Download Samsung WA10V9UEP/YGI Manual de Usuario
Transcript
:$$9 :$9 :$9 :$9 /DYDGRUD 0DQXDOGHOXVXDULR LPDJLQDODVSRVLELOLGDGHV *UDFLDVSRUFRPSUDUXQSURGXFWR6DPVXQJ 3DUDUHFLELUXQVHUYLFLRP£VFRPSOHWR GHEHUHJLVWUDUHOSURGXFWRHQ ZZZVDPVXQJFRPJOREDOUHJLVWHU :$9.,&)B/$6LQGG ¢¬¬ IXQFLRQHV 6LVWHPDGH3UH6HFDGR -BUFDOPMPHÓB"JS5VSCPDFOUSJGVHBGVFSUFZSÈQJEBNFOUFEFUBMNBOFSBRVFTFOFDFTJUBNFOPT UJFNQPEFTFDBEP $,5785%2DKRUUDWLHPSR\DTXHDVHJXUDTXHODURSDVHVHTXHXQP£V U£SLGDPHQWHTXHHQXQDO¯QHDGHVHFDGRLQGLYLGXDO(VSHFLDOPHQWHHQOD«SRFDGHOOXYLDV\ FRQWLHPSRPX\K¼PHGRODURSDTXHDQWHVWDUGDEDG¯DVHQVHFDUVHFRPRMHDQVPDQWDV\ SXOµYHUHVJUXHVRVVHVHFDP£VU£SLGDPHQWH $,5785%2TXHSHUPLWHXQI£FLOSODQFKDGRHVSHUIHFWRSDUDURSDGHOLFDGD\WHMLGR VLQW«WLFR<DQRKDFHIDOWDFROJDU\HVSHUDU3ODQFKHODURSDQLELHQODVDFDGHODODYDGRUD \DTXH$,5785%2HOLPLQDODFDQWLGDGVXƂFLHQWHGHDJXDFRPRSDUDPDQWHQHUODURSD VXƂFLHQWHPHQWHK¼PHGDSDUDSODQFKDUOD 5BNCPSFOGPSNBEFEJBNBOUF (OWDPERUHQIRUPDGHGLDPDQWHFUHDXQDDOWDSUHVLµQGHDJXDTXHHOLPLQDODVXFLHGDGGHOD URSDHƂFD]PHQWH(OWDPERUHQIRUPDGHGLDPDQWHPLQLPL]DHOGD³RGHORVWHMLGRV\GHHVWD PDQHUDDODUJDVXGXUDFLµQ(OUHOXFLHQWHWDPERULQWHUQRHVKHUPRVR\SRWHQWHSDUDORJUDUXQ ODYDGRH[FHOHQWH )X]]\&RQWURO (O)X]]\FRQWUROGHWHFWDHOHFWUµQLFDPHQWHODFDUJD\DFWLYDHOFLFORGHODYDGRP£VDGHFXDGR 3XHUWDWUDQVSDUHQWHWHPSODGD 3HUPLWHFRPSUREDUHOODYDGRPLHQWUDVODODYDGRUDHVW£IXQFLRQDQGR&RPSUXHEHHOSURJUHVR GHOODYDGRFXDQGRORGHVHH 3RWHQWHJHQHUDGRUGHLPSXOVRVGREOH0HQRVHQUHGRVPHMRU UHQGLPLHQWRGHODYDGR 6LQHQUHGRV/RVFKRUURVGHDJXDGHGLVWLQWRVWDPD³RVFRQWULEX\HQDTXHODURSDQRVH HQUHGH 7HFQRORJ¯DGHOƃXMRGHDJXDGLVH³DGDHVSHF¯ƂFDPHQWHSDUDPHMRUDUHOUHQGLPLHQWRGHO ODYDGR/DSRWHQFLDGHORVYLROHQWRVFKRUURVGHDJXDGHGLYHUVRVWDPD³RVJDUDQWL]DXQ H[FHOHQWHUHQGLPLHQWRGHOODYDGR )LOWUR0DJLF (VWHH[FOXVLYRƂOWURP£JLFRDVHJXUDODFDSWXUDGHFXDOTXLHUSHOXVDGHQWURGHOWDPERUSDUD ORJUDUXQƂOWUDGRGHODPHMRUFDOLGDG\REWHQHUXQODYDGRXQLIRUPH\HƂFLHQWH )XQFLµQGH%/248(23$5$1,26 6HWUDWDGHXQGLVSRVLWLYRSDUDHYLWDUTXHORVQL³RVVXIUDQDFFLGHQWHVVLMXHJDQFRQOD ODYDGRUD3DUDP£VLQIRUPDFLµQFRQVXOWHODS£JLQD BIXQFLRQHV :$9.,&)B/$6LQGG ¢¬¬ LQVWUXFFLRQHVVREUHVHJXULGDG 7HQJDHQFXHQWDTXHODVVLJXLHQWHVSUHFDXFLRQHVWLHQHQFRPRREMHWLYRHYLWDUSHOLJURV\GD³RV LPSUHGHFLEOHV\EULQGDUVHJXULGDGPHGLDQWHXQXVRDSURSLDGR &XDQGRXWLOLFHDJXDFDOLHQWHHQHOODYDGRDVHJ¼UHVHGHTXHODWHPSHUDWXUDGHODJXDQRVXSHUHORV|& -BTQJF[BTQMÈTUJDBTQVFEFOEFGPSNBSTFPEB×BSTFZHFOFSBSVOBEFTDBSHBFMÏDUSJDBPVO JODFOEJP $'9(57(1&,$ +HULGDVJUDYHVRDFFLGHQWHVIDWDOHVSXHGHQVHUODFRQVHFXHQFLDGHQRFXPSOLUFRQHVWDV LQVWUXFFLRQHV t 6LVHGD³DHOHQFKXIHFDEOHGHDOLPHQWDFLµQHO«FWULFDGHEHU£VHUVXVWLWXLGRSRUHO IDEULFDQWHVXDJHQWHGHUHSDUDFLRQHVRXQDSHUVRQDLJXDOPHQWHFDOLƂFDGDDƂQGHHYLWDU DFFLGHQWHV t /PUPRVFOJUJSFEFMDBCMFEFBMJNFOUBDJØODPOMBTNBOPTIÞNFEBT ŧ 6LORKDFHSXHGHKDEHUXQDGHVFDUJDHO«FWULFDRXQLQFHQGLR t /PSFUVFS[BFMDBCMFEFBMJNFOUBDJØOFOÏSHJDBNFOUFOJMFFKFS[BQSFTJØODPOPCKFUPT QFTBEPT ŧ 6LORKDFHSXHGHKDEHUXQDGHVFDUJDHO«FWULFDRXQLQFHQGLR t /PJOTUBMFMBMBWBEPSBDFSDBEFEJTQPTJUJWPTFMÏDUSJDPTOJDPMPRVFWFMBTPDJHBSSJMMPTTPCSFFMMB ŧ 3XHGHFDXVDUXQLQFHQGLR t .JFOUSBTFTUÈFOGVODJPOBNJFOUPOPDPMPRVFMBTNBOPTOJNBUFSJBMFTNFUÈMJDPTEFCBKPEFMB MBWBEPSB ŧ (OSDQHOGHFHQWULIXJDGRTXHVHHQFXHQWUDGHEDMRGHODODYDGRUDSRGU¯DGD³DUOR t .BOUÏOHBTFBMFKBEPEFMBMBWBEPSBDVBOEPTVCBTFTFTVNFSHFFOFMBHVB ŧ 3XHGHKDEHUXQDGHVFDUJDHO«FWULFD(VSHUHKDVWDTXHHODJXDWHUPLQHGHGUHQDUSRU FRPSOHWR t /PDPMPRVFEFOUSPEFMBMBWBEPSBQSFOEBTNBODIBEBTEFHBTPMJOBCFODFOPPBMDPIPM NBOUFOHBFTUPTNBUFSJBMFTBMFKBEPTEFMBMBWBEPSB ŧ (VWRSXHGHFDXVDUXQDH[SORVLµQRXQLQFHQGLR t %VSBOUFFMDFOUSJGVHBEPOPDPMPRVFMBTNBOPTFOFMUBNCPS ŧ 3RGU¯DGD³DUODV6LQRVHGHWLHQHVHJXQGRVGHVSX«VGHKDEHUDELHUWRODWDSDOODPH LQPHGLDWDPHQWHDXQDJHQWHGHVHUYLFLR Ř (VWHDSDUDWRQRIXHGLVH³DGRSDUDTXHORXWLOLFHQQL³RVRSHUVRQDVHQIHUPDVDPHQRV TXHKD\DQVLGRVXSHUYLVDGDVSRUXQDSHUVRQDUHVSRQVDEOHTXHVHDVHJXUHGHTXHSXHGDQ XWLOL]DUHODSDUDWRGHPDQHUDVHJXUD /RVQL³RVGHEHQVHUVXSHUYLVDGRVSDUDDVHJXUDUVHGHTXHQRMXHJXHQFRQHODSDUDWR t &TUFBQBSBUPEFCFDPOFDUBSTFBVOFODIVGFRVFTPQPSUFFMDPOTVNPEFFOFSHÓBBEFDVBEP t &TUFBQBSBUPEFCFDPMPDBSTFEFNBOFSBUBMRVFFMFODIVGFTFBEFGÈDJMBDDFTPEFTQVÏTEFMB JOTUBMBDJØO t &OFMJOUFSJPSOPIBZQJF[BTRVFFMVTVBSJPQVFEBSFQBSBS5PEBTMBTSFQBSBDJPOFTEFCFOTFS SFBMJ[BEBTQPSQFSTPOBMEFTFSWJDJPUÏDOJDPDBMJGJDBEP ŧ 'HORFRQWUDULRSXHGHUHVXOWDUHQHUURUHVPHF£QLFRVGHVFDUJDVHO«FWULFDVLQFHQGLRVR GD³RVI¯VLFRV ŧ /DJDUDQW¯DGHOSURGXFWRQRFXEUHSUREOHPDVTXHVXUMDQGHGHVDUPDUHOSURGXFWR t /PVUJMJDFFTUFQSPEVDUPDPOGJOFTDPNFSDJBMFT t -BTMBWBEPSBTDPOBCFSUVSBTEFWFOUJMBDJØOFOMBCBTFOPQVFEFOUFOFSVOBBMGPNCSBRVF PCTUSVZBMBTBCFSUVSBT LQVWUXFFLRQHVVREUHVHJXULGDGB :$9.,&)B/$6LQGG ¢¬¬ LQVWUXFFLRQHVVREUHVHJXULGDG 35(&$8&,21(6 +HULGDVRGD³RVOHYHVSXHGHQVHUODFRQVHFXHQFLDGHQRFXPSOLUFRQHVWDVLQVWUXFFLRQHV t /PJOTUBMFMBMBWBEPSBFOÈSFBTIÞNFEBTPBMBJSFMJCSFEPOEFQVFEBFTUBSFYQVFTUBBMMVWJBP OJFWF ŧ 6LORKDFHSXHGHKDEHUXQDGHVFDUJDHO«FWULFDRXQLQFHQGLR t %FTFODIVGFFMDBCMFEFBMJNFOUBDJØOFMÏDUSJDBDVBOEPOPVUJMJDFMBMBWBEPSB ŧ 6LQRORKDFHSXHGHKDEHUXQDGHVFDUJDHO«FWULFDRXQLQFHQGLR t 4JIBZQPMWPPBHVBFOFMUPNBDPSSJFOUFZFOMBQJF[BDPOFDUBEBRVÓUFMPQPSDPNQMFUP ŧ 6LQRORKDFHSXHGHKDEHUXQDGHVFDUJDHO«FWULFDRXQLQFHQGLR t /PQFSNJUBRVFMPTOJ×PTPCTFSWFOFMJOUFSJPSEFMBMBWBEPSB ŧ 6LVHFDHQGHQWURSRGU¯DQFRUUHUSHOLJURGHYLGD t 7FOUJMFJONFEJBUBNFOUFTJOUPDBSFMUPNBDPSSJFOUFTJIBZVOBQÏSEJEBEFHBT ŧ 'HORFRQWUDULRSXHGHKDEHUXQDGHVFDUJDHO«FWULFDRXQLQFHQGLRVLVHHQFLHQGH HVSRQW£QHDPHQWH t 4JMBMBWBEPSBSFBMJ[BSVJEPTFYUSB×PTFNJUFPMPSPIVNPEFTFODIÞGFMBEFJONFEJBUPZ DPNVOÓRVFTFDPOFMBHFOUFEFTFSWJDJP ŧ 6LQRORKDFHSXHGHKDEHUXQDGHVFDUJDHO«FWULFDRXQLQFHQGLR t $VBOEPSFBMJDFMBMJNQJF[BOPSPDÓFBHVBFOGPSNBEJSFDUBTPCSFMBTQJF[BTEFMBMBWBEPSB ŧ (VWRSXHGHDFRUWDUVXYLGD¼WLO $GHP£VSXHGHKDEHUXQDGHVFDUJDHO«FWULFDRXQLQFHQGLR t /PFODIVGFWBSJPTBQBSBUPTFOVONJTNPUPNBDPSSJFOUF ŧ 3XHGHLQLFLDUVHXQLQFHQGLRGHELGRDOH[FHVRGHWHPSHUDWXUD t /PQVMTFFMCPUØODPOVOQVO[ØOPVOBBHVKB ŧ 6LORKDFHSXHGHKDEHUXQDGHVFDUJDHO«FWULFDRXQLQFHQGLR t 6UJMJDFKVFHPTEFNBOHVFSBTOVFWPTZOPKVFHPTWJFKPT t 4JFMDBCMFRVFFTUÈFOVTPTFEB×BEFCFSÈTFSSFFNQMB[BEPQPSFMGBCSJDBOUFFMDFOUSPEF SFQBSBDJPOFTPVOBQFSTPOBBVUPSJ[BEBBGJOEFFWJUBSBDDJEFOUFT t $POFDUFFMDBCMFEFQVFTUBBUJFSSBBMBQMBDBEFMBDVCJFSUBZFOUJÏSSFMPBMNFOPTBDNEF QSPGVOEJEBE5BNCJÏOQVFEFDPOFDUBSFMDBCMFEFQVFTUBBUJFSSBBMBDMBWJKBDPSSFDUBEFVOB UPNBEFDPSSJFOUFBEFDVBEBNFOUFQVFTUBBUJFSSB/PDPOFDUFOVODBFMDBCMFBVOBMÓOFBEF UFMÏGPOPVOQBSBSSBZPTPVOBUVCFSÓBEFHBT BLQVWUXFFLRQHVVREUHVHJXULGDG :$9.,&)B/$6LQGG ¢¬¬ FRQWHQLGR ,167$/$&,1'(/$/$9$'25$ )81&,21(60$18$/(6 ,167$/$&,1<0$17(1,0,(172 62/8&,1'(352%/(0$6 12)81&,21$/$/$9$'25$" (63(&,),&$&,21(6 :$9.,&)B/$6LQGG HVFULSFLµQGHSLH]DV ' &RQWUROSUHYLRDOODYDGR\FXLGDGRGHODV SUHQGDV &µPRODYDUHQIRUPDDXWRP£WLFDGHSHQGHGH ODVSUHQGDV 3DQHOGHFRQWURO 3 URJUDPD'LJLWDO:DVK3HUX 3 URJUDPDSDUDV£EDQDV 3 URJUDPD/DQD 3 URJUDPD0HPRULD 3 URJUDPD7RGRHQ 3 URJUDPD5£SLGR - HDQV6XSHU&OHDQ 3 URJUDPD$KRUUR ,QLFLR5HWDUGDGR 3 UH6HFDGR )XQFLRQHVPDQXDOV (QWRUQR 1LYHODFLµQ &RQH[LµQGHODPDQJXHUDGHVXPLQLVWURGH DJXD &µPRFRQHFWDUODPDQJXHUDGHGHVDJ¾H 3 DUDODYDGRUDVFRQERPEDGHGHVDJ¾H 6 HGHEHWHQHUSUHFDXFLµQDOLQVHUWDUOD PDQJXHUDGHGHVDJ¾HHQODYDGRUDV JHQHUDOHV ,QVWDODFLµQGHODWDSDGHSURWHFFLµQFRQWUD UDWDV\DQWLUXLGR &µPRFRORFDUGHWHUJHQWH &µPRDJUHJDUHOVXDYL]DQWHGHWHODV )LOWURGHOFRQHFWRUGHOVXPLQLVWURGHDJXD &µPROLPSLDUHOƂOWUR &µPROLPSLDUHOƂOWURGHODERPED 6ROXFLµQGHSUREOHPDV 1RIXQFLRQDODODYDGRUD" (VSHFLƂFDFLRQHV FRQWHQLGRB ¢¬¬ LQVWDODFLµQGHODODYDGRUD '(6&5,3&,1'(3,(=$6 (O0DQXDOGHOXVXDULRHVSDUDHOXVRJHQHUDO 8WLOLFHHO0DQXDOGHOXVXDULRVHJ¼QHOPRGHORGHVXODYDGRUD 7DSD $VHJ¼UHVHGHPDQWHQHUOD WDSDFHUUDGDGXUDQWHHOODYDGR \HOFHQWULIXJDGR )LOWUR 0DQJXHUDGHVXPLQLVWURGH DJXDFDOLHQWH 0DQJXHUDGHVXPLQLVWURGH DJXDIU¯D 0DQJXHUDGHGHVDJ¾HERPED /DSHOXVDVHDFXPXODU£HQHO ƂOWURGXUDQWHHOODYDGR 5HFLSLHQWHSDUDHOGHWHUJHQWH 'RVLƂFDGRUGH DFRQGLFLRQDGRU 7DPERUGHFHQWULIXJDGR &DEOHGHDOLPHQWDFLµQ 3XOVDGRU 3DQHOGHFRQWURO GHODQWHUR &DEOHGHSXHVWDDWLHUUD &XDQGRODVWXEHU¯DVGH DJXDVRQPHW£OLFDVVH GHEHFXEULUHOH[WUHPRGHO FDEOHGHSXHVWDDWLHUUD .BOHVFSBEFEFTBHàF 3DWDVDMXVWDEOHV $MXVWHODORQJLWXGGH ODVSDWDVFXDQGR LQVWDOHODODYDGRUD 3DQHOGHSURWHFFLµQ FRQWUDUDWDV BLQVWDODFLµQGHODODYDGRUD :$9.,&)B/$6LQGG ¢¬Êb &21752/35(9,2$//$9$'2<&8,'$'2'(/$635(1'$6 */45"-"$*»/%&-"-"7"%03" (VLPSRUWDQWHVHJXLUODVLQVWUXFFLRQHVSDUDHYLWDUSUREOHPDVHQODODYDGRUDRGD³RVHQODVSUHQGDV Ř 4JMPTQSPCMFNBTBDPOUJOVBDJØOTPOQSPEVDUPEFFSSPSFTEFMDMJFOUFTFDPCSBSÈVOBUBSJGBEFTFSWJDJP BEJDJPOBM ,QVWUXFFLRQHVSUHYLDVDOODYDGR &RPSUXHEHVLODVSUHQGDVVHHVW£QEODQTXHDQGR Ř 6LQRHVW£VHJXURYLHUWDGHWHUJHQWHO¯TXLGRVREUHXQDWRDOODEODQFD\VREUHODSUHQGD/XHJR IUµWHODVHQWUHV¯YLJRURVDPHQWH&RPSUXHEHVLHOFRORUVHWUDQVƂULµDODWRDOOD Ř 5FOHBDVJEBEPDPOMPTQB×VFMPTZMBTQSFOEBTJNQPSUBEBTZBRVFTVFMFOEFDPMPSBSTF GÈDJMNFOUF Ř $PNQSVFCFTJIBZNBODIBTPTVDJFEBEQBSDJBM Ř 4JIBZNBODIBTVUJMJDFVOBUPBMMBIVNFEFDJEBDPOEFUFSHFOUFTQBSBGSPUBSFOVOBÞOJDB EJSFDDJØO Ř "OUFTEFMMBWBEPDFQJMMFDPOEFUFSHFOUFMBTNBOHBTDVFMMPTEPCMBEJMMPTEFWFTUJEPTZ CPMTJMMPT /DVSUHQGDVGHODQDSOLVDGDVVHWUDWDQHVSHFLDOPHQWHDW£QGRODVFRQKLORDQWHVGHOODYDGR(OKLOR VHTXLWDXQDYH]VHKDQVHFDGRODVSUHQGDV 3UHQGDVQRODYDEOHV 3UHQGDVTXHVHHVWURSHDQI£FLOPHQWHFRQVµORUHPRMDUODVHQDJXD Ř -BTDPSCBUBTMPTDPSQJ×PTMPTTBDPTMPTUSBKFTZMPTUBQBEPTIFDIPTFONBZPSNFEJEBEF SBZØOVPUSBTUFMBTEFNF[DMBTVFMFOFTUSPQFBSTFDPOGBDJMJEBEQPSFKFNQMPFODPHFSTFP EFTUF×JS JODMVTPBMSFNPKBSTFFOBHVB Ř -PTQSPEVDUPTQMJTBEPTCPSEBEPTPUSBUBEPTDPOSFTJOBTFFTUSPQFBOGÈDJMNFOUFBVORVF TØMPTFSFNPKFOFOBHVB Ř -PTQSPEVDUPTIFDIPTEFBMHPEØOZMBOBTFEBBSSVHBEBMPTQSPEVDUPTZBDDFTPSJPTEF DVFSPMBTQSFOEBTDPOBEPSOPTEFDVFSPZTVTBDDFTPSJPTTFEFDPMPSBODPOGBDJMJEBE Ř /PMBWFFTUBTQSFOEBTTJOVOBHVÓBPFUJRVFUBEFMBWBEPEFMNBUFSJBM 6REUHHOGHWHUJHQWH Ř 4JFMEFUFSHFOUFOPTFEJTVFMWFFOGPSNBBEFDVBEBVUJMJDFBHVBUJCJBBQSPYJNBEBNFOUFB $ QBSBEJTPMWFSMP Ř 6UJMJDFVOBDBOUJEBEBQSPQJBEB "VORVFVUJMJDFVOBDBOUJEBEFYDFTJWBEFEFUFSHFOUFBQFOBTOPUBSÈMBEJGFSFODJBFO 13&$"6$*»/ Ř FMSFTVMUBEPEFMMBWBEP4JOFNCBSHPMBTQSFOEBTTFQVFEFOEB×BSBDBVTBEFVO FOKVBHVFJOTVGJDJFOUF Ř -PTBHFOUFTCMBORVFBEPSFTBMTFSNVZBMDBMJOPTQVFEFOEB×BSMBTQSFOEBT Ř 3FBMJDFMPTFOKVBHVFTTVGJDJFOUFTZBRVFFMEFUFSHFOUFFOQPMWPTFBEIJFSFDPOGBDJMJEBE BMBTQSFOEBTZQSPWPDBMBBQBSJDJØOEFNBMPTPMPSFT Ř 4JTFVTBEFNBTJBEPEFUFSHFOUFPBHVBGSÓBFMEFUFSHFOUFOPTFEJTVFMWFUPUBMNFOUFZ TFBEIJFSFBMBTQSFOEBTBMBNBOHVFSBPBMUBNCPSEFDFOUSJGVHBEPMPRVFDPOUBNJOB MBTQSFOEBT Ř &OFMDBTPEFMMBWBEPSFTFSWBEPMPTEFUFSHFOUFTEFCFODPMPDBSTFFOFMSFDJQJFOUFQBSB FMEFUFSHFOUF4JFMEFUFSHFOUFFOQPMWPTFFTQBSDFEJSFDUBNFOUFTPCSFMBTQSFOEBT QVFEFIBDFSRVFÏTUBTTFEFDPMPSFO LQVWDODFLµQGHODODYDGRUDB :$9.,&)B/$6LQGG ¢¬¬ LQVWDODFLµQGHODODYDGRUD &8,'$'2'(/$635(1'$6$17(6'(//$9$'2 5HWLUHORVHIHFWRVSHUVRQDOHVGHORVEROVLOORV Ř c&XLGDGRc&RQWUROHORVEROVLOORV/DVKRUTXLOODV\ODVPRQHGDV SXHGHQGD³DUODVSUHQGDV\ODODYDGRUD+DFHQUXLGR\FDXVDQ SUREOHPDVDODODYDGRUD'HEHFRQWURODUORVEROVLOORV 6LORVFLHUUHVGHORVSDQWDORQHVHVW£QDELHUWRVGXUDQWHHOODYDGR HVSRVLEOHTXHHOWDPERUGHFHQWULIXJDGRVHGD³H/RVFLHUUHV GHEHQFHUUDUVH\DMXVWDUVHFRQXQDFXHUGDDQWHVGHOODYDGR Ř (OPHWDOGHODVSUHQGDVSXHGHGD³DUVXURSD\WDPEL«QHOWDPERU Ř '«YXHOWDODVSUHQGDVFRQERWRQHVRERUGDGRVDQWHVGHODYDUODV Ř /DVSUHQGDVFRQFLQWDVODUJDVSXHGHQHQUHGDUVHFRQRWUDVSUHQGDV\ GD³DUVH$VHJ¼UHVHGHVXMHWDUODVFLQWDVDQWHVGHODYDU 1RODYHSUHQGDVLPSHUPHDEOHVSRUHMHPSORURSDGHHVTX¯FXELHUWDVSDUDSD³DOHV\ IHOSXGRVSDUDORVSLHVGHODFDPD Ř /DVSUHQGDVSRGU¯DQVHUH[SXOVDGDVGHODODYDGRUDRSRGU¯DQKDFHUTXH«VWDYLEUHHQIRUPD DQRUPDO\RFDVLRQDUOHVLRQHVI¯VLFDVRGD³DUODODYDGRUDHOSLVRRODVSUHQGDV3D³DOHV SUHQGDVLPSHUPHDEOHVSLORWRVFXELHUWDVGHSDUDJXDVSUHQGDVGHHVTX¯FREHUWRUHVGH DXWRPµYLOHVEROVDVGHGRUPLUHWF Ř &XDQGRHOWDPERUJLUDHODJXDSXHGHTXHGDUDWUDSDGDHQODVSUHQGDVRWHODVLPSHUPHDEOHV \DFXPXODUVHHQXQDHVTXLQDFDXVDQGRYLEUDFLRQHVDQRUPDOHV$GHP£VODURSDDVFHQGHU¯D \VHSRGU¯DH[SXOVDUORTXHRFDVLRQDU¯DOHVLRQHVI¯VLFDV 4XLWHODWLHUUDRVXFLHGDGGHODVSUHQGDV Ř /DWLHUUD\ODDUHQDSXHGHQUR]DUODVSUHQGDVGHOLFDGDV\GD³DUODV\HOUHVXOWDGRGHODYDGR SXHGHQRVHUVDWLVIDFWRULR $QWHVGHOODYDGRSULQFLSDOUHDOLFHXQSUHODYDGRGHPHGLDVPDQJDV\FXHOORVEODQFRV Ř /DVPDQFKDV\ODVXFLHGDGGHFXHOORVPDQJDVGREODGLOORV\EROVLOORVGHEHQFHSLOODUVH VXDYHPHQWHFRQGHWHUJHQWHDQWHVGHOODYDGR Ř 8WLOLFHGHWHUJHQWHHQSROYRRO¯TXLGR1RXWLOLFHMDEµQ\DTXHSXHGHGHMDUVXFLHGDGHQHO WDPERU '«YXHOWDORVSD³DOHVDQWHVGHODYDUORV Ř 6LODVSUHQGDVWLHQHQGHPDVLDGDVXFLHGDGO£YHODVSRUVHSDUDGR2WUDV SUHQGDVSXHGHQDEVRUEHUHVDVXFLHGDGWLHUUDKLORV Ř /DVSUHQGDVQHJUDV\ODVWRDOODVGHDOJRGµQVHGHEHQODYDUSRU VHSDUDGR6LVHODYDQMXQWDVODVWRDOODVSXHGHQDEVRUEHUODVXFLHGDG &RPSUX«EHORDQWHVGHLQLFLDUHOODYDGR /DFDFKHPLUD\ODVSUHQGDVYROXPLQRVDV\GHSRFRSHVRSRU HMHPSORSUHQGDVFRQHQFDMHVOHQFHU¯DPHGLDVGHQ\ORQWHODV VLQW«WLFDVHWFSXHGHQDVFHQGHU\GD³DUODURSD\ODODYDGRUD8WLOLFH XQDEROVDGHPDOODRODYHHVWRVDUW¯FXORVSRUVHSDUDGR Ř $QWHVGHLQLFLDUHOODYDGRFRORTXHODVSUHQGDVFRQFLQWDVODUJDV\FRQ HQFDMHVORVHGUHGRQHV\ODVSUHQGDVGHODQDHQXQDEROVDGHPDOOD Ř &RORTXHODVSUHQGDVGHOLFDGDVHQXQDEROVDGHPDOOD Ř 8WLOLFHVµOREROVDVGHPDOODFRPHUFLDOHVHVSHFLDOHVSDUDODYDGRUD /DVFRUWLQDVODVSUHQGDVOLYLDQDV\ORVMHDQVGHEHQFRPSULPLUVHDƂQGHTXHQRƃRWHQ HQHODJXD Ř 6LHVW£QƃRWDQGRHQHODJXDSXOVHHOERWµQ,QLFLR3DXVDSDUDGHWHQHUODODYDGRUD\ SUHVLµQHODVKDVWDTXHTXHGHQVXPHUJLGDVHQHODJXD6LHOODYDGRFRQWLQ¼DFRQSUHQGDV ƃRWDQGRHQHODJXDSXHGHGD³DUODVSUHQGDV\ODODYDGRUD\KDFHUTXHHOUHVXOWDGRGHO ODYDGRQRVHDVDWLVIDFWRULR BLQVWDODFLµQGHODODYDGRUD :$9.,&)B/$6LQGG ¢¬¬ &02/$9$5(1)250$$87207,&$'(3(1'('(/$6 35(1'$6 $QWHVGHLQLFLDUHOODYDGRVLJDHVWRVSDVRV t $POFDUFMBNBOHVFSBEFTVNJOJTUSPEFBHVBBMHSJGPEFBHVB%FKFFMHSJGPBCJFSUP&ODIVGFFMDBCMF "TFHÞSFTFEFCBKBSMBNBOHVFSBEFEFTBHàF $QWHVGHODYDUURSDSRUSULPHUDYH]UHDOLFHXQFLFORFRPSOHWRGHODYDGRVLQURSD 3DUDKDFHUOR 3XOVHHOERWµQ(QFHQGHU $EUDHOFDMµQSDUDGHWHUJHQWH\YLHUWDXQSRFRGHGHWHUJHQWH $EUDHOVXPLQLVWURGHDJXDDODODYDGRUD 3XOVHHOERWµQ,QLFLR3DXVD $V¯VHHOLPLQDU£FXDOTXLHUUHVWRGHDJXDTXHKD\DSRGLGRTXHGDUGHODVSUXHEDVGH IXQFLRQDPLHQWRUHDOL]DGDVSRUHOIDEULFDQWH 1RWDVHVSHFLDOHV )XQFLµQGHGHWHFFLµQDXWRP£WLFD t &ODBEBQSPHSBNBTBMWPFOFMQSPHSBNBMBOB MBMBWBEPSBEFUFDUBFOGPSNBBVUPNÈUJDB MBDBOUJEBEEFQSFOEBTZDPOGJHVSBFMOJWFMEFBHVBUJFNQPEFMBWBEPDJDMPEFFOKVBHVFZ UJFNQPEFDFOUSJGVHBEPFOGPSNBBVUPNÈUJDB t %FTQVÏTEFIBCFSTFFODFOEJEPTFTFMFDDJPOBVOQSPHSBNBZTFQVMTBFMCPUØO*OJDJP 1BVTB-VFHPFMUBNCPSFNQJF[BBHJSBSTJOBHVB&TUBBDDJØOEFUFDUBMBDBOUJEBEEF QSFOEBTRVFIBZFOFMUBNCPSEFMBWBEPOPFTVOQSPCMFNBEFMBMBWBEPSB%FTQVÏTEF FTUFQSPDFTPEFEFUFDDJØOFMBHVBTFTVNJOJTUSBFOGPSNBBVUPNÈUJDB &µPRDJUHJDUGHWHUJHQWH\VXDYL]DQWH t &MTFOTPSEFUFDUBMBDBOUJEBEEFQSFOEBTFJOEJDBFMOJWFMEFBHVBZMBDBOUJEBEEF EFUFSHFOUF%FJONFEJBUPDPNJFO[BFMTVNJOJTUSPEFBHVB t %VSBOUFFMTVNJOJTUSPEFBHVBTFQVFEFBCSJSFMDBKØOEFMEFUFSHFOUFZBHSFHBSNÈT4JO FNCBSHPFTNFKPSQVMTBSFMCPUØO*OJDJP1BVTBQBSBEFUFOFSFMTVNJOJTUSPEFBHVBZB DPOUJOVBDJØOBHSFHBSFMEFUFSHFOUF$JFSSFMBUBQBZWVFMWBBQVMTBSFMCPUØO*OJDJP1BVTB &TUBGPSNBEFQSPDFEFSFTNÈTBQSPQJBEB t 4JTFBHSFHBFMTVBWJ[BOUFFOFMEJTQFOTBEPSEFTVBWJ[BOUFÏTUFTFJODPSQPSBSÈFOGPSNB BVUPNÈUJDBEVSBOUFFMÞMUJNPDJDMPEFFOKVBHVF &RORTXHODVSUHQGDVHQODODYDGRUD\DJUHJXHWDPEL«QHOGHWHUJHQWH t 5FOHBDVJEBEPEFOPTPCSFDBSHBSMB6UJMJDFFMEFUFSHFOUFBQSPQJBEPQBSBMBTUFMBTRVFFTUÈ MBWBOEP t 4JTFBCSFMBUBQBNJFOUSBTMBMBWBEPSBFTUÈGVODJPOBOEPÏTUBTFEFUFOESÈ BVUPNÈUJDBNFOUFQPSSB[POFTEFTFHVSJEBE4JOFNCBSHPFMTVNJOJTUSPEFBHVB DPOUJOÞBNJFOUSBTMBUBQBFTUÈBCJFSUB t $VBOEPTFTFMFDDJPOBBHVBDBMJFOUFTFTVNJOJTUSBBHVBDBMJFOUFZGSÓBEVSBOUFMPT QSJNFSPTTFHVOEPTQBSBQSPUFHFSMBTQSFOEBT t &TQPTJCMFDPOUSPMBSFMUJFNQPEFMBWBEPFMDJDMPEFFOKVBHVFZFMUJFNQPEF DFOUSJGVHBEPFODBEBQSPHSBNBEVSBOUFFMMBWBEP */45"-"$*»/%&-"-"7"%03" &µPRODYDUSRUSULPHUDYH] LQVWDODFLµQGHODODYDGRUDB :$9.,&)B/$6LQGG ¢¬¬ LQVWDODFLµQGHODODYDGRUD 3$1(/'(&21752/ 3DUDP£VGHWDOOHVFRQVXOWHHOSDQHOGHFRQWUROGHVXODYDGRUD %271 (1&(1'(5 %271,1,&,2 3$86$ %271 352*5$0$ %271/$9$5 3XOVHHVWHERWµQSDUDUHDOL]DUVµORXQFLFORGHODYDGRRSDUDDMXVWDUHO WLHPSRGHODYDGR %271 (1-8$*$5 3XOVHHVWHERWµQSDUDUHDOL]DUVµORXQFLFORGHHQMXDJXHRSDUDDMXVWDUOD FDQWLGDGGHFLFORVGHHQMXDJXH %271 &(175,)8*$5 ),/7(5&+(&. )81&,1'( %/248(23$5$ 1,26 1VMTFFTUFCPUØOVOBWF[QBSBFODFOEFSMBMBWBEPSB 1ÞMTFMPOVFWBNFOUFQBSBBQBHBSMB 6HXVDSDUDGHWHQHU\UHLQLFLDUORVSURJUDPDV 3DUDFDPELDUHOSURFHGLPLHQWRGHODYDGRGXUDQWHHOIXQFLRQDPLHQWRSXOVH HVWHERWµQSDUDGHWHQHUOD\S¼OVHORGHQXHYRSDUDUHLQLFLDUODGHVSX«VGH HIHFWXDUHOFDPELR 3XOVHHVWHERWµQYDULDVYHFHVSDUDYHUORVGLVWLQWRVSURJUDPDVGHODYDGR >'LJLWDO:DVK3HUX´3HVDGR´/DQD´0HPRULD´7RGRHQ´5£SLGR ´-HDQV6XSHU&OHDQÆ"IPSSP> 3XOVHHVWHERWµQSDUDUHDOL]DUVµORXQFLFORGHFHQWULIXJDGRRSDUDDMXVWDUHO WLHPSRGHFHQWULIXJDGR 6LVHVHOHFFLRQDVµORXQFLFORGHFHQWULIXJDGRHOWLHPSRGHFHQWULIXJDGR VHU£GLIHUHQWHGHOWLHPSRWRWDOUHVWDQWH(VWRVHGHEHDTXHHOWLHPSRWRWDO UHVWDQWHLQFOX\HHOWLHPSRGHFHQWULIXJDGRUHDOHOWLHPSRTXHWDUGDHQ YDFLDUVHHODJXD\HQSDUDUVHODODYDGRUD &XDQGRHOODYDGRKDƂQDOL]DGRVHHQFLHQGHODOX]GHDGYHUWHQFLDHQHOƂOWHU FKHFNFRQWUROGHƂOWUR&XDQGRVHDEUHODSXHUWDODOX]VHDSDJD(VWRQR HVXQHUURU&XDQGRHOƂOWUR0DJLFHVW£REVWUXLGRORVPDWHULDOHVH[WUD³RV SXHGHQFRPHQ]DUDDGKHULUVHDODODYDGRUD3DUDJDUDQWL]DUXQODYDGROLPSLR TXLWHORVPDWHULDOHVH[WUD³RVTXHTXHGDQHQHOƂOWURGHVSX«VGHFDGDODYDGR 6HWUDWDGHXQGLVSRVLWLYRSDUDHYLWDUTXHORVQL³RVVXIUDQDFFLGHQWHVVL MXHJDQFRQODODYDGRUD Ř3DUDLQLFLDUODIXQFLµQGHEORTXHRSDUDQL³RV 3UHVLRQHHOERWµQœ(QFHQGHUŔSDUDLUDOPRGRGHODYDGRLQLFLDO 6LSUHVLRQDHOERWµQœ,QLFLR3DXVDŔVHLQLFLDHOODYDGR\HQHOFDVRGHTXH VHQHFHVLWHODIXQFLµQGHEORTXHRSDUDQL³RVGXUDQWHHOODYDGR 3 UHVLRQHDOPLVPRWLHPSRORVERWRQHVœ(QMXDJDUŔ\œ&HQWULIXJDUŔGXUDQWH VHJXQGRV1RWDQRSXHGHSRQHUHQPDUFKDODIXQFLµQVLQRDFWLYDHOERWµQ œ(QFHQGHUŔ Ř3DUDGHVDFWLYDUODIXQFLµQGHEORTXHRSDUDQL³RV(QFDVRGHTXHHVW« SURJUDPDGRHOEORTXHRSDUDQL³RVSUHVLRQHORVERWRQHVœ(QMXDJDUŔ\ œ&HQWULIXJDUŔDOPLVPRWLHPSR BLQVWDODFLµQGHODODYDGRUD :$9.,&)B/$6LQGG ¢¬¬ 3$17$//$'( 7,(0325(67$17( /DSDQWDOODPXHVWUDHOWLHPSRUHVWDQWHGHODYDGRHOWLHPSRGHLQLFLR 7,(032'(,1,&,2 UHWDUGDGR UHVHUYDGR\ORVPHQVDMHVGHHUURU 5(7$5'$'2< (5525 3XOVHHVWHERWµQSDUDƂQDOL]DUHOODYDGRDXQDKRUDHVSHFLƂFDGD$SDJXHOD ODYDGRUDSDUDFDQFHODUXQWLHPSRGHLQLFLRUHWDUGDGRDQWHULRU 3XHGHFRQƂJXUDUHOWLHPSRGHLQLFLRUHWDUGDGRGHVGHDKRUDV %27135( 6(&$'2 3XOVHHVWHERWµQSDUDVHFDUODURSDP£VU£SLGDPHQWH 3XOVHHVWHERWµQSDUDFRQPXWDUHQWUHODVRSFLRQHVGH3UH6HFDGR NJOÆNJOÆ"QBHBEPÆNJO (VWDIXQFLµQVµORVHSXHGHVHOHFFLRQDUFXDQGRVHKDHOHJLGRXQFLFORGH FHQWULIXJDGR %2711,9(/'( $*8$ (OQLYHOGHDJXDVHDMXVWDDXWRP£WLFDPHQWH6LQHPEDUJRVHSXHGH VHOHFFLRQDUHO QLYHOGHDJXDHQIRUPDPDQXDOSXOVDQGRYDULDVYHFHVHVWHERWµQ %271 680,1,6752'( $*8$2SFLRQDO 3XOVHHVWHERWµQYDULDVYHFHVSDUDYHUODVRSFLRQHVGHWHPSHUDWXUDGHO DJXD )U¯D´7LELD´&DOLHQWH´)U¯D 3DUDFDPELDUODVRSFLRQHVGHDJXDDSDJXHODIXQFLµQ6LOYHU:DWHU 3URJUDPD'LJLWDO:DVK3HUX */45"-"$*»/%&-"-"7"%03" %271,1,&,2 5(7$5'$'2 8WLOLFHHVWHSURJUDPDSDUDVHOHFFLRQDUDXWRP£WLFDPHQWHHOPHMRUSURJUDPDGHODYDGR 3XOVHHOERWµQ(QFHQGHUSDUDHQFHQGHUODODYDGRUD 3XOVHHOERWµQ,QLFLR3DXVD(OQLYHOGHDJXDVHVHOHFFLRQDDXWRP£WLFDPHQWH 6HUHDOL]DQORVFLFORVGHODYDGRHQMXDJXH\FHQWULIXJDGR 3DUDGHWHQHUXQSURJUDPDSXOVHHOERWµQ,QLFLR3DXVDQXHYDPHQWH8QDYH]TXHOD ODYDGRUDVHKD\DGHWHQLGRSXHGHFDPELDUHOSURJUDPD &LHUUHODWDSD 3URJUDPD3HVDGR 8WLOLFHHVWHSURJUDPDSDUDODYDUSUHQGDVYROXPLQRVDVWDOHVFRPRV£EDQDV\HGUHGRQHV 3XOVHHOERWµQ(QFHQGHUSDUDHQFHQGHUODODYDGRUD 3XOVHHOERWµQ3URJUDPD 3XOVHHOERWµQ,QLFLR3DXVD(OQLYHOGHDJXDVHVHOHFFLRQDDXWRP£WLFDPHQWH 6HUHDOL]DQORVFLFORVGHODYDGRHQMXDJXH\FHQWULIXJDGR 3DUDGHWHQHUXQSURJUDPDSXOVHHOERWµQ,QLFLR3DXVDQXHYDPHQWH8QDYH]TXHOD ODYDGRUDVHKD\DGHWHQLGRSXHGHFDPELDUHOSURJUDPD &LHUUHODWDSD Ř 1RODYHPDQWDVHO«FWULFDVQLDOIRPEUDV Ř 'REOHORVDUW¯FXORVYROXPLQRVRVV£EDQDV\FROFKDV FRPRVHPXHVWUDHQODLOXVWUDFLµQDQWHVGH DJUHJDUORVDOWDPERUGHFHQWULIXJDGR Ř &RPSUHXQDEROVDGHPDOODSDUDORVDUW¯FXORVGH SRFRSHVR\YROXPLQRVRVSRUHMHPSORFDFKHPLUD PDQWDV\DTXHSXHGHQVXELUKDVWDODSDUWHVXSHULRUGHODODYDGRUD\GD³DUVH LQVWDODFLµQGHODODYDGRUDB :$9.,&)B/$6LQGG ¢¬¬ LQVWDODFLµQGHODODYDGRUD 3URJUDPD/DQD 8WLOLFHHVWHSURJUDPDSDUDODYDUSUHQGDVGHOLFDGDVWDOHVFRPRSXOµYHUHVF£UGLJDQV\RWURV DUW¯FXORVGHODQDTXHVHSXHGHQODYDU 3XOVHHOERWµQ(QFHQGHUSDUDHQFHQGHUODODYDGRUD 3XOVHHOERWµQ3URJUDPD 3XOVHHOERWµQ,QLFLR3DXVD(OQLYHOGHDJXDVHVHOHFFLRQDDXWRP£WLFDPHQWHHQHOQLYHO PHGLRHQWUH0HGLREDMR\P¯QLPR7DPEL«QSXHGHDMXVWDUHOQLYHOGHDJXDHQIRUPDPDQXDO 6HUHDOL]DQORVFLFORVGHODYDGRHQMXDJXH\FHQWULIXJDGR 3DUDGHWHQHUXQSURJUDPDSXOVHHOERWµQ,QLFLR3DXVDQXHYDPHQWH8QDYH]TXHOD ODYDGRUDVHKD\DGHWHQLGRSXHGHFDPELDUHOSURJUDPD &LHUUHODWDSD Ř 6µORSXHGHVHOHFFLRQDUDJXDIU¯D Ř (O¼OWLPRFLFORGHFHQWULIXJDGRHVXQFLFORVXDYHSDUDHYLWDUDUUXJDV Ř 8WLOLFHVµORHOGHWHUJHQWHLQGLFDGR Ř &RQVXOWHODHWLTXHWDGHODSUHQGDSDUDREWHQHULQIRUPDFLµQVREUHODIRUPDDGHFXDGDGH ODYDUOD Ř $VHJ¼UHVHGHTXHORVERWRQHVHVW«QDEURFKDGRV\TXHODSUHQGDHVW«GHOUHY«V Ř (QHOSURJUDPD/DQDQRVHSXHGHVHOHFFLRQDUODIXQFLµQ3UH6HFDGRGHELGRDTXHORV DUW¯FXORVGHOLFDGRVVHSXHGHQGD³DU 3URJUDPD0HPRULD 8WLOLFHHVWHSURJUDPDSDUDFUHDUVXVSURJUDPDVIDYRULWRVRGHXVRIUHFXHQWH\JX£UGHORVHQOD ODYDGRUDSDUDVHOHFFLRQDUORVFXDQGRORGHVHH 3XOVHHOERWµQ(QFHQGHUSDUDHQFHQGHUODODYDGRUD 3XOVHHOERWµQ3URJUDPD 6HOHFFLRQHODVIXQFLRQHVTXHXWLOL]DFRQIUHFXHQFLD 6HOHFFLRQH/DYDU(QMXDJDUR&HQWULIXJDUGHDFXHUGRFRQVXVQHFHVLGDGHV 3XOVHHOERWµQ,QLFLR3DXVDSDUDDOPDFHQDUODV 6µORVHJXDUGDQFXDQGRVHKDQVHOHFFLRQDGRORVSDVRV/DYDU(QMXDJDU&HQWULIXJDU $JUHJXHGHWHUJHQWH\VXDYL]DQWHGHDFXHUGRFRQHOQLYHOGHDJXD\FLHUUHODWDSD Ř 6LVHOHFFLRQDHOSURJUDPD0HPRULDGHVSX«VGHœHQFHQGHUŔODODYDGRUDORVDMXVWHV DOPDFHQDGRVVHUHFXSHUDQDXWRP£WLFDPHQWH Ř 3DUDPRGLƂFDUODVDMXVWHVDOPDFHQDGRVVHOHFFLRQHHOSURJUDPD0HPRULDUHFRQƂJXUH ORVDMXVWHV\OXHJRSXOVHHOERWµQ,QLFLR3DXVD/XHJRVHDOPDFHQDQORVFDPELRV 3URJUDPD7RGRHQ 6LVHOHFFLRQD7RGRHQWHQGU£DFFHVRWRWDODWRGDVODVIXQFLRQHVI£FLOHVGHXVDUGHOD/DYDGRUD 6DPVXQJ&XDQGRVHOHFFLRQDHVWHSURJUDPD3UH6HFDGRVHVHOHFFLRQDDXWRP£WLFDPHQWH 3XOVHHOERWµQ(QFHQGHUSDUDœ$FWLYDGRŔ 3XOVHHOERWµQ3URJUDPDFXDWURYHFHV 3XOVHHOERWµQ,QLFLR3DXVD(OQLYHOGHDJXDVHVHOHFFLRQDDXWRP£WLFDPHQWH/XHJR FRPLHQ]DHOODYDGRVHJXLGRGHOHQMXDJXH\GHOFHQWULIXJDGR6LGHVHDKDFHUXQDSDXVD SXOVHHOERWµQ,QLFLR3DXVDQXHYDPHQWH3XHGHFDPELDUHO3URJUDPDFXDQGRODODYDGRUD HVW£HQSDXVD &LHUUHODWDSD BLQVWDODFLµQGHODODYDGRUD :$9.,&)B/$6LQGG ¢¬¬ 3URJUDPD5£SLGR -HDQV6XSHU&OHDQ 8WLOLFHHVWHSURJUDPDSDUDORJUDUXQODYDGRP£VHƂFD] (VWHSURJUDPDPHMRUDHOUHQGLPLHQWRGHODODYDGRUDPHGLDQWHXQVLVWHPDGHODYDGRI£FLOGH SDVRV 3XOVHHOERWµQ(QFHQGHUSDUDHQFHQGHUODODYDGRUD 3XOVHHOERWµQ3URJUDPD 3XOVHHOERWµQ,QLFLR3DXVD(OQLYHOGHDJXDVHVHOHFFLRQDHQHOQLYHOPHGLRHQWUH0HGLR\ 0HGLREDMR (OQLYHOGHDJXDVHVHOHFFLRQDHQWUHHOQLYHO0£[LPR\0HGLRRHQHOQLYHOPHGLRHQWUH 0HGLR\0HGLREDMR */45"-"$*»/%&-"-"7"%03" (OSURJUDPD5£SLGRHVLGHDOSDUDURSDOLJHUDRSRFRVXFLD 3XOVHHOERWµQ(QFHQGHUSDUDHQFHQGHUODODYDGRUD 3XOVHHOERWµQ3URJUDPD 3XOVHHOERWµQ,QLFLR3DXVD(OQLYHOGHDJXDVHVHOHFFLRQDDXWRP£WLFDPHQWH 6HUHDOL]DQORVFLFORVGHODYDGRHQMXDJXH\FHQWULIXJDGR 3DUDGHWHQHUXQSURJUDPDSXOVHHOERWµQ,QLFLR3DXVDQXHYDPHQWH8QDYH]TXHOD ODYDGRUDVHKD\DGHWHQLGRSXHGHFDPELDUHOSURJUDPD &LHUUHODWDSD &LHUUHODWDSD 3URJUDPD$KRUUR 8WLO¯FHORVLGHVHDODYDUWRDOODVGHXVRIUHFXHQWHRVLGHVHDXQODYDGRP£VEUHYH&RPRHOODYDGR HVU£SLGRHVEXHQRSDUDSUHQGDVOLYLDQDVRFRQSRFDVXFLHGDG 3XOVHHOERWµQ(QFHQGHUSDUDHQFHQGHUODODYDGRUD 3XOVHHOERWµQ3URJUDPD 3XOVHHOERWµQ,QLFLR3DXVD 6HUHDOL]DQORVFLFORVGHODYDGRHQMXDJXH\FHQWULIXJDGR 3DUDGHWHQHUXQSURJUDPDSXOVHHOERWµQ,QLFLR3DXVDQXHYDPHQWH8QDYH]TXHOD ODYDGRUDVHKD\DGHWHQLGRSXHGHFDPELDUHOSURJUDPD &LHUUHODWDSD ,QLFLR5HWDUGDGR 8WLOLFHHVWDIXQFLµQSDUDHVWDEOHFHUXQWLHPSRGHLQLFLRGHOFLFORGHODYDGRFXDQGRKDGHVDOLUGH FDVD\QRSXHGHFRQWURODUODODYDGRUD 3XOVHHOERWµQ(QFHQGHUSDUDHQFHQGHUODODYDGRUD 3XOVHHOERWµQ,QLFLR5HWDUGDGRXQDYH] 3XHGHFRQƂJXUDUHOWLHPSRGHUHWDUGRƂQDOFRQHOERWµQ,QLFLR5HWDUGDGRHQWUH\ KRUDV 3XOVHHOERWµQ,QLFLR3DXVD\DJUHJXHODFDQWLGDGDGHFXDGDGHGHWHUJHQWHHQHOFDMµQGHO GHWHUJHQWH &LHUUHODWDSD (OODYDGRWHUPLQDU£DODKRUDHVWDEOHFLGD $JUHJXHGHWHUJHQWH\VXDYL]DQWHGHDFXHUGRFRQHOQLYHOGHDJXD\FLHUUHODWDSD Ř 6HGHEHDJUHJDUHOGHWHUJHQWHHQHOFDMµQGHOGHWHUJHQWH Ř 6LHOGHWHUJHQWHVHSRQHGLUHFWDPHQWHVREUHODURSDHVSRVLEOHTXHDOJXQDVSUHQGDVVH GHFRORUHQGHELGRDTXHHOFRPLHQ]RVHKDUHWDUGDGR Ř 3DUDFDQFHODUHO,QLFLR5HWDUGDGRSXOVHHOERWµQ(QFHQGHU LQVWDODFLµQGHODODYDGRUDB :$9.,&)B/$6LQGG ¢¬¬ JOTUBMBDJØOEFMBMBWBEPSB 3UH6HFDGR (VWHSURJUDPDSHUPLWHDKRUUDUXQWLHPSRYDOLRVR\DVHJXUDTXHHOVHFDGRGHODURSDVHDP£V U£SLGRTXHDODLUHOLEUH 3XOVHHOERWµQ(QFHQGHUSDUDHQFHQGHUODODYDGRUD 3XOVHHOERWµQ3UH6HFDGR &DGDYH]TXHSXOVDHOERWµQ3UH6HFDGRODVRSHUDFLRQHVVHUHDOL]DQHQHOVLJXLHQWHRUGHQ NJOÆNJOÆ"QBHBEPÆNJO &LHUUHODWDSD 3XOVHHOERWµQ,QLFLR3DXVD Ř (VWHSURJUDPDVHSXHGHVHOHFFLRQDUFRPRXQDRSFLµQDGLFLRQDOHQWRGRVORV SURJUDPDVPHQRVHOGH/DQD Ř /DIXQFLµQ3UH6HFDGRVµORHVW£GLVSRQLEOHFXDQGRVHKDVHOHFFLRQDGRHOFLFORGH FHQWULIXJDGR Ř 6HOHFFLRQHHVWHSURJUDPDFXDQGRQRGHVHHVHFDUODURSDFRPSOHWDPHQWH BLQVWDODFLµQGHODODYDGRUD :$9.,&)B/$6LQGG ¢¬¬ IXQFLRQHVPDQXDOHV (VSRVLEOHVHOHFFLRQDUODIXQFLµQSDUDFDGDSURJUDPD (MHPSOR3DUDXQODYDGRVLPSOHFRPRHOSURJUDPDGHSRFDVXFLHGDG &ODFOEFSÆ4FMFDDJPOFFMQSPHSBNBEFQPDBTVDJFEBEÆ-BWBSÆ*OJDJP1BVTB (1-8$*$56/2 3XOVHHOERWµQ(QMXDJDU 3XOVHHOERWµQ,QLFLR3DXVD (OHQMXDJXHVHUHDOL]DYHFHV &XDQGRVHSXOVDHOERWµQ(QMXDJDUGXUDQWHHOSURFHVRGHHQMXDJXHOD FDQWLGDGGHHQMXDJXHVVHSXHGHFDPELDUHQWUH\YHFHV 6/2&(175,)8*$5 3XOVHHOERWµQ&HQWULIXJDU 3XOVHHOERWµQ,QLFLR3DXVD &XDQGRVHSXOVDHOERWµQ&HQWULIXJDUGXUDQWHHOFHQWULIXJDGRHO WLHPSRGHFHQWULIXJDGRVHSXHGHFDPELDUHQWUH\PLQXWRV '6/$*0/&4."/6"-&4 6/2/$9$5 3XOVHHOERWµQ(QFHQGHU 3XOVHHOERWµQ/DYDU 3XOVHHOERWµQ,QLFLR3DXVD &XDQGRVHSXOVDHOERWµQ/DYDUGXUDQWHHOSURFHVRGHODYDGRHO WLHPSRGHODYDGRVHSXHGHFDPELDUHQWUH\PLQXWRV /$9$5<(1-8$*$5 3XOVHORVERWRQHV/DYDU\(QMXDJDU 3XOVHHOERWµQ,QLFLR3DXVDXQDVRODYH] 'HWHFWDODFDQWLGDGGHSUHQGDV\GHWHUPLQDORVWLHPSRVGHODYDGR\ HQMXDJXHHQIRUPDDXWRP£WLFD &XDQGRVHSUHVLRQDQORVERWRQHV/DYDU\(QMXDJDUGXUDQWHHO IXQFLRQDPLHQWRGHODODYDGRUD HOWLHPSRGHODYDGRVHGHWHUPLQDHQWUH\PLQXWRV\ODFDQWLGDGGH YHFHVTXHVHUHDOL]DHOHQMXDJXHVHGHWHUPLQDHQWUH\YHFHV (1-8$*$5<&(175,)8*$5 3XOVHORVERWRQHV(QMXDJDU\&HQWULIXJDU 3XOVHHOERWµQ,QLFLR3DXVDXQDVRODYH] $FRQWLQXDFLµQVHSURGXFHQHOHQMXDJXH\HOVHFDGRSRUFHQWULIXJDGR &XDQGRVHSUHVLRQDQORVERWRQHV(QMXDJDU\&HQWULIXJDUGXUDQWHHO IXQFLRQDPLHQWRGHODODYDGRUDVHGHWHUPLQDODFDQWLGDGGHHQMXDJXHV HQWUH\\HOWLHPSRGHFHQWULIXJDGRHQWUH\PLQXWRV /$9$5(1-8$*$5<&(175,)8*$5 3XOVHORVERWRQHV/DYDU(QMXDJDU\&HQWULIXJDU 3XOVHHOERWµQ,QLFLR3DXVDXQDVRODYH] 6HUHDOL]DQORVSURFHVRVGH/DYDU(QMXDJDU\&HQWULIXJDU IXQFLRQHVPDQXDOHVB :$9.,&)B/$6LQGG ¢¬¬ LQVWDODFLµQ\PDQWHQLPLHQWR (O0DQXDOGHOXVXDULRHVSDUDHOXVRJHQHUDO 8WLOLFHHO0DQXDOGHOXVXDULRVHJ¼QHOPRGHORGHVXODYDGRUD (172512 'HMHDOJRGHHVSDFLR 'HMHDOPHQRVFPGHHVSDFLRHQWUHODODYDGRUD\ODSDUHG &RORTXHODODYDGRUDVREUHXQDVXSHUƂFLHVµOLGD\SODQD 6LODODYDGRUDVHFRORFDVREUHXQDVXSHUƂFLHGHVLJXDORG«ELOSXHGHQSURGXFLUVHYLEUDFLRQHVRUXLGRV/DV YLEUDFLRQHVSXHGHQSHUPLWLUVH $MXVWHODVSDWDVSDUDXQDFRORFDFLµQQLYHODGD 1XQFDLQVWDOHODODYDGRUDFHUFDGHODJXD 1RFRORTXHODODYDGRUDHQFXDUWRVK¼PHGRVRGRQGHHVW«H[SXHVWDHQIRUPDGLUHFWDDODOOXYLD/D KXPHGDGSXHGHGHVWUXLUHODLVODPLHQWRHO«FWULFRFRQHOFRQVLJXLHQWHULHVJRGHGHVFDUJDVHO«FWULFDV (YLWHODOX]VRODURODFDOHIDFFLµQGLUHFWDV &RPRODVSLH]DVHO«FWULFDV\SO£VWLFDVVXIUHQORVHIHFWRVGHOFDORUGLUHFWRQXQFDFRORTXHODODYDGRUDFHUFD GHKRUQRVFDOGHUDVHWF1RODFRORTXHEDMROX]VRODUGLUHFWD 1,9(/$&,1 t 4JMBMBWBEPSBOPFTUÈOJWFMBEBDPOFMTVFMPMBNÈRVJOBUFNCMBSÈNÈTPOPGVODJPOBSÈ1PSMPUBOUP BTFHÞSFTFEFRVFMBWBEPSBFTUÏCJFOOJWFMBEB &20358(%(48(/$048,1$(67&2/2&$'$$ $JXD 1,9(/'($&8(5'2&21/$326,&,1'(/7$0%25 t $EUDODWDSDGHODP£TXLQDYLHUWDDJXDHQHOWDPERUKDVWD HOQLYHOLQIHULRUDOSXOVDGRU\DMXVWHODVSDWDVGHPRGRWDO TXHHOSXOVDGRUHVW«XELFDGRHQHOFHQWURGHODJXDFRPR VHLQGLFDHQHOGLEXMR t $PMPRVFMBNÈRVJOBBNÈTEFDNEFEJTUBODJBEFMB $-867$5 $)/2-$5 QBSFE t "KVTUFMBTQBUBTOJWFMBEPSBT BLQVWDODFLµQ\PDQWHQLPLHQWR :$9.,&)B/$6LQGG ¢¬¬ &21(;,1'(/$0$1*8(5$'(680,1,6752'($*8$ 5HWLUHHODGDSWDGRUGHODPDQJXHUDGHVXPLQLVWURGHDJXD */45"-"$*»/:."/5&/*.*&/50 3ULPHURFRQXQGHVWRUQLOODGRUWLSRœŔDƃRMHORVFXDWUR WRUQLOORVGHODGDSWDGRU/XHJRWRPHDODGDSWDGRU\JLUHOD SLH]DEHQODGLUHFFLµQGHODƃHFKDKDVWDFRQVHJXLUXQD VHSDUDFLµQGHPP &RQHFWHHODGDSWDGRUDOJULIRGHODJXDDSUHWDQGRORV WRUQLOORVƂUPHPHQWH$FRQWLQXDFLµQJLUHODSLH]DEHQOD GLUHFFLµQGHODƃHFKDKDVWDTXHD\EVHMXQWHQ A B &RQHFWHODPDQJXHUDGHVXPLQLVWURGHDJXDDODGDSWDGRU 7LUHKDFLDDEDMRGHODSLH]DFGHODPDQJXHUDGH VXPLQLVWURGHDJXD&XDQGRVHOLEHUDODSLH]DFOD PDQJXHUDVHFRQHFWDDXWRP£WLFDPHQWHDODGDSWDGRU KDFLHQGRXQŐFOLFő &RQHFWHHORWURH[WUHPRGHODPDQJXHUDGHVXPLQLVWUR GHDJXDDODY£OYXODGHVXPLQLVWURGHDJXDGHODSDUWH SRVWHULRUGHODODYDGRUD$WRUQLOOHODPDQJXHUDKDFLDOD GHUHFKDFRPSOHWDPHQWH C &RQHFWHHORWURH[WUHPRGHODPDQJXHUDGHVXPLQLVWUR GHDJXDDODY£OYXODGHVXPLQLVWURGHDJXDGHODSDUWH VXSHULRUGHODODYDGRUD$WRUQLOOHODPDQJXHUDKDFLDOD GHUHFKDFRPSOHWDPHQWH Ú 4JFMHSJGPEFMBHVBUJFOFVOBDPOFYJØOUJQPSPTDBDPMPRVF MBNBOHVFSBFOFMHSJGPDPNPTFJOEJDBFOMBJMVTUSBDJØO4J EFTQVÏTEFSFBMJ[BSMBDPOFYJØOMBNBOHVFSBHPUFBWVFMWB BSFQFUJSMPTNJTNPTQBTPT 6LGHVSX«VGHUHDOL]DUODFRQH[LµQODPDQJXHUDJRWHDYXHOYDDUHSHWLUORVPLVPRVSDVRV 8WLOLFHHOPRGHORP£VFRP¼QGHJULIRGHVXPLQLVWURGHDJXD (QHOFDVRGHJULIRVFXDGUDGRVRPX\JUDQGHVTXLWHHODQLOORGHVHSDUDFLµQDQWHVGH FRQHFWDUHOJULIRFRQHODGDSWDGRU LQVWDODFLµQ\PDQWHQLPLHQWRB :$9.,&)B/$6LQGG ¢¬¬ LQVWDODFLµQ\PDQWHQLPLHQWR &02&21(&7$5/$0$1*8(5$'('(6$*( 3$5$/$9$'25$6&21%20%$'('(6$*( WDSµQGHODPDQJXHUD 4XLWHHOWDSµQGHODPDQJXHUD\FRQHFWHOD PDQJXHUDGHVDOLGD DFP $VHJ¼UHVHGHTXHODPDQJXHUDGHGHVDJ¾H HVW«FRUUHFWDPHQWHFRQHFWDGDDOGHVDJ¾HHQOD SDUWHSRVWHULRUGHODODYDGRUD $VHJ¼UHVHGHTXHODPDQJXHUDGHGHVDJ¾H HVW«FRUUHFWDPHQWHFRQHFWDGDDOGHVDJ¾H HQODSDUWHODWHUDOGHODODYDGRUD ,QVWDOHODPDQJXHUDGHGHVDJ¾HDXQRV DFPDSXOJDGDVSRUHQFLPDGHO VXHOR 6HGHEHWHQHUSUHFDXFLµQDOLQVHUWDUODPDQJXHUDGHGHVDJ¾HHQ ODYDGRUDVJHQHUDOHV 0HQRVGHP &XDQGRODPDQJXHUDGHGHVDJ¾HHVW« FRQHFWDGDDRWUDVPDQJXHUDVSURFXUH TXHHOWRWDOQRVXSHUHORVPHWURV 0HQRVGHP 3URFXUHGUHQDUHODJXDTXHTXHGHHQHO H[WUHPRGHODPDQJXHUDGHGHVDJ¾H 0HQRVGHFP (OXPEUDOQRGHEHPHGLUP£VGHFP 1RLQVWDOHODPDQJXHUDGHGHVDJ¾HGHEDMR GHODODYDGRUD BLQVWDODFLµQ\PDQWHQLPLHQWR :$9.,&)B/$6LQGG ¢¬¬ ,167$/$&,1'(/$7$3$'(3527(&&,1&2175$5$7$6< $17,58,'2 ODGRSRVWHULRU &02&2/2&$5'(7(5*(17( $EUDFDMµQGHOGHWHUJHQWHWLUDQGRHQODGLUHFFLµQGHODƃHFKDFRPRVHLQGLFD HQODƂJXUD\OXHJRFRORTXHHOGHWHUJHQWHHQSROYRHQHOUHFLSLHQWH &RORTXHWRGRHOGHWHUJHQWHGHXQDYH]HQIRUPDSDUHMDDƂQGHTXHQRVH FDLJDIXHUDGHOUHFLSLHQWH &02$*5(*$5(/68$9,=$17('(7(/$6 */45"-"$*»/:."/5&/*.*&/50 (VP£VI£FLOFRORFDUODWDSDFXDQGRHO ,QVHUWHODWDSDWRWDOPHQWHSRUHORULƂFLRGH HTXLSRVHOHYDQWDXQSRFRFRPRVHLQGLFD FRQH[LµQGHODSDUWHSRVWHULRU HQODƂJXUDDFRQWLQXDFLµQ 'HVOLFH\DEUDODFXELHUWDHQODGLUHFFLµQGHODƃHFKDLQVHUWHHOGHWHUJHQWHGH HQMXDJXH\GHVOLFH\FLHUUHHQODGLUHFFLµQLQYHUVD t 4JFOFMEJTQPTJUJWPEFFOUSBEBEFTVBWJ[BOUFEFUFMBTIBZVOBDBOUJEBE BQSPQJBEBEFMNJTNPTFJODPSQPSBFOGPSNBBVUPNÈUJDBEVSBOUFFMÞMUJNPDJDMP EFFOKVBHVF t /PDPMPRVFEFUFSHFOUFMFKÓBOJBMNJEØOFOFMSFDJQJFOUFEFMTVBWJ[BOUF t 6UJMJ[BSEFNBTJBEPTVBWJ[BOUFQVFEFQSPWPDBSSFTVMUBEPTOPTBUJTGBDUPSJPT t /PBCSBMBUBQBEVSBOUFFMDJDMPEFTFDBEPQPSDFOUSJGVHBEP4JTFBHSFHB EFNBTJBEPQSPOUPTVFGFDUJWJEBEEJTNJOVJSÈ t /PEFKFFMTVBWJ[BOUFFOFMEPTJGJDBEPSDPSSFTQPOEJFOUFEFNBTJBEPUJFNQP&M TVBWJ[BOUFQVFEFFOEVSFDFSTF ),/752'(/&21(&725'(/680,1,6752'($*8$ ([WUDLJDHOƂOWUR\O£YHORELHQ &RORTXHHOƂOWUR\FRQHFWHODPDQJXHUDDODY£OYXODGH HQWUDGDGHDJXD &RPSUXHEHTXHQRKD\DS«UGLGDVGHDJXD $VHJ¼UHVHGHDMXVWDUHOFRQHFWRU LQVWDODFLµQ\PDQWHQLPLHQWRB :$9.,&)B/$6LQGG ¢¬¬ LQVWDODFLµQ\PDQWHQLPLHQWR &02/,03,$5(/),/752 /LPSLHODPDOODGHOƂOWURSDUDPDQWHQHUODODYDGRUDOLPSLD 3UHVLRQHODSDUWHVXSHULRUGHOƂOWUR0DJLF $EUDODFXELHUWDFRPRVHPXHVWUDHQOD \HPSXMHKDFLDDGHQWUR LOXVWUDFLµQ /LPSLHHOƂOWUR0DJLF &LHUUHODFXELHUWDHLQVHUWHHQSULPHUOXJDU ODSDUWHLQIHULRUGHOƂOWURHQODFHVWD\D FRQWLQXDFLµQHPSXMHHOƂOWURKDVWDR¯UXQ œFOLFŔ &02/,03,$5(/),/752'(/$%20%$ &RORTXHXQWUDSRRXQDWRDOODGHEDMRGHOƂOWURGHODYDGRSDUDQRPRMDUHOSLVRJLUHHOƂOWURKDFLDOD L]TXLHUGD\V£TXHOR (OLPLQHODVXFLHGDGGHOƂOWUR &RORTXHGHQXHYRHOƂOWURSDUDHOORJ¯UHORKDFLDODGHUHFKDKDVWDTXHVHEORTXHHHQVXOXJDU BLQVWDODFLµQ\PDQWHQLPLHQWR :$9.,&)B/$6LQGG ¢¬¬ VROXFLµQGHSUREOHPDV &20352%$&,1 /DODYDGRUDQRIXQFLRQD (VW£DELHUWRHOJULIRGHDJXD" (VW£HQFKXIDGDODODYDGRUD" 1RKD\VXPLQLVWURHO«FWULFR" +D\VXƂFLHQWHDJXD" /DPDQJXHUDGHGHVDJ¾HQRGUHQD (VW£ODPDQJXHUDRULHQWDGDKDFLDDEDMR"1RERPEHD (VW£FRQJHODGDODPDQJXHUD" (VW£REVWUXLGDODPDQJXHUD" 6LHODJXDQRGUHQDGXUDQWHPLQXWRVVHDFWLYDU£XQDDODUPD VRQRUD\HOLQGLFDGRUGHWLHPSRUHVWDQWHPRVWUDU£œ(Ŕ 1RVHVXPLQLVWUDDJXD (VW£DELHUWRHOJULIRGHDJXD" +D\VXPLQLVWURGHDJXD" (VW£QREVWUXLGDVODPDQJXHUDGHGHVDJ¾HRVXFRQH[LµQ" (VW£FRQJHODGRHOJULIRGHDJXD" 6LHOVXPLQLVWURGHDJXDQRƂQDOL]DHQKRUDRHOQLYHOGHDJXDQR FDPELDHQPLQXWRVXQDYH]LQLFLDGRHOVXPLQLVWURGHDJXDVHDFWLYD XQDDODUPDVRQRUD\HOLQGLFDGRUGHWLHPSRUHVWDQWHPXHVWUDœ(Ŕ 1RKD\FHQWULIXJDGR (VW£QELHQGLVWULEXLGDVODVSUHQGDVGHQWURGHOWDPERU" (VW£ODODYDGRUDLQVWDODGDVREUHXQDVXSHUƂFLHVµOLGD\SODQD" (ODJXDUHERVD 5HLQLFLHGHVSX«VGHOFHQWULIXJDGR 6LFRQWLQ¼DHOPHQVDMHGHHUURUOODPHDODDJHQFLD 40-6$*»/%&130#-&."4 352%/(0$ VROXFLµQGHSUREOHPDVB :$9.,&)B/$6LQGG ¢¬¬ QRIXQFLRQDODODYDGRUD" 352%/(0$ &20352%$&,1<62/8&,1 1RKD\HOHFWULFLGDG (VQRUPDOHOYROWDMHHO«FWULFR" (VW£HQFKXIDGDODODYDGRUD"(QFKXIHHOFDEOH  -BNBOHVFSBEFEFTBHàFOPESFOB (VW£ODPDQJXHUDRULHQWDGDKDFLDDEDMR"2ULHQWHODPDQJXHUD KDFLDDEDMR (VW£GREODGDODPDQJXHUDGHGHVDJ¾H"'HVGREOHODPDQJXHUD GHGHVDJ¾H (VW£REVWUXLGRHOGHVDJ¾HGHODPDQJXHUD"4XLWHODVXFLHGDG\ OLPSLH /DODYDGRUDQRIXQFLRQD (VW£DELHUWDODWDSDGHODODYDGRUD"  $JFSSFMBUBQB (VW£HQFHQGLGRHOERWµQ3DXVD"  1VMTFFMCPUØO*OJDJP1BVTBEFOVFWPZDPNQSVFCFTJMB MBWBEPSBBSSBODB 6HKDOOHQDGRGHDJXDVXƂFLHQWHKDVWDHOQLYHOGHODJXD"  4JMBQSFTJØOEFMBHVBFTCBKBMMFWBNVDIPUJFNQPDPNFO[BS FMMBWBEP (VW£FHUUDGRHOJULIRGHDJXD"  "CSBFMHSJGPQBSBTVNJOJTUSBSBHVB 6LODPDQJXHUDGHGHVDJ¾H\HO WDPERUGHFHQWULIXJDGRHVW£Q FRQJHODGRVUHDOLFHORVLJXLHQWH t 7JFSUBBHVBDBMJFOUFFOFMHSJGPEFBHVBDPOHFMBEPZSFUJSFMB NBOHVFSBEFEFTBHàF3FNPKFFOBHVBDBMJFOUF t 7JFSUBBHVBDBMJFOUFFOFMUBNCPSEFDFOUSJGVHBEPEVSBOUF NJOVUPT t $PMPRVFVOBUPBMMBFNQBQBEBFOBHVBDBMJFOUFTPCSFFM DPOFDUPSEFMBNBOHVFSBEFEFTBHàF t 4JTFEFTDPOHFMBMBNBOHVFSBEFEFTBHàFWVFMWBBDPOFDUBS ZDPNQSVFCFTJIBZVOESFOBKFBQSPQJBEPEFMBHVB (ODJXDVHGUHQDGHLQPHGLDWR t &MESFOBKFFTUÈPCTUSVJEPDPONPOFEBTVIPSRVJMMBT-B NBOHVFSBEFEFTBHàFFTUÈDPMHBEBFOFMHBODIPQBSBMB NBOHVFSB-MFOFFMUBNCPSEFDFOUSJGVHBEPIBTUBMBNJUBE DPOBHVBFJOUFOUFDFOUSJGVHBSOVFWBNFOUF 3UHVHQWDIXJDVGHDJXDHQHO FRQHFWRUGHODPDQJXHUDGH VXPLQLVWURGHDJXD 6LHOFRQHFWRUGHODOODYHGHDJXDHVW£ƃRMRHVSRVLEOHTXHKD\D IXJDVGHDJXD  3FQJUBMPTQBTPTEFJOTUBMBDJØOOVFWBNFOUF$POTVMUF i$POFYJØOEFMBNBOHVFSBEFTVNJOJTUSPEFBHVBw &RPSUXHEHTXHODHPSDTXHWDGXUDGHJRPDGHODPDQJXHUDGH VXPLQLVWURGHDJXDHVW«HQODSRVLFLµQFRUUHFWD  7VÏMWBMBBBKVTUBS (VW£GREODGDODPDQJXHUDGHVXPLQLVWURGHDJXD"  %FTEPCMFMBNBOHVFSB 6LHOVXPLQLVWURGHDJXDHVGHPDVLDGRIXHUWHHVSRVLEOHTXH KD\DIXJDVGHDJXD  $JFSSFVOQPDPFMHSJGPEFBHVB +D\IXJDVGHDJXDHQHOJULIR"  "KVTUFFMHSJGP/PTFTVNJOJTUSBBHVB +DSXOVDGRHOERWµQ,QLFLR3DXVDGHVSX«VGHVHOHFFLRQDUHO VXPLQLVWURGHDJXD"  4JFMCPUØO*OJDJP1BVTBOPFTUÈQVMTBEPFMBHVBOPTF TVNJOJTUSB1VMTFFMCPUØO*OJDJP1BVTB (VW£FHUUDGRHOJULIRGHDJXD"  "CSBFMHSJGPEFBHVB BQRIXQFLRQDODODYDGRUD" :$9.,&)B/$6LQGG ¢¬¬ 352%/(0$ &20352%$&,1 3UHVHQWDIXJDVGHDJXDHQHO FRQHFWRUGHODPDQJXHUDGH VXPLQLVWURGHDJXD (VW£ODPDOODGHOƂOWURHQHOFRQHFWRUGHODPDQJXHUDGH VXPLQLVWURGHDJXDREVWUXLGDSRUVXFLHGDG"  -JNQJFMBNBMMBEFMGJMUSPDPOVODFQJMMPEFEJFOUFT 1RKD\VXPLQLVWURGHDJXD"  4JFMTVNJOJTUSPEFBHVBTFIBJOUFSSVNQJEPDJFSSFFMHSJGPEF BHVBZBQBHVFMBMBWBEPSB 3URYRFDUXLGRVIXHUWHV\YLEUDFLRQHV GXUDQWHHOFHQWULIXJDGR &RPSUXHEHVLODODYDGRUDVHHQFXHQWUDVREUHXQDVXSHUƂFLH SODQD\UHVLVWHQWH  /JWFMFMBMBWBEPSB (VW£ƃRMDODPDQLMDSDUDQLYHODUODVSDWDV"  "KVTUFMBTQBUBTOJWFMBEPSBT (VW£HOHQWRUQRGHODODYDGRUDOOHQRGHREMHWRVLQQHFHVDULRV"  2VJUFFTPTPCKFUPTJOOFDFTBSJPTEFBMSFEFEPSEFMBMBWBEPSB &41&$*'*$"$*0/&4 &RPSUXHEHTXHODVSUHQGDVHVW«QGLVWULEXLGDVGHPRGR XQLIRUPHHQODODYDGRUD  %JTUSJCVZBMBTQSFOEBTVOJGPSNFNFOUFZWVFMWBBFNQF[BS HVSHFLƂFDFLRQHV 0$6$0; '(35(1'$6 6(&$6(1NJ :$9 NJNJ :$9 NJNJ &216802 (/&75,&2 /$9$'2 : &(175,)8*$'2 ',0(16,21(6PP 3(62 1,9(/'( $*8$ $QFKR[3URIXQGLGDG[ (671'$5 $OWXUD %$6( %$-$ : 7,32'(/$9$'2 D03D DNJIFP $JLWDFLµQ 0$6$0; '(35(1'$6 6(&$6(1NJ :$9 NJ :$$9 NJ &216802 (/&75,&2 /$9$'2 : &(175,)8*$'2 ',0(16,21(6PP 3(62 35(6,1'(/$*8$ 7,32'(/$9$'2 M 0(',2 M %$-2 M 01,02 M $QFKR[3URIXQGLGDG[ $OWXUD %$6($/7$ NJ 35(6,1'(/$*8$ $/72 862'($*8$ M 9(/2&,'$''( &(175,)8*$'2 /*7&-%& "(6" $QFKR[3URIXQGLGDG[ &45«/%"3 : $/72 M 0(',2 M %$-2 M 01,02 M $OWXUD%$6(%$-$ $QFKR[3URIXQGLGDG[ $OWXUD%$6($/7$ NJ D03D DNJIFP $JLWDFLµQ USP 640%&"(6" 7&-0$*%"%%& $&/53*'6("%0 M USP HVSHFLƂFDFLRQHVB :$9.,&)B/$6LQGG ¢¬¬ 7,(1(35(*817$62&20(17$5,26" 3D¯V //$0($/ 29,67(126(1/1($(1 $5*(17,1$ ZZZVDPVXQJFRPDU &+,/( 6$0681* ZZZVDPVXQJFRPFO 1,&$5$*8$ ZZZVDPVXQJFRPODWLQ +21'85$6 ZZZVDPVXQJFRPODWLQ &267$5,&$ ZZZVDPVXQJFRPODWLQ (&8$'25 ZZZVDPVXQJFRPODWLQ (/6$/9$'25 ZZZVDPVXQJFRPODWLQ *8$7(0$/$ ZZZVDPVXQJFRPODWLQ -$0$,&$ ZZZVDPVXQJFRPODWLQ 3$1$0 ZZZVDPVXQJFRPODWLQ 3(5 ZZZVDPVXQJFRPSH 38(5725,&2 ZZZVDPVXQJFRPODWLQ 5(3'20,1,&$ ZZZVDPVXQJFRPODWLQ 75,1,'$'<72%$*2 6$0681* ZZZVDPVXQJFRPODWLQ 9(1(=8(/$ ZZZVDPVXQJFRPODWLQ &2/20%,$ ZZZVDPVXQJFRPFR 1¼PHURGHFµGLJR'&)B/$6 :$9.,&)B/$6LQGG ¢¬¬