,PSRUWDQWH

$'9(57(1&,$35(&$8&,Ï1127$
6tUYDVH OHHUFXLGDGRVDPHQWHHVWH PDQXDO \ VHJXLU WRGDV VXV LQVWUXFFLRQHV 3DUDKDFHU UHVDOWDU ODV LQIRUPDFLRQHV
HVSHFLDOHV ODV SDODEUDV $'9(57(1&,$ 35(&$8&,Ï1 \ 127$ WLHQHQ VLJQLILFDGRV HVSHFLDOHV 3UHVWH HVSHFLDO
DWHQFLyQDORVPHQVDMHVUHDO]DGRVSRUHVWDVSDODEUDVGHVHxDO

$'9(57(1&,$
,QGLFDXQSHOLJURSRWHQFLDOTXHSXHGHFDXVDUGDxRVFRUSRUDOHV\KDVWDODPXHUWH

35(&$8&,Ï1
,QGLFDXQSHOLJURSRWHQFLDOTXHSXHGHFDXVDUGDxRVHQHOYHKtFXOR

127$
,QGLFDXQDLQIRUPDFLyQHVSHFLDOSDUDIDFLOLWDUHOPDQWHQLPLHQWRRSDUDFODULILFDUODVLQVWUXFFLRQHV

$'9(57(1&,$
(VWH PDQXDO GH VHUYLFLR HVWi GHVWLQDGR VRODPHQWH D ORV FRQFHVLRQDULRV DXWRUL]DGRV GH 6X]XNL \ D ORV
PHFiQLFRVFDOLILFDGRVGHVHUYLFLR(VSRVLEOHTXHORVPHFiQLFRVVLQODH[SHULHQFLDQHFHVDULDRORVPHFi
QLFRVTXHQRGLVSRQHQGHODVKHUUDPLHQWDV\GHOHTXLSRDGHFXDGRVQRORJUHQHIHFWXDUFRUUHFWDPHQWHORV
VHUYLFLRVGHVFULWRVHQHVWHPDQXDO
/DVUHSDUDFLRQHVLQFRUUHFWDVSXHGHQFDXVDUGDxRVFRUSRUDOHVDOPHFiQLFR\KDFHUTXHHOYHKtFXORQRVHD
VHJXURQLSDUDHOFRQGXFWRUQLSDUDORVSDVDMHURV

$'9(57(1&,$
3DUDORVYHKtFXORVHTXLSDGRVFRQXQ6LVWHPD6XSOHPHQWDULRGH6XMHFLyQ&ROFKyQGHDLUH
‡ /RVVHUYLFLRVTXHGHEDQVHUHIHFWXDGRVHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPD
GHOFROFKyQGHDLUHGHEHQVHUKHFKRVH[FOXVLYDPHQWHSRUXQFRQFHVLRQDULRDXWRUL]DGR68=8.,5HILp
UDVH DO ³(VTXHPD GH XELFDFLyQ GH ORV FRPSRQHQWHV \ FDEOHDGR GHO VLVWHPD GHO FROFKyQ GH DLUH´ HQ
³'HVFULSFLyQJHQHUDO´HQODVHFFLyQGHOVLVWHPDGHOFROFKyQGHDLUHSDUDFRQILUPDUVLXVWHGHVWiHIHF
WXDQGRWUDEDMRGHVHUYLFLRHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPDGHOFROFKyQ
GHDLUH6tUYDVHREVHUYDUWRGDVODV$'9(57(1&,$6\³3UHFDXFLRQHVSDUDHOVHUYLFLR´LQGLFDGDVHQ³6HU
YLFLRHQHOYHKtFXOR´HQODVHFFLyQGHOVLVWHPDGHOFROFKyQGHDLUHDQWHVGHHIHFWXDUFXDOTXLHUWUDEDMR
GHVHUYLFLRHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPDGHOFROFKyQGHDLUH6LQRVH
UHVSHWDQODV$'9(57(1&,$6VHSXHGHFDXVDUHOLQIODGRDFFLGHQWDOGHOFROFKyQGHDLUHRVHSXHGHGHMDU
LQRSHUDQWHHOVLVWHPDGHOFROFKyQGHDLUH&XDOTXLHUDGHHVWRVGRVFDVRVSXHGHFDXVDUGDxRVFRUSRUD
OHVJUDYHV
‡ 6L HO VLVWHPD GHO FROFKyQ GH DLUH \ RWUR VLVWHPD GHO YHKtFXOR QHFHVLWDQ VHU UHSDUDGRV 68=8., UHFR
PLHQGDTXHHQSULPHUOXJDUVHUHSDUHHOVLVWHPDGHOFROFKyQGHDLUHSDUDDVtHYLWDUODDFWLYDFLyQLQHVSH
UDGDGHOVLVWHPDGHOFROFKyQGHDLUH
‡ 1RPRGLILTXHHOYRODQWHGHGLUHFFLyQHOWDEOHURGHLQVWUXPHQWRVQLQLQJ~QRWURFRPSRQHQWHGHOVLVWHPD
GHFROFKyQGHDLUHHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPDGHFROFKyQGHDLUH
/DVPRGLILFDFLRQHVSXHGHQDIHFWDUDGYHUVDPHQWHHOIXQFLRQDPLHQWRGHOVLVWHPDGHOFROFKyQGHDLUH\
FDXVDUGDxRVFRUSRUDOHV
‡ 6L VH SUHYH TXH HO YHKtFXOR HVWDUi H[SXHVWR D WHPSHUDWXUDV HOHYDGDV VXSHULRUHV D ƒ& SRU HMHPSOR
GXUDQWHHOSURFHVRGHVHFDGRDOKRUQRGHODSLQWXUDGHVPRQWHDQWHVORVFRPSRQHQWHVGHOVLVWHPDGH
FROFKyQGHDLUH>PyGXORVLQIODGRUGHFROFKyQGHDLUHVHQVRUHVGHODQWHURV6'0\RFLQWXURQHVGH
VHJXULGDGFRQSUHWHQVRUHV@SDUDQRGDxDUORVFRPSRQHQWHV\HYLWDUDFWLYDULQHVSHUDGDPHQWHHOVLVWHPD
GHFROFKyQGHDLUH
 3UHIDFLR
(VWHPDQXDOFRQWLHQHVRODPHQWHODLQIRUPDFLyQGHVHUYLFLRSDUDHOPRGHORDSOLFDEOHTXHGLILHUHGHODLQIRUPDFLyQ
GHO0$18$/'(6(59,&,2646464

0RGHORFRQFHUQLGR*5$1'9,7$5$;/

3RUFRQVLJXLHQWHFXDQGRHIHFW~HHOVHUYLFLRGHOPRGHORFRQFHUQLGRDQWHULRUSULPHURFRQVXOWHHVWHPDQXDO<SDUD
FXDOTXLHU VHFFLyQ HOHPHQWR R GHVFULSFLyQ QR HQFRQWUDGR HQ HVWH PDQXDO UHILpUDVH D ORV PDQXDOHV UHODFLRQDGRV
PHQFLRQDGRVDFRQWLQXDFLyQ

&XDQGRUHHPSODFHSLH]DVRSURFHGDDGHVDUPDUSDUDHIHFWXDUHOPDQWHQLPLHQWRGHVHUYLFLRVHUHFRPLHQGDTXHXWL
OLFH SLH]DV 68=8., JHQXLQDV \ ODV KHUUDPLHQWDV \ PDWHULDOHV GH VHUYLFLR OXEULFDQWH SURGXFWRV GH VHOODGR HWF
FRPRHVSHFLILFDGRHQFDGDGHVFULSFLyQ

7RGDV ODV LQIRUPDFLRQHV LOXVWUDFLRQHV \ HVSHFLILFDFLRQHV LQFOXLGDV HQ HVWH PDQXDO HVWiQ EDVDGDV HQ ODV ~OWLPDV
LQIRUPDFLRQHVVREUHHOSURGXFWRGLVSRQLEOHVHQHOPRPHQWRGHODDXWRUL]DFLyQGHSXEOLFDFLyQ&RPRVXMHWRSULQFLSDO
GHODGHVFULSFLyQVHXWLOL]DHOYHKtFXORGHHVSHFLILFDFLRQHVHVWiQGDUHQWUHRWUDV
3RUFRQVLJXLHQWHGHEHWHQHUVHHQFXHQWDTXHHVSRVLEOHTXHODVLOXVWUDFLRQHVSUHVHQWDGDVQRFRLQFLGDQFRQHOYHKt
FXORTXHVHHVWiVLUYLHQGR
4XHGDUHVHUYDGRHOGHUHFKRGHHIHFWXDUFDPELRVHQFXDOTXLHUPRPHQWRVLQSUHYLRDYLVR

0$18$/5(/$&,21$'2

7tWXORGHOPDQXDO 1ƒGHOPDQXDO
0DQXDOGH6HUYLFLR646464 '6
0DQXDOGH6HUYLFLR
'6
6XSOHPHQWDULR646464
0DQXDOGH5HSDUDFLyQGHOD8QLGDG646464SDUDOD7UDQV
'6
PLVLyQ0DQXDO7UDQVPLVLyQ$XWRPiWLFD7UDQVIHUHQFLD\'LIHUHQFLDO
0DQXDOGH'LDJUDPDVGH&DEOHDGR*5$1'9,7$5$;/ '

‹&23<5,*+768=8.,02725&25325$7,21
 Índice general
INFORMACIÓN GENERAL TRANSMISIÓN, EMBRAGUE Y 0A 7A1
Información general 0A DIFERENCIAL 0B 7B1
Mantenimiento y lubricación 0B Transmisión manual 7A1 7C1
CALEFACCIÓN Y ACONDICIONAMIENTO DE Transmisión automática 7B1 1A 7D
AIRE Embrague 7C1 1B 7E
Calentador y ventilación 1A Transferencia 7D 7F
Acondicionamiento de aire 1B Diferencial (Delantero) 7E 3
DIRECCIÓN, SUSPENSIÓN, RUEDAS Diferencial (Trasero) 7F 3A 8
Y NEUMÁTICOS SISTEMA ELÉCTRICO 3B1 8A
Dirección, suspensión, ruedas y neumáti- Sistema eléctrico 8 3C1 8B
cos 3
Diagrama de cableado 8A 3D 8C
Alineación de las ruedas delanteras 3A Sistema de alumbrado 8B 3E 8D
Sistema de servodirección (P/S) 3B1 Instrumentos / Información del conductor 8C 3F 8E
Volante con colchón de aire y columna de Ventanas, espejos, seguridad y cerraduras 8D 8G
la dirección 3C1
Sistema de control de crucero 8E 4A2
Suspensión delantera 3D Módulo de control del inmovilizador (Si está 4B 9
equipado) 8G
Suspensión trasera 3E
Ruedas y neumáticos 3F SERVICIO DE LA CARROCERÍA 5 10
EJE PROPULSOR Y EJE DE TRANSMISIÓN Servicio de la carrocería 9 5A 10A
Eje de parier delantero / cojinete de eje, SISTEMA DE SUJECIÓN 5B 10B
sello de aceite 4A2
Sistema de sujeción 10 5C
Eje de transmisión 4B Cinturón de seguridad 10A 5E2
SISTEMA DE FRENOS Sistema de colchón de aire 10B
Frenos 5 6-1
Tubo / manguera / cilindro maestro de freno 5A 6A2
Freno delantero 5B 6B
Freno trasero y de estacionamiento 5C 6C
Sistema de frenos antibloqueo (ABS) 5E2 6E2
MOTOR 6F2
Información general y 6G
diagnóstico (motor H27) 6-1
6H
Mecánica del motor (motor H27) 6A2 6K
Refrigeración del motor 6B
Combustible del motor 6C
Sistema de control del motor y de las emi-
siones (SFI para el motor H27) 6E2

Sistema de encendido (motor H27) 6F2

Sistema de arranque 6G
Sistema de carga 6H
Sistema de escape 6K

NOTA:
Para las secciones marcadas con tonalidad reticulada gris en la tabla anterior, refiérase a las mismas sec-
ciones de los Manuales relacionados, mencionado en el PREFACIO de este manual.
 ,1)250$&,Ï1*(1(5$/$

6(&&,Ï1$
$

,1)250$&,Ï1*(1(5$/
127$
3DUDODVGHVFULSFLRQHVHOHPHQWRVQRLQFOXLGDVHQHVWDVHFFLyQUHILpUDVHDODPLVPDVHFFLyQGHO0DQXDO
GH6HUYLFLRPHQFLRQDGRHQHO35()$&,2GHHVWHPDQXDO

&217(1,'2
3UHFDXFLRQHV $ ,QIRUPDFLyQGHLGHQWLILFDFLyQ $
3UHFDXFLRQHVSDUDORVYHKtFXORVHTXLSDGRV 1~PHURGHLGHQWLILFDFLyQGHOYHKtFXOR  $
FRQXQVLVWHPDVXSOHPHQWDULRGHVXMHFLyQ 1~PHURGHLGHQWLILFDFLyQGHOPRWRU  $
FROFKyQGHDLUH  $ 1~PHURGHLGHQWLILFDFLyQGHODWUDQVPLVLyQ  $
'LDJQyVWLFR  $ (WLTXHWDVGHDGYHUWHQFLDSUHFDXFLyQ
6HUYLFLR\PDQLSXODFLyQ  $ HLQIRUPDFLyQ$

$,1)250$&,Ï1*(1(5$/

3UHFDXFLRQHV
3UHFDXFLRQHVSDUDORVYHKtFXORVHTXLSDGRV
FRQXQVLVWHPDVXSOHPHQWDULRGHVXMHFLyQFRO
FKyQGHDLUH

$'9(57(1&,$
‡ /D GLVSRVLFLyQ GH ODV SLH]DV GHO VLVWHPD GH FROFKyQ GH
DLUH HVWi LQGLFDGD HQ OD ILJXUD &XDQGR VHD QHFHVDULR
HIHFWXDU HO VHUYLFLR GHVPRQWDMH UHLQVWDODFLyQ H LQVSHF
FLyQGHHVWDVSLH]DVDVHJ~UHVHELHQGHVHJXLUHVFUXSX
ORVDPHQWH ORV SURFHGLPLHQWRV GHVFULWRV HQ OD 6(&&,Ï1
%6LQRVHUHVSHWDQORVSURFHGLPLHQWRVDGHFXDGRVVH
SXHGHFDXVDUHOLQIODGRDFFLGHQWDOGHOVLVWHPDGHFROFKyQ
GHDLUHSXHGHKDEHUGDxRVFRUSRUDOHVRHQODVSLH]DVR
7 5 7 6 HO VLVWHPD SXHGH TXHGDU LQRSHUDQWH \ QR IXQFLRQDU
2 FXDQGRVHDQHFHVDULR
1 ‡ 6LHOVLVWHPDGHFROFKyQGHDLUH\RWURVLVWHPDGHOYHKt
FXORQHFHVLWDQVHUUHSDUDGRV68=8.,UHFRPLHQGDTXHHQ
SULPHU OXJDU VH UHSDUH HO VLVWHPD GHO FROFKyQ GH DLUH
15
SDUD DVt HYLWDU OD DFWLYDFLyQ LQHVSHUDGD GHO VLVWHPD GH
FROFKyQGHDLUH
‡ 1RPRGLILTXHHOYRODQWHGHGLUHFFLyQHOWDEOHURGHLQVWUX
PHQWRV QL QLQJ~Q RWUR FRPSRQHQWH GHO VLVWHPD GH FRO
FKyQ GH DLUH /DV PRGLILFDFLRQHV SXHGHQ DIHFWDU
DGYHUVDPHQWHHOIXQFLRQDPLHQWRGHOVLVWHPDGHOFROFKyQ
4
GHDLUH\FDXVDUGDxRVFRUSRUDOHV
3 4 ‡ 6LVHSUHYHTXHHOYHKtFXORHVWDUiH[SXHVWRDWHPSHUDWX
UDV HOHYDGDV VXSHULRUHV D ƒ& SRU HMHPSOR GXUDQWH HO
SURFHVR GH VHFDGR DO KRUQR GH OD SLQWXUD GHVPRQWH
DQWHV ORV FRPSRQHQWHV GHO VLVWHPD GH FROFKyQ GH DLUH
SDUDQRGDxDUORVFRPSRQHQWHV\HYLWDUDFWLYDULQHVSHUD
GDPHQWHHOVLVWHPDGHFROFKyQGHDLUH
 0D]RGHFDEOHVGHOFROFKyQGHDLUH  %RELQDGHFRQWDFWR
 0yGXORLQIODGRUGHOFROFKyQGHDLUHGHO  0yGXORLQIODGRUGHOFROFKyQGHDLUHGHO
SDVDMHUR FRQGXFWRU
 0yGXORGH6'0  6HQVRUHVGHODQWHURV
 3UHWHQVRUHVGHFLQWXURQHVGHVHJXULGDG

'LDJQyVWLFR
‡ &XDQGR ORFDOLFH  \ UHSDUH GHVSHUIHFWRV HQ HO VLVWHPD GHO
FROFKyQ GH DLUH DVHJ~UHVH GH VHJXLU ODV LQGLFDFLRQHV GH
³',$*1Ï67,&2´HQOD6(&&,Ï1%/DQRDSOLFDFLyQGH
HVWRV SURFHGLPLHQWRV SXHGH DODUJDU OD GXUDFLyQ GHO GLDJ
QyVWLFRSURGXFLUXQGLDJQyVWLFRHUUyQHR\OOHYDUDOUHHP
SOD]RGHSLH]DVLQFRUUHFWDV
‡ 1XQFD XWLOLFH HTXLSRV GH SUREDGRUHV HOpFWULFRV TXH QR
VHDQORVLQGLFDGRVHVSHFtILFDPHQWHHQHVWHPDQXDO

$'9(57(1&,$
1XQFDWUDWHGHPHGLUODUHVLVWHQFLDGHORVPyGXORVLQIODGR
UHV GH FROFKRQHV GH DLUH FRQGXFWRU \ SDVDMHUR \ GH ORV
SUHWHQVRUHVGHFLQWXURQHVGHVHJXULGDGFRQGXFWRU\SDVD
MHUR(VWRHVPX\SHOLJURVR\DTXHODFRUULHQWHHOpFWULFDGHO
SUREDGRUSRGUtDGHVSOHJDUHOFROFKyQGHDLUHRDFWLYDUORV
SUHWHQVRUHV
 ,1)250$&,Ï1*(1(5$/$

6HUYLFLR\PDQLSXODFLyQ

$'9(57(1&,$
0XFKRVGHORVSURFHGLPLHQWRVGHVHUYLFLRUHTXLHUHQODGHV
FRQH[LyQ GHO IXVLEOH ³$,5 %$*´ \ GHO GH ORV PyGXORV
>LQIODGRUHV@ GH FROFKyQHV GH DLUH GHO FLUFXLWR LQLFLDOL]D
GRUSDUDDVtHYLWDUHOGHVSOLHJXHDFFLGHQWDOGHOFROFKyQGH
DLUH
0yGXORVLQIODGRUHVGHFROFKRQHV GHDLUHGHOFRQGXFWRU \
GHOSDVDMHUR
‡ 3DUDPDQLSXODU\JXDUGDUXQPyGXORLQIODGRUGHFROFKyQ
GH DLUH DFWLYR HOLMD XQ OXJDU GRQGH OD WHPSHUDWXUD
DPELHQWHVHDLQIHULRUDƒ&GHEDMDKXPHGDGUHODWLYD\
DOHMDGRGHORVSDUiVLWRVHOpFWULFRV
‡ &XDQGR OOHYH XQ PyGXOR LQIODGRU GH FROFKyQ GH DLUH
DFWLYRDVHJ~UHVHGHTXHODDEHUWXUDGHOFROFKyQGHDLUH
HVWi GLULJLGD KDFLD DGHODQWH KDFLD DIXHUD GH VX FXHUSR
(QFDVRGHOGHVSOLHJXHHLQIODGRDFFLGHQWDOHOFROFKyQVH
LQIODUiFRQHOULHVJRPtQLPRGHGDxRVFRUSRUDOHV1XQFD
OOHYH HO PyGXOR LQIODGRU GH FROFKyQ GH DLUH DFWLYR VXV
SHQGLGRGHORVFDEOHVRGHOFRQHFWRUGHODSDUWHLQIHULRU
GHOPyGXOR&XDQGRFRORTXHXQPyGXORLQIODGRUGHFRO
FKyQGHDLUHDFWLYRVREUHXQEDQFRRVREUHRWUDVXSHUIL
FLHVLHPSUHFRORTXHHOFROFKyQSRVLFLRQDGRKDFLDDUULED
KDFLDHOH[WHULRUGHODVXSHUILFLH<DTXHHOPyGXORLQIOD
GRU GH FROFKyQ GH DLUH DFWLYR GHO SDVDMHUR GHEH VHU
FRORFDGRFRQHOFROFKyQFXELHUWDGHJXDUQLFLyQSRVLFLR
QDGDKDFLDDUULEDFROyTXHORHQXQDUDQXUDGHOEDQFRGH
WUDEDMRRHPSOHHHOWRUQLOORGHPHFiQLFRGHOEDQFRGHWUD
EDMRSDUDVXMHWDUORILUPHPHQWHHQVXVRSRUWHGHPRQWDMH
LQIHULRU (VWR HV QHFHVDULR SDUD TXH TXHGH XQ HVSDFLR
OLEUHGRQGHHOFROFKyQSXHGDGHVSOHJDUVHHLQIODUVHHQHO
FDVRGHXQHYHQWXDOGHVSOLHJXHDFFLGHQWDO6LQRSURFHGH
FRPRLQGLFDGRSXHGHKDEHUGDxRVFRUSRUDOHV
‡ 1XQFD GHVHFKH PyGXORV LQIODGRUHV GH FRQGXFWRU \ GH
SDVDMHURTXHHVWpQDFWLYRVQRGHVSOHJDGRV6LHVQHFH
VDULRGHVHFKDUORVSURFHGDDGHVSOHJDUORVSUHYLDPHQWH
VLJXLHQGR ODV LQVWUXFFLRQHV GH GHVSOLHJXH GDGDV HQ OD
6(&&,Ï1%
‡ (OPyGXORLQIODGRUGHFROFKyQGHDLUHHVWiPX\FDOLHQWH
LQPHGLDWDPHQWH GHVSXpV GH TXH VH KD GHVSOHJDGR
(VSHUHTXHVHHQIUtHSRUORPHQRVPHGLDKRUDDQWHVGH
FRPHQ]DUDWUDEDMDU
‡ 'HVSXpVGHTXHXQPyGXORLQIODGRUGHFROFKyQGHDLUH
VHKDGHVSOHJDGRODVXSHUILFLHGHOFROFKyQGHDLUHSXHGH
WHQHU XQ UHVLGXR  SROYRULHQWR (VWRV UHVLGXRV GH SROYR
HVWiQ FRQVWLWXLGRV SULQFLSDOPHQWH SRU DOPLGyQ GH PDt]
HPSOHDGR SDUD OXEULFDU OD EROVD FXDQGR VH LQIOD \ SRU
VXESURGXFWRV GH UHDFFLyQ TXtPLFD &RPR HV QRUPDO HQ
PXFKRVSURFHGLPLHQWRVGHPDQWHQLPLHQWRHVQHFHVDULR
OOHYDUJXDQWHV\JDIDVSURWHFWRUDV
>$@ 6,(035(//(9(810Ï'8/2,1)/$'25'(&2/&+Ï1'($,5(&21/$
&8%,(57$'($'2512$%(5785$'(/&2/&+Ï1'($,5(',5,*,'$
+$&,$$)8(5$'(68&8(532
>%@ 6,(035(&2/248(810Ï'8/2,1)/$'25'(&2/&+Ï1'($,5((1
(/%$1&2'(75$%$-2&21/$&8%,(57$'($'2512$%(5785$'(/
&2/&+Ï1'($,5(326,&,21$'$+$&,$$55,%$$/(-$'$'(&8$/
48,(52%-(7268(/72
 5DQXUDHQHOEDQFRGHWUDEDMR
 6RSRUWHGHPRQWDMHLQIHULRU
 7RUQLOORGHPHFiQLFRGHOEDQFRGHWUDEDMR
$,1)250$&,Ï1*(1(5$/

$'9(57(1&,$
0yGXORGH6'0
‡ 'XUDQWH OD HMHFXFLyQ GH ORV SURFHGLPLHQWRV GH VHUYLFLR WHQJD HVSHFLDO FXLGDGR FXDQGR PDQLSXOH HO
PyGXORGHGHWHFFLyQ\GHGLDJQyVWLFR6'01XQFDJROSHHQLVDFXGDHOPyGXORGH6'0
1XQFDDFWLYHHOVLVWHPDGHFROFKyQGHDLUHFXDQGRHOPyGXORGH6'0QRHVWiILMDGRUtJLGD\ILUPHPHQWH
DOYHKtFXOR7RGRVORVHOHPHQWRVGHILMDFLyQGHOVRSRUWHGHPRQWDMH\GHOPyGXORGH6'0GHEHQHVWDU
DSUHWDGRVFXLGDGRVDPHQWH\ODIOHFKDGHEHDSXQWDUKDFLDODSDUWHGHODQWHUDGHOYHKtFXORSDUDDVtDVH
JXUDUHOIXQFLRQDPLHQWRFRUUHFWRGHOVLVWHPDGHFROFKyQGHDLUH
(QHIHFWRHOPyGXORGH6'0SRGUtDDFWLYDUVHFXDQGRHVDOLPHQWDGRSRUODFRUULHQWHPLHQWUDVQRHVWi
ILMDGRILUPHPHQWHDOYHKtFXOR\GHVSOHJDUHOFROFKyQGHDLUHFDXVDQGRGDxRVFRUSRUDOHV

$'9(57(1&,$
3UHWHQVRUHV GHO FLQWXURQHV GH VHJXULGDG GHO FRQGXFWRU \
GHOSDVDMHUR
‡ 3DUDPDQLSXODU\JXDUGDUXQSUHWHQVRUDFWLYRGHFLQWXUyQ
GH VHJXULGDG HOLMD XQ OXJDU GRQGH OD WHPSHUDWXUD
DPELHQWHVHDLQIHULRUDƒ&GHEDMDKXPHGDGUHODWLYD\
DOHMDGRGHORVSDUiVLWRVHOpFWULFRV
‡ 1XQFD OOHYH HO SUHWHQVRU GH FLQWXUyQ GH VHJXULGDG VXV
SHQGLGR GHO FDEOH R GHO FRQHFWRU GHO SUHWHQVRU &XDQGR
FRORTXHXQSUHWHQVRUDFWLYRGHFLQWXUyQGHVHJXULGDGHQ
HO EDQFR GH WUDEDMR R HQ XQ OXJDU VHPHMDQWH DVHJ~UHVH
GH QR GHMDU SRVLFLRQDGD KDFLD DEDMR VX VXSHUILFLH TXH
LQFRUSRUD HO RULILFLR  GH HVFDSH 7DPELpQ HVWi WHUPL
QDQWHPHQWH SURKLELGR FRORFDU FXDOTXLHU REMHWR VREUH OD
FDUDTXHLQFRUSRUDHORULILFLRGHHVFDSHRDSLODUSUHWHQ
VRUHV GH FLQWXUyQ GHV VHJXULGDG XQR VREUH RWUR 6L QR
SURFHGHFRPRLQGLFDGRSXHGHKDEHUGDxRVFRUSRUDOHV
‡ 1XQFDGHVHFKHSUHWHQVRUHVDFWLYRVLQDFWLYDGRVGHFLQ
WXURQHVGHVHJXULGDGFRQGXFWRU\SDVDMHUR6LHVQHFH
VDULR GHVHFKDUORV SURFHGD D DFWLYDUORV SUHYLDPHQWH
VLJXLHQGRORVSURFHGLPLHQWRVGHDFWLYDFLyQGHSUHWHQVRU
GDGDVHQODVHFFLyQ%
‡ (OSUHWHQVRUGHFLQWXUyQGHVHJXULGDGHVWiPX\FDOLHQWH
LQPHGLDWDPHQWHGHVSXpVGHKDEHUVLGRDFWLYDGR(VSHUH
TXHVHHQIUtHSRUORPHQRVPHGLDKRUDDQWHVGHFRPHQ
]DUDWUDEDMDU
‡ &RPRHVQRUPDOHQPXFKRVSURFHGLPLHQWRVGHPDQWHQL
PLHQWR HV QHFHVDULR OOHYDU JXDQWHV \ JDIDV SURWHFWRUDV
SDUDSUHYHQLUFXDOTXLHULUULWDFLyQRFXODURHSLGpUPLFD
 ,1)250$&,Ï1*(1(5$/$

35(&$8&,Ï1
‡ $XQFXDQGRHODFFLGHQWHQRIXHORVXILFLHQWHPHQWHYLROHQWRSDUDDFWLYDUORVFROFKRQHVGHDLUHDVHJ~
UHVHGHLQVSHFFLRQDUODVSLH]DVGHOVLVWHPD\ODVRWUDVSLH]DVUHODFLRQDGDVFRQHOVLVWHPDGHDFXHUGR
FRQ ODV LQVWUXFFLRQHV GDGDV HQ ³5(3$5$&,Ï1 ( ,163(&&,Ï1 1(&(6$5,$6 '(638e6 '( 81 $&&,
'(17(´HQOD6(&&,Ï1%
‡ &XDQGRHIHFW~HHOPDQWHQLPLHQWRGHSLH]DVTXHQRVHDQGHOVLVWHPDGHFROFKyQGHDLUH\KD\DTXHJRO
SHDUSLH]DVFRPSRQHQWHVGHOVLVWHPDGHFROFKyQGHDLUHGHVPRQWHSUHYLDPHQWHHVWDVSLH]DVGHOVLV
WHPD
‡ &XDQGRPDQLSXOHORVPyGXORVLQIODGRUHVGHORVFROFKRQHVGHDLUHFRQGXFWRU\SDVDMHURORVVHQVR
UHVGHODQWHURVRHOPyGXORGH6'0WHQJDFXLGDGRGHQRGHMDUORVFDHUQLJROSHDUORV6LODSLH]DUHFLELy
XQJROSHYLROHQWRSRUHMHPSORXQDFDtGDGHVGHXQDDOWXUDGHFPRPiVQXQFDWUDWHGHGHVDUPDU
RGHUHSDUDUODSLH]DVLQRTXHSURFHGDDUHHPSOD]DUODSRUXQDSLH]DQXHYD
‡ 6LKD\JUDVDDJHQWHOLPSLDGRUDFHLWHDJXDHWFHQORVPyGXORVLQIODGRUHVGHFROFKRQHVGHDLUHFRQ
GXFWRU\SDVDMHUROtPSLHORVLQPHGLDWDPHQWHFRQXQSDxRVHFR\OLPSLR
‡ (OPD]RGHFDEOHVGHFROFKyQGHDLUHSXHGHVHULGHQWLILFDGRIiFLOPHQWHSRUTXHHVWiFXELHUWRSRUXQWXER
SURWHFWRUGHFRORUDPDULOOR7HQJDPXFKRFXLGDGRFXDQGRORPDQLSXOH
‡ &XDQGR GHWHFWH XQ FLUFXLWR DELHUWR HQ HO PD]R GH FDEOHV GH FROFKyQ GH DLUH R VL HO PD]R GH FDEOHV
FRQHFWRU R WHUPLQDO HVWi GDxDGR UHHPSODFH HO PD]R GH FDEOHV ORVFRQHFWRUHV \WHUPLQDOHV FRPR XQ
VRORFRQMXQWR
‡ 1RDSOLTXHFRUULHQWHHOpFWULFDDOVLVWHPDGHOFROFKyQGHDLUHDPHQRVTXHWRGRVORVFRPSRQHQWHVHVWpQ
FRUUHFWDPHQWHFRQHFWDGRVRTXHORSLGDHOFXDGURGHGLDJQyVWLFR\DTXHHVWRILMDUiXQFyGLJRGHGLDJ
QyVWLFR
‡ 1XQFDXWLOLFHSLH]DVFRPSRQHQWHVGHOVLVWHPDGHOFROFKyQGHDLUHTXHSURFHGDQGHRWURYHKtFXOR
‡ &XDQGRXWLOLFHXQVROGDGRUHOpFWULFRDVHJ~UHVHGHGHVDFWLYDUSURYLVLRQDOPHQWHHOVLVWHPDGHOFROFKyQ
GHDLUHUHILULpQGRVHD³'(6$&7,9$&,Ï1'(/6,67(0$'(&2/&+Ï1'($,5(´HQODVHFFLyQ%
‡ 1XQFD H[SRQJD SLH]DV FRPSRQHQWHV GHO VLVWHPD GHO FROFKyQ GH DLUH GLUHFWDPHQWH DO DLUH FDOLHQWH
VHFDGRRSDVRGHOYHKtFXORSRUHOKRUQRGHVSXpVGHKDEHUSLQWDGRRDOODPDV
‡ (QFDGDSLH]DFRPSRQHQWHGHOVLVWHPDGHOFROFKyQGHDLUHHVWiQILMDGDVHWLTXHWDVGH$'9(57(1&,$
35(&$8&,Ï1$VHJ~UHVHELHQGHVHJXLUWRGDVODVLQVWUXFFLRQHV
‡ 'HVSXpVGHKDEHUFRPSOHWDGRODUHSDUDFLyQGHOYHKtFXORHIHFW~HOD³&20352%$&,Ï1'(/6,67(0$
'(',$*1Ï67,&2'(&2/&+Ï1'($,5(´HQOD6(&&,Ï1%
$,1)250$&,Ï1*(1(5$/

,QIRUPDFLyQGHLGHQWLILFDFLyQ
1~PHURGHLGHQWLILFDFLyQGHOYHKtFXOR
(O Q~PHUR GH LGHQWLILFDFLyQ GH OD FDUURFHUtD GHO YHKtFXOR HVWi LQGL
FDGRHQHOODGRL]TXLHUGRGHOWDEOHURGHLQVWUXPHQWRV\HVWDPSDGR
HQ HO FKDVLV GHQWUR GHO DORMDPLHQWR SDUD HO QHXPiWLFR HQ HO ODGR
GHODQWHURGHUHFKR

1~PHURGHLGHQWLILFDFLyQGHOPRWRU
(O Q~PHUR GH LGHQWLILFDFLyQ HVWi HVWDPSDGR HQ HO EORTXH GH FLOLQ
GURV

(VSHFLILFDFLyQGHOQ~PHURGHLGHQWLILFDFLyQGHOPRWRU
H 27 A 100001

Número secuencial

Cilindrada
(“27” = 2,7 Litros)
Tipo de motor

1~PHURGHLGHQWLILFDFLyQGHODWUDQVPLVLyQ
(OQ~PHURGHLGHQWLILFDFLyQGHOIDEULFDQWHGHOD$7HVWiLQVFULWRHQOD
FDMDGHODWUDQVPLVLyQ6LQHPEDUJRHOQ~PHURGHLGHQWLILFDFLyQGH
OD07QRHVWiDVLJQDGR
 ,1)250$&,Ï1*(1(5$/$

(WLTXHWDVGHDGYHUWHQFLDSUHFDXFLyQHLQIRUPDFLyQ
/DILJXUDVLJXLHQWHPXHVWUDODVSULQFLSDOHVHWLTXHWDVHQWUHRWUDVTXHHVWiQILMDGDVHQODVSLH]DVFRPSRQHQWHVGHO
YHKtFXOR
&XDQGRPDQLSXOH\VLUYDSLH]DVUHILpUDVHDODVLQVWUXFFLRQHVGH$'9(57(1&,$35(&$8&,Ï1LPSUHVDVHQODVHWL
TXHWDV
6L FXDOTXLHUHWLTXHWD GH $'9(57(1&,$35(&$8&,Ï1 HVWiPDQFKDGD RGDxDGD OtPSLHOD R FiPELHOD VHJ~Q VHD
QHFHVDULR

 (WLTXHWDGHSUHWHQVRUGHOFLQWXUyQGHVHJX  1$  (WLTXHWDGHLQVWUXFFLRQHVSDUDODDSOLFD

ULGDGGHOSDVDMHURVLHVWiHTXLSDGR FLyQGHOJDWR
 (WLTXHWDGHWDSDGHOUDGLDGRU  (WLTXHWDGHFROFKyQGHDLUHHQODYLVHUDVRODU  (WLTXHWDGHWUDQVIHUHQFLDVLHVWiHTXL
SDGR
 (WLTXHWDGHFROFKyQGHDLUH  (WLTXHWDGHFROFKyQGHDLUHHQODYLVHUDSDUDVROODGRWUDVHUR  (WLTXHWDGHDSR\DEUD]RVHQODFRUUHD
(WLTXHWDGHFROFKyQGHDLUH\HWLTXHWDGHYHKtFXORXWLOLWDULRHQ
ODYLVHUDSDUDVROODGRWUDVHUR
 (WLTXHWDGHOYHQWLODGRUGHHQIULDPLHQWRGHO  ,QVWUXFFLRQHVSDUDFRORFDFLyQGHOJDWR  (WLTXHWDGHDVLHQWRVLHVWiHTXLSDGR
PRWRU
$,1)250$&,Ï1*(1(5$/

7 6
5
3

 (WLTXHWDGHFROFKyQGHDLUHHQHOPyGXORLQIODGRUGHOFROFKyQGHDLUHGHOFRQGXFWRU  (WLTXHWDGHFROFKyQGHDLUHHQHOPD]RGHFDEOHV

 (WLTXHWDGHFROFKyQGHDLUHHQHOFRQMXQWRGHLQWHUUXSWRUFRPELQDGR\GHERELQDGHFRQ  (WLTXHWDGHFROFKyQGHDLUHHQHOPyGXORGH6'0
WDFWR
 (WLTXHWDGHFROFKyQGHDLUHHQODFXELHUWDGHODFROXPQDGHODGLUHFFLyQ  (WLTXHWDGHSUHWHQVRUHQHOSUHWHQVRUGHFLQWXUyQGHVHJXULGDG
 (WLTXHWDGHFROFKyQGHDLUHHQHOPyGXORLQIODGRUGHOFROFKyQGHDLUHGHOSDVDMHUR
 0$17(1,0,(172</8%5,&$&,Ï1%

6(&&,Ï1%
%

0$17(1,0,(172</8%5,&$&,Ï1
$'9(57(1&,$
3DUDORVYHKtFXORVHTXLSDGRVFRQHO6LVWHPD6XSOHPHQWDULRGH6XMHFLyQ&ROFKyQGHDLUH
‡ /RVVHUYLFLRVTXHGHEDQVHUHIHFWXDGRVHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPD
GHFROFKyQGHDLUHGHEHQVHUKHFKRVH[FOXVLYDPHQWHSRUXQFRQFHVLRQDULRDXWRUL]DGR68=8.,5HILp
UDVHDO³(VTXHPDGHXELFDFLyQGHORVFRPSRQHQWHV\FDEOHDGRGHOVLVWHPDGHFROFKyQGHDLUH´HQ³'HV
FULSFLyQJHQHUDO´HQODVHFFLyQGHOVLVWHPDGHFROFKyQGHDLUHSDUDFRQILUPDUVLXVWHGHVWiHIHFWXDQGR
WUDEDMRGHVHUYLFLRHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPDGHFROFKyQGHDLUH
6tUYDVHREVHUYDUWRGDVODV$'9(57(1&,$6\³3UHFDXFLRQHVSDUDHOVHUYLFLR´LQGLFDGDVHQ³6HUYLFLRHQ
HOYHKtFXOR´HQODVHFFLyQGHOVLVWHPDGHFROFKyQGHDLUHDQWHVGHHIHFWXDUFXDOTXLHUWUDEDMRGHVHUYL
FLRHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPDGHFROFKyQGHDLUH6LQRVHUHVSHWDQ
ODV$'9(57(1&,$6VHSXHGHFDXVDUHOLQIODGRDFFLGHQWDOGHOFROFKyQGHDLUHRVHSXHGHGHMDULQRSH
UDQWHHOVLVWHPDGHFROFKyQGHDLUH&XDOTXLHUDGHHVWRVGRVFDVRVSXHGHFDXVDUGDxRVFRUSRUDOHVJUD
YHV
‡ /RVWUDEDMRVGHVHUYLFLRWpFQLFRGHEHQVHULQLFLDGRVSRUORPHQRVVHJXQGRVGHVSXpVGHTXHVHFROR
TXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ³/2&.´\GHTXHVHGHVFRQHFWHHOFDEOHQHJDWLYRGHOD
EDWHUtD(QHIHFWRVLQRVHSURFHGHGHHVWDIRUPDHOVLVWHPDSXHGHVHUDFWLYDGRSRUODUHVHUYDGHHQHU
JtDHOpFWULFDGHOPyGXORGHGHWHFFLyQ\GHGLDJQyVWLFR6'0

127$
3DUDODVGHVFULSFLRQHVHOHPHQWRVQRLQFOXLGDVHQHVWDVHFFLyQUHILpUDVHDODPLVPDVHFFLyQGHO0DQXDO
GH6HUYLFLRPHQFLRQDGRHQHO35()$&,2GHHVWHPDQXDO
&217(1,'2
3URJUDPDGHPDQWHQLPLHQWR  %
3URJUDPDGHPDQWHQLPLHQWRHQ
FRQGLFLRQHVQRUPDOHVGHFRQGXFFLyQ  %
0DQWHQLPLHQWRUHFRPHQGDGRHQ
FRQGLFLRQHVVHYHUDVGHFRQGXFFLyQ  %
6HUYLFLRGHPDQWHQLPLHQWR  %

6LVWHPDGHFRQWUROGHOPRWRU\
GHODVHPLVLRQHV  %
,QVSHFFLyQ\UHHPSOD]RGH
ODFRUUHDSURSXOVRUD  %
&DPELRGHODFHLWHGHPRWRU\
ILOWURGHDFHLWH %
%0$17(1,0,(172</8%5,&$&,Ï1

3URJUDPDGHPDQWHQLPLHQWR
3URJUDPDGHPDQWHQLPLHQWRHQFRQGLFLRQHVQRUPDOHVGHFRQGXFFLyQ

127$
‡ (VWHLQWHUYDORGHEHUiMX]JDUVHSRUODOHFWXUDGHORGyPHWURRSRUPHVHVORTXHVHFXPSODSULPHUR
‡ (VWD WDEOD LQFOX\H ORV VHUYLFLRV SURJUDPDGRV KDVWD  NP 'HVSXpV GH ORV  NP HIHFW~H ORV
PLVPRVVHUYLFLRVDORVPLVPRVLQWHUYDORVUHVSHFWLYDPHQWH

.P×      
,QWHUYDOR 0LOODV×      
0HVHV      
02725
 &RUUHDGHWUDQVPLVLyQ &RUUHDFRQQHUYDGXUDVHQ97LSR
± ± , ± ± 5
SODQR
 $FHLWHGHPRWRU\ILOWURGHDFHLWH 5 5 5 5 5 5
 5HIULJHUDQWHGHOPRWRU ± ± 5 ± ± 5
 6LVWHPDGHHVFDSH ± , ± , ± ,
6,67(0$'((1&(1','2
 %XMtDV &XDQGRVH 9HKtFXORVLQ%XMtDGHQtTXHO ± 5 ± 5 ± 5
XWLOL]DFRP +26 %XMtDGHLULGLR ± ± ± 5 ± ±
EXVWLEOHVLQ
9HKtFXORFRQ %XMtDGHQtTXHO ± ± 5 ± ± 5
SORPR +26 %XMtDGHLULGLR 5HHPSODFHFDGDNP
&XDQGRVHXWLOL]DFRPEXVWLEOHFRQSORPRUHILpUDVHD³0$17(1,0,(1725(&2
0(1'$'2(1&21',&,21(66(9(5$6'(&21'8&&,Ï1´HQHVWDVHFFLyQ
6,67(0$'(&20%867,%/(
 )LOWURGHOGHSXUDGRUGHODLUH , , 5 , , 5
 7XEHUtDV\FRQH[LRQHVGHFRPEXVWLEOH ± , ± , ± ,
 )LOWURGHFRPEXVWLEOH 5HHPSODFHFDGDNP
 'HSyVLWRGHFRPEXVWLEOH ± ± , ± ± ,
6,67(0$'(&21752/'((0,6,21(6
 0DQJXHUDVGHYHQWLODFLyQ\FRQH[LRQHVGHOFiUWHUGHOPRWRU9HKtFXOR
± ± , ± ± ,
VLQ+26
 9iOYXODGH3&9 9HKtFXORVLQ+26 ± ± , ± ± ,
9HKtFXORFRQ+26 ± ± ± ± ± ,
 6LVWHPDGHFRQWUROGHHPLVLRQHV 9HKtFXORVLQ+26 ± , ± , ± ,
HYDSRUDEOHVGHFRPEXVWLEOH 9HKtFXORFRQ+26 ± ± ± ± ± ,

127$
‡ ³5´5HHPSODFHRFDPELH
‡ ³,´,QVSHFFLRQH\FRUULMDUHHPSODFHROXEULTXHVLHVQHFHVDULR
‡ 3DUD6XHFLDORVSXQWRV\GHEHQVHUHIHFWXDGRVVRODPHQWHPHGLDQWHODOHFWXUDGHORGyPHWUR
‡ 3DUDHOSXQWR%XMtDVGHQtTXHO5HHPSODFHFDGDNPVLODUHJODPHQWDFLyQORFDOORH[LJH
‡ %XMtDGHQtTXHO%.5(y.358
‡ %XMtDGHLULGLR,)5-y6.35
 0$17(1,0,(172</8%5,&$&,Ï1%

.P×      
,QWHUYDOR 0LOODV×      
0HVHV      
&+$6,6<&$552&(5Ë$
 (PEUDJXHSHGDO\QLYHOGHOIOXLGR ± , ± , ± ,
 'LVFRV\SDVWLOODVGHIUHQRJURVRUGHVJDVWHGDxRV , , , , , ,
7DPERUHV\]DSDWDVGHIUHQRGHVJDVWHGDxRV ± , ± , ± ,
 0DQJXHUDV\WXERVGHIUHQRIXJDVGDxRVDEUD]DGHUDV ± , ± , ± ,
 )OXLGRGHIUHQRV ± 5 ± 5 ± 5
 3DODQFD\FDEOHGHIUHQRGDxRFDUUHUDIXQFLRQDPLHQWR ,QVSHFFLRQHDORVSULPHURVNP
VRODPHQWH
 1HXPiWLFRVGHVJDVWHGDxRVURWDFLyQ , , , , , ,
 'LVFRVGHUXHGDGDxRV , , , , , ,
 6LVWHPDGHVXVSHQVLyQILUPH]DGDxRVUHFKLQDPLHQWRURWXUDV ± , ± , ± ,
 (MHVGHWUDQVPLVLyQ\HMHVSURSXOVRUHV ± ± , ± ± ,
 $FHLWHGHODWUDQVPLVLyQPDQXDOIXJDVQLYHO,6RODPHQWHGHV
, ± 5 ± ± 5
SXpVGHORVSULPHURVNP
 7UDQVPLVLyQDXWRPiWLFD 1LYHOGHOIOXLGR ± , ± , ± ,
&DPELRGHOIOXLGR 5HHPSODFHFDGDNP
0DQJXHUDGHOIOXLGR ± ± ± 5 ± ±
 $FHLWHGHODWUDQVIHUHQFLDIXJDVQLYHO , ± , ± , ±
 $FHLWHGHGLIHUHQFLDOIXJDVQLYHO56RODPHQWHGHVSXpVGHORV
5R, ± , ± , ±
SULPHURVNP
 6LVWHPDGHGLUHFFLyQILUPH]DGDxRVURWXUDVUHFKLQDPLHQWR ± , ± , ± ,
 6HUYRGLUHFFLyQVLHVWiHTXLSDGR , , , , , ,
 7RGRVORVSHVWLOORVELVDJUDV\FHUUDGXUDV ± , ± , ± ,
 )LOWURGHDFRQGLFLRQDPLHQWRGHDLUHVLHVWiHTXLSDGR ± , 5 ± , 5

127$
‡ ³5´5HHPSODFHRFDPELH
‡ ³,´,QVSHFFLRQH\FRUULMDUHHPSODFHROXEULTXHVLHVQHFHVDULR
%0$17(1,0,(172</8%5,&$&,Ï1

0DQWHQLPLHQWRUHFRPHQGDGRHQFRQGLFLRQHVVHYHUDVGHFRQGXFFLyQ
6LHOYHKtFXORHVXWLOL]DGRXVXDOPHQWHHQFRQGLFLRQHVTXHFRUUHVSRQGHQFRQFXDOTXLHUDGHORVFyGLJRVGHFRQGLFLR
QHVVHYHUDVLQGLFDGRVDFRQWLQXDFLyQVHUHFRPLHQGDTXHORVWUDEDMRVGHPDQWHQLPLHQWRDSOLFDEOHVVHDQHIHFWXDGRV
DORVLQWHUYDORVSDUWLFXODUHVHVSHFLILFDGRVHQHOFXDGURVLJXLHQWH
&yGLJRVGHFRQGLFLyQVHYHUD

$ 7UD\HFWRVFRUWRVUHSHWLGRV ( 7UD\HFWRVFRUWRVUHSHWLGRVHQFRQGLFLRQHVGHWLHPSR

H[WUHPDGDPHQWHIUtR
% &RQGXFFLyQHQFDUUHWHUDViVSHUDV\R ) 8WLOL]DFLyQGHFRPEXVWLEOHFRQSORPR
EDUURVDV
& &RQGXFFLyQHQFDUUHWHUDVSROYRULHQWDV * ±±±±±±±±
' &RQGXFFLyQHQFRQGLFLRQHVGHWLHPSR + 5HPROTXHGHWUiLOHUVLSHUPLWLGR
H[WUHPDGDPHQWHIUtR\HQFDUUHWHUDVFRQ
VDOHVSDUFLGD

&yGLJRGHFRQ 2SHUDFLyQGH
0DQWHQLPLHQWR ,QWHUYDORGHPDQWHQLPLHQWR
GLFLyQVHYHUD PDQWHQLPLHQWR
38172 , &DGDNPRPHVHV
±%&'±±± &RUUHDGHWUDQVPLVLyQFRUUHDFRQQHU
5 &DGDNPRPHVHV
YDGXUDVHQ9
38172
$±&'()±+ 5 &DGDNPRPHVHV
$FHLWHGHPRWRU\ILOWURGHDFHLWH
38172
±%±±±±±± , &DGDNPRPHVHV
0RQWXUDVGHOWXERGHHVFDSH
38172 , &DGDNP
±±&±±±±±
)LOWURGHOGHSXUDGRUGHODLUH  5 &DGDNPRPHVHV
38172 %XMtDGHQtTXHO 5 &DGDNPRPHVHV
$%&±()±+
%XMtDV %XMtDGHLULGLR 5 &DGDNPRPHVHV
38172
±%±'(±±+ , &DGDNPRPHVHV
(MHVGHWUDQVPLVLyQ\HMHVSURSXOVRUHV
38172
±%±±(±±+ $FHLWHGHODWUDQVPLVLyQPDQXDO 5 &DGDNPRPHVHV
WUDQVIHUHQFLD\GHOGLIHUHQFLDO
38172
±%±±(±±+ 5 &DGDNPRPHVHV
)OXLGRGHWUDQVPLVLyQDXWRPiWLFD
38172
±%±±±±±± 7 &DGDNPRPHVHV
3HUQRV\WXHUFDVGHODVXVSHQVLyQ
38172
±%&'±±±+ , &DGDNPRPHVHV
&RMLQHWHGHUXHGD
38172 , &DGDNPRPHVHV
±±&'±±±± )LOWURGHDFRQGLFLRQDPLHQWRGHDLUH 
VLHVWiHTXLSDGR 5 &DGDNPRPHVHV

127$
³,´,QVSHFFLRQH\FRUULMDUHHPSODFHROXEULTXHVLHVQHFHVDULR
³5´5HHPSODFHRFDPELH
³7´$SULHWHDOSDUGHDSULHWHHVSHFLILFDGR
,QVSHFFLRQHRUHHPSODFHPiVIUHFXHQWHPHQWHVLHVQHFHVDULR
  /LPSLH R UHHPSODFH PiV IUHFXHQWHPHQWH VL GLVPLQX\H HO DLUH SURFHGHQWH GHO DFRQGLFLRQDPLHQWR GH
DLUH
 0$17(1,0,(172</8%5,&$&,Ï1%

6HUYLFLRGHPDQWHQLPLHQWR
6LVWHPDGHFRQWUROGHOPRWRU\GHODVHPLVLR
QHV
38172
,QVSHFFLyQ\UHHPSOD]RGHODFRUUHDSURSXOVRUD

$'9(57(1&,$
7RGDV ODV LQVSHFFLRQHV \ UHHPSOD]RV GHEHQ HIHFWXDUVH
&21(/027253$5$'2

,163(&&,Ï1'(/$&255($35238/625$'(/$%20%$'(
$*8$<'(/*(1(5$'25
 'HVFRQHFWHHOFDEOHQHJDWLYR±HQODEDWHUtD
 9HULILTXH VL HQ OD FRUUHD KD\ JULHWDV FRUWHV GHIRUPDFLRQHV
GHVJDVWH\VXFLHGDGHV6LKD\FXDOTXLHUGHIHFWRUHHPSODFHOD
FRUUHD
&RPSUXHEHODWHQVLyQGHODFRUUHD
7HQVLyQGHODFRUUHDSURSXOVRUDGHODERPEDGHDJXD\JHQH
UDGRU³D´'HIOH[LyQGH±PPDODSUHVLyQGH1
NJ

127$
&XDQGRUHHPSODFHODFRUUHDSRUXQDFRUUHDQXHYDDMXVWHOD
WHQVLyQGHODFRUUHDD±PP
 3ROHDGHOFLJHxDO
 3ROHDGHODERPEDGHDJXD
 1NJ

 6LODFRUUHDHVWiGHPDVLDGRWHQVDRGHPDVLDGRIORMDDMXVWHDO
YDORUHVSHFLILFDGRPHGLDQWHHODMXVWHGHODSRVLFLyQGHODOWHUQD
GRU
 $SULHWHHOSHUQRGHDMXVWHGHODOWHUQDGRU\ORVSHUQRVGHSLYRWH
 &RQHFWHHOFDEOHQHJDWLYR±DODEDWHUtD

5((03/$=2'(/$&255($35238/625$'(/$%20%$'(
$*8$<'(/*(1(5$'25
5HHPSODFHODFRUUHD5HILpUDVHDODVHFFLyQ%GHHVWHPDQXDOSDUD
HOSURFHGLPLHQWRGHUHHPSOD]RGHODFRUUHDGHODERPED
%0$17(1,0,(172</8%5,&$&,Ï1

,163(&&,Ï1'(/$6&255($635238/625$6'(/&20
35(625'(/$&<2'(/$%20%$'(6(592',5(&&,Ï1
6,(67È(48,3$'2
 'HVFRQHFWHHOFDEOHQHJDWLYR±HQODEDWHUtD
 9HULILTXH VL HQ OD FRUUHD KD\ JULHWDV FRUWHV GHIRUPDFLRQHV
GHVJDVWH\VXFLHGDGHV6LKD\FXDOTXLHUGHIHFWRUHHPSODFHOD
FRUUHD
&RPSUXHEHODWHQVLyQGHODFRUUHD
6L OD WHQVLyQ GH OD FRUUHD HVWi IXHUD GH ODV HVSHFLILFDFLRQHV
DMXVWHODFRUUHDUHILULpQGRVHDODVHFFLyQ%y%
7HQVLyQGHODFRUUHDSURSXOVRUDGHOD
ERPEDGHVHUYRGLUHFFLyQ\RFRPSUHVRUGHO$&
³D´'HIOH[LyQGH±PPDODSUHVLyQGH
1NJ
>$@ 0RWRU+FRQVLVWHPDGHVHUYRGLUHFFLyQ36
>%@ 0RWRU+FRQVLVWHPDGHVHUYRGLUHFFLyQ36\VLVWHPDGH$&
 3ROHDGHOFLJHxDO
 3ROHDGHODERPEDGH36
 3ROHDGHOFRPSUHVRUGHO$&VLHVWiHTXLSDGR
 3ROHDWHQVRUD
 3HUQRVGHODSROHDWHQVRUD

 &RQHFWHHOFDEOHQHJDWLYR±DODEDWHUtD

5((03/$=2'(/$6&255($635238/625$6'(/&20
35(625'(/$&<2'(/$%20%$'(6(592',5(&&,Ï1
6,(67È(48,3$'2
5HILpUDVHDODVHFFLyQ%y%SDUDHOSURFHGLPLHQWRGHUHHPSOD]R
GHODFRUUHD

38172
&DPELRGHODFHLWHGHPRWRU\ILOWURGHDFHLWH

$'9(57(1&,$
‡ (ODFHLWHQXHYR\XVDGRGHPRWRUSXHGHQVHUSHOLJURVRV
$VHJ~UHVHGHOHHU³$'9(57(1&,$´HQODV3UHFDXFLRQHV
JHQHUDOHVHQODVHFFLyQ$\DSOtTXHODHVWULFWDPHQWH
‡ /RVSDVRVDGHVFULWRVDFRQWLQXDFLyQGHEHQVHUHMH
FXWDGRV&21(/027253$5$'23DUDHOSDVRDVHJ~
UHVHGHTXHODYHQWLODFLyQHVDGHFXDGDFXDQGRHOPRWRU
HVWpIXQFLRQDQGR
$QWHV GH GUHQDU HO DFHLWH GHO PRWRU FRPSUXHEH VL KD\ IXJDV GH
DFHLWHHQHOPRWRU6LKD\HYLGHQFLDVGHFXDOTXLHUIXJDDVHJ~UHVH
GHFRUUHJLUODSLH]DGHIHFWXRVDDQWHVGHSDVDUDHIHFWXDUHOWUDEDMR
VLJXLHQWH
 0$17(1,0,(172</8%5,&$&,Ï1%

 'HVPRQWHHOWDSyQGHGUHQDMH\GUHQHHODFHLWHGHOPRWRU
 'HVSXpVGHGUHQDUHODFHLWHOLPSLHHOWDSyQGHGUHQDMH5HLQV
WDOHHOWDSyQGHGUHQDMH\DSULpWHORVHJXUDPHQWHFRPRHVSHFL
ILFDGRDFRQWLQXDFLyQ
3DUGHDSULHWH
7DSyQGHGUHQDMHGHDFHLWHGHOPRWRUD
1ÂPNJP

 $IORMH HO ILOWUR GH DFHLWH XWLOL]DQGR OD OODYH SDUD ILOWUR GH DFHLWH
KHUUDPLHQWDHVSHFLDO
+HUUDPLHQWDHVSHFLDO
$

127$
$QWHVGHILMDUXQILOWURGHDFHLWHQXHYRDVHJ~UHVHGHDFHLWDU
VXMXQWDWyULFD3DUDDFHLWDUODMXQWDHPSOHHDFHLWHGHPRWRU
 $WRUQLOOHFRQODPDQRHOILOWURQXHYRHQHOVRSRUWHGHOILOWURKDVWD
TXHODMXQWDWyULFDWRTXHODVXSHUILFLHGHPRQWDMH

35(&$8&,Ï1
3DUDDSUHWDUFRUUHFWDPHQWHHOILOWURGHDFHLWHHVLPSRUWDQWH
LGHQWLILFDUH[DFWDPHQWHODSRVLFLyQHQODTXHODMXQWDWyULFD
GHO ILOWUR HQWUD SULPHUR HQ FRQWDFWR FRQ OD VXSHUILFLH GH
PRQWDMH

 8WLOLFH XQD OODYH SDUD ILOWUR GH DFHLWH \ DSULHWH HO ILOWUR  GH
YXHOWDGHVGHHOSXQWRGHFRQWDFWRFRQODVXSHUILFLHGHPRQWDMH
3DUGHDSULHWH
3DUDUHIHUHQFLD
)LOWURGHDFHLWHE1ÂPNJP
 )LOWURGHDFHLWH
 /ODYHSDUDILOWURGHDFHLWH
%0$17(1,0,(172</8%5,&$&,Ï1

 /OHQHFRQDFHLWHKDVWDTXHHOQLYHOGHODFHLWHOOHJXHDODPDUFD
GH QLYHO)8//OOHQRHQ ODYDULOOD PHGLGRUDGH QLYHO FDSDFL
GDG GHO FiUWHU GHO DFHLWH \ GHO ILOWUR GH DFHLWH /D HQWUDGD GHO
OOHQDGRUHVWiHQODSDUWHVXSHULRUGHODWDSDGHFXODWD
6HUHFRPLHQGDHOHPSOHRGHDFHLWHGHPRWRUGHJUDGR6(6)
6*6+R6-

127$
6HOHFFLRQH OD YLVFRVLGDG GH DFHLWH DGHFXDGD GH DFXHUGR
FRQ HO FXDGUR >$@ GH YLVFRVLGDG DSURSLDGD GH DFHLWH GH
PRWRU
>$@ &XDGURGHYLVFRVLGDGDSURSLDGDGHDFHLWHGHPRWRU

(VSHFLILFDFLRQHVGHODFHLWHGHPRWRU

0RWRU+
&DSDFLGDGGHOFiUWHUGHO OLWURV DSUR[LPDGDPHQWH
DFHLWH
&DSDFLGDGGHOILOWURGHDFHLWH OLWURV DSUR[LPDGDPHQWH
2WURV OLWURV DSUR[LPDGDPHQWH
7RWDO OLWURV DSUR[LPDGDPHQWH

127$
/D FDSDFLGDG GH DFHLWH GH PRWRU HVWi HVSHFLILFDGD 6LQ
HPEDUJRWRPHQRWDGHOKHFKRGHTXHODFDQWLGDGGHDFHLWH
UHTXHULGDFXDQGRHIHFWLYDPHQWHVHFDPELDHODFHLWHSXHGH
GLIHULUDOJRGHORVGDWRVGHODWDEODGHSHQGLHQGRGHYDULDV
FRQGLFLRQHVWHPSHUDWXUDYLVFRVLGDGHWF
 9HULILTXH VL KD\ IXJDV GH DFHLWH HQ HO ILOWUR GH DFHLWH \ HQ HO
WDSyQGHGUHQDMH

 +DJD DUUDQFDU HO PRWRU \ PDQWpQJDOR IXQFLRQDQGR GXUDQWH 

PLQXWRV3DUHHOPRWRU\HVSHUHPLQXWRVDQWHVGHFRPSUREDU
HOQLYHOGHODFHLWH6LHVQHFHVDULRDxDGDDFHLWHKDVWDTXHHO
QLYHO GHO DFHLWH OOHJXH D OD PDUFD GH QLYHO )8// OOHQR HQ OD
YDULOODPHGLGRUDGHQLYHO
 0DUFD>RULILFLR@GHQLYHO)XOO/OHQR
 0DUFD>RULILFLR@GHQLYHO/RZ%DMR
 &$/()$&&,Ï1<9(17,/$&,Ï1$

6(&&,Ï1$

&$/()$&&,Ï1<9(17,/$&,Ï1 $

$'9(57(1&,$
3DUDORVYHKtFXORVHTXLSDGRVFRQHO6LVWHPD6XSOHPHQWDULRGH6XMHFLyQ&ROFKyQGHDLUH
‡ /RVVHUYLFLRVTXHGHEDQVHUHIHFWXDGRVHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPD
GHOFROFKyQGHDLUHGHEHQVHUKHFKRVH[FOXVLYDPHQWHSRUXQFRQFHVLRQDULRDXWRUL]DGR68=8.,5HILp
UDVH DO ³(VTXHPD GH XELFDFLyQ GH ORV FRPSRQHQWHV \ FDEOHDGR GHO VLVWHPD GHO FROFKyQ GH DLUH´ HQ
³'HVFULSFLyQJHQHUDO´HQODVHFFLyQGHOVLVWHPDGHOFROFKyQGHDLUH%SDUDFRQILUPDUVLXVWHGHVWi
HIHFWXDQGRWUDEDMRGHVHUYLFLRHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPDGHOFRO
FKyQGHDLUH6tUYDVHREVHUYDUWRGDVODV$'9(57(1&,$6\³3UHFDXFLRQHVSDUDHOVHUYLFLR´LQGLFDGDVHQ
³6HUYLFLRHQHOYHKtFXOR´HQODVHFFLyQ%DQWHVGHHIHFWXDUFXDOTXLHUWUDEDMRGHVHUYLFLRHQRDOUHGH
GRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPDGHOFROFKyQGHDLUH6LQRVHUHVSHWDQODV$'9(5
7(1&,$6 VH SXHGH FDXVDU HO LQIODGR DFFLGHQWDO GHO FROFKyQ GH DLUH R VH SXHGH GHMDU LQRSHUDQWH HO
VLVWHPDGHOFROFKyQGHDLUH&XDOTXLHUDGHHVWRVGRVFDVRVSXHGHFDXVDUGDxRVFRUSRUDOHVJUDYHV
‡ /RVWUDEDMRVGHVHUYLFLRWpFQLFRGHEHQVHULQLFLDGRVSRUORPHQRVVHJXQGRVGHVSXpVGHTXHVHFROR
TXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ³/2&.´\GHTXHVHGHVFRQHFWHHOFDEOHQHJDWLYRGHOD
EDWHUtD(QHIHFWRVLQRVHSURFHGHGHHVWDIRUPDHOVLVWHPDSXHGHVHUDFWLYDGRSRUODUHVHUYDGHHQHU
JtDHOpFWULFDGHOPyGXORGHGHWHFFLyQ\GHGLDJQyVWLFR6'0

127$
3DUDODVGHVFULSFLRQHVHOHPHQWRVQRLQFOXLGDVHQHVWDVHFFLyQUHILpUDVHDODPLVPDVHFFLyQGHO0DQXDO
GH6HUYLFLRPHQFLRQDGRHQHO35()$&,2GHHVWHPDQXDO

&217(1,'2
'HVFULSFLyQJHQHUDO $ &RQGXFWRWUDVHUR  $

$&$/()$&&,Ï1<9(17,/$&,Ï1

'HVFULSFLyQJHQHUDO
(OFDOHQWDGRUTXHIXQFLRQDFRQDJXDFDOLHQWHVHOHFFLRQDODHQWUDGD\VDOLGDGHODLUHHVWiFRQVWUXLGRSDUDSURSRUFLR
QDU XQD YHQWLODFLyQ VLHPSUH DJUDGDEOH PHGLDQWH ODV VDOLGDV GH DLUH GHO YHQWLODGRU XELFDGD HQ OD SDUWH FHQWUDO \ D
DPERVODGRVL]TXLHUGR\GHUHFKRGHOWDEOHURGHLQVWUXPHQWRVODVDOLGDGHDLUHFDOLHQWHXELFDGDHQXQOXJDUFHUFDGH
ORVSLHV\PHGLDQWHODVVDOLGDVGHDLUHGHOGHVHPSDxDGRUGHODQWHURORFDOL]DGDVDODGHUHFKD\DODL]TXLHUGDDOR
ODUJRGHOSDUDEULVDV
(OFDOHQWDGRU\YHQWLODFLyQHVWiQFRQVWLWXLGRVSRUODVSLH]DVVLJXLHQWHV

10

 6DOLGDODWHUDOGHOYHQWLODGRU  8QLGDGGHFDOHQWDGRU  &RQMXQWRGHODSDODQFDGHFRQWUROGHOFDOHQWDGRU  &RQGXFWRWUDVHUR

 6DOLGDODWHUDOGHOGHVHPSDxDGRU  &RQGXFWRGHOGHVHPSDxDGRU  ,QWHUUXSWRUGHFRQWUROGHOPRGRGHFDOHQWDGRU
 6DOLGDFHQWUDOGHOYHQWLODGRU  &RQGXFWRGHYHQWLODGRU  8QLGDGGHOVRSODGRU
 &$/()$&&,Ï1<9(17,/$&,Ï1$

&RQGXFWRWUDVHUR

 8QLGDGGHFDOHQWDGRU
 &RQGXFWRWUDVHUR

'(60217$-(
 'HVFRQHFWHHOFDEOHQHJDWLYR±HQODEDWHUtD
 'HVPRQWHDVLHQWRVGHODQWHUR\VHJXQGR
 'HVPRQWHODFDMDGHODFRQVROD
 6DTXHODDOIRPEUDGHOSLVRKDVWDGHMDUFRPSOHWDPHQWHDODYLVWDHOFRQGXFWRWUDVHUR
 'HVPRQWHHOFRQGXFWRWUDVHUR

,167$/$&,Ï1
3DUDLQVWDODUHOFRQGXFWRWUDVHURLQYLHUWDHOSURFHGLPLHQWRGHGHVPRQWDMH
$&$/()$&&,Ï1<9(17,/$&,Ï1
 ACONDICIONAMIENTO DE AIRE (OPCIONAL) 1B-1

SECCIÓN 1B

ACONDICIONAMIENTO DE AIRE (OPCIONAL)

1B
ADVERTENCIA:
Para los vehículos equipados con el Sistema Suplementario de Sujeción (Colchón de aire):
• Los servicios que deban ser efectuados en, o alrededor de los componentes o del cableado del sistema
del colchón de aire deben ser hechos exclusivamente por un concesionario autorizado SUZUKI. Refié-
rase al “Esquema de ubicación de los componentes y cableado del sistema del colchón de aire” en
“Descripción general” -en la sección del sistema del colchón de aire- para confirmar si usted está efec-
tuando trabajo de servicio en, o alrededor de, los componentes o del cableado del sistema del colchón
de aire. Sírvase observar todas las ADVERTENCIAS y “Precauciones para el servicio” indicadas en “Ser-
vicio en el vehículo” -en la sección del sistema del colchón de aire- antes de efectuar cualquier trabajo
de servicio en, o alrededor de, los componentes o del cableado del sistema del colchón de aire. Si no se
respetan las ADVERTENCIAS, se puede causar el inflado accidental del colchón de aire o se puede dejar
inoperante el sistema del colchón de aire. Cualquiera de estos dos casos puede causar daños corpora-
les graves.
• Los trabajos de servicio técnico deben ser iniciados por lo menos 90 segundos después de que se colo-
que el interruptor de encendido en la posición “LOCK” y de que se desconecte el cable negativo de la
batería. En efecto, si no se procede de esta forma, el sistema puede ser activado por la reserva de ener-
gía eléctrica del módulo de detección y de diagnóstico (SDM).

PRECAUCIÓN:
El sistema de acondicionamiento de aire de este vehículo contiene refrigerante HFC-134a (R-134a).
Ninguna de las piezas componentes, ni el refrigerante, ni el aceite de compresor son intercambiables entre
dos tipos de A/C: Uno utiliza refrigerante CFC-12 (R-12) y el otro utiliza refrigerante HFC-134a (R-134a).
Asegúrese bien de comprobar el tipo de refrigerante utilizado, antes de efectuar cualquier trabajo de servi-
cio incluyendo la inspección y el mantenimiento. Para identificar estos dos tipos, refiérase a “TIPO DE
REFRIGERANTE”, en esta sección.
Cuando rellene añadiendo o cambie refrigerante y aceite de compresor, y cuando reemplace piezas, ase-
gúrese de que el material o las piezas que serán utilizadas son apropiados para el A/C instalado en el vehí-
culo que es servido. La utilización de un elemento incorrecto puede causar fugas de refrigerante, daño en
las piezas u otra condición defectuosa.

NOTA:
• Para las descripciones (elementos) no incluidas en esta sección, refiérase a la misma sección del
Manual de Servicio mencionado en el PREFACIO de este manual.
• Para el método básico de servicio del sistema de acondicionamiento de aire, que no está descrito en
esta sección, refiérase al “MANUAL BÁSICO DE ACONDICIONAMIENTO DE AIRE (Artículo n°: 99520-
02130)”.

CONTENIDO
Descripción general........................................... 1B-3 Verificación rápida de la carga de
Tipo de refrigerante.......................................... 1B-3 refrigerante (si equipado con mirilla)................ 1B-9
Flujo de refrigerante en el sistema de Diagnóstico de rendimiento ........................... 1B-10
acondicionamiento de aire ............................... 1B-3 Tabla de diagnóstico de rendimiento ......... 1B-12
Componentes mayores y su ubicación ............ 1B-4 Tabla de diagnóstico de detalles
Diagnóstico ........................................................ 1B-6 (a la temperatura ambiente comprendida
Generalidades.................................................. 1B-6 entre 30 °C – 35 °C) .................................. 1B-13
Sistema de A/C principal Circuitos de cableado .................................... 1B-14
(Sistema de A/C delantero) ......................... 1B-6 Comprobación del controlador de A/C
Sistema de A/C trasero................................ 1B-8 y sus circuitos ................................................ 1B-15
Comprobación de la tensión ...................... 1B-15
1B-2 ACONDICIONAMIENTO DE AIRE (OPCIONAL)

Recuperación, vaciado y carga del Válvula de expansión trasera ......................... 1B-29

refrigerante ....................................................... 1B-19 Controlador de temperatura del evaporador
Procedimiento para cargar refrigerante en del A/C trasero ............................................... 1B-30
el A/C ............................................................. 1B-19 Tubos y mangueras de refrigerante ............... 1B-31
Recuperación ................................................. 1B-20 Válvula solenoide ........................................... 1B-32
Vaciado .......................................................... 1B-21 Conjunto del motor del soplador trasero ........ 1B-33
Procedimiento de vaciado.......................... 1B-21 Relé del motor del soplador trasero y relé de
Comprobación de fugas de presión en la válvula solenoide........................................ 1B-34
el sistema................................................... 1B-22 Interruptor principal del A/C trasero ............... 1B-34
Carga ............................................................. 1B-22 Resistencia del motor del soplador trasero .... 1B-35
Servicio en el vehículo .................................... 1B-25 Interruptor del motor del soplador trasero ...... 1B-36
Precauciones ................................................. 1B-25 Conductos n° 1 y n° 2 del A/C trasero ........... 1B-37
Tubos ......................................................... 1B-25 Conducto n° 1 del A/C trasero ................... 1B-37
Manipulación del refrigerante HFC-134a Conducto n° 2 del A/C trasero ................... 1B-37
(R-134a) ..................................................... 1B-26 Conjunto del compresor ................................. 1B-38
Recuperación del refrigerante.................... 1B-26 Embrague magnético ..................................... 1B-41
Carga de refrigerante................................. 1B-26 Material necesario de servicio ........................ 1B-44
Llenado con aceite de compresor .............. 1B-27 Especificaciones de pares de apriete ............ 1B-44
Unidad del A/C trasero Herramientas especiales ................................. 1B-44
(Evaporador del A/C trasero) ......................... 1B-28
 $&21',&,21$0,(172'($,5(23&,21$/%

'HVFULSFLyQJHQHUDO
7LSRGHUHIULJHUDQWH
(QOD(7,48(7$GHOFRPSUHVRUVHLQGLFDVLHQHO$&GHOYHKtFXOR
TXHHVWiVLHQGRVHUYLGRVHXWLOL]D+)&D5DR&)&5
$GHPiVHVWRSXHGHVHUFRPSUREDGRSRUODIRUPDGHODYiOYXOD
GHVHUYLFLRFDUJD
>$@ +)&D5D
>%@ &)&5
 (WLTXHWDGHOFRPSUHVRU
 9iOYXODGHVHUYLFLR

)OXMRGHUHIULJHUDQWHHQHOVLVWHPDGHDFRQGLFLRQDPLHQWRGHDLUH

127$
3DUDHOPRGHORGH$&VLPSOHUHILpUDVHDODPLVPDVHFFLyQGHO0DQXDOGH6HUYLFLRPHQFLRQDGRHQHO35(
)$&,2GHHVWHPDQXDO

10

[A]

9
7

2 5

: Líquido
4
: Vapor

: Vapor sobrecalentado
1 3

>$@ 0RGHORGH$&GREOH  &RQMXQWRGHFRQGHQVDGRU  9iOYXODGHH[SDQVLyQ  9iOYXODGHH[SDQVLyQWUDVHUD

 &RPSUHVRU  5HFHSWRUVHFDGRU  (YDSRUDGRUGHO$&  (YDSRUDGRUGHO$&WUDVHUR
 (PEUDJXHPDJQpWLFR  ,QWHUUXSWRUGHSUHVLyQGREOH  9iOYXODVROHQRLGH
1B-4 ACONDICIONAMIENTO DE AIRE (OPCIONAL)

Componentes mayores y su ubicación

A 17 17

18 18

16
1 2 8

15
20

3 7
13 19 19

23

5
12
11 21
21
14 22

4
9 24
10

B 17 17

16 18 18

1 2 8

15 20

7
19 19

12
13
14

5 4

[A] : Modelo de A/C dual 6. Receptor/secador 13. Tubo de aspiración 20. Aire de ventilación
[B] : Modelo de A/C simple 7. Válvula de expansión delantera 14. Manguera de descarga 21. Aire del A/C trasero
1. Unidad de enfriamiento delantera 8. Unidad del calentador 15. Aire de recirculación 22. Aire interior
2. Evaporador del A/C delantero 9. Unidad del A/C trasero 16. Aire fresco 23. Válvula solenoide
3. Motor del ventilador del soplador 10. Motor del ventilador del soplador trasero 17. Aire para desempañador 24. Evaporador del A/C trasero
delantero
4. Compresor 11. Válvula de expansión trasera 18. Aire para el desempañador
5. Conjunto de condensador 12. Tubo de líquido 19. Aire para pies
 $&21',&,21$0,(172'($,5(23&,21$/%

[A]

16

1 14
15
2 13

10 12

11
5
6

4
3 9
[B]

16
14
11 2 13 15
1

12

7 10 8
9

4
[C] 3 [D]

1
2 11 2 1

10
7 10 8
7
9

5
11
5
6 6

4 4
3 3
9

>$@ $&GREOHSDUDPRGHOR/+  &RQGHQVDGRU  9iOYXODGHFDUJDGHSUHVLyQEDMD

>%@ $&GREOHSDUDPRGHOR5+  0LULOOD  7XERGHOtTXLGRHQHOSLVR
>&@ $&VLPSOHSDUDPRGHOR/+  6HQVRUGHSUHVLyQGXDOGHOUHIULJHUDQWH  7XERGHDVSLUDFLyQHQHOSLVR
>'@ $&VLPSOHSDUDPRGHOR5+  7XERGHGHVFDUJD  8QLGDGGHO$&WUDVHUR
 8QLGDGGHHQIULDPLHQWRGHODQWHUD  7XERGHOtTXLGR  &RQGXFWRQƒGHO$&WUDVHUR
 8QLGDGGHOFDOHQWDGRU  7XERGHDVSLUDFLyQ  &RQGXFWRQƒGHO$&WUDVHUR
 &RPSUHVRU  9iOYXODGHFDUJDGHSUHVLyQDOWD
%$&21',&,21$0,(172'($,5(23&,21$/

'LDJQyVWLFR
*HQHUDOLGDGHV
6LVWHPDGH$&SULQFLSDO6LVWHPDGH$&GHODQWHUR

&RQGLFLyQ &DXVDSRVLEOH &RUUHFFLyQ

1RVDOHDLUHIUHVFR(O 1RKD\UHIULJHUDQWH (IHFW~HODUHFXSHUDFLyQYDFLDGR\
VLVWHPDGH$&QRIXQ FDUJD
FLRQD )XVLEOHIXQGLGR
,QWHUUXSWRUGH$&GHIHFWXRVR
,QWHUUXSWRUGHOPRWRUGHVRSODGRUGHIHFWXRVR
6HQVRUGHWHPSHUDWXUDGHOHYDSRUDGRUGHO$&
&RPSUXHEHVLORVIXVLEOHV³,*
0(7(5´³5($5'()*´\³$&´
HVWiQFRUWRFLUFXLWDGRVDPDVD
&RPSUXHEHHOLQWHUUXSWRUGH$&
&RPSUXHEHHOLQWHUUXSWRUGHOPRWRU
GHVRSODGRU
&RPSUXHEHHOVHQVRUGHWHPSHUD
WHUPLVWRUGHOHYDSRUDGRUGHO$&GHIHFWXRVR WXUDGHOHYDSRUDGRUGHO$&WHUPLV
WRUGHOHYDSRUDGRUGHO$&
,QWHUUXSWRUGHSUHVLyQGXDOGHOUHIULJHUDQWH &RPSUXHEHHOLQWHUUXSWRUGHSUHVLyQ
GHIHFWXRVR GXDOGHOUHIULJHUDQWH
&DEOHDGRRFRQH[LyQDPDVDGHIHFWXRVD 5HSDUHVHJ~QVHDQHFHVDULR
6HxDOGHDXWRUL]DFLyQGHDFWLYDFLyQ21GH$& &RPSUXHEHODVHxDOGHDXWRUL]DFLyQ
HQHOPyGXORGH(&0GHIHFWXRVD
&RQWURODGRUGH$&\VXFLUFXLWRGHIHFWXRVRV
1RVDOHDLUHIUHVFR(O (PEUDJXHPDJQpWLFRGHIHFWXRVR
FRPSUHVRUGH$&QR 5HOpGHOFRPSUHVRUGHIHFWXRVR
GHDFWLYDFLyQ21GHO$&
&RPSUXHEHHOFRQWURODGRUGH$&\
VXFLUFXLWR
&RPSUXHEHHOHPEUDJXHPDJQpWLFR
&RPSUXHEHHOLQWHUUXSWRUWpUPLFRGHO
IXQFLRQD>QRJLUD@ FRPSUHVRU
5HOpGHOFRPSUHVRUGHIHFWXRVR &RPSUXHEHHOUHOpGHOFRPSUHVRU
&RUUHDSURSXOVRUDIORMDRURWD $MXVWHRUHHPSODFHODFRUUHDSURSXO
VRUD
&RPSUHVRUGHIHFWXRVR &RPSUXHEHHOFRPSUHVRU
6HxDOGHDXWRUL]DFLyQGHDFWLYDFLyQ21GH$& &RPSUXHEHODVHxDOGHDXWRUL]DFLyQ
HQHOPyGXORGH(&0GHIHFWXRVD GHDFWLYDFLyQ21GHO$&
&RQWURODGRUGH$&GHIHFWXRVR &RPSUXHEHHOFRQWURODGRUGH$&
1RVDOHDLUHIUHVFR(O 5HOpGHOPRWRUGHOYHQWLODGRUGHHQIULDPLHQWRGHO &RPSUXHEHHOUHOpGHOPRWRUGHOYHQ
PRWRUGHOYHQWLODGRUGH FRQGHQVDGRUGHIHFWXRVR WLODGRUGHHQIULDPLHQWRGHOFRQGHQVD
HQIULDPLHQWRGHOFRQ GRU
GHQVDGRUGH$&QR &DEOHDGRRFRQH[LyQDPDVDGHIHFWXRVD 5HSDUHVHJ~QVHDQHFHVDULR
IXQFLRQD 6HxDOGHOUHOpGHOPRWRUGHOYHQWLODGRUGHHQIULD
PLHQWRGHOFRQGHQVDGRUGHO$&HQHOPyGXORGH
(&0GHIHFWXRVD
0RWRUGHOYHQWLODGRUGHHQIULDPLHQWRGHOFRQGHQ
VDGRUGHIHFWXRVR
1RVDOHDLUHIUHVFR(O )XVLEOHIXQGLGR
PRWRUGHOVRSODGRUQR
&RPSUXHEHODVHxDOGHOUHOpGHO
PRWRUGHOYHQWLODGRUGHOFRQGHQVDGRU
GHO$&
&RPSUXHEHHOPRWRUGHOYHQWLODGRU
GHHQIULDPLHQWRGHOFRQGHQVDGRU
&RPSUXHEHVLORVIXVLEOHV³)5217
%/2:´³5($5'()*´HVWiQFRUWR
IXQFLRQD FLUFXLWDGRVDPDVD
5HOpGHOPRWRUGHVRSODGRUGHIHFWXRVR &RPSUXHEHHOUHOpGHOPRWRUGH
VRSODGRU
5HVLVWHQFLDGHOPRWRUGHVRSODGRUGHIHFWXRVD &RPSUXHEHODUHVLVWHQFLDGHOPRWRU
GHVRSODGRU
,QWHUUXSWRUGHOPRWRUGHVRSODGRUGHIHFWXRVR &RPSUXHEHHOLQWHUUXSWRUGHOPRWRU
GHVRSODGRU
&DEOHDGRRFRQH[LyQDPDVDGHIHFWXRVD 5HSDUHVHJ~QVHDQHFHVDULR
0RWRUGHVRSODGRUGHIHFWXRVR &RPSUXHEHHOPRWRUGHVRSODGRU
 $&21',&,21$0,(172'($,5(23&,21$/%

&RQGLFLyQ &DXVDSRVLEOH &RUUHFFLyQ

1RVDOHDLUHIUHVFRRHO &DUJDGHUHIULJHUDQWHLQVXILFLHQWHRH[FHVLYD &RPSUXHEHODFDUJDGHUHIULJHUDQWH
HQIULDPLHQWRHVLQVXIL )XJDVGHUHIULJHUDQWHHQHOVLVWHPD &RPSUXHEHVLKD\IXJDVHQHOVLV
FLHQWH(OVLVWHPDGH$ WHPD
&IXQFLRQDQRUPDO &RQGHQVDGRUREVWUXLGR &RPSUXHEHHOFRQGHQVDGRU
PHQWH
(YDSRUDGRUGHO$&REVWUXLGRRKHODGR &RPSUXHEHHOHYDSRUDGRUGHO$&
6HQVRUGHWHPSHUDWXUDGHOHYDSRUDGRUGHO$& &RPSUXHEHHOVHQVRUGHWHPSHUD
WHUPLVWRUGHOHYDSRUDGRUGHO$&GHIHFWXRVR WXUDGHOHYDSRUDGRUGHO$&WHUPLV
&RQWURODGRUGH$&GHIHFWXRVR
9iOYXODGHH[SDQVLyQGHIHFWXRVD
3DWLQDMHGHODFRUUHDSURSXOVRUD
(PEUDJXHPDJQpWLFRGHIHFWXRVR
1RVDOHDLUHIUHVFRRHO &RPSUHVRUGHIHFWXRVR
HQIULDPLHQWRHVLQVXIL +D\DLUHHQHOVLVWHPDGH$&
FLHQWH(OVLVWHPDGH$
&IXQFLRQDQRUPDO
WRUGHOHYDSRUDGRUGHO$&
&RPSUXHEHHOFRQWURODGRUGH$&
&RPSUXHEHODYiOYXODGHH[SDQVLyQ
&RPSUXHEHRUHHPSODFHODFRUUHD
SURSXOVRUD
&RPSUXHEHHOHPEUDJXHPDJQpWLFR
&RPSUXHEHHOFRPSUHVRU
5HHPSODFHHOVHFDGRUGHOFRQGHQVD
GRU\HQVHJXLGDHIHFW~HHOYDFLDGR\
FDUJD
PHQWH )XJDGHDLUHHQODXQLGDGGHHQIULDPLHQWRRHQHO 5HSDUHVHJ~QVHDQHFHVDULR
FRQGXFWRGHDLUH
6LVWHPDGHFDOHQWDGRU\GHYHQWLODFLyQGHIHF
WXRVR
0RWRUGHVRSODGRUGHIHFWXRVR
([FHVRGHDFHLWHGHFRPSUHVRUHQHOVLVWHPDGH (OLPLQHHOH[FHVRGHDFHLWHGHFRP
$&
(ODLUHIUHVFRVDOHVROD &RQH[LyQGHFDEOHDGRGHIHFWXRVD
PHQWHGHPDQHUDLQWHU 9iOYXODGHH[SDQVLyQGHIHFWXRVD
PLWHQWH +XPHGDGH[FHVLYDHQHOVLVWHPDGH$&
&RQWURODGRUGH$&GHIHFWXRVR
(PEUDJXHPDJQpWLFRGHIHFWXRVR
&DUJDH[FHVLYDGHUHIULJHUDQWH
(ODLUHIUHVFRVDOHVROD &RQGHQVDGRUREVWUXLGR
PHQWHDDOWDYHORFLGDG &DUJDLQVXILFLHQWHGHUHIULJHUDQWH
+D\DLUHHQHOVLVWHPDGH$&
3DWLQDMHGHODFRUUHDSURSXOVRUD
&RPSUHVRUGHIHFWXRVR
(ODLUHIUHVFRQRVDOH &DUJDH[FHVLYDGHUHIULJHUDQWH
VRODPHQWHDDOWDYHORFL (YDSRUDGRUGHO$&FRQJHODGR
GDG
9HORFLGDGLQVXILFLHQWH (YDSRUDGRUGHO$&REVWUXLGRRKHODGR
GHODLUHHQIULDGR )XJDGHDLUHHQODXQLGDGGHHQIULDPLHQWRRHQHO 5HSDUHVHJ~QVHDQHFHVDULR
FRQGXFWRGHDLUH
0RWRUGHVRSODGRUGHIHFWXRVR
&DEOHDGRRFRQH[LyQDPDVDGHIHFWXRVR
&RPSUXHEHHOFRQMXQWRGHODFDMDGH
HQWUDGDGHDLUH
&RPSUXHEHHOFRQMXQWRGHOD
SDODQFDGHFRQWUROGHFDOHQWDGRU
&RPSUXHEHODXQLGDGGHFDOHQWDGRU
&RPSUXHEHHOPRWRUGHVRSODGRU
SUHVRUHQHOFLUFXLWRGHOVLVWHPDGHO
$&\UHHPSODFHHOFRPSUHVRU
5HSDUHVHJ~QVHDQHFHVDULR
&RPSUXHEHODYiOYXODGHH[SDQVLyQ
5HHPSODFHHOVHFDGRUGHOFRQGHQVD
GRU\HQVHJXLGDHIHFW~HHOYDFLDGR\
FDUJD
&RPSUXHEHHOFRQWURODGRUGH$&
&RPSUXHEHHOHPEUDJXHPDJQpWLFR
&RPSUXHEHODFDUJDGHUHIULJHUDQWH
&RPSUXHEHHOFRQGHQVDGRU
&RPSUXHEHODFDUJDGHUHIULJHUDQWH
5HHPSODFHHOVHFDGRUGHOFRQGHQVD
GRU\HQVHJXLGDHIHFW~HHOYDFLDGR\
FDUJD
$MXVWHRUHHPSODFHODFRUUHDSURSXO
VRUD
&RPSUXHEHHOFRPSUHVRU
&RPSUXHEHODFDUJDGHUHIULJHUDQWH
&RPSUXHEHHOHYDSRUDGRUGHO$&
&RPSUXHEHHOWHUPLVWRUGHOHYDSRUD
GRUGHO$&
&RPSUXHEHHOHYDSRUDGRUGHO$&
&RPSUXHEHHOPRWRUGHVRSODGRU
5HSDUHVHJ~QVHDQHFHVDULR
%$&21',&,21$0,(172'($,5(23&,21$/

6LVWHPDGH$&WUDVHUR

&RQGLFLyQ &DXVDSRVLEOH &RUUHFFLyQ

1RVDOHDLUHIUHVFR(O 5HOpGHYiOYXODVROHQRLGHGHIHFWXRVR &RPSUXHEHHOUHOpGHYiOYXODVROHQRLGH\UHHPSODFHVL
PRWRUGHOVRSODGRUWUD HVQHFHVDULR
VHURIXQFLRQDQRUPDO 9iOYXODVROHQRLGHGHIHFWXRVD &RPSUXHEHODYiOYXODVROHQRLGH\HQVHJXLGDUHHP
PHQWH SODFHVLHVQHFHVDULR
'LRGRHQHOPD]RGHFDEOHGHO$&WUD &RPSUXHEHHOGLRGR\HQVHJXLGDUHHPSODFHHOPD]R
VHURGHIHFWXRVR GHFDEOHVGHO$&WUDVHURVLHVQHFHVDULR
&RQWURODGRUGHWHPSHUDWXUDGHOHYDSRUD &RPSUXHEHHOFRQWURODGRUGHWHPSHUDWXUDGHOHYDSRUD
GRUGHO$&WUDVHURGHIHFWXRVR GRUGHO$&WUDVHUR\HQVHJXLGDUHHPSODFHHOFRQWUROD
GRUVLHVQHFHVDULR
,QWHUUXSWRUGHOPRWRUGHOVRSODGRUWUD &RPSUXHEHHOLQWHUUXSWRUGHOPRWRUGHOVRSODGRUWUD
VHURGHIHFWXRVR VHUR\HQVHJXLGDUHSDUHHOHYDSRUDGRUGHO$&WUDVHUR
\FRPSUXHEHHOFRQWURODGRUGHWHPSHUDWXUDGHOHYDSR
UDGRUGHO$&WUDVHURVLHVQHFHVDULR
(YDSRUDGRUGHO$&WUDVHURREVWUXLGRR &RPSUXHEHHOHYDSRUDGRUGHO$&WUDVHUR\HQVHJXLGD
KHODGR UHHPSODFHHOHYDSRUDGRUVLHVQHFHVDULR
9iOYXODGHH[SDQVLyQWUDVHUDGHIHFWXRVD &RPSUXHEHODYiOYXODGHH[SDQVLyQWUDVHUD\HQVH
JXLGDUHHPSODFHVLHVQHFHVDULR
)XJDGHDLUHHQODXQLGDGGHO$&WUD &RPSUXHEH\UHSDUHVLHVQHFHVDULR
VHURRHQHOFRQGXFWRGHDLUH
&DUJDGHUHIULJHUDQWHLQVXILFLHQWHR &RPSUXHEHODFDUJDGHUHIULJHUDQWH\HQVHJXLGDHIHF
H[FHVLYD W~HODUHFXSHUDFLyQHOYDFLDGR\FDUJDVLHVQHFHVDULR
7XERRPDQJXHUDGHUHIULJHUDQWHGHIRU &RPSUXHEHHOWXERPDQJXHUD\HQVHJXLGDUHHP
PDGD SODFHVLHVQHFHVDULR
1RVDOHDLUHIUHVFR(O )XVLEOHIXQGLGR &RPSUXHEHVLORVIXVLEOHV³$&´³5($5%/2:´HVWiQ
PRWRUGHOVRSODGRUWUD FRUWRFLUFXLWDGRVDPDVD
VHURQRIXQFLRQD 5HOpGHOPRWRUGHOVRSODGRUWUDVHUR &RPSUXHEHHOUHOpGHOPRWRUGHOVRSODGRUWUDVHUR\
GHIHFWXRVR HQVHJXLGDUHHPSODFHVLHVQHFHVDULR
,QWHUUXSWRUSULQFLSDOGH$&WUDVHUR &RPSUXHEHHOLQWHUUXSWRUSULQFLSDOGHO$&WUDVHUR\
GHIHFWXRVR HQVHJXLGDUHHPSODFHVLHVQHFHVDULR
,QWHUUXSWRUGHOPRWRUGHOVRSODGRUWUD &RPSUXHEHHOLQWHUUXSWRUGHOPRWRUGHOVRSODGRUWUD
VHURGHIHFWXRVR VHUR\HQVHJXLGDUHHPSODFHVLHVQHFHVDULR
5HVLVWHQFLDGHOPRWRUGHOVRSODGRUWUD &RPSUXHEHODUHVLVWHQFLDGHOPRWRUGHOVRSODGRUWUD
VHURGHIHFWXRVD VHUR\HQVHJXLGDUHHPSODFHVLHVQHFHVDULR
&DEOHDGRRFRQH[LyQDPDVDGHIHFWXRVD &RPSUXHEH\UHSDUH
0RWRUGHOVRSODGRUWUDVHURGHIHFWXRVR &RPSUXHEHHOPRWRUGHOVRSODGRUWUDVHUR\HQVHJXLGD
UHHPSODFHVLHVQHFHVDULR
(ODLUHIUHVFRQRVDOHVROD &RQHFWRUGHFDEOHDGRIORMRRPDOFRQHF &RQHFWHFRUUHFWDPHQWHHOFRQHFWRU
PHQWHGHPDQHUDLQWHUPL WDGR
WHQWH 9iOYXODGHH[SDQVLyQWUDVHUDGHIHFWXRVD &RPSUXHEHODYiOYXODGHH[SDQVLyQWUDVHUD\HQVH
JXLGDUHHPSODFHVLHVQHFHVDULR
&RQWURODGRUGHWHPSHUDWXUDGHOHYDSRUD &RPSUXHEHHOFRQWURODGRUGHWHPSHUDWXUDGHOHYDSRUD
GRUGHO$&WUDVHURGHIHFWXRVR GRUGHO$&WUDVHUR\HQVHJXLGDUHHPSODFHHOFRQWUROD
GRUVLHVQHFHVDULR
&DEOHDGRRFRQH[LyQDPDVDGHIHFWXRVD &RPSUXHEH\UHSDUH
(ODLUHIUHVFRQRVDOHVROD (YDSRUDGRUGHO$&WUDVHURFRQJHODGR &RPSUXHEHODWHPSHUDWXUDGHOHYDSRUDGRUGHO$&WUD
PHQWHDDOWDYHORFLGDG VHURODPDQJXHUDGHGUHQDMHGHOHYDSRUDGRU\HQVH
JXLGDUHHPSODFHVLHVQHFHVDULR
9HORFLGDGLQVXILFLHQWHGHO (YDSRUDGRUGHO$&WUDVHURREVWUXLGRR &RPSUXHEHHOHYDSRUDGRUGHO$&WUDVHUR\HQVHJXLGD
DLUHHQIULDGR KHODGR UHSDUHHOHYDSRUDGRUGHO$&WUDVHURRFRPSUXHEHOD
WHPSHUDWXUDGHOHYDSRUDGRUGHO$&WUDVHURVLHVQHFH
VDULR
)XJDGHDLUHHQODXQLGDGGHO$&WUD &RPSUXHEHODXQLGDGGHO$&WUDVHUR\HOFRQGXFWRGH
VHURRHQHOFRQGXFWRGHDLUH DLUH\HQVHJXLGDUHSDUHVLHVQHFHVDULR
0RWRUGHOVRSODGRUWUDVHURGHIHFWXRVR &RPSUXHEHHOPRWRUGHOVRSODGRUWUDVHUR\HQVHJXLGD
UHHPSODFHVLHVQHFHVDULR
&DEOHDGRRFRQH[LyQDPDVDGHIHF &RPSUXHEH\UHSDUH
WXRVR
 $&21',&,21$0,(172'($,5(23&,21$/%

9HULILFDFLyQUiSLGDGHODFDUJDGHUHIULJHUDQWH
VLHTXLSDGRFRQPLULOOD
(O SURFHGLPLHQWR VLJXLHQWH SXHGH VHU HPSOHDGR SDUD FRPSUREDU
UiSLGDPHQWHVLHOVLVWHPDGH$&WLHQHRQRXQDFDUJDDGHFXDGDGH
UHIULJHUDQWH
 +DJDIXQFLRQDUHOPRWRUHQUpJLPHQGHUDOHQWtUiSLGR
 'XUDQWHDOJXQRVPLQXWRVKDJDIXQFLRQDUHO$&HQODVFRQGL
FLRQHVVLJXLHQWHV
‡ ,QWHUUXSWRUSULQFLSDOGHODQWHURGH$&HQSRVLFLyQ21
‡ ,QWHUUXSWRUSULQFLSDOGH$&WUDVHURVLHVWiHTXLSDGRHQSRVL
FLyQ21
‡ ,QWHUUXSWRU GHO PRWRU GH VRSODGRU GHODQWHUR HQ OD SRVLFLyQ
Pi[LPD
‡ ,QWHUUXSWRUGHOPRWRUGHVRSODGRUWUDVHURVLHVWiHTXLSDGRHQ
ODSRVLFLyQPi[LPD
‡ %RWyQGHFRQWUROGHVDOLGDGHDLUHHQODSRVLFLyQKDFLDODFDUD
‡ 3DODQFD GH FRQWURO GH WHPSHUDWXUD HQ OD SRVLFLyQ GH HQIULD
PLHQWRPi[LPR
‡ 3XHUWDVGHOYHKtFXORWRGDVDELHUWDV
‡ $OHWDGHHQWUDGDGHDLUHHQODSRVLFLyQGHUHFLUFXODFLyQ
 0LUHSRUODPLULOOD\FRPSDUHORREVHUYDGRFRQORVVtQWRPDV
GHVFULWRVDFRQWLQXDFLyQ
 %XUEXMDV

&RQGLFLyQ &DXVDSRVLEOH &RUUHFFLyQ

6HYHQEXUEXMDVSRUOD
PLULOOD
1RVHYHQEXUEXMDVSRUOD
PLULOOD
1RKD\GLIHUHQFLDGHWHP
SHUDWXUDHQWUHODHQWUDGD\
ODVDOLGDGHOFRPSUHVRU
6HGHWHFWDGLIHUHQFLDGH
WHPSHUDWXUDHQWUHOD
HQWUDGD\ODVDOLGDGHO
FRPSUHVRU
&XDQGRVHGHVDFWLYD
&DUJDLQVXILFLHQWHGHUHIULJHUDQWHHQHOVLVWHPD
1RKD\FDUJDRFDUJDDGHFXDGDRGHPDVLDGDFDUJD
GHUHIULJHUDQWHHQHOVLVWHPD
6LVWHPDYDFtRRFDVLYDFtR
&DUJDDGHFXDGDRGHPDVLDGDFDUJDGHUHIULJHUDQWHHQ 5HILpUDVHDORVLJXLHQWH
HOVLVWHPD
&DUJDH[FHVLYDGHUHIULJHUDQWHHQHOVLVWHPD
&RPSUXHEHFRQXQGHWHFWRUGHEXUEXMDV
VLKD\IXJDVHQHOVLVWHPD
5HILpUDVHDORVLJXLHQWH
(IHFW~HODUHFXSHUDFLyQHOYDFLDGR\
FDUJDGHOVLVWHPD\HQVHJXLGDFRP
SUXHEHVLKD\EXUEXMDVXWLOL]DQGRHO
GHWHFWRUGHEXUEXMDV
9XHOYDDFDUJDUODFDUJDHVSHFLILFDGDGH
2))HO$&SRUODPLULOOD UHIULJHUDQWH
VHYHTXHHOUHIULJHUDQWH
VHDFODUDLQPHGLDWDPHQWH
\SHUPDQHFHFODUR
&XDQGRVHGHVDFWLYD &DUJDDGHFXDGDGHUHIULJHUDQWHHQHOVLVWHPD (IHFW~HHO³',$*1Ï67,&2'(5(1',
2))HO$&SRUODPLULOOD 0,(172´HQHVWDVHFFLyQ
VHYHTXHHOUHIULJHUDQWH
SURGXFHEXUEXMDVXQDYH]
\OXHJRVHDFODUD

127$
&DUJXH OD FDQWLGDG FRUUHFWD GH UHIULJHUDQWH 5HILpUDVH D ³352&(',0,(172 '( &$5*$ '( 5()5,*(
5$17((1(/$&´HQHVWDVHFFLyQ
%$&21',&,21$0,(172'($,5(23&,21$/

'LDJQyVWLFRGHUHQGLPLHQWR
 &RQILUPH TXH ODV FRQGLFLRQHV GHO YHKtFXOR \ DPELHQWDOHV VRQ
ODVVLJXLHQWHV
‡ (OYHKtFXORQRHVWiH[SXHVWRDODOX]VRODUGLUHFWD
‡ /DWHPSHUDWXUDDPELHQWHHVWiHQWUH±ƒ&
3  $VHJ~UHVHGHTXHODYiOYXODGHDOWDSUHVLyQ\ODYiOYXOD
2 1 GHEDMDSUHVLyQGHOFRQMXQWRGHPHGLGRUGHOFROHFWRUHVWiQ
FHUUDGDVILUPHPHQWH
6
4  &RQHFWHODPDQJXHUDGHFDUJDGHSUHVLyQDOWDDODYiOYXOD
 GH VHUYLFLR GH SUHVLyQ DOWD \ FRQHFWH OD PDQJXHUD  GH
FDUJD GH SUHVLyQ EDMD D OD YiOYXOD  GH VHUYLFLR GH SUHVLyQ
EDMD
 3XUJXHHODLUHHQODVPDQJXHUDVGHFDUJDDIORMDQGRVXV
WXHUFDVUHVSHFWLYDVHQHOPHGLGRUGHOFROHFWRUXWLOL]DQGRODSUH
VLyQ GHO UHIULJHUDQWH &XDQGR RLJD XQ VRQLGR VLOEDQWH DSULHWH
5 LQPHGLDWDPHQWHODWXHUFD

35(&$8&,Ï1
7 1RLQWHUFDPELHSRUHUURUODVPDQJXHUDVGHFDUJDGHDOWD\
GHEDMDSUHVLyQ

 &DOLHQWH HO PRWRU D OD WHPSHUDWXUD QRUPDO GH IXQFLRQDPLHQWR

UHIULJHUDQWH GHO PRWRU D  ± ƒ& \ PDQWHQJD HO PRWRU DO
UpJLPHQGHUDOHQWtHVSHFLILFDGR
 +DJDIXQFLRQDUHO$&HQODVFRQGLFLRQHVVLJXLHQWHV
‡ ,QWHUUXSWRUSULQFLSDOGHODQWHURGH$&HQSRVLFLyQ21
‡ ,QWHUUXSWRUSULQFLSDOGH$&WUDVHURVLHVWiHTXLSDGRHQSRVL
FLyQ21
‡ ,QWHUUXSWRU GHO PRWRU GHO VRSODGRU GHODQWHUR HQ OD SRVLFLyQ
Pi[LPD
‡ ,QWHUUXSWRUGHOPRWRUGHOVRSODGRUWUDVHURVLHVWiHTXLSDGRHQ
ODSRVLFLyQPi[LPD
‡ %RWyQGHFRQWUROGHVDOLGDGHDLUHHQODSRVLFLyQKDFLDODFDUD
‡ 3DODQFD GH FRQWURO GH WHPSHUDWXUD HQ OD SRVLFLyQ GH HQIULD
PLHQWRPi[LPR
‡ 3XHUWDVGHOYHKtFXORWRGDVDELHUWDV
‡ $OHWDGHHQWUDGDGHDLUHHQODSRVLFLyQGHUHFLUFXODFLyQ
 0DQWHQJDWRGDVODVYHQWDQDVSXHUWDV\FDSyDELHUWRV

 &RQXQWHUPyPHWURGHEXOERVHFRLQVHUWDGRXQRVPP
HO OD VDOLGD  GH DLUH GHO FRQGXFWR FHQWUDO RWUR WHUPyPHWUR
LQVHUWDGRHQODVDOLGDGHDLUHGH$&WUDVHURPRGHORGH$,&
GREOHVRODPHQWH\FHUFDGHODHQWUDGDGHDLUHGHOHYDSRUDGRU
OHDODVWHPSHUDWXUDVHQFDGDWHUPyPHWUR

1
 $&21',&,21$0,(172'($,5(23&,21$/%

 &RPSUXHEH SDUD FDGD SUHVLyQ GHO ODGR GH EDMD \ GHO ODGR GH
DOWDVLVHHVWiHQHOLQWHUYDORDFKXUDGRGHOJUiILFR
6L FDGD OHFWXUD GHO PHGLGRU HVWi IXHUD GH OD SUHVLyQ HVSHFLIL
FDGD FRUULMD OD SLH]D GHIHFWXRVD UHILULpQGRVH D OD ³7$%/$ '(
',$*1Ï67,&2'(5(1',0,(172´HQHVWDVHFFLyQ
(MHPSOR

/DVOHFWXUDVGHORVPHGLGRUHVGHEHQVHUFRPRLQGLFDGRD
FRQWLQXDFLyQ
FXDQGRODWHPSHUDWXUDDPELHQWHHVƒ&
3UHVLyQHQHOPHGLGRUGHDOWD ±N3D
SUHVLyQ+,>$OWD@ ±NJFP
3UHVLyQHQHOPHGLGRUGHDOWD ±N3D
SUHVLyQ/2>%DMD@ ±NJFP

127$
/D SUHVLyQ UHJLVWUDGD HQ HO PHGLGRU YDUtD FRQ OD WHPSHUD
WXUD DPELHQWH 3RU FRQVLJXLHQWH HPSOHH ODV JUiILFDV
FXDQGRGHWHUPLQHVLODVSUHVLRQHVVRQQRUPDOHVRQR

 8WLOLFHODJUiILFD\FRPSUXHEHODUHODFLyQHQWUHODWHPSHUDWXUD
GHORULILFLRGHHQWUDGD\ODWHPSHUDWXUDGHORULILFLRGHVDOLGD
3RUHMHPSORVLODWHPSHUDWXUDHQHORULILFLRGHHQWUDGDGHOHYD
SRUDGRU GHO $& HV  ƒ& \ OD WHPSHUDWXUD GH OD SHUVLDQD GH
VDOLGDFHQWUDOHVƒ&VXSXQWRGHLQWHUVHFFLyQHVWiGHQWURGHO
LQWHUYDORDFHSWDEOHFRPRPRVWUDGRHQODJUiILFD
 6L HO SXQWR GH LQWHUVHFFLyQ HVWi IXHUD GHO LQWHUYDOR DFHSWDEOH
GLDJQRVWLTXHHOGHVSHUIHFWRUHILULpQGRVHDOD³7$%/$'(',$*
1Ï67,&2'((),&$&,$'()81&,21$0,(172´
 &RPSUXHEH TXH OD GLIHUHQFLD HQWUH OD WHPSHUDWXUD GHO DLUH GH
VDOLGDGHODSHUVLDQDFHQWUDO\ODWHPSHUDWXUDGHODLUHGHVDOLGD
GHO$&WUDVHURHVWiGHQWURGHƒ&
6LODWHPSHUDWXUDGHODLUHGHVDOLGDGHO$&WUDVHURHVPiVGH
ƒ&PD\RUTXHODWHPSHUDWXUDGHODLUHGHVDOLGDGHODSHUVLDQD
FHQWUDOFRPSUXHEHODXQLGDGGH$&
%$&21',&,21$0,(172'($,5(23&,21$/

7DEODGHGLDJQyVWLFRGHUHQGLPLHQWR

0(','25'(35(6,Ï1$/7$

&RQGLFLyQ &DXVDSRVLEOH &RUUHFFLyQ

3UHVLyQDOWD &DUJDH[FHVLYDGHUHIULJHUDQWH 9XHOYDDFDUJDU
ÈUHD³$´]RQDGHDOWD 9iOYXODGHH[SDQVLyQKHODGDXREVWUXLGD &RPSUXHEHODYiOYXODGHH[SDQVLyQ
SUHVLyQHQODJUiILFD 3DVRGHUHIULJHUDQWHREVWUXLGRHQHOODGRGHDOWD /LPSLHRUHHPSODFH
0DOIXQFLRQDPLHQWRGHOYHQWLODGRUGHHQIULDPLHQWRGHO &RPSUXHEHHOYHQWLODGRUGHHQIULDPLHQWR
FRQGHQVDGRUHQIULDPLHQWRLQVXILFLHQWHGHOFRQGHQVD GHOFRQGHQVDGRU
GRU
$OHWDVGHOFRQGHQVDGRUVXFLDVRGREODGDVHQIULD /LPSLHRUHSDUH
PLHQWRLQVXILFLHQWHGHOFRQGHQVDGRU
0DOIXQFLRQDPLHQWRGHOFRPSUHVRUDFHLWHLQVXILFLHQWH &RPSUXHEHHOFRPSUHVRU
HWF
(OPRWRUVHVREUHFDOLHQWD &RPSUXHEHHOVLVWHPDGHHQIULDPLHQWR
GHOPRWRU
3UHVLyQEDMD 5HIULJHUDQWHLQVXILFLHQWHFDUJDLQVXILFLHQWHRIXJDV &RPSUXHEHVLKD\IXJDVUHSDUHVHJ~Q
ÈUHD³%´]RQDGHDOWD VHDQHFHVDULR\YXHOYDDFDUJDU
SUHVLyQHQODJUiILFD 0DOIXQFLRQDPLHQWRGHODYiOYXODGHH[SDQVLyQODYiO &RPSUXHEHODYiOYXODGHH[SDQVLyQ
YXODVHDEUHGHPDVLDGR
0DOIXQFLRQDPLHQWRGHOFRPSUHVRUFRPSUHVLyQLQVXIL &RPSUXHEHHOFRPSUHVRU
FLHQWH

0(','25'(35(6,Ï1%$-$

&RQGLFLyQ &DXVDSRVLEOH &RUUHFFLyQ

3UHVLyQDOWD 0DOIXQFLRQDPLHQWRGHODYiOYXODGHH[SDQVLyQODYiO &RPSUXHEHODYiOYXODGHH[SDQVLyQ
ÈUHD³&´]RQDGHEDMD YXODVHDEUHGHPDVLDGR
SUHVLyQHQODJUiILFD 0DOIXQFLRQDPLHQWRGHOFRPSUHVRUFRPSUHVLyQLQVXIL &RPSUXHEHHOFRPSUHVRU
FLHQWH
3UHVLyQEDMD 5HIULJHUDQWHLQVXILFLHQWHFDUJDLQVXILFLHQWHRIXJDV &RPSUXHEHVLKD\IXJDVUHSDUHVHJ~Q
ÈUHD³'´]RQDGHEDMD VHDQHFHVDULR\YXHOYDDFDUJDU
SUHVLyQHQODJUiILFD 0DOIXQFLRQDPLHQWRGHODYiOYXODGHH[SDQVLyQODYiO &RPSUXHEHODYiOYXODGHH[SDQVLyQ
YXODVHDEUHGHPDVLDGRSRFR
3DVRGHUHIULJHUDQWHREVWUXLGRWXERDSODVWDGR 5HSDUHRUHHPSODFH

7(50Ï0(752(1(/&21'8&72&(175$/

&RQGLFLyQ &DXVDSRVLEOH &RUUHFFLyQ

/DWHPSHUDWXUDGHDLUHGH &DUJDGHUHIULJHUDQWHLQVXILFLHQWHRH[FHVLYD &RPSUXHEHODSUHVLyQGHOUHIULJHUDQWH
VDOLGDHQHOFRQGXFWRFHQ $OHWDVGHOHYDSRUDGRUGHO$&VXFLDVRGREODGDV /LPSLHRUHSDUH
WUDOHVDOWD )XJDGHDLUHHQODXQLGDGGHHQIULDPLHQWRFDOHQWDGRU 5HSDUHRUHHPSODFH
(OSXQWRGHLQWHUVHFFLyQ RHQHOFRQGXFWRGHDLUH
HVWiHQHOiUHD³(´
0DOIXQFLRQDPLHQWRFRQPXWDFLyQDODIXQFLyQGHDPRU 5HSDUHRUHHPSODFH
WLJXDGRUHQODXQLGDGGHHQIULDPLHQWRFDOHQWDGRU
0DOIXQFLRQDPLHQWRGHOFRPSUHVRU &RPSUXHEHHOFRPSUHVRU
/DWHPSHUDWXUDGHDLUHGH 9ROXPHQLQVXILFLHQWHGHDLUHGHVGHHOFRQGXFWRFHQWUDO &RPSUXHEHHOPRWRU\HOYHQWLODGRUGHO
VDOLGDHQHOFRQGXFWRFHQ 0DOIXQFLRQDPLHQWRGHOVRSODGRUGHOFDOHQWDGRU VRSODGRU
WUDOHVEDMD 0DOIXQFLRQDPLHQWRGHOFRPSUHVRU &RPSUXHEHHOFRPSUHVRU
(OSXQWRGHLQWHUVHFFLyQ
HVWiHQHOiUHD³)´

127$
6LODWHPSHUDWXUDDPELHQWHHVWiFRPSUHQGLGDHQWUH±ƒ&HVSRVLEOHKDFHUXQGLDJQyVWLFRGHWDOODGR
DSOLFDQGROD³7$%/$'(',$*1Ï67,&2'('(7$//(6´HQHVWDVHFFLyQ
 $&21',&,21$0,(172'($,5(23&,21$/%

7DEODGHGLDJQyVWLFRGHGHWDOOHVDODWHPSHUDWXUDDPELHQWHFRPSUHQGLGDHQWUHƒ&±ƒ&

&RQGLFLyQ &DXVDSRVLEOH &RUUHFFLyQ

0(','25'( 03D 'HWDOOH
&2/(&725 NJFP  

/R%DMD +L$OWD

± ± &RQGLFLyQQRUPDO ± ±
± ±
3UHVLyQ ± (OODGRGHODSUHVLyQEDMDLQGLFD +D\SDUWtFXODVGHSROYRR /LPSLHODYiOYXODGHH[SDQVLyQ
QHJDWLYD ± XQDSUHVLyQQHJDWLYD\HOODGR
GHODSUHVLyQDOWDLQGLFDXQD
SUHVLyQH[WUHPDGDPHQWHEDMD
+D\IRUPDFLyQGHKHODGDDOUH
GHGRUGHWXEHUtDVKDFLD\GHVGH
HOUHFHSWRUVHFDGRU\ODYiOYXOD
GHH[SDQVLyQ
1RUPDO 1RUPDO 'XUDQWHHOIXQFLRQDPLHQWRGHO
± ± $&HOODGRGHODSUHVLyQEDMDD
JRWLWDVGHDJXDSHJDGDVR 5HHPSODFHODYiOYXODVLQR
KHODGDVGHQWURGHODYiOYXOD SXHGHVHUOLPSLDGD
GHH[SDQVLyQTXHLPSLGHQHO 5HHPSODFHHOFRQGHQVDGRU
IOXMRGHOUHIULJHUDQWH VHFDGRU
9DFtHHOVLVWHPDGH$&\YXHOYD
DFDUJDUORFRQUHIULJHUDQWH
QXHYR
/DYiOYXODGHH[SDQVLyQHVWi 5HHPSODFHODYiOYXODGHH[SDQ
KHODGDGHELGRDTXHKD\ VLyQ
± ± YHFHVLQGLFDSUHVLyQQHJDWLYD KXPHGDGHQHOVLVWHPD\ 5HHPSODFHHOFRQGHQVDGRU
↑↓ ↑↓ \DYHFHVLQGLFDSUHVLyQQRU FRUWDSURYLVLRQDOPHQWHHO VHFDGRU
$QRUPDO $QRUPDO PDO$GHPiVODOHFWXUDGHOODGR FLFORGHUHIULJHUDFLyQ 9DFtHHOVLVWHPDGH$&\YXHOYD
3UHVLyQ ± GHSUHVLyQDOWDIOXFW~DHQWUH DFDUJDUORFRQUHIULJHUDQWH
QHJDWLYD ± SUHVLyQDQRUPDO\SUHVLyQQRU QXHYR
PDO
± ± (OODGRGHSUHVLyQEDMD\HOODGR 5HIULJHUDQWHLQVXILFLHQWHHQ 8WLOLFHHOGHWHFWRUGHIXJDVGH
± ± GHSUHVLyQDOWDLQGLFDQOHFWXUDV HOVLVWHPD)XJDGHUHIULJH JDVFRPSUXHEHVLKD\IXJDV\
EDMDV
6HYHQEXUEXMDVFRQWLQXDVGH
DLUHSRUHOYLGULRGHODPLULOOD
(ODLUHGHVDOLGDHVWiOLJHUD
PHQWHIUtR
± /DSUHVLyQHVDOWDHQHOODGRGH
UDQWH UHSDUHVHJ~QVHDQHFHVDULR
&DUJXHUHIULJHUDQWHKDVWDOD
FDQWLGDGHVSHFLILFDGD
6LODOHFWXUDGHSUHVLyQHVFDVL
FXDQGRORVPHGLGRUHVGHFROHF
WRUHVWiQILMDGRVFRPSUXHEHVL
KD\DOJXQDIXJDUHSDUHODIXJD
\YDFtHHOVLVWHPD
)XJDLQWHUQDHQHOFRPSUH &RPSUXHEHHOFRPSUHVRU\
± SUHVLyQEDMD VRU UHSDUHRUHHPSODFHVLIXHUD
/DSUHVLyQHVEDMDHQHOODGR QHFHVDULR
GHSUHVLyQDOWD
$PEDVSUHVLRQHVVHLJXDODQ
GHVSXpVGHFRUWDU2))HO$&
± ± /HFWXUDGHSUHVLyQDOWDHQORV 6LVWHPDGH$&H[FHVLYD $MXVWHHOUHIULJHUDQWHDODFDQWL
± ± ODGRVGHSUHVLyQEDMD\GHSUH
VLyQDOWD
1RVRQYLVLEOHVEXUEXMDVGH
DLUHLQFOXVRFXDQGRVHGLVPLQX
\HQODVUSPGHOPRWRU
/HFWXUDGHSUHVLyQDOWDHQORV
PHQWHFDUJDGR
)XQFLRQDPLHQWRGHOHQIULD
PLHQWRGHOFRQGHQVDGRU
GHIHFWXRVR
)XQFLRQDPLHQWRGHOYHQWLOD
GRUGHOFRQGHQVDGRUGHIHF
WXRVR
+D\DLUHHQHOVLVWHPDGH$
GDGHVSHFLILFDGD
/LPSLHHOFRQGHQVDGRU
&RPSUXHEH\UHSDUHHOYHQWLOD
GRUGHOFRQGHQVDGRU
5HHPSODFHHOFRQGHQVDGRU
ODGRVGHSUHVLyQEDMD\GHSUH
VLyQDOWD
/DWXEHUtDGHOODGRGHSUHVLyQ
EDMDQRHVWiIUtDFXDQGRVHOD
WRFD
6HYHQEXUEXMDVGHDLUHSRUHO
YLGULRGHODPLULOOD
± /HFWXUDGHSUHVLyQDOWDHQORV
&9DFLDGRLQFRUUHFWDPHQWH VHFDGRU
&RPSUXHEHODFDQWLGDGGH
DFHLWHGHFRPSUHVRU\ODSUHVHQ
FLDGHFRQWDPLQDQWHVHQHO
DFHLWH
9DFtHHOVLVWHPDGH$&\YXHOYD
DFDUJDUORFRQUHIULJHUDQWH
QXHYR
9iOYXODGHH[SDQVLyQGHIHF 5HHPSODFHODYiOYXODGHH[SDQ
± ODGRVGHSUHVLyQEDMD\GHSUH WXRVD VLyQ
VLyQDOWD (OIOXMRGHUHIULJHUDQWHQRHV
*UDQFDQWLGDGGHKHODGDRGH UHJXODGRFRUUHFWDPHQWH
URFtRHQODWXEHUtDGHOODGRGH
SUHVLyQEDMD
%$&21',&,21$0,(172'($,5(23&,21$/

&LUFXLWRVGHFDEOHDGR

17
18 21

22
16

14
15 26 25 24 23

ACG RED/BLK BLK/WHT

19 RED/BLU
3
LT GRN YEL/GRN 2
1 4

BLK/WHT
20
PNK/BLK
BLU/WHT PNK PNK/BLU
PNK/GRN
PNK BLK
BLK

PNK/WHT 7
RED/BLK
BLK A/C

GRN/BLK

YEL/BLK
29
YEL/GRN

BLU/WHT
30
YEL/GRN

BLU/YEL
BLU
BLU/GRN

BLU/BLK

33

GRY/WHT
5 6
31

28
BLU/BLK
YEL/BLK

32
34

BLK 35
BLU/WHT A 9

BLK
BLU/ORN ORN
27 BLK
8
YEL/GRN PNK
RED/BLK WHT/RED
11
YEL/GRN
RED/BLK RED/BLU 10

13
YEL/BLU
12
BLK

 5HOpSULQFLSDOGHOPRWRUGHOVRSODGRU  5HOpGHOFRPSUHVRU  %DWHUtD  5HOpGHYiOYXODVROHQRLGH

GHODQWHUR
 0RWRUGHOVRSODGRUGHODQWHUR  &RPSUHVRU  *HQHUDGRU  5HOpGHOPRWRUGHOVRSODGRUWUDVHUR
 5HVLVWHQFLDGHOPRWRUGHOVRSODGRU  5HOpGHOPRWRUGHOYHQWLODGRU  )XVLEOHSULQFLSDOGHHQFHQ  5HVLVWHQFLDGHOPRWRUGHOVRSODGRUWUD
GHODQWHUR GHHQIULDPLHQWRGHOFRQGHQ GLGR$ VHUR
VDGRU
 ,QWHUUXSWRUGHOPRWRUGHOVRSODGRU  0RWRUGHOYHQWLODGRUGHHQIULD  )XVLEOHSULQFLSDOGHOFDOHQ  0RWRUGHOVRSODGRUWUDVHUR
GHODQWHUR PLHQWRGHOFRQGHQVDGRU WDGRU$&$
 &RQWURODGRUGH$&  &DMDGHIXVLEOHV  )XVLEOH³,*0(7(5´$  ,QWHUUXSWRUGHOPRWRUGHOVRSODGRUWUDVHUR
 (&03&0  )XVLEOH³$&´$  )XVLEOH³5($5'()*´  ,QWHUUXSWRUSULQFLSDOGH$&WUDVHUR
$
 ,QWHUUXSWRUGHFRQWUROGHOPRGRGH  ,QWHUUXSWRUGHHQFHQGLGR  )XVLEOH³5($5%/2:´  &RQWURODGRUGHWHPSHUDWXUDGHOHYDSRUD
FDOHQWDGRU $ GRUGHO$&WUDVHUR
 ,QWHUUXSWRUGHSUHVLyQUHIULJHUDQWH  &DMDGHIXVLEOHSULQFLSDO  )XVLEOH³)5217%/2:´  6HQVRUGHWHPSHUDWXUDGHOHYDSRUDGRU
GXDO $ GHO$&WUDVHUR
 7HUPLVWRUGHOHYDSRUDGRUGHO$&  )XVLEOHSULQFLSDOGHEDWHUtD  9iOYXODVROHQRLGH >$@ &LUFXLWRGHFDEOHDGRGHO$&WUDVHURVL
6HQVRUGHWHPSHUDWXUDGHOHYDSRUD $ HVWiHTXLSDGR
GRUGHO$&
 $&21',&,21$0,(172'($,5(23&,21$/%

&RPSUREDFLyQGHOFRQWURODGRUGH$&\VXV
FLUFXLWRV

35(&$8&,Ï1
(O FRQWURODGRU GHO $& \ HO PyGXOR GH (&0 QR SXHGHQ VHU
FRPSUREDGRVSRUVtPLVPRV
(VWi HVWULFWDPHQWH SURKLELGR FRQHFWDU XQ YROWtPHWUR R XQ
RKPtPHWURDOFRQWURODGRUGH$&\DOPyGXORGH(&0FRQ
ORVFRQHFWRUHVGHVFRQHFWDGRVGHHOORV

(OFRQWURODGRUGH$&SXHGHVHUFRPSUREDGRHQORVFRQHFWRUHV
GHFDEOHDGRGHOFRQWURODGRUGH$&PLGLHQGRODWHQVLyQ

&RPSUREDFLyQGHODWHQVLyQ
 'HVPRQWHHOFRQWURODGRUGH$&GHOYHKtFXOR5HILpUDVHD
³&21752/$'25'($&´HQHVWDVHFFLyQ
 'HVPRQWHHOPyGXORGH(&0GHOYHKtFXOR
 &RQHFWHORVDFRSODGRUHVGHOFRQWURODGRUGH$&DOFRQWURODGRU
GH $& \ FRQHFWH ORV DFRSODGRUHV GHO PyGXOR GH (&0 DO
PyGXORGH(&0
 &RPSUXHEH OD WHQVLyQ GH FDGD WHUPLQDO FRQ ORV DFRSODGRUHV
FRQHFWDGRV 5HILpUDVH D OD ³7$%/$ '( 9$/25(6 '( 7(1
6,Ï1'(/&21752/$'25'($&´
 7HUPLQDO$&$
 7HUPLQDO&

127$
3DUD OD ³)LJ $´ ³)LJ %´ ³)LJ &´ GH OD LOXVWUDFLyQ UHILp
UDVHDOD³7$%/$'(9$/25(6'(7(16,Ï1'(/&21752
/$'25'($&´
%$&21',&,21$0,(172'($,5(23&,21$/

&,5&8,72'(/6,67(0$

A B C
12

1 12V 5V
AC-A-1

2 13
5
3 12V
12V
AC-A-7
6 AC-A-9 E61-8
12V
AC-A-4
4 5V
AC-B-2
5V
8 7 AC-A-13 E61-17
D B AC-B-1

AC-A-16

AC-A-2

9
E61-22

11
10

$ $OIXVLEOH³)5217  5HOpGHOPRWRUGHOVRSOD  ,QWHUUXSWRUGHSUHVLyQUHIULJHUDQWHGXDO  0RWRUGHOYHQWLODGRUGHHQIULD

%/2:´ GRUGHODQWHUR PLHQWRGHOFRQGHQVDGRU
% $OIXVLEOH³5($5'()*´  0RWRUGHOVRSODGRUGHODQ  7HUPLVWRUGH$&VHQVRUGHWHPSHUDWXUDGHO  &RQWURODGRUGH$&
WHUR HYDSRUDGRU
& $OIXVLEOH³,*0(7(5´  5HVLVWHQFLDGHOPRWRUGHO  5HOpGHOFRPSUHVRU  (&0
VRSODGRUGHODQWHUR
' $OIXVLEOH³$&´  ,QWHUUXSWRUGHOPRWRUGHO  &RPSUHVRU
VRSODGRUGHODQWHUR
 ,QWHUUXSWRUGH$&  5HOpGHOPRWRUGHOYHQWLODGRUGHHQIULDPLHQWRGHO
FRQGHQVDGRU

'LVSRVLFLyQGHORVWHUPLQDOHVGHOFRQWURODGRUGH$&

AC-B AC-A

1 2 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

'LVSRVLFLyQGHORVWHUPLQDOHVGHO(&0

E61 C51-3 C51-1 C51-2

8 7 6 5 2 1 2 1
6 5 4 3 2 1 4 3 2 1 7 6 5 4 3 7 6 5 4 3
23 22 21 20 19 18 17 16 15 14 13 12 11 10 9 17 16 15 14 13 12 11 10 9 8 7 19 18 17 16 15 14 13 12 11 10 9 8 20 19 18 17 16 15 14 13 12 11 10 9 8

35 34 33 32 31 30 29 28 27 26 25 24 26 25 24 23 22 21 20 19 18 28 27 26 25 24 23 22 21 20 30 29 28 27 26 25 24 23 22 21
 ACONDICIONAMIENTO DE AIRE (OPCIONAL) 1B-17

TABLA DE VALORES DE TENSIÓN DEL CONTROLADOR DE A/C

Medición
Terminal Cable Circuito Valor normal Condición
a masa
Alimentación eléc-
BLK/ Masa a motor Interruptor de encendido en ON, con el
AC-A-1 trica principal del 10 – 14 V
WHT (Fig. B) motor parado
controlador
BLK/ Masa principal del Masa a carro-
AC-A-2 –0,4 – 0 V Motor funcionando
YEL controlador cería (Fig. A)
Presión de refrigerante comprendida
0–1V entre 225 kPa (2,3 kg/cm2) y 2548 kPa
Entrada de interrup-
Masa a motor (26 kg/cm2) con el motor funcionando
AC-A-4 ORN tor de presión (dual)
(Fig. B) Presión de refrigerante inferior a 196 kPa
del refrigerante
10 – 14 V (2,0 kg/cm2), o superior a 3140 kPa (32
kg/cm2) con el motor funcionando
Interruptor del motor del ventilador del
soplador, o interruptor de descongela-
8 – 14 V
Entrada del interrup- ción o del A/C en posición OFF, con el
GRN/ tor de A/C y/o inte- Masa a motor motor funcionando
AC-A-7
BLK rruptor de (Fig. B) Interruptor del motor del ventilador del
descongelación soplador, e interruptor de descongela-
0 – 1,5 V
ción o del A/C en posición ON, con el
motor funcionando
Entrada de señal del 10 – 14 V Aceptación de A/C en ON
módulo de ECM
GRY/ Masa a motor
AC-A-9 (señal de autoriza-
WHT (Fig. B) 0–1V Prohibición de A/C en la posición ON
ción de activación
(ON) del A/C)
Interruptor del motor del ventilador de
soplador e interruptor de descongelador
o del A/C, en posición ON (activado),
con el motor funcionando con una
Salida de señal al entrada de temperatura -del sensor de
módulo de ECM 0 – 1,5 V
YEL/ Masa a motor temperatura del evaporador del A/C-
AC-A-13 (señal de petición de mayor que 2,5 °C, aproximadamente
BLK (Fig. B)
activación (ON) del (menor que 2,5 V (5840 Ω)) y el interrup-
A/C) tor de presión del refrigerante, en posi-
ción ON
Excepto en las condiciones anteriores,
10 – 14 V
con el motor funcionando
Interruptor del motor del ventilador de
soplador e interruptor de descongelador
o del A/C, en posición ON (activado),
con el motor funcionando con una
entrada de temperatura -del sensor de
Salida del relé del 0–1V temperatura del evaporador del A/C-
Masa a motor
AC-A-16 PNK embrague magné- mayor que 2,5 °C, aproximadamente
(Fig. B)
tico del compresor (menor que 2,5 V (5840 Ω)), el interrup-
tor de presión del refrigerante, en posi-
ción ON, y entrada de señal del módulo
de ECM, activado (posición ON)
Excepto en las condiciones anteriores,
10 – 14 V
con el motor funcionando
BLU/ Masa a carro-
AC-B-1 Masa a sensor –0,4 – 0 V Motor funcionando
YEL cería (Fig. A)
1B-18 ACONDICIONAMIENTO DE AIRE (OPCIONAL)

Medición
Terminal Cable Circuito Valor normal Condición
a masa
La temperatura del sensor de tem-
1,8 V peratura del evaporador del A/C es
(3.520 Ω) 15 °C aproximadamente, con el
motor funcionando
La temperatura del sensor de tem-
Entrada del sen-
peratura del evaporador del A/C es
sor de tempera-
4,5 °C aproximadamente, con el
tura del
WHT/ Masa a motor motor funcionando
AC-B-2 evaporador del A/
BLK (Fig. B) Si la temperatura es menor que 4,5
C (termistor del
2,51 V °C, aproximadamente, en tal caso
evaporador del A/
(5,855 Ω) el compresor y el ventilador de
C)
enfriamiento del condensador
deben ser parados (volver a una
temperatura mayor que aproxima-
damente 6,1 °C (menos que 5403
Ω, 2,4 V))
Se requiere activación (ON) del A/
C (terminal AC-A13) con el motor
Salida de señal al funcionando en condiciones nor-
10 – 14 V
controlador del A/ males (Refiérase a “COMPROBA-
GRY/ C (señal de auto- Masa a motor CIÓN DEL MÓDULO DE ECM Y
E61-8
WHT rización de acti- (Fig. C) SU CIRCUITO”, en la sección 6E)
vación (ON) del Excepto en las condiciones ante-
A/C) riores, con el motor funcionando
0–1V
En este caso el compresor debería
ser parado
Entrada de señal Requerir la activación (posición
0 – 1,5 V
desde el controla- ON) del A/C
YEL/ dor del A/C Masa a motor
E61-17
BLK (señal de peti- (Fig. C)
10 – 14 V Cortar (OFF) el A/C
ción de activación
(ON) del A/C)
Interruptor del motor del ventilador
de soplador y A/C o interruptor de
descongelador, en posición ON
(activado), con el motor funcio-
nando con una entrada de tempe-
ratura -del sensor de temperatura
del evaporador del A/C- mayor que
Salida del relé del
2,5 °C, aproximadamente (menor
motor del ventila- 0–1V
YEL/ Masa a motor que 2,5 V (5840 Ω)), el interruptor
E61-22 dor de enfria-
BLU (Fig. C) de presión del refrigerante, en
miento del
posición ON, y entrada de señal
condensador
del módulo de ECM, activado
(posición ON)
Temperatura del refrigerante del
motor superior a 113 °C, con el
motor funcionando
Excepto en las condiciones ante-
10 – 14 V
riores, con el motor funcionando
 ACONDICIONAMIENTO DE AIRE (OPCIONAL) 1B-19

Recuperación, vaciado y carga del refrigerante

ADVERTENCIA:
• No exponga sus ojos al refrigerante (líquido).
Cualquier cantidad de refrigerante líquido HFC-134a (R-134a), escapado por accidente, tiene una tempe-
ratura muy baja, aproximadamente del orden de –6 °C, inferior al punto de congelación. Si entra líquido
HFC-134a (R-134a) en sus ojos, esto puede causarle lesiones graves. Para proteger sus ojos de tal acci-
dente, es necesario que lleve siempre gafas protectoras. Si entra HFC-134a (R-134a) en su(s) ojo(s), con-
sulte a un médico inmediatamente.
– No se restriegue con las manos el (los) ojo(s) afectado(s). En vez de hacer eso, enjuague con abun-
dante agua fresca el área afectada, con el fin de hacer subir a más de 0 °C la temperatura del área
afectada.
– Tan pronto como sea posible, obtenga la atención médica de un doctor o de un oculista y el trata-
miento adecuado.
• Si el HFC-134a (R-134a) líquido entra en contacto con su cutis, el área afectada deberá ser tratada como
si la epidermis estuviera atacada o helada por el frío.
• El refrigerante no debe ser manipulado donde se está soldando o donde se está limpiando con vapor.
• El refrigerante debe ser conservado en un lugar frío y oscuro. Nunca almacene el refrigerante en un
lugar que se calentará considerablemente, por ejemplo en un lugar donde quede expuesto a la luz solar
directa, cerca de un fuego, o dentro de un vehículo (incluyendo el maletero).
• Evite respirar los vapores emitidos cuando se quema el HFC-134a (R-134a). Estos vapores pueden ser
peligrosos y dañinos para la salud.

Procedimiento para cargar refrigerante en el A/C

Inicio de la evacuación

20 minutos

Detención de la evacuación
Inspeccione y repare las conexiones
Espere 10 minutos

Compruebe si hay fugas de presión Si el indicador del medidor revela anomalías

Cargue la cantidad correcta de refrigerante

Cargue el A/C con refrigerante en forma de gas
Cantidad de refrigerante
Modelo de A/C dual: 750±50 g (1,65±0,11 lb, 26,45±1,76 oz)
Modelo de A/C simple: 500±50 g (1,1±0,11 lb, 17,64±1,76 oz)
Compruebe si hay fugas de
refrigerante en el sistema y
verifique la cantidad de carga del mismo

Prueba de rendimiento
%$&21',&,21$0,(172'($,5(23&,21$/

5HFXSHUDFLyQ

127$
‡ &XDQGR GHVFDUJXH HO UHIULJHUDQWH GHO VLVWHPD GH $&
1
VLHPSUH UHFXSHUH HO UHIULJHUDQWH XWLOL]DQGR HO HTXLSR 
SDUD UHFXSHUDFLyQ \ UHFLFODGR GH UHIULJHUDQWH /D GHV
FDUJD GH UHIULJHUDQWH HQ OD DWPyVIHUD SRGUtD DIHFWDU
DGYHUVDPHQWHHOPHGLRDPELHQWH
‡ &XDQGR PDQLSXOH HO HTXLSR GH UHFXSHUDFLyQ \ GH UHFL
FODMH DVHJ~UHVH ELHQ GH VHJXLU ODV LQVWUXFFLRQHV GDGDV
HQHO0DQXDOSDUDHOHTXLSR
 ACONDICIONAMIENTO DE AIRE (OPCIONAL) 1B-21

Vaciado
Procedimiento de vaciado

PRECAUCIÓN:
No vacíe antes de efectuar la recuperación de refrigerante
en el sistema.

NOTA:
Cuando haya sido abierto (expuesto al aire atmosférico), el
sistema de A/C debe ser vaciado utilizando una bomba de
vacío. Al sistema de A/C debe ser fijado con un conjunto de
medidor de colector, y el sistema debe ser vaciado durante
20 minutos, aproximadamente.

1) Conecte la manguera (1) de carga de presión alta y la man-

guera (2) de carga de presión baja del conjunto (3) de medidor
del colector, respectivamente como indicado a continuación.
Manguera (1) de carga de presión alta → válvula (4) de carga
de presión alta, en la manguera de descarga.
Manguera (2) de carga de presión baja → válvula (5) de carga
de presión baja, en el tubo de aspiración.
2) Fije la manguera (6) central de carga del conjunto (3) de medi-
dor del colector, a la bomba (7) de vacío.
3) Haga funcionar la bomba (7) de vacío, y enseguida abra la vál-
vula (9) [HI (alta)] del lado de descarga, del conjunto (3) de
3
6 medidor de colector.
11
10 Si no hay bloqueo en el sistema, habrá una indicación de pre-
7 sión alta en el medidor (10) de presión alta.
8 Cuando esto ocurra, abra la otra válvula (8) [Lo (baja)], del con-
9 junto.
2 4) Aproximadamente 10 minutos después, el medidor (11) de pre-
sión baja debería indicar un vacío de –10 kPa (–1,0 kg/cm2)
siempre que no haya fugas en el sistema.

1 NOTA:
4 • Si el sistema no indica el valor –10 kpa (–1,0 kg/cm2), cie-
rre ambas válvulas, pare la bomba de vacío y observe el
5
movimiento del indicador del medidor de presión baja.
• El aumento de la lectura del medidor sugiere que hay
fugas. En este caso, repare el sistema antes de continuar
el vaciado.
• Si el indicador del medidor muestra una lectura estable
(sugiriendo que no hay fugas) prosiga el vaciado.
5) El proceso de vaciado debe ser efectuado durante 20 minutos,
por lo menos.
6) Continúe el vaciado hasta que la lectura del medidor de presión
baja indique –10 kPa (–1,0 kg/cm2), y enseguida cierre ambas
válvulas (8), (9).
7) Pare el funcionamiento de la bomba (7) de vacío. Desconecte
la manguera (6) central de carga, de la boquilla de entrada de
la bomba. Ahora, el sistema está listo para la carga de refrige-
rante.
%$&21',&,21$0,(172'($,5(23&,21$/

&RPSUREDFLyQGHIXJDVGHSUHVLyQHQHOVLVWHPD
'HVSXpV GH KDEHU FRPSOHWDGR HO YDFLDGR FLHUUH OD YiOYXOD +, GH
SUHVLyQDOWD\ODYiOYXOD/2GHSUHVLyQEDMDGHOPHGLGRUGHFROHFWRU
\HVSHUHPLQXWRV&RPSUXHEHTXHODOHFWXUDGHOPHGLGRUGHSUH
VLyQEDMDQRKDFDPELDGR

35(&$8&,Ï1
6LODOHFWXUDGHOPHGLGRUVHPXHYHKDFLDHOYDORU³´HVWR
LQGLFD TXH KD\ IXJD HQ DOJXQD SDUWH ,QVSHFFLRQH ODV
FRQH[LRQHV GH WXEHUtDV KDJDODV FRUUHFFLRQHV QHFHVDULDV
\YXHOYDDYDFLDUHOUHIULJHUDQWHGHOVLVWHPDDVHJXUiQGRVH
GHTXHQRKD\QLQJXQDIXJD

&DUJD

35(&$8&,Ï1
‡ 6,(035(&$5*8($75$9e6'(//$'2'(35(6,Ï1%$-$'(/6,67(0$GH$&GHVSXpVGHTXHOD
FDUJDLQLFLDOKD\DVLGRHIHFWXDGDGHVGHHOODGRGHSUHVLyQDOWDFRQHOPRWRUSDUDGR
‡ 181&$&$5*8($//$'2'(/$/7$35(6,Ï1GHOVLVWHPDGH$&FRQHOPRWRUIXQFLRQDQGR
‡ 1RFDUJXHFXDQGRHOFRPSUHVRUHVWiFDOLHQWH
‡ &XDQGR LQVWDOD OD YiOYXOD GH GHULYDFLyQ HQ HO FRQWHQHGRU GHO UHIULJHUDQWH SDUD KDFHU XQD SHUIRUDFLyQ
VLJDFXLGDGRVDPHQWHWRGDVODVLQGLFDFLRQHVGHOIDEULFDQWH
‡ $QWHV\GXUDQWHODFDUJDVLHPSUHXWLOLFHXQPHGLGRUGHSUHVLyQ
‡ &XDQGRVHDGHVHFKDGRHOUHFLSLHQWHGHOUHIULJHUDQWHGHEHHVWDUYDFtRVLQQLQJ~QUHVWRGHUHIULJHUDQWH
‡ (OUHFLSLHQWHGHOUHIULJHUDQWHQRGHEHVHUFDOHQWDGRDODWHPSHUDWXUDGHƒ&RPiV
‡ &XDQGR FDUJXH QR LQYLHUWD HO VHQWLGR GH OD SRVLFLyQ GHO UHFLSLHQWH GH UHIULJHUDQWH /D LQYHUVLyQ GH OD
SRVLFLyQKDFHTXHHQWUHOtTXLGRUHIULJHUDQWHHQHOFRPSUHVRU\HVWRDIHFWDDGYHUVDPHQWHODFRPSUHVLyQ
GHOOtTXLGRUHIULJHUDQWHHQWUHRWUDVFRVDV

127$
(OVLVWHPDGHDFRQGLFLRQDPLHQWRGHDLUHFRQWLHQH+)&D5D
$FRQWLQXDFLyQVHGHVFULEHHOSURFHGLPLHQWRSDUDFDUJDUUHIULJHUDQWHHQHOVLVWHPDGHDFRQGLFLRQDPLHQWR
GHDLUHGHVGHHOUHFLSLHQWHGHVHUYLFLRGHOUHIULJHUDQWH
&XDQGRFDUJXHHOUHIULJHUDQWHUHFXSHUDGRXWLOL]DQGRHOHTXLSRGHUHFXSHUDFLyQ\GHUHFLFODMHFXDQGRVH
UHFLFOD HO UHIULJHUDQWH VLJD HO SURFHGLPLHQWR GHVFULWR HQ HO 0DQXDO GH ,QVWUXFFLRQHV GHO IDEULFDQWH GHO
HTXLSR
 ACONDICIONAMIENTO DE AIRE (OPCIONAL) 1B-23

La carga inicial del sistema de A/C es efectuada desde el lado de

presión alta, con el motor parado.
Enseguida, se debe utilizar el procedimiento siguiente para cargar
desde el lado de presión baja, con el motor funcionando.
1) Después de vaciar el sistema, verifique bien que las mangueras
están dispuestas correctamente.

2) Conecte en sus posiciones, la manguera (1) de carga de pre-

sión baja y la manguera (2) de carga de presión alta del con-
junto (3) de medidor de colector. Luego, abra la válvula (4) del
3 recipiente del refrigerante, para purgar la tubería de carga.
5
3) Abra la válvula (6) del lado de presión alta y cargue refrigerante
4 en el sistema.
4) Después de un momento, abra la válvula (5) del lado de presión
6
1 baja y cierre la válvula (6) del lado de presión alta.

ADVERTENCIA:
Asegúrese de que la válvula del lado de presión alta está
cerrada correcta y seguramente.
2
5) Haga arrancar el motor y manténgalo funcionando a 1.500 rpm.
Enseguida, haga funcionar el acondicionamiento de aire.

NOTA:
En el modelo de A/C dual también hay que hacer funcionar
el sistema de A/C trasero.
6) Cargue el sistema de A/C con refrigerante en estado de vapor.
En este momento, el recipiente del refrigerante debe ser man-
tenido en posición hacia arriba.

7) Cuando el recipiente (3) del refrigerante esté vacío emplee el

procedimiento siguiente para reemplazarlo por un recipiente (3)
de refrigerante, nuevo.
a) Cierre la válvula de baja presión.
b) Reemplace el recipiente (3) vacío por un recipiente de refrige-
rante que haya sido cargado con refrigerante. Cuando utilice
la válvula (4) de derivación de recipiente de refrigerante, apli-
que el procedimiento siguiente para el reemplazo.
i) Retraiga la aguja (1) y desmonte la válvula (4) de derivación
del recipiente de refrigerante, aflojando su tuerca (2) plana.
ii) Instale la válvula (4) de derivación del recipiente de refrige-
rante -que ha sido desmontada- en un recipiente (3) nuevo
de refrigerante.
%$&21',&,21$0,(172'($,5(23&,21$/

F 3XUJXHWRGRHODLUHGHODPDQJXHUDFHQWUDOGHFDUJD
&XDQGR XWLOLFH OD YiOYXOD URVFDGD GH GHULYDFLyQ GHO FRQWHQH
GRU GH UHIULJHUDQWH DSOLTXH HO SURFHGLPLHQWR VLJXLHQWH SDUD
SXUJDUHODLUH
L $SULHWHFRPSOHWDPHQWHXQDYH]ODYiOYXODURVFDGDGHGHUL
YDFLyQ GHO UHFLSLHQWH GH UHIULJHUDQWH \ HQVHJXLGD DIORMH
DEUDOLJHUDPHQWHODWXHUFDSODQD
LL $EUDXQSRFRODYiOYXODGHOODGRGHSUHVLyQEDMDGHOFRQMXQWR
GHPHGLGRUGHFROHFWRU
LLL (Q FXDQWR OOHJXH HO UHIULJHUDQWH HPLWLHQGR ³XQ VRQLGR VLO
EDQWH´SRUODKROJXUDTXHKD\HQWUHHOUHFLSLHQWHGHOUHIULJH
UDQWH \ OD YiOYXOD URVFDGD GH GHULYDFLyQ DSULHWH OD WXHUFD
SODQD\WDPELpQODYiOYXODGHOODGRGHEDMDSUHVLyQGHOPHGL
GRUGHOFROHFWRU
LY *LUH OD SDORPLOOD GH OD YiOYXOD URVFDGD GH GHULYDFLyQ HQ HO
VHQWLGRGHODVDJXMDVGHOUHORMGHPDQHUDTXHVX DJXMDVH
DWRUQLOOHHQHOUHFLSLHQWHQXHYR\DVtSHUIRUHXQRULILFLRSDUD
HOIOXMRGHOUHIULJHUDQWH
 ³6LOELGR´

4  'HVSXpVGHTXHHOVLVWHPDKD\DVLGRFDUJDGRFRQODFDQWLGDG
1
2 HVSHFLILFDGD GH UHIULJHUDQWH R FXDQGR HO PHGLGRU  GH EDMD
SUHVLyQ\HOPHGLGRUGHDOWDSUHVLyQKD\DQLQGLFDGRFDQWLGDG
HVSHFLILFDGDVLJXLHQWHFLHUUHODYiOYXODGHOODGRGHEDMDSUH
3 VLyQ HQ HO FRQMXQWR  GH PHGLGRU GHO FROHFWRU 6L HVWi HTXL
SDGRHQHVWHPRPHQWRPLUHSRUPLULOODGHYLGULRGHOWXER
GHVDOLGDGHOFRQGHQVDGRU\FRPSUXHEHTXHQRKD\EXUEXMDV
HQpOORTXHLQGLFDTXHHOVLVWHPDHVWiFDUJDGRFRPSOHWD
PHQWH
0HGLGRUGHEDMDSUHVLyQFXDQGRFDUJDGRFRQODFDQWLGDG
HVSHFLILFDGD
±N3D±NJFPDSUR[LPDGDPHQWH
$ODWHPSHUDWXUDGH±ƒ&GHODHQWUDGDGHO$&
5 0HGLGRUGHDOWDSUHVLyQFXDQGRFDUJDGRFRQODFDQWLGDG
HVSHFLILFDGD
±N3D±NJFPDSUR[LPDGDPHQWH
$ODWHPSHUDWXUDGH±ƒ&GHODHQWUDGDGHO$&
6

7
 $&21',&,21$0,(172'($,5(23&,21$/%

6HUYLFLRHQHOYHKtFXOR
$'9(57(1&,$
6LHQWUDUHIULJHUDQWHOtTXLGR+)&D5DHQVXVRMRVFRQVXOWHDXQPpGLFRLQPHGLDWDPHQWH
‡ 126(5(675,(*8(&21/$60$126(//262-26$)(&7$'26
(QYH]GHKDFHUHVWRHQSULPHUOXJDUHQMXDJXHFRQDEXQGDQWHDJXDIUHVFDHOiUHDDIHFWDGDFRQHOILQGH
KDFHUVXELUDPiVGHƒ&ODWHPSHUDWXUDGHOiUHDDIHFWDGD
‡ 7DQSURQWRFRPRVHDSRVLEOHREWHQJDODDWHQFLyQPpGLFDGHXQGRFWRURGHXQRFXOLVWD\HOWUDWDPLHQWR
DGHFXDGR
6LHO+)&D5DOtTXLGRHQWUDHQFRQWDFWRFRQVXFXWLVHOiUHDDIHFWDGDGHEHUiVHUWUDWDGDFRPR
VLODHSLGHUPLVHVWXYLHUDDWDFDGDRKHODGDSRUHOIUtR

35(&$8&,Ï1
1LQJXQDGHODVSLH]DVFRPSRQHQWHVQLHOUHIULJHUDQWHQLHODFHLWHGHFRPSUHVRUVRQLQWHUFDPELDEOHVHQWUH
GRVWLSRVGH$&8QRXWLOL]DUHIULJHUDQWH&)&5\HORWURXWLOL]DUHIULJHUDQWH+)&D5D
3DUDLGHQWLILFDUHVWRVGRVWLSRVUHILpUDVHD³7,32'(5()5,*(5$17(´HQHVWDVHFFLyQ
&XDQGRUHOOHQHDxDGLHQGRRFDPELHUHIULJHUDQWH\DFHLWHGHFRPSUHVRU\FXDQGRUHHPSODFHSLH]DVDVH
J~UHVHGHTXHHOPDWHULDORODVSLH]DVTXHVHUiQXWLOL]DGDVVRQDSURSLDGRVSDUDHO$&LQVWDODGRHQHOYHKt
FXORTXHHVVHUYLGR/DXWLOL]DFLyQGHXQHOHPHQWRLQFRUUHFWRSXHGHFDXVDUIXJDVGHUHIULJHUDQWHGDxRHQ
ODVSLH]DVXRWUDFRQGLFLyQGHIHFWXRVD

3UHFDXFLRQHV
&XDQGRHIHFW~HWUDEDMRVGHVHUYLFLRHQHOVLVWHPDGHDFRQGLFLRQDPLHQWRGHDLUHDSOLTXHODVLQVWUXFFLRQHVVLJXLHQWHV
7XERV
‡ &XDQGRFRQHFWHPDQJXHUDV\WXERVDSOLTXHXQDVJRWDVGHDFHLWHGHFRPSUHVRUDFHLWHIULJRUtJHQRHQORVDVLHQ
WRVGHODVWXHUFDVGHDFRSODPLHQWR\HQODVMXQWDVWyULFDV

127$
(O PRGHOR GH $& VLPSOH HV LGpQWLFR DO PRGHOR 64 PRWRU + 5HILpUDVH D OD PLVPD VHFFLyQ GHO
0DQXDOGH6HUYLFLRPHQFLRQDGRHQHO35()$&,2GHHVWHPDQXDO

[A]

9
7

8
3

6 1

>$@ 0RGHORGH$&GREOH  0DQJXHUDGHDVSLUDFLyQ  7XERGHVDOLGDGHOFRQGHQVDGRU  7XERGHDVSLUDFLyQGHODQWHUR

$SOLTXHDFHLWHGHFRPSUHVRU  0DQJXHUDGHGHVFDUJD  9iOYXODGHH[SDQVLyQ  7XERWUDVHURGHOtTXLGR
DFHLWHIULJRUtJHQRDODMXQWDWyULFD
 7XERGHODQWHURGHOtTXLGR  ,QWHUUXSWRUGHSUHVLyQUHIULJHUDQWHGXDO  7XERWUDVHURGHDVSLUDFLyQ
%$&21',&,21$0,(172'($,5(23&,21$/

‡ 1XQFDXWLOLFHFDORUSDUDGREODUORVWXERV&XDQGRGHEDGREODUXQWXERWUDWHTXHHOUDGLRVHDORPiVJUDQGHSRVL
EOH
‡ 0DQWHQJDODVSLH]DVLQWHUQDVGHODFRQGLFLRQDPLHQWRGHDLUHH[HQWDVGHKXPHGDG\GHSROYR&XDQGRGHVFR
QHFWHFXDOTXLHUWXEHUtDGHOVLVWHPDLQVWDOHLQPHGLDWDPHQWHXQWDSyQFLHJRRXQDWDSDHQODXQLyQ
‡ &XDQGRDSULHWHRDIORMHXQDXQLyQXWLOLFHGRVOODYHVXQDSDUDKDFHUJLUDU\ODRWUDSDUDVXMHWDU
‡ $SULHWHODVWXHUFDVDERFLQDGDVDOSDUGHDSULHWHHVSHFLILFDGR
3DUGHDSULHWH
7XERGHPP1ÂPNJP
7XERGHPP1ÂPNJP
7XERGHPP1ÂPNJP

‡ 'LVSRQJDODPDQJXHUDGHGUHQDMHGHPDQHUDTXHHODJXDGUHQDGDQRHVWpHQFRQWDFWRFRQORVFRPSRQHQWHVGHO
YHKtFXOR

0DQLSXODFLyQGHOUHIULJHUDQWH+)&D5D
‡ &XDQGRPDQLSXOHUHIULJHUDQWHVLHPSUHOOHYHJDIDVSURWHFWRUDV
‡ (YLWHHVWDUHQFRQWDFWRGLUHFWRFRQHOUHIULJHUDQWHOtTXLGR
‡ 1RFDOLHQWHHOUHFLSLHQWHGHOUHIULJHUDQWHDPiVGHƒ&
‡ 1RGHVFDUJXHUHIULJHUDQWHHQODDWPyVIHUD
‡ 1RGHMHTXHHOUHIULJHUDQWHOtTXLGRFDLJDVREUHORVPHWDOHVEULOODQWHV(OUHIULJHUDQWHFRPELQDGRFRQODKXPHGDG
HVFRUURVLYR\PDQFKDUiODVVXSHUILFLHVPHWiOLFDVEULOODQWHVLQFOX\HQGRHOFURPDGR
‡ 'HVSXpVGHUHFXSHUDUHOUHIULJHUDQWHGHOVLVWHPDPLGDODFDQWLGDGUHFXSHUDGDGHDFHLWHGHOFRPSUHVRUSDUDDxD
GLUODPLVPDFDQWLGDGFXDQGRUHOOHQHFRQDFHLWHGHFRPSUHVRU

5HFXSHUDFLyQGHOUHIULJHUDQWH
&XDQGRGHVFDUJXHHOUHIULJHUDQWHGHOVLVWHPDGH$&VLHPSUHUHFXSHUHHOUHIULJHUDQWHXWLOL]DQGRHOHTXLSRSDUDUHFX
SHUDFLyQ\UHFLFODGRGHUHIULJHUDQWH/DGHVFDUJDGHOUHIULJHUDQWH+)&D5DHQODDWPyVIHUDSXHGHWHQHU
HIHFWRVQHJDWLYRVHQHOPHGLRDPELHQWH

127$
&XDQGR PDQLSXOH HO HTXLSR GH UHFXSHUDFLyQ \ GH UHFLFODMH DVHJ~UHVH ELHQ GH VHJXLU ODV LQVWUXFFLRQHV
GDGDVHQHO0DQXDOSDUDHOHTXLSR

&DUJDGHUHIULJHUDQWH
&DUJXHHQHO$&ODFDQWLGDGFRUUHFWDGHUHIULJHUDQWHGHDFXHUGRFRQHOSURFHGLPLHQWRGHFDUJDGHVFULWRHQUHFXSH
UDFLyQYDFLDGR\FDUJD

35(&$8&,Ï1
1RHIHFW~HQLQJXQDFDUJDDGLFLRQDOGHUHIULJHUDQWHHQHOVLVWHPDGH$&(VWRSXHGHVHUFDXVDGHFDUJD
H[FHVLYD
 $&21',&,21$0,(172'($,5(23&,21$/%

/OHQDGRFRQDFHLWHGHFRPSUHVRU

35(&$8&,Ï1
$VHJ~UHVH GH XWLOL]DU DFHLWH GH FRPSUHVRU +)&D 5
D
&XDQGRUHHPSODFHSLH]DVGHODFRQGLFLRQDPLHQWRGHDLUHSRUSLH]DV
QXHYDVHVQHFHVDULRDxDGLUHODFHLWHTXHVHVXSRQHTXHGyHQFDGD
SLH]DUHHPSOD]DGD
&8$1'262/$0(17(&$5*8(*$6
&XDQGRHVLQHYLWDEOHFDPELDUJDVVLQUHHPSOD]DUDOJXQDSLH]DFRP
SRQHQWHSDUDHOGHVPRQWDMHHLQVWDODFLyQGHOPRWRURSRURWUDUD]yQ
DxDGD  FP FF GH DFHLWH &XDQGR DxDGD VRODPHQWH JDV OD
DGLFLyQGHDFHLWHQRHVQHFHVDULD

&8$1'25((03/$&((/&2035(625
(ODFHLWHGHOFRPSUHVRUHVWiVHOODGRHQFDGDFRPSUHVRUQXHYRFRQ
OD FDQWLGDG UHTXHULGD SDUD HO FLFOR GHO DFRQGLFLRQDGRU GH DLUH 3RU
FRQVLJXLHQWH FXDQGR XWLOLFH XQ FRPSUHVRU QXHYR SDUD UHHPSOD]DU
GUHQHHOH[FHVRGHDFHLWHFDOFXODGRGHODPDQHUDVLJXLHQWH
³&´ ³$´±³%´
³&´&DQWLGDGGHDFHLWHTXHVHUiGUHQDGR
³$´&DQWLGDGGHDFHLWHVHOODGRHQXQFRPSUHVRUQXHYR
³%´9ROXPHQGHDFHLWHUHPDQHQWHHQHOFRPSUHVRUGHVPRQWDGR

127$
(OFRQMXQWR GHFRPSUHVRUVXPLQLVWUDGR SRUODIiEULFDHVWi
OOHQRFRQODFDQWLGDGVLJXLHQWHGHDFHLWHGHFRPSUHVRU
9ROXPHQGHDFHLWHHQHOFRPSUHVRUQXHYR
0RGHORGH$&GREOHFPFF
0RGHORGH$&VLPSOHFPFF

&8$1'25((03/$&(275$3,(=$
&DQWLGDGGHDFHLWHGHFRPSUHVRU

3LH]DUHHPSOD]DGD &DQWLGDGGHDFHLWHGHFRPSUHVRU
TXHKD\TXHDxDGLU
(YDSRUDGRU FPFF
(YDSRUDGRUWUDVHUR FPFF
SDUDHOPRGHORGH$
&GREOH
&RQGHQVDGRU FPFF
5HFHSWRUVHFDGRU FPFF
0DQJXHUDV FPFFFDGDXQD
7XERV FPFFFDGDXQR
 &RPSUHVRUQXHYR
 &RPSUHVRUGHVPRQWDGR
 ([FHVRGHDFHLWH$±%
%$&21',&,21$0,(172'($,5(23&,21$/

8QLGDGGHO$&WUDVHUR(YDSRUDGRUGHO$&WUDVHUR

2
3
2

1 14 8
4
14

4 11

14

12
10

6 6 13

7 15

14

 &XELHUWDGHOYHQWLODGRUGHOVRSOD  &OLSGHPRQWDMHGHODXQLGDGGHO$&WUDVHUR  6RSRUWHGHPRQWDMHGHYiOYXOD 1RYXHOYDDXWLOL]DU

GRUWUDVHUR VROHQRLGH
 &OLSGHPRQWDMHGHODXQLGDGGHO  &RQMXQWRGHOPRWRUGHOVRSODGRUWUDVHUR  9iOYXODVROHQRLGH $SOLTXHDFHLWHGHFRP
$&WUDVHUR SUHVRUIULJRUtJHQR
DODMXQWDWyULFD
 5HVLVWHQFLDGHOYHQWLODGRUGHO  &RQWURODGRUGHWHPSHUDWXUDGHOHYDSRUDGRU  7XERWUDVHURGHOtTXLGR
VRSODGRUWUDVHUR GHO$&WUDVHUR
 &XELHUWDGHODXQLGDGGHO$&  9iOYXODGHH[SDQVLyQWUDVHUD  -XQWDWyULFD
WUDVHUR
 (YDSRUDGRUGHO$&WUDVHUR  7XERWUDVHURGHDVSLUDFLyQ  (PSDTXHWDGXUD

'(60217$-(
 'HVFRQHFWHHOFDEOHQHJDWLYR±HQODEDWHUtD
 5HFXSHUHHOUHIULJHUDQWHXWLOL]DQGRHOHTXLSRGHUHFXSHUDFLyQ\
GHUHFLFODMH$VHJ~UHVHELHQGHVHJXLUODVLQVWUXFFLRQHVGDGDV
HQHO0DQXDOSDUDHOHTXLSR
0LGDODFDQWLGDGUHFXSHUDGDGHDFHLWHGHFRPSUHVRUSDUDDxD
GLUODPLVPDFDQWLGDGFXDQGRUHOOHQHFRQDFHLWHGHFRPSUHVRU

 'HVPRQWHODJXDUQLFLyQGHOH[WUHPRGHODDOIRPEUDGHOFRP
5 SDUWLPHQWRGHHTXLSDMHWUDVHURODFDMDGHHTXLSDMHWUDVHUD
VLHVWiHTXLSDGDODSODFDSURWHFWRUDODWHUDOGHXPEUDOGH
4 SXHUWD WUDVHUD JXDUQLFLyQ  LQIHULRU GH FXDUWR WUDVHUR \ OD
JXDUQLFLyQVXSHULRUGHFXDUWRWUDVHUR
3
2

1
 $&21',&,21$0,(172'($,5(23&,21$/%

 $IORMH HO SHUQR  GH PRQWDMH GHO WXER GH DVSLUDFLyQ HQ HO
SLVR\GHOWXERGHOtTXLGRHQHOSLVR
1
 6LOHQFLDGRU
2

3  'HVPRQWHHOFRQGXFWRQƒGHO$&WUDVHUR
 'HVFRQHFWHORVDFRSODGRUHVGHFDEOHVGHODXQLGDGGHO$&
WUDVHUR
2
 'HVPRQWHORVSHUQRVGHPRQWDMHGHODXQLGDGGHO$&WUD
VHUR\HQVHJXLGDGHVPRQWHODXQLGDGGHO$&WUDVHUR

127$
7DSH LQPHGLDWDPHQWH WRGDV ODV XQLRQHV SDUD LPSHGLU TXH
1 HQWUHKXPHGDGHQHOVLVWHPD

&20352%$&,Ï1
&RPSUXHEHORVLJXLHQWH
‡ 6LODVDOHWDVGHOHYDSRUDGRUGHO$&WUDVHURHVWiQREVWUXLGDV
6LKD\DOHWDVREVWUXLGDVOLPSLHODVDOHWDVGHOHYDSRUDGRUGHO$
&WUDVHURFRQDJXD\VpTXHODVFRQDLUHFRPSULPLGR
‡ &RPSUXHEHVLKD\IXJDVHQODVDOHWDVGHOHYDSRUDGRUGHO$&
WUDVHURRVLHVWiQURWDV
6LVHHQFXHQWUDFXDOTXLHUGHIHFWRUHSDUHRUHHPSODFHHOHYDSR
UDGRUGHO$&WUDVHUR

,167$/$&,Ï1
3DUDODLQVWDODFLyQGHODXQLGDGGHO$&WUDVHURLQYLHUWDHOSURFHGL
PLHQWR DQWHULRU GH GHVPRQWDMH WHQLHQGR HQ FRQVLGHUDFLyQ ODV LQV
WUXFFLRQHVVLJXLHQWHV
‡ 9DFtH \ FDUJXH HO VLVWHPD 5HILpUDVH D ³5(&83(5$&,Ï1´ \
³9$&,$'2´HQHVWDVHFFLyQ
‡ &XDQGRVHKD\DGHVPRQWDGRHOWHUPLVWRUVHQVRUGHWHPSHUD
WXUDGHOHYDSRUDGRUGHO$&WUDVHURGHEHYROYHUDVHULQVWDODGR
HQVXSRVLFLyQRULJLQDO
‡ 6L OD XQLGDG GHO $& WUDVHUR R HO HYDSRUDGRU GHO $& WUDVHUR
KDQVLGRUHHPSOD]DGRVDxDGDFPFFGHDFHLWHIULJRUt
JHQRHQHOODGRDVSLUDFLyQGHOFRPSUHVRU

9iOYXODGHH[SDQVLyQWUDVHUD
&20352%$&,Ï1
5HILpUDVHD³',$*1Ï67,&2'(5(1',0,(172´HQHVWDVHFFLyQ
%$&21',&,21$0,(172'($,5(23&,21$/

'(60217$-(
 'HVPRQWHODXQLGDGGHO$&WUDVHUR5HILpUDVHD³81,'$''(/
$&75$6(52´HQHVWDVHFFLyQ
1  'HVFRQHFWHHOFRQHFWRUGHYiOYXODVROHQRLGH
 $IORMHORVWRUQLOORVGHPRQWDMHGHOVRSRUWHGHODYiOYXODVROH
QRLGH

 'HVPRQWHHOSHUQRGHOWXERWUDVHURGHOtTXLGR\GHOWXERWUD
5 VHURGHDVSLUDFLyQ\HQVHJXLGDGHVFRQHFWHHOWXERWUDVHUR
4 GH OtTXLGR \ HO WXER  WUDVHUR GH DVSLUDFLyQ FRQ OD YiOYXOD
VROHQRLGH\VXVRSRUWHGHODYiOYXODGHH[SDQVLyQWUDVHUD
 'HVPRQWHODYiOYXODGHH[SDQVLyQWUDVHUDGHODXQLGDG
1 GHO$&WUDVHUR

127$
2 7DSH LQPHGLDWDPHQWH WRGDV ODV XQLRQHV SDUD LPSHGLU TXH
3 HQWUHKXPHGDGHQHOVLVWHPD

,167$/$&,Ï1
3DUD LQVWDODU OD YiOYXOD GH H[SDQVLyQ WUDVHUD LQYLHUWD HO SURFHGL
PLHQWRGHGHVPRQWDMH

&RQWURODGRUGHWHPSHUDWXUDGHOHYDSRUDGRUGHO
$&WUDVHUR
'(60217$-(
 'HVPRQWHODXQLGDGGHO$&WUDVHUR5HILpUDVHD³81,'$''(/
$&75$6(52´HQHVWDVHFFLyQ
 'HVFRQHFWHHOFRQHFWRUGHOFRQWURODGRUGHWHPSHUDWXUDGHO
2 HYDSRUDGRUGHO$&WUDVHUR
 'HVPRQWHHOFRQWURODGRUGHWHPSHUDWXUDGHOHYDSRUDGRUGHO
$&WUDVHURGHODXQLGDGHO$&WUDVHUR

1
 $&21',&,21$0,(172'($,5(23&,21$/%

&20352%$&,Ï1

 &RQHFWHHOWHUPLQDOGHODEDWHUtDDOWHUPLQDO³E´\HOWHUPLQDO
QHJDWLYR±GHODEDWHUtDDOWHUPLQDO³F´HQODIRUPDPRVWUDGD
HQODILJXUD
 8WLOLFH HO RKPtPHWUR \ D OD WHPSHUDWXUD HVSHFLILFDGD FRP
SUXHEHODFRQWLQXLGDGHQWUHHOWHUPLQDO³D´\HOWHUPLQDO³E´HQ
ODIRUPDPRVWUDGD

(VSHFLILFDFLyQGHOFRQWURODGRUGHWHPSHUDWXUDGHOHYDSRUD
GRUGHO$&WUDVHUR
³$´ƒ&DSUR[LPDGDPHQWH
³%´ƒ&DSUR[LPDGDPHQWH

,167$/$&,Ï1
3DUD OD LQVWDODFLyQ GHO FRQWURODGRU GH WHPSHUDWXUD GHO HYDSRUDGRU
GHO $& WUDVHUR LQYLHUWD HO SURFHGLPLHQWR DQWHULRU GH GHVPRQWDMH
WHQLHQGRHQFRQVLGHUDFLyQODVLQVWUXFFLRQHVVLJXLHQWHV
‡ &XDQGRVHKD\DGHVPRQWDGRHOWHUPLVWRUVHQVRUGHWHPSHUD
WXUDGHOHYDSRUDGRUGHO$&WUDVHURGHEHYROYHUDVHULQVWDODGR
HQVXSRVLFLyQRULJLQDO

7XERV\PDQJXHUDVGHUHIULJHUDQWH
&20352%$&,Ï1
‡ 8WLOLFHHOGHWHFWRUGHIXJDVGHJDVFRPSUXHEHVLHQODVPDQJXHUDV\WXERVKD\IXJDVGHJDV
‡ &RPSUXHEHVLFDGDPDQJXHUD\WXERHVWiILMDGRILUPH\FRUUHFWDPHQWH9XHOYDDDSUHWDURUHHPSODFHODDEUD]D
GHUDVXHOWDVHJ~QVHDQHFHVDULR

'(60217$-(

35(&$8&,Ï1
(Q FXDQWR VH GHVFRQHFWH XQD PDQJXHUD R WXER WDSH VX XQLyQ DELHUWD SDUD HYLWDU TXH HQWUH KXPHGDG \
SROYRHQHOVLVWHPD
 5HFXSHUHHOUHIULJHUDQWHXWLOL]DQGRHOHTXLSRGHUHFXSHUDFLyQ\GHUHFLFODMH$VHJ~UHVHELHQGHVHJXLUODVLQVWUXF
FLRQHVGDGDVHQHO0DQXDOSDUDHOHTXLSR
0LGDODFDQWLGDGUHFXSHUDGDGHDFHLWHGHFRPSUHVRUSDUDDxDGLUODPLVPDFDQWLGDGFXDQGRUHOOHQHFRQDFHLWHGH
FRPSUHVRU
 5HHPSODFHODPDQJXHUDRWXERGHIHFWXRVR

127$
'HVPRQWHHOUHFLSLHQWHGH(9$3\ODFXELHUWDGHOGHSyVLWRGHFRPEXVWLEOHVLHVQHFHVDULR

,167$/$&,Ï1
3DUDODLQVWDODFLyQGHODWXEHUtDGHUHIULJHUDQWHLQYLHUWDHOSURFHGLPLHQWRDQWHULRUGHGHVPRQWDMHWHQLHQGRHQFRQVL
GHUDFLyQODVLQVWUXFFLRQHVVLJXLHQWHV
‡ 9DFtH\FDUJXHHOVLVWHPD5HILpUDVHD³5(&83(5$&,Ï1´\³&$5*$´HQHVWDVHFFLyQ
%$&21',&,21$0,(172'($,5(23&,21$/

9iOYXODVROHQRLGH
'(60217$-(
 'HVPRQWHODXQLGDGGHO$&WUDVHUR5HILpUDVHD³81,'$''(/
$&75$6(52´HQHVWDVHFFLyQ
4 3  'HVFRQHFWHHOFRQHFWRUGHYiOYXODVROHQRLGH
1 7
 $IORMHODVWXHUFDVDERFLQDGDVGHODYiOYXODVROHQRLGH
 'HVPRQWHORVWRUQLOORVGHPRQWDMHGHOVRSRUWHGHODYiOYXOD
VROHQRLGH\HQVHJXLGDGHVPRQWHHOWXERWUDVHURGHOtTXLGR
\HOWXERWUDVHURGHDVSLUDFLyQGHODYiOYXODGHH[SDQVLyQ
WUDVHUD
 'HVPRQWHHOWXERWUDVHURGHOtTXLGRHOWXERWUDVHURGH
DVSLUDFLyQ\HOVRSRUWHGHODYiOYXODVROHQRLGHGHODYiOYXOD
VROHQRLGH

2
5
127$
3 6
7DSH LQPHGLDWDPHQWH WRGDV ODV XQLRQHV SDUD LPSHGLU TXH
HQWUHKXPHGDGHQHOVLVWHPD

&20352%$&,Ï1

 &RQHFWHODKHUUDPLHQWDHVSHFLDODODYiOYXODVROHQRLGH
(A)
+HUUDPLHQWDHVSHFLDO
1 $

 &RPSUXHEHTXHHVDYiOYXODVROHQRLGHHVWiFHUUDGDFXDQGRVH
DSOLFDYDFtRDODYiOYXODVROHQRLGH
6LODYiOYXODVROHQRLGHHVWiDELHUWDUHHPSODFHODYiOYXODVROH
QRLGH

1  &RPSUXHEHTXHHVDYiOYXODVROHQRLGHHVWiDELHUWDFXDQGR
VHFRQHFWDODEDWHUtDDODYiOYXODVROHQRLGHHQODIRUPDPRV
WUDGDHQODILJXUD

127$
(OWHUPLQDOGHODYiOYXODVROHQRLGHQRWLHQHSRODULGDG

,167$/$&,Ï1
3DUDODLQVWDODFLyQGHODYiOYXODVROHQRLGHLQYLHUWDHOSURFHGLPLHQWR
GHGHVPRQWDMH
 $&21',&,21$0,(172'($,5(23&,21$/%

&RQMXQWRGHOPRWRUGHOVRSODGRUWUDVHUR
'(60217$-(
 'HVPRQWHODYiOYXODVROHQRLGH5HILpUDVHD³9È/98/$62/(
12,'(´HQHVWDVHFFLyQ
 'HVFRQHFWHHODFRSODGRUGHOPRWRUGHOVRSODGRUWUDVHUR
2
 'HVPRQWHHOFRQMXQWRGHOPRWRUGHOVRSODGRUWUDVHURGHOD
XQLGDGGHO$&WUDVHUR

1 3

&20352%$&,Ï1

 &RPSUXHEH OD FRQWLQXLGDG HQWUH GRV WHUPLQDOHV HQ OD IRUPD

LQGLFDGDDFRQWLQXDFLyQ
6LORVUHVXOWDGRVLQGLFDQTXHQRKD\FRQWLQXLGDGUHHPSODFHHO
FRQMXQWRGHOPRWRUGHOVRSODGRUWUDVHUR

 &RPSUXHEHHOIXQFLRQDPLHQWR\ODFRUULHQWH
D 8WLOLFHXQWRUQLOORGHPHFiQLFR\ILMHHOFRQMXQWRGHOPRWRU
GHOVRSODGRUWUDVHUR
E &RQHFWHODEDWHUtDDOFRQMXQWRGHOPRWRUGHOVRSODGRUWUD
VHURHQODIRUPDPRVWUDGD
F &RPSUXHEHTXHIXQFLRQDVXDYH\IiFLOPHQWH\VLQUXLGRV
G &RPSUXHEH TXH HO DPSHUtPHWUR LQGLFD OD FRUULHQWH HVSHFLIL
FDGD
6LODFRUULHQWHPHGLGDHVLQFRUUHFWDUHHPSODFHHOFRQMXQWRGHO
PRWRUGHOVRSODGRUWUDVHUR

&RUULHQWHHVSHFLILFDGDGHOPRWRUGHOYHQWLODGRUGHOVRSODGRU
WUDVHURD9
$Pi[LPR

,167$/$&,Ï1
3DUDODLQVWDODFLyQLQYLHUWDHOSURFHGLPLHQWRGHGHVPRQWDMH
%$&21',&,21$0,(172'($,5(23&,21$/

5HOpGHOPRWRUGHOVRSODGRUWUDVHUR\UHOpGHOD
YiOYXODVROHQRLGH
&20352%$&,Ï1
 'HVFRQHFWHHOFDEOHQHJDWLYR±HQODEDWHUtD

2
 'HVPRQWHHOUHOpGHOPRWRUGHOVRSODGRUWUDVHUR\HOUHOp
GHODYiOYXODVROHQRLGH
1  &RPSUXHEH TXH QR KD\ FRQWLQXLGDG HQWUH ORV WHUPLQDOHV ³F´ \
³G´6LKD\FRQWLQXLGDGUHHPSODFHHOUHOp
 &RQHFWHHOWHUPLQDOGHODEDWHUtDDOWHUPLQDO³D´GHOUHOp
 &RQHFWHHOWHUPLQDO±GHODEDWHUtDDOWHUPLQDO³E´GHOUHOp
 &RPSUXHEHODFRQWLQXLGDGHQWUHORVWHUPLQDOHV³F´\³G´
6LQRKD\FRQWLQXLGDGFXDQGRHOUHOpHVWiFRQHFWDGRDODEDWH
UtDUHHPSODFHHOUHOp

,QWHUUXSWRUSULQFLSDOGHO$&WUDVHUR
'(60217$-(

5  'HVPRQWHODFDMDGHFRQVRODWUDVHUD
 6DTXHORVWRUQLOORV\FOLSVGHPRQWDMHGHODFDMDGHFRQ
VRODGHODQWHUD
2
 'HVFRQHFWHHOFDEOHGHODFDMDGHFRQVROD
4
 'HVPRQWHODFDMDGHFRQVRODWUDVHUD
 'HVFRQHFWHHOFRQHFWRUGHOLQWHUUXSWRUSULQFLSDOGH$&WUDVHUR
2
 'HVPRQWH HO LQWHUUXSWRUSULQFLSDO GH $&GH OD FDMD  GH
3
FRQVRODGHODQWHUD
1

3
 $&21',&,21$0,(172'($,5(23&,21$/%

&20352%$&,Ï1

‡ &RPSUXHEHODFRQWLQXLGDGGHWHUPLQDODWHUPLQDOGHOLQWHUUXS
WRUSULQFLSDOGHO$&WUDVHUR
6L HO UHVXOWDGR GH OD FRPSUREDFLyQ QR FRUUHVSRQGH FRQ ODV
HVSHFLILFDFLRQHVUHHPSODFHHOLQWHUUXSWRUSULQFLSDOGHO$&WUD
VHUR
TERMINAL
POSICIÓN a b c d e

ON
OFF

,167$/$&,Ï1
3DUDODLQVWDODFLyQLQYLHUWDHOSURFHGLPLHQWRGHGHVPRQWDMH

5HVLVWHQFLDGHOPRWRUGHOVRSODGRUWUDVHUR
'(60217$-(
 'HVPRQWHODXQLGDGGHO$&WUDVHUR5HILpUDVHD³81,'$''(/
$&75$6(52´HQHVWDVHFFLyQ
1
2
 'HVFRQHFWH HO FRQHFWRU  GH OD UHVLVWHQFLD GHO PRWRU GHO
VRSODGRUWUDVHUR
 'HVPRQWHODUHVLVWHQFLDGHOPRWRUGHOVRSODGRUWUDVHURGH
ODXQLGDGGHO$&WUDVHUR

&20352%$&,Ï1
Mo L 0LGDODUHVLVWHQFLDHQWUHWHUPLQDO\WHUPLQDO
6L OD UHVLVWHQFLD PHGLGD HV LQFRUUHFWD UHHPSODFH OD UHVLVWHQFLD 
GHOPRWRUGHOVRSODGRUWUDVHUR

5HVLVWHQFLDGHOPRWRUGHOVRSODGRUWUDVHUR
0R/ΩDSUR[LPDGDPHQWH
0R0/ΩDSUR[LPDGDPHQWH
MH ML 0R0+ΩDSUR[LPDGDPHQWH

,167$/$&,Ï1
3DUDLQVWDODUODUHVLVWHQFLDGHOPRWRUGHOVRSODGRUWUDVHURLQYLHUWDHO
SURFHGLPLHQWRGHGHVPRQWDMH
%$&21',&,21$0,(172'($,5(23&,21$/

,QWHUUXSWRUGHOPRWRUGHOVRSODGRUWUDVHUR

3
1 4

6
7
5

 ,QWHUUXSWRUGHOPRWRUGHOVRSODGRUWUDVHUR
 %RPELOOD
 6RSRUWH
 &DMDGHODSHUVLDQDGHODLUHGHO$&WUDVHUR
 6XMHWDGRUGHODSHUVLDQDGHDLUHGHO$&WUDVHUR
,QVWDOHHQHOVHQWLGRFRUUHFWRFRPRPRVWUDGRHQODILJXUD
 3HUVLDQDGHODLUHGHO$&WUDVHUR
 %RWyQ

&20352%$&,Ï1

‡ &RPSUXHEH OD FRQWLQXLGDG HQWUH WHUPLQDOHV GHO LQWHUUXSWRU GHO

PRWRUGHOVRSODGRUWUDVHUR
6L HO UHVXOWDGR GH OD FRPSUREDFLyQ QR FRUUHVSRQGH FRQ ODV
HVSHFLILFDFLRQHVUHHPSODFHHOLQWHUUXSWRUGHOPRWRUGHOVRSOD
b
GRUWUDVHUR
a c
POSICIÓN TERMINAL a b d e
OFF
Bajo
Medio
Alto

‡ &RPSUXHEHTXHODOX]GHOLQWHUUXSWRUGHOPRWRUGHOVRSODGRUWUD
e
d f VHURVHHQFLHQGHFXDQGRVHFRQHFWDHOWHUPLQDOGHODEDWH
UtD DO WHUPLQDO ³F´ \ HO WHUPLQDO QHJDWLYR ± GH OD EDWHUtD DO
WHUPLQDO³I´
6L OD OX] GHO LQWHUUXSWRU GHO PRWRU GHO VRSODGRU WUDVHUR QR VH
HQFLHQGHUHHPSODFH
 $&21',&,21$0,(172'($,5(23&,21$/%

&RQGXFWRVQƒ\QƒGHO$&WUDVHUR
&RQGXFWRQƒGHO$&WUDVHUR
'(60217$-(
 'HVPRQWHODXQLGDGGHO$&WUDVHUR5HILpUDVHD³81,'$''(/
$&75$6(52´HQHVWDVHFFLyQ
2
 'HVPRQWHHOFRQGXFWRQƒGHO$&WUDVHUR
1
,167$/$&,Ï1
3DUDLQVWDODUHOFRQGXFWRQƒGHO$&WUDVHURLQYLHUWDHOSURFHGL
PLHQWRGHGHVPRQWDMH

&RQGXFWRQƒGHO$&WUDVHUR

35(&$8&,Ï1
1XQFD GHVPRQWH HO FRQGXFWR Qƒ   GHO $& WUDVHUR GHO
IRUURLQWHULRUGHOWHFKR6LGHVPRQWDHVWHFRQGXFWRVHURP
SHUiHOIRUURLQWHULRUGHOWHFKR
%$&21',&,21$0,(172'($,5(23&,21$/

&RQMXQWRGHOFRPSUHVRU

35(&$8&,Ï1
1LQJXQDGHODVSLH]DVFRPSRQHQWHVQLHOUHIULJHUDQWHQLHODFHLWHGHFRPSUHVRUVRQLQWHUFDPELDEOHVHQWUH
GRVWLSRVGH$&8QRXWLOL]DUHIULJHUDQWH&)&5\HORWURXWLOL]DUHIULJHUDQWH+)&D5D
3DUDLGHQWLILFDUHVWRVGRVWLSRVUHILpUDVHDODSiJLQD
&XDQGRUHOOHQHDxDGLHQGRRFDPELHUHIULJHUDQWH\DFHLWHGHFRPSUHVRU\FXDQGRUHHPSODFHSLH]DVDVH
J~UHVHGHTXHHOPDWHULDORODVSLH]DVTXHVHUiQXWLOL]DGDVVRQDSURSLDGRVSDUDHO$&LQVWDODGRHQHOYHKt
FXORTXHHVVHUYLGR/DXWLOL]DFLyQGHXQHOHPHQWRLQFRUUHFWRSXHGHFDXVDUIXJDVGHUHIULJHUDQWHGDxRHQ
ODVSLH]DVXRWUDFRQGLFLyQGHIHFWXRVD
&XDQGRVLUYDHOFRPSUHVRUHYLWHTXHKD\DPDWHULDOH[WUDxRRVXFLHGDGVREUHRTXHHQWUHHQODVSLH]DVGHO
FRPSUHVRU\GHOVLVWHPD/DOLPSLH]DGHODVKHUUDPLHQWDV\HQHOWUDEDMRVRQHOHPHQWRVLPSRUWDQWHVSDUD
ODFDOLGDGGHOVHUYLFLR
/DFRQH[LyQGHOFRPSUHVRU\HOH[WHULRUGHOFRPSUHVRUGHEHQVHUOLPSLDGRVDQWHVGHFXDOTXLHUUHSDUDFLyQ
³HQHOYHKtFXOR´RDQWHVGHGHVPRQWDUHOFRPSUHVRU/DVSLH]DVGHEHQVHUPDQWHQLGDVVLHPSUHOLPSLDV\
FXDOTXLHUSLH]DTXHGHEDVHUUHDUPDGDGHEHVHUOLPSLDGDFRQWULFORURPHWDQRQDIWDTXHURVHQRRXQGLOX
\HQWH HTXLYDOHQWH \ GHEH VHU VHFDGD FRQ DLUH VHFR 3DUD OLPSLDU ODV SLH]DV XWLOLFH VRODPHQWH WUDSRV VLQ
SHOXVDV
/DVRSHUDFLRQHVGHVFULWDVHVWiQEDVDGDVHQXQDUHYLVLyQJHQHUDOGHEDQFRFRQHOFRPSUHVRUGHVPRQWDGR
GHOYHKtFXORH[FHSWRFXDQGRHVLQGLFDGR+DQVLGRSUHSDUDGDVGHDFXHUGRFRQHORUGHQGHODDFFHVLELOL
GDGGHORVFRPSRQHQWHV
&XDQGRHOFRPSUHVRUHVGHVPRQWDGRGHOYHKtFXORSDUDVXVHUYLFLRHODFHLWHTXHTXHGDHQHOFRPSUHVRU
GHEHVHUGHVHFKDGR\VHGHEHUHOOHQDUHOFRPSUHVRUFRQDFHLWHIULJRUtJHQRQXHYR
/RVSURFHGLPLHQWRVGHUHSDUDFLRQHVPHQRUHVSXHGHQVHUHIHFWXDGRVVLQGHVFDUJDUHOVLVWHPD/RVSURFH
GLPLHQWRVGHUHSDUDFLRQHVPD\RUHVUHTXLHUHQTXHVHYDFtHHOUHIULJHUDQWHGHOVLVWHPD

&20352%$&,Ï1

1
 ,QVWDOHHOFRQMXQWRGHOPHGLGRUGHFROHFWRUHQODIRUPDPRV
WUDGDHQODILJXUD
5 4  &LHUUHODVYiOYXODVGHORVODGRV+L>$OWD@\/R>%DMD@
 /DGRGHDOWDSUHVLyQPDQJXHUDGHOODGRGHGHVFDUJD
 /DGRGHEDMDSUHVLyQPDQJXHUDGHOODGRGHDVSLUDFLyQ

 +DJDIXQFLRQDUHOPRWRUHQUpJLPHQGHUDOHQWtUiSLGR
 (QHOFRPSUHVRUFRPSUXHEHORVLJXLHQWH
6L FDGD XQD GH ODV FRPSUREDFLRQHV DQWHULRUHV LQGLFD XQ
GHIHFWRSURFHGDDUHSDUDUHOFRPSUHVRU
‡ /DOHFWXUDGHOPHGLGRUGHDOWDSUHVLyQQRHVEDMD\DOHFWXUDGHO
PHGLGRUGHEDMDSUHVLyQQRHVPiVDOWDTXHORQRUPDO
‡ 6RQLGRPHWiOLFR
‡ )XJDVSRUHOFRPSUHVRU
 $&21',&,21$0,(172'($,5(23&,21$/%

'(60217$-(
 +DJDIXQFLRQDUHOPRWRUHQUpJLPHQGHUDOHQWtGXUDQWHPLQX
WRVFRQHO$&DFWLYDGR21
 'HVFRQHFWHHOFDEOHQHJDWLYR±HQODEDWHUtD
 5HFXSHUHHOUHIULJHUDQWHGHOVLVWHPDGHUHIULJHUDFLyQXWLOL]DQGR
HOHTXLSRGHUHFXSHUDFLyQ\GHUHFLFODMH

127$
/D FDQWLGDG UHFXSHUDGD GH DFHLWH GH FRPSUHVRU GHEH VHU
PHGLGD\FXDQGRVHLQVWDOHHOFRPSUHVRUKD\TXHYHUWHUOD
PLVPDFDQWLGDG

 'HVPRQWHODERPEDGH365HILpUDVHDORVSDVRVDGH

³'(60217$-(´HQ³%20%$'(36´HQODVHFFLyQ%

127$
1RHVQHFHVDULRGUHQDUHOIOXLGRGHODVHUYRGLUHFFLyQ36

 'HVFRQHFWHHOFRQHFWRUGHOHPEUDJXHPDJQpWLFR
 'HVFRQHFWHGHOFRPSUHVRUODPDQJXHUDGHDVSLUDFLyQ\OD
PDQJXHUDGHGHVFDUJD

127$
2 7DSH LQPHGLDWDPHQWH WRGDV ODV XQLRQHV SDUD LPSHGLU TXH
HQWUHKXPHGDGHQHOVLVWHPD

 'HVPRQWHHOFRPSUHVRUGHVXVRSRUWH

127$
6L VH UHHPSOD]D HO FRPSUHVRU GUHQH HO DFHLWH GHO FRPSUH
VRU\PLGDHOYROXPHQGUHQDGR

1
%$&21',&,21$0,(172'($,5(23&,21$/

,167$/$&,Ï1

35(&$8&,Ï1
$VHJ~UHVH GH XWLOL]DU DFHLWH GH FRPSUHVRU +)&D 5
D
3DUD OD LQVWDODFLyQ GHO FRQMXQWR GHO FRPSUHVRU LQYLHUWD HO SURFHGL
PLHQWR DQWHULRU GH GHVPRQWDMH WHQLHQGR HQ FRQVLGHUDFLyQ ODV LQV
WUXFFLRQHVVLJXLHQWHV

‡ 6L VH UHHPSOD]y HO FRPSUHVRU DxDGD XQD FDQWLGDG GH DFHLWH
QXHYRGHFRPSUHVRULGpQWLFDDOYROXPHQGUHQDGRHQHOFRPSUH
VRU
5HILpUDVH D ³//(1$'2 &21 $&(,7( '( &2035(625´ HQ
HVWDVHFFLyQ
 &RPSUHVRUQXHYR
 &RPSUHVRUGHVPRQWDGR
 ([FHVRGHDFHLWH$±%

‡ ,QVWDOHODERPEDGH365HILpUDVHD³%20%$'(36´HQOD
VHFFLyQ%
‡ 9DFtH\FDUJXHHOVLVWHPD5HILpUDVHD³9$&,$'2´\³&$5*$´
HQHVWDVHFFLyQ
 $&21',&,21$0,(172'($,5(23&,21$/%

(PEUDJXHPDJQpWLFR

2
5

 3HUQRGHSODFDGHDUPDGR  $QLOORHOiVWLFR  &DFHFV  &RQMXQWRGHFXHUSRGHOFRPSUHVRU

 3ODFDGHDUPDGR  (PEUDJXHPDJQpWLFR  %RELQDGHOHPEUDJXHPDJQpWLFR  &RQMXQWRGHHPEUDJXHPDJQpWLFR

&20352%$&,Ï1

&RPSUXHEHORVHOHPHQWRVVLJXLHQWHV
‡ &RPSUXHEHVLHQHOFRPSUHVRUKD\IXJDVGHDFHLWH
‡ &RPSUXHEHVLHQHOFRMLQHWHGHODSROHDGHOHPEUDJXHPDJQp
3
WLFRKD\UXLGRV\IXJDGHJUDVD
‡ &RPSUXHEH HO IXQFLRQDPLHQWR GHO HPEUDJXH PDJQpWLFR GH OD
PDQHUDVLJXLHQWH
D &RQHFWHODEDWHUtD\HODPSHUtPHWURDOFRPSUHVRU
HQODIRUPDPRVWUDGDHQODILJXUD
2 E &RPSUXHEHTXHVHEORTXHDXQLIRUPHPHQWHHQWUHODSODFD
4 GHDUPDGR\ODSROHDGHOHPEUDJXHPDJQpWLFR
5 F &RPSUXHEHTXHHODPSHUtPHWURLQGLFDODFRUULHQWHHVSHFL
ILFDGD
1 &RUULHQWHHVSHFLILFDGDGHOHPEUDJXHPDJQpWLFR
$Pi[LPRD9
6L VH HQFXHQWUD FXDOTXLHU GHIHFWR UHSDUH R UHHPSODFH HO FRQMXQWR
GHOHPEUDJXHPDJQpWLFR

'(60217$-(
 'HVPRQWHHOFRPSUHVRUGHOYHKtFXOR5HILpUDVHD³&21-8172
'(/&2035(625´HQHVWDVHFFLyQ

 )LMHODSODFDGHDUPDGRFRQODKHUUDPLHQWDHVSHFLDO\GHV
PRQWHHOSHUQRGHODSODFDGHDUPDGR
1 +HUUDPLHQWDHVSHFLDO
$

127$
1RYXHOYDDXWLOL]DUHOSHUQRGHODSODFDGHDUPDGR
 'HVPRQWHODSODFDGHDUPDGR
(A)  'HVPRQWHORVFDOFHVGHOHMH
%$&21',&,21$0,(172'($,5(23&,21$/

 'HVPRQWHHODQLOORHOiVWLFRXWLOL]DQGRODKHUUDPLHQWDHVSHFLDO
+HUUDPLHQWDHVSHFLDO
$

 'HVPRQWH HO WRUQLOOR GH OD DEUD]DGHUD GHO FDEOH FRQGXFWRU GHO
HPEUDJXHPDJQpWLFR\GHVPRQWHHOWHUPLQDODPDVDGHOFDEOH
FRQGXFWRUGHOHPEUDJXHPDJQpWLFR

 8WLOLFHHOH[WUDFWRU\GHVPRQWHHOHPEUDJXHPDJQpWLFR

127$
7HQJDFXLGDGR\QRGDxHODSROHDFXDQGRJROSHHHOHPEUD
JXHPDJQpWLFR
 ([WUDFWRU
 &RPSUHVRU

 'HVPRQWHHOFLUFOLSXWLOL]DQGRODKHUUDPLHQWDHVSHFLDO
+HUUDPLHQWDHVSHFLDO
$
 'HVPRQWHODERELQDGHOHPEUDJXHPDJQpWLFR

,167$/$&,Ï1

 ,QVWDOHODERELQDGHOHPEUDJXHPDJQpWLFR

127$
/D SURWXEHUDQFLD HQ HO ODGR LQIHULRU GH OD ERELQD  GHO
HPEUDJXH PDJQpWLFR GHEH HQFDMDU HQ HO RULILFLR GHO FRQ
MXQWRGHOFRPSUHVRUSDUDLPSHGLUHOPRYLPLHQWRHLQVWD
ODUFRUUHFWDPHQWHHOFDEOHFRQGXFWRU

 8WLOLFH OD KHUUDPLHQWD HVSHFLDO H LQVWDOH HO DQLOOR  HOiVWLFR

QXHYRHQODIRUPDPRVWUDGDHQODILJXUD
+HUUDPLHQWDHVSHFLDO
$
 ,QVWDOHODSRUFLyQFRQDEUD]DGHUD\FRQHFWHDPDVDHOWHUPLQDO
GHOFDEOHFRQGXFWRU
 $&21',&,21$0,(172'($,5(23&,21$/%

 ,QVWDOHHOHPEUDJXHPDJQpWLFR
D )LMHGLUHFWDPHQWHHOHPEUDJXHPDJQpWLFRVREUHODSURWXEHUDQ
FLDGHLQVWDODFLyQGHOHPEUDJXH
E &RORTXHODKHUUDPLHQWDHVSHFLDOVREUHHOFRMLQHWHGHOHPEUD
JXH
$VHJ~UHVH ELHQ GH TXH HO ERUGH TXHGD VRODPHQWH HQ HO DUR
LQWHULRUGHOFRMLQHWH
+HUUDPLHQWDHVSHFLDO
$

F ,QVWDOHHODQLOORHOiVWLFRQXHYR

35(&$8&,Ï1
7HQJDFXLGDGR\QRUD\HHOVHOORGHDFHLWHGHOFRMLQHWH

 $MXVWHODKROJXUDHQWUHODSODFDGHDUPDGR\HOHPEUDJXH
1 PDJQpWLFRLQVWDODQGRXQRVFDOFHVHQHOHMHGHOFRPSUHVRU
+ROJXUDHVWiQGDUHQWUHODSODFDGHDUPDGR\HOHPEUDJXH
PDJQpWLFR³D´
“a”
±PP

 $SULHWH OD WXHUFD  QXHYD GH OD SODFD GH DUPDGR DO SDU GH
1, (a)
DSULHWHHVSHFLILFDGR
3DUGHDSULHWH
7XHUFDGHSODFDGHDUPDGRD1ÂPNJP

(A)
+HUUDPLHQWDHVSHFLDO
$
2
 3ODFDGHDUPDGR

 ,QVWDOHHOFRPSUHVRUHQHOYHKtFXOR5HILpUDVHD³&21-8172
'(/&2035(625´HQHVWDVHFFLyQ
1B-44 ACONDICIONAMIENTO DE AIRE (OPCIONAL)

Material necesario de servicio

Producto SUZUKI Recomendado
Material Uso
(número de pieza)
Aceite de compresor (Aceite fri- ACEITE DE COMPRESOR (ND-OIL8, 250 cc) • Junta tórica
gorígeno) (99000-27080) • Cada componente

Especificaciones de pares de apriete

Par de apriete
Piezas de sujeción
N•m kg-m lb-ft
Tubo de refrigerante (8 mm) 13 1,3 9,5
Tubo de refrigerante (12,7 mm) 22 2,2 16,0
Tubo de refrigerante (16 mm) 33 3,3 24,0
Tuerca de placa de armado 18 1,8 13,0

Herramientas especiales

09900-06107 09920-53740 09990-06010

Alicates para anillo elás- Sujetador para placa de Conjunto de medidor de
tico de retención armado colector
(Tipo apertura de puntas) Refiérase a NOTA, más
abajo.

09990-86011 09991-06010
Detector de fugas de gas Instalador de polea del
embrague magnético

NOTA:
Este conjunto incluye los artículos siguientes.
1. Medidor de colector, 2. Manguera de carga, 3. Conector rápido,
4. Válvula roscada de derivación, de contenedor de refrigerante,
5. Unión en T del contenedor de refrigerante, 6. Conjunto de empaquetaduras
 $/,1($&,Ï1'(/$658('$6'(/$17(5$6$

6(&&,Ï1$

$/,1($&,Ï1'(/$658('$6'(/$17(5$6
127$
3DUDODVGHVFULSFLRQHVHOHPHQWRVQRLQFOXLGDVHQHVWDVHFFLyQUHILpUDVHDODPLVPDVHFFLyQGHO0DQXDO
GH6HUYLFLRPHQFLRQDGRHQHO35()$&,2GHHVWHPDQXDO
$

&217(1,'2
,QIRUPDFLyQJHQHUDO $ 6HUYLFLRHQHOYHKtFXOR $
'DWRVGHOVHUYLFLRGHDOLQHDFLyQVLQFDUJD  $ ,QIRUPDFLyQGHUHIHUHQFLD  $

,QIRUPDFLyQJHQHUDO
'DWRVGHOVHUYLFLRGHDOLQHDFLyQVLQFDUJD
&RQYHUJHQFLD0HGLFLyQGHOPHGLGRUGHFRQYHUJHQFLD³%´±³$´
“PP
ÈQJXORGHFDtGDGHOSLYRWHGHODGLUHFFLyQ³&´
“ƒ¶
ÈQJXORGHDYDQFHGHOSLYRWHGHODGLUHFFLyQ
ƒ¶“ƒ

>$@ 9LVWDGHVGHDUULED  9HUWLFDOFHQWUDOGHODUXHGD ✱ +DFLDDGHODQWH

>%@ 9LVWDGHODQWHUD ✱ &HQWURGHODFDUURFHUtD

6HUYLFLRHQHOYHKtFXOR
,QIRUPDFLyQGHUHIHUHQFLD
'(6/,=$0,(172/$7(5$/
3DUDODFRPSUREDFLyQGHOGHVOL]DPLHQWRODWHUDOGHUXHGDGHODQWHUD
XWLOLFHHOSUREDGRUGHGHVOL]DPLHQWRODWHUDO
/tPLWHGHGHVOL]DPLHQWRODWHUDO
,1+DFLDDGHQWURPPP±287+DFLDDIXHUDPPP
6LHOGHVOL]DPLHQWRODWHUDOH[FHGHHOOtPLWHDQWHULRUHVSHFLILFDGRHV
SRVLEOHTXHODFRQYHUJHQFLDRODDOLQHDFLyQGHODVUXHGDVGHODQWHUDV
VHDLQFRUUHFWD
$$/,1($&,Ï1'(/$658('$6'(/$17(5$6
 6,67(0$'(6(592',5(&&,Ï136%

6(&&,Ï1%

6,67(0$'(6(592',5(&&,Ï136
$'9(57(1&,$
3DUDORVYHKtFXORVHTXLSDGRVFRQHO6LVWHPD6XSOHPHQWDULRGH6XMHFLyQ&ROFKyQGHDLUH
‡ /RVVHUYLFLRVTXHGHEDQVHUHIHFWXDGRVHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPD
GHOFROFKyQGHDLUHGHEHQVHUKHFKRVH[FOXVLYDPHQWHSRUXQFRQFHVLRQDULRDXWRUL]DGR68=8.,5HILp
UDVH DO ³(VTXHPD GH XELFDFLyQ GH ORV FRPSRQHQWHV \ FDEOHDGR GHO VLVWHPD GHO FROFKyQ GH DLUH´  HQ
³'HVFULSFLyQJHQHUDO´HQODVHFFLyQGHOVLVWHPDGHOFROFKyQGHDLUHSDUDFRQILUPDUVLXVWHGHVWiHIHF %
WXDQGRWUDEDMRGHVHUYLFLRHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPDGHOFROFKyQ
GHDLUH6tUYDVHREVHUYDUWRGDVODV$'9(57(1&,$6\³3UHFDXFLRQHVSDUDHOVHUYLFLR´LQGLFDGDVHQ³6HU
YLFLRHQHOYHKtFXOR´HQODVHFFLyQGHOVLVWHPDGHOFROFKyQGHDLUHDQWHVGHHIHFWXDUFXDOTXLHUWUDEDMR
GHVHUYLFLRHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPDGHOFROFKyQGHDLUH6LQRVH
UHVSHWDQODV$'9(57(1&,$6VHSXHGHFDXVDUHOLQIODGRDFFLGHQWDOGHOFROFKyQGHDLUHRVHSXHGHGHMDU
LQRSHUDQWHHOVLVWHPDGHOFROFKyQGHDLUH&XDOTXLHUDGHHVWRVGRVFDVRVSXHGHFDXVDUGDxRVFRUSRUD
OHVJUDYHV
‡ /RVWUDEDMRVGHVHUYLFLRWpFQLFRGHEHQVHULQLFLDGRVSRUORPHQRVVHJXQGRVGHVSXpVGHTXHVHFROR
TXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ³/2&.´\GHTXHVHGHVFRQHFWHHOFDEOHQHJDWLYRGHOD
EDWHUtD(QHIHFWRVLQRVHSURFHGHGHHVWDIRUPDHOVLVWHPDSXHGHVHUDFWLYDGRSRUODUHVHUYDGHHQHU
JtDHOpFWULFDGHOPyGXORGHGHWHFFLyQ\GHGLDJQyVWLFR6'0

127$
‡ 3DUD ODV GHVFULSFLRQHV HOHPHQWRV QR LQFOXLGDV HQ HVWD VHFFLyQ UHILpUDVH D OD PLVPD VHFFLyQ GHO
0DQXDOGH6HUYLFLRPHQFLRQDGRHQHO35()$&,2GHHVWHPDQXDO
‡ $OJXQDV SLH]DV GH OD FDMD GH HQJUDQDMH GH OD VHUYRGLUHFFLyQ QR SXHGHQ VHU GHVDUPDGDV R DMXVWDGDV
3DUDPD\RUHVLQIRUPDFLRQHVUHILpUDVHDODGHVFULSFLyQGH³&21-8172'(/$&$-$'((1*5$1$-(
'(/$6(592',5(&&,Ï1´
‡ 7RGDVODVSLH]DVGHILMDFLyQGHOHQJUDQDMHGHODGLUHFFLyQVRQSLH]DVGHILMDFLyQLPSRUWDQWHVTXHSRGUtDQ
DIHFWDUODHILFDFLDGHOIXQFLRQDPLHQWRGHSLH]DV\VLVWHPDVYLWDOHV\RTXHSRGUtDQVHUODFDXVDGHFRV
WRVDVUHSDUDFLRQHV6LHOUHHPSOD]RHVQHFHVDULRGHEHQXWLOL]DUVHSLH]DVTXHWHQJDQHOPLVPRQ~PHUR
GHSLH]DRSLH]DVHTXLYDOHQWHV1RHPSOHHSLH]DVGHUHSXHVWRGHPHQRUFDOLGDGRGHGLVHxRVVXVWLWXWL
YRV'XUDQWHHOUHDUPDGRORVYDORUHVGHSDUHVGHDSULHWHGHEHQVHUDSOLFDGRVWDOFRPRKDQVLGRHVSHFL
ILFDGRVSDUDDVtJDUDQWL]DUODFRUUHFWDVXMHFLyQGHHVWDVSLH]DV

&217(1,'2
'HVFULSFLyQJHQHUDO % ,QVSHFFLyQGHODFRUUHD %
%RPEDGHVHUYRGLUHFFLyQ36  % &RPSUREDFLyQGHODWHQVLyQGHFRUUHD  %
'LDJQyVWLFR  % $MXVWHGHODWHQVLyQGHODFRUUHD %
&RUUHDGHDFFLRQDPLHQWRGHODERPED 3UHVLyQKLGUiXOLFDHQHOFLUFXLWRGH36  %
GHVHUYRGLUHFFLyQ % &RPSUREDFLyQGHODSUHVLyQKLGUiXOLFD %
%6,67(0$'(6(592',5(&&,Ï136

'HVFULSFLyQJHQHUDO
%RPEDGHVHUYRGLUHFFLyQ36
(VSHFLILFDFLRQHVGHERPEDGHVHUYRGLUHFFLyQ36
/DVHVSHFLILFDFLRQHVGHHVWDERPEDGHVHUYRGLUHFFLyQVRQLGpQWLFDVDODVHVSHFLILFDFLRQHVGHODPLVPDVHFFLyQGHO
0DQXDOGHVHUYLFLRPHQFLRQDGRHQHVWHPDQXDOH[FHSWRORVGDWRVUHODWLYRVDODSUHVLyQGHDOLYLRLQGLFDGRVDFRQWL
QXDFLyQ
3UHVLyQGHDOLYLR
N3DNJFP

'LDJQyVWLFR
&RUUHDGHDFFLRQDPLHQWRGHODERPEDGHVHU
YRGLUHFFLyQ
,QVSHFFLyQGHODFRUUHD
&RPSUXHEHTXHODFRUUHDGHDFFLRQDPLHQWRGHODERPEDGHVHU
YRGLUHFFLyQQRWLHQHGDxRV\TXHHVWiDMXVWDGDFRUUHFWDPHQWHHQHO
VXUFRGHODSROHD

&RPSUREDFLyQGHODWHQVLyQGHFRUUHD
&RPSUXHEH OD WHQVLyQ GH OD FRUUHD PLGLHQGR FXiQWR VH GHIOHFWD
FXDQGR HV SUHVLRQDGD HQ HO VHQWLGR GH OD IOHFKD HQ XQ SXQWR 
LQWHUPHGLR HQWUH ODV SROHDV DSOLFDQGR XQD IXHU]D GH  NJ DSUR[L
PDGDPHQWH
'HIOH[LyQGHODFRUUHDGH36±PP

$MXVWHGHODWHQVLyQGHODFRUUHD
 3DUDDMXVWDUODFRUUHDGHDFFLRQDPLHQWRGHODERPEDGH3
6 DIORMH ORV SHUQRV  GH OD SROHD GH WHQVLyQ \ XWLOL]DQGR OD
OODYHKH[DJRQDOJLUHODSROHDGHWHQVLyQ
 $MXVWHODWHQVLyQGHODFRUUHDDOYDORUDQWHULRUHVSHFLILFDGR
(QVHJXLGDDSULHWHORVSHUQRVGHODSROHDWHQVRUDDOSDUGH
DSULHWHHVSHFLILFDGR
3DUGHDSULHWH
3HUQRVGHODSROHDWHQVRUDD1PNJP
 3ROHDGHODERPEDGH36
 3ROHDGHOFRPSUHVRUGHO$&VLHVWiHTXLSDGR
 3ROHDGHOFLJHxDO
>$@ &RQ$&
>%@ 6LQ$&
 6,67(0$'(6(592',5(&&,Ï136%

3UHVLyQKLGUiXOLFDHQHOFLUFXLWRGH36
&RPSUREDFLyQGHODSUHVLyQKLGUiXOLFD
 'HVSXpV GH OLPSLDU ELHQ OD XQLyQ GH OD PDQJXHUD GH SUHVLyQ
DOWD\ODERPEDGH36GHVFRQHFWHODPDQJXHUDGHODERPEDH
LQVWDOHOD KHUUDPLHQWD HVSHFLDO PHGLGRU GH SUHVLyQGHDFHLWH
ILMDFLyQ\PDQJXHUD

35(&$8&,Ï1
&XLGH GH QR GDxDU HO FRQGHQVDGRU GHO $& VL HVWi LQVWD
ODGRGXUDQWHHVWDRSHUDFLyQGHVHUYLFLR
+HUUDPLHQWDHVSHFLDO
$
%

 &RPSUXHEHFDGDFRQH[LyQSDUDGHWHFWDUIXJDVGHIOXLGR\SXU
JXHHODLUH
5HILpUDVH D ³352&(',0,(172 '( 385*$ '(/ $,5(´ HQ
HVWDVHFFLyQ
 'HSyVLWRGHIOXLGRGH36
 )LMDFLyQ
 -XQWD
 3HUQRGHXQLyQ
 /DGRGHDOWDSUHVLyQ
 /DGRGHEDMDSUHVLyQ

 &RQHOPRWRUIXQFLRQDQGRHQUDOHQWtJLUHHOYRODQWHGHGLUHFFLyQ
\ FDOLHQWH HO PRWRU KDVWD TXH OD WHPSHUDWXUD GHO IOXLGR HQ HO
GHSyVLWRGHIOXLGRGH36VXEDKDVWD±ƒ&

 &RPSUXHEHODFRQWUDSUHVLyQPLGLHQGRODSUHVLyQKLGUiXOLFDFRQ
HOPRWRUIXQFLRQDQGRDOUpJLPHQGHUDOHQWt\VLQWRFDUHOYRODQWH
GHGLUHFFLyQ
&XDQGR OD FRQWUDSUHVLyQ H[FHGD ORV YDORUHV HVSHFLILFDGRV
FRPSUXHEHVLODYiOYXODGHFRQWURO\ORVWXERVHVWiQREVWUXLGRV
&RQWUDSUHVLyQ
,QIHULRUDN3DNJFP
 'HSyVLWRGHIOXLGRGH36  &DMDGHHQJUDQDMHGH36
 9iOYXODGHOPHGLGRUDELHUWD  /DGRGHDOWDSUHVLyQ
 %RPEDGH36  /DGRGHEDMDSUHVLyQ
%6,67(0$'(6(592',5(&&,Ï136

 &RPSUXHEHODSUHVLyQGHDOLYLR
D $XPHQWH HOUpJLPHQ GHO PRWRU KDVWDXQDV  USP &LHUUH
JUDGXDOPHQWH OD YiOYXOD GH PHGLGRU PLHQWUDV REVHUYD HO
DXPHQWRGHSUHVLyQLQGLFDGRHQHOPHGLGRU\WRPHQRWDGHOD
OHFWXUDGHODSUHVLyQGHDOLYLRSUHVLyQKLGUiXOLFDPi[LPD
6L HO YDORU OHtGR H[FHGH ORV YDORUHV HVSHFLILFDGRV OD FDXVD
SRVLEOHHVHOPDOIXQFLRQDPLHQWRGHODYiOYXODGHDOLYLR
6L HO YDORU OHtGR HV LQIHULRU D ORV YDORUHV HVSHFLILFDGRV OD
FDXVD SRVLEOH SXHGH VHU HOPDOIXQFLRQDPLHQWR GHOD ERPED
GH36RHODVHQWDPLHQWRGHOPXHOOHGHODYiOYXODGHDOLYLR
3UHVLyQGHDOLYLRFXDQGRODYiOYXODGHOPHGLGRUHVWi
FHUUDGD
±N3D±NJFP

35(&$8&,Ï1
$VHJ~UHVHELHQGHQRFHUUDUODYiOYXODGHOPHGLGRUGXUDQWH
PiVGHVHJXQGRV

 'HSyVLWRGHIOXLGRGH36
 9iOYXODGHOPHGLGRUDELHUWD
 0HGLGRUGHSUHVLyQGHDFHLWH
 %RPEDGH36
 &DMDGHHQJUDQDMHGH36

E (QVHJXLGD DEUD FRPSOHWDPHQWH OD YiOYXOD GHO PHGLGRU \

DXPHQWHHOUpJLPHQGHOPRWRUKDVWDXQDVUSP/XHJR
JLUHFRPSOHWDPHQWHHOYRODQWHGHGLUHFFLyQDODGHUHFKD\DOD
L]TXLHUGD\WRPHODOHFWXUDGHODSUHVLyQGHDOLYLR
6L HO YDORU OHtGR H[FHGH ORV YDORUHV HVSHFLILFDGRV OD FDXVD
SRVLEOHHVHOPDOIXQFLRQDPLHQWRGHODYiOYXODGHDOLYLR
6L HO YDORU OHtGR HV LQIHULRU D ORV YDORUHV HVSHFLILFDGRV OD
FDXVDSRVLEOHHVHOIDOORGHODFDMDGHHQJUDQDMHGHODGLUHF
FLyQ5HHPSODFHODFDMDGHHQJUDQDMH
3UHVLyQGHDOLYLRFXDQGRODYiOYXODGHOPHGLGRUHVWiDELHUWD
±N3D±NJFP

35(&$8&,Ï1
$VHJ~UHVHELHQGHQRPDQWHQHUHOYRODQWHGHGLUHFFLyQHQOD
SRVLFLyQ JLUDGR FRPSOHWDPHQWH GXUDQWH PiV GH  VHJXQ
GRV

 'HSyVLWRGHIOXLGRGH36
 9iOYXODGHOPHGLGRUDELHUWD
 0HGLGRUGHSUHVLyQGHDFHLWH
 %RPEDGH36
 &DMDGHHQJUDQDMHGH36
 92/$17(<&2/801$'(/$',5(&&,Ï1&

6(&&,Ï1&

92/$17(<&2/801$'(/$',5(&&,Ï1
$'9(57(1&,$
‡ /RVVHUYLFLRVTXHGHEDQVHUHIHFWXDGRVHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPD
GHOFROFKyQGHDLUHGHEHQVHUKHFKRVH[FOXVLYDPHQWHSRUXQFRQFHVLRQDULRDXWRUL]DGR68=8.,6tUYDVH
REVHUYDUWRGDVODV$'9(57(1&,$6\ODV³3UHFDXFLRQHVSDUDHOVHUYLFLR´LQGLFDGDVHQ³6HUYLFLRHQHO
YHKtFXOR´HQODVHFFLyQGHOVLVWHPDGHOFROFKyQGHDLUHDQWHVGHHIHFWXDUFXDOTXLHUWUDEDMRGHVHUYLFLR
HQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPDGHOFROFKyQGHDLUH6LQRVHUHVSHWDQODV &
$'9(57(1&,$6VHSXHGHFDXVDUHOLQIODGRDFFLGHQWDOGHOFROFKyQGHDLUHRVHSXHGHGHMDULQRSHUDQWH
HOVLVWHPDGHOFROFKyQGHDLUH&XDOTXLHUDGHHVWRVGRVFDVRVSXHGHFDXVDUGDxRVFRUSRUDOHVJUDYHV
‡ /RVSURFHGLPLHQWRVGHHVWDVHFFLyQGHEHQVHUVHJXLGRVHQHORUGHQVHFXHQFLDOLQGLFDGRSDUDGHVDFWLYDU
SURYLVLRQDOPHQWHHOVLVWHPDGHOFROFKyQGHDLUH\HYLWDUODILMDFLyQGHFyGLJRVIDOVRVGHGLDJQyVWLFR6L
QRVHUHVSHWDQORVSURFHGLPLHQWRVVLJXLHQWHVHVWRSXHGHFDXVDUODDFWLYDFLyQGHOVLVWHPDGHOFROFKyQ
GHDLUHGDxRVFRUSRUDOHV\UHSDUDFLRQHVLQQHFHVDULDVGHOVLVWHPDGHOFROFKyQGHDLUH

35(&$8&,Ï1
&XDQGRVHGHVPRQWHQHOHPHQWRVGHILMDFLyQVLHPSUHUHLQVWDOHORVILMDGRUHVHQHOPLVPROXJDUGRQGHIXH
URQGHVPRQWDGRV6LKD\TXHUHHPSOD]DUXQILMDGRUHPSOHHHOILMDGRUFRQHOQ~PHURFRUUHFWRGHSLH]DSDUD
HVD DSOLFDFLyQ 6L QR VH GLVSRQH GHO Q~PHUR FRUUHFWR GH SLH]D SXHGH XWLOL]DUVH XQ ILMDGRU GHO PLVPR
WDPDxR\UHVLVWHQFLDRPD\RU/RVILMDGRUHVTXHQRVHUiQUHXWLOL]DGRV\ORVILMDGRUHVTXHQHFHVLWDQDSOL
FDFLyQ GH SURGXFWR GH EORTXHR GH URVFD VHUiQ GHMDGRV GH ODGR (V QHFHVDULR DSOLFDU HO SDU GH DSULHWH
HVSHFLILFDGRFXDQGRVHLQVWDOHQILMDGRUHVTXHORUHTXLHUDQ6LQRVHUHVSHWDQORVSURFHGLPLHQWRVDQWHULR
UHVSXHGHQGDxDUVHODVSLH]DVRVLVWHPDV

127$
3DUDODVGHVFULSFLRQHVHOHPHQWRVQRLQFOXLGDVHQHVWDVHFFLyQUHILpUDVHDODPLVPDVHFFLyQGHO0DQXDO
GH6HUYLFLRPHQFLRQDGRHQHO35()$&,2GHHVWHPDQXDO
&217(1,'2
'HVFULSFLyQJHQHUDO &
'LDJQyVWLFR  &
,QVSHFFLRQHV\UHSDUDFLRQHV
UHTXHULGDVGHVSXpVGHXQDFFLGHQWH  &
6HUYLFLRHQHOYHKtFXOR  &
3UHFDXFLRQHVSDUDHOVHUYLFLR  &
'LDJQyVWLFR\VHUYLFLR  &
'HVDFWLYDFLyQGHOVLVWHPDGHO
FROFKyQGHDLUH  &
$FWLYDFLyQGHOVLVWHPDGHOFROFKyQ
GHDLUH  &

0DQLSXODFLyQ\DOPDFHQDPLHQWR &
'HVHFKR&
&ROXPQDGHODGLUHFFLyQ  &
&RQMXQWRGHOHMHVXSHULRUGHGLUHFFLyQ&
&RQMXQWRGHOHMHLQIHULRUGHGLUHFFLyQ &
&RPSUREDFLyQGHOFRQMXQWRGHOD
FROXPQDGHODGLUHFFLyQ\GHOHMH
VXSHULRUGHGLUHFFLyQHQFDVRGH
DFFLGHQWH&
(VSHFLILFDFLRQHVGHSDUHVGHDSULHWH &
&92/$17(<&2/801$'(/$',5(&&,Ï1

'HVFULSFLyQJHQHUDO
(VWDFROXPQDGHODGLUHFFLyQWLSRWXERGREOHDxDGHODVWUHVFDUDFWHUtVWLFDVLPSRUWDQWHVVLJXLHQWHVDODIXQFLyQGH
GLUHFFLyQ
‡ /DFROXPQDDEVRUEHHQHUJtDHVGHFLUTXHHVWiGLVHxDGDSDUDFRPSULPLUVHHQFDVRGHXQDFROLVLyQIURQWDO
‡ (OLQWHUUXSWRUGHHQFHQGLGR\HOEORTXHRHVWiQPRQWDGRVFRQYHQLHQWHPHQWHHQHVWDFROXPQD
‡ &XDQGRODFROXPQDHVWiPRQWDGDHQEORTXHRODVRSHUDFLRQHVGHHQFHQGLGR\GHGLUHFFLyQSXHGHQVHUEORTXHD
GDVSDUDUHGXFLUHOULHVJRGHURERGHOYHKtFXOR
3DUDJDUDQWL]DUODDFFLyQGHDEVRUFLyQGHHQHUJtDHVLPSRUWDQWHTXHVRODPHQWHVHHPSOHHQFRPRLQGLFDGRORVWRU
QLOORVSHUQRV\WXHUFDVHVSHFLILFDGRV\TXHVHDQDSUHWDGRVDOSDUGHDSULHWHHVSHFLILFDGR&XDQGRVHGHVPRQWHGHO
YHKtFXOR HO FRQMXQWR GH OD FROXPQD KD\ TXH WHQHU HVSHFLDO FXLGDGR SDUD PDQLSXODU HO FRQMXQWR (O HPSOHR GH XQ
H[WUDFWRUGHYRODQWHGHGLUHFFLyQTXHQRVHDHOPRGHORUHFRPHQGDGRHQHVWHPDQXDOXQJROSHIXHUWHHQHOH[WUHPR
GHOHMHGHGLUHFFLyQDSR\DUVHHQHOFRQMXQWRRGHMDUORFDHUSXHGHFDXVDUODURWXUDGHORVSDVDGRUHVGHVHJXULGDG
TXHPDQWLHQHQODORQJLWXG\ODSRVLFLyQGHODFROXPQD
(OPyGXORLQIODGRUGHOFROFKyQGHDLUHGHOFRQGXFWRUHVXQRGHORVFRPSRQHQWHVGHOVLVWHPDVXSOHPHQWDULRGHVXMH
FLyQ\HVWiPRQWDGRHQHOFHQWURGHOYRODQWHGHGLUHFFLyQ(QDOJXQDVFROLVLRQHVIURQWDOHVHOVLVWHPDGHOFROFKyQGH
DLUHGHVSOLHJDHLQIODORVFROFKRQHVGHDLUHSDUDDVtFRPSOHPHQWDUODDFFLyQGHVXMHFLyQGHORVFLQWXURQHVGHVHJXUL
GDGGHOFRQGXFWRU\GHOSDVDMHUR(OPyGXORLQIODGRUGHOFROFKyQGHDLUHGHEHVHUPDQLSXODGRFRQH[WUHPRFXLGDGR
SDUDHYLWDUTXHVHGHVSOLHJXHHLQIOHDFFLGHQWDOPHQWH&XDQGRVHKDJDHOVHUYLFLRUHVSHWHHVFUXSXORVDPHQWHWRGDV
ODV$'9(57(1&,$6GHHVWDVHFFLyQ5HILpUDVHD³35(&$8&,21(63$5$(/6(59,&,2´HQODVHFFLyQ%

 0yGXORLQIODGRUGHOFROFKyQGH  &XELHUWDVXSHULRUGHODFROXPQD  &XELHUWDGHORULILFLRGHODFROXPQDGH  6HOORLQIHULRUGHODFROXPQDGH

DLUHGHOFRQGXFWRU GHODGLUHFFLyQ ODGLUHFFLyQ ODGLUHFFLyQ
 9RODQWHGHGLUHFFLyQ
 7XHUFDGHOYRODQWHGHGLUHFFLyQ
 &RQMXQWRGHERELQDGHFRQWDFWR
\GHLQWHUUXSWRUFRPELQDGR
 &XELHUWDLQIHULRUGHODFROXPQD
GHODGLUHFFLyQ
 &RQMXQWRGHODFROXPQDGHOD
GLUHFFLyQ
 &RQMXQWRGHEORTXHRGHODGLUHF
FLyQ
 8QLyQGHOHMHGHGLUHFFLyQ
 &RQMXQWRGHOHMHLQIHULRUGHGLUHFFLyQ
 3DODQFDGHOLEHUDFLyQGHODFROXPQD
GHODGLUHFFLyQDMXVWDEOH
 7DSDVLHVWiHTXLSDGR
 &RQMXQWRGHOHMHVXSHULRUGH
GLUHFFLyQ
 92/$17(<&2/801$'(/$',5(&&,Ï1&

'LDJQyVWLFR
3DUDHOGLDJQyVWLFRGHOYRODQWHGHGLUHFFLyQ\GHODFROXPQDGHODGLUHFFLyQUHILpUDVHDODVHFFLyQ3DUDHOGLDJQyV
WLFRGHOVLVWHPDGHOFROFKyQGHDLUHUHILpUDVHDODVHFFLyQ%

,QVSHFFLRQHV\UHSDUDFLRQHVUHTXHULGDVGHVSXpVGHXQDFFLGHQWH
'HVSXpVGHXQDFFLGHQWHVHKD\DGHVSOHJDGRHLQIODGRHOFROFKyQGHDLUHRQRDVHJ~UHVHGHHIHFWXDUODVFRPSUR
EDFLRQHVLQVSHFFLRQHV\UHSDUDFLRQHVGHVFULWDVHQ³&20352%$&,Ï1'(/$&2/801$'(/$',5(&&,Ï1(1
&$62 '( $&&,'(17(´ HQ HVWD VHFFLyQ DGHPiV GH ODV ³,163(&&,21(6 < 5(3$5$&,21(6 5(48(5,'$6
'(638e6'(81$&&,'(17(´HQODVHFFLyQ%

6HUYLFLRHQHOYHKtFXOR
3UHFDXFLRQHVSDUDHOVHUYLFLR
3DUDPD\RUHVGHWDOOHVVREUHODVSUHFDXFLRQHVSDUDHOVHUYLFLRUHILpUDVHD³35(&$8&,21(63$5$(/6(59,&,2´
SUHVFULWDVHQ³6(59,&,2(1(/9(+Ë&8/2´HQODVHFFLyQ%
'LDJQyVWLFR\VHUYLFLR
3DUDPD\RUHVGHWDOOHVVREUHHOGLDJQyVWLFR\VHUYLFLRUHILpUDVHD³',$*1Ï67,&2<6(59,&,2´HQ³35(&$8&,2
1(63$5$(/6(59,&,2´HQODVHFFLyQ%
'HVDFWLYDFLyQGHOVLVWHPDGHOFROFKyQGHDLUH
3DUDPD\RUHVGHWDOOHVVREUHODGHVDFWLYDFLyQGHOVLVWHPDGHOFROFKyQGHDLUHUHILpUDVHD³'(6$&7,9$&,Ï1'(/
6,67(0$'(/&2/&+Ï1'($,5(´HQ³35(&$8&,21(63$5$(/6(59,&,2´HQODVHFFLyQ%
$FWLYDFLyQGHOVLVWHPDGHOFROFKyQGHDLUH
3DUDPD\RUHVGHWDOOHVVREUHODDFWLYDFLyQGHOVLVWHPDGHOFROFKyQGHDLUHUHILpUDVHD³$&7,9$&,Ï1'(/6,67(0$
'(/&2/&+Ï1'($,5(´HQ³35(&$8&,21(63$5$(/6(59,&,2´HQODVHFFLyQ%
0DQLSXODFLyQ\DOPDFHQDPLHQWR
3DUD PD\RUHV GHWDOOHV VREUH OD PDQLSXODFLyQ \ DOPDFHQDPLHQWR UHILpUDVH D ³0$1,38/$&,Ï1 < $/0$&(1$
0,(172´HQ³35(&$8&,21(63$5$(/6(59,&,2´HQODVHFFLyQ%
'HVHFKR
3DUDPD\RUHVGHWDOOHVVREUHHOGHVHFKRUHILpUDVHD³'(6(&+2´HQ³35(&$8&,21(63$5$(/6(59,&,2´HQOD
VHFFLyQ%
&92/$17(<&2/801$'(/$',5(&&,Ï1

&ROXPQDGHODGLUHFFLyQ

35(&$8&,Ï1
&XDQGRVHKDGHVPRQWDGRODFROXPQDGHODGLUHFFLyQGHOYHKtFXORODFROXPQDHVWiH[WUHPDGDPHQWHYXO
QHUDEOHDORVGDxRV
6LVHGHMDFDHUHOFRQMXQWRGHODFROXPQDVREUHVXH[WUHPRHOHMHGHODFROXPQDSRGUtDSOHJDUVHRVHDIOR
MDUiQORVSHUQRVSOiVWLFRVGHVHJXULGDGTXHPDQWLHQHQODORQJLWXGGHODFROXPQDDSR\DUVHHQHOFRQMXQWR
GHODFROXPQDSRGUtDGREODUODRGHIRUPDUOD
&XDOTXLHUDGHORVGDxRVDQWHULRUHVDIHFWDUiQHJDWLYDPHQWHHOGLVHxRGHSOHJDGRGHODFROXPQD
&XDQGRDIORMHORVSHUQRV\WXHUFDVGHPRQWDMHGHODFROXPQDGHODGLUHFFLyQDVHJ~UHVHGHTXHHOFRQMXQWR
GHODFROXPQDGHODGLUHFFLyQ\HOFRQMXQWRGHOHMHVXSHULRUGHGLUHFFLyQKDQVLGRVHSDUDGRV6LVHDIORMDQ
ODVWXHUFDV\SHUQRVFXDQGRHOFRQMXQWRGHODFROXPQDGHODGLUHFFLyQ\HOFRQMXQWRGHOHMHVXSHULRUGH
GLUHFFLyQHVWiQWRGDYtDXQLGRVHVWRSXHGHFDXVDUGDxRVHQODMXQWDVXSHULRU\HQHOVRSRUWHGHPRQWDMHHQ
HOFRQMXQWRGHOHMHVXSHULRUGHGLUHFFLyQ

127$
&XDQGR VLUYD OD FROXPQD GH OD GLUHFFLyQ R FXDOTXLHU FRPSRQHQWH PRQWDGR HQ OD FROXPQD GHVPRQWH HO
YRODQWH GH GLUHFFLyQ 3HUR FXDQGR VH GHVPRQWH ODFROXPQD GHOD GLUHFFLyQ VLPSOHPHQWH SDUDDFFHGHU D
FRPSRQHQWHVGHOWDEOHURGHLQVWUXPHQWRVGHMHHOYRODQWHGHGLUHFFLyQLQVWDODGRHQODFROXPQDGHODGLUHF
FLyQ

'(60217$-(

$'9(57(1&,$
1XQFDDSR\HHOFRQMXQWRGHFROXPQDGHODGLUHFFLyQVREUHHOYRODQWHGHGLUHFFLyQFRQHOPyGXORLQIODGRU
GHOFROFKyQGHDLUHSRVLFLRQDGRKDFLDDEDMR\ODFROXPQDGHODGLUHFFLyQHQSRVLFLyQYHUWLFDOKDFLDDUULED
6LQRSURFHGHFRPRLQGLFDGRSXHGHKDEHUGDxRVFRUSRUDOHV

35(&$8&,Ï1
1XQFDKDJDJLUDUHOYRODQWHGHGLUHFFLyQPLHQWUDVODFROXPQDGHODGLUHFFLyQFRQHOYRODQWHGHGLUHFFLyQ
HVWiGHVPRQWDGD$GHPiVODERELQDGHFRQWDFWRVHURPSHUiVLHOYRODQWHGHGLUHFFLyQHVJLUDGRPiVGH
GRV\PHGLDYXHOWDV
 'HVFRQHFWHHOFDEOHQHJDWLYR±HQODEDWHUtD
 'HVDFWLYH HO VLVWHPD GHO FROFKyQ GH DLUH 5HILpUDVH D ³'(6$&7,9$&,Ï1 '(/ 6,67(0$ '(/ &2/&+Ï1 '(
$,5(´HQ³35(&$8&,21(63$5$(/6(59,&,2´HQODVHFFLyQ%
 'HVPRQWHHOYRODQWHGHGLUHFFLyQ\HOFRQMXQWRGHERELQDGHFRQWDFWR\GHLQWHUUXSWRUFRPELQDGRVLHVQHFHVDULR
5HILpUDVH D ³92/$17( '( ',5(&&,Ï1´ \ D ³&21-8172 '( ,17(5583725 &20%,1$'2 < %2%,1$ '(
&217$&72´HQHVWDVHFFLyQ
$SOLTXHHOSURFHGLPLHQWRVLJXLHQWHVLQRGHVPRQWDHOYRODQWHGHGLUHFFLyQ\RHOLQWHUUXSWRUFRPELQDGR
D *LUHHOYRODQWHGHGLUHFFLyQGHPRGRTXHODVUXHGDVGHODQWHUDVGHOYHKtFXORHVWpQHQSRVLFLyQUHFWDKDFLDDGH
ODQWH
E &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ³/2&.´\VDTXHODOODYH

 'HVPRQWHODFXELHUWDGHORULILFLRGHODFROXPQDGHODGLUHF
FLyQ
 'HVFRQHFWHWRGRVORVFRQHFWRUHVSDUDODVSLH]DVVLJXLHQWHV
‡ &RQMXQWRGHERELQDGHFRQWDFWR\GHLQWHUUXSWRUFRPELQDGR
‡ ,QWHUUXSWRUGHHQFHQGLGR
 92/$17(<&2/801$'(/$',5(&&,Ï1&

 'HVPRQWHHOSHUQR\ODWXHUFDGHODMXQWDVXSHULRUGHOHMH

VXSHULRU GH GLUHFFLyQ \ GHVFRQHFWH OD MXQWD VXSHULRU GHO HMH
VXSHULRUGHGLUHFFLyQVDFiQGRODHQHOVHQWLGRGHODIOHFKDPRV
WUDGDHQODILJXUD
1

 'HVPRQWHORVSHUQRVXQLGDGHV\ODVWXHUFDVXQLGD

GHVGHPRQWDMHGHODFROXPQDGHODGLUHFFLyQ
1

3 2

 6LHOFDEOHGHLQWHUEORTXHRGHFDPELROODYHHVWiLQVWDODGR

GHVPRQWH HO WRUQLOOR  GHO FDEOH GH LQWHUEORTXHR GH FDPELR
OODYH\HQVHJXLGDGHVFRQHFWHVXFDEOHGHOLQWHUUXSWRUGH
HQFHQGLGR
 'HVPRQWHGHOYHKtFXORODFROXPQDGHODGLUHFFLyQ

&20352%$&,Ï1
&RPSUXHEHHOIXQFLRQDPLHQWRGHODFROXPQDGHODGLUHFFLyQ\YHULIL
TXHVLKD\GDxRV5HILpUDVHD&20352%$&,Ï1'('$f26'(/$
&2/801$'(/$',5(&&,Ï1<'(/(-(683(5,25'(',5(&
&,Ï1(1&$62'($&&,'(17(HQHVWDVHFFLyQ
,167$/$&,Ï1

35(&$8&,Ï1
'HVSXpVGHDSUHWDUORVSHUQRVGHPRQWDMHGHODFROXPQDGH
ODGLUHFFLyQKD\TXHDSUHWDUORVSHUQRVGHODMXQWDGHOHMH
GHGLUHFFLyQ
 $VHJ~UHVHGHTXHODVUXHGDVGHODQWHUDV\HOYRODQWHGHGLUHF
FLyQHVWiQHQODSRVLFLyQUHFWDKDFLDDGHODQWH
 6LHOFDEOHGHLQWHUEORTXHRGHFDPELROODYHHVWiLQFRUSR
UDGRLQVWDOHHOFDEOHGHLQWHUEORTXHRGHFDPELROODYHHQHO
LQWHUUXSWRUGHHQFHQGLGR
3DUGHDSULHWH
7RUQLOORGHFDEOHGHLQWHUEORTXHRGHFDPELROODYHD
1ÂPNJP
&92/$17(<&2/801$'(/$',5(&&,Ï1

 ,QVWDOHHOFRQMXQWR GHODFROXPQDGH ODGLUHFFLyQKDFLHQGR

FRLQFLGLUODSDUWHVXSHULRUGHODVUDQXUDVGHOVRSRUWHLQIHULRUFRQ
1
ORV SHUQRV GH PRQWDMH $SULHWHDO SDU GH DSULHWH HVSHFLILFDGR
SULPHURODVWXHUFDVGHPRQWDMHLQIHULRUGHODFROXPQDGHOD
GLUHFFLyQ\HQVHJXLGDORVSHUQRVGHPRQWDMHVXSHULRU
3DUGHDSULHWH
3HUQRV\WXHUFDVGHPRQWDMHGHODFROXPQDGHODGLUHFFLyQ
E
1ÂPNJP
3, (b) 2, (b)

“B”  $OLQHHHOFRUWH³$´GHOFRQMXQWRGHODFROXPQDGHODGLUHFFLyQ

FRQHORULILFLR³%´SDUDSHUQRGHODMXQWDXQLYHUVDOVXSHULRUGHO
HMH VXSHULRU GH GLUHFFLyQ HQ OD IRUPD LQGLFDGD HQ OD ILJXUD
(QWRQFHV FRQHFWH OD MXQWD XQLYHUVDO VXSHULRU GHO HMH VXSHULRU
GHGLUHFFLyQ

1
“A”

 ,QVWDOHHOSHUQR\ODWXHUFDGHMXQWDXQLYHUVDOVXSHULRUGHO

HMHVXSHULRUGHGLUHFFLyQ$SULHWHODWXHUFDGHODMXQWDXQL
YHUVDO VXSHULRUGHOHMHVXSHULRUGH GLUHFFLyQ DOSDUGHDSULHWH
HVSHFLILFDGR
3DUGHDSULHWH
2
7XHUFDGHODMXQWDXQLYHUVDOVXSHULRUGHOHMHVXSHULRUGH
GLUHFFLyQD
1ÂPNJP

 6L VH KD GHVPRQWDGR HO FRQMXQWR GH OD ERELQD GH FRQWDFWR H
LQWHUUXSWRU FRPELQDGR YXHOYD D LQVWDODUOR 5HILpUDVH D ³&21
1, (a) -8172'(%2%,1$'(&217$&72(,17(5583725&20
%,1$'2´HQHVWDVHFFLyQ
 &RQHFWH WRGRV ORV FRQHFWRUHV GHVFRQHFWDGRV GXUDQWH HO GHV
PRQWDMH

 ,QVWDOHODFXELHUWDGHORULILFLRGHODFROXPQDGHODGLUHFFLyQ
 6LKDEtDVLGRGHVPRQWDGRYXHOYDDLQVWDODUHOYRODQWHGHGLUHF
FLyQ 5HILpUDVH D ³92/$17( '( ',5(&&,Ï1´ HQ HVWD VHF
FLyQ
 &RQHFWHHOFDEOHQHJDWLYR±DODEDWHUtD
 'HVSXpVGHLQVWDODUHOFRQMXQWRGHODFROXPQDGHODGLUHFFLyQ
DVHJ~UHVHGHDFWLYDUHOVLVWHPDGHOFROFKyQGHDLUH5HILpUDVH
D³$&7,9$&,Ï1'(/6,67(0$'(/&2/&+Ï1'($,5(´HQ
³35(&$8&,21(63$5$(/6(59,&,2´HQODVHFFLyQ%
 92/$17(<&2/801$'(/$',5(&&,Ï1&

&RQMXQWRGHOHMHVXSHULRUGHGLUHFFLyQ

35(&$8&,Ï1
1XQFD KDJD JLUDU HO YRODQWH GH GLUHFFLyQ PLHQWUDV HO FRQ
MXQWRGHOHMHVXSHULRUGHGLUHFFLyQHVWpGHVPRQWDGR
6LVHKDKHFKRJLUDUHOYRODQWHGHGLUHFFLyQ\ODERELQDGH
FRQWDFWRHQHOLQWHUUXSWRUFRPELQDGRKDVLGRGHVFHQWUDGD
KD\ TXH YROYHU D FHQWUDUOD$GHPiVOD ERELQDGHFRQWDFWR
VHURPSHUiVLHOYRODQWHGHGLUHFFLyQHVJLUDGRPiVGHGRV
\PHGLDYXHOWDV

'(60217$-(
 *LUHHOYRODQWHGHGLUHFFLyQGHPRGRTXHODVUXHGDVGHODQWHUDV
GHOYHKtFXORHVWpQHQSRVLFLyQUHFWDKDFLDDGHODQWH
 &RORTXH HO LQWHUUXSWRU GH HQFHQGLGR HQ OD SRVLFLyQ ³/2&.´ \
VDTXHODOODYH
 +DJDPDUFDVGHDOLQHDFLyQHQODXQLyQGHOHMH\HQHMH
ODGRGHOFRQMXQWRGHOHMHVXSHULRUSDUDTXHVLUYDQGHJXtD
GXUDQWHODUHLQVWDODFLyQ

 'HVSXpV GH VDFDU HO SHUQR  HQ HO ODGR  GHO FRQMXQWR GHO
HMHVXSHULRUGHODXQLyQGHOHMH\GHDIORMDUHOSHUQRHQHO
ODGRGHOFRQMXQWRGHOHMHLQIHULRUPXHYDODXQLyQGHOHMH
KDFLDHOODGRGHOFRQMXQWRGHOHMHLQIHULRUHQHOVHQWLGRGHOD
IOHFKDPRVWUDGDHQODILJXUD

 'HVPRQWHHOSHUQR\ODWXHUFDGHODMXQWDXQLYHUVDOVXSH

ULRUGHOHMHVXSHULRUGHGLUHFFLyQ\GHVFRQHFWHODMXQWDVXSHULRU
GHOHMHVXSHULRUGHGLUHFFLyQVDFiQGRODHQHOVHQWLGRGHODIOH
1
FKDPRVWUDGDHQODILJXUD

 6DTXHORVSHUQRVXQLGDGHVGHPRQWDMHGHOHMHVXSHULRUGH

GLUHFFLyQ
 'HVPRQWH GHO YHKtFXOR HO FRQMXQWR GHO HMH VXSHULRU GH GLUHF
FLyQ
&92/$17(<&2/801$'(/$',5(&&,Ï1

&20352%$&,Ï1
&RPSUXHEHHOIXQFLRQDPLHQWRGHOHMHGHGLUHFFLyQ\YHULILTXHVLKD\
GDxRV 5HILpUDVH D &20352%$&,Ï1 '( '$f26 '( /$
&2/801$'(/$',5(&&,Ï1<'(/(-(683(5,25'(',5(&
&,Ï1(1&$62'($&&,'(17(HQHVWDVHFFLyQ

,167$/$&,Ï1
 $VHJ~UHVHGHTXHODVUXHGDVGHODQWHUDV\HOYRODQWHGHGLUHF
FLyQHVWiQHQODSRVLFLyQUHFWDKDFLDDGHODQWH
 ,QVWDOHHOFRQMXQWRGHOHMHVXSHULRUGHGLUHFFLyQHQHOVDOSLFD
GHUR $SULHWH ORV SHUQRV  GH PRQWDMH GHO HMH VXSHULRU GH
1, (a)
GLUHFFLyQDOSDUGHDSULHWHHVSHFLILFDGR
3DUGHDSULHWH
3HUQRVGHPRQWDMHGHOHMHVXSHULRUGHGLUHFFLyQD
1ÂPNJP

 ,QVWDOHODXQLyQGHOHMHGHGLUHFFLyQHQHOHMHVXSHULRUGH

GLUHFFLyQ KDFLHQGR FRLQFLGLU ODV PDUFDV  KHFKDV DQWHV GHO
GHVPRQWDMH

 ,QVWDOHHOSHUQRGHXQLyQGHHMHODGRGHOFRQMXQWRGHOHMHVXSH
ULRUHQODXQLyQGHOHMHGHGLUHFFLyQ$SULHWHHOSHUQRGH
ODXQLyQGHOHMHODGRGHOFRQMXQWRGHOHMHVXSHULRUDOSDUGH
DSULHWH HVSHFLILFDGR \ HQVHJXLGD DSULHWH HO SHUQR GH OD MXQWD
ODGRGHOHMHLQIHULRUGHGLUHFFLyQDOSDUGHDSULHWHHVSHFLIL
FDGR
3DUGHDSULHWH
3HUQRGHXQLyQGHHMHGHGLUHFFLyQF1ÂPNJP

“B”  $OLQHHHOFRUWH³$´GHOFRQMXQWRGHODFROXPQDGHODGLUHFFLyQ

FRQHORULILFLR³%´SDUDODMXQWDSDUDHOHMHVXSHULRUGHGLUHFFLyQ
HQ OD IRUPD LQGLFDGD HQ OD ILJXUD (QWRQFHV FRQHFWH OD MXQWD
VXSHULRUGHOHMHVXSHULRUGHGLUHFFLyQ

1
“A”
 92/$17(<&2/801$'(/$',5(&&,Ï1&

 ,QVWDOHHOSHUQR\ODWXHUFDGHMXQWDXQLYHUVDOVXSHULRUGHO

HMHVXSHULRUGHGLUHFFLyQ$SULHWHODWXHUFDGHODMXQWDXQL
YHUVDOVXSHULRU GHOHMHVXSHULRUGHGLUHFFLyQDO SDU GHDSULHWH
2
HVSHFLILFDGR
3DUGHDSULHWH
7XHUFDGHODMXQWDXQLYHUVDOVXSHULRUGHOHMHVXSHULRUGH
GLUHFFLyQD
1ÂPNJP
1, (a)

&RQMXQWRGHOHMHLQIHULRUGHGLUHFFLyQ

35(&$8&,Ï1
1XQFD KDJD JLUDU HO YRODQWH GH GLUHFFLyQ PLHQWUDV HO FRQ
MXQWRGHOHMHLQIHULRUGHGLUHFFLyQHVWpGHVPRQWDGR
6LVHKDKHFKRJLUDUHOYRODQWHGHGLUHFFLyQ\ODERELQDGH
FRQWDFWRHQHOLQWHUUXSWRUFRPELQDGRKDVLGRGHVFHQWUDGD
KD\ TXH YROYHU D FHQWUDUOD$GHPiVOD ERELQDGHFRQWDFWR
VHURPSHUiVLHOYRODQWHGHGLUHFFLyQHVJLUDGRPiVGHGRV
\PHGLDYXHOWDV

'(60217$-(
 *LUHHOYRODQWHGHGLUHFFLyQGHPRGRTXHODVUXHGDVGHODQWHUDV
GHOYHKtFXORHVWpQHQSRVLFLyQUHFWDKDFLDDGHODQWH
 &RORTXH HO LQWHUUXSWRU GH HQFHQGLGR HQ OD SRVLFLyQ ³/2&.´ \
VDTXHODOODYH
 'HVSXpV GH VDFDU HO SHUQR  HQ HO ODGR  GHO FRQMXQWR GHO
HMHVXSHULRUGHODXQLyQGHOHMH\GHDIORMDUHOSHUQRHQHO
ODGRGHOFRQMXQWRGHOHMHLQIHULRUPXHYDODXQLyQGHOHMH
KDFLDHOODGRGHOFRQMXQWRGHOHMHLQIHULRUHQHOVHQWLGRGHOD
IOHFKDPRVWUDGDHQODILJXUD

 'HVPRQWHHOSHUQRGHODMXQWDXQLYHUVDOLQIHULRUGHOFRQMXQWR
GHO HMH LQIHULRU \ HQVHJXLGD GHVPRQWH HO FRQMXQWR  GHO HMH
LQIHULRU
 'HVPRQWHHOSHUQRGHODXQLyQGHHMHODGRGHOFRQMXQWRGHOHMH
LQIHULRUGHODXQLyQGHHMH\HQVHJXLGDGHVPRQWHODXQLyQ
GHHMHGHOFRQMXQWRGHHMHLQIHULRU
&92/$17(<&2/801$'(/$',5(&&,Ï1

,167$/$&,Ï1
 $VHJ~UHVHGHTXHODVUXHGDVGHODQWHUDV\HOYRODQWHGHGLUHF
FLyQHVWiQHQODSRVLFLyQUHFWDKDFLDDGHODQWH
 $OLQHHODSDUWHSODQD³$´GHOFRQMXQWRGHOHMHLQIHULRUFRQHO
RULILFLR³%´SDUDSHUQRGHXQLyQGHHMHHQODIRUPDLQGLFDGDHQ
ODILJXUD(QVHJXLGDLQVHUWHODXQLyQGHHMHHQHOFRQMXQWR
GHHMHLQIHULRU
 ,QVWDOHHOSHUQRGHXQLyQGHHMHODGRGHOFRQMXQWRGHOHMHLQIH
ULRUHQODXQLyQGHHMH(QVHJXLGDDSULHWHHOSHUQRPDQXDO
PHQWH

 ,QVHUWHHOHMHGHSLxyQHQODMXQWDXQLYHUVDOLQIHULRUGHOFRQ
MXQWRGHHMHLQIHULRUDOLQHDQGRODUDQXUDGHMXQWDXQLYHUVDO
LQIHULRU ODV PDUFDV  GHO HMH  GH SLxyQ \ OD FDMD  GH
HQJUDQDMH
< HQVHJXLGD LQVWDOH HO SHUQR  GH OD MXQWD XQLYHUVDO LQIHULRU
GHOFRQMXQWRGHOHMHLQIHULRUHQODMXQWDLQIHULRUGHOFRQMXQWR
GHOHMHLQIHULRU$SULHWHHOSHUQRDOSDUGHDSULHWHHVSHFLILFDGR
3DUGHDSULHWH
3HUQRGHMXQWDXQLYHUVDOLQIHULRUGHOFRQMXQWRGHOHMHLQIHULRU
D
1ÂPNJP

 ,QVWDOHODXQLyQGHHMHGHGLUHFFLyQHQHOHMHVXSHULRUGH

GLUHFFLyQ

127$
$VHJ~UHVH GH TXH ODV UXHGDV GHODQWHUDV \ HO YRODQWH GH
GLUHFFLyQHVWiQHQODSRVLFLyQUHFWDKDFLDDGHODQWH

 ,QVWDOHHOSHUQRGHXQLyQGHHMHODGRGHOFRQMXQWRGHOHMHVXSH
ULRUHQODXQLyQGHOHMH$SULHWHHOSHUQRGHODXQLyQGH
HMH ODGR GHO FRQMXQWR GHO HMH VXSHULRU  DO SDU GH DSULHWH
HVSHFLILFDGR \ HQVHJXLGD DSULHWH HO SHUQR GH OD XQLyQ GH HMH
ODGRGHOHMHLQIHULRUGHGLUHFFLyQDOSDUGHDSULHWHHVSHFLIL
FDGR
3DUGHDSULHWH
3HUQRGHXQLyQGHHMHGHGLUHFFLyQE1ÂPNJP
 92/$17(<&2/801$'(/$',5(&&,Ï1&

&RPSUREDFLyQGHOFRQMXQWRGHODFROXPQDGH
ODGLUHFFLyQ\GHOHMHVXSHULRUGHGLUHFFLyQHQ
FDVRGHDFFLGHQWH

127$
/RV YHKtFXORV LPSOLFDGRV HQ DFFLGHQWHV TXH KDQ FDXVDGR
GDxRV HQ OD FDUURFHUtD TXH KDQ UHFLELGR LPSDFWRV HQ OD
FROXPQD GH OD GLUHFFLyQ R HQ ORV FXDOHV ORV FROFKRQHV GH
DLUH VH KDQ LQIODGR SRVLEOHPHQWH WLHQHQ OD FROXPQD GH OD
GLUHFFLyQGDxDGDRGHVDOLQHDGD

1 ‡ &RPSUXHEH TXH ODV  FiSVXODV HVWiQ ILMDGDV VHJXUDPHQWH DO

VRSRUWH GH OD FROXPQD GH OD GLUHFFLyQ &RPSUXHEH OD KROJXUD
TXH KD\ HQWUH ODV FiSVXODV \ HO VRSRUWH GH OD FROXPQD GH OD
GLUHFFLyQ /D KROJXUD GHEH VHU  PP HQ DPERV ODGRV 6L KD\
IORMHGDGXKROJXUDUHHPSODFHHOFRQMXQWRGHODFROXPQDGHOD
GLUHFFLyQ
 &iSVXOD
 6RSRUWHGHODFROXPQDGHODGLUHFFLyQ

‡ 7RPHXQDPHGLFLyQ³D´HQODIRUPDPRVWUDGDHQODILJXUD6L
“a”
OD ORQJLWXG PHGLGD HV LQIHULRU DO YDORU HVSHFLILFDGR UHHP
SODFHHOFRQMXQWRGHODFROXPQDGHODGLUHFFLyQSRUXQFRQ
MXQWRQXHYR
/RQJLWXGGHOFRQMXQWRGHODFROXPQDGHODGLUHFFLyQ³D´
“PP

‡ &RPSUXHEHTXHHOHMHGHGLUHFFLyQJLUDIiFLO\VXDYHPHQWH
6LHVWiGHIHFWXRVRUHHPSODFHFRPRXQFRQMXQWRODFROXPQDGH
ODGLUHFFLyQ
‡ &RPSUXHEHVLHOHMH\ODFROXPQDGHODGLUHFFLyQHVWiQGREOD
GRVDJULHWDGRVRGHIRUPDGRV
6LKD\GHIHFWRVUHHPSODFHFRPRXQFRQMXQWRODFROXPQDGHOD
GLUHFFLyQ
‡ &RPSUXHEHVLHOVHOORLQIHULRUGHOHMHVXSHULRUGHGLUHFFLyQ
HVWiDJULHWDGRRGHIRUPDGR
6LKD\GHIHFWRVUHHPSODFH
‡ &RPSUXHEHVLHQODVMXQWDVXQLYHUVDOHVGHHMHGHGLUHFFLyQ\HQ
HO HMH KD\ GDxRV FRPR JULHWDV URWXUDV VL KD\ PDO IXQFLRQD
PLHQWRRH[FHVRGHMXHJR
6LKD\FXDOTXLHUGHVSHUIHFWRSURFHGDDUHHPSOD]DUHOFRQMXQWR
GH HMH VXSHULRU HO FRQMXQWR GH HMH LQWHULRU R HO FRQMXQWR GH OD
FROXPQDGHODGLUHFFLyQ
&92/$17(<&2/801$'(/$',5(&&,Ï1

‡ 7RPHXQDPHGLFLyQ³E´HQODIRUPDPRVWUDGDHQODILJXUD6LOD
ORQJLWXGPHGLGDHVLQIHULRUDOYDORUHVSHFLILFDGRUHHPSODFHHO
FRQMXQWRGHOHMHVXSHULRUGHGLUHFFLyQSRUXQFRQMXQWRQXHYR
“b”
/RQJLWXGGHOFRQMXQWRGHOHMHVXSHULRUGHGLUHFFLyQ³E´
“PP

(VSHFLILFDFLRQHVGHSDUHVGHDSULHWH
3DUGHDSULHWH
3LH]DVGHVXMHFLyQ
1‡P NJP OEIW
3HUQRGHPyGXORLQIODGRUGHOFROFKyQGHDLUHGHOFRQGXFWRU   
7XHUFDGHHMHGHGLUHFFLyQ   
3HUQR\WXHUFDGHPRQWDMHGHODFROXPQDGHODGLUHFFLyQ   
3HUQRGHXQLyQGHOHMHGHGLUHFFLyQ   
3HUQRGHMXQWDLQIHULRUGHOFRQMXQWRGHOHMHLQIHULRUGHGLUHFFLyQ   
7RUQLOORGHFDEOHGHLQWHUEORTXHRGHFDPELROODYH   
3HUQRGHPRQWDMHGHOHMHVXSHULRUGHGLUHFFLyQ   
7XHUFDGHODMXQWDVXSHULRUGHOHMHVXSHULRUGHGLUHFFLyQ   
 6863(16,Ï1'(/$17(5$'

6(&&,Ï1'

6863(16,Ï1'(/$17(5$
35(&$8&,Ï1
‡ 7RGRVORVHOHPHQWRVGHILMDFLyQGHODVXVSHQVLyQVRQSLH]DVGHILMDFLyQLPSRUWDQWHVTXHSRGUtDQDIHFWDU
OD HILFDFLD GHO IXQFLRQDPLHQWR GH SLH]DV \ VLVWHPDV YLWDOHV \R TXH SRGUtDQ VHU OD FDXVD GH FRVWRVDV
UHSDUDFLRQHV 6L HO UHHPSOD]R HV QHFHVDULR GHEHQ XWLOL]DUVH SLH]DV TXH WHQJDQ HO PLVPR Q~PHUR GH
SLH]DRSLH]DVHTXLYDOHQWHV1RHPSOHHSLH]DVGHUHSXHVWRGHPHQRUFDOLGDGRGHGLVHxRVVXVWLWXWLYRV
'XUDQWHHOUHDUPDGRORVYDORUHVGHSDUHVGHDSULHWHGHEHQVHUDSOLFDGRVWDOFRPRKDQVLGRHVSHFLILFD
GRVSDUDDVtJDUDQWL]DUODFRUUHFWDVXMHFLyQGHHVWDVSLH]DV '
‡ 1XQFD WUDWH GH FDOHQWDU WHPSODU R HQGHUH]DU QLQJXQD SLH]D FRPSRQHQWH GH OD VXVSHQVLyQ GHODQWHUD
5HHPSODFHHPSOHDQGRXQDSLH]DQXHYDSDUDHYLWDUGDxRVDODSLH]D

127$
3DUDODVGHVFULSFLRQHVHOHPHQWRVQRLQFOXLGDVHQHVWDVHFFLyQUHILpUDVHDODPLVPDVHFFLyQGHO0DQXDO
GH6HUYLFLRPHQFLRQDGRHQHO35()$&,2GHHVWHPDQXDO

&217(1,'2
6HUYLFLRHQHOYHKtFXOR  ' (VSHFLILFDFLRQHVGHSDUHVGHDSULHWH '
%UD]RGHFRQWUROFDVTXLOORVGHODVXVSHQVLyQ  '


6HUYLFLRHQHOYHKtFXOR
%UD]RGHFRQWUROFDVTXLOORVGHODVXVSHQVLyQ
,167$/$&,Ï1
3DUD PD\RUHV GHWDOOHV UHILpUDVH DO PLVPR SXQWR HQ OD PLVPD VHF
FLyQ GHO 0DQXDO GH 6HUYLFLR PHQFLRQDGR HQ HO 35()$&,2 GH HVWH
PDQXDOWHQLHQGRHQFRQVLGHUDFLyQORVSXQWRVVLJXLHQWHV
(b) ‡ ,QVWDOHHOEUD]RGHODVXVSHQVLyQHQHOFKDVLV
%DMH HO HOHYDGRU \ HO YHKtFXOR QR FDUJDGR DSULHWH ODV WXHUFDV
GHOEUD]RGHVXVSHQVLyQDOSDUGHDSULHWHHVSHFLILFDGR
3DUGHDSULHWH
7XHUFDGHEUD]RGHVXVSHQVLyQGHODQWHUDD
1ÂPNJP
7XHUFDGHEUD]RGHVXVSHQVLyQGHODQWHUDE
1ÂPNJP

127$
1RYXHOYDDXWLOL]DUODWXHUFDGHEUD]RGHVXVSHQVLyQGHODQ
WHUDE
3D-2 SUSPENSIÓN DELANTERA

Especificaciones de pares de apriete

 6863(16,Ï175$6(5$(

6(&&,Ï1(

6863(16,Ï175$6(5$
127$
‡ 3DUD ODV GHVFULSFLRQHV HOHPHQWRV QR LQFOXLGDV HQ HVWD VHFFLyQ UHILpUDVH D OD PLVPD VHFFLyQ GHO
0DQXDOGH6HUYLFLRPHQFLRQDGRHQHO35()$&,2GHHVWHPDQXDO
‡ 7RGRVORVHOHPHQWRVGHILMDFLyQGHODVXVSHQVLyQVRQSLH]DVGHILMDFLyQLPSRUWDQWHVTXHSRGUtDQDIHFWDU
OD HILFDFLD GHO IXQFLRQDPLHQWR GH SLH]DV \ VLVWHPDV YLWDOHV \R TXH SRGUtDQ VHU OD FDXVD GH FRVWRVDV
UHSDUDFLRQHV 6L HO UHHPSOD]R HV QHFHVDULR GHEHQ XWLOL]DUVH SLH]DV TXH WHQJDQ HO PLVPR Q~PHUR GH
SLH]DRSLH]DVHTXLYDOHQWHV1RHPSOHHSLH]DVGHUHSXHVWRGHPHQRUFDOLGDGRGHGLVHxRVVXVWLWXWLYRV
'XUDQWHHOUHDUPDGRORVYDORUHVGHSDUHVGHDSULHWHGHEHQVHUDSOLFDGRVWDOFRPRKDQVLGRHVSHFLILFD
(
GRVSDUDDVtJDUDQWL]DUODFRUUHFWDVXMHFLyQGHHVWDVSLH]DV
‡ 1XQFDWUDWHGHFDOHQWDUWHPSODURHQGHUH]DUQLQJXQDSLH]DFRPSRQHQWHGHODVXVSHQVLyQ5HHPSODFH
HPSOHDQGRXQDSLH]DQXHYDSDUDHYLWDUGDxRVDODSLH]D

&217(1,'2
6HUYLFLRHQHOYHKtFXOR  (
(MHGHSXHQWHWUDVHUR\FRMLQHWHGHUXHGD  (
6HOORGHDFHLWHLQWHULRUGHHMHGHSXHQWH
WUDVHUR (

&DMDGHHMHWUDVHUR (
(VSHFLILFDFLRQHVGHSDUHVGHDSULHWH  (
0DWHULDOHVQHFHVDULRVGHVHUYLFLR  (
+HUUDPLHQWDVHVSHFLDOHV  (

6HUYLFLRHQHOYHKtFXOR
(MHGHSXHQWHWUDVHUR\FRMLQHWHGHUXHGD
'(60217$-(
 'HVPRQWHGHODFDMDHOHMHGHSXHQWHWUDVHURGHDFXHUGRFRQ
ORVSDVRVDGHVFULWRVHQODPLVPDVHFFLyQGHO0DQXDOGH
6HUYLFLR PHQFLRQDGR HQ HO 35()$&,2 GH HVWH PDQXDO
WHQLHQGRHQFRQVLGHUDFLyQORVSXQWRVVLJXLHQWHV
(6863(16,Ï175$6(5$

 'HVPRQWHHODQLOORGHUHWHQFLyQGHOHMHGHSXHQWHWUDVHUR
 3DUDH[WUDHUHODQLOORGHUHWpQGHOHMHGHOSXHQWHHVPH
ULOH FRQ XQ HVPHULODGRU GH GLVFR GRV SDUWHV  GHO DQLOOR GH
UHWpQGHOFRMLQHWHKDVWDTXHVHDGHOJDFHGHODPDQHUDPRV
WUDGDHQODILJXUD

35(&$8&,Ï1
7HQJDFXLGDGR\QRUD\HHOHMHGHOSXHQWH
>$@ 9HKtFXORFRQ$%6
>%@ 9HKtFXORVLQ$%6

 4XLHEUH FRQ XQ FLQFHO  HO URWRU GH VHQVRU DGHOJD]DGR \ HO

DQLOORGHUHWpQ\H[WUiLJDOR

 8WLOLFHODVKHUUDPLHQWDVHVSHFLDOHVFRPRPRVWUDGRHQODILJXUD
\GHVPRQWHHOFRMLQHWHGHUXHGD\HOUHWpQGHFRMLQHWH
+HUUDPLHQWDHVSHFLDO
$
%

127$
6LVHKDGHMDGRHODURLQWHULRUGHOFRMLQHWHGHUXHGDHQHOHMH
GHO SXHQWH GHVPyQWHOR GHO HMH GH SXHQWH DSOLFDQGR HO
PLVPRSURFHGLPLHQWRPHQFLRQDGRDQWHULRUPHQWH

35(&$8&,Ï1
1RYXHOYDDXWLOL]DUHOFRMLQHWHGHUXHGD
 6863(16,Ï175$6(5$(

 8WLOLFHODSUHQVDKLGUiXOLFD\GHVPRQWHHOORVSHUQRV

HVSiUUDJRV

,167$/$&,Ï1
,QVWDOHODVSLH]DVGHVPRQWDGDVHQHORUGHQLQYHUVRDOGHOGHVPRQ
WDMH\WRPDQGRHQFRQVLGHUDFLyQORVSXQWRVVLJXLHQWHV

 $OLQHH ODV HVWUtDV HQWUH HO ORV SHUQRV  HVSiUUDJRV

QXHYRV\ODEULGDHLQVWDOHHOORVSHUQRVHVSiUUDJRV
QXHYRVDSUHWDQGRODWXHUFDFRPRPRVWUDGRHQODILJXUD
 $UDQGHOD

 ,QVWDOHHOUHWpQGHOFRMLQHWHHQHOHMHGHOSXHQWH
 (PSOHHODSUHQVD\FRPSULPDHOQXHYRFRMLQHWHGHUXHGD
\HODQLOORQXHYRGHUHWpQSDUDLQVHUWDUORVDGHFXDGDPHQWH

127$
‡ 7HQJDFXLGDGR\QRGDxHODSDUWHH[WHULRUGHODQLOOR
GHUHWpQ
‡ (OODGRGHVHOORGHOFRMLQHWHGHUXHGDGHEHTXHGDU
SRVLFLRQDGRKDFLDHOODGRGHOUHWpQGHOFRMLQHWH
 ,QVWDOHHODQLOORGHUHWHQFLyQHQHOHMHGHSXHQWHWUDVHUR
3E-4 SUSPENSIÓN TRASERA

5) Aplique grasa “A” al borde de sello de aceite interior del eje de

puente, en la forma mostrada en la figura.
“A” : Grasa 99000-25010
1. Caja de eje

a) Aplique sellador de estanqueidad al agua “B” a las superficies

de contacto del plato portafreno y cubo del eje trasero (2).
“B” : Sellador de estanqueidad al agua 99000-31110

6) Instale el eje de puente trasero en la caja de puente trasero, y

apriete las tuercas de retén de cojinete, al par de apriete espe-
cificado.
Longitud “L” del eje del puente trasero
Lado izquierdo : 700,5 mm
Lado derecho : 769,5 mm

NOTA:
Cuando instale el eje de puente trasero, tenga cuidado de
no dañar el labio del sello de aceite en la caja del eje.

Par de apriete
Tuerca de retén de cojinete (a) : 50 N·m (5,0 kg-m)

7) Apriete el perno del sensor de velocidad de rueda, al par de

apriete especificado (si está equipado con sistema de ABS).
Par de apriete
Perno del sensor de velocidad de rueda (b) : 21 N·m (2,1 kg-
m)
(b) 8) Llene la caja de puente trasero con el aceite especificado de
engranajes, nuevo.
Refiérase a “SERVICIO DE MANTENIMIENTO”, en la sección
7F.
9) Instale el tambor de freno. Refiérase a “TAMBOR DE FRENO”,
en la sección 5C.
 6863(16,Ï175$6(5$(

6HOORGHDFHLWHLQWHULRUGHHMHGHSXHQWHWUDVHUR
,167$/$&,Ï1

 8WLOLFHODKHUUDPLHQWDHVSHFLDOHLQVHUWHHOVHOORGHDFHLWHKDVWD
TXHHQWUHHQFRQWDFWRFRQHOSURWHFWRUGHVHOORGHDFHLWHHQOD
FDMDGHOHMH

127$
‡ $VHJ~UHVH GH TXH HO VHOOR GH DFHLWH QR TXHGD LQFOLQDGR
FXDQGRHVWpLQVWDODGR
‡ 5HILpUDVH D OD ILJXUD SDUD DVHJXUDUVH GH TXH HO VHOOR GH
DFHLWHTXHGDLQVWDODGRHQHOVHQWLGRFRUUHFWR
+HUUDPLHQWDHVSHFLDO
$
%
³$´*UDVD
³%´3URGXFWRGHVHOODGRQƒ
 0DUWLOOR  6HOORGHDFHLWH
 %DUUD  &HQWURGHODFDUURFHUtD
 3URWHFWRUGHVHOORGH
DFHLWH

 3DUDHOSURFHGLPLHQWRVLJXLHQWHUHILpUDVHDORVSDVRVD
GH ³,167$/$&,Ï1´ HQ ³(-( '( 38(17( 75$6(52´ HQ HO
0DQXDO GH 6HUYLFLR PHQFLRQDGR HQ HO 35()$&,2 GH HVWH
0DQXDO

&DMDGHHMHWUDVHUR
,167$/$&,Ï1
3DUDORVSDVRVD\DUHILpUDVHDODPLVPDVHFFLyQGHO
0DQXDOGH6HUYLFLRPHQFLRQDGRHQHO35()$&,2GHHVWHPDQXDO
 /LPSLH ODV VXSHUILFLHV GH FRQWDFWR GH OD FDMD  GH HMH \ GHO
SRUWDGLIHUHQFLDO\DSOLTXHSURGXFWRGHVHOODGR³$´DOODGRGHOD
FDMD
³$´3URGXFWRGHVHOODGRQƒ

 ,QVWDOH HO FRQMXQWR GHO SRUWDGLIHUHQFLDO HQ OD FDMD GHO HMH \
DSULHWHORVSHUQRVGHOSRUWDGLIHUHQFLDODOSDUGHDSULHWHHVSHFL
ILFDGR
3DUGHDSULHWH
3HUQRGHSRUWDGLIHUHQFLDOD
1ÂPNJP
(6863(16,Ï175$6(5$

 $SOLTXHSURGXFWREORTXHDGRUDODVURVFDVGHOSHUQRGHODEULGD
GHOHMHGHWUDQVPLVLyQVLHVUHXWLOL]DGR,QVWDOHHOHMHGHWUDQV
PLVLyQHQODEULGDGHXQLyQDOLQHDQGRODVPDUFDVGHFRLQFLGHQ
FLD\DSUHWDQGRORVSHUQRVRWXHUFDVGHEULGDDOSDUGHDSULHWH
HVSHFLILFDGR
³$´3URGXFWRGHVHOODGRQƒ
3DUGHDSULHWH
7XHUFDGHHMHGHWUDQVPLVLyQD
1ÂPNJP

(VSHFLILFDFLRQHVGHSDUHVGHDSULHWH
3DUGHDSULHWH
3LH]DVGHVXMHFLyQ
1‡P NJP OEIW
7XHUFDGHDPRUWLJXDGRU   
7XHUFDLQIHULRUGHDPRUWLJXDGRU   
3HUQR\WXHUFDGHEDUUDLQIHULRU   
3HUQR\WXHUFDGHEDUUDVXSHULRU   
3HUQRGHEDUUDODWHUDO   
3HUQRGHSRUWDGLIHUHQFLDO   
3HUQRGHHMHGHWUDQVPLVLyQ   
7XHUFDDERFLQDGDGHWXERGHIUHQR   
7XHUFDGHUHWpQGHFRMLQHWH   
7DSRQHVGHOOOHQDGRUGHDFHLWH\GHGUHQDMHWDSyQGHOOHQDGRUGHO   
HQJUDQDMHGHGLIHUHQFLDO
7DSRQHVGHOOOHQDGRUGHDFHLWH\GHGUHQDMHWDSyQGHGUHQDMHGHO   
HQJUDQDMHGHGLIHUHQFLDO
7XHUFDGHUXHGD   
3HUQRGHOVHQVRUGHYHORFLGDGGHUXHGD   

0DWHULDOHVQHFHVDULRVGHVHUYLFLR
3URGXFWR68=8.,5HFRPHQGDGR
0DWHULDO 8VR
Q~PHURGHSLH]D
*UDVDGHOLWLR 68=8.,683(5*5($6($ ‡ /DELRVGHVHOORGHDFHLWH

)OXLGRGHIUHQRV '27 ‡ 'HSyVLWRGHUHVHUYDGHIOXLGRGHIUHQRV
$JHQWHGHVHOODGR 68=8.,%21'12 ‡ 6HOORGHXQLyQGHHMH\SODWRSRUWDIUHQR
 ‡ 6HOORGHXQLyQGHUHWpQGHFRMLQHWH\GH
SODWRSRUWDIUHQR
‡ -XQWDGHXQLyQGHSRUWDGLIHUHQFLDO\FDMD
GHHMH
‡ 7DSyQGHGUHQDMH
‡ 6XSHUILFLHVGHFRQWDFWRGHVHOORGHDFHLWH
\FDMDGHHMH
$FHLWHGHHQJUD 3DUDLQIRUPDFLyQVREUHHODFHLWHGHHQJUDQD ‡ (QJUDQDMHGHGLIHUHQFLDOFDMDGHSXHQWH
QDMHV MHVUHILpUDVHDODVHFFLyQ) WUDVHUR
3URGXFWRGHEOR 7+5($'/2&.&(0(17683(5 ‡ 3HUQRVGHEULGDGHHMHGHWUDQVPLVLyQWUD
TXHRGHURVFDV  VHUR
 6863(16,Ï175$6(5$(

+HUUDPLHQWDVHVSHFLDOHV

   

6XMHWDGRUGHFRQWUDHMH 0DQJRGHH[WUDFWRUGHFDV ,QVWDODGRUGHVHOORGH ([WUDFWRUXQLYHUVDO
TXLOOR DFHLWH

  

0DUWLOORGHVOL]DQWH ([WUDFWRUGHWDPERUGH ,QVWDODGRUGHFRMLQHWH
IUHQR
(6863(16,Ï175$6(5$
 58('$6<1(80È7,&26)

6(&&,Ï1)

58('$6<1(80È7,&26
127$
‡ 3DUD ODV GHVFULSFLRQHV HOHPHQWRV QR LQFOXLGDV HQ HVWD VHFFLyQ UHILpUDVH D OD PLVPD VHFFLyQ GHO
0DQXDOGH6HUYLFLRPHQFLRQDGRHQHO35()$&,2GHHVWHPDQXDO
‡ 7RGDVODVSLH]DVGHILMDFLyQGHODVUXHGDVVRQSLH]DVGHILMDFLyQLPSRUWDQWHVTXHSRGUtDQDIHFWDUODHILFD
FLDGHOIXQFLRQDPLHQWRGHSLH]DV\VLVWHPDVYLWDOHV\RTXHSRGUtDQVHUODFDXVDGHFRVWRVDVUHSDUDFLR
QHV 6L HO UHHPSOD]R HV QHFHVDULR GHEHQ XWLOL]DUVH SLH]DV TXH WHQJDQ HO PLVPR Q~PHUR GH SLH]D R
SLH]DVHTXLYDOHQWHV1RHPSOHHSLH]DVGHUHSXHVWRGHPHQRUFDOLGDGRGHGLVHxRVVXVWLWXWLYRV'XUDQWH
HOUHDUPDGRORVYDORUHVGHSDUHVGHDSULHWHGHEHQVHUDSOLFDGRVWDOFRPRKDQVLGRHVSHFLILFDGRVSDUD
DVtJDUDQWL]DUODFRUUHFWDVXMHFLyQGHHVWDVSLH]DV
1R KD\ TXH VROGDU QDGD \D TXH ODV VROGDGXUDV SXHGHQ FDXVDU GDxRV PD\RUHV \ HO GHELOLWDPLHQWR GHO )
PHWDO

&217(1,'2
'HVFULSFLyQJHQHUDO ) 1HXPiWLFRV  )
5XHGDV )


'HVFULSFLyQJHQHUDO
1HXPiWLFRV
(VWHYHKtFXORHVWiHTXLSDGRFRQORVQHXPiWLFRVVLJXLHQWHV
(VSHFLILFDFLyQGHOQHXPiWLFR
35y5

/RVQHXPiWLFRVQRWLHQHQFiPDUDGHDLUH/RVQHXPiWLFRVHVWiQSUHYLVWRVSDUDIXQFLRQDUVDWLVIDFWRULDPHQWHFRQFDU
JDVKDVWDHOOtPLWHGHODFDSDFLGDGQRPLQDOGHFDUJDFXDQGRHVWiQLQIODGRVGHDFXHUGRFRQODVSUHVLRQHVGHLQIODGR
UHFRPHQGDGDV
/DSUHVLyQFRUUHFWDGHLQIODGR\ODVFRVWXPEUHVGHODFRQGXFFLyQWLHQHQXQDLQFLGHQFLDPX\LPSRUWDQWHHQODGXUD
FLyQGHODYLGD~WLOGHORVQHXPiWLFRV/RVYLUDMHVFHUUDGRVODVDFHOHUDFLRQHVH[FHVLYDPHQWHUiSLGDV\ORVIUHQD]RV
UHSHQWLQRVLQQHFHVDULRVDXPHQWDQHOGHVJDVWHGHORVQHXPiWLFRV

5XHGDV
/DVUXHGDVGHOHTXLSRHVWiQGDUVRQODVUXHGDVGHDFHURVLJXLHQWHV
(VSHFLILFDFLRQHVGHODVUXHGDV
[--
)58('$6<1(80È7,&26
 EJE DE PALIER DELANTERO/COJINETE DE EJE, SELLO DE ACEITE 4A2-1

SECCIÓN 4A2

EJE DE PALIER DELANTERO/COJINETE DE EJE,

SELLO DE ACEITE
NOTA:
Para las descripciones (elementos) no incluidas en esta sección, refiérase a la misma sección del Manual
de Servicio mencionado en el PREFACIO de este manual.

CONTENIDO
Servicio en el vehículo .................................... 4A2-2 Materiales necesarios de servicio .................. 4A2-4
Eje propulsor.................................................. 4A2-2 4A2
4A2-2 EJE DE PALIER DELANTERO/COJINETE DE EJE, SELLO DE ACEITE

Servicio en el vehículo
Eje propulsor
ARMADO

PRECAUCIÓN:
• Para evitar cualquier problema causado por el líquido de
lavado, no lave las fundas de las juntas de velocidad
constante. Está permitido sacar la grasa de estas piezas
empleando un paño.
• Doble cada abrazadera de cinta de funda en el sentido
contrario a la rotación hacia adelante.
• No retuerza ni deforme la funda cuando la fije con las
abrazaderas de cinta.
La acción del aire puede disminuir la vida útil de la funda
retorcida.

1) Aplique grasa para junta a la junta de velocidad constante del

lado de la rueda.
Utilice la grasa para junta del tubo, incluido como pieza suelta.
“A” : Grasa para juntas de velocidad constante (85 – 95 g,
aproximadamente (Amarillo))
[A] : Lado de la rueda

2) Instale en el eje, la funda (1) del lado de la rueda.

Llene el interior de la funda (1) con la grasa para junta de velo-
cidad constante.
Antes de fijar la abrazadera de cinta (2) de la funda, inserte un
destornillador en la funda (1) -en el lado de la junta de veloci-
dad constante- para así permitir que entre aire en la funda y
que la presión dentro de la funda (1) sea igual a la presión
atmosférica.
3) Coloque la abrazadera (2) de cinta de la funda.
4) Instale la funda (1) en el eje propulsor de manera que su lado
de diámetro menor quede en el surco del eje, y enseguida fije la
funda empleando la abrazadera (2) de cinta.

5) Instale la jaula (1) en el eje.

PRECAUCIÓN:
Instale la jaula (1) posicionando el lado de diámetro exterior
menor en el extremo del eje.
 EJE DE PALIER DELANTERO/COJINETE DE EJE, SELLO DE ACEITE 4A2-3

6) Instale el anillo (1) elástico utilizando un alicate para anillo elás-

tico de retención.

7) Aplique grasa a toda la superficie de la jaula.

Utilice la grasa para junta del tubo, incluido como pieza suelta.

8) Inserte la jaula en el aro exterior y fije el anillo (1) elástico en el

surco del aro exterior.

PRECAUCIÓN:
Posicione la abertura “a” de las puntas del anillo elástico de
manera que no queden alineadas con una bola.

9) Aplique en el interior del aro exterior, la grasa del tubo incluido

como pieza suelta, y enseguida fije la funda en el aro exterior.
Llene el interior de la funda con la grasa para junta de velocidad
constante.
“A” : Grasa para junta de velocidad constante
(90 – 100 g, aproximadamente (Grasa negra))
10) Al fijar la funda en el aro exterior, ajuste de manera que las lon-
gitudes “b” y “c” tengan las dimensiones indicadas en la figura.
Posición de instalación de la funda derecha de velocidad
constante, lado del diferencial
(Longitud “b”) : 196,8 – 206,8 mm
Posición de instalación de la funda izquierda de velocidad
constante, lado del diferencial
(Longitud “c”) : 127,5 – 137,5 mm
11) Antes de fijar la abrazadera de cinta de la funda, inserte un
destornillador en la funda -en el lado de la junta de velocidad
constante- para así permitir que entre aire en la funda y que la
presión dentro de la funda sea igual a la presión atmosférica.
12) Fije la abrazadera de la funda. Compruebe si las fundas están
deformadas o tienen entalladuras.
[A] : Lado del diferencial (derecha)
[B] : Lado del diferencial (izquierda)
4A2-4 EJE DE PALIER DELANTERO/COJINETE DE EJE, SELLO DE ACEITE

Materiales necesarios de servicio

Producto SUZUKI Recomendado
Material
(número de pieza)
Grasa de litio SUPER GRASA A DE SUZUKI
(99000-25010)
Agente de sellado PRODUCTO DE SELLADO 366E
(99000-31090)
Uso
• Sello de aceite de eje propulsor
• Parte de mangueta del eje propulsor
RH del lado del diferencial
• Brida del eje propulsor
 EJES DE TRANSMISIÓN 4B-1

SECCIÓN 4B

EJES DE TRANSMISIÓN
NOTA:
Para las descripciones (elementos) no incluidas en esta sección, refiérase a la misma sección del Manual
de Servicio mencionado en el PREFACIO de este manual.

CONTENIDO
Descripción general........................................... 4B-1 Especificaciones de pares de apriete .............. 4B-2
Servicio en el vehículo ...................................... 4B-2 Material necesario de servicio .......................... 4B-2
Eje de transmisión ........................................... 4B-2

4B

Descripción general
En el eje de transmisión delantero se han instalado dos juntas universales de velocidad variable -llamadas juntas car-
dán. El eje de transmisión trasero incorpora una junta universal de velocidad variable, dos juntas universales de velo-
cidad constante y un soporte central de montura de caucho. En el extremo delantero del eje de transmisión trasero
se ha instalado una junta cardán del mismo tipo que la junta cardán del eje de transmisión delantero. En el extremo
trasero del eje de transmisión trasero se ha instalado una junta de velocidad constante tipo bola y jaula (BJ). En el
medio del eje de transmisión trasero -justo detrás del soporte central- se ha instalado una junta de velocidad cons-
tante tipo desplazamiento doble (DOJ).
La mayoría de las juntas universales no necesitan mantenimiento. Su lubricación dura toda la vida útil de la junta uni-
versal y no pueden ser lubricadas en el vehículo. Si una junta universal o produce ruido o se desgasta, debe ser
reemplazada.
El eje de transmisión es una unidad equilibrada. Por consiguiente, debe ser manipulado con cuidado para mantener
el equilibrado.

1. Eje de transmisión delantero

2. Eje de transmisión trasero
4B-2 EJES DE TRANSMISIÓN

Servicio en el vehículo
Eje de transmisión
Para las descripciones diferentes de las incluidas a continuación,
refiérase a la misma sección del Manual de Servicio mencionado en
el PREFACIO de este manual.

INSTALACIÓN

Emplee las especificaciones siguientes para el apriete de las tuercas

de bridas de junta universal. Aplique producto bloqueador a las ros-
cas de perno de la brida del eje de transmisión trasero, si es reutili-
zada.
“A” : Producto de sellado n° 99000-32110
Par de apriete
Tuercas de brida de eje de transmisión delantero (a) :
50 N·m (5,0 kg-m)
Tuercas de brida de eje de transmisión trasero (a) :
60 N·m (6,0 kg-m)

Especificaciones de pares de apriete

Par de apriete
Piezas de sujeción
N•m kg-m lb-ft
Tuercas de brida de eje de transmisión delantero 50 5,0 36,5
Tuercas de brida de eje de transmisión trasero 60 6,0 46,5
Pernos de soporte central 50 5,0 36,5

Material necesario de servicio

Producto SUZUKI Recomendado
Material Uso
(número de pieza)
Producto de bloqueo de THREAD LOCK CEMENT SUPER 1322 • Pernos de brida de eje de transmi-
roscas (99000-32110) sión trasero
 )5(126

6(&&,Ï1

)5(126
$'9(57(1&,$
3DUDORVYHKtFXORVHTXLSDGRVFRQHO6LVWHPD6XSOHPHQWDULRGH6XMHFLyQ&ROFKyQGHDLUH
‡ /RVVHUYLFLRVTXHGHEDQVHUHIHFWXDGRVHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPD
GHOFROFKyQGHDLUHGHEHQVHUKHFKRVH[FOXVLYDPHQWHSRUXQFRQFHVLRQDULRDXWRUL]DGR68=8.,5HILp
UDVH DO ³(VTXHPD GH XELFDFLyQ GH ORV FRPSRQHQWHV \ FDEOHDGR GHO VLVWHPD GHO FROFKyQ GH DLUH´ HQ
³'HVFULSFLyQJHQHUDO´HQODVHFFLyQGHOVLVWHPDGHOFROFKyQGHDLUHSDUDFRQILUPDUVLXVWHGHVWiHIHF
WXDQGRWUDEDMRGHVHUYLFLRHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPDGHOFROFKyQ
GHDLUH6tUYDVHREVHUYDUWRGDVODV$'9(57(1&,$6\³3UHFDXFLRQHVSDUDHOVHUYLFLR´LQGLFDGDVHQ³6HU
YLFLRHQHOYHKtFXOR´HQODVHFFLyQGHOVLVWHPDGHOFROFKyQGHDLUHDQWHVGHHIHFWXDUFXDOTXLHUWUDEDMR
GHVHUYLFLRHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPDGHOFROFKyQGHDLUH6LQRVH
UHVSHWDQODV$'9(57(1&,$6VHSXHGHFDXVDUHOLQIODGRDFFLGHQWDOGHOFROFKyQGHDLUHRVHSXHGHGHMDU
LQRSHUDQWHHOVLVWHPDGHOFROFKyQGHDLUH&XDOTXLHUDGHHVWRVGRVFDVRVSXHGHFDXVDUGDxRVFRUSRUD
OHVJUDYHV
‡ /RVWUDEDMRVGHVHUYLFLRWpFQLFRGHEHQVHULQLFLDGRVSRUORPHQRVVHJXQGRVGHVSXpVGHTXHVHFROR
TXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ³/2&.´\GHTXHVHGHVFRQHFWHHOFDEOHQHJDWLYRGHOD

EDWHUtD(QHIHFWRVLQRVHSURFHGHGHHVWDIRUPDHOVLVWHPDSXHGHVHUDFWLYDGRSRUODUHVHUYDGHHQHU
JtDHOpFWULFDGHOPyGXORGHGHWHFFLyQ\GHGLDJQyVWLFR6'0

127$
‡ 3DUD ODV GHVFULSFLRQHV HOHPHQWRV QR LQFOXLGDV HQ HVWD VHFFLyQ UHILpUDVH D OD PLVPD VHFFLyQ GHO
0DQXDOGH6HUYLFLRPHQFLRQDGRHQHO35()$&,2GHHVWHPDQXDO
‡ &XDQGRLQVSHFFLRQH\VLUYDXQYHKtFXORHTXLSDGRFRQHOVLVWHPDGH$%6DVHJ~UHVHELHQGHSULPHUR
UHIHULUVHDODVHFFLyQ(
‡ 7RGDVODVSLH]DVGHILMDFLyQGHORVIUHQRVVRQSLH]DVGHILMDFLyQLPSRUWDQWHVTXHSRGUtDQDIHFWDUODHILFD
FLDGHOIXQFLRQDPLHQWRGHSLH]DV\VLVWHPDVYLWDOHV\RTXHSRGUtDQVHUODFDXVDGHFRVWRVDVUHSDUDFLR
QHV 6L HO UHHPSOD]R HV QHFHVDULR GHEHQ XWLOL]DUVH SLH]DV TXH WHQJDQ HO PLVPR Q~PHUR GH SLH]D R
SLH]DVHTXLYDOHQWHV1RHPSOHHSLH]DVGHUHSXHVWRGHPHQRUFDOLGDGRGHGLVHxRVVXVWLWXWLYRV'XUDQWH
HOUHDUPDGRORVYDORUHVGHSDUHVGHDSULHWHGHEHQVHUDSOLFDGRVWDOFRPRKDQVLGRHVSHFLILFDGRVSDUD
DVtJDUDQWL]DUODFRUUHFWDVXMHFLyQGHHVWDVSLH]DV1RKD\TXHVROGDUQDGD\DTXHODVVROGDGXUDVSXH
GHQFDXVDUGDxRVPD\RUHV\HOGHELOLWDPLHQWRGHOPHWDO

&217(1,'2
'LDJQyVWLFR   7DEODGHGLDJQyVWLFR 

)5(126

'LDJQyVWLFR
7DEODGHGLDJQyVWLFR
3DUDORVHOHPHQWRVQRLQFOXLGRVHQHVWDFROXPQDUHILpUDVHDOPLVPRtWHPGHODPLVPDVHFFLyQGHO0DQXDOGH6HUYL
FLRPHQFLRQDGRHQHO35()$&,2GHHVWHPDQXDO

&RQGLFLyQ &DXVDSRVLEOH &RUUHFFLyQ

/DOX]GHDGYHUWHQFLD )UHQRGHHVWDFLRQDPLHQWRDSOLFDGR 6XHOWHODSDODQFDGHIUHQR\FRP
GHIUHQRVVHHQFLHQGH SUXHEHTXHODOX]GHDGYHUWHQFLDGH
GHVSXpVGHODUUDQTXH IUHQRVVHDSDJD
GHOPRWRU &DQWLGDGLQVXILFLHQWHGHIOXLGRGHIUHQRV $xDGDIOXLGRGHIUHQRV
)XJDGHIOXLGRGHIUHQRVSRUODWXEHUtDGHIUHQR /RFDOLFHHOOXJDUGHODIXJDFRUULMD\
DxDGDIOXLGRGHIUHQRV
&LUFXLWRGHODOX]GHDGYHUWHQFLDGHIUHQRVGHIHF 5HSDUHHOFLUFXLWR
WXRVR
0DOIXQFLRQDPLHQWRGHOVLVWHPDGH(%' &RPSUXHEHHOVLVWHPD5HILpUDVHD
³',$*1Ï67,&2´HQODVHFFLyQ(
/DOX]GHDGYHUWHQFLD %RPELOODIXQGLGD 5HHPSODFHODERPELOOD
GHO$%6QRVHHQFLHQGH &LUFXLWRGHODOX]GHDGYHUWHQFLDGHO$%6DELHUWR &RPSUXHEHHOVLVWHPD5HILpUDVHD
GXUDQWH±VHJXQ LQFOX\HQGRHOUHOpGHFRPSUREDFLyQ ³',$*1Ï67,&2´HQODVHFFLyQ(
GRVGHVSXpVGHKDEHU
FRORFDGRHOLQWHUUXSWRU
GHHQFHQGLGRHQOD
SRVLFLyQ21
/DOX]GHDGYHUWHQFLD 0DOIXQFLRQDPLHQWRGHO$%6 &RPSUXHEHHOVLVWHPD5HILpUDVHD
GHO$%6SHUPDQHFH ³',$*1Ï67,&2´HQODVHFFLyQ(
HQFHQGLGDGXUDQWH±
VHJXQGRVGHVSXpV
GHKDEHUFRORFDGRHO
LQWHUUXSWRUGHHQFHQ
GLGRHQODSRVLFLyQ21
 78%20$1*8(5$&,/,1'520$(6752'()5(12$

6(&&,Ï1$

78%20$1*8(5$&,/,1'520$(6752'()5(12
$'9(57(1&,$
3DUDORVYHKtFXORVHTXLSDGRVFRQHO6LVWHPD6XSOHPHQWDULRGH6XMHFLyQ&ROFKyQGHDLUH
‡ /RVVHUYLFLRVTXHGHEDQVHUHIHFWXDGRVHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPD
GHOFROFKyQGHDLUHGHEHQVHUKHFKRVH[FOXVLYDPHQWHSRUXQFRQFHVLRQDULRDXWRUL]DGR68=8.,5HILp
UDVH DO ³(VTXHPD GH XELFDFLyQ GH ORV FRPSRQHQWHV \ FDEOHDGR GHO VLVWHPD GHO FROFKyQ GH DLUH´  HQ
³'HVFULSFLyQJHQHUDO´HQODVHFFLyQGHOVLVWHPDGHOFROFKyQGHDLUHSDUDFRQILUPDUVLXVWHGHVWiHIHF
WXDQGRWUDEDMRGHVHUYLFLRHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPDGHOFROFKyQ
GHDLUH6tUYDVHREVHUYDUWRGDVODV$'9(57(1&,$6\³3UHFDXFLRQHVSDUDHOVHUYLFLR´LQGLFDGDVHQ³6HU
YLFLRHQHOYHKtFXOR´HQODVHFFLyQGHOVLVWHPDGHOFROFKyQGHDLUHDQWHVGHHIHFWXDUFXDOTXLHUWUDEDMR
GHVHUYLFLRHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPDGHOFROFKyQGHDLUH6LQRVH
UHVSHWDQODV$'9(57(1&,$6VHSXHGHFDXVDUHOLQIODGRDFFLGHQWDOGHOFROFKyQGHDLUHRVHSXHGHGHMDU
LQRSHUDQWHHOVLVWHPDGHOFROFKyQGHDLUH&XDOTXLHUDGHHVWRVGRVFDVRVSXHGHFDXVDUGDxRVFRUSRUD
OHVJUDYHV
‡ /RVWUDEDMRVGHVHUYLFLRWpFQLFRGHEHQVHULQLFLDGRVSRUORPHQRVVHJXQGRVGHVSXpVGHTXHVHFROR
TXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ³/2&.´\GHTXHVHGHVFRQHFWHHOFDEOHQHJDWLYRGHOD
EDWHUtD(QHIHFWRVLQRVHSURFHGHGHHVWDIRUPDHOVLVWHPDSXHGHVHUDFWLYDGRSRUODUHVHUYDGHHQHU
JtDHOpFWULFDGHOPyGXORGHGHWHFFLyQ\GHGLDJQyVWLFR6'0 $

127$
‡ 3DUD ODV GHVFULSFLRQHV HOHPHQWRV QR LQFOXLGDV HQ HVWD VHFFLyQ UHILpUDVH D OD PLVPD VHFFLyQ GHO
0DQXDOGH6HUYLFLRPHQFLRQDGRHQHO35()$&,2GHHVWHPDQXDO
‡ 7RGDVODVSLH]DVGHILMDFLyQGHORVIUHQRVVRQSLH]DVGHILMDFLyQLPSRUWDQWHVTXHSRGUtDQDIHFWDUODHILFD
FLDGHOIXQFLRQDPLHQWRGHSLH]DV\VLVWHPDVYLWDOHV\RTXHSRGUtDQVHUODFDXVDGHFRVWRVDVUHSDUDFLR
QHV 6L HO UHHPSOD]R HV QHFHVDULR GHEHQ XWLOL]DUVH SLH]DV TXH WHQJDQ HO PLVPR Q~PHUR GH SLH]D R
SLH]DVHTXLYDOHQWHV1RHPSOHHSLH]DVGHUHSXHVWRGHPHQRUFDOLGDGRGHGLVHxRVVXVWLWXWLYRV'XUDQWH
HOUHDUPDGRORVYDORUHVGHSDUHVGHDSULHWHGHEHQVHUDSOLFDGRVWDOFRPRKDQVLGRHVSHFLILFDGRVSDUD
DVtJDUDQWL]DUODFRUUHFWDVXMHFLyQGHHVWDVSLH]DV1RKD\TXHVROGDUQDGD\DTXHODVVROGDGXUDVSXH
GHQFDXVDUGDxRVPD\RUHV\HOGHELOLWDPLHQWRGHOPHWDO

&217(1,'2
'HVFULSFLyQJHQHUDO $ &RQMXQWRGHFLOLQGURPDHVWUR  $
&RQMXQWRGHFLOLQGURPDHVWUR  $ 5HIRU]DGRUGHIUHQR  $
6HUYLFLRHQHOYHKtFXOR  $ (VSHFLILFDFLRQHVGHSDUHVGHDSULHWH $
0DQJXHUDWXERGHIUHQRGHODQWHUR $ +HUUDPLHQWDVHVSHFLDOHV  $
'HSyVLWRGHUHVHUYDGHOFLOLQGURPDHVWUR $

$78%20$1*8(5$&,/,1'520$(6752'()5(12

'HVFULSFLyQJHQHUDO
&RQMXQWRGHFLOLQGURPDHVWUR
(OFLOLQGURPDHVWURLQFRUSRUDGRVSLVWRQHV\WUHVFRSDVGHSLVWyQ6XSUHVLyQKLGUiXOLFDHVSURGXFLGDHQODVFiPDUDV
SULPDULD³D´HQODILJXUDVLJXLHQWH\VHFXQGDULD³E´/DSUHVLyQKLGUiXOLFDSURGXFLGDHQODFiPDUDSULPDULD³D´HQ
ODILJXUDVLJXLHQWHDFW~DHQORVIUHQRVGHODVUXHGDVWUDVHUDV
$GHPiVODSUHVLyQKLGUiXOLFDSURGXFLGDHQODFiPDUDVHFXQGDULD³E´DFW~DHQORVIUHQRVGHODVUXHGDVGHODQWHUDV

$'9(57(1&,$
(OFLOLQGURPDHVWURGHIUHQRQRSXHGHVHUGHVDUPDGR6LKD\DOJXQDFRQGLFLyQGHIHFWXRVDHQpOGHEHVHU
UHHPSOD]DGRFRPRXQFRQMXQWR

35(&$8&,Ï1
(OFLOLQGURPDHVWURGHIUHQRQRSXHGHVHUGHVDUPDGRHQSULQFLSLR6LHOSLVWyQSULPDULROOHJDDVDOLUVHGHO
FLOLQGURFXDQGRVHORHVWiGHVPRQWDQGRRPDQLSXODQGRODYHHOSLVWyQSULPDULRHQIOXLGRFRQODVPLVPDV
HVSHFLILFDFLRQHVGHOIOXLGRGHOGHSyVLWRGHUHVHUYD\YXHOYDDLQVWDODUHOSLVWyQHQHOFLOLQGUR

 &RSDGHSLVWyQ  0DQJXLWR  0XHOOHGHUHWRUQRGHSLVWyQVHFXQGDULR

 3LVWyQSULPDULR  *XtDGHDQLOOR  -XQWDWyULFD
 3LVWyQVHFXQGDULR  0XHOOHGHUHWRUQRGHSLVWyQSULPDULR  &XHUSRGHFLOLQGURPDHVWUR
 78%20$1*8(5$&,/,1'520$(6752'()5(12$

6HUYLFLRHQHOYHKtFXOR
0DQJXHUDWXERGHIUHQRGHODQWHUR
'(60217$-(
 /HYDQWH\DSR\HFRQYHQLHQWHPHQWHHOYHKtFXOR'HVPRQWHHOQHXPiWLFR\ODUXHGD
(VWDRSHUDFLyQQRHVQHFHVDULDFXDQGRVHGHVPRQWDQORVWXERVTXHFRQHFWDQHOFLOLQGURPDHVWURFRQODPDQ
JXHUDIOH[LEOH
 /LPSLH\HOLPLQHODVVXFLHGDGHV\ORVPDWHULDOHVH[WUDxRVHQODVXQLRQHVGHOH[WUHPRGHODPDQJXHUDIOH[LEOH\
GHOWXER'HVPRQWHODPDQJXHUDIOH[LEOHRWXERGHIUHQR

,167$/$&,Ï1
 3DUDODLQVWDODFLyQGHODPDQJXHUD\GHOWXERGHIUHQRLQYLHUWDHOSURFHGLPLHQWRGHGHVPRQWDMH
3DUDODLQVWDODFLyQDVHJ~UHVHGHTXHHOYRODQWHGHGLUHFFLyQHVWiSRVLFLRQDGRHQHOVHQWLGRGHUXHGDVGHODQWHUDV
HQOtQHDUHFWD\TXHODPDQJXHUDIOH[LEOHQRHVWiUHWRUFLGDRDSODVWDGD9HULILTXHTXHODPDQJXHUDIOH[LEOHQR
HVWi HQ FRQWDFWR FRQ QLQJXQD SLH]D GH OD VXVSHQVLyQ FXDQGR VH JLUD FRPSOHWDPHQWH D OD GHUHFKD R D OD
L]TXLHUGD 6L HVWi HQ FRQWDFWR HQ DOJ~Q SXQWR SURFHGD D GHVPRQWDUOD \ D FRUUHJLU /OHQH \ PDQWHQJD HO QLYHO
FRUUHFWRGHIOXLGRGHIUHQRVHQHOGHSyVLWR3XUJXHHOVLVWHPDGHIUHQRV
 (IHFW~HODSUXHEDGHIUHQRV\YHULILTXHVLKD\IXJDVGHIOXLGRHQODVSLH]DVLQVWDODGDV
3DUGHDSULHWH
7XHUFDDERFLQDGDGHWXERGHIUHQRD1ÂPNJP
3HUQRGHODPDQJXHUDIOH[LEOHGHIUHQRSLQ]DGHIUHQRXQLyQGHYtDVE1ÂPNJP
3HUQRGHPRQWDMHGHXQLyQGHYtDVF1ÂPNJP
3HUQRGHOVRSRUWHGHODPDQJXHUDWXERGHIUHQRF1ÂPNJP
3HUQRGHOVRSRUWHGHODFWXDGRUGHO$%6F1ÂPNJP
3HUQRGHPRQWDMHGHODFWXDGRUGHO$%6F1ÂPNJP

127$
,QVHUWHHODQLOORHQ(KDVWDTXHODVXSHUILFLHGHVXH[WUHPRTXHGHDUDVRPiVEDMRGHODVXSHUILFLHGHO
H[WUHPRGHOVRSRUWH
$78%20$1*8(5$&,/,1'520$(6752'()5(12

3DUDYHKtFXORFRQYRODQWHDODGHUHFKD

>'@ 9LVWD'  $QLOORHQ(

>D@ $EUD]DGHUD³D´  0DQJXHUDIOH[LEOH
>E@ $EUD]DGHUD³E´  $UDQGHODGHPDQJXHUD
>F@ $EUD]DGHUD³F´  3HUQRGHPDQJXHUD
7 /DGRVXSHULRU  3LQ]DGHIUHQR
) /DGRGHODQWHUR  8QLyQGHYtDV
 78%20$1*8(5$&,/,1'520$(6752'()5(12$

3DUDYHKtFXORFRQYRODQWHDODL]TXLHUGD

>'@ 9LVWD'  $QLOORHQ(

>D@ $EUD]DGHUD³D´  0DQJXHUDIOH[LEOH
>E@ $EUD]DGHUD³E´  $UDQGHODGHPDQJXHUD
>G@ $EUD]DGHUD³G´  3HUQRGHPDQJXHUD
7 /DGRVXSHULRU  3LQ]DGHIUHQR
) /DGRGHODQWHUR  8QLyQGHYtDV
$78%20$1*8(5$&,/,1'520$(6752'()5(12

'HSyVLWRGHUHVHUYDGHOFLOLQGURPDHVWUR
'(60217$-(

 'HVFRQHFWH HO FDEOH FRQGXFWRU GHO GHSyVLWR GH UHVHUYD HQ HO

1
DFRSODGRU
 /LPSLHHOH[WHULRUGHOGHSyVLWRGHUHVHUYD
 ([WUDLJDHOIOXLGRFRQXQDMHULQJDRDOJRVHPHMDQWH
 'HVPRQWHHOWRSHGHOGHSyVLWRGHUHVHUYD

 &LOLQGURPDHVWUR

3 2

 'HVPRQWHHOGHSyVLWRGHUHVHUYD
1
127$
3
3 &XLGH TXH QR FDLJD IOXLGR GH IUHQRV VREUH ODV VXSHUILFLHV
SLQWDGDV
2
 7RSH
 2MHWHVSDVDFDEOHV

,167$/$&,Ï1

127$
5HILpUDVHD127$DOSULQFLSLRGHHVWDVHFFLyQ

 &XDQGR XWLOLFH RMHWHV SDVDFDEOHV QXHYRV OXEUtTXHORV FRQ HO

1
PLVPR IOXLGR TXH HO TXH KD\ HQ HO GHSyVLWR  GH UHVHUYD
(QVHJXLGDSUHVLRQHORVRMHWHVSDVDFDEOHVSDUDLQVHUWDUORVHQ
HO FLOLQGUR  PDHVWUR /RV RMHWHV SDVDFDEOHV GHEHQ TXHGDU
DVHQWDGRVHQVXOXJDU
 ,QVWDOH HO GHSyVLWR  GH UHVHUYD \ HQVHJXLGD LQVHUWH HO WRSH


3 2

 &RQHFWHHOFDEOHFRQGXFWRUGHOGHSyVLWRGHUHVHUYD
 /OHQHHOGHSyVLWRGHUHVHUYDFRQHOIOXLGRHVSHFLILFDGR
 'HVSXpVGHODLQVWDODFLyQFRPSUXHEHVLKD\IXJDVGHIOXLGR
 78%20$1*8(5$&,/,1'520$(6752'()5(12$

&RQMXQWRGHFLOLQGURPDHVWUR
'(60217$-(

127$
&XLGH TXH QR FDLJD IOXLGR GH IUHQRV VREUH ODV VXSHUILFLHV
SLQWDGDV

2 1  'HVFRQHFWHHOFDEOHFRQGXFWRUGHOGHSyVLWRGHUHVHUYDHQ
HODFRSODGRU
 /LPSLHDOUHGHGRUGHODWDSDGHOGHSyVLWRGHUHVHUYD\XWLOLFH
XQDMHULQJDRDOJRVHPHMDQWH\H[WUDLJDHOIOXLGRGHOGHSyVLWR
 'HVFRQHFWH ORV WXERV GH IUHQR GHO FLOLQGUR  PDHVWUR \ HO
DFWXDGRUGHO$%6

&20352%$&,Ï1

9HULILTXHODGLVWDQFLD³$´

'LVWDQFLD³$´
PPRPiV
“A”
6LODGLVWDQFLDPHGLGDHVWiIXHUDGHODVHVSHFLILFDFLRQHVUHHPSODFH
HOFRQMXQWRGHOFLOLQGURPDHVWUR

,167$/$&,Ï1

127$
5HILpUDVHD127$DOSULQFLSLRGHHVWDVHFFLyQ

 ,QVWDOHHOFLOLQGURPDHVWURHQHOUHIRU]DGRUGHIUHQR
 $SULHWH ODV WXHUFDV GH ILMDFLyQ GHO FLOLQGUR PDHVWUR DO SDU GH
DSULHWHHVSHFLILFDGR
3DUGHDSULHWH
7XHUFDGHILMDFLyQGHOFLOLQGURPDHVWURE
1
1ÂPNJP
 &RQHFWHODVWXEHUtDVKLGUiXOLFDVDOFLOLQGURPDHVWUR\DODFWXD
GRUGHO$%6DSULHWHODVWXHUFDVDERFLQDGDVDOSDUGHDSULHWH
HVSHFLILFDGR
3DUGHDSULHWH
7XHUFDDERFLQDGDGHWXERGHIUHQRF1ÂPNJP
 &RQHFWHHOFDEOHFRQGXFWRUGHOGHSyVLWRGHUHVHUYD
(b)
 /OHQHHOGHSyVLWRGHUHVHUYDFRQHOIOXLGRHVSHFLILFDGR
(c)
 'HVSXpVGHLQVWDODUFRPSUXHEHHOMXHJRGHOSHGDOGHIUHQR\
SXUJXHHODLUHHQHOVLVWHPDGHIUHQRV5HILpUDVHD³&20352
%$&,Ï1'(/-8(*2'(/3('$/'()5(12´\D³385*$
'()5(126´HQODVHFFLyQ
 (IHFW~HODSUXHEDGHIUHQRV\YHULILTXHHQFDGDXQDGHODVSLH
]DVLQVWDODGDVVLKD\IXJDVGHIOXLGR
$78%20$1*8(5$&,/,1'520$(6752'()5(12

5HIRU]DGRUGHIUHQR

7
3
6

9 2

 &RQMXQWRGHFLOLQGURPDHVWURGHIUHQR  +RUTXLOODGHEDUUDGHHPSXMH  $QLOORHOiVWLFR

 &RQMXQWRGHOUHIRU]DGRUGHIUHQR  7XHUFD  3ODFD
 -XQWD  3DVDGRUGHKRUTXLOOD  6HOOR

&20352%$&,Ï1<$-867('(/$+2/*85$(175(/$
%$55$'(/3,67Ï1'(/5()25=$'25<(/3,67Ï1'(/
&,/,1'520$(6752

/D ORQJLWXG GH OD EDUUD  GHO SLVWyQ GHO UHIRU]DGRU HVWi DMXVWDGD
SDUDREWHQHUODKROJXUDHVSHFLILFDGD³´HQWUHHOH[WUHPRGHODEDUUD
GHOSLVWyQ\HOSLVWyQGHOFLOLQGURPDHVWUR
 $QWHVGHPHGLUODKROJXUDHPSXMHYDULDVYHFHVODEDUUDGHOSLV
WyQSDUDDVHJXUDUVHGHTXHHOGLVFRGHUHDFFLyQHVWiHIHFWLYD
PHQWHHQVXOXJDU
 3DUDODPHGLFLyQPDQWHQJDHOUHIRU]DGRUDODSUHVLyQDWPRVIp
ULFD

 &RPSUXHEHODSURIXQGLGDGHVGHFLUODGLVWDQFLDHQWUHODEDUUD
GHOSLVWyQ\ODVXSHUILFLHGHFRQWDFWRGHOUHIRU]DGRUFRQHOFLOLQ
GURPDHVWUR
3URIXQGLGDG³F´GHOSLVWyQSDUDODPHGLFLyQ
±PP
 78%20$1*8(5$&,/,1'520$(6752'()5(12$

 6LODSURIXQGLGDGPHGLGDHVWiIXHUDGHODHVSHFLILFDFLyQDMXVWH
DOYDORUHVSHFLILFDGRPHGLDQWH HOWRUQLOORGH DMXVWHGH ODEDUUD
GHOSLVWyQ
+HUUDPLHQWDHVSHFLDO
)

3URIXQGLGDG³G´GHODEDUUDGHOSLVWyQSDUDHODMXVWH
±PP
$78%20$1*8(5$&,/,1'520$(6752'()5(12

(VSHFLILFDFLRQHVGHSDUHVGHDSULHWH
3DUGHDSULHWH
3LH]DVGHVXMHFLyQ
1‡P NJP OEIW
3HUQRGHODPDQJXHUDIOH[LEOHGHIUHQRSLQ]DGHIUHQRXQLyQGH   
YtDV
3HUQRGHOVRSRUWHGHODPDQJXHUDWXERGHIUHQR   
3HUQRGHOVRSRUWHGHODFWXDGRUGHO$%6   
7XHUFDGHILMDFLyQGHOFLOLQGURPDHVWUR   
7XHUFDGHUHIRU]DGRU   
7XHUFDGHKRUTXLOOD   
3HUQRGHPRQWDMHGHXQLyQGHYtDV   
7XHUFDDERFLQDGDGHWXERGHIUHQR   
7DSyQSXUJDGRUGHODQWHURSLQ]DGHIUHQRGHODQWHUR0   
7DSyQSXUJDGRUGHODQWHURFLOLQGURGHUXHGD   
7XHUFDGHUXHGD   

+HUUDPLHQWDVHVSHFLDOHV

 
$MXVWDGRUGHEDUUDGHSLV /ODYHSDUDWXHUFDDERFL
WyQGHOUHIRU]DGRU QDGDPP
 )5(1275$6(52<'((67$&,21$0,(172&

6(&&,Ï1&

)5(1275$6(52<'((67$&,21$0,(172
$'9(57(1&,$
3DUDORVYHKtFXORVHTXLSDGRVFRQHO6LVWHPD6XSOHPHQWDULRGH6XMHFLyQ&ROFKyQGHDLUH
‡ /RVVHUYLFLRVTXHGHEDQVHUHIHFWXDGRVHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPD
GHOFROFKyQGHDLUHGHEHQVHUKHFKRVH[FOXVLYDPHQWHSRUXQFRQFHVLRQDULRDXWRUL]DGR68=8.,5HILp
UDVH DO ³(VTXHPD GH XELFDFLyQ GH ORV FRPSRQHQWHV \ FDEOHDGR GHO VLVWHPD GHO FROFKyQ GH DLUH´ HQ
³'HVFULSFLyQJHQHUDO´HQODVHFFLyQGHOVLVWHPDGHOFROFKyQGHDLUHSDUDFRQILUPDUVLXVWHGHVWiHIHF
WXDQGRWUDEDMRGHVHUYLFLRHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPDGHOFROFKyQ
GHDLUH6tUYDVHREVHUYDUWRGDVODV$'9(57(1&,$6\³3UHFDXFLRQHVSDUDHOVHUYLFLR´LQGLFDGDVHQ³6HU
YLFLRHQHOYHKtFXOR´HQODVHFFLyQGHOVLVWHPDGHOFROFKyQGHDLUHDQWHVGHHIHFWXDUFXDOTXLHUWUDEDMR
GHVHUYLFLRHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPDGHOFROFKyQGHDLUH6LQRVH
UHVSHWDQODV$'9(57(1&,$6VHSXHGHFDXVDUHOLQIODGRDFFLGHQWDOGHOFROFKyQGHDLUHRVHSXHGHGHMDU
LQRSHUDQWHHOVLVWHPDGHOFROFKyQGHDLUH&XDOTXLHUDGHHVWRVGRVFDVRVSXHGHFDXVDUGDxRVFRUSRUD
OHVJUDYHV
‡ /RVWUDEDMRVGHVHUYLFLRWpFQLFRGHEHQVHULQLFLDGRVSRUORPHQRVVHJXQGRVGHVSXpVGHTXHVHFROR
TXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ³/2&.´\GHTXHVHGHVFRQHFWHHOFDEOHQHJDWLYRGHOD
EDWHUtD(QHIHFWRVLQRVHSURFHGHGHHVWDIRUPDHOVLVWHPDSXHGHVHUDFWLYDGRSRUODUHVHUYDGHHQHU
JtDHOpFWULFDGHOPyGXORGHGHWHFFLyQ\GHGLDJQyVWLFR6'0

127$ &
‡ 3DUD ODV GHVFULSFLRQHV HOHPHQWRV QR LQFOXLGDV HQ HVWD VHFFLyQ UHILpUDVH D OD PLVPD VHFFLyQ GHO
0DQXDOGH6HUYLFLRPHQFLRQDGRHQHO35()$&,2GHHVWHPDQXDO
‡ 7RGDVODVSLH]DVGHILMDFLyQGHORVIUHQRVVRQSLH]DVGHILMDFLyQLPSRUWDQWHVTXHSRGUtDQDIHFWDUODHILFD
FLDGHOIXQFLRQDPLHQWRGHSLH]DV\VLVWHPDVYLWDOHV\RTXHSRGUtDQVHUODFDXVDGHFRVWRVDVUHSDUDFLR
QHV 6L HO UHHPSOD]R HV QHFHVDULR GHEHQ XWLOL]DUVH SLH]DV TXH WHQJDQ HO PLVPR Q~PHUR GH SLH]D R
SLH]DVHTXLYDOHQWHV1RHPSOHHSLH]DVGHUHSXHVWRGHPHQRUFDOLGDGRGHGLVHxRVVXVWLWXWLYRV'XUDQWH
HOUHDUPDGRORVYDORUHVGHSDUHVGHDSULHWHGHEHQVHUDSOLFDGRVWDOFRPRKDQVLGRHVSHFLILFDGRVSDUD
DVtJDUDQWL]DUODFRUUHFWDVXMHFLyQGHHVWDVSLH]DV1RKD\TXHVROGDUQDGD\DTXHODVVROGDGXUDVSXH
GHQFDXVDUGDxRVPD\RUHV\HOGHELOLWDPLHQWRGHOPHWDO

&217(1,'2
'HVFULSFLyQJHQHUDO &
&RQMXQWRGHOIUHQRGHWDPERU  &
6HUYLFLRHQHOYHKtFXOR  &
&DEOHGHOIUHQRGHHVWDFLRQDPLHQWR  &

7DPERUGHIUHQR &
&LOLQGURGHUXHGD&
3ODWRSRUWDIUHQR &
(VSHFLILFDFLRQHVGHSDUHVGHDSULHWH &
&)5(1275$6(52<'((67$&,21$0,(172

'HVFULSFLyQJHQHUDO
&RQMXQWRGHOIUHQRGHWDPERU
(OFRQMXQWRGHOIUHQRGHWDPERUWLHQHXQVLVWHPDGHDMXVWHDXWRPiWLFRGHKROJXUDGH]DSDWDDVtTXHODKROJXUDHQWUH
HOWDPERU\OD]DSDWDHVPDQWHQLGDFRQWLQXDPHQWHHQVXYDORUFRUUHFWR(OIUHQRWUDVHURHVGHOWLSRIUHQRGHWDPERU
8WLOL]DHOIXQFLRQDPLHQWRGH]DSDUDSULPDULDVHFXQGDULDFXDQGRVHDSULHWDHOSHGDOGHOIUHQR\FXDQGRVHDSOLFDHO
IUHQRGHHVWDFLRQDPLHQWRHQXQDFDUUHWHUDKRUL]RQWDO
$GHPiVXWLOL]DHOIXQFLRQDPLHQWRVHUYRGXDOFXDQGRVHDSOLFDHOIUHQRGHHVWDFLRQDPLHQWRHQXQDSHQGLHQWH\VH
DSOLFDFDUJDHQHOVHQWLGRORQJLWXGLQDOGHOYHKtFXOR

127$
5HHPSODFH WRGRV ORV FRPSRQHQWHV LQFOXLGRV HQ ORV FRQMXQWRV GH UHSDUDFLyQ SDUD VHUYLU HVWH IUHQR GH
WDPERU/XEULTXHODVSLH]DVGHDFXHUGRFRQODVHVSHFLILFDFLRQHV

$'9(57(1&,$
6LGHVPRQWDFXDOTXLHUFRPSRQHQWHKLGUiXOLFRRVLGHVFRQHFWDXQDWXEHUtDGHIUHQRSXUJXHHOVLVWHPDGH
IUHQRV/RVYDORUHVGHSDUHVGHDSULHWHHVSHFLILFDGRVVHUHILHUHQDHOHPHQWRVILMDGRUHVVHFRV\QROXEULFD
GRV

 3ODWRSRUWDIUHQR  3DODQFDGHDMXVWDGRU  $UWLFXODFLyQ

 =DSDWDGHIUHQR  0XHOOHGHODMXVWDGRU  3XQWDOGHOIUHQR
 0XHOOHVXSHULRUGHUHWRUQRGH]DSDWD  0XHOOHGHVXMHFLyQGH]DSDWD 3DUGHDSULHWH

 $MXVWDGRU  3DVDGRUGHVXMHFLyQGH]DSDWD
 0XHOOHLQIHULRUGHUHWRUQRGH]DSDWD  &LOLQGURGHUXHGD
 )5(1275$6(52<'((67$&,21$0,(172&

6HUYLFLRHQHOYHKtFXOR
&DEOHGHOIUHQRGHHVWDFLRQDPLHQWR

 ,QWHUUXSWRUGHIUHQRGH  ,JXDODGRU  $QLOORGHFRORU  7UDYLHVD  7XHUFDGHFDEOHGHOIUHQR

HVWDFLRQDPLHQWR GHHVWDFLRQDPLHQWR
 3DODQFDGHOIUHQRGHHVWD  3DVDGRU  &DEOH  %DVWLGRUGHOFKDVLV 3DUGHDSULHWH
FLRQDPLHQWR
 3HUQRGHSDODQFDGHO  ,JXDODGRU  2MDOSDVDFDEOHV  6XVWHQWDGRU
IUHQRGHHVWDFLRQDPLHQWR
 3LVR  %DUUDGHDMXVWH  3HUQR  (MHWUDVHUR
 &RQWUDWXHUFD  $FRSODGRU  $EUD]DGHUDVLHVWiHTXL  6HQVRUGH*VLHVWiHTXLSDGR
SDGR

7DPERUGHIUHQR
&20352%$&,Ï1
7DPERUGHIUHQR

,QVSHFFLRQHHOWDPERUGHIUHQRSDUDYHULILFDUODOLPSLH]D0LGDHOGLi
PHWURLQWHULRUSDUDGHWHFWDUHOGHVJDVWHGHODVXSHUILFLHGHIUHQDGR
&XDQGRGHVPRQWHORVWDPERUHVGHIUHQROtPSLHORVDIRQGR\YHULIL
TXHVLKD\JULHWDVUD\DVRVXUFRVSURIXQGRV
'LiPHWURLQWHULRUGHOWDPERUGHIUHQR³D´
(VWiQGDUPP
/tPLWHGHVHUYLFLRPP
&)5(1275$6(52<'((67$&,21$0,(172

7DPERUDJULHWDGRFRQUD\DVRFRQVXUFRV
6LHOWDPERUHVWiDJULHWDGRVXVHUYLFLRIXWXURHVLQVHJXUR\GHEHVHU
UHHPSOD]DGR
1RWUDWHGHVROGDUXQWDPERUTXHHVWpDJULHWDGR
6XDYLFHFXDOTXLHUUD\DOLJHUD/DVUD\DVSURIXQGDVRH[WHQVDVSXH
GHQFDXVDUHOGHVJDVWHH[FHVLYRGHOIRUURGHOIUHQR\SUREDEOHPHQWH
VHUiQHFHVDULRUHFWLILFDUODVXSHUILFLHGHIUHQDGRGHOWDPERU
6LORVIRUURVGHIUHQRHVWiQOLJHUDPHQWHGHVJDVWDGRV\VLHOWDPERU
WLHQH VXUFRV HO WDPERU GHEHUi VHU SXOLGR FRQ WHOD GH HVPHULO ILQR
SHURQRGHEHVHUGDGRODYXHOWD

127$
&XDQGR GHVPRQWH HO WDPERU LQVSHFFLRQH YLVXDOPHQWH HO
FLOLQGUR GH UXHGD SDUD GHWHFWDU IXJDV HYHQWXDOHV GH IOXLGR
GHIUHQRV6LKD\IXJDVFRUULMDHOOXJDUGHODIXJD

=DSDWDGHIUHQR

&XDQGR HO IRUUR HVWp GHVJDVWDGR R H[FHGD HO OtPLWH GH VHUYLFLR
UHHPSODFHOD]DSDWD
6LXQRGHORVIRUURVGHIUHQRKDOOHJDGRDOOtPLWHGHVHUYLFLRKD\TXH
UHHPSOD]DUWRGRVORVIRUURVDOPLVPRWLHPSR
*URVRUGHOD]DSDWDGHWDPERUGHIUHQRWUDVHUR³D´
(VWiQGDUPP
/tPLWHGHVHUYLFLRPP

35(&$8&,Ï1
1XQFDSXODHOIRUURGHOD]DSDWDHPSOHDQGRSDSHOGHOLMD6L
HOIRUURHVSXOLGRFRQSDSHOGHOLMDODVSDUWtFXODVGXUDVGHO
SDSHO GH OLMD VH DGKHULUiQ DO IRUUR \ GDxDUiQ HO WDPERU GH
IUHQR&XDQGRKD\DTXHFRUUHJLUHOIRUURUHHPSODFHSRUXQ
IRUURQXHYR

,167$/$&,Ï1

127$
5HILpUDVHD127$DOSULQFLSLRGHHVWDVHFFLyQ
3DUD PD\RUHV GHWDOOHV UHILpUDVH DO PLVPR SXQWR HQ OD PLVPD VHF
FLyQ GHO 0DQXDO GH 6HUYLFLR PHQFLRQDGR HQ HO 35()$&,2 GH HVWH
PDQXDOWHQLHQGRHQFRQVLGHUDFLyQORVSXQWRVVLJXLHQWHV
‡ $QWHV GH LQVWDODU HO WDPERU GH IUHQR FRPSUXHEH HO GLiPHWUR
H[WHULRUGHODV]DSDWDVGHIUHQR6LHVWiIXHUDGHODVHVSHFL
ILFDFLRQHV VLJXLHQWHV DMXVWH DO YDORU HVSHFLILFDGR JLUDQGR HO
DMXVWDGRU
'LiPHWURH[WHULRUGHOD]DSDWDGHIUHQRWUDVHUR³D´
±PP
 3DODQFDGHXxHWD
 )5(1275$6(52<'((67$&,21$0,(172&

&LOLQGURGHUXHGD
,167$/$&,Ï1
3DUD PD\RUHV GHWDOOHV UHILpUDVH DO PLVPR SXQWR HQ OD PLVPD VHF
FLyQ GHO 0DQXDO GH 6HUYLFLR PHQFLRQDGR HQ HO 35()$&,2 GH HVWH
PDQXDOWHQLHQGRHQFRQVLGHUDFLyQORVSXQWRVVLJXLHQWHV
‡ 6DTXHODWDSDGHWDSyQSXUJDGRUGHOWXERGHIUHQR\FRQHFWH
HOWXERRWXERVDOFLOLQGURGHUXHGDORMXVWRSDUDHYLWDUTXH
KD\DIXJDVGHIOXLGR

‡ $SULHWHHOFLOLQGURGHUXHGDHQHOSODWRSRUWDIUHQRDOSDUGH
DSULHWHHVSHFLILFDGR
3DUGHDSULHWH
3HUQRVGHFLOLQGURGHUXHGDSDUDWLSRQRVHOODGRD
1ÂPNJP
7XHUFDDERFLQDGDGHWXERGHIUHQRE
1ÂPNJP

3ODWRSRUWDIUHQR
,167$/$&,Ï1

 ,QVWDOHHOSODWRSRUWDIUHQRHQHOHMHGHSXHQWHWUDVHUR

 &RMLQHWHGHUXHGD

 $SOLTXHSURGXFWRGHVHOODGR³$´DODVXSHUILFLHGHFRQWDFWRGHOD
FDMDGHOHMHWUDVHURFRQHOSODWRSRUWDIUHQR
³$´3URGXFWRGHVHOODGRQƒ

127$
$VHJ~UHVH GH HOLPLQDU ORV UHVWRV GH SURGXFWR GH VHOODGR
YLHMRDQWHVGHDSOLFDUSURGXFWRQXHYRGHVHOODGR

 ,QVWDOHHOFRQMXQWRGHOHMHGHSXHQWHWUDVHURHQODFDMDGHHMH
&)5(1275$6(52<'((67$&,21$0,(172

 $SULHWHODVWXHUFDVGHSODWRSRUWDIUHQRDOSDUGHDSULHWHHVSHFL
ILFDGR
3DUGHDSULHWH
7XHUFDGHSODWRSRUWDIUHQRD
1ÂPNJP
 ,QVWDOHHOFLOLQGURGHUXHGD\DSULHWHORVSHUQRVGHOFLOLQGURGH
UXHGD\ODWXHUFDRWXHUFDVDERFLQDGDGHWXERGHIUHQRDOSDU
GHDSULHWHHVSHFLILFDGR
(a)
3DUGHDSULHWH
3HUQRGHFLOLQGURGHUXHGD
1ÂPNJP
7XHUFDDERFLQDGDGHWXERGHIUHQR1ÂPNJP

 ,QVWDOHHOFDEOHGHOIUHQRGHHVWDFLRQDPLHQWRHQHOSODWR
SRUWDIUHQR\DSULHWHODWXHUFDGHOFDEOHGHOIUHQRGHHVWDFLR
QDPLHQWRDOSDUGHDSULHWHHVSHFLILFDGR
3DUGHDSULHWH
7XHUFDGHFDEOHGHOIUHQRGHHVWDFLRQDPLHQWRD1ÂP
NJP

 ,QVWDOH ODV ]DSDWDV GH IUHQR 5HILpUDVH D ³,167$/$&,Ï1´ HQ

³=$3$7$'()5(12´HQHVWDVHFFLyQ
 ,QVWDOH HO WDPERU GH IUHQR 5HILpUDVH D ORV SDVRV  \  GH
³,167$/$&,Ï1´HQ³7$0%25'()5(12´HQHVWDVHFFLyQ
 /OHQHODFDMDGHOGLIHUHQFLDOFRQDFHLWHHVSHFLILFDGRGHHQJUD
QDMHV QXHYR 3DUD HO OOHQDGR UHILpUDVH D ³6(59,&,2 (1 (/
9(+Ë&8/2´HQODVHFFLyQ)
 /OHQH HO GHSyVLWR GH UHVHUYD FRQ IOXLGR GH IUHQRV \ SXUJXH HO
VLVWHPDGHIUHQRV3DUDHOSURFHGLPLHQWRGHSXUJDUHILpUDVHD
³385*$'(/26)5(126´HQODVHFFLyQ

 ,QVWDOHODUXHGD\DSULHWHODVWXHUFDVGHUXHGDDOSDUGHDSULHWH
HVSHFLILFDGR
3DUGHDSULHWH
7XHUFDGHUXHGDE1ÂPNJP
 'HVSXpVGHFRPSOHWDUWRGRVHVWRVWUDEDMRVDSULHWHHOSHGDOGH
IUHQR±DYHFHVDSOLFDQGRXQDIXHU]DGHNJDSUR[LPD
GDPHQWHSDUDREWHQHUODKROJXUDDGHFXDGDHQWUHHOWDPERU\OD
]DSDWD
$MXVWHHOFDEOHGHOIUHQRGHHVWDFLRQDPLHQWR3DUDORVSURFHGL
PLHQWRV GH DMXVWH UHILpUDVH D ³,163(&&,Ï1 < $-867( '(/
)5(12'((67$&,21$0,(172´HQODVHFFLyQ
 $SULHWH ORV WRUQLOORV GH OD FXELHUWD GH OD SDODQFD GHO IUHQR GH
HVWDFLRQDPLHQWR
 9HULILTXH TXH HO WDPERU GH IUHQR QR WHQJD URFHV \ TXH HO IUH
QDGRHVFRUUHFWR(QVHJXLGDGHVPRQWHHOYHKtFXORGHOHOHYD
GRU \ HIHFW~H OD SUXHED GH IUHQRV IUHQR GH SHGDO \ IUHQR GH
HVWDFLRQDPLHQWR
 &RPSUXHEH FDGD SLH]D LQVWDODGD SDUD GHWHFWDU XQD HYHQWXDO
IXJDGHDFHLWH
 )5(1275$6(52<'((67$&,21$0,(172&

(VSHFLILFDFLRQHVGHSDUHVGHDSULHWH
3DUGHDSULHWH
3LH]DVGHVXMHFLyQ
1‡P NJP OEIW
7DSyQSXUJDGRUGHFLOLQGURGHUXHGD   
3HUQRGHSDODQFDGHOIUHQRGHHVWDFLRQDPLHQWR   
3HUQRGHFLOLQGURGHUXHGD   
7XHUFDDERFLQDGDGHWXERGHIUHQR   
7XHUFDGHSODWRSRUWDIUHQR   
7XHUFDGHUXHGD   
7XHUFDGHFDEOHGHOIUHQRGHHVWDFLRQDPLHQWR   
&)5(1275$6(52<'((67$&,21$0,(172
 6,67(0$'()5(126$17,%/248(2$%6(

6(&&,Ï1(

6,67(0$'()5(126$17,%/248(2$%6
$'9(57(1&,$
3DUDORVYHKtFXORVHTXLSDGRVFRQHO6LVWHPD6XSOHPHQWDULRGH6XMHFLyQ&ROFKyQGHDLUH
‡ /RVVHUYLFLRVTXHGHEDQVHUHIHFWXDGRVHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPD
GHOFROFKyQGHDLUHGHEHQVHUKHFKRVH[FOXVLYDPHQWHSRUXQFRQFHVLRQDULRDXWRUL]DGR68=8.,5HILp
UDVH DO ³(VTXHPD GH XELFDFLyQ GH ORV FRPSRQHQWHV \ FDEOHDGR GHO VLVWHPD GHO FROFKyQ GH DLUH´ HQ
³'HVFULSFLyQJHQHUDO´HQODVHFFLyQGHOVLVWHPDGHOFROFKyQGHDLUHSDUDFRQILUPDUVLXVWHGHVWiHIHF
WXDQGRWUDEDMRGHVHUYLFLRHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPDGHOFROFKyQ
GHDLUH6tUYDVHREVHUYDUWRGDVODV$'9(57(1&,$6\³3UHFDXFLRQHVSDUDHOVHUYLFLR´LQGLFDGDVHQ³6HU
YLFLRHQHOYHKtFXOR´HQODVHFFLyQGHOVLVWHPDGHOFROFKyQGHDLUHDQWHVGHHIHFWXDUFXDOTXLHUWUDEDMR
GHVHUYLFLRHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPDGHOFROFKyQGHDLUH6LQRVH
UHVSHWDQODV$'9(57(1&,$6VHSXHGHFDXVDUHOLQIODGRDFFLGHQWDOGHOFROFKyQGHDLUHRVHSXHGHGHMDU
LQRSHUDQWHHOVLVWHPDGHOFROFKyQGHDLUH&XDOTXLHUDGHHVWRVGRVFDVRVSXHGHFDXVDUGDxRVFRUSRUD
OHVJUDYHV
‡ /RVWUDEDMRVGHVHUYLFLRWpFQLFRGHEHQVHULQLFLDGRVSRUORPHQRVVHJXQGRVGHVSXpVGHTXHVHFROR
TXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ³/2&.´\GHTXHVHGHVFRQHFWHHOFDEOHQHJDWLYRGHOD
EDWHUtD(QHIHFWRVLQRVHSURFHGHGHHVWDIRUPDHOVLVWHPDSXHGHVHUDFWLYDGRSRUODUHVHUYDGHHQHU
JtDHOpFWULFDGHOPyGXORGHGHWHFFLyQ\GHGLDJQyVWLFR6'0

127$
‡ 3DUDODVGHVFULSFLRQHVHOHPHQWRVQRLQFOXLGDVHQHVWDVHFFLyQUHILpUDVHDODVHFFLyQ(GHO0DQXDO (
GH6HUYLFLRPHQFLRQDGRHQHO35()$&,2GHHVWHPDQXDO
‡ 7RGDVODVSLH]DVGHILMDFLyQGHORVIUHQRVVRQSLH]DVGHILMDFLyQLPSRUWDQWHVTXHSRGUtDQDIHFWDUODHILFD
FLDGHOIXQFLRQDPLHQWRGHSLH]DV\VLVWHPDVYLWDOHV\RTXHSRGUtDQVHUODFDXVDGHFRVWRVDVUHSDUDFLR
QHV 6L HO UHHPSOD]R HV QHFHVDULR GHEHQ XWLOL]DUVH SLH]DV TXH WHQJDQ HO PLVPR Q~PHUR GH SLH]D R
SLH]DVHTXLYDOHQWHV1RHPSOHHSLH]DVGHUHSXHVWRGHPHQRUFDOLGDGRGHGLVHxRVVXVWLWXWLYRV'XUDQWH
HOUHDUPDGRORVYDORUHVGHSDUHVGHDSULHWHGHEHQVHUDSOLFDGRVWDOFRPRKDQVLGRHVSHFLILFDGRVSDUD
DVtJDUDQWL]DUODFRUUHFWDVXMHFLyQGHHVWDVSLH]DV1RKD\TXHVROGDUQDGD\DTXHODVVROGDGXUDVSXH
GHQFDXVDUGDxRVPD\RUHV\HOGHELOLWDPLHQWRGHOPHWDO

&217(1,'2
'HVFULSFLyQJHQHUDO ( &RPSUREDFLyQGHFyGLJRGHGLDJQyVWLFR
8ELFDFLyQGHORVFRPSRQHQWHVSLH]DV ( '7&8WLOL]DQGRHOLQVWUXPHQWRGH
&RQMXQWRGHXQLGDGKLGUiXOLFDPyGXORGH H[SORUDFLyQ68=8.,  (
FRQWUROGHO$%6  ( %RUUDGRGHOFyGLJRGHGLDJQyVWLFR'7& (
)XQFLyQGHDXWRGLDJQyVWLFR  ( 7DEODGHFyGLJRGHGLDJQyVWLFR'7&  (
)XQFLyQDSUXHEDGHIDOORV  ( &LUFXLWRGHOVLVWHPD (
'LDJQyVWLFR  ( 7DEOD$&RPSUREDFLyQGHOFLUFXLWRGHOD
3UHFDXFLRQHVSDUDGLDJQRVWLFDU OX]GHDGYHUWHQFLDGHO$%6±/DOX]
GHVSHUIHFWRV  ( LQGLFDGRUDQRVHHQFLHQGHFRQHO
7DEODGHIOXMRGHGLDJQyVWLFRGHO$%6  ( LQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ
&RPSUREDFLyQGHODOX]GHDGYHUWHQFLD ³21´  (
GHO$%6  ( 7DEOD%&RPSUREDFLyQGHOFLUFXLWRGHOD
&RPSUREDFLyQGHODOX]GHDGYHUWHQFLDGH OX]GHDGYHUWHQFLDGHO$%6±/DOX]
(%'/X]GHDGYHUWHQFLDGHIUHQRV ( SHUPDQHFHHQFHQGLGD  (
&RPSUREDFLyQGHOFyGLJRGHGLDJQyVWLFR 7DEOD&&RPSUREDFLyQGHOFLUFXLWRGHOD
'7&8WLOL]DQGRODOX]GHDGYHUWHQFLD OX]GHDGYHUWHQFLDGHO$%6±/DOX]GH
GHO$%6 ( DGYHUWHQFLDGHVWHOODFRQWLQXDPHQWHFRQ
HOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ
21 (
(6,67(0$'()5(126$17,%/248(2$%6

7DEOD'(OFyGLJR'7&QRHVHPLWLGRDXQ '7&&'7&±&LUFXLWRGHYiOYXOD

FXDQGRHOWHUPLQDOGHOLQWHUUXSWRUGH VROHQRLGHGHVDOLGDGHODQWHUDGHUHFKD  (
GLDJQyVWLFRHVWiFRQHFWDGRDPDVD ( '7&&'7&±&LUFXLWRGHYiOYXOD
7DEOD(/X]GHDGYHUWHQFLDGH(%' VROHQRLGHGHVDOLGDGHODQWHUDL]TXLHUGD(
OX]GHDGYHUWHQFLDGHIUHQRV±/DOX] '7&&'7&±&LUFXLWRGHYiOYXOD
SHUPDQHFHHQFHQGLGD ( VROHQRLGHGHVDOLGDWUDVHUD (
'7&&'7&±&LUFXLWRGHOVHQVRU '7&&'7&±&LUFXLWRGHOD
GH*\FLUFXLWRGHODOX]GH:' ( IXHQWHGHDOLPHQWDFLyQHOpFWULFD(
'7&&'7&'7&& '7&&'7&±&LUFXLWRGHOPRWRU
'7&±&LUFXLWRGHOVHQVRUGH GHODERPEDGHO$%6  (
YHORFLGDGGHUXHGDGHODQWHUDGHUHFKD '7&&'7&±&LUFXLWRGHOUHOp
RDQLOORGHVHQVRU  ( GHIXQFLyQDSUXHEDGHIDOORVGH$%6(
'7&&'7&'7&& '7&&'7&±0yGXORGHFRQWURO
'7&±&LUFXLWRGHOVHQVRUGH GHO$%6 (
YHORFLGDGGHUXHGDGHODQWHUDL]TXLHUGD 6HUYLFLRHQHOYHKtFXOR  (
RDQLOORGHVHQVRU  ( 3UHFDXFLRQHV  (
'7&&'7&'7&& &RPSUREDFLyQGHOIXQFLRQDPLHQWRGHOD
'7&±&LUFXLWRGHOVHQVRUGH XQLGDGKLGUiXOLFDGHO$%68WLOL]DQGRHO
YHORFLGDGGHUXHGDWUDVHUDGHUHFKD LQVWUXPHQWRGHH[SORUDFLyQ68=8.,(
RDQLOORGHVHQVRU  ( &RPSUREDFLyQGHOIXQFLRQDPLHQWRGHOD
'7&&'7&'7&& XQLGDGKLGUiXOLFDGHO$%66LQXWLOL]DUHO
'7&±&LUFXLWRGHOVHQVRUGH LQVWUXPHQWRGHH[SORUDFLyQ68=8.,(
YHORFLGDGGHUXHGDWUDVHUDL]TXLHUGD &RQMXQWRGHXQLGDGKLGUiXOLFDPyGXORGH
RDQLOORGHVHQVRU  ( FRQWUROGHO$%6  (
'7&&'7&±&LUFXLWRGHYiOYXOD 5RWRUGHOVHQVRUWUDVHURDQLOORGHUHWpQ (
VROHQRLGHGHHQWUDGDGHODQWHUDGHUHFKD ( (VSHFLILFDFLRQHVGHSDUHVGHDSULHWH (
'7&&'7&±&LUFXLWRGHYiOYXOD +HUUDPLHQWDVHVSHFLDOHV  (
VROHQRLGHGHHQWUDGDGHODQWHUDL]TXLHUGD  (
'7&&'7&±&LUFXLWRGHYiOYXOD
VROHQRLGHGHHQWUDGDWUDVHUD  (

 6,67(0$'()5(126$17,%/248(2$%6(

'HVFULSFLyQJHQHUDO
8ELFDFLyQGHORVFRPSRQHQWHVSLH]DV
(O $%66LVWHPDGH IUHQRV DQWLEORTXHR FRQWUROD ODSUHVLyQ GH IOXLGR TXH HV DSOLFDGD GHVGH HOFLOLQGURPDHVWUR DO
FLOLQGURGHFDGDUXHGDGHPDQHUDTXHFDGDUXHGDQRVHEORTXHHDXQTXHVHDSOLTXHXQIUHQDGRGXUR
(O$%6GHHVWHYHKtFXORWDPELpQWLHQHODIXQFLyQVLJXLHQWH
0LHQWUDVVHDSOLFDHOIUHQDGRSHURDQWHVGHTXHHOFRQWUROGHO$%6VHDHIHFWLYRODIXHU]DGHIUHQDGRHVUHSDUWLGD
HQWUHODSDUWHGHODQWHUD\WUDVHUDSDUDHYLWDUTXHODVUXHGDVWUDVHUDVVHEORTXHHQGHPDVLDGRSURQWRPHMRUDQGRDVt
ODHVWDELOLGDGGHOYHKtFXOR/RVFRPSRQHQWHVSULQFLSDOHVGHHVWH$%6LQFOX\HQODVSLH]DVVLJXLHQWHVDGHPiVGHODV
SLH]DVSURSLDVGHOVLVWHPDGHIUHQRVFRQYHQFLRQDO
‡ (OVHQVRUGHYHORFLGDGGHUXHGDTXHGHWHFWDODYHORFLGDGGHJLURGHFDGDUXHGD\HPLWHVXVHxDO
‡ /DOX]GHDGYHUWHQFLDGHO$%6TXHVHHQFLHQGHSDUDLQIRUPDUTXHKD\XQDDQRUPDOLGDGFXDQGRHOVLVWHPDQR
IXQFLRQDFRUUHFWDPHQWH
‡ (O FRQMXQWRGHOD XQLGDGKLGUiXOLFDPyGXORGHFRQWURO GHO $%6 TXH HVWi LQFRUSRUDGR HQ PyGXOR GHFRQWURO GHO
$%6XQLGDGKLGUiXOLFDGHO$%6FRQMXQWRGHDFWXDGRUUHOpGHDSUXHEDGHIDOORV\UHOpGHOPRWRUGHODERPED
± (OPyGXORGHFRQWUROGHO$%6TXHHQYtDODVHxDOGHIXQFLRQDPLHQWRDODXQLGDGKLGUiXOLFDGHO$%6SDUDFRQWUR
ODUODSUHVLyQGHIOXLGRDSOLFDGDDFDGDFLOLQGURGHUXHGDEDViQGRVHHQODVHxDOSURFHGHQWHGHFDGDVHQVRUGH
YHORFLGDGGHUXHGD\DVtHYLWDUTXHODUXHGDVHEORTXHH
± /DXQLGDGKLGUiXOLFDGHO$%6TXHIXQFLRQDGHDFXHUGRFRQODVHxDOSURFHGHQWHGHOPyGXORGHFRQWUROGHO$%6
\FRQWURODODSUHVLyQGHIOXLGRDSOLFDGDDOFLOLQGURGHUXHGDHQFDGDXQDGHODVUXHGDV
± (OUHOpGHDSUXHEDGHIDOORVYiOYXODVROHQRLGHTXHVXPLQLVWUDHQHUJtDHOpFWULFDDODYiOYXODVROHQRLGHHQOD
XQLGDGKLGUiXOLFDGHO$%6\UHOpGHOPRWRUGHODERPED
± (OUHOpGHOPRWRUGHODERPEDTXHVXPLQLVWUDHQHUJtDHOpFWULFDDOPRWRUGHODERPEDHQODXQLGDGKLGUiXOLFDGHO
$%6
‡ (OVHQVRUGH*TXHGHWHFWDODYHORFLGDGGHGHFHOHUDFLyQGHODFDUURFHUtD3DUDHOPRGHOR:'VRODPHQWH
(VWHVLVWHPD$%6HVWiHTXLSDGRFRQHO6LVWHPDGHUHSDUWLFLyQHOHFWUyQLFDGHIXHU]DGHIUHQRV(%'HVWDIXQFLyQ
TXH HV VHPHMDQWH D OD YiOYXOD GRVLILFDGRUD PDQWLHQH OD SUHVLyQ GH IOXLGR GH ODV UXHGDV WUDVHUDV HQ VX FRQGLFLyQ
ySWLPD PHGLDQWH OD VHxDO SURFHGHQWH GHO VHQVRU GH UXHGD \ HVWR GH PDQHUD LQGHSHQGLHQWH GHO FDPELR GH FDUJD
GHELGRDODFDSDFLGDGGHFDUJDHWFpWHUD<VLHOVLVWHPDGH(%'QRIXQFLRQDFRUUHFWDPHQWHODOX]GHDGYHUWHQFLDGH
IUHQRVVHHQFLHQGHSDUDLQIRUPDUGHODDQRUPDOLGDG

 6HQVRUGHYHORFLGDGGHUXHGD  6HQVRUGHYHORFLGDGGHUXHGDWUDVHUDL]TXLHUGD  6HQVRUGH*3DUDPRGHOR:'VRODPHQWH

GHODQWHUDGHUHFKD
 ,QWHUUXSWRUGHOXFHVGHSDUDGD  0DVD  5RWRUGHOVHQVRUGHYHORFLGDGGHUXHGDDQLOOR
 &RQHFWRUGHHQODFHGHGDWRV  &RQHFWRUGHGLDJQyVWLFR&RQHFWRUQHJUR  ,QWHUUXSWRUGH:'SDUDPRGHOR:'VRODPHQWH
 /X]GHDGYHUWHQFLDGHO³$%6´  6HQVRUGHYHORFLGDGGHUXHGDGHODQWHUDL]TXLHUGD  /X]GHDGYHUWHQFLDGH(%'/X]GHDGYHUWHQFLDGHIUHQRV
 6HQVRUGHYHORFLGDGGHUXHGD  &RQMXQWRGHXQLGDGKLGUiXOLFDPyGXORGHFRQWUROGHO$%6
WUDVHUDGHUHFKD FRQUHOpGHOPRWRUGHODERPEDGHO$%6\UHOpGHD
SUXHEDGHIDOORV

127$
/DILJXUDDQWHULRUPXHVWUDXQYHKtFXORFRQYRODQWHDODL]TXLHUGD
(QORVYHKtFXORVFRQYRODQWHDODGHUHFKDODVSLH]DVFRQXQDVWHULVFR HVWiQLQVWDODGDVVLPpWULFDPHQWH
HQHORWURODGR
(6,67(0$'()5(126$17,%/248(2$%6

&RQMXQWRGHXQLGDGKLGUiXOLFDPyGXORGHFRQ
WUROGHO$%6
(OPyGXORGHFRQWUROGHO$%6HVXQFRPSRQHQWHGHOFRQMXQWRGHXQL
GDG KLGUiXOLFDPyGXOR GH FRQWURO GHO $%6 \ VXV IXQFLRQHV VRQ ODV
VLJXLHQWHV
)XQFLyQGHDXWRGLDJQyVWLFR
(OPyGXORGHFRQWUROGHO$%6GLDJQRVWLFDFRQWLQXDPHQWHODVFRQGL
FLRQHVGHODVSLH]DVFRPSRQHQWHVGHOVLVWHPDVLKD\RQRFXDOTXLHU
DQRUPDOLGDG \ PHGLDQWH OD OX] GH DGYHUWHQFLD GHO $%6 LQGLFD ORV
UHVXOWDGRVDGYHUWHQFLDGHRFXUUHQFLDGHDQRUPDOLGDG\'7&HQOD
IRUPDGHVFULWDDFRQWLQXDFLyQ
 &XDQGRHOLQWHUUXSWRUGHHQFHQGLGRHVFRORFDGRHQODSRVLFLyQ
21 OD OX] GH DGYHUWHQFLD GHO $%6 VH HQFLHQGH GXUDQWH 
VHJXQGRVSDUDYHULILFDUVXERPELOOD\FLUFXLWR
 &XDQGR QR VH KD GHWHFWDGR QLQJXQD DQRUPDOLGDG HO VLVWHPD
HVWiHQEXHQDVFRQGLFLRQHVODOX]GHDGYHUWHQFLDGHO$%6VH
DSDJDGHVSXpVGHVHJXQGRV
 &XDQGR VH GHWHFWD XQD DQRUPDOLGDG HQ HO VLVWHPD OD OX] GH
DGYHUWHQFLDGHO$%6VHHQFLHQGH\HOiUHDGHODDQRUPDOLGDG
HVUHJLVWUDGDHQODPHPRULDGH((3520GHOPyGXORGHFRQWURO
GHO$%6

 &XDQGRHOWHUPLQDOGHOLQWHUUXSWRUGHGLDJQyVWLFRGHOFRQHF
WRUGHYHULILFDFLyQHVWiFRORFDGRDPDVDHOiUHDGHODDQRU
PDOLGDGHVHPLWLGDFRPR'7&(VWRHVLQGLFDGRSRUHOGHVWHOOR
GH OD OX] GH DGYHUWHQFLD GHO $%6 5HILpUDVH D OD WDEOD
VLJXLHQWH

/8='($'9(57(1&,$
'(/$%6
7HUPLQDOGHO 7HUPLQDOGHO
&21',&,Ï1'(/6,67(0$ LQWHUUXSWRUGH LQWHUUXSWRUGH
GLDJQyVWLFR GLDJQyVWLFR
QRFRQHF FRQHFWDGRD
WDGRDPDVD PDVD
(QEXHQDV 1LQJ~QGHVSHUIHFWR
2)) '7&
FRQGLFLR HQHOSDVDGR
QHVDFWXDO +XERGHVSHUIHFWRHQ '7&GHKLVWR
2))
PHQWH HOSDVDGR ULD
+D\DQRU 1LQJ~QGHVSHUIHFWR
21 '7&DFWXDO
PDOLGDG HQHOSDVDGR
DFWXDO +XERGHVSHUIHFWRHQ '7&DFWXDOU
21
PHQWH HOSDVDGR GHKLVWRULD
 3DUDHOSURFHGLPLHQWRGHERUUDGRGHWRGRVORV'7&UHILpUDVHD
³%255$'2 '( &Ï',*2 '( ',$*1Ï67,&2´ HQ HVWD VHF
FLyQ
 7HUPLQDODPDVD
 &DEOHGHVHUYLFLR

$GHPiV HO PyGXOR GH FRQWURO GHO $%6 HQFLHQGH 21 OD OX] GH
DGYHUWHQFLDGH(%'OX]GHDGYHUWHQFLDGHIUHQRVGHSHQGLHQGRGHO
GHVSHUIHFWRGHWHFWDGRSRUHOPyGXOR\ODOX]GHDGYHUWHQFLDGH(%'
QRLQGLFD'7&
 6,67(0$'()5(126$17,%/248(2$%6(

)XQFLyQDSUXHEDGHIDOORV
&XDQGR RFXUUH XQD DQRUPDOLGDG VH GHWHFWD XQ '7& DQRUPDO HO
PyGXOR GH FRQWURO GHO $%6 GHVDFWLYD 2)) HO UHOp GH IXQFLyQ D
SUXHEDGHIDOORVTXHVXPLQLVWUDHOHFWULFLGDGDODXQLGDGKLGUiXOLFDGHO
$%6 'H HVWH PRGR DO QR IXQFLRQDU HO $%6 ORV IUHQRV IXQFLRQDQ
FRPRHQHOVLVWHPDGHIUHQRVFRQYHQFLRQDOVLQVLVWHPDGH$%6

'LDJQyVWLFR
3DUDDVHJXUDUVHGHTXHHOGLDJQyVWLFRGHGHVSHUIHFWRVHVHIHFWXDGR
FRUUHFWDPHQWH \ VLQ GLILFXOWDG VLJD ODV ³35(&$8&,21(6 3$5$
',$*1267,&$5 '(63(5)(&726´ \ VLJD OD ³7$%/$ '( )/8-2
'(',$*1Ï67,&2'(/$%6´

3UHFDXFLRQHVSDUDGLDJQRVWLFDUGHVSHUIHFWRV
‡ 6LHOYHKtFXORIXHFRQGXFLGRHQFXDOTXLHUDGHODVFRQGLFLRQHV
VLJXLHQWHV OD OX] GH DGYHUWHQFLD GHO $%6 SXHGH HQFHQGHUVH
PRPHQWiQHDPHQWHSHURHVWRQRLQGLFDTXHKD\XQDDQRUPDOL
GDGHQHO$%6
± (O YHKtFXOR IXH FRQGXFLGR FRQ HO IUHQR GH HVWDFLRQDPLHQWR
DSOLFDGR
± (OYHKtFXORIXHFRQGXFLGRFRQORVIUHQRVUR]DQGR
± (OYHKtFXORHVWDEDDWDVFDGRHQHOEDUURDUHQDHWF
± 3DWLQDMHGHUXHGDVFXDQGRVHFRQGXFtD
± 6HKL]RJLUDUXQDVUXHGDVFXDQGRHOYHKtFXORHVWDEDVREUH
HOJDWR
‡ $QWHV GH OD FRPSUREDFLyQ DVHJ~UHVH GH OHHU ODV ³35(&$8
&,21(63$5$(/6(59,&,2'(&,5&8,726(/e&75,&26´
HQODVHFFLyQ$\DSOtTXHODVHVWULFWDPHQWH
‡ $VHJ~UHVHGHDSOLFDUHOSURFHGLPLHQWRGHGLDJQyVWLFRGHGHV
SHUIHFWRVWDOFRPRHVWiGHVFULWRHQODWDEODGHIOXMR6LQRVLJXH
OR SUHVFULWR HQ OD WDEOD GH IOXMR HV SRVLEOH TXH HO GLDJQyVWLFR
VHD HUUyQHR 'XUDQWH OD FRPSUREDFLyQ HV SRVLEOH TXH RWURV
FyGLJRV GH GLDJQyVWLFR VHDQ PHPRUL]DGRV SRU HUURU HQ HO
PyGXORGHFRQWUROGHO$%6

‡ &XDQGR GHVFRQHFWH HO FRQHFWRU  GH OD XQLGDG KLGUiXOLFD

PyGXORGHFRQWUROGHO$%6OHYDQWHHOEORTXHRGHFRQHFWRU
&XDQGRFRQHFWHILMHHOFRQMXQWRGHODXQLGDGKLGUiXOLFDPyGXOR
GHFRQWUROGHO$%6\HPSXMHKDFLDDEDMRHOEORTXHR
' 'HVFRQHFWH
& &RQHFWH
(6,67(0$'()5(126$17,%/248(2$%6

7DEODGHIOXMRGHGLDJQyVWLFRGHO$%6
3DUDPD\RUHVGHWDOOHVDFHUFDGHFDGDSDVRUHILpUDVHDODVSiJLQDVVLJXLHQWHV

3DVR 2SHUDFLyQ 6t 1R
  (IHFW~HHO³$QiOLVLVGHODTXHMDGHOFOLHQWH´ 9D\DDOSDVR 9D\DDOSDVR
 (IHFW~HOD³&RQILUPDFLyQGHORVVtQWRPDVGHOSUREOHPD´
 (IHFW~HOD³&RPSUREDFLyQUHJLVWUR\ERUUDGRGHOFyGLJRGH
GLDJQyVWLFR´
¢+D\DOJ~Q'7&GHPDOIXQFLRQDPLHQWR"
  (IHFW~HOD³358(%$'(&21'8&&,Ï1´ 9D\DDOSDVR 9D\DDOSDVR
¢6HLGHQWLILFyXQVtQWRPDGHGHVSHUIHFWR"
  &RPSUXHEHHOFyGLJRGHGLDJQyVWLFR 9D\DDOSDVR 9D\DDOSDVR
¢(VXQFyGLJRGHPDOIXQFLRQDPLHQWR"
  &RPSUXHEH\UHSDUHUHILULpQGRVHDODWDEODGHFyGLJRGHGLDJ 9D\DDOSDVR )LQ
QyVWLFRDSOLFDEOHHQHVWDVHFFLyQ
 'HVSXpVGHERUUDUHO'7&HIHFW~HOD³358(%$'(&21),5
0$&,Ï1),1$/´
¢6HPDQLILHVWDGHQXHYRHOGHVSHUIHFWR"
  &RPSUXHEH\UHSDUHUHILULpQGRVHD³',$*1Ï67,&2´HQOD
VHFFLyQ³)5(126´ ± ±
 (MHFXWHOD³358(%$'(&21),50$&,Ï1),1$/´
  &RPSUXHEHORVGHVSHUIHFWRVLQWHUPLWHQWHV5HILpUDVHD³0$/ 9D\DDOSDVR )LQ
)81&,21$0,(172,17(50,7(17(<&21(;,Ï10$/$´
HQODVHFFLyQ³,1)250$&,Ï1*(1(5$/´\DORVFLUFXLWRV
UHODFLRQDGRVFRQHOFyGLJRGHGLDJQyVWLFRPHPRUL]DGRHQHO
SDVR
 'HVSXpVGHERUUDUHOFyGLJRGHGLDJQyVWLFRHIHFW~HOD
³358(%$'(&21),50$&,Ï1),1$/´
¢6HPDQLILHVWDGHQXHYRHOGHVSHUIHFWR"
  (IHFW~HOD³&RPSUREDFLyQUHJLVWUR\ERUUDGRGHOFyGLJRGH 9D\DDOSDVR 9D\DDOSDVR
GLDJQyVWLFR´
¢+D\DOJ~QFyGLJRGHPDOIXQFLRQDPLHQWR"
 6,67(0$'()5(126$17,%/248(2$%6(

 $1È/,6,6'(0$/)81&,21$0,(172
D $QiOLVLVGHODTXHMDGHOFOLHQWH
7DOFRPRGHVFULWRVSRUHOFOLHQWHUHJLVWUHORVGHWDOOHVGHOSUREOHPDIDOORVTXHMDV\FyPRVHSUHVHQWyHOSUR
EOHPD
3DUDHVWHSURSyVLWRHOHPSOHRGHXQIRUPXODULRFRPRHOPRVWUDGRDFRQWLQXDFLyQIDFLOLWDUiODFROHFWDGHLQIRU
PDFLRQHVKDVWDHOSXQWRUHTXHULGRSDUDHIHFWXDUHODGHFXDGRDQiOLVLV\GLDJQyVWLFR

&8(67,21$5,2'(/&/,(17((-(03/2
(6,67(0$'()5(126$17,%/248(2$%6

E &RQILUPDFLyQGHORVVtQWRPDVGHOSUREOHPD
9HULILTXHVLORUHFODPDGRSRUHOFOLHQWHHQHO³&8(67,21$5,2'(/&/,(17(´VHHQFXHQWUDHIHFWLYDPHQWHHQHO
IXQFLRQDPLHQWR GHO YHKtFXOR \ VL VH HQFXHQWUD HO VtQWRPD GHWHUPLQH VL HV LGHQWLILFDGR FRPR XQ IDOOR (VWH
SDVRGHEHVHUFRPSDUWLGRFRQHOFOLHQWHHQODPHGLGDGHORSRVLEOH&RPSUXHEHODVOXFHVGHDGYHUWHQFLDUHOD
FLRQDGDVFRQHOVLVWHPDGHIUHQRV5HILpUDVHD³&20352%$&,Ï1'(/$/8='($'9(57(1&,$'((%'
/8='($'9(57(1&,$'()5(126´\D³&20352%$&,Ï1'(/$/8='($'9(57(1&,$'(/$%6´HQ
HVWDVHFFLyQ

F &RPSUREDFLyQUHJLVWUR\ERUUDGRGHOFyGLJRGHGLDJQyVWLFR'7&
$SOLTXHHOSURFHGLPLHQWRGH³&20352%$&,Ï1'(/&Ï',*2'(',$*1Ï67,&2´HQHVWDVHFFLyQUHJLVWUHHO
'7&\HQVHJXLGDEyUUHORUHILULpQGRVHD³%255$'2'(/&Ï',*2'(',$*1Ï67,&2´HQHVWDVHFFLyQ
&XDQGRHO'7&GHPDOIXQFLRQDPLHQWRTXHIXHYLVXDOL]DGRXQDYH]\TXHHQVHJXLGDIXHERUUDGRQRSXHGH
YROYHUDVHUGHWHFWDGRLQGLFDGRFXDQGRVHFRORFDHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21HVPX\SRVL
EOHTXHVLXVWHGWUDWDGHGLDJQRVWLFDUHOGHVSHUIHFWREDViQGRVHHQHO'7&UHJLVWUDGRHQHVWHSDVRHVWRFDXVH
XQHUURUGHGLDJQyVWLFRRGLILFXOWHHOGLDJQyVWLFR3URFHGDDOSDVRSDUDYHULILFDUVLHQHOPyGXORGHFRQWUROOD
IXQFLyQGHDXWRGLDJQyVWLFRIXQFLRQDFRUUHFWDPHQWH
6LHO'7&GHPDOIXQFLRQDPLHQWRTXHIXHYLVXDOL]DGRXQDYH]\TXHHQVHJXLGDIXHERUUDGRSXHGHYROYHUDVHU
GHWHFWDGRLQGLFDGRFXDQGRVHFRORFDHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21SURFHGDDOSDVR

 358(%$'(&21'8&&,Ï1
3UXHEHFRQGXFLHQGRHOYHKtFXORDNPKRPiVGXUDQWHPiVGHXQPLQXWR\FRPSUXHEHVLKD\DOJ~QVtQWRPD
GHGHVSHUIHFWRSRUHMHPSORHQFHQGLGRDQRUPDOGHODOX]GHDGYHUWHQFLDGHO$%6
6LHO'7&GHPDOIXQFLRQDPLHQWRHVFRQILUPDGRRWUDYH]FRQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21OD
SUXHEDGHFRQGXFFLyQDQWHVGHVFULWDQRHVQHFHVDULD9D\DDOSDVR

 &20352%$&,Ï1'(/&Ï',*2'(',$*1Ï67,&2
9XHOYDDFRPSUREDUHOFyGLJRGHGLDJQyVWLFRUHILULpQGRVHD³&20352%$&,Ï1'(/'7&´FRPRPRVWUDGRHQOD
SiJLQDVLJXLHQWH

 7$%/$'()/8-2'(&Ï',*2'(',$*1Ï67,&2
'HDFXHUGRFRQOD7DEODGHIOXMRGHGLDJQyVWLFRSDUDODFRQILUPDFLyQGHOFyGLJRGHGLDJQyVWLFRHQHOSDVR
ORFDOLFHODFDXVDGHOGHVSHUIHFWRTXHSXHGHVHUXQVHQVRULQWHUUXSWRUPD]RGHFDEOHVFRQHFWRUFRQMXQWRGH
DFWXDGRURFXDOTXLHURWUDSLH]D\UHSDUHRUHHPSODFHODVSLH]DVGHIHFWXRVDV

 ³',$*1Ï67,&2´(1/$6(&&,Ï1³)5(126´
&RPSUXHEHODVSLH]DVRHOVLVWHPDTXHVRVSHFKDHVODFDXVDSRVLEOH5HILpUDVHD³',$*1Ï67,&2´HQODVHF
FLyQ³)5(126´\XWLOLFHORVVtQWRPDVTXHVHSUHVHQWDQHQHOYHKtFXORVtQWRPDVREWHQLGRVPHGLDQWHORVSDVRV
DE\\SURFHGDDUHSDUDURDUHHPSOD]DUODVSLH]DVGHIHFWXRVDVVLODVKD\

 &20352%$&,Ï13$5$352%/(0$6,17(50,7(17(6
&RPSUXHEHODVSLH]DVHQODVTXHHVSRVLEOHTXHVHSUHVHQWHXQGHVSHUIHFWRLQWHUPLWHQWHSRUHMHPSORPD]RVGH
FDEOHVFRQHFWRUHVHWF5HILpUDVHD³0$/)81&,21$0,(172,17(50,7(17(<&21(;,Ï10$/$´HQOD
VHFFLyQ³,1)250$&,Ï1*(1(5$/´\DORVFLUFXLWRVUHODFLRQDGRVFRQHO'7&UHJLVWUDGRHQHOSDVRF

 358(%$'(&21),50$&,Ï1),1$/
&RQILUPHTXHHOVtQWRPDGHOSUREOHPDKDGHVDSDUHFLGR\TXHHOVLVWHPDGH$%6HVWiH[HQWRGHFXDOTXLHUFRQGL
FLyQDQRUPDO6LORTXHKDVLGRUHSDUDGRHVWiUHODFLRQDGRFRQHO'7&GHPDOIXQFLRQDPLHQWRERUUHHO'7&XQD
YH]\HIHFW~HXQDSUXHEDGHFRQGXFFLyQSDUDFRQILUPDUTXHQRVHLQGLFDQLQJ~Q'7&
 6,67(0$'()5(126$17,%/248(2$%6(

&RPSUREDFLyQGHODOX]GHDGYHUWHQFLDGHO$%6
 &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21
 &RPSUXHEHTXHODOX]GHDGYHUWHQFLDGHO$%6VHHQFLHQGH
21GXUDQWHXQRVVHJXQGRV\TXHHQVHJXLGDVHDSDJD
6L VH HQFXHQWUD FXDOTXLHU FRQGLFLyQ GHIHFWXRVD SURFHGD D OD
7DEOD$%&R'GH)OXMRGHGLDJQyVWLFR

&RPSUREDFLyQGHODOX]GHDGYHUWHQFLDGH(%'
/X]GHDGYHUWHQFLDGHIUHQRV

127$
(IHFW~HHVWDSUXHEDHQXQOXJDUSODQR\KRUL]RQWDO

 &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21FRQHO
IUHQRGHHVWDFLRQDPLHQWRDSOLFDGR
 &RPSUXHEHTXHODOX]GHDGYHUWHQFLDGH(%'OX]GHDGYHUWHQ
FLDGHIUHQRVVHHQFLHQGH21
 6XHOWHHOIUHQRGHHVWDFLRQDPLHQWRFRQHOLQWHUUXSWRUGHHQFHQ
GLGRHQODSRVLFLyQ21\FRPSUXHEHTXHODOX]GHDGYHUWHQFLD
GH(%'OX]GHDGYHUWHQFLDGHIUHQRVVHDSDJD
6LQRVHDSDJDYD\DDOD³7$%/$(´HQHVWDVHFFLyQ
(6,67(0$'()5(126$17,%/248(2$%6

&RPSUREDFLyQGHOFyGLJRGHGLDJQyVWLFR
'7&8WLOL]DQGRODOX]GHDGYHUWHQFLDGHO$%6
 (IHFW~HOD&20352%$&,Ï1'(/$/8='($'9(57(1&,$
'(/$%6GHVFULWDDQWHULRUPHQWH
 8WLOLFHHOFDEOHGHVHUYLFLR\FRQHFWHDPDVDHOWHUPLQDO
GHOLQWHUUXSWRUGHGLDJQyVWLFRGHODFRSODGRUGHYHULILFD
FLyQ
 &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21
 /HDORVGHVWHOORVGHODOX]GHDGYHUWHQFLDGHO$%6TXHUHSUH
VHQWDQHO'7&FRPRPRVWUDGRHQHOHMHPSORVLJXLHQWH\DQy
WHORV&XDQGRKD\PHPRUL]DGRVPiVGHGRV'7&ORVGHVWHOORV
GHFDGD'7&VRQUHSHWLGRVWUHVYHFHVFRPHQ]DQGRFRQHO'7&
GHQ~PHURPHQRU\VLJXLHQGRHQRUGHQFUHFLHQWH
3DUD PD\RUHV GHWDOOHV VREUH HO '7& UHILpUDVH D ³7$%/$ '(
'7&´

(MHPSOR&XDQGRVHDEUHHOFLUFXLWRGHOVHQVRUGHYHORFLGDGGHODUXHGDGHODQWHUDGHUHFKD'7&

 'HVSXpV GH KDEHU FRPSOHWDGR OD FRPSUREDFLyQ FRORTXH HO

LQWHUUXSWRU GH HQFHQGLGR HQ OD SRVLFLyQ 2)) \ GHVFRQHFWH HO
FDEOHGHVHUYLFLRGHODFRSODGRUGHYHULILFDFLyQ
 6,67(0$'()5(126$17,%/248(2$%6(

&RPSUREDFLyQGHFyGLJRGHGLDJQyVWLFR'7&
8WLOL]DQGRHOLQVWUXPHQWRGHH[SORUDFLyQ
68=8.,
 'HVSXpV GH ILMDU HQ HO LQVWUXPHQWR GH H[SORUDFLyQ 68=8., HO
FDUWXFKR SDUD $%6 FRQHFWH HO LQVWUXPHQWR GH H[SORUDFLyQ
68=8.,DOFRQHFWRUGHHQODFHGHGDWRV
+HUUDPLHQWDHVSHFLDO
$,QVWUXPHQWRGHH[SORUDFLyQ68=8.,
 &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21
 /HDHO'7&GHDFXHUGRFRQODVLQVWUXFFLRQHVPRVWUDGDVHQHO
LQVWUXPHQWR GH H[SORUDFLyQ 68=8., H LPSULPD R DQRWH HVWRV
GDWRV3DUDPD\RUHVGHWDOOHVUHILpUDVHDO0DQXDOGHO2SHUDGRU
GHOLQVWUXPHQWRGHH[SORUDFLyQ68=8.,
 'HVSXpVGH FRPSOHWDUHVWD YHULILFDFLyQFRORTXHHOLQWHUUXSWRU
GHHQFHQGLGRHQODSRVLFLyQ2))\GHVFRQHFWHGHO'/&HOLQV
WUXPHQWRGHH[SORUDFLyQ68=8.,

%RUUDGRGHOFyGLJRGHGLDJQyVWLFR'7&

$'9(57(1&,$
&XDQGR HIHFW~H XQD SUXHED GH FRQGXFFLyQ HOLMD XQ OXJDU
GRQGH QR KD\D WUiILFR R ULHVJR GH DFFLGHQWHV GH WUiILFR \
DFW~HFRQPXFKRFXLGDGRGXUDQWHODSUXHEDSDUDDVtHYLWDU
FXDOTXLHUDFFLGHQWH
'HVSXpVGHUHSDUDURUHHPSOD]DUODVSLH]DVTXHIXQFLRQDQPDO
ERUUHWRGRVORV'7&SURFHGLHQGRGHODPDQHUDVLJXLHQWH
 &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2))
 8WLOLFHHOFDEOHGHVHUYLFLR\FRQHFWHDOWHUPLQDODPDVD
HO WHUPLQDO  GHO LQWHUUXSWRU GH GLDJQyVWLFR GHO DFRSODGRU 
GHYHULILFDFLyQGHGLDJQyVWLFR
 0DQWHQLHQGRODFRQH[LyQGHVFULWDHQHOSDVRDQWHULRUFROR
TXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21
(6,67(0$'()5(126$17,%/248(2$%6

 5HSLWD OD FRQH[LyQ \ GHVFRQH[LyQ GHO FDEOH GH VHUYLFLR HQWUH

ORVWHUPLQDOHVGHGLDJQyVWLFR\PDVDYHFHVRPiVDDSUR[L
PDGDPHQWHVHJXQGRGHLQWHUYDORGHQWURGHXQLQWHUYDORGH
VHJXQGRV
2 $ELHUWR
6 &RUWRFLUFXLWR
7 VHJXQGRVDSUR[LPDGDPHQWH

 &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2))\GHV
FRQHFWHHOFDEOHGHVHUYLFLRGHODFRSODGRUGHYHULILFDFLyQ
 (IHFW~HOD³358(%$'(&21'8&&,Ï1´3DVRGHOD³7$%/$
'()/8-2'(',$*1Ï67,&2'(/$%6´HQHVWDVHFFLyQ\OD
³&20352%$&,Ï1 '( '7&´ \ FRQILUPH TXH VH YLVXDOL]D HO
'7&QRUPDO'7&\QRXQ'7&GHPDOIXQFLRQDPLHQWR

127$
7DPELpQHVSRVLEOHERUUDU'7&XWLOL]DQGRHOLQVWUXPHQWRGH
H[SORUDFLyQ 68=8., 3DUD HO SURFHGLPLHQWR GH ERUUDGR GH
'7&UHILpUDVHDO0DQXDOGHO&DUWXFKR

7DEODGHFyGLJRGHGLDJQyVWLFR'7&

35(&$8&,Ï1
$VHJ~UHVHGHDSOLFDUOD³7$%/$'()/8-2'(',$*1Ï67,&2'($%6´DQWHVGHFRPHQ]DUHOGLDJQyVWLFR

'7&
'7&
YLVXDOL]DGR
LQGLFDGRSRU
HQHOLQVWUX 3DWUyQGHGHVWHOORVGHODOX]GH
ODOX]GH È5($'(',$*1Ï67,&2
PHQWRGH DGYHUWHQFLDGHO$%6
DGYHUWHQFLD
H[SORUDFLyQ
GHO$%6
68=8.,

'7&1ƒ  1RUPDO

&  &LUFXLWRGHOVHQVRUGH*\FLUFXLWRGHOX]GH:'

'HODQWHUR
& 
GHUHFKR

'HODQWHUR
& 
L]TXLHUGR
&LUFXLWRGHOVHQVRUGHYHORFLGDGGH
UXHGD
7UDVHURGHUH
& 
FKR

7UDVHUR
& 
L]TXLHUGR
 6,67(0$'()5(126$17,%/248(2$%6(

'7&
'7&
YLVXDOL]DGR
LQGLFDGRSRU
HQHOLQVWUX 3DWUyQGHGHVWHOORVGHODOX]GH
ODOX]GH È5($'(',$*1Ï67,&2
PHQWRGH DGYHUWHQFLDGHO$%6
DGYHUWHQFLD
H[SORUDFLyQ
GHO$%6
68=8.,
'HODQWHUR
& 
GHUHFKR

'HODQWHUR
& 
L]TXLHUGR &LUFXLWRGHOVHQVRUGHYHORFLGDGGH
UXHGD
7UDVHURGHUH RDQLOORGHOVHQVRU
& 
FKR

7UDVHUR
& 
L]TXLHUGR

&LUFXLWRGHYiOYXODVROHQRLGHGH
& 
HQWUDGD
'HODQWHUR
GHUHFKR
&LUFXLWRGHYiOYXODVROHQRLGHGH
& 
VDOLGD

&LUFXLWRGHYiOYXODVROHQRLGHGH
& 
HQWUDGD
'HODQWHUR
L]TXLHUGR
&LUFXLWRGHYiOYXODVROHQRLGHGH
& 
VDOLGD

&LUFXLWRGHYiOYXODVROHQRLGHGH
& 
HQWUDGD
75$6(52
&LUFXLWRGHYiOYXODVROHQRLGHGH
& 
VDOLGD

&  )XHQWHGHDOLPHQWDFLyQHOpFWULFD

0RWRUGHODERPEDGHO$%6\RFLUFXLWRGHOUHOpGHO
& 
PRWRU

&  5HOpGHDSUXHEDGHIDOORV

&  0yGXORGHFRQWUROGHO$%6
(6,67(0$'()5(126$17,%/248(2$%6

&LUFXLWRGHOVLVWHPD

 %DWHUtD  7UDQVLVWRUGHDSUXHEDGHIDOORVGH$%6WUDQVLV  $OPyGXORGH(&0\6'0VLHVWiHTXLSDGR

WRUGHYiOYXODVROHQRLGH
 )XVLEOHVSULQFLSDOHV  7UDQVLVWRUGHOPRWRUGHODERPEDGHO$%6  /XFHVGHSDUDGD
 ,QWHUUXSWRUGHHQFHQGLGR  0RWRUGHODERPED  ,QWHUUXSWRUGHOXFHVGHSDUDGD
 )XVLEOHVGHOFLUFXLWR  9iOYXODVVROHQRLGHV  6HQVRUGH*3DUDYHKtFXOR:'VRODPHQWH
 ,QGLFDGRUFRPELQDGR  $FRSODGRUGHYHULILFDFLyQGHGLDJQyVWLFR  /X]GH:'3DUDHOYHKtFXOR:'VRODPHQWH
 /X]GHDGYHUWHQFLDGHO$%6  6HQVRUGHYHORFLGDGGHUXHGDWUDVHUDGHUHFKD  (&03&03DUDHOYHKtFXOR:'VRODPHQWH
 /X]GHDGYHUWHQFLDGHIUHQRV/X]GH  6HQVRUGHYHORFLGDGGHUXHGDWUDVHUDL]TXLHUGD  ,QWHUUXSWRUGH:'3DUDHOYHKtFXOR:'VRODPHQWH
DGYHUWHQFLDGH³(%'´
 0yGXORGHDFFLRQDPLHQWRGHODOX]GH  6HQVRUGHYHORFLGDGGHUXHGDGHODQWHUDGHUHFKD  (&03&0
DGYHUWHQFLDSDUDHO$%6
 &RQMXQWRGHXQLGDGKLGUiXOLFDPyGXOR  6HQVRUGHYHORFLGDGGHUXHGDGHODQWHUDL]TXLHUGD
GHFRQWUROGHO$%6
 'LVSRVLFLyQGHWHUPLQDOHVGHOFRQHFWRU  &RQHFWRUGHHQODFHGHGDWRV
(SDUDHOFRQMXQWRGHXQLGDG
KLGUiXOLFDPyGXORGHFRQWUROGHO$%6

7(50,1$/ &,5&8,72 7(50,1$/ &,5&8,72

 6HxDOGHUDOHQWtDFWLYDGR  /X]GHDGYHUWHQFLDGHO$%6
 ,QWHUUXSWRUGHOXFHVGHSDUDGD  6HQVRUGHYHORFLGDGGHUXHGDGHODQWHUDL]TXLHUGD
 6HQVRUGHYHORFLGDGGHUXHGDGHODQWHUDGHUHFKD  6HQVRU±GHYHORFLGDGGHUXHGDGHODQWHUDL]TXLHUGD
 6HQVRU±GHYHORFLGDGGHUXHGDGHODQWHUDGHUHFKD  ,QWHUUXSWRUGH:'
 ±  ,QWHUUXSWRUGHHQFHQGLGR
 6HQVRU±GHYHORFLGDGGHUXHGDWUDVHUDGHUHFKD  6HQVRUGHYHORFLGDGGHUXHGDWUDVHUDL]TXLHUGD
(
(  6HQVRUGHYHORFLGDGGHUXHGDWUDVHUDGHUHFKD  6HQVRU±GHYHORFLGDGGHUXHGDWUDVHUDL]TXLHUGD
 ±  &RQHFWRUGHHQODFHGHGDWRV
 ±  0DVDSDUDHOPRWRUGHODERPEDGHO$%6
 /X]GHDGYHUWHQFLDGHIUHQRV/X]GHDGYHUWHQFLDGH(%'  5HOpGHOPRWRUGHODERPEDGHO$%6
 6HQVRUGH*3DUDYHKtFXOR:'VRODPHQWH  0DVDSDUDHOPyGXORGHFRQWUROGHO$%6
 7HUPLQDOGHOLQWHUUXSWRUGHGLDJQyVWLFR  5HOpGHDSUXHEDGHIDOORVGH$%6
 0DVD3DUDVHQVRUGH*3DUDYHKtFXOR:'VRODPHQWH
 6,67(0$'()5(126$17,%/248(2$%6(

7DEOD$&RPSUREDFLyQGHOFLUFXLWRGHODOX]GHDGYHUWHQFLDGHO$%6±/DOX]LQGL
FDGRUDQRVHHQFLHQGHFRQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ³21´

 )XVLEOHSULQFLSDO  /X]GHDGYHUWHQFLDGHO$%6  ,QWHUUXSWRUGHQLYHOGHOIOXLGRGHIUHQRV

 ,QWHUUXSWRUGHHQFHQGLGR  /X]GHDGYHUWHQFLDGHIUHQRV  &RQMXQWRGHXQLGDGKLGUiXOLFDPyGXORGHFRQWUROGHO$%6
 )XVLEOHGHOFLUFXLWR  0yGXORGHDFFLRQDPLHQWRGHODOX]  &RQHFWRUGHODXQLGDGKLGUiXOLFDPyGXORGHFRQWUROGHO$%6
 ,QGLFDGRUFRPELQDGR  ,QWHUUXSWRUGHIUHQRGHHVWDFLRQDPLHQWR

'(6&5,3&,Ï1'(/&,5&8,72
(OIXQFLRQDPLHQWR212))GHODOX]GHDGYHUWHQFLDGHO$%6HVFRQWURODGRSRUHOPyGXORGHDFFLRQDPLHQWRGHODOX]
HQHOLQGLFDGRUFRPELQDGR
6LHOVLVWHPDGHIUHQRVDQWLEORTXHRHVWiHQEXHQDVFRQGLFLRQHVHOPyGXORGHFRQWUROGHO$%6HQFLHQGHODOX]GH
DGYHUWHQFLDGHO$%6FRQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21ODPDQWLHQHHQFHQGLGDGXUDQWHVHJXQGRV
\HQVHJXLGDDSDJDODOX]GHDGYHUWHQFLD6LVHGHWHFWDXQDDQRUPDOLGDGHQHOVLVWHPDODOX]GHDGYHUWHQFLDGHO$%6
HVHQFHQGLGDGHPDQHUDFRQWLQXDSRUHOPyGXORGHFRQWUROGHO$%6$GHPiVHVHQFHQGLGDGHPDQHUDFRQWLQXDSRU
HOPyGXORGHDFFLRQDPLHQWRGHODOX]GHO$%6FXDQGRHOFRQHFWRUGHOPyGXORGHFRQWUROGHO$%6HVWiGHVFRQHFWDGR

&20352%$&,Ï1

3DVR 2SHUDFLyQ 6t 1R
  &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQOD 9D\DDOSDVR 9D\DDOSDVR
SRVLFLyQ21
¢6HHQFLHQGHRWUDOX]GHDGYHUWHQFLD"
  'HVFRQHFWHHOFRQHFWRUGHODXQLGDG
KLGUiXOLFDPyGXORGHFRQWUROGHO$%6
¢6HHQFLHQGHODOX]GHDGYHUWHQFLDGHO$%6
FRQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ
21"
5HHPSODFHSRUXQFRQMXQWRGHXQL 9D\DDOSDVR
GDGKLGUiXOLFDPyGXORGHFRQWUROGHO
$%6HQEXHQHVWDGR\YXHOYDFRP
SUREDU
  'HVPRQWHHOLQGLFDGRUFRPELQDGR &LUFXLWRGHOFDEOH³%/8251´FRUWR 5HHPSODFHODERPEL
¢(VWiHQEXHQDVFRQGLFLRQHVODERPELOODGHOD FLUFXLWDGRDPDVD6LHVWiHQEXHQDV OOD
OX]GHDGYHUWHQFLDGHO$%6" FRQGLFLRQHVUHHPSODFHHOLQGLFDGRU
FRPELQDGRPyGXORGHDFFLRQD
PLHQWRGHODOX]
 ¢(VWiHQEXHQDVFRQGLFLRQHVHOIXVLEOH,*" &DEOH³%/.:+7´DELHUWRDOLQGLFD 5HSDUH\UHHPSODFH
GRUFRPELQDGRRFRQH[LyQPDOD
(6,67(0$'()5(126$17,%/248(2$%6

7DEOD%&RPSUREDFLyQGHOFLUFXLWRGHODOX]GHDGYHUWHQFLDGHO$%6±/DOX]SHU
PDQHFHHQFHQGLGD
5HILpUDVHDOD7$%/$$'LDJUDPDGHFLUFXLWRVGHOVLVWHPD\DOD'HVFULSFLyQGHFLUFXLWR

&20352%$&,Ï1

3DVR 2SHUDFLyQ 6t 1R
 (IHFW~HODFRPSUREDFLyQGHOFyGLJRGHGLDJQyV 9D\DDOSDVR 9D\DDOSDVR
WLFR¢+D\DOJ~Q'7&LQFOX\HQGRHOFyGLJR1ƒ
12&2'(6QLQJ~QFyGLJRHQHOLQVWUX
PHQWRGHH[SORUDFLyQGH68=8.,"
 ¢+D\XQ'7&HQHOSDVRTXHQRVHDHOFyGLJR 9D\DDOSDVRGHOD 9D\DDOSDVR
1ƒ" ³7$%/$'()/8-2'(
',$*1Ï67,&2'(/$%6´
HQHVWDVHFFLyQ
  'HVFRQHFWHHOFRQHFWRUGHODXQLGDGKLGUiX 9D\DDOSDVR &LUFXLWR³%/.:+7´
OLFDPyGXORGHFRQWUROGHO$%6 DELHUWR
 &RPSUXHEHHOHVWDGRGHODFRQH[LyQDO
FRQHFWRUGHODXQLGDGKLGUD~OLFDPyGXORGH
FRQWUROGHO$%6HQORVWHUPLQDOHV³(´
³(´\³(´
 6LODVFRQH[LRQHVHVWiQFRQIRUPHVFRORTXH
HOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21
\PLGDODWHQVLyQHQHOWHUPLQDO³(´GHO
FRQHFWRU
¢(VODWHQVLyQ±9"
  &RQHOFRQHFWRUGHODXQLGDGKLGUiXOLFD 9D\DDOSDVR &LUFXLWR³%/8251´
PyGXORGHFRQWUROGHO$%6GHVFRQHFWDGR DELHUWR
FRORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVL 6LORVFDEOHV\ODVFRQH[LR
FLyQ21\HQFLHQGDODOX]GHDGYHUWHQFLDGHO QHVHVWiQFRQIRUPHV
$%6 UHHPSODFHHOLQGLFDGRU
 8WLOLFHDOFDEOHGHVHUYLFLR\FRQHFWHDPDVD FRPELQDGRPyGXORGH
HOWHUPLQDO³(´GHOFRQHFWRUGHVFRQHF DFFLRQDPLHQWRGHODOX]
WDGR
¢6HDSDJDODOX]GHDGYHUWHQFLDGHO$%6"
  0LGDODUHVLVWHQFLDGHVGHHOWHUPLQDO³( 5HHPSODFHSRUXQFRQMXQWR &LUFXLWR³%/.´DELHUWR
´GHOFRQHFWRUDPDVDDFDUURFHUtD GHXQLGDGKLGUiXOLFD
¢6HLQGLFDFRQWLQXLGDG" PyGXORGHFRQWUROGHO$%6
HQEXHQHVWDGR\YXHOYDD
FRPSUREDU
 6,67(0$'()5(126$17,%/248(2$%6(

7DEOD&&RPSUREDFLyQGHOFLUFXLWRGHODOX]GHDGYHUWHQFLDGHO$%6±/DOX]GH
DGYHUWHQFLDGHVWHOODFRQWLQXDPHQWHFRQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVL
FLyQ21

 /X]GHDGYHUWHQFLDGHO$%6HQHOLQGLFDGRUFRPELQDGR  $FRSODGRUGHYHULILFDFLyQGHGLDJQyVWLFR  7HUPLQDODPDVDGHGLDJQyVWLFR

 &RQMXQWRGHXQLGDGKLGUiXOLFDPyGXORGHFRQWUROGHO$%6  7HUPLQDOGHOLQWHUUXSWRUGHGLDJQyVWLFR  &RQHFWRUGHODXQLGDGKLGUiX
OLFDPyGXORGHFRQWUROGHO$%6

'(6&5,3&,Ï1'(/&,5&8,72
&XDQGR HO WHUPLQDO GHO LQWHUUXSWRU GH GLDJQyVWLFR HVWi HQ FRUWRFLUFXLWR R FRQHFWDGR D PDVD FRQ HO LQWHUUXSWRU GH
HQFHQGLGRHQODSRVLFLyQ21VHLQGLFDHOFyGLJRGHGLDJQyVWLFR'7&PHGLDQWHHOGHVWHOORGHODOX]GHDGYHUWHQFLD
GHO$%6VRODPHQWHHQORVFDVRVVLJXLHQWHV
‡ (O'7&QRUPDO1ƒHVLQGLFDGRVLQRKD\'7&GHPDOIXQFLRQDPLHQWRGHWHFWDGRHQHO$%6
‡ 8Q'7&SDVDGRGHPDOIXQFLRQDPLHQWRHVLQGLFDGRPHGLDQWHORVGHVWHOORVGHODOX]GHDGYHUWHQFLDVLXQ'7&GH
PDOIXQFLRQDPLHQWRFRUULHQWHQRHVGHWHFWDGRHQHVWHSXQWRDXQTXHVHPHPRUL]DXQ'7&SDVDGRGHPDOIXQFLR
QDPLHQWR

&20352%$&,Ï1

3DVR 2SHUDFLyQ 6t 1R
 ¢(VWiHOWHUPLQDOGHOLQWHUUXSWRUGHGLDJQyVWLFR 9D\DDOSDVR 9D\DDOSDVR
FRQHFWDGRDPDVDPHGLDQWHHOFDEOHGHVHUYLFLR"
  ,QWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21 5HHPSODFHSRUXQFRQMXQWR &LUFXLWRGHOFDEOH³31.´
 0LGDODWHQVLyQHQWUHHOWHUPLQDOGHOLQWHUUXS GHXQLGDGKLGUiXOLFD FRUWRFLUFXLWDGRDPDVD
WRUGHGLDJQyVWLFR\PDVD PyGXORGHFRQWUROGHO$%6
¢(VODWHQVLyQ±9" HQEXHQHVWDGR\YXHOYD
FRPSUREDU
  ,QWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21 9D\DDOSDVRGHOD 5HHPSODFHSRUXQFRQMXQWR
 ¢,QGLFDQ'7&ORVGHVWHOORVGHODOiPSDUDGH ³7$%/$'()/8-2'( GHXQLGDGKLGUiXOLFD
DGYHUWHQFLDGHO$%6" ',$*1Ï67,&2'(/$%6´ PyGXORGHFRQWUROGHO$%6
HQHVWDVHFFLyQ HQEXHQHVWDGR\YXHOYD
FRPSUREDU
(6,67(0$'()5(126$17,%/248(2$%6

7DEOD'(OFyGLJR'7&QRHVHPLWLGRDXQFXDQGRHOWHUPLQDOGHOLQWHUUXSWRUGH

GLDJQyVWLFRHVWiFRQHFWDGRDPDVD

 /X]GHDGYHUWHQFLDGHO$%6HQHOLQGLFDGRUFRPELQDGR  $FRSODGRUGHYHULILFDFLyQGHGLDJQyVWLFR  7HUPLQDODPDVDGHGLDJQyVWLFR

 &RQMXQWRGHXQLGDGKLGUiXOLFDPyGXORGHFRQWUROGHO$%6  7HUPLQDOGHOLQWHUUXSWRUGHGLDJQyVWLFR  &RQHFWRUGHODXQLGDGKLGUiXOLFD
PyGXORGHFRQWUROGHO$%6

'(6&5,3&,Ï1'(/&,5&8,72
&XDQGRHOWHUPLQDOGHOLQWHUUXSWRUGHGLDJQyVWLFRHVWiFRQHFWDGRDPDVDFRQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVL
FLyQ21HOPyGXORGHFRQWUROGHO$%6HPLWHXQFyGLJRGHGLDJQyVWLFRPHGLDQWHORVGHVWHOORVGHODOX]GHDGYHUWHQ
FLDGHO$%6

&20352%$&,Ï1

3DVR 2SHUDFLyQ 6t 1R
 ¢(VWiQFRUWRFLUFXLWDGRVFRUUHFWDPHQWHPHGLDQWHHO 9D\DDOSDVR &RQHFWHELHQHOFDEOH
FDEOHGHVHUYLFLRHOWHUPLQDOGHOLQWHUUXSWRUGHGLDJQyV GHVHUYLFLR
WLFR\HOWHUPLQDODPDVD"
  'HVFRQHFWHHOFDEOHGHVHUYLFLR &LUFXLWR³31.´DELHUWR 9D\DDOSDVR
 'HVFRQHFWHHOFRQHFWRUGHODXQLGDGKLGUiXOLFD
PyGXORGHFRQWUROGHO$%6
 0LGDODUHVLVWHQFLDHQWUHHOWHUPLQDOGHOLQWHUUXSWRU
GHGLDJQyVWLFR\HOWHUPLQDO³(´GHOFRQHFWRU
¢(VLQILQLWR∞ODUHVLVWHQFLD"
  0LGDODUHVLVWHQFLDHQWUHHOWHUPLQDODPDVDGHODFR 9D\DDOSDVR &LUFXLWR³%/.´DELHUWR
SODGRUGHYHULILFDFLyQ\PDVDDFDUURFHUtD RFRQH[LyQPDOD
¢6HLQGLFDFRQWLQXLGDG"
  &RPSUXHEHHOHVWDGRGHODFRQH[LyQDODXQLGDG 5HHPSODFHSRUXQFRQ 5HSDUHHOFLUFXLWRGHOD
KLGUiXOLFDPyGXORGHFRQWUROGHO$%6HQHOWHUPLQDO MXQWRGHXQLGDGKLGUiX OX]GHDGYHUWHQFLDGHO
³(´ OLFDPyGXORGHFRQWURO ³$%6´
 6LHVWiQRUPDOHQWRQFHVFRPSUXHEHHOFLUFXLWRGHOD GHO$%6HQEXHQ
OX]GHDGYHUWHQFLDGHO$%6UHILULpQGRVHDODV HVWDGR\YXHOYDFRP
7$%/$$%\& SUREDU
¢(VWiHQEXHQDVFRQGLFLRQHV"
 6,67(0$'()5(126$17,%/248(2$%6(

7DEOD(/X]GHDGYHUWHQFLDGH(%'OX]GHDGYHUWHQFLDGHIUHQRV±/DOX]SHUPD

QHFHHQFHQGLGD
'(6&5,3&,Ï1'(/&,5&8,72
/DOX]GHDGYHUWHQFLDGH(%'OX]GHDGYHUWHQFLDGHIUHQRVHVFRQWURODGDSRUHOLQWHUUXSWRUGHOIUHQRGHHVWDFLRQD
PLHQWRHOLQWHUUXSWRUGHOQLYHOGHOIOXLGRGHIUHQRV\SRUHOFRQMXQWRGHXQLGDGKLGUiXOLFDPyGXORGHFRQWUROGHO$%6
PHGLDQWH HO PyGXOR GH DFFLRQDPLHQWR GH OD OX] HQ HO PHGLGRU FRPELQDGR 5HILpUDVH D OD ³7$%/$ ± $´ SDUD HO
GLDJUDPDGHFLUFXLWRV

&20352%$&,Ï1

3DVR 2SHUDFLyQ 6t 1R
  $VHJ~UHVHGHTXH 9D\DDOSDVR 6XHOWHFRPSOHWDPHQWHHO
‡ (O IUHQR GH HVWDFLRQDPLHQWR HVWi FRPSOHWD IUHQRGHHVWDFLRQDPLHQWR
PHQWHOLEHUDGR \RDxDGDIOXLGRGHIUHQRV
‡ (O QLYHO GHO IOXLGR GH IUHQRV HVWi PiV DUULED
GHOQLYHOPtQLPR
¢6RQVDWLVIDFWRULRVORVUHVXOWDGRVGHODFRPSUR
EDFLyQ"
 ¢6HHQFLHQGHOX]GHDGYHUWHQFLDGHO³$%6´" $SOLTXHOD³7$%/(%´DQWHV 9D\DDOSDVR
GHVFULWD
  'HVFRQHFWHHOFRQHFWRUGHODXQLGDGKLGUiX 5HHPSODFHSRUXQFRQMXQWR &LUFXLWR³%51´DELHUWR
OLFDPyGXORGHFRQWUROGHO$%6 GHXQLGDGKLGUiXOLFD 6LORVFDEOHV\ODVFRQH[LR
 &RPSUXHEHHOHVWDGRGHODFRQH[LyQDO PyGXORGHFRQWUROGHO$%6 QHVHVWiQFRQIRUPHV
FRQHFWRUGHODXQLGDGKLGUiXOLFDPyGXORGH HQEXHQHVWDGR\YXHOYD UHHPSODFHHOLQGLFDGRU
FRQWUROGHO$%6HQORVWHUPLQDOHV³(´ FRPSUREDU FRPELQDGR
 6LHVWiFRQIRUPHDSOLTXHFXxDVDODVUXHGDV
\VHOHFFLRQHHOHQJUDQDMHGHSRVLFLyQHQ
SXQWRPXHUWR3RVLFLyQ3SDUDOD$7
 0DQWHQJDSUHVLRQDGRHOSHGDOGHIUHQR\
KDJDDUUDQFDUHOPRWRU
/LEHUHHOIUHQRGHHVWDFLRQDPLHQWR
 8WLOLFHHOFDEOHGHVHUYLFLR\FRQHFWHDPDVD
HOWHUPLQDO³(´GHOFRQHFWRUGHVFRQHF
WDGR
¢6HDSDJDODOX]GHDGYHUWHQFLDGH(%'OX]GH
DGYHUWHQFLDGHIUHQRV"
(6,67(0$'()5(126$17,%/248(2$%6

'7&&'7&±&LUFXLWRGHOVHQVRUGH*\FLUFXLWRGHODOX]GH:'

 ,QWHUUXSWRUGHHQFHQGLGR  &RQMXQWRGHXQLGDGKLGUiXOLFDPyGXORGHFRQWUROGHO$%6  /X]GH:'  ,QWHUUXSWRUGH:'

 6HQVRUGH*  &RQHFWRUGHODXQLGDGKLGUiXOLFDPyGXORGHFRQWUROGHO$%6  (&03&0

'(6&5,3&,Ï1
6HQVRUGH*
&XDQGRXQYHKtFXORHVWiGHWHQLGRRQRVLODGLIHUHQFLDGHSRWHQFLDOHQWUHHOWHUPLQDO³(´GHVHxDOGHOVHQVRU\
HOWHUPLQDO³(´DPDVDGHOVHQVRUHVWiIXHUDGHORVYDORUHVHVSHFLILFDGRVRVLODWHQVLyQGHODVHxDOFXDQGRHO
YHKtFXORHVWiGHWHQLGRQRGLILHUHGHODVHxDOHPLWLGDFXDQGRHOYHKtFXORVHHVWiGHVSOD]DQGRVHILMDHVWH'7&
3RUFRQVLJXLHQWHHVWH'7&SXHGHVHUILMDGRFXDQGRVHOHYDQWDXQYHKtFXOR\VHKDFHJLUDUVXVUXHGDV(QWDO
FDVRERUUHHO'7&\YXHOYDDSUREDU
&XDQGRHOVHQVRUGH*HVWiLQVWDODGRHQXQYHKtFXOR:'HVWH'7&HVILMDGR

/X]GH:'
&XDQGRHOFLUFXLWRGHODOX]GH:'HVWiDELHUWRRFRUWRFLUFXLWDGRHVWH'7&HVILMDGR
 6,67(0$'()5(126$17,%/248(2$%6(

&20352%$&,Ï1

3DVR 2SHUDFLyQ 6t 1R
  &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21 9D\DDOSDVR 5HHPSODFHODERPELOODR
¢6HHQFLHQGHODOX]LQGLFDGRUDGH:'FXDQGRVHFRORFD UHSDUHHOFLUFXLWR
HOLQWHUUXSWRUGH:'HQODSRVLFLyQ21"
  ,QWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2)) 9D\DDOSDVR 5HSDUHHOVLVWHPDGH
 &RPSUXHEHHOHVWDGRGHODFRQH[LyQD(&03&0\DO FRQWUROGH:'
LQWHUUXSWRUGH:'
 6LHVWRVFLUFXLWRVHVWiQQRUPDOHVHQWRQFHVFRPSUXHEH
HOVLVWHPDGHFRQWUROGH:'UHILULpQGRVHD',$*
1Ï67,&2HQOD6(&&,Ï1(
¢(VWiHQEXHQDVFRQGLFLRQHV"
  ,QWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2)) 9D\DDOSDVR &LUFXLWR³251%/.´
 'HVFRQHFWHORVFRQHFWRUHVGHOFRQMXQWRGHODXQLGDG DELHUWRRFRUWRFLUFXLWDGR
KLGUiXOLFDPyGXORGHFRQWUROGHO$%6 DPDVD
 9HULILTXHHOHVWDGRGHODFRQH[LyQDOPyGXORGHFRQWURO
GHO$%6HQHOWHUPLQDO³(´
 6LODFRQH[LyQHVWiQRUPDOFRORTXHHOLQWHUUXSWRUGH
HQFHQGLGRHQODSRVLFLyQ21\HOLQWHUUXSWRUGH:'
HQ21
 0LGDODWHQVLyQHQWUHHOWHUPLQDO³(´GHOFRQHF
WRUGHOPyGXOR\PDVDDFDUURFHUtD
¢(VODWHQVLyQ±9"
 ¢(VWiHOVHQVRUGH*LQVWDODGRHQXQYHKtFXOR:'" 'HVPRQWHHOVHQVRU 9D\DDOSDVR
GH*
 ¢(VWiHOVHQVRUGH*LQVWDODGRGHPDQHUDVHJXUDHQHO 9D\DDOSDVR $SULHWHDGHFXDGDPHQWH
SLVR" HOVHQVRURHOWRUQLOORGHO
VRSRUWH6LQRHVSRVLEOH
XWLOLFHXQWRUQLOORQXHYR
  ,QWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2)) 9D\DDOSDVR 5HHPSODFHHOVHQVRUGH
 'HVPRQWHHOVHQVRUGH*FRQHOVRSRUWH *
 &RPSUXHEHHOHVWDGRGHODFRQH[LyQGHOVHQVRUGH*
 6LODFRQH[LyQHVWiQRUPDOSURFHGDYHULILFDUHOVHQVRU
GH*UHILULpQGRVHD&20352%$&,Ï1GHO³6(1625
'(*´
¢(VWiHQEXHQDVFRQGLFLRQHV"
  'HVFRQHFWHORVFRQHFWRUHVGHOFRQMXQWRGHODXQLGDG 9D\DDOSDVR &LUFXLWR³%/.:+7´
KLGUiXOLFDPyGXORGHFRQWUROGHO$%6\VHQVRUGH* DELHUWR
 &RPSUXHEHHOHVWDGRGHODFRQH[LyQDOPyGXORGHFRQ
WUROGHO$%6HQORVWHUPLQDOHV³(´\³(´
 6LODVFRQH[LRQHVHVWiQFRQIRUPHVFRORTXHHOLQWH
UUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21\PLGDODWHQ
VLyQHQWUHHOWHUPLQDO³%/.:+7´GHOFRQHFWRUGHO
VHQVRU\PDVDDFDUURFHUtD
¢(VODWHQVLyQ±9"
 0LGDODWHQVLyQHQWUHHOWHUPLQDO³251:+7´GHOFRQHFWRU 9D\DDOSDVR &LUFXLWR³251:+7´
GHOVHQVRU\PDVDDFDUURFHUtD FRUWRFLUFXLWDGRDOFLUFXLWR
¢(VODWHQVLyQ9" GHDOLPHQWDFLyQHOpFWULFD
  ,QWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2)) &LUFXLWR³251251´ &LUFXLWR³251:+7´
 &RPSUXHEHTXHHOFLUFXLWR³251:+7´QRHVWi DELHUWR DELHUWRRFRUWRFLUFXLWDGR
DELHUWRQLFRUWRFLUFXLWDGRDPDVD\DOFLUFXLWR³251 6LHOFLUFXLWRHVWiHQ DPDVDRDOFLUFXLWR
*51´ EXHQDVFRQGLFLRQHV ³251*51´
¢(VWiHQEXHQDVFRQGLFLRQHV" UHHPSODFHSRUXQ
FRQMXQWRGHXQLGDG
KLGUiXOLFDPyGXORGH
FRQWUROGHO$%6HQ
EXHQHVWDGR
(6,67(0$'()5(126$17,%/248(2$%6

'7&&'7&'7&&'7&±&LUFXLWRGHOVHQVRUGHYHORFLGDGGH

UXHGDGHODQWHUDGHUHFKDRDQLOORGHVHQVRU
'7&&'7&'7&&'7&±&LUFXLWRGHOVHQVRUGHYHORFLGDGGH
UXHGDGHODQWHUDL]TXLHUGDRDQLOORGHVHQVRU
'7&&'7&'7&&'7&±&LUFXLWRGHOVHQVRUGHYHORFLGDGGH
UXHGDWUDVHUDGHUHFKDRDQLOORGHVHQVRU
'7&&'7&'7&&'7&±&LUFXLWRGHOVHQVRUGHYHORFLGDGGH
UXHGDWUDVHUDL]TXLHUGDRDQLOORGHVHQVRU

 ,QWHUUXSWRUGHHQFHQGLGR  6HQVRUGHYHORFLGDGGHUXHGDGHODQWHUDGHUHFKD  &RQHFWRUGHODXQLGDGKLGUiXOLFD

PyGXORGHFRQWUROGHO$%6
 &RQMXQWRGHXQLGDGKLGUiXOLFDPyGXORGHFRQWUROGHO$%6  6HQVRUGHYHORFLGDGGHUXHGDWUDVHUDL]TXLHUGD
 6HQVRUGHYHORFLGDGGHUXHGDGHODQWHUDL]TXLHUGD  6HQVRUGHYHORFLGDGGHUXHGDWUDVHUDGHUHFKD

'(6&5,3&,Ï1
(OPyGXORGHFRQWUROGHO$%6VXSHUYLVDODWHQVLyQHQHOWHUPLQDOGHFDGDVHQVRUPLHQWUDVHOLQWHUUXSWRUGHHQFHQGLGR
HVWiHQODSRVLFLyQ21&XDQGRODWHQVLyQHVWiIXHUDGHORVYDORUHVHVSHFLILFDGRVVHILMDXQ'7&FRUUHVSRQGLHQWH
$GHPiVFXDQGRQRHQWUDQLQJXQDVHxDOGHVHQVRUDODUUDQTXHGHOPRWRURPLHQWUDVHOPRWRUIXQFLRQDVHILMDUiXQ
'7&FRUUHVSRQGLHQWH

127$
&XDQGRVHRSHUDUHOYHKtFXORHQFXDOTXLHUDGHODVFRQGLFLRQHVVLJXLHQWHVXQRGHHVWRV'7&SXHGHVHU
HPLWLGRDXQFXDQGRHOVHQVRUHVWpHQEXHQDVFRQGLFLRQHV6LVHVRVSHFKDTXHRFXUUHWDOFRVDSURFHGD
UHSDUDUHOGHVSHUIHFWRURFHGHIUHQRVHWFGHOYHKtFXORERUUHXQDYH]HO'7&\HQVHJXLGDGHVSXpVGH
KDEHUHIHFWXDGRODSUXHEDGHFRQGXFFLyQFRPRGHVFULWRHQHOSDVRGHOD³7$%/$'()/8-2'(',$*
1Ï67,&2'(/$%6´FRPSUXHEHVLKD\RQRXQDDQRUPDOLGDG
‡ (OYHKtFXORIXHFRQGXFLGRFRQHOIUHQRGHHVWDFLRQDPLHQWRDSOLFDGR
‡ (OYHKtFXORIXHFRQGXFLGRFRQORVIUHQRVUR]DQGR
‡ 3DWLQDMHGHUXHGDVFXDQGRVHFRQGXFtD
‡ 6HKL]RJLUDUXQDVUXHGDVFXDQGRHOYHKtFXORHVWDEDVREUHHOJDWR
‡ (OYHKtFXORHVWDEDDWDVFDGR
 6,67(0$'()5(126$17,%/248(2$%6(

&20352%$&,Ï1

3DVR 2SHUDFLyQ 6t 1R
  'HVFRQHFWHHODFRSODGRUDSOLFDEOHGHVHQVRUGHYHORFLGDGGH 9D\DDOSDVR 5HHPSODFHHO
UXHGDGH$%6FRQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ FRQMXQWRGHOVHQ
2)) VRUGHYHORFLGDG
 0LGDODUHVLVWHQFLDHQWUHORVWHUPLQDOHVGHOVHQVRUGHYHORFL GHUXHGDGH$%6
GDGGHUXHGDGH$%65HILpUDVHD³6(1625'(9(/2&,
'$''(58('$'(/$17(5$´\R³6(1625'(
9(/2&,'$''(58('$75$6(5$´HQHVWDVHFFLyQ
¢(VWiHOYDORUPHGLGRGHODUHVLVWHQFLDFRQIRUPHFRQODVHVSHFLIL
FDFLRQHV"
  &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2)) 9D\DDOSDVR &LUFXLWRGHOVHQ
 'HVFRQHFWHHOFRQHFWRUGHODXQLGDGKLGUiXOLFDPyGXORGH VRUGHYHORFLGDG
FRQWUROGHO$%6 GHUXHGDGH$%6
 &RPSUXHEHHOHVWDGRGHODFRQH[LyQDOPyGXORGHFRQWUROGHO FRUWRFLUFXLWDGRD
$%6HQHOWHUPLQDOGHVHQVRU ODDOLPHQWDFLyQ
 6LODVFRQH[LRQHVHVWiQFRQIRUPHVFRORTXHHOLQWHUUXSWRUGH HOpFWULFD
HQFHQGLGRHQODSRVLFLyQ21\PLGDODWHQVLyQHQWUHHOWHUPL
QDOGHOVHQVRUGHOFRQHFWRUGHOPyGXOR\PDVDDFDUURFHUtD
¢(V9"
  &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2)) 9D\DDOSDVR &LUFXLWRDELHUWRR
 &RQHFWHHODFRSODGRUGHOVHQVRUGHYHORFLGDGGHUXHGDGH FRUWRFLUFXLWDGRD
$%6 PDVD
 0LGDODUHVLVWHQFLDHQWUHORVSXQWRVVLJXLHQWHV
‡ $PERV WHUPLQDOHV GHO FRQHFWRU GH XQLGDG KLGUiXOLFDPyGXOR
GHFRQWUROGHO$%6GHOVHQVRUFRUUHVSRQGLHQWH
(OUHVXOWDGRGHHVWDSUXHEDGHEHVHULGpQWLFRDOGHOSDVR
DQWHULRU
‡ &DGD WHUPLQDO GHO DFRSODGRU GHO VHQVRU GH YHORFLGDG GH
UXHGD\ODPDVDDFDUURFHUtD
(OUHVXOWDGRGHHVWDFRPSUREDFLyQGHEHVHUTXHQRKD\QLQ
JXQDFRQWLQXLGDG
¢6RQVDWLVIDFWRULRVDPERVUHVXOWDGRVGHODFRPSUREDFLyQ"
  'HVPRQWHHOVHQVRUGHYHORFLGDGGHUXHGDGH$%6TXH 9D\DDOSDVR /LPSLHUHSDUHR
FRUUHVSRQGD UHHPSODFH
 9HULILTXHVLHOVHQVRUHVWiGDxDGRRVLKD\PDWHULDOHVH[WUD
xRVDGKHULGRV
¢(VWiHQEXHQDVFRQGLFLRQHV"
 (QHODQLOORGHVHQVRUGHODQWHUR\RWUDVHURFRPSUXHEHOR 9D\DDOSDVR /LPSLHUHSDUHR
VLJXLHQWHGHVPRQWHHOWDPERUGHIUHQRWUDVHURVLHVQHFHVDULR UHHPSODFH
‡ (OHVWULDGRGLHQWHVGHOURWRUQRGHEHHVWDUGDxDGRQLGHEHQ
IDOWDUGLHQWHV
‡ 1RGHEHKDEHUPDWHULDOH[WUDxRDGKHULGR
‡ (OURWRUQRGHEHHVWDUGHVFHQWUDGR
‡ 1RKD\MXHJRH[FHVLYRHQHOFRMLQHWHGHUXHGD
¢(VWiQHQEXHQDVFRQGLFLRQHV"
  ,QVWDOHHQHOSLYRWHHOVHQVRUGHYHORFLGDGGHUXHGDGHO$%6 9D\DDOSDVR 5HHPSODFHHO
 $SULHWHHOSHUQRGHOVHQVRUDOSDUGHDSULHWHHVSHFLILFDGR\ VHQVRUGHYHORFL
YHULILTXHTXHQRKD\KROJXUDHQWUHHOVHQVRU\SLYRWHGHOD GDGGHUXHGDGH
UXHGD $%6
¢(VWiQRUPDO"
 &RPSUXHEHODWHQVLyQGHVDOLGDRODIRUPDGHRQGD5HILpUDVHD 5HHPSODFHSRUXQ 5HHPSODFHHO
³5HIHUHQFLD´GH³6(1625'(9(/2&,'$''(58('$'(/$1 FRQMXQWRGHXQLGDG VHQVRU\YXHOYDD
7(5$´\R³5HIHUHQFLD´GH³6(1625'(9(/2&,'$''( KLGUiXOLFDPyGXORGH FRPSUREDU
58('$75$6(5$´HQHVWDVHFFLyQ FRQWUROGHO$%6HQ
¢6HREWLHQHQODWHQVLyQ\RIRUPDGHRQGDHVSHFLILFDGDV" EXHQHVWDGR\YXHOYD
DFRPSUREDU
(6,67(0$'()5(126$17,%/248(2$%6

'7&&'7&±&LUFXLWRGHYiOYXODVROHQRLGHGHHQWUDGDGHODQWHUDGHUH

FKD
'7&&'7&±&LUFXLWRGHYiOYXODVROHQRLGHGHHQWUDGDGHODQWHUD
L]TXLHUGD
'7&&'7&±&LUFXLWRGHYiOYXODVROHQRLGHGHHQWUDGDWUDVHUD
'7&&'7&±&LUFXLWRGHYiOYXODVROHQRLGHGHVDOLGDGHODQWHUDGHUHFKD
'7&&'7&±&LUFXLWRGHYiOYXODVROHQRLGHGHVDOLGDGHODQWHUDL]TXLHUGD
'7&&'7&±&LUFXLWRGHYiOYXODVROHQRLGHGHVDOLGDWUDVHUD

 &RQMXQWRGHXQLGDGKLGUiXOLFDPyGXORGHFRQWUROGHO$%6  0yGXORGHFRQWUROGHO$%6  5HOpGHDSUXHEDGHIDOORV

 &RQHFWRUGHOFRQMXQWRGHXQLGDGKLGUiXOLFDPyGXORGHFRQWUROGHO$%6  6HxDO

'(6&5,3&,Ï1
(OPyGXORGHFRQWUROGHO$%6VXSHUYLVDODVDOLGDGHODYiOYXOD
&XDQGRODVDOLGDGHFDGDYiOYXODH[FHGHHOYDORUHVSHFLILFDGRFRPSDUDGRFRQODVHxDOHQYLDGDGHVGHHOPyGXORGH
FRQWUROGHO$%6VHILMDHVWH'7&

&20352%$&,Ï1

3DVR 2SHUDFLyQ 6t 1R
  &RPSUXHEHHOIXQFLRQDPLHQWRGHODYiOYXODVROH &RPSUXHEHODFRQH[LyQGHO 9D\DDOSDVR
QRLGH5HILpUDVHDOD³&20352%$&,Ï1'(/)81 WHUPLQDO³(´6LOD
&,21$0,(172'(/$81,'$'+,'5È8/,&$'(/ FRQH[LyQHVWiHQEXHQDVFRQ
$%6´HQHVWDVHFFLyQ GLFLRQHVUHHPSODFHSRUXQ
¢(VWiHQEXHQDVFRQGLFLRQHV" FRQMXQWRGHXQLGDGKLGUiXOLFD
PyGXORGHFRQWUROGHO$%6HQ
EXHQHVWDGR\YXHOYDDFRP
SUREDU
  ,QWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2)) 5HHPSODFHSRUXQFRQMXQWRGH &LUFXLWR³:+7
 'HVFRQHFWHHOFRQHFWRUGHODXQLGDGKLGUiXOLFD XQLGDGKLGUiXOLFDPyGXORGH %/8´R³%/.´
PyGXORGHFRQWUROGHO$%6 FRQWUROGHO$%6HQEXHQ DELHUWR
 &RPSUXHEHHOHVWDGRGHODFRQH[LyQDOFRQHFWRUGH HVWDGR\YXHOYDDFRPSUREDU
ODXQLGDGKLGUiXOLFDPyGXORGHFRQWUROGHO$%6HQ
ORVWHUPLQDOHV³(´
 6LHVWiQRUPDOHQWRQFHVPLGDODWHQVLyQHQWUHHOWHU
PLQDO³(´GHOFRQHFWRUGHOPyGXOR\³(´
¢(VODWHQVLyQ±9"
 6,67(0$'()5(126$17,%/248(2$%6(

'7&&'7&±&LUFXLWRGHODIXHQWHGHDOLPHQWDFLyQHOpFWULFD

 ,QWHUUXSWRUGHHQFHQGLGR  &RQMXQWRGHXQLGDGKLGUiXOLFDPyGXORGHFRQWUROGHO$%6
 )XVLEOHSULQFLSDO  &RQHFWRUGHODXQLGDGKLGUiXOLFDPyGXORGHFRQWUROGHO$%6

'(6&5,3&,Ï1
(OPyGXORGHFRQWUROGHO$%6VXSHUYLVDHQHOWHUPLQDO³(´ODWHQVLyQGHODIXHQWHGHDOLPHQWDFLyQHOpFWULFD
&XDQGRODWHQVLyQGHODIXHQWHGHDOLPHQWDFLyQOOHJXHDXQYDORUH[WUHPDGDPHQWHEDMRRDOWRVHILMDUiHVWH'7&7DQ
SURQWRFRPRODWHQVLyQVXEDREDMHKDVWDHOYDORUHVSHFLILFDGRHO'7&VHUiERUUDGR

&20352%$&,Ï1

3DVR 2SHUDFLyQ 6t 1R
  &RQHFWHHOYROWtPHWURHQWUHHOWHUPLQDOSRVL &RPSUXHEHHOVLVWHPDGH 9D\DDOSDVR
WLYRGHODEDWHUtD\ODPDVDDFDUURFHUtD FDUJD5HILpUDVHDODVHF
 +DJDDUUDQFDUHOPRWRU\PLGDODWHQVLyQ FLyQ³6,67(0$'(
Pi[LPDFXDQGRDFHOHUDHOPRWRU &$5*$´
¢(VVXSHULRUD9"
  'HVFRQHFWHHOFRQHFWRUGHODXQLGDGKLGUiX &RPSUXHEHHOVLVWHPDGH &RQH[LyQPDODGHOWHUPLQDO
OLFDPyGXORGHFRQWUROGHO$%6 FDUJDUHILULpQGRVHDODVHF ³(´y³(´GHO
 0DQWHQJDHOPRWRUHQUDOHQWt\PLGDODWHQ FLyQ³6,67(0$'(
VLyQHQWUHHOWHUPLQDO³(´GHOPyGXORGH &$5*$´
FRQWUROGHO$%6\ODPDVDDFDUURFHUtD &RUWRFLUFXLWRLPSHUIHFWR
¢(VODWHQVLyQVLHPSUHLQIHULRUD9" HQWUHHOFDEOH³*51251´
\ODPDVD
PyGXORGHFRQWUROGHO$%6
6LWRGRORDQWHULRUHVWiHQ
EXHQDVFRQGLFLRQHVUHHP
SODFHSRUXQDXQLGDG
KLGUiXOLFDPyGXORGHFRQ
WUROGHO$%6HQEXHQ
HVWDGR\YXHOYDDFRPSUR
EDU
(6,67(0$'()5(126$17,%/248(2$%6

'7&&'7&±&LUFXLWRGHOPRWRUGHODERPEDGHO$%6

 &RQMXQWRGHXQLGDGKLGUiXOLFDPyGXORGHFRQWURO  0RWRUGHODERPEDGHO$%6  &RQHFWRUGHODXQLGDGKLGUiXOLFDPyGXORGHFRQWURO

GHO$%6 GHO$%6
 5HOpGHOPRWRUGHODERPEDGHO$%6  5HOpGHDSUXHEDGHIDOORVGH$%6

'(6&5,3&,Ï1
(OPyGXORGHFRQWUROGHO$%6VXSHUYLVDFRQVWDQWHPHQWHODWHQVLyQHQHOWHUPLQDOGHYHULILFDFLyQGHOFLUFXLWRGHOPRWRU
GHODERPEDFRQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21(OPyGXORILMDHVWH'7&FXDQGRODWHQVLyQHQHOWHU
PLQDOGHYHULILFDFLyQQRVXEHEDMDGHDFXHUGRFRQORVFRPDQGRVGH212))GHOPyGXORDOUHOpGHOPRWRUQRVLJXH
HVWRVFRPDQGRV

&20352%$&,Ï1

3DVR 2SHUDFLyQ 6t 1R
  &RPSUXHEHHOPRWRUGHODERPED5HILpUDVHD &RPSUXHEHODFRQH[LyQGHO 9D\DDOSDVR
OD³&20352%$&,Ï1'(/)81&,21$ WHUPLQDO³(´\GHO
0,(172'(/$81,'$'+,'5È8/,&$'(/ WHUPLQDO³(´6LOD
$%6´HQHVWDVHFFLyQ FRQH[LyQHVWiHQEXHQDV
¢(VWiHQEXHQDVFRQGLFLRQHV" FRQGLFLRQHVUHHPSODFH
SRUXQFRQMXQWRGHXQLGDG
KLGUiXOLFDPyGXORGHFRQ
WUROGHO$%6HQEXHQ
HVWDGR\YXHOYDDFRPSUR
EDU
  ,QWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2)) 9D\DDOSDVR &LUFXLWR³:+7%/8´
 'HVFRQHFWHHOFRQHFWRUGHODXQLGDGKLGUiX DELHUWR
OLFDPyGXORGHFRQWUROGHO$%6
 &RPSUXHEHHOHVWDGRGHODFRQH[LyQDO
FRQHFWRUGHODXQLGDGKLGUiXOLFDPyGXORGH
FRQWUROGHO$%6HQORVWHUPLQDOHV³(´
 6LHVWiQRUPDOHQWRQFHVPLGDODWHQVLyQHQWUH
HOWHUPLQDO³(´GHOFRQHFWRUGHOPyGXOR
\PDVDDFDUURFHUtD
¢(VODWHQVLyQ±9"
 0LGDODUHVLVWHQFLDHQWUHHOWHUPLQDO³(´GHO &LUFXLWR³%/.´DELHUWR 5HHPSODFHSRUXQFRQMXQWR
FRQHFWRUGHOFRQMXQWRGHODXQLGDGKLGUiXOLFD GHXQLGDGKLGUiXOLFD
PyGXORGHFRQWUROGHO$%6\PDVDDFDUURFHUtD PyGXORGHFRQWUROGHO$%6
¢(VLQILQLWR∞ODUHVLVWHQFLD" HQEXHQHVWDGR\YXHOYDD
FRPSUREDU
 6,67(0$'()5(126$17,%/248(2$%6(

'7&&'7&±&LUFXLWRGHOUHOpGHIXQFLyQDSUXHEDGHIDOORVGH$%6

 ,QWHUUXSWRUGHHQFHQGLGR  &RQHFWRUGHODXQLGDGKLGUiXOLFDPyGXORGH  5HOpGHDSUXHEDGHIDOORV

FRQWUROGHO$%6
 &RQMXQWRGHXQLGDGKLGUiXOLFDPyGXORGHFRQWUROGHO$%6  $ODVYiOYXODVVROHQRLGHV

'(6&5,3&,Ï1
(OPyGXORGHFRQWUROGHO$%6VXSHUYLVDFRQVWDQWHPHQWHODWHQVLyQHQHOWHUPLQDOGHOFLUFXLWRGHODYiOYXODVROHQRLGH
FRQ HO LQWHUUXSWRU GH LJQLFLyQ HQ OD SRVLFLyQ 21 $GHPiV LQPHGLDWDPHQWH GHVSXpV GH FRORFDU HO LQWHUUXSWRU GH
HQFHQGLGRHQODSRVLFLyQ21HIHFW~HXQDYHULILFDFLyQLQLFLDOGHODPDQHUDVLJXLHQWH
&RQPXWHHOUHOpGHDSUXHEDGHIDOORVHQHORUGHQ2))→21\FRPSUXHEHVLODWHQVLyQFDPELDD%DMD→$OWD6LQR
VHHQFXHQWUDQDGDGHIHFWXRVRHQODYHULILFDFLyQLQLFLDO\FXDQGRODWHQVLyQHVEDMDVHILMDUiHVWH'7&

&20352%$&,Ï1

3DVR 2SHUDFLyQ 6t 1R
 &RPSUXHEHODWHQVLyQGHODEDWHUtD¢(VODWHQ 9D\DDOSDVR &RPSUXHEHHOVLVWHPDGH
VLyQDSUR[LPDGDPHQWH9RVXSHULRU" FDUJDUHILULpQGRVHDODVHF
FLyQ³6,67(0$'(
&$5*$´
 &RPSUXHEHHOIXVLEOHSULQFLSDOGHO$%6\OD 9D\DDOSDVR 5HSDUH\RUHHPSODFHHO
FRQH[LyQ IXVLEOH
¢(VWiHQEXHQDVFRQGLFLRQHV"
  ,QWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2)) 5HHPSODFHSRUXQFRQMXQWR &LUFXLWR³:+7%/8´
 'HVFRQHFWHHOFRQHFWRUGHODXQLGDGKLGUiX GHXQLGDGKLGUiXOLFD DELHUWRRFRUWRFLUFXLWDGRD
OLFDPyGXORGHFRQWUROGHO$%6 PyGXORGHFRQWUROGHO$%6 PDVD
 &RPSUXHEHHOHVWDGRGHODFRQH[LyQDODXQL HQEXHQHVWDGR\YXHOYDD
GDGKLGUiXOLFDPyGXORGHFRQWUROGHO$%6HQ FRPSUREDU
HOWHUPLQDO³(´
 6LHVWiQRUPDOHQWRQFHVPLGDODWHQVLyQHQWUH
HOWHUPLQDO³(´GHOFRQHFWRU\PDVDD
FDUURFHUtD
¢(VODWHQVLyQ±9"
(6,67(0$'()5(126$17,%/248(2$%6

'7&&'7&±0yGXORGHFRQWUROGHO$%6

 &RQMXQWRGHXQLGDGKLGUiXOLFDPyGXORGHFRQ  0RWRUGHODERPEDGHO$%6  &RQHFWRUGHODXQLGDGKLGUiXOLFDPyGXORGHFRQ

WUROGHO$%6 WUROGHO$%6
 5HOpGHOPRWRUGHODERPEDGHO$%6  5HOpGHDSUXHEDGHIDOORVGH$%6

'(6&5,3&,Ï1
(VWH'7&VHILMDUiFXDQGRVHGHWHFWHXQPDOIXQFLRQDPLHQWRLQWHUQRHQHOPyGXORGHFRQWUROGHO$%6

&20352%$&,Ï1

3DVR 2SHUDFLyQ 6t 1R
 %RUUHWRGRVORV'7&\FRPSUXHEHHO'7& 9D\DDOSDVR 3RGUtDWUDWDUVHGHXQPDO
¢(VHO'7&" IXQFLRQDPLHQWRSDVDMHUR
GHOPyGXORGHFRQWUROGHO
$%6
  &RPSUXHEHODFRQH[LyQGHOFRQHFWRUGHOD 5HHPSODFHHOFRQMXQWRGH 5HSDUH\YXHOYDDFRPSUR
XQLGDGKLGUiXOLFDPyGXORGHFRQWUROGHO$%6 ODXQLGDGKLGUiXOLFDPyGXOR EDU
 6LHVWiQRUPDOGHVFRQHFWHHOFRQHFWRUGHOD GHFRQWUROGHO$%6
XQLGDGKLGUiXOLFDPyGXORGHFRQWUROGHO$%6
\FRPSUXHEHORVLJXLHQWH
‡ 7HQVLyQGHOWHUPLQDO³(´±9
‡ 5HVLVWHQFLD HQWUH ³(´ \ OD PDVD D
FDUURFHUtD&RQWLQXLGDG
¢(VWiQORVUHVXOWDGRVGHODVFRPSUREDFLRQHVGH
DFXHUGRFRQODVHVSHFLILFDFLRQHVDQWHULRUHV"
 6,67(0$'()5(126$17,%/248(2$%6(

6HUYLFLRHQHOYHKtFXOR
3UHFDXFLRQHV
&XDQGR ORV FRQHFWRUHV HVWiQ FRQHFWDGRV DO FRQMXQWR GH XQLGDG
KLGUiXOLFDPyGXORGHFRQWUROGHO$%6QRGHVFRQHFWHORVFRQHFWRUHV
GHORVVHQVRUHV\FRORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ
21(QWRQFHVHO'7&VHUiILMDGRHQHOPyGXORGHFRQWUROGHO$%6

&RPSUREDFLyQGHOIXQFLRQDPLHQWRGHODXQLGDG
KLGUiXOLFDGHO$%68WLOL]DQGRHOLQVWUXPHQWR
GHH[SORUDFLyQ68=8.,
 &RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQ68=8.,DOFRQHFWRUGH
HQODFH GH GDWRV '/& FRQ HO LQWHUUXSWRU GH HQFHQGLGR FROR
FDGRHQODSRVLFLyQ2))
+HUUDPLHQWDHVSHFLDO
$,QVWUXPHQWRGHH[SORUDFLyQ68=8.,
 *LUHHOLQWHUUXSWRUGHHQFHQGLGRDODSRVLFLyQ21\FRPSUXHEH
HO IXQFLRQDPLHQWR GHO DFWXDGRU DSOLFDQGR OD ³358(%$ '(
&21752/+,'5È8/,&2´HQHOPRGRGH³0,6&7(673UXH
EDVPLVFHOiQHDV´GHOLQVWUXPHQWRGHH[SORUDFLyQ68=8.,

&RPSUREDFLyQGHOIXQFLRQDPLHQWRGHODXQLGDG
KLGUiXOLFDGHO$%6
6LQXWLOL]DUHOLQVWUXPHQWRGHH[SORUDFLyQ
68=8.,
 &RPSUXHEH TXH HO VLVWHPD EiVLFR GH IUHQRV TXH QR VHD HO
$%6HVWiHQEXHQDVFRQGLFLRQHV
 &RPSUXHEHTXHODWHQVLyQGHODEDWHUtDHV9RVXSHULRU
 0HGLDQWHODOX]GHDGYHUWHQFLDGHO³$%6´FRPSUXHEHTXHQRVH
GHWHFWD DQRUPDOLGDG HQ HO $%6 5HILpUDVH D ³&20352%$
&,Ï1 '( &Ï',*2 '( ',$*1Ï67,&2 '7&´ HQ HVWD VHF
FLyQ
 /HYDQWHHOYHKtFXOR
 &RORTXH OD WUDQVPLVLyQ HQ SXQWR PXHUWR \ DIORMH HO IUHQR GH
HVWDFLRQDPLHQWR
 *LUH JUDGXDOPHQWH FDGD UXHGD FRQ OD PDQR SDUD YHULILFDU VL
KD\URFHGHIUHQRV6LKD\URFH\DUUDVWUHGHIUHQRVFRUULMD

 &RQ HO WHUPLQDO GHO LQWHUUXSWRU GH GLDJQyVWLFR  GHO FRQHFWRU

GHGLDJQyVWLFRFRQHFWDGRDWHUPLQDOGHPDVDPHGLDQWH
HO FDEOH GH VHUYLFLR  JLUH HO LQWHUUXSWRU GH HQFHQGLGR D OD
SRVLFLyQ21\FRPSUXHEHVLOX]GHDGYHUWHQFLD³$%6´LQGLFDXQ
'7& QRUPDO '7&  GH DFXHUGR FRQ OD ³7$%/$ '( &Ï',
*26'(',$*1Ï67,&2'7&´GHHVWDVHFFLyQ
 &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2))
(6,67(0$'()5(126$17,%/248(2$%6

 (IHFW~H ODV FRPSUREDFLRQHV VLJXLHQWHV FRQ OD D\XGD GH RWUD

SHUVRQD
 (OSHGDOGHIUHQRGHEHHVWDUDSUHWDGR
D (O LQWHUUXSWRU GH HQFHQGLGR HV FRORFDGR HQ OD SRVLFLyQ 21
SRUXQDSHUVRQD
E /DUXHGDGHEHVHUJLUDGDDPDQRSRUODRWUDSHUVRQD(QHVWH
PRPHQWRFRPSUXHEHTXH
‡ 6H R\H HO VRQLGR GH IXQFLRQDPLHQWR GH YiOYXOD VROHQRLGH \ OD
UXHGD JLUD VRODPHQWH GXUDQWH  VHJ /D IXHU]D GH IUHQR HV
DOLYLDGD
‡ 6HR\HVRQLGRGHIXQFLRQDPLHQWRGHOPRWRUGHODERPED\VH
VLHQWHQSXOVDFLRQHVHQHOSHGDOGHIUHQR
 6L QR VH SXHGHQ FRPSUREDU ODV  UXHGDV GXUDQWH XQ FLFOR GH
HQFHQGLGR2))→21UHSLWDORVSDVRV\KDVWDTXHVH
KD\DQFRPSUREDGRODVUXHGDV
6L VH HQFXHQWUD XQD FRQGLFLyQ GHIHFWXRVD HQ ORV SDVRV  \
UHHPSODFHHOFRQMXQWRGHXQLGDGKLGUiXOLFDPyGXORGHFRQ
WURO
&RORTXH HO LQWHUUXSWRU GH HQFHQGLGR HQ OD SRVLFLyQ 2)) \ GHVFR
QHFWHHOFDEOHGHVHUYLFLRGHOFRQHFWRUGHGLDJQyVWLFR
 6,67(0$'()5(126$17,%/248(2$%6(

&RQMXQWRGHXQLGDGKLGUiXOLFDPyGXORGHFRQWUROGHO$%6

35(&$8&,Ï1
1XQFDGHVPRQWHHOFRQMXQWRGHXQLGDGKLGUiXOLFDPyGXORGHFRQWUROGHO$%6QLDIORMHHOWDSyQFLHJRQL
GHVPRQWHHOPRWRU6LHIHFW~DFXDOTXLHUDGHHVWRVVHUYLFLRVSURKLELGRVHVWRDIHFWDUiODHILFDFLDGHOUHQGL
PLHQWRRULJLQDOGHOFRQMXQWRGHXQLGDGKLGUiXOLFDPyGXORGHFRQWUROGHO$%6

16 N·m (1,6 kg-m)

10 N·m (1,0 kg-m)

9 N·m (0,9 kg-m)

 7XERGHIUHQR  6RSRUWH
 &RQMXQWRGHXQLGDGKLGUiXOLFDPyGXORGHFRQWUROGHO$%6  &RQHFWRU

&20352%$&,Ï1'(/$81,'$'+,'5È8/,&$
&RPSUXHEHVLKD\IXJDVGHIOXLGRHQODXQLGDGKLGUiXOLFD
6LKD\DOJXQDIXJDUHSDUHRUHHPSODFH
'(60217$-(
 'HVFRQHFWHHOFDEOHQHJDWLYRHQODEDWHUtD
 'HVFRQHFWH HO FRQHFWRU  GHO FRQMXQWR GH XQLGDG KLGUiXOLFD
PyGXORGHFRQWUROGHO$%6OHYDQWDQGRHOEORTXHR
(6,67(0$'()5(126$17,%/248(2$%6

 8WLOLFHODKHUUDPLHQWDHVSHFLDODIORMHODVWXHUFDVDERFLQDGDV
\GHVFRQHFWHORVWXERVGHIUHQRGHOFRQMXQWRGHXQLGDG
KLGUiXOLFDPyGXORGHFRQWUROGHO$%6
+HUUDPLHQWDHVSHFLDO


127$
2 &RORTXH HQ HO WXER OD WDSD GHO WDSyQ GH SXUJD SDUD HYLWDU
1
3
TXHHOIOXLGRVHHVFXUUD&XLGHTXHQRFDLJDIOXLGRGHIUHQRV
VREUHODVVXSHUILFLHVSLQWDGDV

 'HVPRQWH WUHV SHUQRV \ VDTXH GHO VRSRUWH HO FRQMXQWR  GH

XQLGDG KLGUiXOLFDPyGXOR GH FRQWURO GHO $%6 XWLOL]DQGR XQD
EDUUDGHSXQWDSODQDRDOJRVHPHMDQWH

35(&$8&,Ï1
‡ 1RJROSHHODXQLGDGKLGUiXOLFD
‡ (YLWHTXHHQWUHSROYRHQODXQLGDGKLGUiXOLFD
‡ 1RFRORTXHODXQLGDGKLGUiXOLFDGHFRVWDGRRHQSRVLFLyQ
LQYHUWLGD/DVPDQLSXODFLRQHVLQFRUUHFWDVSXHGHQDIHFWDU
HOIXQFLRQDPLHQWRRULJLQDO

,167$/$&,Ï1

 ,QVWDOHHOFRQMXQWRGHXQLGDGKLGUiXOLFDPyGXORGHFRQWUROLQYLU
WLHQGRHOSURFHGLPLHQWRGHGHVPRQWDMH
(a) 3DUGHDSULHWH
7XHUFDDERFLQDGDDGHWXERGHIUHQRD
1ÂPNJP
3HUQRGHOFRQMXQWRGHXQLGDGKLGUiXOLFDPyGXORGHFRQWURO
GHO$%6E1ÂPNJP
3HUQRGHOVRSRUWHF1ÂPNJP
 3XUJXHHODLUHHQHOVLVWHPDGHIUHQRVUHILULpQGRVHDODVHFFLyQ
³)5(126´
 &RPSUXHEHFDGDSLH]DLQVWDODGDSDUDGHWHFWDUIXJDVHYHQWXD
OHVGHIOXLGR\HIHFW~HOD³&20352%$&,Ï1'(/)81&,21$
(b)
0,(172 '( /$ 81,'$' +,'5È8/,&$ '(/ $%6´ HQ HVWD
(c) VHFFLyQ

127$
(Q HO FDVR GH XQ FRQMXQWR QXHYR GH XQLGDG KLGUiXOLFD
(c) PyGXOR GH FRQWURO GHO $%6 VL OD ³&20352%$&,Ï1 '(/
)81&,21$0,(172'(/$81,'$'+,'5È8/,&$'(/$%6´
QRKD VLGR HIHFWXDGDHVSRVLEOHTXHOD OX] GH DGYHUWHQFLD
GHO ³$%6´ GHVWHOOH FXDQGR VH FRORTXH HO LQWHUUXSWRU GH
HQFHQGLGRHQODSRVLFLyQ21
&RQVLJXLHQWHPHQWHSDUDTXHODOX]GHDGYHUWHQFLDGHO$%6
GHMH GH GHVWHOODU HIHFW~H OD ³&20352%$&,Ï1 '(/ )81
(b) &,21$0,(172'(/$81,'$'+,'5È8/,&$'(/$%6´
 6,67(0$'()5(126$17,%/248(2$%6(

5RWRUGHOVHQVRUWUDVHURDQLOORGHUHWpQ
'(60217$-(
 'HVPRQWH HO FRQMXQWR GHO HMH GH SXHQWH WUDVHUR 5HILpUDVH D
³(-('(38(17(75$6(52´HQODVHFFLyQ(
 3DUDH[WUDHUHOURWRUGHOVHQVRUDQLOORGHUHWpQGHOHMH
HVPHULOHFRQXQHVPHULODGRUGHGLVFRXQDSDUWH³$´GHOURWRUGHO
VHQVRU DQLOOR GH UHWpQ KDVWD TXH VH DGHOJDFH HQ OD PDQHUD
PRVWUDGDHQODILJXUD

35(&$8&,Ï1
‡ &RQXQDKRMDGHYLQLORRDOJRVHPHMDQWHFXEUDHO
FRMLQHWH GH UXHGD SDUD HYLWDU TXH ORV UHVLGXRV GHO
HVPHULODGRHQWUHQHQHOFRMLQHWH
‡ 7HQJDFXLGDGRGHQRHVPHULODUKDVWDOOHJDUDODQLOORGH
UHWpQ

 4XLHEUHFRQXQFLQFHOHOURWRUGHVHQVRUDQLOORGHUHWpQ

DGHOJD]DGR\H[WUiLJDOR

,167$/$&,Ï1

 3UHVLRQHHOURWRUGHOVHQVRUDQLOORGHUHWpQSDUDILMDUORHQ

ODIRUPDPRVWUDGDHQODILJXUD
 ,QVWDOHHOFRQMXQWRGHOHMHGHSXHQWHWUDVHUR5HILpUDVHD³(-(
'(38(17(75$6(52´HQODVHFFLyQ(
(6,67(0$'()5(126$17,%/248(2$%6

(VSHFLILFDFLRQHVGHSDUHVGHDSULHWH
3DUGHDSULHWH
3LH]DVGHVXMHFLyQ
1‡P NJP OEIW
7XHUFDDERFLQDGDGHWXERGHIUHQRD   
3HUQRGHXQLGDGKLGUiXOLFDGHO$%6E   
3HUQRGHOVRSRUWHGHODXQLGDGKLGUiXOLFDGHO$%6F   
3HUQRGHOVHQVRUGHYHORFLGDGGHUXHGDGHODQWHURG   
3HUQRGHOVHQVRUGHYHORFLGDGGHUXHGDWUDVHURH   
3HUQRGHPRQWDMHGHOFRQMXQWRGHODSDODQFDGHOIUHQRGHHVWDFLR   
QDPLHQWRI

(a)

(b)

(c)

(c)

(b)

+HUUDPLHQWDVHVSHFLDOHV

  

/ODYHSDUDWXHUFDDERFL &RQMXQWR7HFK$,QVWUX &DUWXFKRGHPHPRULD &DEOH'/&GHSDWL
QDGDPP PHQWRGHH[SORUDFLyQ PDVLYDSDUD7HFK$ OODVSDUD7HFK$
68=8.,
5HILpUDVHDOD127$$
 6,67(0$'()5(126$17,%/248(2$%6(

&RQMXQWR7HFK,QVWUX
PHQWRGHH[SORUDFLyQ
68=8.,5HILpUDVHDOD
127$%

127$
$(VWHFRQMXQWRLQFOX\HORVDUWtFXORVVLJXLHQWHV\UHHPSOD]DHOFRQMXQWR7HFK
 &DMD GHO LQVWUXPHQWR  0DQXDO GHO 2SHUDGRU  7HFK $  &DEOH '/&  6RQGDFDEOH GH SUXHED 
&DEOHGHDOLPHQWDFLyQHOpFWULFD$GDSWDGRUGHFDEOH'/&$GDSWDGRUGHDXWRGLDJQyVWLFR
%(VWHFRQMXQWRLQFOX\HORVDUWtFXORVVLJXLHQWHV\UHHPSOD]DHOFRQMXQWR7HFK$
7HFK7DUMHWD3&0&,$&DEOH'/&$GDSWDGRU6$(&DEOHSDUDHQFHQGHGRUGHFLJDUUL
OORV  $GDSWDGRU GH FLUFXLWR HQ EXFOH '/&  &DEOH GH DOLPHQWDFLyQ GHVGH EDWHUtD  &DEOH 56 
$GDSWDGRU 56  &RQHFWRU HQ EXFOH FHUUDGR GH 56  &DMD GHO LQVWUXPHQWR  $OLPHQWDFLyQ
HOpFWULFD
(6,67(0$'()5(126$17,%/248(2$%6
 INFORMACIÓN GENERAL Y DIAGNÓSTICO DEL MOTOR (MOTOR H27) 6-1-1

SECCIÓN 6-1

INFORMACIÓN GENERAL Y DIAGNÓSTICO

DEL MOTOR (MOTOR H27)
ADVERTENCIA:
Para los vehículos equipados con el Sistema Suplementario de Sujeción (Colchón de aire):
• Los servicios que deban ser efectuados en, o alrededor de los componentes o del cableado del sistema
del colchón de aire deben ser hechos exclusivamente por un concesionario autorizado SUZUKI. Refié-
rase al “Esquema de ubicación de los componentes y cableado del sistema del colchón de aire” en
“Descripción general” -en la sección del sistema del colchón de aire- para confirmar si usted está efec-
tuando trabajo de servicio en, o alrededor de, los componentes o del cableado del sistema del colchón
de aire. Sírvase observar todas las ADVERTENCIAS y “Precauciones para el servicio” indicadas en “Ser-
vicio en el vehículo” -en la sección del sistema del colchón de aire- antes de efectuar cualquier trabajo
de servicio en, o alrededor de, los componentes o del cableado del sistema del colchón de aire. Si no se
respetan las ADVERTENCIAS, se puede causar el inflado accidental del colchón de aire o se puede dejar
inoperante el sistema del colchón de aire. Cualquiera de estos dos casos puede causar daños corpora-
les graves.
• Los trabajos de servicio técnico deben ser iniciados por lo menos 90 segundos después de que se colo-
que el interruptor de encendido en la posición “LOCK” y de que se desconecte el cable negativo de la
batería. En efecto, si no se procede de esta forma, el sistema puede ser activado por la reserva de ener-
gía eléctrica del módulo de detección y de diagnóstico (SDM).

NOTA:
Según sean las especificaciones del vehículo, los sistemas (piezas) siguientes son o no utilizados en el 6-1
vehículo específicamente concernido. No olvide esto cuando efectúe los trabajos de servicio.
• Conector de verificación
• Sensor de CKP
• Sensor de MAP
• Válvula de EGR
• Sensor calentado de oxígeno, o resistencia de ajuste de CO
• Convertidor catalítico de tres vías, convertidor de tres vías calentado

CONTENIDO
Información general.......................................... 6-1-4 Precauciones para diagnosticar
Nota sobre la limpieza y cuidado .................... 6-1-4 desperfectos ................................................. 6-1-12
Información general sobre el servicio del Tabla de flujo de diagnóstico del motor ........ 6-1-13
motor............................................................... 6-1-4 Comprobación de la luz indicadora de
Precauciones para el servicio del sistema mal funcionamiento (MIL) ............................. 6-1-18
de combustible................................................ 6-1-5 Comprobación de código de diagnóstico
Procedimiento de alivio de la presión de (DTC) ............................................................ 6-1-18
combustible..................................................... 6-1-6 Borrado del código de diagnóstico (DTC)..... 6-1-19
Procedimiento de comprobación de fugas Tabla de código de diagnóstico (DTC) ......... 6-1-21
de combustible................................................ 6-1-6 Para el sistema de A/T (Refiérase a la
Diagnóstico del motor ...................................... 6-1-7 sección 7B1, para el diagnóstico) ............. 6-1-24
Descripción general ........................................ 6-1-7 Para el sistema de control del
Sistema de diagnóstico en el vehículo inmovilizador (Refiérase a la sección 8G,
(Vehículo sin conector de verificación) ........... 6-1-7 para el diagnóstico)................................... 6-1-25
Sistema de diagnóstico en el vehículo Tabla de a prueba de fallos .......................... 6-1-26
(Vehículo con conector de verificación) ........ 6-1-11 Datos del instrumento de exploración........... 6-1-27
6-1-2 INFORMACIÓN GENERAL Y DIAGNÓSTICO DEL MOTOR (MOTOR H27)
Definiciones de los datos del
instrumento de exploración .......................
Tabla de diagnóstico del motor .....................
Comprobación del módulo de PCM (ECM)
y sus circuitos................................................
Tabla A-1 Comprobación del circuito de la
luz indicadora de mal funcionamiento –
La luz indicadora no se enciende con el
interruptor de encendido en la posición ON
(Pero con el motor parado) ...........................
Tabla A-2 Comprobación del circuito de la
luz indicadora de mal funcionamiento –
La luz indicadora permanece encendida
después del arranque del motor ...................
Tabla A-3 Comprobación de la luz
indicadora de mal funcionamiento –
La luz de MIL destella con el interruptor de
encendido en la posición ON
(Vehículo con conector de verificación) ........
Tabla A-4 Comprobación de la luz
indicadora de mal funcionamiento –
La luz de MIL no destella o permanece
encendida con el terminal del interruptor de
diagnóstico conectado a masa
(Vehículo con conector de verificación) ........
Tabla A-5 Comprobación del circuito de
alimentación eléctrica y de masa del módulo
de ECM (PCM) – La luz indicadora de MIL
no se enciende cuando el interruptor de
encendido está en la posición ON, y el
motor gira pero no arranca............................
DTC P0100 (DTC N° 33, 34)
Mal funcionamiento del circuito de flujo de
masa de aire .................................................
DTC P0110 (DTC N° 23, 25)
Mal funcionamiento del circuito de
temperatura del aire de admisión (IAT).........
DTC P0115 (DTC N° 14, 15)
Mal funcionamiento del circuito de
temperatura del refrigerante del motor..........
DTC P0120 (N° 21, 22)
Mal funcionamiento del circuito de
posición de la mariposa de gases.................
DTC P0121 Problema de intervalo/
funcionamiento del circuito de posición de
la mariposa de gases ....................................
DTC P0130 (DTC N° 13)
Mal funcionamiento del circuito del HO2S-1
(banco 1), o no se detecta actividad del
sensor ...........................................................
DTC P0133 Respuesta lenta del circuito
del HO2S-1 (banco 1) ...................................
DTC P0135 Mal funcionamiento del circuito
del calentador del HO2S-1 (banco 1)............
DTC P0136 Mal funcionamiento del circuito
del HO2S-2 (banco 1) ...................................
DTC P0141 Mal funcionamiento del circuito
del calentador del HO2S-2 (banco 1)............
DTC P0150 (DTC N° 26)
6-1-31 Mal funcionamiento del circuito del HO2S-1
6-1-35 (banco 2), o no se detecta actividad del
sensor ........................................................... 6-1-73
6-1-40 DTC P0153 Respuesta lenta del circuito
del HO2S-1 (banco 2) ................................... 6-1-76
DTC P0155 Mal funcionamiento del circuito
del calentador del HO2S-1 (banco 2)............ 6-1-77
DTC P0156 Mal funcionamiento del circuito
6-1-49 del HO2S-2 (banco 2) ................................... 6-1-79
DTC P0161 Mal funcionamiento del circuito
del calentador del HO2S-2 (banco 2)............ 6-1-81
DTC P0171/P0172 Sistema de combustible
6-1-50 demasiado pobre/rico (banco 1) ................... 6-1-83
DTC P0174/P0175 Sistema de combustible
demasiado pobre/rico (banco 2) ................... 6-1-85
DTC P0300/P0301/P0302/P0303/P0304/
P0305/P0306 Se detecta fallo de encendido/
6-1-51 fallo de encendido en cilindro 1/fallo de
encendido en cilindro 2/fallo de encendido
en cilindro 3/fallo de encendido en cilindro
4/fallo de encendido en cilindro 5/fallo de
encendido en cilindro 6 ................................. 6-1-87
DTC P0325 (DTC N° 43)
6-1-51 Mal funcionamiento del circuito del sensor
de detonación................................................ 6-1-89
DTC P0335 Mal funcionamiento del
circuito del sensor de posición del cigüeñal .. 6-1-91
DTC P0340 (DTC N° 42)
Mal funcionamiento del circuito del sensor
6-1-52 de posición del árbol de levas ....................... 6-1-93
DTC P0400 Mal funcionamiento del flujo
de recirculación de gases de escape............ 6-1-96
6-1-54 DTC P0403 (DTC N° 51)
Mal funcionamiento del circuito del flujo
de recirculación de gases de escape............ 6-1-99
6-1-56 DTC P0420 Eficacia del sistema de
catalizador, inferior al límite (banco 1) ........ 6-1-101
DTC P0430 Eficacia del sistema de
6-1-58 catalizador, inferior al límite (banco 2) ........ 6-1-103
DTC P0443 Mal funcionamiento del
circuito de la válvula de control de purga
6-1-60 del sistema de control de EVAP.................. 6-1-105
Comprobación del sistema de purga del
recipiente de EVAP ................................. 6-1-107
6-1-62 Inspección de conducto de vacío............ 6-1-107
Inspección de manguera de vacío .......... 6-1-108
Comprobación de la válvula de purga
del recipiente de EVAP y su circuito ....... 6-1-108
6-1-64 Comprobación de la válvula de purga
del recipiente de EVAP ........................... 6-1-108
6-1-66 DTC P0460 Entrada alta del circuito del
sensor de nivel del combustible .................. 6-1-110
6-1-67 DTC P0500 (DTC N° 24)
Mal funcionamiento del sensor de
6-1-69 velocidad del vehículo................................. 6-1-112
DTC P0505 Mal funcionamiento del
6-1-71 sistema de control del aire de ralentí .......... 6-1-115
 INFORMACIÓN GENERAL Y DIAGNÓSTICO DEL MOTOR (MOTOR H27) 6-1-3

DTC P0601 (DTC N° 71) Error de suma Tabla B-2 Comprobación de los
de control de la memoria del módulo de inyectores de combustible y circuito ........... 6-1-125
control interno ............................................. 6-1-117 Tabla B-3 Comprobación de la presión de
DTC P1408 Mal funcionamiento del combustible................................................. 6-1-126
circuito del sensor de presión absoluta Tabla B-4 Comprobación del sistema de
del colector.................................................. 6-1-118 control del aire de ralentí ............................ 6-1-128
DTC P1450/P1451 Problema de Tabla B-5 Comprobación de circuitos de
funcionamiento del circuito del sensor de señal del A/C (si está equipado) ................. 6-1-131
presión barométrica .................................... 6-1-120 Tabla B-6 Comprobación del sistema de
DTC P1500 Mal funcionamiento del control del relé del motor del ventilador
circuito de señal de arranque del motor...... 6-1-121 del condensador del A/C
DTC P1510 Mal funcionamiento de la (Si está equipado)....................................... 6-1-132
alimentación eléctrica de reserva del Herramientas especiales .............................. 6-1-133
módulo de ECM .......................................... 6-1-122
Tabla B-1 Comprobación del circuito de
la bomba de combustible ............................ 6-1-123
‘
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

,QIRUPDFLyQJHQHUDO
1RWDVREUHODOLPSLH]D\FXLGDGR
(OPRWRUGHODXWRPyYLOHVXQDFRPELQDFLyQGHPXFKDVVXSHUILFLHVTXHKDQVLGRPHFDQL]DGDVUHFWLILFDGDVSXOLGDV\
ODSHDGDV\FX\DVWROHUDQFLDVVRQGHORUGHQGHOPLOpVLPRGHPLOtPHWUR&RQVLJXLHQWHPHQWHFXDQGRVHHIHFW~DHOVHU
YLFLRGHFXDOTXLHUSLH]DLQWHUQDGHOPRWRUODOLPSLH]D\HOFXLGDGRGHOPRWRUVRQPX\LPSRUWDQWHV(QWRGDHVWDVHF
FLyQGHEHFRPSUHQGHUVHELHQTXHODOLPSLH]D\ODSURWHFFLyQGHODVSLH]DVPHFDQL]DGDV\GHODViUHDVVRPHWLGDVD
IULFFLyQIRUPDQSDUWHLQWHJUDOGHOSURFHGLPLHQWRGHUHSDUDFLyQ$XQTXHQRHVWpFDGDYH]LQGLFDGRGHPDQHUDHVSHFt
ILFDHVWRHVFRQVLGHUDGRFRPRSUiFWLFDFRUULHQWH\QRUPDOGHXQWDOOHU
‡ 'XUDQWHHOPRQWDMHHQODViUHDV VRPHWLGDVDIULFFLyQGHEHDSOLFDUVHXQDDEXQGDQWHFDSDGHDFHLWHGHPRWRU
SDUDSURWHJHU\OXEULFDUODVSLH]DVHQHOPRPHQWRGHOIXQFLRQDPLHQWRLQLFLDO
‡ 6LHPSUHTXHVHGHVPRQWHQSDUDVXVHUYLFLRFRPSRQHQWHVGHOWUHQGHYiOYXODVSLVWRQHVDURVGHSLVWyQELHODV
FRMLQHWHV GH ELHOD \ FRMLQHWHV GH JRUURQHV GH FLJHxDO HV QHFHVDULR GHMDUORV HQ VX RUGHQ FRUUHVSRQGLHQWH
'XUDQWHODLQVWDODFLyQGHEHQVHULQVWDODGRVHQORVPLVPRVOXJDUHV\FRQODVPLVPDVVXSHUILFLHVGHFRQWDFWRTXH
FXDQGRIXHURQGHVPRQWDGRV
‡ /RVFDEOHVGHODEDWHUtDGHEHQVHUGHVFRQHFWDGRVDQWHVGHHIHFWXDUFXDOTXLHUWUDEDMRPD\RUHQHOPRWRU6LQR
VHGHVFRQHFWDQORVFDEOHVHVWRSXHGHFDXVDUGDxRVDOPD]RGHFDEOHVRDRWUDVSLH]DVHOpFWULFDV

‡ (QWRGRHVWHPDQXDOORVFLOLQGURVGHOPRWRUHVWiQLGHQWLILFD
GRVSRUQ~PHURV1ƒ1ƒ1ƒ1ƒ1ƒ\1ƒFRQWDGRV
GHVGHHOODGRGHODSROHDGHOFLJHxDOKDFLDHOODGRGHOYRODQWH
GHLQHUFLD
‡ /D ILJXUD GH OD L]TXLHUGD PXHVWUD HO PRWRU FRQ HO FROHFWRU GH
DGPLVLyQGHVPRQWDGR\YLVWRGHVGHDUULED
(OEDQFR1ƒL]TXLHUGRFRPSUHQGHORVFLOLQGURV1ƒ1ƒ\
1ƒ
(OEDQFR1ƒGHUHFKRFRPSUHQGHORVFLOLQGURV1ƒ1ƒ\
1ƒ
 &LOLQGUR1ƒ  &LOLQGUR1ƒ
 &LOLQGUR1ƒ  %DQFRL]TXLHUGR1ƒ
 &LOLQGUR1ƒ  %DQFRGHUHFKR1ƒ
 &LOLQGUR1ƒ  /DGRGHODSROHDGHOFLJHxDO
 &LOLQGUR1ƒ

,QIRUPDFLyQJHQHUDOVREUHHOVHUYLFLRGHOPRWRU

35(&$8&,Ï1
3DUDHOVHUYLFLRGHOPRWRUHVQHFHVDULRIDPLOLDUL]DUVHELHQFRQHVWDLQIRUPDFLyQ\DTXHHOODHVLPSRUWDQWH
SDUDSUHYHQLUGDxRV\SDUDFRQWULEXLUDOIXQFLRQDPLHQWRILDEOHGHOPRWRU
‡ &XDQGR SRU FXDOTXLHU UD]yQ OHYDQWH R DSR\H HO PRWRU QR LQVWDOH XQ JDWR DSR\DGR HQ HO FiUWHU GH DFHLWH (Q
HIHFWRGHELGRDODSHTXHxDKROJXUDTXHKD\HQWUHHOFiUWHUGHDFHLWH\HOFRODGRUGHODERPEDGHDFHLWHHODSR\R
HQXQJDWRSXHGHKDFHUTXHHOFiUWHUVHSOLHJXHFRQWUDHOFRODGRUGHODERPEDGHDFHLWH\VHGDxHODXQLGDGGH
FDSWDFLyQGHDFHLWH
‡ &XDQGRVHWUDEDMHHQHOPRWRUVLHPSUHGHEHUHFRUGDUVHTXHHOVLVWHPDHOpFWULFRGHYROWLRVHVFDSD]GHSUR
GXFLUFRUWRFLUFXLWRVYLROHQWRV\SHUMXGLFLDOHV
&XDQGRVHHIHFW~HFXDOTXLHUWUDEDMRTXHQHFHVLWHTXHVHFRQHFWHQDPDVDWHUPLQDOHVHOpFWULFRVHVQHFHVDULR
GHVFRQHFWDUHOFDEOHDPDVDGHODEDWHUtD
‡ 6LHPSUHTXHVHGHVPRQWHHOGHSXUDGRUGHODLUHODPDQJXHUDGHVDOLGDGHOGHSXUDGRUGHDLUHHOFXHUSRGHOD
PDULSRVDHOWXERGHODFiPDUDGHFRPSHQVDFLyQHOFROHFWRUGHDGPLVLyQRHOFROHFWRUGHHVFDSHHVQHFHVDULR
WDSDUODDEHUWXUDGHDGPLVLyQ(VWRSURWHJHUiFRQWUDODHQWUDGDDFFLGHQWDOGHPDWHULDVH[WUDxDVTXHSRGUtDQOOH
JDUKDVWDHOFLOLQGUR\FDXVDUGDxRVFRQVLGHUDEOHVFXDQGRVHKDJDDUUDQFDUHOPRWRU
 ,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

‡ &XDQGR GHVFRQHFWH DFRSODGRUHV QR WLUH GHO PD]R GH FDEOHV

VLQRGHODFRSODGRUSURSLDPHQWHWDO(QHOFDVRGHDFRSODGRUHV
WLSREORTXHRDVHJ~UHVHGHGHVEORTXHDUHODFRSODGRUDQWHVGH
OD GHVFRQH[LyQ 6L WUDWH GH GHVFRQHFWDU HO DFRSODGRU VLQ GHV
EORTXHDUORSXHGHGDxDUHODFRSODGRU&XDQGRFRQHFWHDFRSOD
GRUHV WLSR EORTXHR LQVHUWH HO DFRSODGRU KDVWD TXH RLJD HO
VRQLGRGHFKDVTXLGR\FRQHFWHGHPDQHUDVHJXUD

3UHFDXFLRQHVSDUDHOVHUYLFLRGHOVLVWHPDGHFRPEXVWLEOH
‡ (OWUDEDMRGHEHHIHFWXDUVHVLQIXPDUHQXQiUHDELHQYHQWLODGD\OHMRVGHODVOODPDVQRSURWHJLGDV
‡ <DTXHODWXEHUtDGHDOLPHQWDFLyQGHFRPEXVWLEOHHQWUHODERPEDGHFRPEXVWLEOH\HOUHJXODGRUGHSUHVLyQGH
FRPEXVWLEOHVLJXHHVWDQGREDMRDOWDSUHVLyQGHFRPEXVWLEOHDXQGHVSXpVGHKDEHUSDUDGRHOPRWRUHOKHFKRGH
DIORMDURGHVFRQHFWDUGLUHFWDPHQWHODWXEHUtDGHDOLPHQWDFLyQGHFRPEXVWLEOHSXHGHFDXVDUSUR\HFFLRQHVSHOLJUR
VDVGHFRPEXVWLEOHHQHOOXJDUGRQGHVHGHVFRQHFWHRDIORMHODWXEHUtD$QWHVGHDIORMDURGHVFRQHFWDUODWXEHUtD
GHDOLPHQWDFLyQGHFRPEXVWLEOHDVHJ~UHVHELHQGHDOLYLDUODSUHVLyQGHFRPEXVWLEOHFRPRH[SOLFDGRHQHO³352
&(',0,(172'($/,9,2'(/$35(6,Ï1'(&20%867,%/(´HQHVWDVHFFLyQ
&XDQGRVHGHVFRQHFWDODWXEHUtDGHFRPEXVWLEOHSRGUtDHVFXUULUVHXQDSHTXHxDFDQWLGDGGHFRPEXVWLEOH
3DUD UHGXFLU HO ULHVJR GH GDxRV FRUSRUDOHV FXEUD FRQ XQ WUDSR GH WDOOHU OD XQLyQ TXH VH YD D GHVFRQHFWDU
&XDQGRVHWHUPLQHGHGHVFRQHFWDUFRORTXHHOWUDSRHQHOFRQWHQHGRUSUHYLVWRSDUDHVWHFDVR
‡ &XDQGRHOPRWRU\HOVLVWHPDGHHVFDSHHVWpQFDOLHQWHVQXQFDKDJDIXQFLRQDUHOPRWRUFRQHOUHOpGHODERPED
GHFRPEXVWLEOHGHVFRQHFWDGR

‡ /D FRQH[LyQ GH OD PDQJXHUD GH YDSRU GH FRPEXVWLEOH R GH

FRPEXVWLEOHYDUtDGHDFXHUGRFRQFDGDWLSRGHWXER&XDQGR
YXHOYD D FRQHFWDU OD PDQJXHUD GH FRPEXVWLEOH R GH YDSRU GH
FRPEXVWLEOH DVHJ~UHVH GH FRQHFWDU \ ILMDU FRUUHFWDPHQWH FRQ
DEUD]DGHUDFDGDPDQJXHUD5HILpUDVHDODILJXUDGHFRQH[LR
QHVDODL]TXLHUGD
'HVSXpVGHKDEHUFRQHFWDGRDVHJ~UHVHGHTXHODPDQJXHUD
QRHVWiQLUHWRUFLGDQLGREODGD
>$@ (QHOFDVRGHWXERFRUWRILMHODPDQJXHUDLQVHUWiQGRODKDVWDTXHOOHJXHDODXQLyQGHO
WXERFRPRORPXHVWUDODILJXUD
>%@ &RQHOWLSRGHWXERVLJXLHQWHLQVHUWHODPDQJXHUDKDVWDODSUR\HFFLyQSHULIpULFDFRPR
PRVWUDGRHQODILJXUD
>&@ (QHOFDVRGHWXERVFXUYRVLQVHUWHODPDQJXHUDKDVWDHOFRPLHQ]RGHOFRGRFRPROR
PXHVWUDODILJXUDRKDVWDTXHHOWXERTXHGHDPPGHQWURGHODPDQJXHUD
>'@ (QHOFDVRGHWXERVUHFWRVLQVHUWHHOWXERKDVWDTXHTXHGHDPPGHQWURGHOD
PDQJXHUD
 0DQJXHUD
 7XER
 $EUD]DGHUD
³D´ )LMHVHJXUDPHQWHFRQDEUD]DGHUDDXQDSRVLFLyQGHDPPGHVGHHOH[WUHPRGHOD
PDQJXHUD
³E´ DPP

‡ &XDQGR LQVWDOH XQD MXQWD GH SHUQR GH XQLyQ GH FRPEXVWLEOH
VLHPSUH XWLOLFH XQD MXQWD QXHYD \ DSULHWH HO SHUQR GH XQLyQ DO
SDUGHDSULHWHHVSHFLILFDGRGHDFXHUGRFRQODV³(63(&,),&$
&,21(6'(3$5(6'($35,(7(´HQODVHFFLyQ&
‡ &XDQGRLQVWDOHXQLQ\HFWRUWXERGHDOLPHQWDFLyQGHFRPEXVWL
EOH R UHJXODGRU GH SUHVLyQ GHO FRPEXVWLEOH OXEULTXH VX MXQWD
WyULFDFRQJDVROLQD
‡ &XDQGRFRQHFWHWXHUFDVDERFLQDGDVGHWXERVGHFRPEXVWLEOH
SULPHUR DSULHWH FRQ OD PDQR OD WXHUFD DERFLQDGD \ HQVHJXLGD
DSULHWHODWXHUFDDOSDUGHDSULHWHHVSHFLILFDGR
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

3URFHGLPLHQWRGHDOLYLRGHODSUHVLyQGHFRP
EXVWLEOH

35(&$8&,Ï1
(VWH WUDEDMR QR GHEH VHU HIHFWXDGR FXDQGR HO PRWRU HVWi
FDOLHQWH (Q FDVR FRQWUDULR HVWR SRGUtD DIHFWDU DGYHUVD
PHQWHHOFDWDOL]DGRU
'HVSXpVGHDVHJXUDUVHGHTXHHOPRWRUHVWiIUtROLEHUHODSUHVLyQ
GHFRPEXVWLEOHGHODPDQHUDVLJXLHQWH
 &RORTXHODSDODQFDVHOHFWRUDGHHQJUDQDMHGHWUDQVPLVLyQHQOD
SRVLFLyQ ³3XQWR PXHUWR´ 3DODQFD VHOHFWRUD GH FDPELR HQ OD
SRVLFLyQ³3´HQORVPRGHORV$7DSOLTXHHOIUHQRGHHVWDFLRQD
PLHQWR\EORTXHHODVUXHGDVSURSXOVRUDV
 'HVFRQHFWH HO UHOp  GH OD ERPED GH FRPEXVWLEOH GH VX
FRQHFWRU
 'HVPRQWH OD WDSD GHO OOHQDGRU GH FRPEXVWLEOH SDUD OLEHUDU OD
SUHVLyQGHYDSRUGHFRPEXVWLEOHHQHOGHSyVLWRGHFRPEXVWLEOH
\HQVHJXLGDYXHOYDDLQVWDODUODWDSD
 +DJDDUUDQFDUHOPRWRU\GHMHTXHIXQFLRQHKDVWDTXHVHSDUH
SRUIDOWDGHFRPEXVWLEOH5HSLWDHOSURFHGLPLHQWRGHDUUDQTXH
GHO PRWRU  D  YHFHV GXUDQWH XQRV  VHJXQGRV FDGD YH]
SDUD GLVLSDU OD SUHVLyQ GH FRPEXVWLEOH HQ ODV WXEHUtDV /DV
FRQH[LRQHVGHFRPEXVWLEOHDKRUDHVWiQDSWDVSDUDHOVHUYLFLR
 'HVSXpV GH KDEHU FRPSOHWDGR HO VHUYLFLR GH PDQWHQLPLHQWR
FRQHFWHHOUHOpGHODERPEDGHFRPEXVWLEOHDODFDMDGHUHOpV
>$@ 9HKtFXORFRQYRODQWHDODL]TXLHUGD
>%@ 9HKtFXORFRQYRODQWHDODGHUHFKD
 &DMDGHIXVLEOHV

3URFHGLPLHQWRGHFRPSUREDFLyQGHIXJDVGH
FRPEXVWLEOH
'HVSXpVGHHIHFWXDUFXDOTXLHUWUDEDMRGHVHUYLFLRHQHOVLVWHPDGH
FRPEXVWLEOH YHULILTXH GH OD PDQHUD VLJXLHQWH \ DVHJ~UHVH ELHQ GH
TXHQRKD\IXJDVGHFRPEXVWLEOH
 &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21GXUDQWH
VHJXQGRVSDUDKDFHUIXQFLRQDUODERPEDGHFRPEXVWLEOH\
HQVHJXLGDFRORTXHHOLQWHUUXSWRUHQODSRVLFLyQ2))
5HSLWDHVWHSURFHGLPLHQWR21\2))RYHFHV\DSOLTXH
SUHVLyQGHFRPEXVWLEOHDODWXEHUtDGHFRPEXVWLEOHKDVWDTXH
VHVLHQWDODSUHVLyQGHFRPEXVWLEOHFRQODPDQRFRORFDGDHQOD
PDQJXHUDGHUHWRUQRGHFRPEXVWLEOH
 (Q HVWH HVWDGR FRPSUXHEH SDUD DVHJXUDUVH GH TXH QR KD\
IXJDVGHFRPEXVWLEOHHQQLQJXQDSLH]DGHOVLVWHPDGHFRPEXV
WLEOH
 ,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

'LDJQyVWLFRGHOPRWRU
'HVFULSFLyQJHQHUDO
(VWH YHKtFXOR HVWi HTXLSDGR FRQ XQ VLVWHPD GH FRQWURO GHO PRWRU \ GH ODV HPLVLRQHV TXH HVWi FRPDQGDGR SRU HO
PyGXORGH(&03&0(OVLVWHPDGHFRQWUROGHOPRWRU\GHODVHPLVLRQHVGHHVWHYHKtFXORHVWiFRQWURODGRSRUHO
PyGXORGH(&03&0(OPyGXOR(&03&0WLHQHXQVLVWHPDGHGLDJQyVWLFRHQHOYHKtFXORTXHGHWHFWDXQGHV
SHUIHFWRGHIXQFLRQDPLHQWRHQHVWHVLVWHPD\ODDQRUPDOLGDGHQODVSLH]DVTXHLQIOX\HQHQODVHPLVLRQHVGHHVFDSH
GHOPRWRU&XDQGRGLDJQRVWLTXHGHVSHUIHFWRVGHPRWRUDVHJ~UHVHGHTXHKDFRPSUHQGLGRSHUIHFWDPHQWHELHQWRGD
ODGHVFULSFLyQGHO³6,67(0$'(',$*1Ï67,&2(1(/9(+Ë&8/2´\WDPELpQFDGDHOHPHQWRGH³35(&$8&,2
1(63$5$',$*1267,&$5'(63(5)(&726´<HIHFW~HHOGLDJQyVWLFRGHDFXHUGRFRQOD³7$%/$'()/8-2'(
',$*1Ï67,&2'(/02725´
+D\XQDHVWUHFKDUHODFLyQHQWUHODPHFiQLFDGHOPRWRUVLVWHPDGHUHIULJHUDFLyQGHOPRWRUVLVWHPDGHHQFHQGLGR
VLVWHPDGHHVFDSHHWF\HOVLVWHPDGHFRQWUROGHOPRWRU\GHODVHPLVLRQHVHQVXHVWUXFWXUD\IXQFLRQDPLHQWR(Q
FDVRGHGHVSHUIHFWRGHOPRWRUDXQFXDQGRODOX]LQGLFDGRUDGHPDOIXQFLRQDPLHQWR0,/QRVHHQFLHQGDHOGHVSHU
IHFWRGHEHVHUGLDJQRVWLFDGRGHDFXHUGRFRQOD³7$%/$'()/8-2'(',$*1Ï67,&2'(/02725´HQHVWDVHF
FLyQ

6LVWHPDGHGLDJQyVWLFRHQHOYHKtFXOR9HKt
FXORVLQFRQHFWRUGHYHULILFDFLyQ
(O PyGXOR GH (&0 3&0 GH HVWH YHKtFXOR WLHQH ODV IXQFLRQHV
VLJXLHQWHV
‡ &XDQGRHOLQWHUUXSWRUGHHQFHQGLGRHVFRORFDGRHQODSRVLFLyQ
21 FRQ HO PRWRU SDUDGR OD OX] LQGLFDGRUD GH PDO IXQFLRQD
PLHQWR0,/VHHQFLHQGHSDUDYHULILFDUODERPELOODGHODOX]
LQGLFDGRUDGHPDOIXQFLRQDPLHQWR
‡ &XDQGRHOPyGXORGH(&0GHWHFWDXQPDOIXQFLRQDPLHQWRTXH
DIHFWD DGYHUVDPHQWH ODV HPLVLRQHV GHO YHKtFXOR PLHQWUDV HO
PRWRUHVWiIXQFLRQDQGRHQFLHQGHODOX]LQGLFDGRUDGHPDOIXQ
FLRQDPLHQWRHQHOLQGLFDGRUFRPELQDGRGHOWDEOHURGHLQVWUX
PHQWRV R OD KDFH GHVWHOODU OD OX] LQGLFDGRUD GHVWHOOD
VRODPHQWHFXDQGRVHGHWHFWDXQIDOORGHHQFHQGLGRTXHSXHGH
GDxDUHOFDWDOL]DGRU\JXDUGDHQVXPHPRULDHOiUHDGHGHV
SHUIHFWR
6LQHPEDUJRVLGHVSXpVGHKDEHUGHWHFWDGRXQPDOIXQFLRQD
PLHQWRGHWHFWDFRQWLQXDPHQWHTXHFLFORVGHFRQGXFFLyQVRQ
QRUPDOHV DSDJD OD OX] LQGLFDGRUD GH 0,/  DXQTXH HO '7&
PHPRUL]DGRSHUPDQHFHPHPRUL]DGR
‡ &RQ HO ILQ GH HYLWDU GHWHFFLRQHV HUUyQHDV \ FRPR FRQGLFLyQ
SDUDODGHWHFFLyQGHXQPDOIXQFLRQDPLHQWRHQDOJXQDViUHDV
GHO VLVWHPD VXSHUYLVDGR SRU HO PyGXOR (&0 3&0 \ SDUD
HQFHQGHUODOX]LQGLFDGRUDGHPDOIXQFLRQDPLHQWRGHELGRD
HVHGHVSHUIHFWRVHKDDGRSWDGRODOyJLFDGHGHWHFFLyQGHOFLFOR
GHFRQGXFFLRQHV
‡ &XDQGRVHGHWHFWDXQPDOIXQFLRQDPLHQWRODVFRQGLFLRQHVGHO
PRWRU \ GH OD FRQGXFFLyQ VRQ JXDUGDGDV HQ OD PHPRULD GHO
PyGXOR GH (&0 3&0 HQ IRUPD GH GDWRV GH LPDJHQ FRQJH
ODGD 3DUD PD\RUHV GHWDOOHV UHILpUDVH D OD GHVFULSFLyQ HQ
'DWRVGHLPDJHQFRQJHODGD
‡ (V SRVLEOH FRPXQLFDU XWLOL]DQGR QR VRODPHQWH HO LQVWUXPHQWR
GHH[SORUDFLyQ68=8.,VLQRWDPELpQHPSOHDQGRXQLQVWUX
PHQWRGHH[SORUDFLyQWLSRSURGXFWROLEUH8WLOL]DQGRXQLQVWUX
PHQWR GH H[SORUDFLyQ HV SRVLEOH DFFHGHU D OD LQIRUPDFLyQ GH
GLDJQyVWLFR
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

&,&/2'(&$/(17$0,(172
(OFLFORGHFDOHQWDPLHQWRFRQOOHYDTXHVHKDJDIXQFLRQDUHOYHKtFXOR
OR VXILFLHQWH SDUD TXH OD WHPSHUDWXUD GHO UHIULJHUDQWH GHO PRWRU OOH
JXH SRU OR PHQRV D ƒ& GHVGH HO DUUDQTXH GHO PRWRU \ TXH
DOFDQFHODWHPSHUDWXUDPtQLPDGHƒ&

&,&/2'(&21'8&&,Ï1
8Q³&LFORGHFRQGXFFLyQ´FRQVLVWHHQHODUUDQTXHGHOPRWRUPRGR
GHFRQGXFFLyQHQHOTXHVLKXELHUDXQPDOIXQFLRQDPLHQWRpVWHVHUtD
GHWHFWDGR\HOSDURGHOPRWRU

/Ï*,&$'('(7(&&,Ï1'(&,&/26'(&21'8&&,Ï1
(OPDOIXQFLRQDPLHQWRGHWHFWDGRHQHOSULPHUFLFORGHFRQGXFFLyQHV
DOPDFHQDGRHQODPHPRULDGHOPyGXORGH(&03&0^HQODIRUPD
GH'7&SHQGLHQWH`SHURODOX]LQGLFDGRUDGHPDOIXQFLRQDPLHQWRQR
VHHQFLHQGHHQHVWHPRPHQWR/DOX]LQGLFDGRUDVHHQFLHQGHHQOD
VHJXQGD GHWHFFLyQ GHO PLVPR PDO IXQFLRQDPLHQWR HQ HO SUy[LPR
FLFORGHFRQGXFFLyQ

'7&3(1',(17(
'7& SHQGLHQWH VLJQLILFD TXH XQ '7& KD VLGR GHWHFWDGR \ PHPRUL
]DGRWHPSRUDOPHQWHHQHOSULPHUFLFORGHFRQGXFFLyQGHO'7&TXH
HVGHWHFWDGRHQODOyJLFDGHGHWHFFLyQGHFLFORVGHFRQGXFFLyQ

'$726'(,0$*(1&21*(/$'$

(OPyGXORGH(&03&0PHPRUL]DODVFRQGLFLRQHVGHOPRWRU\GH

1. CÓDIGO DE DIAGNÓSTICO
2. TEMP. DEL REFRIGERANTE
3. RÉGIMEN DEL MOTOR
4. SHORT FT B1
5. SHORT FT B2
FRQGXFFLyQHQODIRUPDGHGDWRVFRPRPRVWUDGRHQODILJXUDHQHO
PRPHQWRGHODGHWHFFLyQGHXQPDOIXQFLRQDPLHQWR(VWRVGDWRVVH
P0100 (1a)
OODPDQ³'DWRVGHLPDJHQFRQJHODGD´
80 ˚C
3RU FRQVLJXLHQWH H[DPLQDQGR ORV GDWRV GH LPDJHQ FRQJHODGD HV
750 RPM
SRVLEOH FRQRFHU ODV FRQGLFLRQHV GHO PRWRU \ GH OD FRQGXFFLyQ SRU
– 0,8 % HMHPSOR VL HO PRWRU HVWDED FDOLHQWH R QR VL HO YHKtFXOR HVWDED
– 0,1 % VLHQGRFRQGXFLGRRVLHVWDEDGHWHQLGRVLODPH]FODGHDLUHFRPEXV
6. LONG FT B1 – 1,3 % WLEOH HUD ULFD R SREUH FXDQGR VH GHWHFWy XQ PDO IXQFLRQDPLHQWR
7. LONG FT B2 – 1,5 %
8. CARGA CALC.
9. SISTEMA DE COMBUSTIBLE B1
10. SISTEMA DE COMBUSTIBLE B2
11. MAP
12. VELOCIDAD DEL VEHÍCULO
$GHPiV HO PyGXOR GH (&0 3&0 WLHQH XQD IXQFLyQ TXH SHUPLWH
PHPRUL]DUORVGDWRVGHFDGDLPDJHQFRQJHODGDSDUDWUHVPDOIXQ
20,5 %
FLRQDPLHQWRVGLIHUHQWHV\HQHORUGHQGHGHWHFFLyQGHOPDOIXQFLRQD
CERRADO
PLHQWR 8WLOL]DQGR HVWD IXQFLyQ HV SRVLEOH FRQRFHU HO RUGHQ
CERRADO VHFXHQFLDOGHORVPDOIXQFLRQDPLHQWRVTXHKDQVLGRGHWHFWDGRV(O
30,6 kPa HPSOHRGHHVWDIXQFLyQHVPX\~WLOFXDQGRVHWUDWDGHYROYHUDFRP
0 km/h SUREDURGLDJQRVWLFDUXQPDOIXQFLRQDPLHQWR
1
 yHQORVSDUpQWHVLVUHSUHVHQWDQODSRVLFLyQHQHORUGHQ
GHGHWHFFLyQGHOPDOIXQFLRQDPLHQWR
 ,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

3ULRULGDGGHORVGDWRVGHLPDJHQFRQJHODGD
(OPyGXORGH(&03&0WLHQHHQFXDGUHVGRQGHSXHGHQVHUJXDUGDGRVORVGDWRVGHLPDJHQFRQJHODGD(OSULPHU
HQFXDGUHFRQVHUYDORVGDWRVGHLPDJHQFRQJHODGDGHOPDOIXQFLRQDPLHQWRTXHIXHGHWHFWDGRHQSULPHUOXJDU6LQ
HPEDUJRORVGDWRVGHLPDJHQFRQJHODGDFRQVHUYDGRVHQHVWHHQFXDGUHVRQDFWXDOL]DGRVGHDFXHUGRFRQODSULRUL
GDGGHVFULWDDFRQWLQXDFLyQ6LHOGHVSHUIHFWRGHVFULWRHQHOVLJXLHQWHUHFXDGURVXSHULRU³´HVGHWHFWDGRPLHQWUDV
ORVGDWRVGHLPDJHQFRQJHODGDGHOUHFXDGURLQIHULRU³´KDQVLGRPHPRUL]DGRVORVGDWRVGHLPDJHQFRQJHODGD³´
VHUiQDFWXDOL]DGRVPHGLDQWHORVGDWRVGHODLPDJHQFRQJHODGD³´

35,25,'$' '$726'(,0$*(1&21*(/$'$(1(/(1&8$'5(
'DWRVGHLPDJHQFRQJHODGDHQODGHWHFFLyQLQLFLDOGHOPDOIXQFLRQDPLHQWRHQWUHIDOORVGHHQFHQ
 GLGRGHWHFWDGRV33VLVWHPDGHFRPEXVWLEOHGHPDVLDGRSREUH33\
VLVWHPDGHFRPEXVWLEOHGHPDVLDGRULFR33
'DWRVGHLPDJHQFRQJHODGDFXDQGRVHGHWHFWyXQPDOIXQFLRQDPLHQWRGLIHUHQWHGHORVGHWHFWD

GRVDQWHULRUPHQWHHQ³´
'HOžDOžHQFXDGUHORVGDWRVGHLPDJHQFRQJHODGDGHFDGDPDOIXQFLRQDPLHQWRVRQPHPRUL]DGRVHQHORUGHQGH
GHWHFFLyQGHOPDOIXQFLRQDPLHQWR(VWRVGDWRVQRVRQDFWXDOL]DGRVLQGHSHQGLHQWHPHQWHGHODSULRULGDG
(QODWDEODVLJXLHQWHVHPXHVWUDQHMHPSORVGHFyPRVHPHPRUL]DQGDWRVGHLPDJHQFRQJHODGDFXDQGRVHGHWHFWDQ
GRVRPiVPDOIXQFLRQDPLHQWRV

(1&8$'5( (1&8$'5( (1&8$'5( (1&8$'5(

'$726'(,0$*(1 '$726'(OD '$726'(/$ '$726'(/$
&21*(/$'$SDUD ,0$*(1&21*( ,0$*(1&21*( ,0$*(1&21*(
VHUDFWXDOL]DGRV /$'$ /$'$ /$'$
1RKD\PDOIXQ 1RKD\GDWRVGHLPD 1RKD\GDWRVGH 1RKD\GDWRVGH 1RKD\GDWRVGH
FLRQDPLHQWR JHQFRQJHODGD LPDJHQFRQJHODGD LPDJHQFRQJHODGD LPDJHQFRQJHODGD
'HWHFFLyQGH 'DWRVDODGHWHFFLyQ 'DWRVDODGHWHF 1RKD\GDWRVGH 1RKD\GDWRVGH
25'(1'('(7(&&,Ï1'(/


3,$7 GHO3 FLyQGHO3 LPDJHQFRQJHODGD LPDJHQFRQJHODGD
0$/)81&,21$0,(172

'HWHFFLyQGHO
'DWRVDODGHWHFFLyQ 'DWRVDODGHWHF 'DWRVDODGHWHF 1RKD\GDWRVGH
 36LVWHPD
GHO3 FLyQGHO3 FLyQGHO3 LPDJHQFRQJHODGD
GHFRPEXVWLEOH
'HWHFFLyQGHO
'DWRVDODGHWHFFLyQ 'DWRVDODGHWHF 'DWRVDODGHWHF 'DWRVDODGHWHF
 3)DOORGH
GHO3 FLyQGHO3 FLyQGHO3 FLyQGHO3
HQFHQGLGR
'HWHFFLyQGHO
'DWRVDODGHWHFFLyQ 'DWRVDODGHWHF 'DWRVDODGHWHF 'DWRVDODGHWHF
 3)DOORGH
GHO3 FLyQGHO3 FLyQGHO3 FLyQGHO3
HQFHQGLGR

%RUUDGRGHGDWRVGHLPDJHQFRQJHODGD
/RVGDWRVGHLPDJHQFRQJHODGDVRQERUUDGRVDOPLVPRWLHPSRTXHVHERUUDHOFyGLJRGHGLDJQyVWLFR'7&
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

&21(&725'((1/$&('('$726'/&
(O '/&  HVWi FRQIRUPH FRQ OD QRUPD 6$(- HQ OR TXH UHV
SHFWDDVXSRVLFLyQGHLQVWDODFLyQODIRUPDGHOFRQHFWRU\ODDVLJQD
FLyQGHODVSDWLOODV
/DVOtQHDV.GH,62VRQXWLOL]DGDVSRUHOLQVWUXPHQWRGHH[SOR
UDFLyQ68=8.,RWLSRSURGXFWROLEUHSDUDFRPXQLFDUFRQORVPyGX
ORVGHFRQWURO(&03&0$%6\6'0GHFROFKyQGHDLUH/DOtQHD
GHGDWRVVHULDOHV68=8.,HVXWLOL]DGDSRUHOLQVWUXPHQWRGHH[SORUD
FLyQ68=8.,SDUDFRPXQLFDUFRQHOPyGXORGHFRQWUROGHOLQPRYLOL
]DGRU
 %
 /tQHDGHGDWRVVHULDOHV68=8.,
 /tQHD.GH,62
 0DVDDFDUURFHUtD
 0DVDD(&0
 ,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

6LVWHPDGHGLDJQyVWLFRHQHOYHKtFXOR9HKt
FXORFRQFRQHFWRUGHYHULILFDFLyQ
(O PyGXOR GH (&0 GLDJQRVWLFD GHVSHUIHFWRV TXH SXHGHQ SUHVHQ
WDUVH HQ HO iUHD TXH LQFOX\H ODV SLH]DV VLJXLHQWHV FXDQGR HO LQWH
UUXSWRU GH HQFHQGLGR HVWi HQ OD SRVLFLyQ 21 \ HO PRWRU HVWi
IXQFLRQDQGR\HOPyGXORGH(&0LQGLFDHOUHVXOWDGRHQFHQGLHQGRR
KDFLHQGRGHVWHOODUODOX]LQGLFDGRUDGHPDOIXQFLRQDPLHQWR
‡ 6HQVRUFDOHQWDGRGHR[tJHQRVLHVWiHTXLSDGR
‡ 6HQVRUGH(&7
‡ 6HQVRUGH73
‡ 6HQVRUGH,$7
‡ 6HQVRUGH&03
‡ 6HQVRUGH0$)
‡ 6HQVRUGHGHWRQDFLyQ
‡ (*5VLHVWiHTXLSDGR
‡ 6HQVRUGH966
‡ &38&HQWUDO3URFHVVLQJ8QLW>8QLGDGFHQWUDOGHSURFHVR@GHO
PyGXORGH(&0
(OPyGXORGH(&0\ODOX]LQGLFDGRUDGHPDOIXQFLRQDPLHQWRIXQ
FLRQDQGHODPDQHUDVLJXLHQWH
‡ /D OX]  LQGLFDGRUD GH PDO IXQFLRQDPLHQWR VH HQFLHQGH
FXDQGRHOLQWHUUXSWRUGHHQFHQGLGRHVFRORFDGRHQODSRVLFLyQ
21SHURHOPRWRUHVWiSDUDGR FRQHOWHUPLQDO GHOLQWHUUXSWRU
GH GLDJQyVWLFR QR FRQHFWDGR D PDVD LQGHSHQGLHQWHPHQWH GH
OD FRQGLFLyQ GHO VLVWHPD GH FRQWURO GHO PRWRU \ GH ODV HPLVLR
QHV(VWRWLHQHFRPRIXQFLyQVRODPHQWHFRPSUREDUODERPELOOD
GHODOX]LQGLFDGRUDGHPDOIXQFLRQDPLHQWR\VXFLUFXLWR
‡ 6LODViUHDVSUHFHGHQWHVGHOVLVWHPDGHFRQWUROGHOPRWRU\GH
ODV HPLVLRQHV QR SUHVHQWDQ QLQJ~Q GHVSHUIHFWR GHVSXpV GHO
DUUDQTXHGHOPRWRUPLHQWUDVHOPRWRUHVWiIXQFLRQDQGRODOX]
LQGLFDGRUDGHPDOIXQFLRQDPLHQWRVHDSDJD
‡ &XDQGRHOPyGXORGH(&0GHWHFWDXQGHVSHUIHFWRTXHKDRFX
UULGRHQODViUHDVSUHFHGHQWHPHQWHFLWDGDVpOKDFHTXHODOX]
 LQGLFDGRUD GH PDO IXQFLRQDPLHQWR VH HQFLHQGDPLHQWUDV HO
PRWRU HVWi IXQFLRQDQGR SDUD DVt DYLVDU DO FRQGXFWRU TXH KD\
XQGHVSHUIHFWR \DOPLVPR WLHPSRHO PyGXORGH (&0PHPR
UL]D HO iUHD GH GHVSHUIHFWR HQ OD PHPRULD GH VHJXULGDG /D
PHPRUL]DFLyQHVFRQVHUYDGDDXQTXHHOGHVSHUIHFWRKD\DVLGR
VRODPHQWHWHPSRUDO\KD\DGHVDSDUHFLGRLQPHGLDWDPHQWH<HO
UHJLVWUR PHPRUL]DGR QR HV ERUUDGR KDVWD TXH OD DOLPHQWDFLyQ
HOpFWULFDDOPyGXOR(&0HVFRUWDGDGXUDQWHHOWLHPSRHVSHFLIL
FDGRDFRQWLQXDFLyQ
(OPyGXORGH(&0WDPELpQLQGLFDHOiUHDGHGHVSHUIHFWRTXH
KD\HQODPHPRULDPHGLDQWHHOGHVWHOORGHODOX]LQGLFDGRUD
GH PDO IXQFLRQDPLHQWR HQ HO PRPHQWR GH OD FRPSUREDFLyQ
3RUHMHPSORFXDQGRFRQXQFDEOHGHVHUYLFLRVHFRQHFWDHOWHU
PLQDOGHOLQWHUUXSWRUGHGLDJQyVWLFRDOWHUPLQDODPDVD\
VHFRORFDHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21

127$
&XDQGR KD\ XQ GHVSHUIHFWR HQ ODV iUHDV FLWDGDV DQWHULRU
PHQWH \ GHVDSDUHFH SURQWR PLHQWUDV HO WHUPLQDO GHO LQWH
UUXSWRUGHGLDJQyVWLFRHVWiGHVFRQHFWDGRDPDVD\HOPRWRU
HVWiIXQFLRQDQGRODOX]LQGLFDGRUDGHPDOIXQFLRQDPLHQWR
VHHQFLHQGH\SHUPDQHFHHQFHQGLGDPLHQWUDVSHUVLVWHHO
GHVSHUIHFWRSHURVHDSDJDFXDQGRVHYXHOYHDODFRQGLFLyQ
GHQRUPDOLGDG
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

&21(&725'((1/$&('('$726'/&

(O '/&  HVWi FRQIRUPH FRQ OD QRUPD 6$(- HQ OR TXH UHV
SHFWDDVXSRVLFLyQGHLQVWDODFLyQODIRUPDGHOFRQHFWRU\ODDVLJQD
FLyQGHODVSDWLOODV
/DOtQHD.GH,62HVXWLOL]DGDSRUHOLQVWUXPHQWRGHH[SORUD
FLyQ 68=8., SDUD FRPXQLFDU FRQ ORV PyGXORV GH FRQWURO GH (&0
3&0$%6\6'0GHFROFKyQGHDLUH/DOtQHDGHGDWRVVHULDOHV
68=8.,HVXWLOL]DGDSRUHOLQVWUXPHQWRGHH[SORUDFLyQ68=8.,SDUD
FRPXQLFDUFRQHOPyGXORGHFRQWUROGHOLQPRYLOL]DGRU
 %
 /tQHDGHGDWRVVHULDOHV68=8.,
 /tQHD.GH,62
 0DVDDFDUURFHUtD
 0DVDD(&0

3UHFDXFLRQHVSDUDGLDJQRVWLFDUGHVSHUIHFWRV
‡ 1RGHVFRQHFWHORVDFRSODGRUHVGHOPyGXORGH(&03&0FDEOHGHODEDWHUtDHQODEDWHUtDPD]RGHFDEOHVD
PDVDGHOPyGXORGH(&03&0GHOPRWRURGHOIXVLEOHSULQFLSDODQWHVGHFRQILUPDUODLQIRUPDFLyQGHOGLDJQyV
WLFR '7& GDWRV GH LPDJHQ FRQJHODGD HWF PHPRUL]DGR HQ HO PyGXOR GH (&0 3&0 7DOHV GHVFRQH[LRQHV
ERUUDUiQODVLQIRUPDFLRQHVPHPRUL]DGDVHQHOPyGXORGH(&03&0
‡ /D LQIRUPDFLyQ GH GLDJQyVWLFR PHPRUL]DGD HQ HO PyGXOR GH (&0 3&0 SXHGH VHU ERUUDGD \ YHULILFDGD XWLOL
]DQGRHOLQVWUXPHQWRGHH[SORUDFLyQ68=8.,RXQLQVWUXPHQWRGHH[SORUDFLyQWLSRSURGXFWROLEUH$QWHVGHXWLOL
]DUHOLQVWUXPHQWRGHH[SORUDFLyQOHDFXLGDGRVDPHQWHVX0DQXDOGHO2SHUDGRU,QVWUXFFLRQHVSDUDFRPSUHQGHU
SHUIHFWDPHQWHELHQODVSRVLELOLGDGHVGHODVIXQFLRQHVGLVSRQLEOHV\FyPRXWLOL]DUODV
‡ 3ULRULGDGHVSDUDORVFyGLJRVGHGLDJQyVWLFR9HKtFXORVLQFRQHFWRUGHYHULILFDFLyQ
6LKD\PHPRUL]DGRVGRVRPiVFyGLJRVGHGLDJQyVWLFR'7&SURFHGDDODWDEODGHIOXMRGHO'7&TXHIXHGHWHF
WDGRHQSULPHUOXJDU\VLJDODVLQVWUXFFLRQHVGHHVDWDEOD
6LQRVHGDQLQVWUXFFLRQHVSURFHGDDORFDOL]DU\UHSDUDUORVFyGLJRVGHGLDJQyVWLFRGHDFXHUGRFRQODVSULRULGD
GHVVLJXLHQWHV
± &yGLJRV GH GLDJQyVWLFR '7& TXH QR VHDQ ORV '7& 3333 6LVWHPD GH FRPEXVWLEOH
GHPDVLDGRSREUHGHPDVLDGRULFR'7&3333333'HWHFFLyQGHIDOOR
GHHQFHQGLGRQLHO'7&30DOIXQFLRQDPLHQWRGHOIOXMRGH(*5
± '7& 3333 6LVWHPD GH FRPEXVWLEOH GHPDVLDGR SREUHGHPDVLDGR ULFR \ '7& 3
0DOIXQFLRQDPLHQWRGHOIOXMRGH(*5
± '7&3333333'HWHFFLyQGHIDOORGHHQFHQGLGR
‡ $QWHV GH OD FRPSUREDFLyQ DVHJ~UHVH GH OHHU ODV ³35(&$8&,21(6 3$5$ (/ 6(59,&,2 '( &,5&8,726
(/e&75,&26³HQODVHFFLyQ$\DSOtTXHODVHVWULFWDPHQWH
‡ 5HHPSOD]RGHOPyGXORGH(&03&0
&XDQGRUHHPSODFHSRUXQPyGXORGH(&03&0HQEXHQHVWDGRFRPSUXHEHODVFRQGLFLRQHVVLJXLHQWHV'HMDU
GHODGRHVWDYHULILFDFLyQSXHGHGDxDUHOPyGXORGH(&03&0HQEXHQHVWDGR
± (OYDORUGHODUHVLVWHQFLDGHWRGRVORVUHOpV\DFWXDGRUHVHVFRPRHVSHFLILFDGRUHVSHFWLYDPHQWH
± (OVHQVRUGH0$)VHQVRUGH0$3\HOVHQVRUGH73HVWiQHQEXHQDVFRQGLFLRQHV\QLQJXQRGHORVFLUFXLWRV
GHDOLPHQWDFLyQHOpFWULFDGHHVWRVVHQVRUHVHVWiFRUWRFLUFXLWDGRDPDVD
 INFORMACIÓN GENERAL Y DIAGNÓSTICO DEL MOTOR (MOTOR H27) 6-1-13

Tabla de flujo de diagnóstico del motor

Para mayores detalles acerca de cada paso, refiérase a las páginas siguientes.

Paso Operación Sí No
1 Análisis de la queja del cliente Vaya al paso 2. Efectúe el análisis de la
1) Efectúe el análisis de la queja del cliente. queja del cliente.
¿Se efectuó el análisis de la queja del cliente?
2 Comprobación de DTC/datos de imagen congelada Registro de DTC/datos Vaya al paso 4.
1) Comprobación de DTC/datos de imagen congelada de imagen congelada
¿Hay algún(os) DTC de mal funcionamiento? Borre DTC.
Vaya al paso 3.
3 Inspección visual Repare o reemplace la Vaya al paso 5.
1) Efectúe la inspección visual. pieza defectuosa.
¿Hay alguna condición defectuosa? Vaya al paso 11.
4 Inspección visual Repare o reemplace la Vaya al paso 8.
1) Efectúe la inspección visual. pieza defectuosa.
¿Hay alguna condición defectuosa? Vaya al paso 11.
5 Confirmación de síntomas de desperfecto Vaya al paso 6. Vaya al paso 7.
1) Confirme síntomas de desperfecto basándose en el
análisis de la queja del cliente, DTC/datos de ima-
gen congelada, en el paso 1.
¿Se identificó un síntoma de desperfecto?
6 Nueva comprobación de DTC/datos de imagen conge- Vaya al paso 9. Vaya al paso 8.
lada
1) Nueva comprobación de DTC/datos de imagen con-
gelada.
¿Hay algún(os) DTC de mal funcionamiento?
7 Nueva comprobación de DTC/datos de imagen conge- Vaya al paso 9. Vaya al paso 10.
lada
1) Nueva comprobación de DTC/datos de imagen con-
gelada.
¿Hay algún(os) DTC de mal funcionamiento?
8 Inspección básica del motor Vaya al paso 11. Compruebe y repare
1) Compruebe y repare de acuerdo con la “TABLA DE la(s) pieza(s) defec-
FLUJO DE INSPECCIÓN BÁSICA” y la “TABLA DE tuosa(s).
DIAGNÓSTICO DEL MOTOR”, en esta sección. Vaya al paso 11.
¿Están completadas la comprobación y la reparación?
9 Localización y reparación de desperfectos para el DTC Vaya al paso 11. Compruebe y repare
1) Compruebe y repare de acuerdo con la Tabla de la(s) pieza(s) defec-
flujo de diagnóstico del DTC aplicable, en esta sec- tuosa(s).
ción. Vaya al paso 11.
¿Están completadas la comprobación y la reparación?
10 Compruebe los problemas intermitentes Repare o reemplace la Vaya al paso 11.
1) Compruebe los desperfectos intermitentes refirién- pieza defectuosa.
dose a “Mal funcionamiento intermitente y conexión Vaya al paso 11.
mala”, en la sección “INFORMACIÓN GENERAL”.
¿Hay alguna condición defectuosa?
11 Prueba de confirmación final Vaya al paso 6. FIN.
1) Borre el DTC, si hay alguno.
2) Efectúe la prueba de confirmación final. Refiérase a
“PROCEDIMIENTO DE CONFIRMACIÓN DE DTC”,
en esta sección.
¿Hay algún síntoma de problema, un DTC de mal fun-
cionamiento o alguna condición anormal?
6-1-14 INFORMACIÓN GENERAL Y DIAGNÓSTICO DEL MOTOR (MOTOR H27)

PASO 1. ANÁLISIS DE LA QUEJA DEL CLIENTE

Tal como descritos por el cliente, registre los detalles del problema (fallos, quejas), y cómo se presentó el problema.
Para este propósito, el empleo de un formulario de inspección facilitará la colecta de informaciones hasta el punto
requerido para efectuar el adecuado análisis y diagnóstico.

NOTA:
El formulario anterior es una muestra estándar. Debe ser modificado en función de las condiciones carac-
terísticas de cada mercado.
 ,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

3$62&20352%$&,Ï1'(&Ï',*2'(',$*1Ï67,&2'7&'$726'(,0$*(1&21*(/$'$

3ULPHURFRPSUXHEHHO'7&5HILpUDVHD³&20352%$&,Ï1'(&Ï',*2'(',$*1Ï67,&2´HQHVWDVHFFLyQ6L
VHLQGLFDXQ'7&UHJLVWUHHO'7&\ORVGDWRVGHLPDJHQFRQJHODGD
'HVSXpVGHHVWRERUUHHO'7&5HILpUDVHD³%255$'2'(&Ï',*2'(',$*1Ï67,&2´HQHVWDVHFFLyQ(O'7&
LQGLFDTXHKXERPDOIXQFLRQDPLHQWRHQHOVLVWHPDSHURQRLQGLFDVLWRGDYtDKD\GHVSHUIHFWRVGHIXQFLRQDPLHQWRRVL
KXER GHVSHUIHFWRV \ TXH DKRUD VH KD YXHOWR D ODV FRQGLFLRQHV QRUPDOHV 3DUD YHULILFDU GH FXiO FDVR VH WUDWD GH
DFXHUGRFRQHOSDVRFRPSUXHEHORVVtQWRPDVFRQFHUQLGRV\GHDFXHUGRFRQORVSDVRV\YXHOYDDFRPSUREDU
HO'7&
6LWUDWDGHGLDJQRVWLFDUXQGHVSHUIHFWRGH'7&EDViQGRVHVRODPHQWHHQHVWHSDVRRVLHQHVWHSDVRQRVHERUUDHO
'7&LQFOX\HQGR'7&SHQGLHQWHHOGLDJQyVWLFRVHUiHUUyQHRVHGLDJQRVWLFDUiQGHVSHUIHFWRVHQXQVLVWHPDFX\D
FRQGLFLyQHVQRUPDORKDEUiGLILFXOWDGHVSDUDORFDOL]DU\SDUDUHSDUDUGHVSHUIHFWRV

127$
(QHOFDVRGHOYHKtFXORFRQ$7VLHQHVWHSDVRVHLQGLFDVRODPHQWHHO'7&3333
33333y3SURFHGDD³',$*1Ï67,&2´HQOD6(&&,Ï1%

3$62\3$62,163(&&,Ï19,68$/
$VHJ~UHVHGHHIHFWXDUODLQVSHFFLyQYLVXDOGHORVHOHPHQWRVVLJXLHQWHVTXHVRSRUWDQHOIXQFLRQDPLHQWRFRUUHFWRGHO
PRWRU

&20321(17(,163(&&,21$'2 6(&&,Ï1'(5()(5(1&,$
‡ $FHLWHGHPRWRUQLYHOIXJDV 6(&&,Ï1%
‡ 5HIULJHUDQWHGHPRWRUQLYHOIXJDV 6(&&,Ï1%
‡ &RPEXVWLEOHQLYHOIXJDV 6(&&,Ï1%
‡ )OXLGRGH$7QLYHOIXJDV 6(&&,Ï1%
‡ )LOWURGHOGHSXUDGRUGHDLUHVXFLHGDGREVWUXFFLRQHV 6(&&,Ï1%
‡ %DWHUtDQLYHOGHHOHFWUyOLWRFRUURVLyQGHOWHUPLQDO 6(&&,Ï1%
‡ &RUUHDGHODERPEDGHDJXD\RFRUUHDGHOYHQWLODGRUGHHQIULDPLHQWR 6(&&,Ï1&
WHQVLyQGDxR
‡ &DEOHGHDFHOHUDGRUMXHJRLQVWDODFLyQ
‡ &DEOHGHDFHOHUDFLyQGH$7MXHJRLQVWDODFLyQ 6(&&,Ï1(
‡ 0DQJXHUDVGHYDFtRGHOVLVWHPDGHDGPLVLyQGHDLUH 6(&&,Ï1(
GHVFRQH[LyQIORMHGDGGHWHULRUDFLyQWRUFHGXUDV 6(&&,Ï1$
‡ &RQHFWRUHVGHPD]RVGHFDEOHVHOpFWULFRVGHVFRQH[LyQIULFFLyQ
‡ )XVLEOHVIXQGLGRV
‡ 3LH]DVLQVWDODFLyQSHUQRVIORMHGDG
‡ 3LH]DVGHIRUPDFLyQ 6(&&,Ï1
‡ 2WUDVSLH]DVTXHSXHGHQVHULQVSHFFLRQDGDVYLVXDOPHQWH
‡ $GHPiVFRPSUXHEHORVHOHPHQWRVVLJXLHQWHVDODUUDQTXHGHOPRWRUVLHV
SRVLEOH
± /X]LQGLFDGRUDGHPDOIXQFLRQDPLHQWRIXQFLRQDPLHQWR
± /X]GHDGYHUWHQFLDGHFDUJDIXQFLRQDPLHQWR
± /X]GHDGYHUWHQFLDGHSUHVLyQGHDFHLWHGHOPRWRUIXQFLRQDPLHQWR
± ,QGLFDGRUGHWHPSHUDWXUDGHOUHIULJHUDQWHGHOPRWRUIXQFLRQDPLHQWR 6(&&,Ï1
± ,QGLFDGRUGHQLYHOGHOFRPEXVWLEOHIXQFLRQDPLHQWR 6(&&,Ï1+
± $VSLUDFLyQDQRUPDOGHDLUHGHVGHHOVLVWHPDGHODGPLVLyQGHDLUH 6(&&,Ï1$
± 6LVWHPDGHHVFDSHIXJDVGHJDVHVGHHVFDSHUXLGRV 6(&&,Ï1
± 2WUDVSLH]DVTXHSXHGHQVHULQVSHFFLRQDGDVYLVXDOPHQWH 6(&&,Ï1

3$62&21),50$&,Ï1'(6Ë1720$6'('(63(5)(&72
&RQILUPHORVVtQWRPDVGHGHVSHUIHFWRHPSOHDQGRODVLQIRUPDFLRQHVREWHQLGDVHQHOSDVRGHO³$1È/,6,6'(/$
48(-$'(/&/,(17(´\HQHOSDVRGHOD³&20352%$&,Ï1'('7&'$726'(,0$*(1&21*(/$'$´$GH
PiVYXHOYDDFRQILUPDUHO'7&GHDFXHUGRFRQHO³352&(',0,(172'(&21),50$&,Ï1'('7&´GHVFULWRHQ
FDGD³7$%/$'()/8-2'('7&´
6-1-16 INFORMACIÓN GENERAL Y DIAGNÓSTICO DEL MOTOR (MOTOR H27)

PASO 6 y PASO 7. NUEVA COMPROBACIÓN Y REGISTRO DEL DTC

Para el procedimiento de comprobación, refiérase a “COMPROBACIÓN DE DTC”, en esta sección.

PASO 8. TABLA DE INSPECCIÓN BÁSICA DEL MOTOR Y DE DIAGNÓSTICO DEL MOTOR

En primer lugar, efectúe la inspección básica del motor de acuerdo con la “TABLA DE FLUJO DE INSPECCIÓN
BÁSICA DEL MOTOR”. Cuando se haya llegado al fin de la tabla de flujo, verifique las piezas del sistema que se sos-
pecha son una causa posible refiriéndose para esto a la “TABLA DE DIAGNÓSTICO DEL MOTOR”, y basándose en
los síntomas que se presentan en el vehículo (síntomas obtenidos de los diferentes pasos del análisis de la queja del
cliente, de la confirmación de síntomas de desperfecto y/o de la inspección básica del motor), y entonces proceda a
reparar o reemplazar las piezas defectuosas, si las hay.

Tabla de flujo de inspección básica del motor

Paso Operación Sí No
1 ¿Se aplicó la “TABLA DE FLUJO DE DIAGNÓSTICO DEL MOTOR”? Vaya al paso 2. Vaya a la “TABLA
DE FLUJO DE
DIAGNÓSTICO
DEL MOTOR”, en
esta sección.
2 Compruebe la tensión de la batería. Vaya al paso 3. Cargue o reem-
¿Es la tensión 11 V, o más? place la batería.
3 ¿Gira el motor para arrancar? Vaya al paso 4. Vaya a “DIAG-
NÓSTICO”, en la
sección 6H.
4 ¿Arranca el motor? Vaya al paso 5. Vaya al paso 7.
5 Compruebe el régimen de ralentí del motor/servicio de la válvula de Vaya al paso 6. Vaya a “TABLA
IAC refiriéndose a “COMPROBACIÓN DEL RÉGIMEN DE RALENTÍ/ DE DIAGNÓS-
SERVICIO DE LA VÁLVULA DE IAC”, en la sección 6E2. TICO DEL
¿Está el resultado de la comprobación de acuerdo con las especifica- MOTOR”, en esta
ciones? sección.
6 Compruebe el calado del encendido. Refiérase a “COMPROBACIÓN Vaya a “TABLA Ajuste el calado
DEL CALADO DEL ENCENDIDO”, en la sección 6F2. DE DIAGNÓS- del encendido.
¿Está el resultado de la comprobación de acuerdo con las especifica-TICO DEL
ciones? MOTOR”, en esta
sección.
7 Compruebe la alimentación de combustible, de la manera siguiente : Vaya al paso 9. Vaya al paso 8.
1) Verifique y asegúrese de que hay suficiente combustible en el
depósito de combustible.
2) Coloque el interruptor de encendido en la posición ON, durante 3
segundos, y enseguida en la posición OFF.
Repita esto unas pocas veces.
¿Se siente la presión de retorno de combustible (sonidos de retorno
del combustible) en la manguera de retorno de combustible, cuando
se coloca el interruptor de encendido en la posición ON?
8 Compruebe el funcionamiento de la bomba de combustible. Vaya a la “TABLA Vaya a la “TABLA
1) ¿Se oyó el sonido de funcionamiento de la bomba de combusti- B-3 DE FLUJO B-1 DE FLUJO
ble, desde el llenador de combustible -durante 3 segundos, DE DIAGNÓS- DE DIAGNÓS-
aproximadamente- después de haber colocado el interruptor de TICO”, en esta TICO”, en esta
encendido en la posición ON, y luego ya no hubo más sonido? sección. sección.
9 Compruebe la chispa de encendido. Refiérase a “PRUEBA DE LA Vaya al paso 10. Vaya a “DIAG-
CHISPA DE ENCENDIDO”, en la sección 6E2. NÓSTICO”, en la
¿Está en buenas condiciones? sección 6F2.
10 Compruebe el inyector de combustible. Refiérase a “INSPECCIÓN Vaya a “TABLA Vaya a la “TABLA
DE INYECTOR DE COMBUSTIBLE”, en la sección 6E2. DE DIAGNÓS- B-2 DE FLUJO
¿Está en buenas condiciones? TICO DEL DE DIAGNÓS-
MOTOR”, en esta TICO”, en esta
sección. sección.
 ,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

3$62/2&$/,=$&,Ï1<5(3$5$&,Ï1'('(63(5)(&7263$5$'7&
%DViQGRVHHQHO'7&LQGLFDGRHQHOSDVRy\UHILULpQGRVHDODWDEODGHIOXMRGHGLDJQyVWLFRGHO'7&FRQFHUQLGR
HQHVWDVHFFLyQXELTXHHOOXJDUGHOGHVSHUIHFWRVHQVRULQWHUUXSWRUPD]RGHFDEOHVFRQHFWRUDFWXDGRUPyGXORGH
(&03&0XRWUDSLH]D\SURFHGDDUHSDUDURUHHPSOD]DUODVSLH]DVGHIHFWXRVDV
3$62&20352%$&,Ï13$5$352%/(0$6,17(50,7(17(6
&RPSUXHEHODVSLH]DVHQODVTXHHVSRVLEOHTXHVHSUHVHQWHXQGHVSHUIHFWRLQWHUPLWHQWHSRUHMHPSORPD]RVGH
FDEOHVFRQHFWRUHVHWF5HILpUDVHD³$9(5Ë$,17(50,7(17(<&21(;,Ï10$/$´HQODVHFFLyQ$\HQORVFLU
FXLWRVUHODFLRQDGRVFRQHO'7&UHJLVWUDGRHQHOSDVR
3$62358(%$'(&21),50$&,Ï1),1$/
&RQILUPHTXHHOVtQWRPDGHOSUREOHPDKDGHVDSDUHFLGR\TXHHOPRWRUHVWiH[HQWRGHFXDOTXLHUFRQGLFLyQDQRUPDO
6LORTXHKDVLGRUHSDUDGRHVWiUHODFLRQDGRFRQHO'7&ERUUHHO'7&XQDYH]HIHFW~HHOSURFHGLPLHQWRGHFRQILUPD
FLyQGH'7&\FRQILUPHTXHQRKD\LQGLFDGRQLQJ~Q'7&GHPDOIXQFLRQDPLHQWRFyGLJRQRUPDOLQGLFDGR
6-1-18 INFORMACIÓN GENERAL Y DIAGNÓSTICO DEL MOTOR (MOTOR H27)

Comprobación de la luz indicadora de mal fun-

cionamiento (MIL)
1) Coloque el interruptor de encendido en la posición ON (pero
con el motor parado), y compruebe que la luz (1) de MIL se
enciende.
Si la luz de MIL no se enciende, vaya a la “Tabla A-1 de Flujo de
diagnóstico” para proceder a la localización y reparación de
desperfectos.
2) Haga arrancar el motor y compruebe que la luz de MIL se
apaga.
3) Si la luz de MIL permanece encendida y no hay DTC memori-
zado en el módulo de ECM (PCM), vaya a la “Tabla A-2 de
Flujo de diagnóstico” para proceder a la detección y reparación
de desperfectos.

Comprobación de código de diagnóstico (DTC)

[Utilizando el instrumento de exploración SUZUKI]
1) Prepare el instrumento de exploración tipo producto libre, o el
instrumento de exploración SUZUKI (2).
2) Con el interruptor de encendido colocado en la posición OFF,
conecte el instrumento de exploración al conector (3) de enlace
de datos (DLC), instalado en el lado inferior del tablero de ins-
trumentos, en el lado del asiento del conductor.
Herramienta especial
(A) : Instrumento de exploración SUZUKI

3) Coloque el interruptor de encendido en la posición ON y com-

pruebe que la luz de MIL se enciende.
4) Lea el DTC y datos de la imagen congelada, de acuerdo con
las instrucciones mostradas en el instrumento de exploración, e
imprima o anote estos datos. Para mayores detalles, refiérase
al Manual del Operador del instrumento de exploración.
Si la comunicación entre el instrumento de exploración y el
módulo de ECM (PCM) es imposible, compruebe la comunica-
bilidad del instrumento de exploración conectándolo al módulo
de ECM (PCM) de otro vehículo. Si ahora la comunicación es
posible, esto indica que el instrumento de exploración está en
buenas condiciones. Enseguida, compruebe el conector de
enlace de datos y la línea (circuito) de datos seriales en el vehí-
culo donde la comunicación era imposible.
5) Después de completar esta verificación, coloque el interruptor
de encendido en la posición OFF y desconecte el instrumento
de exploración, del conector de enlace de datos.
 ,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

>6LQXWLOL]DUHOLQVWUXPHQWRGHH[SORUDFLyQ68=8.,@9HKtFXOR
FRQFRQHFWRUGHYHULILFDFLyQ

 &RPSUXHEHODOX]LQGLFDGRUDGHPDOIXQFLRQDPLHQWR5HILpUDVH
D³&20352%$&,Ï1'(/$/8=,1',&$'25$'(0$/)81
&,21$0,(172´HQHVWDVHFFLyQ
 &RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2))GHVFRQHFWH
HOLQVWUXPHQWRGHH[SORUDFLyQ68=8.,VLHVWiFRQHFWDGR\XWL
OL]DQGRHOFDEOHGHVHUYLFLRFRQHFWHHOWHUPLQDOGHOLQWH
UUXSWRU GH GLDJQyVWLFR DO WHUPLQDO  D PDVD HQ HO DFRSODGRU
GHYHULILFDFLyQ
 &RQ HO LQWHUUXSWRU GH HQFHQGLGR HQ OD SRVLFLyQ 21 \ FRQ HO
PRWRUSDUDGROHDHO'7&LQGLFDGRSRUHOSDWUyQGHGHVWHOORVGH
ODOX]LQGLFDGRUDGHPDOIXQFLRQDPLHQWR5HILpUDVHDOD³7DEOD
GHFyGLJRVGHGLDJQyVWLFR´
6LODOX]SHUPDQHFHHQFHQGLGDYD\DDOD³7DEOD$GH)OXMRGH
GLDJQyVWLFR´

127$
‡ 6LODDQRUPDOLGDGRHOPDOIXQFLRQDPLHQWRFRQFLHUQHGRV
R PiV iUHDV OD OX] LQGLFDGRUD GH PDO IXQFLRQDPLHQWR
LQGLFDORVFyGLJRVDSOLFDEOHVWUHVYHFHVFDGDXQR
<HOGHVWHOORGHHVWRVFyGLJRVVHUHSLWHPLHQWUDVHOWHUPL
QDO GH GLDJQyVWLFR HVWp FRQHFWDGR D PDVD \ HO FRQHFWRU
GHHQFHQGLGRVHDPDQWHQLGRHQODSRVLFLyQ21
‡ 7RPHQRWDGHOFyGLJRGHGLDJQyVWLFRLQGLFDGRHQSULPHU
OXJDU

 'HVSXpV GH KDEHU FRPSOHWDGR OD FRPSUREDFLyQ FRORTXH HO

LQWHUUXSWRU GH HQFHQGLGR HQ OD SRVLFLyQ 2)) \ GHVFRQHFWH HO
FDEOHGHVHUYLFLRGHODFRSODGRUGHYHULILFDFLyQ

%RUUDGRGHOFyGLJRGHGLDJQyVWLFR'7&
>8WLOL]DQGRHOLQVWUXPHQWRGHH[SORUDFLyQ@
 &RQHFWH HO LQVWUXPHQWR GH H[SORUDFLyQ 68=8., R HO LQVWUX
PHQWRGHH[SORUDFLyQWLSRSURGXFWROLEUHDOFRQHFWRUGHHQODFH
GHGDWRV'/&FRQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQOD
SRVLFLyQ2))
 &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21
 %RUUHHO'7&VLJXLHQGRODVLQVWUXFFLRQHVYLVXDOL]DGDVHQHOLQV
WUXPHQWRGHH[SORUDFLyQ
/RV GDWRV GH LPDJHQ FRQJHODGD VRQ ERUUDGRV FRQ HO '7&
5HILpUDVHDOPDQXDOGHLQVWUXFFLRQHVGHOLQVWUXPHQWRGHH[SOR
UDFLyQSDUDPD\RUHVGHWDOOHV
 'HVSXpV GH FRPSOHWDU HO ERUUDGR FRORTXH HO LQWHUUXSWRU GH
HQFHQGLGRHQODSRVLFLyQ2))\GHVFRQHFWHHOLQVWUXPHQWRGH
H[SORUDFLyQGHOFRQHFWRUGHHQODFHGHGDWRV
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

127$
(O'7&\ORVGDWRVGHLPDJHQFRQJHODGDPHPRUL]DGRVHQHO
PyGXOR (&0 3&0 WDPELpQ VRQ ERUUDGRV HQ ORV FDVRV
VLJXLHQWHV$VHJ~UHVHELHQGHQRERUUDUHVWRVGDWRVDQWHV
GHPHPRUL]DUVXUHJLVWUR
‡ &XDQGR VH FRUWD OD DOLPHQWDFLyQ HOpFWULFD DO PyGXOR GH
(&0 3&0 GHVFRQHFWDQGR HO FDEOH GH OD EDWHUtD
VDFDQGR HO IXVLEOH R GHVFRQHFWDQGR ORV FRQHFWRUHV GHO
PyGXORGH(&03&0
‡ &XDQGRHOPLVPRPDOIXQFLRQDPLHQWR'7&QRHVYXHOWR
D GHWHFWDU GXUDQWH  FLFORV GH FDOHQWDPLHQWR GHO PRWRU
5HILpUDVHD³&,&/2'(&$/(17$0,(172´GH³6,67(0$
'( ',$*1Ï67,&2 (1 (/ 9(+Ë&8/2´ HQ HVWD VHFFLyQ
9HKtFXORVLQFRQHFWRUGHYHULILFDFLyQ

>1RXWLOL]DQGRHOLQVWUXPHQWRGHH[SORUDFLyQ@
 &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2))
 'HVFRQHFWH HO FDEOH QHJDWLYR GH OD EDWHUtD GXUDQWH HO WLHPSR
HVSHFLILFDGRDFRQWLQXDFLyQSDUDERUUDUHOFyGLJRGHGLDJQyV
WLFR PHPRUL]DGR HQ OD PHPRULD GHO PyGXOR (&0 \ YXHOYD D
FRQHFWDUHOFDEOH
7LHPSRQHFHVDULRSDUDERUUDUHO'7&

7HPSHUDWXUD 7LHPSRSDUDFRUWDUODDOLPHQWDFLyQHOpF
DPELHQWH WULFDDOPyGXOR(&0
6XSHULRUDƒ& VHJRPiV
,QIHULRUDƒ& 1RHVSHFLILFDEOH
(OLMDXQOXJDUGRQGHODWHPSHUDWXUDVHD
VXSHULRUDƒ&
 ,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

7DEODGHFyGLJRGHGLDJQyVWLFR'7&

/X]GH0,/ /X]GH0,/
&20321(17('(7(& &21',&,Ï1'('(7(&&,Ï1 YHKtFXORVLQ YHKtFXORFRQ
'7&1ƒ
7$'2 (O'7&VHILMDUiFXDQGRVHGHWHFWH FRQHFWRUGH FRQHFWRUGH
YHULILFDFLyQ YHULILFDFLyQ
3
0DOIXQFLRQDPLHQWRGHOFLU 6DOLGDGHVHQVRUGHPDVLDGREDMD
1ƒ FLFORGH FLFORGHFRQ
FXLWRGHIOXMRGHPDVDGH
3 FRQGXFFLyQ GXFFLyQ
DLUH 6DOLGDGHVHQVRUGHPDVLDGRDOWD
1ƒ
3 (QWUDGDEDMDGHOFLUFXLWRGHWHPSHUDWXUDGHO
0DOIXQFLRQDPLHQWRGHOFLU DLUHGHDGPLVLyQ
1ƒ FLFORGH FLFORGHFRQ
FXLWRGHWHPSHUDWXUDGHO
3 (QWUDGDDOWDGHOFLUFXLWRGHWHPSHUDWXUDGHO FRQGXFFLyQ GXFFLyQ
DLUHGHDGPLVLyQ
1ƒ DLUHGHDGPLVLyQ
3 (QWUDGDEDMDGHOFLUFXLWRGHWHPSHUDWXUDGHO
0DOIXQFLRQDPLHQWRGHOFLU
1ƒ UHIULJHUDQWHGHOPRWRU FLFORGH FLFORGHFRQ
FXLWRGHWHPSHUDWXUDGHO
3 (QWUDGDDOWDGHOFLUFXLWRGHWHPSHUDWXUDGHO FRQGXFFLyQ GXFFLyQ
UHIULJHUDQWHGHOPRWRU
1ƒ UHIULJHUDQWHGHOPRWRU
3 (QWUDGDEDMDGHOFLUFXLWRGHSRVLFLyQGHOD
0DOIXQFLRQDPLHQWRGHOFLU PDULSRVDGHJDVHV
1ƒ FLFORGH FLFORGHFRQ
FXLWRGHSRVLFLyQGHOD
3 (QWUDGDDOWDGHOFLUFXLWRGHSRVLFLyQGHOD FRQGXFFLyQ GXFFLyQ
PDULSRVDGHJDVHV
1ƒ PDULSRVDGHJDVHV
3UREOHPDGHIXQFLRQD
FLFORVGH 1R
3 PLHQWRGHOFLUFXLWRGHSRVL )XQFLRQDPLHQWRGHILFLHQWHGHOVHQVRUGH73
FRQGXFFLyQ DSOLFDEOH
FLyQGHODPDULSRVD
7HQVLyQPtQLPDGHVDOLGDGHO+26PD\RU
TXHODVHVSHFLILFDFLRQHV
0DOIXQFLRQDPLHQWRGHOFLU
7HQVLyQPtQLPDGHVDOLGDGHO+26PHQRU FLFORVGH 1R
3 FXLWRGH+26
TXHODVHVSHFLILFDFLRQHV FRQGXFFLyQ DSOLFDEOH
%DQFR6HQVRU
/DWHQVLyQGHVDOLGDGHO+26QRFRQVLJXH
VREUHSDVDUODVHVSHFLILFDFLRQHV
1RVHGHWHFWDDFWLYLGDGHQ /DWHQVLyQGHVDOLGDGHO+26QRFRQVLJXH
3 FLFORVGH FLFORVGH
HOFLUFXLWRGH+26 VREUHSDVDUODVHVSHFLILFDFLRQHVRHOFLUFXLWR
1ƒ FRQGXFFLyQ FRQGXFFLyQ
%DQFR6HQVRU GHO+26HVWiDELHUWR
5HVSXHVWDOHQWDGHOFLU (OWLHPSRGHUHVSXHVWDGHODWHQVLyQGHVDOLGD
FLFORVGH 1R
3 FXLWRGH+26 GHO+26HQWUHULFD\SREUHH[FHGHODV
FRQGXFFLyQ DSOLFDEOH
%DQFR6HQVRU HVSHFLILFDFLRQHV
0DOIXQFLRQDPLHQWRGHOFLU /DWHQVLyQGHWHUPLQDOHVLQIHULRUDODVHVSHFL
FXLWRGHOFDOHQWDGRUGH ILFDFLRQHVFXDQGRHOFDOHQWDGRUHVWiHQ2)) FLFORVGH 1R
3
+26%DQFR6HQVRU RHVVXSHULRUFXDQGRHOFDOHQWDGRUIXQFLRQD FRQGXFFLyQ DSOLFDEOH
 21
0DOIXQFLRQDPLHQWRGHOFLU /DWHQVLyQPi[LPDGHO+26HVPHQRUTXHHO
FLFORVGH 1R
3 FXLWRGH+26%DQFR YDORUHVSHFLILFDGRRVXWHQVLyQPtQLPDHV
FRQGXFFLyQ DSOLFDEOH
6HQVRU PD\RUTXHHOYDORUHVSHFLILFDGR
0DOIXQFLRQDPLHQWRGHOFLU /DWHQVLyQGHWHUPLQDOHVLQIHULRUDODVHVSHFL
FXLWRGHOFDOHQWDGRUGH ILFDFLRQHVFXDQGRHOFDOHQWDGRUHVWiHQ2)) FLFORVGH 1R
3
+26%DQFR6HQVRU RHVVXSHULRUFXDQGRHOFDOHQWDGRUIXQFLRQD FRQGXFFLyQ DSOLFDEOH
 21
7HQVLyQPtQLPDGHVDOLGDGHO+26PD\RU
TXHODVHVSHFLILFDFLRQHV
0DOIXQFLRQDPLHQWRGHOFLU
7HQVLyQPtQLPDGHVDOLGDGHO+26PHQRU FLFORVGH 1R
3 FXLWRGH+26%DQFR
TXHODVHVSHFLILFDFLRQHV FRQGXFFLyQ DSOLFDEOH
6HQVRU
/DWHQVLyQGHVDOLGDGHO+26QRFRQVLJXH
VREUHSDVDUODVHVSHFLILFDFLRQHV
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

/X]GH0,/ /X]GH0,/
&20321(17('(7(& &21',&,Ï1'('(7(&&,Ï1 YHKtFXORVLQ YHKtFXORFRQ
'7&1ƒ
7$'2 (O'7&VHILMDUiFXDQGRVHGHWHFWH FRQHFWRUGH FRQHFWRUGH
YHULILFDFLyQ YHULILFDFLyQ
1RVHGHWHFWDDFWLYLGDGHQ /DWHQVLyQGHVDOLGDGHO+26QRFRQVLJXH
3 FLFORVGH FLFORVGH
HO+26%DQFR6HQ VREUHSDVDUODVHVSHFLILFDFLRQHVRHOFLUFXLWR
1ƒ FRQGXFFLyQ FRQGXFFLyQ
VRU GHO+26HVWiDELHUWR
5HVSXHVWDOHQWDGHOFLU (OWLHPSRGHUHVSXHVWDGHODWHQVLyQGHVDOLGD
FLFORVGH 1R
3 FXLWRGH+26%DQFR GHO+26HQWUHULFD\SREUHH[FHGHODV
FRQGXFFLyQ DSOLFDEOH
6HQVRU HVSHFLILFDFLRQHV
0DOIXQFLRQDPLHQWRGHOFLU /DWHQVLyQGHWHUPLQDOHVLQIHULRUDODVHVSHFL
FXLWRGHOFDOHQWDGRUGH ILFDFLRQHVFXDQGRHOFDOHQWDGRUHVWiHQ2)) FLFORVGH 1R
3
+26%DQFR6HQVRU RHVVXSHULRUFXDQGRHOFDOHQWDGRUIXQFLRQD FRQGXFFLyQ DSOLFDEOH
 21
0DOIXQFLRQDPLHQWRGHOFLU /DWHQVLyQPi[LPDGHO+26HVPHQRUTXH
FLFORVGH 1R
3 FXLWRGH+26%DQFR HOYDORUHVSHFLILFDGRRVXWHQVLyQPtQLPDHV
FRQGXFFLyQ DSOLFDEOH
6HQVRU PD\RUTXHHOYDORUHVSHFLILFDGR
/DWHQVLyQGHWHUPLQDOHVLQIHULRUDODVHVSHFL
0DOIXQFLRQDPLHQWRGHOFLU
ILFDFLRQHVFXDQGRHOFDOHQWDGRUHVWiHQ2))
FXLWRGHOFDOHQWDGRUGH FLFORVGH 1R
3 RHVVXSHULRUFXDQGRHOFDOHQWDGRUIXQFLRQD
+26%DQFR6HQVRU FRQGXFFLyQ DSOLFDEOH
21RFLUFXLWRGHOFDOHQWDGRURFRUWRFLU

FXLWR
(OUHDMXVWHGHFRUWRSOD]RGHOFRPEXVWLEOHR
HOUHDMXVWHWRWDOGHOFRPEXVWLEOHDGLFLyQGHO
6LVWHPDGHFRPEXVWLEOH
FRUWRSOD]R\GHOSOD]RODUJRHVPD\RUTXHHO FLFORVGH 1R
3 GHPDVLDGRSREUH%DQFR
YDORUHVSHFLILFDGRSDUDHOWLHPSRHVSHFLIL FRQGXFFLyQ DSOLFDEOH

FDGRRPiVODUJR(OUHDMXVWHKDFLDHOODGR
ULFRHVPD\RU
(OUHDMXVWHGHFRUWRSOD]RGHOFRPEXVWLEOHR
HOUHDMXVWHWRWDOGHOFRPEXVWLEOHDGLFLyQGHO
6LVWHPDGHFRPEXVWLEOH FRUWRSOD]R\GHOSOD]RODUJRHVPHQRUTXHHO FLFORVGH 1R
3
GHPDVLDGRULFR%DQFR YDORUHVSHFLILFDGRSDUDHOWLHPSRHVSHFLIL FRQGXFFLyQ DSOLFDEOH
FDGRRPiVODUJR(OUHDMXVWHGHFRPEXVWL
EOHKDFLDHOODGRSREUHHVJUDQGH
(OUHDMXVWHGHFRUWRSOD]RGHOFRPEXVWLEOHR
HOUHDMXVWHWRWDOGHOFRPEXVWLEOHDGLFLyQGHO
6LVWHPDGHFRPEXVWLEOH
FRUWRSOD]R\GHOSOD]RODUJRHVPD\RUTXHHO FLFORVGH 1R
3 GHPDVLDGRSREUH%DQFR
YDORUHVSHFLILFDGRSDUDHOWLHPSRHVSHFLIL FRQGXFFLyQ DSOLFDEOH

FDGRRPiVODUJR(OUHDMXVWHGHFRPEXVWL
EOHKDFLDHOODGRULFRHVJUDQGH
(OUHDMXVWHGHFRUWRSOD]RGHOFRPEXVWLEOHR
HOUHDMXVWHWRWDOGHOFRPEXVWLEOHDGLFLyQGHO
6LVWHPDGHFRPEXVWLEOH FRUWRSOD]R\GHOSOD]RODUJRHVPHQRUTXHHO FLFORVGH 1R
3
GHPDVLDGRULFR%DQFR YDORUHVSHFLILFDGRSDUDHOWLHPSRHVSHFLIL FRQGXFFLyQ DSOLFDEOH
FDGRRPiVODUJR(OUHDMXVWHGHFRPEXVWL
EOHKDFLDHOODGRSREUHHVJUDQGH
 ,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

/X]GH0,/ /X]GH0,/
&20321(17('(7(& &21',&,Ï1'('(7(&&,Ï1 YHKtFXORVLQ YHKtFXORFRQ
'7&1ƒ
7$'2 (O'7&VHILMDUiFXDQGRVHGHWHFWH FRQHFWRUGH FRQHFWRUGH
YHULILFDFLyQ YHULILFDFLyQ
3 6HGHWHFWDIDOORGHHQFHQ /DOX]GH0,/
GLGRDOHDWRULR GHVWHOOD
3 6HGHWHFWDIDOORGHHQFHQ /RVIDOORVGHHQFHQGLGRGHHVWHQLYHOSXHGHQ GXUDQWHOD 1R
GLGRGHOFLOLQGUR GDxDUHOFDWDOL]DGRUGHWUHVYtDV GHWHFFLyQGH DSOLFDEOH
3 6HGHWHFWDIDOORGHHQFHQ IDOORVGH
GLGRGHOFLOLQGUR HQFHQGLGR
3 6HGHWHFWDIDOORGHHQFHQ
GLGRGHOFLOLQGUR
3 6HGHWHFWDIDOORGHHQFHQ
/RVIDOORVGHHQFHQGLGRGHHVWHQLYHOSXHGHQ
GLGRGHOFLOLQGUR FLFORVGH 1R
DIHFWDUODVHPLVLRQHVSHURQRFDXVDQGDxRV
3 6HGHWHFWDIDOORGHHQFHQ FRQGXFFLyQ DSOLFDEOH
DOFDWDOL]DGRUGHWUHVYtDV
GLGRGHOFLOLQGUR
3 6HGHWHFWDIDOORGHHQFHQ
GLGRGHOFLOLQGUR
0DOIXQFLRQDPLHQWRGHOFLU 6DOLGDGHVHQVRUGHPDVLDGREDMD
3 FLFORGH FLFORGHFRQ
FXLWRGHOVHQVRUGHGHWR
1ƒ 6DOLGDGHVHQVRUGHPDVLDGRDOWD FRQGXFFLyQ GXFFLyQ
QDFLyQ
0DOIXQFLRQDPLHQWRGHOFLU 1RKD\VHxDOGXUDQWHHOIXQFLRQDPLHQWRGHO
FLFORGH 1R
3 FXLWRGHOVHQVRUGHSRVL PRWRU\ODHQWUDGDGHODVHxDOGHOVHQVRUGH
FRQGXFFLyQ DSOLFDEOH
FLyQGHOFLJHxDO &03
1RKD\VHxDOGXUDQWHVHJXQGRVGXUDQWHHO
0DOIXQFLRQDPLHQWRGHOFLU
3 DUUDQTXHGHOPRWRUHOSDWUyQGHVHxDOHV5() FLFORGH 1R
FXLWRGHOVHQVRUGHSRVL
1ƒ HVLQFRUUHFWRRODWHQVLyQGHODVHxDO326HV FRQGXFFLyQ DSOLFDEOH
FLyQGHOiUEROGHOHYDV
GHPDVLDGRDOWDRGHPDVLDGREDMD
'HWHFFLyQGHPDOIXQFLR
QDPLHQWRGHOIOXMRGHUHFLU FLFORVGH 1R
3 )OXMRGH(*5LQVXILFLHQWHRH[FHVLYR
FXODFLyQGHJDVHVGH FRQGXFFLyQ DSOLFDEOH
HVFDSH
3 0DOIXQFLRQDPLHQWRGHOFLU (OFLUFXLWRHOpFWULFRGHODYiOYXODGH(*5HVWi FLFORGH FLFORGHFRQ
1ƒ FXLWRGHODYiOYXODGH(*5 DELHUWRRHQFRUWRFLUFXLWRDPDVD FRQGXFFLyQ GXFFLyQ
/DVIRUPDVGHODVRQGDVGHVDOLGDGHO+26
5HQGLPLHQWRGHOVLVWHPD \GHO+26VRQVHPHMDQWHV
FLFORVGH 1R
3 GHFDWDOL]DGRULQIHULRUDO (OWLHPSRQHFHVDULRSDUDFRQPXWDUGHODWHQ
FRQGXFFLyQ DSOLFDEOH
QLYHOPtQLPR%DQFR VLyQGHVDOLGDGHO+26DODGHO+26HV
PiVFRUWRTXHHOWLHPSRHVSHFLILFDGR
/DVIRUPDVGHODVRQGDVGHVDOLGDGHO+26
5HQGLPLHQWRGHOVLVWHPD \GHO+26VRQVHPHMDQWHV
FLFORVGH 1R
3 GHFDWDOL]DGRULQIHULRUDO (OWLHPSRQHFHVDULRSDUDFRQPXWDUGHODWHQ
FRQGXFFLyQ DSOLFDEOH
QLYHOPtQLPR%DQFR VLyQGHVDOLGDGHO+26DODGHO+26HV
PiVFRUWRTXHHOWLHPSRHVSHFLILFDGR
0DOIXQFLRQDPLHQWRGHOFLU
(OFLUFXLWRGHODYiOYXODGHFRQWUROGHSXUJD FLFORVGH 1R
3 FXLWRGHODYiOYXODGHFRQ
HVWiDELHUWRRHQFRUWRFLUFXLWRDPDVD FRQGXFFLyQ DSOLFDEOH
WUROGHSXUJD
0DOIXQFLRQDPLHQWRGHO 1RKD\VHxDOFXDQGRVHFRQGXFHHQODSRVL
3 FLFORVGH FLFORGHFRQ
VHQVRUGHYHORFLGDGGHO FLyQ³'´RGXUDQWHHOFRUWHGHFRPEXVWLEOHDO
1ƒ FRQGXFFLyQ GXFFLyQ
YHKtFXOR GHVDFHOHUDU
/DGLIHUHQFLDHQWUHHOUpJLPHQGHUDOHQWt
0DOIXQFLRQDPLHQWRGHO
GHVHDGR\HOUpJLPHQGHUDOHQWtHIHFWLYR FLFORVGH 1R
3 VLVWHPDGHFRQWUROGHDLUH
DFWXDOH[FHGHHOYDORUHVSHFLILFDGRGXUDQWH FRQGXFFLyQ DSOLFDEOH
GHUDOHQWt
PiVWLHPSRTXHHOWLHPSRHVSHFLILFDGR
(UURUGHVXPDGHFRQWURO (UURUGHHVFULWXUDGHGDWRVRHUURUGHVXPD
3 FLFORGH FLFORGHFRQ
GHODPHPRULDGHOPyGXOR GHFRQWUROFXDQGRVHHVFULEHHQHOPyGXOR
1ƒ FRQGXFFLyQ GXFFLyQ
GHFRQWUROLQWHUQR GH(&0
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

/X]GH0,/ /X]GH0,/
&20321(17('(7(& &21',&,Ï1'('(7(&&,Ï1 YHKtFXORVLQ YHKtFXORFRQ
'7&1ƒ
7$'2 (O'7&VHILMDUiFXDQGRVHGHWHFWH FRQHFWRUGH FRQHFWRUGH
YHULILFDFLyQ YHULILFDFLyQ
/DWHQVLyQGHVDOLGDGHOVHQVRUGHSUHVLyQ
0DOIXQFLRQDPLHQWRGHOFLU
DEVROXWDGHOFROHFWRUHVPD\RURPHQRUTXH FLFORVGH 1R
3 FXLWRGHOVHQVRUGHSUHVLyQ
HOYDORUHVSHFLILFDGRRHOFLUFXLWRGHOVHQVRU FRQGXFFLyQ DSOLFDEOH
DEVROXWDGHOFROHFWRU
HVWiDELHUWRRFRUWRFLUFXLWDGRDPDVD
0DOIXQFLRQDPLHQWRGHOFLU
/DSUHVLyQEDURPpWULFDHVLQIHULRURPD\RU FLFORGH 1R
3 FXLWRGHOVHQVRUGHSUHVLyQ
TXHHOYDORUHVSHFLILFDGR FRQGXFFLyQ DSOLFDEOH
EDURPpWULFD
3UREOHPDGHIXQFLRQD /DGLIHUHQFLDHQWUHODSUHVLyQGHOFROHFWRUGH
FLFORVGH 1R
3 PLHQWRGHOVHQVRUGHSUH DGPLVLyQ\ODSUHVLyQEDURPpWULFDHVPD\RU
FRQGXFFLyQ DSOLFDEOH
VLyQEDURPpWULFD TXHHOYDORUHVSHFLILFDGR
0DOIXQFLRQDPLHQWRGHOFLU (OPRWRUDUUDQFDVLQTXHKD\DVHxDOGHOPRWRU
FLFORVGH 1R
3 FXLWRGHVHxDOGHOPRWRUGH GHDUUDQTXHRODVHxDOHQWUDGHVSXpVGHXQ
FRQGXFFLyQ DSOLFDEOH
DUUDQTXH ODUJRSHUtRGRGHVSXpVGHODUUDQTXH
0DOIXQFLRQDPLHQWRGHOD
DOLPHQWDFLyQHOpFWULFDGH 'HVSXpVGHODUUDQTXHGHOPRWRUQRKD\HOHF FLFORGH 1R
3
UHVHUYDGHOPyGXORGH WULFLGDGGHUHVHUYD FRQGXFFLyQ DSOLFDEOH
(&0

3DUDHOVLVWHPDGH$75HILpUDVHDODVHFFLyQ%SDUDHOGLDJQyVWLFR

/X]GH0,/ /X]GH0,/
&20321(17('(7(& &21',&,Ï1'('(7(&&,Ï1 YHKtFXORVLQ YHKtFXORFRQ
'7&1ƒ
7$'2 (O'7&VHILMDUiFXDQGRVHGHWHFWH FRQHFWRUGH FRQHFWRUGH
YHULILFDFLyQ YHULILFDFLyQ
0DOIXQFLRQDPLHQWRGHOFLU (QWUDQVLPXOWiQHDPHQWHVHxDOHVP~OWLSOHVR
3 FLFORVGH 1R
FXLWRGHOLQWHUUXSWRUGH QRHQWUDODVHxDOGHSRVLFLyQ351'y/
1ƒ FRQGXFFLyQ DSOLFDEOH
SRVLFLyQGHODWUDQVPLVLyQ FXDQGRVHFRQGXFHDNPKRPiV
0DOIXQFLRQDPLHQWRGHOFLU /DVHxDOGHVHQVRUGHYHORFLGDGGHHQWUDGD
3 FLFORVGH 1R
FXLWRGHOVHQVRUGHYHORFL HVLQIHULRUDOYDORUHVSHFLILFDGRPLHQWUDVHO
1ƒ FRQGXFFLyQ DSOLFDEOH
GDGGHHQWUDGD PRWRUIXQFLRQD
0DOIXQFLRQDPLHQWRGHOFLU /DVHxDOGHVHQVRUGHYHORFLGDGGHVDOLGDQR
3 FLFORVGH 1R
FXLWRGHOVHQVRUGHYHORFL HVHQWUDGDPLHQWUDVODVHxDOGH966HVWi
1ƒ FRQGXFFLyQ DSOLFDEOH
GDGGHVDOLGD VLHQGRHQWUDGD
$WDVFDPLHQWRRIXQFLRQD
(OIXQFLRQDPLHQWRDFWXDOGH7&&QRHVWiFRQ
PLHQWRGHODYiOYXODVROH FLFORVGH 1R
3 IRUPHFRQHOFRQWURO212))DFWLYDFLyQGHV
QRLGHHQFODYDPLHQWRGH FRQGXFFLyQ DSOLFDEOH
DFWLYDFLyQRUGHQDGRGHVGHHO3&0DO7&&
7&&
/DVHxDOGHYHULILFDFLyQ2))HVGHWHFWDGD
3 (OHFWULFLGDGGHODYiOYXOD FXDQGRODYiOYXODVROHQRLGHGH7&&HVWiDFWL
FLFORGH 1R
1ƒ VROHQRLGHHQFODYD YDGD21RODVHxDOGHYHULILFDFLyQ21HV
FRQGXFFLyQ DSOLFDEOH
1ƒ PLHQWRGH7&& GHWHFWDGDFXDQGRODYiOYXODVROHQRLGHHVWi
GHVDFWLYDGD2))
$WDVFDPLHQWRRIXQFLRQD (OFRQWUROGHFDPELRGHHQJUDQDMHGHVGHHO
FLFORVGH 1R
3 PLHQWRGHODYiOYXODVROH 3&0DOD$7QRFRUUHVSRQGHFRQODSRVLFLyQ
FRQGXFFLyQ DSOLFDEOH
QRLGH$GHFDPELR DFWXDOGHHQJUDQDMHGHOD$7
/DVHxDOGHYHULILFDFLyQ2))HVGHWHFWDGD
3 (OHFWULFLGDGGHODYiOYXOD FXDQGRODYiOYXODVROHQRLGH$GHFDPELR
FLFORGH 1R
1ƒ VROHQRLGH$GHFDP HVWiDFWLYDGD21RODVHxDOGHYHULILFDFLyQ
FRQGXFFLyQ DSOLFDEOH
1ƒ ELR 21HVGHWHFWDGDFXDQGRODYiOYXODVROHQRLGH
$GHFDPELRHVWiGHVDFWLYDGD2))
 ,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

/X]GH0,/ /X]GH0,/
&20321(17('(7(& &21',&,Ï1'('(7(&&,Ï1 YHKtFXORVLQ YHKtFXORFRQ
'7&1ƒ
7$'2 (O'7&VHILMDUiFXDQGRVHGHWHFWH FRQHFWRUGH FRQHFWRUGH
YHULILFDFLyQ YHULILFDFLyQ
$WDVFDPLHQWRRIXQFLRQD (OFRQWUROGHFDPELRGHHQJUDQDMHGHVGHHO
FLFORVGH 1R
3 PLHQWRGHODYiOYXODVROH 3&0DOD$7QRFRUUHVSRQGHFRQODSRVLFLyQ
FRQGXFFLyQ DSOLFDEOH
QRLGH%GHFDPELR DFWXDOGHHQJUDQDMHGHOD$7
/DVHxDOGHYHULILFDFLyQ2))HVGHWHFWDGD
3 (OHFWULFLGDGGHODYiOYXOD FXDQGRODYiOYXODVROHQRLGH%GHFDPELR
FLFORGH 1R
1ƒ VROHQRLGH%GHFDP HVWiDFWLYDGD21RODVHxDOGHYHULILFDFLyQ
FRQGXFFLyQ DSOLFDEOH
1ƒ ELR 21HVGHWHFWDGDFXDQGRODYiOYXODVROHQRLGH
%GHFDPELRHVWiGHVDFWLYDGD2))
/DGLIHUHQFLDHQWUHODYHORFLGDGGHOYHKtFXOR
0DOIXQFLRQDPLHQWRGHOFLU GHWHFWDGDSRUHO966\ODYHORFLGDGGHOYHKt
FLFORVGH 1R
3 FXLWRGHOLQWHUUXSWRUGH FXORGHWHFWDGDSRUHOVHQVRUGHYHORFLGDGGH
FRQGXFFLyQ DSOLFDEOH
EDMD:' VDOLGD\FRPSHQVDGDSRUHOLQWHUUXSWRUGH
EDMD:'HVPD\RUTXHODVHVSHFLILFDFLRQHV

3DUDHOVLVWHPDGHFRQWUROGHOLQPRYLOL]DGRU5HILpUDVHDODVHFFLyQ*SDUDHOGLDJQyVWLFR

/X]GH0,/ /X]GH0,/
&20321(17('(7(& &21',&,Ï1'('(7(&&,Ï1 YHKtFXORVLQ YHKtFXORFRQ
'7&1ƒ
7$'2 (O'7&VHILMDUiFXDQGRVHGHWHFWH FRQHFWRUGH FRQHFWRUGH
YHULILFDFLyQ YHULILFDFLyQ
3 &yGLJRGH(&8QRUHJLV
1ƒ WUDGR
1RKD\FyGLJRGH(&8
3 WUDQVPLWLGRSRUHOPyGXOR
1ƒ GHFRQWUROGHOLQPRYLOL]D
5HILpUDVHDODVHFFLyQ*
GRU
3 0yGXORGH(&0GHIHF
1ƒ WXRVR
3 &yGLJRGH(&8QRFRQFRU
1ƒ GDQWH

127$
‡ (O'7&1ƒFRQXQDVWHULVFR HVGHWHFWDGRVRODPHQWHHQYHKtFXORVVLQFRQHFWRUGHYHULILFDFLyQ
‡ (O'7&1ƒFRQGRVDVWHULVFRV HVGHWHFWDGRVRODPHQWHHQYHKtFXORVFRQFRQHFWRUGHYHULILFDFLyQ
‡ 3DUDHO1ƒPDUFDGRHQODFROXPQDGH'7&VHXWLOL]DSDUDYHKtFXORVFRQFRQHFWRUGHYHULILFDFLyQ
‡ (O'7&1ƒVHYLVXDOL]DFXDQGRQLQJXQRGHORVRWURVFyGLJRVHVLGHQWLILFDGR
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

7DEODGHDSUXHEDGHIDOORV
&XDQGRVHGHWHFWDFXDOTXLHUDGHORV'7&VLJXLHQWHVHOPyGXORGH(&03&0HQWUDHQHOPRGRGHDSUXHEDGH
IDOORV\QRVDOHPLHQWUDVVLJDKDELHQGRPDOIXQFLRQDPLHQWRSHURHVWHPRGRHVDQXODGRFXDQGRHOPyGXORGH(&0
3&0GHVSXpVGHWHFWDTXHODVFRQGLFLRQHVVRQQRUPDOHV

'7&1ƒ È5($'(/'(63(5)(&72 )81&,21$0,(172'($358(%$'()$//26

‡ /DGXUDFLyQGHODDFWLYDFLyQGHOLQ\HFWRUYROXPHQGHODLQ\HFFLyQGH
FRPEXVWLEOHHVGHWHUPLQDGDGHDFXHUGRFRQODDEHUWXUDGHODPDUL
3
6(1625'(0$) SRVDGHJDVHV\HOUpJLPHQGHOPRWRU
1ƒ
‡ /DYiOYXODGH(*5VHGHWLHQH
‡ (OIOXMRGHDLUHGHODYiOYXODGH,$&HVOLPLWDGR
3 &DGDFRQWUROHIHFWXDGRWLHQHFRPRYDORUEiVLFRODWHPSHUDWXUDGH
6(1625'(,$7
1ƒ ƒ&GHODLUHGHDGPLVLyQ
‡ &DGDFRQWUROHIHFWXDGRH[FHSWR$7WLHQHFRPRYDORUEiVLFROD
WHPSHUDWXUDGHƒ&GHOUHIULJHUDQWHGHOPRWRU
3
6(1625'((&7 ‡ (OFRQWUROGH$7HVHIHFWXDGRDVXPLHQGRODWHPSHUDWXUDGHƒ&
1ƒ
PRWRUFDOHQWDGRRPD\RUGHVSXpVGHPLQXWRVFRQWDGRVGHVGHHO
DUUDQTXHGHOPRWRU
‡ &DGDFRQWUROHIHFWXDGRH[FHSWR$7WLHQHFRPRYDORUEiVLFROD
3 WHPSHUDWXUDGHƒ&GHDSHUWXUDGHODPDULSRVDGHJDVHV
6(1625'(73
1ƒ ‡ (OFRQWUROGH$7VHHIHFW~DWRPDQGRFRPRYDORUEiVLFRƒ&GH
DEHUWXUDGHODPDULSRVDGHJDVHV
6(1625'(1,9(/'(/ &DGDFRQWUROHIHFWXDGREDViQGRVHHQHOQLYHOGHGHSyVLWROOHQRGHFRP
3
&20%867,%/( EXVWLEOH
6(1625'(
3 9(/2&,'$''(/9(+Ë (OIOXMRGHDLUHGHODYiOYXODGH,$&HVOLPLWDGR
&8/2
6(1625'(35(6,Ï1 &DGDFRQWUROHIHFWXDGRWLHQHFRPRYDORUEiVLFRODSUHVLyQEDURPpWULFD
3
%$520e75,&$ GHPP+J
(OFRQWUROGHOD$7HVHIHFWXDGRHQHORUGHQGHSULRULGDGVLJXLHQWH/
3 ,17(5583725'(75
1'5\3
0$/)81&,21$0,(172
'(/&,5&8,72'(/6(1
3 (OFRQWUROGH$7HVHIHFWXDGRXWLOL]DQGRXQDVHxDOSURFHGHQWHGHO966
625'(9(/2&,'$''(
6$/,'$
‡ (OFRQWUROGHOD$7XWLOL]DQGRHOHQJUDQDMHGHHVHIHFWXDGRFXDQGR
9È/98/$62/(12,'($
3 VHXWLOL]DODSRVLFLyQ'HQJUDQDMHGHy
'(&$0%,2
‡ 9iOYXODVROHQRLGHGH7&&GHVDFWLYDGD2))
‡ (OFRQWUROGHOD$7XWLOL]DQGRHOHQJUDQDMHGHHVHIHFWXDGRFXDQGR
VHXWLOL]DODSRVLFLyQ'HQJUDQDMHGHy
9È/98/$62/(12,'(% ‡ &XDQGRDPEDVYiOYXODVVROHQRLGH$\%GHFDPELRIDOODQ
3
'(&$0%,2 VLPXOWiQHDPHQWHHOFRQWUROGH$7XWLOL]DQGRHOHQJUDQDMHGHHV
HIHFWXDGRVLHPSUHHQODSRVLFLyQ'
‡ 9iOYXODVROHQRLGHGH7&&GHVDFWLYDGD2))
9È/98/$62/(12,'('(
3 9iOYXODVROHQRLGHHQFODYDPLHQWRGH7&&GHVDFWLYDGD2))
7&&(QFODYDPLHQWR
 ,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

'DWRVGHOLQVWUXPHQWRGHH[SORUDFLyQ
'HELGRDTXHORVYDORUHVGHORVGDWRVOLVWDGRVDFRQWLQXDFLyQVRQYDORUHVHVWiQGDUHVWLPDGRVEDViQGRVHHQORVYDOR
UHVREWHQLGRVXWLOL]DQGRXQLQVWUXPHQWRGHH[SORUDFLyQHQORVYHKtFXORVIXQFLRQDQGRQRUPDOPHQWHHPSOHHHVWRV
GDWRVFRPRYDORUHVGHUHIHUHQFLD$XQFXDQGRHOYHKtFXORHVWpHQEXHQDVFRQGLFLRQHVSXHGHKDEHUFDVRVHQFXDOHV
ORVYDORUHVFRPSUREDGRVQRHVWpQGHQWURGHFDGDLQWHUYDORGHORVGDWRVHVSHFLILFDGRV3RUFRQVLJXLHQWHQRVHGHEH
GHFLGLUTXHKD\DQRUPDOLGDGXWLOL]DQGRHQODFRPSUREDFLyQVRODPHQWHHVWRVGDWRV
$VLPLVPRODVFRQGLFLRQHVGHODWDEODVLJXLHQWHTXHSXHGHQVHUFRPSUREDGDVSRUHOLQVWUXPHQWRGHH[SORUDFLyQVRQ
ODVWUDQVPLWLGDVSRUHOPyGXORGH(&03&0FRPRFRPDQGRV\SXHGHVXFHGHUTXHKD\DFDVRVHQORVTXHHOPRWRU
RHODFWXDGRUQRHVWpIXQFLRQDQGRHQODFRQGLFLyQFRPRLQGLFDGRSRUHOLQVWUXPHQWRGHH[SORUDFLyQ$VHJ~UHVHGH
XWLOL]DUODOX]HVWURERVFySLFDGHFDODGRSDUDFRPSUREDUHOFDODGRGHOHQFHQGLGRUHILULpQGRVHDODVHFFLyQ)

127$
‡ /RVHOHPHQWRVPDUFDGRVFRQXQDVWHULVFR✱HQODFROXPQD³2WUR´SXHGHQVHUOHtGRVVRODPHQWHFRQHO
LQVWUXPHQWRGHH[SORUDFLyQ68=8.,
‡ &XDQGR FRPSUXHEH ORV GDWRV FRQ HO PRWRU IXQFLRQDQGR HQ UDOHQWt R DFHOHUDQGR DVHJ~UHVH GH TXH OD
SDODQFD GH 07 VH HQFXHQWUD HQ SXQWR PXHUWR R TXH OD GH $7 VH HQFXHQWUD HQ OD SRVLFLyQ ³$SDUFD
PLHQWR´\WLUHFRPSOHWDPHQWHGHOIUHQRGHDSDUFDPLHQWR$GHPiVVLQRVHLQGLFDQDGDR³QRORDGVLQ
FDUJD´ HV LQGLFDGR GHVDFWLYH 2)) HO $& WRGRV ORV GLVSRVLWLYRV HOpFWULFRV 36 \ WRGRV ORV GHPiV
LQWHUUXSWRUHVQHFHVDULRV

&21',&,21(6
'$726'(/,16758
&21',&,Ï1 1250$/(69$/25 2752
0(172'((;3/25$&,Ï1
'(5()(5(1&,$
&22/$177(03 $OUpJLPHQGHUDOHQWtHVSHFLILFDGRGHVSXpVGH
7HPSHUDWXUDGHOUHIULJH FDOHQWDUHOPRWRU ±ƒ&
UDQWHGHOPRWRU
,17$.($,57(037HPSH $OUpJLPHQGHUDOHQWtHVSHFLILFDGRGHVSXpVGH 7HPSHUDWXUD
UDWXUDGHODLUHGHDGPLVLyQ FDOHQWDUHOPRWRU DPELHQWH
ƒ&
±ƒ&
'(6,5(,'/( $OUpJLPHQGHUDOHQWtVLQFDUJDGHVSXpVGHFDOHQ
5pJLPHQGHUDOHQWt WDUHOPRWRU USP ✱
GHVHDGR
&/26('7+527326 ,QWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21SHGDO
21
3RVLFLyQFHUUDGDGHODPDUL GHODFHOHUDGRUOLEHUDGR
SRVDGHJDVHV ✱
,QWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21SHGDO
2))
GHODFHOHUDGRUSUHVLRQDGR
,$&)/2:'87<6HUYLFLR $OUpJLPHQGHUDOHQWtHVSHFLILFDGRGHVSXpVGH
± ✱
GHIOXMRGHO,$& FDOHQWDUHOPRWRU
(1*,1(63(('5pJLPHQ $OUpJLPHQGHUDOHQWtVLQFDUJDGHVSXpVGHFDOHQ 5pJLPHQGHUDOHQWt
GHOPRWRU WDUHOPRWRU GHVHDGR
“USP
6+257)7% $OUpJLPHQGHUDOHQWtHVSHFLILFDGRGHVSXpVGH
5HDMXVWHGHSOD]RFRUWRGHO FDOHQWDUHOPRWRU ±a
FRPEXVWLEOH
6+257)7% $OUpJLPHQGHUDOHQWtHVSHFLILFDGRGHVSXpVGH
5HDMXVWHGHSOD]RFRUWRGHO FDOHQWDUHOPRWRU ±a
FRPEXVWLEOH
/21*)7% $OUpJLPHQGHUDOHQWtHVSHFLILFDGRGHVSXpVGH
5HDMXVWHGHSOD]RODUJRGHO FDOHQWDUHOPRWRU ±a
FRPEXVWLEOH
/21*)7% $OUpJLPHQGHUDOHQWtHVSHFLILFDGRGHVSXpVGH
5HDMXVWHGHSOD]RODUJRGHO FDOHQWDUHOPRWRU ±a
FRPEXVWLEOH
,*1,7,21$'9$1&( $OUpJLPHQGHUDOHQWtHVSHFLILFDGRVLQFDUJDGHV
±ƒ
$YDQFHGHOHQFHQGLGR SXpVGHFDOHQWDUHOPRWRU
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

&21',&,21(6
'$726'(/,16758
&21',&,Ï1 1250$/(69$/25 2752
0(172'((;3/25$&,Ï1
'(5()(5(1&,$
%$77(5<92/7$*(7HQ ,QWHUUXSWRUGHHQFHQGLGRHQ21PRWRUSDUDGR
±9 ✱
VLyQGHODEDWHUtD
0$)&DXGDOGHIOXMRGH $OUpJLPHQGHUDOHQWtHVSHFLILFDGRVLQFDUJDGHV
±JV
PDVDGHDLUH SXpVGHFDOHQWDUHOPRWRU
$USPVLQFDUJDGHVSXpVGHFDOHQWDUHO
±JV
PRWRU
,1-38/6(:,'7+% $OUpJLPHQGHUDOHQWtHVSHFLILFDGRVLQFDUJDGHV
±PVHJ
'XUDFLyQGHODLPSXOVLyQGH SXpVGHFDOHQWDUHOPRWRU
✱
LQ\HFFLyQGHFRPEXVWLEOH $USPVLQFDUJDGHVSXpVGHFDOHQWDUHO
±PVHJ
PRWRU
,1-38/6(:,'7+% $OUpJLPHQGHUDOHQWtHVSHFLILFDGRVLQFDUJDGHV
±PVHJ
'XUDFLyQGHODLPSXOVLyQGH SXpVGHFDOHQWDUHOPRWRU
✱
LQ\HFFLyQGHFRPEXVWLEOH $USPVLQFDUJDGHVSXpVGHFDOHQWDUHO
±PVHJ
PRWRU
7+5277/(326 ,QWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21PRWRU
±
3RVLFLyQDEVROXWDGHOD FDOHQWDGRSDUDGRSHGDOGHODFHOHUDGRUOLEHUDGR
PDULSRVDGHJDVHV ,QWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21PRWRU
FDOHQWDGRSDUDGRSHGDOGHODFHOHUDGRUSUHVLRQDGR ±
DIRQGR
736(162592/7 ,QWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21PRWRU
±9
7HQVLyQGHVDOLGDGHOVHQVRU FDOHQWDGRSDUDGRSHGDOGHODFHOHUDGRUOLEHUDGR
GH73 ,QWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21PRWRU ✱
FDOHQWDGRSDUDGRSHGDOGHODFHOHUDGRUSUHVLRQDGR ±9
DIRQGR
26%6 $OUpJLPHQGHUDOHQWtHVSHFLILFDGRGHVSXpVGH
7HQVLyQGHVDOLGDGHO FDOHQWDUHOPRWRU ±9
+26
26%6 &XDQGRHOPRWRUIXQFLRQDDUSPGXUDQWH
7HQVLyQGHVDOLGDGHO PLQXWRVRPiVGHVSXpVGHFDOHQWDUHOPRWRU ±9
+26
26%6 &XDQGRHOPRWRUIXQFLRQDDUSPGXUDQWH
7HQVLyQGHVDOLGDGHO PLQXWRVRPiVGHVSXpVGHFDOHQWDUHOPRWRU ±9
+26
26%6 &XDQGRHOPRWRUIXQFLRQDDUSPGXUDQWH
7HQVLyQGHVDOLGDGHO PLQXWRVRPiVGHVSXpVGHFDOHQWDUHOPRWRU ±9
+26
)8(/6<67(0% $OUpJLPHQGHUDOHQWtHVSHFLILFDGRGHVSXpVGH
(VWDGRGHOVLVWHPDGHFRP FDOHQWDUHOPRWRU &HUUDGD ✱
EXVWLEOH
)8(/6<67(0% $OUpJLPHQGHUDOHQWtHVSHFLILFDGRGHVSXpVGH
(VWDGRGHOVLVWHPDGHFRP FDOHQWDUHOPRWRU &HUUDGD
EXVWLEOH
&$/&/2$' $OUpJLPHQGHUDOHQWtHVSHFLILFDGRVLQFDUJDGHV
±
9DORUGHODFDUJDFDOFXODGD SXpVGHFDOHQWDUHOPRWRU
$USPVLQFDUJDGHVSXpVGHFDOHQWDUHO
±
PRWRU
727$/)775,0% $OUpJLPHQGHUDOHQWtHVSHFLILFDGRGHVSXpVGH
5HDMXVWHWRWDOGHOFRPEXVWL FDOHQWDUHOPRWRU ±± ✱
EOH%
727$/)775,0% $OUpJLPHQGHUDOHQWtHVSHFLILFDGRGHVSXpVGH
5HDMXVWHWRWDOGHOFRPEXVWL FDOHQWDUHOPRWRU ±±
EOH%
 ,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

&21',&,21(6
'$726'(/,16758
&21',&,Ï1 1250$/(69$/25 2752
0(172'((;3/25$&,Ï1
'(5()(5(1&,$
0$33UHVLyQDEVROXWDGHO $OUpJLPHQGHUDOHQWtHVSHFLILFDGRGHVSXpVGH
±N3D
FROHFWRU FDOHQWDUHOPRWRU
&$1,6735*'87< $OUpJLPHQGHUDOHQWtHVSHFLILFDGRGHVSXpVGH
6HUYLFLRGHOIOXMRGHSXUJD FDOHQWDUHOPRWRU  ✱
GHOUHFLSLHQWHGHHYDS
9(+,&/(63(('9HORFL 9HKtFXORGHWHQLGR
NPK03+
GDGGHOYHKtFXOR
)8(/&87&RUWHGHFRP &XDQGRHOPRWRUHVWiHQODFRQGLFLyQGHFRUWHGH
21
EXVWLEOH FRPEXVWLEOH
✱
&RQGLFLyQTXHQRVHDODFRQGLFLyQGHFRUWHGHFRP
2))
EXVWLEOH
(*59$/9(9iOYXODGH $OUpJLPHQGHUDOHQWtHVSHFLILFDGRGHVSXpVGH
 ✱
(*5 FDOHQWDUHOPRWRU
%/2:(5)$19HQWLODGRU ,QWHUUXSWRUGHHQFHQGLGRHQ21HLQWHUUXSWRUGHO
21
GHOVRSODGRU YHQWLODGRUGHVRSODGRUHQSRVLFLyQ21
✱
,QWHUUXSWRUGHHQFHQGLGRHQ21HLQWHUUXSWRUGHO
2))
YHQWLODGRUGHVRSODGRUHQSRVLFLyQ2))
$&&21'(16(5)$1 ,QWHUUXSWRUGHHQFHQGLGRHQ21\$&QRIXQFLR
2))
9HQWLODGRUGHOFRQGHQVDGRU QDQGR ✱
GHO$& ,QWHUUXSWRUGHHQFHQGLGRHQ21\$&IXQFLRQDQGR 21
3636:,7&+,QWHUUXSWRUGH 0RWRUIXQFLRQDQGRHQUpJLPHQGHUDOHQWt\YRODQWH
363 GHGLUHFFLyQHQODSRVLFLyQGHWUD\HFWRULDUHFWD 2))
KDFLDDGHODQWH
✱
0RWRUIXQFLRQDQGRHQUpJLPHQGHUDOHQWt\YRODQWH
GHGLUHFFLyQJLUDGRFRPSOHWDPHQWHDODL]TXLHUGDR 21
DODGHUHFKDKDVWDTXHWRSH
$&6:,7&+,QWHUUXSWRUGH &XDQGRHO$&QRHVWiIXQFLRQDQGR 2))
$& &XDQGRHO$&HVWiIXQFLRQDQGR ✱
21
VLHVWiHTXLSDGR
3136,*1$/,QWHUUXSWRUGH ,QWHUUXSWRUGHHQFHQGLGRHQSRVLFLyQ21SDODQFD
3RVLFLyQ31
SRVLFLyQGHODWUDQVPLVLyQ VHOHFWRUDHQODSRVLFLyQ³3´R³1´
3DUD$7 ✱
,QWHUUXSWRUGHHQFHQGLGRHQSRVLFLyQ21SDODQFD
3RVLFLyQ'
VHOHFWRUDHQODSRVLFLyQ³5´³'´³´y³/´
)8(/7$1./(9(/1LYHO ,QWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21
HQHOGHSyVLWRGHFRPEXVWL ± ✱
EOH
(/(&75,&/2$'&DUJD ,QWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21OXFHV
2)) ✱
HOpFWULFD SHTXHxDVDSDJDGDV2))
,QWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21OXFHV
21 ✱
SHTXHxDVHQFHQGLGDV21
9666HQVRUGHYHORFLGDG 9HKtFXORGHWHQLGR
NPK03+ ✱
GHOYHKtFXORSDUD$7
*($5326,7,213RVLFLyQ ,QWHUUXSWRUGHHQFHQGLGRHQSRVLFLyQ21SDODQFD
GHHQJUDQDMHSDUD$7 VHOHFWRUDHQODSRVLFLyQ³5´³'´³´y³/´\YHKt  ✱
FXORGHWHQLGR
7+527326/(9(/ ³´FHUFDGHODSRVLFLyQGHUDOHQWt³´³´³´³´³´³´y³´FHUFDGH
1LYHOGHSRVLFLyQGHPDUL ODSRVLFLyQFRPSOHWDPHQWHDELHUWDVHYLVXDOL]DVHJ~QVHDODDEHUWXUDGH ✱
SRVDSDUD$7 ODPDULSRVDGHJDVHV
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

&21',&,21(6
'$726'(/,16758
&21',&,Ï1 1250$/(69$/25 2752
0(172'((;3/25$&,Ï1
'(5()(5(1&,$
6+,)762/$ ,QWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21
&216HxDOGHFRPDQGRGH /DSDODQFDVHOHFWRUDHVFDPELDGDDODSRVLFLyQ³3´
ODYiOYXODVROHQRLGHGH ³5´³1´³'´³´y³/´
FDPELR 9HKtFXORVHGHWLHQH 21 ✱
0219HULILFDFLyQGHODYiO
YXODVROHQRLGHGHFDP
ELR3DUD$7
6+,)762/% ,QWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21
&216HxDOGHFRPDQGRGH /DSDODQFDVHOHFWRUDHVFDPELDGDDODSRVLFLyQ³3´
ODYiOYXODVROHQRLGHGH ³5´³1´³'´³´y³/´
FDPELR 9HKtFXORVHGHWLHQH 2)) ✱
0219HULILFDFLyQGHODYiO
YXODVROHQRLGHGHFDP
ELR3DUD$7
7&&62/IRU$7 ,QWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21
&216HxDOGHFRPDQGRGH /DSDODQFDVHOHFWRUDHVFDPELDGDDODSRVLFLyQ³3´
ODYiOYXODVROHQRLGHGH ³5´³1´³'´³´y³/´
HPEUDJXHGHOFRQYHUWLGRUGH 9HKtFXORVHGHWLHQH
2)) ✱
SDU
0219HULILFDFLyQGHODYiO
YXODVROHQRLGHGHOHPEUD
JXHGHOFRQYHUWLGRUGHSDU
75$165$1*(3RVLFLyQ ,QWHUUXSWRUGHHQFHQGLGRHQSRVLFLyQ21SDODQFD
GHODWUDQVPLVLyQ VHOHFWRUDHQODSRVLFLyQ³3´³5´³1´³'´³´y³/´ 351'y/ ✱
SDUD$7
%5$.(6:,QWHUUXSWRUGH ,QWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21SHGDO
2))
IUHQR GHIUHQROLEHUDGR
,QWHUUXSWRUGH)UHQRVOXFHV ,QWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21SHGDO ✱
GHSDUDGD GHIUHQRSUHVLRQDGR 21
SDUD$7
2'2))6: ,QWHUUXSWRUGHHQFHQGLGRHQSRVLFLyQ21HLQWHUUXS
2))
,QWHUUXSWRUGHFRUWHGH WRUGHFRUWHGHVREUHPDUFKDHQ2))
✱
VREUHPDUFKD ,QWHUUXSWRUGHHQFHQGLGRHQSRVLFLyQ21HLQWHUUXS
21
WRUGHFRUWHGHVREUHPDUFKDHQ21
02'(6(/(&76: ,QWHUUXSWRUGHHQFHQGLGRHQSRVLFLyQ21LQWHUUXS
1250$/
,QWHUUXSWRUGHFDPELRSRWHQ WRUGHFDPELRHQODSRVLFLyQQRUPDO
✱
FLDQRUPDO3DUD$7 ,QWHUUXSWRUGHHQFHQGLGRHQSRVLFLyQ21LQWHUUXS
327(1&,$
WRUGHFDPELRHQODSRVLFLyQSRWHQFLD
:'/6: ,QWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21
,QWHUUXSWRUGHEDMD:' SDODQFDGHWUDQVIHUHQFLDFDPELDGDDODSRVLFLyQ 2))
³+´y³+´
✱
,QWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21
SDODQFDGHWUDQVIHUHQFLDFDPELDGDDODSRVLFLyQ 21
³/´
 INFORMACIÓN GENERAL Y DIAGNÓSTICO DEL MOTOR (MOTOR H27) 6-1-31

Definiciones de los datos del instrumento de exploración

COOLANT TEMP (Temperatura del refrigerante del motor, °C)
Es detectada por el sensor de temperatura del refrigerante del motor.

INTAKE AIR TEMP (°C) (Temperatura del aire de admisión)

Es detectada por el sensor de temperatura del aire de admisión.

DESIRED IDLE (Régimen de ralentí deseado, rpm)

El régimen de ralentí deseado es un parámetro interno del módulo de ECM (PCM) que indica el régimen de ralentí
requerido por el módulo de ECM (PCM). Si el motor no está funcionando, este número no es válido.

CLOSED THROT POS (Posición cerrada de la mariposa de gases, ON/OFF)

Este parámetro será ON cuando la mariposa de gases esté completamente cerrada. O indicará OFF cuando la mari-
posa de gases no esté cerrada completamente.

IAC FLOW DUTY (Ciclo de trabajo de flujo del IAC, %)

Este parámetro indica el porcentaje de abertura de la válvula de IAC que controla el flujo de derivación de aire.

ENGINE SPEED (Régimen del motor) (rpm)

Es calculada mediante impulsiones de referencia procedentes del sensor de posición del árbol de levas.

SHORT FT B1 (Reajuste de plazo corto de combustible, banco 1, %) / SHORT FT B2 (Reajuste de plazo

corto de combustible, banco 2, %)
El valor del reajuste de plazo corto del combustible representa las correcciones de plazo corto hechas al cálculo de la
mezcla de aire/combustible. Un valor “0” indica que no hay corrección, un valor superior a “0” indica una corrección
de enriquecimiento de la mezcla, y un valor inferior a “0” indica una corrección de empobrecimiento de la mezcla de
aire/combustible.

LONG FT B1 (Reajuste de plazo largo de combustible, banco 1, %) / LONG FT B2 (Reajuste de plazo

largo de combustible, banco 2, %)
El valor del reajuste de plazo largo del combustible representa las correcciones de plazo largo hechas al cálculo de la
mezcla de aire/combustible. Un valor “0” indica que no hay corrección, un valor superior a “0” indica una corrección
de enriquecimiento de la mezcla, y un valor inferior a “0” indica una corrección de empobrecimiento de la mezcla de
aire/combustible.

IGNITION ADVANCE (Avance del calado del encendido del cilindro N° 1, °)

El calado del encendido del cilindro N° 1 es controlado por el módulo de ECM (PCM). El calado de encendido actual
debe ser comprobado utilizando la luz estroboscópica de calado.

BATTERY VOLTAGE (Tensión de la batería) (V)

Este parámetro indica la tensión positiva de la batería que llega al módulo de ECM (PCM), procedente del relé princi-
pal.

MAF (Caudal de flujo de masa de aire, g/s)

Representa la masa total de aire que entra en el colector de admisión, la que es medida por el sensor de flujo de
masa de aire.

INJ PULSE WIDTH B1 (Duración de la impulsión de inyección de combustible, banco 1, msec) / INJ
PULSE WIDTH B2 (Duración de la impulsión de inyección de combustible, banco 2, msec)
Este parámetro indica la duración de la activación (levantamiento de la aguja) del inyector, que es enviada por el
módulo de ECM (PCM).

THROTTLE POS (Posición absoluta de la mariposa de gases, %)

Cuando la mariposa de gases está en la posición completamente cerrada, la abertura de la mariposa de gases está
indicada por 0 %, y cuando está en la posición abierta completamente, la posición de la mariposa está indicada por
100 %.
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

736(162592/77HQVLyQGHVDOLGDGHOVHQVRUGH739
/DOHFWXUDGHOVHQVRUGHSRVLFLyQGHODPDULSRVDGHJDVHVVXPLQLVWUDLQIRUPDFLRQHVHQIRUPDGHWHQVLyQVREUHOD
DEHUWXUDGHODPDULSRVDGHJDVHV

26%67HQVLyQGHVDOLGDGHOVHQVRU+26GHEDQFR926%67HQVLyQGHVDOLGDGHOVHQ

VRU+26GHEDQFR9
(VWHVHQVRULQGLFDODWHQVLyQGHVDOLGDGHO6(1625+26LQVWDODGRHQHOFROHFWRUGHHVFDSHSUHFDWDOL]DGRU

26%67HQVLyQGHVDOLGDGHOVHQVRU+26GHEDQFR926%67HQVLyQGHVDOLGDGHOVHQ

VRU+26GHEDQFR9
(VWHVHQVRULQGLFDODWHQVLyQGHVDOLGDGHO6(1625+26LQVWDODGRHQHOWXERGHHVFDSHSRVWFDWDOL]DGRU(V
XWLOL]DGRSDUDGHWHFWDUODGHWHULRUDFLyQGHOFDWDOL]DGRU

)8(/6<67(0%(VWDGRGHOVLVWHPDGHFRPEXVWLEOHEDQFR)8(/6<67(0%(VWDGRGHOVLVWHPD

GHFRPEXVWLEOHEDQFR
(OHVWDGRGHOEXFOHGHUHWURDOLPHQWDFLyQGHODUHODFLyQGHDLUHFRPEXVWLEOHHVYLVXDOL]DGRFRPR
23(1$ELHUWR(OEXFOHDELHUWRWRGDYtDQRKDVDWLVIHFKRODVFRQGLFLRQHVSDUDOOHJDUDVHUEXFOHFHUUDGR
&/26('&HUUDGR%XFOHFHUUDGRTXHXWLOL]DHOORVVHQVRUHVSDUDUHWURDOLPHQWDULQIRUPDFLRQHVXWLOL]DEOHVSDUDHO
FRQWUROGHOFRPEXVWLEOH
23(1'5,9( &21' &RQGLFLyQ DELHUWR SRU FRQGXFFLyQ  %XFOH DELHUWR GHELGR D ODV FRQGLFLRQHV GH FRQGXFFLyQ
HQULTXHFLPLHQWRGHSRWHQFLDHWF
23(16<6)$8/7)DOORGHVLVWHPDDELHUWR%XFOHDELHUWRGHELGRDOIDOORGHVLVWHPDGHWHFWDGR
&/26('21(26%XFOHFHUUDGRFRQXQVHQVRUGHR[tJHQR%XFOHFHUUDGRSHURKD\IDOORHQXQVHQVRUGHR[t
JHQRSRUORPHQRV3RGUtDHVWDUXWLOL]DQGRVRODPHQWHXQVHQVRUGHR[tJHQRSDUDFRQWURODUHOFRPEXVWLEOH

&$/&/2$'9DORUGHODFDUJDFDOFXODGD
/DFDUJDGHOPRWRUHVPRVWUDGDFRPRXQSRUFHQWDMHGHODFDUJDPi[LPDSRVLEOH(OYDORUHVFDOFXODGRPDWHPiWLFD
PHQWHDSOLFDQGRODIyUPXOD9ROXPHQDFWXDOFRUULHQWHGHDLUHGHDGPLVLyQ÷YROXPHQPi[LPRSRVLEOHGHDLUHGH
DGPLVLyQ [

727$/)8(/75,05($-867(727$/'(/&20%867,%/(
(OYDORUGHOUHDMXVWHWRWDOGHOFRPEXVWLEOHHVREWHQLGRDGLFLRQDQGRORVYDORUHVGHOUHDMXVWHGHSOD]RFRUWRGHOFRPEXV
WLEOH\HOUHDMXVWHGHSOD]RODUJRGHOFRPEXVWLEOH(VWHYDORULQGLFDFXiQWDFRUUHFFLyQHVQHFHVDULDSDUDPDQWHQHUOD
PH]FODHVWHTXLRPpWULFDGHDLUHFRPEXVWLEOH

&$1,6735*'87<6HUYLFLRGHOIOXMRGHSXUJDGHOUHFLSLHQWHGH(9$3
(VWH SDUiPHWUR LQGLFD OD SURSRUFLyQ GH WLHPSR GH DFWLYLGDG YiOYXOD DELHUWD21 GH OD YiOYXOD GHQWUR GH XQ FLFOR
ILMDGRGHODYiOYXODVROHQRLGHGHSXUJDGHOUHFLSLHQWHGH(9$3TXHFRQWURODODFDQWLGDGGHSXUJDGH(9$3

9(+,&/(63(('9HORFLGDGGHOYHKtFXORNPK

(VFDOFXODGDEDViQGRVHHQVHxDOHVGHLPSXOVLRQHVSURFHGHQWHVGHOVHQVRUGHYHORFLGDGGHOYHKtFXORHQODWUDQVIH
UHQFLDRHQODWUDQVPLVLyQ

)8(/&87&RUWHGHFRPEXVWLEOH212))

21(OFRPEXVWLEOHHVWiVLHQGRFRUWDGRODVHxDOGHVDOLGDDOLQ\HFWRUHVSDUDGD
2))(OFRPEXVWLEOHQRHVWiVLHQGRFRUWDGR

0$33UHVLyQDEVROXWDGHOFROHFWRUGHDGPLVLyQPP+JN3D
(VWHSDUiPHWURLQGLFDODSUHVLyQDEVROXWDHQHOFROHFWRUGHDGPLVLyQ

$&&21'(16(5)$19HQWLODGRUGHOFRQGHQVDGRUGHO$&212))

(VWHSDUiPHWURLQGLFDHOHVWDGRGHODVHxDOGHFRQWUROGHOYHQWLODGRUGHOFRQGHQVDGRUGHO$&

%/2:(5)$19HQWLODGRUGHOVRSODGRU212))

(VWHSDUiPHWURLQGLFDHOHVWDGRGHOLQWHUUXSWRUGHOPRWRUGHOYHQWLODGRUGHOVRSODGRU
 ,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

(*59$/9(9iOYXODGH(*5
(VWHSDUiPHWURLQGLFDHOSRUFHQWDMHGHDEHUWXUDGHODYiOYXODGH(*5TXHFRQWURODODFDQWLGDGGHOIOXMRGH(*5

$&6:,7&+,QWHUUXSWRUGH$&212))

21(OFRPDQGRSDUDHOIXQFLRQDPLHQWRGHO$&HVWiVLHQGRHQYLDGRGHVGHHODPSOLILFDGRUGHO$&DOFRPSUHVRU
2))1RVHHVWiHPLWLHQGRHOFRPDQGRSDUDHOIXQFLRQDPLHQWR

3636:,7&+,QWHUUXSWRUGH363212))

21363GHWHFWDHOIXQFLRQDPLHQWRGHOD36SUHVLyQDOWDGH36
2))363QRGHWHFWDIXQFLRQDPLHQWRGHOD36

3136,*1$/,QWHUUXSWRUGHSRVLFLyQGHODWUDQVPLVLyQSRVLFLyQ31R'
6HYLVXDOL]DVLHOLQWHUUXSWRUGHSRVLFLyQGHODWUDQVPLVLyQLQWHUUXSWRUGHSRVLFLyQ31HVWiHQODSRVLFLyQ3R1RHQ
ODSRVLFLyQ5'R/6LHVWiHQODSRVLFLyQ3R1VHYLVXDOL]D³SRVLFLyQ31´\VLHVWiHQODSRVLFLyQ5'R/VH
YLVXDOL]D³SRVLFLyQ'´

)8(/7$1./(9(/1LYHOHQHOGHSyVLWRGHFRPEXVWLEOH
(VWHSDUiPHWURLQGLFDDSUR[LPDGDPHQWHHOQLYHOGHOFRPEXVWLEOHHQHOGHSyVLWRGHFRPEXVWLEOH'HELGRDTXHHO
LQWHUYDORGHGHWHFFLyQGHOVHQVRUGHQLYHOHVWiILMDGRGHDHVSRVLEOHTXHHQDOJXQRVPRGHORVFRQGHSy
VLWRGHFDSDFLGDGPiVSHTXHxDHOQLYHOLQGLFDGRVHDDXQTXHHOGHSyVLWRHVWpFRPSOHWDPHQWHOOHQR

(/(&75,&/2$'&DUJDHOpFWULFD212))

21,QWHUUXSWRUGHOXFHVSHTXHxDVHQSRVLFLyQ21RLQWHUUXSWRUGHGHVHPSDxDGRUGHOXQHWDWUDVHUDHQSRVLFLyQ
21
2)),QWHUUXSWRUGHOXFHVSHTXHxDVHQSRVLFLyQ2))\LQWHUUXSWRUGHGHVHPSDxDGRUGHOXQHWDWUDVHUDHQSRVLFLyQ
2))

966$79HORFLGDGGHOYHKtFXORPRGHOR$7NPK

(VFDOFXODGDEDViQGRVHHQVHxDOHVGHLPSXOVLRQHVSURFHGHQWHVGHOVHQVRUGHYHORFLGDGGHOYHKtFXORHQODWUDQVPL
VLyQDXWRPiWLFDGHYHORFLGDGHV

7+527326/(9(/1LYHOGHSRVLFLyQGHODPDULSRVDGHJDVHVSDUD$7³´³´³´³´³´³´³´
y³´
(VWHSDUiPHWURLQGLFDHQFXiOQLYHO]RQDHVWiODDEHUWXUDGHODPDULSRVDGHJDVHV
/DDEHUWXUDGHODPDULSRVDGHJDVHVHVWiGLYLGLGDHQQLYHOHV]RQDVTXHYDQGHVGH³´SRVLFyQGHUDOHQWtDSUR[L
PDGDPHQWHD³´FRPSOHWDPHQWHDELHUWDDSUR[LPDGDPHQWH\VHDVLJQDQVHxDOHVDFDGDQLYHO]RQDGHODDEHU
WXUD GH ODPDULSRVD (/ 3&0 FRQWUROD HO FDPELR DXWRPiWLFR GH HQJUDQDMH GH OD WUDQVPLVLyQ DXWRPiWLFD XWLOL]DQGR
HVWDVVHxDOHVGHDFXHUGRFRQODVHxDOHPLWLGDSRUHOVHQVRUGHSRVLFLyQGHODPDULSRVDGHJDVHV73

*($5326,7,213RVLFLyQGHHQJUDQDMHy

/DSRVLFLyQGHHQJUDQDMHHVGHWHUPLQDGDEDViQGRVHHQODVVHxDOHVGHHVWDGRGHFRPDQGRJHQHUDGDVSRUHO3&0\
HQYLDGDVDODVYiOYXODVVROHQRLGHV$\%\\YLVXDOL]DGDVHQODIRUPDPRVWUDGDHQODWDEODVLJXLHQWH

9È/98/$62/( 9È/98/$62/(
12,'($'(&$0%,2 12,'(%'(&$0%,2
 21 2))
9,68$/,  21 21
=$&,Ï1  2)) 21
 2)) 2))

6+,)762/&20021&RPDQGRGHYiOYXODVROHQRLGH$GHFDPELRYHULILFDFLyQ212))
&2121&RPDQGRGHDFWLYDFLyQ21HQYLDGRDODYiOYXODVROHQRLGH$GHFDPELR
&212))1RVHHVWiHPLWLHQGRHOFRPDQGRSDUDHOIXQFLRQDPLHQWR
02121+D\IOXMRGHFRUULHQWHHOpFWULFDDODYiOYXODVROHQRLGH$GHFDPELR
0212))1RHVWiSDVDQGRHOHFWULFLGDG
6-1-34 INFORMACIÓN GENERAL Y DIAGNÓSTICO DEL MOTOR (MOTOR H27)

SHIFT SOL #2 COM/MON (Comando de válvula solenoide #2 B de cambio/verificación, ON/OFF)

CON-ON : Comando de activación (ON) enviado a la válvula solenoide-B #2 de cambio.
CON-OFF : No se está emitiendo el comando para el funcionamiento.
MON-ON : Hay flujo de corriente eléctrica a la válvula solenoide-B #2 de cambio.
MON-OFF : No está pasando electricidad.

TCC SOL CON/MON (Comando de válvula solenoide del embrague del convertidor de par/verificación,
ON/OFF)
CON-ON : Comando de activación (ON) enviado a la válvula solenoide de TCC.
CON-OFF : No se está emitiendo el comando para el funcionamiento.
MON-ON : Hay flujo de corriente eléctrica a la válvula solenoide de TCC.
MON-OFF : No está pasando electricidad.

TRANS RANGE (Señal P, R, N, D, 2 ó L de posición de la transmisión)

Indica la posición de la transmisión de acuerdo con la señal del interruptor de posición de la transmisión.

BRAKE SW (Frenos, luces de parada, interruptor, ON/OFF)

OFF : El pedal de freno está liberado.
ON : El pedal de freno está presionado.

O/D OFF SW (Interruptor de corte de sobremarcha, ON/OFF)

OFF : Interruptor de corte de sobremarcha, desactivado (OFF).
ON : Interruptor de corte de sobremarcha, activado (ON).

MODE SELECT SW (Interruptor de cambio potencia/normal, potencia/normal)

POWER : El botón del interruptor está en la posición POWER.
NORMAL El botón del interruptor está en la posición NORMAL.

4WD-L SW (Interruptor de BAJA-4WD, ON/OFF)

ON : La palanca de transferencia cambiada a la posición 4L.
OFF : La palanca de transferencia cambiada a la posición 4H ó 2H.
 ,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

7DEODGHGLDJQyVWLFRGHOPRWRU
(IHFW~H OD ORFDOL]DFLyQ \ UHSDUDFLyQ GH GHVSHUIHFWRV UHILULpQGRVH D OD WDEOD VLJXLHQWH FXDQGR HO PyGXOR GH (&0
3&0QRKDGHWHFWDGRQLQJ~QFyGLJR\DQWHVQRVHKDHQFRQWUDGRQLQJXQDDQRUPDOLGDGHQODLQVSHFFLyQYLVXDOQL
HQODLQVSHFFLyQEiVLFDGHOPRWRU

&RQGLFLyQ &DXVDSRVLEOH &RUUHFFLyQ

$UUDQTXHGLItFLO 6LVWHPDGHFRQWUROGHDLUHGHUDOHQWtGHIHFWXRVR ³7$%/$%)/8-2'(
(OPRWRUFRPLHQ]DD ',$*1Ï67,&2´HQHVWDVHFFLyQ
JLUDUDGHFXDGDPHQWH 6HQVRUGH(&7RVHQVRUGH0$)GHIHFWXRVR 6HQVRUGH(&7RVHQVRUGH0$)HQ
ODVHFFLyQ(
0yGXORGH(&03&0GHIHFWXRVR &RPSUREDFLyQGHOPyGXOR(&0
3&0\VXFLUFXLWRHQHVWDVHFFLyQ
&RPSUHVLyQEDMD &RPSUREDFLyQGHODFRPSUHVLyQHQ
ODVHFFLyQ$
$MXVWDGRUGHMXHJRGHYiOYXODKLGUiXOLFDGHIHF $MXVWDGRUGHMXHJRGHYiOYXODHQOD
WXRVR VHFFLyQ$
)XJDGHFRPSUHVLyQSRUHODVLHQWRGHYiOYXOD ,QVSHFFLyQGHYiOYXODVHQODVHFFLyQ
$
9iVWDJRGHYiOYXODSHJDMRVR ,QVSHFFLyQGHYiOYXODVHQODVHFFLyQ
$
0XHOOHVGHYiOYXODGHELOLWDGRVRGDxDGRV ,QVSHFFLyQGHPXHOOHVGHYiOYXODV
HQODVHFFLyQ$
)XJDGHFRPSUHVLyQSRUODMXQWDGHFXODWD ,QVSHFFLyQGHFXODWDHQODVHFFLyQ
$
$URGHSLVWyQSHJDMRVRRGDxDGR ,QVSHFFLyQGHDURVGHSLVWyQHQOD
VHFFLyQ$
$URSLVWyQRFLOLQGURGHVJDVWDGR ,QVSHFFLyQGHFLOLQGURVSLVWRQHV\
DURVGHSLVWyQHQODVHFFLyQ$
0DOIXQFLRQDPLHQWRGHODYiOYXODGH3&9 &RPSUREDFLyQGHOVLVWHPDGH3&9
HQODVHFFLyQ(
(OPRWRUQRWLHQH 6REUHFDOHQWDPLHQWRGHOPRWRU 5HILpUDVHD³62%5(&$/(17$
SRWHQFLD 0,(172´HQHVWDWDEOD
%XMtDGHIHFWXRVD %XMtDVHQODVHFFLyQ)
%RELQDGHHQFHQGLGRFRQLJQLWRUGHIHFWXRVD %RELQDGHHQFHQGLGRHQODVHFFLyQ
)
3UHVLyQGHFRPEXVWLEOHQRFRQIRUPHFRQODV ³7$%/$%)/8-2'(',$*1Ï6
HVSHFLILFDFLRQHV 7,&2´HQHVWDVHFFLyQ
ILOWURGHFRPEXVWLEOHVXFLRPDQJXHUDRWXERGH
FRPEXVWLEOHVXFLRXREVWUXLGRPDOIXQFLRQD
PLHQWRGHOUHJXODGRUGHSUHVLyQGHFRPEXVWLEOH
PDOIXQFLRQDPLHQWRGHODERPEDGHFRPEXVWLEOH
ÈQJXORGHLQVWDODFLyQGHOVHQVRUGH73LQFRUUHFWR 6HQVRUGH73HQODVHFFLyQ(
6LVWHPDGH(*5GHIHFWXRVR ³'7&37$%/$'()/8-2'(
',$*1Ï67,&2´HQHVWDVHFFLyQ
,Q\HFWRUGHIHFWXRVR ,Q\HFWRUGHFRPEXVWLEOHHQODVHF
FLyQ(
6HQVRUGH73VHQVRUGH(&7RVHQVRUGH0$) 6HQVRUGH73VHQVRUGH(&7RVHQ
GHIHFWXRVR VRUGH0$)HQVHFFLyQ(
0yGXORGH(&03&0GHIHFWXRVR &RPSUREDFLyQGHOPyGXORGH(&0
3&0\VXFLUFXLWRHQHVWDVHFFLyQ
&RPSUHVLyQEDMD 5HILpUDVHDOPLVPRSXQWRHQ
³$55$148('852´HQHVWDWDEOD
$UUDVWUHGHIUHQRV 'LDJQyVWLFRHQODVHFFLyQ
3DWLQDMHGHOHPEUDJXH 'LDJQyVWLFRHQODVHFFLyQ&
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

&RQGLFLyQ &DXVDSRVLEOH &RUUHFFLyQ

5pJLPHQLQDGHFXDGR %XMtDGHIHFWXRVD %XMtDVHQODVHFFLyQ)
GHUDOHQWtGHOPRWRUR %RELQDGHHQFHQGLGRFRQLJQLWRUGHIHFWXRVD %RELQDGHHQFHQGLGRHQODVHFFLyQ
HOPRWRUQRORJUDIXQ )
FLRQDUHQUpJLPHQGH 3UHVLyQGHFRPEXVWLEOHQRFRQIRUPHFRQODV ³7$%/$%)/8-2'(',$*1Ï6
UDOHQWt HVSHFLILFDFLRQHV 7,&2´HQHVWDVHFFLyQ
6REUHFDOHQWDPLHQWRGHOPRWRU 5HILpUDVHD³62%5(&$/(17$
0,(172´HQHVWDWDEOD
ÈQJXORGHLQVWDODFLyQGHOVHQVRUGH73PDODMXV 6HQVRUGH73HQODVHFFLyQ(
WDGRVLDMXVWDEOH
6LVWHPDGHFRQWUROGHDLUHGHUDOHQWtGHIHFWXRVR ³7$%/$%)/8-2'(',$*1Ï6
7,&2´HQHVWDVHFFLyQ
9iOYXODGH),$DLUHGHUDOHQWtUiSLGRGHIHFWXRVD 9iOYXODGH),$HQODVHFFLyQ(
6LVWHPDGHFRQWUROGHHPLVLRQHVHYDSRUDEOHV 6LVWHPDGHFRQWUROGH(9$3HQVHF
GHIHFWXRVR FLyQ(
6LVWHPDGH(*5GHIHFWXRVR ³'7&37$%/$'()/8-2'(
',$*1Ï67,&2´HQHVWDVHFFLyQ
,Q\HFWRUGHIHFWXRVR ,Q\HFFLyQGHFRPEXVWLEOHHQODVHF
FLyQ(
6HQVRUGH(&7VHQVRUGH73RVHQVRUGH0$) 6HQVRUGH73VHQVRUGH(&7RVHQ
GHIHFWXRVR VRUGH0$)HQVHFFLyQ(
0yGXORGH(&03&0GHIHFWXRVR &RPSUREDFLyQGHOPyGXORGH(&0
3&0\VXFLUFXLWRHQHVWDVHFFLyQ
&RPSUHVLyQEDMD 5HILpUDVHDOPLVPRSXQWRHQ
³$55$148('852´HQHVWDWDEOD
0DOIXQFLRQDPLHQWRGHODYiOYXODGH3&9 &RPSUREDFLyQGHOVLVWHPDGH3&9
HQODVHFFLyQ(
(OPRWRUYDFLOD)DOWD %XMtDGHIHFWXRVDRVHSDUDFLyQLQFRUUHFWDGHHOHF %XMtDVHQODVHFFLyQ)
PRPHQWiQHDGHUHV WURGRVGHODEXMtD
SXHVWDDODSUHWDUHODFH 3UHVLyQGHFRPEXVWLEOHQRFRQIRUPHFRQODV ³7$%/$%)/8-2'(',$*1Ï6
OHUDGRU3XHGHRFXUULUD HVSHFLILFDFLRQHVILOWURGHFRPEXVWLEOHREVWUXLGR 7,&2´HQHVWDVHFFLyQ
WRGDVODVYHORFLGDGHV UHJXODGRUGHIHFWXRVRGHSUHVLyQGHFRPEXVWLEOH
GHOYHKtFXOR PDQJXHUDWXERRILOWURGHFRPEXVWLEOHREVWUXLGR
8VXDOPHQWHHVWRHV 6REUHFDOHQWDPLHQWRGHOPRWRU 5HILpUDVHD³62%5(&$/(17$
PiVFRQVLGHUDEOH 0,(172´HQHVWDWDEOD
FXDQGRSULPHURVHWUDWD
6LVWHPDGH(*5GHIHFWXRVR ³'7&37$%/$'()/8-2'(
GHPRYHUHOYHKtFXOR
',$*1Ï67,&2´HQHVWDVHFFLyQ
FRPRGHVGHXQDVHxDO
GHSDUDGD ,Q\HFWRUGHIHFWXRVR ,Q\HFWRUGHFRPEXVWLEOHHQODVHF
FLyQ(
6HQVRUGH73VHQVRUGH(&7RVHQVRUGH0$) 6HQVRUGH73VHQVRUGH(&7RVHQ
GHIHFWXRVR VRUGH0$)HQODVHFFLyQ(
0yGXORGH(&03&0GHIHFWXRVR &RPSUREDFLyQGHOPyGXORGH(&0
3&0\VXFLUFXLWRHQHVWDVHFFLyQ
&RPSUHVLyQEDMD 5HILpUDVHDOPLVPRSXQWRHQ
³$55$148('852´HQHVWDWDEOD
 ,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

&RQGLFLyQ &DXVDSRVLEOH &RUUHFFLyQ

$FHOHUDFLRQHVLQYROXQ %XMtDGHIHFWXRVD %XMtDVHQODVHFFLyQ)
WDULDVGHOPRWRU VHSDUDFLyQLQFRUUHFWDGHHOHFWURGRVGHSyVLWRV
9DULDFLyQGHSRWHQFLD H[FHVLYRVGHFDUERQLOOD\HOHFWURGRVTXHPDGRV
GHOPRWRUHQFRQGLFLR HWF
QHVGHDFHOHUDFLyQVLQ 3UHVLyQGHFRPEXVWLEOHYDULDEOH ³7$%/$%)/8-2'(',$*1Ï6
FDPELRRGHUpJLPHQ ILOWURGHFRPEXVWLEOHREVWUXLGRUHJXODGRUGHIHF 7,&2´HQHVWDVHFFLyQ
GHFUXFHUR6HVLHQWH WXRVRGHSUHVLyQGHFRPEXVWLEOHPDQJXHUDR
FRPRVLHOYHKtFXORVH WXEHUtDGHFRPEXVWLEOHGREODGDRGDxDGD
DFHOHUD\GHVDFHOHUD 6LVWHPDGH(*5GHIHFWXRVR ³'7&37$%/$'()/8-2'(
VLQDFFLRQDUHOSHGDO ',$*1Ï67,&2´HQHVWDVHFFLyQ
GHODFHOHUDGRU
6HQVRUGH0$)GHIHFWXRVR 6HQVRUGH0$)HQODVHFFLyQ(
,Q\HFWRUGHIHFWXRVR ,Q\HFWRUGHFRPEXVWLEOHHQODVHF
FLyQ(
0yGXORGH(&03&0GHIHFWXRVR &RPSUREDFLyQGHOPyGXORGH(&0
3&0\VXFLUFXLWRHQHVWDVHFFLyQ
'HWRQDFLyQH[FHVLYD 6REUHFDOHQWDPLHQWRGHOPRWRU 5HILpUDVHD³62%5(&$/(17$
(OPRWRUSURGXFHJRO 0,(172´HQHVWDWDEOD
SHVPHWiOLFRVFODURV %XMtDGHIHFWXRVD %XMtDVHQODVHFFLyQ)
TXHFDPELDQFRQOD &DODGRGHOHQFHQGLGRLQFRUUHFWR &DODGRGHOHQFHQGLGRHQODVHFFLyQ
DEHUWXUDGHODPDULSRVD )
GHJDVHV6RQLGRV
)LOWURGHFRPEXVWLEOH\WXEHUtDVGHFRPEXVWLEOH 3UHVLyQGHFRPEXVWLEOHHQODVHF
SDUHFLGRVDOFUHSLWDUGH
REVWUXLGRV FLyQ(
ODVSDORPLWDV³SRS
FRUQ´ 6LVWHPDGH(*5GHIHFWXRVR
6HQVRUGH(&7RVHQVRUGH0$)GHIHFWXRVR
,Q\HFWRUGHIHFWXRVR
³'7&37$%/$'()/8-2'(
',$*1Ï67,&2´HQHVWDVHFFLyQ
6HQVRUGH(&7RVHQVRUGH0$)HQ
ODVHFFLyQ(
,Q\HFWRUGHFRPEXVWLEOHHQODVHF
FLyQ(
0yGXORGH(&03&0GHIHFWXRVR &RPSUREDFLyQGHOPyGXORGH(&0
'HSyVLWRVH[FHVLYRVGHFDUERQLOODHQODFiPDUD
GHFRPEXVWLyQ
(ILFDFLDGHILFLHQWHGHOVHQVRUGHGHWRQDFLRQHV
6REUHFDOHQWDPLHQWR 7HUPRVWDWRLQRSHUDQWH
(ILFDFLDGHILFLHQWHGHODERPEDGHDJXD
5DGLDGRUREVWUXLGRRFRQIXJDV
*UDGRGHODFHLWHGHPRWRULQDGHFXDGR
)LOWURGHDFHLWHRFRODGRUGHDFHLWHREVWUXLGR
(ILFDFLDGHILFLHQWHGHODERPEDGHDFHLWH
$UUDVWUHGHIUHQRV
3DWLQDMHGHOHPEUDJXH
-XQWDGHFXODWDLQXWLOL]DGD
3&0\VXFLUFXLWRHQHVWDVHFFLyQ
/LPSLDGRGHSLVWyQ\FXODWDHQOD
VHFFLyQ$
³'7&37$%/$'()/8-2'(
',$*1Ï67,&2´HQHVWDVHFFLyQ
7HUPRVWDWRHQODVHFFLyQ%
%RPEDGHDJXDHQODVHFFLyQ%
5DGLDGRUHQODVHFFLyQ%
&DPELRGHODFHLWHGHOPRWRU\GHOILO
WURGHDFHLWHHQODVHFFLyQ%
&RPSUREDFLyQGHODSUHVLyQGH
DFHLWHHQODVHFFLyQ$
&RPSUREDFLyQGHODSUHVLyQGH
DFHLWHHQODVHFFLyQ$
'LDJQyVWLFRHQODVHFFLyQ
'LDJQyVWLFRHQODVHFFLyQ&
,QVSHFFLyQGHFXODWDHQODVHFFLyQ
$
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

&RQGLFLyQ &DXVDSRVLEOH &RUUHFFLyQ

&RQVXPRHOHYDGRGH %XMtDGHIHFWXRVDVHSDUDFLyQLQFRUUHFWDGHHOHF %XMtDVHQODVHFFLyQ)
FRPEXVWLEOH WURGRVGHSyVLWRVH[FHVLYRVGHFDUERQLOOD\HOHF
WURGRVTXHPDGRVHWF
3UHVLyQGHFRPEXVWLEOHQRFRQIRUPHFRQODV ³7$%/$%)/8-2'(',$*1Ï6
HVSHFLILFDFLRQHV 7,&2´HQHVWDVHFFLyQ
6HQVRUGH73VHQVRUGH(&7RVHQVRUGH0$) 6HQVRUGH73VHQVRUGH(&7RVHQ
GHIHFWXRVR VRUGH0$)HQODVHFFLyQ(
6LVWHPDGH(*5GHIHFWXRVR ³'7&37$%/$'()/8-2'(
',$*1Ï67,&2´HQHVWDVHFFLyQ
,Q\HFWRUGHIHFWXRVR ,Q\HFWRUGHFRPEXVWLEOHHQODVHF
FLyQ(
0yGXORGH(&03&0GHIHFWXRVR &RPSUREDFLyQGHOPyGXORGH(&0
3&0\VXFLUFXLWRHQHVWDVHFFLyQ
&RPSUHVLyQEDMD 5HILpUDVHDOPLVPRSXQWRHQ
³$55$148('852´HQHVWDWDEOD
$VLHQWRGHYiOYXODGHILFLHQWH ,QVSHFFLyQGHYiOYXODVHQODVHFFLyQ
$
$UUDVWUHGHIUHQRV 'LDJQyVWLFRHQODVHFFLyQ
3DWLQDMHGHOHPEUDJXH 'LDJQyVWLFRHQODVHFFLyQ&
7HUPRVWDWRIXHUDGHVHUYLFLR 7HUPRVWDWRHQODVHFFLyQ%
3UHVLyQGHLQIODGRGHQHXPiWLFRVLQFRUUHFWD 'LDJQyVWLFRHQODVHFFLyQ
&RQVXPRH[FHVLYRGH $URGHSLVWyQSHJDMRVR /LPSLDGRGHSLVWyQHQODVHFFLyQ
DFHLWHGHPRWRU $
3LVWyQ\FLOLQGURGHVJDVWDGRV ,QVSHFFLyQGHFLOLQGURVSLVWRQHV\
DURVGHSLVWyQHQODVHFFLyQ$
6XUFRSDUDDURGHSLVWyQ\DURGHSLVWyQGHVJDV ,QVSHFFLyQGHSLVWRQHV\DURVGHSLV
WDGRV WyQHQODVHFFLyQ$
3RVLFLyQLQFRUUHFWDGHODVHSDUDFLyQGHSXQWDVGH ,QVWDODFLyQGHSLVWRQHVHQVHFFLyQ
DURGHSLVWyQ $
6HOORGHYiVWDJRGHYiOYXODGHVJDVWDGRR 9iOYXODV\FXODWDHQVHFFLyQ$
GDxDGR
9iVWDJRGHYiOYXODGHVJDVWDGR ,QVSHFFLyQGHYiOYXODVHQODVHFFLyQ
$
3UHVLyQGHDFHLWHEDMD 9LVFRVLGDGGHODFHLWHLQFRUUHFWD &DPELRGHODFHLWHGHOPRWRU\GHOILO
WURGHDFHLWHHQODVHFFLyQ%
0DOIXQFLRQDPLHQWRGHOLQWHUUXSWRUGHSUHVLyQGH &RPSUREDFLyQGHOLQWHUUXSWRUGHSUH
DFHLWH VLyQGHDFHLWHHQVHFFLyQ
&RODGRUGHDFHLWHREVWUXLGR /LPSLDGRGHOFiUWHUGHDFHLWH\FROD
GRUGHODERPEDGHDFHLWHHQODVHF
FLyQ$
'HWHULRUDFLyQIXQFLRQDOGHODERPEDGHDFHLWH %RPEDGHDFHLWHHQODVHFFLyQ$
9iOYXODGHDOLYLRGHODERPEDGHDFHLWHGHVJDV %RPEDGHDFHLWHHQODVHFFLyQ$
WDGD
+ROJXUDH[FHVLYDHQYDULDVSLH]DVGHVOL]DQWHV ³,163(&&,Ï1´SDUDFDGDSLH]DHQ
ODVHFFLyQ$
 ,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

&RQGLFLyQ &DXVDSRVLEOH &RUUHFFLyQ

5XLGRVGHOPRWRU $MXVWDGRUGHMXHJRGHYiOYXODKLGUiXOLFDGHIHF $MXVWDGRUGHMXHJRGHYiOYXODKLGUiX
1RWD$QWHVGHFRP WXRVR OLFDHQODVHFFLyQ$
SUREDUORVUXLGRVPHFi 9iVWDJR\JXtDGHYiOYXODGHVJDVWDGRV ,QVSHFFLyQGHYiOYXODVHQODVHFFLyQ
QLFRVDVHJ~UHVHGH $
TXH(OFDODGRGHO 0XHOOHVGHYiOYXODGHELOLWDGRVRURWRV ,QVSHFFLyQGHPXHOOHVGHYiOYXODV
HQFHQGLGRHVWiDMXV HQODVHFFLyQ$
WDGRFRUUHFWDPHQWHVH
9iOYXODGHIRUPDGDRGREODGD ,QVSHFFLyQGHYiOYXODVHQODVHFFLyQ
XWLOL]DQODVEXMtDVHVSH
$
FLILFDGDVVHXWLOL]DHO
FRPEXVWLEOHHVSHFLIL 3HUQRVGHOFiUWHUGHOiUEROGHOHYDVPDODSUHWD ÈUEROGHOHYDVHQODVHFFLyQ$
FDGR GRV
3LVWyQDUR\FDOLEUHGHFLOLQGURGHVJDVWDGRV
&RMLQHWHGHPXxHTXLOODGHFLJHxDOGHVJDVWDGR
0XxHTXLOODGHFLJHxDOGHVJDVWDGD
7XHUFDVGHELHODIORMDV
3UHVLyQGHDFHLWHEDMD
&RMLQHWHGHPXxyQGHFLJHxDOGHVJDVWDGR
0XxyQGHFLJHxDOGHVJDVWDGR
&RPSUREDFLyQGHSLVWRQHV\FLOLQ
GURVHQVHFFLyQ$
,QVSHFFLyQGHPXxHTXLOODGHFLJH
xDO\FRMLQHWHGHELHODHQODVHFFLyQ
$
,QVSHFFLyQGHPXxHTXLOODGHFLJH
xDO\FRMLQHWHGHELHODHQODVHFFLyQ
$
,QVWDODFLyQGHELHODVHQODVHFFLyQ
$
5HILpUDVHD³35(6,Ï1%$-$'(
$&(,7(´HQHVWDWDEOD
,QVSHFFLyQGHOFLJHxDO\FRMLQHWH
HQODVHFFLyQ$
,QVSHFFLyQGHOFLJHxDO\FRMLQHWH
HQODVHFFLyQ$
3HUQRVGHWDSDVGHFRMLQHWHGHOFiUWHULQIHULRU ,QVWDODFLyQGHOFLJHxDOHQODVHF
GHOFLJHxDOIORMRV FLyQ$
-XHJRGHHPSXMHGHOFLJHxDOH[FHVLYR ,QVSHFFLyQGHOFLJHxDOHQODVHF
FLyQ$
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

&RPSUREDFLyQGHOPyGXORGH3&0(&0\VXV

FLUFXLWRV
(OPyGXORGH3&0(&0\VXVFLUFXLWRVSXHGHQVHUFRPSUREDGRV
HQORVFRQHFWRUHVGHFDEOHDGRGHO3&0(&0PLGLHQGRODWHQVLyQ
\ODUHVLVWHQFLD

35(&$8&,Ï1
(O PyGXOR 3&0(&0 QR SXHGH VHU FRPSUREDGR SRU Vt
PLVPR(VWiHVWULFWDPHQWHSURKLELGRFRQHFWDUXQYROWtPHWUR
RXQRKPtPHWURDOPyGXOR3&0(&0FRQORVDFRSODGRUHV
GHVFRQHFWDGRVGHOPyGXOR

&20352%$&,Ï1'(/$7(16,Ï1

 'HVPRQWH HO PyGXOR 3&0 (&0 GHO YHKtFXOR 5HILpUDVH D

'(60217$-('(/3&0(&0
 &RPSUXHEH OD WHQVLyQ HQ FDGD WHUPLQDO GH ORV DFRSODGRUHV
FRQHFWDGRV

127$
<DTXHFDGDWHQVLyQGHFDGDWHUPLQDOHVDIHFWDGDSRUODWHQ
VLyQGHODEDWHUtDFRQILUPHTXHHVWDWHQVLyQHV9RPiV
FXDQGRHOLQWHUUXSWRUGHHQFHQGLGRHVWiHQODSRVLFLyQ21

 3&0(&0
 &RQHFWRUHVGHOPyGXORGH3&0(&09LVWRVGHVGHHOODGRGHOPD]RGHFDEOHV
 ,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

7(50,1$/ &,5&8,72 7(16,Ï11250$/ &21',&,Ï1

$OLPHQWDFLyQHOpFWULFDSDUDODUHVLV
,QWHUUXSWRUGHHQFHQGLGRHQODSRVL
( WHQFLDGHDMXVWHGHO&2VLHVWiHTXL ±9
FLyQ21
SDGR
,QWHUUXSWRUGHHQFHQGLGRHQODSRVL
( )XHQWHGHDOLPHQWDFLyQSDUDUHVHUYD ±9
FLyQ21\2))
( ± ± ±
0yGXORGHFRQWUROGHOFUXFHUR &RQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQODSRVLFLyQ21OD
VHxDOGHDEHUWXUDGHODPDULSRVDGH WHQVLyQYDUtDFRPRHVSHFLILFDGRHQODILJXUDHQHOGLDJQyVWLFR
(
JDVHV GHFRQWUROGHFUXFHURGHODVHFFLyQ(PLHQWUDVODPDULSRVDGH
VLHVWiHTXLSDGR JDVHVVHDEUHJUDGXDOPHQWH
7HUPLQDOGHVDOLGDGHVHUYLFLR
,QWHUUXSWRUGHHQFHQGLGRHQODSRVL
( YHKtFXORFRQFRQHFWRUGHYHULILFD ±9
FLyQ21
FLyQ
,QWHUUXSWRUGHHQFHQGLGRHQ21
( 7DFyPHWUR ±9
PRWRUVHSDUD
/X]LQGLFDGRUDGHPDOIXQFLRQD ,QWHUUXSWRUGHHQFHQGLGRHQ21
±9
PLHQWR PRWRUVHSDUD
(
/X]GH³6(59,&,2'(/02725
±9 0RWRUIXQFLRQDQGR
352172´
6HxDOGHFRUWHGHO$&VLHVWiHTXL ±9 (O$&QRHVWiIXQFLRQDQGR
(
SDGR ±9 (O$&HVWiIXQFLRQDQGR
,QWHUUXSWRUGHHQFHQGLGRHQODSRVL
±9
FLyQ2))
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGR
( 5HOpSULQFLSDO
HQODSRVLFLyQ21GXUDQWHVHJXQ
±9
GRVGHVSXpVGHLQWHUUXSWRUGHHQFHQ
GLGRHQODSRVLFLyQ2))
5HVLVWHQFLDGHDMXVWHGHO&26LHVWi
( ± ±
HTXLSDGR
( ± ± ±
&RQHFWRUGHHQODFHGHGDWRV9
,QWHUUXSWRUGHHQFHQGLGRHQODSRVL
( 9HKtFXORFRQFRQHFWRUGHYHULILFD ±9
FLyQ21
FLyQ
,QVWUXPHQWRGHH[SORUDFLyQQRFRQHF
( &RQHFWRUGHHQODFHGHGDWRV9 ±9
WDGRDO'/&
7HUPLQDOGHOLQWHUUXSWRUGHSUXHED
,QWHUUXSWRUGHHQFHQGLGRHQODSRVL
( 9HKtFXORFRQFRQHFWRUGHYHULILFD ±9
FLyQ21
FLyQ
,QWHUUXSWRUGHHQFHQGLGRHQODSRVL
±9 FLyQ21HLQWHUUXSWRUGHOGHVHPSD
,QWHUUXSWRUGHOGHVHPSDxDGRUWUD xDGRUWUDVHURHQODSRVLFLyQ2))
(
VHURVLHVWiHTXLSDGR ,QWHUUXSWRUGHHQFHQGLGRHQODSRVL
±9 FLyQ21LQWHUUXSWRUGHOGHVHPSDxD
GRUWUDVHUR
,QWHUUXSWRUGHHQFHQGLGRHQODSRVL
±9 FLyQ21HLQWHUUXSWRUGHOVRSODGRUGHO
,QWHUUXSWRUGHOVRSODGRUGHOFDOHQWD FDOHQWDGRUHQODSRVLFLyQ2))
(
GRU ,QWHUUXSWRUGHHQFHQGLGRHQODSRVL
±9 FLyQ21HLQWHUUXSWRUGHOVRSODGRUGHO
FDOHQWDGRUHQODSRVLFLyQ21
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

7(50,1$/ &,5&8,72 7(16,Ï11250$/ &21',&,Ï1

,QWHUUXSWRUGHHQFHQGLGRHQ21H
±9 LQWHUUXSWRUGHO$&RLQWHUUXSWRUGHO
VRSODGRUGHOFDOHQWDGRUHQ2))
( 6HxDOGHO$&VLHVWiHTXLSDGR
,QWHUUXSWRUGHHQFHQGLGRHQ21H
±9 LQWHUUXSWRUGHO$&RLQWHUUXSWRUGHO
VRSODGRUGHOFDOHQWDGRUHQ21
( ± ± ±
,QWHUUXSWRUGHHQFHQGLGRHQODSRVL
±9 FLyQ21SDODQFDGHWUDQVIHUHQFLD
SRVLFLyQ+y/
( /X]GH³:'´
,QWHUUXSWRUGHHQFHQGLGRHQODSRVL
±9 FLyQ21SDODQFDGHWUDQVIHUHQFLD
SRVLFLyQ+
'XUDQWHVHJXQGRVGHVSXpVGHFROR
FDUHOLQWHUUXSWRUGHHQFHQGLGRHQOD
±9
SRVLFLyQ21RLQWHUUXSWRUGHFRUWHGH
/X]GH³2'HQ2))´9HKtFXORFRQ VREUHPDUFKDDFWLYDGR21
(
$7 VHJXQGRVGHVSXpVGHFRORFDUHO
LQWHUUXSWRUGHHQFHQGLGRHQODSRVL
±9
FLyQ21RLQWHUUXSWRUGHFRUWHGH
VREUHPDUFKDGHVDFWLYDGR2))
,QWHUUXSWRUGHHQFHQGLGRHQSRVLFLyQ
±9 21LQWHUUXSWRUGHFDPELRGH31
/X]GH³327(1&,$´9HKtFXORFRQ 0RGRGH327(1&,$
(
$7 ,QWHUUXSWRUGHHQFHQGLGRHQSRVLFLyQ
±9 21LQWHUUXSWRUGHFDPELRGH31
0RGR1250$/
,QWHUUXSWRUGHHQFHQGLGRHQODSRVL
5HOpGHOPRWRUGHOYHQWLODGRUGHOFRQ
FLyQ21$&QRIXQFLRQDQGR\WHP
( GHQVDGRUGHO$& ±9
SHUDWXUDGHOUHIULJHUDQWHGHPRWRU
VLHVWiHTXLSDGR
,QIHULRUDƒ&
'XUDQWHVHJXQGRVGHVSXpVGH
KDEHUFRORFDGRHOLQWHUUXSWRUGH
±9
HQFHQGLGRHQODSRVLFLyQ21RPRWRU
( 5HOpGHODERPEDGHFRPEXVWLEOH IXQFLRQDQGR
VHJXQGRVGHVSXpVGHFRORFDUHO
±9 LQWHUUXSWRUGHHQFHQGLGRHQODSRVL
FLyQ21FRQHOPRWRUSDUDGR
0DVDSDUDODUHVLVWHQFLDGHDMXVWH
( GHO&2 ± ±
VLHVWiHTXLSDGR
( ± ± ±
( ± ± ±
( ± ± ±
,QWHUUXSWRUGHHQFHQGLGRHQODSRVL
FLyQ21
( 6HQVRUGHQLYHOGHOFRPEXVWLEOH ±9
/DWHQVLyQGHSHQGHGHOQLYHOGHOFRP
EXVWLEOH
7HUPLQDOGHOLQWHUUXSWRUGHGLDJQyV
WLFR ,QWHUUXSWRUGHHQFHQGLGRHQODSRVL
( ±9
YHKtFXORFRQFRQHFWRUGHYHULILFD FLyQ21
FLyQ
,QWHUUXSWRUGHHQFHQGLGRHQODSRVL
( 0yGXORGHFRQWUROGHO$%6 ±9
FLyQ21
 ,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

7(50,1$/ &,5&8,72 7(16,Ï11250$/ &21',&,Ï1

,QWHUUXSWRUGHHQFHQGLGRHQSRVLFLyQ
±9 21LQWHUUXSWRUGHFDPELRGH31
,QWHUUXSWRUGHFDPELRSRWHQFLDQRU
0RGRGH327(1&,$
( PDO
,QWHUUXSWRUGHHQFHQGLGRHQSRVLFLyQ
YHKtFXORFRQ$7
±9 21LQWHUUXSWRUGHFDPELRGH31
0RGR1250$/
,QWHUUXSWRUGHHQFHQGLGRHQSRVLFLyQ
±9 21LQWHUUXSWRUGHDOXPEUDGRHQSRVL
FLyQ2))
( ,QWHUUXSWRUGHDOXPEUDGR
,QWHUUXSWRUGHHQFHQGLGRHQSRVLFLyQ
±9 21LQWHUUXSWRUGHDOXPEUDGRHQSRVL
FLyQ21
,QWHUUXSWRUGHHQFHQGLGRHQSRVLFLyQ
±9 21HLQWHUUXSWRUGHFRUWHGHVREUH
,QWHUUXSWRUGHFRUWHGHVREUHPDUFKD PDUFKDOLEHUDGR
(
9HKtFXORFRQ$7 ,QWHUUXSWRUGHHQFHQGLGRHQSRVLFLyQ
±9 21HLQWHUUXSWRUGHFRUWHGHVREUH
PDUFKDSUHVLRQDGR
,QWHUUXSWRUGHHQFHQGLGRHQODSRVL
±9 FLyQ21SHGDOGHIUHQROLEHUDGR
LQWHUUXSWRUHQ2))
( ,QWHUUXSWRUGHOXFHVGHSDUDGD
,QWHUUXSWRUGHHQFHQGLGRHQODSRVL
±9 FLyQ21SHGDOGHIUHQRSUHVLRQDGR
LQWHUUXSWRUHQ21
0yGXORGHFRQWUROGHOFUXFHURVL ,QWHUUXSWRUGHHQFHQGLGRHQODSRVL
( ±9
HVWiHTXLSDGR FLyQ21

,QWHUUXSWRUGHHQFHQGLGRHQODSRVL
6HQVRUGHWHPSHUDWXUDGHODLUHGH
& ±9 FLyQ21WHPSHUDWXUDDPELHQWHGHO
DGPLVLyQ
VHQVRUƒ&
,QWHUUXSWRUGHHQFHQGLGRHQODSRVL
6HQVRUGHWHPSHUDWXUDGHOUHIULJH
& ±9 FLyQ21WHPSHUDWXUDGHOUHIULJHUDQWH
UDQWHGHOPRWRU
GHOPRWRUƒ&
9DSUR[LPDGD $OUpJLPHQGHUDOHQWtGHVSXpVGH
& 6HQVRUGHGHWRQDFLyQ
PHQWH FDOHQWDUHOPRWRU
,QWHUUXSWRUGHHQFHQGLGRHQODSRVL
& )XHQWHGHDOLPHQWDFLyQHOpFWULFD ±9
FLyQ21
& 0DVDSDUDHOVHQVRUGH0$) ± ±
& 0DVD ± ±
,QWHUUXSWRUGHHQFHQGLGRHQODSRVL
±9 FLyQ21SDODQFDGHWUDQVIHUHQFLD
SRVLFLyQ+y/
& ,QWHUUXSWRUGH:'
,QWHUUXSWRUGHHQFHQGLGRHQODSRVL
±9 FLyQ21SDODQFDGHWUDQVIHUHQFLD
SRVLFLyQ+
6HQVRUGHSUHVLyQDEVROXWDGHO ,QWHUUXSWRUGHHQFHQGLGRHQ21\
& ±9
FROHFWRU PRWRUVHSDUD
,QWHUUXSWRUGHHQFHQGLGRHQODSRVL
±9 FLyQ21\PDULSRVDGHJDVHVHQOD
6HQVRUGHSRVLFLyQGHODPDULSRVD SRVLFLyQGHUpJLPHQGHUDOHQWt
&
GHJDVHV ,QWHUUXSWRUGHHQFHQGLGRHQODSRVL
±9 FLyQ21\PDULSRVDGHJDVHVHQOD
SRVLFLyQDELHUWDFRPSOHWDPHQWH
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

7(50,1$/ &,5&8,72 7(16,Ï11250$/ &21',&,Ï1

,QWHUUXSWRUGHHQFHQGLGRHQ21\
±9
PRWRUVHSDUD
& 6HQVRUGHIOXMRGHPDVDGHDLUH
0RWRUIXQFLRQDQGRHQUpJLPHQGH
±9
UDOHQWt
6HQVRUFDOHQWDGRGHR[tJHQR )OXFW~DHQWUH &XDQGRHOPRWRUIXQFLRQDD
& EDQFR PiVGH\PHQRVGH USPGXUDQWHPLQXWRVRPiVGHV
VLHVWiHTXLSDGR 9 SXpVGHFDOHQWDUHOPRWRU
& 0DVDSDUDHOVHQVRUGH73 ± ±
)XHQWHGHDOLPHQWDFLyQHOpFWULFD
&
SDUDHOVHQVRUGH73 ,QWHUUXSWRUGHHQFHQGLGRHQODSRVL
±9
)XHQWHGHDOLPHQWDFLyQHOpFWULFD FLyQ21
&
SDUDHOVHQVRUGH0$3
,QWHUUXSWRUGHHQFHQGLGRHQODSRVL
& )XHQWHGHDOLPHQWDFLyQHOpFWULFD ±9
FLyQ21
& ± ± ±
& 0DVD ± ±
,QWHUUXSWRUGHHQFHQGLGRHQODSRVL
±9 FLyQ21SDODQFDGHWUDQVIHUHQFLD
,QWHUUXSWRUGHSUHVLyQHQHOFRQMXQWR SRVLFLyQ+y/
&
GHODERPEDGHDLUHGH:' ,QWHUUXSWRUGHHQFHQGLGRHQODSRVL
±9 FLyQ21SDODQFDGHWUDQVIHUHQFLD
SRVLFLyQ+
& ± ± ±
,QWHUUXSWRUGHHQFHQGLGRHQODSRVL
& ,QWHUUXSWRUGHHQFHQGLGR ±9
FLyQ21
6HQVRUFDOHQWDGRGHR[tJHQR &XDQGRHOPRWRUIXQFLRQDD
)OXFW~DHQWUHPiVGH\
& EDQFR USPGXUDQWHPLQXWRRPiVGHV
PHQRVGH9
VLHVWiHTXLSDGR SXpVGHFDOHQWDUHOPRWRU
6HQVRUFDOHQWDGRGHR[tJHQR &XDQGRHOPRWRUIXQFLRQDD
)OXFW~DHQWUHPiVGH\
& EDQFR USPGXUDQWHPLQXWRRPiVGHV
PHQRVGH9
VLHVWiHTXLSDGR SXpVGHFDOHQWDUHOPRWRU
6HQVRUFDOHQWDGRGHR[tJHQR &XDQGRHOPRWRUIXQFLRQDD
)OXFW~DHQWUHPiVGH\
& EDQFR USPGXUDQWHPLQXWRRPiVGHV
PHQRVGH9
VLHVWiHTXLSDGR SXpVGHFDOHQWDUHOPRWRU
& 0DVDSDUDHOVHQVRUGH(&7 ± ±
0DVDSDUDHOVHQVRUGH,$7VHQVRU
& ± ±
GH0$3
& 0DVDSDUDHOVHQVRUGH&03 ± ±

9iOYXODVROHQRLGH%GHFDPELRYHKt ,QWHUUXSWRUGHHQFHQGLGRHQODSRVL

& ±9
FXORFRQ$7 FLyQ21
9iOYXODVROHQRLGH$GHFDPELRYHKt ,QWHUUXSWRUGHHQFHQGLGRHQODSRVL
& ±9
FXORFRQ$7 FLyQ21
& ± ± ±
9iOYXODGH,$&ERELQDGHOPRWRU
& ± ±
SDVRDSDVR
9iOYXODGH,$&ERELQDGHOPRWRU
& ± ±
SDVRDSDVR
,QWHUUXSWRUGHHQFHQGLGRHQSRVLFLyQ
±9 21SDODQFDVHOHFWRUD
,QWHUUXSWRUGHSRVLFLyQ³5´GHOD 3RVLFLyQ³5´
& WUDQVPLVLyQ
,QWHUUXSWRUGHHQFHQGLGRHQSRVLFLyQ
YHKtFXORFRQ$7
±9 21SDODQFDVHOHFWRUD
3RVLFLyQGLIHUHQWHGH³5´
 ,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

7(50,1$/ &,5&8,72 7(16,Ï11250$/ &21',&,Ï1

,QWHUUXSWRUGHHQFHQGLGRHQSRVLFLyQ
±9 21SDODQFDVHOHFWRUD
,QWHUUXSWRUGHSRVLFLyQ³3´GHOD
3RVLFLyQ´3´
& WUDQVPLVLyQ
,QWHUUXSWRUGHHQFHQGLGRHQSRVLFLyQ
YHKtFXORFRQ$7
±9 21SDODQFDVHOHFWRUD
3RVLFLyQGLIHUHQWHGH³3´
9iOYXODVROHQRLGHGH7&&YHKtFXOR ,QWHUUXSWRUGHHQFHQGLGRHQODSRVL
& ±9
FRQ$7 FLyQ21
,QWHUUXSWRUGHHQFHQGLGRHQODSRVL
±9 FLyQ21SDODQFDGHWUDQVIHUHQFLD
SRVLFLyQ+y/
& &RQMXQWRGHERPEDGHDLUHGH:'
,QWHUUXSWRUGHHQFHQGLGRHQODSRVL
±9 FLyQ21SDODQFDGHWUDQVIHUHQFLD
SRVLFLyQ+
6HQVRU±GHYHORFLGDGGHHQWUDGD
9DSUR[LPDGD ,QWHUUXSWRUGHHQFHQGLGRHQODSRVL
& GH$7
PHQWH FLyQ21
YHKtFXORFRQ$7
6HQVRUGHYHORFLGDGGHHQWUDGD
9DSUR[LPDGD ,QWHUUXSWRUGHHQFHQGLGRHQODSRVL
& GH$7
PHQWH FLyQ21
YHKtFXORFRQ$7
6HQVRUGHSRVLFLyQGHOiUEROGH )OXFW~DHQWUH ,QWHUUXSWRUGHHQFHQGLGRHQSRVLFLyQ
&
OHYDV ±9\±9 21FLJHxDOJLUDGROHQWDPHQWH
6HQVRUGHSRVLFLyQGHOiUEROGH )OXFW~DHQWUH ,QWHUUXSWRUGHHQFHQGLGRHQSRVLFLyQ
&
OHYDV ±9\±9 21FLJHxDOJLUDGROHQWDPHQWH
,QWHUUXSWRUGHHQFHQGLGRHQODSRVL
)OXFW~DHQWUH FLyQ21\ODUXHGDWUDVHUDGHUHFKD
& 6HQVRUGHYHORFLGDGGHOYHKtFXOR
±9\PiVGH9 JLUDGDOHQWDPHQWHFRQODUXHGDWUD
VHUDL]TXLHUGDEORTXHDGD
9iOYXODGHSXUJDGHOUHFLSLHQWHGH ,QWHUUXSWRUGHHQFHQGLGRHQODSRVL
& ±9
(9$3 FLyQ21
9iOYXODGH,$&ERELQDGHOPRWRU ±
& ±
SDVRDSDVR
9iOYXODGH,$&ERELQDGHOPRWRU ±
& ±
SDVRDSDVR
,QWHUUXSWRUGHHQFHQGLGRHQSRVLFLyQ
±9
,QWHUUXSWRUGHSRVLFLyQ³'´GHOD 21SDODQFDVHOHFWRUD3RVLFLyQ³'´
& WUDQVPLVLyQ ,QWHUUXSWRUGHHQFHQGLGRHQSRVLFLyQ
YHKtFXORFRQ$7 ±9 21SDODQFDVHOHFWRUD3RVLFLyQGLIH
UHQWHGH³'´
,QWHUUXSWRUGHHQFHQGLGRHQSRVLFLyQ
±9
,QWHUUXSWRUGHSRVLFLyQ³1´GHOD 21SDODQFDVHOHFWRUD3RVLFLyQ³1´
& WUDQVPLVLyQ ,QWHUUXSWRUGHHQFHQGLGRHQSRVLFLyQ
YHKtFXORFRQ$7 ±9 21SDODQFDVHOHFWRUD3RVLFLyQGLIH
UHQWHGH³1´
0DVDGHFDEOHEOLQGDGRSDUDHOVHQ
& VRUGHYHORFLGDGGHVDOLGDGH$7 ± ±
YHKtFXORFRQ$7
0DVDGHFDEOHEOLQGDGRSDUDHOVHQ
& VRUGHYHORFLGDGGHHQWUDGDGH$7 ± ±
YHKtFXORFRQ$7
6HQVRU±GHYHORFLGDGGHVDOLGDGH
9DSUR[LPDGD ,QWHUUXSWRUGHHQFHQGLGRHQODSRVL
& $7
PHQWH FLyQ21
YHKtFXORFRQ$7
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

7(50,1$/ &,5&8,72 7(16,Ï11250$/ &21',&,Ï1

6HQVRUGHYHORFLGDGGHVDOLGDGH
9DSUR[LPDGD ,QWHUUXSWRUGHHQFHQGLGRHQODSRVL
& $7
PHQWH FLyQ21
YHKtFXORFRQ$7
±9 0LHQWUDVHOPRWRUJLUDSDUDDUUDQFDU
& 6HxDOGHDUUDQTXHGHOPRWRU
±9 2WURTXHORDQWHULRU
,QWHUUXSWRUGHHQFHQGLGRHQODSRVL
±9
FLyQ21
,QWHUUXSWRUGHSUHVLyQGHODVHUYRGL 0LHQWUDVHOPRWRUIXQFLRQDHQUpJL
& PHQGHUDOHQWtJLUHHOYRODQWHGH
UHFFLyQ
±9 GLUHFFLyQFRPSOHWDPHQWHDOD
L]TXLHUGDRDODGHUHFKDKDVWDTXH
WRSH
,QWHUUXSWRUGHHQFHQGLGRHQODSRVL
±9 FLyQ21SDODQFDGHWUDQVIHUHQFLD
3RVLFLyQEDMDGH:'
& ,QWHUUXSWRUGHEDMD:'
,QWHUUXSWRUGHHQFHQGLGRHQODSRVL
±9 FLyQ21SDODQFDGHWUDQVIHUHQFLD
3RVLFLyQ+y+
,QWHUUXSWRUGHHQFHQGLGRHQSRVLFLyQ
±9
,QWHUUXSWRUGHSRVLFLyQ³/´GHOD 21SDODQFDVHOHFWRUD3RVLFLyQ³/´
& WUDQVPLVLyQ ,QWHUUXSWRUGHHQFHQGLGRHQSRVLFLyQ
YHKtFXORFRQ$7 ±9 21SDODQFDVHOHFWRUD3RVLFLyQGLIH
UHQWHGH³/´
,QWHUUXSWRUGHHQFHQGLGRHQSRVLFLyQ
±9
,QWHUUXSWRUGHSRVLFLyQ³´GHOD 21SDODQFDVHOHFWRUD3RVLFLyQ³´
& WUDQVPLVLyQ ,QWHUUXSWRUGHHQFHQGLGRHQSRVLFLyQ
YHKtFXORFRQ$7 ±9 21SDODQFDVHOHFWRUD3RVLFLyQGLIH
UHQWHGH³´
& ,Q\HFWRU1ƒGHFRPEXVWLEOH ,QWHUUXSWRUGHHQFHQGLGRHQODSRVL
±9
& ,Q\HFWRU1ƒGHFRPEXVWLEOH FLyQ21
& ± ± ±
,QWHUUXSWRUGHHQFHQGLGRHQODSRVL
±9
&DOHQWDGRUGHO+26EDQFR FLyQ21
&
VLHVWiHTXLSDGR $OUpJLPHQGHUDOHQWtHVSHFLILFDGR
±9
GHVSXpVGHFDOHQWDUHOPRWRU
,QWHUUXSWRUGHHQFHQGLGRHQODSRVL
±9
&DOHQWDGRUGHO+26EDQFR FLyQ21
&
VLHVWiHTXLSDGR $OUpJLPHQGHUDOHQWtHVSHFLILFDGR
±9
GHVSXpVGHFDOHQWDUHOPRWRU
& ± ± ±
& 0DVD ± ±
& ,Q\HFWRU1ƒGHFRPEXVWLEOH ,QWHUUXSWRUGHHQFHQGLGRHQODSRVL
±9
& ,Q\HFWRU1ƒGHFRPEXVWLEOH FLyQ21
& ± ± ±
& ± ± ±
 ,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

7(50,1$/ &,5&8,72 7(16,Ï11250$/ &21',&,Ï1

9iOYXODGH(*5ERELQDGHOPRWRU
& SDVRDSDVR ±9
VLHVWiHTXLSDGR
9iOYXODGH(*5ERELQDGHOPRWRU
& SDVRDSDVR ±9
VLHVWiHTXLSDGR ,QWHUUXSWRUGHHQFHQGLGRHQODSRVL
9iOYXODGH(*5ERELQDGHOPRWRU FLyQ21
& SDVRDSDVR ±9
VLHVWiHTXLSDGR
9iOYXODGH(*5ERELQDGHOPRWRU
& SDVRDSDVR ±9
VLHVWiHTXLSDGR
,QWHUUXSWRUGHHQFHQGLGRHQODSRVL
±9
&DOHQWDGRUGHO+26EDQFR FLyQ21
&
VLHVWiHTXLSDGR $OUpJLPHQGHUDOHQWtHVSHFLILFDGR
±9
GHVSXpVGHFDOHQWDUHOPRWRU
,QWHUUXSWRUGHHQFHQGLGRHQODSRVL
±9
&DOHQWDGRUGHO+26EDQFR FLyQ21
&
VLHVWiHTXLSDGR $OUpJLPHQGHUDOHQWtHVSHFLILFDGR
±9
GHVSXpVGHFDOHQWDUHOPRWRU
& ± ± ±
6HQVRUGHSRVLFLyQGHOFLJHxDO
& ± ±
VLHVWiHTXLSDGR
6HQVRU±GHSRVLFLyQGHOFLJHxDO
& ± ±
VLHVWiHTXLSDGR
& ,Q\HFWRU1ƒGHFRPEXVWLEOH ,QWHUUXSWRUGHHQFHQGLGRHQODSRVL
±9
& ,Q\HFWRU1ƒGHFRPEXVWLEOH FLyQ21
&RQMXQWRGHERELQDGHHQFHQGLGR
& ± ±
SDUDHO1ƒ
&RQMXQWRGHERELQDGHHQFHQGLGR
& ± ±
SDUDHO1ƒ
&RQMXQWRGHERELQDGHHQFHQGLGR
& ± ±
SDUDHO1ƒ
&RQMXQWRGHERELQDGHHQFHQGLGR
& ± ±
SDUDHO1ƒ
&RQMXQWRGHERELQDGHHQFHQGLGR
& ± ±
SDUDHO1ƒ
&RQMXQWRGHERELQDGHHQFHQGLGR
& ± ±
SDUDHO1ƒ
& ± ± ±
0DVDSDUDHOFDEOHEOLQGDGRGHOVHQ
& VRUGH&.3 ± ±
VLHVWiHTXLSDGR
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

&20352%$&,Ï1'(/$5(6,67(1&,$

 'HVFRQHFWH ORV DFRSODGRUHV  GHO PyGXOR (&03&0 FRQ HO

LQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2))

35(&$8&,Ï1
1R WRTXH QXQFD ORV WHUPLQDOHV GHO PyGXOR (&03&0
PLVPRQLFRQHFWHXQYROWtPHWURRXQRKPtPHWUR

 &RPSUXHEHODUHVLVWHQFLDHQWUHFDGDSDUGHWHUPLQDOHVGHORV
DFRSODGRUHVGHVFRQHFWDGRVHQODIRUPDOLVWDGDHQODWDEOD
VLJXLHQWH

35(&$8&,Ï1
‡ $VHJ~UHVHGHFRQHFWDUODVRQGDGHORKPtPHWURHQHO
ODGRGHOPD]RGHFDEOHVGHODFRSODGRU
‡ $VHJ~UHVHELHQGHFRORFDUHOLQWHUUXSWRUGHHQFHQGLGRHQ
ODSRVLFLyQ2))SDUDHVWDFRPSUREDFLyQ
‡ /DUHVLVWHQFLDLQGLFDGDHQODWDEODVLJXLHQWHVHUHILHUHDOD
WHPSHUDWXUDƒ&GHODVSLH]DV

7(50,1$/(6 &,5&8,72 5(6,67(1&,$ &21',&,Ï1

(67È1'$5
(\( 5HOpSULQFLSDO ±Ω ±
(\& 5HOpGHOPRWRUGHOYHQWLODGRUGHO$&VLHVWiHTXL ±Ω %DWHUtDGHVFR
SDGR QHFWDGDHLQWH
UUXSWRUGH
HQFHQGLGRHQ
ODSRVLFLyQ21
(\& 5HOpGHODERPEDGHFRPEXVWLEOH ±Ω ±
&\PDVDDFDUURFHUtD 0DVD &RQWLQXLGDG ±
&\PDVDDFDUURFHUtD 0DVD &RQWLQXLGDG ±
&\PDVDDFDUURFHUtD 9iOYXODVROHQRLGH%GHFDPELRYHKtFXORFRQ$7 ±Ω ±
&\PDVDDFDUURFHUtD 9iOYXODVROHQRLGH$GHFDPELRYHKtFXORFRQ$7
&\& 9iOYXODGH,$&ERELQDGHOPRWRUSDVRDSDVR ±Ω ±
&\& 9iOYXODGH,$&ERELQDGHOPRWRUSDVRDSDVR
&\PDVDDFDUURFHUtD 9iOYXODVROHQRLGHGH7&&YHKtFXORFRQ$7 ±Ω ±
&\& 9iOYXODGHSXUJDGHOUHFLSLHQWHGH(9$3 ±Ω ±
&\& 9iOYXODGH,$&ERELQDGHOPRWRUSDVRDSDVR ±Ω ±
&\& 9iOYXODGH,$&ERELQDGHOPRWRUSDVRDSDVR
&\& ,Q\HFWRU1ƒGHFRPEXVWLEOH ±Ω ±
&\& ,Q\HFWRU1ƒGHFRPEXVWLEOH
&&\( &DOHQWDGRUGHO+26 ±Ω ±
&\PDVDDFDUURFHUtD 0DVD &RQWLQXLGDG ±
&\& ,Q\HFWRU1ƒGHFRPEXVWLEOH ±Ω ±
&\& ,Q\HFWRU1ƒGHFRPEXVWLEOH
&\& 9iOYXODGH(*5ERELQDGHOPRWRUSDVRDSDVR ±Ω ±
&\& 9iOYXODGH(*5ERELQDGHOPRWRUSDVRDSDVR
&\& 9iOYXODGH(*5ERELQDGHOPRWRUSDVRDSDVR
&\& 9iOYXODGH(*5ERELQDGHOPRWRUSDVRDSDVR
&&\( &DOHQWDGRUGHO+26 ±Ω ±
&\& ,Q\HFWRU1ƒGHFRPEXVWLEOH
±Ω ±
&\& ,Q\HFWRU1ƒGHFRPEXVWLEOH
 ,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

7DEOD$&RPSUREDFLyQGHOFLUFXLWRGHODOX]LQGLFDGRUDGHPDOIXQFLRQDPLHQWR
±/DOX]LQGLFDGRUDQRVHHQFLHQGHFRQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVL
FLyQ213HURFRQHOPRWRUSDUDGR
',$*5$0$'(&$%/($'2

 /X]GH0,/
 $OLQWHUUXSWRUGHHQFHQGLGR
 )XVLEOHSULQFLSDO
 5HOpSULQFLSDO
 (&03&0
 &RQHFWRUGHYHULILFDFLyQVLHVWiHTXLSDGR

'(6&5,3&,Ï1'(/&,5&8,72
&XDQGRHOLQWHUUXSWRUGHHQFHQGLGRHVFRORFDGRHQODSRVLFLyQ21HOPyGXORGH(&0FRORFDHOUHOpSULQFLSDOHQOD
SRVLFLyQ 21 SXQWR GH FRQWDFWR FHUUDGR (QVHJXLGD HO PyGXOR GH (&0 DOLPHQWDGR FRQ OD FRUULHQWH SULQFLSDO
HQFLHQGHODOX]LQGLFDGRUDGHPDOIXQFLRQDPLHQWR0,/&XDQGRHOPRWRUFRPLHQ]DDIXQFLRQDU\QRVHGHWHFWDXQ
GHVSHUIHFWRGHIXQFLRQDPLHQWRHQHOVLVWHPDODOX]LQGLFDGRUD0,/VHDSDJDSHURVLVHGHWHFWDXQGHVSHUIHFWRODOX]
LQGLFDGRUD0,/SHUPDQHFHHQFHQGLGDDXQTXHHOPRWRUHVWpIXQFLRQDQGR

&20352%$&,Ï1

3DVR 2SHUDFLyQ 6t 1R
 &RPSUREDFLyQGHOVXPLQLVWURGHFRUULHQWHHOpFWULFD 9D\DDOSDVR )XVLEOH³,*0(7(5´IXQGLGR
DODOX]GH0,/ IXVLEOHSULQFLSDOIXQGLGRPDO
 &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVL IXQFLRQDPLHQWRGHOLQWHUUXSWRU
FLyQ21 GHHQFHQGLGRFLUFXLWR³%/.
¢6HHQFLHQGHQHQHOLQGLFDGRUFRPELQDGRRWUDV :+7´HQWUHHOIXVLEOH³,*
OXFHVGHLQGLFDGRUDGYHUWHQFLD" 0(7(5´\HOLQGLFDGRUFRPEL
QDGRRFRQH[LyQPDODGHO
DFRSODGRUHQHOLQGLFDGRU
FRPELQDGR
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

3DVR 2SHUDFLyQ 6t 1R
 &RPSUREDFLyQGHOFLUFXLWRGHDOLPHQWDFLyQHOpF 9D\DDOSDVR 9D\DDOD³7$%/$$&20
WULFD\GHPDVDGHOPyGXORGH(&0 352%$&,Ï1'(/&,5&8,72
¢$UUDQFDHOPRWRU" '($/,0(17$&,Ï1(/e&
75,&$<'(0$6$'(/
0Ï'8/2'((&0´HQHVWD
VHFFLyQ
6LHOPRWRUQRJLUDSDUDDUUDQ
FDUYD\DD³',$*1Ï67,&2´
HQODVHFFLyQ*
 &RPSUREDFLyQGHOFLUFXLWRGHODOX]GH0,/ 5HHPSODFHSRUXQ %RPELOODIXQGLGDRFLUFXLWRGH
 &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVL PyGXORGH(&03&0 FDEOH³33/<(/´DELHUWR
FLyQ2))\GHVFRQHFWHORVFRQHFWRUHVGHO HQSHUIHFWRHVWDGR\
PyGXORGH(&0 YXHOYDDFRPSUREDU
 &RPSUXHEHHOHVWDGRGHODFRQH[LyQDO
PyGXORGH(&0HQHOWHUPLQDO(
 6LODFRQH[LyQHVWiFRQIRUPHXWLOLFHHOFDEOH
GHVHUYLFLR\FRQHFWHDPDVDHOWHUPLQDO(
HQHOFRQHFWRUGHVFRQHFWDGR
¢6HHQFLHQGHODOX]LQGLFDGRUDGH0,/FXDQGRVH
FRORFDHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ
21"

7DEOD$&RPSUREDFLyQGHOFLUFXLWRGHODOX]LQGLFDGRUDGHPDOIXQFLRQDPLHQWR
±/DOX]LQGLFDGRUDSHUPDQHFHHQFHQGLGDGHVSXpVGHODUUDQTXHGHOPRWRU
',$*5$0$'(&$%/($'2'(6&5,3&,Ï1'(/&,5&8,72
5HILpUDVHDOD7$%/$$

&20352%$&,Ï1

3DVR 2SHUDFLyQ 6t 1R
 &RPSUREDFLyQGHO'7& 9D\DDOSDVRGHOD 9D\DDOSDVR
 &RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ ³7$%/$'()/8-2'(
2))LQVWDOHHOLQVWUXPHQWRGHH[SORUDFLyQ ',$*1Ï67,&2'(/
 +DJDDUUDQFDUHOPRWRU\FRPSUXHEHHO'7& 02725´HQHVWDVHF
¢+D\DOJ~Q'7&GHPDOIXQFLRQDPLHQWR" FLyQ
 &RPSUREDFLyQGHOFLUFXLWRGHODOX]GH0,/ &LUFXLWRGHOFDEOH³33/ 5HHPSODFHSRUXQPyGXORGH
 &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVL <(/´FRUWRFLUFXLWDGRD (&03&0HQSHUIHFWR
FLyQ2))\GHVFRQHFWHORVDFRSODGRUHVGHO PDVD HVWDGR\YXHOYDDFRPSUREDU
PyGXORGH(&03&0
¢6HHQFLHQGHODOX]LQGLFDGRUDGH0,/FXDQGRVH
FRORFDHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ
21"
 ,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

7DEOD$&RPSUREDFLyQGHODOX]LQGLFDGRUDGHPDOIXQFLRQDPLHQWR±/DOX]GH
0,/GHVWHOODFRQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ219HKtFXORFRQ
FRQHFWRUGHYHULILFDFLyQ
',$*5$0$'(&$%/($'2'(6&5,3&,Ï1'(/&,5&8,72
5HILpUDVHDOD7$%/$$
/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6

3DVR 2SHUDFLyQ 6t 1R
 &RPSUREDFLyQGHOSDWUyQGHGHVWHOORVGHODOX]LQGLFD 9D\DDOSDVR 9D\DD³',$*1Ï6
GRUDGH0,/ 7,&2´HQODVHFFLyQ
 &RORTXH HO LQWHUUXSWRU GH HQFHQGLGR HQ OD SRVLFLyQ *
21
¢,QGLFDXQ'7&HOSDWUyQGHGHVWHOORVGHODOX]LQGLFD
GRUDGH0,/"
 &RPSUREDFLyQGHOFLUFXLWRGHOLQWHUUXSWRUGHGLDJQyVWLFR (OVLVWHPDHVWiHQEXH &LUFXLWRGHOFDEOH³<(/´
¢(VWiHOWHUPLQDOGHOLQWHUUXSWRUGHGLDJQyVWLFRFRQHF QDVFRQGLFLRQHV FRUWRFLUFXLWDGRDPDVD
WDGRDPDVDPHGLDQWHHOFDEOHGHVHUYLFLR" 6LHOFLUFXLWRHVWiFRQ
IRUPHUHHPSODFHSRU
XQPyGXORGH(&0
3&0HQEXHQHVWDGR
\YXHOYDDFRPSUREDU

7DEOD$&RPSUREDFLyQGHODOX]LQGLFDGRUDGHPDOIXQFLRQDPLHQWR±/DOX]GH
0,/QRGHVWHOODRSHUPDQHFHHQFHQGLGDFRQHOWHUPLQDOGHOLQWHUUXSWRUGHGLDJ
QyVWLFRFRQHFWDGRDPDVD9HKtFXORFRQFRQHFWRUGHYHULILFDFLyQ
',$*5$0$'(&$%/($'2'(6&5,3&,Ï1'(/&,5&8,72
5HILpUDVHDOD7$%/$$
/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6

3DVR 2SHUDFLyQ 6t 1R
 &RPSUREDFLyQGHOFLUFXLWRGHODOX]GH0,/ &LUFXLWRGHOFDEOH³33/ 9D\DDOSDVR
 &RORTXH HO LQWHUUXSWRU GH HQFHQGLGR HQ OD SRVLFLyQ <(/´FRUWRFLUFXLWDGRD
2)) \ GHVFRQHFWH ORV FRQHFWRUHV GHO PyGXOR GH PDVD
(&03&0
¢6HHQFLHQGHODOX]LQGLFDGRUDGH0,/FXDQGRVHFRORFD
HOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21"
 &RPSUREDFLyQGHODFRQH[LyQGH(&03&0 9D\DDOSDVR 0DODFRQH[LyQGHO
 &RORTXH HO LQWHUUXSWRU GH HQFHQGLGR HQ OD SRVLFLyQ FRQHFWRU
2))
¢(VWiHOFRQHFWRUFRQH[LyQ(FRQHFWDGRFRUUHF
WDPHQWHDOPyGXORGH(&03&0"
 &RPSUREDFLyQGHOFLUFXLWRGHOWHUPLQDOGHOLQWHUUXSWRUGH &LUFXLWR³<(/´R³%/.´ 5HHPSODFHSRUXQ
GLDJQyVWLFR DELHUWR PyGXORGH(&03&0
 &RQHFWHORVFRQHFWRUHVDOPyGXORGH(&03&0 HQSHUIHFWRHVWDGR\
 8WLOLFHHOFDEOHGHVHUYLFLR\FRQHFWHDPDVDHOWHU YXHOYDDFRPSUREDU
PLQDO ( FRQ ORV FRQHFWRUHV FRQHFWDGRV DO
PyGXORGH(&03&0
 &RORTXH HO LQWHUUXSWRU GH HQFHQGLGR HQ OD SRVLFLyQ
21
¢'HVWHOODODOX]GH0,/"
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

7DEOD$&RPSUREDFLyQGHOFLUFXLWRGHDOLPHQWDFLyQHOpFWULFD\GHPDVDGHO
PyGXORGH(&03&0±/DOX]LQGLFDGRUDGH0,/QRVHHQFLHQGHFXDQGRHOLQWH
UUXSWRUGHHQFHQGLGRHVWiHQODSRVLFLyQ21\HOPRWRUJLUDSHURQRDUUDQFD
',$*5$0$'(&$%/($'2

 /X]GH0,/
 $OLQWHUUXSWRUGHHQFHQGLGR
 )XVLEOHSULQFLSDO
 5HOpSULQFLSDO
 (&03&0

'(6&5,3&,Ï1'(/&,5&8,72
&XDQGRHOLQWHUUXSWRUGHHQFHQGLGRVHFRORFDHQODSRVLFLyQ21HOUHOpSULQFLSDOVHDFWLYD21>HOSXQWRGHFRQWDFWR
VHFLHUUD@\VHVXPLQLVWUDFRUULHQWHHOpFWULFDSULQFLSDODOPyGXORGH(&03&0
 ,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

&20352%$&,Ï1

3DVR 2SHUDFLyQ 6t 1R
 &RPSUREDFLyQGHOVRQLGRGHIXQFLRQDPLHQWRGHO 9D\DDOSDVR 9D\DDOSDVR
UHOpSULQFLSDO
¢6HR\HVRQLGRGHIXQFLRQDPLHQWRGHOUHOpSULQFL
SDOFXDQGRVHFRORFDHOLQWHUUXSWRUGHHQFHQGLGR
HQODSRVLFLyQ21"
 &RPSUREDFLyQGHOIXVLEOH 9D\DDOSDVR &RPSUXHEHVLKD\FRUWRFLU
¢(VWiHQEXHQDVFRQGLFLRQHVHOIXVLEOHSULQFLSDO FXLWRHQORVFLUFXLWRV
³),´" FRQHFWDGRVDHVWHIXVLEOH
 &RPSUREDFLyQGHOUHOpSULQFLSDO 9D\DDOSDVR 5HHPSODFHHOUHOpSULQFL
 &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQOD SDO
SRVLFLyQ2))\GHVPRQWHHOUHOpSULQFLSDO
 &RPSUXHEHHOHVWDGRGHODFRQH[LyQDOUHOp
SULQFLSDOHQORVWHUPLQDOHV\
 6LHVWiQRUPDOFRPSUXHEHODUHVLVWHQFLD\HO
IXQFLRQDPLHQWRGHOUHOpSULQFLSDO5HILpUDVHD
³&20352%$&,Ï1'(/5(/e35,1&,3$/´
HQODVHFFLyQ(
¢(VVDWLVIDFWRULRHOUHVXOWDGRGHODFRPSURED
FLyQ"
 &RPSUREDFLyQGHOFLUFXLWRGHDOLPHQWDFLyQHOpF 9D\DDOSDVR &LUFXLWR³%/8:+7´³%/8´
WULFDGHOPyGXORGH(&03&0 R³%/.5('´DELHUWR
 &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQOD
SRVLFLyQ2))GHVFRQHFWHORVFRQHFWRUHVGHO
PyGXOR(&0HLQVWDOHHOUHOpSULQFLSDO
 &RPSUXHEHHOHVWDGRGHODFRQH[LyQDO
PyGXORGH(&0&30HQORVWHUPLQDOHV
&(&\&
 6LHVWiQFRQIRUPHVHQWRQFHVPLGDODWHQVLyQ
HQWUHORVWHUPLQDOHV&\PDVD(
\PDVDFRQHOLQWHUUXSWRUGHHQFHQGLGRFROR
FDGRHQODSRVLFLyQ21
¢(VFDGDWHQVLyQ±9"
 &RPSUREDFLyQGHOFLUFXLWRGHDOLPHQWDFLyQHOpF &RPSUXHEHVLORVFLUFXLWRV 9D\DDOSDVR
WULFDGHOPyGXORGH(&0 DPDVD³%/.*51´\³%/.
 8WLOLFHHOFDEOHGHVHUYLFLRFRORTXHDPDVDHO 251´HVWiQDELHUWRV
WHUPLQDO(\PLGDODWHQVLyQHQWUHHOWHU 6LHVWiQFRQIRUPHVUHHP
PLQDO&\PDVDFRQHOLQWHUUXSWRUGH SODFHSRUXQPyGXOR(&0
HQFHQGLGRFRORFDGRHQODSRVLFLyQ21 3&0HQEXHQHVWDGR\
¢(VODWHQVLyQ±9" YXHOYDDFRPSUREDU
 ¢6HR\HHQHOSDVRHOVRQLGRGHIXQFLRQDPLHQWR 9D\DDOSDVR &DEOH³%/.5('´R³%/8
GHOUHOpSULQFLSDO" %/.´DELHUWR
 &RPSUREDFLyQGHOUHOpSULQFLSDO &DEOH³%/.5('´R³%/8 5HHPSODFHHOUHOpSULQFL
 &RPSUXHEHHOUHOpSULQFLSDOVLJXLHQGRHOSUR %/.´DELHUWR SDO
FHGLPLHQWRGHOSDVR
¢(VWiHQEXHQDVFRQGLFLRQHVHOUHOpSULQFLSDO"
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

'7&3'7&1ƒ0DOIXQFLRQDPLHQWRGHOFLUFXLWRGHIOXMRGHPDVDGH

DLUH
',$*5$0$'(&$%/($'2

 )XVLEOHSULQFLSDO
 5HOpSULQFLSDO
 (&03&0
 6HQVRUGHIOXMRGHPDVDGHDLUH

&21',&,Ï1'('(7(&&,Ï1'(/'7&<È5($'(/'(63(5)(&72

&21',&,Ï1'('(7(&&,Ï1'(/'7& È5($'(/'(63(5)(&72
$OJXQDGHODVFRQGLFLRQHVVLJXLHQWHVHVGHWHFWDGD ‡ &LUFXLWRGHOVHQVRUGH0$)
GXUDQWHVHJXQGRVFRQWLQXDPHQWH ‡ 6HQVRUGH0$)
‡ 0RWRUIXQFLRQDQGR\GHVSXpVGHPiVGHVHJXQGRV ‡ (&03&0
GHFRORFDUHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ
21ODFRUULHQWHGHVDOLGDGHOVHQVRUGH0$)VLJXH
VLHQGRLQIHULRUDP$GXUDQWHPVHJ
‡ 0RWRUIXQFLRQDQGR\GHVSXpVGHPiVGHVHJXQGRV
GHFRORFDUHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ
21ODFRUULHQWHGHVDOLGDGHOVHQVRUGH0$)VLJXH
VLHQGRVXSHULRUDP$GXUDQWHPVHJ
 ,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

352&(',0,(172'(&21),50$&,Ï1'(/'7&

$'9(57(1&,$
‡ &XDQGRHIHFW~HXQDSUXHEDGHFDUUHWHUDHOLMDXQOXJDUGRQGHQRKD\DWUiILFRRULHVJRGHDFFLGHQWHVGH
WUiILFR\DFW~HFRQPXFKRFXLGDGRSDUDDVtHYLWDUFXDOTXLHUDFFLGHQWH
‡ /DSUXHEDGHFDUUHWHUDGHEHVHUHIHFWXDGDHQXQDFDUUHWHUDSODQDKRUL]RQWDOSRUSHUVRQDVXQFRQ
GXFWRU\XQHQFDUJDGRGHODSUXHED

127$
&RPSUXHEHSDUDDVHJXUDUVHGHTXHVHVDWLVIDFHQODVFRQGLFLRQHVVLJXLHQWHVFXDQGRVHDSOLFDHO³352&(
',0,(172'(&21),50$&,Ï1'('7&´
7HPSHUDWXUDGHODLUHGHDGPLVLyQ±ƒ&RPD\RU
7HPSHUDWXUDGHOUHIULJHUDQWHGHOPRWRU±±ƒ&
$OWLWXGSUHVLyQEDURPpWULFDPRPHQRVPP+JN3DRPiV

 &RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQDO'/&FRQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQODSRVLFLyQ2))
 &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21\XWLOL]DQGRHOLQVWUXPHQWRGHHVFDQHRERUUHHO'7&'7&
SHQGLHQWHV\GDWRVGHLPDJHQFRQJHODGD\KDJDIXQFLRQDUHOPRWRUDOUpJLPHQGHUDOHQWtGXUDQWHVHJXQGRV
RPiV
 &RPSUXHEH'7&HPSOHDQGRHOLQVWUXPHQWRGHH[SORUDFLyQ

/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6

3DVR 2SHUDFLyQ 6t 1R
 ¢6HDSOLFyOD³7$%/$'()/8-2'(',$*1Ï6 9D\DDOSDVR 9D\DDOD³7$%/$'(
7,&2'(/02725´" )/8-2'(',$*1Ï67,&2
'(/02725´HQHVWDVHF
FLyQ
 &RPSUREDFLyQGHOVHQVRUGH0$) 'HVSHUIHFWRLQWHUPLWHQWH 9D\DDOSDVR
 &RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQDO &RPSUXHEHHOGHVSHUIHFWR
'/&FRQHOLQWHUUXSWRUGHHQFHQGLGRFROR LQWHUPLWHQWH5HILpUDVHD
FDGRHQODSRVLFLyQ2)) ³0$/)81&,21$0,(172
 +DJDDUUDQFDUHOPRWRU\FRPSUXHEHHOYDORU ,17(50,7(17(<
GH0$)YLVXDOL]DGRHQHOLQVWUXPHQWRGH &21(;,Ï10$/$´HQOD
H[SORUDFLyQ3DUDHOYDORUQRUPDOUHILpUDVHD VHFFLyQ$
³'$726'(/,167580(172'((;3/2
5$&,Ï1´HQHVWDVHFFLyQ
¢(VQRUPDOHOYDORULQGLFDGR"
 &RPSUREDFLyQGHODDOLPHQWDFLyQHOpFWULFDDOVHQ 9D\DDOSDVR &DEOH³%/8%/.´GHIHF
VRUGH0$) WXRVR
 &RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ
2))GHVFRQHFWHHODFRSODGRUGHOVHQVRUGH
0$)
 &RQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQ
ODSRVLFLyQ21FRPSUXHEHODWHQVLyQHQWUH
(GHODFRSODGRUGHOVHQVRUGH0$)\OD
PDVD
¢(VODWHQVLyQ±9"
 &RPSUREDFLyQGHODWHQVLyQGHVDOLGDGHOVHQVRU 0DODFRQH[LyQHQHOWHUPL &DEOH³33/:+7´GHIHF
GH0$) QDO&y& WXRVR
 &RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ 6LHVWiQFRQIRUPHVUHHP &RQH[LyQPDODHQWHUPLQDO
2))FRQHFWHHODFRSODGRUGHOVHQVRUGH0$) SODFHSRUXQPyGXOR(&0 GHODFRSODGRU(
 'HVPRQWHODFXELHUWDGHO(&03&0 3&0HQEXHQHVWDGR\ 6LHOFDEOH\ODFRQH[LyQ
 &RQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQ YXHOYDDFRPSUREDU HVWiQFRQIRUPHVUHHP
ODSRVLFLyQ21GHMDQGRHOPRWRUSDUDGR SODFHSRUXQVHQVRUGH
FRPSUXHEHODWHQVLyQHQWUHORVWHUPLQDOHV 0$)HQEXHQHVWDGR\
&\& YXHOYDDFRPSUREDU
¢(VODWHQVLyQ±9"
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

'7&3'7&1ƒ0DOIXQFLRQDPLHQWRGHOFLUFXLWRGHWHPSHUDWXUDGHO

DLUHGHDGPLVLyQ,$7
',$*5$0$'(&$%/($'2

 6HQVRUGH,$7
 (&03&0

&21',&,Ï1'('(7(&&,Ï1'(/'7&<È5($'(/'(63(5)(&72

&21',&,Ï1'('(7(&&,Ï1'(/'7& È5($'(/'(63(5)(&72
$OJXQDGHODVFRQGLFLRQHVVLJXLHQWHVHVGHWHFWDGD ‡ &LUFXLWRGHOVHQVRUGH,$7
GXUDQWHVHJXQGRVFRQWLQXDPHQWH ‡ 6HQVRUGH,$7
‡ 7HPSHUDWXUDEDMDGHODLUHGHDGPLVLyQ7HQVLyQDOWD ‡ 0DOIXQFLRQDPLHQWRGHOPyGXORGH(&03&0
5HVLVWHQFLDDOWD
‡ 7HPSHUDWXUDDOWDGHODLUHGHDGPLVLyQ7HQVLyQEDMD
5HVLVWHQFLDEDMD

352&(',0,(172'(&21),50$&,Ï1'(/'7&
 &RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQDO'/&FRQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQODSRVLFLyQ2))
 &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21\XWLOL]DQGRHOLQVWUXPHQWRGHH[SORUDFLyQERUUHHO'7&
'7&SHQGLHQWHV\GDWRVGHLPDJHQFRQJHODGD\KDJDIXQFLRQDUHOPRWRUDOUpJLPHQGHUDOHQWtFRQODWHPSHUD
WXUDGHOUHIULJHUDQWHGHOPRWRUDƒ&RPHQRVGXUDQWHVHJXQGRVRPiV
 &RPSUXHEH'7&HPSOHDQGRHOLQVWUXPHQWRGHH[SORUDFLyQ
 ,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6

3DVR 2SHUDFLyQ 6t 1R
 ¢6HDSOLFyOD³7$%/$'()/8-2'(',$*1Ï6 9D\DDOSDVR 9D\DDOD³7$%/$'(
7,&2'(/02725´" )/8-2'(',$*1Ï67,&2
'(/02725´HQHVWDVHF
FLyQ
 &RPSUXHEHHOVHQVRUGH,$7\VXFLUFXLWR 9D\DDOSDVR 'HVSHUIHFWRLQWHUPLWHQWH
 &RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQFRQHO &RPSUXHEHHOGHVSHUIHFWR
LQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQODSRVL LQWHUPLWHQWH5HILpUDVHD
FLyQ2)) ³0$/)81&,21$0,(172
 &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQOD ,17(50,7(17(<
SRVLFLyQ21 &21(;,Ï10$/$´HQOD
 &RPSUXHEHODWHPSHUDWXUDGHODLUHGHDGPL VHFFLyQ$
VLyQYLVXDOL]DGDHQHOLQVWUXPHQWRGHH[SORUD
FLyQ
¢6HLQGLFD±ƒ&yƒ&"
 &RPSUXHEHHOPD]RGHFDEOHV 9D\DDOSDVR &DEOH³/7%/8´DELHUWRR
 'HVFRQHFWHHOFRQHFWRUGHOVHQVRUGH,$7FRQ FRUWRFLUFXLWDGRRFRQH[LyQ
HOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ PDODGH&
2)) 6LHOFDEOH\ODFRQH[LyQ
 &RPSUXHEHHOHVWDGRGHODFRQH[LyQDOVHQ HVWiQFRQIRUPHVUHHP
VRUGH,$7HQORVWHUPLQDOHVGHORVFDEOHV³/7 SODFHSRUXQPyGXORGH
%/8´\³*5<<(/´ (&03&0HQEXHQ
6LHVWiQFRQIRUPHVYHULILTXHFRQHOLQWHUUXSWRU HVWDGR\YXHOYDDFRPSUR
GHHQFHQGLGRFRORFDGRHQODSRVLFLyQ21VLOD EDU
WHQVLyQDSOLFDGDDOWHUPLQDOGHOFDEOH³/7%/8´HV
±9DSUR[LPDGDPHQWH
 &RPSUXHEHHOPD]RGHFDEOHV 5HHPSODFHHOVHQVRUGH &DEOH³*5<<(/´DELHUWR
 8WLOLFHHOFDEOHGHVHUYLFLR\FRQHFWHORVWHUPL ,$7 RFRQH[LyQPDODGH&
QDOHVGHOFRQHFWRUGHOVHQVRUGH,$7 
 &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQOD 6LHOFDEOH\ODFRQH[LyQ
SRVLFLyQ21\FRPSUXHEHODWHPSHUDWXUDGHO HVWiQFRQIRUPHVUHHP
DLUHGHDGPLVLyQYLVXDOL]DGDHQHOLQVWUXPHQWR SODFHSRUXQPyGXORGH
GHH[SORUDFLyQ (&03&0HQEXHQ
¢6HLQGLFDƒ&" HVWDGR\YXHOYDDFRPSUR
EDU
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

'7&3'7&1ƒ0DOIXQFLRQDPLHQWRGHOFLUFXLWRGHWHPSHUDWXUDGHO

UHIULJHUDQWHGHOPRWRU
',$*5$0$'(&$%/($'2

 6HQVRUGH(&7
 $OLQGLFDGRUFRPELQDGR(&7
 (&03&0

&21',&,Ï1'('(7(&&,Ï1'(/'7&<È5($'(/'(63(5)(&72

&21',&,Ï1'('(7(&&,Ï1'(/'7& È5($'(/'(63(5)(&72
$OJXQDGHODVFRQGLFLRQHVVLJXLHQWHVHVGHWHFWDGDGXUDQWH &LUFXLWRGHOVHQVRUGH(&7
VHJXQGRVFRQWLQXDPHQWH 6HQVRUGH(&7
‡ 7HPSHUDWXUDEDMDGHOUHIULJHUDQWHGHOPRWRU7HQVLyQDOWD (&03&0
5HVLVWHQFLDDOWD
‡ 7HPSHUDWXUDDOWDGHOUHIULJHUDQWHGHOPRWRU7HQVLyQEDMD
5HVLVWHQFLDEDMD

352&(',0,(172'(&21),50$&,Ï1'(/'7&

127$
&RPSUXHEHSDUDDVHJXUDUVHGHTXHVHVDWLVIDFHQODVFRQGLFLRQHVVLJXLHQWHVFXDQGRVHDSOLFDHO³352&(
',0,(172'(&21),50$&,Ï1'('7&´
‡ 7HPSHUDWXUDGHODLUHGHDGPLVLyQ±ƒ&RPD\RU
‡ 7HPSHUDWXUDGHOUHIULJHUDQWHGHOPRWRU±±ƒ&
‡ $OWLWXGSUHVLyQEDURPpWULFDPRPHQRVPP+JN3DRPiV

 &RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQDO'/&FRQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQODSRVLFLyQ2))
 &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21\XWLOL]DQGRHOLQVWUXPHQWRGHH[SORUDFLyQERUUHHO'7&
'7& SHQGLHQWHV \ GDWRV GH LPDJHQ FRQJHODGD \ KDJD IXQFLRQDU HO PRWRU DO UpJLPHQ GH UDOHQWt GXUDQWH 
VHJXQGRVRPiV
 &RPSUXHEH'7&HPSOHDQGRHOLQVWUXPHQWRGHH[SORUDFLyQ
 ,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6

3DVR 2SHUDFLyQ 6t 1R
 ¢6HDSOLFyOD³7$%/$'()/8-2'(',$*1Ï6 9D\DDOSDVR 9D\DDOD³7$%/$'(
7,&2'(/02725´" )/8-2'(',$*1Ï67,&2
'(/02725´HQHVWDVHF
FLyQ
 &RPSUXHEHHOVHQVRUGH(&7\VXFLUFXLWR 9D\DDOSDVR 'HVSHUIHFWRLQWHUPLWHQWH
 &RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQFRQHO &RPSUXHEHHOGHVSHUIHFWR
LQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQODSRVL LQWHUPLWHQWH5HILpUDVHD
FLyQ2)) ³0$/)81&,21$0,(172
 &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQOD ,17(50,7(17(<
SRVLFLyQ21 &21(;,Ï10$/$´HQOD
 &RPSUXHEHODWHPSHUDWXUDGHOUHIULJHUDQWH VHFFLyQ$
GHOPRWRUYLVXDOL]DGDHQHOLQVWUXPHQWRGH
H[SORUDFLyQ
¢6HLQGLFD±ƒ&Rƒ&"
 &RPSUXHEHHOPD]RGHFDEOHV 9D\DDOSDVR &DEOH³251%/.´DELHUWR
 'HVFRQHFWHHOFRQHFWRUGHOVHQVRUGH(&7 RFRUWRFLUFXLWDGRR
FRQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ FRQH[LyQPDODGH&
2)) 6LHOFDEOH\ODFRQH[LyQ
 &RPSUXHEHHOHVWDGRGHODFRQH[LyQDOVHQ HVWiQFRQIRUPHVUHHP
VRUGH(&7HQORVWHUPLQDOHVGHORVFDEOHV SODFHSRUXQPyGXORGH
³251%/.´\³*5<<(/´ (&03&0HQEXHQ
6LHVWiQFRQIRUPHVYHULILTXHFRQHOLQWHUUXSWRU HVWDGR\YXHOYDDFRPSUR
GHHQFHQGLGRFRORFDGRHQODSRVLFLyQ21VLOD EDU
WHQVLyQDSOLFDGDDOWHUPLQDOGHOFDEOH³251%/.´
HV±9DSUR[LPDGDPHQWH
 &RPSUXHEHHOPD]RGHFDEOHV 5HHPSODFHHOVHQVRUGH &DEOH³*5<<(/´DELHUWR
 8WLOLFHHOFDEOHGHVHUYLFLR\FRQHFWHORVWHUPL (&7 RFRQH[LyQPDODGH&
QDOHVGHOFRQHFWRUGHOVHQVRUGH(&7 
 &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQOD 6LHOFDEOH\ODFRQH[LyQ
SRVLFLyQ21\FRPSUXHEHODWHPSHUDWXUDGHO HVWiQFRQIRUPHVUHHP
UHIULJHUDQWHGHOPRWRUYLVXDOL]DGDHQHOLQVWUX SODFHSRUXQPyGXORGH
PHQWRGHH[SORUDFLyQ (&03&0HQEXHQ
¢6HLQGLFDƒ&" HVWDGR\YXHOYDDFRPSUR
EDU
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

'7&31ƒ0DOIXQFLRQDPLHQWRGHOFLUFXLWRGHSRVLFLyQGHODPDUL

SRVDGHJDVHV
',$*5$0$'(&$%/($'2

 6HQVRUGHSRVLFLyQGHODPDULSRVDGHJDVHV
 (&03&0

&21',&,Ï1'('(7(&&,Ï1'(/'7&<È5($'(/'(63(5)(&72

&21',&,Ï1'('(7(&&,Ï1'(/'7& È5($'(/'(63(5)(&72
/DVFRQGLFLRQHVVLJXLHQWHVVRQGHWHFWDGDVGXUDQWH ‡ &LUFXLWRGHOVHQVRUGH73
VHJXQGRVFRQWLQXDPHQWH ‡ 6HQVRUGH73
‡ 0RWRUIXQFLRQDQGR ‡ (&03&0
‡ 6HxDOGHWHQVLyQEDMDRVHxDOGHWHQVLyQDOWD

127$
&RPSUXHEHSDUDDVHJXUDUVHGHTXHVHVDWLVIDFHQODVFRQGLFLRQHVVLJXLHQWHVFXDQGRVHDSOLFDHO³352&(
',0,(172'(&21),50$&,Ï1'('7&´
‡ 7HPSHUDWXUDGHODLUHGHDGPLVLyQ±ƒ&RPD\RU
‡ 7HPSHUDWXUDGHOUHIULJHUDQWHGHOPRWRU±±ƒ&
‡ $OWLWXGSUHVLyQEDURPpWULFDPRPHQRVPP+JN3DRPiV

352&(',0,(172'(&21),50$&,Ï1'(/'7&
 &RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQDO'/&FRQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQODSRVLFLyQ2))
 &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21\XWLOL]DQGRHOLQVWUXPHQWRGHH[SORUDFLyQERUUHHO'7&
'7& SHQGLHQWHV \ GDWRV GH LPDJHQ FRQJHODGD \ KDJD IXQFLRQDU HO PRWRU DO UpJLPHQ GH UDOHQWt GXUDQWH 
VHJXQGRVRPiV
 &RPSUXHEH'7&HPSOHDQGRHOLQVWUXPHQWRGHH[SORUDFLyQ
 ,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6

3DVR 2SHUDFLyQ 6t 1R
 ¢6HDSOLFyOD³7$%/$'()/8-2'(',$*1Ï6 9D\DDOSDVR 9D\DDOD³7$%/$'(
7,&2'(/02725´" )/8-2',$*1Ï67,&2
'(/02725´
 &RPSUXHEHHOVHQVRUGH73\VXFLUFXLWR 9D\DDOSDVR 'HVSHUIHFWRLQWHUPLWHQWH
 &RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQDO &RPSUXHEHORVGHVSHUIHF
'/&FRQHOLQWHUUXSWRUGHHQFHQGLGRHQOD WRVLQWHUPLWHQWHVUHILULpQ
SRVLFLyQ2))\HQVHJXLGDFRORTXHHOLQWH GRVHD³0DO
UUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21 IXQFLRQDPLHQWRLQWHUPL
 &RPSUXHEHHOSRUFHQWDMHGHDEHUWXUDGHOD WHQWH\FRQH[LyQPDOD´HQ
PDULSRVDGHJDVHVYLVXDOL]DGRHQHOLQVWUX ODVHFFLyQ$
PHQWRGHH[SORUDFLyQ
¢6HYLVXDOL]DRPHQRV"
 &RPSUXHEHHOSRUFHQWDMHGHDEHUWXUDGHOD
PDULSRVDGHJDVHVYLVXDOL]DGRHQHOLQVWUX
PHQWRGHH[SORUDFLyQPLHQWUDVODDEHUWXUDGH
ODPDULSRVDGHJDVHVSDVDGHODSRVLFLyQGH
UDOHQWtDODSRVLFLyQFRPSOHWDPHQWHDELHUWD
¢6HYLVXDOL]DRPiV"
 &RPSUXHEHHOPD]RGHFDEOHV 9D\DDOSDVR &DEOH³*5<5('´DELHUWR
 'HVFRQHFWHHOFRQHFWRUGHOVHQVRUGH73FRQ FDEOH³*5<5('´FRUWRFLU
HOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ FXLWDGRDOFLUFXLWRGHPDVD
2)) RDOFLUFXLWRGHDOLPHQWD
 &RPSUXHEHHOHVWDGRGHODFRQH[LyQDOVHQ FLyQHOpFWULFDRDOFDEOH
VRUGH73HQORVWHUPLQDOHVGHORVFDEOHV ³5('*51´FDEOH³*5<
³*5<5('´³5('*51´\³*5<<(/´ <(/´DELHUWRRFRUWRFLUFXL
 6LHVWiFRQIRUPHHQWRQFHVFRQHOLQWHUUXSWRU WDGRDPDVDPDOD
GHHQFHQGLGRHQODSRVLFLyQ21FRPSUXHEH FRQH[LyQGH&RGH
ODWHQVLyQHQWUHFDGDWHUPLQDOGHOFDEOH³*5< &
5('´R³5('*51´\ODPDVDDFDUURFHUtD 6LHOFDEOH\ODFRQH[LyQ
¢(VODWHQVLyQ±9DSUR[LPDGDPHQWHHQFDGD HVWiQFRQIRUPHVUHHP
WHUPLQDO" SODFHSRUXQPyGXORGH
(&0HQEXHQHVWDGR\
YXHOYDDFRPSUREDU
 &RPSUREDFLyQGHOVHQVRUGH73 &DEOH³5('*51´FRUWR 5HHPSODFHHOVHQVRUGH
 &RPSUXHEHODUHVLVWHQFLDHQWUHORVWHUPLQDOHV FLUFXLWDGRDOFLUFXLWRGHDOL 73
GHOVHQVRUGH735HILpUDVHD³6(1625'( PHQWDFLyQHOpFWULFD
73´HQODVHFFLyQ( 6LHOFLUFXLWRHVWiFRQ
¢(VWiQORVYDORUHVPHGLGRVFRQIRUPHVFRQODV IRUPHUHHPSODFHSRUXQ
HVSHFLILFDFLRQHV" PyGXORGH(&03&0HQ
EXHQHVWDGR\YXHOYDD
FRPSUREDU
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

'7&33UREOHPDGHLQWHUYDORIXQFLRQDPLHQWRGHOFLUFXLWRGHSRVLFLyQGHOD
PDULSRVDGHJDVHV
',$*5$0$'(&$%/($'2'(6&5,3&,Ï1'(/&,5&8,72
5HILpUDVHDO'7&3
&21',&,Ï1'('(7(&&,Ï1'(/'7&<È5($'(/'(63(5)(&72

&21',&,Ï1'('(7(&&,Ï1'(/'7& È5($'(/'(63(5)(&72
/DDEHUWXUDGHODPDULSRVDGHJDVHVHVPHQRUTXHHOYDORU ‡ 6HQVRUGH73
HVSHFLILFDGRPLHQWUDVHOYROXPHQGHODLUHGHDGPLVLyQFDP ‡ (&03&0
ELD\HOPRWRUHVWiIXQFLRQDQGRDXQUpJLPHQFRQVWDQWH
OyJLFDGHGHWHFFLyQGHFLFORVGHFRQGXFFLyQ

352&(',0,(172'(&21),50$&,Ï1'(/'7&

$'9(57(1&,$
‡ &XDQGRHIHFW~HXQDSUXHEDGHFDUUHWHUDHOLMDXQOXJDUGRQGHQRKD\DWUiILFRRULHVJRGHDFFLGHQWHVGH
WUiILFR\DFW~HFRQPXFKRFXLGDGRSDUDDVtHYLWDUFXDOTXLHUDFFLGHQWH
‡ /DSUXHEDGHFDUUHWHUDGHEHVHUHIHFWXDGDHQXQDFDUUHWHUDSODQDKRUL]RQWDOSRUSHUVRQDVXQFRQ
GXFWRU\XQHQFDUJDGRGHODSUXHED

127$
&RPSUXHEHSDUDDVHJXUDUVHGHTXHVHVDWLVIDFHQODVFRQGLFLRQHVVLJXLHQWHVFXDQGRVHDSOLFDHO³352&(
',0,(172'(&21),50$&,Ï1'('7&´
‡ 7HPSHUDWXUDGHODLUHGHDGPLVLyQ±ƒ&RPD\RU
‡ 7HPSHUDWXUDGHOUHIULJHUDQWHGHOPRWRU±±ƒ&
‡ $OWLWXGSUHVLyQEDURPpWULFDPRPHQRVPP+JN3DRPiV

 &RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQDO'/&FRQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQODSRVLFLyQ2))
 &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21\XWLOL]DQGRHOLQVWUXPHQWRGHH[SORUDFLyQERUUHHO'7&
ORV'7&SHQGLHQWHV\ORVGDWRVGHLPDJHQFRQJHODGD\KDJDDUUDQFDUHOPRWRU
 $XPHQWHODYHORFLGDGGHOYHKtFXORDNPK
 &RQGX]FDHOYHKtFXORDHVDYHORFLGDGGXUDQWHPLQXWRVHQHVWHSDVRVHSHUPLWHFDPELDUODYHORFLGDGGHOYHKt
FXOR
 'HWHQJDHOYHKtFXOR\KDJDIXQFLRQDUHOPRWRUHQUpJLPHQGHUDOHQWtGXUDQWHPLQXWR
 $XPHQWHODYHORFLGDGGHOYHKtFXORKDVWDTXHHOUpJLPHQGHOPRWRUOOHJXHD±USPHQHOHQJUDQDMH
DGHFXDGR
 &RQGX]FDHOYHKtFXORDHVDYHORFLGDGGXUDQWHVHJXQGRVRPiVHQHVWHSDVRPDQWHQJDFRQVWDQWHHOUpJLPHQ
GHOPRWRU
 'HWHQJDHOYHKtFXOR
 5HSLWDORVSDVRVD
 &RPSUXHEHVLKD\'7&SHQGLHQWHHPSOHDQGRHOLQVWUXPHQWRGHH[SORUDFLyQ
 INFORMACIÓN GENERAL Y DIAGNÓSTICO DEL MOTOR (MOTOR H27) 6-1-63

LOCALIZACIÓN Y REPARACIÓN DE AVERÍAS

Paso Operación Sí No
1 ¿Se aplicó la “TABLA DE FLUJO DE DIAGNÓSTICO Vaya al paso 2. Vaya a la “TABLA DE
DEL MOTOR”? FLUJO DE DIAGNÓS-
TICO DEL MOTOR”,
en esta sección.
2 ¿Se detecta DTC relacionado con el sensor de TP Vaya a la Tabla de flujo deVaya al paso 3.
(DTC P0120)? diagnóstico del DTC aplica-
ble.
3 ¿Tiene un instrumento de exploración SUZUKI? Vaya al paso 4. Vaya al paso 5.
4 Compruebe el sensor de TP y su circuito (utilizando el Reemplace por un módulo Vaya al paso 6.
instrumento de exploración SUZUKI) : de ECM (PCM) en perfecto
1) Coloque el interruptor de encendido en la posición estado, y vuelva a compro-
OFF, y conecte el instrumento de exploración bar.
SUZUKI al DLC.
2) Coloque el interruptor de encendido en la posición
ON y compruebe la tensión de salida del sensor
de TP cuando la mariposa de gases está en la
posición de ralentí y en la posición abierta com-
pletamente.
¿Varía la tensión linealmente dentro de los valores
especificados, como mostrado en la figura?
5 Compruebe el sensor de TP y su circuito (no utili- Si se utilizó un voltímetro, Vaya al paso 6.
zando el instrumento de exploración SUZUKI) : compruebe el estado de la
1) Coloque el interruptor de encendido en la posición conexión en el terminal
ON. C51-3-9.
2) Compruebe la tensión en el terminal C51-3-9 del Si está conforme, reem-
conector conectado del ECM, cuando la mariposa place por un módulo de
de gases está en la posición de ralentí y en la ECM (PCM) en buen
posición abierta completamente. estado, y vuelva a compro-
¿Varía la tensión linealmente dentro de los valores bar.
especificados, como mostrado en la figura?
6 Compruebe el sensor de TP : Resistencia alta en el cir- Reemplace el sensor
1) Coloque el interruptor de encendido en la posición cuito “GRY/RED”, “RED/ de TP.
OFF. GRN” o “GRY/YEL”.
2) Desconecte el conector del sensor de TP. Si el cable y la conexión
3) Compruebe en cada terminal el estado de la están conformes, reem-
conexión al sensor de TP. place por un módulo de
4) Si están conformes, compruebe la resistencia del ECM (PCM), en buen
sensor de TP. Refiérase a “SENSOR DE TP”, en estado, y vuelva a compro-
la sección 6E2. bar.
¿Es satisfactorio el resultado de la comprobación?

Figura para los pasos 4 y 5

1. Tensión
2. Abertura de la mariposa de gases
3. En la posición de ralentí
4. Abierta completamente
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

'7&3'7&1ƒ0DOIXQFLRQDPLHQWRGHOFLUFXLWRGHO+26EDQFRR

QRVHGHWHFWDDFWLYLGDGGHOVHQVRU
',$*5$0$'(&$%/($'2

 5HOpGHOFDOHQWDGRUGH+26
 (&03&0
 +26EDQFR

&21',&,Ï1'('(7(&&,Ï1'(/'7&<È5($'(/'(63(5)(&72

127$
3DUDORVYHKtFXORVHTXLSDGRVFRQFRQHFWRUGHYHULILFDFLyQVHILMDUi'7&FXDQGRVHGHWHFWHQODVFRQGLFLR
QHVVLJXLHQWHVFRQXQDVWHULVFR 

&21',&,Ï1'('(7(&&,Ï1'(/'7& È5($'(/'(63(5)(&72
&XDOTXLHUDGHODVFRQGLFLRQHVVLJXLHQWHVHVGHWHFWDGDHQHOHVWDGRGHUpJLPHQ +26RVXFLUFXLWR
GHUDOHQWtPLHQWUDVVHFRQGXFHHQODVFRQGLFLRQHVGHVFULWDVHQ³352&(', 6LVWHPDGHFRPEXVWLEOH
0,(172'(&21),50$&,Ï1'('7&´ (&03&0
‡ 6HGHWHFWDQ9RPiVFRPRWHQVLyQGHOFLUFXLWRGH+26FXDQGRVH
FRQHFWDXQDDOLPHQWDFLyQHOpFWULFDGH9DOFLUFXLWRGH+26HQHOPyGXORGH
(&03&0R
‡ /DWHQVLyQPi[LPDGHVDOLGDGHO+26HV9RPHQRUHQWpUPLQRPHGLR\
VXWHQVLyQPtQLPDPHGLDHV9RPHQRV
‡ /DWHQVLyQPtQLPDGHVDOLGDGHO+26HVPD\RUTXH9R
‡ /DWHQVLyQPi[LPDGHVDOLGDGHO+26HV9RPD\RUHQWpUPLQRPHGLR
\VXWHQVLyQPtQLPDPHGLDHV9RPD\RU
‡ /DWHQVLyQGHVDOLGDGHO+26QRH[FHGH9GXUDQWHHOWLHPSRHVSHFL
ILFDGR
OyJLFDGHGHWHFFLyQGHFLFORVGHFRQGXFFLyQ
 ,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

352&(',0,(172'(&21),50$&,Ï1'(/'7&

$'9(57(1&,$
‡ &XDQGRHIHFW~HXQDSUXHEDGHFDUUHWHUDHOLMDXQOXJDUGRQGHQRKD\DWUiILFRRULHVJRGHDFFLGHQWHVGH
WUiILFR\DFW~HFRQPXFKRFXLGDGRSDUDDVtHYLWDUFXDOTXLHUDFFLGHQWH
‡ /DSUXHEDGHFDUUHWHUDGHEHVHUHIHFWXDGDHQXQDFDUUHWHUDSODQDKRUL]RQWDOSRUSHUVRQDVXQFRQ
GXFWRU\XQHQFDUJDGRGHODSUXHED

127$
&RPSUXHEHSDUDDVHJXUDUVHGHTXHVHVDWLVIDFHQODVFRQGLFLRQHVVLJXLHQWHVFXDQGRVHDSOLFDHO³352&(
',0,(172'(&21),50$&,Ï1'('7&´
‡ 7HPSHUDWXUDGHODLUHGHDGPLVLyQ±ƒ&RPD\RU
‡ 7HPSHUDWXUDGHOUHIULJHUDQWHGHOPRWRU±±ƒ&
‡ $OWLWXGSUHVLyQEDURPpWULFDPRPHQRVPP+JN3DRPiV

 &RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQDO'/&FRQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQODSRVLFLyQ2))
 &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21\XWLOL]DQGRHOLQVWUXPHQWRGHH[SORUDFLyQERUUHHO'7&
ORV'7&SHQGLHQWHV\ORVGDWRVGHLPDJHQFRQJHODGD\KDJDDUUDQFDUHOPRWRU
 $XPHQWHODYHORFLGDGGHOYHKtFXORDNPKRPiV
 &RQGX]FDHOYHKtFXORDHVDYHORFLGDGGXUDQWHPLQXWRVRPiVHQHVWHSDVRVHSHUPLWHFDPELDUODYHORFLGDG
GHOYHKtFXOR
 'HWHQJDHOYHKtFXOR\KDJDIXQFLRQDUHOPRWRUHQUpJLPHQGHUDOHQWtGXUDQWHPLQXWR
 &RPSUXHEHVLKD\'7&SHQGLHQWHHPSOHDQGRHOLQVWUXPHQWRGHH[SORUDFLyQ6LQRKD\'7&SHQGLHQWHXWLOLFHHO
LQVWUXPHQWRGHH[SORUDFLyQ\FRPSUXHEHVLODSUXHEDGHYHULILFDFLyQGHOVHQVRUGHR[tJHQRKDVLGRFRPSOHWDGD
6LHQDPEDVFRPSUREDFLRQHVDQWHULRUHVODFRPSUREDFLyQHVQHJDWLYDHVGHFLUQRKD\'7&SHQGLHQWH\QRVHKD
FRPSOHWDGRODSUXHEDGHYHULILFDFLyQGHOVHQVRUGHR[tJHQRFRPSUXHEHODFRQGLFLyQGHOYHKtFXORDPELHQWDO\
UHSLWDORVSDVRVD

/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6

3DVR 2SHUDFLyQ 6t 1R
 ¢6HDSOLFyOD³7$%/$'()/8-2'(',$*1Ï67,&2'(/ 9D\DDOSDVR 9D\DDOD³7$%/$'(
02725´" )/8-2'(',$*1Ï6
7,&2'(/02725´
HQHVWDVHFFLyQ
 &RPSUREDFLyQGHODWHQVLyQGHVDOLGDGHO+26 9D\DDOSDVR 9D\DDOSDVR
 &RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQDO'/&FRQHO
LQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQODSRVLFLyQ2))
 &DOLHQWHHOPRWRUKDVWDOOHJDUDODWHPSHUDWXUDQRUPDOGH
IXQFLRQDPLHQWR\PDQWHQJDHOUpJLPHQGHOPRWRUD
USPGXUDQWHVHJ
 5HSLWDODDFHOHUDFLyQGHOPRWRU5HSLWDDSUHWDQGRHO
SHGDOGHODFHOHUDGRUDYHFHVFRQWLQXDPHQWHSDUD
HQULTXHFHUODPH]FODGH$)\VDTXHHOSLHGHOSHGDO
SDUDHPSREUHFHUODPH]FODGHDLUHFRPEXVWLEOH\FRP
SUXHEHODWHQVLyQGHVDOLGDGHO+26PRVWUDGDHQHOLQV
WUXPHQWRGHH[SORUDFLyQ5HILpUDVHDOD)LJXUD
¢6HLQGLFDPiVGH9\PHQRVGH9"
 &RPSUREDFLyQGHO+26 &LUFXLWR³5('´R 5HHPSODFHHO+26
 &RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2))GHV ³*5<<(/´DELHUWR 
FRQHFWHHOFRQHFWRUGHO+26 RFRUWRFLUFXLWDGR
 &RPSUXHEHHOHVWDGRGHODFRQH[LyQDO+26HQFDGD 6LODVFRQH[LRQHV\
WHUPLQDO HOFDEOHHVWiQFRQ
 6LODFRQH[LyQHVWiFRQIRUPHFRQHFWHHOYROWtPHWURDORV IRUPHVUHHPSODFH
WHUPLQDOHV³´\³´GHOFRQHFWRUGH+26 SRUXQPyGXORGH
 +DJDDUUDQFDUHOPRWRU\FRPSUXHEHHOYROWtPHWURPLHQ (&03&0HQEXHQ
WUDVUHSLWHODDFHOHUDFLyQGHOPRWRU HVWDGR\YXHOYDD
¢6HLQGLFDPiVGH9\PHQRVGH9" FRPSUREDU
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

3DVR 2SHUDFLyQ 6t 1R
 &RPSUREDFLyQGHOUHDMXVWHGHSOD]RFRUWRGHOFRPEXVWLEOH 'HVSHUIHFWRLQWHUPL 9D\DDOD7DEODGHIOXMR
 +DJDIXQFLRQDUHOPRWRUDUSPGXUDQWHVHJXQ WHQWHRPyGXORGH GHGLDJQyVWLFRGHO
GRV (&03&0GHIHF '7&33
 &RQHOPRWRUIXQFLRQDQGRHQUDOHQWtFRPSUXHEHHO WXRVR
UHDMXVWHGHSOD]RFRUWRGHOFRPEXVWLEOHYLVXDOL]DGRHQHO &RPSUXHEHHOGHV
LQVWUXPHQWRGHH[SORUDFLyQ SHUIHFWRLQWHUPL
¢(VWiHQWUH±\" WHQWH5HILpUDVHD
³0$/)81&,21$
0,(172,17(50,
7(17(<
&21(;,Ï10$/$´
HQODVHFFLyQ$

)LJXUDSDUDHOSDVR

 1RUPDO
 $QRUPDO

'7&35HVSXHVWDOHQWDGHOFLUFXLWRGHO+26EDQFR
',$*5$0$'(&$%/($'2'(6&5,3&,Ï1'(/&,5&8,72
5HILpUDVHDO'7&3

&21',&,Ï1'('(7(&&,Ï1'(/'7&<È5($'(/'(63(5)(&72

&21',&,Ï1'('(7(&&,Ï1'(/'7& È5($'(/'(63(5)(&72
&XDOTXLHUDGHODVFRQGLFLRQHVVLJXLHQWHVHVGHWHFWDGDHQHOHVWDGRGHUpJLPHQ +26
GHUDOHQWtPLHQWUDVVHFRQGXFHHQODVFRQGLFLRQHVGHVFULWDVHQ³352&(', (&03&0
0,(172'(&21),50$&,Ï1'('7&´
(OFLFOR+L/R>DOWDEDMD@HQHOLQVWUXPHQWRGHH[SORUDFLyQVHYLVXDOL]D75$16
7,0(>'85$&,Ï1'(75$160,6,Ï1@GHODWHQVLyQGHVDOLGDGHO+26HV
PiVODUJRTXHHOYDORUHVSHFLILFDGRRORVYDORUHVGHODVUHVSXHVWDV$OWD→%DMD
\%DMD→$OWD75$167,0(>'85$&,Ï1'(75$160,6,Ï1@HVYLVXDOL]DGR
FRPRXPEUDOGH9GH5→/RFRPRXPEUDOGH9GH/→5HQHOLQVWUXPHQWR
GHH[SORUDFLyQVRQPD\RUHVTXHORVYDORUHVHVSHFLILFDGRV
OyJLFDGHGHWHFFLyQGHFLFORVGHFRQGXFFLyQ

352&(',0,(172'(&21),50$&,Ï1'(/'7&
5HILpUDVHDO'7&3

/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6

3DVR 2SHUDFLyQ 6t 1R
 ¢6HDSOLFyOD³7$%/$'()/8-2'(',$*1Ï6 9D\DDOSDVR 9D\DDOD³7$%/$'(
7,&2'(/02725´" )/8-2'(',$*1Ï67,&2
'(/02725´HQHVWDVHF
FLyQ
 ,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

3DVR 2SHUDFLyQ 6t 1R
  5HHPSODFHHO+26\YXHOYDDFRPSUREDU 5HHPSODFHSRUXQPyGXOR 0DOIXQFLRQDPLHQWRGHO
¢6HGHWHFWyHO'7&3" GH(&03&0HQSHUIHFWR +26
HVWDGR\YXHOYDDFRPSUR
EDU

'7&30DOIXQFLRQDPLHQWRGHOFLUFXLWRGHOFDOHQWDGRUGHO+26EDQFR
',$*5$0$'(&$%/($'2
5HILpUDVHDO'7&3

&21',&,Ï1'('(7(&&,Ï1'(/'7&<È5($'(/'(63(5)(&72

&21',&,Ï1'('(7(&&,Ï1'(/'7& È5($'(/'(63(5)(&72
/DFRQGLFLyQVLJXLHQWHHVGHWHFWDGDFXDQGRHOFDOHQWDGRU &LUFXLWRGHOFDOHQWDGRUGH+26
GHO+26HVWiDFWLYRHOpFWULFDPHQWHOyJLFDGHGHWHFFLyQ &DOHQWDGRUGHO+26
GHFLFORVGHFRQGXFFLyQ (&03&0
‡ /DFRUULHQWHGHOFDOHQWDGRUGHO+26HV$RPiVR 5HOpGHOFDOHQWDGRUGH+26
PHQRVGH$R
‡ /DWHQVLyQGHOFDOHQWDGRUGHO+26HV9RPiVR
PHQRVGH9

352&(',0,(172'(&21),50$&,Ï1'(/'7&

127$
&RPSUXHEHSDUDDVHJXUDUVHGHTXHVHVDWLVIDFHQODVFRQGLFLRQHVVLJXLHQWHVFXDQGRVHDSOLFDHO³352&(
',0,(172'(&21),50$&,Ï1'('7&´
‡ 7HPSHUDWXUDGHODLUHGHDGPLVLyQ±ƒ&RPD\RU
‡ 7HPSHUDWXUDGHOUHIULJHUDQWHGHOPRWRU±±ƒ&
‡ $OWLWXGSUHVLyQEDURPpWULFDPRPHQRVPP+JN3DRPiV

 &RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQFRQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQODSRVLFLyQ2))
 &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21\XWLOL]DQGRHOLQVWUXPHQWRGHHVFDQHRERUUHHO'7&'7&
SHQGLHQWHV\GDWRVGHLPDJHQFRQJHODGD\KDJDIXQFLRQDUHOPRWRUDOUpJLPHQGHUDOHQWtGXUDQWHPLQXWRV
 &RPSUXHEHVLKD\'7&SHQGLHQWHHPSOHDQGRHOLQVWUXPHQWRGHH[SORUDFLyQ

/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6

3DVR 2SHUDFLyQ 6t 1R
 ¢6HDSOLFyOD³7$%/$'()/8-2'(',$*1Ï6 9D\DDOSDVR 9D\DDOD³7$%/$
7,&2'(/02725´" '()/8-2'(',$*1Ï6
7,&2'(/02725´HQ
HVWDVHFFLyQ
 &RPSUREDFLyQGHOFDOHQWDGRUGHO+26 9D\DDOSDVR 5HHPSODFHHO+26
 'HVFRQHFWHHODFRSODGRUGHO+26FRQHO
LQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2))
 &RPSUXHEHODUHVLVWHQFLDHQWUHORVWHUPLQDOHV
³´\³´GHODFRSODGRUGH+26
5HVLVWHQFLDGHOFDOHQWDGRUGHO+26
±Ω Dƒ&
¢(VWiFRQIRUPHFRQODVHVSHFLILFDFLRQHVDQWHULR
UHV"
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

3DVR 2SHUDFLyQ 6t 1R
 &RPSUREDFLyQGHODDOLPHQWDFLyQHOpFWULFDGHO 9D\DDOSDVR )XVLEOH³+26´\RIXVLEOH
FDOHQWDGRUGH+26 ³,*0(7(5´IXQGLGR
 &RQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQ 6LHVWiQFRQIRUPHVFDEOH
ODSRVLFLyQ21GHMDQGRHOPRWRUSDUDGR ³%/.:+7´RFDEOH³%/8
FRPSUXHEHODWHQVLyQHQWUH(\PDVD\ :+7´GHIHFWXRVR
HQWUH(\PDVD5HILpUDVHDODILJXUD
¢(VFDGDWHQVLyQ±9"
 &RPSUREDFLyQGHOFLUFXLWRGHFRQWUROGHOFDOHQWD 5HHPSODFHSRUXQPyGXOR 5HOpGHFDOHQWDGRUGH
GRUGH+26 GH(&03&0HQSHU +26GHIHFWXRVRRFDEOH
 &RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ IHFWRHVWDGR\YXHOYDD ³%/.´DELHUWRFDEOH
2))LQVWDOHHOUHOpGHOFDOHQWDGRUGH+26 FRPSUREDU ³%/8´DELHUWRRFRUWRFLU
 &RQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQ FXLWDGRDOFLUFXLWRGHPDVD
ODSRVLFLyQ21GHMDQGRHOPRWRUSDUDGR R
FRPSUXHEHODWHQVLyQHQWUH&\OD &DEOH³*5<´DELHUWRRFRU
PDVD WRFLUFXLWDGRDOFLUFXLWRGH
¢(VODWHQVLyQ±9" PDVD
6LHVWiQFRQIRUPHVUHHP
SODFHSRUXQPyGXORGH
(&03&0HQEXHQ
HVWDGR\YXHOYDDFRPSUR
EDU

)LJXUDSDUDHO3$62

D 5HOpGHOFDOHQWDGRUGH+26
 ,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

'7&30DOIXQFLRQDPLHQWRGHOFLUFXLWRGHO+26EDQFR
',$*5$0$'(&$%/($'2

 5HOpGHOFDOHQWDGRUGH+26
 (&03&0
 +26EDQFR

&21',&,Ï1'('(7(&&,Ï1'(/'7&<È5($'(/'(63(5)(&72

&21',&,Ï1'('(7(&&,Ï1'(/'7& È5($'(/'(63(5)(&72
6HILMDUi'7&FXDQGRVHGHWHFWHQODVFRQGLFLRQHVVLJXLHQWHVOyJLFDGH ‡ +26RVXFLUFXLWR
GHWHFFLyQGHFLFORVGHFRQGXFFLyQ ‡ 6LVWHPDGHFRPEXVWLEOH
‡ 6HGHWHFWDQ9RPiVFRPRWHQVLyQGHOFLUFXLWRGH+26FXDQGRVH ‡ (&03&0
FRQHFWDXQDDOLPHQWDFLyQHOpFWULFDGH9DOFLUFXLWRGH+26HQHO
PyGXORGH(&03&0
‡ &XDQGRVHHVWiIXQFLRQDQGRFRQUHWURDOLPHQWDFLyQGH$)ODWHQVLyQ
PHGLDGHVDOLGDHVGHPDVLDGRDOWDRGHPDVLDGREDMDGXUDQWHHOWLHPSR
HVSHFLILFDGR
R
‡ &XDQGRVHHVWiIXQFLRQDQGRFRQUHWURDOLPHQWDFLyQGH$)ODWHQVLyQ
Pi[LPDGHVDOLGDHVLQIHULRUDOYDORUHVSHFLILFDGRRODWHQVLyQPtQLPDGH
VDOLGDHVPD\RUTXHHOYDORUHVSHFLILFDGRGXUDQWHHOWLHPSRHVSHFLILFDGR

352&(',0,(172'(&21),50$&,Ï1'(/'7&

$'9(57(1&,$
‡ &XDQGRHIHFW~HXQDSUXHEDGHFDUUHWHUDHOLMDXQOXJDUGRQGHQRKD\DWUiILFRRULHVJRGHDFFLGHQWHVGH
WUiILFR\DFW~HFRQPXFKRFXLGDGRSDUDDVtHYLWDUFXDOTXLHUDFFLGHQWH
‡ /DSUXHEDGHFDUUHWHUDGHEHVHUHIHFWXDGDHQXQDFDUUHWHUDSODQDKRUL]RQWDOSRUSHUVRQDVXQFRQ
GXFWRU\XQHQFDUJDGRGHODSUXHED
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

127$
&RPSUXHEHSDUDDVHJXUDUVHGHTXHVHVDWLVIDFHQODVFRQGLFLRQHVVLJXLHQWHVFXDQGRVHDSOLFDHO³352&(
',0,(172'(&21),50$&,Ï1'('7&´
‡ 7HPSHUDWXUDGHODLUHGHDGPLVLyQ±ƒ&RPD\RU
‡ 7HPSHUDWXUDGHOUHIULJHUDQWHGHOPRWRU±±ƒ&
‡ $OWLWXGSUHVLyQEDURPpWULFDPRPHQRVPP+JN3DRPiV

 &RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQFRQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQODSRVLFLyQ2))
 &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21\XWLOL]DQGRHOLQVWUXPHQWRGHH[SORUDFLyQERUUHHO'7&
ORV'7&SHQGLHQWHV\ORVGDWRVGHLPDJHQFRQJHODGDHQODPHPRULDGHO(&0\KDJDDUUDQFDUHOPRWRU
 $XPHQWHODYHORFLGDGGHOYHKtFXORDNPKRPiV
 &RQGX]FDHOYHKtFXORDHVDYHORFLGDGKDVWDTXHHOPRWRUVHKD\DFDOHQWDGRHQHVWHSDVRVHSHUPLWHFDPELDUOD
YHORFLGDGGHOYHKtFXOR
 &RQGX]FDHOYHKtFXORD±NPKGXUDQWHPLQXWRVRPiV
 'HWHQJD HO YHKtFXOR \ HPSOHDQGR HO LQVWUXPHQWR GH H[SORUDFLyQ FRPSUXHEH VL KD\ '7& SHQGLHQWH 6L QR KD\
'7&SHQGLHQWHXWLOLFHHOLQVWUXPHQWRGHH[SORUDFLyQ\FRPSUXHEHVLODSUXHEDGHYHULILFDFLyQGHOVHQVRUGHR[t
JHQRKDVLGRFRPSOHWDGD6LHQDPEDVFRPSUREDFLRQHVDQWHULRUHVODFRPSUREDFLyQHVQHJDWLYDHVGHFLUQRKD\
'7&SHQGLHQWH\QRVHKDFRPSOHWDGRODSUXHEDGHYHULILFDFLyQGHOVHQVRUGHR[tJHQRFRPSUXHEHODFRQGLFLyQ
GHOYHKtFXORDPELHQWDO\UHSLWDORVSDVRVD
/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6

3DVR 2SHUDFLyQ 6t 1R
 ¢6HDSOLFyOD³7$%/$'()/8-2'(',$*1Ï6 9D\DDOSDVR 9D\DDOD³7$%/$'(
7,&2'(/02725´" )/8-2'(',$*1Ï6
7,&2'(/02725´HQ
HVWDVHFFLyQ
 &RPSUREDFLyQGHODWHQVLyQGHVDOLGDGHO+26 9D\DDOSDVR 9D\DDOSDVR
 &RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQDO'/&
FRQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQOD
SRVLFLyQ2))
 &RQGX]FDHOYHKtFXORDNPKGXUDQWH
PLQXWRVRPiV
 'HWHQJDHOYHKtFXOR\FRPSUXHEHODWHQVLyQGH
VDOLGDGHO+26YLVXDOL]DGDHQHOLQVWUX
PHQWRGHH[SORUDFLyQPLHQWUDVUHSLWHODDFHOH
UDFLyQGHOPRWRU
¢6HLQGLFDPiVGH\PHQRVGH9"
 &RPSUREDFLyQGHO+26 &LUFXLWR³5('%/.´R 5HHPSODFHHO+26
 &RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ ³*5<<(/´DELHUWRFRUWR
2))GHVFRQHFWHHODFRSODGRUGHO+26 FLUFXLWDGR
6LORVFDEOHV\ODFRQH[LR
 &RQHFWHHOYROWtPHWURHQWUH³´\³´GHODFRSOD
GRUGH+26 QHVHVWiQFRQIRUPHV
 +DJDDUUDQFDUHOPRWRU\FRPSUXHEHHOYROWt UHHPSODFHSRUXQPyGXOR
PHWURPLHQWUDVUHSLWHODDFHOHUDFLyQGHOPRWRU GH(&03&0HQEXHQ
¢6HLQGLFDPiVGH\PHQRVGH9" HVWDGR\YXHOYDDFRPSUR
EDU
 &RPSUREDFLyQGHOUHDMXVWHGHSOD]RFRUWRGHOFRP 'HVSHUIHFWRLQWHUPLWHQWHR 9D\DDOD7DEODGHIOXMRGH
EXVWLEOH PyGXORGH(&03&0 GLDJQyVWLFRGHO'7&
 +DJDIXQFLRQDUHOPRWRUDUSPGXUDQWH GHIHFWXRVR 33
VHJXQGRV &RPSUXHEHHOGHVSHUIHFWR
 &RQHOPRWRUIXQFLRQDQGRHQUDOHQWtFRP LQWHUPLWHQWH5HILpUDVHD
SUXHEHHOUHDMXVWHGHSOD]RFRUWRGHOFRPEXVWL ³0$/)81&,21$0,(172
EOHYLVXDOL]DGRHQHOLQVWUXPHQWRGH ,17(50,7(17(<
H[SORUDFLyQ &21(;,Ï10$/$´HQOD
¢(VWiHQWUH±\" VHFFLyQ$
 ,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

'7&30DOIXQFLRQDPLHQWRGHOFLUFXLWRGHOFDOHQWDGRUGHO+26EDQFR
',$*5$0$'(&$%/($'2
5HILpUDVHDO'7&3

&21',&,Ï1'('(7(&&,Ï1'(/'7&<È5($'(/'(63(5)(&72

&21',&,Ï1'('(7(&&,Ï1'(/'7& È5($'(/'(63(5)(&72
/DFRQGLFLyQVLJXLHQWHHVGHWHFWDGDFXDQGRHOFDOHQWDGRUGHO+26 &DOHQWDGRUGHO+26RVXFLUFXLWR
HVWiIXQFLRQDQGROyJLFDGHGHWHFFLyQGHFLFORVGHFRQGXFFLyQ (&03&0
‡ /DFRUULHQWHGHOFDOHQWDGRUGHO+26HVPD\RUTXH$RPHQRU
TXH$
R
‡ /DWHQVLyQGHOFDOHQWDGRUGHO+26HVPD\RUTXH9RPHQRU
TXH9

352&(',0,(172'(&21),50$&,Ï1'(/'7&

$'9(57(1&,$
‡ &XDQGRHIHFW~HXQDSUXHEDGHFDUUHWHUDHOLMDXQOXJDUGRQGHQRKD\DWUiILFRRULHVJRGHDFFLGHQWHVGH
WUiILFR\DFW~HFRQPXFKRFXLGDGRSDUDDVtHYLWDUFXDOTXLHUDFFLGHQWH
‡ /DSUXHEDGHFDUUHWHUDGHEHVHUHIHFWXDGDHQXQDFDUUHWHUDSODQDKRUL]RQWDOSRUSHUVRQDVXQFRQ
GXFWRU\XQHQFDUJDGRGHODSUXHED

127$
&RPSUXHEHSDUDDVHJXUDUVHGHTXHVHVDWLVIDFHQODVFRQGLFLRQHVVLJXLHQWHVFXDQGRVHDSOLFDHO³352&(
',0,(172'(&21),50$&,Ï1'('7&´
‡ 7HPSHUDWXUDGHODLUHGHDGPLVLyQ±ƒ&RPD\RU
‡ 7HPSHUDWXUDGHOUHIULJHUDQWHGHOPRWRU±±ƒ&
‡ $OWLWXGSUHVLyQEDURPpWULFDPRPHQRVPP+JN3DRPiV

 &RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQFRQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQODSRVLFLyQ2))
 &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21\XWLOL]DQGRHOLQVWUXPHQWRGHH[SORUDFLyQERUUHHO'7&
ORV'7&SHQGLHQWHV\ORVGDWRVGHLPDJHQFRQJHODGDHQODPHPRULDGHO(&0\KDJDDUUDQFDUHOPRWRU
 $XPHQWHODYHORFLGDGGHOYHKtFXORD±NPK
 &RQGX]FDHOYHKtFXORDHVDYHORFLGDGGXUDQWHPLQXWRVHQHVWHSDVRVHSHUPLWHFDPELDUODYHORFLGDGGHOYHKt
FXOR
 'HWHQJD HO YHKtFXOR \ HPSOHDQGR HO LQVWUXPHQWR GH H[SORUDFLyQ FRPSUXHEH VL KD\ '7& SHQGLHQWH 6L QR KD\
'7&SHQGLHQWHXWLOLFHHOLQVWUXPHQWRGHH[SORUDFLyQ\FRPSUXHEHVLODSUXHEDGHYHULILFDFLyQGHOVHQVRUGHR[t
JHQRKDVLGRFRPSOHWDGD6LHQDPEDVFRPSUREDFLRQHVDQWHULRUHVODFRPSUREDFLyQHVQHJDWLYDHVGHFLUQRKD\
'7&SHQGLHQWH\QRVHKDFRPSOHWDGRODSUXHEDGHYHULILFDFLyQGHOVHQVRUGHR[tJHQRFRPSUXHEHODVFRQGLFLR
QHVGHOYHKtFXORDPELHQWDO\UHSLWDORVSDVRVD
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6

3DVR 2SHUDFLyQ 6t 1R
 ¢6HDSOLFyOD³7$%/$'()/8-2'(',$*1Ï6 9D\DDOSDVR 9D\DDOD³7$%/$'(
7,&2'(/02725´" )/8-2'(',$*1Ï67,&2
'(/02725´HQHVWDVHF
FLyQ
 &RPSUREDFLyQGHOFDOHQWDGRUGHO+26 9D\DDOSDVR 5HHPSODFHHO+26
 'HVFRQHFWHHODFRSODGRUGHO+26FRQHO
LQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2))
 &RPSUXHEHODUHVLVWHQFLDHQWUHORVWHUPLQDOHV
³´\³´GHOFRQHFWRUGH+26
5HVLVWHQFLDGHOFDOHQWDGRUGHO+26
±ΩDƒ&
¢(VWiFRQIRUPHFRQODVHVSHFLILFDFLRQHVDQWHULR
UHV"
 &RPSUREDFLyQGHODDOLPHQWDFLyQHOpFWULFDGHO 9D\DDOSDVR )XVLEOH³+26´\RIXVLEOH
FDOHQWDGRUGH+26 ³,*0(7(5´IXQGLGR
 &RQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQ 6LHVWiQFRQIRUPHVFDEOH
ODSRVLFLyQ21GHMDQGRHOPRWRUSDUDGR ³%/.:+7´RFDEOH³%/8
FRPSUXHEHODWHQVLyQHQWUH(\PDVD\ :+7´GHIHFWXRVR
HQWUH(\PDVD5HILpUDVHDODILJXUD
¢(VFDGDWHQVLyQ±9"
 &RPSUREDFLyQGHOFLUFXLWRGHFRQWUROGHOFDOHQWD 5HHPSODFHSRUXQPyGXOR 5HOpGHFDOHQWDGRUGH
GRUGH+26 GH(&03&0HQSHU +26GHIHFWXRVRRFDEOH
 &RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ IHFWRHVWDGR\YXHOYDD ³%/.´DELHUWRFDEOH
2))LQVWDOHHOUHOpGHOFDOHQWDGRUGH+26 FRPSUREDU ³%/8´DELHUWRRFRUWRFLU
 &RQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQ FXLWDGRDOFLUFXLWRGHPDVD
ODSRVLFLyQ21GHMDQGRHOPRWRUSDUDGR FDEOH³:+7%/.´DELHUWR
FRPSUXHEHODWHQVLyQHQWUH&\OD RFRUWRFLUFXLWDGRDOFLUFXLWR
PDVD GHPDVD
¢(VODWHQVLyQ±9" 6LHVWiQFRQIRUPHVUHHP
SODFHSRUXQPyGXORGH
(&03&0HQEXHQ
HVWDGR\YXHOYDDFRPSUR
EDU

)LJXUDSDUDORVSDVRV

D 5HOpGHOFDOHQWDGRUGH+26
 ,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

'7&3'7&1ƒ0DOIXQFLRQDPLHQWRGHOFLUFXLWRGHO+26EDQFRR

QRVHGHWHFWDDFWLYLGDGGHOVHQVRU
',$*5$0$'(&$%/($'2

 5HOpGHOFDOHQWDGRUGH+26
 (&03&0
 +26EDQFR

&21',&,Ï1'('(7(&&,Ï1'(/'7&<È5($'(/'(63(5)(&72

127$
3DUDYHKtFXORFRQFRQHFWRUGHYHULILFDFLyQHO'7&VHILMDUiVRODPHQWHFXDQGRVHGHWHFWHODFRQGLFLyQPDU
FDGDFRQXQDVWHULVFR 

&21',&,Ï1'('(7(&&,Ï1'(/'7& È5($'(/'(63(5)(&72
&XDOTXLHUDGHODVFRQGLFLRQHVVLJXLHQWHVHVGHWHFWDGDHQHOHVWDGRGHUpJLPHQ +26RVXFLUFXLWR
GHUDOHQWtPLHQWUDVVHFRQGXFHHQODVFRQGLFLRQHVGHVFULWDVHQ³352&(', 6LVWHPDGHFRPEXVWLEOH
0,(172'(&21),50$&,Ï1'('7&´ (&03&0
‡ 6HGHWHFWDQ9RPiVFRPRWHQVLyQGHOFLUFXLWRGH+26FXDQGRVH
FRQHFWDXQDDOLPHQWDFLyQHOpFWULFDGH9DOFLUFXLWRGH+26HQHOPyGXORGH
(&03&0R
‡ /DWHQVLyQPi[LPDGHVDOLGDGHO+26HV9RPHQRUHQWpUPLQRPHGLR\
VXWHQVLyQPtQLPDPHGLDHV9RPHQRV
‡ /DWHQVLyQPtQLPDGHVDOLGDGHO+26HVPD\RUTXH9R
‡ /DWHQVLyQPi[LPDGHVDOLGDGHO+26HV9RPD\RUHQWpUPLQRPHGLR
\VXWHQVLyQPtQLPDPHGLDHV9RPD\RU
‡ /DWHQVLyQGHVDOLGDGHO+26QRH[FHGH9GXUDQWHHOWLHPSRHVSHFLIL
FDGR
OyJLFDGHGHWHFFLyQGHFLFORVGHFRQGXFFLyQ
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

352&(',0,(172'(&21),50$&,Ï1'(/'7&

$'9(57(1&,$
‡ &XDQGRHIHFW~HXQDSUXHEDGHFDUUHWHUDHOLMDXQOXJDUGRQGHQRKD\DWUiILFRRULHVJRGHDFFLGHQWHVGH
WUiILFR\DFW~HFRQPXFKRFXLGDGRSDUDDVtHYLWDUFXDOTXLHUDFFLGHQWH
‡ /DSUXHEDGHFDUUHWHUDGHEHVHUHIHFWXDGDHQXQDFDUUHWHUDSODQDKRUL]RQWDOSRUSHUVRQDVXQFRQ
GXFWRU\XQHQFDUJDGRGHODSUXHED

127$
&RPSUXHEHSDUDDVHJXUDUVHGHTXHVHVDWLVIDFHQODVFRQGLFLRQHVVLJXLHQWHVFXDQGRVHDSOLFDHO³352&(
',0,(172'(&21),50$&,Ï1'('7&´
‡ 7HPSHUDWXUDGHODLUHGHDGPLVLyQ±ƒ&RPD\RU
‡ 7HPSHUDWXUDGHOUHIULJHUDQWHGHOPRWRU±±ƒ&
‡ $OWLWXGSUHVLyQEDURPpWULFDPRPHQRVPP+JN3DRPiV

 &RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQDO'/&FRQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQODSRVLFLyQ2))
 &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21\XWLOL]DQGRHOLQVWUXPHQWRGHH[SORUDFLyQERUUHHO'7&
ORV'7&SHQGLHQWHV\ORVGDWRVGHLPDJHQFRQJHODGD\KDJDDUUDQFDUHOPRWRU
 $XPHQWHODYHORFLGDGGHOYHKtFXORDNPKRPiV
 &RQGX]FDHOYHKtFXORDHVDYHORFLGDGGXUDQWHPLQXWRVRPiVHQHVWHSDVRVHSHUPLWHFDPELDUODYHORFLGDG
GHOYHKtFXOR
 'HWHQJDHOYHKtFXOR\KDJDIXQFLRQDUHOPRWRUHQUpJLPHQGHUDOHQWtGXUDQWHPLQXWR
 &RPSUXHEHVLKD\'7&SHQGLHQWHHPSOHDQGRHOLQVWUXPHQWRGHH[SORUDFLyQ6LQRKD\'7&SHQGLHQWHXWLOLFHHO
LQVWUXPHQWRGHH[SORUDFLyQ\FRPSUXHEHVLODSUXHEDGHYHULILFDFLyQGHOVHQVRUGHR[tJHQRKDVLGRFRPSOHWDGD
6LHQDPEDVFRPSUREDFLRQHVDQWHULRUHVODFRPSUREDFLyQHVQHJDWLYDHVGHFLUQRKD\'7&SHQGLHQWH\QRVHKD
FRPSOHWDGRODSUXHEDGHYHULILFDFLyQGHOVHQVRUGHR[tJHQRFRPSUXHEHODFRQGLFLyQGHOYHKtFXORDPELHQWDO\
UHSLWDORVSDVRVD

/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6

3DVR 2SHUDFLyQ 6t 1R
 ¢6HDSOLFyOD³7$%/$'()/8-2'(',$*1Ï6 9D\DDOSDVR 9D\DDOD³7$%/$'(
7,&2'(/02725´" )/8-2'(',$*1Ï67,&2
'(/02725´HQHVWDVHF
FLyQ
 &RPSUREDFLyQGHODWHQVLyQGHVDOLGDGHO+26 9D\DDOSDVR 9D\DDOSDVR

 &RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQDO
'/&FRQHOLQWHUUXSWRUGHHQFHQGLGRFROR
FDGRHQODSRVLFLyQ2))
 &DOLHQWHHOPRWRUKDVWDOOHJDUDODWHPSHUDWXUD
QRUPDOGHIXQFLRQDPLHQWR\PDQWHQJDHO
UpJLPHQGHOPRWRUDUSPGXUDQWH
VHJ
 5HSLWDODDFHOHUDFLyQGHOPRWRU5HSLWDDSUH
WDQGRHOSHGDOGHODFHOHUDGRUDYHFHVFRQ
WLQXDPHQWHSDUDHQULTXHFHUODPH]FODGH$)
\VDTXHHOSLHGHOSHGDOSDUDHPSREUHFHUOD
PH]FODGHDLUHFRPEXVWLEOH\FRPSUXHEHOD
WHQVLyQGHVDOLGDGHO+26PRVWUDGDHQHO
LQVWUXPHQWRGHH[SORUDFLyQ5HILpUDVHDOD
)LJXUD
¢6HLQGLFDPiVGH9\PHQRVGH9"
 ,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

3DVR 2SHUDFLyQ 6t 1R
 &RPSUREDFLyQGHO+26 &LUFXLWR³5('%/8´R 5HHPSODFHHO+26
 &RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ ³*5<<(/´DELHUWRRFRU
2))GHVFRQHFWHHOFRQHFWRUGHO+26 WRFLUFXLWDGR
 &RPSUXHEHHOHVWDGRGHODFRQH[LyQDO 6LODVFRQH[LRQHV\HOFDEOH
+26HQFDGDWHUPLQDO HVWiQFRQIRUPHVUHHP
 6LODFRQH[LyQHVWiFRQIRUPHFRQHFWHHOYROWt SODFHSRUXQPyGXORGH
PHWURDORVWHUPLQDOHV³´\³´GHOFRQHFWRU (&03&0HQEXHQ
GH+26 HVWDGR\YXHOYDDFRPSUR
 +DJDDUUDQFDUHOPRWRU\FRPSUXHEHHOYROWt EDU
PHWURPLHQWUDVUHSLWHODDFHOHUDFLyQGHO
PRWRU
¢6HLQGLFDPiVGH9\PHQRVGH9"
 &RPSUREDFLyQGHOUHDMXVWHGHSOD]RFRUWRGHO 'HVSHUIHFWRLQWHUPLWHQWHR 9D\DDOD7DEODGHIOXMRGH
FRPEXVWLEOH PyGXORGH(&03&0 GLDJQyVWLFRGHO'7&
 +DJDIXQFLRQDUHOPRWRUDUSPGXUDQWH GHIHFWXRVR 33
VHJXQGRV &RPSUXHEHHOGHVSHUIHFWR
 &RQHOPRWRUIXQFLRQDQGRHQUDOHQWtFRP LQWHUPLWHQWH5HILpUDVHD
SUXHEHHOUHDMXVWHGHSOD]RFRUWRGHOFRPEXV ³0$/)81&,21$0,(172
WLEOHYLVXDOL]DGRHQHOLQVWUXPHQWRGH ,17(50,7(17(<
H[SORUDFLyQ &21(;,Ï10$/$´HQOD
¢(VWiHQWUH±\" VHFFLyQ$

)LJXUDSDUDHOSDVR

 1RUPDO
 $QRUPDO
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

'7&35HVSXHVWDOHQWDGHOFLUFXLWRGHO+26EDQFR
',$*5$0$'(&$%/($'2'(6&5,3&,Ï1'(/&,5&8,72
5HILpUDVHDO'7&3

&21',&,Ï1'('(7(&&,Ï1'(/'7&<È5($'(/'(63(5)(&72

&21',&,Ï1'('(7(&&,Ï1'(/'7& È5($'(/'(63(5)(&72
&XDOTXLHUDGHODVFRQGLFLRQHVVLJXLHQWHVHVGHWHFWDGDHQHOHVWDGRGHUpJLPHQ +26
GHUDOHQWtPLHQWUDVVHFRQGXFHHQODVFRQGLFLRQHVGHVFULWDVHQ³352&(', (&03&0
0,(172'(&21),50$&,Ï1'('7&´
(OFLFOR+L/R>DOWDEDMD@HQHOLQVWUXPHQWRGHH[SORUDFLyQVHYLVXDOL]D75$16
7,0(>'85$&,Ï1'(75$160,6,Ï1@GHODWHQVLyQGHVDOLGDGHO+26HV
PiVODUJRTXHHOYDORUHVSHFLILFDGRRORVYDORUHVGHODVUHVSXHVWDV$OWD→%DMD
\%DMD→$OWD75$167,0(>'85$&,Ï1'(75$160,6,Ï1@HVYLVXDOL]DGR
FRPRXPEUDOGH9GH5→/RFRPRXPEUDOGH9GH/→5HQHOLQVWUXPHQWR
GHH[SORUDFLyQVRQPD\RUHVTXHORVYDORUHVHVSHFLILFDGRV
OyJLFDGHGHWHFFLyQGHFLFORVGHFRQGXFFLyQ

352&(',0,(172'(&21),50$&,Ï1'(/'7&
5HILpUDVHDO'7&3

/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6

3DVR 2SHUDFLyQ 6t 1R
 ¢6HDSOLFyOD³7$%/$'()/8-2'(',$*1Ï6 9D\DDOSDVR 9D\DDOD³7$%/$'(
7,&2'(/02725´" )/8-2'(',$*1Ï67,&2
'(/02725´HQHVWDVHF
FLyQ
  5HHPSODFHHO+26\YXHOYDDFRPSUREDU 5HHPSODFHSRUXQPyGXOR 0DOIXQFLRQDPLHQWRGHO
¢6HGHWHFWyHO'7&3" GH(&03&0HQSHU +26
IHFWRHVWDGR\YXHOYDD
FRPSUREDU
 ,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

'7&30DOIXQFLRQDPLHQWRGHOFLUFXLWRGHOFDOHQWDGRUGHO+26EDQFR
',$*5$0$'(&$%/($'2
5HILpUDVHDO'7&3

&21',&,Ï1'('(7(&&,Ï1'(/'7&<È5($'(/'(63(5)(&72

&21',&,Ï1'('(7(&&,Ï1'(/'7& È5($'(/'(63(5)(&72
/DFRQGLFLyQVLJXLHQWHHVGHWHFWDGDFXDQGRHOFDOHQWDGRU &LUFXLWRGHOFDOHQWDGRUGH+26
GHO+26HVWiDFWLYRHOpFWULFDPHQWHOyJLFDGHGHWHFFLyQ &DOHQWDGRUGHO+26
GHFLFORVGHFRQGXFFLyQ (&03&0
‡ /DFRUULHQWHGHOFDOHQWDGRUGHO+26HV$RPiVR
PHQRVGH$R
‡ /DWHQVLyQGHOFDOHQWDGRUGHO+26HV9RPiVR
PHQRVGH9

352&(',0,(172'(&21),50$&,Ï1'(/'7&

127$
&RPSUXHEHSDUDDVHJXUDUVHGHTXHVHVDWLVIDFHQODVFRQGLFLRQHVVLJXLHQWHVFXDQGRVHDSOLFDHO³352&(
',0,(172'(&21),50$&,Ï1'('7&´
‡ 7HPSHUDWXUDGHODLUHGHDGPLVLyQ±ƒ&RPD\RU
‡ 7HPSHUDWXUDGHOUHIULJHUDQWHGHOPRWRU±±ƒ&
‡ $OWLWXGSUHVLyQEDURPpWULFDPRPHQRVPP+JN3DRPiV

 &RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQFRQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQODSRVLFLyQ2))
 &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21\XWLOL]DQGRHOLQVWUXPHQWRGHHVFDQHRERUUHHO'7&'7&
SHQGLHQWHV\GDWRVGHLPDJHQFRQJHODGD\KDJDIXQFLRQDUHOPRWRUDOUpJLPHQGHUDOHQWtGXUDQWHPLQXWRV
 &RPSUXHEHVLKD\'7&SHQGLHQWHHPSOHDQGRHOLQVWUXPHQWRGHH[SORUDFLyQ

/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6

3DVR 2SHUDFLyQ 6t 1R
 ¢6HDSOLFyOD³7$%/$'()/8-2'(',$*1Ï6 9D\DDOSDVR 9D\DDOD³7$%/$
7,&2'(/02725´" '()/8-2'(',$*1Ï6
7,&2'(/02725´HQ
HVWDVHFFLyQ
 &RPSUREDFLyQGHOFDOHQWDGRUGHO+26 9D\DDOSDVR 5HHPSODFHHO+26
 'HVFRQHFWHHODFRSODGRUGHO+26FRQHO
LQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2))
 &RPSUXHEHODUHVLVWHQFLDHQWUHORVWHUPLQDOHV
³´\³´GHODFRSODGRUGH+26
5HVLVWHQFLDGHOFDOHQWDGRUGHO+26
±Ω Dƒ&
¢(VWiFRQIRUPHFRQODVHVSHFLILFDFLRQHVDQWHULR
UHV"
 &RPSUREDFLyQGHODDOLPHQWDFLyQHOpFWULFDGHO 9D\DDOSDVR )XVLEOH³+26´\RIXVLEOH
FDOHQWDGRUGH+26 ³,*0(7(5´IXQGLGR
 &RQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQ 6LHVWiQFRQIRUPHVFDEOH
ODSRVLFLyQ21GHMDQGRHOPRWRUSDUDGR ³%/.:+7´RFDEOH³%/8
FRPSUXHEHODWHQVLyQHQWUH(\PDVD\ :+7´GHIHFWXRVR
HQWUH(\PDVD5HILpUDVHDODILJXUD
¢(VFDGDWHQVLyQ±9"
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

3DVR 2SHUDFLyQ 6t 1R
 &RPSUREDFLyQGHOFLUFXLWRGHFRQWUROGHOFDOHQWD 5HHPSODFHSRUXQPyGXOR 5HOpGHFDOHQWDGRUGH
GRUGH+26 GH(&03&0HQSHU +26GHIHFWXRVRRFDEOH
 &RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ IHFWRHVWDGR\YXHOYDD ³%/.´DELHUWRFDEOH
2))LQVWDOHHOUHOpGHOFDOHQWDGRUGH+26 FRPSUREDU ³%/8´DELHUWRRFRUWRFLUFXL
 &RQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQ WDGRDOFLUFXLWRGHPDVD
ODSRVLFLyQ21GHMDQGRHOPRWRUSDUDGR FDEOH³%/.5('´DELHUWRR
FRPSUXHEHODWHQVLyQHQWUH&\OD FRUWRFLUFXLWDGRDOFLUFXLWR
PDVD GHPDVD
¢(VODWHQVLyQ±9" 6LHVWiQFRQIRUPHVUHHP
SODFHSRUXQPyGXORGH
(&03&0HQEXHQ
HVWDGR\YXHOYDDFRPSUR
EDU

)LJXUDSDUDORVSDVRV

D 5HOpGHOFDOHQWDGRUGH+26
 ,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

'7&30DOIXQFLRQDPLHQWRGHOFLUFXLWRGHO+26EDQFR
',$*5$0$'(&$%/($'2

 5HOpGHOFDOHQWDGRUGH+26
 (&03&0
 +26EDQFR

&21',&,Ï1'('(7(&&,Ï1'(/'7&<È5($'(/'(63(5)(&72

&21',&,Ï1'('(7(&&,Ï1'(/'7& È5($'(/'(63(5)(&72
6HILMDUi'7&FXDQGRVHGHWHFWHFXDOTXLHUDGHODVFRQGLFLRQHVVLJXLHQWHV ‡ +26RVXFLUFXLWR
OyJLFDGHGHWHFFLyQGHFLFORVGHFRQGXFFLyQ ‡ 6LVWHPDGHFRPEXVWLEOH
‡ 6HGHWHFWDQ9RPiVFRPRWHQVLyQGHOFLUFXLWRGH+26FXDQGRVH ‡ (&03&0
FRQHFWDXQDDOLPHQWDFLyQHOpFWULFDGH9DOFLUFXLWRGH+26HQHO
PyGXORGH(&03&0
‡ &XDQGRVHHVWiIXQFLRQDQGRFRQUHWURDOLPHQWDFLyQGH$)ODWHQVLyQ
PHGLDGHVDOLGDHVGHPDVLDGRDOWDRGHPDVLDGREDMDGXUDQWHHOWLHPSR
HVSHFLILFDGR
R
‡ &XDQGRVHHVWiIXQFLRQDQGRFRQUHWURDOLPHQWDFLyQGH$)ODWHQVLyQ
Pi[LPDGHVDOLGDHVLQIHULRUDOYDORUHVSHFLILFDGRGXUDQWHHOWLHPSRHVSHFL
ILFDGRRODWHQVLyQPtQLPDGHVDOLGDHVPD\RUTXHHOYDORUHVSHFLILFDGR
GXUDQWHHOWLHPSRHVSHFLILFDGR

352&(',0,(172'(&21),50$&,Ï1'(/'7&

$'9(57(1&,$
‡ &XDQGRHIHFW~HXQDSUXHEDGHFDUUHWHUDHOLMDXQOXJDUGRQGHQRKD\DWUiILFRRULHVJRGHDFFLGHQWHVGH
WUiILFR\DFW~HFRQPXFKRFXLGDGRSDUDDVtHYLWDUFXDOTXLHUDFFLGHQWH
‡ /DSUXHEDGHFDUUHWHUDGHEHVHUHIHFWXDGDHQXQDFDUUHWHUDSODQDKRUL]RQWDOSRUSHUVRQDVXQFRQ
GXFWRU\XQHQFDUJDGRGHODSUXHED
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

127$
&RPSUXHEHSDUDDVHJXUDUVHGHTXHVHVDWLVIDFHQODVFRQGLFLRQHVVLJXLHQWHVFXDQGRVHDSOLFDHO³352&(
',0,(172'(&21),50$&,Ï1'('7&´
‡ 7HPSHUDWXUDGHODLUHGHDGPLVLyQ±ƒ&RPD\RU
‡ 7HPSHUDWXUDGHOUHIULJHUDQWHGHOPRWRU±±ƒ&
‡ $OWLWXGSUHVLyQEDURPpWULFDPRPHQRVPP+JN3DRPiV

 &RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQFRQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQODSRVLFLyQ2))
 &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21\XWLOL]DQGRHOLQVWUXPHQWRGHH[SORUDFLyQERUUHHO'7&
ORV'7&SHQGLHQWHV\ORVGDWRVGHLPDJHQFRQJHODGDHQODPHPRULDGHO(&0\KDJDDUUDQFDUHOPRWRU
 $XPHQWHODYHORFLGDGGHOYHKtFXORDNPKRPiV
 &RQGX]FDHOYHKtFXORDHVDYHORFLGDGKDVWDTXHHOPRWRUVHKD\DFDOHQWDGRHQHVWHSDVRVHSHUPLWHFDPELDUOD
YHORFLGDGGHOYHKtFXOR
 &RQGX]FDHOYHKtFXORD±NPKGXUDQWHPLQXWRVRPiV
 'HWHQJD HO YHKtFXOR \ HPSOHDQGR HO LQVWUXPHQWR GH H[SORUDFLyQ FRPSUXHEH VL KD\ '7& SHQGLHQWH 6L QR KD\
'7&SHQGLHQWHXWLOLFHHOLQVWUXPHQWRGHH[SORUDFLyQ\FRPSUXHEHVLODSUXHEDGHYHULILFDFLyQGHOVHQVRUGHR[t
JHQRKDVLGRFRPSOHWDGD6LHQDPEDVFRPSUREDFLRQHVDQWHULRUHVODFRPSUREDFLyQHVQHJDWLYDHVGHFLUQRKD\
'7&SHQGLHQWH\QRVHKDFRPSOHWDGRODSUXHEDGHYHULILFDFLyQGHOVHQVRUGHR[tJHQRFRPSUXHEHODVFRQGLFLR
QHVGHOYHKtFXORDPELHQWDO\UHSLWDORVSDVRVD
/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6

3DVR 2SHUDFLyQ 6t 1R
 ¢6HDSOLFyOD³7$%/$'()/8-2'(',$*1Ï6 9D\DDOSDVR 9D\DDOD³7$%/$'(
7,&2'(/02725´" )/8-2'(',$*1Ï6
7,&2'(/02725´HQ
HVWDVHFFLyQ
 &RPSUREDFLyQGHODWHQVLyQGHVDOLGDGHO+26 9D\DDOSDVR 9D\DDOSDVR
 &RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQDO'/&
FRQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQOD
SRVLFLyQ2))
 &RQGX]FDHOYHKtFXORDNPKGXUDQWH
PLQXWRVRPiV
 'HWHQJDHOYHKtFXOR\FRPSUXHEHODWHQVLyQGH
VDOLGDGHO+26YLVXDOL]DGDHQHOLQVWUX
PHQWRGHH[SORUDFLyQPLHQWUDVUHSLWHODDFHOH
UDFLyQGHOPRWRU
¢6HLQGLFDPiVGH\PHQRVGH9"
 &RPSUREDFLyQGHO+26 &LUFXLWR³5('<(/´R 5HHPSODFHHO+26
 &RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ ³*5<<(/´DELHUWRFRUWR
2))GHVFRQHFWHHODFRSODGRUGHO+26 FLUFXLWDGR
6LORVFDEOHV\ODFRQH[LR
 &RQHFWHHOYROWtPHWURHQWUH³´\³´GHODFRSOD
GRUGH+26 QHVHVWiQFRQIRUPHV
 +DJDDUUDQFDUHOPRWRU\FRPSUXHEHHOYROWt UHHPSODFHSRUXQPyGXOR
PHWURPLHQWUDVUHSLWHODDFHOHUDFLyQGHOPRWRU GH(&03&0HQEXHQ
¢6HLQGLFDPiVGH\PHQRVGH9" HVWDGR\YXHOYDDFRPSUR
EDU
 &RPSUREDFLyQGHOUHDMXVWHGHSOD]RFRUWRGHOFRP 'HVSHUIHFWRLQWHUPLWHQWHR 9D\DDOD7DEODGHIOXMRGH
EXVWLEOH PyGXORGH(&03&0 GLDJQyVWLFRGHO'7&
 +DJDIXQFLRQDUHOPRWRUDUSPGXUDQWH GHIHFWXRVR 33
VHJXQGRV &RPSUXHEHHOGHVSHUIHFWR
 &RQHOPRWRUIXQFLRQDQGRHQUDOHQWtFRP LQWHUPLWHQWH5HILpUDVHD
SUXHEHHOUHDMXVWHGHSOD]RFRUWRGHOFRPEXVWL ³0$/)81&,21$0,(172
EOHYLVXDOL]DGRHQHOLQVWUXPHQWRGH ,17(50,7(17(<
H[SORUDFLyQ &21(;,Ï10$/$´HQOD
¢(VWiHQWUH±\" VHFFLyQ$
 ,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

'7&30DOIXQFLRQDPLHQWRGHOFLUFXLWRGHOFDOHQWDGRUGHO+26EDQFR
',$*5$0$'(&$%/($'2
5HILpUDVHDO'7&3

&21',&,Ï1'('(7(&&,Ï1'(/'7&<È5($'(/'(63(5)(&72

&21',&,Ï1'('(7(&&,Ï1'(/'7& È5($'(/'(63(5)(&72
/DFRQGLFLyQVLJXLHQWHHVGHWHFWDGDFXDQGRHOFDOHQWDGRUGHO+26 &DOHQWDGRUGHO+26RVXFLUFXLWR
HVWiIXQFLRQDQGROyJLFDGHGHWHFFLyQGHFLFORVGHFRQGXFFLyQ (&03&0
‡ /DFRUULHQWHGHOFDOHQWDGRUGHO+26HVPD\RUTXH$RPHQRU
TXH$R
‡ /DWHQVLyQGHOFDOHQWDGRUGHO+26HVPD\RUTXH9RPHQRU
TXH9

352&(',0,(172'(&21),50$&,Ï1'(/'7&

$'9(57(1&,$
‡ &XDQGRHIHFW~HXQDSUXHEDGHFDUUHWHUDHOLMDXQOXJDUGRQGHQRKD\DWUiILFRRULHVJRGHDFFLGHQWHVGH
WUiILFR\DFW~HFRQPXFKRFXLGDGRSDUDDVtHYLWDUFXDOTXLHUDFFLGHQWH
‡ /DSUXHEDGHFDUUHWHUDGHEHVHUHIHFWXDGDHQXQDFDUUHWHUDSODQDKRUL]RQWDOSRUSHUVRQDVXQFRQ
GXFWRU\XQHQFDUJDGRGHODSUXHED

127$
&RPSUXHEHSDUDDVHJXUDUVHGHTXHVHVDWLVIDFHQODVFRQGLFLRQHVVLJXLHQWHVFXDQGRVHDSOLFDHO³352&(
',0,(172'(&21),50$&,Ï1'('7&´
‡ 7HPSHUDWXUDGHODLUHGHDGPLVLyQ±ƒ&RPD\RU
‡ 7HPSHUDWXUDGHOUHIULJHUDQWHGHOPRWRU±±ƒ&
‡ $OWLWXGSUHVLyQEDURPpWULFDPRPHQRVPP+JN3DRPiV

 &RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQFRQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQODSRVLFLyQ2))
 &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21\XWLOL]DQGRHOLQVWUXPHQWRGHH[SORUDFLyQERUUHHO'7&
ORV'7&SHQGLHQWHV\ORVGDWRVGHLPDJHQFRQJHODGDHQODPHPRULDGHO(&0\KDJDDUUDQFDUHOPRWRU
 $XPHQWHODYHORFLGDGGHOYHKtFXORD±NPK
 &RQGX]FDHOYHKtFXORDHVDYHORFLGDGGXUDQWHPLQXWRVHQHVWHSDVRVHSHUPLWHFDPELDUODYHORFLGDGGHOYHKt
FXOR
 'HWHQJD HO YHKtFXOR \ HPSOHDQGR HO LQVWUXPHQWR GH H[SORUDFLyQ FRPSUXHEH VL KD\ '7& SHQGLHQWH 6L QR KD\
'7&SHQGLHQWHXWLOLFHHOLQVWUXPHQWRGHH[SORUDFLyQ\FRPSUXHEHVLODSUXHEDGHYHULILFDFLyQGHOVHQVRUGHR[t
JHQRKDVLGRFRPSOHWDGD6LHQDPEDVFRPSUREDFLRQHVDQWHULRUHVODFRPSUREDFLyQHVQHJDWLYDHVGHFLUQRKD\
'7&SHQGLHQWH\QRVHKDFRPSOHWDGRODSUXHEDGHYHULILFDFLyQGHOVHQVRUGHR[tJHQRFRPSUXHEHODVFRQGLFLR
QHVGHOYHKtFXORDPELHQWDO\UHSLWDORVSDVRVD
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6

3DVR 2SHUDFLyQ 6t 1R
 ¢6HDSOLFyOD³7$%/$'()/8-2'(',$*1Ï6 9D\DDOSDVR 9D\DDOD³7$%/$'(
7,&2'(/02725´" )/8-2'(',$*1Ï67,&2
'(/02725´HQHVWDVHF
FLyQ
 &RPSUREDFLyQGHOFDOHQWDGRUGHO+26 9D\DDOSDVR 5HHPSODFHHO+26
 'HVFRQHFWHHODFRSODGRUGHO+26FRQHO
LQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2))
 &RPSUXHEHODUHVLVWHQFLDHQWUHORVWHUPLQDOHV
³´\³´GHOFRQHFWRUGH+26
5HVLVWHQFLDGHOFDOHQWDGRUGHO+26
±ΩDƒ&
¢(VWiFRQIRUPHFRQODVHVSHFLILFDFLRQHVDQWHULR
UHV"
 &RPSUREDFLyQGHODDOLPHQWDFLyQHOpFWULFDGHO 9D\DDOSDVR )XVLEOH³+26´\RIXVLEOH
FDOHQWDGRUGH+26 ³,*0(7(5´IXQGLGR
 &RQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQ 6LHVWiQFRQIRUPHVFDEOH
ODSRVLFLyQ21GHMDQGRHOPRWRUSDUDGR ³%/.:+7´RFDEOH³%/8
FRPSUXHEHODWHQVLyQHQWUH(\PDVD\ :+7´GHIHFWXRVR
HQWUH(\PDVD5HILpUDVHDODILJXUD
¢(VFDGDWHQVLyQ±9"
 &RPSUREDFLyQGHOFLUFXLWRGHFRQWUROGHOFDOHQWD 5HHPSODFHSRUXQPyGXOR 5HOpGHFDOHQWDGRUGH
GRUGH+26 GH(&03&0HQSHU +26GHIHFWXRVRRFDEOH
 &RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ IHFWRHVWDGR\YXHOYDD ³%/.´DELHUWRFDEOH
2))LQVWDOHHOUHOpGHOFDOHQWDGRUGH+26 FRPSUREDU ³%/8´DELHUWRRFRUWRFLUFXL
 &RQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQ WDGRDOFLUFXLWRGHPDVD
ODSRVLFLyQ21GHMDQGRHOPRWRUSDUDGR FDEOH³31.:+7´DELHUWR
FRPSUXHEHODWHQVLyQHQWUH&\OD RFRUWRFLUFXLWDGRDOFLUFXLWR
PDVD GHPDVD
¢(VODWHQVLyQ±9" 6LHVWiQFRQIRUPHVUHHP
SODFHSRUXQPyGXORGH
(&03&0HQEXHQ
HVWDGR\YXHOYDDFRPSUR
EDU

)LJXUDSDUDORVSDVRV

D 5HOpGHOFDOHQWDGRUGH+26
 ,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

'7&336LVWHPDGHFRPEXVWLEOHGHPDVLDGRSREUHULFREDQFR

&21',&,Ï1'('(7(&&,Ï1'(/'7&<È5($'(/'(63(5)(&72

&21',&,Ï1'('(7(&&,Ï1'(/'7& È5($'(/'(63(5)(&72
&XDQGRVHFRQGXFHGHVSXpVGHFDOHQWDUHOPRWRUOyJLFD ‡ )XJDVGHYDFtRDVSLUDFLyQGHDLUH
GHGHWHFFLyQGHFLFORVGHFRQGXFFLyQ ‡ )XJDGHJDVHVGHHVFDSH
‡ 6HGHWHFWDTXHHOUHDMXVWHGHFRUWRSOD]RGHOFRPEXVWLEOH
H[FHGHRTXHHOUHDMXVWHGHODUJRSOD]RH[FHGH
\TXHHOUHDMXVWHWRWDOH[FHGH
± 6LVWHPDGHFRPEXVWLEOHGHPDVLDGRSREUH
‡ 6HGHWHFWDTXHHOUHDMXVWHGHFRUWRSOD]RGHOFRPEXVWLEOH
HVPHQRUTXH±RTXHHOUHDMXVWHGHODUJRSOD]RHV
PHQRUTXH±\TXHHOUHDMXVWHWRWDOHVPHQRUTXH±

± 6LVWHPDGHFRPEXVWLEOHGHPDVLDGRULFR
‡ 3UHVLyQGHFRPEXVWLEOHQRFRQIRUPHFRQODVHVSH
FLILFDFLRQHV
‡ 0DOIXQFLRQDPLHQWRGHOVHQVRUFDOHQWDGRGHR[t
JHQR
‡ 0DOIXQFLRQDPLHQWRGHOVLVWHPDGH(*5
‡ )XQFLRQDPLHQWRGHILFLHQWHGHOVHQVRUGH0$)
‡ )XQFLRQDPLHQWRGHILFLHQWHGHOVHQVRUGH(&7
‡ 6HQVRUGHQLYHOGHOFRPEXVWLEOH

352&(',0,(172'(&21),50$&,Ï1'(/'7&

$'9(57(1&,$
‡ &XDQGRHIHFW~HXQDSUXHEDGHFDUUHWHUDHOLMDXQOXJDUGRQGHQRKD\DWUiILFRRULHVJRGHDFFLGHQWHVGH
WUiILFR\DFW~HFRQPXFKRFXLGDGRSDUDDVtHYLWDUFXDOTXLHUDFFLGHQWH
‡ /DSUXHEDGHFDUUHWHUDGHEHVHUHIHFWXDGDHQXQDFDUUHWHUDSODQDKRUL]RQWDOSRUSHUVRQDVXQFRQ
GXFWRU\XQHQFDUJDGRGHODSUXHED

127$
&RPSUXHEHSDUDDVHJXUDUVHGHTXHVHVDWLVIDFHQODVFRQGLFLRQHVVLJXLHQWHVFXDQGRVHDSOLFDHO³352&(
',0,(172'(&21),50$&,Ï1'('7&´
‡ 7HPSHUDWXUDGHODLUHGHDGPLVLyQ±±ƒ&
‡ 7HPSHUDWXUDGHOUHIULJHUDQWHGHOPRWRU±±ƒ&
‡ $OWLWXGSUHVLyQEDURPpWULFDPRPHQRVPP+JN3DRPiV
‡ 7HPSHUDWXUDGHODLUHGHDGPLVLyQ±ƒ&RPD\RU
‡ 7HPSHUDWXUDGHOUHIULJHUDQWHGHOPRWRUƒ&RPHQRV

 &RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQDO'/&FRQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQODSRVLFLyQ2))
 &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21\XWLOL]DQGRHOLQVWUXPHQWRGHHVFDQHRERUUHHO'7&ORV
'7&SHQGLHQWHV\ORVGDWRVGHLPDJHQFRQJHODGD\FDOLHQWHELHQHOPRWRU
 $XPHQWHODYHORFLGDGGHOYHKtFXORD±NPK
 &RQGX]FDHOYHKtFXORDHVWDYHORFLGDGGXUDQWHPLQXWRVRPiV
 'HWHQJDHOYHKtFXOR\XWLOLFHHOLQVWUXPHQWRGHH[SORUDFLyQSDUDFRPSUREDUVLKD\'7&SHQGLHQWH
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6

3DVR 2SHUDFLyQ 6t 1R
 ¢6HDSOLFyOD³7$%/$'()/8-2'(',$*1Ï6 9D\DDOSDVR 9D\DDOD³7$%/$'(
7,&2'(/02725´" )/8-2'(',$*1Ï67,&2
'(/02725´HQHVWDVHF
FLyQ
 ¢+D\RWURV'7&TXHQRVHDQ³'7&3 9D\DDOD7$%/$'( 9D\DDOSDVR
3´" )/8-2'('7&DSOLFDEOH
 &RPSUXHEHVLKD\IXJDVHQHOVLVWHPDGHDGPL 9D\DDOSDVR 5HSDUHRUHHPSODFH
VLyQ\HQHOVLVWHPDGHHVFDSH
¢(VWiQHQEXHQDVFRQGLFLRQHVHOVLVWHPDGH
DGPLVLyQ\HOVLVWHPDGHHVFDSH"
 &RPSUXHEHODSUHVLyQGHFRPEXVWLEOH5HILpUDVH 9D\DDOSDVR 5HSDUHRUHHPSODFH
DOD³7$%/$%´HQHVWDVHFFLyQ
¢(VVDWLVIDFWRULRHOUHVXOWDGRGHODFRPSURED
FLyQ"
 &RPSUXHEHORVLQ\HFWRUHVGHFRPEXVWLEOH5HILp 9D\DDOSDVR ,Q\HFWRUHVGHIHFWXRVRV
UDVHD³,163(&&,Ï1'(,1<(&725'(&20
%867,%/(´HQODVHFFLyQ(
¢(VVDWLVIDFWRULRHOUHVXOWDGRGHODFRPSURED
FLyQ"
 &RPSUXHEHHOVHQVRUGHQLYHOGHOFRPEXVWLEOH 9D\DDOSDVR 6HQVRUGHQLYHOGHOFRP
5HILpUDVHD³6(1625'(1,9(/'(/&20%86 EXVWLEOHRVXFLUFXLWR
7,%/(´HQODVHFFLyQ( GHIHFWXRVR
¢(VVDWLVIDFWRULRHOUHVXOWDGRGHODFRPSURED
FLyQ"
 &RPSUXHEHHOVHQVRUGH0$)5HILpUDVHD³6(1 9D\DDOSDVR 6HQVRUGH0$)RVXFLU
625'()/8-2'(0$6$'($,5(´HQODVHF FXLWRGHIHFWXRVR
FLyQ(
¢(VVDWLVIDFWRULRHOUHVXOWDGRGHODFRPSURED
FLyQ"
 &RPSUXHEHHOVHQVRUGH(&75HILpUDVHDODVHF 9D\DDOSDVR 6HQVRUGH(&7GHIHF
FLyQ( WXRVR
¢(VVDWLVIDFWRULRHOUHVXOWDGRGHODFRPSURED
FLyQ"
 &RPSUXHEHHOVHQVRU+265HILpUDVHDOD 5HHPSODFHSRUXQPyGXOR 5HHPSODFHHO+26
³7$%/$'()/8-2'(',$*1Ï67,&2'('7& GH(&03&0HQSHU
3´ IHFWRHVWDGR\YXHOYDD
¢(VVDWLVIDFWRULRHOUHVXOWDGRGHODFRPSURED FRPSUREDU
FLyQ"
 ,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

'7&336LVWHPDGHFRPEXVWLEOHGHPDVLDGRSREUHULFREDQFR
&21',&,Ï1'('(7(&&,Ï1'(/'7&<&$86$326,%/(

&21',&,Ï1'('(7(&&,Ï1'(/'7& È5($'(/'(63(5)(&72
&XDQGRVHFRQGXFHGHVSXpVGHFDOHQWDUHOPRWRUOyJLFD ‡ )XJDVGHYDFtRDVSLUDFLyQGHDLUH
GHGHWHFFLyQGHFLFORVGHFRQGXFFLyQ ‡ )XJDGHJDVHVGHHVFDSH
‡ 6HGHWHFWDTXHHOUHDMXVWHGHFRUWRSOD]RGHOFRPEXVWLEOH
H[FHGHRTXHHOUHDMXVWHGHODUJRSOD]RH[FHGH
\TXHHOUHDMXVWHWRWDOH[FHGH
± 6LVWHPDGHFRPEXVWLEOHGHPDVLDGRSREUH
‡ 6HGHWHFWDTXHHOUHDMXVWHGHFRUWRSOD]RGHOFRPEXVWLEOH
HVPHQRUTXH±RTXHHOUHDMXVWHGHODUJRSOD]RHV
PHQRUTXH±\TXHHOUHDMXVWHWRWDOHVPHQRUTXH±

± 6LVWHPDGHFRPEXVWLEOHGHPDVLDGRULFR
‡ 3UHVLyQGHFRPEXVWLEOHQRFRQIRUPHFRQODVHVSH
FLILFDFLRQHV
‡ 0DOIXQFLRQDPLHQWRGHOVHQVRUFDOHQWDGRGHR[t
JHQR
‡ 0DOIXQFLRQDPLHQWRGHOVLVWHPDGH(*5
‡ )XQFLRQDPLHQWRGHILFLHQWHGHOVHQVRUGH0$)
‡ )XQFLRQDPLHQWRGHILFLHQWHGHOVHQVRUGH(&7
‡ 6HQVRUGHQLYHOGHOFRPEXVWLEOH

352&(',0,(172'(&21),50$&,Ï1'(/'7&

$'9(57(1&,$
‡ &XDQGRHIHFW~HXQDSUXHEDGHFDUUHWHUDHOLMDXQOXJDUGRQGHQRKD\DWUiILFRRULHVJRGHDFFLGHQWHVGH
WUiILFR\DFW~HFRQPXFKRFXLGDGRSDUDDVtHYLWDUFXDOTXLHUDFFLGHQWH
‡ /DSUXHEDGHFDUUHWHUDGHEHVHUHIHFWXDGDHQXQDFDUUHWHUDSODQDKRUL]RQWDOSRUSHUVRQDVXQFRQ
GXFWRU\XQHQFDUJDGRGHODSUXHED

127$
&RPSUXHEHSDUDDVHJXUDUVHGHTXHVHVDWLVIDFHQODVFRQGLFLRQHVVLJXLHQWHVFXDQGRVHDSOLFDHO³352&(
',0,(172'(&21),50$&,Ï1'('7&´
‡ 7HPSHUDWXUDGHODLUHGHDGPLVLyQHQHOPRPHQWRGHDUUDQTXH±±ƒ&
‡ 7HPSHUDWXUDGHOUHIULJHUDQWHGHOPRWRUHQHOPRPHQWRGHDUUDQTXH±±ƒ&
‡ $OWLWXGSUHVLyQEDURPpWULFDPRPHQRVPP+JN3DRPiV
‡ 7HPSHUDWXUDGHODLUHGHDGPLVLyQ±ƒ&RPD\RU
‡ 7HPSHUDWXUDGHOUHIULJHUDQWHGHOPRWRUƒ&RPHQRV

 &RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQDO'/&FRQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQODSRVLFLyQ2))
 &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21\XWLOL]DQGRHOLQVWUXPHQWRGHHVFDQHRERUUHHO'7&ORV
'7&SHQGLHQWHV\ORVGDWRVGHLPDJHQFRQJHODGD\FDOLHQWHELHQHOPRWRU
 $XPHQWHODYHORFLGDGGHOYHKtFXORD±NPK
 &RQGX]FDHOYHKtFXORDHVWDYHORFLGDGGXUDQWHPLQXWRVRPiV
 'HWHQJDHOYHKtFXOR\XWLOLFHHOLQVWUXPHQWRGHH[SORUDFLyQSDUDFRPSUREDUVLKD\'7&SHQGLHQWH
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6

3DVR 2SHUDFLyQ 6t 1R
 ¢6HDSOLFyOD³7$%/$'()/8-2'(',$*1Ï6 9D\DDOSDVR 9D\DDOD³7$%/$'(
7,&2'(/02725´" )/8-2'(',$*1Ï67,&2
'(/02725´HQHVWDVHF
FLyQ
 ¢+D\RWURV'7&TXHQRVHDQ³'7&3 9D\DDOD7$%/$'( 9D\DDOSDVR
3´" )/8-2'('7&DSOLFDEOH
 &RPSUXHEHVLKD\IXJDVHQHOVLVWHPDGHDGPL 9D\DDOSDVR 5HSDUHRUHHPSODFH
VLyQ\HQHOVLVWHPDGHHVFDSH
¢(VWiQHQEXHQDVFRQGLFLRQHVHOVLVWHPDGH
DGPLVLyQ\HOVLVWHPDGHHVFDSH"
 &RPSUXHEHODSUHVLyQGHFRPEXVWLEOH5HILpUDVH 9D\DDOSDVR 5HSDUHRUHHPSODFH
DOD³7$%/$%´HQHVWDVHFFLyQ
¢(VVDWLVIDFWRULRHOUHVXOWDGRGHODFRPSURED
FLyQ"
 &RPSUXHEHORVLQ\HFWRUHVGHFRPEXVWLEOH5HILp 9D\DDOSDVR ,Q\HFWRUHVGHIHFWXRVRV
UDVHD³,163(&&,Ï1'(,1<(&725'(&20
%867,%/(´HQODVHFFLyQ(
¢(VVDWLVIDFWRULRHOUHVXOWDGRGHODFRPSURED
FLyQ"
 &RPSUXHEHHOVHQVRUGHQLYHOGHOFRPEXVWLEOH 9D\DDOSDVR 6HQVRUGHQLYHOGHOFRP
5HILpUDVHD³6(1625'(1,9(/'(/&20%86 EXVWLEOHRVXFLUFXLWR
7,%/(´HQODVHFFLyQ( GHIHFWXRVR
¢(VVDWLVIDFWRULRHOUHVXOWDGRGHODFRPSURED
FLyQ"
 &RPSUXHEHHOVHQVRUGH0$)5HILpUDVHD³6(1 9D\DDOSDVR 6HQVRUGH0$)RVXFLU
625'()/8-2'(0$6$'($,5(´HQODVHF FXLWRGHIHFWXRVR
FLyQ(
¢(VVDWLVIDFWRULRHOUHVXOWDGRGHODFRPSURED
FLyQ"
 &RPSUXHEHHOVHQVRUGH(&75HILpUDVHDODVHF 9D\DDOSDVR 6HQVRUGH(&7GHIHF
FLyQ( WXRVR
¢(VVDWLVIDFWRULRHOUHVXOWDGRGHODFRPSURED
FLyQ"
 &RPSUXHEHHOVHQVRU+265HILpUDVHDOD 5HHPSODFHSRUXQPyGXOR 5HHPSODFHHO+26
³7$%/$'()/8-2'(',$*1Ï67,&2'('7& GH(&03&0HQSHU
3´ IHFWRHVWDGR\YXHOYDD
¢(VVDWLVIDFWRULRHOUHVXOWDGRGHODFRPSURED FRPSUREDU
FLyQ"
 ,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

'7&33333336HGHWHFWDIDOORGHHQFHQ
GLGRIDOORGHHQFHQGLGRHQFLOLQGURIDOORGHHQFHQGLGRHQFLOLQGURIDOORGH
HQFHQGLGRHQFLOLQGURIDOORGHHQFHQGLGRHQFLOLQGURIDOORGHHQFHQGLGRHQ
FLOLQGURIDOORGHHQFHQGLGRHQFLOLQGUR
'(6&5,3&,Ï1'(/6,67(0$
(OPyGXORGH(&03&0PLGHHOiQJXORGHOFLJHxDOPHGLDQWHODVHxDOGHLPSXOVLyQSURFHGHQWHGHOVHQVRUGH&.3
\GHOVHQVRUGH&03SDUDFDGDFLOLQGUR6LGHWHFWDXQFDPELRFRQVLGHUDEOHHQHOiQJXORGHOFLJHxDOFRQFOX\HTXH
KD\XQIDOORGHHQFHQGLGR&XDQGRODFDQWLGDGGHIDOORVGHHQFHQGLGRFRQWDELOL]DGDSRUHOVHQVRUGH(&03&0
H[FHGHODFRQGLFLyQGHGHWHFFLyQGH'7&LGHQWLILFDHOFLOLQGURGRQGHKD\IDOORVGHHQFHQGLGR\HPLWHODLQIRUPDFLyQ
FRPRXQ'7&

&21',&,Ï1'('(7(&&,Ï1'(/'7&<È5($'(/'(63(5)(&72

&21',&,Ï1'('(7(&&,Ï1'(/'7& È5($'(/'(63(5)(&72
'7&3 ‡ 6LVWHPDGHHQFHQGLGR
‡ 6HGHWHFWDHQGRVRPiVFLOLQGURVIDOORGHHQFHQGLGRTXHFDXVD ‡ ,Q\HFWRUGHFRPEXVWLEOH\VXFLUFXLWR
VREUHFDOHQWDPLHQWRGHOFDWDOL]DGRUGXUDQWHUSP/DOX]GH ‡ 3UHVLyQGHWXEHUtDGHFRPEXVWLEOH
0,/GHVWHOODPLHQWUDVHVWHIDOORRFXUUHFRQWLQXDPHQWH ‡ &RPSUHVLyQGHOPRWRU
‡ 6HGHWHFWDHQGRVRPiVFLOLQGURVIDOORGHHQFHQGLGRTXHDIHFWD ‡ $VSLUDFLyQDQRUPDOGHDLUH
DGYHUVDPHQWHODVHPLVLRQHVGHHVFDSHGXUDQWHUSPOyJLFD ‡ 6LVWHPDGH(*5
GHGHWHFFLyQGHFLFORVGHFRQGXFFLyQ ‡ 6HQVRUGHQLYHOGHOFRPEXVWLEOH
'7&333333 ‡ $MXVWDGRUGHMXHJRGHYiOYXOD
‡ 6HGHWHFWDHQFLOLQGURIDOORGHHQFHQGLGRTXHFDXVDVREUHFDOHQ ‡ &DODGRGHYiOYXOD
WDPLHQWRGHOFDWDOL]DGRUGXUDQWHUSP/DOX]GH0,/GHVWHOOD
PLHQWUDVHVWHIDOORRFXUUHFRQWLQXDPHQWH
‡ 6HGHWHFWDHQFLOLQGURIDOORGHHQFHQGLGRTXHDIHFWDDGYHUVD
PHQWHODVHPLVLRQHVGHHVFDSHGXUDQWHUSP
OyJLFDGHGHWHFFLyQGHFLFORVGHFRQGXFFLyQ

352&(',0,(172'(&21),50$&,Ï1'(/'7&

$'9(57(1&,$
‡ &XDQGRHIHFW~HXQDSUXHEDGHFDUUHWHUDHOLMDXQOXJDUGRQGHQRKD\DWUiILFRRULHVJRGHDFFLGHQWHVGH
WUiILFR\DFW~HFRQPXFKRFXLGDGRSDUDDVtHYLWDUFXDOTXLHUDFFLGHQWH
‡ /DSUXHEDGHFDUUHWHUDGHEHVHUHIHFWXDGDHQXQDFDUUHWHUDSODQDKRUL]RQWDOSRUSHUVRQDVXQFRQ
GXFWRU\XQHQFDUJDGRGHODSUXHED

127$
&RPSUXHEHSDUDDVHJXUDUVHGHTXHVHVDWLVIDFHQODVFRQGLFLRQHVVLJXLHQWHVFXDQGRVHDSOLFDHO³352&(
',0,(172'(&21),50$&,Ï1'('7&´
‡ 7HPSHUDWXUDGHODLUHGHDGPLVLyQ±±ƒ&
‡ 7HPSHUDWXUDGHOUHIULJHUDQWHGHOPRWRU±ƒ&RPD\RU
‡ $OWLWXGSUHVLyQEDURPpWULFDPRPHQRVPP+JN3DRPiV

 &RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQDO'/&FRQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQODSRVLFLyQ2))
 &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21\XWLOL]DQGRHOLQVWUXPHQWRGHH[SORUDFLyQERUUHHO'7&
ORV'7&SHQGLHQWHV\ORVGDWRVGHLPDJHQFRQJHODGD\KDJDDUUDQFDUHOPRWRU
 $XPHQWHODYHORFLGDGGHOYHKtFXORDODYHORFLGDGUHJLVWUDGDFRPRGDWRGHLPDJHQFRQJHODGD9“NPKFXDQGR
VHGHWHFWDXQIDOORGHHQFHQGLGR
 &RQGX]FDHOYHKtFXORDHVWDYHORFLGDGGXUDQWHPLQXWRV
 'HWHQJDHOYHKtFXOR\XWLOLFHHOLQVWUXPHQWRGHH[SORUDFLyQSDUDFRPSUREDUVLKD\'7&R'7&SHQGLHQWH
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6

3DVR 2SHUDFLyQ 6t 1R
 ¢6HDSOLFyOD³7$%/$'()/8-2'(',$*1Ï6 9D\DDOSDVR 9D\DDOD³7$%/$'()/8-2
7,&2'(/02725´" '(',$*1Ï67,&2'(/
02725´HQHVWDVHFFLyQ
 ,QVSHFFLyQGHOVLVWHPDGHHQFHQGLGR 9D\DDOSDVR %RELQDGHHQFHQGLGRPD]R
 &RPSUXHEHODEXMtD\ODFKLVSDGHHQFHQGLGR GHFDEOHVXRWUDVSLH]DVGHO
GHOFLOLQGURGRQGHKD\IDOORVGHHQFHQGLGR VLVWHPDGHIHFWXRVRV
5HILpUDVHDODVHFFLyQ³6,67(0$'((1&(1
','2´
¢(VWiQHQEXHQDVFRQGLFLRQHV"
 ,QVSHFFLyQGHOFLUFXLWRGHOLQ\HFWRUGHFRPEXVWLEOH 9D\DDOSDVR 6LQRVHHPLWHQVRQLGRVGH
 8WLOLFHXQHVWHWyVFRSLR\FRPSUXHEHHOVRQLGR IXQFLRQDPLHQWRFRPSUXHEH
GHIXQFLRQDPLHQWRGHFDGDLQ\HFWRUHQHO ODFRQH[LyQGHODFRSODGRU\
PRPHQWRGHKDFHUDUUDQFDUHOPRWRURGXUDQWH PD]RGHFDEOHVGHOLQ\HFWRU
HOUDOHQWt \HOLQ\HFWRUPLVPR
¢+D\VRQLGRGHIXQFLRQDPLHQWRFRUUHFWRHQWRGRV 6LHVWiQFRQIRUPHVUHHP
ORVLQ\HFWRUHV" SODFHSRUXQPyGXORGH(&0
3&0HQEXHQHVWDGR\
YXHOYDDFRPSUREDU
 &RPSUREDFLyQGHODSUHVLyQGHFRPEXVWLEOH 9D\DDOSDVR 5HSDUHRUHHPSODFH
 &RPSUXHEHODSUHVLyQGHFRPEXVWLEOH5HILp
UDVHDOD³7$%/$%´HQHVWDVHFFLyQ
¢(VVDWLVIDFWRULRHOUHVXOWDGRGHODFRPSUREDFLyQ"
 ,QVSHFFLyQGHOLQ\HFWRUGHFRPEXVWLEOH 9D\DDOSDVR 5HHPSODFH
 &RPSUXHEHHOORVLQ\HFWRUHVGHFRPEXVWL
EOH5HILpUDVHDODVHFFLyQ(
¢(VVDWLVIDFWRULRHOUHVXOWDGRGHODFRPSUREDFLyQ"
 &RPSUREDFLyQGHOFDODGRGHOHQFHQGLGR 9D\DDOSDVR $MXVWHRFRPSUXHEHODVSLH
 &RPSUXHEHHOFDODGRGHOHQFHQGLGR5HILpUDVH ]DVUHODFLRQDGDVFRQHOVLV
DODVHFFLyQ) WHPD
¢(VVDWLVIDFWRULRHOUHVXOWDGRGHODFRPSUREDFLyQ"
 &RPSUREDFLyQGHOVLVWHPDGH(*5 9D\DDOSDVR 5HSDUHRUHHPSODFH
 &RPSUXHEHHOVLVWHPDGH(*55HILpUDVHDOD
VHFFLyQ(
¢(VVDWLVIDFWRULRHOUHVXOWDGRGHODFRPSUREDFLyQ"
 &RPSUREDFLyQGHOVHQVRUGHQLYHOGHOFRPEXVWLEOH 9D\DDOSDVR 5HSDUHRUHHPSODFH
 &RPSUXHEHHOVHQVRUGHGHQLYHOGHOFRPEXVWL
EOH5HILpUDVHDODVHFFLyQ(
¢(VVDWLVIDFWRULRHOUHVXOWDGRGHODFRPSUREDFLyQ"
 &RPSUXHEHODVSLH]DVPHFiQLFDVGHOPRWRURVLV &RPSUXHEHHOPD]RGH 5HSDUHRUHHPSODFH
WHPDTXHSXHGHFDXVDUTXHHOUpJLPHQGHUDOHQWt FDEOHV\ODFRQH[LyQD
VHDLUUHJXODURGHILFLHQWH PDVDGHOPyGXOR(&0
‡ &RPSUHVLyQ GHO PRWRU 5HILpUDVH D OD VHFFLyQ 3&0VLVWHPDGH
$ HQFHQGLGRHLQ\HFWRUGH
‡ -XHJR GH YiOYXOD R DMXVWDGRU GH MXHJR 5HILp FRPEXVWLEOHSDUDYHULIL
UDVHDODVHFFLyQ$ FDUVLHVWiQDELHUWRV
‡ &DODGR GH YiOYXOD ,QVWDODFLyQ GH OD FRUUHD R LQWHUPLWHQWHPHQWH\HQ
FDGHQDGHGLVWULEXFLyQ5HILpUDVHDODVHFFLyQ FRUWRFLUFXLWR
$
¢(VWiQHQEXHQDVFRQGLFLRQHV"
 ,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

'7&3'7&1ƒ0DOIXQFLRQDPLHQWRGHOFLUFXLWRGHOVHQVRUGHGHWRQD

FLyQ
'(6&5,3&,Ï1'(/&,5&8,72

 6HQVRUGHGHWRQDFLyQ
 (&03&0

&21',&,Ï1'('(7(&&,Ï1'(/'7&<È5($'(/'(63(5)(&72

&21',&,Ï1'('(7(&&,Ï1'(/'7& È5($'(/'(63(5)(&72
6HILMDUi'7&FXDQGRVHGHWHFWHXQDGHODVFRQGLFLRQHV ‡ &LUFXLWR³:+7´DELHUWRRFRUWRFLUFXLWDGRDPDVD
VLJXLHQWHV ‡ 0DOIXQFLRQDPLHQWRGHOVHQVRUGHGHWRQDFLyQ
‡ /DWHQVLyQGHOVHQVRUGHGHWRQDFLyQHV9RLQIHULRU ‡ 0DOIXQFLRQDPLHQWRGHO(&0
R
‡ /DWHQVLyQGHOVHQVRUGHGHWRQDFLyQHV9RVXSHULRU

352&(',0,(172'(&21),50$&,Ï1'(/'7&
 &RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQDO'/&FRQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQODSRVLFLyQ2))
 &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21\XWLOL]DQGRHOLQVWUXPHQWRGHH[SORUDFLyQERUUHHO'7&
ORV'7&SHQGLHQWHV\ORVGDWRVGHLPDJHQFRQJHODGD
 +DJDDUUDQFDUHOPRWRU\PDQWpQJDORIXQFLRQDQGRGXUDQWHVHJXQGRV
 &RPSUXHEH'7&HPSOHDQGRHOLQVWUXPHQWRGHH[SORUDFLyQ
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6

3DVR 2SHUDFLyQ 6t 1R
 ¢6HDSOLFyOD³7$%/$'()/8-2'(',$*1Ï6 9D\DDOSDVR 9D\DDOD³7$%/$'(
7,&2'(/02725´" )/8-2'(',$*1Ï6
7,&2'(/02725´HQ
HVWDVHFFLyQ
 &RPSUREDFLyQGHOVHQVRUGHGHWRQDFLyQ\VXFLU (OVHQVRUGHGHWRQDFLyQ\VX 9D\DDOSDVR
FXLWR FLUFXLWRHVWiQHQEXHQDV
 &RQHOPRWRUIXQFLRQDQGRFRPSUXHEHODWHQ FRQGLFLRQHV
VLyQGHVGHHOWHUPLQDO³&´GHOFRQHFWRU 'HVSHUIHFWRLQWHUPLWHQWHR
GHOPyGXORGH(&0DPDVDDFDUURFHUtD PyGXORGH(&0GHIHFWXRVR
5HILpUDVHDOD)LJXUD 9XHOYDDFRPSUREDUUHILULpQ
¢(VWiODWHQVLyQHQWUH±9" GRVHD³0$/)81&,21$
0,(172,17(50,7(17(<
&21(;,Ï10$/$´HQOD
VHFFLyQ$
 &RPSUREDFLyQGHOFLUFXLWRGHDOLPHQWDFLyQHOpF 5HHPSODFHSRUXQVHQVRUGH &DEOH³:+7´DELHUWRFRU
WULFDGHOVHQVRUGHGHWRQDFLyQ GHWRQDFLyQHQEXHQHVWDGR WRFLUFXLWDGRDOFLUFXLWRGH
 3DUHHOPRWRU \YXHOYDDFRPSUREDU PDVDRPDODFRQH[LyQ
 &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQOD GHOWHUPLQDO³&´
SRVLFLyQ2))\GHVFRQHFWHHOFRQHFWRUGHO 6LHOFDEOH\ODFRQH[LyQ
VHQVRUGHGHWRQDFLyQ HVWiQFRQIRUPHVUHHP
 &RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ SODFHSRUXQPyGXORGH
21FRPSUXHEHODWHQVLyQGHVGH³:+7´DO (&0HQEXHQHVWDGR\
WHUPLQDOGHPDVDDFDUURFHUtDGHOFRQHFWRU YXHOYDDFRPSUREDU
GHOVHQVRUGHGHWRQDFLyQ5HILpUDVHDOD
)LJXUD
¢(VODWHQVLyQ±9"

)LJXUDSDUDORVSDVRV\

 6HQVRUGHGHWRQDFLyQ
 &RQHFWRUGHOVHQVRUGHGHWRQDFLyQ
 ,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

'7&30DOIXQFLRQDPLHQWRGHOFLUFXLWRGHOVHQVRUGHSRVLFLyQGHOFLJHxDO
',$*5$0$'(&$%/($'2

 6HQVRUGH&.3
 (&03&0

&21',&,Ï1'('(7(&&,Ï1'(/'7&<È5($'(/'(63(5)(&72

&21',&,Ï1'('(7(&&,Ï1'(/'7& È5($'(/'(63(5)(&72
1RHQWUDVHxDOGHVGHHOVHQVRUGH&.3DXQTXHKDQ &LUFXLWRGHOVHQVRUGH&.3
HQWUDGRLPSXOVLRQHVGHVHxDOGHOVHQVRUGH&03GHV 6HQVRUGH&.3
SXpVGHODUUDQTXHGHOPRWRU (&03&0

352&(',0,(172'(&21),50$&,Ï1'(/'7&

127$
&RPSUXHEHSDUDDVHJXUDUVHGHTXHVHVDWLVIDFHQODVFRQGLFLRQHVVLJXLHQWHVFXDQGRVHDSOLFDHO³352&(
',0,(172'(&21),50$&,Ï1'('7&´
‡ 7HPSHUDWXUDGHODLUHGHDGPLVLyQ±ƒ&RPD\RU
‡ 7HPSHUDWXUDGHOUHIULJHUDQWHGHOPRWRU±±ƒ&
‡ $OWLWXGSUHVLyQEDURPpWULFDPRPHQRVPP+JN3DRPiV
 &RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQDO'/&FRQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQODSRVLFLyQ2))
 &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21\XWLOL]DQGRHOLQVWUXPHQWRGHHVFDQHRERUUHHO'7&'7&
SHQGLHQWHV\GDWRVGHLPDJHQFRQJHODGD\KDJDIXQFLRQDUHOPRWRUDOUpJLPHQGHUDOHQWtGXUDQWHVHJXQGRV
 &RPSUXHEH'7&HPSOHDQGRHOLQVWUXPHQWRGHH[SORUDFLyQ
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6

3DVR 2SHUDFLyQ 6t 1R
 ¢6HDSOLFyOD³7$%/$'()/8-2'(',$*1Ï67,&2 9D\DDOSDVR 9D\DDOD³7$%/$'(
'(/02725´" )/8-2',$*1Ï67,&2
'(/02725´HQHVWD
VHFFLyQ
 &RPSUREDFLyQGHODUHVLVWHQFLDGHOVHQVRUGH&.3\ 9D\DDOSDVR 9D\DDOSDVR
VXFLUFXLWR
 &RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ
2))GHVFRQHFWHHODFRSODGRU&GHOPyGXOR
GH(&03&0
 &RPSUXHEHHOHVWDGRGHODFRQH[LyQDOPyGXOR
GH(&03&0HQORVWHUPLQDOHV&\
&
 6LODVFRQH[LRQHVHVWiQFRQIRUPHVHQWRQFHV
FRPSUXHEHODUHVLVWHQFLDGHORVLJXLHQWH
5HVLVWHQFLDGHOVHQVRUGH&.3HQWUHORVWHUPLQD
OHV&\&
±ΩDƒ&
5HVLVWHQFLDGHOVHQVRUGH&.3HQWUHFDGDWHUPL
QDO\PDVD
0ΩRPiV
¢(VVDWLVIDFWRULRHOUHVXOWDGRGHODFRPSUREDFLyQ"
 &RPSUREDFLyQGHODUHVLVWHQFLDGHOVHQVRUGH&.3 &DEOH³:+7%/8´R 6HQVRUGH&.3GHIHF
 &RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ FDEOH³251%/8´ WXRVR
2))GHVFRQHFWHHODFRSODGRUGHOVHQVRUGH&.3 GHIHFWXRVR
 &RPSUXHEHODUHVLVWHQFLDHQWUHORVWHUPLQDOHVGHO
DFRSODGRUGHOVHQVRUGH&.35HILpUDVHDOD
ILJXUD
¢(VWiQORVYDORUHVPHGLGRVGHODUHVLVWHQFLDFRQIRU
PHVFRQODVHVSHFLILFDFLRQHVGHOSDVR"
 ,QVSHFFLyQYLVXDOGHOVHQVRUGH&.3 'HVSHUIHFWRLQWHUPL 5HHPSODFHRUHLQVWDOH
&RPSUXHEHYLVXDOPHQWHORVLJXLHQWHHQHOVHQVRUGH WHQWHRPyGXORGH(&0
&.3\HOURWRUGHVHxDO5HILpUDVHDODILJXUD 3&0GHIHFWXRVR
‡ 'DxRV &RPSUXHEHHOGHVSHU
‡ 1RKD\PDWHULDOH[WUDxRDGKHULGR IHFWRLQWHUPLWHQWH5HILp
‡ /DLQVWDODFLyQHVFRUUHFWD UDVHD³0$/
¢(VWiQHQEXHQDVFRQGLFLRQHV" )81&,21$0,(172
,17(50,7(17(<
&21(;,Ï10$/$´HQ
ODVHFFLyQ$

>$@)LJSDUDHOSDVR>%@)LJSDUDHOSDVR

 3ODFDGHVHQVRU
 ,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

'7&3'7&1ƒ0DOIXQFLRQDPLHQWRGHOFLUFXLWRGHOVHQVRUGHSRVLFLyQ

GHOiUEROGHOHYDV
',$*5$0$'(&$%/($'2

 6HQVRUGH&03
 $OUHOpSULQFLSDO
 (&03&0

'(6&5,3&,Ï1'(/6,67(0$
(OVHQVRUGH&03GHWHFWDODVHxDOGH5()\ODVHxDOGH326
‡ 6HxDOGH5()LPSXOVLRQHVUHYROXFLyQGHOiUEROGHOHYDV+D\FODVHVGLIHUHQWHVGHIRUPDVGHRQGD%DViQ
GRVHHQODVHxDOGH5()HOPyGXORGH(&03&0GHWHUPLQDFXiOFLOLQGURHVWiHQHO7'&306
‡ 6HxDOGH326LPSXOVLRQHVUHYROXFLyQGHOiUEROGHOHYDV&DGDXQDGHODVVHxDOHVGH326WLHQHXQDIRUPD
GHRQGDHTXLYDOHQWH%DViQGRVHHQODVHxDOGH326HOPyGXORGH(&03&0GHWHUPLQDODORQJLWXGGHRQGDGH
ODVVHxDOHVGH5()HOUpJLPHQGHOPRWRU\ODSRVLFLyQGHOSLVWyQ

5()(5(1&,$
&RQHFWHHORVFLORVFRSLRHQWUHORVWHUPLQDOHV&326R&5()\&PDVDGHOFRQHFWRUGHO
PyGXOR(&03&0FRQHFWDGRDO(&03&0\FRPSUXHEHODVHxDOGHOVHQVRUGH&03
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

&21',&,Ï1'('(7(&&,Ï1'(/'7&<È5($'(/'(63(5)(&72

&21',&,Ï1'('(7(&&,Ï1'(/'7& È5($'(/'(63(5)(&72
/DVHxDOGHOVHQVRUGH&03QRHVHQWUDGDGXUDQWH &LUFXLWRGHOVHQVRUGH&03
VHJXQGRVDXQTXHODVHxDOGHDUUDQTXHGHOPRWRUHVWi 6HQVRUGH&03
VLHQGRHQWUDGD &LUFXLWRGHVHxDOGHOPRWRUGHDUUDQTXH
R (&03&0
(OSDWUyQGHODVHxDOGH5()HVLQFRUUHFWRPLHQWUDVYDUtDOD
VHxDOGH326
R
7HQVLyQGHODVHxDOGH326GHPDVLDGRDOWDRGHPDVLDGR
EDMD

352&(',0,(172'(&21),50$&,Ï1'(/'7&

127$
&RPSUXHEHSDUDDVHJXUDUVHGHTXHVHVDWLVIDFHQODVFRQGLFLRQHVVLJXLHQWHVFXDQGRVHDSOLFDHO³352&(
',0,(172'(&21),50$&,Ï1'('7&´
‡ 7HPSHUDWXUDGHODLUHGHDGPLVLyQ±ƒ&RPD\RU
‡ 7HPSHUDWXUDGHOUHIULJHUDQWHGHOPRWRU±±ƒ&
‡ $OWLWXGSUHVLyQEDURPpWULFDPRPHQRVPP+JN3DRPiV

 &RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQDO'/&FRQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQODSRVLFLyQ2))
 &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21\XWLOL]DQGRHOLQVWUXPHQWRGHH[SORUDFLyQERUUHHO'7&
ORV'7&SHQGLHQWHV\ORVGDWRVGHLPDJHQFRQJHODGD
 +DJDJLUDUHOPRWRUGXUDQWHVHJXQGRVRPiV\PDQWHQJDHOPRWRUIXQFLRQDQGRHQUpJLPHQGHUDOHQWtGXUDQWH
PLQXWR
 &RPSUXHEH'7&HPSOHDQGRHOLQVWUXPHQWRGHH[SORUDFLyQ

/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6

127$
6LHOFLUFXLWRGHOPRWRUGHDUUDQTXHHVWiDELHUWRHVGHFLUHOFLUFXLWRGHVHxDOGHOPRWRUGHDUUDQTXHHVWiHQ
EXHQDVFRQGLFLRQHVSHURHOPRWRUGHDUUDQTXHQRIXQFLRQDHVWH'7&HVPHPRUL]DGRFXDQGRHOLQWHUUXS
WRUGHOPRWRUGHDUUDQTXHHVWiHQ21DXQFXDQGRHOVHQVRUGH&03HVWpHQEXHQDVFRQGLFLRQHV
&XDQGRHOPRWRUGHDUUDQTXHQRIXQFLRQD\VHYLVXDOL]DHVWH'7&SULPHURFRPSUXHEHHOFLUFXLWRGHOPRWRU
GHDUUDQTXH

3DVR 2SHUDFLyQ 6t 1R
 ¢6HDSOLFyOD³7$%/$'()/8-2'(',$*1Ï67,&2 9D\DDOSDVR 9D\DDOD³7$%/$'(
'(/02725´" )/8-2'(',$*1Ï6
7,&2'(/02725´HQ
HVWDVHFFLyQ
 ¢*LUDHOPRWRUSDUDDUUDQFDU" 9D\DDOSDVR 9D\DDODVHFFLyQ*
 ¢+D\'7&3&LUFXLWRGHVHxDOHVGHOPRWRUGH 9D\DDOD7DEODGH)OXMRGH 9D\DDOSDVR
DUUDQTXHGHOPRWRU" GLDJQyVWLFRGHO'7&
3
 &RPSUREDFLyQGHODDOLPHQWDFLyQHOpFWULFDDOVHQVRU 9D\DDOSDVR &DEOH³%/8%/.´R
GH&03 ³*5<<(/´GHIHFWXRVR
 &RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ
2))GHVFRQHFWHHODFRSODGRUGHOVHQVRUGH&03
 &RQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQOD
SRVLFLyQ21FRPSUXHEHODWHQVLyQHQWUHHOWHUPL
QDO&\HOWHUPLQDO&5HILpUDVHDOD
ILJXUD
¢(VODWHQVLyQ±9"
 ,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

3DVR 2SHUDFLyQ 6t 1R
 &RPSUREDFLyQGHODVHxDOGHOVHQVRUGH&036HxDO 9D\DDOSDVR &DEOH³<(/*51´RVHQ
GH5() VRUGH&03GHIHFWXRVR
 &RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ 6LHVWiQFRQIRUPHV
2))FRQHFWHHODFRSODGRUGHOVHQVRUGH&03 UHHPSODFHSRUXQ
 'HVFRQHFWHORVDFRSODGRUHVGHERELQDVGH PyGXORGH(&03&0
HQFHQGLGR\ORVLQ\HFWRUHVGHFRPEXVWLEOH HQEXHQHVWDGR\YXHOYD
 &RQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQOD DFRPSUREDU
SRVLFLyQ21\HOFLJHxDOJLUDGROHQWDPHQWH
FRPSUXHEHODWHQVLyQHQWUHHOWHUPLQDO&\
HOWHUPLQDO&
¢0XHVWUDHOLQGLFDGRUGHOYROWtPHWURXQDIOXFWXDFLyQ
HQWUH±9\±9YHFHVPLHQWUDVHOFLJH
xDOGDGRVYXHOWDV"
 &RPSUREDFLyQGHODVHxDOGHOVHQVRUGH&036HxDO 0DODFRQH[LyQGHOWHUPLQDO &DEOH³<(/%/8´RVHQ
GH326 &\R&GH VRUGH&03GHIHFWXRVR
 &RQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQOD DFRSODGRUGHOPyGXORGH 6LHVWiQFRQIRUPHV
SRVLFLyQ21\HOFLJHxDOJLUDGROHQWDPHQWH (&03&0 UHHPSODFHSRUXQ
FRPSUXHEHODWHQVLyQHQWUHHOWHUPLQDO&\ 6LHVWiQFRQIRUPHVUHHP PyGXORGH(&03&0
HOWHUPLQDO& SODFHSRUXQPyGXORGH HQEXHQHVWDGR\YXHOYD
¢0XHVWUDHOLQGLFDGRUGHOYROWtPHWURXQDIOXFWXDFLyQ (&03&0HQEXHQ DFRPSUREDU
HQWUH±9\±9YHFHVPLHQWUDVHOFLJH HVWDGR\YXHOYDDFRP
xDOGDGRVYXHOWDV" SUREDU

)LJXUDSDUDHOSDVR
 $FRSODGRUGHOVHQVRUGH&03GHVFRQHFWDGR
 7HUPLQDO&GHOFDEOH³%/8%/.´
 7HUPLQDO&GHOFDEOH³*5<<(/´
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

'7&30DOIXQFLRQDPLHQWRGHOIOXMRGHUHFLUFXODFLyQGHJDVHVGHHVFDSH
6,67(0$',$*5$0$'(&$%/($'2

 9iOYXODGH(*5  (&03&

 &ROHFWRUGHDGPLVLyQ  6HQVRUGH0$3
 *DVHVGHHVFDSH  )XVLEOHSULQFLSDO
 ,QIRUPDFLyQGHWHFWDGD  5HOpSULQFLSDO
 ,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

&21',&,Ï1'('(7(&&,Ï1'(/'7&<È5($'(/'(63(5)(&72

&21',&,Ï1'('(7(&&,Ï1'(/'7& È5($'(/'(63(5)(&72
'XUDQWHODGHFHOHUDFLyQUpJLPHQHOHYDGRGHOPRWRU\SRVL ‡ 9iOYXODGH(*5
FLyQFHUUDGDGHODPDULSRVDGHJDVHVTXHFRQOOHYDHOFRUWH ‡ 3DVRGH(*5
GHFRPEXVWLEOHODGLIHUHQFLDGHODSUHVLyQDEVROXWDGHO ‡ 6HQVRUGHSUHVLyQDEVROXWDGHOFROHFWRU
FROHFWRUGHDGPLVLyQHQWUHHOPRPHQWRFXDQGRODYiOYXOD ‡ (&03&0
GH(*5VHDEUHDOYDORUHVSHFLILFDGR\HOPRPHQWRFXDQGR
ODYiOYXODVHFLHUUDHVPHQRUTXHHOYDORUHVSHFLILFDGR
OyJLFDGHGHWHFFLyQGHFLFORVGHFRQGXFFLyQ

352&(',0,(172'(&21),50$&,Ï1'(/'7&

$'9(57(1&,$
‡ &XDQGRHIHFW~HXQDSUXHEDGHFDUUHWHUDHOLMDXQOXJDUGRQGHQRKD\DWUiILFRRULHVJRGHDFFLGHQWHVGH
WUiILFR\DFW~HFRQPXFKRFXLGDGRSDUDDVtHYLWDUFXDOTXLHUDFFLGHQWH
‡ /DSUXHEDGHFDUUHWHUDGHEHVHUHIHFWXDGDHQXQDFDUUHWHUDSODQDKRUL]RQWDOSRUSHUVRQDVXQFRQ
GXFWRU\XQHQFDUJDGRGHODSUXHED

127$
&RPSUXHEHSDUDDVHJXUDUVHGHTXHVHVDWLVIDFHQODVFRQGLFLRQHVVLJXLHQWHVFXDQGRVHDSOLFDHO³352&(
',0,(172'(&21),50$&,Ï1'('7&´
‡ 7HPSHUDWXUDGHODLUHGHDGPLVLyQ±ƒ&RPD\RU
‡ 7HPSHUDWXUDGHOUHIULJHUDQWHGHOPRWRU±±ƒ&
‡ $OWLWXGSUHVLyQEDURPpWULFDPRPHQRVPP+JN3DRPiV

 &RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQDO'/&FRQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQODSRVLFLyQ2))
 &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21\XWLOL]DQGRHOLQVWUXPHQWRGHHVFDQHRERUUHHO'7&ORV
'7&SHQGLHQWHV\ORVGDWRVGHLPDJHQFRQJHODGD\FDOLHQWHELHQHOPRWRU
 $XPHQWHODYHORFLGDGGHOYHKtFXORD±NPK
 &RQGX]FDHOYHKtFXORDHVWDYHORFLGDGGXUDQWHPLQXWRVRPiV
 $XPHQWHODYHORFLGDGGHOYHKtFXORD±NPK
 6XHOWHHOSHGDOGHODFHOHUDGRU\DSOLFDQGRHOIUHQRGHOPRWRUPDQWHQJDHOYHKtFXORDYDQ]DQGRSRULQHUFLD\HQVH
JXLGDGHWHQJDHOYHKtFXOR
 (PSOHDQGRHOLQVWUXPHQWRGHH[SORUDFLyQFRPSUXHEHVLKD\'7&SHQGLHQWH6LQRKD\'7&SHQGLHQWHXWLOLFHHO
LQVWUXPHQWRGHH[SORUDFLyQ\FRPSUXHEHVLODSUXHEDGHYHULILFDFLyQGHOVLVWHPDGH(*5KDVLGRFRPSOHWDGD6L
HQDPEDVFRPSUREDFLRQHVDQWHULRUHVODFRPSUREDFLyQHVQHJDWLYDHVGHFLUQRKD\'7&SHQGLHQWH\QRVHKD
FRPSOHWDGRODSUXHEDGHYHULILFDFLyQGHOVLVWHPDGH(*5FRPSUXHEHODFRQGLFLyQGHOYHKtFXORDPELHQWDO\
UHSLWDORVSDVRVD

 9HORFLGDGGHOYHKtFXORNPK
 3DVR
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6

3DVR 2SHUDFLyQ 6t 1R
 ¢6HDSOLFyOD³7$%/$'()/8-2'(',$*1Ï67,&2 9D\DDOSDVR 9D\DDOD³7$%/$
'(/02725´" '()/8-2'(
',$*1Ï67,&2
'(/02725´HQ
HVWDVHFFLyQ
 ¢+D\'7&3PDOIXQFLRQDPLHQWRGHOFLUFXLWRGH 9D\DDOD7DEODGHIOXMRGH 9D\DDOSDVR
(*5" GLDJQyVWLFRGHO'7&
3
 ¢7LHQHXQLQVWUXPHQWRGHH[SORUDFLyQ68=8.," 9D\DDOSDVR 9D\DDOSDVR
 &RPSUREDFLyQGHOIXQFLRQDPLHQWRGHODYiOYXODGH(*5 9D\DDOSDVR 9D\DDOSDVR
 &RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2))
LQVWDOHHOLQVWUXPHQWRGHH[SORUDFLyQ68=8.,
 &RPSUXHEHHOVLVWHPDGH(*55HILpUDVHDODVHF
FLyQ(
¢(VWiQHQEXHQDVFRQGLFLRQHV"
 &RPSUREDFLyQGHOVHQVRUGH0$3 'HVSHUIHFWRLQWHUPLWHQWHR 5HSDUHRUHHP
 &RPSUXHEHHOIXQFLRQDPLHQWRGHOVHQVRUGH0$3 PyGXORGH(&03&0 SODFH
5HILpUDVHDODVHFFLyQ( GHIHFWXRVR&RPSUXHEHHO
¢(VVDWLVIDFWRULRHOUHVXOWDGRGHODFRPSUREDFLyQ" GHVSHUIHFWRLQWHUPLWHQWH
5HILpUDVHD³0$/)81&,2
1$0,(172,17(50,
7(17(<&21(;,Ï1
0$/$´HQODVHFFLyQ$
 &RPSUREDFLyQGHOFLUFXLWRGHDOLPHQWDFLyQHOpFWULFDGHOD 9D\DDOSDVR &DEOH³%/8%/.´
YiOYXODGH(*5 GHIHFWXRVR
 &RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2))
GHVFRQHFWHHODFRSODGRUGHODYiOYXODGH(*5
 &RQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQODSRVL
FLyQ21FRPSUXHEHODWHQVLyQHQWUHHOWHUPLQDO&
\PDVD\HQWUHHOWHUPLQDO&\PDVD
¢(VFDGDWHQVLyQ±9"
 &RPSUREDFLyQGHOFLUFXLWRGHERELQDGHOPRWRUSDVRD 9D\DDOSDVR 9iOYXODGH(*5
SDVRGHODYiOYXODGH(*5 GHIHFWXRVD
 &RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2))
FRQHFWHHODFRSODGRUGHODYiOYXODGH(*5\GHVFR
QHFWHORVDFRSODGRUHVGHOPyGXORGH(&03&0
 &RPSUXHEHODUHVLVWHQFLDHQWUHORVWHUPLQDOHV&
\&&&&
¢(VHOYDORUGHFDGDUHVLVWHQFLDPHGLGD±ΩD
ƒ&"
 &RPSUREDFLyQGHOVHQVRUGH0$3 3DVRGH(*5REVWUXLGRR 5HSDUHRUHHP
 &RPSUXHEHHOIXQFLRQDPLHQWRGHOVHQVRUGH0$3 PDOIXQFLRQDPLHQWRGHOD SODFH
5HILpUDVHDODVHFFLyQ( YiOYXODGH(*5
¢(VVDWLVIDFWRULRHOUHVXOWDGRGHODFRPSUREDFLyQ" 6LWRGRORDQWHULRUHVWiQRU
PDOKD\GHVSHUIHFWRV
LQWHUPLWHQWHVRHOPyGXOR
GH(&03&0HVWiGHIHF
WXRVR
&RPSUXHEHHOGHVSHUIHFWR
LQWHUPLWHQWH5HILpUDVHD
³0$/)81&,21$0,(172
,17(50,7(17(<
&21(;,Ï10$/$´HQOD
VHFFLyQ$
 ,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

'7&3'7&1ƒ0DOIXQFLRQDPLHQWRGHOFLUFXLWRGHOIOXMRGHUHFLUFXODFLyQ

GHJDVHVGHHVFDSH
',$*5$0$'(&$%/($'2

 )XVLEOHSULQFLSDO  (&03&0

 5HOpSULQFLSDO
 9iOYXODGH(*5

&21',&,Ï1'('(7(&&,Ï1'(/'7&<È5($'(/'(63(5)(&72

&21',&,Ï1'('(7(&&,Ï1'(/'7& È5($'(/'(63(5)(&72
6HGHWHFWDFRQWLQXDPHQWHWHQVLyQDOWDHQHOFLUFXLWRHOpF 9iOYXODGH(*5PRWRUGHSDVRDSDVRRVXFLUFXLWR
WULFRGHOPRWRUGHSDVRDSDVRGHODYiOYXODGH(*5 GH(&03&0
GXUDQWHHOWLHPSRHVSHFLILFDGR
&LUFXLWRDELHUWRRFRUWRFLUFXLWR

352&(',0,(172'(&21),50$&,Ï1'(/'7&

127$
&RPSUXHEHSDUDDVHJXUDUVHGHTXHVHVDWLVIDFHQODVFRQGLFLRQHVVLJXLHQWHVFXDQGRVHDSOLFDHO³352&(
',0,(172'(&21),50$&,Ï1'('7&´
‡ 7HPSHUDWXUDGHODLUHGHDGPLVLyQ±ƒ&RPD\RU
‡ 7HPSHUDWXUDGHOUHIULJHUDQWHGHOPRWRU±±ƒ&
‡ $OWLWXGSUHVLyQEDURPpWULFDPRPHQRVPP+JN3DRPiV

 &RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQDO'/&FRQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQODSRVLFLyQ2))
 &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21\XWLOL]DQGRHOLQVWUXPHQWRGHH[SORUDFLyQERUUHHO'7&
ORV'7&SHQGLHQWHV\ORVGDWRVGHLPDJHQFRQJHODGD
 +DJDDUUDQFDUHOPRWRU\PDQWpQJDORIXQFLRQDQGRGXUDQWHVHJXQGRV
 &RPSUXHEH'7&HPSOHDQGRHOLQVWUXPHQWRGHH[SORUDFLyQ
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6

3DVR 2SHUDFLyQ 6t 1R
 ¢6HDSOLFyOD³7$%/$'()/8-2'(',$*1Ï6 9D\DDOSDVR 9D\DDOD³7$%/$'(
7,&2'(/02725´" )/8-2'(',$*1Ï6
7,&2´HQHVWDVHFFLyQ
 &RPSUREDFLyQGHODYiOYXODGH(*5 9D\DDOSDVR 0DOIXQFLRQDPLHQWRGHOD
 &RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ YiOYXODGH(*5
2))GHVFRQHFWHHOFRQHFWRUGHODYiOYXODGH
(*5
 &RPSUXHEHHQFDGDWHUPLQDOHOHVWDGRGHOD
FRQH[LyQDODYiOYXODGH(*5
 6LHVWiQQRUPDOHVFRPSUXHEHODUHVLVWHQFLDGH
ODYiOYXODGH(*55HILpUDVHD³&20352%$
&,Ï1'(/$9È/98/$'((*5´HQODVHF
FLyQ(
¢(VWiHOUHVXOWDGRGHODFRPSUREDFLyQGHDFXHUGR
FRQODVHVSHFLILFDFLRQHV"
 &RPSUREDFLyQGHOPD]RGHFDEOHV 'HVSHUIHFWRLQWHUPLWHQWHR &LUFXLWR³%/8%/.´³/7
 &RQHFWHHOFRQHFWRUDODYiOYXODGH(*5 PyGXORGH(&03&0 *51´³/7*51:+7´³/7
 'HVPRQWHODFXELHUWDGHOPyGXOR3&0(&0\ GHIHFWXRVR *51<(/´R³/7*51
GHVFRQHFWHHOFRQHFWRUGHO(&03&0 9XHOYDDFRPSUREDU 5('´DELHUWRRFRUWRFLU
 &RPSUXHEHHOHVWDGRGHODFRQH[LyQDO(&0 5HILpUDVHD³0$/)81 FXLWDGRDPDVD
3&0HQORVWHUPLQDOHVUHODFLRQDGRVFRQHO &,21$0,(172,17(50,
VLVWHPD 7(17(<&21(;,Ï1
 6LHVWiQFRQIRUPHVFRPSUXHEHODUHVLVWHQFLD 0$/$´HQODVHFFLyQ$
HQWUHORVWHUPLQDOHVVLJXLHQWHVGHOFRQHFWRUGHO
PyGXORGH(&03&0GHVFRQHFWDGR
5HVLVWHQFLDGHODYiOYXODGH(*5
&\&&\&&
\&&\&
±ΩDƒ&
&\PDVD&\PDVD&\
PDVD&\PDVD
,QILQLWR∞
¢(VWiHOUHVXOWDGRGHODFRPSUREDFLyQGHDFXHUGR
FRQODVHVSHFLILFDFLRQHV"
 ,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

'7&3(ILFDFLDGHOVLVWHPDGHFDWDOL]DGRULQIHULRUDOOtPLWHEDQFR
',$*5$0$'(6,67(0$

 +26EDQFR  7:&

 +26EDQFR  (&03&0
 :87:&

'(6&5,3&,Ï1'(/&,5&8,72
/DFRQFHQWUDFLyQGHR[tJHQRHQORVJDVHVGHHVFDSHHQHOSUHFDWDOL]DGRU\HQHOSRVFDWDOL]DGRUGHO:87:&HV
GHWHFWDGDGHVGHHOVHQVRU+26\GHVGHHOVHQVRU+26UHVSHFWLYDPHQWH<GHDFXHUGRFRQWDOHVLQIRUPDFLR
QHVHO PyGXORGH(&0 3&0 FRQWUROD HOEXFOH FHUUDGRTXH FRQWUROD HO YROXPHQGH ODLQ\HFFLyQGHFRPEXVWLEOH
5HILpUDVHDODVHFFLyQ(0LHQWUDVVHHIHFW~DHOFRQWUROSUHFHGHQWH\VLHO:87:&HVWiHQEXHQDVFRQGLFLRQHV
OD WHQVLyQ GH VDOLGD GHO +26 HV PDQWHQLGD DO YDORU HVSHFLILFDGR $ PHGLGD TXH HO :87:& VH GHWHULRUD DXQ
FXDQGRHOFRQWURODQWHULRUFRQWLQ~DORVJDVHVGHHVFDSHTXHKDQSDVDGRSRUHO:87:&SDVDQHO+26WHQLHQGR
XQDFRQFHQWUDFLyQGHR[tJHQRGHHVFDSHTXHHVVHPHMDQWHDODGHOSUHFDWDOL]DGRUVLQTXHVHKD\DQR[LJHQDGRR
FRQYHUWLGR3RUHVWHPRWLYRODVIRUPDVGHODVRQGDVGHODVWHQVLRQHVGHVDOLGDGHO+26\GHO+26OOHJDQD
VHUVHPHMDQWHV(OPyGXORGH(&03&0GHWHUPLQDODGHWHULRUDFLyQGHO:87:&FRPSDUDQGRODVIRUPDVGHRQGD
GHO+26\GHO+26

&21',&,Ï1'('(7(&&,Ï1'(/'7&<È5($'(/'(63(5)(&72

&21',&,Ï1'('(7(&&,Ï1'(/'7& È5($'(/'(63(5)(&72
0LHQWUDVVHFRQGXFHHQODVFRQGLFLRQHVGHVFULWDVSDUDHO ‡ )XJDGHJDVHVGHHVFDSH
352&(',0,(172'(&21),50$&,Ï1'('7&ODIRUPD ‡ &RQYHUWLGRUFDWDOtWLFRGHWUHVYtDVFDOHQWDGR
GHRQGDGHVDOLGDGHO+26OOHJDDVHUVHPHMDQWHDOD ‡ 6HQVRUFDOHQWDGRGHR[tJHQRRVXFLUFXLWR
GHOVHQVRU+26 ‡ (&03&0
OyJLFDGHGHWHFFLyQGHFLFORVGHFRQGXFFLyQ
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

352&(',0,(172'(&21),50$&,Ï1'(/'7&

$'9(57(1&,$
‡ &XDQGRHIHFW~HXQDSUXHEDGHFDUUHWHUDHOLMDXQOXJDUGRQGHQRKD\DWUiILFRRULHVJRGHDFFLGHQWHVGH
WUiILFR\DFW~HFRQPXFKRFXLGDGRSDUDDVtHYLWDUFXDOTXLHUDFFLGHQWH
‡ /DSUXHEDGHFDUUHWHUDGHEHVHUHIHFWXDGDHQXQDFDUUHWHUDSODQDKRUL]RQWDOSRUSHUVRQDVXQFRQ
GXFWRU\XQHQFDUJDGRGHODSUXHED

127$
&RPSUXHEHSDUDDVHJXUDUVHGHTXHVHVDWLVIDFHQODVFRQGLFLRQHVVLJXLHQWHVFXDQGRVHDSOLFDHO³352&(
',0,(172'(&21),50$&,Ï1'('7&´
‡ 7HPSHUDWXUDGHODLUHGHDGPLVLyQ±ƒ&RPD\RU
‡ 7HPSHUDWXUDGHOUHIULJHUDQWHGHOPRWRU±±ƒ&
‡ $OWLWXGSUHVLyQEDURPpWULFDPRPHQRVPP+JN3DRPiV

 &RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQDO'/&FRQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQODSRVLFLyQ2))
 &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21\XWLOL]DQGRHOLQVWUXPHQWRGHH[SORUDFLyQERUUHHO'7&
ORV'7&SHQGLHQWHV\ORVGDWRVGHLPDJHQFRQJHODGD
 $XPHQWHODYHORFLGDGGHOYHKtFXORD±NPK
 &RQGX]FDHOYHKtFXORDHVDYHORFLGDGGXUDQWHPLQXWRVRPiVHQHVWHSDVRODDEHUWXUDGHODPDULSRVDGH
JDVHVVHPDQWLHQHFRQVWDQWH
 'HWHQJD HO YHKtFXOR \ HPSOHDQGR HO LQVWUXPHQWR GH H[SORUDFLyQ FRPSUXHEH VL KD\ '7& SHQGLHQWH 6L QR KD\
'7&SHQGLHQWHXWLOLFHHOLQVWUXPHQWRGHH[SORUDFLyQ\FRPSUXHEHVLODSUXHEDGHYHULILFDFLyQGHOFDWDOL]DGRUKD
VLGRFRPSOHWDGD6LHQDPEDVFRPSUREDFLRQHVDQWHULRUHVODFRPSUREDFLyQHVQHJDWLYDHVGHFLUQRKD\'7&
SHQGLHQWH\QRVHKDFRPSOHWDGRODSUXHEDGHYHULILFDFLyQGHOFDWDOL]DGRUFRPSUXHEHODFRQGLFLyQGHOYHKtFXOR
DPELHQWDO\UHSLWDORVSDVRVD

/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6

3DVR 2SHUDFLyQ 6t 1R
 ¢6HDSOLFyOD³7$%/$'()/8-2'(',$*1Ï6 9D\DDOSDVR 9D\DDOD³7$%/$'(
7,&2'(/02725´" )/8-2'(',$*1Ï67,&2
'(/02725´HQHVWDVHF
FLyQ
 ,QVSHFFLyQYLVXDOGHOVLVWHPDGHHVFDSH 9D\DDOSDVR 5HSDUHRUHHPSODFH
 &RPSUXHEHVLHQHOVLVWHPDGHHVFDSHKD\
IXJDVFRQH[LRQHVIORMDV\GDxRV
¢(VWiHQEXHQDVFRQGLFLRQHV"
 &RPSUREDFLyQGHODWHQVLyQGHVDOLGDGHO+26 5HHPSODFHHOFRQYHUWLGRU &RPSUXHEHVLORVFDEOHV
 &RPSUXHEHODWHQVLyQGHVDOLGDGHO+26 FDWDOtWLFRGHWUHVYtDV ´5('%/.´\³*5<<(/´
5HILpUDVHDOSDVRGHOD7DEODGHIOXMRGHGLDJ FDOHQWDGR HVWiQDELHUWRV\FRUWRFLU
QyVWLFRGHO'7&3 FXLWDGRV\YHULILTXHHO
¢(VVDWLVIDFWRULRHOUHVXOWDGRGHODFRPSUREDFLyQ" HVWDGRGHODVFRQH[LRQHV
6LORVFDEOHV\ODVFRQH[LR
QHVHVWiQFRQIRUPHV
UHHPSODFHHO+26
 ,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

'7&3(ILFDFLDGHOVLVWHPDGHFDWDOL]DGRULQIHULRUDOOtPLWHEDQFR
',$*5$0$'(6,67(0$

 +26EDQFR  7:&

 +26EDQFR  (&03&0
 :87:&

'(6&5,3&,Ï1'(/&,5&8,72
/DFRQFHQWUDFLyQGHR[tJHQRHQORVJDVHVGHHVFDSHHQHOSUHFDWDOL]DGRU\HQHOSRVFDWDOL]DGRUGHO:87:&HV
GHWHFWDGDGHVGHHOVHQVRU+26\GHVGHHOVHQVRU+26UHVSHFWLYDPHQWH<GHDFXHUGRFRQWDOHVLQIRUPDFLR
QHVHO PyGXORGH(&0 3&0 FRQWUROD HOEXFOH FHUUDGRTXH FRQWUROD HO YROXPHQGH ODLQ\HFFLyQGHFRPEXVWLEOH
5HILpUDVHDODVHFFLyQ(0LHQWUDVVHHIHFW~DHOFRQWUROSUHFHGHQWH\VLHO:87:&HVWiHQEXHQDVFRQGLFLRQHV
OD WHQVLyQ GH VDOLGD GHO +26 HV PDQWHQLGD DO YDORU HVSHFLILFDGR $ PHGLGD TXH HO :87:& VH GHWHULRUD DXQ
FXDQGRHOFRQWURODQWHULRUFRQWLQ~DORVJDVHVGHHVFDSHTXHKDQSDVDGRSRUHO7:&SDVDQHO+26WHQLHQGRXQD
FRQFHQWUDFLyQGHR[tJHQRGHHVFDSHTXHHVVHPHMDQWHDODGHOSUHFDWDOL]DGRUVLQTXHVHKD\DQR[LJHQDGRRFRQ
YHUWLGR3RUHVWHPRWLYRODVIRUPDVGHODVRQGDVGHODVWHQVLRQHVGHVDOLGDGHO+26\GHO+26OOHJDQDVHU
VHPHMDQWHV(OPyGXORGH(&03&0GHWHUPLQDODGHWHULRUDFLyQGHO:87:&FRPSDUDQGRODVIRUPDVGHRQGDGHO
+26\GHO+26

&21',&,Ï1'('(7(&&,Ï1'(/'7&<È5($'(/'(63(5)(&72

&21',&,Ï1'('(7(&&,Ï1'(/'7& È5($'(/'(63(5)(&72
0LHQWUDVVHFRQGXFHHQODVFRQGLFLRQHVGHVFULWDVSDUDHO ‡ )XJDGHJDVHVGHHVFDSH
352&(',0,(172'(&21),50$&,Ï1'('7&ODIRUPD ‡ &RQYHUWLGRUFDWDOtWLFRGHWUHVYtDVFDOHQWDGR
GHRQGDGHVDOLGDGHO+26OOHJDDVHUVHPHMDQWHDOD ‡ 6HQVRUFDOHQWDGRGHR[tJHQRRVXFLUFXLWR
GHOVHQVRU+26 ‡ (&03&0
OyJLFDGHGHWHFFLyQGHFLFORVGHFRQGXFFLyQ
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

352&(',0,(172'(&21),50$&,Ï1'(/'7&

$'9(57(1&,$
‡ &XDQGRHIHFW~HXQDSUXHEDGHFDUUHWHUDHOLMDXQOXJDUGRQGHQRKD\DWUiILFRRULHVJRGHDFFLGHQWHVGH
WUiILFR\DFW~HFRQPXFKRFXLGDGRSDUDDVtHYLWDUFXDOTXLHUDFFLGHQWH
‡ /DSUXHEDGHFDUUHWHUDGHEHVHUHIHFWXDGDHQXQDFDUUHWHUDSODQDKRUL]RQWDOSRUSHUVRQDVXQFRQ
GXFWRU\XQHQFDUJDGRGHODSUXHED

127$
&RPSUXHEHSDUDDVHJXUDUVHGHTXHVHVDWLVIDFHQODVFRQGLFLRQHVVLJXLHQWHVFXDQGRVHDSOLFDHO³352&(
',0,(172'(&21),50$&,Ï1'('7&´
‡ 7HPSHUDWXUDGHODLUHGHDGPLVLyQ±ƒ&RPD\RU
‡ 7HPSHUDWXUDGHOUHIULJHUDQWHGHOPRWRU±±ƒ&
‡ $OWLWXGSUHVLyQEDURPpWULFDPRPHQRVPP+JN3DRPiV

 &RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQDO'/&FRQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQODSRVLFLyQ2))
 &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21\XWLOL]DQGRHOLQVWUXPHQWRGHH[SORUDFLyQERUUHHO'7&
ORV'7&SHQGLHQWHV\ORVGDWRVGHLPDJHQFRQJHODGD
 $XPHQWHODYHORFLGDGGHOYHKtFXORD±NPK
 &RQGX]FDHOYHKtFXORDHVDYHORFLGDGGXUDQWHPLQXWRVRPiVHQHVWHSDVRODDEHUWXUDGHODPDULSRVDGH
JDVHVVHPDQWLHQHFRQVWDQWH
 'HWHQJD HO YHKtFXOR \ HPSOHDQGR HO LQVWUXPHQWR GH H[SORUDFLyQ FRPSUXHEH VL KD\ '7& SHQGLHQWH 6L QR KD\
'7&SHQGLHQWHXWLOLFHHOLQVWUXPHQWRGHH[SORUDFLyQ\FRPSUXHEHVLODSUXHEDGHYHULILFDFLyQGHOFDWDOL]DGRUKD
VLGRFRPSOHWDGD6LHQDPEDVFRPSUREDFLRQHVDQWHULRUHVODFRPSUREDFLyQHVQHJDWLYDHVGHFLUQRKD\'7&
SHQGLHQWH\QRVHKDFRPSOHWDGRODSUXHEDGHYHULILFDFLyQGHOFDWDOL]DGRUFRPSUXHEHODFRQGLFLyQGHOYHKtFXOR
DPELHQWDO\UHSLWDORVSDVRVD

/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6

3DVR 2SHUDFLyQ 6t 1R
 ¢6HDSOLFyOD³7$%/$'()/8-2'(',$*1Ï6 9D\DDOSDVR 9D\DDOD³7$%/$'(
7,&2'(/02725´" )/8-2'(',$*1Ï6
7,&2'(/02725´HQ
HVWDVHFFLyQ
 ,QVSHFFLyQYLVXDOGHOVLVWHPDGHHVFDSH 9D\DDOSDVR 5HSDUHRUHHPSODFH
 &RPSUXHEHVLHQHOVLVWHPDGHHVFDSHKD\
IXJDVFRQH[LRQHVIORMDV\GDxRV
¢(VWiHQEXHQDVFRQGLFLRQHV"
 &RPSUREDFLyQGHODWHQVLyQGHVDOLGDGHO+26 5HHPSODFHHOFRQYHUWLGRU &RPSUXHEHVLORVFDEOHV
 &RPSUXHEHODWHQVLyQGHVDOLGDGHO+26 FDWDOtWLFRGHWUHVYtDV ´5('<(/´\³*5<<(/´
5HILpUDVHDOSDVRGHOD7DEODGHIOXMRGHGLDJ FDOHQWDGR HVWiQDELHUWRV\FRUWRFLU
QyVWLFRGHO'7&3 FXLWDGRV\YHULILTXHHO
¢(VVDWLVIDFWRULRHOUHVXOWDGRGHODFRPSUREDFLyQ" HVWDGRGHODVFRQH[LRQHV
6LORVFDEOHV\ODVFRQH[LR
QHVHVWiQFRQIRUPHV
UHHPSODFHHO+26
 ,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

'7&30DOIXQFLRQDPLHQWRGHOFLUFXLWRGHODYiOYXODGHFRQWUROGHSXUJDGHO
VLVWHPDGHFRQWUROGH(9$3
6,67(0$',$*5$0$'(&$%/($'2

 )XVLEOHSULQFLSDO  9iOYXODGHSXUJDGHOUHFLSLHQWHGH(9$3
 5HOpSULQFLSDO  (&03&0

&21',&,Ï1'('(7(&&,Ï1'(/'7&<È5($'(/'(63(5)(&72

&21',&,Ï1'('(7(&&,Ï1'(/'7& È5($'(/'(63(5)(&72
/DVHxDOGHYHULILFDFLyQGHODYiOYXODGHSXUJDGHOUHFL ‡ 9iOYXODGHSXUJDGHOUHFLSLHQWHGH(9$3\VXFLU
SLHQWHGH(9$3HVGLIHUHQWHGHODVHxDORUGHQDGD&LUFXLWR FXLWR
DELHUWRRFRUWRFLUFXLWR ‡ (&03&0
OyJLFDGHGHWHFFLyQGHFLFORVGHFRQGXFFLyQ

352&(',0,(172'(&21),50$&,Ï1'(/'7&

$'9(57(1&,$
‡ &XDQGRHIHFW~HXQDSUXHEDGHFDUUHWHUDHOLMDXQOXJDUGRQGHQRKD\DWUiILFRRULHVJRGHDFFLGHQWHVGH
WUiILFR\DFW~HFRQPXFKRFXLGDGRSDUDDVtHYLWDUFXDOTXLHUDFFLGHQWH
‡ /DSUXHEDGHFDUUHWHUDGHEHVHUHIHFWXDGDHQXQDFDUUHWHUDSODQDKRUL]RQWDOSRUSHUVRQDVXQFRQ
GXFWRU\XQHQFDUJDGRGHODSUXHED

127$
&RPSUXHEHSDUDDVHJXUDUVHGHTXHVHVDWLVIDFHQODVFRQGLFLRQHVVLJXLHQWHVFXDQGRVHDSOLFDHO³352&(
',0,(172'(&21),50$&,Ï1'('7&´
‡ 7HPSHUDWXUDGHODLUHGHDGPLVLyQ±ƒ&RPD\RU
‡ 7HPSHUDWXUDGHOUHIULJHUDQWHGHOPRWRU±±ƒ&
‡ $OWLWXGSUHVLyQEDURPpWULFDPRPHQRVPP+JN3DRPiV
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

 &RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQDO'/&FRQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQODSRVLFLyQ2))
 &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21\XWLOL]DQGRHOLQVWUXPHQWRGHH[SORUDFLyQERUUHHO'7&
ORV'7&SHQGLHQWHV\ORVGDWRVGHLPDJHQFRQJHODGD
 +DJDDUUDQFDU\FDOLHQWHHOPRWRUDVXWHPSHUDWXUDQRUPDOGHIXQFLRQDPLHQWR
 $XPHQWHODYHORFLGDGGHOYHKtFXORDNPKRPiV
 &RQGX]FDHOYHKtFXORDHVDYHORFLGDGGXUDQWHPLQXWRVRPiVHQHVWHSDVRVHSHUPLWHFDPELDUODYHORFLGDG
GHOYHKtFXOR
 6XHOWHHOSHGDOGHODFHOHUDGRUGHWHQJDHOYHKtFXOR\KDJDIXQFLRQDUHOPRWRUHQUpJLPHQGHUDOHQWtGXUDQWH
PLQXWRV
 &RQHOLQVWUXPHQWRGHH[SORUDFLyQFRPSUXHEHHO'7&\ORV'7&SHQGLHQWHV

/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6

3DVR 2SHUDFLyQ 6t 1R
 ¢6HDSOLFyOD³7$%/$'()/8-2'(',$*1Ï6 9D\DDOSDVR 9D\DDOD³7$%/$'(
7,&2'(/02725´" )/8-2'(',$*1Ï67,&2
'(/02725´HQHVWDVHF
FLyQ
 &RPSUXHEHHOIXQFLRQDPLHQWRGHOVLVWHPDGH 'HVSHUIHFWRLQWHUPLWHQWHR 9D\DDOSDVR
SXUJDGHOUHFLSLHQWHGH(9$35HILpUDVHD³&20 PyGXORGH(&03&0
352%$&,Ï1'(/6,67(0$'(385*$'(/ GHIHFWXRVR
5(&,3,(17('((9$3´HQHVWDVHFFLyQ &RPSUXHEHHOGHVSHUIHFWR
¢(VVDWLVIDFWRULRHOUHVXOWDGRGHODFRPSURED LQWHUPLWHQWH5HILpUDVHD
FLyQ" ³0$/)81&,21$0,(172
,17(50,7(17(<
&21(;,Ï10$/$´HQOD
VHFFLyQ$
 &RPSUXHEHODUHVLVWHQFLDGHODYiOYXODGHSXUJD &LUFXLWR´*51%/.³R 5HHPSODFHODYiOYXODGH
GHOUHFLSLHQWHGH(9$35HILpUDVHD³&20352 ³%/8%/.´DELHUWRRHQ SXUJDGHOUHFLSLHQWHGH
%$&,Ï1'(/$9È/98/$'(385*$'(/ FRUWRFLUFXLWR (9$3
5(&,3,(17('((9$3´HQHVWDVHFFLyQ 6LORVFDEOHV\ODVFRQH[LR
¢(VWiODUHVLVWHQFLDFRQIRUPHFRQODVHVSHFLILFD QHVHVWiQFRQIRUPHV
FLRQHV" UHHPSODFHSRUXQPyGXOR
GH(&03&0HQEXHQ
HVWDGR\YXHOYDDFRPSUR
EDU
 ,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

&RPSUREDFLyQGHOVLVWHPDGHSXUJDGHOUHFLSLHQWHGH
(9$3
 &DOLHQWHHOPRWRUKDVWDTXHOOHJXHDODWHPSHUDWXUDQRUPDOGH
IXQFLRQDPLHQWR
 /HYDQWH HO YHKtFXOR SDUD TXH WRGDV ODV UXHGDV SXHGDQ JLUDU
OLEUHPHQWH
 )LMHODWUDQVPLVLyQPDQXDO07HQODSRVLFLyQ³3XQWRPXHUWR´
R OD $7 HQ D OD SRVLFLyQ ³3´ \ DSOLTXH HO IUHQR GH HVWDFLRQD
PLHQWR

 'HVFRQHFWHODPDQJXHUDGHSXUJDGHOUHFLSLHQWHGH(9$3
 &RORTXHXQGHGRFRQWUDHOH[WUHPRGHODPDQJXHUDGHVFR
QHFWDGD\FRPSUXHEHTXHQRVHVLHQWHYDFtRFXDQGRHOPRWRU
HVWiIXQFLRQDQGRHQUpJLPHQGHUDOHQWt
 /LEHUHODSDODQFDGHOIUHQRGHHVWDFLRQDPLHQWRILMHODWUDQVIH
UHQFLDHQODSRVLFLyQ³+´\OD07HQDODSRVLFLyQ³´ROD$
7HQODSRVLFLyQ³/´

$'9(57(1&,$
3DUDHVWDFRPSUREDFLyQDVHJ~UHVHGHTXHODWUDQVIHUHQFLD
HVWi FRORFDGD HQ OD SRVLFLyQ ³+´ 6L HVWi FRORFDGD HQ OD
SRVLFLyQ³+´y³/´ODVUXHGDVGHODQWHUDV\WUDVHUDVJLUD
UiQ D DOWD YHORFLGDG \ HVWR FUHDUi XQD VLWXDFLyQ PX\ SHOL
JURVD

 $GHPiVFRPSUXHEHTXHVHVLHQWHYDFtRFXDQGRHOUpJLPHQGHO
PRWRUDXPHQWDDPiVGHUSP\PDQWHQJDHVWHUpJLPHQ
GXUDQWHPLQXWRVRPiV6LHOUHVXOWDGRGHODFRPSUREDFLyQ
QRFRQFXHUGDFRQORGHVFULWRHQORVSDVRV\FRPSUXHEH
ODYiOYXODGHSXUJDGHOUHFLSLHQWHGH(9$3PD]RGHFDEOHV\HO
SDVRGHYDFtR

,QVSHFFLyQGHFRQGXFWRGHYDFtR
+DJDDUUDQFDUHOPRWRU\PDQWpQJDORIXQFLRQDQGRHQUDOHQWt&RQHO
GHGR FRORFDGR FRQWUD OD ERTXLOOD  GH YDFtR FRPSUXHEH VL VH
1 DSOLFDYDFtR
6L QR VH DSOLFD YDFtR OLPSLH HO FRQGXFWR GHO YDFtR VRSODQGR DLUH
FRPSULPLGR
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

,QVSHFFLyQGHPDQJXHUDGHYDFtR
&RPSUXHEHVLHQODVFRQH[LRQHVGHODPDQJXHUDKD\REVWUXFFLRQHV
IXJDVRGHWHULRUDFLRQHV
5HHPSODFHVLHVQHFHVDULR
&RPSUREDFLyQGHODYiOYXODGHSXUJDGHOUHFLSLHQWHGH
(9$3\VXFLUFXLWR
 &RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQ68=8.,DO'/&FRQ
HOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQODSRVLFLyQ2))\GHV
FRQHFWHODVPDQJXHUDVGHYDFtRGHFDGDWXER
 &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21ERUUHHO
'7& \ VHOHFFLRQH HO PRGR GH ³0,6& 7(67 3UXHED PLVFHOi
QHD´HQHOLQVWUXPHQWRGHH[SORUDFLyQ68=8.,

 &RPSUXHEH HO IXQFLRQDPLHQWR GH OD YiOYXOD GH SXUJD \ FRP

SUXHEH VL HO FRQGXFWR GH YDFtR HVWi REVWUXLGR FXDQGR OD YiO
YXOD HV DFWLYDGD \ GHVDFWLYDGD 212)) XWLOL]DQGR HO
LQVWUXPHQWRGHH[SORUDFLyQ68=8.,
6LHOUHVXOWDGRGHODFRPSUREDFLyQQRHVVDWLVIDFWRULRYHULILTXH
ODVPDQJXHUDV GHYDFtR YiOYXODGH SXUJDPD]RGHFDEOHV\
ODVFRQH[LRQHV
9iOYXODGHSXUJDGHOUHFLSLHQWHGH(9$3
9iOYXODHQSRVLFLyQ2))>$@&XDQGRVHVRSODHQODPDQ
JXHUD³$´HODLUHQRGHEHVDOLUSRUODPDQJXHUD³%´
9iOYXODHQSRVLFLyQ21>%@&XDQGRVHVRSODHQODPDQ
JXHUD³$´HODLUHGHEHVDOLUSRUODPDQJXHUD³%´
&RPSUREDFLyQGHODYiOYXODGHSXUJDGHOUHFLSLHQWHGH
(9$3
 &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2))\GHV
FRQHFWHHOFRQHFWRUGHODYiOYXODGHSXUJDGHOUHFLSLHQWH
 &RPSUXHEHODUHVLVWHQFLDHQWUHGRVWHUPLQDOHVGHODYiOYXOD
GHSXUJDGHOUHFLSLHQWHGH(9$3
6LODUHVLVWHQFLDFRUUHVSRQGHFRQODVHVSHFLILFDFLRQHVYD\DD
OD FRPSUREDFLyQ VLJXLHQWH GH IXQFLRQDPLHQWR 6L QR FRUUHV
SRQGHFRQODVHVSHFLILFDFLRQHVUHHPSODFH
5HVLVWHQFLDGHODYiOYXODGHSXUJDGHOUHFLSLHQWHGH(9$3
±ΩDƒ&
 'HVFRQHFWHODVPDQJXHUDVGHYDFtRGHOFROHFWRUGHDGPLVLyQ\
VXUHFLSLHQWHGH(9$3
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

 &RQHODFRSODGRUGHVFRQHFWDGRVRSOHHQODPDQJXHUD³$´
1RGHEHVDOLUDLUHSRUODPDQJXHUD³%´

 &RQHFWHXQDEDWHUtDGH9DORVWHUPLQDOHVGHODYiOYXOD
GH SXUJD GHO UHFLSLHQWH GH (9$3 (Q HVWH HVWDGR VRSOH HQ OD
PDQJXHUD³$´'HEHVDOLUDLUHSRUODPDQJXHUD³%´
6LHOUHVXOWDGRGHODFRPSUREDFLyQQRFRUUHVSRQGHFRQORHVSH
FLILFDGRUHHPSODFHODYiOYXODGHSXUJDGHOUHFLSLHQWHGH(9$3

$'9(57(1&,$
1RDVSLUHDLUHSRUODYiOYXOD(QHIHFWRORVYDSRUHVGHFRP
EXVWLEOHTXHKD\GHQWURGHYiOYXODVRQWy[LFRV
 &RQHFWHODVPDQJXHUDVGHYDFtR
 &RQHFWHGHPDQHUDVHJXUDHODFRSODGRUGHODYiOYXODGHSXUJD
GHOUHFLSLHQWHGH(9$3
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

'7&3(QWUDGDDOWDGHOFLUFXLWRGHOVHQVRUGHQLYHOGHOFRPEXVWLEOH
',$*5$0$'(&$%/($'2'(6&5,3&,Ï1'(/&,5&8,72

 6HQVRUGHQLYHOGHOFRPEXVWLEOH
 ,QGLFDGRUGHFRPEXVWLEOHHQHOLQGLFDGRUFRPELQDGR
 (&03&0

&21',&,Ï1'('(7(&&,Ï1'(/'7&<È5($'(/'(63(5)(&72

&21',&,Ï1'('(7(&&,Ï1'(/'7& È5($'(/'(63(5)(&72
6HGHWHFWDWHQVLyQGHVDOLGDGHOVHQVRUGHQLYHOGHFRP ‡ 0HGLGRUGHQLYHOGHOFRPEXVWLEOHRVXFLUFXLWR
EXVWLEOHPiVDOWDTXHHOYDORUHVSHFLILFDGRGXUDQWHHO ‡ 6HQVRUGHQLYHOGHOFRPEXVWLEOHRVXFLUFXLWR
WLHPSRHVSHFLILFDGR ‡ (&03&0
OyJLFDGHGHWHFFLyQGHFLFORVGHFRQGXFFLyQ

352&(',0,(172'(&21),50$&,Ï1'(/'7&

127$
&RPSUXHEHSDUDDVHJXUDUVHGHTXHVHVDWLVIDFHQODVFRQGLFLRQHVVLJXLHQWHVFXDQGRVHDSOLFDHO³352&(
',0,(172'(&21),50$&,Ï1'('7&´
‡ 7HPSHUDWXUDGHODLUHGHDGPLVLyQ±ƒ&RPD\RU
‡ 7HPSHUDWXUDGHOUHIULJHUDQWHGHOPRWRU±±ƒ&
‡ $OWLWXGSUHVLyQEDURPpWULFDPRPHQRVPP+JN3DRPiV
 &RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQDO'/&FRQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQODSRVLFLyQ2))
 &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21\XWLOL]DQGRHOLQVWUXPHQWRGHHVFDQHRERUUHHO'7&'7&
SHQGLHQWHV\GDWRVGHLPDJHQFRQJHODGD\KDJDIXQFLRQDUHOPRWRUGXUDQWHPLQXWR
 (PSOHDQGRHOLQVWUXPHQWRGHH[SORUDFLyQFRPSUXHEHVLKD\'7&SHQGLHQWH
 ,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6

3DVR 2SHUDFLyQ 6t 1R
 ¢6HDSOLFyOD³7$%/$'()/8-2'(',$*1Ï6 9D\DDOSDVR 9D\DDOD³7$%/$'(
7,&2'(/02725´" )/8-2'(',$*1Ï6
7,&2´HQHVWDVHFFLyQ
 ¢,QGLFD³(´(PSW\YDFtRHOLQGLFDGRUGHFRPEXV /OHQHHOGHSyVLWRGHFRP 9D\DDOSDVR
WLEOHHQHOLQGLFDGRUFRPELQDGR" EXVWLEOH\HQVHJXLGDYD\D
DOSDVR
 &RPSUXHEHHOVHQVRUGHQLYHOGHOFRPEXVWLEOH\VX 9D\DDOSDVR 'HVSHUIHFWRLQWHUPLWHQWHR
FLUFXLWR PyGXORGH(&03&0
 &RPSUXHEHODWHQVLyQHQWUHHOWHUPLQDO( GHIHFWXRVR
\ODPDVDFRQHOLQWHUUXSWRUGHHQFHQGLGRHQOD &RPSUXHEHHOGHVSHU
SRVLFLyQ21 IHFWRLQWHUPLWHQWH5HILp
¢(VODWHQVLyQDSURR[LPDGDPHQWH9RPiV" UDVHD³0$/
)81&,21$0,(172
,17(50,7(17(<
&21(;,Ï10$/$´HQOD
VHFFLyQ$
 ¢(VODWHQVLyQ³±9´HQHOSDVR" &LUFXLWR³%/8:+7´FRUWR 9D\DDOSDVR
FLUFXLWDGRDOFLUFXLWRGHDOL
PHQWDFLyQHOpFWULFDRPDO
IXQFLRQDPLHQWRGHOLQGLFD
GRUGHQLYHOGHOFRPEXVWL
EOH
 &RPSUXHEHHOVHQVRUGHQLYHOGHOFRPEXVWLEOH &LUFXLWR³%/8:+7´R &RPSUXHEHORVFDEOHV
 &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVL ³%/.<(/´DELHUWR ³%/8:+7´\³%/.<(/´
FLyQ2))\GHVFRQHFWHXQFRQHFWRU/± 6LORVFDEOHV\ODVFRQH[LR HQWUHODVFRQH[LRQHV5
5GHOVHQVRUGHQLYHOGHOFRPEXVWLEOH QHVHVWiQFRQIRUPHV \5
 &RPSUXHEHHOHVWDGRGHODFRQH[LyQDOVHQVRU UHHPSODFHSRUXQPyGXOR 6LHVWiQQRUPDOHVUHHP
GHQLYHOGHOFRPEXVWLEOHHQORVWHUPLQDOHV GH(&03&0HQEXHQ SODFHHOVHQVRUGHQLYHO
/\/ HVWDGR\YXHOYDDFRPSUR GHOFRPEXVWLEOH
 6LHVWiQRUPDOSURFHGDDPHGLUODUHVLVWHQFLD EDU
HQWUHORVWHUPLQDOHV5\55HILpUDVH
D³0(','25'(1,9(/'(/&20%867,%/(
0(','25'(/75$160,625´HQODVHF
FLyQ&
¢(VWiHOYDORUPHGLGRFHUFDGHXQRGHORVYDORUHV
DQWHVLQGLFDGRV"
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

'7&3'7&1ƒ0DOIXQFLRQDPLHQWRGHOVHQVRUGHYHORFLGDGGHOYHKtFXOR

',$*5$0$'(&$%/($'2

 9HORFtPHWUR
 6HQVRUGHYHORFLGDGGHOYHKtFXOR
 0yGXORGHFRQWUROGHOFUXFHURVLHVWiHTXLSDGR
 (&03&0

&21',&,Ï1'('(7(&&,Ï1'(/'7&<È5($'(/'(63(5)(&72

&21',&,Ï1'('(7(&&,Ï1'(/'7& È5($'(/'(63(5)(&72
1RHQWUDVHxDOGHYHORFLGDGGHOYHKtFXORDXQTXHVHPDQ ‡ &LUFXLWRGHOVHQVRUGHYHORFLGDGGHOYHKtFXORDELHUWRR
WLHQHFRUWDGRHOFRPEXVWLEOHGXUDQWHPiVGHVHJXQGRV HQFRUWRFLUFXLWR
OyJLFDGHGHWHFFLyQGHFLFORVGHFRQGXFFLyQ ‡ 6HQVRUGHYHORFLGDGGHOYHKtFXOR
‡ (QJUDQDMHLPSXOVRUGHOVHQVRUGHYHORFLGDGGHOYHKt
FXORRHQJUDQDMHLPSXOVDGR
‡ 0DOIXQFLRQDPLHQWRGHOYHORFtPHWUR
‡ 0DOIXQFLRQDPLHQWRGHOPyGXORGHFRQWUROGHFUXFHUR
VLHVWiHTXLSDGR
‡ (&03&0
 ,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

352&(',0,(172'(&21),50$&,Ï1'(/'7&

$'9(57(1&,$
‡ &XDQGRHIHFW~HXQDSUXHEDGHFDUUHWHUDHOLMDXQOXJDUGRQGHQRKD\DWUiILFRRULHVJRGHDFFLGHQWHVGH
WUiILFR\DFW~HFRQPXFKRFXLGDGRSDUDDVtHYLWDUFXDOTXLHUDFFLGHQWH
‡ /DSUXHEDGHFDUUHWHUDGHEHVHUHIHFWXDGDHQXQDFDUUHWHUDSODQDKRUL]RQWDOSRUSHUVRQDVXQFRQ
GXFWRU\XQHQFDUJDGRGHODSUXHED

127$
&RPSUXHEHSDUDDVHJXUDUVHGHTXHVHVDWLVIDFHQODVFRQGLFLRQHVVLJXLHQWHVFXDQGRVHDSOLFDHO³352&(
',0,(172'(&21),50$&,Ï1'('7&´
‡ 7HPSHUDWXUDGHODLUHGHDGPLVLyQ±ƒ&RPD\RU
‡ 7HPSHUDWXUDGHOUHIULJHUDQWHGHOPRWRU±±ƒ&
‡ $OWLWXGSUHVLyQEDURPpWULFDPRPHQRVPP+JN3DRPiV
 &RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQDO'/&FRQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQODSRVLFLyQ2))
 &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21\XWLOL]DQGRHOLQVWUXPHQWRGHHVFDQHRERUUHHO'7&ORV
'7&SHQGLHQWHV\ORVGDWRVGHLPDJHQFRQJHODGD\FDOLHQWHELHQHOPRWRU
 $XPHQWHODYHORFLGDGGHOYHKtFXORD±NPK
 6XHOWH HO SHGDO GHO DFHOHUDGRU \ DSOLFDQGR HO IUHQR GHO PRWRU PDQWHQJD HO YHKtFXOR DYDQ]DQGR SRU LQHUFLD 
GXUDQWHVHJXQGRV\HQVHJXLGDGHWHQJDHOYHKtFXOR
 (PSOHDQGRHOLQVWUXPHQWRGHH[SORUDFLyQFRPSUXHEHVLKD\'7&SHQGLHQWH

/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6

3DVR 2SHUDFLyQ 6t 1R
 ¢6HDSOLFyOD³7$%/$'()/8-2'(',$*1Ï6 9D\DDOSDVR 9D\DDOD³7$%/$'(
7,&2'(/02725´" )/8-2'(',$*1Ï6
7,&2'(/02725´HQ
HVWDVHFFLyQ
 ¢,QGLFDHOYHORFtPHWURODYHORFLGDGGHOYHKtFXOR" &DEOH³%/8<(/´GHIHFWXRVR 9D\DDOSDVR
RPDODFRQH[LyQ&
6LHOFDEOH\ODVFRQH[LRQHV
HVWiQFRQIRUPHVKD\XQGHV
SHUIHFWRLQWHUPLWHQWHRHO
PyGXORGH(&03&0HVWi
GHIHFWXRVR
&RPSUXHEHHOGHVSHUIHFWR
LQWHUPLWHQWH5HILpUDVHD³0$/
)81&,21$0,(172,17(50,
7(17(<&21(;,Ï10$/$´
HQODVHFFLyQ$
 &RPSUREDFLyQGHODDOLPHQWDFLyQHOpFWULFDDO 9D\DDOSDVR &DEOH³%/.%/8´R
966 ³%/.<(/´DELHUWRR
 &RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVL FRUWRFLUFXLWDGR
FLyQ2))GHVPRQWHHODFRSODGRUGHO966
 &RQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQ
ODSRVLFLyQ21GHMDQGRHOPRWRUSDUDGR
FRPSUXHEHODWHQVLyQHQWUHORVWHUPLQDOHV
&\&GHODFRSODGRUGHO966
¢(VODWHQVLyQ±9"
 &RPSUREDFLyQGHOPD]RGHFDEOHVGHO966 9D\DDOSDVR 9D\DDOSDVR
 &RQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQ
ODSRVLFLyQ21GHMDQGRHOPRWRUSDUDGR
FRPSUXHEHODWHQVLyQHQWUHORVWHUPLQDOHV
&\&GHODFRSODGRUGHO966
¢(VODWHQVLyQ9RPiV"
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

3DVR 2SHUDFLyQ 6t 1R
 ,QVSHFFLyQYLVXDOGHO966 0DODFRQH[LyQGHO966RPDO 5HHPSODFHHOVHQVRUGH
 'HVPRQWHHOVHQVRUGH9665HILpUDVHDOD IXQFLRQDPLHQWRGHO966 966
VHFFLyQ³75$16)(5(1&,$´ 6LODFRQH[LyQHVWiFRQIRUPH
 &RPSUXHEHVLORVHQJUDQDMHVSURSXOVRU\ UHHPSODFHSRUXQ966HQ
SURSXOVDGRGHO966HVWiQGDxDGRVRGHV EXHQHVWDGR\YXHOYDDFRP
JDVWDGRVH[FHVLYDPHQWH SUREDU
¢(VWiQHQEXHQDVFRQGLFLRQHV"
 &RPSUREDFLyQGHOFLUFXLWRGHOYHORFtPHWUR 5HHPSODFHSRUXQLQGLFDGRU 9D\DDOSDVR
 &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQOD FRPELQDGRHQEXHQHVWDGR\
SRVLFLyQ2))\GHVFRQHFWHHODFRSODGRU* YXHOYDDFRPSUREDU
GHOLQGLFDGRUFRPELQDGR
 &RQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQ
ODSRVLFLyQ21GHMDQGRHOPRWRUSDUDGR
FRPSUXHEHODWHQVLyQHQWUHORVWHUPLQDOHV
&\&GHODFRSODGRUGHO966
¢(VODWHQVLyQ9RPiV"
 &RPSUREDFLyQGHOFLUFXLWRGHOPyGXORGHFRQWURO 5HHPSODFHSRUXQPyGXORGH &DEOH³%/8<(/´
GHFUXFHURVLHVWiHTXLSDGR FRQWUROGHOFUXFHURHQSHUIHFWR DELHUWRRFRUWRFLUFXL
 &RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVL HVWDGR\YXHOYDDFRPSUREDU WDGRRPyGXORGH(&0
FLyQ2))GHVFRQHFWHHODFRSODGRU(GHO 3&0GHIHFWXRVR
PyGXORGHFRQWUROGHFUXFHUR 6LORVFDEOHV\ODV
 &RQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQ FRQH[LRQHVHVWiQFRQ
ODSRVLFLyQ21GHMDQGRHOPRWRUSDUDGR IRUPHVUHHPSODFHSRU
FRPSUXHEHODWHQVLyQHQWUHORVWHUPLQDOHV XQPyGXORGH(&0
&\&GHODFRSODGRUGHO966 3&0HQEXHQHVWDGR
¢(VODWHQVLyQ9RPiV" \YXHOYDDFRPSUREDU
>$@)LJSDUDHOSDVR>%@)LJSDUDORVSDVRV

 $FRSODGRUGHO966
 7HUPLQDO&GHOFDEOH³%/8<(/´
 7HUPLQDO&GHOFDEOH³%/.<(/´
 7HUPLQDO&GHOFDEOH³%/8%/.´

)LJXUDSDUDHOSDVR

 $FRSODGRUGHO966
 (QJUDQDMHFRQGXFLGRGHO966
 (QJUDQDMHFRQGXFWRUGHO966
 ,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

'7&30DOIXQFLRQDPLHQWRGHOVLVWHPDGHFRQWUROGHODLUHGHUDOHQWt
6,67(0$',$*5$0$'(&$%/($'2

 &XHUSRGHPDULSRVD  (&03&0  9iOYXODGH),$  5HOpSULQFLSDO

 9iOYXODGHFRQWUROGHODLUHGHUDOHQWt  ,QIRUPDFLyQGHWHFWDGD  )XVLEOHSULQFLSDO

&21',&,Ï1'('(7(&&,Ï1'(/'7&<È5($'(/'(63(5)(&72

&21',&,Ï1'('(7(&&,Ï1'(/'7& È5($'(/'(63(5)(&72
‡ (OUpJLPHQGHUDOHQWtGHOPRWRUHVFRQWLQXDPHQWHLQIHULRUHQ ‡ 9iOYXODGH,$&RVXFLUFXLWR
USPRPiVDOUpJLPHQPHWDGHUDOHQWtGXUDQWHPiVGH ‡ $VSLUDFLyQDQRUPDOGHDLUHHQHOVLVWHPDGHO
VHJXQGRV DGPLVLyQGHDLUH
R ‡ 9iOYXODGH),$DLUHGHUDOHQWtUiSLGRGHIHF
‡ (OUpJLPHQGHUDOHQWtGHOPRWRUHVFRQWLQXDPHQWHVXSHULRUHQ WXRVD
USPRPiVDOUpJLPHQPHWDGHUDOHQWtGXUDQWHPiVGH
VHJXQGRV
OyJLFDGHGHWHFFLyQGHFLFORVGHFRQGXFFLyQ
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

352&(',0,(172'(&21),50$&,Ï1'(/'7&

127$
&RPSUXHEHSDUDDVHJXUDUVHGHTXHVHVDWLVIDFHQODVFRQGLFLRQHVVLJXLHQWHVFXDQGRVHDSOLFDHO³352&(
',0,(172'(&21),50$&,Ï1'('7&´
‡ 7HPSHUDWXUDGHODLUHGHDGPLVLyQ±ƒ&RPD\RU
‡ 7HPSHUDWXUDGHOUHIULJHUDQWHGHOPRWRU±±ƒ&
‡ $OWLWXGSUHVLyQEDURPpWULFDPRPHQRVPP+JN3DRPiV

 &RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQDO'/&FRQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQODSRVLFLyQ2))
 &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21\XWLOL]DQGRHOLQVWUXPHQWRGHHVFDQHRERUUHHO'7&ORV
'7&SHQGLHQWHV\ORVGDWRVGHLPDJHQFRQJHODGD\FDOLHQWHELHQHOPRWRU
 (QVHJXLGDKDJDIXQFLRQDUHOPRWRUHQUpJLPHQGHUDOHQWtGXUDQWHPLQXWR
 (PSOHDQGRHOLQVWUXPHQWRGHH[SORUDFLyQFRPSUXHEHVLKD\'7&SHQGLHQWH

/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6

3DVR 2SHUDFLyQ 6t 1R
 ¢6HDSOLFyOD³7$%/$'()/8-2'(',$*1Ï6 9D\DDOSDVR 9D\DDOD³7$%/$'(
7,&2'(/02725´" )/8-2'(',$*1Ï67,&2
'(/02725´HQHVWDVHF
FLyQ
 &RPSUREDFLyQGHOUpJLPHQGHUDOHQWt 'HVSHUIHFWRLQWHUPLWHQWHR 9D\DDOSDVR
 &RPSUXHEHHOUpJLPHQGHUDOHQWtGHOPRWRU PyGXORGH(&03&0
5HILpUDVHD³&20352%$&,Ï1'(/5e*, GHIHFWXRVR
0(1'(5$/(17Ë6(59,&,2'(&21 &RPSUXHEHHOGHVSHUIHFWR
752/'(/$9È/98/$'($,5('( LQWHUPLWHQWH5HILpUDVHD
5$/(17Ë´HQODVHFFLyQ( ³0$/)81&,21$0,(172
¢(VWiHOUpJLPHQGHUDOHQWtFRQIRUPHFRQODV ,17(50,7(17(<
HVSHFLILFDFLRQHV" &21(;,Ï10$/$´HQOD
VHFFLyQ$
 &RPSUREDFLyQGHODYiOYXODGH,$& 9D\DDOSDVR 9D\DDOSDVR
 &RPSUXHEHODYiOYXODGH,$&5HILpUDVHD
³&20352%$&,Ï1'(/$9È/98/$'(
,$&´HQODVHFFLyQ(
¢(VWiHOUHVXOWDGRGHODFRPSUREDFLyQGH
DFXHUGRFRQODVHVSHFLILFDFLRQHV"
 &RPSUREDFLyQGHOFLUFXLWRGHODYiOYXODGH,$& 9D\DDOSDVR &DEOH´/7*51%/.³
 &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQOD ³33/%/.´³*5<%/8´R
SRVLFLyQ2))\GHVFRQHFWHORVDFRSODGRUHV ³33/<(/´DELHUWRRHQ
GHOPyGXORGH(&03&0 FRUWRFLUFXLWR
 &RPSUXHEHHOHVWDGRGHODFRQH[LyQDODYiO 6LORVFDEOHV\ODVFRQH[LR
YXODGH,$&HQORVWHUPLQDOHV&& QHVHVWiQFRQIRUPHV
&\& UHHPSODFHODYiOYXODGH
 6LHVWiFRQIRUPHFRPSUXHEHODUHVLVWHQFLD ,$&
HQWUHORVWHUPLQDOHV&\&&
\&
¢(VFDGDUHVLVWHQFLD±Ω"
 ,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

3DVR 2SHUDFLyQ 6t 1R
 &RPSUREDFLyQGHWHQVLyQGHODDOLPHQWDFLyQHOpF 0DOIXQFLRQDPLHQWRGHOD &DEOH³%/8%/.´DELHUWR
WULFDDODYiOYXODGH,$& YiOYXODGH,$&RGHO
 &RQHFWHORVDFRSODGRUHVGHOPyGXORGH(&0 PyGXORGH(&03&0
3&0
 &RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ
2))GHVFRQHFWHHODFRSODGRU&GHODYiO
YXODGH,$&
 &RQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQ
ODSRVLFLyQ21FRPSUXHEHODWHQVLyQHQWUHHO
WHUPLQDO&\PDVD\HQWUHHOWHUPLQDO
&\PDVD
¢(VFDGDWHQVLyQ±9"
 (QHOSDVR¢HUDHOUpJLPHQGHUDOHQWtVXSHULRU &RPSUXHEHHOIXQFLRQD
DOYDORUHVSHFLILFDGR" PLHQWRGHODYiOYXODGH
),$
&RPSUXHEHVLKD\DVSLUD
FLyQDQRUPDOGHDLUHSURFH
GHQWHGHOFROHFWRUGH
DGPLVLyQFXHUSRGHPDUL
SRVDYiOYXODGH3&9\
VLVWHPDGHFRQWUROGH
SXUJDGHOUHFLSLHQWHGH
(9$3
&RPSUXHEHODVSLH]DVR
VLVWHPDTXHSXHGHQVHUOD
FDXVDGHOUpJLPHQEDMRGH
UDOHQWt
&RPSUXHEHVLODYiOYXODGH
),$HVWiDWDVFDGD
$VSLUDFLyQGHDLUHGHHQWUH
HOFXHUSRGHPDULSRVD\HO
VHQVRUGH0$)PDOIXQFLR
QDPLHQWRGHODYiOYXODGH
(*5IXJDVGHVGHHO
DVLHQWRGHODYiOYXOD
FDUJDGHOPRWRUSRUDFFH
VRULRVFRQGXFWRREVWUXLGR
GHDLUHGHUDOHQWtPHFi
QLFDGHOPRWRUVREUHFDOHQ
WDPLHQWRGHOPRWRUHWF

'7&3'7&1ƒ(UURUGHVXPDGHFRQWUROGHODPHPRULDGHOPyGXORGH

FRQWUROLQWHUQR
'(6&5,3&,Ï1'(/6,67(0$
(OPyGXORGHFRQWUROLQWHUQRHVWiLQVWDODGRHQHOPyGXORGH(&03&0

&21',&,Ï1'('(7(&&,Ï1'(/'7&<È5($'(/'(63(5)(&72

&21',&,Ï1'('(7(&&,Ï1'(/'7& È5($'(/'(63(5)(&72
(UURUGHHVFULWXUDGHGDWRVRHUURUGHVXPDGHFRQWURO (&03&0

352&(',0,(172'(&21),50$&,Ï1'(/'7&
 &RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQDO'/&FRQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQODSRVLFLyQ2))
 &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21\XWLOL]DQGRHOLQVWUXPHQWRGHH[SORUDFLyQERUUHHO'7&
ORV'7&SHQGLHQWHV\ORVGDWRVGHLPDJHQFRQJHODGD
 +DJDDUUDQFDUHOPRWRU\PDQWpQJDORIXQFLRQDQGRHQUDOHQWtVLHVSRVLEOH
 (PSOHDQGRHOLQVWUXPHQWRGHH[SORUDFLyQFRPSUXHEH'7&

/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6
5HHPSODFHSRUXQPyGXORGH(&03&0HQSHUIHFWRHVWDGR\YXHOYDDFRPSUREDU
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

'7&30DOIXQFLRQDPLHQWRGHOFLUFXLWRGHOVHQVRUGHSUHVLyQDEVROXWDGHO
FROHFWRU
',$*5$0$'(&$%/($'2

 6HQVRUGH0$3
 (&03&0

&21',&,Ï1'('(7(&&,Ï1'(/'7&<È5($'(/'(63(5)(&72

&21',&,Ï1'('(7(&&,Ï1'(/'7& È5($'(/'(63(5)(&72
‡ 0LHQWUDVHOPRWRUHVWiIXQFLRQDQGRGHVSXpVGHKDEHU ‡ 6HQVRUGHSUHVLyQDEVROXWDGHOFROHFWRU
VLGRFDOHQWDGR\FRQODDEHUWXUDGHPDULSRVDGH ‡ 3DVRGHYDFtRGHOVHQVRUGHSUHVLyQDEVROXWDGHO
JDVHVLQIHULRUDOYDORUHVSHFLILFDGRVHGHWHFWDXQD FROHFWRU
WHQVLyQGHVDOLGDGHOVHQVRUGHSUHVLyQDEVROXWDGHO ‡ (&03&0
FROHFWRUTXHH[FHGH9GXUDQWHHOWLHPSRHVSHFLIL
FDGRRVHGHWHFWDXQDWHQVLyQGHVDOLGDGHOVHQVRUGH
SUHVLyQDEVROXWDGHOFROHFWRUTXHHVLQIHULRUD9
GXUDQWHHOWLHPSRHVSHFLILFDGR
OyJLFDGHGHWHFFLyQGHFLFORVGHFRQGXFFLyQ

352&(',0,(172'(&21),50$&,Ï1'(/'7&

$'9(57(1&,$
‡ &XDQGRHIHFW~HXQDSUXHEDGHFDUUHWHUDHOLMDXQOXJDUGRQGHQRKD\DWUiILFRRULHVJRGHDFFLGHQWHVGH
WUiILFR\DFW~HFRQPXFKRFXLGDGRSDUDDVtHYLWDUFXDOTXLHUDFFLGHQWH
‡ /DSUXHEDGHFDUUHWHUDGHEHVHUHIHFWXDGDHQXQDFDUUHWHUDSODQDKRUL]RQWDOSRUSHUVRQDVXQFRQ
GXFWRU\XQHQFDUJDGRGHODSUXHED

127$
&RPSUXHEHSDUDDVHJXUDUVHGHTXHVHVDWLVIDFHQODVFRQGLFLRQHVVLJXLHQWHVFXDQGRVHDSOLFDHO³352&(
',0,(172'(&21),50$&,Ï1'('7&´
‡ 7HPSHUDWXUDGHODLUHGHDGPLVLyQ±ƒ&RPD\RU
‡ 7HPSHUDWXUDGHOUHIULJHUDQWHGHOPRWRU±±ƒ&
‡ $OWLWXGSUHVLyQEDURPpWULFDPRPHQRVPP+JN3DRPiV
 ,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

 &RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQDO'/&FRQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQODSRVLFLyQ2))
 &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21\XWLOL]DQGRHOLQVWUXPHQWRGHHVFDQHRERUUHHO'7&ORV
'7&SHQGLHQWHV\ORVGDWRVGHLPDJHQFRQJHODGD\FDOLHQWHELHQHOPRWRU
 (QVHJXLGDKDJDIXQFLRQDUHOPRWRUHQUpJLPHQGHUDOHQWtGXUDQWHPLQXWRODWHPSHUDWXUDGHOUHIULJHUDQWHGHO
PRWRUOOHJDDƒ&RPiV
 $XPHQWHODYHORFLGDGGHOYHKtFXORDNPK
 &RQGX]FDHOYHKtFXORDHVDYHORFLGDGGXUDQWHPLQXWRHQHVWHSDVRVHSHUPLWHFDPELDUODYHORFLGDGGHOYHKt
FXOR
 'HWHQJDHOYHKtFXOR\XWLOLFHHOLQVWUXPHQWRGHH[SORUDFLyQSDUDFRPSUREDUVLKD\'7&SHQGLHQWH

/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6

3DVR 2SHUDFLyQ 6t 1R
 ¢6HDSOLFyOD³7$%/$'()/8-2'(',$*1Ï6 9D\DDOSDVR 9D\DDOD³7$%/$'(
7,&2'(/02725´" )/8-2'(',$*1Ï67,&2
'(/02725´HQHVWDVHF
FLyQ
 &RPSUREDFLyQGHODVHxDOGHOVHQVRUGH0$3 'HVSHUIHFWRLQWHUPLWHQWHR 9D\DDOSDVR
 'HVPRQWHODFXELHUWDGHO(&03&0 PyGXORGH(&03&0
 &RPSUXHEHODWHQVLyQHQWUHORVWHUPLQDOHV GHIHFWXRVR
&\&HQODVFRQGLFLRQHV &RPSUXHEHHOGHVSHUIHFWR
VLJXLHQWHV LQWHUPLWHQWH5HILpUDVHD
‡ &RORTXH HO LQWHUUXSWRU GH HQFHQGLGR HQ OD ³0$/)81&,21$0,(172
SRVLFLyQ21GHMDQGRHOPRWRUSDUDGR2)) ,17(50,7(17(<
9RPiV &21(;,Ï10$/$´HQOD
‡ (QUpJLPHQGHUDOHQWt9RPHQRV VHFFLyQ$
¢(VWiHOUHVXOWDGRGHODFRPSUREDFLyQGH
DFXHUGRFRQODVHVSHFLILFDFLRQHV"
 &RPSUREDFLyQGHOVHQVRUGH0$3 &LUFXLWR³5(':+7´ 5HHPSODFHHOVHQVRUGH
 'HVFRQHFWHHOFRQHFWRUGHOVHQVRUGH0$3 ³*5<<(/´R³*5<5('´ 0$3
 &RPSUXHEHHQFDGDWHUPLQDOHOHVWDGRGHOD DELHUWRRFRUWRFLUFXLWDGR
FRQH[LyQDOVHQVRUGH0$3 6LORVFDEOHV\ODVFRQH[LR
 6LHVWiQFRQIRUPHVFRPSUXHEHHOIXQFLRQD QHVHVWiQFRQIRUPHV
PLHQWRGHOVHQVRUGH0$35HILpUDVHD³&20 UHHPSODFHSRUXQPyGXOR
352%$&,Ï1'(/6(1625'(0$3´HQOD GH(&03&0HQEXHQ
VHFFLyQ( HVWDGR\YXHOYDDFRPSUR
¢(VVDWLVIDFWRULRHOUHVXOWDGRGHODFRPSURED EDU
FLyQ"
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

'7&333UREOHPDGHIXQFLRQDPLHQWRGHOFLUFXLWRGHOVHQVRUGHSUH
VLyQEDURPpWULFD
'(6&5,3&,Ï1'(/6,67(0$
(OVHQVRUGHSUHVLyQEDURPpWULFDHVWiLQVWDODGRHQHOPyGXORGH(&03&0

&21',&,Ï1'('(7(&&,Ï1'(/'7&<È5($'(/'(63(5)(&72

&21',&,Ï1'('(7(&&,Ï1'(/'7& È5($'(/'(63(5)(&72
'7&3 ‡ 6HQVRUGHSUHVLyQEDURPpWULFDHQHO
6HGHWHFWDSUHVLyQEDURPpWULFDQRFRQIRUPHFRQODVHVSHFLILFDFLRQHV PyGXORGH(&03&0
'7&3 ‡ 3UREOHPDGHHILFDFLDGHOVHQVRUGH
0LHQWUDVVHFRQGXFHHQODVFRQGLFLRQHVGHVFULWDVHQHO³352&(', SUHVLyQDEVROXWDGHOFROHFWRU
0,(172'(&21),50$&,Ï1'('7&´HOYDORUGHODSUHVLyQEDURPp ‡ 6HQVRUGHSUHVLyQEDURPpWULFDHQHO
WULFDQRFRQFXHUGDFRPRHVSHFLILFDGRFRQHOYDORUGHOYDFtRGHOFROHFWRU PyGXORGH(&03&0
GHDGPLVLyQHQHOHVWDGRGHFRUWHGHFRPEXVWLEOH
OyJLFDGHGHWHFFLyQGHFLFORVGHFRQGXFFLyQ

352&(',0,(172'(&21),50$&,Ï1'(/'7&
3DUDHO'7&3
 &RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQDO'/&FRQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQODSRVLFLyQ2))
 &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21\XWLOL]DQGRHOLQVWUXPHQWRGHH[SORUDFLyQERUUH'7&\
KDJDIXQFLRQDUHOPRWRUGXUDQWHPLQXWR
 (PSOHDQGRHOLQVWUXPHQWRGHH[SORUDFLyQFRPSUXHEH'7&
3DUDHO'7&3

$'9(57(1&,$
‡ &XDQGRHIHFW~HXQDSUXHEDGHFDUUHWHUDHOLMDXQOXJDUGRQGHQRKD\DWUiILFRRULHVJRGHDFFLGHQWHVGH
WUiILFR\DFW~HFRQPXFKRFXLGDGRSDUDDVtHYLWDUFXDOTXLHUDFFLGHQWH
‡ /DSUXHEDGHFDUUHWHUDGHEHVHUHIHFWXDGDHQXQDFDUUHWHUDSODQDKRUL]RQWDOSRUSHUVRQDVXQFRQ
GXFWRU\XQHQFDUJDGRGHODSUXHED
 &RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQDO'/&FRQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQODSRVLFLyQ2))
 &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21\XWLOL]DQGRHOLQVWUXPHQWRGHH[SORUDFLyQERUUHHO'7&
ORV'7&SHQGLHQWHV\ORVGDWRVGHLPDJHQFRQJHODGD\FDOLHQWHHOPRWRUKDVWDODWHPSHUDWXUDQRUPDOGHIXQFLR
QDPLHQWR
 $XPHQWHHOUpJLPHQGHOPRWRUDUSPHQHOHQJUDQDMHGHYHORFLGDGHQHOFDVRGHOD07RHQODSRVL
FLyQ³´HQHOFDVRGHOD$7
 6XHOWH HO SHGDO GHO DFHOHUDGRU \ FRQ HO IUHQR GHO PRWRU DSOLFDGR PDQWHQJD HO YHKtFXOR DYDQ]DQGR SRU LQHUFLD
GXUDQWHVHJRPiVPDQWHQJDODFRQGLFLyQGHFRUWHGHOFRPEXVWLEOHGXUDQWHVHJXQGRVRPiV6LQRVH
PDQWLHQHODFRQGLFLyQGHFRUWHGHOFRPEXVWLEOHGXUDQWHVHJXQGRVRPiVSURFHGDDEDMDUSRULQHUFLDSRUXQD
SHQGLHQWHPDQWHQLHQGRXQUpJLPHQGHPRWRUGH±USPGXUDQWHVHJXQGRVRPiV
 'HWHQJDHOYHKtFXOR\KDJDIXQFLRQDUHOPRWRUHQUpJLPHQGHUDOHQWt
 5HSLWDYHFHVORVSDVRVD
 (PSOHDQGRHOLQVWUXPHQWRGHH[SORUDFLyQFRPSUXHEHVLKD\'7&SHQGLHQWH

/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6'7&33

3DVR 2SHUDFLyQ 6t 1R
 ¢6HDSOLFyOD³7$%/$'()/8-2'(',$*1Ï67,&2 9D\DDOSDVR 9D\DDOD³7$%/$'(
'(/02725´" )/8-2'(',$*1Ï6
7,&2´HQHVWDVHFFLyQ
 ¢(VWiILMDGRHO'7&%" 9D\DDOSDVR 5HHPSODFHSRUXQPyGXOR
GH(&03&0HQSHU
IHFWRHVWDGR\YXHOYDD
FRPSUREDU
 ,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

3DVR 2SHUDFLyQ 6t 1R
 &RPSUREDFLyQGHOVHQVRUGH0$3 5HHPSODFHSRUXQ 0DOIXQFLRQDPLHQWRGHO
 &RPSUXHEHHOVHQVRUGH0$3\VXFLUFXLWR PyGXORGH(&03&0 VHQVRUGH0$3RGHVXFLU
5HILpUDVHDORVSDVRV\GHOD³7DEODGHIOXMR HQSHUIHFWRHVWDGR\ FXLWR
GHGLDJQyVWLFRGHO'7&3´ YXHOYDDFRPSUREDU
¢(VVDWLVIDFWRULRHOUHVXOWDGRGHODFRPSUREDFLyQ"

'7&30DOIXQFLRQDPLHQWRGHOFLUFXLWRGHVHxDOGHDUUDQTXHGHOPRWRU
',$*5$0$'(&$%/($'2

 ,QWHUUXSWRUGHDUUDQTXHGHOPRWRUHQHOLQWH  0RWRUGHDUUDQTXH  6HQVRUGHSRVLFLyQGHODWUDQVPLVLyQ  (&03&0

UUXSWRUGHHQFHQGLGRSULQFLSDO LQWHUUXSWRU

&21',&,Ï1'('(7(&&,Ï1'(/'7&<È5($'(/'(63(5)(&72

&21',&,Ï1'('(7(&&,Ï1'(/'7& È5($'(/'(63(5)(&72
‡ (OPRWRUDUUDQFDDXQFXDQGRHOYHKtFXORHVWiGHWHQLGR\ODVHxDOGHDUUDQ ‡ &LUFXLWRGHVHxDOGHDUUDQTXHGHO
TXHGHOPRWRUQRHVWiHQWUDGD PRWRU
R ‡ (&03&0
‡ /DVHxDOGHDUUDQTXHGHOPRWRUHVHQWUDGDFRQWLQXDPHQWHGXUDQWHHO
WLHPSRHVSHFLILFDGRPLHQWUDVHOPRWRUHVWiIXQFLRQDQGR
OyJLFDGHGHWHFFLyQGHFLFORVGHFRQGXFFLyQ
352&(',0,(172'(&21),50$&,Ï1'(/'7&

127$
&RPSUXHEHSDUDDVHJXUDUVHGHTXHVHVDWLVIDFHQODVFRQGLFLRQHVVLJXLHQWHVFXDQGRVHDSOLFDHO³352&(
',0,(172'(&21),50$&,Ï1'('7&´
‡ 7HPSHUDWXUDGHODLUHGHDGPLVLyQ±ƒ&RPD\RU
‡ 7HPSHUDWXUDGHOUHIULJHUDQWHGHOPRWRU±±ƒ&
‡ $OWLWXGSUHVLyQEDURPpWULFDPRPHQRVPP+JN3DRPiV
 &RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQDO'/&FRQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQODSRVLFLyQ2))
 &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21\XWLOL]DQGRHOLQVWUXPHQWRGHH[SORUDFLyQERUUH'7&\
KDJDIXQFLRQDUHOPRWRUGXUDQWHPLQXWRVRPiV
 (PSOHDQGRHOLQVWUXPHQWRGHH[SORUDFLyQFRPSUXHEHVLKD\'7&SHQGLHQWH
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6

3DVR 2SHUDFLyQ 6t 1R
 ¢6HDSOLFyOD³7$%/$'()/8-2'(',$*1Ï6 9D\DDOSDVR 9D\DDOD³7$%/$'()/8-2
7,&2'(/02725´" '(',$*1Ï67,&2´HQHVWD
VHFFLyQ
 &RPSUXHEHODWHQVLyQHQHOWHUPLQDO& &RQH[LyQGHILFLHQWHGHOWHUPLQDO& &LUFXLWR³%/.<(/´DELHUWR
GHOFRQHFWRUGHOPyGXOR(&03&0FRQHFWDGR RGHVSHUIHFWRLQWHUPLWHQWH
HQODVFRQGLFLRQHVVLJXLHQWHV &RPSUXHEHHOGHVSHUIHFWRLQWHUPL
(VSHFLILFDFLyQGHODVHxDOGHDUUDQTXHGHO WHQWH5HILpUDVHD³0$/)81&,21$
PRWRU 0,(172,17(50,7(17(<
0LHQWUDVVHKDFHDUUDQFDUHOPRWRU±9 &21(;,Ï10$/$´HQODVHFFLyQ$
'HVSXpVGHODUUDQTXHGHOPRWRU±9 6LORVFDEOHV\ODVFRQH[LRQHVHVWiQ
¢(VWiODWHQVLyQFRQIRUPHFRQODVHVSHFLILFDFLR FRQIRUPHVUHHPSODFHSRUXQPyGXOR
QHV" GH(&03&0HQEXHQHVWDGR\
YXHOYDDFRPSUREDU

'7&30DOIXQFLRQDPLHQWRGHODDOLPHQWDFLyQHOpFWULFDGHUHVHUYDGHO
PyGXORGH(&0
',$*5$0$'(&$%/($'2

 &DMDGHIXVLEOHVSULQFLSDOHV  (&03&0

 $O'/&

'(6&5,3&,Ï1'(/&,5&8,72
6HVXPLQLVWUDWHQVLyQGHODEDWHUtDSDUDPDQWHQHUHQODPHPRULDGHOPyGXOR(&0ORV'7&ORVYDORUHVSDUDHOFRQ
WUROGHOPRWRUUHJLVWUDGRVSRUHOPyGXORGH(&0HWFDXQFXDQGRHOLQWHUUXSWRUGHHQFHQGLGRHVWpFRORFDGRHQOD
SRVLFLyQ2))
&21',&,Ï1'('(7(&&,Ï1'(/'7&<È5($'(/'(63(5)(&72

&21',&,Ï1'('(7(&&,Ï1'(/'7& È5($'(/'(63(5)(&72
0LHQWUDVHOPRWRUHVWiIXQFLRQDQGRVHGHWHFWDXQDWHQVLyQGH ‡ &LUFXLWRGHUHVHUYDGHOPyGXORGH(&03&0
FLUFXLWRGHUHVHUYDTXHHVLQIHULRUDOYDORUHVSHFLILFDGR ‡ (&03&0
352&(',0,(172'(&21),50$&,Ï1'(/'7&

127$
&RPSUXHEHSDUDDVHJXUDUVHGHTXHVHVDWLVIDFHQODVFRQGLFLRQHVVLJXLHQWHVFXDQGRVHDSOLFDHO³352&(
',0,(172'(&21),50$&,Ï1'('7&´
‡ 7HPSHUDWXUDGHODLUHGHDGPLVLyQ±ƒ&RPD\RU
‡ 7HPSHUDWXUDGHOUHIULJHUDQWHGHOPRWRU±±ƒ&
‡ $OWLWXGSUHVLyQEDURPpWULFDPRPHQRVPP+JN3DRPiV
 ,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

 &RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQDO'/&FRQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQODSRVLFLyQ2))
 &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21\XWLOL]DQGRHOLQVWUXPHQWRGHHVFDQHRERUUHHO'7&'7&
SHQGLHQWHV\GDWRVGHLPDJHQFRQJHODGD\KDJDIXQFLRQDUHOPRWRUDOUpJLPHQGHUDOHQWtGXUDQWHPLQXWR
 (PSOHDQGRHOLQVWUXPHQWRGHH[SORUDFLyQFRPSUXHEH'7&
/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6

3DVR 2SHUDFLyQ 6t 1R
 ¢6HDSOLFyOD³7$%/$'()/8-2'(',$*1Ï67,&2 9D\DDOSDVR 9D\DDOD³7$%/$'()/8-2
'(/02725´" '(',$*1Ï67,&2'(/
02725´HQHVWDVHFFLyQ
 &RPSUREDFLyQGHOFLUFXLWRGHDOLPHQWDFLyQGHWHQVLyQ &RQH[LyQGHILFLHQWHGHOWHUPL &LUFXLWR³:+7´DELHUWRRHQ
GHEDWHUtD QDO(RGHVSHUIHFWRLQWHU FRUWRFLUFXLWR
 'HVPRQWHODFXELHUWDGHO(&03&0 PLWHQWH
 0LHQWUDVHOPRWRUIXQFLRQDFRPSUXHEHODWHQVLyQ &RPSUXHEHHOGHVSHUIHFWR
HQWUH(\PDVD LQWHUPLWHQWH5HILpUDVHD³0$/
¢(VODWHQVLyQ±9" )81&,21$0,(172,17(5
0,7(17(<&21(;,Ï1
0$/$´HQODVHFFLyQ$
6LORVFDEOHV\ODVFRQH[LRQHV
HVWiQFRQIRUPHVUHHPSODFH
SRUXQPyGXORGH(&0
3&0HQEXHQHVWDGR\
YXHOYDDFRPSUREDU

7DEOD%&RPSUREDFLyQGHOFLUFXLWRGHODERPEDGHFRPEXVWLEOH
',$*5$0$'(&$%/($'2

 $OLQWHUUXSWRUGHHQFHQGLGR  5HOpGHODERPEDGHFRPEXVWLEOH
 )XVLEOHSULQFLSDO  %RPEDGHFRPEXVWLEOH
 5HOpSULQFLSDO  (&03&0
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

&20352%$&,Ï1

35(&$8&,Ï1
9HULILTXH\DVHJ~UHVHGHTXHODVFRQH[LRQHVHVWiQKHFKDVHQWUHORVWHUPLQDOHVFRUUHFWRV
/DVFRQH[LRQHVHUUyQHDVSXHGHQFDXVDUGDxRVDOPyGXORGH(&0DOPD]RGHFDEOHVHWF

3DVR 2SHUDFLyQ 6t 1R
 &RPSUREDFLyQGHOIXQFLRQDPLHQWRGHODERPED (OFLUFXLWRGHODERPEDGH 9D\DDOSDVR
GHFRPEXVWLEOH FRPEXVWLEOHHVWiHQEXHQ
 5HWLUHODWDSDGHOOOHQDGRUGHFRPEXVWLEOH HVWDGR
 &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQOD
SRVLFLyQ21
¢6HR\HHOIXQFLRQDPLHQWRGHODERPEDGHFRP
EXVWLEOHGXUDQWHVHJXQGRVGHVSXpVGHFRORFDU
HOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21"
 &RPSUREDFLyQGHOFLUFXLWRGHODERPEDGHFRP 9D\DDOSDVR &LUFXLWR³%/8%/.³´31.
EXVWLEOH %/.´R³%/.´DELHUWRR
 &RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ PDOIXQFLRQDPLHQWRGHOD
2))GHVPRQWHHOUHOpGHODERPEDGHFRP ERPEDGHFRPEXVWLEOH
EXVWLEOHGHOFRQHFWRU
 &RPSUXHEHHOHVWDGRGHODFRQH[LyQDOUHOp
HQFDGDWHUPLQDO
 6LODVFRQH[LRQHVHVWiQFRQIRUPHVXWLOLFHHO
FDEOHGHVHUYLFLR\FRQHFWHORVWHUPLQDOHV
(\(GHOFRQHFWRUGHOUHOp5HILp
UDVHDODILJXUD
¢6HR\HHOIXQFLRQDPLHQWRGHODERPEDGHFRP
EXVWLEOHDOFRORFDUHOLQWHUUXSWRUGHHQFHQGLGRHQ
ODSRVLFLyQ21"
 &RPSUREDFLyQGHOUHOpGHODERPEDGHFRPEXVWL &LUFXLWR³%/.:+7´R 5HHPSODFHHOUHOpGHOD
EOH ³:+7*51´DELHUWRR ERPEDGHFRPEXVWLEOH
 &RPSUXHEHHOUHOpGHODERPEDGHFRPEXVWL PDODFRQH[LyQ(
EOH5HILpUDVHD³&20352%$&,Ï1'(/ 6LORVFDEOHV\ODVFRQH[LR
5(/e'(/$%20%$'(&20%867,%/(´ QHVHVWiQFRQIRUPHV
HQODVHFFLyQ( UHHPSODFHSRUXQPyGXOR
¢(VWiHQEXHQDVFRQGLFLRQHV" GH(&03&0HQEXHQ
HVWDGR\YXHOYDDFRPSUR
EDU

)LJXUDSDUDHOSDVR

 &RQHFWRUGHOUHOpGHODERPEDGHFRPEXVWLEOH
 ,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

7DEOD%&RPSUREDFLyQGHORVLQ\HFWRUHVGHFRPEXVWLEOH\FLUFXLWR
',$*5$0$'(&$%/($'2

 $OLQWHUUXSWRUGHHQFHQGLGR  ,Q\HFWRU1ƒ  ,Q\HFWRU1ƒ  (&03&0

 )XVLEOHSULQFLSDO  ,Q\HFWRU1ƒ  ,Q\HFWRU1ƒ
 5HOpSULQFLSDO  ,Q\HFWRU1ƒ  ,Q\HFWRU1ƒ

&20352%$&,Ï1

3DVR 2SHUDFLyQ 6t 1R
 &RPSUXHEHHOVRQLGRGHOIXQFLRQDPLHQWRGHO 9D\DDOSDVR 9D\DDOSDVR
LQ\HFWRU
8WLOLFHXQHVWHWRVFRSLR\FRPSUXHEHHOVRQLGRGH
IXQFLRQDPLHQWRGHFDGDLQ\HFWRUHQHOPRPHQWR
GHKDFHUDUUDQFDUHOPRWRU
¢+D\VRQLGRGHIXQFLRQDPLHQWRFRUUHFWRHQORV
LQ\HFWRUHV"
 &RPSUREDFLyQGHOPD]RGHFDEOHV (OFLUFXLWRGHLQ\HFWRUGH &DEOHV³31.´³31.%/.´
 'HVPRQWHODFXELHUWDGHOPyGXORGH(&0 FRPEXVWLEOHHVWiHQEXHQ ³31.*51´³31.%/8´
3&0\GHVFRQHFWHORVFRQHFWRUHVGHO(&0 HVWDGR ³*5<*51´\³*5<%/.´
3&0 FRUWRFLUFXLWDGRVHQWUHHOORV
 &RPSUXHEHODUHVLVWHQFLDHQWUHORVWHUPLQDOHV
VLJXLHQWHVGHOFRQHFWRUGH(&03&0GHV
FRQHFWDGR
5HVLVWHQFLDGHOLQ\HFWRUGHFRPEXVWLEOH\GH
VXFLUFXLWR&\&&\&
&\&&\&&
\&\HQWUH&\&
±ΩDƒ&
¢(VWiHOUHVXOWDGRGHODFRPSUREDFLyQGH
DFXHUGRFRQODVHVSHFLILFDFLRQHV"
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

3DVR 2SHUDFLyQ 6t 1R
 ¢1LQJXQRGHORVLQ\HFWRUHVHPLWHVRQLGRGHIXQ 9D\DDOSDVR &RPSUXHEHODFRQH[LyQGHO
FLRQDPLHQWRHQHOSDVR" DFRSODGRU\PD]RGH
FDEOHVGHOLQ\HFWRUTXHQR
HPLWHVRQLGRGHIXQFLRQD
PLHQWR\HOLQ\HFWRUPLVPR
5HILpUDVHD³&20352
%$&,Ï1'(,1<(&725
'(&20%867,%/(´HQOD
VHFFLyQ(
 &RPSUXHEHVLHOFLUFXLWRGHDOLPHQWDFLyQHOpFWULFD &RPSUXHEHODUHVLVWHQFLD &LUFXLWRGHDOLPHQWDFLyQ
GHORVLQ\HFWRUHVHVWiDELHUWR\HQFRUWRFLUFXLWR GHORVLQ\HFWRUHVUHVSHF HOpFWULFDDELHUWRRHQFRU
¢(VWiQRUPDO" WLYDPHQWH WRFLUFXLWR
6LODVUHVLVWHQFLDVHVWiQ
FRQIRUPHVUHHPSODFHSRU
XQPyGXORGH(&03&0
HQEXHQHVWDGR\YXHOYDD
FRPSUREDU

7DEOD%&RPSUREDFLyQGHODSUHVLyQGHFRPEXVWLEOH
',$*5$0$'(6,67(0$

 ,Q\HFWRU  )LOWURGHFRPEXVWLEOH
 7XERGHGHVFDUJD  %RPEDGHFRPEXVWLEOH
 5HJXODGRUGHSUHVLyQGHFRPEXVWLEOH

+HUUDPLHQWDHVSHFLDO
$
%
&
 ,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

&20352%$&,Ï1

127$
$QWHVGHXWLOL]DUODWDEODGHIOXMRVLJXLHQWHFRPSUXHEHTXHODWHQVLyQGHODEDWHUtDHVVXSHULRUDYROWLRV
6LODWHQVLyQGHODEDWHUtDHVWiEDMDODSUHVLyQVHUiLQIHULRUDOYDORUHVSHFLILFDGRDXQTXHODERPED\ODV
WXEHUtDHVWpQHQSHUIHFWDVFRQGLFLRQHV

3DVR 2SHUDFLyQ 6t 1R
  ,QVWDOHHOPHGLGRUGHSUHVLyQGHOFRPEXVWLEOH 9D\DDOSDVR 9D\DDOSDVR
5HILpUDVHD³&20352%$&,Ï1'(/$35(
6,Ï1'(/&20%867,%/(´HQODVHFFLyQ
(
 +DJDIXQFLRQDUODERPEDGHFRPEXVWLEOH
¢(VODSUHVLyQGHFRPEXVWLEOH±N3D
±NJFP"
 ¢6HPDQWLHQHHOYDORUN3DNJFPR 9D\DDOSDVR 9D\DDOSDVR
PD\RUGHODSUHVLyQGHFRPEXVWLEOHGXUDQWH
PLQXWRGHVSXpVGHTXHVHSDUDODERPEDGHFRP
EXVWLEOHHQHOSDVR"
  +DJDDUUDQFDU\FDOLHQWHHOPRWRUKDVWDTXH 3UHVLyQGHFRPEXVWLEOH 3DVRGHYDFtRREVWUXLGR
OOHJXHDODWHPSHUDWXUDQRUPDOGHIXQFLRQD QRUPDO SDUDHOUHJXODGRUGHSUH
PLHQWR VLyQGHFRPEXVWLEOHR
 0DQWHQJDHOPRWRUIXQFLRQDQGRDOUpJLPHQGH UHJXODGRUGHSUHVLyQGH
UDOHQWtHVSHFLILFDGR FRPEXVWLEOHGHIHFWXRVR
¢(VDKRUDODSUHVLyQGHFRPEXVWLEOH±
N3D±NJFP"
 ¢+D\IXJDVGHFRPEXVWLEOHSRUODPDQJXHUDGHOD +D\IXJDVGHFRPEXVWLEOH 9D\DDOSDVR
DOLPHQWDFLyQGHFRPEXVWLEOHSRUHOWXERRSRUVXV SRUODPDQJXHUDSRUHO
MXQWDV" WXERRSRUVXVMXQWDVGH
HVWDQTXHLGDG
 (QHOSDVR¢HUDODSUHVLyQGHFRPEXVWLEOH 9D\DDOSDVR 9D\DDOSDVR
VXSHULRUDOYDORUHVSHFLILFDGR"
  'HVFRQHFWHODPDQJXHUDGHUHWRUQRGHFRP 0DQJXHUDRWXERGHFRP 5HJXODGRUGHSUHVLyQGH
EXVWLEOHGHOWXERGHFRPEXVWLEOH\FRQHFWHDO EXVWLEOHUHVWULxLGR FRPEXVWLEOHGHIHFWXRVR
WXERXQDPDQJXHUDQXHYDGHUHWRUQR
 &RORTXHHORWURH[WUHPRGHODPDQJXHUD
QXHYDGHUHWRUQRHQHOUHFLSLHQWHDSUREDGRGH
JDVROLQD
 +DJDIXQFLRQDUODERPEDGHFRPEXVWLEOH
¢6HREWLHQHDKRUDODSUHVLyQGHFRPEXVWLEOH
HVSHFLILFDGD"
 (QHOSDVR¢QRVHDSOLFyQLQJXQDSUHVLyQGH 9D\DDOSDVR 9D\DDOSDVR
FRPEXVWLEOH" 6HPLGHSUHVLyQEDMD
 &RQODERPEDGHFRPEXVWLEOHIXQFLRQDQGR\OD 5HJXODGRUGHSUHVLyQGH )DOWDFRPEXVWLEOHR
PDQJXHUDGHUHWRUQRGHFRPEXVWLEOHEORTXHDGD FRPEXVWLEOHGHIHFWXRVR ERPEDGHFRPEXVWLEOHRVX
DSUHWiQGROD¢VHDSOLFDSUHVLyQGHFRPEXVWLEOH" FLUFXLWRGHIHFWXRVR5HILp
UDVHDOD³7$%/$%´
  +DJDIXQFLRQDUODERPEDGHFRPEXVWLEOH 5HJXODGRUGHSUHVLyQGH )LOWURGHFRPEXVWLEOHREV
 &RQODPDQJXHUDGHUHWRUQRGHFRPEXVWLEOH FRPEXVWLEOHGHIHFWXRVR WUXLGRPDQJXHUDRWXERGH
EORTXHDGDDSUHWiQGRODFRPSUXHEHODSUH DOLPHQWDFLyQGHFRPEXVWL
VLyQGHFRPEXVWLEOH EOHUHVWULxLGRERPEDGH
¢(VODSUHVLyQN3DNJFPRPiV" FRPEXVWLEOHGHIHFWXRVDR
IXJDVSRUODFRQH[LyQGHOD
PDQJXHUDHQHOGHSyVLWR
GHFRPEXVWLEOH
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

3DVR 2SHUDFLyQ 6t 1R
  'HVFRQHFWHODPDQJXHUDGHUHWRUQRGHFRP 5HJXODGRUGHSUHVLyQGH )XJDVGHFRPEXVWLEOHSRU
EXVWLEOHGHOWXERGHFRPEXVWLEOH\FRQHFWHDO FRPEXVWLEOHGHIHFWXRVR HOLQ\HFWRUERPEDGHFRP
WXERXQDPDQJXHUDQXHYDGHUHWRUQR EXVWLEOHGHIHFWXRVDYiO
 &RORTXHHORWURH[WUHPRGHODPDQJXHUD YXODGHUHWHQFLyQ
QXHYDGHUHWRUQRHQHOUHFLSLHQWHDSUREDGRGH GHIHFWXRVDHQODERPED
JDVROLQD GHFRPEXVWLEOHRIXJDV
 9XHOYDDFRPSUREDUVLVHREWLHQHODSUHVLyQ GHFRPEXVWLEOHSRUHOGLD
GHFRPEXVWLEOHHVSHFLILFDGD IUDJPDGHOUHJXODGRUGH
$OKDFHUOR¢VDOHFRPEXVWLEOHSRUODPDQJXHUDGH SUHVLyQGHFRPEXVWLEOH
UHWRUQR"

7DEOD%&RPSUREDFLyQGHOVLVWHPDGHFRQWUROGHODLUHGHUDOHQWt
',$*5$0$'(&$%/($'2

 &XHUSRGHPDULSRVD  (&03&0  )XVLEOHSULQFLSDO

 9iOYXODGHFRQWUROGHODLUHGHUDOHQWt  ,QIRUPDFLyQGHWHFWDGD  5HOpSULQFLSDO
 ,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

&20352%$&,Ï1

3DVR 2SHUDFLyQ 6t 1R
 &RPSUXHEHHOUpJLPHQGHUDOHQWtGHO 9D\DDOSDVR 9D\DDOSDVR
PRWRU\HOVHUYLFLRGHODYiOYXODGH
,$&5HILpUDVHD³&20352%$&,Ï1
'(/5e*,0(1'(5$/(17Ë6(59,
&,2'(/$9È/98/$'(,$&´HQOD
VHFFLyQ(
¢(VWiHOUpJLPHQGHUDOHQWtVHUYLFLR
GHFRQWUROGHOD,$&FRQIRUPHFRQODV
HVSHFLILFDFLRQHV"
 ¢6HPDQWLHQHHOUpJLPHQGHUDOHQWtHQ (OVLVWHPDHVWiHQEXHQDVFRQGL 9D\DDOSDVR
HOUpJLPHQHVSHFLILFDGRDXQFRQORV FLRQHV
IDURVHQFHQGLGRV"
 &RPSUXHEHODYiOYXODGH,$&5HILp 9D\DDOSDVR 0DOIXQFLRQDPLHQWRGHODYiOYXOD
UDVHD³&20352%$&,Ï1'(/$ GH,$&FDEOH³%/8%/.´³/7
9È/98/$'(,$&´HQODVHFFLyQ *51%/.´³33/%/.´³*5<
( %/8´R³33/<(/´DELHUWRRHQ
¢(VWiHOUHVXOWDGRGHODFRPSURED FRUWRFLUFXLWRRPDODFRQH[LyQDO
FLyQGHDFXHUGRFRQODVHVSHFLILFDFLR DFRSODGRU
QHV" 6LORVFDEOHV\ODVFRQH[LRQHV
HVWiQFRQIRUPHVUHHPSODFHSRU
XQPyGXORGH(&03&0HQ
EXHQHVWDGR\YXHOYDDFRPSUR
EDU
 (QHOSDVR¢HVWDEDHOUpJLPHQGH &RPSUXHEHORVLJXLHQWH 9D\DDOSDVR
UDOHQWtFRQIRUPHFRQHOYDORUHVSHFLIL 9iOYXODGH),$IXJDVGHYDFtR
FDGR" DVSLUDFLyQGHDLUHVLVWHPDGH
FRQWUROGHSXUJDGHOUHFLSLHQWHGH
(9$3FDUJDGHOPRWRUSRUDFFH
VRULRVDWDVFDPLHQWRGHODYiOYXOD
GH3&9REVWUXFFLyQGHOSDVRGHO
DLUHGHUDOHQWtVHQVRUGH0$)
VHQVRUGH73VHQVRUGH(&7PDO
IXQFLRQDPLHQWRGHODYiOYXODGH
(*5IXJDVSRUHODVLHQWRGHOD
 (QHOSDVR¢HUDHOUpJLPHQGH
UDOHQWtVXSHULRUDOYDORUHVSHFLILFDGR"
 &RPSUXHEHHOFLUFXLWRGHODVHxDO
YiOYXODVHxDOGHO$&VHxDOGHO
LQWHUUXSWRUGHSRVLFLyQGHODWUDQV
PLVLyQ\VHxDOGHOLQWHUUXSWRUGH
VHUYRGLUHFFLyQ
9D\DDOSDVR 9D\DDOSDVR
9D\DDOSDVR &LUFXLWRGHODVHxDOGHO$&
HQWUDGDGHO$&5HILpUDVHDOSDVR DELHUWRRFRUWRFLUFXLWDGRRPDO
GHOD³7DEOD%´/DVHxDOGHO$& IXQFLRQDPLHQWRGHOVLVWHPDGHO
WDPELpQSXHGHVHUFRPSUREDGDXWLOL $&
]DQGRHOLQVWUXPHQWRGHH[SORUDFLyQ
68=8.,
¢(VWiHQEXHQDVFRQGLFLRQHV"
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

3DVR 2SHUDFLyQ 6t 1R
 ¢(UDHOVHUYLFLRGH,$&LQIHULRUHQ &RPSUXHEHODYiOYXODGH),$ &RPSUXHEHHOIXQFLRQDPLHQWR
XQRVDSUR[LPDGDPHQWHHQHO &RPSUXHEHVLKD\DVSLUDFLyQ GHOVHQVRUGH73SRVLFLyQ
SDVRGHHVWD7DEOD" DQRUPDOGHDLUHSURFHGHQWHGHO FHUUDGDGHODPDULSRVDGH
FROHFWRUGHDGPLVLyQFXHUSRGH JDVHV\GHOVHQVRUGH(&7
PDULSRVDYiOYXODGH3&9\VLV 6LHVWiQFRQIRUPHVUHHPSODFH
WHPDGHFRQWUROGHSXUJDGHOUHFL SRUXQPyGXORGH(&03&0
SLHQWHGH(9$3 HQEXHQHVWDGR\YXHOYDDFRP
SUREDU
 &RPSUXHEHODVHxDOGHOLQWHUUXSWRUGH 9D\DDOSDVR 0DOIXQFLRQDPLHQWRGHOLQWHUUXS
SRVLFLyQGHODWUDQVPLVLyQ5HILpUDVH WRUGHSRVLFLyQGHODWUDQVPLVLyQ
D³&20352%$&,Ï1'(/(&0 RVXVFLUFXLWRVHVWiQDELHUWRVR
3&0<'(686&,5&8,726´HQ FRUWRFLUFXLWDGRV
HVWDVHFFLyQ
¢(VVDWLVIDFWRULRHOUHVXOWDGRGHOD
FRPSUREDFLyQ"
 ¢(UDHOVHUYLFLRGH,$&VXSHULRUD &RPSUXHEHODVSLH]DVRVLVWHPD 5HHPSODFHSRUXQPyGXORGH
DSUR[LPDGDPHQWHHQHOSDVR TXHSXHGHQVHUODFDXVDGHOUpJL (&03&0HQSHUIHFWRHVWDGR
GHHVWD7DEOD" PHQEDMRGHUDOHQWt \YXHOYDDFRPSUREDU
&RPSUXHEHODYiOYXODGH),$
$VSLUDFLyQGHDLUHGHHQWUHHO
FXHUSRGHPDULSRVD\HOVHQVRUGH
0$)PDOIXQFLRQDPLHQWRGHOD
YiOYXODGH(*5IXJDVGHVGHHO
DVLHQWRGHODYiOYXODFDUJDGHO
PRWRUSRUDFFHVRULRVFRQGXFWR
REVWUXLGRGHDLUHGHUDOHQWt\HWF
 ,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

7DEOD%&RPSUREDFLyQGHFLUFXLWRVGHVHxDOGHO$&VLHVWiHTXLSDGR
',$*5$0$'(&$%/($'2

 0yGXORDPSOLILFDGRUGHFRQWUROGHO$&

 (&03&0

&20352%$&,Ï1

3DVR 2SHUDFLyQ 6t 1R
 &RPSUXHEHHOFLUFXLWRGHODVHxDOGHO$& 9D\DDOSDVR &LUFXLWR³<(/%/.´DELHUWR
 &RPSUXHEHODWHQVLyQHQHOWHUPLQDO(FRQ RFRUWRFLUFXLWDGRWHPSHUD
HOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21 WXUDGHHYDSRUDEOHVHVLQIH
(VSHFLILFDFLyQGHOFLUFXLWRGHODVHxDOGH$& ULRUDƒ&RVLVWHPDGH$
,QWHUUXSWRUGH$&\RLQWHUUXSWRUGHVRSODGRUGH &GHIHFWXRVR
FDOHIDFFLyQHQSRVLFLyQ2))(O$&QRHVWiIXQ
FLRQDQGR±9
,QWHUUXSWRUGH$&HLQWHUUXSWRUGHVRSODGRUGH
FDOHQWDGRUHQSRVLFLyQ21±9
¢(VWiQORVUHVXOWDGRVGHDFXHUGRFRQODVHVSHFLILFD
FLRQHV"
 &RPSUXHEHHOFLUFXLWRGHODVHxDOGHFRUWHGHO$& /RVFLUFXLWRVGHOD &LUFXLWR³*5<:+7´
 &RPSUXHEHODWHQVLyQHQHOWHUPLQDO( VHxDOGHFRQWUROGHO$& DELHUWRRFRUWRFLUFXLWDGR
(VSHFLILFDFLyQGHODVHxDOGHFRUWHGHO$& HVWiQHQEXHQDVFRQGL HILFDFLDGHILFLHQWHGHOVHQ
0LHQWUDVHOPRWRUHVWiIXQFLRQDQGRFRQHOLQWH FLRQHV VRUGH(&7VHQVRUGH73
UUXSWRUGHO$&\RLQWHUUXSWRUGHOVRSODGRUGHO HQWUDGDGHVHxDOGHDUUDQ
FDOHQWDGRUHQSRVLFLyQ2)) TXHGHOPRWRURPDOIXQ
(O$&QRHVWiIXQFLRQDQGR±9 FLRQDPLHQWRGHO
0LHQWUDVHOPRWRUHVWiIXQFLRQDQGRHQUpJLPHQGH DPSOLILFDGRUGHO$&
UDOHQWtFRQHOLQWHUUXSWRUGHO$&\HOLQWHUUXSWRU 6LQRVHSUHVHQWDQLQJXQD
GHOVRSODGRUGHOFDOHQWDGRUHQSRVLFLyQ21DFWL GHODVFRQGLFLRQHVDQWHULR
YDGRV UHVUHHPSODFHSRUXQ
(O$&HVWiIXQFLRQDQGR±9 PyGXOR(&03&0HQ
¢(VWiQORVUHVXOWDGRVGHODVFRPSUREDFLRQHVGH EXHQHVWDGR\YXHOYDD
DFXHUGRFRQODVHVSHFLILFDFLRQHV" FRPSUREDU
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

7DEOD%&RPSUREDFLyQGHOVLVWHPDGHFRQWUROGHOUHOpGHOPRWRUGHOYHQWLODGRU
GHOFRQGHQVDGRUGHO$&6LHVWiHTXLSDGR
',$*5$0$'(&$%/($'2

 $OLQWHUUXSWRUGHHQFHQGLGR  )XVLEOH$&  0RWRUGHOYHQWLODGRUGHOFRQGHQVDGRUGHO$&

 )XVLEOHSULQFLSDO  5HOpGHOPRWRUGHOYHQWLODGRUGHOFRQGHQVDGRUGHO$&  (&03&0

&20352%$&,Ï1

$'9(57(1&,$
0DQWHQJD ODV PDQRV KHUUDPLHQWDV \ URSD OHMRV GHO YHQWLODGRU GHO FRQGHQVDGRU GHO $& SDUD DVt HYLWDU
GDxRVFRUSRUDOHV(VWHYHQWLODGRUHVHOpFWULFR\SXHGHHPSH]DUDIXQFLRQDUDXQTXHHOPRWRUGHOYHKtFXOR
QRHVWpIXQFLRQDQGR(OYHQWLODGRUSXHGHIXQFLRQDUDXWRPiWLFDPHQWHFRPRUHVSXHVWDDOVHQVRUGH(&7
FRQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ³21´

3DVR 2SHUDFLyQ 6t 1R
  &RPSUXHEHHO'7&UHILULpQGRVHD³&20352 9D\DDOD7DEODGHIOXMR 9D\DDOSDVR
%$&,Ï1'('7&´HQHVWDVHFFLyQ GLDJQyVWLFRGHO'7&DSOLFD
¢+D\DOJ~Q'7&GHPDOIXQFLRQDPLHQWR" EOH
  &RPSUXHEHHOIXQFLRQDPLHQWRGHOYHQWLODGRU (VWHVLVWHPDHVWiHQEXH 9D\DDOSDVR
GHOFRQGHQVDGRUGHO$& QDVFRQGLFLRQHV
(OYHQWLODGRUGHOFRQGHQVDGRUGHO$&GHEHUtD
IXQFLRQDUVRODPHQWHHQODFRQGLFLyQ$R%
$&XDQGRHOPRWRUHVWiIXQFLRQDQGR\HO$&
HVWiIXQFLRQDQGR
%&XDQGRODWHPSHUDWXUDGHOUHIULJHUDQWHGHO
PRWRUHVƒ&RPiV\HOLQWHUUXSWRUGH
HQFHQGLGRHVWiHQODSRVLFLyQ21
¢(VWiHOUHVXOWDGRGHODFRPSUREDFLyQGH
DFXHUGRFRQODVHVSHFLILFDFLRQHV"
 ,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+

3DVR 2SHUDFLyQ 6t 1R
  'HVPRQWHODFXELHUWDGHO(&03&0 )XVLEOHIXQGLGRFLUFXLWR &LUFXLWR´<(/*51³
 &RPSUXHEHODWHQVLyQHQWUHHOWHUPLQDO( ³5('´³5('%/.´R³5(' DELHUWRFLUFXLWR³<(/%/8´
GHODFRSODGRUFRQHFWDGRGHOPyGXORGH %/8´DELHUWRRPDOIXQFLR DELHUWRRHQFRUWRFLUFXLWRR
(&03&0\ODPDVDGHFDUURFHUtD QDPLHQWRGHOPRWRUGHO PDOIXQFLRQDPLHQWRGHO
(QFRQGLFLRQHVGLIHUHQWHVGHODVFRQGLFLRQHV YHQWLODGRUGHOFRQGHQVD UHOp
$\%GHOSDVR GRURGHOUHOp 6LORVFDEOHV\ODVFRQH[LR
±9 QHVHVWiQFRQIRUPHV
(QODVFRQGLFLRQHV$\%GHOSDVR UHHPSODFHSRUXQPyGXOR
±9 (&03&0HQEXHQ
¢(VWiHOUHVXOWDGRGHODFRPSUREDFLyQGH HVWDGR\YXHOYDDFRPSUR
DFXHUGRFRQODVHVSHFLILFDFLRQHV" EDU

+HUUDPLHQWDVHVSHFLDOHV

   

0HGLGRUGHSUHVLyQ 0DQJXHUDGHSUHVLyQ 0DQJXHUD\XQLyQGH &RQMXQWRGHKHUUDPLHQWD
YtDV GHFRPSUREDFLyQ
5HILpUDVHDOD127$³$´

  

0HGLGRUGHERPEDGH &DEOHGHSUXHEDGHLQ\HF &RQMXQWR7HFK$,QVWUX &DUWXFKRGHPHPRULD
YDFtR WRU PHQWRGHH[SORUDFLyQ PDVLYDSDUD7HFK$
68=8.,5HILpUDVHDOD
127$³%´
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+


&DEOH'/&GHSDWL &RQMXQWR7HFK,QVWUX
OODVSDUD7HFK$ PHQWRGHH[SORUDFLyQ
68=8.,5HILpUDVHDOD
127$³&´

127$
‡ ³$´(VWHFRQMXQWRLQFOX\HORVDUWtFXORVVLJXLHQWHV
&XHUSRGHKHUUDPLHQWD\DUDQGHOD7DSyQGHOFXHUSR)LMDFLyQGHOFXHUSR6RSRUWH
0DQJXHUDGHUHWRUQR\DEUD]DGHUD)LMDFLyQGHOFXHUSR\DUHQGHOD)LMDFLyQGHPDQJXHUD
)LMDFLyQGHPDQJXHUD
‡ ³%´(VWHFRQMXQWRLQFOX\HORVDUWtFXORVVLJXLHQWHV\UHHPSOD]DHOFRQMXQWR7HFK
&DMDGHOLQVWUXPHQWR0DQXDOGHO2SHUDGRU7HFK$&DEOH'/&&DEOHVRQGDGHSUXHED
&DEOHGHDOLPHQWDFLyQHOpFWULFD$GDSWDGRUGHFDEOH'/&$GDSWDGRUGHDXWRGLDJQyVWLFR
‡ ³&´(VWHFRQMXQWRLQFOX\HORVDUWtFXORVVLJXLHQWHV\UHHPSOD]DHOFRQMXQWR7HFK$
7HFK7DUMHWD3&0&,$&DEOH'/&$GDSWDGRU6$(&DEOHSDUDHQFHQGHGRUGHFLJDUUL
OORV$GDSWDGRUGHFLUFXLWRHQEXFOH'/&&DEOHGHDOLPHQWDFLyQGHVGHEDWHUtD&DEOH56
$GDSWDGRU56&RQHFWRUHQEXFOHFHUUDGRGH56&DMDGHOLQVWUXPHQWR$OLPHQWDFLyQ
HOpFWULFD
 MECÁNICA DEL MOTOR (MOTOR H27) 6A2-1

SECCIÓN 6A2

MECÁNICA DEL MOTOR (MOTOR H27)

ADVERTENCIA:
Para los vehículos equipados con el Sistema Suplementario de Sujeción (Colchón de aire) :
• Los servicios que deban ser efectuados en, o alrededor de los componentes o del cableado del sistema
del colchón de aire deben ser hechos exclusivamente por un concesionario autorizado SUZUKI. Refié-
rase al “Esquema de ubicación de los componentes y cableado del sistema del colchón de aire” en
“Descripción general” -en la sección del sistema del colchón de aire- para confirmar si usted está efec-
tuando trabajo de servicio en, o alrededor de, los componentes o del cableado del sistema del colchón
de aire. Sírvase observar todas las ADVERTENCIAS y “Precauciones para el servicio” indicadas en “Ser-
vicio en el vehículo” -en la sección del sistema del colchón de aire- antes de efectuar cualquier trabajo
de servicio en, o alrededor de, los componentes o del cableado del sistema del colchón de aire. Si no se
respetan las ADVERTENCIAS, se puede causar el inflado accidental del colchón de aire o se puede dejar
inoperante el sistema del colchón de aire. Cualquiera de estos dos casos puede causar daños corpora-
les graves.
• Los trabajos de servicio técnico deben ser iniciados por lo menos 90 segundos después de que se colo-
que el interruptor de encendido en la posición “LOCK” y de que se desconecte el cable negativo de la
batería. En efecto, si no se procede de esta forma, el sistema puede ser activado por la reserva de ener-
gía eléctrica del módulo de detección y de diagnóstico (SDM).

NOTA:
• Para las descripciones (elementos) no incluidas en esta sección, refiérase a la misma sección del
Manual de Servicio mencionado en el PREFACIO de este manual.
• Según sean las especificaciones del vehículo, los sistemas (piezas) siguientes son o no utilizados en el
vehículo específicamente concernido. No olvide esto cuando efectúe los trabajos de servicio.
– Válvula de EGR 6A2
– Convertidor catalítico de tres vías calentado
– Sensor(es) calentado(s) de oxígeno
– Convertidor catalítico de tres vías
– Sensor de CKP
– Sensor de MAP

CONTENIDO
Servicio en el vehículo ..................................... 6A2-2
Cuerpo de mariposa de gases y colector de
admisión.......................................................... 6A2-2
Colector de escape ......................................... 6A2-9
Tensor de cadena y segunda cadena de
distribución de banco (n° 1) izquierdo........... 6A2-13
Ajustador de árbol de levas y de juego de
válvula........................................................... 6A2-14
Válvulas y culatas ......................................... 6A2-17
Pistones, aros de pistón, bielas y cilindros ... 6A2-21
Revisión general y reparación de la
unidad ..............................................................6A2-26
Conjunto del motor........................................ 6A2-26
Cojinetes principales, cigüeñal y bloque de
cilindros......................................................... 6A2-30
COMPROBACIÓN ........................................ 6A2-39
Herramientas especiales ................................6A2-40
6A2-2 MECÁNICA DEL MOTOR (MOTOR H27)

Servicio en el vehículo
Cuerpo de mariposa de gases y colector de admisión

1. Caja del depurador de aire 6. Colector de admisión
2. Manguera del aire de admisión 7. Junta del colector de admi-
sión
3. Tubo del aire de admisión 8. Conjunto del cuerpo de
mariposa de gases
4. Tubo de depósito de compensación 9. Junta del cuerpo de mari-
posa de gases
5. Junta 10. Colector de admisión
11. Junta 16. Perno del cuerpo de mariposa
de gases
12. Sensor de IAT Par de apriete
13. Sensor de MAF No vuelva a utilizar
14. Sensor de MAP
15. Tuerca del cuerpo de mariposa de
gases
 MECÁNICA DEL MOTOR (MOTOR H27) 6A2-3

DESMONTAJE
1) Alivie la presión de combustible en la tubería de alimentación
de combustible. Refiérase a la sección 6.

PRECAUCIÓN:
Este trabajo no debe ser efectuado cuando el motor está
caliente. Si lo hace, esto podría afectar adversamente el
catalizador.

2) Desconecte el cable negativo (–) en la batería.

3) Drene el refrigerante del motor.

ADVERTENCIA:
Para evitar el peligro de quemarse, no saque el tapón de
drenaje y la tapa del radiador mientras el motor y el radiador
están todavía calientes. El fluido hirviente y el vapor están
bajo presión y pueden ser proyectados si el tapón y la tapa
se sacan demasiado pronto.

1. Radiador
2. Tapón de drenaje del radiador

4) Desmonte la barra (2) de refuerzo.

5) Desconecte el acoplador del sensor de temperatura de aire de
2
admisión, y el sensor de MAF.
6) Desmonte la cubierta (1) del depósito de compensación.

7) Desmonte como un solo componente: la caja superior del

depurador de aire, manguera de aire de admisión, tubo (1) de
aire de admisión, y tubo (2) de depósito de compensación. Al
1 desmontarlos y reinstalarlos, no los desarme.

2
6A2-4 MECÁNICA DEL MOTOR (MOTOR H27)

8) Desconecte del cuerpo de la mariposa, el cable (1) del acelera-

dor y el cable (2) de mariposa de la A/T (para vehículos con A/
T).
2
9) Desconecte las mangueras (3) de agua, del cuerpo de la mari-
posa de gases.
3 3

10) Desconecte el acoplador del cable (1) de inyector.

11) Desconecte la manguera (2) del reforzador de freno, del colec-
2
tor de admisión.
1

12) Desconecte los acopladores del sensor (1) de TP y de la vál-

vula (2) de IAC.
2 13) Desconecte el terminal (3) a masa, del colector de admisión.
14) Desconecte el soporte (4) de fijación, del colector de admisión.

1 4

15) Desconecte los acopladores del sensor de presión absoluta del

colector (MAP), válvula de purga del recipiente de EVAP, termi-
4 nal a tierra, y válvula de EGR.
7 16) Desconecte la manguera de PCV, de la tapa de culata.
1
9 Desconecte las mangueras de ventilación, del cuerpo de la
mariposa o de la tapa de culata.
17) Desconecte las mangueras de la válvula de purga del reci-
piente de EVAP y del calentador.
18) Desmonte el tubo de EGR.
8
5 1. Válvula de purga del recipiente de EVAP 6. Manguera de PCV
6 2 3
2. Válvula de EGR 7. Manguera de agua
3. Tubo de EGR 8. Manguera de ventilación
4. Manguera de válvula de purga del recipiente 9. Acoplador del terminal de masa
de EVAP
5. Manguera del calentador
 MECÁNICA DEL MOTOR (MOTOR H27) 6A2-5

19) Desconecte las mangueras del calentador, del recipiente de

EVAP, de alimentación de combustible y de retorno de combus-
tible.
1. Manguera del calentador
2. Manguera de alimentación de combustible
3. Manguera de retorno de combustible
4 4. Manguera de recipiente de EVAP

3
2 1

20) Desmonte el cuerpo (1) de la mariposa, y el colector (2) de

admisión, del colector (3) de admisión.
1
2

21) Desconecte del colector de admisión: las mangueras de la vál-

vula de PCV, y de la válvula de purga del recipiente de EVAP.
22) Desmonte el cuerpo (1) de la mariposa, del colector de admi-
sión.
1 23) Desmonte del colector de admisión: la válvula de EGR y la vál-
vula de purga del recipiente de EVAP.

24) Desmonte los pernos (8 piezas) y tuercas (4 piezas) del colec-

tor de admisión.
25) Desmonte el colector de admisión.
6A2-6 MECÁNICA DEL MOTOR (MOTOR H27)

INSTALACIÓN

1) Instale juntas (1) nuevas de colector de admisión, en las cula-

tas.

2) Instale el colector (1) de admisión.

Apriete los pernos y tuercas, al par de apriete especificado.
1
Par de apriete
(a) (a)
Perno y tuerca del colector de admisión (a) :
23 N·m (2,3 kg-m)
(a)

(a)

3) Instale el cuerpo (2) de la mariposa, y el captador (1) de admi-

sión, con una junta nueva de cuerpo de mariposa.
1
Apriete los pernos y tuercas, al par de apriete especificado.
2
Par de apriete
Perno y tuerca de cuerpo de mariposa (b) :
23 N·m (2,3 kg-m)

(b)

(b)

4) Instale la válvula (1) de EGR, la válvula (2) de purga del reci-

piente de EVAP, sensor de presión absoluta del colector (MAP),
3
y cada manguera, en el captador de admisión y en el cuerpo de
2 la mariposa, si han sido desmontadas.
Utilice una junta nueva, al instalar la válvula de IAC y la válvula
de EGR.
3. Manguera de válvula de purga del recipiente de EVAP

5) Instale en el colector de admisión: el cuerpo de la mariposa, y

1
el conjunto del captador de admisión, utilizando juntas nuevas
de captador de admisión.
 MECÁNICA DEL MOTOR (MOTOR H27) 6A2-7

6) Conecte las mangueras del calentador, del recipiente de EVAP,

de alimentación de combustible y de retorno de combustible.
1. Manguera del calentador
2. Manguera de alimentación de combustible
3. Manguera de retorno de combustible
4 4. Manguera de recipiente de EVAP

3
2 1

7) Instale el tubo de EGR, con una junta nueva.

8) Conecte las mangueras de la válvula de purga del recipiente de
4 EVAP y del calentador.
7 9) Conecte las mangueras de PCV, de la ventilación y del agua.
1
9
1. Válvula de purga del recipiente de EVAP 6. Manguera de PCV
2. Válvula de EGR 7. Manguera del agua
3. Tubo de EGR 8. Manguera de ventilación
4. Manguera de válvula de purga del recipiente de 9. Acoplador del terminal a masa
EVAP
8 5. Manguera del calentador
5
6 2 3
10) Conecte los acopladores del sensor de presión absoluta del
colector (MAP), válvula de purga del recipiente de EVAP, y vál-
vula de EGR.
Fije el mazo de cables con abrazaderas.

11) Instale el soporte (4) de fijación en el captador de admisión.

2 12) Conecte el terminal (3) a masa al captador de admisión.
13) Conecte los acopladores del sensor (1) de TP y de la válvula
(2) de IAC.
1 4

14) Conecte la manguera (2) del reforzador de freno, en el colector

2 de admisión.
1 15) Conecte el acoplador del cable (1) de inyector.
6A2-8 MECÁNICA DEL MOTOR (MOTOR H27)

16) Conecte las mangueras (3) del agua al cuerpo de la mariposa

de gases.
2
17) Conecte al cuerpo de la mariposa de gases: el cable (1) del
3
acelerador y el cable (2) de mariposa de la A/T (para vehículos
3
con A/T).

18) Instale en el colector de admisión, el tubo (2) de depósito de

compensación, con juntas nuevas; e instale en el cuerpo de la
1
mariposa, el tubo (1) de aire de admisión.

19) Instale la cubierta (1) del depósito de compensación.

20) Instale la caja superior del depurador de aire.

21) Conecte el acoplador al sensor de temperatura del aire de
admisión, y el sensor de MAF.
22) Instale la barra (1) de refuerzo.

23) Compruebe que todas las piezas desmontadas han sido insta-
ladas otra vez en su lugar correspondiente.
Vuelva a instalar las piezas necesarias que no hayan sido
reinstaladas.
24) Llene el sistema de refrigeración. Refiérase a “LAVADO Y LLE-
NADO DEL SISTEMA DE REFRIGERACIÓN”, en la sección
6B.
25) Conecte el cable negativo a la batería.
 MECÁNICA DEL MOTOR (MOTOR H27) 6A2-9

26) Después de completar la instalación, compruebe en cada

conexión que no hay fugas de combustible. Refiérase al proce-
dimiento descrito en la sección 6.

Colector de escape

ADVERTENCIA:
Para evitar el peligro de quemarse, no efectúe trabajos de
servicio en el sistema de escape cuando el sistema esté
todavía caliente. El servicio debe efectuarse después de
que el sistema se haya enfriado.

1. Colector de escape izquierdo (n° 1)

Colector de escape derecho (n° 2)
2. Cubierta de colector de escape
3. Tubo n° 1 de escape
A. Sin WU-TWC
B. Con WU-TWC

DESMONTAJE
1) Desconecte el cable negativo (–) en la batería.
2) Desmonte la caja superior del depurador de aire y la manguera
del aire de admisión, si el colector de escape derecho ha sido
desmontado.
3) Separe los acopladores de sus soportes, y desconecte en los
acopladores los cables conductores de los sensores de oxí-
geno.
1. Sensor HO2S-1 (conector verde)
2. Sensor HO2S-2 (conector negro)
6A2-10 MECÁNICA DEL MOTOR (MOTOR H27)

4) Desconecte el tubo de EGR del colector de escape del banco

derecho (n° 2), si el colector de escape derecho ha sido des-
montado.
5) Desmonte la guía (3) del medidor de nivel del aceite, si el colec-
1
4 tor de escape izquierdo ha sido desmontado.
6) Si el colector de escape izquierdo ha sido desmontado, separe
el conjunto de la bomba de P/S, de la manera siguiente.
a) Afloje la correa de accionamiento de la bomba de P/S, aflo-
jando el perno del tensor.
2
b) Desmonte los pernos de montura de la bomba de P/S.
3 c) Desprenda del bloque de cilindros, el conjunto (4) de bomba
de P/S, con sus mangueras.
7) Desmonte la tapa (2) de colector de escape, de colectores (1)
de escape.
8) Levante el vehículo.
9) Para el vehículo 4WD, antes de desmontar el eje de transmi-
sión delantero, coloque marcas (1) de coincidencia en la brida
de unión y en el eje de transmisión, en la forma mostrada en la
figura, para así facilitar la reinstalación.
10) Para el vehículo 4WD, desconecte el eje de transmisión, del
diferencial delantero.

11) Desmonte los refuerzos (1) de colector de escape.

2. Tubo n° 1 de escape
A. Sin WU-TWC
B. Con WU-TWC

12) Desmonte el perno de montaje de la barra estabilizadora, y pre-

sione hacia abajo la barra estabilizadora, si el colector de
escape derecho ha sido desmontado.
13) Desmonte de las culatas, los colectores de escape y sus juntas.
 MECÁNICA DEL MOTOR (MOTOR H27) 6A2-11

INSTALACIÓN
1) Instale juntas de colector nuevas en las culatas, y junta de tubo
n° 1 en el tubo n° 1 de escape.
2) Instale los colectores de escape.
• Siempre instale los pernos nuevos pre-revestidos con adhe-
sivo, en las localizaciones con la marca ✱.
• Apriete los pernos y tuercas, de ambos colectores, al par de
apriete especificado.
Par de apriete
Perno y tuerca del colector de escape (a) :
30 N·m (3,0 kg-m)
1. Colector de escape izquierdo (n° 1)
2. Colector de escape derecho (n° 2)

3) Instale la barra estabilizadora, si ha sido desmontada. Refié-

rase a “BARRA ESTABILIZADORA Y/O CASQUILLOS”, en la
sección 3D.
4) Instale los refuerzos de colector de escape (si han sido des-
montados).

5) Desmonte el tubo n° 1 (1) de escape.

Apriete los pernos del tubo n° 1 de escape, al par de apriete
especificado.
Par de apriete
Perno del tubo n° 1 de escape (b) :
50 N·m (5,0 kg-m)
2. Tubo n° 2 de escape

6) Apriete los pernos del tubo n° 1 de escape, al par de apriete

especificado.

Par de apriete
Tuerca del tubo n° 1 de escape (b) :
50 N·m (5,0 kg-m)

1. Tubo n° 1 de escape
2. Colector de escape
A. Sin WU-TWC
B. Con WU-TWC
6A2-12 MECÁNICA DEL MOTOR (MOTOR H27)

7) Para instalar el eje de transmisión delantero (si ha sido des-

montado), invierta el procedimiento de desmontaje.
Cuando instale el eje de transmisión, alinee las marcas (1) de
coincidencia.
Emplee las especificaciones siguientes para el apriete de la
brida de junta universal.
Par de apriete
Perno de brida de junta universal (c) :
55 N·m (5,5 kg-m)

8) Conecte el tubo de EGR, al colector (1) de escape del banco

izquierdo (n° 1).
4 1 9) Instale las tapas (2) de colector de escape.
10) Instale la guía (3) del medidor de nivel del aceite, con una junta
tórica nueva.
11) Instale el conjunto (4) de la bomba de P/S, si fue desmontado.
Refiérase a “BOMBA DE SERVODIRECCIÓN”, en la sección
2 3B1.
3 12) Ajuste la tensión de la correa propulsora de la bomba de servo-
dirección. Refiérase a “INSPECCIÓN Y AJUSTE DE LA
CORREA DE SERVODIRECCIÓN”, en la sección 3B1.

13) Conecte los acopladores de cable conductor de sensores de

oxígeno.
Asegúrese de fijar los cables conductores, con abrazaderas.
1. Sensor HO2S-1 (conector verde)
2. Sensor HO2S-2 (conector negro)

14) Conecte el cable negativo (–) a la batería.

Después de la instalación, haga arrancar el motor y compruebe
que no hay fugas de gases.

Tensor de cadena y segunda cadena de distribución de banco (n° 1) izquierdo
1. Segunda cadena de distribución de banco
izquierdo
2. Ajustador n° 3 de tensor de la cadena de distri-
bución
3. Rueda dentada del árbol de levas de admisión
de banco izquierdo
4. Rueda dentada del árbol de levas de escape de
banco izquierdo
5. Perno de rueda dentada de árbol de levas
6. Guía n° 4 de la cadena de distribución
7. Guía n° 5 de la cadena de distribución
8. Rueda dentada n° 2 intermedia
MECÁNICA DEL MOTOR (MOTOR H27) 6A2-13
9. Perno del ajustador n° 3 de tensor de la cadena
de distribución
10. Tuerca del ajustador n° 3 de tensor de la
cadena de distribución
11. Perno de guía n° 4 de la cadena de distribución
Par de apriete
6A2-14 MECÁNICA DEL MOTOR (MOTOR H27)
Ajustador de árbol de levas y de juego de válvula
1. Segunda cadena de distribución de banco derecho
2. Árbol de levas de escape de banco derecho
3. Árbol de levas de admisión de banco derecho
4. Sujetador de árbol de levas de escape de banco
derecho
5. Sujetador de árbol de levas de admisión de banco
derecho
6. Árbol de levas de admisión de banco izquierdo
7. Árbol de levas de escape de banco izquierdo
8. Sujetador de árbol de levas de admisión de
banco izquierdo
9. Sujetador de árbol de levas de escape de
banco izquierdo
10. Sujetador de árbol de levas de banco izquierdo
11. Guía n° 5 de la cadena de distribución
12. Ajustador de juego de válvula
13. Perno de montaje de árbol de levas
Par de apriete
Aplique aceite de motor a la superficie
deslizante de cada pieza.
 MECÁNICA DEL MOTOR (MOTOR H27) 6A2-15

COMPROBACIÓN
Desgaste de la leva

Utilice un micrómetro y mida la altura de la leva. Si la altura medida

es menor que el límite especificado, reemplace el árbol de levas.
Altura de la leva de admisión :
Estándar : 40,402 – 40,562 mm
Límite : 40,300 mm
Altura de la leva de escape :
Estándar : 39,428 – 39,588 mm
Límite : 39,400 mm

Ovalización del árbol de levas

Coloque el árbol de levas entre dos bloques en “V”, y utilizando un

medidor de cuadrante mida su ovalización.
Si la ovalización excede el límite especificado, reemplace el árbol de
levas.
Límite de ovalización del árbol de levas :
0,04 mm

Desgaste de muñequilla del árbol de levas

Verifique si las muñequillas del árbol de levas y las monturas del

árbol de levas están picadas, con rayas, desgastadas o dañadas.
Si se encuentra cualquiera condición de mal estado, reemplace el
árbol de levas o la culata, con las monturas. Nunca reemplace la
culata sin reemplazar las monturas.

Utilice una galga plástica y compruebe la holgura. El procedimiento

de ajuste es el siguiente.
1) Limpie las monturas y las muñequillas del árbol de levas.
2) Asegúrese de que todos los ajustadores de válvula han sido
desmontados, e instale el árbol de levas en la culata.
3) Coloque un trozo de galga plástica en todo el ancho de la
muñequilla del árbol de levas (paralela al árbol de levas).
4) Instale los monturas de árbol de levas.
5) Apriete los pernos de montura del árbol de levas en el orden
siguiente (A) : “1” → “17”, [B] : “1” → “19”) como mostrado en la
figura, un poco cada vez, y hasta que queden apretados al par
de apriete especificado.

NOTA:
No haga girar el árbol de levas mientras la galga plástica
esté instalada.
[A] : Banco derecho
[B] : Banco izquierdo
6A2-16 MECÁNICA DEL MOTOR (MOTOR H27)

6) Desmonte la montura, y utilizando una escala (2) mida en la

envoltura de la galga (1) plástica el punto más ancho de la
galga (1).
Holgura de muñequilla del árbol de levas :
Estándar : 0,045 – 0,099 mm
Límite : 0,12 mm

Si la holgura medida de la muñequilla del árbol de levas excede el

valor límite especificado, mida el calibre (montura) de la muñequilla y
el diámetro exterior de la muñequilla del árbol de levas. Reemplace
el árbol de levas o el conjunto de culata, según sea la pieza que
difiere más de las especificaciones.
Diámetro del calibre de la muñequilla del árbol de levas
(ADMISIÓN & ESCAPE) :
Estándar : 26,000 – 26,033 mm
Diámetro exterior de la muñequilla del árbol de levas (ADMI-
SIÓN & ESCAPE) :
Estándar : 25,934 – 25,955 mm

Ajustador de juego de válvula hidráulica, desgastado

Compruebe si el ajustador está picado, con rayas, o dañado.

Si se encuentra cualquier condición deficiente, reemplace.

Mida el calibre en la culata y el diámetro exterior del ajustador de

válvula para determinar la holgura entre la culata y el ajustador de
válvula. Si la holgura excede el límite especificado, reemplace el
ajustador de válvula o la culata.
Diámetro exterior del ajustador de juego de válvula hidráu-
lica :
Estándar : 30,959 – 30,975 mm
Calibre de culata :
Estándar : 31,000 – 31,025 mm
Holgura entre la culata y el ajustador :
Estándar : 0,025 – 0,066 mm
Límite : 0,15 mm

Válvulas y culatas
1. Bloque de cilindros
2. Culata de banco derecho
3. Culata de banco izquierdo
4. Junta de culata de banco derecho
El número de lote estampado en la junta
de culata debe quedar posicionado
hacia arriba (hacia el lado de la culata).
5. Junta de culata de banco izquierdo :
El número de lote estampado en la junta
de culata debe quedar posicionado
hacia arriba (hacia el lado de la culata).
MECÁNICA DEL MOTOR (MOTOR H27) 6A2-17
6. Válvula de escape 11. Sello de aceite de 16. Perno (perno de cabeza
vástago de válvula hexagonal) de culata
7. Válvula de admisión 12. Retén de muelle de Par de apriete
válvula
8. Asiento de muelle de válvula 13. Chaveta semicó- No vuelva a utilizar
nica de válvula
9. Muelle exterior de válvula : 14. Guía de válvula Aplique aceite de motor a
Asegúrese bien de posicionar el la superficie deslizante
muelle colocando su extremo infe- de cada pieza.
rior (extremo de paso corto) posicio-
nado hacia el fondo (lado del
asiento del muelle de válvula).
10. Muelle interior de válvula : 15. Perno de culata
Asegúrese bien de posicionar el
muelle colocando su extremo infe-
rior (extremo de paso corto) posicio-
nado hacia el fondo (lado del
asiento del muelle de válvula).
6A2-18 MECÁNICA DEL MOTOR (MOTOR H27)

COMPROBACIÓN
Guías de válvula

Utilice un micrómetro y un medidor de calibre y mida el diámetro en

los vástagos y en las guías de válvula, para poder comprobar la hol-
gura del vástago a la guía. Asegúrese de leer en varios lugares a lo
largo de cada vástago y de cada guía.
Si la holgura excede el límite especificado, reemplace la válvula y la
guía de válvula.
Holgura del vástago de válvula a la guía de válvula :

Estándar Límite
Diámetro del vás- Admisión 5,965 – 5,980 mm –
tago de válvula Escape 5,940 – 5,955 mm –
Diámetro interior Admisión 5,985 – 6,010 mm
–
de guía de válvula y escape
Holgura del vás- Admisión 0,035 – 0,045 mm 0,07 mm
tago de válvula a la Escape 0,060 – 0,070 mm 0,09 mm
guía de válvula

INSTALACIÓN
1) Limpie la superficie de contacto de la culata y del bloque de
cilindros. Elimine los restos de aceite, producto de sellado viejo,
y el polvo, en las superficies de contacto.
2) Instale los pasadores (4) de detonación en el bloque de cilin-
dros.
3) Aplique producto de sellado “A” a la junta (1) de culata, en la
forma mostrada en la figura.
“A” : Producto de sellado n° 99000-31150
Cantidad de producto de sellado (Ancho “w”) :
4 mm
4) Instale la junta (1) nueva de culata en el bloque de cilindros, en
la forma mostrada en la figura, el número (5) de lote estampado
en la junta (1) de culata debe quedar posicionado hacia arriba
(hacia el lado de la culata).
[A] : Banco derecho (n° 2)
[B] : Banco izquierdo (n° 1)
2. Lado de la polea del cigüeñal
3. Lado del volante de inercia
 MECÁNICA DEL MOTOR (MOTOR H27) 6A2-19

5) Instale la culata, en el bloque de cilindros.

Aplique aceite de motor a los pernos de la culata, y apriete los
pernos gradualmente, de la manera indicada a continuación.
a) Apriete los pernos a 53 N·m (5,3 kg-m) de acuerdo con el
orden numérico indicado en la figura.
b) Asimismo, tal como en el paso a), apriételos a 84 N·m (8,4 kg-
m).
c) Afloje todos los pernos -en el orden inverso al apriete- hasta
que el par de apriete quede reducido a 0.
d) Asimismo, tal como en el paso a), apriételos a 53 N·m (5,3 kg-
m).
e) Además, tal como en el paso a), vuelva a apretarlos al par de
apriete especificado.
Par de apriete
Perno de la culata (a) : 105 N·m (10,5 kg-m)
Perno de culata (perno hueco hexagonal) (b):
11 N·m (1,1 kg-m)

NOTA:
No olvide de instalar los pernos (b), como mostrado en la
figura.
1. Perno hueco hexagonal
2. Lado de la polea del cigüeñal
3. Lado del volante de inercia
[A] Banco derecho
[B] Banco izquierdo

6) Instale la tapa de salida de agua

7) Compruebe la marca de distribución, en el cigüeñal, en la forma

mostrada en la figura.
1. Chaveta de la polea de distribución del cigüeñal
2. Chorro de aceite

8) Instale el ajustador de válvula, árbol de levas, sensor de CMP, y

segunda cadena de distribución de banco RH.
Refiérase a “ÁRBOL DE LEVAS Y AJUSTADOR DE JUEGO
DE VÁLVULA” y a “TENSOR DE CADENA Y SEGUNDA
CADENA DE DISTRIBUCIÓN DE BANCO (N° 2) RH”, en esta
sección. Para el sensor de CMP, refiérase a “SENSOR DE
CMP”, en la sección 6F2.
9) Instale la primera cadena de distribución.
Refiérase a “PRIMERA CADENA DE DISTRIBUCIÓN Y TEN-
SOR DE CADENA”, en esta sección.
10) Instale la segunda cadena de distribución de banco izquierdo.
Refiérase a “TENSOR DE CADENA Y SEGUNDA CADENA DE
DISTRIBUCIÓN DE BANCO (N° 1) IZQUIERDO”, en esta sec-
ción.
11) Instalc el cárter de cadena de distribución.
Refiérase a “CÁRTER DE CADENA DE DISTRIBUCIÓN ”, en
esta sección.
6A2-20 MECÁNICA DEL MOTOR (MOTOR H27)

12) Instale el cárter de aceite y el colador de la bomba de aceite.

Refiérase a “CÁRTER DE ACEITE Y COLADOR DE LA
BOMBA DE ACEITE ”, en esta sección.
13) Instale la tapa de la culata.
Refiérase a “TAPA DE CULATA”, en esta sección.
14) Instale el colector de escape.
Refiérase a “COLECTOR DE ESCAPE”, en esta sección.
15) Instale el tubo de salida del radiador, radiador, ventilador de
enfriamiento y manguera de agua.
Refiérase a “TUBOS O MANGUERAS DE AGUA DE REFRI-
GERACIÓN”, “RADIADOR” y “VENTILADOR DE ENFRIA-
MIENTO Y EMBRAGUE DE VENTILADOR”, en la sección 6B.
16) Instale el cuerpo de la mariposa y el colector de admisión.
Refiérase a “CUERPO DE LA MARIPOSA Y COLECTOR DE
ADMISIÓN”, en esta sección.
17) Ajuste la tensión de la correa de accionamiento de la bomba de
agua.
Refiérase a “AJUSTE Y COMPROBACIÓN DE LA TENSIÓN
DE LA CORREA DEL VENTILADOR DE ENFRIAMIENTO”, en
la sección 6B.
18) Ajuste la tensión de la correa de accionamiento de la bomba de
servodirección.
Refiérase a “CORREA DE ACCIONAMIENTO DE BOMBA DE
SERVODIRECCIÓN”, en la sección 3B1.
19) Ajuste el juego del cable del acelerador, y el juego del cable de
la mariposa de A/T. Refiérase a “AJUSTE DEL CABLE DEL
ACELERADOR” y “AJUSTE DEL CABLE DE LA MARIPOSA
DE A/T (VEHÍCULO CON A/T)”, en la sección 6E2.
20) Compruebe que todas las piezas desmontadas han sido insta-
ladas otra vez en su lugar correspondiente. Vuelva a instalar
las piezas necesarias que no hayan sido reinstaladas.
21) Llene el motor con aceite de motor. Refiérase a “CAMBIO DEL
ACEITE DEL MOTOR”, en la sección 0B.
22) Llene el sistema de refrigeración. Refiérase a “LAVADO Y LLE-
NADO DEL SISTEMA DE REFRIGERACIÓN”, en la sección
6B.
23) Llene el alojamiento del diferencial delantero con aceite para
engranajes, si es efectuado el drenaje. Refiérase a “ SERVICIO
DE MANTENIMIENTO”, en la sección 7E.
24) Conecte el cable negativo a la batería.
25) Compruebe y ajuste si es necesario el calado del encendido.
Refiérase a “COMPROBACIÓN Y AJUSTE DEL CALADO DEL
ENCENDIDO”, en la sección 6F2.
26) Compruebe que en cada conexión no hay fugas de combusti-
ble, fugas de agua, fugas de aceite, ni fugas de gases de
escape.
27) Compruebe la alineación de las ruedas, refiriéndose a
“ÁNGULO DE DIRECCIÓN”, en la sección 3A.

Pistones, aros de pistón, bielas y cilindros
1. Aro superior de compresión
2. 2° aro de compresión
3. Aro rascador de aceite
4. Pistón
MECÁNICA DEL MOTOR (MOTOR H27) 6A2-21
5. Biela : 9. Circlip de bulón de pistón Par de apriete
Limpie la superficie de instalación del
cojinete, al instalar el cojinete.
6. Tapa de cojinete de biela : 10. Bloque de cilindros No vuelva a utilizar
Limpie la superficie de instalación del
cojinete, al instalar el cojinete.
7. Cojinete de biela : 11. Tuerca de tapa de cojinete Aplique aceite de motor a la super-
Limpie la superficie exterior, al insta- ficie deslizante de cada pieza.
lar.
8. Bulón de pistón
6A2-22 MECÁNICA DEL MOTOR (MOTOR H27)

COMPROBACIÓN
Cilindros
• Inspeccione la camisa del cilindro para detectar rayaduras,
asperezas o rebordes que indican un desgaste excesivo. Si las
paredes del cilindro están demasiado ásperas y profundamente
entalladas o hay rebordes considerables, proceda a escariar el
cilindro y utilice un pistón sobredimensionado.
• Utilice un calibrador de cilindros y mida el calibre del cilindro en
los sentidos de empuje y axial, en dos posiciones (1, 2), como
mostrado en la figura.
Si se comprueba cualquiera de las condiciones siguientes, pro-
ceda a escariar el cilindro.
– El diámetro del calibre del cilindro excede el límite especifi-
cado.
– La diferencia de mediciones en dos posiciones excede el
límite de conicidad.
– La diferencia entre las mediciones en el sentido de empuje y
axial excede el límite de ovalización.
Límite del diámetro del calibre del cilindro :
88,050 mm
Límite de conicidad y ovalización del cilindro :
0,10 mm

NOTA:
Si es necesario rectificar uno de los seis cilindros, rectifi-
que los seis cilindros para obtener el mismo sobredimen-
sionamiento. Esto es necesario para garantizar la
uniformidad y el equilibrio.
1. 50 mm
2. 95 mm

Pistones
• Inspeccione los pistones para detectar los defectos, grietas
y otros daños.
El pistón dañado o defectuoso debe ser reemplazado.
• Diámetro del pistón :
Como indicado en la figura, el diámetro del pistón debe ser
medido a la distancia de 26,5 mm (1) del extremo de la falda
del pistón, en sentido perpendicular al bulón del pistón.
Diámetro del pistón :

Estándar 87,970 – 87,990 mm

Sobredimensión : 88,470 – 88,490 mm
0,50 mm
 MECÁNICA DEL MOTOR (MOTOR H27) 6A2-23

• Holgura del pistón :

Mida el diámetro del calibre del cilindro y el diámetro del pistón
para calcular por diferencia cuál es la holgura del pistón. La hol-
gura del pistón debe estar conforme con las especificaciones
indicadas a continuación. Si está fuera de las especificaciones,
rectifique el cilindro y utilice un pistón sobredimensionado.
Holgura del pistón :
0,02 – 0,04 mm

NOTA:
Los diámetros de calibre de cilindro utilizados aquí están
medidos en dos lugares, en el sentido del empuje.
1. 26,5 mm

• Holgura del surco de aro:

Antes de ser comprobados, los surcos del pistón deben estar
limpios, secos y sin depósitos de carbonilla.
Inserte el aro (1) nuevo de pistón en el surco para aro, y utilice
el calibre (2) de espesores para medir la holgura entre el aro y
la garganta del aro. Si la holgura está fuera del límite especifi-
cado, reemplace el aro.
Holgura del surco de aro :
Superior : 0,03 – 0,07 mm
2° : 0,02 – 0,06 mm
6A2-24 MECÁNICA DEL MOTOR (MOTOR H27)

ARMADO

1) Hay disponibles dos tamaños de pistón -como pieza suelta de

tamaño estándar- para asegurar la holgura adecuada entre el
pistón y el cilindro. Cuando se instale un pistón de tamaño
estándar, asegúrese de hermanar el pistón con el cilindro, de la
manera siguiente.
a) Cada pistón tiene estampado un número (1 ó 2) en la cabeza
del pistón. El número representa el diámetro exterior del pis-
tón.
b) En el bloque de cilindros también están estampados los
números 1 ó 2, como lo muestra la figura.
c) Los números estampados en el pistón y en el bloque de cilin-
dros deben coincidir. Es decir, instale el pistón con el número
“2” estampado en el cilindro que también tiene el número “2”
estampado, e instale un pistón con el número “1” estampado,
en el cilindro que también tiene estampado el número “1”.
Además, en la cabeza del pistón también hay estampada una
letra A, B, o C, pero -generalmente- no es necesario distinguir
cada pistón mediante esta letra.
Holgura entre pistón y cilindro
Pistón :

Número en la parte superior Diámetro exterior

(marca)
1 87,98 – 87,99 mm
2 87,97 – 87,98 mm
Cilindro :

Número en el bloque de cilindros Diámetro exterior

(marca)
1 88,01 – 88,02 mm
2 88,00 – 88,01 mm

Holgura entre pistón y cilindro :

0,02 – 0,04 mm

2) Instale el bulón de pistón en el pistón y en la biela :

Después de aplicar aceite de motor al bulón de pistón y a los
orificios de bulón de pistón -en el pistón y la biela- fije la biela
en el pistón, como mostrado en la figura, e inserte el bulón en el
pistón y en la biela, e instale los anillos elásticos del bulón de
pistón.

NOTA:
La marca “86F” en la biela debe quedar posicionada hacia
el lado de la polea del cigüeñal.
1. Pistón
2. Marca en flecha
3. Biela
 MECÁNICA DEL MOTOR (MOTOR H27) 6A2-25

NOTA:
• Instale el anillo elástico de retención con su parte cor-
tada posicionada en la forma mostrada en la figura.
• Instale de manera que las puntas del circlip queden
dentro del espacio indicado por la flecha “A”, en la
figura.
1. Pistón
2. Marca en flecha
3. Biela
4. Orificio de aceite
5. Lado de la polea del cigüeñal

3) Instale los aros de pistón en el pistón :

• Como indicado en la figura, el primer y el segundo aro tienen
una marca “RN” o “R”, respectivamente. Cuando instale estos
aros de pistón en el pistón, posicione el lado marcado de cada
aro de pistón, hacia la parte superior del pistón.
• El primer aro se diferencia del segundo aro por su grosor, forma
y color de su superficie de contacto con la camisa del cilindro.
Para distinguir el primer aro del segundo aro de pistón, refié-
rase a la figura.
• Cuando instale el aro rascador de aceite, primero instale el
espaciador y enseguida instale los dos rieles.
1. Primer aro
2. 2° aro de compresión
3. Aro rascador de aceite

4) Después de instalar los tres aros (1ª, 2ª y rascador de aceite),

reparta la posición de las separaciones de sus puntas en la
forma indicada en la figura.
1. Marca en flecha
2. Separación de las puntas del primer aro de pistón
3. Separación de las puntas del segundo aro de pistón y separación del espaciador
del aro rascador de aceite
4. Separación de las puntas del riel superior del aro rascador de aceite
5. Separación de las puntas del riel inferior del aro rascador de aceite
6. Lado de admisión
7. Lado de escape
6A2-26 MECÁNICA DEL MOTOR (MOTOR H27)

Revisión general y reparación de la unidad

Conjunto del motor
DESMONTAJE
1) Alivie la presión de combustible en la tubería de alimentación
de combustible. Refiérase a “PROCEDIMIENTO DE ALIVIO DE
LA PRESIÓN DE COMBUSTIBLE”, en la sección 6.
2) Desconecte el cable negativo (–) en la batería.
3) Desmonte el capó del motor.
4) Drene el aceite del motor.
5) Drene el refrigerante del motor.
6) Desmonte el radiador, protector del ventilador del radiador, ven-
tilador de enfriamiento y depósito del radiador. Refiérase a
“VENTILADOR DE ENFRIAMIENTO Y EMBRAGUE DE VEN-
TILADOR”, y “RADIADOR”, en la sección 6B.

7) Desconecte del cuerpo de la mariposa: el cable (1) del acelera-

dor y el cable (2) de mariposa de la A/T (para vehículos con A/
T).
2
8) Desmonte la barra de refuerzo y la cubierta del depósito de
compensación.
9) Desconecte el acoplador del sensor de IAT y el acoplador del
sensor de MAF, y enseguida desmonte la caja superior del
1 depurador de aire, manguera de aire de admisión, tubo de aire
de admisión, y tubo de depósito de compensación, como un
componente.
10) Desmonte la guía del medidor de nivel del aceite y la guía del
medidor de nivel del fluido de A/T (para vehículos con A/T).
11) Desmonte las tapas de bobinas de encendido.
 MECÁNICA DEL MOTOR (MOTOR H27) 6A2-27

12) Desconecte los cables conductores eléctricos siguientes :

• Acoplador de cable de inyector
• Acoplador de sensor de CMP
• Acopladores de bobinas de encendido
• Acoplador de sensor de CKP
• Acoplador de sensor de MAP
• Acoplador de sensor (1) de TP
• Acoplador de válvula (2) de IAC
2
• Terminal a masa (3), del depósito de compensación
• Acoplador de la válvula de purga del recipiente de EVAP
• Acoplador de la válvula de EGR
• Acopladores del sensor-1 y del sensor-2 de oxigeno. Refiérase
1 4
a “Colector de escape”, en esta sección.
• Acoplador del sensor de temperatura del refrigerante del motor
• Acoplador del sensor de detonación
3 • Cables del generador
• Cables del motor de arranque
• Cable de presión de aceite
• Cable de la bomba de P/S
• Terminal a masa, del soporte del generador
5 • Calentador de bloque motor (si está equipado)
13) Desmonte abrazaderas y soportes.
14) Desconecte las mangueras siguientes :
• Manguera del calentador, del tubo de agua del calentador
• Manguera del calentador, de la tapa de salida del agua
6
7 • Manguera de recipiente de EVAP, del tubo del recipiente
• Manguera de vacío del reforzador de freno
15) Desmonte la válvula (5) de purga del recipiente de EVAP.
4. Soporte de abrazadera
6. Válvula de EGR
7. Manguera del calentador

16) Desconecte las mangueras siguientes, en la localización indi-

cada en la figura :
• Manguera (1) de alimentación de combustible, del tubo de ali-
mentación de combustible.
• Manguera de retorno de combustible, del tubo (2) de retorno de
combustible.
17) Desmonte el conjunto de la bomba de P/S. Refiérase a
“BOMBA DE SERVODIRECCIÓN”, en la sección 3B1.
18) Desmonte el conjunto del compresor del A/C. Refiérase a
“CONJUNTO DEL COMPRESOR”, en la sección 1B.
19) Desmonte el conjunto de eje inferior de dirección. Refiérase a
“CONJUNTO DE EJE INFERIOR DE LA DIRECCIÓN”, en la
sección 3C1.
20) Levante el vehículo.
21) Desmonte del chasis, el alojamiento del diferencial delantero
con el diferencial, si está equipado. Refiérase a “DESMON-
TAJE”, en la sección 7E.
22) Desmonte el tubo n° 1 de escape. Refiérase a “COLECTOR DE
ESCAPE”, en esta sección.
23) Desmonte el refuerzo del colector de escape, de la transmisión.
6A2-28 MECÁNICA DEL MOTOR (MOTOR H27)

24) Desmonte las abrazaderas (1) de la manguera de fluido de A/T,

del soporte (2) de montaje del motor. (Para vehículo con A/T)
25) Desmonte la placa inferior del cárter del embrague.
26) Desmonte los pernos del convertidor de par (para vehículo con
A/T).
27) Desmonte el motor de arranque.
28) Baje el vehículo.
29) Apoye bien la transmisión. En el vehículo con A/T, no coloque
un gato debajo del cárter de fluido de A/T para apoyar la trans-
misión

30) Desmonte los pernos y tuercas que fijan el bloque de cilindros y

la transmisión.

31) Instale el dispositivo de elevamiento.

32) Desconecte los soportes (1) de monturas laterales del motor,
de las monturas del motor.
33) Antes de levantar el motor, asegúrese de que todas las man-
gueras, cables eléctricos y cables han sido desconectados del
motor.
34) Desmonte el conjunto del motor -del chasis y de la transmisión-
levantando un poco el conjunto, deslizando el conjunto hacia el
lado delantero, y enseguida eleve cuidadosamente el conjunto
del motor.

INSTALACIÓN
Para la instalación, invierta el procedimiento anterior de desmontaje,
teniendo en consideración los puntos siguientes.
1) Baje el conjunto del motor hasta el compartimento del motor.
Conecte el motor a la transmisión, y los soportes de monturas
laterales del motor, a las monturas del motor.
2) Apriete las tuercas que fijan los soportes de monturas laterales
del motor y las monturas del motor.
Par de apriete
Tuerca de soporte de montura lateral del motor (a):
50 N·m (5,0 kg-m)
 MECÁNICA DEL MOTOR (MOTOR H27) 6A2-29

3) Apriete al par de apriete especificado, los pernos y tuercas que

fijan el bloque de cilindros y la transmisión.
Par de apriete
Perno y tuerca de la transmisión al bloque del motor (b) :
85 N·m (8,5 kg-m)
1. Perno (corto)
2. Perno (largo)

4) Desmonte el dispositivo de levantamiento.

5) Apriete los pernos del convertidor de par, al par de apriete

especificado (para vehículo con A/T).
Par de apriete
Perno de convertidor de par (c) :
65 N·m (6,5 kg-m)

6) Apriete los pernos y tuercas del tubo (1) n° 1 de escape, al par

de apriete especificado.
Par de apriete
Perno y tuerca del tubo n° 1 de escape (d) :
50 N·m (5,0 kg-m)

7) Instale en el chasis, el alojamiento del diferencial delantero con

el diferencial, si fue desmontado. Refiérase a “MONTAJE”, en la
sección 7E.
8) Instale el conjunto de eje inferior de dirección. Refiérase a
“CONJUNTO DE EJE INFERIOR DE LA DIRECCIÓN”, en la
sección 3C1.
9) Instale el conjunto del compresor del A/C. Refiérase a “CON-
JUNTO DEL COMPRESOR”, en la sección 1B.
10) Instale el conjunto de la bomba de P/S. Refiérase a “BOMBA
DE SERVODIRECCIÓN”, en la sección 3B1.
11) Conecte las mangueras, los cables y los cables eléctricos.
12) Ajuste el juego del cable del acelerador, y el juego del cable de
la mariposa de A/T (para vehículo con A/T). Refiérase a
”AJUSTE DEL CABLE DEL ACELERADOR” y “AJUSTE DEL
CABLE DE LA MARIPOSA DE A/T (VEHÍCULO CON A/T), en
la sección 6E2.
13) Llene el motor con aceite de motor. Refiérase a “CAMBIO DEL
ACEITE DEL MOTOR”, en la sección 0B.
14) Llene el sistema de refrigeración. Refiérase a “LAVADO Y LLE-
NADO DEL SISTEMA DE REFRIGERACIÓN”, en la sección
6B.
15) Compruebe que todos los fijadores y abrazaderas están fijados
correctamente.
16) Compruebe que en cada conexión no hay fugas de combusti-
ble, fugas de refrigerante, fugas de fluido de P/S, ni fugas de
gases de escape.
6A2-30 MECÁNICA DEL MOTOR (MOTOR H27)

Cojinetes principales, cigüeñal y bloque de cilindros

1. Bloque de cilindros 6. Sello de aceite trasero 11. Junta tórica [A]: Cantidad de aplicación de producto
sellador
2. Cárter inferior del cigüeñal: 7. Volante de inercia (M/T), o 12. Placa del cárter del Par de apriete
Aplique producto sellador 99000- placa impulsora (A/T) embrague
31150 a la superficie inferior de con-
tacto, del cárter del cigüeñal.
3. Cigüeñal 8. Bomba de agua 13. Perno de tapa No vuelva a utilizar

4. Cojinete principal
5. Cojinete de empuje:
Fije el cojinete posicionado hacia el
lado con surcos del codo del cigüeñal.
9. Junta tórica
10. Chorro de aceite de la
cadena de distribución
14. Perno del cárter inferior Aplique aceite de motor a la super-
del cigüeñal ficie deslizante de cada pieza.
15. Sensor de detonación “a”: Ancho 3 mm
“b”: Altura 2 mm
 MECÁNICA DEL MOTOR (MOTOR H27) 6A2-31

Holgura del cojinete principal

Compruebe la holgura empleando una galga (1) plástica de acuerdo
con el procedimiento siguiente.
1) Desmonte el cárter del cigüeñal.
2) Limpie los cojinetes y los cuellos principales.
3) Coloque un trozo de galga plástica (plastigage) en todo el
ancho del cojinete (paralelamente al cigüeñal) en el cuello, y
evitando el orificio para el aceite.

4) Instale el cárter del cigüeñal, en el bloque de cilindros.

Apriete los pernos siguiendo la secuencia mostrada en la
figura. Apriete los pernos del cárter del cigüeñal, al par de
apriete especificado.

NOTA:
Primero, apriete los pernos de rosca de 10 mm de diámetro
(siguiendo el orden mostrado en la figura), y enseguida
apriete los pernos de rosca de 8 mm de diámetro.

Par de apriete
Perno de tapa de cojinete de empuje y de cojinete de muñe-
quilla (diámetro de rosca: 8 mm) (a):
60 N·m (6,0 kg-m)
Perno de tapa de cojinete de empuje y de cojinete de muñe-
quilla (diámetro de rosca: 10 mm) (b):
27 N·m (2,7 kg-m)

NOTA:
No haga girar el cigüeñal mientras esté instalada la galga
plástica.
1. Cárter inferior del cigüeñal
2. Perno (diámetro de rosca: 10 mm)
3. Perno (diámetro de rosca: 8 mm)
4. Perno largo (diámetro de rosca: 8 mm)
6A2-32 MECÁNICA DEL MOTOR (MOTOR H27)

5) Desmonte el cárter del cigüeñal, y utilizando la escala (2) de la

envoltura de la galga (1) plástica mida en la envoltura de la
galga (1) plástica el punto más ancho de la galga. Si la holgura
medida excede el límite especificado, reemplace el cojinete.
Siempre reemplace los dos semicojinetes (inferior y superior),
como una sola unidad.
Con un cojinete estándar nuevo puede ser posible obtener la
holgura adecuada. Si no es el caso, será necesario rectificar la
muñequilla del cigüeñal para utilizar un cojinete subdimensio-
nado de 0,25 mm.
Después de seleccionar e instalar un cojinete nuevo, vuelva a
verificar la holgura.
Separación del cojinete principal para el cigüeñal con los
números “1” a “3” estampados
Estándar: 0,024 – 0,044 mm
Límite: 0,060 mm
Separación del cojinete principal para el cigüeñal con los
números “4” a “9” estampados
• Tamaño normal
Normal: 0,0210 – 0,0390 mm
Límite: 0,0520 mm
• Subtamaño
Normal: 0,0240 – 0,0420 mm
Límite: 0,0550 mm
Selección de cojinetes principales para el cigüeñal con los
números “1” a “3” estampados
• COJINETE ESTÁNDAR:
Si el cojinete está en malas condiciones, o si la holgura del
cojinete no corresponde con las especificaciones, selec-
cione un cojinete estándar nuevo de acuerdo con el procedi-
miento siguiente, y proceda a instalarlo.
1) Primero, compruebe el diámetro de la muñequilla. Como mos-
trado en la figura el brazo del cigüeñal tiene números y letras
estampados en su parte central.
Tres clases de números (“1”, “2” y “3”) representan los diáme-
tros de muñequilla siguientes.
Diámetro de muñequilla:

Números estampados Diámetro de muñequilla

1 65,000 – 65,006 mm
2 64,994 – 65,000 mm
3 64,988 – 64,994 mm
1. Cigüeñal
2. Brazo de cigüeñal
 MECÁNICA DEL MOTOR (MOTOR H27) 6A2-33

2) Enseguida, compruebe el diámetro del calibre del cárter del

cigüeñal (tapa de cojinete), sin el cojinete. Como lo muestra la
figura, en la superficie inferior del cárter inferior del cigüeñal,
hay estampadas 4 letras.
Tres clases de letra (A, B y C) representan los diámetros
siguientes de calibre de tapa.
Diámetro de calibre de tapa de cojinete principal:

Diámetro de calibre de tapa de coji-

Números estampados
nete (sin el cojinete)
A 70,000 – 70,006 mm
B 70,006 – 70,012 mm
C 70,012 – 70,018 mm
1. Lado de la polea del cigüeñal
2. Letras estampadas
3. Cojinete n° 1
4. Cojinete n° 2
5. Cojinete n° 3
6. Cojinete n° 4

3) Hay 5 clases de cojinetes estándar, que difieren en el grueso.

Para distinguirlos, están pintados de los colores siguientes en
el lugar mostrado en la figura.
Cada color indica el grueso siguiente en la parte central del
cojinete.
Dimensión estándar del grosor de cojinete principal:

Color pintado Grosor del cojinete

Negro 2,496 – 2,500 mm
Sin color (no pintado) 2,499 – 2,503 mm
Amarillo 2,502 – 2,506 mm
Azul 2,505 – 2,509 mm
Rosa 2,508 – 2,512 mm
1. Pintura
6A2-34 MECÁNICA DEL MOTOR (MOTOR H27)

4) De acuerdo con el número estampado en el centro del brazo

del cigüeñal y con las letras estampadas en el lado inferior del
cárter del cigüeñal -y refiriéndose a la tabla siguiente- deter-
mine el cojinete estándar nuevo que será instalado en la muñe-
quilla.
Por ejemplo si el número estampado en el brazo del cigüeñal
es “1” y la letra estampada en el cárter del cigüeñal es “B”, ins-
tale en su muñequilla un cojinete estándar nuevo pintado de
color “Negro”.
Especificación de la dimensión de cojinete estándar nuevo

Número estampado en el
brazo del cigüeñal
(Diámetro de muñequilla)
1 2 3
Letra estampada en el A Negro Incoloro Amarillo
cárter inferior del cigüe- B Incoloro Amarillo Azul
ñal (Diámetro del cali-
bre de la tapa) C Amarillo Azul Rosa

5) Utilice galga plástica y compruebe la holgura del cojinete con el

cojinete estándar nuevo seleccionado.
Si la holgura todavía excede el límite especificado, utilice un
cojinete más grueso y vuelva a medir la holgura.
6) Cuando por cualquier razón reemplace el cigüeñal o el bloque
de cilindros, y el cárter del cigüeñal, seleccione cojinetes están-
dar nuevos que serán instalados refiriéndose al número estam-
pado en el nuevo cigüeñal, o a las letras estampadas en el
cárter inferior del cigüeñal, nuevo.
• COJINETE SUBDIMENSIONADO (0,25 mm):
Hay disponibles cojinetes subdimensionados de 0,25 mm,
en cinco variedades de grosor diferente.
Para distinguirlos, cada cojinete está pintado de los colores
siguientes, en el lugar indicado en la figura.
Cada color indica el grosor siguiente, en la parte central del
cojinete.
Grosor de cojinete principal subdimensionado

Color pintado Grosor del cojinete

Negro y rojo 2,621 – 2,625 mm
Rojo 2,624 – 2,628 mm
Rojo y amarillo 2,627 – 2,631 mm
Rojo y azul 2,630 – 2,634 mm
Rojo y rosado 2,633 – 2,637 mm
1. Pintura

• Si es necesario, rectifique la muñequilla del cigüeñal y selec-

cione -de la manera siguiente- un cojinete subdimensionado.
1) Rectifique la muñequilla para obtener el diámetro acabado
siguiente.
Diámetro de muñequilla acabada:
64,738 – 64,756 mm
 MECÁNICA DEL MOTOR (MOTOR H27) 6A2-35

2) Utilice un micrómetro y mida el diámetro de muñequilla rectifi-

cada.
La medición debe ser hecha en dos sentidos perpendiculares
entre sí, para comprobar la ovalización.
3) Utilice el valor del diámetro de muñequilla medido anterior-
mente y las letras estampadas en el cárter inferior del cigüeñal
y seleccione un cojinete subdimensionado. Refiérase a la tabla
siguiente.
Compruebe la holgura del cojinete utilizando el cojinete subdi-
mensionado que se acaba de seleccionar.

Especificación de la dimensión de cojinete subdimensionado:

Diámetro medido de muñequilla

64,750 – 64,756 mm 64,744 – 64,750 mm 64,738 – 64,744 mm
Letra estampada en el A Negro y rojo Rojo Rojo y amarillo
cárter inferior del cigüe- B Rojo Rojo y amarillo Rojo y azul
ñal C Rojo y amarillo Rojo y azul Rojo y rosado

Selección de cojinetes principales para el cigüeñal con los

números “4” a “9” estampados

COJINETE NORMAL:
Si en el motor se da alguna de las siguientes condiciones, selec-
cione como se muestra un cojinete normal e instálelo.
• Cojinete en mal estado.
• Separación del cojinete fuera de los valores especificados.
• Se ha cambiado el cigüeñal o el bloque de cilindros.
1) Inspeccione primero el diámetro del muñón. Tal como aparece
en la figura, el brazo del cigüeñal tiene números y letras estam-
2
pados en el centro.
Hay seis tipos de números (de “4” a “9”) que representan los
siguientes diámetros de muñón.

1 Diámetro del muñón

4
5
6
Número estampado Diámetro del muñón
7
4 65,0030 – 65,0060 mm
5 65,0000 – 65,0029 mm
6 64,9970 – 64,9999 mm
7 64,9940 – 64,9969 mm
8 64,9910 – 64,9939 mm
9 64,9880 – 64,9909 mm
1. Cigüeñal
2. Brazo del cigüeñal
6A2-36 MECÁNICA DEL MOTOR (MOTOR H27)

2) A continuación, inspeccione el diámetro de calibre del munón.

En el cárter del cigüeñal inferior hay estampadas cuatro letras
(1), como se muestra en la figura.
Hay tres letras (A, B y C) que representan los siguientes diáme-
tros de calibre del muñón.
Diámetro de calibre del muñón

Diámetro de calibre de tapa de coji-

Letra estampada
nete (sin cojinete)
A 70,0000 – 70,0060 mm
B 70,0061 – 70,0120 mm
C 70,0121 – 70,0180 mm
[A]: Tipo A 2. Lado de la polea del cigüeñal
[B]: Tipo B 3. Lado del volante
[C]: Tipo C
 MECÁNICA DEL MOTOR (MOTOR H27) 6A2-37

3) Hay 5 tipos de cojinetes normales según el espesor. Para dife-

renciarlos, están pintados con los siguientes colores en la posi-
ción que se indica en la figura.
Cada color indica el siguiente espesor en el centro del cojinete.

NOTA:
No se suministran los siguientes cojinetes porque no se
necesitan en este procedimiento de selección.
• Cojinete superior principal: Marrón
• Cojinete inferior principal: Negro

Espesor de cojinete principal de tamaño normal

Color de pintura Espesor de cojinete

Negro 2,4970 – 2,5000 mm
Sin color (sin pintura) 2,5000 – 2,5030 mm
Amarillo 2,5030 – 2,5060 mm
Azul 2,5060 – 2,5090 mm
Rosa 2,5090 – 2,5120 mm
Marrón 2,5120 – 2,5150 mm
1. Pintura

4) A partir de los números estampados en el centro del brazo del

cigüeñal y de las letras estampadas en el lado inferior del blo-
que de cilindros, determine el nuevo cojinete normal a instalar
en el muñón, consultando el cuadro a continuación.
Por ejemplo, si el número estampado en el brazo del cigüeñal
es “4”, instale el nuevo cojinete normal pintado en “Negro” en el
muñón del lado del bloque de cilindros y “Sin color” en el
muñón del lado del cárter de cigüeñal inferior.

NOTA:
El siguiente es el significado de “Superior” e “Inferior” en el
cuadro a continuación.
• Superior: Característica del cojinete principal instalado
en el muñón del lado del bloque de cilindros.
• Inferior: Característica del cojinete principal instalado en
el muñón del lado del cárter de cigüeñal inferior.

Cuadro de referencia de cojinete principal (cojinete normal)

Número estampado en el brazo del cigüeñal

4 5 6 7 8 9
Superior: Negro Superior: Sin color Superior: Amarillo
Letra estam- A Inferior: Sin color Sin color Inferior: Amarillo Amarillo
Inferior: Azul
Azul
pada en el
Superior: Sin color Superior: Amarillo Superior: Azul
cárter de B Amarillo Azul Rosa
Inferior: Amarillo Inferior: Azul Inferior: Rosa
cigüeñal
inferior Superior: Amarillo Superior: Azul Superior: Rosa Superior: Rosa
C Azul Rosa
Inferior: Azul Inferior: Rosa Inferior: Marrón Inferior: Marrón

5) Utilice una plantilla de plástico para inspeccionar la separación

de cojinete principal con el nuevo cojinete seleccionado consul-
tando “Holgura del cojinete principal” en “Cojinetes principales,
cigüeñal y bloque de cilindros” en esta sección.
Si la separación supera el límite, utilice el siguiente cojinete
más grueso e inspeccione de nuevo la separación.
6A2-38 MECÁNICA DEL MOTOR (MOTOR H27)

COJINETE DE SUBTAMAÑO (0,25 mm):

• Hay un cojinete de subtamaño de 0,25 mm en cinco tipos
según el espesor.
Para diferenciarlos, cada cojinete tiene los siguientes colores
en la posición que se indica en la figura.
Cada color representa el siguiente espesor en el centro del coji-
nete.
Espesor de cojinete principal de subtamaño

Color de pintura Espesor de cojinete

Negro y rojo 2,6220 – 2,6250 mm
Sólo rojo 2.6250 – 2,6280 mm
Amarillo y rojo 2,6280 – 2,6310 mm
Azul y rojo 2,6310 – 2,6340 mm
Rosa y rojo 2,6340 – 2,6370 mm
1. Pintura

• Si fuera necesario, esmerile el muñón del cigüeñal y seleccione

un cojinete de subtamaño para utilizar, de la siguiente forma.
a) Esmerile el muñón al siguiente diámetro terminado.
Diámetro terminado de muñón
64,7380 – 64,7560 mm
b) Utilice un micrómetro y mida el diámetro del muñón esmeri-
lado.
La medición hay que hacerla en dos direcciones perpendicu-
lares entre sí para comprobar su ovalación.
c) Utilice el diámetro de muñón medido y las letras estampadas
en el bloque de cilindros y seleccione el cojinete normal con-
sultando el cuadro de referencia inferior.
Inspeccione la separación de cojinete con el nuevo cojinete de
subtamaño seleccionado consultando “Holgura del cojinete
principal” en “Cojinetes principales, cigüeñal y bloque de cilin-
dros” en esta sección.
Cuadro de referencia de cojinete principal (cojinete de subtamaño)

Diámetro medido del muñón

64,7500 – 64,7560 mm 64,7440 – 64,7499 mm 64,7380 – 64,7439 mm
A Negro y rojo Sólo rojo Amarillo y rojo
Letras estampadas en
B Sólo rojo Amarillo y rojo Azul y rojo
el bloque de cilindros
C Amarillo y rojo Azul y rojo Rosa y rojo
 MECÁNICA DEL MOTOR (MOTOR H27) 6A2-39

COMPROBACIÓN
Rectificación o escariado de los cilindros
1) Cuando cualquier cilindro deba ser rectificado, es obligatorio
rectificar -al mismo tiempo- todos los otros cilindros.
2) Seleccione el pistón sobredimensionado, de acuerdo con el
desgaste del cilindro.
Diámetro del pistón sobredimensionado :

Tamaño Diámetro del pistón

Estándar 87,970 – 87,990 mm
Sobredimensión 0,25 88,220 – 88,240 mm
Sobredimensión 0,50 88,470 – 88,490 mm

3) Utilice un micrómetro y mida el diámetro del pistón.

4) Calcule de la manera siguiente el diámetro del calibre del cilin-
dro que será rectificado.
D=A+B–C
Diámetro del calibre del cilindro que será rectificado.
A : Diámetro medido del pistón
B : Holgura del pistón = 0,02 – 0,04 mm
C : Tolerancia para la rectificación = 0,02 mm

5) Rectifique y bruña el cilindro a la dimensión calculada.

NOTA:
Antes de rectificar, instale todas las tapas de cojinetes prin-
cipales en sus lugares respectivos y apriete al par especifi-
cado, evitando deformar los calibres de cojinete.

6) Mida la holgura del pistón, después de bruñir.

6A2-40 MECÁNICA DEL MOTOR (MOTOR H27)

Herramientas especiales

09911-97810 09913-75510 09915-47310 09915-64510

Instalador de sello de Instalador de cojinete Llave para filtro de aceite Medidor de compresión
aceite

09915-64530 09915-67010 09915-67310 09915-77310

Manguera del medidor de Fijación del Medidor de vacío Medidor de presión de
compresión medidor de compresión (c) aceite

09916-14510 09916-14910 09916-34541 09916-37810

Elevador de válvula Fijación de elevador de vál- Mango de escariador Escariador (6 mm)
vula

09916-38210 09916-44910 09916-58210 09916-77310

Escariador (11 mm) Extractor de guía de vál- Mango de instalador de Compresor de aro de pis-
vula guía de válvula tón
 MECÁNICA DEL MOTOR (MOTOR H27) 6A2-41

09916-84511 09917-68221 09917-87810 09917-98221

Forceps Sujetador de bloqueo del Instalador de guía de vál- Instalador de sello de vás-
árbol de levas vula tago de válvula

09918-08210 09919-28610 09924-17810 09926-58010

Junta de manguera de Manguito protector Sujetador del volante de Fijación de extractor de
vacío inercia cojinete

09944-36011 09911-97710 09915-76510

Extractor de volante de Guía para sello de aceite Fijación de medidor
dirección de presión de aceite
6A2-42 MECÁNICA DEL MOTOR (MOTOR H27)
 5()5,*(5$&,Ï1'(/02725%

6(&&,Ï1%

5()5,*(5$&,Ï1'(/02725
127$
‡ 3DUDODVGHVFULSFLRQHVHOHPHQWRVQRLQFOXLGDVHQHVWDVHFFLyQUHILpUDVHDODVGHVFULSFLRQHVGHOPRWRU
+HQODPLVPDVHFFLyQGHO0DQXDOGH6HUYLFLRPHQFLRQDGRHQHO35()$&,2GHHVWHPDQXDO

&217(1,'2
0DQWHQLPLHQWR % 5HIULJHUDQWH  %


%
%5()5,*(5$&,Ï1'(/02725

0DQWHQLPLHQWR
5HIULJHUDQWH
7DEODGHGRVLILFDFLyQGHDQWLFRQJHODQWH

ƒ& ± ±

7HPSHUDWXUDGHFRQJHODFLyQ
ƒ)  ±
&RQFHQWUDFLyQGHUHIULJHUDQWHDQWLFRQJHODFLyQ
  
DQWLFRUURVLyQ
/  
5HODFLyQHQWUHSURGXFWR\DJXDGHUHIULJHUDFLyQ 86SW  
,PSSW  

9ROXPHQGHUHIULJHUDQWH

0RWRUUDGLDGRU
'HSyVLWRGHUHVHUYD 7RWDO
\FDOHQWDGRU
/   

127$
‡ (QHOVLVWHPDGHUHIULJHUDFLyQQXQFDVHGHEHXWLOL]DUUHIULJHUDQWHDEDVHGHPHWDQRORGHDOFRKROQLVROD
PHQWHDJXD$VtVHHYLWDUiGDxDUHOVLVWHPDGHUHIULJHUDFLyQ
‡ ,QFOXVRHQXQDUHJLyQGRQGHQRVHDQWLFLSDQWHPSHUDWXUDVGHFRQJHODFLyQGHEHHPSOHDUVHODPH]FODGH
GHDJXD\GHUHIULJHUDQWHDEDVHGHHWLOHQJOLFROUHIULJHUDQWHDQWLFRQJHODQWHDQWLFRUURVLYRFRQ
HOILQGHOXEULFDU\SURWHJHUGHODFRUURVLyQ
‡ 6LVHXWLOL]D³$JXDGXUD´VHIRUPDUiQLQFUXVWDFLRQHVTXHREVWUXLUiQHOFLUFXLWRGHUHIULJHUDFLyQ(ODJXD
FRUULHQWHGHJULIRSURFHGHQWHGHOVHUYLFLRGHDJXDSRWDEOHXUEDQRHVSUiFWLFDPHQWHKDEODQGRHODJXD
PHMRUTXHKD\GLVSRQLEOHSDUDHOVLVWHPDGHUHIULJHUDFLyQ(ODJXDGHVWLODGDHVLGHDOSHURHQPXFKRV
FDVRVHVXQOXMR
 &20%867,%/('(/02725&

6(&&,Ï1&

&20%867,%/('(/02725
127$
3DUDODVGHVFULSFLRQHVHOHPHQWRVQRLQFOXLGDVHQHVWDVHFFLyQUHILpUDVHDODPLVPDVHFFLyQGHO0DQXDO
GH6HUYLFLRPHQFLRQDGRHQHO35()$&,2GHHVWHPDQXDO

&217(1,'2
'HVFULSFLyQJHQHUDO & 6HUYLFLRHQHOYHKtFXOR &
6LVWHPDGHFRPEXVWLEOH & 'HSyVLWRGHFRPEXVWLEOH&
7XEHUtDVGHFRPEXVWLEOH&

'HVFULSFLyQJHQHUDO
6LVWHPDGHFRPEXVWLEOH
/RVFRPSRQHQWHVSULQFLSDOHVGHOVLVWHPDGHFRPEXVWLEOHVRQHOGHSyVLWRGHFRPEXVWLEOHODERPEDGHFRPEXVWLEOH
HOILOWURGHFRPEXVWLEOH\HOPHGLGRUGHQLYHOGHFRPEXVWLEOH\HOVLVWHPDLQFOX\HWUHVWXEHUtDVWXEHUtDGHDOLPHQWD
FLyQGHFRPEXVWLEOHWXEHUtDGHUHWRUQRGHFRPEXVWLEOH\WXEHUtDGHYDSRUGHFRPEXVWLEOH
3DUDPD\RUHVGHWDOOHVVREUHHOIOXMRGHFRPEXVWLEOH\HOIOXMRGHYDSRUGHFRPEXVWLEOHUHILpUDVHDODVHFFLyQ(

&

 'HSyVLWRGHFRPEXVWLEOH  7XEHUtDGHDOLPHQWDFLyQGHFRPEXVWLEOHDOWXERGHGHVFDUJD

 %RPEDGHFRPEXVWLEOHFRQPHGLGRUGHQLYHOGHOFRPEXVWLEOH  7XEHUtDGHUHWRUQRFRPEXVWLEOHGHVGHHOWXERGHGHVFDUJD
 )LOWURGHFRPEXVWLEOH  7XEHUtDGHYDSRUGHFRPEXVWLEOHDOUHFLSLHQWHGH(9$3
 7DSDGHILOWURGHFRPEXVWLEOH  3URWHFWRUGHOGHSyVLWRGHFRPEXVWLEOH
 0DQJXHUDGHYHQWLODFLyQ  &RUUHD
&&20%867,%/('(/02725

6HUYLFLRHQHOYHKtFXOR
'HSyVLWRGHFRPEXVWLEOH
'(60217$-(
 $OLYLH OD SUHVLyQ GH FRPEXVWLEOH HQ OD WXEHUtD GH DOLPHQWDFLyQ
GHFRPEXVWLEOH5HILpUDVHDODVHFFLyQRDODVHFFLyQ

35(&$8&,Ï1
(VWH WUDEDMR QR GHEH VHU HIHFWXDGR FXDQGR HO PRWRU HVWi
FDOLHQWH (Q FDVR FRQWUDULR HVWR SRGUtD DIHFWDU DGYHUVD
PHQWHHOFDWDOL]DGRU
 'HVFRQHFWHHOFDEOHQHJDWLYR±HQODEDWHUtD
 $QWHVGHGHVFRQHFWDUODPDQJXHUDGHOOOHQDGRUGHFRPEXVWLEOH
FRORTXHPDUFDVHQODPDQJXHUDGHOOOHQDGRUGHFRPEXVWLEOH\
HQHOFXHOORGHOOOHQDGRUGHFRPEXVWLEOH
 'HVFRQHFWHODPDQJXHUDGHOOOHQDGRUGHFRPEXVWLEOHGHOFXH
OORGHOOOHQDGRUGHFRPEXVWLEOH
 ,QVHUWHODPDQJXHUDGHXQDERPEDGHDFFLRQDPLHQWRPDQXDO
HQODPDQJXHUDGHOOOHQDGRUGHFRPEXVWLEOH\GUHQHHOFRPEXV
WLEODHQHOHVSDFLR³$´PRVWUDGRHQODILJXUDGUHQHHOFRPEXVWL
EOHKDVWDTXHGHMHGHVDOLUFRPEXVWLEOH

35(&$8&,Ï1
1RIXHUFHODPDQJXHUDGHODERPEDGHDVSLUDFLyQPDQXDO
GHQWUR GHO GHSyVLWR GH FRPEXVWLEOH (Q HIHFWR KD\ ULHVJR
GHGDxDUODYiOYXODGHHQWUDGD
 0DQJXHUDGHOOHQDGRUGHFRPEXVWLEOH
 9iOYXODGHHQWUDGDUHWHQFLyQGHOGHSyVLWRGHFRPEXVWLEOH

 'HVPRQWHHOSURWHFWRUGHODPDQJXHUDGHOOOHQDGRUGHOGHSyVLWR
GHFRPEXVWLEOH
'HVFRQHFWHODPDQJXHUDGHOOOHQDGRUGHOGHSyVLWRGHFRPEXV
WLEOH \ OD PDQJXHUD GH YHQWLODFLyQ GHO FXHOOR GHO OOHQDGRU GH
FRPEXVWLEOH
 'HVPRQWH OD YiOYXOD GH HQWUDGD GHO GHSyVLWR GH FRPEXVWLEOH
7HQJDFXLGDGR\DOGHVPRQWDUQRGDxHODYiOYXODGHHQWUDGD
 'HSyVLWR
 0DQJXHUDGHYHQWLODFLyQ
 0DQJXHUDGHOOOHQDGRU
 9iOYXODGHHQWUDGD

 'UHQHHOGHSyVLWRGHFRPEXVWLEOHERPEHDQGRFRPEXVWLEOHSRU
HOOOHQDGRUGHOGHSyVLWRGHFRPEXVWLEOH
3DUD GUHQDU HO GHSyVLWR GH FRPEXVWLEOH XWLOLFH XQD ERPED
DFFLRQDGDPDQXDOPHQWH

35(&$8&,Ï1
1XQFD GUHQH R GHMH FRPEXVWLEOH HQ XQ UHFLSLHQWH DELHUWR
(QHIHFWRKD\ULHVJRVGHLQFHQGLRRGHH[SORVLyQ
 &20%867,%/('(/02725&

 'HVFRQHFWH OD PDQJXHUD GH HQWUDGD GHO ILOWUR GH FRPEXVWLEOH

GHOILOWUR
 )LOWURGHFRPEXVWLEOH
 0DQJXHUDGHVDOLGDGHOILOWURGHFRPEXVWLEOH
 0DQJXHUDGHHQWUDGDGHOILOWURGHFRPEXVWLEOH

 'HVFRQHFWHGHORVWXERVODPDQJXHUDGHYDSRUGHFRPEXVWL
EOH\ODPDQJXHUDGHUHWRUQRGHFRPEXVWLEOH
 'HVPRQWHGHOYHKtFXORHOSURWHFWRUGHGHSyVLWRGHFRPEXVWLEOH
VLHVWiLQVWDODGR

 %DMHJUDGXDOPHQWHHOGHSyVLWRGHFRPEXVWLEOHPDQWHQLpQGROR
KRUL]RQWDO\VDTXHHODFRSODGRUHQODERPEDGHFRPEXVWLEOH

 %RPEDGHFRPEXVWLEOH
 $FRSODGRU

&20352%$&,Ï1
'HVSXpV GH GHVPRQWDU HO GHSyVLWR GH FRPEXVWLEOH FRPSUXHEH VL
KD\IXJDVHQODVPDQJXHUDV\WXERVFRQHFWDGRVDOGHSyVLWRGHFRP
EXVWLEOH VL KD\ FRQH[LRQHV IORMDV GHWHULRUDFLyQ R GDxRV $GHPiV
FRPSUXHEHVLKD\IXJDVSRUODVMXQWDVGHOPHGLGRUGHQLYHOGHOFRP
EXVWLEOH\HQODERPEDGHFRPEXVWLEOHHLQVSHFFLRQHYLVXDOPHQWH
HOGHSyVLWRGHFRPEXVWLEOHSDUDGHWHFWDUODVIXJDV\GDxRVHYHQWXD
OHV
5HHPSODFHFXDOTXLHUSLH]DTXHHVWpGDxDGDRGHWHULRUDGD
&&20%867,%/('(/02725

,167$/$&,Ï1
 ,QVWDOHHQHOGHSyVLWRGHFRPEXVWLEOHHOFRQMXQWRGHODERPED
GHFRPEXVWLEOHODYiOYXODGHFRUWHGHFRPEXVWLEOH\ODYiOYXOD
GH FRQWURO GH YDSRUHV 5HILpUDVH D ³%20%$ '( &20%867,
%/(´HQHVWDVHFFLyQ
 &RQHFWH DO GHSyVLWR GH FRPEXVWLEOH ODV PDQJXHUDV GH FRP
EXVWLEOHODYiOYXODGHFRUWHGHFRPEXVWLEOHODYiOYXODGHFRQ
WURO GH YDSRUHV OD YiOYXOD GH UHWHQFLyQ \ HO FRQMXQWR GH OD
ERPEDGHFRPEXVWLEOH
'HVSXpV GH FRQHFWDU ILMH ODV PDQJXHUDV GH PDQHUD VHJXUD
FRQDEUD]DGHUDV
 ,QVWDOHODYiOYXODGHHQWUDGDHQHOGHSyVLWRGHFRPEXVWLEOH6L
KD\ GHIRUPDFLyQ R GDxRV GH FXDOTXLHU RWUD QDWXUDOH]D UHHP
SODFHSRUXQDSLH]DQXHYD
 ,QVWDOHHOGHSyVLWRGHFRPEXVWLEOHXWLOL]DQGRODVFRUUHDVGHILMD
FLyQGHOGHSyVLWRGHFRPEXVWLEOH\HQVHJXLGDLQVWDOHHOSURWHF
WRUHQHOYHKtFXOR
3DUGHDSULHWH
3HUQRGHOGHSyVLWRGHFRPEXVWLEOHD1ÂPNJP
3HUQRGHOSURWHFWRUGHOGHSyVLWRGHFRPEXVWLEOHD1ÂP
NJP

 &RQHFWHODPDQJXHUDGHOOOHQDGRUGHFRPEXVWLEOHDOFXHOORGHO
OOHQDGRUGHFRPEXVWLEOHGHDFXHUGRFRQODVPDUFDVGHFRLQFL
GHQFLD<HQVHJXLGDDSULHWHFDGDDEUD]DGHUDVHJXUDPHQWH
 &RQHFWHODPDQJXHUDGHOOOHQDGRUDOGHSyVLWRGHFRPEXVWLEOH\
ODPDQJXHUDGHYHQWLODFLyQDOFXHOORGHOOOHQDGRUGHFRPEXVWL
EOH)tMHODVVHJXUDPHQWHFRQDEUD]DGHUDV
3DUGHDSULHWH
$EUD]DGHUDGHPDQJXHUDGHYHQWLODFLyQE1ÂPNJ
P
$EUD]DGHUDGHPDQJXHUDGHOOHQDGRUGHFRPEXVWLEOHF
1ÂPNJP
 ,QVWDOHHOSURWHFWRUGHODPDQJXHUDGHOOOHQDGRUGHFRPEXVWLEOH
 'HSyVLWRGHFRPEXVWLEOH  3URWHFWRUGHOGHSyVLWRGHFRPEXVWLEOH
 %RPEDGHFRPEXVWLEOHFRQPHGLGRU  &RUUHD
GHQLYHOGHOFRPEXVWLEOH
 )LOWURGHFRPEXVWLEOH
 7DSDGHOOOHQDGRUGHFRPEXVWLEOH
 0DQJXHUDGHYHQWLODFLyQ
 7XEHUtDGHDOLPHQWDFLyQGHFRPEXVWL
 &XHOORGHOOOHQDGRU
 7XERGHYHQWLODFLyQ
 0DQJXHUDGHOOOHQDGRU
 9iOYXODGHHQWUDGDGHOGHSyVLWR
EOHDOWXERGHGHVFDUJD
 7XEHUtDGHUHWRUQRFRPEXVWLEOH  9iOYXODGHFRUWHGHFRPEXVWLEOH
GHVGHHOWXERGHGHVFDUJD
 7XEHUtDGHYDSRUGHFRPEXVWLEOHDO
UHFLSLHQWHGH(9$3

 &RQHFWH OD PDQJXHUD GH YDSRU GH FRPEXVWLEOH  \ OD PDQ

JXHUDGHUHWRUQRDOWXERGHFRPEXVWLEOH\ItMHODVGHPDQHUD
VHJXUD
 &20%867,%/('(/02725&

 &RQHFWHODPDQJXHUDGHHQWUDGDGHOILOWURGHFRPEXVWLEOHDOILO
WURGHFRPEXVWLEOH
 )LOWURGHFRPEXVWLEOH
 0DQJXHUDGHVDOLGDGHOILOWURGHFRPEXVWLEOH
 0DQJXHUDGHHQWUDGDGHOILOWURGHFRPEXVWLEOH

 &RQHFWHHODFRSODGRUDOFRQMXQWRGHODERPEDGHFRPEXVWLEOH
 &RQHFWHHOFDEOHQHJDWLYR±DODEDWHUtD
 'HVSXpVGHODLQVWDODFLyQFRPSUXHEHVLHQHOVLVWHPDGHFRP
EXVWLEOHKD\IXJDVGHFRPEXVWLEOH

7XEHUtDVGHFRPEXVWLEOH
'HELGRDTXHODWXEHUtDGHDOLPHQWDFLyQGHFRPEXVWLEOHHVWiVRPH
WLGDDDOWDSUHVLyQWHQJDHVSHFLDOFXLGDGRFXDQGRHIHFW~HHOVHUYLFLR
GHODWXEHUtD
(Q HO WXER GH DOLPHQWDFLyQ VH XWLOL]DQ DFRSODPLHQWRV URVFDGRV \
DEUD]DGHUDVGHPDQJXHUD

&20352%$&,Ï1
,QVSHFFLRQHYLVXDOPHQWHODVWXEHUtDVGHFRPEXVWLEOHSDUDYHULILFDUVL
KD\ IXJDV GH FRPEXVWLEOH JULHWDV GHWHULRUDFLyQ R GDxRV HQ PDQ
JXHUDV $VHJ~UHVH GH TXH WRGDV ODV DEUD]DGHUDV HVWiQ LQVWDODGDV
ILUPH\VHJXUDPHQWH5HHPSODFHHVWDVSLH]DVVLHVQHFHVDULR
&&20%867,%/('(/02725




 

 



 



 




 






 


, -
""#&'()*#&.*"/&& #
%0"
*#0 %"&/
*1  &#( /"-
2 &'&.*/3" 4%*"/& 5&"#//&/#&&0&  %&/#"3#"/&/#%0"
/#&#( /"/3 ((&6#*'"0 %&* & & "&"*%&7"/&
898:$4;
" "# <.*0" / *3"  / #& &0&  % = "3#"/& /# %0" /# &#(  / "> 
< ! "#> #" /#%0"/#&#( /"""& 40"*%/%?4
%*" /&%"3"1&/'& 5&"#//&/5#&&0&  %&/#"3#"/&/#%0"/#&#(
/"$
)'"&3'"%&/"#", 
=<"*& ""#'&> /"/" <

'& #'()*#&> #" /#%0"/#&#( /"" %/4%*"*"#.*%"3"1&
/'& 5&"#//&/5#&&0&  %&/#"3#"/&/#%0"/#&#( /"$
 &
%" #", 
5*/"*"# 4#"/&"/ %"#/#&#( /"&*//1"
 &" %#%0"/#&#( /"$ *"#.*"/%&/&"&*/"*"/"@&&&"
#!"'$
2 &%"3"1&/'&%; &/3  "/&&#&0 &AB!* /&/*;/.*&#&
.*# %*%&/  //& #"& <
:>=/.*/& %#"3# !"%'&/#"
3"%)"$ 4%&5 &&//%"4&0"5#%0"*/"%'"/&&#"'"/ 
!)"#;%"/#0/*#&//% =//"! %&
$


-

!C " #"4"& /#'()*#&5#&%0"7"!* %& & &*%#7"/& #
'()*#&)4"0 %&  /&$&&#'/%&*" /&4%C#&%"3"1&/'&$
2 & %&/'4"
2
 &/ :
2
 &/
2 ,?#'*#"/D 
2
 &"# %"/&/&6)! &5&% "/"1*%/

2 & '%/&"%"#)%&/%')"5& '%/&/%')""# %"/&



 ! "#$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$  2+ 

0304,5  ".


   /


1 
 

  
   2+ 
0304,5%6'(

  


  &
7
 
)  "

     
   *+ 
   1 

 
   (%&'(
    
    
  2()  "
! 

  " 
  


 "
"! %& $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$  *+ 
+  "

'& #'()*#& $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ + 68& 
 (
# 
   " %68& ,$*) "
$     " 68& 
 (8+
  
$    $  
     
  
%&'($ ) " *+ 
 +

*+ 
 &

%,$*)  
 
-
 (
 (  ". 9  
  
/0

1 
  : +
 
  .




 

 



 



,! 
    %
  
)

 
  " 
& 
 "
;%*;)  +


>?  "
+
 :-+

+  "
%<*;) " :-   
 
 7 


 

%  ;$
)    
 
 +  
 
 

 


%,$)  
 #:%
 8@
+ )
 +

 
+  :
+
6$<.
  % <)  . *& ( 
 +  7
  
 <*6
%  *)  ;  <*6
   2(%  ")   68& <*6 
   2(%  )   
 <*6 
 &
 &'(%6) = 4"& /"/"% $$$$$$$$$$EF
 +
    = "0 %""# $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ EF


 ! "#


 ! 

 
!   ! A
  


B

     
B
 
B!
 

 

  



!A+ 
B  7 
B+ 
+ B&8
& 
 (B! 



     

!A  
B   B +

 
B
!  
B

 

!A*;%<*;)B
&     !
+

&   

 

 
!A 
 #:B6$<!<*6




 

 



 

+

G#*1&/#%0"
E



 

 



 



"!"0"/#%0"




 

 



 

H

" + 

   
& 
 = * $ *%
 8@
+ )
  +  
  *&
7
 
%
 8@
+ ) C *   


 
&

1 %
 8@
+ )
  7 
 " 
 
+
 
 " ;$9
 68& + 
+
  
 
++  :-+

+ 
6$<
.  +

  
+   
 
+ 
 &

  ,+

  

 68& 
 (  
  
  &

  ,++

  
 

+:%$ )
  +

8& 

 
 . 9 (
 68& #: . : +
 
  ,+ -
  @
=  +
     D1

  
&

1 %
 8@
+ )  D1EF F

G%$ )
%
 8@
+ )
"C ,! 
  68& +
+
  D1E<FH*,$G%$ )
"" 68& <*6  :
+
6$< = ,+  %$ )
" *
 
 =   
 .C ,+ +   %$ )
"  +  7
  C *; <*;%;  ." D1F %$ )
 +
)
"    2( " D1

   7
 
 . ,+ 
<FH*,$ HF:;$D
% "  ")%
 8@
+ ) %$ )
".    2(  *  -
 % + ?  %
 8 . ,+  I%$ )
%   ")%
 8@
+ ) @
+ )B  )
"    2(  ,++
  &

 . ,++

   

%$ )
% "  )%
 8@
+ )
"    2(  ,+&
  +    .. 68&  
$%$ )
%   )%
 8@
+ )
" *&
  (
 &(  . ; . 68&  
9%$ )
  %
 8@
+ )
"= *&
  (
 &(   &
 &'( . 68&  
**%$ )
%
 8@
+ )
C  +


>?   ,
 
  .  &
   $ %$ )
%
 8@
+ )
" 9  
  :-&
  $ *%
 .=  &
 % 
 )&'(
 8@
+ ) $ %$ )




 

 



 



%0"/"/0 /"
D +

+  + 
  


 A+ 
B  7 

B
 

+ 
B+ 
+ B +  

B&8& 

 (B! 



%  
  +
      
+   ! -
) 7
 +
+ 
B 
 +  + 
+   B + 
+ 

B!7
 
  +
   8   

*    &8&    
   (        ?  +    *;
%<*;)B
  &(   
+   + +
& 
!  +
 7
 
 



10
18

15

16
17

E$GA $
 " + 
  ;  <*6 "" ;  &
 
 " 68& ,$*!
 
 (8+

E9GA #:   ,$  :71 7 "  ;$
" 68& 
,$
E*GA :7
   :    ;    " 68& #: " * -
 %'JI$K)
 +
 

 * 

 = 
 

 "  <
. * +  
 "C *+ 
+ ". 68& ,$*






 

 



 



%0"//"!"/&03*%3#

     
 8+ +A+
 
B   
B
7
 
B +
 
B   B! 
!  

 
+
 
  +   
B7
 +7

 
B!B+ 
1 B 
    
!
   
L @ +
 
 +
   
!%+
 
 (  
 

 
)
+  
   +
  +
  +
 



   +
   
B   
  
!        

         
 
! &     ? 
!
+*;%<*;)
 

 + +
 
&& +
 
B

(  


/$5A * 
 " +
 
 . (  
 = ,! 

/95A $
  9  
  : +
 
 "C     



 
  ;  & (+   +
 
 "" 68&  
+
 (  
 
  +
+ 
 


 

F



 

 



 



%0"/& %&##% &


 
 +")& 
    @   ! 


  
M)*;%<*;)@ & 
 
+

&    ?  


     M!)& 
 
+

&   


 B 8
&

  
 

 A
N 
 
!
 

N 
       2(%
 8@
+ )
N 
 
 (
N 
    

N 
 

 & + 
N 
 

N 
 #:%
 8@
+ )
$8 B$ B<*;  $ 

HF:,H
F:;$*,OH ,<F,,6F*FH:FD$F F:F

"  ,$ A :-&
   $A *  7
+

+ 
$ *%
 8@
+ )
  ;$<%
 8@
+ ) A * 
 
 9A *;%<*;)
    2(%  ")%
 8@
+ ) A 68& + 
+
6$< *A *  
  * A 68& #:%
 8@
+ ) A ,
 
 
.  < A 68& 
 ( A *  7

  ;$
7A ,!
A :
+
6$<
  +

8& %  *;<) A D1

   7
 

 ;$9 'A :-   

=  +


>? % *4<)%
 8
A :-+

+ 
@
+ )
"C ,++
 &

%
+<<) A :-    2(%

 8@
+ )
"" :

  *F%
 8@
+ )
" *&
7
 
%
 8@
+ )
" ,++

   

%$ )
"   



-
"4!*"" %&0*%"* '()*#&& '&#" %"#"7.*/"$ #&'()*#&& '&#" %"#"/
("5#"7"& * "%&I%?  %"#"/"0;%"0 % #&%&#"/&$




 

 



 

A

B+
50
1
WHT/BLU C51-2-19 C51-2-2 PNK
ORN/BLU C51-2-20 C51-2-1 PNK/BLK 2
C51-2-30 C51-2-9 PNK/GRN 3
C51-2-8 PNK/BLU 4
4-1
49 YEL/GRN C51-1-12 C51-2-22 GRY/GRN 4-2
YEL/BLU C51-1-13 C51-2-21 GRY/BLK
GRY/YEL C51-3-26 5
PPL/WHT C51-3-10 BLU/BLK
48 GRY/YEL C51-3-5 C51-2-15 LT GRN
C51-2-14 LT GRN/WHT
47 RED/WHT C51-3-8 C51-2-13 LT GRN/YEL
GRY/RED C51-3-14 C51-2-12 LT GRN/RED
GRY/RED E61-1
GRY/BLK E61-10 6
46 GRY/YEL E61-24 C51-1-5 LT GRN/BLK
RED/GRN C51-3-9 C51-1-4 PPL/BLK
GRY/RED C51-3-13 C51-1-17 GRY/BLU
45 C51-1-16 PPL/YEL
GRY/YEL C51-3-12
44
ORN/BLK C51-3-2
GRY/YEL C51-3-24 7
C51-1-15 GRN/BLK
43
LT BLU C51-3-1
GRY/YEL C51-3-25 8
8-1
O2 HTRRLY
41 RED C51-3-11 C51-2-28 BRN
GRY C51-2-4
BLU C51-2-27 BRN/BLK
41-1 RED/BLU C51-3-21 9
9-1
BLK/RED C51-2-5
42 C51-2-26 BRN/WHT
RED/BLK C51-3-22
WHT/BLK C51-2-16 C51-2-25 BRN/YEL
10
BLU 42-1 10-1
RED/YEL C51-3-23
C51-2-24 BRN/RED
PNK/WHT C51-2-17
IG1
C51-2-23 BLK/BRN
24-1 PNK/BLU E61-35
GRY E61-4 BB+
11
40 PNK/BLK E61-30 E61-23 WHT/GRN 12
IG2
GRY/WHT E61-8 13
39 YEL/BLK E61-17 E61-22 YEL/BLU
38 14

PNK/WHT E61-16 15
37 C51-3-3 WHT
BLK/RED E61-15 E61-29 YEL 51
BB+ E61-3 WHT/BLU
36 AF DN
RED/YEL E61-32 E61-14 WHT/RED
GND TS MON
35
GRN/WHT E61-34 E61-5 PPL
34 16
BLU/ORN C51-1-25 E61-7 PPL/YEL
17
33 E61-20 WHT/BLK
WHT C51-1-23 18
ORN C51-1-22 E61-21 GRY/BLU
C51-1-20 18-1
E61-19 ORN/BLK
32 C51-1-21 18-2
BLU/YEL C51-1-11 C51-1-9 RED
BLU/GRN C51-1-10
IG1
ORN/GRN C51-1-7
RED C51-1-6 C51-3-18 PNK
ORN/BLU C51-1-19
YEL/GRN C51-1-18 19
GRN/ORN C51-1-28 C51-3-7 BLK/ORN 20
31 GRN/BLU C51-1-27 E61-31 ORN/BLU 21
30 E61-33 YEL/RED 21-1
C51-1-26 ORN/WHT
29
GRN C51-1-2
GRN/RED C51-1-1
GRN/YEL C51-1-8 C51-3-20 BLK/WHT
28 E61-2 WHT
BB+ 27 22
PPL/RED E61-13 IG2
E61-9 BLU
C51-3-4 BLU/BLK
C51-3-15 BLU/BLK 23
C51-1-24 BLK/YEL
24
26 BRN E61-6 C51-3-6
25 BLK/GRN
C51-2-7 BLK/GRN :5V
BLU/YEL C51-1-14 C51-3-17 BLK/ORN :12V

52 GND1
B



 

 



 






    
  
 
   8
    ,


 
   

 9
 J 


" ,!P" 

 " D1EF F

G%$ )  ,++
  &


 ,!P 
 " D1E<FH*,$G%$ ) . ,+ +   %
+
+ 7)
 ,!P 
 "" D1EIG%I)  ,+  
 ,!P 
 " * 
I%I)  ,+ + ?  %
 8
@
+ )
" ,!P. 
 "= ,+I%I)  ; +   %
 8
@
+ )
 ,!P 
 C ,+ 
<
H %$ ) = ;% +
7
 )$ *
. 68& #:%
 8@
+ ) " D1F %$ ) C ;$9
 *
 ( "" ,+  I%I) "  "  2(% ")%

 8@
+ )
 68& + 
+
6$<  :-+

+  ""  "  2(% )%

 8@
+ )
 9
 
+  

P"  ,++

   

%
+     2(% ")%

+

  
 
 +)B  8@
+ )

++

+  
" 9
 
+  

P  ,+ -
  @ "    2(% )%

 8@
+ )
= 9
 
+  

P " ;%
 8@
+ )   +  
 


=" 9
 
+  

P .  &
 &'(   +  7
 

"C 9
 
+  

P.  ,
 
  .  +

  
+  
"C" 9
 
+  

P  *    :

  *F%
 8@

+ )
"" :-   
  68&  
**%$ )   +
   %

 8@
+ )
" 9  
 = 68&  
9 
%$ )   7 

" :-&
   C 68&  
$ 
%$ ) =  +

8&
$ *%
 8@
+ )
" ;&
   " ,++

   

%$ ) .C  +


>? %
 8@

$ *%
 8@
+ ) + )
".   
   &
   $ %$ ) ." *&
7
 
%
 8@
+ )
" D1

   7
 
   &
 % 
 )&'($  . ;
%$ ) %+
)

:;,H$D *,:*0,F :;,H$D *,:*0,F :;,H$D *,:*0,F

"" $
 
-
 +   

 "" *   ". Q
 *F%
 8@
+ )
"
 
 
-
 +   "" 
 
++ %
 " Q
 &  8@
+ )
" Q "". ,+ + ?   " Q
%
 8@
+ )
" ; "" ,+ +    " Q
%?     
+ 
  )
". 
  
  &

%
 8@
 "" ? $ *%
 8@
+ ) "= 
 
+
 
+ ) 
%
 8@
+ )
"   "" Q "C ;$9%
 8
@
+ )
" ;,D%D1E:6,*,FD;FF:B ""= D1EIG "" ,+ 
<
H
<:FHFG)  %$ )
" ? $ *%
 8@
+ ) "C D1EF F

G%$ ) " ,+  
"= :-+

+  "" D1E<FH*,$G%$ ) " D1F %$ )
""C :

  *F%
 8@
 " :-&
 $ * " ,+ +   %

+ ) %
 8@
+ ) ++ 7)
""" Q " :-   
 ". ;%
 8
@
+ )
"" Q " ; +   

  
*F%
 8@
+ )




 

 



 



:;,H$D *,:*0,F :;,H$D *,:*0,F :;,H$D *,:*0,F

*.""  +  
 *.""
 
 
-
 +   *.". ; +    ,$B  


%,$)  < ;$<!  2(%
 8@

+ )
*."  +  7
  *.""
 
 
-
 +   *." ; +    *;<
%*)  ;$<%
 8@
+ )
*."   
 *."".
 
 
-

*."
 
 
-
 *."" Q
*.". ; +    ;$
*."" ;
*." ; *."" ,++

  
I
*." ,+I *.""= Q
*."  +
   %;$<) *."C ,+

%
 8@
+ )
*."=  +

%<)  
+  *.""  "  2(% 
  )%
 8@
+ )
*.""C  7 
%;$
) *."    2(% 
")%
 8@
+ )
*."""  "  2(%  *."    2(% 
")%
 8@
+ ) )%
 8@
+ )
*."" ; +    < *." ; +    *

:;,H$D *,:*0,F :;,H$D *,:*0,F :;,H$D *,:*0,F

*.""" 68&  
9 
%$ ) *."""  *;< *."". ,++
  &



*."" 68&  
$ 
%$ ) *."""  &
 &'( *."" ,+  I
*."" Q *.""". 68& + 
+
 *."" ,++

EDG   
6$< 

%$ )
*."" 68& ,$*%
  *.""" 68& ,$*%
  *."" ,++

EG   
+  + ) +  + ) 

%$ )
*."". 68& ,$*%
 " *.""" 68& ,$*%
 
+  + ) +  + )
*."" ,++

E:G    *.""" ,++

EG   


%$ ) 

%$ )
*."" ,++

E<G    *."""= ,++

EHG   


%$ ) 

%$ )
*."" 68&  
**%$ ) *.""C ;  
 +    
&
  
 $ 
*.""= * 
I *.""" ;  
 +    
&
   $ 
*."""C  %J)&
    *.""  %J)&
  
 $ 
$
*.""""  %R)&
    *.""  %R)&
  
 $ 
$
*."""  *;< *."" ?   @

:;,H$D *,:*0,F :;,H$D *,:*0,F :;,H$D *,:*0,F

*."" ,!P 
 *."" 68& #:%
  *.". *
 
+  
+  + )%
 8@
+ ) 

P
*." ,!P" 
 *."" 68& #:%
  *." *
 
+  
+  + )%
 8@
+ ) 

P
*." Q *."". 68& #:%
 " *." *
 
+  
+  + )%
 8@
+ ) 

P
*." *  SF"% ")%
 *."" *  SF% ")%
 *." *
 
+  
 8@
+ )  8@
+ ) 

P"
*.". *  SF"% )%
 *."" *  SF% )%
 *."= Q
 8@
+ )  8@
+ )
*." Q *."" Q *."C ; +   
   
*4<%
 8@
+ )
*." ; *.""=  %R)*4<%
 8@
+ )
*." ,!P 
 *."C  %)*4<%
 8@
+ )
*."= ,!P 
 *."" ,!P 

*.""C Q *." ,!P. 

*.""" Q *." *
 
+  


P
*."" 68& #:%
  *." *
 
+  
+  + )%
 8@
+ ) 

P.




 

 



 



"3#"/ %"/"K"#/"/& %&#/#0&%&=/#"0& 

Terminal del interruptor de prueba (vehículo con conector de monitor)

Terminal del interruptor de diag. (vehículo con conector de monitor)

Entrada

Resistor de ajuste del CO (si está equipado)

Interruptor de frenos (VEHÍCULO CON A/T)

Amplificador del A/C (si está equipado)
Interruptor TR (VEHÍCULO CON A/T)
Interruptor del desempañador trasero
Interruptor del ventilador del soplador
HO2S (sensor 1) (si está equipado)

Módulo de control del ABS

Función

Interruptor de encendido
Interruptor de arranque

Sensor de detonación
Interruptor de luces
Sensor de CMP
Sensor de MAF

Interruptor PSP
Sensor de ECT
Sensor de IAT
Sensor de TP
Salida

VSS
Control del relé principal Relé principal
Control de la bomba Relé de la bomba
de combustible de combustible
Control de la inyección Inyectores
Control de aire de ralentí Válvula de IAC
Bobina de encendido
Control del encendido
con encendedor
Control de MIL MIL
Control de purga Válvula de purga del
de EVAP recipiente de EVAP
Válvula de EGR
Control de EGR (si está equipada)
Control del
calentador de HO2S HO2S (si está equipado)
Amplificador del A/C
Control del A/C (si está equipado)
Control del ventilador Relé del ventilador del
del condensador condensador del A/C
del A/C (si está equipado)

"! %&
:7
-    
"




 

 



 

+

'& #'()*#&

" ;  7   #:%

 8@
+ ) ". :
+
6$<
 ;  & (+   +
 
 = *  + " 68& +
+

 : +
 
 "C    2( " $+
 

  ;$<%
 8@
+ ) "" 68& #:%
 8@
+ ) "  +
. +  7
  " ;  <*6 /$5A 6'(
&
7
 

 68& + 
+
6$< " 68& ,$* /95A 6'(&
7
 

 ;  &
 
 " ;  ,$*

D "#/"/
*     8   ! + 
     +  7  
&

B&&  
     + B! +-  &

+

! 
    :7
-    7
  
  +   !      +

 
   
  
E



 

 



 



1*%/#"3#/#"#"/&
") *  
+     B+@
+    8  +
7
 




  &  
  8 7      +
7
 
B   
  %")      &   +
7
  
 
 %)   

L*!&/#/"#/#"#"/&<">-
MH00

) *  +     +

   7B +
@ '  +   %)  
+ !+%")
 +   %+ 
+ ) 8  +
7

 




& 
 87   +
7
 
B+   
  
   +%)++ 

& #/"#/#"#"/&"%"/&"4& /&5&0*3

.*#"(&#!*"<3> %#""#" "/#"0"&"=#%&
/#""#" "*&/0"&"%?/ %&/#"
4" !* %-
B5HM5B00

1*%/#"3#/#"#"/&/K'()*#&
& K
") $ T @    8   
 
) *  
+     B+@ '
EG  +      8      +
7
 





  &  
  8 7      +
7
 
B   
 %") 
+ $  &  +
7
 

 %)   

&#!*"<>/#"&  %"#"/"/#"3#/0"&"
/K-
B5FM5H00




 

 



 

H

&0&3" /#'&/& %&# /#

;!0 /"# %)K"/"# %)
$   +  +   -
   ( &

 
,$*B T 

A
N D       !        
  
! 

  8   

N     8   
N      
  8 7     +
7
 

 
N     
 %
+
+  
B  B B$ *B
) 8 
&  
N  +  
  8
      !  8 
 

 
N *;%<*;) 
T* 7

 

 +- ' 7
   +  
 B7

-
 (! &

,$*B   

A


-
 % / (" "" " # 0&%&5 &#&.* #" "#" " /
"03&/ !" "1/%" 0  #"& <* %&
0*%&> "03#""#" "#%&""#"& <>5
#&0&/#&& K5"#.*#4 &/%"& "0 %&5
=3#&.*#"*/"&*#&"$
N8%#7" /&# %*0 %&/6#&" 
898:O
") *
 2+ 
0304, D*B

+
  +

F


"0 %""#
- %*0 %&/6#&" 
898:

) * 
'  @  +   
7
 

) *+-
 (! &

,$*B


1     E   D
 %D
     )G 
 
2+ 
0304,
;!0 /"# %)/#0&%&-
K /"%'"/&
GG-BBPHB0
K "%'"/&
-HBPHB0
& %"1/'&/  #;!0 /"# %)
4"/&-
HMEBQ& K /"%'"/&
GG

) 
 &

! -
 ( 87   +
7
 

 B + 
    
   (
:7
-     E$9D$ 9
D0UF ,$#HO,*FGB 

"
.) *+@ 
  -
   (  +
7
 
$ * 
& %FH)B
&'( 8@
+ $ *

      B +  

  ?   $ * 

& %FH)!
 
 (




 

 



 



N
 *%#7"# %*0 %&/6#&" 
898:O

,()*#&& & %&/'4" 
")   
   2+ 
B  D* %
  8
 )
) * 
'  @  +   
7
 

) < !
%) &

B

  
  &

!
   %")
&
7
 

) 0

 %) &

!@  
 

+
 
&
7
 

.) ,   
) S     ! 
  +   
7
 

) *+ &

,$*!
 

  ( :7
-        9 E*F;<:F9$*,OH D
,;$  *FH:FD D $,:  :$DHVGB   


$A 
 
+ 
 
  &


9A 
 
+
 

*A H$
A 
  
A 
 
++

A 
  
  &



$ * 
& %F

) $ * 
& 
%FH)
:-
 (
CCX.C+ .CX.C+
A
<  &

.JCW%CBJ.B6B

,$*-

  
  J
 (
 (  "6)
 +
7
 A


-
#'&/ */&0&3"/&"&60"/"0 %
*%#7" /&* '&#%)0%&$
" #"   % #" %   = # '& /    #"
!* %$

,H,*$*,OHD ,H,*$*,OH, ,H,*$*,OHD

;,F:,:6, :6,*,F 6FDV;:F
*,F$*,6$F%W) $*,6$F%W) %6)
C "CC C
.C .C CB.269
"CC C 69
N 
  &(

  @   
  
    EC 6GB
+2
  B  &   E,H,*$F:  :6,*,F
$*,6$FG "CCW
N E69G +     
     (  
  7
  
&'(@ 8
+ 
)    &

B&
7
 

=) ,    + &
7
 

"C) *+@ 
-
 ( +
7
 
$ * 
& %FH)B
&'( 8@
+ $ *

    B+ 

  ? $ * 

& %FH)!
 
 (




 

 



 



&0&3" K"1*%/#"07#"/"# %)'()*#&

  &"# %"/&/&6)! &
  &'( @
+      2(
2+
 W*F    78
 B

 

 

7#" ;!0 /"# %)/#0&%&
Q
B5FM5+Q"#;!0 /"# %)4"/&
H  
7
   1  (''
78
 
 B
 + 


  
 

@ 1 -
 (     @ 
 + 

B   7 


 B 1 -
 (+      +
 
 +

 

 


-
""%"&0&3" ="1*% "&% * &
3"/&/!"/" /"/&/
=* %"0%&
/0&%&$

") *+-
 (:7
-  E:-

   ( + 
  &

  -
 
 (
 (GB   

) ++     +B!+@
W*F 1  8  +
7
 
 

&  
  8 7      +
7
 
B +   
 
 %") 



) 
 1  (' 
    B7
@-

 ( 87  +
7
 
 
F



 

 



 



%0"/"/0 /"
*&/0"&"

" *+ 
+  ;   
 * +  

 .  ;$

 ;  &
 
   <



L
")    
&%J)  ( 
) 
 7
 

)  71   

)  +  
+ A %")  
! %) 
+ $ 
.)       B+  
+
  




 

 



 

A

)   
 +
+ 

 %")
 

!%)+

+ 


)      <! &8& 

,$*
)     B
=)   +%")7
 
B!   1   1
  B +  



"C)     &8& %")+ 


+
6$<B  ;$<B! &8& %.)#:
"")     &8&  %)  <*6B      B     
   B   &
 
%)B   B!
   %)+ 
+
6$<
")  + %)#:B + 
 




")    + %)     

+ B !   +  %) 


B%") 


")     <*6B+  
+
  
".)  +  
+ B 




-
2 #  & E  * &%& &0&  % .* & % !"
"*(& & /3  &#&"   *  3"@& / /&#' % &
&/*%&#0"/&$ 4%&5&/*?* ""
.*)0".*( ("?5 /*?&/4&0"?%"
7"$
2 &&#&.*"#"03&3&" #&"&/#0"/&$
 4%&5&/)"/"@"#&"&$
B



 

 



 





 8 -
2 & &# " &00/&   #& & /*%& / /'"
 5*" /&#"'?#'*#"/ %? %"#"/" #*&
/ 0"&"$   4%&5 %& "*"? # 0"# 4* & "
0 %&/#"'?#'*#"/ $
2 # &/5# &/5'?#'*#"/& %&#/#
"/"# %)*&%&&0&  %.*& % !" "*
(& &/3 &#&" * 3"@&//&#' %&&
/*%&#0"/&$
  4%&5  &/*? * " "  .*)0" .* ( 
("?5 /*?&/4&0"?%"7"$

D
+
 
 +

   
  +   
+  
  ! +  %")

& 



  

") D
+
  +7

  
    +
  
+     B    +  %")  

B 


1   %)& 
) ,  +  
+  +  

B!
+
 + 
) *   <*6
) ,   

A+  
+ B!
 +  

B

1  &  + 
 


.) ,  #:B & 
) *       &
 
 !         &8
&   +   
+
  6$<B 
     &8&  
<*6B   
) *   &8& + 
+

6$<B  ;$<B! &8& #:


 1    1  
) ,   +7
 
 +  


=) *   
"C) *    <B ! &8&
,$*
"") ,   

B+

+ 
B & M
  +  

+ B   
  

 ,     
  
+
+ 

") *   7
 B +
  
+   
") *   B!   
+ $
%$ )




 

 



 



") ,     %")71B! +

 + 

".) D
 7
 

") *  
&%J)  ( 
") $    !   
+ $ 
:7
-   E$U0 D *$9D D $*D:$F:G !
E$U0 D *$9D  D$ ;$:,<F$  $ GB   



,?#'*#"/& %&#/#"/"# %),?#'*#"/ 



L
")    
&%J)  ( 
)   &8& ,$*
)   &8& %"),$*B+  
+ 


J 

")   &8& ,$*

) *+  

  
  &8& ,$*

   

  8 7      +
7
 
 B 
+ 
% "/#"'?#'*#"/ -

0 "# % "

 %<>=<>
 %<+>=<>
H5HM++5HΩ
 %<E>=<H>
 %<>=<H>




 

 



 



)      

 + 
! 
 &8& ,$*+  
+   
) *  &8& ,$*
.) *+ @  - %") 1    &8&   ,$* 
& &1B! +   
+%)

   +

F

B +- ' 

 +     B   

-%")1 &8& ,$*7
   
B+
 1   8 



 
  87B+  &8& ,$*B!
&&  + 


-
%" &0&3"  /3  4%*"/" & /& & "5
* "& "&"# %*%&/  //&5=#"&%"
& "&0*3"#4* & "0 %&/#;03&#&$


  

") ,   
 & + 
+ 
) ,   &8& ,$*B+  
+ 
) $+
 
  &8& ,$*B +  +
 +

7
 
"/"%
& ##&/'?#'*#"/ "-+5HR0B5+HS!0

) *  !7

&8& ,$*
.) *  
&%J)   ( 

,?#'*#"/#"/"# %)?/&
")   +  &8& ,$*B
+

 +

F


) *+@  '    7(B-



!   
 @ 
+    7
 


     + 
    
 

B &8& 
 (8+
 8 


 

  B &8& 
 (8+
B+ 

+ 7
 B 87 




 

 



 

+

%0"//"!"/&03*%3#
&0&3" /#" /&03*%3#
") $
&
   +
   
    (   
 

 
B E<:F*,;,HF$D,
6,FD$<:,OH*F;90,9DGB  
"
)        %)  
 
   
B
%") 
 
 


 8 -
*" /&/0& %"#"0" !*"/"#0 %" /&0
3*%3#5 */ * * " .*@" " %/"/ / &0
3*%3#$3"1&/#"0" !*"&/#%*3&/"#0 %"
/ &03*%3#5 &#&.* *   % &  *  %"& ""
.* # &03*%3# .* "#!" "!"   #  % & "
"3&3/& & # %"&$ &#&.* # %"&   #  %
/% "/&""%&$

) * ' 

  +
 !   %)
   
 
 
! 

 
 
B 7     7
 B!7

      1  +  &
 @' !
7   + 


"0 %""#
-BAAHFEE
J-BAAHFE+
 -BAAHFEAB
) *+@ 
  (   +
 ""6
.) *@
+
 +

FHB 
   B+  ' 7
    

B !  
  @ 
+    +

 F


:+
   + 
& ! 
 +
+
 

) S     
) ;
  +
 
B-
 (

   +
 
    8 7   &   +
7

 B7
-   E  9

 
GB  

 "B ! +    +
1  +
 7 
:+  @
+
1 @ -7 

4"& /#" /&03*%3#-

  


J8
J 
& #"3&03"/&03*%3#4* & BM+BS"
" /&=#0&%&""/& 5M+5S!K0
#;!0 /"# %)4"/& BMBS"
5M5S!K0
 %&/0 *%&/*;/""
*&"BBS"
#0&%&3&03"/&03*%3# " 5BS!0
 /0 *=& #%0&
E



 

 



 



)  +- +  +

 
B 

%")+
 


 8 -
" .* #" %*3)" / "#0 %"  / &03*%3# %&/"')"
%?&0%/"" "#%"/&03*%3#5"!C/
"#'"#" /&03*%3#/"*/&& #&&
/0 %&!* %$
2 &#&.* *   % / &03*%3#5 /3"1& / #"
*  $
2 *3"#"*  & * %"&="4#&1# %"0 %#"%*"
/ #" *   "" "#'" #"   / &03*%3# !"
/*"#0 %$
=)  
+
 
B   B
! 
&( 
"C) *       
 
   
B ! 7

  1      
"") * +

EF

G!
+

 +

EFHGB+
' !7  


J&03"/&03*%3#

  ,T 8

 8 -
*" /&""#"%""/### "/&/&03*%3# *"#
.*&/0 %&5#%"3"1&/34%*" 4*0"5
 * ?"3 ' %#"/"5=#1&/#"##"0" &&%!
/"$

")  @  +  !@

+%)

 +

FH B+ %")
 
(  
7
 
  
 
     B +2
   ! 
+   +-  + 
B T 
 
    +   


   + 
+  
7 

B+   E$9D$9"
D0UF,$#HO,*FGB

"

) *+@ 
 +
 
  
 %") 
B   
 +-  
+
 +


FH

 
+
 
B+   E$9D$9

D0UF,$#HO,*FGB  
"




 

 



 

H



L
 +
 
B  ( B 
  +

  
    
 *B !   
  
B+
 



J 
*+
7
   
' ! 
 
  ! 
 
 
   ' !B +   
+
 ! +

' ! 
  +
 



  
,         
   +
   
B !
 
 
    +
   
     ( B 
+

 
  
E 
*G

!*#"/&/ /&03*%3#


L
") $
&
   +
   
    (   
 

 
B E<:F*,;,HF$D,
6,FD$<:,OH*F;90,9DGB  
"
)    
&%J)  (
)     %")& (B +

 


)   %")+
 
B
%)    


 8 -
 &3# .* /# %*3& / /"!" "#!" * " .*@"
" %/"//&03*%3#$
&#&.** %"&/%"##/3"1&/#%*3&//"!"""
.*"3&3"#&03*%3#$

.)        %)     

B 
 +
 


 8 -
*" /&/& %"#"0" !*"/&03*%3#5*/
* * " .*@" " %/"/ / &03*%3#$ *3"
& * %"&#"0" !*".*'""/& %"$




 

 



 




  
<    
   
B
&
   +

    B


 
 + 

 
N 0

 
 & 
N $+
@  + 7
  
    
 B+  7 

 
 
   


N $+
 + %") +
 
B
+  +
 +
7
 

"/"%
 &/#!*#"/&/ /&03*%3#
"-BR05BS!0

N * +


EF

G!
+

   +

 EFHGB +
 ' ! 7    

 2
 (  


 =%&/&03*%3#

  ,T 8

") 0

    +
 %")    ! +

  7
 
 
!B      8
7
    
 
  
  7
 
  & 
  
-


   ! 
 B 
  ! 
 
   B
+  

 
! %   + )B  

!

)     

!B   '(
 
  
!!+ 



 

 87   +
7
 
 B+ 

% "/ =%&/&03*%3#-

E5ME5FΩ "BU 

) *7
 
!




 

 



 





L
") $
&
   +
   
    (   
 

 
B E<:F*,;,HF$D,
6,FD$<:,OH*F;90,9DGB  
"
)   +  

+  
+ 
:7
-   E*0:<F  ;$:,<F$  #$GB   


)     %") 
 
 
B!
   %) 

)     %)& (!   
 
B %.)+
 

.)  %) 
 
 
!
%)  2
   
B      %) %' 

1@
)    


 8 -
 &3# .* /# %*3& / /"!" "#!" * " .*@"
" %/"//&03*%3#$
&#&.** %"&/%"##/3"1&/#%*3&//"!"""
.*"3&3"#&03*%3#$

)  %)  

!

)    %")   %

1@
!')
 


)  % )
!% ) 



J 

, -
".* =%"&03*%3# %"&0&3" 5#%"
3"1&/34%*" 4*0"5 * ?"3 ' %#"/"5
=#1&/#"##"0" &&%!/"$
& !" "# */"/& = '% &/* (" *" /&
& %=/& %#"3#/*3"/#"3"%)"$
F



 

 



 



") ,  
!%")! %)+
 

    ' 
   +
 %' 
   + 


!)


-
0& %#&1"#/# =%&5= !*/" %"## =
%& #"("0 %""#5="%#& &"0" &$
"0 %""#
-BAAHFE

) *   ' 
   +
  %   ! 7
 
)
  &'(
"0 %""#
J-BAAHFE+

) * ' 

  +
% + )B 
!
"0 %""#
 -BAA+BFFH

) ,   ++

&

  %)
!
+  &
 @ +
@ 
  
!

.) < 

   
!B  
 +

)  -   

) S  7
    
! +
@+

 
 
!B 

1    1 %)      
 

1 

   

B    
     %")  -B  
7     7
 
) $+
@
%) (  
!B ".  B
!   

    
   &   


!  <   
!B  &  
 8
   +
7
 
 B+ 
!
,&#*0 /&03*%3# =%"/&-
HMBKH$
/$5A 6'(&   
1@

/95A 6'(&   '

=) *+
 ' ! 7    
 +     %") 

!H'  7
 
!   + 

 %+       
     7
 )

' !7  
@2  +
7
 



 B+ 
G*!"/&03*%3#-
 4&"!&%"K0 $




 

 



 

A


  

") :+   %")

 
!+  & !

 ?  ,   %)
!

) *+
 
  %")  8  !    ?  
  8
7 B+ +&
,  
  !
 %)B 



) $+
@  + 7
  
   %")
 !
 
 
    
!          
%'
1@
)! 


$ T   @  
!  
   & ! 78
 

  B   +   

   

 
  
  %):+   
 +
& 
) $+
   +  %)         ! T  
@ 
! 
   &!78

+B



 

 



 



.) ,  %")2
 
! +
 +
 
 +  +
 +
7
 B %)
& 

"/"%
 &/*  /%*3&/& 6 /&03*%3#
3-+BR0+5BS!0

) ,  %) 
 
 
! +

+
 +  +
 +
7
 B 
& 

"/"%
 &/*  /%*3&/"#0 %" /&03*%3#
"-+BR0+5BS!0

) *   %.)& (!   %)

 
B +
 


) *   %") 

 
 
B!
  %) 

=) *   %)
!B  
!
 
"C) ,    +     
+  !    


:7
-   E*0:<F  ;$:,<F$  #$GB   


"") *+  %EF

G)!
+

+

EFHGB+
' !7  
 
 2
 (  





 

 



 

+

%0"/& %&##% &

/*#&/& %&#/#0&%& K0/*#&/& %&#
/#% /&% " 

 8 -
3/&".*#0/*#&/  %?&0*%&/
7"/ 5*// &6& #&"#&!&#$



L
")    
&%J)  (
)  
& 
   ' 
 %
  8
   )
:7
-  E$*,6$*,OHD,;$*FD*SOH
$,:GB  
"C9
)     
  %")    *; %<*;)B 
+

)    *;%<*;)%")

.)  *;%<*;)%") +%)


  
") ,  *;%<*;) +B&'(
) *          *;
%<*;)
) ,   
 *;%<*;) +
) $
&
 '
%
 8
   ):7
-
  E$*,6$*,OHD,;$*FD*SOH$,:GB
  
"C9
.) *  
&%J)   ( 
+



 

 



 



 &/4#*1&/0""/" &/G


J 


-
8%#* '&#%)0%&/"#%"0/" "BSΩK,50) 0&5&
* '&#%)0%&/%&/!%"#$

") *&(%") 

 E9RG +  
   %);$
!  %)
) *@
+
 +

FH!
+@ 
  
 ( 
  B
+
 1   8 
!
 2

  

) *@
+
 +

F

! 
 
 %")*; <*;B +

) * +   ;$
B   ;$


.) *@
+
 +

FH!
+ 

  
   ;$
B
%")*;%<*;)
  /"#/"/# &/G-
  -5BM5,

) S     !+@ 

 
7

.6!@   -
  
%  7
A"BJBC6 -
 ( +

7
 )

        + 
      +
7
 
8  
 B      +       1    B 
2
  + B     ;$
     
*;%<*;)




 

 



 

++



L

")       

& %J)     (  !  + 
%")B  %);$

)     %) 
 + 
B
+ 
+   !  %);$


)    ;$
B   + 



 8 -
2 &/"0# &/G$
2 '%.*# &/G!&#& %""#!&$
2 & &# " &00/& *%#7" /& #" %&#" / "
&00/&5&"#!&01" %$
2 && !" *//&   !* "&%"&" # &
/G$&/)""*"/4%&/4* & "0 %&$


  

") *+
 %")  ;$
' !
 

! ? 
) ,    ;$
B   + 

) ,      
 + 

) *    !7
 +   
;$

.) *  
&%J)   ( 
+E



 

 



 



 &/%0"%*"/#"/"/0 


L
")    
&%J)  ( 
)   +   ,$
)    ,$B   + 



J 

    +     +       ,$B 

  % '
) ! 
    

  
     B

  
     

 


      ( 
 

  
 7
  
1@
 B+   ,$


  

") D
+
  +7

    ,$! 
%)   + 

) ,    %"),$B 
) *       ,$




 

 



 

+H

 &/& /0"&"/!"
 &/




J 

")    

&%J)  ( B! + 
  %)<
) 0

'(!+ 


 
 B          

 

       




        + 
    
7 
B 
+   <
4" /# &/-

 


 
 %#&%0 "#
E5BM5BSΩ
=+
B5BM5BSΩ
 %#&%0 "#
'"" /&# "#0 %/"*/&&
=
#""3%*"/#"0"&"/!"
" 
  
 
 
 

 
 
7

) *    !7

 +   
<
) *  
&   ( 



L
")    
&%J)  ( 
)   + B  <
)    <B+  
+ 


  

") ,    %")<B+%)  

+ 


    %")  <   + %)     
+  
  @  
7

 @+ +    

7

  +   
      <      
7
 !
  %")< 
   
B+  ' 


 
7

 
"/"%
& ##&/# &/
"-+5HR0B5+HS!0

) *      <

) *  
&%J)   ( 
+



 

 



 



 &/%0"%*"/#4!" %/#0&%& 
&/ 


L
")    
&%J)  (
) 
 7
 

)   + B  %")*
)    *B  + %) 
   


J 

    +     +       *B 

  ! 
    

  
     B 

 
     

 


     ( 
  

 
  7
 B+   *


  
<   
   
B
&
 +

 
  B


 
 + 

 
N D
+
  +7

    !  + %")

   
N 0

 
 & 
N $+
  *B +  +
 +
7
 

"/"%

 &/ "-HR05HS!0

N *   +    

N D
 7
 





 

 



 

+

 &"# %"/&/&6)! & &



L

, -
"" '%" # #!& / .*0"5 & 4%C %"3"1& /
'&   # %0" / " *" /& # %0" %;
%&/"')""# %$#/0& %"1/# &/&6)! &/3
4%*"&#"0 %*" /&#%0"%;4)&$
")    
&%J)  (
)   + B% )  % )2(
)  % )  % )  % )2(B%
 )% )  +


-
 !"*/"/&= &#&6& !""!&#$

"  2( 

1@
%P")%  ")


  
<   
   
B
&
 +

 
  B


 
 + 

 
N $+
% )  % )2(B +  +
 +

7
 

"/"%

 &"# %"/&/&6)! &
"-EHR0E5HS!0

N *7
!    % )2(
!7
 1  7
   1  
N  +- 
   % )  % )2(B'    
    ! + @  ' ! 7      
  +


J 
*+    SF" !  

 :7
-   E   
7
 
*<C"C<C".CGB  
"
 
  +77
 
B+ 
+F



 

 



 




J    
-

")   + SF"SF

) 0

'(!
  

 
 
E69G!E#HG + %")  SF

 87 B+   SF


-
"%0"%*"/#

"4%"& /"3#0 %#'"#&
/#"% "0//"$
!C/.*#"# %"/&/# &

%?"#"
%0"%*"&%"$
% "/#"# %"/&/#

-
5ME5+Ω"BU ""#


H5BM5EΩ"BU ""#


) *       ! 7
  +    
SF

 &"# %"/&/&6)! & &



L

, -
"" '%" # #!& / .*0"5 & 4%C %"3"1& /
'&   # %0" / " *" /& # %0" %;
%&/"')""# %$#/0& %"1/# &/&6)! &/3
4%*"&#"0 %*" /&#%0"%;4)&$

")    

&%J)  (
)   + %)% )  % )2(
)  % )  % )%)2(B% )
% )%")  +


-
 !"*/"/&= &#&6& !""!&#$


  
<   
   
B
&
 +

 
  B


 
 + 

 
N $+
% )  % )2(B +  +
 +

7
 

"/"%

 &"# %"/&/&6)! &"-EHR0E5HS!0

N *7
!    % )2(
!7
 1  7
   1  
N  +- 
   % )  % )2(B'    
    ! + @  ' ! 7      
  +




 

 



 

+A


J    
-
:7
-     E*F;<:F9$*,OH D *$DH$F:  H
F:%HF:")*$DH$FFKV#HFG

 &/'#&/"//#'()*#&,



  ,T 8

") D& &'(

) D
   +     7    
 
B @ 
  

  +  !     7
    +


ESG
)   
 *;%<*;)
) *&(
 *.""6
*;%<*;)!   ( 
.) *@ 
+  
    +

 FH ! 

         '        

1@
 @ 
&(   7 
CJ"6!J
" 6B   +  & B 
   8
 %") 
  
& + 

   + 
+  
7 

B+     7E*<C.CCGB  

"
/$5A 
+

 
   + *;%<*;)
%6
    1  )



L5
 
  

:7
-   E  B
 +
 
   
  6GB  


"  6

 &/ "3&#*%"/#&#%&


L
")    
&%J)  ( 
)    B     +
    

)    +
   B
 


EB



 

 



 




J 

") *+
  %")
   ' !
 

! ? 
:+ 
  


) 
+  
+
 %)& "B.6! 

 +

& 
 E6
G  %");$<B!

   
&  
  E# % )G  
 B
+ 
 
  E6%6 
 G!
E#% )G
$8 B+
 
     +
  
& ( '  CCS

1      & (
%)

        + 
    
7 
B 
+   +
   

 8 -
".*#"& 6 "#%0 "# &%&"*"?/"@&"#
 &/ "3&#*%"/&#%&5"!C0*=3
/& %"&%"0 %5&0& /"/& #"4!*"$
  /"#/"/# &/%  / %"/"
, E5HMH5H,5%0"%*""03 %BM+BU 

 8 
 


4 " 

GV  
 
4% 0 00! S" ,
B B B
M M M BBMAE +5+ME5+
BBB B B
 4&"
BB 
B
M M AEMFH +5BME5
*&"
HBBB HE
+E
 4&"
HBB HH
+E
M M FHM 5M+5
*&"
FBBB E+F
H
 4&"
FBB E+A
H
M M MB 5HM+5+
*&"
BBBB +BEF
H




 

 



 

E


  
") *7
@+ & ( 

 8
 

) $+
@ 
   
   
) ,    %")B%) 


) *     %")

 &0//&/%" 0&/ '#/#&03*%

3#
:7
-    
*

 &/& /#!W@"#


L
  
:7
-    
$


J 
:7
-    
"

#; "#


J 
")    
&%J)  ( 
)  -%")+

+ B 
 :-   

 *  7

  
 
/$5A 6'(&   
1@

/95A 6'(&   '
E



 

 



 



) *+ 

  + 
  B


    



 


  +  +
7
 

 B& !   + 


7
 


 +  +
7
 
 B+ 
% "/##; "#-

 


 
 %#&%0 "#<>=<J>- ∞ 4 %&
 %#&%0 "#< >=<>- AMAHΩ"BU 

) *+@' !

  
  E$G!E9G
   (  8    
  E*G!EG

   @
 7
 
B+ 

#;/#"3&03"/&03*%3#


J 
")    
&%J)  ( 
)  -%)   
B 

) D   -   
  

@ -+

+ 
*+  

 ! 7
 
 +  

+

@

1 +  -+

+ 

   @
 7
 
B+ 
" :-+

+ 
 *  7

  
 
/$5A 6'(&   
1@

/95A 6'(&   '




 

 



 

E+

G* & "0 %&/#&%/&03*%3#


J 


-
 %/#"&0&3" 5&0*3"""!*"/
.*#""#" "/"03&/ !" "1%? #"&
/ * %& 0*%&   # 0&/#& &  K5 #" "#" " /3
%" #"& <>=.*#""#" "/#4 &/%"
& "0 %&%?"#"/"&0#%"0 %$
") * 
'  @  +   
7
 

) ;
  '  

!B

1   
+
%")B   B -
' 
CCC+
) *+ @  
 @

   7
 
 

!+  
  8   &8&  
+
   B!@ && ( 
 -

 
   CCC+
EE



 

 



 



%0"/& %&#/0& 

%0"/D%?.*"/&


J  

D8 9
 

8
X
 
898:

") *

 2+ 
0304, %")
   %D*)B
+

  +

F


"0 %""#
- %*0 %&/6#&" 
898:


-
"" # &/0 %& / 4* & "0 %& /#  %*0 %&
/6#&" 54;""#" *"#/#
"/&/*"
%*(&$

) S     ! 
'  @  +
   7
 


) *7
 -
 (%
+
 
 +    )B     &8&   #: 

1  
E;,*%< 
8 )G
   B 
 @    &8& #:
 B

!-
 (
   (B
&8&   #:  8      7 M   +  
  #: 8 

" 6
 
1 
 2+ 
0304,
 $  &8& #:%CA*  B"CCA$
 + )



L
")    
&%J)  ( 
)   &8& #:
)    +   1    B   +  



)     &8&  %.)  #: !    B   +  



" 68& + 
+
6$<  #:
 ;  &8& + 
+
6$<  ;  <*6
 ;  &
 





 

 



 

EH


J 

") *+   

     +     
 


  &8& %")#:

  8 7 B +       &8&  
#:
% "/#"'?#'*#"/D-

0 "# % "%? /"

MJ
MJ
BMEΩ"BU
GM
M
*&/'?#'*#"J
 4 %&∞
*&/'?#'*#"

)  @  
 @' ! +    &8&
#:


-
""""#&/%&/"3& ##" &0#  !* "
("0 %"/3&/"4#"/&$
"3"1 &  */"/& "" & /"@"  /&3#" #" '?#'*#" /
D5#" %&/#"'?#'*#"5=#"'"##"$

) , +
 &8& %)B
%)&8& ! & 
 B
+    7 B
 B  B  ? 

 87 B+  &8& %")
#:


  
<   
   
B
&
 +

 
  B


 
 + 

 
N D
+
   +7

        &8&  !  
 


N 0

 & 

 %/,


J 

, -

 
   #" 3&.*##" /#  % / ,$ 
4%&5#&'"&.* ("= / %&/#  % /,
& %6&$
E



 

 



 



")     & (B

+
6$<B!
 
+
6$<
) *+@' !
  

7@+
++ !
B   + 

+


  7
 
      
 
B ' !
@+ 1 
+
6$<
) ,  
+
6$<!    

+

" +

 +
 

 +


& /*%&/'")&


J 
S     ! - 7
  ( 
   & ( &8& + 
+

6$<*  2    
  B+
  +
 & (

   +
  & (B 
+
    & ( + 

+




J  ,Y ,8 



 


")     &8&     +

  +

  
   
+
6$<
) *   +  7B 
  +  +   &8&  
  78
  %) &8& %")
+
+
  %)   
) *   +      B
 
+
     +  &
) 
+ )B
+ + &8&   

+ 7+ )B+  &8& 
+
+


, -

 
  & #" '?#'*#" / & %&# /   /#
/%&$
 4%&5#&'"&.*("=/ %&/'?#'*#"& %6
&$

.)  + @
    ! +
@& (Y< %CS)
 @
  *+@& (  

 
&%' !
 7 & ()

' !7 & (B+ 
) ,   &8& +
+

 $
+

.  +
 





 

 



 

E

%0"/ ,


-
 % / &0&3" # ;!0  / "# %)K'& /  5
"!C/&0&3".* &("=&3%*  #"'?#
'*#"/ ,& *0" !*"5=".*%"' %*"#
&3%*& "4%"? /4"'&"3#0 %#" /#
"1*%$

" !*"/ ,


J 
*+
 2
    ' ! 
 B
7 B
 
 
:+ 
  


,?#'*#"/ ,

  ,T 8

")   &8& <*6  +   

  
 +
7

  +   
) S  7
 -
 (
) *@     2    &8&  %")  <*6
+  + & (
' !& (B&
7
@
 &8&
 8 
 :+ 
  


)  +- +  & (B+  !  

&8& %")<*6   &8& ! '
   

' 
 &8& 
 &8& +
 
 B+  &8& 
.)  +-  + 
B   %")<*6B
!7(     1  
EF



 

 



 



%0"/ ,


-
 % / &0&3" # ;!0  / "# %)K'& /  5
"!C/&0&3".* &("=&3%*  #"'?#
'*#"/ ,& *0" !*"5=".*%"' %*"
#&3%*& "4%"? /4"'&"3#0 %#"
/#"1*%$

D8 ,
*+
 2
    ' ! 
 B
7 B
 
 
:+ 
  

" 68& + 
+
6$<  #:
 ;  &8& + 
+
6$< . 68& #:
 ;  &
 
  ;  <*6

4"& /"/"%
"/"%
7"/*1
20 S!0 #34%
   2( . B. B.
<  +
 
 "C "BC B.
< 
 
 C BC BC
 +  7
  ". "B. ""BC

"0 %""#

C=="." C=="." C==".=C C=="."

;
+
 ;  +
 ;  !
 *' 
 
&( + 

%:7
-   HF$E$G)




 

 



 

EA

C=="C"C C==C." C=="C""

;
  * + 
! *'"$%,  * '

& (  2+ 
 
& +  '"$
0304,)%:7
-   
HF$E9G)

C=="CC
* D*" "+ 
 *'%, 
 B+  '"$ 2+ 

0304,)%:7
-   
HF$E*G)


-
2 <>-%& 1* %& #*=#&"%)*#&!* %$
$ *&/("0 %"="" /#"5$" /#*&5+$G1" /#*&5E$
&&%5
H$" !*"/%& &="3"7"/"5$G1" /#*&="" /#"5$G1" /0" !*"5
F$G1" /0" !*"
2 <J>-%& 1* %& #*=#&"%)*#&!* %=0#"7"#& 1* %&($
$ "1"/# %*0 %&5$" *"#/#
"/&5+$(5E$ "3# 5H$
& /"K"3#/*3"5
$ "3#/4* %/"#0 %" 5$/"%"/&/"3# 5F$/"%"/&/"*%&/"! %&
2 < >-%& 1* %& #*=#&"%)*#&!* %=0#"7"#& 1* %&(
$(5$"1%"  5+$ "3# 5E$/"%"/&KA
5
H$ "3#""  //&/!"##&5$/"%"/&/*%& 3*# 5
$ "3#/"#0 %" //3"%)"5F$ "3#
+5A$/"%"/&
+5
B$ & %&
+/*%& 3*#5$ "1"/# %*0 %&5$
*0 %&/#%/"/
HB



 

 



 


 6,67(0$'((1&(1','23$5$(/02725+)

6(&&,Ï1)

6,67(0$'((1&(1','23$5$(/02725+
$'9(57(1&,$
3DUDORVYHKtFXORVHTXLSDGRVFRQHO6LVWHPD6XSOHPHQWDULRGH6XMHFLyQ&ROFKyQGHDLUH
‡ /RVVHUYLFLRVTXHGHEDQVHUHIHFWXDGRVHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPD
GHOFROFKyQGHDLUHGHEHQVHUKHFKRVH[FOXVLYDPHQWHSRUXQFRQFHVLRQDULRDXWRUL]DGR68=8.,5HILp
UDVH DO ³(VTXHPD GH XELFDFLyQ GH ORV FRPSRQHQWHV \ FDEOHDGR GHO VLVWHPD GHO FROFKyQ GH DLUH´ HQ
³'HVFULSFLyQJHQHUDO´HQODVHFFLyQGHOVLVWHPDGHOFROFKyQGHDLUHSDUDFRQILUPDUVLXVWHGHVWiHIHF
WXDQGRWUDEDMRGHVHUYLFLRHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPDGHOFROFKyQ
GHDLUH6tUYDVHREVHUYDUWRGDVODV$'9(57(1&,$6\³3UHFDXFLRQHVSDUDHOVHUYLFLR´LQGLFDGDVHQ³6HU
YLFLRHQHOYHKtFXOR´HQODVHFFLyQGHOVLVWHPDGHOFROFKyQGHDLUHDQWHVGHHIHFWXDUFXDOTXLHUWUDEDMR
GHVHUYLFLRHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPDGHOFROFKyQGHDLUH6LQRVH
UHVSHWDQODV$'9(57(1&,$6VHSXHGHFDXVDUHOLQIODGRDFFLGHQWDOGHOFROFKyQGHDLUHRVHSXHGHGHMDU
LQRSHUDQWHHOVLVWHPDGHOFROFKyQGHDLUH&XDOTXLHUDGHHVWRVGRVFDVRVSXHGHFDXVDUGDxRVFRUSRUD
OHVJUDYHV
‡ /RVWUDEDMRVGHVHUYLFLRWpFQLFRGHEHQVHULQLFLDGRVSRUORPHQRVVHJXQGRVGHVSXpVGHTXHVHFROR
TXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ³/2&.´\GHTXHVHGHVFRQHFWHHOFDEOHQHJDWLYRGHOD
EDWHUtD(QHIHFWRVLQRVHSURFHGHGHHVWDIRUPDHOVLVWHPDSXHGHVHUDFWLYDGRSRUODUHVHUYDGHHQHU
JtDHOpFWULFDGHOPyGXORGHGHWHFFLyQ\GHGLDJQyVWLFR6'0

&217(1,'2
'HVFULSFLyQJHQHUDO ) 6HUYLFLRHQHOYHKtFXOR  )
&RPSRQHQWHV ) &RQMXQWRGHERELQDGHHQFHQGLGRLJQLWRU\
&DEOHDGRGHOVLVWHPD  )
'LDJQyVWLFR  )
7DEODGHIOXMRGHGLDJQyVWLFR  )
3UXHEDGHFKLVSDGHHQFHQGLGR  )
&RPSUREDFLyQ\DMXVWHGHOFDODGRGH
HQFHQGLGR  )

ERELQDGHHQFHQGLGR  )
%XMtDV  )
6HQVRUGH&03 )
6XSUHVRUGHUXLGRVSDUiVLWRV  )
+HUUDPLHQWDVHVSHFLDOHV  ) )
)6,67(0$'((1&(1','23$5$(/02725+

'HVFULSFLyQJHQHUDO
(OVLVWHPDGHHQFHQGLGRHVXQVLVWHPDGHHQFHQGLGRGLUHFWR(VWiFRPSXHVWRSRUODVSLH]DVGHVFULWDVDFRQWLQXD
FLyQHLQFRUSRUDXQVLVWHPDGHFRQWUROGHHQFHQGLGRHOHFWUyQLFR
‡ (&0R3&0
'HWHFWDODFRQGLFLyQGHOPRWRUPHGLDQWHODVVHxDOHVWUDQVPLWLGDVSRUORVVHQVRUHVGHWHUPLQDHOFDODGRySWLPRGH
HQFHQGLGR\ODGXUDFLyQGHOIOXMRGHHOHFWULFLGDGDODERELQDSULPDULD\HQYtDXQDVHxDODOHQFHQGHGRULJQLWRU>HQ
HOFRQMXQWRGHERELQDGHHQFHQGLGR@
‡ &RQMXQWRGHERELQDGHHQFHQGLGRLQFOX\HXQLJQLWRU\XQDERELQDGHHQFHQGLGR
(OFRQMXQWRGHERELQDGHHQFHQGLGRLQFRUSRUDXQLJQLWRU\XQDERELQDGHHQFHQGLGRTXHDFWLYD21RGHVDFWLYD
2))HOIOXMRGHFRUULHQWHSULPDULDDODERELQDGHHQFHQGLGRGHDFXHUGRFRQODVHxDOSURFHGHQWHGHOPyGXORGH
(&0R3&0&XDQGRODFRUULHQWHSULPDULDGHODERELQDGHHQFHQGLGRHVFRUWDGD2))VHLQGXFHXQDDOWDWHQ
VLyQ HQ HO DUUROODPLHQWR VHFXQGDULR 8QD ERELQD GH HQFHQGLGR VH HQFDUJD GHO HQFHQGLGR GH XQ FLOLQGUR VROD
PHQWH
‡ %XMtD\VXSUHVRUGHUXLGRVSDUiVLWRV
‡ 6HQVRUGH&03VHQVRUGH73VHQVRUGH(&7VHQVRUGH,$7966VHQVRUGHGHWRQDFLyQ\VHQVRUGH0$)
3DUDPD\RUHVGHWDOOHVUHILpUDVHDODVHFFLyQ(
(VWHVLVWHPDGHHQFHQGLGRQRWLHQHQLGLVWULEXLGRUQLFDEOHVGHDOWDWHQVLyQSHURFDGDFLOLQGURWLHQHXQFRQMXQWRGH
ERELQDGHHQFHQGLGRLJQLWRU\ERELQDGHHQFHQGLGR\ODFRUULHQWHVHFXQGDULDJHQHUDGDHQODERELQDGHHQFHQGLGR
HVHQYLDGDGLUHFWDPHQWHDODEXMtD$GHPiVODVVHxDOHVHVVRQHQYLDGDVGHVGHHOVHQVRUGH&03DOPyGXOR
GH(&0R3&0SDUDFRQWURODULQGHSHQGLHQWHPHQWHFDGDERELQDGHHQFHQGLGRPHGLDQWHHOLJQLWRU>HQHOFRQMXQWR
GHODERELQDGHHQFHQGLGR@

&RPSRQHQWHV

127$
3DUDORVRWURVFRPSRQHQWHVQRLQFOXLGRVHQODILJXUDUHILpUDVHDODVHFFLyQ(

 &RQMXQWRGHERELQDGHHQFHQGLGRLJQLWRU\ERELQDGHHQFHQGLGR
 6HQVRUGH&03
 6XSUHVRUGHUXLGRVSDUiVLWRV
 (&0R3&0
 %XMtD
 6,67(0$'((1&(1','23$5$(/02725+)

&DEOHDGRGHOVLVWHPD

127$
3DUDODDVLJQDFLyQGHWHUPLQDOHVGHO(&0R3&0UHILpUDVHDODVHFFLyQ(

 $OLQWHUUXSWRUGHHQFHQGLGR  &RQMXQWRGHERELQDGHHQFHQGLGRSDUDHOFLOLQGURQƒ

 )XVLEOH³,*&2,/0(7(5´  &RQMXQWRGHERELQDGHHQFHQGLGRSDUDHOFLOLQGURQƒ
 (&0R3&0  %XMtD
 6HQVRUGH&03  &RQMXQWRGHERELQDGHHQFHQGLGRSDUDHOFLOLQGURQƒ
 6XSUHVRUGHUXLGRVSDUiVLWRV  &RQMXQWRGHERELQDGHHQFHQGLGRSDUDHOFLOLQGURQƒ
 &RQMXQWRGHERELQDGHHQFHQGLGRSDUDHOFLOLQGURQƒ  $OUHOpSULQFLSDO
 &RQMXQWRGHERELQDGHHQFHQGLGRSDUDHOFLOLQGURQƒ  ,QIRUPDFLyQGHWHFWDGD
)6,67(0$'((1&(1','23$5$(/02725+

'LDJQyVWLFR
&RQGLFLyQ &DXVDSRVLEOH &RUUHFFLyQ
(OPRWRUJLUDSHURQR )XVLEOHIXQGLGRGHODERELQDGHHQFHQGLGR 5HHPSODFH
DUUDQFDRHODUUDQTXH &RQH[LyQIORMDRGHVFRQH[LyQGHFDEOHFRQGXFWRU &RQHFWHGHPDQHUDVHJXUD
HVGXURQRKD\FKLV %XMtDVGHIHFWXRVDV 5HHPSODFH
SDV
&RQMXQWRVGHERELQDGHHQFHQGLGRGHIHF 5HHPSODFH
WXRVRV
6HQVRUGH&03GHIHFWXRVR 5HHPSODFH
0yGXORGH(&0R3&0GHIHFWXRVR 5HHPSODFH
&DODGRGHOHQFHQGLGRPDODMXVWDGR $MXVWH
&RQVXPRH[FHVLYRGH &DODGRGHOHQFHQGLGRLQFRUUHFWR $MXVWH
FRPEXVWLEOHRUHQGL %XMtDVGHIHFWXRVDV 5HHPSODFH
PLHQWRGHILFLHQWHGHO &RQMXQWRVGHERELQDGHHQFHQGLGRGHIHF 5HHPSODFH
PRWRU WXRVRV
6HQVRUGH&03GHIHFWXRVR 5HHPSODFH
0yGXORGH(&0R3&0GHIHFWXRVR 5HHPSODFH
6HQVRUGHGHWRQDFLyQGHIHFWXRVR 5HHPSODFH

7DEODGHIOXMRGHGLDJQyVWLFR

3DVR 2SHUDFLyQ 6t 1R
 ¢6HDSOLFyOD³7$%/$'()/8-2'(',$*1Ï67,&2'(/ 9D\DDOSDVR 9D\DDOD³7$%/$'(
02725´HQODVHFFLyQ" )/8-2'(',$*1Ï6
7,&2'(/02725´HQ
ODVHFFLyQ
 3UXHEDGHFKLVSDGHHQFHQGLGR 9D\DDOSDVR 9D\DDOSDVR
 &RPSUXHEHODFRQGLFLyQ\WLSRGHWRGDVODVEXMtDV
5HILpUDVHD³%8-Ë$6´HQHVWDVHFFLyQ
 6LODVEXMtDVHVWiQFRQIRUPHVHMHFXWHODSUXHEDGH
FKLVSDGHHQFHQGLGR5HILpUDVHDODVHFFLyQ³358(%$
'(&+,63$'((1&(1','2´HQHVWDVHFFLyQ
¢6DOWDFKLVSDGHWRGDVODVEXMtDV"
 &RPSUREDFLyQGHFyGLJRGHGLDJQyVWLFR'7& 9D\DDODWDEODGH 9D\DDOSDVR
 &RPSUXHEHVLKD\'7&PHPRUL]DGRHQHOPyGXORGH IOXMRFRUUHVSRQ
(&0R3&05HILpUDVHD³&20352%$&,Ï1'( GLHQWHDHVHQƒGH
&Ï',*2'(',$*1Ï67,&2'7&´HQODVHFFLyQ FyGLJRHQODVHFFLyQ
( (
¢6HGHWHFWyDOJ~Q'7&"
 &RPSUREDFLyQGHFRQH[LyQHOpFWULFD 9D\DDOSDVR &RQHFWHGHPDQHUD
 &RPSUXHEHODFRQH[LyQHOpFWULFDGHORVFRQMXQWRVGH VHJXUD
ERELQDGHHQFHQGLGR
¢(VWiQFRQHFWDGRVFRUUHFWDPHQWH"
 &RPSUREDFLyQGHORVFLUFXLWRVGHDOLPHQWDFLyQHOpFWULFDGH 9D\DDOSDVR 5HSDUHRUHHPSODFH
FRQMXQWRGHERELQDGHHQFHQGLGRPDVD\GHVHxDOGHGLV
SDUR
 &RPSUXHEHVLHVWRVFLUFXLWRVHVWiQDELHUWRVRFRUWRFLU
FXLWDGRV
¢(VWiQHQEXHQDVFRQGLFLRQHVORVFLUFXLWRV"
 &RPSUREDFLyQGHFRQMXQWRGHERELQDGHHQFHQGLGR 0DOIXQFLRQDPLHQWR 9D\DDOSDVR
 5HHPSODFHSRUXQFRQMXQWRGHERELQDGHHQFHQGLGRHQ GHOFRQMXQWRGH
EXHQHVWDGR\UHSLWDHOSDVR ERELQDGHHQFHQ
¢(VVDWLVIDFWRULRHOUHVXOWDGRGHODFRPSUREDFLyQGHOSDVR GLGR
"
 6,67(0$'((1&(1','23$5$(/02725+)

3DVR 2SHUDFLyQ 6t 1R
 &RPSUREDFLyQGHOVHQVRUGH&03 5HHPSODFHSRUXQ $SULHWHHOSHUQRGHO
 &RPSUXHEHHOVHQVRUGH&03 PyGXORGH(&0R VHQVRUGH&03RUHHP
³5HILpUDVHDOSDVRRDOSDVRGHOD³7$%/$'( 3&0HQSHUIHFWR SODFHHOVHQVRUGH&03
)/8-2'(',$*1Ï67,&2GHO'7&3´HQODVHF HVWDGR\HQVHJXLGD
FLyQ UHSLWDHOSDVR
¢(VVDWLVIDFWRULRHOUHVXOWDGRGHODFRPSUREDFLyQ"
 &RPSUREDFLyQGHOFDODGRGHHQFHQGLGR (OVLVWHPDHVWiHQ $MXVWHHOFDODGRGH
 &RPSUXHEHHOFDODGRGHOHQFHQGLGRLQLFLDO\HODYDQFH EXHQDVFRQGLFLRQHV HQFHQGLGRRFRP
GHOFDODGRGHOHQFHQGLGR5HILpUDVHD³&20352%$ SUXHEHODVVHxDOHVGH
&,Ï1<$-867('(/&$/$'2'(/(1&(1','2´HQ HQWUDGDGHOPyGXORGH
HVWDVHFFLyQ (&0R3&0UHODFLR
¢(VVDWLVIDFWRULRHOUHVXOWDGRGHODFRPSUREDFLyQ" QDGDVFRQHVWHVLVWHPD

5()(5(1&,$

/DVIRUPDVGHRQGDGHORVFLORVFRSLRSDUDODVHxDOGH5()GHOVHQ
VRUGH&03\SDUDODVHxDOGHGLVSDURGHOHQFHQGLGRQƒVRQFRPR
ORPXHVWUDODILJXUDFXDQGRVHFRQHFWDHORVFLORVFRSLRHQWUHHOWHUPL
QDO&GHOFRQHFWRUGHOPyGXORGH(&03&0FRQHFWDGRDO
(&03&0\ODPDVD\HQWUHHOWHUPLQDO&\ODPDVD
 6HxDOGH5()GHOVHQVRUGH&03
 6HxDOGHGLVSDURGHOHQFHQGLGRQƒ
 'XUDFLyQGHOIOXMRGHODFRUULHQWHHQODERELQDSULPDULD
)6,67(0$'((1&(1','23$5$(/02725+

3UXHEDGHFKLVSDGHHQFHQGLGR

$'9(57(1&,$
6LQRVHGHVFRQHFWDHODFRSODGRUGHLQ\HFWRUGXUDQWHHVWD
SUXHEDSXHGHVDOLUJDVFRPEXVWLEOHSRUORVRULILFLRVGHODV
EXMtDV\HQFHQGHUVHHQHOFRPSDUWLPHQWRGHOPRWRU

 'HVPRQWHODFXELHUWDGHOGHSyVLWRGHFRPSHQVDFLyQ
 'HVFRQHFWHHODFRSODGRUGHLQ\HFWRU
 'HVPRQWHODEXMtD\FRPSUXHEHVXFRQGLFLyQ\WLSR5HILpUDVHD
OD³%8-Ë$6´HQHVWDVHFFLyQ
 6LHVWiQFRQIRUPHVFRQHFWHHODFRSODGRUGHERELQDGHHQFHQ
GLGRDOFRQMXQWRGHERELQDGHHQFHQGLGR\FRQHFWHODEXMtDDO
FRQMXQWRGHERELQDGHHQFHQGLGR&RQHFWHDPDVDODEXMtD
 +DJD JLUDU HO PRWRU \ FRPSUXHEH TXH VDOWD FKLVSD HQ FDGD
EXMtD
6LQRVDOWDFKLVSDLQVSHFFLRQHODVSLH]DVUHODFLRQDGDVFRPR
VHGHVFULEHHQ³',$*1Ï67,&2´HQHVWDVHFFLyQ
 'HVSXpV GH OD FRPSUREDFLyQ LQVWDOH ODV EXMtDV 5HILpUDVH D
³%8-Ë$6´HQHVWDVHFFLyQ
 &RQHFWHHODFRSODGRUGHLQ\HFWRU
 ,QVWDOHODFXELHUWDGHOGHSyVLWRGHFRPSHQVDFLyQ

&RPSUREDFLyQ\DMXVWHGHOFDODGRGHHQFHQ
GLGR

127$
$QWHV GH KDFHU DUUDQFDU HO PRWRU FRORTXH OD SDODQFD GH
FDPELRGHHQJUDQDMHGHWUDQVPLVLyQHQODSRVLFLyQ³3XQWR
PXHUWR´&DPELHODSDODQFDVHOHFWRUDDODSRVLFLyQ³3´HQ
ORV PRGHORV FRQ $7 \ DSOLTXH HO IUHQR GH HVWDFLRQD
PLHQWR
 +DJDDUUDQFDU\FDOLHQWHHOPRWRUKDVWDTXHOOHJXHDODWHPSH
UDWXUDQRUPDOGHIXQFLRQDPLHQWR
 $VHJ~UHVH GH TXH WRGDV ODV FDUJDV HOpFWULFDV H[FHSWR HO
HQFHQGLGRHVWiQGHVDFWLYDGDV2))
 &RPSUXHEHSDUDDVHJXUDUVHGHTXHHOUpJLPHQGHUDOHQWtHVWi
FRQIRUPHFRQODVHVSHFLILFDFLRQHV
5HILpUDVHDODVHFFLyQ(
 &RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQ68=8.,DO'/&FRQ
HOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQODSRVLFLyQ2))KDJD
DUUDQFDU HO PRWRU \ ILMH HO FDODGR GHO HQFHQGLGR XWLOL]DQGR HO
PRGR GH FKLVSD ILMDGR HQ HO LQVWUXPHQWR GH H[SORUDFLyQ
68=8.,
+HUUDPLHQWDHVSHFLDO
$,QVWUXPHQWRGHH[SORUDFLyQ68=8.,
 6,67(0$'((1&(1','23$5$(/02725+)

 )LMHODOX]GHFDODGRHQHOPD]RGHFDEOHVSDUDHOFLOLQGURQƒ
 (PSOHH OD OX] GH FDODGR GHO HQFHQGLGR \ FRPSUXHEH TXH HO
FDODGRGHVGHHOSXQWRGHYLVWDFRUUHVSRQGHFRQODVHVSHFLIL
FDFLRQHV
&DODGRGHHQFHQGLGRLQLFLDOGHVGHHOSXQWRGHYLVWD
FXDQGRHVILMDGRXWLOL]DQGRHOLQVWUXPHQWRGHH[SORUDFLyQ
68=8.,
“ƒ%7'&
6HFXHQFLDGHOHQFHQGLGR

+HUUDPLHQWDHVSHFLDO
$
 0DUFDGHFDODGRHQODSROHDGHOFLJHxDO

 6L HO FDODGR GH HQFHQGLGR HVWi IXHUD GH ODV HVSHFLILFDFLRQHV
DIORMHHOSHUQRGHEULGDDMXVWHHOFDODGRKDFLHQGRJLUDUHOVHQ
VRU  GH &03 PLHQWUDV HO PRWRU HVWi IXQFLRQDQGR \ HQVH
JXLGDDSULHWHHOSHUQR
3DUGHDSULHWH
3HUQRGHOVHQVRUGH&03D1ÂPNJP

 'HVSXpV GH DSUHWDU HO SHUQR  YXHOYD D FRPSUREDU TXH HO

FDODGRGHHQFHQGLGRHVWiFRQIRUPHFRQODVHVSHFLILFDFLRQHV

 'HVSXpV GH FRPSUREDU \R DMXVWDU VDOJD GHO PRGR GH FKLVSD
ILMDGRVSDUNPRGHHQHOLQVWUXPHQWRGHH[SORUDFLyQ68=8.,

127$
(Q HVWH HVWDGR HO FDODGR GHO HQFHQGLGR SXHGH YDULDU DOJR
GHOYDORUGHOFDODGRLQLFLDOSHURHVWRQRHVDOJRDQRUPDO

 &RQHOPRWRUHQUpJLPHQGHUDOHQWt>SRVLFLyQGHODPDULSRVDGH
JDVHVFHUUDGD\YHKtFXORGHWHQLGR@FRPSUXHEHTXHHOFDODGR
GHHQFHQGLGRHVPiVRPHQRV%7'&±ƒFRPRPRVWUDGR
HQ OD ILJXUD $GHPiV FRPSUXHEH TXH FXDQGR VH DXPHQWD HO
UpJLPHQGHOPRWRUHOFDODGRGHHQFHQGLGRDYDQ]D
6LORVUHVXOWDGRVGHODFRPSUREDFLyQDQWHULRUQRVRQVDWLVIDFWR
ULRVFRPSUXHEHODVVHxDOHVGHHQWUDGDUHODFLRQDGDVFRQHVWH
VLVWHPD
 0DUFDGHFDODGRHQODSROHDGHOFLJHxDO
)6,67(0$'((1&(1','23$5$(/02725+

6HUYLFLRHQHOYHKtFXOR
&RQMXQWRGHERELQDGHHQFHQGLGRLJQLWRU\
ERELQDGHHQFHQGLGR
'(60217$-(
 'HVPRQWHODWDSDGHERELQDGHHQFHQGLGR
 'HVFRQHFWHHODFRSODGRUGHERELQDGHHQFHQGLGR
 'HVPRQWH HO SHUQR  GH ERELQD GH HQFHQGLGR \ HQVHJXLGD
VDTXHHOFRQMXQWRGHERELQDGHHQFHQGLGR

&20352%$&,Ï1
&RPSUXHEHVLHQODERELQDGHHQFHQGLGRKD\
‡ 'DxRV
‡ 'HWHULRUDFLyQ
‡ &RUURVLyQHQHOWHUPLQDO

,167$/$&,Ï1
,QVWDOHODVSLH]DVGHVPRQWDGDVHQHORUGHQLQYHUVRDOGHOGHVPRQ
WDMH

%XMtDV
'(60217$-(
 'HVPRQWHODWDSDGHERELQDGHHQFHQGLGR
 'HVFRQHFWHHODFRSODGRUGHERELQDGHHQFHQGLGR
 'HVPRQWH HO SHUQR  GH ERELQD GH HQFHQGLGR \ HQVHJXLGD
VDTXHHOFRQMXQWRGHERELQDGHHQFHQGLGR
 'HVPRQWHODEXMtD
 6,67(0$'((1&(1','23$5$(/02725+)

&20352%$&,Ï1

35(&$8&,Ï1
&XDQGRVLUYDEXMtDVWLSRLULGLRSODWLQREXMtDVFRQHOHFWURGR
FHQWUDO PiV GHOJDGR QR WRTXH HO HOHFWURGR FHQWUDO SDUD
HYLWDU GDxDUOR (O HOHFWURGR GHOJDGR QR HVWi SUHYLVWR SDUD
UHVLVWLUIXHU]DV\VXPDWHULDOQRHVPHFiQLFDPHQWHIXHUWH

9HULILTXH VL HQ ODV EXMtDV KD\ GHVJDVWH GHO HOHFWURGR GHSyVLWRV GH
FDUERQLOOD\GDxRGHODLVODPLHQWR
6L KD\ FXDOTXLHU GHIHFWR UHHPSODFH OD SLH]D GHIHFWXRVD SRU XQD
SLH]DQXHYD
(QWUHKLHUURGHEXMtD³D´
±PP
7LSRGHEXMtD
'(162.3586.35
1*.%.5( ,)5-

127$
$WHPSHUDWXUDVLQIHULRUHVD±ƒ&HVDOWDPHQWHUHFRPHQGD
EOH XWLOL]DU ODV EXMtDV PDUFDGDV FRQ XQ DVWHULVFR   SDUD
IDFLOLWDUHODUUDQTXHGHOPRWRU

,167$/$&,Ï1

 ,QVWDOHODEXMtD\DSULpWHODDOSDUGHDSULHWHHVSHFLILFDGR
3DUGHDSULHWH
%XMtDD1ÂPNJP

 ,QVWDOHVHJXUDPHQWHHOFRQMXQWRGHERELQDGHHQFHQGLGR
 $SULHWH HO SHUQR  GH ERELQD GH HQFHQGLGR \ HQVHJXLGD
FRQHFWHHODFRSODGRUGHERELQDGHHQFHQGLGR
 ,QVWDOHODWDSDGHERELQDGHHQFHQGLGR
)6,67(0$'((1&(1','23$5$(/02725+

6HQVRUGH&03

35(&$8&,Ï1
(VWiSURKLELGRGHVDUPDU6LKD\FXDOTXLHUGHVSHUIHFWRSUR
FHGDDUHHPSOD]DUFRPRXQVRORFRQMXQWR

'(60217$-(

 'HVFRQHFWHHODFRSODGRUGHOVHQVRUGH&03
 'HVPRQWHHOPHGLGRUGHQLYHOGHOIOXLGRGH$7\HOWXERGHOOH
QDGRU
 'HVPRQWHHOSHUQR\VDTXHHOVHQVRUGH&03

3
1

,167$/$&,Ï1

127$
'HVSXpVGHLQVWDODUHOVHQVRUGH&03DMXVWHHOFDODGRGHO
HQFHQGLGR 5HILpUDVH D ³&20352%$&,Ï1 < $-867( '(/
&$/$'2'(/(1&(1','2´HQHVWDVHFFLyQ

 $SOLTXH DFHLWH GH PRWRU D XQD MXQWD WyULFD QXHYD H LQVWDOH OD

MXQWDWyULFDHQHOVHQVRUGH&03
 6,67(0$'((1&(1','23$5$(/02725+)

 ,QVWDOHHOVHQVRUGH&03HQHOiUEROGHOHYDV
&XDQGRLQVWDOHILMHODVJDUUDVGHODFRSODGRUGHOVHQVRUGH&03
HQODVUDQXUDVGHOiUEROGHOHYDV/DVJDUUDVGHODFRSODGRUGHO
VHQVRU GH &03 HVWiQ GHVFHQWUDGDV 3RU FRQVLJXLHQWH VL ODV
JDUUDVQRSXHGHQVHUILMDGDVHQODVUDQXUDVJLUHHQJUDGRV
HOHMHGHOVHQVRUGH&03\YXHOYDDWUDWDU
 6HQVRUGH&03
 $FRSODGRUGHVHQVRUGH&03
 ÈUEROGHOHYDV
$ 'HVFHQWUDPLHQWRGHODUDQXUD

1 2

 $SULHWHHOSHUQRGHOVHQVRUGH&03
2
3DUGHDSULHWH
3HUQRGHOVHQVRUGH&03D1ÂPNJP
 &RQHFWHHODFRSODGRUGHOVHQVRUGH&03DOVHQVRUGH
&03

3, (a)
1

 ,QVWDOHHOPHGLGRUGHQLYHOGHOIOXLGRGH$7\HOWXERGHOOHQD
GRU
3DUGHDSULHWH
3HUQRGHOWXERGHOOHQDGRUGHIOXLGRGH$7D1ÂP
NJP

(a)
)6,67(0$'((1&(1','23$5$(/02725+

6XSUHVRUGHUXLGRVSDUiVLWRV
'(60217$-(

 'HVFRQHFWHHOVXSUHVRUGHUXLGRVSDUiVLWRV
 'HVPRQWH GHO PD]R  GH FDEOHV HO VXSUHVRU  GH UXLGRV
SDUiVLWRV

&20352%$&,Ï1

8WLOLFH HO RKPtPHWUR \ FRPSUXHEH SDUD DVHJXUDUVH GH TXH HO FRQ
GHQVDGRUGHOVXSUHVRUGHUXLGRVSDUiVLWRVQRHVFRQGXFWLYR
6LHOUHVXOWDGRGHODSUXHEDQRHVVDWLVIDFWRULRUHHPSODFHHOVXSUH
VRUGHUXLGRVSDUiVLWRV

,167$/$&,Ï1
3DUDODLQVWDODFLyQLQYLHUWDHOSURFHGLPLHQWRDQWHULRUGHGHVPRQWDMH
 6,67(0$'((1&(1','23$5$(/02725+)

+HUUDPLHQWDVHVSHFLDOHV

  

/X]GHFDODGR7LSRSLOD &RQMXQWR7HFK$,QVWUX &DEOH'/&GHSDWL &DUWXFKRGHPHPRULD
PHQWRGHH[SORUDFLyQ OODVSDUD7HFK$ PDVLYDSDUD7HFK$
68=8.,5HILpUDVHDOD
127$³$´

&RQMXQWR7HFK,QVWUX
PHQWRGHH[SORUDFLyQ
68=8.,5HILpUDVHDOD
127$³%´

127$
³$´(VWHFRQMXQWRLQFOX\HORVDUWtFXORVVLJXLHQWHV\UHHPSOD]DHOFRQMXQWR7HFK
&DMDGHOLQVWUXPHQWR0DQXDOGHO2SHUDGRU7HFK$&DEOH'/&6RQGDFDEOHGHSUXHED
&DEOHGHIXHQWHGHDOLPHQWDFLyQ$GDSWDGRUGHFDEOH'/&$GDSWDGRUGHDXWRGLDJQyVWLFR
³%´(VWHFRQMXQWRLQFOX\HORVDUWtFXORVVLJXLHQWHV\UHHPSOD]DHOFRQMXQWR7HFK$
7HFK7DUMHWD3&0&,$&DEOH'/&$GDSWDGRU6$(
&DEOHSDUDHQFHQGHGRUGHFLJDUULOORV$GDSWDGRUGHFLUFXLWRHQEXFOH'/&
&DEOHGHDOLPHQWDFLyQGHVGHEDWHUtD&DEOH56$GDSWDGRU56
&RQHFWRUGHFLUFXLWRHQEXFOH56&DMDGHOLQVWUXPHQWR$OLPHQWDFLyQHOpFWULFD
)6,67(0$'((1&(1','23$5$(/02725+
 6,67(0$'(&$5*$+

6(&&,Ï1+

6,67(0$'(&$5*$
$'9(57(1&,$
3DUDORVYHKtFXORVHTXLSDGRVFRQHO6LVWHPD6XSOHPHQWDULRGH6XMHFLyQ&ROFKyQGHDLUH
‡ /RVVHUYLFLRVTXHGHEDQVHUHIHFWXDGRVHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPD
GHOFROFKyQGHDLUHGHEHQVHUKHFKRVH[FOXVLYDPHQWHSRUXQFRQFHVLRQDULRDXWRUL]DGR68=8.,5HILp
UDVH DO ³(VTXHPD GH XELFDFLyQ GH ORV FRPSRQHQWHV \ FDEOHDGR GHO VLVWHPD GHO FROFKyQ GH DLUH´ HQ
³'HVFULSFLyQJHQHUDO´HQODVHFFLyQGHOVLVWHPDGHOFROFKyQGHDLUHSDUDFRQILUPDUVLXVWHGHVWiHIHF
WXDQGRWUDEDMRGHVHUYLFLRHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPDGHOFROFKyQ
GH DLUH 6tUYDVH REVHUYDU WRGDV ODV $'9(57(1&,$6 \ ³3UHFDXFLRQHV SDUD HO VHUYLFLR´  LQGLFDGDV HQ
³6HUYLFLRHQHOYHKtFXOR´HQODVHFFLyQ%DQWHVGHHIHFWXDUFXDOTXLHUWUDEDMRGHVHUYLFLRHQRDOUHGH
GRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPDGHOFROFKyQGHDLUH6LQRVHUHVSHWDQODV$'9(5
7(1&,$6 VH SXHGH FDXVDU HO LQIODGR DFFLGHQWDO GHO FROFKyQ GH DLUH R VH SXHGH GHMDU LQRSHUDQWH HO
VLVWHPDGHOFROFKyQGHDLUH&XDOTXLHUDGHHVWRVGRVFDVRVSXHGHFDXVDUGDxRVFRUSRUDOHVJUDYHV
‡ /RVWUDEDMRVGHVHUYLFLRWpFQLFRGHEHQVHULQLFLDGRVSRUORPHQRVVHJXQGRVGHVSXpVGHTXHVHFROR
TXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ³/2&.´\GHTXHVHGHVFRQHFWHHOFDEOHQHJDWLYRGHOD
EDWHUtD(QHIHFWRVLQRVHSURFHGHGHHVWDIRUPDHOVLVWHPDSXHGHVHUDFWLYDGRSRUODUHVHUYDGHHQHU
JtDHOpFWULFDGHOPyGXORGHGHWHFFLyQ\GHGLDJQyVWLFR6'0

127$
3DUDODVGHVFULSFLRQHVHOHPHQWRVQRLQFOXLGDVHQHVWDVHFFLyQUHILpUDVHDODPLVPDVHFFLyQGHO0DQXDO
GH6HUYLFLRPHQFLRQDGRHQHO35()$&,2GHHVWHPDQXDO

&217(1,'2
'HVFULSFLyQJHQHUDO +
*HQHUDGRU +
5HYLVLyQJHQHUDO\UHSDUDFLyQGHODXQLGDG  +
&RQMXQWRGHOJHQHUDGRU  +
&RPSUREDFLyQ  +

(VSHFLILFDFLRQHV +
%DWHUtD +
*HQHUDGRU+
(VSHFLILFDFLRQHVGHSDUHVGHDSULHWH +
+
+6,67(0$'(&$5*$

'HVFULSFLyQJHQHUDO
*HQHUDGRU

% 6DOLGDGHOJHQHUDGRUWHUPLQDOGHEDWHUtD / 7HUPLQDOGHOiPSDUD  1~FOHRGHOHVWDWRU  %DVWLGRUGHOH[WUHPRWUDVHUR

' 7HUPLQDOIDOVR  3ROHD  %RELQDGHFDPSR  %DVWLGRUGHOH[WUHPRSURSXOVRU
( 0DVD  7XHUFDGHSROHD  5HFWLILFDGRU
) 7HUPLQDOGHERELQDGHFDPSR  9HQWLODGRUGHOURWRU  (VFRELOOD
,* 7HUPLQDOGHHQFHQGLGR  %RELQDGHOHVWDWRU  5HJXODGRU

&,5&8,72'(&$%/($'2

 *HQHUDGRUFRQFRQMXQWRGHUHJXODGRU  %RELQDGHOHVWDWRU  %RELQDGHFDPSRERELQDGHOURWRU  ,QWHUUXSWRUSULQFLSDO

 5HJXODGRUGH&,  'LRGR  /X]LQGLFDGRUDGHFDUJD  %DWHUtD
 6,67(0$'(&$5*$+

5HYLVLyQJHQHUDO\UHSDUDFLyQGHODXQLGDG
&RQMXQWRGHOJHQHUDGRU

 7XHUFDGHSROHD  &RMLQHWHGHOH[WUHPR  $UDQGHODRQGXODGD  5HJXODGRU  3ODFDGHWHUPLQDO

SURSXOVRU
 3ROHD  5HWpQGHFRMLQHWH  %DVWLGRUGHOH[WUHPRWUD  (VFRELOOD
VHUR
 %DVWLGRUGHOH[WUHPR  5RWRU  3ODFDGHVHOOR  3RUWDHVFRELOOD
SURSXOVRU
 (VWDWRU  &RMLQHWHGHDORMDPLHQWR  5HFWLILFDGRU  &XELHUWDGHSRUWDHVFRELOOD
WUDVHUR
 (VSiUUDJR  &XELHUWDGHFRMLQHWH  $LVODGRU  &XELHUWDGHOH[WUHPRWUD
VHUR

&RPSUREDFLyQ
5RWRU

‡ 8WLOLFHXQRKPtPHWUR\FRPSUXHEHODFRQWLQXLGDGHQWUHORVDQL
OORV UR]DQWHV GHO URWRU 6L QR KD\ FRQWLQXLGDG UHHPSODFH HO
URWRU
5HVLVWHQFLDHVWiQGDUHQWUHORVDQLOORVUR]DQWHVGHOURWRU
±ΩDƒ&
+6,67(0$'(&$5*$

‡ 8WLOLFH XQ RKPtPHWUR \ FRPSUXHEH TXH QR KD\ FRQWLQXLGDG

HQWUH ORV DQLOORV UR]DQWHV \ HO URWRU 6L KD\ FRQWLQXLGDG UHHP
SODFHHOURWRU

‡ 9HULILTXHVLORVDQLOORVUR]DQWHVHVWiQiVSHURVRVLHVWiQUD\D
GRV6LHVWiQiVSHURVRUD\DGRVUHHPSODFHHOURWRU
8WLOLFH XQ FDOLEUH GH YHUQLHU \ PLGD HO GLiPHWUR GH DQLOOR
UR]DQWH
6LHOGLiPHWURPHGLGRHVLQIHULRUDOPtQLPRUHHPSODFHHOURWRU
'LiPHWURHVWiQGDUGHDQLOORUR]DQWH
±PP
'LiPHWURPtQLPRGHDQLOORUR]DQWH
PP

(VWDWRU

‡ 8WLOLFH HO RKPtPHWUR \ FRPSUXHEH OD FRQWLQXLGDG HQ WRGRV ORV

FDEOHV6LQRKD\FRQWLQXLGDGUHHPSODFHHOHVWDWRU

‡ 8WLOLFH XQ RKPtPHWUR \ FRPSUXHEH TXH QR KD\ FRQWLQXLGDG

HQWUHORVFDEOHVGHERELQD\HOQ~FOHRGHOHVWDWRU6LKD\FRQWL
QXLGDGUHHPSODFHHOHVWDWRU
 6,67(0$'(&$5*$+

(VFRELOOD\SRUWDHVFRELOOD

0LGD OD ORQJLWXG GH FDGD HVFRELOOD SDUD GHWHFWDU HO GHVJDVWH 6L HO
GHVJDVWHGHXQDHVFRELOODH[FHGHHOOtPLWHHVSHFLILFDGRGHVHUYLFLR
UHHPSODFHODHVFRELOOD
/RQJLWXGYLVLEOHGHHVFRELOOD³D´
(VWiQGDUPP
/tPLWHPP

5HFWLILFDGRU
‡ 5HFWLILFDGRUSRVLWLYR
D 8WLOLFHXQRKPtPHWUR\FRQHFWHXQDVRQGDGHOSUREDGRUDOWHU
PLQDO³%´\ODRWUDVRQGDDFDGDWHUPLQDOGHOUHFWLILFD
GRU
E ,QYLHUWD OD SRODULGDG GH ODV VRQGDV GHO SUREDGRU \ UHSLWD HO
SDVRD
F &RPSUXHEH TXH XQR PXHVWUD FRQWLQXLGDG \ TXH HO RWUR QR
PXHVWUDFRQWLQXLGDG6LKD\FRQWLQXLGDGUHHPSODFHHOUHFWLIL
FDGRU

‡ 5HFWLILFDGRUQHJDWLYR
D 8WLOLFHXQRKPtPHWUR\FRQHFWHXQDVRQGDGHOSUREDGRUDOWHU
PLQDOQHJDWLYR\ODRWUDDFDGDWHUPLQDOGHOUHFWLILFDGRU
E ,QYLHUWD OD SRODULGDG GH ODV VRQGDV GHO SUREDGRU \ UHSLWD HO
SDVRD
F &RPSUXHEH TXH XQR PXHVWUD FRQWLQXLGDG \ TXH HO RWUR QR
PXHVWUDFRQWLQXLGDG6LKD\FRQWLQXLGDGUHHPSODFHHOUHFWLIL
FDGRU
+6,67(0$'(&$5*$

(VSHFLILFDFLRQHV
%DWHUtD

7LSRGHEDWHUtD '/ '/ '/

&DSDFLGDGQRPLQDO$++59ROWLRV   
(OHFWUyOLWR/   
*UDYHGDGHVSHFtILFDGHOHOHFWUyOLWR FXDQGRFDUJDGDFRPSOHWDPHQWHDƒ&

*HQHUDGRU

7LSR 7LSR$
7HQVLyQQRPLQDO 9
6DOLGDQRPLQDO $
5pJLPHQGHJLURPi[LPRSHUPLWLGR USP
&RPSUREDFLyQVLQFDUJD USP
7HQVLyQGHILMDFLyQ D9
7HPSHUDWXUDDPELHQWHDXWRUL]DGD ±Dƒ&
3RODULGDG 0DVDQHJDWLYD
5RWDFLyQ 6HQWLGRGHODVDJXMDVGHOUHORMYLVWRGHVGHHOODGRGHODSROHD

(VSHFLILFDFLRQHVGHSDUHVGHDSULHWH
3DUGHDSULHWH
3LH]DVGHVXMHFLyQ
1‡P NJP OEIW
3HUQRGHPDVDDFDUURFHUtD   
3HUQR\WXHUFDGHPRQWDMHGHOJHQHUDGRU   
7XHUFDLQWHULRUGHWHUPLQDO³%´   
7XHUFDH[WHULRUGHWHUPLQDO³%´   
7XHUFDGHSROHDGHOJHQHUDGRU   
7XHUFDVGHEDVWLGRUGHOH[WUHPRWUDVHUR   
7XHUFDVGHFXELHUWDGHOH[WUHPRWUDVHUR   
(VSiUUDJRVGHOHVWDWRU   
7RUQLOORVGHSODFDGHFRMLQHWHGHH[WUHPRSURSXOVRU   
7RUQLOORVGHUHFWLILFDGRU   
7RUQLOORVGHUHJXODGRU\SRUWDHVFRELOOD   
3HUQRGHSODFDGHWHUPLQDO   
 6,67(0$'((6&$3(.

6(&&,Ï1.

6,67(0$'((6&$3(
35(&$8&,Ï1
$VHJ~UHVHGHXWLOL]DU*$62/,1$6,13/202HQHOYHKtFXORHTXLSDGRFRQFRQYHUWLGRUFDWDOtWLFR/DXWLOL]D
FLyQ GH *$62/,1$ &21 3/202 DIHFWDUi QHJDWLYD \ FRQVLGHUDEOHPHQWH HO UHQGLPLHQWR GHO FRQYHUWLGRU
FDWDOtWLFR

127$
‡ 3DUD ODV GHVFULSFLRQHV HOHPHQWRV QR LQFOXLGDV HQ HVWD VHFFLyQ UHILpUDVH D OD PLVPD VHFFLyQ GHO
0DQXDOGH6HUYLFLRPHQFLRQDGRHQHO35()$&,2GHHVWHPDQXDO

&217(1,'2
6HUYLFLRHQHOYHKtFXOR  . &RPSRQHQWHV .


.
.6,67(0$'((6&$3(

6HUYLFLRHQHOYHKtFXOR
&RPSRQHQWHV

4 45 N·m (4,5 kg-m)

6-1
1-1
12

1-1

6-2
5
9
3-1
9
13
4 45 N·m
(4,5 kg-m)
6-3
1-2 2
7 50 N·m
(5,0 kg-m) 2 11

5 7 50 N·m (5,0 kg-m)

9
3-2
8

10 45 N·m (4,5 kg-m)

9

 &ROHFWRUGHHVFDSHVLQ:87:&  6HQVRUFDOHQWDGRGHR[tJHQRVL  3HUQRGHWXERGHHVFDSH  0RQWXUDGHOVLOHQFLDGRU

HVWiHTXLSDGR
 &ROHFWRUGHHVFDSHFRQ:87:&  -XQWDGHWXERGHHVFDSH  6LOHQFLDGRU  5HIRU]DGRUGHWXERQƒGH
HVFDSH
 -XQWDGHHVFDSH  7XERQƒGHHVFDSHVLQ:87:&  7XHUFDGHWXERGHHVFDSH 3DUGHDSULHWH

 7XERQƒGHHVFDSHVLQ:87:&  7XERQƒGHHVFDSHFRQ:87:&  6HQVRUFDOHQWDGRGHR[tJHQR 1RYXHOYDDXWLOL]DU

VLHVWiHTXLSDGR
 7XERQƒGHHVFDSHFRQ:87:&  7XERQƒGHHVFDSHVLQ:87:&  7XERWUDVHURGHVLOHQFLDGRU
 75$160,6,Ï10$18$/$

6(&&,Ï1$
$

75$160,6,Ï10$18$/
127$
3DUDODVGHVFULSFLRQHVHOHPHQWRVQRLQFOXLGDVHQHVWDVHFFLyQUHILpUDVHDODPLVPDVHFFLyQGHO0DQXDO
GH6HUYLFLRPHQFLRQDGRHQHO35()$&,2GHHVWHPDQXDO

&217(1,'2
5HSDUDFLyQGHODXQLGDG  $


5HSDUDFLyQGHODXQLGDG
127$
(VWDWUDQVPLVLyQPDQXDOSDUDHOPRWRU+QRLQFRUSRUDHODQLOORHQ&GHOFRMLQHWHWUDVHURGHOFRQWUDHMH
3RUFRQVLJXLHQWHQRHVQHFHVDULRGHVDUPDURUHDUPDUHVWHDQLOORHQ&HQHOFRMLQHWHWUDVHURGHOFRQWUDHMH
3DUD ODV GHVFULSFLRQHV HOHPHQWRV QR LQFOXLGDV HQ HVWD VHFFLyQ UHILpUDVH D OD PLVPD VHFFLyQ GHO
³0$18$/'(5(3$5$&,Ï1'(/$81,'$'´PHQFLRQDGRHQHO35()$&,2GHHVWHPDQXDO
$75$160,6,Ï10$18$/
 75$160,6,Ï1$8720È7,&$$7%

6(&&,Ï1%
%

75$160,6,Ï1$8720È7,&$$7
$'9(57(1&,$
3DUDORVYHKtFXORVHTXLSDGRVFRQHO6LVWHPD6XSOHPHQWDULRGH6XMHFLyQ&ROFKyQGHDLUH
‡ /RVVHUYLFLRVTXHGHEDQVHUHIHFWXDGRVHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPD
GHOFROFKyQGHDLUHGHEHQVHUKHFKRVH[FOXVLYDPHQWHSRUXQFRQFHVLRQDULRDXWRUL]DGR68=8.,5HILp
UDVH DO ³(VTXHPD GH XELFDFLyQ GH ORV FRPSRQHQWHV \ FDEOHDGR GHO VLVWHPD GHO FROFKyQ GH DLUH´ HQ
³'HVFULSFLyQJHQHUDO´HQODVHFFLyQGHOVLVWHPDGHOFROFKyQGHDLUHSDUDFRQILUPDUVLXVWHGHVWiHIHF
WXDQGRWUDEDMRGHVHUYLFLRHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPDGHOFROFKyQ
GHDLUH6tUYDVHREVHUYDUWRGDVODV$'9(57(1&,$6\³3UHFDXFLRQHVSDUDHOVHUYLFLR´LQGLFDGDVHQ³6HU
YLFLRHQHOYHKtFXOR´HQODVHFFLyQGHOVLVWHPDGHOFROFKyQGHDLUHDQWHVGHHIHFWXDUFXDOTXLHUWUDEDMR
GHVHUYLFLRHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPDGHOFROFKyQGHDLUH6LQRVH
UHVSHWDQODV$'9(57(1&,$6VHSXHGHFDXVDUHOLQIODGRDFFLGHQWDOGHOFROFKyQGHDLUHRVHSXHGHGHMDU
LQRSHUDQWHHOVLVWHPDGHOFROFKyQGHDLUH&XDOTXLHUDGHHVWRVGRVFDVRVSXHGHFDXVDUGDxRVFRUSRUD
OHVJUDYHV
‡ /RVWUDEDMRVGHVHUYLFLRWpFQLFRGHEHQVHULQLFLDGRVSRUORPHQRVVHJXQGRVGHVSXpVGHTXHVHFROR
TXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ³/2&.´\GHTXHVHGHVFRQHFWHHOFDEOHQHJDWLYRGHOD
EDWHUtD(QHIHFWRVLQRVHSURFHGHGHHVWDIRUPDHOVLVWHPDSXHGHVHUDFWLYDGRSRUODUHVHUYDGHHQHU
JtDHOpFWULFDGHOPyGXORGHGHWHFFLyQ\GHGLDJQyVWLFR6'0

127$
3DUDODVGHVFULSFLRQHVHOHPHQWRVQRLQFOXLGDVHQHVWDVHFFLyQUHILpUDVHDODPLVPDVHFFLyQGHO0DQXDO
GH6HUYLFLRPHQFLRQDGRHQHO35()$&,2GHHVWHPDQXDO

&217(1,'2
'HVFULSFLyQJHQHUDO %
6LVWHPDGHFRQWUROGHFDPELRHOHFWUyQLFR  %
'LDJUDPDGHFDPELRDXWRPiWLFRGH
HQJUDQDMH  %
'LDJQyVWLFR  %
6LVWHPDGHGLDJQyVWLFRHQHOYHKtFXOR
&RPSUREDFLyQEiVLFDGH$7 %
7DEODGHGLDJQyVWLFRGHGHVSHUIHFWRV  %
7DEODGHGLDJQyVWLFRGHGHVSHUIHFWRV  %
7DEODGHGLDJQyVWLFRGHGHVSHUIHFWRV  %
'DWRVGHOLQVWUXPHQWRGHH[SORUDFLyQ %
&RPSUREDFLyQGHOPyGXORGH3&0\
9HKtFXORVLQFRQHFWRUGHYHULILFDFLyQ  % VXFLUFXLWR %
6LVWHPDGHGLDJQyVWLFRHQHOYHKtFXOR 0D]RGHFDEOHV\FRQHFWRUHV  %
9HKtFXORFRQFRQHFWRUGHYHULILFDFLyQ  % 7DEOD$1RKD\HQFODYDPLHQWRGH7&&  %
3UHFDXFLRQHVSDUDGLDJQRVWLFDU 7DEOD$1RKD\FDPELRGHHQJUDQDMHD
GHVSHUIHFWRV  % 2' %
7DEODGHIOXMRGHGLDJQyVWLFRGHOD 7DEOD%&RPSUREDFLyQGHOFLUFXLWRGH
WUDQVPLVLyQDXWRPiWLFD  % OX]GH³2'HQ2))´/DOX]GH³2'HQ2))´
&RPSUREDFLyQGHODOX]LQGLFDGRUDGH QRVHHQFLHQGHFRQHOLQWHUUXSWRUGH
PDOIXQFLRQDPLHQWR0,/  % HQFHQGLGRHQODSRVLFLyQ21SHURHO
&RPSUREDFLyQGHODOX]GH³2'HQ2))´  % PRWRUDUUDQFD  %
&RPSUREDFLyQGHODOX]GH³327(1&,$´  % 7DEOD%&RPSUREDFLyQGHOFLUFXLWRGH
&RPSUREDFLyQGHFyGLJRGHGLDJQyVWLFR ODOX]³2'HQ2))´/DOX]³2'HQ2))´
'7&  %
%RUUDGRGHOFyGLJRGHGLDJQyVWLFR %
7DEODGHFyGLJRGHGLDJQyVWLFR  %
7DEODGHDSUXHEDGHIDOORV  %
,QVSHFFLyQYLVXDO %
SHUPDQHFHHQFHQGLGD  %
7DEOD%&RPSUREDFLyQGHOFLUFXLWRGH
OX]GH³327(1&,$´/DOX]GH³327(1&,$´
QRVHHQFLHQGHFRQHOLQWHUUXSWRUGH
HQFHQGLGRHQODSRVLFLyQ21SHURHO
PRWRUDUUDQFD  %
%75$160,6,Ï1$8720È7,&$$7

7DEOD%&RPSUREDFLyQGHOFLUFXLWRGH 3UXHEDGHFDUUHWHUDPDQXDO  %

ODOX]³327(1&,$´/DOX]³327(1&,$´ 3UXHEDGHUHWDUGR %
SHUPDQHFHHQFHQGLGD  % 3UXHEDGHIUHQRGHPRWRU  %
'7&3'7&1ƒ 3UXHEDGHODSRVLFLyQ³3´%
0DOIXQFLRQDPLHQWRGHOFLUFXLWRGHOVHQVRU 6HUYLFLRHQHOYHKtFXOR %
LQWHUUXSWRUGHSRVLFLyQGHODWUDQVPLVLyQ  % 6HUYLFLRGHPDQWHQLPLHQWR%
'7&3'7&1ƒ 1LYHOGHOIOXLGR%
0DOIXQFLRQDPLHQWRGHOFLUFXLWRGHOVHQVRU &DPELRGHOIOXLGR  %
GHYHORFLGDGGHHQWUDGDWXUELQD % &DEOHGHODPDULSRVDGHJDVHVGH$7  %
'7&3'7&1ƒ 9iOYXODVVROHQRLGHVYiOYXODVVROHQRLGHV
0DOIXQFLRQDPLHQWRGHOFLUFXLWRGHOVHQVRU GHFDPELR\YiOYXODVROHQRLGHGH7&&%
GHYHORFLGDGGHVDOLGD % &21-8172'(6(/(&7250$18$/ %
'7&3'7&1ƒ(OHFWULFLGDG &$%/('(6(/(&&,Ï1%
GHODYiOYXODVROHQRLGHHQFODYDPLHQWR 5HSDUDFLyQGHODXQLGDG%
GH7&& % 5HSDUDFLyQGHOVXEFRQMXQWR %
'7&3'7&1ƒ(OHFWULFLGDG 6REUHPDUFKDODGRGHODFDMD %
GHODYiOYXODVROHQRLGH$GHFDPELR (PEUDJXHGHDYDQFH  %
'7&3'7&1ƒ(OHFWULFLGDG &XHUSRGHYiOYXODVVXSHULRUGHODQWHUR %
GHODYiOYXODVROHQRLGH%GHFDPELR  % $UPDGRGHODXQLGDG %
3UXHEDGHFDODGRGHOPRWRU  %
(VSHFLILFDFLRQHVGHSDUHVGHDSULHWH %
3UXHEDGHSUHVLyQGHWXEHUtD %
+HUUDPLHQWDVHVSHFLDOHV %
3UXHEDGHFDUUHWHUD  %

 75$160,6,Ï1$8720È7,&$$7%

'HVFULSFLyQJHQHUDO
(OHPHQWR (VSHFLILFDFLRQHV
&RQYHUWLGRU 7LSR HOHPHQWRVSDVRWLSRIDVHVFRQPHFDQLVPR>HQFODYD
GHSDU PLHQWR@GH7&&
5HODFLyQGHSDUGHFDODGR 
%RPEDGH 7LSR %RPEDGHDFHLWHGHWLSRWURFRLGDO
DFHLWH 6LVWHPDSURSXOVRU 3URSXOVDGDSRUHOPRWRU
0HFDQLVPR 7LSR SDVRVGHDYDQFHSDVRGHPDUFKDDWUiVWLSRHQJUDQDMH
GHFDPELR SODQHWDULR
GHHQJUD 3RVLFLyQGHFDPELR 3RVLFLyQ³3´ (QJUDQDMHHQSXQWRPXHUWRHMHGHVDOLGDILMDGR
QDMH VHSXHGHKDFHUDUUDQFDUHOPRWRU
3RVLFLyQ³5´ 0DUFKDDWUiV
3RVLFLyQ³1´ (QJUDQDMHHQSXQWRPXHUWRVHSXHGHKDFHU
DUUDQFDUHOPRWRU
3RVLFLyQ³'´ $YDQFHHQ↔↔↔2'
2'HQ21 FDPELRDXWRPiWLFRGHHQJUDQDMH
3RVLFLyQ³'´ $YDQFHHQ↔↔
2'HQ FDPELRDXWRPiWLFRGHHQJUDQDMH
2))
3RVLFLyQ³´ 0RGR1RUPDO$YDQFHHQ↔←FDP
ELRDXWRPiWLFRGHHQJUDQDMH
0RGR3RWHQFLD$YDQFHHQ←FDPELR
DXWRPiWLFRGHHQJUDQDMH\TXHGDILMDGDHQHO
HQJUDQDMHGH
3RVLFLyQ³/´ $YDQFHHQUHGXFFLyQ←←\TXHGD
ILMDGDHQHQJUDQDMHGH
5HOD  
FLyQ HQJUDQDMHEDMR
GH  
HQJUD HQJUDQDMHGHVHJXQGD
QDMHV  
HQJUDQDMHVXSHULRU
 
HQJUDQDMHGHVREUHPDUFKD
0DUFKDDWUiV 
HQJUDQDMHGHPDUFKDDWUiV
(OHPHQWRVGHFRQWURO (PEUDJXHK~PHGRGHWLSRPXOWLGLVFRVFRQMXQWRV
)UHQRK~PHGRGHWLSRPXOWLGLVFRVFRQMXQWRV
(PEUDJXHXQLGLUHFFLRQDOFRQMXQWRV
7UDQVIHUHQFLD +L$OWD
/R%DMD0RGHOR:'VRODPHQWH
5HODFLyQGHUHGXFFLyQGHHQJUDQDMH 
ILQDO'LIHUHQFLDO
/XEULFDFLyQ 6LVWHPDGHOXEULFDFLyQ 6LVWHPDGHDOLPHQWDFLyQIRU]DGDPHGLDQWHSUHVLyQGHOD
ERPEDGHDFHLWH
5HIULJHUD 6LVWHPDGHUHIULJHUDFLyQ 5HIULJHUDFLyQDVLVWLGDSRUUDGLDGRUHQIULDGRSRUDJXD
FLyQ
)OXLGRHPSOHDGR 8QSURGXFWRHTXLYDOHQWHGH'(;521,,,
%75$160,6,Ï1$8720È7,&$$7

6LVWHPDGHFRQWUROGHFDPELRHOHFWUyQLFR

2 5V
B+ BLU/YEL C51-1-14

5V 5V
B+
YEL/GRN C51-1-12 1
YEL/BLU C51-1-13
GRY/YEL C51-3-26
3

4 GRY/YEL C51-3-12
5V
5V 5V
GRY/RED C51-3-13
RED/GRN C51-3-9
ORN/BLU C51-3-2

5
GRY/YEL C51-3-24
BB+

GRN/WHT E61-34
5V
6

7 BLU/YEL C51-1-11
BLU/GRN C51-1-10 5V
C51-1-21
C51-1-20
8 WHT C51-1-23
ORN C51-1-22 17 16 15

E61-7 PPL/YEL
P E61-20 WHT/BLK
ORN/GRN C51-1-7
IG1 R
RED C51-1-6 E61-21 GRY/BLU
N 18
ORN/BLU C51-1-19
D 12V E61-33
YEL/GRN C51-1-18 YEL/RED 19
9 2 12V
GRN/ORN C51-1-28 E61-31 ORN/BLU
L GRN/BLU C51-1-27 12V
C51-1-26 ORN/WHT
12V 12V 12V
10
20
11 GRN 22
C51-1-2
12
GRN/RED C51-1-1
GRN/YEL C51-1-8
BB+
C51-3-20 BLK/WHT
E61-2 WHT
12V
5V 12V
E61-9 BLU
PPL/RED E61-13

IG1
BB+
IG2
B+
13 C51-3-4 BLU/BLK
C51-3-15 BLU/BLK 21
PNK/BLU E61-35 12V
C51-3-6 BLK/GRN
C51-3-17 BLK/ORN 23
14 GRY E61-4
C51-2-7 BLK/GRN

24

E61 C51-3 C51-1 C51-2

8 7 2 1 2 1
6 5 4 3 2 1 6 5 4 3 2 1 7 6 5 4 3 7 6 5 4 3
23 22 21 20 19 18 17 16 15 14 13 12 11 10 9 17 16 15 14 13 12 11 10 9 8 7 19 18 17 16 15 14 13 12 11 10 9 8 20 19 18 17 16 15 14 13 12 11 10 9 8
35 34 33 32 31 30 29 28 27 26 25 24 26 25 24 23 22 21 20 19 18 28 27 26 25 24 23 22 21 20 30 29 28 27 26 25 24 23 22 21

 3&0(&0  6HQVRUGHSRVLFLyQGHODWUDQVPLVLyQ  /X]GH0,//X]GH³6(59,&,2'(/02725352172´

 6HQVRUGH966  9iOYXODVROHQRLGH$GHFDPELR  ,QWHUUXSWRUGHFRUWHGH2'
 6HQVRUGH&03  9iOYXODVROHQRLGH%GHFDPELR  ,QWHUUXSWRUGHFDPELRGH31
 6HQVRUGH73  9iOYXODVROHQRLGHGH7&&  ,QWHUUXSWRUGHEDMD:'
 6HQVRUGH(&7  &RQHFWRUGHHQODFHGHGDWRV  5HOpSULQFLSDO
 ,QWHUUXSWRUGHOXFHVGHSDUDGD  0yGXORGHFRQWUROGHFUXFHUR  ,QWHUUXSWRUGHHQFHQGLGR
 6HQVRUGHYHORFLGDGGHOHMHGHHQWUDGD  /X]GH³327(1&,$´  %DWHUtD
 6HQVRUGHYHORFLGDGGHOHMHGHVDOLGD  /X]GH³2'HQ2))´  &RQHFWRUGHOPyGXORGH3&0(&09LVWRGHVGHHOODGRGHO
PD]RGHFDEOHV
 75$160,6,Ï1$8720È7,&$$7%

'LDJUDPDGHFDPELRDXWRPiWLFRGHHQJUDQDMH
(O SURJUDPD GH FDPELR DXWRPiWLFR TXH UHVXOWD GHO FRQWURO GHO FDPELR HV PRVWUDGR D FRQWLQXDFLyQ 6L OD SDODQFD
VHOHFWRUDHVFDPELDGDDODSRVLFLyQ/DXQDYHORFLGDGVXSHULRUDNPKHOHQJUDQDMHGHyHVDFFLRQDGR\
HQVHJXLGDHOFDPELRKDFHSDVDUDOHQJUDQDMHGHDXQDYHORFLGDGLQIHULRUDpVD(QODSRVLFLyQ/QRHVSRVLEOH
SDVDUDXQDPDUFKDVXSHULRU
'HODPLVPDPDQHUDVLODSDODQFDVHOHFWRUDHVFDPELDGDDODSRVLFLyQDXQDYHORFLGDGVXSHULRUDNPKHO
HQJUDQDMHGHHVDFFLRQDGR\HQVHJXLGDHOFDPELRKDFHSDVDUDOHQJUDQDMHGHDXQDYHORFLGDGLQIHULRUDpVD

>02'2'(327(1&,$@

&DPELR
→  →  → →  →  → 
$EHUWXUDGH 0DULSRVDFRPSOH NPK      
OD WDPHQWHDELHUWD
PDULSRVDGH 0DULSRVDFHUUDGD NPK      
JDVHV

',$*5$0$>$@'(&$0%,2'((1*5$1$-(<',$*5$0$>%@'((1&/$9$0,(172'(7&&
%75$160,6,Ï1$8720È7,&$$7

>02'21250$/@

&DPELR
→ →  →  →  →  → 
$EHUWXUDGH 0DULSRVDFRPSOH NPK      
OD WDPHQWHDELHUWD
PDULSRVDGH 0DULSRVDFHUUDGD NPK      
JDVHV

',$*5$0$>$@'(&$0%,2'((1*5$1$-(<',$*5$0$>%@'((1&/$9$0,(172'(7&&
 75$160,6,Ï1$8720È7,&$$7%

'LDJQyVWLFR
(VWHYHKtFXORHVWiHTXLSDGRFRQXQVLVWHPDGHFRQWUROHOHFWUyQLFRGHODWUDQVPLVLyQTXHFRQWURODHOPRPHQWRDSUR
SLDGRSDUDSDVDUDXQDPDUFKDVXSHULRURLQIHULRUHOIXQFLRQDPLHQWRGH7&&HWFDGDSWiQGRORVDODVFRQGLFLRQHVGH
FRQGXFFLyQGHOYHKtFXOR
(OPyGXORGH3&0(&0WLHQHXQVLVWHPDGHGLDJQyVWLFRHQHOYHKtFXORTXHGHWHFWDXQGHVSHUIHFWRGHIXQFLRQD
PLHQWRHQHVWHVLVWHPD\ODDQRUPDOLGDGHQODVSLH]DVTXHLQIOX\HQHQODVHPLVLRQHVGHHVFDSHGHOPRWRU
&XDQGRGLDJQRVWLTXHGHVSHUIHFWRVHQODWUDQVPLVLyQLQFOX\HQGRHVWHVLVWHPDDVHJ~UHVHGHTXHKDFRPSUHQGLGR
SHUIHFWDPHQWHELHQWRGDODGHVFULSFLyQGHO³6,67(0$'(',$*1Ï67,&2(1(/9(+Ë&8/2´\WDPELpQFDGDHOH
PHQWRGH³35(&$8&,21(63$5$',$*1267,&$5'(63(5)(&726´<HIHFW~HHOGLDJQyVWLFRGHDFXHUGRFRQOD
³7$%/$'()/8-2'(',$*1Ï67,&2'(/$75$160,6,Ï1$8720È7,&$´SDUDREWHQHUXQUHVXOWDGRFRUUHFWR
GHPDQHUDIiFLO\VLQFRQWUDWLHPSRV

6LVWHPDGHGLDJQyVWLFRHQHOYHKtFXOR9HKt
FXORVLQFRQHFWRUGHYHULILFDFLyQ
3DUDHOVLVWHPDGHFRQWUROGHODWUDQVPLVLyQDXWRPiWLFDHOPyGXOR
GH3&0(&0WLHQHODVIXQFLRQHVVLJXLHQWHV5HILpUDVHDODVHFFLyQ
SDUDPD\RUHVGHWDOOHV
‡ &XDQGRHOLQWHUUXSWRUGHHQFHQGLGRHVFRORFDGRHQODSRVLFLyQ
21 FRQ HO PRWRU SDUDGR OD OX] LQGLFDGRUD GH PDO IXQFLRQD
PLHQWR0,/VHHQFLHQGHSDUDYHULILFDUODERPELOODGHODOX]
GH0,/
‡ &XDQGR HO PyGXOR GH 3&0 GHWHFWD XQ GHVSHUIHFWR HQ HO VLV
WHPDGHFRQWUROGHOD$7\RXQPDOIXQFLRQDPLHQWRTXHDIHFWD
QHJDWLYDPHQWH ODV HPLVLRQHV GHO YHKtFXOR PLHQWUDV HO PRWRU
HVWiIXQFLRQDQGRHQFLHQGHODOX]LQGLFDGRUDGHGHVSHUIHFWRHQ
HO LQGLFDGRU FRPELQDGR GHO WDEOHUR GH LQVWUXPHQWRV \ PHPR
UL]DHOiUHDGHPDOIXQFLRQDPLHQWRHQVXPHPRULD
6LQHPEDUJRVLGHVSXpVGHKDEHUGHWHFWDGRXQPDOIXQFLRQD
PLHQWRGHWHFWDFRQWLQXDPHQWHTXHFLFORVGHFRQGXFFLyQVRQ
QRUPDOHV DSDJD OD OX] LQGLFDGRUD GH 0,/  DXQTXH HO '7&
PHPRUL]DGRSHUPDQHFHPHPRUL]DGR
‡ (V SRVLEOH FRPXQLFDU FRQ HO PyGXOR GH 7&0 PHGLDQWH HO
FRQHFWRU GH HQODFH GH GDWRV '/& >@ HPSOHDQGR HO LQVWUX
PHQWR GH H[SORUDFLyQ  68=8., >(V SRVLEOH DFFHGHU D OD
LQIRUPDFLyQGHGLDJQyVWLFRXWLOL]DQGRXQLQVWUXPHQWRGHH[SOR
UDFLyQ@

/Ï*,&$'('(7(&&,Ï1'(&,&/26'(&21'8&&,Ï1
5HILpUDVHDODVHFFLyQSDUDPD\RUHVGHWDOOHV

'7&3(1',(17(
5HILpUDVHDODVHFFLyQSDUDPD\RUHVGHWDOOHV

'$726'(,0$*(1&21*(/$'$
5HILpUDVHDODVHFFLyQSDUDPD\RUHVGHWDOOHV
%75$160,6,Ï1$8720È7,&$$7

6LVWHPDGHGLDJQyVWLFRHQHOYHKtFXOR9HKt
FXORFRQFRQHFWRUGHYHULILFDFLyQ
3DUDHOVLVWHPDGHFRQWUROGHODWUDQVPLVLyQDXWRPiWLFDHOPyGXOR
GH3&0(&0WLHQHODVIXQFLRQHVVLJXLHQWHV5HILpUDVHDODVHFFLyQ
SDUDPD\RUHVGHWDOOHV
‡ &XDQGRHOLQWHUUXSWRUGHHQFHQGLGRHVFRORFDGRHQODSRVLFLyQ
21 FRQ HO PRWRU SDUDGR OD OX] LQGLFDGRUD GH PDO IXQFLRQD
PLHQWR0,/VHHQFLHQGHSDUDYHULILFDUODERPELOODGHODOX]GH
0,/
‡ &XDQGRHOPyGXORGH3&0GHWHFWDXQPDOIXQFLRQDPLHQWRHQHO
VLVWHPDGHFRQWUROGHFDPELRHOHFWUyQLFRUHJLVWUDHOFyGLJRGH
GHVSHUIHFWRHQODPHPRULDGHVHJXULGDGGHOPyGXORGH(&0
/D PHPRUL]DFLyQ HV FRQVHUYDGD DXQTXH HO GHVSHUIHFWR KD\D
VLGRVRODPHQWHWHPSRUDO\KD\DGHVDSDUHFLGRLQPHGLDWDPHQWH
<HOUHJLVWURPHPRUL]DGRQRHVERUUDGRKDVWDTXHODDOLPHQWD
FLyQ DO PyGXOR GH 3&0 HV FRUWDGD GXUDQWH  VHJXQGRV R
PiV
‡ (V SRVLEOH FRPXQLFDU XWLOL]DQGR QR VRODPHQWH HO LQVWUXPHQWR
GHH[SORUDFLyQ68=8.,VLQRWDPELpQHPSOHDQGRXQLQVWUX
PHQWRGHH[SORUDFLyQWLSRSURGXFWROLEUH8WLOL]DQGRXQLQVWUX
PHQWR GH H[SORUDFLyQ HV SRVLEOHDFFHGHU DOD LQIRUPDFLyQ GH
GLDJQyVWLFR
‡ (OPyGXORGH(&0WDPELpQLQGLFDHQHOPRPHQWRGHODFRPSUR
EDFLyQHOiUHDGHGHVSHUIHFWRTXHKD\UHJLVWUDGDHQODPHPR
ULD PHGLDQWH HO GHVWHOOR GH OD OX]  LQGLFDGRUD GH PDO
IXQFLRQDPLHQWR3RUHMHPSORFXDQGRFRQXQFDEOHGHVHUYL
FLR VH FRQHFWD HO WHUPLQDO  GHO LQWHUUXSWRU GH GLDJQyVWLFR DO
WHUPLQDODPDVD\VHFRORFDHOLQWHUUXSWRUGHHQFHQGLGRHQ
ODSRVLFLyQ21
 75$160,6,Ï1$8720È7,&$$7%

3UHFDXFLRQHVSDUDGLDJQRVWLFDUGHVSHUIHFWRV
‡ 1RGHVFRQHFWHDFRSODGRUHVGHOPyGXORGH3&0(&0FDEOH
GHODEDWHUtDHQODEDWHUtDPD]RGHFDEOHVGHPDVDGHOPyGXOR
GH3&0GHOPRWRURGHOIXVLEOHSULQFLSDODQWHVGHFRQILUPDUOD
LQIRUPDFLyQGHOGLDJQyVWLFR'7&GDWRVGHLPDJHQFRQJHODGD
HWFPHPRUL]DGDHQHOPyGXORGH3&07DOHVGHVFRQH[LRQHV
ERUUDUiQODLQIRUPDFLyQPHPRUL]DGDHQHOPyGXORGH3&0
‡ 8WLOL]DQGR HO LQVWUXPHQWR GH H[SORUDFLyQ 68=8., R WDPELpQ
FRQ XQ LQVWUXPHQWR GH H[SORUDFLyQ WLSR SURGXFWR OLEUH ±HQ HO
FDVRGHOYHKtFXORVLQFRQHFWRUGHYHULILFDFLyQWDPELpQHVSRVL
EOHYHULILFDU\ERUUDUODLQIRUPDFLyQGHGLDJQyVWLFRPHPRUL]DGD
HQHOPyGXORGH3&0$QWHVGHXWLOL]DUHOLQVWUXPHQWROHDFXL
GDGRVDPHQWH HO 0DQXDO GHO 2SHUDGRU ,QVWUXFFLRQHV SDUD
FRPSUHQGHUELHQODVIXQFLRQHV\VXDSOLFDFLyQ
‡ 3ULRULGDGHVSDUDORVFyGLJRVGHGLDJQyVWLFR
6LKD\PHPRUL]DGRVGRVRPiVFyGLJRVGHGLDJQyVWLFR'7&
SURFHGDDODWDEODGHIOXMRGHO'7&TXHIXHGHWHFWDGRHQSULPHU
OXJDU\VLJDODVLQVWUXFFLRQHVGHHVDWDEOD
6L QR VH GDQ LQVWUXFFLRQHV SURFHGD D ORFDOL]DU \ UHSDUDU ORV
FyGLJRVGHGLDJQyVWLFRGHDFXHUGRFRQODVSULRULGDGHVVLJXLHQ
WHV
± &yGLJRV GH GLDJQyVWLFR '7& TXH QR VHDQ ORV '7& 3
333 6LVWHPD GH FRPEXVWLEOH GHPDVLDGR
SREUHGHPDVLDGR ULFR '7& 3333
333 'HWHFFLyQ GH IDOOR GH HQFHQGLGR QL HO
'7&30DOIXQFLRQDPLHQWRGHOIOXMRGH(*5
± '7& 3333 6LVWHPD GH FRPEXVWLEOH
GHPDVLDGRSREUHGHPDVLDGRULFR\'7&30DOIXQFLR
QDPLHQWRGHOIOXMRGH(*5
± '7&3333333
'HWHFFLyQGHIDOORGHHQFHQGLGR
‡ $QWHV GH OD LQVSHFFLyQ DVHJ~UHVH GH OHHU ODV ³35(&$8&,2
1(63$5$(/6(59,&,2'(&,5&8,726(/e&75,&26´HQ
ODVHFFLyQ$\DSOtTXHODVHVWULFWDPHQWH
‡ 5HHPSOD]RGHOPyGXORGH3&0
&XDQGR UHHPSODFH SRU XQ PyGXOR GH 3&0 HQ EXHQ HVWDGR
FRPSUXHEHODVFRQGLFLRQHVVLJXLHQWHV
'HMDU GH ODGR HVWD FRPSUREDFLyQ SXHGH FDXVDU GDxRV DO
PyGXORGH3&0TXHHVWiHQEXHQHVWDGR
± 7RGRV ORV UHOpV \ DFWXDGRUHV GHEHQ WHQHU OD UHVLVWHQFLD GHO
YDORUHVSHFLILFDGR
± (OVHQVRUGH0$)HOVHQVRUGH0'3HOVHQVRUGH73\HOVHQ
VRUGHSUHVLyQGHOGHSyVLWRGHFRPEXVWLEOHHVWiQHQEXHQDV
FRQGLFLRQHV $GHPiV HO FLUFXLWR GH DOLPHQWDFLyQ GH HVWRV
VHQVRUHVQRHVWiFRUWRFLUFXLWDGRDPDVD
%75$160,6,Ï1$8720È7,&$$7

7DEODGHIOXMRGHGLDJQyVWLFRGHODWUDQVPLVLyQDXWRPiWLFD
3DUDPD\RUHVGHWDOOHVDFHUFDGHFDGDSDVRUHILpUDVHDODVSiJLQDVVLJXLHQWHV

3DVR 2SHUDFLyQ 6t 1R
 $QiOLVLVGHODTXHMDGHOFOLHQWH 9D\DDOSDVR (IHFW~HHODQiOLVLVGHOD
 (IHFW~HHODQiOLVLVGHODTXHMDGHOFOLHQWHUHIL TXHMDGHOFOLHQWH
ULpQGRVHDODSiJLQDVLJXLHQWH
¢6HHIHFWXyHODQiOLVLVGHODTXHMDGHOFOLHQWHGH
DFXHUGRFRQODVLQVWUXFFLRQHV"
 &RPSUREDFLyQUHJLVWUR\ERUUDGRGHFyGLJRVGH ,PSULPDHO'7&\GDWRVGH 9D\DDOSDVR
GLDJQyVWLFR'7&\GHGDWRVGHLPDJHQFRQJH LPDJHQFRQJHODGDRDQy
ODGD WHORVHQIRUPDHVFULWD\
 &RPSUXHEHVLKD\'7&LQFOX\HQGR'7&SHQ HQVHJXLGDEyUUHORV5HILp
GLHQWH UDVHD³%255$'2'(
¢+D\DOJ~QRV'7&" '7&´HQHVWDVHFFLyQ
9D\DDOSDVR
 ,QVSHFFLyQYLVXDO 5HSDUHRUHHPSODFHOD 9D\DDOSDVR
 (IHFW~HODLQVSHFFLyQYLVXDOUHILULpQGRVHDOD SLH]DGHIHFWXRVD
SiJLQDVLJXLHQWH 9D\DDOSDVR
¢+D\DOJXQDFRQGLFLyQGHIHFWXRVD"
 ,QVSHFFLyQYLVXDO 9D\DDOSDVR
 (IHFW~HODLQVSHFFLyQYLVXDOUHILULpQGRVHDOD
SiJLQDVLJXLHQWH
¢+D\DOJXQDFRQGLFLyQGHIHFWXRVD"
 &RQILUPDFLyQGHVtQWRPDVGHGHVSHUIHFWR 9D\DDOSDVR 9D\DDOSDVR
 &RQILUPHORVVtQWRPDVGHGHVSHUIHFWRUHIL
ULpQGRVHDODSiJLQDVLJXLHQWH
¢6HLGHQWLILFyXQVtQWRPDGHGHVSHUIHFWR"
 5HSHWLFLyQGHODFRPSUREDFLyQ\UHJLVWURGHO 9D\DDOSDVR 9D\DDOSDVR
'7&GDWRVGHLPDJHQFRQJHODGD
 9XHOYDDYHULILFDUHO'7&\ORVGDWRVGHLPD
JHQFRQJHODGDUHILULpQGRVHD³&20352%$
&,Ï1'('7&´HQHVWDVHFFLyQ
¢+D\DOJ~QRV'7&"
 5HSHWLFLyQGHODFRPSUREDFLyQ\UHJLVWURGHO 9D\DDOSDVR 9D\DDOSDVR
'7&GDWRVGHLPDJHQFRQJHODGD
 9XHOYDDYHULILFDUHO'7&\ORVGDWRVGHLPD
JHQFRQJHODGDUHILULpQGRVHD³&20352%$
&,Ï1'('7&´HQHVWDVHFFLyQ
¢+D\DOJ~QRV'7&"
 ,QVSHFFLyQEiVLFD\7DEODGHGLDJQyVWLFRGHOD 9D\DDOSDVR &RPSUXHEH\UHSDUHODV
WUDQVPLVLyQDXWRPiWLFD SLH]DVGHIHFWXRVDV
 &RPSUXHEH\UHSDUHGHDFXHUGRFRQOD³,QV 9D\DDOSDVR
SHFFLyQEiVLFDGHOD$7´\OD³7DEODGHGLDJ
QyVWLFRGHGHVSHUIHFWR´HQHVWDVHFFLyQ
¢(VWiQFRPSOHWDGDVODFRPSUREDFLyQ\ODUHSDUD
FLyQ"
 /RFDOL]DFLyQ\UHSDUDFLyQGHGHVSHUIHFWRVSDUDHO
'7&
 &RPSUXHEH\UHSDUHGHDFXHUGRFRQOD7DEOD
GHIOXMRGHGLDJQyVWLFRGH'7&DSOLFDEOH
¢(VWiQFRPSOHWDGDVODFRPSUREDFLyQ\ODUHSDUD
FLyQ"
 &RPSUXHEHORVSUREOHPDVLQWHUPLWHQWHV 5HSDUHRUHHPSODFHODV 9D\DDOSDVR
 &RPSUXHEHVLKD\SUREOHPDVLQWHUPLWHQWHV SLH]DVGHIHFWXRVDV
5HILpUDVHDODSiJLQDVLJXLHQWH 9D\DDOSDVR
¢+D\DOJXQDFRQGLFLyQGHIHFWXRVD"
 75$160,6,Ï1$8720È7,&$$7%

3DVR 2SHUDFLyQ 6t 1R
 3UXHEDGHFRQILUPDFLyQILQDO 9D\DDOSDVR )LQ
 %RUUHHO'7&VLKD\DOJXQR
 (IHFW~HODSUXHEDGHFRQILUPDFLyQILQDOUHIL
ULpQGRVHDODSiJLQDVLJXLHQWH
¢+D\DOJ~QVtQWRPDGHSUREOHPDXQ'7&R
DOJXQDFRQGLFLyQDQRUPDO"

3$62$1È/,6,6'(/$48(-$'(/&/,(17(
7DOFRPRGHVFULWRVSRUHOFOLHQWHUHJLVWUHORVGHWDOOHVGHOSUREOHPDIDOORVTXHMDV\FyPRVHSUHVHQWyHOSUREOHPD
3DUDHVWHSURSyVLWRHOHPSOHRGHXQIRUPXODULRGHLQVSHFFLyQIDFLOLWDUiODFROHFWDGHLQIRUPDFLRQHVKDVWDHOSXQWR
UHTXHULGRSDUDHIHFWXDUHODGHFXDGRDQiOLVLV\GLDJQyVWLFR

3$62&20352%$&,Ï15(*,6752<%255$'2'(&Ï',*2'(',$*1Ï67,&2'7&'$726'(

,0$*(1&21*(/$'$
(Q SULPHU OXJDU FRPSUXHEH VL KD\ '7& LQFOX\HQGR '7& SHQGLHQWH 5HILpUDVH D OD VHFFLyQ ³&RPSUREDFLyQ GH
'7&´6LKD\'7&LPSULPDHO'7&\GDWRVGHLPDJHQFRQJHODGDRDQyWHORVHQIRUPDHVFULWD\HQVHJXLGDEyUUHORV
5HILpUDVHD ³%255$'2'('7&´HQ HVWD VHFFLyQ(O'7&LQGLFD TXH KD\XQPDOIXQFLRQDPLHQWRHQHOVLVWHPD
SHURQRHVSRVLEOHVDEHUVLGLFKRPDOIXQFLRQDPLHQWRHVWiRFXUULHQGRDKRUDRVLRFXUULyHQHOSDVDGR\TXHVHKD
YXHOWRDODVFRQGLFLRQHVGHQRUPDOLGDG3DUDYHULILFDUGHFXiOFDVRVHWUDWDGHDFXHUGRFRQHOSDVRFRPSUXHEHORV
VtQWRPDVFRQFHUQLGRV\GHDFXHUGRFRQHOSDVRYXHOYDDFRPSUREDUHO'7&
6LWUDWDGHGLDJQRVWLFDUXQGHVSHUIHFWRLQGLFDGRSRU'7&EDViQGRVHVRODPHQWHHQHVWHSDVRRVLQRERUUDHO'7&HQ
HVWHSDVRHOGLDJQyVWLFRSRGUtDVHUHUUyQHRVHGLDJQRVWLFDUiQGHVSHUIHFWRVHQXQFLUFXLWRFX\DFRQGLFLyQHVQRUPDO
RKDEUiGLILFXOWDGHVLQQHFHVDULDVSDUDORFDOL]DU\SDUDUHSDUDUGHVSHUIHFWRV

3$62\3$62,163(&&,Ï19,68$/
&RPR SDVR SUHOLPLQDU DVHJ~UHVH GH HIHFWXDU OD LQVSHFFLyQ YLVXDO GH ORV FRPSRQHQWHV TXH VRSRUWDQ HO IXQFLRQD
PLHQWRFRUUHFWRGHOD$7\GHOPRWRU5HILpUDVHDODVHFFLyQ³,QVSHFFLyQYLVXDO´

3$62&21),50$&,Ï1'(6Ë1720$6'('(63(5)(&72
&RPSUXHEH ORV VtQWRPDV GH GHVSHUIHFWR HPSOHDQGR ODV LQIRUPDFLRQHV REWHQLGDV HQ HO SDVR  ³$1È/,6,6 '( /$
48(-$'(/&/,(17(´\HQHOSDVR³&20352%$&,Ï1'('7&'$726'(,0$*(1&21*(/$'$´
$GHPiVYXHOYDDFRQILUPDUHO'7&GHDFXHUGRFRQHO³352&(',0,(172'(&21),50$&,Ï1'('7&´GHVFULWR
HQFDGD³7$%/$'()/8-2'('7&´

3$62\5(3(7,&,Ï1'(/$&20352%$&,Ï1<5(*,6752'('7&'$726'(,0$*(1&21*(
/$'$
3DUDHOSURFHGLPLHQWRGHFRPSUREDFLyQUHILpUDVHD³&20352%$&,Ï1'('7&´HQHVWDVHFFLyQ

3$62&20352%$&,Ï1%È6,&$<7$%/$'(',$*1Ï67,&2'(/$$7
(QSULPHUOXJDUHIHFW~HODLQVSHFFLyQEiVLFDGHOD$7GHDFXHUGRFRQOD³7DEODGHIOXMRGHLQVSHFFLyQEiVLFDGHOD$
7´&XDQGRVHKD\DOOHJDGRDOILQGHODWDEODGHIOXMRYHULILTXHODVSLH]DVGHOVLVWHPDTXHVHVRVSHFKDVRQXQDFDXVD
SRVLEOHUHILULpQGRVHSDUDHVWRDOD³7$%/$'(',$*1Ï67,&2´\EDViQGRVHHQORVVtQWRPDVTXHVHSUHVHQWDQHQ
HOYHKtFXORVtQWRPDVREWHQLGRVGHORVGLIHUHQWHVSDVRVGHODQiOLVLVGHODTXHMDGHOFOLHQWHGHODFRQILUPDFLyQGHVtQ
WRPDVGHSUREOHPD\RGHODFRPSUREDFLyQEiVLFDGHOD$7SURFHGDDUHSDUDURUHHPSOD]DUODVSLH]DVGHIHFWXR
VDVVLODVKD\

3$627$%/$'()/8-2'(&Ï',*2'(',$*1Ï67,&2
%DViQGRVHHQHO'7&LQGLFDGRHQHOSDVR\\UHILULpQGRVHDOD³7$%/$'()/8-2'(&Ï',*2'(',$*1Ï6
7,&2´HQHVWDVHFFLyQORFDOLFHODFDXVDGHOGHVSHUIHFWRHQXQVHQVRULQWHUUXSWRUPD]RGHFDEOHVFRQHFWRUDFWXD
GRUPyGXORGH3&0RHQRWUDSLH]D\SURFHGDDUHSDUDURUHHPSOD]DUODVSLH]DVGHIHFWXRVDV
%75$160,6,Ï1$8720È7,&$$7

3$62&20352%$&,Ï13$5$352%/(0$6,17(50,7(17(6
9HULILTXH ODV SLH]DV HQ ODV TXH HV SRVLEOH TXH VH SUHVHQWH XQ GHVSHUIHFWR LQWHUPLWHQWH SRU HMHPSOR PD]RV GH
FDEOHVFRQHFWRUHVHWF5HILpUDVHD³0$/)81&,21$0,(172,17(50,7(17(<&21(;,Ï10$/$´HQODVHF
FLyQ$\HQORVFLUFXLWRVUHODFLRQDGRVFRQHO'7&UHJLVWUDGRHQHOSDVR

3$62358(%$'(&21),50$&,Ï1),1$/
&RQILUPHTXHHOVtQWRPDGHOSUREOHPDKDGHVDSDUHFLGR\TXHOD$7HVWiH[HQWDGHFXDOTXLHUFRQGLFLyQDQRUPDO
6LORTXHKDVLGRUHSDUDGRHVWiUHODFLRQDGRFRQHO'7&GHPDOIXQFLRQDPLHQWRERUUHHO'7&XQDYH]ILMHODVFRQGL
FLRQHVGHGHWHFFLyQGHO'7&\GHUHSDUDFLyQGH$7\RYHKtFXOR\FRQILUPHTXHQRVHLQGLFDQLQJ~Q'7&

)2508/$5,2'(,163(&&,Ï1'(/352%/(0$'(/&/,(17((-(03/2

127$
(OIRUPXODULRDQWHULRUHVXQDPXHVWUDHVWiQGDU'HEHVHUPRGLILFDGRHQIXQFLyQGHODVFRQGLFLRQHVFDUDF
WHUtVWLFDVGHFDGDPHUFDGR
 75$160,6,Ï1$8720È7,&$$7%

&RPSUREDFLyQGHODOX]LQGLFDGRUDGHPDOIXQ
FLRQDPLHQWR0,/
3DUDHOSURFHGLPLHQWRGHFRPSUREDFLyQUHILpUDVHDOPLVPRSXQWRHQ
ODVHFFLyQ

&RPSUREDFLyQGHODOX]GH³2'HQ2))´
 &RPSUXHEH TXH HO ERWyQ LQWHUUXSWRU GH FRUWH GH OD VREUHPDU
FKD2'HVWiHQODSRVLFLyQGHVDFWLYDGRSUHVLRQDGR>2))@
 &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21
 &RPSUXHEH TXH OD OX] GH ³2' HQ 2))´ VH HQFLHQGH GXUDQWH
XQRV±VHJXQGRV\TXHHQVHJXLGDVHDSDJD
6LVHHQFXHQWUDDOJRGHIHFWXRVRSDVHDOD³7$%/$%)/8-2
'(',$*1Ï67,&2´RDOD³7$%/$%&20352%$&,Ï1'(/
&,5&8,72'(/$/8='(³2'HQ2))´´

&RPSUREDFLyQGHODOX]GH³327(1&,$´
 &RPSUXHEH TXH HO ERWyQ LQWHUUXSWRU GH FDPELR 3RWHQFLD1RU
PDOHVWiHQODSRVLFLyQ1RUPDO
 &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21
 &RPSUXHEH TXH OD OX] GH ³327(1&,$´ VH HQFLHQGH GXUDQWH
XQRV±VHJXQGRV\TXHHQVHJXLGDVHDSDJD
6LVHHQFXHQWUDDOJRGHIHFWXRVRSDVHDOD³7$%/$%)/8-2
'(',$*1Ï67,&2´RDOD³7$%/$%&20352%$&,Ï1'(/
&,5&8,72'(/$/8='(³327(1&,$´´

&RPSUREDFLyQGHFyGLJRGHGLDJQyVWLFR'7&
3DUDHOSURFHGLPLHQWRGHFRPSUREDFLyQUHILpUDVHDOPLVPRSXQWRHQ
ODVHFFLyQ

%RUUDGRGHOFyGLJRGHGLDJQyVWLFR
3DUD HO SURFHGLPLHQWR GH ERUUDGR UHILpUDVH DO PLVPR SXQWR HQ OD
VHFFLyQ
%75$160,6,Ï1$8720È7,&$$7

7DEODGHFyGLJRGHGLDJQyVWLFR
5HILpUDVHDOPLVPRSXQWRHQODVHFFLyQ

7DEODGHDSUXHEDGHIDOORV
5HILpUDVHDOPLVPRSXQWRHQODVHFFLyQ

,QVSHFFLyQYLVXDO
&RPSUXHEHYLVXDOPHQWHODVSLH]DV\VLVWHPDVVLJXLHQWHV

&20321(17(,163(&&,21$'2 6(&&,Ï1'(5()(5(1&,$
‡ )OXLGRGH$7QLYHOIXJDVFRORU 6(&&,Ï1%
‡ 0DQJXHUDVGHIOXLGRGH$7GHVFRQH[LyQIORMHGDGGHWHULRUD 6(&&,Ï1%
FLyQ
‡ &DEOHGHPDULSRVDDFHOHUDGRUGH$7MXHJRLQVWDODFLyQ 6(&&,Ï1(
‡ &DEOHGHPDULSRVDGHJDVHVGH$7MXHJRLQVWDODFLyQ 6(&&,Ï1%
‡ &DEOHGHVHOHFFLyQGH$7LQVWDODFLyQIXQFLRQDPLHQWR 6(&&,Ï1%
‡ $FHLWHGHPRWRUQLYHOIXJDV 6(&&,Ï1%
‡ 5HIULJHUDQWHGHPRWRUQLYHOIXJDV 6(&&,Ï1%
‡ %DWHUtDQLYHOGHHOHFWUyOLWRFRUURVLyQGHWHUPLQDO
‡ &RQHFWRUHVGHPD]RVGHFDEOHVHOpFWULFRVGHVFRQH[LyQIULFFLyQ 6HFFLyQR%
‡ )XVLEOHVIXQGLGRV 6(&&,Ï1
‡ 3LH]DVLQVWDODFLyQGDxRV
‡ 3HUQRVIORMHGDG
‡ 2WUDVSLH]DVTXHSXHGHQVHULQVSHFFLRQDGDVYLVXDOPHQWH
‡ $GHPiVFRPSUXHEHORVLJXLHQWHDODUUDQTXHGHOPRWRUVLHVSRVLEOH
± /X]GH³2'HQ2))´IXQFLRQDPLHQWR 6(&&,Ï1%
± /X]GH³327(1&,$´IXQFLRQDPLHQWR 6(&&,Ï1%
± /X]LQGLFDGRUDGHPDOIXQFLRQDPLHQWR/X]³5(9,6(352172(/ 6HFFLyQ
02725´IXQFLRQDPLHQWR
± /X]GHDGYHUWHQFLDGHFDUJDIXQFLRQDPLHQWR 6(&&,Ï1+
± /X]GHDGYHUWHQFLDGHSUHVLyQGHDFHLWHGHOPRWRUIXQFLRQD 6(&&,Ï1&6(&&,Ï1$SDUDOD
PLHQWR FRPSUREDFLyQGHODSUHVLyQ
± ,QGLFDGRUGHWHPSHUDWXUDGHOUHIULJHUDQWHGHOPRWRUIXQFLRQD
PLHQWR
± 2WUDVSLH]DVTXHSXHGHQVHULQVSHFFLRQDGDVYLVXDOPHQWH

&RPSUREDFLyQEiVLFDGH$7
(VWDYHULILFDFLyQHVPX\LPSRUWDQWHSDUDORFDOL]DU\UHSDUDUGHVSHUIHFWRVFXDQGRHOPyGXOR3&0(&0QRKDGHWHF
WDGRQLQJ~Q'7&\QRVHKDHQFRQWUDGRQLQJXQDDQRUPDOLGDGHQODLQVSHFFLyQYLVXDO6LJDFXLGDGRVDPHQWHODWDEOD
GHIOXMR

3DVR 2SHUDFLyQ 6t 1R
 ¢6HDSOLFyOD³7$%/$'()/8-2'(',$*1Ï67,&2 9D\DDOSDVR 9D\DDOD³7$%/$'()/8-2
'(/$75$160,6,Ï1$8720È7,&$´" '(',$*1Ï67,&2'(/$
75$160,6,Ï1$8720È
7,&$´
 (IHFW~HOD³358(%$'(&$55(7(5$0$18$/´HQ 9D\DDOSDVR 9D\DDOSDVR
HVWDVHFFLyQ
¢(VWiQRUPDO"
 9D\DD³7$%/$'(',$*1Ï67,&2´HQHVWDVHF 5HSDUHRUHHPSODFH 9D\DDOSDVR
FLyQ ODVSLH]DVGHIHFWXR
¢6HLGHQWLILFyXQGHVSHUIHFWR" VDV
 75$160,6,Ï1$8720È7,&$$7%

3DVR 2SHUDFLyQ 6t 1R
 (IHFW~HODSUXHEDGHFDODGRGHOPRWRUSUXHEDGH 9D\DDOSDVR 9D\DD³7$%/$'(',$*
UHWDUGRSUXHEDGHSUHVLyQGHWXEHUtDSUXHEDGHIUHQR 1Ï67,&2'('(63(5)(&
GHPRWRU\SUXHEDGHODSRVLFLyQ³3´5HILpUDVHD 726´HQHVWDVHFFLyQ
³358(%$'(&$/$'2´³358(%$'(35(6,Ï1'(
78%(5Ë$´³358(%$'()5(12'(02725´\
³358(%$'(/$326,&,Ï1³3´´HQHVWDVHFFLyQ
¢6RQVDWLVIDFWRULRVORVUHVXOWDGRVGHODVSUXHEDV"
 9D\DD³7$%/$'(',$*1Ï67,&2'('(63(5 5HSDUHRUHHPSODFH 9D\DD³7$%/$'(',$*
)(&726´HQHVWDVHFFLyQ ODVSLH]DVGHIHFWXR 1Ï67,&2'('(63(5)(&
¢6HLGHQWLILFyXQGHVSHUIHFWR" VDV 726´HQHVWDVHFFLyQ

7DEODGHGLDJQyVWLFRGHGHVSHUIHFWRV

&RQGLFLyQ &DXVDSRVLEOH &RUUHFFLyQ

(O7&&QRIXQFLRQD ,QWHUUXSWRUGHSHGDOGHIUHQROXFHVGHSDUDGDR 5HILpUDVHD³7$%/$$'()/8-2
VXFLUFXLWRGHIHFWXRVRPRWRU+VRODPHQWH '(',$*1Ï67,&2´HQHVWDVHF
,QWHUUXSWRUGHEDMD:'RVXFLUFXLWRGHIHFWXRVR FLyQ
6HQVRUGHWHPSHUDWXUDGHOUHIULJHUDQWHGHOPRWRU
RVXFLUFXLWRGHIHFWXRVR
&LUFXLWRGHVHxDOGHFRQWUROGHFUXFHURGHIHF
WXRVRVLHVWiHTXLSDGR
(OHQJUDQDMHQRFDP ,QWHUUXSWRUGHFRUWHGH2'RVXFLUFXLWRGHIHF 5HILpUDVHD³7$%/$$'()/8-2
ELDD WXRVR '(',$*1Ï67,&2´HQHVWDVHF
,QWHUUXSWRUGHEDMD:'RVXFLUFXLWRGHIHFWXRVR FLyQ
6HQVRUGHWHPSHUDWXUDGHOUHIULJHUDQWHGHOPRWRU
RVXFLUFXLWRGHIHFWXRVR
&LUFXLWRGHVHxDOGHFRQWUROGHFUXFHURGHIHF
WXRVRVLHVWiHTXLSDGR

7DEODGHGLDJQyVWLFRGHGHVSHUIHFWRV
)/8,'2'(/$75$160,6,Ï1

&RQGLFLyQ &DXVDSRVLEOH &RUUHFFLyQ

3UHVLyQGHIOXLGREDMD &RODGRUGHODERPEDGHDFHLWHREVWUXLGR /DYHHOFRODGRU
0DOIXQFLRQDPLHQWRGHODYiOYXODGHOUHJXODGRUGH +DJDXQDUHYLVLyQJHQHUDOGHO
SUHVLyQ FXHUSRGHYiOYXODV
3UHVLyQGHIOXLGRDOWD 9iOYXODGHOUHJXODGRUGHSUHVLyQ +DJDXQDUHYLVLyQJHQHUDOGHO
FXHUSRGHYiOYXODV

&21',&,Ï1'()81&,21$0,(172

&RQGLFLyQ &DXVDSRVLEOH &RUUHFFLyQ

,PSRVLEOHKDFHUIXQFLR 9iOYXODGHUHJXODGRUVHDWDVFD 5HHPSODFH
QDUHQWRGDVODVSRVL &RODGRUGHDFHLWHREVWUXLGR /DYHHOFRODGRU
FLRQHV (QJUDQDMHSODQHWDULRDJDUURWDGRRURWR 5HSDUHRUHHPSODFH
9iOYXODPDQXDOGHIHFWXRVD 5HHPSODFH
)XQFLRQDPLHQWRGHIL 9iOYXODGH±GHIHFWXRVD 5HHPSODFH
FLHQWHHQRSDWLQDMH
H[FHVLYRHQODSRVLFLyQ
³'´R³´
%75$160,6,Ï1$8720È7,&$$7

&$0%,2'((1*5$1$-(

&RQGLFLyQ &DXVDSRVLEOH &RUUHFFLyQ

&DPELRGHILFLHQWHGH 9iOYXODGHUHJXODGRUVHDWDVFD 5HHPSODFH
±SDWLQDMHH[FHVLYR 9iOYXODGHFDPELR±VHDWDVFD 5HHPSODFH
9iOYXODVROHQRLGH%GHFDPELRVHDWDVFD 5HHPSODFH
0XHOOHGHYiOYXODGHPRGXODGRUGHPDUFKDSRULQHUFLD 5HHPSODFH
LQWHUPHGLDVHDWDVFD
&DPELRGHILFLHQWHGH 9iOYXODGHFDPELR±VHDWDVFD 5HHPSODFH
±SDWLQDMHH[FHVLYR 9iOYXODVROHQRLGH$GHFDPELRVHDWDVFD 5HHPSODFH
$UUDQTXHGLItFLORDFH 9iOYXODGHUHJXODGRUVHDWDVFD 5HHPSODFH
OHUDFLyQLQYROXQWDULD
GHOPRWRUHQODSRVL
FLyQ³'´
&DPELRGHILFLHQWHGH 9iOYXODGHFDPELR±VHDWDVFD 5HHPSODFH
±SDWLQDMHH[FHVLYR 9iOYXODVROHQRLGH%GHFDPELRVHDWDVFD 5HHPSODFH
*ROSHH[FHVLYRHQFDP 9iOYXODGHUHJXODGRUVHDWDVFD 5HHPSODFH
ELRGH± $FXPXODGRUGHIHFWXRVRSLVWyQGHIUHQRGHVHJXQGD 5HHPSODFH
*ROSHH[FHVLYRHQFDP 9iOYXODGHUHJXODGRUVHDWDVFD 5HHPSODFH
ELRGH± $FXPXODGRUGHIHFWXRVRSLVWyQGHHPEUDJXHGLUHFWR 5HHPSODFH
*ROSHH[FHVLYRHQFDP 9iOYXODGHUHJXODGRUVHDWDVFD 5HHPSODFH
ELRGH±
6LVWHPDGHHQFODYD 9iOYXODGHFRQWUROHQFODYDPLHQWRGH7&&VHDWDVFD 5HHPSODFH
PLHQWRQRRSHUDFLRQDO 9iOYXODVROHQRLGHQƒYiOYXODVROHQRLGHGH7&&VH 5HHPSODFH
DWDVFD

7DEODGHGLDJQyVWLFRGHGHVSHUIHFWRV
)/8,'2'(/$75$160,6,Ï1

&RQGLFLyQ &DXVDSRVLEOH &RUUHFFLyQ

3UHVLyQGHIOXLGREDMD )XJDVHQHOFLUFXLWRGHSUHVLyQGHDFHLWH +DJDXQDUHYLVLyQJHQHUDO

&21',&,Ï1'()81&,21$0,(172

&RQGLFLyQ &DXVDSRVLEOH &RUUHFFLyQ

,PSRVLEOHKDFHUIXQFLR %RPEDGHDFHLWHGHVJDVWDGD 5HHPSODFH
QDUHQWRGDVODVSRVL %RPEDGHDFHLWHDJDUURWDGD 5HHPSODFH
FLRQHV )XJDVGHSUHVLyQGHIOXLGRDOHPEUDJXHGHVREUHPDUFKD 5HHPSODFH
GHELGDVDOGHVJDVWHGHOFDVTXLOORGHODERPEDGHDFHLWH
&RQYHUWLGRUGHSDUGHIHFWXRVR 5HHPSODFH
)XQFLRQDPLHQWRGHIL )XJDVGHSUHVLyQGHIOXLGRGHVGHHOHPEUDJXHGH 5HHPSODFH
FLHQWHHQRSDWLQDMH DYDQFHGHELGDVDOGHVJDVWHRDODURWXUDGHODQLOORGH
H[FHVLYRHQODSRVLFLyQ VHOODGRGHODFDMDGH2'
³'´R³´ (PEUDJXHGHVREUHPDUFKDSDWLQD 5HHPSODFH
)XQFLRQDPLHQWRLPSR )XJDVGHSUHVLyQGHIOXLGRGHVGHHOHPEUDJXHGH 5HHPSODFH
VLEOHRSDWLQDMHH[FH DYDQFHGHELGDVDOGHVJDVWHRDODURWXUDGHODQLOORGH
VLYRHQODSRVLFLyQ³/´ VHOODGRGHODFDMDGH2'
3DWLQDMHGHOGLVFRGHIUHQRGHPDUFKDDWUiV 5HHPSODFH
-XQWDWyULFDGHSLVWyQGHIUHQRURWD 5HHPSODFH
)XQFLRQDPLHQWRLPSR )XJDVGHSUHVLyQGHIOXLGRDOHPEUDJXHGLUHFWRGHELGDV 5HHPSODFH
VLEOHRSDWLQDMHH[FH DOGHVJDVWHRDODURWXUDGHODQLOORGHVHOODGRGHOVRSRUWH
VLYRHQODSRVLFLyQ³5´ FHQWUDO
(PEUDJXHGLUHFWRGHVJDVWDGR 5HHPSODFH
 75$160,6,Ï1$8720È7,&$$7%

&$0%,2'((1*5$1$-(

&RQGLFLyQ &DXVDSRVLEOH &RUUHFFLyQ

&DPELRGHILFLHQWHGH )XJDVGHSUHVLyQGHIOXLGRDOHPEUDJXHGHVREUH 5HHPSODFH
±SDWLQDMHH[FHVLYR PDUFKDGHELGDVDOGHVJDVWHRDODURWXUDGHODQLOOR
GHVHOODGRGHODFDMDGH2'
)UHQRGHVHJXQGDGHIHFWXRVR 5HHPSODFH
-XQWDWyULFDGHSLVWyQGHIUHQRGHVHJXQGDURWD 5HHPSODFH
3LVWyQGHIUHQRGHUXHGDOLEUHGHVHJXQGDGHIHF 5HHPSODFH
WXRVRHQODSRVLFLyQ³´
&DPELRGHILFLHQWHGH )XJDVGHSUHVLyQGHIOXLGRDOHPEUDJXHGHVREUH 5HHPSODFH
±SDWLQDMHH[FHVLYR PDUFKDGHELGDVDOGHVJDVWHRDODURWXUDGHODQLOOR
GHVHOODGRGHODFDMDGH2'
&DVTXLOORGHOHPEUDJXHGLUHFWRGHVJDVWDGR 5HHPSODFH
(PEUDJXHGLUHFWRSDWLQDMH 5HHPSODFH
0DWHULDOH[WUDxRDWDVFDGRHQODERODGHUHWHQFLyQ 5HHPSODFH
GHOSLVWyQGHOHPEUDJXHGLUHFWR
$UUDQTXHGLItFLORDFH )XJDVGHSUHVLyQGHIOXLGRGHVGHHOHPEUDJXHGH 5HHPSODFH
OHUDFLyQLQYROXQWDULD DYDQFHGHELGDVDOGHVJDVWHRDODURWXUDGHODQLOOR
GHOPRWRUHQODSRVL GHVHOODGRGHODFDMDGH2'
FLyQ³'´ 0DOIXQFLRQDPLHQWRGHOHPEUDJXHGHDYDQFH 5HHPSODFH
&DPELRGHILFLHQWHGH )UHQRGHVREUHPDUFKDGHIHFWXRVR 5HHPSODFH
±SDWLQDMHH[FHVLYR (PEUDJXHGHVREUHPDUFKDGHIHFWXRVR 5HHPSODFH
$UUDQTXHGLItFLORVDFX )XJDVGHSUHVLyQGHIOXLGRGHOHPEUDJXHGLUHFWR 5HHPSODFH
GLGDVHQODSRVLFLyQ GHELGDVDOGHVJDVWHRDODURWXUDGHODQLOORGH
³5´ VHOODGRGHOVRSRUWHFHQWUDO
(PEUDJXHGLUHFWRGHVJDVWDGR 5HHPSODFH
*ROSHH[FHVLYRHQFDP (PEUDJXHXQLGLUHFFLRQDOGHIHFWXRVR 5HHPSODFH
ELRGH±
6LVWHPDGHHQFODYD &RQYHUWLGRUGHSDUGHIHFWXRVR 5HHPSODFH
PLHQWRQRRSHUDFLRQDO

58,'2$1250$/

&RQGLFLyQ &DXVDSRVLEOH &RUUHFFLyQ

5XLGRDQRUPDOHQOD %RPEDGHDFHLWHGHVJDVWDGD 5HHPSODFH
SRVLFLyQ³3´R³1´

'DWRVGHOLQVWUXPHQWRGHH[SORUDFLyQ
5HILpUDVHDODVHFFLyQ

&RPSUREDFLyQGHOPyGXORGH3&0\VXFLUFXLWR
5HILpUDVHDODVHFFLyQ

0D]RGHFDEOHV\FRQHFWRUHV
5HILpUDVHDODVHFFLyQ
%75$160,6,Ï1$8720È7,&$$7

7DEOD$1RKD\HQFODYDPLHQWRGH7&&
'(6&5,3&,Ï1'(/6,67(0$
(OPyGXORGH3&0GHVDFWLYD2))ODYiOYXODVROHQRLGHGH7&&HQFXDOTXLHUDGHODVFRQGLFLRQHVVLJXLHQWHV
‡ ,QWHUUXSWRUGHOSHGDOGHIUHQR21
‡ ,QWHUUXSWRUGH%$-$:'21
‡ 0yGXORGHFRQWUROGHFUXFHUR+D\VDOLGDGHVHxDOGHFRPDQGRGHGHVDFWLYDFLyQ2))GH7&&VLHVWiHTXL
SDGR
‡ (&7(&7ƒ&

/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6

$'9(57(1&,$
‡ &XDQGRHIHFW~HXQDSUXHEDGHFDUUHWHUDHOLMDXQOXJDUGRQGHQRKD\DWUiILFRRULHVJRGHDFFLGHQWHVGH
WUiILFR\DFW~HFRQPXFKRFXLGDGRSDUDDVtHYLWDUFXDOTXLHUDFFLGHQWH
‡ /DSUXHEDGHFDUUHWHUDGHEHVHUHIHFWXDGDHQXQDFDUUHWHUDSODQDKRUL]RQWDOSRUSHUVRQDVXQFRQ
GXFWRU\XQHQFDUJDGRGHODSUXHED

3DVR 2SHUDFLyQ 6t 1R
 ¢6HDSOLFyOD³7$%/$'()/8-2'(',$*1Ï6 9D\DDOSDVR 9D\DDOD³7$%/$'(
7,&2'(/$75$160,6,Ï1$8720È7,&$´" )/8-2'(',$*1Ï6
7,&2'(/$75$160,
6,Ï1$8720È7,&$´HQ
HVWDVHFFLyQ
 &RPSUREDFLyQGHOD(&7 9D\DDOSDVR 6HQVRUGH(&7VXFLUFXLWR
 &DOLHQWHHOPRWRUKDVWDTXHOOHJXHDODWHPSH RVLVWHPDGHUHIULJHUDFLyQ
UDWXUDQRUPDOGHIXQFLRQDPLHQWR GHOPRWRUGHIHFWXRVR
 &RPSUXHEHOD(&7XWLOL]DQGRHOLQVWUXPHQWR 6LHVWiQFRQIRUPHVUHHP
GHH[SORUDFLyQ68=8., SODFHSRUXQPyGXORGH
¢(VOD(&7VXSHULRUDƒ&" 3&0HQEXHQHVWDGR\
YXHOYDDFRPSUREDU
 (IHFW~HXQDSUXHEDGHIXQFLRQDPLHQWRHQODVFRQ 9iOYXODVROHQRLGHGH7&& 9D\DDOSDVR
GLFLRQHVVLJXLHQWHV\FRPSUXHEHODWHQVLyQHQWUH VXFLUFXLWRRWUDQVPLVLyQ
HOWHUPLQDO&GHODFRSODGRUGHOPyGXORGH GHIHFWXRVD
3&0\ODPDVD
‡ 0RGRQRUPDOHQODSRVLFLyQ³'´
‡ 7UDQVIHUHQFLDHQODSRVLFLyQ³+´
‡ (O FLUFXLWR GH FRQWURO GH FUXFHUR QR HVWi DFWL
YDGRVLHVWiHTXLSDGR
‡ 3HGDOGHIUHQRVROWDGR
‡ &RQGX]FDHOYHKtFXORHQODFRQGLFLyQGH7&&
DFWLYDGR 21 5HILpUDVH DO ³',$*5$0$ '(
(1&/$9$0,(172'(7&&´HQHVWDVHFFLyQ
¢+D\WHQVLyQGHEDWHUtD"
 &RPSUREDFLyQGHODVHxDOGHOLQWHUUXSWRUGHIUHQR 9D\DDOSDVR ,QWHUUXSWRUGHSHGDOGH
&RQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQOD IUHQRRVXFLUFXLWRGHIHF
SRVLFLyQ21FRPSUXHEHODWHQVLyQHQWUHHOWHUPL WXRVR
QDO(GHODFRSODGRUGHOPyGXORGH3&0\OD 6LHVWiQFRQIRUPHVUHHP
PDVD SODFHSRUXQPyGXORGH
3&0HQEXHQHVWDGR\
(VSHFLILFDFLyQGHOLQWHUUXSWRUGHIUHQRV
YXHOYDDFRPSUREDU
3HGDOGHIUHQRVROWDGR9
3HGDOGHIUHQRSUHVLRQDGR7HQVLyQGHOD
EDWHUtD
¢(VWiHOUHVXOWDGRFRQIRUPHFRQODVHVSHFLILFDFLR
QHV"
 75$160,6,Ï1$8720È7,&$$7%

3DVR 2SHUDFLyQ 6t 1R
 &RPSUREDFLyQGHODVHxDOGHOLQWHUUXSWRUGH³%$-$ 9D\DDOSDVR ,QWHUUXSWRUGH³%$-$:'´
:'´ RVXFLUFXLWRGHIHFWXRVR
&RQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQOD 6LHVWiQFRQIRUPHVUHHP
SRVLFLyQ21FRPSUXHEHODWHQVLyQHQWUHHOWHUPL SODFHSRUXQPyGXORGH
QDO&GHODFRSODGRUGHOPyGXORGH3&0\ 3&0HQEXHQHVWDGR\
ODPDVD YXHOYDDFRPSUREDU
(VSHFLILFDFLyQGHOLQWHUUXSWRUGH³%$-$:'´
(QJUDQDMHGHODWUDQVIHUHQFLDHQODSRVLFLyQ
³/´R³1´9
(QJUDQDMHGHODWUDQVIHUHQFLDHQODSRVLFLyQ
³+´R³+´
7HQVLyQGHODEDWHUtD
¢(VWiHOUHVXOWDGRFRQIRUPHFRQODVHVSHFLILFDFLR
QHV"
 ¢(VWiHTXLSDGRHOYHKtFXORFRQVLVWHPDGHFRQWURO 9D\DDOSDVR 5HHPSODFHSRUXQPyGXOR
GHFUXFHUR" GH3&0HQEXHQHVWDGR\
YXHOYDDFRPSUREDU
 &RPSUREDFLyQGHODVHxDOGHFRQWUROGHFUXFHUR 5HHPSODFHSRUXQPyGXOR 0yGXORGHFRQWUROGHFUX
&RQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQOD GH3&0HQEXHQHVWDGR FHURRVXFLUFXLWRGHIHF
SRVLFLyQ21FRPSUXHEHODWHQVLyQHQWUHHOWHUPL \YXHOYDDFRPSUREDU WXRVR
QDO(GHODFRSODGRUGHOPyGXORGH3&0\OD 6LHVWiQFRQIRUPHVUHHP
PDVD SODFHSRUXQPyGXORGH
¢+D\WHQVLyQGHEDWHUtD" 3&0HQEXHQHVWDGR\
YXHOYDDFRPSUREDU
%75$160,6,Ï1$8720È7,&$$7

7DEOD$1RKD\FDPELRGHHQJUDQDMHD2'
'(6&5,3&,Ï1'(/6,67(0$
(OPyGXORGH3&0QRFDPELDDOHQJUDQDMHGH2'HQQLQJXQDGHODVFRQGLFLRQHVVLJXLHQWHV
‡ ,QWHUUXSWRUGHFRUWHGH2'21
‡ ,QWHUUXSWRUGH%$-$:'21
‡ 0yGXORGHFRQWUROGHFUXFHUR+D\VDOLGDGHVHxDOGHFRPDQGRGHGHVDFWLYDFLyQ2))GH2'VLHVWiHTXL
SDGR
‡ (&7(&7ƒ&

/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6

$'9(57(1&,$
‡ &XDQGRHIHFW~HXQDSUXHEDGHFDUUHWHUDHOLMDXQOXJDUGRQGHQRKD\DWUiILFRRULHVJRGHDFFLGHQWHVGH
WUiILFR\DFW~HFRQPXFKRFXLGDGRSDUDDVtHYLWDUFXDOTXLHUDFFLGHQWH
‡ /DSUXHEDGHFDUUHWHUDGHEHVHUHIHFWXDGDHQXQDFDUUHWHUDSODQDKRUL]RQWDOSRUSHUVRQDVXQFRQ
GXFWRU\XQHQFDUJDGRGHODSUXHED

3DVR 2SHUDFLyQ 6t 1R
 ¢6HDSOLFyOD³7$%/$'()/8-2'(',$*1Ï67,&2'( 9D\DDOSDVR 9D\DDOD³7$%/$'(
/$75$160,6,Ï1$8720È7,&$´" )/8-2'(',$*1Ï6
7,&2'(/$75$160,
6,Ï1$8720È7,&$´
HQHVWDVHFFLyQ
 &RPSUREDFLyQGHOD(&7 9D\DDOSDVR 6HQVRUGH(&7\VXFLU
 &DOLHQWHHOPRWRUKDVWDTXHOOHJXHDODWHPSHUDWXUD FXLWRRVLVWHPDGHUHIUL
QRUPDOGHIXQFLRQDPLHQWR JHUDFLyQGHOPRWRU
 &RPSUXHEHOD(&7XWLOL]DQGRHOLQVWUXPHQWRGHH[SOR GHIHFWXRVR
UDFLyQ68=8., 6LHVWiQFRQIRUPHV
¢(VOD(&7VXSHULRUDƒ&" UHHPSODFHSRUXQ
PyGXORGH3&0HQ
EXHQHVWDGR\YXHOYDD
FRPSUREDU
 (IHFW~HXQDSUXHEDGHIXQFLRQDPLHQWRHQODVFRQGLFLRQHV 9iOYXODVROHQRLGHGH &DEOH´*51´RFDEOH
VLJXLHQWHV\FRPSUXHEHODWHQVLyQHQWUHHOWHUPLQDO& FDPELRVXFLUFXLWRR ³*515('´FRUWRFLUFXL
GHODFRSODGRUGHOPyGXORGH3&0\ODPDVDWHUPLQDO WUDQVPLVLyQGHIHF WDGRDOFLUFXLWRGHDOL
&GHODFRSODGRUGHOPyGXORGH3&0\ODPDVD WXRVD PHQWDFLyQHOpFWULFD
‡ ,QWHUUXSWRU GH FRUWH GH 2' GHVDFWLYDGR 2)) /X] 6LHVWiQFRQIRUPHV
GH³2'HQ2))´DSDJDGD YD\DDOSDVR
‡ 0RGRQRUPDOHQODSRVLFLyQ³'´
‡ 7UDQVIHUHQFLDHQODSRVLFLyQ³+´
‡ (O FLUFXLWR GH FRQWURO GH FUXFHUR QR HVWi DFWLYDGR VL
HVWiHTXLSDGR
‡ &RQGX]FDHOYHKtFXORHQODFRQGLFLyQGHHQJUDQDMHGH
 5HILpUDVH D ³'LDJUDPD GH FDPELR GH HQJUDQDMH´
HQHVWDVHFFLyQ
¢(VFDGDWHQVLyQDSUR[LPDGDPHQWH9"
 &RPSUREDFLyQGHODVHxDOGHOLQWHUUXSWRUGHFRUWHGH2' 9D\DDOSDVR ,QWHUUXSWRUGHFRUWHGH
&RQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQODSRVLFLyQ 2'RVXFLUFXLWRGHIHF
21FRPSUXHEHODWHQVLyQHQWUHHOWHUPLQDO(GHO WXRVR
DFRSODGRUGHOPyGXORGH3&0\ODPDVD 6LHVWiQFRQIRUPHV
UHHPSODFHSRUXQ
(VSHFLILFDFLyQGHOLQWHUUXSWRUGHFRUWHGH³2'´
PyGXORGH3&0HQ
,QWHUUXSWRUGHFRUWHGH³2'´GHVDFWLYDGR2))
EXHQHVWDGR\YXHOYDD
7HQVLyQGHODEDWHUtD
FRPSUREDU
,QWHUUXSWRUGHFRUWHGH³2'´DFWLYDGR219
¢(VWiHOUHVXOWDGRFRQIRUPHFRQODVHVSHFLILFDFLRQHV"
 75$160,6,Ï1$8720È7,&$$7%

3DVR 2SHUDFLyQ 6t 1R
 &RPSUREDFLyQGHODVHxDOGHOLQWHUUXSWRUGH³%$-$:'´ 9D\DDOSDVR ,QWHUUXSWRUGH³%$-$
&RQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQODSRVLFLyQ :'´RVXFLUFXLWR
21FRPSUXHEHODWHQVLyQHQWUHHOWHUPLQDO&GHO GHIHFWXRVR
DFRSODGRUGHOPyGXORGH3&0\ODPDVD 6LHVWiQFRQIRUPHV
UHHPSODFHSRUXQ
(VSHFLILFDFLyQGHOLQWHUUXSWRUGH³%$-$:'´
PyGXORGH3&0HQ
(QJUDQDMHGHODWUDQVIHUHQFLDHQODSRVLFLyQ³/´R
EXHQHVWDGR\YXHOYDD
³1´9
FRPSUREDU
(QJUDQDMHGHODWUDQVIHUHQFLDHQODSRVLFLyQ³+´R
³+´
7HQVLyQGHODEDWHUtD
¢(VWiHOUHVXOWDGRFRQIRUPHFRQODVHVSHFLILFDFLRQHV"
 ¢(VWiHTXLSDGRHOYHKtFXORFRQVLVWHPDGHFRQWUROGHFUX 9D\DDOSDVR 5HHPSODFHSRUXQ
FHUR" PyGXORGH3&0HQ
EXHQHVWDGR\YXHOYDD
FRPSUREDU
 &RPSUREDFLyQGHODVHxDOGHFRQWUROGHFUXFHUR 5HHPSODFHSRUXQ 0yGXORGHFRQWUROGH
&RQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQODSRVLFLyQ PyGXORGH3&0HQ FUXFHURRVXFLUFXLWR
21FRPSUXHEHODWHQVLyQHQWUHHOWHUPLQDO(GHO EXHQHVWDGR\YXHOYD GHIHFWXRVR
DFRSODGRUGHOPyGXORGH3&0\ODPDVD DFRPSUREDU 6LHVWiQFRQIRUPHV
¢+D\WHQVLyQGHEDWHUtD" UHHPSODFHSRUXQ
PyGXORGH3&0HQ
EXHQHVWDGR\YXHOYDD
FRPSUREDU
%75$160,6,Ï1$8720È7,&$$7

7DEOD%&RPSUREDFLyQGHOFLUFXLWRGHOX]GH³2'HQ2))´/DOX]GH³2'HQ
2))´QRVHHQFLHQGHFRQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21SHURHO
PRWRUDUUDQFD
',$*5$0$'(&$%/($'2

 3&0  ,QWHUUXSWRUGHFDPELRGH31
 )XVLEOH  -&
 ,QWHUUXSWRUGHFRUWHGH2'  -&

/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6

3DVR 2SHUDFLyQ 6t 1R
 &RPSUREDFLyQGHOFLUFXLWRGHODOX]GH³2'HQ &RQH[LyQPDODHQWHUPLQDO %RPELOODIXQGLGDRFDEOH
2))´ ( ³:+7%/.´RFDEOH³%/.
 &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQOD 6LHVWiFRQIRUPHUHHP :+7´GHIHFWXRVR
SRVLFLyQ2))\GHVFRQHFWHORVDFRSODGRUHV SODFHSRUXQPyGXOR3&0
GHOPyGXORGH3&0 HQEXHQHVWDGR\YXHOYDD
 8WLOLFHHOFDEOHGHVHUYLFLR\FRQHFWHHOWHUPL FRPSUREDU
QDO(GHODFRSODGRUGHOPyGXORGH3&0
GHVFRQHFWDGR\ODPDVD
¢6HHQFLHQGHODOX]GH³2'HQ2))´FRQHOLQWH
UUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21"
 75$160,6,Ï1$8720È7,&$$7%

7DEOD%&RPSUREDFLyQGHOFLUFXLWRGHODOX]³2'HQ2))´/DOX]³2'HQ
2))´SHUPDQHFHHQFHQGLGD
',$*5$0$'(&$%/($'2
5HILpUDVHD³7$%/$%´HQHVWDVHFFLyQ

/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6

3DVR 2SHUDFLyQ 6t 1R
 (VWDGRGHOLQWHUUXSWRUGHFRUWHGH2' 9D\DDOSDVR (OVLVWHPDHVWiHQEXH
3UHVLRQHHOERWyQGHOLQWHUUXSWRUGHFRUWHGH2' QDVFRQGLFLRQHV
¢3HUPDQHFHHQFHQGLGDODOX]GH³2'HQ2))´"
 &RPSUXHEHVLHQHOFLUFXLWRGHODERPELOODKD\FRUWRFLU &LUFXLWRGHOFDEOH 9D\DDOSDVR
FXLWR ³:+733/´FRUWRFLU
 &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ FXLWDGRDPDVD
2))\GHVFRQHFWHORVFRQHFWRUHVGHOPyGXORGH3&0
 &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ
21
¢3HUPDQHFHHQFHQGLGDODOX]GH³2'HQ2))´"
 &RPSUXHEHHOFLUFXLWRGHOLQWHUUXSWRUGHFRUWHGH2' 9D\DDOSDVR &RPSUXHEHVLHOFLUFXLWR
 0LGDODUHVLVWHQFLDHQWUHHOWHUPLQDO(GHOFRQHF GHPDVDGHOPyGXORGH
WRUGHVFRQHFWDGRGHO3&0\ODPDVDDFDUURFHUtDFRQ 3&0HVWiDELHUWR
HOERWyQLQWHUUXSWRUGHFRUWHGH2'VROWDGR 6LHOFLUFXLWRHVWiFRQ
¢6HLQGLFDFRQWLQXLGDG" IRUPHUHHPSODFHSRUXQ
PyGXORGH3&0HQEXHQ
HVWDGR\YXHOYDDFRP
SUREDU
 &RPSUXHEHHOIXQFLRQDPLHQWRGHOLQWHUUXSWRUGHFRUWHGH &LUFXLWRGHOFDEOH 5HHPSODFHHOLQWHUUXSWRU
2' ³<(/5('´FRUWRFLU GHFRUWHGH2'
 'HVPRQWHODFDMDGHODFRQVROD FXLWDGRDPDVD
 'HVFRQHFWHHOFRQHFWRUGHOLQWHUUXSWRUGHFRUWHGH2
'
 &RPSUXHEHODFRQWLQXLGDGHQWUHORVWHUPLQDOHVGHO
LQWHUUXSWRUHQFDGDXQDGHODVFRQGLFLRQHVLQGLFDGDV
DFRQWLQXDFLyQ
)XQFLRQDPLHQWRGHOLQWHUUXSWRUGHFRUWHGH2'
&RQHOERWyQGHLQWHUUXSWRUGHFRUWHGH2'VROWDGR

1RKD\FRQWLQXLGDG
&RQHOERWyQGHLQWHUUXSWRUGHFRUWHGH2'SUHVLR
QDGR
&RQWLQXLGDG
¢(VVDWLVIDFWRULRHOUHVXOWDGRGHODFRPSUREDFLyQ"

>$@SDUDHOSDVR>%@SDUDHOSDVR
%75$160,6,Ï1$8720È7,&$$7

7DEOD%&RPSUREDFLyQGHOFLUFXLWRGHOX]GH³327(1&,$´/DOX]GH³327(1
&,$´QRVHHQFLHQGHFRQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21SHURHO
PRWRUDUUDQFD
',$*5$0$'(&$%/($'2

 3&0  ,QWHUUXSWRUGHFDPELRGH31
 )XVLEOH  -&
 ,QWHUUXSWRUGHFRUWHGH2'

/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6

3DVR 2SHUDFLyQ 6t 1R
 &RPSUREDFLyQGHOFLUFXLWRGHODOX]GH³327(1 &RQH[LyQPDODHQWHUPLQDO %RPELOODIXQGLGDRFDEOH
&,$´ ( ³*5<%/8´RFDEOH³%/.
 &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQOD 6LHVWiQFRQIRUPHVUHHP :+7´GHIHFWXRVR
SRVLFLyQ2))\GHVFRQHFWHORVDFRSODGRUHV SODFHSRUXQPyGXORGH
GHOPyGXORGH3&0 3&0HQEXHQHVWDGR\
 8WLOLFHHOFDEOHGHVHUYLFLR\FRQHFWHHOWHUPL YXHOYDDFRPSUREDU
QDO(GHODFRSODGRUGHOPyGXORGH3&0
GHVFRQHFWDGR\ODPDVD
¢6HHQFLHQGHODOX]LQGLFDGRUDGH³327(1&,$´
FXDQGRVHFRORFDHOLQWHUUXSWRUGHHQFHQGLGRHQ
ODSRVLFLyQ21"
 75$160,6,Ï1$8720È7,&$$7%

7DEOD%&RPSUREDFLyQGHOFLUFXLWRGHODOX]³327(1&,$´/DOX]³327(1&,$´
SHUPDQHFHHQFHQGLGD
',$*5$0$'(&$%/($'2
5HILpUDVHD³7$%/$%´HQHVWDVHFFLyQ

/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6

3DVR 2SHUDFLyQ 6t 1R
 3RVLFLyQGHOLQWHUUXSWRUGHFDPELRSRWHQFLDQRUPDO 9D\DDOSDVR )LMHHOLQWHUUXSWRUGH
¢(VWiHOERWyQGHOLQWHUUXSWRUHQODSRVLFLyQQRUPDO FDPELRSRWHQFLDQRU
PDOHQODSRVLFLyQQRU
PDO
 &RPSUXHEHVLHQHOFLUFXLWRGHODERPELOODKD\FRUWRFLU &LUFXLWRGHOFDEOH³*5< 9D\DDOSDVR
FXLWR %/8´FRUWRFLUFXLWDGRD
 &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ PDVD
2))\GHVFRQHFWHORVFRQHFWRUHVGHOPyGXORGH
3&0
 &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ
21
¢3HUPDQHFHHQFHQGLGDODOX]GH³327(1&,$´"
 &RPSUXHEHHOFLUFXLWRGHOLQWHUUXSWRUGHFDPELRSRWHQ 9D\DDOSDVR &RPSUXHEHVLHOFLUFXLWR
FLDQRUPDO GHPDVDGHOPyGXORGH
 0LGDODUHVLVWHQFLDHQWUHHOWHUPLQDO(GHO 3&0HVWiDELHUWR
FRQHFWRUGHVFRQHFWDGRGHO3&0\ODPDVDDFDUUR 6LHOFLUFXLWRHVWiFRQ
FHUtDFRQHOLQWHUUXSWRUGHFDPELR31HQ2)) IRUPHUHHPSODFHSRU
¢6HLQGLFDFRQWLQXLGDG" XQPyGXORGH3&0HQ
EXHQHVWDGR\YXHOYDD
FRPSUREDU
 &RPSUXHEHHOIXQFLRQDPLHQWRGHOLQWHUUXSWRUGHFDPELR &LUFXLWR³251%/8´ 5HHPSODFHHOLQWHUUXS
SRWHQFLDQRUPDO FRUWRFLUFXLWDGRDPDVD WRUGHFDPELRSRWHQFLD
 'HVPRQWHHOLQWHUUXSWRUGHFDPELRSRWHQFLDQRUPDO QRUPDO
 &RPSUXHEHODFRQWLQXLGDGHQWUHORVWHUPLQDOHV³´\
³´GHOLQWHUUXSWRUHQFDGDXQDGHODVFRQGLFLRQHV
LQGLFDGDVDFRQWLQXDFLyQ
3RVLFLyQQRUPDO1RKD\FRQWLQXLGDG
3RVLFLyQSRWHQFLD&RQWLQXLGDG
¢(VVDWLVIDFWRULRHOUHVXOWDGRGHODFRPSUREDFLyQ"

>$@SDUDHOSDVR>%@SDUDHOSDVR
%75$160,6,Ï1$8720È7,&$$7

'7&3'7&1ƒ0DOIXQFLRQDPLHQWRGHOFLUFXLWRGHOVHQVRULQWHUUXSWRU

GHSRVLFLyQGHODWUDQVPLVLyQ
',$*5$0$'(&$%/($'2

 3&0  -&
 )XVLEOH  6HQVRULQWHUUXSWRUGHSRVLFLyQGHODWUDQVPLVLyQ

&21',&,Ï1'('(7(&&,Ï1'(/'7&<È5($'(/'(63(5)(&72

&21',&,Ï1'('(7(&&,Ï1'(/'7& È5($'(/'(63(5)(&72
‡ /DVHxDO351'R/GHOLQWHUUXSWRUGHSRVLFLyQ ‡ 6HQVRULQWHUUXSWRUGHSRVLFLyQGHODWUDQVPLVLyQPDO
GHODWUDQVPLVLyQQRHVHQWUDGDGXUDQWHVHJXQGRV DMXVWDGR
DODYHORFLGDGGHPiVGHNPK ‡ 0DOIXQFLRQDPLHQWRGHOVHQVRULQWHUUXSWRUGHSRVL
R FLyQGHODWUDQVPLVLyQRGHVXFLUFXLWR
‡ (QWUDQVHxDOHVP~OWLSOHVVLPXOWiQHDPHQWHGXUDQWH ‡ 3&0
VHJXQGRV
OyJLFDGHGHWHFFLyQGHFLFORVGHFRQGXFFLyQ
 75$160,6,Ï1$8720È7,&$$7%

352&(',0,(172'(&21),50$&,Ï1'(/'7&

$'9(57(1&,$
‡ &XDQGRHIHFW~HXQDSUXHEDGHFDUUHWHUDHOLMDXQOXJDUGRQGHQRKD\DWUiILFRRULHVJRGHDFFLGHQWHVGH
WUiILFR\DFW~HFRQPXFKRFXLGDGRSDUDDVtHYLWDUFXDOTXLHUDFFLGHQWH
‡ /DSUXHEDGHFDUUHWHUDGHEHVHUHIHFWXDGDHQXQDFDUUHWHUDSODQDKRUL]RQWDOSRUSHUVRQDVXQFRQ
GXFWRU\XQHQFDUJDGRGHODSUXHED
 &RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQVLGLVSRQLEOHDO'/&FRQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQODSRVL
FLyQ2))
 8WLOL]DQGRHOLQVWUXPHQWRGHH[SORUDFLyQERUUHHQODPHPRULDGHO3&0ORV'7&ORV'7&SHQGLHQWHV\ORVGDWRV
GHLPDJHQFRQJHODGD\KDJDDUUDQFDUHOPRWRU
 &DPELHODSDODQFDVHOHFWRUDGH$7DFDGDXQDGHODVSRVLFLRQHV/'15\3\PDQWHQJDODSDODQFDGXUDQWH
VHJXQGRVHQFDGDXQDGHHOODV
 $XPHQWHODYHORFLGDGGHOYHKtFXORKDVWDXQRVNPKFRQGXFLHQGRHQODSRVLFLyQ'
 &RQGX]FDHOYHKtFXORDHVWDYHORFLGDGGXUDQWHVHJXQGRV
 6XHOWHHOSHGDOGHODFHOHUDGRUGLVPLQX\DODYHORFLGDGGHOYHKtFXOR\GHWHQJDHOYHKtFXOR
 &RPSUXHEH'7&\R'7&SHQGLHQWHV

/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6

3DVR 2SHUDFLyQ 6t 1R
 ¢6HDSOLFyOD³7$%/$'()/8-2'(',$*1Ï67,&2'( 9D\DDOSDVR 9D\DD³7$%/$'(
/$$7´" )/8-2'(',$*
1Ï67,&2'(/$$
7´HQHVWDVHFFLyQ
 ¢7LHQHXQLQVWUXPHQWRGHH[SORUDFLyQ68=8.," 9D\DDOSDVR 9D\DDOSDVR
 &RPSUXHEHHOIXQFLRQDPLHQWRGHOFLUFXLWRGHOLQWHUUXSWRU 'HVSHUIHFWRLQWHUPL 9D\DDOSDVR
VHQVRUGHSRVLFLyQGHODWUDQVPLVLyQ WHQWH
&RPSUXHEHXWLOL]DQGRHOLQVWUXPHQWRGHH[SORUDFLyQ &RPSUXHEHHOGHVSHU
68=8., IHFWRLQWHUPLWHQWH
 &RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQ68=8.,DO'/& 5HILpUDVHD³0$/)81
FRQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQODSRVLFLyQ &,21$0,(172,17(5
2)) 0,7(17(<
 &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21 &21(;,Ï10$/$´HQ
\FRPSUXHEHODVHxDOGHSRVLFLyQGHODWUDQVPLVLyQ3 ODVHFFLyQ$
51'R/YLVXDOL]DGDFXDQGRVHFDPELDODSDODQFD
VHOHFWRUDDFDGDSRVLFLyQ
¢6HLQGLFDODSRVLFLyQDSOLFDEOH"
¢6RQVDWLVIDFWRULRVORVUHVXOWDGRVGHODFRPSUREDFLyQ"
 &RPSUXHEHHOIXQFLRQDPLHQWRGHOFLUFXLWRGHOLQWHUUXSWRU 'HVSHUIHFWRLQWHUPL 9D\DDOSDVR
VHQVRUGHSRVLFLyQGHODWUDQVPLVLyQ WHQWH
&RPSUXHEHQRXWLOL]DQGRHOLQVWUXPHQWRGHHVFDQHR &RPSUXHEHHOGHVSHU
68=8., IHFWRLQWHUPLWHQWH
 &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21 5HILpUDVHD³0$/)81
 &RPSUXHEHODWHQVLyQHQFDGDXQRGHORVWHUPLQDOHV &,21$0,(172,17(5
&&&&&\ 0,7(17(<
&UHVSHFWLYDPHQWHFRQODSDODQFDVHOHFWRUD &21(;,Ï10$/$´HQ
FDPELDGDDFDGDSRVLFLyQ ODVHFFLyQ$
7RPDQGRHOWHUPLQDO&FRPRHMHPSOR¢VHLQGLFD
WHQVLyQGHEDWHUtDVRODPHQWHFXDQGRODSDODQFDGHVHOHF
FLyQHVFDPELDGDDODSRVLFLyQ³´\VHLQGLFD9SDUDODV
RWUDVSRVLFLRQHVFRPRPRVWUDGRHQODILJXUD"
,JXDOPHQWHFRPSUXHEHODWHQVLyQHQRWURVWHUPLQDOHVUHIL
ULpQGRVHDODILJXUD
¢6RQVDWLVIDFWRULRVORVUHVXOWDGRVGHODFRPSUREDFLyQ"
 &RPSUXHEHHODMXVWHGHOFDEOHGHVHOHFFLyQ5HILpUDVHD 9D\DDOSDVR $MXVWH
³$-867('(/&$%/('(6(/(&&,Ï1´HQHVWDVHFFLyQ
¢(VWiDMXVWDGRFRUUHFWDPHQWH"
%75$160,6,Ï1$8720È7,&$$7

3DVR 2SHUDFLyQ 6t 1R
 &RPSUXHEHODSRVLFLyQGHLQVWDODFLyQGHOLQWHUUXSWRUGH 9D\DDOSDVR $MXVWH
SRVLFLyQGHODWUDQVPLVLyQ
 &DPELHODSDODQFDVHOHFWRUDDODSRVLFLyQ³1´
 &RPSUXHEHTXHODOtQHD³1´GHUHIHUHQFLDHQHOLQWH
UUXSWRU\ODOtQHDFHQWUDOHQHOHMHHVWiQDOLQHDGDV
¢(VWiQELHQDOLQHDGDV"
 &RPSUXHEHHOLQWHUUXSWRUVHQVRUGHSRVLFLyQGHODWUDQV &LUFXLWR³<(/´³251 5HHPSODFHHOLQWH
PLVLyQ5HILpUDVHD³,17(5583725'(326,&,Ï1'(/$ *51´³5('´³251 UUXSWRUGHSRVLFLyQ
75$160,6,Ï1´HQHVWDVHFFLyQ %/8´³<(/*51´ GHODWUDQVPLVLyQ
¢6RQVDWLVIDFWRULRVORVUHVXOWDGRVGHODFRPSUREDFLyQ" ³*51251´R³*51
%/8´DELHUWRRFRUWRFLU
FXLWDGR
6LODVFRQH[LRQHV\ORV
FDEOHVHVWiQFRQIRUPHV
UHHPSODFHSRUXQ
PyGXORGH3&0HQ
EXHQHVWDGR\YXHOYDD
FRPSUREDU

)LJXUDSDUDHOSDVR

7HUPLQDO
& & & & & &
3RVLFLyQGHSDODQFD 3 %9 9 9 9 9 9
VHOHFWRUD 5 9 %9 9 9 9 9
1 9 9 %9 9 9 9
' 9 9 9 %9 9 9
 9 9 9 9 %9 9
/ 9 9 9 9 9 %9
 75$160,6,Ï1$8720È7,&$$7%

'7&3'7&1ƒ0DOIXQFLRQDPLHQWRGHOFLUFXLWRGHOVHQVRUGHYHORFLGDG

GHHQWUDGDWXUELQD
',$*5$0$'(&$%/($'2

 3&0
 6HQVRUGHYHORFLGDGGHOHMHGHHQWUDGD

&21',&,Ï1'('(7(&&,Ï1'(/'7&<È5($'(/'(63(5)(&72

&21',&,Ï1'('(7(&&,Ï1'(/'7& È5($'(/'(63(5)(&72
/DYHORFLGDGGHWHFWDGDSRUHOVHQVRUGHYHORFLGDGGH 6HQVRUGHYHORFLGDGGHHQWUDGD\VXFLUFXLWR
HQWUDGDHVLQIHULRUDOYDORUHVSHFLILFDGRPLHQWUDVHOYHKt 3&0
FXORHVFRQGXFLGRHQWRGDVODVFRQGLFLRQHVVLJXLHQWHV
‡ $XQDYHORFLGDGPD\RUGHNPKFRQHOHQJUDQDMH
GHHQODSRVLFLyQ'GXUDQWHVHJXQGRRPiV
‡ $XQDYHORFLGDGPD\RUGHNPKFRQHOHQJUDQDMH
GHHQODSRVLFLyQ'GXUDQWHVHJXQGRVRPiV
‡ $XQDYHORFLGDGPD\RUGHNPKFRQHOHQJUDQDMH
GHHQODSRVLFLyQ'GXUDQWHVHJXQGRVRPiV
OyJLFDGHGHWHFFLyQGHFLFORVGHFRQGXFFLyQ
%75$160,6,Ï1$8720È7,&$$7

352&(',0,(172'(&21),50$&,Ï1'(/'7&

$'9(57(1&,$
‡ &XDQGRHIHFW~HXQDSUXHEDGHFDUUHWHUDHOLMDXQOXJDUGRQGHQRKD\DWUiILFRRULHVJRGHDFFLGHQWHVGH
WUiILFR\DFW~HFRQPXFKRFXLGDGRSDUDDVtHYLWDUFXDOTXLHUDFFLGHQWH
‡ /DSUXHEDGHFDUUHWHUDGHEHVHUHIHFWXDGDHQXQDFDUUHWHUDSODQDKRUL]RQWDOSRUSHUVRQDVXQFRQ
GXFWRU\XQHQFDUJDGRGHODSUXHED
 &RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQVLGLVSRQLEOHDO'/&FRQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQODSRVL
FLyQ2))
 8WLOL]DQGRHOLQVWUXPHQWRGHH[SORUDFLyQERUUHHO'7&ORV'7&SHQGLHQWHV\ORVGDWRVGHLPDJHQFRQJHODGD
 +DJDDUUDQFDUHOPRWRU\FRORTXHHOLQWHUUXSWRUGHFRUWHGH2'HQODSRVLFLyQ21
 &RORTXHODSDODQFDVHOHFWRUDGHFDPELRHQODSRVLFLyQ'\KDJDDUUDQFDUHOPRWRU
 0DQWHQJD HO YHKtFXOR D XQD YHORFLGDG PD\RU GH  NPK FRQ HO HQJUDQDMH GH  HQ OD SRVLFLyQ ' GXUDQWH 
VHJXQGRRPiV
 $XPHQWHODYHORFLGDG\PDQWpQJDODDPiVGHNPKFRQHOHQJUDQDMHGHHQODSRVLFLyQ'GXUDQWHVHJXQ
GRVRPiV
 $XPHQWHODYHORFLGDG\PDQWpQJDODDPiVGHNPKFRQHOHQJUDQDMHGHHQODSRVLFLyQ'GXUDQWHVHJXQ
GRVRPiV
 'HWHQJDHOYHKtFXOR
 &RPSUXHEH'7&\R'7&SHQGLHQWHV

/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6

3DVR 2SHUDFLyQ 6t 1R
 ¢6HDSOLFyOD³7$%/$'()/8-2'(',$*1Ï67,&2'( 9D\DDOSDVR 9D\DDOD³7$%/$'(
/$$7´" )/8-2'(
',$*1Ï67,&2'(/$
$7´HQHVWDVHFFLyQ
 &RPSUREDFLyQGHOFLUFXLWRGHOVHQVRUGHYHORFLGDGGHO 9D\DDOSDVR 9D\DDOSDVR
HMHGHHQWUDGD
 'HVPRQWHODFXELHUWDGHO3&0
 &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ
2))\GHVFRQHFWHORVFRQHFWRUHVGHO3&0
 &RPSUXHEHODFRQGLFLyQGHFRQH[LyQDOVHQVRUGH
YHORFLGDGGHOHMHGHHQWUDGDHQORVWHUPLQDOHV&
\&
 6LODVFRQH[LRQHVHVWiQFRQIRUPHVHQWRQFHVFRP
SUXHEHODUHVLVWHQFLDGHOFLUFXLWRGHOVHQVRU
5HVLVWHQFLDGHOVHQVRUGHYHORFLGDGGHOHMHGH
HQWUDGD
5HVLVWHQFLDHQWUHORVWHUPLQDOHV&\&
±ΩDƒ&
5HVLVWHQFLDHQWUH&&\PDVD
0ΩRPiV
¢6RQVDWLVIDFWRULRVORVUHVXOWDGRVGHODFRPSUREDFLyQ"
 &RPSUREDFLyQGHOVHQVRUGHYHORFLGDGGHOHMHGH &DEOH³%/8*51´R 5HHPSODFHHOVHQVRUGH
HQWUDGD ³%/8<(/´DELHUWRR YHORFLGDGGHOHMHGH
 &RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2)) FRUWRFLUFXLWDGRDPDVD HQWUDGD
GHVFRQHFWHHOFRQHFWRUGHOVHQVRUGHYHORFLGDGGHO
HMHGHHQWUDGD
 &RPSUXHEHHQFDGDWHUPLQDOHOHVWDGRGHOD
FRQH[LyQDOVHQVRUGHYHORFLGDGGHOHMHGHHQWUDGD
 6LODVFRQH[LRQHVHVWiQFRQIRUPHVHQWRQFHVFRP
SUXHEHODUHVLVWHQFLDGHOVHQVRUGHYHORFLGDGGHOHMH
GHHQWUDGD
¢(VWiQORVYDORUHVPHGLGRVFRQIRUPHVFRQODVHVSHFLIL
FDFLRQHVGHOSDVR"
 75$160,6,Ï1$8720È7,&$$7%

3DVR 2SHUDFLyQ 6t 1R
 &RPSUXHEHYLVXDOPHQWHHOVHQVRUGHYHORFLGDGGHOHMH 'HVSHUIHFWRLQWHUPL /LPSLHUHSDUHRUHHP
GHHQWUDGD\HOWDPERUGHOHPEUDJXHGHVREUHPDUFKD WHQWHRPyGXORGH3&0 SODFH
SDUDYHULILFDUORVLJXLHQWH GHIHFWXRVR
‡ 1RKD\GDxRV &RPSUXHEHHOGHVSHU
‡ 1RKD\PDWHULDOH[WUDxRDGKHULGR IHFWRLQWHUPLWHQWH
‡ /DLQVWDODFLyQHVFRUUHFWD 5HILpUDVHD³0$/)81
¢(VWiQHQEXHQDVFRQGLFLRQHV" &,21$0,(172,17(5
0,7(17(<
&21(;,Ï10$/$´HQ
ODVHFFLyQ$

5()(5(1&,$

&RQHFWHHORVFLORVFRSLRHQWUHORVWHUPLQDOHV&\&
±GHOFRQHFWRUGH3&0FRQHFWDGRDOPyGXORGH3&0\HQVH
JXLGD FRPSUXHEH OD VHxDO GHO VHQVRU GH YHORFLGDG GHO HMH GH
HQWUDGD
>$@ )RUPDGHRQGDGHORVFLORVFRSLRDOUpJLPHQGHUDOHQWtHVSHFLILFDGRHQODSRVLFLyQ³3³
%75$160,6,Ï1$8720È7,&$$7

'7&3'7&1ƒ0DOIXQFLRQDPLHQWRGHOFLUFXLWRGHOVHQVRUGHYHORFLGDG

GHVDOLGD
',$*5$0$'(&$%/($'2

 3&0
 6HQVRUGHYHORFLGDGGHOHMHGHVDOLGD

&21',&,Ï1'('(7(&&,Ï1'(/'7&<È5($'(/'(63(5)(&72

&21',&,Ï1'('(7(&&,Ï1'(/'7& È5($'(/'(63(5)(&72
‡ &RQHOLQWHUUXSWRUGH%$-$:'HQSRVLFLyQ2))QR ‡ 6HQVRUGHYHORFLGDGGHVDOLGDRVXFLUFXLWR
HQWUDQLQJXQDVHxDOGHOVHQVRUGHYHORFLGDGGHOHMHGH ‡ 3&0
VDOLGDPLHQWUDVHQWUDQVHxDOHVGHOVHQVRUGHYHORFL
GDGGHOYHKtFXOR
R
‡ &RQHOLQWHUUXSWRUGH%$-$:'HQSRVLFLyQ2))QR
HQWUDQLQJXQDVHxDOGHOVHQVRUGHYHORFLGDGGHOHMHGH
VDOLGDPLHQWUDVHOPRWRUIXQFLRQDDXQUpJLPHQVXSH
ULRUDOHVSHFLILFDGRHQODSRVLFLyQ³'´
OyJLFDGHGHWHFFLyQGHFLFORVGHFRQGXFFLyQ

352&(',0,(172'(&21),50$&,Ï1'(/'7&

$'9(57(1&,$
‡ &XDQGRHIHFW~HXQDSUXHEDGHFDUUHWHUDHOLMDXQOXJDUGRQGHQRKD\DWUiILFRRULHVJRGHDFFLGHQWHVGH
WUiILFR\DFW~HFRQPXFKRFXLGDGRSDUDDVtHYLWDUFXDOTXLHUDFFLGHQWH
‡ /DSUXHEDGHFDUUHWHUDGHEHVHUHIHFWXDGDHQXQDFDUUHWHUDSODQDKRUL]RQWDOSRUSHUVRQDVXQFRQ
GXFWRU\XQHQFDUJDGRGHODSUXHED
 &RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQVLGLVSRQLEOHDO'/&FRQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQODSRVL
FLyQ2))
 8WLOL]DQGRHOLQVWUXPHQWRGHH[SORUDFLyQERUUHHQODPHPRULDGHO3&0ORV'7&ORV'7&SHQGLHQWHV\ORVGDWRV
GHLPDJHQFRQJHODGD
 +DJDDUUDQFDUHOPRWRU\FDPELHODSDODQFDGHWUDQVIHUHQFLDDODSRVLFLyQ³+´y³+´
 &RQGX]FDHOYHKtFXORDNPKRPiVGXUDQWHPiVGHVHJXQGRVRDXQUpJLPHQGHPiVGHUSPHQ
ODSRVLFLyQ³'´GXUDQWHPiVGHVHJXQGRV
 'HWHQJDHOYHKtFXOR\FRPSUXHEHVLKD\DOJ~Q'7&\R'7&SHQGLHQWHV
 75$160,6,Ï1$8720È7,&$$7%

/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6

3DVR 2SHUDFLyQ 6t 1R
 ¢6HDSOLFyOD³7$%/$'()/8-2'(',$*1Ï67,&2 9D\DDOSDVR 9D\DDOD³7$%/$'(
'(/$$7´" )/8-2'(',$*1Ï6
7,&2'(/$$7´HQ
HVWDVHFFLyQ
 &RPSUREDFLyQGHOFLUFXLWRGHOVHQVRUGHYHORFLGDG 9D\DDOSDVR 9D\DDOSDVR
GHOHMHGHVDOLGD
 'HVPRQWHODFXELHUWDGHO3&0
 &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVL
FLyQ2))\GHVFRQHFWHORVFRQHFWRUHVGHO3&0
 &RPSUXHEHODFRQGLFLyQGHFRQH[LyQDOVHQVRU
GHYHORFLGDGGHOHMHGHVDOLGDHQORVWHUPLQDOHV
&\&
 6LODVFRQH[LRQHVHVWiQFRQIRUPHVHQWRQFHV
FRPSUXHEHODUHVLVWHQFLDGHOFLUFXLWRGHOVHQVRU
5HVLVWHQFLDHQWUHORVWHUPLQDOHV&\&
±ΩDƒ&
5HVLVWHQFLDHQWUH&&\PDVD
0ΩRPiV
¢6RQVDWLVIDFWRULRVORVUHVXOWDGRVGHODFRPSURED
FLyQ"
 &RPSUREDFLyQGHOVHQVRUGHYHORFLGDGGHOHMHGH &LUFXLWR³251´R³:+7´ 5HHPSODFHHOVHQVRUGH
VDOLGD DELHUWRRFRUWRFLUFXLWDGRD YHORFLGDGGHOHMHGH
 &RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ PDVD VDOLGD
2))GHVFRQHFWHHOFRQHFWRUGHOVHQVRUGHYHOR
FLGDGGHOHMHGHVDOLGD
 &RPSUXHEHHQFDGDWHUPLQDOHOHVWDGRGHOD
FRQH[LyQDOVHQVRUGHYHORFLGDGGHOHMHGHVDOLGD
 6LODVFRQH[LRQHVHVWiQFRQIRUPHVHQWRQFHV
FRPSUXHEHODUHVLVWHQFLDGHOVHQVRUGHYHORFLGDG
GHOHMHGHVDOLGD
¢(VWiQORVYDORUHVPHGLGRVFRQIRUPHVFRQODVHVSH
FLILFDFLRQHVGHOSDVR"
 &RPSUXHEHYLVXDOPHQWHORVLJXLHQWHHQHOVHQVRUGH 'HVSHUIHFWRLQWHUPLWHQWHR /LPSLHUHSDUHRUHHP
YHORFLGDGGHOHMHGHVDOLGD\HQHOURWRUGHOVHQVRU PyGXORGH3&0GHIHF SODFH
‡ 1RKD\GDxRV WXRVR
‡ 1RKD\PDWHULDOH[WUDxRDGKHULGR &RPSUXHEHHOGHVSHUIHFWR
‡ /DLQVWDODFLyQHVFRUUHFWD LQWHUPLWHQWH5HILpUDVHD
¢(VWiQHQEXHQDVFRQGLFLRQHV" ³0$/)81&,21$0,(172
,17(50,7(17(<
&21(;,Ï10$/$´HQOD
VHFFLyQ$

5()(5(1&,$

&RQHFWHHORVFLORVFRSLRHQWUHORVWHUPLQDOHV&\&
±GHOFRQHFWRUGH3&0FRQHFWDGRDOPyGXORGH3&0\HQVH
JXLGDFRPSUXHEHODVHxDOGHOVHQVRUGHYHORFLGDGGHOHMHGHVDOLGD
>$@ )RUPDVGHRQGDGHORVFLORVFRSLRDNPKDSUR[LPDGDPHQWH
%75$160,6,Ï1$8720È7,&$$7

'7&3'7&1ƒ(OHFWULFLGDGGHODYiOYXODVROHQRLGHHQFODYDPLHQWR

GH7&&
',$*5$0$'(&$%/($'2

 3&0
 9iOYXODVROHQRLGH$GHFDPELR
 9iOYXODVROHQRLGH%GHFDPELR
 9iOYXODVROHQRLGHGH7&&

&21',&,Ï1'('(7(&&,Ï1'(/'7&<È5($'(/'(63(5)(&72

&21',&,Ï1'('(7(&&,Ï1'(/'7& È5($'(/'(63(5)(&72
/DWHQVLyQHQHOWHUPLQDO&GHOPyGXORGH3&0HV ‡ 9iOYXODVROHQRLGHHQFODYDPLHQWRGH7&&
DOWDPLHQWUDVODYiOYXODVROHQRLGHGH7&&HVWiGHVDFWL ‡ &LUFXLWRGHODYiOYXODVROHQRLGHHQFODYDPLHQWRGH
YDGD2))RHVEDMDPLHQWUDVVHKDRUGHQDGRODDFWLYD 7&&
FLyQ21GHODYiOYXODVROHQRLGHGH7&& ‡ 3&0
 75$160,6,Ï1$8720È7,&$$7%

352&(',0,(172'(&21),50$&,Ï1'(/'7&

$'9(57(1&,$
‡ &XDQGRHIHFW~HXQDSUXHEDGHFDUUHWHUDHOLMDXQOXJDUGRQGHQRKD\DWUiILFRRULHVJRGHDFFLGHQWHVGH
WUiILFR\DFW~HFRQPXFKRFXLGDGRSDUDDVtHYLWDUFXDOTXLHUDFFLGHQWH
‡ /DSUXHEDGHFDUUHWHUDGHEHVHUHIHFWXDGDHQXQDFDUUHWHUDSODQDKRUL]RQWDOSRUSHUVRQDVXQFRQ
GXFWRU\XQHQFDUJDGRGHODSUXHED
 &RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQVLGLVSRQLEOHDO'/&FRQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQODSRVL
FLyQ2))
 8WLOL]DQGRHOLQVWUXPHQWRGHH[SORUDFLyQERUUHHQODPHPRULDGHO3&0ORV'7&ORV'7&SHQGLHQWHV\ORVGDWRV
GHLPDJHQFRQJHODGD
 +DJDDUUDQFDUHOPRWRUFDOLHQWHHOPRWRUKDVWDODWHPSHUDWXUDQRUPDOGHIXQFLRQDPLHQWR\FDPELHODSDODQFD
VHOHFWRUDDODSRVLFLyQ³+´y³+´
 &RORTXHODSDODQFDVHOHFWRUDHQODSRVLFLyQ'\PDQWpQJDODHQHVDSRVLFLyQGXUDQWHVHJXQGRV
 $XPHQWHODYHORFLGDGGHOYHKtFXORKDVWDXQRVNPKHQHOHQJUDQDMHGH\HQODSRVLFLyQ'
 &RQGX]FDHOYHKtFXORDHVWDYHORFLGDGGXUDQWHVHJXQGRV
 6XHOWHHOSHGDOGHODFHOHUDGRUGLVPLQX\DODYHORFLGDGGHOYHKtFXOR\GHWHQJDHOYHKtFXOR
 &RPSUXHEH'7&\R'7&SHQGLHQWHV

/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6

3DVR 2SHUDFLyQ 6t 1R
 ¢6HDSOLFyOD³7$%/$'()/8-2'(',$*1Ï6 9D\DDOSDVR 9D\DDOD³7$%/$'(
7,&2'(/$$7´" )/8-2'(',$*1Ï6
7,&2'(/$$7´HQHVWD
VHFFLyQ
 &RPSUXHEHVLKD\FRUWRFLUFXLWRHQHOFLUFXLWRGHOD 9D\DDOSDVR &LUFXLWR´*51<(/´FRUWR
YiOYXODVROHQRLGHGH7&& FLUFXLWDGRDOFLUFXLWRGHDOL
 &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQOD PHQWDFLyQHOpFWULFD
SRVLFLyQ2))\GHVFRQHFWHORVFRQHFWRUHVGHO
PyGXORGH3&0
 &RPSUXHEHHOHVWDGRGHODFRQH[LyQDO
PyGXORGH3&0HQHOWHUPLQDO&
 6LODVFRQH[LRQHVHVWiQFRQIRUPHVFRORTXHHO
LQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21\
PLGDODWHQVLyQHQWUHHOWHUPLQDO&GHO
FRQHFWRUGHVFRQHFWDGRGHO3&0\PDVD
¢(VODWHQVLyQDSUR[LPDGDPHQWH9"
 &RPSUXHEHVLHOFLUFXLWRGHODYiOYXODVROHQRLGH 'HVSHUIHFWRLQWHUPLWHQWHR &LUFXLWR³*51<(/´DELHUWR
GH7&&HVWiDELHUWRRFRUWRFLUFXLWDGR PyGXORGH3&0GHIHF RFRUWRFLUFXLWDGRDPDVD
 &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQOD WXRVR 6LORVFDEOHV\ODVFRQH[LR
SRVLFLyQ2)) &RPSUXHEHHOGHVSHUIHFWR QHVHVWiQFRQIRUPHV
 0LGDODUHVLVWHQFLDHQWUHHOWHUPLQDO& LQWHUPLWHQWH5HILpUDVHD UHHPSODFHODYiOYXODVROH
GHOFRQHFWRUGHOPyGXORGH3&0\ODPDVD ³0$/)81&,21$0,(172 QRLGHGH7&&
¢(VHOYDORUGHODUHVLVWHQFLDPHGLGDΩD ,17(50,7(17(<
ƒ&" &21(;,Ï10$/$´HQOD
VHFFLyQ$
%75$160,6,Ï1$8720È7,&$$7

'7&3'7&1ƒ(OHFWULFLGDGGHODYiOYXODVROHQRLGH$GHFDPELR

'7&3'7&1ƒ(OHFWULFLGDGGHODYiOYXODVROHQRLGH%GHFDPELR
',$*5$0$'(&$%/($'2

 3&0
 9iOYXODVROHQRLGH$GHFDPELR
 9iOYXODVROHQRLGH%GHFDPELR
 9iOYXODVROHQRLGHGH7&&

&21',&,Ï1'('(7(&&,Ï1'(/'7&<È5($'(/'(63(5)(&72

&21',&,Ï1'('(7(&&,Ï1'(/'7& È5($'(/'(63(5)(&72
'7&3'7&1ƒ ‡ 9iOYXODVROHQRLGH$GHFDPELR
/DWHQVLyQGHWHFWDGDHQHOWHUPLQDO&HVODWHQVLyQ ‡ &LUFXLWRGHODYiOYXODVROHQRLGH$GHFDPELR
HVSHFLILFDGDRLQIHULRUFXDQGRODYiOYXODVROHQRLGH$GH ‡ 3&0
FDPELRHVWiDFWLYDGD21RODWHQVLyQHVODWHQVLyQ
HVSHFLILFDGDRPD\RUFXDQGRODYiOYXODHVWiGHVDFWLYDGD
2))
'7&3'7&1ƒ ‡ 9iOYXODVROHQRLGH%GHFDPELR
/DWHQVLyQGHWHFWDGDHQHOWHUPLQDO&HVODWHQVLyQ ‡ &LUFXLWRGHODYiOYXODVROHQRLGH%GHFDPELR
HVSHFLILFDGDRLQIHULRUFXDQGRODYiOYXODVROHQRLGH%GH ‡ 3&0
FDPELRHVWiDFWLYDGD21RODWHQVLyQHVODWHQVLyQ
HVSHFLILFDGDRPD\RUFXDQGRODYiOYXODHVWiGHVDFWLYDGD
2))
 75$160,6,Ï1$8720È7,&$$7%

352&(',0,(172'(&21),50$&,Ï1'(/'7&

$'9(57(1&,$
‡ &XDQGRHIHFW~HXQDSUXHEDGHFDUUHWHUDHOLMDXQOXJDUGRQGHQRKD\DWUiILFRRULHVJRGHDFFLGHQWHVGH
WUiILFR\DFW~HFRQPXFKRFXLGDGRSDUDDVtHYLWDUFXDOTXLHUDFFLGHQWH
‡ /DSUXHEDGHFDUUHWHUDGHEHVHUHIHFWXDGDHQXQDFDUUHWHUDSODQDKRUL]RQWDOSRUSHUVRQDVXQFRQ
GXFWRU\XQHQFDUJDGRGHODSUXHED
 &RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQVLGLVSRQLEOHDO'/&FRQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQODSRVL
FLyQ2))
 8WLOL]DQGRHOLQVWUXPHQWRGHH[SORUDFLyQERUUHHQODPHPRULDGHO3&0ORV'7&ORV'7&SHQGLHQWHV\ORVGDWRV
GHLPDJHQFRQJHODGD
 +DJDDUUDQFDUHOPRWRU\FDPELHODSDODQFDGHWUDQVIHUHQFLDDODSRVLFLyQ³+´y³+´
 &RORTXHODSDODQFDVHOHFWRUDHQODSRVLFLyQ'\PDQWpQJDODHQHVDSRVLFLyQGXUDQWHVHJXQGRV
 &RQGX]FDHOYHKtFXORDXQDYHORFLGDGGHNPKDSUR[LPDGDPHQWHFRQHOHQJUDQDMHGHHQODSRVLFLyQ³'´
GXUDQWHVHJXQGRV
 $XPHQWH OD YHORFLGDG GHO YHKtFXOR KDVWD XQRV  NPK HQ HO HQJUDQDMH GH  \ HQ OD SRVLFLyQ ' GXUDQWH 
VHJXQGRV
 6XHOWHHOSHGDOGHODFHOHUDGRUGLVPLQX\DODYHORFLGDGGHOYHKtFXOR\GHWHQJDHOYHKtFXOR
 &RPSUXHEH'7&\R'7&SHQGLHQWHV

/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6

3DVR 2SHUDFLyQ 6t 1R
 ¢6HDSOLFyOD³7$%/$'()/8-2'(',$*1Ï6 9D\DDOSDVR 9D\DDOD³7$%/$'(
7,&2'(/$$7´" )/8-2'(',$*1Ï6
7,&2'(/$$7´HQHVWD
VHFFLyQ
 &RPSUXHEHVLKD\FRUWRFLUFXLWRHQHOFLUFXLWRGH 9D\DDOSDVR &DEOH³*51´RFDEOH
YiOYXODVROHQRLGHGHFDPELR ³*515('´FRUWRFLUFXL
 &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQOD WDGRDOFLUFXLWRGHDOLPHQWD
SRVLFLyQ2))\GHVFRQHFWHORVFRQHFWRUHVGHO FLyQHOpFWULFD
PyGXORGH3&0
 &RPSUXHEHHOHVWDGRGHODFRQH[LyQDO
PyGXORGH3&0HQHOWHUPLQDO&y
&
 6LODVFRQH[LRQHVHVWiQFRQIRUPHVFRORTXHHO
LQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21\
PLGDODWHQVLyQHQWUHHOWHUPLQDO&y
&GHOFRQHFWRUGHVFRQHFWDGRGHO3&0
\PDVD
¢(VODWHQVLyQDSUR[LPDGDPHQWH9"
 &RPSUXHEHVLHOFLUFXLWRGHODYiOYXODVROHQRLGH 'HVSHUIHFWRLQWHUPLWHQWHR &DEOH³*51´RFDEOH
GHFDPELRHVWiDELHUWRRFRUWRFLUFXLWDGR PyGXORGH3&0GHIHF ³*515('´DELHUWRRFRU
 &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQOD WXRVR WRFLUFXLWDGRDPDVD
SRVLFLyQ2)) &RPSUXHEHHOGHVSHUIHFWR 6LORVFDEOHV\ODVFRQH[LR
 0LGDODUHVLVWHQFLDHQWUHHOWHUPLQDO&y LQWHUPLWHQWH5HILpUDVHD QHVHVWiQFRQIRUPHV
&GHOFRQHFWRUGHOPyGXORGH3&0 ³0$/)81&,21$0,(172 UHHPSODFHODYiOYXODVROH
GHVFRQHFWDGR\PDVD ,17(50,7(17(< QRLGHGHFDPELRGHIHF
¢(VHOYDORUGHODUHVLVWHQFLDPHGLGDΩD &21(;,Ï10$/$´HQOD WXRVD
ƒ&" VHFFLyQ$
%75$160,6,Ï1$8720È7,&$$7

3UXHEDGHFDODGRGHOPRWRU
(OREMHWRGHHVWDSUXHEDHVFRPSUREDUHOIXQFLRQDPLHQWRJOREDOGHODWUDQVPLVLyQDXWRPiWLFD\GHOPRWRUPLGLHQGRHO
UpJLPHQGHFDODGRGHOPRWRUHQODVSRVLFLRQHV³'´\³5´$VHJ~UHVHGHHIHFWXDUHVWDSUXHEDVRODPHQWHFXDQGRHO
IOXLGRGHODWUDQVPLVLyQDXWRPiWLFDHVWpDODWHPSHUDWXUDQRUPDOGHIXQFLRQDPLHQWR\HOQLYHOGHOIOXLGRHVWpHQWUHODV
PDUFDV)8//OOHQR\/2:EDMR

35(&$8&,Ï1
‡ 1RKDJDIXQFLRQDUHOPRWRUFRQWLQXDPHQWHHQUpJLPHQGHFDODGRGXUDQWHPiVGHVHJXQGRVSDUDDVt
HYLWDUTXHODWHPSHUDWXUDGHOIOXLGRDXPHQWHH[FHVLYDPHQWH
‡ 'HVSXpV GH HIHFWXDU OD SUXHED GH FDODGR DVHJ~UHVH GH GHMDU IXQFLRQDQGR HO PRWRU HQ UpJLPHQ GH
UDOHQWtGXUDQWHPiVGHVHJXQGRVDQWHVGHHIHFWXDURWUDSUXHEDGHFDODGR
 $SOLTXHHOIUHQRGHHVWDFLRQDPLHQWR\DFXxHELHQODVUXHGDV
 ,QVWDOHHOWDFyPHWUR
 +DJDDUUDQFDUHOPRWRUFRQODSDODQFDVHOHFWRUDFRORFDGDHQODSRVLFLyQ³3´
 $SULHWHDIRQGRHOSHGDOGHIUHQR
 &DPELHODSDODQFDVHOHFWRUDDODSRVLFLyQ³'´\DSULHWHDIRQGRHOSHGDOGHODFHOHUDGRUREVHUYDQGRODVLQGLFDFLR
QHVGHOWDFyPHWUR/HDUiSLGDPHQWHODVUSPFXDQGRVHKDQHVWDELOL]DGRUpJLPHQGHFDODGR
 6XHOWHHOSHGDOGHODFHOHUDGRULQPHGLDWDPHQWHGHVSXpVGHKDEHUFRPSUREDGRHOUpJLPHQGHFDODGR
 (PSOHHHOPLVPRSURFHGLPLHQWRSDUDFRPSUREDUHOUpJLPHQGHFDODGRHQODSRVLFLyQ³5´
 (OYDORUGHOUpJLPHQGHFDODGRGHEHHVWDUGHQWURGHODVHVSHFLILFDFLRQHVVLJXLHQWHV
5pJLPHQGHFDODGR
±USP

/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6

&RQGLFLyQ &DXVDSRVLEOH
,QIHULRUDOQLYHOHVWiQGDU ‡ 6DOLGDGHOPRWRUGHIHFWXRVD
‡ &RQYHUWLGRUGHSDUGHIHFWXRVR
6XSHULRUDOQLYHOHVWiQGDUHQODSRVLFLyQ³'´ ‡ (PEUDJXHGH2'SDWLQD
‡ (PEUDJXHGHDYDQFHSDWLQD
‡ 0DOIXQFLRQDPLHQWRGHOHPEUDJXHXQLGLUHFFLRQDOGH2
'
‡ 0DOIXQFLRQDPLHQWRGHOHPEUDJXHQƒXQLGLUHFFLRQDO
‡ 3UHVLyQGHWXEHUtDEDMD
6XSHULRUDOQLYHOHVWiQGDUHQODSRVLFLyQ³5´ ‡ (PEUDJXHGLUHFWRSDWLQD
‡ )UHQRGHPDUFKDDWUiVSDWLQD
‡ 3UHVLyQGHIOXLGREDMD
‡ (PEUDJXHGH2'SDWLQD
‡ (PEUDJXHXQLGLUHFFLRQDOGH2'GHIHFWXRVR
 75$160,6,Ï1$8720È7,&$$7%

3UXHEDGHSUHVLyQGHWXEHUtD
(OSURSyVLWRGHHVWDSUXHEDHVFRPSUREDUODVFRQGLFLRQHVGHIXQFLR
QDPLHQWRGHFDGDSLH]DPLGLHQGRODSUHVLyQGHOIOXLGRHQFDGDWXEH
UtDGHSUHVLyQGHIOXLGR/DSUXHEDGHSUHVLyQGHWXEHUtDUHTXLHUHODV
FRQGLFLRQHVVLJXLHQWHV
‡ (O IOXLGR GH WUDQVPLVLyQ DXWRPiWLFD HVWi D OD WHPSHUDWXUD GH
IXQFLRQDPLHQWRQRUPDODƒ&
‡ +D\IOXLGRKDVWDHOQLYHODSURSLDGRHQWUH)8//+27>&DOLHQWH
OOHQR@\/2:+27>&DOLHQWHEDMR@HQODYDULOODPHGLGRUD
 $SOLTXH VHJXUDPHQWH HO IUHQR GH HVWDFLRQDPLHQWR \ FRORTXH
FXxDVHQODVUXHGDV

 ,QVWDOHHOPHGLGRUGHSUHVLyQGHIOXLGRHQHORULILFLRGHFRP
SUREDFLyQGHSUHVLyQGHIOXLGRHQODFDMDGHODWUDQVPLVLyQ
+HUUDPLHQWDHVSHFLDO
$

35(&$8&,Ï1
'HVSXpV GH KDEHU ILMDGR HO PHGLGRU GH SUHVLyQ GH DFHLWH
FRPSUXHEHTXHQRKD\QLQJXQDIXJDGHIOXLGR

 $SULHWH D IRQGR HO SHGDO GH IUHQR KDJD IXQFLRQDU HO PRWRU HQ
UpJLPHQGHUDOHQWt\FDOHHOPRWRU
 &RPSUXHEHODSUHVLyQGHIOXLGRHQODSRVLFLyQ³'´R³5´GHQWUR
GHODVHVSHFLILFDFLRQHVVLJXLHQWHV

35(&$8&,Ï1
1R KDJD IXQFLRQDU FRQWLQXDPHQWH HO PRWRU HQ UpJLPHQ GH
FDODGRGXUDQWHPiVGHVHJXQGRV

3UHVLyQGHWXEHUtD

3RVLFLyQ³'´ 3RVLFLyQ´5´
5pJLPHQGHUDOHQWt ±NJFP ±NJFP
5pJLPHQGHFDODGR ±NJFP ±NJFP

 6LORVUHVXOWDGRVGHODFRPSUREDFLyQVRQVDWLVIDFWRULRVGHVFR
QHFWHODKHUUDPLHQWDHVSHFLDO\HQVHJXLGDDSULHWHHOWDSyQGH
ODFDMDGHODWUDQVPLVLyQDOSDUGHDSULHWHHVSHFLILFDGR
3DUGHDSULHWH
7DSyQGHODFDMDGHODWUDQVPLVLyQ
1ÂPNJP
%75$160,6,Ï1$8720È7,&$$7

/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6

&RQGLFLyQ &DXVDSRVLEOH
3UHVLyQGHWXEHUtDVXSHULRUDOQLYHOHVWiQGDUHQ ‡ 0DOIXQFLRQDPLHQWRGHODYiOYXODGHUHJXODGRU
FDGDSRVLFLyQ ‡ 0DOIXQFLRQDPLHQWRGHODYiOYXODGHPDULSRVD
‡ &DEOHGHPDULSRVDGHJDVHVGH$7PDODMXVWDGR
3UHVLyQGHWXEHUtDLQIHULRUDOQLYHOHVWiQGDUHQ ‡ (PEUDJXHGH2'GHIHFWXRVR
FDGDSRVLFLyQ ‡ %RPEDGHDFHLWHGHIHFWXRVD
‡ 0DOIXQFLRQDPLHQWRGHODYiOYXODGHPDULSRVD
‡ 0DOIXQFLRQDPLHQWRGHODYiOYXODGHUHJXODGRU
‡ &DEOHGHPDULSRVDGHJDVHVGH$7PDODMXVWDGR
3UHVLyQGHWXEHUtDLQIHULRUDOQLYHOHVWiQGDUVROD ‡ )XJDGHIOXLGRHQHOHPEUDJXHGHDYDQFH
PHQWHHQODSRVLFLyQ³'´ ‡ (PEUDJXHGH2'GHIHFWXRVR
‡ )XJDHQHOFLUFXLWRGHSUHVLyQGHIOXLGRGHODSRVLFLyQ³'´
3UHVLyQGHWXEHUtDLQIHULRUDOQLYHOHVWiQGDUVROD ‡ )XJDGHIOXLGRHQHOHPEUDJXHGLUHFWR
PHQWHHQODSRVLFLyQ³5´ ‡ (PEUDJXHGH2'GHIHFWXRVR
‡ )XJDGHIOXLGRHQHOIUHQRGHPDUFKDDWUiV
‡ )XJDGHIOXLGRHQHOFLUFXLWRGHIOXLGRGHODSRVLFLyQ³5´

3UXHEDGHFDUUHWHUD
(VWDSUXHEDVHHIHFW~DSDUDFRPSUREDUVLHOFDPELRGHPDUFKDDHQJUDQDMHVVXSHULRUHVHLQIHULRUHVVHUHDOL]DHIHF
WLYDPHQWHDODVYHORFLGDGHVHVSHFLILFDGDVFXDQGRVHFRQGXFHHOYHKtFXORHQXQDFDUUHWHUDSODQDKRUL]RQWDO

$'9(57(1&,$
‡ 3DUDHYLWDUXQSRVLEOHDFFLGHQWHHIHFW~HODSUXHEDHQXQiUHDGHSRFRWUiILFR
‡ /DSUXHEDUHTXLHUHODSDUWLFLSDFLyQGHSHUVRQDVXQFRQGXFWRU\XQHQFDUJDGRGHODSUXHED
 &DOLHQWHHOPRWRU
 &RQHOPRWRUIXQFLRQDQGRHQUpJLPHQGHUDOHQWtFDPELHODSDODQFDGHVHOHFFLyQDODSRVLFLyQ³'´
 $FHOHUHHOYHKtFXORSUHVLRQDQGRJUDGXDOPHQWHHOSHGDOGHODFHOHUDGRU
 0LHQWUDV FRQGXFH HQ OD SRVLFLyQ ³'´ FRPSUXHEH VL HO FDPELR GH HQJUDQDMH VH HIHFW~D FRPR PRVWUDGR HQ HO
³',$*5$0$'(&$0%,2'((1*5$1$-(´HQHVWDVHFFLyQ
/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6
&RQGLFLyQ
&XDQGRIDOODHOFDPELRDPDUFKDVXSHULRUGH→
&XDQGRIDOODHOFDPELRDPDUFKDVXSHULRUGH→
&XDQGRIDOODHOFDPELRDPDUFKDVXSHULRUGH→2'
&XDQGRHOSXQWRGHFDPELRGHHQJUDQDMHHVLQFRUUHFWR
&DXVDSRVLEOH
9iOYXODGHFDPELR±DWDVFDGD
9iOYXODGHFDPELR±DWDVFDGD
9iOYXODGHFDPELR±DWDVFDGD
‡ &DEOHGHPDULSRVDGHJDVHVPDODMXVWDGR
‡ 9iOYXODVROHQRLGH$R%GHFDPELRGHIHFWXRVD
‡ /DYiOYXODGHFDPELR±±y±QRIXQFLRQD
FRUUHFWDPHQWH
 75$160,6,Ï1$8720È7,&$$7%

3UXHEDGHFDUUHWHUDPDQXDO
(VWD SUXHED FRPSUXHED HO HQJUDQDMH TXH VH HVWi XWLOL]DQGR HQ OD
SRVLFLyQ³/´³´R³'´FXDQGRVHFRQGXFHFRQXQVLVWHPDGHFRQWURO
GH FDPELR GH HQJUDQDMH QR DFWLYDGR 3UXHEH HO YHKtFXOR HQ XQD
FDUUHWHUDSODQDKRUL]RQWDO

127$
$QWHVGHHVWDSUXHEDFRPSUXHEHHOFyGLJRGHGLDJQyVWLFR
'7&

 'HVFRQHFWHODVYiOYXODVGHODFRSODGRUGHYiOYXODVVROHQRL
GHVGHFDPELRHQODWUDQVPLVLyQ

$'9(57(1&,$
3DUDHYLWDUHOSHOLJURGHTXHPDUVHQRWRTXHHOVLVWHPDGH
HVFDSHFXDQGRGHVFRQHFWHHODFRSODGRUGHYiOYXODVROH
QRLGHGHFDPELR

 &RQ OD SDODQFD VHOHFWRUD FRORFDGD HQ OD SRVLFLyQ ³3´ KDJD
DUUDQFDUHOPRWRU\FDOLpQWHOR
 &RQODSDODQFDVHOHFWRUDFRORFDGDHQODSRVLFLyQ³/´FRQGX]FD
\ DFHOHUH HO YHKtFXOR D  NPK (Q HVWH HVWDGR FRPSUXHEH
TXHVHHVWiXWLOL]DQGRHIHFWLYDPHQWHHOHQJUDQDMHGH
 $NPKFDPELHODSDODQFDVHOHFWRUDDODSRVLFLyQ³´\DFH
OHUH D  NPK (Q HVWH HVWDGR FRPSUXHEH TXH VH HVWi XWLOL
]DQGRHIHFWLYDPHQWHHOHQJUDQDMHGH
 $NPKFDPELHODSDODQFDVHOHFWRUDDODSRVLFLyQ³'´\FRP
SUXHEHTXHVHXWLOL]DHOHQJUDQDMHGH2'FXDQGRODYHORFLGDG
H[FHGHNPK
 'HVSXpV GH HIHFWXDU ODV FRPSUREDFLRQHV DQWHULRUHV GHWHQJD
HOYHKtFXOR\SDUHHOPRWRU\FRQHFWHHODFRSODGRUGHYiOYX
ODVVROHQRLGHVGHFDPELRFRQHOLQWHUUXSWRUGHHQFHQGLGRHQOD
SRVLFLyQ2))

$'9(57(1&,$
3DUDHYLWDUHOSHOLJURGHTXHPDUVHQRWRTXHHOVLVWHPDGH
HVFDSHFXDQGRGHVFRQHFWHHODFRSODGRUGHYiOYXODVROH
QRLGHGHFDPELR

 %RUUH'7&HPSOHDQGRHOLQVWUXPHQWRGHH[SORUDFLyQ

3UXHEDGHUHWDUGR
(VWDSUXHEDWLHQHFRPRREMHWRFRPSUREDUODVFRQGLFLRQHVGHOHPEUDJXHIUHQRGHPDUFKDDWUiV\SUHVLyQGHOIOXLGR
(O³UHWDUGR´LQGLFDHOWLHPSRWUDQVFXUULGRGHVGHHOFDPELRGHODSDODQFDVHOHFWRUDFRQHOPRWRUHQUpJLPHQGHUDOHQWt
KDVWDHOPRPHQWRFXDQGRVHVLHQWHHOJROSHGHOFDPELRGHUpJLPHQ
 &RQFXxDVFRORFDGDVGHODQWH\GHWUiVGHODVUXHGDVGHODQWHUDV\WUDVHUDVDSULHWHHOSHGDOGHIUHQR
 +DJDDUUDQFDUHOPRWRU
 &RQHOFURQyPHWURSUHSDUDGRFDPELHODSDODQFDVHOHFWRUDGHVGHODSRVLFLyQ³1´DODSRVLFLyQ³'´\FURQRPHWUHHO
WLHPSRGHVGHHVWHPRPHQWRKDVWDTXHVHVLHQWDHOJROSHGHOFDPELR
 ,GpQWLFDPHQWHPLGDHOUHWDUGRFDPELDQGRODSDODQFDVHOHFWRUDGHODSRVLFLyQ³1³DODSRVLFLyQ³5´
(VSHFLILFDFLRQHVSDUDHOUHWDUGR

³1´→³'´ 0HQRVGHVHJXQGRV
³1´→³5´ 0HQRVGHVHJXQGRV
%75$160,6,Ï1$8720È7,&$$7

127$
‡ &XDQGR UHSLWD HVWD SUXHED DVHJ~UHVH GH HVSHUDU SRU OR PHQRV  PLQXWR GHVSXpV GH TXH OD SDODQFD
VHOHFWRUDHVFRORFDGDRWUDYH]HQODSRVLFLyQ³1´
‡ 3DUDHIHFWXDUHVWDSUXHEDHOPRWRUGHEHHVWDUIXQFLRQDQGRDVXWHPSHUDWXUDQRUPDO

/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6

&RQGLFLyQ
5HWDUGRGH³1´→³'´H[FHGHODVHVSHFLILFDFLRQHV
5HWDUGRGH³1´→³5´H[FHGHODVHVSHFLILFDFLRQHV
&DXVDSRVLEOH
‡ 3UHVLyQGHWXEHUtDEDMD
‡ (PEUDJXHGHDYDQFHGHVJDVWDGR
‡ 3UHVLyQGHWXEHUtDEDMD
‡ (PEUDJXHGLUHFWRGHVJDVWDGR
‡ )UHQRGHPDUFKDDWUiVGHVJDVWDGR

3UXHEDGHIUHQRGHPRWRU

$'9(57(1&,$
$QWHVGHHIHFWXDUHVWDSUXHEDDVHJ~UHVHGHTXHQRKD\QLQJ~QYHKtFXORGHWUiVSDUDHYLWDUHOULHVJRGH
FROLVLyQWUDVHUD
 0LHQWUDVFRQGXFHHOYHKtFXORHQHOHQJUDQDMHGHGHODSRVLFLyQ³'´FDPELHODSDODQFDVHOHFWRUDUHGXFLHQGRD
ODSRVLFLyQ³´\FRPSUXHEHTXHHOIUHQRGHPRWRUDFW~DHIHFWLYDPHQWH
 7DOFRPRHQHOSDVRFRPSUXHEHHOIXQFLRQDPLHQWRGHOIUHQRGHPRWRUFXDQGRODSDODQFDVHOHFWRUDHVFDP
ELDGDUHGXFLHQGRDODSRVLFLyQ³/´
 6LHOIUHQRGHPRWRUQRDFW~DHQODVSUXHEDVDQWHULRUHVODVFDXVDVSRVLEOHVSDUDHVWHIDOORVRQODVVLJXLHQWHV
&RPSUXHEHFDGDSLH]DTXHVHVRVSHFKDSXHGDVHUODFDXVD

/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6

&RQGLFLyQ &DXVDSRVLEOH
)DOORGHIXQFLRQDPLHQWRFXDQGRVHFDPELDUHGXFLHQGR )UHQRGHUXHGDOLEUHGHVHJXQGDGHIHFWXRVR
GHPDUFKDDODSRVLFLyQ³´
)DOORGHIXQFLRQDPLHQWRFXDQGRVHFDPELDUHGXFLHQGR )UHQRGHPDUFKDDWUiVGHIHFWXRVR
GHPDUFKDDODSRVLFLyQ³/´

3UXHEDGHODSRVLFLyQ³3´
 'HWHQJDHOYHKtFXORHQXQDSHQGLHQWHFDPELHODSDODQFDVHOHFWRUDDODSRVLFLyQ³3´\DOPLVPRWLHPSRDSOLTXHHO
IUHQRGHHVWDFLRQDPLHQWR
 'HVSXpVGHSDUDUHOPRWRUDSULHWHHOSHGDOGHIUHQR\DIORMHHOIUHQRGHHVWDFLRQDPLHQWR
 (QVHJXLGDVXHOWHJUDGXDOPHQWHHOSHGDOGHIUHQR\FRPSUXHEHTXHHOYHKtFXORSHUPDQHFHHVWDFLRQDULR
 $SULHWHHOSHGDOGHIUHQR\FDPELHODSDODQFDVHOHFWRUDSDVDQGRDODSRVLFLyQ³1´
 (QVHJXLGDVXHOWHJUDGXDOPHQWHHOSHGDOGHIUHQR\FRPSUXHEHTXHHOYHKtFXORVHPXHYH

$'9(57(1&,$
$QWHVGHODSUXHEDFRPSUXHEHSDUDDVHJXUDUVHGHTXHQRKD\QDGLHFHUFDGHOYHKtFXORRFXHVWDDEDMR\
SUHVWHPXFKDDWHQFLyQDODVHJXULGDGGXUDQWHODSUXHED
 75$160,6,Ï1$8720È7,&$$7%

6HUYLFLRHQHOYHKtFXOR
6HUYLFLRGHPDQWHQLPLHQWR
1LYHOGHOIOXLGR
&20352%$&,Ï1'(/1,9(/'()/8,'2$/$7(03(5$
785$1250$/'()81&,21$0,(172
 'HWHQJDHOYHKtFXORHQXQOXJDUSODQR\KRUL]RQWDO
 $SOLTXH VHJXUDPHQWH HO IUHQR GH HVWDFLRQDPLHQWR \ FRORTXH
FXxDVHQODVUXHGDV
 +DJDDUUDQFDUHOPRWRUFRQODSDODQFDVHOHFWRUDFRORFDGDHQOD
SRVLFLyQ³3´
 &DOLHQWHHOPRWRUKDVWDTXHHOIOXLGRGHWUDQVPLVLyQDXWRPiWLFD
OOHJXHDODWHPSHUDWXUDQRUPDOGHIXQFLRQDPLHQWR±ƒ&
&RPRJXtDSDUDODFRPSUREDFLyQGHODWHPSHUDWXUDGHOIOXLGR
FDOLHQWH HO PRWRU KDVWD TXH HO LQGLFDGRU GH WHPSHUDWXUD GHO
UHIULJHUDQWHGHOPRWRULQGLTXHPiVRPHQRVXQLGDGVREUHHO
SXQWR³&´
 0DQWHQJDHOPRWRUIXQFLRQDQGRHQUpJLPHQGHUDOHQWt\FDPELH
OHQWDPHQWH OD SDODQFD VHOHFWRUD D OD SRVLFLyQ ³/´ \ YXHOYD D
FDPELDUODDODSRVLFLyQ³3´
>$@ &DPELHODSDODQFDVHOHFWRUDFRQHOERWyQSUHVLRQDGR
>%@ &DPELHODSDODQFDVHOHFWRUDVLQSUHVLRQDUHOERWyQ

 &RQHOPRWRUIXQFLRQDQGRHQUpJLPHQGHUDOHQWtVDTXHODYDUL
OOD PHGLGRUD GH QLYHO OLPSLH OD YDULOOD FRQ XQ WUDSR OLPSLR \
YXHOYDDLQVHUWDUODHQVXOXJDU
 9XHOYD D VDFDU OD YDULOOD PHGLGRUD \ FRPSUXHEH HO QLYHO GHO
IOXLGRLQGLFDGRHQODYDULOOD(OQLYHOGHEHHVWDUHQWUHODPDUFD
)8//+27\/2:+276LHVWiSRUGHEDMRGH/2:+27YLHUWD
XQSURGXFWRHTXLYDOHQWHDO'(;521Š,,,KDVWDTXHHOIOXLGROOH
JXHDOQLYHO)8//+27
(VSHFLILFDFLyQGHOIOXLGR
8QSURGXFWRHTXLYDOHQWHD'(;521Š,,,

127$
‡ 12(0%$/((/02725PLHQWUDVFRPSUXHEDHOQLYHOGHO
IOXLGRDXQGHVSXpVGHODUUDQTXHGHOPRWRU
‡ 12//(1((;&(6,9$0(17((QHIHFWRHOOOHQDGRH[FH
VLYR SXHGH FDXVDU SURGXFFLyQ GH HVSXPD \ SpUGLGD GH
IOXLGR D WUDYpV GHO FRQGXFWR GH YHQWLODFLyQ (QVHJXLGD
SXHGHKDEHUSDWLQDMH\IDOORGHODWUDQVPLVLyQ
‡ 3DUD TXH HO QLYHO SDVH GH OD PDUFD /2: +27 &DOLHQWH
EDMRDOQLYHO)8//+27&DOLHQWHOOHQRVHQHFHVLWDQ
OLWURV
‡ 6L HO YHKtFXOR IXH XWLOL]DGR HQ FRQGLFLRQHV GH FDUJD HOH
YDGD FRPR FXDQGR VH UHPROFD XQ WUiLOHU HV QHFHVDULR
FRPSUREDU HO QLYHO GHO IOXLGR DSUR[LPDGDPHQWH PHGLD
KRUDGHVSXpVGHKDEHUGHWHQLGRHOYHKtFXOR
%75$160,6,Ï1$8720È7,&$$7

&20352%$&,Ï1'(/1,9(/'()/8,'2$/$7(03(5$
785$$0%,(17(

/D FRPSUREDFLyQ DQWHV GH OD SUXHED GH FRQGXFFLyQ GHO QLYHO GHO
IOXLGRDODWHPSHUDWXUDDPELHQWH±ƒ&HIHFWXDGDGHVSXpVGH
XQDUHSDUDFLyQRFDPELRGHIOXLGRHVVyORXQDSUHSDUDFLyQSDUDOD
FRPSUREDFLyQGHOQLYHODODWHPSHUDWXUDQRUPDOGHIXQFLRQDPLHQWR
(OSURFHGLPLHQWRGHFRPSUREDFLyQHVHQVtLGpQWLFRDOSURFHGLPLHQWR
GHVFULWR DQWHULRUPHQWH 6L HO QLYHO GHO IOXLGR HVWi HQWUH ODV PDUFDV
)8//&2/'/OHQRIUtR\/2:&2/'%DMRIUtRSURFHGDHIHFWXDU
OD SUXHED GH FRQGXFFLyQ < FXDQGR OD WHPSHUDWXUD GHO IOXLGR KD\D
OOHJDGR D OD WHPSHUDWXUD QRUPDO GH IXQFLRQDPLHQWR YXHOYD D FRP
SUREDUHOQLYHOGHOIOXLGR\DMXVWHVHJ~QVHDQHFHVDULR

&DPELRGHOIOXLGR
 /HYDQWHHOYHKtFXOR
 &XDQGRHOPRWRUVHKD\DHQIULDGRVDTXHHOWDSyQGHGUHQDMH
GHOFROHFWRUGHDFHLWH\GUHQHHOIOXLGRGHOD$7
 ,QVWDOHHOWDSyQGHGUHQDMH
3DUGHDSULHWH
7DSyQGHGUHQDMHGHOIOXLGRGHOD$7D
1ÂPNJP
 %DMH HO YHKtFXOR \ OOHQH FRQ OD FDQWLGDG DGHFXDGD HPSOHDQGR
XQSURGXFWRHTXLYDOHQWHD'(;521Š,,,

 &RPSUXHEHHOQLYHOGHOIOXLGR5HILpUDVHD³&20352%$&,Ï1
'(/1,9(/'(/)/8,'2$/$7(03(5$785$1250$/'(
)81&,21$0,(172´ GH ³1,9(/ '(/ )/8,'2´ HQ HVWD VHF
FLyQ
(VSHFLILFDFLyQGHOIOXLGR
8QSURGXFWRHTXLYDOHQWHD'(;521Š,,,
&DSDFLGDGGHIOXLGR
&XDQGRVHGUHQDSRUHORULILFLRGHOWDSyQGHGUHQDMH
OLWURV
&XDQGRVHHIHFW~DODUHYLVLyQJHQHUDO
OLWURV
 75$160,6,Ï1$8720È7,&$$7%

&DEOHGHODPDULSRVDGHJDVHVGH$7
$-867(

 6LVHWLUDGHOFDEOHLQWHULRUFRQXQDIXHU]DGH1NJR

PHQRVQRKD\IOHFKDGHOFDEOHLQWHULRUFRQHOFDEOHGHPDUL
SRVDGHJDVHVGHOD$7FXUYDGRFRPRORPXHVWUDODILJXUD
 )LMHHOWRSHGHOFDEOHLQWHULRUFRQODKROJXUD³F´
3RVLFLyQGHDMXVWHGHOFDEOHGHPDULSRVDGH$7KROJXUD
´F´
±PP

 &DOLHQWHHOPRWRU\ODWUDQVPLVLyQKDVWDTXHOOHJXHQDODWHPSH
UDWXUDQRUPDOGHIXQFLRQDPLHQWR
 $VHJ~UHVHGHTXHHOFDEOHGHODFHOHUDGRUHVWiDMXVWDGRFRPR
HVSHFLILFDGR
 &RQODPDULSRVDGHJDVHVFHUUDGDFRPSUXHEHTXHODKROJXUD
³F´HVWiGHQWURGHODHVSHFLILFDFLyQVLJXLHQWHGHOFDEOHGHOD
PDULSRVDGHJDVHVGH$7
6L HO YDORU PHGLGR HVWi IXHUD GH OD HVSHFLILFDFLyQ DMXVWH
PHGLDQWHODWXHUFDGHDMXVWHGHFDEOH
3RVLFLyQGHDMXVWHGHOFDEOHGHPDULSRVDGH$7KROJXUD
´F´
±PP
 $SULHWHVHJXUDPHQWHODWXHUFDGHEORTXHR

9iOYXODVVROHQRLGHVYiOYXODVVROHQRLGHVGH
FDPELR\YiOYXODVROHQRLGHGH7&&
&20352%$&,Ï1
&RQORVDFRSODGRUHVGHO3&0GHVFRQHFWDGRV\XWLOL]DQGRHOFDEOHGH
VHUYLFLRFRPRPRVWUDGRHQODILJXUDFRPSUXHEHTXHFDGDYiOYXOD
VROHQRLGHDFW~DSURGXFLHQGRXQVRQLGRGHFOLF

9iOYXODVROHQRLGH$GHFDPELR &

9iOYXODVROHQRLGH%GHFDPELR &
9iOYXODVROHQRLGHHQFODYDPLHQWRGH7&& &
%75$160,6,Ï1$8720È7,&$$7

&21-8172'(6(/(&7250$18$/

 &RQMXQWRGHSDODQFDPDQXDO  )LOWURGHERPELOOD  9iOYXODVROHQRLGHGHEORTXHRGHFDPELRVLHVWiHTXLSDGR

 &RQMXQWRGHOLQGLFDGRUGHVHOHFFLyQ  %RPELOOD  3HUQRGHPRQWDMHGHOFRQMXQWRGHOVHOHFWRUPDQXDO
 &RQMXQWRGHLOXPLQDFLyQ  &RQMXQWRGHSRPR 3DUGHDSULHWH

'(60217$-(
 'HVFRQHFWHHOFDEOHQHJDWLYR±HQODEDWHUtD
 'HVPRQWHODFDMDGHODFRQVROD
 'HVFRQHFWH HO FRQHFWRU GH OD OX] GH DOXPEUDGR YiOYXOD VROH
QRLGHGHEORTXHRGHFDPELRVLHVWiHTXLSDGRHLQWHUUXSWRUGH
FRUWH2))GHVREUHPDUFKDVLHVWiHTXLSDGR
 'HVPRQWHORVSHUQRVGHPRQWDMHGHOFRQMXQWRGHOVHOHFWRU
 'HVFRQHFWHHOFDEOHGHVHOHFWRUGHOFRQMXQWRGHVHOHFWRU
PDQXDODEULHQGRHOFOLSGHOFDEOHGHOVHOHFWRU

,167$/$&,Ï1
3DUDODLQVWDODFLyQGHOFRQMXQWRGHVHOHFWRUPDQXDOLQYLHUWDHOSURFH
GLPLHQWRDQWHULRUGHGHVPRQWDMHWHQLHQGRHQFRQVLGHUDFLyQODVLQV
WUXFFLRQHVVLJXLHQWHV
‡ $VHJ~UHVHGHTXHHOFOLSGHOFDEOHGHVHOHFWRUVXMHWDVHJX
UDPHQWHHOFDEOHGHOVHOHFWRUHQHOFRQMXQWRGHVHOHFWRU
PDQXDO
‡ $SULHWHORVSHUQRVGHPRQWDMHGHOFRQMXQWRGHOVHOHFWRUPDQXDO
DOSDUGHDSULHWHHVSHFLILFDGR
3DUGHDSULHWH
3HUQRVGHPRQWDMHGHOFRQMXQWRGHOVHOHFWRUPDQXDO
1ÂPNJP
‡ &RQHFWHHQODOHYDHOH[WUHPRGHOFDEOHGHLQWHUEORTXHR5HILp
UDVH D ORV SDVRV  D  GH ³,QVWDODFLyQ GHO FDEOH GH LQWHUEOR
TXHR´HQHO0DQXDOGH6HUYLFLRPHQFLRQDGRHQHO35()$&,2
GHHVWHPDQXDOVHHVQHFHVDULR
‡ &RQILUPHTXHHOVLVWHPDGHLQWHUEORTXHROODYHGHIUHQRVIXQ
FLRQDFRUUHFWDPHQWHVLHVWiHTXLSDGR
 75$160,6,Ï1$8720È7,&$$7%

&20352%$&,Ï1

‡ 9HULILTXHTXHODSDODQFDVHOHFWRUDVHPXHYHIiFLO\VXDYHPHQWH
\TXHHOLQGLFDGRUGHSRVLFLyQLQGLFDODSRVLFLyQFRUUHFWD
3DUD HO IXQFLRQDPLHQWR GH OD SDODQFD VHOHFWRUD UHILpUDVH D OD
ILJXUDGHODL]TXLHUGD
%75$160,6,Ï1$8720È7,&$$7

&$%/('(6(/(&&,Ï1

 &RQMXQWRGHSDODQFDVHOHFWRUD  $UDQGHOD  &RQMXQWRGHOLQWHUUXSWRUGHSRVLFLyQGHODWUDQVPLVLyQ

 3HUQRGHPRQWDMHGHOFRQMXQWRGHOD  &OLS  3HUQRGHPRQWDMHGHOVHQVRUGHSRVLFLyQGHODWUDQV
SDODQFDVHOHFWRUD PLVLyQ
 &DEOHGHOVHOHFWRU  7XHUFDGHSDODQFDVHOHFWRUDPDQXDOODGRGHO  7XHUFDGHSDODQFDVHOHFWRUDPDQXDOODGRGHOFDEOH
LQWHUUXSWRUGHSRVLFLyQGHODWUDQVPLVLyQ GHVHOHFWRU
 6RSRUWHGHOFDEOH  $UDQGHODGHEORTXHR  &OLSGHOFDEOHGHOVHOHFWRU
 3HUQRGHPRQWDMHGHOVRSRUWHGHO  3DODQFDVHOHFWRUDPDQXDO 3DUGHDSULHWH
FDEOH

$-867(

 $IORMHODWXHUFDODGRGHOFDEOHGHVHOHFWRUGHODSDODQFDGH

4 FDPELRPDQXDO
 &DPELHODSDODQFDVHOHFWRUDDODSRVLFLyQ³1´
 $OLQHHODOtQHDFHQWUDOHQHOHMHGHODYiOYXODPDQXDOFRQ
ODOtQHDGHUHIHUHQFLD³1´FRPRPRVWUDGR
3  $SULHWHODWXHUFDODGRGHOFDEOHGHVHOHFWRUGHODSDODQFD
1, (a) GHFDPELRPDQXDODOSDUGHDSULHWHHVSHFLILFDGR
2 3DUGHDSULHWH
7XHUFDGHSDODQFDGHFDPELRPDQXDOD
1ÂPNJP

 'HVSXpV GH LQVWDODU HO FDEOH GH VHOHFFLyQ FRPSUXHEH OR

VLJXLHQWH
‡ (PSXMH HO YHKtFXOR FRQ OD SDODQFD VHOHFWRUD FDPELDGD D OD
SRVLFLyQ³3´
(OYHKtFXORQRGHEHPRYHUVH
‡ (OYHKtFXORQRSXHGHVHUFRQGXFLGRHQODSRVLFLyQ³1´
‡ (OYHKtFXORSXHGHVHUFRQGXFLGRHQODVSRVLFLRQHV³'´³´\³/´
 75$160,6,Ï1$8720È7,&$$7%

‡ (OYHKtFXORSXHGHUHWURFHGHUHQODSRVLFLyQ³5´

5HSDUDFLyQGHODXQLGDG
127$
(OSURFHGLPLHQWRGHVHUYLFLRTXHVHGHVFULEHHQHVWHSXQWRHVHOPLVPRTXHSDUDHOPRGHORGHOPRWRU+
H[FHSWRHQORTXHFRQFLHUQHODGHVFULSFLyQVLJXLHQWH
3DUDODVGHVFULSFLRQHVQRLQFOXLGDVHQHVWDVHFFLyQUHILpUDVHDODPLVPDVHFFLyQGHO0DQXDOGH5HSDUD
FLyQGHOD8QLGDGPHQFLRQDGRHQHO35()$&,2GHHVWHPDQXDO

5HSDUDFLyQGHOVXEFRQMXQWR
6REUHPDUFKDODGRGHODFDMD
'(6$50$'2

 0LGDODKROJXUDTXHTXHGDHQWUHHODQLOORGHUHWpQ\ODSODFD
GHVRSRUWHGHIUHQRXWLOL]DQGRODJDOJDGHHVSHVRUHV
6LHOYDORUPHGLGRHVWiIXHUDGHOLQWHUYDORHVSHFLILFDGRUHHP
SODFHHOGLVFRGHIUHQRRODSODFDGHIUHQR
+ROJXUDHQWUHHODQLOORGHUHWpQ\ODSODFDGHVRSRUWHGHIUHQR
(VWiQGDU
±PP

 'HVPRQWHHQHORUGHQVLJXLHQWHHODQLOORGHUHWpQSODFD
GH VRSRUWH GH IUHQR GLVFR  GH IUHQR SODFD  GH IUHQR \
SODFD  HOiVWLFD GH IUHQR (QVHJXLGD GHVPRQWH OD FRURQD
GHQWDGD GHSODQHWDULRHODUR GHFRMLQHWH GHHPSXMH\ HO FRML
QHWHWUDVHURGHHPSXMH

 'HVPRQWHHODQLOORGHUHWHQFLyQHOUHWpQ\HOPXHOOH

GHUHWRUQRGHSLVWyQ
%75$160,6,Ï1$8720È7,&$$7

 6RSOHDLUHHQHORULILFLRSDUDIOXLGRGHODFDMDGH2'\GHV
PRQWHHOSLVWyQGHIUHQR
 'HVPRQWHGHOSLVWyQGHIUHQRHODURLQWHULRUGHOSLVWyQGHIUHQR
\HODURH[WHULRUGHOSLVWyQGHIUHQR

 'HVSUHQGDHODQLOORGHVHOODGR
 'HVPRQWHORVDQLOORVGHVHOODGR

127$
$VHJ~UHVHGHQRDEULUODVSXQWDVGHORVDQLOORVGHVHOODGR
PiVGHORQHFHVDULR

(PEUDJXHGHDYDQFH

 (MHGHHQWUDGD  $QLOORGHUHWpQ  'LVFRGHHPEUDJXH

 3LVWyQ  $URGHFRMLQHWH  &XERGHHPEUDJXHGHDYDQFH
 0XHOOHGHUHWRUQR  &RMLQHWH  &XERGHHQWUDGDGHHPEUDJXHGLUHFWR
 -XQWDWyULFD  3ODFDGHOHPEUDJXH
 75$160,6,Ï1$8720È7,&$$7%

'(6$50$'2

 'HVSXpVGHGHVPRQWDUHODQLOORGHUHWpQGHVPRQWHHOFXER
GHHQWUDGDGHOHPEUDJXHGLUHFWR\HOFXERGHHPEUDJXH
GHDYDQFH

 'HVPRQWHHODURGHFRMLQHWH\HOFRMLQHWHGHHPSXMH
 &RMLQHWHQƒGHHPSXMH
 &RMLQHWHGHHPSXMHGHHPEUDJXHGHDYDQFH
 $URWUDVHURGHHPSXMH

 ,QVWDOHHOFXERGHHQWUDGDGHOHPEUDJXHGLUHFWR\HODQLOOR
GHUHWpQ

 ,QVWDOHHOHPEUDJXHGHDYDQFHHQODFDMDGH2'$SOL

TXHDLUHDXQDSUHVLyQGH±NJFPHQHORULILFLRSDUDIOXLGR
D OD GHUHFKD GHO FRUWH HQ OD FDMD GH OD 2' \ PLGD HO PRYL
PLHQWRGHOSLVWyQGHHPEUDJXHGHDYDQFH
6LHOYDORUPHGLGRHVWiIXHUDGHOLQWHUYDORHVSHFLILFDGRXWLOLFH
XQGLVFRGHHPEUDJXHGHPPyPPSDUDDMXVWDUDOYDORU
HVWiQGDU
0RYLPLHQWRHVWiQGDUGHOSLVWyQGHOHPEUDJXHGHDYDQFH
±PP
%75$160,6,Ï1$8720È7,&$$7

 'HVPRQWHHODQLOORGHUHWpQ\HQVHJXLGDGHVPRQWHHOFXER
GHHQWUDGDGHOHPEUDJXHGLUHFWR
 'HVPRQWH HO DQLOOR GH UHWpQ \ HQVHJXLGD GHVPRQWH WRGRV ORV
GLVFRVGHHPEUDJXH

 8WLOLFHODKHUUDPLHQWDHVSHFLDO\ODSUHQVDKLGUiXOLFDFRPSULPD
HOPXHOOHGHUHWRUQRGHOSLVWyQGHHPEUDJXHGHDYDQFH\GHV
PRQWHHOPXHOOHGHUHWRUQRGHUHWHQFLyQ
+HUUDPLHQWDHVSHFLDO
$

35(&$8&,Ï1
&XDQGR DSOLTXH SUHVLyQ FXLGH GH QR DSOLFDU SUHVLyQ H[FH
VLYD(QHIHFWRODSUHVLyQH[FHVLYDSXHGHGHIRUPDUODVHF
FLyQSODQDGHOPXHOOHGHUHWRUQRGHSLVWyQ

 'HVPRQWH HO PXHOOH GH UHWRUQR GH SLVWyQ GH HPEUDJXH GH

DYDQFH

 ,QVWDOHHOHPEUDJXHGHDYDQFHHQODFDMDGH2'6RSOHDLUHD
EDMDSUHVLyQHQHORULILFLRSDUDIOXLGRDODGHUHFKDGHOFRUWHGH
OD FDMD GH 2' SDUD GHVPRQWDU HO SLVWyQ GHO HPEUDJXH GH
DYDQFH
 75$160,6,Ï1$8720È7,&$$7%

(0%5$*8(',5(&72
'(6$50$'2

 ,QVWDOH HO FRQMXQWR  GH HPEUDJXH GLUHFWR HQ HO VRSRUWH 

FHQWUDO \ DSOLFDQGR DLUH D OD SUHVLyQ GH  ±  NJFP DO
VHJXQGRRULILFLRSDUDIOXLGRGHVGHODL]TXLHUGDPLGDODFDUUHUD
GHO SLVWyQ GHO HPEUDJXH GLUHFWR HQ OD IRUPD PRVWUDGD HQ OD
ILJXUD
6LHOYDORUPHGLGRHVWiIXHUDGHOLQWHUYDORHVSHFLILFDGRXWLOLFH
XQDSODFDGHVRSRUWHGHHPEUDJXHGHPPPPy
PPSDUDDMXVWDUODFDUUHUDDOYDORUHVWiQGDU
&DUUHUDHVWiQGDUGHSLVWyQGHHPEUDJXHGLUHFWR
±PP

 'HVPRQWHHOFRQMXQWRGHHPEUDJXHGLUHFWRGHOVRSRUWHFHQWUDO
\HQVHJXLGDGHVPRQWHHODQLOORGHUHWpQ

 'HVPRQWH OD SODFD  GH VRSRUWH GH HPEUDJXH \ HQVHJXLGD

GHVPRQWHHOGLVFRGHHPEUDJXH\ODSODFDGHHPEUDJXH

 8WLOLFH OD KHUUDPLHQWD HVSHFLDO \ OD SUHQVD KLGUiXOLFD FRP

SULPDHOPXHOOHGHUHWRUQRGHOSLVWyQGHHPEUDJXHGLUHFWR\
GHVPRQWHHODQLOORHOiVWLFRGHOPXHOOHGHUHWRUQR
+HUUDPLHQWDHVSHFLDO
$

35(&$8&,Ï1
&XDQGR DSOLTXH SUHVLyQ FXLGH GH QR DSOLFDU SUHVLyQ H[FH
VLYD(QHIHFWRODSUHVLyQH[FHVLYDSXHGHGHIRUPDUODVHF
FLyQSODQDGHOPXHOOHGHUHWRUQRGHSLVWyQ

 'HVPRQWHHOPXHOOHGHUHWRUQRGHSLVWyQGHHPEUDJXHGLUHFWR
%75$160,6,Ï1$8720È7,&$$7

 ,QVWDOHHOFLOLQGURGHOHPEUDJXHGLUHFWRHQHOVRSRUWHFHQWUDO
'HVPRQWH HO SLVWyQ GH HPEUDJXH GLUHFWR VRSODQGR DLUH HQ HO
VHJXQGRRULILFLRGHVGHODL]TXLHUGDHQODIRUPDPRVWUDGDHQOD
ILJXUD 'HVPRQWH HO SLVWyQ LQWHULRU GHO HPEUDJXH GLUHFWR
VRSODQGR DLUH HQ HO RULILFLR HQ OD H[WUHPD GHUHFKD < HQVH
JXLGDGHVPRQWHODVMXQWDVWyULFDVGHORVSLVWRQHV

&XHUSRGHYiOYXODVVXSHULRUGHODQWHUR
$50$'2
3DUDHODUPDGRGHFDGDFRPSRQHQWHLQYLHUWDHOSURFHGLPLHQWRDQWH
ULRUGHGHVDUPDGRWHQLHQGRHQFRQVLGHUDFLyQORVSXQWRVVLJXLHQWHV
‡ (OGLiPHWURH[WHULRUGHODHVSLUD\ODORQJLWXGOLEUHGHFDGDPXH
OOHGHYiOYXODGHEHQVHUFRPRLQGLFDGRDFRQWLQXDFLyQ$VHJ~
UHVHGHXWLOL]DUHOWDPDxRFRUUHFWR
'LiPHWURH[WHULRUGHODHVSLUD\ORQJLWXGOLEUHGHFDGDPXHOOH
GHYiOYXOD

1RPEUHGHOPXHOOH 'LiPHWURH[WHULRU /RQJLWXGOLEUH

0XHOOHGHYiOYXODGH PP PP
UHJXODGRUVHFXQGDULR
0XHOOHGHYiOYXODGH PP PP
UHGXFFLyQ
0XHOOHVHFXQGDULR PP PP
GHYiOYXODGHPDULSRVD
0XHOOHSULPDULR PP PP
GHYiOYXODGHPDULSRVD
‡ ,QVWDOH WDQWRV DQLOORV FRPSHQVDGRUHV GH YiOYXOD GH PDULSRVD
FRPRORVTXHIXHURQGHVDUPDGRV

‡ $SULHWH HO SHUQR  GH OHYD GH PDULSRVD GH JDVHV DO SDU GH
DSULHWHHVSHFLILFDGR
3DUGHDSULHWH
3HUQRGHOHYDGHPDULSRVDGHJDVHVD
1ÂPNJP

‡ $SULHWHORVSHUQRVGHODYiOYXODGHDOLYLRGHSUHVLyQDOSDU
GHDSULHWHHVSHFLILFDGR
3DUGHDSULHWH
3HUQRGHYiOYXODGHDOLYLRGHSUHVLyQE1ÂPNJP
 75$160,6,Ï1$8720È7,&$$7%

&8(532'(9È/98/$6,1)(5,25

 &XHUSRGHYiOYXODVLQIHULRU  3ODFDGHYiOYXODGHFRQWUROHQFODYDPLHQWRGH7&&  0DQJXLWRGHYiOYXODGHUHJXODGRUSULPDULR

 0XHOOH  -XQWDGHYiOYXODGHFRQWUROHQFODYDPLHQWRGH7&&  ePERORGHYiOYXODGHUHJXODGRUSULPDULR
 %RODGHYiOYXODGHDOLYLRGHSUHVLyQ  0DQJXLWRGHFRQWUROHQFODYDPLHQWRGH7&&  9iOYXODGHUHJXODGRUSULPDULR
 5HWpQGHYiOYXODGHDOLYLRGHSUHVLyQ  9iOYXODGHFRQWUROHQFODYDPLHQWRGH7&&  (VSDFLDGRU
 3ODFDGHFXHUSRGHYiOYXODVLQIHULRU  3DVDGRU
 (PSDTXHWDGXUDGHOFXHUSRGHYiOYXODVLQIHULRU  5HWpQ
%75$160,6,Ï1$8720È7,&$$7

'(6$50$'2

 'HVPRQWHODYiOYXOD GHGHULYDFLyQ HO PXHOOHGHOD YiOYXOD

GHGHULYDFLyQPXHOOHDPRUWLJXDGRUGHYiOYXODGHERODGHUHWHQ
FLyQ EROD  GH FXHUSR GH YiOYXODV \ PXHOOH GH YiOYXOD GH
EROD
 %RODGHUHWHQFLyQ
 5HWpQGHPDQJXLWRGHYiOYXODGHUHJXODGRUSULPDULR
 3DVDGRUGHORFDOL]DFLyQ

 'HVPRQWHODSODFDGHFXHUSRGHYiOYXODVLQIHULRU\ODHPSD
TXHWDGXUDGHODSODFDGHFXHUSRGHYiOYXODVLQIHULRU
 'HVPRQWHODSODFDGHODYiOYXODGHFRQWUROHQFODYDPLHQWR
GH7&&\ODHPSDTXHWDGXUDGHODYiOYXODGHFRQWUROHQFODYD
PLHQWRGH7&&

 &RQ HO UHWpQ  GH OD YiOYXOD GH DOLYLR GH SUHVLyQ SUHVLRQDGR
FRQXQGHGRGHVPRQWHHOSHUQRGHODYiOYXODGHDOLYLRGHSUH
VLyQ\HQVHJXLGDGHVPRQWHHOUHWpQGHODYiOYXODGHDOLYLR
GHSUHVLyQHOPXHOOH\ODERODGHODYiOYXODGHDOLYLRGHSUHVLyQ

 'HVPRQWH OD YiOYXOD  VROHQRLGH HQFODYDPLHQWR GH 7&& \

HQVHJXLGD GHVPRQWH OD MXQWD  WyULFD GH OD YiOYXOD  VROH
QRLGHHQFODYDPLHQWRGH7&&
 75$160,6,Ï1$8720È7,&$$7%

 'HVSXpVGHGHVPRQWDUODVYiOYXODVVROHQRLGHVGHFDPELR$\
%GHVPRQWHODMXQWDGHYiOYXODVROHQRLGHHOPXHOOHGH
YiOYXODGHPDUFKDSRULQHUFLDEDMDHOPXHOOHGHYiOYXODGH
PRGXODGRU GH PDUFKD SRU LQHUFLD LQWHU \  YiOYXODV  GH
PRGXODGRUGHPDUFKDSRULQHUFLDLQWHUPHGLD

 3UHVLRQHFRQHOGHGRHOPDQJXLWRGHFRQWUROHQFODYDPLHQWRGH

7&&\XWLOL]DQGRHOLPiQGHVPRQWHHOSDVDGRUGHORFDOL]D
FLyQ \ HQVHJXLGD GHVPRQWH HO PDQJXLWR GH FRQWURO HQFODYD
PLHQWRGH7&&ODYiOYXODGHFRQWUROHQFODYDPLHQWRGH7&&\
HOPXHOOHGHODYiOYXODGHFRQWUROHQFODYDPLHQWRGH7&&

 &RPSUXHEHHOSDVRGHOPDQJXLWRGHODYiOYXODGHUHJXODGRU
SULPDULR FXiQWRV SDVRV EDMR VX SXQWD TXH FRQWDFWD HO UHWpQ
GHOPDQJXLWRGHODYiOYXODGHUHJXODGRUSULPDULR

 3UHVLRQHFRQHOGHGRHOPDQJXLWRGHODYiOYXODGHUHJXODGRU
SULPDULR\XWLOL]DQGRHOLPiQGHVPRQWHHOUHWpQGHOPDQJXLWRGH
ODYiOYXODGHUHJXODGRUSULPDULR(QVHJXLGDGHVPRQWHHOPDQ
JXLWR  GH OD YiOYXOD GH UHJXODGRU SULPDULR HVSDFLDGRU 
pPERORGHODYiOYXODGHUHJXODGRUSULPDULRPXHOOHGHOD
YiOYXODGHUHJXODGRUSULPDULR\ODYiOYXODGHUHJXODGRUSUL
PDULR
%75$160,6,Ï1$8720È7,&$$7

$50$'2

3DUDHODUPDGRGHFDGDFRPSRQHQWHLQYLHUWDHOSURFHGLPLHQWRDQWH
ULRUGHGHVDUPDGRWHQLHQGRHQFRQVLGHUDFLyQORVSXQWRVVLJXLHQWHV
‡ (OGLiPHWURH[WHULRUGHODHVSLUD\ODORQJLWXGOLEUHGHFDGDPXH
OOHGHYiOYXODGHEHQVHUFRPRLQGLFDGRDFRQWLQXDFLyQ$VHJ~
UHVHGHXWLOL]DUHOWDPDxRFRUUHFWR

'LiPHWURH[WHULRUGHODHVSLUD\ORQJLWXGOLEUHGHFDGDPXHOOHGHYiOYXOD

1RPEUHGHOPXHOOH 'LiPHWURH[WHULRU /RQJLWXGOLEUH

%RODGHYiOYXODGHDOLYLRGHSUHVLyQ PP PP
0XHOOHGHYiOYXODGHFRQWUROHQFODYDPLHQWRGH7&& PP PP
0XHOOHVGHDPRUWLJXDGRUGHYiOYXOD PP PP
0XHOOHGHYiOYXODGHPRGXODGRUGHPDUFKDSRULQHUFLD PP PP
GHEDMD
0XHOOHGHYiOYXODGHPRGXODGRUGHPDUFKDSRULQHUFLD PP PP
LQWHU
0XHOOHGHYiOYXODGHEROD PP PP
0XHOOHGHYiOYXODGHGHULYDFLyQ PP PP
0XHOOHGHYiOYXODGHUHJXODGRUSULPDULR PP PP

‡ ,QVWDOHHOPDQJXLWRGHYiOYXODGHUHJXODGRUSULPDULRGHPDQHUD
TXHVXSXQWDTXHGHSRVLFLRQDGDFRPRHVWDEDDQWHVGHOGHVDU
PDGR
‡ 8WLOLFHXQDHPSDTXHWDGXUDQXHYDSDUDODSODFDGHODYiOYXODGH
FRQWUROHQFODYDPLHQWRGH7&&\SDUDODSODFDGHOFXHUSRGH
YiOYXODVLQIHULRU

‡ $SULHWH HO SHUQR GH OD YiOYXOD VROHQRLGH GH FDPELR DO SDU GH
DSULHWHHVSHFLILFDGR
3DUGHDSULHWH
3HUQRGHYiOYXODVROHQRLGHGHFDPELR1ÂPNJP
 9iOYXODVROHQRLGHQƒYiOYXODVROHQRLGHGHFDPELR
 0XHOOHGHYiOYXODGHPRGXODGRUGHPDUFKDSRULQHUFLDGHEDMD
 0XHOOHGHYiOYXODGHPRGXODGRUGHPDUFKDSRULQHUFLDLQWHU
 9iOYXODGHPRGXODGRUGHPDUFKDSRULQHUFLDLQWHUPHGLD
 9iOYXODGHPRGXODGRUGHPDUFKDSRULQHUFLDEDMD

‡ $SULHWH HO SHUQR GH OD YiOYXOD VROHQRLGH HQFODYDPLHQWR GH

7&&DOSDUGHDSULHWHHVSHFLILFDGR
3DUGHDSULHWH
3HUQRGHYiOYXODVROHQRLGHGH7&&
1ÂPNJP
 9iOYXODVROHQRLGHQƒYiOYXODVROHQRLGHGH7&&
 -XQWDWyULFD
 75$160,6,Ï1$8720È7,&$$7%

‡ $SULHWH HO SHUQR GH OD YiOYXOD GH DOLYLR GH SUHVLyQ DO SDU GH
DSULHWHHVSHFLILFDGR
3DUGHDSULHWH
3HUQRGHYiOYXODGHDOLYLRGHSUHVLyQ
1ÂPNJP

‡ $SULHWHHOSHUQRGHODSODFDGHOFXHUSRGHYiOYXODVLQIHULRU\
GHODEULGDGHSODFDGHODYiOYXODGHFRQWUROHQFODYDPLHQWR
GH7&&DOSDUGHDSULHWHHVSHFLILFDGR
3DUGHDSULHWH
3HUQRVGHOFXHUSRGHYiOYXODVLQIHULRU\GHODSODFDGHODYiO
YXODGHFRQWUROGH7&&
1ÂPNJP

$UPDGRGHODXQLGDG
 $SOLTXHIOXLGRGH$7DODMXQWDWyULFDQXHYD\DOPXHOOHLQVWDOH
ODMXQWDHQHOSLVWyQGHDFXPXODGRUHLQVWDOHHOSLVWyQGHDFX
PXODGRUHQODFDMDGHODWUDQVPLVLyQ
 0XHOOHVXSHULRU
%75$160,6,Ï1$8720È7,&$$7

(VSHFLILFDFLRQHVGHSLVWyQ\GHPXHOOHGHDFXPXODGRU

'LiPHWUR³D´
8WLOL]DGRSDUD /RQJLWXG³E´OLEUHGHOPXHOOH
H[WHULRUGHSLVWyQ
0XHOOHVXSHULRU PP
$FXPXODGRUGHHPEUDJXHGLUHFWR ±PP
0XHOOHLQIHULRU PP
0XHOOHVXSHULRU PP
$FXPXODGRUGHHPEUDJXHGHDYDQFH ±PP
0XHOOHLQIHULRU PP
0XHOOHVXSHULRU PP
$FXPXODGRUGHIUHQRGHVHJXQGD ±PP
0XHOOHLQIHULRU PP

(VSHFLILFDFLRQHVGHSDUHVGHDSULHWH
3DUGHDSULHWH
3LH]DVGHVXMHFLyQ
1‡P NJP OEIW
7DSyQGHGUHQDMHGHOIOXLGRGHWUDQVPLVLyQDXWRPiWLFD   
7DSRQHVGHOOHQDGRUQLYHO\GUHQDMHGHDFHLWHGHWUDQVIHUHQFLD   
7DSyQGHODFDMDGHODWUDQVPLVLyQ   
7XHUFDGHSDODQFDVHOHFWRUDPDQXDO   
7XHUFDGHFDEOHGHVHOHFFLyQPDQXDO   
3HUQRVGHOFRQMXQWRGHOVHOHFWRUPDQXDO   
3HUQRV\WXHUFDVGHODWUDQVPLVLyQDOPRWRU   
3HUQRVGHPRQWXUDWUDVHUDGHOPRWRU   
3HUQRVGHPLHPEURGHPRQWXUDWUDVHUDGHOPRWRU
3HUQRV\WXHUFDVGHEULGDGHMXQWDXQLYHUVDO   
3HUQRVGHPRQWDMHGHOFRQYHUWLGRUGHSDU   
3HUQRVGHODFDMDGHODGDSWDGRURGHFDMDGHH[WHQVLyQ   
3HUQRGHEORTXHRGHOLQWHUUXSWRUGHSRVLFLyQGHODWUDQVPLVLyQ   
3HUQRVGHXQLyQGHWXERGHFRPEXVWLEOH   
3HUQRVGHSODFDLPSXOVRUD   
7RUQLOORGHDEUD]DGHUDGHOFDEOHGHLQWHUEORTXHR   
7XHUFDGHPRQWXUDH[WHULRUGHOFDEOHGHLQWHUEORTXHR   
 75$160,6,Ï1$8720È7,&$$7%

+HUUDPLHQWDVHVSHFLDOHV

  

0HGLGRUGHSUHVLyQGH &DEOH'/&GHSDWL &DUWXFKRGHPHPRULD &RQMXQWR7HFK$,QVWUX
DFHLWH OODVSDUD7HFK$ PDVLYDSDUD7HFK$ PHQWRGHH[SORUDFLyQ
68=8.,5HILpUDVHDOD
127$³$´


,QVWDODGRUGHFRMLQHWH &RQMXQWR7HFK,QVWUX
PHQWRGHH[SORUDFLyQ
68=8.,5HILpUDVHDOD
127$³%´

127$
‡ ³$´(VWHFRQMXQWRLQFOX\HORVDUWtFXORVVLJXLHQWHV\UHHPSOD]DHOFRQMXQWR7HFK
&DMDGHOLQVWUXPHQWR0DQXDOGHO2SHUDGRU,QVWUXPHQWRGHH[SORUDFLyQ68=8.,&DEOH'/&
6RQGDFDEOHGHSUXHED&DEOHGHIXHQWHGHDOLPHQWDFLyQ$GDSWDGRUGHFDEOH'/&
$GDSWDGRUGHDXWRGLDJQyVWLFR
‡ ³%´(VWHFRQMXQWRLQFOX\HORVDUWtFXORVVLJXLHQWHV\UHHPSOD]DHOFRQMXQWR7HFK$
7HFK7DUMHWD3&0&,$&DEOH'/&$GDSWDGRU6$(&DEOHSDUDHQFHQGHGRUGHFLJDUUL
OORV$GDSWDGRUGHFLUFXLWRHQEXFOH'/&&DEOHGHDOLPHQWDFLyQGHVGHEDWHUtD&DEOH56
$GDSWDGRU56&RQHFWRUHQEXFOHFHUUDGRGH56&DMDGHOLQVWUXPHQWR$OLPHQWDFLyQ
HOpFWULFD
%75$160,6,Ï1$8720È7,&$$7
 (0%5$*8(&

6(&&,Ï1&

(0%5$*8( &

127$
/DFRQVWUXFFLyQ\IXQFLRQDPLHQWRGHOHPEUDJXHGHHVWHPRGHORVRQORVPLVPRVTXHHQHOFDVRGHOPRWRU
+
3DUDHOSURFHGLPLHQWRGHVHUYLFLRUHILpUDVHDODPLVPDVHFFLyQGHO0DQXDOGH6HUYLFLRPHQFLRQDGRHQHO
35()$&,2GHHVWHPDQXDO
&(0%5$*8(
 ',)(5(1&,$/'(/$17(52(

6(&&,Ï1(

',)(5(1&,$/'(/$17(52
(
127$
3DUDODVGHVFULSFLRQHVHOHPHQWRVQRLQFOXLGDVHQHVWDVHFFLyQUHILpUDVHDODPLVPDVHFFLyQGHO0DQXDO
GH6HUYLFLRPHQFLRQDGRHQHO35()$&,2GHHVWHPDQXDO
&217(1,'2
'HVFULSFLyQJHQHUDO (
6LVWHPDGHFRQWUROGH:'  (
&LUFXLWRGHOVLVWHPD  (
'LDJQyVWLFR  (
7DEODGHGLDJQyVWLFRGHOFRQMXQWRGH
GLIHUHQFLDO (
7DEODGHIOXMRGHGLDJQyVWLFRGHOVLVWHPD
GHFRQWUROGH:'  (
1RWDVSDUDODFRPSUREDFLyQGHOFLUFXLWR
GHOVLVWHPD (
7DEODGHIOXMR  (

&RPSUREDFLyQGHOFLUFXLWRGHOVLVWHPDGH
FRQWUROGH:'  (
&RPSUREDFLyQGHODWHQVLyQ  (
&RPSUREDFLyQGHOVLVWHPDGHFRQWUROGH
:'  (
6HUYLFLRHQHOYHKtFXOR  (
0RQWXUDVGHOGLIHUHQFLDO (
0RQWXUDWUDVHUDGHOSRUWDGLIHUHQFLDO
GHODQWHUR  (
&RQMXQWRGHOGLIHUHQFLDOGHODQWHUR  (
5HSDUDFLyQGHODXQLGDG (
(VSHFLILFDFLRQHVGHSDUHVGHDSULHWH  (
+HUUDPLHQWDVHVSHFLDOHV  (
7E-2 DIFERENCIAL (DELANTERO)

Descripción general
Sistema de control de 4WD
Circuito del sistema

1. Interruptor de 4WD 4. Válvula de descarga 7. Diferencial delantero 10. Al interruptor de encendido

2. Conjunto de bomba de aire 5. Interruptor de presión 8. Manguera y tubo de aire 11. ECM o PCM
3. Motor de la bomba 6. Transferencia 9. Luz indicadora de 4WD
 ',)(5(1&,$/'(/$17(52(

'LDJQyVWLFR
7DEODGHGLDJQyVWLFRGHOFRQMXQWRGHGLIHUHQFLDO
&RQGLFLyQ &DXVDSRVLEOH &RUUHFFLyQ
5XLGRGHHQJUD /XEULFDQWHGHWHULRUDGRRPH]FODGRFRQDJXD 5HSDUH\OOHQHGHQXHYR
QDMH /XEULFDQWHLQDGHFXDGRRLQVXILFLHQWH 5HSDUH\OOHQHGHQXHYR
+ROJXUDPDODMXVWDGDHQWUHHOSLxyQFyQLFRGHDWDTXH\OD $MXVWH
FRURQDGHOGLIHUHQFLDO
&RQWDFWRGHGLHQWHVLQFRUUHFWRHQHOHQJUDQHHQWUHHOSLxyQ $MXVWHRUHHPSODFH
FyQLFR\ODFRURQD
3HUQRVGHILMDFLyQGHHQJUDQDMHFyQLFRGHDWDTXHIORMRV 5HHPSODFHRYXHOYDDDSUH
WDU
(QJUDQDMHVSODQHWDULRVRSLxyQHVVDWpOLWHVGDxDGRV 5HHPSODFH
5XLGRGHFRMLQHWH 5XLGRFRQVWDQWH/XEULFDQWHGHWHULRUDGRRPH]FODGRFRQ 5HSDUH\OOHQHGHQXHYR
DJXD
5XLGRFRQVWDQWH/XEULFDQWHLQDGHFXDGRRLQVXILFLHQWH 5HSDUH\OOHQHGHQXHYR
5XLGRFXDQGRVHFRQGXFHSRULQHUFLD&RMLQHWHVGHSLxyQ 5HHPSODFH
FyQLFRGHDWDTXHGDxDGRV
5XLGRHQYLUDMHV&RMLQHWHVODWHUDOHVGHGLIHUHQFLDORFRML 5HHPSODFH
QHWHVGHHMHGDxDGRV
(VFDSHGHDFHLWH 6HOORGHDFHLWHGHVJDVWDGRRGDxDGR 5HHPSODFH
$FHLWHH[FHVLYR $MXVWHHOQLYHOGHODFHLWH
3HUQRVGHOSRUWDGLIHUHQFLDOIORMRV 5HHPSODFHRYXHOYDDDSUH
WDU
(UURUGHFDPELR $FWXDGRUGHIHFWXRVR 5HHPSODFH
:':' $QRUPDOLGDGHQHOVLVWHPDGHFRQWUROGH:' &RPSUXHEHUHILULpQGRVHDOD
³7$%/$'()/8-2'(',$*
1Ï67,&2'(/6,67(0$'(
&21752/'(:'´

7DEODGHIOXMRGHGLDJQyVWLFRGHOVLVWHPDGHFRQWUROGH:'
$QWHVGHHIHFWXDUHOGLDJQyVWLFRGHGHVSHUIHFWRVFRPSUXHEHTXHODWUDQVIHUHQFLD\HOGLIHUHQFLDOGHODQWHURHVWiQHQ
EXHQDVFRQGLFLRQHV\TXHQRKD\IXJDVGHDLUHSRUODVPDQJXHUDVGHDLUH\SRUHODFWXDGRU3DUDODVIXJDVGHDLUH
UHILpUDVHD³&20352%$&,Ï1'(/6,67(0$'(&21752/'(:'´HQHVWDVHFFLyQ

1RWDVSDUDODFRPSUREDFLyQGHOFLUFXLWRGHOVLVWHPD
‡ $QWHVGHFRPSUREDUHOFLUFXLWRDVHJ~UHVHGHOHHUODV³35(&$8&,21(63$5$(/6(59,&,2'(&,5&8,726
(/e&75,&26´HQODVHFFLyQ$\DSOtTXHODVHVWULFWDPHQWH
‡ 3DUDHOFLUFXLWRGHOVLVWHPDUHILpUDVHDODILJXUDGHOD³'(6&5,3&,Ï1*(1(5$/´HQHVWDVHFFLyQ
‡ 3DUDODGLVSRVLFLyQGHWHUPLQDOHVUHILpUDVHDOD³&20352%$&,Ï1'(/&,5&8,72'(&21752/'(:'´HQ
HVWDVHFFLyQ
7E-4 DIFERENCIAL (DELANTERO)

Tabla de flujo

Paso Operación Sí No
1 Coloque el interruptor de encendido en la posición ON Vaya al paso 2. Ha habido un desper-
(pero con el motor parado) y compruebe la luz indicadora fecto, en algún lugar.
de mal funcionamiento. Repare el desperfecto.
¿Se enciende la luz indicadora? Refiérase a COMPRO-
BACIÓN DE LA LUZ
INDICADORA DE MAL
FUNCIONAMIENTO
[LUZ: “CHECK ENGINE
(Comprobar el motor)”],
en DIAGNÓSTICO, en la
sección 6.
2 Compruebe el circuito del interruptor de 4WD. Vaya al paso 3. Compruebe el interruptor
Coloque el interruptor de encendido en la posición ON y de 4WD (Refiérase a la
compruebe la tensión entre el terminal C51-3-7 y el termi- sección 7A); los circuitos
nal C51-3-17 (masa), de la manera siguiente. “BLK/ORN” y “BLK” del
• Cuando la palanca de cambio de la transferencia está interruptor de 4WD.
en la posición N ó 2H : 10 – 14 V Si están conformes,
• Cuando la palanca de cambio de la transferencia está reemplace por un
en la posición 4L ó 4H : 0 – 1 V módulo de ECM (PCM),
¿Es satisfactorio el resultado de la comprobación? en buen estado, y vuelva
a comprobar.
3 Compruebe la alimentación eléctrica. Vaya al paso 4. Compruebe el circuito
1) Coloque el interruptor de encendido en la posición ON. “RED”. Si el circuito está
2) Compruebe la tensión entre C51-1-9 y C51-3-17 conforme, reemplace por
(masa). Los resultados de esta comprobación deben un módulo de ECM
ser como sigue. (PCM), en buen estado,
• Cuando la palanca de cambio de la transferencia está y vuelva a comprobar.
en la posición 2H o N : 0 – 1 V
• Cuando la palanca de cambio de la transferencia está
en la posición 4L ó 4H : 10 – 14 V
¿Es satisfactorio el resultado de la comprobación?
4 Compruebe el circuito del conjunto de bomba de aire. Vaya al paso 5. Compruebe el conjunto
1) Verifique el estado de la conexión al conjunto de la de la bomba de aire, refi-
bomba de aire, en todos los terminales. riéndose a “SERVICIO
2) Coloque el interruptor de encendido en la posición ON. EN EL VEHÍCULO”, y
3) Compruebe la tensión entre C51-3-18 y C51-3-17 enseguida compruebe el
(masa). Los resultados de esta comprobación deben circuito “PNK”.
ser como sigue. Si están conformes,
• Cuando la palanca de cambio de la transferencia está reemplace por un
en la posición N ó 2H : 0 – 1 V módulo de ECM (PCM),
• Cuando la palanca de transferencia está en la posición en buen estado, y vuelva
4L ó 4H (más de 4 segundos después de ser cambiada a comprobar.
4L ó 4H) : 10 – 14 V
¿Es satisfactorio el resultado de la comprobación?
5 Compruebe el circuito de la luz indicadora de 4WD. El sistema de control Compruebe el circuito
1) Coloque el interruptor de encendido en la posición ON. de 4WD está en bue- “ORN/BLK” (incluyendo
2) Compruebe la tensión entre E61-19 y C51-3-17 nas condiciones. la luz indicadora y el indi-
(masa). Los resultados de esta comprobación deben cador combinado).
ser como sigue. Si están conformes,
• Cuando la palanca de cambio de la transferencia está reemplace por un
en la posición 2H o N : 10 – 14 V módulo de ECM (PCM),
• Cuando la palanca de cambio de la transferencia está en buen estado, y vuelva
en la posición 4L ó 4H : 0 – 1 V a comprobar.
¿Es satisfactorio el resultado de la comprobación?
 DIFERENCIAL (DELANTERO) 7E-5

Comprobación del circuito del sistema de control de 4WD

Comprobación de la tensión
Compruebe la tensión de entrada o de salida (tensión entre cada circuito y la masa a carrocería) del ECM (PCM) con
el conector del ECM (PCM) conectado, y con el interruptor de encendido colocado en la posición ON.

COLOR TENSIÓN NOR-

TERMI-
CIRCUITO DEL MAL CONDICIÓN
NAL
CABLE
10 – 14 V Palanca de cambio de transferencia : 2H o N
E61-19 Luz indicadora de 4WD ORN/BLK 4 segundos después de que la palanca de
0–1V
transferencia es conmutada a 4H ó 4L
Conjunto de bomba de 0–1V Palanca de cambio de transferencia : 2H o N
C51-1-9 aire (Motor de la bomba y RED 1 segundo después de que la palanca de
10 – 14 V
válvula de descarga) transferencia es cambiada a 4H ó 4L
10 – 14 V Palanca de cambio de transferencia : 2H o N
C51-3-7 Interruptor de 4WD BLK/ORN Palanca de cambio de transferencia : 4H ó
0–1V
4L
C51-3-17 Masa BLK/ORN 0–1V –
Conjunto de bomba de 0–1V Palanca de cambio de transferencia : 2H o N
C51-3-18 aire (interruptor de pre- PNK 4 segundos después de que la palanca de
10 – 14 V
sión) transferencia es cambiada a 4H ó 4L

1. Disposición de terminales del conector del módulo de ECM (PCM) (Vistos desde el lado del mazo de cables)
(',)(5(1&,$/'(/$17(52

&RPSUREDFLyQGHOVLVWHPDGHFRQWUROGH:'
 ,QVWDOHODKHUUDPLHQWDHVSHFLDOHQODPDQJXHUDGHDLUHHQWUHHO
FRQMXQWR GH ERPED GH DLUH \ HO GLIHUHQFLDO DFWXDGRU HQ OD
IRUPDPRVWUDGDHQODILJXUD$SULHWHHOWRUQLOORGHDMXVWHGH
ODKHUUDPLHQWDHVSHFLDOKDVWDTXHWRSH8WLOLFHODPDQJXHUD
GH FRPEXVWLEOH FRPR WDSyQ FLHJR FHUUDQGR FRQ HOOD HO ODGR
DELHUWRGHODYHULILFDFLyQGHDLUH
+HUUDPLHQWDHVSHFLDO
$
3,(=$668=8.,*(18,1$6
%

127$
&XLGHGHQRGREODUQLQJXQDSDUWHGHODPDQJXHUD

 &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21\FDP
ELHODSDODQFDGHWUDQVIHUHQFLDSDVDQGRGHODSRVLFLyQ+D+
 &RPSUXHEH TXH HO PRWRU FRPLHQ]D D IXQFLRQDU VH R\H XQ
VRQLGRGHQWURGHVHJXQGR\TXHVHSDUDFXDQGRHOPHGLGRU
GHODKHUUDPLHQWDHVSHFLDOLQGLFDHOYDORUHVSHFLILFDGRGHSUH
VLyQ
&RPSUXHEHWDPELpQVLKD\IXJDVGHDLUH
(VSHFLILFDFLRQHVGHODSUHVLyQGHDLUH
&RPSUREDFLyQGHOVLVWHPDGHFRQWUROGH:'
±N3D±NJFP

 &RPSUXHEH TXH HO YDORU GH OD SUHVLyQ LQGLFDGR HQ HO PHGLGRU
GHODKHUUDPLHQWDHVSHFLDOEDMDHQFXDQWRODSDODQFDGHWUDQV
IHUHQFLDHVFDPELDGDDODSRVLFLyQ+
 +DJDDUUDQFDUHOPRWRUFDPELDQGRODSDODQFDGHWUDQVIHUHQFLD
D OD SRVLFLyQ + RWUD YH] $IORMH HO WRUQLOOR  GH DMXVWH SDUD
GLVPLQXLU HO YDORU GH OD SUHVLyQ HQ HO PHGLGRU (O PRWRU GHEH
FRPHQ]DUDIXQFLRQDURWUDYH]\GHEHSDUDUGHQWURGHXQRV
VHJXQGRV
 &RQHOWRUQLOORGHDMXVWHGHODKHUUDPLHQWDHVSHFLDO\DDIOR
MDGRFDPELHODSDODQFDGHWUDQVIHUHQFLDDODSRVLFLyQ1y+\
HQVHJXLGDDODSRVLFLyQ/y+
(OPRWRUGHODERPEDGHEHSDUDUGHQWURGHXQRVVHJXQGRV
GHVSXpVGHTXHHOPRWRUFRPLHQ]DDIXQFLRQDU
 7XERDOFRQMXQWRGHERPEDGHDLUH
 0DQJXHUDDOSRUWDGLIHUHQFLDO
 $ORMDPLHQWRGHOGLIHUHQFLDO
 ',)(5(1&,$/'(/$17(52(

6HUYLFLRHQHOYHKtFXOR
0RQWXUDVGHOGLIHUHQFLDO
'(60217$-((,167$/$&,Ï1
 /HYDQWH HO YHKtFXOR \ JLUH HO YRODQWH GH GLUHFFLyQ FRPSOHWD
PHQWHDODGHUHFKD
 6HSDUHHOVRSRUWHGHUHFKRGHPRQWXUDGHODQWHUDGHODORMD
PLHQWRGHOGLIHUHQFLDOUHWLUDQGRGHVXSDUWHLQIHULRUORVSHU
QRV
 'HVPRQWH HO VRSRUWH  GHUHFKR GH PRQWXUD GHODQWHUD UHWL
UDQGRHOSHUQRGHODQWHURGHVXSDUWHVXSHULRU

 'HVPRQWH HO VRSRUWH  L]TXLHUGR GH PRQWXUD GHODQWHUD GHO

DORMDPLHQWRGHOGLIHUHQFLDOGHVPRQWDQGRORVSHUQRVLQIHULRU
\VXSHULRUGHILMDFLyQ

 &RPSUXHEHODVFRQGLFLRQHVGHFDGDFDVTXLOOR6LHVWiGDxDGR
RGHWHULRUDGRH[WUiLJDORSDUDUHHPSOD]DUORXWLOL]DQGRODVKHUUD
PLHQWDVHVSHFLDOHV\ODSUHQVD
+HUUDPLHQWDHVSHFLDO
$
%
(',)(5(1&,$/'(/$17(52

 &XDQGRFRPSULPD\ILMHHOFDVTXLOORSRVLFLRQHODKHQGLGXUDGH
FDGDFDVTXLOORHQODIRUPDPRVWUDGDHQODILJXUD
3RVLFLyQGHLQVWDODFLyQGHOFDVTXLOORiQJXOR³$´
ƒDOLQHDFLyQGHUDQXUD
 6RSRUWHL]TXLHUGRGHPRQWXUDGHODQWHUD
 6RSRUWHGHUHFKRGHPRQWXUDGHODQWHUD

 3RVLFLRQH FDGD FDVTXLOOR HQ HO VRSRUWH HQ OD IRUPD PRVWUDGD
HQODILJXUD
3RVLFLyQGHLQVWDODFLyQGHOFDVTXLOOR/RQJLWXG³D´
PP
 6RSRUWHGHUHFKRGHPRQWXUDGHODQWHUD
 6RSRUWHL]TXLHUGRGHPRQWXUDGHODQWHUD

 3DUDODUHLQVWDODFLyQDSULHWHHOSHUQRGHOVRSRUWHGHODPRQWXUD
GHODQWHUDGHOGLIHUHQFLDODOSDUGHDSULHWHHVSHFLILFDGR
3DUGHDSULHWH
3HUQRGHPRQWXUDGHODQWHUDD
1ÂPNJP
3HUQRGHVRSRUWHGHPRQWXUDGHODQWHUDE
1ÂPNJP

0RQWXUDWUDVHUDGHOSRUWDGLIHUHQFLDOGHODQWHUR
'(60217$-((,167$/$&,Ï1

 /HYDQWHHOYHKtFXOR\GHVPRQWHHOVRSRUWHGHPRQWXUDWUD
VHUDUHWLUDQGRHOSHUQRGHPRQWXUDWUDVHUD\ORVSHUQRV
1, (a)
GHOVRSRUWHGHPRQWXUDWUDVHUD
 &RPSUXHEH VL OD PRQWXUD GH FDXFKR HVWi GDxDGD R GHWHULR
3
UDGD\UHHPSODFHVLHVQHFHVDULR
 $SULHWHORVSHUQRVGHPRQWXUDWUDVHUD\ORVSHUQRVGHO
VRSRUWHGHPRQWXUDWUDVHUDDSOLFDQGRHOSDUGHDSULHWHHVSHFLIL
FDGRGXUDQWHODUHLQVWDODFLyQ
3DUGHDSULHWH
3HUQRGHPRQWXUDWUDVHUDD
1ÂPNJP
3HUQRVGHVRSRUWHGHPRQWXUDWUDVHUDE
2, (b) 1ÂPNJP
 ',)(5(1&,$/'(/$17(52(

&RQMXQWRGHOGLIHUHQFLDOGHODQWHUR
'(60217$-(
 /HYDQWHHOYHKtFXOR\GUHQHHODFHLWH
 'HVFRQHFWHODPDQJXHUDGHDLUH\ODPDQJXHUDGHYHQWLODFLyQ
GHODORMDPLHQWRGHOGLIHUHQFLDO
 $QWHVGHGHVPRQWDUHOHMHGHWUDQVPLVLyQFRORTXHPDUFDV
GHFRLQFLGHQFLDHQODEULGDGHXQLyQ\HQHOHMHGHWUDQVPLVLyQ
HQODIRUPDPRVWUDGDHQODILJXUD
 'HVPRQWHODEULGDGHOHMHGHWUDQVPLVLyQUHWLUDQGRVXVSHU
QRV\VXVSpQGDODHPSOHDQGRXQDFXHUGDRDOJRVHPHMDQWH

127$
6L VH UHWLUD HO HMH GH WUDQVPLVLyQ HV QHFHVDULR GUHQDU HO
DFHLWHGHODWUDQVIHUHQFLDDQWHVGHUHWLUDUHOHMHGHWUDQVPL
VLyQ

 'HVPRQWHORVSHUQRVGHOVRSRUWHGHPRQWXUDL]TXLHUGD\ORV
SHUQRV\WXHUFDVGHODEULGDGHOHMHSURSXOVRUSDUDDVtGHMDU
OLEUHHOODGRL]TXLHUGRGHOGLIHUHQFLDO

5
 'HVPRQWHORVSHUQRV\HOVRSRUWHGHPRQWXUDWUDVHUD
 'HVPRQWH ORV SHUQRV  \ HO VRSRUWH Qƒ  GH PRQWXUD WUD
1
VHUD
3

 &RQHOFRQMXQWRGHODORMDPLHQWRGHOGLIHUHQFLDOVRVWHQLGRSRUHO
JDWRGHWUDQVPLVLyQGHVPRQWHORVSHUQRVGHOVRSRUWHGH
PRQWXUDGHODQWHUDHQHOH[WUHPRGHUHFKRGHODORMDPLHQWR
(',)(5(1&,$/'(/$17(52

 8WLOLFH FRPR SDODQFDV  GHVWRUQLOODGRUHV  DQFKRV \ VDTXH

GHOGLIHUHQFLDOODMXQWDGHOHMHSURSXOVRUGHOODGRGHUHFKR
\UHWLUHGHOYHKtFXORHOFRQMXQWRGHODORMDPLHQWR

35(&$8&,Ï1
'XUDQWHHOWUDEDMRDQWHULRUFXLGHGHQRGDxDUODIXQGDSUR
WHFWRUDGHOHMHSURSXOVRU

0217$-(

3DUDYROYHUDPRQWDULQYLHUWDODVHFXHQFLDGHOSURFHGLPLHQWRGHGHV
PRQWDMH\DSOLTXHORVSDUHVGHDSULHWHVLJXLHQWHV
3DUGHDSULHWH
3HUQRVGHEULGDGHHMHSURSXOVRUGHODQWHURD
1ÂPNJP
3HUQRVGHEULGDGHHMHGHWUDQVPLVLyQD
1ÂPNJP
3HUQRVGHVRSRUWHGHPRQWXUDGHODQWHUDD
1ÂPNJP
3HUQRVGHVRSRUWHGHPRQWXUDWUDVHUDD
1ÂPNJP
3HUQRGHPRQWXUDWUDVHUDE
1ÂPNJP
3HUQRVQƒGHVRSRUWHGHPRQWXUDWUDVHUDE
1ÂPNJP

'HVSXpVGHKDEHUDSUHWDGRFRUUHFWDPHQWHWRGRVORVILMDGRUHVOOHQH
FRQDFHLWHSDUDHQJUDQDMHKLSRLGHHQODIRUPDHVSHFLILFDGD\FRP
SUXHEHTXHORVWDSRQHVHVWiQDSUHWDGRVDOSDUGHDSULHWHHVSHFLIL
FDGR

(b)

(b)

(a)
 ',)(5(1&,$/'(/$17(52(

5HSDUDFLyQGHODXQLGDG
5HILpUDVHDODPLVPDVHFFLyQGHO³0$18$/'(5(3$5$&,Ï1'(/$81,'$'´PHQFLRQDGRHQHO³35()$&,2´GH
HVWHPDQXDO

(VSHFLILFDFLRQHVGHSDUHVGHDSULHWH
3DUGHDSULHWH
3LH]DVGHVXMHFLyQ
1‡P NJP OEIW
3HUQRVGHPRQWXUDGHODQWHUD   
3HUQRVGHVRSRUWHGHPRQWXUDGHODQWHUD   
3HUQRVGHEULGDGHHMHSURSXOVRUGHODQWHUR   
3HUQRVGHEULGDGHHMHGHWUDQVPLVLyQ   
3HUQRGHPRQWXUDWUDVHUD   
3HUQRVGHVRSRUWHGHPRQWXUDWUDVHUD   
3HUQRVGHVRSRUWHQƒGHPRQWXUDWUDVHUD   

+HUUDPLHQWDVHVSHFLDOHV

  

5HJXODGRUGHSUHVLyQGH ,QVWDODGRUGHFRMLQHWH 3ODFDGHH[WUDFWRUGHFDV
DLUH TXLOOR
(',)(5(1&,$/'(/$17(52
 ',)(5(1&,$/75$6(52)

6(&&,Ï1)

',)(5(1&,$/75$6(52
&217(1,'2
'HVFULSFLyQJHQHUDO )
'LDJQyVWLFR  )
7DEODGHGLDJQyVWLFR )
6HUYLFLRHQHOYHKtFXOR  )
3UHFDXFLRQHVSDUDHOVHUYLFLRGH
PDQWHQLPLHQWR  )
&DPELRGHODFHLWHGHHQJUDQDMHVGHO
GLIHUHQFLDO )
&RQMXQWRGHOGLIHUHQFLDOWUDVHUR  )
'HVPRQWDMH )
0RQWDMH  )

)
5HSDUDFLyQGHODXQLGDG )
'HVDUPDGRGHODXQLGDG )
,QVSHFFLyQGHFRPSRQHQWHV  )
$MXVWH\UHDUPDGRGHVXEFRQMXQWR  )
3RUWDGLIHUHQFLDO  )
&DMDGHOGLIHUHQFLDO  )
&RMLQHWHODWHUDOGHOGLIHUHQFLDO )
3LxyQFyQLFRGHDWDTXH  )
$UPDGRGHODXQLGDG )
(VSHFLILFDFLRQHVGHSDUHVGHDSULHWH  )
0DWHULDOHVQHFHVDULRVGHVHUYLFLR  )
+HUUDPLHQWDVHVSHFLDOHV  )
)',)(5(1&,$/75$6(52

'HVFULSFLyQJHQHUDO
(OFRQMXQWRGHGLIHUHQFLDOXWLOL]DXQSLxyQFyQLFR\FRURQDFyQLFDKLSRLGHV\HVWiLQVWDODGRHQHOHMHWUDVHUR(VWiLQV
WDODGRHQODFDMDGHSXHQWHWUDVHURGHWLSRFRQYHQFLRQDO
/DIXQFLyQGHOFRQMXQWRGHOGLIHUHQFLDOHVGHLPSRUWDQFLDFUXFLDOGDGRTXHODSRWHQFLDPRWUL]HVWiFRQFHQWUDGDDTXt
3RUFRQVLJXLHQWHODXWLOL]DFLyQGHSLH]DVJHQXLQDV\GHOSDUDSURSLDGRHVREOLJDWRULD$GHPiVHOHQJUDQHDSUHVLyQ
HOHYDGDGHGLHQWHVGHVOL]DQWHVHQWUHHOSLxyQFyQLFRGHDWDTXH\ODFRURQDFyQLFDGHOGLIHUHQFLDOREOLJDDOXEULFDUORV
XWLOL]DQGRDFHLWHSDUDHQJUDQDMHVKLSRLGHV

'LDJQyVWLFR
7DEODGHGLDJQyVWLFR

&RQGLFLyQ &DXVDSRVLEOH &RUUHFFLyQ

5XLGRGHHQJUDQDMH /XEULFDQWHGHWHULRUDGRRPH]FODGRFRQDJXD 5HSDUH\OOHQHGHQXHYR
/XEULFDQWHLQDGHFXDGRRLQVXILFLHQWH 5HSDUH\OOHQHGHQXHYR
+ROJXUDPDODMXVWDGDHQWUHHOSLxyQFyQLFRGH $MXVWHFRPRSUHVFULWR
DWDTXH\ODFRURQDGHQWDGDGHOGLIHUHQFLDO
&RQWDFWRGHGLHQWHVLQFRUUHFWRHQHOHQJUDQH $MXVWHRUHHPSODFH
HQWUHHOSLxyQFyQLFR\ODFRURQD
3HUQRVGHILMDFLyQGHHQJUDQDMHFyQLFRGHDWDTXH 5HHPSODFHRYXHOYDDDSUHWDU
IORMRV
(QJUDQDMHVSODQHWDULRVRSLxyQHVVDWpOLWHV 5HHPSODFH
GDxDGRV
5XLGRGHFRMLQHWH 5XLGRFRQVWDQWH/XEULFDQWHGHWHULRUDGRRPH] 5HSDUH\OOHQHGHQXHYR
FODGRFRQDJXD
5XLGRFRQVWDQWH/XEULFDQWHLQDGHFXDGRRLQVXIL 5HSDUH\OOHQHGHQXHYR
FLHQWH
5XLGRFXDQGRVHFRQGXFHSRULQHUFLD&RML 5HHPSODFH
QHWHVGHSLxyQFyQLFRGHDWDTXHGDxDGRV
5XLGRHQYLUDMHV&RMLQHWHVODWHUDOHVGHGLIH 5HHPSODFH
UHQFLDORFRMLQHWHVGHHMHGDxDGRV
(VFDSHGHDFHLWH 7DSyQGHYHQWLODFLyQREVWUXLGR /LPSLH
6HOORGHDFHLWHGHVJDVWDGRRGDxDGR 5HHPSODFH
$FHLWHH[FHVLYR $MXVWHHOQLYHOGHODFHLWH
 ',)(5(1&,$/75$6(52)

6HUYLFLRHQHOYHKtFXOR
)',)(5(1&,$/75$6(52
 %ULGDGHMXQWDXQLYHUVDO
 &RQMXQWRGHHQJUDQDMHV
KLSRLGHV
 (VSDFLDGRUGHSLxyQFyQLFR
$SOLTXHSURGXFWREORTXHD
GRUGHURVFDQƒ
5HILpUDVHD³&$-$'(/
',)(5(1&,$/´HQHVWDVHF
FLyQ
 &DOFH
 &RMLQHWHWUDVHUR
 &RMLQHWHGHODQWHUR
 6HOORGHDFHLWH  $UDQGHODGHHPSXMH
$SOLTXHJUDVD
DOODELRGHOVHOORGHDFHLWH
 7XHUFDGHEULGD  &RMLQHWHODWHUDOGHOGLIHUHQ
'HVSXpVGHDSUHWDUOD
WXHUFDSDUDDVtILMDUHOSDU
URWDFLRQDOGHOHMHGHSLxyQHQ
HOSDUHVSHFLILFDGRXxHWHH
VHJXUDPHQWHODWXHUFD
 &RQMXQWRGHOSRUWDGLIHUHQ  $MXVWDGRUGHFRMLQHWH  3HUQR
FLDO
 3LxyQVDWpOLWH  3ODFDGHEORTXHR  3HUQR
 (QJUDQDMHSODQHWDULR  (MHQƒGHSLxRQHV  7RUQLOORGHFDMDGHGLIH
UHQFLDO
$SOLTXHDJHQWHEORTXHD
GRUGHURVFDQƒ
HQWRGDODSRUFLyQ
URVFDGDGHOSHUQR
 (MHQƒGHSLxRQHV  &UX]GHSLxRQHV 1RYXHOYDDXWLOL]DU
 &DMDL]TXLHUGDGHOGLIHUHQ  $UDQGHODHOiVWLFD 3DUGHDSULHWH
FLDO
 &DMDGHUHFKDGHOGLIHUHQFLDO  $UDQGHOD $SOLTXHDFHLWHGHGLIH
UHQFLDO
 3HUQRGHFRURQDFyQLFD
$SOLTXHDJHQWHEORTXHD
GRUGHURVFDQƒ
HQWRGDODSRUFLyQ
URVFDGDGHOSHUQR
 3HUQR
FLDO
3UHFDXFLRQHVSDUDHOVHUYLFLRGHPDQWHQL
PLHQWR
‡ &XDQGR KD\D FRQGXFLGR  SRU FKDUFRV GH DJXD FRPSUXHEH
LQPHGLDWDPHQWHVLKDHQWUDGRDJXDFXDQGRKDHQWUDGRDJXD
HO DFHLWH HVWi WXUELR (O DFHLWH PH]FODGR FRQ DJXD GHEH VHU
FDPELDGRLQPHGLDWDPHQWH
‡ &XDQGRHOYHKtFXORHVOHYDQWDGRSDUDHIHFWXDUXQVHUYLFLRTXH
QRVHDHOFDPELRGHODFHLWHDVHJ~UHVHWDPELpQGHYHULILFDUVL
KD\IXJDVGHDFHLWH\FRPSUXHEHHOHVWDGRGHODVPDQJXHUDV

&DPELRGHODFHLWHGHHQJUDQDMHVGHOGLIHUHQFLDO

127$
‡ 3DUDHOGLIHUHQFLDOVHGHEHXWLOL]DUDFHLWHSDUDHQJUDQDMHV
KLSRLGHV
‡ 6H UHFRPLHQGD HVSHFLDOPHQWH XWLOL]DU DFHLWH GH YLVFRVL
GDG6$(:
 $QWHVGHLQVSHFFLRQDURFDPELDUHODFHLWHDVHJ~UHVHGHSDUDU
HOPRWRU\OHYDQWDUHOYHKtFXORKRUL]RQWDOPHQWH
 &RPSUXHEHHOQLYHOGHODFHLWH\VLKD\IXJDVGHDFHLWH6LKD\
IXJDVFRUUtMDODV

 'UHQHHODFHLWH\OOHQHHOGHSyVLWRFRQODFDQWLGDGHVSHFLILFDGD
GHDFHLWHOOHQHKDVWDHORULILFLRGHQLYHO
 ',)(5(1&,$/75$6(52)

 $SULHWHHOWDSyQGHGUHQDMH\ORVWDSRQHVGHQLYHOOOHQD

GRUDOSDUGHDSULHWHHVSHFLILFDGR
³$´3URGXFWRGHVHOODGRQƒ
3DUGHDSULHWH
7DSyQGHQLYHOOOHQDGRUGHDFHLWHGHOGLIHUHQFLDOD
1ÂPNJP
7DSyQGHGUHQDMHGHODFHLWHGHOGLIHUHQFLDOE
1ÂPNJP
$FHLWHGHHQJUDQDMHVKLSRLGHV
$3,*/6$(::y
&DSDFLGDGGHDFHLWH
OLWURV
 0DQJXHUDGHYHQWLODFLyQ

&RQMXQWRGHOGLIHUHQFLDOWUDVHUR
'HVPRQWDMH
 /HYDQWHHOYHKtFXOR\GUHQHHODFHLWHGHODFDMDGHOGLIHUHQFLDO
WUDVHUR
 'HVPRQWH ORV WDPERUHV GH IUHQRV WUDVHURV \ UHWLUH ORV HMHV
L]TXLHUGR \ GHUHFKR GH SXHQWH WUDVHUR  5HILpUDVH D ³'(6
0217$-('((-('(38(17(75$6(52´HQODVHFFLyQ(
 $QWHVGHGHVPRQWDUHOHMHGHWUDQVPLVLyQFRORTXHPDUFDV
GHFRLQFLGHQFLDHQODEULGDGHXQLyQ\HQHOHMHGHWUDQVPLVLyQ
HQODIRUPDPRVWUDGDHQODILJXUD
 6DTXHORVSHUQRV\WXHUFDVGHODEULGDGHXQLyQ\GHVPRQWHHO
HMHGHWUDQVPLVLyQ

 'HVPRQWHHOFRQMXQWRGHOGLIHUHQFLDOVDFDQGRVXVSHUQRV
GHILMDFLyQ
)',)(5(1&,$/75$6(52

0RQWDMH
 /LPSLHODVVXSHUILFLHVGHFRQWDFWRGHOSXHQWHWUDVHUR\GHOFRQ
MXQWR GHO GLIHUHQFLDO \ DSOLTXH XQLIRUPHPHQWH SURGXFWR GH
VHOODGRHQHOODGRGHOHMHGHSXHQWHWUDVHUR
³$´3URGXFWRGHVHOODGRQƒ

 ,QVWDOH HO FRQMXQWR GHO GLIHUHQFLDO HQ HO SXHQWH WUDVHUR \ ItMHOR
FRQSHUQRVDSUHWDGRVDOSDUGHDSULHWHHVSHFLILFDGR
3DUGHDSULHWH
3HUQRVGHOSRUWDGLIHUHQFLDOD
1ÂPNJP

 ,QVWDOHHOHMHGHWUDQVPLVLyQHQODEULGDGHXQLyQDOLQHDQGRODV
PDUFDVGHFRLQFLGHQFLD\DSUHWDQGRODVWXHUFDVGHEULGDDOSDU
GHDSULHWHHVSHFLILFDGR$SOLTXHDJHQWHEORTXHDGRUGHURVFDGR
DORVSHUQRVVLORVYXHOYHDXWLOL]DU
³$´3URGXFWREORTXHDGRUGHURVFDVQƒ
3DUGHDSULHWH
7XHUFDVGHODEULGDGHOHMHGHWUDQVPLVLyQD
1ÂPNJP
 ,QVWDOHORVHMHVWUDVHURVL]TXLHUGR\GHUHFKR\ORVWDPERUHVGH
IUHQR
5HILpUDVHD³,167$/$&,Ï1'((-(75$6(52´GHODVHFFLyQ
(HLQVWDODFLyQGHWDPERUGHIUHQRWUDVHURHQODVHFFLyQ
 ,QVWDOHODVUXHGDV
 /OHQH FRQ DFHLWH GH HQJUDQDMHV KLSRLGHV \ DSULHWH HO WDSyQ DO
SDUGHDSULHWHHVSHFLILFDGR
 %DMHHOHOHYDGRU
 ',)(5(1&,$/75$6(52)

5HSDUDFLyQGHODXQLGDG
'HVDUPDGRGHODXQLGDG
 $SR\HGHPDQHUDVHJXUDHOFRQMXQWRGHOGLIHUHQFLDO\FRORTXH
PDUFDVGHLGHQWLILFDFLyQHQODVWDSDVGHORVFRMLQHWHVODWHUD
OHVGHOGLIHUHQFLDO
 5HWLUHODVSODFDVGHEORTXHRGHFRMLQHWHVODWHUDOHVGHOGLIH
UHQFLDO\ODVWDSDVGHORVFRMLQHWHVODWHUDOHVGHOGLIHUHQFLDO
UHWLUDQGRVXVSHUQRV\HQVHJXLGDVDTXHORVDMXVWDGRUHVGH
FRMLQHWHORVDURVH[WHULRUHVGHFRMLQHWHVODWHUDOHV\ODFRURQD
FyQLFDSURSXOVRUDFRQMXQWDPHQWHFRQODFDMDGHOGLIHUHQFLDO
 3RUWDGLIHUHQFLDO
 &RQMXQWRGHOSLxyQFyQLFRGHDWDTXH
 &DMDGHOGLIHUHQFLDO
$ 0DUFDGHLGHQWLILFDFLyQ

 'HVPRQWH OD FRURQD FyQLFD SURSXOVRUD HQJUDQDMH KLSRLGH

SLxRQHVSODQHWDULRVSLxRQHVVDWpOLWHV\HMHVGHSLxRQHV
1 D 3ULPHUR FRORTXH SODFDV  GH DOXPLQLR HQ ODV PRUGD]DV GHO
WRUQLOOR GH PHFiQLFR HQVHJXLGD LQVWDOH \ VXMHWH OD FDMD GHO
GLIHUHQFLDO\GHVPRQWHODFRURQDFyQLFDSURSXOVRUDHQJUD
QDMHKLSRLGHVDFDQGRVXVSHUQRV

3
2

E 6HSDUHODFDMDL]TXLHUGDGHOGLIHUHQFLDOGHODFDMDGHUH

FKDGHOGLIHUHQFLDO

F 'HVPRQWH ORV HMHV GH SLxRQHV SLxRQHV SODQHWDULRV DUDQGH

ODV SLxRQHV VDWpOLWHV DUDQGHODV HOiVWLFDV \ DUDQGHODV GH
HPSXMH
)',)(5(1&,$/75$6(52

 8WLOLFHODVKHUUDPLHQWDVHVSHFLDOHV\UHWLUHORVFRMLQHWHVODWH
UDOHVGHOGLIHUHQFLDO
+HUUDPLHQWDHVSHFLDO
&
'

 'HVPRQWH HO FRQMXQWR GHO SLxyQ FyQLFR GH DWDTXH HQJUDQDMH

KLSRLGH
D 6XMHWH OD EULGD GH XQLyQ XQLYHUVDO XWLOL]DQGR OD KHUUDPLHQWD
HVSHFLDO\HQVHJXLGDGHVPRQWHODWXHUFDGHEULGDHPSOHDQGR
ODOODYHDPSOLILFDGRUDGHSRWHQFLDDPSOLILFDFLyQ±
+HUUDPLHQWDHVSHFLDO
(
 /ODYHGHYDVR

E +DJDPDUFDVGHFRLQFLGHQFLDHQHOSLxyQFyQLFRGHDWDTXH
\HQODEULGDJHPHOD

35(&$8&,Ï1
1RKDJDPDUFDVGHFRLQFLGHQFLDHQODVXSHUILFLHGHDFRSOD
PLHQWRGHODEULGD

F 'HVPRQWHODEULGDJHPHODGHOSLxyQFyQLFRGHDWDTXH6LHO
GHVPRQWDMHHVGLItFLOXWLOLFHODKHUUDPLHQWDHVSHFLDO
+HUUDPLHQWDHVSHFLDO
)

G 'HVPRQWHGHOSRUWDGLIHUHQFLDOHOSLxyQFyQLFRGHDWDTXHFRQ
HOFRMLQHWHWUDVHURHOFDOFH\HOHVSDFLDGRU
6L HO GHVPRQWDMH HV GLItFLO LQVHUWH XQD WXHUFD XVDGD HQ HO
SLxyQFyQLFRGHDWDTXH\JROSHHODWXHUFDFRQXQPDUWLOORGH
FDEH]D GH SOiVWLFR 1XQFD JROSHH GLUHFWDPHQWH HQ HO SLxyQ
FyQLFRGHDWDTXH
 ',)(5(1&,$/75$6(52)

H 'HVPRQWHHOFRMLQHWHWUDVHURGHOSLxyQFyQLFRGHDWDTXH
XWLOL]DQGRHOH[WUDFWRUGHFRMLQHWH\ODSUHQVD
 3LxyQFyQLFRGHDWDTXH

 8WLOLFHXQPDUWLOOR\XQDEDUUDGHODWyQ\VDTXHHODURH[WH
ULRU GH FRMLQHWH GHODQWHUR FRQ HO FRMLQHWH  \ HO VHOOR  GH
DFHLWH

 6DTXHHODURH[WHULRUGHFRMLQHWHWUDVHURGHODPLVPDPDQHUD
TXHHQHOSDVR

,QVSHFFLyQGHFRPSRQHQWHV
‡ &RPSUXHEHVLKD\GHVJDVWHRGDxRVHQODEULGDJHPHOD
‡ &RPSUXHEHVLORVFRMLQHWHVHVWiQGHVJDVWDGRVRGHVFRORULGRV
‡ &RPSUXHEHVLHOSRUWDGLIHUHQFLDOHVWiDJULHWDGR
‡ &RPSUXHEHVLHOSLxyQFyQLFRGHDWDTXH\ODFRURQDFyQLFDSURSXOVRUDHVWiQGHVJDVWDGRVRDJULHWDGRV
‡ &RPSUXHEHVLORVSLxRQHVSODQHWDULRVORVSLxRQHVVDWpOLWHV\ORVHMHVGHSLxRQHVHVWiQGHVJDVWDGRVRDJULHWD
GRV
‡ &RPSUXHEHVLHOHVWULDGRGHORVSLxRQHVSODQHWDULRVHVWiGHVJDVWDGRRGDxDGR
)',)(5(1&,$/75$6(52

$MXVWH\UHDUPDGRGHVXEFRQMXQWR
'H DFXHUGR FRQ ODV DQRUPDOLGDGHV FRPSUREDGDV DQWHV GHO GHVDU
PDGR\FRQORFRPSUREDGRHQODLQVSHFFLyQYLVXDOGHORVFRMLQHWHV\
GHQWDGR GHORV HQJUDQDMHVHWFGHVSXpV GHOGHVDUPDGRSUHSDUH
ODVSLH]DVGHUHHPSOD]R\SURFHGDDOUHDUPDGRGHDFXHUGRFRQORV
SURFHGLPLHQWRVLQGLFDGRVDFRQWLQXDFLyQ

35(&$8&,Ï1
‡ /DFRURQDFyQLFDSURSXOVRUD\HOSLxyQFyQLFRGHDWDTXH
GHEHQ VHU UHHPSOD]DGRV FRPR XQ VROR FRQMXQWR VL HO
UHHPSOD]RGHFXDOTXLHUDHVQHFHVDULR
‡ &XDQGR VH UHHPSODFHQ FRMLQHWHV FyQLFRV GH URGLOORV
UHHPSODFHFRPRXQFRQMXQWRGHDURLQWHULRU\H[WHULRU

3RUWDGLIHUHQFLDO
3DUDSUHVLRQDU\ILMDUORVDURVH[WHULRUHVGHFRMLQHWHGHSLxyQFyQLFR
GH DWDTXH HPSOHH ODV KHUUDPLHQWDV HVSHFLDOHV HQ OD IRUPD PRV
WUDGDHQODILJXUD
+HUUDPLHQWDHVSHFLDO
$
%
&
 3RUWDGLIHUHQFLDO

&DMDGHOGLIHUHQFLDO
 'HVSXpVGHDSOLFDUDFHLWHGHGLIHUHQFLDODOSLxyQSODQHWDULR
SLxRQHV  VDWpOLWHV HMHV  GH SLxRQHV DUDQGHOD  GH
HPSXMH\DUDQGHODHOiVWLFDLQVWiOHORVHQODFDMDGHUHFKD
GHOGLIHUHQFLDO
5HILpUDVH D OD ILJXUD SDUD LQVWDODU HQ HO VHQWLGR FRUUHFWR OD
DUDQGHODGHHPSXMH\DUDQGHODHOiVWLFD

1  &XDQGR LQVWDOH HO HMH Qƒ  PiV FRUWRGH SLxRQHV VDWpOLWHV
HQODFDMDGHOGLIHUHQFLDO\HQHOSLxyQLQVHUWHVXODGR³D´HQOD
FUX]GHSLxRQHV

a 127$
b
³D´HVPiVODUJRTXH³E´³D´!³E´

2
 ',)(5(1&,$/75$6(52)

 &RPSUXHEH TXH ORV SLxRQHV  VDWpOLWHV JLUDQ VXDYH \ IiFLO

PHQWH

 7DOFRPRGHVFULWRHQHOSDVRSURFHGDDLQVWDODUODDUDQGHOD
GHHPSXMHODDUDQGHODHOiVWLFD\HOSLxyQSODQHWDULR
 &DMDL]TXLHUGDGHOGLIHUHQFLDO
 3LxyQVDWpOLWH

 ,QVWDOHODFDMDL]TXLHUGDGHOGLIHUHQFLDO\HQVHJXLGDDSULHWH
ORVSHUQRVDOSDUGHDSULHWHHVSHFLILFDGR
³$´3URGXFWREORTXHDGRUGHURVFDVQƒ
3DUGHDSULHWH
2, (a), “A”
7RUQLOORGHODFDMDGHOGLIHUHQFLDOD
1ÂPNJP
3
 &DMDGHUHFKDGHOGLIHUHQFLDO
1

2, (a), “A”

“A”
 /LPSLH\GHVHQJUDVHELHQODVXSHUILFLHGHFRQWDFWRGHODFRURQD
FyQLFDSURSXOVRUDHQJUDQDMHKLSRLGH
 $SOLTXH SURGXFWR EORTXHDGRU GH URVFDGR D OD VXSHUILFLH DFKX
1 UDGDGHODFRURQDFyQLFDSURSXOVRUDHQODIRUPDPRVWUDGD
HQODILJXUD
³$´3URGXFWREORTXHDGRUGHURVFDVQƒ
)',)(5(1&,$/75$6(52

 3RVLFLRQHODFRURQDFyQLFDSURSXOVRUDHQODFDMDGHOGLIH

2, (a), “A”
UHQFLDO\ DSULpWHODVFRQSHUQRVDOSDUGHDSULHWHHVSHFLIL
FDGR
$SOLTXHSURGXFWRVHOODGRUGHURVFDGRDORVSHUQRV

1 35(&$8&,Ï1
3 (VWi SURKLELGR XWLOL]DU SHUQRV GLIHUHQWHV GH ORV SHUQRV
HVSHFLILFDGRV

³$´3URGXFWREORTXHDGRUGHURVFDVQƒ
3DUGHDSULHWH
3HUQRVGHFRURQDFyQLFDD1ÂPNJP

 ,QVWDOH OD KHUUDPLHQWD HVSHFLDO HQ HO FRQMXQWR GH OD FDMD GHO
GLIHUHQFLDO\FRPSUXHEHTXHODSUHFDUJDHVWiFRQIRUPHFRQODV
HVSHFLILFDFLRQHV 6L HO YDORU GH OD SUHFDUJD H[FHGH HO YDORU
HVSHFLILFDGRFRPSUXHEHVLKD\PDWHULDVH[WUDxDVRVLHOSODQH
WDULRHVWiGDxDGR
+HUUDPLHQWDHVSHFLDO
%
3UHFDUJDGHHQJUDQDMHSODQHWDULR
1ÂPNJPPi[LPR
 /ODYHGLQDPRPpWULFD
 &RQMXQWRGHFDMDGHOGLIHUHQFLDO
 3ODFDGHDOXPLQLR
 7RUQLOORGHPHFiQLFR

&RMLQHWHODWHUDOGHOGLIHUHQFLDO
 (PSOHHODKHUUDPLHQWDHVSHFLDO\ODSUHQVD\SUHVLRQH\ILMHHO
(A) FRMLQHWHODWHUDO
+HUUDPLHQWDHVSHFLDO
$
1

 (PSOHHHOVXMHWDGRUSDUDVXMHWDUHOFRMLQHWHSUHVLRQDGR\ILMDGR
HQHOSDVR\SUHVLRQH\ILMHHOFRMLQHWHHQHORWURODGR

127$
$VHJ~UHVHGHXWLOL]DUHOVXMHWDGRUGHFRMLQHWHFRQHOILQGH
SURWHJHUHOFRMLQHWHLQIHULRU

+HUUDPLHQWDHVSHFLDO
$
%
 ',)(5(1&,$/75$6(52)

3LxyQFyQLFRGHDWDTXH
3DUDHQJUDQDUFRUUHFWDPHQWHHOSLxyQFyQLFRGHDWDTXH\ODFRURQDSURSXOVRUDVHUHTXLHUHLQVWDODUSUHYLD\FRUUHFWD
PHQWHHOSLxyQFyQLFRGHDWDTXHHQHOSRUWDGLIHUHQFLDOXWLOL]DQGRHOFDOFHGHDMXVWHFRPRGHVFULWRDFRQWLQXDFLyQ$
FRQWLQXDFLyQVHPXHVWUDQODVSRVLFLRQHVUHODWLYDVGHOSLxyQFyQLFRGHDWDTXHSRUWDGLIHUHQFLDO\PRQWXUDGHYHULILFD
FLyQ
+HUUDPLHQWDHVSHFLDO
$
%
&
'
(
)

 %ULGDGHMXQWDXQLYHUVDO3LH]DQƒ$ ³D´ $OWXUDGHSLxyQILFWLFLRDOWXUDGHODILMDFLyQ

 7XHUFD ³E´ 5DGLRILFWLFLRGHHMH
 &RMLQHWHGHODQWHUR ³D´³E´ $OWXUDGHPRQWXUDILFWLFLDPP
 3RUWDGLIHUHQFLDO ³F´ 'LPHQVLyQPHGLGD
 &RMLQHWHWUDVHUR ³G´ 'LVWDQFLDGHPRQWDMHGHOSLxyQFyQLFRGHDWDTXHPP
 (VSDFLDGRU ³H´ &DOFHGHDMXVWHSDUDHODMXVWHGHODGLVWDQFLDGHPRQWDMH ³F´
 3LxyQFyQLFRGHDWDTXH
 &RURQDFyQLFDSURSXOVRUD
)',)(5(1&,$/75$6(52

 ,QVWDOHODVKHUUDPLHQWDVHVSHFLDOHVFRQORVFRMLQHWHV\ODEULGD
GHODMXQWDXQLYHUVDOHQHOSRUWDGLIHUHQFLDO

127$
(VWDLQVWDODFLyQQRQHFHVLWDQLHVSDFLDGRUQLVHOORGHDFHLWH

+HUUDPLHQWDHVSHFLDO
(
)

 $SULHWHODWXHUFDGHEULGDGHPDQHUDTXHVHREWHQJDODSUH
FDUJDHVSHFLILFDGDGHFRMLQHWH

127$
‡ $QWHVGHSURFHGHUDPHGLUFRQODEDODQ]DGHUHVRUWH
R FRQ OD OODYH  GLQDPRPpWULFD FRPSUXHEH PDQXDO
PHQWH HO JLUR \ DSOLTXH XQD SHTXHxD FDQWLGDG GH DFHLWH
GHGLIHUHQFLDODORVFRMLQHWHV
‡ &XDQGR PLGD OD SUHFDUJD KDJD JLUDU HO SLxyQ FyQLFR GH
DWDTXHYXHOWDFDGDVHJXQGRVDSUR[LPDGDPHQWH

+HUUDPLHQWDHVSHFLDO
&
)
3UHFDUJDGHOFRMLQHWHGHOSLxyQ
±1ÂP±NJFP
/HFWXUDGHPHGLFLyQGHPXHOOHFRQKHUUDPLHQWDHVSHFLDO
1±1±NJ
 9DVRFRQDGDSWDGRU
 ',)(5(1&,$/75$6(52)

 )LMHHOPHGLGRUGHFXDGUDQWHVREUHODPRQWXUDGHYHULILFDFLyQ\
HIHFW~H VREUH XQD VXSHUILFLH SODQD KRUL]RQWDO HO DMXVWH D FHUR


127$
‡ &XDQGR ILMH HO PHGLGRU GH FXDGUDQWH HQ OD PRQWXUD GH
YHULILFDFLyQ DSULHWH OLJHUDPHQWH HO WRUQLOOR &XLGH GH QR
DSUHWDUORH[FHVLYDPHQWHSDUDDVtHYLWDUGDxDUHOPHGLGRU
GHFXDGUDQWH
‡ &RQ HO PHGLGRU GH FXDGUDQWH \D ILMDGR Gp OD YXHOWD D OD
PRQWXUD \ IXHUFH FRQ OD PDQR XQ SDU GH YHFHV KDVWD
FRQVHJXLUXQDMXVWHDFHURSUHFLVR
‡ (VDFRQVHMDEOHTXHODDJXMDLQGLFDGRUDFRUWDLQGLTXHPiV
GHPPFXDQGRODDJXMDODUJDHVWiHQFHUR

+HUUDPLHQWDHVSHFLDO
$
%
 6XSHUILFLHSODQD
 7RUQLOOR

 &RORTXH OD PRQWXUD GH YHULILFDFLyQ DMXVWDGD D FHUR  \ HO

PHGLGRUGHFXDGUDQWHVREUHODPRQWXUDGHSLxyQILFWLFLR\PLGD
HQWUH OD SRVLFLyQ FHUR  \ OD SXQWD PHGLGRUD H[WHQGLGD GHO
PHGLGRUGHFXDGUDQWH

127$
‡ 5HSLWDGDQGRODYXHOWD\PLGDSUHFLVDPHQWHODGLVWDQFLD
KDVWDODVXSHUILFLHVXSHULRUGHOSLxyQILFWLFLR
‡ &XDQGR OD SXQWD PHGLGRUD GHO PHGLGRU GH FXDGUDQWH
VREUHSDVDODSRVLFLyQFHURODDJXMDLQGLFDGRUDJLUDHQ
HOVHQWLGRFRQWUDULRDOGHODVDJXMDVGHOUHORM
‡ (VSRVLEOHTXHHOYDORUPHGLGRVREUHSDVHPP3RUFRQ
VLJXLHQWH WDPELpQ HV QHFHVDULR FRQRFHU OD OHFWXUD GH OD
DJXMDLQGLFDGRUDFRUWD
+HUUDPLHQWDHVSHFLDO
$
%
'
)

 2EWHQJDHOJUXHVRGHOFDOFHGHDMXVWHXWLOL]DQGRHOYDORUPHGLGR
SRUHOPHGLGRUGHFXDGUDQWHHQHOSDVRDQWHULRU

9DORU³F´
*URVRU³H´
PHGLGRHQHO
GHOFDOFH
PHGLGRUGH
QHFHVDULR
FXDGUDQWH
)',)(5(1&,$/75$6(52

 6HOHFFLRQH HO ORV FDOFHV  GH DMXVWH PiV SUy[LPRV DO

YDORUFDOFXODGR(QVHJXLGDSRVLFLRQHHOFDOFH\SUHVLRQH\ILMH
HOFRMLQHWHWUDVHUR
9DORUFDOFXODGR
³I´9DORUPiVSUy[LPRD³H´5HILpUDVHDOSDVR
+HUUDPLHQWDHVSHFLDO
*
+
*UXHVRVGHFDOFHVGLVSRQLEOHV
\PP
 3LxyQFyQLFRGHDWDTXH

 &RQ HO HVSDFLDGRU  QXHYR GH SLxyQ LQVHUWDGR HQ OD IRUPD
PRVWUDGDHQODILJXUDLQVWDOHHOFRMLQHWHGHODQWHURHQHOSRU
WDGLIHUHQFLDO

127$
‡ $VHJ~UHVHGHXWLOL]DUXQHVSDFLDGRUQXHYRSDUDODUHLQV
WDODFLyQ
‡ $SOLTXHDFHLWHGHGLIHUHQFLDODORVFRMLQHWHV

 3LxyQFyQLFRGHDWDTXH
 &RMLQHWHWUDVHUR

 8WLOLFHODKHUUDPLHQWDHVSHFLDO\XQPDUWLOORGHFDEH]DGHSOiV
WLFR H LQVHUWH HO VHOOR  GH DFHLWH HQ HO SRUWDGLIHUHQFLDO 
KDVWDTXHTXHGHDUDVFRQODH[WUHPLGDGGHOSRUWDGLIHUHQFLDO
$SOLTXHJUDVD³$´DOERUGHGHOVHOORGHDFHLWH
³$´*UDVDQƒ
+HUUDPLHQWDHVSHFLDO
,
 ',)(5(1&,$/75$6(52)

 0LHQWUDV DSULHWD JUDGXDOPHQWH OD WXHUFD GH OD EULGD FRQ OD

KHUUDPLHQWD HVSHFLDO \ OD OODYH DPSOLILFDGRUD GH SRWHQFLD
DPSOLILFDFLyQ  ±   ILMH OD SUHFDUJD GHO SLxyQ DO YDORU
HVSHFLILFDGR

127$
‡ $QWHVGHSURFHGHUDPHGLUFRQODEDODQ]DGHPXHOOHR
FRQODOODYHGLQDPRPpWULFDFRPSUXHEHPDQXDOPHQWH
TXHODURWDFLyQHVVXDYH\IiFLO
‡ &XDQGR PLGD OD SUHFDUJD KDJD JLUDU HO SLxyQ FyQLFR GH
DWDTXHYXHOWDFDGDVHJXQGRVDSUR[LPDGDPHQWH
‡ $VHJ~UHVH GH DSUHWDU JUDGXDOPHQWH \ FXLGDGRVDPHQWH
KDVWDREWHQHUHOSDUGHDUUDQTXHHVSHFLILFDGR'HEHHYL
WDUVH YROYHU D GHVDSUHWDU WXHUFDV DSUHWDGDV H[FHVLYD
PHQWH

3UHFDUJDGHOFRMLQHWHGHOSLxyQ
±1ÂP±NJFP
/HFWXUDGHPHGLFLyQGHOPXHOOHFRQKHUUDPLHQWDHVSHFLDO
±1±NJ
+HUUDPLHQWDHVSHFLDO
&
-
 /ODYHGHYDVR
)',)(5(1&,$/75$6(52

$UPDGRGHODXQLGDG
 &RORTXH ORV DURV H[WHULRUHV GH FRMLQHWH HQ VXV FRMLQHWHV UHV
SHFWLYRV
/RVDURVH[WHULRUHVGHUHFKRHL]TXLHUGRTXHKDQVLGRGHVPRQ
WDGRVQRVRQLQWHUFDPELDEOHV
 ,QVWDOHHOFRQMXQWRGHODFDMDHQHOSRUWDGRU
 ,QVWDOH ORV DMXVWDGRUHV GH FRMLQHWHV ODWHUDOHV HQ VX SRUWDGRU
UHVSHFWLYR\DVHJ~UHVHGHTXHORVDMXVWDGRUHVHVWiQURVFDGRV
FRUUHFWDPHQWH

 $OLQHHODVPDUFDVGHFRLQFLGHQFLDHQODWDSD\HQHOSRUWD
GRU $WRUQLOOH  y  YXHOWDV ORV  SHUQRV GH WDSD GH FRMLQHWH
ODWHUDO  \  SUHVLRQH OD WDSD GH FRMLQHWH PDQXDOPHQWH KDFLD
DEDMR

127$
6LODWDSDGHFRMLQHWHQRVHDMXVWDDSUHWDGDPHQWHHQHOSRU
WDGRUHVWRLQGLFDTXHHODMXVWDGRUGHFRMLQHWHODWHUDOQRHVWi
URVFDGRFRUUHFWDPHQWH9XHOYDDLQVWDODUHODMXVWDGRU

 $SULHWHORVSHUQRVGHODWDSDSDUGHDSULHWHSURYLVLRQDO
3DUGHDSULHWH
3HUQRGHODWDSDGHFRMLQHWHSDUGHDSULHWHSURYLVLRQDOD
1ÂPNJP

 $SULHWH DPERV DMXVWDGRUHV  GH FRMLQHWH GH PDQHUD TXH VH

REWHQJDODKROJXUDGHHQJUDQDMHHVSHFLILFDGD\TXHDOPLVPR
WLHPSRVHFRQVLJDODSUHFDUJDGHOFRMLQHWHODWHUDO

127$
‡ $VHJ~UHVH GH DSOLFDU OD SXQWD PHGLGRUD GHO PHGLGRU GH
FXDGUDQWHDiQJXORUHFWRHQHOODGRFRQYH[RGHORVGLHQ
WHV
‡ 6H UHFRPLHQGD OR VLJXLHQWH FRPR PHGLGD SUiFWLFD SDUD
REWHQHUODKROJXUDHVSHFLILFDGD\ODSUHFDUJDGHFRMLQHWH
ODWHUDODOPLVPRWLHPSR
± )LMHODKROJXUDHVSHFLILFDGDKDFLHQGRJLUDUOLJHUDPHQWH
KDFLDDGHQWURDPERVDMXVWDGRUHV
± $SULHWHPiVDPERVDMXVWDGRUHVDXPHQWDQGRXQD
PXHVFDFDGDYH]
‡ 0LGDSRUORPHQRVHQSXQWRVHQODSHULIHULDGHODFRURQD
FyQLFDSURSXOVRUD

+ROJXUDHVWiQGDU
±PP
+HUUDPLHQWDHVSHFLDO
$
%
&
 3HUQRGHWDSDGHFRMLQHWH
 ',)(5(1&,$/75$6(52)

 0LGD OD SUHFDUJD GHO FRMLQHWH GH SLxyQ FRQ OD EDODQ]D  GH
PXHOOH R FRQ OD OODYH  GLQDPRPpWULFD \ FRPSUXHEH OD SUH
FDUJDFRPSXHVWDGHOFRMLQHWHGHSLxyQ\GHOFRMLQHWHODWHUDO

127$
‡ $QWHVGHSURFHGHUDPHGLUFRQODEDODQ]DGHPXHOOHR
FRQODOODYHGLQDPRPpWULFDFRPSUXHEHPDQXDOPHQWH
TXHODURWDFLyQHVVXDYH\IiFLO
‡ &XDQGR PLGD OD SUHFDUJD KDJD JLUDU HO SLxyQ FyQLFR GH
DWDTXHYXHOWDFDGDVHJXQGRVDSUR[LPDGDPHQWH

3UHFDUJDFRPSXHVWDGHOFRMLQHWHGHSLxyQ\GHOFRMLQHWHODWH
UDO
±1ÂP±NJFP
/HFWXUDGHPHGLFLyQGHOPXHOOHFRQKHUUDPLHQWDHVSHFLDO
±1±NJ

+HUUDPLHQWDHVSHFLDO
'
 %ULGDGHMXQWDXQLYHUVDO
 9DVRFRQDGDSWDGRU

 $SULHWH ORV SHUQRV  GH WDSD GH FRMLQHWH DO SDU GH DSULHWH
HVSHFLILFDGRHLQVWDOHODVSODFDVGHEORTXHRGHFRMLQHWH
3DUGHDSULHWH
3HUQRGHSODFDGHEORTXHRE1ÂPNJP
3HUQRGHWDSDGHFRMLQHWHF1ÂPNJP
 3HUQRGHSODFDGHEORTXHR

 &RPRSDVRILQDOFRPSUXHEHHOFRQWDFWRGHORVGLHQWHVGHORV
HQJUDQDMHVGHODPDQHUDVLJXLHQWH
D 'HVSXpVGHOLPSLDUGLHQWHVGHODFRURQDFyQLFDSURSXOVRUD
DSOLTXHVREUHHOORVXQLIRUPHPHQWHFRQXQFHSLOORHVSRQMDR
DOJRVHPHMDQWHSDVWDSDUDPDUFDUHQJUDQDMHV
E +DJDJLUDUODFRURQDSDUDTXHODSDUWHSLQWDGDHQJUDQHFRQHO
SLxyQ FyQLFR GH DWDTXH \ JLUH KDFLD DGHODQWH \ KDFLD DWUiV
SDUDUHSHWLUHVWHFRQWDFWR
F /OHYHKDFLDDUULEDODSRUFLyQSLQWDGD\FRPSUXHEHHOSDWUyQGH
FRQWDFWRUHILULpQGRVHDOFXDGURVLJXLHQWH6LHOSDWUyQGHFRQ
WDFWRQRHVQRUPDOUHDMXVWHRUHHPSODFHVHJ~QVHDQHFHVD
ULRGHDFXHUGRFRQODVLQVWUXFFLRQHVGHOFXDGUR

127$
&XLGHGHQRJLUDUODFRURQDFyQLFDSURSXOVRUDPiVGHXQD
YXHOWDFRPSOHWDSDUDDVtHYLWDUSHUWXUEDUODH[DFWLWXGGHOD
FRPSUREDFLyQ
 (VFRELOOD
³$´ 3LQWHXQLIRUPHPHQWHFRQSURGXFWRGHPDUFDGRGHHQJUDQDMH
)',)(5(1&,$/75$6(52

3$75Ï1'(&217$&72'(',(17(6 ',$*1Ï67,&2<5(0(',2
1250$/

'(0$6,$'2&217$&72
(OSLxyQGHDWDTXHHVWiSRVLFLRQDGRGHPDVLDGROHMRV
GHOFHQWURGHODFRURQDFyQLFDSURSXOVRUD
 $XPHQWH HO JUXHVR GHO FDOFH GH DMXVWH GH DOWXUD
GHOSLxyQ\SRVLFLRQHHOSLxyQPiVFHUFDGHOFHQ
WURGHODFRURQD
 $MXVWH OD KROJXUD GH OD FRURQD FyQLFD SURSXOVRUD
GHDFXHUGRFRQODVHVSHFLILFDFLRQHV

32&2&217$&72
(OSLxyQGHDWDTXHHVWiSRVLFLRQDGRGHPDVLDGRFHUFD
GHOFHQWURGHODFRURQDFyQLFDSURSXOVRUD
 'LVPLQX\DHOJUXHVRGHOFDOFHGHDMXVWHGHDOWXUD
GHOSLxyQ\SRVLFLRQHHOSLxyQPiVOHMRVGHOFHQWUR
GHODFRURQD
 $MXVWH OD KROJXUD GH OD FRURQD FyQLFD SURSXOVRUD
GHDFXHUGRFRQODVHVSHFLILFDFLRQHV

6LHODMXVWHHVLPSRVLEOHUHHPSODFHHOSRUWDGLIHUHQFLDO

 &RPSUXHEHHODVLHQWRGHODFRURQDFyQLFDSURSXOVRUDRODFDMDGHO
GLIHUHQFLDO
&RPSUXHEHODRYDOL]DFLyQGHODFRURQDFyQLFDSURSXOVRUD
 6LHODMXVWHHVLPSRVLEOHUHHPSODFHODFRURQDFyQLFDSURSXOVRUD\
HOSLxyQGHDWDTXHFRPRXQVRORFRQMXQWRRHOSRUWDGLIHUHQFLDO

5HHPSODFHHOFRQMXQWRGHODFRURQDFyQLFDSURSXOVRUD\GHOSLxyQGH
DWDTXHRODFDMDGHOGLIHUHQFLDO
 ',)(5(1&,$/75$6(52)

 'HVSXpV GH KDEHU FRPSOHWDGR OD FRPSUREDFLyQ GHO FRQWDFWR

HQWUHORVGLHQWHVGHODFRURQD\GHOSLxyQGHDWDTXHHQHOSDVR
XxHWHHODWXHUFDGHEULGDXWLOL]DQGRODKHUUDPLHQWDSDUD
XxHWHR\HOPDUWLOOR

(VSHFLILFDFLRQHVGHSDUHVGHDSULHWH
3DUGHDSULHWH
3LH]DVGHVXMHFLyQ
1‡P NJP OEIW
7DSyQGHQLYHOOOHQDGRUGHDFHLWHGHOGLIHUHQFLDO   
7DSyQGHGUHQDMHGHODFHLWHGHOGLIHUHQFLDO   
3HUQRVGHEULGDGHHMHGHWUDQVPLVLyQ   
3HUQRVGHSRUWDGLIHUHQFLDO   
3HUQRVGHFRURQDFyQLFD   
3HUQRVGHWDSDGHFRMLQHWH   
3HUQRVGHSODFDGHEORTXHR   
7RUQLOORVGHFDMDGHGLIHUHQFLDO   

0DWHULDOHVQHFHVDULRVGHVHUYLFLR
3URGXFWR68=8.,5HFRPHQGDGR
0DWHULDO 8VR
Q~PHURGHSLH]D
3URGXFWRGHEORTXHRGH 7+5($'/2&.&(0(17 ‡ 3HUQRVGHFRURQDFyQLFD
URVFDV 683(5 ‡ 3HUQRVGHFDMDGHOGLIHUHQFLDO
 ‡ 6XSHUILFLHGHFRQWDFWRGHODFRURQD
FyQLFD
‡ 3HUQRGHEULGDGHOHMHGHWUDQVPLVLyQ
*UDVDGHOLWLR 68=8.,683(5*5($6($ /DELRVGHVHOORGHDFHLWH

$JHQWHGHVHOODGR 68=8.,%21'12 ‡ 7DSyQGHGUHQDMHGHOGLIHUHQFLDOWUDVHUR
 ‡ 6XSHUILFLHGHFRQWDFWRGHFDMDGHOGLIH
UHQFLDO
‡ 6XSHUILFLHVGHFRQWDFWRGHFDMDGHHMHGH
SXHQWHWUDVHUR
)',)(5(1&,$/75$6(52

+HUUDPLHQWDVHVSHFLDOHV

   

0HGLGRUGHFXDGUDQWH 6RSRUWHPDJQpWLFR ([WUDFWRUGHFRMLQHWH ([WUDFWRUGHFRMLQHWH

   

)LMDFLyQ ,QVWDODGRUGHFRMLQHWH 'LVSRVLWLYRGHH[WUDFFLyQ 6XMHWDGRUGHEULGD
GHFRMLQHWH

   

+HUUDPLHQWDGHFRPSURED +HUUDPLHQWDGHFRPSURED )LMDFLyQGHLQVWDODGRU ,QVWDODGRUGHFRMLQHWH
FLyQGHSUHFDUJD FLyQGHSUHFDUJD

   -

,QVWDODGRUGHFRMLQHWH 0RQWXUDGHSLxyQILFWLFLR 0RQWXUDGHYHULILFDFLyQ $OLQHDGRUGHERPEDGH
5HILpUDVHDOD127$ DFHLWH
 ',)(5(1&,$/75$6(52)

   

+HUUDPLHQWDGHFRPSURED 6XMHWDGRUGHURWRU )LMDFLyQ ,QVWDODGRUGHFRMLQHWH
FLyQGHOSDUGHOGLIHUHQFLDO

  

([WUDFWRUGHFDVTXLOORGH ([WUDFWRUHLQVWDODGRUQƒ ,QVWDODGRUGHVHOORGH
EUD]RLQIHULRU GHVHOORGHDFHLWH DFHLWHGHHMHSURSXOVRU

127$
(VWDKHUUDPLHQWDHVXQFRPSRQHQWHGHODVKHUUDPLHQWDVTXHWLHQHQHOQ~PHUR
)',)(5(1&,$/75$6(52
 6,67(0$(/e&75,&2'(/$&$552&(5Ë$

6(&&,Ï1
)
)
6,67(0$(/e&75,&2'(/$&$552&(5Ë$ *
+
.
$'9(57(1&,$
3DUDORVYHKtFXORVHTXLSDGRVFRQHO6LVWHPD6XSOHPHQWDULRGH6XMHFLyQ&ROFKyQGHDLUH $
‡ /RVVHUYLFLRVTXHGHEDQVHUHIHFWXDGRVHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPD 
GHOFROFKyQGHDLUHGHEHQVHUKHFKRVH[FOXVLYDPHQWHSRUXQFRQFHVLRQDULRDXWRUL]DGR68=8.,5HILp
.
UDVH DO ³(VTXHPD GH XELFDFLyQ GH ORV FRPSRQHQWHV \ FDEOHDGR GHO VLVWHPD GHO FROFKyQ GH DLUH´ HQ
³'HVFULSFLyQJHQHUDO´HQODVHFFLyQGHOVLVWHPDGHOFROFKyQGHDLUHSDUDFRQILUPDUVLXVWHGHVWiHIHF &
WXDQGRWUDEDMRGHVHUYLFLRHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPDGHOFROFKyQ '
GHDLUH6tUYDVHREVHUYDUWRGDVODV$'9(57(1&,$6\³3UHFDXFLRQHVSDUDHOVHUYLFLR´LQGLFDGDVHQ³6HU (
YLFLRHQHOYHKtFXOR´HQODVHFFLyQGHOVLVWHPDGHOFROFKyQGHDLUHDQWHVGHHIHFWXDUFXDOTXLHUWUDEDMR )
GHVHUYLFLRHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPDGHOFROFKyQGHDLUH6LQRVH
UHVSHWDQODV$'9(57(1&,$6VHSXHGHFDXVDUHOLQIODGRDFFLGHQWDOGHOFROFKyQGHDLUHRVHSXHGHGHMDU
$
LQRSHUDQWHHOVLVWHPDGHOFROFKyQGHDLUH&XDOTXLHUDGHHVWRVGRVFDVRVSXHGHFDXVDUGDxRVFRUSRUD
OHVJUDYHV
‡ /RVWUDEDMRVGHVHUYLFLRWpFQLFRGHEHQVHULQLFLDGRVSRUORPHQRVVHJXQGRVGHVSXpVGHTXHVHFROR
TXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ³/2&.´\GHTXHVHGHVFRQHFWHHOFDEOHQHJDWLYRGHOD '
EDWHUtD(QHIHFWRVLQRVHSURFHGHGHHVWDIRUPDHOVLVWHPDSXHGHVHUDFWLYDGRSRUODUHVHUYDGHHQHU (
JtDHOpFWULFDGHOPyGXORGHGHWHFFLyQ\GHGLDJQyVWLFR6'0

127$ 
3DUDODVGHVFULSFLRQHVHOHPHQWRVQRLQFOXLGDVHQHVWDVHFFLyQUHILpUDVHDODPLVPDVHFFLyQGHO0DQXDO
GH6HUYLFLRPHQFLRQDGRHQHO35()$&,2GHHVWHPDQXDO 
$
%
6LVWHPDGHFDEOHDGR
0D]RVGHFDEOHVFRQHFWRUHVIXVLEOHVUHOpLQWHUUXSWRUHVPDVDV
GLDJUDPDGHFLUFXLWRVGHVLVWHPD  6HFFLyQ$
6LVWHPDGHODOXPEUDGR 6HFFLyQ%
,QVWUXPHQWRVHLQIRUPDFLyQGHOFRQGXFWRU  6HFFLyQ&
9HQWDQDVHVSHMRVVHJXULGDG\FHUUDGXUDV  6HFFLyQ'
6LVWHPDGHFRQWUROGHOLQPRYLOL]DGRU 6HFFLyQ)

&217(1,'2
'HVFULSFLyQJHQHUDO 

6,67(0$(/e&75,&2'(/$&$552&(5Ë$

'HVFULSFLyQJHQHUDO
6Ë0%2/26'(/&2/25'(&$%/(6

6tPEROR &RORUGHOFDEOH 6tPEROR &RORUGHOFDEOH

% %/. 1HJUR 22U 251 1DUDQMD
%O %/8 $]XO 5 5(' 5RMR
%U %51 3DUGR : :+7 %ODQFR
* *51 9HUGH < <(/ $PDULOOR
*U *5< *ULV 3 31. 5RVD
/EO /7%/8 $]XOFODUR 9 33/ 9LROHWD
/J /7*51 9HUGHFODUR

(QHVWHYHKtFXORVHXWLOL]DQGRVFODVHVGHFDEOHVGHFRORU8QRHVXQ
FDEOH GH XQ VROR FRORU \ HO RWUR WLSR HV FDEOH GH GRV FRORUHV FRQ
IUDQMDV
/RV FDEOHV GH XQ VROR FRORU HPSOHDQ VRODPHQWH XQD DEUHYLDWXUD
SDUDHOFRORUHMHPSOR³*51´
/RVFDEOHVGHGRVFRORUHVHPSOHDQGRVDEUHYLDWXUDVSDUDORVFROR
UHV HMHPSOR ³*51<(/´ /D SULPHUD DEUHYLDWXUD UHSUHVHQWD HO
FRORUEiVLFRGHOFDEOH³*51´HQODILJXUD\ODVHJXQGDDEUHYLDWXUD
UHSUHVHQWDHOFRORUGHODIUDQMD³<(/´HQODILJXUD
 ,167580(1726,1)250$&,Ï1'(/&21'8&725&

6(&&,Ï1&

,167580(1726,1)250$&,Ï1
'(/&21'8&725
$'9(57(1&,$
3DUDORVYHKtFXORVHTXLSDGRVFRQHO6LVWHPD6XSOHPHQWDULRGH6XMHFLyQ&ROFKyQGHDLUH
‡ /RVVHUYLFLRVTXHGHEDQVHUHIHFWXDGRVHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPD
GHOFROFKyQGHDLUHGHEHQVHUKHFKRVH[FOXVLYDPHQWHSRUXQFRQFHVLRQDULRDXWRUL]DGR68=8.,5HILp
&
UDVH DO ³(VTXHPD GH XELFDFLyQ GH ORV FRPSRQHQWHV \ FDEOHDGR GHO VLVWHPD GHO FROFKyQ GH DLUH´  HQ
³'HVFULSFLyQJHQHUDO´HQODVHFFLyQGHOVLVWHPDGHOFROFKyQGHDLUHSDUDFRQILUPDUVLXVWHGHVWiHIHF
WXDQGRWUDEDMRGHVHUYLFLRHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPDGHOFROFKyQ
GHDLUH6tUYDVHREVHUYDUWRGDVODV$'9(57(1&,$6\³3UHFDXFLRQHVSDUDHOVHUYLFLR´LQGLFDGDVHQ³6HU
YLFLRHQHOYHKtFXOR´HQODVHFFLyQGHOVLVWHPDGHOFROFKyQGHDLUHDQWHVGHHIHFWXDUFXDOTXLHUWUDEDMR
GHVHUYLFLRHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPDGHOFROFKyQGHDLUH6LQRVH
UHVSHWDQODV$'9(57(1&,$6VHSXHGHFDXVDUHOLQIODGRDFFLGHQWDOGHOFROFKyQGHDLUHRVHSXHGHGHMDU
LQRSHUDQWHHOVLVWHPDGHOFROFKyQGHDLUH&XDOTXLHUDGHHVWRVGRVFDVRVSXHGHFDXVDUGDxRVFRUSRUD
OHVJUDYHV
‡ /RVWUDEDMRVGHVHUYLFLRWpFQLFRGHEHQVHULQLFLDGRVSRUORPHQRVVHJXQGRVGHVSXpVGHTXHVHFROR
TXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ³/2&.´\GHTXHVHGHVFRQHFWHHOFDEOHQHJDWLYRGHOD
EDWHUtD(QHIHFWRVLQRVHSURFHGHGHHVWDIRUPDHOVLVWHPDSXHGHVHUDFWLYDGRSRUODUHVHUYDGHHQHU
JtDHOpFWULFDGHOPyGXORGHGHWHFFLyQ\GHGLDJQyVWLFR6'0

127$
3DUDODVGHVFULSFLRQHVHOHPHQWRVQRLQFOXLGDVHQHVWDVHFFLyQUHILpUDVHDODPLVPDVHFFLyQGHO0DQXDO
GH6HUYLFLRPHQFLRQDGRHQHO35()$&,2GHHVWHPDQXDO

&217(1,'2
'HVFULSFLyQJHQHUDO &
,QGLFDGRUFRPELQDGR &
6HUYLFLRHQHOYHKtFXOR  &
8QLGDGGHOLQGLFDGRUPHGLGRUGH
FRPEXVWLEOH &
6HQVRUGHWHPSHUDWXUDGHOUHIULJHUDQWH
GHOPRWRU &
/X]GHDGYHUWHQFLDGHSUHVLyQGHDFHLWH &
,QWHUUXSWRUGHSUHVLyQGHDFHLWH &
/X]GHDGYHUWHQFLDGHIUHQRV&
6HQVRUPHGLGRUGHWUDQVPLVRUGHQLYHOGHO ,QWHUUXSWRUGHQLYHOGHOIOXLGRGHIUHQRV&
FRPEXVWLEOH &
6HQVRUHLQGLFDGRUGHWHPSHUDWXUDGHO
UHIULJHUDQWHGHOPRWRU(&7  &

&,167580(1726,1)250$&,Ï1'(/&21'8&725

'HVFULSFLyQJHQHUDO
,QGLFDGRUFRPELQDGR

 7DFyPHWUR  /X]LQGLFDGRUDGHPDOIXQFLRQDPLHQWR  /X]GHDGYHUWHQFLDGHFDUJD

 9HORFtPHWUR  /X]SLORWRGHVHxDOGHYLUDMHGHUHFKD  /X]GHDGYHUWHQFLDGHQLYHOGHIOXLGRGHIUHQRVIUHQRGH
HVWDFLRQDPLHQWR\(%'
 ,QGLFDGRUGHQLYHOGHOFRPEXVWLEOH  /X]GHDGYHUWHQFLDGHO&2/&+Ï1'($,5(  /X]GH327(1&,$9HKtFXORFRQ$7VRODPHQWH
 ,QGLFDGRUGHWHPSHUDWXUDGHOUHIUL  /X]GH2'HQ2))9HKtFXORFRQ$7VROD  /X]LQGLFDGRUDGH&58&(52
JHUDQWHGHOPRWRU PHQWH
 /X]SLORWRGHVHxDOGHYLUDMH  /X]DEURFKDUFLQWXUyQGHVHJXULGDGVLHVWi  /X]GHDGYHUWHQFLDGHOLQPRYLOL]DGRUVLHVWiHTXLSDGR
L]TXLHUGD HTXLSDGR
 /X]LQGLFDGRUDGH:'  /XFHVDOWDVGHIDURV  ,QGLFDGRUGHSRVLFLyQGHFDPELRYHKtFXORFRQ$7VL
HTXLSDGR
 /X]GHDGYHUWHQFLDGHO$%6  /X]GHDGYHUWHQFLDGHSUHVLyQGHDFHLWHGHO
PRWRU
 ,167580(1726,1)250$&,Ï1'(/&21'8&725&

&,5&8,726,17(5126'(/,1',&$'25&20%,1$'2

Circuito de los
colchones de aire Circuito EBD
COMPROBAR
A-11 A-12 A-3 o MOTOR A-9 B-13 B-2 B-3 B-4 B-5 B- B-6 o FRENO o ABS Circuito ABS C-9 C-10

MEDIDOR INDICA- COL-

VELOC- TACÓ-
ÍMETRO METRO
DE
COMBUS-
TIBLE
DOR
DE TEMP.
POTENCIA CRUCERO 4WD L 2 D N R P CHÓN
DE
AIRE

A-13 A-8 B-12 C-2 B-11 B-10 C-8 A-15 A-6 A-1 B-9 A-16 A-14 C-7 C-1 si está equipado A-10 C-3 C-4 C-5 A-7 A-5 B-8 B-1

$&23/$'25(6'(/,1',&$'25&20%,1$'2

>$@ $FRSODGRU$ >%@ $FRSODGRU% >&@ $FRSODGRU&

 $OPyGXORGHFRQWUROGHFUXFHURVLHVWi *5<<(/  $OLQWHUUXSWRUGHSXHUWDODGRGHO %/.%/8  $PDVD %/.
HTXLSDGR FRQGXFWRU
 1$ ±  $OLQWHUUXSWRUGHSRVLFLyQGHOD *51%/8  $OPyGXORGH(&03&0SDUD %51
WUDQVPLVLyQ9HKtFXORFRQ$7 YHKtFXORFRQ$7
VRODPHQWHVLHTXLSDGR/
 $OLQWHUUXSWRUGHHQFHQGLGR %/.:+7  $OLQWHUUXSWRUGHSRVLFLyQGHOD *51251  $OLQWHUUXSWRUGHHQFHQGLGR 33/5('
WUDQVPLVLyQ9HKtFXORFRQ$7
VRODPHQWHVLHTXLSDGR
 1$ ±  $OLQWHUUXSWRUGHSRVLFLyQGHOD <(/*51  $OLQWHUUXSWRUGHQLYHOGHO 5('%/.
WUDQVPLVLyQ9HKtFXORFRQ$7 IOXLGRGHIUHQRV
VRODPHQWHVLHTXLSDGR'
 $OPyGXORGHFRQWUROGHO$%6VLHVWi %/8251  $OLQWHUUXSWRUGHSRVLFLyQGHOD 251%/8  $OLQWHUUXSWRUGHIUHQRGHHVWD 33/
HTXLSDGR WUDQVPLVLyQ9HKtFXORFRQ$7 FLRQDPLHQWR
VRODPHQWHVLHTXLSDGR1
 $OPyGXORGH3&09HKtFXORFRQ$7 *5<%/8  $OLQWHUUXSWRUGHSRVLFLyQGHOD 251*51  $OLQWHUUXSWRUGHFLQWXUyQGH *5<5('
VRODPHQWH WUDQVPLVLyQ9HKtFXORFRQ$7 VHJXULGDG
VRODPHQWHVLHTXLSDGR3
 $OPyGXORGHFRQWUROGHO$%6VLHVWi %51  $OLQWHUUXSWRUGHSRVLFLyQGHOD 5('  $OJHQHUDGRU :+75('
HTXLSDGR WUDQVPLVLyQ9HKtFXORFRQ$7
VRODPHQWHVLHTXLSDGR5
 $OVHQVRUGH966 %/8<(/  $OPyGXORGHFRQWUROGHDOXP 5('*51  $OLQWHUUXSWRUGHSUHVLyQGH <(/%/.
EUDGR DFHLWHGHOPRWRU
 $OLQWHUUXSWRUFRPELQDGR *515('  $OPyGXORGH3&09HKtFXOR :+7%/.  $OLQWHUUXSWRUFRPELQDGR 5('<(/
FRQ$7VRODPHQWH
 $O6'0GHFROFKyQGHDLUH %/8  $OVHQVRUGH(&7 <(/:+7  $OLQWHUUXSWRUGHHQFHQGLGR %/85('
 $OIXVLEOHSULQFLSDO :+7%/8  $OPHGLGRUGHQLYHOGHOFRPEXV %/8:+7
WLEOH
 $ODFDMDGHIXVLEOHV :+7  $PDVD %/8<(/
 $OLQWHUUXSWRUFRPELQDGR 5('  $OLQWHUUXSWRUFRPELQDGR *51<(/
 $OPyGXORGHFRQWUROGHOLQPRYLOL]DGRU 33/
VLHVWiHTXLSDGR
 $OPyGXORGH(&03&0SDUDYHKtFXOR 33/<(/
FRQ$7
 $OPyGXORGH(&03&0SDUDYHKtFXOR 251%/.
FRQ$7

127$
'LVSRVLFLyQGHWHUPLQDOHVGHODFRSODGRUYLVWRVGHVGHHOODGRGHOPD]RGHFDEOHV
&,167580(1726,1)250$&,Ï1'(/&21'8&725

6HUYLFLRHQHOYHKtFXOR
8QLGDGGHOLQGLFDGRUPHGLGRUGHFRPEXVWLEOH
6HQVRUPHGLGRUGHWUDQVPLVRUGHQLYHOGHOFRPEXVWL
EOH
&20352%$&,Ï1

'HVPRQWHHOFRQMXQWRGHERPEDGHFRPEXVWLEOH5HILpUDVHDODVHF
FLyQ&
8WLOLFHXQRKPtPHWUR\FRQILUPHTXHODUHVLVWHQFLDGHODXQLGDGGHO
PHGLGRUGHWUDQVPLVRUFDPELDFXDQGRFDPELDODSRVLFLyQGHOIORWD
GRU
6LHOYDORUPHGLGRHVWiIXHUDGHODVHVSHFLILFDFLRQHVUHHPSODFHHO
PHGLGRUGHHPLVRUGHFRPEXVWLEOH
(VSHFLILFDFLyQGHOVHQVRUGHQLYHOGHOFRPEXVWLEOH

3RVLFLyQGHOIORWDGRU 5HVLVWHQFLDΩ
³D´ PP ±
³E´ PP ±
³F´ PP ±

 &RQMXQWRGHERPEDGHFRPEXVWLEOH
 7HUPLQDO±GHOPHGLGRUGHQLYHOGHOFRPEXVWLEOH
 7HUPLQDOGHOPHGLGRUGHQLYHOGHOFRPEXVWLEOH
 )ORWDGRU
 ,167580(1726,1)250$&,Ï1'(/&21'8&725&

6HQVRUHLQGLFDGRUGHWHPSHUDWXUDGHOUHIULJH
UDQWHGHOPRWRU(&7
6HQVRUGHWHPSHUDWXUDGHOUHIULJHUDQWHGHOPRWRU
'(60217$-((,167$/$&,Ï1
5HILpUDVHD³6(1625'((&7´HQODVHFFLyQ(

/X]GHDGYHUWHQFLDGHSUHVLyQGHDFHLWH
,QWHUUXSWRUGHSUHVLyQGHDFHLWH
'(60217$-((,167$/$&,Ï1
5HILpUDVHD³&20352%$&,Ï1'(/$35(6,Ï1'($&(,7(´HQ
ODVHFFLyQ$

/X]GHDGYHUWHQFLDGHIUHQRV
,QWHUUXSWRUGHQLYHOGHOIOXLGRGHIUHQRV
&20352%$&,Ï1

8WLOLFHXQRKPtPHWUR\FRPSUXHEHODFRQWLQXLGDGGHOLQWHUUXSWRU
6LHVWiDQRUPDOUHHPSODFHHOLQWHUUXSWRUGHSyVLWRGHUHVHUYD
(VSHFLILFDFLyQGHOLQWHUUXSWRUGHQLYHOGHOIOXLGRGHIUHQRV
3RVLFLyQ2))IORWDGRUDUULED1RKD\FRQWLQXLGDG
3RVLFLyQ21IORWDGRUDEDMR&RQWLQXLGDG
&,167580(1726,1)250$&,Ï1'(/&21'8&725
 9(17$1$6(63(-266(*85,'$'<6(*85,'$'<&(55$'85$6'

6(&&,Ï1'

9(17$1$6(63(-26
6(*85,'$'<&(55$'85$6
$'9(57(1&,$
3DUDORVYHKtFXORVHTXLSDGRVFRQHO6LVWHPD6XSOHPHQWDULRGH6XMHFLyQ&ROFKyQGHDLUH
‡ /RVVHUYLFLRVTXHGHEDQVHUHIHFWXDGRVHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPD
GHOFROFKyQGHDLUHGHEHQVHUKHFKRVH[FOXVLYDPHQWHSRUXQFRQFHVLRQDULRDXWRUL]DGR68=8.,5HILp
UDVH DO ³(VTXHPD GH XELFDFLyQ GH ORV FRPSRQHQWHV \ FDEOHDGR GHO VLVWHPD GHO FROFKyQ GH DLUH´ HQ
³'HVFULSFLyQJHQHUDO´HQODVHFFLyQGHOVLVWHPDGHOFROFKyQGHDLUHSDUDFRQILUPDUVLXVWHGHVWiHIHF '
WXDQGRWUDEDMRGHVHUYLFLRHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPDGHOFROFKyQ
GHDLUH6tUYDVHREVHUYDUWRGDVODV$'9(57(1&,$6\³3UHFDXFLRQHVSDUDHOVHUYLFLR´LQGLFDGDVHQ³6HU
YLFLRHQHOYHKtFXOR´HQODVHFFLyQGHOVLVWHPDGHOFROFKyQGHDLUHDQWHVGHHIHFWXDUFXDOTXLHUWUDEDMR
GHVHUYLFLRHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPDGHOFROFKyQGHDLUH6LQRVH
UHVSHWDQODV$'9(57(1&,$6VHSXHGHFDXVDUHOLQIODGRDFFLGHQWDOGHOFROFKyQGHDLUHRVHSXHGHGHMDU
LQRSHUDQWHHOVLVWHPDGHOFROFKyQGHDLUH&XDOTXLHUDGHHVWRVGRVFDVRVSXHGHFDXVDUGDxRVFRUSRUD
OHVJUDYHV
‡ /RVWUDEDMRVGHVHUYLFLRWpFQLFRGHEHQVHULQLFLDGRVSRUORPHQRVVHJXQGRVGHVSXpVGHTXHVHFROR
TXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ³/2&.´\GHTXHVHGHVFRQHFWHHOFDEOHQHJDWLYRGHOD
EDWHUtD(QHIHFWRVLQRVHSURFHGHGHHVWDIRUPDHOVLVWHPDSXHGHVHUDFWLYDGRSRUODUHVHUYDGHHQHU
JtDHOpFWULFDGHOPyGXORGHGHWHFFLyQ\GHGLDJQyVWLFR6'0

127$
3DUDODVGHVFULSFLRQHVHOHPHQWRVQRLQFOXLGDVHQHVWDVHFFLyQUHILpUDVHDODPLVPDVHFFLyQGHO0DQXDO
GH6HUYLFLRPHQFLRQDGRHQHO35()$&,2GHHVWHPDQXDO

&217(1,'2
'HVFULSFLyQJHQHUDO ' ,QWHUUXSWRUGHOLPSLDSDUDEULVDV\
/LPSLDSDUDEULVDV\ODYDSDUDEULVDVWUDVHURV ODYDSDUDEULVDVWUDVHURV'
VLHTXLSDGRV  ' /LPSLDSDUDEULVDV\ODYDSDUDEULVDVGHOXQHWD
6HUYLFLRHQHOYHKtFXOR  ' WUDVHUDSDUDYHKtFXORVLQVLVWHPDGHFRQWURO
/LPSLDSDUDEULVDV '
/LPSLDSDUDEULVDV\ODYDSDUDEULVDV
GHODQWHURV  '
/LPSLDSDUDEULVDV\ODYDSDUDEULVDVGHOXQHWD
WUDVHUDSDUDYHKtFXORFRQVLVWHPDGHFRQWURO
GHFUXFHUR'
5HOpGHLQWHUPLWHQFLDGHOOLPSLDSDUDEULVDV
WUDVHUR'
GHFUXFHUR '

'9(17$1$6(63(-266(*85,'$'<&(55$'85$6

'HVFULSFLyQJHQHUDO
/LPSLDSDUDEULVDV\ODYDSDUDEULVDVWUDVHURVVLHTXLSDGRV
 9(17$1$6(63(-266(*85,'$'<&(55$'85$6'

6HUYLFLRHQHOYHKtFXOR
/LPSLDSDUDEULVDV
/LPSLDSDUDEULVDV\ODYDSDUDEULVDVGHODQWHURV
0RWRUGHOLPSLDSDUDEULVDV

‡ &RPR PRVWUDGR HQ OD ILJXUD XWLOLFH XQD EDWHUtD GH  9 SDUD
FRQHFWDU VX WHUPLQDO  DO WHUPLQDO ³$´ \ VX WHUPLQDO ± DO
FDEOHFRQGXFWRU³%ODFN´
6LHOPRWRUJLUDDEDMDYHORFLGDGXQDVDUSPHVWiHQ
EXHQDVFRQGLFLRQHV3DUDODFRPSUREDFLyQGHIXQFLRQDPLHQWR
DDOWDYHORFLGDGFRQHFWHHOWHUPLQDOGHODEDWHUtDDOWHUPLQDO
³%´\HOWHUPLQDO±DOFDEOHFRQGXFWRU³%ODFN´
6L HO PRWRU JLUD D DOWD YHORFLGDG XQDV  D  USP HVWi HQ
EXHQDVFRQGLFLRQHV

‡ &RPSUREDFLyQGHODGHWHQFLyQDXWRPiWLFD
D &RQHFWHHOWHUPLQDOGHODEDWHUtDGH9DOWHUPLQDO³$´GHO
PRWRUGHOOLPSLDSDUDEULVDV\HOWHUPLQDO±GHODEDWHUtDDO
FDEOHFRQGXFWRU³%ODFN³\GHMHTXHHOPRWRUIXQFLRQH
E 'HVFRQHFWHHOWHUPLQDO³$´GHODEDWHUtD\GHMHTXHHOPRWRU
VHSDUH
F 8WLOLFH HO FDEOH  GH SXHQWH \ FRQHFWH ORV WHUPLQDOHV ³$´ \
³'´ \ FRQHFWH HO WHUPLQDO ³&´ DO WHUPLQDO SRVLWLYR  GH OD
EDWHUtD &RPSUXHEH TXH HO PRWRU JLUD RWUD YH] \ TXH HQVH
JXLGDVHSDUDHQXQDSRVLFLyQGDGD
G 5HSLWDYDULDVYHFHVHVWRVSDVRVDDF\FRPSUXHEHTXHHO
PRWRUVHSDUDFDGDYH]HQODSRVLFLyQGDGD
'9(17$1$6(63(-266(*85,'$'<&(55$'85$6

/LPSLDSDUDEULVDV\ODYDSDUDEULVDVGHOXQHWDWUDVHUDSDUDYHKtFXORFRQVLVWHPD
GHFRQWUROGHFUXFHUR
&20352%$&,Ï1
,QWHUUXSWRUGHOLPSLDSDUDEULVDV\ODYDSDUDEULVDVWUDVHURV
 'HVFRQHFWHHOFDEOHQHJDWLYR±HQODEDWHUtD
 'HVFRQHFWHHODFRSODGRUGHFDEOHVFRQGXFWRUHVGHOLQWHUUXSWRUFRPELQDGR
 8WLOLFHXQSUREDGRUGHFLUFXLWRV\FRPSUXHEHODFRQWLQXLGDGHQFDGDXQDGHODVSRVLFLRQHVGHLQWHUUXSWRU6LQR
KD\FRQWLQXLGDGUHHPSODFHHOLQWHUUXSWRU

a
1

2 d
c

Terminal
a b c d
Interruptor
OFF
Lavaparabrisas trasero en ON
Limpiaparabrisas trasero en ON

 ,QWHUUXSWRUGHOLPSLDSDUDEULVDVWUDVHUR  ,QWHUUXSWRUGHODYDSDUDEULVDVWUDVHUR

/LPSLDSDUDEULVDV\ODYDSDUDEULVDVGHOXQHWDWUDVHUDSDUDYHKtFXORVLQVLVWHPD
GHFRQWUROGHFUXFHUR
&20352%$&,Ï1
5HILpUDVHD³,QWHUUXSWRUGHOLPSLDSDUDEULVDV\ODYDSDUDEULVDVWUDVHURVHQLQWHUUXSWRUFRPELQDGR´HQ³/LPSLDSDUDEUL
VDV \ ODYDSDUDEULVDV WUDVHURV VL HVWi HTXLSDGR´ HQ OD PLVPD VHFFLyQ GHO 0DQXDO GH 6HUYLFLR PHQFLRQDGR HQ HO
35()$&,2GHHVWHPDQXDO

5HOpGHLQWHUPLWHQFLDGHOOLPSLDSDUDEULVDVWUDVHUR
&20352%$&,Ï1
&XDQGRVLUYDXQYHKtFXORVLQVLVWHPDGHFRQWUROGHFUXFHURUHILpUDVHD³5HOpGHLQWHUPLWHQFLDGHOOLPSLDSDUDEULVDV
WUDVHUR´HQ³/LPSLDSDUDEULVDV\ODYDSDUDEULVDVWUDVHURVVLHVWiHTXLSDGR´HQODPLVPDVHFFLyQGHO0DQXDOGH6HU
YLFLRPHQFLRQDGRHQHO35()$&,2GHHVWHPDQXDO
 6,67(0$'(&21752/'(&58&(52(

6(&&,Ï1(
)
)

6,67(0$'(&21752/'(&58&(52 *
+
.
$'9(57(1&,$
3DUDORVYHKtFXORVHTXLSDGRVFRQHO6LVWHPD6XSOHPHQWDULRGH6XMHFLyQ&ROFKyQGHDLUH $
‡ /RVVHUYLFLRVTXHGHEDQVHUHIHFWXDGRVHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLV $
WHPD GHO FROFKyQ GH DLUH GHEHQ VHU KHFKRV H[FOXVLYDPHQWH SRU XQ FRQFHVLRQDULR DXWRUL]DGR %
68=8.,5HILpUDVHDO³(VTXHPDGHXELFDFLyQGHORVFRPSRQHQWHV\FDEOHDGRGHOVLVWHPDGHOFRO &
FKyQGHDLUH´HQ³'HVFULSFLyQJHQHUDO´HQODVHFFLyQGHOVLVWHPDGHOFROFKyQGHDLUHSDUDFRQILU '
PDU VL XVWHG HVWi HIHFWXDQGR WUDEDMR GH VHUYLFLR HQ R DOUHGHGRU GH ORV FRPSRQHQWHV R GHO (
FDEOHDGRGHOVLVWHPDGHOFROFKyQGHDLUH6tUYDVHREVHUYDUWRGDVODV$'9(57(1&,$6\³3UHFDX (
FLRQHVSDUDHOVHUYLFLR´LQGLFDGDVHQ³6HUYLFLRHQHOYHKtFXOR´HQODVHFFLyQGHOVLVWHPDGHOFRO
FKyQGHDLUHDQWHVGHHIHFWXDUFXDOTXLHUWUDEDMRGHVHUYLFLRHQRDOUHGHGRUGHORVFRPSRQHQWHVR $
GHOFDEOHDGRGHOVLVWHPDGHOFROFKyQGHDLUH6LQRVHUHVSHWDQODV$'9(57(1&,$6VHSXHGHFDX %
VDUHOLQIODGRDFFLGHQWDOGHOFROFKyQGHDLUHRVHSXHGHGHMDULQRSHUDQWHHOVLVWHPDGHOFROFKyQGH &
DLUH&XDOTXLHUDGHHVWRVGRVFDVRVSXHGHFDXVDUGDxRVFRUSRUDOHVJUDYHV '
‡ /RVWUDEDMRVGHVHUYLFLRWpFQLFRGHEHQVHULQLFLDGRVSRUORPHQRVVHJXQGRVGHVSXpVGHTXHVH %
FRORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ³/2&.´\GHTXHVHGHVFRQHFWHHOFDEOHQHJD
WLYRGHODEDWHUtD(QHIHFWRVLQRVHSURFHGHGHHVWDIRUPDHOVLVWHPDSXHGHVHUDFWLYDGRSRUOD 
UHVHUYDGHHQHUJtDHOpFWULFDGHOPyGXORGHGHWHFFLyQ\GHGLDJQyVWLFR6'0

$
&217(1,'2 %

'HVFULSFLyQJHQHUDO ( &RPSUREDFLyQGHORVFLUFXLWRVGHO

3UHFDXFLRQHVSDUDHOVHUYLFLR  ( LQWHUUXSWRUGHOXFHVGHSDUDGD
6tPERORV\PDUFDV  (
$EUHYLDWXUDV (
6tPERORVGHOFRORUGHOFDEOHDGR  (
&RQHFWRUGHMXQWD (
&DMDGHIXVLEOHV\UHOp (
'LDJUDPDGHDOLPHQWDFLyQHOpFWULFD (
6LVWHPDGHFRQWUROGHFUXFHUR  (
&LUFXLWRGHOVLVWHPDGHFRQWUROGH
FUXFHUR  (
&RPSRQHQWHV\IXQFLRQHV  (
&RQGLFLRQHVGHDQXODFLyQ (
'LDJQyVWLFR  (
7DEODGHGLDJQyVWLFR (
1RWDVSDUDODFRPSUREDFLyQGHOFLUFXLWR
GHOVLVWHPD (
&RPSUREDFLyQGHOFLUFXLWRGHODOX]
LQGLFDGRUDGHOLQWHUUXSWRUSULQFLSDOGH
FUXFHUR  ( 6HUYLFLRHQHOYHKtFXOR  (
&RPSUREDFLyQGHOFLUFXLWRGHODOX]
LQGLFDGRUDGH³&UXFHUR´  (
&RPSUREDFLyQGHORVLQWHUUXSWRUHV
FRQLQWHUUXSWRUGHSRVLFLyQGHSHGDO  (
&RPSUREDFLyQGHOFLUFXLWRGHOLQWHUUXSWRUGH
SRVLFLyQGHODWUDQVPLVLyQ (
&RPSUREDFLyQGHOFLUFXLWRGHOLQWHUUXSWRUGH
SRVLFLyQGHOSHGDOGHOHPEUDJXH  (
&RPSUREDFLyQGHOFLUFXLWRGHODVHxDOGH
DEHUWXUDGHODPDULSRVDGHJDVHV  (
&RPSUREDFLyQGHOFLUFXLWRGHVHxDOGH
FRPDQGRGHFRUWHGHVREUHPDUFKD\
GH7&& (
&RPSUREDFLyQGHORVFLUFXLWRVGH
DOLPHQWDFLyQHOpFWULFD\PDVDGHOPyGXOR
GHFRQWUROGHFUXFHUR  (
&RPSUREDFLyQGHOPyGXORGHFRQWUROGH
FUXFHUR\VXFLUFXLWR  (
,QVSHFFLyQ\DMXVWHGHOMXHJRGHOFDEOHGH
FUXFHUR  (
,QWHUUXSWRUSULQFLSDOGHFUXFHUR  (
,QWHUUXSWRUHV&RDVW6HW5HVXPH
$FFHO\&DQFHO  (
SULQFLSDOGHFUXFHUR&RDVW6HW5HVXPH 6HQVRUGHYHORFLGDGGHOYHKtFXOR966 (
$FFHO\&DQFHO  ( ,QWHUUXSWRUGHSRVLFLyQGHODWUDQVPLVLyQ  (
&RPSUREDFLyQGHOFLUFXLWRGH966  (
(6,67(0$'(&21752/'(&58&(52

,QWHUUXSWRUGHSRVLFLyQGHOSHGDOGHO &RQMXQWRGHODFWXDGRUGHFRQWUROGHFUXFHUR
HPEUDJXH&33  ( FRQPyGXORGHFRQWURO  (
,QWHUUXSWRUGHOXFHVGHSDUDGD &DEOHGHFUXFHUR(
FRQLQWHUUXSWRUGHSRVLFLyQGHOSHGDO (

 6,67(0$'(&21752/'(&58&(52(

'HVFULSFLyQJHQHUDO
3UHFDXFLRQHVSDUDHOVHUYLFLR
5HILpUDVHDODVHFFLyQ

6tPERORV\PDUFDV
5HILpUDVHDODVHFFLyQ$

$EUHYLDWXUDV
5HILpUDVHDODVHFFLyQ$

6tPERORVGHOFRORUGHOFDEOHDGR
5HILpUDVHDODVHFFLyQ

&RQHFWRUGHMXQWD
5HILpUDVHDODVHFFLyQ

&DMDGHIXVLEOHV\UHOp
5HILpUDVHDODVHFFLyQ$

'LDJUDPDGHDOLPHQWDFLyQHOpFWULFD
5HILpUDVHDODVHFFLyQ$
(6,67(0$'(&21752/'(&58&(52

6LVWHPDGHFRQWUROGHFUXFHUR
(OVLVWHPDGHFRQWUROGHFUXFHURHVXQGLVSRVLWLYRTXHPDQWLHQHXQDYHORFLGDGSUHILMDGDGHOYHKtFXORFXDQGRVHFRQ
GXFHDDOWDYHORFLGDGSRUHMHPSORHQXQDDXWRSLVWD3HUPLWHDOFRQGXFWRUFRQGXFLUVXYHKtFXORDODYHORFLGDGFRQV
WDQWH GH  NPK R PiV VLQ DSUHWDU HO SHGDO GHO DFHOHUDGRU FUXFHUR FRQVWDQWH (O VLVWHPD WDPELpQ LQFRUSRUD
IXQFLRQHVSDUDFDPELDUODYHORFLGDGGHOYHKtFXORVLQDFFLRQDUHOSHGDOGHODFHOHUDGRU>XWLOL]DQGRORVLQWHUUXSWRUHV6(7
&2$67)LMDUUXHGDOLEUH\$&&(/5(680(9ROYHUDDFHOHUDU@SDUDDQXODUHOFRQWUROGHUpJLPHQGHFUXFHUR>LQWH
UUXSWRU&$1&(/$QXODU@\SDUDYROYHUDXWRPiWLFDPHQWHDODYHORFLGDGPHPRUL]DGDGHVSXpVGHFDQFHODUHOFRQWURO
GHOUpJLPHQGHFUXFHUR>LQWHUUXSWRU$&&(/5(680(9ROYHUDDFHOHUDU@(OVLVWHPDHVWiFRPSXHVWRSULQFLSDOPHQWH
GHXQVHQVRUGHYHORFLGDGGHOYHKtFXORXQFRQMXQWRGHDFWXDGRUTXHLQFRUSRUDHOPyGXORGHFRQWUROLQWHUUXSWRUSULQ
FLSDOGHFUXFHURLQWHUUXSWRU6(7&2$67)LMDUUXHGDOLEUHLQWHUUXSWRU$&&(/5(680(9ROYHUDDFHOHUDULQWHUUXS
WRU&$1&(/$QXODUHWF

 ,QWHUUXSWRUSULQFLSDOGHFUXFHUR  3&0(&0
 /X]LQGLFDGRUDGHOLQWHUUXSWRUSULQFLSDOGHFUXFHUR  ,QWHUUXSWRUGHOXFHVGHSDUDGDLQWHUUXSWRUGHSRVLFLyQGHOSHGDOGHIUHQR
 /X]LQGLFDGRUDGH³&58,6(´  ,QWHUUXSWRUGHSRVLFLyQGHOSHGDOGHOHPEUDJXH3DUDYHKtFXORFRQ07
 ,QWHUUXSWRUGH6(7&2$67$&&(/5(680(&$1&(/  7UDQVPLVLyQDXWRPiWLFD
 6HQVRUGHYHORFLGDGGHOYHKtFXOR  ,QWHUUXSWRUGHSRVLFLyQGHODWUDQVPLVLyQ,QWHUUXSWRUGHSRVLFLyQGHHVWD
FLRQDPLHQWRSXQWRPXHUWR9HKtFXORFRQ$7
 &RQMXQWRGHDFWXDGRUGHFRQWUROGHFUXFHURFRQPyGXORGHFRQWURO

&LUFXLWRGHOVLVWHPDGHFRQWUROGHFUXFHUR
5HILpUDVHDODVHFFLyQ$
 6,67(0$'(&21752/'(&58&(52(

&RPSRQHQWHV\IXQFLRQHV

&RPSRQHQWHV )XQFLyQ
&RQMXQWRGHDFWXDGRUGHFRQ 0yGXORGHFRQWUROGHFUXFHUR
WUROGHFUXFHURFRQPyGXORGH 0HGLDQWHXQDPLFURFRPSXWDGRUDHMHFXWDHOFRQWUROFHQWUDOL]DGRGHWRGDVODVIXQ
FRQWURO FLRQHVLQFOX\HQGRODILMDFLyQGHXQDYHORFLGDGFRQVWDQWHHOUHVWDEOHFLPLHQWRGHOD
YHORFLGDGODILMDFLyQGHUXHGDOLEUHOLPLWDFLyQGHODYHORFLGDGPtQLPD\DQXODFLyQ
GHOFRQWUROGHFUXFHUR
&RQMXQWRGHDFWXDGRUGHFRQWUROGHFUXFHURPRWRUGHSDVRDSDVR\HPEUDJXH
$FFLRQDHOSHGDOGHODFHOHUDGRUPHGLDQWHHOFDEOH\EUD]RGHFUXFHUR\GHDFXHUGR
FRQXQDVHxDOSURFHGHQWHGHOPyGXORGHFUXFHURFRQWURODODYHORFLGDGGHOYHKt
FXOR
,QWHUUXSWRUSULQFLSDOGHFUXFHUR (VWHLQWHUUXSWRUWLHQHXQERWyQWLSRFRQWDFWRPRPHQWiQHRSDUDDFWLYDU\GHVDFWLYDU
21\2))HOVLVWHPDGHFRQWUROGHFUXFHUR
,QWHUUXSWRU6(7&2$67 &XDQGRVHJLUDHVWHLQWHUUXSWRUDODSRVLFLyQ21\HQVHJXLGDHVVROWDGR2))
)LMDUUXHGDOLEUH PLHQWUDVHOYHKtFXORYDDODYHORFLGDGGHNPKRPiVVHPHPRUL]DODYHORFLGDG
DODTXHLEDHOYHKtFXORHQHOPRPHQWRGHOLEHUDU2))HOLQWHUUXSWRU\VHPDQWLHQH
GLFKDYHORFLGDGFUXFHURFRQVWDQWH
6LVHJLUDFRQWLQXDPHQWH21HVWHLQWHUUXSWRUGXUDQWHHOFUXFHURFRQVWDQWHODYHOR
FLGDGGHOYHKtFXORVLJXHGLVPLQX\HQGRPLHQWUDVHOLQWHUUXSWRUHVWpVLHQGRJLUDGR
21&XDQGRVHVXHOWD2))HOLQWHUUXSWRUVHPHPRUL]DODYHORFLGDGDODTXHLED
HOYHKtFXORHQHVHPRPHQWR\HOYHKtFXORFRPLHQ]DHOUpJLPHQGHFUXFHURFRQV
WDQWH
,QWHUUXSWRUGH$&&(/ 6LVHJLUD21HVWHLQWHUUXSWRUGXUDQWHHOFUXFHURFRQVWDQWHODYHORFLGDGGHOYHKt
5(680(9GYHUDDFHOHUDU FXORVLJXHDXPHQWDQGRPLHQWUDVHOLQWHUUXSWRUHVWpVLHQGRJLUDGR21&XDQGRVH
VXHOWD2))HOLQWHUUXSWRUVHPHPRUL]DODYHORFLGDGDODTXHLEDHOYHKtFXORHQHVH
PRPHQWR\HOYHKtFXORFRPLHQ]DHOUpJLPHQGHFUXFHURFRQVWDQWH6LODYHORFLGDG
GHOYHKtFXORHVPD\RUTXHNPKGHVSXpVGHKDEHUDQXODGRHOFRQWUROGHFUX
FHURDOJLUDU21PRPHQWiQHDPHQWHHVWHLQWHUUXSWRUHOYHKtFXORYROYHUiDODYHOR
FLGDGDODTXHLEDDQWHVGHODDQXODFLyQ
,QWHUUXSWRU&$1&(/$QXODU &XDQGRVHSXOVDHVWHLQWHUUXSWRU21HOFRQWUROGHFUXFHURFRQWUROGHOSHGDOGHO
DFHOHUDGRUHVDQXODGR
6HQVRUGHYHORFLGDGGHOYHKt (OVHQVRUGHYHORFLGDGGHOYHKtFXOR966HVWiPRQWDGRHQODWUDQVIHUHQFLDRHQOD
FXOR966 WUDQVPLVLyQ(OVHQVRUGH966FRQYLHUWHODYHORFLGDGGHOYHKtFXORHQXQDVHxDOGH
LPSXOVLyQ\ODWUDQVPLWHDOPyGXORGHFRQWUROGHFUXFHUR
,QWHUUXSWRUGHOXFHVGHSDUDGD (OLQWHUUXSWRUGHOXFHVGHSDUDGDWLHQHSXQWRVGHFRQWDFWR8QSXQWRGHFRQWDFWR
FLHUUDFXDQGRVHSUHVLRQDHOSHGDOGHOIUHQR\HQFLHQGHODVOXFHVGHSDUDGD\
VXPLQLVWUDXQDVHxDOGHWHQVLyQDOPyGXORGHFRQWUROGHFUXFHUR&XDQGRHVWD
VHxDOHQWUDFDQFHODHOFRQWUROGHFUXFHUROLEHUDHOSHGDOGHODFHOHUDGRU
(ORWURSXQWRGHFRQWDFWRLQWHUUXSWRUGHSRVLFLyQGHOSHGDOGHIUHQRDEUHFXDQGR
VHSUHVLRQDHOSHGDOGHIUHQR\FRUWDODHOHFWULFLGDGDOHPEUDJXHPDJQpWLFRHQHO
DFWXDGRU\DVtDQXODHOFRQWUROGHFUXFHUROLEHUDHOSHGDOGHODFHOHUDGRU
(VWHLQWHUUXSWRUHVWiSUHYLVWRHLQVWDODGRSDUDDQXODUHOFRQWUROGHFUXFHURFUXFHUR
FRQVWDQWHVLQIDOODU
,QWHUUXSWRUGHSRVLFLyQGHO &XDQGRVHSUHVLRQDHOSHGDOGHOHPEUDJXHHOLQWHUUXSWRUGHSRVLFLyQGHOSHGDOGHO
SHGDOGHOHPEUDJXH3DUD HPEUDJXHVHFLHUUD\VXPLQLVWUDXQDVHxDOGHPDVDDOPyGXORGHFRQWUROGHFUX
YHKtFXORFRQ07VRODPHQWH FHUR
&XDQGRHVWDVHxDOHQWUDHOPyGXORGHFRQWUROGHFUXFHURFDQFHODHOFRQWUROGHFUX
FHURFRQWUROGHOSHGDOGHODFHOHUDGRU
,QWHUUXSWRUGHSRVLFLyQGHOD &XDQGRODSDODQFDVHOHFWRUDHVWiFRORFDGDHQODSRVLFLyQ³3´R³1´HOLQWHUUXSWRUGH
WUDQVPLVLyQ,QWHUUXSWRUGH SRVLFLyQGHODWUDQVPLVLyQVHFLHUUD\VXPLQLVWUDXQDVHxDOGHPDVDDOPyGXORGH
SRVLFLyQGHHVWDFLRQDPLHQWR FRQWUROGHFUXFHUR&XDQGRHVWDVHxDOHQWUDHOPyGXORGHFRQWUROGHFUXFHURFDQ
SXQWRPXHUWR9HKtFXORFRQ FHODHOFRQWUROGHFUXFHURFRQWUROGHOSHGDOGHODFHOHUDGRU
$7VRODPHQWH
3&0±6HxDOGHDEHUWXUDGH (QWUDGHVGHHO3&0VHxDOGHDEHUWXUDGHODPDULSRVDGHJDVHV
ODPDULSRVDGHJDVHVYHKt 0HGLDQWHHVWDVHxDOHOPyGXORGHFRQWUROGHFUXFHURGHWHFWDODDEHUWXUDGHODPDUL
FXOR$7VRODPHQWH SRVDGHJDVHV\XWLOL]DHVWHGDWRFRPRXQRGHORVHOHPHQWRVSDUDHQYLDUDO3&0OD
VHxDOGHVREUHPDUFKD\ODVHxDOGHFRPDQGRGHFRUWH2))GH7&&
(6,67(0$'(&21752/'(&58&(52

&RPSRQHQWHV )XQFLyQ
3&0±6DOLGDGHODVHxDOGH &XDQGRODDEHUWXUDGHODPDULSRVDGHJDVHVH[FHGHHOYDORUHVSHFLILFDGRGXUDQWH
FRPDQGRGHVREUHPDUFKD\ HOFRQWUROGHFUXFHURHOPyGXORGHFRQWUROGHFUXFHURHQYtDHVWDVHxDODO3&0(O
GHFRUWH2))GH7&& PyGXORGH3&0XWLOL]DHVWDVHxDOHQWUHRWUDVSDUDFRQWURODUOD$7
/X]LQGLFDGRUDGHOLQWHUUXSWRU &XDQGRHOLQWHUUXSWRUGHHQFHQGLGRHVWiHQODSRVLFLyQ21\HOVLVWHPDGHFRQWURO
SULQFLSDOGHFUXFHUR GHFUXFHURHVWiGHVDFWLYDGR2))VLVHSUHVLRQHXQDYH]HVWHLQWHUUXSWRU\VHOR
VXHOWDHOVLVWHPDGHFRQWUROGHFUXFHURVHUiDFWLYDGR\HVWRHQFHQGHUiODOX]LQGL
FDGRUD
/X]LQGLFDGRUDGH³&58 6HHQFLHQGHFXDQGRHOFRQWUROGHFUXFHURFRQWUROGHOSHGDOGHODFHOHUDGRUHVWi
&(52´ IXQFLRQDQGR

&RQGLFLRQHVGHDQXODFLyQ
(OFUXFHURDYHORFLGDGFRQVWDQWHHVDQXODGRHQODVFRQGLFLRQHVVLJXLHQWHV
‡ /DOODYHGHHQFHQGLGRHVJLUDGDDODSRVLFLyQ2))
‡ (OLQWHUUXSWRUSULQFLSDOGHFUXFHURHVGHVDFWLYDGR2))
‡ /DYHORFLGDGGHOYHKtFXORKDGLVPLQXLGRDPHQRVGHODYHORFLGDGOtPLWHLQIHULRUGHIXQFLRQDPLHQWRNPK
‡ /DYHORFLGDGGHOYHKtFXORYDUtDH[FHGLHQGRHOLQWHUYDORGHYHORFLGDGGHDQXODFLyQ±NPKGHODYHORFL
GDGILMDGD
‡ (OSHGDOGHIUHQRHVWiSUHVLRQDGR(OLQWHUUXSWRUGHOXFHVGHSDUDGDHVWiHQODSRVLFLyQ21
‡ (OSHGDOGHOHPEUDJXHHVWiSUHVLRQDGR(OLQWHUUXSWRUGHSRVLFLyQGHOSHGDOGHOHPEUDJXHHVWiHQODSRVL
FLyQ213DUDYHKtFXORFRQ07
‡ /D SDODQFD VHOHFWRUD KD VLGR FDPELDGD D OD SRVLFLyQ 1 (O LQWHUUXSWRU GH SRVLFLyQ GH HVWDFLRQDPLHQWR
SXQWRPXHUWRHQHOLQWHUUXSWRUGHSRVLFLyQGHODWUDQVPLVLyQHVWiHQODSRVLFLyQ21
‡ (OLQWHUUXSWRU&$1&(/DQXODUHVWiHQODSRVLFLyQ21

127$
&XDQGRVHDQXODHOFUXFHURFRQVWDQWHGHELGRDFXDOTXLHUDGHODVFRQGLFLRQHVDQWHULRUHVLQGLFDGDVFRQXQ
DVWHULVFR GHVSXpVGHODDQXODFLyQHVSRVLEOHUHVWDEOHFHUODYHORFLGDGGHOYHKtFXORPHGLDQWHHOLQWHUUXS
WRU$&&(/5(680(VLHPSUHTXHODYHORFLGDGGHOYHKtFXORVHDPD\RUTXHNPK

'LDJQyVWLFR
7DEODGHGLDJQyVWLFR

&RQGLFLyQ &DXVDSRVLEOH &RUUHFFLyQ

/DOX]LQGLFDGRUDGHO &LUFXLWRGHODOX]LQGLFDGRUDGHOLQWHUUXSWRU
5HILpUDVHD³&20352%$&,Ï1'(/&,5
LQWHUUXSWRUSULQFLSDOQR SULQFLSDOGHIHFWXRVR &8,72'(/$/8=,1',&$'25$'(/
VHHQFLHQGHRSHUPD ,17(558372535,1&,3$/'(&58
QHFHHQFHQGLGD &(52´HQHVWDVHFFLyQ
&LUFXLWRVGHDOLPHQWDFLyQHOpFWULFD\PDVD
5HILpUDVHD³&20352%$&,Ï1'(/&,5
GHOPyGXORGHFRQWUROGHFUXFHURGHIHFWXR
&8,72'($/,0(17$&,Ï1(/e&75,&$
VRV <'(0$6$'(/0Ï'8/2'(&21
752/'(&58&(52´HQHVWDVHFFLyQ
&RQMXQWRGHODFWXDGRUGHIHFWXRVR 5HHPSODFHHOFRQMXQWRGHODFWXDGRU
/DOX]LQGLFDGRUDGH &LUFXLWRGHODOX]LQGLFDGRUDGH³&58&(52´ 5HILpUDVHD³&20352%$&,Ï1'(/&,5
³&58&(52´QRVH &8,72'(/$/8=,1',&$'25$'(
HQFLHQGHRSHUPDQHFH &58&(52´HQHVWDVHFFLyQ
HQFHQGLGD &LUFXLWRVGHDOLPHQWDFLyQHOpFWULFD\PDVD 5HILpUDVHD³&20352%$&,Ï1'(/&,5
GHOPyGXORGHFRQWUROGHFUXFHUR &8,72'($/,0(17$&,Ï1(/e&75,&$
<'(0$6$'(/0Ï'8/2'(&21
752/'(&58&(52´HQHVWDVHFFLyQ
&RQMXQWRGHODFWXDGRUGHIHFWXRVR 5HHPSODFHHOFRQMXQWRGHODFWXDGRU
 6,67(0$'(&21752/'(&58&(52(

&RQGLFLyQ &DXVDSRVLEOH &RUUHFFLyQ

/DYHORFLGDGGHOYHKt -XHJRPDODMXVWDGRGHOFDEOHGHODFWXDGRUR 9D\DD³,163(&&,Ï1<$-867('(/
FXORQRSXHGHVHU FDEOHGHIHFWXRVRGHODFWXDGRU -8(*2'(/&$%/('(&58&(52´HQ
ILMDGD HVWDVHFFLyQ
,QWHUUXSWRUSULQFLSDOFLUFXLWRVGHLQWHUUXSWR 5HILpUDVHD³&20352%$&,Ï1'(/26
UHV³&2$676(7´³5(680($&&(/´\ &,5&8,726'(,17(5583725(6
³&$1&(/´GHIHFWXRVRV 35,1&,3$/'(&58&(52&2$76(7
5(680($&&(/<&$1&(/´HQHVWD
VHFFLyQ
&LUFXLWRGH966GHIHFWXRVR 5HILpUDVHD³&20352%$&,Ï1'(/&,5
&8,72'(966´HQHVWDVHFFLyQ
&LUFXLWRGHOLQWHUUXSWRUGHOXFHVGHSDUDGD 5HILpUDVHD³&20352%$&,Ï1'(/26
GHIHFWXRVR &,5&8,726'(/,17(5583725'(
/8&(6'(3$5$'$&21,17(5583
725'(326,&,Ï1'(3('$/´HQHVWD
VHFFLyQ
&LUFXLWRGHOLQWHUUXSWRUGHSRVLFLyQGHOD 5HILpUDVHD³&20352%$&,Ï1'(/&,5
WUDQVPLVLyQPRGHOR$7VRODPHQWH &8,72'(/,17(5583725'(326,
GHIHFWXRVR &,Ï1'(/$75$160,6,Ï1´HQHVWD
VHFFLyQ
&LUFXLWRGHOLQWHUUXSWRUGHSRVLFLyQGHOSHGDO 5HILpUDVHD³&20352%$&,Ï1'(/&,5
GHOHPEUDJXHGHIHFWXRVR &8,72'(/,17(5583725'(326,
&,Ï1'(/3('$/'(/(0%5$*8(´HQ
HVWDVHFFLyQ
&LUFXLWRVGHDOLPHQWDFLyQHOpFWULFD\PDVD 5HILpUDVHD³&20352%$&,Ï1'(/&,5
GHOPyGXORGHFRQWUROGHFUXFHURGHIHFWXR &8,72'($/,0(17$&,Ï1(/e&75,&$
VRV <'(0$6$'(/0Ï'8/2'(&21
752/'(&58&(52´HQHVWDVHFFLyQ
&RQMXQWRGHODFWXDGRUGHIHFWXRVR 5HHPSODFHHOFRQMXQWRGHODFWXDGRU
/DYHORFLGDGGHOYHKt -XHJRPDODMXVWDGRGHOFDEOHGHODFWXDGRUR 9D\DD³,163(&&,Ï1<$-867('(/
FXORHVLQHVWDEOH FDEOHGHIHFWXRVRGHODFWXDGRU -8(*2'(/&$%/('(&58&(52´HQ
HVWDVHFFLyQ
&LUFXLWRGH966GHIHFWXRVR 5HILpUDVHD³&20352%$&,Ï1'(/&,5
&8,72'(966´HQHVWDVHFFLyQ
&LUFXLWRGHODVHxDOGHDEHUWXUDGHODPDUL 5HILpUDVHD³&20352%$&,Ï1'(/&,5
SRVDGHJDVHVGHIHFWXRVR &8,72'(/$6(f$/'($%(5785$'(
/$0$5,326$'(*$6(6´HQHVWDVHF
FLyQ
&RQMXQWRGHODFWXDGRUGHIHFWXRVR 5HHPSODFHHOFRQMXQWRGHODFWXDGRU
/DYHORFLGDGDFWXDOGHO -XHJRPDODMXVWDGRGHOFDEOHGHODFWXDGRUR 9D\DD³,163(&&,Ï1<$-867('(/
YHKtFXORHVPD\RUR FDEOHGHIHFWXRVRGHODFWXDGRU -8(*2'(/&$%/('(&58&(52´HQ
PHQRUTXHODYHORFLGDG HVWDVHFFLyQ
ILMDGD &LUFXLWRGHODVHxDOGHDEHUWXUDGHODPDUL 5HILpUDVHD³&20352%$&,Ï1'(/&,5
SRVDGHJDVHVGHIHFWXRVR &8,72'(/$6(f$/'($%(5785$'(
/$0$5,326$'(*$6(6´HQHVWDVHF
FLyQ
&RQMXQWRGHODFWXDGRUGHIHFWXRVR 5HHPSODFHHOFRQMXQWRGHODFWXDGRU
1RVHFRQVLJXHODDFH ,QWHUUXSWRUSULQFLSDOFLUFXLWRVGHLQWHUUXSWR 5HILpUDVHD³&20352%$&,Ï1'(/26
OHUDFLyQRGHFHOHUDFLyQ UHV³&2$676(7´³5(680($&&(/´\ &,5&8,726'(,17(5583525(6
XWLOL]DQGR³5(680( ³&$1&(/´GHIHFWXRVRV 35,1&,3$/'(&58&(52&2$76(7
$&&(/´R³&2$67 5(680($&&(/<&$1&(/´HQHVWD
6(7´ VHFFLyQ
&RQMXQWRGHODFWXDGRUGHIHFWXRVR 5HHPSODFHHOFRQMXQWRGHODFWXDGRU
(6,67(0$'(&21752/'(&58&(52

&RQGLFLyQ &DXVDSRVLEOH &RUUHFFLyQ

(OFLUFXLWRGHFRQWUROGH ,QWHUUXSWRUSULQFLSDOFLUFXLWRVGHLQWHUUXSWR 5HILpUDVHD³&20352%$&,Ï1'(/26
FUXFHURQRHVDQXODGR UHV³&2$676(7´³5(680($&&(/´\ &,5&8,726'(,17(5583725(6
FXDQGRVHKDFHIXQFLR ³&$1&(/´GHIHFWXRVRV 35,1&,3$/'(&58&(52&2$76(7
QDUHOLQWHUUXSWRU³&$1 5(680($&&(/<&$1&(/´HQHVWD
&(/´ VHFFLyQ
&RQMXQWRGHODFWXDGRUGHIHFWXRVR 5HHPSODFHHOFRQMXQWRGHODFWXDGRU
(OLQWHUUXSWRU ,QWHUUXSWRUSULQFLSDOFLUFXLWRVGHLQWHUUXSWR 5HILpUDVHD³&20352%$&,Ï1'(/26
³5(680($&&(/´IDOOD UHV³&2$676(7´³5(680($&&(/´\ &,5&8,726'(,17(5583725(6
\QRUHVWDEOHFHODYHOR ³&$1&(/´GHIHFWXRVRV 35,1&,3$/'(&58&(52&2$76(7
FLGDGSUHILMDGDGHOYHKt 5(680($&&(/<&$1&(/´HQHVWD
FXORGHVSXpVGHOD VHFFLyQ
DQXODFLyQGHOFRQWURO &RQMXQWRGHODFWXDGRUGHIHFWXRVR 5HHPSODFHHOFRQMXQWRGHODFWXDGRU
GHFUXFHUR
(OFRQWUROGHFUXFHUR &LUFXLWRGHOLQWHUUXSWRUGHOXFHVGHSDUDGD 5HILpUDVHD³&20352%$&,Ï1'(/26
QRHVDQXODGRD~Q GHIHFWXRVR &,5&8,726'(/,17(5583725'(
FXDQGRVHSUHVLRQDHO /8&(6'(3$5$'$&21,17(5583
SHGDOGHIUHQR 725'(326,&,Ï1'(3('$/´HQHVWD
VHFFLyQ
&RQMXQWRGHODFWXDGRUGHIHFWXRVR 5HHPSODFHHOFRQMXQWRGHODFWXDGRU
(OFRQWUROGHFUXFHUR &LUFXLWRGHOLQWHUUXSWRUGHSRVLFLyQGHOSHGDO 5HILpUDVHD³&20352%$&,Ï1'(/&,5
QRHVDQXODGRD~Q GHOHPEUDJXHGHIHFWXRVR &8,72'(/,17(5583725'(326,
FXDQGRVHSUHVLRQDHO &,Ï1'(/3('$/'(/(0%5$*8(´HQ
SHGDOGHOHPQEUDJXH HVWDVHFFLyQ
&RQMXQWRGHODFWXDGRUGHIHFWXRVR 5HHPSODFHHOFRQMXQWRGHODFWXDGRU
(OFLUFXLWRGHFUXFHUR &LUFXLWRGHOLQWHUUXSWRUGHSRVLFLyQGHOD 5HILpUDVHD³&20352%$&,Ï1'(/&,5
QRHVDQXODGRDXQ WUDQVPLVLyQPRGHOR$7VRODPHQWH &8,72'(/,17(5583725'(326,
FXDQGRODSDODQFD GHIHFWXRVR &,Ï1'(/$75$160,6,Ï1´HQHVWD
VHOHFWRUDHVFDPELDGD VHFFLyQ
DODSRVLFLyQ³1´ &RQMXQWRGHODFWXDGRUGHIHFWXRVR 5HHPSODFHHOFRQMXQWRGHODFWXDGRU
&XDQGRVHVXEHSRUXQ &LUFXLWRGHODVHxDOGHDEHUWXUDGHODPDUL 5HILpUDVHD³&20352%$&,Ï1'(/&,5
FDPLQRHQSHQGLHQWHHO SRVDGHJDVHVGHIHFWXRVR &8,72'(/$6(f$/'($%(5785$'(
FDPELRGHHQJUDQDMH /$0$5,326$'(*$6(6´HQHVWDVHF
PDUFKDV$7HVIUH FLyQ
FXHQWHHQWUHOD\OD &LUFXLWRGHVHxDOGHFRPDQGRGHFRUWHGH 5HILpUDVHD³&20352%$&,Ï1'(/&,5
VREUHPDUFKDIOXFWXD VREUHPDUFKD\GH7&&GHIHFWXRVR &8,72'(/$6(f$/'(&257('(
FLyQGHUSP 62%5(0$5&+$<'(7&&´HQHVWD
VHFFLyQ
&RQMXQWRGHODFWXDGRUGHIHFWXRVR 5HHPSODFHHOFRQMXQWRGHODFWXDGRU
$7QRHVFDPELDGRDO &LUFXLWRGHODVHxDOGHDEHUWXUDGHODPDUL 5HILpUDVHD³&20352%$&,Ï1'(/&,5
HQJUDQDMHGHVREUHPDU SRVDGHJDVHVGHIHFWXRVR &8,72'(/$6(f$/'($%(5785$'(
FKDDXQTXHQRVHVXED /$0$5,326$'(*$6(6´HQHVWDVHF
SRUXQDFDUUHWHUDHQ FLyQ
SHQGLHQWH &LUFXLWRGHVHxDOGHFRPDQGRGHFRUWHGH 5HILpUDVHD³&20352%$&,Ï1'(/&,5
VREUHPDUFKD\GH7&&GHIHFWXRVR &8,72'(/$6(f$/'(&257('(
62%5(0$5&+$<'(7&&´HQHVWD
VHFFLyQ
&RQMXQWRGHODFWXDGRUGHIHFWXRVR 5HHPSODFHHOFRQMXQWRGHODFWXDGRU

1RWDVSDUDODFRPSUREDFLyQGHOFLUFXLWRGHOVLVWHPD
5HILpUDVHD³35(&$8&,21(63$5$(/6(59,&,2'(&,5&8,726(/e&75,&26´HQODVHFFLyQ$
 6,67(0$'(&21752/'(&58&(52(

&RPSUREDFLyQGHOFLUFXLWRGHODOX]LQGLFDGRUDGHOLQWHUUXSWRUSULQFLSDOGHFUX
FHUR

3DVR 2SHUDFLyQ 6t 1R
 &RPSUXHEHVLHOFLUFXLWRHVWiFRUWRFLUFXLWDGR &LUFXLWR³/7*51 9D\DDOSDVR
 'HVFRQHFWHORVFRQHFWRUHVGHOPyGXORGHFRQWUROGHFUXFHUR :+7´FRUWRFLUFXL
FRQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2)) WDGRDPDVD
 &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21
¢6HHQFLHQGHODOX]LQGLFDGRUDGHOLQWHUUXSWRUSULQFLSDOGHFUX
FHUR"
 &RPSUREDFLyQGHFLUFXLWRDELHUWR &LUFXLWRGHODOX] 9D\DDOSDVR
 9HULILTXHHOHVWDGRGHODFRQH[LyQDOPyGXORGHFRQWUROGHFUX LQGLFDGRUDHQEXHQ
FHURHQHOWHUPLQDO( HVWDGR
 6LHVWiFRQIRUPHFRQHFWHHOWHUPLQDO(DPDVD
¢6HHQFLHQGHODOX]LQGLFDGRUDFXDQGRVHFRORFDHOLQWHUUXSWRUGH
HQFHQGLGRHQODSRVLFLyQ21"
 &RPSUXHEHODERPELOODGHODOX] &LUFXLWR³%/.:+7´ 5HHPSODFHOD
 'HVPRQWHHOLQWHUUXSWRUSULQFLSDOGHFUXFHURGHOWDEOHURGHLQV R³/7*51:+7´ ERPELOOD
WUXPHQWRV DELHUWR
 'HVPRQWHODERPELOOD\FRPSUXHEHODERPELOOD
¢(VWiHQEXHQDVFRQGLFLRQHVODERPELOOD"

)LJXUDSDUDHOSDVR
(6,67(0$'(&21752/'(&58&(52

&RPSUREDFLyQGHOFLUFXLWRGHODOX]LQGLFDGRUDGH³&UXFHUR´

3DVR 2SHUDFLyQ 6t 1R
 &RPSUXHEHVLHOFLUFXLWRHVWiFRUWRFLUFXLWDGR &LUFXLWR³*51<(/´ 9D\DDOSDVR
 'HVFRQHFWHHOFRQHFWRUGHOPyGXORGHFRQWUROGHFUXFHURFRQ FRUWRFLUFXLWDGRD
HOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2)) PDVD
 &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21
¢6HHQFLHQGHODOX]LQGLFDGRUDGH³&58&(52´"
 &RPSUREDFLyQGHFLUFXLWRDELHUWR &LUFXLWRGHODOX] 9D\DDOSDVR
 9HULILTXHHOHVWDGRGHODFRQH[LyQDOPyGXORGHFRQWUROGHFUX LQGLFDGRUDHQEXHQ
FHURHQHOWHUPLQDO( HVWDGR
 6LHVWiFRQIRUPHFRQHFWHHOWHUPLQDO(DPDVD
¢6HHQFLHQGHODOX]LQGLFDGRUDFXDQGRVHFRORFDHOLQWHUUXSWRUGH
HQFHQGLGRHQODSRVLFLyQ21"
 &RPSUXHEHODERPELOODGHODOX] &LUFXLWR³%/.:+7´ 5HHPSODFHOD
 'HVPRQWHHOLQGLFDGRUFRPELQDGRGHOWDEOHURGHLQVWUXPHQWRV R³*51<(/´ ERPELOOD
 'HVPRQWHODERPELOOD\FRPSUXHEHODERPELOOD DELHUWR
¢(VWiHQEXHQDVFRQGLFLRQHVODERPELOOD"

)LJXUDSDUDHOSDVR
 6,67(0$'(&21752/'(&58&(52(

&RPSUREDFLyQGHORVLQWHUUXSWRUHVSULQFLSDOGHFUXFHUR&RDVW6HW5HVXPH
$FFHO\&DQFHO

3DVR 2SHUDFLyQ 6t 1R
 &RPSUREDFLyQGHOFLUFXLWRGHLQWHUUXSWRU &LUFXLWRGHOLQWHUUXS 9D\DDOSDVR
 'HVFRQHFWHHOFRQHFWRUGHOPyGXORGHFRQWUROGHFUXFHURFRQHO WRUHQEXHQHVWDGR 
LQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2))
 9HULILTXHHOHVWDGRGHODFRQH[LyQDOPyGXORGHFRQWUROGHFUXFHUR
HQHOWHUPLQDO(
 6LHVWiFRQIRUPHFRPSUXHEHODUHVLVWHQFLDHQWUHORVWHUPLQDOHV
(\(HQFDGDXQDGHODVFRQGLFLRQHVLQGLFDGDVD
FRQWLQXDFLyQ
(VSHFLILFDFLyQGHOFLUFXLWRGHOLQWHUUXSWRUUHVLVWHQFLD
7RGRVORVLQWHUUXSWRUHVHQODSRVLFLyQ2)),QILQLWR
,QWHUUXSWRU&2$676(7JLUDGRSRVLFLyQ21±Ω
,QWHUUXSWRU5(680($&&(/JLUDGRSRVLFLyQ21±Ω
,QWHUUXSWRU&$1&(/SUHVLRQDGRSRVLFLyQ21ΩDSUR[LPDGD
PHQWH
 *LUHHOLQWHUUXSWRUGHHQFHQGLGRDODSRVLFLyQ21\FRPSUXHEHOD
WHQVLyQHQWUHHOWHUPLQDO(\PDVDHQFDGDXQDGHODVFRQ
GLFLRQHVVLJXLHQWHV
(VSHFLILFDFLyQGHOFLUFXLWRGHOLQWHUUXSWRUWHQVLyQ
,QWHUUXSWRUSULQFLSDOGHFUXFHUROLEHUDGR2))9
,QWHUUXSWRUSULQFLSDOGHFUXFHURSUHVLRQDGR21±9
¢6RQVDWLVIDFWRULRVORVUHVXOWDGRHQORVSDVRV\"
 &RPSUREDFLyQGHOLQWHUUXSWRUSULQFLSDOGHFUXFHUR 9D\DDOSDVR 5HHPSODFH
 &RPSUXHEHHOIXQFLRQDPLHQWRGHOLQWHUUXSWRUSULQFLSDOGHFUXFHUR
UHILULpQGRVHD³&RPSUREDFLyQGHOLQWHUUXSWRUSULQFLSDOGHFUXFHUR´
HQHVWDVHFFLyQ
¢(VWiHQEXHQDVFRQGLFLRQHVHOLQWHUUXSWRU"
 &RPSUREDFLyQGHORVLQWHUUXSWRUHV&2$676(75(680($&&(/\ &LUFXLWR³%/.<(/´ 5HHPSODFH
&$1&(/ R³/7*51´DELHUWR
 &RPSUXHEHHOIXQFLRQDPLHQWRGHORVLQWHUUXSWRUHV&2$676(7 RFRUWRFLUFXLWDGR
5(680($&&(/\&$1&(/5HILpUDVHD³,17(5583725(6
&2$676(75(680($&&(/\&$1&(/´HQHVWDVHFFLyQ
¢(VWiQHQEXHQDVFRQGLFLRQHVORVLQWHUUXSWRUHV"

)LJXUDSDUDHOSDVR

 ,QWHUUXSWRUSULQFLSDOGHFUXFHUR
 ,QWHUUXSWRU³5(680($&&(/5HVWDEOHFHUYHORFLGDG´
 ,QWHUUXSWRU³&2$676(7´
 ,QWHUUXSWRU³&$1&(/$QXODU´
(6,67(0$'(&21752/'(&58&(52

&RPSUREDFLyQGHOFLUFXLWRGH966

3DVR 2SHUDFLyQ 6t 1R
 &RPSUREDFLyQGHOFLUFXLWRGHOVHQVRUGHYHORFLGDGGHOYHKtFXOR &LUFXLWRGH966HQ &LUFXLWR³%/8
 'HVFRQHFWHHOFRQHFWRUGHOPyGXORGHFRQWUROGHFUXFHURFRQ EXHQHVWDGR <(/´DELHUWR
HOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2))
 9HULILTXHHOHVWDGRGHODFRQH[LyQDOPyGXORGHFRQWUROGHFUX
FHURHQHOWHUPLQDO(
 6LHVWiFRQIRUPHFRPSUXHEHODFRQWLQXLGDGHQWUHORVWHUPLQD
OHV(\(\ORVWHUPLQDOHV&\&5HILpUDVH
D³6,67(0$'(&21752/'(&58&(52´HQODVHFFLyQ$
¢(VVDWLVIDFWRULRHOUHVXOWDGRGHODFRPSUREDFLyQ"

)LJXUDSDUDHOSDVR
 6,67(0$'(&21752/'(&58&(52(

&RPSUREDFLyQGHORVFLUFXLWRVGHOLQWHUUXSWRUGHOXFHVGHSDUDGDFRQLQWHUUXS
WRUGHSRVLFLyQGHSHGDO

3DVR 2SHUDFLyQ 6t 1R
 &RPSUREDFLyQGHORVFLUFXLWRVGHOLQWHUUXSWRUGHOXFHVGHSDUDGD /RVFLUFXLWRVGHO 9D\DDOSDVR
FRQLQWHUUXSWRUGHSRVLFLyQGHSHGDO LQWHUUXSWRUGHOXFHV
 'HVFRQHFWHHOFRQHFWRUGHOPyGXORGHFRQWUROGHFUXFHURFRQ GHSDUDGDFRQLQWH
HOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2)) UUXSWRUGHSRVLFLyQ
 9HULILTXHHOHVWDGRGHODFRQH[LyQDOPyGXORGHFRQWUROGHFUX GHSHGDOHVWiQHQ
FHURHQHOWHUPLQDO(\HQHOWHUPLQDO( EXHQHVWDGR
 6LODFRQH[LyQHVWiQRUPDOFRORTXHHOLQWHUUXSWRUGHHQFHQGLGR
HQODSRVLFLyQ21
 &RPSUXHEHODWHQVLyQHQWUHFDGDWHUPLQDO\PDVDHQFDGD
XQDGHODVFRQGLFLRQHVVLJXLHQWHV
(VSHFLILFDFLyQGHOFLUFXLWRGHOLQWHUUXSWRUGHOXFHVGHSDUDGD
3HGDOGHIUHQRVROWDGRWHUPLQDO(9
3HGDOGHIUHQRVROWDGRWHUPLQDO(±9
3HGDOGHIUHQRDSUHWDGRWHUPLQDO(±9
3HGDOGHIUHQRDSUHWDGRWHUPLQDO(9
¢(VVDWLVIDFWRULRHOUHVXOWDGRGHODFRPSUREDFLyQ"
 &RPSUREDFLyQGHODSRVLFLyQGHOLQWHUUXSWRUGHOXFHVGHSDUDGD 9D\DDOSDVR $MXVWH
 &RPSUXHEHODSRVLFLyQGHLQVWDODFLyQGHOLQWHUUXSWRUGHOXFHV
GHSDUDGD5HILpUDVHD³,17(5583725'(/8&(6'(
3$5$'$´HQODVHFFLyQ
¢(VVDWLVIDFWRULRHOUHVXOWDGRGHODFRPSUREDFLyQ"
 &RPSUREDFLyQGHOLQWHUUXSWRUGHOXFHVGHSDUDGDFRQLQWHUUXSWRU &LUFXLWR³<(/*51´ 5HHPSODFH
GHSRVLFLyQGHSHGDO R³*51:+7´
 'HVFRQHFWHHOFRQHFWRUGHOLQWHUUXSWRUGHOXFHVGHSDUDGD DELHUWRRFRUWRFLU
 &RPSUXHEHHOHVWDGRGHODFRQH[LyQDOLQWHUUXSWRUGHOXFHVGH FXLWDGR
SDUDGDHQWRGRVORVWHUPLQDOHV
 6LHVWiFRQIRUPHFRPSUXHEHHOIXQFLRQDPLHQWRGHORVLQWH
UUXSWRUHVGHOXFHVGHSDUDGD\GHSRVLFLyQGHOSHGDO5HILp
UDVHD³,17(5583725'(/8&(6'(3$5$'$´HQHVWD
VHFFLyQ
¢(VWiHQEXHQDVFRQGLFLRQHVHVWHLQWHUUXSWRU"

)LJXUDSDUDHOSDVR
(6,67(0$'(&21752/'(&58&(52

&RPSUREDFLyQGHOFLUFXLWRGHOLQWHUUXSWRUGHSRVLFLyQGHODWUDQVPLVLyQ

3DVR 2SHUDFLyQ 6t 1R
 &RPSUREDFLyQGHOFLUFXLWRGHOLQWHUUXSWRUGHSRVLFLyQGHODWUDQVPL (OFLUFXLWRGHOLQWH 9D\DDOSDVR
VLyQ UUXSWRUGHSRVLFLyQ
 'HVFRQHFWHHOFRQHFWRUGHOPyGXORGHFRQWUROGHFUXFHURFRQ GHODWUDQVPLVLyQ
HOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2)) HVWiHQEXHQDVFRQ
 9HULILTXHHOHVWDGRGHODFRQH[LyQDOPyGXORGHFRQWUROGHFUX GLFLRQHV
FHURHQHOWHUPLQDO(
 6LHVWiFRQIRUPHFRQHFWHHORKPtPHWURHQWUHHOWHUPLQDO
(\PDVD
 &RPSUXHEHODFRQWLQXLGDGHQFDGDXQDGHODVFRQGLFLRQHV
VLJXLHQWHV
(VSHFLILFDFLyQGHOFLUFXLWRGHOLQWHUUXSWRUGHSRVLFLyQGHOD
WUDQVPLVLyQ
3DODQFDVHOHFWRUDHQODSRVLFLyQ³3´R³1´&RQWLQXLGDG
3RVLFLyQ³5´³'´³´R³/´,QILQLWR
¢(VVDWLVIDFWRULRHOUHVXOWDGRGHODFRPSUREDFLyQ"
 &RPSUREDFLyQGHOLQWHUUXSWRUGHSRVLFLyQGHODWUDQVPLVLyQ &LUFXLWR³%/.5('´ $MXVWHRUHHP
 'HVFRQHFWHHOFRQHFWRUGHOLQWHUUXSWRUGHSRVLFLyQGHODWUDQV R³%/.<(/´ SODFH
PLVLyQ DELHUWRRFRUWRFLU
 &RPSUXHEHHOHVWDGRGHODFRQH[LyQDOLQWHUUXSWRUGHSRVLFLyQ FXLWDGR
GHODWUDQVPLVLyQHQORVWHUPLQDOHVGHOFRQHFWRUGHVFRQHF
WDGR
 6LHVWiQQRUPDOHVFRPSUXHEHHOIXQFLRQDPLHQWRGHOLQWHUUXS
WRUGHSRVLFLyQGHODWUDQVPLVLyQ5HILpUDVHD³,17(5583725
'(326,&,Ï1'(/$75$160,6,Ï1´HQODVHFFLyQ%
¢(VVDWLVIDFWRULRHOUHVXOWDGRGHODFRPSUREDFLyQ"

)LJXUDSDUDHOSDVR
 6,67(0$'(&21752/'(&58&(52(

&RPSUREDFLyQGHOFLUFXLWRGHOLQWHUUXSWRUGHSRVLFLyQGHOSHGDOGHOHPEUDJXH

3DVR 2SHUDFLyQ 6t 1R
 &RPSUREDFLyQGHOFLUFXLWRGHOLQWHUUXSWRUGHSRVLFLyQGHOSHGDOGHO (OFLUFXLWRGHOLQWH 9D\DDOSDVR
HPEUDJXH UUXSWRUGHSRVLFLyQ
 'HVFRQHFWHHOFRQHFWRUGHOPyGXORGHFRQWUROGHFUXFHURFRQ GHOSHGDOGHOHPEUD
HOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2)) JXHHVWiHQEXHQDV
 9HULILTXHHOHVWDGRGHODFRQH[LyQDOPyGXORGHFRQWUROGHFUX FRQGLFLRQHV
FHURHQHOWHUPLQDO(
 6LHVWi\PDVDFRQIRUPHFRPSUXHEHODUHVLVWHQFLDHQWUHHO
WHUPLQDO(\PDVDHQFDGDXQDGHODVFRQGLFLRQHVLQGL
FDGDVDFRQWLQXDFLyQ
(VSHFLILFDFLyQGHOFLUFXLWRGHOLQWHUUXSWRUGHSRVLFLyQGHO
SHGDOGHOHPEUDJXH
3HGDOGHIUHQRVROWDGR,QILQLWR
3HGDOGHIUHQRSUHVLRQDGR&RQWLQXLGDG
¢(VVDWLVIDFWRULRHOUHVXOWDGRGHODFRPSUREDFLyQ"
 &RPSUREDFLyQGHODSRVLFLyQGHOLQWHUUXSWRUGHSRVLFLyQGHOSHGDO 9D\DDOSDVR $MXVWH
GHOHPEUDJXH
 &RPSUXHEHODSRVLFLyQGHOLQWHUUXSWRUGHOSHGDOGHOHPEUDJXH
5HILpUDVHD³,17(5583725'(326,&,Ï1'(/3('$/'(/
(0%5$*8(´HQHVWDVHFFLyQ
¢(VVDWLVIDFWRULRHOUHVXOWDGRGHODFRPSUREDFLyQ"
 &RPSUREDFLyQGHOLQWHUUXSWRUGHSRVLFLyQGHOSHGDOGHOHPEUDJXH &LUFXLWR³%/8´R 5HHPSODFH
 'HVFRQHFWHHOFRQHFWRUGHOLQWHUUXSWRUGHSRVLFLyQGHOSHGDO ³%/.´DELHUWRRHQ
GHOHPEUDJXH FRUWRFLUFXLWR
 9HULILTXHHOHVWDGRGHODFRQH[LyQDOLQWHUUXSWRUGHSRVLFLyQGHO
SHGDOGHOHPEUDJXHHQWRGRVORVWHUPLQDOHV
 6LHVWiFRQIRUPHFRPSUXHEHHOIXQFLRQDPLHQWRGHOLQWHUUXSWRU
GHSRVLFLyQGHOSHGDOGHOHPEUDJXH5HILpUDVHD³,17(5583
725'(326,&,Ï1'(/3('$/'(/(0%5$*8(´HQHVWD
VHFFLyQ
¢(VWiHQEXHQDVFRQGLFLRQHVHVWHLQWHUUXSWRU"

)LJXUDSDUDHOSDVR
(6,67(0$'(&21752/'(&58&(52

&RPSUREDFLyQGHOFLUFXLWRGHODVHxDOGHDEHUWXUDGHODPDULSRVDGHJDVHV

3DVR 2SHUDFLyQ 6t 1R
 &RPSUREDFLyQGHOFyGLJRGHGLDJQyVWLFRGHOPyGXORGHFRQWUROGHO &RPSUXHEH\ 9D\DDOSDVR
WUHQGHSRWHQFLD3&0 UHSDUHHOVHQVRUGH
 &RPSUXHEHVLKD\'7&HQHO3&0 73UHILULpQGRVHDOD
¢6HGHWHFWD'7&UHODFLRQDGRFRQHOVHQVRUGHSRVLFLyQGHODPDUL VHFFLyQ
SRVDGHJDVHV"
 &RPSUREDFLyQGHOFLUFXLWRGHODVHxDOGHDEHUWXUDGHODPDULSRVD (OFLUFXLWRGHOD 9D\DDOSDVR
GHJDVHV VHxDOGHDEHUWXUD
 &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21 GHODPDULSRVDGH
 0LGDODWHQVLyQHQWUHHOWHUPLQDO(GHOFRQHFWRUFRQHFWDGR JDVHVHVWiHQ
GHO3&0\ODPDVD EXHQDFRQGLFLRQHV
¢9DUtDODWHQVLyQOLQHDOPHQWHGHDFXHUGRFRQODDEHUWXUDGHOD
PDULSRVDGHJDVHV"
 &RPSUREDFLyQGHODWHQVLyQGHDOLPHQWDFLyQHOpFWULFD &RPSUXHEHHOVHQ &RPSUXHEHHO
 'HVFRQHFWHHOFRQHFWRUGHOPyGXORGH3&0FRQHOLQWHUUXSWRU VRUGH73\ORVFLU FDEOH³*5<´SDUD
GHHQFHQGLGRHQODSRVLFLyQ2)) FXLWRV5HILpUDVHD GHWHFWDUFLUFXLWR
 &RPSUXHEHHOHVWDGRGHODFRQH[LyQDOPyGXORGH3&0HQHO ODVHFFLyQ DELHUWRRFRUWRFLU
WHUPLQDO( 6LHVWiQFRQIRUPHV FXLWR6LHVWiFRQ
 6LODFRQH[LyQHVWiFRQIRUPHXWLOLFHHOFDEOHGHVHUYLFLR\ UHHPSODFHSRUXQ IRUPHSURFHGDD
FRQHFWHHOWHUPLQDOGHOFDEOH³%/8´GHOUHOHSULQFLSDODPDVD PyGXORGH3&0HQ ODFRPSUREDFLyQ
 &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21 EXHQHVWDGR\ GHORVFLUFXLWRV
 0LGDODWHQVLyQHQWUHHOWHUPLQDO(GHOFRQHFWRUGHO3&0\ YXHOYDDFRPSUREDU GHDOLPHQWDFLyQ
ODPDVD HOpFWULFD\GH
¢(VODWHQVLyQ±9" PDVDGHOPyGXOR
GHFRQWUROGHFUX
FHUR

)LJXUDSDUDHOSDVR
 6,67(0$'(&21752/'(&58&(52(

&RPSUREDFLyQGHOFLUFXLWRGHVHxDOGHFRPDQGRGHFRUWHGHVREUHPDUFKD\GH
7&&

3DVR 2SHUDFLyQ 6t 1R
 &RPSUREDFLyQGHOFLUFXLWRGHVHxDOGHFRPDQGRGHFRUWHGH (VWHFLUFXLWRGH &RPSUXHEHHOFDEOH
VREUHPDUFKD\GH7&& VHxDOHVWiHQEXHQ ³31.%/8´SDUDGHWHF
 'HVFRQHFWHHOFRQHFWRUGHOPyGXORGHFRQWUROGHFUX HVWDGR WDUFLUFXLWRDELHUWRRFRU
FHURFRQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2)) WRFLUFXLWR
 9HULILTXHHOHVWDGRGHODFRQH[LyQDOPyGXORGHFRQWURO 6LHVWiFRQIRUPHUHHP
GHFUXFHURHQHOWHUPLQDO( SODFHSRUXQPyGXORGH
 6LODFRQH[LyQHVWiQRUPDOFRORTXHHOLQWHUUXSWRUGH 3&0HQEXHQHVWDGR\
HQFHQGLGRHQODSRVLFLyQ21 YXHOYDDFRPSUREDU
 &RPSUXHEHODWHQVLyQHQWUHHOWHUPLQDO(\OD
PDVD
¢(VODWHQVLyQ±9"

)LJXUDSDUDHOSDVR

&RPSUREDFLyQGHORVFLUFXLWRVGHDOLPHQWDFLyQHOpFWULFD\PDVDGHOPyGXORGH
FRQWUROGHFUXFHUR

3DVR 2SHUDFLyQ 6t 1R
 &RPSUREDFLyQGHORVFLUFXLWRVGHDOLPHQWDFLyQHOpFWULFD\PDVD /RVFLUFXLWRVGHDOL &LUFXLWR³%/8
 'HVFRQHFWHHOFRQHFWRUGHOPyGXORGHFRQWUROGHFUXFHURFRQ PHQWDFLyQHOpFWULFD %/.´R³%/.´
HOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2)) \PDVDHVWiQHQ DELHUWR
 9HULILTXHHOHVWDGRGHODFRQH[LyQDOPyGXORGHFRQWUROGHFUX EXHQHVWDGR
FHURHQHOWHUPLQDO(\HQHOWHUPLQDO(
 6LODFRQH[LyQHVWiQRUPDOFRORTXHHOLQWHUUXSWRUGHHQFHQGLGR
HQODSRVLFLyQ21
 &RPSUXHEHODWHQVLyQHQWUHORVWHUPLQDOHV(\(
¢,QGLFDHOYROWtPHWUR±9"

)LJXUDSDUDHOSDVR
(6,67(0$'(&21752/'(&58&(52

&RPSUREDFLyQGHOPyGXORGHFRQWUROGHFUXFHUR\VXFLUFXLWR

35(&$8&,Ï1
(OPyGXORGHFRQWUROGHFUXFHURQRSXHGHFRPSUREDUVHDVtPLVPR(VWiHVWULFWDPHQWHSURKLELGRFRQHFWDU
XQYROWtPHWURRXQRKPtPHWURDOPyGXORGHFRQWUROGHFUXFHURFRQHOFRQHFWRUGHVFRQHFWDGRGHOPyGXOR

&20352%$&,Ï1'(/$7(16,Ï1
&RPSUXHEHODWHQVLyQGHHQWUDGDRGHVDOLGDWHQVLyQHQWUHFDGDFLUFXLWR\ODPDVDDFDUURFHUtDFRQHOFRQHFWRUGHO
PyGXORGHFRQWUROGHFUXFHURFRQHFWDGR

&,5&8,72 7(16,Ï1 &21',&,Ï1

6HQVRUGHYHORFLGDGGHOYHKt
FXOR
,QWHUUXSWRUGHOXFHVGHSDUDGD
6HxDOGHFRUWHGHVREUHPDUFKD
1250$/
)OXFWXDFLyQUHSHWLGD ,QWHUUXSWRUGHHQFHQGLGRHQ21HLQWHUUXSWRUSULQFLSDOGH
GHOLQGLFDGRUHQWUH FUXFHURHQ219HKtFXOROHYDQWDGR\QHXPiWLFRWUDVHUR
±9\±9 L]TXLHUGRJLUDGROHQWDPHQWHFRQHOQHXPiWLFRWUDVHUR
GHUHFKREORTXHDGR
±9 3HGDOGHIUHQRVROWDGR
±9 3HGDOGHIUHQRDSUHWDGR
±9 ,QWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21
\GH7&&$7VRODPHQWH
/X]LQGLFDGRUDGH³&58&(52´
0DVD
,QWHUUXSWRUGHSRVLFLyQGHOSHGDO
GHIUHQRHQLQWHUUXSWRUGHOXFHV
±9 ,QWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21
± ±
±9 ,QWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21SHGDOGH
IUHQROLEHUDGR
GHSDUDGD 9 ,QWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21SHGDOGH
IUHQRSUHVLRQDGR
6HxDOGHDEHUWXUDGHODPDUL ,QWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21
SRVDGHJDVHVGHVGHHOPyGXOR /DWHQVLyQYDUtDFRPRHVSHFLILFDGRSRUODJUiILFDHQ³&20352%$&,Ï1'(/&,5
GH3&0SDUD$7VRODPHQWH &8,72'(/$6(f$/'($%(5785$'(/$0$5,326$'(*$6(6´HQHVWD
VHFFLyQ
,QWHUUXSWRUSULQFLSDOGHFUXFHUR ±9 ,QWHUUXSWRUGHHQFHQGLGRHQ21HLQWHUUXSWRUSULQFLSDOGH
FUXFHUROLEHUDGR
±9 ,QWHUUXSWRUGHHQFHQGLGRHQ21HLQWHUUXSWRUSULQFLSDOGH
FUXFHURSUHVLRQDGR
,QWHUUXSWRU&$1&(/$QXODU ±9 ,QWHUUXSWRUGHHQFHQGLGRHQ21HLQWHUUXSWRU&$1&(/
SUHVLRQDGR
,QWHUUXSWRUGH6(7&2$67 ±9 ,QWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21HLQWHUUXSWRU
ILMDUUXHGDOLEUH &2$676(7JLUDGR
,QWHUUXSWRUGH$&&(/5(680( ±9 ,QWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21HLQWHUUXSWRU
YROYHUDDFHOHUDU 5(680($&&(/JLUDGR
,QWHUUXSWRUGHSRVLFLyQGHOSHGDO ±9 ,QWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21\SHGDOGHO
GHOHPEUDJXH07VRODPHQWH HPEUDJXHOLEHUDGR
±9 ,QWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21\SHGDOGHO
HPEUDJXHSUHVLRQDGRDIRQGR
,QWHUUXSWRUGHSRVLFLyQGHOD 9 ,QWHUUXSWRUGHHQFHQGLGRHQSRVLFLyQ21\SDODQFD
WUDQVPLVLyQ,QWHUUXSWRUGHSRVL VHOHFWRUDHQODSRVLFLyQ³3´R³1´
FLyQGHHVWDFLRQDPLHQWRSXQWR ±9 ,QWHUUXSWRUGHHQFHQGLGRHQSRVLFLyQ21\SDODQFD
PXHUWR$7VRODPHQWH VHOHFWRUDHQODSRVLFLyQ³5´³'´³´R³/´
/X]LQGLFDGRUDGHOLQWHUUXSWRU ±9 ,QWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21
SULQFLSDOGHFUXFHUR ±9 ,QWHUUXSWRUGHHQFHQGLGRHQ21\GHVSXpVHQWUDGDGH
VHxDO21GHOLQWHUUXSWRUSULQFLSDO
 6,67(0$'(&21752/'(&58&(52(

&20352%$&,Ï1'(/$5(6,67(1&,$

 'HVFRQHFWH HO FRQHFWRU GHO PyGXOR GH FRQWURO GH FUXFHUR GHO
PyGXORGHFRQWUROGHFUXFHURFRQHOLQWHUUXSWRUGHHQFHQGLGR
HQODSRVLFLyQ2))

35(&$8&,Ï1
1XQFD WRTXH ORV WHUPLQDOHV GHO PyGXOR GH FRQWURO GH FUX
FHURPLVPRQLFRQHFWHXQYROWtPHWURRXQRKPtPHWUR

 &RPSUXHEHODUHVLVWHQFLDHQWUHFDGDSDUGHWHUPLQDOHVGHORV
FRQHFWRUHV GHVFRQHFWDGRV HQ OD IRUPD OLVWDGD HQ OD WDEOD
VLJXLHQWH
 &RQHFWRUGHPyGXORGHFRQWUROGHFUXFHUR(

5(6,67(1&,$
7(50,1$/(6 &,5&8,72 &21',&,Ï1
(67È1'$5
(±PDVDDFDUUR 0DVD &RQWLQXLGDG ±
FHUtD
(±( ,QWHUUXSWRUGHSRVLFLyQ &RQWLQXLGDG 3HGDOGHIUHQRVROWDGR
GHOSHGDOGHIUHQRHQHO 1RKD\FRQWLQXLGDG 3HGDOGHIUHQRDSUHWDGR
LQWHUUXSWRUGHOXFHVGH
SDUDGD
(±( ,QWHUUXSWRU&$1&(/ 1RKD\FRQWLQXLGDG ,QWHUUXSWRU&$1&(/HQSRVLFLyQ2))
OLEHUDGR
&RQWLQXLGDG ,QWHUUXSWRU&$1&(/HQSRVLFLyQ21
SUHVLRQDGR
,QWHUUXSWRU6(7&2$67 1RKD\FRQWLQXLGDG ,QWHUUXSWRU&2$676(7HQSRVLFLyQ
2))OLEHUDGR
±Ω ,QWHUUXSWRU&2$676(7HQSRVLFLyQ
21JLUDGR
,QWHUUXSWRU$&&(/ 1RKD\FRQWLQXLGDG ,QWHUUXSWRU5(680($&&(/HQSRVL
5(680( FLyQ2))OLEHUDGR
±Ω ,QWHUUXSWRU5(680($&&(/HQSRVL
FLyQ21JLUDGR
(±( ,QWHUUXSWRUGHSRVLFLyQ 1RKD\FRQWLQXLGDG 3HGDOGHOHPEUDJXHVROWDGR
07 GHOSHGDOGHOHPEUDJXH &RQWLQXLGDG 3HGDOGHOHPEUDJXHSUHVLRQDGRD
07VRODPHQWH IRQGR
(±( ,QWHUUXSWRUGHSRVLFLyQ &RQWLQXLGDG 3DODQFDVHOHFWRUDHQODSRVLFLyQ³3´R
$7 GHODWUDQVPLVLyQLQWH ³1´
UUXSWRUGHSRVLFLyQGH 1RKD\FRQWLQXLGDG 3DODQFDVHOHFWRUDHQODSRVLFLyQ³5´
HVWDFLRQDPLHQWRSXQWR ³'´³´R³/´
PXHUWR
$7VRODPHQWH
(6,67(0$'(&21752/'(&58&(52

,QVSHFFLyQ\DMXVWHGHOMXHJRGHOFDEOHGHFUX
FHUR
,163(&&,Ï1<$-867(

 'HVPRQWHODWDSDGHODFWXDGRU
 &RQODSDODQFDGHODFWXDGRUFRORFDGDRWUDYH]HQVXSRVL
FLyQRULJLQDOHQODTXHODSDODQFDQRHVPRYLGDPiVHQHO
VHQWLGRGHODVDJXMDVGHOUHORMFRPSUXHEHHOMXHJRGHOFDEOH
GHFUXFHUR
6LHOYDORUPHGLGRHVWiIXHUDGHODVHVSHFLILFDFLRQHVDMXVWHGH
ODPDQHUDVLJXLHQWH
-XHJRGHOFDEOHGHFUXFHUR³D´
±PP
 $IORMHODWXHUFDGHEORTXHRGHOFDEOH
 $MXVWHHOMXHJRGHOFDEOHDOYDORUHVSHFLILFDGRKDFLHQGRJLUDUOD
WXHUFDGHDMXVWH
 'HVSXpV GHODMXVWH DSULHWH VHJXUDPHQWH OD WXHUFD  GH EOR
TXHR

6HUYLFLRHQHOYHKtFXOR
,QWHUUXSWRUSULQFLSDOGHFUXFHUR
'(60217$-(
 'HVFRQHFWHHOFDEOHQHJDWLYR±HQODEDWHUtD
 'HVPRQWHODFXELHUWDGHOLQGLFDGRUFRPELQDGRVDFDQGRVXV
SHUQRVGHPRQWDMH
 'HVPRQWHHOLQWHUUXSWRUSULQFLSDOGHFUXFHURGHOWDEOHURGH
LQVWUXPHQWRV
 'HVFRQHFWHHOFRQHFWRUGHOLQWHUUXSWRUSULQFLSDOGHFUXFHUR

&20352%$&,Ï1

 &RPSUXHEH OD UHVLVWHQFLD HQWUH HO WHUPLQDO ³,*´ \ HO WHUPLQDO

³/2$'´
1 6LHOUHVXOWDGRGHODSUXHEDQRHVVDWLVIDFWRULRUHHPSODFH
(VSHFLILFDFLyQGHOLQWHUUXSWRUSULQFLSDOGHFUXFHUR
LOAD
%RWyQGHOLQWHUUXSWRUOLEHUDGR,QILQLWR
%RWyQGHOLQWHUUXSWRUSUHVLRQDGRNΩDSUR[LPDGDPHQWH
IG

,167$/$&,Ï1
3DUDODLQVWDODFLyQLQYLHUWDHOSURFHGLPLHQWRGHGHVPRQWDMH
 6,67(0$'(&21752/'(&58&(52(

,QWHUUXSWRUHV&RDVW6HW5HVXPH$FFHO\&DQ
FHO

35(&$8&,Ï1
1XQFD GHVDUPH HO FRQMXQWR GHO LQWHUUXSWRU FRPELQDGR (O
GHVDUPDGRGHWHULRUDUiVXVIXQFLRQHVRULJLQDOHV
(VWRVLQWHUUXSWRUHVHVWiQLQFRUSRUDGRVHQHOFRQMXQWRGHOLQWHUUXSWRU
FRPELQDGR

'(60217$-((,167$/$&,Ï1
5HILpUDVHD³,17(5583725&20%,1$'2´HQODVHFFLyQ&

&20352%$&,Ï1
 'HVDFWLYHHOVLVWHPDGHFROFKyQGHDLUH5HILpUDVHD³'(6$&
7,9$&,Ï1'(/6,67(0$'(&2/&+Ï1'($,5(´HQODVHF
FLyQ%

 'HVFRQHFWH HO FRQHFWRU  GH ORV LQWHUUXSWRUHV &2$676(7

5(680($&&(/\&$1&(/
 &RPSUXHEH OD UHVLVWHQFLD HQWUH ORV WHUPLQDOHV ³6:´ \ ³*1'´
GHOFRQHFWRUGHVFRQHFWDGRGHOLQWHUUXSWRUHQFDGDXQDGH
ODVFRQGLFLRQHVLQGLFDGDVDFRQWLQXDFLyQ
6L HO UHVXOWDGR GH OD SUXHED QR HV VDWLVIDFWRULR UHHPSODFH HO
FRQMXQWRGHOLQWHUUXSWRUFRPELQDGR
(VSHFLILFDFLyQGHORVLQWHUUXSWRUHV&2$676(75(680(
$&&(/\&$1&(/
7RGRVORVLQWHUUXSWRUHVHVWiQOLEHUDGRVHQODSRVLFLyQ2))
,QILQLWR
,QWHUUXSWRU&$1&(/SUHVLRQDGRSRVLFLyQ21ΩDSUR[L
PDGDPHQWH
,QWHUUXSWRU&2$676(7JLUDGRSRVLFLyQ21±Ω
,QWHUUXSWRU5(680($&&(/JLUDGRSRVLFLyQ21±
Ω

6HQVRUGHYHORFLGDGGHOYHKtFXOR966
&20352%$&,Ï1
5HILpUDVHDODVHFFLyQ(

,QWHUUXSWRUGHSRVLFLyQGHODWUDQVPLVLyQ
3DUDODFRPSUREDFLyQGHVPRQWDMHLQVWDODFLyQ\DMXVWHUHILpUDVHDOD
VHFFLyQ%
(6,67(0$'(&21752/'(&58&(52

,QWHUUXSWRUGHSRVLFLyQGHOSHGDOGHOHPEUDJXH
&33
'(60217$-(

 'HVFRQHFWHHOFRQHFWRUGHOLQWHUUXSWRUGH&33FRQHOLQWHUUXS
WRUGHHQFHQGLGRHQODSRVLFLyQ2))
 'HVPRQWHHOLQWHUUXSWRUGH&33GHOVRSRUWHGHOSHGDO
 ,QWHUUXSWRUGH&33SDUDHOFRQWUROGHFUXFHUR
 ,QWHUUXSWRUGHOXFHVGHSDUDGD
 ,QWHUUXSWRUGH&33SDUDHOPRWRUGHDUUDQTXHVLHVWiHTXLSDGR

&20352%$&,Ï1

&RPSUXHEH OD UHVLVWHQFLD HQWUHORV WHUPLQDOHV HQ FDGD XQD GH ODV
FRQGLFLRQHVLQGLFDGDVDFRQWLQXDFLyQ
6LHOUHVXOWDGRGHODFRPSUREDFLyQQRHVVDWLVIDFWRULRUHHPSODFH
5HVLVWHQFLDGHOLQWHUUXSWRUGH&33
&XDQGRHOHMHGHOLQWHUUXSWRUHVWiOLEUH&RQWLQXLGDG
&XDQGRHOHMHGHOLQWHUUXSWRUHVWiHPSXMDGR1RKD\FRQWL
QXLGDG
 (PSXMDU
 /LEUH

,167$/$&,Ï1

 ,QVWDOHHOLQWHUUXSWRUGH&33HQHOVRSRUWHGHOSHGDO
 &RQHOSHGDOGHOHPEUDJXHVROWDGRDMXVWHODSRVLFLyQGHOLQWH
UUXSWRUGHPDQHUDTXHODKROJXUDHQWUHHOH[WUHPRGHODURVFD\
HOVRSRUWHGHOSHGDOGHOHPEUDJXHHVWpFRQIRUPHFRQODVHVSH
FLILFDFLRQHV
+ROJXUD³D´HQWUHHOH[WUHPRGHODURVFD\HOVRSRUWHGHO
SHGDOGHOHPEUDJXH
±PP
 $SULHWHODWXHUFDGHEORTXHRDOSDUGHDSULHWHHVSHFLILFDGR
3DUGHDSULHWH
7XHUFDGHEORTXHRGHOLQWHUUXSWRUGH&33D1ÂP
NJP
 &RQHFWHVHJXUD\ILUPHPHQWHHOFRQHFWRUDOLQWHUUXSWRUGH&33
 3HGDOGHOHPEUDJXH
 ,QWHUUXSWRUGH&33SDUDHOFRQWUROGHFUXFHUR
 7XHUFDGHEORTXHR
 6,67(0$'(&21752/'(&58&(52(

,QWHUUXSWRUGHOXFHVGHSDUDGDFRQLQWHUUXSWRU
GHSRVLFLyQGHOSHGDO
&20352%$&,Ï1
 'HVFRQHFWHHOFDEOHQHJDWLYR±HQODEDWHUtD
 'HVFRQHFWH HO FRQHFWRU GHO LQWHUUXSWRU GH OXFHV GH SDUDGD \
GHVPRQWH HO LQWHUUXSWRU GH OXFHV GH SDUDGD GHO VRSRUWH GHO
SHGDO
 &RPSUXHEHODUHVLVWHQFLDGHOLQWHUUXSWRUFRQWDFWRVHQFDGD
XQDGHODVFRQGLFLRQHVVLJXLHQWHV
6L HO UHVXOWDGR GH OD FRPSUREDFLyQ QR HV VDWLVIDFWRULR UHHP
SODFHHOLQWHUUXSWRUGHOXFHVGHSDUDGD
(VSHFLILFDFLyQGHOLQWHUUXSWRUGHOXFHVGHSDUDGD
5HVLVWHQFLDHQWUHORVWHUPLQDOHV³´\³´&RQWDFWRSDUDODV
OXFHVGHSDUDGD
/,%5(&RQWLQXLGDG(038-(1RKD\FRQWLQXLGDG
5HVLVWHQFLDHQWUHORVWHUPLQDOHV³´\³´&RQWDFWRSDUDHO
SHGDOGHIUHQR
/,%5(1RKD\FRQWLQXLGDG(038-(&RQWLQXLGDG
 ,QVWDOH HO LQWHUUXSWRU GH OXFHV GH SDUDGD \ DMXVWH VX SRVLFLyQ
UHILULpQGRVHDODVHFFLyQ
(6,67(0$'(&21752/'(&58&(52

&RQMXQWRGHODFWXDGRUGHFRQWUROGHFUXFHUR
FRQPyGXORGHFRQWURO

35(&$8&,Ï1
1XQFDGHVDUPHHOFRQMXQWRGHODFWXDGRUGHFRQWUROGHFUX
FHUR
(OGHVDUPDGRGHWHULRUDUiVXIXQFLyQRULJLQDO

'(60217$-(
 'HVFRQHFWHHOFDEOHQHJDWLYR±HQODEDWHUtD
 'HVFRQHFWH HO FRQHFWRU GHO FRQMXQWR  GHO DFWXDGRU FRQ
PyGXORGHFRQWURO
 'HVPRQWHODWDSDGHODFWXDGRUGHOFRQMXQWRGHODFWXD
GRU
 'HVFRQHFWHHOFDEOHGHFUXFHURGHOFRQMXQWRGHODFWXD
GRU
 'HVPRQWHGHOYHKtFXORHOFRQMXQWRGHODFWXDGRU

&20352%$&,Ï1

0XHYDFRQODPDQRODSDODQFDGHODFWXDGRU\FRPSUXHEHVXIXQ
FLRQDPLHQWRFRPRVHGHVFULEHDFRQWLQXDFLyQ
 /DSDODQFDGHODFWXDGRUQRGHEHJLUDUHQHOVHQWLGRGHODV
DJXMDVGHOUHORM
 /DSDODQFDGHODFWXDGRUGHEHJLUDUVXDYH\IiFLOPHQWHPiV
RPHQRVGHYXHOWDHQHOVHQWLGRFRQWUDULRDOGHODVHJXMDV
GHOUHORM\FRQWDFWDUHOWRSHLQWHUQR
 &XDQGRVHVDTXHODPDQRGHODSDODQFDGHODFWXDGRUHQOD
SRVLFLyQDQWHULRUGHEHYROYHUDVXSRVLFLyQRULJLQDOSRUOD
DFFLyQGHOPXHOOHGHUHWRUQR6LODSDODQFDGHODFWXDGRUQR
IXQFLRQDFRPRLQGLFDGRUHHPSODFH

,167$/$&,Ï1
,QVWDOHHOFRQMXQWRGHODFWXDGRULQYLUWLHQGRHOSURFHGLPLHQWRDQWHULRU
GHGHVPRQWDMHWHQLHQGRHQFRQVLGHUDFLyQORVSXQWRVVLJXLHQWHV
‡ $MXVWH HO MXHJR GHO FDEOH GH FUXFHUR DO YDORU HVSHFLILFDGR
5HILpUDVH D ³,163(&&,Ï1 < $-867( '(/ &$%/( '(
&58&(52´HQHVWDVHFFLyQ
 6,67(0$'(&21752/'(&58&(52(

&DEOHGHFUXFHUR

 7DSDGHODFWXDGRU  &DEOHGHFUXFHUR  )LMDFLyQHQHOPLHPEUR

 &RQMXQWRGHODFWXDGRU  $EUD]DGHUD  3HGDOGHODFHOHUDGRU
 7RUQLOOR  2MDOSDVDFDEOHV  0LHPEUR

'(60217$-(
 'HVFRQHFWHHOFDEOHGHFUXFHURGHOEUD]RGHFRQWUROGHFUXFHUR\GHOVRSRUWHGHODFHOHUDGRU
 'HVPRQWHODWDSDGHODFWXDGRU\GHVFRQHFWHHOFDEOHGHFUXFHURGHODFWXDGRU
 6HSDUHHOFDEOHGHWRGDVODVDEUD]DGHUDVGHILMDFLyQ
 'HVPRQWHHOFDEOHGHOYHKtFXOR

,167$/$&,Ï1
,QVWDOHHOFDEOHGHFUXFHURLQYLUWLHQGRHOSURFHGLPLHQWRDQWHULRUGHGHVPRQWDMHWHQLHQGRHQFRQVLGHUDFLyQORVSXQWRV
VLJXLHQWHV
‡ 5HILpUDVHDODILJXUDDQWHULRUSDUDPD\RUHVGHWDOOHVVREUHODORFDOL]DFLyQFRUUHFWDGHODVDEUD]DGHUDV\SDUD
ODGLVSRVLFLyQGHOFDEOH
‡ $MXVWH HO MXHJR GHO FDEOH GH FUXFHUR DO YDORU HVSHFLILFDGR 5HILpUDVH D ³,163(&&,Ï1 < $-867( '(/
&$%/('(&58&(52´HQHVWDVHFFLyQ
(6,67(0$'(&21752/'(&58&(52
 6(59,&,2'(/$&$552&(5Ë$

6(&&,Ï1

6(59,&,2'(/$&$552&(5Ë$
$'9(57(1&,$
3DUDORVYHKtFXORVHTXLSDGRVFRQHO6LVWHPD6XSOHPHQWDULRGH6XMHFLyQ&ROFKyQGHDLUH
‡ /RVVHUYLFLRVTXHGHEDQVHUHIHFWXDGRVHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPD
GHOFROFKyQGHDLUHGHEHQVHUKHFKRVH[FOXVLYDPHQWHSRUXQFRQFHVLRQDULRDXWRUL]DGR68=8.,5HILp
UDVH DO ³(VTXHPD GH XELFDFLyQ GH ORV FRPSRQHQWHV \ FDEOHDGR GHO VLVWHPD GHO FROFKyQ GH DLUH´  HQ
³'HVFULSFLyQJHQHUDO´HQODVHFFLyQGHOVLVWHPDGHOFROFKyQGHDLUHSDUDFRQILUPDUVLXVWHGHVWiHIHF
WXDQGRWUDEDMRGHVHUYLFLRHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPDGHOFROFKyQ
GHDLUH6tUYDVHREVHUYDUWRGDVODV$'9(57(1&,$6\³3UHFDXFLRQHVSDUDHOVHUYLFLR´LQGLFDGDVHQ³6HU
YLFLRHQHOYHKtFXOR´HQODVHFFLyQGHOVLVWHPDGHOFROFKyQGHDLUHDQWHVGHHIHFWXDUFXDOTXLHUWUDEDMR
GHVHUYLFLRHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPDGHOFROFKyQGHDLUH6LQRVH
UHVSHWDQODV$'9(57(1&,$6VHSXHGHFDXVDUHOLQIODGRDFFLGHQWDOGHOFROFKyQGHDLUHRVHSXHGHGHMDU
LQRSHUDQWHHOVLVWHPDGHOFROFKyQGHDLUH&XDOTXLHUDGHHVWRVGRVFDVRVSXHGHFDXVDUGDxRVFRUSRUD
OHVJUDYHV 
‡ /RVWUDEDMRVGHVHUYLFLRWpFQLFRGHEHQVHULQLFLDGRVSRUORPHQRVVHJXQGRVGHVSXpVGHTXHVHFROR
TXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ³/2&.´\GHTXHVHGHVFRQHFWHHOFDEOHQHJDWLYRGHOD
EDWHUtD(QHIHFWRVLQRVHSURFHGHGHHVWDIRUPDHOVLVWHPDSXHGHVHUDFWLYDGRSRUODUHVHUYDGHHQHU
JtDHOpFWULFDGHOPyGXORGHGHWHFFLyQ\GHGLDJQyVWLFR6'0
‡ &XDQGRHIHFW~HPDQWHQLPLHQWRHQODFDUURFHUtD\KD\DTXHJROSHDUSLH]DVGHOVLVWHPDGHFROFKyQGH
DLUHGHVPRQWHSUHYLDPHQWHHVWDVSLH]DVGHOVLVWHPD5HILpUDVHDODVHFFLyQ%

127$
‡ 3DUD ODV GHVFULSFLRQHV HOHPHQWRV QR LQFOXLGDV HQ HVWD VHFFLyQ UHILpUDVH D OD PLVPD VHFFLyQ GHO
0DQXDOGH6HUYLFLRPHQFLRQDGRHQHO35()$&,2GHHVWHPDQXDO
‡ 7RGRVORVHOHPHQWRVGHILMDFLyQVRQSLH]DVGHILMDFLyQLPSRUWDQWHVTXHSRGUtDQDIHFWDU ODHILFDFLDGHO
IXQFLRQDPLHQWRGHSLH]DV\VLVWHPDVYLWDOHV\RTXHSRGUtDQVHUODFDXVDGHFRVWRVDVUHSDUDFLRQHV6L
HOUHHPSOD]RHVQHFHVDULRGHEHQXWLOL]DUVHSLH]DVTXHWHQJDQHOPLVPRQ~PHURGHSLH]DRSLH]DVHTXL
YDOHQWHV
1R HPSOHH SLH]DV GH UHSXHVWR GH PHQRU FDOLGDG R GH GLVHxRV VXVWLWXWLYRV 'XUDQWH HO UHDUPDGR ORV
YDORUHVGHSDUHVGHDSULHWHGHEHQVHUDSOLFDGRVWDOFRPRKDQVLGRHVSHFLILFDGRVSDUDDVtJDUDQWL]DUOD
FRUUHFWDVXMHFLyQGHHVWDVSLH]DV

&217(1,'2
&ULVWDOHVYHQWDQDV\UHWURYLVRUHV  
9HQWDQLOODGHFXDUWRWUDVHUR  
(VWUXFWXUDGHODFDUURFHUtD  
'LPHQVLRQHVGHODSDUWHLQIHULRUGHOD
FDUURFHUtD 
'LPHQVLRQHVGHODFDUURFHUtD  
$VLHQWR  
6HJXQGRDVLHQWR  
3LQWXUD\UHYHVWLPLHQWRV  
ÈUHDVGHDSOLFDFLyQGHSURGXFWRGHVHOODGR  
ÈUHDVGHDSOLFDFLyQGHSURGXFWRGHFDSDGH
IRQGRDQWLFRUURVLyQ  
*XDUQLFLRQHVLQWHULRU\H[WHULRU 
$OIRPEUDGHSLVR  
$OIRPEUDGHSLVRGHODQWHUR  
$OIRPEUDGHSLVRWUDVHUR
7HUFHUDVLHQWRVLHVWiHTXLSDGR   YHKtFXORVLQWHUFHUDVLHQWR 
)RUURLQWHULRUGHOWHFKR 


6(59,&,2'(/$&$552&(5Ë$

&ULVWDOHVYHQWDQDV\UHWURYLVRUHV
9HQWDQLOODGHFXDUWRWUDVHUR
'(60217$-((,167$/$&,Ï1

5HILpUDVH D ³3$5$%5,6$6´ HQ HVWD VHFFLyQ SRUTXH ORV SURFHGL

PLHQWRV GH GHVPRQWDMH \ GH LQVWDODFLyQ VRQ EiVLFDPHQWH ORV PLV
PRV6LQHPEDUJRWRPHHQFRQVLGHUDFLyQORVLJXLHQWH
‡ $QWHV GH DSOLFDU SURGXFWR GH LPSULPDFLyQ DO ERUGH GHO FULVWDO
LQVWDOH OD PROGXUD GH DFXHUGR FRQ OD SRVLFLyQ GH LQVWDODFLyQ
PRVWUDGDHQODILJXUD
‡ 7RPHODVVLJXLHQWHVSUHFDXFLRQHVFXDQGRDSOLTXHDGKHVLYRDOR
ODUJRGHOERUGHGHOFULVWDO
± (ODGKHVLYRGHEHVHUDSOLFDGRXQLIRUPHPHQWHHVSHFLDOPHQWH
HQHOVHQWLGRGHODDOWXUD
± 7HQJDFXLGDGR\QRGDxHHOSURGXFWRGHLPSULPDFLyQ
± 'HVSXpV GH KDEHU DSOLFDGR HO DGKHVLYR SUHVLRQH UiSLGD
PHQWHHOFULVWDOFRQWUDODFDUURFHUtD
(VSHFLILFDFLRQHVGHODFDQWLGDGGHDGKHVLYRYHQWDQLOODGH
FXDUWRWUDVHUR
“A”
$OWXUD³D´PP
$QFKR³E´PP
$QFKR³F´PPSDUDODVVHFFLRQHVGHODQWHUDWUDVHUD\
VXSHULRUGHOFULVWDO
“d”
“c” $QFKR³F´PPSDUDODVHFFLyQLQIHULRUGHOFULVWDO
3RVLFLyQ³G´PPSDUDODVHFFLyQGHODQWHUDGHOFULVWDO
ODWHUDOL]TXLHUGR
6
3RVLFLyQ³G´PPSDUDODVHFFLyQGHODQWHUDGHOFULVWDO
“a” 5 ODWHUDOGHUHFKR
4 3RVLFLyQ³G´PPSDUDODVHFFLyQWUDVHUDGHOFULVWDO
3RVLFLyQ³G´PPSDUDODVHFFLyQVXSHULRUGHOFULVWDO
“b” 3RVLFLyQ³G´PPSDUDODVHFFLyQLQIHULRUGHOFULVWDO

 (VSDFLDGRU  $GKHVLYR
 &ULVWDO  3URGXFWRGHLPSULPDFLyQ
 0ROGXUD  5HYHVWLPLHQWRGHFHUiPLFD
 6(59,&,2'(/$&$552&(5Ë$

(VWUXFWXUDGHODFDUURFHUtD
'LPHQVLRQHVGHODSDUWHLQIHULRUGHODFDUURFHUtD

l p
k

i j

f h’
g
b
d

a
e

g’

D 2ULILFLRLQIHULRUGHLQVWDODFLyQODWHUDOGHOSDUDFKRTXHVGHODQWHUR
E 2ULILFLRGHLQVWDODFLyQGHPRQWXUD
F 2ULILFLRGHLQVWDODFLyQGHOEDVWLGRUGHODQWHURGHODVXVSHQVLyQ
G 2ULILFLRH[WHULRUGHLQVWDODFLyQGHOSXQWDOGHODQWHUR
H 2ULILFLRODWHUDOWUDVHURGHLQVWDODFLyQGHOEUD]RGHVXVSHQVLyQ
I 2ULILFLRGHLQVWDODFLyQGHPRQWXUD
L 2ULILFLRGHLQVWDODFLyQGHPRQWXUD
M 2ULILFLRGHLQVWDODFLyQGHEDUUDLQIHULRU
N 2ULILFLRLQWHULRUGHLQVWDODFLyQGHEDUUDVXSHULRU
O 2ULILFLRGHLQVWDODFLyQGHEDUUDODWHUDO
P 2ULILFLRGHLQVWDODFLyQGHDPRUWLJXDGRUWUDVHUR
Q 2ULILFLRGHLQVWDODFLyQGHPRQWXUD
JJ¶ 2ULILFLRGHJiOLER φ R 2ULILFLRODWHUDOWUDVHURGHUHFKRGHLQVWDODFLyQGHOGHSyVLWRGHFRPEXVWLEOH
KK¶ 2ULILFLRGHJiOLER S 2ULILFLRODWHUDOWUDVHURL]TXLHUGRGHLQVWDODFLyQGHOGHSyVLWRGHFRPEXVWLEOH

'LVWDQFLDGHRULILFLRDRULILFLR

D±J PP I±J PP K±S PP

D±J¶ PP I±J¶ PP L±K¶ PP
E±J PP J±K¶ PP M±K¶ PP
E±J¶ PP J¶±K¶ PP N±K¶ PP
F±J PP K±L PP O±K¶ PP
F±J¶ PP K±N PP P±K¶ PP
G±I PP K±O PP Q±K¶ PP
G±J¶ PP K±P PP R±K¶ PP
H±J PP K±Q PP S±K¶ PP
H±J¶ PP K±R PP
6(59,&,2'(/$&$552&(5Ë$

'LPHQVLRQHVGHODFDUURFHUtD

j’

h’
j

j’
h
k
i’

i
g

h
c’
d d’
b’
c’
e’
a f’
c

e l c
b
f

b
d
e

D 2ULILFLRGHFOLSGHLQVWDODFLyQGHSDUDFKRTXHVGHODQWHUR J 2ULILFLRGHLQVWDODFLyQGHPLHPEURFHQWUDO
EE¶ 2ULILFLRGHLQVWDODFLyQGHSDUDFKRTXHVGHODQWHUR KK¶ 2ULILFLRGHUHIHUHQFLDGHLQVWDODFLyQGHJXDUGDEDUURV
FF¶ 2ULILFLRGHLQVWDODFLyQGHIDUR LL¶ 2ULILFLRGHLQVWDODFLyQGHJXDUGDEDUURV
GG¶ 2ULILFLRGHWXHUFDGHUHVLQDGHLQVWDODFLyQGHIDUR MM¶ 2ULILFLRGHUHIHUHQFLDGHLQVWDODFLyQGHJXDUGDEDUURV
HH¶ 2ULILFLRGHSHUQRGHLQVWDODFLyQGHIDUR N 2ULILFLRFHQWUDOGHSDQHOVXSHULRUGHVDOSLFDGHURφ
II¶ 2ULILFLRGHSHUQRGHLQVWDODFLyQGHJXDUGDEDUURVGHODQWHUR O 2ULILFLRGHLQVWDODFLyQGHPRQWXUD

'LVWDQFLDGHRULILFLRDRULILFLR

D±J PP G±G¶ PP K±M PP

D±N PP G±H PP K±M¶ PP
E±E¶ PP G±J PP K±N PP
E±J PP G±N PP L±L¶ PP
F±F¶ PP H±H¶ PP L±M PP
F±H PP I±I¶ PP L±N PP
F±J PP I±K PP M±M¶ PP
F±M PP I±M PP M±N PP
F±N PP J±N PP O±M PP
G±F¶ PP K±K¶ PP O±N PP
 6(59,&,2'(/$&$552&(5Ë$

b’

c’ m (m’)
k (k’)

c
g (g’)
e (e’)

b’

a l (l’)
h (h’)

n o
i (i’)

j (j’)

f (f’)

d (d’)

D 2ULILFLRGHFOLSGHLQVWDODFLyQGHJXDUQLFLyQ LL¶ 2ULILFLRHQODSDUWHLQIHULRUGHODELVDJUDLQIHULRUGHSXHUWDWUDVHUD
EE¶ 3DUWHGHODQWHUDGHVHFFLyQGHLQVWDODFLyQLQIHULRUGHSDUDEULVDVGHODQWHUR MM¶ 2ULILFLRGHLQVWDODFLyQGHODSODFDSURWHFWRUDWUDVHUDHQODSDUWH
GHODQWHUD
FF¶ 3DUWHGHODQWHUDGHVHFFLyQGHLQVWDODFLyQVXSHULRUGHSDUDEULVDVGHODQWHUR NN¶ 2ULILFLRGHLQVWDODFLyQGHJXDUQLFLyQ
G 2ULILFLRHQODSDUWHWUDVHUDGHODELVDJUDLQIHULRUGHSXHUWDGHODQWHUD OO¶ 2ULILFLRGHLQVWDODFLyQGHODVHFFLyQLQIHULRUGHOVHJXURGHSXHUWDWUD
VHUD
H 2ULILFLRGHFOLSGHLQVWDODFLyQGHJXDUQLFLyQ PP¶ 2ULILFLRGHLQVWDODFLyQGHJXDUQLFLyQ
II¶ 2ULILFLRGHLQVWDODFLyQGHODSODFDSURWHFWRUDHQODSDUWHWUDVHUD Q 2ULILFLRGHLQVWDODFLyQSDUDODSDUWHLQWHULRUGHODQWHUDGHODVLHQWR
GHODQWHUR
JJ¶ 2ULILFLRGHLQVWDODFLyQGHJXDUQLFLyQ R 2ULILFLRGHLQVWDODFLyQSDUDODSDUWHLQWHULRUWUDVHUDGHODVLHQWRGHODQ
WHUR
KK¶ 2ULILFLRHQODSDUWHVXSHULRUGHODELVDJUDVXSHULRUGHSXHUWDWUDVHUD

'LVWDQFLDGHRULILFLRDRULILFLR

D±F PP I±I¶ PP M±R PP

E±E¶ PP I±Q PP N±N¶ PP
E±F PP J±J¶ PP N±R PP
E±F¶ PP J±R PP O±O¶ PP
F±F¶ PP K±K¶ PP O±R PP
G±G¶ PP K±R PP P±P¶ PP
G±Q PP L±L¶ PP P±R PP
H±H¶ PP L±Q PP
H±Q PP M±M¶ PP
6(59,&,2'(/$&$552&(5Ë$

h
d
i

a
f
j

b
g

e
k

D 2ULILFLRHQODSDUWHWUDVHUDGHODELVDJUDVXSHULRUGHSXHUWDGHODQWHUD J 2ULILFLRHQODSDUWHLQIHULRUGHODELVDJUDLQIHULRUGHSXHUWDWUDVHUD
E 2ULILFLRHQODSDUWHWUDVHUDGHODELVDJUDLQIHULRUGHSXHUWDGHODQWHUD K 2ULILFLRGHLQVWDODFLyQGHDVDGHODQWHUDDX[LOLDU
F 2ULILFLRGHFOLSGHLQVWDODFLyQGHJXDUQLFLyQ L 2ULILFLRGHLQVWDODFLyQGHJXDUQLFLyQ
G 2ULILFLRGHJiOLERφ M 2ULILFLRGHLQVWDODFLyQGHODVHFFLyQLQIHULRUGHOVHJXURGHSXHUWD
H 2ULILFLRGHLQVWDODFLyQGHODSODFDSURWHFWRUDH[WUHPRWUDVHUR N 2ULILFLRGHLQVWDODFLyQH[WHULRUGHFLQWXUyQGHVHJXULGDGGHODQWHUR
I 2ULILFLRHQODSDUWHVXSHULRUGHODELVDJUDVXSHULRUGHSXHUWDWUDVHUD

'LVWDQFLDGHRULILFLRDRULILFLR

D±G PP E±J PP J±M PP

D±I PP F±N PP K±M PP
D±J PP G±H PP K±N PP
E±I PP I±M PP L±N PP
 6(59,&,2'(/$&$552&(5Ë$

b’

b’ b
a
b

c
g

g’
e

f
h
f’

f
f

f’

D 2ULILFLRGHFOLSHQHOFHQWURGHODVHFFLyQGHLQVWDODFLyQGHOIRUUR H 2ULILFLRGHLQVWDODFLyQHQODSDUWHVXSHULRUGHODELVDJUDLQIHULRU
LQWHULRUGHOWHFKR
EE¶ ([WUHPRLQWHULRUGHODVHFFLyQGHLQVWDODFLyQGHOSDQHOGHOWHFKR II¶ ([WUHPRLQWHULRUGHODVHFFLyQGHLQVWDODFLyQGHOPLHPEURWUDVHURGHOSLVR
WUDVHUR
F 2ULILFLRGHLQVWDODFLyQHQODSDUWHVXSHULRUGHOVHJXURGHOSRUWyQ JJ¶ 2ULILFLRGHLQVWDODFLyQHQODVHFFLyQVXSHULRUH[WHULRUGHODOX]FRPELQDGD
WUDVHUR GHUHFKD
G 2ULILFLRGHLQVWDODFLyQHQODSDUWHVXSHULRUGHODELVDJUDVXSHULRU K 2ULILFLRGHWXHUFD

'LVWDQFLDGHRULILFLRDRULILFLR

D±E¶ PP E±H PP F±H PP

D±I¶ PP E±I PP I±I¶ PP
D±J¶ PP E¶±F PP I¶±K PP
D±K PP E¶±I PP J±J¶ PP
E±E¶ PP E¶±K PP J¶±K PP
E±G PP F±G PP
6(59,&,2'(/$&$552&(5Ë$

$VLHQWR
6HJXQGRDVLHQWR

 $SR\DFDEH]D  %DUUD  &XELHUWDGHODMXVWDGRUGHO  &LQWXUyQGHEDUUDVLHVWiHTXL

DVLHQWR SDGR
 *XtDGHDSR\DFDEH]D  &XELHUWDGHOFRQMXQWRGHUHFOLQDFLyQ  &XELHUWD 3DUGHDSULHWH
GHODVLHQWR
 5HVSDOGR  &RMtQGHODVLHQWR  6RSRUWHGHH[WHQVLyQGHO
DMXVWDGRU
 *DQFKRGHDQFODMH  0DQLOODGHODMXVWDGRUODGRWUDVHUR  0DQLOODGHODMXVWDGRUODGR
GHODQWHUR
 &RQMXQWRGHUHFOLQDFLyQGHODVLHQWR  $MXVWDGRUGHODVLHQWR  3HUQRGHPRQWXUDGHO
VHJXQGRDVLHQWR

'(60217$-(
 'HVPRQWHODFXELHUWDGHH[WHQVLyQGHODMXVWDGRU
 'HVPRQWHHOVRSRUWHGHH[WHQVLyQGHODMXVWDGRU
 'HVPRQWHODVFXELHUWDVLQWHULRUHVGHODQWHUD\WUDVHUDGHODMXVWDGRU
 'HVPRQWHODVFXELHUWDVH[WHULRUHVGHODMXVWDGRU
 'HVPRQWHORVSHUQRVGHPRQWXUDGHOVHJXQGRDVLHQWR
 'HVDUPH\UHSDUHHODVLHQWRVHJ~QVHDQHFHVDULR

,167$/$&,Ï1
3DUDODLQVWDODFLyQGHODVLHQWRWUDVHURLQYLHUWDHOSURFHGLPLHQWRGHGHVPRQWDMHWHQLHQGRHQFRQVLGHUDFLyQODVLQV
WUXFFLRQHVVLJXLHQWHV
‡ $SULHWHORVSHUQRVGHPRQWXUDGHOVHJXQGRDVLHQWRDOSDUGHDSULHWHHVSHFLILFDGR
 6(59,&,2'(/$&$552&(5Ë$

7HUFHUDVLHQWRVLHVWiHTXLSDGR

1
1 4
4

2 5
2
5

3 10 35 N·m (3,5 kg-m)

12

10 35 N·m (3,5 kg-m) 7

12
6

7
8

 $SR\DFDEH]D  6RSRUWHGHUHFOLQDFLyQ 3DUGHDSULHWH

 *XtDGHDSR\DFDEH]D  &RQMXQWRGHUHFOLQDFLyQGHODVLHQWR
 5HVSDOGR  &XELHUWDGHOFRQMXQWRGHUHFOLQDFLyQGHODVLHQWR
 %RWyQGHUHFOLQDFLyQGHODVLHQWR  &RMtQGHODVLHQWR
 %DUUDGHUHFOLQDFLyQGHODVLHQWR  3HUQRGHPRQWXUDGHOWHUFHUDVLHQWR

'(60217$-(
 /HYDQWHODSRUFLyQGHODQWHUDGHOFRMtQGHDVLHQWRSDUDVDFDUHOFRMtQGHODVLHQWRWUDVHUR
 'HVPRQWHORVSHUQRVGHPRQWDMHSDUDVDFDUHOUHVSDOGRGHODVLHQWR
 'HVDUPH\UHSDUHHODVLHQWRVHJ~QVHDQHFHVDULR

,167$/$&,Ï1
3DUDODLQVWDODFLyQGHODVLHQWRWUDVHURLQYLHUWDHOSURFHGLPLHQWRGHGHVPRQWDMHWHQLHQGRHQFRQVLGHUDFLyQODVLQV
WUXFFLRQHVVLJXLHQWHV
‡ $SULHWHORVSHUQRVGHPRQWXUDGHOWHUFHUDVLHQWRDOSDUGHDSULHWHHVSHFLILFDGR
6(59,&,2'(/$&$552&(5Ë$

3LQWXUD\UHYHVWLPLHQWRV
ÈUHDVGHDSOLFDFLyQGHSURGXFWRGHVHOODGR

“A”
“A” (“B”)
“A” (“B”)

I “A”
I K
Z T
“A” “A”
“A”
N
J G
H N
J

G
H

“A”
“A” (“B”)
Y “A” (“B”)

1 “A” (“B”)
2

6 “A” (“B”)

“A”
“A”
4
4
K–K 8
J–J “A”
9 11 “B”
5
“A” 10
7

1
“A”

H–H
6
“A”
VISTA:Y
I–I
“A” (“B”) 9

11 4 “C” 12
“A”

G–G

VISTA:T N–N

 3DQHOLQWHULRUGHFDUURFHUtDODWHUDO  3DQHOGHOSLVRFHQWUDO  3DQHOGHH[WHQVLyQGHOSLVRSULQFLSDO

 3DQHOWUDVHURH[WHULRUGHODORMDPLHQWRGHUXHGDWUDVHUD  3DQHOGHOSLVRGHODQWHUR  7DSDGHSLVRWUDVHUR
 3DQHOGHODORMDPLHQWRGHUXHGDWUDVHUD  0LHPEURGHOSLVRFHQWUDO ³$´ $SOLTXHSURGXFWRVHOODGRU
 3DQHOGHOSLVRWUDVHUR  3DQHOLQWHULRUGHOXPEUDOODWHUDO ³%´ 7UDWDPLHQWRFRQFHSLOOR
 0LHPEURLQIHULRUWUDVHUR  3DQHOH[WHULRUODWHUDO ³&´ $SOLTXHSURGXFWRGHVHOODGRHQWUHODWDSD\HO
SDQHO
 6(59,&,2'(/$&$552&(5Ë$

“A” (“B”)
E

“A”

“A” VISTA:Z
1

2
5

“A”

“A” (“B”)

4 E–E

D–D

 3DQHOVXSHULRUGHOVDOSLFDGHUR ³$´ $SOLTXHSURGXFWRVHOODGRU

 3DQHOGHWDEOHUR ³%´ 7UDWDPLHQWRFRQFHSLOOR
 3DQHOGHODQWHURGHOVDOSLFDGHUR
 3DQHOGHOSLVRGHODQWHUR
 3DQHOLQIHULRULQWHULRUGHPRQWDQWHGHODQWHUR
6(59,&,2'(/$&$552&(5Ë$

N
C

“A” (“B”)
C
“A” (“B”)
N

2
“A”

6
5

4
“A”
2
C–C
2 8

9 7
“A” (“B”)
7 2

“A” 1
“A”
3
“A”
L–L 1

A–A B–B
1

“A”
“A” (“B”)

L
L

B
A

“A” (“B”) O
W X U
“A” (“B”)
B
VISTA:W A V

 3DQHOLQWHULRUGHFXDUWRWUDVHUR  0ROGXUDGHOWHFKR  3DQHOGHVDOLGDGHDLUH

 3DQHOH[WHULRUGHFDUURFHUtDODWHUDO  5HIXHU]RVXSHULRUGHPRQWDQWHGHODQWHUR ³$´ $SOLTXHSURGXFWRVHOODGRU
 3DQHOH[WHULRUGHPRQWDQWHWUDVHUR  3DQHOGHODORMDPLHQWRGHUXHGDWUDVHUD ³%´ 7UDWDPLHQWRFRQFHSLOOR
 3DQHOLQWHULRUGHPRQWDQWHGHODQWHUR  &DMDGHHQWUDGDGHFRPEXVWLEOH
 6(59,&,2'(/$&$552&(5Ë$

“A” (“B”)
“A”

“A” (“B”)
“A”

“A” (“B”)

QQ
QQ

“A”
M
VISTA:U VISTA:X

4
3

“A”
2

QQ – QQ
“A” (“B”)
“A” (“B”)
M–M

“A” (“B”)
“A”

VISTA:V (LH) O
“A”
VISTA:V (RH)

 3DQHOH[WHULRUGHFDUURFHUtDODWHUDO  (VFXDGUDGHUHIXHU]RGHOSLVRFHQWUDO ³$´ $SOLTXHSURGXFWRVHOODGRU

 3DQHOH[WHULRUGHDORMDPLHQWRGHUXHGDWUDVHUD  3DQHOGHOSLVRFHQWUDO ³%´ 7UDWDPLHQWRFRQFHSLOOR
6(59,&,2'(/$&$552&(5Ë$

“C”

“A”

VISTA:FF
VISTA:DD
“D”

BB

“D”

GG – GG
GG
GG
FF CC

“b”
DD
“A”
“A”
“B”

“b”

“E” AA

“A”
EE
VISTA:EE
“a” AA
“A”
“B”

“C”

“C” 15-20 mm

“E”

“B”
VISTA:CC VISTA:BB “A”
“A” AA – AA

³$´ $SOLTXHSURGXFWRVHOODGRU
³%´ $QFKXUDGHDSOLFDFLyQGHSURGXFWRVHOODGRUPiVGHPPHQWUH³D´\³E´
³&´ 6DTXHHOSURGXFWRGHVHOODGRHQHVWDVHFFLyQ
³'´ )XHUDGHHVWDOtQHDQRGHEHKDEHUSURWXEHUDQFLDVGHSURGXFWRGHVHOODGR
³(´ 6XDYLFHHOSURGXFWRVHOODGRUFRQXQSLQFHO
 6(59,&,2'(/$&$552&(5Ë$

“C” “C”

“A”
LL “B”

JJ “A”
“b”

“A” VISTA:LL VISTA:JJ

“A”

HH
“D”

“B”
“A”
HH – HH
KK
“a” HH “A”
VISTA:KK

“B” “B”
MM

MM NN

NN “A”

“A”

MM – MM NN – NN

“b”

PP “A”
OO OO

“a”
OO – OO “D”
“A” PP

PP – PP

³$´ $SOLTXHSURGXFWRVHOODGRU ³&´ 6DTXHHOSURGXFWRGHVHOODGRHQHVWDVHFFLyQ

³%´ 6XDYLFHHOSURGXFWRVHOODGRUFRQXQSLQFHO ³'´ $QFKXUDGHDSOLFDFLyQGHSURGXFWRVHOODGRUPiVGHPPHQWUH³D´\³E´
6(59,&,2'(/$&$552&(5Ë$

KK “A”
“B”
“B”
“A”

LL – LL
KK

“C”

LL LL

KK – KK

³$´ $SOLTXHSURGXFWRVHOODGRU
³%´ 6XDYLFHHOSURGXFWRVHOODGRUFRQXQSLQFHO
³&´ $QFKXUD&GHDSOLFDFLyQGHSURGXFWRVHOODGRUPiVGHPP
 6(59,&,2'(/$&$552&(5Ë$

ÈUHDVGHDSOLFDFLyQGHSURGXFWRGHFDSDGHIRQGRDQWLFRUURVLyQ

“A”

A C

A B D

B D “A”
C
“A”

5
“A”
“A”
“b” “a”
“a”
2 “A”
4 6
1 7

A–A D–D
“B”
3
“B”
B–B C–C

VISTA: Z “B”

³D´ PP  ([WHULRUGHFDUURFHUtDODWHUDO

³E´ PP  ,QWHULRUGHXPEUDOODWHUDO
³$´ $SOLTXHFHUDDSUXHEDGHKHUUXPEUHFHUDFDOLHQWH—PRPiV  %DVWLGRU
³%´ $SOLTXHFHUDDSUXHEDGHKHUUXPEUHDOWDYLVFRVLGDG—PRPiV  3LVRSULQFLSDO
 ([WHULRUGHFDUURFHUtDODWHUDO
 $ORMDPLHQWRGHUXHGDWUDVHUD
 3LVRFHQWUDO
6(59,&,2'(/$&$552&(5Ë$

A
3
2

“A”
A
B
4
Z A–A
“A” “A” “A” “B”

“A” “B” “A” “B”

VISTA: Z “B”

9 10
“B”

“a”

“A” “A” “A”

B–B 8
5

1
“b”
“B”
7

“B” 6
C–C

³D´ PP  3LVRSULQFLSDO  3LVRGHH[WHQVLyQ

³E´ PP  *XDUGDEDUURVGHODQWHUR  3LVRFHQWUDO
³$´ $SOLTXHFDSDGHIRQGR39&—PRPiV  $ORMDPLHQWRGHUXHGDGHODQWHUD  3LVRWUDVHUR
³%´ $SOLTXHFDSDGHIRQGR39&SDUDFXEULUORVERUGHV\ODVSLH]DVFRLQFLGHQWHV  %DVWLGRU  ,QWHULRUGHXPEUDOODWHUDO
 3DQHOGHWDEOHUR  ([WHULRUGHXPEUDOODWHUDO
 6(59,&,2'(/$&$552&(5Ë$

*XDUQLFLRQHVLQWHULRU\H[WHULRU
$OIRPEUDGHSLVR

 $OIRPEUDGHSLVRGHODQWHUR  $LVODPLHQWRGHOSDQHOGHOWDEOHUR  $OIRPEUDGHSLVRWUDVHUR

$OIRPEUDGHSLVRGHODQWHUR
'(60217$-(
 'HVPRQWHORVDVLHQWRVGHODQWHUR\VHJXQGR
 'HVPRQWHHOFRMtQGHOWHUFHUDVLHQWRVLHVWiHTXLSDGR
 'HVPRQWH ORV SHUQRV GH DQFODMHV LQIHULRUHV GH ORV FLQWXURQHV
GHVHJXULGDGGHORVDVLHQWRVVHJXQGR\GHODQWHUR
 'HVPRQWH ODV JXDUQLFLRQHV  ODWHUDOHV GHO VDOSLFDGHUR ODV
SODFDVGHUHIXHU]RODWHUDOHVGHXPEUDOHVODVJXDUQLFLRQHV
LQIHULRUHVLQWHULRUHVGHOPRQWDQWHFHQWUDOODVSODFDVGH
UHIXHU]RODWHUDOHVWUDVHUDVGHXPEUDOHV\ODVJXDUQLFLRQHV
LQIHULRUHVGHFXDUWRWUDVHUR

 'HVPRQWH OD FXELHUWD GH OD SDODQFD GHO IUHQR GH HVWDFLRQD
PLHQWRODFDMDGHFRQVROD\ODH[WHQVLyQGHODQWHUDGHFDMDGH
FRQVROD
 'HVPRQWHODDOIRPEUDGHSLVRGHODQWHUR
6(59,&,2'(/$&$552&(5Ë$

,167$/$&,Ï1
3DUDODLQVWDODFLyQGHODDOIRPEUDGHSLVRGHODQWHURLQYLHUWDHOSURFH
GLPLHQWRDQWHULRUGHGHVPRQWDMHWHQLHQGRHQFRQVLGHUDFLyQODVLQV
WUXFFLRQHVVLJXLHQWHV
‡ $SULHWHORVSHUQRVGHDQFODMHGHFLQWXUyQGHVHJXULGDGDOSDU
GHDSULHWHHVSHFLILFDGR5HILpUDVHDODVHFFLyQ$

$OIRPEUDGHSLVRWUDVHURYHKtFXORVLQWHUFHUDVLHQWR
'(60217$-(

 'HVPRQWHODJXDUQLFLyQGHOH[WUHPRGHODDOIRPEUDGHOFRP
SDUWLPHQWR GH HTXLSDMH WUDVHUR OD JXDUQLFLyQ  GH OD SODFD
2
SURWHFWRUDODWHUDOGHXPEUDOGHSXHUWDWUDVHUD\JXDUQLFLyQLQIH
ULRUGHFXDUWRWUDVHUR
3
 6DTXHODWXHUFDSODQDGHOJDQFKRGHHTXLSDMH
 6DTXHODDOIRPEUDGHSLVRWUDVHUR

,167$/$&,Ï1
3DUDODLQVWDODFLyQLQYLHUWDHOSURFHGLPLHQWRDQWHULRUGHGHVPRQWDMH
WHQLHQGRHQFRQVLGHUDFLyQORVSXQWRVVLJXLHQWHV
1

)RUURLQWHULRUGHOWHFKR
'(60217$-(

 'HVPRQWH ODV  SODFDV SURWHFWRUDV GH XPEUDOHV GHODQWHURV

9 SODFDV  SURWHFWRUDV GH XPEUDOHV WUDVHURV JXDUQLFLRQHV 
4
LQIHULRUHV GH PRQWDQWHV FHQWUDOHV JXDUQLFLRQHV  VXSHULRUHV
5 GH PRQWDQWHV FHQWUDOHV JXDUQLFLRQHV  VXSHULRUHV GH PRQ
8
WDQWHV GHODQWHURV JXDUQLFLyQ  GH H[WUHPR GH DOIRPEUD GHO
7 2 FRPSDUWLPHQWR WUDVHUR GH HTXLSDMH FDMD  GH HTXLSDMH WUD
3
VHUDJXDUQLFLRQHVLQIHULRUHVGHFXDUWRWUDVHUR\JXDUQLFLR
QHVVXSHULRUHVGHFXDUWRWUDVHUR
1 6

 'HVPRQWHHOFRQGXFWRQƒGHO$&WUDVHUR

 'HVPRQWHHOLQWHUUXSWRUGHOWHFKRGHVOL]DQWH\ODJXDUQLFLyQGHO
WHFKRGHVOL]DQWHVLHVWiHTXLSDGR
 6(59,&,2'(/$&$552&(5Ë$

 'HVPRQWHHOFRQMXQWRGHODYLVHUDVRODU
 'HVPRQWHODOX]SDUDFDUWDVGHFDUUHWHUDVOX]LQWHULRU\
OX]GHOFRPSDUWLPHQWRGHHTXLSDMH
6
 'HVPRQWHODVDVDVDX[LOLDUHV
 'HVFRQHFWHODPDQJXHUDGHOODYDSDUDEULVDVGHOXQHWDWUDVHUD
4
\HOPD]RGHFDEOHVGHOWHFKR
 'HVPRQWHHOIRUURLQWHULRUGHOWHFKR
3

5 5 127$
3DUDHOPRGHORVLQWHFKRVRODU
1 2
3DUD ILMDU HO IRUUR GHO WHFKR LQWHULRU VH HPSOHD FLQWD DGKH
VLYD6DTXHODFLQWDDGKHVLYDGHOIRUURLQWHULRUGHOWHFKR\
HQVHJXLGDUHWLUHHOWHFKRGHVSXpVGHVDFDUHOIRUURLQWHULRU

35(&$8&,Ï1
1XQFD GHVPRQWH HO FRQGXFWR Qƒ  GHO $& WUDVHUR GHO
IRUUR  LQWHULRU GHO WHFKR 6L GHVPRQWD HVWH FRQGXFWR VH
URPSHUiHOIRUURLQWHULRUGHOWHFKR

,167$/$&,Ï1
3DUDODLQVWDODFLyQGHOIRUURGHOWHFKRLQYLHUWDHOSURFHGLPLHQWRDQWH
ULRU GH GHVPRQWDMH WHQLHQGR HQ FRQVLGHUDFLyQ ODV LQVWUXFFLRQHV
VLJXLHQWHV

1 3
‡ (PSOHHFLQWDDGKHVLYD\HQHOIRUURLQWHULRUGHOWHFKRILMHHO
PD]RGHFDEOHVGHOWHFKR\ODPDQJXHUDGHOODYDSDUD
2 EULVDVWUDVHURHQODIRUPDPRVWUDGDHQODILJXUD
‡ 3DUDHOPRGHORVLQWHFKRVRODU
(QODIRUPDPRVWUDGDHQODILJXUDDSOLTXHFLQWDDGKHVLYDGH
GREOHFDUDHQHOIRUURLQWHULRUGHOWHFKR

2 4 1

‡ $SULHWHORVSHUQRVGHDQFODMHGHFLQWXUyQGHVHJXULGDGDOSDU
GHDSULHWHHVSHFLILFDGR5HILpUDVHDODVHFFLyQ$
6(59,&,2'(/$&$552&(5Ë$
 6,67(0$'(68-(&,Ï1

6(&&,Ï1

6,67(0$'(68-(&,Ï1
$'9(57(1&,$
3DUDORVYHKtFXORVHTXLSDGRVFRQHO6LVWHPD6XSOHPHQWDULRGH6XMHFLyQ&ROFKyQGHDLUH
‡ /RVVHUYLFLRVTXHGHEDQVHUHIHFWXDGRVHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPD
GHOFROFKyQGHDLUHGHEHQVHUKHFKRVH[FOXVLYDPHQWHSRUXQFRQFHVLRQDULRDXWRUL]DGR68=8.,5HILp
UDVHDO³(VTXHPDGHXELFDFLyQGHORVFRPSRQHQWHV\FDEOHDGRGHOVLVWHPDGHFROFKyQGHDLUH´HQ³'HV
FULSFLyQJHQHUDO´HQODVHFFLyQGHOVLVWHPDGHFROFKyQGHDLUHSDUDFRQILUPDUVLXVWHGHVWiHIHFWXDQGR
WUDEDMRGHVHUYLFLRHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPDGHOFROFKyQGHDLUH
6tUYDVHREVHUYDUWRGDVODV$'9(57(1&,$6\³3UHFDXFLRQHVSDUDHOVHUYLFLR´LQGLFDGDVHQ³6HUYLFLRHQ
HOYHKtFXOR´HQODVHFFLyQGHOVLVWHPDGHFROFKyQGHDLUHDQWHVGHHIHFWXDUFXDOTXLHUWUDEDMRGHVHUYL
FLRHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPDGHOFROFKyQGHDLUH6LQRVHUHVSH
WDQ ODV $'9(57(1&,$6 VH SXHGH FDXVDU HO LQIODGR DFFLGHQWDO GHO FROFKyQ GH DLUH R VH SXHGH GHMDU
LQRSHUDQWHHOVLVWHPDGHOFROFKyQGHDLUH&XDOTXLHUDGHHVWRVGRVFDVRVSXHGHFDXVDUGDxRVFRUSRUD
OHVJUDYHV
‡ /RVWUDEDMRVGHVHUYLFLRWpFQLFRGHEHQVHULQLFLDGRVSRUORPHQRVVHJXQGRVGHVSXpVGHTXHVHFROR
TXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ³/2&.´\GHTXHVHGHVFRQHFWHHOFDEOHQHJDWLYRGHOD

EDWHUtD(QHIHFWRVLQRVHSURFHGHGHHVWDIRUPDHOVLVWHPDSXHGHVHUDFWLYDGRSRUODUHVHUYDGHHQHU
JtDHOpFWULFDGHOPyGXORGHGHWHFFLyQ\GHGLDJQyVWLFR6'0

&LQWXUyQGHVHJXULGDG 6HFFLyQ$
6LVWHPDGHOFROFKyQGHDLUH 6HFFLyQ%

&217(1,'2
'HVFULSFLyQJHQHUDO 

6,67(0$'(68-(&,Ï1

'HVFULSFLyQJHQHUDO

 &LQWXUyQGHVHJXULGDGFRQ(/5\SUHWHQVRUGHO  6HJXQGRFLQWXUyQGHVHJXULGDGWUDVHUR5+  7HUFHUFLQWXUyQGHVHJXULGDGWUDVHUR5+

ODGRGHOFRQGXFWRUVLHVWiHTXLSDGR FRQ$(/5 FRQ$(/5VLHVWiHTXLSDGR
 &LQWXUyQGHVHJXULGDGFRQ(/5\SUHWHQVRUVL  6HJXQGRFLQWXUyQGHVHJXULGDGWUDVHURFHQ  &ROFKyQGHDLUHGHOFRQGXFWRU
HVWiHTXLSDGRGHOODGRGHOSDVDMHURGHODQWHUR WUDOVLQ(/5\$(/5
 6HJXQGRFLQWXUyQGHVHJXULGDGWUDVHUR  7HUFHUFLQWXUyQGHVHJXULGDGWUDVHUR  &ROFKyQGHDLUHGHOSDVDMHUR
L]TXLHUGRFRQ$(/5 L]TXLHUGRFRQ$(/5VLHVWiHTXLSDGR

&,1785Ï1'(6(*85,'$'&21(/5
(OFLQWXUyQGHVHJXULGDGFRQUHWUDFWRUGHEORTXHRGHHPHUJHQFLD(/5HVWiSUHYLVWRSDUDTXHVHEORTXHHLQPHGLDWD
PHQWH SDUD HYLWDU TXH HO WHMLGR VLJD VDOLHQGR GHO UHWUDFWRU FXDQGR VH GHWHFWD TXH FXDOTXLHUD GH ORV HOHPHQWRV
VLJXLHQWHVVREUHSDVDHOYDORUILMDGRYHORFLGDGGHVDOLGDGHODFRUUHDWHMLGDSRUHOUHWUDFWRUDFHOHUDFLyQRGHFHOHUDFLyQ
GHODYHORFLGDGGHOYHKtFXORHLQFOLQDFLyQ
&,1785Ï1'(6(*85,'$'&21$(/5
(OUHWUDFWRUGHEORTXHRDXWRPiWLFR\GHHPHUJHQFLD$(/5IXQFLRQDFRPRXQUHWUDFWRUGHEORTXHRGHHPHUJHQFLD
(/5KDVWDTXHODFRUUHDWHMLGDHVVDFDGDFRPSOHWDPHQWH\HQVHJXLGDIXQFLRQDFRPRXQUHWUDFWRUGHEORTXHRDXWR
PiWLFR$/5KDVWDTXHHVUHWUDtGDFRPSOHWDPHQWH
$/5
%ORTXHD DXWRPiWLFDPHQWH FXDQGR OD FRUUHD WHMLGD HV VDFDGD GHO UHWUDFWRU \ SHUPLWLGD TXH VH UHWUDLJD VLTXLHUD XQ
SRFR
(QWRQFHV OD FRUUHD QR SXHGH VHU VDFDGD PiV D PHQRV TXH VHD HQUROODGD FRPSOHWDPHQWH HQ HO UHWUDFWRU OR TXH
OLEHUDHOEORTXHR\SHUPLWHTXHVHSXHGDVDFDUODFRUUHD
&,1785Ï1'(6(*85,'$'&2135(7(16256,(67È(48,3$'2
(OFLQWXUyQGHVHJXULGDGFRQ(/5\SUHWHQVRUWLHQHXQPHFDQLVPRGHSUHWHQVLyQTXHIXQFLRQDDVRFLDGRDOFROFKyQ
GHDLUHHQDGLFLyQDO(/5DQWHVGHVFULWR(OSUHWHQVRUDMXVWDODIOHFKDGHOFLQWXUyQGHVHJXULGDGHQFDVRGHXQDFROL
VLyQIURQWDOFX\RLPSDFWRH[FHGHFLHUWRYDORUILMDGR\GHHVWHPRGRDXPHQWDODHILFDFLDGHODVXMHFLyQ
&2/&+21(6'($,5('(/&21'8&725<'(/3$6$-(52'(/$17(52
/RVFROFKRQHVGHDLUHGHOFRQGXFWRU\GHOSDVDMHURVRQFRPSRQHQWHVGHOVLVWHPDGHOFROFKyQGHDLUH&XDQGRRFXUUH
XQDFROLVLyQIURQWDOFX\DIXHU]DGHLPSDFWRH[FHGHFLHUWRYDORUILMDGRHOORVVRQDFWLYDGRVSRUODVHxDOGHHQFHQGLGR
SURFHGHQWHGHO6'0FRQHOILQGHVXSOHPHQWDUODSURWHFFLyQRIUHFLGDSRUORVFLQWXURQHVGHVHJXULGDGGHOFRQGXFWRU\
GHOSDVDMHUR
‡ (OPyGXORLQIODGRUGHFROFKyQGHDLUHGHOFRQGXFWRUHVGHVSOHJDGRGHVGHHOFHQWURGHODFROXPQDGHGLUHFFLyQ
‡ (OPyGXORLQIODGRUGHOFROFKyQGHDLUHGHOSDVDMHURHVGHVSOHJDGRGHVGHHOWDEOHURGHLQVWUXPHQWRIUHQWHDO
DVLHQWRGHOSDVDMHURGHODQWHUR
3DUDPD\RUHVLQIRUPDFLRQHVUHILpUDVHD³6LVWHPDGHFROFKyQGHDLUH´HQODVHFFLyQ%
 &,1785Ï1'(6(*85,'$'$

6(&&,Ï1$

&,1785Ï1'(6(*85,'$'
$'9(57(1&,$
3DUDORVYHKtFXORVHTXLSDGRVFRQHO6LVWHPD6XSOHPHQWDULRGH6XMHFLyQ&ROFKyQGHDLUH
‡ /RVVHUYLFLRVTXHGHEDQVHUHIHFWXDGRVHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPD
GHFROFKyQGHDLUHGHEHQVHUKHFKRVH[FOXVLYDPHQWHSRUXQFRQFHVLRQDULRDXWRUL]DGR68=8.,5HILp
UDVHDO³(VTXHPDGHXELFDFLyQGHORVFRPSRQHQWHV\FDEOHDGRGHOVLVWHPDGHFROFKyQGHDLUH´HQ³'HV
FULSFLyQJHQHUDO´HQODVHFFLyQGHOVLVWHPDGHFROFKyQGHDLUHSDUDFRQILUPDUVLXVWHGHVWiHIHFWXDQGR
WUDEDMRGHVHUYLFLRHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPDGHFROFKyQGHDLUH
6tUYDVHREVHUYDUWRGDVODV$'9(57(1&,$6\³3UHFDXFLRQHVSDUDHOVHUYLFLR´LQGLFDGDVHQ³6HUYLFLRHQ
HOYHKtFXOR´HQODVHFFLyQGHOVLVWHPDGHFROFKyQGHDLUHDQWHVGHHIHFWXDUFXDOTXLHUWUDEDMRGHVHUYL
FLRHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPDGHFROFKyQGHDLUH6LQRVHUHVSHWDQ
ODV$'9(57(1&,$6VHSXHGHFDXVDUHOLQIODGRDFFLGHQWDOGHOFROFKyQGHDLUHRVHSXHGHGHMDULQRSH
UDQWHHOVLVWHPDGHFROFKyQGHDLUH&XDOTXLHUDGHHVWRVGRVFDVRVSXHGHFDXVDUGDxRVFRUSRUDOHVJUD
YHV
‡ /RVWUDEDMRVGHVHUYLFLRWpFQLFRGHEHQVHULQLFLDGRVSRUORPHQRVVHJXQGRVGHVSXpVGHTXHVHFROR
TXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ³/2&.´\GHTXHVHGHVFRQHFWHHOFDEOHQHJDWLYRGHOD
EDWHUtD(QHIHFWRVLQRVHSURFHGHGHHVWDIRUPDHOVLVWHPDSXHGHVHUDFWLYDGRSRUODUHVHUYDGHHQHU
JtDHOpFWULFDGHOPyGXORGHGHWHFFLyQ\GHGLDJQyVWLFR6'0 $

35(&$8&,Ï1
&XDQGRVHGHVPRQWHQHOHPHQWRVGHILMDFLyQVLHPSUHUHLQVWDOHORVILMDGRUHVHQHOPLVPROXJDUGRQGHIXH
URQGHVPRQWDGRV6LKD\TXHUHHPSOD]DUXQILMDGRUHPSOHHHOILMDGRUFRQHOQ~PHURFRUUHFWRGHSLH]DSDUD
HVD DSOLFDFLyQ 6L QR VH GLVSRQH GHO Q~PHUR FRUUHFWR GH SLH]D SXHGH XWLOL]DUVH XQ ILMDGRU GHO PLVPR
WDPDxR\UHVLVWHQFLDRPD\RU/RVILMDGRUHVTXHQRVHUiQUHXWLOL]DGRV\ORVILMDGRUHVTXHQHFHVLWDQDSOL
FDFLyQ GH SURGXFWR GH EORTXHR GH URVFD VHUiQ GHMDGRV GH ODGR (V QHFHVDULR DSOLFDU HO SDU GH DSULHWH
HVSHFLILFDGRFXDQGRVHLQVWDOHQILMDGRUHVTXHORUHTXLHUDQ6LQRVHUHVSHWDQORVSURFHGLPLHQWRVDQWHULR
UHVSXHGHQGDxDUVHODVSLH]DVRVLVWHPDV

&217(1,'2
6HUYLFLRHQHOYHKtFXOR  $
3UHFDXFLRQHVSDUDHOVHUYLFLR  $
6HUYLFLR\GLDJQyVWLFR  $
'HVDFWLYDFLyQGHOVLVWHPDGHFROFKyQGH
'HVHFKR $
&LQWXUyQGHVHJXULGDGGHODQWHUR $
6HJXQGRFLQWXUyQGHVHJXULGDGWUDVHUR $
7HUFHUFLQWXUyQGHVHJXULGDGWUDVHUR
DLUH  $ VLHVWiHTXLSDGR  $
$FWLYDFLyQGHOVLVWHPDGHFROFKyQGHDLUH  $ (VSHFLILFDFLRQHVGHSDUHVGHDSULHWH $
0DQLSXODFLyQ\DOPDFHQDPLHQWR  $

$&,1785Ï1'(6(*85,'$'

6HUYLFLRHQHOYHKtFXOR
3UHFDXFLRQHVSDUDHOVHUYLFLR
6HUYLFLR\GLDJQyVWLFR

$'9(57(1&,$
6LHVQHFHVDULRUHHPSOD]DUXQFLQWXUyQGHVHJXULGDGUHHPSODFHODKHELOOD\UHWUDFWRUGHHPHUJHQFLDGHO
FLQWXUyQ (/5 R OD FRUUHD WHMLGD FRQMXQWDPHQWH FRPR XQ VROR FRQMXQWR (VWR HV QHFHVDULR SDUD SRGHU
JDUDQWL]DUHOEORTXHRGHODSODFDGHOHQJHWDHQODKHELOODGHOFLQWXUyQ6LHVWDVSLH]DVVRQUHHPSOD]DGDV
LQGLYLGXDOPHQWHGLFKDFRQGLFLyQGHEORTXHRHVPXFKRPHQRVILDEOH3RUHVWDUD]yQ68=8.,VXPLQLVWUDUi
ODKHELOOD\HOUHWUDFWRUGHEORTXHRGHHPHUJHQFLDGHOFLQWXUyQ(/5RODFRUUHDWHMLGDVRODPHQWHFRPRXQD
SLH]DGHFRQMXQWR

$QWHV GH HIHFWXDU HO VHUYLFLR R GH UHHPSOD]DU FLQWXURQHV GH VHJXULGDG UHILpUDVH D ORV HOHPHQWRV GH SUHFDXFLyQ
VLJXLHQWHV
‡ /RVFLQWXURQHVGHVHJXULGDGGHEHQHVWDUQRUPDOHVHQUHODFLyQDOUHWUDFWRUGHODFRUUHD\DODVSRUFLRQHVGHOD
KHELOOD
‡ 0DQWHQJDDOHMDGRVGHORVFLQWXURQHVORVREMHWRVSHUMXGLFLDOHV\GHERUGHVDILODGRV(YLWHGREODURGDxDUFXDOTXLHU
SRUFLyQGHODKHELOODGHOFLQWXUyQGHODOHQJHWDGHFLHUUH\GHUHWUDFWRUGHEORTXHRGHHPHUJHQFLDGHOFLQWXUyQ
(/5
‡ 1REODQTXHHQLWLxDHOWHMLGRGHODFRUUHDGHOFLQWXUyQ3DUDOLPSLDUODXWLOLFHVRODPHQWHDJXDWLELD\MDEyQVXDYH
‡ &XDQGRLQVWDOHXQSHUQRGHDQFODMHGHFLQWXUyQGHVHJXULGDGSULPHURDSULpWHORFRQODPDQRSDUDHYLWDUHVWURSHDU
ODURVFD
‡ 8WLOLFHVRODPHQWHODVWXHUFDV\ORVSHUQRVGHDQFODMHHVSHFLILFDGRVSDUDHOFLQWXUyQGHVHJXULGDG\HQVHJXLGD
DSULpWHORVDOSDUGHDSULHWHHVSHFLILFDGR
‡ 1RWUDWHGHHIHFWXDUQLQJXQDUHSDUDFLyQHQHOPHFDQLVPRGHOUHWUDFWRURHQODVFXELHUWDVGHOUHWUDFWRU5HHP
SODFHORVFRQMXQWRVGHIHFWXRVRVSRUSLH]DVGHUHHPSOD]RQXHYDV
‡ 0DQWHQJDORVFLQWXURQHVVLHPSUHOLPSLRV\VHFRV
‡ 6LKD\SLH]DVSRFRILDEOHVUHHPSODFHHVDVSLH]DV
‡ 5HHPSODFHORVFLQWXURQHVTXHWLHQHQFRUUHDVGHWHMLGRFRUWDGDVRGDxDGDVHQRWUDIRUPD
‡ 1RFRORTXHQDGDHQODDEHUWXUDGHOSDQHOGHJXDUQLFLyQSRUGRQGHSDVDODFRUUHDGHWHMLGRGHOFLQWXUyQ

3DUDFLQWXUyQGHVHJXULGDGFRQSUHWHQVRU
5HILpUDVHD³6(59,&,2<',$*1Ï67,&2´GH³35(&$8&,21(63$5$(/6(59,&,2´HQ³6(59,&,2(1(/9(+Ë
&8/2´HQODVHFFLyQ%

$'9(57(1&,$
&XDQGRHIHFW~HWUDEDMRVGHVHUYLFLRHQRDOUHGHGRUGHFRPSRQHQWHVGHOVLVWHPDGHFROFKyQGHDLUHRGHO
FDEOHDGRGHOFROFKyQGHDLUHGHVDFWLYHHOVLVWHPDGHFROFKyQGHDLUH5HILpUDVHD³'(6$&7,9$&,Ï1'(/
6,67(0$'(&2/&+Ï1'($,5(´HQ³35(&$8&,21(63$5$(/6(59,&,2´HQ³6(59,&,2(1(/9(+Ë
&8/2´HQODVHFFLyQ%
6LQRVHUHVSHWDQORVSURFHGLPLHQWRVLQGLFDGRVHVWRSXHGHFDXVDUODDFWLYDFLyQGHOVLVWHPDGHFROFKyQGH
DLUHGDxRVFRUSRUDOHVRUHSDUDFLRQHVLQQHFHVDULDVGHOVLVWHPDGHFROFKyQGHDLUH

'HVDFWLYDFLyQGHOVLVWHPDGHFROFKyQGHDLUH
5HILpUDVH D ³'(6$&7,9$&,Ï1 '(/ 6,67(0$ '( &2/&+Ï1 '( $,5(´ HQ ³35(&$8&,21(6 3$5$ (/ 6(59,
&,2´HQ³6(59,&,2(1(/9(+Ë&8/2´HQODVHFFLyQ%
$FWLYDFLyQGHOVLVWHPDGHFROFKyQGHDLUH
5HILpUDVHD³$&7,9$&,Ï1'(/6,67(0$'(&2/&+Ï1'($,5(´HQ³35(&$8&,21(63$5$(/6(59,&,2´HQ
³6(59,&,2(1(/9(+Ë&8/2´HQODVHFFLyQ%
0DQLSXODFLyQ\DOPDFHQDPLHQWR
5HILpUDVHD³0$1,38/$&,Ï1<$/0$&(1$0,(172´GH³35(&$8&,21(63$5$(/6(59,&,2´HQ³6(59,&,2
(1(/9(+Ë&8/2´HQODVHFFLyQ%
'HVHFKR
5HILpUDVHD³'(6(&+2´HQ³35(&$8&,21(63$5$(/6(59,&,2´HQ³6(59,&,2(1(/9(+Ë&8/2´HQODVHF
FLyQ%
 &,1785Ï1'(6(*85,'$'$

&LQWXUyQGHVHJXULGDGGHODQWHUR
,163(&&,Ï1(1(/9(+Ë&8/2
&LQWXUyQGHVHJXULGDGFRQ$/5
(QHOFDVRGHORVFLQWXURQHVGHVHJXULGDGFRQ$/5TXHQRVHDHOFLQWXUyQGHVHJXULGDGGHOODGRGHOFRQGXFWRU
FRPSUXHEHHVWRVFLQWXURQHVFRPRVLJXHDGLFLRQDOPHQWHDODFRPSUREDFLyQDQWHULRU
‡ &RQHOYHKtFXORGHWHQLGRWLUHGHOFLQWXUyQGHVHJXULGDGKDVWDVDFDUORFRPSOHWDPHQWHGHMHTXHVHUHWUDLJDDOJR\
HQVHJXLGD WUDWH GH WLUDU GH pO 1R GHEH VDOLU GH VX SRVLFLyQ HV GHFLU GHEH SHUPDQHFHU EORTXHDGR GRQGH VH
UHWUDMR
‡ 'HMH TXH HO FLQWXUyQ GH VHJXULGDG VH UHWUDLJD D VX HVWDGR RULJLQDO (QVHJXLGD WLUH GHO FLQWXUyQ GH VHJXULGDG
VDFiQGRORKDVWDODPLWDGGHMHTXHVHUHWUDLJDXQSRFR\HQVHJXLGDWUDWHGHWLUDUGHpO'HEHUtDVDOLUGHVXSRVL
FLyQVXDYHPHQWHHVGHFLUQRGHEHSHUPDQHFHUEORTXHDGRHVWDYH]

$'9(57(1&,$
‡ 1XQFDWUDWHGHUHSDUDURGHGHVDUPDUHOSUHWHQVRUGHOFLQWXUyQGHVHJXULGDGFRQMXQWRGHOUHWUDFWRU6L
KD\DOJXQDFRQGLFLyQGHIHFWXRVDUHHPSODFHSRUXQRQXHYRFRPRXQFRQMXQWR
‡ $QWHVGHFRPHQ]DUDWUDEDMDUDVHJ~UHVHGHOHHUFXLGDGRVDPHQWHODV³35(&$8&,21(63$5$(/6(59,
&,2´\GXUDQWHHOWUDEDMRWRPHWRGDVODVSUHFDXFLRQHVLQGLFDGDV(OLQFXPSOLPLHQWRGHODVLQVWUXFFLR
QHV GDGDV SXHGH FDXVDU GDxRV FRUSRUDOHV R KDFHU TXH HO VLVWHPD GH FROFKyQ GH DLUH QR VH DFWLYH
RSRUWXQDPHQWHFXDQGRVHDQHFHVDULR

 $QFODMHVXSHULRU  +HELOOD 3DUGHDSULHWH

 $QFODMHLQIHULRU  3HUQRGHPRQWDMHVXSHULRUGHFRQMXQWRGHUHWUDFWRU >$@ 'HVPRQWDMH

'HVSXpVGHDSUHWDUHOSHUQRLQIHULRUDSULHWHHOSHUQRVXSHULRU
 &RQMXQWRGHUHWUDFWRU  &RQHFWRUDPDULOORGHOSUHWHQVRUGHFLQWXUyQGHVHJXULGDG >%@ ,QVWDODFLyQ
VLHVWiHTXLSDGR
$&,1785Ï1'(6(*85,'$'

'(60217$-(
 'HVFRQHFWHHOFDEOHQHJDWLYRHQODEDWHUtD
 'HVDFWLYHHOVLVWHPDGHFROFKyQGHDLUH3DUDPD\RUHVGHWDOOHVVREUHODGHVDFWLYDFLyQUHILpUDVHD³'(6$&7,9$
&,Ï1'(/6,67(0$'(&2/&+Ï1'($,5(´HQ³35(&$8&,21(63$5$(/6(59,&,2´³6(59,&,2(1(/
9(+Ë&8/2´HQODVHFFLyQ%
 'HVPRQWHODJXDUQLFLyQLQIHULRUGHOPRQWDQWHGHODQWHUR
 6LHVQHFHVDULRGHVFRQHFWHHOFRQHFWRUDPDULOORSDUDSUHWHQVRUGHFLQWXUyQGHVHJXULGDG
D $IORMHODSDODQFDGHOGHVOL]DGRUGHEORTXHR
E 'HVSXpVGHGHVEORTXHDUGHVFRQHFWHGHOFRQHFWRU
 'HVPRQWHORVFLQWXURQHVGHVHJXULGDGGHODQWHURVGHOYHKtFXOR
&20352%$&,Ï1

$'9(57(1&,$
1XQFDPLGDODUHVLVWHQFLDGHOSUHWHQVRUQLORGHVDUPH6LQR
SURFHGHFRPRLQGLFDGRSXHGHKDEHUGDxRVFRUSRUDOHV

35(&$8&,Ï1
6L HO SUHWHQVRU GH FLQWXUyQ GH VHJXULGDG FRQMXQWR GH
UHWUDFWRUFD\yGHVGHXQDDOWXUDGHFPRPiVGHEHVHU
UHHPSOD]DGR

/RVFLQWXURQHVGHVHJXULGDG\ODVSLH]DVGHILMDFLyQSXHGHQDIHFWDUFRPSRQHQWHV\VLVWHPDVYLWDOHVGHXQYHKtFXOR
3RUFRQVLJXLHQWHGHEHQVHULQVSHFFLRQDGRVFXLGDGRVDPHQWH\UHHPSOD]DGRVVRODPHQWHSRUSLH]DVJHQXLQDV

&LQWXUyQGHVHJXULGDG
‡ (OWHMLGRGHODFRUUHDGHOFLQWXUyQGHVHJXULGDGRODVXMHFLyQGHOFLQWXUyQQRGHEHQHVWDUGDxDGRV
‡ 'HVSOLHJXHWRGRHOFLQWXUyQGHVHJXULGDG\FRPSUXHEHTXHQRKD\QLWRUFHGXUDVQLGHVJDUUDPLHQWRVHQHOFLQWX
UyQ

&RQMXQWRGHUHWUDFWRU
 'HMHTXHHOUHWUDFWRUVHUHWUDLJDFRPSOHWDPHQWHSDUDDVtYHULILFDUVLODUHWUDFFLyQVHKDFHIiFLOPHQWH
‡ (OFRQMXQWRGHOUHWUDFWRUGHEHEORTXHDUODFRUUHDWHMLGDFXDQGRVHWLUDGHpOUiSLGDPHQWH
‡ (OFRQMXQWRGHUHWUDFWRUGHFLQWXUyQGHVHJXULGDGGHEHEORTXHDUODFRUUHDWHMLGDDXQFXDQGRHVLQFOLQDGRDSUR[L
PDGDPHQWHƒKDFLDDGHODQWH\DWUiVRKDFLDODL]TXLHUGD\ODGHUHFKD
 &RPSUXHEHHOFRQMXQWRGHUHWUDFWRUYLVXDOPHQWHHQHOFLQWXUyQGHVHJXULGDGFRQSUHWHQVRU\VLVHSUHVHQWDFXDO
TXLHUDGHODVFRQGLFLRQHVVLJXLHQWHVUHHPSODFHSRUXQRQXHYRFRPRXQFRQMXQWR
‡ (OSUHWHQVRUVHKDDFWLYDGR
‡ +D\XQDJULHWDHQHOSUHWHQVRUGHOFLQWXUyQGHVHJXULGDGFRQMXQWRGHOUHWUDFWRU
‡ (OPD]RGHFDEOHVRHOFRQHFWRUHVWiGDxDGR
‡ (OSUHWHQVRUGHFLQWXUyQGHVHJXULGDGFRQMXQWRGHOUHWUDFWRUHVWiGDxDGRRKDUHFLELGRXQLPSDFWRIXHUWHSRU
HMHPSORVHKDFDtGR

3HUQRGHDQFODMH
‡ ,QVSHFFLRQHFDGDSHUQRGHDQFODMHSDUDYHULILFDUTXHHVWiQLQVWDODGRVILUPH\VHJXUDPHQWH
‡ 7RGRVORVSHUQRVGHDQFODMHGHEHQHVWDUDSUHWDGRVFRUUHFWDPHQWHDOSDUGHDSULHWHHVSHFLILFDGR

&HUURMRGHOFLQWXUyQ
‡ (OFHUURMRGHOFLQWXUyQGHVHJXULGDGGHEHTXHGDUVHJXURFXDQGRLQVHUWDGR
‡ ,QVSHFFLRQHELHQODKHELOODGHOFLQWXUyQGHVHJXULGDG\FRPSUXHEHTXHVHEORTXHD\GHVEORTXHDIiFLOPHQWH
‡ 'HVSXpVGHLQVHUWDUHOFLQWXUyQHQODKHELOODWLUHFRQIXHU]DGHOFLQWXUyQSDUDFRPSUREDUTXHODKHELOODSHUPD
QHFHEORTXHDGD
 &,1785Ï1'(6(*85,'$'$

,QWHUUXSWRUGHFLQWXUyQGHVHJXULGDG

8WLOLFH HO RKPtPHWUR \ FRPSUXHEH OD FRQWLQXLGDG GHO LQWHUUXSWRU GH

VXMHFLyQGHOFLQWXUyQGHVHJXULGDGGHOODGRGHOFRQGXFWRU
(VSHFLILFDFLyQGHOLQWHUUXSWRUGHVXMHFLyQGHFLQWXUyQGH
VHJXULGDG
6LQLQVHUWDUODOHQJHWDGHODKHELOODHQHOFLHUUHGHODKHELOOD
7HUPLQDOHV³$´\³%´&RQWLQXLGDG
&RQODOHQJHWDGHODKHELOODLQVHUWDGDHQHOFLHUUHGHODKHEL
OOD
7HUPLQDOHV³$´\³%´1RKD\FRQWLQXLGDG∞Ω
 /HQJHWDGHODKHELOOD
 &LHUUHGHODKHELOOD

,167$/$&,Ï1
,QVWDOHODVSLH]DVGHVPRQWDGDVHQHORUGHQLQYHUVRDOGHVPRQWDMH\WRPDQGRHQFRQVLGHUDFLyQORVSXQWRVVLJXLHQ
WHV
‡ /RVSHUQRVGHDQFODMHGHOFLQWXUyQGHVHJXULGDGGHEHQWHQHUXQDURVFDILQDXQLILFDGD81)(QQLQJ~Q
FDVRVHDXWRUL]DODXWLOL]DFLyQGHWDPDxRVRURVFDVGHWRUQLOORVPpWULFRVGLIHUHQWHV
‡ &RQHFWHVHJXUDPHQWHHOFRQHFWRUDPDULOORSDUDSUHWHQVRUGHFLQWXUyQGHVHJXULGDGHLQVWDOHHOFRQHFWRUGHSUH
WHQVRUGHFLQWXUyQGHVHJXULGDGHQHOSDQHOLQIHULRUGHOPRQWDQWHGHODQWHURVLHVQHFHVDULR
D &RQHFWHHOFRQHFWRU
E %ORTXHHHOFRQHFWRUFRQODSDODQFDGHEORTXHR
‡ 6LHVQHFHVDULRDFWLYHHOVLVWHPDGHFROFKyQGHDLUH5HILpUDVHD³$&7,9$&,Ï1'(/6,67(0$'(&2/&+Ï1
'($,5(´HQ³35(&$8&,21(63$5$(/6(59,&,2´HQODVHFFLyQ%
$&,1785Ï1'(6(*85,'$'

6HJXQGRFLQWXUyQGHVHJXULGDGWUDVHUR

$'9(57(1&,$
$QWHVGHFRPHQ]DUDWUDEDMDUDVHJ~UHVHGHOHHUFXLGDGRVDPHQWHODV³35(&$8&,21(63$5$(/6(59,
&,2´HQHVWDVHFFLyQ\GXUDQWHHOWUDEDMRUHVSHWHWRGDVODVSUHFDXFLRQHVLQGLFDGDV

35 N·m (3,5 kg-m)

35 N·m (3,5 kg-m)

2 4

35 N·m (3,5 kg-m)

35 N·m (3,5 kg-m)

 $QFODMHVXSHULRU  +HELOOD
 $QFODMHLQIHULRU 3DUGHDSULHWH

 &RQMXQWRGHUHWUDFWRU

'(60217$-(
3DUDHOGHVPRQWDMHGHORVFLQWXURQHVGHVHJXULGDGWUDVHURVUHILpUDVHDODILJXUDDQWHULRU

&20352%$&,Ï1
&RPSUXHEHHOVHJXQGRFLQWXUyQGHVHJXULGDGWUDVHURGHODPLVPDPDQHUDTXHHOFLQWXUyQGHVHJXULGDGGHODQWHUR
H[FHSWRODLQVSHFFLyQGHOSUHWHQVRU5HILpUDVHD³&,1785Ï1'(6(*85,'$''(/$17(52´HQHVWDVHFFLyQ

,167$/$&,Ï1
,QVWDOHODVSLH]DVGHVPRQWDGDVHQHORUGHQLQYHUVRDOGHVPRQWDMH\WRPDQGRHQFRQVLGHUDFLyQORVSXQWRVVLJXLHQ
WHV
‡ /RVSHUQRVGHDQFODMHGHOFLQWXUyQGHVHJXULGDGGHEHQWHQHUXQDURVFDILQDXQLILFDGD81)(QQLQJ~Q
FDVRVHDXWRUL]DODXWLOL]DFLyQGHWDPDxRVRURVFDVGHWRUQLOORVPpWULFRVGLIHUHQWHV
 &,1785Ï1'(6(*85,'$'$

7HUFHUFLQWXUyQGHVHJXULGDGWUDVHURVLHVWiHTXLSDGR

$'9(57(1&,$
$QWHVGHFRPHQ]DUDWUDEDMDUDVHJ~UHVHGHOHHUFXLGDGRVDPHQWHODV³35(&$8&,21(63$5$(/6(59,
&,2´HQHVWDVHFFLyQ\GXUDQWHHOWUDEDMRUHVSHWHWRGDVODVSUHFDXFLRQHVLQGLFDGDV

35 N·m (3,5 kg-m)

(a)
35 N·m (3,5 kg-m)

(a)

4
35 N·m (3,5 kg-m)

 $QFODMHVXSHULRU  +HELOOD
 $QFODMHLQIHULRU 3DUGHDSULHWH

 &RQMXQWRGHUHWUDFWRU

'(60217$-(
3DUDHOGHVPRQWDMHGHORVFLQWXURQHVGHVHJXULGDGWUDVHURVUHILpUDVHDODILJXUDDQWHULRU

&20352%$&,Ï1
&RPSUXHEHHOWHUFHUFLQWXUyQGHVHJXULGDGWUDVHURGHODPLVPDPDQHUDTXHHOVHJXQGRFLQWXUyQGHVHJXULGDGWUD
VHUR5HILpUDVHD³6(*81'2&,1785Ï1'(6(*85,'$'75$6(52´HQHVWDVHFFLyQ

,167$/$&,Ï1
,QVWDOHODVSLH]DVGHVPRQWDGDVHQHORUGHQLQYHUVRDOGHVPRQWDMH\WRPDQGRHQFRQVLGHUDFLyQORVSXQWRVVLJXLHQ
WHV
‡ /RVSHUQRVGHDQFODMHGHOFLQWXUyQGHVHJXULGDGGHEHQWHQHUXQDURVFDILQDXQLILFDGD81)(QQLQJ~Q
FDVRVHDXWRUL]DODXWLOL]DFLyQGHWDPDxRVRURVFDVGHWRUQLOORVPpWULFRVGLIHUHQWHV
$&,1785Ï1'(6(*85,'$'

(VSHFLILFDFLRQHVGHSDUHVGHDSULHWH
3DUGHDSULHWH
3LH]DVGHVXMHFLyQ
1‡P NJP OEIW
3HUQRGHDQFODMHVXSHULRUHLQIHULRU   
3HUQRGHOFRQMXQWRGHUHWUDFWRU   
7RUQLOORGHOFRQMXQWRGHUHWUDFWRU   
3HUQRGHODKHELOOD   
 6,67(0$'(/&2/&+Ï1'($,5(%

6(&&,Ï1%

6,67(0$'(/&2/&+Ï1'($,5(
$'9(57(1&,$
‡ /RVVHUYLFLRVTXHGHEDQVHUHIHFWXDGRVHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPD
GHOFROFKyQGHDLUHGHEHQVHUKHFKRVH[FOXVLYDPHQWHSRUXQFRQFHVLRQDULRDXWRUL]DGR68=8.,6tUYDVH
REVHUYDUWRGDVODV$'9(57(1&,$6\ODV³3UHFDXFLRQHVSDUDHOVHUYLFLR´LQGLFDGDVHQ³6HUYLFLRHQHO
YHKtFXOR´HQHVWDVHFFLyQGHOVLVWHPDGHFROFKyQGHDLUHDQWHVGHHIHFWXDUFXDOTXLHUWUDEDMRGHVHUYL
FLRHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPDGHOFROFKyQGHDLUH6LQRVHUHVSHWDQ
ODV$'9(57(1&,$6VHSXHGHFDXVDUHOLQIODGRDFFLGHQWDOGHOFROFKyQGHDLUHRVHSXHGHGHMDULQRSH
UDQWHHOVLVWHPDGHOFROFKyQGHDLUH&XDOTXLHUDGHHVWRVGRVFDVRVSXHGHFDXVDUGDxRVFRUSRUDOHVJUD
YHV
‡ /RVSURFHGLPLHQWRVGHHVWDVHFFLyQGHEHQVHUVHJXLGRVHQHORUGHQVHFXHQFLDOLQGLFDGRSDUDGHVDFWLYDU
SURYLVLRQDOPHQWHHOVLVWHPDGHOFROFKyQGHDLUH\HYLWDUODILMDFLyQGHFyGLJRVIDOVRVGHGLDJQyVWLFR6L
QRVHUHVSHWDQORVSURFHGLPLHQWRVVLJXLHQWHVHVWRSXHGHFDXVDUODDFWLYDFLyQGHOVLVWHPDGHOFROFKyQ
GHDLUHGDxRVFRUSRUDOHV\UHSDUDFLRQHVLQQHFHVDULDVGHOVLVWHPDGHOFROFKyQGHDLUH

35(&$8&,Ï1
&XDQGRVHGHVPRQWHQHOHPHQWRVGHILMDFLyQVLHPSUHUHLQVWDOHORVILMDGRUHVHQHOPLVPROXJDUGRQGHIXH
URQGHVPRQWDGRV6LKD\TXHUHHPSOD]DUXQILMDGRUHPSOHHHOILMDGRUFRQHOQ~PHURFRUUHFWRGHSLH]DSDUD
HVD DSOLFDFLyQ 6L QR VH GLVSRQH GHO Q~PHUR FRUUHFWR GH SLH]D SXHGH XWLOL]DUVH XQ ILMDGRU GHO PLVPR %
WDPDxR\UHVLVWHQFLDRPD\RU/RVILMDGRUHVTXHQRVHUiQUHXWLOL]DGRV\ORVILMDGRUHVTXHQHFHVLWDQDSOL
FDFLyQ GH SURGXFWR GH EORTXHR GH URVFD VHUiQ GHMDGRV GH ODGR (V QHFHVDULR DSOLFDU HO SDU GH DSULHWH
HVSHFLILFDGRFXDQGRVHLQVWDOHQILMDGRUHVTXHORUHTXLHUDQ6LQRVHUHVSHWDQORVSURFHGLPLHQWRVDQWHULR
UHVSXHGHQGDxDUVHODVSLH]DVRVLVWHPDV

127$
3DUDODVGHVFULSFLRQHVHOHPHQWRVQRLQFOXLGDVHQHVWDVHFFLyQUHILpUDVHDODPLVPDVHFFLyQGHO0DQXDO
GH6HUYLFLRPHQFLRQDGRHQHO35()$&,2GHHVWHPDQXDO

&217(1,'2

'HVFULSFLyQJHQHUDO % 7DEOD&±/DOX]GHDGYHUWHQFLD

(VTXHPDGHXELFDFLyQGHFRPSRQHQWHV\ ³$,5%$*´GHVWHOOD %
FDEOHDGRGHOVLVWHPD\FRQHFWRUHV % 7DEOD'±/DOX]GHDGYHUWHQFLD
'LDJUDPDGHFDEOHDGRGHOVLVWHPD % ³$,5%$*´QRSXHGHLQGLFDUXQSDWUyQGH
'LDJQyVWLFR  % GHVWHOORVGH'7&  %
&yGLJRGHGLDJQyVWLFR'7& %
8WLOL]DFLyQGHKHUUDPLHQWDVHVSHFLDOHV %
&RQH[LRQHVLQWHUPLWHQWHV\PDODV  %
&RPSUREDFLyQGHOVLVWHPDGHGLDJQyVWLFR
GHFROFKyQGHDLUH % LQLFLDGRUGHOFROFKyQGHDLUHGHOSDVDMHUR %
7DEODGHIOXMRGHFRPSUREDFLyQGHOVLVWHPD
GHGLDJQyVWLFRGHFROFKyQGHDLUH  %
&RPSUREDFLyQGHO'7&  %
%RUUDGRGH'7& %
7DEODGH'7& %
7DEOD$±/DOX]GHDGYHUWHQFLD³$,5%$*´
SHUPDQHFHHQFHQGLGD  %
7DEOD%±/DOX]GHDGYHUWHQFLD³$,5%$*´
QRVHHQFLHQGH %
7DEOD(±(OPyGXORGH6'0QRSXHGH
FRPXQLFDUPHGLDQWHHOFLUFXLWRGHGDWRV
VHULDOHV %
'7&%±5HVLVWHQFLDDOWDGHOFLUFXLWR
'7&%±5HVLVWHQFLDEDMDGHOFLUFXLWR
LQLFLDGRUGHOFROFKyQGHDLUHGHOSDVDMHUR %
'7&%±&LUFXLWRLQLFLDGRUGHOFROFKyQ
GHDLUHGHOSDVDMHURFRUWRFLUFXLWDGRD
PDVD  %
'7&%±&LUFXLWRLQLFLDGRUGHOFROFKyQ
GHDLUHGHOSDVDMHURFRUWRFLUFXLWDGRDO
FLUFXLWRGHDOLPHQWDFLyQHOpFWULFD  %
%6,67(0$'(/&2/&+Ï1'($,5(

'7&%±5HVLVWHQFLDDOWDGHOFLUFXLWR '7&%±&LUFXLWRLQLFLDGRUGHSUHWHQVRU
LQLFLDGRUGHOFROFKyQGHDLUHGHO GHOSDVDMHURFRUWRFLUFXLWDGRDOFLUFXLWRGH
FRQGXFWRU  % DOLPHQWDFLyQHOpFWULFD %
'7&%±5HVLVWHQFLDEDMDGHOFLUFXLWR '7&%±'HWHFFLyQGHFROLVLyQIURQWDO
LQLFLDGRUGHOFROFKyQGHDLUHGHO 6DOLGDGHFRPDQGRGHDFWLYDFLyQGHO
FRQGXFWRU  % VLVWHPD%
'7&%±&LUFXLWRLQLFLDGRUGHOFROFKyQ '7&%±)DOORGHOFLUFXLWRGHODOX]GH
GHDLUHGHOFRQGXFWRUFRUWRFLUFXLWDGR DGYHUWHQFLD³$,5%$*´%
DPDVD  % '7&%±)DOORLQWHUQRGHOPyGXORGH
'7&%±&LUFXLWRLQLFLDGRUGHOFROFKyQ 6'0 %
GHDLUHGHOFRQGXFWRUFRUWRFLUFXLWDGR '7&%±(VSHFLILFDFLRQHVGHVLVWHPD
DOFLUFXLWRGHDOLPHQWDFLyQHOpFWULFD  % GLIHUHQWHVGHODVHVSHFLILFDFLRQHVGHO
'7&%±7HQVLyQDOWDGHODIXHQWHGH 6'0 %
DOLPHQWDFLyQHOpFWULFD % 6HUYLFLRHQHOYHKtFXOR %
'7&%±7HQVLyQEDMDGHODIXHQWHGH 3UHFDXFLRQHVSDUDHOVHUYLFLR  %
DOLPHQWDFLyQHOpFWULFD % 6HUYLFLR\GLDJQyVWLFR %
'7&%±&LUFXLWRGHOVHQVRUGHODQWHUR 'HVDFWLYDFLyQGHOVLVWHPDGHOFROFKyQ
GHUHFKRDELHUWRRFRUWRFLUFXLWDGRDPDVD  % GHDLUH  %
'7&%±&LUFXLWRGHOVHQVRUGHODQWHUR $FWLYDFLyQGHOVLVWHPDGHOFROFKyQ
GHUHFKRFRUWRFLUFXLWDGRHQWUHGRVFDEOHVR GHDLUH  %
FRUWRFLUFXLWDGRDOFLUFXLWRGHDOLPHQWDFLyQ 0DQLSXODFLyQ\DOPDFHQDPLHQWR%
HOpFWULFD % ,QVSHFFLRQHV\UHSDUDFLRQHVUHTXHULGDV
'7&%±&LUFXLWRGHOVHQVRUGHODQWHUR GHVSXpVGHXQDFFLGHQWH %
L]TXLHUGRFRUWRFLUFXLWDGRHQWUHGRVFDEOHV $FFLGHQWHFRQGHVSOLHJXHDFWLYDFLyQ±
RDELHUWRRFRUWRFLUFXLWDGRDPDVD  % UHHPSOD]RGHFRPSRQHQWH%
'7&%±&LUFXLWRGHOVHQVRUGHODQWHUR $FFLGHQWHFRQRVLQGHVSOLHJXH
L]TXLHUGRFRUWRFLUFXLWDGRHQWUHGRVFDEOHV DFWLYDFLyQ±LQVSHFFLyQGH
RFRUWRFLUFXLWDGRDOFLUFXLWRGHDOLPHQWDFLyQ FRPSRQHQWHV %
HOpFWULFD % 0yGXORGH6'0 %
'7&%±5HVLVWHQFLDDOWDGHOFLUFXLWR 6HQVRUGHODQWHUR%
LQLFLDGRUGHSUHWHQVRUGHOFRQGXFWRU  % 3UHWHQVRUGHFLQWXUyQGHVHJXULGDG %
'7&%±5HVLVWHQFLDEDMDGHOFLUFXLWR
LQLFLDGRUGHSUHWHQVRUGHOFRQGXFWRU  %
'7&%±&LUFXLWRLQLFLDGRUGHSUHWHQVRU
GHOFRQGXFWRUFRUWRFLUFXLWDGRDPDVD  %
'7&%±&LUFXLWRLQLFLDGRUGHSUHWHQVRU
'HVHFKRGHPyGXORLQIODGRUGHFROFKyQ
GHDLUH\GHSUHWHQVRUGHFLQWXUyQGH
VHJXULGDG %
'HVSOLHJXHDFWLYDFLyQIXHUDGHOYHKtFXOR %
'HVSOLHJXHDFWLYDFLyQGHQWURGHOYHKtFXOR%
GHOFRQGXFWRUFRUWRFLUFXLWDGRDOFLUFXLWRGH 'HVHFKRGHPyGXORLQIODGRUGHFROFKyQ
DOLPHQWDFLyQHOpFWULFD % GHDLUHGHVSOHJDGR\GHSUHWHQVRUGH
'7&%±5HVLVWHQFLDDOWDGHOFLUFXLWR FLQWXUyQGHVHJXULGDGDFWLYDGR %
LQLFLDGRUGHSUHWHQVRUGHOSDVDMHUR  % (VSHFLILFDFLRQHVGHSDUHVGHDSULHWH %
'7&%±5HVLVWHQFLDEDMDGHOFLUFXLWR
+HUUDPLHQWDVHVSHFLDOHV %
LQLFLDGRUGHSUHWHQVRUGHOSDVDMHUR  %
'7&%±&LUFXLWRLQLFLDGRUGHSUHWHQVRU
GHOSDVDMHURFRUWRFLUFXLWDGRDPDVD  %

 6,67(0$'(/&2/&+Ï1'($,5(%

'HVFULSFLyQJHQHUDO
(Q FDVR GH XQD FROLVLyQ IURQWDO FX\D IXHU]D GH LPSDFWR VREUHSDVH
FLHUWRYDORUSUHILMDGRFXDQGRVHGLVSRQHGHOVLVWHPDGHOFROFKyQGH
DLUH TXH LQFOX\H FROFKRQHV SDUD HO FRQGXFWRU \ SDUD HO SDVDMHUR
GHODQWHURDVtFRPRSUHWHQVRUGHFLQWXUyQGHVHJXULGDGVLHVWiHTXL
SDGRHOVLVWHPDDFFLRQDUiORVLJXLHQWHHOSDQGHRGHORVFLQWXURQHV
GHVHJXULGDGVHUiGHVSOD]DGRKDFLDDUULEDHQHOFDVRGHFLQWXURQHV
GHVHJXULGDGFRQSUHWHQVRUHOPyGXORLQIODGRUGHFROFKyQGHDLUH
GHOFRQGXFWRUVHUiGHVSOHJDGRGHVGHHOFHQWURGHODFROXPQDGHOD
GLUHFFLyQ \ HO PyGXOR LQIODGRU GH FROFKyQ GH DLUH GHO SDVDMHUR
GHODQWHURVHUiGHVSOHJDGRGHVGHODSDUWHVXSHULRUGHOWDEOHURGHLQV
WUXPHQWRVIUHQWHDODVLHQWRGHOSDVDMHURGHODQWHUR
(VWDV DFFLRQHV SHUPLWLUiQ FRPSOHPHQWDU HILFD]PHQWH OD SURWHFFLyQ
RIUHFLGDSRUORVFLQWXURQHVGHVHJXULGDGWDQWRDOFRQGXFWRUFRPRDO
SDVDMHURGHODQWHUR
 &ROFKyQGHDLUHGHOFRQGXFWRU
 &ROFKyQGHDLUHGHOSDVDMHUR
 3UHWHQVRUGHFLQWXUyQGHVHJXULGDGVLHVWiHTXLSDGR

(OVLVWHPDGHOFROFKyQGHDLUHHVWiSUHYLVWRSDUDDFWLYDUVHVRODPHQWH
HQFDVRGHFROLVLRQHVIURQWDOHVVHYHUDV(OVLVWHPDQRHVWiSUHYLVWR
SDUD DFWLYDUVH HQ FDVR GH LPSDFWRV WUDVHURV LPSDFWRV ODWHUDOHV
YXHOWDV GH FDPSDQD RFROLVLRQHVIURQWDOHV GH SRFD LPSRUWDQFLD\D
TXHQRRIUHFHUtDSURWHFFLyQDOJXQDHQWDOHVWLSRVGHDFFLGHQWHV
%6,67(0$'(/&2/&+Ï1'($,5(

(VTXHPDGHXELFDFLyQGHFRPSRQHQWHV\FDEOHDGRGHOVLVWHPD\FRQHFWRUHV

CONECTOR “G27” CONECTOR “Q02”

CONECTOR “Q05”

CONECTOR “Q06”

CONECTOR “Q07”

16 16
CONECTOR “Q11”
15 7

15 5 1

15

13 13

10
12
14 6
4
3
2

11

10 9

CONECTOR “Q01”

9
CONECTOR “Q12”

CONECTOR “Q03”

 0D]RGHFDEOHVGHFROFKyQGHDLUH  0yGXORLQIODGRUGHOFROFKyQGHDLUHGHOSDVDMHUR  2MDOSDVDFDEOHV

 &DMDGHIXVLEOH³$,5%$*´  0yGXORGH6'0  0D]RGHFDEOHVGHOWDEOHURGHLQVWUX
PHQWRV
 $FRSODGRUGHPRQLWRU³$,5%$*´  3UHWHQVRUGHFLQWXUyQGHVHJXULGDG>FRQMXQWRGHUHWUDFWRU@  0D]RGHFDEOHVSULQFLSDO
VLHVWiHTXLSDGR
 '/&  0D]RGHFDEOHVGHSUHWHQVRU  6HQVRUGHODQWHUR
 &RQMXQWRGHERELQDGHFRQWDFWR  0DVDSDUDHOVLVWHPDGHOFROFKyQGHDLUH
 0yGXORLQIODGRUGHOFROFKyQGHDLUH  &RQHFWRU³*´³(´
GHOFRQGXFWRU
 6,67(0$'(/&2/&+Ï1'($,5(%

'LDJUDPDGHFDEOHDGRGHOVLVWHPD
“Q03” 5 11
BLU/BLK BLU/RED
Q01-4 IG

BLK/BLU BLK/WHT
1
2
3 “Q01”
BLK/WHT “Q06” “Q05”
12 13
4 GRN/RED WHT WHT
D+ Q01-10
BLU BLU
Q01-2 LA GRN GRN GRN
D- Q01-9

6 L1 “Q07”
YEL/RED
L2 P+ Q01-7
14
YEL
12V P- Q01-8

7 “Q12”
17 PPL/RED PPL/RED 15
8 Q01-20 SDL
PNK
ORN/GRN 5V DP+ Q01-12
ORN/GRN ORN/GRN
Q01-19 SL+
WHT
ORN/BLU ORN/BLU ORN/BLU DP- Q01-11
Q01-18 SL-
YEL/GRN YEL/GRN YEL/GRN
Q01-13 SR+ BRN
PP+ Q01-5
YEL/BLU YEL/BLU YEL/BLU
Q01-14 SR-
5V LT GRN
“G27” “Q02” PP- Q01-6
18 “E12” “G03” 9 PPL 16
Q01-15 DNS [A]
“Q11”
“Q04” BLK
Q01-17 GND [B]
10
[C] “Q01” “Q12”,“G03”, “G27”,“E12”
“Q01”

>$@ %DUUDFRUWRFLUFXLWDGRUD  3DWLOODGHGHWHFFLyQGHFRQH[LyQ  0yGXORLQIODGRUGHOFROFKyQGHDLUHGHO

SDVDMHUR
>%@ 0D]RGHFDEOHVGHFROFKyQGHDLUH  $OPyGXORGH(&07&0VLHVWiHTXLSDGR\  3UHWHQVRUGHOFLQWXUyQGHVHJXULGDGGHOFRQ
PyGXORGHFRQWUROGHO$%6VLHVWiHTXLSDGR GXFWRUVLHVWiHTXLSDGR
>&@ &RQHFWRU  $OFRQHFWRUGHHQODFHGHGDWRV'/&  3UHWHQVRUGHOFLQWXUyQGHVHJXULGDGGHOSDVD
MHURVLHVWiHTXLSDGR
 'HVGHHOIXVLEOHSULQFLSDO  $FRSODGRUGHPRQLWRU³$,5%$*´  6HQVRUGHODQWHURL]TXLHUGR
 ,QWHUUXSWRUGHHQFHQGLGR  0DVDSDUDHOVLVWHPDGHOFROFKyQGHDLUH  6HQVRUGHODQWHURGHUHFKR
 )XVLEOH³,*0(7(5´  0yGXORGH6'0  $OLQWHUUXSWRUGHFLQWXUyQGHVHJXULGDG
 /X]GHDGYHUWHQFLDGHO³$,/%$*´HQHO  &RQMXQWRGHERELQDGHFRQWDFWR
LQGLFDGRUFRPELQDGR
 )XVLEOH³$,5%$*´  0yGXORLQIODGRUGHOFROFKyQGHDLUHGHOFRQGXFWRU

',6326,&,Ï1'(7(50,1$/(6'(/0Ï'8/2'(6'09,6726'(6'((//$'2'(/0$=2'(&$%/(6

 &21(&725³4´&21(&725'(6'0

&21(&725³4´&RQHFWRUGH6'0

7(50,1$/ &,5&8,72 7(50,1$/ &,5&8,72

4 ± 4 3UHWHQVRUGHOFRQGXFWRU %DMD
4 /X]GHDGYHUWHQFLD³$,5%$*´ 4 VLHVWiHTXLSDGR $OWD
4 ± 4 $OWD
4 ,QWHUUXSWRUGHHQFHQGLGRIXHQWHGHDOLPHQWD 4 6HQVRUGHODQWHURGHUHFKR %DMD
FLyQHOpFWULFD
4 3UHWHQVRUGHOSDVDMHUR $OWD 4 ,QWHUUXSWRUGHGLDJQyVWLFR
4 VLHVWiHTXLSDGR %DMD 4 ±
4 0yGXORLQIODGRUGHOFROFKyQGHDLUH $OWD 4 0DVD
4 GHOSDVDMHUR %DMD 4 %DMD
6HQVRUGHODQWHURL]TXLHUGR
4 0yGXORLQIODGRUGHOFROFKyQGHDLUH %DMD 4 $OWD
4 GHOFRQGXFWRU $OWD 4 &RQHFWRUGHHQODFHGHGDWRV'/&
%6,67(0$'(/&2/&+Ï1'($,5(

'LDJQyVWLFR
$'9(57(1&,$
3DUDHYLWDUHOGHVSOLHJXHHLQIODGRGXUDQWHODGHWHFFLyQ\UHSDUDFLyQGHGHVSHUIHFWRVGHOVLVWHPDGHOFRO
FKyQGHDLUHQRXWLOLFHHTXLSRHOpFWULFRGHSUXHEDFRPRYROWtPHWURRKPtPHWURHWFDOLPHQWDGRSRUWHQ
VLyQGHEDWHUtDRSRU$&RFXDOTXLHURWURHTXLSRHOpFWULFRTXHQRVHDHOHVSHFLILFDGRHQHVWHPDQXDO1R
XWLOLFHSUREDGRUWLSRVRQGDTXHQRWHQJDDOLPHQWDFLyQSURSLD
/DVLQVWUXFFLRQHVGDGDVHQHVWHPDQXDOGHEHQVHUVHJXLGDVHVWULFWDPHQWHSDUDHYLWDUHOULHVJRGHGDxRV
FRUSRUDOHV

&yGLJRGHGLDJQyVWLFR'7&
/D&20352%$&,Ï1'(/6,67(0$'(',$*1Ï67,&2'(&2/&+Ï1'($,5(VLHPSUHGHEHVHUHOSXQWRGHSDU
WLGDGHFXDOTXLHUGLDJQyVWLFRGHOVLVWHPDGHOFROFKyQGHDLUH/D&20352%$&,Ï1'(/6,67(0$'(',$*1Ï6
7,&2 '( &2/&+Ï1 '( $,5( FRPSUREDUi HO IXQFLRQDPLHQWR FRUUHFWR GH OD OX] GH DGYHUWHQFLD ³$5, %$*´ \
FRPSUREDUiORVFyGLJRVGHGLDJQyVWLFR'7&XWLOL]DQGRODIXQFLyQGHGLDJQyVWLFRHQHOYHKtFXORRHPSOHDQGRHOLQV
WUXPHQWRGHH[SORUDFLyQ68=8.,

8WLOL]DFLyQGHKHUUDPLHQWDVHVSHFLDOHV

$'9(57(1&,$
3DUDHYLWDUHOGHVSOLHJXHHLQIODGRGXUDQWHODGHWHFFLyQ\UHSDUDFLyQGHGHVSHUIHFWRVGHOVLVWHPDGHOFRO
FKyQGHDLUHQRXWLOLFHHTXLSRHOpFWULFRGHSUXHEDFRPRYROWtPHWURRKPtPHWURHWFDOLPHQWDGRSRUWHQ
VLyQGHEDWHUtDRSRU$&RFXDOTXLHURWURHTXLSRHOpFWULFRTXHQRVHDHOHVSHFLILFDGRHQHVWHPDQXDO1R
XWLOLFHSUREDGRUWLSRVRQGDTXHQRWHQJDDOLPHQWDFLyQSURSLD
/DVLQVWUXFFLRQHVGDGDVHQHVWHPDQXDOGHEHQVHUVHJXLGDVHVWULFWDPHQWHSDUDHYLWDUHOULHVJRGHGDxRV
FRUSRUDOHV

'HEHIDPLOLDUL]DUVHFRQODVKHUUDPLHQWDVOLVWDGDVHQHVWDVHFFLyQHQHODSDUWDGR+(55$0,(17$6(63(&,$/(6
8VWHGGHEHVHUFDSD]GHPHGLUWHQVLRQHV\UHVLVWHQFLDV'HEHFRQRFHUDGHFXDGDPHQWHODXWLOL]DFLyQFRUUHFWDGHLQV
WUXPHQWRV GH H[SORUDFLyQ FRPR HO LQVWUXPHQWR GH FDUJD GHO FROFKyQ GH DLUH GHO FRQGXFWRUSDVDMHUR FRQMXQWR GH
DGDSWDGRUGHSUXHEDGHFRQHFWRU\HOSUREDGRUPXOWtPHWURGLJLWDO

+HUUDPLHQWDHVSHFLDO
$&RQMXQWRGHDGDSWDGRUGHSUXHEDGH
FRQHFWRU
(VWH LQVWUXPHQWR GHEH VHU XWLOL]DGR FXDQGR XQ SURFHGLPLHQWR GH
GLDJQyVWLFRUHTXLHUHFRPSUREDURVRQGHDUXQWHUPLQDO
/D XWLOL]DFLyQ GHO DGDSWDGRU DSURSLDGR HQ OD KHUUDPLHQWD HVSHFLDO
JDUDQWL]DUi TXH QR KDEUi ULHVJR GH TXH OD VRQGD GHO PXOWtPHWUR
GDxHDEHUWXUDRGREODGXUDHOWHUPLQDO

$GHPiVHODGDSWDGRUGDUiXQDLGHDGHVLODSUHVLyQGHFRQWDFWRHV
DGHFXDGDRQRFRQWULEX\HQGRDVtDHQFRQWUDUHOOXJDUGHXQFLUFXLWR
DELHUWRRDELHUWRLQWHUPLWHQWHPHQWHGHELGRDOFRQWDFWRGHILFLHQWHHQ
HOWHUPLQDO
 6,67(0$'(/&2/&+Ï1'($,5(%

+HUUDPLHQWDHVSHFLDO
%$SDUDWRGHFDUJDGHOFROFKyQGHDLUHGHO
FRQGXFWRUSDVDMHUR
(VWHDSDUDWRHVXWLOL]DGRVRODPHQWHFXDQGRHVWiUHTXHULGRHQHVWD
VHFFLyQ6HXWLOL]DFRPRXQDD\XGDSDUDGLDJQRVWLFDU\FRPRGLVSR
VLWLYRGHVHJXULGDGSDUDLPSHGLUHOGHVSOLHJXHHLQIODGRDFFLGHQWDOHV
GHOPyGXORLQIODGRUGHFROFKyQGHDLUH
(ODSDUDWRGHFDUJDWLHQHWUHVFRQHFWRUHVILMDGRVDVXFDMDTXHVRQ
IXQFLRQDOHV HOpFWULFDPHQWH \ TXH VLUYHQ SDUD VXVWLWXLU FDUJDV GH
UHVLVWHQFLD
1RVHXWLOL]DQPiVGHGRVFRQHFWRUHVDOPLVPRWLHPSR
8QR GH ORV FRQHFWRUHV ³92/$17( '( ',5(&&,Ï1´ HV XWLOL]DGR
SDUDUHHPSOD]DUODFDUJDGHORVLJXLHQWH
‡ 0yGXORLQIODGRUGHOFROFKyQGHDLUHGHOFRQGXFWRUFXDQGRHVWi
FRQHFWDGRDODSDUWHVXSHULRUGHODFROXPQDHQHOFRQMXQWRGH
ODERELQDGHFRQWDFWR
‡ 0yGXORLQIODGRUGHOFROFKyQGHDLUHGHOSDVDMHURFXDQGRHVWi
FRQHFWDGRDOFRQHFWRUGHOPD]RGHFDEOHVGHFROFKyQGHDLUH
SDUDHOPyGXORLQIODGRUGHOFROFKyQGHDLUHGHOSDVDMHUR
‡ &DGDXQRGHORVSUHWHQVRUHVGHFLQWXUyQGHVHJXULGDGFRQGXF
WRU\SDVDMHURFXDQGRHVWiQFRQHFWDGRVDOFRQHFWRUGHOPD]R
GHFDEOHVGHFROFKyQGHDLUHSDUDORVSUHWHQVRUHVGHOFLQWXUyQ
GHVHJXULGDGGHOFRQGXFWRU\GHOSDVDMHURVLHVWiHTXLSDGR
2WURFRQHFWRU³%$6('(/$&2/801$´HVXWLOL]DGRSDUDVXVWLWXLU
ODFDUJDGHOPyGXORLQIODGRUGHOFROFKyQGHDLUHGHOFRQGXFWRU\GHO
FRQMXQWR GH OD ERELQD GH FRQWDFWR FXDQGR HVWi FRQHFWDGR HQ OD
EDVHGHODFROXPQDDOPD]RGHFDEOHVGHFROFKyQGHDLUH
(OWHUFHUFRQHFWRU³,1)/$'25'(/3$6$-(52´QRHVXWLOL]DGR
$O VXVWLWXLU OD UHVLVWHQFLD GHO DSDUDWR GH FDUJD FXDQGR HVWR VH
UHTXLHUH VH SXHGH GHWHUPLQDU VL XQ FRPSRQHQWH GHO FLUFXLWR GHO
LQIODGRU HV HO FDXVDQWH GHO PDO IXQFLRQDPLHQWR GHO VLVWHPD \ FXiO
FRPSRQHQWHHVHOFDXVDQWHGHOGHVSHUIHFWR
(VWHDSDUDWRGHFDUJDGHEHVHUXWLOL]DGRVRODPHQWHFXDQGRORVSUR
FHGLPLHQWRVGHGLDJQyVWLFRORUHTXLHUHQ
 &RQHFWRUSDUDODERELQDGHFRQWDFWR\HOPyGXORLQIODGRUGHOFROFKyQGHDLUHGHO
FRQGXFWRU
/RFDOL]DGRFHUFDGHODEDVHGHODFROXPQDGHODGLUHFFLyQ
 &RQHFWRUSDUDHOPyGXORLQIODGRUGHFROFKyQGHDLUHGHOFRQGXFWRU\SDVDMHURSUH
WHQVRUHVGHFLQWXURQHVGHVHJXULGDGGHOFRQGXFWRU\SDVDMHUR
 1RXWLOL]DGR
%6,67(0$'(/&2/&+Ï1'($,5(

&RQH[LRQHVLQWHUPLWHQWHV\PDODV
/DPD\RUtDGHODVFRQH[LRQHVLQWHUPLWHQWHVVHGHEHQDFRQH[LRQHVR
DFDEOHDGRVHOpFWULFRVGHIHFWXRVRV&XDQGRHQODWDEODGHIOXMRGH
GLDJQyVWLFR VH UHTXLHUH OD FRPSUREDFLyQ GH OD FRUUHFFLyQ GH OD
FRQH[LyQHQORVFLUFXLWRVVRVSHFKRVRVHIHFW~HODYHULILFDFLyQFXLGD
GRVDGH

‡ $GHFXDFLyQGHILFLHQWHGHODVPLWDGHVGHORVFRQHFWRUHVRWHU
PLQDOHVPDOLQVHUWDGRVHQHOFXHUSRGHOFRQHFWRUVDOLGRV
‡ 3ROYRRFRUURVLyQHQORVWHUPLQDOHV/RVWHUPLQDOHVGHEHQHVWDU
OLPSLRV\H[HQWRVGHPDWHULDOHVH[WUDxRVTXHSXHGDQLPSHGLUHO
FRQWDFWRFRUUHFWRGHOWHUPLQDO
6LQHPEDUJRHVWiSURKLELGROLPSLDUHOWHUPLQDOXWLOL]DQGRSDSHO
GHOLMDRDOJRVHPHMDQWH
‡ &XHUSR GDxDGR GHO FRQHFWRU TXH H[SRQH ORV WHUPLQDOHV D OD
KXPHGDG\DODVXFLHGDG\TXHQRPDQWLHQHODDGHFXDGDGLV
SRVLFLyQGHOWHUPLQDOFRQHOFRPSRQHQWHRFRQHOFRQHFWRUUHV
SHFWLYR
‡ 7HUPLQDOHVGDxDGRVRGHIRUPDLQFRUUHFWD
&RPSUXHEHFXLGDGRVDPHQWHFDGDWHUPLQDOGHFRQHFWRUHQORV
FLUFXLWRVFRQSUREOHPDV\DVHJ~UHVHGHTXHODSUHVLyQGHFRQ
WDFWR HV FRUUHFWD HPSOHDQGR HO WHUPLQDO FRUUHVSRQGLHQWH
LQFOXLGRHQHOMXHJRGHDGDSWDGRUGHSUXHEDGHFRQHFWRUKHUUD
PLHQWDHVSHFLDO
6LODSUHVLyQGHFRQWDFWRHVLQVXILFLHQWHDGDSWHODIRUPDSDUD
DXPHQWDUODSUHVLyQGHFRQWDFWRRUHHPSODFH
+HUUDPLHQWDHVSHFLDO
$&RQMXQWRGHDGDSWDGRUGHSUXHEDGH
FRQHFWRU

‡ &RQH[LyQGHILFLHQWHHQWUHWHUPLQDO\FDEOH
(Q ORV FLUFXLWRV FRQ SUREOHPDV FRPSUXHEH HO HVWDGR GH OD
FRQH[LyQ HQ FDGD PD]R GH FDEOHV VDFXGLpQGROR OLJHUDPHQWH
FRQODPDQR6LVHHQFXHQWUDFXDOTXLHUDQRUPDOLGDGUHHPSODFH
HOFRQMXQWRGHOPD]RGHFDEOHVRODVSLH]DVFRPSRQHQWHVSRU
PD]RRSLH]DVQXHYRV

‡ (O DLVODPLHQWR GH FDXFKR GHO FDEOH HVWi GHVJDVWDGR HVWR

FDXVD FRUWRFLUFXLWRV LQWHUPLWHQWHV FXDQGR HO iUHD GHVFXELHUWD
WRFDRWURFDEOHDGRRSLH]DVGHOYHKtFXOR
‡ &RQGXFWRU URWR GHQWUR GHO DLVODPLHQWR (VWD FRQGLFLyQ SXHGH
KDFHUTXHODSUXHEDGHFRQWLQXLGDGLQGLTXHTXHHOFLUFXLWRHVWi
HQEXHQHVWDGRSHURVLVRODPHQWHyKHEUDVGHOFDEOHPXOWL
ILODUHVWiQHQEXHQHVWDGRODUHVLVWHQFLDSRGUtDVHUGHPDVLDGR
HOHYDGD
6LVHHQFXHQWUDFXDOTXLHUDQRUPDOLGDGUHSDUHRUHHPSODFHFRPRXQ
FRQMXQWRGHPD]RGHFDEOHV
 6,67(0$'(/&2/&+Ï1'($,5(%

&RPSUREDFLyQGHOVLVWHPDGHGLDJQyVWLFRGHFROFKyQGHDLUH

$'9(57(1&,$
3DUDHYLWDUHOGHVSOLHJXHHLQIODGRGXUDQWHODGHWHFFLyQ\UHSDUDFLyQGHGHVSHUIHFWRVGHOVLVWHPDGHOFRO
FKyQGHDLUHQRXWLOLFHHTXLSRHOpFWULFRGHSUXHEDFRPRYROWtPHWURRKPtPHWURHWFDOLPHQWDGRSRUWHQ
VLyQGHEDWHUtDRSRU$&RFXDOTXLHURWURHTXLSRHOpFWULFRTXHQRVHDHOHVSHFLILFDGRHQHVWHPDQXDO1R
XWLOLFHSUREDGRUWLSRVRQGDTXHQRWHQJDDOLPHQWDFLyQSURSLD
/DVLQVWUXFFLRQHVGDGDVHQHVWHPDQXDOGHEHQVHUVHJXLGDVHVWULFWDPHQWHSDUDHYLWDUHOULHVJRGHGDxRV
FRUSRUDOHV

35(&$8&,Ï1
(ORUGHQHQTXHVRQGLDJQRVWLFDGRVORVFyGLJRVGHGLDJQyVWLFRHVPX\LPSRUWDQWH6LQRVHGLDJQRVWLFDQ
ORVFyGLJRVGHGLDJQyVWLFRHQHORUGHQHVSHFLILFDGRHVWRDODUJDUiODGXUDFLyQGHOGLDJQyVWLFRSURGXFLUi
XQGLDJQyVWLFRHUUyQHR\OOHYDUiDOUHHPSOD]RGHSLH]DVLQFRUUHFWDV

/RVSURFHGLPLHQWRVGHGLDJQyVWLFRXWLOL]DGRVHQHVWDVHFFLyQHVWiQSUHYLVWRVSDUDORFDOL]DU\UHSDUDUGHVSHUIHFWRVGH
IXQFLRQDPLHQWRGHOVLVWHPDGHOFROFKyQGHDLUH
3DUDREWHQHUORVPHMRUHVUHVXOWDGRVHVLPSRUWDQWHXWLOL]DUODVWDEODVGHIOXMRGHGLDJQyVWLFR\VHJXLUODVHFXHQFLD
LQGLFDGDDFRQWLQXDFLyQ
 $SOLTXH OD 7$%/$ '( )/8-2 '( &20352%$&,Ï1 '(/ 6,67(0$ '( ',$*1Ï67,&2 '( &2/&+Ï1 '(
$,5(
/D7$%/$'()/8-2'(&20352%$&,Ï1'(/6,67(0$'(',$*1Ï67,&2'(&2/&+Ï1'($,5(GHEH
VHUHOSXQWRGHSDUWLGDGHFXDOTXLHUGLDJQyVWLFRGHOVLVWHPDGHOFROFKyQGHDLUH
/D7$%/$'()/8-2'(&20352%$&,Ï1'(/6,67(0$'(',$*1Ï67,&2'(&2/&+Ï1'($,5(FRP
SUREDUi HO IXQFLRQDPLHQWR FRUUHFWR GH OD OX] GH DGYHUWHQFLD ³$,5 %$*´ PHGLDQWH OD OX] GH DGYHUWHQFLD ³$,5
%$*´\VLKD\XQFyGLJRGHGLDJQyVWLFRGHOFROFKyQGHDLUH
 5HILpUDVHDODWDEODGHFyGLJRGHGLDJQyVWLFRDSURSLDGDFRPRLQGLFDGRSRUOD7$%/$'()/8-2'(&20352
%$&,Ï1'(/6,67(0$'(',$*1Ï67,&2'(&2/&+Ï1'($,5(
/D 7$%/$ '( )/8-2 '( &20352%$&,Ï1 '(/ 6,67(0$ '( ',$*1Ï67,&2 '( &2/&+Ï1 '( $,5( OH
JXLDUiDODWDEODFRUUHFWDSDUDGLDJQRVWLFDUFXDOTXLHUGHVSHUIHFWRGHIXQFLRQDPLHQWRGHOFROFKyQGHDLUH/DQR
DSOLFDFLyQGHHVWRVSURFHGLPLHQWRVSXHGHDODUJDUODGXUDFLyQGHOGLDJQyVWLFRSURGXFLUXQGLDJQyVWLFRHUUyQHR\
OOHYDUDOUHHPSOD]RGHSLH]DVLQFRUUHFWDV
 5HSLWDODDSOLFDFLyQGHOD7$%/$'()/8-2'(&20352%$&,Ï1'(/6,67(0$'(',$*1Ï67,&2'(&2/
&+Ï1'($,5(GHVSXpVGHHIHFWXDUFXDOTXLHUUHSDUDFLyQRSURFHGLPLHQWRGHGLDJQyVWLFR
/DDSOLFDFLyQGHOD7$%/$'()/8-2'(&20352%$&,Ï1'(/6,67(0$'(',$*1Ï67,&2'(&2/&+Ï1
'($,5(GHVSXpVGHWRGDVODVUHSDUDFLRQHVRSURFHGLPLHQWRVGHGLDJQyVWLFRJDUDQWL]DUiTXHODUHSDUDFLyQKD
VLGRKHFKDFRUUHFWDPHQWH\TXHQRKD\QLQJ~QRWURGHVSHUIHFWRGHIXQFLRQDPLHQWR

'(6&5,3&,Ï1'(/$358(%$'(/$7$%/$'()/8-2
3$62&RPSUXHEHTXHODOX]GHDGYHUWHQFLD³$,5%$*´VHHQFLHQGH
3$62&RPSUXHEHTXHODOX]GHDGYHUWHQFLD³$,5%$*´VHHQFLHQGH
3$62&RPSUXHEHHOFLUFXLWRGHOLQWHUUXSWRUGHGLDJQyVWLFR
3$62&RPSUXHEHTXHODOX]GHDGYHUWHQFLD³$,5%$*´GHVWHOODYHFHVGHVSXpVGHTXHHOLQWHUUXSWRUGHHQFHQ
GLGRHVFRORFDGRHQODSRVLFLyQ21
3$62&RPSUXHEHTXHORVFyGLJRVGHODKLVWRULDHVWiQPHPRUL]DGRVHQHO6'08WLOL]DQGRHOLQVWUXPHQWRGH
H[SORUDFLyQ68=8.,
3$62&RPSUXHEHTXHORVFyGLJRVGHODKLVWRULDHVWiQPHPRUL]DGRVHQHO6'08WLOL]DQGRHODFRSODGRUGHYHULIL
FDFLyQ
3$62&RPSUXHEHTXHHOFyGLJRDFWXDOHVWiPHPRUL]DGRHQHO6'08WLOL]DQGRHOLQVWUXPHQWRGHH[SORUDFLyQ
68=8.,
3$62&RPSUXHEHTXHHOFyGLJRDFWXDOHVWiPHPRUL]DGRHQHO6'08WLOL]DQGRHODFRSODGRUGHYHULILFDFLyQ
%6,67(0$'(/&2/&+Ï1'($,5(

7DEODGHIOXMRGHFRPSUREDFLyQGHOVLVWHPDGHGLDJQyVWLFRGHFROFKyQGHDLUH

3DVR 2SHUDFLyQ 6t 1R
  $VHJ~UHVHGHTXHODWHQVLyQGHODEDWH 9D\DDOSDVR 3URFHGDDOD7DEOD%)OXMRGH
UtDHVGHXQRV9RPD\RU GLDJQyVWLFR
 &RPSUXHEHODOX]GHDGYHUWHQFLD³$,5 &RPSUREDFLyQGHOFLUFXLWRGHOD
%$*´FXDQGRHOLQWHUUXSWRUGHHQFHQGLGR OX]GHDGYHUWHQFLD³$,5%$*´
HVFRORFDGRHQODSRVLFLyQ21
¢6HHQFLHQGHODOX]GHDGYHUWHQFLD³$,5
%$*´FXDQGRHOLQWHUUXSWRUGHHQFHQGLGRHV
FRORFDGRHQODSRVLFLyQ21"
 ¢3HUPDQHFHHQFHQGLGDODOX]GHDGYHUWHQ 3URFHGDDOD7DEOD$)OXMR 9D\DDOSDVR
FLD³$,5%$*´" GHGLDJQyVWLFR
&RPSUREDFLyQGHOFLUFXLWR
GHODOX]GHDGYHUWHQFLD
³$,5%$*´
 ¢3HUPDQHFHGHVWHOODQGRLQGLFDQGR'7&OD 3URFHGDDOD7DEOD&)OXMR 9D\DDOSDVR
OX]GHDGYHUWHQFLD³$,5%$*´FXDQGRHOLQWH GHGLDJQyVWLFR
UUXSWRUGHHQFHQGLGRHVFRORFDGRHQODSRVL &RPSUREDFLyQGHOFLUFXLWR
FLyQ21" GHODOX]GHDGYHUWHQFLD
³$,5%$*´
 ¢6HDSDJDODOX]GHDGYHUWHQFLD³$,5%$*´ 9D\DDOSDVR 9D\DDOSDVR
GHVSXpVGHGHVWHOODUYHFHV"
 ¢7LHQHXQLQVWUXPHQWRGHH[SORUDFLyQ 9D\DDOSDVR 9D\DDOSDVR
68=8.,"
  &RPSUXHEHHO'7&XWLOL]DQGRHOLQVWUX (OVLVWHPDGHOFROFKyQGH +DKDELGRXQGHVSHUIHFWRLQWHU
PHQWRGHH[SORUDFLyQ68=8.,5HILp DLUHHVWiHQEXHQDVFRQGL PLWHQWHHQDOJ~QOXJDU
UDVHD&20352%$&,Ï1'('7& FLRQHV &RPSUXHEHHOPD]RGHFDEOHV
¢6HYLVXDOL]D³12&2'(61RKD\FyGL GHFRQHFWRUHWFUHODFLRQDGR
JRV´HQHOLQVWUXPHQWRGHH[SORUDFLyQ FRQHO'7&GHWHFWDGR
68=8.," 5HILpUDVHD0$/)81&,21$
0,(172,17(50,7(17(<
&21(;,Ï10$/$HQHVWDVHF
FLyQ
(QVHJXLGDERUUH'7&5HILp
UDVHD%255$'2'('7&\
UHSLWDODDSOLFDFLyQGHHVWDWDEOD
  &RPSUXHEHHO'7&XWLOL]DQGRHODFRSOD (OVLVWHPDGHOFROFKyQGH +DKDELGRXQGHVSHUIHFWRLQWHU
GRUGHYHULILFDFLyQ5HILpUDVHD&20
352%$&,Ï1'('7&
¢(VLQGLFDGRHOSDWUyQQƒGHGHVWHOORVHQ
ODOX]GHDGYHUWHQFLD³$,5%$*´"
DLUHHVWiHQEXHQDVFRQGL PLWHQWHHQDOJ~QOXJDU
FLRQHV &RPSUXHEHHOPD]RGHFDEOHV
GHFRQHFWRUHWFUHODFLRQDGR
FRQHO'7&GHWHFWDGR
5HILpUDVHD0$/)81&,21$
0,(172,17(50,7(17(<
&21(;,Ï10$/$HQHVWDVHF
FLyQ
(QVHJXLGDERUUH'7&5HILp
UDVHD%255$'2'('7&\
UHSLWDODDSOLFDFLyQGHHVWDWDEOD
 ¢7LHQHXQLQVWUXPHQWRGHH[SORUDFLyQ 9D\DDOSDVR 9D\DDOSDVR
68=8.,"
  &RPSUXHEHHO'7&XWLOL]DQGRHOLQVWUX 5HHPSODFHSRUXQPyGXOR &RPSUXHEH\UHSDUHGHDFXHUGR
PHQWRGHH[SORUDFLyQ68=8.,5HILp GH6'0HQEXHQHVWDGR\ FRQOD7DEODGHIOXMRGHGLDJQyV
UDVHD&20352%$&,Ï1'('7& YXHOYDDFRPSUREDU WLFRFRUUHVSRQGLHQWHDHVH'7&
¢6HYLVXDOL]D³12&2'(61RKD\FyGL
JRV´HQHOLQVWUXPHQWRGHH[SORUDFLyQ
68=8.,"
 6,67(0$'(/&2/&+Ï1'($,5(%

3DVR 2SHUDFLyQ 6t 1R
  &RPSUXHEHHO'7&XWLOL]DQGRHODFRSOD
GRUGHYHULILFDFLyQ5HILpUDVHD&20
352%$&,Ï1'('7&
¢(VLQGLFDGRHOSDWUyQQƒGHGHVWHOORVHQ
ODOX]GHDGYHUWHQFLD³$,5%$*´"
5HHPSODFHSRUXQPyGXOR &RPSUXHEH\UHSDUHGHDFXHUGR
GH6'0HQEXHQHVWDGR\ FRQOD7DEODGHIOXMRGHGLDJQyV
YXHOYDDFRPSUREDU WLFRFRUUHVSRQGLHQWHDHVH'7&
%6,67(0$'(/&2/&+Ï1'($,5(

&RPSUREDFLyQGHO'7&
8WLOL]DQGRHOLQVWUXPHQWRGHH[SORUDFLyQ68=8.,

 &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2))
 'HVSXpV GH ILMDU HO FDUWXFKR HQ HO LQVWUXPHQWR GH H[SORUDFLyQ
68=8.,FRQpFWHORDOFRQHFWRUGHHQODFHGHGDWRV'/&XEL
FDGRHQHOODGRLQIHULRUGHOWDEOHURGHLQVWUXPHQWRVHQHOODGR
GHODVLHQWRGHOFRQGXFWRU
+HUUDPLHQWDHVSHFLDO
$,QVWUXPHQWRGHH[SORUDFLyQ68=8.,
 &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21
 /HDHO'7&GHDFXHUGRFRQODVLQVWUXFFLRQHVPRVWUDGDVHQHO
LQVWUXPHQWR GH H[SORUDFLyQ 68=8., H LPSULPD R DQRWH HVWRV
GDWRV3DUDPD\RUHVGHWDOOHVUHILpUDVHDO0DQXDOGHO2SHUDGRU
GHOLQVWUXPHQWRGHH[SORUDFLyQ68=8.,
6L OD FRPXQLFDFLyQ HQWUH HO LQVWUXPHQWR GH H[SORUDFLyQ \ HO
PyGXOR GH 6'0 HV LPSRVLEOH SURFHGD D OD 7DEOD ( )OXMR GH
GLDJQyVWLFR&LUFXLWRGHFRPSUREDFLyQGHGDWRVVHULDOHV
 'HVSXpVGHFRPSOHWDUHVWDFRPSUREDFLyQFRORTXHHOLQWHUUXS
WRU GH HQFHQGLGR HQ OD SRVLFLyQ 2)) \ GHVFRQHFWH HO LQVWUX
PHQWRGHH[SORUDFLyQ68=8.,GHOFRQHFWRUGHHQODFHGHGDWRV
'/&
 &RQHFWRUGHHQODFHGHGDWRV'/&

6LQXWLOL]DUHOLQVWUXPHQWRGHH[SORUDFLyQ68=8.,

 &RPSUXHEHTXHODOX]LQGLFDGRUDGHPDOIXQFLRQDPLHQWROX]GH
DGYHUWHQFLD ³$,5 %$*´ VH HQFLHQGH FXDQGR HO LQWHUUXSWRU GH
HQFHQGLGRHVFRORFDGRHQODSRVLFLyQ21
6L QR VH HQFLHQGH SURFHGD D OD WDEOD % )OXMR GH GLDJQyVWLFR
OX]GHDGYHUWHQFLD³$,5%$*´
 8WLOLFHHOFDEOHGHVHUYLFLR\FRORTXHDPDVDHOWHUPLQDOGHOLQWH
UUXSWRUGHGLDJQyVWLFRHQHODFRSODGRUGHYHULILFDFLyQ
 /HDHO'7&LQGLFDGRSRUHOSDWUyQGHGHVWHOORVGHODOX]LQGLFD
GRUD GH PDO IXQFLRQDPLHQWR OX] GH DGYHUWHQFLD ³$,5 %$*´
5HILpUDVHD7$%/$'('7&
6LODOX]QRLQGLFD'7&HSURFHGDDODWDEOD')OXMRGHGLDJ
QyVWLFR &RPSUREDFLyQ GHO FLUFXLWR GHO WHUPLQDO GHO LQWHUUXSWRU
GHGLDJQyVWLFR
 'HVSXpV GH KDEHU FRPSOHWDGROD YHULILFDFLyQ FRORTXH HO LQWH
UUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2))\GHVFRQHFWHHOFDEOH
GHVHUYLFLRGHODFRSODGRUGHYHULILFDFLyQ³$,5%$*´
 $FRSODGRUGHYHULILFDFLyQ³$,5%$*´
 0DVDDFDUURFHUtD
 7HUPLQDOGHOLQWHUUXSWRUGHGLDJQyVWLFR
 &DEOHGHVHUYLFLR
 6,67(0$'(/&2/&+Ï1'($,5(%

(-(03/2&XDQGRODUHVLVWHQFLDGHOFLUFXLWRLQLFLDGRUGHOFROFKyQGHDLUHGHOFRQGXFWRUHVDOWDVHILMDHO
'7&%

>$@ /X]GHDGYHUWHQFLD³$,5%$*´VHHQFLHQGH
>%@ /DOX]GHDGYHUWHQFLD³$,5%$*´VHDSDJD
>&@ &yGLJR1ƒ

%RUUDGRGH'7&
8WLOL]DQGRHOLQVWUXPHQWRGHH[SORUDFLyQ68=8.,

 &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2))
 &RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQ68=8.,DOFRQHFWRUGH
HQODFH GH GDWRV '/&  WDO FRPR FXDQGR HIHFW~D HVWD
FRQH[LyQSDUDYHULILFDUXQ'7&
+HUUDPLHQWDHVSHFLDO
$,QVWUXPHQWRGHH[SORUDFLyQ68=8.,
 &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21
 %RUUHHO'7&VLJXLHQGRODVLQVWUXFFLRQHVYLVXDOL]DGDVHQHOLQV
WUXPHQWRGHH[SORUDFLyQ68=8.,3DUDPD\RUHVGHWDOOHVUHILp
UDVH DO 0DQXDO GHO 2SHUDGRU GHO LQVWUXPHQWR GH H[SORUDFLyQ
68=8.,
 'HVSXpVGHFRPSOHWDUHVWDFRPSUREDFLyQFRORTXHHOLQWHUUXS
WRU GH HQFHQGLGR HQ OD SRVLFLyQ 2)) \ GHVFRQHFWH HO LQVWUX
PHQWRGHH[SORUDFLyQ68=8.,GHO'/&
 (IHFW~H OD &20352%$&,Ï1 '( '7& \ FRQILUPH TXH VH
YLVXDOL]DHO'7& QRUPDO12 &2'(61RKD\FyGLJRV\QR
XQ'7&GHPDOIXQFLRQDPLHQWR

127$
6LHO'7&%y%HVWiPHPRUL]DGRHQHO6'0QRHV
SRVLEOHERUUDUORV'7&
%6,67(0$'(/&2/&+Ï1'($,5(

6LQXWLOL]DUHOLQVWUXPHQWRGHH[SORUDFLyQ68=8.,

 &RORTXH HO LQWHUUXSWRU GH HQFHQGLGR HQ OD SRVLFLyQ 21 \

HVSHUHXQRVVHJXQGRVRPiV
 (PSOHHHOFDEOHGHVHUYLFLR\UHSLWDODRSHUDFLyQGHFRUWRFLUFXL
WDU\DEULUHQWUHHOWHUPLQDOGHOLQWHUUXSWRUGHGLDJQyVWLFRHQHO
DFRSODGRU GH YHULILFDFLyQ ³$,5 %$*´ \ HO WHUPLQDO D PDVD 
YHFHVFRQXQLQWHUYDORGHVHJXQGRDSUR[LPDGDPHQWH
 (IHFW~H OD &20352%$&,Ï1 '( '7& \ FRQILUPH TXH VH
YLVXDOL]DHO'7&QRUPDO'7&\QRXQ'7&GHPDOIXQFLR
QDPLHQWR

127$
6LHO'7&%y%HVWiPHPRUL]DGRHQHO6'0QRHV
SRVLEOHERUUDUORV'7&

 $FRSODGRUGHYHULILFDFLyQ³$,5%$*´ D $ELHUWR
 0DVDDFDUURFHUtD E &RUWRFLUFXLWR
 7HUPLQDOGHOLQWHUUXSWRUGHGLDJQyVWLFR F 0i[LPRVHJXQGRV
 &DEOHGHVHUYLFLR G VHJXQGRDSUR[LPDGDPHQWH
 6,67(0$'(/&2/&+Ï1'($,5(%

7DEODGH'7&

3DWUyQGHGHVWHOORVGHODOX]
'7& GHDGYHUWHQFLD³$,5%$*³ 'LDJQyVWLFR
1ƒ 02'2
1RUPDO ±
± 

%  5HVLVWHQFLDHOHYDGD

%  &LUFXLWRGHO 5HVLVWHQFLDEDMD

FROFKyQGH
DLUHGHOSDVD
%  &RUWRFLUFXLWRDPDVD
MHUR
&RUWRFLUFXLWRDOFLUFXLWRGHDOL
% 
PHQWDFLyQHOpFWULFD
%  5HVLVWHQFLDHOHYDGD
&LUFXLWRGHO
%  5HVLVWHQFLDEDMD
FROFKyQGH 'LDJQRVWLTXHODORFD
DLUHGHOFRQ OL]DFLyQ\UHSDUDFLyQ
%  &RUWRFLUFXLWRDPDVD
GXFWRU GHGHVSHUIHFWRVGH
&RUWRFLUFXLWRDOFLUFXLWRGHDOL DFXHUGRFRQODWDEOD
% 
PHQWDFLyQHOpFWULFD GHIOXMRGHGLDJQyV
7HQVLyQGHOD WLFRFRUUHVSRQGLHQWH
%  'HPDVLDGRDOWD
IXHQWHGHDOL DFDGDQ~PHURGH
PHQWDFLyQ FyGLJR
%  'HPDVLDGREDMD
HOpFWULFD
$ELHUWRRFRUWRFLUFXLWDGRD
% 
&LUFXLWRGHO PDVD
VHQVRUGHODQ &RUWRFLUFXLWRHQWUHGRVFDEOHV
%  WHURGHUHFKR RFRUWRFLUFXLWRDOFLUFXLWRGHDOL
PHQWDFLyQHOpFWULFD
$ELHUWRRFRUWRFLUFXLWDGRD
% 
&LUFXLWRGHO PDVD
VHQVRUGHODQ &RUWRFLUFXLWRHQWUHGRVFDEOHV
%  WHURL]TXLHUGR RFRUWRFLUFXLWRDOFLUFXLWRGHDOL
PHQWDFLyQHOpFWULFD
%6,67(0$'(/&2/&+Ï1'($,5(

3DWUyQGHGHVWHOORVGHODOX]
'7& GHDGYHUWHQFLD³$,5%$*³ 'LDJQyVWLFR
1ƒ 02'2
%  5HVLVWHQFLDDOWD

%  &LUFXLWRGHO 5HVLVWHQFLDEDMD

SUHWHQVRUGHO
%  FRQGXFWRU &RUWRFLUFXLWRDPDVD
&RUWRFLUFXLWRDOFLUFXLWRGHDOL
% 
PHQWDFLyQHOpFWULFD
'LDJQRVWLTXHOD
%  5HVLVWHQFLDDOWD ORFDOL]DFLyQ\
UHSDUDFLyQGH
%  &LUFXLWRGHO 5HVLVWHQFLDEDMD GHVSHUIHFWRVGH
SUHWHQVRUGHO DFXHUGRFRQOD
%  SDVDMHUR &RUWRFLUFXLWRDPDVD WDEODGHIOXMRGH
GLDJQyVWLFR
&RUWRFLUFXLWRDOFLUFXLWRGHDOL
%  FRUUHVSRQGLHQWH
PHQWDFLyQHOpFWULFD
DFDGDQ~PHUR
%  'HWHFFLyQGHFROLVLyQIURQWDO GHFyGLJR

)DOORGHOFLUFXLWRGHODOX]GH
% 
DGYHUWHQFLD³$,5%$*´
0yGXORGH
%  6'0 )DOORLQWHUQR
(VSHFLILFDFLRQHVGLIHUHQWHV
%  HQWUHHOVLVWHPDGHOFROFKyQGH
DLUH\HOPyGXORGH6'0

127$
‡ &XDQGRVHLQGLFDQRPiVFyGLJRVDSDUHFHUiSULPHURHOFyGLJRGHQXPHUDFLyQPiVEDMD
‡ (O'7&DFWXDO\HO'7&SDVDGRSXHGHQVHULGHQWLILFDGRVPHGLDQWHHOHQFHQGLGR\GHVWHOORVGHODOX]GH
DGYHUWHQFLD³$,5%$*´GHODPDQHUDVLJXLHQWH6LQHPEDUJRVLVHILMDQYDULRV'7&\XQRGHHOORVHVXQ
'7& DFWXDO OD OX] GH DGYHUWHQFLD ³$,5 %$*´ SHUPDQHFH HQFHQGLGD GHVSXpV GH TXH HO LQWHUUXSWRU GH
HQFHQGLGRHVFRORFDGRHQODSRVLFLyQ213RUFRQVLJXLHQWHQRHVSRVLEOHGHWHUPLQDUVLDOJXQRGHHOORV
HV DFWXDO R XQR GH KLVWRULD 1R REVWDQWH HO LQVWUXPHQWR GH H[SORUDFLyQ 68=8., SHUPLWLUi HIHFWXDU OD
LGHQWLILFDFLyQGHORV'7&

6HILMDVRODPHQWHHO'7&GHKLVWRULD
/DFRQGLFLyQGHIHFWXRVDRFXUULyXQD
6HILMDHO'7&DFWXDO
YH]HQHOSDVDGRSHURVHKDYXHOWR
+D\DQRUPDOLGDGDFWXDOPHQWH
DFWXDOPHQWHDODFRQGLFLyQGHQRUPD
OLGDG
/X]GHDGYHUWHQFLD³$,5%$*´
GHVSXpVGHFRORFDUHOLQWHUUXSWRU 'HVWHOODYHFHV\VHHQFLHQGH 'HVWHOODYHFHV\VHDSDJD
GHHQFHQGLGRHQODSRVLFLyQ21
/X]GHDGYHUWHQFLD³$,5%$*´
FXDQGRHOLQWHUUXSWRUGHGLDJQyV 6HYLVXDOL]DHO'7&DFWXDO 6HYLVXDOL]DHO'7&GHKLVWRULD
WLFRVHFRQHFWDDPDVD
 6,67(0$'(/&2/&+Ï1'($,5(%

7DEOD$±/DOX]GHDGYHUWHQFLD³$,5%$*´SHUPDQHFHHQFHQGLGD
7DEOD%±/DOX]GHDGYHUWHQFLD³$,5%$*´QRVHHQFLHQGH
7DEOD&±/DOX]GHDGYHUWHQFLD³$,5%$*´GHVWHOOD
7DEOD'±/DOX]GHDGYHUWHQFLD³$,5%$*´QRSXHGHLQGLFDUXQSDWUyQGHGHVWH
OORVGH'7&
',$*5$0$'(&$%/($'2

BLU/BLK BLU/RED
Q01-4 IG

BLK/BLU BLK/WHT BLK/WHT BLU BLU

1 Q01-2 LA
2
4
3 6 L1
7
L2
12V

PPL/RED PPL/RED
8 Q01-20 SDL

“G27” “Q02”
9 5V

PPL
10 Q01-15 DNS

“Q04” BLK
Q01-17 GND
11
[A]

“Q01”

 'HVGHHOIXVLEOHSULQFLSDO  )XVLEOH³$,5%$*´  $OPyGXORGH(&07&0VLHVWiHTXLSDGR\PyGXOR

GHFRQWUROGHO$%6VLHVWiHTXLSDGR
 ,QWHUUXSWRUGHHQFHQGLGR  3DWLOODGHGHWHFFLyQGHFRQH[LyQ  $FRSODGRUGHYHULILFDFLyQ³$,5%$*´
 )XVLEOH³,*0(7(5´  0yGXORGH6'0  0DVDSDUDHOVLVWHPDGHOFROFKyQGHDLUH
 /X]GHDGYHUWHQFLD³$,5%$*´HQHOLQGLFDGRU  $O'/& >$@ 0D]RGHFDEOHVGHFROFKyQGHDLUH
FRPELQDGR

35(&$8&,Ï1
‡ $VHJ~UHVH GH HIHFWXDU OD &20352%$&,Ï1 '(/ 6,67(0$ '( ',$*1Ï67,&2 '( &2/&+Ï1 '( $,5(
DQWHVGHFRPHQ]DUHOGLDJQyVWLFRGHDFXHUGRFRQODWDEODGHIOXMR
‡ &XDQGRHQHVWDWDEODVHUHTXLHUHODPHGLFLyQGHODUHVLVWHQFLDRODWHQVLyQXWLOLFHXQSUREDGRUFRQMXQWD
PHQWHFRQHODGDSWDGRUFRUUHFWRGHWHUPLQDOGHVGHODKHUUDPLHQWDHVSHFLDOFRQMXQWRGHDGDSWDGRUGH
SUXHEDGHFRQHFWRU
‡ &XDQGRVHUHTXLHUHFRPSUREDUODFRUUHFFLyQGHODFRQH[LyQUHILpUDVHD0$/)81&,21$0,(172,17(5
0,7(17(<&21(;,Ï10$/$HQHVWDVHFFLyQ
‡ &XDQGRVHGHWHFWDXQFLUFXLWRDELHUWRHQHOPD]RGHFDEOHVGHFROFKyQGHDLUHRVLHOFRQHFWRURWHUPL
QDOHVWiGDxDGRUHHPSODFHHOPD]RGHFDEOHVFRQHFWRU\WHUPLQDOFRPRXQVRORFRQMXQWR
%6,67(0$'(/&2/&+Ï1'($,5(

'(6&5,3&,Ï1'(/$358(%$'(/$7$%/$
7DEOD$
3$62&RPSUXHEHHOIXVLEOH³$,5%$*´
3$62&RPSUXHEHHOFLUFXLWRGHIXHQWHGHDOLPHQWDFLyQHOpFWULFD
3$62&RPSUXHEHHOFLUFXLWRGHODOX]GHDGYHUWHQFLD³$,5%$*´
7DEOD%
3$62&RPSUXHEHHOFLUFXLWRGHDOLPHQWDFLyQHOpFWULFDGHOLQGLFDGRUFRPELQDGR
3$62&RPSUXHEHHOPHFDQLVPRGHFRPSUREDFLyQGHFRQH[LyQHOpFWULFDHQHOFRQHFWRUGH6'0
3$62&RPSUXHEHHOFLUFXLWRGHODOX]GHDGYHUWHQFLD³$,5%$*´
3$62&RPSUXHEHVLHOFLUFXLWRGHODOX]GHDGYHUWHQFLD³$,5%$*´HVWDDELHUWR
3$62&RPSUXHEHVLHOFLUFXLWRGHODOX]GHDGYHUWHQFLD³$,5%$*´HVWDFRUWRFLUFXLWDGRDOFLUFXLWRGHDOLPHQWDFLyQ
HOpFWULFD
3$62&RPSUXHEHODERPELOOD³$,5%$*´
7DEOD&\'
3$62&RPSUXHEHHODFRSODGRUGHYHULILFDFLyQ³$,5%$*´
3$62&RPSUXHEHHOFLUFXLWRGHOLQWHUUXSWRUGHGLDJQyVWLFRSDUDHOVLVWHPDGHOFROFKyQGHDLUH

7$%/$'()/8-2'(',$*1Ï67,&2
7DEOD$

3DVR 2SHUDFLyQ 6t 1R
  ,QWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2)) 9D\DDOSDVR &DEOH³%/85('´FRUWRFLU
 'HVPRQWHHLQVSHFFLRQHHOIXVLEOH³$,5%$*´ FXLWDGRDPDVD
¢(VWiHQEXHQDVFRQGLFLRQHVHOIXVLEOH" 'HVSXpVGHODUHSDUDFLyQ
YXHOYDDLQVWDODUHOIXVLEOH
³$,5%$*´
  'HVFRQHFWHHOFRQHFWRUGH6'0 9D\DDOSDVR &DEOH³%/85('´HQWUHHO
 &RPSUXHEHHOHVWDGRGHODFRQH[LyQDO IXVLEOH³$,5%$*´\HO
PyGXOR6'0HQHOWHUPLQDO³4´ FRQHFWRUGH6'0DELHUWR
 6LHVWiQRUPDOFRPSUXHEHODWHQVLyQHQWUHHO FDEOH³%/8%/.´HQWUHHO
WHUPLQDO³4´GHOFRQHFWRUGH6'0\OD LQWHUUXSWRUGHHQFHQGLGR\
PDVDDFDUURFHUtDFRQHOLQWHUUXSWRUGH HOIXVLEOH³$,5%$*´
HQFHQGLGRHQODSRVLFLyQ21 DELHUWRRFRUWRFLUFXLWDGRD
¢(VODWHQVLyQ9RPiV" PDVD
  'HVFRQHFWHHOFRQHFWRUGHSDWLOODVGHO 5HHPSODFHSRUXQPyGXOR &DEOH³%/8´HQWUHHOLQGL
LQGLFDGRUFRPELQDGR5HILpUDVHD,1',&$ GH6'0HQEXHQHVWDGR\ FDGRUFRPELQDGR\HO
'25&20%,1$'2HQOD6(&&,Ï1& YXHOYDDFRPSUREDU FRQHFWRUGHOPyGXORGH
 &RPSUXHEHODUHVLVWHQFLDHQWUHHOWHUPLQDO 6'0FRUWRFLUFXLWDGRD
³4´GHOFRQHFWRUGHOPyGXORGH6'0\OD PDVD
PDVDDFDUURFHUtD
¢(VWiDELHUWRHOFLUFXLWR"

>$@)LJSDUDHO3$62>%@)LJSDUDHO3$62

+HUUDPLHQWDHVSHFLDO
$
 6,67(0$'(/&2/&+Ï1'($,5(%

127$
'HVSXpVGHFRPSOHWDUODFRPSUREDFLyQ\ORVWUDEDMRVGHUHSDUDFLyQHIHFW~HORVLJXLHQWH
‡ 9XHOYDDFRQHFWDUWRGRVORVFRPSRQHQWHVGHOVLVWHPDGHOFROFKyQGHDLUH\FRPSUXHEHTXHWRGRVORV
FRPSRQHQWHVHVWiQPRQWDGRVFRUUHFWDPHQWH
‡ 5HSLWDOD&20352%$&,Ï1'(/6,67(0$'(',$*1Ï67,&2'(&2/&+Ï1'($,5(SDUDFRQILUPDUTXH
HOGHVSHUIHFWRKDVLGRFRUUHJLGR

7DEOD%

3DVR 2SHUDFLyQ 6t 1R
  $SOLTXHHOIUHQRGHHVWDFLRQDPLHQWR 9D\DDOSDVR &DEOH³%/.%/8´³%/.
 0LUHHOLQGLFDGRUFRPELQDGRFXDQGRHOLQWHUUXSWRU :+7´\IXVLEOH³,*
GHHQFHQGLGRHVJLUDGRDODSRVLFLyQ21 0(7(5´HQWUHHOLQWHUUXS
¢6HHQFLHQGHHOLQGLFDGRUOXPLQRVROX]GHDGYHUWHQ WRUGHHQFHQGLGR\HOLQGL
FLD³%5$.(´)UHQRV" FDGRUFRPELQDGRDELHUWR
RFRUWRFLUFXLWDGRDPDVD
  &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVL 9D\DDOSDVR 5HSDUHHOPHFDQLVPRGH
FLyQ2))\GHVFRQHFWHHOFRQHFWRUGHO6'0 FRPSUREDFLyQGHFRQH[LyQ
 &RPSUXHEHHOPHFDQLVPRGHFRPSUREDFLyQGH HOpFWULFD
FRQH[LyQHOpFWULFD
¢(VWiHQEXHQDVFRQGLFLRQHV"
  'HVFRQHFWHHOFRQHFWRUGHO6'0 5HHPSODFHSRUXQ 9D\DDOSDVR
 &RPSUXHEHHOHVWDGRGHODFRQH[LyQDOPyGXOR PyGXORGH6'0HQ
GH6'0HQHOWHUPLQDO³4´ EXHQHVWDGR\YXHOYDD
 6LHVWiQRUPDOFRPSUXHEHODWHQVLyQHQWUHHOWHU FRPSUREDU
PLQDO³4´GHOFRQHFWRUGH6'0\ODPDVDD
FDUURFHUtDFRQHOLQWHUUXSWRUGHHQFHQGLGRHQOD
SRVLFLyQ21
¢(VODWHQVLyQ9RPiV"
  'HVPRQWHHOLQGLFDGRUFRPELQDGR5HILpUDVHD 9D\DDOSDVR 5HSDUHODUHVLVWHQFLDDOWDR
,1',&$'25&20%,1$'2HQOD6(&&,Ï1 HOFLUFXLWRDELHUWRHQFLU
 &RPSUXHEHHOHVWDGRGHODFRQH[LyQDOLQGLFDGRU FXLWRGHOFDEOH³%/8´HQWUH
FRPELQDGRHQHOWHUPLQDOGHOFDEOH³%/8´SDUDOD HOLQGLFDGRUFRPELQDGR\HO
OX]GHDGYHUWHQFLD³$,5%$*´HQHOWHUPLQDO 6'0
³4´
 6LODFRQH[LyQHVWiFRQIRUPHFRPSUXHEHOD
UHVLVWHQFLDHQWUHHOWHUPLQDOGHOFDEOH³%/8´GHO
FRQHFWRUFRQHFWRUGHSDWLOODVGHOLQGLFDGRU
FRPELQDGR\HOWHUPLQDO³4´GHOFRQHFWRUGHO
PyGXORGH6'0
¢(VWiHQFRUWRFLUFXLWR"
  0LGDODWHQVLyQHQWUHHOWHUPLQDO³4´GHO 5HSDUHHOFRUWRFLUFXLWR 9D\DDOSDVR
FRQHFWRUGHO6'0\ODPDVDDFDUURFHUtDFRQHO GHVGHHOFLUFXLWRGHO
LQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21 FDEOH³%/8´HQWUHHO
¢(VODWHQVLyQ9RPiV" LQGLFDGRUFRPELQDGR\
HOFRQHFWRUGHOPyGXOR
GH6'0DOFLUFXLWRGH
DOLPHQWDFLyQHOpFWULFD
  'HVPRQWHHLQVSHFFLRQHODERPELOOD³$,5%$*´ 5HHPSODFHSRUXQLQGL 5HHPSODFHODERPELOOD
¢(VWiHQEXHQDVFRQGLFLRQHVODERPELOOD" FDGRUFRPELQDGRHQ
EXHQHVWDGR\YXHOYDD
FRPSUREDU
%6,67(0$'(/&2/&+Ï1'($,5(

>$@)LJSDUDHO3$62>%@)LJSDUDORV3$626\>&@)LJSDUDHO3$62

 &RQHFWRUGHSDWLOODVSDUDHOLQGLFDGRUFRPELQDGR
 7HUPLQDOGHOFDEOH³%/8´

+HUUDPLHQWDHVSHFLDO
$

127$
'HVSXpVGHFRPSOHWDUODFRPSUREDFLyQ\ORVWUDEDMRVGHUHSDUDFLyQHIHFW~HORVLJXLHQWH
‡ 9XHOYDDFRQHFWDUWRGRVORVFRPSRQHQWHVGHOVLVWHPDGHOFROFKyQGHDLUH\FRPSUXHEHTXHWRGRVORV
FRPSRQHQWHVHVWiQPRQWDGRVFRUUHFWDPHQWH
‡ 5HSLWDOD&20352%$&,Ï1'(/6,67(0$'(',$*1Ï67,&2'(&2/&+Ï1'($,5(SDUDFRQILUPDUTXH
HOGHVSHUIHFWRKDVLGRFRUUHJLGR

7DEOD&

3DVR 2SHUDFLyQ 6t 1R
  &RPSUXHEHHODFRSODGRUGHYHULILFDFLyQ³$,5%$*´ 'HVPRQWHHOFDEOHGH 9D\DDOSDVR
¢(VWiHOWHUPLQDOGHOLQWHUUXSWRUGHGLDJQyVWLFRGHODFR VHUYLFLR
SODGRUGHYHULILFDFLyQ³$,5%$*´FRQHFWDGRDPDVDD
FDUURFHUtDPHGLDQWHHOFDEOHGHVHUYLFLR"
  &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ 5HHPSODFHSRUXQ 5HSDUHHOFRUWRFLUFXLWR
2))\GHVFRQHFWHHOFRQHFWRUGHO6'0 PyGXORGH6'0HQ GHOFLUFXLWRGHOFDEOH
 0LGDODUHVLVWHQFLDHQWUHHOWHUPLQDO³4´GHO EXHQHVWDGR\YXHOYDD ³33/´FRUWRFLUFXLWDGRD
FRQHFWRUGHOPyGXORGH6'0\ODPDVDDFDUURFHUtD FRPSUREDU PDVD
¢(VWiDELHUWRHOFLUFXLWR"

)LJXUDSDUDHO3$62
+HUUDPLHQWDHVSHFLDO
$

127$
'HVSXpVGHFRPSOHWDUODFRPSUREDFLyQ\ORVWUDEDMRVGHUHSDUDFLyQHIHFW~HORVLJXLHQWH
‡ 9XHOYDDFRQHFWDUWRGRVORVFRPSRQHQWHVGHOVLVWHPDGHOFROFKyQGHDLUH\FRPSUXHEHTXHWRGRVORV
FRPSRQHQWHVHVWiQPRQWDGRVFRUUHFWDPHQWH
‡ 5HSLWDOD&20352%$&,Ï1'(/6,67(0$'(',$*1Ï67,&2'(&2/&+Ï1'($,5(SDUDFRQILUPDUTXH
HOGHVSHUIHFWRKDVLGRFRUUHJLGR
 6,67(0$'(/&2/&+Ï1'($,5(%

7DEOD'

3DVR 2SHUDFLyQ 6t 1R
  &RPSUXHEHODFRQH[LyQHQWUHHOWHUPLQDOGHOLQWH 9D\DDOSDVR &RQHFWHFRUUHFWDPHQWH
UUXSWRUGHGLDJQyVWLFRGHODFRSODGRUGHYHULILFD PHGLDQWHHOFDEOHGHVHUYL
FLyQ³$,5%$*´\ODPDVDDFDUURFHUtDPHGLDQWH FLRHOWHUPLQDOGHOLQWHUUXS
HOFDEOHGHVHUYLFLR WRUGHGLDJQyVWLFRHQHO
¢(VWiQFRQHFWDGRVFRUUHFWDPHQWHPHGLDQWHHOFDEOH DFRSODGRUGHYHULILFDFLyQ
GHVHUYLFLR" ³$,5%$*´\ODPDVDD
FDUURFHUtD
  'HVFRQHFWHHOFRQHFWRUGHOPyGXORGH6'0GHO &RPSUXHEHORVWHUPLQD 5HHPSODFHSRUXQPyGXOR
6'0 OHVGHOFDEOH³33/´ GH6'0HQEXHQHVWDGR\
 &RPSUXHEHODFRQH[LyQHQORVWHUPLQDOHVGHO 6LHVWiQFRQIRUPHV YXHOYDDFRPSUREDU
FDEOH³33/´WHUPLQDO³4´HQHOFRQHFWRUGHO UHSDUHODDEHUWXUDGHO
6'0\WHUPLQDO³4´HQHODFRSODGRUGHYHULIL FLUFXLWRGHOFDEOH³33/´
FDFLyQ³$,5%$*´
 6LHVWiQRUPDOSURFHGDDPHGLUODUHVLVWHQFLD
HQWUHHOWHUPLQDO³4´\HOWHUPLQDO³4´
¢(VWiDELHUWRHOFLUFXLWR"

)LJXUDSDUDHO3$62

 $FRSODGRUGHYHULILFDFLyQ³$,5%$*´
 7HUPLQDOGHOFDEOH³33/´

+HUUDPLHQWDHVSHFLDO
$

127$
'HVSXpVGHFRPSOHWDUODFRPSUREDFLyQ\ORVWUDEDMRVGHUHSDUDFLyQHIHFW~HORVLJXLHQWH
‡ 9XHOYDDFRQHFWDUWRGRVORVFRPSRQHQWHVGHOVLVWHPDGHOFROFKyQGHDLUH\FRPSUXHEHTXHWRGRVORV
FRPSRQHQWHVHVWiQPRQWDGRVFRUUHFWDPHQWH
‡ 5HSLWDOD&20352%$&,Ï1'(/6,67(0$'(',$*1Ï67,&2'(&2/&+Ï1'($,5(SDUDFRQILUPDUTXH
HOGHVSHUIHFWRKDVLGRFRUUHJLGR
%6,67(0$'(/&2/&+Ï1'($,5(

7DEOD(±(OPyGXORGH6'0QRSXHGHFRPXQLFDUPHGLDQWHHOFLUFXLWRGHGDWRV
VHULDOHV
',$*5$0$'(&$%/($'2

BLU/BLK BLU/RED
Q01-4 IG

BLK/BLU BLK/WHT BLK/WHT BLU BLU

1 Q01-2 LA
2 7
4
3 6 L1

L2
PPL/WHT 12V
14
1 WHT PPL/RED
Q01-20 SDL

“G27” “Q02”
9 5V
BLK 12
8
PPL/RED PPL
10 Q01-15 DNS

BLK/YEL 13 “Q04” BLK

Q01-17 GND
11

[A]

>$@ 0D]RGHFDEOHVGHFROFKyQGHDLUH  )XVLEOH³$,5%$*´  $FRSODGRUGHYHULILFDFLyQ³$,5%$*´

 'HVGHHOIXVLEOHSULQFLSDO  3DWLOODGHGHWHFFLyQGHFRQH[LyQ  0DVDSDUDHOVLVWHPDGHOFROFKyQGHDLUH
 ,QWHUUXSWRUGHHQFHQGLGR  0yGXORGH6'0  0DVDDFDUURFHUtD
 )XVLEOH³,*0(7(5´  '/&  0DVDDOEORTXHGHOPRWRU
 /X]GHDGYHUWHQFLD³$,5%$*´HQHOLQGLFDGRU  $OPyGXORGH(&07&0VLHVWiHTXLSDGR\  0yGXORGHFRQWUROGHOLQPRYLOL]DGRUVL
FRPELQDGR PyGXORGHFRQWUROGHO$%6VLHVWiHTXLSDGR HVWiHTXLSDGR

35(&$8&,Ï1
‡ $VHJ~UHVH GH HIHFWXDU OD &20352%$&,Ï1 '(/ 6,67(0$ '( ',$*1Ï67,&2 '( &2/&+Ï1 '( $,5(
DQWHVGHFRPHQ]DUHOGLDJQyVWLFRGHDFXHUGRFRQODWDEODGHIOXMR
‡ &XDQGRHQHVWDWDEODVHUHTXLHUHODPHGLFLyQGHODUHVLVWHQFLDRODWHQVLyQXWLOLFHXQSUREDGRUFRQMXQWD
PHQWHFRQHODGDSWDGRUFRUUHFWRGHWHUPLQDOGHVGHODKHUUDPLHQWDHVSHFLDOFRQMXQWRGHDGDSWDGRUGH
SUXHEDGHFRQHFWRU
‡ &XDQGRVHUHTXLHUDFRPSUREDUODFRUUHFFLyQGHODFRQH[LyQUHILpUDVHD0$/)81&,21$0,(172,17(5
0,7(17(<&21(;,Ï10$/$HQHVWDVHFFLyQ
‡ &XDQGRVHGHWHFWHXQFLUFXLWRDELHUWRHQHOPD]RGHFDEOHVGHFROFKyQGHDLUHRVLHOFRQHFWRURWHUPL
QDOHVWiGDxDGRUHHPSODFHHOPD]RGHFDEOHVFRQHFWRU\WHUPLQDOFRPRXQVRORFRQMXQWR

'(6&5,3&,Ï1'(/$358(%$'(/$7$%/$
3$62/DFRQH[LyQLQFRUUHFWDDOFRQHFWRUGHHQODFHGHGDWRV'/&LPSHGLUiHVWDEOHFHUODVFRPXQLFDFLRQHV
3$62(VWDSUXHEDYHULILFDVLHVSRVLEOHFRPXQLFDUFRQRWURPyGXORGHFRQWURO
3$62(VWDSUXHEDYHULILFDVLHOFLUFXLWRGH³33/5('´HVWiDELHUWRHQHOPD]RGHFDEOHVGHFROFKyQGHDLUH
 6,67(0$'(/&2/&+Ï1'($,5(%

7$%/$'()/8-2'(',$*1Ï67,&2

3DVR 2SHUDFLyQ 6t 1R
  $VHJ~UHVHGHTXHHOLQVWUXPHQWRGHHVFDQHR68=8., 9D\DDOSDVR &RQHFWHFRUUHFWDPHQWHHO
IXQFLRQDFRUUHFWDPHQWH\TXHVHXWLOL]DHOFDUWXFKR  LQVWUXPHQWRGHH[SORUDFLyQ
FRUUHFWRSDUDHOVLVWHPDGHOFROFKyQGHDLUH 68=8.,DO'/&
 ,QWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2))
 &RPSUXHEHHOHVWDGRGHODFRQH[LyQGHOLQVWUXPHQWRGH
H[SORUDFLyQ68=8.,DO'/&
¢(VWiHQEXHQDVFRQGLFLRQHVODFRQH[LyQ"
  &RPSUXHEHVLODFRPXQLFDFLyQHVSRVLEOH7UDWHGHFRPX 9D\DDOSDVR
5HSDUHHOFLUFXLWRDELHUWRHQ
QLFDUFRQRWURPyGXORGHFRQWURO0yGXORGHFRQWUROGH  ODVHFFLyQFRP~QGHOFLUFXLWR
(&07&0RGHO$%6VLHVWiHTXLSDGR GHGDWRVVHULDOHVFLUFXLWRGH
¢(VSRVLEOHFRPXQLFDUFRQRWURPyGXORGHFRQWURO" FDEOH³33/5('´XWLOL]DGR
SRUWRGRVORVFRQWURODGRUHV
RHOFRUWRFLUFXLWRDPDVDRDO
FLUFXLWRGHDOLPHQWDFLyQ
HOpFWULFDRFXUULGRHQDOJ~Q
OXJDUGHOFLUFXLWRGHGDWRV
VHULDOHVFLUFXLWRGHFDEOH
³33/5('´
  &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2))\ 5HHPSODFH 5HSDUHODUHVLVWHQFLDDOWDR
GHVFRQHFWHHOFRQHFWRUGHO6'0\³4´ SRUXQPyGXOR ODDEHUWXUDGHOFLUFXLWRGH
 &RPSUXHEHHOHVWDGRGHODFRQH[LyQDOWHUPLQDO³4´ GH6'0HQ FDEOH³33/5('´HQHO
&DEOH³33/5('´SDUD'/& EXHQHVWDGR\ PD]RGHFDEOHVGHFROFKyQ
 6LHVWiQRUPDOSURFHGDDPHGLUODUHVLVWHQFLDHQWUHHOWHU YXHOYDDFRP GHDLUH
PLQDO³4´&DEOH³33/5('´\HOWHUPLQDO³4´ SUREDU
GHOFRQHFWRUGHO6'0
¢(VWiHQFRUWRFLUFXLWR"

)LJXUDSDUDHO3$62

 &RQHFWRUGHOODGRGHOPD]RGHFDEOHVGHFROFKyQGHDLUH
 7HUPLQDOGHOFDEOH³33/5('´

+HUUDPLHQWDHVSHFLDO
$

127$
'HVSXpVGHFRPSOHWDUODFRPSUREDFLyQ\ORVWUDEDMRVGHUHSDUDFLyQHIHFW~HORVLJXLHQWH
‡ 9XHOYDDFRQHFWDUWRGRVORVFRPSRQHQWHVGHOVLVWHPDGHOFROFKyQGHDLUH\FRPSUXHEHTXHWRGRVORV
FRPSRQHQWHVHVWiQPRQWDGRVFRUUHFWDPHQWH
‡ 5HSLWDOD&20352%$&,Ï1'(/6,67(0$'(',$*1Ï67,&2'(&2/&+Ï1'($,5(SDUDFRQILUPDUTXH
HOGHVSHUIHFWRKDVLGRFRUUHJLGR
%6,67(0$'(/&2/&+Ï1'($,5(

'7&%±5HVLVWHQFLDDOWDGHOFLUFXLWRLQLFLDGRUGHOFROFKyQGHDLUHGHOSDVD
MHUR
'7&%±5HVLVWHQFLDEDMDGHOFLUFXLWRLQLFLDGRUGHOFROFKyQGHDLUHGHOSDVD
MHUR
'7&%±&LUFXLWRLQLFLDGRUGHOFROFKyQGHDLUHGHOSDVDMHURFRUWRFLUFXLWDGR
DPDVD
'7&%±&LUFXLWRLQLFLDGRUGHOFROFKyQGHDLUHGHOSDVDMHURFRUWRFLUFXLWDGR
DOFLUFXLWRGHDOLPHQWDFLyQHOpFWULFD
',$*5$0$'(&$%/($'2

4
3
“Q01”
BLU/BLK BLU/RED
1 Q01-4 IG “Q07”
2
YEL/RED
P+ Q01-7
5
YEL
P- Q01-8
[A] BLK
Q01-17 GND
6
[B]

“Q01”

>$@ %DUUDFRUWRFLUFXLWDGRUD  'HVGHHOIXVLEOHSULQFLSDO  )XVLEOH³$,5%$*´  0yGXORLQIODGRUGHOFROFKyQGHDLUHGHOSDVDMHUR

>%@ 0D]RGHFDEOHVGHFRO  ,QWHUUXSWRUGHHQFHQGLGR  0yGXORGH6'0  0DVDSDUDHOVLVWHPDGHOFROFKyQGHDLUH
FKyQGHDLUH

35(&$8&,Ï1
‡ $VHJ~UHVH GH HIHFWXDU OD &20352%$&,Ï1 '(/ 6,67(0$ '( ',$*1Ï67,&2 '( &2/&+Ï1 '( $,5(
DQWHVGHFRPHQ]DUHOGLDJQyVWLFRGHDFXHUGRFRQODWDEODGHIOXMR
‡ &XDQGRHQHVWDWDEODVHUHTXLHUHODPHGLFLyQGHODUHVLVWHQFLDRODWHQVLyQXWLOLFHXQSUREDGRUFRQMXQWD
PHQWHFRQHODGDSWDGRUFRUUHFWRGHWHUPLQDOGHVGHODKHUUDPLHQWDHVSHFLDOFRQMXQWRGHDGDSWDGRUGH
SUXHEDGHFRQHFWRU
‡ &XDQGRVHUHTXLHUDFRPSUREDUODFRUUHFFLyQGHODFRQH[LyQUHILpUDVHD0$/)81&,21$0,(172,17(5
0,7(17(<&21(;,Ï10$/$HQHVWDVHFFLyQ
‡ &XDQGRVHGHWHFWHXQFLUFXLWRDELHUWRHQHOPD]RGHFDEOHVGHFROFKyQGHDLUHRVLHOFRQHFWRURWHUPL
QDOHVWiGDxDGRUHHPSODFHHOPD]RGHFDEOHVFRQHFWRU\WHUPLQDOFRPRXQVRORFRQMXQWR

(/'7&6(5È),-$'2&8$1'2
'7&%
/DUHVLVWHQFLDFRPELQDGDGHOPyGXORLQIODGRUGHOFROFKyQGHDLUHGHOSDVDMHUR\FRQWDFWRGHWHUPLQDOHVGHOPD]R
GHFDEOHV\GHOFRQHFWRUH[FHGHXQYDORUHVSHFLILFDGRGXUDQWHXQWLHPSRHVSHFLILFDGR
'7&%
/DUHVLVWHQFLDFRPELQDGDGHOPyGXORLQIODGRUGHOFROFKyQGHDLUHGHOSDVDMHUR\FRQWDFWRGHWHUPLQDOHVGHOPD]R
GHFDEOHV\GHOFRQHFWRUHVLQIHULRUDXQYDORUHVSHFLILFDGRGXUDQWHXQWLHPSRHVSHFLILFDGR
'7&%
/DWHQVLyQPHGLGDHQHOFLUFXLWRLQLFLDGRUGHOFROFKyQGHDLUHGHOSDVDMHURHVLQIHULRUDXQYDORUHVSHFLILFDGRGXUDQWH
XQWLHPSRHVSHFLILFDGR
'7&%
/DWHQVLyQPHGLGDHQHOFLUFXLWRLQLFLDGRUGHOFROFKyQGHDLUHGHOSDVDMHURHVVXSHULRUDXQYDORUHVSHFLILFDGRGXUDQWH
XQWLHPSRHVSHFLILFDGR
 6,67(0$'(/&2/&+Ï1'($,5(%

'(6&5,3&,Ï1'(/$358(%$'(/$7$%/$
'7&%%%\%
3$62&RPSUXHEHVLHOPDOIXQFLRQDPLHQWRHVWiHQHOPyGXORLQIODGRUGHOFROFKyQGHDLUHGHOSDVDMHUR
3$62&RPSUXHEHHQHOPD]RGHFDEOHVGHOFROFKyQGHDLUHHOFLUFXLWRLQLFLDGRUGHOPyGXORLQIODGRUGHOFROFKyQ
GHDLUHGHOSDVDMHUR
3$62&RPSUXHEHHQHOPD]RGHFDEOHVGHOFROFKyQGHDLUHHOFLUFXLWRLQLFLDGRUGHOPyGXORLQIODGRUGHOFROFKyQ
GHDLUHGHOSDVDMHUR3DUDHO'7&%VRODPHQWH

7$%/$'()/8-2'(',$*1Ï67,&2
'7&%

3DVR 2SHUDFLyQ 6t 1R
  &RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2))GHV 9D\DDOSDVR ,QWHUUXSWRUGHHQFHQGLGR
FRQHFWHHOFRQHFWRUGHOPyGXORLQIODGRUGHOFROFKyQGH HQODSRVLFLyQ2))
DLUHGHOSDVDMHURGHWUiVGHODJXDQWHUD 5HHPSODFHHOPyGXOR
 &RPSUXHEHHOHVWDGRGHODFRQH[LyQDOPyGXORLQIODGRU LQIODGRUGHOFROFKyQGH
GHOFROFKyQGHDLUHGHOSDVDMHURHQORVWHUPLQDOHVHQHO DLUHGHOSDVDMHUR5HILp
FRQHFWRU³4´ UDVHD0Ï'8/2,1)/$
 6LHVWiFRQIRUPHHQWRQFHVFRQHFWHODKHUUDPLHQWD '25'(/&2/&+Ï1
HVSHFLDO%DOFRQHFWRUGHVFRQHFWDGRHQHOSDVR '($,5('(/3$6$
GHOPyGXORLQIODGRUGHOFROFKyQGHDLUHGHOSDVDMHUR -(52HQHVWDVHFFLyQ
&RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21¢HV
DFWXDOHO'7&%"
  &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2)) 5HHPSODFHSRUXQ 5HSDUHODUHVLVWHQFLD
\GHVFRQHFWHHOFRQHFWRUGHO6'0 PyGXORGH6'0 DOWDRHOFLUFXLWRDELHUWR
 &RPSUXHEHHOHVWDGRGHODFRQH[LyQDOPyGXORGH6'0 HQEXHQHVWDGR\ HQFLUFXLWRGHOFDEOH
HQORVWHUPLQDOHV³4´\³4´ YXHOYDDFRPSUR ³<(/5('´R³<(/´
 6LHVWiQRUPDOSURFHGDDPHGLUODUHVLVWHQFLDHQWUHORV EDU
WHUPLQDOHV³4´\³4´FRQODKHUUDPLHQWDHVSH
FLDO%FRQHFWDGD
¢(VODUHVLVWHQFLDΩRPHQRU"

>$@)LJSDUDORV3$626\>%@)LJSDUDHO3$62

+HUUDPLHQWDHVSHFLDO
$
%

127$
'HVSXpVGHFRPSOHWDUODFRPSUREDFLyQ\ORVWUDEDMRVGHUHSDUDFLyQHIHFW~HORVLJXLHQWH
‡ 9XHOYDDFRQHFWDUWRGRVORVFRPSRQHQWHVGHOVLVWHPDGHOFROFKyQGHDLUH\FRPSUXHEHTXHWRGRVORV
FRPSRQHQWHVHVWiQPRQWDGRVFRUUHFWDPHQWH
‡ %RUUHORVFyGLJRVGHGLDJQyVWLFR5HILpUDVHD%255$'2'('7&VLORVKD\
‡ 5HSLWDOD&20352%$&,Ï1'(/6,67(0$'(',$*1Ï67,&2'(&2/&+Ï1'($,5(SDUDFRQILUPDUTXH
HOGHVSHUIHFWRKDVLGRFRUUHJLGR
%6,67(0$'(/&2/&+Ï1'($,5(

'7&%

3DVR 2SHUDFLyQ 6t 1R
  &RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2))GHV 9D\DDOSDVR ,QWHUUXSWRUGHHQFHQGLGR
FRQHFWHHOFRQHFWRUGHOPyGXORLQIODGRUGHOFROFKyQGH HQODSRVLFLyQ2))
DLUHGHOSDVDMHURGHWUiVGHODJXDQWHUD 5HHPSODFHHOPyGXOR
 &RPSUXHEHHOHVWDGRGHODFRQH[LyQDOPyGXORLQIODGRU LQIODGRUGHOFROFKyQGH
GHOFROFKyQGHDLUHGHOSDVDMHURHQORVWHUPLQDOHVHQHO DLUHGHOSDVDMHUR5HILp
FRQHFWRU³4´ UDVHD0Ï'8/2,1)/$
 6LHVWiFRQIRUPHHQWRQFHVFRQHFWHODKHUUDPLHQWDHVSH '25'(/&2/&+Ï1'(
FLDO%DOFRQHFWRUGHVFRQHFWDGRHQHOSDVRGHO $,5('(/3$6$-(52HQ
PyGXORLQIODGRUGHOFROFKyQGHDLUHGHOSDVDMHUR HVWDVHFFLyQ
&RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21¢HV
DFWXDOHO'7&%"
  &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2))\ 5HHPSODFHSRU 5HSDUHHOFRUWRFLUFXLWR
GHVFRQHFWHHOFRQHFWRUGHO6'0 XQPyGXORGH GHVGHHOFLUFXLWRGHOFDEOH
 &RPSUXHEHHOHVWDGRGHODFRQH[LyQDOPyGXORGH6'0 6'0HQEXHQ ³<(/5('´DOFLUFXLWRGHO
HQORVWHUPLQDOHV³4´\³4´ HVWDGR\YXHOYD FDEOH³<(/´RGHVGHHOFLU
 6LHVWiQRUPDOSURFHGDDPHGLUODUHVLVWHQFLDHQWUHORV DFRPSUREDU FXLWRGHOFDEOH³<(/5('´
WHUPLQDOHV³4´\³4´FRQODKHUUDPLHQWDHVSH R³<(/´DRWURFLUFXLWRGH
FLDO%FRQHFWDGD FDEOH
¢(VODUHVLVWHQFLDΩRPiV"

>$@)LJSDUDORV3$626\>%@)LJSDUDHO3$62

+HUUDPLHQWDHVSHFLDO
$
%

127$
'HVSXpVGHFRPSOHWDUODFRPSUREDFLyQ\ORVWUDEDMRVGHUHSDUDFLyQHIHFW~HORVLJXLHQWH
‡ 9XHOYDDFRQHFWDUWRGRVORVFRPSRQHQWHVGHOVLVWHPDGHOFROFKyQGHDLUH\FRPSUXHEHTXHWRGRVORV
FRPSRQHQWHVHVWiQPRQWDGRVFRUUHFWDPHQWH
‡ %RUUHORVFyGLJRVGHGLDJQyVWLFR5HILpUDVHD%255$'2'('7&VLORVKD\
‡ 5HSLWDOD&20352%$&,Ï1'(/6,67(0$'(',$*1Ï67,&2'(&2/&+Ï1'($,5(SDUDFRQILUPDUTXH
HOGHVSHUIHFWRKDVLGRFRUUHJLGR
 6,67(0$'(/&2/&+Ï1'($,5(%

'7&%

3DVR 2SHUDFLyQ 6t 1R
  &RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2))GHV 9D\DDOSDVR ,QWHUUXSWRUGHHQFHQGLGR
FRQHFWHHOFRQHFWRUGHOPyGXORLQIODGRUGHOFROFKyQGH HQODSRVLFLyQ2))
DLUHGHOSDVDMHURGHWUiVGHODJXDQWHUD 5HHPSODFHHOPyGXOR
 &RPSUXHEHHOHVWDGRGHODFRQH[LyQDOPyGXORLQIODGRU LQIODGRUGHOFROFKyQGH
GHOFROFKyQGHDLUHGHOSDVDMHURHQORVWHUPLQDOHVHQHO DLUHGHOSDVDMHUR5HILp
FRQHFWRU³4´ UDVHD0Ï'8/2,1)/$
 6LHVWiFRQIRUPHHQWRQFHVFRQHFWHODKHUUDPLHQWD '25'(/&2/&+Ï1'(
HVSHFLDO%DOFRQHFWRUGHVFRQHFWDGRHQHOSDVR $,5('(/3$6$-(52HQ
GHOPyGXORLQIODGRUGHOFROFKyQGHDLUHGHOSDVDMHUR HVWDVHFFLyQ
&RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21¢HV
DFWXDOHO'7&%"
  &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2)) 9D\DDOSDVR 5HSDUHHOFRUWRFLUFXLWR
\GHVFRQHFWHODKHUUDPLHQWDHVSHFLDO%\HOFRQHFWRU GHVGHHOFLUFXLWRGHOFDEOH
GHO6'0 ³<(/5('´DPDVD
 0LGDODUHVLVWHQFLDHQWUHHOWHUPLQDO³4´\PDVDD
FDUURFHUtD
¢(VWiDELHUWRHOFLUFXLWR"
  0LGDODUHVLVWHQFLDHQWUHHOWHUPLQDO³4´\PDVDD 5HHPSODFHSRU 5HSDUHHOFRUWRFLUFXLWR
FDUURFHUtD XQPyGXORGH GHVGHHOFLUFXLWRGHOFDEOH
¢(VWiDELHUWRHOFLUFXLWR" 6'0HQEXHQ ³<(/´DPDVD
HVWDGR\YXHOYDD
FRPSUREDU

>$@)LJSDUDORV3$626\>%@)LJSDUDHO3$62>&@)LJSDUDHO3$62

+HUUDPLHQWDHVSHFLDO
$
%

127$
'HVSXpVGHFRPSOHWDUODFRPSUREDFLyQ\ORVWUDEDMRVGHUHSDUDFLyQHIHFW~HORVLJXLHQWH
‡ 9XHOYDDFRQHFWDUWRGRVORVFRPSRQHQWHVGHOVLVWHPDGHOFROFKyQGHDLUH\FRPSUXHEHTXHWRGRVORV
FRPSRQHQWHVHVWiQPRQWDGRVFRUUHFWDPHQWH
‡ %RUUHORVFyGLJRVGHGLDJQyVWLFR5HILpUDVHD%255$'2'('7&VLORVKD\
‡ 5HSLWDOD&20352%$&,Ï1'(/6,67(0$'(',$*1Ï67,&2'(&2/&+Ï1'($,5(SDUDFRQILUPDUTXH
HOGHVSHUIHFWRKDVLGRFRUUHJLGR
%6,67(0$'(/&2/&+Ï1'($,5(

'7&%

3DVR 2SHUDFLyQ 6t 1R
  &RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2)) 9D\DDOSDVR ,QWHUUXSWRUGHHQFHQGLGR
GHVFRQHFWHHOFRQHFWRUGHOPyGXORLQIODGRUGHO HQODSRVLFLyQ2))
FROFKyQGHDLUHGHOSDVDMHURGHWUiVGHODJXDQWHUD 5HHPSODFHHOPyGXOR
 &RPSUXHEHHOHVWDGRGHODFRQH[LyQDOPyGXOR LQIODGRUGHOFROFKyQGH
LQIODGRUGHOFROFKyQGHDLUHGHOSDVDMHURHQORV DLUHGHOSDVDMHUR5HILp
WHUPLQDOHVHQHOFRQHFWRU³4´ UDVHD0Ï'8/2,1)/$
 6LHVWiFRQIRUPHHQWRQFHVFRQHFWHODKHUUDPLHQWD '25'(/&2/&+Ï1'(
HVSHFLDO%DOFRQHFWRUGHVFRQHFWDGRHQHOSDVR $,5('(/3$6$-(52HQ
GHOPyGXORLQIODGRUGHOFROFKyQGHDLUHGHO HVWDVHFFLyQ
SDVDMHUR
&RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21¢HV
DFWXDOHO'7&%"
  &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ 9D\DDOSDVR 5HSDUHHOFRUWRFLUFXLWR
2))\GHVFRQHFWHODKHUUDPLHQWDHVSHFLDO%\HO GHVGHHOFLUFXLWRGHOFDEOH
FRQHFWRUGHO6'0 ³<(/5('´DOFLUFXLWRGH
 0LGDODWHQVLyQHQWUHHOWHUPLQDO³4´\ODPDVD DOLPHQWDFLyQHOpFWULFD
DFDUURFHUtD
&RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21¢HV
ODWHQVLyQ9RPHQRV"
  0LGDODWHQVLyQHQWUHHOWHUPLQDO³4´\ODPDVD 5HHPSODFHSRUXQ 5HSDUHHOFLUFXLWRGHOFDEOH
DFDUURFHUtD PyGXORGH6'0HQ ³<(/´FRUWRFLUFXLWDGRDOFLU
&RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21¢HV EXHQHVWDGR\YXHOYD FXLWRGHDOLPHQWDFLyQHOpF
ODWHQVLyQ9RPHQRV" DFRPSUREDU WULFD

>$@)LJSDUDORV3$626\>%@)LJSDUDHO3$62>&@)LJSDUDHO3$62

+HUUDPLHQWDHVSHFLDO
$
%

127$
'HVSXpVGHFRPSOHWDUODFRPSUREDFLyQ\ORVWUDEDMRVGHUHSDUDFLyQHIHFW~HORVLJXLHQWH
‡ 9XHOYDDFRQHFWDUWRGRVORVFRPSRQHQWHVGHOVLVWHPDGHOFROFKyQGHDLUH\FRPSUXHEHTXHWRGRVORV
FRPSRQHQWHVHVWiQPRQWDGRVFRUUHFWDPHQWH
‡ %RUUHORVFyGLJRVGHGLDJQyVWLFR5HILpUDVHD%255$'2'('7&VLORVKD\
‡ 5HSLWDOD&20352%$&,Ï1'(/6,67(0$'(',$*1Ï67,&2'(&2/&+Ï1'($,5(SDUDFRQILUPDUTXH
HOGHVSHUIHFWRKDVLGRFRUUHJLGR
 6,67(0$'(/&2/&+Ï1'($,5(%

'7&%±5HVLVWHQFLDDOWDGHOFLUFXLWRLQLFLDGRUGHOFROFKyQGHDLUHGHOFRQ
GXFWRU
'7&%±5HVLVWHQFLDEDMDGHOFLUFXLWRLQLFLDGRUGHOFROFKyQGHDLUHGHOFRQ
GXFWRU
'7&%±&LUFXLWRLQLFLDGRUGHOFROFKyQGHDLUHGHOFRQGXFWRUFRUWRFLUFXL
WDGRDPDVD
'7&%±&LUFXLWRLQLFLDGRUGHOFROFKyQGHDLUHGHOFRQGXFWRUFRUWRFLUFXL
WDGRDOFLUFXLWRGHDOLPHQWDFLyQHOpFWULFD
',$*5$0$'(&$%/($'2

4
3
“Q01”
BLU/BLK BLU/RED “Q06” “Q05”
1 Q01-4 IG 5 6
2 GRN/RED
D+ Q01-10

GRN
D- Q01-9
[A]

BLK
[B] Q01-17 GND
7

“Q01”

>$@ %DUUDFRUWRFLUFXLWDGRUD  ,QWHUUXSWRUGHHQFHQGLGR  &RQMXQWRGHERELQDGHFRQWDFWR

>%@ 0D]RGHFDEOHVGHFROFKyQGHDLUH  )XVLEOH³$,5%$*´  0yGXORLQIODGRUGHOFROFKyQGHDLUHGHOFRQGXFWRU
 'HVGHHOIXVLEOHSULQFLSDO  0yGXORGH6'0  0DVDSDUDHOVLVWHPDGHOFROFKyQGHDLUH

35(&$8&,Ï1
‡ $VHJ~UHVH GH HIHFWXDU OD &20352%$&,Ï1 '(/ 6,67(0$ '( ',$*1Ï67,&2 '( &2/&+Ï1 '( $,5(
DQWHVGHFRPHQ]DUHOGLDJQyVWLFRGHDFXHUGRFRQODWDEODGHIOXMR
‡ &XDQGRHQHVWDWDEODVHUHTXLHUHODPHGLFLyQGHODUHVLVWHQFLDRODWHQVLyQXWLOLFHXQSUREDGRUFRQMXQWD
PHQWHFRQHODGDSWDGRUFRUUHFWRGHWHUPLQDOGHVGHODKHUUDPLHQWDHVSHFLDOFRQMXQWRGHDGDSWDGRUGH
SUXHEDGHFRQHFWRU
‡ &XDQGRVHUHTXLHUDFRPSUREDUODFRUUHFFLyQGHODFRQH[LyQUHILpUDVHD0$/)81&,21$0,(172,17(5
0,7(17(<&21(;,Ï10$/$HQHVWDVHFFLyQ
‡ &XDQGRVHGHWHFWHXQFLUFXLWRDELHUWRHQHOPD]RGHFDEOHVGHFROFKyQGHDLUHRVLHOFRQHFWRURWHUPL
QDOHVWiGDxDGRUHHPSODFHHOPD]RGHFDEOHVFRQHFWRU\WHUPLQDOFRPRXQVRORFRQMXQWR

(/'7&6(5È),-$'2&8$1'2
'7&%
/DUHVLVWHQFLDFRPELQDGDGHOPyGXORLQIODGRUGHOFROFKyQGHDLUHGHOFRQGXFWRUFRPMXQWRGHODERELQDGHFRQWDFWR
\FRQWDFWRGHWHUPLQDOHVGHOPD]RGHFDEOHV\GHOFRQHFWRUH[FHGHXQYDORUHVSHFLILFDGRGXUDQWHXQWLHPSRHVSHFLIL
FDGR
'7&%
/DUHVLVWHQFLDFRPELQDGDGHOPyGXORLQIODGRUGHOFROFKyQGHDLUHGHOFRQGXFWRUFRQMXQWRGHERELQDGHFRQWDFWR
FDEOHDGRGHPD]RGHFDEOHV\FRQWDFWRGHWHUPLQDOHVGHOPD]RGHFDEOHV\GHOFRQHFWRUHVLQIHULRUDXQYDORUHVSHFL
ILFDGRGXUDQWHXQWLHPSRHVSHFLILFDGR
'7&%
/DWHQVLyQPHGLGDHQHOFLUFXLWRLQLFLDGRUGHOFROFKyQGHDLUHGHOFRQGXFWRUHVLQIHULRUDXQYDORUHVSHFLILFDGRGXUDQWH
XQWLHPSRHVSHFLILFDGR
'7&%
/D WHQVLyQ PHGLGD HQ HO FLUFXLWR LQLFLDGRU GHO FROFKyQ GH DLUH GHO FRQGXFWRU HV VXSHULRU D XQ YDORU HVSHFLILFDGR
GXUDQWHXQWLHPSRHVSHFLILFDGR
%6,67(0$'(/&2/&+Ï1'($,5(

'(6&5,3&,Ï1'(/$358(%$'(/$7$%/$
'7&%%%\%
3$62&RPSUXHEHVLHOPDOIXQFLRQDPLHQWRHVWiHQODERELQDGHFRQWDFWR\HOPyGXORLQIODGRUGHOFROFKyQGH
DLUHGHOFRQGXFWRURHQRWURVFRPSRQHQWHV
3$62&RPSUXHEHHQHOPD]RGHFDEOHVGHOFROFKyQGHDLUHHOFLUFXLWRLQLFLDGRUGHOPyGXORLQIODGRUGHOFROFKyQ
GHDLUHGHOFRQGXFWRU
3$62&RPSUXHEHVLHOPDOIXQFLRQDPLHQWRHVWiHQODERELQDGHFRQWDFWRRHQHOPyGXORLQIODGRUGHOFROFKyQGH
DLUHGHOFRQGXFWRU

7$%/$'()/8-2'(',$*1Ï67,&2
'7&%

3DVR 2SHUDFLyQ 6t 1R
  &RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2))GHV 9D\DDOSDVR 9D\DDOSDVR
FRQHFWHHOFRQHFWRUGHODERELQDGHFRQWDFWRORFDOL]DGR
FHUFDGHODEDVHGHODFROXPQDGHODGLUHFFLyQ
 &RPSUXHEHHOHVWDGRGHODFRQH[LyQDODERELQDGHFRQ
WDFWRHQORVWHUPLQDOHVHQHOFRQHFWRU³4´
 6LHVWiFRQIRUPHHQWRQFHVFRQHFWHODKHUUDPLHQWD
HVSHFLDO%DOFRQHFWRUGHVFRQHFWDGRHQHOSDVRGH
ODERELQDGHFRQWDFWR
&RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21¢HV
DFWXDOHO'7&%"
  &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2)) 5HHPSODFHSRUXQ 5HSDUHODUHVLVWHQFLD
\GHVFRQHFWHHOFRQHFWRUGHO6'0 PyGXORGH6'0HQ DOWDRHOFLUFXLWR
 &RPSUXHEHHOHVWDGRGHODFRQH[LyQDOPyGXORGH6'0 EXHQHVWDGR\YXHOYD DELHUWRHQFLUFXLWRGHO
HQORVWHUPLQDOHV³4´\³4´ DFRPSUREDU FDEOH³*51´R³*51
 6LHVWiQRUPDOSURFHGDDPHGLUODUHVLVWHQFLDHQWUHORV 5('´
WHUPLQDOHV³4´\³4´FRQODKHUUDPLHQWDHVSH
FLDO%FRQHFWDGD
¢(VODUHVLVWHQFLDΩRPHQRU"
  &RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2))GHV ,QWHUUXSWRUGHHQFHQ ,QWHUUXSWRUGHHQFHQ
FRQHFWHODKHUUDPLHQWDHVSHFLDO%HQVHJXLGDUHFR GLGRHQODSRVLFLyQ GLGRHQODSRVLFLyQ
QHFWHHOFRQHFWRUGHODERELQDGHFRQWDFWRORFDOL]DGR 2)) 2))
FHUFDGHODEDVHGHODFROXPQDGHODGLUHFFLyQ 5HHPSODFHHOFRQ 5HHPSODFHHOPyGXOR
 'HVPRQWHHOPyGXORLQIODGRUGHOFROFKyQGHDLUHGHO MXQWRGHODERELQDGH LQIODGRUGHOFROFKyQ
FRQGXFWRUGHOYRODQWHGHGLUHFFLyQ5HILpUDVHD FRQWDFWR5HILpUDVHD GHDLUHGHOFRQGXFWRU
0Ï'8/2,1)/$'25'(/&2/&+Ï1'($,5('(/ &21-8172'( 5HILpUDVHD0Ï'8/2
&21'8&725HQODVHFFLyQ& ,17(5583725 ,1)/$'25'(/
 &RPSUXHEHHOHVWDGRGHODFRQH[LyQDOPyGXORLQIODGRU &20%,1$'2 &2/&+Ï1'($,5(
GHOFROFKyQGHDLUHGHOFRQGXFWRUHQORVWHUPLQDOHVHQHO %2%,1$'(&21 '(/&21'8&725
FRQHFWRU³4´ 7$&72(,17( HQODVHFFLyQ&
 6LHVWiFRQIRUPHHQWRQFHVFRQHFWHODKHUUDPLHQWD 5583725
HVSHFLDO%DOFRQHFWRU³4´ &20%,1$'2HQOD
&RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21¢HV VHFFLyQ&
DFWXDOHO'7&%"
 6,67(0$'(/&2/&+Ï1'($,5(%

>$@)LJSDUDORV3$626\>%@)LJSDUDHO3$62>&@)LJSDUDHO3$62

+HUUDPLHQWDHVSHFLDO
$
%

127$
'HVSXpVGHFRPSOHWDUODFRPSUREDFLyQ\ORVWUDEDMRVGHUHSDUDFLyQHIHFW~HORVLJXLHQWH
‡ 9XHOYDDFRQHFWDUWRGRVORVFRPSRQHQWHVGHOVLVWHPDGHOFROFKyQGHDLUH\FRPSUXHEHTXHWRGRVORV
FRPSRQHQWHVHVWiQPRQWDGRVFRUUHFWDPHQWH
‡ %RUUHORVFyGLJRVGHGLDJQyVWLFR5HILpUDVHD%255$'2'('7&VLORVKD\
‡ 5HSLWDOD&20352%$&,Ï1'(/6,67(0$'(',$*1Ï67,&2'(&2/&+Ï1'($,5(SDUDFRQILUPDUTXH
HOGHVSHUIHFWRKDVLGRFRUUHJLGR

'7&%

3DVR 2SHUDFLyQ 6t 1R
  &RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2))GHV 9D\DDOSDVR 9D\DDOSDVR
FRQHFWHHOFRQHFWRUGHODERELQDGHFRQWDFWRORFDOL]DGR
FHUFDGHODEDVHGHODFROXPQDGHODGLUHFFLyQ
 &RPSUXHEHHOHVWDGRGHODFRQH[LyQDODERELQDGHFRQ
WDFWRHQORVWHUPLQDOHVHQHOFRQHFWRU³4´
 6LHVWiFRQIRUPHHQWRQFHVFRQHFWHODKHUUDPLHQWD
HVSHFLDO%DOFRQHFWRUGHVFRQHFWDGRHQHOSDVRGH
ODERELQDGHFRQWDFWR
&RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21¢HV
DFWXDOHO'7&%"
  &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2)) 5HHPSODFHSRUXQ 5HSDUHHOFRUWRFLU
\GHVFRQHFWHHOFRQHFWRUGHO6'0 PyGXORGH6'0HQ FXLWRGHVGHHOFLUFXLWR
 &RPSUXHEHHOHVWDGRGHODFRQH[LyQDOPyGXORGH6'0 EXHQHVWDGR\YXHOYD GHOFDEOH³*51´DOFLU
HQORVWHUPLQDOHV³4´\³4´ DFRPSUREDU FXLWRGHOFDEOH³*51
 6LHVWiQRUPDOSURFHGDDPHGLUODUHVLVWHQFLDHQWUHORV 5('´RGHVGHHOFLU
WHUPLQDOHV³4´\³4´FRQODKHUUDPLHQWDHVSH FXLWRGHOFDEOH³*51´
FLDO%FRQHFWDGD R³*515('´DRWUR
¢(VODUHVLVWHQFLDΩRPiV" FLUFXLWRGHFDEOH
%6,67(0$'(/&2/&+Ï1'($,5(

3DVR 2SHUDFLyQ 6t 1R
  &RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2))GHV ,QWHUUXSWRUGHHQFHQ ,QWHUUXSWRUGHHQFHQ
FRQHFWHODKHUUDPLHQWDHVSHFLDO%HQVHJXLGDUHFR GLGRHQODSRVLFLyQ GLGRHQODSRVLFLyQ
QHFWHHOFRQHFWRUGHODERELQDGHFRQWDFWRORFDOL]DGR 2)) 2))
FHUFDGHODEDVHGHODFROXPQDGHODGLUHFFLyQ 5HHPSODFHHOFRQ 5HHPSODFHHOPyGXOR
 'HVPRQWHHOPyGXORLQIODGRUGHOFROFKyQGHDLUHGHO MXQWRGHODERELQDGH LQIODGRUGHOFROFKyQ
FRQGXFWRUGHOYRODQWHGHGLUHFFLyQ5HILpUDVHD FRQWDFWR5HILpUDVHD GHDLUHGHOFRQGXFWRU
0Ï'8/2,1)/$'25'(/&2/&+Ï1'($,5('(/ &21-8172'( 5HILpUDVHD0Ï'8/2
&21'8&725HQODVHFFLyQ& ,17(5583725 ,1)/$'25'(/
 &RPSUXHEHHOHVWDGRGHODFRQH[LyQDOPyGXORLQIODGRU &20%,1$'2 &2/&+Ï1'($,5(
GHOFROFKyQGHDLUHGHOFRQGXFWRUHQORVWHUPLQDOHVHQHO %2%,1$'(&21 '(/&21'8&725
FRQHFWRU³4´ 7$&72(,17( HQODVHFFLyQ&
 6LHVWiFRQIRUPHHQWRQFHVFRQHFWHODKHUUDPLHQWD 5583725
HVSHFLDO%DOFRQHFWRU³4´ &20%,1$'2HQOD
&RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21¢HV VHFFLyQ&
DFWXDOHO'7&%"

>$@)LJSDUDORV3$626\>%@)LJSDUDHO3$62>&@)LJSDUDHO3$62

+HUUDPLHQWDHVSHFLDO
$
%

127$
'HVSXpVGHFRPSOHWDUODFRPSUREDFLyQ\ORVWUDEDMRVGHUHSDUDFLyQHIHFW~HORVLJXLHQWH
‡ 9XHOYDDFRQHFWDUWRGRVORVFRPSRQHQWHVGHOVLVWHPDGHOFROFKyQGHDLUH\FRPSUXHEHTXHWRGRVORV
FRPSRQHQWHVHVWiQPRQWDGRVFRUUHFWDPHQWH
‡ %RUUHORVFyGLJRVGHGLDJQyVWLFR5HILpUDVHD%255$'2'('7&VLORVKD\
‡ 5HSLWDOD&20352%$&,Ï1'(/6,67(0$'(',$*1Ï67,&2'(&2/&+Ï1'($,5(SDUDFRQILUPDUTXH
HOGHVSHUIHFWRKDVLGRFRUUHJLGR
 6,67(0$'(/&2/&+Ï1'($,5(%

'7&%

3DVR 2SHUDFLyQ 6t 1R
  &RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2)) 9D\DDOSDVR 9D\DDOSDVR
GHVFRQHFWHHOFRQHFWRUGHODERELQDGHFRQWDFWRORFD
OL]DGRFHUFDGHODEDVHGHODFROXPQDGHODGLUHFFLyQ
 &RPSUXHEHHOHVWDGRGHODFRQH[LyQDODERELQDGH
FRQWDFWRHQORVWHUPLQDOHVHQHOFRQHFWRU³4´
 6LHVWiFRQIRUPHHQWRQFHVFRQHFWHODKHUUDPLHQWD
HVSHFLDO%DOFRQHFWRUGHVFRQHFWDGRHQHOSDVR
GHODERELQDGHFRQWDFWR
&RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21¢HV
DFWXDOHO'7&%"
  &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ 5HHPSODFHSRUXQ 5HSDUHHOFRUWRFLUFXLWR
2))\GHVFRQHFWHODKHUUDPLHQWDHVSHFLDO%\HO PyGXORGH6'0HQ GHVGHHOFLUFXLWRGHO
FRQHFWRUGHO6'0 EXHQHVWDGR\YXHOYD FDEOH³*51´R³*51
 0LGDODUHVLVWHQFLDHQWUHHOWHUPLQDO³4´\ODPDVD DFRPSUREDU 5('´DPDVD
DFDUURFHUtD\HQWUHHOWHUPLQDO³4´\ODPDVDD
FDUURFHUtD
¢(VWiQDELHUWRVORVFLUFXLWRV"
  &RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2)) ,QWHUUXSWRUGHHQFHQ ,QWHUUXSWRUGHHQFHQ
GHVFRQHFWHODKHUUDPLHQWDHVSHFLDO%HQVHJXLGD GLGRHQODSRVLFLyQ GLGRHQODSRVLFLyQ
UHFRQHFWHHOFRQHFWRUGHODERELQDGHFRQWDFWRORFDOL 2)) 2))
]DGRFHUFDGHODEDVHGHODFROXPQDGHODGLUHFFLyQ 5HHPSODFHHOFRQ 5HHPSODFHHOPyGXOR
 'HVPRQWHHOPyGXORLQIODGRUGHOFROFKyQGHDLUHGHO MXQWRGHERELQDGH LQIODGRUGHOFROFKyQ
FRQGXFWRUGHOYRODQWHGHGLUHFFLyQ5HILpUDVHD FRQWDFWR5HILpUDVHD GHDLUHGHOFRQGXFWRU
0Ï'8/2,1)/$'25'(/&2/&+Ï1'($,5( &21-8172'( 5HILpUDVHD0Ï'8/2
'(/&21'8&725HQODVHFFLyQ& ,17(5583725 ,1)/$'25'(/
 &RPSUXHEHHOHVWDGRGHODFRQH[LyQDOPyGXORLQIOD &20%,1$'2 &2/&+Ï1'($,5(
GRUGHOFROFKyQGHDLUHGHOFRQGXFWRUHQORVWHUPLQD %2%,1$'(&21 '(/&21'8&725HQ
OHVHQHOFRQHFWRU³4´ 7$&72(,17(5583 ODVHFFLyQ&
 6LHVWiFRQIRUPHHQWRQFHVFRQHFWHODKHUUDPLHQWD 725&20%,1$'2
HVSHFLDO%DOFRQHFWRU³4´ HQODVHFFLyQ&
&RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21¢HV
DFWXDOHO'7&%"

>$@)LJSDUDORV3$626\>%@)LJSDUDHO3$62>&@)LJSDUDHO3$62

+HUUDPLHQWDHVSHFLDO
$
%
%6,67(0$'(/&2/&+Ï1'($,5(

127$
'HVSXpVGHFRPSOHWDUODFRPSUREDFLyQ\ORVWUDEDMRVGHUHSDUDFLyQHIHFW~HORVLJXLHQWH
‡ 9XHOYDDFRQHFWDUWRGRVORVFRPSRQHQWHVGHOVLVWHPDGHOFROFKyQGHDLUH\FRPSUXHEHTXHWRGRVORV
FRPSRQHQWHVHVWiQPRQWDGRVFRUUHFWDPHQWH
‡ %RUUHORVFyGLJRVGHGLDJQyVWLFR5HILpUDVHD%255$'2'('7&VLORVKD\
‡ 5HSLWDOD&20352%$&,Ï1'(/6,67(0$'(',$*1Ï67,&2'(&2/&+Ï1'($,5(SDUDFRQILUPDUTXH
HOGHVSHUIHFWRKDVLGRFRUUHJLGR

'7&%

3DVR 2SHUDFLyQ 6t 1R
  &RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2))GHV 9D\DDOSDVR 9D\DDOSDVR
FRQHFWHHOFRQHFWRUGHODERELQDGHFRQWDFWRORFDOL]DGR
FHUFDGHODEDVHGHODFROXPQDGHODGLUHFFLyQ
 &RPSUXHEHHOHVWDGRGHODFRQH[LyQDODERELQDGHFRQ
WDFWRHQORVWHUPLQDOHVHQHOFRQHFWRU³4´
 6LHVWiFRQIRUPHHQWRQFHVFRQHFWHODKHUUDPLHQWD
HVSHFLDO%DOFRQHFWRUGHVFRQHFWDGRHQHOSDVRGH
ODERELQDGHFRQWDFWR
&RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21¢HV
DFWXDOHO'7&%"
  &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2)) 5HHPSODFHSRUXQ 5HSDUHHOFRUWRFLU
\GHVFRQHFWHODKHUUDPLHQWDHVSHFLDO%\HOFRQHFWRU PyGXORGH6'0HQ FXLWRGHVGHHOFLUFXLWR
GHO6'0 EXHQHVWDGR\YXHOYD GHOFDEOH³*51´R
 0LGDODWHQVLyQHQWUHHOWHUPLQDO³4´\ODPDVDD DFRPSUREDU ³*515('´DOFLUFXLWR
FDUURFHUtD\HQWUHHOWHUPLQDO³4´\ODPDVDD GHDOLPHQWDFLyQHOpF
FDUURFHUtD WULFD
&RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21¢HVOD
WHQVLyQ9RPHQRV"
  &RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2))GHV ,QWHUUXSWRUGHHQFHQ ,QWHUUXSWRUGHHQFHQ
FRQHFWHODKHUUDPLHQWDHVSHFLDO%HQVHJXLGDUHFR GLGRHQODSRVLFLyQ GLGRHQODSRVLFLyQ
QHFWHHOFRQHFWRUGHODERELQDGHFRQWDFWRORFDOL]DGR 2)) 2))
FHUFDGHODEDVHGHODFROXPQDGHODGLUHFFLyQ 5HHPSODFHHOFRQ 5HHPSODFHHOPyGXOR
 'HVPRQWHHOPyGXORLQIODGRUGHOFROFKyQGHDLUHGHO MXQWRGHODERELQDGH LQIODGRUGHOFROFKyQ
FRQGXFWRUGHOYRODQWHGHGLUHFFLyQ5HILpUDVHD FRQWDFWR5HILpUDVHD GHDLUHGHOFRQGXFWRU
0Ï'8/2,1)/$'25'(/&2/&+Ï1'($,5('(/ &21-8172'( 5HILpUDVHD0Ï'8/2
&21'8&725HQODVHFFLyQ& ,17(5583725 ,1)/$'25'(/
 &RPSUXHEHHOHVWDGRGHODFRQH[LyQDOPyGXORLQIODGRU &20%,1$'2 &2/&+Ï1'($,5(
GHOFROFKyQGHDLUHGHOFRQGXFWRUHQORVWHUPLQDOHVHQ %2%,1$'(&21 '(/&21'8&725
HOFRQHFWRU³4´ 7$&72(,17( HQODVHFFLyQ&
 6LHVWiFRQIRUPHHQWRQFHVFRQHFWHODKHUUDPLHQWD 5583725
HVSHFLDO%DOFRQHFWRU³4´ &20%,1$'2HQOD
&RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21¢HV VHFFLyQ&
DFWXDOHO'7&%"
 6,67(0$'(/&2/&+Ï1'($,5(%

>$@)LJSDUDORV3$626\>%@)LJSDUDHO3$62>&@)LJSDUDHO3$62

+HUUDPLHQWDHVSHFLDO
$
%

127$
'HVSXpVGHFRPSOHWDUODFRPSUREDFLyQ\ORVWUDEDMRVGHUHSDUDFLyQHIHFW~HORVLJXLHQWH
‡ 9XHOYDDFRQHFWDUWRGRVORVFRPSRQHQWHVGHOVLVWHPDGHOFROFKyQGHDLUH\FRPSUXHEHTXHWRGRVORV
FRPSRQHQWHVHVWiQPRQWDGRVFRUUHFWDPHQWH
‡ %RUUHORVFyGLJRVGHGLDJQyVWLFR5HILpUDVHD%255$'2'('7&VLORVKD\
‡ 5HSLWDOD&20352%$&,Ï1'(/6,67(0$'(',$*1Ï67,&2'(&2/&+Ï1'($,5(SDUDFRQILUPDUTXH
HOGHVSHUIHFWRKDVLGRFRUUHJLGR
%6,67(0$'(/&2/&+Ï1'($,5(

'7&%±7HQVLyQDOWDGHODIXHQWHGHDOLPHQWDFLyQHOpFWULFD
'7&%±7HQVLyQEDMDGHODIXHQWHGHDOLPHQWDFLyQHOpFWULFD
',$*5$0$'(&$%/($'2

4
3

BLU/BLK BLU/RED
1 Q01-4 IG
2

BLK
Q01-17 GND
[A] 5

“Q01”

>$@ 0D]RGHFDEOHVGHFROFKyQGHDLUH  ,QWHUUXSWRUGHHQFHQGLGR  0yGXORGH6'0

 'HVGHHOIXVLEOHSULQFLSDO  )XVLEOH³$,5%$*´  0DVDSDUDHOVLVWHPDGHOFROFKyQGHDLUH

35(&$8&,Ï1
‡ $VHJ~UHVH GH HIHFWXDU OD &20352%$&,Ï1 '(/ 6,67(0$ '( ',$*1Ï67,&2 '( &2/&+Ï1 '( $,5(
DQWHVGHFRPHQ]DUHOGLDJQyVWLFRGHDFXHUGRFRQODWDEODGHIOXMR
‡ &XDQGRHQHVWDWDEODVHUHTXLHUHODPHGLFLyQGHODUHVLVWHQFLDRODWHQVLyQXWLOLFHXQSUREDGRUFRQMXQWD
PHQWHFRQHODGDSWDGRUFRUUHFWRGHWHUPLQDOGHVGHODKHUUDPLHQWDHVSHFLDOFRQMXQWRGHDGDSWDGRUGH
SUXHEDGHFRQHFWRU
‡ &XDQGRVHUHTXLHUDFRPSUREDUODFRUUHFFLyQGHODFRQH[LyQUHILpUDVHD0$/)81&,21$0,(172,17(5
0,7(17(<&21(;,Ï10$/$HQHVWDVHFFLyQ
‡ &XDQGRVHGHWHFWHXQFLUFXLWRDELHUWRHQHOPD]RGHFDEOHVGHFROFKyQGHDLUHRVLHOFRQHFWRURWHUPL
QDOHVWiGDxDGRUHHPSODFHHOPD]RGHFDEOHVFRQHFWRU\WHUPLQDOFRPRXQVRORFRQMXQWR

(/'7&6(5È),-$'2&8$1'2
'7&%
/D WHQVLyQ GH OD IXHQWH GH DOLPHQWDFLyQ HOpFWULFD DO PyGXOR 6'0 HV VXSHULRU D ODV HVSHFLILFDFLRQHV GXUDQWH XQ
WLHPSRHVSHFLILFDGR
'7&%
/DWHQVLyQGHODIXHQWHGHDOLPHQWDFLyQHVLQIHULRUD9DSUR[LPDGDPHQWHGXUDQWHXQWLHPSRHVSHFLILFDGR

'(6&5,3&,Ï1'(/$358(%$'(/$7$%/$
'7&%
3$62&RPSUXHEHVLODWHQVLyQDSOLFDGDDOPyGXORGH6'0HVWiGHQWURGHODVHVSHFLILFDFLRQHV
3$62&RPSUXHEHVLHO'7&%WRGDYtDHVWiSUHVHQWH
'7&%
3$62&RPSUXHEHVLODWHQVLyQDSOLFDGDDOPyGXORGH6'0HVWiGHQWURGHODVHVSHFLILFDFLRQHV
3$62&RPSUXHEHVLHO'7&%WRGDYtDHVWiSUHVHQWH
 6,67(0$'(/&2/&+Ï1'($,5(%

7$%/$'()/8-2'(',$*1Ï67,&2
'7&%

3DVR 2SHUDFLyQ 6t 1R
  &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQOD 9D\DDOSDVR &RPSUXHEHHOVLVWHPDGH
SRVLFLyQ2))\GHVFRQHFWHHOFRQHFWRUGHO FDUJD\UHSDUHVHJ~QVHD
6'0 QHFHVDULR5HILpUDVHD
 &RPSUXHEHHOHVWDGRGHODFRQH[LyQDO ',$*1Ï67,&2HQODVHF
PyGXORGH6'0HQHOWHUPLQDO³4´ FLyQ+
 6LHVWiQRUPDOFRPSUXHEHODWHQVLyQHQWUHHO
WHUPLQDO³4´GHOFRQHFWRUGH6'0\OD
PDVDDFDUURFHUtDFRQHOLQWHUUXSWRUGH
HQFHQGLGRHQODSRVLFLyQ21
¢(VODWHQVLyQ9RPHQRV"
  &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQOD 5HHPSODFHSRUXQPyGXOR &RPSUXHEHHOVLVWHPDGH
SRVLFLyQ2))\UHFRQHFWHHOFRQHFWRUGHO GH6'0HQEXHQHVWDGR\ FDUJD\UHSDUHVHJ~QVHD
6'0 YXHOYDDFRPSUREDU QHFHVDULR5HILpUDVHD
&RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ ',$*1Ï67,&2HQODVHF
21¢HVDFWXDOHO'7&%" FLyQ+

)LJXUDSDUDHO3$62
+HUUDPLHQWDHVSHFLDO
$

127$
'HVSXpVGHFRPSOHWDUODFRPSUREDFLyQ\ORVWUDEDMRVGHUHSDUDFLyQHIHFW~HORVLJXLHQWH
‡ 9XHOYDDFRQHFWDUWRGRVORVFRPSRQHQWHVGHOVLVWHPDGHOFROFKyQGHDLUH\FRPSUXHEHTXHWRGRVORV
FRPSRQHQWHVHVWiQPRQWDGRVFRUUHFWDPHQWH
‡ %RUUHORVFyGLJRVGHGLDJQyVWLFR5HILpUDVHD%255$'2'('7&VLORVKD\
‡ 5HSLWDOD&20352%$&,Ï1'(/6,67(0$'(',$*1Ï67,&2'(&2/&+Ï1'($,5(SDUDFRQILUPDUTXH
HOGHVSHUIHFWRKDVLGRFRUUHJLGR

'7&%

3DVR 2SHUDFLyQ 6t 1R
  0LGDODWHQVLyQGHODEDWHUtD 9D\DDOSDVR &RPSUXHEHHOVLVWHPDGH
¢(VODWHQVLyQ9RPiV" FDUJD\UHSDUHVHJ~QVHD
QHFHVDULR5HILpUDVHD
',$*1Ï67,&2HQODVHF
FLyQ+
%6,67(0$'(/&2/&+Ï1'($,5(

3DVR 2SHUDFLyQ 6t 1R
  &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQOD 9D\DDOSDVR /RVSXQWRVGHIHFWXRVRV
SRVLFLyQ2))\GHVFRQHFWHHOFRQHFWRUGHO SRVLEOHVVRQORVVLJXLHQWHV
6'0 &RPSUXHEHFDGDFRPSR
 &RPSUXHEHHOHVWDGRGHODFRQH[LyQDO QHQWH\UHHPSODFHVLHV
PyGXORGH6'0HQHOWHUPLQDO³4´ QHFHVDULR
 6LHVWiQRUPDOFRPSUXHEHODWHQVLyQHQWUHHO ‡ &LUFXLWRGHVGHODEDWHUtD
WHUPLQDO³4´GHOFRQHFWRUGH6'0\OD DOFRQHFWRU³4´
PDVDDFDUURFHUtDFRQHOLQWHUUXSWRUGH ‡ 6LVWHPDGHFDUJD5HILp
HQFHQGLGRHQODSRVLFLyQ21 UDVHD',$*1Ï67,&2
¢(VODWHQVLyQ9RPiV" HQODVHFFLyQ+
  &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQOD 5HHPSODFHSRUXQPyGXOR &RPSUXHEHHOVLVWHPDGH
SRVLFLyQ2))\UHFRQHFWHHOFRQHFWRUGHO GH6'0HQEXHQHVWDGR\ FDUJD\UHSDUHVHJ~QVHD
6'0 YXHOYDDFRPSUREDU QHFHVDULR5HILpUDVHD
&RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ ',$*1Ï67,&2HQODVHF
21¢HVDFWXDOHO'7&%" FLyQ+

)LJXUDSDUDHO3$62
+HUUDPLHQWDHVSHFLDO
$

127$
'HVSXpVGHFRPSOHWDUODFRPSUREDFLyQ\ORVWUDEDMRVGHUHSDUDFLyQHIHFW~HORVLJXLHQWH
‡ 9XHOYDDFRQHFWDUWRGRVORVFRPSRQHQWHVGHOVLVWHPDGHOFROFKyQGHDLUH\FRPSUXHEHTXHWRGRVORV
FRPSRQHQWHVHVWiQPRQWDGRVFRUUHFWDPHQWH
‡ %RUUHORVFyGLJRVGHGLDJQyVWLFR5HILpUDVHD%255$'2'('7&VLORVKD\
‡ 5HSLWDOD&20352%$&,Ï1'(/6,67(0$'(',$*1Ï67,&2'(&2/&+Ï1'($,5(SDUDFRQILUPDUTXH
HOGHVSHUIHFWRKDVLGRFRUUHJLGR
 6,67(0$'(/&2/&+Ï1'($,5(%

'7&%±&LUFXLWRGHOVHQVRUGHODQWHURGHUHFKRDELHUWRRFRUWRFLUFXLWDGRD
PDVD
'7&%±&LUFXLWRGHOVHQVRUGHODQWHURGHUHFKRFRUWRFLUFXLWDGRHQWUHGRV
FDEOHVRFRUWRFLUFXLWDGRDOFLUFXLWRGHDOLPHQWDFLyQHOpFWULFD
'7&%±&LUFXLWRGHOVHQVRUGHODQWHURL]TXLHUGRFRUWRFLUFXLWDGRHQWUHGRV
FDEOHVRDELHUWRRFRUWRFLUFXLWDGRDPDVD
'7&%±&LUFXLWRGHOVHQVRUGHODQWHURL]TXLHUGRFRUWRFLUFXLWDGRHQWUHGRV
FDEOHVRFRUWRFLUFXLWDGRDOFLUFXLWRGHDOLPHQWDFLyQHOpFWULFD
',$*5$0$'(&$%/($'2

“Q01” 3
“G27” “Q02”
1 5V
ORN/GRN ORN/GRN ORN/GRN
Q01-19 SL+

ORN/BLU ORN/BLU ORN/BLU

Q01-18 SL-

YEL/GRN YEL/GRN YEL/GRN

Q01-13 SR+

YEL/BLU YEL/BLU YEL/BLU

Q01-14 SR-

2
[A]

>$@ 0D]RGHFDEOHVGHFROFKyQGHDLUH  6HQVRUGHODQWHURGHUHFKR

 6HQVRUGHODQWHURL]TXLHUGR  0yGXORGH6'0

35(&$8&,Ï1
‡ $VHJ~UHVH GH HIHFWXDU OD &20352%$&,Ï1 '(/ 6,67(0$ '( ',$*1Ï67,&2 '( &2/&+Ï1 '( $,5(
DQWHVGHFRPHQ]DUHOGLDJQyVWLFRGHDFXHUGRFRQODWDEODGHIOXMR
‡ &XDQGRHQHVWDWDEODVHUHTXLHUHODPHGLFLyQGHODUHVLVWHQFLDRODWHQVLyQXWLOLFHXQSUREDGRUFRQMXQWD
PHQWHFRQHODGDSWDGRUFRUUHFWRGHWHUPLQDOGHVGHODKHUUDPLHQWDHVSHFLDOFRQMXQWRGHDGDSWDGRUGH
SUXHEDGHFRQHFWRU
‡ &XDQGRVHUHTXLHUDFRPSUREDUODFRUUHFFLyQGHODFRQH[LyQUHILpUDVHD0$/)81&,21$0,(172,17(5
0,7(17(<&21(;,Ï10$/$HQHVWDVHFFLyQ
‡ &XDQGRVHGHWHFWHXQFLUFXLWRDELHUWRHQHOPD]RGHFDEOHVGHFROFKyQGHDLUHRVLHOFRQHFWRURWHUPL
QDOHVWiGDxDGRUHHPSODFHHOPD]RGHFDEOHVFRQHFWRU\WHUPLQDOFRPRXQVRORFRQMXQWR

(/'7&6(5È),-$'2&8$1'2
'7&%\%
/DWHQVLyQPHGLGDHQHOFLUFXLWRGHVHQVRUGHODQWHURWHUPLQDO44HVLQIHULRUDXQYDORUHVSHFLILFDGR
GXUDQWHXQWLHPSRHVSHFLILFDGR
'7&%\%
/DWHQVLyQPHGLGDHQHOFLUFXLWRGHVHQVRUGHODQWHURWHUPLQDO44HVVXSHULRUDXQYDORUHVSHFLILFDGR
GXUDQWHXQWLHPSRHVSHFLILFDGR

'(6&5,3&,Ï1'(/$358(%$'(/$7$%/$
'7&%\%
3$62&RPSUXHEHVLHOPDOIXQFLRQDPLHQWRHVWiHQHOVHQVRUGHODQWHUR
3$62&RPSUXHEHVLHOFLUFXLWRGHOVHQVRUGHODQWHURHVWiDELHUWR
3$62&RPSUXHEHVLHOFLUFXLWRGHOVHQVRUGHODQWHURHVWiFRUWRFLUFXLWDGRDPDVD
%6,67(0$'(/&2/&+Ï1'($,5(

'7&%\%
3$62&RPSUXHEHVLHOPDOIXQFLRQDPLHQWRHVWiHQHOVHQVRUGHODQWHUR
3$62&RPSUXHEHVLHOFLUFXLWRGHOVHQVRUGHODQWHURHVWiFRUWRFLUFXLWDGRHQWUHGRVFDEOHV
3$62&RPSUXHEHVLHOFLUFXLWRGHOVHQVRUGHODQWHURHVWiFRUWRFLUFXLWDGRDOFLUFXLWRGHDOLPHQWDFLyQHOpFWULFD

7$%/$'()/8-2'(',$*1Ï67,&2
'7&%\%

3DVR 2SHUDFLyQ 6t 1R
  ,QWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2)) 9D\DDOSDVR 5HHPSODFHHOVHQVRU
 'HVFRQHFWHHOFRQHFWRUGHOPyGXORLQIODGRU GHODQWHUR
GHOFROFKyQGHDLUHGHOFRQGXFWRUFRQHFWRU
GHOPyGXORLQIODGRUGHOFROFKyQGHDLUHGHO
SDVDMHURFRQHFWRUGHOPyGXORGHSUHWHQVRU
GHOFRQGXFWRU\HOFRQHFWRUGHOPyGXORGH
SUHWHQVRUGHOSDVDMHUR
 'HVFRQHFWHHOVHQVRUGHODQWHUR
 &RPSUXHEHHOHVWDGRGHODFRQH[LyQDO
FRQHFWRUGHOVHQVRUGHODQWHURHQORVWHUPLQD
OHVGHORVFDEOHV³251*51´\³251%/8´R
³<(/*51´\³<(/%/8´
 6LODFRQGLFLyQHVQRUPDOHQWRQFHVPLGDOD
UHVLVWHQFLDHQWUHORVWHUPLQDOHVGHOVHQVRU
GHODQWHUR
¢(VODUHVLVWHQFLD±Ω"
  9XHOYDDFRQHFWDUHOVHQVRUGHODQWHUR 5HSDUHHOFLUFXLWRDELHUWR 9D\DDOSDVR
 'HVFRQHFWHHOFRQHFWRUGHO6'0 HQHOFLUFXLWRHQWUHHOVHQ
 &RPSUXHEHHOHVWDGRGHODFRQH[LyQDO VRUGHODQWHUR\HO6'0GHO
PyGXORGH6'0HQORVWHUPLQDOHV³4´\ FDEOH³251*51´\³251
³4´RHQORVWHUPLQDOHV³4´\ %/8´RHOFLUFXLWRHQWUHHO
³4´ VHQVRUGHODQWHUR\HO6'0
 6LHVWiQRUPDOSURFHGDDPHGLUODUHVLVWHQFLD GHOFDEOH³<(/*51´\
HQWUHHOWHUPLQDO³4´\HOWHUPLQDO³4 ³<(/%/8´
´RHQWUHORVWHUPLQDOHV³4´\³4
´
¢(VWiDELHUWRHOFLUFXLWR"
  'HVFRQHFWHHOVHQVRUGHODQWHUR 5HHPSODFHSRUXQPyGXOR 5HSDUHHOFLUFXLWRDELHUWR
 0LGDODUHVLVWHQFLDHQWUHHOWHUPLQDO³4´ GH6'0HQEXHQHVWDGR\ GHVGHHOFLUFXLWRHQWUHHO
\ODPDVDDFDUURFHUtDHQWUHHOWHUPLQDO³4 YXHOYDDFRPSUREDU VHQVRUGHODQWHUR\HO6'0
´\ODPDVDDFDUURFHUtDRHQWUHHOWHUPLQDO GHOFDEOH´251*51´R
³4´\ODPDVDDFDUURFHUtDWHUPLQDO ³251%/8´DPDVDR
³4´\ODPDVDDFDUURFHUtD GHVGHHOFLUFXLWRHQWUHHO
¢(VWiQDELHUWRVORVFLUFXLWRV" VHQVRUGHODQWHUR\HO6'0
GHOFDEOH³<(/*51´R
³<(/%/8´DPDVD
 6,67(0$'(/&2/&+Ï1'($,5(%

>$@)LJSDUDHO3$62>%@)LJSDUDHO3$62>&@)LJSDUDHO3$62

+HUUDPLHQWDHVSHFLDO
$

127$
'HVSXpVGHFRPSOHWDUODFRPSUREDFLyQ\ORVWUDEDMRVGHUHSDUDFLyQHIHFW~HORVLJXLHQWH
‡ 9XHOYDDFRQHFWDUWRGRVORVFRPSRQHQWHVGHOVLVWHPDGHOFROFKyQGHDLUH\FRPSUXHEHTXHWRGRVORV
FRPSRQHQWHVHVWiQPRQWDGRVFRUUHFWDPHQWH
‡ %RUUHORVFyGLJRVGHGLDJQyVWLFR5HILpUDVHD%255$'2'('7&VLORVKD\
‡ 5HSLWDOD&20352%$&,Ï1'(/6,67(0$'(',$*1Ï67,&2'(&2/&+Ï1'($,5(SDUDFRQILUPDUTXH
HOGHVSHUIHFWRKDVLGRFRUUHJLGR

'7&%\%

3DVR 2SHUDFLyQ 6t 1R
  ,QWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2)) 9D\DDOSDVR 5HHPSODFHHOVHQVRU
 'HVFRQHFWHHOFRQHFWRUGHOPyGXORLQIODGRU GHODQWHUR
GHOFROFKyQGHDLUHGHOFRQGXFWRUFRQHFWRU
GHOPyGXORLQIODGRUGHOFROFKyQGHDLUHGHO
SDVDMHURFRQHFWRUGHOPyGXORGHSUHWHQVRU
GHOFRQGXFWRU\HOFRQHFWRUGHOPyGXORGH
SUHWHQVRUGHOSDVDMHUR
 'HVFRQHFWHHOVHQVRUGHODQWHUR
 &RPSUXHEHHOHVWDGRGHODFRQH[LyQDO
FRQHFWRUGHOVHQVRUGHODQWHURHQORVWHUPLQD
OHVGHORVFDEOHV³251*51´\³251%/8´R
³<(/*51´\³<(/%/8´
 6LODFRQGLFLyQHVQRUPDOHQWRQFHVPLGDOD
UHVLVWHQFLDHQWUHORVWHUPLQDOHVGHOVHQVRU
GHODQWHUR
¢(VODUHVLVWHQFLD± Ω"
  'HVFRQHFWHHOFRQHFWRUGHO6'0 9D\DDOSDVR 5HSDUHHOFRUWRFLUFXLWR
 &RPSUXHEHHOHVWDGRGHODFRQH[LyQDO GHVGHHOFLUFXLWRHQWUHHO
PyGXORGH6'0HQORVWHUPLQDOHV³4´\ VHQVRUGHODQWHUR\HO6'0
³4´RHQORVWHUPLQDOHV³4´\ GHOFDEOH´251*51´DO
³4´ FLUFXLWRGHOFDEOH³251
 6LHVWiQRUPDOSURFHGDDPHGLUODUHVLVWHQFLD %/8´RGHVGHHOFLUFXLWR
HQWUHHOWHUPLQDO³4´\HOWHUPLQDO³4 HQWUHHOVHQVRUGHODQWHUR\
´RHQWUHORVWHUPLQDOHV³4´\³4 HO6'0GHOFDEOH³<(/
´ *51´DOFLUFXLWRGHOFDEOH
¢(VWiDELHUWRHOFLUFXLWR" ³<(/%/8´
%6,67(0$'(/&2/&+Ï1'($,5(

3DVR 2SHUDFLyQ 6t 1R
  0LGDODWHQVLyQHQWUHHOWHUPLQDO³4´\OD 5HHPSODFHSRUXQPyGXOR 5HSDUHHOFRUWRFLUFXLWR
PDVDDFDUURFHUtD\HQWUHHOWHUPLQDO³4 GH6'0HQEXHQHVWDGR\ GHVGHHOFLUFXLWRHQWUHHO
´\ODPDVDDFDUURFHUtDRGHVGHHOWHUPL YXHOYDDFRPSUREDU VHQVRUGHODQWHUR\HO6'0
QDO³4´DODPDVDDFDUURFHUtD\GHVGH GHOFDEOH´251*51´R
HOWHUPLQDO³4´DODPDVDDFDUURFHUtD ³251%/8´DOFLUFXLWRGH
&RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ DOLPHQWDFLyQHOpFWULFDR
21¢HVODWHQVLyQ9RPHQRV" GHVGHHOFLUFXLWRHQWUHHO
VHQVRUGHODQWHUR\HO6'0
GHOFDEOH³<(/*51´R
³<(/%/8´DOFLUFXLWRGH
DOLPHQWDFLyQHOpFWULFD

>$@)LJSDUDHO3$62>%@)LJSDUDHO3$62>&@)LJSDUDHO3$62

+HUUDPLHQWDHVSHFLDO
$

127$
'HVSXpVGHFRPSOHWDUODFRPSUREDFLyQ\ORVWUDEDMRVGHUHSDUDFLyQHIHFW~HORVLJXLHQWH
‡ 9XHOYDDFRQHFWDUWRGRVORVFRPSRQHQWHVGHOVLVWHPDGHOFROFKyQGHDLUH\FRPSUXHEHTXHWRGRVORV
FRPSRQHQWHVHVWiQPRQWDGRVFRUUHFWDPHQWH
‡ %RUUHORVFyGLJRVGHGLDJQyVWLFR5HILpUDVHD%255$'2'('7&VLORVKD\
‡ 5HSLWDOD&20352%$&,Ï1'(/6,67(0$'(',$*1Ï67,&2'(&2/&+Ï1'($,5(SDUDFRQILUPDUTXH
HOGHVSHUIHFWRKDVLGRFRUUHJLGR
 6,67(0$'(/&2/&+Ï1'($,5(%

'7&%±5HVLVWHQFLDDOWDGHOFLUFXLWRLQLFLDGRUGHSUHWHQVRUGHOFRQGXFWRU
'7&%±5HVLVWHQFLDEDMDGHOFLUFXLWRLQLFLDGRUGHSUHWHQVRUGHOFRQGXFWRU
'7&%±&LUFXLWRLQLFLDGRUGHSUHWHQVRUGHOFRQGXFWRUFRUWRFLUFXLWDGRD
PDVD
'7&%±&LUFXLWRLQLFLDGRUGHSUHWHQVRUGHOFRQGXFWRUFRUWRFLUFXLWDGRDO
FLUFXLWRGHDOLPHQWDFLyQHOpFWULFD
'7&%±5HVLVWHQFLDDOWDGHOFLUFXLWRLQLFLDGRUGHSUHWHQVRUGHOSDVDMHUR
'7&%±5HVLVWHQFLDEDMDGHOFLUFXLWRLQLFLDGRUGHSUHWHQVRUGHOSDVDMHUR
'7&%±&LUFXLWRLQLFLDGRUGHSUHWHQVRUGHOSDVDMHURFRUWRFLUFXLWDGRD
PDVD
'7&%±&LUFXLWRLQLFLDGRUGHSUHWHQVRUGHOSDVDMHURFRUWRFLUFXLWDGRDOFLU
FXLWRGHDOLPHQWDFLyQHOpFWULFD
',$*5$0$'(&$%/($'2

4 “Q01”
3 “Q12”
5
BLU/BLK BLU/RED
1 Q01-4 IG PNK
2 DP+ Q01-12

WHT
DP- Q01-11

BRN
PP+ Q01-5
[A]
BLK LT GRN
[B] Q01-17 GND PP- Q01-6
7
6
“Q11”
“Q01”

>$@ %DUUDFRUWRFLUFXLWDGRUD  ,QWHUUXSWRUGHHQFHQGLGR  3UHWHQVRUGHFLQWXUyQGHVHJXULGDGGHOFRQGXFWRU

>%@ 0D]RGHFDEOHVGHFROFKyQGHDLUH  )XVLEOH³$,5%$*´  3UHWHQVRUGHFLQWXUyQGHVHJXULGDGGHOSDVDMHUR
 'HVGHHOIXVLEOHSULQFLSDO  0yGXORGH6'0  0DVDSDUDHOVLVWHPDGHOFROFKyQGHDLUH

35(&$8&,Ï1
‡ $VHJ~UHVH GH HIHFWXDU OD &20352%$&,Ï1 '(/ 6,67(0$ '( ',$*1Ï67,&2 '( &2/&+Ï1 '( $,5(
DQWHVGHFRPHQ]DUHOGLDJQyVWLFRGHDFXHUGRFRQODWDEODGHIOXMR
‡ &XDQGRHQHVWDWDEODVHUHTXLHUHODPHGLFLyQGHODUHVLVWHQFLDRODWHQVLyQXWLOLFHXQSUREDGRUFRQMXQWD
PHQWHFRQHODGDSWDGRUFRUUHFWRGHWHUPLQDOGHVGHODKHUUDPLHQWDHVSHFLDOFRQMXQWRGHDGDSWDGRUGH
SUXHEDGHFRQHFWRU
‡ &XDQGRVHUHTXLHUDFRPSUREDUODFRUUHFFLyQGHODFRQH[LyQUHILpUDVHD0$/)81&,21$0,(172,17(5
0,7(17(<&21(;,Ï10$/$HQHVWDVHFFLyQ
‡ &XDQGRVHGHWHFWHXQFLUFXLWRDELHUWRHQHOPD]RGHFDEOHVGHFROFKyQGHDLUHRVLHOFRQHFWRURWHUPL
QDOHVWiGDxDGRUHHPSODFHHOPD]RGHFDEOHVFRQHFWRU\WHUPLQDOFRPRXQVRORFRQMXQWR
%6,67(0$'(/&2/&+Ï1'($,5(

(/'7&6(5È),-$'2&8$1'2
'7&%\%
/DUHVLVWHQFLDPHGLGDHQHOFLUFXLWRLQLFLDGRUGHSUHWHQVRUGHOFLQWXUyQGHVHJXULGDGGHOFRQGXFWRURGHOSDVDMHURHV
VXSHULRUDXQYDORUHVSHFLILFDGRGXUDQWHXQWLHPSRHVSHFLILFDGR
'7&%\%
/DUHVLVWHQFLDPHGLGDHQHOFLUFXLWRLQLFLDGRUGHSUHWHQVRUGHOFLQWXUyQGHVHJXULGDGGHOFRQGXFWRURGHOSDVDMHURHV
LQIHULRUDXQYDORUHVSHFLILFDGRGXUDQWHXQWLHPSRHVSHFLILFDGR
'7&%\%
/DWHQVLyQPHGLGDHQHOFLUFXLWRLQLFLDGRUGHSUHWHQVRUGHOFLQWXUyQGHVHJXULGDGGHOFRQGXFWRURGHOSDVDMHURHVLQIH
ULRUDXQYDORUHVSHFLILFDGRGXUDQWHXQWLHPSRHVSHFLILFDGR
'7&%\%
/D WHQVLyQ PHGLGD HQ HO FLUFXLWR LQLFLDGRU GH SUHWHQVRU GHO FLQWXUyQ GH VHJXULGDG GHO FRQGXFWRU R GHO SDVDMHUR HV
VXSHULRUDXQYDORUHVSHFLILFDGRGXUDQWHXQWLHPSRHVSHFLILFDGR

'(6&5,3&,Ï1'(/$358(%$'(/$7$%/$
'7&%%%%%%%\%
3$62&RPSUXHEHVLHOPDOIXQFLRQDPLHQWRHVWiHQHOSUHWHQVRUGHFLQWXUyQGHVHJXULGDG
3$62&RPSUXHEHHQHOPD]RGHFDEOHVGHOFROFKyQGHDLUHHOFLUFXLWRLQLFLDGRUGHSUHWHQVRUGHFLQWXUyQGHVHJX
ULGDG

7$%/$'()/8-2'(',$*1Ï67,&2
'7&%\%

3DVR 2SHUDFLyQ 6t 1R
  &RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVL 9D\DDOSDVR ,QWHUUXSWRUGHHQFHQGLGRHQOD
FLyQ2))GHVPRQWHODJXDUQLFLyQLQWHULRU SRVLFLyQ2))
GHOPRQWDQWHFHQWUDOGHOODGRFRUUHVSRQ 5HHPSODFHHOSUHWHQVRUGH
GLHQWH\HQVHJXLGDGHVFRQHFWHHOFRQHFWRU FLQWXUyQGHVHJXULGDG5HILp
GHOSUHWHQVRUGHFLQWXUyQGHVHJXULGDG UDVHDODVHFFLyQ$
 &RPSUXHEHHOHVWDGRGHODFRQH[LyQDOSUH
WHQVRUGHFLQWXUyQGHVHJXULGDGFRUUHVSRQ
GLHQWHHQORVWHUPLQDOHVHQHOFRQHFWRU
³4´y³4´
 6LHVWiFRQIRUPHHQWRQFHVFRQHFWHOD
KHUUDPLHQWDHVSHFLDO%DOFRQHFWRUGHO
SUHWHQVRUGHFLQWXUyQGHVHJXULGDGGHVFR
QHFWDGRHQHOSDVR
&RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ
21¢HVWRGDYtDDFWXDOHO'7&%y%"
  &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQOD 5HHPSODFHSRUXQ '7&%
SRVLFLyQ2))\GHVFRQHFWHHOFRQHFWRUGHO PyGXORGH6'0HQEXHQ 5HSDUHODUHVLVWHQFLDDOWDRHO
6'0 HVWDGR\YXHOYDDFRP FLUFXLWRDELHUWRHQFLUFXLWRGHO
 &RPSUXHEHHOHVWDGRGHODFRQH[LyQDO SUREDU FDEOH³31.´R³:+7´
PyGXOR6'0HQORVWHUPLQDOHV³4´\ '7&%
³4´y³4´\³4´ 5HSDUHODUHVLVWHQFLDDOWDRHO
 6LHVWiQRUPDOSURFHGDDPHGLUODUHVLVWHQ FLUFXLWRDELHUWRHQFLUFXLWRGHO
FLDHQWUHORVWHUPLQDOHV³4´\³4 FDEOH³%51´R³/7*51´
´RHQWUHORVWHUPLQDOHV³4´\³4
´FRQODKHUUDPLHQWDHVSHFLDO%FRQHF
WDGD
¢(VODUHVLVWHQFLDΩRPHQRU"
 6,67(0$'(/&2/&+Ï1'($,5(%

)LJXUDSDUDORV3$626\

 0D]RGHFDEOHVGHSUHWHQVRU

)LJXUDSDUDHO3$62

>$@ 3DUDHO'7&%
>%@ 3DUDHO'7&%

+HUUDPLHQWDHVSHFLDO
$
%

127$
'HVSXpVGHFRPSOHWDUODFRPSUREDFLyQ\ORVWUDEDMRVGHUHSDUDFLyQHIHFW~HORVLJXLHQWH
‡ 9XHOYDDFRQHFWDUWRGRVORVFRPSRQHQWHVGHOVLVWHPDGHOFROFKyQGHDLUH\FRPSUXHEHTXHWRGRVORV
FRPSRQHQWHVHVWiQPRQWDGRVFRUUHFWDPHQWH
‡ %RUUHORVFyGLJRVGHGLDJQyVWLFR5HILpUDVHD%255$'2'('7&VLORVKD\
‡ 5HSLWDOD&20352%$&,Ï1'(/6,67(0$'(',$*1Ï67,&2'(&2/&+Ï1'($,5(SDUDFRQILUPDUTXH
HOGHVSHUIHFWRKDVLGRFRUUHJLGR

'7&%\%

3DVR 2SHUDFLyQ 6t 1R
  &RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ 9D\DDOSDVR ,QWHUUXSWRUGHHQFHQGLGR
2))GHVPRQWHODJXDUQLFLyQLQWHULRUGHOPRQ HQODSRVLFLyQ2))
WDQWHFHQWUDOGHOODGRFRUUHVSRQGLHQWH\ 5HHPSODFHHOSUHWHQVRUGH
HQVHJXLGDGHVFRQHFWHHOFRQHFWRUGHOSUHWHQ FLQWXUyQGHVHJXULGDG
VRUGHFLQWXUyQGHVHJXULGDG 5HILpUDVHDODVHFFLyQ
 &RPSUXHEHHOHVWDGRGHODFRQH[LyQDOSUH $
WHQVRUGHFLQWXUyQGHVHJXULGDGFRUUHVSRQ
GLHQWHHQORVWHUPLQDOHVHQHOFRQHFWRU³4´
y³4´
 6LHVWiFRQIRUPHHQWRQFHVFRQHFWHODKHUUD
PLHQWDHVSHFLDO%DOFRQHFWRUGHOSUHWHQVRU
GHFLQWXUyQGHVHJXULGDGGHVFRQHFWDGRHQHO
SDVR
&RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ
21¢HVWRGDYtDDFWXDOHO'7&%y%"
%6,67(0$'(/&2/&+Ï1'($,5(

3DVR 2SHUDFLyQ 6t 1R
  &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQOD 5HHPSODFHSRUXQPyGXOR '7&%
SRVLFLyQ2))\GHVFRQHFWHHO6'0 GH6'0HQEXHQHVWDGR\ 5HSDUHHOFRUWRFLUFXLWR
 &RPSUXHEHHOHVWDGRGHODFRQH[LyQDO YXHOYDDFRPSUREDU GHVGHHOFLUFXLWRGHOFDEOH
PyGXOR6'0HQORVWHUPLQDOHV³4´\ ³31.´DOFLUFXLWRGHOFDEOH
³4´y³4´\³4´ ³:+7´RGHVGHHOFLUFXLWR
 6LHVWiQRUPDOSURFHGDDPHGLUODUHVLVWHQFLD GHOFDEOH³31.´R³:+7´D
HQWUHORVWHUPLQDOHV³4´\³4´R RWURFLUFXLWRGHFDEOH
HQWUHORVWHUPLQDOHV³4´\³4´FRQ '7&%
ODKHUUDPLHQWDHVSHFLDO%FRQHFWDGD 5HSDUHHOFRUWRFLUFXLWR
¢(VODUHVLVWHQFLDΩRPiV" GHVGHHOFLUFXLWRGHOFDEOH
³%51´DOFLUFXLWRGHOFDEOH
³/7*51´RGHVGHHOFLU
FXLWRGHOFDEOH³%51´R³/7
*51´DRWURFLUFXLWRGH
FDEOH

)LJXUDSDUDORV3$626\

 0D]RGHFDEOHVGHSUHWHQVRU

)LJXUDSDUDHO3$62

>$@ 3DUDHO'7&%
>%@ 3DUDHO'7&%

+HUUDPLHQWDHVSHFLDO
$
%

127$
'HVSXpVGHFRPSOHWDUODFRPSUREDFLyQ\ORVWUDEDMRVGHUHSDUDFLyQHIHFW~HORVLJXLHQWH
‡ 9XHOYDDFRQHFWDUWRGRVORVFRPSRQHQWHVGHOVLVWHPDGHOFROFKyQGHDLUH\FRPSUXHEHTXHWRGRVORV
FRPSRQHQWHVHVWiQPRQWDGRVFRUUHFWDPHQWH
‡ %RUUHORVFyGLJRVGHGLDJQyVWLFR5HILpUDVHD%255$'2'('7&VLORVKD\
‡ 5HSLWDOD&20352%$&,Ï1'(/6,67(0$'(',$*1Ï67,&2'(&2/&+Ï1'($,5(SDUDFRQILUPDUTXH
HOGHVSHUIHFWRKDVLGRFRUUHJLGR
 6,67(0$'(/&2/&+Ï1'($,5(%

'7&%\%

3DVR 2SHUDFLyQ 6t 1R
  &RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ 9D\DDOSDVR ,QWHUUXSWRUGHHQFHQGLGRHQODSRVL
2))GHVPRQWHODJXDUQLFLyQLQWHULRUGHOPRQ FLyQ2))
WDQWHFHQWUDOGHOODGRFRUUHVSRQGLHQWH\ 5HHPSODFHHOSUHWHQVRUGHFLQWXUyQ
HQVHJXLGDGHVFRQHFWHHOFRQHFWRUGHOSUHWHQ GHVHJXULGDG5HILpUDVHDODVHF
VRUGHFLQWXUyQGHVHJXULGDG FLyQ$
 &RPSUXHEHHOHVWDGRGHODFRQH[LyQDOSUH
WHQVRUGHFLQWXUyQGHVHJXULGDGFRUUHVSRQ
GLHQWHHQORVWHUPLQDOHVHQHOFRQHFWRU³4´
y³4´
 6LHVWiFRQIRUPHHQWRQFHVFRQHFWHODKHUUD
PLHQWDHVSHFLDO%DOFRQHFWRUGHOSUHWHQVRU
GHFLQWXUyQGHVHJXULGDGGHVFRQHFWDGRHQHO
SDVR
&RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ
21¢HVWRGDYtDDFWXDOHO'7&%y%"
  &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQOD 5HHPSODFHSRUXQ '7&%
SRVLFLyQ2))\GHVFRQHFWHODKHUUDPLHQWD PyGXORGH6'0 5HSDUHHOFRUWRFLUFXLWRGHOFLUFXLWR
HVSHFLDO%\HOPyGXORGH6'0 HQEXHQHVWDGR\ GHOFDEOH³31.´R³:+7´DPDVD
 0LGDODUHVLVWHQFLDHQWUHHOWHUPLQDO³4´ YXHOYDDFRPSUR '7&%
y³4´\PDVDDFDUURFHUtD EDU 5HSDUHHOFRUWRFLUFXLWRGHOFLUFXLWR
¢(VWiDELHUWRHOFLUFXLWR" GHOFDEOH³%51´R³/7*51´D
PDVD

)LJXUDSDUDORV3$626\

 0D]RGHFDEOHVGHSUHWHQVRU

)LJXUDSDUDHO3$62

>$@ 3DUDHO'7&%
>%@ 3DUDHO'7&%

+HUUDPLHQWDHVSHFLDO
$
%
%6,67(0$'(/&2/&+Ï1'($,5(

127$
'HVSXpVGHFRPSOHWDUODFRPSUREDFLyQ\ORVWUDEDMRVGHUHSDUDFLyQHIHFW~HORVLJXLHQWH
‡ 9XHOYDDFRQHFWDUWRGRVORVFRPSRQHQWHVGHOVLVWHPDGHOFROFKyQGHDLUH\FRPSUXHEHTXHWRGRVORV
FRPSRQHQWHVHVWiQPRQWDGRVFRUUHFWDPHQWH
‡ %RUUHORVFyGLJRVGHGLDJQyVWLFR5HILpUDVHD%255$'2'('7&VLORVKD\
‡ 5HSLWDOD&20352%$&,Ï1'(/6,67(0$'(',$*1Ï67,&2'(&2/&+Ï1'($,5(SDUDFRQILUPDUTXH
HOGHVSHUIHFWRKDVLGRFRUUHJLGR

'7&%\%

3DVR 2SHUDFLyQ 6t 1R
  &RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVL 9D\DDOSDVR ,QWHUUXSWRUGHHQFHQGLGRHQOD
FLyQ2))GHVPRQWHODJXDUQLFLyQLQWHULRU SRVLFLyQ2))
GHOPRQWDQWHFHQWUDOGHOODGRFRUUHVSRQ 5HHPSODFHHOSUHWHQVRUGH
GLHQWH\HQVHJXLGDGHVFRQHFWHHOFRQHFWRU FLQWXUyQGHVHJXULGDG5HILp
GHOSUHWHQVRUGHFLQWXUyQGHVHJXULGDG UDVHDODVHFFLyQ$
 &RPSUXHEHHOHVWDGRGHODFRQH[LyQDOSUH
WHQVRUGHFLQWXUyQGHVHJXULGDGFRUUHVSRQ
GLHQWHHQORVWHUPLQDOHVHQHOFRQHFWRU
³4´y³4´
 6LHVWiFRQIRUPHHQWRQFHVFRQHFWHOD
KHUUDPLHQWDHVSHFLDO%DOFRQHFWRUGHO
SUHWHQVRUGHFLQWXUyQGHVHJXULGDGGHVFR
QHFWDGRHQHOSDVR
&RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ
21¢HVWRGDYtDDFWXDOHO'7&%y%"
  &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQOD 5HHPSODFHSRUXQ '7&%
SRVLFLyQ2))\GHVFRQHFWHODKHUUDPLHQWD PyGXORGH6'0HQEXHQ 5HSDUHHOFRUWRFLUFXLWRGHOFLU
HVSHFLDO%\HOPyGXORGH6'0 HVWDGR\YXHOYDDFRP FXLWRGHOFDEOH³31.´R³:+7´
 0LGDODWHQVLyQHQWUHHOWHUPLQDO³4´y SUREDU DOFLUFXLWRGHDOLPHQWDFLyQ
³4´\ODPDVDDFDUURFHUtD HOpFWULFD
&RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ '7&%
21¢HVODWHQVLyQ9RPHQRV" 5HSDUHHOFRUWRFLUFXLWRGHVGH
HOFLUFXLWRGHOFDEOH³%51´R
³/7*51´DOFLUFXLWRGHDOLPHQ
WDFLyQHOpFWULFD

)LJXUDSDUDORV3$626\

 0D]RGHFDEOHVGHSUHWHQVRU
 6,67(0$'(/&2/&+Ï1'($,5(%

)LJXUDSDUDHO3$62

>$@ 3DUDHO'7&%
>%@ 3DUDHO'7&%

+HUUDPLHQWDHVSHFLDO
$
%

127$
'HVSXpVGHFRPSOHWDUODFRPSUREDFLyQ\ORVWUDEDMRVGHUHSDUDFLyQHIHFW~HORVLJXLHQWH
‡ 9XHOYDDFRQHFWDUWRGRVORVFRPSRQHQWHVGHOVLVWHPDGHOFROFKyQGHDLUH\FRPSUXHEHTXHWRGRVORV
FRPSRQHQWHVHVWiQPRQWDGRVFRUUHFWDPHQWH
‡ %RUUHORVFyGLJRVGHGLDJQyVWLFR5HILpUDVHD%255$'2'('7&VLORVKD\
‡ 5HSLWDOD&20352%$&,Ï1'(/6,67(0$'(',$*1Ï67,&2'(&2/&+Ï1'($,5(SDUDFRQILUPDUTXH
HOGHVSHUIHFWRKDVLGRFRUUHJLGR

'7&%±'HWHFFLyQGHFROLVLyQIURQWDO6DOLGDGHFRPDQGRGHDFWLYDFLyQGHO
VLVWHPD
(/'7&6(5È),-$'2&8$1'2
(O6'0GHWHFWDXQDFROLVLyQIURQWDOGHIXHU]DVXILFLHQWHTXHUHTXLHUHODDFWLYDFLyQGHOVLVWHPDGHOFROFKyQGHDLUH(O
6'0HPLWHXQFRPDQGRGHGHVSOLHJXHGHFROFKyQGHDLUH

'(6&5,3&,Ï1'(/$358(%$'(/$7$%/$
3$62&RPSUXHEHTXHHO'7&%KDVLGRILMDGRDXQTXHHOFROFKyQGHDLUHQRVHKDGHVSOHJDGR
3$62&RPSUXHEHTXHHO'7&ILMDGRVHGHEHDOIDOORGHO6'0

127$
$QWHVGHHMHFXWDUORLQGLFDGRHQHVWDWDEODHIHFW~HOD&20352%$&,Ï1'(/6,67(0$'(',$*1Ï67,&2
'(&2/&+Ï1'($,5(

3DVR 2SHUDFLyQ 6t 1R
  ,QWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ 5HHPSODFHORVFRPSRQHQWHV\ 9D\DDOSDVR
2)) HIHFW~HODVLQVSHFFLRQHVSUHFLVD
¢6HKDGHVSOHJDGRHOFROFKyQGHDLUH" GDVHQ³,163(&&,21(6<
5(3$5$&,21(65(48(5,'$6
'(638e6'(81$&&,'(17(´
  ,QVSHFFLRQHODSDUWHGHODQWHUDGHOYHKt 5HHPSODFHORVFRPSRQHQWHV\ 5HHPSODFHSRUXQPyGXOR
FXOR\ODSDUWHLQIHULRUGHODFDUURFHUtD HIHFW~HODVLQVSHFFLRQHVSUHFLVD GH6'0HQEXHQHVWDGR\
SDUDGHWHFWDUODVWUD]DVGHOLPSDFWR GDVHQ,163(&&,21(6<5(3$ YXHOYDDFRPSUREDU
¢+D\WUD]DVGHLPSDFWRV" 5$&,21(6
5(48(5,'$6'(638e6'(81
$&&,'(17(HQHVWDVHFFLyQ
%6,67(0$'(/&2/&+Ï1'($,5(

127$
'HVSXpVGHFRPSOHWDUODFRPSUREDFLyQ\ORVWUDEDMRVGHUHSDUDFLyQHIHFW~HORVLJXLHQWH
‡ 9XHOYDDFRQHFWDUWRGRVORVFRPSRQHQWHVGHOVLVWHPDGHOFROFKyQGHDLUH\FRPSUXHEHTXHWRGRVORV
FRPSRQHQWHVHVWiQPRQWDGRVFRUUHFWDPHQWH
‡ 5HSLWDOD&20352%$&,Ï1'(/6,67(0$'(',$*1Ï67,&2'(&2/&+Ï1'($,5(SDUDFRQILUPDUTXH
HOGHVSHUIHFWRKDVLGRFRUUHJLGR

'7&%±)DOORGHOFLUFXLWRGHODOX]GHDGYHUWHQFLD³$,5%$*´
',$*5$0$'(&$%/($'2
5

BLU/BLK BLU/RED
Q01-4 IG

BLK/BLU BLK/WHT BLK/WHT BLU BLU

1 Q01-2 LA
2
4
3 6 L1
7
L2
12V

PPL/RED PPL/RED
8 Q01-20 SDL

“G27” “Q02”
9 5V

PPL
10 Q01-15 DNS

“Q04” BLK
Q01-17 GND
11
[A]
“Q01”

 'HVGHHOIXVLEOHSULQFLSDO  )XVLEOH³$,5%$*´  $OPyGXORGH(&07&0VLHVWiHTXLSDGR\

PyGXORGHFRQWUROGHO$%6VLHVWiHTXLSDGR
 ,QWHUUXSWRUGHHQFHQGLGR  3DWLOODGHGHWHFFLyQGHFRQH[LyQ  $FRSODGRUGHYHULILFDFLyQ³$,5%$*´
 )XVLEOH³,*0(7(5´  0yGXORGH6'0  0DVDSDUDHOVLVWHPDGHOFROFKyQGHDLUH
 /X]GHDGYHUWHQFLD³$,5%$*´HQHOLQGLFDGRUFRP  $O'/& >$@ 0D]RGHFDEOHVGHFROFKyQGHDLUH
ELQDGR

35(&$8&,Ï1
‡ $VHJ~UHVH GH HIHFWXDU OD &20352%$&,Ï1 '(/ 6,67(0$ '( ',$*1Ï67,&2 '( &2/&+Ï1 '( $,5(
DQWHVGHFRPHQ]DUHOGLDJQyVWLFRGHDFXHUGRFRQODWDEODGHIOXMR
‡ &XDQGRHQHVWDWDEODVHUHTXLHUHODPHGLFLyQGHODUHVLVWHQFLDRODWHQVLyQXWLOLFHXQSUREDGRUFRQMXQWD
PHQWHFRQHODGDSWDGRUFRUUHFWRGHWHUPLQDOGHVGHODKHUUDPLHQWDHVSHFLDOFRQMXQWRGHDGDSWDGRUGH
SUXHEDGHFRQHFWRU
‡ &XDQGRVHUHTXLHUDFRPSUREDUODFRUUHFFLyQGHODFRQH[LyQUHILpUDVHD0$/)81&,21$0,(172,17(5
0,7(17(<&21(;,Ï10$/$HQHVWDVHFFLyQ
‡ &XDQGRVHGHWHFWHXQFLUFXLWRDELHUWRHQHOPD]RGHFDEOHVGHFROFKyQGHDLUHRVLHOFRQHFWRURWHUPL
QDOHVWiGDxDGRUHHPSODFHHOPD]RGHFDEOHVFRQHFWRU\WHUPLQDOFRPRXQVRORFRQMXQWR
(/'7&6(5È),-$'2&8$1'2
/DWHQVLyQHQHOWHUPLQDO³4´GHOFLUFXLWRGHODOX]GHDGYHUWHQFLD³$,5%$*´QRFRQFXHUGDFRQHOHVWDGRRUGH
QDGRGHOSLORWRGHODOX]GHDGYHUWHQFLDGXUDQWHHOWLHPSRHVSHFLILFDGR

'(6&5,3&,Ï1'(/$358(%$'(/$7$%/$
3$62(VWDSUXHEDYXHOYHDFRPSUREDUHOIXQFLRQDPLHQWRGHODOX]GHDGYHUWHQFLD³$,5%$*´
3$62(VWDSUXHEDYXHOYHDFRPSUREDUVLKD\DQRUPDOLGDGHQHO6'0
 6,67(0$'(/&2/&+Ï1'($,5(%

'7&%

3DVR 2SHUDFLyQ 6t 1R
  (VWH'7&HVILMDGRFXDQGRKD\XQGHVSHU 9D\DDOSDVR 5HSDUHHOFLUFXLWRGHODOX]GH
IHFWRHQHOFLUFXLWRGHODOX]GHDGYHUWHQFLD DGYHUWHQFLD³$,5%$*´
³$,5%$*´6LQRVHHIHFW~DFRUUHFWDPHQWH
OD&20352%$&,Ï1'(/6,67(0$'(
',$*1Ï67,&2'(&2/&+Ï1'($,5(
HVWRSXHGHFDXVDUGLDJQyVWLFRVHUUyQHRV
3RUFRQVLJXLHQWHYXHOYDDFRPSUREDUHOFLU
FXLWRGHODOX]GHDGYHUWHQFLD³$,5%$*´GH
DFXHUGRFRQORLQGLFDGRHQOD&20352%$
&,Ï1'(/6,67(0$'(',$*1Ï67,&2
'(&2/&+Ï1'($,5(
¢(VWiHQEXHQDVFRQGLFLRQHVHOFLUFXLWRGHOD
OX]GHDGYHUWHQFLD³$,5%$*´"
  %RUUH'7&5HILpUDVHD%255$'2'( 5HHPSODFHSRUXQ 9XHOYDDFRPSUREDUHOVLVWHPD
'7& PyGXORGH6'0HQEXHQ GHOFROFKyQGHDLUH
 &RPSUXHEH'7&5HILpUDVHD&20352 HVWDGR\YXHOYDDFRP 5HILpUDVHD&20352%$
%$&,Ï1'('7& SUREDU &,Ï1'(/6,67(0$'(
¢(VWiILMDGRHO'7&%" ',$*1Ï67,&2'(&2/
&+Ï1'($,5(

127$
'HVSXpVGHFRPSOHWDUODFRPSUREDFLyQ\ORVWUDEDMRVGHUHSDUDFLyQHIHFW~HORVLJXLHQWH
‡ 9XHOYDDFRQHFWDUWRGRVORVFRPSRQHQWHVGHOVLVWHPDGHOFROFKyQGHDLUH\FRPSUXHEHTXHWRGRVORV
FRPSRQHQWHVHVWiQPRQWDGRVFRUUHFWDPHQWH
‡ 5HSLWDOD&20352%$&,Ï1'(/6,67(0$'(',$*1Ï67,&2'(&2/&+Ï1'($,5(SDUDFRQILUPDUTXH
HOGHVSHUIHFWRKDVLGRFRUUHJLGR

'7&%±)DOORLQWHUQRGHOPyGXORGH6'0
(/'7&6(5È),-$'2&8$1'2
(O6'0GHWHFWHXQIDOORLQWHUQRGHOPyGXORGH6'0

127$
&XDQGRVHKDILMDGRHO'7&%HVLPSRVLEOHERUUDUOR

 ,QWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2))
 5HHPSODFHHOPyGXORGH6'0
 5HSLWDOD&20352%$&,Ï1'(/6,67(0$'(',$*1Ï67,&2'(&2/&+Ï1'($,5(

'7&%±(VSHFLILFDFLRQHVGHVLVWHPDGLIHUHQWHVGHODVHVSHFLILFDFLRQHVGHO
6'0
(/'7&6(5È),-$'2&8$1'2
/DVHVSHFLILFDFLRQHVGHOVLVWHPDGHOFROFKyQGHDLUHVRQGLIHUHQWHVGHODVHVSHFLILFDFLRQHVGHO6'0

127$
$QWHVGHHMHFXWDUORLQGLFDGRDFRQWLQXDFLyQHIHFW~HOD&20352%$&,Ï1'(/6,67(0$'(',$*1Ï67,&2
'(&2/&+Ï1'($,5(

 ,QWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2))
 5HHPSODFHHOPyGXORGH6'0
 5HSLWDOD&20352%$&,Ï1'(/6,67(0$'(',$*1Ï67,&2'(&2/&+Ï1'($,5(
%6,67(0$'(/&2/&+Ï1'($,5(

6HUYLFLRHQHOYHKtFXOR
3UHFDXFLRQHVSDUDHOVHUYLFLR
6HUYLFLR\GLDJQyVWLFR
(QFDGDFRPSRQHQWHGHOVLVWHPDGHOFROFKyQGHDLUH>PyGXORGH6'0PyGXORVLQIODGRUHVGHFROFKyQGHDLUH\
SUHWHQVRUHVGHFLQWXURQHVGHVHJXULGDG@HVWiQILMDGDVHWLTXHWDVGH$'9(57(1&,$35(&$8&,Ï1$VHJ~UHVHELHQ
GHVHJXLUWRGDVODVLQVWUXFFLRQHV

$'9(57(1&,$
‡ 6L HO VLVWHPD GHO FROFKyQ GH DLUH \ RWUR VLVWHPD GHO YHKtFXOR QHFHVLWDQ VHU UHSDUDGRV 68=8., UHFR
PLHQGDTXHHQSULPHUOXJDUVHUHSDUHHOVLVWHPDGHOFROFKyQGHDLUHSDUDDVtHYLWDUODDFWLYDFLyQLQHVSH
UDGDGHOVLVWHPDGHOFROFKyQGHDLUH
‡ 1RPRGLILTXHHOYRODQWHGHGLUHFFLyQHOWDEOHURGHLQVWUXPHQWRVRFXDOTXLHUHOHPHQWRHQRDOUHGHGRU
GHORVFRPSRQHQWHVGHOVLVWHPDGHOFROFKyQGHDLUH/DVPRGLILFDFLRQHVSXHGHQDIHFWDUDGYHUVDPHQWH
HOIXQFLRQDPLHQWRGHOVLVWHPDGHOFROFKyQGHDLUH\FDXVDUGDxRVFRUSRUDOHV
‡ 6LQRVHUHVSHWDQORVSURFHGLPLHQWRVLQGLFDGRVHVWRSXHGHFDXVDUODDFWLYDFLyQGHOVLVWHPDGHOFROFKyQ
GHDLUHGDxRVFRUSRUDOHVRUHSDUDFLRQHVLQQHFHVDULDVGHOVLVWHPDGHOFROFKyQGHDLUH

‡ 0XFKRVGHORVSURFHGLPLHQWRVGHVHUYLFLRUHTXLHUHQODGHVFRQH[LyQGHOIXVLEOH³$,5%$*´\GHOORVPyGXORV

>LQIODGRUHV@GHFROFKyQGHDLUH>FRQGXFWRU\SDVDMHUR@GHOFLUFXLWRLQLFLDGRUSDUDDVtHYLWDUHOGHVSOLHJXHDFFLGHQ
WDOGHOFROFKyQGHDLUH
‡ 1RDSOLTXHFRUULHQWHHOpFWULFDDOVLVWHPDGHOFROFKyQGHDLUHDPHQRVTXHWRGRVORVFRPSRQHQWHVHVWpQFRUUHFWD
PHQWHFRQHFWDGRVRTXHORSLGDHOFXDGURGHGLDJQyVWLFR\DTXHHVWRILMDUiXQFyGLJRGHGLDJQyVWLFR'7&
‡ /D³&20352%$&,Ï1'(/6,67(0$'(',$*1Ï67,&2'(&2/&+Ï1'($,5(´GHEHVHUHOSXQWRGHSDUWLGD
GHFXDOTXLHUGLDJQyVWLFRGHFROFKyQGHDLUH/D³&20352%$&,Ï1'(/6,67(0$'(',$*1Ï67,&2'(&2/
&+Ï1'($,5(´FRPSUREDUiHOIXQFLRQDPLHQWRFRUUHFWRGHODOX]GHDGYHUWHQFLD³$,5%$*´\OHJXLDUiDOFXD
GURFRUUHFWRSDUDGLDJQRVWLFDUFXDOTXLHUGHVSHUIHFWRGHIXQFLRQDPLHQWRGHFROFKyQGHDLUH/DQRDSOLFDFLyQGH
HVWRVSURFHGLPLHQWRVSXHGHDODUJDUODGXUDFLyQGHOGLDJQyVWLFRSURGXFLUXQGLDJQyVWLFRHUUyQHR\OOHYDUDOUHHP
SOD]RGHSLH]DVLQFRUUHFWDV
‡ 1XQFDXWLOLFHFRPSRQHQWHVGHVLVWHPDGHOFROFKyQGHDLUHTXHSURFHGDQGHRWURYHKtFXOR
‡ 6LVHSUHYDTXHHOYHKtFXORHVWDUiH[SXHVWRDWHPSHUDWXUDVHOHYDGDVVXSHULRUHVDƒ&>SRUHMHPSORGXUDQWHHO
SURFHVRGHVHFDGRDOKRUQRGHODSLQWXUD@GHVPRQWHDQWHVORVFRPSRQHQWHVGHOVLVWHPDGHOFROFKyQGHDLUHSDUD
QRGDxDUORVFRPSRQHQWHV\HYLWDUDFWLYDULQHVSHUDGDPHQWHHOVLVWHPDGHOFROFKyQGHDLUH
‡ &XDQGR PDQLSXOH PyGXORV LQIODGRUHV GH FROFKyQ GH DLUH FRQGXFWRU \ SDVDMHUR SUHWHQVRUHV GH FLQWXUyQ GH
VHJXULGDGFRQGXFWRU\SDVDMHURRPyGXORGH6'0WHQJDFXLGDGRGHQRGHMDUORVFDHUQLJROSHDUORV6LVHDSOLFD
XQLPSDFWRH[FHVLYRSRUHMHPSORHO6'0FDHHOPyGXORLQIODGRUGHFROFKyQGHDLUHFDHGHVGHXQDDOWXUDGH
FPRPiVHOSUHWHQVRUFRQMXQWRGHUHWUDFWRUGHFLQWXUyQGHVHJXULGDGFDHGHVGHXQDDOWXUDGHFPR
PiVQXQFDWUDWHGHGHVDUPDUORVRGHUHSDUDUORVVLQRTXHSURFHGDDUHHPSOD]DUORVSRUXQDSLH]DQXHYD
‡ &XDQGRXWLOLFHXQDVROGDGRUDHOpFWULFDDVHJ~UHVHGHGHVFRQHFWDUORVFRQHFWRUHVGHPyGXORVLQIODGRUHVGHFRO
FKyQGHDLUHFRQGXFWRU\SDVDMHUR\FRQHFWRUHVGHSUHWHQVRUHVGHFLQWXUyQGHVHJXULGDGFRQGXFWRU\SDVD
MHURUHVSHFWLYDPHQWH
‡ &XDQGRVHDQHFHVDULRSLQWDUDOUHGHGRUGHSLH]DVUHODFLRQDGDVFRQHOVLVWHPDGHOFROFKyQGHDLUHWHQJDFXLGDGR
\QRH[SRQJDQLFRQHFWRUHVQLPD]RGHFDEOHVDODSXOYHUL]DFLyQGHSLQWXUD
‡ 1XQFDH[SRQJDSLH]DVFRPSRQHQWHVGHOVLVWHPDGHOFROFKyQGHDLUHGLUHFWDPHQWHDODLUHFDOLHQWHVHFDGRRSDVR
GHOYHKtFXORSRUHOKRUQRGHVSXpVGHKDEHUSLQWDGRRDOODPDV

$'9(57(1&,$
&XDQGRHIHFW~HWUDEDMRVGHVHUYLFLRHQRDOUHGHGRUGHFRPSRQHQWHVGHOVLVWHPDGHOFROFKyQGHDLUHRHQ
HO FDEOHDGR GHO FROFKyQ GH DLUH VLJD HVFUXSXORVDPHQWH ORV SURFHGLPLHQWRV GHWDOODGRV HQ ODV SiJLQDV
VLJXLHQWHVRGHVDFWLYHSURYLVLRQDOPHQWHHOVLVWHPDGHOFROFKyQGHDLUH
6LQRVHUHVSHWDQORVSURFHGLPLHQWRVLQGLFDGRVHVWRSXHGHFDXVDUODDFWLYDFLyQGHOVLVWHPDGHOFROFKyQ
GHDLUHGDxRVFRUSRUDOHVRUHSDUDFLRQHVLQQHFHVDULDVGHOVLVWHPDGHOFROFKyQGHDLUH
 6,67(0$'(/&2/&+Ï1'($,5(%

'HVDFWLYDFLyQGHOVLVWHPDGHOFROFKyQGHDLUH
 *LUHHOYRODQWHGHGLUHFFLyQGHPRGRTXHODVUXHGDVGHODQWHUDV
GHOYHKtFXORHVWpQHQSRVLFLyQUHFWDKDFLDDGHODQWH
 &RORTXH HO LQWHUUXSWRU GH HQFHQGLGR HQ OD SRVLFLyQ ³/2&.´ \
VDTXHODOODYH
 'HVPRQWH HO IXVLEOH ³$,5 %$*´ GH OD FDMD  GH IXVLEOH ³$,5
%$*´
 'HVFRQHFWHHOFRQHFWRUDPDULOORGHOFRQMXQWRGHERELQDGH
FRQWDFWRHLQWHUUXSWRUFRPELQDGR
D /LEHUHHOEORTXHRGHOFRQHFWRUFRQODSDODQFDGHEORTXHR
E 'HVSXpVGHGHVEORTXHDUGHVFRQHFWHGHOFRQHFWRU

 6DTXHODJXDQWHUDPLHQWUDVSUHVLRQDVXWRSHHQDPERVODGRV
L]TXLHUGR\GHUHFKR\GHVFRQHFWHHOFRQHFWRUDPDULOORGHO
PyGXORLQIODGRUGHOFROFKyQGHDLUHGHOSDVDMHUR
D /LEHUHHOEORTXHRGHOFRQHFWRU
E 'HVSXpVGHGHVEORTXHDUGHVFRQHFWHGHOFRQHFWRU

127$
&RQHQIXVLEOH³$,5%$*´VDFDGR\HOLQWHUUXSWRUGHHQFHQ
GLGRHQODSRVLFLyQ21ODOX]GHDGYHUWHQFLD³$,5%$*´VH
HQFHQGHUi
(VWRHVXQIXQFLRQDPLHQWRQRUPDO\QRLQGLFDXQPDOIXQ
FLRQDPLHQWRGHOVLVWHPDGHOFROFKyQGHDLUH
 0LHPEURGHVRSRUWHGHODGLUHFFLyQ

$FWLYDFLyQGHOVLVWHPDGHOFROFKyQGHDLUH
 &RORTXH HO LQWHUUXSWRU GH HQFHQGLGR HQ OD SRVLFLyQ ³/2&.´ \
VDTXHODOODYH
 &RQHFWHHOFRQHFWRUDPDULOORGHOFRQMXQWRGHERELQDGHFRQ
WDFWRHLQWHUUXSWRUFRPELQDGR\DVHJ~UHVHGHEORTXHDUFRUUHF
WDPHQWHHOFRQHFWRUFRQODSDODQFDGHEORTXHR
D &RQHFWHHOFRQHFWRU
E %ORTXHHHOFRQHFWRUFRQODSDODQFDGHEORTXHR
%6,67(0$'(/&2/&+Ï1'($,5(

 &RQHFWH HO FRQHFWRU  DPDULOOR GHO PyGXOR LQIODGRU GHO FRO

FKyQ GH DLUH GHO SDVDMHUR \ DVHJ~UHVH GH EORTXHDU FRUUHFWD
PHQWHHOFRQHFWRUFRQODSDODQFDGHEORTXHR
D &RQHFWHHOFRQHFWRU
E %ORTXHHHOFRQHFWRUFRQODSDODQFDGHEORTXHR
 ,QVWDOHODJXDQWHUD
 ,QVWDOHHOIXVLEOH³$,5%$*´HQODFDMDGHIXVLEOH³$,5%$*´
 &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21\FRP
SUXHEHTXHODOX]GHDGYHUWHQFLD³$,5%$*´GHVWHOODYHFHV\
HQVHJXLGDVHDSDJD
6LHOUHVXOWDGRGHODFRPSUREDFLyQQRFRUUHVSRQGHFRQORGHV
FULWR HIHFW~H OD ³&20352%$&,Ï1 '(/ 6,67(0$ '( ',$*
1Ï67,&2'(&2/&+Ï1'($,5(´

0DQLSXODFLyQ\DOPDFHQDPLHQWR
0yGXORGH6'0

$'9(57(1&,$
1XQFD SRQJD EDMR WHQVLyQ HO VLVWHPD GHO FROFKyQ GH DLUH
FXDQGRHOPyGXORGH6'0QRHVWiILMDGRUtJLGD\ILUPHPHQWH
DO YHKtFXOR 6L QR SURFHGH FRPR LQGLFDGR SXHGH KDEHU
GDxRVFRUSRUDOHV

35(&$8&,Ï1
'HVSXpVGHTXHHOPyGXORGH6'0KD\DGHWHFWDGRXQDYH]
FRQGLFLRQHV GH FROLVLyQ TXH FDXVDQ HO GHVSOLHJXH GHO FRO
FKyQ GH DLUH HO PyGXOR GH 6'0 GHEH VHU UHHPSOD]DGR
&XDQGR FRPSUXHEH HO PyGXOR GH 6'0 UHILpUDVH D ³&20
352%$&,Ï1 '(/ 6,67(0$ '( ',$*1Ï67,&2 '( &2/
&+Ï1'($,5(´

‡ 1XQFDGHVDUPHQLWUDWHGHUHSDUDUHOPyGXORGH6'0
‡ &XDQGRJXDUGHHO6'0HOLMDXQOXJDUGRQGHQLODWHPSHUDWXUD
QL OD KXPHGDG DOFDQ]DUiQ YDORUHV HOHYDGRV \ GRQGH QR KD\D
DFHLWHDJXD\SROYR
‡ 6LHO6'0KDFDtGRUHHPSOiFHORSRUXQRQXHYR
‡ 6L OD SLH]D GH LQVWDODFLyQ GHO 6'0 HVWi GDxDGD UHSDUH HVD
SDUWHFRPSOHWDPHQWHDQWHVGHODUHLQVWDODFLyQ
‡ 7RGRV ORV HOHPHQWRV GH ILMDFLyQ GHO VRSRUWH GH PRQWDMH \ GHO
PyGXORGH6'0GHEHQVHUDSUHWDGRVFXLGDGRVDPHQWH\ODIOH
FKDGHEHDSXQWDUKDFLDODSDUWHGHODQWHUDGHOYHKtFXORSDUDDVt
DVHJXUDUHOIXQFLRQDPLHQWRFRUUHFWRGHOVLVWHPDGHOFROFKyQGH
DLUH
 6,67(0$'(/&2/&+Ï1'($,5(%

0Ï'8/26,1)/$'25(6$&7,92612'(63/(*$'26

'(&2/&+Ï1'($,5(
(VQHFHVDULRWHQHUHVSHFLDOFXLGDGRFXDQGRVHPDQLSXODQ\JXDUGDQ
PyGXORVLQIODGRUHVDFWLYRVQRGHVSOHJDGRVGHFROFKyQGHDLUH
/DUiSLGDJHQHUDFLyQGHJDVGXUDQWHHOGHVSOLHJXHHLQIODGRGHOFRO
FKyQ GH DLUH SXHGH KDFHU TXH HO PyGXOR LQIODGRU GH FROFKyQ GH
DLUHRXQREMHWRTXHHVWpGHODQWHGHOPyGXORLQIODGRUGHFROFKyQ
GHDLUHVHDQODQ]DGRVHQHODLUHHQHOFDVRSRFRSUREDEOHGHGHV
SOLHJXHDFFLGHQWDO

$'9(57(1&,$
1XQFDWUDWHGHPHGLUODUHVLVWHQFLDGHORVPyGXORVLQIODGR
UHVGHFROFKyQGHDLUHFRQGXFWRU\SDVDMHUR(VWRHVPX\
SHOLJURVR \D TXH OD FRUULHQWH HOpFWULFD GHO SUREDGRU SRGUtD
FDXVDUHOGHVSOLHJXHHLQIODGRGHOFROFKyQGHDLUH

‡ 1XQFD WUDWH GH GHVDUPDU PyGXORV LQIODGRUHV GH FROFKyQ GH

DLUH
‡ 6LKD\DOJXQDFRQGLFLyQGHIHFWXRVDUHHPSODFHSRUXQRQXHYR
FRPRXQFRQMXQWR
‡ &XDQGRVHFRPSUXHEHDOJXQDDQRUPDOLGDGHQXQPyGXORLQIOD
GRUDFWLYRQRGHVSOHJDGRGHFROFKyQGHDLUHDVHJ~UHVHGH
GHVSOHJDUORDQWHVGHGHVHFKDUOR
‡ 6LKD\JUDVDDJHQWHOLPSLDGRUDFHLWHDJXDHWFHQORVPyGX
ORVLQIODGRUHVGHFROFKyQGHDLUHFRQGXFWRU\SDVDMHUROtP
SLHORVLQPHGLDWDPHQWHFRQXQSDxRVHFR\OLPSLR
‡ 6L HO PyGXOR LQIODGRU GHO FROFKyQ GH DLUH FD\y GHVGH XQD
DOWXUDGHFPRPiVGHEHVHUUHHPSOD]DGRSRUXQRQXHYR
FRPRXQVRORFRQMXQWR

$'9(57(1&,$
‡ 3DUDPDQLSXODU\JXDUGDUXQPyGXORLQIODGRUGHFROFKyQ
GH DLUH DFWLYR HOLMD XQ OXJDU GRQGH OD WHPSHUDWXUD
DPELHQWHVHD LQIHULRUD °& GRQGHOD KXPHGDG UHODWLYD
VHD EDMD \ GRQGH TXHGH DOHMDGR GH ORV SDUiVLWRV HOpFWUL
FRV
‡ &XDQGR OOHYH XQ PyGXOR LQIODGRU GH FROFKyQ GH DLUH
DFWLYRDVHJ~UHVHGHTXHODDEHUWXUDGHOFROFKyQGHDLUH
HVWi GLULJLGD KDFLD DGHODQWH KDFLD DIXHUD GH VX FXHUSR
(QFDVRGHOGHVSOLHJXHHLQIODGRDFFLGHQWDOHOFROFKyQVH
LQIODUiFRQHOULHVJRPtQLPRGHGDxRVFRUSRUDOHV1XQFD
OOHYH HO PyGXOR LQIODGRU GH FROFKyQ GH DLUH DFWLYR VXV
SHQGLGRGHORVFDEOHVRGHOFRQHFWRUGHODSDUWHLQIHULRU
GHOPyGXOR
6LQRSURFHGHFRPRLQGLFDGRSXHGHKDEHUGDxRVFRUSRUD
OHV
%6,67(0$'(/&2/&+Ï1'($,5(

$'9(57(1&,$
&XDQGR FRORTXH XQ PyGXOR LQIODGRU GH FROFKyQ GH DLUH
DFWLYRVREUHXQEDQFRRVREUHRWUDVXSHUILFLHVLHPSUHFROR
TXHHOFROFKyQSRVLFLRQDGRKDFLDDUULEDKDFLDHOH[WHULRUGH
ODVXSHUILFLH<DTXHHOPyGXORLQIODGRUDFWLYRGHFROFKyQ
GH DLUH GHO SDVDMHUR GHEH VHU FRORFDGR FRQ HO FROFKyQ
FXELHUWD GH JXDUQLFLyQ SRVLFLRQDGR KDFLD DUULED FROy
1
TXHOR HQ XQD UDQXUD  GHO EDQFR GH WUDEDMR R HPSOHH HO
WRUQLOORGHPHFiQLFRGHEDQFRGHWUDEDMRSDUDVXMHWDUOR
ILUPHPHQWHHQVXVRSRUWHGHPRQWDMHLQIHULRU
7DPELpQ HVWi SURKLELGR FRORFDU FXDOTXLHU FRVD HQ OD SDUWH
VXSHULRU GH OD FXELHUWD GH JXDUQLFLyQ \ DSLODU PyGXORV
LQIODGRUHVGHFROFKyQGHDLUH
(VWRHVQHFHVDULRSDUDTXHTXHGHXQHVSDFLROLEUHGRQGHHO
FROFKyQ SXHGD GHVSOHJDUVH H LQIODUVH HQ HO FDVR GH XQ
HYHQWXDOGHVSOLHJXHDFFLGHQWDO
3 6LQRSURFHGHFRPRLQGLFDGRSXHGHKDEHUGDxRVFRUSRUD
OHV
2

35(7(1625$&7,9212$&7,9$'2'(&,1785Ï1'(

6(*85,'$'

(VQHFHVDULRWHQHUHVSHFLDOFXLGDGRFXDQGRVHPDQLSXODQ\JXDUGDQ
SUHWHQVRUHVDFWLYRVQRDFWLYDGRVGHFLQWXUyQGHVHJXULGDG
$GHPiVFXDQGRORVSUHWHQVRUHVGHFLQWXUyQGHVHJXULGDGVRQDFWL
YDGRVVHJHQHUDJDV\HOFLQWXUyQGHVHJXULGDGHVUHWUDtGRUiSL
GDPHQWHGHQWURGHOFRQMXQWRGHOUHWUDFWRU
3RU FRQVLJXLHQWH WRPH QRWD GH TXH VL VRQ DFWLYDGRV DFFLGHQWDO
PHQWHORVSUHWHQVRUHVGHFLQWXUyQGHVHJXULGDG\RWURVREMHWRVD
VXDOUHGHGRUSXHGHQVHUSUR\HFWDGRVHQHODLUH

$'9(57(1&,$
1XQFD WUDWH GH PHGLU OD UHVLVWHQFLD GH ORV SUHWHQVRUHV GH
FLQWXUyQ GH VHJXULGDG (VWR HV PX\ SHOLJURVR \D TXH OD
FRUULHQWHHOpFWULFDGHOSUREDGRUSRGUtDDFWLYDUHOSUHWHQVRU

‡ 1XQFDWUDWHGHGHVDUPDUXQSUHWHQVRUGHFLQWXUyQGHVHJXULGDG
FRQMXQWRGHOUHWUDFWRU
‡ 6LKD\DOJXQDFRQGLFLyQGHIHFWXRVDUHHPSODFHSRUXQRQXHYR
FRPRXQFRQMXQWR
‡ &XDQGRVHFRPSUXHEDDOJXQDDQRUPDOLGDGHQHOSUHWHQVRUGHO
FLQWXUyQGHVHJXULGDGDFWLYRQRDFWLYDGRDVHJ~UHVHGHDFWL
YDUORHIHFWLYDPHQWHDQWHVGHGHVHFKDUOR
‡ 6LKD\JUDVDDJHQWHOLPSLDGRUDFHLWHDJXDHWFHQORVSUHWHQ
VRUHVGHFLQWXUyQGHVHJXULGDGFRQMXQWRGHUHWUDFWRUOtPSLH
ORVLQPHGLDWDPHQWHFRQXQSDxRVHFR\OLPSLR
‡ 6LHOSUHWHQVRUGHFLQWXUyQGHVHJXULGDGFD\yGHVGHXQDDOWXUD
GHFPRPiVGHEHVHUUHHPSOD]DGRSRUXQRQXHYRFRPR
XQVRORFRQMXQWR
 6,67(0$'(/&2/&+Ï1'($,5(%

$'9(57(1&,$
‡ 3DUDPDQLSXODU\JXDUGDUXQSUHWHQVRUDFWLYRGHFLQWXUyQ
GH VHJXULGDG HOLMD XQ OXJDU GRQGH OD WHPSHUDWXUD
DPELHQWHVHD LQIHULRUD °& GRQGHOD KXPHGDG UHODWLYD
VHDEDMD\GRQGHHVWpDOHMDGRGHORVSDUiVLWRVHOpFWULFRV
‡ 1XQFD OOHYH HO SUHWHQVRU GH FLQWXUyQ GH VHJXULGDG VXV
SHQGLGRGHOFDEOHRGHOFRQHFWRUGHOSUHWHQVRU
‡ &XDQGRFRORTXHXQSUHWHQVRUDFWLYRGHFLQWXUyQGHVHJX
ULGDG HQ HO EDQFR GH WUDEDMR R HQ XQ OXJDU VHPHMDQWH
DVHJ~UHVHGHQRGHMDUSRVLFLRQDGDKDFLDDEDMRVXVXSHU
ILFLHTXHLQFRUSRUDHORULILFLRGHHVFDSH7DPELpQHVWi
WHUPLQDQWHPHQWH SURKLELGR FRORFDU FXDOTXLHU REMHWR
VREUH OD FDUD TXH LQFRUSRUD HO RULILFLR  GH HVFDSH R
DSLODUSUHWHQVRUHVGHFLQWXUyQGHVVHJXULGDGXQRVREUH
RWUR
6LQRSURFHGHFRPRLQGLFDGRSXHGHKDEHUGDxRVFRUSRUD
OHV

0Ï'8/2,1)/$'25'(&2/&+Ï1'($,5('(63/(

*$'2<35(7(1625'(&,1785Ï1'(6(*85,'$'
$&7,9$'2

$'9(57(1&,$
‡ (OPyGXORLQIODGRUGHFROFKyQGHDLUH\HOSUHWHQVRUGH
FLQWXUyQ GH VHJXULGDG HVWiQ PX\ FDOLHQWHV LQPHGLDWD
PHQWH GHVSXpV GH TXH VH KDQ GHVSOHJDGRDFWLYDGR
(VSHUHTXHVHHQIUtHQSRUORPHQRVPHGLDKRUDDQWHVGH
FRPHQ]DUDWUDEDMDU
‡ 1RDSOLTXHDJXDDFHLWHHWFDOPyGXORLQIODGRUGHFRO
FKyQ GH DLUH GHVSOHJDGR \ SUHWHQVRU GH FLQWXUyQ GH
VHJXULGDGDFWLYDGR
‡ 'HVSXpVGHTXHXQPyGXORLQIODGRUGHFROFKyQGHDLUH
VHKDGHVSOHJDGRODVXSHUILFLHGHOFROFKyQGHDLUHSXHGH
WHQHU XQ UHVLGXR SROYRULHQWR (VWRV UHVLGXRV GH SROYR
HVWiQ FRQVWLWXLGRV SULQFLSDOPHQWH SRU DOPLGyQ GH PDt]
HPSOHDGR SDUD OXEULFDU OD EROVD FXDQGR VH LQIOD \ SRU
VXESURGXFWRV GH UHDFFLyQ TXtPLFD &RPR HV QRUPDO HQ
PXFKRVSURFHGLPLHQWRVGHPDQWHQLPLHQWRHVQHFHVDULR
OOHYDUJXDQWHV\JDIDVSURWHFWRUDV
‡ /DYH VXV PDQRV FRQ MDEyQ VXDYH \ DJXD GHVSXpV GH
FRPSOHWDUHOWUDEDMR

3DUDHOGHVHFKRUHILpUDVHDOSURFHGLPLHQWRGHVFULWRHQ³'(6(&+2
'(0Ï'8/2,1)/$'25'(63/(*$'2'(&2/&+Ï1'($,5(
< 35(7(1625 $&7,9$'2 '( &,1785Ï1 '( 6(*85,'$'´ HQ
HVWDVHFFLyQ
%6,67(0$'(/&2/&+Ï1'($,5(

0$=2'(&$%/(6<&21(&725(6'(&2/&+Ï1'($,5(

(OPD]RGHFDEOHVGHFROFKyQGHDLUHSXHGHVHULGHQWLILFDGRIiFLO
PHQWHSRUTXHHVWiFXELHUWRSRUXQWXERSURWHFWRUGHFRORUDPDULOOR
1
7HQJDPXFKRFXLGDGRFXDQGRORPDQLSXOH
‡ &XDQGRVHGHWHFWDXQFLUFXLWRDELHUWRHQHOPD]RGHFDEOHV
GHFROFKyQGHDLUHRVLHOPD]RGHFDEOHVFRQHFWRURWHUPLQDO
HVWi GDxDGR UHHPSODFH HO PD]R GH FDEOHV ORV FRQHFWRUHV \
15
WHUPLQDOHVFRPRXQVRORFRQMXQWR
‡ &XDQGRORLQVWDOHDVHJ~UHVHELHQGHTXHHOPD]RGHFDEOHV
QRTXHGDLQWHUIHULGRRDSUHWDGRSRUFXDOTXLHURWUDSLH]D
‡ $VHJ~UHVH ELHQ GH TXH WRGRV ORV SXQWRV  GH FRQH[LyQ D
PDVD GHO VLVWHPD GHO FROFKyQ GH DLUH HVWiQ OLPSLRV \ ILMDGRV
ILUPH \ FRUUHFWDPHQWH SDUD JDUDQWL]DU HO ySWLPR FRQWDFWR GH
2
PHWDOFRQPHWDO/DPDODFRQH[LyQDPDVDSXHGHFDXVDUSUR
EOHPDVLQWHUPLWHQWHVTXHVRQGLItFLOHVGHGLDJQRVWLFDU

'(6(&+2
1XQFD GHVHFKH PyGXORV LQIODGRUHV DFWLYRV QR GHVSOHJDGRV GH
FROFKyQGHDLUHQLSUHWHQVRUHVDFWLYRVQRDFWLYDGRVGHFLQWXUyQGH
VHJXULGDG &XDQGR VHD QHFHVDULR GHVHFKDUORV DVHJ~UHVH ELHQ GH
GHVSOHJDUHOFROFKyQGHDLUH\DFWLYDUHOSUHWHQVRUGHDFXHUGRFRQHO
SURFHGLPLHQWRGHGHVSOLHJXHDFWLYDFLyQGHVFULWRHQ³'(6(&+2'(
0Ï'8/2 ,1)/$'25 '( &2/&+Ï1 '( $,5( < '( 35(7(1
625'(&,1785Ï1'(6(*85,'$'´

$'9(57(1&,$
6LQRVHDSOLFDQHVWULFWDPHQWHORVSURFHGLPLHQWRVFRUUHFWRV
GH GHVHFKR GH PyGXOR LQIODGRU GH FROFKyQ GH DLUH \ GH
SUHWHQVRU GH FLQWXUyQ GH VHJXULGDG HO FROFKyQ GH DLUH
SXHGHGHVSOHJDUVH\HOSUHWHQVRUDFWLYDUVHFDXVDQGRGDxRV
FRUSRUDOHV(OPyGXORLQIODGRUGHFROFKyQGHDLUHTXHQR
VHKDGHVSOHJDGR\HOSUHWHQVRUGHFLQWXUyQGHVHJXULGDG
DFWLYRQRSXHGHQVHUGHVHFKDGRVSRUORVFDQDOHVQRUPDOHV
GHGHVHFKR
(OPyGXORLQIODGRUGHFROFKyQGHDLUHTXHQRVHKDGHVSOH
JDGR\HOSUHWHQVRUGHFLQWXUyQGHVHJXULGDGDFWLYRFRQWLH
QHQ VXVWDQFLDV TXH SXHGHQ FDXVDU HQIHUPHGDGHV R GDxRV
FRUSRUDOHV JUDYHV VL HO FRQWHQHGRU VHOODGR TXH FRQWLHQH
GLFKDVVXVWDQFLDVHVGDxDGRGXUDQWHHOGHVHFKR
 6,67(0$'(/&2/&+Ï1'($,5(%

,QVSHFFLRQHV\UHSDUDFLRQHVUHTXHULGDVGHVSXpVGHXQDFFLGHQWH

35(&$8&,Ï1
‡ 'HVSXpVGHXQDFFLGHQWHHVREOLJDWRULRLQVSHFFLRQDUWRGRVORVFRPSRQHQWHVGHOVLVWHPDGHOFROFKyQ
GHDLUHLQFOX\HQGRHOPD]RGHFDEOHVSXQWRVGHFRQH[LyQGHORVFRPSRQHQWHV6LFXDOTXLHUDGHORV
FRPSRQHQWHVHVWiGDxDGRRGREODGRGHEHVHUUHHPSOD]DGRDXQTXHQRKD\DKDELGRDFWLYDFLyQGHOVLV
WHPDGHOFROFKyQGHDLUH
‡ 1XQFDXWLOLFHSLH]DVGHVLVWHPDGHOFROFKyQGHDLUHTXHSURFHGDQGHRWURYHKtFXOR
‡ 1RWUDWHGHVHUYLUODSLH]DVLQGLFDGDVDFRQWLQXDFLyQ(OVHUYLFLRGHHVWDVSLH]DVHVVRODPHQWHHOUHHP
SOD]RGHODVSLH]DV
± 0yGXORVLQIODGRUHVGHFROFKyQGHDLUHGHOFRQGXFWRU\SDVDMHURSUHWHQVRUHVGHFLQWXURQHVGHVHJX
ULGDGGHOFRQGXFWRU\SDVDMHUR
± 6HQVRUHVGHODQWHURV
± 0yGXORGH6'0
± &RQMXQWRGHLQWHUUXSWRUFRPELQDGR\GHERELQDGHFRQWDFWR
± 0D]RGHFDEOHVGHOFROFKyQGHDLUH
‡ 3DUDTXHORVVHQVRUHV\HOVLVWHPDGHOFROFKyQGHDLUHIXQFLRQHQFRUUHFWDPHQWHHVLQGLVSHQVDEOHTXH
GHVSXpVGHFXDOTXLHUUHSDUDFLyQGHODHVWUXFWXUDGHOYHKtFXORODHVWUXFWXUDYXHOYDDTXHGDUHQVXFRQIL
JXUDFLyQRULJLQDOGHSURGXFFLyQ

35(&$8&,Ï1
'HVSXpVGHTXHHOPyGXORGH6'0KD\DGHWHFWDGRXQDYH]FRQGLFLRQHVGHFROLVLyQTXHFDXVDQHOGHV
SOLHJXHGHOFROFKyQGHDLUHHOPyGXORGH6'0GHEHVHUUHHPSOD]DGR
&XDQGRFRPSUXHEHHOPyGXORGH6'0UHILpUDVHD³&20352%$&,Ï1'(/6,67(0$'(',$*1Ï67,&2'(
&2/&+Ï1'($,5(´

$FFLGHQWHFRQGHVSOLHJXHDFWLYDFLyQ±UHHPSOD]RGHFRPSRQHQWH
$OJXQRVFRPSRQHQWHVGHOVLVWHPDGHOFROFKyQGHDLUHGHEHQVHUUHHPSOD]DGRV(VWRVFRPSRQHQWHVVRQORVVLJXLHQ
WHV
‡ 0yGXORVLQIODGRUHVGHFROFKyQGHDLUHGHOFRQGXFWRU\GHOSDVDMHUR
± 5HHPSODFHSRUXQPyGXORQXHYR
‡ 3UHWHQVRUHVGHOFLQWXUyQGHVHJXULGDGGHOFRQGXFWRU\GHOSDVDMHUR
± 5HHPSODFHSRUXQRQXHYR
‡ (OPyGXORGH6'0GHVSXpVGHODGHWHFFLyQGHXQDFROLVLyQTXHFDXVyHOGHVSOLHJXH
± 5HHPSODFHSRUXQRQXHYR
‡ 6HQVRUHVGHODQWHURV
± 5HHPSODFHSRUXQRQXHYR
%6,67(0$'(/&2/&+Ï1'($,5(

$FFLGHQWHFRQRVLQGHVSOLHJXHDFWLYDFLyQ±LQVSHFFLyQGHFRPSRQHQWHV
'HVSXpVGHFXDOTXLHUFROLVLyQVHKD\DRQRDFWLYDGRHOVLVWHPDGHOFROFKyQGHDLUHHVREOLJDWRULRLQVSHFFLRQDUDOJX
QRVFRPSRQHQWHVGHOVLVWHPDGHFROFKyQGHDLUH\GHVXMHFLyQ
(VWRVFRPSRQHQWHVVRQORVVLJXLHQWHV
‡ &ROXPQDGHODGLUHFFLyQ\XQLRQHVXQLYHUVDOHVGHHMH
± &RPSUXHEHODORQJLWXGGDxRV\GREODPLHQWRGHDFXHUGRFRQ
OD³&20352%$&,Ï1'(/$&2/801$'(/$',5(&&,Ï1
(1&$62'($&&,'(17(´HQODVHFFLyQ&
‡ &iSVXODV\VRSRUWHGHODFROXPQDGHODGLUHFFLyQ
± &RPSUXHEHVLKD\GREODGXUDV\GDxRV
‡ 6LHQODVFRPSUREDFLRQHVSUHFHGHQWHVVHHQFXHQWUDFXDOTXLHU
FRQGLFLyQGHIHFWXRVDUHHPSODFHODSLH]DGHIHFWXRVD

‡ 9RODQWHGHGLUHFFLyQ\PyGXORLQIODGRUGHOFROFKyQGHDLUHGHO

FRQGXFWRU
± &RPSUXHEH VL HO PyGXOR LQIODGRU GH FROFKyQ GH DLUH HVWi
GDxDGR\VLHVWiILMDGRILUPH\FRUUHFWDPHQWH
± &RPSUXHEHVLKD\JULHWDVHQODFXELHUWDGHDGRUQRVXSHUILFLH
GHODDOPRKDGLOOD
± &RPSUXHEHVLHOFRQHFWRU\PD]RGHFDEOHVHVWiQGDxDGRV\
VLHVWiQILMDGRVILUPH\FRUUHFWDPHQWH
‡ 6LHQODVFRPSUREDFLRQHVSUHFHGHQWHVVHHQFXHQWUDFXDOTXLHU
FRQGLFLyQGHIHFWXRVDUHHPSODFHODSLH]DGHIHFWXRVD

‡ &RQMXQWRGHLQWHUUXSWRUFRPELQDGR\GHERELQDGHFRQWDFWR
± &RPSUXHEHVLHOPD]RGHFDEOHV\FRQHFWRUHVHVWiQGDxDGRV
\VLHVWiQILMDGRVILUPH\FRUUHFWDPHQWH
± &RPSUXHEHVLKD\GDxRVHQODFDMDGHODERELQDGHFRQWDFWR
‡ 6LHQODVFRPSUREDFLRQHVSUHFHGHQWHVVHHQFXHQWUDFXDOTXLHU
FRQGLFLyQGHIHFWXRVDUHHPSODFH
 6,67(0$'(/&2/&+Ï1'($,5(%

‡ 0LHPEUR GHO WDEOHUR GH LQVWUXPHQWRV UHIXHU]R \ SDQHO  \

VRSRUWHDFRGDGRODGRGHOSDVDMHUR
± &RPSUXHEHVLKD\DOJXQDGHIRUPDFLyQGREODPLHQWRJULHWDVR
FXDOTXLHURWURGDxR
‡ 6LHQODVFRPSUREDFLRQHVSUHFHGHQWHVVHHQFXHQWUDFXDOTXLHU
FRQGLFLyQGHIHFWXRVDUHHPSODFH

‡ 0yGXORLQIODGRUGHOFROFKyQGHDLUHGHOSDVDMHUR

± 9HULILTXH VL KD\ DEROODGXUDV JULHWDV GDxRV \ VL HVWi ILMDGR
ILUPH\FRUUHFWDPHQWH
± 9HULILTXHVLODFXELHUWDGHDGRUQRWLHQHJULHWDVRGHIRUPDFLR
QHV
± &RPSUXHEHVLHOFRQHFWRU\PD]RGHFDEOHVHVWiQGDxDGRV\
VLHVWiQILMDGRVILUPH\FRUUHFWDPHQWH
‡ 6LHQODVFRPSUREDFLRQHVSUHFHGHQWHVVHHQFXHQWUDFXDOTXLHU
FRQGLFLyQGHIHFWXRVDUHHPSODFH

‡ 0yGXORGH6'0
± &RPSUXHEH VL KD\ GDxRV H[WHULRUHV FRPR GHIRUPDFLRQHV
UD\DVJULHWDVSLQWXUDSHODGDHWF
± &RPSUXHEH VL HO PyGXOR GH 6'0 QR SXHGH VHU LQVWDODGR D
FDXVDGHpOPLVPR+D\VHSDUDFLyQHQWUHHOPyGXORGH6'0
\ODSODFDGHOPyGXORGH6'0RQRSXHGHVHUILMDGRILUPH\
VHJXUDPHQWH
± &RPSUXHEHVLHOFRQHFWRURHOFDEOHFRQGXFWRUGHOPyGXORGH
6'0HVWiTXHPDGRIXQGLGRRGDxDGR
± &RPSUXHEHODILUPH]DGHODILMDFLyQGHORVWHUPLQDOHV\FRQHF
WRUHVGHOPyGXORGH6'0
± &RPSUXHEHVLHOPyGXORGH6'0ILMDXQFyGLJRGHGLDJQyVWLFR
5HILpUDVH D ³&20352%$&,Ï1 '( '7&´ \ VL OD WDEOD GH
GLDJQyVWLFR LQGLFD XQ IXQFLRQDPLHQWR GHIHFWXRVR GHO PyGXOR
GH6'0
6LHQODVFRPSUREDFLRQHVSUHFHGHQWHVVHHQFXHQWUDFXDOTXLHUFRQ
GLFLyQGHIHFWXRVDUHHPSODFH

‡ 0D]RGHFDEOHV\FRQH[LRQHVGHOFROFKyQGHDLUH
± 9HULILTXHVLKD\GDxRVGHIRUPDFLRQHVRFRQH[LRQHVPDODV
5HILpUDVH D ³0$/ )81&,21$0,(172 ,17(50,7(17( <
&21(;,Ï10$/$´
± 9HULILTXHVLODVDEUD]DGHUDVGHPD]RGHFDEOHVHVWiQDSUHWD
15

GDVILUPH\FRUUHFWDPHQWH
6LVHHQFXHQWUDFXDOTXLHUFRQGLFLyQGHIHFWXRVDFRUULMDRUHHPSODFH
%6,67(0$'(/&2/&+Ï1'($,5(

3 ‡ 6HQVRUGHODQWHUR
2 ± &RPSUXHEHVLHOVHQVRUVRSRUWHGHOVHQVRU\SDQHO
4 GHODQWHURHVWiQGDxDGRVGREODGRVXR[LGDGRV
± &RPSUXHEHVLHOFRQHFWRURHOFDEOHFRQGXFWRUGHOVHQ
VRUGHODQWHURHVWiTXHPDGRIXQGLGRRGDxDGR
5
6LHQODVFRPSUREDFLRQHVSUHFHGHQWHVVHHQFXHQWUDFXDOTXLHUFRQ
GLFLyQGHIHFWXRVDUHHPSODFH

‡ 3UHWHQVRUGHFLQWXUyQGHVHJXULGDG
± 9HULILTXH VL KD\ DEROODGXUDV JULHWDV GDxRV \ VL HVWi ILMDGR
ILUPH\FRUUHFWDPHQWH
± &RPSUXHEHVLHOFRQHFWRU\PD]RGHFDEOHVHVWiQGDxDGRV\
VLHVWiQILMDGRVILUPH\FRUUHFWDPHQWH
6LHQODVFRPSUREDFLRQHVSUHFHGHQWHVVHHQFXHQWUDFXDOTXLHUFRQ
GLFLyQGHIHFWXRVDUHHPSODFH

‡ &LQWXURQHVGHVHJXULGDG\SXQWRVGHILMDFLyQ
± 5HILpUDVH D ³&,1785Ï1 '( 6(*85,'$' '(/$17(52
&2135(7(1625´HQOD6(&&,Ï1$
‡ /X]GHDGYHUWHQFLD³$,5%$*´
± 'HVSXpV GH KDEHU FRPSOHWDGR OD UHSDUDFLyQ GHO YHKtFXOR
HIHFW~HOD³&20352%$&,Ï1'(/6,67(0$'(',$*1Ï6
7,&2'(&2/&+Ï1'($,5(´
 6,67(0$'(/&2/&+Ï1'($,5(%

0yGXORGH6'0

$'9(57(1&,$
'XUDQWH OD HMHFXFLyQ GH ORV SURFHGLPLHQWRV GH VHUYLFLR
WHQJD HVSHFLDO FXLGDGR FXDQGR PDQLSXOH HO PyGXOR GH
GHWHFFLyQ\GHGLDJQyVWLFR6'0
$QWHVGHFRPHQ]DUDWUDEDMDUDVHJ~UHVHGHOHHUFXLGDGRVD
PHQWHODV³3UHFDXFLRQHVSDUDHOVHUYLFLR´HQHVWDVHFFLyQ
\GXUDQWHHOWUDEDMRWRPHWRGDVODVSUHFDXFLRQHVLQGLFDGDV
(OLQFXPSOLPLHQWRGHODVLQVWUXFFLRQHVGDGDVSXHGHFDXVDU
GDxRV FRUSRUDOHV R KDFHU TXH HO VLVWHPD GHO FROFKyQ GH
DLUHQRVHDFWLYHRSRUWXQDPHQWHFXDQGRVHDQHFHVDULR
'(60217$-(
 'HVFRQHFWHHOFDEOHQHJDWLYR±HQODEDWHUtD
 'HVDFWLYHHOVLVWHPDGHOFROFKyQGHDLUH5HILpUDVHD³'(6$&
7,9$&,Ï1'(/6,67(0$'(/&2/&+Ï1'($,5(´HQHVWD
VHFFLyQ
 6DTXH ORV WRUQLOORV \ FOLSV \ GHVPRQWH OD FDMD  GH FRQVROD
FHQWUDOGHODQWHUD\WUDVHUD
 'HVPRQWHHOSDQHOFHQWUDOGHDGRUQR
 'HVPRQWHHOFHQLFHURHOFRQMXQWRGHOVLQWRQL]DGRUHOFRQ
MXQWRGHUHORMHOEROVLOORGHOVLQWRQL]DGRUODFXELHUWDGHO
RULILFLRSDUDUDGLRHWF

HACIA
 'HVFRQHFWHHOFRQHFWRUGHPyGXOR6'0GHO6'0
ADELANTE  'HVPRQWHHOPyGXORGH6'0GHOYHKtFXOR
2

1
%6,67(0$'(/&2/&+Ï1'($,5(

&20352%$&,Ï1

35(&$8&,Ï1
‡ 1RFRQHFWHQLQJ~QWLSRGHSUREDGRU
‡ 1XQFDGHVDUPHQLWUDWHGHUHSDUDUHOPyGXORGH6'0
‡ 6LHO6'0KDFDtGRUHHPSOiFHORSRUXQRQXHYR
‡ 9HULILTXHVLHQHOPyGXORGH6'0\ODSODFDGH6'0KD\DEROOD
GXUDVJULHWDVRGHIRUPDFLyQ
‡ &RPSUXHEHVLHOFRQHFWRUGHO6'0RHOPHFDQLVPRGHEORTXHR
HVWiGDxDGRDJULHWDGR
‡ &RPSUXHEHVLHOWHUPLQDOGHO6'0HVWiGREODGRFRUURtGRXR[L
GDGR
6LHQODVFRPSUREDFLRQHVSUHFHGHQWHVVHHQFXHQWUDFXDOTXLHUFRQ
GLFLyQGHIHFWXRVDUHHPSODFH
,167$/$&,Ï1
 &RPSUXHEH TXH QR KD\ SUHVHQWH QLQJXQD GH ODV FRQGLFLRQHV
GHIHFWXRVDVVLJXLHQWHV
‡ 3OLHJXHV UD\DV GHIRUPDFLRQHV HQ OD FDUURFHUtD GHO YHKtFXOR
GRQGHVHUiPRQWDGRHO6'0
‡ 0DWHULDVH[WUDxDVRKHUUXPEUHHQODVXSHUILFLHGHFRQWDFWRGH
ODFDUURFHUtDGHOYHKtFXORGRQGHVHUiPRQWDGRHO6'0
 ,QVWDOHHOPyGXORGH6'0HQHOYHKtFXOR
HACIA ADELANTE
35(&$8&,Ï1
(a)
$VHJ~UHVH GH TXH OD SXQWD GH OD IOHFKD HQ HO PyGXOR GH
6'0HVWiSRVLFLRQDGDKDFLDODSDUWHGHODQWHUDGHOYHKtFXOR
2
 $SULHWHORVSHUQRVGHOPyGXORGH6'0DOSDUGHDSULHWHHVSH
FLILFDGR
3DUGHDSULHWH
3HUQRGH6'0D1ÂPNJP

 &RQHFWHHOFRQHFWRUGHO6'0DO6'0GHPDQHUDILUPH

\VHJXUD

 ,QVWDOH HO FRQMXQWR GHO VLQWRQL]DGRU HO FRQMXQWR  GH UHORM HO

EROVLOORGHOVLQWRQL]DGRUODFXELHUWDGHORULILFLRSDUDUDGLRHO
FHQLFHURHWF
 ,QVWDOHHOSDQHOFHQWUDOGHDGRUQR
 ,QVWDOHODFDMDGHFRQVRODFHQWUDOWUDVHUD\GHODQWHUD
 &RQHFWHHOFDEOHQHJDWLYRDODEDWHUtD
 $FWLYH HO VLVWHPD GHO FROFKyQ GH DLUH 5HILpUDVH D ³$&7,9$
&,Ï1'(/6,67(0$'(/&2/&+Ï1'($,5(´HQHVWDVHF
FLyQ
 6,67(0$'(/&2/&+Ï1'($,5(%

6HQVRUGHODQWHUR

$'9(57(1&,$
'XUDQWH OD HMHFXFLyQ GH ORV SURFHGLPLHQWRV GH VHUYLFLR
WHQJDHVSHFLDOFXLGDGRFXDQGRPDQLSXOHXQVHQVRU
‡ 1XQFDJROSHHQLVDFXGDXQVHQVRU
‡ (Q DOJXQDV FLUFXQVWDQFLDV HVWR SXHGH FDXVDU HO IXQFLR
QDPLHQWRLQFRUUHFWRGHOVLVWHPDGHOFROFKyQGHDLUH3DUD
DVHJXUDUODFRUUHFFLyQGHOIXQFLRQDPLHQWRORVSHUQRVGHO
VHQVRU\GHOVRSRUWHGHPRQWDMHGHEHQVHUDSUHWDGRVFXL
GDGRVDPHQWH
'(60217$-(
 'HVFRQHFWHHOFDEOHQHJDWLYRHQODEDWHUtD
 'HVDFWLYHHOVLVWHPDGHOFROFKyQGHDLUH5HILpUDVHD³'(6$&
7,9$&,Ï1'(/6,67(0$'(/&2/&+Ï1'($,5(´HQHVWD
VHFFLyQ
 'HVPRQWHODFDODQGUDGHODQWHUD5HILpUDVHD³3$5$&+248(6
'(/$17(52´HQODVHFFLyQ
 'HVFRQHFWHHOH[WHULRUGHOFRQHFWRUGHVOL]DQGRHOFRQHFWRU
GHOVHQVRUGHODQWHURHQODIRUPDPRVWUDGDHQODILJXUD

1
 'HVPRQWHORVSHUQRVGHOVHQVRUGHODQWHUR\HOVHQVRU
GHODQWHURGHOSDQHOGHODQWHUR

2
%6,67(0$'(/&2/&+Ï1'($,5(

&20352%$&,Ï1

35(&$8&,Ï1
‡ 1XQFDGHVDUPHHOVHQVRUGHODQWHUR
‡ 6LHOVHQVRUFD\yGHVGHXQDDOWXUDGHFPRPiVGHEH
VHUUHHPSOD]DGR

‡ 9HULILTXHVLHQHOVHQVRU\HQHOVRSRUWHKD\DEROODGXUDV

2
JULHWDVGHIRUPDFLyQRKHUUXPEUH
‡ &RPSUXHEHVLHOFRQHFWRUGHOVHQVRUODGRGHOVHQVRU\ODGRGHO
PD]R GH FDEOHV R HO PHFDQLVPR GH EORTXHR HVWi GDxDGR R
DJULHWDGR
‡ &RPSUXHEH VL ORV WHUPLQDOHV GHO FRQHFWRU HVWiQ GREODGRV
FRUURtGRVXR[LGDGRV
‡ &RPSUXHEHODUHVLVWHQFLDGHOVHQVRU
1
5HVLVWHQFLDGHOVHQVRU±Ω

,167$/$&,Ï1

35(&$8&,Ï1
(O IXQFLRQDPLHQWR FRUUHFWR GHO VHQVRU GHODQWHUR UHTXLHUH
TXH HO VHQVRU HVWp ILMDGR UtJLGDPHQWH D OD FDUURFHUtD GHO
YHKtFXOR\TXHODSXQWDGHODIOHFKDGHOVRSRUWHGHOVHQVRU
HVWpSRVLFLRQDGDKDFLDODSDUWHGHODQWHUDGHOYHKtFXOR
 &RPSUXHEH TXH QR KD\ SUHVHQWH QLQJXQD GH ODV FRQGLFLRQHV
GHIHFWXRVDVVLJXLHQWHV
‡ 3OLHJXHVRGHIRUPDFLRQHVHQHOVRSRUWHGHOVHQVRU\HQHO
SDQHOGHODQWHUR
1
‡ 0DWHULDV H[WUDxDV DGKHULGDV D OD VXSHUILFLH GH FRQWDFWR GHO
VHQVRUFRQHOVRSRUWHGHOVHQVRURR[LGDFLyQH[FHVLYD

3
 $SOLTXHSURGXFWREORTXHDGRUDODURVFDGHORVSHUQRVGHPRQ
WDMH,QVWDOHHOVHQVRUGHODQWHURHQHOSDQHOGHODQWHUR\
DSULHWHORVSHUQRVGHPRQWDMHDOSDUGHDSULHWHHVSHFLILFDGR
2
³$´$JHQWHGHEORTXHRGHURVFDGR³%´
3DUGHDSULHWH
D1ÂPNJP

1
 6,67(0$'(/&2/&+Ï1'($,5(%

 &RQHFWHHOFRQHFWRUGHOVHQVRUGHODQWHURHPSXMDQGRHOLQWHULRU
GHOFRQHFWRUHQODIRUPDPRVWUDGDHQODILJXUD
1

 &RQHFWHHOFDEOHQHJDWLYRDODEDWHUtD
 $FWLYH HO VLVWHPD GHO FROFKyQ GH DLUH 5HILpUDVH D ³$&7,9$
&,Ï1'(/6,67(0$'(/&2/&+Ï1'($,5(´HQHVWDVHF
FLyQ

3UHWHQVRUGHFLQWXUyQGHVHJXULGDG
3DUD HO GHVPRQWDMH LQVSHFFLyQ H LQVWDODFLyQ UHILpUDVH D ³&,178
5Ï1'(6(*85,'$''(/$17(52´HQODVHFFLyQ$
%6,67(0$'(/&2/&+Ï1'($,5(

'HVHFKRGHPyGXORLQIODGRUGHFROFKyQGHDLUH\GHSUHWHQVRUGH

FLQWXUyQGHVHJXULGDG
$'9(57(1&,$
6LQRVHDSOLFDQHVWULFWDPHQWHORVSURFHGLPLHQWRVFRUUHFWRVGHGHVHFKRGHPyGXORLQIODGRUGHFROFKyQ
GHDLUH\GHSUHWHQVRUGHFLQWXUyQGHVHJXULGDGHOFROFKyQGHDLUHSXHGHGHVSOHJDUVH\HOSUHWHQVRUDFWL
YDUVHFDXVDQGRGDxRVFRUSRUDOHV
(OPyGXORLQIODGRUGHFROFKyQGHDLUHTXHQRVHKDGHVSOHJDGR\HOSUHWHQVRUGHFLQWXUyQGHVHJXULGDG
DFWLYRQRSXHGHQVHUGHVHFKDGRVSRUORVFDQDOHVQRUPDOHVGHGHVHFKR
(OPyGXORLQIODGRUGHFROFKyQGHDLUHTXHQRVHKDGHVSOHJDGR\HOSUHWHQVRUGHFLQWXUyQGHVHJXULGDG
DFWLYRFRQWLHQHQVXVWDQFLDVTXHSXHGHQFDXVDUHQIHUPHGDGHVRGDxRVFRUSRUDOHVJUDYHVVLHOFRQWHQHGRU
VHOODGRTXHFRQWLHQHGLFKDVVXVWDQFLDVHVGDxDGRGXUDQWHHOGHVHFKR

1XQFDGHVHFKHPyGXORVLQIODGRUHVDFWLYRVQRGHVSOHJDGRVQLSUHWHQVRUHVDFWLYRVQRDFWLYDGRVGHFLQWXUyQGH

VHJXULGDG
(OPpWRGRXWLOL]DGRGHSHQGHGHOGHVWLQRILQDOGHOYHKtFXORFRQFHUQLGRFRPRVHLQGLFDHQ³'(63/,(*8($&7,9$
&,Ï1)8(5$'(/9(+Ë&8/2´\³'(63/,(*8($&7,9$&,Ï1'(1752'(/9(+Ë&8/2´
'HVSOLHJXHDFWLYDFLyQIXHUDGHOYHKtFXOR
$SOLTXHHVWHSURFHGLPLHQWRFXDQGRVHWUDWDGHGHVHFKDUVRODPHQWHHOORVPyGXORV>LQIODGRUHV@GHFROFKRQHVGH
DLUH \ HO ORV SUHWHQVRUHV GH FLQWXUyQHV GH VHJXULGDG HV GHFLU HO YHKtFXOR SURSLDPHQWH WDO VHUi XWLOL]DGR RWUD
YH]
'HVSOLHJXHDFWLYDFLyQGHQWURGHOYHKtFXOR
$SOLTXHHVWHSURFHGLPLHQWRFXDQGRVHWUDWDGHGHVHFKDUWRGRHOYHKtFXORLQFOX\HQGRORVPyGXORVLQIODGRUHVGHFRO
FKRQHVGHDLUH\SUHWHQVRUHVGHFLQWXURQHVGHVHJXULGDG

$'9(57(1&,$
(Q HVWH WUDEDMR KD\ TXH WRPDU ODV SUHFDXFLRQHV VLJXLHQWHV 6L QR VH VLJXHQ HVWDV LQVWUXFFLRQHV SXHGH
KDEHUGDxRVFRUSRUDOHV
‡ (OSURFHGLPLHQWRGHEHVHUDSOLFDGRHVWULFWDPHQWHFRPRVHGHVFULEHDFRQWLQXDFLyQ
‡ $VHJ~UHVHGHOHHUDQWHVODV³35(&$8&,21(63$5$(/6(59,&,2´
‡ 3DUDHYLWDUHOGHVSOLHJXHDFFLGHQWDOHVWHWUDEDMRGHEHVHUHIHFWXDGRSRUXQDVRODSHUVRQD
‡ <DTXHVHSURGXFHKXPRFXDQGRHOFROFKyQGHDLUHVHGHVSOLHJD\HOSUHWHQVRUGHFLQWXUyQGHVHJXULGDG
HVDFWLYDGRVHOHFFLRQHXQiUHDELHQYHQWLODGD
‡ (OPyGXORLQIODGRUGHFROFKyQGHDLUH\HOSUHWHQVRUGHFLQWXUyQGHVHJXULGDGVHGHVSOHJDUiDFWLYDUi
LQPHGLDWDPHQWHFXDQGRVHDQFRQHFWDGRVDXQDIXHQWHGHDOLPHQWDFLyQHOpFWULFD/OHYHJDIDVSURWHFWR
UDVGHVHJXULGDGGXUDQWHWRGRHVWHSURFHGLPLHQWRGHGHVSOLHJXHDFWLYDFLyQ\GHVHFKR
‡ /OHYHSURWHFWRUHVGHRtGRVFXDQGRGHVSOLHJXHXQPyGXORLQIODGRUGHFROFKyQGHDLUH\DFWLYHXQSUH
WHQVRUGHFLQWXUyQGHVHJXULGDG$GHPiVDFRQVHMHDODVSHUVRQDVTXHHVWDUiQHQORVDOUHGHGRUHVLQPH
GLDWRVDOOXJDUGHGHVSOLHJXHDFWLYDFLyQTXHWDPELpQOOHYHQSURWHFWRUHVSDUDORVRtGRV
‡ 1XQFD GHVSOLHJXHDFWLYH D OD YH] GRV R PiV FRPSRQHQWHV GH VLVWHPD GH FROFKyQ GH DLUH >PyGXORV
LQIODGRUHVGHFROFKyQGHDLUH\SUHWHQVRUHVGHFLQWXUyQGHVHJXULGDG@
‡ 1XQFD FRQHFWH HO PD]R GH FDEOHV GH GHVSOLHJXH D QLQJXQD IXHQWH GH DOLPHQWDFLyQ HOpFWULFD DQWHV GH
FRQHFWDUHOPD]RGHFDEOHVGHGHVSOLHJXHDOPyGXORLQIODGRUGHFROFKyQGHDLUH\SUHWHQVRUGHFLQWX
UyQGHVHJXULGDG(OPD]RGHFDEOHVGHGHVSOLHJXHSHUPDQHFHUiFRUWRFLUFXLWDGR\QRGHEHUiVHUFRQHF
WDGR D XQD IXHQWH GH DOLPHQWDFLyQ HOpFWULFD DQWHV GH TXH HO FROFKyQ GH DLUH HVWp OLVWR SDUD VHU
GHVSOHJDGR\HOSUHWHQVRUGHFLQWXUyQGHVHJXULGDGHVWpOLVWRSDUDVHUDFWLYDGR
 6,67(0$'(/&2/&+Ï1'($,5(%

'HVSOLHJXHDFWLYDFLyQIXHUDGHOYHKtFXOR
$SOLTXHHVWHSURFHGLPLHQWRFXDQGRHOYHKtFXORSURSLDPHQWHWDOVHUi
XWLOL]DGRRWUDYH]>VHGHVHFKDUiQVRODPHQWHHOORVPyGXORV>LQIOD
GRUHV@GHFROFKRQHVGHDLUH\HOORVSUHWHQVRUHVGHFLQWXUyQHV
GHVHJXULGDG@
 &RORTXH HO LQWHUUXSWRU GH HQFHQGLGR HQ OD SRVLFLyQ ³/2&.´
VDTXHODOODYH\SyQJDVHVXVJDIDVGHVHJXULGDG
 &RPSUXHEHTXHQRKD\FLUFXLWRDELHUWRFRUWRFLUFXLWRRGDxRHQ
ODKHUUDPLHQWDHVSHFLDOPD]RGHFDEOHVGHGHVSOLHJXH6LVH
HQFXHQWUDFXDOTXLHUGHIHFWRQRXWLOLFHHVWDKHUUDPLHQWD\DVH
J~UHVHGHXWLOL]DUXQPD]RGHFDEOHVQXHYRGHGHVSOLHJXH
+HUUDPLHQWDHVSHFLDO
$
 &RUWRFLUFXLWH  FRQMXQWDPHQWH ORV GRV FDEOHV GH PD]R GH
FDEOHV GH GHVSOLHJXH LQVHUWDQGR FRPSOHWDPHQWH XQD FODYLMD
EDQDQDHQODRWUD

$'9(57(1&,$
(OPD]RGHFDEOHVGHGHVSOLHJXHSHUPDQHFHUiFRUWRFLUFXL
WDGR \ QR GHEHUi VHU FRQHFWDGR D XQD IXHQWH GH DOLPHQWD
FLyQHOpFWULFDDQWHVGHTXHHOFROFKyQGHDLUHHVWpOLVWRSDUD
VHU GHVSOHJDGR \ HO SUHWHQVRU GH FLQWXUyQ GH VHJXULGDG
HVWpOLVWRSDUDVHUDFWLYDGR

 'HVPRQWH HO ORV PyGXORV LQIODGRUHV GH FROFKyQHV GH

DLUH R HO ORV SUHWHQVRUHV GH FLQWXUyQHV GH VHJXULGDG GHO
YHKtFXOR5HILpUDVHDODVVHFFLRQHV&%\$

$'9(57(1&,$
‡ 6LHPSUH OOHYH XQ PyGXOR LQIODGRU GH FROFKyQ GH DLUH
DFWLYRFRQODFXELHUWDGHDGRUQRGLULJLGDKDFLDDIXHUDGH
VXFXHUSR
‡ &XDQGR DOPDFHQH XQ PyGXOR LQIODGRU GH FROFKyQ GH
DLUHDFWLYRRORGHMHVLQDWHQFLyQVREUHXQEDQFRRVREUH
RWUDVXSHUILFLHVLHPSUHFRORTXHHOFROFKyQ\ODFXELHUWD
GHDGRUQRSRVLFLRQDGRVKDFLDDUULEDKDFLDHOH[WHULRUGH
OD VXSHUILFLH <D TXH HO PyGXOR LQIODGRU DFWLYR GH FRO
FKyQGHDLUHGHOSDVDMHURGHEHVHUFRORFDGRFRQHOFRO
FKyQ FXELHUWD GH JXDUQLFLyQ SRVLFLRQDGR KDFLD DUULED
FROyTXHOR HQ XQD UDQXUD  GHO EDQFR GH WUDEDMR R
HPSOHH HO WRUQLOOR  GH PHFiQLFR GH EDQFR GH WUDEDMR
SDUD VXMHWDUOR ILUPHPHQWH HQ VX VRSRUWH  GH PRQWDMH
1
LQIHULRU
(VWRHVQHFHVDULRSDUDTXHTXHGHXQHVSDFLROLEUHGRQGH
HOFROFKyQSXHGDGHVSOHJDUVHHLQIODUVHHQHOFDVRGHXQ
SRFRSUREDEOHGHVSOLHJXHDFFLGHQWDO
6LQRVHVLJXHQHVWDVLQVWUXFFLRQHVSXHGHKDEHUGDxRVFRU
SRUDOHV

3
%6,67(0$'(/&2/&+Ï1'($,5(

$'9(57(1&,$
‡ 3DUDPDQLSXODU\JXDUGDUXQSUHWHQVRUDFWLYRGHFLQWXUyQ
GH VHJXULGDG HOLMD XQ OXJDU GRQGH OD WHPSHUDWXUD
DPELHQWH VHD LQIHULRUD°& GRQGH OD KXPHGDG UHODWLYD
VHDEDMD\GRQGHHVWpDOHMDGRGHORVSDUiVLWRVHOpFWULFRV
‡ 1XQFD OOHYH HO SUHWHQVRU GH FLQWXUyQ GH VHJXULGDG VXV
SHQGLGRGHOFDEOHRGHOFRQHFWRUGHOSUHWHQVRU
‡ &XDQGRFRORTXHXQSUHWHQVRUDFWLYRGHFLQWXUyQGHVHJX
ULGDG HQ HO EDQFR GH WUDEDMR R HQ XQ OXJDU VHPHMDQWH
DVHJ~UHVHGHQRGHMDUSRVLFLRQDGDKDFLDDEDMRVXVXSHU
ILFLHTXHLQFRUSRUDHORULILFLRGHHVFDSH7DPELpQHVWi
WHUPLQDQWHPHQWH SURKLELGR FRORFDU FXDOTXLHU REMHWR
VREUH OD FDUD TXH LQFRUSRUD HO RULILFLR  GH HVFDSH R
DSLODU SUHWHQVRUHV GH FLQWXUyQ GH VHJXULGDG XQR VREUH
RWUR
6LQRSURFHGHFRPRLQGLFDGRSXHGHKDEHUGDxRVFRUSRUD
OHV

 )LMH HO PyGXOR LQIODGRU GH FROFKyQ GH DLUH R HO SUHWHQVRU GH
FLQWXUyQGHVHJXULGDGGHODPDQHUDVLJXLHQWH

>3DUDHOPyGXORLQIODGRUGHOFROFKyQGHDLUHGHOFRQGXFWRU@

D 'HVSHMHHQHOVXHORXQHVSDFLRGHXQRVFPGHGLiPH
WURSDUDGHVSOHJDUHOPyGXORLQIODGRUGHFROFKyQDLUHGHO
FRQGXFWRU(VSUHIHULEOHHOHJLUDODLUHOLEUHXQDVXSHUILFLHSDYL
PHQWDGDVLQDFWLYLGDG6LQRVHGLVSRQHGHXQOXJDUDOH[WH
ULRU SUHSDUH XQ OXJDU HQ HO SLVR GHO WDOOHU GRQGH QR KD\D
DFWLYLGDG\TXHHVWpELHQYHQWLODGR
$VHJ~UHVHELHQGHTXHQRKD\REMHWRVVXHOWRVQLLQIODPDEOHV
GHQWURGHOiUHDGHGHVSOLHJXH
E &RORTXHHOPyGXORLQIODGRUGHFROFKyQDLUHGHOFRQGXFWRU
FRQ VX FXELHUWD GH JXDUQLFLyQ GH YLQLOR SRVLFLRQDGD KDFLD
DUULEDHQHOVXHORGHOiUHDSUHYLVWD

>3DUDHOPyGXORLQIODGRUGHOFROFKyQGHDLUHGHOSDVDMHUR@

D 'HVSHMHHQHOVXHORXQHVSDFLRGHXQRVFPGHGLiPH
WURGRQGHVHFRORFDUiSDUDHOGHVSOLHJXHGHOFROFKyQHODFFH
VRULR KHUUDPLHQWD HVSHFLDO FRQ HO PyGXOR  LQIODGRU GH
FROFKyQDLUHILMDGR(VSUHIHULEOHHOHJLUXQOXJDUDODLUHOLEUH
VLQDFWLYLGDG6LQRVHGLVSRQHGHXQOXJDUDOH[WHULRUSUHSDUH
XQ OXJDU HQ HO SLVR GHO WDOOHU GRQGH QR KD\D DFWLYLGDG \ TXH
HVWp ELHQ YHQWLODGR $VHJ~UHVH ELHQ GH TXH QR KD\ REMHWRV
VXHOWRVQLLQIODPDEOHVGHQWURGHOiUHDGHGHVSOLHJXH
E &RORTXHODKHUUDPLHQWDHVSHFLDO>DFFHVRULRGHGHVSOLHJXHGHO
PyGXORLQIODGRUGHOFROFKyQGHDLUHGHOSDVDMHURHQHOVXHOR
GHOiUHDGHVSHMDGDHQHOSDVRD@VLWRGDYtDQRKDVLGRLQVWD
ODGD
+HUUDPLHQWDHVSHFLDO
%
 6,67(0$'(/&2/&+Ï1'($,5(%

F /OHQHFRQDJXDRDUHQDHOGHSyVLWRGHSOiVWLFRGHODFFHVRULR
GHGHVSOLHJXHKHUUDPLHQWDHVSHFLDO(VWRHVQHFHVDULRSDUD
SURSRUFLRQDUODQHFHVDULDHVWDELOLGDGGHODFFHVRULRGXUDQWHHO
GHVSOLHJXH
G )LMHHOPyGXORLQIODGRUGHOFROFKyQGHDLUHGHOSDVDMHURHQHO
DFFHVRULR GH GHVSOLHJXH KHUUDPLHQWD HVSHFLDO GH PDQHUD
VHJXUDXWLOL]DQGRSHUQRV\WXHUFDVGHVRVWHQLPLHQWR\SHUQRV
\WXHUFDV0

35(&$8&,Ï1
$VHJ~UHVHGHXWLOL]DUHOSHUQR\WXHUFDVLJXLHQWHVSDUD
ILMDUHOPyGXORLQIODGRUGHOFROFKyQGHDLUHGHOSDVDMHUR
HQODILMDFLyQGHPRQWDMH
7DPDxR05HVLVWHQFLD7

$QWHV GHO GHVSOLHJXH DSULHWH D PDQR VHJXUDPHQWH WRGDV ODV SLH

]DVGHILMDFLyQ

>3DUDHOSUHWHQVRUGHFLQWXUyQGHVHJXULGDG@
D 7LUHFRPSOHWDPHQWHGHODFRUUHDGHOFLQWXUyQFRPRPRV
WUDGRHQODILJXUD\FRUWHODFRUUHDHQHOH[WUHPRGHLQVWDOD
FLyQ HQ HO SUHWHQVRU FRQMXQWR GH UHWUDFWRU  HQ OD IRUPD
PRVWUDGDHQODILJXUD

$'9(57(1&,$
'HELGRDTXHHOWDPERUGHOFRQMXQWRGHOUHWUDFWRU
JLUDUiPX\UiSLGDPHQWHHQFXDQWRVHFRUWHODFRUUHD
GHOFLQWXUyQILMHHOFRQMXQWRGHOUHWUDFWRUHQXQ
WRUQLOORGHPHFiQLFRHQHOEDQFRGHWUDEDMR\PDQWHQJD
VXVPDQRV\GHGRVDOHMDGRVGHOUHWUDFWRUFXDQGRFRUWHOD
FRUUHD

E 'HVSHMHHQHOVXHORXQHVSDFLRGHXQRVFPGHGLiPH
WUR SDUD DFWLYDU HO SUHWHQVRU FRQMXQWR GHO UHWUDFWRU  GHO
FLQWXUyQGHVHJXULGDG(VSUHIHULEOHHOHJLUXQVLWLRDODLUHOLEUH
VLQDFWLYLGDG6LQRVHGLVSRQHGHXQOXJDUDOH[WHULRUSUHSDUH
XQ OXJDU HQ HO SLVR GHO WDOOHU GRQGH QR KD\D DFWLYLGDG \ TXH
HVWpELHQYHQWLODGR
$VHJ~UHVHELHQGHTXHQRKD\REMHWRVVXHOWRVQLLQIODPDEOHV
GHQWURGHOiUHDGHDFWLYDFLyQ
F &RORTXHHOSUHWHQVRUFRQMXQWRGHOUHWUDFWRUHQHOVXHOR
HQHOHVSDFLRGHVSHMDGRHQODIRUPDPRVWUDGDHQODILJXUD
%6,67(0$'(/&2/&+Ï1'($,5(

 (VWLUHHOPD]RGHFDEOHVGHGHVSOLHJXHGHVGHHOPyGXORLQIOD
GRUGHFROFKyQDLUHGHOFRQGXFWRURGHOSDVDMHURKDVWDVXORQ
JLWXGWRWDOGHP
+HUUDPLHQWDHVSHFLDO
$
 &RORTXH XQD IXHQWH  GH DOLPHQWDFLyQ HOpFWULFD FHUFD GHO
H[WUHPRFRUWRFLUFXLWDGRGHOPD]RGHFDEOHVGHGHVSOLHJXH'LV
SRVLWLYRUHFRPHQGDGRYROWLRVPtQLPRDPSHULRVPtQLPR
6HVXJLHUHXQDEDWHUtDGHYHKtFXOR
 &RPSUXHEH TXH HQ HO iUHD DOUHGHGRU GHO PyGXOR LQIODGRU GH
FROFKyQ GH DLUH R GHO SUHWHQVRU GH FLQWXUyQ GH VHJXULGDG QR
KD\QLSHUVRQDVQLREMHWRVVXHOWRVRLQIODPDEOHV
 &RPSUXHEHODFRQGLFLyQGHILMDFLyQGHOPyGXORLQIODGRUGHFRO
FKyQ GH DLUH R GHO SUHWHQVRU GH FLQWXUyQ GH VHJXULGDG GH OD
PDQHUDVLJXLHQWH
>3DUDHOPyGXORLQIODGRUGHOFROFKyQGHDLUHGHOFRQGXFWRU@
&RPSUXHEH TXH HO PyGXOR LQIODGRU GH FROFKyQ DLUH GHO FRQ
GXFWRUHVWiFRQVXFXELHUWDGHJXDUQLFLyQGHYLQLORSRVLFLRQDGD
KDFLDDUULED
>3DUDHOPyGXORLQIODGRUGHOFROFKyQGHDLUHGHOSDVDMHUR@
&RPSUXHEH TXH HO PyGXOR LQIODGRU GH FROFKyQ GH DLUH GHO
SDVDMHUR HVWi ILMDGR ILUPH \ VHJXUDPHQWH HQ HO DFFHVRULR
KHUUDPLHQWDHVSHFLDOGHGHVSOLHJXHGHOPyGXORLQIODGRUGHO
FROFKyQGHDLUHGHOSDVDMHUR
>3DUDHOSUHWHQVRUGHFLQWXUyQGHVHJXULGDG@
&RPSUXHEH TXH HO SUHWHQVRU GH FLQWXUyQ GH VHJXULGDG HVWi
FRORFDGR HQ HO VXHOR HQ HO HVSDFLR GHVSHMDGR HQ OD IRUPD
PRVWUDGDHQODILJXUD
 &RQHFWHHOPyGXORLQIODGRUGHFROFKyQGHDLUHRHOSUHWHQ
VRU GH FLQWXUyQ GH VHJXULGDG HQ HO FRQHFWRU GHO PD]R GH
FDEOHV GH GHVSOLHJXH \ EORTXHH HO FRQHFWRU PHGLDQWH OD
SDODQFDGHEORTXHR
 $YLVHDWRGDVODVSHUVRQDVTXHHVWiQDVXDOUHGHGRUTXHYDD
GHVSOHJDUXQPyGXORLQIODGRUGHOFROFKyQGHDLUHRDFWLYDUXQ
SUHWHQVRUGHFLQWXUyQGHVHJXULGDG
>$@ 3DUDHOPyGXORLQIODGRUGHOFROFKyQGHDLUHGHOFRQGXFWRU
>%@ 3DUDHOPyGXORLQIODGRUGHOFROFKyQGHDLUHGHOSDVDMHUR
>&@ 3DUDHOSUHWHQVRUGHFLQWXUyQGHVHJXULGDG

127$
‡ &XDQGRHOFROFKyQGHDLUHVHGHVSOLHJDRHOSUHWHQVRUGH
FLQWXUyQ GH VHJXULGDG VH DFWLYD OD UiSLGD H[SDQVLyQ GH
ORVJDVHVJHQHUDGRVSURGXFLUiXQHVWDPSLGRFRQVLGHUD
EOH /OHYH SURWHFWRUHV GH RtGRV TXH VHDQ DGHFXDGRV
$YLVHDWRGDVODVSHUVRQDVTXHHVWiQDVXDOUHGHGRUTXH
YDDGHVSOHJDUXQPyGXORLQIODGRUGHOFROFKyQGHDLUHR
DFWLYDU XQ SUHWHQVRU GH FLQWXUyQ GH VHJXULGDG \ TXH
GHEHQOOHYDUSURWHFWRUHVGHRtGRV
‡ &XDQGRHOPyGXORLQIODGRUGH FROFKyQGHDLUH GHOFRQ
GXFWRU VH GHVSOLHJD \ HO SUHWHQVRU VH DFWLYD HO PyGXOR
LQIODGRUGHOFROFKyQGHDLUHGHOFRQGXFWRU\HOSUHWHQVRU
FRQMXQWRGHOUHWUDFWRUSXHGHQVDOWDUYHUWLFDOPHQWHXQRV
 FP (VWD HV OD UHDFFLyQ QRUPDO D OD IXHU]D JHQHUDGD
SRUODUiSLGDH[SDQVLyQGHORVJDVHVSURGXFLGRVGHQWUR
GHOFROFKyQGHDLUH\GHOSUHWHQVRU
‡ 'HVSXpVGHTXHXQPyGXORLQIODGRUGHFROFKyQGHDLUH
VHKDGHVSOHJDGRODVXSHUILFLHGHOFROFKyQGHDLUHSXHGH
WHQHU XQ UHVLGXR SROYRULHQWR (VWRV UHVLGXRV GH SROYR
HVWiQ FRQVWLWXLGRV SULQFLSDOPHQWH SRU DOPLGyQ GH PDt]
HPSOHDGR SDUD OXEULFDU OD EROVD FXDQGR VH LQIOD \ SRU
VXESURGXFWRVGHUHDFFLyQTXtPLFD
 6,67(0$'(/&2/&+Ï1'($,5(%

$'9(57(1&,$
‡ (OPyGXORLQIODGRUGHFROFKyQGHDLUH\HOSUHWHQVRUGH
FLQWXUyQ GH VHJXULGDG HVWiQ PX\ FDOLHQWHV LQPHGLDWD
PHQWH GHVSXpV GH TXH VH KDQ GHVSOHJDGRDFWLYDGR 1R
WRTXHODVVXSHUILFLHVPHWiOLFDVDQWHVGHTXHWUDQVFXUUDQ
PLQXWRVGHVSXpVGHOGHVSOLHJXHDFWLYDFLyQ
‡ 1R FRORTXH HO PyGXOR LQIODGRU GH FROFKyQ GH DLUH GHV
SOHJDGR QL HO SUHWHQVRU GH FLQWXUyQ GH VHJXULGDG DFWL
YDGRFHUFDGHREMHWRVLQIODPDEOHV
‡ 1RDSOLTXHDJXDDFHLWHHWFDOPyGXORLQIODGRUGHFRO
FKyQGHDLUHGHVSOHJDGRQLDOSUHWHQVRUGHFLQWXUyQGH
VHJXULGDGTXHKDVLGRDFWLYDGR
‡ 6L DQWHV GH TXH KD\DQ HQIULDGR HV QHFHVDULR PRYHU HO
PyGXORLQIODGRUGHFROFKyQGHDLUHGHVSOHJDGR\HOSUH
WHQVRUGHFLQWXUyQGHVHJXULGDGDFWLYDGROOHYHJXDQWHV\
PDQLSXOHHOPyGXORXWLOL]DQGRPDWHULDOQRPHWiOLFRFRPR
HOFROFKyQGHDLUHFRUUHDWHMLGD\JXDUQLFLyQGHYLQLOR
6L QR VH VLJXHQ HVWDV LQVWUXFFLRQHV VH SXHGH FDXVDU XQ
LQFHQGLRRGDxRVFRUSRUDOHV

 6HSDUH  ODV GRV FODYLMDV EDQDQD HQ HO PD]R GH FDEOHV GH
GHVSOLHJXH
 &RQHFWH HO PD]R GH FDEOHV GH GHVSOLHJXH D OD IXHQWH GH DOL
PHQWDFLyQHOpFWULFDEDWHUtDGHYHKtFXOR9SDUDGHVSOH
JDUDFWLYDULQPHGLDWDPHQWH HO PyGXORLQIODGRU GH FROFKyQGH
DLUHRHOSUHWHQVRUGHFLQWXUyQGHVHJXULGDG
 'HVFRQHFWH HO PD]R GH FDEOHV GH GHVSOLHJXH GH OD IXHQWH GH
DOLPHQWDFLyQHOpFWULFDEDWHUtDGHYHKtFXOR9\FRUWRFLU
FXLWH  FRQMXQWDPHQWH ORV GRV FDEOHV GHO PD]R GH FDEOHV
1 LQVHUWDQGRFRPSOHWDPHQWHXQDFODYLMDEDQDQDHQODRWUD
 (QHOFDVRSRFRSUREDEOHGHTXHGHVSXpVGHDSOLFDUHVWRVSUR
FHGLPLHQWRVHOPyGXORLQIODGRUGHFROFKyQGHDLUHQRVHGHV
SOLHJXH R TXH HO SUHWHQVRU GH FLQWXUyQ GH VHJXULGDG QR VH
DFWLYHSURFHGDLQPHGLDWDPHQWHDHIHFWXDUORVSDVRVD
6LHOPyGXORLQIODGRUGHFROFKyQGHDLUHRHOSUHWHQVRUGHFLQ
2 WXUyQ GH VHJXULGDG VH KDQ GHVSOHJDGR R DFWLYDGR SURFHGD
GHVGHHOSDVRKDVWDHOSDVR
 /OHYHXQSDUGHJXDQWHVGHWDOOHUSDUDSURWHJHUVXVPDQRVGH
ODVLUULWDFLRQHVSRVLEOHV\GHOFDORUFXDQGRPDQLSXOHHOPyGXOR
LQIODGRUGHFROFKyQGHDLUHGHVSOHJDGRRHOSUHWHQVRUGHFLQ
WXUyQGHVHJXULGDGTXHVHKDDFWLYDGR
 'HVSXpV GHO GHVSOLHJXHDFWLYDFLyQ GHVFRQHFWH HO PD]R GH
FDEOHVGHGHVSOLHJXHGHOPyGXORLQIODGRUGHFROFKyQGHDLUH\
3
GHO SUHWHQVRU GH FLQWXUyQ GH VHJXULGDG WDQ SURQWR FRPR VHD
SRVLEOH
(VWRHYLWDUiTXHHOPD]RGHFDEOHVGHGHVSOLHJXHVHDGDxDGR
GHELGR D XQ SRVLEOH FRQWDFWR FRQHO PyGXOR LQIODGRU FDOLHQWH
GHFROFKyQGHDLUHRFRQHOSUHWHQVRUFDOLHQWHGHFLQWXUyQGH
VHJXULGDG/RVPD]RVGHFDEOHVGHGHVSOLHJXHHVWiQSUHYLVWRV
SDUD VHU UHXWLOL]DGRV 6LQ HPEDUJR GHVSXpV GH FDGD GHVSOLH
JXHDFWLYDFLyQ GHEH YHULILFDUVH VL KDQ VLGR GDxDGRV \ GHEHQ
VHUUHHPSOD]DGRVVLHVQHFHVDULR
%6,67(0$'(/&2/&+Ï1'($,5(

 8WLOLFH ORV FDQDOHV QRUPDOHV GH GHVHFKR SDUD GHVHFKDU HO

PyGXORLQIODGRUGHFROFKyQGHDLUHTXHKDVLGRGHVSOHJDGRR
HO SUHWHQVRU GH FLQWXUyQ GH VHJXULGDG TXH KD VLGR DFWLYDGR
(VSHUHTXHVHHQIUtHQGXUDQWHPLQXWRVSRUORPHQRV\FROR
TXH HO PyGXOR LQIODGRU GH FROFKyQ GH DLUH \ HO SUHWHQVRU GH
FLQWXUyQ GH VHJXULGDG HQ XQD EROVD GH YLQLOR JUXHVR FHUUDGD
DSUHWDGDPHQWH 3DUD PD\RUHV GHWDOOHV UHILpUDVH D ³'(6(
&+2 '( 0Ï'8/2 ,1)/$'25 '( &2/&+Ï1 '( $,5(
'(63/(*$'2 < '( 35(7(1625 '( &,1785Ï1 '(
6(*85,'$'$&7,9$'2´
 /DYHVXVPDQRVFRQMDEyQVXDYH\DJXDGHVSXpVGHFRPSOHWDU
HOWUDEDMR

127$
/RVSDVRVVLJXLHQWHVGHEHQVHUHMHFXWDGRVHQHOFDVRSRFR
SUREDEOHTXHHOPyGXORLQIODGRUGHFROFKyQGHDLUHQRVH
KD\DGHVSOHJDGRRHOSUHWHQVRUGHFLQWXUyQQRVHKD\DDFWL
YDGR

 $VHJ~UHVH GH TXH HO PD]R GH FDEOHV GH GHVSOLHJXH KD VLGR
GHVFRQHFWDGRGHODIXHQWHGHDOLPHQWDFLyQHOpFWULFD\TXHVXV
GRV FODYLMDV EDQDQD KDQ VLGR FRUWRFLUFXLWDGDV FRQMXQWDPHQWH
LQVHUWDQGRFRPSOHWDPHQWHXQDFODYLMDEDQDQDHQODRWUD
 'HVFRQHFWHHOPD]RGHFDEOHVGHGHVSOLHJXHGHOPyGXORLQIOD
GRUGHFROFKyQGHDLUH\GHOSUHWHQVRUGHFLQWXUyQGHVHJXUL
GDG
 *XDUGH SURYLVLRQDOPHQWH HO PyGXOR LQIODGRU GH FROFKyQ GH
DLUHRHOSUHWHQVRUGHFLQWXUyQGHVHJXULGDG
>3DUDHOPyGXORLQIODGRUGHOFROFKyQGHDLUHGHOFRQGXFWRU@
$OPDFHQHSURYLVLRQDOPHQWHHOPyGXORLQIODGRUGHFROFKyQDLUH
GHOFRQGXFWRUFRQVXFXELHUWDGHJXDUQLFLyQGHYLQLORSRVLFLR
QDGDKDFLDDUULEDDOHMDGDGHODVXSHUILFLHGRQGHHOPyGXORHVWi
FRORFDGR
5HILpUDVH D ³35(&$8&,21(6 3$5$ (/ 6(59,&,2´ SDUD
PD\RUHVGHWDOOHV
>3DUDHOSUHWHQVRUGHFLQWXUyQGHVHJXULGDG@
&XDQGR JXDUGH WHPSRUDOPHQWH HO SUHWHQVRU GH FLQWXUyQ GH
VHJXULGDGDVHJ~UHVHGH12FRORFDUKDFLDDEDMRHORULILFLRGH
HYDFXDFLyQ'HEHTXHGDUSRVLFLRQDGRKDFLDDUULED5HILpUDVHD
³35(&$8&,21(6 3$5$ (/ 6(59,&,2´ SDUD PD\RUHV GHWD
OOHV
 &RQWDFWHDVXGLVWULEXLGRUORFDOSDUDREWHQHUDVLVWHQFLDVXSOH
PHQWDULD
 6,67(0$'(/&2/&+Ï1'($,5(%

'HVSOLHJXHDFWLYDFLyQGHQWURGHOYHKtFXOR
$SOLTXH HVWH SURFHGLPLHQWR FXDQGR VH WUDWD GH GHVHFKDU WRGR HO
YHKtFXORLQFOX\HQGRORVPyGXORVLQIODGRUHVGHFROFKRQHVGHDLUH\
SUHWHQVRUHVGHFLQWXURQHVGHVHJXULGDG
[A]
35(&$8&,Ï1
&XDQGRHOYHKtFXORVHUiXWLOL]DGRQXHYDPHQWH
GHVSOLHJXHDFWLYHHOFROFKyQGHDLUH\HOSUHWHQVRUIXHUD
GHOYHKtFXORGHDFXHUGRFRQ³'(63/,(*8($&7,9$&,Ï1
)8(5$'(/9(+Ë&8/2´(QHIHFWRHOGHVSOLHJXH
DFWLYDFLyQGHQWURGHOYHKtFXORGHIRUPDUiHOWDEOHURGH
LQVWUXPHQWRVODJXDQWHUD\HOiUHDLQPHGLDWD
1
6LQRVHWRPDQHVWDV35(&$8&,21(6SRGUtDVHUQHFHVDULR
[B]
2
KDFHULQVSHFFLRQHV\UHSDUDFLRQHVLQQHFHVDULDVHQHOYHKt
FXOR
 &RORTXH HO LQWHUUXSWRU GH HQFHQGLGR HQ OD SRVLFLyQ ³/2&.´
VDTXHODOODYH\SyQJDVHVXVJDIDVGHVHJXULGDG
 6DTXH WRGRV ORV REMHWRV VXHOWRV GH ORV DVLHQWRV GHODQWHURV \
GHOWDEOHURGHLQVWUXPHQWRV
 >3DUDHOPyGXORLQIODGRUGHOFROFKyQGHDLUHGHOFRQGXFWRU@
'HVFRQHFWHHOFRQHFWRUGHODERELQDGHFRQWDFWRORFDOL]DGR
FHUFDGHODEDVHGHODFROXPQDGHODGLUHFFLyQ
>3DUDHOPyGXORLQIODGRUGHOFROFKyQGHDLUHGHOSDVDMHUR@
'HVPRQWH OD JXDQWHUD GHO WDEOHUR GH LQVWUXPHQWRV \ GHVFR
QHFWHHOFRQHFWRUGHOPyGXORLQIODGRUGHOFROFKyQGHDLUH
[C]
GHOSDVDMHUR
>3DUDHOSUHWHQVRUGHFLQWXUyQGHVHJXULGDG@
'HVPRQWH ODV JXDUQLFLRQHV LQIHULRUHV GHO PRQWDQWH GHODQWHUR
3 HQORVGRVODGRVODGRGHOFRQGXFWRU\GHOSDVDMHUR\GHVFR
QHFWHORVFRQHFWRUHVGHSUHWHQVRUGHFLQWXUyQGHVHJXULGDG
 &RQILUPH TXH FDGD PyGXOR LQIODGRU GH FROFKyQ GH DLUH HVWi
PRQWDGRGHPDQHUDVHJXUD
>$@ 3DUDHOPyGXORLQIODGRUGHOFROFKyQGHDLUHGHOFRQGXFWRU
>%@ 3DUDHOPyGXORLQIODGRUGHOFROFKyQGHDLUHGHOSDVDMHUR
>&@ 3DUDHOSUHWHQVRUGHFLQWXUyQGHVHJXULGDG
%6,67(0$'(/&2/&+Ï1'($,5(

 &RPSUXHEHTXHQRKD\FLUFXLWRDELHUWRFRUWRFLUFXLWRRGDxRHQ
ODKHUUDPLHQWDHVSHFLDOPD]RGHFDEOHVGHGHVSOLHJXH6LVH
HQFXHQWUDFXDOTXLHUGHIHFWRQRXWLOLFHHVWDKHUUDPLHQWD\DVH
J~UHVHGHXWLOL]DUXQPD]RGHFDEOHVQXHYRGHGHVSOLHJXH
+HUUDPLHQWDHVSHFLDO
$
 &RUWRFLUFXLWH  FRQMXQWDPHQWH ORV GRV FDEOHV GH PD]R GH
FDEOHV GH GHVSOLHJXH LQVHUWDQGR FRPSOHWDPHQWH XQD FODYLMD
EDQDQDHQODRWUD

$'9(57(1&,$
(OPD]RGHFDEOHVGHGHVSOLHJXHSHUPDQHFHUiFRUWRFLUFXL
WDGR \ QR GHEHUi VHU FRQHFWDGR D XQD IXHQWH GH DOLPHQWD
FLyQHOpFWULFDDQWHVGHTXHHOFROFKyQGHDLUHHVWpOLVWRSDUD
VHU GHVSOHJDGR \ HO SUHWHQVRU GH FLQWXUyQ GH VHJXULGDG
HVWpOLVWRSDUDVHUDFWLYDGR

 &RQHFWHHOPyGXORLQIODGRUGHFROFKyQGHDLUHRHOSUHWHQVRU

GHFLQWXUyQGHVHJXULGDGHQHOFRQHFWRUGHOPD]RGHFDEOHVGH
GHVSOLHJXH\EORTXHHHOFRQHFWRUPHGLDQWHODSDODQFDGHEOR
TXHR
D &RQHFWHHOFRQHFWRU
E %ORTXHHHOFRQHFWRUFRQODSDODQFDGHEORTXHR
>$@ 3DUDHOPyGXORLQIODGRUGHOFROFKyQGHDLUHGHOFRQGXFWRU
 6,67(0$'(/&2/&+Ï1'($,5(%

 ([WLHQGDHOPD]RGHFDEOHVGHGHVSOLHJXHIXHUDGHOYHKtFXOR
 &RPSUXHEHTXHHQHOLQWHULRUGHOYHKtFXOR\HQHOiUHDFLUFXQ
GDQWHQRKD\QLSHUVRQDVQLREMHWRVVXHOWRVRLQIODPDEOHV
 ([WLHQGDHOPD]RGHFDEOHVGHGHVSOLHJXHDWRGDVXORQJLWXG
P
+HUUDPLHQWDHVSHFLDO
$
 &RORTXHXQDIXHQWHGHDOLPHQWDFLyQHOpFWULFDFHUFDGHOH[WUHPR
FRUWRFLUFXLWDGRGHOPD]RGHFDEOHVGHGHVSOLHJXH'LVSRVL
WLYRUHFRPHQGDGRYROWLRVPtQLPRDPSHULRVPtQLPR6H
VXJLHUHXQDEDWHUtDGHYHKtFXOR
 &XEUDFRPSOHWDPHQWHHOiUHDGHOSDUDEULVDV\GHODVDEHUWXUDV
GHYHQWDQLOODVGHSXHUWDVGHODQWHUDVFRQXQDPDQWDRFRQ
FXDOTXLHU DUWtFXOR VHPHMDQWH (VWR UHGXFH HO ULHVJR GH GDxRV
FRUSRUDOHVFDXVDGRVSRUODHYHQWXDOIUDJPHQWDFLyQGHORVFULV
WDOHVRGHOLQWHULRUGHOYHKtFXOR
 $YLVHDWRGDVODVSHUVRQDVTXHHVWiQDVXDOUHGHGRUTXHYDD
GHVSOHJDUXQPyGXORLQIODGRUGHOFROFKyQGHDLUHRDFWLYDUXQ
SUHWHQVRUGHFLQWXUyQGHVHJXULGDG
>$@ /DGRGHOFRQGXFWRUSDUDYHKtFXORFRQYRODQWHDODL]TXLHUGD
>%@ /DGRGHOFRQGXFWRUSDUDYHKtFXORFRQYRODQWHDODGHUHFKD


127$
‡ &XDQGRHOFROFKyQGHDLUHVHGHVSOLHJDRHOSUHWHQVRUGH
FLQWXUyQ GH VHJXULGDG VH DFWLYD OD UiSLGD H[SDQVLyQ GH
ORVJDVHVJHQHUDGRVSURGXFLUiXQHVWDPSLGRFRQVLGHUD
EOH /OHYH SURWHFWRUHV GH RtGRV TXH VHDQ DGHFXDGRV
$YLVHDWRGDVODVSHUVRQDVTXHHVWiQDVXDOUHGHGRUTXH
YDDGHVSOHJDUXQPyGXORLQIODGRUGHOFROFKyQGHDLUHR
DFWLYDU XQ SUHWHQVRU GH FLQWXUyQ GH VHJXULGDG \ TXH
GHEHQOOHYDUSURWHFWRUHVGHRtGRV
‡ 'HVSXpVGHTXHXQPyGXORLQIODGRUGHFROFKyQGHDLUH
VHKDGHVSOHJDGRODVXSHUILFLHGHOFROFKyQGHDLUHSXHGH
WHQHU XQ UHVLGXR SROYRULHQWR (VWRV UHVLGXRV GH SROYR
HVWiQ FRQVWLWXLGRV SULQFLSDOPHQWH SRU DOPLGyQ GH PDt]
HPSOHDGR SDUD OXEULFDU OD EROVD FXDQGR VH LQIOD \ SRU
VXESURGXFWRVGHUHDFFLyQTXtPLFD

$'9(57(1&,$
‡ (OPyGXORLQIODGRUGHFROFKyQGHDLUH\HOSUHWHQVRUGH
FLQWXUyQ GH VHJXULGDG HVWiQ PX\ FDOLHQWHV LQPHGLDWD
PHQWH GHVSXpV GH TXH VH KDQ GHVSOHJDGRDFWLYDGR 1R
WRTXHODVVXSHUILFLHVPHWiOLFDVDQWHVGHTXHWUDQVFXUUDQ
PLQXWRVGHVSXpVGHOGHVSOLHJXHDFWLYDFLyQ
‡ 1RDSOLTXHDJXDDFHLWHHWFDOPyGXORLQIODGRUGHFRO
FKyQGHDLUHGHVSOHJDGRQLDOSUHWHQVRUGHFLQWXUyQGH
VHJXULGDG TXH KD VLGR DFWLYDGR 6L QR VH VLJXHQ HVWDV
LQVWUXFFLRQHVVHSXHGHFDXVDUXQLQFHQGLRRGDxRVFRU
SRUDOHV
%6,67(0$'(/&2/&+Ï1'($,5(

 6HSDUHODVGRVFODYLMDVEDQDQDHQHOPD]RGHFDEOHVGHGHV
SOLHJXH
 &RQHFWHHOPD]RGHFDEOHVGHGHVSOLHJXHDODIXHQWHGHDOL
PHQWDFLyQHOpFWULFDEDWHUtDGHYHKtFXOR9SDUDGHVSOH
JDUDFWLYDULQPHGLDWDPHQWHHOFROFKyQGHDLUHRHOSUHWHQVRU
 'HVFRQHFWH HO PD]R GH FDEOHV GH GHVSOLHJXH GH OD IXHQWH GH
DOLPHQWDFLyQHOpFWULFDEDWHUtDGHYHKtFXOR9\FRUWRFLU
FXLWH  FRQMXQWDPHQWH ORV GRV FDEOHV GHO PD]R GH FDEOHV
LQVHUWDQGRFRPSOHWDPHQWHXQDFODYLMDEDQDQDHQODRWUD
 /OHYHXQSDUGHJXDQWHVGHWDOOHUSDUDSURWHJHUVXVPDQRVGH
ODVLUULWDFLRQHVSRVLEOHV\GHOFDORUFXDQGRPDQLSXOHHOPyGXOR
LQIODGRUGHFROFKyQGHDLUHGHVSOHJDGRRHOSUHWHQVRUGHFLQ
WXUyQGHVHJXULGDGTXHVHKDDFWLYDGR
 'HVSXpV GHO GHVSOLHJXHDFWLYDFLyQ GHVFRQHFWH HO PD]R GH
FDEOHVGHGHVSOLHJXHGHOPyGXORLQIODGRUGHFROFKyQGHDLUH\
GHO SUHWHQVRU GH FLQWXUyQ GH VHJXULGDG WDQ SURQWR FRPR VHD
SRVLEOH
(VWRHYLWDUiTXHHOPD]RGHFDEOHVGHGHVSOLHJXHVHDGDxDGR
GHELGR D XQ SRVLEOH FRQWDFWR FRQ HO PyGXOR LQIODGRU FDOLHQWH
GHFROFKyQGHDLUHRFRQHOSUHWHQVRUFDOLHQWHGHFLQWXUyQGH
VHJXULGDG/RVPD]RVGHFDEOHVGHGHVSOLHJXHHVWiQSUHYLVWRV
SDUD VHU UHXWLOL]DGRV 6LQ HPEDUJR GHVSXpV GH FDGD GHVSOLH
JXHDFWLYDFLyQ GHEH YHULILFDUVH VL KDQ VLGR GDxDGRV \ GHEHQ
VHUUHHPSOD]DGRVVLHVQHFHVDULR
 6DTXH FXLGDGRVDPHQWH HO SDxR  GHO YHKtFXOR \ OLPSLH ORV
IUDJPHQWRVRGHVHFKHHOSDxR
 5HSLWDORVSDVRVKDVWDSDUDGHVSOHJDUDFWLYDUORVPyGX
ORVLQIODGRUHVGHFROFKyQGHDLUH\ORVSUHWHQVRUHVGHFLQWXUR
QHVGHVHJXULGDGTXHQRKDQVLGRGHVSOHJDGRDFWLYDGRVLORV
KD\
 (QHOFDVRSRFRSUREDEOHTXHGHVSXpVGHDSOLFDUHVWRVSURFH
GLPLHQWRVHOPyGXORLQIODGRUGHFROFKyQGHDLUHQRVHGHVSOLH
JXHRTXHHOSUHWHQVRUGHFLQWXUyQGHVHJXULGDGQRVHDFWLYH
SURFHGDLQPHGLDWDPHQWHGHVGHHOSDVRKDVWDHOSDVR
6LHOPyGXORLQIODGRUGHFROFKyQGHDLUHRHOSUHWHQVRUGHFLQ
WXUyQ GH VHJXULGDG VH KDQ GHVSOHJDGR R DFWLYDGR SURFHGD DO
SDVR

 &RQORVFROFKRQHVGHDLUHGHVSOHJDGRV\ORVSUHWHQVRUHVDFWL
YDGRVHOYHKtFXORSXHGHVHUGHVJXD]DGRGHODPLVPDPDQHUD
TXHXQYHKtFXORQRHTXLSDGRFRQVLVWHPDGHFROFKyQGHDLUH
 'HVPRQWHGHOYHKtFXORHOORVPyGXORVLQIODGRUHVGHFRO
FKyQHVGHDLUHQRGHVSOHJDGRV\RSUHWHQVRUHVGHFLQWX
UyQHVGHVHJXULGDGLQDFWLYDGRV3DUDHOPyGXORLQIODGRUGHO
FROFKyQ GH DLUH GHO FRQGXFWRU UHILpUDVH D OD 6(&&,Ï1 &
SDUDHOPyGXORLQIODGRUGHOFROFKyQGHDLUHGHOSDVDMHURUHILp
UDVH D ³6(59,&,2 (1 (/ 9(+Ë&8/2´ SDUD HO SUHWHQVRU GH
FLQWXUyQGHVHJXULGDGUHILpUDVHDOD6(&&,Ï1$
 >3DUDHOPyGXORLQIODGRUGHOFROFKyQGHDLUH@
$OPDFHQHSURYLVLRQDOPHQWHHOPyGXORLQIODGRUGHFROFKyQGH
DLUHFRQVXFXELHUWDGHJXDUQLFLyQGHYLQLORSRVLFLRQDGDKDFLD
DUULEDDOHMDGDGHODVXSHUILFLHGRQGHHOPyGXORHVWiFRORFDGR
5HILpUDVH D ³35(&$8&,21(6 3$5$ (/ 6(59,&,2´ SDUD
PD\RUHVGHWDOOHV
>3DUDHOSUHWHQVRUGHFLQWXUyQGHVHJXULGDG@
&XDQGR JXDUGH WHPSRUDOPHQWH HO SUHWHQVRU GH FLQWXUyQ GH
VHJXULGDGDVHJ~UHVHGH12FRORFDUKDFLDDEDMRHORULILFLRGH
HYDFXDFLyQ'HEHTXHGDUSRVLFLRQDGRKDFLDDUULED5HILpUDVHD
³35(&$8&,21(6 3$5$ (/ 6(59,&,2´ SDUD PD\RUHV GHWD
OOHV
 &RQWDFWHDVXGLVWULEXLGRUORFDOSDUDREWHQHUDVLVWHQFLDVXSOH
PHQWDULD
 6,67(0$'(/&2/&+Ï1'($,5(%

'HVHFKRGHPyGXORLQIODGRUGHFROFKyQGH

DLUHGHVSOHJDGR\GHSUHWHQVRUGHFLQWXUyQGH
VHJXULGDGDFWLYDGR

$'9(57(1&,$
6LQRVHDSOLFDQHVWULFWDPHQWHORVSURFHGLPLHQWRVFRUUHFWRV
GH GHVHFKR GH PyGXOR LQIODGRU GH FROFKyQ GH DLUH \ GH
SUHWHQVRU GH FLQWXUyQ GH VHJXULGDG HO FROFKyQ GH DLUH
SXHGHGHVSOHJDUVH\HOSUHWHQVRUDFWLYDUVHFDXVDQGRGDxRV
FRUSRUDOHV(OPyGXORLQIODGRUGHFROFKyQGHDLUHTXHQR
VHKDGHVSOHJDGR\HOSUHWHQVRUGHFLQWXUyQGHVHJXULGDG
DFWLYRQRSXHGHQVHUGHVHFKDGRVSRUORVFDQDOHVQRUPDOHV
GHGHVHFKR
(OPyGXORLQIODGRUGHFROFKyQGHDLUHTXHQRVHKDGHVSOH
JDGR\HOSUHWHQVRUGHFLQWXUyQGHVHJXULGDGDFWLYRFRQWLH
QHQ VXVWDQFLDV TXH SXHGHQ FDXVDU HQIHUPHGDGHV R GDxRV
FRUSRUDOHV JUDYHV VL HO FRQWHQHGRU VHOODGR TXH FRQWLHQH
GLFKDVVXVWDQFLDVHVGDxDGRGXUDQWHHOGHVHFKR

(OPyGXORLQIODGRUGHFROFKyQGHDLUHTXHVHKDGHVSOHJDGR\HO

SUHWHQVRUGHFLQWXUyQGHVHJXULGDGTXHVHKDDFWLYDGRSXHGHQVHU
GHVHFKDGRV SRU ORV FDQDOHV QRUPDOHV GH GHVHFKR WDO FRPR RWURV
GHVHFKRV FRUULHQWHV 6LQ HPEDUJR SDUD HO GHVHFKR KD\ TXH WHQHU
HQFRQVLGHUDFLyQORVLJXLHQWH
‡ (OPyGXORLQIODGRUGHFROFKyQGHDLUH\HOSUHWHQVRUGHFLQWX
UyQGHVHJXULGDGHVWiQPX\FDOLHQWHVLQPHGLDWDPHQWHGHVSXpV
GHTXHVHKDQGHVSOHJDGRDFWLYDGR(VSHUHTXHVHHQIUtHQSRU
ORPHQRVPHGLDKRUDDQWHVGHFRPHQ]DUDPDQLSXODUORV
‡ 1XQFDDSOLTXHDJXDDFHLWHHWFSDUDHQIULDUHOPyGXORLQIOD
GRUGHFROFKyQGHDLUHTXHKDVLGRGHVSOHJDGR\HOSUHWHQVRU
GHFLQWXUyQGHVHJXULGDGTXHKDVLGRDFWLYDGR<FXLGHGHTXH
QRHQWUHDJXDDFHLWHHWFGHQWURGHOPyGXORLQIODGRUGHFRO
FKyQGHDLUHGHVSOHJDGR\GHOSUHWHQVRUGHFLQWXUyQGHVHJXUL
GDGTXHVHKDDFWLYDGR
‡ 'HVSXpVGHTXHXQPyGXORLQIODGRUGHFROFKyQGHDLUHVHKD
GHVSOHJDGR OD VXSHUILFLH GHO FROFKyQ GH DLUH SXHGH WHQHU XQ
UHVLGXRSROYRULHQWR(VWRVUHVLGXRVGHSROYRHVWiQFRQVWLWXLGRV
SULQFLSDOPHQWHSRUDOPLGyQGHPDt]HPSOHDGRSDUDOXEULFDUOD
EROVD FXDQGR VH LQIOD \ SRU VXESURGXFWRV GH UHDFFLyQ TXt
PLFD&RPRHVQRUPDOHQPXFKRVSURFHGLPLHQWRVGHPDQWHQL
PLHQWRHVQHFHVDULROOHYDUJXDQWHV\JDIDVSURWHFWRUDV

‡ &XDQGR GHVHFKH HO PyGXOR LQIODGRU GH FROFKyQ GH DLUH GHV
SOHJDGR\HOSUHWHQVRUGHFLQWXUyQGHVHJXULGDGDFWLYDGRDVH
J~UHVHGHVHOODUORVHQXQDEROVDGHYLQLORUREXVWR
‡ &XDQGRHO PyGXORLQIODGRUGHFROFKyQGHDLUH\HO SUHWHQVRU
GHFLQWXUyQGHVHJXULGDGKDQVLGRGHVSOHJDGRDFWLYDGRGHQWUR
GHO YHKtFXOR TXH VHUi GHVJXD]DGR GpMHORV LQVWDODGRV GHQWUR
GHOYHKtFXOR
‡ /DYHELHQVXVPDQRVFRQMDEyQVXDYH\DJXDGHVSXpVGHFRP
SOHWDUHOWUDEDMR
%6,67(0$'(/&2/&+Ï1'($,5(

(VSHFLILFDFLRQHVGHSDUHVGHDSULHWH
3DUGHDSULHWH
3LH]DVGHVXMHFLyQ
1‡P NJP OEIW
3HUQRGH6'0   
7RUQLOORGHPyGXORLQIODGRUGHOFROFKyQGHDLUHGHOSDVDMHUR   
3HUQRGHPyGXORLQIODGRUGHOFROFKyQGHDLUHGHOSDVDMHUR   
3HUQRGHVHQVRUGHODQWHUR   
3HUQRGHPyGXORLQIODGRUGHOFROFKyQGHDLUHGHOFRQGXFWRU 5HILpUDVHDODVHFFLyQ&
3HUQRGHSUHWHQVRUGHFLQWXUyQGHVHJXULGDGFRQMXQWRGHUHWUDFWRU 5HILpUDVHDODVHFFLyQ$

+HUUDPLHQWDVHVSHFLDOHV

   

$SDUDWRGHFDUJDGHOFRO 0D]RGHFDEOHVGHGHVSOLH $FFHVRULRGHGHVSOLHJXH &RQMXQWRGHDGDSWDGRUGH
FKyQGHDLUHGHOFRQGXFWRU JXHGHFROFKyQGHDLUH GHPyGXORLQIODGRUGHO SUXHEDGHFRQHFWRU
SDVDMHUR FROFKyQGHDLUHGHOSDVD
MHUR

 
0XOWtPHWURGLJLWDO &DEOH'/&GHSDWL &RQMXQWR7HFK$,QVWUX &DUWXFKRGHPHPRULD
5HILpUDVHDOD127$³%´\ OODVSDUD7HFK$ PHQWRGHH[SORUDFLyQ PDVLYDSDUD7HFK$
D$'9(57(1&,$ 68=8.,
5HILpUDVHDOD127$³$´
 6,67(0$'(/&2/&+Ï1'($,5(%

&RQMXQWR7HFK,QVWUX
PHQWRGHH[SORUDFLyQ
68=8.,5HILpUDVHDOD
127$³&´

$'9(57(1&,$
$VHJ~UHVHGHXWLOL]DUHOPXOWtPHWURGLJLWDOHVSHFLILFDGR6LQRSURFHGHFRPRLQGLFDGRHOFROFKyQGHDLUH
SRGUtDGHVSOHJDUVHRSRGUtDKDEHUGDxRVFRUSRUDOHV

127$
‡ ³$´(VWHFRQMXQWRLQFOX\HORVDUWtFXORVVLJXLHQWHV\UHHPSOD]DHOFRQMXQWR7HFK
&DMDGHOLQVWUXPHQWR0DQXDOGHO2SHUDGRU7HFK$&DEOH'/&6RQGDFDEOHGHSUXHED
&DEOHGHDOLPHQWDFLyQHOpFWULFD$GDSWDGRUGHFDEOH'/&$GDSWDGRUGHDXWRGLDJQyVWLFR
‡ ³%´  (VSHFLILFDFLyQ GHO PXOWtPHWUR GLJLWDO  /D FRUULHQWH Pi[LPD HV  P$ R PHQRV HQ HO LQWHUYDOR
PtQLPRGHPHGLFLyQGHODUHVLVWHQFLD
‡ ³&´(VWHFRQMXQWRLQFOX\HORVDUWtFXORVVLJXLHQWHV\UHHPSOD]DHOFRQMXQWR7HFK$
7HFK7DUMHWD3&0&,$&DEOH'/&$GDSWDGRU6$(&DEOHSDUDHQFHQGHGRUGHFLJDUUL
OORV$GDSWDGRUGHFLUFXLWRHQEXFOH'/&&DEOHGHDOLPHQWDFLyQGHVGHEDWHUtD&DEOH56
$GDSWDGRU56&RQHFWRUHQEXFOHFHUUDGRGH56&DMDGHOLQVWUXPHQWR$OLPHQWDFLyQ
HOpFWULFD
%6,67(0$'(/&2/&+Ï1'($,5(
 Prepared by

Overseas Service Department

1st Ed. July, 2001

Printed in Japan

Printing: 672