ZW170 ZW1000 - the Amazing Dutchman

Transcrição

ZW170 ZW1000 - the Amazing Dutchman
(HXFJSEJP FHXBU|TUBTIK XBJ TVOU~SITIK XBJ XBU|MPHPK FDBSUIN|UWO
0DQXDO GH LQVWDODFLyQ \ PDQWHQLPLHQWR \ /LVWD GH UHFDPELRV
0DQXDO GH IXQFLRQDPHQWR H PDQXWHQomR H /LVWD GH SHoDV
0DQXDOH G·XVR H PDQXWHQ]LRQH H OLVWD SDUWL
$QPSSPGIUJXP DISBOU~SFK QFQJFTN}OPV B}SB
6HFDGRU GH DLUH FRPSULPLGR SRU DGVRUFLÊQ
6HFDGRU GH DGVRUomR GH DU FRPSULPLGR
(VVLFFDWRUH G·DULD FRPSUHVVD DG DVVRUELPHQWR
,VVXH )HEUXDU\ GHODLU9 =: =:
1/ 8.
'
) 68 69 12 '. +( (6 32 ,7
=: =:
(
&
LWD
P
RU
QI
FR
GL
QH
LR
D]
DU
KL
LF
'
((
&
H
DG
LG
P
RU
QI
FR
GH
R
˜
UD
OD
HF
'
((
&
DG
LG
P
RU
QI
FR
GH
ÊQ
FL
UD
OD
HF
'
.
(
T
B
U
I
U
P
U
T
J
Q
I
T
W
M
I
'
$
OR
X
LW
S
D
&
,,
R
[
H
Q
$
&
(
(
D
Y
WL
F
H
LU
'
$
H
UW
D
S
,,
WR
D
J
H
OO
$
&
(
(
D
LY
WW
H
LU
'
$
OR
X
LW
S
D
&
,,
R
[
H
Q
$
(
(
&
D
Y
WL
F
H
LU
'
(
(
&
D
OO
H
G
H
LY
WW
H
LU
G
OH
Q
R
F
(
(
&
D
G
V
D
Y
WL
F
H
LU
G
V
D
P
R
F
(
(
&
OD
H
G
V
D
Y
WL
F
H
LU
G
V
OD
Q
R
F
(
K
F

H
I
E
1
K
J
U
F
N
B
O
W
G
N
ˆ
5
& (&
(( (
&
&
(& ( ((
( ( &&
(( (
(
& (&
(( (
&
&
(& ( ((
( ( &&
(( (
(
& (&
(( (
&
&
(& ( ((
( ( &&
(( (
(
& (&
(( (
&
&
(& ( ((
( ( &&
(( (
(
V
Ê
Q
B

S
J
B
U
F
I
QLJ XU U\ H V ' / G W Q ODQ Q DD WWH HU WLR WU ( HWK UD HLV $- 1
LOW +
H U) WK DL HO [
)O W ID
J
LQ XU U\ H V ' / G W Q ODQ Q DD WWH HU WLR WU ( WK H
UD HLV $- 1
LOW +
H U) WK DL HO [
)O W ID
J
LQ XU U\ H V ' / G W Q ODQ Q DD WWH HU WLR WU ( HWK UD HLV $- 1
LOW +
H U) WK DL HO [
)O W ID
H G Q
D H
LG LP
LO F
E H
D Q
V U
Q R
R I
S H V R V
H
U LF R
W
D U
V E X
V ID G
R
R
U
Q R S
D
E
V
R WH V Q
H R
H
X P WR
D
T Y
V WL
R OD
H
PU
D U
D
OD F
F L
H Q
G Ô
OD L
H K WR
F W
R
D G
U
R
LD U
K S
LF L
G H
OG
LW H
LO G
E D
D U
V X
Q LW
R Q
S U
V IR
H
U OD
LD H
U
S H
R Q
U
LR
S ]
X
OD G
R
R U
WW S
R
V
R
WR
F
X
G
R
U
S
O
H
H
X
T V
WR
R F
WU X
V
L G
R
LQ U
PS
X
V
\
Q
LÊ
F
D
LF
U
E
ID
~
V
F
X
T
B
U
B
X
B
U
J
U
‡
B
J
F
‚
~
N
P
S
Q
J
B
X
O
I
U
B B
J U
H O
‡
…
P
S
Q
~
X
J
E
I
O
ˆ
‚
V
F
K
I
U
H
G
G
D
LG
LO
E
D
V
Q
R
S
V
H
U
D
LY
V
OX
F
[
H
X
V
MR
D
E
D
U
OD
F
H
G
J
LQ XU U\ H V ' / G W Q ODQ Q DD WWH HU WLR WU ( HWK UD HLV $- 1
LOW +
H U) WK DL HO [
)O W ID
|
X
J
U
T
J
F
M
X
P
Q
B
F
N
J
F
O
‰
M
I
E
=: =: =:
=: : :
= =
=: =: =:
=: : =:
=
=:
=: =: =:
=: : :
= =
=: =: =:
=: : =:
=
=:
=: =: =:
=: : :
= =
=: =: =:
=: : =:
=
=:
=: =: =:
=: : :
= =
=: =: =:
=: : =:
=
=:
L
OH
WD
H
F
LV
U
H
LI
U
L
V
H
Q
LR
]
D
U
LD
K
LF
G
WD
V
H
X
T
L
X
F
D
H
E
R
H
U
IH
H
U
H
V
R
˜
D
U
OD
F
H
G
WD
V
H
LV
O
D
X
T
V
R
D
H
G
Q
R
V
R
V
H
Q
LÊ
F
D
U
OD
F
H
G
WD
V
H
H
U
H
IL
H
U
H
V
H
X
T
D
L D
Q V
LR D
] E
D H
W
LF D
G F
L
LQ G WL
H Q Q
OO L H
D WH X
L Q J
H H H
V
P
P
U
H
H
IR W
Q
P
Q H
U
R G
R
F H
Q
R F H
Q H OO
R U X
S
V H V
ý Y
WH
L WWL
R H
WW LU
R G
G
R OOH
U
S H
G
Q V
H D
P
P
V R
D F
V
LWY R H
G W
F U
H R LQ
LU F X
G D J
H
V H V
D
G
G V
V WH D
P
H Q U
Ò H R
L˜ P Q
V U
R R LV
L D
S U
LV WH LS
G Q F
V D LQ
V U
D S
PG
D
H Q
F R
H L
G F
B
U
F
N
B
‚
V
P
M
‡
X
B
B
J
S
ˆ
X
B
Q
V
U
‡
S
Q
V
D V
Y H
WL O
F D
H LS
LU F
G Q
L
V U
S
OD
V
Q D
H
P
U
WR
V R V
H Q WH
X V Q
S OD H
L
LV Q X
G Ô J
L
J V
OR H
Q V
R F V
D
G G
D D
LW
LG F
PD
U
LE
IR U
Q U
R D
F
B J
O B
W X
G K
N ‰
ˆ ‚
T B
J X
B O O

‰
F J
H
I I
T E
W
M 1
~ W
E O
B |
T Q
ˆ B
P S
S B
B Q
Q O
I W
U
|
K
S J
P F
G D
B |
U
B B
 J
P E
Q K
P J
U
B F
U
N
T
1 ( 1
(
1 ( (1
(1
1 (
(1
1 ( 1
(
(1
1 (1
1 ( 1
(
(1
1 ( 1
(
1 ( (1
(1
D
WD
D
G
LQ
U
X
H
/
Q
H
WW
(
D
WR
D
F
OL
E
E
X
3
U
WR
F
H
LU
'
J
LQ
J
D
Q
D
0
OV
H
N
LQ
Z
6
:
L
G
D
U
X
F
U
R
S
U
WR
F
H
U
L
'
PJ
H LQ
J
U
X D
H Q
/ D
0
Q V
H O
WW H
N
( Q
L
PZ
H 6
R G :
D
F
OL
E
X
3
:
U
R
S
U
R
W
F
H
U
L
'
O J
H LQ
U J
X D
H Q
/ D
0
Q H OV
WW H
( N
Q LQ
H Z
D 6
LG
G
Q
WH
[
(
O
P
U
‡
Q
B
OV
H
N
LQ
Z
6
:
U
R
W
F
H
U
L
'
J
Q
O L
I J
U D
U Q
X D
OH 0
Q
H
W
W
(
P
U
T
F
X
I
‚
‡
E
X
(
K
B

F
M
B
G
T
B
K
J
F
D
|
M
‚
G
P
S
2
|
X
J
O
F
*
I
T
B
U
T
|
U
B
X
H
(
ˆ
P
N
T
J
M
Q
P
D
F
‚
P
I
U
T
K
I
P
S
X
~
H
U
F
O
M
‚
q 5
~
H
W
H
B
T
J
(
~
U
T
B
‚
F
X
T
B
U
B
X
O
P
U
B
J
H
K
F

S
P
G
P
S
I
M
2
B
S
~
U
O
K
B
|
S
S
I
J
D
F
T
‚

P
U
P
N
K
R
I
J
T
S
~
B
S
J
X
P
K
S
‡
‚
Q
X
P
H
X
q 5
B
S
~
U
O
B
S
I
D
O
P
U
T
B
U
I
M
M
‡
X
P
U
‚
$
|
X
J
U
T
J
S
I
U
X
B
S
B
X
|
X
J
O
F
*
B

H
S
‚
P
U
J
F
M
J
B
X
9
K
‡
N
T
J
S
J
F
~
‚
F
X
T
B
U
B
-
I
T
B
U
T
|
U
B
X
H
(
K
J
F
T
~
U
J
B
Q
$
B
N
I
U
T
ˆ
T
P
U
|
T
S
I
P
T
G
F
B
E
U
O
F
ˆ
/ 5
K
‡
N
T
J
S
J
F
9
K
P
U
B
N
~
U
T
‚
T
‚
P
U
B
S
~
U
O
B
S
I
D
‚
P
U
I
T
I
O

X
X
(
I
T
I
O

X
X
(
K
B

H
S
‚
P
U
J
F
M
~
Q
P
X
B
J
'
I
T
I
S
~
U
O
‚
5
B
S
}
N
I
F
R
|
-
P
O
F
R
|
‡
S
X
P
O
I
N
|
D
F
F
R
|
-
P
O
F
R
|
‡
S
X
|
X
J
U
T
J
S
I
U
X
B
S
B
X
|
X
J
O
X
F
6
|
X
J
O
F
*
K
B

H
S
‚
P
U
J
F
M
K
F
X
~
R
O
‚
5
|
X
J
U
T
J
S
I
U
X
B
S
B
9
K
B

H
S
‚
P
U
J
F
M
K
F
X
~
R
O
‚
T
K
}
X
J
U
T
B
N
P
O
O
W
S
~
U
O
B
S
I
D
1
B
U
B
N
N
|
S
H
B
J
'
K
~
P
S
B
N
N
B
S
H
|
J
'
B
N
N
B
S
H
|
J
E
‡
X
J
H
P
M
P
S
U
X
F
M
+
O
W
F
T
|
U
T
B
J
E
B
J
E
}
X
5
O
‰
C
B
M
C
ˆ
P
N
T
J
Q
P
U
O
F
K
P
H
P
M
|
U
B
$
|
X
J
U
X
B
M
M
B
U
O
|
X
J
M
H
H
,QVWUXFFLRQHV GH 6HJXULGDG *HQHUDOLGDGHV ,QVWDODFLÊQ 3XHVWD HQ VHUYLFLR 0DQWHQLPLHQWR ,QWURGXFFLÊQ ,QIRUPDFLÊQ VREUH HO IDEULFDQWH 9DOLGH] GH ORV QÔPHURV GH VHULH )LQDOLGDG GHO VHFDGRU 3HJDWLQDV FRORFDGDV HQ HO VHFDGRU &DUDFWHUõVWLFDV JHQHUDOHV &RQVWUXFFLÊQ \ IXQFLRQDPLHQWR )XQFLRQDPLHQWR ,QVWDODFLÊQ 5HTXLVLWRV 7UDQVSRUWH $GDSWDFLÊQ DO VLVWHPD 0DQHMR 3DQHO GH PDQGR 3XHVWD HQ PDUFKD GHO VLVWHPD 3XHVWD HQ PDUFKD GHO VHFDGRU 3DUDGD 0DQWHQLPLHQWR 'LDULR 7ULPHVWUDO 6HPHVWUDO $QXDO (VSHFLILFDFLRQHV W FQLFDV *HQHUDOLGDGHV &RQGLFLRQHV GH VHUYLFLR &RQGLFLRQHV QRPLQDOHV GH VHUYLFLR (VSHFLILFDFLRQHV GHO VHFDGRU (VTXHPDV (VTXHPD GH FLUFXODFLÊQ (VTXHPD HO FWULFR &URTXLV DFRWDGRV (Q FDVR GH SUREOHPDV ,QVWUX˜ÒHV VREUH VHJXUDQ˜D *HUDO ,QVWDOD˜ R ,QVSHF˜ R GR HTXLSDPHQWR 0DQXWHQ˜ R ,QWURGX˜ R ,QIRUPD˜ÒHV VREUH R IDEULFDQWH 9DOLGDGH GR QÔPHUR GH V ULH 8WLOLGDGH GR VHFDGRU $XWRFRODQWHV GR VHFDGRU &DUDFWHUõVWLFDV JHUDLV &RQVWUX˜ R H IXQFLRQDPHQWR )XQFLRQDPHQWR ,QVWDOD˜ R 5HTXLVLWRV 7UDQVSRUWH /LJD˜ R DR VLVWHPD )XQFLRQDPHQWR 3DLQHO GH LQVWUXPHQWRV $UUDQTXH GR VLVWHPD $UUDQTXH GR VHFDGRU 3DUDJHP 0DQXWHQ˜ R 'L ULD 7ULPHVWUDOPHQWH 'XDV YH]HV SRU DQR $QXDOPHQWH (VSHFLILFD˜ÒHV W FQLFDV *HUDO &RQGL˜ÒHV GH XWLOL]D˜ R &RQGL˜ÒHV GH XWLOL]D˜ R QRPLQDLV (VSHFLILFD˜ÒHV GR VHFDGRU 'LDJUDPDV (VTXHPD GH FLUFXODFLÊQ (VTXHPD GH FLUFXLWRV HO FWULFRV 3ODQWDV GH GLPHQVÒHV 5HVROX˜ R GH SUREOHPDV ,VWUX]LRQL GL VLFXUH]]D ,QIRUPD]LRQL JHQHUDOL ,QVWDOOD]LRQH &RQWUROOR DSSDUHFFKLDWXUH 0DQXWHQ]LRQH ,QWURGX]LRQH ,QIRUPD]LRQL VXO SURGXWWRUH 9DOLGLW GHO QXPHUR GL VHULH ,PSLHJR GHOO
HVVLFFDWRUH &RQWUDVVHJQL DSSOLFDWL DOO
HVVLFFDWRUH &DUDWWHULVWLFKH JHQHUDOL 6WUXWWXUD H IXQ]LRQDPHQWR )XQ]LRQDPHQWR ,QVWDOOD]LRQH 5HTXLVLWL 7UDVSRUWR &ROOHJDPHQWR DO VLVWHPD )XQ]LRQDPHQWR 4XDGUR GL FRPPDQGR $YYLDPHQWR GHO VLVWHPD $YYLDPHQWR GHOO
HVVLFFDWRUH $UUHVWR 0DQXWHQ]LRQH 4XRWLGLDQD 7ULPHVWUDOH 6HPHVWUDOH $QQXDOH &DUDWWHULVWLFKH ,QIRUPD]LRQL JHQHUDOL &RQGL]LRQL G
LPSLHJR &RQGL]LRQL GL IXQ]LRQDPHQWR QRPLQDOL 6SHFLILFKH GHOO
HVVLFFDWRUH 6FKHPL 6FKHPD GL IOXVVR 6FKHPD HOHWWULFR /D\RXW GLPHQVLRQDOH 5LFHUFD JXDVWL (VSDÆRO 3RUWXJX V ,WDOLDQR /LVWD GH SLH]DV GH UHFDPELR (VSDQKRO 3RUWXJXûV ,WDOLDQR 3H˜DV VREUHVVHOHQWHV 6SDJQROR 3RUWRJKHVH ,WDOLDQR (OHQFR SDUWL GL ULFDPELR $
=: =:
=: =:
6HJXULGDG
6HJXUDQ˜D
3UHFDX]LRQL GL VLFXUH]]D
*FOJX|
*HQHUDOLGDGHV
*HUDO
,QIRUPD]LRQL JHQHUDOL
(O DLUH FRPSULPLGR \ OD HOHFWULFLGDG SXHGHQ
VHU SHOLJURVRV
$GHP V GH ODV LQVWUXFFLRQHV GH VHJXULGDG
GH FRVWXPEUH HV PX\ LPSRUWDQWH UHVSHWDU
ODV VLJXLHQWHV QRUPDV \ PHGLGDV GH VHJXUL
GDG
J D(O XVXDULR GHEH LQVWDODU XQD Y OYXOD GH
VHJXULGDG VHJÔQ OD UHJODPHQWDFLÊQ ORFDO
HQ OD WXEHUõD SULQFLSDO GH VDOLGD DQWHV GH
OD SULPHUD Y OYXOD GH FLHUUH
2 DU FRPSULPLGR H D HOHFWULFLGDGH SRGHP
VHU SHULJRVRV
$O P GDV LQVWUX˜ÒHV VREUH VHJXUDQ˜D KDEL
WXDLV WûP SDUWLFXODU LPSRUW QFLD DV VHJXLQWHV
PHGLGDV H GLUHFWLYDV VREUH VHJXUDQ˜D
/
DULD FRPSUHVVD H O
HOHWWULFLW SRVVRQR HVVH
UH SHULFRORVH
2OWUH DOOH QRUPDOL LVWUX]LRQL GL VLFXUH]]D ý
HVWUHPDPHQWH LPSRUWDQWH RVVHUYDUH OH LQGL
FD]LRQL H OH PLVXUH GL VLFXUH]]D VHJXHQWL
J 2 XWLOL]DGRU GHYH LQVWDODU XPD Y OYXOD GH
VHJXUDQ˜D QRV WHUPRV GD OHJLVOD˜ R OR
FDO QD FRQGXWD GH GHVFDUJD ILQDO DQWHV
GD SULPHLUD Y OYXOD GH SDUDJHP
J /
XWLOL]]DWRUH GRYU LQVWDOODUH XQD YDOYROD
GL VLFXUH]]D FRQIRUPH DOOH QRUPH ORFDOL
VXOOD WXED]LRQH GL VFDULFR ILQDOH D PRQWH
GHOOD SULPD YDOYROD GL DUUHVWR
ˆ
P
X
J
S
U
X
F
M
I
J
B
X
B K
S
} ‚
P
B O
‚ ˆ
P E
O
O J
} X
N J
T F
F
J X
Q }
F O
F
Q
K
I P
T U
~ B
S N
X ˆ
F
+S
6DIHW\
K
B

F
M
B
G
T
B
O
J
F
Q
}
S
Q
K
F
R
‚
P
M
‡
X
B
K
J
U
T
B ~
K X
F P
O T
‡ P O S K
B
B Q J
X
F
K I M
J S
F F |
U G
R 
T
~
O B
J B
‚ E
T J B
 S
K F U
‚ R }
P P N
U
E J
B
X
K
F

H
I
E
P
‡
Q
B
K
‡
U
X
(
B
O
W
G
N
ˆ
T
I
U
Q
‡
X
B J K
E ˆ
P
N
T
J
O
P
O
B
X
P
U
‰
S
Q
O
P
U
‡ K
Q ˆ
B P
X
J
Q
P
U
K
‚
P
U
F
N
B
E |
 U
C T
M P
B S
C Q
J N
F T K
~ ~
U H
T W
B H
U B
B D
X F
H
F ‡
H
B
O W
H
J
F B
Q O
} P
S U
Q T
K K
I B
U 
T F
M
~
S B
X G
T
1B
J
I
U
|
U
B
X
‚
P
U
B

T
B
S
X
P
N
S
F
R
J
F
Q
J
}
F
S
O

Q
B
J
C
B
S
X
F
J B
Q
B 
‚
H
X
S
‚
P
U
J
F
M
B I
O
T
J F
B 
U Q
F Q B
} U
S I
U U
J
‡
Q O
F
B
O X
F J
E ~
K X
J
‡ U
N T
T
J B
M N
Q P
P O
D P
F O
I
1U
J
P F
J U
E T
K 
J
S ‰
U J
F F P
N X Q
H ‡
B F S
O
U
O
W ‡ F
G S N
N B J
ˆ Q F
T
T
P ~
F U H
U T
P J S
U
‚
O B P
U U
| O
J
Q P F
J X M
B } K
U J
 S ‡
F
N
J F
T
P Q J
Q ‚ M
P P Q
P
N
J Q D
T K F
I F

S H P
X
I O
B E |
O P (
K
I B
T R
~ B
S K U
X |
B
O S J
‰ P H
X H B
I B 
U
R I
S
O
T P
‚
T B G
C J
O N
B
W ˆ X
U T
K
J
I
I
T U F
B ‡ T
C Q ~
O
S
} B P
J Q
Q
B B
‚ U
J O U
B P B
X
U
F Q F
O } T
M
‰
J
J C
F P B
U
N S F
I Q R
T ‚ 
U
B P X
O Q F
K
P
O
}
N
T
B
J
E
F
X
T
J
B
O

F
O
F
E
B

P
Q
P
~
K
I
T
I
S
~
U
O
‚
T
O
‰
J
T
B
H
S
F
I
T
F
M
}
U
X
F
B
U
‰
S
Q
F
U

F
R
W
J
B
C
F
C
ˆ
P
N
T
J
M
Q
P
D
F
O ‚
I P
U U
‡ K
Q I
T
B J
O N
J
R
S ˆ
2S
J
O
I J
U F
X
‡ }
Q J
B U
 ‡
F J
R B
W X
O K
P P
N U
P B
Q N
B ˆ
J F
F S
X ˆ
} P
K X
‡ J
S
N U
T
J X
M F
M
Q
I
P
D ~
F X
P
S
B
Q
P
J
U
‡
P
U
P
S
I
M
X
‡
M
P
F
T
I
T
F

Q
I
K
W
S
~
M
Q

F
R
W
O
P
U
X
F
B
S
~
U
O
B
S
I
D
‚
P
U
B
S
}
B
B
N
W
M
X
ˆ
X
J 1R DFFLRQDU HVWH DSDUDWR P V DOO GH OD
J 1 R XWLOL]H HVWH HTXLSDPHQWR SDUD DO P
J 1RQ XWLOL]]DUH TXHVWR DSSDUHFFKLR VXSH
FDSDFLGDG SUHVLÊQ \ WHPSHUDWXUD QRPL
GD VXD FDSDFLGDGH SUHVV R H WHPSHUDWX
UDQGR L OLPLWL GL SRWHQ]D SUHVVLRQH H WHP
QDOHV VLQR UHVSHWDQGR ODV LQVWUXFFLRQHV
UD QRPLQDLV H REHGH˜D VHPSUH V LQVWUX
SHUDWXUD QRPLQDOL Q GLYHUVDPHQWH GD
˜ÒHV FRQWLGDV QHVWH PDQXDO &DVR XWLOL]H
TXDQWR SUHYLVWR GDOOH LVWUX]LRQL FRQWHQXWH
TXH ILJXUDQ HQ HVWH PDQXDO (Q FDVR GH
R HTXLSDPHQWR SDUD DO P GDV FRQGL˜ÒHV
QHO SUHVHQWH PDQXDOH /
XWLOL]]R GHOO
DS
VREUHSDVDUVH ODV FRQGLFLRQHV GH VHUYLFLR
FRQVWDQWHV GR UHVSHFWLYR FRQWUDWR GH
SDUHFFKLR LQ FRQGL]LRQL GLYHUVH GD TXHOOH
TXH VH HVWDEOHFHQ HQ HO FRQWUDWR GH FRP
YHQGD VRIUHU WHQVÒHV H GHIRUPD˜ÒHV
SUHYLVWH GDO FRQWUDWWR GL YHQGLWD QH FRP
SUD HO DSDUDWR TXHGDU H[SXHVWR D WHQ
VLRQHV \ FDUJDV TXH QR SRGU UHVLVWLU
TXH Q R WHU FDSDFLGDGH GH VXSRUWDU
SRUWD O
LPSLHJR LQ FRQGL]LRQL GL VROOHFLWD
]LRQH H GHIRUPD]LRQH QRQ SUHYLVWH LQ IDVH
GL SURJHWWD]LRQH
J $QWHV GH LQLFLDU FXDOTXLHU WUDEDMR GH PDQ J $QWHV GH SURFHGHU D TXDOTXHU WUDEDOKR
J 3ULPD GL SURFHGHUH DG LQWHUYHQWL GL PDQX
WHQLPLHQWR R GH DMXVWH GHO DSDUDWR KD\
GH PDQXWHQ˜ R RX DMXVWDPHQWR FHUWLIL
WHQ]LRQH R GL WDUDWXUD DVVLFXUDUVL FKH
TXH DVHJXUDUVH GH GHVFRQHFWDUOR GH OD
TXHVH GH TXH GHVOLJRX R UHVSHFWLYR FD
O
DOLPHQWD]LRQH HOHWWULFD VLD VWDWD VFROOH
UHG HO FWULFD \ GH TXH VH KD\D GHVFDUJD
ER GH DOLPHQWD˜ R HO FWULFD H TXH GHV
JDWD H FKH LO FLUFXLWR SQHXPDWLFR GHOO
HV
GR SRU FRPSOHWR OD SUHVLÊQ GH OD WRWDOLGDG
FDUUHJRX WRGD D SUHVV R GR VLVWHPD
VLFFDWRUH QRQ VLD SLÖ VRWWR SUHVVLRQH
GHO VLVWHPD QHXP WLFR GHO VHFDGRU
SQHXP WLFR GR VHFDGRU
B
‚ J
P
U H
O
I
‚
T
P
B
U T
T ~
O
| N
U J
B S
X F
H N
F
B
O O
I
U J
F
B Q
J }
H
S
J
P Q
O ˆ
‚ P
R N
ˆ T
F J
Q M
‚ Q
J P
D
1F
J
P
S
‰
X
P
S
F
R
ˆ
F
M
F
~
X
S
B
Q
F
B
J
H
I
T
|
C
I
M
I
M
M
|
U
B
X
F
N
B
O
W
G
N
ˆ
T
B
O
‚
B
S
}
X
J
D
F
M
B
B
J
H
J
B
X
K
I
T
I
S
~
U
O
‚
T
K
ˆ
P
X
J
Q
P
U
J
B
X
K
ˆ
P
X
J
O
R
F
K
ˆ
P
X
J
U
F
X
T
K
‚
P
U
K
ˆ
P
N
T
J
O
P
O
B
X
J /RV UHVSRQVDEOHV GH OD LQVWDODFLÊQ GH HV J 2V UHVSRQV YHLV SHOD LQVWDOD˜ R GHVWH
WH DSDUDWR GHEHU Q GLVSRQHU ODV WRPDV
HTXLSDPHQWR GHYHP IRUQHFHU DGHTXDGD
GH WLHUUD DGHFXDGDV XQ HVSDFLR VXILFLHQ
OLJD˜ R WHUUD HVSD˜R VXILFLHQWH SDUD D
PDQXWHQ˜ R H S UDUDLRV GH DFRUGR
WH SDUD HO PDQWHQLPLHQWR \ SDUDUUD\RV
FRP D OHJLVOD˜ R GR SDõV
VHJÔQ OR HVWDEOHFLGR HQ ODV UHJODPHQWD
FLRQHV QDFLRQDOHV \ ORFDOHV HQ YLJRU
J , UHVSRQVDELOL GHOO
LQVWDOOD]LRQH GL TXHVWD
DSSDUHFFKLDWXUD GHYRQR SURYYHGHUH DOOD
VFHOWD GL XQ WHUUHQR LGRQHR FRQ VSD]LR
VXIILFLHQWH D FRQVHQWLUH JOL LQWHUYHQWL GL
PDQXWHQ]LRQH H DOOD SUHVHQ]D GL SDUDIXO
PLQL FRQIRUPHPHQWH D TXDQWR SUHVFULWWR
GDOOH UHJRODPHQWD]LRQL ORFDOL H GDOOH OHJJL
QD]LRQDOL LQ PDWHULD
K
B
 I
H T
S I
‚ S
P ~
U U
J O
F
M ‚
T
F
K
T F

B H
S I
~ E
U
O P
K
B J
S U
I
D ~
X
O P
P T
U
P
F S
U
F Q
T F
} N
R F
U
B
O T
|
O C
J
S B
J
2E
J
K
W
S
~
M
Q
F
U

F
P
O
B
U
B
X
K
J
U
J
U
‡
F
U

F
R
W
J
B
C
F
C
J
B
X
B

F
X
~ J
M P
B U
5
G T
B
B S
O ~
I U
U O
B
B
J S
H I
D
I
O ‚
ˆ P
R U
‚ K
F B

O H
I
U S
J ‚
F P
U
S J
} F
G M
K I
I T
U B
T U
~ T
S |
X U
B
1X
J
I
O
}
N
I
‚
H
H
F
O
P
}
M
Q
J
B
O

F
O
F
E
J
U
‡
J
B
U
F
O
‰ K
U ~
T
J M
Q B
B G
J T
E B
B
 I
P
Q
P
B
U
B
J
H
B
U
B
N
~
U
S
B
D
F
J
B
X
B
O
K
W
T
}
N
B
J
F
Q
}
S
Q
K
B

H
S
‚ P J
U B
J U
F O
M
B
U
T

R
B
X
J
U
O
B
I
T
B
U
T
|
U
B
X
J $QWHV GH SRQHU HQ PDUFKD HO VHFDGRU
J $QWHV GH OLJDU R VHFDGRU PXLWR LPSRU J 3ULPD GL DYYLDUH O
HVVLFFDWRUH OHJJHUH DW
WHQWDPHQWH OH LVWUX]LRQL VXOOD PDQXWHQ]LR
GHEHU Q OHHUVH GHWHQLGDPHQWH \ FRP
WDQWH OHU H FRPSUHHQGHU SHUIHLWDPHQWH DV
QH
SUHQGHUVH ELHQ ODV LQVWUXFFLRQHV GH PDQ
LQVWUX˜ÒHV UHODWLYDV PDQXWHQ˜ R
WHQLPLHQWR
J (O XVXDULR VH UHVSRQVDELOL]D GH OD VHJXUL J 2 XWLOL]DGRU UHVSRQV YHO SHOD VHJXUDQ J ,O SURSULHWDULR GHOO
DSSDUHFFKLR ý UHVSRQ
GDG GH ODV FRQGLFLRQHV GH VHUYLFLR 6H
˜D GDV FRQGL˜ÒHV GH IXQFLRQDPHQWR &D
VDELOH GHOOD VLFXUH]]D GHOOH FRQGL]LRQL GL
GHEHU Q FDPELDU ODV SLH]DV \ ORV DFFHVR
VR VH YHULILTXH D LPSRVVLELOLGDGH GH JD
XWLOL]]R &RPSRQHQWL H DFFHVVRUL FKH QRQ
ULRV VL OD LQVSHFFLÊQ PXHVWUD TXH QR HV
UDQWLU XP IXQFLRQDPHQWR VHJXUR GHYLGR D
JDUDQWLVFDQR LO IXQ]LRQDPHQWR GHOO
DSSD
W Q HQ FRQGLFLRQHV GH JDUDQWL]DU HO IXQ
TXDLVTXHU SH˜DV RX DFHVVÊULRV HVWHV GH
UHFFKLR LQ FRQGL]LRQL GL VLFXUH]]D GHYRQR
FLRQDPLHQWR VHJXUR GHO DSDUDWR
YHP VHU VXEVWLWXõGRV
HVVHUH VRVWLWXLWL
=: =:
I
J ‡
Q
B
X B
I P
T O
I ‡
S N
~ J
U B
O U
‚ O
T ˆ
P
I M
F
K U
‡ X
N F
T
J B
S O
J J
F B
X U
F
P
Q
}
I
S
T U
B J
U Q
T F
| ~
U
‚
B F
X X
H T
F J
Q
+F
J
J
B
X
I
T
J
U
S
|
U
B
X
I
M
I
M
M
|
U
B
X
F
N
‡
X
J
Q
W
T
P
S Q I
T
‚
F
X

E
J
F
P
J
E
‡
N
S
B
‚
P
U
O
‰
J
S
P
G
P
S
I
M
Q
O
W
U
K
I
T
J
M
X
‡
Q
B
I
T
W
U
Q

S
F
Q
F
5
J
P
F
U
P
U
O
|
Q
J
F
ˆ
X
T
J
S
F
Q
‚
B

T
F
R
P
N
P
O
K
‡
S
I
U
T
‚
B
~ P
X J
J Q
Q
P
U
O
I
U
‡
Q
B
‚
P

E
J
S
J
F
X
H
F
K
P
U
O
‡
S
B
Q
K
B
O
‡
O
B
X
O
P
O U
W
B
F J
T F
~
J Q
}
P O
Q ‚
P T
E
J F
F N
P
S B
Q N
I
W X
O ˆ
| U
Q B
B F
S T
B J
Q F
T
O ~
W H
U I
I E
T P
I B
S O
~ 
U F
I S
N P
Q
+N
K
}
J
N
I
Z
K
}
X
J
M
‚
~
K
B
T
‡
N
T
J
U
B
N
‚
B
S
U
O
W
O
‡ ‚
O P
B U
X B

W H
O S
| ‚
Q P
U
B J
S F
B M
Q K
O ~
M
W B
U
K G
I T
T B
I I
S
~ I
U O
}
I N
N I
‚
H
H
F
J
B
O

F
O
F
E
I
T
W
U
Q

S
F
Q
F
5
‚
P
U
B
O
K
B
S
~
U
O
B
S
I
D
~
X
J
U
T
P B
N
P
O
P
O
I
U
J
F
O
|
X
H
‚
U
J
Q
F
O
I
N
B
U
I
U
‡
O
B
R
J
Q
J
F
X
S
|
Q
‚
K
I
T

Q
(
B
S
~
U
O
B
S
I
D
O
I
U
O
‚
P
T
‰
S
‚
X
B
B
R
K
J
F
T

M
X
P
Q
B
O
‡
X
‚
6
I
T
P
E
‡
Q
B
I
T
I
ˆ
H
H
F
(HXBU|TUBTI
K
F

T
B
X
J
E
B
J
E
K
J
F
R
~
O
‚
T
K
J
U
K
P
S
Q
B
U
F
R
T
‡
S
Q
J
Q
(
K
ˆ
P
N
T
J
O
P
O
B
X
K
ˆ
P
X
J
Q
P
U
K
‚
P
U
J
B
X
K
~
‚
F
X
T
B
U
B
X
K
F

H
I
E
P
K
F
R
‚
P
M
‡
X
B
K
J
U
F
N
‚
P
Z

O
P
U
I
J ‡
Q
B
X B
I P
T O
I ‡
S N
~ J
U B
O U
‚ O
T ˆ
P
I M
F
K U
‡ X
N F
T
J B
S O
J J
F B
X U
F
P
Q
}
I
S
T U
B J
U Q
T F
| ~
U
‚
B F
X X
H T
F J
Q
+F
J
J
B
X
I
T
J
U
S
|
U
B
X
I
M
I
M
M
|
U
B
X
F
N
‡
X
J
Q
W
T
P
S Q I
T
‚
F
X

E
J
F
P
J
E
‡
N
S
B
|
X
J
U ‚
‚ P
F U
U K
B
U I
T T
P W
S O
Q ‡
N
B
U B

K F
X
B J

P
F U
M T
B
B
G U
T J
B B
K X
J
F B
D U
| B
U N
B
J N
E ˆ
M
J
B
1X
J
~
J
B
U
O
ˆ
P
S
J
B
G
B
B
O
J
B
U
F
Q
}
S
U
J
Q
F
O
F
E
B
S
~
U
O
B
S
I
D
‚ I
P T
U F

J | Q
X
B J ‡
X S Q
K F
U ‚
I
T W B
F D S
 F }
Q J B
B B O
 U
F O ‚
X B P
X
P U }
T J
E 
S
B R
U B F
X Q
B H J
M F B
X
u‚
P B
J Q S
B
}
U B
O O B
P F B
Z
 N S
N ‡ ~
X U
R M
O
‚ F
B
S S
S
B B I
O Q D
B
O
J
F
Q
}
S
Q
K
~
X
J
S
J
B
G
T
P
N
U
B
K
I
U
I
S
F
U
ˆ
M
B
H
F
N
K
ˆ
P
N
T
J
O
B
X
I
N
K
‚
P
M
I
M
M
|
U
B
X
F
N
J
B
U
O
P
ˆ
F
U
B
U
T
P
S
Q
K
I
T
F

Q
K
I
U
I
T
W
O
‡
U
X
F
O
I
U
B
J
H
qMFHXPK UP‚ FDPQMJTNPˆ
J /D LQVWDODFLÊQ PDQHMR PDQWHQLPLHQWR \
UHSDUDFLÊQ GHEHU Q VHU UHDOL]DGRV ÔQLFD
PHQWH SRU SHUVRQDO DXWRUL]DGR FXDOLILFD
GR \ HQWHQGLGR HQ OD PDWHULD
J $ LQVWDOD˜ R D XWLOL]D˜ R D PDQXWHQ˜ R J /H RSHUD]LRQL GL LQVWDOOD]LRQH GL PHVVD LQ
H D UHSDUD˜ R GHYHP VHU UHDOL]DGDV XQL
IXQ]LRQH GL PDQXWHQ]LRQH H GL ULSDUD]LR
FDPHQWH SRU SHVVRDO KDELOLWDGR IRUPDGR
QH GHYRQR HVVHUH HVHJXLWH XQLFDPHQWH
H TXDOLILFDGR
GD SHUVRQDOH DXWRUL]]DWR DSSRVLWDPHQWH
DGGHVWUDWR H TXDOLILFDWR
J 4XDORUD XQD SUHVFUL]LRQH GHO SUHVHQWH
J 6L DOJXQD GH ODV LQGLFDFLRQHV TXH ILJXUDQ J 6H DOJXPD GDV LQVWUX˜ÒHV FRQWLGDV QR
SUHVHQWH PDQXDO HVWLYHU HP GHVDFRUGR
PDQXDOH QRQ ULVXOWDVVH FRQIRUPH DOOD OH
HQ HVWH PDQXDO QR FRQFXHUGD FRQ OD OH
FRP D OHJLVOD˜ R GR SDõV GHYH DSOLFDU
JLVOD]LRQH ORFDOH DSSOLFDUH OH QRUPH SLÖ
JLVODFLÊQ ORFDO VH GHEHU DSOLFDU OD QRU
PD P V HVWULFWD
VH D QRUPD PDLV ULJRURVD
UHVWULWWLYH
(O QR WHQHU HQ FXHQWD HVWD DGYHUWHQFLD SXH 2 LQFXPSULPHQWR GHVWH DYLVR SRGH RULJLQDU
,O PDQFDWR ULVSHWWR GHOOH SUHVHQWL DYYHUWHQ]H
GH VHU FDXVD GH DFFLGHQWHV TXH RFDVLRQHQ
DFLGHQWHV TXH FDXVHP IHULPHQWRV SHVVRDLV H SXÌ FRPSRUWDUH LQFLGHQWL FRQ OHVLRQL DOOH
OHVLRQHV FRUSRUDOHV \R GDÆRV D ODV FRVDV
GDQRV PDWHULDLV
SHUVRQH R GDQQL PDWHULDOL
B

H
S
‚
P
U
J
F
M
F
T
B

F
N
I
T
B
R
‚
P
M
‡
X
B
B B
S U
~ J
U B
O U
B O
S ˆ
P
I J
D P
O Q
P P
U O
F B
U X
F J
T O
} |
R F
B F
O U
D
O
J H
S }
M
2F
(O IXQFLRQDPLHQWR VHJXUR GHO VHFDGRU QR
SRGU JDUDQWL]DUVH HQ FDVR GH LQFXPSOLPLHQ
WR GH ODV LQVWUXFFLRQHV DQWHULRUHV (Q HVH
FDVR WDPEL Q FDEH OD SRVLELOLGDG GH TXH HO
VHFDGRU QR IXQFLRQH D OD FDSDFLGDG QRPLQDO
&XDOTXLHU GHVYLDFLÊQ GH ODV QRUPDV LQYDOLGD
U OD JDUDQWõD GHO VHFDGRU
(P FDVR GH LQFXPSULPHQWR GDV UHJUDV VREUH
VHJXUDQ˜D UHIHULGDV DQWHULRUPHQWH Q R VH
SRGH JDUDQWLU R IXQFLRQDPHQWR HP VHJXUDQ
˜D GR VHFDGRU 3RU RXWUR ODGR SRGHU SUR
YRFDU XP IXQFLRQDPHQWR DTX P GDV VXDV
FDSDFLGDGH (VWDV LUUHJXODULGDGHV Q R HVW R
FREHUWDV SHOD JDUDQWLD
/
XWLOL]]R GHOO
HVVLFFDWRUH LQ FRQGL]LRQL GL VL
FXUH]]D QRQ SXÌ HVVHUH JDUDQWLWR LQ FDVR GL
PDQFDWD RVVHUYDQ]D GHOOH QRUPH SUHFHGHQ
WHPHQWH LQGLFDWH ,QROWUH FLÌ SXÌ FRPSRUWDUH
LO PDQFDWR VIUXWWDPHQWR GHOOH SLHQH FDSDFLW
GHOO
DSSDUHFFKLR 4XDOVLDVL GHYLD]LRQH GD
TXDQWR SUHVFULWWR FRPSRUWHU LO GHFDGLPHQWR
GHOOD JDUDQ]LD VXOO
DSSDUHFFKLR
,QVWDODFLÊQ
,QVWDOD˜ R
,QVWDOOD]LRQH
$GHP V GH ORV SURFHGLPLHQWRV FRQVWUXFWLYRV
GH FDU FWHU JHQHUDO \ ODV UHJODPHQWDFLRQHV
ORFDOHV VH GHEHQ UHFDOFDU ODV LQVWUXFFLRQHV
VLJXLHQWHV
J /D LQVWDODFLÊQ PDQHMR PDQWHQLPLHQWR \
UHSDUDFLÊQ GHEHU Q VHU UHDOL]DGRV ÔQLFD
PHQWH SRU SHUVRQDO DXWRUL]DGR FXDOLILFD
GR \ HQWHQGLGR HQ OD PDWHULD
$O P GRV SURFHGLPHQWRV JHUDLV GH FRQVWUX 2OWUH DOOH SURFHGXUH FRVWUXWWLYH JHQHUDOL H DL
˜ R H GRV UHJXODPHQWRV ORFDLV FKDPDVH D UHJRODPHQWL ORFDOL VL GHVLGHUD VRWWROLQHDUH LQ
PRGR VSHFLILFR TXDQWR VHJXH
DWHQ˜ R SDUD DV VHJXLQWHV LQVWUX˜ÒHV
3XHVWD HQ VHUYLFLR
,QVSHF˜ R GR HTXLSDPHQWR
&RQWUROOR DSSDUHFFKLDWXUH
$QWHV GH SRQHU HO VHFDGRU HQ IXQFLRQDPLHQ
WR HV QHFHVDULR WHQHU SUHVHQWHV ORV SXQWRV
VLJXLHQWHV
$QWHV GH OLJDU R VHFDGRU GHYH WHU HP DWHQ
˜ R RV VHJXLQWHV SRQWRV
3ULPD GL SURFHGHUH FRQ OD PHVVD LQ VHUYL]LR
GHOO
HVVLFFDWRUH RFFRUUH RVVHUYDUH OH VH
JXHQWL LQGLFD]LRQL
J $ LQVWDOD˜ R D XWLOL]D˜ R D PDQXWHQ˜ R J /H RSHUD]LRQL GL LQVWDOOD]LRQH GL PHVVD LQ
H D UHSDUD˜ R GHYHP VHU UHDOL]DGDV XQL
IXQ]LRQH GL PDQXWHQ]LRQH H GL ULSDUD]LR
FDPHQWH SRU SHVVRDO KDELOLWDGR IRUPDGR
QH GHYRQR HVVHUH HVHJXLWH XQLFDPHQWH
H TXDOLILFDGR
GD SHUVRQDOH DXWRUL]]DWR DSSRVLWDPHQWH
DGGHVWUDWR H TXDOLILFDWR
J 1XQFD VH GHEHU Q GHVPRQWDU R DMXVWDU
J 1XQFD VH GHYH UHWLUDU QHP DMXVWDU RV GLV J , GLVSRVLWLYL GL VLFXUH]]D L FRSHUFKL GL SUR
ORV GLVSRVLWLYRV GH VHJXULGDG FXELHUWDV
SRVLWLYRV GH VHJXUDQ˜D FREHUWXUDV GH
WH]LRQH R JOL LVRODPHQWL GHOO
HVVLFFDWRUH
SURWHFWRUDV R DLVODPLHQWRV LQVWDODGRV HQ
SURWHF˜ R H LVRODPHQWRV 2V WXERV GH
QRQ GHYRQR PDL HVVHUH VPRQWDWL R UHJR
SUHVV R RX DFHVVÊULRV LQVWDODGRV QR H[
HO VHFDGRU GH DLUH 7RGR UHFLSLHQWH D SUH
ODWL 7XWWL L VHUEDWRL D SUHVVLRQH R JOL DF
WHULRU GR VHFDGRU GH DU H TXH FRQWHQKDP
VLÊQ R DFFHVRULR LQVWDODGR IXHUD GHO VHFD
FHVVRUL LQVWDOODWL HVWHUQDPHQWH DOO
HVVLFFD
DU DFLPD GD SUHVV R DWPRVI ULFD GHYHP
GRU GH DLUH TXH FRQWHQJD DLUH D XQD SUH
WRUH H FRQWHQHQWL DULD DG XQD SUHVVLRQH
VHU SURWHJLGRV SHORV PHFDQLVPRV GH
VLÊQ VXSHULRU D OD DWPRVI ULFD GHEHU LU
VXSHULRUH GL TXHOOD DWPRVIHULFD GHYRQR
SURYLVWR GH ORV GLVSRVLWLYRV GH GHVFDUJD
YHQWLOD˜ R QHFHVV ULRV
HVVHUH SURWHWWL GDJOL DSSRVLWL GLVSRVLWLYL GL
GH SUHVLÊQ QHFHVDULRV
VIRJR
=: =:
O
I
U
T
I
M I
I O
M }
M N
| T
U P
B N
X S
J B
F T
X P
}
S
B Q
O J
J B
F O
Q 
} F
S B
Q O
I J
T B
X
W
O P
~ S
M U
F
W N
T
|
J
+E
J
K
P
U
B
N
~
U
T
‚
T
‚
P
U
K
B

H
S
‚
P
U
J
F
M
I
T
F

Q
‚
P
M
I O
M
M B
O
|
U }
B F
X U
F
K T
‚ ˆ
P M
N
T B
} O
E O
O J
‚ S
T 2
P
O ‚
‡ P
S
N U
F }
U N

F B
J J
P E
Q J
P B
N X
J
T ‚
I P
S Q
ˆ
9 U
J
F
X
}
I
T
F

Q
I
J
U
‡
F
U
P
U
O
|
Q
F
U
T
F
O
‰
J
B
C
F
C
B
O
~
M
W
T
K
W
S
~
M
Q

F
R
W
O
P
U
X
F
I
B
 S
F
N U
B ‡
X M
F I
T N
J B
B X
U
F I
Q T
F
} 
S Q
U
J F
Q T
F 
O F
F H
E S
‚
B P
S U
} J
B F
M
K
B B
O
S
~ I
U T
O
W
B U
S Q
I 
D S
F
1Q
J
|
P X
U J
O
‡ X
Q F
B U
B
I U
S T
F
U J
‡ B
M U
I O
P
Y S
‚ }
~ G
P B
J O
S B
‡
‚
P P S Q |
X
F
U P J
J U
‰ S T
U
J
‡
S
B
X
P
I
U U
P B X
U U
B
‡ ‰ S
Q O B
B B X
5‚OU~SITI
B
O
J
B
U
F
Q
}
S
U
J
Q
F
K
~
‚
F
X
T
J
Q
F
J
B
X
K
I
T
I
S
~
U
O
‚
T
K
F

T
B
H
S
(
‚
P
J
E
‡
N
S
B
I
Y
F
M
C

Q
F
O
I
U
‡
Q
‚
P
O
‡
N
J
B
U
O
ˆ
P
M
F
U
X
F
‚
P
N
‡
U
B
B

F
M
B
H
S
F
B
M
I
M M ~
| ‚
U F
B X
X T
J
F
U Q
F
P
U J
O B
| X
Q I
F T
U
 I
F S
J ~
P U
Q O
P ‚
N T
J
I
T U
I
S B
J
9 H
J
B
O
J
B
U
F
Q
}
S
U
J
Q
F
K
I
T
I
S
~
U
O
‚
T
K
F

T
B
H
S
(
J
I

F
Q
P
X
B
J
E
J
F
X
}
O
P
T
‡
G
F
P
O
‡
N
J
B
U
O
ˆ
P
M
F
U
X
F
P
U
T
B
N
I
U
T
ˆ
T
I
T K
F ‡
 X
Q J
S
I U
O
B F
X
S
} P
B J
B
B X
S 
~
U F
O R
B W
S O
I P
D U
X
‚ F
P J
U F
X
}
B

H
S
‚
P
U
J
F
M
J /DV WXEHUõDV GHEHU Q VHU GHO GL PHWUR
FRUUHFWR \ DGDSWDGDV D OD SUHVLÊQ GH WUD
EDMR (PSOHDU H[FOXVLYDPHQWH DFRSOD
PLHQWRV \ FRQH[LRQHV GHO WLSR \ GL PHWUR
FRUUHFWRV $QWHV GH GHVFRQHFWDU XQD WX
EHUõD FRPSUREDU TXH HO VLVWHPD HVWD
GHVSUHVXUL]DGR SRU FRPSOHWR
J 1R KDFHU TXH HO DSDUDWR IXQFLRQH QXQFD
D SUHVLRQHV LQIHULRUHV DO YDORU OõPLWH PõQL
PR R VXSHULRUHV DO P [LPR VHJÔQ VH LQ
GLFDQ HQ ODV HVSHFLILFDFLRQHV W FQLFDV
J $V WXEDJHQV GHYHP WHU R GL PHWUR FRU
J /H WXED]LRQL GHYRQR HVVHUH GHO GLDPHWUR
UHFWR H VHU DMXVWDGDV SUHVV R GH VHUYL
FRUUHWWR H DGDWWH DOOD SUHVVLRQH RSHUDWLYD
˜R 8WLOL]H VRPHQWH MXQWDV H OLJD˜ÒHV DGH
SUHYLVWD 8WLOL]]DUH VROR JLXQWL H FRQQHV
TXDGDV H FRP R GL PHWUR FRUUHFWR $Q
VLRQL GHO WLSR D FRUULVSRQGHQ]D PHFFDQL
WHV GH GHVOLJDU XP WXER YHULILTXH VH R
FD H GHO GLDPHWUR FRUUHWWR 3ULPD GL GLVLQ
VLVWHPD IRL GHVSUHVVXUL]DGR
VHULUH TXDOVLDVL WXER DFFHUWDUVL FKH LO VL
VWHPD VLD GHSUHVVXUL]]DWR
J 1XQFD GHL[H R VHFDGRU IXQFLRQDU D SUHV J (YLWDUH GL IDU IXQ]LRQDUH O
HVVLFFDWRUH D
VÒHV DEDL[R RX DFLPD GRV YDORUHV OLPLWHV
SUHVVLRQL HFFHGHQWL L OLPLWL VXSHULRUH R LQ
FRQIRUPH LQGLFD˜ R GDV HVSHFLILFD˜ÒHV
IHULRUH GHOOD JDPPD RSHUDWLYD LQGLFDWD
W FQLFDV
QHOOH VSHFLILFKH WHFQLFKH
0DQWHQLPLHQWR
0DQXWHQ˜ R
0DQXWHQ]LRQH
/RV WUDEDMRV GH PDQWHQLPLHQWR \ UHSDUDFLÊQ
VÊOR GHEHU Q VHU UHDOL]DGRV EDMR OD VXSHUYL
VLÊQ GH XQD SHUVRQD DXWRUL]DGD
J 3DUD HO PDQWHQLPLHQWR \ OD UHSDUDFLÊQ
HPSOHDU VÊOR ODV KHUUDPLHQWDV DSURSLD
GDV
J (O PDQWHQLPLHQWR VÊOR VH GHEH HIHFWXDU
FRQ HO VHFDGRU SDUDGR \ GHVSUHVXUL]DGR
\ HO LQWHUUXSWRU SULQFLSDO GHVFRQHFWDGR
$ PDQXWHQ˜ R H DV UHSDUD˜ÒHV VÊ GHYHP VHU
UHDOL]DGDV VRE D VXSHUYLV R GH XPD SHVVRD
DXWRUL]DGD
J 8WLOL]H VRPHQWH DV IHUUDPHQWDV DGHTXD
GDV SDUD PDQXWHQ˜ R H UHSDUD˜ R
/D PDQXWHQ]LRQH H OD ULSDUD]LRQH SRVVRQR
VROR HVVHUH HVHJXLWL FRQ OD VXSHUYLVLRQH GL
XQD SHUVRQD DXWRUL]]DWD
J 3HU OD PDQXWHQ]LRQH H OH ULSDUD]LRQL XWL
OL]]DUH HVFOXVLYDPHQWH JOL DWWUH]]L DSSRVL
WL
J /D PDQXWHQ]LRQH SXÌ HVVHUH HVHJXLWD
VRODPHQWH TXDQGR O
HVVLFFDWRUH ý IHUPR
H GHSUHVVXUL]]DWR FRQ LQWHUUXWWRUH SULQFL
SDOH GLVLQVHULWR 2))
J $ PDQXWHQ˜ R VÊ SRGHU VHU UHDOL]DGD
TXDQGR R VHFDGRU HVWLYHU SDUDGR GHV
SUHVVXUL]DGR H GHVOLJDGR GD FRUUHQWH
HO FWULFD
K
‡
U
T
J
F
M
X
J
B
O

F
K
P
U
B
N
ˆ
F
S
K
I
U
Q
‡
X
B
J
E
=: =:
,QWURGXFWLRQ
,QWURGXFFLÊQ
2MISPGPSFK HJB UPO XBUBTXF‚BTU~
,QIRUPDFLÊQ VREUH HO IDEULFDQWH ,QIRUPD˜ÒHV VREUH R IDEULFDQWH ,QIRUPD]LRQL VXO SURGXWWRUH
J
B
O
F
K
~
U
T
B
‚
F
X
T
B
U
B
X
1
qHX‚SPJ BSJRNP TFJS|K
B
S } J
B
B O
‚ 
P F
O
} JP
N E
T S
J
JF F
Q X
F H
Q F
K O
F ‡
S S
~ B
U
O Q
B P
S U
I T
D J
 B
P U
JX O
U P
I G
G |
P S
S JH
S S
P F
Q Q
B ‚
J P
1Q
2 IDEULFDQWH GHVWH DSDUHOKR ,O SURGXWWRUH ý
9DOLGH] GH ORV QÔPHURV GH VH
ULH
9DOLGDGH GR QÔPHUR GH V ULH
1XPHUR GL VHULH
(VWD PDQXDO WUDWD GH ORV VHFDGRUHV GH DLUH
FRPSULPLGR SRU DGVRUFLÊQ VLJXLHQWHV
6HFDGRUHV GH DGVRU˜ R FREHUWRV SRU HVWH
PDQXDO
(VVLFFDWRUL G
DULD FRPSUHVVD DG DVVRUELPHQ
WR FRPSUHVL QHO SUHVHQWH PDQXDOH
W
O
|
J
B
X
K
|
JS
F
T
K
‡
N
JR
S
$
=:
B
B J
S H
} |
B JX
‚ U
P JT
O F
} M
N X
T P
JF Q
Q B
F J
Q B
K U
F O
S P
~ Z
U S
O P
B P
S S
I
D Q

P
JX
U ‚
I P
G Q
P ˆ
S U
S ‚
P P
Q U
B LU
J OD
1)
B
S
}
B
P
O
}
N
T
JF
Q
F
Q
‡
Q
B
O
‰
N
U
B
S
E
‚
I
T
F
S
B
G
B
O
I
U
J
B
O F P
K S
F ‰
S X
~
U ‡
O JX
B S
S F
I U
D W
J T
1F
F
O T
‰
H I
P T
N ~
S S
B X
G JB
F H
O J
P
‰O
JX }
O N
B T
X B
I J
E
N F
JP X
C T
K
}
JN
U
K
F
U
JT
X
|
M
F
J
B
X
K
F
U
JT
H
}
N
J
P
J
B
U
O
ˆ
P
S
I
U
B
O
J
F
Q
}
S
2
B
E
M
F
T
I
U
T
J
B
U
O
P
S
}
G
B
O
B
‚
P
Q
J
P
J
B
X
K
‰
R B
X K
B
E
M
F
T
K
I
U
K
B
F
M
B
G
T
B
JK
F
T
~
JU
B
Q
B
5ˆNCPMB TUPO DISBOU~SB
)ODLU GHODLU
)ODLU GHODLU
)ODLU GHODLU
)ODLU GHODLU
)ODLU GHODLU
)ODLU GHODLU
=:
=:
=:
=:
=:
=:
)ODLU GHODLU
)ODLU GHODLU
)ODLU GHODLU
)ODLU GHODLU
)ODLU GHODLU
)ODLU GHODLU
=:
=:
=:
=:
=:
=:
999999
=:
=:
=:
=:
=:
=:
999999
)ODLU GHODLU
)ODLU GHODLU
)ODLU GHODLU
)ODLU GHODLU
)ODLU GHODLU
)ODLU GHODLU
5XPQ‡K XS~TIK UPV DISBOU~SB
,QWURGX]LRQH
(O IDEULFDQWH HV
999999
=:
=:
=:
=:
=:
=:
999999
)ODLU GHODLU
)ODLU GHODLU
)ODLU GHODLU
)ODLU GHODLU
)ODLU GHODLU
)ODLU GHODLU
,QWURGX˜ R
1 GH VHULH \ VLJXLHQWHV
1ÔPHUR GH V ULH H VHJXLQWHV
1XPHUR GL VHULH H VHJXHQWL
)LQDOLGDG GHO VHFDGRU
8WLOLGDGH GR VHFDGRU
$SSOLFD]LRQH GHOO
HVVLFDWRUH
(O VHFDGRU GH DLUH FRPSULPLGR SRU DGVRU
FLÊQ )ODLU KD VLGR GLVHÆDGR SDUD HOLPLQDU HO
YDSRU GH DJXD GHO DLUH FRPSULPLGR SDUD XVR
LQGXVWULDO (VW SUHYLVWR SDUD VHU XWLOL]DGR HQ
HO LQWHULRU GH XQ ORFDO
2 VHFDGRU GH DGVRU˜ R GH DU FRPSULPLGR
)ODLU =: GHVWLQDVH D HOLPLQDU R YDSRU GH
JXD GR DU FRPSULPLGR SDUD XWLOL]D˜ R LQ
GXVWULDO (VWH VHFDGRU IRL FRQFHELGR SDUD
XWLOL]D˜ R HP UHDV FREHUWDV
/
HVVLFFDWRUH G
DULD FRPSUHVVD DG DVVRUEL
PHQWR ý LPSLHJDWR SHU HOLPLQDUH LO YDSRUH
DFTXHR GDOO
DULD FRPSUHVVD SHU XVR LQGX
VWULDOH /
HVVLFFDWRUH ý SURJHWWDWR SHU XVR LQ
LQWHUQL
'HEHU Q UHVSHWDUVH ORV YDORUHV PõQLPRV \
P [LPRV TXH VH LQGLFDQ HQ OD S JLQD DVõ
FRPR ODV PHGLGDV GH VHJXULGDG GH OD S JL
QD 2V YDORUHV PõQLPR H P [LPR LQGLFDGRV QD
'HYRQR HVVHUH ULVSHWWDWL L YDORUL PLQLPL H
S JLQD DVVLP FRPR DV PHGLGDV GH VHJX PDVVLPL LQGLFDWL D SDJLQD QRQFK OH SUH
UDQ˜D UHIHULGDV QD S JLQD GHYHP VHU UHV
FDX]LRQL GL VLFXUH]]D GL SDJLQD SHLWDGRV
3HJDWLQDV VREUH HO VHFDGRU
$XWRFRODQWHV GR VHFDGRU
‚
P
O
}
N
T
JF
Q
F
Q
K
F
S
~
U
O
B
S
I
D
K
ˆ
P
JX
U
I
G
P
S
S
P
Q
B
K
‚
P
U
5
B
U

F
R
I
U
F
R
P
Q
P
U
O
‚
P
X
}
=:
‚
P
Q
ˆ
U
‚
P
U
LU
OD
)
B
S
}
B
B
M
P
C
N
ˆ
T
J
B
X
B
U
I
M
M
‡
X
P
U
‚
B
B
R
‚
P
M
‡
X
B
(Q HO VHFDGRU GH DLUH FRPSULPLGR SRU DGVRU 2 VHFDGRU GH DU FRPSULPLGR )ODLU =: FRQ
FLÊQ )ODLU=: YDQ FRORFDGDV ODV SHJDWLQDV \ W P RV VHJXLQWHV DXWRFRODQWHV
SLFWRJUDPDV VLJXLHQWHV
F
U
F
T
~
JO
L
F
D
B
O
JO
S
Q
JP
E
JS
F
’
H
F
P
U
P
M
‡
F
U
T
|
C
JB
'
B
S
~
U
O
B
S
I
D
O
P
U
/ DVH WRGR HO PDQXDO DQWHV GH SRQHU HQ
PDUFKD HO VHFDGRU
$QWHV GH ID]HU R DUUDQTXH GR VHFDGRU
OHLD R PDQXDO WRGR
&RQWUDVVHJQL DSSOLFDWL VXOO
HV
VLFDWRUH
6XOO
HVVLFFDWRUH G
DULD FRPSUHVD DG DGVRUEL
PHQWR )ODLU VRQR SUHVHQWL L VHJXHQWL FRQWUDV
VHJQL
/HJJHUH WXWWR LO PDQXDOH SULPD GL DYYLDUH
O
HVVLFFDWRUH
=: =:
B
S
}
B
V
P
O
}
N
T
JF
Q
F
Q
K
P
E
P
T
(
(QWUDGD GH DLUH FRPSULPLGR
(QWUDGD GH DU FRPSULPLGR
(QWUDWD G
DULD FRPSUHVVD
6DOLGD GH DLUH FRPSULPLGR
6DõGD GH DU FRPSULPLGR
8VFLWD G
DULD FRPSUHVVD
K
I
T
I
O
O
}
H
B
O
B
K
B
S
}
$
$LUH GH SXUJD 3XUJD GH DU GH K
I
T
I
O
O
}
H
B
O
B
K
B
S
}
$
$LUH GH SXUJD 3XUJD GH DU GH $ULD GL VSXUJR
$ULD GL VSXUJR
SXUJH
SXUJH
$WWHQ]LRQH 7HQVLRQH HOHWWULFD
$YLVR 7HQV R HO FWULFD
B
S
}
B
V
P
O
}
N
T
JF
Q
F
Q
K
P
E
P
D
q
I
T
|
6
~
’
P
T
P
S
2
&XLGDGR 7HQVLÊQ
=: =:
7DUJKHW
WD
1RPEUH GHO IDEULFDQWH
1RPH GR IDEULFDQWH
1RPH GHO FRVWUXWWRUH
7DUJKHW
WD
~
U
T
B
‚
F
X
T
B
U
B
X
I
T
O
‚
R
ˆ
JF
'
'LUHFFLÊQ GHO IDEULFDQWH
(QGHUH˜R GR IDEULFDQWH
,QGLUL]]R GHO FRVWUXWWRUH
7DUJKHW
WD
K
‡
JX
U
F
JS
B
P
S
Q
J
B
X
K
P
Q
ˆ
6
7DUJKHWWD
0RGHOR RSFLRQHV
0RGHOR RS˜ÒHV
0RGHOOR RS]LRQL
7DUJKHW
WD
1 GH VHULH
1ÔPHUR GH V ULH
1XPHUR GL VHULH
7DUJKHW
WD
$ÆR GH IDEULFDFLÊQ
$QR GH IDEULFR
$QQR GL IDEEULFD]LRQH
3HVR
3HVR
3HVR
7DUJKHW
WD
NJ
7DUJKHW
WD
NJ
7DUJKHW
WD
9 +]
$
7DUJKHW
WD
EDUJ
7DUJKHW
WD
$
EDUJ
J
~
U
T
B
‚
F
X
T
B
U
B
X
B
N
P
O
u
3ODFD GH FDUDFWHUõVWLFDV
‚
P
Q
ˆ
U
B
E
X
B
JO
2
‚
B B P
JO E Q
ˆ
2X U
3ODFD GH FDUDFWHUõVWLFDV
K
‡
N
JT
M
Q
P
D
F
$OLPHQWD˜ R HO FWULFD IDVHV
IUHTXûQFLD
3RWHQ]D HOHWWULFD IDVL IUH
TXHQ]D
&RUULHQWH
&RUUHQWH
&RUUHQWH
3UHVLÊQ P [LPD GH VHUYLFLR
3UHVV R P [LPD GH XWLOL]D˜ R
3UHVVLRQH GL IXQ]LRQDPHQWR
PDVVLPD
7HQVLÊQ IDVHV IUHFXHQFLD
*FOJX| XBSBXUISJTUJX|
=:
B
S
}
B ‡
‚ Q
P B
O K
} ˆ
N P
T N
F
J U
Q B
F S
Q E
K ‚
B K
S ‚
~ P
U U
O 
B F
S S
I J
D B
K G
‡ B
JX
U
I
G ‚
P P
S Q
S ˆ
P U
Q LU
B D
O
1)
J
B
X
B
U
JT
Q
P JP
Q D
‡ B
S I
U M
‡ |
M H
Q F
B N
O J
P F
U Z
T M
I B
S G
| T
B
9D
F
B S ‚
} P
B U
K
P ~
O ‚
} F
N X
T T
JF B
Q U
F B
Q X
I
T
I
S
~
U
O
‚
T
I
U
JT
X
|
M
F

F
JU
B
Q
B
V
P
T
}
N
ˆ
P
JX
U
O
B
S
I
D
B
F
X
P
E
P
ˆ
E
J
F
X
}
K
B
S
~
U
O
B
S
I
D
1
K
V
P
U
B
O
}
‚
B
X
P
U
V
P
Q
B
E
M
F
T
X
T
F
Q
}
M
C
O P
B M
U M
u|
P
P U
T I
} T
N O
‡ B
JX S
U ~
O D
B
S JB
I H
D J
B
~ U

‡ F
JX J
U P
I Q
G P
P JN
S T
S I
P S
Q X
B P
B 
O F
} X
J P
F E
X B
J} O
S }
F P
Q U
I
U
|
U
B
I
T
I
O
O
}
H
B
O
B
F
T
J
B
U
F
M
M
|
C
P
Q
V
P
F
X
P
E
J
B
O
F
V
P
Q
B
T
B
S
H
V
I
K
~
U
V
B
K
B
T
B
JX
E
JB
E
K
I
U
JB
F
X
S
J|
E
O
P
U
‡
Q
B
J
B
U
F
JS
B
G
B
P
F
X
P
E
P
U
T
B
T
}
N
I
O
}
N
V
F
S
W
T
T
V
T
B
S
}
B
JB
F
‚
~
P
C
I
U
F
N
B
S
}
B
V
P
O
}
N
T
JF
Q
F
Q
B
S
~
U
O
B
S
I
D
K
I
T
I
O
O
}
H
B
O
B
&DUDFWHUõVWLFDV JHQHUDOHV
&DUDFWHUõVWLFDV JHUDLV
(O VHFDGRU GH DLUH FRPSULPLGR SRU DGVRUFLÊQ
)ODLU=: HOLPLQD HO YDSRU GH DJXD GHO DLUH
FRPSULPLGR *UDFLDV D OD VHQFLOOH] GH VX
FRQVWUXFFLÊQ HV PX\ ILDEOH \ GH I FLO PDQWH
QLPLHQWR
(O VHFDGRU OOHYD GRV UHFLSLHQWHV GH GHVH
FDQWH Y DVH OD )LJ S JLQD FDGD XQR
GH ORV FXDOHV FRQWLHQH PDWHULDO DGVRUEHQWH R
GHVHFDQWH &XDQGR XQR GH HVWRV UHFLSLHQWHV
HVW HQ OD IDVH GH VHFDGR HO RWUR VH HVW UH
JHQHUDQGR /D KXPHGDG DFXPXODGD HQ HO
UHFLSLHQWH VH HOLPLQD GHO VHFDGRU GH DLUH
FRPSULPLGR PHGLDQWH DLUH GH SXUJD GXUDQWH
OD IDVH GH UHJHQHUDFLÊQ
2 VHFDGRU GH DU FRPSULPLGR )ODLU =: HOLPL
QD R YDSRU GH JXD GR DU FRPSULPLGR $
VXD FRQVWUX˜ R VLPSOHV H SRU LVVR PXLWR
IL YHO H I FLO GH GDU DVVLVWûQFLD
)O L
)ODLU
+HLVWUDDW $- (WWHQ/HXU
WKH 1HWKHUODQGV
)ODLU GHODLU =:
9
K
B
H
S
‚
P
JU
F
M
I
T
F
Q
I
U
JT
H
}
/
K
P
U
B
N
ˆ
F
S
I
T
B
U
O
q
B
U
I
U
‡
O
X
‚
T
JK
F
T
|
G
I
T
|
U
~
JX
S
U
X
F
M
+
K
P
S
|
%
K
~
‚
F
X
T
B
U
B
X
K
P
U
q
K
|
JS
F
T
K
‡
N
JR
S
$
&DUDWWHULVWLFKH JHQHUDOL
/
HVVLFFDWRUH G
DULD FRPSUHVVD )ODLU =:
HOLPLQD LO YDSRUH DFTXHR GDOO
DULD FRPSUHVVD
6L WUDWWD GL XQ DSSDUHFFKLR GDOOD VWUXWWXUD
VHPSOLFH H SHUWDQWR DOWDPHQWH DIILGDELOH H GL
IDFLOH PDQXWHQ]LRQH
/
HVVLFFDWRUH KD GXH VHUEDWRL GL HVVLFFD]LRQH
2 VHFDGRU WHP GRLV WXERV GH GHVVHFDQWH
FRQVXOWH D ILJ S JLQD FDGD XP FRQ YHG )LJ SDJ FRQWHQHQWL PDWHULDOH
WHQGR PDWHULDO DEVRUYHQWH RX GHVVHFDQWH
DVVRUEHQWH R HVVLFFDQWL 'XUDQWH O
HVVLFFD
4XDQGR XP WXER HVW D VHFDU R RXWUR HVW D ]LRQH LQ XQ VHUEDWRLR O
DOWUR YLHQH ULJHQHUDWR
VHU UHJHQHUDGR $ KXPLGDGH DFXPXODGD QR /
XPLGLW DFFXPXODWD QHO VHUEDWRLR YLHQH HOL
WXER UHWLUDGD GR VHFDGRU GH DU FRPSULPLGR PLQDWD GDOO
HVVLFFDWRUH G
DULD FRPSUHVVD GX
GXUDQWH D UHJHQHUD˜ R DWUDY V GD SXUJD GH UDQWH OD ULJHQHUD]LRQH PHGLDQWH O
DULD GL VSXU
DU
JR
=: =:
‡
U
K ‚
WB
S ‡
X JX
| M
B ‚
O
} P
J 6
B ~
U G
JF S
P P
Q N
P I
JN E
T ‰
I X
S X
X P
P X
T F
} T
N ‡
‡ JX
X
J M
U ‚
O K
B F
S E
I ‰
D S
K P
8Q
K
F
U
I
U
‡
T
P
Q
K
F
M
|
H
F
N
J
F
T
~
G
P
S
S
P
Q
B
B
O

F
S
P
Q
N
B
O
‡
JX
M
‚
P
U
JP
E
P
U
K
W
N
‡
K
S
W
X
O
‰
N
U
B
S
E
‚
K
ˆ
P
N
U
B
S
E
‚
K
‚
P
U
‡
Q
B
J
B
U
F
M
M
|
C
T
P
S
Q
B
E
X
B
JO
Q
F
N
K
P
O
}
N
T
JB
E
P
G
F
J
B
O
F
K
B
S
~
U
O
B
S
I
D
F
R
|
P
O
W
M
M
|
ˆ
D
B
U
F
N
J
B
U
O
P
G
|
S
H
B
O
B
B
P
Q
P
O
I
U
T
‚
P
Q
ˆ
U
I
T
F
Q
I
U
JT
H
}
N
I
J
B
X
I
T
|
U
I
K
|
JS
F
T
K
‡
N
JR
S
B
P
K
P
Q
ˆ
U
K
B
H
S
‚
P
JU
F
M
-BUBTXF‚~
=:
B
F
X
P
E
P
ˆ
B E
S J
~ B
U O
O F
B
S
I
D
V
ˆ P
P Q
JX ˆ
U U
I U
G L
P OD
S )
S B
P S
Q }
B B
V V
P P
U O
K }
B N
O T
~ JF
S Q
V F
2Q
J
B
O
F
B
F
X
P
E
B
6
P
T
}
N
‡
JX
U
O
B
S
I
D
O
V
P
X
J}
S
F
Q
V
P
Q
B
N
I
U
T
ˆ
T
‡
M
Q
B
B
O
}
F
N
K
V
P
U
ˆ
D
B
U
F
N
B
O
}
N
F
E
F
E
O
V
T
J
B
O
F
B
F
X
P
E
B
6
O
W
E
C
M
B
C
J
B
X
O
W
O
~
M
W
T
JP
T
B
M
Q
‡
S
B
JC
U
T
B
O
}
F
T
B
O
}
N
I
U
F
‚
P
Q
P
U
.FJUPVSHB
B
E
M
F
T
X
T
F
Q
}
M
C
J
F
P H
P
O O
B B
U
‡ ~
J U
F T
J
Z O
X P
S S
B X
K V
I P
T S
O ‡
B G
S P
~ S
D U
V O
P F
M X
X X
ˆ F
X V
V P
P U
U ~ G 6
B K
S I
U
JH Q
S ‡
F X
Q B
J
+E
K
B
S
}
B
K B
P 
O F
} X
N P
T E
JF P
Q ˆ
F E
Q B
K U
‡ ‡
S Q
H
V B
B
1O
}
P
9U
J ‡
B Q
X B
B
9 }T
N
J
F
O
B
C
F
O
B
K
F
E
C
M
B
C
JK
U
V
P
U
B
F
S
P
Q
O
I
U
|
U
B
X
J
B
X
V
P
T
}
N
ˆ
P
JX
U
O
B
S
I
D
I
T
O
B
S
~
D
F
T
J
B
U
F
M
M
|
C
P
Q
V
W
O ~
| JX
U
Q M
P B
U U
‡ T
Q B
B O
J B
F O
I
O U
B
H ‡
C Q
K B
B B
S T
} }
B N
K B
P S
O ~
} U
N O
T B
F
J S
Q I
F D
Q V
K P
‡ U
S K
I P
D S
}
1N
9
&
B
E
C
M
B
C
K
F
E
C
M
B
B C
S K
} }
B X
P J
O JS
} B
N G
T T
JF P
Q ˆ
F E
Q K
‡ J
S U
I ‡
D Q
O B
P B
U T
‡ }
Q N
B J
B
K U
P F
S ˆ
} F
N U
F
B X
O P
J
qE
J
B
X
I
T
F
Q
~
JX
JS
B
G
T
P
N
U
B
J
S
X
}
N
J
B
U
F
O
‰
O
P
U
X
F
P
F
X
P
E
P
M
M
|
P
U
‡
Q
B
B
T
}
N
W
U
|
X
B
U
K
P
S
Q
J
B
U
F
H
I
E
P
V
P
T
}
N
ˆ
P
JX
U
O
B
S
I
D
ˆ
M
P
Q
J
B
O
F
ˆ
P
U
V
B
B
S
}
B
V
P
U
O
‰
N
U
B
I
T
|
U
I
~
JE
F
Q
(
P
V
P
T
}
N
ˆ
P
JX
U
O
B
S
I
D
V
P
U
~
U
V
B
‡
Q
B
K
P
S
F
U
‡
M
I
N
B
X
K
V
P
U
|
G
P
S
S
P
Q
B
ˆ
P
N
JT
S
B
‚
B
X
~
K
I
T
I
O
O
}
H
B
O
B
K
B
S
}
B
P
T
}
N
‡
JX
U
O
B
S
I
D
P
U
J
T
U
}
J
F
O
‰
O
H
F
U
T
J
B
X
K
ˆ
P
N
U
B
‡
S I
F U
O ‡
P Q
O B
}
N B
I T
G }
P N
S B
S S
P J
Q B
B G
T
P ‡
U N
F U
N B
K O
I I
T U
I T
O J
O B
} U
H F
B O
O ‰
S
B F
K ‚
B V
S F
} M
B F
Q
1B
9
B
E
C
M
B
C
&DGD VHFDGRU IRUQHFLGR FRP XPD SODFD GH 7XWWL JOL HVVLFFDWRUL VRQR IRUQLWL GL XQD WDUJD
FDUDFWHUõVWLFDV LQGLFDQGR R QÔPHUR GH V ULH FRQ O
LQGLFD]LRQH GHO WLSR GHO QXPHUR GL VH
ULH GHOOD WHQVLRQH H GHOOD SUHVVLRQH GL IXQ]LR
WHQV R H D SUHVV R GH VHUYL˜R P [LPD
QDPHQWR PDVVLPH
&RQVWUXFFLÊQ
&RQVWUX˜ R
6WUXWWXUD
(O VHFDGRU GH DLUH FRPSULPLGR SRU DGVRUFLÊQ
)ODLU =: HVW FRQVWUXLGR HQ WRUQR D GRV UH
FLSLHQWHV FDGD XQR GH ORV FXDOHV FRQWLHQH
GHVHFDQWH /RV UHFLSLHQWHV YDQ FRQHFWDGRV
PHGLDQWH XQ VLVWHPD VHQFLOOR GH WXEHUõDV \
Y OYXODV /RV UHFLSLHQWHV YDQ PRQWDGRV HQ
XQ EDVWLGRU UõJLGR
2 VHFDGRU GH DU FRPSULPLGR SRU DGVRU˜ R
,QJHUVROO5DQG FRQVWUXõGR HP UHGRU GH
GRLV WXERV FRQWHQGR FDGD XP GHVVHFDQWH
2V WXERV V R OLJDGRV DWUDY V GH XP VLVWHPD
VLPSOHV GH WXEDJHP H Y OYXODV HVWDQGR
PRQWDGRV QXPD HVWUXWXUD UõJLGD
/
HVVLFFDWRUH G
DULD FRPSUHVVD DG DVVRUEL
PHQWR FRPSUHQGH GXH VHUEDWRL FRQWHQHQWL
O
HVVLFFDQWH FROOHJDWL PHGLDQWH XQ VHPSOLFH
VLVWHPD GL WXED]LRQL H YDOYROH , VHUEDWRL VRQR
PRQWDWL LQ XQ WHODLR ULJLGR
)XQFLRQDPLHQWR
)XQFLRQDPHQWR
)XQ]LRQDPHQWR
Y DVH OD )LJ S J /D GHVFULSFLÊQ GHO FLFOR GH WUDEDMR VH LQLFLD
FXDQGR HO WHPSRUL]DGRU GH OHYD 6 DEUH ODV
Y OYXODV 9 \ 9 (VWR SHUPLWH TXH HO DLUH
FRPSULPLGR KÔPHGR DVFLHQGD D WUDY V GH
XQR GH ORV UHFLSLHQWHV GH GHVHFDQWH
VHF QGRVH DVõ HO DLUH FRPSULPLGR
(O DLUH FRPSULPLGR VHFR VDOH GHO VHFDGRU D
WUDY V GH OD Y OYXOD GH UHWHQFLÊQ &9
YHU ILJ S J $ GHVFUL˜ R GR FLFOR LQLFLDVH TXDQGR DV
Y OYXODV 9 H 9 V R DEHUWDV SHOR WHPSRUL]D
GRU GH FDPH 6 SHUPLWLQGR TXH R DU FRP
SULPLGR KÔPLGR VXED DWUDY V GH XP GRV WX
ERV GH GHVVHFDQWH VHFDQGR DVVLP R DU
FRPSULPLGR
2 DU FRPSULPLGR VHFR DEDQGRQD R VHFDGRU
DWUDY V GD Y OYXOD GH UHWHQ˜ R &9
YHGHUH )LJ 3DJ ,O FLFOR GL IXQ]LRQDPHQWR LQL]LD DOO
DSHUWXUD
GHOOH YDOYROH 9 H 9 GD SDUWH GHOO
LQWHUUXWWRUH
WHPSRUL]]DWRUH D FDPPH 6 &LÌ FRQVHQWH
LO SDVVDJJLR GHOO
DULD FRPSUHVVD XPLGD LQ XQ
VHUEDWRLR FRQWHQHQWH O
HVVLFFDQWH H O
HVVLFFD
]LRQH GHOO
DULD FRPSUHVVD
/
DULD FRPSUHVVD IXRULHVFH GDOO
HVVLFFDWRUH
PHGLDQWH OD YDOYROD GL QRQ ULWRUQR &9
3DUWH GHO DLUH FRPSULPLGR TXH VH KD VHFDGR
SDVD SRU GRV Y OYXODV GH EROD VH H[SDQGH
KDVWD DOFDQ]DU OD SUHVLÊQ DWPRVI ULFD \ VH
JXõD KDFLD DEDMR D WUDY V GHO RWUR UHFLSLHQWH
GH GHVHFDQWH
&RPR OD SUHVLÊQ GH YDSRU GH HVWH DLUH HV
PX\ LQIHULRU D OD GHO GHVHFDQWH HO DLUH GH
UHJHQHUDFLÊQ DGVRUEHU HO YDSRU GH DJXD
VHFDQGR HO GHVHFDQWH
(O DLUH GH UHJHQHUDFLÊQ MXQWR FRQ HO DJXD
DGVRUELGD VH GHVFDUJD D OD DWPÊVIHUD D WUD
Y V GH OD Y OYXOD 9
$O FDER GH PLQXWRV VH FLHUUD OD Y OYXOD
9 OR TXH KDFH TXH HO UHFLSLHQWH TXH DKRUD
VH KD UHJHQHUDGR VH YD\D SUHVXUL]DQGR OHQ
WDPHQWH
3DUWH GR DU FRPSULPLGR VHFR VDQJUDGR
DWUDY V GH GXDV Y OYXODV HVI ULFDV H[SDQGL
SUHVV R DWPRVI ULFD H GLUHFFLRQDGR
GR DW
SDUD EDL[R DWUDY V GR RXWUR WXER GH GHVVH
FDQWH
&RPR D SUHVV R GR YDSRU GHVWH DU PXLWR
PDLV EDL[D TXH D GR GHVVHFDQWH R DU GH UH
JHQHUD˜ R DEVRUYH R YDSRU GH JXD H VHFD
R GHVVHFDQWH
2 DU GH UHJHQHUD˜ R FRP D JXD DEVRUYLGD
H[SHOLGD SDUD D DWPRVIHUD DWUDY V GD Y OYX
OD 9
PLQXWRV PDLV WDUGH D Y OYXOD 9 IHFKD
VH SDUD TXH R WXER GH SUHVV R UHJHQHUDGR
VHMD SUHVVXUL]DGR OHQWDPHQWH
3DUWH GHOO
DULD FRPSUHVVD HVVLFFDWD GHIOXLVFH
PHGLDQWH GXH YDOYROH D VIHUD YLHQH GHFRP
SUHVVD DOOD SUHVVLRQH DWPRVIHULFD H TXLQGL
WUDVIHULWD QHOO
DOWUR VHUEDWRLR FRQWHQHQWH O
HV
VLFFDQWH
'DWR FKH OD SUHVVLRQH GHO YDSRUH GL TXHVWD
DULD ý GHFLVDPHQWH LQIHULRUH D TXHOOD GHOO
HV
VLFFDQWH O
DULD GL ULJHQHUD]LRQH DVVRUEH LO
YDSRUH DFTXHR HG HVVLFFD O
HVVLFFDQWH
/
DULD GL ULJHQHUD]LRQH H O
DFTXD DVVRUELWD
YHQJRQR VPDOWLWH QHOO
DWPRVIHUD PHGLDQWH OD
YDOYROD 9
'RSR PLQXWL H OD YDOYROD 9 VL FKLXGH
FRQ FRQVHJXHQWH OHQWD SUHVVXUL]]D]LRQH GHO
VHUEDWRLR D SUHVVLRQH RUD ULJHQHUDWR
7RGRV ORV VHFDGRUHV YDQ SURYLVWRV GH XQD
SODFD GH FDUDFWHUõVWLFDV HQ OD TXH ILJXUDQ HO
WLSR HO Q GH VHULH OD WHQVLÊQ \ OD SUHVLÊQ
P [LPD GH VHUYLFLR
I
T
F
Q
‡
Q
V
|
H
S
B
J
B
U
F
‚
U
2 GHVVHFDQWH XP PDWHULDO JUDQXORVR PXLWR
SRURVR (VWH PDWHULDO SRGH DGVRUYHU JUDQGHV
TXDQWLGDGHV GH YDSRU GH JXD PDV Q R
DIHFWDGR SRU HVWH
P
U
J
B V
X P
T
J }
F N
O
F ˆ
M P
X JX
U
O
9B
S
B I
E
 D
C
M P
B F
C X
I P
E
| O
U P
Q }
F M
M Q
P
O
}
N
‡ I
Q O
B O
F
| H
U B
F O
/B
(O GHVHFDQWH HV XQ PDWHULDO JUDQXODGR PX\
SRURVR (VWH JUDQXODGR SXHGH DGVRUEHU
JUDQGHV FDQWLGDGHV GH YDSRU GH DJXD VLQ
TXH VWH OH DIHFWH
/
HVVLFFDQWH ý XQ PDWHULDOH LQ JUDQL DOWDPHQ
WH SRURVR 4XHVWR PDWHULDOH ý LQ JUDGR GL DV
VRUELUH JUDQGL TXDQWLW GL YDSRUH DFTXHR
VHQ]D HVVHUQH GDQQHJJLDWR
=: =:
ˆ
P
JX
U
O
B
S
I
D
P
F
X
P
E
P
M
M
|
P
U
JB
H

F
‚
G
I
M
B
O
B
Q
F
B
O
VHJXQGRV GHSRLV RV FRPDQGRV 6
DEUHP DV Y OYXODV 9 H 9 UHSHWLQGR PHWDGH
GR FLFOR GHVFULWR DQWHULRUPHQWH SDUD R RXWUR
WXER GH SUHVV R
'RSR VHFRQGL LQWHUYLHQH O
LQWHUUXWWRUH
6 FRQ FRQVHJXHQWH DSHUWXUD GHOOH YDOYROH
9 H 9 H ULSHWL]LRQH GHO VHPLFLFOR SUHFHGHQ
WHPHQWH GHVFULWWR SHU O
DOWUR VHUEDWRLR D SUHV
VLRQH
0DQGR QHXP WLFR RSFLRQDO
2S˜ R GH FRQWUROR SQHXP WLFR
2S]LRQH FRPDQGR SQHXPDWLFR
Y DVH OD )LJ S J /D GHVFULSFLÊQ GHO FLFOR GH WUDEDMR VH LQLFLD
FXDQGR OD Y OYXOD GH PDQGR < FLHUUD ODV
Y OYXODV 9 \ DEUH ODV Y OYXODV 9 \ 9 (VWR
SHUPLWH TXH HO DLUH FRPSULPLGR KÔPHGR DV
FLHQGD D WUDY V GH XQR GH ORV UHFLSLHQWHV GH
GHVHFDQWH VHF QGRVH DVõ HO DLUH FRPSULPL
GR
(O DLUH FRPSULPLGR VHFR VDOH GHO VHFDGRU D
WUDY V GH OD Y OYXOD GH UHWHQFLÊQ &9
YHU ILJ S J $ GHVFUL˜ R GR FLFOR LQLFLDVH TXDQGR D
Y OYXOD GH UHWHQ˜ R < IHFKD D Y OYXOD 9 H
DEUH DV Y OYXODV 9 H 9 SHUPLWLQGR TXH R DU
FRPSULPLGR KÔPLGR VXED DWUDY V GH XP GRV
WXERV GH GHVVHFDQWH VHFDQGR DVVLP R DU
FRPSULPLGR
YHGHUH )LJ 3DJ ,O FLFOR LQL]LD FRQ OD FKLXVXUD GHOOD YDOYROD 9
H O
DSHUWXUD GHOOH YDOYROH 9 H 9 GD SDUWH
GHOO
HOHWWURYDOYROD < FRQVHQWHQGR FRVó DOO
D
ULD FRPSUHVVD XPLGD GL SDVVDUH DWWUDYHUVR
XQR GHL VHUEDWRL FRQWHQHQWL O
HVVLFFDQWH FRQ
FRQVHJXHQWH HVVLFFD]LRQH GHOO
DULD FRPSUHV
VD
/
DULD FRPSUHVVD IXRULHVFH GDOO
HVVLFFDWRUH
PHGLDQWH OD YDOYROD GL QRQ ULWRUQR &9
3DUWH GHO DLUH FRPSULPLGR TXH VH KD VHFDGR
SDVD SRU GRV Y OYXODV GH EROD VH H[SDQGH
KDVWD DOFDQ]DU OD SUHVLÊQ DWPRVI ULFD \ VH
JXõD KDFLD DEDMR D WUDY V GHO RWUR UHFLSLHQWH
GH GHVHFDQWH
&RPR OD SUHVLÊQ GH YDSRU GH HVWH DLUH HV
PX\ LQIHULRU D OD GHO GHVHFDQWH HO DLUH GH
UHJHQHUDFLÊQ DGVRUEHU HO YDSRU GH DJXD
VHFDQGR HO GHVHFDQWH
(O DLUH GH UHJHQHUDFLÊQ MXQWR FRQ HO DJXD
DGVRUELGD VH GHVFDUJD D OD DWPÊVIHUD D WUD
Y V GH OD Y OYXOD 9
$O FDER GH PLQXWRV VH FLHUUD OD Y OYXOD
9 OR TXH KDFH TXH HO UHFLSLHQWH TXH DKRUD
VH KD UHJHQHUDGR VH YD\D SUHVXUL]DQGR OHQ
WDPHQWH
GH PLQXWR P V WDUGH ODV Y OYXODV VH DEUHQ
ODV Y OYXODV 9 \ 9 \ VH FLHUUD OD Y OYXOD 9
UHSLWL QGRVH HO VHPLFLFOR GHVFULWR DQWHULRU
PHQWH SDUD HO RWUR UHFLSLHQWH D SUHVLÊQ
3DUWH GR DU FRPSULGR VHFR VDQJUDGR DWUD
Y V GH GXDV Y OYXODV HVI ULFDV H[SDQGLGR
SUHVV R DWPRVI ULFD H FRQGX]LGR SDUD
DW
EDL[R DWUDY V GR RXWUR WXER GH GHVVHFDQWH
W
O
|
Q
B
S
B
Q
J
B
U
F
G
|
S
JH
S
F
Q
V
P
Q
K
P
M
X
ˆ
X
K
‡
JT
N
P
F
U
T
‰
GH PLQXWR P V WDUGH FDPELD HO FRQWDFWR
6 KDFLHQGR TXH VH DEUDQ ODV Y OYXODV 9
\ 9 \ TXH VH UHSLWD HO VHPLFLFOR GHVFULWR DQ
WHULRUPHQWH SDUD HO RWUR UHFLSLHQWH D SUHVLÊQ
K I
U Q 9
‡ J
X B
X
JB
E P 9
K
J F
B E
U 
C
JF M
P B
Q C
P
H JK
S U
F
O K
F UB
O
ˆ P
P
U H
Q P
F O
M B
‡ Q 6
K
B ~
| G
U B
F
Q
/F
V
P
T
}
N
B
E
M
F
T
X
T
F
Q
}
M
C
I
O J
B B
U X
‡
J F 9
Z K
X F
S E
B C
K M
I B
T C
O K
B J
S JU
~ F
D O
V 
P F
M M
X X
ˆ X <
V V
P P
U X
~ H
G }
B M
S F
JH B
S E
F C
Q M
B
+C
‡
Q
B
B
O
}
P
U
K
‡ ‡
S Q
H B
V B
1T
}
N
9 FJ
J O
B B
X C
F
O
9B
K
B
S
}
B
K
P
O
}
N
T
JF
Q
F
Q
K
F
E
C
M
B
C
JK
U
J
F
H
P
O
B
O
I
U
|
U
B
X
J
B
X
V
P
T
}
N
ˆ
P
JX
U
O
B
S
I
D
B
F
X
P
E
P
ˆ
E
B
U
I
T
O
B
S
~
D
F
T
J
B
U
F
M
M
|
C
P
Q
V
V
P
U
B
F
S
P
Q
W
O ~
| JX
U
Q M
P B
U U
‡ T
Q B
B O
J B
F O
I
O U
B
H ‡
C Q
K B
B B
S T
} }
B N
K B
P S
O ~
} U
N O
T B
F
J S
Q I
F D
Q V
K P
‡ U
S K
I P
D S
}
1N
2 DU FRPSULPLGR VHFR DEDQGRQD R VHFDGRU
DWUDY V GD Y OYXOD GH UHWHQ˜ R &9
9
&
B
E
C
M
B
C
K
F
E
C
M
B
B C
S K
} }
B X
P J
O JS
} B
N G
T T
JF P
Q ˆ
F E
Q K
‡ J
S U
I ‡
D Q
O B
P B
U T
‡ }
Q N
B J
B
K U
P F
S ˆ
} F
N U
F
B X
O P
J
qE
J
B
X
I
T
F
Q
~
JX
JS
B
G
T
P
N
U
B
J
S
X
}
N
J
B
U
F
O
‰
O
P
U
X
F
P
F
X
P
E
P
M
M
|
P
U
‡
Q
B
B
T
}
N
W
U
|
X
B
U
K
P
S
Q
J
B
U
F
H
I
E
P
V
P
T
}
N
ˆ
P
JX
U
O
B
S
I
D
ˆ
M
P
Q
J
B
O
F
ˆ
P
U
V
B
B
S
}
B
V
P
U
O
‰
N
U
B
I
T
|
U
I
~
JE
F
Q
(
P
V
P
T
}
N
ˆ
P
JX
U
O
B
S
I
D
V
P
U
~
U
V
B
‡
Q
B
K
P
S
F
U
‡
M
I
N
B
X
K
V
P
U
|
G
P
S
S
P
Q
B
ˆ
P
N
JT
S
B
‚
B
X
~
K
I
T
I
O
O
}
H
B
O
B
K
B
S
}
B
P
T
}
N
‡
JX
U
O
B
S
I
D
P
U
J
T
U
}
J
F
O
‰
O
H
F
U
T
J
B
X
K
ˆ
P
N
U
B
‡
S I
F U
O ‡
P Q
O B
}
N B
I T
G }
P N
S B
S S
P J
Q B
B G
T
P ‡
U N
F U
N B
K O
I I
T U
I T
O J
O B
} U
H F
B O
O ‰
S
B F
K ‚
B V
S F
} M
B F
Q
1B
9
B
E
C
M
B
C
P
U
J
B V
X P
T
J }
F N
O
F ˆ
M P
X JX
U
O
9B
S
B I
E
 D
C
M P
B F
C X
I P
E
| O
U P
Q }
F M
M Q
P
O
}
N
‡ I
Q O
B O
F
| H
U B
F O
/B
I
T
F
Q
‡
Q
V
|
H
S
B
J
B
U
F
‚
U
3DUWH GHOO
DULD FRPSUHVVD HVVLFFDWD GHIOXLVFH
PHGLDQWH GXH YDOYROH D VIHUD YLHQH GHFRP
SUHVVD DOOD SUHVVLRQH DWPRVIHULFD H TXLQGL
WUDVIHULWD QHOO
DOWUR VHUEDWRLR FRQWHQHQWH O
HV
VLFFDQWH
&RPR D SUHVV R GR YDSRU GHVWH DU PXLWR
'DWR FKH OD SUHVVLRQH GHO YDSRUH GL TXHVWD
PDLV EDL[D TXH D GR GHVVHFDQWH R DU GH UH DULD ý GHFLVDPHQWH LQIHULRUH D TXHOOD GHOO
HV
JHQHUD˜ R DEVRUYH R YDSRU GH JXD H VHFD VLFFDQWH O
DULD GL ULJHQHUD]LRQH DVVRUEH LO
R GHVVHFDQWH
YDSRUH DFTXHR HG HVVLFFD O
HVVLFFDQWH
2 DU GH UHJHQHUD˜ R FRP D JXD DEVRUYLGD /
DULD GL ULJHQHUD]LRQH H O
DFTXD DVVRUELWD
H[SHOLGD SDUD D DWPRVIHUD DWUDY V GD Y OYX YHQJRQR VPDOWLWH QHOO
DWPRVIHUD PHGLDQWH OD
OD 9
YDOYROD 9
PLQXWRV PDLV WDUGH D Y OYXOD 9 IHFKD 'RSR PLQXWL H OD YDOYROD 9 VL FKLXGH
VH SDUD TXH R WXER GH SUHVV R UHJHQHUDGR FRQ FRQVHJXHQWH OHQWD SUHVVXUL]]D]LRQH GHO
VHMD SUHVVXUL]DGR OHQWDPHQWH
VHUEDWRLR D SUHVVLRQH RUD ULJHQHUDWR
K
‡
JT
N
9P
J F
B U
X T
‰
9 J
K F
F O
E F
C M
M X
B C 9
J
P B
E
ˆ C
P M
U
Q B
F C
M I
J
B
X
‡ O
Q V
B P
| H
U P
F O
/B
B
O
W
O
|
Q
B
S
B
Q
J
B
U
F
G
|
S
JH
S
F
Q
V
P
Q
K
P
M
X
ˆ
X
V
P
T
}
N
ˆ
P
JX
U
O
B
S
I
D
P
F
X
P
E
P
M
M
|
P
U
JB
H

F
‚
G
I
M
B
O
B
Q
F
VHJXQGRV GHSRLV RV FRPDQGRV 6
DEUHP DV Y OYXODV 9 H 9 UHSHWLQGR PHWDGH
GR FLFOR GHVFULWR DQWHULRUPHQWH SDUD R RXWUR
WXER GH SUHVV R
'RSR VHFRQGL VL DSURQR OH YDOYROH 9 H 9
H VL FKLXGH OD YDOYROD 9 H VL ULSHWH LO VHPLFL
FOR SUHFHGHQWHPHQWH GHVFULWWR SHU O
DOWUR VHU
EDWRLR D SUHVVLRQH
=: =:
,QVWDOODWLRQ
JP
E
‡
I N
J S
B B
X ‡
I Q
T B
I
S P
~ O
U ‡
O N
‚ J
T UB
I O
P
K O
‡ 
N H
B
JT O
S
J J
F
X UB
P F
Q
I }
T US
B J
U Q
T F
|
U ~
B ‚
X F
H X
F JT
Q
+F
I
T
‚
F
X
JE
F
J
B
X
I
JT
U
S
|
U
B
X
I
M
I
M
M
|
U
B
X
F
N
‡
JX
Q
W
T
P
S
Q
$QBJU~TFJK
B
S
~
U
O
B
S
I
D
ˆ
P
JX
U
I
G
P
S
S
P
Q
B
‚
P
U
I
T
B
U
T
|
U
B
X
H
F
O
I
U
JB
*
J
P
O
‚
P
ˆ
X
T
LUJ
)OD
K
I
U
=:
B
S
}
B
‚
P
O
}
N
T
JF
Q
F
Q
JK
F
T
~
JU
B
Q
B
K
F
R
‚
P
M
‡
X
B
K I
P J
S B
U
‰F
X Z
K 
P M
S B
F G
R T
ˆ B
F D
M F
F B
K O
~
X F
S U
B T
Q ‰
F J P
F E
X P
S D
| }
Q O
I
‚ U
B
O ‡
J Q
F B
Q W
} S
S ˆ
2H
J
ˆ
P
N
JT
S
B
R
B
X
B
S
}
B
‚
P
U
~
H
W
H
B
Q
B
I
U
Q
P
X
T
‡
S
Q
B
O
P
U
‡
Q
B
W
S
ˆ
H
J
F
Q
}
S
Q
K
I
T
I
S
~
U
O
‚
T
K
ˆ
P
Q
P
X
T
JB
*
J
I
O
‰
Z
I
S
F
R
ˆ
F
M
F
JB
N
J
F
X
S
|
Q
‚
B
O
B
S
~
U
O
B
S
I
D
‚
P
S
U
}
N
O
P
U
JT
X
|
M
‚
P
U
K
‚
P
U
|
M
Q
/FUBGPS|
,QVWDODFLÊQ
,QVWDOD˜ R
,QVWDOOD]LRQH
/D LQVWDODFLÊQ PDQHMR PDQWHQLPLHQWR \ UH
SDUDFLÊQ GHEHU Q VHU UHDOL]DGRV ÔQLFDPHQWH
SRU SHUVRQDO DXWRUL]DGR FXDOLILFDGR \ HQWHQ
GLGR HQ OD PDWHULD
$ LQVWDOD˜ R D XWLOL]D˜ R D PDQXWHQ˜ R H D
UHSDUD˜ R GHYHP VHU UHDOL]DGDV XQLFDPHQWH
SRU SHVVRDO KDELOLWDGR IRUPDGR H TXDOLILFD
GR
/
LQVWDOOD]LRQH O
XVR OD PDQXWHQ]LRQH H OD
ULSDUD]LRQH GHYRQR HVVHUH HVHJXLWL XQLFD
PHQWH GD SHUVRQDOH DXWRUL]]DWR DSSRVLWD
PHQWH DGGHVWUDWR H TXDOLILFDWR
5HTXLVLWRV
5HTXLVLWRV
5HTXLVLWL
3DUD OD LQVWDODFLÊQ GHO VHFDGRU GH DLUH FRP
SULPLGR SRU DGVRUFLÊQ )ODLU =: VHU Q GH DSOL
FDFLÊQ ORV UHTXLVLWRV VLJXLHQWHV
J 'HMDU VXILFLHQWH HVSDFLR DOUHGHGRU GHO VH
FDGRU SDUD TXH HO DLUH GH SXUJD SXHGD
FLUFXODU OLEUHPHQWH
J 'HMDU XQ HVSDFLR OLEUH GH PHWUR FRPR
PõQLPR DOUHGHGRU GHO VHFDGRU SDUD ORV
WUDEDMRV GH PDQWHQLPLHQWR
$R LQVWDODU R VHFDGRU GH DGVRU˜ R GH DU
FRPSULPLGR )ODLU =: DSOLFDPVH RV VHJXLQ
WHV SULQFõSLRV
J 'HL[H HVSD˜R VXILFLHQWH YROWD GR VHFD
GRU SDUD TXH R DU GH SXUJD SRVVD FLUFXODU
OLYUHPHQWH
J 'HL[H XP HVSD˜R OLYUH GH SHOR PHQRV PHWUR YROWD GR VHFDGRU SDUD WUDEDOKRV
GH PDQXWHQ˜ R
3HU O
LQVWDOOD]LRQH GL XQ HVVLFFDWRUH G
DULD
FRPSUHVVD DG DVVRUELPHQWR WLSR )ODLU =:
VHJXLUH OH VHJXHQWL LVWUX]LRQL
J ,QWRUQR DOO
HVVLFFDWRUH GRYU HVVHUH SUHYL
VWR XQR VSD]LR VXIILFLHQWH SHU IDU FLUFRODUH
O
DULD OLEHUDPHQWH
J 0DQWHQHUH OLEHUR XQR VSD]LR GL DOPHQR PHWUR WXWWR DOO
LQWRUQR GHOO
HVVLFFDWRUH D
VFRSR GL PDQXWHQ]LRQH
7UDQVSRUWH
7UDQVSRUWH
7UDVSRUWR
%
$
B
~S
OU
SB
DI
V
UP
TI
YW
Oˆ
$
)LJ (OHYDFLÊQ GHO VHFDGRU
6ROOHYDPHQWR GHOO
HVVLFFDWRUH
J
B
O
F
K
B
S
~
U
O
B
S
I
D
P
|
S
P
G
B
U
F
N
I
U
|
U
B
I
T
}
‚
JB
U
O
‡
JZ
S
P
F
T
JP
U
‰
JC
X
P
U
T
K
P
O
}
N
T
B
V
F
X
T
V
T
K
J
B F
N T
~ }
X ‚
T P V
U P
T E
J ‡
B D
U
F F
K
O F
B O
G ~
K M
WW
Q T
K
‡ V
B P
S U
~ T
U B
O O
B }
S N
I F
D E
O
P J|
U S
F V
U P
T M
‰P
Y ˆ
V E O F $N $
O
I
N
B
O
F
U
D
}
T
P
S
Q
I
T
W
Y
ˆ
O
B
O
I
U
|
U
B
I
T
W
F
N
I
5
B
S
}
B
K
F
O
~
M
W
T
K
V
P
U
T
J|
N
I
Z
F
U
F
T
}
M
B
X
P
S
Q
K
I
T
I
O
O
}
H
B
O
B
P
E
F
Q
|
E
P
U
T
I
T
B
U
T
|
U
B
L
H
(
K
}
Q
P
JK
S
F
T
T
}
U
J
F
X
}
B
S
~
U
O
B
S
I
D
V
P
U
K
I
T
|
C
JP
T
B
M
Q
P
6
P
E
F
Q
|
E
P
U
T
I
T
W
}
S
F
U
T
JB
H
%
JK
F
T
}
R
K
I
T
W
S
ˆ
L
H
B
/
HVVLFFDWRUH LPEDOODWR GHYH HVVHUH WUDVSRU
WDWR LQ SRVL]LRQH RUL]]RQWDOH 6ROOHYDUH O
HV
VLFFDWRUH FRPH LOOXVWUDWR LQ ILJXUD XWLOL]]DQGR
GXH FLQJKLH FROOHJDWH DOOD WXED]LRQH GL XVFL
WD FRPH LQGLFDWR FRQ $
2EVHUYDFLÊQ +D\ TXH WHQHU FXLGDGR GH TXH 2EVHUYD˜ R 7HQKD HP DWHQ˜ R D WXEDJHP $WWHQ]LRQH 3UHVWDUH OD GRYXWD FXUD SHU HYL
OD WXEHUõD GH SXUJD QR VXIUD QLQJÔQ GDÆR DO
GH SXUJD Q R D GDQLILFDQGR GXUDQWH R OHYDQ WDUH GL GDQQHJJLDUH OD WXED]LRQH GL VSXUJR
OHYDQWDU HO VHFDGRU
WDPHQWR
GXUDQWH LO VROOHYDPHQWR
3URFHGLPLHQWR GH PRQWDMH VREUH HO VXHOR
3URFHGLPHQWR GH PRQWDJHP QR SDYLPHQWR 3URFHGXUD SHU O
LQVWDOOD]LRQH D SDYLPHQWR
/D EDVH GHO VHFDGRU OOHYD FXDWUR DJXMHURV
$ HVWUXWXUD GH EDVH GR VHFDGRU WHP TXDWUR
1HOOD VWUXWWXUD GL EDVH GHOO
HVVLFFDWRUH VRQR
SUHWDODGUDGRV GH DQFODMH SRV % SDUD PRQ RULIõFLRV SU SHUIXUDGRV SRVL˜ R % SDUD
SUHYLVWL TXDWWUR IRUL GL DQFRUDJJLR SXQWL %
WDUOR VREUH HO VXHOR
PRQWDU R VHFDGRU QR SDYLPHQWR
SHU O
LQVWDOOD]LRQH D SDYLPHQWR
'HQWUR GHO HPEDODMH HO VHFDGRU VH WUDQVSRU
WD HQ SRVLFLÊQ KRUL]RQWDO /HYDQWDU HO VHFD
GRU HQ OD IRUPD LQGLFDGD FRQ GRV HVOLQJDV
ILMDGDV D OD WXEHUõD GH VDOLGD HQ OD SRVLFLÊQ $
1D HPEDODJHP R VHFDGRU WUDQVSRUWDGR QD
SRVL˜ R KRUL]RQWDO /HYDQWH R VHFDGRU FRQ
IRUPH D LOXVWUD˜ R FRP GXDV FLQWDV SUHVDV
WXEDJHP GH VDõGD QD SRVL˜ R $
=: =:
5ˆOEFTI TUP TˆTUINB
5WMIO‰TFJK QFTIK
=:
B
S
}
B
B
S
~
U
O
B
S
I
D
‚
P
U
B
H
S
‚
P
JU
F
M
~
U
T
W
T
I
U
JB
*
LU
)OD
I
T
F
B
 Q
U
F }
T
U M
|
T C
U
P B
N B
X
S S
P
B } I Q
T B T B
B O
P ‚ U
S P
T I
Q O
| U
B } U J
O N B B
J T X X
F F H I
Q J F T
} Q ~ I
S F U
S
Q Q T ~
U
K B W O
B N T ‚
S UI
~ T +T U
I
O ˆ U O
J J‰
B T
B M
S P
X B
I U
D T B J N
P B E F W
M M O O
I F ˆ B
M
M T P
M X
O
| ‚
‡
X
K U F
I B X J ‚
U X T E U
7XEHUõDV
7XEDJHP
7XED]LRQL
3DUD DVHJXUDUVH GHO FRUUHFWR IXQFLRQDPLHQWR
GHO VHFDGRU GH DLUH FRPSULPLGR SRU DGVRU
FLÊQ )ODLU =: VWH GHEHU DGDSWDUVH GHELGD
PHQWH DO VLVWHPD GH DLUH FRPSULPLGR Y DVH
OD )LJ S J 8QD LQVWDODFLÊQ FRUUHFWD
IDFLOLWD HO PDQWHQLPLHQWR \ OD FRUUHFFLÊQ GH
ORV SRVLEOHV IDOORV
3DUD JDUDQWLU XP IXQFLRQDPHQWR FRUUHFWR GR
VHFDGRU GH DU )ODLU=: HVWH GHYH VHU DGDSWD
GR FRQYHQLHQWHPHQWH DR VLVWHPD GH DU FRP
SULPLGR YHU ILJ S J 8PD LQVWDOD˜ R
FRUUHFWD VLPSOLILFD D PDQXWHQ˜ R H D UHFWLIL
FD˜ R GH HYHQWXDLV IDOKDV
3HU JDUDQWLUH LO FRUUHWWR IXQ]LRQDPHQWR
GHOO
HVVLFFDWRUH )ODLU =: LO FROOHJDPHQWR DOOD
UHWH GL DULD FRPSUHVVD GHYH HVVHUH HVHJXLWR
QHO PRGR FRUUHWWR YHGHUH )LJ 3DJ 8QD FRUUHWWD LQVWDOOD]LRQH VHPSOLILFD O
RSHUD
]LRQL GL PDQXWHQ]LRQH O
HOLPLQD]LRQH GL HYHQ
WXDOL DQRPDOLH
‚
P
E
‡
D
F
B
E
C
M
B
%
P
S
U
M
G
P
U
‡
Q
B
JO
S
Q
B
E
C
M
B
%
K
I
Y
N
B
X
|
S
B
Q
P
S
U
M
G
P
U
|
U
F
N
B
E
C
M
B
%
K
I
Y
N
B
X
|
S
B
Q
P
S
U
M
)
~
P
S
U
M
G
P
S
2
K
I
Y
N
B
X
|
S
B
Q
)
P
S
U
M
G
‡
JX
M
F
6
~
)
+
3)
SB
B}
V
OP
N}
FT
QJ
QF
K
UP
NB
‰
XM
XV
I
BD
|U
'J
)ODLU GHODLU =:
(QWUDGD GH DU KÔPLGR
6DõGD GH DU VHFR
9 OYXOD GH HQWUDGD
9 OYXOD GH VDõGD
9 OYXOD GH HQWUDGD GH GHUL
YD˜ R
9 OYXOD GH VDõGD GH GHULYD
˜ R
3U ILOWUR RGHU
3ÊVILOWUR
)LOWUR GH GHULYD˜ R 3)+)
RGHU )ODLU GHODLU =:
,QJUHVVR DULD XPLGD
8VFLWD DULD VHFFD
9DOYROD GL LQJUHVVR
9DOYROD GL XVFLWD
9DOYROD G
LQJUHVVR GHO E\
SDVV
9DOYROD G
XVFLWD GHO E\
SDVV
3UHILOWUR R
)LOWUR D YDOOH
)LOWUR GHO E\SDVV 3)+)
R 9
‚
P
E
‡
JT
F
B
E
C
M
B
%
)
)
)LJ &ROOHJDPHQWR DO VLVWHPD
9
B
S
}
B
ˆ
P
S
I
D
K
P
E
P
D
q
%9
/LJD˜ R DR VLVWHPD
9
B
S
}
B
ˆ
P
S
H
‚
K
P
E
P
T
(
%9
$GDSWDFLÊQ DO VLVWHPD
)ODLU GHODLU =:
(QWUDGD GH DLUH KÔPHGR
6DOLGD GH DLUH VHFR
9 OYXOD GH HQWUDGD
9 OYXOD GH VDOLGD
9 OYXOD GH GHULYDFLÊQ DQWHV
GHO ILOWUR
9 OYXOD GH GHULYDFLÊQ GHV
SX V GHO ILOWUR
3UHILOWUR R
)LOWUR DX[LOLDU
)LOWUR 3)+) R GHULYD
FLÊQ
9
)ODLU GHODLU =:
$
%
%9
%9
) %9
%
$
%9 )
%9
)
%9
'LVSRVLFLÊQ GHO VLVWHPD GH DLUH FRPSULPL
GR
P
U
T
K
J}
‚ N
P I
M Z
I J
M B
M U
| O
U ˆ
B P
X M
K B
‡ X
O P
F S
I Q
T O
B I
U N
T
| B
U O
B F
X U
H T
F ‰
I ‚
J P
B S
U U
F M
JU G
B P
Q S
$Q
~
ˆ
P
S
F
O
JB
E
O
P
H
B
U
T
O
‡
X
‚
U
‡
Q
B
B
T
}
N
‡
JX
U
I
G
P
S
S
P
Q
B
I
JT
U
S
‡
G
S
F
Q
‚
I
Q
P
X
T
|
I
J
B
U
F
H
ˆ
F
G
P
Q
B
J
T
U
(
ˆ
JP
E
B
M
K
~
W
Z
JB
F
X
S
J|
E
I
J
B
U
F
O
|
D
‚
B
J
B
X
=:
B
S
~
U
O
B
S
I
D
‚
P
U
I
T
~
S
X
I
J
B
U
|
U
JT
O
‚
5
‚
P
T
}
N
ˆ
P
JX
U
O
B
S
I
D
‚
P
U
K
I
JT
H
H
|
S
U
T
P
Q
B
B
E
C
M
B
C
I
U
B
N
‡
U
‚
B
F
N
O
W
S
U
M
G
P
S
Q
ˆ
P
JX
M
F
U
‚
P
M
I
M
M
|
U
B
X
I
T
I
U
}
R
P
Q
P
U
I
J
B
U
|
U
JT
O
‚
5
O
I
U
JB
H
=:
B
S
~
U
O
B
S
I
D
O
P
U
|
U
F
N
‚
P
S
U
M
G
J
B
U
F
O
‰
S
F
R
‚
F
M
F
Q
B
‚
P
Q
K
I
O
‡
X
T
O
‡
X
‚
U
I
T
O
‚
S
X
|
N
P
Q
B
P
T
}
N
‡
JX
U
O
B
S
I
D
P
U
‡
Q
B
B
U
|
U
JT
O
‚
LUT
)OD
I
K
}
H
P
N
S
B
G
F
W
O
|
Q
B
S
B
Q
JK
U
JB
*
B
S
U
M
G
B
R
‚
P
M
‡
X
B
'
5
,
|
JS
F
5
P
S
U
M
G
‡
JX
M
F
6
þ PXLWR LPSRUWDQWH LQVWDODU SU ILOWURV DGH
TXDGRV SDUD HOLPLQDU JRWõFXODV GH JXD H
ÊOHR SDUD LPSHGLU TXH R GHVVHFDQWH VH GDQL
ILTXH RX VH FRQWDPLQH SDUD SUHYHQLU FRQWUD
D VREUHFDUJD GHVQHFHVV ULD GR =: H SDUD
SURORQJDU D YLGD GR GHVVHFDQWH 5HFRPHQ
GDVH D XWLOL]D˜ R GH SU ILOWURV FRP XPD
SXUJD DXWRP WLFD
5HFRPHQGDVH D LQVWDOD˜ R GH XP SÊVILO
WUR D MXVDQWH GR =: SDUD HOLPLQDU HYHQWXDLV
SRHLUDV GH GHVVHFDQWH VDõGD GR VHFDGRU
(
LPSRUWDQWH FKH YHQJDQR PRQWDWL GHL SUH
ILOWUL LGRQHL SHU HOLPLQDUH VJRFFLRODPHQWL GL
DFTXD R ROLR FKH SRWUHEEHUR GDQQHJJLDUH R
FRQWDPLQDUH O
HVVLFFDQWH ,Q TXHVWR PRGR VL
HYLWD LO VRYUDFFDULFR GHO =: H VL SUROXQJD OD
GXUDWD GHOO
HVVLFFDQWH 6L UDFFRPDQGD O
XVR
GL SUHILOWUL D VSXUJR DXWRPDWLFR
)ODLU UHFRPLHQGD SDUD HVWDV DSOLFDFLRQHV ORV
ILOWURV VLJXLHQWHV
J 3UHILOWUR VHULH 3)+) R J )LOWUR DX[LOLDU VHULH 3)
$ )ODLU UHFRPHQGD RV VHJXLQWHV ILOWURV SDUD
HVWDV DSOLFD˜ÒHV
J 3U ILOWUR
V ULH 3)+) R J 3ÊVILOWUR
V ULH 3)
)ODLU UDFFRPDQGD SHU TXHVWR LPSLHJR O
XVR
GHL ILOWUL VHJXHQWL
J 3UHILOWUR
VHULH 3)+) R
J )LOWUR D YDOOH VHULH 3)
6L UDFFRPDQGD GL LQVWDOODUH XQ ILOWUR D YDOOH
GHO =: SHU HOLPLQDUH O
HYHQWXDOH SR YHUH GL
HVVLFFDQWH GDOO
HVVLFFDWRUH
ULH
VH
|
JS
F
5
P
S
U
M
G
P
S
2
J J
(V LQGLVSHQVDEOH LQVWDODU SUHILOWURV DGHFXD
GRV SDUD OD HOLPLQDFLÊQ GH ODV JRWLWDV GH
DJXD \ GH DFHLWH FRQ REMHWR GH HYLWDU HO GH
WHULRUR R FRQWDPLQDFLÊQ GHO GHVHFDQWH DVõ
FRPR SDUD HYLWDU OD VREUHFDUJD LQQHFHVDULD
GHO VHFDGRU =: \ DODUJDU OD YLGD ÔWLO GHO GHV
HFDQWH 6H UHFRPLHQGD HO HPSOHR GH SUHILO
WURV SURYLVWRV GH SXUJD DXWRP WLFD
6H UHFRPLHQGD LQVWDODU XQ ILOWUR DX[LOLDU GH
WU V GHO =: SDUD HOLPLQDU GHO VHFDGRU HO SR
VLEOH SROYR GHO GHVHFDQWH
=: =:
O
K W
I O
Y P
N S
B X
X ˆ
| X
S B
B S
Q C
K I
P T
U F
B M
N U}
~ X
U F
T
‚ O
T UI
K J
‡ F
O Q
F }
I S
T JU
B Q
U F
T | V
U V
B D
X S
H F \
E
+
B
U
T
J
B
X
B
S
~
U
O
B
S
I
D
O
P
U
T
K
I
T
I
S
~
U
O
‚
T
O
J‰
T
B
H
S
F
K
B
S
}
B
K
P
U
T
B
H
S
}
D
F
Q
F
O
B
J
B
U
F
ˆ
F
U
F
X
JP
E
‰
O
F
B
S
U
M
G
P
O
‡
N
J
F
ˆ
X
JT
K
I
Y
N
B
X
|
S
B
Q
B
O
~
M
W
T
O
P
U
‡
Q
B
B
T
}
N
J
B
U
|
U
JT
O
‚
5
~
H
P
N
S
B
G
F
O
I
U
‡
Q
B
J
B
U
F
Q
}
S
JU
Q
F
O
P
T
‡
G
F
B
N
W
M
X
ˆ
X
P
U
T
‚
P
S
U
M
G
K
‡
O
F
I
T
I
U
}
R
P
Q
P
U
I
B
S
}
B
‚
P
O
}
N
T
JF
Q
F
Q
B
N
I
U
T
ˆ
T
P
U
F
U
T
‰
K
I
Y
N
B
X
|
S
B
Q
‡
Q
B
J
B
X
K
F
T
S
B
R
B
X
B
‡
Q
B
K
‰
X
F
O
‚
T
J
B
U
F
ˆ
F
U
B
U
T
P
S
Q
B
O
K
ˆ
P
Q
P
X
T
K
‚
P
U
JB
*
~
G
S
P
N
~
S
H
‚
F
T
JB
E
|
M
J
B
X
‡
S
F
O
O
‰
S
~
+)
3)
K
|
JS
F
T
K
I
J
LUU TF
)OD WO
O
W
S
U
M
G
K
‡
N
T
B
‚
E
O
‚
T
LUU
)OD
B
S
U
M
G
J
B
U
O
‰
U
JT
O
‚
T
K
ˆ
P
U
‚
B
K
‡
S
H
‚
J
B
U
F
ˆ
F
U
F
X
JP
E
B
O
‡
U
X
F
E
P
Q
B
J
B
O
F
O
F
E
O
|
(
B
O
J
F
Q
}
S
Q
K
I
T
I
S
~
U
O
‚
T
K
F
T
B
H
S
F
JK
U
|
U
B
X
K
B
S
}
B
K
‡
O
F
K
I
T
B
U
T
|
U
B
X
H
F
B
U
I
U
‡
U
B
O
‚
E
I

F
U
T
B
U
F
D
F
B
S
~
U
O
B
S
I
D
Œ
‚
P
S
U
M
G
K
P
U
B
N
~
U
T
‚
T ˆ \
P E
JX S G
E Q
F WD
G V
F I
U
‡
Q
B
JO
S
Q
B
U
B
N
N
ˆ
M
B
X
J
B
X B O
U W
B O
N ~
‰M
Q W
B T
U O
F W
U U
T I
} T
JS F
E
B O
G ˆ
$T
P B
G
B V
U S
B ‡
N X
~ B
M U
C B
P X
S F
Q ‚
B
K U
S T
WB
X U
 B
F X
H H
S F
V
P B
JU JO
F F
M Q
B }
O S
V Q
P K
O B
} S
~
JN U
F O
X B
P S
S I
2D
B
O
JK F I
T T
‰B
O U
I T
M |
WU
T B
J X
P H
J F
B O
I
X U
K
|
F U
E B
C X
M K
B }
C S
J B
P ‚
F B
U
T X
O
‰ˆ
F P
U ‚
T I
U S
O I
P U
S JB
)E
V
P
U
I
T
F
E
O
ˆ
T
~
JX
S
U
X
F
M
I
O
I
U
F
U
D
H
}
M
F
K
I
T
Q
(
B
S
~
U
O
B
S
I
D
K
}
Q
P
JK
S
F
T
T
}
U
J
F
X
}
B
S
~
U
O
B
S
I
D
V
P
U
JP
T
B
M
Q
P
6
P
U
T
B
S
~
U
O
B
S
I
D
V
P
U
I
T
W
}
S
F
U
T
I
U
JB
H
K
I
T
W
S
ˆ
X
H
B
B
E
M
F
T
X
T
F
Q
}
M
C
P
E
F
Q
|
E
J
P
B
S
U
M
G
B
U
K
F
O
~
M
W
T
J
P
J
P
M
‡
J
U
‡
F
U
F
‚
JW
B
C
F
%
I
U
F
U
T
~
U
T
B
U
B
X
H
(
|
S
B
‚
B
X
J
B
O
F
Q
M
X
K
F
E
C
M
B
C
X
T
K
I
D
B
U
J|
E
JP
E
}
X
T
P
U
T
J
B
U
F
O
B
G
K
W
Q
‡
I
T
W
O
~
M
W
T
E
M
F
T
JK
F
N
|
O
‚
E
K
}
JX
S
F
U
W
D
F
J
B
U
O
ˆ
P
X
T
B
B
O
J
B
U
F
Q
}
S
JU
Q
F
O
F
'
B
O
‚ J
P B
Q U
K F
F Q
O }
~ S
M JU
WQ
T F
J O
1F
E
B B
S S
} ~
U
B O
P
E B
P S
D I
} D
J O
P
B U
X T
P J
E B
P U
O
T P
F }
O E
I O
U ‚
T T
I
T
I
O
‡
Q
B
U
B
X
~
JX
O
B
X
I
N
J
B
U
O
P
X
}
E
+MFXUSJX}K T‚OE}TFJK
/D LQVWDODFLÊQ GH XQ VLVWHPD GH GHULYDFLÊQ
SHUPLWH UHDOL]DU HO PDQWHQLPLHQWR GHO VHFD
GRU PLHQWUDV FLUFXOD HO DLUH QR SXULILFDGR SRU
OD WXEHUõD GH GHULYDFLÊQ HVWR VÊOR VHU GH
DSOLFDFLÊQ VL OR SHUPLWH OD DSOLFDFLÊQ GH TXH
VH WUDWH 6H UHFRPLHQGD XQ ILOWUR HQ OD GHUL
YDFLÊQ SDUD SURWHJHU HO VLVWHPD GH DLUH FRP
SULPLGR HQ WRGR PRPHQWR FRQWUD OD VXFLH
GDG HO DJXD OõTXLGD \ HO DFHLWH &RQ HVWH ILQ
VH UHFRPLHQGD XWLOL]DU OD FRPELQDFLÊQ )ODLU
3)+) R OD VHULH )ODLU 6L QR VH SXHGH DGPLWLU HO SDVR GH DLUH KÔPH
GR GXUDQWH ORV WUDEDMRV GH PDQWHQLPLHQWR
VH GHEHU HVWXGLDU OD FRQYHQLHQFLD GH LQVWD
ODU XQ ILOWURVHFDGRU GH UHVHUYD
$ LQVWDOD˜ R GH XP VLVWHPD GH GHULYD˜ R
SHUPLWH GDU DVVLVWûQFLD DR VHFDGRU H ILOWURV
HQTXDQWR R DU Q R SXULILFDGR FLUFXOD DWUDY V
GD WXEDJHP GH GHULYD˜ R VH D DSOLFD˜ R
HVFROKLGD R SHUPLWLU 5HFRPHQGDVH D LQ
VWDOD˜ R GH XP ILOWUR QD GHULYD˜ R SDUD SUR
WHJHU R VLVWHPD GH DU FRPSULPLGR FRQWUD VX
MLGDGH JXD OõTXLGD H ÊOHR 3RU LVVR UHFR
PHQGDVH D FRPELQD˜ R )ODLU 3)+) RX D
V ULH )ODLU /
LQVWDOOD]LRQH GL XQ VLVWHPD GL E\SDVV FRQ
VHQWH GL HVHJXLUH OD PDQXWHQ]LRQH GHOO
HVVLF
FDWRUH H GHL ILOWUL PHQWUH O
DULD GD SXULILFDUH
SDVVD DWWUDYHUVR OD WXED]LRQH GL E\SDVV
YDOLGR VROR VH O
DSSOLFD]LRQH OR FRQVHQWH 6L
UDFFRPDQGD GL XVDUH XQ ILOWUR QHO E\SDVV
SHU SURWHJJHUH O
LPSLDQWR DG DULD FRPSUHVVD
GD VSRUFL]LD OLTXLGL DFTXD H ROLR $ TXHVWR
VFRSR VL UDFFRPDQGD OD FRPELQD]LRQH GHOOD
)ODLU 3)+) H VHULH )ODLU 6H D SDVVDJHP GH DU KÔPLGR Q R IRU DFHLW YHO GXUDQWH RV WUDEDOKRV GH PDQXWHQ˜ R GH
YH FRQVLGHUDU D LQVWDOD˜ R GH XP ILOWUR VHFD
GRU GH UHVHUYD
6H GXUDQWH OH RSHUD]LRQL GL PDQXWHQ]LRQH
QRQ ý DPPLVVLELOH LO SDVVDJJLR GL DULD XPLGD
VL GRYU SUHYHGHUH LO PRQWDJJLR GL XQ ILOWUR
HVVLFFDWRUH GL VWDQGE\
$QWHV GH FRQHFWDU ODV WXEHUõDV KD\ TXH UHWL
UDU ORV WDSRQHV \ FDSHUX]DV
3DUD HO IXQFLRQDPLHQWR VLQ SUREOHPDV GHO
VHFDGRU HV LQGLVSHQVDEOH TXH VWH VH PRQWH
HQ SRVLFLÊQ YHUWLFDO 'XUDQWH HO PRQWDMH
DVHJXUDUVH GH TXH WRGDV ODV Y OYXODV \ WXE
HUõDV HVW Q ELHQ OLPSLDV &RPSUREDU WDPEL Q
ODV FRQH[LRQHV HO FWULFDV GHO VHFDGRU
5HWLUH DV WRPDGDV H FREHUWXUDV DQWHV GH ID
]HU D OLJD˜ R GRV WXERV
3DUD REWHQ˜ R GH XP IXQFLRQDPHQWR VHP
SUREOHPDV LPSRUWDQWH TXH R VHFDGRU VHMD
PRQWDGR QD SRVL˜ R YHUWLFDO &HUWLILTXHVH
GH TXH GXUDQWH D LQVWDOD˜ R WRGDV DV Y OYX
ODV H WXEDJHQV ILFDP VHPSUH OLPSDV 9HULIL
TXH LJXDOPHQWH D OLJD˜ R HO FWULFD GR VHFD
GRU
(O EDVWLGRU GHO VHFDGRU OOHYD FXDWUR DJXMHURV $ HVWUXWXUD GR VHFDGRU HVW HTXLSDGD FRP
GH DQFODMH SDUD PRQWDUOR VREUH HO VXHOR
TXDWUR RULIõFLRV GH IL[D˜ R SDUD R IL[DU DR SD
Y DVH OD )LJ S JLQD YLPHQWR FRQVXOWH D ILJ S JLQD $VHJXUDUVH GH TXH WRGRV ORV ILOWURV WXEHUõDV &HUWLILTXHVH GH TXH WRGRV RV WXERV ILOWURV
Y OYXODV HWF HVW R OLPSRV ,QVWDOH D WXED
Y OYXODV HWF HVW Q ELHQ OLPSLRV ,QVWDODU HO
VLVWHPD GH WXEHUõDV \ ILOWURV VHJÔQ VH LQGLFD JHP H R VLVWHPD GH ILOWURV GR PRGR DSUHVHQ
HQ HO GLEXMR GH LQVWDODFLÊQ )LJ S JLQD
WDGR QR HVTXHPD GH LQVWDOD˜ R ILJ S JL
QD 1R VH GHEH HMHUFHU QLQJXQD IXHU]D VREUH ORV 1 R GHYH VHU H[HUFLGD QHQKXPD IRU˜D H[WH
WXERV GH HQWUDGD \ VDOLGD GHO DLUH (O WXER
ULRU QD HQWUDGD H VDõGD GH DU 2 WXER OLJDGR
FRQHFWDGR QR GHEH HVWDU VRPHWLGR D WHQ
Q R GHYH HVWDU VRE WHQV R
VLÊQ
J
B
B
O
U
O
J
P
B
X
O
J
S
P
X K O
P F }
Q S N
~
B U
U O
JW
O B
F
B S
H
B I J
O D B
J J O
F
Q 1F
} K
B
S ˆ O
Q P J
F
JK N Q
F JT }
T O S
} P Q
E O
O B B
‚ X S
T K }
K ˆ B
} P ‚
P
JX JX O
S
U Q }
X P N
F U T
M K JF
I ‚ Q
P F
J U
1T Q
K
JF
F
M
|
G
T
B
F
N
I
T
W
M
X
ˆ
X
‚
X
B
S
C
‡
Q
B
J
B
U
O
P
ˆ
F
U
B
U
T
P
S
Q
JK
F
T
|
G
JK
U
K
F
M
‡
F
T
K
I
D
~
U
B
F E
U 
D X
H B
} O
M J
F Q
O
K I
P U
U T
B J
N B
ˆ U
F F
S G
~ |
X S
P H
S B
B O
Q B
O ‚
I P
U Q
F
U K
F I
T T
} F
E E
O O
‚ ˆ
T T
I
B T
O |
JO U
S O
I
2U
‚
P
Q
ˆ
U
&RQH[LRQHV HO FWULFDV
/LJD˜ÒHV HO FWULFDV
/DV FRQH[LRQHV HO FWULFDV GHEHQ FXPSOLU FRQ
ODV UHJODPHQWDFLRQHV ORFDOHV /RV VHFDGRUHV
GH DLUH GHEHQ VHU SXHVWRV D PDVD \ SURWHJL
GRV FRQWUD FRUWRFLUFXLWRV SRU IXVLEOHV HQ WR
GDV ODV IDVHV
$QWHV GH FRQHFWDU OD DOLPHQWDFLÊQ HO FWULFD
KD\ TXH FRPSUREDU OD HVSHFLILFDFLÊQ GH OD
WHQVLÊQ HQ OD SODFD GH FDUDFWHUõVWLFDV GHO VH
FDGRU
$V OLJD˜ÒHV HO FWULFDV GHYHP VDWLVID]HU RV
UHJXODPHQWRV ORFDLV 2V VHFDGRUHV GH DU
GHYHP WHU OLJD˜ R WHUUD H HVWDU SURWHJLGRV
FRQWUD FXUWRFLUFXLWRV DWUDY V GH IXVõYHLV
3ULPD GL FROOHJDUH L WXEL WRJOLHUH WDSSL H FR
SHUFKL
3HU XQ IXQ]LRQDPHQWR RWWLPDOH ý HVVHQ]LDOH
FKH O
HVVLFFDWRUH VLD PRQWDWR LQ SRVL]LRQH
YHUWLFDOH 'XUDQWH LO PRQWDJJLR YHULILFDUH
FKH WXWWH OH YDOYROH H L WXEL VLDQR SXOLWL &RQ
WUROODUH DQFKH L FROOHJDPHQWL HOHWWULFL GHOO
HV
VLFFDWRUH
,O WHODLR GHOO
HVVLFFDWRUH ý GRWDWR GL TXDWWUR
IRUL GL DQFRUDJJLR SHU O
LQVWDOOD]LRQH D SDYL
PHQWR YHG )LJ SDJ 9HULILFDUH FKH WXWWL L WXEL L ILOWUL OH YDOYROH HFF
VLDQR SXOLWL 0RQWDUH LO VLVWHPD GHOOH WXED]LRQL
H GHL ILOWUL FRPH LOOXVWUDWR VXO OD\RXW GL LQVWDO
OD]LRQH )LJ SDJ 6XOOH WXED]LRQL GL LQJUHVVR H XVFLWD DULD QRQ
GHYH HVVHUH DSSOLFDWD DOFXQD IRU]D HVWHUQD H
L WXEL FROOHJDWL QRQ GHYRQR HVVHUH VRWWR WHQ
VLRQH
&ROOHJDPHQWL HOHWWULFL
, FROOHJDPHQWL HOHWWULFL GHYRQR HVVHUH FRQIRU
PL DOOH SUHVFUL]LRQL ORFDOL *OL HVVLFFDWRUL GH
YRQR HVVHUH FROOHJDWL D PDVVD H SURWHWWL GD
IXVLELOL LQVWDOODWL VX WXWWH OH IDVL FRQWUR LO FRUWR
FLUFXLWR
$QWHV GH OLJDU D HOHFWULFLGDGH YHULILTXH DV
3ULPD GL LQVHULUH O
DOLPHQWD]LRQH YHULILFDUH L
H[LJûQFLDV HP WHUPRV GH WHQV R QD SODFD GR UHTXLVLWL GL WHQVLRQH VXOOD WDUJD GDWL GHOO
HV
VHFDGRU
VLFFDWRUH
=: =:
qMFHXPJ
J
U
‡
F
U
F
R
JW
B
C
F
%
‚
P
U
I
N
J
B
X
J
P
U
Q
N
B
X
ˆ
F
K
F
O
~
M
W
T
J
P
J
P
M
‡
J
J
B
O
F
I
T
B
U
T
|
U
B
X
~
M
B
X
F
T
J
B
U
O
P
X
T
S
C
B
S
~
U
O
B
S
I
D
K
‚
P
U
ˆ
D
B
U
F
N
J
B
U
O
P
C
S
U
O
F
E
J
B
X
J
P
O
}
N
W
F
S
F
U
T
|
M
B
X
B
O
F
N
F
JX
U
O
B
B
M
M
|
F
T
~
K
}
P
S
S
JB
E
O
‚
P
X
S
|
Q
‚
O
F
E
|
M
B
X
J
B
O
F
K
I
T
W
}
S
F
U
T
B
U
B
N
~
U
S
B
D
F
B
U
B
M
‡
J J
B
O
}
N
W
F
S
F
U
T
|
M
B
X
J
B
O
F
JK
F
T
}
E
O
‚
T
K
}
JX
S
U
X
F
M
I
J
P
K
F
M
‡
J
I
T
B
U
T
|
U
B
X
~
M
B
X
F
T
J
B
U
O
P
X
T
S
C
J
B
X
K
F
O
}
N
W
F
S
F
U
T

P
N
JT
O
B
X
I
N

P
JQ
P
M
J
B
X
K
B
F
M
B
G
T
B
K
F
E
C
M
B
C
J
P
J

F
R
X
B
S
G
O
‚
P
X
}
O
F
E
K
I
T
F
Q
K
I
U
I
T
W
O
‡
U
X
F
O
I
U
JB
H
B
U
B
N
‰
S
X
~
K
F
T
S
B
R
B
X
B
‡
Q
B
B
S
}
B
B
N
W
M
X
ˆ
X
P
U
J
B
X
B
S
}
B
‚
P
E
‡
D
F
B
E
C
M
B
C
I
J
K
F
S
~
U
W
E
B
M
X
JB
E
J
P
N
T
F
E
O
ˆ
T
K
F
O
~
M
W
T
X
Q
I
T
B
U
T
|
U
B
X
~
M
B
X
F
T
J
B
U
O
P
X
T
S
C
Q
M
X
K
F
E
C
M
B
C
B
U
B
N
‰
U
U
B
M
F
~
K
|
S
P
R
G
JB
E
|
N
I
T
K
S
W
X
&RPSUREDFLRQHV
9HULILFD˜ÒHV
&RQWUROOL
&RPSUREDU
J 4XH WRGDV ODV PDQJXHUDV \R WXERV GHO
VHFDGRU GH DLUH HVW Q HQ GHELGDV FRQGL
FLRQHV ELHQ VXMHWRV \ TXH QR UR]DQ
9HULILTXH VH
9HULILFDUH FKH
J 7RGRV RV WXERV HRX WXERV IL[RV GR VHFD J 7XWWH OH WXED]LRQL H L UDFFRUGL GHOO
HVVLFFD
GRU GH DU HVW R HP ERP HVWDGR EHP IL
WRUH VLDQR LQ EXRQH FRQGL]LRQL EHQ ILVVD
[RV H VHP GHVOL]DU
WH H SULYH GL JLRFR
J 4XH QR KD\ QLQJXQD IXJD GH DLUH
J 4XH WRGDV ODV ILMDFLRQHV HVW Q ELHQ VXMH
WDV
J 4XH ODV FRQH[LRQHV HO FWULFDV HVW Q ELHQ
VXMHWDV \ VH HQFXHQWUDQ HQ EXHQ HVWDGR
J 4XH ODV Y OYXODV GH VHJXULGDG \ GHP V
GLVSRVLWLYRV GH SXUJD GH DLUH QR HVW Q
REVWUXLGRV SRU VXFLHGDG R SLQWXUD
J 4XH OD Y OYXOD GH VDOLGD GHO DLUH \ HO VLVWH
PD QHXP WLFR HV GHFLU WXERV DFRSOD
PLHQWRV FROHFWRUHV Y OYXODV PDQJXH
UDV HWF HVW Q HQ EXHQDV FRQGLFLRQHV
VLQ VHÆDOHV GH GHVJDVWH R GHIHFWR
J 1 R K IXJDV
J 7RGDV DV IL[D˜ÒHV HVW R EHP DSHUWDGDV
J 1RQ FL VLDQR SHUGLWH
J 7XWWL JOL HOHPHQWL GL ILVVDJJLR VLDQR VDOGD
PHQWH FROOHJDWL
J $V OLJD˜ÒHV HO FWULFDV HVW R SURWHJLGDV H J 7XWWL L FROOHJDPHQWL HOHWWULFL VLDQR VDOGL H
HP ERP HVWDGR
LQ EXRQH FRQGL]LRQL
J $V Y OYXODV GH VHJXUDQ˜D H RXWURV PHFD J /H YDOYROH GL VLFXUH]]D H JOL DOWUL GLVSRVLWL
QLVPRV GH YHQWLOD˜ R Q R HVW R REVWUXõ
YL GL VFDULFR GHOOD SUHVVLRQH QRQ VLDQR
GRV SRU GHWULWRV RX WLQWD
RVWUXLWL GD VSRUFL]LD R YHUQLFH
J $ Y OYXOD GH VDõGD GH DU H R VLVWHPD GH
J /H YDOYROH GL XVFLWD GHOO
DULD H LO FLUFXLWR
SQHXPDWLFR FLRý L UDFFRUGL L FROOHWWRUL OH
DU LVWR WXERV MXQWDV FROHFWRUHV Y OYX
YDOYROH L WXEL HFF VLDQR LQ EXRQH FRQGL
ODV FDQRV HWF HVW R HP ERP HVWDGR
VHP GHVJDVWH QHP GHIHLWRV
]LRQL H QRQ SUHVHQWLQR WUDFFH GL XVXUD R
GLIHWWL
=: =:
2SHUDWLRQ
ôQGLFH
)XQFLRQDPHQWR
)XQ]LRQDPHQWR
2OBXBK XFJSJTNPˆ
3DQHO GH PDQGR
3DLQHO GH LQVWUXPHQWRV
4XDGUR GL FRPPDQGR
+
6
3DQHO GH PDQGR
7HVWLJR GH HQFHQGLGR l21l
,QWHUUXSWRU FRQH[LÊQGHVFRQH[LÊQ
+
6
a
0
a1
B
O
X
V
.
+
6
V
P
X
}H
FM
K
B
X
B
O
2
)LJ 3DLQHO GH FRQWUROR
/ PSDGD DFHVD k21l
,QWHUUXSWRU GH /LJDU'HVOLJDU k212))l
6SLD lRQl
,QWHUUXWWRUH 212))
=: =:
(XXOITI UP‚ T‚TU~NBUPK
=:
LU RP
OD ‚
)P
K M
B ‡
S X
~ B
U
O O
B UP
S
I F
D N
P B

H
‚ S
P ‚
U P
I JU
T F
B
U M
T F
| T
U 
B F
X R
H F
F U
O B
I O
U 
F
| S
U P
F
Q
/N
B
E
M
F
T
X
T
F
Q
}
M
C
P
Q
‡
S
U
9
%
J
B
X
9
%
K
I
Y
N
B
X
|
S
B
Q
K
F
E
C
M
B
C
JK
U
F
U
T
F
M
-
‚
P
S
U
M
G
ˆ
P
JX
M
F
U
‚
P
U
9
%
B
E
C
M
B
C
I
U
F
U
T F M )
-
~
U
T
JF
Q
N
‚
T
O
P
U
F
U
T
~
JO
X
F
&
JB
H
B
S
~
U
O
B
S
I
D
‚
P
U
JK
F
T
}
E
O
‚
T
JK
U
F
U
D
H
}
M
(
O
|
F
K
F
U
F
U
T
~
U
T
B
U
B
X
P
Q
B
J
B
X
B
S
}
B
K
}
P
S
S
JB
E
J
B
U
F
Z
J|
F
S
X
B
S
~
U
O
B
S
I
D
V
P
U
K
P
U
B
N
ˆ
F
S
~
X
P
S
B
Q
O
I
U
F
U
D
P
O
$
P
E
P
T
F
O
I
U
T
9
%
B
E
C
M
B
C I U )
B V
JB P
N S
‚ U
B M
C G
F P
U S
D
 Q
P
O V
P
$U
‚
P
JB E
H ‡
 D
F F
H B
S E
‚ C
P M
JU B
F C
M
I
B U
O
~
B U
S T
~ J
U F
O M
B X
S F
I N
D K
O F
P S
U ‰
F K
U }
T X
~ J
S
G F
$N
‡
JX
U
O
B
S
I
D
P
U
K
W
S
~
M
Q

F
R
I
O
O
F
H
B
O
B
B
O
JB
H
P
9T
%}
N
ˆ
P
JX
M
F
U
V
P
U
9
%
B
E
C
M
B
C
I
U
B
JB
N
‚
B
C F V
U P
D
 S
P U
O M
$G
(XXOITI UP‚ DISBOU~SB
=:
F
K U
I F
T T
I }
O R
X O
X P
F U
K B
~ O
JX F
X U

S F
B S
B P
T Q
B N
JX LU
E OD
JB )
E K
I
I U

F
R
W
S B
I S
M ~
X U
P O
M B
P S
ˆ I
P D
G ‚
P
$U
X
T
F
Q
‚ }
P M
U C
I T
I JB
F
O X
X }
X O
F ‚
T
~ I
JO U
S T
F J
N B
I U
R F
B G
X |
S
H
+J
S
F
B Q
H
S B
‚ S
~
P U
JU O
F B
M S
F I
T D
B
E
M
F
T
JB
H

F
R
JI
P
Q
P
JN
T
I
S
X
J
F
X
}
O
F
E
K
B
S
~
U
O
B
S
I
D
P
O
|
(
J
F
Q
}
S
Q
O
‰
O
I
N
O
J‰
S
U
O
W
U
W
O
|
B
N
I
U
T
J|
E
‡
JX
O
P
S
X
K
W
Q
‡
P
T
}
N
‡
JX
U
O
B
S
I
D
P
U

F
R
I
O
O
F
H
B
O
B
B
O
‚
UP
I
T
I
O
X
X
(
P
G
B
S
H
|
S
B
Q
O
I
U
T
J
B
U
F
G
|
S
JH
S
F
Q
K
UP
B
N
U~
T
‚
T
~
U
T
JF
Q
N
V
T
O
P
U
F
U
T
~
JO
X
F
D
J
B
U
F
Z
J|
F
S
X
O
|
(
B
S
~
U
O
B
S
I
D
V
P
U
K
P
U
B
N
ˆ
F
S
~
X
P
S
B
Q
O
I
U
F
U
D
P
O
$
P
E
P
T
F
O
I
U
T
9
%
B
E
C
M
B
C I U )
B V
JB P
N S
‚ U
B M
C G
F P
U S
D
 Q
P
O V
P
$U
ˆ
P
JX
M
F
U
‚
P
U
9
%
B
E
C
M
B
C
I
U
B
JB
N
R
B
C F ‚
U P
D
 S
P U
O M
$G
K
F
E
C
M
B
C
JK
U
F
U
T
F
M
X
J
B
U
F
Z
J|
F
S
X
O
|
(
9
%
J
B
X
9
%
K
I
Y
N
B
X
|
S
B
Q
3XHVWD HQ PDUFKD GHO VLVWHPD
$UUDQTXH GR VLVWHPD
$YYLDPHQWR GHO VLVWHPD
8QD YH] LQVWDODGR HO VHFDGRU )ODLU =: VWH
VH SXHGH SRQHU HQ VHUYLFLR Y DVH OD )LJ S J &HUUDU ODV Y OYXODV GH GHULYDFLÊQ %9 \
%9
&HUUDU OD Y OYXOD %9 GHO ILOWUR DX[LOLDU
)
3RQHU HO FRPSUHVRU HQ PDUFKD
&RPSUREDU VL ODV FRQH[LRQHV GHO VHFDGRU
WLHQHQ DOJXQD IXJD GH DLUH \ HQ FDVR QH
FHVDULR VXEVDQDUOD
'DU SDVR GH FRUULHQWH DO VHFDGRU
$EULU SRFR D SRFR OD Y OYXOD %9 D OD
HQWUDGD GHO SUHILOWUR )
'HMDU HO VHFDGRU IXQFLRQDQGR GXUDQWH
XQDV KRUDV FRQ OD Y OYXOD GH VDOLGD %9
FHUUDGD SDUD TXH VH UHJHQHUH SRU FRP
SOHWR HO GHVHFDQWH
$EULU SRFR D SRFR OD Y OYXOD %9 GHO
ILOWUR DX[LOLDU
'HSRLV GH LQVWDODU R )ODLU =: SRGH FRORF OR HP IXQFLRQDPHQWR YHU ILJ S J /LJXH R FRPSUHVVRU
9HULILTXH VH DV OLJD˜ÒHV GR VHFDGRU WûP
IXJDV GH DU H UHSDUHDV VH IRU QHFHVV ULR
/LJXH D HOHFWULFLGDGH QR VHFDGRU
*UDGXDOPHQWH DEUD D Y OYXOD %9 QD
HQWUDGD GR SU ILOWUR )
'HL[H R VHFDGRU IXQFLRQDU GXUDQWH Y ULDV
KRUDV FRP D Y OYXOD GH VDõGD %9 IH
FKDGD SDUD UHJHQHUDU WRWDOPHQWH R GHV
VHFDQWH
*UDGXDOPHQWH DEUD D Y OYXOD %9 GR
SÊVILOWUR
'RSR O
LQVWDOOD]LRQH O
DSSDUHFFKLR ,QJHUVROO
5DQG SXÌ HVVHUH DYYLDWR YHGHUH )LJ SDJ
&KLXGHUH OH YDOYROH GL E\SDVV %9 H
%9
&KLXGHUH OD YDOYROD %9 GHO ILOWUR D YDOOR
)
$YYLDUH LO FRPSUHVVRUH
9HULILFDUH FKH QRQ YL VLDQR SHUGLWH G
DULD
GDL FROOHJDPHQWL GHOO
HVVLFFDWRUH HG
HYHQWXDOPHQWH LQWHUYHQLUH
,QVHULUH O
DOLPHQWD]LRQH GHOO
HVVLFFDWRUH
$SULUH OHQWDPHQWH OD YDOYROD %9 DOO
LQ
JUHVVR GHO SUHILOWUR )
)DU IXQ]LRQDUH O
HVVLFFDWRUH SHU DOFXQH
RUH FRQ OD YDOYROD GL XVFLWD %9 FKLXVD
SHU ULJHQHUDUH FRPSOHWDPHQWH O
HVVLFFDQ
WH
$SULUH OHQWDPHQWH OD YDOYROD %9 GHO
ILOWUR D YDOOH
3XHVWD HQ PDUFKD GHO VHFDGRU
$UUDQTXH GR VHFDGRU
$YYLDPHQWR GHOO
HVVLFFDWRUH
8QD YH] SXHVWR HQ PDUFKD FRUUHFWDPHQWH HO
VHFDGRU )ODLU =: VWH SXHGH HQWUDU HQ VHUYL
FLR /D SXHVWD HQ PDUFKD GLDULD GHO VHFDGRU
VH GHVFULEH D FRQWLQXDFLÊQ Y DVH OD )LJ S J 6L HO VHFDGRU QR VH XWLOL]DGR GXUDQWH P V
GH WUHV PHVHV VH GHEHU UHJHQHUDU HO
GHVHFDQWH VHJÔQ VH GHVFULEH P V DUULED
HQ OD VHFFLÊQ l3XHVWD HQ PDUFKD GHO
VLVWHPDl
6L HV QHFHVDULR SRQHU HQ PDUFKD HO FRP
SUHVRU
'DU SDVR GH FRUULHQWH DO VHFDGRU
$EULU SRFR D SRFR OD Y OYXOD %9 D OD
HQWUDGD GHO SUHILOWUR )
$EULU SRFR D SRFR OD Y OYXOD %9 GHO
ILOWUR DX[LOLDU
&HUUDU ODV Y OYXODV GH GHULYDFLÊQ %9 \
%9 FXDQGR VHD QHFHVDULR
'HSRLV GH LQVWDODGR FRUUHFWDPHQWH R )ODLU
=: SRGH VHU SRVWR HP IXQFLRQDPHQWR 2
DUUDQTXH GL ULR GR VHFDGRU GHVFULWR D VH
JXLU ILJ S J )HFKH DV Y OYXODV GH GHULYD˜ R %9 H
%9
)HFKH D Y OYXOD %9 GR SÊVILOWUR )
'RSR DYHU FRPSOHWDWR OD SURFHGXUD GL DYYLD
PHQWR LQL]LDOH ý SRVVLELOH IDU IXQ]LRQDUH O
HV
VLFFDWRUH )ODLU /D SURFHGXUD GL DYYLDPHQWR
TXRWLGLDQD YLHQH GHVFULWWD GL VHJXLWR YHGH
UH )LJ SDJ 6H R VHFDGRU Q R IRU XWLOL]DGR SRU XP SH 6H O
HVVLFFDWRUH QRQ ý VWDWR XWLOL]]DWR SHU
ROWUH WUH PHVL RFFRUUH ULJHQHUDUH O
HVVLF
UõRGR VXSHULRU D PHVHV R GHVVHFDQWH
FDQWH FRPH GHVFULWWR QHOOD SUHFHGHQWH
GHYH VHU UHJHQHUDGR QRV WHUPRV GHVFUL
SURFHGXUD GL k$YYLDPHQWR GHO VLVWHPDl
WRV QD VHF˜ R j$UUDQTXH GR VLVWHPD
DQ
WHULRU
/LJXH R FRPSUHVVRU TXDQGR IRU QHFHVV $YYLDUH LO FRPSUHVVRUH VH QHFHVVDULR
ULR
/LJXH D HOHFWULFLGDGH QR VHFDGRU
,QVHULUH O
DOLPHQWD]LRQH GHOO
HVVLFFDWRUH
*UDGXDOPHQWH DEUD D Y OYXOD %9 QD
$SULUH OHQWDPHQWH OD YDOYROD %9 DOO
LQ
HQWUDGD GR SU ILOWUR )
JUHVVR GHO SUHILOWUR )
*UDGXDOPHQWH DEUD D Y OYXOD %9 GR
$SULUH JUDGXDOPHQWH OD YDOYROD %9 GHO
SÊVILOWUR
ILOWUR D YDOOH
)HFKH DV SÊVY OYXODV %9 H %9 TXDQ &KLXGHUH OH YDOYROH GL E\SDVV %9 H
GR IRU QHFHVV ULR
%9 VHFRQGR QHFHVVLW =: =:
'JBXPQ~ MFJUP‚SHBK
=:
LU
OD
)
B
S
~
U
O
B
S
I
D
O
P
U
F
U
F
T
F
M
X
B
O
JB
*
K
F
E
C
M
B
C
JK
U
F
U
D
P
O
B
J
B
U
F
Z
J|
F
S
X
O
|
(
9
%
J
B
X
9
%
K
I
Y
N
B
X
|
S
B
Q
‚
P
U
9
%
‚
P
E
‡
JT
F
B
E
C
M
B C ‚
I P
U S
F U
U M
T G
F P
M S
-Q
‚
P
S
U
M
G
ˆ
P
JX
M
F
U
‚
P
U
9
%
B
E
C
M
B
C
I
U
F
U
T
F
M
-
I
T
F
Q
I
O
|
F
B
S
U
F
N
‡
O
B
N
B
U
T
F
U
D
H
}
M
(
J
X
‡
O
|
F
K
F
S
~
U
T
B
JH
T
K
V
P
U
‡
Q
B
B
T
}
N
J
B
U
F
O
‰
O
P
U
X
F
ˆ
P
N
JT
Q
P
U
O
F
P
H
P
M
|
U
B
X
O
P
U
F
U
F
‚
V
F
M
V
P
C
N
V
T
O
‰
C
B
M
C
B
S
~
U
O
B
S
I
D
O
P
U
F
U
T
F
M
-
3DUDGD
3DUDJHP
$UUHVWR
3DUD SDUDU HO VHFDGRU )ODLU =:
$EULU ODV Y OYXODV GH GHULYDFLÊQ %9 \
%9 FXDQGR VHD QHFHVDULR
&HUUDU OD Y OYXOD GH HQWUDGD %9 GHO
SUHILOWUR
&HUUDU OD Y OYXOD %9 GHO ILOWUR DX[LOLDU
&RPSUREDU HQ ORV PDQÊPHWURV OD GHV
SUHVXUL]DFLÊQ D WUDY V GH ORV VLOHQFLD
GRUHV HQ FDVR FRQWUDULR FRQVXOWDU OD OLV
WD GH DYHUõDV
'HVFRQHFWDU DKRUD HO VHFDGRU
3DUD GHVOLJDU R ,)ODLU =:
$EUD DV Y OYXODV GH GHULYD˜ R %9 H %9
TXDQGR IRU QHFHVV ULR
)HFKH D Y OYXOD GH HQWUDGD %9 GR
SU ILOWUR
)HFKH D Y OYXOD %9 GR SÊVILOWUR
9HULILTXH RV PDQÊPHWURV GH SUHVV R
SDUD YHU VH D SUHVV R HVW D SDVVDU SHORV
VLOHQFLDGRUHV VH Q R HVWLYHU FRQVXOWH D
OLVWD GH UHVROX˜ R GH SUREOHPDV
$JRUD GHVOLJXH R VHFDGRU
3HU IHUPDUH O
DSSDUHFFKLR )ODLU =:
$SULUH OH YDOYROH GL E\SDVV %9 H %9
VH QHFHVVDULR
&KLXGHUH OD YDOYROD GL LQJUHVVR %9 GHO
SUHILOWUR
&KLXGHUH OD YDOYROD %9 GHO ILOWUR D YDOOH
&RQWUROODUH VXL PDQRPHWUL FKH OD SUHV
VLRQH VL VFDULFKL DWWUDYHUVR L VLOHQ]LDWRUL
LQ FDVR FRQWUDULR FRQVXOWDUH O
HOHQFR
5LFHUFD *XDVWL
'LVLQVHULUH O
HVVLFFDWRUH
=: =:
0DQXWHQ˜ R
0DQXWHQ]LRQH
(VWH FDSõWXOR WUDWD GHO SURJUDPD GH PDQWHQL
PLHQWR SUHYHQWLYR &XDQGR VH HIHFWÔHQ WUD
EDMRV GH PDQWHQLPLHQWR GHEHU Q WHQHUVH HQ
FXHQWD ORV SXQWRV VLJXLHQWHV
8WLOL]DU H[FOXVLYDPHQWH SLH]DV GH UHFDP
ELR RULJLQDOHV
$QWHV GH GHVPRQWDU FXDOTXLHU FRPSR
QHQWH VRPHWLGR D SUHVLÊQ GHVFRQHFWDU HO
VHFDGRU GH DLUH GH WRGDV ODV IXHQWHV GH
SUHVLÊQ \ GHVSUHVXUL]DU HO VLVWHPD
(VWH FDSõWXOR WUDWD GD WDEHOD GH PDQXWHQ˜ R
SHULÊGLFD 7HQKD HP DWHQ˜ R RV SRQWRV
DSUHVHQWDGRV VHJXLGDPHQWH DR UHDOL]DU D
PDQXWHQ˜ R GR DSDUHOKR
8WLOL]H VRPHQWH SH˜DV RULJLQDLV GH VXE
VWLWXL˜ R
'HVOLJXH DV IRQWHV GH SUHVV R H HVYD]LH
D SUHVV R LQWHUQD GR VLVWHPD DQWHV GH
GHVPDQWHODU TXDOTXHU FRPSRQHQWH SUHV
VXUL]DGR
4XHVWR FDSLWROR GHVFULYH OH RSHUD]LRQL GL PD
QXWHQ]LRQH SHULRGLFD 3HU HVHJXLUH OD PDQX
WHQ]LRQH VHJXLUH OD SURFHGXUD GHVFULWWD GL
VHJXLWR
8WLOL]]DUH VROR ULFDPEL RULJLQDOL
O
P
U
JB
H

O
B
Q
‡
S
H
‚
B
O
}
F
U
JF
P
Q
P
JN
T
I
S
9
'L ULD
4XRWLGLDQD
K
F
T
B
H
S
F
J
P
J
B
U
O
P
G
|
S
JH
S
F
Q
‡
U
‚
B
JP
B
M
|
G
F
X
P
U
5
0DQWHQLPLHQWR
B
N
I
U
T
ˆ
T
P
U
T
B
T
}
N
0DLQWHQDQFH
K
F
T
B
H
S
F
JK
U
K
F
M
‡
F
5
K
I
T
I
S
~
U
O
‚
T
K
~
JX
U
Q
I
M
P
S
Q
B
U
I
Y
‡
Q
‚
F
U
F
O
|
C
N
B
M
B
O
J
F
Q
}
S
Q
K
I
T
I
S
~
U
O
‚
T
B
F
N
I
T
B
R
‚
P
M
‡
X
B
|
JX
U
X
B
M
M
B
U
O
B
JB
T
~
O
H
P
O
‡
N
F
U
JF
P
Q
P
JN
T
I
S
9
|
X
I J
T U
B
F N
Q T
F
‡ M
Q F
‚ U
P
B Q
F B
JX B
P
U S
~
T U
F O
U B
F S
T I
} D
E
O O
‚ P
T U
P F
Q U
B T
‰
B O
O P
N
JO P
S Q
2B
I
T
F
Q
O
I
U
F
U
T
‰
O
P
U
X
F
J
B
X
K
I
T
F
Q
K
}
H
I
Q
JK
U
‡
Q
B
O
W
F
JX
P
U
T
O
W
U
‡
N
JT
S
B
R
B
X
W
O
|
B Q
U ~
I
H B
‡ T
M }
P N
N ˆ
S P
B N
O T
‚ J
T S
B B
R
B
B X
F
M |
B J
H O
S B
F Q
F ~
U
F B
O U
~ B
N
G ~
B U
O S
I B
D
/F
B
S
~
U
O
B
S
I
D
O
P
U
T
B
S
~
U
O
B
S
I
D
‚
P
U
K
F
S
~
U
T
B
JH
T
J
P
J
U
‡
F
U
F
R
JW
B
C
F
%
J
X
‡
O
|
(
I
T
B
U
T
|
U
B
X
~
M
B
X
F
T
J
B
O
F
O
‚
P
X
}
‚
P
Q
B
U
B
N
~
U
S
B
D
F
B
U
F
U
T
~
U
T
B
U
B
JX
U
O
B
|
JX
U
X
B
M
M
B
U
O
B
JB
T
~
O
H
F
N
J|
N
I
Z

F
U
T
P
Q
‚
K
I
T
I
S J
‰ P
F K
JR B
Q 
F H
S
~ ‚
K P
I JU
T F
I M
S K
~ J
U F
O T
‚ J}
T Q
K J
F P
T O
B |
H F
S F
F U

‡ F
Q R
B W
J
|
U B
F C
F
/C
J
B
O
F
O
W
O
‡
S
X
JK
F
T
N
R
‚
S
J
P
J
B
X
K
F
T
B
S
X
P
N
S
F
R
J
B
X
ˆ
P
N
JT
JS
F
X

P
N
JT
O
B
X
I
N
J
P
J
U
‡
J
B
X
K
}
U
T
W
T
F
U
T
}
R
B
O
JO
S
Q
|
U
T
W
T
O
ˆ
P
H
S
‚
P
JU
F
M
K
B
F
M
B
G
T
B
B
H
S
‚
P
JU
F
M
F
T
|
O
B
D
B
S
~
U
O
B
S
I
D
O
P
U
-|RF IN}SB
K
V
P
X
H
}
M
F
K
V
P
‚
V
P
M
‡
X
B
K
V
P
U
B
S
}
N
F
‚
|
X
F
U
F
M
F
U
X
(
JK
F
D
|
U
JB
E
K
F
U
B
N
‡
U
V
B
J
P
O
B
F
U
D
H
}
M
(
J
O
ˆ
P
H
S
V
P
JU
F
M
O
W
S
U
M
G
P
S
Q
O
W
U
K
I
JT
H
H
|
S
U
T
P
Q
B
|
U
T
W
T
|
JX
U
X
B
U
J
B
U
I O
D P
B Z
U
J|
J| F
E E
I B
U
B B
N O
‡ J
U F
V Q
B }
S
K Q
S K
W I
X JT
B H
S H
U |
S
M U
G T
P P
S Q
2B
O
W
U
K
B
H
S
V
P
JU
F
M
~
H
B
M
M
B
O
F
O
I
U
F
U
D
H
}
M
(
J
O
W
S
E
O
M
V
X
J
B
U
F
H
ˆ
P
X
B
O
|
F
F
U
T
‰
U
JT
Q
JB
E
‡
U
V
B
‡
Q
P
X
T
O
P
U
JB
*
|
U
Q
F
M
|
O
B
K
I
T
I
O
O
}
H
B
O
B
B
S
}
B
V
P
U
~
P
S
I
-|‚F USNIOP
'LVLQVHULUH OH IRQWL GL DOLPHQWD]LRQH GHOOD
SUHVVLRQH H VFDULFDUH OD SUHVVLRQH LQWHUQD
GHO VLVWHPD SULPD GL HVHJXLUH OR VPRQ
WDJJLR GL TXDOVLDVL FRPSRQHQWH SUHVVXUL]
]DWR
3DUD OD OLPSLH]D GH ODV SLH]DV VÊOR VH GH 8WLOL]H XP SDQR KÔPLGR SDUD OLPSDU DV
3HU SXOLUH L FRPSRQHQWL XVDUH VROR XQ
EHU HPSOHDU XQ SDÆR KÔPHGR
SH˜DV
SDQQR XPLGR
1R GHMDU QLQJXQD KHUUDPLHQWD SLH]DV
1XQFD GHL[H IHUUDPHQWDV SH˜DV VROWDV
1RQ GLPHQWLFDUH PDL DWWUH]]L FRPSR
VXHOWDV R WUDSRV GH OLPSLH]D GHQWUR R HQ
RX SDQRV GH OLPSH]D QR LQWHULRU RX HP
QHQWL R VWURILQDFFL GL SXOL]LD VRSUD O
HVVLF
FLPD GHO VHFDGRU
FLPD GR VHFDGRU GH DU
FDWRUH
&RPSUREDU HO HVWDGR GH ORV VLOHQFLDGRUHV 9HULILTXH R HVWDGR GRV VLOHQFLDGRUHV GR
9HULILFDUH OH FRQGL]LRQL GHL VLOHQ]LDWRUL
GHO VHFDGRU 6L QR HVW Q HQ EXHQDV FRQ
VHFDGRU GH DU 6H Q R HVWLYHUHP HP ERP
GHOO
HVVLFFDWRUH 6H QRQ VRQR LQ EXRQH
GLFLRQHV VXVWLWXLU HO PDWHULDO GHWHULRUDGR
HVWDGR VXEVWLWXD R PDWHULDO GDQLILFDGR
FRQGL]LRQL VRVWLWXLUH LO PDWHULDOH GDQQHJ
HPSOHDQGR SDUD HOOR H[FOXVLYDPHQWH
XWLOL]DQGR SH˜DV VREUHVVHOHQWHV RULJLQDLV
JLDWR XVDQGR VRODPHQWH ULFDPEL RULJLQDOL
SLH]DV GH UHFDPELR RULJLQDOHV
'HVSX V GH HIHFWXDU HO PDQWHQLPLHQWR R 9HULILTXH DV RSHUD˜ÒHV GH VHUYL˜R WHP
9HULILFDUH OH SUHVVLRQL RSHUDWLYH OH WHPSH
OD UHYLVLÊQ FRPSUREDU ODV SUHVLRQHV GH
SHUDWXUDV H UHJXOD˜ÒHV GH WHPSR DSÊV
UDWXUH H OH UHJROD]LRQL GL WHPSR GRSR
VHUYLFLR ODV WHPSHUDWXUDV \ ORV DMXVWHV GH
PDQXWHQ˜ R RX UHYLV R 6H RV PHFDQLV
RJQL PDQXWHQ]LRQH R UHYLVLRQH 3ULPD GL
PRV GH IXQFLRQDPHQWR H VHJXUDQ˜D IXQ
WLHPSRV 6L ORV GLVSRVLWLYRV GH PDQGR \
DYYLDUH O
HVVLFFDWRUH FRQWUROODUH FKH L GL
FLRQDUHP FRUUHFWDPHQWH SRGH XWLOL]DU R
GH VHJXULGDG IXQFLRQDQ FRPR HV GHELGR
VSRVLWLYL GL IXQ]LRQDPHQWR H GL VLFXUH]]D
VHFDGRU GH DU
VH SRGU SRQHU HO VHFDGRU HQ VHUYLFLR
IXQ]LRQLQR LQ PRGR FRUUHWWR
'LDULR
'LDULDPHQWH GHEHU Q FRPSUREDUVH ORV SXQ 9HULILTXH GLDULDPHQWH RV VHJXLQWHV SRQWRV
9HULILFDUH TXRWLGLDQDPHQWH L VHJXHQWL SXQWL
WRV VLJXLHQWHV
J &RQWUROODUH LO FRUUHWWR IXQ]LRQDPHQWR GHL
J &RPSUREDU HO IXQFLRQDPLHQWR FRUUHFWR
J 9HULILTXH R IXQFLRQDPHQWR FRUUHFWR GRV
GLVSRVLWLYL GL VSXUJR DXWRPDWLFR GHL SUHILO
GH ORV GLVSRVLWLYRV GH GUHQDMH DXWRP WLFR
GLVSRVLWLYRV GH SXUJD DXWRP WLFRV GRV
WUL
GH ORV SUHILOWURV
SU ILOWURV
/RV SUHILOWURV QR SURYLVWRV GH GUHQDMH DX
2V SU ILOWURV VHP HVFRDPHQWR DX
, SUHILOWUL QRQ GRWDWL GL TXHVWR GLVSRVLWLYR
WRP WLFR GHEHU Q SXUJDUVH SHULÊGLFD
WRP WLFR GHYHP VHU SXUJDGRV UHJXODU
GHYRQR HVVHUH VSXUJDWL UHJRODUPHQWH
PHQWH
PHQWH
J &RPSUREDU HO FDPELR FRUUHFWR GH IXQ
J 9HULILTXH VH RV FLOLQGURV FRPXWDP FRUUHF J 9HULILFDUH OD FRUUHWWD FRPPXWD]LRQH GHL
FLÊQ GH ORV FLOLQGURV
WDPHQWH
FLOLQGUL
/R TXH VH SXHGH DSUHFLDU HVFXFKDQGR
(VFXWH RV VRQV GR DU GH SXUJD GH HP ,O FRQWUROOR SXÌ HVVHUH HIIHWWXDWR ULOHYDQ
ORV VRQLGRV TXH SURGXFH HO DLUH GH SXUJD
PLQXWRV
GR RJQL PLQXWL OD UXPRURVLW GHOO
DULD GL
FDGD PLQXWRV
VSXUJR
B
U
B
N
~
U
T
JB
E
F
T
K
V
P
X
H
}
M
F
K
V
P
‚
V
P
M
‡
X
B
K
V
P
U
F
U
F
M
F
U
X
(
O
‰
O
I
N
O
J‰
S
U
K
F
S
~
U
T
B
JH
T
K
V
P
U
F
U
T
S
B
‚
B
-
7ULPHVWUDO
7ULPHVWUDOPHQWH
7ULPHVWUDOH
$ LQWHUYDORV WULPHVWUDOHV GHEHU Q FRPSUR
EDUVH ORV SXQWRV VLJXLHQWHV
/LPSLDU ORV VLOHQFLDGRUHV
9HULILTXH WULPHVWUDOPHQWH RV VHJXLQWHV SRQ
WRV
/LPSH RV VLOHQFLDGRUHV
9HULILFDUH L VHJXHQWL SXQWL DG LQWHUYDOOL UHJRODUL
GL PHVL
3XOLUH L VLOHQ]LDWRUL
=: =:
J
B
X
B
S
U
M
G
|
JX
M
F
U
B
U
J
B
X
B
S
U
M
G
P
S
Q
B
U
F
U
D
H
}
M
(
O
|
F
O
W
S
U
M
G
O
W
U
B
F
JX
P
U
T
B
U
F
U
D
|
M
M
B
J
B
U
F
Z
J|
F
S
X
ˆ
P
JX
U
B
N
V
F
O
Q
B
N
I
U
T
ˆ
T

F
‚
B
U
T
B
U
B
X
H
F
J
F
X
}
O
|
(
J
B
X
V
P
M
X
ˆ
X
V
P
U
JB
F
X
S
J|
E
I
U
F
U
D
H
}
M
F
V
P
X
H
}
M
F
H
S
B
C
B
U
T
B
S
~
U
JW
F
N
V
P
U
I
T
F
Q
O
I
U
F
U
T
N
‚
V
S
-|RF FD|NIOP
B
O
J
F
Q
}
S
Q
I
T
I
S
~
U
O
‚
T
B
JB
O
I
N
B
D
F
O
I
U
|
U
B
B
R
‚
P
M
‡
X
B
B
U
J
B
U
O
P
X
H
}
M
F
K
}
JX
U
M
B
U
T
B
O
B
JK
U
F
U
T
S
B
‚
B
X
J
B
X
F
U
D
H
}
M
(
K
F
E
C
M
B
C
JK
U
J
B
X
~
K
F
E
C
M
B
C
P
S
U
X
F
M
I
JK
U
K
F
E
C
M
B
C
K
B
E
ˆ
P
M
B
U
F
Q
-|RF XS‡OP
&RPSUREDU ORV SUHILOWURV \ ILOWURV
DX[LOLDUHV \ HQ FDVR QHFHVDULR FDPELDU
ORV HOHPHQWRV ILOWUDQWHV
(Q HO FDVR GHO PDQGR QHXP WLFR RSFLR
QDO FRPSUREDU OD GXUDFLÊQ GHO FLFOR \
UHDMXVWDU OD SUHVLÊQ GHO UHGXFWRU D EDUHVJ
9HULILTXH RV SU H SÊVILOWURV H TXDQGR
IRU QHFHVV ULR VXEVWLWXD RV HOHPHQWRV
ILOWUDQWHV
&RP D RS˜ R GR FRQWUROR SQHXP WLFR
YHULILTXH R WHPSR GR FLFOR H DMXVWH QRYD
PHQWH D SUHVV R GR UHGXWRU SDUD EDUJ
3XOLUH L ILOWUL D YDOOH H D PRQWH H VH GHO FD
VR SURYYHGHUH DOOD VRVWLWX]LRQH GHJOL HOH
PHQWL GL ILOWUDJJLR
&RQ O
RS]LRQH FRPDQGR SQHXPDWLFR
FRQWUROODUH LO WHPSR GHO FLFOR H UHLPSRV
WDUH VX EDUJ OD SUHVVLRQH GHO ULGXW
WRUH
6HPHVWUDO
'XDV YH]HV SRU DQR
6HPHVWUDOH
$O HIHFWXDU HO PDQWHQLPLHQWR VHPHVWUDO GHEH 2V VHJXLQWHV SRQWRV GHYHP VHU YHULILFDGRV
9HULILFDUH L SXQWL VHJXHQWL DG LQWHUYDOOL UHJRODUL
U Q FRPSUREDUVH ORV SXQWRV VLJXLHQWHV
VHPHVWUDOPHQWH
GL PHVL
9HULILTXH H OLPSH DV Y OYXODV GH UHWHQ˜ R &RQWUROODUH H SXOLUH OH YDOYROH GL QRQ ULWRU
&RPSUREDU \ OLPSLDU ODV Y OYXODV GH UH
WHQFLÊQ ODV Y OYXODV GH VROHQRLGH \R ODV
Y OYXODV GH VROHQÊLGH HRX Y OYXODV ERU
QR OH HOHWWURYDOYROH HR OH YDOYROH D IDUIDO
Y OYXODV GH PDULSRVD
EROHWDV
OD
B
U
B
N
~
U
T
JB
E
F
T
K
V
P
X
H
}
M
F
K
V
P
‚
V
P
M
‡
X
B
K
V
P
U
F
U
F
M
F
U
X
(
K
V
P
U
}
K
‡
O
F
JK
U
T
K
F
O
|
S
C
N
F
N
JK
U
F
U
T
~
U
T
B
U
B
JX
U
O
$
K
}
JX
U
M
B
U
T
B
O
B
JK
U
T
J
B
X
K
F
E
C
M
B
C
P
S
U
X
F
M
I
$QXDO
$QXDOPHQWH
$QQXDOH
$QXDOPHQWH GHEHU Q FRPSUREDUVH ORV SXQ
WRV VLJXLHQWHV
&DPELDU ODV PHPEUDQDV GH ODV Y OYXODV
GH VROHQRLGH \ GH UHWHQFLÊQ
9HULILTXH DQXDOPHQWH RV VHJXLQWHV SRQWRV
9HULILFDUH L VHJXHQWL SXQWL DG LQWHUYDOOL UHJRODUL
GL XQ DQQR
6RVWLWXLUH OH PHPEUDQH GHOOH HOHWWURYDO
YROH H OH YDOYROH GL QRQ ULWRUQR
6XEVWLWXD DV PHPEUDQDV GDV Y OYXODV GH
VROHQÊLGH H DV Y OYXODV GH UHWHQ˜ R
K
F
E
C
M
B
C
O
‰
JX
M
F
U
J
B
X
O
W
S
U
M
G
P
S
Q
O
W
U
B
F
JX
P
U
T
B
6
O
P
U
JT
X
|
M
‚
P
U
J
B
U
O
B
U
T
R
B
JX
U
O
B
B
O
J
F
Q
}
S
Q
O
W
S
U
M
G
P
O
|
F
B
S
F
U
S
W
O
J
B
X
~
P
O
‡
S
X
O
P
U
|
S
P
G
B
N
O
I
U
T
B
T
}
N
J
B
U
F
X
T
S
C
K
I
T
F
Q
K
|
S
P
G
JB
E
K
I
U
X
F
E
O
F
I
O
‰
Z
I
JO
X
X
‡
X
~

M
B
X
P
U
S
P
Q
V
P
U
B
U
I
U
J‡
P
Q
O
I
U
J
B
X
I
T
~
S
X
I
U
F
N
B
H
P
M
|
O
$
‡
JX
U
O
B
S
I
D
P
U
F
U
T
~
U
T
B
U
B
JX
U
O
B
B
S
}
B
V
P
O
}
N
T
JF
Q
F
Q
P
U
K
I
T
~
S
X
K
F
X
~
‚
O
V
T
K
}
JX
O
P
O
B
X
‡
Q
7
P
T
}
N
O
‰
U
F
Œ
K
~
W
Z
JB
F
X
S
J|
E
J
F
X
}
P
T
}
N
‡
JX
U
O
B
S
I
D
V
P
T
}
N
ˆ
P
JL
U
O
B
S
I
D
V
P
U
B
N
H
F
E
B
O
}
F
U
M
F
U
5
K
B
T
~
U
V
F
R
I
N
P
S
Q
O
P
U
T
JB
S
|
N
N
B
S
H
V
P
Q
S
F
Q
/RV HOHPHQWRV ILOWUDQWHV GH ORV SUHILOWURV \ 2V HOHPHQWRV ILOWUDQWHV GRV SU ILOWURV H
GH ORV ILOWURV DX[LOLDUHV GHEHQ FDPELDUVH
SÊVILOWURV GHYHP VHU VXEVWLWXõGRV SHOR
XQD YH] DO DÆR FRPR PõQLPR 'HEHU Q
PHQRV XPD YH] SRU DQR 6H R LQGLFDGRU
FDPELDUVH DQWHV VL HO LQGLFDGRU GH SUH
GH SUHVV R GLIHUHQFLDO HVWLYHU QD ]RQD FRU
VLÊQ GLIHUHQFLDO HVW HQ OD ]RQD GH FRORU
GH ODUDQMD RX YHUPHOKD GHYHP VHU VXEVWL
QDUDQMD R URMR
WXõGRV PDLV FHGR
(O GHVHFDQWH VH GHEHU FDPELDU HQ IXQ
'HSHQGHQGR GD XWLOL]D˜ R H GD TXDOLGDGH
FLÊQ GH OD XWLOL]DFLÊQ \ GH OD FDOLGDG GHO
GR DU FRPSULPLGR R GHVVHFDQWH GHYH VHU
DLUH FRPSULPLGR &RQ XQD XWLOL]DFLÊQ QRU
VXEVWLWXõGR &RP XPD XWLOL]D˜ R QRUPDO
R GHVVHFDQWH GXUD HQWUH H DQRV
PDO OD YLGD ÔWLO GHO GHVHFDQWH HV GH DÆRV
(QYLDU XQD PXHVWUD GHO GHVHFDQWH 3DUD WHVWH HQYLH XPD DPRVWUD GH JUD
JUDPRV DO VXPLQLVWUDGRU SDUD HQVD\RV
PDV GH GHVVHFDQWH DR VHX IRUQHFHGRU
P
X
H
F
M
}
JB
H
V
P
T
}
N
ˆ
P
JL
U
O
B
S
I
D
~
H
B
M
M
$
~
JL
U
F
JS
B
P
S
Q
O
I
U
~
K
I
T
W
S
~
M
Q
B
N
‰
Q
P
U
F
U
T
}
JS
B
G
$
V
P
U
K
P
S
}
N
W
O
|
Q
P
U
T
K
I
T
W
S
}
R
V
F
M
F
Q
B
B
E
C
M
B
C
V
P
T
}
N
ˆ
P
JL
U
O
B
S
I
D
V
P
F
X
P
E
P
F 6
N O
‰
H
P
N
S
B
G
F
O
‰
JL
O
B
X
I
N
JP
C
B
Q
ˆ
P
L
T
~
JL
S
U
L
F
M
I
JB
N
P
F
X
P
E
P
U
‡
Q
B
P
T
}
N
‡
JL
U
O
B
S
I
D
P
U
F
U
T
~
G
P
S
S
B
O
$
F
N
B
O
W
G
N
ˆ
T

F
R
JG
S
S
P
Q
B
B
O

F
S
P
Q
N
P
T
}
N
‡
JL
U
O
B
S
I
D
J
B
O
F
O
|
F
K
‡
U
L
F
K
F
T
B
JL
E
JB
E
K
}
JL
O
P
O
B
L
JK
U
&DPELR GHO GHVHFDQWH
4XLWDU HO WDSÊQ GH OOHQDGR R OD Y OYXOD RSFLR
QDO GH VHJXULGDG TXH YD HQ OD SDUWH VXSHULRU
GHO UHFLSLHQWH GH GHVHFDQWH
([WUDHU HO GHVHFDQWH GHO UHFLSLHQWH FRQ XQ
DVSLUDGRU LQGXVWULDO (O GHVHFDQWH SXHGH HOL
PLQDUVH QRUPDOPHQWH D PHQRV TXH HVW
FRQWDPLQDGR FRQ DFHLWH HWF
0XGDU R GHVVHFDQWH
5HWLUH R EXM R GH HQFKLPHQWR RX D Y OYXOD
GH OLEHUWD˜ R GH VHJXUDQ˜D RSFLRQDO QR WR
SR GR WXER GH GHVVHFDQWH
5HWLUH R GHVVHFDQWH GR UHVSHFWLYR WXER FRP
XP DVSLUDGRU LQGXVWULDO 3RGH GHLWDU IRUD R
GHVVHFDQWH QRUPDOPHQWH H[FHSWR VH HVWLYHU
FRQWDPLQDGR FRP ÊOHR HWF
Q
M
L
JB
E
|
M
F
N
P
O
}
N
T
V
M
P
N
F
U
T
~
Q
V
U
9
P
T
}
N
‡
JL
U
O
B
S
I
D
P
}
O
F
N
P
F
X
P
E
P
U
F
U
T
N
F
*
V
P
F
X
P
E
V
P
U
B
N
W
X
P
U
‡
JL
S
V
F
M
Q
P
U
|
S
G
B
M
F
B
U
I
U
‡
O
L
V
Q
O
I
U
F
U
F
T
~
D
V
B
B
O
JB
H
V
P
T
}
N
ˆ
P
JL
U
O
B
S
I
D
V
P
T
}
N
ˆ
P
JL
U
O
B
S
I
D
V
P
U
/OHQDU HO UHFLSLHQWH FRQ GHVHFDQWH IUHVFR
(QFKD R WXER GH GHVVHFDQWH FRP SURGXWR
'DU XQRV JROSHFLWRV DO FRVWDGR GHO UHFLSLHQWH QRYR &RP FXLGDGR EDWD ODWHUDOPHQWH QR
SDUD PHMRUDU OD GHQVLGDG GHO GHVHFDQWH
WXER SDUD PHOKRU D GHQVLGDGH GR GHVVHFDQ
WH
*OL HOHPHQWL GHL SUHILOWUL H GHL ILOWUL D YDOOH
GHYRQR HVVHUH VRVWLWXLWL DOPHQR XQD YROWD
RJQL DQQR R SULPD GL WDOH VFDGHQ]D VH
O
LQGLFDWRUH GL SUHVVLRQH GLIIHUHQ]LDOH VL
WURYD QHOOD ]RQD FRORUH DUDQFLR R URVVR
6RVWLWXLUH O
HVVLFFDQWH D VHFRQGD GHOOH
FRQGL]LRQL GL LPSLHJR H GHOOD TXDOLW
GHOO
DULD FRPSUHVVD LQ FRQGL]LRQL QRUPDOL
KD XQD GXUDWD GL DQQL
,QYLDUH XQ FDPSLRQH JUDPPL GL HVVLF
FDQWH DO YRVWUR IRUQLWRUH DIILQFK YHQJD VRW
WRSRVWR D SURYH
6RVWLWX]LRQH GHOO
HVVLFFDQWH
7RJOLHUH LO WDSSR GL ULHPSLPHQWR R OD YDOYROD
GL LQWHUFHWWD]LRQH RS]LRQDOH PRQWDWR VXOOD
SDUWH VXSHULRUH GHO VHUEDWRLR GHOO
HVVLFFDQWH
5LPXRYHUH O
HVVLFFDQWH GDO VHUEDWRLR XWLOL]
]DQGR XQ DVSLUDSROYHUH LQGXVWULDOH /
HVVLF
FDQWH SXÌ HVVHUH VPDOWLWR QRUPDOPHQWH D
PHQR FKH VLD FRQWDPLQDWR GD ROLR HFF
5LHPSLUH LO VHUEDWRLR FRQ O
HVVLFFDQWH QXRYR
$VVHVWDUH OHJJHUL FROSL VXO ILDQFR GHO VHUED
WRLR SHU DXPHQWDUH OD GHQVLW GHOO
HVVLFFDQWH
=: =:
JB
H
K
I
T
I
P
Q
P
O
B
H
F
U
T
P
T
}
N
B
O
}
F
U
T
J~
P
Q
P
JN
T
I
S
9
K
P
U
B
N
‰
Q
V
P
U
B
N
W
S
F
Q
T
P
U
T
B
M
M
‡
L
J
X
‡
B
U
B
N
‰
JS
F
Q
T
~
M
B
L
F
U
F
T
M
B
G
T
B
D
F
B
O
JB
H
K
I
T
W
S
~
M
Q
$SOLFDU XQ VHOODGRU GH WLSR QR EORTXHDQWH
HQ OD URVFD GHO WDSÊQ GH OOHQDGR SDUD JDUDQ
WL]DU XQ EXHQ FLHUUH
3DUD JDUDQWLU XPD ERD VHODJHP XWLOL]H XPD
YHGD˜ R VHP WUDYDPHQWR QD URVFD GR EX
M R GH HQFKLPHQWR
3HU JDUDQWLUH XQD EXRQD WHQXWD DSSOLFDUH
XQR VWUDWR GL VLJLOODQWH QRQ EORFFDQWH VXOOD
ILOHWWDWXUD GHO WDSSR GL ULHPSLPHQWR
I
T
I
P
Q
P
O
B
H
F
U
T
=: =:
6SHFLILFDWLRQV
(VSHFLILFDFLRQHV
(VSHFLILFD˜ÒHV
&DUDWWHULVWLFKH
*FOJX|
*HQHUDOLGDGHV
*HUDO
,QIRUPD]LRQL JHQHUDOL
0RGHOR =:
$QFKXUD GHO EDVWLGRU
$QFKXUD WRWDO
3URIXQGLGDG
$OWXUD
3HVR
0RGHOR =:
/DUJXUD GD HVWUXWXUD
/DUJXUD WRWDO
3URIXQGLGDGH
$OWXUD
3HVR
0RGHOOR =:
/DUJKH]]D WHODLR
/DUJKH]]D WRWDOH
3URIRQGLW
$OWH]]D
3HVR
PP
PP
PP
PP
NJ
VWDQGDUG
9 +]
RSWLRQ
9 +]
9 +]
9 +]
9 +]
9 '&
9 '&
7HQV R GH UHGH
7HQVLRQH GL UHWH
‚
P
ˆ
U
JX
E
I
T
|
6
7HQVLÊQ GH OD UHG
=: =:
(VSHFLILFDFLRQHV GH ORV VHFD
GRUHV
9BSBXUISJTUJX| DISBOU~SWO
&DSDFLW LQ LQJUHVVR 9
9
&DUDWWHULVWLFKH GHOO
HVVLFFDWRUH
EDUJ
PD[
EDUJ
P K PD[
EDUJ
NJ
& OH
• D
LQ
~
X
P
S
PB
Q
R
Q ~
X
J
U
T
B
N
P
O
P
LW
F
D
S
D
F
O
D
LQ
P
R
Q
H
G
D
LG
F
D
S
D
F
D
U
D
E
‚
P
T
‡
S
E
P
F
N
I
T
G
D
LG
F
D
S
D
F
O
D D
U LQ
D
E P
R
Q
&
•
SXQWR GL UXJLDGD E&
&
•
D
U
D
E
SRQWR GH FRQGHQVD˜ R •&
‚
P
E
‡
JT
F
~
X
P
S
B
2
&DSDFLGDGH GH HQWUDGD 9
&
•
D
U
D
E
&
•
&DSDFLGDG GH HQWUDGD 9
SXQWR GH URFõR •&
&
(VSHFLILFD˜ÒHV GR VHFDGRU
3UHVLÊQ VRQRUD
1õYHO GH VRP
&
•
&RQVXPR GH HQHUJLD
P K
T I
} T
N I
G
‡
S
S
P
Q
B
&RQVXPR GH HQHUJõD
OH
D
Q
LR
]
S
R
3RQWR GH FRQGHQVD˜ R •&
3XQWR GH URFõR •&
‡
X
J
U
F
S
P
G
B
J
E
~
X
P
S
B
Q
'HVVHFDQWH
EDUJ
PD[
&DGXWD GL SUHVVLRQH VXOO
HVVLF
FDWRUH
O
P
U
T
B
T
}
N
K
I
T
B
F S
Q ~
U
I O
T B
‰S
U I
2D
'HVHFDQWH
~
X
J
U
F
S
J
B
P
S
Q
O
D
Q
LR
F
S
R
H
G
D
LG
F
D
S
D
F
3HUGD GH SUHVV R VREUH R VH
FDGRU
SXQWR GL UXJLDGD E&
LW
F
D
S
D
F
H
W
Q
D
F
H
V
H
G
R
U
W
R
&DõGD GH SUHVLÊQ HQ HO VHFD
GRU
‚
P
T
‡
S
E
P
F
N
I
T
SRQWR GH FRQGHQVD˜ R •&
SXQWR GH URFõR •&
(VVLFFDQWH
P
T
}
N
‡
JX
U
I
G
P
S
S
P
Q
$
'HOVRUE +4$ 'HOVRUE +402
RSWLRQ
SXQWR GL UXJLDGD E&
&RQVXPR GL FRUUHQWH
:
G%$
K
P
U
B
N
ˆ
F
S
I
T
W
M
|
O
B
U
B
-
/LYHOOR VRQRUR
V
P
C
ˆ
S
P
R
I
N
R
|
U
5
I
T
B
U
T
‡
Q
B
F
T
P
O
F
N
ˆ
P
S
U
F
N
.
P
N
B O ‚
ˆ P
E S
P U
T }
, N
1OPNBTUJX}K T‚OR~XFK MFJUP‚SHBK
(TXLYDOHQWH / PHGLGR D XQD GLVWDQFLD GH
PHWUR FDPSR OLEUH
/ PHGLGR HTXLYDOHQWH D XPD GLVW QFLD
GH PHWUR FDPSR OLYUH
0LVXUD /HTXLYDOHQWH DOOD GLVWDQ]D GL PHWUR FDPSR OLEHUR
&RQGLFLRQHV QRPLQDOHV GH VHU &RQGL˜ÒHV GH XWLOL]D˜ R QRPL
YLFLR
QDLV
&RQGL]LRQL RSHUDWLYH QRPLQDOL
P
E
P
T
F
O
I
U
T
B
T
B
S
H
‚
~
JX
U
F
X
5
3UHVV R GH HQWUDGD GH DU FRPSULPL
FRPSULPL
G
GR
7HPSHUDWXUD GH HQWUDGD GH DU FRP
SULPLGR
+XPLGDGH UHODWLYD HQWUDGD
3UHVVLRQH GL LQJUHVVR DULD FRPSUHV
FRPSUHV
VD
7HPSHUDWXUD GL LQJUHVVR DULD FRP
SUHVVD
8PLGLW UHODWLYD LQ LQJUHVVR
I
T
F
Q
‡
Q
‚
‚
P
T
‡
S
E
P
F
N
I
5
3XQWR GH URFõR EDMR SUHVLÊQ
3RQWR GH FRQGHQVD˜ R GH SUHVV R
3XQWR GL UXJLDGD VRWWR SUHVVLRQH
&RQVXPR GH DLUH GH SXUJD
&RQVXPR GH DU GH SXUJD
&RQVXPR DULD GL VSXUJR
B
S
}
B
‚
P
O
}
N
T
JF
Q
F
Q
‚
P
E
‡
JT
F
I
T
F
2
3UHVLÊQ GH HQWUDGD GHO DLUH
FRPSULPLGR
L LG
7HPSHUDWXUD GH HQWUDGD GHO
DLUH FRPSULPLGR
+XPHGDG UHODWLYD D OD HQWUDGD
B
S
}
B
‚
P
O
}
N
T
JF
Q
F
Q
‚
P
E
‡
JT
F
B
T
B
S
X
P
N
S
F
3
E& VWDQGDUG
E& RSWLRQ
OH
D
LQ
P
R
Q
&RQGL˜ÒHV GH XWLOL]D˜ R
E&
LW
F
D
S
D
F
O
D
LQ
&RQGLFLRQHV GH VHUYLFLR
P
R
Q
H
G
D
LG
F
D
S
D
F
O
D
LQ
P
R
Q
G
D
LG
F
D
S
D
F
~
X
P
S
B
Q
~
X
J
U
T
ˆ B
P N
P
N O
JT P
S
B
R
B
L
B
S
}
B
I
T
W
M
|
O
B
U
B
-
5‚OR~XFK MFJUP‚SHBK
EDUJ VWDQGDUG
EDUJ RSWLRQ
&RQGL]LRQL GL IXQ]LRQDPHQWR
PLQ
B
S
}
B
‚
P
O
}
N
T
JF
Q
F
Q
‚
P
E
‡
JT
F
I
T
F
2
3UHVLÊQ GH HQWUDGD GHO DLUH HVW QGDU
FRPSULPLGR
3UHVV R GH HQWUDGD GH DU FRPSULPL
FRPSULPL
GR
3UHVVLRQH GL LQJUHVVR DULD FRPSUHV
FRPSUHV
VD
PD[
EDUJ VWDQGDUG
EDUJ RSWLRQ
=: =:
K
P
U
O
P
M
M
|
JC
S
F
Q
B
T
B
S
X
P
N
S
F
3
B
S
}
B
‚
P
O
}
N
T
JF
Q
F
Q
‚
P
E
‡
JT
F
B
T
B
S
X
P
N
S
F
3
7HPSHUDWXUD DPELHQWH
7HPSHUDWXUD GH HQWUDGD GHO
DLUH FRPSULPLGR
‡
Q
B
O
W
r
F
U
‡
T
JT
r
F
Q
~
K
B
N
K
~
M
P
C
B
U
F
N
I
T
W
U
Q

r
F
Q
F
5
B
r
~
U
O
B
r
I
D
V
P
U
I
T
P
E
‡
Q
B
I
K
}
JN
U
W
O
|
Q
B
r
B
Q
JK
U
~
X
P
r
B
Q
~
r
F
R
B
U
T
F
T
J
B
U
F
O
J‰
F
N
~
J
B
U
F
O
|
D
V
B
O
I
U
F
N
B
O
W
G
N
ˆ
T
P
E
P
T
F
O
I
U
T
B
r
}
B
V
P
O
}
N
T
JF
Q
F
Q
I
M
ˆ
Q
N
B
L
W
U
|
L
B
r
B
Q
7HPSHUDWXUD DPELHQWH
7HPSHUDWXUD GH HQWUDGD GH DU FRP
SULPLGR
6L GLILHUH XQR R YDULRV GH HVWRV YDORUHV SXH
GH DXPHQWDU R GLVPLQXLU OD FDSDFLGDG GHO
VHFDGRU D LJXDO FDSDFLGDG GH HQWUDGD GHO
DLUH FRPSULPLGR VHJÔQ VH UHIOHMD HQ ORV JU ILFRV VLJXLHQWHV
E&
4XDQGR XP RX PDLV GH WUûV YDORUHV YDULDP $O YDULDUH GL XQR R SLÖ GL TXHVWL YDORUL OD FD
D FDSDFLGDGH GR VHFDGRU SRGH DXPHQWDU RX SDFLW GHOO
HVVLFFDWRUH SXÌ DXPHQWDUH R GL
GLPLQXLU FRP XPD FDSDFLGDGH GH DGPLVV R PLQXLUH D SDULW GL SRUWDWD GL DULD FRPSUHVVD
GH DU FRPSULPLGR LJXDO FRQIRUPH VH DSUH LQ LQJUHVVR FRPH LQGLFDWR QHL JUDILFL VRWWR
VHQWD QRV JU ILFRV VHJXLQWHV
VWDQWL
EDUJ
PLQ PD[
E&
7HPSHUDWXUD DPELHQWH
7HPSHUDWXUD GL LQJUHVVR DULD FRP
SUHVVD
R&
R &
LD
J
X
U
L
G
R
W
Q
X
3
W
N
Q
X
S
X
D
W
N
F
X
U
'
N
X
U
'
V
H
U
S
R
W
W
R
V
D
G
H
Q
LR
V
H MR
G D Q
E LÊ
V
õR H
F U
R S
U
R
W
Q
X
3
Q H
R G
R
F
R
H
V
G ˜ V
D H
V U
Q S
H
G
R
W
Q
R
3
W
Q
X
S
Z
X
D
G
V
P
Z
T
H
‡
G
S I
E T
F
P 
W  Q
F
LQ N ‡
R I Q
S 5 V
H
U
X
V
V
H
U
3
H
X
W
U
D W
U
Q
H
S G
P
H H
7 U
U
H
X
S
X
W
PD
H U
W
U
X
W
V
W D
LW U
U
W H
S
LQ
( P
H
W
W
D
OD
Q
,
H
PU
H X
W W
W D
U
OH H
Q
, S
H
U
W
Q
H
G
Q
LR
V
V
H
U
3
N
F
X
U
G
V
W
LW
U
W
LQ
(
N
X
U
G
W
D
OD
Q
,
H
U
X
V
V
H
U
S
W
OH
Q
,
=: =:
'LDJUDPV
(VTXHPDV
'LDJUDPDV
6FKHPL
'J|HSBNNB SP~K
(VTXHPD GH FLUFXODFLÊQ
)OX[RJUDPD
6FKHPD GL IOXVVR
:
=
Œ
:
=
~K
SP
NB
BN
HS
J|
'
)LJ (VTXHPD GH FLUFXODFLÊQ =: =:
)OX[RJUDPD =: =:
6FKHPD GL IOXVVR =: =:
=: =:
(
V
P
}O
TN
JF
FQ
KQ
UP
NB
M‰ VX JX XB =:
~K
SP Œ
NB BN =:
HS B
J| S
' B}
)LJ (VTXHPD GH FLUFXODFLÊQ \ QHXP WLFR RS
FLRQDO =: =:
'LDJUDPD GH IOX[R H SQHXP WLFR RS˜ R
6FKHPD GL IOXVVR SQHXPDWLFR RS]LRQH
=: =:
K
I
T
F
Q
K
B
S
~
U
M
F
H
H
B
O
$
D
F
WL
P
X
H
Q
S
D
F
WL
R
F
WL
D
P
X
H
Q
S
5HJRODWRUH
R
F
WL
D
P
X
H
Q
S
,QWHUUXWWRUH SULQFLSDOH DULD GL FRPDQGR
R
F
WL
D
P
X
H
Q
S
D
F
WL
P
X
H
Q
S
6LOHQ]LDWRUH
0RWRULQR WHPSRUL]]DWRUH
/DWR VSXUJR HOHWWURYDOYROD
:
=
:
=
:
=
:
=
/DWR HQWUDWD HOHWWURYDOYROD
:
=
:
=
:
=
:
=
V
P
E
‡
JT
F
B
E
C
M
B
C
P
S
U
X
F
M
+
:
=
:
=
:
=
:
=
:
=
:
=
(QWUDGD GD Y OYXOD GH VROHQÊLGH
R
F
WL
D
P
X
H
Q
S
D
F
WL
3XUJD GD Y OYXOD GH VROHQÊLGH
P
X
H
Q
S
R
F
WL
P
X
H
Q
:
=
:
=
K
I
T
I
O
O
}
H
B
O
B
B
E
C
M
B
C
P
S
U
X
F
M
+
V
P
E
‡
JT
F
B
E
C
M
B
C
P
S
U
X
F
M
+
9 OYXOD GH PDQGR QHXP WLFR GH HQWUDGD
2ULIL]LR 2ULIL]LR 0DQRPHWUR
$ULD GL FRPDQGR PDQRPHWUR
R
F
WL
D
P
X
H
Q
S
D
F
WL
P
X
H
Q
S
$U GH FRQWUROR GR LQWHUUXSWRU SULQFLSDO
6LOHQFLDGRU
0RWRU GR WHPSRUL]DGRU
9 OYXOD GH VROHQRLGH GH HQWUDGD
R
F
WL
D
P
X
H
Q
S
D
F
WL
P
X
H
Q
S
5HJXODGRU
0RWRULQR WHPSRUL]]DWRUH
P
X
H
Q
S
9 OYXOD GH VROHQRLGH GH SXUJD
B
S
~
U
I
JO
X
~
U
JT
O
P
S
X
K
I
U
Q
‡
X
JB
'
R
F
WL
(QWUDGD GD Y OYXOD GH UHWHQ˜ R SQHXP WL /DWR HQWUDWD YDOYROD GL FRPDQGR SQHX
FD
PDWLFD
V
P
T
‡
S
E
V
P
F
N
I
T
K
B
S
~
U
I
‚
JT
$
V
P
T
‡
r
E
V
P
F
N
I
T
K
I
U
L
F
E
O
F
K
‡
JL
U
B
N
W
r
9
K
B
F
M
B
G
T
B
B
E
C
M
B
C
~
JX
U
JT
G
V
P
X
B
O
$
2SFLRQHV
6HQVRU GH SXQWR GH URFõR
,QGLFDGRU GH FRORU GH SXQWR GH URFõR
2S˜ÒHV
6HQVRU GR SRQWR GH FRQGHQVD˜ R
,QGLFDGRU GH FRU GR SRQWR GH FRQGHQVD
˜ R
2S]LRQL
6HQVRUH SXQWR GL UXJLDGD
7HUPRPHWUR SXQWR GL UXJLDGD
9 OYXOD GH VHJXULGDG
9 OYXOD GH GHVFDUJD GH VHJXUDQ˜D
9DOYROD GL VRYUDSUHVVLRQH
R
F
WL
D
P
X
H
Q
S
D
F
WL
P
X
H
Q
S
P
X
H
Q
K
JX‡
BU
VN
OF
2
K
‡
N
JT
M
Q
P
D
F
K
‡
JL
U
F
JS
B
P
S
2
659
659
2ULIõFLR GH 2ULIõFLR GH 0DQÊPHWUR
$U GH FRQWUROR GR PDQÊPHWUR
R
F
WL
K
JX‡
BU
VN
OF
2
P
X
H
Q
K
JX‡
BU
VN
OF
2
6LOHQFLDGRU
0RWRU GHO WHPSRUL]DGRU
K
B
S
~
U
T
B
JH
5
'0
(
0RWRU GR WHPSRUL]DGRU
'HVFUL]LRQH ILJ ILJ 9DOYROD GL VSXUJR D VIHUD
9DOYROD GL QRQ ULWRUQR
9DJOLR HVVLFFDQWH SDUWH LQIHULRUH
9DJOLR HVVLFFDQWH SDUWH VXSHULRUH
5LOHYDWRUH GL SUHVVLRQH
,QWHUUXSWRU SULQFLSDO DLUH GH PDQGR
O
W
O
|
H
S
P
<
R
F
WL
K
JX‡
BU
VN
OF
2
B
S
}
B
V
P
O
}
N
T
JF
Q
F
Q
K
I
U
Q
‡
X
JB
E
K
‡
JX
S
U
O
F
-
9 9
R
F
WL
K
I
T
F
Q
K
~
U
JT
N
‚
V
4
9 9
R
F
WL
O
W
O
|
H
S
P
B
S
}
B
P
S
U
F
N
‡
O
B
/
6 6
R
F
WL
P
S
U
F
N
‡
O
B
/
6 6
P
X
H
Q
B B
X X
| |
M M
Q Q
~ ~
JX JX
U
U
JT JT
M M
B B
H H
H H
B B
S S
U
U
5 5
6
P
X
H
Q
K
JX‡
BU
VN
OF
2
5HJXODGRU
P
X
H
Q
K
JX‡
BU
VN
OF
2
2ULILFLR 2ULILFLR 0DQÊPHWUR
0DQÊPHWUR DLUH GH PDQGR
'HVFUL˜ R ILJ ILJ $U GH SXUJD GDV Y OYXODV GH UHWHQ˜ R
9 OYXOD GH UHWHQ˜ R
&ULYR GH GHVVHFDQWH EDVH
&ULYR GH GHVVHFDQWH WRSR
,QGLFDGRU GH SUHVV R
P
X
H
Q
K
JX‡
BU
VN
OF
2
0RWRU GHO WHPSRUL]DGRU
B
S
~
U
I
JO
X
K
~
U
JT
O
P
S
9
5
W
O
|
Q
V
P
T
}
N
ˆ
P
JX
U
O
B
S
I
D
B
N
H
}
M
2
3,
W
U
|
X
V
P
T
}
N
ˆ
P
JX
U
O
B
S
I
D
B
N
H
}
M
2
25
25
3, 3,
B
E
C
M
B
C
~
JX
U
M
B
U
T
B
O
$
0
K
I
T
I
O
O
}
H
B
O
B
B
LJ
S
I
}
B
Œ
B
E

C
LJ
I
M
B
C
~
JX
JS
B
G
5
+
'HVFULSFLÊQ ILJ ILJ 9 OYXOD GH EROD DLUH GH SXUJD
9 OYXOD GH UHWHQFLÊQ
7DPL] GHVHFDQWH IRQGR
7DPL] GHVHFDQWH SDUWH VXSHULRU
$YLVDGRU GH SUHVLÊQ
~
G
B
S
JH
S
F
2
%9 %9
&9 &9
), ),
), ),
=: =:
(VTXHPD HO FWULFR
)LJ (VTXHPD HO FWULFR YHUVLRQHV &$
'LDJUDPD HO FWULFR
'LDJUDPD HO FWULFR YHUVÒHV FD
6FKHPD HOHWWULFR
6FKHPD HOHWWULFR YHUVLRQL &$
=: =:
=: =:
)LJ (VTXHPD HO FWULFR =: =: YHU 'LDJUDPD HO FWULFR YHUVÒHV FF
VLRQHV &&
(VTXHPD HO FWULFR YHUVLRQHV &&
6FKHPD HOHWWULFR YHUVLRQL &&
=: =:
V
ˆ P
P T
JX ‡
FU S
JS E
B P
P F
S N
QI
BT
N B
N HJ
B
HS J(
J|
E XB
X‡ (
HJ ˆ
MP P
P N
S JT
M
XU Q
MF P
+ FD
)LJ (VTXHPD HO FWULFR RSFLRQHV SXQWR GH
URFõR ( \ (
'LDJUDPD HO FWULFR r SRQWR GH FRQGHQ
VD˜ R r RS˜ÒHV ( H (
6FKHPD HOHWWULFR RS]LRQL ( H ( SRQWR GL
UXJLDGD
=: =:
)LJ (VTXHPD HO FWULFR RSFLRQHV SXQWR GH
URFõR (
'LDJUDPD HO FWULFR r SRQWR GH FRQGHQ
VD˜ R r RS˜ÒHV (
6FKHPD HOHWWULFR RS]LRQL ( SRQWR GL UXJLD
GD
=: =:
a
0
a1
B

O
X
V
.
~
U
T
J
O
P
S
X
V
P
S
‡
G
P
S
U
O
F
L
L
F
K
B
S
~
U
I
O
J
)
)
2
1
2
K
I
U
Q
‡
X
B
J
'
~
U
T
J
O
P
S
X
V
P
S
‡
G
P
S
U
O
F
X
X
F
K
I
U
Q
‡
X
B
J
'
~
U
T
J
O
P
S
X
V
P
S
‡
G
P
S
U
O
F
X
X
F
K
I
U
Q
‡
X
B
J
'
6
~
G
B
S
H
J
S
F
2
1U
+
0
6
6
|
J
D
F
E
|
S
F
U
T
J
S
B
~
U
T
J
O
P
S
X
V
P
S
‡
G
P
S
U
O
F
X
X
F
K
I
U
Q
‡
X
B
J
'
6
8
:
=
7HPSRUL]DGRU GH FDPH HVTXHUGRGLUHLWR
7HPSRUL]]DWRUH D FDPPH LQWHUUXWWRUH V[GV
7HPSRUL]DGRU GH FDPH
&RQYHUWLGRU &&&$
&RQYHUVRU FFFD
7HPSRUL]]DWRUH D FDPPH LQWHUUXWWRUH
&RQYHUWLWRUH FFFD
9 OYXOD GH VROHQRLGH GH SXUJD
9 OYXOD GH VROHQRLGH GH HQWUDGD
3XUJD GD Y OYXOD GH VROHQÊLGH
(QWUDGD GD Y OYXOD GH VROHQÊLGH
/DWR VSXUJR HOHWWURYDOYROD
/DWR HQWUDWD HOHWWURYDOYROD
:
=
2S]LRQL
7UDVIRUPDWRUH
:
=
K
~
U
T
J
U
B
N
I
X
T
B
U
F
9
9
9
9
9
9
9
9
/
2S˜ÒHV
7UDQVIRUPDGRU
:
=
K
‡
N
T
J
M
Q
P
D
F
K
‡
X
J
U
F
S
J
B
P
S
2
2SFLRQHV
7UDQVIRUPDGRU
V
P
E
‡
T
J
F
'HVFUL]LRQH ILJ ILJ 6SLD l21l
0RWRULQR WHPSRUL]]DWRUH D FDPPH
,QWHUUXWWRUH 212))
7HPSRUL]]DWRUH D FDPPH LQWHUUXWWRUH
:
=
B
E

C
M
B
C
P
S
U
X
F
M
'HVFUL˜ R ILJ ILJ /X] $FHVD k21l
0RWRU GR WHPSRUL]DGRU GH FDPH
,QWHUUXSWRU GH /LJDU'HVOLJDU k212))l
7HPSRUL]DGRU GH FDPH
:
=
K
I
T
I
O
O
}
H
B
O
B
+
7
'HVFULSFLÊQ ILJ ILJ 7HVWLJR GH HQFHQGLGR l21l
0RWRU GHO WHPSRUL]DGRU GH OHYD
,QWHUUXSWRU FRQH[LÊQGHVFRQH[LÊQ
&RQPXWDGRU WHPSRUL]DGRU GH OHYD
&RQPXWDGRU WHPSRUL]DGRU GH OHYD L]TXLHU
GDGHUHFKD
&RQPXWDGRU WHPSRUL]DGRU GH OHYD
:
=
B
E

C
M
B
C
P
S
U
X
F
M
9 9
:
=
+
9 9
=: =:
ˆ
P
N
T
OJ
P
XS
B
N
N
B
HS
J|
'
)LJ (VTXHPD GH WLHPSRV
V
P
X
H
}
M
F
K
‡
N
T
J
M
Q
P
D
F
K
‡
X
J
U
B
N
V
F
O
2
V
P
X
H
}
M
F
K
‡
N
T
J
M
Q
P
D
F
K
‡
X
J
S
U
X
F
M
+
0DQGR QHXP WLFR
0DQGR HO FWULFR
'LDJUDPD GH WHPSRUL]D˜ R
&RQWUROR SQHXP WLFR
&RQWUROR HO FWULFR
6FKHPD WHPSL
&RPDQGR SQHXPDWLFR
&RPDQGR HOHWWULFR
=: =:
&URTXLV DFRWDGRV
:
=
Œ
:
=
O
W
TF
|
TU
B
EJ
P
EJ
X}
5
)LJ &URTXLV DFRWDGR =: =:
3ODQWDV GH GLPHQVÒHV
3ODQWD GH GLPHQVÒHV =: =:
6FKHPD G
LQJRPEUR
6FKHPD G
LQJRPEUR =: =:
=: =:
0RGHOR =:
k%63
3HVR
3HVR
3HVR
$
%
&
'
(
)
*
+
,
.
/
&RQH[LÊQ GH WDSÊQ GH OOHQDGR
0RGHOOR =:
&RQQHVVLRQL GL HQWUDWD H GL XV
/LJD˜ R GH HQWUDGD H VDõGD
FLWD
/LJD˜ R GR VLOHQFLDGRU
&RQQHVVLRQL VLOHQ]LDWRUH
/LJD˜ R GR EXM R GH HQFKLPHQ &RQQHVVLRQL WDSSR GL ULHPSL
WR
PHQWR
0RGHOR =:
&RQH[LÊQ GH HQWUDGD \ GH VDOL
GD
&RQH[LÊQ GH VLOHQFLDGRU
k%63
k%63
PP
PP
PP
PP
PP
PP
PP
PP
PP
PP
PP
PP
NJ
5HVROX˜ R GH SUREOH 5LFHUFD JXDVWL
PDV
(Q FDVR GH SUREOHPDV
7URXEOH VKRRWLQJ OLVW
=: =:
$HHMJX|
V
P
Q
ˆ
U
P
U
I
M
M
‡
X
P
U
V
B
P
U
T
J
B
U
O
P
G
|
S
H
B
O
B
V
P
Q
B
F
JX
P
U
T
B
U
F
N
O
ˆ
P
O
W
G
N
V
T
K
B
H
S
V
P
JU
F
M
K
F
X
~
‚
O
V
T
K
}
JX
U
B
N
H
B
S
Q
J
P
J
U
‡
F
U
F
‚
JW
B
C
F
C
O
‰
C
B
M
C
‡
N
JT
Q
P
U
O
F
O
P
U
F
U
F
T
~
JO
X
F
D
B
O
JO
S
2
O
W
S
~
U
O
B
S
I
D
O
W
U
B
H
S
V
P
JU
F
M
I
U
|
U
B
X
K
F
M
B
N
W
O
B
O
V
P
X
S
|
Q
V
O
|
F
F
U
D
H
}
M
(
K
P
U
B
N
ˆ
F
S
ˆ
P
JX
S
U
X
F
M
I
~
X
P
S
B
Q
O
I
U
F
U
D
H
}
M
(
P
U
JT
H
}
N
P
U
JT
X
|
M
F
K
B
H
S
V
P
JU
F
M
I
T
F
Q
O
I
U
F
U
D
H
}
M
(
B
S
}
B
V
P
O
}
N
T
JF
Q
F
Q
V
P
U
V
P
E
‡
JT
F
B
T
B
S
X
P
N
S
F
‚
I
U
F
U
D
H
}
M
(
~
U
T
JF
Q
N
V
T
V
P
U
~
X
P
S
B
Q
I
U
JT
H
}
N
I
U
F
U
D
H
}
M
(
K
}
U
JX
P
O
B
J
B
O
F
B
S
~
U
O
B
S
I
D
V
P
U
B
N
‰
T
P
U
T
K
F
E
C
M
B
C
J
P
J
U
‡
J
B
X
~
U
JT
F
M
X
J
B
O
F
K
I
Y
N
B
X
|
S
B
Q
B
E
C
M
B
C
I
J
U
‡
F
U
F
‚
JW
B
C
F
%
JB
S
‡
|
U
X
F
E
P
Q
B
B
U
T
B
T
}
N
J
B
O
F
K
I
T
F
Q
K
I
U
I
T
‰
U
Q
I
J
U
‡
J
B
X
|
U
T
W
T
O
ˆ
P
H
S
V
P
JU
F
M
O
W
S
U
M
G
O
W
U
O
W
U
|
N
W
O
X
V
Q
N
V
T
K
}
U
JT
S
W
X
JB
E
J
P
J
U
‡
F
U
F
‚
JW
B
C
F
%
J J J J J J
K
F
M
B
N
W
O
B
J
B
X
K
F
S
P
G
P
S
I
M
Q
JK
U
K
F
M
‡
JB
H
JK
F
T
J‰
F
N
I
T
F
U
T
~
U
B
S
~
X
P
T
P
S
2
B
O
K
B
S
~
U
O
B
S
I
D
P
F
U
T
‰
B
S
U
}
N
B
M
I
M
M
|
U
B
X
F
U
F
C
|
M
J
B
X
B
E
M
F
T
F
Q
}
M
C
K
‚
P
S
E
O
M
‚
X
K
‚
P
U
T
I
T
F
Q
O
I
U
F
U
T
‰
O
P
U
X
F
J
B
X
K
P
U
B
N
ˆ
F
S
~
X
P
S
B
Q
O
I
U
F
U
T
F
M
X
B
S
~
U
O
B
S
I
D
O
P
U
T
K
~
‚
F
X
JT
Q
F
J
B
X
K
I
T
I
S
~
U
O
‚
T
K
F
T
B
H
S
F
F
U
F
T
~
JO
X
F
D
B
O
JO
S
2
B
H
S
‚
P
JU
F
M
F
T

F
R
F
U
B
O
K
P
R
|
M
|
U
B
X

F
S
P
Q
N
O
I
N
J
B
O
F
JB
E
‰
M
B
X
B
U
J
U
‡
J
B
X
JB
E
‰
M
B
X
B
U
T
I
T
ˆ
B
S
R
~
J|
N
I
Z
|
S
P
R
G
J
F
X
S
|
Q
‚
O
F
E
J
U
‡

F
R
JW
B
C
F
C
B
O
J
F
Q
}
S
Q
K
P
P
Q
P
P
I
U
O
X
F
U
P
S
U
X
F
M
I
‡
Q
B
J
F
O
H
B
O
J
F
Q
}
S
Q
K
I
U
~
T
B
U
T
|
U
B
X
P
Q
B
I
B
N
I
U
T
ˆ
T
‡
JX
S
U
X
F
M
I
P
U
T
J
B
U
F
X
T
S
C
I
C
|
M
C
I
O
|
(
K
F
U
X
}
E
P
S
X
B
K
‚
P
U
T
B
O
}
N
W
F
S
F
U
T
|
M
B
X
B
JU
$
JB
F
H
S
}
O
(
I
V T
P W
T O
‡ ~
S M
E W
V T
P I B
F U S
N T ~
I I U
T T O
B
ˆ | S
P G I
M
~
D
I S
V
Y H
P
V V
U
I
F
I
JD T U
F ‡ O
E S
|
U
O F
B
q0 X
B
S
~
U
O
B
S
I
D
K
P
‚
F
H
}
N
P
O
}
N
M
B
G
T
(
ˆ
P
N
T
JB
E
F
X
T
K
F
X
~
‚
O
V
T
JK
U
F
U
D
H
}
M
(
ˆ
P
N
T
JB
E
F
X
T
K
F
X
~
‚
O
V
T
JK
U
F
N
B
O
W
G
N
V
T
J
F
X
S
|
Q
V
B
O
F
U
T
‰
F
U
T
N
‚
V
4
K
B
H
S
V
P
JU
F
M
I
T
F
Q
~
M
I
N
B
X
ˆ
M
P
2
V
P
X
H
}
M
F
ˆ
P
JX
M
F
U
‡
JX
U
JI
P
Q
P
U
JT
Q
P
U
T
B
O
}
N
P
E
F
E
B
U
I
T
|
C
F
N
F
U
D
H
}
M
(
B
N
W
U
Q
N
ˆ
5
V
P
T
‡
S
E
P
F
N
I
T
‡
M
I
Y
V
ˆ
M
P
2
B
S
}
B
V
P
O
}
N
T
JF
Q
F
Q
B
U
I
U
‡
T
P
Q
I
M
|
H
F
N
ˆ
M
P
2
B
N
I
M
C
‡
S
2
K
P
U
O
P
M
M
|
JC
S
F
Q
B
T
B
S
X
P
N
S
F
‚
~
M
I
Y
V
ˆ
M
P
2
~
O
W
S
U
M
G
O
W
U
B
F
JX
P
U
T
B
U
F
U
T
~
U
T
B
U
B
JX
U
O
B
~
F
U
T
S
B
‚
B
-
JK
F
T
~
JU
B
Q
B
JK
U
T
J
B
U
O
P
O
S
X
P
Q
B
U
O
B
B
O
V
P
Q
B
S
U
M
G
F
U
T
~
U
T
B
U
B
X
H
F
B
S
U
M
G
P
S
Q
B
U
T
ˆ
P
S
F
O
K
‡
N
JT
S
W
X
JB
E
K
~
X
S
B
Q
F
O
$
P
U
B
S
}
B
V
P
O
}
N
T
JF
Q
F
Q
V
P
U
V
P
E
‡
JT
F
B
T
B
S
X
P
N
S
F
‚
I
U
F
U
D
H
}
M
(
ˆ
P
S
F
O
K
}
U
JT
S
W
X
JB
E
K
V
P
U
J
B
X
O
W
S
U
M
G
O
W
U
B
N
I
U
T
ˆ
T
B
U
B
N
‰
O
X
V
Q
N
V
T
O
ˆ
P
U
JT
U
B
N
I
X
T
B
O
O
ˆ
P
S
P
Q
N
O
F
E
J
U
‡
F
U
F
‚
JW
B
C
F
%
B
S
~
U
O
B
S
I
D
O
P
U
T
B
T
}
N
I
T
|
G
~
S
H
V
F
T
ˆ
P
S
F
O
K
P
E
P
T
(
B
S
~
U
O
B
S
I
D
V
P
U
P
E
P
T
F
O
I
U
J
B
X
B
S
U
M
G
B
U
T
B
T
F
N
|
O
B
F
U
T
~
U
T
B
U
B
JX
U
O
B
~
F
U
T
S
B
‚
B
X
F
U
D
|
S
G
P
Q
B
J
B
X
F
U
D
H
}
M
(
B
X
|
M
Q
~
JX
U
JT
M
B
H
H
B
S
U
T
~
V
P
E
‡
JT
F
K
F
Œ
B
E
C
M
B
C
I
O
}
N
W
M K
V F
P Œ
%
P
U
J
B
X
K
F
E
C
M
B
C
P
S
U
X
F
M
I
JK
U
~
U
JT
O
P
S
X
P
S
‡
G
P
S
U
O
F
X
X
F
O
P
U
F
U
D
H
}
M
(
B
N
W
M
X
ˆ
X
‡
JX
S
U
X
F
M
I
K
P
U
B
N
N
|
S
H
P
S
Q
P
M
X
ˆ
X
O
P
U
T
B
M
B
N
W
O
$
I
U
I
S
I
M
X
‡
M
P
~
I
O
|
S
C
N
F
N
I
U
F
U
T
~
U
T
B
U
B
JX
U
O
B
J
B
X
F
U
T
S
B
‚
B
B
E
C
M
B
C
K
I
T
I
O
O
}
H
B
O
B
B
S
}
B
K
F
Œ
B
E
C
M
B
C
~
JX
U
B
N
W
U
U
B
M
F
~
I
O
}
N
W
M
V
P
%
K
I
T
F
Q
K
I
U
K
B
H
S
V
JP
N
I
E
I
T
|
G
I
U
|
U
B
X
P
O
‡
N
P
M
X
ˆ
X
O
P
U
F
U
|
U
B
N
B
U
5
~
Q
P
X
JB
E
I
T
I
O
X
X
F
B
S
~
U
O
B
S
I
D
V
P
U
V
P
M
X
ˆ
X
V
P
U
~
Q
P
X
JB
E
~
I
T
B
C
N
}
Q
F
I
U
I
O
X
P
JS
F
9
K
I
U
Q
‡
X
JB
E
~
JB
F
M
|
G
T
B
~
JX
U
B
N
W
U
U
B
M
(
J
B
U
F
Z
J|
F
S
X
O
|
F
F
U
T
~
U
T
B
U
B
JX
U
O
B
J
B
X
F
U
D
H
}
M
(
K
F
S
~
U
T
B
JH
T
J
P
O
}
N
W
S
F
.
V
P
T
}
N
ˆ
P
JX
U
O
B
S
I
D
V
P
U
B
U
I
U
J‡
P
Q
O
I
U
J
B
X
I
N
‚
|
U
T
I
U
F
U
D
H
}
M
(
F
U
T
S
B
‚
B
P
T
}
N
‡
JX
U
O
B
S
I
D
P
U
F
U
T
~
U
T
B
U
B
JX
U
O
B
~
F
U
T
‰
S
I
M
Q
N
V
5
V
P
T
}
N
ˆ
P
JX
U
O
B
S
I
D
J|
N
I
Z
~
JB
F
M
‰
Q
$
K
F
S
~
U
T
B
JH
T
K
V
P
U
JK
F
T
‰
O
I
M
W
T
JK
U
T
K
P
U
O
P
M
M
|
JC
S
F
Q
B
T
B
S
X
P
N
S
F
‚
~
M
I K
N B
B T
X B
ˆ H
M S
P JF
2E
B
S
}
B
V
P
O
}
N
T
JF
Q
F
Q
V
P
U
V
P
E
‡
D
F
B
T
B
S
X
P
N
S
F
‚
I
U
F
U
T
‰
‚
S
JP
'
JB
F
H
S
}
O
(
I
S
I
M
X
‡
M
P
~
I
O
|
S
C
N
F
N
I
U
F
U
T
~
U
T
B
U
B
JX
U
O
B
~
F
U
T
S
B
‚
B
X
J
B
X
F
U
D
H
}
M
(
|
U
F
N
K
B
S
}
B
K
P
O
}
N
T
JF
Q
F
Q
J
F
X
S
|
Q
V
O
F
'
B
E
C
M
B
C
I
U
B
S
~
U
O
B
S
I
D
O
P
U
B
E
C
M
B
C
~
JX
U
M
B
U
T
B
O
B
~
V
P
E
‡
JT
F
B
E
C
M
B
C
~
JX
U
B
N
W
U
U
B
M
(
B
N
W
U
Q
N
ˆ
5
K
B
T
B
H
S
JF
E
~
P
S
J
F
X
S
|
Q
V
O
F
'
B
JU
$
B
N
I
M
C
‡
S
2
J
B
X
~
U
JT
O
P
S
X
V
P
S
‡
G
P
S
U
O
F
X
X
F
V
P
U
V
P
M
X
ˆ
X
V
P
U
B
U
B
N
~
T
B
U
F
U
D
H
}
M
(
K
P
U
B
N
N
|
S
H
P
S
Q
V
P
U
B
N
~
T
‡
JX
S
U
X
F
M
I
‡
JX
U
B
N
W
U
U
B
M
(
K
I
T
F
Q
I
T
‰
U
Q
I
M
|
H
F
N
|
JX
M
P
C
S
F
Q
7
a
V
P
T
‡
S
E
P
F
N
I
T
~
M
I
Y
V
ˆ
M
P
2
a
F
Q
}
M
%
V
P
T
}
N
ˆ
P
JX
U
O
B
S
I
D
V
P
U
I
T
I
O
X
B
O
$
B
S
}
B
V
P
O
}
N
T
JF
Q
F
Q
V
P
U
I
T
F
Q
O
I
U
F
U
T
~
D
V
B
~
~
P
S
I
U
F
U
T
J‰
F
/
B
S
}
B
V
P
O
}
N
T
JF
Q
F
Q
JK
F
T
ˆ
P
S
X
K
}
JX
N
M
B
2
K
B
U
O
‰
U
JT
‚
B
X
H
F
JK
F
T
ˆ
P S K
X I
K T
} F
JX Q
N P

M F
B X
Q P
K E
} J
JX B
M X
P ~
C
S B
F E
Q C
V M
JK B
U C
F ~
U
F JX
H U
ˆ M
B
F U
G T
P B
Q O
$B
K
B
T
B
H
S
JF
E
I
T
W
O
~
M
W
T
P
E
P
D
}
O
I
U
T
V
P
T
‡
S
E
P
F
N
I
T
‡
M
I
Y
V
ˆ
M
P
2
I
U
T
~
P
S
U
M
G
‡
JX
M
F
U
P
U
T
I
O
‡
X
5
I
O
‡
X
5
P
U
J
B
X
K
F
E
C
M
B
C
P
S
U
X
F
M
I
JK
U
~
U
JT
O
P
S
X
P
S
‡
G
P
S
U
O
F
X
X
F
O
P
U
F
U
D
H
}
M
(
B
N
W
M
X
ˆ
X
‡
JX
S
U
X
F
M
I
K
P
U
B
N
N
|
S
H
P
S
Q
V
P
U
P
M
X
ˆ
X
O
P
U
T
B
M
B
N
W
O
$
I
O
|
S
C
N
F
N
I
U
F
U
T
~
U
T
B
U
B
JX
U
O
B
~
F
U
T
S
B
‚
B
-
I
S
I
M
X
‡
M
P
~
I
O
|
S
C
N
F
N
I
U
F
U
T
~
U
T
B
U
B
JX
U
O
B
~
F
U
T
S
B
‚
B
X
J
B
X
F
U
D
H
}
M
(
B
E
C
M
B
C
I
U
B
E
C
M
B
C
I
U
K
P
S
Q
V
P
X
H
}
M
F
B
N
~
T
P
U
F
U
D
H
}
M
(
B
X
|
M
Q
~
JX
U
JT
M
B
H
H
B
S
U
T
~
JX
U
B
N
W
U
U
B
M
(
F
U
T
~
U
T
B
U
B
JX
U
O
B
~
F
U
T
S
B
‚
B
X
J
B
X
F
U
D
H
}
M
(
~
JX
M
P
C
S
F
Q
V

F
M
B
X
P
S
Q
K
I
T
I
O
O
}
H
B
O
B
B
S
}
B
V
P
U
V
P
E B
‡ S
D }
F B
I V
T P
WU
O B
~ U
I
M U
Wˆ
T X
B
+U
I
T
W
O
~
M
W
T
I
U
T
B
S
~
U
JW
F
N
O
P
U
~
I
T
W
O
~
M
W
T ~ K
U I
JU T
S I
F O
O
Q }
O H
I B
U O
F B
U
T B
} S
JS }
B B
G V
P
$U
B
S
}
B
V
P
O
}
N
T
JF
Q
F
Q
~
P
S
I
M
|
H
F
N
|
JX
M
P
C
S
F
Q
7
ˆ
P
N
T
JB
E
F
X
T
O
‰
X
I
‚
O
V
T
O
W
U
J
F
T
|
C
F
U
T
‰
‚
S
JP
'
K
B
H
S
V
P
JU
F
M
I
T
F
Q
~
M
I
N
B
9
V
P
U
I
U
O
|
U
B
X
B
U
T
I
T
F B
Q S
~
~ U
M O
I B
N S
B I
9D
V
P
E
‡
JT
F
B
E
C
M
B
C
F
T
~
P
S
S
JB
E
~
B
N
W
U
U
|
M
(
B
S
}
B
V
P
U
~
P
S
K
I
E
‰K
C I
V T
S I
P O
‚ O
}
ˆ H
M B
P O
2B
K
I
T
F
Q
I
T
‰
U
Q
~
JX
M
P
C
S
F
Q
7
B
E
C
M
B
C
~
JX
U
M
B
U
T
B
O
B
F
T
~
P
S
S
JB
E
~
B
N
W
U
U
|
M
(
K
I
T
I
O
O
}
H
B
O
B
B
S
}
B
~
P
S
~
JX
M
P
C
S
F
Q
7
P
T
}
N
‡
JX
U
O
B
S
I
D
P
U
F
U
T
~
U
T
B
U
B
JX
U
O
B
~
F
U
T
JO
X
T
P
X
J
B
X
F
U
D
H
}
M
(
K
F
S
~
U
I
G
P
S
S
P
Q
B
K
V
P
U
T
V
P
T
}
N
ˆ
P
JX
U
O
B
S
I
D
I
O
‡
X
5
P
U
K
F
O
|
S
C
N
F
N
JK
U
F
U
T
~
U
T
B
U
B
JX
U
O
B
J
B
X
~
F
U
T
S
B
‚
B
X
J
B
X
F
U
D
H
}
M
(
O
W
S
U
M
G
~
O
W
E
C
M
B
C
B
H
S
V
P
JU
F
M
~
X
B
-
B
N
H
}
M
Q
P
U
J
B
X
~
V
P
E
‡
D
F
~
V
P
E
‡
JT
F
P
S
U
M
G
K
I
T
I
O
O
}
H
B
O
B
B
S
}
B
JB
F
M
‰
Q
B
~
JX
M
P
C
S
F
Q
7
a
K
I
T
I
O
O
}
H
B
O
B
B
S
}
B
~
P
S
~
JX
M
P
C
S
F
Q
a7
F
Q
}
M
%
K
I
JD
S
~
U
T
P
Q
‚
K
~
JX
O
X
F
U
B
T
F
S
I
Q
‚
O
I
U
F
U
T
}
M
B
X
O
‰
C
B
M
C
P
H
P
M
|
U
B
X
O
P
U
I
T
|
C
F
N
F
U
F
T
~
U
T
B
U
B
X
P
Q
B
B
O
F
U
F
S
P
Q
N
O
F
E
‚
P
Q
B
N
I
M
C
‡
S
Q
J
F
X
S
|
Q
‚
O
|
(
6SDJQROR
(VSDQKRO
(VSDÆRO
=: =:
$QWHV GH LQLFLDU OD ORFDOL]DFLÊQ GH IDOORV FRPSUREDU TXH ODV FRQGLFLRQHV GH VHUYLFLR TXH VH LQGLFDQ HQ OD SHJDWLQD GH FDUDFWHUõVWLFDV FRLQFLGHQ FRQ ODV FRQGLFLRQHV UHDOHV GH VHUYLFLR
&RPSUREDU VL ORV VHFDGRUHV SUHVHQWDQ DOJXQD LUUHJXODULGDG GXUDQWH HO IXQFLRQDPLHQWR
&RPSUREDU OD DOLPHQWDFLÊQ GH FRUULHQWH
&RPSUREDU OD SUHVLÊQ GH VHUYLFLR PõQLPDP [LPD
&RPSUREDU OD WHPSHUDWXUD GH HQWUDGD GHO DLUH FRPSULPLGR
&RPSUREDU OD FDSDFLGDG P [LPD GHO FRPSUHVRU
&RPSUREDU TXH OD Y OYXOD GH GHULYDFLÊQ HVW FHUUDGD \ TXH ODV Y OYXODV GHO EORTXH GHO VHFDGRU HVW Q DELHUWDV
&RPSUREDU TXH ORV VHSDUDGRUHV GH FRQGHQVDGR GH ORV ILOWURV IXQFLRQD FRUUHFWDPHQWH \ TXH OD FDõGD GH SUHVLÊQ HVW GHQWUR GH ORV OõPLWHV DGPLVLEOHV
$WHQFLÊQ $QRWDU WRGD OD LQIRUPDFLÊQ H LUUHJXODULGDGHV
$QWHV GH LQLFLDO FXDOTXLHU WUDEDMR GH PDQWHQLPLHQWR R UHSDUDFLÊQ GHO VHFDGRU GHVFRQHFWDU OD WHQVLÊQ GH OD UHG GHVSUHVXUL]DU ORV FLOLQGURV Y DVH OD S J \ WRPDU ODV PHGLGDV QHFHVD
ULDV SDUD HYLWDU OD SXHVWD HQ PDUFKD LQYROXQWDULD GHO VHFDGRU
/DV DYHUõDV HO FWULFDV GHEHQ VHU UHSDUDGDV SRU XQ PHF QLFR HOHFWULFLVWD 'HEHU FRPSUREDU TXH ORV FDEOHV QR HVW Q GHVJDVWDGRV GHWHULRUDGRV R URWRV \ TXH ORV ERUQHV HVW Q ELHQ VXMH
WR
=: =:
$QRPDOõD
3XQWR GH URFõR H[FHVLYR
6õQWRPD
,QGLFDFLÊQ GH SXQWR GH URFõR H[
FHVLYR
FHVLYR
4XHGD DJXD OõTXLGD HQ OD WXEHUõD
GHVSX V GHO VHFDGRU
&DXVD
7DPDÆR LQFRUUHFWR GHO VHFDGRU
&DQWLGDG H[FHVLYD GH DLUH FRPSULPLGR
3UHVLÊQ GH VHUYLFLR LQVXILFLHQWH
7HPSHUDWXUD DPELHQWH GHPDVLDGR HOHYDGD
1ÔPHUR LQVXILFLHQWH GH VHSDUDGRUHV GH DJXD HQ ORV SUH
ILOWURV
(QWUD DJXD OõTXLGD HQ HO VHFDGRU
9 OYXODV X RULILFLRV GH HQWUDGD EORTXHDGRV
3HUWXUEDFLÊQ GHO SURJUDPD FõFOLFR
9 OYXODV GH DLUH GH SXUJD EORTXHDGDV R DYHULDGDV
,QWHUIHUHQFLD PDQXDO R LQWHUUXSFLÊQ GHO FLFOR GHO VHFDGRU
1R KD\ FLUFXODFLÊQ
$FFLÊQ FRUUHFWRUD
&RPSUREDU ODV FRQGLFLRQHV QRPLQDOHV GH VHUYLFLR
&RQWUDVWDU FRQ ORV GDWRV GHO FHUWLILFDGR GH SUXHED ILQDO
ILQDO
5HDMXVWDU ODV FRQGLFLRQHV QRPLQDOHV GH VHUYLFLR
/LPSLDU FDPELDU ORV HOHPHQWRV ILOWUDQWHV R LQVWDODU ILOWURV
TXH FXPSODQ FRQ ODV QRUPDV
&RPSUREDU OD WHPSHUDWXUD GH HQWUDGD GHO DLUH FRPSULPL
GR HO VLVWHPD GH ILOWURV \ ORV VHSDUDGRUHV GH DJXD
$VHJXUDUVH GH TXH QR SXHGD SURGXFLUVH FRQGHQVDFLÊQ
HQWUH ORV ILOWURV \ OD HQWUDGD GHO VHFDGRU
&RPSUREDU GHVEORTXHDU OLPSLDU R FDPELDU
&RPSUREDU HO WHPSRUL]DGRU GH OHYD ODV Y OYXODV GH VROH
QRLGH \ ORV FLUFXLWRV HO FWULFRV
/LPSLDU FDPELDU OD PHPEUDQD R OD Y OYXOD FRPSOHWD
'HWHQHU HO FLFOR ÔQLFDPHQWH GXUDQWH OD IDVH GH SUHVXUL]D
FLÊQ DUUDQTXHSDUDGD
&RPSUREDU \ VL HV QHFHVDULR FDPELDU
)XVLEOH R LQWHUUXSWRUHV GHIHFWXRVRV
6LOHQFLDGRUHV VXFLRV
&RPSUREDU HO QLYHO \ OD FDOLGDG GHO GHVHFDQWH $ÆDGLU
GHVHFDQWH R FDPELDUOR /LPSLDU ORV VLOHQFLDGRUHV
3 UGLGD R GHWHULRUR GHO GHVHFDQWH
7HPSHUDWXUD DPELHQWH GH ODV WXEHUõDV GH SURFHVR GHPD 5HDMXVWDU OD WHPSHUDWXUD GH VDOLGD GHO DLUH FRPSULPLGR
VLDGR EDMD
1R KD\ DLUH FRPSULPLGR GHVSX V 9 OYXODV GH HQWUDGD R GH UHWHQFLÊQ DYHULDGDV
GHO VHFDGRU
&DõGD H[FHVLYD GH OD SUHVLÊQ
6HÆDO HO FWULFD GHIHFWXRVD
3ROYR
3ROYR HQ HO ILOWUR DX[LOLDU R WXE
HUõDV GH SURFHVR
)OXMR
M H[FHVLYR GH DLUH GH S
SXUJD
J
)OXMR
M GH DLUH GH S
SXUJD
J PX\
\ UXL
GRVR
&DõGD H[FHVLYD GH OD S
SUHVLÊQ
3UHVLÊQ EDMD
M GHVSX
S V GHO VHFD
GRU
/LPSLDU FDPELDU OD PHPEUDQD R OD Y OYXOD FRPSOHWD
&RPSUREDU ODV VHÆDOHV \ HO SURJUDPD GHO FLFOR GHO WHP
SRUL]DGRU GH OHYD
3XQWR GH URFõR VDOLGD H[FHVLYR
9 DVH l3XQWR GH URFõR H[FHVLYRl
5HGXFLU HO IOXMR GH DLUH FRPSULPLGR R DXPHQWDU OD SUHV
0RYLPLHQWR GHO OHFKR GH GHVHFDQWH
LÊQ
(YLWDU HO H[FHVR GH SXOVDFLRQHV ,QVWDODU XQD Y OYXOD GH
)OXMR SXOV WLO GH DLUH FRPSULPLGR
UHWHQFLÊQ \R XQ GHSÊVLWR GH DLUH
&RPSUREDU HO WHPSRUL]DGRU GH OHYD ODV Y OYXODV GH VROH
3HUWXUEDFLÊQ GHO SURJUDPD FõFOLFR
QRLGH \ ORV FLUFXLWRV HO FWULFRV
9 OYXOD GH UHWHQFLÊQ DYHULDGD R FRQ IXJDV
/LPSLDU R FDPELDU OD PHPEUDQD
&RPSUREDU OLPSLDU R FDPELDU OD PHPEUDQD R OD Y OYXOD
FRPSOHWD
9 OYXOD GH HQWUDGD DYHULDGD R FRQ IXJDV
&RPSUREDU OD VHÆDO GH PDQGR D OD Y OYXOD
2ULILFLR GHIHFWXRVR
&RPSUREDU OLPSLDU R FDPELDU
7XEHUõD GH SXUJD VDOLGD SURGXFH XQD YHORFLGDG H[FHVLYD 5HWLUDU OD WXEHUõD DGLFLRQDO R HO UHGXFWRU HQ OD WXEHUõD GH
GHO DLUH
SXUJD
)OXMR H[FHVLYR GH DLUH FRPSULPLGR
5HDMXVWDU ODV FRQGLFLRQHV QRPLQDOHV GH VHUYLFLR
3UHVLÊQ GH VHUYLFLR EDMD
3ROYR GH GHVHFDQWH HQ ORV DGVRUEHGRUHV
&RPSUREDU WDPL]DU R FDPELDU HO GHVHFDQWH
=: =:
$QRPDOõD
6õQWRPD
&DXVD
9 OYXODV R ILOWURV QR IXQFLRQDQ FRUUHFWDPHQWH
3 UGLGD H[FHVLYD GH DLUH GH SXUJD
$FFLÊQ FRUUHFWRUD
&RPSUREDU OLPSLDU \R FDPELDU PHPEUDQDV HOHPHQWR
ILOWUDQWH GH HQWUDGD R VDOLGD \R HO WDPL]
&RPSUREDU OD UHVSXHVWD GH ODV Y OYXODV D ODV VHÆDOHV GH
PDQGR
9 DVH l)OXMR H[FHVLYR GH DLUH GH SXUJDl
6L HO SUREOHPD QR VH SXHGH VROXFLRQDU HQ EDVH D HVWD OLVWD GH DYHUõDV KDFHU LQWHUYHQLU DO 'HSDUWDPHQWR GH 6HUYLFLR
3RUWXJXûV
3RUWXJXûV
3RUWRJKHVH
$QWHV GH LQLFLDU R SURFHVVR GH GHWHF˜ R GH DYDULDV YHULILTXH VH DV FRQGL˜ÒHV GH IXQFLRQDPHQWR LQGLFDGDV QR DXWRFRODQWH FRUUHVSRQGHQWH V R DV PHVPDV GDV FRQGL˜ÒHV GH IXQFLRQD
PHQWR H[LVWHQWHV
'XUDQWH R IXQFLRQDPHQWR YHULILTXH VH RV VHFDGRUHV WûP LUUHJXODULGDGHV
J 9HULILTXH R IRUQHFLPHQWR GH HQHUJLD HO FWULFD
J 9HULILTXH D SUHVV R GH IXQFLRQDPHQWR P [LPDPõQLPD
J 9HULILTXH D WHPSHUDWXUD GH HQWUDGD GR DU FRPSULPLGR
J 9HULILTXH D FDSDFLGDGH P [LPD GR FRPSUHVVRU
J 9HULILTXH VH D Y OYXOD GH GHULYD˜ R HVW IHFKDGD H VH DV Y OYXODV GH EORTXHLR GR VHFDGRU HVW R DEHUWDV
J 9HULILTXH VH RV VHSDUDGRUHV GH FRQGHQVDGR GRV ILOWURV IXQFLRQDP FRUUHFWDPHQWH H VH D TXHGD GH SUHVV R VH VLWXD GHQWUR GH OLPLWHV DFHLW YHLV
$WHQ˜ R $QRWH WRGDV DV LQIRUPD˜ÒHV H LUUHJXODULGDGHV
$QWHV GH LQLFLDU TXDOTXHU WUDEDOKR GH PDQXWHQ˜ R RX UHSDUD˜ R GR VHFDGRU GHVOLJXH D HOHFWULFLGDGH GHVSUHVVXUL]H RV FLOLQGURV YHU 3 J H WRPH PHGLGDV SDUD LPSHGLU R DUUDQTXH
DFLGHQWDO GR VHFDGRU
1R FDVR GH XPD DYDULD HO FWULFD HVWD GHYH VHU UHSDUDGD SRU XP HOHFWULFLVWD 'HYH FHUWLILFDUVH GH TXH RV FDERV Q R HVW R JDVWRV GDQLILFDGRV QHP SDUWLGRV H TXH RV JUDPSRV HVW R
EHP IL[RV
3UREOHPD
3RQWR GH FRQGHQVD˜ R HOHYDGR
&DXVD
,QGLFD˜ R GH SRQWR GH FRQGHQ
VD˜ R HOHYDGR
JXD OõTXLGD QD WXEDJHP GHSRLV
GR VHFDGRU
$F˜ R
'LPHQVLRQDPHQWR LQFRUUHFWR GR VHFDGRU
4XDQWLGDGH GH DU FRPSULPLGR HP GHPDVLD
3UHVV R GH IXQFLRQDPHQWR GHPDVLDGR EDL[D
7HPSHUDWXUD DPELHQWH GHPDVLDGR DOWD
$F˜ R
9HULILTXH DV FRQGL˜ÒHV GH FRQFHS˜ R
&RPSDUH FRP RV GDGRV LQFOXõGRV QR FHUWLILFDGR GH WHVWH
ILQDO 5HJXOH VHJXQGR DV FRQGL˜ÒHV GH FRQFHS˜ R
/LPSH VXEVWLWXD RV HOHPHQWRV ILOWUDQWHV RX LQVWDOH ILOWURV
GH DFRUGR FRP DV QRUPDV
9HULILTXH D WHPSHUDWXUD GH HQWUDGD GR DU FRPSULPLGR R
VLVWHPD GH ILOWURV H RV VHSDUDGRUHV GH JXD
JXD OõTXLGD SHQHWUD QR VHFDGRU
*DUDQWD D LPSRVVLELOLGDGH GH RFRUUûQFLD GH FRQGHQ
VD˜ R HQWUH RV ILOWURV H D HQWUDGD GR VHFDGRU
9 OYXODV GH DU GH SXUJD HQWXSLGDV RX DYDULDGDV
/LPSH VXEVWLWXD D PHPEUDQD RX WRGD D Y OYXOD
9HULILTXH R WHPSRUL]DGRU GH FDPH Y OYXODV GH VROHQÊLGH
3URJUDPD GH FLFOR SHUWXUEDGR
H FLUFXLWRV HO FWULFRV
9 OYXODV GH DU GH SXUJD HQWXSLGDV RX DYDULDGDV
/LPSH VXEVWLWXD D PHPEUDQD RX WRGD D Y OYXOD
,QWHUIHUûQFLD PDQXDO RX LQWHUUXS˜ R GR FLFOR GR VHFDGRU 'HVOLJXH VRPHQWH R FLFOR GXUDQWH D IDVH GH FUHVFLPHQWR
GH SUHVV R OLJDUGHVOLJDU
)XVõYHO RX LQWHUUXSWRUHV DYDULDGRV
9HULILTXH H VH QHFHVV ULR VXEVWLWXD
6HSDUDGRUHV GH JXD LQVXILFLHQWHV QRV SU ILOWURV
=: =:
3UREOHPD
&DXVD
$F˜ R
6LOHQFLDGRUHV VXMRV
'HVVHFDQWH SHUGLGR RX GDQLILFDGR
1 R K IOX[R GH SURFHVVR
3RHLUD
5HJXOH D WHPSHUDWXUD GH VDõGD GR DU FRPSULPLGR
$U FRPSULPLGR Q R SDVVD SHOR
VHFDGRU
4XHGD H[FHVVLYD GH SUHVV R
9 OYXODV GH HQWUDGD RX UHWHQ˜ R GDQLILFDGDV
3Ê QR ILOWUR RX QD WXEDJHP
J
GR
SURFHVVR
3RQWR GH FRQGHQVD˜ R GHPDVLDGR DOWR
9HULILTXH OLPSH RX VXEVWLWXD D PHPEUDQD RX WRGD D
Y OYXOD
9HULILTXH RV VLQDLV H R SURJUDPD GH FLFOR GR WHPSRUL]D
GRU GH FDPH
&RQVXOWH k3RQWR GH &RQGHQVD˜ R 'HPDVLDGR $OWRl
5HGX]D R IOX[R GH DU FRPSULPLGR RX DXPHQWH D SUHVV R
GH DU FRPSULPLGR
(YLWH SXOVD˜ R H[FHVVLYD LQVWDOH XPD Y OYXOD GH UH
WHQ˜ R HRX XP UHFHSWRU
9HULILTXH R WHPSRUL]DGRU GH FDPH Y OYXODV GH VROHQÊLGH
H FLUFXLWRV HO FWULFRV
/LPSH RX VXEVWLWXD D PHPEUDQD
9HULILTXH OLPSH RX VXEVWLWXD D PHPEUDQD RX WRGD D
Y OYXOD
9HULILTXH R VLQDO GH FRQWUROR SDUD D Y OYXOD
9HULILTXH OLPSH RX VXEVWLWXD
5HWLUH D WXEDJHP DGLFLRQDO RX UHGXWRU QD WXEDJHP GH
SXUJD
6LQDO HO FWULFR DYDULDGR
0RYLPHQWR GD EDVH GR GHVVHFDQWH
3URJUDPD GR FLFOR SHUWXUEDGR
)OX[R GH DU GH S
SXUJD
J PXLWR UXL
GRVR
9 OYXOD GH UHWHQ˜ R DYDULDGD RX FRP IXJDV
9 OYXOD GH HQWUDGD DYDULDGD RX FRP IXJDV
4XHGD GH SUHVV
S
R H[FHVVLYD
$F˜ R
9HULILTXH R QõYHO H D TXDOLGDGH GR GHVVHFDQWH $FUHV
FHQWH RX VXEVWLWXD R GHVVHFDQWH
GHVVHFDQWH /LPSH RV VLOHQFLD
GRUHV
7HPSHUDWXUD DPELHQWH GD WXEDJHP GR SURFHVVR GHPD
VLDGR EDL[D
3XOVD˜ R GR IOX[R GH DU FRPSULPLGR
)OX[R GH DU GH SXUJD
S J H[FHVVLYR
3UHVV R EDL[D QR VHFDGRU
2ULIõFLR DYDULDGR
$ WXEDJHP GH SXUJD GH VDõGD SURYRFD XPD YHORFLGDGH
GR DU H[FHVVLYD
)OX[R GH DU FRPSULPLGR H[FHVVLYR
3UHVV R GH IXQFLRQDPHQWR EDL[D
3RHLUD GR GHVVHFDQWH QRV DGVRUYHQWHV
9 OYXODV RX ILOWURV FRP PDX IXQFLRQDPHQWR
3HUGD GH DU GH SXUJD H[FHVVLYD
$MXVWH V FRQGL˜ÒHV GH FRQFHS˜ R
9HULILTXH R FULYR RX VXEVWLWXD R GHVVHFDQWH
9HULILTXH OLPSH HRX VXEVWLWXD PHPEUDQDV HOHPHQWRV
ILOWUDQWHV GH HQWUDGD RX VDõGD HRX FULYR
9HULILTXH D UHVSRVWD GDV Y OYXODV DRV VLQDLV GH FRQWUROR
&RQVXOWH k)OX[R GH DU GH SXUJD H[FHVVLYRl
&RQWDFWH FRP R GHSDUWDPHQWR GH DVVLVWûQFLD VH R SUREOHPD Q R SXGHU VHU FRUULJLGR WHQGR SRU EDVH HVWD OLVWD GH UHVROX˜ R GH SUREOHPDV
,WDOLDQ
,WDOLDQR
,WDOLDQR
,WDOLDQR
3ULPD GL LQL]LDUH OD ULFHUFD JXDVWL FRQWUROODUH FKH OH FRQGL]LRQL G
LPSLHJR LOOXVWUDWH VXL FRQWUDVVHJQL GHO WLSR FRUULVSRQGDQR DOOH HIIHWWLYH FRQGL]LRQL G
LPSLHJR
9HULILFDUH HYHQWXDOL DQRPDOLH GHOO
HVVLFFDWRUH GXUDQWH LO IXQ]LRQDPHQWR
&RQWUROODUH O
DOLPHQWD]LRQH HOHWWULFD
&RQWUROODUH OD SUHVVLRQH GL HVHUFL]LR PLQLPDPDVVLPD
&RQWUROODUH OD WHPSHUDWXUD GL HQWUDWD DULD FRPSUHVVD
9HULILFDUH OD FDSDFLW PDVVLPD GHO FRPSUHVVRUH
9HULILFDUH FKH OD YDOYROD GL E\SDVV VLD FKLXVD H FKH L JUXSSL YDOYRODUL GHOO
HVVLFFDWRUH VLDQR DSHUWL
9HULILFDUH LO FRUUHWWR IXQ]LRQDPHQWR GHL VHSDUDWRUL GL FRQGHQVD GHL ILOWUL H FKH OD FDGXWD GL SUHVVLRQH ULHQWUL HQWUR OLPLWL DFFHWWDELOL
=: =:
0HPR 7UDVFULYHUH WXWWH OH LQIRUPD]LRQL H OH DQRPDOLH
3ULPD GL LQL]LDUH XQ LQWHUYHQWR GL PDQXWHQ]LRQH R ULSDUDWLYR VXOO
HVVLFFDWRUH VSHJQHUH O
HVVLFFDWRUH VFDULFDUH OD SUHVVLRQH GDL FLOLQGUL YHGHUH SDJ H RVVHUYDUH OH SUHFDX]LRQL GL VLFX
UH]]D SUHVFULWWH SHU HYLWDUH FKH O
DSSDUHFFKLR SRVVD DFFLGHQWDOPHQWH DYYLDUVL
, JXDVWL HOHWWULFL GHYRQR HVVHUH ULSDUDWL GD XQ HOHWWULFLVWD FKH GRYU FRQWUROODUH L ILOL SHU YHULILFDUH FKH QRQ VLDQR XVXUDWL GDQQHJJLDWL R LQWHUURWWL H FKH L PRUVHWWL VLDQR FKLXVL VDOGDPHQWH
3UREOHPD
6LQWRPR
3XQWR GL UXJLDGD
J
HFFHVVLYDPHQWH ,QGLFD]LRQH GL SXQWR
S
GL UXJLDGD
J
HOHYDWR
HFFHVVLYDPHQWH HOHYDWR
HOHYDWR
$FTXD OLTXLGD QHOOD WXED]LRQH D
YDOOH GHOO
HVVLFFDWRUH
GHOO HVVLFFDWRUH
&DXVD SUREDELOH
'LPHQVLRQL QRQ FRUUHWWH GHOO
HVVLFFDWRUH
(FFHVVLYD TXDQWLW GL DULD FRPSUHVVD
3UHVVLRQH GL HVHUFL]LR WURSSR EDVVD
7HPSHUDWXUD DPELHQWH WURSSR HOHYDWD
5LPHGLR
&RQWUROODUH OH FRQGL]LRQL GL UHJLPH
6HSDUDWRUL GL DFTXD QHL SUHILOWUL LQVXIILFLHQWL
3XOLUH H VRVWLWXLUH JOL HOHPHQWL ILOWUR R PRQWDUH ILOWUL GL TX
DOLW LGRQHD
&RQWUROODUH OD WHPSHUDWXUD GL LQJUHVVR GHOO
DULD FRPSUHV
VD LO VLVWHPD ILOWUL H L VHSDUDWRUL GL DFTXD
9HULILFDUH O
DVVHQ]D GL FRQGHQVD WUD L ILOWUL H O
LQJUHVVR
HVVLFFDWRUH
&RQWUROODUH VEORFFDUH SXOLUH R VRVWLWXLUH
&RQWUROODUH LO WHPSRUL]]DWRUH D FDPPH OH HOHWWURYDOYROH H
LO FLUFXLWR HOHWWULFR
3XOLUH R VRVWLWXLUH OD PHPEUDQD R OD YDOYROD FRPSOHWD
,QWHUURPSHUH LO FLFOR VROR GXUDQWH OD IDVH GL DFFXPXOR
SUHVVLRQH DYYLDPHQWRDUUHVWR
&RQWUROODUH HG HYHQWXDOPHQWH VRVWLWXLUH
,QJUHVVR GL DFTXD OLTXLGD QHOO
HVVLFFDWRUH
9DOYRODH GL LQJUHVVR RG RULIL]LRL LQWDVDWRL
3URJUDPPD GHO FLFOR GLVWXUEDWR
$VVHQ]D GL IOXVVR GL SURFHVVR
3ROYHUH
9DOYRODH GL VSXUJR EORFFDWDH R GLIHWWRVDH
,QWHUIHUHQ]D PDQXDOH R LQWHUUX]LRQH GHO FLFOR GHOO
HVVLF
FDWRUH
)XVLELOH R LQWHUUXWWRUH GLIHWWRVL
6LOHQ]LDWRUL VSRUFKL
3HUGLWD R GDQQHJJLDPHQWR GHOO
HVVLFFDQWH
,QVXIILFLHQWH WHPSHUDWXUD DPELHQWH QHOOD WXED]LRQH GL
ODYRUD]LRQH
$VVHQ]D GL DULD FRPSUHVVD D
YDOOH GHOO
HVVLFFDWRUH
(FFHVVLYD FDGXWD GL SUHVVLRQH
9DOYRODH GL LQJUHVVR R GL QRQ ULWRUQR GLIHWWRVDH
3UHVHQ]D GL S
SROYHUH QHO ILOWUR D
YDOOH R QHOOD WXED]LRQH GL ODYRUD
ODYRUD
]LRQH
3XQWR GL UXJLDGD LQ XVFLWD WURSSR HOHYDWR
6HJQDOH HOHWWULFR GLIHWWRVR
6SRVWDPHQWL GHOOR VWUDWR GL HVVLFFDQWH
)OXVVR GL DULD FRPSUHVVD SXOVDQWH
3URJUDPPD GHO FLFOR GLVWXUEDWR
(FFHVVLYD SRUWDWD DULD GL VSXUJR
(FFHVVLYD UXPRURVLW GHOOD SRUWD 9DOYROD GL QRQ ULWRUQR GLIHWWRVD R FRQ SHUGLWH
WD GL DULD GL VSXUJR
9DOYROD GL LQJUHVVR GLIHWWRVD R FRQ SHUGLWH
2ULIL]LR GLIHWWRVR
9HULILFDUH ULVSHWWR DL GDWL GHO FHUWLILFDWR GHOOH SURYH ILQDOL
ILQDOL
5LSULVWLQDUH OH FRQGL]LRQL GL UHJLPH
9HULILFDUH OLYHOOR H TXDOLW GHOO
GHOO
HVVLFFDQWH
HVVLFFDQWH $JJLXQJHUH R
VRVWLWXLUH O
HVVLFFDQWH 3XOLUH L VLOHQ]LDWRUL
5HJRODUH OD WHPSHUDWXUD GL XVFLWD GHOO
DULD FRPSUHVVD
&RQWUROODUH SXOLUH HG HYHQWXDOPHQWH VRVWLWXLUH OD PHP
EUDQD R OD YDOYROD FRPSOHWD
&RQWUROODUH L VHJQDOL H LO SURJUDPPD GHO FLFOR WHPSRUL]]D
WRUH D FDPPH
9HGHUH k3XQWR GL UXJLDGD HFFHVVLYDPHQWH HOHYDWRl
5LGXUUH OD SRUWDWD GL DULD FRPSUHVVD R DXPHQWDUH OD
SUHVVLRQH GHOO
DULD FRPSUHVVD
(YLWDUH OH HFFHVVLYH SXOVD]LRQL PRQWDUH YDOYROH GL QRQ
ULWRUQR HR XQ ULFHYLWRUH
&RQWUROODUH LO WHPSRUL]]DWRUH D FDPPH OH HOHWWURYDOYROH H
LO FLUFXLWR HOHWWULFR
3XOLUH R VRVWLWXLUH OD PHPEUDQD
&RQWUROODUH SXOLUH R VRVWLWXLUH OD PHPEUDQD R OD YDOYROD
FRPSOHWD
&RQWUROODUH LO VHJQDOH GL FRPDQGR DOOD YDOYROD
&RQWUROODUH SXOLUH R VRVWLWXLUH
=: =:
3UREOHPD
6LQWRPR
(FFHVVLYD FDGXWD GL S
SUHVVLRQH
3UHVVLRQH LQVXIILFLHQWH D YDOOH
GHOO
HVVLFFDWRUH
&DXVD SUREDELOH
7XED]LRQH GL VSXUJR LQ XVFLWD FDXVD HFFHVVLYD YHORFLW
GHOO
DULD
(FFHVVLYD SRUWDWD GL DULD FRPSUHVVD
3UHVVLRQH GL HVHUFL]LR WURSSR EDVVD
3ROYHUH GL HVVLFFDQWH QHJOL DVVRUELWRUL
$QRPDOLD GL YDOYROH R ILOWUL
ILOWUL
(FFHVVLYD SHUGLWD GL DULD GL VSXUJR
5LPHGLR
5LPXRYHUH OD WXED]LRQH LQ HFFHVVR R LO ULGXWWRUH QHOOD
WXED]LRQH GL VSXUJR
5LSULVWLQDUH OH FRQGL]LRQL GL UHJLPH
UHJLPH
&RQWUROODUH YDJOLDUH R VRVWLWXLUH O
HVVLFFDQWH
&RQWUROODUH SXOLUH HR VRVWLWXLUH OH PHPEUDQH JOL HOH
PHQWL ILOWUR LQ HQWUDWD R LQ XVFLWD HR LO YDJOLR
&RQWUROODUH OD ULVSRVWD GHOOD YDOYROD DL VHJQDOL GL FRPDQ
GR
9HGHUH k(FFHVVLYD SRUWDWD DULD GL VSXUJRl
4XDORUD L SUREOHPL ULVFRQWUDWL QRQ SRWHVVHUR HVVHUH ULVROWL VXOOD EDVH GHOOD ULFHUFD JXDVWL TXL SURSRVWD FRQWDWWDUH LO VHUYL]LR DVVLVWHQ]D
=: =:
6SDUH SDUWV
3LH]DV GH UHFDPELR
3H˜DV VREUHVVHOHQWHV
(OHQFR SDUWL GL ULFDPELR
9
&
(
9
&
5
2 9
%
,
)
9
5
5 6
2
9
%
,
)
9
5
6
,
3
,
3
,
)
6
9
9
,
)
9
6
9
O
‰
JX
XU
B
MM
B
OU
B
P
EJ
X}
5
)LJ 'LEXMR GH SLH]DV GH UHFDPELR
3ODQWD GDV SH˜DV VREUHVVHOHQWHV
6FKHPD SDUWL GL ULFDPELR
J
U
D
E
J
U
D
E
J
U
D
E
J
U
D
E
J
U
D
E
J
U
D
E
J
U
D
E
J
U
D
E
J
U
D
E
J
U
D
E
J
U
D
E
J
U
D
E
J
U
D
E
J
U
D
E
J
U
D
E
J
U
D
E
J
U
D
E
J
U
D
E
J
U
D
E
J
U
D
E
J
U
D
E
9DOYROD GL QRQ ULWRUQR
0HPEUDQD
9DJOLR HVVLFFDQWH SDUWH
VXSHULRUH
9DJOLR HVVLFFDQWH SDUWH
LQIHULRUH
2ULIL]LR 7DPL] GHVHFDQWH SDUWH
VXSHULRU
2ULILFLR J
U
D
E
'
2
0
4
+
UE
R
OV
H
2
0
4
+
UE
R
OV
H
]
+
9
]
+
9
]
+
9
]
+
9
0DQÊPHWUR WDPL] GHVH
0DQÊPHWUR GR FULYR GR 0DQRPHWUR YDJOLR HVVLF
FDQWH
GHVVHFDQWH
FDQWH
6LOHQFLDGRU
6LOHQFLDGRU
6LOHQ]LDWRUH
1ÔFOHR
1ÔFOHR GR VLOHQFLDGRU
1XFOHR VLOHQ]LDWRUH
9 OYXOD GH VROHQRLGH
3XUJD GD Y OYXOD GH VR /DWR VSXUJR HOHWWURYDOYR
SXUJD
OHQÊLGH
OD
%RELQD \ PEROR
%RELQD H ûPEROR
%RELQD H SXQWDOLQR
6 6
6
$
4
+
UE
R
OV
H
'
0DQÊPHWUR
0DQÊPHWUR
'
J
U
D
E
J
U
D
E
3, 3,
$
4
+
UE
R
OV
H
'
2
0
4
+
UE
R
OV
H
2ULIõFLR GH 2ULILFLR 25
'
$
4
+
UE
R
OV
H
'
'
), ),
0DQRPHWUR
9DOYROD GL VSXUJR D VIHUD
7DPL] GHVHFDQWH IRQGR
2ULIL]LR NJ
NJ
NJ
NJ
NJ
2
0
4
+
UE
R
OV
H
NJ
$
4
+
UE
R
OV
H
'
NJ
), ),
]
+
9
]
+
9
]
+
9
]
+
9
9
9
9
9
9
9
9
]
+
9
]
+
9
]
+
9
]
+
9
]
+
9
]
+
9
]
+
9
]
+
9
R
F
WL
D
P
X
H
Q
S
P
X
H
Q
R
F
WL
P
X
H
Q
S
D
F
WL
0HPEUDQD
NJ
&9
&9
0HPEUDQD
NJ
$U GH SXUJD GH Y OYXOD
HVI ULFD
9 OYXOD GH UHWHQ˜ R
0HPEUDQD
7RSR GR FULYR GR GHVVH
FDQWH
%DVH GR FULYR GR GHVVH
FDQWH
2ULIõFLR GH 25
0HPEUDQD
NJ
9 OYXOD GH EROD DLUH GH
SXUJD
9 OYXOD GH UHWHQFLÊQ
0HPEUDQD
9 9
9
NJ
%9 %9
NJ
4W\
3DUWH =:
'HOVRUE +4$
2S]LRQH •&
'HOVRUE +4$
3LH]D =:
3H˜D =:
'HOVRUE +4$
'HOVRUE +4$
2SFLÊQ •& 2S˜ R r•&
1R
=: =:
=: =:
1R
R
F
WL
D
P
X
H
Q
S
J
U
D
E
J
U
D
E
NJ
NJ
NJ
3H˜DV VREUHVVHOHQWHV UHFRPHQGDGDV SD UD XP IXQFLRQDPHQWR GH DQRV
NJ
NJ
'HVFUL]LRQH
'HOVRUE +4$
'HOVRUE +402
'HVFUL˜ R
'HOVRUE +4$
'HOVRUE +402
3LH]DV GH UHFDPELR UHFRPHQGDGDV SDUD
DÆRV GH IXQFLRQDPLHQWR
9
]
+
9
J
U
D
E
B
OJ
‡
XS
B
HJ
|
L
UJ
L
B
MM
B
OU
B
BK
FO 
N HB
U‰ S
T V
OJ UP
V J
5 MF
9
]
+
9
0HPEUDQD
2S]LRQL
7HUPRPHWUR SXQWR GL UX
JLDGD
$ULD GL FRPDQGR PDQ
RPHWUR
9DOYROD GL VRYUDSUHV
VLRQH
J
U
D
E
J
U
D
E
'HVFULSFLÊQ
'HOVRUE +4$
'HOVRUE +402
]
+
9
0HPEUDQD
2S˜ÒHV
,QGLFDGRU GH FRU GR SRQ
WR GH FRQGHQVD˜ R
$U GH FRQWUROR GR PDQÊ
PHWUR
9 OYXOD GH GHVFDUJD GH
VHJXUDQ˜D
]
+
9
D
F
WL
P
X
H
Q
S
J
U
D
E
J
U
D
E
~
G
B
S
JH
FS
2
'HOVRUE +4$
'HOVRUE +402
]
+
9
R
F
WL
P
X
H
Q
J
U
D
E
9 OYXOD GH VHJXULGDG
]
+
9
]
+
9
]
+
9
659
659
9
]
+
9
]
+
9
3,
9
9
9
9
K
UI
L
F
E V
P
FO T
K ‡
‡ r
L E
UJ
BV
N P
WF
r IN
9T
(
]
+
9
]
+
9
]
+
9
0HPEUDQD
2SFLRQHV
,QGLFDGRU GH FRORU GH
SXQWR GH URFõR
0DQÊPHWUR DLUH GH PDQ
GR
3DUWH =:
4W\
/DWR HQWUDWD HOHWWURYDOYR
OD
%RELQD H SXQWDOLQR
]
+
9
]
+
9
]
+
9
9 9
9
3LH]D =:
3H˜D =:
9 OYXOD GH VROHQRLGH HQ (QWUDGD GD Y OYXOD GH
WUDGD
VROHQÊLGH
%RELQD \ PEROR
%RELQD H ûPEROR
3DUWL GL ULFDPELR UDFFRPDQGDWH SHU DQQL
GL IXQ]LRQDPHQWR
=: =:
4W\
3DUWH =:
2S]LRQL
9DOYROD SQHXPDWLFD 3H˜D =:
2S˜ÒHV
9 OYXOD SQHXP WLFD <
3LH]D =:
2SFLRQHV
9 OYXOD QHXP WLFD 1R
&DYR FRDVVLDOH
5HJRODWRUH GL SUHVVLRQH
7UDVIRUPDWRUH
&DER FRD[LDO
5HJXODGRU GH SUHVV R
7UDQVIRUPDGRU
6HQVRUH PHPR ER[
6HQVRU FDL[D PHPR
&DYR FRDVVLDOH
6FKHGD FLUFXLWR
&DER FRD[LDO
3ODFD GH FLUFXLWRV
'&
9
+]
9
'&
9
+]
9
'&
9
+]
9
'&
9
+]
9
+]
9
+]
9
+]
9
+]
9
+]
9
+]
9
+]
9
+]
9
FR
DWL
P
HX
SQ
D
WLF
P
HX
SQ
R
WLF
XP
QH
X~
UJ
NB
FV
QO
LFR WLFD
FWU P
HO HX
SQ
LFR
FWU
HO
R
WLF
XP
QH
X~
UJ
NB
FV
QO
PK
BU
‰N
LM
LV
B
SU
-|
UJP
C‰
LJ
BK
~S
IU IK
TR ~N
$J NO
JP
‰E
BM
‡L
OJL
DP
PB
1N
PK
BU
‰N
LM
LV
B
SU
-|
UJP
C‰
LJ
BK
~S
IU IK
TR ~N
$J NO
JP
‰E
BM
‡L
OJL
DP
PB
1N
PK
BU
‰N
LM
LV
B
SU
-|
UJP
C‰
LJ
BK
~S
IU IK
TR ~N
$J NO
JP
‰E
BM
‡L
OJL
DP
PB
1N
9
9
9
9
LFR LFR
WU DW
HOH HXP
SQ
9
U
SH
+]
9
+]
9
+]
9
6HQVRUH PHPR ER[
9
9
9
9
&RQYHUWLWRUH FFFD
'&
9
FR
DWL
P
HX
SQ
D
WLF
P
HX
SQ
6HQVRU FDL[D PHPR
'& 9
9 U
]IR
+] +
9 9
9
UD
SD
+]
9
&RQYHUVRU FFFD
LFR
WU
HOH
'&
9
'&
9
&DYR FRDVVLDOH
6FKHGD FLUFXLWR
+]
9
'&
9
+]
9
'&
9
+]
9
'&
9
+]
9
'&
9
+]
9
'&
9
+]
9
'&
9
+]
9
'&
9
+]
9
'&
9
&RQYHUWLGRU &&&$
LFR
FWU
HO
LFR
FWU
HO
&DER FRD[LDO
3ODFD GH FLUFXLWRV
8
+]
9
7
R
WLF
XP
QH
+]
9
6HQVRUH PHPR ER[
5
'&
9
X~
UJ
NB
FV
QO
6HQVRU FDL[D PHPR
(
‡K
JX
US
FX
IM
,QWHUUXWWRUH 212))
'&
9
+]
9
2S]LRQL
6FKHGD FLUFXLWR
(
B
XO
.V
2S˜ÒHV
3ODFD GH FLUFXLWRV
(
0
2SFLRQHV
&LUFXLWR LPSUHVR
6HQVRU FDMD GH PH
PRULD
&DEOH FRD[LDO
&LUFXLWR LPSUHVR
6HQVRU FDMD GH PH
PRULD
&DEOH FRD[LDO
&LUFXLWR LPSUHVR
6HQVRU FDMD GH PH
PRULD
&DEOH FRD[LDO
5HJXODGRU GH SUHVLÊQ
7UDQVIRUPDGRU
7HPSRUL]]DWRUH D
FDPPH
7HPSRUL]DGRU GH FDPH
7HPSRUL]DGRU GH OHYD
,QWHUUXSWRU OLJDUGHVOLJDU
+
,QWHUUXSWRU FRQH[LÊQ
GHVFRQH[LÊQ
6
4W\
3DUWH =:
6SLD
3H˜D =:
/ PSDGD
3LH]D =:
/ PSDUD
1R
=: =:

Documentos relacionados

Intro 2006.indd - Sistemas de Irrigação Rain Bird RJ

Intro 2006.indd - Sistemas de Irrigação Rain Bird RJ (67$d­20(7(252/Ï*,&$ $&(66Ï5,263$5$6,67(0$6'(352*5$0$d­2...

Leia mais

rplgd vxilflhqwh h qxwulwlyd

rplgd vxilflhqwh h qxwulwlyd WURSLFDLV $V VHPHQWHV VmR IiFHLV GH DG TXLULUQDPDLRULDGRVOXJDUHVHVmRIiFHLV GHFUHVFHU 8PD YDQWDJHP GH FXOWLYDU VRMD p TXH WDO FRPR RXWURV OHJXPHV IHUWLOL]D D WHUUD ...

Leia mais

BEM-VINDO AO CATÁLOGO DE PRÓTESES DA ÖSSUR

BEM-VINDO AO CATÁLOGO DE PRÓTESES DA ÖSSUR $QRVGHH[SHUL¬QFLDHPWHFQRORJLDGHPDWHULDLVHGHVLJQLQRYDGRUWRUQDUDPD˜VVXUXPO¯GHUQRGHVHQYROYLPHQWRGHVLVWHPDV SURW«WLFRVTXHRIHUHFHPXPHQFDL[HHIXQ©¥RH[WUDRUGLQ£ULRV1RVVRFDW£ORJ...

Leia mais

SÉRIE DV - Sistemas de Irrigação Rain Bird RJ

SÉRIE DV - Sistemas de Irrigação Rain Bird RJ ‡&RQ¿JXUDomRHPOLQKD PRGHORV'9'9) H'900 ‡&RQVWUXomRUREXVWDHP39& ‡)LOWUDJHPGXSODPHPEUDQDFRP¿OWUR DXWROLPSDQWHH¿OWURQRVROHQyLGH ‡$EHUWXUD PDQXDO VHP IXJD GH iJXD URGD...

Leia mais