Curso Ekg

&8562 %$6,&2 (.*



ËQGLFH x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x

*HQHUDOLGDGHV$OJRVREUHHOHFWURILVLRORJtD *HQHUDOLGDGHV$OJRVREUHDQDWRPtD *HQHUDOLGDGHV$OJRVREUHYHFWRUHV 6HFXHQFLDGHODDFWLYDFLyQYHQWULFXODU 2QGDVVHJPHQWRVHLQWHUYDORV 'HULYDFLRQHVGHODVH[WUHPLGDGHV &RQH[LyQHTXLYRFDGDGHODVGHULYDFLRQHVGHODVH[WUHPLGDGHV 'HULYDFLRQHVSUHFRUGLDOHV &RUUHODFLyQDQDWyPLFDGHODVGHULYDFLRQHVSUHFRUGLDOHV 5RWDFLRQHVVREUHHOHMHORQJLWXGLQDO Æ456&RQVWUXFFLyQGHOVLVWHPDKH[D[LDO Æ456&iOFXORGHOHMH Æ456GHƒDƒ(MHPSORV  Æ456GHƒDHMHLQGHILQLGR(MHPSORV  &UHFLPLHQWRVDXULFXODUHV &UHFLPLHQWRDXULFXODUGHUHFKR &UHFLPLHQWRDXULFXODUL]TXLHUGR 3VHXGR3SXOPRQDOH %ORTXHRLQWHUDXULFXODU +LSHUWURILDYHQWULFXODUL]TXLHUGD &ULWHULRVEiVLFRV &ULWHULRVGHYROWDMH\GHSXQWXDFLyQ $OWHUDFLRQHVGHODRQGD7\GHOVHJPHQWR67 3DWURQHVGHVREUHFDUJD +D\TXHUHFRUGDUTXH 'LODWDFLyQHKLSHUWURILDYHQWULFXODUL]TXLHUGD +LSHUWURILDYHQWULFXODUGHUHFKD 0RUIRORJtDGHOFRPSOHMR456HQ9 $OWHUDFLyQGHODRQGD7\GHOVHJPHQWR67 &RUSXOPRQDOHDJXGR &RUSXOPRQDOHFUyQLFR %ORTXHRGHUDPDL]TXLHUGD %ORTXHRLQFRPSOHWRGHUDPDL]TXLHUGD 18(9$6,0È*(1(6 %ORTXHRGHUDPDGHUHFKD %ORTXHRVIDVFLFXODUHV +HPLEORTXHRDQWHULRU +HPLEORTXHRSRVWHULRU %5'++EORTXHRVIDVFLFXODUHV %ORTXHRWULIDVFLFXODU %ORTXHRGHUDPDELODWHUDO %ORTXHRGHUDPDHKLSHUWURILDYHQWULFXODU %5,++H+9,R+9' %5'++H+9' %5'++H+9, +%$H+9, 'HIHFWRVLQHVSHFtILFRVGHODFRQGXFFLyQLQWUDYHQWULFXODU 6tQGURPHVGHSUHH[FLWDFLyQ 6tQGURPHGH:ROII3DUNLQVRQ:KLWH 7LSR$



x x x x x x x x x x x x x x x x x x x x x

x

7LSR% 7LSR& +D\TXHUHFRUGDUTXH 35FRUWR ,VTXHPLD ,VTXHPLDVXEHSLFiUGLFD ,VTXHPLDVXEHQGRFiUGLFD /HVLyQ /HVLyQVXEHSLFiUGLFD /HVLyQVXEHQGRFiUGLFD ,QIDUWRDJXGR ,QIDUWRFUyQLFR ,QIDUWRDJXGR\LQIDUWRDQWLJXR $QHXULVPDYHQWULFXODU ,QIDUWR\EORTXHRGHUDPD 18(9$,0$*(11HFURVLV\%5'+++%$  %ORTXHRSHULLQIDUWR 6LWXDFLRQHVTXHVLPXODQXQDLVTXHPLDPLRFiUGLFD 3HULFDUGLWLVDJXGD 18(92 ,PSUHJQDFLyQGLJLWiOLFD 5HSRODUL]DFLyQSUHFR] 6LWXDFLRQHVTXHVLPXODQXQDQHFURVLVPLRFiUGLFDRTXHSURYRFDQTXHVHUHDOLFH GLFKRGLDJQyVWLFR 4QRSDWROyJLFD



*HQHU HQHUDOLOLGDGH GDGHVV$ $OJJRGHHO RGHH OHFWURILVLRORJÞ RJÞD /DHVWLPXODFLäQGHXQDFÚOXODPXVFXODUDXPHQWDODSHUPHDELOLGDG GHVXPHPEUDQDSURGXFLHQGRXQDVHULHGHFDPELRVLäQLFRVD

WUDYÚVGHODPLVPD(OUHJLVWURGHHVWHIHQäPHQRVHFRUUHVSRQGH SRWWHQ HQFFLDOOGHD GHDFF FFLLäQ FRQXQDFXUYDTXHVHGHQRPLQDSR

WUDQV DQVPHPEUDQD 3$7 \TXHFRQVWDGHODVVLJXLHQWHVSDUWHV\ IDVHV

'HVSRODUL]DFLäQDFWLYDFLäQ RIDVH(QWUDGDVëELWDGH&D\ 1DDOLQWHULRUGHODFÚOXOD

5HSRODUL]DFLäQUHFXSHUDFLäQ 

 )DVHHLQLFLRGHODIDVH3HUVLVWHODHQWUDGDGH&D\1D \VHLQLFLDODVDOLGDG.DOH[WHULRUGHODFÚOXOD

 )LQDOGHODIDVH\IDVH/DVDOLGDGH.HVPÒ[LPD6HLQLFLD HOUHVWDEOHFLPLHQWRGHOHTXLOLEULRLäQLFRLQLFLDO

 )DVH6HUHVWDEOHFHHOHTXLOLEULRLäQLFRLQLFLDOPHGLDQWHXQ PHFDQLVPR GHWUDQVSRUWHDFWLYR



3RGHPRVGHILQLUGRV]RQDVGHVGHXQSXQWRGH

YLVWDHOÚFWULFRHOVXEHSLFDUGLR\HOVXEHQGRFDUGLR$PEDVHVWÒQ VHSDUDGDVSRUORTXHVHGHQRPLQDHQGRFDUGLRHOÚFWULFR

/D]RQDVXEHQGRFÒUGLFDHVODSULPHUDTXHVHGHVSRODUL]D\OD ëOWLPDTXHVHUHSRODUL]D\GHHVWDPDQHUDHO3$7GHO

VXEHQGRFDUGLRVHLQLFLDDQWHV\ILQDOL]DPÒVWDUGHTXHHO3$7GHO VXEHQGRFDUGLR

(O( O(& **  GH GHVVXSH XSHUUILFLHH HHV VOODDU  UHVXOWDQW DQWHGH ODV VGR GRVF VFX XUYDV

*HQHU HQHUDOLOLGDGH GDGHVV $ $OJJRGHDQDW RGHDQD WRPÞD



6LVWHPDH DHVVSH SHFFÞI ÞILLFRGH RGHFFRQGX RQGXFF FFLLäQ

QäGXOOR RVVLQX QXVVDO \ (OLPSXOVRHOÚFWULFRVHLQLFLDKDELWXDOPHQWHHQHOQäGX VHSURSDJDD WUDYÚVGHODVYÞDVGHFRQGXFFLäQLQWHUDXULFXODUHV

QRGRDXUULFXORYHQ HQWWULFXODU$OOÞVH KDFLDDPEDVDXUÞFXODV\KDFLDHOQRGRDX SURGXFHXQHQOHQWHFLPLHQWRGHODYHORFLGDGGHFRQGXFFLäQGHO

KD] ]GH GH+ +LV \VXVUUDPDV VGH GHUUHFKDH LPSXOVRºVWHFRQWLQëDSRUHOKD L]TX TXLLHUGD KDVWDOOHJDUDWUDYÚVGHODUUHGGH HGGH3 3XUNLQMHDDPERV YHQWUÞFXORV

*HQHU HQHUDOLOLGDGH GDGHVV $ $OJJRV R VRE REUUH HYYHFWRUHV

(OFLFORFDUGÞDFRSXHGHUHSUHVHQWDUVHGHIRUPDVLPSOHFRQORV

VLJXLHQWHVYYHFWRUHV TXHDSDUHFHQGHIRUPDVXFHVLYDHQHOWLHPSR 8QYHFWRUTXHFRUUHVSRQGHODDFWLYDFLäQDXULFXODU$ 

8QYHFWRUTXHFRUUHVSRQGHDODDFWLYDFLäQVHSWDO\TXHWLHQHXQD GLUHFFLäQSULQFLSDOGHL]TXLHUGDDGHUHFKD 

8QYHFWRUTXHLQLFLDOPHQWHFRUUHVSRQGHDODDFWLYDFLäQ

FRLQFLGHQWHGHORVGRVYHQWUÞFXORV\SRVWHULRUPHQWHDODDFWLYDFLäQ GHODVUHJLRQHVFHQWUDO\DSLFDOGHOYHQWUÞFXORL]TXLHUGR\D HVWDQGRHOYHQWUÞFXORGHUHFKRGHVSRODUL]DGR  

8QYHFWRUTXHFRUUHVSRQGHODDFWLYDFLäQEDVDO\SRVWHULRUGHO YHQWUÞFXORL]TXLHUGR\GHOVHSWR 

8QYHFWRUQRUHSUHVHQWDGR TXHFRUUHVSRQGHDODUHSRODUL]DFLäQ YHQWULFXODU



6HFXHQ XHQFFLDGH DGHOODDDF D FWLYDFLääQY Q YHQ HQWWULFXODU $FWLYDFLäQY äQYHQ HQWWULFXOD UU

/DDFWLYDFLäQLQLFLDOGHORVYHQWUÞFXORVWLHQHOXJDUDQLYHOGHO

WDELTXHLQWHUYHQWULFXODU\VHSURGXFHGHL]TXLHUGDDGHUHFKDDFWR VHJXLGRVHDFWLYDODUHJLäQDQWHULRUGHOWDELTXH\ODPD\RUSDUWH

GHDPERVYHQWUÞFXORV/DVUHJLRQHVSRVWHUREDVDOHVL]TXLHUGDVHO FRQRGHODDUWHULDSXOPRQDU\ODSDUWHPÒVDOWDGHOWDELTXH LQWHUYHQWULFXODUVRQODVëOWLPDVUHJLRQHVHQDFWLYDUVH

&DGDXQDGHHVWDV]RQDVWLHQHVXFRUUHVSRQGHQFLDHQHO(&*



2QGD QGDVVV VHJ HJP PHQ HQWWR VVH HLLQWHUYDORV

RQGDVVXQRVVVHJ HJP PHQ HQWWRV \XQRV (OUHJLVWUR(&*PXHVWUDXQDVRQGD LQWHUYDORV

RQGD3 3 TXHFRUUHVSRQGHDODDFWLYDFLäQDXULFXODU\WLHQHXQD  /DRQGD GXUDFLäQVHJ\XQDDOWXUDPP

R35 TXHLQFOX\HHOWLHPSRGHFRQGXFFLäQ  (OLLQWHUYDOR3

LQWUDDXULFXODUDXULFXORYHQWULFXODU\GHOVLVWHPD+LV3XUNLQMH7LHQH XQDGXUDFLäQTXHYDUÞDGHDVHJ

R4 456 TXHFRUUHVSRQGHDODGHVSRODUL]DFLäQ (OFFRPSOHMR YHQWULFXODU\WLHQHXQDGXUDFLäQVHJ



\SXHGHSUHVHQWDUGLYHUVDVPRUIRORJÞDVºVWDVVHSXHGHQ

RQGD4 4DOD GHVFULELUOODPDQGRDODSULPHUDRQGDQHJDWLYDRQGD

RQGD5 5 \DODRQGDQHJDWLYDTXHODVLJD SULPHUDRQGDSRVLWLYD RQGD RQGD6 RQGD 66HXWLOL]DQPD\ëVFXODVRPLQëVFXODVHQIXQFLäQGHO

WDPDâRGHGLFKDVRQGDV6LVHUHJLVWUDQGRVRQGD5R6VHXWLOL]D HODSäVWURIHSDUDGLIHUHQFLDUODVOODPÒQGRODV5 R6 &XDQGRVH R4 46 UHJLVWUDXQDVRODRQGDQHJDWLYDVHGHQRPLQDFFRPSOHMR

2WURSDUÒPHWURTXHVHPLGHDODQDOL]DUHO456HVHOWWLHPSRGH

DSDUULFLäQGH DSD äQGHOODGH DGHIIOH[LääQL Q LQWULQVHFRLGH GHTXHHVHOTXHWUDQVFXUUH GHVGHHOLQLFLRGHO456KDVWDHOPRPHQWRHQTXHODRQGD5

FDPELDGHGLUHFFLäQ7LHQHXQDGXUDFLäQQRUPDOVHJ(VWH SDUÒPHWURVHXWLOL]DHQHOGLDJQäVWLFRGHODKLSHUWURILDYHQWULFXODU L]TXLHUGDHQODGLODWDFLäQYHQWULFXODUL]TXLHUGD\HQHO KHPLEORTXHRDQWHULRU

HJP PHQ HQWWR6 R67 TXHUHIOHMDODIDVHGHOSRWHQFLDOGHDFFLäQ  (OVVHJ

WUDQVPHPEUDQD6HLQLFLDDOILQDOL]DUHO456HOSXQWRGHXQLäQ

SXQWWR R-- \WHUPLQDHQ GHOVHJPHQWR67FRQHO456GHGHQRPLQDSXQ HOLQLFLRGHODRQGD71RUPDOPHQWHHVLVRHOÚFWULFRHVGHFLUTXH HVWÒDOPLVPRQLYHOTXHODOÞQHDGHEDVHGHO(&*



RQGD7 7 TXHFRUUHVSRQGHDDUHSRODUL]DFLäQYHQWULFXODU  /DRQGD

(VWDRQGDVXHOHVHUSRVLWLYDHQODPD\RUÞDGHODVGHULYDFLRQHV DXQTXHSXHGHVHUQHJDWLYDHQDOJXQDGHULYDFLäQ/DVPÒV

KDELWXDOHVVRQ9D9/\',,, VLQTXHHVWRWHQJDXQVLJQLILFDGR

SDWROäJLFR7DPSRFRHVSDWROäJLFRHOUHJLVWURGH7FRQPRUIRORJÞD ELPRGDOTXHHQORVQLâRVSXHGHVHUEDVWDQWHPDUFDGD6HVXHOH UHJLVWUDUHQODFDUDDQWHULRUGHD9 \QRWLHQHQLQJëQ VLJQLILFDGRSDWROäJLFR

RQGD8 8TXHVHUHJLVWUDGHVSXÚVGHODRQGD7\TXHVXHOHVHU  /DRQGD SRVLWLYD\DYHFHVEDVWDQWHFRQVSLFXDVLQTXHHVWRWHQJDXQ VLJQLILFDGRSDWROäJLFR

$YHFHVHOVHJXQGRFRPSRQHQWHGHXQRQGD7ELPRGDOSXHGHVHU FRQIXQGLGRFRQXQDRQGD86REUHWRGRVLHVWDPRVUHJLVWUDQGRXQ VRORFDQDODODYH]/DFRPSDUDFLäQFRQRWUDGHULYDFLäQQRV



D\XGDUÒDLGHQWLILFDUODVRQGDV(VWRVHUÒPX\IÒFLOVLSRGHPRV UHJLVWUDUPÒVGHXQFDQDODOPLVPRWLHPSR

R47 TXHLQFOX\HODDFWLYDFLäQ\ODUHFXSHUDFLäQ  (OLLQWHUYDOR4

YHQWULFXODU6HPLGHGHVGHHOLQLFLRGHO456KDVWDHOILQDOGHOD7

6XGXUDFLäQGHSHQGHGHODIUHFXHQFLDFDUGÞDFD\VXHOHVHU VHJ

'HULYDFLRQH RQHV VGH GHOODV VH H[WUHPLGDGH GDGHVV 'HULYDFLRQH RQHV VE ELSRO SRODUHV ',',,L',,,UHJLVWUDQODVGLIHUHQFLDVGHSRWHQFLDOHQWUHOD

H[WUHPLGDGVXSHULRUL]TXLHUGD/$ \ODH[WUHPLGDGVXSHULRU

GHUHFKD5$ ODH[WUHPLGDGLQIHULRUL]TXLHUGD/) \ODH[WUHPLGDG VXSHULRUGHUHFKD5$ \ODH[WUHPLGDGLQIHULRUL]TXLHUGD/) \OD H[WUHPLGDGVXSHULRUL]TXLHUGD/$ UHVSHFWLYDPHQWH



'HULYDFLRQH RQHV VP PRQRSR RQRSROODUHV 6HREWLHQHQFRQHFWDQGRODVWUHVH[WUHPLGDGHVDXQSXQWR GHQRPLQDGRFHQWUDOWHUPLQDOTXHDHIHFWRVSUÒFWLFRVVH

FRQVLGHUDTXHWLHQHXQSRWHQFLDOFHUR\VLUYHFRPRHOHFWURGR LQGLIHUHQWHRGHUHIHUHQFLD(VWRSHUPLWHTXHDOFRORFDUHO

HOHFWURGRH[SORUDGRUHQODH[WUHPLGDGVXSHULRUGHUHFKDOD

H[WUHPLGDGVXSHULRUL]TXLHUGDRODH[WUHPLGDGLQIHULRUL]TXLHUGD VHSXHGDQUHJLVWUDUORVSRWHQFLDOHVHOÚFWULFRVHQGLFKD

H[WUHPLGDG/DOHWUD9LGHQWLILFDDODGHULYDFLäQPRQSRODU\ODV OHWUDV5/\)DODVH[WUHPLGDGHVUHVSHFWLYDV6LVH

GHVFRQHFWDGHODFHQWUDOWHUPLQDOODH[WUHPLGDGHQODTXHHVWDPRV UHDOL]DQGRHOUHJLVWURVHREWLHQHXQDXPHQWRGHODDPSOLWXG\SRU HVWHPRWLYRVHGHQRPLQDDHVWDVGHULYDFLRQHVD95D9/\D9)



&RQH RQH[[LääQHTXL QHTX LYRFDGDGH DGDGHOODV VGH GHUULYDFLRQH RQHV VGH GHOODV V H[WUHPLGDGH GDGHVV

/DLQYHUVLäQHQODFRQH[LäQGHORVHOHFWURGRVGHOEUD]RL]TXLHUGR \GHOEUD]RGHUHFKRGDOXJDUDTXHHQ',\D9/VHREVHUYHXQD

LPDJHQHQHVSHMRGHODPRUIRORJÞDQRUPDOGHO4563456L7

QHJDWLYDV 8QHIHFWRVLPLODUVHREWLHQHDOFRQHFWDUHUUäQHDPHQWH ORVRWURVHOHFWURGRV

(QHOSULPHUFDVRHOHOHFWURGRGHEUD]RL]TXLHUGRVHKDFRQHFWDGR DOGHOEUD]RGHUHFKR\YLFHYHUVD(QHOVHJXQGRFDVRHOHOHFWURGR GHODSLHUQDL]TXLHUGDVHKDFRQHFWDGRDOGHOEUD]RGHUHFKR\ YLFHYHUVD

8QDVLWXDFLäQTXHQRVSXHGHKDFHUFUHHUTXHKHPRVUHDOL]DGR

XQDFRQH[LäQHUUäQHDGHORVHOHFWURGRVGHODVH[WUHPLGDGHVHVOD GH[WURFDUGLD1RVGDUHPRVFXHQWDGHHOORDOUHDOL]DUOD

H[SORUDFLäQ\DOYHUOD5;GHWäUD[/RFRQILUPDUHPRVDOUHJLVWUDU

HO(&*FRQORVHOHFWURGRVFRORFDGRVGHIRUPDTXHSUHVHQWHQXQD FRUUHODFLäQDQDWäPLFDFRUUHFWD



'HULYDFLRQH RQHV VGH GHOO3 3ODDQR+ QR +RUL]RQ RQWWD OOGH GHUULYDFLRQH RQHV V SUHFRUGLDOHV

ºVWDVVRQODVGHULYDFLRQHVTXHVHFRORFDQGHIRUPDHUUäQHDFRQ 3DUDQR DQRFFRPHWHUH UHUUR UURUHV\D V\DVÞ ÞRE REWWHQH HQHU UWWUD]DGR GRV V PÒVIUHFXHQFLD3 YÒOLOLGR GRVVKD KD\ \TXH TXHOORFDOLOL]]DU UH OO² H ²QJX QJXOORGH/RXL RGH/RXLV HOTXHIRUPDHO PDQXEULRHVWHUQDOFRQHOFXHUSRGHOHVWHUQäQ SDOSDQGRDO

$FWR RVVHJX HJXLLGR GR \V \VLLHPSUHSD HSDOOSDQGR SDQGR OORFDOLOL]]DUHPRVH VH OO SDFLHQWH$

VHJXQGRH HJXQGRHVVSD SDFFLR RLLQWHUFRVWDOL OL]]TX TXLLHUGR GRTXHHVHOSULPHUHVSDFLR LQWHUFRVWDOTXHVHHQFXHQWUDSRUGHEDMRGHO²QJXORGH/RXLV



6HJXLUHPRVSDOSDQGR\ORFDOL]DUHPRVHO«HVSDFLRLQWHUFRVWDO L]TXLHUGR



HQHOOER ERUUGHH GHHVVWHUQD QDOOGH GHOO ««H  HVSD SDFFLRL RLQWHUFRVWDOL OL]]TX TXLLHUGR \HQH

FRORFDUHPRV9 V9 GH GHVVSXÚ SXÚVF VFR RORFDUHPRV9 V9HQH HQHOOER ERUUGHH GHHVVWHUQD QDOO GHOO GH ««H  HVSD SDFFLRL RLQWHUFRVWDOOGH GHUUHFKR KR 9 9V VH HFFRORFD DWDPELÚQ

SDOOSDQGR  SD SDQGR HQH HQHOO ««H  HVSD SDFFLRRL  LQWHUFRVWDOL] OL]TX TXLLHUGRHQ GRHQOOD DOOÞQHD

PHGL HGLRFODYLFXODU 8 8QD QDYYH]F ]FR RORFDGR9 DGR9 VVLWXD XDUUHPRV9 V9HQH HQHOOSXQ SXQWWR HTXLLGLVWDQW HTX DQWHHQW HHQWUH9 H9\ \9 9 9 9V VH HVVLWëDHQ ëDHQOOD DOOÞQHDD QHDD[[LOLOD DU UDQ DQWWHULRU

DOOP PLVPRQ RQLLYHOOTXH TXH9 9 \ \9 9HQ HQOOD DOOÞQHD QHDP PHGL HGLRD[ RD[LOLOD DU UD OOP D PLVPRQ RQLLYHO TXH9 TXH 9



&RUU UUH HODFäQDQD LäQDQDWWäPLFDGH DGHOODV VGH GHUULYDFLRQH RQHV V SUHFRUGLDOHV

/DVGHULYDFLRQHVSUHFRUGLDOHVXQLSRODUHVGHOSODQRKRUL]RQWDO9 D9 UHJLVWUDQWRGRVORVVXFHVRVGHOFLFORFDUGÞDFRGHVGHXQ

SXQWRGHYLVWDGHFDGDXQDGHODVGHULYDFLRQHV$VÞGHELGRDOD SUR[LPLGDGGHXQHOHFWURGRSUHFRUGLDODXQDGHWHUPLQDGD]RQD FDUGÞDFDORVSRWHQFLDOHVHOÚFWULFRVTXHVHJHQHUHQHQHO

PLRFDUGLRVXE\DFHQWHHVWDUÒQDXPHQWDGRVPLHQWUDVTXH

DTXHOORVSRWHQFLDOHVTXHVHRULJLQHQHQ]RQDVPÒVGLVWDOHVVHUÒQ GHPHQRUPDJQLWXG

$OGHVSOD]DUHOHOHFWURGRGHODSRVLFLäQ9DODSRVLFLäQ9ORV FRPSOHMRVHSLFÒUGLFRVGHOYHQWUÞFXORGHUHFKR9\9 VH

WUDQVIRUPDQSURJUHVLYDPHQWHHQFRPSOHMRVHSLFÒUGLFRVGHO

YHQWUÞFXORL]TXLHUGR9\9 OD]RQDGHWUDQVLFLäQVHUHJLVWUDHQ 9\9

(VL VLPSUHVF VFLLQG QGLLEOHHV  VLWXD XDU UOORV VH HOHFWURGR RGRV VGH GHIIRUPDSU DSUHFLVD DVVHJëQ HJëQOODV LQG QGLLFDFLRQH RQHV VDQD DQDWWäPLFDV VLLQG QGLLFDGD DGDV VHQ HQOODSÒJ DSÒJLLQDDQ QDDQWWHULRU



UH U HFRUGH GHP PRV VTXHKD TXHKD\ \TXHSD TXHSDOOSD SDU UD OOR D ROODSD DSDFFLHQ HQWWH  ( (VWRQR RQRV V

SHUUPLWLUÒ SH ÒUUHDOL HDOL]]DU UXQD XQDLLQWHUSUHWDFLääQHO QH OHFWURFDUGLRJ RJUUÒILDFD  VVLQ HUUR UURUHV TXHD TXHDYYHFHV VSXHGHQ SXHGHQVVHU UJ JUDYHV

5RWDFLRQHVV RQHVVRE REUUHH HHOOH HHMHOORQJ RQJLLWXGL XGLQDO QDO 3DUDGHILQLUHVWHWLSRGHURWDFLäQFRQWHPSODUHPRVHOFRUD]äQ

GHVGHVXFDUDLQIHULRUFRPRVLOR REVHUYÒUDPRVGHVGHXQSXQWR VLWXDGRSRUGHEDMRGHOGLDIUDJPDGHVGHORVSLHV 

5RWDFäQHQH LäQHQHOOVVHQ HQWWLGRGH GRGHOODV VDJX DJXMMDVGH VGHOOUUHORMU MUR RWDFLäQKRU äQKRUDULD (QHVWHFDVRHOYHQWUÞFXORGHUHFKRHVWÒHQXQDSRVLFLäQPÒV

DQWHULRUGHORKDELWXDOGHVSOD]ÒQGRVHOD]RQDGHWUDQVLFLäQKDFLD ODL]TXLHUGD6HSXHGHQUHJLVWUDUPRUIRORJÞDVYHQWULFXODUHV

GHUHFKDVHQSUHFRUGLDOHVL]TXLHUGDVHVGHFLUFRPSOHMRV56 KDVWD9

5RWDFäQHQH LäQHQHOOVVHQ HQWWLGRRSXH GRRSXHVVWRD RDOODV VDJX DJXMMDVGH VGHOOUUHORMU MUR RWDFLäQ DQWWLKR DQ KRUUDULD



(QHVWHFDVRHOYHQWUÞFXORL]TXLHUGRHVWÒHQFDUDGRFRQODV

SUHFRUGLDOHVLQWHUPHGLDVHLQFOXVRFRQODVGHUHFKDV'HELGRD

HVWRSRGHPRVUHJLVWUDUFRPSOHMRVHSLFÒUGLFRVL]TXLHUGRVGHVGH 9

³456& &RQ RQVVWUXFF FFLLäQGHO äQGHOVVLVWHPDKH DKH[[D[LDO (OFÒOFXORGHOHMHGHOFRPSOHMR456³456 VHUHDOL]DVREUHXQ

VLVWHPDKH[D[LDOºVWHORREWHQGUHPRVGHVSOD]DQGRORVHMHGHODV GHULYDFLRQHVELSRODUHVDOFHQWURGHOWULÒQJXORTXHIRUPDEDQ SUHYLDPHQWHGRQGHWHäULFDPHQWHHVWÒVLWXDGRHOFRUD]äQ 

'HVSXÚVXQLUHPRVODVGHULYDFLRQHVXQLSRODUHVFRQHVWHFHQWUR LPDJLQDULR\SURORQJDUHPRVHVWDOÞQHD



8QLHQGRHVWRGRVVLVWHPDVUHIUHQFLDOHVFRQVWUXLUHPRVHOOODPDGR 6LVWHPD+H[D[LDOGH%DLOH\VREUHHOTXHVLWXDUHPRVHOHMHGHO

456TXHGHWHUPLQDFXDOHVODGLUHFFLäQSULQFLSDOTXHWRPDOD DFWLYDFLäQHOÚFWULFDGHOFRUD]äQH[SUHVÒQGRORGHXQDIRUPD VLPSOH 

³456& &ÒOFXORRGHO GH OH HMH ([LVWHQGLYHUVRVPÚWRGRVSDUDFDOFXODUHOHMHGHOFRPSOHMR456 VREUHXQVLVWHPDKH[D[LDO(OTXHSURSRQJRVäORXWLOL]DGRV SDUÒPHWURVTXL]ÒVWUHV 

3ULPHURKD\TXH ORFDOL]DUFXDOHVODGHULYDFLäQGHOSODQRIURQWDO

TXHUHJLVWUDXQFRPSOHMR456LVRHOÚFWULFRHVGHFLUXQFRPSOHMR FRQXQDRQGDSRVLWLYD\XQDRQGDQHJDWLYD RYLFHYHUVD GH PDJQLWXGHVVLPLODUHV (VWDGHULYDFLäQQRVGLUÒFXDOHVVX

SHUSHQGLFXODU\VREUH ÚVWDHVWDUÒVLWXDGRHOYHFWRUTXHUHSUHVHQWD ODGLUHFFLäQSULQFLSDOGHODDFWLYDFLäQYHQWULFXODU3DUDVDEHUKDFLD FXDOGHODVGRVSRVLEOHVGLUHFFLRQHVVHGLULJHHVWHYHFWRU



PLUDUHPRVVLHVWDGHULYDFLäQUHJLVWUDXQDRQGD

SUHGRPLQDQWHPHQWHSRVLWLYDRQHJDWLYD6LHVSRVLWLYDHOYHFWRUVH GLULJHKDFLDHOOD\VLHVQHJDWLYDVHDOHMD

3UREDEOHPHQWHQRKDEUÚLVHQWHQGLGRQDGDHQWUHRWUDVFRVDV

SRUTXHQRORVHH[SOLFDUPX\ELHQ6LHVDVÞPLUDGORVVLJXLHQWHV JUÒILFRVSDUDKDFHUORPÒVFRPSUHQVLEOHKHGHVFRPSXHVWRHO SURFHVRHQGRVVHFXHQFLDV 

6HWUDWDGHXQÆ456GHƒ/DGHULYDFLyQTXHUHJLVWUDXQFRPSOHMR LVRGLIiVLFRHVD9/\SRUORWDQWRHOYHFWRUTXHUHSUHVHQWDODGLUHFFLyQ SULQFLSDOGHODDFWLYDFLyQYHQWULFXODU Æ456 VHHQFXHQWUDVREUHOD SHUSHQGLFXODUDD9/TXHHV',,8QDYH]KHPRVOOHJDGRDHVWHSXQWR VyORWHQHPRVGRVSRVLELOLGDGHVƒRƒ'DGRTXH',,UHJLVWUDXQD RQGDSUHGRPLQDQWHPHQWHSRVLWLYDWRWDOPHQWHSRVLWLYDHQHVWHFDVR HO YHFWRUHVWDHQFDUDQGRD',,\SRUORWDQWRHOYDORUGHOÆ456HVGHƒ 9HDPRVRWURHMHPSOR

6HWUDWDGHXQÆ456GHƒ/DGHULYDFLyQTXHUHJLVWUDXQFRPSOHMR LVRGLIiVLFRHVD9)\SRUORWDQWRHOYHFWRUTXHUHSUHVHQWDODGLUHFFLyQ SULQFLSDOGHODDFWLYDFLyQYHQWULFXODU Æ456 VHHQFXHQWUDVREUHOD SHUSHQGLFXODUDD9)TXHHV',8QDYH]KHPRVOOHJDGRDHVWHSXQWRVyOR WHQHPRVGRVSRVLELOLGDGHVƒRƒ'DGRTXH',UHJLVWUDXQDRQGD SUHGRPLQDQWHPHQWHSRVLWLYDWRWDOPHQWHSRVLWLYDHQHVWHFDVR HOYHFWRU HVWDHQFDUDQGRD',\SRUORWDQWRHOYDORUGHOÆ456HVGHƒ



(QODVLJXLHQWHSÒJLQDSRGUÚLVYHUXQRVFXDQWRVHMHPSORVUHDOHV

³456 6GH GH ¡ ¡D D  ¡¡

Æ456GHƒ

Æ456GHƒ

Æ456GHƒ

/DGHULYDFLyQTXH UHJLVWUDXQFRPSOHMR 456LVRGLIiVLFRHV D9/6X SHUSHQGLFXODUVHVLW~D VREUH',,(VWD GHULYDFLyQUHJLVWUDXQ FRPSOHMR456 SUHGRPLQDQWHPHQWH QHJDWLYRSRUORWDQWR HOÆ456HQHVWHFDVR HVGHƒ /DGHULYDFLyQTXH UHJLVWUDXQFRPSOHMR 456LVRGLIiVLFRHV ',6XSHUSHQGLFXODU VHVLW~DVREUHD9) (VWDGHULYDFLyQ UHJLVWUDXQFRPSOHMR 456 SUHGRPLQDQWHPHQWH QHJDWLYRSRUORWDQWR HOÆ456HQHVWHFDVR HVGHƒ /DGHULYDFLyQTXH UHJLVWUDXQFRPSOHMR 456LVRGLIiVLFRHV D956X SHUSHQGLFXODUVHVLW~D VREUH',,,(VWD GHULYDFLyQUHJLVWUDXQ FRPSOHMR456 SUHGRPLQDQWHPHQWH QHJDWLYRSRUORWDQWR HOÆ456HQHVWHFDVR HVGHƒ



Æ456GHƒ

Æ456GHƒ

Æ456GHƒ

/DGHULYDFLyQTXH UHJLVWUDXQFRPSOHMR 456LVRGLIiVLFRHV ',,6XSHUSHQGLFXODU VHVLW~DVREUHD9/ (VWDGHULYDFLyQ UHJLVWUDXQFRPSOHMR 456 SUHGRPLQDQWHPHQWH SRVLWLYRSRUORWDQWR HOÆ456HQHVWHFDVR HVGHƒ /DGHULYDFLyQTXH UHJLVWUDXQFRPSOHMR 456LVRGLIiVLFRHV D9)6XSHUSHQGLFXODU VHVLW~DVREUH',(VWD GHULYDFLyQUHJLVWUDXQ FRPSOHMR456 SUHGRPLQDQWHPHQWH SRVLWLYRSRUORWDQWR HOÆ456HQHVWHFDVR HVGHƒ /DGHULYDFLyQTXH UHJLVWUDXQFRPSOHMR 456LVRGLIiVLFRHV ',,,6XSHUSHQGLFXODU VHVLW~DVREUHD95 (VWDGHULYDFLyQ UHJLVWUDXQFRPSOHMR 456 SUHGRPLQDQWHPHQWH QHJDWLYRSRUORWDQWR HOÆ456HQHVWHFDVR HVGHƒ



³456GH 6GH DH DHMMHHL  LQGH QGHIILQLGR

Æ456GHƒ

Æ456GHƒ

Æ456GHƒ

Æ456GHƒ

/DGHULYDFLyQTXH UHJLVWUDXQFRPSOHMR 456LVRGLIiVLFRHV D9/6XSHUSHQGLFXODU VHVLW~DVREUH',, (VWDGHULYDFLyQ UHJLVWUDXQFRPSOHMR 456 SUHGRPLQDQWHPHQWH SRVLWLYRSRUORWDQWR HOÆ456HQ HVWHFDVR HVGHƒ /DGHULYDFLyQTXH UHJLVWUDXQFRPSOHMR 456LVRGLIiVLFRHV', 6XSHUSHQGLFXODUVH VLW~DVREUHD9)(VWD GHULYDFLyQUHJLVWUDXQ FRPSOHMR456 SUHGRPLQDQWHPHQWH SRVLWLYRSRUORWDQWR HOÆ456HQHVWHFDVR HVGHƒ /DGHULYDFLyQTXH UHJLVWUDXQFRPSOHMR 456LVRGLIiVLFRHV D956XSHUSHQGLFXODU VHVLW~DVREUH',,, (VWDGHULYDFLyQ UHJLVWUDXQFRPSOHMR 456 SUHGRPLQDQWHPHQWH SRVLWLYRSRUORWDQWR HOÆ456HQHVWHFDVR HVGHƒ /DGHULYDFLyQTXH UHJLVWUDXQFRPSOHMR 456LVRGLIiVLFRHV ',,6XSHUSHQGLFXODU VHVLW~DVREUHD9/ (VWDGHULYDFLyQ UHJLVWUDXQFRPSOHMR 456 SUHGRPLQDQWHPHQWH QHJDWLYRSRUORWDQWR HOÆ456HQHVWHFDVR 

HVGHƒ (VWHFDVRQRSXHGH FRQIXQGLUVHFRQXQD FRQH[LyQHTXLYRFDGD GHODVGHULYDFLRQHVGH ODVH[WUHPLGDGHVGDGR TXHQLOD3QLOD7 SUHVHQWDQXQDLPDJHQ HQHVSHMR

Æ456LQGHILQLGR

(QHVWHFDVR WRGRVORV FRPSOHMRVVRQ LVRGLIiVLFRV\QR SRGHPRVFDOFXODUHO HMH'HKHFKRHOHMHHV SHUSHQGLFXODUDOSODQR IURQWDO

&UHFLPLHQ HQWWRV V$ $XULFXODUHV /DRQGD3SUHVHQWDXQDSRUFLäQLQLFLDOTXHFRUUHVSRQGHDOD DFWLYDFLäQGHODDXUÞFXODGHUHFKDXQDSRUFLäQPHGLDTXH

FRUUHVSRQGHDODDFWLYDFLäQGHDPEDVDXUÞFXODV\XQDSRUFLäQ

ILQDOTXHFRUUHVSRQGHDODDFWLYDFLäQGHODDXUÞFXODL]TXLHUGD$VÞ XQDDOWHUDFLäQGHODDXUÞFXODGHUHFKDDIHFWDUÒDODPRUIRORJÞDGH ODVSRUFLRQHVLQLFLDO\PHGLDQDGHODRQGD3UHJLVWUÒQGRVH3

SXQWLDJXGDV3RURWURODGRXQDDOWHUDFLäQGHODDXUÞFXODL]TXLHUGD

DIHFWDUÒDODVSRUFLRQHVPHGLD\ILQDOGHODRQGD3UHJLVWUÒQGRVH 3PHOODGDVFRQXQDGXUDFLäQDXPHQWDGD



+DEUÒTXHWHQHUHQFXHQWDTXHDXQTXHODVDQRUPDOLGDGHV

DXULFXODUHVVXHOHQLPSOLFDUXQDGLODWDFLäQRXQKLSHUWURILDORV

FDPELRVHQODPRUIRORJÞDGHOD3WDPELÚQSXHGHQUHIOHMDUFDPELRV GHSUHVLäQYROXPHQ\FRQGXFFLäQLQWUDDXULFXODU

&UHFLPLHQ HQWWRDX RDXUULFXOD UUGH GHUUHFKR

D9)

2QGD3DOWD\SXQWLDJXGDHQ',,',,,\

/DRQGD3HQ9\HQ9SXHGHVHUSRVLWLYD\

WHQHUXQDDPSOLWXGDXPHQWDGD ³3GH¡RVXSHULRU



(QSU QSUHVHQ HQFFLDGH) DGH)LEULOLOD DFLäQ$ äQ$XULFXODU 5HJLVWURGHFRPSOHMRV45RT5HQ9

VHJXLGRVGHXQDSURJUHVLäQGHODDPSOLWXGGHODRQGD5GHVGH9 R9KDVWD9

'LIHUHQFLDGHYROWDMHGHO456HQWUH9\98QD

UHODFLäQ!DVRFLDGDDXQYROWDMHGHO456HQ9PPHVPX\ HVSHFÞILFDSHURSRFRVHQVLEOH

+D\ \TXH TXHUUHFRUGD GDU UTXH TXH 

(OUHJLVWURGHFRPSOHMRV45RT5HVPXFKR

PÒVHYLGHQWHVLORSRGHPRVFRPSDUDUFRQRWUR(&*WDOFRPRVH REVHUYDHQHVWHFDVRGHHVWHQRVLVPLWUDOJUDYHDQWHV\GHVSXÚV GHODLPSODQWDFLäQGHXQDSUäWHVLVPLWUDO

1RKD\TXHFRQIXQGLUORFRQXQD4GHQHFURVLV



&UHFLPLHQ HQWWRDX RDXUULFXOD UULL]TX TXLLHUGR

2QGD3PHOODGDFRQXQDGXUDFLäQ!GHVHJOD

SURORQJDFLäQGHODPLVPDRFXUUHDH[SHQVDVGHOLQWHUYDOR35TXH HVFRUWRRHVWÒDXVHQWH 

2QGD3HQ9FRQXQFRPSRQHQWHQHJDWLYRGHVHJ

GHGXUDFLäQ\P9GHSURIXQGLGDG

(QSU QSUHVHQ HQFFLDGH) DGH)LEULOLOD DFLäQ$ äQ$XULFXODU

6HSXHGHVRVSHFKDUXQFUHFLPLHQWR

DXULFXODUL]TXLHUGRFXDQGRVHHYLGHQFLDQRQGDVGHILEULODFLäQ JUXHVDVHVSHFLDOPHQWHHQ9

+D\ \TXH TXHUUHFRUGD GDU UTXH TXH 

VHYXHOYHQILQDV

&RQHOWLHPSRODVRQGDVGHILEULODFLäQ

1RKD\TXHFRQIXQGLUODVFRQHO

UHJLVWURGHODVFRQWUDFFLRQHVPXVFXODUHVGHXQDSHUVRQDFRQ



3DUNLQVRQ(QHVWHFDVRHQD9)VHDSUHFLDQODVRQGDV3TXH HVWÒQHQPDVFDUDGDVHQ',,

3VHXGR HXGR3 3SX SXOOPRQD RQDOOH

(OSDWUäQGHFUHFLPLHQWRDXULFXODUGHUHFKR

HQDXVHQFLDGHGLODWDFLäQDXULFXODUGHUHFKDVHGHQRPLQDSVHXGR 3SXOPRQDOH6HKDHYLGHQFLDGRDVRFLDGRFRQSDWRORJÞD YHQWULFXODUL]TXLHUGD

\GHIRUPDPHQRVIUHFXHQWHHQDXVHQFLDGH

HQIHUPHGDGFDUGÞDFD

(VWRHVWÒIXQGDPHQWDGRHQODREVHUYDFLäQGHTXHHOGDâRGHOD DXUÞFXODL]TXLHUGDDXPHQWDHOYHFWRUDXULFXODUGHUHFKR\TXHHO GDâRGH ODDXUÞFXODGHUHFKDVLPXODXQFUHFLPLHQWRDXULFXODU L]TXLHUGR

3DFLHQWHFRQ(32&GXUDQWH\GHVSXÚVGHXQD

UHDJXGL]DFLäQ6HSXHGHDSUHFLDUODDSDULFLäQGHXQDPRUIRORJÞD GHODRQGD3FRPSDWLEOHFRQFUHFLPLHQWRDXULFXODUL]TXLHUGR



%ORTXHR RTXHRLLQWHUDX DXUULFXODU

2QGD3!VHJJHQHUDOPHQWHELPRGDOTXHSXHGHVHU

ODFDXVDSULQFLSDOGHODPRUIRORJÞDGHODRQGD3TXHVHYHHQHO FUHFLPLHQWRDXULFXODUL]TXLHUGR

+LSHU SHUWURILDD9  9HQ HQWWULFXOD UULL]TX TXLLHUGD &ULWHULRV VEÒ EÒVVLFRV

$XPHQWRGHOYROWDMHGHODVGHULYDFLRQHVL]TXLHUGDV

'HVSOD]DPLHQWRJUDGXDOGHORVVHJPHQWR67\GHODRQGD

7HQGLUHFFLäQRSXHVWDDO456



3DWUäQU6HQ9\9FRQRQGDV6SURIXQGDVHQGLFKDV

GHULYDFLRQHV

(QRFDVLRQHVODRQGD5SXHGHHVWDUDXVHQWH'LFKD

DXVHQFLDSXHGHVHULQWHUSUHWDGDGHIRUPDHUUäQHDFRPRXQD QHFURVLVDQWHURVHSWDO

(OGLDJQäVWLFRGH+9,HQHODGXOWRHVWDUHIRU]DGRSRUHO

UHJLVWURGHXQDGHIOH[LäQLQWULQVHFRLGHUHWDUGDGDHQ9R9! VHJ

'HIOH[LäQ äQLLQWULQVHFRGHR LGHRLLQWUÞQVHFD (OWLHPSRGHDSDULFLäQGHODGHIOH[LäQLQWULQVHFRLGHRLQWUÞQVHFD 

HVHOTXHWUDQVFXUUHGHVGHHOLQLFLRGHO456KDVWDHOPRPHQWRHQ HOTXHODRQGD5FDPELDGHGLUHFFLäQ





+LSHU SHUWURILDD9  9HQ HQWWULFXOD UULL]TX TXLLHUGD &ULWHULRV VGH GHYYROWDMHGH HGHOO4 45 6 5HQ',6HQ',,,!P95HQD9/!P95HQD9)!

P96HQ9!P95HQ9R9!P95HQ9R96 HQ9!P9

6LVWHPDGHSXQ DGHSXQWWXDF XDFLäQ 2QGDV5R6HQODVGHULYDFLRQHVGHODVH[WUHPLGDGHV!P9R 6HQ9R9!P9R5HQ9R9!P9 SXQWRV &DPELRVHQHOVHJPHQWR67FRQRVLQGLJLWDO RSXQWRV UHVSHFWLYDPHQWH

&UHFLPLHQWRDXULFXODUL]T SXQWRV'HVYLDFLäQGHO³456D¡ RPÒV SXQWRV

'XUDFLäQGHO456!VHJLGHIOH[LäQLQWULQVHFRLGH5SHDN WLPH HQ9\9!VHJ SXQWRSRUFDGDXQRGHHOORV

/D+9,HVSUREDEOHFRQSXQWRV\HVWÒSUHVHQWHFRQSXQWRVR PÒV



+LSHU SHUWURILDD9  9HQ HQWWULFXOD UU,,]TX TXLLHUGD $OWHUDFLRQHV RQHVGH GHOOVVHJP HJPHQ HQWWR6 R67\ 7\GH GHOODRQGD DRQGD7 7

/DGLUHFFLäQGHOVHJPHQWR67\GHODRQGD7HVOD

FRQWUDULDGHODGHO456/DRQGD7VXHOHVHUQHJDWLYD\

DVLPÚWULFDVLHQGRODUDPDDVFHQGHQWHHVFDUSDGDFRQXQD LQVFULSFLäQWHUPLQDOSRVLWLYDGHIRUPDRFDVLRQDO



/DLQYHUVLäQGH ODRQGD7HQ9!PP\

FRQGLFKRVFDPELRVPÒVHYLGHQWHVHQ9TXHHQ9UHIXHU]DQHO GLDJQäVWLFRGH+9,

\D\XGDQDGLIHUHQFLDUODGHODHQIHUPHGDG

DUWHULDOFRURQDULDHQDXVHQFLDGHORVFULWHULRVGHYROWDMHGHOD+9,

6HSXHGHQUHJLVWUDURQGDV7QHJDWLYDV

PX\SURIXQGDVHQODPLRFDUGLRSDWÞDKLSHUWUäILFDFRQDIHFWDFLäQ IXQGDPHQWDOPHQWHDSLFDO



+LSHU SHUWURILDD9  9HQ HQWWULFXOD UU,,]TX TXLLHUGD 6REU REUHFDUJDGL JDGLDVWäOLOLFFD

/DPRUIRORJÞDGHODVREUHFDUJDGLDVWäOLFDVHFDUDFWHUL]D

SRUODSUHVHQFLDGHXQDRQGD4SURPLQHQWHHQODVGHULYDFLRQHV TXHHQFDUDQODFDUDL]TXLHUGDGHOVHSWXP

\UHFLSURFDPHQWHRQGDV5SURPLQHQWHVHQODV

GHULYDFLRQHVTXHHQFDUDQODFDUDGHUHFKDGHOVHSWXP

7DPELÚQVHSXHGHQHYLGHQFLDURQGDV4PX\

HYLGHQWHVHQODPLRFDUGLRSDWÞDKLSHUWUäILFDREVWUXFWLYD

6REU REUHFDUJDV JDVLVWäOLOLFFD

/DPRUIRORJÞDGHODVREUHFDUJDVLVWäOLFDRGHSUHVLäQVH

FDUDFWHUL]DSRUODSUHVHQFLDGHRQGDV5DOWDV\FDPELRVHQOD



RQGD7\HQHOVHJPHQWR67HQODVGHULYDFLRQHVSUHFRUGLDOHV L]TXLHUGDV

+9,+ ,+D\TXH \TXHUUHFRUGD GDU UTXH TXH (OPHFDQLVPRSRUHOFXDODXPHQWDHOYROWDMHQRHVWÒELHQGHILQLGR GDGRTXHLQWHUYLHQHQDGHPÒVGHODPDVDPXVFXODURWURV

IDFWRUHVFRPRHOYROXPHQVDQJXÞQHRLQWUDFDYLWDULRODSUR[LPLGDG GHODSDUHGWRUÒFLFDODVSURSLHGDGHVFRQGXFWRUDVGHORVäUJDQRV LQWUDWRUÒFLFRVODSRVLFLäQGHOFRUD]äQGHQWURGHOWäUD[ODV

SUHVLRQHVLQWUDYHQWULFXODUHV\WUDQVPXUDOHV\TXL]ÒVODLQVFULSFLäQ VLQRSRVLFLäQGHXQDSDUWHGHO456GHELGDDODDFWLYDFLäQ UHWDUGDGD

<D < DVÞSRG ÞSRGUUHPRVY VYH UUFFDVRVFRQ H VFRQ DJHQH[[DJH DJHUUDGD GHKLSHUWURILDYHQWULFXODUL]TXLHUGDTXHQR 8QDLLPDJHQH VHFRUUHVSRQGHFRQODKLSHUWURILDUHDOFRPRHVHOFDVRGHHVWD SDFLHQWHKLSHUWHQVDTXHWDQVäORSHVDED.J

DJHQSRFFRH RHYYLGHQ GHQWWH GHKLSHUWURILDYHQWULFXODUL]TXLHUGDD 8QDLLPDJHQSR

SHVDUGHODH[LVWHQFLDGHXQDKLSHUWURILDLPSRUWDQWHWDOFRPRVH 

SXHGHYHUHQHVWRVGRVFDVRV8QDLQVXILFLHQFLDDäUWLFDJUDYHHQ HOSULPHUR

\XQDPLRFDUGLRSDWÞDKLSHUWUäILFDREVWUXFWLYDHQHOVHJXQGR

'LOLOD DWDFLäQH+ äQH+LSHU SHUWURILDD9  9HQ HQWWULFXOD UU,,]TX TXLLHUGD (QSUHVHQFLDGHRQGDV5TXHSUHVHQWHQFULWHULRVGHYROWDMHGH

+9,ORVVLJXLHQWHVKDOOD]JRVVXJLHUHQODH[LVWHQFLDGHGLODWDFLäQ YHQWULFXODUL]TXLHUGD

 5HQ9!D5HQ9

 7UDQVLFLäQEUXVFDHQSODQRKRUL]RQWDOGHVGHXQFRPSOHMRFRQ

XQDRQGD6SURIXQGDDRWURFRQXQDRQGD5DOWDHQOD VLJXLHQWH GHULYDFLäQKDFLDODL]TXLHUGD

 (YLGHQFLDGHTXHHQ(&*VXFHVLYRVGLVPLQX\HODDOWXUDGHOD RQGD5HQODVSUHFRUGLDOHVL]TXLHUGDVDPHGLGDTXHORVRWURV

VLJQRVGHKLSHUWURILDVHKDFHQPÒVHYLGHQWHVFRPRSRUHMHPSOR 

ORVFDPELRVHQHOVHJPHQWR67\HQODRQGD7 

 &RPSOHMRV456FRQXQWLHPSRGHDSDULFLäQGHODGHIOH[LäQ LQWULQVHFRLGH7', !VHJ

3DFLHQWHFRQXQDPLRFDUGLRSDWÞDGLODWDGDFRQLQVXILFLHQFLD PLWUDO TXHHQHUDJUDYH(Q)LEULODFLäQ$XULFXODU

+LSHU SHUWURILDD9  9HQ HQWWULFXOD UU' 'HUHFKD %DVÒQGRQR ÒQGRQRV VHQ HQOOD DP PRUIRORJ RJÞÞDGH DGHOO4 45 66HQ HQ9 9 6HSXHGHQGHILQLUWUHVJUXSRV  2QGD5GRPLQDQWHT5U5UV5



 &RPSOHMR565V5VU

 &RPSOHMRU6RUV5

(QHODGXOWRFRQ+9'DGTXLULGDORVFDPELRVPÒVFRPXQHV

VRQODGHVYLDFLäQGHOHMHDODGHUHFKD\XQDUHODFLäQ56HQ9 !FRQXQDRQGD5!P9

$OWHUDFLRQHV RQHVGH GHOODDRQGD  RQGD7 7\ \GH GHOOVVHJ HJP PHQ HQWWR R6 67 7HQ HQOODD +'



6HSXHGHUHJLVWUDUXQDGHSUHVLäQGHOVHJPHQWR67\XQD

LQYHUVLäQGHODRQGD7HQODVSUHFRUGLDOHVGHUHFKDV&XDQGR

HVWRVIQäPHQRVVRQ VLJQLILFDWLYRVVXHOHQVHULQGLFDWLYRVGH+9' PRGUDGDRJUDYH

(PEROL EROLVVPRSX RSXOOPRQD RQDU UDJXGR DJXGRFRUUSX SXOOPRQD RQDOOHDJXGR HDJXGR /RVFDPELRVFOÒVLFRVFRQSDWUäQ647%5'++GHVYLDFLäQ GHOHMHODGHUHFKD\3SXOPRQDOHVäORVHYHQHQXQGHORV

SDFLHQWHV/RPÒV KDELWXDOHVUHJLVWUDUFDPELRVLQHVSHFÞILFRVGH

ODUHSRODUL]DFLäQ/DFRPSDUDFLäQFRQXQ(&*SUHYLRHVPX\ëWLO



(OVHJXQGR(&*VHUHJLVWUäPHVHVGHVSXÚVGHKDEHUVXIULGRXQ WURPERHPEROLVPRSXOPRQDUPëOWLSOH6HDSUHFLDODDSDULFLäQGHO

SDWUäQ647HVGHFLUODDSDULFLäQGHXQD6HQ',\XQDT\ XQD7QHJDWLYDHQ',,, \VLJQRVGH+9'TXHHOSDFLHQWHQR SUHVHQWDEDSUHYLDPHQWH

(32 (3 2&\F &\FR UUSX R SXOOPRQD RQDOOH HFFUäQ äQLLFR

³3GH¡\HOUHJLVWURGHXQDRQGD3SXOPRQDOH 'HVYLDFLäQGHO³456DODGHUHFKD\URWDFLäQKRUDULD

GHIRUPDRFDVLRQDO

8QSDWUäQ666SXHGHHVWDUSUHVHQWH



/DDPSOLWXGGHODRQGD5HVWÒGLVPLQXLGDHQ9\HQ

9P9 

YROWDMHVHQHOSODQRIURQWDO

6HSXHGHQREVHUYDUEDMRV

&XDQGRODURWDFLäQKRUDULDHVVLJQLILFDWLYDOD

DXVHQFLDGHODRQGD5HQODVGHULYDFLRQHVSUHFRUGLDOHVGHUHFKDV VLPXODXQLQIDUWRGHPLRFDUGLRDQWHULRUGDGRTXHVHUHJLVWUDQ FRPSOHMRV46

3XHGHQDSDUHFHURQGDV5DOWDVHQ9\HQ9FXDQGRVHSURGXFH XQDSURJUHVLäQKDFLDODKLSHUWHQVLäQDUWHULDOSXOPRQDU+7$3 \OD +9'

%ORTXHRGH RTXHRGH5 5DPD D,,]TX TXLLHUGD (O456HVWÒSURORQJDGR\PLGHGHDVHJ



(Q',\HQ9VHHYLGHQFLDODSÚUGLGDGHODRQGD4VHSWDO\VH UHJLVWUDXQDRQGD5GHQWDGDFRQXQDPXHVFDHQODUDPD

DVFHQGHQWH(VWRUHIOHMDODDFWLYDFLäQPLRFÒUGLFDGHGHUHFKDD

L]TXLHUGD(QD9)VHUHJLVWUDXQDRQGDUVHJXLGDGHXQDRQGD 6TXHUHIOHMDQUHVSHFWLYDPHQWHODDFWLYDFLäQVHSWDOLQLFLDO

GLULJLGDLQIHULRUPHQWH\HOYHFWRUILQDOGLULJLGRKDFLDDUULED/D

GLUHFFLäQGHOYHFWRUGHOVHJPHQWR67\GHODRQGD7HVODRSXHVWD DODGHO45667LQIUDGHVQLYHODGR\7QHJDWLYDHQ',D9/\9\ HOFRQWUDULRHQ99\9 

(Q9VHSXHGHUHJLVWUDUXQFRPSOHMRU6R46

HQIXQFLäQGHVLODDFWLYDFLäQLQLFLDOVHRULHQWDDQWHULRUR SRVWHULRUPHQWH

(O³456VXHOHVHUQRUPDORGLULJLGRKDFLDODL]TXLHUGD

/DGHVYLDFLäQGHOHMHDODGHUHFKDTXHQRVXHOHVXSHUDUORV¡ R¡RULJLQDXQDPRUIRORJÞDDWÞSLFDGH%5,++



%ORRTXHRL TXHR LQFRPSOHWRGH RGHUUDPD DLL]TX TXLLHUGD ,PSOLFDXQUHWUDVRGHODFRQGXFFLäQHQODUDPDL]TXLHUGDFRQ

UHVSHWRDODGHUHFKDFRQXQDDFWLYDFLäQVHSWDOLQLFLDOGH'D,\ ODSÚUGLGDGHODRQGD4VHSWDOHQWRGRVORVFDVRV$OFRQWUDULR TXHHQHO%5,++ODUDPDL]TXLHUGDFRQWULEX\HILQDOPHQWHDOD DFWLYDFLäQGHOVHSWXP\GHODSDUHGYHQWULFXODU

/DGLIHUHQFLDSULQFLSDOFRQHO%5,++\DFHHQODGXUDFLyQGHOFRPSOHMR 456HOžFRPSOHMRFRUUHVSRQGHDXQ%5,++\HOU\UFRPSOHMRV FRUUHVSRQGHQDXQ%,5,++ (QODVLJXLHQWHLPDJHQDPSOLDGDSDUDVXPHMRUYLVXDOL]DFLäQ VH DSUHFLDFRPRODDSDULFLäQGHXQ%,5,++VDOYDGHWDTXLFDUGLD DXULFXODU U«\«FRPSOHMRV SURYRFDODSÚUGLGDGHODT VHSWDO



/RVKDOOD]JRVPÒVKDELWXDOHVVRQ  456GHDVHJFRQSÚUGLGDGHODRQGD4VHSWDO

 PXHVFDV

 \PX\DPHQXGR456FRQYROWDMHVDOWRV



%ORRTXHRGH5 TXHRGH 5DPD D' 'HUHFKD (QHO%5'++HOVHSWXPVHDFWLYDGHIRUPDQRUPDOHVGHFLUGH,D '/DSURORQJDFLäQGHO456HVGHELGDSULQFLSDOPHQWHDOD

DFWLYDFLäQUHWUDVDGDGHOVHSWXP\GHODSDUHGYHQWULFXODUGHUHFKD /RVFDPELRVFDUDFWHUÞVWLFRVGHO%5'++VHUHJLVWUDQHQ9

/DDFWLYDFLäQVHSWDOLQLFLDORULJLQD HQ9XQDRQGD5TXHVHVLJXH

GHXQDRQGD6TXHUHIOHMDODDFWLYDFLäQYHQWULFXODUL]TXLHUGD\SRU

XQDRQGD5 GHELGDDODGHVSRODUL]DFLäQGHOYHQWUÞFXORGHUHFKRGH L]TXLHUGDDGHUHFKD\KDFLDDUULED/DVGHULYDFLRQHVTXHHQFDUDQ ODFDUDL]TXLHUGDGHOVHSWXPHVGHFLU',D9/L9VXHOHQ

UHJLVWUDUXQDRQGD4TXHVHVLJXHGHXQDRQGD5GHGXUDFLäQ

QRUPDO\XQDRQGD6UHODWLYDPHQWHSURIXQGD(VWDXOWLPDUHIOHMDOD DFWLYDFLäQUHWDUGDGDGHOYHQWUÞFXORGHUHFKR/DRQGD7HV

QHJDWLYDHQ9\RFDVLRQDOPHQWHHQ9/DSURIXQGLGDGGHOD 

RQGD6HQ9GHSHQGHGHXQDRULHQWDFLäQSRVWHULRURDQWHULRUGHO YHFWRUTXHUHSUHVHQWDODDFWLYDFLäQYHQWULFXODUL]TXLHUGD

(QHOSULPHUFDVRXQD RQGD6SURPLQHQWHVHSDUDODRQGD5

GHODRQGD5 

(QHOVHJXQGRFDVRODRQGD6SXHGHVHU

SRFRSURIXQGDVHUWDQVäORXQDPXHVFDRHVWDUDXVHQWH

$GLIHUHQFLDGHO%5,++ HO%5'++QRHQPDVFDUDXQLQIDUWRGH PLRFDUGLRQLODLVTXHPLDPLRFÒUGLFD



+HPLEORTXHR$ RTXHR$QWHULRU /DGXUDFLäQGHO456HVVHJ

LQLFLDO

'LUHJLVWUDXQDRQGD5GRPLQDQWHFRQRVLQRQGD4

',,',,,LD9)UHJLVWUDQXQDRQGD5TXHVH

VLJXHGHXQDRQGD6SURIXQGDVLHQGR6,,,!6,,\5,,!5,,, (QD95VHUHJLVWUDXQDRQGD5WHUPLQDO (O³456YDULDGH¡D¡ (QHOSODQRKRUL]RQWDOOD]RQDGHWUDQVLFLäQ VXHOHHVWDU

GHVSOD]DGDKDFLDODL]TXLHUGDUHJLVWUÒQGRVHHQ9\9XQDRQGD 5 GHDPSOLWXGGLVPLQXLGD\XQDRQGD6SURIXQGD

(OWLHPSRGHDSDULFLäQGHODGHIOH[LäQLQWULQVHFRLGH

7', HQ97',HQD9/FRQXQ7',HQD9/!PVJ

+D\TXHWHQHUHQFXHQWDTXHGHELGRDODRULHQWDFLäQ

GHOYHFWRULQLFLDOODVSUHFRUGLDOHVGHUHFKDV\PHGLDVSXHGHQ

UHJLVWUDUXQDRQGD4LQLFLDOTXHVHSXHGHLQWHUSUHWDUGHIRUPD HUUäQHDFRPRXQ,0DQWHURVHSWDO



+HPLEORTXHR3 RTXHR3RVWHULRU 6HWUDWDGHXQKDOOD]JRSRFRIUHFXHQWHLQHVSHFÞILFRTXHVHSXHGH YHUHQSHUVRQDVDVWÚQLFDVHQIHUPRVFRQHQILVHPD+9'\HQ HO LQIDUWRODWHUDOH[WHQVR3DUDUHDOL]DUHVWHGLDJQäVWLFRFRQ VHJXULGDGKD\TXHWHQHUXQ(&*SUHYLRQRUPDO

/DGXUDFLäQGHO456VHJ(1',\D9/VHUHJLVWUDXQD

RQGD5SHTXHâDTXHVHVLJXHGHXQDRQGD6SURIXQGD(Q',,

',,,\D9)VHUHJLVWUDXQDRQGD4HVWUHFKDVHJ /D5,,,! 5,,(O³456YDULDGH¡D¡\DYHFHVGH¡D¡

%5'++ 5'++ % %ORTXHR RTXHRV VIIDVF VFLLFXODUHV %5'++ 5'+++%$



(VODFRPELQDFLäQPÒVFRPëQ/DDFWLYDFLäQGXUDQWHORVSULPHURV VHJGHWHUPLQDHO+%$

%5'++ 5'+++%3

(VXQDFRPELQDFLäQUDUD/RVVHJLQLFLDOHVGHILQHQHOHMH\ HO+%3

%ORRTXHR7 TXHR 7ULIDVF VFLLFXODU 6 6ÞQGU QGURPHGH HGH5 5RVHQEDXP HQEDXP (OEORTXHRGHODUDPDGHUHFKD\GHDPEDVGLYLVLRQHVGHODUDPD L]TXLHUGDEORTXHRWULIDVFLFXODU SXHGHRFXUULUHQSUHVHQFLDGH

%5'++FRQ+%$R+%3DOWHUQDQWHV(VWDVLWXDFLäQGHGHQRPLQD 6ÞQGURPHGH5RVHQEDXP



MXOLR

HQHUR (QHOSULPHU(&*HVWDSDFLHQWHSUHVHQWDXQ%5'+++%$\HQ HOVHJXQGRXQ%5'+++%3+R\HQGÞDHVWDVLWXDFLäQHV LQGLFDWLYDGHLPSODQWDFLäQGHPDUFDSDVRV



%ORTXHRGH RTXHRGH5 5DPD D% %LOD LODWHUDO 'HEHPRVFRQVLGHUDUHVWHGLDJQäVWLFRFXDQGRHQFRQWUHPRVXQ %5'++RXQ%5,++DOWHUQDQWHV7DOFRPRKDEÚLVYLVWRHQOD SÒJLQDDQWHULRUHQHVWDVVLWXDFLRQHVWDPELÚQKDEUÞDTXH LPSODQWDUXQPDUFDSDVRV





&XDOTXLHURWUDFRPELQDFLäQGHORVUHWUDVRVGHFRQGXFFLäQQR

SXHGHVHUGLIHUHQFLDGDGHOEORTXHRHQHO1$9$VÞHOEORTXHR VLPXOWÒQHRGHODVGRVUDPDVGDOXJDUDXQ%$9FRPSOHWR

,JXDOPHQWHXQUHWUDVRRXQEORTXHRLQWHUPLWHQWHGHXQDUDPD MXQWRFRQXQEORTXHRFRPSOHWRHQODFRQWUDODWHUDOSXHGH

PDQLIHVWDUVHFRPRXQ%5FRQXQ35SURORQJDGRRFRPRXQ%$9 LQWHUPLWHQWH(QSUHVHQFLDGHXQ%5ODDSDULFLäQGHXQ%$9

GHELGRDXQGHIHFWRGHODFRQGXFFLäQGHODUDPDFRQWUDODWHUDOQR SXHGHGLIHUHQFLDUVHGHEORTXHRGHO1$9



3DFLHQWHFRQ%5'++\35SURORQJDGR

%ORTXHR RTXHRV VGH GH5 5DPD D + +LSHU SHUWURILDD9  9HQ HQWWULFXODU (OGLDJQäVWLFRGHKLSHUWURILDYHQWULFXODUHQSUHVHQFLDGH%5HV

GLIÞFLODXQTXHQRLPSRVLEOHGHELGRDOKHFKRGHTXHXQSDUWHGHOD DFWLYDFLäQFDUGÞDFDVHUHDOL]DUÒVLQRSRVLFLäQGXUDQWHXQSHULRGR GHWLHPSRGDQGROXJDUDFDPELRVGHYROWDMHTXHHQJDâDQ



%5++ ,++ + +9, ,R R+ +9 ' (O%5,++LPSOLFDXQGLDJQäVWLFRGH+9,\GH+9'SUÒFWLFDPHQWH

LPSRVLEOH(QSUHVHQFLDGHHVWDDOWHUDFLäQQRVHSXHGHKDEODUGH RWUDFRVDTXHGH%5,++/DVRVSHFKDGH+9ODUHDOL]DUHPRVSRU ODSDWRORJÞDGHOSDFLHQWH\ODFRQILUPDFLäQSRUHOUHJLVWUR HFRFDUGLRJUÒILFR

%5'++\ 5'++\+ +9 ' 6HKDVXJHULGRTXHHQHO%5'++XQDRQGD5 !DP9

LQGLFDODSUHVHQFLD GHXQD+9'DVRFLDGD$SHVDUGHHVWRHQXQ SUHRSHUDWRULRVHSXHGHUHJLVWUDUXQ456QRUPDOHQ9\

HQFRQWUDUHQHOSRVWRSHUDWRULRHOFULWHULRDQWHVPHQFLRQDGR(VWR LQGLFDTXHHVWHFULWHULRQRVLHPSUHHVYÒOLGR7DPELÚQSRGHPRV

HQFRQWUDURQGDV5DOWDVHQ9HQHQIHUPRVFRQWDQVäOR%5'++ \VLQHYLGHQFLDGH+9' HMHPSORVFRQ VFRQ+ +9 '

(32&PX\JUDYH

&,$23LQWHUYHQLGDFRQ9'GLODWDGR

HMHPSORVVL VVLQQ+  +9 '



3DFLHQWHGHDxRVDSDUHQWHPHQWHVDQR

3DFLHQWHFRQ+7$

%5'++ 5'++\ \+ +9 , 3RGHPRVVRVSHFKDUODSUHVHQFLDGH+9,FXDQGRHQFRQWUDPRV ³456!¡

5HQD9/!PP

3HQ9FRQXQFRPSRQHQWHWHUPLQDO!VHJGHGXUDFLäQL! PPGHSURIXQGLGDG%%')+L+9(

3XQWXDFLäQGH 5RPKLOW(VWHVSRVLWLYD 5HQ9!PP 5HQ',!PP

6HQ95HQ9!PP

3DFLHQWHGHDxRVFRQ'/$RH,0PRGHUDGDV 

%$ + %$\ \+ +9 , /DVXPDGHOD6HQ',,,FRQODPÒ[LPD56HQFXDOTXLHU

GHULYDFLäQ!PPHVLQGLFDWLYDGH+9,HQSUHVHQFLDGH+%$

'HIHFWRV V,,QH QHVVSH SHFFÞI ÞILLFRV VGH GHOODD&  &RQGX RQGXFF FFLLääQ Q ,QWUDYHQ HQWWULFXODU

(OFRPSOHMR456SXHGHHVWDUSURORQJDGRGHIRUPDDQRUPDOSHUR VLQODPRUIRORJÞDFDUDFWHUÞVWLFDGHO%5'++RGHO%5,++

6HDVHPHMDDO%5,++RDO%5,++FRQXQDGHVYLDFLäQGHO³456 KDFLDODL]TXLHUGD(VWDFRPELQDFLäQVXJLHUHXQ+%$FRQXQ

UHWUDVRGHODFRQGXFFLäQSHULIÚULFD/DSUHVHQFLDGHXQDRQGD4 

QRUPDOSULQFLSDOPHQWHHQ',\HQ9 UHIXHU]DODLGHDTXHHO UHWUDVRSHULIÚULFRVHDDFDXVDGHODSURORQJDFLäQGHO456

$XQTXHHVWHWLSRGHSURORQJDFLäQLQHVSHFÞILFDSXHGHVHUGHELGDD ODDFFLäQGHDOJXQRVIÒUPDFRVRDWUDVWRUQRVHOHFWUROÞWLFRVOD FDXVDPÒVFRPëQHVODHQIHUPHGDGFDUGÞDFD

3DFLHQWHDIHFWRGHPLRFDUGLRSDWtDGLODWDGDGHSUREDEOHRULJHQLVTXpPLFR FRQLQVXILFLHQFLDPLWUDOJUDYH(QHOVHJXQGR(&*VHSUHFLDXQ HQVDQFKDPLHQWRGHO456PVJ \XQDGHVYLDFLyQGHOÆ456KDFLDOD L]TXLHUGD

3DFLHQWHFRQPLRFDUGLRSDWtDGLODWDGD\',&,(Q', \9VHUHJLVWUDXQD RQGDTLQGLFDWLYDGHDFWLYDFLyQVHSWDOQRUPDOGHL]TXLHUGDDGHUHFKD 



6ÞQG QGUURPHGH HGH: :ROII II3DUNLQVRQ RQ:KLWH (VXQVÞQGURPHHOHFWURFDUGLRJUÒILFRFDUDFWHUL]DGRSRUXQ

LQWHUYDOR35FRUWRVHJ XQFRPSOHMR456SURORQJDGR! VHJ XQDRQGDG \FRPRQRUPDXQLQWHUYDOR3-QRUPDO

&DVLVLHPSUHH[LVWHQFDPELRVVHFXQGDULRVGHOVHJPHQWR67\GH ODRQGD7DVÞFRPRXQFLHUWRDXPHQWRGHORVYROWDMHVGHO456

:3:LQWHUPLWHQWHTXHSHUPLWHYHUODGLIHUHQFLDHQWUHHO456QRUPDO\ HOTXHSUHVHQWDXQDSUHH[FLWDFLyQ /DRQGDG \HODXPHQWRGHODDPSOLWXGGHO456VHSURGXFHD

FRVWDGHOVHJPHQWR35SHURVLQYDULDFLRQHVHQHOLQWHUYDOR3-



6GGH: GGH:3: :WWLSR SR$ $ 'HIOH[LäQLQLFLDOSRVLWLYDSURPLQHQWHHQ9\9456SRVLWLYRHQ 9\9 /DRQGDG UHIOHMDODDFWLYDFLäQWHPSUDQDGHOYHQWUÞFXOR L]TXLHUGRSRVWHULRU



6GGH: GGH:3: :WWLSR SR% % 'HIOH[LäQLQLFLDOQHJDWLYDSUHGRPLQDQWHHQ9\946HQ9\

9\5HQ9\9 /DRQGDG UHIOHMDODDFWLYDFLäQWHPSUDQDGHO YHQWUÞFXORGHUHFKRDQWHURVXSHULRU

6GGH: GGH:3: :WWLSR SR& &

2QGDG QHJDWLYDHQODVGHULYDFLRQHVODWHUDOHVL]TXLHUGDV4HQ9 \9 

'HVJUDFLDGDPHQWHQRKHSRGLGRHQFRQWUDUXQHMHPSORGHHVWH WLSR

/DSUHVHQFLDGHPÒVGHXQSDWUäQHQXQPLVPRSDFLHQWHVXJLHUH ODH[LVWHQFLDGHYDULDVYÞDVGHFRQGXFFLäQDFFHVRULDV



6GGH GGH: :3: + +D\TXH \TXHUUHFRUGD GDU UTXH TXH   (O:3:SXHGHVLPXODUXQLQIDUWRGHPLRFDUGLR

0LVPRFDVRFRQ\VLQSUHH[FLWDFLyQ RSXHGHHQPDVFDUDUOR

1HFURVLVLQIHULRU\DQWHULRUTXHTXHGDHQPDVFDUDGDSRUODDSDULFLyQGH XQDSUHH[FLWDFLyQ  (O%5'++%5,++\OD+9'VHSXHGHQFRQIXQGLUFRQXQ:3:



%5,++TXHVLPXODXQ:3:

35 5FFRUWR 6HFRQVLGHUDXQDYDULDQWHGHO:3:ODSUHVHQFLDGHXQ35FRUWR DFRPSDâDGRGH7369



,VTXH TXHP PLDDV  VXEHS XEHSLLFÒUGLFD 5HJLVWURGHRQGDV7QHJDWLYDVGHORFDOL]DFLäQVHSWDODQWHULRU

LQIHULRU\ODWHUDO\VXVFRPELQDFLRQHVDQWHURVHSWDOODWHURLQIHULRU HWF

(MHPSORGHLVTXHPLDVXEHSLFiUGLFDHQHVWHFDVRDQWHURODWHUDOHLQIHULRU $YHFHVODPRUIRORJÞDGHODRQGD7QHJDWLYDHVPXFKRPÒVVXWLO

3DFLHQWHFRQLVTXHPLDVXEHSLFiUGLFDDQWHURVHSWDODODxRVXIULyXQ,$0 DQWHULRU 



,VTXH TXHP PLDDV  VXEHQGRF XEHQGRFÒUGLFD 5HJLVWURGHRQGDV7DOWDV\SXQWLDJXGDVGHORFDOL]DFLäQ SULQFLSDOPHQWHDQWHULRU

 (QHVWRVFDVRVHVPX\ëWLOSRGHUUHDOL]DUXQDFRPSDUDFLäQFRQ RWUR(&*

PLVPRSDFLHQWHTXHHQHMHPSORDQWHULRU



/HVVLäQV /H äQVXEHS XEHSLLFÒUGLFD 5HJLVWURGHXQVHJPHQWR67VXSUDGHVQLYHODGRTXHSXHGHWHQHU XQDORFDOL]DFLäQDQWHULRULQIHULRU\ODWHUDO\VXVFRPELQDFLRQHV DQWHURODWHUDOODWHURLQIHULRUHWF 

/HVLyQVXEHSLFiUGLFDLQIHULRU\VXEHQGRFiUGLFDDQWHURODWHUDO

/HVVLäQ /H äQVVXEHQGRF XEHQGRFÒUGLFD 5HJLVWURGHXQVHJPHQWR67LQIUDGHVQLYHODGRTXHSXHGHWHQHU

XQDORFDOL]DFLäQDQWHULRULQIHULRU\ODWHUDO\VXVFRPELQDFLRQHV DQWHURVHSWDOODWHURLQIHULRUHWF 

/HVLyQVXEHQGRFiUGLFDLQIHULRU\DQWHURODWHUDO



,QIDUWR R$ $JXGR $OSULQFLSLRGHOLQIDUWRODRQGD7SXHGHHVWDUSURORQJDGD

DXPHQWDGDGHPDJQLWXG\VHUSRVLWLYDRQHJDWLYD(VWRVHVLJXH GHXQDHOHYDFLäQGHOVHJPHQWR67HQODVGHULYDFLRQHVTXH

HQFDUDQHOÒUHDGDâDGDSXGLHQGRDSUHFLDUVHXQDGHSUHVLäQ

UHFÞSURFDHQODVGHULYDFLRQHVRSXHVWDV/DRQGD7SRVLWLYDSXHGH SUHVHQWDUXQDQHJDWLYLGDGILQDODXQTXHHOVHJPHQWR67HVWÚ

VXSUDGHVQLYHODGR/DRQGD4SXHGHUHJLVWUDUVHHQHOSULPHU(&* RQRDSDUHFHUKDVWDTXHKD\DQSDVDGRXQDVKRUDV\TXL]ÒVGÞDV

,QIDUWRDJXGRGHPLRFDUGLRDQWHULRU  &XDQGRHOVHJPHQWR67YXHOYHDODOÞQHDGHEDVHODVRQGDV7 GHYLHQHQQHJDWLYDV\VLPÚWULFDV(OWLHPSRGHDSDULFLäQ\OD PDJQLWXGGHHVWRVFDPELRVYDUÞDGHXQHQIHUPRDRWUR



0LVPRFDVR  (QPXFKRVFDVRVORëQLFRTXHSHUVLVWHILQDOPHQWHHVODSUHVHQFLD GHRQGDV4VLQDOWHUDFLRQHVGHODUHSRODUL]DFLäQ

0LVPRFDVR 

2WURHMHPSORGHLQIDUWRHQHVWHFDVRVXEDJXGRTXHDIHFWDHOÒUHD

DQWHURVHSWDO/DRQGD7SUHVHQWDXQDQHJDWLYLGDGILQDODOPLVPR WLHPSRTXHHOVHJPHQWR67DëQHVWÒVXSUDGHVQLYHODGR



,QIDUWR R& &UäQL äQLFR %DVÒQGRQRVHQHOUHJLVWURGHXQDRQGD4XQLQIDUWRVHSXHGH FRQVLGHUDU

6HSWDO4HQ9\9

$QWHULRU4HQ9\9

$QWHURVHSWDO4GH9D9 /DWHUDO4HQ',D9/\9

$QWHURVHSWDO\ODWHUDO/DVXPDGHORVGRVDQWHULRUHV $QWHURODWHUDO4HQ',D9/\GH9D9

$QWHULRUH[WHQVR4HQFDVLWRGRHOSODQRKRUL]RQWDO\HQ',\ D9/

/DWHUDODOWR4HQ',\D9/

,QIHULRU4HQ',,',,,\D9)

$QWHURLQIHULRURDSLFDO4HQ',,',,,\D9/\HQXQDRPÒV GHULYDFLRQHVGH9D9

$QWHULRUH[WHQVRHLQIHULRU/DVXPDGHORVGRVFDVRV 3RVWHULRU5HQ9R9

3RVWHURLQIHULRU5HQ9R9\4HQ',,',,,\D9)

3RVWHURLQIHULRU\ODWHUDO5HQ9R9\4HQ',,',,,D9)',\ D9/

(MHPSORV



1HFURVLVDQWHURVHSWDO

1HFURVLVDQWHURODWHUDO

1HFURVLVLQIHULRU



1HFURVLVLQIHURGRUVDO\ODWHUDO



,QIDUWR R$ $JXGR JXGR ,,QIDUWR R$ $QWLJXR 3DFLHQWHFRQXQDQHFURVLVDQWHULRUDQWLJXDTXHVXIUHXQQXHYR LQIDUWRFRQODH[WHQVLäQGHOLQIDUWRDQWHULRU\ODDSDULFLäQGHXQ LQIDUWRLQIHULRU(QHVWHFDVRDXQTXHORVFDPELRVSDUHFHQ

PÞQLPRVWXYLHURQXQDJUDQLPSRUWDQFLDGDGRTXHODSDFLHQWH PXULäDORVSRFRGÞDVGHOVHJXQGRHSLVRGLR

1HFURVLVDQWHULRUDQWLJXD

1XHYRLQIDUWRFRQODDSDULFLyQGHXQLQIDUWRDQWHULRUH[WHQVRH LQIHULRU



$QHX QHXUULVPD D9 9HQ HQWWULFXODU /DSUHVHQFLDHQHO(&*GHXQDHOHYDFLäQSHUVLVWHQWHGHO

VHJPHQWR67HQXQD]RQDLQIDUWDGDKDVLGRFRQVLGHUDGDGH IRUPDFOÒVLFDFRPRFRUUHVSRQGLHQWHDODH[LVWHQFLDGHXQ

DQHXULVPD(QUHDOLGDGHVLQGLFDWLYRGHLQIDUWRH[WHQVRSHURQR LPSOLFDQHFHVDULDPHQWHODH[LVWHQFLDGHXQDQHXULVPD6X

GLDJQäVWLFRVHUHDOL]DSUHIHUHQWHPHQWHFRQRWUDVWÚFQLFDVQR

LQYDVLYDVFRPRODHFRFDUGLRJUDIÞDRODYHQWULFXORJUDIÞDLVRWäSLFD

1HFURVLVDQWHURVHSWDOFRQDQHXULVPDDQWHULRU

/DSUHVHQFLDGHXQ%5'++QRHQPDVFDUDODHOHYDFLyQGHOVHJPHQWR67



,QIDUWR R\ \% %ORRTXHRGH5 TXHRGH 5DPD %5'++ 'DGRTXHODDFWLYDFLäQVHSWDOLQLFLDOHVQRUPDOHVGHFLUGH

L]TXLHUGDDGHUHFKDHO%5'++DOFRQWUDULRTXHHO%5,++QR HQPDFDUDXQLQIDUWRGHPLRFDUGLR

1HFURVLVDQWHURVHSWDO\ODWHUDOFRQ%5'++

1HFURVLVSRVWHURLQIHULRU\ODWHUDOFRQ%5'++ %5'++ 5'+++ +%$ (VWDVLWXDFLäQWDPSRFRHQPDVFDUDODSUHVHQFLDGHXQLQIDUWRGH PLRFDUGLR



1HFURVLVDQWHULRUH[WHQVDFRQ%5'++\+%$

%ORRTXHR3 TXHR 3HULLQ LLQIDUWR 6HWDUDWDGHXQDDQRUPDOLGDGHVSHFÞILFDGHODFRQGXFFLäQGHELGD DOLQIDUWRGHPLRFDUGLR

(QODVGHULYDFLRQHVGHODVH[WUHPLGDGHVVHUHJLVWUDQRQGDV4GH VHJ\FRPSOHMRV456FRQXQFRPSRQHQWHWHUPLQDO SURORQJDGR\HQOHQWHFLGRTXHHQFDUDODQHFURVLV

3XHGHD\XGDUDGLDJQRVWLFDUXQLQIDUWRLQIHULRUFXDQGRORV FDPELRVFDUDFWHUÞVWLFRV\DQRVRQHYLGHQWHV

/DSUHVHQFLDGHXQDDFWLYDFLäQWHUPLQDOUHWDUGDGDTXHHQFDUD',, ',,,RD9)\XQDRQGDILQDOQHJDWLYDHQ',9L9 VLJQRVGH EORTXHRSHULLQIDUWR UHIXHU]DQHOGLDJQäVWLFRGHLQIDUWRGH PLRFDUGLRLQIHULRU





6LWXD XDFFLRQHV RQHVTXH TXH6 6LPXDQ ODQ,,VTXH TXHP PLDD0  0LRFÒUGLFD $SDUWHGHODFDUGLRSDWÞDLVTXÚPLFDH[LVWHQQXPHURVDVFDXVDTXH SXHGHQSURYRFDUFDPELRVHQHOVHJPHQWR67\HQODRQGD7/DV PÒVKDELWXDOHVVRQODVVLJXLHQWHV

)LVLROäJ äJLLFDV 3RVLFLäQGHOFXHUSRWHPSHUDWXUDKLSHUYHQWLODFLäQ DQVLHGDGDOLPHQWRVJOXFRVD WDTXLFDUGLDLQIOXHQFLDV QHXURJÚQLFDVHQWUHQDPLHQWRIÞVLFR

)DUPDFROäJ äJLLFDV'LJLWDOIÒUPDFRVDQWLDUUÞWPLFRVLSVLFRWURSRV IHQRWLD]LQDVWULFÞFOLFRVOLWLR 

$OWHUDFLRQH RQHV VH H[WUDFDUGÞDFDV$QRUPDOLGDGHVHOHFWUROÞWLFDV DFFLGHQWHVFHUHEURYDVFXODUHVVKRFNDQHPLDUHDFFLRQHV

DOÚUJLFDVLQIHFFLRQHVDOWHUDFLRQHVHQGRFULQROäJLFDVDOWHUDFLRQHV DEGRPLQDOHVDJXGDVHPEROLVPRSXOPRQDU

(QIHUPHGDGHV HGDGHVP PLRFÒUGLFDV VS SULPDULDV 0LRFDUGLRSDWÞDFRQJHVWLYD PLRFDUGLRSDWÞDKLSHUWUäILFDFDUGLRPLRSDWÞDSRVWSDUWRPLRFDUGLWLV (QIHUPHGDGHV HGDGHVP PLRFÒUGLFDVV VVH HFXQGD XQGDUULDV $PLORLGRVLV

KHPRFURPDWRVLVQHRSODVLDVVDUFRLGRVLVHQIHUPHGDGHVGHO WHMLGRFRQHFWLYRDOWHUDFLRQHVQHXURPXVFXODUHV

8QFDPELRDLVODGRGHODRQGD7GHEHVHULQWHUSUHWDGRFRQ

SUHFDXFLäQ\VLHPSUHFRUUHODFLRQDGRFRQODFOÞQLFD\ORVGDWRVGHO ODERUDWRULR/DLQWHUSUHWDFLäQHUUäQHDGHOVLJQLILFDGRGHXQDRQGD HQIIHUPHGDG 7DQRUPDOHVODFDXVDPÒVFRPëQGHODHQ HOHFWURFDUGLRJ RJUUÒILDFD  \\DWURJÚQ RJÚQLLFD



,QWHQWDULGHQWLILFDUODHWLRORJÞDGHXQVHJPHQWR67\RXQDRQGD7

DQRUPDOHVVLQWHQHUHQFXHQWDODFOÞQLFD\ORVGDWRVGHOODERUDWRULR VXHOHVHUXQIUDFDVR

5HJLVWUR(&*GXUDQWHXQDJDVWULWLVDJXGDHQXQDSDFLHQWHGDxRVVLQ FRURQDULRSDWtDODJDPPDJUDItDFRQWDOLRQRPRVWUyQLQJ~QVLJQRGH LVTXHPLD  6HYHQLPiJHQHVVLPLODUHVHQORVDFFLGHQWHVFHUHEURYDVFXODUHV



3HULFDUGLWLV V$ $JXGD /DSHULFDUGLWLVDJXGDSXHGHRFDVLRQDUFDPELRVHQHOVHJPHQWR 67\HQODRQGD7TXHSXHGHQVLPXODULVTXHPLD\OHVLäQ

PLRFÒUGLFD/DHYROXFLäQHOHFWURFDUGLRJUÒILFD\ODFRUUHODFLäQFRQ ODFOÞQLFD\ODH[SORUDFLäQDXVFXOWDFLäQGHXQ URFHSHULFÒUGLFR  QRVGDUÒHOGLDJQäVWLFR

(OHYDFLyQGHOVHJPHQWR67GH9D9FRQFRQFDYLGDGKDFLDDUULED \ 7QHJDWLYDVHQ9\9HQXQDSDFLHQWHGHDxRVFRQSHULFDUGLWLV DJXGD

5HJLVWURGHRQGDV7QHJDWLYDVHQXQSDFLHQWHGHDxRVFRQSHULFDUGLWLV DJXGD



,PSUHJQDF HJQDFLäQ äQ' 'LJLWÒOLF OLFD

/DDFFLäQGHODGLJLWDOSURYRFDXQDGLVPLQXFLäQGHODDPSOLWXGGH ODRQGD7\XQDLQIUDGHVQLYHOODFLäQ\XQDFRUWDPLHQWRGHO

VHJPHQWR67FRQODDSDULFLäQRFDVLRQDOGHXQDRQGD8(VWD HQFFXEH XEHWWD\D PRUIRORJÞDGHOVHJPHQWR67VHGHQRPLQDHQ

PHQXGRHVGLIÞFLOGLIHUHQFLDUODGHXQDGHSUHVLäQGHOVHJPHQWR67 GHELGDDRWUDVFDXVDV



5HSR HSROODUL]DFLääQ3 Q 3UHFR]

(VWDHOHYDFLäQGHOVHJPHQWR67TXHVHLQLFLDGHVGHHOSXQWR- TXHWLHQHXQDFRQFDYLGDGKDFLD DUULED\TXHVHDFRPSDâDGH

RQGDV7DOWDV\DVLPÚWULFDVVHVXHOHYHUVREUHWRGRHQSHUVRQDV YDJRWäQLFDVRGHSRUWLVWDV7DPELÚQVHSXHGHUHJLVWUDUHQHVWRV FDVRVXQDPXHVFDHQODUDPDDVFHQGHQWHGHODRQGD5



6LWXD XDFFLRQHV RQHVTXH TXHVVLPXODQ DQ1 1HFURVVLV0 0LRFÒUGLFD

(OFUHFLPLHQWRDXULFXODUGHUHFKRSXHGHRFDVLRQDURQGDV4

HQ9

(QOD+9,ODDXVHQFLDGHXQDRQGDUHQODV

SUHFRUGLDOHVGHUHFKDVSXHGHVXJHULUXQLQIDUWRDQWHURVHSWDO

/DVRQGDV4VRQ

IUHFXHQWHVHQODPLRFDUGLRSDWÞDKLSHUWUäILFD\SXHGHQ VLPXODUXQ LQIDUWR

/DSUHVHQFLDGHRQGDV4WDPELÚQSXHGHHVWDU

DVRFLDGDFRQOD(32&SXGLHQGRYHUVHLPÒJHQHVTXHVLPXODQXQ LQIDUWRDQWHURVHSWDO

(QHO%5,++ODVIXHU]DVLQLFLDOHV

VHGLULJHQGHGHUHFKDDL]TXLHUGD\KDFLDDUULEDRKDFLDDEDMR &XDQGRODVIXHU]DVLQIHULRUHVGRPLQDQVHSXHGHUHJLVWUDUXQ

FRPSOHMR456HQODVSUHFRUGLDOHVGHUHFKDV6LHOYHFWRULQLFLDOVH RULHQWDKDFLDODL]TXLHUGD\KDFLDDUULEDVHSXHGHQUHJLVWUDU FRPSOHMRV46HQODVGHULYDFLRQHVLQIHULRUHV



(QHO+%$KD\TXHWHQHUHQFXHQWDTXHGHELGRDD

RULHQWDFLäQGHOYHFWRULQLFLDOODVSUHFRUGLDOHVGHUHFKDV\

PHGLDQDVSXHGHQUHJLVWUDUXQDRQGD4LQLFLDOTXHVHSXHGH LQWHUSUHWDUGHIRUPDHUUäQHDFRPRXQLQIDUWRGHPLRFDUGLR DQWHURVHSWDO

/DVRQGDV4QRLQIDUWRVRQIUHFXHQWHVHQHO

:3:6XHOHQVLPXODUXQLQIDUWRLQIHULRUDXQTXHWDPELÚQVH SXHGHQSUHVHQWDUFRPRXQLQIDUWRDQWHULRURODWHUDO



4QRSD 4 QRSDWWROäJ äJLLFD (QVLWXDFLRQHVQRUPDOHVWDPELÚQVHSXHGHQUHJLVWUDURQGDV4TXHWLHQHQXQD

DPSOLWXGVHJTXHHQDOJXQRVFDVRVSXHGHQVHUSURIXQGDV\RQGDV5 DOWDVHQ9\9VLQTXHHVWRVKDOOD]JRVLPSOLTXHQODSUHVHQFLDGHQHFURVLV PLRFÒUGLFD

1LxRGHDxRVVLQQLQJ~QWLSRGHSDWRORJtD

+RPEUHGHDxRVVLQIDFWRUHVGHULHVJRDVLQWRPiWLFR\FRQXQ(FR 'RSSOHUQRUPDO

8Q Q( (&* *DSD DSDUUHQW HQWHPHQ HQWWHDQRU HDQRUPDO HQDX HQDXVVHQF HQFLDDGH GH

HYLGHQF GHQFLD DFFOÞQLFDGHHQ DGHHQIIHUPHGDG HGDGFFDUGÞDFDDHQJHQW HQJHQ WHM HMRYHQ HQ  GHEHVVHUH GHEH UHYDOXDGRGHI XDGRGHIRUPD DP PX\ \S SUHFLVDGDGRTXH DGDGRTXHOOD

SUHYDOHQF HQFLDDGHHQI GHHQ IHUPHGDG HGDGFFDUGÞDFDDHQHV HQH VWD DVVLWXDF XDFLäQH äQHV V EDMMD\ ED D\OODV VS SUREDELOL REDELOLGDGH GDGHV VGHTXHH GHTXHHOOWWU D]DGR DGRVVHDXQ HDXQIIDOVR SRVVLWLYR SR RVVRQD RQDOOWDV