'DWRVWFQLFRV 

$&38V


 $OLPHQWDFLQGHVHQVRUHV9'&
)LJXUD$ &38&'&'&'&(6$';%

$ 'DWRVWFQLFRVGHOD&38&

'DWRVWFQLFRV
0RGHOR &38& &38& &38&
$&'&UHO '&'&UHO '&'&'&
5HIHUHQFLD (6%';% (6+';% (6$';%
*HQHUDO
'LPHQVLRQHV$[$[3PP [[
3HVR JUDPRV JUDPRV JUDPRV
'LVLSDFLQGHSRWHQFLD : :
,QWHQVLGDGGLVSRQLEOH60\EXV&0 P$P[9'&
,QWHQVLGDGGLVSRQLEOH9'& P$P[DOLPHQWDFLQGHVHQVRUHV
&RQVXPRGHFRUULHQWHGHODV P$HQWUDGDXWLOL]DGD
HQWUDGDVGLJLWDOHV9'&
&DUDFWHUVWLFDVGHOD&38
0HPRULDGHXVXDULR .%GHPHPRULDGHWUDEDMR0%GHPHPRULDGHFDUJD.%GHPHPRULD
UHPDQHQWH
(6GLJLWDOHVLQWHJUDGDV HQWUDGDVVDOLGDV
(6DQDOJLFDVLQWHJUDGDV HQWUDGDV
7DPDRGHODPHPRULDLPDJHQGH E\WHVGHHQWUDGDV,E\WHVGHVDOLGDV4
SURFHVR
UHDGHPDUFDV0 E\WHV
$PSOLDFLQFRQPGXORVGHVHDOHV 60VP[

 &RQWURODGRUSURJUDPDEOH6
 0DQXDOGHVLVWHPD$(
 'DWRVWFQLFRV
 $&38V

'DWRVWFQLFRV
0RGHOR &38& &38& &38&
$&'&UHO '&'&UHO '&'&'&
$PSOLDFLQFRQ6LJQDO%RDUGV 6%P[
$PSOLDFLQFRQPGXORVGH &0VP[
FRPXQLFDFLQ
&RQWDGRUHVUSLGRV HQWRWDO
)DVHVLPSOHDN+]\DN+]GHIUHFXHQFLDGHUHORM
)DVHHQFXDGUDWXUDDN+]\DN+]GHIUHFXHQFLDGHUHORM
6DOLGDVGHLPSXOVRV 
(QWUDGDVGHFDSWXUDGHLPSXOVRV 
$ODUPDVGHUHWDUGRFFOLFDV HQWRWDOFRQUHVROXFLQGHPV
$ODUPDVGHIODQFR DVFHQGHQWHV\GHVFHQGHQWHV\FRQ6LJQDO%RDUGRSFLRQDO
0HPRU\&DUG 6,0$7,&0HPRU\&DUGRSFLRQDO
3UHFLVLQGHOUHORMHQWLHPSRUHDO VHJXQGRVPHV
7LHPSRGHUHVSDOGRGHOUHORMHQ GDVWSGDVPQDr&FRQGHQVDGRUGHDOWRUHQGLPLHQWRVLQ
WLHPSRUHDO PDQWHQLPLHQWR
5HQGLPLHQWR
9HORFLGDGGHHMHFXFLQERROHDQD VLQVWUXFFLQ
9HORFLGDGGHHMHFXFLQGH VLQVWUXFFLQ
WUDQVIHUHQFLDGHSDODEUDV
9HORFLGDGGHHMHFXFLQGHIXQFLRQHV VLQVWUXFFLQ
PDWHPWLFDVFRQQPHURVUHDOHV
&RPXQLFDFLQ
1PHURGHSXHUWRV 
7LSR (WKHUQHW
&RQH[LRQHV x SDUD+0,
x SDUDODSURJUDPDGRUD
x SDUDLQVWUXFFLRQHV(WKHUQHWHQHOSURJUDPDGHXVXDULR
x SDUD&38D&38
7UDQVIHUHQFLDGHGDWRV 0EV
$LVODPLHQWRVHDOH[WHUQDDOJLFD $LVODGRSRUWUDQVIRUPDGRU9'&
GHO3/&
7LSRGHFDEOH &$7HDSDQWDOODGR
)XHQWHGHDOLPHQWDFLQ
5DQJRGHWHQVLQ D9$& D9'&
)UHFXHQFLDGHOQHD D+] 
,QWHQVLGDGGHHQWUDGD P$D9$& P$D9'&
&38VORDFDUJDP[ P$D9$& 
&38FRQWRGRVORVDFFHVRULRVGH P$D9$& P$D9'&
DPSOLDFLQDFDUJDP[ P$D9$&
&RUULHQWHGHLUUXSFLQP[ $D9$& $D9'&
$LVODPLHQWRSRWHQFLDGHHQWUDGDD 9$& 6LQDLVODPLHQWR
OJLFD
&RUULHQWHGHIXJDDWLHUUDOQHD$&D P$P[ 
WLHUUDIXQFLRQDO

&RQWURODGRUSURJUDPDEOH6
0DQXDOGHVLVWHPD$( 
'DWRVWFQLFRV 
$&38V

'DWRVWFQLFRV
0RGHOR &38& &38& &38&
$&'&UHO '&'&UHO '&'&'&
7LHPSRGHPDQWHQLPLHQWRSUGLGD PVD9$& PVD9'&
GHSRWHQFLD PVD9$&
)XVLEOHLQWHUQRQRUHHPSOD]DEOHSRU $9GHDFFLQOHQWD
HOXVXDULR
$OLPHQWDFLQGHVHQVRUHV
5DQJRGHWHQVLQ D9'& /PHQRV9'&PQ
,QWHQVLGDGGHVDOLGDQRPLQDOP[ P$SURWHJLGRFRQWUDFRUWRFLUFXLWR
5XLGRGHUL]DGRP[0+] 9GHSLFRDSLFR ,JXDODODOQHDGHHQWUDGD
$LVODPLHQWROJLFDGHOD&38D 6LQDLVODPLHQWR
DOLPHQWDFLQGHVHQVRUHV
(QWUDGDVGLJLWDOHV
1PHURGHHQWUDGDV 
7LSR 6XPLGHURIXHQWHWLSR,(&VXPLGHUR
7HQVLQQRPLQDO 9'&DP$QRPLQDO
7HQVLQFRQWLQXDDGPLVLEOH 9'&P[
6REUHWHQVLQWUDQVLWRULD 9'&GXUDQWHVHJ
6HDOOJLFDPQ 9'&DP$
6HDOOJLFDP[ 9'&DP$
$LVODPLHQWRFDPSRDOJLFD 9$&GXUDQWHPLQXWR
*UXSRVGHDLVODPLHQWR 
7LHPSRVGHILOWUR \PVVHOHFFLRQDEOHHQJUXSRVGH
)UHFXHQFLDVGHHQWUDGDGHUHORM+6& )DVHVLPSOH.+],DD,D\.+],DD,D
P[ )DVHHQFXDGUDWXUD.+],DD,D\.+],DD,D
VHDOOJLFD D9'&
1PHURGHHQWUDGDV21 
VLPXOWQHDPHQWH
/RQJLWXGGHFDEOHPHWURV DSDQWDOODGRQRDSDQWDOODGRDSDQWDOODGRSDUDHQWUDGDV+6&
(QWUDGDVDQDOJLFDV
1PHURGHHQWUDGDV 
7LSR 7HQVLQDVLPWULFD
5DQJR D9
5DQJRWRWDOSDODEUDGHGDWRV DFRQVXOWH5HSUHVHQWDFLQGHHQWUDGDVDQDOJLFDVSDUDWHQVLQ
3JLQD
5DQJRGHVREUHLPSXOVRSDODEUDGH DFRQVXOWH5HSUHVHQWDFLQGHHQWUDGDVDQDOJLFDVSDUDWHQVLQ
GDWRV 3JLQD
'HVERUGDPLHQWRSDODEUDGHGDWRV DFRQVXOWH5HSUHVHQWDFLQGHHQWUDGDVDQDOJLFDVSDUDWHQVLQ
3JLQD
5HVROXFLQ ELWV
7HQVLQGHUHVLVWHQFLDDOFKRTXH 9'&
P[LPD
$OLVDPLHQWR 1LQJXQRGELOPHGLRRIXHUWHFRQVXOWHORVWLHPSRVGHUHVSXHVWDGHSDVRHQ
7LHPSRVGHUHVSXHVWDGHODVHQWUDGDVDQDOJLFDV3JLQD

 &RQWURODGRUSURJUDPDEOH6
 0DQXDOGHVLVWHPD$(
 'DWRVWFQLFRV
 $&38V

'DWRVWFQLFRV
0RGHOR &38& &38& &38&
$&'&UHO '&'&UHO '&'&'&
5HFKD]RGHLQWHUIHUHQFLDV +]FRQVXOWHODVIUHFXHQFLDVGHPXHVWUHRHQ7LHPSRVGHUHVSXHVWDGH
ODVHQWUDGDVDQDOJLFDV3JLQD
,PSHGDQFLD .
$LVODPLHQWRFDPSRDOJLFD 1LQJXQR
3UHFLVLQr&Dr& GHUDQJRP[LPR
5HFKD]RHQPRGRFRPQ G%'&D+]
5DQJRGHVHDOHVRSHUDWLYR /DWHQVLQGHVHDOPVODWHQVLQHQPRGRFRPQGHEHVHUPHQRUTXH9\
PD\RUTXH9
/RQJLWXGGHFDEOHPHWURV WUHQ]DGR\DSDQWDOODGR
6DOLGDVGLJLWDOHV
1PHURGHVDOLGDV 
7LSR 5HOFRQWDFWRVHFR (VWDGRVOLGR026)(7
5DQJRGHWHQVLQ D9'&D9$& D9'&
6HDOOJLFDDLQWHQVLGDGP[  9'&PQ
6HDOOJLFDFRQFDUJDGH.  9'&P[
,QWHQVLGDGP[ $ $
&DUJDGHOPSDUDV :'&:$& :
5HVLVWHQFLDHQHVWDGR21 0[VLVRQQXHYDV P[
&RUULHQWHGHIXJDSRUVDOLGD  $P[
6REUHFRUULHQWHPRPHQWQHD $VLHVWQFHUUDGRVORVFRQWDFWRV $GXUDQWHP[PV
3URWHFFLQFRQWUDVREUHFDUJDV 1R
$LVODPLHQWRFDPSRDOJLFD 9$&GXUDQWHPLQXWRERELQDDFRQWDFWR 9$&GXUDQWHPLQXWR
1LQJXQRERELQDDOJLFD
5HVLVWHQFLDGHDLVODPLHQWR 0PQVLVRQQXHYDV 
$LVODPLHQWRHQWUHFRQWDFWRVDELHUWRV 9$&GXUDQWHPLQXWR 
*UXSRVGHDLVODPLHQWR  
7HQVLQGHEORTXHRLQGXFWLYD  /PHQRV9'&
GLVLSDFLQGH:
5HWDUGRGHFRQPXWDFLQ4DD PVP[ VP[2))D21
4D VP[21D2))
5HWDUGRGHFRQPXWDFLQ4DD PVP[ VP[2))D21
4D VP[21D2))
)UHFXHQFLDGHWUHQGHLPSXOVRV 1RUHFRPHQGDGR .+]P[
4D\4D +]PQ
9LGDWLOPHFQLFDVLQFDUJD FLFORVDELHUWRVFHUUDGRV 
9LGDWLOGHORVFRQWDFWRVEDMRFDUJD FLFORVDELHUWRVFHUUDGRV 
QRPLQDO
5HDFFLQDOFDPELDUGH581D OWLPRYDORURYDORUVXVWLWXWLYRYDORUSUHGHWHUPLQDGR
6723
1PHURGHVDOLGDV21 
VLPXOWQHDPHQWH
/RQJLWXGGHFDEOHPHWURV DSDQWDOODGRQRDSDQWDOODGR

&RQWURODGRUSURJUDPDEOH6
0DQXDOGHVLVWHPD$( 
'DWRVWFQLFRV 
$&38V

'LDJUDPDVGHFDEOHDGR


 $OLPHQWDFLQGHVHQVRUHV9'&
)LJXUD$ &38&$&'&UHO(6%';%


 $OLPHQWDFLQGHVHQVRUHV9'&
)LJXUD$ &38&'&'&UHO(6+';%

 &RQWURODGRUSURJUDPDEOH6
 0DQXDOGHVLVWHPD$(
 'DWRVWFQLFRV
 $&38V


 $OLPHQWDFLQGHVHQVRUHV9'&
)LJXUD$ &38&'&'&'&(6$';%

$ 'DWRVWFQLFRVGHOD&38&

'DWRVWFQLFRV
0RGHOR &38& &38& &38&
$&'&UHO '&'&UHO '&'&'&
5HIHUHQFLD (6%(;% (6+(;% (6$(;%
*HQHUDO
'LPHQVLRQHV$[$[3PP [[
3HVR JUDPRV JUDPRV JUDPRV
'LVLSDFLQGHSRWHQFLD : :
,QWHQVLGDGGLVSRQLEOH60\EXV&0 P$P[9'&
,QWHQVLGDGGLVSRQLEOH9'& P$P[DOLPHQWDFLQGHVHQVRUHV
&RQVXPRGHFRUULHQWHGHODV P$HQWUDGDXWLOL]DGD
HQWUDGDVGLJLWDOHV9'&
&DUDFWHUVWLFDVGHOD&38
0HPRULDGHXVXDULR .%GHPHPRULDGHWUDEDMR0%GHPHPRULDGHFDUJD.%GHPHPRULD
UHPDQHQWH
(6GLJLWDOHVLQWHJUDGDV HQWUDGDVVDOLGDV
(6DQDOJLFDVLQWHJUDGDV HQWUDGDV
7DPDRGHODPHPRULDLPDJHQGH E\WHVGHHQWUDGDV,E\WHVGHVDOLGDV4
SURFHVR
UHDGHPDUFDV0 E\WHV
$PSOLDFLQFRQPGXORVGHVHDOHV 60VP[

&RQWURODGRUSURJUDPDEOH6
0DQXDOGHVLVWHPD$(