85*(1&,$6 $%’20,1$/(6 - elgotero.com pdf/urgencias abdominales.pdf · x $yhuljxdu vl ho...

23
KWWSZZZHOSUDFWLFDQWHJDOHRQFRP 85*(1&,$6$%'20,1$/(6 $LWRU(W[HEHUULD*DULQ'LSORPDGRHQ(QIHUPHUtD KWWSHVJHRFLWLHVFRPVLPSOH[ '2/25$%'20,1$/ 3DUDD\XGDUDXQSDFLHQWHFRQGRORUDEGRPLQDOVHWLHQHTXHUHVSRQGHUVLQGHPRUDDVXV QHFHVLGDGHVHODERUDUXQDKLVWRULDFRPSOHWDYDORUDU\FRQWURODUVXHVWDGR\FRPEDWLUORV VtQWRPDVGHPDOHVWDUFRPRQDXVHDVYyPLWRV\HOSURSLRGRORU (QWUHODVFDXVDVKDELWXDOHVGHGRORUDEGRPLQDOILJXUDQODVLQIHFFLRQHVEDFWHULDQDV\ YtULFDVODREVWUXFFLyQRSHUIRUDFLyQJDVWURLQWHVWLQDO\WUDVWRUQRVPHWDEyOLFRV 9$/25$&,Ï1 2%7(1&,Ï1'(/26$17(&('(17(6'(/'2/25 ¢'21'(6(/2&$/,=$(/'2/25" /RFDOL]DGR VHxDODUDOD]RQDGRORURVD *HQHUDOL]DGR VHIURWDRVRVWLHQHXQD]RQDHVSHFLILFD(OGRORUORFDOL]DGRR JHQHUDOL]DGRLQGLFDUDPX\GLYHUVRVSDGHFLPLHQWRVVHJXQHOVLWLRSUHFLVRGHOGRORU(O GRORUORFDOL]DGRHQFXDGUDQWHLQIHULRUGHUHFKRVXJLHUHDSHQGLFLWLV(OGRORU JHQHUDOL]DGRHQODSRUFLyQVXSHULRUGHODEGRPHQVXJLHUHXQFyOLFRGHYHVtFXOD 'LIXVR VHTXHMDTXHGXHOHWRGRHODEGRPHQ(OGRORUGLIXVRGHQRWDLUULWDFLyQSHULWRQHDO x 3HGLUOHTXHVHxDOHOD]RQDH[DFWDTXHOHGXHOH x $YHULJXDUVLHOGRORUVHKDSURSDJDGRRVHKDGHVSOD]DGRDQXHYDVORFDOL]DFLRQHV x ,GHQWLILFDUORVFXDGUDQWHVDEGRPLQDOHVDIHFWDGRV ¢&8$1'2&20(1=2(/'2/25" x 3UHJXQWDUVLVHSUHVHQWRGHIRUPDV~ELWDRJUDGXDO ¢&202'(6&5,%,5Ë$(/'2/25" x 6HSXHGHGHVFULELUHOGRORUFRPRFyOLFRFROHFLVWLWLVRFRPRFDODPEUHV LQWHUUXPSLGRVSRUSHULRGRVVLQGRORU x 3XHGHGHVFULELUHOGRORUFRPRXUHQWHVRUGRLQHVSHFtILFRXOFHUDSpSWLFD SDQFUHDWLWLVDJXGD

Upload: trinhdien

Post on 30-Jun-2018

216 views

Category:

Documents


0 download

TRANSCRIPT

KWWS���ZZZ�HOSUDFWLFDQWH�JDOHRQ�FRP�85*(1&,$6�$%'20,1$/(6

$LWRU�(W[HEHUULD�*DULQ��'LSORPDGR�HQ�(QIHUPHUtDKWWS���HV�JHRFLWLHV�FRP�VLPSOH[��

'2/25�$%'20,1$/3DUD�D\XGDU�D�XQ�SDFLHQWH�FRQ�GRORU�DEGRPLQDO��VH�WLHQH�TXH�UHVSRQGHU�VLQ�GHPRUD�D�VXV�QHFHVLGDGHV��HODERUDU�XQD�KLVWRULD�FRPSOHWD��YDORUDU�\�FRQWURODU�VX�HVWDGR�\�FRPEDWLU�ORV�VtQWRPDV�GH�PDOHVWDU���FRPR�QDXVHDV��YyPLWRV�\�HO�SURSLR�GRORU���(QWUH�ODV�FDXVDV�KDELWXDOHV�GH�GRORU�DEGRPLQDO�ILJXUDQ�ODV�LQIHFFLRQHV�EDFWHULDQDV�\�YtULFDV��OD�REVWUXFFLyQ�R�SHUIRUDFLyQ�JDVWURLQWHVWLQDO�\�WUDVWRUQRV�PHWDEyOLFRV�

9$/25$&,Ï12%7(1&,Ï1�'(�/26�$17(&('(17(6�'(/�'2/25���¢�'21'(�6(�/2&$/,=$�(/�'2/25"/RFDOL]DGR� VHxDODUD�OD�]RQD�GRORURVD��*HQHUDOL]DGR� VH�IURWD�R�VRVWLHQH�XQD�]RQD�HVSHFLILFD��(O�GRORU�ORFDOL]DGR�R�JHQHUDOL]DGR�LQGLFDUD�PX\�GLYHUVRV�SDGHFLPLHQWRV�VHJXQ�HO�VLWLR�SUHFLVR�GHO�GRORU��(O�GRORU�ORFDOL]DGR�HQ�FXDGUDQWH�LQIHULRU�GHUHFKR�VXJLHUH�DSHQGLFLWLV��(O�GRORU�JHQHUDOL]DGR�HQ�OD�SRUFLyQ�VXSHULRU�GHO�DEGRPHQ�VXJLHUH�XQ�FyOLFR�GH�YHVtFXOD�'LIXVR� VH�TXHMD�TXH�GXHOH�WRGR�HO�DEGRPHQ��(O�GRORU�GLIXVR�GHQRWD�LUULWDFLyQ�SHULWRQHDOx 3HGLUOH�TXH�VHxDOH�OD�]RQD�H[DFWD�TXH�OH�GXHOH�x $YHULJXDU�VL�HO�GRORU�VH�KD�SURSDJDGR�R�VH�KD�GHVSOD]DGR�D�QXHYDV�ORFDOL]DFLRQHVx ,GHQWLILFDU�ORV�FXDGUDQWHV�DEGRPLQDOHV�DIHFWDGRV����¢�&8$1'2�&20(1=2�(/�'2/25"x 3UHJXQWDU�VL�VH�SUHVHQWR�GH�IRUPD�V~ELWD�R�JUDGXDO����¢&202�'(6&5,%,5Ë$�(/�'2/25"x 6H�SXHGH�GHVFULELU�HO�GRORU�FRPR�FyOLFR���FROHFLVWLWLV��R�FRPR�FDODPEUHV�LQWHUUXPSLGRV�SRU�SHULRGRV�VLQ�GRORU�x 3XHGH�GHVFULELU�HO�GRORU�FRPR�XUHQWH��VRUGR��LQHVSHFtILFR���XOFHUD�SpSWLFD��SDQFUHDWLWLV�DJXGD��

���,17(16,'$'�'(/�'2/25�x (Q�JHQHUDO��OD�LQWHQVLGDG�GHO�GRORU�UHIOHMD�OD�JUDYHGDG�GHO�SURFHVR��DVt��XQ�PDOHVWDU�OLJHUR�UHIOHMD�DOWHUDFLRQHV�DEGRPLQDOHV�LQHVSHFtILFDV��PLHQWUDV�TXH�XQ�GRORU�SHQHWUDQWH�VXJLHUH�HQIHUPHGDG�DJXGDV�R�DYDQ]DGDV�x (O�GRORU�LQLFLDO�TXH�SURYRFD�OD�SHUIRUDFLyQ�GH�XQD�XOFHUD�R�URWXUD�GH�XQHPEDUD]R�HFWySLFR��DFRVWXPEUD�D�VHU�UHSHQWLQR�H�LQWHQVR����¢6(�$&203$f$�(/�'2/25�'(�27526�6Ë1720$6"x 9HULILFDU�OD�SUHVHQFLD�GH�QDXVHDV��YyPLWRV�DQRUH[LD��FDPELRV�GH�KiELWRV�LQWHVWLQDOHV�\�YHVLFDOHV��(Q�HO�FDVR�GH�PXMHUHV�H[LVWHQFLD�GH�IOXMR�YDJLQDO�\�DOWHUDFLRQHV�GHORV�SDWURQHV�PHXVWUDOHV��� ¢�+$<�$/*2�48(�0,7,*8(�2�(;$5&(%(�(/�'2/25 "x $YHULJXDU�VL�HO�GRORU�VH�DOLYLD�R�VH�LQWHQVLILFD�DO�PRYHUVH�HQ�OD�FDPD��SDVHDU��FRPHU��EHEHU�R�UHDOL]DU�UHVSLUDFLRQHV�SURIXQGDV��/D�LQIODPDFLyQ�SHULWRQHDO��VXHOH�HPSHRUDU�FRQ�HO�PRYLPLHQWR�\�ODV�UHVSLUDFLRQHV�SURIXQGDV�&216,'(5$&,21(6�62%5(�(/�'2/25x (O�GRORU�FyOLFR�LQWHQVR�VXJLHUH�JDVWURHQWHULWLV�R�REVWUXFFLyQ�LQWHVWLQDO�x (O�GRORU�LQWHQVR�\�FRQVWDQWH�VXJLHUH�SHULWRQLWLV�x 8Q�GRORU�UHSHQWLQR�H�LQWHQVR�SXHGH�SURYRFDUOR�XQD�SHUIRUDFLyQ�JDVWURLQWHVWLQDO�R�URWXUD�GH�XQ�HPEDUD]R�HFWySLFR�x 6L�HO�GRORU�KDFH�TXH�HO�LQGLYLGXR�VH�UHWXHU]D�\�FRQWUDLJD��SUREDEOHPHQWH�VHD�GH�WLSR�FyOLFR�x /D�LQIODPDFLyQ�SHULWRQHDO�VXHOH�HPSHRUDU�FRQ�HO�PRYLPLHQWR�\�ODV�UHVSLUDFLRQHV�SURIXQGDV�x /D�SUHVHQWDFLyQ�GH�XQ�GRORU�FDXVDGR�SRU�XQD�REVWUXFFLyQ�LQWHVWLQDO��DSHQGLFLWLV�VXHOH�VHU�PDV�JUDGXDO�x 8Q�GRORU�TXH�QR�VH�FDOPH�FRQ�DQDOJpVLFRV�SXHGH�LQGLFDU�LVTXHPLD�DVRFLDGD�D�HVWUDQJXODFLyQ�LQWHVWLQDO�R�D�LQIDUWR�PHVHQWpULFR�x &LHUWDV�SRVWXUDV�TXH�DGRSWH�HO�SDFLHQWH�SDUD�DOLYLDU�HO�GRORU�VXJHULUiQ�WUDVWRUQRV�HVSHFtILFRV��FRPR�SXHGH�VHU�HO�FDVR��VL�SHUPDQHFH�LQPyYLO�SHUR�IOH[LRQD�ODV�URGLOODV�SDUD�PLWLJDU�OD�WHQVLyQ�GH�OD�SDUHG�DEGRPLQDO� SXHGH�SUHVHQWDU�XQD�SHULWRQLWLV�2%7(1&,21�'(�/$�+,6725,$�'(/�3$&,(17(x ,QYHVWLJXH�ODV�PHGLFDFLRQHV�TXH�HVWD�WRPDQGR�HO�SDFLHQWH���VDOLFLODWRV��FRUWLFRLGHV��DQWLQIODPDWyULRV��HWF��x &RQVLGHUDU�ORV�KiELWRV�Wy[LFRV�GHO�SDFLHQWH��FRPR�WDEDTXLVPR���LQFLGHQFLD�HOHYDGD�GH�XOFHUD����DEXVR�GH�DOFRKRO��GH�GURJDV�TXH�SXHGH�DVRFLDUVH�D�XQD�SDWRORJtD�JiVWULFD��KHSiWLFD�\�SDQFUHiWLFD�x &RQVLGHUDU�OD�SRVLELOLGDG�GH�TXH�OD�SDFLHQWH�SUHVHQWH�XQD�SDWRORJtD�JLQHFROyJLFD�FRPR�HPEDUD]R�HFWySLFR��(Q�RWUDV RFDVLRQHV�OD�DSHQGLFLWLV�DJXGD�\�ORV�TXLVWHV�RYiULFRV�VH�GLDJQRVWLFDQ�HUUyQHDPHQWH�x 3UHJXQWDU�DO�SDFLHQWH�VL�KD�VXIULGR�WUDVWRUQRV�JDVWURLQWHVWLQDOHV�FUyQLFRV�FRPR�SXHGHQ�VHU�KHSDWRSDWtD��XOFHUDV�R�HQWHURSDWtD�

x $YHULJXDU�VL�HO�SDFLHQWH�KD�VLGR�VRPHWLGR�D�XQD�LQWHUYHQFLyQ�TXLU~UJLFD�SRU�FXDOTXLHU�WUDVWRUQR�JDVWURLQWHVWLQDO��SXHV�SRVLEOHPHQWH�VH�IRUPHQ�DGKHUHQFLDV�TXH�FDXVDQ�REVWUXFFLyQ�(;3/25$&,Ï1�$%'20,1$//D�H[SORUDFLyQ�DEGRPLQDO�VH�UHDOL]DUD�HQ�HO�VLJXLHQWH�RUGHQ��YDORUDFLyQ�YLVXDO��DXVFXOWDFLyQ��SHUFXVLyQ�\�SDOSDFLyQ��([DPLQDU�DO�SDFLHQWH�OR�XOWLPR�OD�]RQD�GRORURVD�9$/25$&,Ï1�9,68$/x 2EVHUYDU�VL�HO�DEGRPHQ�HV�UHGRQGHDGR��SODQR��FyQFDYR�R�HVWD�GLVWHQGLGR�x ([DPLQDU�OD�SLHO�HQ�EXVFD�GH�HUXSFLRQHV��KHPDWRPDV��KHULGDV��HVWUtDV��FLFDWULFHV�\�FDPELRV�GH�SLJPHQWDFLyQ�x &RPSUREDU�OD�SUHVHQFLD�GH�PDVDV��RQGDV�SHULVWiOWLFDV�\�SXOVDFLRQHV�x &RPSUREDU�HO�HVWDGR�GH�OD�PXVFXODWXUD�DEGRPLQDO�\�HO�RPEOLJR��KHUQLDV��8Q�SDFLHQWH�FRQ�REVWUXFFLyQ�DEGRPLQDO�SUHVHQWD�XQ�DEGRPHQ�WHQVR�\�GLVWHQGLGR��SXHGH�SUHVHQWDU�XQD�FLFDWUL]�DEGRPLQDO�GH�XQD�LQWHUYHQFLyQ�DQWHULRU�\�VLJQRV�YLVLEOHV�GH�SHULVWDVLV�KLSHUDFWLYD�SRU�HQFLPD�GHO�SXQWR�GH�REVWUXFFLyQ�VL�HO�SDFLHQWH�HV�GHOJDGR�$86&8/7$&,Ï1x $XVFXOWDU�OD�SUHVHQFLD�GH�VRQLGRV�LQWHVWLQDOHV�QRUPDOHV�FRPR�JRUJRWHRV�TXH�SXHGHQ�UHSHWLUVH�FDGD������VHJXQGRV�HQ�SDWURQHV�LUUHJXODUHV��3UHVWDU�DWHQFLyQ�HQ�HO�FXDGUDQWH�HQ�HO�TXH�HO�SDFLHQWH�SUHVHQWD�HO�GRORU�x 3XHGH�RFXUULU�TXH�ORV�VRQLGRV�LQWHVWLQDOHV�HVWpQ�DXVHQWHV��VH�FRQVLGHUD�DVt��VL�HQ�HO�SOD]R�GH��PLQXWRV�QR�KD\�VRQLGRV�LQWHVWLQDOHV��6X�DXVHQFLD�HQ�XQ�FXDGUDQWH�SXHGH�LQGLFDU�REVWUXFFLyQ�LQWHVWLQDO�FRPSOHWD��SHULWRQLWLV�R�LOHR�SDUDOtWLFR�x (Q�DOJXQRV�FDVRV�VRQLGRV�GH�SHULVWDOWLVPR�IUHFXHQWHV�\�DVRFLDGDV�D�FDODPEUHV�DEGRPLQDOHV��SXHGHQ�DSDUHFHU�HQ�HO�FDVR�GH�JDVWURHQWHULWLV��KHPRUUDJLD�DEGRPLQDO�\�HQ�IDVHV�LQLFLDOHV�GH�XQD�REVWUXFFLyQ�SDUFLDO�3(5&86,Ï13HUFXWLU�ORV�FXDWUR�FXDGUDQWHV�FRQ�HO�ILQ�GH�GLIHUHQFLDU�ORV�yUJDQRV�\�HVWUXFWXUDV�DEGRPLQDOHV�x /RV�VRQLGRV�FRUWRV��VRUGRV�\�GH�WRQR�DOWR�VREUH�HO�KtJDGR��ED]R�\�XQD�YHMLJD�GLVWHQGLGD�x /RV�VRQLGRV�WLPSiQLFR��VREUH�OD�PD\RU�SDUWH�GHO�DEGRPHQ��\D�TXH�HO�HVWRPDJR�\�HO�LQWHVWLQR�HVWiQ�OOHQRV�GH�DLUH�3$/3$&,Ï1x 3DOSDU�HO�DEGRPHQ�SUHVLRQiQGROR�OLJHUDPHQWH�FRQ�ODV�\HPDV�GH�ORV�GHGRV��\�GHVSOD]DUVH�FRQ�UDSLGH]�SRU�ORV�FXDWUR�FXDGUDQWHV�x /D�GHIHQVD�LQYROXQWDULD��VLJQR�GH�GHIHQVD��SXHGH�VHU�XQ�VLJQR�GH�DSHQGLFLWLV��FROHFLVWLWLV�R�HQIHUPHGDG�LQIODPDWRULD�SpOYLFD�x /D�ULJLGH]�PXVFXODU�SXHGH�LQGLFDU�SHULWRQLWLV�x 7DPELpQ�UHDOL]DU�SDOSDFLyQ�SURIXQGD�SDUD�SHUFLELU�PHMRU�ODV�PDVDV�\�yUJDQRV�DEGRPLQDOHV�x 7DO�YH]��VH�GHVFXEUD�TXH�HO�SDFLHQWH�QR�VLHQWD�GRORU�FXDQGR�VH�OH�SUHVLRQH��SHUR�VL�FXDQGR�GHMH�GH�KDFHU�SUHVLyQ���KLSHUVHQVLELOLGDG�GH�UHERWH��

6,*126�<�6Ë1720$6�$62&,$'266RQ�KDOOD]JRV�TXH�SXHGHQ�SURSRUFLRQDU�YDOLRVDV�FODYHV�GLDJQRVWLFDV��3XHGHQ�HVWDU�DVRFLDGRV�D�DO�GRORU�GHO�HQIHUPR�x /RV�YyPLWRV�SXHGHQ�VHU�XQD�UHVSXHVWD�DO�SURSLR�GRORU�R�UHIOHMDU�LUULWDFLyQ�LQWUDDEGRPLQDO�\�REVWUXFFLyQ�GHO�WUDFWR�JDVWURLQWHVWLQDO�x &XDQWR�PDV�DOWR�VHD�HO�QLYHO�GH�REVWUXFFLyQ��PDV�WHPSUDQRV�\�SURIXVRV�VHUiQ�ORV�YyPLWRV�GHO�SDFLHQWHx 8QRV�YyPLWRV�TXH�FRQWHQJDQ�ELOLV�R�KXHOD�D�KHFHV��VRVSHFKDU�XQD�REVWUXFFLyQ�SRU�GHEDMR�GHO�StORUR�x 8QD�HPHVLV�GH�FRORU�PDUUyQ�� FDIp�VXJLHUH�XQD�DFXPXODFLyQ�GH�VDQJUH�HQ�HO�HVWRPDJR�x /D�SUHVHQFLD�GH�VDQJUH�URMD�HQ�OD�HPHVLV�LQGLFD�KHPRUUDJLD�DFWLYD�GH�YDULFHV�HVRIiJLFDV�R�GHO�HVWRPDJR�',$*1267,&2�',)(5(1&,$/2%6758&&,Ï1�,17(67,1$/x 3DFLHQWH�LQTXLHWR�FRQ�GRORU�LQLFLDO�GH�WLSR�FyOLFR�R�LQWHUPLWHQWH�x 9yPLWRV�\�HVWUHxLPLHQWR�x 'LVWHQVLyQ�DEGRPLQDO��KLSHUSHULVWDOWLVPR�H��KLSRDFWLYR�HQ�FXDGURV�HYROXWLYRV�x 'LODWDFLyQ�GH�DVDV�\�QLYHOHV�KLGURDpUHRV�HQ�5[�x &DXVDV��EULGDV��SRVTXLU~UJLFR��KHUQLDV��YyOYXOR��WXPRUHV��LPSDFWR�IHFDO��HWF�+(023(5,721(2x 'RORU�DJXGR�GLIXVR�GH�FRPLHQ]R�UiSLGR�V~ELWR�x 3XHGH�WHQHU�VLJQRV�\�VtQWRPDV�GH�VKRFNx 'LVFUHWD�LUULWDFLyQ�SHULWRQHDOx 3DUHFHQWHVLV�R�ODYDGR�SHULWRQHDO�KHPiWLFR�x &DXVDV��URWXUD�GH�ED]R��HPEDUD]R�HFWySLFR��DQHXULVPD�DyUWLFR��WUDXPDWLVPRV��WXPRUHV�HFW�,648(0,$�0(6(17e5,&$x $QWHFHGHQWHV�GH�DUWHULRHVFOHURVLV�R�HVWDGRV�GH�KLSHUFRDJXODELOLGDG�x 'RORU�DEGRPLQDO�GLIXVR�VLQ�FODUD�LUULWDFLyQ�SHULWRQHDO�x 'LDUUHD�VDQJXLQROHQWD�x $FLGRVLV�PHWDEyOLFD�x &DXVDV��(PEROLD�R�WURPERVLV�$3(1',&,7,6�$*8'$x 'RORU�DJXGR�SHULXPELOLFDO�VHJXLGR�GH�GRORU�ORFDOL]DGR�HQ�IRVD�LOtDFD�GHUHFKD�x 1DXVHDV��YyPLWRV�\�HVWUHxLPLHQWR�x /LJHUD�LUULWDFLyQ�SHULWRQHDO�\�WDFWR�UHFWDO�GRORURVR�HQ�IRVD�LOtDFD�GHUHFKD�x )HEUtFXOD�\�OHXFRFLWRVLV�PRGHUDGD�

&2/(&,67,7,6�$*8'$x 0DV�IUHFXHQWH�HQ�PXMHUHV��$QWHFHGHQWHV�GH�FROHOLWLDVLV�\�GLVSHSVLD�ELOLDU�x 'RORU�DJXGR�FRQWLQXR�H�LQWHQVR�HQ�HSLJDVWULR�H�KLSRFRQGULR�GHUHFKR�x 6LJQRV�GH�LUULWDFLyQ�SHULWRQHDO�ORFDOL]DGR�FRQ�0XUSK\�SRVLWLYR�x )LHEUH�\�OHXFRFLWRVLV�3$1&5($7,7,6�$*8'$x )UHFXHQWH�HQ�SHUVRQDV�FRQ�DQWHFHGHQWHV�GH�HWLOLVPR�\�FROHOLWLDVLV�x 'RORU�DJXGR GH�LQWHQVLGDG�YDULDEOH�H�HSLJiVWULFR�LUUDGLDGR�D�HVSDOGD�x 1DXVHDV�\�YyPLWRV�x *UDGR�YDULDEOH�GH��DIHFWDFLyQ�GHO�HVWDGR�JHQHUDO�KDVWD�HO�VKRFN�x 'LVWHQVLyQ�DEGRPLQDO�\�OLJHUD�GHIHQVD�x $PLODVD�HOHYDGD�HQ�VDQJUH�$1(;,7,6�$*8'$x 0XMHU�FRQ�FRQWDFWRV�VH[XDOHV�VRVSHFKRVRV�x 'RORU�HQ�IRVD�LOtDFD�R�KLSRJDVWULR�x /HXFRUUHD��ILHEUH�\�HVFDORIUtRV�x $QHMR�DJUDQGDGR�\�GRORURVR�HQ�WDFWR�YDJLQDO�R�UHFWDO�*$6752(17(5,7,6�$*8'$x $QWHFHGHQWHV�HSLGHPLROyJLFRV�x 'RORU�GLIXVR�GH�WLSR�FROLFR�R�UHWRUWLMyQ�x 1DXVHDV��YyPLWRV�\�GLDUUHD�x ([SORUDFLyQ�DEGRPLQDO�QRUPDO�x )LHEUH�\�OHXFRFLWRVLV�8/&86�3(37,&2x 'RORU�DEGRPLQDO�HSLJiVWULFR�TXHPDQWH�x $OLYLR�WUDV�OD�LQJHVWD�R�WRPD�GH�DQWLiFLGRV�&Ï/,&2�5(1$/x 'RORU�FyOLFR�LQWHQVR�RULJLQDGR�HQ�IRVD�OXPEDU�H�LUUDGLDGR�D�IODQFR��IRVD�LOtDFD�R�JHQLWDOHV�x 3RVLEOHV�VtQWRPDV�PLFFLRQDOHV�x 3XxR�SHUFXVLyQ�UHQDO�SRVLWLYR�x 6HGLPHQWDFLyQ�XULQDULD�SDWROyJLFD�x 3RVLEOH�YLVXDOL]DFLyQ�GH�FiOFXORV�HQ�5[�R�HFRJUDItD�

)LJXUD������$/*8126�/8*$5(6�'(�/2&$/,=$&,Ï1�'(/�'2/25$%'20,1$/$&7,9,'$'(6�'(�(1)(50(5Ë$'2/25�$%'20,1$/

��� &RQWURO�GH�ORV�VLJQRV�YLWDOHV�x 7HQVLyQ�DUWHULDO��IUHFXHQFLD�FDUGLDFD��WHPSHUDWXUD�x &RQWURO�GH�OD�GLXUHVLV���� (IHFWXDU�XQD�YDORUDFLyQ�GHO�GRORU�DEGRPLQDO�x 5HDOL]DU�XQD�YDORUDFLyQ�GHO�GRORU�x 2EWHQFLyQ�GH�OD�KLVWRULD�\�DQWHFHGHQWHV�GHO�SDFLHQWH�x 5HDOL]DU�XQD�H[SORUDFLyQ�DEGRPLQDO����3URFHGLPLHQWRVx 5HDOL]DU�YHQRFOLVLV�\�H[WUDHU�VDQJUH�SDUD�DQDOtWLFD��SXHGH�SUHFLVDU�SUXHEDV�FUX]DGDV�x &RORFDU�VRQGD�QDVRJiVWULFD��YyPLWRV��x 3UHSDUDU�HO�PDWHULDO�GH�DVSLUDFLyQ�x 6L�HV�SUHFLVR��SUHSDUDU�HO�PDWHULDO�QHFHVDULR�SDUD�UHDOL]DU�XQ�ODYDGR�SHULWRQHDO��HQ�HO FDVR�HQ�HO�TXH�VRVSHFKHPRV�TXH�HQ�HO�LQWHULRU�GHO�DEGRPHQ�KD\�VDQJUH��ELOLV�R�OtTXLGRV�SXUXOHQWRV�OLEUHV�

���&XLGDGRVx 0DQWHQHU�XQD�GLHWD�DEVROXWDx 3URSRUFLRQDU�XQD�EXHQD�KLJLHQH�EXFDO�SDUD�SUHYHQLU�OD�VHTXHGDG�GH�PXFRVDV�x 5HJLVWUR�GHO�EDODQFH�KLGURHOHFWUROtWLFR�x &RQWURODU�ORV�YyPLWRV��DVSHFWR��FRORU��FDQWLGDG��\�GHSRVLFLRQHVx 1R�DGPLQLVWUDU�DQDOJpVLFRV��DQWLHVSDPyGLFRV��DQWLFROLQpUJLFRV�KDVWD�TXH�HO�PHGLFR�KD\D�H[DPLQDGR�DO�SDFLHQWH��/D�PRUILQD�SXHGH�LQWHQVLILFDU�HO�GRORU�FDXVDGR�SRU�WUDVWRUQRV�ELOLDUHV�x 6L�HV�SUHFLVR�SXHGH�VHU�QHFHVDULR�SUHSDUDUOH�SDUD�UHDOL]DUOH�XQD�LQWHUYHQFLyQ�TXLU~UJLFD���)DFLOLWDU�HO�ELHQHVWDU�GHO�SDFLHQWH�x &RORFDUOH�HQ�SRVLFLRQHV�GH�FRQIRUW�x 3URWHJHU�OD�LQWHJULGDG�GH�OD�SLHO�x 3UHYHQLU�ODV�FRPSOLFDFLRQHV�UHVSLUDWRULDV�HVWLPXOiQGROH�D�UHDOL]DU�UHVSLUDFLRQHV�SURIXQGDV��2%6(59$&,21(6�'(�(1)(50(5Ë$x 2EVHUYDU�HO�FRQWHQLGR�GHO�YRPLWR��6L�HV�KHPiWLFR��ELOLRVR��DOLPHQWR�QR�GLJHULGR�R�VL�WLHQH�RORU�IHFDORLGHR��� /RV�DOLPHQWRV�QR�GLJHULGRV�HQ�HO�YRPLWR��SXHGHQ�GHQRWDU�XQD�REVWUXFFLyQ�SLOyULFD��� (O�YRPLWR�FRQ�RORU�IHFDORLGHR�SXHGH�GHQRWDU�XQD�REVWUXFFLyQ�GH�OD�SRUFLyQ�LQIHULRU�GHO�LQWHVWLQR��� /D�VDQJUH�HQ�HO�PDWHULDO�YRPLWDGR�GHQRWD�KHPRUUDJLD�GH�OD�SRUFLyQ�VXSHULRU�GH�YtDV�JDVWURLQWHVWLQDOHV�x 2EVHUYDU�H�LQWHUURJDU�DO�SDFLHQWH��VL�VXV�KHFHV�KDQ�VLGR�RVFXUDV�\�DOTXLWUDQDGDV�R�VDQJXLQROHQWDV�\�REVHUYDU�HO�DVSHFWR�GH�ODV�KHFHV�TXH�KDQ�VLGR�REVHUYDGDV�x 6L�H[LVWHQ�VLJQRV�GH�KHPRUUDJLD�UHYLVDU�OD�FRQMXQWLYD��PXFRVD�GH�OD�ERFD��OHFKRV�XQJXDOHV�\�FRORU�GH�OD�SLHO�HQ�EXVFD�GH�SDOLGH]��VLJQRV�GH�GHQRWDQ�SHUGLGD�KHPiWLFD�VLJQLILFDWLYD�x 5HDOL]DU�DXVFXOWDFLRQHV�FRQWLQXDV�GHO�DEGRPHQ��SDUD�GHWHFWDU�OD�SUHVHQFLD�R�DXVHQFLD�GH�UXLGRV�LQWHVWLQDOHV��� $XVFXOWDU�ORV�FXDWUR�FXDGUDQWHV��� $GYHUWLU�VL�VRQ�UXLGRV�KLSRDFWLYRV��� (O�LQFUHPHQWR�GH�ORV�UXLGRV�MXQWR�FRQ�HVWUHxLPLHQWR�VXHOH�GHQRWDU�REVWUXFFLyQ�R�KHPRUUDJLD�LQWHVWLQDO��� /D�DXVHQFLD�R�DSDJDPLHQWR�GH�ORV�UXLGRV�SXHGH�GHQRWDU�LQIODPDFLyQ�SHULWRQHDO�R SHULWRQLWLV�x &RPSOHWDU�HO�HVWXGLR�GHO�DEGRPHQ�FRQ�OD�SDOSDFLyQ�\�OD�SHUFXVLyQ��� 3DOSDU�VL�KD\�ULJLGH]�GHO�DEGRPHQ��SXHGH�KDEHU�SHULWRQLWLV��� 'HMDU�SDUD�HO�ILQDO�OD�SDOSDFLyQ�GH�FXDGUDQWH�GRORULGR��� 3HUFXWLU�HO�DEGRPHQ�HQ�EXVFD�GH�PDWLGH]�R WLPSDQLVPR�

3(5)25$&,Ï1�'(�/$�Ò/&(5$�3e37,&$/D�XOFHUD�SpSWLFD�HV�XQD�OHVLyQ�GH�OD�PXFRVD�GH�OD�SRUFLyQ�VXSHULRU�GH�YtDV�JDVWURLQWHVWLQDOHV��\�ORV�HVWXGLRV�GHQRWDQ�TXH�DSDUHFHQ�GH�GRV�IRUPDV�SULQFLSDOHV��FRPR�VRQ�OD�GXRGHQDO�\�OD�JiVWULFD��\�VXUJH�FXDQGR�OD�PXFRVD�TXH�SURWHJH�ODV�YtDV�PHQFLRQDGDV�\D�QR�UHVLVWHQ�OD�FRUURVLyQ�SRU�HO�iFLGR�\�OD�SHSVLQD�GXUDQWH�OD�GLJHVWLyQ��/D�PXFRVD�SXHGH�GHWHULRUDUVH�PDV�\�SURGXFLUVH�XQD�KHPRUUDJLD��SHUIRUDFLyQ�R�DPERV�SUREOHPDV�

9$/25$&,Ï19$/25$&,Ï1�,1,&,$/x 'RORU�DEGRPLQDO�JHQHUDOL]DGR��FRQVWDQWH��LQWHQVR��GH�FRPLHQ]R�UHSHQWLQR�x 0HOHQDV���KHFHV�RVFXUDV�\�DOTXLWUDQDGDV�x +HPDWHPHVLV�x 3XHGH�TXH�VXIUD�VLJQRV�GH�VKRFN�FRPR�GLDIRUHVLV��SDOLGH]��WDTXLFDUGLD��WDTXLSQHD��FRQIXVLyQ�H�KLSRWHQVLyQ�DUWHULDO�x $EGRPHQ�UtJLGR��FRQ�GRORU�SRU�UHERWH�D�OD�SDOSDFLyQ�x $XVHQFLD�GH�UXLGRV�LQWHVWLQDOHV�9$/25$&,Ï1�'(�/26�6,*8,(17(6�)$&725(6(IHFWXDU�SUHJXQWDV�DO�SDFLHQWH�VREUH�x 3LURVLV�R�LQGLJHVWLRQHV�GHVSXpV�GH�ODV�FRPLGDV�FRSLRVDV�x 'RORU�JiVWULFR�TXH�FHGH�FRQ�OD�LQJHVWLyQ�GH�DOLPHQWRV�x 3UHJXQWDU�VREUH�OD�LQJHVWLyQ�GH�PHGLFDPHQWRV�FRPR�DVSLULQDV��DQWLQIODPDWyULRV��FRUWLFRLGHV�\�DQWLFRDJXODQWHV�x 6L�SUHVHQWD�DOFRKROLVPR�R�WDEDTXLVPR�x 6L�KD�HVWDGR�VRPHWLGR�D�WHQVLRQHV�358(%$6�',$*1267,&$6x $QDOtWLFDV�GH�VDQJUH�FRPSUREDQGR�VREUH�WRGR�ORV�YDORUHV�GH�KHPDWRFULWR��KHPRJORELQD��IDFWRUHV�GH�FRDJXODFLyQ��SUXHEDV�FUX]DGDV�x 5HDOL]DFLyQ�GH�HQGRVFRSLD�

$&7,9,'$'(6�'(�(1)(50(5Ë$Ò/&(5$�3e37,&$$&78$&,21(6�'(�(1)(50(5Ë$(O�SDFLHQWH�SXHGH�SUHVHQWDU�XQD�KLSRYROHPLD�FRPR�UHVXOWDGR�GH�XQD�KHPRUUDJLD�x 9DORUDU�ODV�SHUGLGDV�x /D�SULRULGDG�HV�UHSRQHU�FRQ�OtTXLGRV��VDQJUH�R�KHPRGHULYDGRV�ODV�SHUGLGDV�SURGXFLGDV��SDUD�FRQVHUYDU�HO�YROXPHQ�VDQJXtQHR�\�DVHJXUDU�OD�HVWDELOLGDG�KHPRGLQiPLFD�x 7DPELpQ�HV�SUHFLVR�R[LJHQDU�DO�SDFLHQWH�DGPLQLVWUDQGR�R[LJHQR�x 9DORUDU�ORV�VLJQRV�YLWDOHV�\�EXVFDU�GDWRV�TXH�GHQRWHQ�VKRFN�KLSRYROpPLFR�x (O�SDFLHQWH�SHUPDQHFHUi�HQ�UHSRVR�DEVROXWR�x ,QWURGXFLU�FDWpWHUHV�GH�JUXHVR�FDOLEUH�x 3UHSDUDU�HO�PDWHULDO�\�D\XGDU�D�FRORFDU�XQD�YtD�FHQWUDO�x ([WUDHU�VDQJUH�SDUD�OD�UHDOL]DFLyQ�GH�DQDOtWLFDV�GH�VDQJUH��HVWXGLR�GH�FRDJXODFLyQ��KHPDWLPHWUtD�FRPSOHWD��HOHFWUROLWRV��KHPRJORELQD�\ KHPDWRFULWR��XUHD��FUHDWLQLQD��JDVRPHWUtD�\�SUXHEDV�FUX]DGDVx &RORFDU�VRQGD�QDVRJiVWULFD�SDUD�DVSLUDU�HO�FRQWHQLGR�JiVWULFR�\�EXVFDU�OD�SUHVHQFLD�GH�VDQJUH�x (V�SUREDEOH�TXH�VH�OH�UHDOLFH�XQ�WDFWR�UHFWDO�\�FRPSUREDU�HQ�ODV�KHFHV�VL�KD\�LQGLFLRV GH�VDQJUH�RFXOWD�x 6L�OD�KHPRUUDJLD�HV�LPSRUWDQWH�HV�SRVLEOH�TXH�VH�SRQJD�XQD�VRQGD�YHVLFDO�SDUD�PHGLU�OD�GLXUHVLV�x 9LJLODU�OD�HOLPLQDFLyQ�\�HO�LQJUHVR�GH�OtTXLGRVx &RQVHUYDU�D�PDQR�HO�HTXLSR�GH�DVSLUDFLyQ�\�HO�PDWHULDO�GH�LQWXEDFLyQ�2%6(59$&,21(6�'(�(1)(50(5Ë$x 2EVHUYDU�HO�FRORU�\�ODV�FDUDFWHUtVWLFDV�GHO�OLTXLGR�DVSLUDGR�LQVWLODQGR�VROXFLyQ�VDOLQD�SRU�VRQGD�QDVRJiVWULFD�� 6L�HO�OLTXLGR�HV�OLPSLR��LQGLFD�TXH�KD�FHVDGR�OD�KHPRUUDJLD�� /D�H[WUDFFLyQ�GH�PDWHULDO�HQ�SRVRV�GH FDIp�GHQRWD�KHPRUUDJLD�SUHYLD�� /D�SHUVLVWHQFLD�GH�FRORU�URVD�GHQRWD�TXH�GHVSXpV�GHO�ODYDGR�UHSHWLGR�OD�KHPRUUDJLD�VLJXH�DFWLYD�x 2EVHUYDU�VLJQRV�GH�KLSRWHQVLyQ�\�WDTXLFDUGLD��\D�TXH�QRV�LQGLFDUD�GH�TXH�SRVLEOHPHQWH�SHUVLVWH�OD�KHPRUUDJLD�x +D\�TXH�UHYLVDU�HO�DEGRPHQ�HQ�EXVFD�GH�GRORU�D�OD�SDOSDFLyQ��ULJLGH]�\�DXVHQFLD�GH�ORV�UXLGRV�LQWHVWLQDOHV��VLJQRV�TXH�SXHGHQ�GHQRWDU�OD�SHUVLVWHQFLD�GH�OD�KHPRUUDJLD�R�OD�JHVWDFLyQ�GH�OD�SHULWRQLWLV�7(5$3(87,&$

$��$GPLQLVWUDU�ORV�IiUPDFRV�SUHVFULWRV�FRPR�x &LPHWLGLQD��UDQLWLGLQD���]DQWDF���IDPRWLGLQD���WDPLQ��DQWDJRQLVWDV�GH�ORV�UHFHSWRUHV�KLVWDPtQLFRV�TXH�LQKLELUiQ�OD�VHFUHFLyQ�JiVWULFD�x 2PHSUD]RO���ORVHF��TXH�HV�XQ�LQKLELGRU�SRWHQWH�GH�OD�VHFUHFLyQ�iFLGD�%��(Q�HO�FDVR�HQ�HO�TXH�OD�KHPRUUDJLD�HV�FRKLELGD�VLQ�SUHFLVDU�OD�LQWHUYHQFLyQ�TXLU~UJLFD�OD�DVLVWHQFLD�HVWDUi�RULHQWDGD�x 8QD�YH]�TXH�KDQ�UHDSDUHFLGR�ORV�UXLGRV�LQWHVWLQDOHV��HO�PHGLFR�RUGHQDUD�OD�H[WUDFFLyQ�GH�OD�VRQGD�QDVRJiVWULFD�x &RPHQ]DU�OD�WROHUDQFLD�FRQ�OD�DGPLQLVWUDFLyQ�RUDO�GH�OtTXLGRV��VL�WROHUD�FRPHQ]DU�FRQ�XQD�GLHWD�EODQGDx 2ULHQWDUOH�VREUH�ORV�FDPELRV�GH�DOLPHQWDFLyQ��FRPR�OD�QHFHVLGDG�GH�UHVWULQJLU�R�HYLWDU�OD�FDIHtQD��EHELGDV�DOFRKyOLFDV�\�DOJXQRV�DOLPHQWRV�x ,QGLFDUOH�OD�LPSRUWDQFLD�GH�OD�WRPD�GH�OD�PHGLFDFLyQ��,17(59(1&,21�48,5Ò5*,&$(Q�HO�FDVR�GH�TXH�HO�SDFLHQWH�SUHFLVDUD�GH�XQD�LQWHUYHQFLyQ�TXLU~UJLFD��SUHSDUDU�DO�SDFLHQWH�SDUD�OD�LQWHUYHQFLyQ�x 9$*2720Ë$�<�3,/2523/$67,$��(Q�HO�FXDO�VH�VHFFLRQD�HO�QHUYLR�QHXPRJiVWULFR���YDJR��SDUD�DPLQRUDU�OD�VHFUHFLyQ�GH�iFLGR�FORUKtGULFR�\�DJUDQGDU�HO�FDOLEUH�LQWHULRU�GHO�StORUR�\�DVt�IDFLOLWDU�HO�YDFLDPLHQWR�JiVWULFR�x *$675(&720Ë$�',67$/��(Q�HO�FXDO�VH�HOLPLQD�OD�XOFHUD�JiVWULFD�\�ORV�ERUGHV�YHFLQRV�$&78$&,21(6�'(�(1)(50(5Ë$�(1�(/�326723(5$725,2x &RQWURODU�ODV�SRVLEOHV�FRPSOLFDFLRQHV�TXH�SXHGDQ�VXUJLU�x &RQWURO�GH�ODV�FRQVWDQWHV�YLWDOHV�x 9LJLODU�HO�LQJUHVR�H�HOLPLQDFLyQ�GH�OtTXLGRV�x 5HSRQHU�OtTXLGRV�\�HOHFWUROLWRV�x %XVFDU�VLJQRV�\�VtQWRPDV�GH�GHVKLGUDWDFLyQ�\�GHVHTXLOLEULR�GH�HOHFWUROLWRV�x &RPSUREDU�PHGLDQWH�OD�DQDOtWLFD�ORV�QLYHOHV�GH�HOHFWUROLWRV��KHPDWLHV�\�KHPRJORELQD��DVt�FRPR�HIHFWXDU�KHPRJUDPD�SDUD�FRPSUREDU�HO�LQFUHPHQWR�GHO�QXPHUR�GH�OHXFRFLWRV�TXH�SXHGH�GHQRWDU�LQIHFFLyQ�x (YDOXDU�IUHFXHQWHPHQWH�ORV�UXLGRV�LQWHVWLQDOHV�KDVWD�TXH�UHDSDUH]FDQ�x 2EVHUYDU�HO�HVWDGR�GH�OD�KHULGD�TXLU~UJLFD�\�FRPSUREDU�VL�KD\�VLJQRV�GH�LQIHFFLyQ�x (IHFWXDU�ODV�FXUDV�DVpSWLFDV�GH�OD�KHULGD�TXLU~UJLFD�x $GPLQLVWUDU�OD�PHGLFDFLyQ�SUHVFULWD��x (YLWDU�ODV�FRPSOLFDFLRQHV�SXOPRQDUHV�LQVWDQGR�DO�SDFLHQWH�D�WRVHU�\�UHDOL]DU�UHVSLUDFLRQHV�SURIXQGDV��DVt�WDPELpQ�VH�UHDOL]DUDQ�FDPELRV�GH�SRVWXUDOHV�x &RPHQ]DU�FRQ�OD�GHDPEXODFLyQ�WHPSUDQD�VHJ~Q�RUGHQ�PHGLFD�x &RPHQ]DU�FRQ�OD�RULHQWDFLyQ�GHO�SDFLHQWH�SDUD�D\XGDUOH�D�DMXVWDUVH�D�ORV�FDPELRV�GH�YLGD�\�VX�GLHWD�

9$5,&(6�(62)È*,&$6x /D�URWXUD�GH�ODV�YDULFHV�HVRIiJLFDV�HV�FRQVHFXHQFLD�GH�OD�KLSHUWHQVLyQ�GH�OD�YHQD�SRUWD��GHELGR�D�OD�REVWUXFFLyQ GH�OD�FLUFXODFLyQ�TXH�WLHQH�OXJDU�HQ�SDFLHQWHV�FRQ�FLUURVLV�x /D�KLSHUWHQVLyQ��GH�OD�YHQD�SRUWD�DOWHUD�OD�FLUFXODFLyQ�QRUPDO�GH�IRUPD�TXH�OD�VDQJUH�QR�SDVD�SRU�HO�KtJDGR�\�OR�KDFH�SRU�FRQGXFWRV�FRODWHUDOHV��8Q�FDQDO�FRODWHUDO�HV�HO�TXH�H[LVWH�HQWUH�ODV�YHQDV�JiVWULFDV�\�ODV�YHQDV�HVRIiJLFDV��OD�SUHVLyQ�H[FHVLYD�KDFH�TXH�ODV�YHQDV�GH�SDUHG�GHOJDGD�HQ�HO�HVyIDJR�PXHVWUHQ�YDULFHV��\�GH�FRQWLQXDU�OD�SUHVLyQ��SXHGHQ�URPSHUVH�

9$/25$&,Ï1���9DORUDFLyQ�LQLFLDOx +HPDWHPHVLV�UHSHQWLQD�\�SURIXVD��VLQ�GRORU�HVSRQWDQHR�R�HSLJiVWULFR�D�OD�SDOSDFLyQ�FRQ�ERUERWRQHV�GH�VDQJUH�HQ�OD�UHWURIDULQJH�x �6LJQRV�\�VtQWRPDV�GH�VKRFN�KLSRYROpPLFR����9DORUDFLyQ�GH�ORV�DQWHFHGHQWHVx (V�LPSRUWDQWH�LQWHUURJDU�DO�SDFLHQWH�R�VX�IDPLOLD�SDUD�VDEHU�VL�H[LVWH DOJXQD�KHSDWRSDWtD�FUyQLFD�VXE\DFHQWH�R�HWLOLVPR�x $QWHFHGHQWHV�GH�HWLOLVPR�LPSRUWDQWH��KHSDWRSDWtD�FRPR�FLUURVLV�R�KHSDWLWLV����([SORUDFLyQ�GHO�SDFLHQWHx 6H�HVWXGLDUD�DO�SDFLHQWH�HQ�EXVFD�GH�VLJQRV�GH�LFWHULFLD��GLODWDFLyQ�GH�ODV�YHQDV�FXWiQHDV��DQJLRPDV��HULWHPD�SDOPDU�\�DVFLWLV�x ,GHQWLILFDFLyQ�PHGLDQWH�OD�SDOSDFLyQ�GH�KHSDWRPHJDOLD�x 9DORUDFLyQ�GH�OD�SRVLEOH�HQFHIDORSDWtD�KHSiWLFD��/D�VDQJUH�DFXPXODGD�HQ�HO�LQWHVWLQR�VH�GHVFRPSRQH��DO�GHJUDGDUVH�OD�KHPRJORELQD�SURGXFH�DPRQLDFR�\�KDFH�TXH�DXPHQWHQ�ORV�QLYHOHV�GH�HVWH�PHWDEROLWR�HQ�OD�VDQJUH��GHELGR�D�OD�KHSDWRSDWtD�TXH�SUHVHQWD�HO�SDFLHQWH�VHUi�LPSRVLEOH�OD�PHWDEROL]DFLyQ�GHO�DPRQLDFR���TXH�VH�DFXPXODUi�KDVWD�QLYHOHV�Wy[LFRV�\�DOWHUDUi�OD�IXQFLyQ�FHUHEUDO��SXGLHQGR�OOHJDU�KDVWDHO�FRPD����3UXHEDV�GLDJQyVWLFDVx (QGRVFRSLD�SDUD�YLVXDOL]DU�HO�SXQWR�VDQJUDQWH�

$&7,9,'$'(6�'(�(1)(50(5Ë$9$5,&(6�(62)È*,&$62%-(7,926x /D�URWXUD�GH�YDULFHV�HVRIiJLFDV�SXHGH�RFDVLRQDU�KHPRUUDJLD�LQWHQVD��SRU�OR�TXH�KD\�TXH�WHQHU�HQ�FXHQWD�ODV�VLJXLHQWHV�SULRULGDGHV�HQ�OD�DWHQFLyQ�GH�HVWRV�SDFLHQWHV�� &RQVHUYDU�HO�OLEUH�WUDQVLWR�SRU�ODV�YtDV�UHVSLUDWRULDV�� 5HSRQHU�OD�VDQJUH�SHUGLGD���SDFLHQWHV�TXH�SUHFLVDQ�P~OWLSOHV�WUDQVIXVLRQHV�GH�VDQJUH����� &RKLELU�OD�KHPRUUDJLD�$&78$&,Ï1�,1,&,$/x &RQWURO�GH�ODV�FRQVWDQWHV�YLWDOHV�x 7UDQTXLOL]DU�DO�SDFLHQWHx 3RVLFLyQ�IRZOHU�R�VLPLVHQWDGR�x ,QWURGXFLU�FDWpWHUHV�GH�JUXHVR�FDOLEUH�x ([WUDHU�VDQJUH�SDUD�UHDOL]DU�DQDOtWLFDV�FRPR�SUXHEDV�FUX]DGDV��KHPDWLPHWUtD�FRPSOHWD��HOHWUROLWRV��KHPRJORELQD�\�KHPDWRFULWR��QLWUyJHQR�XUHLFR�WUDQVDPLQDVD�JOXWiPLFD�R[DORDFpWLFD��DPLODVD��ELOLUUXELQD�WRWDO�\�JDVHV�HQ�VDQJUH����PDV�LPSRUWDQWHV�SUXHEDV�FUX]DGDV��KHPDWRFULWR�\�KHPRJORELQD�x &RPHQ]DU�FRQ�OD�UHSRVLFLyQ�UiSLGD�GH�OtTXLGRV�D�EDVH�GH�VROXFLyQ�VDOLQD�\�FRORLGHV�x &RPHQ]DU�FRQ�OD�DGPLQLVWUDFLyQ�GH�VDQJUH�HQ�FXDQWR�HVWH�GLVSRQLEOH��7DPELpQ�VH�SUHFLVDUD�OD�DGPLQLVWUDFLyQ�GH�SODVPD�0$7(5,$/�<�352&(',0,(1726x 7HQHU�SUHSDUDGR�HO�PDWHULDO�GH�DVSLUDFLyQ�H�LQWXEDFLyQ�x 6H�LQWURGXFLUi�XQD�VRQGD�YHVLFDO�x 5HDOL]DU�PHGLFLyQ�GHO�LQJUHVR�H�HOLPLQDFLyQ�GH�OtTXLGRV�x 3XHGH�VHU�QHFHVDULR�OD�FRORFDFLyQ�GH�XQD�VRQGD�GH�6HQJVWDNHQ�%ODNHPRUH�GH�WULSOH�OX]��SDUD�FRPSULPLU�SRU�WDSRQDPLHQWR�ODV�YDULFHV�HVRIiJLFDV�x 7UDV�OD�FRORFDFLyQ�GH�OD�VRQGD�GH�6HQJVWDNHQ�%ODNHPRUH��YDORUDU�DO�SDFLHQWH�HQ�EXVFD�GH�VLJQRV�GH�KHPRUUDJLD��SURFHGLHQGR�DO�ODYDGR�GHO�HVWRPDJR�SRU�HO�RULILFLR�GHO�WXER�GH�DVSLUDFLyQ�JiVWULFD��VHJXQ�RUGHQHV�PHGLFDV�\�UHJLVWUDU�ODV�FDUDFWHUtVWLFDV�\�HO�FRORU�GHO�OLTXLGR�DVSLUDGR�x (V�SRVLEOH�TXH�HO�SDFLHQWH�QHFHVLWH�HO�LQJUHVR�HQ�OD�8�9�,��SRU�OR�TXH�SURFHGHUiQ�D�OD�PRQLWRUL]DFLyQ�GHO�SDFLHQWH���FDUGLDFD��DUWHULD�SXOPRQDU��DUWHULDO��39&��x 6L�OD�KHPRUUDJLD�QR�FHGH��HV�SRVLEOH�TXH�VH�SUHFLVH�OD�FLUXJtD�GH�XUJHQFLD��QRUPDOPHQWH�XQD�GHULYDFLyQ�SRUWRFDYD�x 2WURV�SURFHGLPLHQWRV�VRQ�OD�(/(&752&2$*8/$&,Ï1�<�/$�(6&/(527(5$3,$� � (/(&752&2$*8/$&,Ï1��&RQVLVWH�HQ�OD�FDXWHUL]DFLyQ�GH�ODV�YDULFHV��HV�VHPHMDQWH�D�OD�WpFQLFD TXH�VH�HPSOHD�HQ�TXLUyIDQR�SDUD�FDXWHUL]DU�SXQWRV�VDQJUDQWHV�

� (6&/(527(5$3,$��6H�OH�LQ\HFWD�GLUHFWDPHQWH�XQ�DJHQWH�HVFOHURVDQWH�HQ�ODV�YDULFHV�HVRIiJLFDV��&8,'$'26�'(�(1)(50(5Ë$x )DFLOLWDU�OD�KLJLHQH�GHO�SDFLHQWH�SURFHGLHQGR�D�OD�UHDOL]DFLyQ�GH�IUHFXHQWHV�ODYDGRV�GH�ERFD�x 6H�DGPLQLVWUDUDQ�HQHPDV�VHJ~Q�RUGHQHV�PHGLFDV�\�VL�HO�HVWDGR�GHO�SDFLHQWH�OR�SHUPLWH��\D�TXH�HVWDV�WpFQLFDV�HOLPLQDUDQ�OD�VDQJUH�GHO�LQWHVWLQR�\�DVt�VH�HYLWDUD�OD�LQWR[LFDFLyQ�SRU�DPRQLDFR�\�HO�FRPD�KHSiWLFR�2%6(59$&,21(6�'(�(1)(50(5Ë$x 9LJLODU�FRQVWDQWHPHQWH�DO�SDFLHQWH�HQ�EXVFD�GH�VLJQRV�\�VtQWRPDV�GH�VKRFN�R�GH�LQVXILFLHQFLD�UHVSLUDWRULD��FRQWURODQGR�IUHFXHQWHPHQWH�ODV�FRQVWDQWHV�YLWDOHV�x ,GHQWLILFDU�VLJQRV�GH�FRPD�KHSiWLFR��YLJLODQGR�ODV�DOWHUDFLRQHV�GHO�HVWDGR�SVtTXLFR�TXH�YD�GHVGH�OD�OHWDUJLD�DO�FRPD�x 2EVHUYDU�HO�DGHFXDGR�IXQFLRQDPLHQWR�GH�OD�VRQGD�GH�6HQJVWDNHQ�%ODNHPRUH�� &RQWURODU�OD�SUHVLyQ�GH�ORV�JORERV���XQ�H[FHVR�GH�SUHVLyQ�SXHGH�JHQHUDU�PROHVWLDV�\�D�YHFHV�XOFHUDV�HQ�OD�PXFRVD��� 9LJLODU�OD�SRVLEOH�URWXUD�GHO�EDOyQ���WHQHU�RWUD�VRQGD�SUHSDUDGD�� 9LJLODU�OD�SRVLEOH�REVWUXFFLyQ�GH�ODV�YtDV�UHVSLUDWRULDV�SRU�GHVSOD]DPLHQWR�GHO�EDOyQ�KDFLD�DUULED�� 6HJXQ�RUGHQHV�PHGLFDV�GHVLQIOH�ORV�EDORQHV�SHULyGLFDPHQWH�SDUD�HYLWDU�OD�QHFURVLV�GHO�HVWRPDJR�\�GHO�HVyIDJR�� (VWDU�DOHUWD�HQ�FXDQWR�D�ORV�VLJQRV�GH�UHDSDULFLyQ�GH�OD�KHPRUUDJLD�\�WHQHU�D�PDQR�GHO�DSDUDWR�GH�DVSLUDFLyQ�

+(0255$*,$�'(�/$�325&,Ï1�%$-$�'(/�,17(67,12���9DORUDFLyQ�LQLFLDOx (O�SDFLHQWH�SUHVHQWD�UHFWRUUDJLD�\�GLDUUHD�VDQJXLQROHQWD��TXH�WDPELpQ�SXHGH�FRQWHQHU�SXV�\�PRFR�x 3XHGH�KDEHU�VXIULGR�GRORU�\�FyOLFRV�DEGRPLQDOHV�x 6LJQRV�\�VtQWRPDV�GH�VKRFN���SDOLGH]��WDTXLFDUGLD��KLSRWHQVLyQ�DUWHULDO�\�WDTXLSQHD����%XVFDU�ODV�SRVLEOHV�FDXVDV�x (QWUH�ODV�FDXVDV�GH�KHPRUUDJLD�GH�OD�SRUFLyQ�EDMD�JDVWURLQWHVWLQDOHV�HVWiQ�� &ROLWLV�XOFHURVD�� (QIHUPHGDG�GH�&URKQ� (QWHURFROLWLV� 'LYHUWLFXOLWLV�� )tVWXODV�� +HPRUURLGHV��KHPDQJLRPD�� $QHXULVPD�DyUWLFR� 7XPRUHV� $QJLRGLVSODVLD�� 7URPERVLV�PHVHQWpULFD�

���9DORUDFLyQ�GH�ORV�DQWHFHGHQWHVx ,QWHUURJDU�DO�SDFLHQWH�UHVSHWR�VL�KD�SDGHFLGR�HQIHUPHGDGHV�FUyQLFDV�GH�YtDV�JDVWURLQWHVWLQDOHV�x 3UHJXQWDU�VL�KD�SUHVHQWDGR�DOJ~Q�FXDGUR�VHPHMDQWH�HQ�IHFKD�DQWHULRU�x 3UHJXQWDU�VL�KD�DGYHUWLGR�FDPELRV�HQ�VXV�KiELWRV�GH�GHIHFDFLyQ����([SORUDFLyQx ,QVSHFFLRQDU�HO�DEGRPHQ�\�DXVFXOWDU�ORV�FXDWUR�FXDGUDQWHV�HQ�EXVFD�GH�UXLGRV�LQWHVWLQDOHV��UHJLVWUH�\�DYLVDU�DO�PHGLFR�VL�KD\�DOJXQD�DQRUPDOLGDG����3UXHEDV�GLDJQyVWLFDVx $126&23,2��VH�XWLOL]D�FXDQGR�VH�VRVSHFKD�GH�KHPRUUDJLD�SURYHQLHQWH�GHO�UHFWR�R�DQR��SRU�KHPRUURLGHV�R�XQ�FXHUSR�H[WUDxR�x &2/2126&23,2��VH�XWLOL]D�FXDQGR�VH�GHVHD�HVWXGLDU�HO�FRORQ�HQ�VXV�WUHV�SRUFLRQHV�GHVFHQGHQWH��WUDQVYHUVD��DVFHQGHQWH�DVt�FRPR�HO�FLHJR�\�VLJPD��UHFWR�\�DQR�

$&7,9,'$'(6�'(�(1)(50(5Ë$+(0255$*,$�'(�/$�325&,Ï1�%$-$�'(/�,17(67,12$&78$&,21(6x /D�DFWXDFLyQ�GHSHQGHUi�HQ�JUDQ�PHGLGD�GHO�HVWDGR�HQ�TXH�VH�HQFXHQWUH�HO�SDFLHQWH��/RV�SDFLHQWHV�TXH�VH�HQFXHQWUDQ�HQ HVWDGR�GH�VKRFN��GHELGR�D�OD�KHPRUUDJLD�LQWHQVD�\�DPEXQGDQWH�VH�WRPDUDQ�PHGLGDV�GH�DFWXDFLyQ�FRQFRUGDQWHV�DO�HVWDGR�GH�VKRFN�KHPRUUiJLFR�$&78$&,Ï1��6+2&.�+,3292/e0,&2�x $GPLQLVWUDFLyQ�GH�R[LJHQR�x 0RQLWRUL]DFLyQ�GHO�SDFLHQWH�x 9DORUDU�ODV�FRQVWDQWHV�YLWDOHV�x 5HSRVR�DEVROXWR�\�GLHWD�DEVROXWDx &RORFDFLyQ�GH�FDWpWHUHV�GH�JUXHVR�FDOLEUH�x ([WUDFFLyQ�GH�VDQJUH�SDUD�DQDOtWLFD���+HPDWULPHWUtD�FRPSOHWD��QLWUyJHQR�XUHLFR��HOHFWUROLWRV��SUXHEDV�FUX]DGDV�x &RPHQ]DU�FRQ�OD�DGPLQLVWUDFLyQ�GH�OtTXLGRV�GH�VROXFLyQ�GH�ULQJHU�ODFWDWR�R�VROXFLyQ�VDOLQD�QRUPDO��6L�SUHFLVD�VH�DGPLQLVWUDUD�FRORLGHV�\�VDQJUH�0$7(5,$/�<�352&(',0,(1726x &RORFDU�XQD�VRQGD�QDVRJiVWULFD��SDUD�LGHQWLILFDU�HO�OLTXLGR�GH�DVSLUDFLyQ�VDQJXLQROHQWR�GHO�HVWRPDJR�\�SUHFLVDU�VL�OD�KHPRUUDJLD�SURYLHQH�GH�SRUFLRQHV�DOWDV�R�EDMD�GH�YtDV�JDVWURLQWHVWLQDOHV�x 6L�SHUVLVWH�HO�HVWDGR�GH�VKRFN�VH�LQWURGXFLUi�XQ�FDWpWHU�GH�YtD�FHQWUDO�

x (O�SDFLHQWH�D�YHFHV�QHFHVLWD�GH�XQD�LQWHUYHQFLyQ�TXLU~UJLFD�SDUD�FRUUHJLU�OD�FDXVD�GH�OD�KHPRUUDJLD�FRPR�SXHGH�VHU�XQ�WXPRU��GLYHUWtFXORV�HWF��3UHSDUDU�DO�SDFLHQWH�SDUD�OD�LQWHUYHQFLyQ���SUHSDUDU�HQHPDV�GH�OLPSLH]D�&8,'$'26x 0HGLU�HO�HVWDGR�KtGULFR�GHO�SDFLHQWH�\�UHJLVWUDUOD�SUHVLyQ�YHQRVD�FHQWUDO�x 5HJLVWUDU�WRGRV�ORV�OtTXLGRV�DGPLQLVWUDGRV��GLXUHVLV��OLTXLGR�GH�DVSLUDFLyQ�\�FDOFXOR�GH�SHUGLGD�VDQJXtQHD�x 3UHSDUDU�DO�SDFLHQWH�SDUD�UHDOL]DUVH�OD�WpFQLFDV�GLDJQRVWLFDV�TXH�SUHFLVH��6H�SXHGH�RUGHQDU�OD�DSOLFDFLyQ�GH�HQHPDV�GH�OLPSLH]D�x 6L�QR�SUHFLVD�GH�OD�LQWHUYHQFLyQ�TXLU~UJLFD�RULHQWDU�VX�DWHQFLyQ�\�FXLGDGRV�D�SHUPLWLU�TXH�OD�SRUFLyQ�EDMD�JDVWURLQWHVWLQDO�HVWH�HQ�UHSRVR�\�FXUH�2%6(59$&,21(6�'(�(1)(50(5Ë$x 9DORUDFLyQ�FRQWLQXD�GH�ORV�VLJQRV�YLWDOHV�x &RQWURODU�OD�KHPRUUDJLD�x (Q�OD�DVLVWHQFLD�SRVWRSHUDWRULD��KD\�TXH�EXVFDU�SRVLEOHV�FRPSOLFDFLRQHV�FRPR�SHULWRQLWLV�H�LOHR�SDUDOtWLFR��6H�HYLWDUDQ�ODV�FRPSOLFDFLRQHV�SXOPRQDUHV�LQVWDQGR�DO�VXMHWR�D�TXH�WRVD�\�UHVSLUH�SURIXQGDPHQWH�\�FDPELRV�SRVWXUDOHV�FRQ�IUHFXHQFLD�x 8QD�YH]�TXH�OD�KHPRUUDJLD�KD\D�VLGR�FRKLELGD�\�ORV�UXLGRV�LQWHVWLQDOHV�VH�KD\DQ�QRUPDOL]DGR��HO�PHGLFR�SXHGH�SHUPLWLU�OD�DGPLQLVWUDFLyQ�GH�OtTXLGRV�SRU�ERFD�\�XQD�YH]�TXH�WROHUH��VH�DGPLQLVWUDUD�XQD�GLHWD�FRQ�SRFR�UHVLGXR��

2%6758&&,Ï1�,17(67,1$/(O�EORTXHR�SDUFLDO�R�FRPSOHWR�GHO�LQWHVWLQR�GHOJDGR�R�JUXHVR�RFDVLRQD�REVWUXFFLyQ��TXH�SXHGH�DPHQD]DU�OD�YLGD��/D�REVWUXFFLyQ�GHO�LQWHVWLQR�GHOJDGR�HV�PDV�FRP~Q��SXHV�HO�tOHRQ�HV�HO�VHJPHQWR�PDV�DQJRVWR��HO�FXDO�PDV�IiFLOPHQWH�VH�REVWUX\H��\�SRU�OR�UHJXODU�HO�PDV JUDYH��SXHV�VH�DFRPSDxD�GH�XQD�JUDQ�SHUGLGD�GH�OtTXLGRV�

&$86$6x $GKHUHQFLDVx +HUQLDx 1HRSODVLDx 9ROYXORx 2FOXVLyQ�GH�YDVRV�PHVHQWpULFRV�x ,QYDJLQDFLyQ�x 'LYHUWLFXOLWLV�x ,PSDFWDFLyQ���IHFDO�

),6,23$72/2*Ë$

x /D�REVWUXFFLyQ�KDFH�TXH�VH�DFXPXOH�OtTXLGR��JDV�\�DLUH�FHUFD�GHO�VLWLR�GH�OD�REVWUXFFLyQ��(O�SHULVWDOWLVPR�VH�LQWHQVLILFD�WHPSRUDOPHQWH�D�PHGLGD�TXH�HO�LQWHVWLQR�WUDWD�GH�KDFHU�SDVDU�D�OD�IXHU]D�VX�FRQWHQLGR�x /D�GLVWHQVLyQ�HQWRUSHFH�HO�ULHJR�VDQJXtQHR�HQ�OD�SDUHG�GHO�LQWHVWLQR�H�LPSLGH�OD�DEVRUFLyQ��(Q�HVWD�VLWXDFLyQ�VH�KLQFKD�OD�SDUHG�LQWHVWLQDO�\�HQ�YH]�GH�DEVRUEHU�GLYHUVRV�HOHPHQWRV�VHFUHWD�OtTXLGRV�\�HOHFWUROLWRV�RFDVLRQDQGR�GHVKLGUDWDFLyQ��$O�DFXPXODUVH�PDV�OtTXLGRV�OD�GLVWHQVLyQ VH�H[WLHQGH��\�GH�QR�VHU�FRUUHJLGD�HO�FXDGUR�SXHGH�RFDVLRQDU�KLSRYROHPLD��VKRFN��VHSVLV�\�PXHUWH�9$/25$&,Ï1

���9DORUDFLyQ�LQLFLDO'HSHQGHUiQ�GHO�OXJDU�GH�OD�REVWUXFFLyQ�\�HQ�HO�FDVR�GH�REVWUXFFLyQ�GHO�LQWHVWLQR�GHOJDGR�ORV�VLJQRV�\�VtQWRPDV�VHUiQ�ORV VLJXLHQWHV�x &yOLFRV�DEGRPLQDOHV�x 1DXVHDV��YyPLWRV�x (VWUHxLPLHQWR�x 'LVWHQVLyQ�DEGRPLQDO�(Q�HO�FDVR�GH�REVWUXFFLyQ�GHO�FRORQ�x (O�GRORU�SXHGH�KDEHU�VXUJLGR�OHQWDPHQWH��DFRPSDxDGR�GH�GRORU�FRQWLQXR�HQ�KLSRJDVWULR�x 3XHGH�DSDUHFHU�GLVWHQVLyQ�DEGRPLQDO����9DORUDFLyQ�GH�OD�KLVWRULD�\�DQWHFHGHQWHVx 2EWHQHU�GDWRV�SUHJXQWDQGR�DO�SDFLHQWH�TXH�GHVFULED�HO�OXJDU�GRQGH�VLHQWH�HO�GRORU��HO�WLSR�GH�GRORU�TXH�SXHGH�VHU�FyOLFR�HQ�OD�SRUFLyQ�PHGLD�GHO�DEGRPHQ����([SORUDFLyQx /D�REVWUXFFLyQ�GHO�FRORQ��D�YHFHV�RFDVLRQD�GRORU�DEGRPLQDO�FyOLFR�R�KLSRJiVWULFR�FRQWLQXR�x 6L�KD\�HVWUDQJXODFLyQ�HQ�LQWHVWLQR�GHOJDGR�R�JUXHVR��HO�GRORU�VHUi�GH�HQRUPH�LQWHQVLGDG�\�FRQVWDQWH�x (O�YRPLWR�SXHGH�DSDUHFHU�HQ�FDVR�GH�REVWUXFFLyQ�GH�LQWHVWLQR�GHOJDGR�R�JUXHVR��\�FXDQWR�PDV�DOWR�VHD�HO�SXQWR�GH�REVWUXFFLyQ��PDV�SURQWR�H�LQWHQVR�VHUi�HO�YRPLWR��3XHGH�VHU�XQ�GDWR�WDUGtR�HQ�FDVR�GH�REVWUXFFLyQ�GHO�LQWHVWLQR�JUXHVR�x (V�LPSRUWDQWH�REVHUYDU�HO�FRORU�\�ODV�FDUDFWHUtVWLFDV�GHO�PDWHULDO�YRPLWDGR�� (O�PDWHULDO�YRPLWDGR�HQ�XQ�SULQFLSLR�FRQWHQGUi�MXJR�JiVWULFR��PRFR�\�ELOLV�� 6L�OD�REVWUXFFLyQ�HVWD�HQ�OD�SRUFLyQ�GHO�tOHRQ�R�GHO�FRORQ��HO�YRPLWR�VHUi�IHFDORLGHR�x (Q�OD�DXVFXOWDFLyQ�ORV�UXLGRV�LQWHVWLQDOHV�SXHGHQ�VHU�KLSHUDFWLYRV�\�GH�WRQR�DOWR�HQ�HO�FDVR�GH�REVWUXFFLyQ�GHO�LQWHVWLQR�GHOJDGR��HQ�HO�FDVR�GH�REVWUXFFLyQ�GHO�LQWHVWLQR�JUXHVR�ORV�UXLGRV�LQWHVWLQDOHV�VRQ�PHQRV�IUHFXHQWHV�\�GH�PHQRU�WRQR�

$&7,9,'$'(6�'(�(1)(50(5Ë$2%6758&&,Ï1�$%'20,1$/$&78$&,21(6/DV�SULRULGDGHV�GHEHQ�GH�HVWDU�HQFDPLQDGDV�HQ�YLJLODU�DO�SDFLHQWH�HQ�EXVFD�GH�VLJQRV�\�VtQWRPDV�GH�VKRFN�/D�SDOLGH]��WDTXLFDUGLD�\�HO�GHVFHQVR�GH�OD�SUHVLyQ�DUWHULDO�SXHGH�GHQRWDU�SHUGLGD�GH�OtTXLGRV��SRU�XQD�KHUQLD�HVWUDQJXODGD�R�GLVPLQXFLyQ�GHO�YROXPHQ�SODVPiWLFR�DO�H[SXOVDU�OLTXLGR�HO�LQWHVWLQR�D�VX�LQWHULRU�$&78$&,Ï1��6+2&.�+,3292/e0,&2�x $GPLQLVWUDU�R[LJHQR�x &RQWURO�GH�ODV�FRQVWDQWHV�YLWDOHV�x ,QWURGXFFLyQ�GH�FDWpWHUHV�LQWUDYHQRVRV�GH�JUXHVR�FDOLEUH��VL�SUHFLVD�UHSRQHU�OLTXLGR ��VKRFN��x (O�SDFLHQWH�SHUPDQHFHUi�HQ�GLHWD�DEVROXWD�x &RPHQ]DU�FRQ�OD�DGPLQLVWUDFLyQ�GH�OtTXLGRV�LQWUDYHQRVRV�x ([WUDFFLyQ�GH�VDQJUH�SDUD�UHDOL]DU�DQDOtWLFDV�0$7(5,$/�<�352&(',0,(1726x &RORFDU�VRQGD�QDVRJDVWULFD�SDUD�FRPEDWLU�OD�GLVWHQVLyQ�DEGRPLQDO�x 5;�GH�DEGRPHQ�SDUD�LGHQWLILFDU�GLVWHQVLyQ��GLVWRUVLyQ�R�QLYHOHV�KLGURDpUHRV�ORFDOL]DGRV�x (O�PHGLFR�UHDOL]DUD�XQ�WDFWR�UHFWDO�&8,'$'26x 5HDOL]DU��OD�PHGLFLyQ�GHO�LQJUHVR�H�HOLPLQDFLyQ�GH�OtTXLGRV�x 6H�SXHGH�DGPLQLVWUDU�DQDOJpVLFRV�VHJ~Q�SUHVFULSFLyQ�PHGLFD�x 6H�SXHGH�FRPHQ]DU�FRQ�OD�DGPLQLVWUDFLyQ�SURILOiFWLFD�GH�DQWLELyWLFRV�GH�DPSOLR�HVSHFWUR��SDUD�DPLQRUDU�HO�ULHVJR�GH�VHSVLV�VL�KD\�SHUIRUDFLyQ�GH�LQWHVWLQR�x 3UHSDUDU�DO�SDFLHQWH�SDUD�OD�FLUXJtD��VHJ~Q�VHD�QHFHVDULR��\�H[SOLFDU�OD�WpFQLFD�WDQWR�DO�SDFLHQWH�FRPR�D�VX�IDPLOLD�&8,'$'26�326748,5Ò5*,&26x 7UDV�OD�LQWHUYHQFLyQ�TXLU~UJLFD�GH�OD�REVWUXFFLyQ��HV�SRVLEOH�TXH�HO�SDFLHQWH�VH�OH�KD\D�UHDOL]DGR�XQD�FRORVWRPLD�WHPSRUDO��SRU�OR�TXH�HV�SUHFLVR�HIHFWXDU�FXLGDGRV�GH�HQIHUPHUtD��� %ULQGH�DSR\R�HPRFLRQDO�\�UHIXHU]R�HQ�HO�SRVWRSHUDWRULR��� +DJD�ORV�FXLGDGRV�GHO�HVWRPD��� $X[LOLH�DO�SDFLHQWH�SDUD�TXH�VH�VLHQWD�FyPRGR�\�VH�DGDSWH�D�OD�PRGLILFDFLyQ�GH�VX�LPDJHQ�FRUSRUDO��� ,QVWH�DO�SDFLHQWH�D�FDPLQDU�\�UHDQXGDU�VXV�DFWLYLGDGHV�GLDULDV��WDQ�SURQWR�FRPR�VHD�SRVLEOH�

3(5,721,7,6/D�SHULWRQLWLV��TXH�HV�OD�LQIODPDFLyQ�GHO�SHULWRQHR�YLVFHUDO�\�SDULHWDO�TXH�SXHGH�FDXVDU�OD�PXHUWH��HV�FRQVHFXHQFLD�GH�OD�LQIODPDFLyQ�EDFWHULDQD�R�OD�LUULWDFLyQ�TXtPLFD�FXDQGR�SRU�OD�SHUIRUDFLyQ�GH�XQ�yUJDQR�KXHFR�HQ�HO�DEGRPHQ�HVFDSD�OLTXLGR�R�VDQJUH�D�OD�FDYLGDG�SHULWRQHDO�

&$86$6x 5RWXUD�GH�GLYHUWtFXORV�x $SHQGLFLWLV�x 7UDXPDWLVPRV�SHQHWUDQWHV�GHO�DEGRPHQ�x 6H�SXHGH�VRVSHFKDU�GH�SHULWRQLWLV�HQ�WRGR�SDFLHQWH�TXH�WHQJD�XQ�WUDVWRUQR�JDVWURLQWHVWLQDO�\�DQWHFHGHQWHV�GH�WUDXPDWLVPR�HQ�HO�DEGRPHQ�R�TXH�KD\D�VLGR�VRPHWLGR�D�XQD�LQWHUYHQFLyQ�HQ�OD�FDYLGDG�DEGRPLQDO�

9$/25$&,Ï16,*126�<�6Ë1720$6x 'RORU�DEGRPLQDO�UHSHQWLQR�TXH SXHGH�VHU�ORFDOL]DGR�R�GLIXVR��SHUR�HV�PDV�LQWHQVR�HQ�HO�iUHD�FRQ�HO�SUREOHPD�SULPDULR�x 'RORU�SRU�UHERWH�D�OD�SDOSDFLyQ�x 'LVWHQVLyQ�GHO�DEGRPHQ�x )LHEUH�HOHYDGD�GH���GH�����&�FRQ�HVFDORIUtRV�x 5HVSLUDFLRQHV�VXSHUILFLDOHV�\�UiSLGDV�SRU�LUULWDFLyQ�GLDIUDJPiWLFD�x 3XHGH�SUHVHQWDU�VLJQRV�GH�VKRFN�FRQ�GHELOLGDG��SDOLGH]��GLDIRUHVLV��WDTXLFDUGLD�H�KLSRWHQVLyQ�DUWHULDO�358(%$6�',$*1267,&$6x 6H�UHDOL]DUD�KHPDWLPHWUtD�FRPSOHWD��SDUD�VDEHU�VL�KD�KDELGR�LQFUHPHQWR�GHO�QXPHUR GH�OHXFRFLWRV����������R�PDV���x 5;�GH�DEGRPHQ��HQ�ODV�FXDOHV�VH�SRGUi�DGYHUWLU�OD�SUHVHQFLD�GH�LOHR�SDUDOtWLFR��HGHPD��GLVWHQVLyQ�GHO�LQWHVWLQR�GHOJDGR�R�JUXHVR�\�GHVSOD]DPLHQWR�GHO�GLDIUDJPD�KDFLD�DUULED�x 6H�SXHGH�UHDOL]DU�SDUHFHQWHVLV�HQ�EXVFD�GH�EDFWHULDV��H[XGDGR��SXV��VDQJUH�R�RULQD�HQ�OD�FDYLGDG�DEGRPLQDO�

$&7,9,'$'(6�'(�(1)(50(5Ë$3(5,721,7,6$&78$&,21(6x 6L�HO�SDFLHQWH�VH�HQFXHQWUD�HQ�HVWDGR�GH�VKRFN��UHDOL]DU�ODV�DFWLYLGDGHV�GH�HQIHUPHUtD�QHFHVDULDV�HQ�WDO�VLWXDFLyQ�x &RQVHUYDU�DO�SDFLHQWH�HQ�GLHWD�DEVROXWD�x (VWDU�SUHSDUDGRV�SDUD�OD�DGPLQLVWUDFLyQ�GH�DQWLELyWLFRV�FRPR�JHQWDPLFLQD��WHWUDFLFOLQD�R�FHIDORVSRULQD�x &RPHQ]DU�OD�DGPLQLVWUDFLyQ�GH�VROXFLRQHV�LQWUDYHQRVDV��SDUD�OD�UHSRVLFLyQ�GH�OtTXLGRV�\�HOHFWUROLWRV�x ,QWURGXFLU�XQD�VRQGD�QDVRJiVWULFD��SDUD�DVSLUDU�HO�FRQWHQLGR�JiVWULFR�\�UHGXFLU�OD�GLVWHQVLyQ�DEGRPLQDO�x $GPLQLVWUDU�DQDOJpVLFRV�VHJ~Q�SUHVFULSFLyQ�PHGLFD�$&78$&,21(6�7(5$3e87,&$6x (O�WUDWDPLHQWR�GH�OD�SHULWRQLWLV FRPSUHQGH�WUHV�IDVHV��� ,GHQWLILFDU�OD�FDXVD�VXE\DFHQWH�� 7UDWDU�OD�LQIHFFLyQ�� &RUUHJLU�OD�GHVKLGUDWDFLyQ�\�HO�LOHR�SDUDOtWLFR�(O�SDFLHQWH�SXHGH�SUHFLVDU�GH�LQWHUYHQFLyQ�TXLU~UJLFD�SDUD�H[WLUSDU�R�FRUUHJLU�OD�IXHQWH�GH�FRQWDPLQDFLyQ�SHULWRQHDO�2%6(59$&,21(6�'(�(1)(50(5Ë$x 2EVHUYDU�SRVLEOHV�VLJQRV�\�VtQWRPDV�GH�VKRFN�x 9DORUDFLyQ�FRQWLQXD�GH�ODV�FRQVWDQWHV�YLWDOHV�x 9LJLODQFLD�GH�WHPSHUDWXUD�FRUSRUDO��\�YLJLODU�OD�SRVLEOH�SUHVHQFLD�GH�HVFDORIUtRV�TXH�GHQRWD�VLJQRV�GH�LQIHFFLyQ�x 9DORUDFLyQ�GHO�GRORU��VREUH�WRGR�GH�OD�LQWHQVLGDG��HQ�HO�FDVR�TXH�VH�SUHVHQWH�DOJXQD�PRGLILFDFLyQ�DYLVDU�DO�PHGLFR�

$3(1',&,7,6�$*8'$/D�DSHQGLFLWLV��TXH�HV�OD�LQIODPDFLyQ�DJXGD�GHO�DSpQGLFH�YHUPLIRUPH��HV�FRQVHFXHQFLD�GH�OD�REVWUXFFLyQ�GH�VH�VX�OX]�SRU�DOWHUDFLRQHV�FRPR�HVWHQRVLV��LQIHFFLyQ�YLUDO��FiOFXORV��LQJHVWLyQ�GH�EDULR�R�XQD�PDVD�IHFDO��/D�REVWUXFFLyQ�KDFH�TXH�VH�UH~QDQ�VHFUHFLRQHV�LQWHVWLQDOHV�HQ�HO�DSpQGLFH��VH�SURGX]FD�XQD�~OFHUD�VH�GLVWLHQGD����H�LQIODPH��/DV�EDFWpULDV�HQ�HO�LQWHULRU�GHO�LQWHVWLQR�VH�PXOWLSOLFDQ��LQYDGHQ�OD�SDUHG�DSHQGLFXODU�\�HPSHRUDQ�OD�LQIDPDFLyQ��'H�FRQWLQXDU�HO�SURFHVR�DSDUHFHUiQ�LVTXHPLD��QHFURVLV�\�SHUIRUDFLyQ��FRQ�GLVHPLQDFLyQ�GHOD�LQIHFFLyQ�HQ�OD�FDYLGDG�SHULWRQHDO��FRPR�FRQVHFXHQFLD�VH�SURGXFLUi XQD�SHULWRQLWLV�

9$/25$&,Ï1x 'RORU�DEGRPLQDO�ORFDOL]DGR�R�JHQHUDOL]DGR�FRQ�XQD�HYROXFLyQ�GH����D����\�TXH�SXHGH�HVWDU�HQ�HSLJDVWULR�R�HQ�HO�IODQFR�GHUHFKR�GHO�DEGRPHQ�\�UHJLyQ�SHULXPELOLFDO�x $QRUH[LD�x 1DXVHDV�\�YyPLWRV�x 3RVLWLYLGDG�GH�ORV�VLJQRV�GH�0F�%XUQH\��$DURQ��5RYVLQJ��\�SVRDV�x )LHEUH�GH������D�������&��VL�QR�KD\�SHUIRUDFLyQ�GHO�DSpQGLFH��\�XQD�FLIUD�PD\RU��HQ�FDVR�GH�SHUIRUDFLyQ��6L�SUHVHQWD�XQD�SHUIRUDFLyQ�GHO�DSpQGLFH�HO�SDFLHQWH�SRVLEOHPHQWH�SUHVHQWDUD��� 'RORU�GH�UHERWH�D�OD�SDOSDFLyQ�� 'HVDSDULFLyQ�GH�UXLGRV�LQWHVWLQDOHV�� 5LJLGH]�DEGRPLQDO�(;3/25$&,Ï1�(1�%86&$�'(�$3(1',&,7,66,*12�'(�0&�%851(<� (O�SXQWR�GH�0F�%XUQH\�TXH�HVWD�VLWXDGR�D�����FP�SRU�GHEDMR�GH�OD�HVSLQD�LOtDFD�DQWHURVXSHULRU�GHUHFKD��HQ�XQD�OtQHD�TXH�YD�GH�GLFKD�HVSLQD�DO�RPEOLJR�6H�SURGXFLUi�GRORU�SRU�UHERWH�D�OD�SDOSDFLyQ�\�GRORU�WUDQVItFWLFR�HQ�GLFKR�SXQWR�GH�0F�%XUQH\�6,*12�'(�$$521� 4XH�HV�HO�GRORU�R�PROHVWLD�HQ�OD�]RQD�SUHFRUGLDO�R�HSLJiVWULFD��FXDQGR�VH�SDOSD�HO�SXQWR GH�0F�%XUQH\�6,*12�'(�5296,1*� 4XH�HV�HO�GRORU�HQ�HO�FXDGUDQWH�LQIHULRU�GHUHFKR�FXDQGR�VH�HMHUFH�SUHVLyQ�HQ�HO�FXDGUDQWH�LQIHULRU�L]TXLHUGR�6,*12�'(�362$6� 4XH�HV�OD�LQWHQVLILFDFLyQ�GHO�GRORU�HQ�HO�DEGRPHQ�FXDQGR�HO�SDFLHQWH�H[WLHQGH�OD�SLHUQD�GHUHFKD��HVWDQGR�DFRVWDGR�VREUH�VX�FRVWDGR�L]TXLHUGR��2�FXDQGR�IOH[LRQD�ODV�SLHUQDV�FXDQGR�HVWD�DFRVWDGR�VREUH�VX�GRUVR�

$&7,9,'$'(6�'(�(1)(50(5Ë$$3(1',&,7,6�$*8'$$&78$&,21(6x &RQWURO�GH�ODV�FRQVWDQWHV�YLWDOHVx &RORFDU�XQ�FDWpWHU�LQWUDYHQRVR�x ([WUDHU�VDQJUH�SDUD�DQDOtWLFDV���KHPRJUDPD�FRPSOHWR���FRPSUREDU�OD�SRVLEOH�OHXFRFLWRVLV���HOHFWUROLWRV�\�KHPDWLPHWUtD�x ,QWURGXFFLyQ�GH�VRQGD�QDVRJiVWULFD�\�SRVLEOHPHQWH�FRPHQ]DU�OD�DVSLUDFLyQ��SRU�RUGHQ�PpGLFD�x &RORFDU�DO�SDFLHQWH�HQ�SRVLFLyQ�)RZOHU�SDUD�GLVPLQXLU�HO�GRORU�\�TXH�WHQJD�OD�PD\RU�FRPRGLGDG�SRVLEOH�x 0XFKDV�RFDVLRQHV�QR�VH�DGPLQLVWUDQ�DQDOJpVLFRV�R�VH�UHGXFH�VX�DGPLQLVWUDFLyQ�SDUD�HYLWDU�OD�HQPDVFDUDFLyQ�GH�ORV�VtQWRPDV�GH�SHUIRUDFLyQ�

x (O�SDFLHQWH�SHUPDQHFHUi�HQ�D\XQR��x 6L�VH�FRQILUPD�HO�GLDJQRVWLFR�GH�DSHQGLFLWLV��HO�SDFLHQWH�VHUi�VRPHWLGR�D�XQD�LQWHUYHQFLyQ�TXLU~UJLFD���DSHQGLFHFWRPtD���x 3UHSDUH�DO�SDFLHQWH�SDUD�OD�LQWHUYHQFLyQ�VHJ~Q�SURWRFROR�x $GPLQLVWUDU�DQWLELRWHUDSLD�SURILOiFWLFD VHJ~Q�yUGHQHV�PpGLFDV�x 5HGX]FD�OD�DQVLHGDG�GHO�SDFLHQWH�\�IDPLOLDUHV�� $FODUiQGROH�ODV�SRVLEOHV�GXGDV�TXH�WHQJD�� ,QIRUPiQGROH�GHO�SURFHVR�GH�OD�LQWHUYHQFLyQ�\�SRVWRSHUDWRULR�$&78$&,21(6�<�2%6(59$&,21(6�(1�(/�326723(5$725,2x 9DORUDU�ORV�VLJQRV�YLWDOHV�x &RQWURO�GH�WHPSHUDWXUD�SDUD�REVHUYDU�SRVLEOHV�VLJQRV�GH�LQIHFFLyQ�x $GPLQLVWUDU�DQWLELyWLFRV�\�DQDOJpVLFRV�VHJ~Q�yUGHQHV�PpGLFDV�x &RQWURO�GH�GUHQDMHV�VL�WLHQH�x 2EVHUYDU�HO�FRQWHQLGR�DVSLUDGR�GH�OD�VRQGD�QDVRJiVWULFD�x (YDOXDU�ODV�IXQFLRQHV�GHO�DSDUDWR�JDVWURLQWHVWLQDO��FRPSUREDQGR�ORV�UXLGRV�LQWHVWLQDOHV��H[SXOVLyQ�GH�JDVHV�SRU�HO�DQR�\�GHIHFDFLRQHV��VLJQRV�GH�TXH�KD�UHFXSHUDGR�OD�DFWLYLGDG�GH�ORV�LQWHVWLQRV�x 2EVHUYDU�DO�SDFLHQWH�HQ�EXVFD�GH�VLJQRV�GH�LQIHFFLyQ��LQFUHPHQWR�GH�OHXFRFLWRV��ILHEUH��GRORU�SXHGHQ�GHQRWDU�OD�DSDULFLyQ�GH�SHULWRQLWLV�R�OD�IRUPDFLyQ�GH�XQ�DEVFHVR�TXLU~UJLFR�x 5HYLVDU�HO�DSyVLWR�SDUD�LGHQWLILFDU�HO�GUHQDMH�GH�OD�KHULGD�\�FXDOTXLHU�OLTXLGR�TXH�SXHGH�GHQRWDU�OD�SUHVHQFLD�GH�LQIHFFLyQ�x (YLWDU�ODV�FRPSOLFDFLRQHV�SXOPRQDUHV��HVWLPXODQGR�DO�SDFLHQWH�D�WRVHU��UHDOL]DQGR�UHVSLUDFLRQHV�SURIXQGDV�\�FDPELRV�GH�SRVLFLyQ�x 2ULHQWDU�DO�SDFLHQWH�GH�OD�FRQYHQLHQFLD�GH�OD�UHDOL]DFLyQ�GH�OD�WpFQLFD�GH�VXMHFLyQ�GHO�DEGRPHQ�FRQ�ODV�PDQRV��SDUD�DVt�DPLQRUDU�OD�WHQVLyQ�TXH�LPSRQH�OD�WRV�X�RWUR�HVIXHU]R�HQ�OD�LQFLVLyQ�TXLU~UJLFD�x 'H�DPEXODFLyQ�GHO�SDFLHQWH�OR�PDV�SURQWR�SRVLEOH��SRU�OR�UHJXODU�HQ����D����KRUDV�x 6H�FRPHQ]DUi�FRQ�OD�WROHUDQFLD�GH�OtTXLGRV�SRU�ERFD�VHJ~Q�yUGHQHV�PpGLFDV�

3$1&5($7,7,6�$*8'$x /D�SDQFUHDWLWLV�DJXGD�HV�OD�LQIODPDFLyQ�GHO�SiQFUHDV�SURGXFLGD�SRU�OD�DFWLYDFLyQ�LQWUDSDUHQTXLPDWRVD�GH�ORV�HQ]LPDV�GLJHVWLYRV��6H�SXHGH�FODVLILFDU�SRU�VX�HYROXFLyQ�FOtQLFD��SDQFUHDWLWLV�DJXGD���HSLVRGLR�~QLFR��\�SDQFUHDWLWLV�UHFLGLYDQWH���HSLVRGLRV�UHFXUUHQWHV�GH�SDQFUHDWLWV�DJXGD��x 6HJ~Q�VX�PRUIRORJtD�VH�GLVWLQJXHQ���('(0$726$�<�+(0255$*,&$�2�1(&527,=$17(

���9DORUDFLyQ�LQLFLDOx 'RORU�HQ�HSLJDVWULR�LQWHQVR�GH�FRPLHQ]R�UHSHQWLQR��TXH�SXHGH�LUUDGLDU�DO�GRUVR�\�TXH�SXHGH�VXUJLU�KRUDV�GHVSXpV�GH�XQD�JUDQ�FRPLGD�R�OD�LQJHVWLyQ�H[FHVLYD�GH�EHELGDV�DOFRKyOLFDV�x ,QTXLHWXGx 1DXVHDV�\�YyPLWRV�x 'RORU�D�OD�SDOSDFLyQ��ULJLGH]�\�GLVWHQVLyQ�GHO�DEGRPHQ�x 6LJQRV�GH�&XOOHQ�\�*UH\�7XUQHU�x $QWHFHGHQWHV�GH�DOFRKROLVPR��HQIHUPHGDGHV�GH�ODV�YtDV�ELOLDUHV�R�KLSHUOLSHPLD����([SORUDFLyQx 'RORU�D�OD�SDOSDFLyQ��ULJLGH]�\�GLVWHQVLyQ�GHO�DEGRPHQx /RV�YyPLWRV�SXHGHQ�VHU�SHUVLVWHQWHV�\�HO�GRORU�HSLJiVWULFR�PX\�LQWHQVR�x $XVFXOWDU�ORV�UXLGRV�LQWHVWLQDOHV�TXH�SXHGHQ�HVWDU�GLVPLQXLGRV�R�HVWDU�DXVHQWHV��SXHGH�VXIULU�XQ�LOHR�SDUDOtWLFR�x ,QVSHFFLRQH�HO�DEGRPHQ�HQ�EXVFD�GH�GLVWHQVLyQ����9DORUDFLyQ��+LVWRULD�\�DQWHFHGHQWHV�x 3UHJXQWDU�DO�SDFLHQWH�UHVSHFWR�DO�PRPHQWR�HQ�TXH�FRPHQ]y�HO�GRORU�\�HO�YRPLWR��\�VL�VXUJLHURQ�GHVSXpV�GH�XQD�FRPLGD�FRSLRVD�R�WUDV�EHEHU�H[FHVLYDPHQWH�

$&7,9,'$'(6�'(�(1)(50(5Ë$3$1&5($7,7,6�$*8'$$&78$&,21(63XHGH�TXH�HO�SDFLHQWH�VXIUD�GHSOHFLyQ�YROXPpWULFD�DJXGD���VKRFN��SRU OD�KHPRUUDJLD�R�FRPR�FRQVHFXHQFLD�GH�ORV�OtTXLGRV�VHFXHVWUDGRV�HQ�HO�DEGRPHQ��LQWHVWLQRV��X�RWURV�HVSDFLRV�H[WUDFHOXODUHV��(Q�HVWRV�FDVRV�OD�PHGLGD�SULPDULD�HV�FRQVHUYDU�HO�HVWDGR�KHPRGLQiPLFR�$&78$&,Ï1��6+2&.�x 0RQLWRUL]DFLyQ�GHO�SDFLHQWH�x $GPLQLVWUDFLyQ�GH�R[tJHQR�x &RQWURO�GH�ODV�FRQVWDQWHV�YLWDOHV�x ,QWURGXFLU�FDWpWHUHV�HQGRYHQRVRV�x ([WUDHU�VDQJUH�SDUD�DQDOtWLFD��(IHFWXDU�JDVRPHWUtD�DUWHULDO�SDUD�FRPSUREDU�VL�H[LVWHQ�VLJQRV�GH�KLSR[LD�x &RQWLQXDU�FRQ�OD�UHSRVLFLyQ�GH�OtTXLGRV��FRORLGHV�\�VDQJUH�VL�SUHFLVD�0$7(5,$/�<�352&(',0,(1726x 3UHFLVDUD�GH�VRQGD�QDVRJiVWULFD�FRQ�DVSLUDFLyQ�GXUDQWH�OD�IDVH�DJXGD��SDUD�TXH�HO�SiQFUHDV�HVWH�LQDFWLYR��/D�DVSLUDFLyQ�QDVRJiVWULFD�WDPELpQ�SXHGH�DPLQRUDU�HO�GRORU�DEGRPLQDO�\�HYLWD�OD�DSDULFLyQ�GH�LOHR�SDUDOtWLFR�

&8,'$'26x $OLYLDU�HO�GRORU�� &RORFDQGR�DO�SDFLHQWH�VREUH�VX�FRVWDGR��FRQ�ODV�SLHUQDV�HQ�IOH[LyQ�SDUD�HVWDU�PDV�FyPRGR�� $GPLQLVWUDQGR�DQDOJpVLFRV�VHJ~Q�SUHVFULSFLyQ�PpGLFD��1R�DGPLQLVWUDU�VXOIDWR�GH PRUILQD��SRUTXH�SXHGH�FRQWUDHU�HO�HVItQWHU�GH�2GGL��6H�SXHGH�DGPLQLVWUDU�PHSLULGLQD���GRODQWLQD���QRORWLO�\�RWURV�DQDOJpVLFRV�x 'LHWD�DEVROXWD�KDVWD�TXH�HO�GRORU�GHVDSDUH]FD�\�UHFREUH�HO�SHULVWDOWtVPR�LQWHVWLQDO�2%6(59$&,21(6�'(�(1)(50(5Ë$x 2EVHUYDU�DO�SDFLHQWH�HQ�EXVFD�GH�VLJQRV�GH�VKRFN�FRPR�WDTXLFDUGLD��KLSRWHQVLyQ�DUWHULDO��SDOLGH]�\�GLDIRUHVLV�TXH�SXHGH�GHQRWDU�OD�SUHVHQFLD�GH�XQD�SDQFUHDWLWLV�KHPRUUiJLFD�DJXGD��TXH�SXHGH�HYROXFLRQDU�D�XQD�IRUPD�PDV�LQWHQVD�FRPR�HV�OD�KHPRUUDJLD�FRQ�QHFURVLV���3$1&5($7,7,6�1(&527,=$17(��+(0255$*,&$��x 2EVHUYDU�VLJQRV�GH�FRPSOLFDFLRQHV�FRPR�SHULWRQLWLV��TXH�D�YHFHV�VXUJHQ�FXDQGR�SDVDQ�D�OD�FDYLGDG�SHULWRQHDO�ORV�HQ]LPDV�SDQFUHiWLFRV�x (YDOXDU�HO�HVWDGR�GH�OD�UHVSLUDFLyQ�HQ�ORV�SDFLHQWHV�FRQ�SDQFUHDWLWLV�DJXGD��SXHV�DOJXQRV�SUHVHQWDQ�FRPSOLFDFLRQHV�SXOPRQDUHV�FRPR�GHUUDPH�SOHXUDO��LQILOWUDGRV�DOYHRODUHV�\�VtQGURPH�GH�GLILOFXOWDG�UHVSLUDWRULD�GHO�DGXOWR��x 2EVHUYDU�HVWHUWRUHV�R�UHGXFFLyQ�GH�ORV�UXLGRV�UHVSLUDWRULRV�x 2EVHUYDU�OD�JOXFHPLD�\�UHDOL]DU�JOXFRVXULDV��\D�TXH�OD�OHVLyQ�GH�ORV�LVORWHV�GH�/DQJHUKDQV�SRU�SDQFUHDWLWLV�QHFURVDQWH�KHPRUUiJLFD�D�YHFHV�RFDVLRQD�GLDEHWHV�TXH�SXHGH�HYROXFLRQDU�D�OD�FHWRDFLGRVLV�GLDEpWLFD