7$%/(526 ,1'8675,$/(6
,1* +8%(5 085,//2 0$15,48(
5(*8/$'25(6 $8720$7,&26 '( (1(5*,$ 5($&7,9$
,1* +8%(5 085,//2 0$15,48(
&217(1,'2
*(1(5$/,'$'(6 &21&(3&,21 < ',0(16,21$0,(172 &216758&&,Ï1 '( 7$%/(526 3$57(6 '( 81 7$%/(52 (/(&75,&2 &216,'(5$&,21(6 '( ,16$7/$&,21 < 6(59,&,2 7$%/(526 '( &21752/ '( *(1(5$'25(6 7$%/(526 '( 75$16)(5(1&,$ 5(&20(1'$&,21(6 3$5$ (/ 0$17(1,0,(172 '( 7$%/(526 (/(&75,&26 7$%/(526 ,1'8675,$/(6
,1* +8%(5 085,//2 0$15,48(
*(1(5$/,'$'(6
Â&#x2021; 8Q WDEOHUR HOpFWULFR HV XQD XQLGDG FX\D ILQDOLGDG HV DJUXSDU ORV HOHPHQWRV TXH SHUPLWDQ SURWHJHU FRQWURODU YLJLODU \ RSHUDU XQ VLVWHPD HOpFWULFR
7$%/(526 ,1'8675,$/(6
,1* +8%(5 085,//2 0$15,48(
&21&(3&,Ï1 < ',0(16,21$0,(172 )LQDOLGDG GHO PLVPR $VSHFWRV GH HFRQRPtD \ VHJXULGDG &DSDFLGDG \ DXPHQWRV IXWXURV GH FDUJD &RQVLGHUDFLRQHV GH PDQWHQLPLHQWR \ HVSDFLR GH WUDEDMR LQWHULRU 7$%/(526 ,1'8675,$/(6
,1* +8%(5 085,//2 0$15,48(
&216758&&, &&,21 1 ' '( 7 ( 7$%/(526
Â&#x2021; /D FRQVWUXFFLyQ GH ORV WDEOHURV VH EDVD GHO SXQWR GH YLVWD PHWDO PHFiQLFR GH ORV WLSRV GH DXWR VRSRUWDGRV \ PXUDOHV Â&#x2021; (VWUXFWXUDOPHQWH SXHGHQ VHU FRQ DUPD]yQ GH SHUILOHV R VLPSOHPHQWH FRQ SODQFKD GH DFHUR GREODGD 7$%/(526 ,1'8675,$/(6
,1* +8%(5 085,//2 0$15,48(
FRQWLQXDFLyQ
Â&#x2021; +D\ XQD WHQGHQFLD D XWLOL]DU DFHUR ODPLQDGR HQ IUtR R SDQFKD JDOYDQL]DGD SRU VX UHVLVWHQFLD PHFiQLFD Â&#x2021; 2WURV DVSHFWRV UHTXHULGRV VRQ ORV DVSHFWRV GH YHQWLODFLyQ GLPHQVLyQ GH HTXLSRV FDOHIDFFLyQ LOXPLQDFLyQ FHUUDMHUtD 7$%/(526 ,1'8675,$/(6
,1* +8%(5 085,//2 0$15,48(
3$57(6 '( 81 7$%/(52 (/e&75,&2 Â&#x2021; 5()8(5=2 0(7$/,&2 Â&#x2021; 3/$&$ %$6(
Â&#x2021; %5,'$ '( $&23/$0,(172 Â&#x2021; 3257$ %$55$
Â&#x2021; %$55$6 '( &2%5( Â&#x2021; 7$3$ /$7(5$/
Â&#x2021; 7$3$ ),1$/ '( %$55$6 Â&#x2021; %,6$*5$ $',&,21$/
7$%/(526 ,1'8675,$/(6
,1* +8%(5 085,//2 0$15,48(
&216,'(5$&,21(6 ' 6 '( , ( ,167$/$&,21 < 6 < 6( 5 9 , & , 2 /D ,(& KD GHVDUUROODGR XQD FODVLILFDFLyQ GH ODV FRQGLFLRQHV GH VHUYLFLR TXH SXHGDQ DIHFWDU OD SHUIRUPDQFH GH WDEOHURV \ HTXLSR GH FRQWURO HOpFWULFR (VWDV VH UHVXPHQ D FRQWLQXDFLyQ 7$%/(526 ,1'8675,$/(6
,1* +8%(5 085,//2 0$15,48(
FRQWLQXDFLyQ
*5832 , (Q UHODFLyQ DO PHGLR DPELHQWH *5832 ,, (Q UHODFLyQ D HIHFWRV PHFiQLFRV *5832 ,,, (Q UHODFLyQ DO VXPLQLVWUR GH HQHUJtD 7$%/(526 ,1'8675,$/(6
,1* +8%(5 085,//2 0$15,48(
(Q HO *5832 , SRGHPRV HQFRQWUDU ORV VLJXLHQWHV WLSRV 7,32 $ &RQVLGHUDFLRQHV GH WHPSHUDWXUD \ KXPHGDG 7,32 % &RQVLGHUDFLRQHV UHVSHFWR D VyOLGRV OtTXLGRV YDSRUHV \ JDVHV HQ DWPyVIHUDV GLIHUHQWHV D ODV GH YDSRU GH YDSRU GH DJXD \ DLUH OLPSLR 7,32 & &RQ UHVSHFWR D OD FLUFXODFLyQ GH DLUH \ YHQWLODFLyQ 7$%/(526 ,1'8675,$/(6
,1* +8%(5 085,//2 0$15,48(
(Q HO *5832 ,, SRGHPRV HQFRQWUDU ORV VLJXLHQWHV WLSRV 7,32 $ &KRTXHV PHFiQLFRV 7,32 % 9LEUDFLRQHV 7,32 & (VIXHU]RV PHFiQLFRV
7$%/(526 ,1'8675,$/(6
,1* +8%(5 085,//2 0$15,48(
(Q HO *5832 ,,, HQFRQWUDPRV ORV VLJXLHQWHV WLSRV 7,32 $ 3DUD VXPLQLVWURV GH FRUULHQWH DOWHUQD 7,32 % 3DUD VXPLQLVWURV GH FRUULHQWH FRQWLQXD
7$%/(526 ,1'8675,$/(6
,1* +8%(5 085,//2 0$15,48(
FRQWLQXDFLyQ Â&#x2021; &RQ UHVSHFWR D HVWH WySLFR WDPELpQ FDEUtD PHQFLRQDU OD SXQWXDOL]DFLyQ GH ODV XELFDFLRQHV SHOLJURVDV TXH KDFH HO 1$7,1$/ (/(&75,&$/ 1(& HVWD LQFOX\H FODVHV \ GLYLVLRQHV VHJ~Q VH LQGLFD Â&#x2021; &/$6( , 3UHVHQFLD GH YDSRUHV H[SORVLYRV FRPR HQ XQD UHILQHUtD GH SHWUyOHR 7$%/(526 ,1'8675,$/(6
,1* +8%(5 085,//2 0$15,48(
FRQWLQXDFLyQ
Â&#x2021; &/$6( ,, 3UHVHQFLD GH SROYRV H[SORVLYRV FRPR XQD IDEULFDV GH JUDQRV Â&#x2021; &/$6(,,, 3UHVHQFLD GH ODV IXJDV GH ILEUDV FRPR HQ OD LQGXVWULD WH[WLO
7$%/(526 ,1'8675,$/(6
,1* +8%(5 085,//2 0$15,48(
7 $% / ( 5 2 6 6 ' '( & ( &21752 / / ' '( * ( 1 ( 5 $ ' 2 5( 6
/RV UDQJRV XVXDOHV GH SRWHQFLD QRPLQDO GH JUXSRV HOHFWUyJHQRV YDQ KDVWD NZ HV GHFLU DPSHULRV HQ Y \ DPSHULRV HQ Y 6H XWLOL]DQ LQWHUUXSWRUHV WHUPRPDJQpWLFRV FRPR HOHPHQWRV GH SURWHFFLyQ \ PDQLREUD 7$%/(526 ,1'8675,$/(6
,1* +8%(5 085,//2 0$15,48(
5HJXODFLRQHV HVSHFLDOHV REOLJDQ D OD XWLOL]DFLyQ GH RWUR WLSR GH SURWHFFLRQHV FRPR GH ORV JUXSRV HOHFWUyJHQRV PDULQRV GRQGH ORV UHTXLVLWRV GH SURWHFFLyQ LQGLFDQ OD DFWXDFLyQ GHO LQWHUUXSWRU HQ R PLQXWRV FRQ XQD VREUHFDUJD GH D UHFXUULHQGRVH D UHOpV VHFXQGDULRV GH SXQWR GH GLVSDUR \ WLHPSR DMXVWDEOHV 7$%/(526 ,1'8675,$/(6
,1* +8%(5 085,//2 0$15,48(
(VWH WLSR GH WDEOHURV VH HTXLSD FRQ UHOpV GH SRWHQFLD LQYHUVD FXDQGR VRQ JUXSRV SDUD PDUFKD HQ SDUDOHOR pVWRV VH SURYHHQ FRQ DMXVWHV GH SXQWR GH RSHUDFLyQ \ WLHPSR GH UHWDUGR
*HQHUDOPHQWH HQ HVWH WLSR GH WDEOHURV ORV HVIXHU]RV GH FRUWR FLUFXLWR QR VRQ LPSRUWDQWHV GHELGR D ORV EDMRV QLYHOHV HQFRQWUDGRV \ OD EDMD UHODFLyQ ; 5 SURSLD GH ORV FNWRV GH HVDV WHQVLRQHV 7$%/(526 ,1'8675,$/(6
,1* +8%(5 085,//2 0$15,48(
/RV DLVODGRUHV XWLOL]DGRV VRQ GH $UDOGLW
(Q UHODFLyQ D ORV WUDQVIRUPDGRUHV GH PHGLGD OR XVXDO HV XWLOL]DUORV HQ FODVH GH SUHFLVLyQ SXGLHQGR VHU WDPELpQ GH HQ FRQWDGRUHV GH HQHUJtD SDUD HIHFWRV GH IDFWXUDFLyQ (O DPSHUDMH Pi[LPR TXH VRSRUWD HVWH WUDIR SRU VHJ VLQ SURGXFLUVH GDxRV GHEH VHU FRRUGLQDGR FRQ HO SXQWR GH DFWXDFLyQ GH OD SURWHFFLyQ GH FF
7$%/(526 ,1'8675,$/(6
,1* +8%(5 085,//2 0$15,48(
/RV LQVWUXPHQWRV GH XQ WDEOHUR GH FRQWURO HTXLSDPLHQWR VWDQGDUW LQFOX\H
9ROWtPHWUR FRQ VHOHFWRU GH IDVHV
$PSHUtPHWUR FRQ VHOHFWRU GH IDVHV )UHFXHQFLyPHWUR .LORYDWtPHWUR
2SFLRQDOPHQWH VH SURYHH GH FRVItPHWUR PHGLGRU GH NZ K R .9$5+ 7$%/(526 ,1'8675,$/(6
,1* +8%(5 085,//2 0$15,48(
7$%/(526 6 ' '( 7 ( 75$16)(5(1&,$
Â&#x2021; 8Q VLVWHPD GH WUDQVIHUHQFLD HV XQ FRQMXQWR FRPSXHVWR SRU HOHPHQWRV SHUFHSWRUHV GH LQVWUXFFLRQHV XQD ³XQLGDG LQWHOLJHQWH´TXH WRPD GHFLVLRQHV \ SRU GLYHUVDV DFFLRQHV GH PDQGR TXH ODV HMHFXWDQ 7$%/(526 ,1'8675,$/(6
,1* +8%(5 085,//2 0$15,48(
+0
1250$6 ,17(51$&,21$/(6 /D ,(& ,17(51$7,21$/ (/(&7527(&+1,&$/ &20,66,21 WLHQH HO REMHWLYR GH DUPRQL]DU HQ WRGDV ODV IRUPDV SRVLEOHV HO FRQMXQWR GH UHJODV \ GH GLVSRVLFLRQHV DSOLFDEOHV DO VHFWRU GH EDMD WHQVLyQ XQLIRUPL]DQGR GH WDO PDQHUD ODV SUHVFULSFLR FLRQHV \ ODV SUXHEDV DSWDV D JDUDQWL]DU WRGD OD JDPD GH PDWHULDOHV FRUUHVSRQ SRQGLHQWHV /D ,(& HV GLYLGLGD HQ YDULRV DUWtFXORV FRPR VLJXH
5HJODV JHQHUDOHV ,QWHUUXSWRUHV DXWRPiWLFRV ,QWHUUXSWRUHV VHFFLRQDGRUHV ,QWHUUXSWRU VHFFLRQDGRU \ IXVLEOHV &RQWDFWRUHV \ DUUDQFDGRUHV (TXLSRV \ HOHPHQWRV GH FRQPXWDFLyQ SDUD FLUFXLWRV GH PDQGR 6HQVRUHV GH SUR[LPLGDG WHPSHUDWXUD HWF (TXLSRV GH FRQH[LyQ D IXQFLRQHV P~OWLSOHV
$UUDQFDGRU LQWHJUDO R WUDQVIHUHQFLD DXWRPiWLFD
0DWHULDOHV DFFHVRULRV
%ORTXHV GH XQLyQ SDUD FRQGXFWRUHV GH FREUH
7$%/(526 ,1'8675,$/(6
,1* +8%(5 085,//2 0$15,48(
+0
'(6&5,3&,21 *(1(5$/ '( /$6 )81&,21(6 6(&&,21$0,(172 $ ILQ GH WUDEDMDU HQ IRUPD VHJXUD HQ LQVWDODFLRQHV PiTXLQDV \ VX HTXLSDPLHQWR HOpFWULFR GHEH VHU SRVLEOH VLDODU HOpFWULFDPHQWH \ ItVLFDPHQWHWRGRV ORV FLUFXLWRV GH SRWHQFLD \ GH FRQWURO GH OD OLQHD GH GLVWULEXFLyQ HO VHFFLRQDPLHQWR GH UHDOL]D VLQ FDUJD )XQFLyQ TXH VHJ~Q OD ,(& WLHQH TXH VHU LQFOXLGD HQ ,QWHUUXSWRUHV PDJQpWLFRV SDUD PRWRUHV ,QWHUUXSWRUHV WHUPRPDJQpWLFRV SDUD PRWRUHV ,17(5583&,21 3HUPLWH OD FRQH[LyQ \ GHVFRQH[LyQ GH XQ FLUFXLWR FRQ FDUJD DVt FRPR OD SDUDGD GH HPHUJHQFLD )XQFLyQ LQFOXLGD HQ ,QWHUXSWRUHV PDJQpWLFRV \ WHUPRPDJQpWLFRV SDUD PRWRUHV
3527(&&,21 &2175$ &2572 &,5&8,72 &XDOTXLHU LQVWDODFLyQ GH PRWRUHV SXHGH HVWDU VXMHWD D IDOODV HOpFWULFDV \ PHFiQLFDV &RQ HO ILQ GH HYLWDU TXH pVWDV IDOODV FDXVHQ GDxRV DO PRWRU \ D VX HTXLSDPLHQWR HV QHFHVDULR SUHYHU SURWHFFLRQHV FRQWUD FRUWR FLUFXLWRV \ VREUHFDUJDV (O REMHWLYR GH OD SURWHFFLyQ FRQWUD FRUWR FLUFXLWRV HV GHWHFWDU \ FRUWDU OR PDV SURQWR SRVLEOHV FRUULHQWHV DQyPDODV PD\RUHV GH YHFHV OD FRUULHQWH QRPLQDO GHO PRWRU )XQFLyQ LQFOXLGD HQ ,QWHUXSWRUHV PDJQpWLFRV \ WHUPRPDJQpWLFRV SDUD PRWRUHV
7$%/(526 ,1'8675,$/(6
,1* +8%(5 085,//2 0$15,48(
+0
'(6&5,3&,21 *(1(5$/ '( /$6 )81&,21(6 3527(&&,21 &2175$ 62%5(&$5*$6 /D SURWHFFLyQ FRQWUD VREUHFDUJDV SHUPLWH GHWHFWDU LQFUHPHQWRV GH FRUULHQWH KDVWD D YHFHV OD FRUULHQWH QRPLQDO GHO PRWRU \ GH GHVFRQHFWDU HO DUUDQFDGRU DQWHV TXH HO VREUHFDOHQWDPLHQWR GHO PRWRU \ GH ORV FRQGXFWRUHV FDXVH GDxR DO PDWHULDO DLVODQWH TXH SRGUtD GHULYDU HQ XQD FRQGLFLyQ GH FRUWR FLUFXLWR (V WDPELHQ SRVLEOH DxDGLU RWUDV SURWHFFLRQHV FRPROD SURWHFFLyQ FRQWUD IDOODV GH DLVODPLHQWR SpUGLGD GH IDVH HWF 'LVSRVLWLYRV HVSHFtILFRV 5HOp WpUPLFR FRQWUD VREUHFDUJD )XQFLyQ LQFOXLGD HQ LQWHUUXSWRUHV WHUPRPDJQpWLFRV SDUD PRWRUHV &21087$&,21 3HUPLWH HO PDQGR D GLVWDQFLD \ HO FRQWURO DXWRPiWLFR GH DSHUWXUD \ FLHUUH GHO FLUFXLWR GH SRWHQFLD 'LVSRVLWLYRV HOHFWURPHFiQLFRV &RQWDFWRUHV
7$%/(526 ,1'8675,$/(6
,1* +8%(5 085,//2 0$15,48(
&21)250$&,21 '( 81 6,67(0$ (/(&75,&2 %$55$6 '(/ 6,67(0$ 92/7,26 +=
&RQWDFWRU &DWHJRUtD '& &DWHJRUtD $&
&RQGXFWRUHV 7: 7+: 1<<
02725
/ODYHV 0DJQpWLFD ILMD 0DJQpWLFD UHJXODEOH 7HUPRPDJQpWLFD IXMD 7HUPRPDJQpWLFD UHJXODEOH
7$%/(526 ,1'8675,$/(6
:P
&$5*$
5HOp WHUPLFR 'LUHFWR ,QGLUHFWR 7LHPSR DFWXDFLyQ 1RUPDO 5HWDUGDGR ,1* +8%(5 085,//2 0$15,48(
+0
&$7(*25,=$&,21 '( /26 &217$&725(6 ,1'8675,$/(6 87,/,=$'26 (1 /26 &,5&8,726 '( )8(5=$
7$%/$ 1 1250$ ,(& ± &$7(*25,=$&,Ï1 '( /26 &217$&725(6 6(*Ò1 /$ 87,/,=$&,21 ,1'8675,$/
7,32
&255,(17( $/7(51$
&$7(*25,$ $& ± $& ± $& ± $& ± $& ± D $& ± E $& ± D $& ± E $& ± D $& ± E
&255,(17( &217,18$
7$%/(526 ,1'8675,$/(6
'& ± '& ± '& ± '& ±
'(6&5,3&,21 '( /$ 87,/,=$&,21 &DUJDV QR LQGXFWLYDV KRUQRV UHVLVWLYRV 0RWRUHV GH DQLOORV UR]DQWHV $UUDQTXH \ DSDJDGR 0RWRUHV WLSR MDXOD GH DUGLOOD $UUDQTXH \ DSDJDGR 0RWRUHV MDXOD )UHFXHQWHV DUUDQTXHV \ DSDJDGR (QFHQGLGR \ GHVFDUJD GH FRQWURO GH ODPSDUDV (QFHQGLGR GH ODPSDUDV LQFDQGHVFHQWHV (QFHQGLGR GH WUDQVIRUPDGRUHV (QFHQGLGR GH EDQFR GH FRQGHQVDGRUHV &RQWURO GH PRWRU FRPSUHVRU KHUPpWLFR UHIULJHUDGR &RQ DSDJDGR PDQXDO \ VRSRUWH GH VREUHFDUJDV &RQWURO GH PRWRU FRPSUHVRU KHUPpWLFR UHIULJHUDGR &RQ DSDJDGR DXWRPiWLFR \ VRSRUWH GH VREUHFDUJDV &DUJDV QR LQGXFWLYDV \ KRUQRV UHVLVWLYRV 0RWRUHV '& WLSR VKXQW &RPSRUWDPLHQWR GLQiPLFR 0RWRUHV '& WLSR VHULH &RPSRUWDPLHQWR GLQiPLFR (QFHQGLGR GH ODPSDUDV LQFDQGHVFHQWHV
,1* +8%(5 085,//2 0$15,48(
+0
&$7(*25,=$&,21 '( /26 &217$&725(6 ,1'8675,$/(6 87,/,=$'26 (1 /26 6,67(0$6 '( &21752/
7$%/$ 1 1250$ ,(& ± &$7(*25,=$&,Ï1 '( /26 &217$&725(6 6(*Ò1 68 87,/,=$&,21 (1 &21752/
7,32
&255,(17( $/7(51$
&255,(17( &217,18$
&$7(*25,$ $& ± $& ±
$& ± $& ± '& ±
'& ± '& ±
7$%/(526 ,1'8675,$/(6
'(6&5,3&,21 '( /$ 87,/,=$&,21 &RQWURO GH FDUJDV UHVLVWLYDV \ FDUJDV GH HVWDGR VyOLGR FRQ DLVODPLHQWR SRU RSWR DFRSODGRUHV &RQWURO GH FDUJDV GH HVWDGR VyOLGR \ WUDQVIRUPDGRUHV GH DLVODPLHQWR &RQWURO GH SHTXHxDV FDUJDV HOHFWURPDJQpWLFDV d 9$ &RQWURO GH FDUJDV HOHFWURPDJQpWLFDV ! 9$ &RQWURO GH FDUJDV UHVLVWLYDV \ FDUJDV GH HVWDGR VyOLGR FRQ DLVODPLHQWR SRU RSWR DFRSODGRUHV &RQWURO HOHFWURPDJQpWLFR &RQWURO GH FDUJDV HOHFWURPDJQpWLFDV
,1* +8%(5 085,//2 0$15,48(
+0
&225',1$&,21 '( /$6 3527(&&,21(6 1250$6 ,(& <
&225',1$&,21 '( 7,32 ,(&
1LQJ~Q SHOLJUR SDUD ODV SHUVRQDV \ SDUD ODV LQVWDODFLRQHV 1LQJ~Q FRPSRQHQWH DSDUWH GHO FRQWDFWRU \ GHO UHOp GH VREUHFDUJD SXHGH GDxDUVH (O DLVODPLHQWR GHEH FRQVHUYDUVH GHVSXHV GH OD IDOOD $QWHV GH SRQHU HQ VHUYLFR QXHYDPQHWH SXHGH VHU QHFHVDULD OD UHSDUDFLyQ GHO FRQWDFWRU \ R VXEVWLWXFLyQ R FDOLEUDFLyQ GHO UHOp GH VREUHFDUJD
&225',1$&,21 727$/ ,(&
1LQJ~Q SHOLJUR SDUD ODV SHUVRQDV \ SDUD ODV LQVWDODFLRQHV 1R VH SHUPLWH QLQJ~Q GDxR R VROGDGXUD HQ ORV FRPSRQHQWHV GHO VLVWHPD GH DUUDQTXH 6H SXHGH SRQHU HQ VHUYLFLR QXHYDPHQWH VLQ SUHFDXVLRQHV SDUWLFXODUHV
0DQWHQLPLHQWR UHGXFLGR \ UiSLGD SXHVWD HQ VHUYLFLR GHSXpV GH OD IDOOD
7$%/(526 ,1'8675,$/(6
,1* +8%(5 085,//2 0$15,48(
+0
&225',1$&,21 '( /$6 3527(&&,21(6 1250$6 ,(& <
&225',1$&,21 '( 7,32 ,(&
1LQJ~Q SHOLJUR SDUD ODV SHUVRQDV \ SDUD ODV LQVWDODFLRQHV 1R HV SHUPLWLGR QLQJ~Q GDxR y GHVDMXVWH GHO FRQWDFWRU \ UHO p GH VREUHFDUJD HV DGPLWLGR HO ULHVJR TXH ORV FRQWDFWRV GHO FRQWDFWRU VH SHJXHQ VLHPSUH \ FXDQGRHVWRV SXHGDQ VHSDUDUVH IDFLOPHQWH (O DLVODPLHQWR GHEH FRQVHUYDUVH GHVSXHV GH OD IDOOD (O VLVWHPD GH DUUDQTXH GHEH SRGHU IXQFLRQDU QXHYDPHQWH GHSXpV GHO FRUWR FLUFXLWR $QWHV GH SRQHU HQ VHUYLFR QXHYDPQHWH HV VXILFLHQWH XQD UiSLGD LQVSHFFLyQ 0DQWHQLPLHQWR UHGXFLGR \ UiSLGD SXHVWD HQ VHUYLFLR GHSXpV GH OD IDOOD 2EYLDPHQWH HQ ORV WUHV FDVRV DQWHV GHSRQHU HQ VHUYLFLR QXHYDPHQWH HV QHFHVDULR HOLPLQDU OD FDXVD GH OD IDOOD
7$%/(526 ,1'8675,$/(6
,1* +8%(5 085,//2 0$15,48(
+0
&225',1$&,21 '( /$6 3527(&&,21(6 1250$6 ,(& < /,1($ '( $/,0(17$&,21 75,)$6,&$ 6(&&,21$'25 )86,%/(6 &217$&725 75,32/$5 5(/( 75,32/$5 02725 $6,1&5212 75,)$6,&2
&225',1$&,21 7,32 /,1($ '( $/,0(17$&,21 75,)$6,&$ ,17(5583725 7(5020$*1(7,&2 &217$&725 75,32/$5 5(/( 75,32/$5 02725 $6,1&5212 75,)$6,&2
+0
&225',1$&,21 '( /$6 3527(&&,21(6 1250$6 ,(& < &225',1$&,21 7,32 /,1($ '( $/,0(17$&,21 75,)$6,&$ *8$5'$02725 &217$&725 75,32/$5
02725 $6,1&5212 75,)$6,&2
&225',1$&,21 727$/ /,1($ '( $/,0(17$&,21 75,)$6,&$ ,17(5583725 &217$&725 <
3527(&&,21 ,17(*5$/
02725 $6,1&5212 75,)$6,&2
+0
3527(&&,21 325 7(03(5$785$ '( 02725(6 75,)$6,&26 87,/,=$1'2 5(/(6 (/(&7521,&26 /26 5(/e6 (/(&75Ï1,&26 3529((1 81$ 3527(&&,Ï1 &203/(0(17$5,$ 0(',$17( /$ 0(',&,Ï1 ',5(&7$ '( /$ 7(03(5$785$ '( 02725(6 $6Ë1&52126 75,)È6,&26 (48,3$'26 &21 7(50,6725(6 37& ³ 352%$'26 ´ 3$5$ 23(5$&,Ï1 (1
5(' 75,)$6,&$ &255,(17( $/7(51$ //$9( 7(5020$*1(7,&$
&217$&725
5(/(
5(/( 7(50,&2
7(50,6725 02725 75,)$6,&2
(1 &21',&,21(6 $0%,(17$/(6 '85$6 7$/ &202 $/7$6 7(03(5$785$6 32/925,(172 +80('$' (1 6(59,&,2 6(9(52 7$/&02 &,&/26 '( 23(5$ &,21 5$3,'26 ,1<(&&,21 '( '& (1 6,67(0$ '( )5(1$'2
+0
3527(&&,21 325 7(03(5$785$ '( 02725(6 75,)$6,&26 87,/,=$1'2 5(/(6 (/(&7521,&26 08/7,)81&,21 5(' 75,)$6,&$ &255,(17( $/7(51$
//$9( 7(5020$*
&217$&725 75$)26 '( &255,(17(
/26 5(/(6 (/(&7521,&26 '( 3527(&&,21 08/7,)81&,21 (6 81 (48,32 ,'($/ 3$5$ $3/,&$&,21(6 '( $/7$ 3(5)250$1&( 6( *$5$17,=$ 81$ 727$/ 3527(&&,21 3$5$ /26 02725(6 3$5$ 72'26 /26 &$626 < %$-2 72'$6 &21',&,21(6 '( 23(5$&,21
3(50,7( (/ &21752/ $8720$7,&2 '( ',)(5(17(6 0(72'26 '( $55$148( 7$/ &202 $55$148( ',5(&72 5(9(56,%/(
$55$148( (675//$ 75,$1*8/2 $55$148( &21 '26 9(/2&,'$'(6 72'$6 /$6 )81&,21(6 621 352*5$0$ %/(6 &21 3$5$0(7526 /2&$/,6$'26 ',5(&7$0(17( y 86$1'2 81$ 3& 3&
02725 75,)$6,&2
5(/( 08/7, )81&,21
3$5$ /$ ,17(*5$&,21 '( /26 6,67(0$6 (6726 5(/( &8(17$1 &21 )81&,21(6 '( &2081,&$&,21(6 3$5$ 6(5 23(5$'$6 (1 )250$ 5(027$
+0
7$%/$ &203$5$7,9$ '( /26 6(1625(6 3527(&725(6 7(50,&26 3527(&&,21 (1 )81&,21 '( /$ &255,(17(
&/$6(6 '( 5(&$/(17$0,(172
62/2 )86,%/(
6REUHFDUJD FRQ FRUULHQWH GH ,QRPLQDO
3527(&725 77(50,&2
5HJLPHQHV GH FDUJD 6 D 6 (%
)UHQDMHV UHYHUVLyQ GH PDUFKDV \ IXQFLRQDPLHQWR FRQ DUUDQTXHV IUHFXHQWHV )XQFLRQDPLHQWR FRQ PDV GH DUUDQTXHV IUHFXHQWHV 5RWRU EORTXHDGR )DOWD GH IDVH
9DULDFLyQ GH WHQVLyQ H[FHVLYD
9DULDFLRQ GH IUHFXHQFLD GH OD UHG
7HPSHUDWXUD GH DPELHQWH H[FHVLYD
&DOHQWDPLHQWR H[WHUQR SURERFDGR SRU URGDPLHQWRV IDMDV SROHDV HWF 2EVWUXFFLRQ GH OD YHQWLODFLRQ
7RWDOPHQWH SURWHJLGR
6HPLSURWHJLGR
6LQ SURWHFFLRQ
3527(&&,21 &21 621'$6 7(50,&$6 (1 (/ 02725
9,(1( '(/ 7*)
6,67(0$ '( %$55$6 '( 92/7,26 += &,5&8,72 '( )8(5=$ 8%,&$'2 '(1752 '(/ 7$%/(52 7*)
; $
7$%/(52 *(1(5$/ '( )8(5=$ 7*)
$
$
$
$
± $
$
( (/(9$'25 9 9(17,/$'25 6 6(&$'25
$
$
$
$
$
$
&$%/( 7,32 7+: $:*
3/$17$
/(<(1'$
&$%/( 7,32 7+: $:*
&$%/( 7,32 7+: $:*
9 02725 :(* +3 9ROW $PSHULRV 530
&$%/( 7,32 7+: $:*
( 02725 :(* +3 9ROW $PSHULRV 530
9 02725 :(* +3 9ROW $PSHULRV 530
6 02725 :(* +3 9ROW $PSHULRV 530
+0 7*) (648(0$ 81,),/$5 '( /$6 0$48,1$6 527$7,9$6 '( /$ 6(&&,21 '( 6(&$'2 7$%/(526 ,1'8675,$/(6
,1* +8%(5 085,//2 0$15,48(
6,67(0$ '( %$55$6 '( 92/7,26 += &,5&8,72 '( )8(5=$ 8%,&$'2 '(1752 '(/ 7$%/(52 7*) &$%/( 7,32 7+: $:*
7$%/(52 *(1(5$/ '( )8(5=$
7*)
3/$17$
&$%/( 7,32 7+: $:*
&$%/( 7,32 7+: $:*
&$%/( 7,32 7+: $:*
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
&$%/( 7,32 7+: $:*
(
(
02725 :(* +3 9ROW $PSHULRV 530
/(<(1'$
&$%/( 7,32 7+: $:*
02725 :(* +3 9ROW $PSHULRV 530
( 02725 :(* +3 9ROW $PSHULRV 530
&$%/( 7,32 7+: $:*
= 02725 6,(0(16 +3 9ROW $PSHULRV 530
' 02725 6,(0(16 +3 9ROW $PSHULRV 530
( (/(9$'25 ' '(63('5$'25$ = =$5$1'$
+022 7*) $ (648(0$ 81,),/$5 '( /$6 0$48,1$6 527$7,9$6 '( 352&(6$'2 '( &$)( 7$%/(526 ,1'8675,$/(6
,1* +8%(5 085,//2 0$15,48(
6,67(0$ '( %$55$6 '( 92/7,26 += &,5&8,72 '( )8(5=$ 8%,&$'2 '(1752 '(/ 7$%/(52 7*) &$%/( 7,32 7+: $:* y PPรฐ
$
7$%/(52 *(1(5$/ '( )8(5=$
7*)
$
$
$
$
3 38/,'25$
$
$
$
&$%/( 7,32 7+: $:* y PPรฐ
3/$17$
/(<(1'$
$
$
3
3
02725 '(/&526$ +3 9ROW $PSHULRV /,1($ $PSHULRV )$6( 530
02725 '(/&526$ +3 9ROW $PSHULRV /,1($ $PSHULRV )$6( 530
+0 7*) % (648(0$ 81,),/$5 '( /$6 0$48,1$6 527$7,9$6 '( 352&(6$'2 '( &$)( 7$%/(526 ,1'8675,$/(6
,1* +8%(5 085,//2 0$15,48(
&$5$&7(5,67,&$6 '( /26 (/(0(1726 '(
3527(&&,21 < &21752/ '( /26 02725(6 75,)$6,&26 '( /$ 3/$17$ '( 352&(6$'2 < 6(&$'2 '( &$)e ,7(0
7(16,21 '( 75$%$-2 92/7,26 += +3 &$17 , 120 5(/( 7(50,&2 &217$&725 ,17 7(5020$* &21'&8725
)$6(
$03(5,26
$03(5,26
$03(5,26
$03(5,26
$:*
$UUDQTXH < ' 7$%/(526 ,1'8675,$/(6
,1* +8%(5 085,//2 0$15,48(
+0 8%,&$&,21 '( /$6 78%(5,$6 39& 6$3 (1 (/ $5($ '( 352&(6$'2 '( &$)( 137
9,(1( '(/ 7*)
P
6(f$/,=$&,21
39& 6$3 Ï&#x2020; Ï&#x2020; ¶¶ (/ '(7$//( '( /$ =$1-$ (67$ ,1',&$'2 (1 (/ 3/$12 +022
P
6(f$/,=$&,21
P
P
32=2 '( 7,(55$
137
P
P
'(7$//( '( /$6 =$1-$ % ± %¶
'(7$//( '( /$6 =$1-$ & ± &¶
( (/(9$'25 +3
5(*,6752 '( [ P 352)81','$' '( P
39& 6$3 Ï&#x2020; Ï&#x2020; ô¶¶ %
39& 6$3 Ï&#x2020; Ï&#x2020; ¶¶ 39& 6$3 Ï&#x2020; Ï&#x2020; ¶¶
&
3,/$'25$ +3
7$%/(526 ,1'8675,$/(6
3 3,/$'25$ +3
(
(/(9$'25 +3
5(*,6752 '( [ P 352)81','$' '( P
&¶
39& 6$3 Ï&#x2020; Ï&#x2020; ¶¶
39& 6$3 Ï&#x2020; Ï&#x2020; ô¶¶
% ¶ 39& 6$3 Ï&#x2020; Ï&#x2020; ¶¶
3
39& 6$3 Ï&#x2020; Ï&#x2020; ô¶¶
32=$ '( 3(5*$0,12
'(63('5$'25$ +3
= =$5$1'$ +3
( (/(9$'25 +3
32=$ '( 3(5*$0,12
,1* +8%(5 085,//2 0$15,48(
+0
8%,&$&,21 '( /$6 78%(5,$6 78%(5,$6 (1 (/ $5($ '( 6(&$'2 '( &$)(
9,(1( '(/ 7*)
5(*,6752 '( [ P 352)81','$' '( P
39& 6$3 φ φ ¶¶ (/ '(7$//( '( /$ =$1-$ (6 (/ 0,602 $/ 3/$12 +022
9(5 '(7$//( (1 3/$12 +022
9
9(17,/$'25 '( 3$-,//$
9
9(17,/$'25 '( 6(&$'2
6 (
39& 6$3 φ φ ¶¶ (/ '(7$//( '( /$ =$1-$ (6 (/ 0,602 $/ 3/$12 +022
7*)
9
+2512
9
6(&$'2
6
39& 6$3 φ φô ¶¶
(/(9$'25
( (
(/(9$'25 +3
6(&$'25
(/(9$'25 +3
$5($ 352&(6$'2 '( &$)( 7$%/(526 ,1'8675,$/(6
,1* +8%(5 085,//2 0$15,48(
3/$1&+$ '(60217$%/( '( 38/* '( (63(625 3,17$'2 '( &2/25 1$5$1-$
5 6 7
,17 7(50 $
)8785$ 6(&$'25$ '( &$)(
/(<(1'$ ,17 7(50 $
,17 7(50 $
,17 7(50 $
,17 7(50 $
&21 ± 7$&725 $
&21 7$&725 $
&21 7$&725 $
&21 7$&725 $
5(/( 7(50,&2 $
5(/( 7(50,&2 $
5(/( 7(50,&2 $
5(/( 7(50,&2 $
+3
+3
+3
+022 7$%/(526 ,1'8675,$/(6
,17 7(50 &217$&725 5(/( 7(50,&2 02725
,QWHUUXSWRU WHUPRPDJQpWLFR &RQWDFWRU FDWHJRU tD $& 'H DFFLRQDPLHQWR GLUHFWR 7ULIiVLFR WLSR MDXOD GH DUGLO OD
/DV XQLGDGHV HVWDQ HQ PHWURV
3UHSDUDGR SDUD TXH D IXWXUR VH LQVWDOH RWUD VHFFLyQ GH VHFDGR
+3
'(7$//( '(/ 0217$-( '(/ 7$*) ,1* +8%(5 085,//2 0$15,48(
3/$1&+$ '(60217$%/( '( 38/* '( (63(625 3,17$'2 '( &2/25 1$5$1-$
5 6 7
,17 7(50 $
/(<(1'$
,17 7(50 &217$&725 5(/( 7(50,&2 02725
,QWHUUXSWRU WHUPRPDJQpWLFR &RQWDFWRU FDWHJRU tD $& 'H DFFLRQDPLHQWR GLUHFWR 7ULIiVLFR WLSR MDXOD GH DUGLOOD
/DV XQLGDGHV HVWDQ HQ PHWURV ,17 7(50 $
,17 7(50 $
,17 7(50 $
,17 7(50 $
,17 7(50 $
&21 ± 7$&725 $
&21 7$&725 $
&21 7$&725 $
&21 7$&725 $
&21 7$&725 $
5(/( 7(50,&2 $
5(/( 7(50,&2 $
5(/( 7(50,&2 $
5(/( 7(50,&2 $
5(/( 7(50,&2 $
+3
+3
+3
+3
3UHSDUDGR SDUD RWUD VHFFLyQ GH VHFDGR
+3
+02 '(7$//( '(/ 0217$-( '(/ 7$*) $ 7$%/(526 ,1'8675,$/(6
,1* +8%(5 085,//2 0$15,48(
5 6 7
5 6 7
,17 7(50 $
3/$1&+$ '(60217$%/( '( 38/* '( (63(625 3,17$'2 '( &2/25 1$5$1-$
,17 7(50 $
&217$&725
&217$&725
$
$
21 '(/$<
1$ 1$
&217$&725 &217$&725
$
$
21 '(/$<
&217$&725
$
1$ 1$
$
$
+3
'(7$//( '(/ 0217$-( '(/ 7$*) %
7$%/(526 ,1'8675,$/(6
$
5(/( 7(50,&2
5(/( 7(50,&2
+02
&217$&725
+3
$55$148( (675(//$ 75,$1*8/2 +3 ,1* +8%(5 085,//2 0$15,48(
.9 &87 287
7*)
6$%
$ 5(*8/$%/( .$
$ 5(*8/$%/( .$
92/7,26 +=
$
$
$
$
$
$
$
$ .$ 75$)2 75,)$6,&2 92/7,26 .9$ +=
+3
$
+3
$
+3
+3
+3
+3
+3
+3
6,67(0$6 '( $/80%5$'2 < &21752/
7*)
$
$
+3
+3
$
+3
+0 ',$*5$0$ 81,),/$5 '(/ 6,67(0$ '( )8(5=$ 3/$17$ '( 352&(6$'2 < 6(&$'2 '( &$)( 7$%/(526 ,1'8675,$/(6
,1* +8%(5 085,//2 0$15,48(
9,(1( '( 7*)
$ .$ 75$)2 75,)$6,&2 92/7,26 .9$ +=
92/7,26 +=
$
$
$/80%5$'2 3/$17$
+0
$/80%5$'2 $/0$&(1 < 9,*,/$1&,$
$
720$&255,(17( 0212)$6,&2
$
720$&255,(17( 75,)$6,&2
$
&21752/ 6(&&,21 352&(62
$
&21752/ 6(&&,21 6(&$'2
',$*5$0$ 81,),/$5 '(/ 6,67(0$ '( $/80%5$'2 720$&255,(17(6 < &21752/ 3/$17$ '( 352&(6$'2 < 6(&$'2 '( &$)(
7$%/(526 ,1'8675,$/(6
,1* +8%(5 085,//2 0$15,48(
7$%/(526 ,1'8675,$/(6
,1* +8%(5 085,//2 0$15,48(
7$%/(526 ,1'8675,$/(6
,1* +8%(5 085,//2 0$15,48(
7$%/(526 ,1'8675,$/(6
,1* +8%(5 085,//2 0$15,48(
7$%/(526 ,1'8675,$/(6
,1* +8%(5 085,//2 0$15,48(
7$%/(526 ,1'8675,$/(6
,1* +8%(5 085,//2 0$15,48(
7$%/(526 ,1'8675,$/(6
,1* +8%(5 085,//2 0$15,48(
7$%/(526 ,1'8675,$/(6
,1* +8%(5 085,//2 0$15,48(
7$%/(526 ,1'8675,$/(6
,1* +8%(5 085,//2 0$15,48(
7$%/(526 ,1'8675,$/(6
,1* +8%(5 085,//2 0$15,48(
7$%/(526 ,1'8675,$/(6
,1* +8%(5 085,//2 0$15,48(
7$%/(526 ,1'8675,$/(6
,1* +8%(5 085,//2 0$15,48(
7$%/(526 ,1'8675,$/(6
,1* +8%(5 085,//2 0$15,48(
7$%/(526 ,1'8675,$/(6
,1* +8%(5 085,//2 0$15,48(
7$%/(526 ,1'8675,$/(6
,1* +8%(5 085,//2 0$15,48(
7$%/(526 ,1'8675,$/(6
,1* +8%(5 085,//2 0$15,48(
7$%/(526 ,1'8675,$/(6
,1* +8%(5 085,//2 0$15,48(
7$%/(526 ,1'8675,$/(6
,1* +8%(5 085,//2 0$15,48(
7$%/(526 ,1'8675,$/(6
,1* +8%(5 085,//2 0$15,48(
7$%/(526 ,1'8675,$/(6
,1* +8%(5 085,//2 0$15,48(
7$%/(526 ,1'8675,$/(6
,1* +8%(5 085,//2 0$15,48(
7$%/(526 ,1'8675,$/(6
,1* +8%(5 085,//2 0$15,48(
7$%/(526 ,1'8675,$/(6
,1* +8%(5 085,//2 0$15,48(
7$%/(526 ,1'8675,$/(6
,1* +8%(5 085,//2 0$15,48(