORU\ODQLWLGH]GHODVLPiJHQHVSDUDRSWLPL]DU
HOFRQWHQLGRHQUHSURGXFFLyQWRGRHOORHQ
WLHPSRUHDO\FRQVyORSXOVDUXQERWyQ
0RYLH
*DPH
(FRQRP\
2II
‡ 2IILFH2ILFLQD0HMRUDHOWH[WR\VXDYL]D
HOEULOORSDUDDXPHQWDUODOHJLELOLGDG\
UHGXFLUODIDWLJDYLVXDO(VWHPRGRPHMRUD
GHPDQHUDVLJQLILFDWLYDODOHJLELOLGDG\OD
SURGXFWLYLGDGDOWUDEDMDUFRQKRMDVGH
FiOFXORDUFKLYRV3')DUWtFXORVGLJLWDOL]DGRV
XRWUDVDSOLFDFLRQHVRILPiWLFDVGHXVR
IUHFXHQWH
¢&yPRVHDFWLYD6PDUW,PDJH"
‡ 3KRWR)RWRJUDItD(VWHSHUILOFRPELQD
PHMRUDVGHODVDWXUDFLyQGHOFRORUHO
FRQWUDVWHGLQiPLFR\ODQLWLGH]SDUD
YLVXDOL]DUIRWRJUDItDV\RWUDVLPiJHQHVFRQ
XQDFODULGDGH[WUDRUGLQDULDHQFRORUHV
3XOVH SDUDDEULUHOPHQ~HQSDQWDOODGH
6PDUW,PDJH
&RQWLQ~HSUHVLRQDQGR SDUDDOWHUQDU
HQWUHODVRSFLRQHV2IÀFH2ÀFLQD3KRWR
2SWLPL]DFLyQGHODLPDJHQ
LQWHQVRVVLQJHQHUDUDUWHIDFWRV\HYLWDQGR
ORVFRORUHVDSDJDGRV
¢3RUTXpORQHFHVLWR"
‡ 0RYLH3HOtFXOD(VWHPRGRDFHQW~DOD
OXPLQRVLGDGHLQWHQVLILFDODVDWXUDFLyQGH
ORVFRORUHVHOFRQWUDVWHGLQiPLFR\OD
QLWLGH]SDUDPRVWUDUWRGRVORVGHWDOOHV
GHODViUHDVRVFXUDVGHXQYtGHR\HYLWDU
HOGHVJDVWHGHOFRORUHQODViUHDVPiV
EULOODQWHVDMXVWDQGRDVXYH]GLQiPLFD
\QDWXUDOPHQWHORVGLIHUHQWHVYDORUHV
SDUDORJUDUXQDYLVXDOL]DFLyQGHYtGHRGH
Pi[LPDFDOLGDG
3RUTXHVLHPSUHHVGHVHDEOHGLVIUXWDUGHOD
PHMRUFODULGDGYLVXDO\ODPi[LPDFRPRGLGDGGH
YLVXDOL]DFLyQLQGHSHQGLHQWHPHQWHGHOWLSRGH
FRQWHQLGR6PDUW&RQWUDVWFRQWURODGHPDQHUD
GLQiPLFDHOFRQWUDVWH\DMXVWDODUHWURLOXPLQDFLyQ
SDUDGRWDUGHFODULGDGOLPSLH]D\EULOODQWH]DODV
LPiJHQHVDVRFLDGDVDMXHJRVRYtGHRV\PHMRUDU
ODOHJLELOLGDGGHOWH[WRHOHPHQWRFRP~QDO
UHDOL]DUWDUHDVGHRÀFLQD$OUHGXFLUHOFRQVXPR
GHHQHUJtDGHOPRQLWRUXVWHGUHGXFHHOJDVWR
HQHUJpWLFR\SURORQJDODYLGD~WLOGHOPLVPR
‡ *DPH-XHJR$FWLYDHOFLUFXLWRGH
Pi[LPRUHQGLPLHQWRSDUDREWHQHUHOPHMRU
WLHPSRGHUHVSXHVWDUHGXFLUORVERUGHV
LUUHJXODUHVGHORVREMHWRVTXHVHGHVSOD]DQ
UiSLGDPHQWHDWUDYpVGHODSDQWDOOD\
PHMRUDUODUHODFLyQGHFRQWUDVWHHQ
FRQGLFLRQHVGHPXFKD\SRFDOXPLQRVLGDG
(VWHSHUILOSURSRUFLRQDODPHMRUH[SHULHQFLD
GHMXHJRSDUDORVDILFLRQDGRVDORVMXHJR
$ODFWLYDU6PDUW&RQWUDVWODIXQFLyQDQDOL]DHQ
WLHPSRUHDOHOFRQWHQLGRHQUHSURGXFFLyQSDUD
DMXVWDUORVFRORUHV\FRQWURODUODLQWHQVLGDGGH
ODUHWURLOXPLQDFLyQ(OUHVXOWDGRHVXQDPHMRUD
GLQiPLFDGHOFRQWUDVWHTXHOHSHUPLWLUiGLVIUXWDU
GHXQDJUDQH[SHULHQFLDHQVXVPRPHQWRVGH
RFLRDOYLVXDOL]DUYtGHRVRGLYHUWLUVHFRQMXHJRV
¢&yPRIXQFLRQD"
‡ (FRQRP\$KRUUR(VWHSHUILOFRQWUROD
ORVQLYHOHVGHEULOOR\FRQWUDVWH\DMXVWD
ODUHWURLOXPLQDFLyQFRQSUHFLVLyQSDUD
JHQHUDUXQHQWRUQRySWLPRGHVWLQDGRD
DSOLFDFLRQHVRILPiWLFDVGHXVRIUHFXHQWH\
UHGXFLUHOFRQVXPRGHHQHUJtD
3KLOLSV6PDUW&RQWURO3UHPLXP
(OQXHYRVRIWZDUH6PDUW&RQWURO3UHPLXPGH
3KLOOLSVSHUPLWHFRQWURODUHOPRQLWRUPHGLDQWH
XQDVHQFLOODLQWHUID]JUiÀFDHQSDQWDOOD/RV
DMXVWHVFRPSOLFDGRVSHUWHQHFHQDOSDVDGR\D
TXHHVWHVHQFLOORVRIWZDUHOHD\XGDDDMXVWDUVLQ
SUREOHPDVODUHVROXFLyQHOFRORUHOUHORM\OD
IDVHHOSXQWREODQFR5*%HWF
‡ 2II'HVDFWLYDGR(VWDRSFLyQSHUPLWH
GHVDFWLYDU6PDUW,PDJH
6PDUW&RQWUDVW
(TXLSDGRFRQXQDOJRULWPRSULQFLSDOGRWDGR
GHODPiVDYDQ]DGDWHFQRORJtDFRQREMHWRGH
DOFDQ]DUODPi[LPDYHORFLGDGGHSURFHVDPLHQWR
\UHVSXHVWDHVWHVRIWZDUHEDVDGRHQDWUDFWLYRV
LFRQRVDQLPDGRVHVFRPSDWLEOHFRQ:LQGRZV
\SHUPLWHPHMRUDUODH[SHULHQFLDFRQORV
PRQLWRUHV3KLOLSV
¢4XpHV"
3RUTXHVLHPSUHHVGHVHDEOHGLVIUXWDUGHOD
PHMRUFODULGDGYLVXDO\ODPi[LPDFRPRGLGDGGH
YLVXDOL]DFLyQLQGHSHQGLHQWHPHQWHGHOWLSRGH
FRQWHQLGR6PDUW&RQWUDVWFRQWURODGHPDQHUD
GLQiPLFDHOFRQWUDVWH\DMXVWDODUHWURLOXPLQDFLyQ
SDUDGRWDUGHFODULGDGOLPSLH]D\EULOODQWH]DODV
LPiJHQHVDVRFLDGDVDMXHJRVRYtGHRV\PHMRUDU
ODOHJLELOLGDGGHOWH[WRHOHPHQWRFRP~QDO
UHDOL]DUWDUHDVGHRÀFLQD$OUHGXFLUHOFRQVXPR
GHHQHUJtDGHOPRQLWRUXVWHGUHGXFHHOJDVWR
HQHUJpWLFR\SURORQJDODYLGD~WLOGHOPLVPR
,QVWDODFLyQ
‡ 6LJDODVLQVWUXFFLRQHV\FRPSOHWHOD
LQVWDODFLyQ
‡ 3XHGHLQLFLDUHOVRIWZDUHGHVSXpVGHTXHOD
LQVWDODFLyQKD\DILQDOL]DGR
2SWLPL]DFLyQGHODLPDJHQ
‡ 6LGHVHDKDFHUORPiVWDUGHSXHGHKDFHU
FOLFHQHODFFHVRGLUHFWRGHOHVFULWRULRROD
EDUUDGHKHUUDPLHQWDV
3ULPHURVSDVRVFRQHOSDQHO6WDQGDUG
(VWiQGDU
0HQ~$GMXVW$MXVWH
‡ (OPHQ~$GMXVW$MXVWDUSHUPLWHGHILQLU
ORVVLJXLHQWHVSDUiPHWURV%ULJKWQHVV
%ULOOR&RQWUDVW&RQWUDVWH)RFXV
(QIRTXH3RVLWLRQ3RVLFLyQ\5HVROXWLRQ
5HVROXFLyQ
‡ 3XHGHVHJXLUODVLQVWUXFFLRQHV\UHDOL]DUHO
DMXVWH
‡ &DQFHO&DQFHODUSUHJXQWDDOXVXDULRVL
GHVHDDQXODUODLQVWDODFLyQ
$VLVWHQWHSDUDHOSULPHULQLFLR
‡ /DSULPHUDYH]TXHLQLFLH6PDUW&RQWURO
3UHPLXPWUDVODLQVWDODFLyQSDVDUi
DXWRPiWLFDPHQWHDO$VLVWHQWHSDUDHO
SULPHULQLFLR
‡ (ODVLVWHQWHOHJXLDUiSDVRDSDVRDWUDYpV
GHORVDMXVWHVGHUHQGLPLHQWRGHOPRQLWRU
‡ 7DPELpQSXHGHLUDOPHQ~3OXJLQ
&RPSOHPHQWRVSDUDLQLFLDUHODVLVWHQWHGH
LQVWDODFLyQPiVWDUGH
‡ 3XHGHDMXVWDUPiVRSFLRQHVVLQXVDUHO
DVLVWHQWHGHLQVWDODFLyQDWUDYpVGHOSDQHO
6WDQGDUG(VWiQGDU
2SWLPL]DFLyQGHODLPDJHQ
0HQ~&RORU
‡ (OPHQ~&RORUSHUPLWHDMXVWDUORV
VLJXLHQWHVSDUiPHWURV5*%%ODFN/HYHO
1LYHOGHQHJUR:KLWH3RLQW3XQWR
EODQFR'LVSOD\*DPPD*DPPDGHOD
SDQWDOOD&RORU&DOLEUDWLRQ&DOLEUDFLyQGHO
FRORU\6PDUW,PDJHFRQVXOWHODVHFFLyQ
6PDUW,PDJH
‡ 3XHGHVHJXLUODVLQVWUXFFLRQHV\UHDOL]DUHO
DMXVWH
‡ &RQVXOWHHQODWDEODVLJXLHQWHORVHOHPHQWRV
GHFDGDVXEPHQ~VHJ~QODRSFLyQ
VHOHFFLRQDGD
‡ (MHPSORGHDMXVWHGHOSDUiPHWUR&RORU
&DOLEUDWLRQ&DOLEUDFLyQGHFRORU
2SWLPL]DFLyQGHODLPDJHQ
'LVSRQHGHLQIRUPDFLyQVREUHODSDWHQWH
HQODSDQWDOODGHFDOLEUDFLyQ
3ULPHUDSDQWDOODGHOSURFHVRGHFDOLEUDFLyQGH
FRORU
‡ (OERWyQ3UHYLRXV$QWHULRUVHPDQWHQGUi
GHVKDELOLWDGRKDVWDSDVDUDODVHJXQGD
SDQWDOODGHFRORU
‡ $FRQWLQXDFLyQSDVDUiDOREMHWLYR1H[W
VXEVLJXLHQWHGHEHQFXPSOLUVH
REMHWLYRV
‡ )LQDOPHQWHYD\DD)LOH$UFKLYR!3UHVHWV
SDQH3DQHOGHYDORUHVSUHGHILQLGRV
‡ &DQFHO&DQFHODUFLHUUDOD,8\UHJUHVDDOD
SiJLQD3OXJLQ&RPSOHPHQWRV
6PDUW,PDJH
3HUPLWHDOXVXDULRFDPELDUODFRQÀJXUDFLyQ
SDUDORJUDUXQDPHMRUFRQÀJXUDFLyQGHSDQWDOOD
EDVDGDHQHOFRQWHQLGR
/DVRSFLRQHV6PDUW&RQWUDVW\6PDUW5HVSRQVH
VHKDELOLWDUiQVLVHFRQÀJXUDODVHFFLyQ
(QWHUWDLQPHQW(QWUHWHQLPLHQWR
´6KRZ0Hµ0XpVWUDPHLQLFLDHOWXWRULDO
GHFDOLEUDFLyQGHFRORU
6WDUW,QLFLR,QLFLDODVHFXHQFLDGH
FDOLEUDFLyQGHFRORUHVGHSDVRV
4XLFN9LHZ9LVWDUiSLGDFDUJDODV
LPiJHQHVDQWHULRUHV\SRVWHULRUHV
3DUDUHJUHVDUDOSDQHOSULQFLSDOGHOD
VHFFLyQ&RORU&RORUKDJDFOLFHQHO
ERWyQ&DQFHO&DQFHODU
(QDEOHFRORUFDOLEUDWLRQ+DELOLWDU
FDOLEUDFLyQGHFRORU(OYDORU
SUHGHWHUPLQDGRGHHVWHSDUiPHWURHV
´2Qµ$FWLYDGR6LQRHVWiPDUFDGROD
FDOLEUDFLyQGHFRORUQRWHQGUiOXJDU\
VHDWHQXDUiQORVERWRQHV6WDUW,QLFLR\
4XLFN9LHZ9LVWDUiSLGD
2SWLPL]DFLyQGHODLPDJHQ
HQFXHQWUDPDUFDGDDFWLYDGDGHIRUPD
SUHGHWHUPLQDGD$ODFWLYDUODRSFLyQ
(QDEOH&RQWH[W0HQX$FWLYDUPHQ~
FRQWH[WXDOVHPXHVWUDQODVRSFLRQHVGH
6PDUW&RQWURO3UHPLXPHQUHODFLyQFRQ
6HOHFW3UHVHW6HOHFFLRQDUFRQILJXUDFLyQ
SUHGHWHUPLQDGD\7XQH'LVSOD\$MXVWDU
SDQWDOODGHOPHQ~FRQWH[WXDOGHOHVFULWRULR
/DRSFLyQ'LVDEOHG'HVKDELOLWDGR
TXLWD6PDUW&RQWURO3UHPLXPGHOPHQ~
FRQWH[WXDO
‡ /DRSFLyQ´(QDEOH7DVN7UD\µ+DELOLWDU
EDQGHMDGHWDUHDVVHHQFXHQWUDPDUFDGD
DFWLYDGDGHIRUPDSUHGHWHUPLQDGD(QDEOH
&RQWH[W0HQX$FWLYDUPHQ~FRQWH[WXDO
PXHVWUDHOPHQ~GHODEDQGHMDGHWDUHDV
GH6PDUW&RQWURO3UHPLXP$OKDFHUFOLF
FRQHOERWyQVHFXQGDULRHQHOLFRQRGHOD
EDQGHMDGHWDUHDVVHPXHVWUDQODVRSFLRQHV
GH+HOS$\XGD\7HFKQLFDO6XSSRUW
6RSRUWH7pFQLFRGHOPHQ~&KHFNIRU
8SGDWH%XVFDUDFWXDOL]DFLRQHV$ERXW
$FHUFDGH\([LW6DOLU6LHOPHQ~(QDEOH
WDVNWUD\+DELOLWDUEDQGHMDGHWDUHDVVH
HQFXHQWUDGHVKDELOLWDGRHOLFRQRGHOD
EDQGHMDGHWDUHDVVyORPXHVWUDODRSFLyQ
(;,76$/,5
‡ /DRSFLyQ5XQDW6WDUWXS(MHFXWDU
GXUDQWHHOLQLFLRVHHQFXHQWUDPDUFDGD
DFWLYDGDGHIRUPDSUHGHWHUPLQDGD6L
VHGHVKDELOLWD6PDUW&RQWURO3UHPLXPQR
VHHMHFXWDUiGXUDQWHHOLQLFLRQLVHLQFOXLUi
HQODEDQGHMDGHWDUHDV/D~QLFDIRUPD
GHLQLFLDU6PDUW&RQWURO3UHPLXPVHUi
GHVGHHODFFHVRGLUHFWRGHOHVFULWRULRR
GHVGHHODUFKLYRGHSURJUDPD&XDOTXLHU
FRQILJXUDFLyQSUHGHWHUPLQDGDHVWDEOHFLGD
SDUDHMHFXWDUVHGXUDQWHHOLQLFLRQRVH
FDUJDUiVLHVWDRSFLyQQRHVWiPDUFDGDHV
GHFLUKDELOLWDGD
‡ (QDEOHWUDQVSDUHQF\PRGH+DELOLWDUPRGR
GHWUDQVSDUHQFLD:LQGRZV9LVWD\;3
(OYDORUSUHGHWHUPLQDGRHV2SDTXH
2SDFR
0HQ~(FR3RZHU$KRUUR
0HQ~2SWLRQV2SFLRQHV
2SWLRQV2SFLRQHV!3UHIHUHQFHV
3UHIHUHQFLDV²6yORVHHQFRQWUDUiDFWLYRDO
VHOHFFLRQDU3UHIHUHQFHV3UHIHUHQFLDVHQHO
PHQ~GHVSOHJDEOH2SWLRQV2SFLRQHV(Q
XQDSDQWDOODTXHQRVHDFRPSDWLEOHFRQ''&
&,VyORODVSHVWDxDV+HOS$\XGD\2SWLRQV
2SFLRQHVHVWDUiQGLVSRQLEOHV
‡ 0XHVWUDORVSDUiPHWURVGHSUHIHUHQFLD
DFWXDOHV
‡ 8QDFDVLOODGHYHULILFDFLyQPDUFDGDKDELOLWD
ODIXQFLyQ/DFDVLOODGHYHULILFDFLyQVyOR
WLHQHGRVHVWDGRVDVRFLDGRV
‡ /DRSFLyQ(QDEOH&RQWH[W0HQX+DELOLWDU
PHQ~FRQWH[WXDOGHOHVFULWRULRVH
2SWLPL]DFLyQGHODLPDJHQ
2SWLRQV2SFLRQHV!$XGLR²6yORVH
HQFRQWUDUiDFWLYRDOVHOHFFLRQDU$XGLRHQHO
PHQ~GHVSOHJDEOH2SWLRQV2SFLRQHV
(QXQDSDQWDOODTXHQRVHDFRPSDWLEOHFRQ
''&&,VyORODVSHVWDxDV+HOS$\XGD\
2SWLRQV2SFLRQHVHVWDUiQGLVSRQLEOHV
‡ 6HPXHVWUDHOSDQHOGHLQVWUXFFLRQHV
6RXUFH)XHQWH\ODFRQILJXUDFLyQGHOD
IXHQWHGHHQWUDGDDFWXDO
‡ (QSDQWDOODVFRQXQDVRODHQWUDGDHVWH
SDQHOQRVHPRVWUDUi
2SWLRQV2SFLRQHV!7KHIW'HWHUUHQFH
3UHYHQFLyQGHURER²(OSDQHO7KHIW
'HWHUUHQFH3UHYHQFLyQGHURERVyORVHDFWLYD
DOVHOHFFLRQDU7KHIW'HWHUUHQFH0RGH0RGR
GHSUHYHQFLyQGHURERHQHOPHQ~GHVSOHJDEOH
GHFRPSOHPHQWRV
2SWLRQ2SFLRQHV!$XWR3LYRW*LUR
DXWRPiWLFR
2SWLRQV2SFLRQHV!,QSXW(QWUDGD²
6yORVHHQFRQWUDUiDFWLYRDOVHOHFFLRQDU,QSXW
(QWUDGDHQHOPHQ~GHVSOHJDEOH2SWLRQV
2SFLRQHV(QXQDSDQWDOODTXHQRVHD
FRPSDWLEOHFRQ''&&,VyORODVSHVWDxDV
+HOS$\XGD\2SWLRQV2SFLRQHVHVWDUiQ
GLVSRQLEOHV(OUHVWRGHODVSHVWDxDVGH
6PDUW&RQWURO3UHPLXPQRHVWDUiQGLVSRQLEOHV
3DUDKDELOLWDUODIXQFLyQ7KHIW'HWHUUHQFH
3UHYHQFLyQGHURERKDJDFOLFHQHOERWyQ
(QDEOH7KHIW'HWHUUHQFH0RGH+DELOLWDUPRGR
GHSUHYHQFLyQGHURERORFXDOOHFRQGXFLUiD
ODSDQWDOODVLJXLHQWH
2SWLPL]DFLyQGHODLPDJHQ
‡ 3XHGHLQWURGXFLUXQQ~PHUR3,1GH
ORQJLWXGFRPSUHQGLGDHQWUH\GtJLWRV
‡ 'HVSXpVGHLQWURGXFLUHOQ~PHUR3,1HO
ERWyQ$FFHSW$FHSWDUOOHYDDOXVXDULRDO
FXDGURGHGLiORJRHPHUJHQWHGHODSiJLQD
VLJXLHQWH
‡ $MXVWHODFDQWLGDGPtQLPDGHPLQXWRVD
(OGHVOL]DGRUVHHQFXHQWUDDMXVWDGRDGH
IRUPDSUHGHWHUPLQDGD
‡ 1RHVQHFHVDULRTXHODSDQWDOODVHFRQHFWH
DXQ3&GLIHUHQWHSDUDHQWUDUHQHOPRGR
7KHIW'HWHUUHQFH3UHYHQFLyQGHURER
'HVSXpVGHFUHDUXQQ~PHUR3,1HOSDQHO7KHIW
'HWHUUHQFH3UHYHQFLyQGHURERPRVWUDUi
7KHIW'HWHUUHQFH(QDEOHG3UHYHQFLyQGHURER
KDELOLWDGD\KDELOLWDUiHOERWyQ3,12SWLRQV
2SFLRQHVGHQ~PHUR3,1
+HOS$\XGD!9HUVLRQ9HUVLyQ²6yOR
VHHQFRQWUDUiDFWLYRDOVHOHFFLRQDU9HUVLRQ
9HUVLyQHQHOPHQ~GHVSOHJDEOH+HOS$\XGD
(QXQDSDQWDOODTXHQRVHDFRPSDWLEOHFRQ
''&&,VyORODVSHVWDxDV+HOS$\XGD\
2SWLRQV2SFLRQHVHVWDUiQGLVSRQLEOHV
‡ 6HPRVWUDUi7KHIW'HWHUUHQFH(QDEOHG
3UHYHQFLyQGHURERKDELOLWDGD
‡ 'LVDEOH7KHIW'HWHUUHQFH0RGH
'HVKDELOLWDUHOPRGRGHSUHYHQFLyQGH
URERDEUHODSDQWDOODGHODSiJLQDVLJXLHQWH
‡ (OERWyQ3,12SWLRQV2SFLRQHVGH
Q~PHUR3,1VyORVHHQFRQWUDUiGLVSRQLEOH
VLHOXVXDULRKDFUHDGRXQQ~PHUR3,1
$OSXOVDUHOERWyQVHDEULUiHOVLWLRZHE
VHJXURGHQ~PHUR3,1
0HQ~+HOS$\XGD
+HOS$\XGD!8VHU0DQXDO0DQXDOGH
XVXDULR²6yORVHHQFRQWUDUiDFWLYRDO
VHOHFFLRQDU8VHU0DQXDO0DQXDOGHXVXDULR
HQHOPHQ~GHVSOHJDEOH+HOS$\XGD(QXQD
SDQWDOODTXHQRVHDFRPSDWLEOHFRQ''&
&,VyORODVSHVWDxDV+HOS$\XGD\2SWLRQV
2SFLRQHVHVWDUiQGLVSRQLEOHV
&RQWH[W6HQVLWLYH0HQX0HQ~VHQVLEOHDO
FRQWH[WR
/DRSFLyQ&RQWH[W6HQVLWLYHPHQX0HQ~
VHQVLEOHDOFRQWH[WRVHHQFXHQWUDKDELOLWDGDGH
IRUPDSUHGHWHUPLQDGD
6LODRSFLyQ(QDEOH&RQWH[W0HQX+DELOLWDU
PHQ~FRQWH[WXDOVHKDPDUFDGRHQHO
SDQHO2SWLRQV2SFLRQHV!3UHIHUHQFHV
3UHIHUHQFLDVHOPHQ~VHUiYLVLEOH
2SWLPL]DFLyQGHODLPDJHQ
/DEDQGHMDGHWDUHDVWLHQHFLQFRHQWUDGDV
‡ +HOS$\XGD²$FFHVRDODUFKLYRGHO
0DQXDOGHXVXDULR$EUHHODUFKLYRGHO
0DQXDOGHXVXDULRDWUDYpVGHODYHQWDQD
GHOQDYHJDGRUSUHGHWHUPLQDGR
‡ 7HFKQLFDO6XSSRUW6RSRUWHWpFQLFR²
0XHVWUDODSiJLQDGHVRSRUWHWpFQLFR
‡ &KHFNIRU8SGDWH%XVFDUDFWXDOL]DFLRQHV
²/OHYDDOXVXDULRDODSiJLQD3',/DQGLQJ
$FFHVR3',\FRPSUXHEDVLODYHUVLyQ
LQVWDODGDFRLQFLGHFRQODPiVUHFLHQWH
‡ $ERXW$FHUFDGH²0XHVWUDLQIRUPDFLyQ
GHUHIHUHQFLDGHWDOODGDLQFOXLGDODYHUVLyQ
GHOSURGXFWRLQIRUPDFLyQDFHUFDGHOD
YHUVLyQ\HOQRPEUHGHOSURGXFWR
‡ ([LW6DOLU²&LHUUD6PDUW&RQWURO3UHPLXP
3DUDHMHFXWDUGHQXHYR6PDUW&RQWURO3UHPLXP
VHOHFFLRQH6PDUW&RQWURO3UHPLXPHQHOPHQ~
3URJUDP3URJUDPDKDJDGREOHFOLFHQHOLFRQR
GH3&GHOHVFULWRULRRUHLQLFLHHOVLVWHPD
(O&RQWH[W0HQXPHQ~FRQWH[WXDOWLHQH
FXDWURHQWUDGDV
‡ 6PDUW&RQWURO3UHPLXP²$OVHOHFFLRQDU
HVWDRSFLyQVHPXHVWUDODSDQWDOOD$ERXW
$FHUFDGH
‡ 6HOHFW3UHVHW6HOHFFLRQDUFRQILJXUDFLyQ
SUHGHWHUPLQDGD²3HUPLWHDEULUXQ
PHQ~MHUiUTXLFRGHFRQILJXUDFLRQHV
SUHGHWHUPLQDGDVJXDUGDGDVSDUDVXXVR
LQPHGLDWR8QDPDUFDGHYHULILFDFLyQ
SHUPLWHGHWHUPLQDUODFRQILJXUDFLyQ
SUHGHWHUPLQDGDVHOHFFLRQDGDDFWXDOPHQWH
/DRSFLyQ)DFWRU\3UHVHW&RQILJXUDFLyQ
SUHGHWHUPLQDGDGHIiEULFDWDPELpQVH
SXHGHVHOHFFLRQDUHQHOPHQ~GHVSOHJDEOH
‡ 7XQH'LVSOD\$MXVWDUSDQWDOOD²$EUH
HOSDQHOGHFRQWUROGH6PDUW&RQWURO
3UHPLXP
‡ 6PDUW,PDJH²6HOHFFLRQHODFRQILJXUDFLyQ
TXHGHVHHDSOLFDUSRUPHGLRGHODV
RSFLRQHV2IILFH2ILFLQD3KRWR
)RWRJUDItD0RYLH3HOtFXOD*DPH-XHJR
(FRQRP\$KRUURX2II$SDJDGR
0HQ~GHEDQGHMDGHWDUHDVGHVKDELOLWDGR
0HQ~GHEDQGHMDGHWDUHDVKDELOLWDGR
6LODEDQGHMDGHWDUHDVVHHQFXHQWUD
GHVKDELOLWDGDHQODFDUSHWDGHSUHIHUHQFLDV
VyORVHHQFRQWUDUiGLVSRQLEOHODRSFLyQ(;,7
6$/,53DUDTXLWDU6PDUW&RQWURO3UHPLXP
FRPSOHWDPHQWHGHODEDQGHMDGHWDUHDV
GHVKDELOLWHODRSFLyQ5XQDW6WDUWXS(MHFXWDU
GXUDQWHHOLQLFLRHQ2SWLRQV2SFLRQHV!
3UHIHUHQFHV3UHIHUHQFLDV
(QHOPHQ~GHODEDQGHMDGHWDUHDVVHSXHGH
PRVWUDUKDFLHQGRFOLFFRQHOERWyQVHFXQGDULR
HQHOLFRQR6PDUW&RQWURO3UHPLXPGHGLFKD
EDQGHMD+DJDFOLFFRQHOERWyQSULQFLSDOSDUD
LQLFLDUODDSOLFDFLyQ
1RWD
7RGDVODVLOXVWUDFLRQHVGHHVWDVHFFLyQSRVHHQ
VyORÀQHVUHIHUHQFLDOHV/DYHUVLyQGHOVRIWZDUH
6PDUW&RQWUROSRGUtDFDPELDUVLQDYLVRSUHYLR
&RQVXOWHVLHPSUHHOVLWLR:HERÀFLDOGH3RUWUDLW
ZZZSRUWUDLWFRPGWXQHSKOHQXLQGH[SDUD
GHVFDUJDUODYHUVLyQPiVUHFLHQWHGHOVRIWZDUH
6PDUW&RQWURO
2SWLPL]DFLyQGHODLPDJHQ
&XDQGRODYHQWDQD\HOFXUVRUGHOUDWyQHVWpQ
GHQWURGHXQDUHJLyQGLFKDUHJLyQDSDUHFHUi
UHVDOWDGD
*XtDGH6PDUW'HVNWRS
6PDUW'HVNWRS
6PDUW'HVNWRSIRUPDSDUWHGH6PDUW&RQWURO
3UHPLXP,QVWDOH6PDUW&RQWURO3UHPLXP
\VHOHFFLRQH6PDUW'HVNWRSHQ2SWLRQV
2SFLRQHV
1RWD
6LHOFRQWRUQRGHODUHJLyQQRHVYLVLEOHDO
DUUDVWUDUODYHQWDQDVLJQLÀFDTXHODRSFLyQ´6KRZ
ZLQGRZVFRQWHQWVZKLOHGUDJJLQJµ0RVWUDU
HOFRQWHQLGRGHODYHQWDQDDODUUDVWUDUHVWi
GHVKDELOLWDGD3DUDKDELOLWDUOD
(Q&RQWURO3DQHO3DQHOGHFRQWUROKDJD
FOLFHQ6\VWHP6LVWHPD
+DJDFOLFHQ$GYDQFHGV\VWHPVHWWLQJV
&RQÀJXUDFLyQDYDQ]DGDGHOVLVWHPDHQ
ORVVLVWHPDVRSHUDWLYRV:LQGRZV9LVWD\
:LQGRZVHVWDRSFLyQVHHQFXHQWUDHQOD
EDUUDODWHUDOL]TXLHUGD
(QODVHFFLyQ3HUIRUPDQFH5HQGLPLHQWR
KDJDFOLFHQ6HWWLQJV&RQÀJXUDFLyQ
(QHOFXDGURPDUTXHODRSFLyQ6KRZ
ZLQGRZFRQWHQWVZKLOHGUDJJLQJ0RVWUDU
HOFRQWHQLGRGHODYHQWDQDPLHQWUDVVH
DUUDVWUD\KDJDFOLFHQ2.$FHSWDU
‡ /DFDVLOODGHYHULILFDFLyQ$OLJQWRSDUWLWLRQ
$OLQHDUHQSDUWLFLyQKDELOLWDUiODDOLQHDFLyQ
DXWRPiWLFDGHODYHQWDQDFXDQGRVH
DUUDVWUHDODSDUWLFLyQGHILQLGD
2ELHQ
9LVWD
‡ 6HOHFFLRQHODSDUWLFLyQTXHGHVHHKDFLHQGR
FOLFHQHOLFRQR/DSDUWLFLyQVHDSOLFDUiDO
HVFULWRULR\HOLFRQRDSDUHFHUiUHVDOWDGR
´&RQWURO3DQHOµ3DQHOGHFRQWURO!
´3HUVRQDOL]DWLRQµ3HUVRQDOL]DFLyQ!´:LQGRZ
&RORUDQG$SSHDUDQFHµ&RORU\DSDULHQFLD
GHODVYHQWDQDV!KDJDFOLFHQ´2SHQ&ODVVLF
DSSHDUDQFHSURSHUWLHVIRUPRUHFRORURSWLRQVµ
$EULUODVSURSLHGDGHVGHDSDULHQFLDFOiVLFDSDUD
YHUPiVRSFLRQHVGHFRORU!KDJDFOLFHQHO
ERWyQ´(IIHFWVµ(IHFWRV!KDJDFOLFHQ´6KRZ
ZLQGRZFRQWHQWVZKLOHGUDJJLQJµ0RVWUDUHO
FRQWHQLGRGHODYHQWDQDPLHQWUDVVHDUUDVWUD
‡ /DRSFLyQ,GHQWLI\,GHQWLILFDURIUHFHXQD
IRUPDUiSLGDGHYHUODFXDGUtFXOD
(Q:LQGRZV;3
´'LVSOD\3URSHUWLHVµ3URSLHGDGHVGHOD
SDQWDOOD!´$SSHDUDQFHµ$SDULHQFLD!
´(IIHFWVµ(IHFWRV!DFWLYH´6KRZZLQGRZ
FRQWHQWVZKLOHGUDJJLQJµ0RVWUDUHOFRQWHQLGR
GHODYHQWDQDPLHQWUDVVHDUUDVWUD
$UUDVWUDU\FRORFDUYHQWDQDV
8QDYH]FRQÀJXUDGDVODVSDUWLFLRQHV\
VHOHFFLRQDGDODFDVLOOD$OLJQWRSDUWLWLRQ$OLQHDU
FRQSDUWLFLyQVHSXHGHDUUDVWUDUXQDYHQWDQDD
ODUHJLyQSDUDDOLQHDUODDXWRPiWLFDPHQWH
(Q:LQGRZV
1RKD\QLQJ~QPHGLRDOWHUQDWLYR
2SWLPL]DFLyQGHODLPDJHQ
2SFLRQHVGHODEDUUDGHWtWXOR
6HSXHGHDFFHGHUD'HVNWRS3DUWLWLRQOD
SDUWLFLyQGHHVFULWRULRGHVGHODEDUUDGHWtWXOR
GHODYHQWDQDDFWLYD6HWUDWDGHXQDIRUPD
UiSLGD\IiFLOGHDGPLQLVWUDUHOHVFULWRULR\
HQYLDUFXDOTXLHUYHQWDQDDFXDOTXLHUSDUWLFLyQ
VLQWHQHUTXHUHFXUULUDOPpWRGRGHDUUDVWUDU
\FRORFDU&RORTXHHOFXUVRUVREUHODEDUUDGH
WtWXORGHODYHQWDQDDFWLYDSDUDDFFHGHUDOPHQ~
GHVSOHJDEOH
1RWD
6LKD\PiVGHXQDSDQWDOODFRQHFWDGDHOXVXDULR
SRGUiVHOHFFLRQDUODSDQWDOODFRUUHVSRQGLHQWH
DODSDUWLFLyQDODTXHGHVHHFDPELDU(OLFRQR
UHVDOWDGRUHSUHVHQWDODSDUWLFLyQDFWLYDDFWXDO
,GHQWLI\3DUWLWLRQ,GHQWLÀFDUSDUWLFLyQ²
0XHVWUDODFXDGUtFXODGHFRQWRUQRHQHO
HVFULWRULRGHODSDUWLFLyQDFWXDO
0HQ~FRQWH[WXDO
+DJDFOLFFRQHOERWyQVHFXQGDULRGHOUDWyQ
HQHOLFRQRGH'HVNWRS3DUWLWLRQ3DUWLFLyQGH
HVFULWRULRSDUDDEULUHOPHQ~GHVSOHJDEOH
$OLJQ2Q$OLJQ2II$FWLYDUDOLQHDFLyQ
'HVDFWLYDUDOLQHDFLyQ²+DELOLWDGHVKDELOLWD
ODIXQFLyQGHDOLQHDFLyQDXWRPiWLFD
PHGLDQWHHOPpWRGRGHDUUDVWUDU\FRORFDU
([LW6DOLU²&LHUUDOD'HVNWRS3DUWLWLRQ
3DUWLFLyQGHHVFULWRULR\HO'LVSOD\7XQH
$MXVWHGHSDQWDOOD3DUDUHLQLFLDUHMHFXWH
'LVSOD\7XQH$MXVWHGHSDQWDOODGHVGHHO
PHQ~VWDUW,QLFLRRDWUDYpVGHODFFHVR
GLUHFWRGHOHVFULWRULR
0HQ~GHOERWyQSULQFLSDO
)LQG:LQGRZV%XVFDUYHQWDQDV²(Q
DOJXQRVFDVRVHOXVXDULRSXHGHKDEHU
HQYLDGRYDULDVYHQWDQDVDODPLVPD
SDUWLFLyQ/DRSFLyQ)LQG:LQGRZV%XVFDU
YHQWDQDVSHUPLWHPRVWUDUWRGDVODV
YHQWDQDVDELHUWDV\WUDVODGDUODYHQWDQD
VHOHFFLRQDGDDOSULPHUSODQR
+DJDFOLFFRQHOERWyQSULQFLSDOGHOUDWyQ
HQHOLFRQRGH'HVNWRS3DUWLWLRQ3DUWLFLyQ
GHHVFULWRULRSDUDHQYLDUUiSLGDPHQWHOD
YHQWDQDDFWLYDDFXDOTXLHUSDUWLFLyQVLQWHQHU
TXHUHFXUULUDOPpWRGRGHDUUDVWUDU\FRORFDU
$OOLEHUDUHOUDWyQODYHQWDQDVHHQYLDUiDOD
SDUWLFLyQUHVDOWDGD
'HVNWRS3DUWLWLRQ3DUWLFLyQGH
HVFULWRULR²(VWDRSFLyQPXHVWUDOD
SDUWLFLyQVHOHFFLRQDGDDFWXDOPHQWH\
SHUPLWHDOXVXDULRFDPELDUUiSLGDPHQWHD
FXDOTXLHUDGHODVSDUWLFLRQHVTXHDSDUHFHQ
HQHOPHQ~GHVSOHJDEOH
2SWLPL]DFLyQGHODLPDJHQ
+DJDFOLFFRQHOERWyQVHFXQGDULRHQOD
EDQGHMDGHWDUHDV
/DEDQGHMDGHWDUHDVFRQWLHQHWDPELpQOD
PD\RUtDGHODVIXQFLRQHVGHODEDUUDGH
WtWXORVDOYRDTXHOODTXHSHUPLWHHQYLDU
DXWRPiWLFDPHQWHXQDYHQWDQDDFXDOTXLHU
SDUWLFLyQ
‡ )LQG:LQGRZV%XVFDUYHQWDQDV²(Q
DOJXQRVFDVRVHOXVXDULRSXHGHKDEHU
HQYLDGRYDULDVYHQWDQDVDODPLVPD
SDUWLFLyQ/DRSFLyQ)LQG:LQGRZV%XVFDU
YHQWDQDVSHUPLWHPRVWUDUWRGDVODV
YHQWDQDVDELHUWDV\WUDVODGDUODYHQWDQD
VHOHFFLRQDGDDOSULPHUSODQR
‡ 'HVNWRS3DUWLWLRQ3DUWLFLyQGH
HVFULWRULR²(VWDRSFLyQPXHVWUDOD
SDUWLFLyQVHOHFFLRQDGDDFWXDOPHQWH\
SHUPLWHDOXVXDULRFDPELDUUiSLGDPHQWHD
FXDOTXLHUDGHODVSDUWLFLRQHVTXHDSDUHFHQ
HQHOPHQ~GHVSOHJDEOH
‡ ,GHQWLI\3DUWLWLRQ,GHQWLILFDUSDUWLFLyQ²
0XHVWUDODFXDGUtFXODGHFRQWRUQRHQHO
HVFULWRULRGHODSDUWLFLyQDFWXDO
‡ $OLJQ2Q$OLJQ2II$FWLYDUDOLQHDFLyQ
'HVDFWLYDUDOLQHDFLyQ²+DELOLWDGHVKDELOLWD
ODIXQFLyQGHDOLQHDFLyQDXWRPiWLFD
PHGLDQWHHOPpWRGRGHDUUDVWUDU\FRORFDU
2SWLPL]DFLyQGHODLPDJHQ
*ORVDULRGH6PDUW'HVNWRS3DUWLWLRQ3DUWLFLyQGH6PDUW'HVNWRS
1RPEUH
'HVFULSFLyQ
,OXVWUDFLyQ
)XOO'HVNWRS(VFULWRULR $SOLFDODFRQÀJXUDFLyQDWRGRHOHVFULWRULR
FRPSOHWR
9HUWLFDO
&DOFXODODUHVROXFLyQGHODSDQWDOOD\GLYLGHHVWDHQGRV
UHJLRQHVYHUWLFDOHVGHOPLVPRWDPDxR
/DFRQÀJXUDFLyQYHUWLFDOVHPDQWLHQHHQORVPRGRV
+RUL]RQWDO
&DOFXODODUHVROXFLyQGHODSDQWDOOD\GLYLGHHVWDHQGRV
UHJLRQHVYHUWLFDOHVGHOPLVPRWDPDxR
/DFRQÀJXUDFLyQKRUL]RQWDOVHPDQWLHQHHQORVPRGRV
9HUWLFDO7ULSOH7ULSOH
YHUWLFDO
&DOFXODODUHVROXFLyQGHODSDQWDOOD\GLYLGHHVWDHQWUHV
UHJLRQHVYHUWLFDOHVGHOPLVPRWDPDxR
(QHOPRGRODSDUWLFLyQVHVLW~DKRUL]RQWDOPHQWHHQ
ODSDUWHVXSHULRUODSDUWLFLyQVHVLW~DKRUL]RQWDOPHQWH
HQODSDUWHFHQWUDO\ODSDUWLFLyQVHVLW~D
KRUL]RQWDOPHQWHHQODSDUWHLQIHULRU
(QHOPRGRODSDUWLFLyQVHVLW~DKRUL]RQWDOPHQWH
HQODSDUWHVXSHULRUODSDUWLFLyQVHVLW~D
KRUL]RQWDOPHQWHHQODSDUWHFHQWUDO\ODSDUWLFLyQVH
VLW~DKRUL]RQWDOPHQWHHQODSDUWHLQIHULRU
9HUWLFDO6SOLW/HIW
'LYLVLyQYHUWLFDO
L]TXLHUGD
&DOFXODODUHVROXFLyQGHODSDQWDOOD\ODGLYLGHHQGRV
UHJLRQHVYHUWLFDOHVVLHQGRODUHJLyQL]TXLHUGDXQDUHJLyQ
~QLFD\ODUHJLyQGHUHFKDXQDUHJLyQGLYLGLGDDVXYH]HQ
GRVUHJLRQHVGHLJXDOWDPDxR
(QHOPRGRODSDUWLFLyQVHVLW~DHQODSDUWHVXSHULRU
\ODVSDUWLFLRQHV\VHVLW~DQHQODSDUWHLQIHULRU
(QHOPRGRODSDUWLFLyQVHVLW~DHQODSDUWHLQIHULRU
\ODVSDUWLFLRQHV\VHVLW~DQHQODSDUWHVXSHULRU
9HUWLFDO6SOLW5LJKW
'LYLVLyQYHUWLFDO
GHUHFKD
&DOFXODODUHVROXFLyQGHODSDQWDOOD\ODGLYLGHHQGRV
UHJLRQHVYHUWLFDOHVVLHQGRODUHJLyQGHUHFKDXQDUHJLyQ
~QLFD\ODUHJLyQL]TXLHUGDXQDUHJLyQGLYLGLGDDVXYH]HQ
GRVUHJLRQHVGHLJXDOWDPDxR
(QHOPRGRODVSDUWLFLRQHV\VHVLW~DQHQODSDUWH
VXSHULRU\ODSDUWLFLyQVHVLW~DHQODSDUWHLQIHULRU
(QHOPRGRODSDUWLFLyQVHVLW~DHQODSDUWH
VXSHULRU\ODVSDUWLFLRQHV\VHVLW~DQHQODSDUWH
LQIHULRU
2SWLPL]DFLyQGHODLPDJHQ
1RPEUH
'HVFULSFLyQ
,OXVWUDFLyQ
+RUL]RQWDO6SOLW7RS
'LYLVLyQKRUL]RQWDO
VXSHULRU
&DOFXODODUHVROXFLyQGHODSDQWDOOD\ODGLYLGHHQGRV
UHJLRQHVKRUL]RQWDOHVGHLJXDOWDPDxRVLHQGRODUHJLyQ
VXSHULRUXQDUHJLyQ~QLFD\ODUHJLyQLQIHULRUXQDUHJLyQ
GLYLGLGDDVXYH]HQGRVUHJLRQHVGHLJXDOWDPDxR
(QHOPRGRODSDUWLFLyQVHVLW~DHQODSDUWHYHUWLFDO
GHUHFKD\ODVSDUWLFLRQHV\VHVLW~DQHQODSDUWH
YHUWLFDOL]TXLHUGD
(QHOPRGRODSDUWLFLyQVHVLW~DHQODSDUWHYHUWLFDO
L]TXLHUGD\ODVSDUWLFLRQHV\VHVLW~DQHQODSDUWH
YHUWLFDOGHUHFKD
+RUL]RQWDO6SOLW
%RWWRP'LYLVLyQ
KRUL]RQWDOLQIHULRU
&DOFXODODUHVROXFLyQGHODSDQWDOOD\ODGLYLGHHQGRV
UHJLRQHVKRUL]RQWDOHVGHLJXDOWDPDxRVLHQGRODUHJLyQ
LQIHULRUXQDUHJLyQ~QLFD\ODUHJLyQVXSHULRUXQDUHJLyQ
GLYLGLGDDVXYH]HQGRVUHJLRQHVGHLJXDOWDPDxR
(QHOPRGRODVSDUWLFLRQHV\VHVLW~DQHQODSDUWH
YHUWLFDOGHUHFKD\ODSDUWLFLyQVHVLW~DHQODSDUWH
YHUWLFDOL]TXLHUGD
(QHOPRGRODVSDUWLFLRQHV\VHVLW~DQHQODSDUWH
YHUWLFDOL]TXLHUGD\ODSDUWLFLyQVHVLW~DHQODSDUWH
YHUWLFDOGHUHFKD
(YHQ6SOLW'LYLVLyQ
XQLIRUPH
&DOFXODODUHVROXFLyQGHODSDQWDOOD\ODGLYLGHHQFXDWUR
UHJLRQHVGHLJXDOWDPDxR
(VSHFLÀFDFLRQHVWpFQLFDV
(VSHFLILFDFLRQHVWpFQLFDV
,PDJHQ3DQWDOOD
7LSRGHSDQHO
5HWURLOXPLQDFLyQ
7DPDxRGHOSDQHO
5HODFLyQGHDVSHFWR
'HQVLGDGGHSt[HOHV
%ULOOR
6PDUW&RQWUDVW
5HODFLyQGHFRQWUDVWHWtS
7LHPSRGHUHVSXHVWDWtS
6PDUW5HVSRQVH
5HVROXFLyQySWLPD
ÉQJXORGHYLVXDOL]DFLyQ
ÉUHDGHYLVXDOL]DFLyQHIHFWLYD
)XQFLRQHVGHPHMRUDGHODLPDJHQ
&RORUHVHQSDQWDOOD
)UHFXHQFLDGHDFWXDOL]DFLyQYHUWLFDO
)UHFXHQFLDKRUL]RQWDO
V5*%
&RQHFWLYLGDG
(QWUDGD\VDOLGDGHVHxDO
86%
6HxDOGHHQWUDGD
(QWUDGDVDOLGDGHDXGLR
)XQFLRQHV
$OWDYRFHVLQWHJUDGRV
)XQFLRQHVGHXVXDULR
,GLRPDVGHOPHQ~26'
2WUDVIXQFLRQHV
&RPSDWLELOLGDGFRQ3OXJ3OD\
6RSRUWH
,QFOLQDFLyQ
*LUR
$MXVWHGHDOWXUD
$MXVWHJLUDWRULR
$OLPHQWDFLyQ
0RGRHQFHQGLGR
&RQVXPRHQHUJpWLFR
0pWRGRGHSUXHED(QHUJ\6WDU
)XQFLRQDPLHQWRQRUPDOWtS
$+,36
6LVWHPD:/('
SDQRUiPLFRFP
[PP
FGPô
PVJULVDJULV
PVJULVDJULV
[D+]
ƒ+ƒ9D&5!
[PP
6PDUW,PDJH
0
+]+]
N+]N+]
6Ì
(QODFHGXDO'9,HQWUDGD'LVSOD\3RUWVDOLGD'LVSOD\3RUW\+'0,[
386%[
6LQFURQL]DFLyQLQGHSHQGLHQWH\VLQFURQL]DFLyQHQYHUGH
(QWUDGDGHDXGLRGH3&VDOLGDGHDXULFXODUHV
:[
,QJOpVIUDQFpVDOHPiQHVSDxROLWDOLDQRUXVRFKLQRVLPSOLÀFDGR\
SRUWXJXpV
6RSRUWH9(6$[PP\FHUUDGXUD.HQVLQJWRQ
''&&,V5*%:LQGRZV9LVWD;30DF26;\/LQX[
ƒƒ
3ƒƒ
3PP
3ƒ
:WtS:Pi[FRQDXGLR\86%[
9ROWDMHGHHQWUDGD
9ROWDMHGHHQWUDGD
9ROWDMHGHHQWUDGD
GH&$D9&$\ GH&$D9&$\ GH&$D9&$\
+]
+]
+]
:
:
:
(VSHFLÀFDFLRQHVWpFQLFDV
6XVSHQVLyQHVSHUDWtS
$SDJDGR
$SDJDGRFRQPXWDGRUGH&$
'LVLSDFLyQGHFDORU
)XQFLRQDPLHQWRQRUPDO
6XVSHQVLyQHVSHUD
$SDJDGR
$SDJDGRFRQPXWDGRUGH&$
,QGLFDGRU/('GHHQFHQGLGR
)XHQWHGHDOLPHQWDFLyQ
'LPHQVLRQHV
3URGXFWRFRQVRSRUWH$Q[$O[
3U
3URGXFWRVLQVRSRUWH$Q[$O[
3U
3HVR
3URGXFWRFRQVRSRUWH
3URGXFWRVLQVRSRUWH
3URGXFWRFRQHPEDODMH
:
:
:
:
:
:
:
:
:
9ROWDMHGHHQWUDGD
9ROWDMHGHHQWUDGD
9ROWDMHGHHQWUDGD
GH&$D9&$\ GH&$D9&$\ GH&$D9&$\
+]
+]
+]
%78K
%78K
%78K
%78K
%78K
%78K
%78K
%78K
%78K
%78K
%78K
%78K
0RGRHQFHQGLGR%ODQFRHVSHUDVXVSHQGLGR%ODQFRLQWHUPLWHQWH
,QWHJUDGD9&$+]
3[[PP
;[[PP
[[PP
3NJ
3NJ
3NJ
;NJ
;NJ
;NJ
&RQGLFLRQHVGHIXQFLRQDPLHQWR
,QWHUYDORGHWHPSHUDWXUD
+XPHGDGUHODWLYD
07%)
&RQGLFLRQHVGHXVRƒ&Dƒ&
(QUHSRVRƒ&Dƒ&
D
K
&DUDFWHUtVWLFDVPHGLRDPELHQWDOHV
52+6
(3($7
(PEDODMH
6XVWDQFLDVHVSHFtÀFDV
(QHUJ\6WDU
&RQIRUPLGDG\QRUPDV
6Ì
*ROGZZZHSHDWQHW
UHFLFODEOH
&DUFDVDOLEUHGH39&%)5
6Ì
+RPRORJDFLRQHVDGPLQLVWUDWLYDV
%60,&(0DUN)&&&ODVV%*2676(0.27&2&HUWLÀHG(GJH
38/F8/789*63,62;
789(UJR3\7&2&HUWLÀHG
&DUFDVD
&RORU
$FDEDGR
1HJUR
7H[WXUD
1RWD
/DKRPRORJDFLyQ(3($7*ROGR6LOYHUVyORVHUiYiOLGDHQORVOXJDUHVHQORVTXH3KLOLSVUHJLVWUHHO
SURGXFWR9LVLWHZZZHSHDWQHWVLGHVHDREWHQHULQIRUPDFLyQDFHUFDGHOHVWDGRGHUHJLVWURHQVXSDtV
(VWRVGDWRVVHHQFXHQWUDQVXMHWRVDFDPELRVVLQDYLVRSUHYLR9LVLWHZZZSKLOLSVFRPVXSSRUWVLGHVHD
GHVFDUJDUODYHUVLyQPiVUHFLHQWHGHHVWHGRFXPHQWR
(VSHFLÀFDFLRQHVWpFQLFDV
5HVROXFLyQ\PRGRV
SUHGHWHUPLQDGRV
&U\VWDOFOHDU
(VWDQRYHGRVDSDQWDOODGH3KLOLSVSURSRUFLRQD
LPiJHQHV&U\VWDOFOHDUFRQXQDUHVROXFLyQ
GH[0HGLDQWHSDQHOHVGHDOWR
UHQGLPLHQWRFRQXQQ~PHURGHSt[HOHVGHDOWD
GHQVLGDGDPSOLRViQJXORVGHYLVXDOL]DFLyQGH
\IXHQWHVGHJUDQDQFKRGHEDQGD
FRPR'LVSOD\SRUW+'0,R'9,GHHQODFHGXDO
HVWDQXHYDSDQWDOODKDUiTXHODVLPiJHQHV\ORV
JUiÀFRVFREUHQYLGD6LHVXQ
SURIHVLRQDOH[LJHQWHTXHQHFHVLWDLQIRUPDFLyQ
H[WUHPDGDPHQWHGHWDOODGDSDUDVROXFLRQHV
&$'&$0XWLOL]DDSOLFDFLRQHVJUiÀFDV'R
XQDVLVWHQWHÀQDQFLHURTXHWUDEDMDHQKRMDV
GHFiOFXORLQPHQVDVHVWDSDQWDOODGH3KLOLSVOH
SURSRUFLRQDUiLPiJHQHV&U\VWDOFOHDU
5HVROXFLyQPi[LPD
[D+]HQWUDGDGLJLWDO
5HVROXFLyQUHFRPHQGDGD
[D+]HQWUDGDGLJLWDO
)UHF+.+]
5HVROXFLyQ
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
)UHF9+]
1RWD
‡ 7HQJDHQFXHQWDTXHODSDQWDOODIXQFLRQD
PHMRUFRQODUHVROXFLyQQDWLYDGH
[D+]3DUDORJUDUXQD
PHMRUFDOLGDGGHYLVXDOL]DFLyQVLJDOD
UHFRPHQGDFLyQGHODUHVROXFLyQ
‡ &XDQGRXWLOLFH'9,VHQHFHVLWDUiXQFDEOH
'9,GHHQODFHGXDOSDUDFRQVHJXLUOD
UHVROXFLyQPi[LPDGH[
‡ /DUHVROXFLyQGHSDQWDOODPiVDOWDDGPLWLGD
HQ+'0,HV[SHURVLHPSUH
GHSHQGHGHODFDSDFLGDGGHODWDUMHWD
JUiILFD\GHORVUHSURGXFWRUHV%OX5D\\GH
YtGHR
$GPLQLVWUDFLyQHQHUJtD
$GPLQLVWUDFLyQHQHUJtD
6LGLVSRQHGHXQDWDUMHWDJUiÀFDRXQDDSOLFDFLyQ
LQVWDODGDHQVX3&FRPSDWLEOHFRQ9(6$'30
HOPRQLWRUSRGUiUHGXFLUDXWRPiWLFDPHQWHVX
FRQVXPRGHHQHUJtDFXDQGRQRVHHQFXHQWUHHQ
XVR$OGHWHFWDUXQDHQWUDGDGHVGHXQWHFODGR
XQUDWyQXRWURGLVSRVLWLYRGHHQWUDGDHO
PRQLWRUVH´GHVSHUWDUiµGHPDQHUDDXWRPiWLFD
/DVLJXLHQWHWDEODPXHVWUDHOFRQVXPRGH
HQHUJtD\ODVHxDOL]DFLyQGHHVWDFDUDFWHUtVWLFD
GHDKRUURGHHQHUJtDDXWRPiWLFD
'HÀQLFLyQGHDGPLQLVWUDFLyQGHHQHUJtD
0RGR
9(6$
9tGHR
$FWLYR
$&7,
9$'2
6LQFUR
6LQFUR
QL]DFLyQ QL]DFLyQ
KRUL]RQWDO YHUWLFDO
(QHUJtD
FRQVXPLGD
&RORUGHO
LQGLFDGRU
/('
%ODQFR
6t
6t
:WtS
:YDORU
Pi[LPR
FRQDXGLR\
86%[
'(6
6XVSHQVLyQ
$&7,
HVSHUD
9$'2
1R
1R
:WtS
%ODQFR
LQWHUPL
WHQWH
$SDJDGR '(6
FRQPXWD $&7,
GRUGH&$ 9$'2
:
'(6$&
7,9$'2
$FRQWLQXDFLyQVHPXHVWUDQORVSDUiPHWURV
HPSOHDGRVSDUDPHGLUHOFRQVXPRGHSRWHQFLD
GHHVWHPRQLWRU
‡ 5HVROXFLyQQDWLYD[
‡ &RQWUDVWH
‡ %ULOORQLWV
‡ 7HPSHUDWXUDGHFRORUNFRQSDWUyQ
GHEODQFRVFRPSOHWR
‡ ,QDFWLYLGDGGHDXGLR\86%GHVDFWLYDGR
1RWD
(VWRVGDWRVVHHQFXHQWUDQVXMHWRVDFDPELRVVLQ
DYLVRSUHYLR
,QIRUPDFLyQDGPLQLVWUDWLYD
DQGOXPLQDQFHXQLIRUPLW\FRORUUHQGLWLRQ
DQGLPDJHVWDELOLW\
,QIRUPDFLyQDGPLQLVWUDWLYD
‡ 3URGXFWKDYHEHHQWHVWHGDFFRUGLQJWR
ULJRURXVVDIHW\VWDQGDUGVDWDQLPSDUWLDO
ODERUDWRU\
/HDGIUHH3URGXFW
/HDGIUHHGLVSOD\SURPRWHV
HQYLURQPHQWDOO\VRXQGUHFRYHU\
DQGGLVSRVDORIZDVWHIURPHOHFWULFDO
DQGHOHFWURQLFHTXLSPHQW7R[LF
VXEVWDQFHVOLNH/HDGKDVEHHQHOLPLQDWHG
DQGFRPSOLDQFHZLWK(XURSHDQFRPPXQLW\·V
VWULQJHQW5R+VGLUHFWLYHPDQGDWLQJUHVWULFWLRQV
RQKD]DUGRXVVXEVWDQFHVLQHOHFWULFDODQG
HOHFWURQLFHTXLSPHQWKDYHEHHQDGKHUHGWR
LQRUGHUWRPDNH3KLOLSVPRQLWRUVVDIHWRXVH
WKURXJKRXWLWVOLIHF\FOH
‡ (OHFWULFDQGPDJQHWLFILHOGVHPLVVLRQVDV
ORZDVQRUPDOKRXVHKROGEDFNJURXQGOHYHOV
‡ /RZDFRXVWLFQRLVHHPLVVLRQV
6RPHRIWKH(QYLURQPHQWDOIHDWXUHVRIWKH
7&2&HUWLÀHGIRUGLVSOD\V
‡ 7KHEUDQGRZQHUGHPRQVWUDWHVFRUSRUDWH
VRFLDOUHVSRQVLELOLW\DQGKDVDFHUWLILHG
HQYLURQPHQWDOPDQDJHPHQWV\VWHP(0$6
RU,62
7&2&HUWLÀHG(GJH3
‡ 9HU\ORZHQHUJ\FRQVXPSWLRQERWKLQ
RQDQGVWDQGE\PRGHPLQLPL]HFOLPDWH
LPSDFW
&RQJUDWXODWLRQV
<RXUGLVSOD\LVGHVLJQHGIRUERWK
\RXDQGWKHSODQHW
‡ 5HVWULFWLRQVRQFKORULQDWHGDQGEURPLQDWHG
IODPHUHWDUGDQWVSODVWLFL]HUVSODVWLFVDQG
KHDY\PHWDOVVXFKDVFDGPLXPPHUFXU\
DQGOHDG5R+6FRPSOLDQFH
7KHGLVSOD\\RXKDYHMXVWSXUFKDVHGFDUULHVWKH
7&2&HUWLÀHG(GJHODEHO7KLVHQVXUHVWKDW
\RXUGLVSOD\LVGHVLJQHGPDQXIDFWXUHGDQG
WHVWHGDFFRUGLQJWRVRPHRIWKHVWULFWHVWTXDOLW\
DQGHQYLURQPHQWDOUHTXLUHPHQWVLQWKHZRUOG
7KLVPDNHVIRUDKLJKSHUIRUPDQFHSURGXFW
GHVLJQHGZLWKWKHXVHULQIRFXVWKDWDOVR
PLQLPL]HVWKHLPSDFWRQWKHFOLPDWHDQGRXU
QDWXUDOHQYLURQPHQW
‡ %RWKSURGXFWDQGSURGXFWSDFNDJLQJLV
SUHSDUHGIRUUHF\FOLQJ
‡ 7KHEUDQGRZQHURIIHUVWDNHEDFNRSWLRQV
7KHUHTXLUHPHQWVFDQEHGRZQORDGHGIURPRXU
ZHEVLWH7KHUHTXLUHPHQWVLQFOXGHGLQWKLVODEHO
KDYHEHHQGHYHORSHGE\7&2'HYHORSPHQWLQ
FRRSHUDWLRQZLWKVFLHQWLVWVH[SHUWVXVHUVDV
ZHOODVPDQXIDFWXUHUVDOORYHUWKHZRUOG6LQFH
WKHHQGRIWKHV7&2KDVEHHQLQYROYHG
LQLQÁXHQFLQJWKHGHYHORSPHQWRI,7HTXLSPHQW
LQDPRUHXVHUIULHQGO\GLUHFWLRQ2XUODEHOLQJ
V\VWHPVWDUWHGZLWKGLVSOD\VLQDQGLVQRZ
UHTXHVWHGE\XVHUVDQG,7PDQXIDFWXUHUVDOORYHU
WKHZRUOG$ERXWRIDOOGLVSOD\VZRUOGZLGH
DUH7&2FHUWLÀHG
7KLVGLVSOD\LVDZDUGHGWKH7&2&HUWLÀHG
FXWWLQJHGJHPDUNWRVLJQLI\LWLQFRUSRUDWHV
DQHZFXWWLQJHGJHLQQRYDWLRQWKDWGHOLYHUV
GLVWLQFWEHQHÀWVIRUWKHXVHUDQGUHGXFHGLPSDFW
RQWKHHQYLURQPHQW7&2&HUWLÀHGLVDWKLUG
SDUW\YHULÀHGSURJUDPZKHUHHYHU\SURGXFW
PRGHOLVWHVWHGE\DQDFFUHGLWHGLPSDUWLDOWHVW
ODERUDWRU\7&2&HUWLÀHGUHSUHVHQWVRQHRIWKH
WRXJKHVWFHUWLÀFDWLRQVIRUGLVSOD\VZRUOGZLGH
)RUPRUHLQIRUPDWLRQSOHDVHYLVLW
ZZZWFRGHYHORSPHQWFRP
6RPHRIWKH8VDELOLW\IHDWXUHVRIWKH7&2
&HUWLÀHGIRUGLVSOD\V
‡ *RRGYLVXDOHUJRQRPLFVDQGLPDJHTXDOLW\
LVWHVWHGWRHQVXUHWRSSHUIRUPDQFHDQG
UHGXFHVLJKWDQGVWUDLQSUREOHPV,PSRUWDQW
SDUDPHWHUVDUHOXPLQDQFHFRQWUDVW
UHVROXWLRQEODFNOHYHOJDPPDFXUYHFRORU
,QIRUPDFLyQDGPLQLVWUDWLYD
7&2&HUWLÀHG
KHDGVHWV$FRXVWLFSHUIRUPDQFH²SURWHFWLRQ
DJDLQVWVRXQGVSLNHVKHDGVHWVDQGIDQQRLVH
SURMHFWRUVFRPSXWHUV(UJRQRPLFDOO\GHVLJQHG
NH\ERDUGQRWHERRNV
&RQJUDWXODWLRQV
7KLVSURGXFWLV7&2&HUWLÀHG²IRU6XVWDLQDEOH
,7
(OHFWULFDO6DIHW\PLQLPDOHOHFWURPDJQHWLF
(PLVVLRQV
7KLUG3DUW\7HVWLQJ
$OOFHUWLÀHGSURGXFWPRGHOVKDYHEHHQWHVWHG
LQDQLQGHSHQGHQWDFFUHGLWHGODERUDWRU\
7&2&HUWLÀHGLVDQLQWHUQDWLRQDO
WKLUGSDUW\VXVWDLQDELOLW\FHUWLÀFDWLRQ
IRU,7SURGXFWV7&2&HUWLÀHG
HQVXUHVWKDWWKHPDQXIDFWXUHXVHDQGUHF\FOLQJ
RI,7SURGXFWVUHÁHFWHQYLURQPHQWDOVRFLDODQG
HFRQRPLFUHVSRQVLELOLW\(YHU\7&2&HUWLÀHG
SURGXFWPRGHOLVYHULÀHGE\DQDFFUHGLWHG
LQGHSHQGHQWWHVWODERUDWRU\
$GHWDLOHGFULWHULDVHWLVDYDLODEOHIRUGRZQORDG
DWZZZWFRGHYHORSPHQWFRPZKHUH\RXFDQ
DOVRÀQGDVHDUFKDEOHGDWDEDVHRIDOO7&2
&HUWLÀHG,7SURGXFWV
7KLVSURGXFWKDVEHHQYHULÀHGWRPHHWDOOWKH
FULWHULDLQ7&2&HUWLÀHGLQFOXGLQJ
7&2'HYHORSPHQWWKHRUJDQL]DWLRQEHKLQG
7&2&HUWLÀHGKDVEHHQDQLQWHUQDWLRQDO
GULYHULQWKHÀHOGRI6XVWDLQDEOH,7IRU\HDUV
&ULWHULDLQ7&2&HUWLÀHGDUHGHYHORSHGLQ
FROODERUDWLRQZLWKVFLHQWLVWVH[SHUWVXVHUV
DQGPDQXIDFWXUHUV2UJDQL]DWLRQVDURXQGWKH
ZRUOGUHO\RQ7&2&HUWLÀHGDVDWRROWRKHOS
WKHPUHDFKWKHLUVXVWDLQDEOH,7JRDOV:HDUH
RZQHGE\7&2DQRQSURÀWRUJDQL]DWLRQ
UHSUHVHQWLQJRIÀFHZRUNHUV7&2'HYHORSPHQW
LVKHDGTXDUWHUHGLQ6WRFNKROP6ZHGHQZLWK
UHJLRQDOSUHVHQFHLQ1RUWK$PHULFDDQG$VLD
&RUSRUDWH6RFLDO5HVSRQVLELOLW\
6RFLDOO\UHVSRQVLEOHSURGXFWLRQZRUNLQJ
FRQGLWLRQVDQGODERUODZLQPDQXIDFWXULQJ
FRXQWU\
(QHUJ\(IÀFLHQF\
(QHUJ\HIÀFLHQF\RISURGXFWDQGSRZHUVXSSO\
(QHUJ\6WDUFRPSOLDQWZKHUHDSSOLFDEOH
(QYLURQPHQWDO0DQDJHPHQW6\VWHP
0DQXIDFWXUHUPXVWEHFHUWLÀHGDFFRUGLQJWR
HLWKHU,62RU(0$6
0LQLPL]DWLRQRI+D]DUGRXV6XEVWDQFHV
/LPLWVRQFDGPLXPPHUFXU\OHDGKH[DYDOHQW
FKURPLXPLQFOXGLQJUHTXLUHPHQWVIRUPHUFXU\
IUHHSURGXFWVKDORJHQDWHGVXEVWDQFHVDQG
KD]DUGRXVÁDPHUHWDUGDQWV
)RUPRUHLQIRUPDWLRQSOHDVHYLVLW
ZZZWFRGHYHORSPHQWFRP
'HVLJQIRU5HF\FOLQJ
&RGLQJRISODVWLFVIRUHDV\UHF\FOLQJ/LPLWRQ
WKHQXPEHURIGLIIHUHQWSODVWLFVXVHG
3URGXFW/LIHWLPH3URGXFW7DNH%DFN
0LQLPXPRQH\HDUSURGXFWZDUUDQW\0LQLPXP
WKUHH\HDUDYDLODELOLW\RIVSDUHSDUWV3URGXFW
WDNHEDFN
3DFNDJLQJ
/LPLWVRQKD]DUGRXVVXEVWDQFHVLQSURGXFW
SDFNDJLQJ3DFNDJLQJSUHSDUHGIRUUHF\FOLQJ
(UJRQRPLF8VHUFHQWHUHGGHVLJQ
9LVXDOHUJRQRPLFVLQSURGXFWVZLWKDGLVSOD\
$GMXVWDELOLW\IRUXVHUFRPIRUWGLVSOD\V
,QIRUPDFLyQDGPLQLVWUDWLYD
(3($7
‡ (1/LPLWDWLRQRI9ROWDJH
)OXFWXDWLRQDQG)OLFNHUIROORZLQJSURYLVLRQV
RIGLUHFWLYHVDSSOLFDEOH
ZZZHSHDWQHW
7KH(3($7(OHFWURQLF
3URGXFW(QYLURQPHQWDO
$VVHVVPHQW7RROSURJUDP
HYDOXDWHVFRPSXWHU
GHVNWRSVODSWRSVDQGPRQLWRUVEDVHGRQ
HQYLURQPHQWDOFULWHULDGHYHORSHGWKURXJK
DQH[WHQVLYHVWDNHKROGHUFRQVHQVXVSURFHVV
VXSSRUWHGE\86(3$
‡ (&/RZ9ROWDJH'LUHFWLYH
‡ (&(0&'LUHFWLYH
‡ (&(U3'LUHFWLYH(&1R
,PSOHPHQWLQJ'LUHFWLYH
IRU6WDQGE\DQG2IIPRGHSRZHU
FRQVXPSWLRQ
DQGLVSURGXFHGE\DPDQXIDFWXULQJRUJDQL]DWLRQ
RQ,62OHYHO
(3($7V\VWHPKHOSVSXUFKDVHUVLQWKHSXEOLF
DQGSULYDWHVHFWRUVHYDOXDWHFRPSDUHDQG
VHOHFWGHVNWRSFRPSXWHUVQRWHERRNVDQG
PRQLWRUVEDVHGRQWKHLUHQYLURQPHQWDO
DWWULEXWHV(3($7DOVRSURYLGHVDFOHDUDQG
FRQVLVWHQWVHWRISHUIRUPDQFHFULWHULDIRUWKH
GHVLJQRISURGXFWVDQGSURYLGHVDQRSSRUWXQLW\
IRUPDQXIDFWXUHUVWRVHFXUHPDUNHWUHFRJQLWLRQ
IRUHIIRUWVWRUHGXFHWKHHQYLURQPHQWDOLPSDFW
RILWVSURGXFWV
‡ ,62(UJRQRPLF
UHTXLUHPHQW$QDO\VLVDQGFRPSOLDQFHWHVW
PHWKRGVIRUHOHFWURQLFYLVXDOGLVSOD\V
‡ *6(.*6PDUNUHTXLUHPHQW
‡ SU(1/RZ)UHTXHQF\(OHFWULF
DQG0DJQHWLFILHOGVIRU9LVXDO'LVSOD\
‡ 035,,035/RZ
)UHTXHQF\(OHFWULFDQG0DJQHWLFILHOGV
‡ 7&2FHUWLILHG5HTXLUHPHQWIRU
(QYLURQPHQW/DEHOLQJRI(UJRQRPLFV
(QHUJ\(FRORJ\DQG(PLVVLRQ7&26ZHGLVK
&RQIHGHUDWLRQRI3URIHVVLRQDO(PSOR\HHV
IRU7&2YHUVLRQV
%HQHÀWVRI(3($7
5HGXFHXVHRISULPDU\PDWHULDOV
5HGXFHXVHRIWR[LFPDWHULDOV
$YRLGWKHGLVSRVDORIKD]DUGRXVZDVWH(3($7·6
UHTXLUHPHQWWKDWDOOUHJLVWHUHGSURGXFWVPHHW
(1(5*<67$5·VHQHUJ\HIÀFLHQF\VSHFLÀFDWLRQV
PHDQVWKDWWKHVHSURGXFWVZLOOFRQVXPHOHVV
HQHUJ\WKURXJKRXWWKHLUOLIH
(QHUJ\6WDU'HFODUDWLRQ
ZZZHQHUJ\VWDUJRY
$VDQ(1(5*<67$5Š3DUWQHUZH
KDYHGHWHUPLQHGWKDWWKLVSURGXFW
PHHWVWKH(1(5*<67$5Š
JXLGHOLQHVIRUHQHUJ\HIÀFLHQF\
&('HFODUDWLRQRI&RQIRUPLW\
7KLVSURGXFWLVLQFRQIRUPLW\ZLWKWKHIROORZLQJ
VWDQGDUGV
1RWH
:HUHFRPPHQG\RXVZLWFKRIIWKHPRQLWRU
ZKHQLWLVQRWLQXVHIRUDORQJWLPH
‡ (1$$
$6DIHW\UHTXLUHPHQWRI
,QIRUPDWLRQ7HFKQRORJ\(TXLSPHQW
‡ (15DGLR'LVWXUEDQFH
UHTXLUHPHQWRI,QIRUPDWLRQ7HFKQRORJ\
(TXLSPHQW
‡ (1,PPXQLW\UHTXLUHPHQWRI
,QIRUPDWLRQ7HFKQRORJ\(TXLSPHQW
‡ (1$$
/LPLWVIRU+DUPRQLF&XUUHQW(PLVVLRQ
,QIRUPDFLyQDGPLQLVWUDWLYD
)HGHUDO&RPPXQLFDWLRQV&RPPLVVLRQ)&&
1RWLFH862QO\
&KDQJHVRUPRGLÀFDWLRQVQRWH[SUHVVO\
DSSURYHGE\WKHSDUW\UHVSRQVLEOHIRU
FRPSOLDQFHFRXOGYRLGWKHXVHU
VDXWKRULW\
WRRSHUDWHWKHHTXLSPHQW
7KLVHTXLSPHQWKDVEHHQWHVWHGDQGIRXQG
WRFRPSO\ZLWKWKHOLPLWVIRUD&ODVV%GLJLWDO
GHYLFHSXUVXDQWWR3DUWRIWKH)&&
5XOHV7KHVHOLPLWVDUHGHVLJQHGWRSURYLGH
UHDVRQDEOHSURWHFWLRQDJDLQVWKDUPIXO
LQWHUIHUHQFHLQDUHVLGHQWLDOLQVWDOODWLRQ
7KLVHTXLSPHQWJHQHUDWHVXVHVDQGFDQ
UDGLDWHUDGLRIUHTXHQF\HQHUJ\DQGLIQRW
LQVWDOOHGDQGXVHGLQDFFRUGDQFHZLWKWKH
LQVWUXFWLRQVPD\FDXVHKDUPIXOLQWHUIHUHQFH
WRUDGLRFRPPXQLFDWLRQV+RZHYHUWKHUH
LVQRJXDUDQWHHWKDWLQWHUIHUHQFHZLOOQRW
RFFXULQDSDUWLFXODULQVWDOODWLRQ,IWKLV
HTXLSPHQWGRHVFDXVHKDUPIXOLQWHUIHUHQFH
WRUDGLRRUWHOHYLVLRQUHFHSWLRQZKLFKFDQ
EHGHWHUPLQHGE\WXUQLQJWKHHTXLSPHQW
RIIDQGRQWKHXVHULVHQFRXUDJHGWRWU\WR
FRUUHFWWKHLQWHUIHUHQFHE\RQHRUPRUHRI
WKHIROORZLQJPHDVXUHV
8VHRQO\5)VKLHOGHGFDEOHWKDWZDVVXSSOLHG
ZLWKWKHPRQLWRUZKHQFRQQHFWLQJWKLVPRQLWRU
WRDFRPSXWHUGHYLFH
7RSUHYHQWGDPDJHZKLFKPD\UHVXOWLQÀUHRU
VKRFNKD]DUGGRQRWH[SRVHWKLVDSSOLDQFHWR
UDLQRUH[FHVVLYHPRLVWXUH
7+,6&/$66%',*,7$/$33$5$7860((76
$//5(48,5(0(1762)7+(&$1$',$1
,17(5)(5(1&(&$86,1*(48,30(17
5(*8/$7,216
)&&'HFODUDWLRQRI&RQIRUPLW\
'HFODUDWLRQRI&RQIRUPLW\IRU3URGXFWV0DUNHG
ZLWK)&&/RJR
8QLWHG6WDWHV2QO\
‡ 5HRULHQWRUUHORFDWHWKHUHFHLYLQJDQWHQQD
‡ ,QFUHDVHWKHVHSDUDWLRQEHWZHHQWKH
HTXLSPHQWDQGUHFHLYHU
7KLVGHYLFHFRPSOLHVZLWK3DUWRIWKH)&&
5XOHV2SHUDWLRQLVVXEMHFWWRWKHIROORZLQJWZR
FRQGLWLRQVWKLVGHYLFHPD\QRWFDXVHKDUPIXO
LQWHUIHUHQFHDQGWKLVGHYLFHPXVWDFFHSWDQ\
LQWHUIHUHQFHUHFHLYHGLQFOXGLQJLQWHUIHUHQFHWKDW
PD\FDXVHXQGHVLUHGRSHUDWLRQ
‡ &RQQHFWWKHHTXLSPHQWLQWRDQRXWOHWRQ
DFLUFXLWGLIIHUHQWIURPWKDWWRZKLFKWKH
UHFHLYHULVFRQQHFWHG
‡ &RQVXOWWKHGHDOHURUDQH[SHULHQFHG
UDGLR79WHFKQLFLDQIRUKHOS
&RPPLVVLRQ)HGHUDOHGHOD&RPPXQLFDWLRQ
)&&'HFODUDWLRQ
&HWpTXLSHPHQWDpWpWHVWpHWGpFODUp
FRQIRUPHDX[OLPLWHVGHVDSSDUHLOV
QXPpULTXHVGHFODVV%DX[WHUPHVGH
O
DUWLFOH'HVUqJOHVGHOD)&&&HV
OLPLWHVVRQWFRQoXHVGHIDoRQjIRXULU
XQHSURWHFWLRQUDLVRQQDEOHFRQWUHOHV
LQWHUIpUHQFHVQXLVLEOHVGDQVOHFDGUHG
XQH
LQVWDOODWLRQUpVLGHQWLHOOH&(7DSSDUHLO
SURGXLWXWLOLVHHWSHXWpPHWWUHGHV
K\SHUIUpTXHQFHVTXLVLO
DSSDUHLOQ
HVW
SDVLQVWDOOpHWXWLOLVpVHORQOHVFRQVLJQHV
GRQQpHVSHXYHQWFDXVHUGHVLQWHUIpUHQFHV
QXLVLEOHVDX[FRPPXQLFDWLRQVUDGLR
,QIRUPDFLyQDGPLQLVWUDWLYD
&HSHQGDQWULHQQHSHXWJDUDQWLUO
DEVHQFH
G
LQWHUIpUHQFHVGDQVOHFDGUHG
XQH
LQVWDOODWLRQSDUWLFXOLqUH6LFHWDSSDUHLOHVW
ODFDXVHG
LQWHUIpUHQFHVQXLVLEOHVSRXU
ODUpFHSWLRQGHVVLJQDX[GHUDGLRRXGH
WpOpYLVLRQFHTXLSHXWrWUHGpFHOpHQ
IHUPDQWO
pTXLSHPHQWSXLVHQOHUHPHWWDQW
HQIRQFWLRQO
XWLOLVDWHXUSRXUUDLWHVVD\HUGH
FRUULJHUODVLWXDWLRQHQSUHQDQWOHVPHVXUHV
VXLYDQWHV
(1&RPSOLDQFH&]HFK5HSXEOLF2QO\
3ROLVK&HQWHUIRU7HVWLQJDQG&HUWLÀFDWLRQ
1RWLFH
7KHHTXLSPHQWVKRXOGGUDZSRZHUIURPD
VRFNHWZLWKDQDWWDFKHGSURWHFWLRQFLUFXLWD
WKUHHSURQJVRFNHW$OOHTXLSPHQWWKDWZRUNV
WRJHWKHUFRPSXWHUPRQLWRUSULQWHUDQGVRRQ
VKRXOGKDYHWKHVDPHSRZHUVXSSO\VRXUFH
‡ 5pRULHQWHURXGpSODFHUO·DQWHQQHGH
UpFHSWLRQ
‡ $XJPHQWHUODGLVWDQFHHQWUHO·pTXLSHPHQW
HWOHUpFHSWHXU
‡ %UDQFKHUO·pTXLSHPHQWVXUXQDXWUHFLUFXLW
TXHFHOXLXWLOLVpSDUOHUpFHSWHXU
7KHSKDVLQJFRQGXFWRURIWKHURRP
VHOHFWULFDO
LQVWDOODWLRQVKRXOGKDYHDUHVHUYHVKRUWFLUFXLW
SURWHFWLRQGHYLFHLQWKHIRUPRIDIXVHZLWKD
QRPLQDOYDOXHQRODUJHUWKDQDPSHUHV$
‡ 'HPDQGHUO·DLGHGXPDUFKDQGRXG·XQ
WHFKQLFLHQFKHYURQQpHQUDGLRWpOpYLVLRQ
7RXWHVPRGLÀFDWLRQVQ
D\DQWSDVUHoX
O
DSSUREDWLRQGHVVHUYLFHVFRPSpWHQWV
HQPDWLqUHGHFRQIRUPLWpHVWVXVFHSWLEOH
G
LQWHUGLUHjO
XWLOLVDWHXUO
XVDJHGXSUpVHQW
pTXLSHPHQW
7RFRPSOHWHO\VZLWFKRIIWKHHTXLSPHQWWKH
SRZHUVXSSO\FDEOHPXVWEHUHPRYHGIURPWKH
SRZHUVXSSO\VRFNHWZKLFKVKRXOGEHORFDWHG
QHDUWKHHTXLSPHQWDQGHDVLO\DFFHVVLEOH
$SURWHFWLRQPDUN%FRQÀUPVWKDWWKH
HTXLSPHQWLVLQFRPSOLDQFHZLWKWKHSURWHFWLRQ
XVDJHUHTXLUHPHQWVRIVWDQGDUGV317
DQG31(
1
XWLOLVHUTXHGHVFkEOHV5)DUPpVSRXU
OHVFRQQHFWLRQVDYHFGHVRUGLQDWHXUVRX
SpULSKpULTXHV
&(7$33$5(,/180(5,48('(/$&/$66(
%5(63(&7(7287(6/(6(;,*(1&(6'8
5(*/(0(17685/(0$7(5,(/%528,//(85
'8&$1$'$
,QIRUPDFLyQDGPLQLVWUDWLYD
1RUWK(XURSH1RUGLF&RXQWULHV,QIRUPDWLRQ
(UJRQRPLH+LQZHLVQXU'HXWVFKODQG
3ODFHULQJ9HQWLODWLRQ
9$51,1*
)g56b.5$',*20$77+898'%5<7$5(
2&+ 877$* b5 /b7c7.20/,*$ 1b5
'867b//(5',18758671,1*3c3/$76
'HUYRQXQVJHOLHIHUWH)DUEPRQLWRUHQWVSULFKW
GHQLQGHU9HURUGQXQJEHUGHQ6FKXW]YRU
6FKlGHQGXUFK5|QWJHQVWUDKOHQIHVWJHOHJWHQ
9RUVFKULIWHQ
$XIGHU5FNZDQGGHV*HUlWHVEHÀQGHWVLFK
HLQ$XINOHEHUGHUDXIGLH8QEHGHQNOLFKNHLWGHU
,QEHWULHEQDKPHKLQZHLVWGDGLH9RUVFKULIWHQ
EHUGLH%DXDUWYRQ6W|UVWUDKOHUQQDFK$QODJH
,,,ʔ$EVGHU5|QWJHQYHURUGQXQJHUIOOWVLQG
3ODFHULQJ9HQWLODWLRQ
$'9$56(/
6 ‘ 5 * 9 ( ' 3 / $& ( 5 , 1 * ( 1 ) 2 5 $7
1(7/('1,1*(1667,.2*67,..217$.7
(51(077,/*1*(/,*(
'DPLW,KU0RQLWRULPPHUGHQLQGHU=XODVVXQJ
JHIRUGHUWHQ:HUWHQHQWVSULFKWLVWGDUDXI]X
DFKWHQGD‰
3DLNND,OPDQNLHUWR
9$52,786
6,-2,7$/$,7(6,7(1(77b9(5..2-2+72
92 , '$ $ 1 7$ 59 , 7 7$ ( 6 6 $ + ( / 3 2 6 7 ,
,55277$$3,6725$6,$67$
5HSDUDWXUHQQXUGXUFK)DFKSHUVRQDO
GXUFKJHIKUWZHUGHQ
QXURULJLQDO(UVDW]WHLOHYHUZHQGHWZHUGHQ
E
HL(UVDW]GHU%LOGU|KUHQXUHLQH
EDXDUWJOHLFKHHLQJHEDXWZLUG
3ODVVHULQJ9HQWLODVMRQ
$'9$56(/
1c5 '(77( 8767<5(7 3/$66(5(6 0c
'8 3$66( 3c $7 .217$.7(1( )25
67‘07,/)‘56(/(5/(77(c1c
$XVHUJRQRPLVFKHQ*UQGHQZLUGHPSIRKOHQ
GLH *U XQGIDUEHQ %ODX XQG 5RW QLFKW DXI
GXQNOHP8QWHUJUXQG]XYHUZHQGHQVFKOHFKWH
/HVEDUNHLWXQGHUK|KWH$XJHQEHODVWXQJEHL]X
JHULQJHP=HLFKHQNRQWUDVWZlUHQGLH)ROJH
'HU DUEHLWVSODW]EH]RJHQH 6FKDOOGUXFNSHJHO
QDFK ',1 EHWUlJW G% $ RGHU
ZHQLJHU
%60,1RWLFH7DLZDQ2QO\
$&+781*%(,0$8)67(//(1
',(6(6*(5b7(6'$5$8)
$&+7(1'$‰1(7=67(&.(581'
1(7=.$%(/$16&+/8‰/(,&+7
=8*b1*/,&+6,1'
,QIRUPDFLyQDGPLQLVWUDWLYD
&KLQD5R+6
(8(QHUJ\/DEHO
7KH3HRSOH
V5HSXEOLFRI&KLQDUHOHDVHGD
UHJXODWLRQFDOOHG0DQDJHPHQW0HWKRGVIRU
&RQWUROOLQJ3ROOXWLRQE\(OHFWURQLF,QIRUPDWLRQ
3URGXFWVRUFRPPRQO\UHIHUUHGWRDV&KLQD
5R+6$OOSURGXFWVSURGXFHGDQGVROGIRU&KLQD
PDUNHWKDYHWRPHHW&KLQD5R+6UHTXHVW
Ё೑⬉ᄤֵᙃѻક∵ᶧ᥻ࠊᷛ䆚㽕∖Ё೑
5R+6⊩㾘ᷛ⼎㽕∖ѻકЁ᳝↦᳝ᆇ⠽䋼៪
‫ܗ‬㋴ⱘৡ⿄ঞ৿䞣
᳝↦᳝ᆇ⠽䋼៪‫ܗ‬㋴
䚼ӊৡ⿄
7KH(XURSHDQ(QHUJ\/DEHOLQIRUPV\RXRQ
WKHHQHUJ\HIÀFLHQF\FODVVRIWKLVSURGXFW
7KHJUHHQHUWKHHQHUJ\HIÀFLHQF\FODVVRIWKLV
SURGXFWLVWKHORZHUWKHHQHUJ\LWFRQVXPHV
䪙
3E
∲
+J
䬝
&G
݁Ӌ䫀
&U
໮⒈㘨㣃 ໮⒈Ѡ㣃䝮
3%%
3%'(
໪໇
2
2
2
2
2
2
⎆᱊ᰒ⼎ሣ♃ㅵ
;
2
2
2
2
2
⬉䏃ᵓ㒘ӊ
;
2
2
2
2
2
⬉⑤䗖䜡㒓
;
2
2
2
2
2
⬉⑤㒓䖲᥹㒓
;
2
2
2
2
2
⬉
䏃ᵓ㒘ӊࣙᣀॄࠋ⬉䏃ᵓঞ݊ᵘ៤ⱘ䳊䚼ӊˈབ⬉䰏ǃ⬉ᆍǃ䲚៤⬉
䏃ǃ䖲᥹఼ㄝDŽ
2 㸼
⼎䆹᳝↦᳝ᆇ⠽䋼೼䆹䚼ӊ᠔᳝ഛ䋼ᴤ᭭Ёⱘ৿䞣ഛ೼lj⬉ᄤֵᙃѻક
Ё᳝↦᳝ᆇ⠽䋼ⱘ䰤䞣㽕∖ᷛ‫ޚ‬NJ㾘ᅮⱘ䰤䞣㽕∖ҹϟDŽ
2QWKHODEHO\RXFDQÀQGWKHHQHUJ\HIÀFLHQF\
FODVVWKHDYHUDJHSRZHUFRQVXPSWLRQRI
WKLVSURGXFWLQXVHDQGWKHDYHUDJHHQHUJ\
FRQVXPSWLRQIRU\HDU
; 㸼
⼎䆹᳝↦᳝ᆇ⠽䋼㟇ᇥ೼䆹䚼ӊⱘᶤϔഛ䋼ᴤ᭭Ёⱘ৿䞣䍙ߎlj⬉ᄤֵ
ᙃѻકЁ᳝↦᳝ᆇ⠽䋼ⱘ䰤䞣㽕∖ᷛ‫ޚ‬NJ㾘ᅮⱘ䰤䞣㽕∖˗ԚᰃϞ㸼Ёᠧ
´;µⱘ䚼ӊˈヺড়⃻ⲳ5R+6⊩㾘㽕∖˄ሲѢ䈕‫ⱘܡ‬䚼ߚ˅DŽ
1RWH
7KH(8(QHUJ\/DEHOZLOOEH21/<DSSOLHGRQ
WKHPRGHOVEXQGOLQJZLWK+'0,DQG79WXQHUV
⦃ֱՓ⫼ᳳ䰤
ℸᷛ䆚ᣛᳳ䰤कᑈ⬉ᄤֵᙃѻકЁ৿᳝ⱘ᳝
↦᳝ᆇ⠽䋼៪‫ܗ‬㋴೼ℷᐌՓ⫼ⱘᴵӊϟϡӮথ⫳
໪⊘៪さব⬉ᄤֵᙃѻક⫼᠋Փ⫼䆹⬉ᄤֵᙃ
ѻકϡӮᇍ⦃๗䗴៤Ϲ䞡∵ᶧ៪ᇍ݊Ҏ䑿ǃ䋶ѻ
䗴៤Ϲ䞡ᤳᆇⱘᳳ䰤DŽ
ljᑳᓗ⬉఼⬉ᄤѻકಲᬊ໘⧚ㅵ⧚ᴵ՟NJᦤ⼎ᗻ
䇈ᯢ
Ўњ᳈དഄ݇⠅ঞֱᡸഄ⧗ˈᔧ⫼᠋ϡ‫ݡ‬䳔㽕ℸ
ѻક៪ѻકᇓੑ㒜ℶᯊˈ䇋䙉ᅜ೑ᆊᑳᓗ⬉఼⬉
ᄤѻકಲᬊ໘⧚Ⳍ݇⊩ᕟ⊩㾘ˈᇚ݊Ѹ㒭ᔧഄ‫݋‬
᳝೑ᆊ䅸ৃⱘಲᬊ໘⧚䌘䋼ⱘॖଚ䖯㸠ಲᬊ໘
⧚DŽ
$WHQFLyQDOFOLHQWH\JDUDQWtD
$WHQFLyQDOFOLHQWH\
JDUDQWtD
RVFXUHFHQDSDUHQWDQVHUXQ~QLFRSt[HOGH
FRORUQHJUR2WUDVFRPELQDFLRQHVGHSt[HOHV
LOXPLQDGRV\RVFXUHFLGRVDSDUHQWDQVHUSt[HOHV
~QLFRVGHRWURVFRORUHV
3ROtWLFDGH3KLOLSVVREUHGHIHFWRV
DVRFLDGRVDSt[HOHVHQPRQLWRUHV
GHSDQHOSODQR
7LSRVGHGHIHFWRVDVRFLDGRVDSt[HOHV
/RVGHIHFWRVDVRFLDGRVDSt[HOHV\VXESt[HOHVVH
PDQLÀHVWDQHQODSDQWDOODGHGLIHUHQWHVIRUPDV
([LVWHQGRVFDWHJRUtDVGHGHIHFWRVDVRFLDGRV
DSt[HOHV\GHQWURGHFDGDXQDGHHOODVYDULRV
WLSRVGHGHIHFWRVDVRFLDGRVDVXESt[HOHV
3KLOLSVVHHVPHUDSRUSURSRUFLRQDUSURGXFWRV
GHODPi[LPDFDOLGDG(PSOHDPRVDOJXQRVGH
ORVSURFHVRVLQGXVWULDOHVGHIDEULFDFLyQPiV
DYDQ]DGRV\DSOLFDPRVODVSUiFWLFDVGHFRQWURO
GHFDOLGDGPiVH[LJHQWHV1RREVWDQWHDYHFHV
UHVXOWDLQHYLWDEOHODDSDULFLyQGHGHIHFWRV
DVRFLDGRVDSt[HOHVRVXESt[HOHVHQORVSDQHOHV
7)7TXHVHLQVWDODQHQORVPRQLWRUHVGHSDQHO
SODQR1LQJ~QIDEULFDQWHSXHGHJDUDQWL]DUOD
DXVHQFLDGHGHIHFWRVDVRFLDGRVDSt[HOHVXQ
SDQHOSHUR3KLOLSVJDUDQWL]DTXHUHSDUDUiR
UHHPSOD]DUiFXDOTXLHUPRQLWRUHQJDUDQWtDTXH
SUHVHQWHXQQ~PHURLQDFHSWDEOHGHGHIHFWRV
(VWHDYLVRH[SOLFDORVGLIHUHQWHVWLSRVGH
GHIHFWRVDVRFLDGRVDSt[HOHV\GHÀQHORVQLYHOHV
GHGHIHFWRDFHSWDEOHVSDUDFDGDWLSR3DUD
TXHXQSDQHO7)7HQJDUDQWtDVHDUHSDUDGRR
VXVWLWXLGRDFDXVDGHODH[LVWHQFLDGHGHIHFWRV
DVRFLDGRVDSt[HOHVpVWRVGHEHQHVWDUSUHVHQWHV
HQQ~PHURVXSHULRUDORVQLYHOHVDFHSWDEOHV3RU
HMHPSORXQPRQLWRUQRSXHGHFRQWHQHUPiVGH
XQGHVXESt[HOHVGHIHFWXRVRV3RURWUD
SDUWH3KLOOLSVFRQFHGHXQDLPSRUWDQFLDD~Q
PD\RUDDTXHOORVGHIHFWRV\FRPELQDFLRQHVGH
GHIHFWRVDVRFLDGRVDSt[HOHVTXHUHVXOWDQPiV
DSUHFLDEOHV(VWDSROtWLFDHVYiOLGDSDUDWRGRHO
PXQGR
'HIHFWRVGHSXQWREULOODQWH
/RVGHIHFWRVGHSXQWREULOODQWHVHPDQLÀHVWDQ
HQIRUPDGHSt[HOHVRVXESt[HOHVTXHHVWiQ
VLHPSUHLOXPLQDGRVR´HQFHQGLGRVµ(QRWUDV
SDODEUDVXQSXQWREULOODQWHHVXQVXESt[HOTXH
GHVWDFDHQODSDQWDOODFXDQGRHOPRQLWRUHVWi
UHSURGXFLHQGRXQDLPDJHQRVFXUD([LVWHQ
GLVWLQWRVWLSRVGHSXQWRVEULOODQWHV
8QVXESt[HOURMRYHUGHRD]XOLOXPLQDGR
VXESL[HO
VXESt[HO
'RVVXESt[HOHVDG\DFHQWHVLOXPLQDGRV
5RMR$]XO 3~USXUD
5RMR9HUGH $PDULOOR
9HUGH$]XO &LDQ&HOHVWH
SL[HO
St[HO
3t[HOHV\VXESt[HOHV
8QSt[HORHOHPHQWRJUiÀFRHVWiFRPSXHVWR
SRUWUHVVXESt[HOHVFRQORVFRORUHVSULPDULRV
URMRYHUGH\D]XO0XFKRVSt[HOHVMXQWRV
IRUPDQXQDLPDJHQ&XDQGRORVWUHVVXESt[HOHV
GHFRORUHVTXHIRUPDQXQSt[HOVHLOXPLQDQ
DSDUHQWDQVHUXQ~QLFRSt[HOGHFRORUEODQFR
&XDQGRORVWUHVVXESt[HOHVGHFRORUHVVH
7UHVVXESt[HOHVDG\DFHQWHVLOXPLQDGRVXQSt[HO
EODQFR
$WHQFLyQDOFOLHQWH\JDUDQWtD
3UR[LPLGDGGHORVGHIHFWRVDVRFLDGRVDSt[HOHV
'HELGRDTXHODSUR[LPLGDGHQWUHYDULRV
GHIHFWRVVLPLODUHVDVRFLDGRVDSt[HOHV\
VXESt[HOHVGHWHUPLQDHQEXHQDPHGLGDVX
YLVLELOLGDG3KLOLSVKDGHWHUPLQDGRWDPELpQ
GLIHUHQWHVWROHUDQFLDVSDUDGLFKDPDJQLWXG
1RWD
8QSXQWREULOODQWHGHFRORUURMRRD]XOHVDO
PHQRVXQPiVOXPLQRVRTXHORVSXQWRV
FROLQGDQWHVGLFKRSRUFHQWDMHGHVFLHQGHDO
HQHOFDVRGHXQSXQWREULOODQWHGHFRORUYHUGH
'HIHFWRVGHSXQWRQHJUR
/RVGHIHFWRVGHSXQWRQHJURVHPDQLÀHVWDQ
HQIRUPDGHSt[HOHVRVXESt[HOHVTXHHVWiQ
VLHPSUHRVFXUHFLGRVR´DSDJDGRVµ(QRWUDV
SDODEUDVXQSXQWRRVFXURHVXQVXESt[HO
TXHGHVWDFDHQODSDQWDOODFXDQGRHOPRQLWRU
HVWiUHSURGXFLHQGRXQDLPDJHQFODUD([LVWHQ
GLVWLQWRVWLSRVGHSXQWRVQHJURV
7ROHUDQFLDVSDUDGHIHFWRVDVRFLDGRVDSt[HOHV
3DUDWHQHUGHUHFKRDUHSDUDFLyQRVXVWLWXFLyQ
GHELGRDODH[LVWHQFLDGHGHIHFWRVDVRFLDGRVD
St[HOHVGXUDQWHHOSHUtRGRGHJDUDQWtDHOSDQHO
7)7GHXQPRQLWRU3KLOLSVSODQRGHEHVXIULU
XQQ~PHURGHGHIHFWRVDVRFLDGRVDSt[HOHV
RVXESt[HOHVTXHVREUHSDVHODVWROHUDQFLDV
HQXPHUDGDVHQODVWDEODVVLJXLHQWHV
'()(&726'(38172%5,//$17(
VXESt[HOLOXPLQDGR
VXESt[HOHVDG\DFHQWHVLOXPLQDGRV
VXESt[HOHVDG\DFHQWHVLOXPLQDGRVXQSt[HOEODQFR
'LVWDQFLDHQWUHGRVGHIHFWRVGHSXQWREULOODQWH
1~PHURWRWDOGHGHIHFWRVGHSXQWREULOODQWHGHWRGRVORVWLSRV
1,9(/$&(37$%/(
!PP
'()(&726'(381721(*52
VXESt[HORVFXUHFLGR
VXESt[HOHVDG\DFHQWHVRVFXUHFLGRV
VXESt[HOHVDG\DFHQWHVRVFXUHFLGRV
'LVWDQFLDHQWUHGRVGHIHFWRVGHSXQWRQHJUR
1~PHURWRWDOGHGHIHFWRVGHSXQWRQHJURGHWRGRVORVWLSRV
1,9(/$&(37$%/(
RPHQRV
RPHQRV
!PP
RPHQRV
1Ô0(52727$/'('()(&726'(38172
1~PHURWRWDOGHGHIHFWRVGHSXQWREULOODQWHRQHJURGHWRGRVORV
WLSRV
1,9(/$&(37$%/(
RPHQRV
1RWD
RGHIHFWRVDVRFLDGRVDVXESt[HOHVDG\DFHQWHV GHIHFWRGHSXQWR
(VWHPRQLWRUHVFRPSDWLEOHFRQ,62&ODVH,,625HTXLVLWRHUJRQyPLFR
PpWRGRVGHDQiOLVLV\SUXHEDGHFXPSOLPLHQWRRSDUDSDQWDOODVYLVXDOHVHOHFWUyQLFDV
,62HVHOVXFHVRUGHODQWLJXRHVWiQGDU,62UHWLUDGRSRUODRUJDQL]DFLyQ
LQWHUQDFLRQDOGHQRUPDOL]DFLyQ,62,QWHUQDWLRQDO2UJDQLVDWLRQIRU6WDQGDUGLVDWLRQGHVGH
$WHQFLyQDOFOLHQWH\JDUDQWtD
$WHQFLyQDOFOLHQWH\JDUDQWtD
3DUDREWHQHULQIRUPDFLyQVREUHODFREHUWXUDGHODJDUDQWtD\UHTXLVLWRVGHVRSRUWHDGLFLRQDOHVYiOLGRV
SDUDVXUHJLyQYLVLWHHOVLWLR:HEZZZSKLOLSVFRPVXSSRUWSDUDREWHQHUGHWDOOHV7DPELpQSXHGH
SRQHUVHHQFRQWDFWROODPDQGRDOQ~PHURGHO&HQWURGHDWHQFLyQDOFOLHQWHGH3KLOLSVTXHÀJXUDPiV
DEDMR
,QIRUPDFLyQGHFRQWDFWRSDUDODUHJLyQGH(8523$2&&,'(17$/
3DtV
$6&
1~PHURGHDWHQFLyQDO
FOLHQWH
3UHFLR
*HUPDQ\
6LHPHQV,6
½
8QLWHG.LQJGRP
,QYHF6FRWODQG
/RFDOFDOOWDULII
,UHODQG
,QYHF6FRWODQG
/RFDOFDOOWDULII
6SDLQ
(DWVD6SDLQ
½
)LQODQG
$QRYR
/RFDOFDOOWDULII
)UDQFH
$QRYR
½
*UHHFH
$OOPDQ+HOODV
)UHHRIFKDUJH
,WDO\
$QRYR
½
1HWKHUODQGV
(&DUH
½
'HQPDUN
$QRYR
/RFDOFDOOWDULII
1RUZD\
$QRYR
/RFDOFDOOWDULII
6ZHGHQ
$QRYR
/RFDOFDOOWDULII
3RODQG
=ROWHU
/RFDOFDOOWDULII
$XVWULD
6LHPHQV,6
½
%HOJLXP
(&DUH
½
/X[HPERXUJ
(&DUH
/RFDOFDOOWDULII
3RUWXJDO
(DWVD6SDLQ
/RFDOFDOOWDULII
6ZLW]HUODQG
$QRYR
/RFDOFDOOWDULII
$WHQFLyQDOFOLHQWH\JDUDQWtD
,QIRUPDFLyQGHFRQWDFWRSDUDODUHJLyQGH(8523$&(175$/<25,(17$/
3DtV
&HQWURGH
OODPDGDV
$6&
1~PHURGHDWHQFLyQDOFOLHQWH
%HODUXV
1$
,%$
%XOJDULD
1$
/$16HUYLFH
&URDWLD
1$
5HQRSURP
(VWRQLD
1$
)8-,768
/DWYLD
1$
´6HUYLFH1HW/9µ/WG
/LWKXDQLD
1$
8$%6HUYLFHQHW
5RPDQLD
1$
%OXH5LGJH,QWO
6HUELD
0RQWHQHJUR
1$
.LP7HFGRR
6ORYHQLD
1$
3&+DQG
1$
&RPHO
1$
7RSD]6HUYLFH&RPSDQ\
1$
&36
IRUUHSDLU
1$
&(((3DUWQHUV
IRUVDOHV
1$
'DWDODQ6HUYLFH
7XUNH\
1$
7HFKSUR
&]HFK5HS
1$
$VXSSRUW
1$
6HUZDUH
1$
3URÀ6HUYLFH
8NUDLQH
5XVVLD
6ORYDNLD
+XQJDU\
,QIRUPDFLyQGHFRQWDFWRSDUDODUHJLyQGH/$7,12$0e5,&$
3DtV
%UD]LO
$UJHQWLQD
&HQWURGHOODPDGDV
1~PHURGHDWHQFLyQDOFOLHQWH
9HUPRQW
,QIRUPDFLyQGHFRQWDFWRSDUD&KLQD
&KLQD
1~PHURGHDWHQFLyQDOFOLHQWH
,QIRUPDFLyQGHFRQWDFWRSDUD1257($0e5,&$
3DtV
&HQWURGH
OODPDGDV
$6&
1~PHURGHDWHQFLyQDOFOLHQWH
86$
(3,HFHQWHU
4ZDQWHFK
&DQDGD
6XSHUFRP
6XSHUFRP
$WHQFLyQDOFOLHQWH\JDUDQWtD
,QIRUPDFLyQGHFRQWDFWRSDUDODUHJLyQGH$6,$3$&Ì),&225,(17(0(',2<É)5,&$$30($
3DtV
&HQWURGH
OODPDGDV
$6&
1~PHURGHDWHQFLyQDOFOLHQWH
$XVWUDOLD
1$
$*261(7:25.37</7'
1HZ=HDODQG
1$
9LVXDO*URXS/WG
+RQJ.RQJ
0DFDX
1$
6PDUW3L[HOV7HFKQRORJ\/WG
+RQJ.RQJ7HO
0DFDX7HO
,QGLD
1$
5(',1*721,1',$/7'
7HO
6063+,/,36WR
,QGRQHVLD
1$
37*DGLQJVDULHOHNWURQLND3ULPD
7HO
6RXWK.RUHD
1$
3&62QH.RUHD/WG
0DOD\VLD
1$
$IWHU0DUNHW6ROXWLRQV&(
6GQ%KG
3DNLVWDQ
1$
3KLOLSV&RQVXPHU6HUYLFH
6LQJDSRUH
1$
3KLOLSV(OHFWURQLFV6LQJDSRUH
3WH/WG3KLOLSV&RQVXPHU&DUH &HQWHU
7DLZDQ
3&&:
7HOHVHUYLFHV
7DLZDQ
)(7(&&2
7KDLODQG
1$
$[LV&RPSXWHU6\VWHP&R/WG 6RXWK$IULFD
1$
6\OYDUD7HFKQRORJLHV3W\/WG
8QLWHG$UDE
(PLUDWHV
1$
$/6+$+'&20387(5//& ,VUDHO
1$
(DVWURQLFV/7'
9LHWQDP
1$
)376HUYLFH,QIRUPDWLF
&RPSDQ\/WG
+R&KL0LQK&LW\
'DQDQJ&LW\
&DQWKR3URYLQFH
3KLOLSSLQHV
1$
*OHH(OHFWURQLFV,QF
WR
WR
6UL/DQND
1$
QRGLVWULEXWRUDQGRUVHUYLFH
SURYLGHUFXUUHQWO\
%DQJODGHVK
1$
'LVWULEXWRU&RPSXWHU6RXUFH
/WGZDUUDQW\EX\RXW
1HSDO
1$
'LVWULEXWRU6\DNDU&R/WG
ZDUUDQW\EX\RXW
&DPERGLD
1$
'LVWULEXWRU1HDW7HFKQRORJ\
3WH/WG6LQJDSRUHZDUUDQW\
EX\RXW
5HVROXFLyQGHSUREOHPDV\SUHJXQWDVPiVIUHFXHQWHV
‡ $VHJ~UHVHGHTXHHOFDEOHGHOPRQLWRUVH
HQFXHQWUHFRQHFWDGRFRUUHFWDPHQWHDO3&
&RQVXOWHWDPELpQOD*XtDGHLQLFLRUiSLGR
5HVROXFLyQGHSUREOHPDV
\SUHJXQWDVPiV
IUHFXHQWHV
‡ &RPSUXHEHTXHHOFDEOHGHOPRQLWRUQR
WHQJDFODYLMDVWRUFLGDV
‡ $VHJ~UHVHGHTXHHO3&VHHQFXHQWUH
HQFHQGLGR
5HVROXFLyQGHSUREOHPDV
(OERWyQ$872$8720É7,&2QRIXQFLRQD
(VWDSiJLQDH[SOLFDSUREOHPDVTXHSXHGHQVHU
FRUUHJLGRVSRUHOXVXDULR6LHOSUREOHPDQR
GHVDSDUHFHGHVSXpVGHDSOLFDUODVVROXFLRQHV
GHVFULWDVSyQJDVHHQFRQWDFWRFRQXQ
UHSUHVHQWDQWHGHO6HUYLFLRGHDWHQFLyQDOFOLHQWH
GH3KLOLSV
‡ /DIXQFLyQ$XWR$XWRPiWLFRVyOR
IXQFLRQDHQHOPRGR9*$$QDORJ
DQDOyJLFR9*$6LHOUHVXOWDGRQRHV
VDWLVIDFWRULRSXHGHUHDOL]DUORVDMXVWHV
PDQXDOPHQWHPHGLDQWHHOPHQ~26'
3UREOHPDVFRPXQHV
1RWD
/DIXQFLyQ$XWR$XWRPiWLFRQRIXQFLRQDHQHO
PRGR'9,'LJLWDO\DTXHQRHVQHFHVDULD
1RVHPXHVWUDQLQJXQDLPDJHQHOLQGLFDGRU
/('GHHQFHQGLGRQRHVWiLOXPLQDGR
‡ $VHJ~UHVHGHTXHHOFDEOHGHDOLPHQWDFLyQ
VHHQFXHQWUHHQFKXIDGRDXQDWRPDGH
VXPLQLVWURHOpFWULFR\DODSDUWHSRVWHULRU
GHOPRQLWRU
‡ (QSULPHUOXJDUDVHJ~UHVHGHTXHHO
ERWyQGHHQFHQGLGRVLWXDGRHQODSDUWH
IURQWDOGHOPRQLWRUVHHQFXHQWUHHQOD
SRVLFLyQ2))$3$*$'2DFRQWLQXDFLyQ
S~OVHORSDUDFRORFDUORHQODSRVLFLyQ21
(1&(1','2
(OPRQLWRUHPLWHKXPRRJHQHUDFKLVSDV
‡ 1RUHDOLFHQLQJXQDRSHUDFLyQSDUDWUDWDU
GHUHVROYHUHOSUREOHPD
‡ 3RUVHJXULGDGGHVFRQHFWHHOPRQLWRU
GHODWRPDGHVXPLQLVWURHOpFWULFR
LQPHGLDWDPHQWH
‡ 3yQJDVHHQFRQWDFWRFRQXQUHSUHVHQWDQWH
GHOVHUYLFLRGHDWHQFLyQDOFOLHQWHGH3KLOLSV
LQPHGLDWDPHQWH
1RVHPXHVWUDQLQJXQDLPDJHQHOLQGLFDGRU
/('GHHQFHQGLGRHVWiLOXPLQDGRHQFRORU
EODQFR
‡ $VHJ~UHVHGHTXHHO3&VHHQFXHQWUH
HQFHQGLGR
‡ $VHJ~UHVHGHTXHHOFDEOHGHVHxDOVH
HQFXHQWUHFRQHFWDGRFRUUHFWDPHQWHDO3&
‡ $VHJ~UHVHGHTXHQRH[LVWDQSDWLOODV
WRUFLGDVHQHOH[WUHPRGHODFRQH[LyQ
GHOFDEOHGHOPRQLWRU6LHVDVtUHSDUHR
VXVWLWX\DHOFDEOH
‡ (VSRVLEOHTXHODFDUDFWHUtVWLFDGH$KRUUR
GHHQHUJtDVHHQFXHQWUHDFWLYDGD
3UREOHPDVUHODFLRQDGRVFRQODLPDJHQ
/DLPDJHQQRDSDUHFHFHQWUDGDHQODSDQWDOOD
‡ 0RGLILTXHODSRVLFLyQGHODLPDJHQXVDQGR
ODIXQFLyQ´$XWRµ$XWRPiWLFRDODTXH
SXHGHDFFHGHUDWUDYpVGHORVFRQWUROHV
SULQFLSDOHVGHOPHQ~26'
‡ 0RGLILTXHODSRVLFLyQGHODLPDJHQ
DMXVWDQGRORVSDUiPHWURV3KDVH&ORFN
)DVH5HORMDORVTXHSXHGHDFFHGHUD
WUDYpVGHODVHFFLyQ6HWXS&RQILJXUDFLyQ
GHORVFRQWUROHVSULQFLSDOHVGHOPHQ~26'
6RODPHQWHHVYiOLGRHQHOPRGR9*$
/DSDQWDOODPXHVWUDHOPHQVDMH
/DLPDJHQYLEUDHQODSDQWDOOD
‡ &RPSUXHEHTXHHOFDEOHGHVHxDOVH
HQFXHQWUHFRQHFWDGRFRUUHFWDPHQWHDOD
WDUMHWDJUiILFDRDO3&
$WWHQWLRQ
&KHFNFDEOHFRQQHFWLRQ
5HVROXFLyQGHSUREOHPDV\SUHJXQWDVPiVIUHFXHQWHV
´UHVLGXDOµR´IDQWDVPDµGHVDSDUHFH
JUDGXDOPHQWHDOFDERGHXQWLHPSRWUDV
DSDJDUHOHTXLSR
‡ $FWLYHVLHPSUHXQVDOYDSDQWDOODVPyYLOVL
GHMDHOPRQLWRUVLQDWHQFLyQ
‡ $FWLYHVLHPSUHXQDDSOLFDFLyQTXHDFWXDOLFH
ODSDQWDOODSHULyGLFDPHQWHVLHOPRQLWRUVH
GHVWLQDDODSUHVHQWDFLyQSHUPDQHQWHGH
FRQWHQLGRHVWiWLFR
‡ 6LQRVHDFWLYDXQSURWHFWRUGHSDQWDOODR
XQDDSOLFDFLyQGHDFWXDOL]DFLyQSHULyGLFD
GHSDQWDOODHVSRVLEOHTXHH[LVWDQJUDYHV
VtQWRPDVGHLPiJHQHV´TXHPDGDVµ
´UHVLGXDOHVµR´IDQWDVPDVµTXHQR
GHVDSDUHFHUiQ\QRVHUiSRVLEOHUHVROYHU/D
JDUDQWtDQRFXEUHORVSUREOHPDVGHVFULWRV
DQWHULRUPHQWH
6HJHQHUDXQSDUSDGHRYHUWLFDO
‡ 0RGLILTXHODSRVLFLyQGHODLPDJHQXVDQGR
ODIXQFLyQ´$XWRµ$XWRPiWLFRDODTXH
SXHGHDFFHGHUDWUDYpVGHORVFRQWUROHV
SULQFLSDOHVGHOPHQ~26'
‡ (OLPLQHODVEDUUDVYHUWLFDOHVDMXVWDQGRORV
SDUiPHWURV3KDVH&ORFN)DVH5HORMDORV
TXHSXHGHDFFHGHUDWUDYpVGHODVHFFLyQ
6HWXS&RQILJXUDFLyQGHORVFRQWUROHV
SULQFLSDOHVGHOPHQ~26'6RODPHQWHHV
YiOLGRHQHOPRGR9*$
6HJHQHUDXQSDUSDGHRKRUL]RQWDO
/DLPDJHQSDUHFHHVWDUGLVWRUVLRQDGD(OWH[WR
VHSHUFLEHGLIXVRRERUURVR
‡ &RQILJXUHODUHVROXFLyQGHSDQWDOODGHO3&
DYDORUHVTXHFRLQFLGDQFRQODUHVROXFLyQ
QDWLYDGHODSDQWDOOD
‡ 0RGLILTXHODSRVLFLyQGHODLPDJHQXVDQGR
ODIXQFLyQ´$XWRµ$XWRPiWLFRDODTXH
SXHGHDFFHGHUDWUDYpVGHORVFRQWUROHV
SULQFLSDOHVGHOPHQ~26'
‡ (OLPLQHODVEDUUDVYHUWLFDOHVDMXVWDQGRORV
SDUiPHWURV3KDVH&ORFN)DVH5HORMDORV
TXHSXHGHDFFHGHUDWUDYpVGHODVHFFLyQ
6HWXS&RQILJXUDFLyQGHORVFRQWUROHV
SULQFLSDOHVGHOPHQ~26'6RODPHQWHHV
YiOLGRHQHOPRGR9*$
+DQDSDUHFLGRSXQWRVYHUGHVURMRVD]XOHV
RVFXURVREODQFRVHQODSDQWDOOD
‡ /DDSDULFLyQGHHVWHWLSRGHSXQWRVHV
FDUDFWHUtVWLFDGHOFULVWDOOtTXLGRHQHOTXH
VHEDVDODWHFQRORJtDDFWXDO&RQVXOWH
ODSROtWLFDGHSt[HOHVSDUDREWHQHUPiV
LQIRUPDFLyQ
/DLPDJHQQRHVQtWLGDQRVHGLVWLQJXHR
SUHVHQWDGHPDVLDGDRVFXULGDG
‡ 0RGLILTXHORVQLYHOHVGHFRQWUDVWH\EULOORD
WUDYpVGHOPHQ~26'
/DLQWHQVLGDGGHOLQGLFDGRUOXPLQRVRGH
´HQFHQGLGRµHVGHPDVLDGRHOHYDGD\SURYRFD
PROHVWLDV
‡ 3XHGHPRGLILFDUODLQWHQVLGDGGHO
LQGLFDGRUOXPLQRVRGH´HQFHQGLGRµ
DMXVWDQGRHOSDUiPHWUR3RZHU/('6HWXS
&RQILJXUDFLyQGHOLQGLFDGRU/('GH
HQFHQGLGRDOTXHSXHGHDFFHGHUDWUDYpV
GHORVFRQWUROHVSULQFLSDOHVGHOPHQ~26'
8QDLPDJHQ´UHVLGXDOµ´TXHPDGDµR´IDQWDVPDµ
SHUPDQHFHHQODSDQWDOODGHVSXpVGHDSDJDUHO
HTXLSR
‡ /DYLVXDOL]DFLyQLQLQWHUUXPSLGDGHLPiJHQHV
ILMDVRHVWiWLFDVGXUDQWHXQSHUtRGR
SURORQJDGRGHWLHPSRSXHGHSURYRFDU
TXHODLPDJHQVH´TXHPHµSURYRFDQGR
DVtODDSDULFLyQGHXQD´LPDJHQUHVLGXDOµ
R´LPDJHQIDQWDVPDµHQODSDQWDOOD/D
DSDULFLyQGHLPiJHQHV´TXHPDGDVµ
´UHVLGXDOHVµR´IDQWDVPDµHVXQIHQyPHQR
FRQRFLGRHQHOHQWRUQRTXHURGHDDODV
WHFQRORJtDVGHIDEULFDFLyQGHSDQHOHV(QOD
PD\RUtDGHORVFDVRVODLPDJHQ´TXHPDGDµ
3UREOHPDVUHODFLRQDGRVFRQHODXGLR
1RVHUHSURGXFHQVRQLGRV
‡ &RPSUXHEHTXHHOFDEOHGHDXGLRVH
HQFXHQWUHFRQHFWDGRFRUUHFWDPHQWHDO3&
\DOPRQLWRU
‡ $VHJ~UHVHGHTXHHODXGLRQRVHHQFXHQWUH
GHVDFWLYDGR3XOVH´0HQXµ0HQ~SDUD
DEULUHOPHQ~26'VHOHFFLRQH´$XGLRµ\D
5HVROXFLyQGHSUREOHPDV\SUHJXQWDVPiVIUHFXHQWHV
FRQWLQXDFLyQ´0XWHµ6LOHQFLR&RPSUXHEH
VLODRSFLyQLQGLFDGDVHHQFXHQWUD
FRQILJXUDGDFRPR´2II µ'HVDFWLYDGR
‡ 3XOVH´9ROXPHµ9ROXPHQDWUDYpVGHORV
FRQWUROHVSULQFLSDOHVGHOPHQ~26'SDUD
DMXVWDUHOYROXPHQ
‡ (ODGDSWDGRUJUiILFRGHYtGHRVHKD
FDPELDGRSRURWUR
‡ 6HKDDFWXDOL]DGRHOFRQWURODGRUGHYtGHR
‡ 6HKDQOOHYDGRDFDERDFWLYLGDGHV
UHODFLRQDGDVFRQHOVLVWHPDRSHUDWLYR
FRPRODLQVWDODFLyQGHXQVHUYLFHSDFNR
XQDUHYLVLyQ
‡ 6HKDHMHFXWDGR:LQGRZV8SGDWH\VHKDQ
DFWXDOL]DGRHOFRQWURODGRUGHOPRQLWRU\R
HOGHYtGHR
‡ :LQGRZVVHKDLQLFLDGRFRQHO
PRQLWRUDSDJDGRRGHVFRQHFWDGR3DUD
GHWHUPLQDUORKDJDFOLFFRQHOERWyQ
VHFXQGDULRHQ0\&RPSXWHU0L3&\
DFRQWLQXDFLyQKDJDFOLFHQ3URSHUWLHV
3URSLHGDGHV!+DUGZDUH!'HYLFH
0DQDJHU$GPLQLVWUDGRUGHGLVSRVLWLYRV6L
DSDUHFHODHQWUDGD´3OXJDQG3OD\0RQLWRUµ
0RQLWRU3OXJDQG3OD\EDMRHOGLVSRVLWLYR
0RQLWRUGHEHUiYROYHUDLQVWDODUHO
FRQWURODGRU7DQVyORVHUiQHFHVDULRTXLWDU
6PDUW&RQWURO3UHPLXP\YROYHUDLQVWDODUOR
3UREOHPDVUHODFLRQDGRVFRQORVSXHUWRV
86%
/RVSHULIpULFRV86%QRIXQFLRQDQ
‡ &RPSUXHEHVLHOFDEOH86%TXHXQH
HOPRQLWRUDO3&HVWiFRQHFWDGR
FRUUHFWDPHQWH
‡ $SDJXHHOPRQLWRU\HQFLpQGDORGHQXHYR
3XHGHTXHQHFHVLWHLQVWDODURUHLQVWDODUORV
FRQWURODGRUHV86%HQVX3&\DVHJXUDUVH
GHTXHHOFRQFHQWUDGRUVHHQFXHQWUD
DFWLYR
‡ 9XHOYDDFRQHFWDUORVSHULIpULFRV86%
6LQHFHVLWDPiVD\XGDFRQVXOWHODOLVWD&HQWURV
GHLQIRUPDFLyQDOFRQVXPLGRU\SyQJDVHHQ
FRQWDFWRFRQHOUHSUHVHQWDQWHGHDWHQFLyQDO
FOLHQWHGH3KLOLSV
3
3UHJXQWDVPiVIUHFXHQWHVDFHUFD
GH6PDUW&RQWURO3UHPLXP
3
6LFDPELRHOPRQLWRUGHXQ3&D
RWURGLIHUHQWH\QRHVSRVLEOHXVDU
6PDUW&RQWURO3UHPLXP¢TXpGHER
KDFHU"
5HVSXHVWD 3XHGHTXHVXDGDSWDGRUJUiÀFRQR
VHDFRPSDWLEOHFRQ6PDUW&RQWURO
3UHPLXP6LVXDGDSWDGRUJUiÀFRHV
GHXQDGHODVPDUFDVPHQFLRQDGDV
DQWHULRUPHQWHLQWHQWHGHVFDUJDUHO
FRQWURODGRUPiVDFWXDOL]DGRSDUD
HOPLVPRGHVGHHOVLWLRZHEGHOD
FRPSDxtDFRUUHVSRQGLHQWH,QVWDOH
HOFRQWURODGRU4XLWH6PDUW&RQWURO
3UHPLXP\YXHOYDDLQVWDODUORGH
QXHYR
5HVSXHVWD 5HLQLFLHVX3&\YHULÀTXHVL
6PDUW&RQWURO3UHPLXPIXQFLRQD
6LQRHVDVtWHQGUiTXHTXLWDU\
UHLQVWDODU6PDUW&RQWURO3UHPLXP
SDUDJDUDQWL]DUTXHHVWpLQVWDODGRHO
FRQWURODGRUDGHFXDGR
3
'HVSXpVGHLQVWDODU6PDUW&RQWURO
3UHPLXPQRDSDUHFHQDGDGHVSXpV
GHXQFLHUWRWLHPSRRDSDUHFHXQ
PHQVDMHGHHUURUDOKDFHUFOLFHQ
ODSHVWDxD6PDUW&RQWURO3UHPLXP
¢TXpRFXUUH"
/DVIXQFLRQHVGH6PDUW&RQWURO
3UHPLXPIXQFLRQDEDQELHQDO
SULQFLSLRSHURDKRUDQR¢TXp
SXHGRKDFHU"
6LODVDFFLRQHVGHVFULWDV
QRUHVXHOYHQHOSUREOHPD
GHÀQLWLYDPHQWHHODGDSWDGRUJUiÀFR
QRVHUiFRPSDWLEOH9LVLWHHOVLWLR
ZHEGH3KLOLSV\FRPSUXHEHVL
H[LVWHDOJXQDYHUVLyQPiVUHFLHQWH
GH6PDUW&RQWURO3UHPLXP
GLVSRQLEOH
5HVSXHVWD 6LVHKDOOHYDGRDFDERDOJXQDGH
ODVVLJXLHQWHVDFFLRQHVSRGUtDVHU
QHFHVDULRUHLQVWDODUHOFRQWURODGRU
GHOPRQLWRU
5HVROXFLyQGHSUREOHPDV\SUHJXQWDVPiVIUHFXHQWHV
3
&XDQGRKDJRFOLFHQ3URGXFW
,QIRUPDWLRQ,QIRUPDFLyQGH
SURGXFWRQRDSDUHFHWRGDOD
LQIRUPDFLyQ¢TXHRFXUUH"
ODIXQFLyQGHWHPSHUDWXUDGHFRORU
GH6PDUW&RQWURO3UHPLXPQR
UHVSRQGH¢SRUTXp"
5HVSXHVWD $ODFWLYDU6PDUW,PDJHHO
HVTXHPDV5*%VHGHVKDELOLWD
DXWRPiWLFDPHQWH3DUDXWLOL]DU
V5*%HVQHFHVDULRGHVKDELOLWDU
6PDUWOPDJHFRQHOERWyQ VLWXDGRHQHOSDQHOIURQWDOGHO
PRQLWRU
5HVSXHVWD 3XHGHTXHODYHUVLyQGHODGDSWDGRU
GHVXWDUMHWDJUiÀFDQRVHDOD
PiVUHFLHQWHRSUHVHQWHDOJXQD
LQFRPSDWLELOLGDGFRQODLQWHUID]
''&&,,QWHQWHGHVFDUJDUHO
FRQWURODGRUPiVUHFLHQWHSDUDHO
DGDSWDGRUJUiÀFRGHVGHHOVLWLRZHE
GHODFRPSDxtDFRUUHVSRQGLHQWH
,QVWDOHHOFRQWURODGRU4XLWH
6PDUW&RQWURO3UHPLXP\YXHOYDD
LQVWDODUORGHQXHYR
3UHJXQWDVPiVIUHFXHQWHVGH
FDUiFWHUJHQHUDO
3
$WWHQWLRQ
7KHIW'HWHUHQFHLV(QDEOHG
3
5HVSXHVWD /DUHVROXFLyQUHFRPHQGDGDSDUD
HVWHPRQLWRUHVGHòD
+]
‡ 'HVFRQHFWHWRGRVORVFDEOHV\FRQHFWHHO
3&DVXDQWLJXRPRQLWRU
‡ (QHOPHQ~6WDUW,QLFLRGH:LQGRZV
VHOHFFLRQH6HWWLQJV&RQILJXUDFLyQ
&RQWURO3DQHO3DQHOGHFRQWURO(QOD
YHQWDQD&RQWURO3DQHO3DQHOGHFRQWURO
VHOHFFLRQHHOLFRQR'LVSOD\3DQWDOOD
'HQWURGH'LVSOD\&RQWURO3DQHO3DQHOGH
FRQWUROGHSDQWDOODVHOHFFLRQHODSHVWDxD
´6HWWLQJVµ&RQILJXUDFLyQ(QHOFXDGUR
´'HVNWRS$UHDµÉUHDGHOHVFULWRULRGHOD
SHVWDxDGHFRQILJXUDFLyQGHVSODFHODEDUUD
GHVOL]DQWHKDVWD[St[HOHV
‡ $EUD´$GYDQFHG3URSHUWLHVµ3URSLHGDGHV
DYDQ]DGDV\FRQILJXUHHOSDUiPHWUR
5HIUHVK5DWH)UHFXHQFLDGHDFWXDOL]DFLyQ
D+]$FRQWLQXDFLyQKDJDFOLFHQ2.
‡ 5HLQLFLHHO3&\UHSLWDORVSDVRV\SDUD
FRPSUREDUTXHHVWpFRQILJXUDGRDò
D+]
‡ $SDJXHHO3&GHVFRQHFWHHOPRQLWRU
DQWLJXR\YXHOYDDFRQHFWDUHOPRQLWRU
3KLOLSV
‡ (QFLHQGDHOPRQLWRU\DFRQWLQXDFLyQHO
3&
+HROYLGDGRHOQ~PHUR3,1
DVRFLDGRDODIXQFLyQ7KHIW
'HWHUUHQFH3UHYHQFLyQGHURER
¢4XpSXHGRKDFHU"
5HVSXHVWD (O&HQWURGHDVLVWHQFLDGH3KLOLSV
WLHQHGHUHFKRDVROLFLWDUOHXQD
LGHQWLÀFDFLyQ\XQDDXWRUL]DFLyQ
OHJtWLPDVFRQREMHWRGHGHWHUPLQDU
VLHVXVWHGHOSURSLHWDULRGHO
PRQLWRU
5HFXHUGHTXHHOVHUYLFLRGH
SUHYHQFLyQGHURERVHSUHVWD
GHIRUPDRSFLRQDO\JUDWXLWD/D
DGPLQLVWUDFLyQGHQ~PHURV3,1
HVUHVSRQVDELOLGDGH[FOXVLYDGHO
XVXDULRRODRUJDQL]DFLyQTXHORV
HVWDEOH]FD
6LXQQ~PHUR3,1VHSLHUGHHO
FHQWURGHDVLVWHQFLDGH3KLOLSV
SXHGHUHVWDEOHFHUORSRUXQSUHFLR
VLPEyOLFRXQDYH]YHULÀFDGDOD
LGHQWLGDGGHOSURSLHWDULR7HQJDHQ
FXHQWDTXHWDODFWLYLGDGQRIRUPD
SDUWHGHODJDUDQWtDHVWiQGDU
3
¢4XpGHERKDFHUVLDOLQVWDODUHO
PRQLWRUODSDQWDOODPXHVWUDHO
PHQVDMH´&DQQRWGLVSOD\WKLVYLGHR
PRGHµ1RVHSXHGHUHSUHVHQWDU
HVWHPRGRGHYtGHR"
(QXQPRQLWRUFRQODIXQFLyQ
6PDUW,PDJHHOHVTXHPDV5*%GH
5HVROXFLyQGHSUREOHPDV\SUHJXQWDVPiVIUHFXHQWHV
3
¢&XiOHVODIUHFXHQFLDGH
DFWXDOL]DFLyQUHFRPHQGDGDSDUDHO
PRQLWRU"
5HVSXHVWD 3RUORJHQHUDOVHUHFRPLHQGDQR
VRPHWHUODVXSHUÀFLHGHOSDQHOD
JROSHVIXHUWHV\SURWHJHUORIUHQWHD
REMHWRVSXQ]DQWHVRFRQWXQGHQWHV
$OPDQLSXODUHOPRQLWRUDVHJ~UHVH
GHQRHMHUFHUSUHVLyQRIXHU]D
VREUHODVXSHUÀFLHGHOSDQHO(OOR
SRGUtDLQYDOLGDUODVFRQGLFLRQHVGH
ODJDUDQWtD
5HVSXHVWD /DIUHFXHQFLDGHDFWXDOL]DFLyQ
UHFRPHQGDGDSDUDORVPRQLWRUHV
/&'HVGH+]6LGHWHFWD
DOJXQDLQWHUIHUHQFLDHQODSDQWDOOD
SXHGHDXPHQWDUODKDVWD+]
SDUDFRPSUREDUVLHOSUREOHPD
GHVDSDUHFH
3
3
¢4XpVRQORVDUFKLYRVLQIHLFP
TXHFRQWLHQHHO&'520"¢&yPR
VHLQVWDODQORVFRQWURODGRUHVLQIH
LFP"
5HVSXHVWD 8VHXQSDxROLPSLR\VXDYHSDUD
OOHYDUDFDERODOLPSLH]DKDELWXDO
GHOPRQLWRU3DUDUHDOL]DUXQD
OLPSLH]DHQSURIXQGLGDGXVHDOFRKRO
LVRSURStOLFR1RXVHGLVROYHQWHVGH
QLQJ~QRWURWLSRFRPRDOFRKRO
HWtOLFRHWDQRODFHWRQDKH[DQRHWF
5HVSXHVWD eVWRVVRQORVDUFKLYRVTXHFRQWLHQHQ
ORVFRQWURODGRUHVGHOPRQLWRU6LJD
ODVLQVWUXFFLRQHVGHVFULWDVHQHO
PDQXDOGHXVXDULRSDUDLQVWDODUORV
FRQWURODGRUHV(VSRVLEOHTXHVX
3&OHVROLFLWHORVFRQWURODGRUHVGHO
PRQLWRUDUFKLYRVLQIHLFPRXQ
GLVFRFRQORVPLVPRVDOLQVWDODUOR
6LJDODVLQVWUXFFLRQHVSDUDLQVHUWDU
HO&'520VXPLQLVWUDGRFRQHVWH
SDTXHWH/RVFRQWURODGRUHVGHO
PRQLWRUDUFKLYRVLQIHLFPVH
LQVWDODUiQDXWRPiWLFDPHQWH
3
3
¢&yPRVHDMXVWDODUHVROXFLyQ"
¢4XpSXHGRKDFHUVLPHSLHUGR
PLHQWUDVDMXVWRORVSDUiPHWURVGHO
PRQLWRUDWUDYpVGHOPHQ~26'"
5HVSXHVWD 6LPSOHPHQWHSUHVLRQHHOERWyQ \DFRQWLQXDFLyQVHOHFFLRQH>5HVHW@
5HVWDEOHFHUSDUDUHFXSHUDUOD
FRQÀJXUDFLyQGHIiEULFDRULJLQDO
3
¢3XHGRFDPELDUODFRQÀJXUDFLyQ
GHFRORUHVGHOPRQLWRU"
5HVSXHVWD 6tSXHGHFDPELDUODFRQÀJXUDFLyQ
GHFRORUHVOOHYDQGRDFDERORV
SURFHGLPLHQWRVGHVFULWRVD
FRQWLQXDFLyQDWUDYpVGHOPHQ~
26'
‡ 3UHVLRQHHOERWyQ SDUDPRVWUDUHO
PHQ~HQSDQWDOOD26'2Q6FUHHQ
'LVSOD\
‡ 3UHVLRQHHOERWyQɾSDUDVHOHFFLRQDUOD
RSFLyQ>&RORU@\DFRQWLQXDFLyQSUHVLRQH
SDUDHQWUDUHQODFRQILJXUDFLyQ
GHFRORUHQODTXHKD\WUHVRSFLRQHV
GLVSRQLEOHV
&RORU7HPSHUDWXUH7HPSHUDWXUDGH
FRORU/DVVHLVRSFLRQHVGLVSRQLEOHVVRQ
....
.\./RVYDORUHVHQWRUQRD
.FRQFHGHQDOSDQHOXQDVSHFWR
´FiOLGRFRQXQDWRQDOLGDGGHFRORU
EODQFRURML]RµORVYDORUHVHQWRUQRD
.FRQFHGHQDOSDQHOXQDVSHFWR
´IUtRµFRQXQDWRQDOLGDGGHFRORUEODQFR
D]XODGRµ
V5*%(VXQDFRQÀJXUDFLyQHVWiQGDU
TXHJDUDQWL]DHOLQWHUFDPELRGHFRORUHV
FRUUHFWRHQWUHGLIHUHQWHVGLVSRVLWLYRV
SRUHMHPSORFiPDUDVGLJLWDOHV
PRQLWRUHVLPSUHVRUDVHVFiQHUHVHWF
5HVSXHVWD /RVFRQWURODGRUHVGHODWDUMHWDGH
YtGHR\ODWDUMHWDJUiÀFDGHWHUPLQDQ
HQFRQMXQWRODVUHVROXFLRQHV
GLVSRQLEOHV3XHGHVHOHFFLRQDUOD
UHVROXFLyQTXHGHVHHHQ&RQWURO
3DQHOHO3DQHOGH&RQWUROGH
:LQGRZVŠ´'LVSOD\SURSHUWLHVµ
3URSLHGDGHVGHSDQWDOOD
3
¢&yPRGHEROLPSLDUODVXSHUÀFLH
GHOPRQLWRU"
¢(VHOPRQLWRUDSUXHEDGH
DUDxD]RV"
5HVROXFLyQGHSUREOHPDV\SUHJXQWDVPiVIUHFXHQWHV
8VHU'HÀQH'HÀQLGRSRUHOXVXDULR
3HUPLWHDOXVXDULRPRGLÀFDUORVFRORUHV
URMRYHUGH\D]XOVHJ~QVXVSUHIHUHQFLDV
IDEULFDFLyQGHSDQHOHV(QODPD\RUtD
GHORVFDVRVODLPDJHQ´TXHPDGDµ
´UHVLGXDOµR´IDQWDVPDµGHVDSDUHFH
JUDGXDOPHQWHDOFDERGHXQWLHPSR
WUDVDSDJDUHOPRQLWRU
1RWD
8QDPHGLGDGHOFRORUGHODOX]LUUDGLDGDSRUXQ
REMHWRPLHQWUDVVHHVWiFDOHQWDQGR(VWDPHGLGD
VHH[SUHVDHQJUDGRV.HOYLQXQDHVFDODGH
WHPSHUDWXUDDEVROXWD8QDPHQRUWHPSHUDWXUD
HQJUDGRV.HOYLQFRPR.JHQHUD
XQDWRQDOLGDGURMDXQDPD\RUWHPSHUDWXUD
FRPR.JHQHUDXQDWRQDOLGDGD]XO8QD
WHPSHUDWXUDQHXWUDHQWRUQRD.JHQHUD
XQDWRQDOLGDGEODQFD
3
$FWLYHVLHPSUHXQVDOYDSDQWDOODV
PyYLOVLGHMDHOPRQLWRUVLQDWHQFLyQ
$FWLYHVLHPSUHXQDDSOLFDFLyQTXH
DFWXDOLFHODSDQWDOODSHULyGLFDPHQWH
VLHOPRQLWRUVHGHVWLQDDOD
SUHVHQWDFLyQSHUPDQHQWHGH
FRQWHQLGRHVWiWLFR
$GYHUWHQFLD
6LQRVHDFWLYDXQSURWHFWRUGHSDQWDOODRXQD
DSOLFDFLyQGHDFWXDOL]DFLyQSHULyGLFDGHSDQWDOOD
HVSRVLEOHTXHH[LVWDQJUDYHVVtQWRPDVGH
LPiJHQHV´TXHPDGDVµ´UHVLGXDOHVµR´IDQWDVPDVµ
TXHQRGHVDSDUHFHUiQ\QRVHUiSRVLEOHUHVROYHU
/DJDUDQWtDQRFXEUHORVSUREOHPDVGHVFULWRV
DQWHULRUPHQWH
¢3XHGRFRQHFWDUHOPRQLWRUD
FXDOTXLHU3&HVWDFLyQGHWUDEDMRR
0DF"
5HVSXHVWD 6t7RGRVORVPRQLWRUHV3KLOLSV
VRQWRWDOPHQWHFRPSDWLEOHVFRQ
3&0DF\HVWDFLRQHVGHWUDEDMR
3XHGHTXHQHFHVLWHXVDUXQFDEOH
DGDSWDGRUSDUDFRQHFWDUHOPRQLWRU
DXQ0DF3yQJDVHHQFRQWDFWR
FRQVXUHSUHVHQWDQWHFRPHUFLDO
GH3KLOLSVVLGHVHDREWHQHUPiV
LQIRUPDFLyQ
3
3
5HVSXHVWD (OPRQLWRUIXQFLRQDPHMRUDVX
UHVROXFLyQQDWLYDGH[
D+]3DUDORJUDUXQDPHMRU
YLVXDOL]DFLyQXVHHVWDUHVROXFLyQ
¢6RQORVPRQLWRUHV3KLOLSV
FRPSDWLEOHVFRQ´3OXJDQG3OD\µ"
5HVSXHVWD 6tORVPRQLWRUHV3KLOLSVVRQ
FRPSDWLEOHVFRQ´3OXJDQG3OD\µDVt
FRPRFRQ:LQGRZV9LVWD;3\
170DF26;\/LQX[
3
¢3RUTXpPLSDQWDOODQRPXHVWUD
WH[WRVGHÀQLGRV\SUHVHQWD
FDUDFWHUHVLUUHJXODUHV"
3UHJXQWDPiVIUHFXHQWHV
UHODFLRQDGDVFRQODFRQH[LyQHQ
FDGHQD
¢4XpHVXQDLPDJHQSHUPDQHQWH
LPDJHQTXHPDGDLPDJHQ
SHUVLVWHQWHRLPDJHQIDQWDVPDHQ
SDQHOHVGHPRQLWRU"
3
¢4XpWDUMHWDVJUiÀFDVDGPLWHQ
FRQH[LyQHQFDGHQD"
5HVSXHVWD &RQODIXQFLyQGHFRQH[LyQHQ
FDGHQDVHQHFHVLWDODWDUMHWDJUiÀFD
+'RVXSHULRUGH$0'
3DUDWDUMHWDVJUiÀFDVGHRWUDV
PDUFDVFRQVXOWHDVXSURYHHGRU
SDUDFRQRFHUODVRSFLRQHVGH
FRPSDWLELOLGDGGHOFRQWURODGRUGH
FRQH[LyQHQFDGHQD'LVSOD\3RUW
PiVUHFLHQWH
5HVSXHVWD /DYLVXDOL]DFLyQLQLQWHUUXPSLGDGH
LPiJHQHVÀMDVRHVWiWLFDVGXUDQWH
XQSHUtRGRSURORQJDGRGHWLHPSR
SXHGHSURYRFDUTXHODLPDJHQ
VH´TXHPHµSURYRFDQGRDVtOD
DSDULFLyQGHXQD´LPDJHQUHVLGXDOµR
´LPDJHQIDQWDVPDµHQODSDQWDOOD/D
DSDULFLyQGHLPiJHQHV´TXHPDGDVµ
´UHVLGXDOHVµR´IDQWDVPDµHVXQ
IHQyPHQRFRQRFLGRHQHOHQWRUQR
TXHURGHDDODVWHFQRORJtDVGH
3
¢/DYHUVLyQGHOFDEOH'3WLHQHTXH
VHUODYHQOXJDUGHODY"
5HVROXFLyQGHSUREOHPDV\SUHJXQWDVPiVIUHFXHQWHV
5HVSXHVWD 3DUDODFRQH[LyQHQFDGHQDVHGHEH
XWLOL]DUHOFDEOH'LVSOD\3RUWSDUD
PHMRUDUODWUDQVPLVLyQGHGDWRV
3
HQWUDGDGHIXHQWHGHYLGHRSXHGHV
SUHVLRQDU SDUDHQWUDUHQHO
PHQ~26'6HOHFFLRQHVXRSFLyQ
>$XGLR6RXUFH@)XHQWHGHDXGLR
TXHSUHÀHUDHQHOPHQ~SULQFLSDO
>$XGLR@
¢&XiQWDVSDQWDOODVVH
SXHGHQFRQHFWDUHQFDGHQD
VLPXOWiQHDPHQWH"
7HQJDHQFXHQWDTXHODSUy[LPD
YH]TXHHQFLHQGDHOPRQLWRU
HVWHVHOHFFLRQDUiGHIRUPD
SUHGHWHUPLQDGDODIXHQWHGHDXGLR
TXHHOLJLyOD~OWLPDYH](QHOFDVR
GHTXHGHVHHFDPELDUODGHQXHYR
WHQGUiYROYHUDORVSDVRVDQWHULRUHV
SDUDVHOHFFLRQDUVXQXHYDIXHQWH
GHDXGLRSUHIHULGDTXHDSDUWLUGH
HQWRQFHVVHFRQYHUWLUiHQHOPRGR
´SUHGHWHUPLQDGRµ
5HVSXHVWD 'HSHQGHGHODWDUMHWDJUiÀFD
&RQVXOWHDOSURYHHGRUGHVXWDUMHWD
JUiÀFD
3UHJXQWDPiVIUHFXHQWH
UHODFLRQDGDVFRQODIXQFLyQ
0XOWLYLHZ
3
¢3RUTXpQRSXHGRDFWLYDUOD
IXQFLyQ3L3R3E3FXDQGRODV
IXHQWHVVRQ'9,\+'0,"
$XGLR6RXUFH
'LVSOD\3RUW
5HVSXHVWD &RQVXOWHODWDEODVLJXLHQWHSDUD
FRQRFHUODIXHQWHSULQFLSDO\VXV
IXHQWHVVHFXQGDULDVFRPSDWLEOHV
)XHQWH
VHFXQGDULD
)XHQWH
SULQFLSDO
'3
'9,
+'0,
+'0,
3
+'0,
+'0,
$XGLR,Q
'3
'9,
+'0,
+'0,
;
9
9
9
9
;
;
;
9
;
;
;
9
;
;
;
¢3XHGRDPSOLDUODYHQWDQD
VHFXQGDULD3L3"
5HVSXHVWD 6tKD\WDPDxRVSDUDVHOHFFLRQDU
>6PDOO@3HTXHxR>0LGGOH@
0HGLDQR>/DUJH@*UDQGH
3XHGHSUHVLRQDU SDUDHQWUDU
HQHOPHQ~26'6HOHFFLRQHVX
RSFLyQ>3L36L]H@7DPDxR3L3TXH
SUHÀHUDHQHOPHQ~SULQFLSDO>3L3
3E3@
3
¢&yPRSXHGRHVFXFKDUDXGLR
LQGHSHQGLHQWHPHQWHGHOYtGHR"
5HVSXHVWD 1RUPDOPHQWHODIXHQWHGHDXGLR
HVWiDVRFLDGDDODIXHQWHGHOD
LPDJHQSULQFLSDO6LGHVHDFDPELDU
ODHQWUDGDGHIXHQWHGHDXGLRSRU
HMHPSORHVFXFKDUHOUHSURGXFWRU
03LQGHSHQGLHQWHPHQWHGHOD
‹.RQLQNOLMNH3KLOLSV(OHFWURQLFV195HVHUYDGRVWRGRVORVGHUHFKRV
3KLOLSV\HOHPEOHPDGHOHVFXGRGH3KLOLSVRQPDUFDVFRPHUFLDOHV
UHJLVWUDGDVGH.RQLQNOLMNH3KLOLSV(OHFWURQLFV19\VHVDQFRQDXWRUL]DFLyQ
GH.RQLQNOLMNH3KLOLSV(OHFWURQLFV19
/DVHVSHFLÀFDFLRQHVVHHQFXHQWUDQVXMHWDVDFDPELRVVLQXQDYLVRSUHYLR
9HUVLyQ03;(7