(6&8(/$'(,1*(1,(5,$(/(&75,&$
(;326,725,QJ+XEHU 0XULOOR0
,167$/$&,21(6(/(&75,&$6,
%ULQGDUDODOXPQR
,1*+8%(5085,//20
2%-(7,926
(OFRQRFLPLHQWRGHODVQRUPDV\UHJODPHQWRVYLJHQWHV
'DUDFRQRFHUODVSDXWDV\FULWHULRVWpFQLFRVDVHJXLUHQHO
GHVDUUROORGHOSUR\HFWR
5HDOL]DUORVFiOFXORVSDUDHOGLPHQVLRQDPLHQWR\VHOHFFLyQ
GHORVDOLPHQWDGRUHVSULQFLSDOHV\GHULYDGRVGHOSUR\HFWR
5HDOL]DUORVFiOFXORVSDUDHOGLPHQVLRQDPLHQWR\VHOHFFLyQ
GHORVVLVWHPDVGHDFFLRQDPLHQWRXWLOL]DGRVHQHOFRQWURO
PDQGR\SURWHFFLyQGHOVLVWHPDHOpFWULFR
'DUORVSURFHGLPHLQWRVGHORVWUiPLWHVDGPLQLVWUDWLYRVTXH
QRVFRQGX]FDQDODDSUREDFLyQGHOSUR\HFWRGH'ULQGDUD
DOLPHQWDGRUHVSULQFLSDOHV\GHULYDGRVGHOSUR\HFWR
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
5(/$&,21&2127526&85626
&LUFXLWRVHOpFWULFRV,
&LUFXLWRVHOpFWULFRV,,
,QWURGXFFLyQDOGLVHxRHOpFWULFR
0iTXLQDV(OpFWULFDV,
0iTXLQDV(OpFWULFDV,,
,QJHQHLUtDGH,OXPLQDFLyQ
&LUFXLWRVHOHFWUyQLFRV
0HGLGDVHOpFWULFDV,
0HGLGDVHOpFWULFDV,,
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
1250$6<5(*/$0(17269,*(17(6
/$61250$6(118(67523$,6621(0,7,'$6
325(/0,1,67(5,2'((1(5*$<0,1$6<
$'0,1,675$'$632526,1(5(,1'(&23,
0(0
26,1(5
,(&
9'(
,(&
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
&DUJDVGLYHUVDVFRQHFWDGDVDORVFLUFXWRVUHVLGHQFLDOHV
&DUJDVGLYHUVDVFRQHFWDGDVDORVFLUFXWRVUHVLGHQFLDOHV
)$6(6<(7$3$6'(/$2%5$
)$6(
5(63216,%/( '2&80(1726
(63(&,$/,'$'(6
352<(&72
352<(&7,67$
&2168/725
352<(&72
/,&(1&,$'(
&216758&&,21
2%5$
&2175$7,67$
5(3$/17(22%5$
$548,7(&72
,1*(/(&75,&,67$
,1*0(&$1,&2
,1*&,9,/
,1*6$1,7$5,2
(7$3$6'(
/$2%5$
352<(&72'( 5(9,6,21<
,1*%$6,&$
$352%$&,21
5(63216,%/( 352<(&7,67$
(-(&86,21'(/$
2%5$
&21,6,21
081,&,3$/#
&2175$7,67$#
#VRQORVUHVSRQVDEOHVGHODOLFHQFLDGHFRQVWUXFFLyQ
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
)$6(6<(7$3$6'(/$2%5$
7,32'(
(63(&,),
&$&,21
9,9,(1'$
9890
(0(5
&20(5&,2
/&
&&
('8&$&,21
&(,&(3
(6(3
,1'8675,$/
352<(&72'(,1*(1(,5,$%$6,&$
$548,
(6758&
,6
,(
7(&785$ 785$6
$& $) ,( 7
;
;
;
;
;
;
[
[
[
[
[
[
;
;
[
[
[
[
[
[
;
;
;
;
[
[
[
[
[
[
,167$/$&,21(6(/(&75,&$6,
[
[
6$ 9
,0
& 5& $& $$ 90
,1*+8%(5085,//20
/(<(1'$
989LYLHQGDXQLIDPLOLDU
&&RPEXVWLEOH
959LYLHQGDUHVLG!P $&$LUHFRPSULPLGR
(0(GLILFLRPXOWLIDPLOLDU
$$$LUHDFRQGLFLRQDGR
(5(GLILFLRUHVLGHQFLDO
909HQWLODFLyQPHFiQLFD
/&/RFDOFRPHUFLDO
6$6LVWHPDVDX[LOLDUHV
&&&HQWURFRPHUFLDO
7HOHIRQRVLQWHUQRV
&(,&HQWURGHHGXFLQLFLDO
,QWHUFRPXQLFDGRUHV
&(3&HQWURGHHGXFSDUWLFXODU
7HOpIRQRSRUWHUR
,6,QVWDODFLyQHVVDQLWDULDV
6LVWHPDVGHSDUODQWHV
,(,QVWDODFLyQHVHOpFWULFDV
9XVTXHGDGHSHUVRQDV
,0,QVWDODFLyQHVPHFiQLFDV
5HORMHV
$)$JXDIULD
$ODUPDFRQWUDLQFHQGLR
$&$JXDFDOLHQWH
$ODUPDFRQWUDURER\DVDOWR
77HOHIRQR
79FLUFXLWRFZHUUDGR
&,&DUJDLQVWDODGD
6LVWHPDGHFDEOH
0'0i[LPDGHPDQGD
6LVWHPDVGHDQWHQDV79
99DSRU
595HWRUQRGHYDSRU
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
'$726*(1(5$/(6'(/352<(&72
'RFXPHQWRVQHFHVDULRV
7tWXORGHSURSLHGDG
&HUWLILFDGRGHDGMXGLFDFLyQ
2WURVFDVRVHVSHFLDOHV
8ELFDFLyQGHOSUHGLR
5HXQLRQHVFRQORVSURIHVLRQDOHVDGHFXDGRV
/LFHQFLD0XQLFLSDO
3DJRGHORVGHUHFKRVDO&,3
5HJLVWURGHORV,QJHQHLURVUHVLGHQWHV
&URQRJUDPDGHDFWLYLGDGHV
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
'$726*(1(5$/(6'(/352<(&72
3DUDUHDOL]DUXQSUR\HFWRVHUHFRPLHQGDSURFHGHUFRPR
VLJXH
'RFXPHQWRVGHIDFWLYLOLGDG\SXQWRGHDOLPHQWDFLyQ
('(/125/8='(/685yFRQVHFLRQDULR]RQDO
5HXQLRQHVGHFRRUGLQDFLyQFRQORVSURIHVLRQDOHV
TXHLQWHUYLHQHQ
'HVFULSFLyQGHOSUR\HFWRDOGHWDOOH
'HWDOOHGHO0HGLGRU 7DEOHUR*HQHUDO
(OHFFLyQGHODPHMRURSFLyQWDULIDULD
&RQRFLPLHQWRGHOD0D[LPD'HPDQGD
'LDJUDPDXQLILODU
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
5(81,21(6$5($/,=$56(
/DLQIRUPDFLyQGHEHVHUFRRUGLQDGD
FRQORVVLJXLHQWHVSURIHVLRQDOHV
,QJ(OHFWULFLVWD
,QJ0HFiQLFRy&LYLO
,QJ6DQLWDULR
$UTXLWHFWR
&RRUGLQDUFRQVX(6326$
OHD\XGDUiPXFKtVLPRDHOHJLUXQD
PX\0X\EXHQDDOWHUQDWLYD
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
&217(1,'2'(/263/$126
'HEHQFRQWHQHUODVLJXLHQWHLQIURPDFLyQ
&LUFXLWRSULQFLSDO
&LUFXLWRVGHULYDGRV
&LUFXLWRVXQLILODUHVFRQ&,\0'
7DEOHURVJHQHUDOHV
6LVWHPDGHDWHUUDPLHQWR
6LVWHPDWHOHIyQLFR
6LPERORJLDQRUPDOL]DGD
6LVWHPDVDX[LOLDUHVGLYHUVDV
'HWDOOHVLQJHQLHULOHVGLYHUVRV
0RQWDQWHVHOpFWULFDWHOHIyQLFDFDEOH
7LSRVGHFDEOHV
7LSRGHWXERV39&
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
&26726
'HEHQFRQWHQHUODVLJXLHQWHLQIURPDFLyQ
0HPRULDVGHVFULSWLYDV
0HWUDGREDVH
$QiOLVLVGHFRVWRVXQLWDULRV
3UHVXSXHVWREDVH
)yUPXODSROLQyPLFD
1RVRQQHFHVDULRVSDUDODDSUREDFLyQGHOSUR\HFWR
6HHIHFW~DQDVROLFLWXGGH
(OSURSLHWDULR
(O$UTXLWHFWRSUR\HFWLVWD
(OFRQWUDWLVWD
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
(63(&,),&$&,21(67(&1,&$6
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
(63(&,),&$&,21(67(&1,&$6
&RUUHVSRQGHDODGHVFULSFLyQWpFQLFDGHWRGRV
ORVPDWHULDOHVTXHLQWHUYLHQHQHQHO
SUR\HFWR
(OSUR\HFWLVWDHVWiHQODREOLJDFLyQGH
SUHVHQWDUODV),&+$67(&1,&$6
SURSRUFLRQDGRSRUORVIDEULFDQWHVGHORV
SURGXFWRVUHODFLRQDGRVFRQHOSUR\HFWR
/RVFRQGXFWRUHV\GHPiVPDWHULDOHOpFWULFR
FXPSOLUiQHVWULFWDPHQWHFRQUHJODPHQWR
YLJHQWH
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
(63(&,),&$&,21(67(&1,&$6
'HEHQFRQWHQHUODVLJXLHQWHLQIURPDFLyQ
&RQGLFLRQHVJHQHUDOHV
(VSHFLILFDFLRQHVWpFQLFDVGHVXPLQLVWUR
(OHWURGXFWRV
7XEHUtDV&DMDV%DQGHMDV\FDQDOHWDV
&RQGXFWRUHV
,QWHUUXSWRUHVWRPDFRUULHQWHV\SXOVDGRUHV
7DEOHURVHOpFWULFRV
$UWHIDFWRVGHLOXPLQDFLyQ
6LVWHPDGHDWHUUDPLHQWR
6LVWHPDGHHPHUJHQFLD
6LVWHPDVDX[LOLDUHV
(VSHFLILFDFLRQHVWpFQLFDVGHPRQWDMH
6LVWHPDVGHDFFLRQDPLHQWR
'HWDOOHVLQJHQLHULOHVHVSHFLDOHV
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
&21',&,21(6*(1(5$/(6
8%,&$&,1'(/35(',2
352<(&721
5HGGH('(/125
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
680,1,6752
/DVLQVWDODFLRQHVHOpFWULFDVGHVWLQDGDVSDUDOD
EDMDWHQVLyQVHFODVLILFDQGHODVLJXLHQWHPDQHUD
9LYLHQGDVXQLIDPLOLDUHV
9LYLHQGDVUHVLGHQFLDOHV
(GLILFLRVPXOWLIDPLOLDUHV
(GLILFLRVUHVLGHQFLDOHV
(GLILFLRVFRPHUFLDOHVXRILFLQDV
(GLILFLRVS~EOLFRV WHDWURVFLQHV
(GLILFLRVLQGXVWULDOHVEDMRV\PHGLRV
,QVWDODFLRQHVLQVGXVWULDOHV
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
'$7$//('(/680,1,6752
&$// (
&
$
/
/
.:+
.:+
.:+
.:+
.:+
.:+
352<(&72
1
,167$/$&,21(6(/(&75,&$6,
/(<(1'$
8%,&$&,1'(/0(','25<720$'(0(','$6
6HWUDWDGHXELFDUHOPHGLGRUGHHQHUJtDVLWXiQGROR
HQODSDUWHIURQWDOGHOSUHGLRGHELGDPHQWH
LQVWDODGRGHQWURGHXQDFDMDPHWiOLFDWLSR/7HO
FXDOWLHQHXQDSODQFKDGHVPRQWDEOHGHPDGHUD
VKSLQJR
/XHJRWRPDUODVVLJXLHQWHVPHGLGDV
'LVWDQFLDGHODUHGDOPHGLGRUGHHQHUJtD
'LVWDQFLDPHGLGRUGHHQHUJtDDO7*
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
8%,&$&,1'(/0(','25,7$<7*0212)$6,&2
$/,0(17$'25
*(1(5$/
.:+ 0(','25'((1(5*,$$&7,9$
.:+
,$
$&20(7,'$
,167$/$&,21(6(/(&75,&$6,
,$ ,17(5583725$8720$7,&2
680,1,6752
0212)$6,&2
$/,0(17$'25
35,1&,3$/
7$%/(52
*(1(5$/
,1*+8%(5085,//20
8%,&$&,1'(/0(','25,7$<7*75,)$6,&2
$/,0(17$'25
*(1(5$/
.:+ 0(','25'((1(5*,$$&7,9$
.:+
,$ ,17(5583725$8720$7,&2
680,1,6752
75,)$6,&2
,$
$&20(7,'$
$/,0(17$'25
35,1&,3$/
P
,167$/$&,21(6(/(&75,&$6,
7$%/(52
*(1(5$/
2),&,1$
,1*+8%(5085,//20
'(7$//('(/0(','25,7$<7*75,)$6,&2
&$-$'(0(','25
7,32/7
5(''(
6'6
('(/125
.:+
7$%/(52*(1(5$/
,17(5583725
$8720$7,&2
P
P
$&20(7,'$
$/,0(17$'2535,1&,3$/
6'6
,167$/$&,21(6(/(&75,&$6,
+$&,$/$6
&$5*$6
6XEGLVWULEXFLyQ VHFXQGDULD
,1*+8%(5085,//20
(/(&752'8&726
'8&726'(&21&5(72
'HFRQFUHWRYLEUDGRFRQXQQ~PHURGHYtDVGHDFXHUGRD
GHWDOOHVLQFOXLGRVHQORVSODQRV
8626
3DUDSURWHFFLyQGHFDEOHVVXEWHUUiQHRVFXDQGRKD\FUXFH
GHSLVWDV
(QODFRQGLFLyQGHDOLPHQWDGRUHVGHSODQWDVLQGXVWULDOHV
6HGHEHSUHYHUTXH
GHYLDVGHUHVHUYD YLDVUHTXHULGDV
DOLPHQWDGRURFLUFXLWRSRUYLD
(QGLYHUVDVDPSOLDFLRQHVVXEWHUUDQHDV
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
(/(&752'8&726
19,$6 /21* ',$0 $;%
&$3$&,'$''(
'8&72 P
9LDPP PP
6RORXQFDOLEUHSRUYtD
[ [PP1<<
[ [PP1<<
[ [PP1<<
19,$6 /21* ',$0 $;%
&$3$&,'$''(
'8&72 P
9LDPP PP
6RORXQFDOLEUHSRUYtD
; [PP1<<
; [PP1<<
; [PP1<<
'8&726
'(
&21&5(72
$
%
,167$/$&,21(6(/(&75,&$6,
P
,1*+8%(5085,//20
(/(&752'8&726
,167$/$&,21'('8&726
9,$6
9,$6
3,67$P
9,$6
9,$6
7,(55$&(51,'$
&203$&7$'$
P
9,$6
9,$6
137
P
,167$/$&,21(6(/(&75,&$6,
62/$'2'(
&21&5(72
P
,1*+8%(5085,//20
(/(&752'8&726
78%(5,$639& 6(/
&ORUXURGHSROLYLQtOLFRWLSRHVWiQGDUHXURSHROLYLDQR
0tQLPDWXEHULDDXWLOL]DU PP
/RQJLWXGHVWiQGDU
P
6HXWLOL]DFLyQHVIUHFXHQWHHQ
&LUFXLWRVGHULYDGR
6LVWHPDVDX[LOLDUHV
78%(5,$639& 6$3
&ORUXURGHSROLYLQtOLFRWLSRHVWiQGDUDPHULFDQRSHVDGR
0tQLPDWXEHULDDXWLOL]DU PP
/RQJLWXGHVWiQGDU
P
6HXWLOL]DFLyQHVIUHFXHQWHHQ
&LUFXLWRVGHULYDGRVLVWHPDVDX[LOLDUHV
$OLPHQWDGRUHVSULQFLSDOHVOLQHDVDWLHUUD
$FRPHWLGDVHOpFWULFDV\WHOHIyQLFDV
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
(/(&752'8&726
),(552*$/9$1,=$'25,*,'2
&RQSDUHGHVLQWHULRUHVOL]DV\OLEUHVGHFRVWXUD\UHEDUEDV
URVFDGRVHQDPERVH[WUHPRV
0tQLPDWXEHULDDXWLOL]DU PP
/RQJLWXGHVWiQGDU
P
6HXWLOL]DFLyQHVIUHFXHQWHHQ
,QVWDODFLRQHVYLVLEOHVH[SXHVWRVDGDxRVPHFiQLFRV
,QVWDODFLRQHVD358(%$'((;3/26,21
&RQH[LQHVYLVLEOHVHQDVFHQVRUHV
,QVWDOFLRQHVH[SXHVWDVDDOWDVWHPSHUDWXUDV
,QVWDODFLRQHVH[SXHVWDVDUXGRVWUDEDMRV
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
(/(&752'8&726
(48,9$/(1&,$'(78%(5,$6
I 38/* 39&6(/ 39&6$3 )*5,*,'2
I PP
I PP
I PP
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
78%(5$6&$-$6%$1'(-$6<&$1$/(7$6
%$1'(-$6
$SOLFDFLRQHV (QORFDOHVQXHYRV\DPSOLDFLRQHVGHORFDOHV
LQGXVWULDOHVKRVSLWDOHV\RHGLILFLRVLPSRUWDQWHV
8VRVHLQVWDODFLRQHV (QFLUFXLWRVSULQFLSDOHV\GHULYDGRV
LPSRUWDQWHVDGRVDGRVDSDUHGHVyVXVSHQGLGRVHQWHFKRV
'LPHQVLRQHV
[
[
[
[
[
PP
PP
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
78%(5$6&$-$6%$1'(-$6<&$1$/(7$6
&$1$/(7$6
$SOLFDFLRQHV (QORFDOHVQXHYRV\DPSOLDFLRQHVGHORFDOHV
LQGXVWULDOHVKRVSLWDOHV\RHGLILFLRVLPSRUWDQWHV
8VRVHLQVWDODFLRQHV (QFLUFXLWRVSULQFLSDOHV\GHULYDGRV
PX\LPSRUWDQWHV
'LPHQVLRQHV
PP
PP
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
+0
78%(5$6&$-$6%$1'(-$6<&$1$/(7$6
&$-$63$6(<686',0(16,21(6
3
/(<(1'$
))UHQWH
$ $OWXUD
33URIXQGLGDG
$
)
,1*+8%(5085,//20
78%(5$6&$-$6%$1'(-$6<&$1$/(7$6
&$-$6'()$%5,&$&,2167$1'$5
7,32
2FWRJRQDOGH[PP
5HFWDQJXODUGH[PP
&XDGUDGDGH[PP
&XDGUDGDGH[PP
&$-$6(63(&,$/(6
862
6DOLGDVGHDOXPEUDGRHQWHFKR\SDUHG
6DOLGDHQWRPDFRUULHQWHLQWHUUXSWRU\WHOHIRQR
7RPDFRUULHQWHVFDMDVGHSDVH
6DOLGDGRQGHOOHJXHQWXEHULDVGHPP
'RQGHOOHJXHQDOLPHQWDGRUHV PP
'HSODQFKDGH)* 1 PPFRPRPtQLPR
&RQWDSDKHUPpWLFD\SHUQRVGHOPLVPRPDWHULDO
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
+0
78%(5$6&$-$6%$1'(-$6<&$1$/(7$6
) WXERPD\RU UHVWRGHORVWXERV
3 WXERPD\RU
$ )
6HXWLOL]DUiQFDMDVFXDGUDGDVVWDQGDUW
6HXWLOL]DUiQFDMDVFXDGUDGDVVWDQGDUW
$GRVDGRVDWHFKRVFRQRVLQIDOVRVWHFKRV
6XVSHQGLGRVGHORVWHFKRVGHVyWDQRV
(QGLVWULEXFLyQKRUL]RQWDOSUHYLDDODGLVWULEXFLyQYHUWLFDO
,167$/$&,21(6(/(&75,&$6,
+0
,1*+8%(5085,//20
78%(5$6&$-$6%$1'(-$6<&$1$/(7$6
) WXERPD\RU UHVWRGHORVWXERV
137
3 WXERPD\RU
$ )
6HXWLOL]DUiQFDMDVFXDGUDGDVVWDQGDUW
3 WXERPD\RU
$ )
6HXWLOL]DUiQFDMDVFXDGUDGDVVWDQGDUW
/DVFDMDVHVWiQHPSRWUDGDV
/DVFDMDVHVWiQDGRVDGDVHQGXFWRVGHLQVWDODFLRQHV
8ELFDGRVHQODPRQWDQWHGHGLVWULEXFLyQYHUWLFDO
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
78%(5$6&$-$6%$1'(-$6<&$1$/(7$6
&8$572'($6&(1625
7*$
$=27($
48,172
3,62
&8$572
3,62
7(5&(5
3,62
6(*81'23,62
.:+
6'6
('(/125
7$
7$
7$
7$
7$
7$
7$
7$
7$
7*
/(<(1'$
&$-$3$6(
7$%/(526
.:+
0217$17(
(/(&75,&$
7$
627$12
%$1&2
0(','25(6
7*6$
+0
,1*+8%(5085,//20
78%(5$6&$-$6%$1'(-$6<&$1$/(7$6
(-(03/26
3,62 )PP
$P P
$PP
[
[
[
[
[
,167$/$&,21(6(/(&75,&$6,
&ODYH
[[ 3
[[ 3
[[ 3
[[3
&/$9(
3
3
3
3
3
,1*+8%(5085,//20
78%(5$6&$-$6%$1'(-$6<&$1$/(7$6
$FRQWLQXDFLyQSUHVHQWDPRVODVFDMDVGHSDVHFRPHUFLDOHV
TXHUHXQHQORVUHTXLVLWRVWpFQLFRV\JHQHUDOPHQWHVRQ
XWLOL]DGRVHQODVPRQWDQWHVHOpFWULFDV
&$-$6&21',0(16,21(667$1'$5
[[
[[
[[
[[
[[
[[
[[
[[
[[
[[
[[
[[
[[
[[
[[
[[
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
78%(5$6&$-$6%$1'(-$6<&$1$/(7$6
$FRQWLQXDFLyQSUHVHQWDPRVODVFDMDVSDVHPDVFRPHUFLDOHV
&$-$6&21',0(16,21(667$1'$5
&/$9( $PP
[[
[[
[[
[[
[[
[[
[[
[[
[[
[[
% PP
&PP
6(/(&&,21
[[
[[
[[
[[
[[
[[
[[
[[
[[
[[
[[
[[
$%\&VRQFDOFXORVSHUVRQDOHVQRVHLQFOX\HHQHOUHSRUWH
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
7(/()2126
6$/,'$67(/()21,&$6
6HXWLOL]DQFDMDVGH)*\VHLQVWDODQ6137VREUHQLYHOGH
SLVRWHUPLQDGR/DVVDOLGDVWHOHIyQLFDVXWLOL]DQFDMDV)*
[[PP/DVSODFDVGHVDOLGDSDUDHOFDEOHK
P6137
/$6&$-$6'(',675,%8&,17(/()1,&$6
[[P[SDUDDFRPHWLGD
[[P[SDUDPRQWDMH
/DVFDMDVGHPDGHUDWHQGUiQXQPDUFR\SXHUWDPHWiOLFRV
/DKERUGHLQWHULRUGHODFDMDP6137
78%(5,$6
,1*+8%(5085,//20
0217$17(7(/()21,&2<3257(52
&8$572'($6&(1625
6$
$=27($
&8$572
3,62
7(5&(5
3,62
6(*81'23,62
7(/()21,&$
627$12
,167$/$&,21(6(/(&75,&$6,
7*
&$-$3$6(
;;
/(<(1'$
48,172
3,62
7$%/(526
7(/()21,&26
3257(52
&$-$3$6(
;;
3
6$
92/7,26
+=
,1*+8%(5085,//20
+0
78%(5$6&$-$6%$1'(-$6<&$1$/(7$6
(63(&,),&$&,21(67(&1,&$6'(/$60217$17(67(/()21,&$6
7,32'(
(',),&,21
(GLILFLRPXOWLIDPLOLDU
KDWDSLVRVGSWRVSLVR
(GLILFLRPXOWLIDPLOLDU
KDWDSLVRV
(GLILFLRVFRPHUFLDOHV
&$-$'(
&$-$'(
0217$17(
//(*$'$PP ',675,%8&,2139&6$3PP
[[
[[
'LDP
[[
[[
[[
[[
'LDP
'LDP
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
0217$17(79&$%/(
79
&8$572'($6&(1625
6$
$=27($
79
48,172
3,62
79
&8$572
3,62
79
7(5&(5
3,62
79
6(*81'23,62
79
79&$%/(
627$12
,167$/$&,21(6(/(&75,&$6,
79
79
79
79
7*
79
/(<(1'$
79
&$-$3$6(
;;
7$%/(52679
&$-$3$6(
;;
6$
,1*+8%(5085,//20
&21'8&725(6
/RVFRQGXFWRUHVVRQORVUHVSRQVDEOHVGHFRQGXFLUFRQ
PXKDIDFLOLGDGODHQHUJtDHOpFWULFDSRUHVWHPRWLYRTXHVH
KDFUHDGRXQDSpQGLFHHVSHFLDOVREUHHVWHWHPD
87,/,=$&,21'(/26&21'8&725(6
7,32'(
$3/,&$&,21 '(6&5,3&,21
&21'8&725
,QWHULRUHV
,QWHULRUHV
0<<75,32/$5
([WHULRUHV
1<<3$5$/(/2
,QWHULRUHV
1.<75,32/$5.9
,QWHULRUHV
1<&<81,32/$5.9 ,QWHULRUHV
7:
7+:
&LUFXLWRVGHULYDGRV
$OLPHQWDGRUHV
&LUFXLWRVSULQFLSDOHV\GHULYDGRV
6'6,$3
$FRPHWLGDV\VDOLGDV66607
$FRPHWLGDV\VDOLGDV66607
9HUDSpQGLFH&21'8&725(6(/(&75,&26
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
&21'8&725(6
1<<75,32/$5
.9
1<<81,32/$5
.9
7+:
1;6<
.9
1;<
.9
:3
6(7
(MHPSORVGHOFyGLJRSDUDODGHQRPLQDFLyQGHFDEOHV
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
7$%/(526(/e&75,&26
9(5$3(1',&(
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
$57()$&726'(,/80,1$&,1
9(5$3(1',&(
,1&/8<(
,17(5583725(6212))
720$&255,(17(6'20,&,/,$5,26
$&&(625,26',9(5626
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
/
/
&RQGXFWRU7:PP
&RQGXFWRU7:PP
&RQGXFWRU7:PP
6yTXHWH
,QWHUUXSWRU
)RFR
(VTXHPDIXQFLRQDOGHFRQH[LyQGHXQIRFRLQFDQGHVFHQWH
,167$/$&,21(6(/(&75,&$6,
/
,1*+8%(5085,//20
&RQGXFWRU7:PP
/
&RQGXFWRU7:PP
&RQGXFWRU
7:PP
,QWHUUXSWRU
FRQPXWDGRU
,QWHUUXSWRU
FRQPXWDGRU
6yTXHWH
)RFR
(VTXHPDIXQFLRQDOGHFRQH[LyQGHXQIRFRLQFDQGHVFHQWH
XWLOL]DQGRXQFRQPXWDGRUWLSRHVFDOHUD
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
%DODVWR
/
/
&RQGXFWRU
7:PP
(48,32'(81)/85(6&(17(
)/825(6&(17(
,QWHUUXSWRU
3+,/,36
$UUDQFDGRU
&RQGXFWRU7:PP
(VTXHPDIXQFLRQDOGHFRQH[LyQGHXQHTXLSRIOXRUHVFHQWH
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
(1&(1','2'(/26)/825(6&(17(6
32535(&$/(17$0,(172
+J
$UR.U
$55$1&$'25
92/7,26$&
,167$/$&,21(6(/(&75,&$6,
5($&725
,1*+8%(5085,//20
&21'8&725(6
39&6$3
39&6$3
8ELFDFLyQGHORVFRQGXFWRUHVGHQWURGHORVWXERV39&6$3
WLFLQR
,17(5583725
6,03/(
WLFLQR
,17(5583725
75,3/(
WLFLQR
,17(5583725
&21087$'25
WLFLQR
720$&255,(17(
'2%/(
8ELFDFLyQGHORVFRQGXFWRUHVGHQWURGHORVSYFVDSDGHPiV
HTXLSRVGHPDQGR
(VTXHPDGHXELFDFLyQGHODOXPEUDGRLQWHUUXSWRUHQODFRFLQD
8ELFDFLyQGHOWDEOHURJHQHUDOWRPDFRUULHQWHVHLQWHUUXSWRUHV
8ELFDFLyQGHODWHUPDWRPDFRUULHQWHHLQWHUUXSWRUHQHOEDxR
,167$/$&,2102'(51$'(81$2),&,1$
,167$/$&,21'(81(67$',2'()87%2//
6,67(0$'($7(55$0,(172
(QHO6,67(0$'(38(67$$7,(55$
/DUHVLVWHQFLDGHSXHVWDDWLHUUDGHEHUi
HVWDUGHDFXHUGRFRQODVQRUPDV
,(&
&yGLJR1DFLRQDOGH(OHFWULFLGDG
PP39&6$3
/RVFRQGXFWRUHVTXHFRQHFWDQ32=2'(
7,(55$ &$5*$FXPSODQFRQODV
GLVSRVLFLRQHVGHO&yGLJR1DFLRQDOGH
(OHFWULFLGDG
32=2
'(
7,(55$
6HUHFRPLHQGDXWLOL]DUHO7:
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
(67((6(/
352727,32'(
,167$/$&,21
'20,&,/,$5,$
(/0(','25/26
&21'8&725(6
(/(&75,&26
7,(1(18125'(1
<8%,&$&,21
'(1752'(/26
78%2639&6$3
/26
,17(5583725(6<
720$&255,(17(6
(67$1
237,0$0(17(
8%,&$'26
6,67(0$'((0(5*(1&,$
),1$/,'$' 3URSRUFLRQDUXQVXPLQLVWURHOpFWULFRGH
HPHUJHQFLDSDUDFDUJDTXHORUHTXLHUHQ3RGHPRV
FODVLILFDUORVHQWUHVWLSRV
D 3/$1'((0(5*(1&,$6(/(&7,9$
(648(0$'(35,1&,3,2
'HVGHHOPHGLGRU('(/125
&
&
&
.:+
&
&
*(
&
7$
[$
7)
[$
7)
[$
7)
[$
[$
[$
32=2'(7,(55$
7$
[$
,167$/$&,21(6(/(&75,&$6,
7)
5HVHUYD
,1*+8%(5085,//20
E 3/$1'((0(5*(1&,$%$6,&2
(648(0$'(35,1&,3,2
&
&
('(/125
.:+
&
*(
,167$/$&,21(6(/(&75,&$6,
&
7)
[$
[$
&
7&
[$
[$
&
7$
[$
5HVHUYD
7(
[$
7(
[$
[$
[$
7(
5HVHUYD
,1*+8%(5085,//20
F 3/$1'((0(5*(1&,$,1,17(55803,'2
(648(0$'(35,1&,3,2SDUWHD
&
&
('(/125
7$
[$
[$
XSV
.:+
[$
[$
&
*(
&
7(
[$
7(
[$
7(
[$
5HVHUYD
[$
,167$/$&,21(6(/(&75,&$6,
9$
5HVHUYD
[$
&
7&
,1*+8%(5085,//20
F 3/$1'((0(5*(1&,$,1,17(55803,'2
(648(0$'(35,1&,3,2SDUWHE
&
836
&
5(&7,),&$'25
836
&
&
[$
[$
[$
[$
7$
3&
3&
5HVHUYD
&$5*$6
(0(5*(1&,$
a
%$7(5,$6
&209(57,'25
6,67(0$6'((0(5*(1&,$
(OSODQGHHPHUJHQFLDD HVHOPDVIOH[LEOHHQODVHOHFFLyQ
GHFDUJDVDWHQGHU(VWHHVHOPiVHFRQyPLFRSHUR
UHTXLHUHSHUVRQDOPDVFDSDFLWDGRHLQVWUXtGRHQHOPDQHMR
GHOSODQ8QDPDODRSHUDFLyQSXHGHFDXVDUGDxRVVHYHURV
DOVLVWHPDHOpFWULFR
/RVWLHPSRVGHUHSRVLFLyQGHOVXPLQLVWUR HOpFWULFRVRQ
,70
,7$
0LQXWRV
836
6HJXQGRV
6HJXQGRV
%DUDWR
0RGHUDGR
&DUR
9HUPDVGHWDOOHVGHORV836HQ$3(1',&(
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
(/(0(1726'(816,67(0$6(0(5*(1&,$
*(1(5$'25
&DSDFLGDGQRPLQDO6
7HQVLyQQRPLQDO
)UHFXHQFLDQRPLQDO
)DFWRUGHSRWHQFLD
$OWXUDGHWUDEDMR
.9$
9ROWLRV
+]
PVQP
3RWHQFLDQRPLQDO
7LSRGHPRWRU
9HORFLGDGQRPLQDO
5HIULJHUDFLyQ
$UUDQTXH
+3
WLHPSRV
530
$LUHDJXD
(OpFWULFR
02725',(66(/
0$6'(7$//(69(5$3(1',&(*58326(/(&752*(126
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
)$&,/,'$'(6(1/$,167$/$&,21'(*(',(66(/
&RPEXVWLEOHGLHVVHO1
7DQTXHGLDULRSDUDKRDUVFRQWLQXRDSOHQDFDUJD
3DUDOD9HQWLODFLyQVHDSURYHFKDUiDOPi[LPRODGLUHFFLyQ
GHOYLHQWRSUHHUYHQWLODFLyQIRU]DGDUHFWLILFDGD
/DVSXHUWDVFRQPDUFRV\PDOODVPHWiOLFDV
9DQWDQDVDOWDVFRQPDUFRV\PDOODVPHWiOLFDV
&DQDOHWDVDOUHGHGRUGHO*(SDUDFRQH[LyQHOpFWULFDGHORV
FLUFXLWRVGHIXHU]DFRQWURO\SURWHFFLyQ
/DVWXEHUtDVGHDOLPHQWDFLyQGHOFRPEXVWLEOHVHUiQ
GH)*
/DFRQH[LyQGHODFKLPLQHDGHEHVHUELHQSODQLILFDGD
/$3/$17$'((05*(1&,$'(%(6(58%,&$'2/20$6
&(5&$326,%/($/7$%/(52*(1(5$/'(/$
,167$/$&,1
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
6,67(0$6$8;,/,$5(6
9(5$3(1',&(
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
(63(&,),&$&,21(67e&1,&$6'(0217$-(
9(5$3(1',&(
&2168/7$5&21/$6
&$5$&7(5,67,&$6
7(&1,&$6'(/)$%5,&$17(
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
6,67(0$6'($&&,21$0,(172
9(5$3(1',&(
6HUHILHUHDOGLPHQVLRQDPLHQWR\VHOHFFLyQGHORVVLVWHPDV
GHDFFLRQDPLHQWRWDOHVFRPRORV
,QWHUUXSWRUHVWHUPRPDJQHWLFRVDXWRPDWLFRV,$
&RQWDFWRUHVSULQFLSDOHV\DX[LOLDUHV&&&$
5HOpVWpUPLFRVPDQXDOHVDXWRPiWLFRV
)XVLEOHV\SRUWDIXVLEOHV
6LVWHPDVGHILQGHFDUUHUD
$FVHVRULRVGLYHUVRV
&HQWURVGHFRQWUROGHPRWRUHV
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
'(7$//(6,1*(1,(5,/(6(63(&,$/(6
6HUHILHUHDODVGLYHUVDVYLVWDVDX[LOLDUHVQHFHVDULDVSDUD
SRGHUUHDOL]DUXQDIDEULFDFLyQ\PRQWDMHDGHFXDGRV
7DPELpQLQFOX\HODGLVSRVLFLyQGHFRQGXFWRUHVVXEWHUUDQHRV
DHUHRV\ODVLQVWDODFLRQHVHQFDQDOHWDV\GXFWRV
(VWDSDUWHHVWDQLPSRUWDQWHSDUDODSODQLILFDFLyQHMHFXVLyQ
\FRQWUROGHODVREUDVHQHVWXGLRH,16,78,QFOX\H
(PEDUUDGRV
0RQWDMHGHFRQGXFWRUHV\VLVWHPDVGHDFFLQDPLHQWR
7DEOHURV\GLYHUVRVDFFHVRULRV
,QFOX\HWRGRGHWDOOHTXHVDOHGHORIRUPDO
&$'$2%5$7,(1(683$57,&8/$5,'$'
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
$KRUD8GHVWDOLVWRSDUDGDU
VXDXWRHYDOXDFLyQ
%XHQDVXHUWH
+0
(6&8(/$'(,1*(1,(5,$(/(&75,&$
(;326,725,QJ+XEHU 0XULOOR0
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
&$5$&7(5,67,&$6'(/5278/23$5$/263/$126
3523,(7$5,2
2%5$
352<(&72
3/$12
6U9LFWRU0HQGR]D\6UD
9,9,(1'$81,)$0,/,$5
,167$/$&,21(6(/(&75,&$6
35,0(5$3/$17$
'372/,0$
3529/,0$
',675,72/,1&(
(6&$/$
)(&+$-81
$OXPEUDGRWRPDFRUULHQWHWHOHIRQR\79
&2168/725
352)(6,21$/5(63216,%/(
+XEHU0XULOOR0DQULTXH
,QJ(OHFWULFLVW
&,3
&,
,167$/$&,21(6(/(&75,&$6,
3/$121
,(
,1*+8%(5085,//20
5(*/$6'($/$0%5$'2
/OHYDUXQSRORDWRGDVODVVDOLGDVGHOVLVWHPDGHDOXPEUDGR
/OHYDUHOVHJXQGRSRORDWRGRVORVLQWHUUXSWRUHVXQLSRODUHV\
DOSULPHULQWHUUXSWRUFRQPXWDGRU`
/OHYDUORVGRVFDEOHVPHQVDMHURVGHOSULPHULQWHUUXSWRUGH
FRQPXWDFLyQDOVHJXQGRLQWHUUXSWRUGHFRQPXWDFLyQ
/OHYDUORVFRQGXFWRUHVGHFRQWUROGHVGHORVLQWHUUXSWRUHV
XQLSRODUHV\HOVHJXQGRLQWHUUXSWRUGHFRQPXWDFLyQDODVVDOLGDV
TXHFRQWURODQ
3DUDLQWHUUXSWRUHVELSRODUHV
/OHYDUORVGRVSRORVDOLQWHUUXSWRUELSRODU
/OHYDUORVGRVFRQGXFWRUHVGHFRQWUROGHVGHORV
LQWHUUXSWRUHVDODVVDOLGDVTXHFRQWURODQ
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
5(*/$6'($/$0%5$'2
5
6
D
6D
,167$/$&,21(6(/(&75,&$6,
6EG
,1*+8%(5085,//20
5(*/$6'($/$0%5$'2
6K
6K
6IHJ
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
5(*/$6'($/$0%5$'2
6
D
,167$/$&,21(6(/(&75,&$6,
6L
6L
6L
6N
,1*+8%(5085,//20
5(*/$6'($/$0%5$'2
6L
6QP
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
/(<(1'$
6D ,QWHUUXSWRUVLPSOHFRQGXFWRUHVWLSRGDGR
6 ,QWHUUXSWRUGHFRQPXWDFLyQFRQGXFWRUHVJHQHUDOPHQWH
VXXQLyQVHKDFHSRUHOSLVR
7XEHUtDHPSRWUDGDHQHOSLVR
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
/(<(1'$
127$6
/RVLQWHUUXSWRUHVWHUPRPDJQpWLFRVGH$PSHULRVSXHGHQWHQHUFRPR
Pi[LPRVDOLGDVFRQOiPSDUDVGH9DWLRV
&DGDFLUFXLWRGHDOXPEUDGRGHEHUiXWLOL]DUXQFRQGFXWRU7:7+:7++:
GHPPFRPRVHFFLyQPtQLPD
7RPDFRUULHQWH
6DOLGDVSRWOLJKW
6DOLGDHQODSDUHG%DUTXHW
6DOLGDGHWHFKR
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
5(*/$6'($/$0%5$'2
6KLM
6DEGH
I
6I
KL
M
Q
x
6xQ
O
N
6NOP
6xQ
+DFHUHODQiOLVLVGHDODPEUDGR
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
5(*/$6'($/$0%5$'2
6KLM
6DEGH
KL
M
N
Q
6Qx
J
6IJ
6NOP
R
6RS
S
6RS
+DFHUHODQiOLVLVGHDODPEUDGR
,167$/$&,21(6(/(&75,&$6,
/
,1*+8%(5085,//20
&RQGXFWRU7:PP
,PSRUWDQWH
/
,QWHUUXSWRU
DXWRPiWLFR
&RQGXFWRU7:PP
(VTXHPDIXQFLRQDOGHFRQH[LyQGHXQDWHUPDJUDQGH
/
&RQGXFWRU7:PP
/
,QWHUUXSWRU
DXWRPiWLFR
0XFKR
FXLGDGR
&RQGXFWRU7:PP
(VTXHPDIXQFLRQDOGHFRQH[LyQGHXQDUHIULJHUDGRUD
&$/&8/2'(/180(52'(&,5&8,726'(5,9$'26
6HKDHQFRQWUDGRH[SHULPHQWDOPHQWHTXHXQFLUFXLWR
GHULYDGRGHLOXPLQDFLyQHVWDGHWHUPLQDGRHQIXQFLyQGHO
WLSRGHORFDOHVWRHV
(QXQORFDOUHVLGHQFLDOGHP&XDQWRVFLUFXLWRV
GHULYDGRVGHEHQFRQVLGHUDUVH"
&LUFXLWRVGHULYDGRV&G
3URPHGLR
6HFRQVLGHUDTXHHQPVHGHEHUiFRQVLGHUUD&G
3HUR&GSXHGHVRSRUWDUFRPRPi[LPROXPLQDULDV
PD[GHYDWLRVFDGDXQDSURPHGLRXQLGDGHV
(VWRLPSOLFDTXHHO,7$GHEHUiVHUGH$PSHULRV\D
TXHSRUHVWHFLUFXLWRFLUFXODUiQFRPRPi[LPR$PS
(OFRQGXFWRUGHEHUiWHQHUPP FRPRPtQLPR
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
&$/&8/2'(/180(52'(&,5&8,726'(5,9$'26
81,)$0,/,$5(6
5(6,'(1&,$/
&20(5&,$/
2),&,1$6
,1'8675,$/
#
(QFDVRVHVSHFLODHVFRQVLGHUHSDUDFDGD&GXQFRQVXPR
Pi[LPRGH9DWLRVSRUFLUFXLWR
3DUDOXPLQDULDVIOXRUHVFHQWHVXRWUDV\DVHFRQVLGHUDTXH
GLFKRVDUWHIDFWRVVHKDOODQFRPSHQVDGRV\SRUWDQWRVX
IDFWRUGHSRWHQFLD
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
'(),1,&,21(6
&DUJDFRQWUDWDGD (VODFDQWLGDGGH.:FRPHUFLDOHVPX\
FHUFDQRVDOYDORUGHOD0'
)DFWRUGHFDUJD (VHOFRFLHQWHGH0'&,
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
&2(),&,(17(6'(6,08/7$1(,'$'
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
*5$'26'((/(&75,),&$&,21
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
(9$/8$&,21'(/)$&725'(6,08/7$1(,'$')V
'HELGRDTXHHQXQDLQVWDODFLyQORVGLVWLQWRVFRQVXPLGRUHVyJUX SRVGH
FRQVXPLGRUHVQRHVWDQFRQHFWDGRVVLHPSUH \VLPXOWDQHDPHQWH
3RUWDQWR)VVHUiVLHPSUH
)$&725(6'(6,08/7$1(,'$')V3$5$868$5,26
6(*81/$61250$69'(<
*5832'(&21680,'25(6
,OXPLQDFLyQ
&DMDVGHHQFKXIH
9HQWLODFLRQ
&DOHIDFFLyQ
&RFLQDV
$VFHQVRUHV
2WURV
(',),&,26'(2),&,1$6
,167$/$&,21(6(/(&75,&$6,
+263,7$/(6
,1*+8%(5085,//20
(9$/8$&,21'(/$0$;,0$'(0$1'$
'HEHUiFRQWHQHU
(OFXDGURGHFDUJDVLQFOX\HQGRLOXPLQDFLyQ
&iOFXORGHODFDUJDLQVWDODGD
/RV)DFWRUHVGHGHPDQGDQRUPDOL]DGRV
(O)DFWRUGHVLPXOWDQHLGDGQRUPDOL]DGRV
&DUJDVDIXWXURDFRUWR\PHGLDQRSOD]R
7RPDVGHQXHVWUDVHQXQWLHPSRWpFQLFR
(YDOXDFLyQGHOSOLHJRWDULIDULR
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
&8$'52'(&$5*$60;,0$'(0$1'$
&XDGURGHFDUJDVGHOD9LYLHQGD8QLIDPLOLDU
'HVFULSFLyQ
,WHP
$OXPEUDGRP [:P
5HIULJHUDGRUD
/LFXDGRUD
&DUJD
,QVWDODGD
:
)DFWRUGH
GHPDQGD
0i[LPD
'HPDQGD
:
3ODQFKD
2WURVHOHFWURGRP pVWLFRV
0i[LPD'HPDQGD0'
3RWHQFLD,QVWDODGD
)DFWRUGH6LPXOWDQHLGDGIV
&DUJDFRQWUDWDGD0'[IV
,167$/$&,21(6(/(&75,&$6,
+0
,1*+8%(5085,//20
0$;,0$'(0$1'$<&$5*$&2175$7$'$
7DEOD &8$'52'(&$5*$6'(/267$ 7$
,WH
P
'HVFULSFLyQ
&DUJD
,QVWDODGD
:
)DFWRUGH
GHPDQGD
$OXPEUDGRP [:P
&RFLQD
[:
&DOHQWDGRU [:
/DYDGRUD
[:
6HFDGRUD
[:
5HIULJHUDGRUD[:
:DIOHUD[:
$VSLUDGRUD[:
3RWHQFLD,QVWDODGD
0i[LPD'HPDQGD0'
0i[LPD
'HPDQGD
:
)DFWRUGH6LPXOWDQHLGDGIV
&DUJDFRQWUDWDGD0'[IV
+0
0$;,0$'(0$1'$<&$5*$&2175$7$'$
&$/&8/2'(/$0$;,0$'(0$1'$3/$17$352&(6$'25$
,7(0 '(6&5,3&,21'(/$0$48,1$
327(1&,$&255,(17(
+3
.: $03(5,26
0RWRUWULIiVLFRPDUFD:(*
(/(9$'25
0RWRUWULIiVLFRPDUFD6LHPHQV =$5$1'$
0RWRUWULIiVLFRPDUFD6LHPHQV '(63('5$&25$
(/(9$'25
0RWRUWULIiVLFRPDUFD:(*
0RWRUWULIiVLFRPDUFD'(/&526$ 38/,'25$
&255,(17(727$/'(/6,67(0$
$03(5,26
7(16,21'(/6,67(0$
92/7,26
327(1&,$$&7,9$ 3/$17$6352&(6$'26(&$'2
.:
6(59,&,26$8;,/,$5(6
.:
68%727$/
.:
)$&725'((;3$16,1 275$3/$17$6(&$'2
.:
327(1&,$,167$/$'$
.:
)$&725'(6,08/7$1(,'$'
0$;,0$'(0$1'$
.:
)$&725'(6(*85,'$'
18(9$0$;,0$'(0$1'$
.:
)$&725'(327(1&,$3520(',2
327(1&,$$3$5(17('(/6,67(0$
.9$
327(1&,$&20(5&,$/5(&20(1'$'$
,167$/$&,21(6(/(&75,&$6,
.9$
,1*+8%(5085,//20
5(/$&,21'(&$5*$6'(/$3/$17$352&(6$'25$
< 6(&$'25$'(&$)(
3/$17$352&(6$'25$'(&$)(
,7(0 '(6&5,3&,21'( /$0$48,1$
0RWRUWULIiVLFRPDUFD:(*
0RWRUWULIiVLFRPDUFD6LHPHQV
0RWRUWULIiVLFRPDUFD6LHPHQV
0RWRUWULIiVLFRPDUFD:(*
0RWRUWULIiVLFRPDUFD'(/&526$
&$5*$,167$/$'$
,167$/$&,21(6(/(&75,&$6,
(/(9$'25
=$5$1'$
'(63('5$&25$
(/(9$'25
38/,'25$
327(1&,$
+3
.:
&255,(17(
$03(5,26
.:
,1*+8%(5085,//20
7$%/$35$&7,&$3$5$(/',0(16,21$5&$%/(6
',0(16,21$0,(172'(/26&21'8&725(6(/(&75,&2635,1&,3$/(6<'(5,9$'26
&$5*$
'(6&5,3&,21 +3
&.72
.: 9
92/7
)3
() ,GLV ,FDW ,I
$03
325&$3$&,'$'
325&$,'$'(7(16,21
,Q ,UHDO 6
,167$/ )&7 / &7$3 &7&' &77 &77
$03
PP
P 9ROW 9ROW 9ROW
/(<(1'$
,GLV &RUULHQWHGHGLVHxR$PSHULRV
,I
,Q
,FDW
,UHDO
&RUUHFFLyQSRUWHPSHUDWXUD
&RUUHFFLyQSRUFDQWLGDGGHFRQGXFWRUHV
&RUULHQWHGHFDWDORJRGHOIDEULFDQWH`
,FDW,I,Q
&DLGDGHWHQVLRQWRWDOHQ9ROWLRV
&DLGDGHWHQVLRQWRWDOHQ
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
&$/&8/2'($/,0(17$'25(6(1
352<(&7265(6,'(1&,$/(6
&iOFXORGHOD$&20(7,'$\35,1&,3$/
8Q)3 $PSHULRV
, 0'
'RQGH
,
&RUULHQWHQRPLQDOHQ$PSHULRV
0'0i[LPDGHPDQGDHQ9DWLRV
)3 )DFWRUGHSRWHQFLDDSUR[
8Q (VODWHQVLyQQRPLQDOHQ9ROWLRV
&RQ,FDOFXODGRLUDODVWDEODVGHOIDEULFDQWH6H
UHFRPLHQGDXWLOL]DUHOFDEOH1<<
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
&$/&8/2'($/,0(17$'25(6(1
352<(&7265(6,'(1&,$/(6
&iOFXORGHORV&,5&8,726'(5,9$'26
8Q)3 $PSHULRV
, 3
'RQGH
,
&RUULHQWHQRPLQDOHQ$PSHULRV
3 0i[LPDGHPDQGDHQ9DWLRV
)3 )DFWRUGHSRWHQFLDDSUR[
HQFDVRGHODFRFLQD)3HV
8Q (VODWHQVLyQQRPLQDOHQ9ROWLRV
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
&$/&8/2'($/,0(17$'25(6(1
352<(&726,1'8675,$/(6
&iOFXORGHO$/,0(17$'2535,1&,3$/
8Q)3()$PSHULRV
, 0'
'RQGH
,
&RUULHQWHQRPLQDOHQ$PSHULRV
0'0i[LPDGHPDQGDHQ9DWLRV
)3 )DFWRUGHSRWHQFLDDSUR[
8Q (VODWHQVLyQQRPLQDOHQ9ROWLRV
() (ILFLHQFLDUHPLWLUVHDOIDEULFDQWH
&RQ,FDOFXODGRLUDODVWDEODVGHOIDEULFDQWH
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
&$/&8/26'(/$&$3$&,'$''(&$5*$
3DUDORVFLUFXLWRVGHDOXPEUDGR
6LVHWUDWDGHODPSDUDVLQFDQGHVFHQWHV
, 3 8Q $PSHULRV
3DUDORVFLUFXLWRVGHDOXPEUDGR
6LVHWUDWDGHIOXRUHVFHQWHV
, 3 8Q)3$PSHULRV
6LORVHTXLSRVVRQFRPSHQVDGRV)3
6LORVHTXLSRVQRHVWDQFRPSHQVDGRV)3
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
&$/&8/26'(/$&$3$&,'$''(&$5*$
3DUDODGXFKD\FDOHQWDGRU
6LVHWUDWDGHFDUJDVUHVLVWLYDV
,1*+8%(5085,//20
&$/&8/26'(/$&$3$&,'$''(&$5*$
3DUDVHOHFFLRQDUORVFDEOHVGH
$FRPHWLGD
$OLPHQWDGRUSULQFLSDO
(QDPERVFDVRVVHXWLOL]DODVLJXLHQWH
H[SUHVLyQ
, 3 8Q)3$PSHULRV
6HXWLOL]DXQ)3 $SUR[LPDGDPHQWH
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
)$&725(648(,17(59,(1(1(1/$6(/(&&,1'(
&21'8&725(6(/(&75,&26
&RQGLFLRQHVGHOPHGLRDPELHQWH
7HQVLyQGHVHUYLFLR
)UHFXHQFLDGHVHUYLFLR
7LSRGHFDUJD
/LQHDO
1ROLQHDO
&DUJDQROLQHDO
7LSRGHLQVWDODFLyQ'XFWRVDHUHDHWF
6HOHFFLyQGHOFRQGXFWRUSRU
&DSDFLGDGGHWUDQVSRUWH
&DtGDGHWHQVLyQDGPLVLEOH
&RUWRFLUFXLWR
&DUDFWHUtVWLFDVLW
1LYHOGH(PSUHVD$QWLJXDPHGLDQDyPRGHUQD
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
&$3$&,'$''(75$163257('(/26&21'8&725(6
3DUD&255,(17(&217,18$&RQRFLHQGRODSRWHQFLD
, 38Q()
'RQGH
$GHPiV
$PSHULRV
33RWHQFLDDFWLYDHQ9DWLRV
8Q7HQVLyQQRPLQDOHQ9ROWLRV
()(ILFLHQFLD
.: 9DWLRV
+3 9DWLRV
&9 9DWLRV
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
&$3$&,'$''(75$163257('(/26&21'8&725(6
3DUD&255,(17($/7(51$0212)$6,&$
&RQRFLHQGRODSRWHQFLD
33RWHQFLDDFWLYDHQ9DWLRV
8Q7HQVLyQQRPLQDOHQ9ROWLRV
()(ILFLHQFLD
)3)DFWRUGHSRWHQFLD
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
&$3$&,'$''(75$163257('(/26&21'8&725(6
3DUD&255,(17($/7(51$75,)$6,&$
&RQRFLHQGRODSRWHQFLD
, 3
8Q())3$PSHULRV
'RQGH
33RWHQFLDDFWLYDHQ9DWLRV
8Q7HQVLyQQRPLQDOHQ9ROWLRV
()(ILFLHQFLD
)3)DFWRUGHSRWHQFLD
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
&$3$&,'$''(75$163257('(/26&21'8&725(6
3DUD&255,(17($/7(51$0212)$6,&$
&RQRFLHQGRODSRWHQFLDDSDUHQWH.9$
, .9$8Q$PSHULRV
3DUD&255,(17($/7(51$75,)$6,&$
&RQRFLHQGRODSRWHQFLDDSDUHQWH.9$
, .9$
8Q$PSHULRV
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
)$&725(6'(&255(&&,21 &$3$&,'$''(75$163257(
/DFDSDFLGDGGHORVFRQGXFWRUHVHVWiQHQIXQFLyQGH
/DWHPSHUDWXUDDPELHQWHGHOPHGLR
&DQWLGDGGHFRQGXFWRUHV
$PSHULRV
,I)DFWRUGHFRUUHFFLyQSRUWHPSHUDWXUD
,Q)DFWRUGHFRUUHFFLyQSRUQ~PHURGH
FDEOHV
,W&RUULHQWHDGPLVLEOHSRUVHFFLyQVHJ~Q
WDEODVQRUPDOL]DGDV
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
08<,03257$17(
/$&$3$&,'$''(&255,(17(
48(6(,1',&$1(1/$67$%/$6
6(&803/(62/2&8$1'26(75$7$'(
75(6&21'8&725(60$6'(75(6
$3/,&$5(/)$&725(6'(
&255(&&,21,Q
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
',0(16,21$0,(172325&$,'$'(7(16,21
&$,'$'(7(16,21 9
9
9
'RQGH
,5
9ROWLRV
)&9,/ 9ROWLRV
,&RUULHQWHGHGLVHxR$
55HVLVWHQFLDGHOFRQGXFWRU
)&9)DFWRUGHFDtGDGHWHQVLyQYHUWDEOD
/ /RQJLWXGGHOFRQGXFWRUP
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
',0(16,21$0,(172325&$,'$'(7(16,21
5(6,67(1&,$'(/&21'8&7255
5 .
/6
'RQGH
. \7ULIiVLFR\PRQRIiVLFR
PPPUHVLVWLYLGDGGHOFREUH
/ /RQJLWXGGHOFRQGXFWRUP
6 6HFFLyQGHOFRQGXFWRUPP
&XDQGRVHWUDWDGHXQDFDUJDUHVLVWLYD)3
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
',0(16,21$0,(172325&$,'$'(7(16,21
6(&&,21'(/&21'8&7256
6 .
/,)38S PP
'RQGH
,&RUULHQWHGHFDUJD$
)3)DFWRUGHSRWHQFLD
. \7ULIiVLFR\PRQRIiVLFR
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
&$/&8/2'($/,0(17$'25(6
6HJ~QODXELFDFLyQGHODVFDUJDV\VXLPSRUWDQFLD
SRGHPRVHOHJLUORVWLSRVGHDOLPHQWDGRUHV
VLJXLHQWHV
$/,0(7$'25(6&21&$5*$ &21&(175$'$
$/,0(17$'25(6&21&$5*$ ',675,%8,'$
&ULWHULRGHVHFFLyQFRQVWDQWH
&ULWHULRGHVHFFLyQFyQLFD
'DGRVXLPSRUWDQFLDHVTXHGHVDUUROODPRVFDGD
WLSRDFRQWLQXDFLyQ
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
$/,0(17$'25(6&21&$5*$&21&(175$'$
*(1(5$&,1
&$5*$
/DVHFFLyQGHOFRQGXFWRUVHGHWHUPLQDFRQVHGHWHUPLQDFRQODVLJXLHQWH
H[SUHVLyQ
6 . /, 8S
(MHPSOR 6HWLHQHXQFRQGXFWRUWULiVLFRFRQFDUJDFRQFHQWUDGDTXHSUHVHQWD
ODVVLJXLHQHWVFDUDFWHUtVWLFDV 9Q 9ROWLRV+]
/ P
/XHJR
'HODWDEOD1 (VFRJHPRVXQFRQGXFWRUFRPHUFLDOPP
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
$/,0(17$'25(6'(&$5*$',675,%8,'$
*(1(5$&,1
&5,7(5,2'(6(&&,21&2167$17(
/
,
,
,
/
&$5*$
/
3DUDFDOFXODUODVHFFLyQVHXWLOL]DODVLJXLHQWHH[SUHVLyQ
6 >.
8S@/,/,/, PP
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
$/,0(17$'25(6'(&$5*$',675,%8,'$
*(1(5$&,1
&5,7(5,2'(6(&&,21&21,&$
,
/
L
,
,
,
L
/
/
/7
L
&$5*$
, L$
/DVHFFLyQGHOFRQGXFWRUGLVPLQX\HDORODUJRGHODOLPHQWDGRU
/DVHFFLyQGHODOLPHQWDGRUVHGHWHUPLQDDWUDYpVGHODGHQVLGDGGH
FRUULHQWH-FRQVWDQWH
- 8S.
/7
$PP
6 ,-PP
,167$/$&,21(6(/(&75,&$6,
%$55$6'(/
6,67(0$
92/7,26+=
,1*+8%(5085,//20
1RUPDOL]DFLRQ,(&
&RQWDFWRU
&DWHJRUtD'&
&DWHJRUtD$&
&RQGXFWRUHV
7:7+:1<<
02725
,$
0DJQpWLFDILMD
0DJQpWLFDUHJXODEOH
7HUPRPDJQpWLFDIXMD
7HUPRPDJQpWLFDUHJXODEOH
:P
&$5*$
5HOpWHUPLFR
'LUHFWR
,QGLUHFWR
7LHPSRDFWXDFLyQ
1RUPDO
5HWDUGDGR
&RQIRUPDFLRQGHXQVLVWHPDHOHFWULFRLQGXVWULDO
XWLOL]DGRVHQPiTXQDVURWDWLYDV
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
&225',1$&,217,32
&225',1$&,217,32
/,1($'(
$/,0(17$&,21
75,)$6,&$
/,1($'(
$/,0(17$&,21
75,)$6,&$
,17(5583725
7(5020$*1(7,&2
*8$5'$02725
&217$&725
75,32/$5$&
&217$&725
75,32/$5$&
5(/(7(50,&2
02725
$6,1&5212
75,)$6,&2
02725
$6,1&5212
75,)$6,&2
,1*+8%(5085,//20
6
7
$
//$9(
0$*1(7,&$
21
2 ))
5(6(7
&217$&725
1 $
*
5(/(7(50,&2
1 $
*
/&'
0 $18 $/
$ 87 2
7 ( 6 7
6 7 23
1$
7
5 ( 6 ( 7
1&
7
3527(&&,21
&2175$62%5(
&255,(17(6
7
02725
75,)$6,&2
7,32-$8/$
,167$/$&,21(6(/(&75,&$6,
&21087$'25y
6,67(0$'(
$&&,21$0,(172
/ & '
7 ( /( 0 (& $ 1 ,4 8 (
3527(&&,21
&2175$&2572
&,5&8,726
',6326,&,21
'(/6,67(0$
'(0$1'2<
3527(&&,21
'(02725(6
(/(&75,&26
$55$148(
',5(&72
6(*81/$6
1250$6
,(&
02725727$/0(17(
3527(*,'2
(VTXHPDXQLILODUGHODUUDQTXH GLUHFWR
,1*+8%(5085,//20
6
7
//$9(
0$*1(7,&$
3527(&&,21
&2175$&2572
&,5&8,726
$
21
2 ))
5(6(7
&217$&725(6
1 $
7 ( /( 0 (& $ 1 ,4 8 (
7 ( /( 0 (& $ 1 ,4 8 (
1 $
1$
/ & '
7 (/ ( 0 ( & $ 1 ,4 8 (
*
/ & '
*
5(/(7(50,&2
1 $
/ & '
*
1 $
1$
',6326,&,21'(/
6,67(0$'(0$1'2<
3527(&&,21'(
02725(6
(/(&75,&26
$55$148((675(//$
75,1*8/2 1250$6
,(&
*
/&'
0 $18 $/
$ 87 2
7 ( 6 7
6 7 23
3527(&&,21
&2175$
62%5(
&255,(17(6
7
7
02725
75,)$6,&2
7,32-$8/$
,167$/$&,21(6(/(&75,&$6,
+0
(VTXHPDXQLILODUGHODUUDQTXH
HVWUHOOD WULDQJXOR
1&
1$
7
5 ( 6 ( 7
02725727$/0(17(
3527(*,'2
,1*+8%(5085,//20
(6&8(/$'(,1*(1,(5,$(/(&75,&$
(;326,725,QJ+XEHU 0XULOOR0
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
(648(0$6(/(&75,&26
&RQFHSWR (VODUHSUHVHQWDFLyQJUiILFDGHXQ FLUFXLWRy
LQVWDODFLyQHOpFWULFDHQHOTXHVHLQGLFDODVFRQH[LRQHV
GLYHUVDV\VXVHQODFHVHQWUHVL
3DUDVXUHSUHVHQWDFLyQVHHPSOHDQ6tPERORVJUiILFRV
WUD]RVH~QGLFHVXQLILFDGRVSRUOD,(&ORVFXDOHVIDFLOLWDQ
VXFRUUHFWDLQWHUSUHWDFLyQGHORVFLWDGRVViPERORV
/DILQDOLGDGHVSRGHUUHSUHVHQWDUHQIRUPDVLQSOH
FyPRGD\FODUD SRVLEOHORVGLYHUVRVHOHPHQWRVHOpFWULFRV
XWLOL]DGRVHQODLQGXVWULDGHODFRQVWUXFFLyQPDQXIDFWXUD
HWFWDOFRPRGHGHWDOODPRVDFRQWLQXDFLyQ
/RVVtPERORV UHSUHVHQWDQODVPiTXLQDVHOpFWULFDV
DSDUDWRVGHPHGLGDSURWHFFLyQPDQGR\VHxDOL]DFLyQ
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
(648(0$6(/(&75,&26
/RVWUD]RV LQGLFDQODVFRQH[LRQHVHOiFWULFDVHQWUHORV
HOHPHQWRVTXHLQWHUYLHQHQHQHOHVTXHPD
/RVVtPERORV UHSUHVHQWDQODVPiTXLQDVHOpFWULFDV
DSDUDWRVGHPHGLGDSURWHFFLyQPDQGR\VHxDOL]DFLyQ
/RVWUD]RV LQGLFDQODVFRQH[LRQHVHOiFWULFDVHQWUHORV
HOHPQWRVTXHLQWHUYLHQHQHQHOHVTXHPD
,1*+8%(5085,//20
(648(0$6(/(&75,&26
(/(0(1726
'(81
(648(0$
(/(&75,&2
6LPERORV (VHOGLEXMR
FRQYHQFLRQDOTXHUHSUHVHQWD
XQDPiTXLQDyHOHPHQWRGH
XQDLQVWDODFLyQ
0DUFD 'HVLJQDyUJDQRV
DSDUDWRV\PiTXLQDV
6HxDOHVGHORVERUQHV
6HxDOHVGHORVFRQGXFWRUHV
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
(648(0$6(/(&75,&26
)$&,/,7$5 /$
6(
87,/,=$1
3$5$
,167$/$&,21(6(/(&75,&$6,
,1)250$&,1
3$5$(/(*,5(/
(48,32
$'(&8$'2$
3$5$/$
,167$/$&,1
)$&,/,7$5
/26(16$<26<
9(5,),&$&,1(6
'($&8(5'2$
1250$6
+202/2*$&,21
(6<0$5&$6
'(&$/,'$'
237,0,=$168
75$%$-2/26
,1*(1,(526
7(&1,&26
)$%5,&$17(6
<868$5,26
,1*+8%(5085,//20
&/$6,),&$&,21'(/26(648(0$6
(648(0$6(;3/,&$7,926
)DFLOLWD HOHVWXGLRDQiOLVLV\FDEDOFRPSUHQVLyQGHO
IXQFLRQDPLHQWRGHXQDLQVWDODFLyQ
5HSUHVHQWD WRGRVORVHOHPHQWRVWDOHVFRPRHTXLSRV
FRQGXFWRUHVXQLRQHV\FRQGLFLRQHVGHLQWHUGHSHQGHQFLD
8QDLQVWDODFLyQSXHGHWHQHUYDULRVHVTXHPDVH[SOLFDWLYRV
GHVGHHOPDVVLPSOHDOPDVFRPSOHMR
/RVHVTXHPDVH[SOLFDWLYRVFRQWLHQHQ
(VTXHPDIXQFLRQDO
(VTXHPDGHHPSOD]DPLHQWR
(VTXHPDGHSULQFLSLR
3ODQRV
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
&/$6,),&$&,21'(/26(648(0$6
(648(0$6'(5($/,=$&,21
)DFLOLWD ODXELFDFLyQHLQVWDODFLyQGHWRGRV\FDGDXQRGH
ORVHOHPHQWRVTXHFRQIRUPDQODLQVWDODFLyQHOpFWULFD
5HSUHVHQWD WRGRVORVHOHPHQWRVDOGHWDOOHGHODVSDUWHV
HOpFWULFDVPHFiQLFDV\DLVODQWHVTXHLQWHUYLHQHQHQOD
LQVWDODFLyQHOpFWULFD
/RVHVTXHPDVH[SOLFDWLYRVFRQWLHQHQ
(VTXHPDJHQHUDOGHFRQH[LRQHV
(VTXHPDGHFDQDOL]DFLRQHV
(VTXHPDGHHQWXEDGR
'HWDOOHV3DUWLFXODUHV
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
(648(0$6(/(&75,&26
5(*/$6'(
$/$0%5$'2
6
6D
6EG
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
(648(0$6(/(&75,&26
9,(1('(
7*
;$
5HJ
&$%/(7,32
7+:$:*
$
&$%/(7,32
7+:$:*
3/$17$
(648(0$
81,),/$5
&,5&8,72)8(5=$
3$5$048,1$6
527$7,9$6
/(<(1'$
,167$/$&,21(6(/(&75,&$6,
$
$
$
=
027250$5&$
6,(0(16+3
9ROW $
530
==$5$1'$
&$%/(7,327+:
$:*
'
027250$5&$
6,(0(16+3
9ROW $
530
'
$
$
$
$
7*)
&$%/(7,32
7+:$:*
$
02725
0$5&$:(*
+39ROW
$530
'(63('5$'25$
6 6(&$'25
,1*+8%(5085,//20
(648(0$6(/(&75,&26
6,67(0$ '(%$55$6'(92/7,26+= &,5&8,72'()8(5=$'(/7$%/(527*)
&$%/(7,32
7+:$:*
yPP
$
$
7*)
$
$
$55$148(
(675(//$
75,$1*8/2
$
3/$17$
&$%/(7,327+:$:*
yPP
3
02725'(/&526$
+39ROW
$PSHULRV/,1($
$PSHULRV)$6(
530
,167$/$&,21(6(/(&75,&$6,
+0
/(<(1'$338/,'25$
(648(0$81,),/$5
&,5&8,72)8(5=$
3$5$048,1$6
527$7,9$6
,1*+8%(5085,//20
(6&8(/$'(,1*(1,(5,$(/(&75,&$
(;326,725,QJ+XEHU 0XULOOR0
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
3/$1($0,1(72(675$7(*,&2
3DUDUHDOL]DUFXDOTXLHUSUR\HFWRHVQHFHVDULRVHJXLUHO
SURFHGLPLHQWRTXHDFRQWLQXDFLyQVHUHFRPLHQGD
'HWHUPLQDU&,\0'GHO7*'HILQLHQGR
&RFLQDFDOHQWDGRU\FDGDXQDGHODVFDUJDV
&DUJDVHVSHFLDOHV
&DOFXODUORVDOLPHQWDGRUHVGHULYDGRVHQIXQFLyQGH
,Q
9HUFDWDORJRV\FRPSHQVDFLRQHV
LW 9HUWDEODVGHOIDEULFDQWHFDEOHV
9 9DOLPHQWDGRUSULQFLSDODFRPHWLGD
9FLUXFLWRGHULYDGRV
,GLVHxR 0'
'HILQLUODDFRPHWLGDHQIXQFLyQGHODVFDUJDV
'HILQLUHODOLPHQWDGRUSULQFLSDOHQIXQFLyQGH
&DSDFLGDGLW\FDLGDGHWHQVLyQ
352&(',0,(1726*(1(5$/(6
,1*+8%(5085,//20
3/$1($0,1(72(675$7(*,&2
'HILQLUODVFDMDVSDVHSDUDODVUHGHVHOpFWULFDV
'HILQLUHOVLVWHPDGHDWHUUDPLHQWR
8WLOL]DUHOPHQEUHWH
'HILQLUHOWLSRGHPHGLGRU
(OHFFLyQGHORVFRQGXFWRUHVXWLOL]DGRVHQORV
FLUFXLWRVSULQFLSDOHV\GHULYDGRV
'HILQLUODPRQWDQWHHOpFWULFD
'HILQLUORV,7$SULQFLSDO\GHULYDGRV
8WLOL]DUODVLPERORJtD\QRPHQFODWXUDQRUPDOL]DGD
HQHO&yGLJR(OpFWULFRGHO3HU~
,QGLFDUORVWLSRVGHWXEHUtDVDXWLOL]DU
,QFOXLUODUHTXLVLyQGHGRFXPHQWRVQHFHVDULRVSDUD
SRGHUREWHQHUODOLFHQFLDGHFRQVWUXFFLyQ
$FRPSDxDUODVPHPRULDVGHVFULSWLYDVTXHHO
SUR\HFWRUHTXLHUH
352&(',0,(1726*(1(5$/(6
,1*+8%(5085,//20
5(&20(1'$&,21(6*(1(5$/(6
&RQHOILQGHRSWLPL]DUODUHDOL]DFLyQGHORVSUR\HFWRVVH
SUHVHQWDODVVLJXLHQWHVUHFRPLHQGDFLQHVJHQHUDOHV
,QGHSHQGL]DUORVFLUFXLWRVGHULYDGRVGHLOXPLQDFLyQ
GHORVFLUFXLWRVGHULYDGRVGHWRPDFRUULHQWHV
/RVWUD]RVFRQOtQHDFRQWLQXDVHUHDOL]DQSRUHOWHFKR
\SDUGHV
/RVWUD]RVFRQOtQHDSXQWHDGDVHUHDOL]DQSRUHOSLVR
&RQVLGHUDUORVFRQGXFWRUHVFRPRVLJXH
7:
3UR\HFWRVGRPLFLOLDULRV
7+: 3UR\HFWRVGRPLFLOLDULRVHLQGXVWULDOHV
7++:3UR\HFWRVHVSHFLOHV
3DUDSUR\HFWRVPX\HVSHFLDOHVVHXWLOL]DQFDEOHV
IOH[LEOHVGHODWDWHPSHUDWXUDFODVH%)\+
3DUDPiTXLQDVURWDWLYDVFDEOHVFODVH+
352&(',0,(1726*(1(5$/(6
,1*+8%(5085,//20
5(&20(1'$&,21(6*(1(5$/(6
&RQVLGHUDUWRGRVORVFLUFXLWRVGHULYDGRVFRPR
&RQVLGHUDUHOFLUFXLWRGHULYDGRGHUHVHUYD
&RQIHFFLRQDUORVFiOFXORVGH9HQXQFXDGUR
HQIRUPDFODUD\GHWDOODGD
(VSHFLILFDUORV,7$ ,Q9Q,&&
(VSHFLILFDUODVWXEHULDV\FDMDVGHSDVH
&XDQGRGHXWLOL]DQORVVLVWHPDVGHHPHUJHQFLD
QHFHVDULDPHQWHVHWLHQHTXHHVSHFLILFDUODV
FDUDFWHUtVWLFDVWpFQLFDVGHO*(\836
+DFHUODFRRUGLQDFLyQGHODSURWHFFLyQ
9HULILFDUHOFiOFXORGHODOLPHQWDGRUSULQFLSDO\
DFRPHWLGDDXWLOL]DUVH
5DHOL]DUFRQFODULGDGORV&$/&8/26-867,),&$7,926
XWLOL]DQGRFXDGURV\RWDEODV
352&(',0,(1726*(1(5$/(6
,1*+8%(5085,//20
5(&20(1'$&,21(6*(1(5$/(6
/DYDOLGpVGHVXSUR\HFWRVHUHJLVWUDHQODVWDEODVGH
ORVFiOFXORVMXVWLILFDWLYRV1RVHSUHVHQWDQ
/DFDOLGDGGHORVHTXLSRVFRQGXFWRUHVHOpFWULFRV
WXEHULDV\DFFHVRULRVGLYHUVRVHVWDUiQPX\ELHQ
GHILQLGRVHQODVHVSHFLILFDFLRQHVWpFQLFDV
8WLOL]DUHOOHQJXDMHDGHFXDGRHQVXSUR\HFWR
5HVSHFWRDORVSXQWRVGHWHOHIRQtD\FDEOHXELFDUORV
HQSXQWRVHVWUDWpJLFRV
3UHVHQWDUODVPRQWDQWHVWHOHIyQLFDV\GHFDEOH
8ELFDUORVLQWHUXSWRUHVHQiUHDVDFFHVLEOHV
(VSHFLILFDUTXHHO7*GHEHHVWDUWRWDOPHQWHOLEUH
352&(',0,(1726*(1(5$/(6
,1*+8%(5085,//20
3/$1'(2%5$&$/(1'$5,=$'2
3/$1'(2%5$&$/(1'$5,=$'2
'LD
,QDWDODFLRQHOHFWULFDGHXQHGLILFLR
/XQ 0DU 0LHU -XHY 9LHU
5HFHSFLRQ
$YDQFH
$YDQFH
$YDQFH
$YDQFH
&RQWURO
$YDQFH
$YDQFH
$YDQFH
$YDQFH
&RQWURO
3XHVWDVHUYLFLR
3URWRFRORSUXHEDV
5HFHSFLyQREUD
352&(',0,(1726*(1(5$/(6
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
6H
FRQWHPSODQ
WRGDVODV
DOWHUQDWLYDV
TXHQRV
FRQGX]FDQD
FXPSOLUD
FDEDOLGDGFRQ
HOSODQGH
REUD
FDOHQGDUL]DGR
SURSXHVWR
,1*+8%(5085,//20
+0
(6&8(/$'(,1*(1,(5,$(/(&75,&$
(;326,725,QJ+XEHU 0XULOOR0
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
02'(/2'(81$2)(57$
6HxRUHV
3(7523(58
$WW,QJ3DFR&KXPEH*HUHQWHGH/RJt VWLFD
5HI0DQWHQLPLHQWR6$%
'HQXHVWUDFRQVLGHUDFLyQ
3RUODSUHVHQWHOHKDFHPRVOOHJDUQXHVWURVDOXGR\DSURYHFKDPRV SDUD
KDFHUOHOOHJDUQXHVWUDPHMRURIHUWDSRUODUHDOL]DFLyQGHORVWU DEDMRVTXH
DFRQWLQXDFLyQGHWDOODPRV
,WHP 6XPLQLVWURGH
,WHP 0DQWHQLPLHQWRGHOVLVWHPDGHDWHUUDPLHQWRHQ%7\07
&RVWR7RWDO
6RQGLH]PLOTXLQLHQWRVFRQGyODUHVDPHULFDQRV
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
02'(/2'(81$2)(57$
&RQGLFLRQHVFRPHUFLDOHV
35(&,26 (VWiQGDGRVHQGyODUHVDPHULFDQR V
)250$'(3$*2DODRUGHQ
6DOGRDOWpUPLQRGHOWUDED MR
3/$=2'((175(*$ GtDVDSDUWLUGHODUHFHSFLyQ
'(6&8(172
HQFDVRGHOSDJRGHO
5($-867('(35(&,2 6HJ~QIRUPXODDGMXQWDDSOLFDEOHVREUHH O
VDOGR7LSRGHFDPELRLQLFLDO6'yODU
9$/,'(='(/$2)(57$ 'tDV
$WHQWDPHQWH
*HUHQWH$GPLQLVWUDWLYR
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
)2508/$'($&78$/,=$&,21'(35(&,26
/RVSDJRVLQFOX\pQGRVHHODGHODQWRVHDFWXDOL]DUiQ
DSOLFiQGRVHODVVLJXLHQWHVIyUPXODV
3$5$75$16)25$0'25(6
9D 9L$D$L %D%L &D&L
3$5$&(/'$67$%/(526<68%(67$&,21(6
9D 9L$D$L &D&L
3$5$$3$5$72668(/726
9D 9L$D$L &D&L
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
/(<(1'$
9L
9D
$L
$D
%L
%D
&L
9DORULQLFLDOGHFDGDSDJRSDUFLDO
9DORUDFWXDOL]DGRGHFDGDSDJRSDUFLDO
9DORUGHOtQGLFHGH&5(3&2HQODIHFKDGHOD RIHUWD
&RPRHQ$L SHURHQODIHFKDGHOSDJRSDUFLDO
9DORUGHOtQGLFHGH&5(3&2HQODIHFKDGHOD RIHUWD
&RPRHQ%L SHURHQODIHFKDGHOSDJRSDUFLDO
9DORUGHOWLSRGHFDPELR6'yODUHQODIHFKDGH ODRIHUWD
VHJ~QHOPHUFDGRDXWRUL]DGRSRUHOJRELHUQRSDUDODSDUWLGD
DUDQFHODULD
&D &RPR&LSHURHQODIHFKDGHOSDJRSDUFLDO
/RVtQGLFHV$L$D%L \%D VHUiQFRUUHVSRQGLHQWHVDODSXEOLFDFLyQDQWHULRU
PiVSUy[LPDGHOFRQVHMRGHUHDMXVWHGHORVSUHFLRVGHODFRQVWUX FFLyQ
&5(3&2
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
',$*5$0$681),/$5(6
'HEHUiFRQWHQHU
/DVHFFLyQGHODOLPHQWDGRUSULQFLSDO
/DVVHFFLRQHVGHORVDOLPHQWDGRUHVTXHFRQHFWDQDO
SR]RGHWLHUUD
/DVVHFFLRQHVGHORVFLUFXLWRVGHULYDGRV
/RVLQWHUUXSWRUHVWHUPRPDJQpWLFRVSULQFLSDO\
GHULYDGRV
'LiPHWURVGHWXERV39& 6$3QHFHVDULRV
'HWDOOHVGHODLQVWDODFLyQGHOPHGLGRUGHHQHUJtD
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
(648(0$81,),/$5'(8135(',281,)$0,/,$5
9LHQHGHO
PHGLGRU
('(/125
.:+
&
$3
&
[ $
&
&
$OXPEUDGR
7RPDFRUULHWHV
'XFKD
[$
[$
[$
[$
5HVHUYD
7$%/(52*(1(5$/
32=2'(7,(55$
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
(648(0$(/(&75,&2'(81$9,9,(1'$
&
&
'HVGHHO
PHGLGRU
('(/125
&
[ $
[PP[
PP7
&
&
&
&
32=2'(7,(55$
$OXPEUDGR
7RPDFRUULHWHV
3HULPHWUDO
&RFLQD
'XFKD
[$
[$
[$
[$
[$
[$
5HVHUYD
[$
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
(648(0$81,),/$5'(81$2),&,1$
&
&
'HVGHHO
PHGLGRU
('(/125
&
[ $
[PP[
PP7
&
&
&
32=2'(7,(55$
,167$/$&,21(6(/(&75,&$6,
[$
7RPDFRUULHWHV
&RSLDGRUD
'XFKD
(OHFWURERPED
[$
[$
[$
[$
[$
5HVHUYD
,1*+8%(5085,//20
(648(0$81,),/$5'(81$9,9,(1'$5(6,'(1&,$/
9,(1('(
/8='(/685
&
&
&
&
.:+
&
[PP1<<
PP7
PP39&6$3
[$
PPGHVQXGR
PP39&6$3
32=2
'(
7,(55$
&
&
&
&
&
&
&
&
&
[$
[$
[$
[$
[$
[$
[$
[$
[$
[$
[$
[$
[$
[$
$/80%5$'2
$/80%5$'2
720$&255,(17(
720$&255,(17(
720$&255,(17(
&2&,1$
&$/(17$'25
'8&+$
/$9$'25$
(/(&752%20%$
02725*$5$-(
5(6(59$
7*
,167$/$&,21(6(/(&75,&$6,
$/80%5$'2
5(6(59$
,1*+8%(5085,//20
8%,&$&,1'(/0(','25<720$'(0(','$6
6HWUDWDGHXELFDUHOPHGLGRUGHHQHUJtD
VLWXiQGRORHQODSDUWHIURQWDOGHOSUHGLR
GHELGDPHQWHLQVWDODGRGHQWURGHXQDFDMD
PHWiOLFDWLSR/7HOFXDOWLHQHXQDSODQFKD
GHVPRQWDEOHGHPDGHUDVKSLQJR
/XHJRWRPDUODVVLJXLHQWHVPHGLGDV
'LVWDQFLDGHODUHGDOPHGLGRUGHHQHUJtD
'LVWDQFLDPHGLGRUGHHQHUJtDDO7*
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
'HWDOOHGH/DFRQH[LyQGHOPHGLGRUWULIiVLFR
'(6'((/6'6
('(/125
3262'(
7,(55$
&$-$720$
&21'8&725(6'(&2%5(7,327+: PP
75$16)250$'25
'(&255,(17(
&21'8&725(6'(&2%5(7,327+: PP
,17(5583725
7(5020$*1(7,&2
;$
,17(5583725
7(5020$*1(7,&2
; $03
5
5
6
6
$ $ 1
0(','25
(/(&7521,&2
+$&,$(/7$
&$-$'(0(',&,217,32/7
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
(648(0$(/(&75,&2'(8138(672'(0(',&,21%7
,17(5583725
$8720$7,&2
+$&,$(/
&/,(17(
0(','$6(/(&75,&$6,,
.9
7$%/(52'(0(',&,21
0(','25
$/)$$%%
765
1 :98
)86(
,1*+8%(5085,//20$15,48(
(648(0$(/(&75,&2'(8138(672'(0(',&,21%7
,17(5583725
$8720$7,&2
.
'(
/8=
'(/
685
N
23&,21$/
%,)$6,&2
+$&,$(/
&/,(17(
9
/
O
75$16)250$'25
'(&255,(17(
$
75,)$6,&2
6(87,/,=$
(1/26
680,1,67526
'(%$-$
7(16,21
38(67$6$
7,(55$%7
7$%/(52'(0(',&,21
0(','$6(/(&75,&$6,,
,1*+8%(5085,//20$15,48(
(648(0$81,),/$5'(/%$1&2'(0(','25(6
7$
7$
7$
.:+
.:+
.:+
,17(5583725(6
7(5020$*1(7,&26
%$1&2'(0(','25(6
7$
7$
7$
.:+
.:+
.:+
7$
.:+
7$
7$
7*6$
.:+
.:+
.:+
&$-$67,32
/'(/26
0(','25(6
7*
7*6$
7$
$&20(7,'$
P
7$
7$
7$
7$
7$
7$
5(''(6'6
('(/125
,167$/$&,21(6(/(&75,&$6,
7$
7$
,1*+8%(5085,//20
,167$/$&,21'(81$(/(&752%20%$
$FRQWLQXDFLyQSUHVHQWDPRVODLQVWDODFLyQGHXQDHOHFWURER
PED$FRPSDxDPRVHOPRPWDMHHOHFWURPHFiQLFRGHOVLVWHPD
6HSUHVHQWDQODFLVWHUQDUHFLSLHQWHXELFDGRJHQHUDOPHQWH
EDMRHOSULPHUSLVR\HOWDQTXHHOHFYDGRXELFDGRHQODV
D]RWHDVGHOSUHGLR
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
,167$/$&,21'(81$(/(&752%20%$
(MHPSOR
+3$)
[[
&$5$&7(5,67,&$6'(/26(48,326'(%20%(2
35$&7,&26
7,32
4/6(* +'7P +SUHTXHU +SQRPLQDO
$*8$)5,$
$*8$&2175$,1&(1',2
3DUDKDOODUODFRUULHQWHGHGLVHxRXWLOL]DUODVH[SUHVLRQHV
FRQYHQFLRQDOHV
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
,167$/$&,21'(81$6&(1625
3DUDUHDOL]DUHOFiOFXORGHODSRWHQFLDGHOPRWRUDXWLOL]DUVH
HQODVFDUJDVGHWUDQVSRUWHYHUWLFDOVHUHFRPLHQGDKDFHU
XVRGHODVLJXLHQWHH[SUHVLyQ
(VODFDUJDQRPLQDOGHODVFHQVRU.JU#
9HORFLGDGQRPLQDO9HUWDEOD
D 3RUFHQWDMHGHODFDUJDTXHDVXPHHO
FRQWUDSHVRJHQHUDOPHQWH
/D9(QWRGRVORVDVFHQVRUHV
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
,167$/$&,21'(81$6&(1625
&$5$&7(5,67,&$6'(/26(48,326'(75$163257(9(57,&$/
3$5$0(7526
&DSDFLGDG
9HORFLGDGPVHJ
&DQWLGDG
$6&(1625
(GLI'SWRV
SHUVRQDV
(GLI2ILFLQ
SHUVRQDV
0217$&$5*$6
7Q
# 6HUHILHUHDODVH[LJHQFLDVGH3DTXHVHGHEHUi
VRPHWHUHODVFHQVRUHVWRHV
&DUJDHQHOFDVRPDVH[LJHQWH
$VHQVRDFDELQDOOHQD
'HVFHQVRDFDELQDYDFtD
1RUPD.JUSHUVRQD
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
,167$/$&,21'(81$6&(1625
(MHPSOR
+3DVF
&$5$&7(5,67,&$6'(/26(48,326'(75$163257(9(57,&$/
35$&7,&26
+SQRPLQDO
7,32
&$3$&,'$' 9(/2&,'$'
+SUHTXHULGRV
$6&(1625(6
SHUVRQDV
PVHJ
0217$&$5*$6
.JU
PVHJ
3DUDKDOODUODFRUULHQWHGHGLVHxRXWLOL]DUODVH[SUHVLRQHV
FRQYHQFLRQDOHV
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
(648(0$6'()8(5=$<&21752/
&,5&8,72'(&21752/
&,5&8,72'()8(5=$
5
6
7
7
/7
&
$
&,67(51$
&
21
57
0I
I
7(
2))
&
$
21
2))57
(648(0$'(02725(60212)$6,&2687,/,=$'26&202
(/(&752%20%$6'($*8$&21&,67(51$<7$148((/(9$'2
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
,167$/$&,21'((/(&752%20%$60212)$6,&$6
+0
,167$/$&,21&203/(7$0(17($8720$7,=$'$
7$%(5,$6'(
,038/6,21
7$%(5,$6'(
683&,21
7$148((/(9$'2
7$%/(52
(/(&75,&2
(/(&752%20%$
&,67(51$
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20
(648(0$&21(;&,2102725(60212)$6,&26
%2%,1$'2'(
$55$148(
/
%2%,1$'2
'(
75$%$-2
/
,167$/$&,21(6(/(&75,&$6,
52725
-$8/$'(
$5',//$
&$3$&,725
'(
$55$148(
//$9(
&(175,)8*$
,1*+8%(5085,//20
75$%$-2'20,&,/,$5,2
$SOLTXHWRGRORDQWHVGHVFULWRGHVDUUROODQGRHO
SUR\HFWRLQWHJUDOGHORVVLJXLHQWHVVLVWHPDV
$OXPEUDGRLQWHULRU\SHULPHWUDO
6LVWHPDVGHDFFLRQDPLHQWR
7DEOHURVQRUPDOL]DGRV
6(1RUPDOL]DGD
6HOHFFLyQGHFRQGXFWRUHV
$FFHVRULRVGLYHUVRV
%XHQDVXHUWH
,167$/$&,21(6(/(&75,&$6,
+0
,1*+8%(5085,//20
(0%27(//$'25$/,0$6$
+3
+3
$*8$6$1
$1721,2
P
P
P
.:
6$/$
&2035(625(6
P
.:
P
+3
+3
P
/
+3
P
/
P
+3
+3
P
+3
6$/$%20%$6
+3
P
6(
P
P
$9&2/21,$/
$KRUD8GHVWDOLVWRSDUD
GDUVXDXWRHYDOXDFLyQ"
%XHQDVXHUWH
,167$/$&,21(6(/(&75,&$6,
,1*+8%(5085,//20