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0KGRh6J5GxtLWrZqRscLuIdAxs-2Ja_tN
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VLJXLHQWHDOGHVXQRWLILFDFLyQFRQIRUPHDORSUHYLVWRHQORVDUWtFXORV\GHOD/H\GH
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)81'$&,Ï1&$1$5,$0$,1 * 5(67$85$&,Ï1 EDU *5$1&$1$5,$ ¼ ¼
+2756HUYLFLRVGH
EDU\FDIHWHUtD
66&6$WHQFLyQ
VRFLRVDQLWDULDDSHUVRQDV
0$,1 GHSHQGLHQWHVHQ
)81'$&,Ï1&$1$5,$0$,1 * 62&,26$1,7$5,2 LQVWLWXFLRQHVVRFLDOHV *5$1&$1$5,$ ¼ ¼
66&6$WHQFLyQ
VRFLRVDQLWDULDDSHUVRQDV
HQHOGRPLFLOLR
$'**2SHUDFLRQHV
$62&,$&,Ï13$5$/$
DX[LOLDUHVGHVHUYLFLRV
35202&,Ï1'(/(03/(2</$ * 3,,,/-$0$ 7(1(5,)( ¼ ¼
DGPLQLVWUDWLYRV\
&2+(6,Ï162&,$/&5($7,9$
JHQHUDOHV
0$,1,0$*(1 ,03(6HUYLFLRV
)81'$&,Ï1&$1$5,$0$,1 * 3(5621$/ DX[LOLDUHVGHHVWpWLFD *5$1&$1$5,$ ¼ ¼
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$62&,$&,Ï13$5$/$ $'**$FWLYLGDGHV
35202&,Ï1'(/(03/(2</$ * 3,,,/$57(0,6,$ DGPLQLVWUDWLYDVHQOD 7(1(5,)( ¼ ¼
&2+(6,Ï162&,$/&5($7,9$ UHODFLyQFRQHOFOLHQWH
$'**2SHUDFLRQHV
)Ï50$7(&21 DX[LOLDUHVGHVHUYLFLRV
$62&,$&,Ï1$)('(6 * 7(1(5,)( ¼ ¼
$)('(6 DGPLQLVWUDWLYRV\
JHQHUDOHV
66&6$WHQFLyQ
VRFLRVDQLWDULDDSHUVRQDV
HQHOGRPLFLOLR
$62&,$&,Ï1'20,7,/$
* 3,,,/5('&8,'$ 66&6$WHQFLyQ 7(1(5,)( ¼ ¼
+(51È1'(=
VRFLRVDQLWDULDDSHUVRQDV
GHSHQGLHQWHVHQ
LQVWLWXFLRQHVVRFLDOHV
$'**2SHUDFLRQHV
$62&,$&,Ï13$5$/$
DX[LOLDUHVGHVHUYLFLRV
35202&,Ï1'(/(03/(2</$ * 3,,,/%(-(48( 7(1(5,)( ¼ ¼
DGPLQLVWUDWLYRV\
&2+(6,Ï162&,$/&5($7,9$
JHQHUDOHV
&0/$FWLYLGDGHV
DX[LOLDUHVGHDOPDFpQ
)81'$&,Ï1&$1$5,$3$5$/$
/2*,6(59,&,26 $'**2SHUDFLRQHV
)250$&,Ï1,17(*5$/(
* ,17(*5$/(6'( GHJUDEDFLyQ\ 7(1(5,)( ¼ ¼
,16(5&,Ï162&,2/$%25$/
$/0$&e1 WUDWDPLHQWRGHGDWRV\
$7$5(7$&2
GRFXPHQWRV
66&(,QJOpV$
66&6$WHQFLyQ
$'6,6
VRFLRVDQLWDULDDSHUVRQDV
)81'$&,Ï1$'6,6 * 62&,26$1,7$5,2 *5$1&$1$5,$ ¼ ¼
GHSHQGLHQWHVHQ
(03/($$0
LQVWLWXFLRQHVVRFLDOHV
66&6$WHQFLyQ
$'6,6
VRFLRVDQLWDULDDSHUVRQDV
)81'$&,Ï1$'6,6 * 62&,26$1,7$5,2 *5$1&$1$5,$ ¼ ¼
GHSHQGLHQWHVHQ
(03/($30
LQVWLWXFLRQHVVRFLDOHV
$7(1($ $'**$FWLYLGDGHV
$62&,$&,Ï1'20,7,/$
* $7(1&,Ï1$/ DGPLQLVWUDWLYDVHQOD 7(1(5,)( ¼ ¼
+(51È1'(=
&/,(17( UHODFLyQFRQHOFOLHQWH
)81'$&,Ï1&$1$5,$3$5$/$ $'**$FWLYLGDGHV
2)),6(59,&,26
)250$&,Ï1,17(*5$/( DGPLQLVWUDWLYDVHQOD
* ,17(*5$/(6'( 7(1(5,)( ¼ ¼
,16(5&,Ï162&,2/$%25$/ UHODFLyQFRQHOFOLHQWH
2),&,1$
$7$5(7$&2 66&(,QJOpV$
)('(5$&,Ï13529,1&,$/'( 709*0DQWHQLPLHQWR
(035(6$6'(/0(7$/<18(9$6 GHORVVLVWHPDVHOpFWULFRV
* )250$0(&È1,&$ 7(1(5,)( ¼ ¼
7(&12/2*Ë$6'(6$17$&58='( \HOHFWUyQLFRVGH
7(1(5,)()(0(7( YHKtFXORV
(/60RQWDMH\
)('(5$&,Ï13529,1&,$/'(
PDQWHQLPLHQWRGH
(035(6$6'(/0(7$/<18(9$6
* )250$7(/(&2 VLVWHPDVGHWHOHIRQtDH 7(1(5,)( ¼ ¼
7(&12/2*Ë$6'(6$17$&58='(
LQIUDHVWUXFWXUDVGHUHGHV
7(1(5,)()(0(7(
ORFDOHVGHGDWRV
&207$FWLYLGDGHV
$62&,$&,Ï1&$1$5,$$7$&$<7( DX[LOLDUHVGHFRPHUFLR
3$5$/$/8&+$325(/ * 3,,,/6,1(5*,$ &207$FWLYLGDGHVGH 7(1(5,)( ¼ ¼
%,(1(67$562&,$/ JHVWLyQGHOSHTXHxR
FRPHUFLR
$62&,$&,Ï1&$1$5,$3$5$/$
$'*'$FWLYLGDGHVGH
327(1&,$&,Ï1'(/'(6$552//2 * 3,,,/(03/(2 7(1(5,)( ¼ ¼
JHVWLyQDGPLQLVWUDWLYD
62&,$/³*(1(5$&,Ï1´
$62&,$&,Ï1&$1$5,$3$5$/$ 66&*,QVHUFLyQ
3,,,/&$3$&,7$6
327(1&,$&,Ï1'(/'(6$552//2 * ODERUDOGHSHUVRQDVFRQ 7(1(5,)( ¼ ¼
62&,$/³*(1(5$&,Ï1´ GLVFDSDFLGDG
)81'$&,Ï1&$1$5,$,168/$5
$'**$FWLYLGDGHV
3$5$/$)250$&,Ï1(/(03/(2
* &$8&( DGPLQLVWUDWLYDVHQOD 7(1(5,)( ¼ ¼
<(/'(6$552//2(035(6$5,$6
UHODFLyQFRQHOFOLHQWH
),)('(
,)&'&RQIHFFLyQ\
)81'$&,Ï1&$1$5,$(/%8(1 SXEOLFDFLyQGHSiJLQDV
* 3,,,/7(&12$f$=$ 7(1(5,)( ¼ ¼
6$0$5,7$12 ZHE
66&(,QJOpV$
)81'$&,Ï1&$1$5,$(/%8(1
* )2&$ +275&RFLQD 7(1(5,)( ¼ ¼
6$0$5,7$12
0KGRh6J5GxtLWrZqRscLuIdAxs-2Ja_tN
1SOD]DVLQVHUWDU
1GHSOD]DV
3RUFHQWMHGH &RVWHPi[
1RPEUHHQWLGDG &,) 1RPEUHSUR\HFWR (VSHFLDOLGDG ,VOD ,PSRUWH
ILQDQFLDFLyQ $XGLWRUtD
$'(36,)250$(1
$'*'$FWLYLGDGHVGHJHVWLyQ
$62&,$&,21$'(36, * *(67,21 *5$1&$1$5,$ ¼ ¼
DGPLQLVWUDWLYD
$'0,1,675$7,9$
$'(36,)250$(1 66&6$WHQFLyQVRFLRVDQLWDULDD
$62&,$&,21$'(36, * $7(1&,Ï1 SHUVRQDVGHSHQGLHQWHVHQ *5$1&$1$5,$ ¼ ¼
62&,26$1,7$5,$ LQVWLWXFLRQHVVRFLDOHV
$'**2SHUDFLRQHVGHJUDEDFLyQ
\WUDWDPLHQWRGHGDWRV\GRFXPHQWRV
$62&,$&,Ï1$)(66$/8'0(17$/ * &21(&7$'26 7(1(5,)( ¼ ¼
$'**2SHUDFLRQHVDX[LOLDUHVGH
VHUYLFLRVDGPLQLVWUDWLYRV\JHQHUDOHV
(19(5$$62&,$&,Ï1'(
$'0,1,675$&,Ï1 $'*'$FWLYLGDGHVGHJHVWLyQ
(03/($'26'(,%(5,$3$'5(6'( * *5$1&$1$5,$ ¼ ¼
(19(5$ DGPLQLVWUDWLYD
3(5621$6&21',6&$3$&,'$'
(19(5$$62&,$&,Ï1'(
&2081,&$(19(5$ $'**$FWLYLGDGHVDGPLQLVWUDWLYDV
(03/($'26'(,%(5,$3$'5(6'( * *5$1&$1$5,$ ¼ ¼
HQODUHODFLyQFRQHOFOLHQWH
3(5621$6&21',6&$3$&,'$'
$'$2$FWLYLGDGHVDX[LOLDUHVHQ
(19(5$$62&,$&,Ï1'( YLYHURVMDUGLQHV\FHQWURVGHMDUGLQHUtD
1$785$(19(5$
(03/($'26'(,%(5,$3$'5(6'( * $*$2,QVWDODFLyQ\ *5$1&$1$5,$ ¼ ¼
3(5621$6&21',6&$3$&,'$' PDQWHQLPLHQWRGHMDUGLQHV\]RQDV
YHUGHV
(19(5$$62&,$&,Ï1'(
$*$;$FWLYLGDGHVDX[LOLDUHVHQ
(03/($'26'(,%(5,$3$'5(6'( * (&2(19(5$ *5$1&$1$5,$ ¼ ¼
DJULFXOWXUD
3(5621$6&21',6&$3$&,'$'
$*$2$FWLYLGDGHVDX[LOLDUHVHQ
(19(5$$62&,$&,Ï1'(
*($(19(5$ YLYHURVMDUGLQHV\FHQWURVGHMDUGLQHUtD
(03/($'26'(,%(5,$3$'5(6'( * 7(1(5,)( ¼ ¼
$*$;$FWLYLGDGHVDX[LOLDUHVHQ
3(5621$6&21',6&$3$&,'$'
DJULFXOWXUD
(19(5$$62&,$&,Ï1'(
+È%,7$7(19(5$
(03/($'26'(,%(5,$3$'5(6'( * $*$++RUWLFXOWXUD\IORULFXOWXUD 7(1(5,)( ¼ ¼
3(5621$6&21',6&$3$&,'$'
&225',1$'25$'(3(5621$6&21
$'**$FWLYLGDGHVDGPLQLVWUDWLYDV
',6&$3$&,'$')Ë6,&$'(&$1$5,$6 * $9$1=$ 7(1(5,)( ¼ ¼
HQODUHODFLyQFRQHOFOLHQWH
&225',&$1$5,$6
)('(5$&,Ï1'($62&,$&,21(6'( $'**2SHUDFLRQHVGHJUDEDFLyQ
3(5621$6&21',6&$3$&,'$' \WUDWDPLHQWRGHGDWRV\GRFXPHQWRV
* &(17,/ *5$1&$1$5,$ ¼ ¼
)Ë6,&$<Ï5*È1,&$'(/$63$/0$6 $'**2SHUDFLRQHVDX[LOLDUHVGH
&2&(0)(/$63$/0$6 VHUYLFLRVDGPLQLVWUDWLYRV\JHQHUDOHV
$62&,$&,Ï1'(3(5621$6625'$6 $'**2SHUDFLRQHVDX[LOLDUHVGH
)250$&,Ï16,1
'(/$3529,1&,$'(/$63$/0$6 * VHUYLFLRVDGPLQLVWUDWLYRV\JHQHUDOHV *5$1&$1$5,$ ¼ ¼
%$55(5$6
$625/$63$/0$6 66&,$FWLYLGDGHVIXQHUDULDV\GH
PDQWHQLPLHQWRHQFHPHQWHULRV
0KGRh6J5GxtLWrZqRscLuIdAxs-2Ja_tN
3UR\HFWRGLULJLGRVDODREWHQFLyQGH&HUWLILFDGRVGH3URIHVLRQDOLGDG
1SOD]DVLQVHUWDU
1'(3/$=$6
3RUFHQWDMHGH &RVWHPi[
1RPEUHHQWLGDG &,) 1RPEUHSUR\HFWR (VSHFLDOLGDG ,VOD ,PSRUWH
ILQDQFLDFLyQ $XGLWRUtD
&($5&20,6,Ï1(63$f2/$ +2752SHUDFLRQHV
* &($5&2&,1$ *5$1&$1$5,$ ¼ ¼
'($<8'$$/5()8*,$'2 EiVLFDVGHFRFLQD
0KGRh6J5GxtLWrZqRscLuIdAxs-2Ja_tN
GHVHVWLPDFLyQ
&DXVDV
,PSRUWH
120%5((17,'$' 'HQRPLQDFLyQ &ROHFWLYR ,VOD 1GHSOD]DV
6ROLFLWDGR
$&&,Ï1/$%25$/3/$7$)250$3$5$/$
3(5621$6(1
,03/$17$&,Ï1'(352*5$0$6'( 7(1(5,)(,17(*5$ (;&/86,Ï12(1 7(1(5,)( ¼
,1&/86,Ï1/$%25$/(1&2/(&7,926 5,(6*2'(3$'(&(5/$
'(6)$925(&,'26
&DXVDVGHGHVHVWLPDFLyQ
1RDOFDQ]DODSXQWXDFLyQPtQLPDGHSXQWRVHQHODSDUWDGR³YDORUDFLyQGHOSUR\HFWRSUHVHQWDGR´GHOD
EDUHPDFLyQVHJ~QODEDVHGpFLPRTXLQWDGHODUHVROXFLyQGHGHDJRVWRGHSXEOLFDGDHQHO%2&Q
GHGHVHSWLHPEUHGH
. / . 0 0 1 . 2 % 1 2 3 4 . 2
. / . 0 0 1 . 2 % 1 2 3 0 5 .
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. / . 0 0 1 . 2 1 2 7 4 7 0
. / . 0 0 1 . 2 % 1 2 7 4 7 0
0KGRh6J5GxtLWrZqRscLuIdAxs-2Ja_tN
. / . 0 0 1 . 2 % 1 2 7 2 . 0