Manual del Propietario

interferencia de ondas de radio de mayor potencia ...... endo de la región, es posible que la función de ...... 1. pulse
PDF Herunterladen
PNG-Bilder
6MB Größe 10 Downloads 23 Ansichten
Kommentar
&RQWHQLGR

,QWURGXFFLäQ   (QSRFDVSDODEUDV   /ODYHVSXHUWDV\YHQWDQLOODV   $VLHQWRVVLVWHPDVGH VHJXULGDG   3RUWDREMHWRV   ,QVWUXPHQWRV\PDQGRV   ,OXPLQDFLäQ   6LVWHPDGHLQIRHQWUHWHQLPLHQWR     &OLPDWL]DFLäQ   &RQGXFFLäQ\PDQHMR   &XLGDGRGHOYHKÞFXOR   6HUYLFLR\PDQWHQLPLHQWR   'DWRVWÚFQLFRV   ,QIRUPDFLäQGHFOLHQWHV   ¾QGLFHDOIDEÚWLFR  



,QWURGXFFLäQ

,QWURGXFFLäQ

,QWURGXFFLäQ

,QWURGXFFLäQ 6XYHKÞFXORUHSUHVHQWDXQGLVHâR FRPELQDGRGHDYDQ]DGDWHFQRORJÞD VHJXULGDGFRPSDWLELOLGDGHFROäJLFD\ HFRQRPÞD (VWH0DQXDOGH,QVWUXFFLRQHVOHSURಢ SRUFLRQDWRGDODLQIRUPDFLäQQHFHVDಢ ULDSDUDFRQGXFLUHOYHKÞFXORGHIRUPD VHJXUD\HILFLHQWH ,QIRUPHDORVRFXSDQWHVVREUHORVSRಢ VLEOHVSHOLJURVGHOHVLRQHV\DFFLGHQಢ WHVGHULYDGRVGHXQXVRLQFRUUHFWRGHO YHKÞFXOR 6LHPSUHGHEHFXPSOLUODVOH\HV\ORV UHJODPHQWRVGHOSDÞVSRUGRQGHFLUಢ FXOH'LFKDVOH\HVSXHGHQGLIHULUGH ODLQIRUPDFLäQFRQWHQLGDHQHOSUHಢ VHQWH0DQXDOGH,QVWUXFFLRQHV &XDQGRHVWH0DQXDOGH,QVWUXFFLRಢ QHVKDFHUHIHUHQFLDDXQDYLVLWDDOWDಢ OOHUOHUHFRPHQGDPRVTXHDFXGDD VX5HSDUDGRU$XWRUL]DGR&KHYUROHW 7RGRVORV5HSDUDGRUHV$XWRUL]DGRV &KHYUROHWOHRIUHFHQXQVHUYLFLRH[ಢ FHOHQWHDSUHFLRVUD]RQDEOHV3HUVRಢ

QDOH[SHULPHQWDGRIRUPDGRSRU &KHYUROHWWUDEDMDVHJëQODVLQVWUXFಢ FLRQHVHVSHFÞILFDVGH&KHYUROHW /DGRFXPHQWDFLäQSDUDHOFOLHQWHGHಢ EHUÞDHVWDUVLHPSUHDPDQRHQHOYHಢ KÞFXOR

8VRGHOSUHVHQWHPDQXDO ࿢ (VWHPDQXDOGHVFULEHWRGDVODVRSಢ FLRQHV\FDUDFWHUÞVWLFDVGLVSRQLEOHV SDUDHVWHPRGHOR'HWHUPLQDGDV GHVFULSFLRQHVLQFOXLGDVODVGH IXQFLRQHVGHODSDQWDOOD\ORV PHQëVSXHGHQQRVHUDSOLFDEOHVD VXYHKÞFXORSRUODYDULDQWHGH PRGHORODVHVSHFLILFDFLRQHVGHO SDÞVHOHTXLSDPLHQWRHVSHFLDORORV DFFHVRULRV ࿢ /DVHFFLäQ(QSRFDVSDODEUDVOH SURSRUFLRQDXQDSULPHUDYLVLäQGH FRQMXQWR ࿢ /DVWDEODVGHFRQWHQLGRVDOSULQFLಢ SLRGHOPDQXDO\GHFDGDVHFFLäQOH D\XGDUÒQDORFDOL]DUODLQIRUPDFLäQ ࿢ (OÞQGLFHDOIDEÚWLFROHSHUPLWLUÒEXVಢ FDULQIRUPDFLäQHVSHFÞILFD



࿢ (QHVWHPDQXDOVHXWLOL]DQODVGHಢ VLJQDFLRQHVGHIÒEULFDSDUDORVPRಢ WRUHV/DVGHVLJQDFLRQHVFRPHUಢ FLDOHVFRUUHVSRQGLHQWHVVHSXHGHQ HQFRQWUDUHQODVHFFLäQ'DWRVWÚFಢ QLFRV ࿢ /DVLQGLFDFLRQHVGHGLUHFFLäQ SHM L]TXLHUGDRGHUHFKDGHODQWHRGHಢ WUÒV VHUHILHUHQVLHPSUHDOVHQWLGR GHPDUFKD ࿢ /DVLQGLFDFLRQHVHQSDQWDOODSXHಢ GHQQRHVWDUHQVXLGLRPD

3HOLJUR$GYHUWHQFLD\ $WHQFLäQ  3HOLJUR (OWH[WRPDUFDGRFRQ3HOLJUR RIUHFHLQIRUPDFLäQVREUHHOULHVJR GHVXIULUOHVLRQHVIDWDOHV6LVHLJಢ QRUDGLFKDLQIRUPDFLäQSXHGHKDಢ EHUSHOLJURGHPXHUWH



,QWURGXFFLäQ  $GYHUWHQFLD

(OWH[WRPDUFDGRFRQ $GYHUWHQFLDRIUHFHLQIRUPDFLäQ VREUHULHVJRVGHDFFLGHQWHVROHಢ VLRQHV6LVHLJQRUDGLFKDLQIRUPDಢ FLäQSXHGHKDEHUULHVJRGHOHVLRಢ QHV

$WHQFLäQ (OWH[WRPDUFDGRFRQ$WHQFLäQ RIUHFHLQIRUPDFLäQVREUHSRVLEOHV GDâRVHQHOYHKÞFXOR6LVHLJQRUD GLFKDLQIRUPDFLäQHOYHKÞFXOR SXHGHVXIULUGDâRV /HGHVHDPRVPXFKDVKRUDVGHDJUDಢ GDEOHFRQGXFFLäQ &KHYUROHW

,QWURGXFFLäQ





(QSRFDVSDODEUDV

(QSRFDVSDODEUDV

'HVEORTXHRGHOYHKÞFXOR

$MXVWHGHORVDVLHQWRV

0DQGRDGLVWDQFLD

3RVLFLäQGHODVLHQWR

3XOVHHOERWäQA 'HVEORTXHDWRGDVODVSXHUWDV/DVOXಢ FHVGHHPHUJHQFLDSDUSDGHDUÒQGRV YHFHV 0DQGRDGLVWDQFLD FLHUUHFHQಢ WUDOL]DGR 

3DUDGHVSOD]DUHODVLHQWRKDFLDGHಢ ODQWHRKDFLDDWUÒVWLUHGHODSDODQFD \GHVOLFHHODVLHQWRDODSRVLFLäQGHಢ VHDGD 6XHOWHODSDODQFD\DVHJëUHVHGHTXH HODVLHQWRTXHGHEORTXHDGRHQVXVLಢ WLR 3RVLFLäQGHDVLHQWR $MXVWHGH ORVDVLHQWRV 

,QIRUPDFLäQLPSRUWDQWH SDUDVXSULPHUYLDMH

(QSRFDVSDODEUDV 5HVSDOGRGHODVLHQWR

$OWXUDGHODVLHQWR



$MXVWHGHORV UHSRVDFDEH]DV $MXVWHGHODDOWXUD

7LUHGHODSDODQFDDMXVWHODLQFOLQDಢ FLäQ\VXHOWHODSDODQFD'HMHTXHHO DVLHQWRHQFODYHDXGLEOHPHQWH 1RVHDSR\HHQHOUHVSDOGRPLHQWUDV ORDMXVWD 3RVLFLäQGHDVLHQWR $MXVWHGH ORVDVLHQWRV 

7LUHGHODSDODQFDVLWXDGDHQHOH[WHಢ ULRUGHODEDQTXHWDGHODVLHQWRKDVWD TXHHVWÚHQODSRVLFLäQGHVHDGD 3DUDEDMDUODEDQTXHWDGHODVLHQWR HPSXMHODSDODQFDYDULDVYHFHVKDFLD DEDMR 3DUDHOHYDUODEDQTXHWDGHODVLHQWR WLUHGHODSDODQFDYDULDVYHFHVKDFLD DUULED 3RVLFLäQGHDVLHQWR $MXVWHGH ORVDVLHQWRV 

7LUHGHOUHSRVDFDEH]DVKDFLDDUULED 3DUDEDMDUORSXOVHHOUHVRUWH  \ HPSXMHHOUHSRVDFDEH]DVKDFLD DEDMR 5HSRVDFDEH]DV 



(QSRFDVSDODEUDV

&LQWXUäQGHVHJXULGDG

([WUDLJDHOFLQWXUäQGHOUHWUDFWRU JXÞHORSRUHQFLPDGHOFXHUSRVLQUHಢ WRUFHUOR\HQFODYHODOHQJíHWDHQHO FLHUUH 'XUDQWHHOYLDMHWHQVHIUHFXHQWHಢ PHQWHHOFLQWXUäQDEGRPLQDOWLUDQGR VXDYHPHQWHGHODEDQGDWRUÒFLFD 3RVLFLäQGHDVLHQWR &LQWXURಢ QHVGHVHJXULGDG 6LVWHPDGH DLUEDJV 

$MXVWHGHORVUHWURYLVRUHV

5HWURYLVRUHVH[WHULRUHV

5HWURYLVRULQWHULRU

$MXVWHPDQXDO

3DUDUHGXFLUHOGHVOXPEUDPLHQWRDFಢ FLRQHODSDODQFDTXHKD\GHEDMRGHOD FDUFDVDGHOHVSHMR 5HWURYLVRULQWHULRU 

%DVWDFRQPRYHUODSDODQFDGHDMXVWH HQODGLUHFFLäQGHVHDGDSDUDUHJXODU HOÒQJXORGHORVUHWURYLVRUHV

(QSRFDVSDODEUDV $MXVWHHOÚFWULFR

$MXVWHGHOYRODQWH

6HOHFFLRQHHOUHWURYLVRUH[WHULRUFRಢ UUHVSRQGLHQWHJLUDQGRHOPDQGRDOD L]TXLHUGD / RDODGHUHFKD 5  /XHJREDVFXOHHOPDQGRSDUDDMXVWDU HOUHWURYLVRU &XDQGRVHHQFXHQWUDHQODSRVLFLäQ RQRKD\QLQJëQUHWURYLVRUVHOHFಢ FLRQDGR 5HWURYLVRUHVH[WHULRUHVFRQYH[RV $MXVWHHOÚFWULFR 5Hಢ WURYLVRUHVH[WHULRUHVSOHJDEOHV 

'HVEORTXHHODSDODQFDDMXVWHHOYRಢ ODQWHOXHJRHQFODYHODSDODQFD\DVHಢ JëUHVHGHTXHHVWÚWRWDOPHQWHEORಢ TXHDGD(OYRODQWHVäORVHGHEHDMXVಢ WDUFRQHOYHKÞFXORSDUDGR 6LVWHPDGHDLUEDJV 3RVLFLRಢ QHVGHODOODYHGHOHQFHQGLGR 





(QSRFDVSDODEUDV

9LVWDJHQHUDOGHOWDEOHURGHLQVWUXPHQWRV

(QSRFDVSDODEUDV   

6DOLGDVGHDLUHODWHUDOHV   ,OXPLQDFLäQH[WHULRU   6HâDOL]DFLäQGHJLURV\ FDPELRVGHFDUULO    &XDGURGHLQVWUXPHQWRV    %RFLQD    0DQGRVHQHOYRODQWH    6LVWHPDOLPSLD\ ODYDSDUDEULVDV    6DOLGDVGHDLUHFHQWUDOHV      3DQWDOODGHLQIRUPDFLäQ GHOSDQHO    6LVWHPDGHLQIRHQWUHWHQLಢ PLHQWR    3RUWDREMHWRV   3XHUWRV$8;86%    *XDQWHUD    /XFHVGHHPHUJHQFLD    3DODQFDVHOHFWRUDFDPELR PDQXDO   FDPELRDXWRPÒWLFR    &OLPDWL]DGRUDXWRPÒWLFR    &LHUUHFHQWUDOL]DGR  

     

3HGDOGHODFHOHUDGRU   &HUUDGXUDGHOHQFHQGLGR     3HGDOGHOIUHQR   $MXVWHGHOYRODQWH   3HGDOGHOHPEUDJXH   3DODQFDGHGHVEORTXHR GHOFDSä  



,OXPLQDFLäQH[WHULRU

*LUHHOFRQPXWDGRUGHODVOXFHV P 2)) 3DUDDSDJDUWRGDVODVOXಢ FHVJLUHHOPDQGRKDVWDODSRVLFLäQ GHGHVFRQH[LäQ 2))  $872/DVOXFHVH[WHULRUHV\ODVOXಢ FHVGHOSDQHOGHLQVWUXPHQWRVVHHQಢ FLHQGHQ\DSDJDQDXWRPÒWLFDPHQWH GHSHQGLHQGRGHODVFRQGLFLRQHVGH LOXPLQDFLäQH[WHUQDV 6HHQFLHQGHQODVOXFHVWUDVHUDV ODVOXFHVGHODPDWUÞFXOD\ODVOXFHV GHOSDQHOGHLQVWUXPHQWRV



(QSRFDVSDODEUDV

6HHQFLHQGHQODVOXFHVGHFUXFH \WRGDVODVOXFHVPHQFLRQDGDVPÒV DUULED 3XOVHHOFRQPXWDGRUGHODVOXFHV )DURVDQWLQLHEOD ,OXPLQDFLäQ &RQWURODXWRPÒಢ WLFRGHODVOXFHV 

5ÒIDJDVOX]GHFDUUHWHUD\OX] GHFUXFH

3DUDFDPELDUGHOX]GHFUXFHDOX]GH FDUUHWHUDSXOVHODSDODQFD 3DUDFDPELDUDOX]GHFUXFHYXHOYDD SXOVDURWLUDUGHODSDODQFD /X]GHFDUUHWHUD UÒIDJDV 

/XFHVGHHPHUJHQFLD

6HDFFLRQDQFRQHOERWäQe /XFHVGHHPHUJHQFLD 

(QSRFDVSDODEUDV 6HâDOL]DFLäQGHJLURV\FDPELRV GHFDUULO

%RFLQD



6LVWHPDVOLPSLD\ ODYDSDUDEULVDV /LPSLDSDUDEULVDV

3XOVHH 3DODQFD KDFLD DUULED 3DODQFD KDFLD DEDMR

,QWHUPLWHQWHGHUHFKR ,QWHUPLWHQWHL]TXLHUGR

6HâDOL]DFLäQGHJLURV\FDPELRVGH FDUULO 

%DUULGRFRQWLQXRDYHORFLGDGUÒಢ SLGD %DUULGRFRQWLQXRDYHORFLGDGOHQWD 3)XQFLRQDPLHQWRLQWHUPLWHQWH 26LVWHPDDSDJDGR 4)XQFLäQGHQLHEOD 3DUDVROLFLWDUXQëQLFREDUULGRFRQHO OLPSLDSDUDEULVDVDSDJDGRPXHYDXQ SRFRODSDODQFDKDFLDDEDMR\VXÚOಢ WHOD



(QSRFDVSDODEUDV

/LPSLDSDUDEULVDV 

6LVWHPDODYDSDUDEULVDV

&OLPDWL]DFLäQ /XQHWDWÚUPLFDWUDVHUD

7LUHGHODSDODQFD 6LVWHPDODYDSDUDEULVDV OÞಢ TXLGRGHODYDGR 

/DUHVLVWHQFLDWÚUPLFDVHDFFLRQDSXOಢ VDQGRHOERWäQ^ /XQHWDWÚUPLFDWUDVHUD 

(QSRFDVSDODEUDV 'HVHPSDâDGR\ GHVFRQJHODFLäQGHORVFULVWDOHV

*LUHHOPDQGRGHGLVWULEXFLäQGHDLUH KDVWDODSRVLFLäQ'(6&21*(/$5 5 'HVFRQJHODFLäQGHOSDUDEULVDV 'HVHPSDâDGRGHOSDUDEULVDV 

&DMDGHFDPELRV



&DPELRDXWRPÒWLFR

&DPELRPDQXDO

3DUDHQJUDQDUODPDUFKDDWUÒVFRQHO YHKÞFXORSDUDGROHYDQWHODDQLOODGH ODSDODQFDVHOHFWRUD\HQJUDQHOD PDUFKD 6LODPDUFKDQRHQWUDFRQIDFLOLGDG SRQJDODSDODQFDHQSXQWRPXHUWR VXHOWHHOSHGDOGHOHPEUDJXH\SÞVHOR GHQXHYROXHJRUHSLWDODVHOHFFLäQGH ODPDUFKD &DPELRPDQXDO 

3 HVWDFLRQDPLHQWR %ORTXHDODVUXHಢ GDVGHODQWHUDV6äORVHGHEHVHOHFಢ FLRQDU3FRQHOYHKÞFXORSDUDGR\HO IUHQRGHHVWDFLRQDPLHQWRSXHVWR 5 PDUFKDDWUÒV 6HOHFFLRQH5VäOR FRQHOYHKÞFXORSDUDGR 1 SXQWRPXHUWR 3RVLFLäQGHSXQWR PXHUWR '3DUDWRGDVODVFRQGLFLRQHVQRUPDಢ OHVGHFRQGXFFLäQ3HUPLWHDODFDMD GHFDPELRVXWLOL]DUODVPDUFKDVKDಢ FLDGHODQWH 03RVLFLäQGHPRGRPDQXDO



(QSRFDVSDODEUDV

&DPELRDXWRPÒWLFR 

$OVDOLUGHYLDMH

$UUDQTXHGHOPRWRU

&RPSUREDFLRQHVDQWHVGH FRPHQ]DUXQYLDMH ࿢ /DSUHVLäQGHORVQHXPÒWLFRV\VX HVWDGR ࿢ (OQLYHOGHDFHLWHGHOPRWRU\GHORV GHPÒVOÞTXLGRV ࿢ 7RGRVORVFULVWDOHVUHWURYLVRUHV LOXPLQDFLäQH[WHULRU\SODFDVGH PDWUÞFXODGHEHQHVWDUHQEXHQHVಢ WDGR\OLEUHVGHVXFLHGDGQLHYHR KLHOR ࿢ /DFRUUHFWDSRVLFLäQGHORVUHWURYLಢ VRUHVDVLHQWRV\FLQWXURQHVGHVHಢ JXULGDG ࿢ (OIXQFLRQDPLHQWRGHORVIUHQRVD EDMDYHORFLGDGHVSHFLDOPHQWHVL ORVIUHQRVHVWÒQKëPHGRV

࿢ *LUHODOODYHDODSRVLFLäQPXHYD OLJHUDPHQWHHOYRODQWHSDUDGHVDFಢ WLYDUHOEORTXHR ࿢ &DPELRPDQXDODFFLRQHHOHPEUDಢ JXH ࿢ &DPELRDXWRPÒWLFR3RQJDODSDಢ ODQFDVHOHFWRUDHQ3R1 ࿢ 1RDFHOHUH ࿢ *LUHODOODYHDODSRVLFLäQSLVHHO SHGDOGHOHPEUDJXH\GHOIUHQR OXHJRVXHOWHODOODYHFXDQGRHOPRಢ WRUHVWÚHQPDUFKD

(QSRFDVSDODEUDV $QWHVGHUHSHWLUHODUUDQTXHRSDUD DSDJDUHOPRWRUJLUHGHQXHYRODOODYH D

(VWDFLRQDPLHQWR ࿢ 1RHVWDFLRQHHOYHKÞFXORVREUHXQD VXSHUILFLHIÒFLOPHQWHLQIODPDEOH/D HOHYDGDWHPSHUDWXUDGHOVLVWHPD GHHVFDSHSRGUÞDLQIODPDUGLFKD VXSHUILFLH ࿢ $FFLRQHVLHPSUHHOIUHQRGHHVWDಢ FLRQDPLHQWRVLQSXOVDUHOERWäQGH GHVEORTXHR(QSHQGLHQWHVDSOÞಢ TXHORFRQWRGDODILUPH]DSRVLEOH 3DUDUHGXFLUHOHVIXHU]RSLVHHOSHಢ GDOGHOIUHQRDOPLVPRWLHPSR ࿢ 'HVFRQHFWHHOPRWRU\HOHQFHQಢ GLGR*LUHHOYRODQWHKDVWDTXHVH HQFODYHHOEORTXHRGHOPLVPR ࿢ 6LHOYHKÞFXORHVWÒHQXQDVXSHUILಢ FLHSODQDRFXHVWDDUULEDPHWDOD SULPHUDDQWHVGHGHVFRQHFWDUHO HQFHQGLGR6LHOYHKÞFXORHVWÒ FXHVWDDUULEDJLUHODVUXHGDVGHಢ ODQWHUDVHQODGLUHFFLäQFRQWUDULDDO ERUGLOOR6LHOYHKÞFXORHVWÒHQXQD FXHVWDDEDMRPHWDODPDUFKDDWUÒV DQWHVGHGHVFRQHFWDUHOHQFHQGLGR *LUHODVUXHGDVGHODQWHUDVKDFLDHO ERUGLOOR



࿢ &LHUUHODVYHQWDQLOODV ࿢ %ORTXHHHOYHKÞFXOR\DFWLYHHOVLVಢ WHPDGHDODUPDDQWLUURER /ODYHV 



/ODYHVSXHUWDV\YHQWDQLOODV

/ODYHVSXHUWDV\ YHQWDQLOODV

/ODYHVFHUUDGXUDV /ODYHV /ODYHVGHUHSXHVWR

/ODYHVFHUUDGXUDV   3XHUWDV   6HJXULGDGGHOYHKÞFXOR   5HWURYLVRUHVH[WHULRUHV   5HWURYLVRULQWHULRU   9HQWDQLOODV   7HFKR  

(OQëPHURGHODOODYHVHHVSHFLILFDHQ XQDHWLTXHWDTXHVHSXHGHTXLWDU $OSHGLUOODYHVGHUHSXHVWRGHEHLQGLಢ FDUVHHOQëPHURGHOODYHFRUUHVSRQಢ GLHQWH\DTXHODOODYHHVXQFRPSRಢ QHQWHGHOVLVWHPDLQPRYLOL]DGRU &HUUDGXUDV 

/ODYHFRQSDOHWäQSOHJDEOH

3XOVHHOERWäQSDUDGHVSOHJDUOR

3DUDSOHJDUODOODYHSXOVHHOERWäQ\ SOLHJXHODOODYHPDQXDOPHQWH

0DQGRDGLVWDQFLD 7UHVYROëPHQHV!

/ODYHVSXHUWDV\YHQWDQLOODV 'RVYROëPHQHV!

'HEHWUDWDUORFRQFXLGDGRSURWHJHUOR GHODKXPHGDG\GHODVWHPSHUDWXUDV DOWDV\HYLWHDFFLRQDUORLQQHFHVDULDಢ PHQWH



6XVWLWXFLäQGHODSLODGHOPDQGR DGLVWDQFLD 6XVWLWX\DODSLODHQFXDQWRGLVPLQX\D FRQVLGHUDEOHPHQWHVXDOFDQFH

$YHUÞD

6HXVDSDUDDFFLRQDU ࿢ &LHUUHFHQWUDOL]DGR ࿢ 6LVWHPDGHDODUPDDQWLUURER ࿢ 7DSDGHOPDOHWHUR VäORWUHVYROëಢ PHQHV ࿢ 6LVWHPDGHORFDOL]DGRUGHOYHಢ KÞFXORDODUPDGHSÒQLFR (OPDQGRDGLVWDQFLDWLHQHXQDOFDQFH PÒ[LPRDSUR[LPDGRGHPHWURV (VWHDOFDQFHSXHGHUHGXFLUVHSRULQಢ IOXHQFLDVH[WHUQDV /DVOXFHVGHHPHUJHQFLDVHLOXPLQDQ SDUDFRQILUPDUHODFFLRQDPLHQWR

6LHOFLHUUHFHQWUDOL]DGRQRVHDFWLYD FRQHOPDQGRDGLVWDQFLDSXHGHGHಢ EHUVHDORVLJXLHQWH ࿢ VHKDH[FHGLGRHODOFDQFH ࿢ ODWHQVLäQGHODSLODHVGHPDVLDGR EDMD ࿢ DFFLRQDPLHQWRUHSHWLGR\IUHFXHQWH GHOPDQGRDGLVWDQFLDIXHUDGHODOಢ FDQFHGHUHFHSFLäQGHOYHKÞFXOR VHUÒQHFHVDULRYROYHUDVLQFURQLಢ ]DUOR ࿢ VREUHFDUJDGHOFLHUUHFHQWUDOL]DGR GHELGRDXQDFFLRQDPLHQWRIUHಢ FXHQWHHQEUHYHVLQWHUYDORVVHLQಢ WHUUXPSHODDOLPHQWDFLäQGHFRಢ UULHQWHGXUDQWHXQEUHYHSHULRGRGH WLHPSR ࿢ LQWHUIHUHQFLDGHRQGDVGHUDGLRGH PD\RUSRWHQFLDSURFHGHQWHVGH RWUDVIXHQWHV

/DVSLODVQRGHEHQDUURMDUVHDODEDಢ VXUDGRPÚVWLFD'HEHQGHVHFKDUVH HQXQSXQWRGHUHFRJLGDDXWRUL]DGR SDUDVXUHFLFODMH



/ODYHVSXHUWDV\YHQWDQLOODV

/ODYHFRQSDOHWäQSOHJDEOH

/ODYHILMD +DJDVXVWLWXLUODSLODHQXQWDOOHU

%ORTXHRPDQXDOGH SXHUWDV

$WHQFLäQ (YLWHWRFDUODVVXSHUILFLHVSODQDV GHODSLODFRQORVGHGRV\DTXH HVWRDFRUWDUÒODGXUDFLäQGHOD SLOD

1RWD 8WLOLFHXQDSLODGHUHSXHVWR&5 RHTXLYDOHQWH   $EUDODWDSDGHOWUDQVPLVRU  4XLWHODSLODXVDGD(YLWHTXHOD WDUMHWDGHOFLUFXLWRHQWUHHQFRQಢ WDFWRFRQRWURVFRPSRQHQWHV  &RORTXHODSLODQXHYD$VHJëUHVH GHTXHHOSRORQHJDWLYR  TXHGD KDFLDDEDMRKDFLDODEDVH  &LHUUHODWDSDGHOWUDQVPLVRU  &RPSUXHEHHOIXQFLRQDPLHQWRGHO WUDQVPLVRUHQHOYHKÞFXOR

1RWD /DVSLODVGHOLWLRXVDGDVSXHGHQGDಢ âDUHOPHGLRDPELHQWH &XPSODFRQODOHJLVODFLäQORFDOSDUD GHVHFKDUODV 1RODVWLUHDOFXERGHODEDVXUD 1RWD &RQREMHWRGHPDQWHQHUHOWUDQVPLಢ VRUIXQFLRQDQGRFRUUHFWDPHQWH VLJDHVWDVGLUHFWULFHV (YLWHGHMDUFDHUHOWUDQVPLVRU 1RFRORTXHREMHWRVSHVDGRVHQHO WUDQVPLVRU 0DQWHQJDHOWUDQVPLVRUDOHMDGRGHO DJXD\GHODOX]VRODUGLUHFWD6LVH PRMDOÞPSLHORFRQXQWUDSRVHFR

(OEORTXHRPDQXDODOJLUDUODOODYHHQ ODUDQXUDSHUPLWHHOFLHUUHFHQWUDOLಢ ]DGR (OGHVEORTXHRPDQXDODOJLUDUODOODYH HQODUDQXUDSHUPLWHGHVEORTXHDUOD SXHUWDGHOFRQGXFWRU 1RWD *ROSHHOLJHUDPHQWHODFHUUDGXUDR FDOLHQWHODOODYHVLODSXHUWDQRVH DEUHSRUTXHODUDQXUDHVWÒKHODGDD FDXVDGHODVFRQGLFLRQHVFOLPÒWLFDV IUÞDV

/ODYHVSXHUWDV\YHQWDQLOODV

&LHUUHFHQWUDOL]DGR 3XHGHDFWLYDUHOFLHUUHFHQWUDOL]DGR GHVGHODSXHUWDGHOFRQGXFWRU(VWH VLVWHPDOHSHUPLWHEORTXHDU\GHVEORಢ TXHDUWRGDVODVSXHUWDVODWDSDGHO PDOHWHUR\ODWDSDGHOGHSäVLWRGH FRPEXVWLEOHGHVGHODSXHUWDGHOFRQಢ GXFWRUFRQHOPDQGRDGLVWDQFLD GHVGHHOH[WHULRU RFRQHOERWäQGHO FLHUUHFHQWUDOL]DGR GHVGHHOLQWHULRU  /DOODYH GHVGHHOH[WHULRUGHOYHಢ KÞFXOR \HO3,1GHEORTXHRGHOD SXHUWDGHOFRQGXFWRU GHVGHHOLQWHಢ ULRUGHOYHKÞFXOR SHUPLWHQHOFLHUUH FHQWUDOL]DGR 6LODSXHUWDGHOFRQGXFWRUQRHVWÒ ELHQFHUUDGDHOFLHUUHFHQWUDOL]DGRQR SXHGHIXQFLRQDU(VWRSXHGHFDPಢ ELDUVHHQODFRQILJXUDFLäQGHOYHಢ KÞFXOR 3HUVRQDOL]DFLäQGHOYHKÞFXOR 

%RWäQGHOFLHUUHFHQWUDOL]DGR



'HVEORTXHR 0DQGRDGLVWDQFLD

%ORTXHDRGHVEORTXHDWRGDVODV SXHUWDVODWDSDGHOPDOHWHUR\ODWDSD GHOGHSäVLWRGHFRPEXVWLEOH 3XOVHHOERWäQCSDUDEORTXHDUORV 3XOVHHOERWäQASDUDGHVEORTXHDUORV 6LODSXHUWDGHOFRQGXFWRUHVWÒ DELHUWDQRVHSXHGHQEORTXHDUQLOD SXHUWDGHOFRQGXFWRUQLODWDSDGHOGHಢ SäVLWRGHFRPEXVWLEOH(VWRSXHGH FDPELDUVHHQODFRQILJXUDFLäQGHOYHಢ KÞFXOR 3HUVRQDOL]DFLäQGHOYHKÞFXOR 

3XOVHHOERWäQA 'HVEORTXHDWRGDVODVSXHUWDV/DVOXಢ FHVGHHPHUJHQFLDSDUSDGHDUÒQGRV YHFHV 3XHGHGHVEORTXHDUVäORODSXHUWDGHO FRQGXFWRURFDPELDUODLQGLFDFLäQGH GHVEORTXHRHQODFRQILJXUDFLäQGHO YHKÞFXOR 3HUVRQDOL]DFLäQGHOYHKÞFXOR 



/ODYHVSXHUWDV\YHQWDQLOODV

%ORTXHR 0DQGRDGLVWDQFLD

'HVEORTXHDUODWDSDGHO PDOHWHUR VäORWUHVYROëPHQHV

&DPELRDXWRPÒWLFR &XDQGRODSDODQFDGHFDPELRVVH GHVSOD]DGHODSRVLFLäQ3DRWUDSRಢ VLFLäQODVSXHUWDVODWDSDGHOPDOHಢ WHURRSRUWäQWUDVHUR\ODWDSDGHOGHಢ SäVLWRGHFRPEXVWLEOHVHEORTXHDQ DXWRPÒWLFDPHQWH 3DUDGHVEORTXHDUORVSXOVHHOERWäQ GHGHVEORTXHRGHOERWäQGHFLHUUH FHQWUDOL]DGRRFRORTXHODSDODQFDGH FDPELRVHQODSRVLFLäQ3

&DPELRPDQXDO

3XOVHHOERWäQC %ORTXHDWRGDVODVSXHUWDV/DVOXFHV GHHPHUJHQFLDSDUSDGHDUÒQXQDYH] /DLQGLFDFLäQGHEORTXHRSXHGHFDPಢ ELDUVHHQODFRQILJXUDFLäQGHOYHಢ KÞFXOR 3HUVRQDOL]DFLäQGHOYHKÞFXOR 

3XOVHHOERWäQK /DWDSDGHOPDOHWHURVHGHVEORTXHDUÒ \DEULUÒPLHQWUDVWRGDVODVSXHUWDV SHUPDQHFHQEORTXHDGDV

%ORTXHRDXWRPÒWLFR (QDOJXQRVSDÞVHVDFWLYHHOEORTXHR DXWRPÒWLFRGHSXHUWDVFXDQGRFRQಢ GX]FD

&XDQGRODYHORFLGDGGHFRQGXFFLäQ HVVXSHULRUDNPKODVSXHUWDVOD WDSDGHOPDOHWHURRSRUWäQWUDVHUR\ ODWDSDGHOGHSäVLWRGHFRPEXVWLEOH VHEORTXHDQDXWRPÒWLFDPHQWH 3DUDGHVEORTXHDUORVSXOVHHOERWäQ GHGHVEORTXHRGHOERWäQGHFLHUUH FHQWUDOL]DGRRGHVFRQHFWHHOHQFHQಢ GLGR (VWRVDMXVWHVSXHGHQFDPELDUVHHQ ODFRQILJXUDFLäQGHOYHKÞFXOR3HUVRಢ QDOL]DFLäQGHOYHKÞFXOR 

/ODYHVSXHUWDV\YHQWDQLOODV  $GYHUWHQFLD

$WHQFLäQ

1RGHVDFWLYHHOEORTXHRPLHQWUDV FRQGXFH 6LODSXHUWDHVWÒGHVEORTXHDGD SXOVHHOERWäQGHFLHUUHFHQWUDOLಢ ]DGRSDUDEORTXHDUOD

1RWLUHGHODPDQLOODLQWHULRUGHOD SXHUWDPLHQWUDVHOVHJXURSDUDQLಢ âRVHVWÚHQODSRVLFLäQGHEORಢ TXHR6LORKDFHVHSXHGHGDâDU ODPDQLOODLQWHULRUGHODSXHUWD

6HJXURVSDUDQLâRV



3XHUWDV &RPSDUWLPHQWRGHFDUJD 7DSDGHOPDOHWHUR  WUHV YROëPHQHV $SHUWXUD

 $GYHUWHQFLD 8WLOLFHORVVHJXURVSDUDQLâRV VLHPSUHTXHYLDMHQQLâRVHQORV DVLHQWRVWUDVHURV 3XHGDXVDUXQDOODYHRXQGHVWRUQLಢ OODGRUDSURSLDGR 3DUDDFWLYDUHOVHJXURSDUDQLâRVFRಢ ORTXHORVVHJXURVKRUL]RQWDOPHQWH 3DUDDEULUXQDSXHUWDWUDVHUDFRQHO VHJXURSDUDQLâRVDFWLYDGRDEUDOD SXHUWDGHVGHIXHUD 3DUDGHVDFWLYDUHOVHJXURSDUDQLâRV FRORTXHORVVHJXURVYHUWLFDOPHQWH

3XOVHHOSDQHOWÒFWLOFXDQGRODWDSD GHOPDOHWHURHVWÚGHVEORTXHDGDSDUD DEULUOD /DWDSDGHOPDOHWHURWDPELÚQVHDEUH SXOVDQGRHOERWäQKHQHOPDQGRD GLVWDQFLD



/ODYHVSXHUWDV\YHQWDQLOODV

/DWDSDGHOPDOHWHURVHEORTXHDR GHVEORTXHDFXDQGRWRGDVODVSXHUWDV VHEORTXHDQRGHVEORTXHDQFRQHO PDQGRDGLVWDQFLD

 $GYHUWHQFLD 1RFLUFXOHFRQODWDSDGHOPDOHWHUR DELHUWDRHQWUHDELHUWDSHMDO WUDQVSRUWDUREMHWRVYROXPLQRVRV \DTXHSRGUÞDQHQWUDUJDVHVGH HVFDSHWä[LFRVHQHOYHKÞFXOR

$WHQFLäQ $QWHVGHDEULUODWDSDGHOPDOHಢ WHURFRPSUXHEHVLKD\REVWUXFಢ FLRQHVSRUDUULEDFRPRXQD SXHUWDGHJDUDMHSDUDHYLWDUGDಢ âRVHQODWDSDGHOPDOHWHUR&RPಢ SUXHEHVLHPSUHOD]RQDGHPRYLಢ PLHQWRSRUHQFLPD\GHWUÒVGHOD WDSDGHOPDOHWHUR 1RWD &XDQGRHOPRWRUHVWÒHQFHQGLGROD WDSDGHOPDOHWHURSXHGHDEULUVHFRQ ODSDODQFDGHODFDMDGHFDPELRVHQ

ODSRVLFLäQ3 FDPELRDXWRPÒWLFR RFRQHOIUHQRGHHVWDFLRQDPLHQWR DSOLFDGR FDPELRPDQXDO 

3RUWäQWUDVHUR GRVYROëPHQHV $SHUWXUD

1RWD 6LVHPRQWDQGHWHUPLQDGRVDFFHVRಢ ULRVSHVDGRVHQODWDSDGHOPDOHWHUR SXHGHTXHÚVWDQRVHPDQWHQJDHQ SRVLFLäQDELHUWD &LHUUH 3DUDFHUUDUODWDSDGHOPDOHWHUREÒಢ MHODKDVWDTXHVHHQFODYHELHQ 1RSXOVHHOSDQHOWÒFWLOPLHQWUDVOD FLHUUD\DTXHSRGUÞDYROYHUDDEULUOD

$WHQFLäQ $VHJëUHVHGHTXHVXVPDQRV\ RWUDVSDUWHVGHOFXHUSRDVÞFRPR ODVGHRWUDVSHUVRQDVHVWÚQDOHಢ MDGDVGHOD]RQDGHFLHUUHGHOD WDSDGHOPDOHWHUR

3DUDDEULUHOSRUWäQWUDVHURSXOVHHO SDQHOWÒFWLOPLHQWUDVHOSRUWäQWUDVHUR HVWÒGHVEORTXHDGR (OSRUWäQWUDVHURVHEORTXHDRGHVಢ EORTXHDFXDQGRWRGDVODVSXHUWDVVH EORTXHDQRGHVEORTXHDQFRQHO PDQGRDGLVWDQFLD

/ODYHVSXHUWDV\YHQWDQLOODV  $GYHUWHQFLD 1RFLUFXOHFRQHOSRUWäQWUDVHUR DELHUWRRHQWUHDELHUWRSHMDO WUDQVSRUWDUREMHWRVYROXPLQRVRV \DTXHSRGUÞDQHQWUDUJDVHVGH HVFDSHWä[LFRVHQHOYHKÞFXOR

$WHQFLäQ $QWHVGHDEULUHOSRUWäQWUDVHUR FRPSUXHEHVLKD\REVWUXFFLRQHV SRUDUULEDFRPRXQDSXHUWDGHJDಢ UDMHSDUDHYLWDUGDâRVHQHOSRUWäQ WUDVHUR&RPSUXHEHVLHPSUHOD ]RQDGHPRYLPLHQWRSRUHQFLPD\ GHWUÒVGHOSRUWäQWUDVHUR 1RWD &XDQGRHOPRWRUHVWÒHQFHQGLGRHO SRUWäQWUDVHURSXHGHDEULUVHFRQOD SDODQFDGHODFDMDGHFDPELRVHQOD SRVLFLäQ3 FDPELRDXWRPÒWLFR R FRQHOIUHQRGHHVWDFLRQDPLHQWR DSOLFDGR FDPELRPDQXDO 

1RWD 6LVHPRQWDQGHWHUPLQDGRVDFFHVRಢ ULRVSHVDGRVHQHOSRUWäQWUDVHUR SXHGHTXHÚVWHQRVHPDQWHQJDHQ SRVLFLäQDELHUWD &LHUUH 3DUDFHUUDUHOSRUWäQWUDVHUREÒMHOR KDVWDTXHVHHQFODYHELHQ 1RSXOVHHOSDQHOWÒFWLOPLHQWUDVOD FLHUUD\DTXHSRGUÞDYROYHUDDEULUOD



6HJXULGDGGHOYHKÞFXOR 6LVWHPDGHDODUPD DQWLUURER $FWLYDFLäQ

$WHQFLäQ $VHJëUHVHGHTXHVXVPDQRV\ RWUDVSDUWHVGHOFXHUSRDVÞFRPR ODVGHRWUDVSHUVRQDVHVWÚQDOHಢ MDGDVGHOD]RQDGHFLHUUHGHOSRUಢ WäQWUDVHUR 3XOVHHOERWäQCGHOPDQGRDGLVWDQಢ FLD (OVLVWHPDGHDODUPDDQWLUURERVHDFಢ WLYDDXWRPÒWLFDPHQWHWUDQVFXUULGRV VHJXQGRV (OLQGLFDGRUSDUSDGHDUÒSLGDPHQWH GXUDQWHORVSULPHURVVHJXQGRV\ DFRQWLQXDFLäQHPSLH]DDSDUSDGHDU OHQWDPHQWH



/ODYHVSXHUWDV\YHQWDQLOODV

6LHOLQGLFDGRUVLJXHSDUSDGHDQGRUÒಢ SLGDPHQWHWUDQVFXUULGRVORVSULPHURV VHJXQGRVODSXHUWDGHOFRQGXFWRU QRHVWÒFRPSOHWDPHQWHFHUUDGDRKD\ XQDDYHUÞDHQHOVLVWHPD 5HFXUUDDODD\XGDGHXQWDOOHU

'HVDFWLYDFLäQ 6LVHGHVEORTXHDHOYHKÞFXORSXOಢ VDQGRHOERWäQAHQHOPDQGRDGLVಢ WDQFLDVHGHVDFWLYDHOVLVWHPDGH DODUPDDQWLUURER

$ODUPD /DDODUPDVHSXHGHVLOHQFLDUSXOಢ VDQGRFXDOTXLHUERWäQGHOPDQGRD GLVWDQFLDRFRQHFWDQGRHOHQFHQGLGR (OVLVWHPDGHDODUPDDQWLUURERVH SXHGHGHVDFWLYDUSXOVDQGRHOERWäQ CRFRQHFWDQGRHOHQFHQGLGR

,QPRYLOL]DGRU %ORTXHRGHSXHUWDVDXWRPÒWLFR 6LDOJXQDGHODVSXHUWDVQRVHDEUHR ODOODYHGHFRQWDFWRQRHVWÒHQODSRಢ VLFLäQ$&&X21HQXQLQWHUYDORGH PLQXWRVWUDVKDEHUGHVEORTXHDGR ODVSXHUWDVFRQHOWUDQVPLVRUWRGDV ODVSXHUWDVVHEORTXHDQ\HOVLVWHPD GHDODUPDDQWLUURERVHDFWLYDDXWRಢ PÒWLFDPHQWH

'HVEORTXHRGHSXHUWDV DXWRPÒWLFR 7RGDVODVSXHUWDVVHGHVEORTXHDQ DXWRPÒWLFDPHQWHFXDQGRHOLPSDFWR VHHQYÞDDORVVHQVRUHVGHLPSDFWR FRQHOHQFHQGLGRFRQHFWDGR 6LQHPEDUJRSXHGHTXHODVSXHUWDV QRVHGHVEORTXHHQVLKD\SUREOHPDV PHFÒQLFRVHQHOVLVWHPDGHEORTXHR GHODVSXHUWDVRODEDWHUÞD

,QPRYLOL]DGRU (OVLVWHPDGHOLQPRYLOL]DGRUHVXQVLVಢ WHPDDQWLUURERDGLFLRQDOGHOYHKÞFXOR HQTXHHVWÒLQVWDODGR\HYLWDTXHOR SRQJDQHQPDUFKDSHUVRQDVQRDXಢ WRUL]DGDV/DOODYHYÒOLGDGHXQYHಢ

KÞFXORHTXLSDGRFRQXQVLVWHPDLQಢ PRYLOL]DGRUHVXQDOODYHGHFRQWDFWR FRQXQWUDQVSRQGHGRULQWHJUDGRFRಢ GLILFDGRHOHFWUäQLFDPHQWH(OWUDQVಢ SRQGHGRUHVWÒFRORFDGRHQODOODYH HQFHQGLGRGHIRUPDTXHQRVHYH 6äORVHSXHGHQXVDUOODYHVGHHQFHQಢ GLGRYÒOLGDVSDUDDUUDQFDUHOPRWRU /DVOODYHVTXHQRVHDQYÒOLGDVVäOR DEULUÒQODVSXHUWDV (OPRWRUVHLQPRYLOL]DDXWRPÒWLFDಢ PHQWHGHVSXÚVGHJLUDUODOODYHDOD SRVLFLäQGHEORTXHR /2&. \VDಢ FDUODGHODFHUUDGXUDGHOHQFHQGLGR 6LHOVLVWHPDLQPRYLOL]DGRUGHWHFWD XQDDYHUÞDFXDQGRHOHQFHQGLGRHVWÒ FRQHFWDGRHOLQGLFDGRUGHOLQPRYLOLಢ ]DGRUSDUSDGHDRVHLOXPLQD\HOPRಢ WRUQRDUUDQFD 'LUÞMDVHDVXUHSDUDGRUDXWRUL]DGR SDUDTXHUHYLVHHOYHKÞFXOR 1RWD *ROSHHOLJHUDPHQWHODFHUUDGXUDR FDOLHQWHODOODYHVLODSXHUWDQRVH DEUHSRUTXHODUDQXUDHVWÒKHODGDD FDXVDGHODVFRQGLFLRQHVFOLPÒWLFDV IUÞDV

/ODYHVSXHUWDV\YHQWDQLOODV

5HWURYLVRUHVH[WHULRUHV )RUPDFRQYH[D (OUHWURYLVRUH[WHULRUFRQYH[RFRQಢ WLHQHXQÒUHDDVIÚULFDTXHUHGXFHORV SXQWRVFLHJRV/DIRUPDGHOHVSHMR KDFHTXHORVREMHWRVSDUH]FDQPÒV SHTXHâRVORTXHDIHFWDDODDSUHFLDಢ FLäQGHODVGLVWDQFLDV

0XHYDODSDODQFDGHDMXVWHHQODGLಢ UHFFLäQGHVHDGDSDUDUHJXODUHOÒQಢ JXORGHORVUHWURYLVRUHV



3OHJDGR

$MXVWHHOÚFWULFR

$MXVWHPDQXDO

$MXVWHORVUHWURYLVRUHVH[WHULRUHVGH PRGRTXHSXHGDYHUORVODGRVGHOYHಢ KÞFXOR\WDPELÚQORVODGRVGHODSDUWH GHODFDUUHWHUDTXHTXHGDSRUGHWUÒV

6HOHFFLRQHHOUHWURYLVRUH[WHULRUFRಢ UUHVSRQGLHQWHJLUDQGRHOPDQGRDOD L]TXLHUGD / RDODGHUHFKD 5  /XHJREDVFXOHHOPDQGRSDUDDMXVWDU HOUHWURYLVRU &XDQGRVHHQFXHQWUDHQODSRVLFLäQ RQRKD\QLQJëQUHWURYLVRUVHOHFಢ FLRQDGR

3DUDODVHJXULGDGGHORVSHDWRQHV ORVUHWURYLVRUHVH[WHULRUHVEDVFXODQ GHVXSRVLFLäQGHPRQWDMHQRUPDODO UHFLELULPSDFWRVGHXQDGHWHUPLQDGD IXHU]D9XHOYDDFRORFDUHOUHWURYLVRU HQVXSRVLFLäQSUHVLRQDQGROLJHUDಢ PHQWHVREUHODFDUFDVD

 $GYHUWHQFLD 0DQWHQJDVLHPSUHORVUHWURYLVRಢ UHVFRUUHFWDPHQWHDMXVWDGRV\XWLಢ OÞFHORVGXUDQWHODFRQGXFFLäQSDUD YHUPHMRUORVREMHWRV\ORVGHPÒV



/ODYHVSXHUWDV\YHQWDQLOODV

YHKÞFXORVTXHOHURGHDQ1R FRQGX]FDFRQDOJXQRGHORVUHWURಢ YLVRUHVSOHJDGR

5HWURYLVRUHVWÚUPLFRV

6HFRQHFWDSXOVDQGRHOERWäQ^ /DFDOHIDFFLäQIXQFLRQDFRQHOPRWRU HQPDUFKD\VHGHVFRQHFWDDXWRPÒಢ WLFDPHQWHGHVSXÚVGHXQRVSRFRV PLQXWRVRSXOVDQGRHOERWäQGH QXHYR

5HWURYLVRULQWHULRU $QWLGHVOXPEUDPLHQWR PDQXDO

3DUDUHGXFLUHOGHVOXPEUDPLHQWR DMXVWHODSDODQFDTXHKD\GHEDMRGH ODFDUFDVDGHOHVSHMR

 $GYHUWHQFLD 6XYLVLäQDWUDYÚVGHOHVSHMR SXHGHSHUGHUDOJRGHFODULGDG FXDQGRVHUHJXODSDUDYLVLäQQRFಢ WXUQD

3UHVWHXQFXLGDGRHVSHFLDODOXWLಢ OL]DUHOHVSHMRUHWURYLVRULQWHULRU FXDQGRVHHQFXHQWUHUHJXODGR SDUDYLVLäQQRFWXUQD 6LQRWLHQHXQDYLVLäQFODUDKDFLD DWUÒVPLHQWUDVFRQGXFHSXHGH VXIULUXQDFROLVLäQTXHRFDVLRQH GDâRVDOYHKÞFXORDRWUDVSURSLHಢ GDGHVROHVLRQHVSHUVRQDOHV

/ODYHVSXHUWDV\YHQWDQLOODV

9HQWDQLOODV (OHYDOXQDVPDQXDOHV

(OHYDOXQDVHOÚFWULFRV  $GYHUWHQFLD 7HQJDFXLGDGRDODFFLRQDUORVHOHಢ YDOXQDVHOÚFWULFRV+D\ULHVJRGH OHVLRQHVHVSHFLDOPHQWHSDUDORV QLâRV 6LKD\QLâRVHQORVDVLHQWRVWUDVHಢ URVDFWLYHHOVHJXURSDUDQLâRVGH ORVHOHYDOXQDVHOÚFWULFRV 2EVHUYHDWHQWDPHQWHODVYHQWDQLಢ OODVFXDQGRODVFLHUUH$VHJëUHVH GHTXHQDGDTXHGHDWUDSDGR PLHQWUDVVHPXHYHQ

/DVYHQWDQLOODVSXHGHQVXELUVH\EDಢ MDUVHFRQODVPDQLYHODVGHORVHOHYDಢ OXQDV



/RVHOHYDOXQDVHOÚFWULFRVVHSXHGHQ DFFLRQDUFRQHOHQFHQGLGRFRQHFಢ WDGR $FFLRQHHOLQWHUUXSWRUGHODYHQWDQLOOD FRUUHVSRQGLHQWHSXOVHSDUDDEULUR WLUHSDUDFHUUDU

0DQHMR &RQHOHQFHQGLGRFRQHFWDGR 21  SXHGHDFFLRQDUORVHOHYDOXQDVHOÚFಢ WULFRVFRQORVLQWHUUXSWRUHVFRUUHVಢ SRQGLHQWHVTXHKD\HQORVSDQHOHVGH FDGDSXHUWD 3DUDDEULUODYHQWDQLOODSUHVLRQHHOLQಢ WHUUXSWRUKDFLDDEDMR 3DUDFHUUDUODYHQWDQLOODOHYDQWHHOLQಢ WHUUXSWRU 6XHOWHHOLQWHUUXSWRUFXDQGRHOFULVWDO OOHJXHDODSRVLFLäQGHVHDGD



/ODYHVSXHUWDV\YHQWDQLOODV  $GYHUWHQFLD

/DVSDUWHVGHOFXHUSRTXHVREUHಢ VDOJDQGHOYHKÞFXORSXHGHQJROಢ SHDUVHFRQREMHWRVDOSDVDU0DQಢ WHQJDWRGDVODVSDUWHVGHOFXHUSR HQHOLQWHULRUGHOYHKÞFXOR /RVQLâRVSXHGHQPDQHMDUORVHOHಢ YDOXQDVHOÚFWULFRV\TXHGDUDWUDಢ SDGRVSRUÚVWRV 1RGHMHHQHOYHKÞFXORODVOODYHVR DQLâRVVLQDWHQGHU (OXVRLQGHELGRGHORVHOHYDOXQDV HOÚFWULFRVSXHGHRFDVLRQDUOHVLRಢ QHVJUDYHVRXQDFFLGHQWHPRUWDO

6XELGD%DMDGDDXWRPÒWLFD /DYHQWDQLOODGHOFRQGXFWRUWLHQHXQD IXQFLäQGHVXELGDEDMDGDDXWRPÒWLFD 3DUDDEULUSRUFRPSOHWRODYHQWDQLOOD DXWRPÒWLFDPHQWHSXOVHHOLQWHUUXSWRU KDVWDHOIRQGR3DUDFHUUDUSRUFRPಢ SOHWRODYHQWDQLOODDXWRPÒWLFDPHQWH WLUHGHOLQWHUUXSWRUKDFLDDUULED (QPRGRDXWRPÒWLFRODYHQWDQLOODVH DEULUÒRFHUUDUÒSRUFRPSOHWRDXQTXH VXHOWHHOLQWHUUXSWRU

3DUDGHWHQHUODYHQWDQLOODHQODSRVLಢ FLäQGHVHDGDPLHQWUDVHVWÒVXELHQGR REDMDQGRWLUHRSXOVH\VXHOWHHOLQಢ WHUUXSWRUUHVSHFWLYDPHQWH

6HJXURSDUDQLâRVHQODV YHQWDQLOODVWUDVHUDV

)XQFLäQDQWLDWUDSDPLHQWR (QFDVRGHGHWHFWDUXQREVWÒFXOR PLHQWUDVODYHQWDQLOODGHOFRQGXFWRU VHHVWÒFHUUDQGRDXWRPÒWLFDPHQWHOD YHQWDQLOODVHDEULUÒGHIRUPDDXWRPÒಢ WLFDSDUDPD\RUVHJXULGDG

 $GYHUWHQFLD /DIXQFLäQDQWLDWUDSDPLHQWR SXHGHQRUHVSRQGHUWUDVVHUDFಢ FLRQDGDYDULDVYHFHVFRQVHFXWLYDಢ PHQWH 1RDFFLRQHHOLQWHUUXSWRUGHOHOHಢ YDOXQDVVLQPRWLYR

3XOVHHOLQWHUUXSWRURSDUDGHVDFWLYDU ORVHOHYDOXQDVHOÚFWULFRVWUDVHURV 3DUDDFWLYDUORVSXOVHGHQXHYRR

/ODYHVSXHUWDV\YHQWDQLOODV

/XQHWDWÚUPLFDWUDVHUD

1RDUDâHRGDâHORVKLORVGHOGHಢ VHPSDâDGRUFXDQGROLPSLHRUHDಢ OLFHFXDOTXLHURWURWLSRGHWUDEDMR HQODOXQHWDWUDVHUD

3DUDVROHV /RVSDUDVROHVVHSXHGHQDEDWLUR EDVFXODUKDFLDXQODGRSDUDHYLWDUHO GHVOXPEUDPLHQWR 6LORVSDUDVROHVWLHQHQHVSHMRVLQWHಢ JUDGRVODVWDSDVGHORVHVSHMRVGHಢ EHQHVWDUFHUUDGDVGXUDQWHODPDUಢ FKD 6HFRQHFWDSXOVDQGRHOERWäQ^ /DFDOHIDFFLäQIXQFLRQDFRQHOPRWRU HQPDUFKD\VHGHVFRQHFWDDXWRPÒಢ WLFDPHQWHGHVSXÚVGHXQRVSRFRV PLQXWRVRSXOVDQGRHOERWäQGH QXHYR

$WHQFLäQ 1RXWLOLFHLQVWUXPHQWRVDILODGRVR OLPSLDFULVWDOHVDEUDVLYRVHQODOXಢ QHWDWUDVHUDGHOYHKÞFXOR

 $GYHUWHQFLD 1RFRORTXHHOSDUDVROGHPRGR TXHSXHGDREVWUXLUODYLVLELOLGDGGH ODFDUUHWHUDHOWUÒILFRXRWURVREಢ MHWRV



7HFKR 7HFKRVRODU  $GYHUWHQFLD 7HQJDFXLGDGRDODFFLRQDUHOWHಢ FKRVRODU+D\ULHVJRGHOHVLRQHV HVSHFLDOPHQWHSDUDORVQLâRV 2EVHUYHDWHQWDPHQWHODVSLH]DV PäYLOHVGXUDQWHVXDFFLRQDಢ PLHQWR$VHJëUHVHGHTXHQDGD TXHGHDWUDSDGRPLHQWUDVVHPXHಢ YHQ (OWHFKRVRODUVHSXHGHDFFLRQDUFRQ HOHQFHQGLGRFRQHFWDGR



/ODYHVSXHUWDV\YHQWDQLOODV 6XELURFHUUDU 3DUDDEULUHOWHFKRVRODUFRQODIXQಢ FLäQGHLQFOLQDFLäQPDQWHQJDSUHVLRಢ QDGRHOLQWHUUXSWRU   6XHOWHHOLQWHUUXSWRUFXDQGRHOWHFKR VRODUOOHJXHDODSRVLFLäQGHVHDGD 3DUDFHUUDUHOWHFKRVRODUPDQWHQJD SUHVLRQDGRHOLQWHUUXSWRU  KDVWD TXHHOWHFKRVRODUHVWÚFHUUDGR

3HUVLDQDVRODU $EULURFHUUDU 3DUDDEULUHOWHFKRVRODUSUHVLRQHHO LQWHUUXSWRU  (OWHFKRVRODUVHDEUH DXWRPÒWLFDPHQWH3DUDGHWHQHUVX PRYLPLHQWRYXHOYDDSUHVLRQDURWUD YH]FXDOTXLHUDGHORVLQWHUUXSWRUHV 3DUDDEULUORKDVWDODSRVLFLäQGHಢ VHDGDPDQWHQJDSUHVLRQDGRHOLQWHಢ UUXSWRU   6XHOWHHOLQWHUUXSWRUFXDQGRHOWHFKR VRODUOOHJXHDODSRVLFLäQGHVHDGD 3DUDFHUUDUHOWHFKRVRODUPDQWHQJD SUHVLRQDGRHOLQWHUUXSWRU  KDVWD TXHHOWHFKRVRODUHVWÚFHUUDGR

/DSHUVLDQDVRODUVHDFFLRQDPDQXDOಢ PHQWH $EUDRFLHUUHODSHUVLDQDVRODUGHVOLಢ ]ÒQGROD &XDQGRHOWHFKRVRODUHVWÒDELHUWROD SHUVLDQDVLHPSUHHVWÒDELHUWD

 3HOLJUR /DVSDUWHVGHOFXHUSRTXHVREUHಢ VDOJDQGHOYHKÞFXORSXHGHQJROಢ SHDUVHFRQREMHWRVDOSDVDU0DQಢ WHQJDWRGDVODVSDUWHVGHOFXHUSR HQHOLQWHULRUGHOYHKÞFXOR

(OXVRLQGHELGRGHOWHFKRVRODU SXHGHRFDVLRQDUOHVLRQHVJUDYHV RXQDFFLGHQWHPRUWDO

$VLHQWRVVLVWHPDVGHVHJXULGDG

$VLHQWRVVLVWHPDVGH VHJXULGDG 5HSRVDFDEH]DV   $VLHQWRVGHODQWHURV   &LQWXURQHVGHVHJXULGDG   6LVWHPDGHDLUEDJV   6LVWHPDVGHUHWHQFLäQLQIDQWLO  



5HSRVDFDEH]DV 3RVLFLäQ  $GYHUWHQFLD &RQGX]FDVLHPSUHFRQHOUHSRVDಢ FDEH]DVDMXVWDGRHQODSRVLFLäQ FRUUHFWD 6LORVUHSRVDFDEH]DVHVWÒQGHVಢ PRQWDGRVRUHJXODGRVLQFRUUHFWDಢ PHQWHVHSXHGHQVXIULUJUDYHVOHಢ VLRQHVHQODFDEH]D\HQHOFXHOOR HQFDVRGHFROLVLäQ $QWHVGHFRQGXFLUDVHJëUHVHGH UHDMXVWDUHOUHSRVDFDEH]DV

(OERUGHVXSHULRUGHOUHVSRVDFDEHಢ ]DVGHEHHVWDUHQODSDUWHVXSHULRUGH ODFDEH]D6LHVWRQRHVSRVLEOHSDUD SHUVRQDVPX\DOWDVVHGHEHDMXVWDU HOUHSRVDFDEH]DVHQODSRVLFLäQPÒV DOWDSDUDSHUVRQDVGHSRFDHVWDWXUD VHGHEHDMXVWDUHQODSRVLFLäQPÒV EDMD



$VLHQWRVVLVWHPDVGHVHJXULGDG

5HSRVDFDEH]DVHQORVDVLHQWRV GHODQWHURV

5HSRVDFDEH]DVHQORVDVLHQWRV WUDVHURV

$VLHQWRVGHODQWHURV

$MXVWHGHODDOWXUD

$MXVWHGHODDOWXUD

3RVLFLäQGHDVLHQWR  $GYHUWHQFLD &RQGX]FDVLHPSUHFRQHODVLHQWR DMXVWDGRFRUUHFWDPHQWH

7LUHGHOUHSRVDFDEH]DVKDFLDDUULED 3DUDEDMDUORSXOVHHOUHVRUWH  \ HPSXMHHOUHSRVDFDEH]DVKDFLD DEDMR

7LUHGHOUHSRVDFDEH]DVKDFLDDUULED 3DUDEDMDUORSXOVHHOUHVRUWH  \ HPSXMHHOUHSRVDFDEH]DVKDFLD DEDMR

'HVPRQWDMH (OHYHHOUHSRVDFDEH]DVKDVWDDOFDQಢ ]DUHOWRSH 3UHVLRQHORVUHVRUWHV  \  DO PLVPRWLHPSR 7LUHGHOUHSRVDFDEH]DV

'HVPRQWDMH (OHYHHOUHSRVDFDEH]DVKDVWDDOFDQಢ ]DUHOWRSH 3UHVLRQHORVUHVRUWHV  \  DO PLVPRWLHPSR 7LUHGHOUHSRVDFDEH]DV

࿢ 6LÚQWHVHORPÒVFHUFDSRVLEOHGHO UHVSDOGR$MXVWHODGLVWDQFLDGHO DVLHQWRKDVWDORVSHGDOHVGHPRGR TXHDOSLVDUORVSHGDOHVODVSLHUಢ QDVTXHGHQGREODGDVHQXQOLJHUR

$VLHQWRVVLVWHPDVGHVHJXULGDG

࿢

࿢ ࿢

࿢ ࿢

ÒQJXOR'HVOLFHHODVLHQWRGHO DFRPSDâDQWHKDFLDDWUÒVOR PÒ[LPRSRVLEOH &RORTXHORVKRPEURVORPÒVFHUFD SRVLEOHGHOUHVSDOGR$MXVWHODLQFOLಢ QDFLäQGHOUHVSDOGRGHPRGRTXH SXHGDFRJHUHOYRODQWHFRQORVEUDಢ ]RVOLJHUDPHQWHGREODGRV$OJLUDU HOYRODQWHGHEHPDQWHQHUHOFRQಢ WDFWRGHORVKRPEURVFRQHOUHVಢ SDOGR(OUHVSDOGRQRGHEHHVWDU GHPDVLDGRLQFOLQDGRKDFLDDWUÒV /HUHFRPHQGDPRVXQÒQJXORGHLQಢ FOLQDFLäQPÒ[LPRGH¡ $MXVWHHOYRODQWH  $MXVWHODDOWXUDGHODVLHQWRGHPRGR TXHHOFDPSRYLVXDOTXHGHOLEUHKDಢ FLDWRGRVORVODGRV\SXHGDYHUWRಢ GRVORVLQVWUXPHQWRVLQGLFDGRUHV 'HEHUÞDTXHGDUFRPRPÞQLPRXQ SDOPRGHKROJXUDHQWUHODFDEH]D\ HOPDUFRGHOWHFKR/RVPXVORVGHಢ EHQTXHGDUDSR\DGRVOLJHUDPHQWH VLQSUHVLäQVREUHHODVLHQWR $MXVWHHOUHSRVDFDEH]DV  $MXVWHODDOWXUDGHOFLQWXUäQGHVHಢ JXULGDG 

$MXVWHGHORVDVLHQWRV  3HOLJUR 3DUDSHUPLWLUXQFRUUHFWRGHVSOLHಢ JXHGHODLUEDJGHEHHVWDUVHQಢ WDGRDPÒVGHFPGHOYRODQWH

 $GYHUWHQFLD



3DUDGHVSOD]DUHODVLHQWRKDFLDGHಢ ODQWHRKDFLDDWUÒVWLUHGHODSDODQFD \GHVOLFHHODVLHQWRDODSRVLFLäQGHಢ VHDGD 6XHOWHODSDODQFD\DVHJëUHVHGHTXH HODVLHQWRTXHGHEORTXHDGRHQVXVLಢ WLR

5HVSDOGRGHODVLHQWR

1XQFDDMXVWHORVDVLHQWRVPLHQಢ WUDVFRQGXFH\DTXHSRGUÞDQPRಢ YHUVHGHIRUPDLQFRQWURODGD

3RVLFLäQGHODVLHQWR

7LUHGHODSDODQFDDMXVWHODLQFOLQDಢ FLäQ\VXHOWHODSDODQFD'HMHTXHHO DVLHQWRHQFODYHDXGLEOHPHQWH 1RVHDSR\HHQHOUHVSDOGRPLHQWUDV ORDMXVWD



$VLHQWRVVLVWHPDVGHVHJXULGDG

$OWXUDGHODVLHQWR

&DOHIDFFLäQ

$WHQFLäQ 1RVHUHFRPLHQGDHOXVRSURORQಢ JDGRGHODMXVWHPÒVDOWRSDUD DTXHOODVSHUVRQDVFRQSLHOVHQVLಢ EOH

7LUHGHODSDODQFDTXHKD\HQHOH[ಢ WHULRUGHODEDQTXHWDGHODVLHQWR KDVWDTXHODEDQTXHWDHVWÚHQODSRಢ VLFLäQGHVHDGD 3DUDEDMDUODEDQTXHWDGHODVLHQWR HPSXMHODSDODQFDYDULDVYHFHVKDFLD DEDMR 3DUDHOHYDUODEDQTXHWDGHODVLHQWR WLUHGHODSDODQFDYDULDVYHFHVKDFLD DUULED

/RVERWRQHVGHODFDOHIDFFLäQGHORV DVLHQWRVHVWÒQVLWXDGRVHQORVERWRಢ QHVGHFOLPDWL]DFLäQ /DFDOHIDFFLäQGHORVDVLHQWRVIXQಢ FLRQDFRQHOPRWRUHQPDUFKD 3DUDFDOHQWDUHODVLHQWRSXOVHHOERಢ WäQGHODVLHQWRTXHGHVHDFDOHQWDU 6HLOXPLQDHOLQGLFDGRUHQHOERWäQ 3DUDGHVFRQHFWDUHOFDOHQWDGRUGHO DVLHQWRSXOVHGHQXHYRHOERWäQ

$VLHQWRVVLVWHPDVGHVHJXULGDG

&LQWXURQHVGH VHJXULGDG

$ODFHOHUDURIUHQDUEUXVFDPHQWHHO YHKÞFXORORVFLQWXURQHVVHEORTXHDQ SDUDSURWHJHUDORVRFXSDQWHV

 $GYHUWHQFLD $EUäFKHVHHOFLQWXUäQGHVHJXULಢ GDGDQWHVGHFDGDYLDMH (QFDVRGHXQDFFLGHQWHODVSHUಢ VRQDVTXHQROOHYDQORVFLQWXURQHV GHVHJXULGDGSRQHQHQSHOLJURVXV YLGDV\ODVGHORVGHPÒVRFXSDQಢ WHV /RVFLQWXURQHVGHVHJXULGDGHVWÒQGLಢ VHâDGRVSDUDVHUXWLOL]DGRVSRUXQD VRODSHUVRQDDODYH]1RVRQDGHಢ FXDGRVSDUDXVXDULRVGHPHQRVGH FP6LVWHPDGHVHJXULGDGLQIDQWLO  &RPSUXHEHSHULäGLFDPHQWHTXHWRಢ GDVODVSLH]DVGHOVLVWHPDGHFLQWXಢ URQHVIXQFLRQDQELHQ\QRSUHVHQWDQ GDâRV +DJDVXVWLWXLUFXDOTXLHUFRPSRQHQWH GDâDGR'HVSXÚVGHXQDFFLGHQWH KDJDVXVWLWXLUORVFLQWXURQHV\ORVSUHಢ WHQVRUHVGLVSDUDGRVHQXQWDOOHU



1RWD 3URFXUHTXHORVFLQWXURQHVQRTXHಢ GHQDWUDSDGRVQLVXIUDQGDâRVFDXಢ VDGRVSRUHOFDO]DGRXREMHWRVFRQ ERUGHVDILODGRV(YLWHTXHHQWUHVXಢ FLHGDGHQORVUHWUDFWRUHVGHORVFLQಢ WXURQHV 5HFRUGDWRULRGHOFLQWXUäQGHVHJXULಢ GDG7 

/LPLWDGRUHVGHIXHU]DGHORV FLQWXURQHV (QORVDVLHQWRVGHODQWHURVHVWHGLVಢ SRVLWLYRUHGXFHODIXHU]DVREUHHO FXHUSRDOGHVEORTXHDUGHIRUPD DPRUWLJXDGDHOFLQWXUäQGXUDQWHXQD FROLVLäQ



$VLHQWRVVLVWHPDVGHVHJXULGDG

3UHWHQVRUHVGHFLQWXURQHV

(QFDVRGHFROLVLRQHVIURQWDOHVODWHಢ UDOHVRWUDVHUDVDSDUWLUGHXQDGHಢ WHUPLQDGDJUDYHGDGVHWHQVDQORV FLQWXURQHVGHVHJXULGDGGHODQWHURV

 $GYHUWHQFLD /DPDQLSXODFLäQLQFRUUHFWD SRU HMHPSORGXUDQWHHOGHVPRQWDMHR PRQWDMHGHORVFLQWXURQHVRKHELಢ OODVGHORVFLQWXURQHV SXHGHGLVಢ SDUDUORVSUHWHQVRUHVGHFLQWXURಢ QHV

/DDFWLYDFLäQGHORVSUHWHQVRUHVVH LQGLFDPHGLDQWHODLOXPLQDFLäQGHO WHVWLJRGHFRQWUROT  /RVSUHWHQVRUHVGHFLQWXURQHVDFWLಢ YDGRVGHEHQVXVWLWXLUVHHQXQWDOOHU /RVSUHWHQVRUHVVHDFWLYDQVäORXQD YH]

&LQWXUäQGHVHJXULGDGGH WUHVSXQWRV $EURFKDUORVFLQWXURQHV

1RWD 1RHVWÒSHUPLWLGRPRQWDUDFFHVRಢ ULRVQLFRORFDUREMHWRVTXHSXHGDQ PHQRVFDEDUHOIXQFLRQDPLHQWRGH ORVSUHWHQVRUHVGHFLQWXURQHV1R UHDOLFHPRGLILFDFLRQHVHQORVFRPಢ SRQHQWHVGHORVSUHWHQVRUHVGHFLQಢ WXURQHVSRUTXHVHSRGUÞDDQXODUHO SHUPLVRGHFLUFXODFLäQGHOYHKÞFXOR ([WUDLJDHOFLQWXUäQGHOUHWUDFWRU JXÞHORSRUHQFLPDGHOFXHUSRVLQUHಢ WRUFHUORHLQVHUWHODOHQJíHWDHQHO FLHUUH 'XUDQWHHOYLDMHWHQVHIUHFXHQWHಢ PHQWHHOFLQWXUäQDEGRPLQDOWLUDQGR VXDYHPHQWHGHODEDQGDWRUÒFLFD 5HFRUGDWRULRGHOFLQWXUäQGHVHJXULಢ GDG 

$VLHQWRVVLVWHPDVGHVHJXULGDG

/DURSDVXHOWDRPX\JUXHVDLPSLGH TXHHOFLQWXUäQVHDMXVWHDOFXHUSR 1RFRORTXHQLQJëQREMHWRFRPRXQ EROVRRXQWHOÚIRQRPäYLOHQWUHHOFLQಢ WXUäQ\HOFXHUSR

 $GYHUWHQFLD (OFLQWXUäQQRGHEHDSR\DUVHVRಢ EUHREMHWRVGXURVRIUÒJLOHVJXDUಢ GDGRVHQORVEROVLOORVGHODURSD



$MXVWHGHODDOWXUD

'HVPRQWDMH

 3XOVHHOERWäQ  $MXVWHODDOWXUD\HQFODYH $MXVWHODDOWXUDGHPRGRTXHHOFLQWXಢ UäQSDVHSRUHOKRPEUR1RGHEHSDಢ VDUSRUHOFXHOORRODSDUWHVXSHULRUGHO EUD]R

3DUDVROWDUHOFLQWXUäQSXOVHHOERWäQ URMRGHOFLHUUH

$WHQFLäQ 1RORDMXVWHPLHQWUDVHVWÒFRQGXಢ FLHQGR

&LQWXURQHVGHVHJXULGDGHQORV DVLHQWRVWUDVHURV (OFLQWXUäQGHVHJXULGDGGHODVLHQWR FHQWUDOVäORVHSXHGHH[WUDHUGHOUHಢ WUDFWRUVLHOUHVSDOGRHVWÒHQFODYDGR HQODSRVLFLäQPÒVDWUDVDGD



$VLHQWRVVLVWHPDVGHVHJXULGDG

8WLOL]DFLäQGHOFLQWXUäQGH VHJXULGDGGXUDQWHHOHPEDUD]R

 $GYHUWHQFLD (OFLQWXUäQDEGRPLQDOGHEHSDVDU ORPÒVEDMRSRVLEOHVREUHODSHOYLV SDUDHYLWDUODSUHVLäQVREUHHODEಢ GRPHQ /RVFLQWXURQHVGHVHJXULGDGVRQëWLಢ OHVSDUDWRGRVWDPELÚQSDUDODVHPಢ EDUD]DGDV

&RPRFXDOTXLHURWURRFXSDQWHGHOYHಢ KÞFXORXQDHPEDUD]DGDWLHQHPÒV SUREDELOLGDGHVGHVXIULUOHVLRQHVJUDಢ YHVVLQROOHYDSXHVWRHOFLQWXUäQGH VHJXULGDG $GHPÒVVLHOFLQWXUäQGHVHJXULGDG VHOOHYDELHQSXHVWRHVPÒVSUREDEOH TXHHOIXWXURQLâRVDOJDLOHVRGHFXDOಢ TXLHUSRVLEOHDFFLGHQWH 3DUDREWHQHUXQDSURWHFFLäQPÒ[LPD FRQYLHQHTXHODHPEDUD]DGDXWLOLFH XQFLQWXUäQGHVHJXULGDG 'HEHFRORFDUVHODSDUWHGHOFLQWXUäQ GHVHJXULGDGTXHSDVDSRUHODEGRಢ PHQORPÒVEDMDTXHSXHGD

6LVWHPDGHDLUEDJV (OVLVWHPDGHDLUEDJVVHFRPSRQHGH YDULRVVLVWHPDVLQGLYLGXDOHV &XDQGRVHDFWLYDQORVDLUEDJVVHLQಢ IODQHQPLOLVHJXQGRV7DPELÚQVH GHVLQIODQWDQUÒSLGDPHQWHTXHDPHಢ QXGRQRVHOOHJDQDSHUFLELUGXUDQWH ODFROLVLäQ

 $GYHUWHQFLD 6LVHPDQLSXODQLQGHELGDPHQWH ORVDLUEDJVSXHGHQGLVSDUDUVH (OFRQGXFWRUGHEHUÞDVHQWDUVHOR PÒVSHJDGRDOUHVSDOGRTXHVHD SRVLEOHVLQSHUGHUHOFRQWUROGHO YHKÞFXOR6LHVWÒVHQWDGRGHPDಢ VLDGRFHUFDGHODLUEDJHVWHSRGUÞD SURGXFLUOHVLRQHVJUDYHVRIDWDOHV DOLQIODUVH 3DUDREWHQHUODPÒ[LPDSURWHFಢ FLäQHQFXDOTXLHUWLSRGHFKRTXH WRGRVORVRFXSDQWHVLQFOXLGRHO FRQGXFWRUGHEHUÒQOOHYDUVLHPSUH DEURFKDGRVORVFLQWXURQHVGHVHಢ JXULGDGDILQGHPLQLPL]DUHOULHVJR

$VLHQWRVVLVWHPDVGHVHJXULGDG GHVXIULUOHVLRQHVJUDYHVRIDWDOHV HQFDVRGHFKRTXH1RVHFRORTXH LQQHFHVDULDPHQWHFHUFDGHXQDLUಢ EDJFXDQGRHOYHKÞFXORHVWÚHQ PDUFKD $OGHVSOHJDUVHHODLUEDJSRGUÞD FDXVDUHURVLRQHVHQODFDUDRHO FXHUSROHVLRQHVSRUURWXUDGHJDಢ IDVRTXHPDGXUDVSRUODH[SORಢ VLäQ 1RWD /DXQLGDGHOHFWUäQLFDGHFRQWUROGHO VLVWHPDGHDLUEDJV\GHORVSUHWHQಢ VRUHVGHFLQWXURQHVHVWÒVLWXDGDHQ OD]RQDGHODFRQVRODFHQWUDO1RVH GHEHQGHSRVLWDUREMHWRVPDJQÚWLFRV HQGLFKD]RQD 1RSHJXHQDGDHQODVWDSDVGHORV DLUEDJVQLORVFXEUDFRQQLQJëQRWUR PDWHULDO &DGDDLUEDJVHDFWLYDXQDYH]VRODಢ PHQWH+DJDFDPELDUORVDLUEDJVDFಢ WLYDGRVHQXQWDOOHU 1RUHDOLFHPRGLILFDFLRQHVHQHOVLVಢ WHPDGHDLUEDJVSRUTXHVHSRGUÞD DQXODUHOSHUPLVRGHFLUFXODFLäQGHO YHKÞFXOR

(QFDVRGHGHVSOLHJXHGHODLUEDJ DFXGDDXQWDOOHUSDUDHOGHVPRQWDMH GHOYRODQWHGHOVDOSLFDGHURGHORV UHYHVWLPLHQWRVODVMXQWDVGHODV SXHUWDVORVDVLGHURV\ORVDVLHQWRV &XDQGRVHGHVSOLHJDXQDLUEDJVH SXHGHSURGXFLUXQIXHUWHUXLGR\ KXPR(VWRHVQRUPDO\QRHVSHOLಢ JURVRDXQTXHSXHGHLUULWDUODSLHO GHORFXSDQWH6LODLUULWDFLäQFRQWLಢ QëDFRQVXOWHDXQPÚGLFR

 3HOLJUR 1XQFDGHMHTXHYLDMHQQLâRVPXಢ MHUHVHPEDUD]DGDVRSHUVRQDV PD\RUHV\GÚELOHVHQHODVLHQWR GHODFRPSDâDQWHHTXLSDGRFRQ DLUEDJV $VLPLVPRQRFLUFXOHFRQXQ DVLHQWRLQIDQWLOPRQWDGRHQHO PLVPR(QFDVRGHDFFLGHQWHHO LPSDFWRGHODLUEDJLQIODGRSRGUÞD FDXVDUGDâRVIDFLDOHVROHVLRQHV IDWDOHV



$WHQFLäQ 6LHOYHKÞFXORVXIUHXQIXHUWHLPಢ SDFWRHQEDGHQHVRSRUREMHWRVHQ FDUUHWHUDVVLQDVIDOWDURDFHUDVVH SXHGHQLQIODUORVDLUEDJV3DUD HYLWDUXQGHVSOLHJXHDFFLGHQWDOGHO DLUEDJFRQGX]FDGHVSDFLRVREUH VXSHUILFLHVQRGLVHâDGDVSDUDOD FLUFXODFLäQGHYHKÞFXORV &XDQGRORVDLUEDJVVHLQIODQHVFDಢ SDQJDVHVFDOLHQWHVTXHSXHGHQRFDಢ VLRQDUTXHPDGXUDV 7HVWLJRGHFRQWUROTGHOVLVWHPDGH DLUEDJV 

6LVWHPDGHDLUEDJV IURQWDOHV (OVLVWHPDGHDLUEDJVIURQWDOHVVH FRPSRQHGHXQDLUEDJHQHOYRODQWH\ XQRHQHOWDEOHURGHLQVWUXPHQWRVHQ HOODGRGHODFRPSDâDQWH6HSXHGHQ LGHQWLILFDUSRUHOUäWXOR$,5%$*



$VLHQWRVVLVWHPDVGHVHJXULGDG $MXVWHHOFLQWXUäQGHVHJXULGDGFRಢ UUHFWDPHQWH\HQFOÒYHORELHQ6äOR DVÞSRGUÒSURWHJHUOHHODLUEDJ

6LVWHPDGHDLUEDJV ODWHUDOHV

(OVLVWHPDGHDLUEDJVIURQWDOHVVHDFಢ WLYDHQFDVRGHFKRTXHGHXQDGHWHUಢ PLQDGDJUDYHGDGHQHOVHFWRULQGLಢ FDGR(OHQFHQGLGRGHEHHVWDUFRQHFಢ WDGR

6HDPRUWLJXDHOPRYLPLHQWRKDFLDGHಢ ODQWHGHORVRFXSDQWHVGHORVDVLHQಢ WRVGHODQWHURVUHGXFLÚQGRVHFRQVLಢ GHUDEOHPHQWHHOULHVJRGHOHVLRQHV HQODSDUWHVXSHULRUGHOFXHUSR\OD FDEH]D

 $GYHUWHQFLD 6äORVHREWLHQHXQDSURWHFFLäQ äSWLPDFXDQGRHODVLHQWRHVWÒHQ ODSRVLFLäQFRUUHFWD  1RGHEHKDEHUREVWÒFXORVHQOD ]RQDGHLQIODGRGHORVDLUEDJV

(OVLVWHPDGHDLUEDJVODWHUDOHVVH FRPSRQHGHXQDLUEDJHQFDGDUHVಢ SDOGRGHORVDVLHQWRVGHODQWHURV 6LHOYHKÞFXORGLVSRQHGHDLUEDJVGH LPSDFWRODWHUDOPRQWDGRHQODVHಢ JXQGDILODGHDVLHQWRVHVWRVVHHQಢ FXHQWUDQHQORVODWHUDOHVGHOUHVSDOGR GHODVLHQWRWUDVHURPÒVSUä[LPRVDOD SXHUWD

$VLHQWRVVLVWHPDVGHVHJXULGDG 6HSXHGHQLGHQWLILFDUSRUHOUäWXOR $,5%$* (OVLVWHPDGHDLUEDJVODWHUDOHVVHDFಢ WLYDHQFDVRGHFKRTXHGHXQDGHWHUಢ PLQDGDJUDYHGDG(OHQFHQGLGRGHEH HVWDUFRQHFWDGR

1RWD 6äORGHEHQXWLOL]DUVHIXQGDVGH DVLHQWRVKRPRORJDGDVSDUDHOYHಢ KÞFXOR7HQJDFXLGDGRGHQRWDSDU ORVDLUEDJV

 $GYHUWHQFLD 1RGHEHKDEHUREVWÒFXORVHQOD ]RQDGHLQIODGRGHORVDLUEDJV

6LVWHPDGHDLUEDJVGH FRUWLQD

 $GYHUWHQFLD /RVQLâRVVHQWDGRVPX\SUä[LPRV DORVDLUEDJVODWHUDOHVFRUUHQHO ULHVJRGHVXIULUOHVLRQHVJUDYHVR LQFOXVRIDWDOHVVLHODLUEDJVHGHVಢ SOLHJDHVSHFLDOPHQWHVLODFDಢ EH]DHOFXHOORRHOSHFKRGHOQLâR HVWÒQSUä[LPRVDODLUEDJHQHOPRಢ PHQWRGHOGHVSOLHJXH 1XQFDGHMHTXHHOQLâRVHDSR\H HQODSXHUWDRFHUFDGHOPäGXORGHO DLUEDJODWHUDO

6HUHGXFHFRQVLGHUDEOHPHQWHHO ULHVJRGHOHVLRQHVHQODSDUWHVXSHಢ ULRUGHOFXHUSR\ODSHOYLVHQFDVRGH XQFKRTXHODWHUDO



/RVDLUEDJVGHFRUWLQDSDUDHOFRQಢ GXFWRUHORFXSDQWHGHODQWHURGHUHಢ FKR\ORVRFXSDQWHVH[WHULRUHVGHOD VHJXQGDILODVHHQFXHQWUDQHQHOEDVಢ WLGRUGHOWHFKRHQFLPDGHODYHQWDQLಢ OODODWHUDO6HSXHGHQLGHQWLILFDUSRUHO UäWXOR$,5%$*HQORVSLODUHVGHOWHಢ FKR (OVLVWHPDGHDLUEDJVGHFRUWLQDVH DFWLYDHQFDVRGHFKRTXHGHXQDGHಢ WHUPLQDGDJUDYHGDG(OHQFHQGLGR GHEHHVWDUFRQHFWDGR



$VLHQWRVVLVWHPDVGHVHJXULGDG

6LVWHPDGHDLUEDJVSDUD ODVURGLOODV

6LVWHPDGHGHWHFFLäQGH RFXSDQWHV

(ODLUEDJGHURGLOODGHOFRQGXFWRUVL HVWÒLQVWDODGRVHHQFXHQWUDGHEDMR GHODFROXPQDGHGLUHFFLäQ(ODLUEDJ GHURGLOODGHORFXSDQWHGHODQWHURGHಢ UHFKRVLHVWÒLQVWDODGRVHHQFXHQWUD GHEDMRGHODJXDQWHUD

(OYHKÞFXORGLVSRQHGHXQVLVWHPDGH GHWHFFLäQGHRFXSDQWHVSDUDODSRVLಢ FLäQGHODFRPSDâDQWHGHODQWHUR (OLQGLFDGRUGHHVWDGRGHODLUEDJGHO DFRPSDâDQWHVHHQFHQGHUÒHQHOSDಢ QHOGHLQVWUXPHQWRVDODUUDQFDUHOYHಢ KÞFXOR/DVSDODEUDV21\2))RHO VÞPERORGHFRQH[LäQ\GHVFRQH[LäQ SRGUÒQYHUVHGXUDQWHODFRPSUREDಢ FLäQGHOVLVWHPD 6LXWLOL]DDUUDQTXHUHPRWRVLHVWÒLQVಢ WDODGRSDUDDUUDQFDUHOYHKÞFXORHV SRVLEOHTXHQRYHDODFRPSUREDFLäQ

GHOVLVWHPD8QDYH]FRPSOHWDGDOD FRPSUREDFLäQGHOVLVWHPDVHPRVಢ WUDUÒODSDODEUD21X2))RELHQHO VÞPERORGHFRQH[LäQRGHVFRQH[LäQ ,QGLFDGRUGHHVWDGRGHODLUEDJGHO DFRPSDâDQWH  (OVLVWHPDGHGHWHFFLäQGHRFXSDQಢ WHVGHVDFWLYDHODLUEDJGHODQWHURGHO DFRPSDâDQWHHQGHWHUPLQDGDVFRQಢ GLFLRQHV(OVLVWHPDGHGHWHFFLäQGH RFXSDQWHVQRDIHFWDDQLQJëQRWURDLUಢ EDJ (OVLVWHPDGHGHWHFFLäQGHRFXSDQಢ WHVIXQFLRQDFRQVHQVRUHVTXHIRUಢ PDQSDUWHGHODVLHQWRGHODQWHURGHO DFRPSDâDQWH /RVVHQVRUHVHVWÒQGLVHâDGRVSDUD GHWHFWDUODSUHVHQFLDGHXQRFXSDQWH VHQWDGRFRUUHFWDPHQWH\GHWHUPLQDU VLVHGHEHSHUPLWLUODDFWLYDFLäQGHO DLUEDJGHODQWHURGHODFRPSDâDQWH 6HJëQODVHVWDGÞVWLFDVGHDFFLGHQWHV ORVQLâRVHVWÒQPÒVVHJXURVFXDQGR VHSURWHJHQFRUUHFWDPHQWHHQXQ DVLHQWRWUDVHURFRQHOVLVWHPDGHUHಢ WHQFLäQLQIDQWLOFRUUHFWRSDUDVXSHVR \WDPDâR

$VLHQWRVVLVWHPDVGHVHJXULGDG 5HFRPHQGDPRVVHQWDUDORVQLâRVHQ ORVDVLHQWRVWUDVHURVLQFOXLGRVXQ EHEÚRQLâRVHQWDGRHQXQVLVWHPDGH UHWHQFLäQLQIDQWLOFRORFDGRKDFLD DWUÒVXQQLâRVHQWDGRHQXQDVLHQWR LQIDQWLORULHQWDGRKDFLDGHODQWHXQ QLâRGHPÒVHGDGVHQWDGRHQXQDOಢ ]DGRU\QLâRVORVXILFLHQWHPHQWHDOಢ WRVFRPRSDUDXVDUORVFLQWXURQHVGH VHJXULGDG 1XQFDFRORTXHXQDVLHQWRLQIDQWLO RULHQWDGRKDFLDDWUÒVHQODSDUWHGHಢ ODQWHUDGHOYHKÞFXOR(OULHVJRSDUDHO QLâRVHQWDGRKDFLDDWUÒVHVPX\DOWR HQFDVRGHDFWLYDUVHHODLUEDJ

 3HOLJUR 6LHODLUEDJGHODQWHURGHODFRPSDಢ âDQWHVHLQIODXQQLâRHQXQVLVಢ WHPDGHUHWHQFLäQLQIDQWLORULHQಢ WDGRKDFLDDWUÒVSRGUÞDUHVXOWDU JUDYHPHQWHKHULGRRLQFOXVRPRಢ ULU(VWRVHGHEHDTXHODSDUWH SRVWHULRUGHOVLVWHPDGHUHWHQFLäQ LQIDQWLORULHQWDGRKDFLDDWUÒVHVWDಢ UÞDPX\FHUFDGHODLUEDJTXHVH LQIOD6LHODLUEDJGHODQWHURGHO

DFRPSDâDQWHVHLQIOD\HODVLHQWR GHODFRPSDâDQWHVHHQFXHQWUDHQ SRVLFLäQDYDQ]DGDXQQLâRHQXQ VLVWHPDGHUHWHQFLäQLQIDQWLORULHQಢ WDGRKDFLDGHODQWHSRGUÞDUHVXOWDU JUDYHPHQWHKHULGRRLQFOXVRPRಢ ULU $XQTXHHOVLVWHPDGHGHWHFFLäQ GHRFXSDQWHVKD\DGHVFRQHFWDGR HODLUEDJGHODQWHURGHODFRPSDಢ âDQWHQLQJëQVLVWHPDHVLQIDOLEOH 1DGLHSXHGHJDUDQWL]DUTXHHODLUಢ EDJQRVHLQIOHHQGHWHUPLQDGDV FLUFXQVWDQFLDVLQFOXVRDXQTXH HVWÚGHVDFWLYDGR

 3HOLJUR )LMHORVVLVWHPDVGHUHWHQFLäQLQಢ IDQWLORULHQWDGRVKDFLDDWUÒVHQORV DVLHQWRVWUDVHURVLQFOXVRVLHODLUಢ EDJHVWÒGHVFRQHFWDGR6LILMDXQ VLVWHPDGHUHWHQFLäQLQIDQWLORULHQಢ WDGRKDFLDGHODQWHHQHODVLHQWR GHODQWHURGHODFRPSDâDQWHGHVಢ SODFHVLHPSUHHODVLHQWRKDFLD DWUÒVWRGRORSRVLEOH6HUHFRಢ



PLHQGDILMDUHOVLVWHPDGHUHWHQಢ FLäQLQIDQWLOHQXQRGHORVDVLHQWRV WUDVHURV (OVLVWHPDGHGHWHFFLäQGHRFXSDQಢ WHVHVWÒGLVHâDGRSDUDGHVDFWLYDUHO DLUEDJGHODQWHURGHODFRPSDâDQWHVL ࿢ (ODVLHQWRGHODFRPSDâDQWHGHODQಢ WHURQRHVWÒRFXSDGR ࿢ (OVLVWHPDGHWHUPLQDTXHKD\XQ QLâRHQXQVLVWHPDGHUHWHQFLäQLQಢ IDQWLO ࿢ 8QRFXSDQWHGHODVLHQWRGHODQWHUR GHUHFKRVHOHYDQWDGHODVLHQWRGXಢ UDQWHXQWLHPSR ࿢ ([LVWHXQSUREOHPDJUDYHFRQHO VLVWHPDGHDLUEDJVRHOVLVWHPDGH GHWHFFLäQGHRFXSDQWHV &XDQGRHOVLVWHPDGHGHWHFFLäQGH RFXSDQWHVKDGHVDFWLYDGRHODLUEDJ GHODQWHURGHODFRPSDâDQWHHOLQGLಢ FDGRUGHGHVFRQH[LäQVHLOXPLQDUÒ\ SHUPDQHFHUÒHQFHQGLGRFRPRUHFRUಢ GDWRULRGHTXHHODLUEDJHVWÒGHVFRಢ QHFWDGR,QGLFDGRUGHHVWDGRGHODLUಢ EDJGHODFRPSDâDQWH 



$VLHQWRVVLVWHPDVGHVHJXULGDG

(OVLVWHPDGHGHWHFFLäQGHRFXSDQಢ WHVHVWÒGLVHâDGRSDUDDFWLYDUHODLUಢ EDJGHODQWHURGHODFRPSDâDQWHHQ FXDOTXLHUPRPHQWRHQHOTXHHOVLVಢ WHPDGHWHFWHTXHXQDGXOWRVHKD VHQWDGRFRUUHFWDPHQWHHQHVH DVLHQWR&XDQGRHOVLVWHPDGHGHWHFಢ FLäQGHRFXSDQWHVKDSHUPLWLGRODDFಢ WLYDFLäQGHODLUEDJHOLQGLFDGRUGHFRಢ QH[LäQVHLOXPLQDUÒ\SHUPDQHFHUÒ HQFHQGLGRFRPRUHFRUGDWRULRGHTXH HODLUEDJHVWÒDFWLYR 3DUDDOJXQRVQLâRVLQFOXLGRVQLâRV FRQVLVWHPDVGHUHWHQFLäQLQIDQWLO\ SDUDDGXOWRVGHPHQRVDOWXUDHOVLVಢ WHPDGHGHWHFFLäQGHRFXSDQWHVSRಢ GUÞDQRGHVDFWLYDUHODLUEDJGHORFXಢ SDQWHGHODQWHURGHUHFKRHQIXQFLäQ GHODSRVWXUDGHODSHUVRQDDOVHQಢ WDUVH\GHVXFRQVWLWXFLäQ7RGRV DTXHOORVRFXSDQWHVGHOYHKÞFXORTXH \DQRSXHGDQXVDUVLVWHPDVGHUHಢ WHQFLäQLQIDQWLOSRUVXWDPDâRGHEHQ XWLOL]DUHOFLQWXUäQGHVHJXULGDGFRಢ UUHFWDPHQWHWDQWRVLGLFKDSHUVRQD WLHQHDLUEDJFRPRVLQR

 $GYHUWHQFLD 6LHOWHVWLJRGHFRQWUROGHDLUEDJV \SUHWHQVRUHVGHFLQWXURQHVVHHQಢ FLHQGH\SHUPDQHFHHQFHQGLGR VLJQLILFDTXHHOVLVWHPDGHDLUEDJ SXHGHHVWDUGHIHFWXRVR3DUDD\Xಢ GDUDHYLWDUOHVLRQHVSDUDXVWHG\ RWURVOOHYHHOYHKÞFXORDOWDOOHULQಢ PHGLDWDPHQWH/X]GHODLUEDJ\ SUHWHQVRUGHOFLQWXUäQ 

6LVHHQFLHQGHHOWHVWLJRGHXQ VLVWHPDGHUHWHQFLäQLQIDQWLO 6LVHKDLQVWDODGRXQVLVWHPDGHUHಢ WHQFLäQLQIDQWLO\VHHQFLHQGHHOLQGLಢ FDGRUGHFRQH[LäQ  'HVFRQHFWHHOYHKÞFXOR  'HVPRQWHHOVLVWHPDGHUHWHQFLäQ LQIDQWLOGHOYHKÞFXOR  5HWLUHFXDOTXLHURWURHOHPHQWR DGLFLRQDOGHODVLHQWRFRPRPDQಢ WDVFRMLQHVIXQGDVGHDVLHQWR FDOHIDFWRUHVGHDVLHQWRRGLVSRVLಢ WLYRVGHPDVDMHV

 9XHOYDDFRORFDUHOVLVWHPDGHUHಢ WHQFLäQLQIDQWLOVLJXLHQGRODVLQVಢ WUXFFLRQHVSURSRUFLRQDGDVSRUHO IDEULFDQWHGHOVLVWHPDGHUHWHQಢ FLäQLQIDQWLO\FRQVXOWHODVHFFLäQ GHVLVWHPDVGHUHWHQFLäQLQIDQWLO   6LGHVSXÚVGHYROYHUDFRORFDUHO VLVWHPDGHUHWHQFLäQLQIDQWLO\ DUUDQFDUHOYHKÞFXORHOWHVWLJRGH FRQH[LäQFRQWLQëDHQFHQGLGR GHVFRQHFWHHOYHKÞFXOR$FRQWLಢ QXDFLäQUHFOLQHOLJHUDPHQWHHO UHVSDOGRGHODVLHQWR\DMXVWHHO FRMÞQVLHVDMXVWDEOHSDUDDVHJXಢ UDUTXHHOUHVSDOGRQRSUHVLRQHHO VLVWHPDGHUHWHQFLäQLQIDQWLOHQHO DVLHQWR&RPSUXHEHWDPELÚQTXH HOVLVWHPDGHUHWHQFLäQLQIDQWLOQR HVWÒDWUDSDGRGHEDMRGHOUHSRVDಢ FDEH]DV6LIXHUDDVÞDMXVWHHOUHಢ SRVDFDEH]DV   9XHOYDDDUUDQFDUHOYHKÞFXOR

$VLHQWRVVLVWHPDVGHVHJXULGDG (OVLVWHPDGHGHWHFFLäQGHRFXSDQಢ WHVSXHGHGHVDFWLYDURQRHODLUEDJGH XQQLâRVHQWDGRHQXQVLVWHPDGHUHಢ WHQFLäQLQIDQWLOHQIXQFLäQGHODSRVಢ WXUD\FRQVWLWXFLäQGHOQLâR(VPHMRU ILMDUHOVLVWHPDGHUHWHQFLäQLQIDQWLOHQ XQRGHORVDVLHQWRVWUDVHURV

6LHOLQGLFDGRUGHGHVFRQH[LäQ GHXQRFXSDQWHDGXOWRVH HQFLHQGH

6LXQDGXOWRHVWÒVHQWDGRHQHO DVLHQWRGHODQWHURGHODFRPSDâDQWH SHURHOLQGLFDGRUGHGHVFRQH[LäQVH HQFLHQGHSRGUÞDGHEHUVHDTXHGLFKD SHUVRQDQRHVWÒVHQWDGDFRUUHFWDಢ

PHQWHHQHODVLHQWR6LJDORVSDVRV VLJXLHQWHVSDUDSHUPLWLUDOVLVWHPD GHWHFWDUDHVDSHUVRQD\DFWLYDUHO DLUEDJGHODQWHURGHODFRPSDâDQWH  'HVFRQHFWHHOYHKÞFXOR  5HWLUHFXDOTXLHURWURHOHPHQWR DGLFLRQDOGHODVLHQWRFRPRPDQಢ WDVFRMLQHVIXQGDVGHDVLHQWR FDOHIDFWRUHVGHDVLHQWRRGLVSRVLಢ WLYRVGHPDVDMHV  $MXVWHHOUHVSDOGRGHODVLHQWRHQ SRVLFLäQFRPSOHWDPHQWHYHUWLFDO  &RPSUXHEHTXHODSHUVRQDVH VLHQWDHQSRVLFLäQYHUWLFDOHQHO DVLHQWRFHQWUDGRHQHOFRMÞQ\FRQ ODVSLHUQDVFäPRGDPHQWHH[WHQಢ GLGDV  9XHOYDDDUUDQFDUHOYHKÞFXOR\ FRPSUXHEHTXHODSHUVRQDSHUಢ PDQHFHHQHVWDSRVLFLäQGXUDQWH XQPLQXWRGHVSXÚVGHTXHVHHQಢ FLHQGDHOLQGLFDGRUGHFRQH[LäQ



)DFWRUHVDGLFLRQDOHVTXH DIHFWDQDOIXQFLRQDPLHQWRGHO VLVWHPD /RVFLQWXURQHVGHVHJXULGDGD\XGDQ DPDQWHQHUDORFXSDQWHHQVXSRVLಢ FLäQHQHODVLHQWRGXUDQWHODVPDQLRಢ EUDV\DOIUHQDUHOYHKÞFXOR(VWR D\XGDDOVLVWHPDGHGHWHFFLäQGH RFXSDQWHVDPDQWHQHUHOHVWDGRGHO DLUEDJGHODFRPSDâDQWH &LQWXURQHVGHVHJXULGDG  6LVWHPDVGHUHWHQFLäQLQIDQWLO  8QDFDSDJUXHVDGHPDWHULDODGLFLRಢ QDOFRPRXQDPDQWDRFRMÞQRHTXLSR GHOPHUFDGRFRPRIXQGDVGHDVLHQWR FDOHIDFWRUHVGHDVLHQWR\GLVSRVLWLYRV GHPDVDMHVSXHGHQDIHFWDUDOIXQFLRಢ QDPLHQWRFRUUHFWRGHOVLVWHPDGHGHಢ WHFFLäQGHRFXSDQWHV5HFRPHQGDಢ PRVQRXWLOL]DUIXQGDVGHDVLHQWRQL HTXLSRGHRWUDVPDUFDVH[FHSWRVLKD VLGRDSUREDGRSRU*0SDUDVXYHಢ KÞFXORHVSHFÞILFR$GLFLäQGHHTXLSR DYHKÞFXORVHTXLSDGRVFRQDLUEDJ 



$VLHQWRVVLVWHPDVGHVHJXULGDG

8QDVLHQWRKëPHGRSXHGHDIHFWDUDO IXQFLRQDPLHQWRGHOVLVWHPDGHGHWHFಢ FLäQGHRFXSDQWHV ࿢ (OVLVWHPDGHGHWHFFLäQGHRFXSDQಢ WHVSXHGHGHVFRQHFWDUHODLUEDJGHO DFRPSDâDQWHVLHODVLHQWRVHKD LQXQGDGRGHOÞTXLGR6LHVWRVXಢ FHGHHOLQGLFDGRUGHGHVFRQH[LäQ VHLOXPLQDUÒ\HOWHVWLJRGHFRQWURO GHDLUEDJV\SUHWHQVRUHVGHFLQWXಢ URQHVGHOSDQHOGHLQVWUXPHQWRV WDPELÚQVHHQFHQGHUÒ ࿢ (OOÞTXLGRTXHQRVHKD\DVHFDGR GHODVLHQWRSXHGHDXPHQWDUODV SUREDELOLGDGHVGHTXHHOVLVWHPD GHGHWHFFLäQGHRFXSDQWHVDFWLYH HODLUEDJGHODFRPSDâDQWHPLHQಢ WUDVVHHQFXHQWUDXQVLVWHPDGHUHಢ WHQFLäQLQIDQWLORXQQLâRHQHO DVLHQWR6LVHDFWLYDHODLUEDJGHO DFRPSDâDQWHHOLQGLFDGRUGHFRಢ QH[LäQVHLOXPLQDUÒ 6LHODVLHQWRGHODFRPSDâDQWHVH PRMDVÚTXHORLQPHGLDWDPHQWH6LHO WHVWLJRGHFRQWUROGHDLUEDJV\SUHಢ WHQVRUHVGHFLQWXURQHVVHLOXPLQDQR LQVWDOHXQVLVWHPDGHUHWHQFLäQLQIDQಢ

WLOQLSHUPLWDDQDGLHRFXSDUHO DVLHQWR7HVWLJRGHFRQWUROGHDLUEDJV \SUHWHQVRUHVGHFLQWXURQHV 

 $GYHUWHQFLD *XDUGDUDUWÞFXORVGHEDMRGHO DVLHQWRGHODFRPSDâDQWHRHQWUH HOFRMÞQGHODVLHQWRGHODFRPSDಢ âDQWH\HOUHVSDOGRGHODVLHQWR SXHGHLQWHUIHULUFRQHOFRUUHFWR IXQFLRQDPLHQWRGHOVLVWHPDGHGHಢ WHFFLäQGHRFXSDQWHV

5HYLVLäQGHYHKÞFXORV HTXLSDGRVFRQDLUEDJ /RVDLUEDJVDIHFWDQDODPDQHUDGH UHYLVDUHOYHKÞFXOR/DVSLH]DVGHOVLVಢ WHPDGHDLUEDJVVHHQFXHQWUDQHQGLಢ IHUHQWHVOXJDUHVGHOYHKÞFXOR(QHO WDOOHU\HOPDQXDOGHVHUYLFLRGLVSRಢ QHQGHLQIRUPDFLäQVREUHODUHYLVLäQ GHOYHKÞFXOR\GHOVLVWHPDGHDLUEDJV

 $GYHUWHQFLD 'XUDQWHXQVHUYLFLRLQFRUUHFWRXQ DLUEDJSXHGHDëQLQIODUVHKDVWD VHJXQGRVGHVSXÚVGHKDEHUDSDಢ JDGRHOYHKÞFXOR\FRQODEDWHUÞD GHVFRQHFWDGD6LVHHQFXHQWUD FHUFDGHXQDLUEDJFXDQGRVH LQIODSXHGHUHVXOWDUKHULGR(YLWH ORVFRQHFWRUHVDPDULOORV(VSURಢ EDEOHTXHIRUPHQSDUWHGHOVLVಢ WHPDGHDLUEDJV$VHJëUHVHGH VHJXLUORVSURFHGLPLHQWRVGHVHUಢ YLFLRFRUUHFWRV\GHTXHODSHUVRQD TXHUHDOL]DHOWUDEDMRGLVSRQJDGH ODFXDOLILFDFLäQDSURSLDGDSDUDKDಢ FHUOR

$GLFLäQGHHTXLSRD YHKÞFXORVHTXLSDGRVFRQ DLUEDJ /DDGLFLäQGHDFFHVRULRVTXHPRGLILಢ TXHQHOEDVWLGRUORVSDUDFKRTXHVOD DOWXUDHOH[WUHPRGHODQWHURRODSODQಢ FKDPHWÒOLFDODWHUDOGHOYHKÞFXOR

$VLHQWRVVLVWHPDVGHVHJXULGDG SXHGHLPSHGLUTXHHOVLVWHPDGHDLUಢ EDJVIXQFLRQHFRUUHFWDPHQWH(OIXQಢ FLRQDPLHQWRGHOVLVWHPDGHDLUEDJV SXHGHYHUVHDIHFWDGRWDPELÚQSRUOD PRGLILFDFLäQRWUDVODGRGHFXDOTXLHU SLH]DGHORVDVLHQWRVGHODQWHURVORV FLQWXURQHVGHVHJXULGDGHOPäGXOR GHGHWHFFLäQ\GLDJQäVWLFRGHODLUEDJ HOYRODQWHHOFXDGURGHLQVWUXPHQWRV ORVPäGXORVGHDLUEDJGHFRUWLQDHO IRUURGHOWHFKRRODJXDUQLFLäQGHOSLಢ ODUORVVHQVRUHVGHLPSDFWRODWHUDOR HOFDEOHDGRGHODLUEDJ (QHOWDOOHU\HOPDQXDOGHVHUYLFLR GLVSRQHQGHLQIRUPDFLäQDFHUFDGHOD XELFDFLäQGHORVVHQVRUHVGHODLUEDJ HOPäGXORGHGHWHFFLäQ\GLDJQäVWLFR \HOFDEOHDGRGHODLUEDJ $GHPÒVHOYHKÞFXORGLVSRQHGHXQ VLVWHPDGHGHWHFFLäQGHRFXSDQWHV SDUDODSRVLFLäQGHODFRPSDâDQWHGHಢ ODQWHURTXHLQFOX\HVHQVRUHVTXHIRUಢ PDQSDUWHGHODVLHQWRGHODFRPSDಢ âDQWH(OVLVWHPDGHGHWHFFLäQGH RFXSDQWHVSRGUÞDQRIXQFLRQDUFRಢ UUHFWDPHQWHVLODWDSLFHUÞDRULJLQDOGHO DVLHQWRVHUHHPSOD]DSRUIXQGDVRWDಢ SLFHUÞDVGHPDUFDVGLVWLQWDVD*0R SRUIXQGDVRWDSLFHUÞDVGH*0GLVHಢ

âDGDVSDUDRWURYHKÞFXORGLIHUHQWH &XDOTXLHUREMHWRFRPRXQFDOHIDFWRU GHDVLHQWRRXQGLVSRVLWLYRRSDQHOGH DXPHQWRGHFRQIRUWGHRWUDPDUFD LQVWDODGRGHEDMRRHQFLPDGHODWDSLಢ FHUÞDGHODVLHQWRWDPELÚQSRGUÞDLQಢ WHUIHULUFRQHOIXQFLRQDPLHQWRGHOVLVಢ WHPDGHGHWHFFLäQGHRFXSDQWHV (VWRSRGUÞDLPSHGLUODDFWLYDFLäQFRಢ UUHFWDGHODLUEDJGHODFRPSDâDQWHR LPSHGLUODGHVDFWLYDFLäQFRUUHFWDGHO DLUEDJGHODFRPSDâDQWHSRUSDUWHGHO VLVWHPDGHGHWHFFLäQGHRFXSDQWHV 6LVWHPDGHGHWHFFLäQGHRFXSDQWHV  6LWLHQHTXHPRGLILFDUHOYHKÞFXORD FDXVDGHXQDGLVFDSDFLGDG\WLHQH GXGDVDFHUFDGHVLODVPRGLILFDFLRಢ QHVDIHFWDUÒQDOVLVWHPDGHDLUEDJV GHOYHKÞFXORRVLWLHQHGXGDVVREUHVL HOVLVWHPDGHDLUEDJVVHYHUÒDIHFಢ WDGRVLVHPRGLILFDHOYHKÞFXORSRU FXDOTXLHURWURPRWLYROODPHDOVHUYLಢ FLRGHDWHQFLäQDOFOLHQWH



&RPSUREDFLäQGHOVLVWHPD GHDLUEDJ (OVLVWHPDGHDLUEDJQRSUHFLVDPDQಢ WHQLPLHQWRSURJUDPDGRQLVXVWLWXFLäQ SHULäGLFRV&RPSUXHEHTXHHOWHVWLJR GHFRQWUROGHDLUEDJV\SUHWHQVRUHV GHFLQWXURQHVIXQFLRQD7HVWLJRGH FRQWUROGHDLUEDJV\SUHWHQVRUHVGH FLQWXURQHV 

6XVWLWXFLäQGHSLH]DVGHO VLVWHPDGHDLUEDJV GHVSXÚVGHXQDFROLVLäQ  $GYHUWHQFLD 8QDFROLVLäQSXHGHGDâDUORVVLVಢ WHPDVGHDLUEDJVGHOYHKÞFXOR8Q VLVWHPDGHDLUEDJVGDâDGRSRGUÞD QRIXQFLRQDUFRUUHFWDPHQWH\QROH SURWHJHUÞDDXVWHG\VXVDFRPSDಢ âDQWHVHQXQDFROLVLäQGDQGR FRPRUHVXOWDGROHVLRQHVJUDYHVR LQFOXVRODPXHUWH3DUDD\XGDUD DVHJXUDUHOFRUUHFWRIXQFLRQDಢ PLHQWRGHORVVLVWHPDVGHDLUEDJV



$VLHQWRVVLVWHPDVGHVHJXULGDG

WUDVXQDFROLVLäQOOHYHHOYHKÞFXOR DOWDOOHUSDUDVXLQVSHFFLäQ\UHDಢ OLFHFXDOTXLHUVXVWLWXFLäQQHFHVDಢ ULDORDQWHVSRVLEOH 6LVHGHVSOLHJDXQDLUEDJWHQGUÒTXH UHHPSOD]DUSLH]DVGHOVLVWHPDGHDLUಢ EDJV&RQVXOWHDVXWDOOHUSDUDODUHಢ YLVLäQ6LHOWHVWLJRGHFRQWUROGHDLUಢ EDJV\SUHWHQVRUHVGHFLQWXURQHV SHUPDQHFHHQFHQGLGRGHVSXÚVGH KDEHUDUUDQFDGRHOYHKÞFXORRVHHQಢ FLHQGHGXUDQWHODFRQGXFFLäQHVSRಢ VLEOHTXHHOVLVWHPDGHDLUEDJVQR IXQFLRQHFRUUHFWDPHQWH/OHYHHOYHಢ KÞFXORDOWDOOHULQPHGLDWDPHQWH7HVಢ WLJRGHFRQWUROGHDLUEDJV\SUHWHQVRಢ UHVGHFLQWXURQHV 

6LVWHPDVGHUHWHQFLäQ LQIDQWLO /HUHFRPHQGDPRVHOVLVWHPDGHUHಢ WHQFLäQLQIDQWLO*0TXHHVWÒGLVHಢ âDGRHVSHFÞILFDPHQWHSDUDHOYHಢ KÞFXOR &XDQGRXWLOLFHXQVLVWHPDGHUHWHQಢ FLäQLQIDQWLOSUHVWHDWHQFLäQDODVVLಢ JXLHQWHVLQVWUXFFLRQHVGHXVR\PRQಢ WDMHDVÞFRPRDODVLQVWUXFFLRQHVVXಢ PLQLVWUDGDVFRQHOVLVWHPDGHUHWHQಢ FLäQLQIDQWLO 6LHPSUHGHEHQFXPSOLUVHODVQRUPDV ORFDOHVRQDFLRQDOHV(QDOJXQRVSDÞಢ VHVHVWÒSURKLELGRHOXVRGHVLVWHPDV GHUHWHQFLäQLQIDQWLOHQGHWHUPLQDGDV SOD]DVGHDVLHQWR

 $GYHUWHQFLD 181&$XWLOLFHXQVLVWHPDGHUHಢ WHQFLäQLQIDQWLOFRORFDGRKDFLD DWUÒVHQXQDVLHQWRSURWHJLGRSRU XQ$,5%$*$&7,92VLWXDGRGHಢ ODQWHGHOPLVPR\DTXHSRGUÞD RFDVLRQDU/(6,21(6*5$9(6R SHOLJURGH08(57(DO1,Â2

$VLHQWRVVLVWHPDVGHVHJXULGDG  $GYHUWHQFLD $'9(57(1&,$’3(/,*52(;ಢ 75(02 ’1RXWLOLFHXQVLVWHPDGHUHWHQFLäQ LQIDQWLORULHQWDGRKDFLDDWUÒVHQXQ DVLHQWRSURWHJLGRSRUXQDLUEDJ GHODQWHGHÚO (OQLâRSRGUÞDVXIULUOHVLRQHVJUDಢ YHVVLVHLQIODHODLUEDJ\DTXHVX FDEH]DHVWDUÞDPX\FHUFDGHODLUಢ EDJ

 $GYHUWHQFLD &XDQGRVHXWLOLFHXQVLVWHPDGH UHWHQFLäQLQIDQWLOHQHODVLHQWRGHO DFRPSDâDQWHORVVLVWHPDVGHDLUಢ EDJSDUDHODVLHQWRGHODFRPSDಢ âDQWHGHEHQHVWDUGHVDFWLYDGRV HQFDVRFRQWUDULRHOGHVSOLHJXH GHORVDLUEDJVVXSRQHXQSHOLJUR GHPXHUWHSDUDHOQLâR

(VWRHVDSOLFDEOHHVSHFLDOPHQWHVL VHXVDQVLVWHPDVGHUHWHQFLäQLQಢ IDQWLORULHQWDGRVKDFLDDWUÒVHQHO DVLHQWRGHODFRPSDâDQWH

6HOHFFLäQGHOVLVWHPDFRUUHFWR /RVDVLHQWRVWUDVHURVVRQHOOXJDU PÒVDGHFXDGRSDUDILMDUXQVLVWHPD GHUHWHQFLäQLQIDQWLO 6LHPSUHTXHVHDSRVLEOHORVQLâRV GHEHUÞDQYLDMDUPLUDQGRKDFLDDWUÒV HQHOYHKÞFXOR$VÞVHJDUDQWL]DTXH ODFROXPQDYHUWHEUDOGHOQLâRTXH DëQHVPX\GÚELOVXIUDPHQRVWHQಢ VLäQHQFDVRGHDFFLGHQWH /RVQLâRVPHQRUHVGHDâRVRGH HVWDWXUDLQIHULRUDFPVäORGHEHQ YLDMDUHQXQVLVWHPDGHUHWHQFLäQ DSURSLDGRSDUDHOQLâR6RQDGHFXDಢ GRVORVVLVWHPDVGHUHWHQFLäQTXH FXPSODQODVQRUPDV(&(R (&(&RPRQRUPDOPHQWHQR VHSXHGHFRORFDUELHQHOFLQWXUäQDXQ QLâRTXHPLGDPHQRVGHFPOH UHFRPHQGDPRVXVDUXQVLVWHPDGH UHWHQFLäQLQIDQWLODSURSLDGRDXQTXH SRUODHGDGGHOQLâRQRVHDREOLJDWRULR OHJDOPHQWH



1XQFDGHEHOOHYDUXQQLâRHQEUD]RV FXDQGRYLDMHHQHOYHKÞFXOR(QFDVR GHFROLVLäQQRSRGUÒVXMHWDUDOQLâR HQVXVEUD]RV &XDQGROOHYHQLâRVXVHORVVLVWHPDV GHUHWHQFLäQLQIDQWLODGHFXDGRVVHಢ JëQVXSHVR $VHJëUHVHGHTXHHOVLVWHPDGHUHಢ WHQFLäQLQIDQWLOTXHVHYDDPRQWDU VHDFRPSDWLEOHFRQHOWLSRGHYHಢ KÞFXOR $VHJëUHVHGHTXHODSRVLFLäQGH PRQWDMHGHOVLVWHPDGHUHWHQFLäQLQಢ IDQWLOHQHOYHKÞFXORVHDFRUUHFWD /RVQLâRVGHEHQHQWUDU\VDOLUGHOYHಢ KÞFXORVLHPSUHSRUHOODGRRSXHVWRDO GHOWUÒILFR &XDQGRQRVHXVHHOVLVWHPDGHUHಢ WHQFLäQLQIDQWLODVHJëUHORFRQXQFLQಢ WXUäQGHVHJXULGDGRGHVPäQWHORGHO YHKÞFXOR



$VLHQWRVVLVWHPDVGHVHJXULGDG

1RWD 1RSHJXHQDGDHQORVVLVWHPDVGH UHWHQFLäQLQIDQWLOQLORVWDSHFRQQLQಢ JëQRWURPDWHULDO 8QVLVWHPDGHUHWHQFLäQLQIDQWLOTXH KD\DVLGRVRPHWLGRDWHQVLäQHQXQ DFFLGHQWHGHEHVXVWLWXLUVH $VHJëUHVHGHTXHORVQLâRVYD\DQ VHQWDGRVHQORVDVLHQWRVWUDVHURV FRQVLVWHPDVGHUHWHQFLäQLQIDQWLO +DVWDTXHORVQLâRVSXHGDQXVDU FLQWXURQHVGHVHJXULGDGVHOHFFLRQH XQVLVWHPDGHUHWHQFLäQDGHFXDGR SDUDVXHGDG\DVHJëUHVHGHTXHHO QLâRORXWLOLFH9HDODVLQVWUXFFLRQHV UHOHYDQWHVGHORVVLVWHPDVGHUHWHQಢ FLäQLQIDQWLO

6LVWHPDVGHUHWHQFLäQ LQIDQWLO,62),;

$QWHVORVVLVWHPDVGHUHWHQFLäQLQಢ IDQWLOVHVXMHWDEDQDOYHKÞFXORFRQORV FLQWXURQHVGHVHJXULGDG&RPRFRQಢ VHFXHQFLDDPHQXGRVHPRQWDEDQ PDORTXHGDEDQGHPDVLDGRKROJDGRV FRPRSDUDSURWHJHUELHQDOQLâR 6XYHKÞFXORHVWÒHTXLSDGRFRQDQFODಢ MHVLQIHULRUHV,62),;HQODVGRVSODಢ ]DVGHDVLHQWRH[WHULRUHVWUDVHUDV\ FRQDQFODMHVVXSHULRUHVHQODSDUWH SRVWHULRUGHORVUHSRVDFDEH]DVWUDಢ

VHURVSHUPLWLHQGRDVÞILMDUORVVLVWHಢ PDVGHUHWHQFLäQLQIDQWLODORVDVLHQಢ WRVWUDVHURV 3DUDPRQWDUXQVLVWHPDGHUHWHQFLäQ LQIDQWLOHTXLSDGRFRQILMDFLRQHV ,62),;EDMDV\DQFODMHVVXSHULRUHV REVHUYHODVLQVWUXFFLRQHVTXHVHHQಢ WUHJDQFRQHOVLVWHPDGHUHWHQFLäQLQಢ IDQWLO /HDDWHQWDPHQWHODVLQVWUXFFLRQHVGH ODVVLJXLHQWHVSÒJLQDV\GHOIDEULಢ FDQWHGHOVLVWHPDGHUHWHQFLäQLQIDQWLO \REVÚUYHODVVLHPSUH (VWÒHQMXHJRODVHJXULGDGGHOQLâR 6LWLHQHDOJXQDSUHJXQWDRDOJXQD GXGDVREUHODLQVWDODFLäQGHOVLVWHPD GHUHWHQFLäQLQIDQWLOSäQJDVHHQFRQಢ WDFWRFRQHOIDEULFDQWHGHOVLVWHPD6L VLJXHWHQLHQGRSUREOHPDVFRQODLQVಢ WDODFLäQGHOVLVWHPDGHUHWHQFLäQLQಢ IDQWLOHQHOYHKÞFXOROHUHFRPHQGDಢ PRVTXHVHSRQJDHQFRQWDFWRFRQXQ WDOOHUDXWRUL]DGR

$VLHQWRVVLVWHPDVGHVHJXULGDG 0RQWDMHGHORVVLVWHPDVGHUHWHQFLäQ LQIDQWLO,62),;  6HOHFFLRQHXQDGHODVSRVLFLRQHV GHORVDVLHQWRVWUDVHURVSDUD PRQWDUHOVLVWHPDGHUHWHQFLäQLQಢ IDQWLO

RORVSURSLRVFLQWXURQHVGHVHJXಢ ULGDG&XDOTXLHUREMHWRDMHQRDO VLVWHPDSRGUÞDLPSHGLUTXHHOVLVಢ WHPDGHUHWHQFLäQLQIDQWLOVHILMDUD ELHQHQORVDQFODMHV  &RORTXHHOVLVWHPDGHUHWHQFLäQ LQIDQWLOHQHODVLHQWRVREUHORVGRV DQFODMHVLQIHULRUHV\IÞMHORHQORV DQFODMHVVHJëQODVLQVWUXFFLRQHV TXHDFRPSDâDEDQDOVLVWHPDGH UHWHQFLäQLQIDQWLO  $MXVWH\DSULHWHHOVLVWHPDGHUHಢ WHQFLäQLQIDQWLOVHJëQODVLQVWUXFಢ FLRQHVVXPLQLVWUDGDVFRQGLFKR VLVWHPD

$WHQFLäQ  %XVTXHODVGRVSRVLFLRQHVGHDQಢ FODMHLQIHULRUHV/DXELFDFLäQGH ORVDQFODMHVLQIHULRUHVHVWÒVHâDಢ ODGDFRQXQDPDUFDFLUFXODUHQHO ERUGHLQIHULRUGHOUHVSDOGRGHO DVLHQWRWUDVHUR  $VHJëUHVHGHTXHQRKD\REMHWRV H[WUDâRVFHUFDGHORVDQFODMHVLQಢ IHULRUHVFRPRSRUHMHPSORODV KHELOODVGHOFLQWXUäQGHVHJXULGDG

8QVLVWHPDGHUHWHQFLäQLQIDQWLO TXHQRHVWÚHQXVRSRGUÞDGHVSODಢ ]DUVHKDFLDGHODQWH 'HVPRQWHHOVLVWHPDGHUHWHQFLäQ LQIDQWLOVLQRHVWÒHQXVRRIÞMHOR FRQHOFLQWXUäQGHVHJXULGDG



1RWD &RPRORVFLQWXURQHVGHVHJXULGDGR HOVLVWHPDGHUHWHQFLäQLQIDQWLOVH SXHGHQFDOHQWDUPXFKRHQXQYHಢ KÞFXORFHUUDGRH[SXHVWRDOVRODVHಢ JëUHVHGHFRPSUREDUODIXQGDGH DVLHQWR\ODVKHELOODVDQWHVGHFRORಢ FDUDOQLâRHQHOPLVPR

 $GYHUWHQFLD /RVDQFODMHVLQIHULRUHV\VXSHULRಢ UHV,62),;VäORGHEHQXWLOL]DUVH SDUDHOILQSUHYLVWR /RVDQFODMHVLQIHULRUHV\VXSHULRಢ UHV,62),;HVWÒQGLVHâDGRVëQLಢ FDPHQWHSDUDVXMHWDUVLVWHPDVGH UHWHQFLäQLQIDQWLOHTXLSDGRVFRQILಢ MDFLRQHVSDUDDQFODMHVLQIHULRUHV\ VXSHULRUHV



$VLHQWRVVLVWHPDVGHVHJXULGDG

1RXWLOLFHORVDQFODMHVLQIHULRUHV\ VXSHULRUHV,62),;SDUDVXMHWDU FLQWXURQHVGHVHJXULGDGSDUD DGXOWRVDUQHVHVXRWURWLSRGH HTXLSDPLHQWRGHVXYHKÞFXOR (OXVRGHORVDQFODMHVLQIHULRUHV\ VXSHULRUHV,62),;SDUDVXMHWDU FLQWXURQHVGHVHJXULGDGSDUD DGXOWRVDUQHVHVXRWURWLSRGH HTXLSDPLHQWRGHVXYHKÞFXORQR SURSRUFLRQDUÒODSURWHFFLäQDGHಢ FXDGDHQFDVRGHFROLVLäQ\SRGUÞD RFDVLRQDUOHVLRQHVRDFFLGHQWHV PRUWDOHV

 $GYHUWHQFLD 8QVLVWHPDGHUHWHQFLäQLQIDQWLO FRORFDGRHQHODVLHQWRGHODQWHUR SRGUÞDRFDVLRQDUOHVLRQHVJUDYHV RDFFLGHQWHVPRUWDOHV 1XQFDLQVWDOHXQVLVWHPDGHUHಢ WHQFLäQLQIDQWLORULHQWDGRKDFLD DWUÒVHQHODVLHQWRGHODQWHURGHXQ YHKÞFXORHTXLSDGRFRQDLUEDJGHO DFRPSDâDQWH

8QQLâRTXHYLDMHHQXQVLVWHPDGH UHWHQFLäQLQIDQWLORULHQWDGRKDFLD DWUÒVPRQWDGRHQHODVLHQWRGHಢ ODQWHURSXHGHVXIULUOHVLRQHVJUDಢ YHVVLVHLQIODHODLUEDJGHODFRPಢ SDâDQWH )LMHHOVLVWHPDGHUHWHQFLäQLQIDQWLO RULHQWDGRKDFLDDWUÒVHQHODVLHQWR WUDVHUR 8QVLVWHPDGHUHWHQFLäQLQIDQWLO RULHQWDGRKDFLDGHODQWHGHEHUÞDILಢ MDUVHHQHODVLHQWRWUDVHURVLHPSUH TXHVHDSRVLEOH 6LVHPRQWDHQHODVLHQWRGHO DFRPSDâDQWHGHVSODFHHODVLHQWR KDFLDDWUÒVORPÒ[LPRSRVLEOH

0RQWDMHGHVLVWHPDVGHUHWHQFLäQ LQIDQWLOFRQILMDFLRQHVSDUDDQFODಢ MHVLQIHULRUHV\VXSHULRUHV,62),;

$UJROODVGHILMDFLäQGHORV DQFODMHV /RVDQFODMHVVXSHULRUHVSDUDHOVLVಢ WHPDGHUHWHQFLäQLQIDQWLOVHKDQLQVಢ WDODGRSDUDTXHFRLQFLGDQFRQODVWUHV SRVLFLRQHVGHDVLHQWR6HKDQPRQಢ WDGRWRUQLOORVGHDQFODMH

$WHQFLäQ /RVDVLHQWRVLQIDQWLOHVJUDQGHV RULHQWDGRVKDFLDDWUÒVSXHGHQQR VHUDGHFXDGRVSDUDVXLQVWDODಢ FLäQ3äQJDVHHQFRQWDFWRFRQVX 'LVWULEXLGRUSDUDREWHQHULQIRUPDಢ FLäQVREUHVLVWHPDVGHUHWHQFLäQ LQIDQWLODGHFXDGRV

1RWD 8WLOLFHORVDQFODMHVGHOVLVWHPDGH UHWHQFLäQLQIDQWLOVäORSDUDORVILQHV SUHYLVWRV

$VLHQWRVVLVWHPDVGHVHJXULGDG 3DUDDFFHGHUDORVSXQWRVGHDQFODMH VXSHULRUHV 7RSWHWKHU KDJDORVLಢ JXLHQWH  5HWLUHORVREMHWRVH[WUDâRVDOUHಢ GHGRUGHORVDQFODMHVVXSHULRUHV 'HVPRQWHODFXELHUWDGHOFRPSDUಢ WLPHQWRGHFDUJD  0HWDHOFOLSGHODFRUUHDGHVXMHಢ FLäQGHOVLVWHPDGHUHWHQFLäQLQಢ IDQWLOHQHODQFODMHVXSHULRU\DVHಢ JëUHVHGHTXHODFRUUHDGHVXMHಢ FLäQQRHVWÒUHWRUFLGD 6LHQODSRVLFLäQTXHHPSOHDKD\ XQUHSRVDFDEH]DVUHJXODEOH\XWLಢ OL]DXQVLVWHPDGHVXMHFLäQGREOH FRORTXHODVXMHFLäQDOUHGHGRUGHO UHSRVDFDEH]DV 6LHQODSRVLFLäQTXHHPSOHDKD\ XQUHSRVDFDEH]DVUHJXODEOH\XWLಢ OL]DXQVLVWHPDGHVXMHFLäQVLPಢ SOHOHYDQWHHOUHSRVDFDEH]DV\ FRORTXHODVXMHFLäQGHEDMRGHOUHಢ SRVDFDEH]DV\HQWUHVXVEDUUDV

 $SULHWHODFRUUHDGHVXMHFLäQGHO VLVWHPDGHUHWHQFLäQLQIDQWLOVHಢ JëQODVLQVWUXFFLRQHVLQFOXLGDV FRQHOVLVWHPDGHUHWHQFLäQLQIDQಢ WLO  &XDQGRKD\DPRQWDGRHOVLVWHPD GHUHWHQFLäQLQIDQWLOHPSXMH\WLUH GHÚOSDUDDVHJXUDUVHGHTXHHVWÒ ELHQVXMHWR



 $GYHUWHQFLD 8QVLVWHPDGHUHWHQFLäQLQIDQWLO FRORFDGRHQHODVLHQWRGHODQWHUR SRGUÞDRFDVLRQDUOHVLRQHVJUDYHV RDFFLGHQWHVPRUWDOHV 1XQFDLQVWDOHXQVLVWHPDGHUHಢ WHQFLäQLQIDQWLORULHQWDGRKDFLD DWUÒVHQHODVLHQWRGHODQWHURGHXQ YHKÞFXORHTXLSDGRFRQDLUEDJGHO DFRPSDâDQWH 8QQLâRTXHYLDMHHQXQVLVWHPDGH UHWHQFLäQLQIDQWLORULHQWDGRKDFLD DWUÒVPRQWDGRHQHODVLHQWRGHಢ ODQWHURSXHGHVXIULUOHVLRQHVJUDಢ YHVVLVHLQIODHODLUEDJGHODFRPಢ SDâDQWH )LMHHOVLVWHPDGHUHWHQFLäQLQIDQWLO RULHQWDGRKDFLDDWUÒVHQHODVLHQWR WUDVHUR 8QVLVWHPDGHUHWHQFLäQLQIDQWLO RULHQWDGRKDFLDGHODQWHGHEHUÞDILಢ MDUVHHQHODVLHQWRWUDVHURVLHPSUH TXHVHDSRVLEOH 6LVHPRQWDHQHODVLHQWRGHO DFRPSDâDQWHGHVSODFHHODVLHQWR KDFLDDWUÒVORPÒ[LPRSRVLEOH



$VLHQWRVVLVWHPDVGHVHJXULGDG  $GYHUWHQFLD

$WHQFLäQ

8QVLVWHPDGHUHWHQFLäQLQIDQWLO PDOILMDGRSXHGHSURYRFDUOHVLRಢ QHVJUDYHV ࿢ $MXVWHHOVLVWHPDGHUHWHQFLäQ FRQODPÒ[LPDILUPH]DSRVLEOH ࿢ 1XQFDXWLOLFHXQSRUWDEHEÚVR XQDVLHQWRGHVHJXULGDGLQIDQWLO TXHVHFXHOJXHGHOUHVSDOGR

8QVLVWHPDGHUHWHQFLäQLQIDQWLO TXHQRHVWÚHQXVRSRGUÞDGHVSODಢ ]DUVHKDFLDGHODQWH 'HVPRQWHHOVLVWHPDGHUHWHQFLäQ LQIDQWLOVLQRHVWÒHQXVRRIÞMHOR FRQHOFLQWXUäQGHVHJXULGDG

 $GYHUWHQFLD /RVDQFODMHVGHOVLVWHPDGHUHWHQಢ FLäQLQIDQWLOHVWÒQGLVHâDGRVSDUD UHVLVWLUVRODPHQWHODVFDUJDVLPಢ SXHVWDVSRUXQVLVWHPDGHUHWHQಢ FLäQPRQWDGRFRUUHFWDPHQWH(Q QLQJëQFDVRGHEHQXWLOL]DUVHSDUD FLQWXURQHVGHVHJXULGDGGHDGXOಢ WRVDUQHVHVRSDUDILMDUFXDOTXLHU RWURREMHWRRHTXLSDPLHQWRHQHO YHKÞFXOR

1RWD &RPRORVFLQWXURQHVGHVHJXULGDGR HOVLVWHPDGHUHWHQFLäQLQIDQWLOVH SXHGHQFDOHQWDUPXFKRHQXQYHಢ KÞFXORFHUUDGRH[SXHVWRDOVRODVHಢ JëUHVHGHFRPSUREDUODIXQGDGH DVLHQWR\ODVKHELOODVDQWHVGHFRORಢ FDUDOQLâRHQHOPLVPR

3RUWDREMHWRV

3RUWDREMHWRV &RPSDUWLPHQWRVSRUWDREMHWRV   &RPSDUWLPHQWRGHFDUJD   ,QIRUPDFLäQVREUHODFDUJD  



&RPSDUWLPHQWRV SRUWDREMHWRV 3RUWDREMHWRVHQHOWDEOHUR GHLQVWUXPHQWRV

(OSRUWDREMHWRVGHODSDUWHVXSHULRU GHODJXDQWHUDHVWÒHTXLSDGRFRQ SXHUWRV$8;86%HWF

/RVSRUWDREMHWRVHVWÒQVLWXDGRVHQHO SDQHOGHLQVWUXPHQWRV6HXWLOL]DQ SDUDJXDUGDUDUWÞFXORVSHTXHâRV



3RUWDREMHWRV

6LVWHPDGHLQIRHQWUHWHQLPLHQWR 

3RUWDYDVRV

*XDQWHUD

 $GYHUWHQFLD /RVSRUWDYDVRVHVWÒQHQODFRQVROD FHQWUDO\HQODSDUWHWUDVHUDGHODFRQಢ VRODFHQWUDO 3DUDDEULUWLUHGHODVD

 $GYHUWHQFLD 3DUDUHGXFLUHOULHVJRGHOHVLRQHV HQFDVRGHDFFLGHQWHRIUHQD]R EUXVFRPDQWHQJDVLHPSUHOD JXDQWHUDFHUUDGDFXDQGRHOYHಢ KÞFXORHVWÚHQPDUFKD

1RGHMHYDVRVFRQOÞTXLGRFDOLHQWH VLQWDSDUHQHOSRUWDYDVRVFXDQGR HOYHKÞFXORHVWÒHQPDUFKD6LHO OÞTXLGRFDOLHQWHVHGHUUDPDSXHGH TXHPDUVH6LODTXHPDGXUDDIHFWD DOFRQGXFWRUSRGUÞDSHUGHUHOFRQಢ WUROGHOYHKÞFXOR 3DUDUHGXFLUHOULHVJRGHOHVLRQHV SHUVRQDOHVHQFDVRGHIUHQD]R EUXVFRRFROLVLäQQRFRORTXHHQHO SRUWDYDVRVERWHOODVYDVRVODWDV HWFVLQWDSDURDVHJXUDUFXDQGR HOYHKÞFXORHVWÒHQPDUFKD

3RUWDREMHWRV

3RUWDJDIDV

&RPSDUWLPHQWRGH FDUJD $EDWLUORVUHVSDOGRVWUDVHURV  $GYHUWHQFLD

3DUDDEULUOREDMHODWDSD

$WHQFLäQ 1RODXVHSDUDJXDUGDUREMHWRVSHಢ VDGRV

1RDSLOHHTXLSDMHQLFXDOTXLHURWUD FDUJDTXHVXSHUHHQDOWXUDDORV DVLHQWRVGHODQWHURV 1RSHUPLWDTXHORVSDVDMHURVVH VLHQWHQHQORVUHVSDOGRVSOHJDGRV PLHQWUDVHOYHKÞFXORVHHQFXHQWUH HQPRYLPLHQWR (OHTXLSDMHTXHQRHVWÚVXMHWRR ORVSDVDMHURVTXHYD\DQVREUHXQ UHVSDOGRDEDWLGRSXHGHQVDOLUODQಢ ]DGRVHQHOLQWHULRURGHVSHGLGRV IXHUDGHOYHKÞFXORVLVHSURGXFH XQDSDUDGDEUXVFDRXQDFFLGHQWH (VWRSXHGHRFDVLRQDUOHVLRQHV JUDYHVRXQDFFLGHQWHPRUWDO 3DUDDEDWLUHOUHVSDOGRWUDVHUR



1RWD 6LVHDEDWHXQDVLHQWRWUDVHURFRQ ORVFLQWXURQHVGHVHJXULGDGDëQ DEURFKDGRVVHSXHGHQGDâDUORV FLQWXURQHVGHVHJXULGDGRHO DVLHQWR6LHPSUHVHGHEHQGHVDEURಢ FKDUORVFLQWXURQHVGHVHJXULGDG\ GHYROYHUORVDVXSRVLFLäQQRUPDOGH DORMDPLHQWRDQWHVGHDEDWLUXQ DVLHQWRWUDVHUR  %DMHORVUHSRVDFDEH]DVSXOVDQGR HOUHVRUWH 1RWD 3DUDJDUDQWL]DUTXHKD\DVXILFLHQWH HVSDFLRSDUDSURFHGHUFRQHOFRMÞQ GHODVLHQWRWUDVHURGHVOLFHHO DVLHQWRGHODQWHURKDFLDDGHODQWH\ FRORTXHVXUHVSDOGRYHUWLFDOPHQWH



3RUWDREMHWRV

 7LUHGHODSDODQFDGHGHVEORTXHR VLWXDGDHQFLPDGHOUHVSDOGRGHO DVLHQWRWUDVHUR\DEDWDHODVLHQWR KDFLDGHODQWH

 ,QWURGX]FDORVFLQWXURQHVGHVHಢ JXULGDGGHORVDVLHQWRVH[WHULRUHV HQODVJXÞDV 3DUDYROYHUDFRORFDUHOUHVSDOGRGHO DVLHQWRHQVXSRVLFLäQRULJLQDOH[ಢ WUDLJDHOFLQWXUäQGHVHJXULGDGGHODV JXÞDVGHOFLQWXUäQ\HOHYHHOUHVSDOGR GHODVLHQWR (QFDMHHOUHVSDOGRGHODVLHQWRHQVX VLWLR $VHJëUHVHGHTXHHOFLQWXUäQGHVHಢ JXULGDGQRTXHGDFRJLGRHQHOFLHUUH (OFLQWXUäQGHVHJXULGDGGHODVLHQWR WUDVHURFHQWUDOSXHGHEORTXHDUVH FXDQGRVXEHHOUHVSDOGRGHODVLHQWR 6LIXHUDDVÞGHMHTXHHOFLQWXUäQVH UHWUDLJDKDVWDHOPÒ[LPR\HPSLHFH GHQXHYR 3DUDYROYHUDFRORFDUHQVXVLWLROD EDQTXHWDGHODVLHQWRWUDVHURPXHYD ODSDUWHWUDVHUDGHODEDQTXHWDGHO DVLHQWRDVXSRVLFLäQRULJLQDODVHJXಢ UÒQGRVHGHTXHODVFRUUHDVGHODVKHಢ ELOODVGHOFLQWXUäQGHVHJXULGDGQR TXHGDQWRUFLGDVRDWUDSDGDVGHEDMR GHODEDQTXHWDGHODVLHQWROXHJRHPಢ

SXMHODSDUWHGHODQWHUDGHODEDQTXHWD GHODVLHQWRFRQILUPH]DKDFLDDEDMR KDVWDTXHTXHGHHQFODYDGR

$WHQFLäQ &XDQGRYXHOYDDFRORFDUHOUHVಢ SDOGRWUDVHURHQSRVLFLäQYHUWLFDO FRORTXHHOFLQWXUäQGHVHJXULGDG WUDVHUR\ODVKHELOODVHQWUHHOUHVಢ SDOGRGHODVLHQWRWUDVHUR\XQFRಢ MÞQ$VHJëUHVHGHTXHHOFLQWXUäQ GHVHJXULGDG\ODVKHELOODVQRTXHಢ GHQSHOOL]FDGRVEDMRHOFRMÞQGHO DVLHQWRWUDVHUR $VHJëUHVHGHTXHORVFLQWXURQHV GHVHJXULGDGQRTXHGHQGREODGRV RDWUDSDGRVHQHOUHVSDOGRGHO DVLHQWR\TXHHVWÚQHQODSRVLFLäQ FRUUHFWD

 $GYHUWHQFLD $QWHVGHFRQGXFLUHOYHKÞFXORFRQ SDVDMHURVHQHODVLHQWRWUDVHUR DVHJëUHVHGHTXHORVUHVSDOGRV

3RUWDREMHWRV GHODVLHQWRWUDVHURHVWÚQWRWDOಢ PHQWHGHVSOD]DGRVKDFLDDWUÒV\ EORTXHDGRVHQVXSRVLFLäQ 1RWLUHGHODVSDODQFDVGHGHVEORಢ TXHRGHODSDUWHVXSHULRUGHOUHVಢ SDOGRGHODVLHQWRFRQHOYHKÞFXOR HQPRYLPLHQWR 3XHGHFDXVDUGDâRVROHVLRQHVD ORVRFXSDQWHV

$WHQFLäQ 6LVHDEDWHXQDVLHQWRWUDVHURFRQ ORVFLQWXURQHVGHVHJXULGDGDëQ DEURFKDGRVVHSXHGHQGDâDUORV FLQWXURQHVGHVHJXULGDGRHO DVLHQWR 6LHPSUHVHGHEHQGHVDEURFKDU ORVFLQWXURQHVGHVHJXULGDG\GHಢ YROYHUORVDVXSRVLFLäQQRUPDOGH DORMDPLHQWRDQWHVGHDEDWLUXQ DVLHQWRWUDVHUR

 $GYHUWHQFLD 1RSHUPLWDTXHORVSDVDMHURVVH VLHQWHQVREUHORVUHVSDOGRVDEDWLಢ GRVGHORVDVLHQWRVFRQHOYHKÞFXOR HQPDUFKD\DTXHGLFKDSRVLFLäQ GHDVLHQWRHVLQFRUUHFWD\QRKD\ GLVSRQLEOHVFLQWXURQHVGHVHJXULಢ GDGSDUDVXXVR (VWRSRGUÞDRFDVLRQDUOHVLRQHV JUDYHVRIDWDOHVHQFDVRGHDFFLಢ GHQWHRIUHQD]REUXVFR /RVREMHWRVWUDQVSRUWDGRVVREUHHO UHVSDOGRDEDWLGRQRGHEHUÞDQVXಢ SHUDUODDOWXUDGHORVDVLHQWRVGHಢ ODQWHURV(QFDVRFRQWUDULROD FDUJDSRGUÞDGHVOL]DUVHKDFLDGHಢ ODQWH\RFDVLRQDUGDâRVROHVLRQHV DOIUHQDUEUXVFDPHQWH



&XELHUWDGHO FRPSDUWLPHQWRGHFDUJD

&XDQGRODFXELHUWDGHOFRPSDUWLಢ PHQWRGHFDUJDHVWÒFRORFDGDHQOD SRVLFLäQVXSHULRUHQFÒMHODHQVXVLಢ WLR 1RWD 6LODFXELHUWDGHOFRPSDUWLPHQWRGH FDUJDHVWXYLHUDFRORFDGDHQXQOXಢ JDULQDGHFXDGRSXHGHSURYRFDU UXLGRGHYLEUDFLRQHV\JDVWDUVHGHಢ ELGRDOFRQWDFWRFRQHODVLHQWRWUDಢ VHUR



3RUWDREMHWRV

7ULÒQJXORGHDGYHUWHQFLD

(OWULÒQJXORGHSHOLJURSXHGHDOPDFHಢ QDUVHHQODSURWHFFLäQGHOHVWULERWUDಢ VHURXVDQGRODVFRUUHDVGHJRPDGH DPERVODGRV 5HWLUHHOWULÒQJXORGHSHOLJURFXDQGR DSDUWHODHVWHULOODGHOPDOHWHURSDUD XVDUFXDOTXLHUKHUUDPLHQWD\VXMHWH ODVFRUUHDVDQWHVGHYROYHUDFRORFDU ODHVWHULOODGHOPDOHWHUR

,QIRUPDFLäQVREUHOD FDUJD ࿢ /RVREMHWRVSHVDGRVHQHOFRPSDUಢ WLPHQWRGHFDUJDGHEHQFRORFDUVH DSR\DGRVFRQWUDORVUHVSDOGRVGH ORVDVLHQWRV$VHJëUHVHGHTXHORV UHVSDOGRVHVWÚQELHQHQFODYDGRV 6LVHSXHGHQDSLODUORVREMHWRVORV PÒVSHVDGRVGHEHQFRORFDUVH DEDMR ࿢ $VHJXUHORVREMHWRVHQHOFRPSDUಢ WLPHQWRGHFDUJDSDUDHYLWDUVX GHVOL]DPLHQWR ࿢ &XDQGRVHWUDQVSRUWHQREMHWRVHQ HOFRPSDUWLPHQWRGHFDUJDORVUHVಢ SDOGRVGHORVDVLHQWRVWUDVHURVQR GHEHQHVWDULQFOLQDGRVKDFLDGHಢ ODQWH ࿢ /DFDUJDQRGHEHVREUHVDOLUSRUHQಢ FLPDGHOERUGHVXSHULRUGHORVUHVಢ SDOGRV ࿢ 1RFRORTXHREMHWRVVREUHODFXಢ ELHUWDGHOFRPSDUWLPHQWRGHFDUJD QLHQHOWDEOHURGHLQVWUXPHQWRVQR

WDSHHOVHQVRUVLWXDGRHQODSDUWH VXSHULRUGHOWDEOHURGHLQVWUXPHQಢ WRV ࿢ /DFDUJDQRGHEHREVWDFXOL]DUHO DFFLRQDPLHQWRGHORVSHGDOHVHO IUHQRGHHVWDFLRQDPLHQWRRODSDಢ ODQFDVHOHFWRUDQLLPSHGLUODOLEHUಢ WDGGHPRYLPLHQWRVGHOFRQGXFWRU 1RVHGHEHQGHMDUREMHWRVVXHOWRV HQHOKDELWÒFXOR ࿢ 1RFRQGX]FDFRQODWDSDGHOPDOHಢ WHURDELHUWD ࿢ /DFDUJDëWLOHVODGLIHUHQFLDHQWUH HOSHVRPÒ[LPRDXWRUL]DGRGHOYHಢ KÞFXOR YÚDVHODSODFDGHFDUDFWHಢ UÞVWLFDV  \HOSHVRHQYDFÞR 3DUDFRQRFHUHOSHVRHQYDFÞRHQ GHWDOOHFRQVXOWHHODSDUWDGRGHGDಢ WRVWÚFQLFRV (OSHVRHQYDFÞRLQFOX\HORVSHVRV FDOFXODGRVSDUDHOFRQGXFWRU NJ HOHTXLSDMH NJ \WRGRV ORVOÞTXLGRV GHSäVLWROOHQRDO  

3RUWDREMHWRV (OHTXLSDPLHQWRRSFLRQDO\ORVDFಢ FHVRULRVDXPHQWDQHOSHVRHQYDಢ FÞR ࿢ &RQGXFLUFRQFDUJDHQHOWHFKRDXಢ PHQWDODVHQVLELOLGDGGHOYHKÞFXORD ORVYLHQWRVODWHUDOHV\WLHQHXQ HIHFWRQHJDWLYRVREUHODPDQLREUDಢ ELOLGDGGHELGRDODHOHYDFLäQGHO FHQWURGHJUDYHGDG'LVWULEX\DOD FDUJDXQLIRUPHPHQWH\DVHJëUHOD FRQFRUUHDVGHVXMHFLäQ$MXVWHOD SUHVLäQGHORVQHXPÒWLFRV\ODYHಢ ORFLGDGGHOYHKÞFXORDODVFRQGLFLRಢ QHVGHFDUJD&RPSUXHEH\YXHOYD DDSUHWDUODVFRUUHDVFRQIUHFXHQಢ FLD





,QVWUXPHQWRV\PDQGRV

,QVWUXPHQWRV\ PDQGRV

0DQGRV

7LSR%!

$MXVWHGHOYRODQWH 7LSR$!

0DQGRV   7HVWLJRVOXPLQRVRVHLQGLFDGRಢ UHV   3DQWDOODVGHLQIRUPDFLäQ   0HQVDMHVGHOYHKÞFXOR   2UGHQDGRUGHDERUGR   3HUVRQDOL]DFLäQGHOYHKÞFXOR   'HVEORTXHHODSDODQFDDMXVWHHOYRಢ ODQWHOXHJRHQFODYHODSDODQFD\DVHಢ JëUHVHGHTXHHVWÚWRWDOPHQWHEORಢ TXHDGD (OYRODQWHVäORVHGHEHDMXVWDUFRQHO YHKÞFXORSDUDGR

$WHQFLäQ 6LHOHMHGHODFROXPQDGHODGLUHFಢ FLäQVXIUHXQIXHUWHLPSDFWR FXDQGRVHDMXVWDHOYRODQWHRFRQ

,QVWUXPHQWRV\PDQGRV ODSDODQFDEORTXHDGDVHSXHGHQ RFDVLRQDUGDâRVHQORVFRPSRಢ QHQWHVGHOYRODQWH

%RFLQD



/LPSLDODYDSDUDEULVDV /LPSLDSDUDEULVDV

0DQGRVHQHOYRODQWH

3XOVHH

(OVLVWHPDGHLQIRHQWUHWHQLPLHQWRVH SXHGHPDQHMDUFRQORVPDQGRVHQHO YRODQWH 6LVWHPDGHLQIRHQWUHWHQLPLHQWR 

3DUDDFFLRQDUORVOLPSLDSDUDEULVDV FRQHFWHHOHQFHQGLGR\PXHYDODSDಢ ODQFDGHOOLPSLDODYDSDUDEULVDVKDFLD DUULED  %DUULGRFRQWLQXRDYHORFLGDG UÒSLGD  %DUULGRFRQWLQXRDYHORFLGDG OHQWD 3 )XQFLRQDPLHQWRLQWHUPLWHQWH 6LVWHPDDSDJDGR c 4 )XQFLäQGHQLHEOD



,QVWUXPHQWRV\PDQGRV

)XQFLäQGHQLHEOD 3DUDDFFLRQDUHOOLPSLDSDUDEULVDVXQD YH]HQFDVRGHOOXYLDOLJHUDRQLHEOD SUHVLRQHOLJHUDPHQWHODSDODQFDGHO OLPSLDODYDSDUDEULVDVKDFLDDEDMR\ VXÚOWHOD/DSDODQFDYROYHUÒDXWRPÒಢ WLFDPHQWHDVXSRVLFLäQQRUPDO FXDQGRODVXHOWH/RVOLPSLDGRUHVVH DFFLRQDUÒQXQFLFORGHODYDGR

XWLOL]DHOOLPSLDOXQHWDFRQODHVFRಢ ELOODFRQJHODGDSXHGHGDâDUVX PRWRU

/DYDSDUDEULVDV

,QWHUYDORGHIXQFLRQDPLHQWR DMXVWDEOH

$WHQFLäQ 6LODYLVLäQGHOFRQGXFWRUQRHV FODUDVHSXHGHSURGXFLUXQDFFLಢ GHQWH\RFDVLRQDUOHVLRQHVSHUVRಢ QDOHV\GDâRVHQHOYHKÞFXORX RWUDVSURSLHGDGHV 1RXWLOLFHORVOLPSLDSDUDEULVDVVLHO SDUDEULVDVHVWÒVHFRXREVWUXLGR FRQQLHYHRKLHORSRUHMHPSOR6L XWLOL]DORVOLPSLDSDUDEULVDVHQXQ SDUDEULVDVREVWUXLGRVHSXHGHQ GDâDUODVHVFRELOODVHOPRWRU\HO FULVWDO &RQWLHPSRIUÞRFRPSUXHEHTXH ODVHVFRELOODVQRHVWÚQSHJDGDV SRUFRQJHODFLäQDOSDUDEULVDV6L

7LUHGHODSDODQFD6HSXOYHUL]DOÞಢ TXLGRGHODYDGRVREUHHOSDUDEULVDV\ HOOLPSLDOXQHWDVHUHDOL]DHOEDUULGR YDULDVYHFHV *LUHODUXHGDSDUDDMXVWDUHOLQWHUYDOR GHVHDGR ,QWHUಢ JLUHODUXHGDGHDMXVWH YDOR KDFLDDUULED FRUWR ,QWHUಢ JLUHODUXHGDGHDMXVWH YDOR KDFLDDEDMR ODUJR

$WHQFLäQ 1RDFFLRQHHOODYDSDUDEULVDVFRQಢ WLQXDPHQWHGXUDQWHPÒVGHXQRV VHJXQGRVQLFXDQGRHOGHSäVLWR GHOOÞTXLGRGHODYDGRHVWÚYDFÞR (VWRSRGUÞDSURYRFDUHOVREUHFDಢ OHQWDPLHQWRGHOPRWRUGHOODYDOXಢ QHWD\UHSDUDFLRQHVFRVWRVDV

,QVWUXPHQWRV\PDQGRV  $GYHUWHQFLD 1RSXOYHULFHOÞTXLGRGHODYDGRVRಢ EUHHOSDUDEULVDVDWHPSHUDWXUDV EDMRFHUR$WHPSHUDWXUDVEDMR FHURHOXVRGHOODYDSDUDEULVDV SXHGHSURYRFDUXQDFFLGHQWHSRUಢ TXHHOOÞTXLGRGHODYDGRSXHGHIRUಢ PDUKLHORHQHOSDUDEULVDV\REVಢ WUXLUVXYLVLäQ

6HSXHGHQHIHFWXDUORVDMXVWHVGHOD IHFKD\ODKRUD 6LVWHPDGHLQIRHQWUHWHQLPLHQWR 

7RPDVGHFRUULHQWH

5HORM

/DKRUD\ODIHFKDVHPXHVWUDQHQOD SDQWDOODGHOVLVWHPDGHLQIRHQWUHWHQLಢ PLHQWR

+D\XQDWRPDGHFRUULHQWHGH9 VLWXDGDHQODFRQVRODFHQWUDO (OFRQVXPRPÒ[LPRQRGHEHH[FHGHU ORVYDWLRV /DVWRPDVGHFRUULHQWHVHGHVDFWLYDQ DOGHVFRQHFWDUHOHQFHQGLGR



$GHPÒVODWRPDGHFRUULHQWHVHGHVಢ DFWLYDWDPELÚQVLODWHQVLäQGHODEDಢ WHUÞDHVEDMD

$WHQFLäQ 1RFRQHFWHQLQJëQDFFHVRULRFRQ FRUULHQWHSHMGLVSRVLWLYRVREDಢ WHUÞDVGHFDUJDHOÚFWULFRV 3DUDHYLWDUGDâRVHQODVWRPDVQR XWLOLFHFRQHFWRUHVLQDGHFXDGRV



,QVWUXPHQWRV\PDQGRV

7HVWLJRVOXPLQRVRVH LQGLFDGRUHV

&XHQWDNLOäPHWURV

9HORFÞPHWUR

,QGLFDODYHORFLGDGGHOYHKÞFXOR

(OFXHQWDNLOäPHWURVPXHVWUDODGLVಢ WDQFLDUHFRUULGDSRUHODXWRPäYLOHQ NLOäPHWURVRPLOODV +D\XQFXHQWDNLOäPHWURVSDUFLDOLQಢ GHSHQGLHQWHTXHPLGHODGLVWDQFLD UHFRUULGDSRUHOYHKÞFXORGHVGHODëOಢ WLPDYH]TXHVHSXVRDFHURHVWDIXQಢ FLäQ

&DGDYH]TXHSXOVHHOERWäQGHOFXDಢ GURODSDQWDOODFDPELDHQHORUGHQVLಢ JXLHQWH &XHQWDNLOäPHWURVඐ&XHQWDNLOäPHಢ WURVSDUFLDO 1RWD 3DUDUHVWDEOHFHUHOFXHQWDNLOäPHಢ WURVDFHURSXOVHHOFRQWUROGHOFXDಢ GURGHLQVWUXPHQWRVGXUDQWHXQRV VHJXQGRV

,QVWUXPHQWRV\PDQGRV

&XHQWDUUHYROXFLRQHV



7LSR%!

,QGLFDGRUGHFRPEXVWLEOH

,QGLFDODVUHYROXFLRQHVSRUPLQXWRGHO PRWRU &RQGX]FDHQORVUHJÞPHQHVPÒVEDಢ MRVGHOPRWRUHQFDGDPDUFKDWDQWR FRPRVHDSRVLEOH

0XHVWUDHOQLYHOGHFRPEXVWLEOHHQHO GHSäVLWR 1XQFDGHEHDJRWDUHOGHSäVLWR 'HELGRDOFRPEXVWLEOHTXHTXHGDHQ HOGHSäVLWRODFDQWLGDGUHTXHULGD SDUDOOHQDUHOGHSäVLWRSXHGHVHULQಢ IHULRUDODFDSDFLGDGHVSHFLILFDGD (OPRYLPLHQWRGHOFRPEXVWLEOHGHQWUR GHOGHSäVLWRKDFHTXHODDJXMDGHOLQಢ GLFDGRUGHFRPEXVWLEOHFDPELHGH SRVLFLäQFXDQGRIUHQDDFHOHUDRJLUD

7LSR$!

$WHQFLäQ 6LODDJXMDHVWÒHQHOVHFWRUGHDGಢ YHUWHQFLDVHKDH[FHGLGRHOUÚJLಢ PHQPÒ[LPRDGPLVLEOHGHOPRWRU +D\SHOLJURSDUDHOPRWRU



,QVWUXPHQWRV\PDQGRV  3HOLJUR

$QWHVGHUHSRVWDUSDUHHOYHಢ KÞFXOR\DSDJXHHOPRWRU

3DQWDOODLQGLFDGRUDGHO FDPELR

GDVODVYHUVLRQHVGHFXDGURVGHLQVಢ WUXPHQWRV/RVWHVWLJRVGHFRQWUROGHO YHKÞFXORSXHGHQQRFRUUHVSRQGHUVH FRQORVWHVWLJRVGHVFULWRVHQHOSUHಢ VHQWHPDQXDO$OFRQHFWDUHOHQFHQಢ GLGRVHLOXPLQDUÒQEUHYHPHQWHOD PD\RUÞDGHORVWHVWLJRVGHFRQWUROD PRGRGHSUXHEDIXQFLRQDO /RVFRORUHVGHORVWHVWLJRVGHFRQWURO VLJQLILFDQORVLJXLHQWH 5RMR 3HOLJURUHFRUGDWRULR LPSRUWDQWH $PDULOOR $YLVRLQIRUPDFLäQ DYHUÞD 9HUGH &RQILUPDFLäQGHDFWLಢ D]XO YDFLäQ /RVGLVHâRVGHOFXDGURGHLQVWUXPHQಢ WRVSXHGHQYDULDUHQIXQFLäQGHORV PRGHORV

,QGLFDODPDUFKDVHOHFFLRQDGDR PRGRGHODFDMDGHFDPELRV

7HVWLJRVGHFRQWURO /RVWHVWLJRVGHFRQWUROGHVFULWRVQR HVWÒQSUHVHQWHVHQWRGRVORVYHKÞFXಢ ORV/DGHVFULSFLäQHVYÒOLGDSDUDWRಢ

,QVWUXPHQWRV\PDQGRV 7HVWLJRVGHFRQWUROHQHOFXDGURGHLQVWUXPHQWRV 7LSR$





,QVWUXPHQWRV\PDQGRV

7HVWLJRVGHFRQWUROHQHOFXDGURGHLQVWUXPHQWRV 7LSR%

,QVWUXPHQWRV\PDQGRV 7HVWLJRVGHFRQWUROHQHOFXDGURGHLQVWUXPHQWRV 7LSR&





,QVWUXPHQWRV\PDQGRV 6LHOFLQWXUäQGHVHJXULGDGVHKD DEURFKDGRHOWHVWLJR\HODYLVRDFëVಢ WLFRVHGHVDFWLYDUÒQ &LQWXUäQGHVHJXULGDGGHWUHVSXQWRV 

,QWHUPLWHQWHV .SDUSDGHDHQYHUGH

3DUSDGHD (OWHVWLJRGHFRQWUROSDUSDGHD FXDQGRHVWÒQFRQHFWDGRVORVLQWHUPLಢ WHQWHVRODVOXFHVGHHPHUJHQFLD

$LUEDJV\SUHWHQVRUHVGH FLQWXURQHV

3DUSDGHRUÒSLGR )DOORGHXQLQWHUPLWHQWHRGHOIXVLEOH FRUUHVSRQGLHQWH 6XVWLWXFLäQGHERPELOODV IXVLಢ EOHV LQWHUPLWHQWHV 

5HFRUGDWRULRGHOFLQWXUäQ GHVHJXULGDG 7SDUDHODVLHQWRGHOFRQGXFWRUVH HQFLHQGHRSDUSDGHDHQURMR

7SDUDHODVLHQWRGHODFRPSDâDQWH VHHQFLHQGHRSDUSDGHDFXDQGRHO DVLHQWRHVWÒRFXSDGR &RQHOHQFHQGLGRFRQHFWDGRVHDFWLಢ YDQHOWHVWLJR\XQDYLVRDFëVWLFR\ SHUPDQHFHQDFWLYDGRVGXUDQWHYDಢ ULRVVHJXQGRVFRPRUHFRUGDWRULR SDUDDEURFKDUVHORVFLQWXURQHVGHVHಢ JXULGDG (OWHVWLJRSDUSDGHDKDVWDTXHVH DEURFKHHOFLQWXUäQGHVHJXULGDG 6LHOFLQWXUäQGHVHJXULGDGSHUPDಢ QHFHGHVDEURFKDGRPLHQWUDVHOYHಢ KÞFXORVHGHVSOD]DORVWHVWLJRV\HO DYLVRDFëVWLFRYROYHUÒQDDFWLYDUVH

TVHHQFLHQGHHQURMR $OFRQHFWDUHOHQFHQGLGRHOWHVWLJRGH FRQWUROVHLOXPLQDGXUDQWHXQRVVHಢ JXQGRV6LQRVHHQFLHQGHQRVH DSDJDWUDQVFXUULGRVXQRVSRFRVVHಢ JXQGRVRVLVHHQFLHQGHGXUDQWHOD PDUFKDKD\XQDDYHUÞDHQORVSUHಢ WHQVRUHVGHFLQWXURQHVRHQHOVLVಢ WHPDGHDLUEDJV/RVVLVWHPDVSRಢ GUÞDQQRGLVSDUDUVHHQFDVRGHDFFLಢ GHQWH /DVDYHUÞDVGHOYHKÞFXOR\ODDFWLYDಢ FLäQGHORVSUHWHQVRUHVGHORVFLQWXಢ URQHVGHVHJXULGDGRORVDLUEDJVVH LQGLFDPHGLDQWHODLOXPLQDFLäQSHUಢ PDQHQWHGHOWHVWLJRT

,QVWUXPHQWRV\PDQGRV  $GYHUWHQFLD +DJDVXEVDQDUODFDXVDGHODDYHಢ UÞDHQXQWDOOHULQPHGLDWDPHQWH 3UHWHQVRUHVGHFLQWXURQHVVLVWHPD GHDLUEDJV  

,QGLFDGRUGHHVWDGRGHO DLUEDJGHODFRPSDâDQWH

$OFRQHFWDUHOHQFHQGLGRORVLQGLFDಢ GRUHVVHLOXPLQDQGXUDQWHXQRVVHಢ JXQGRV$FRQWLQXDFLäQHOLQGLFDGRU GHHVWDGRLOXPLQDUÒ21X2)) 21VHLOXPLQDFXDQGRVHDFWLYDHODLUಢ EDJGHODQWHURGHODFRPSDâDQWH 2))VHLOXPLQDFXDQGRVHGHVDFWLYD HODLUEDJGHODQWHURGHODFRPSDâDQWH

 $GYHUWHQFLD 6LDPERVLQGLFDGRUHVSHUPDQHಢ FHQHQFHQGLGRVRVLDPERVLQGLಢ FDGRUHVVHDSDJDQH[LVWHXQSURಢ EOHPDHQHOVLVWHPDGHHVWDGRGHO DLUEDJGHODFRPSDâDQWH +DJDVXEVDQDULQPHGLDWDPHQWHOD FDXVDGHOSUREOHPDHQXQWDOOHU

6LVWHPDGHFDUJD

/RVLQGLFDGRUHVGHHVWDGRGHODLUEDJ GHODFRPSDâDQWHVHHQFXHQWUDQHQHO SDQHOGHLQVWUXPHQWRV

NVHHQFLHQGHHQURMR 6HLOXPLQDDOFRQHFWDUHOHQFHQGLGR\ VHDSDJDSRFRGHVSXÚVGHDUUDQFDU HOPRWRU



6LVHHQFLHQGHFRQHOPRWRUHQ PDUFKD 'HWHQJDHOYHKÞFXOR\SDUHHOPRWRU /DEDWHUÞDQRVHFDUJD/DUHIULJHUDಢ FLäQGHOPRWRUSXHGHHVWDULQWHUUXPಢ SLGD5HFXUUDDODD\XGDGHXQWDOOHU

7HVWLJRGHDYHUÞDV 9VHHQFLHQGHHQDPDULOOR 6HLOXPLQDDOFRQHFWDUHOHQFHQGLGR\ VHDSDJDSRFRGHVSXÚVGHDUUDQFDU HOPRWRU

5HYLVLäQXUJHQWHGHO YHKÞFXOR J6HHQFLHQGHFXDQGRHOYHKÞFXOR QHFHVLWDXQDUHYLVLäQ 'LUÞMDVHDXQWDOOHULQPHGLDWDPHQWH SDUDTXHUHYLVHHOYHKÞFXOR 0HQVDMHVGHOYHKÞFXOR 

6LVWHPDGHIUHQRV 1VHHQFLHQGHHQURMR



,QVWUXPHQWRV\PDQGRV

6HHQFLHQGHFRQHOIUHQRGHHVWDFLRಢ QDPLHQWRVXHOWRVLHOQLYHOGHOOÞTXLGR GHIUHQRVHVGHPDVLDGREDMRRVLKD\ XQDDYHUÞDGHOVLVWHPDGHIUHQRV /ÞTXLGRGHIUHQRV 

 $GYHUWHQFLD 1RFRQGX]FDFRQHOWHVWLJRGHOVLVಢ WHPDGHIUHQRVHQFHQGLGR (VWRSXHGHVLJQLILFDUTXHORVIUHಢ QRVQRIXQFLRQDQFRUUHFWDPHQWH &RQGXFLUFRQORVIUHQRVDYHULDGRV SXHGHSURYRFDUXQDFROLVLäQTXH FDXVHOHVLRQHVSHUVRQDOHV\GDಢ âRVDOYHKÞFXOR\DRWUDVSURSLHಢ GDGHV 6HLOXPLQDGHVSXÚVGHFRQHFWDUHO HQFHQGLGRVLHOIUHQRGHHVWDFLRQDಢ PLHQWRPDQXDOHVWÒDFFLRQDGR )UHQRGHHVWDFLRQDPLHQWR 

6LVWHPDDQWLEORTXHRGH IUHQRV $%6 SVHHQFLHQGHHQDPDULOOR

6HLOXPLQDGXUDQWHXQRVVHJXQGRV GHVSXÚVGHFRQHFWDUHOHQFHQGLGR (OVLVWHPDHVWÒRSHUDWLYRFXDQGRVH DSDJDHOWHVWLJRGHFRQWURO 6LWUDQVFXUULGRVXQRVVHJXQGRVHO WHVWLJRQRVHDSDJDRVLVHHQFLHQGH GXUDQWHODPDUFKDKD\XQDDYHUÞDHQ HOVLVWHPD$%6(OVLVWHPDGHIUHQRV GHOYHKÞFXORVLJXHHVWDQGRRSHUDWLYR SHURVLQODUHJXODFLäQGHO$%6 6LVWHPDDQWLEORTXHRGHIUHQRV 

&DPELRDXQDPDUFKDPÒV ODUJD >6HHQFLHQGHFXDQGRVHFDPELDD XQDPDUFKDPÒVODUJDSDUDDKRUUDU FRPEXVWLEOH &DPELRPDQXDO 

'LUHFFLäQDVLVWLGD FVHHQFLHQGHHQDPDULOOR 6HLOXPLQDDOFRQHFWDUHOHQFHQGLGR\ VHDSDJDSRFRGHVSXÚVGHDUUDQFDU HOPRWRU

6LHOLQGLFDGRUQRVHDSDJDWUDVXQRV VHJXQGRVRVLVHLOXPLQDPLHQWUDV FRQGXFHKD\XQDDYHUÞDHQODGLUHFಢ FLäQDVLVWLGD 5HFXUUDDODD\XGDGHXQWDOOHU

&RQWUROHOHFWUäQLFRGH HVWDELOLGDG EVHHQFLHQGHRSDUSDGHDHQDPDULಢ OOR

6HHQFLHQGH +D\XQDDYHUÞDHQHOVLVWHPD6H SXHGHFRQWLQXDUFRQGXFLHQGR6LQ HPEDUJRODHVWDELOLGDGGHPDUFKD SXHGHHPSHRUDUGHSHQGLHQGRGHOHVಢ WDGRGHODFDO]DGD +DJDVXEVDQDUODFDXVDGHODDYHUÞD HQXQWDOOHU

3DUSDGHD ,QWHUYHQFLäQDFWLYDGHOVLVWHPD 3XHGHUHGXFLUVHODSRWHQFLDGHOPRಢ WRU\HOYHKÞFXORSXHGHIUHQDUVHXQ SRFRDXWRPÒWLFDPHQWH &RQWUROHOHFWUäQLFRGHHVWDELOLGDG 

,QVWUXPHQWRV\PDQGRV

&RQWUROHOHFWUäQLFRGH HVWDELOLGDGGHVDFWLYDGR DVHHQFLHQGHHQDPDULOOR 6HHQFLHQGHFXDQGRHOVLVWHPDHVWÒ GHVDFWLYDGR

6LVWHPDGHFRQWUROGH WUDFFLäQGHVDFWLYDGR NVHHQFLHQGHHQDPDULOOR 6HHQFLHQGHFXDQGRHOVLVWHPDHVWÒ GHVDFWLYDGR

7HPSHUDWXUDGHO UHIULJHUDQWHGHOPRWRU 6VHHQFLHQGHHQURMR /DOX]LQGLFDTXHHOUHIULJHUDQWHGHO PRWRUVHKDVREUHFDOHQWDGR 6LKDXWLOL]DGRHOYHKÞFXORHQFRQGLಢ FLRQHVGHFRQGXFFLäQQRUPDOHV GHEHDSDUWDUVHGHODFDUUHWHUDGHWHಢ QHUHOYHKÞFXOR\GHMDUHOPRWRUDOUDಢ OHQWÞGXUDQWHXQRVPLQXWRV

6LODOX]QRVHDSDJDGHEHGHVFRಢ QHFWDUHOPRWRU\SRQHUVHHQFRQWDFWR FRQXQWDOOHUORDQWHVSRVLEOH/HUHಢ FRPHQGDPRVTXHVHSRQJDHQFRQಢ WDFWRFRQXQWDOOHUDXWRUL]DGR

3UHVLäQGHDFHLWHGHO PRWRU (VHHQFLHQGHHQURMR 6HLOXPLQDDOFRQHFWDUHOHQFHQGLGR\ VHDSDJDSRFRGHVSXÚVGHDUUDQFDU HOPRWRU

6LVHHQFLHQGHFRQHOPRWRUHQ PDUFKD $WHQFLäQ /DOXEULFDFLäQGHOPRWRUSXHGHHVಢ WDULQWHUUXPSLGD6HSXHGHQRFDಢ VLRQDUGDâRVHQHOPRWRU\RHO EORTXHRGHODVUXHGDVPRWULFHV 6LODOX]GHDGYHUWHQFLDGHSUHVLäQGH DFHLWHGHOPRWRUVHHQFLHQGHPLHQಢ WUDVVHFRQGXFHDSÒUWHVHGHODFDಢ UUHWHUDGHWHQJDHOYHKÞFXOR\FRPಢ SUXHEHHOQLYHOGHDFHLWH



 $GYHUWHQFLD &RQHOPRWRUDSDJDGRVHUÒQHFHಢ VDULDXQDIXHU]DFRQVLGHUDEOHಢ PHQWHPD\RUSDUDIUHQDU\JLUDUHO YRODQWH 1RVDTXHODOODYHKDVWDTXHHOYHಢ KÞFXORHVWÚSDUDGRGHORFRQWUDULR ODFROXPQDGHODGLUHFFLäQVHSRಢ GUÞDEORTXHDUGHIRUPDLQHVSHಢ UDGD &RPSUXHEHHOQLYHOGHDFHLWHDQWHV GHUHFXUULUDODD\XGDGHXQWDOOHU $FHLWHGHOPRWRU 

6LVWHPDGHFRQWUROGH SUHVLäQGHORVQHXPÒWLFRV VHHQFLHQGHHQDPDULOOR 6HLOXPLQDDOFRQHFWDUHOHQFHQGLGR\ VHDSDJDSRFRGHVSXÚVGHDUUDQFDU HOPRWRU 6ÞVHLOXPLQDPLHQWUDVVHFRQGXFH HOVLVWHPDGHFRQWUROGHSUHVLäQGHO QHXPÒWLFRGHWHFWDTXHXQRRPÒVGH ORVQHXPÒWLFRVWLHQHODSUHVLäQEDMD



,QVWUXPHQWRV\PDQGRV

GHPDQHUDLPSRUWDQWH'HWHQJDHO YHKÞFXORHQXQOXJDUVHJXURFRPಢ SUXHEHORVQHXPÒWLFRVHÞQIOHORVDOD SUHVLäQUHFRPHQGDGDHQODHWLTXHWD GHSUHVLäQGHLQIODGRGHOQHXPÒWLFR &XDQGRHOVLVWHPDGHWHFWDXQIDOORGH IXQFLRQDPLHQWRSDUSDGHDGXUDQWH XQPLQXWR\OXHJRSHUPDQHFHHQFHQಢ GLGRFRPRUHFRUGDWRULRGHOFLFORGH HQFHQGLGRVHLOXPLQDKDVWDTXHVH KDFRUUHJLGRHOSUREOHPD'LUÞMDVHD XQWDOOHUSDUDTXHOHUHYLVHQHOYHಢ KÞFXOR

1LYHOGHFRPEXVWLEOHEDMR 8VHHQFLHQGHHQDPDULOOR 6HHQFLHQGHFXDQGRHOQLYHOHQHOGHಢ SäVLWRGHFRPEXVWLEOHHVGHPDVLDGR EDMR

$WHQFLäQ 1RSHUPLWDTXHHOYHKÞFXORVH TXHGHVLQFRPEXVWLEOH (VWRSXHGHGDâDUHOFDWDOL]DGRU &DWDOL]DGRU 

,QPRYLOL]DGRU GVHHQFLHQGHHQDPDULOOR 6LHOLQGLFDGRUVHLOXPLQDKD\XQD DYHUÞDHQHOVLVWHPD1RVHSXHGH DUUDQFDUHOPRWRU +DJDVXEVDQDUODFDXVDGHODDYHUÞD HQXQWDOOHU

6HHQFLHQGHFXDQGRHVWÒQFRQHFWDಢ GRVORVIDURVDQWLQLHEOD 

/XFHVWUDVHUDV VHHQFLHQGHHQYHUGH 6HHQFLHQGHFXDQGRHVWÒQFRQHFWDಢ GDVODVOXFHVWUDVHUDV

/X]GHFDUUHWHUD

5HJXODGRUGHYHORFLGDG

/VHHQFLHQGHHQD]XO 6HHQFLHQGHFXDQGRHVWÒFRQHFWDGD ODOX]GHFDUUHWHUD\FXDQGRVHDFFLRಢ QDQODVUÒIDJDV /X]GHFDUUHWHUDOX]GHFUXFH 

>VHHQFLHQGHHQEODQFR 6HHQFLHQGHFXDQGRHOVLVWHPDHVWÒ FRQHFWDGR >VHHQFLHQGHHQYHUGH 6HLOXPLQDFXDQGRHOVLVWHPDGHOUHಢ JXODGRUGHYHORFLGDGVHDFWLYD 

/X]GHFLUFXODFLäQGLXUQD #VHHQFLHQGHHQYHUGH 6HHQFLHQGHFXDQGRHVWÒFRQHFWDGD ODOX]GHFLUFXODFLäQGLXUQD /XFHVGHFLUFXODFLäQGLXUQD '5/ 

/XFHVDQWLQLHEOD VHHQFLHQGHHQYHUGH

3XHUWDDELHUWD VHHQFLHQGHHQURMR 6HHQFLHQGHFXDQGRVHDEUHXQD SXHUWDRHOSRUWäQWUDVHUR

,QVWUXPHQWRV\PDQGRV

3DQWDOODVGH LQIRUPDFLäQ



9LGDëWLOGHODFHLWHGHOPRWRU

&HQWURGHLQIRUPDFLäQGHO FRQGXFWRU

(OFHQWURGHLQIRUPDFLäQGHOFRQGXFಢ WRU ',& VHHQFXHQWUDHQHOFXDGUR GHLQVWUXPHQWRV

3DUDVHOHFFLRQDUHOPHQëGHFRQILJXಢ UDFLäQSXOVHHOERWäQ0(18GHOD SDODQFDGHORVLQWHUPLWHQWHV 3XHGHVHOHFFLRQDUORVLJXLHQWH ࿢ 9LGDëWLOGHODFHLWHGHOPRWRU ࿢ &RQILJXUDFLäQGHODXQLGDG ࿢ &RQILJXUDFLäQGHOLGLRPD ࿢ 3URJUDPDFLäQGHOQHXPÒWLFR 3XHGHVHOHFFLRQDUFDGDPHQëJLಢ UDQGRODUXHGDGHDMXVWHGHODSDODQFD GHORVLQWHUPLWHQWHV

0XHVWUDXQDHVWLPDFLäQGHODYLGDëWLO UHVWDQWHGHODFHLWH 6LVHPXHVWUDHOQëPHURVLJQLILFD TXHUHVWDHOGHYLGDëWLOGHO DFHLWHDFWXDO &XDQGRODYLGDUHVWDQWHGHODFHLWHHV EDMDHOFäGLJRGHPHQVDMHGHOYHಢ KÞFXOR &KDQJHHQJLQHRLOVRRQ >&DPELDUDFHLWHGHOPRWRUSURQWR@ DSDUHFHUÒHQHOFHQWURGHLQIRUPDಢ FLäQGHOFRQGXFWRU(ODFHLWHGHOPRಢ WRUGHEHUÞDFDPELDUVHORPÒVSURQWR SRVLEOH



,QVWUXPHQWRV\PDQGRV

'HVSXÚVGHXQFDPELRGHDFHLWHGHO PRWRUHOVLVWHPDGHGXUDFLäQGHO DFHLWHGHOPRWRUGHEHUHVWDEOHFHUVH 3DUDUHLQLFLDUSXOVHHOERWäQ 6(7&/5GXUDQWHXQRVVHJXQGRV 6LVWHPDGHGXUDFLäQGHODFHLWHGHO PRWRU 

&RQILJXUDFLäQGHODXQLGDG

*LUHODUXHGDGHDMXVWHSDUDVHOHFFLRಢ QDUXQRGHORVDMXVWHV  *UDQ%UHWDâD PLOODVK¡&  (VWDGRV8QLGRV PLOODVK¡)  (XURSD NPK¡& &XDQGRVHFDPELDXQDXQLGDGODXQLಢ GDGVHOHFFLRQDGDSDUSDGHD 3XOVHHOERWäQ6(7&/5SDUDFRQILUಢ PDU

*LUHODUXHGDGHDMXVWHSDUDVHOHFFLRಢ QDUXQRGHORVDMXVWHV  $OIDEHWR  1XPÚULFRDUÒELJR &XDQGRVHFDPELDXQDXQLGDGODXQLಢ GDGVHOHFFLRQDGDSDUSDGHD 3XOVHHOERWäQ6(7&/5SDUDFRQILUಢ PDU

3URJUDPDFLäQGHOQHXPÒWLFR

&RQILJXUDFLäQGHOLGLRPD

3XOVHHOERWäQ6(7&/5GXUDQWH XQRVVHJXQGRV 3XOVHHOERWäQ6(7&/5GXUDQWH XQRVVHJXQGRV

(VWDSDQWDOODSHUPLWHHODMXVWHGHO QHXPÒWLFRQXHYR\ODUXHGDPHGLDQWH ORVVHQVRUHVGHO7306

,QVWUXPHQWRV\PDQGRV 3DUDHOSURFHVRGHDMXVWHSXOVHHO ERWäQ6(7&/5GXUDQWHXQRVVHJXQಢ GRV 9ÚDVH6LVWHPDGHFRQWUROGHSUHVLäQ GHORVQHXPÒWLFRV 

3DQWDOODGHLQIRUPDFLäQD ERUGR

&XDQGRHOVLVWHPDGHLQIRHQWUHWHQLಢ PLHQWRHVWÒDFWLYDGRVHPXHVWUDQORV DMXVWHVSDUDODSHUVRQDOL]DFLäQGHO YHKÞFXOR 3HUVRQDOL]DFLäQGHOYHKÞFXOR 



0HQVDMHVGHOYHKÞFXOR /RVPHQVDMHVVHHQYÞDQDWUDYÚVGHO FHQWURGHLQIRUPDFLäQGHOFRQGXFWRU ',& RFRPRDYLVRVDFëVWLFRV 'HSHQGLHQGRGHOHTXLSDPLHQWR\OD SHUVRQDOL]DFLäQGHOYHKÞFXORHVSRಢ VLEOHTXHDOJXQDVGHODVIXQFLRQHV GHVFULWDVDFRQWLQXDFLäQQRHVWÚQGLVಢ SRQLEOHV

$WHQFLäQ 6LVHPXHVWUDHOPHQVDMHHQHOYHಢ KÞFXORGLUÞMDVHDXQWDOOHULQPHGLDಢ WDPHQWHSDUDTXHORFRPSUXHEH

6HPXHVWUDODIHFKDKRUDWHPSHUDಢ WXUDH[WHULRUHLQIRUPDFLäQGHOVLVಢ WHPDGHLQIRHQWUHWHQLPLHQWR



,QVWUXPHQWRV\PDQGRV 1« 0HQVDMHGHOYHKÞFXOR

$YLVRVDFëVWLFRV

 $YHUÞDGHODOX]GHSRVLFLäQ GHODQWHUDGHUHFKD

$ODUUDQFDUHOPRWRURGXUDQWHOD PDUFKD

 $YHUÞDGHODOX]GHPDUFKDDWUÒV

࿢ 6LQRVHKDDEURFKDGRHOFLQWXUäQ GHVHJXULGDG ࿢ 6LVHVREUHSDVDXQDGHWHUPLQDGD YHORFLGDGFRQHOIUHQRGHHVWDFLRಢ QDPLHQWRDFFLRQDGR ࿢ 6LDSDUHFHXQFäGLJRGHDGYHUWHQಢ FLDHQHOFHQWURGHLQIRUPDFLäQGHO FRQGXFWRU

 $YHUÞDGHODOX]GHODPDWUÞFXOD  $YHUÞDGHOLQWHUPLWHQWHGHODQಢ WHURL]TXLHUGR  $YHUÞDGHOLQWHUPLWHQWHWUDVHUR L]TXLHUGR /RVPHQVDMHVGHOYHKÞFXORVHPXHVಢ WUDQFRPRFäGLJRVQXPÚULFRV

 $YHUÞDGHOLQWHUPLWHQWHGHODQಢ WHURGHUHFKR

1« 0HQVDMHGHOYHKÞFXOR

 $YHUÞDGHOLQWHUPLWHQWHWUDVHUR GHUHFKR

 $YHUÞDGHODWHUFHUDOX]GHIUHQR  5HYLVLäQGHODVOXFHVGHIUHQR  $YHUÞDGHODOX]GHFUXFH L]TXLHUGD  $YHUÞDGHODOX]GHFUXFH GHUHFKD  $YHUÞDGHODOX]GHSRVLFLäQ GHODQWHUDL]TXLHUGD

 'HVHTXLOLEULRGHSUHVLäQGHORV QHXPÒWLFRVGHODQWHURV VLHVWÒ HTXLSDGRFRQ7306  'HVHTXLOLEULRGHSUHVLäQGHORV QHXPÒWLFRVWUDVHURV VLHVWÒ HTXLSDGRFRQ7306  &DPELDUDFHLWHGHOPRWRUSURQWR  3RWHQFLDGHOPRWRUUHGXFLGD

&XDQGRHOYHKÞFXORHVWÒ HVWDFLRQDGR\RVHDEUHXQD SXHUWD ࿢ 6LODOODYHHVWÒHQODFHUUDGXUDGHO HQFHQGLGR ࿢ &RQODVOXFHVH[WHULRUHVHQFHQGLಢ GDV

,QVWUXPHQWRV\PDQGRV

2UGHQDGRUGHDERUGR

(ORUGHQDGRUGHDERUGRHVWÒVLWXDGR HQHOFHQWURGHLQIRUPDFLäQGHOFRQಢ GXFWRU ºVWHSURSRUFLRQDDOFRQGXFWRULQIRUಢ PDFLäQGHFRQGXFFLäQFRPRODYHORಢ FLGDGPHGLDODGLVWDQFLDTXHVH SXHGHUHFRUUHUFRQHOFRPEXVWLEOH TXHTXHGDHOFRQVXPRPHGLR\HO WLHPSRGHFRQGXFFLäQ



9HORFLGDGPHGLD

3DUDDFWLYDUHORUGHQDGRUGHDERUGR JLUHODUXHGDGHDMXVWHHQODSDODQFD GHORVLQWHUPLWHQWHV &DGDYH]TXHJLUDODUXHGDGHDMXVWH HOPRGRFDPELDHQHORUGHQVLJXLHQWH 9HORFLGDGPHGLDඎ'LVWDQFLDDUHFRಢ UUHUFRQHOFRPEXVWLEOHTXHTXHGDඎ &RQVXPRPHGLRඎ7LHPSRGHFRQಢ GXFFLäQඎ9HORFLGDGPHGLD $OJXQRVPRGRVSXHGHQUHVWDEOHಢ FHUVHSXOVDQGRHOERWäQ6(7&/5

(VWHPRGRLQGLFDODYHORFLGDGPHGLD /DYHORFLGDGPHGLDWLHQHHQFXHQWDHO WLHPSRTXHHOPRWRUHVWÒHQPDUFKD DXQTXHQRVHFRQGX]FDHOYHKÞFXOR 3DUDUHVWDEOHFHUODYHORFLGDGPHGLD SXOVHHOERWäQ6(7&/5



,QVWUXPHQWRV\PDQGRV

'LVWDQFLDGHFRQGXFFLäQFRQHO FRPEXVWLEOHUHVWDQWH

(VWHPRGRLQGLFDODGLVWDQFLDHVWLಢ PDGDTXHVHSXHGHUHFRUUHUKDVWD TXHVHDJRWHHOFRPEXVWLEOHTXH TXHGDHQHOGHSäVLWR 6LHFKDFRPEXVWLEOHFRQODEDWHUÞD GHVFRQHFWDGDRHOYHKÞFXORLQFOLQDGR HVSRVLEOHTXHHORUGHQDGRUGHD ERUGRQRPXHVWUHORVYDORUHVFRUUHFಢ WRV 6LODGLVWDQFLDTXHVHSXHGHUHFRUUHU FRQHOFRPEXVWLEOHUHVWDQWHHVLQIHಢ ULRUDNPDSDUHFHUÒSDUSDಢ GHDQGRHQODSDQWDOOD

/DGLVWDQFLDSXHGHYDULDUHQIXQFLäQ GHODIRUPDGHFRQGXFLU 1RWD &RPRGLVSRVLWLYRDX[LOLDUODLQIRUಢ PDFLäQGHORUGHQDGRUGHDERUGR SXHGHYDULDUUHVSHFWRDODGLVWDQFLD UHDOTXHVHSXHGHUHFRUUHUFRQHO FRPEXVWLEOHUHVWDQWHVHJëQODVFLUಢ FXQVWDQFLDV /DGLVWDQFLDTXHVHSXHGHUHFRUUHU FRQHOFRPEXVWLEOHUHVWDQWHSXHGH YDULDUVHJëQHOFRQGXFWRUODFDUUHಢ WHUD\ODYHORFLGDGGHOYHKÞFXOR\D TXHVHFDOFXODHQIXQFLäQGHOUHQGLಢ PLHQWRGHOFRPEXVWLEOHTXHHVFDPಢ ELDQWH

&RQVXPRPHGLR

(VWHPRGRLQGLFDHOFRQVXPRPHGLR (OFRQVXPRPHGLRWLHQHHQFXHQWDHO WLHPSRTXHHOPRWRUHVWÒHQPDUFKD DXQTXHQRVHFRQGX]FDHOYHKÞFXOR 3DUDUHVWDEOHFHUHOFRQVXPRPHGLR SXOVHHOERWäQ6(7&/5

,QVWUXPHQWRV\PDQGRV 7LHPSRGHFRQGXFFLäQ

(VWHPRGRPXHVWUDHOWLHPSRWRWDOGH FRQGXFFLäQ (OWLHPSRGHFRQGXFFLäQVHDFXPXOD GHVGHTXHVHUHVWDEOHFLHUDSRUëOWLPD YH]HOWLHPSRGHFRQGXFFLäQLQFOXVR VLQRVHFRQGXFHHOYHKÞFXOR 3DUDUHVWDEOHFHUHOWLHPSRGHFRQಢ GXFFLäQSXOVHHOERWäQ6(7&/5 1RWD /DYHORFLGDGPHGLDODGLVWDQFLDTXH VHSXHGHUHFRUUHUFRQHOFRPEXVWLಢ EOHUHVWDQWH\HOFRQVXPRPHGLR SXHGHQGLIHULUGHORVYDORUHVUHDOHV

HQIXQFLäQGHODVFRQGLFLRQHVGH FRQGXFFLäQHOHVWLORGHFRQGXFFLäQ RODYHORFLGDGGHOYHKÞFXOR



3HUVRQDOL]DFLäQGHO YHKÞFXOR

(OYHKÞFXORSXHGHSHUVRQDOL]DUVH FDPELDQGRORVDMXVWHVGHODSDQWDOOD GHLQIRUPDFLäQGHOSDQHO 'HSHQGLHQGRGHOHTXLSDPLHQWRGHO YHKÞFXORHVSRVLEOHTXHDOJXQDVGH ODVIXQFLRQHVGHVFULWDVDFRQWLQXDಢ FLäQQRHVWÚQGLVSRQLEOHV



,QVWUXPHQWRV\PDQGRV ࿢ $MXVWHVGHODUDGLR ࿢ &RQILJXUDFLäQ%OXHWRRWK ࿢ &RQILJXUDFLäQGHOYHKÞFXOR

&RQILJXUDFLäQGHOLGLRPD &DPELDORVLGLRPDV

&RQILJXUDFLäQGHKRUD\IHFKD 6LVWHPDGHLQIRHQWUHWHQLPLHQWR 

$MXVWHVGHODUDGLR 3XOVHHOERWäQ&21),*FXDQGRHO HQFHQGLGRHVWÒFRQHFWDGR\HOVLVಢ WHPDGHLQIRHQWUHWHQLPLHQWRDFWLಢ YDGR 6HPXHVWUDQORVPHQëVGHDMXVWH 3DUDFDPELDUORVPHQëVGHDMXVWH JLUHHOFRQWURO0(18 3DUDVHOHFFLRQDUORVPHQëVGH DMXVWHSXOVHHOERWäQ0(18 3DUDFHUUDURYROYHUDODQWHULRUSXOVH HOERWäQ%$&. 6HSXHGHQPRVWUDUORVVLJXLHQWHV PHQëV ࿢ ,GLRPDV ࿢ +RUD)HFKD

6LVWHPDGHLQIRHQWUHWHQLPLHQWR 

&RQILJXUDFLäQ%OXHWRRWK 6LVWHPDGHLQIRHQWUHWHQLPLHQWR 

&RQILJXUDFLäQGHOYHKÞFXOR ࿢ &RQILJXUDFLäQGHFRQIRUW 9ROXPHQGHODYLVRDFëVWLFR&DPಢ ELDHOYROXPHQGHODYLVRDFëVWLFR ࿢ ,OXPLQDFLäQDPELHQWHH[WHULRU 'XUDFLäQDOVDOLUGHOYHKÞFXOR$Fಢ WLYDRGHVDFWLYDODLOXPLQDFLäQGH VDOLGD\FDPELDODGXUDFLäQGHOD LOXPLQDFLäQ

࿢ &HUUDGXUDVGHSXHUWDVHOÚFWULFDV 'HVEORTXHRGHSXHUWDV DXWRPÒWLFR $FWLYDRGHVDFWLYDHOGHVEORTXHR GHSXHUWDVDXWRPÒWLFRFXDQGRHVಢ WÒQEORTXHDGDVDXWRPÒWLFDPHQWH $GHPÒVFDPELDODFRQILJXUDFLäQ GHGHVEORTXHRGHVEORTXHDQGR VäORODSXHUWDGHOFRQGXFWRURWRGDV ODVSXHUWDV %ORTXHRGHSXHUWDVDXWRPÒWLFR $FWLYDRGHVDFWLYDHOEORTXHRGH SXHUWDVDXWRPÒWLFRFXDQGRVHFRQಢ GXFH 'HWLHQHHOEORTXHRGHODSXHUWDVL HVWÒDELHUWD$FWLYDRGHVDFWLYDHO EORTXHRGHODSXHUWDGHOFRQGXFWRU FXDQGRODSXHUWDHVWÒDELHUWD6LVH VHOHFFLRQDGHVDFWLYDGRVHDFFHGH DOPHQëGHODIXQFLäQGHEORTXHR UHWDUGDGRGHSXHUWDV )XQFLäQGHEORTXHRUHWDUGDGRGH SXHUWDV$FWLYDRGHVDFWLYDODIXQಢ FLäQGHEORTXHRUHWDUGDGRGHSXHUಢ WDV&XDQGRVHSUHVLRQDHOERWäQ GHFLHUUHFHQWUDOL]DGRVXHQDQWUHV DYLVRVDFëVWLFRVTXHLQGLFDQTXH

,QVWUXPHQWRV\PDQGRV VHKDDFWLYDGRODIXQFLäQGHEORಢ TXHRUHWDUGDGRGHSXHUWDV(VWD IXQFLäQUHWUDVDUÒHOEORTXHRGHODV SXHUWDVFLQFRVHJXQGRVDSDUWLUGHO FLHUUHGHODëOWLPDSXHUWD ࿢ %ORTXHRGHVEORTXHR\DUUDQTXHD GLVWDQFLD &RQILUPDFLäQGHOGHVEORTXHRD GLVWDQFLD$FWLYDRGHVDFWLYDODFRQಢ ILUPDFLäQGHODVOXFHVDODFFLRQDUHO GHVEORTXHR &RQILUPDFLäQGHOEORTXHRD GLVWDQFLD$FWLYDRGHVDFWLYDODFRQಢ ILUPDFLäQGHODOX]R\ERFLQDDODFಢ FLRQDUHOEORTXHR 'HVEORTXHRGHODSXHUWDD GLVWDQFLD&DPELDODFRQILJXUDFLäQ SDUDGHVEORTXHDUVäORODSXHUWDGHO FRQGXFWRURWRGDVODVSXHUWDVDODFಢ FLRQDUHOGHVEORTXHR 5HEORTXHRGHSXHUWDVDXWRPÒWLFR $FWLYDRGHVDFWLYDHOEORTXHRGH SXHUWDVDXWRPÒWLFRFXDQGROD SXHUWDQRVHDEUHGHVSXÚVGHGHVಢ EORTXHDUVH

5HVWDXUDUDMXVWHVGHIÒEULFD 7RGRVORVDMXVWHVVHUHVWDXUDQDORV DMXVWHVRULJLQDOHV





,OXPLQDFLäQ

,OXPLQDFLäQ

,OXPLQDFLäQH[WHULRU &RQPXWDGRUGHODVOXFHV

,OXPLQDFLäQH[WHULRU   ,OXPLQDFLäQLQWHULRU   &DUDFWHUÞVWLFDVGHODLOXPLQDಢ FLäQ  

0DQGRVGHODVOXFHVH[WHULRUHV

3DUDHQFHQGHU\DSDJDUODVOXFHVH[ಢ WHULRUHVJLUHHOFRQWUROGHOFRQPXWDಢ GRUGHODVOXFHV(OFRQPXWDGRUGHODV OXFHVWLHQHFXDWURSRVLFLRQHV P 2)) 3DUDDSDJDUWRGDVODVOXಢ FHVJLUHHOPDQGRKDVWDODSRVLFLäQ GHGHVFRQH[LäQ 2))  7RGDVODVOXFHVVHDSDJDQ\HOLQWHಢ UUXSWRUUHJUHVDD$872

$872/DVOXFHVH[WHULRUHV\ODVOXಢ FHVGHOSDQHOGHLQVWUXPHQWRVVHHQಢ FLHQGHQ\DSDJDQDXWRPÒWLFDPHQWH GHSHQGLHQGRGHODVFRQGLFLRQHVGH LOXPLQDFLäQH[WHUQDV 6HHQFLHQGHQODVOXFHVWUDVHUDV ODVOXFHVGHODPDWUÞFXOD\ODVOXFHV GHOSDQHOGHLQVWUXPHQWRV 6HHQFLHQGHQODVOXFHVGHFUXFH \WRGDVODVOXFHVPHQFLRQDGDVPÒV DUULED

,OXPLQDFLäQ

&RQWURODXWRPÒWLFRGHODV OXFHV

/X]GHFDUUHWHUD



 $GYHUWHQFLD &DPELHVLHPSUHODOX]GHFDUUHಢ WHUDDODOX]GHFUXFHFXDQGRVH DSUR[LPHQYHKÞFXORVGHIUHQWHR FXDQGRWHQJDYHKÞFXORVGHODQWH /DOX]GHFDUUHWHUDSXHGHGHVOXPಢ EUDUWHPSRUDOPHQWHDRWURVFRQಢ GXFWRUHVORTXHSRGUÞDSURYRFDU XQDFROLVLäQ

)XQFLäQGHFRQWURODXWRPÒWLFR GHODVOXFHV

5ÒIDJDV

6LHOFRQWURODXWRPÒWLFRGHODVOXFHV HVWÒDFWLYDGR\ODLOXPLQDFLäQH[WHULRU HVWÒDWHQXDGDODVOXFHVH[WHULRUHV\ ODVOXFHVGHOSDQHOGHLQVWUXPHQWRV VHHQFLHQGHQDXWRPÒWLFDPHQWH 3DUDDSDJDUHOFRQWUROJÞUHORDODSRಢ VLFLäQ2)) 7RGDVODVOXFHVVHDSDJDQ\HOFRQWURO UHJUHVDDVXSRVLFLäQ$872LQLFLDO

/RVIDURVGHODVOXFHVGHFDUUHWHUDVH HQFLHQGHQFXDQGRORVIDURVGHODVOXಢ FHVGHFUXFHHVWÒQHQFHQGLGRV 3DUDFDPELDUGHOX]GHFUXFHDOX]GH FDUUHWHUDSXOVHODSDODQFD 3DUDFDPELDUDOX]GHFUXFHYXHOYDD SXOVDURWLUDUGHODSDODQFD 1RWD (OWHVWLJRGHODOX]GHFDUUHWHUDVH HQFLHQGHFXDQGRHVWÒDFWLYDGDOD OX]GHFDUUHWHUDRGHODUJRDOFDQFH

7LUHGHODSDODQFD /DSDODQFDYROYHUÒDODSRVLFLäQQRUಢ PDOFXDQGRODVXHOWH/RVIDURVGHODV OXFHVGHFDUUHWHUDSHUPDQHFHQHQಢ FHQGLGRVPLHQWUDVVXMHWDODSDODQFD KDFLDXVWHG

)DURVHQYLDMHVDO H[WUDQMHUR /DOX]GHFUXFHDVLPÚWULFDDXPHQWDHO FDPSRGHYLVLäQGHODFDUUHWHUDHQHO ODGRGHODFRPSDâDQWH



,OXPLQDFLäQ

6LQHPEDUJRDOFLUFXODUHQSDÞVHV GRQGHVHFRQGXFHSRUHOODGR RSXHVWRGHODFDUUHWHUDGHEHDMXVWDU ORVIDURVSDUDHYLWDUHOGHVOXPEUDಢ PLHQWRGHORVYHKÞFXORVTXHYLHQHQ GHIUHQWH )DURV\OXFHVGHHVWDFLRQDPLHQWR 

/XFHVGHHPHUJHQFLD

6HâDOL]DFLäQGHJLURV\ FDPELRVGHFDUULO

/XFHVGHFLUFXODFLäQ GLXUQD /DOX]GHFLUFXODFLäQGLXUQDDXPHQWD ODYLVLELOLGDGGHOYHKÞFXORGXUDQWHHO GÞD /DVOXFHVWUDVHUDVQRVHHQFLHQGHQ

6HDFFLRQDQFRQHOERWäQe 3XOVHHOERWäQSDUDDFWLYDUODVOXFHV GHHPHUJHQFLD 3DUDDSDJDUODVSXOVHGHQXHYRHO ERWäQ

3DODQFD KDFLD DUULED 3DODQFD KDFLD DEDMR

,QWHUPLWHQWHGHUHFKR ,QWHUPLWHQWHL]TXLHUGR

6LODSDODQFDVHPXHYHPÒVDOOÒGHO SXQWRGHUHVLVWHQFLDHOLQWHUPLWHQWH VHFRQHFWDSHUPDQHQWHPHQWH &XDQGRHOYRODQWHYXHOYHDJLUDUVH GHVDFWLYDHOLQWHUPLWHQWHDXWRPÒWLFDಢ PHQWH

,OXPLQDFLäQ 3DUDHPLWLUWUHVLQWHUPLWHQFLDVSHM SDUDXQFDPELRGHFDUULOSXOVHODSDಢ ODQFDKDVWDSHUFLELUFLHUWDUHVLVWHQFLD \VXÚOWHOD 3DUDXQDLQGLFDFLäQPÒVSURORQJDGD PDQWHQJDODSDODQFDSXOVDGD 'HVFRQHFWHORVLQWHUPLWHQWHVPDಢ QXDOPHQWHPRYLHQGRODSDODQFD KDVWDVXSRVLFLäQRULJLQDO

)DURVDQWLQLHEOD

(OWHVWLJRGHODVOXFHVDQWLQLHEODVH HQFLHQGHFXDQGRHVWÒQFRQHFWDGRV ORVIDURVDQWLQLHEOD 3DUDDSDJDUORVYXHOYDDSXOVDUHOERಢ WäQ



,OXPLQDFLäQLQWHULRU &RQWUROGHODLOXPLQDFLäQ GHOWDEOHURGHLQVWUXPHQWRV

/XFHVGHPDUFKDDWUÒV /DOX]GHPDUFKDDWUÒVVHHQFLHQGH DXWRPÒWLFDPHQWHFXDQGRHVWÒFRಢ QHFWDGRHOHQFHQGLGR\VHHQJUDQDOD PDUFKDDWUÒV

)DURVHPSDâDGRV (OLQWHULRUGHODVOXFHVSXHGHHPSDಢ âDUVHFRQWLHPSRIUÞR\KëPHGROOXYLD LQWHQVDRGHVSXÚVGHODYDUHOYHಢ KÞFXOR(OHPSDâDPLHQWRGHVDSDUHFH UÒSLGDPHQWHSDUDIDFLOLWDUHOSURFHVR HQFLHQGDORVIDURV

3DUDDSDJDUORVIDURVDQWLQLHEOD SXOVHHOERWäQ

*LUHHOPDQGR\PDQWÚQJDORKDVWD REWHQHUHOEULOORGHVHDGR



,OXPLQDFLäQ

/XFHVLQWHULRUHV

/X]GHFRUWHVÞD

/XFHVGHOHFWXUD

3XOVHHOERWäQSDUDHQFHQGHURDSDಢ JDU (VWDVOXFHVSXHGHQXWLOL]DUVHFRPR OXFHVGHPDSDRFRPROX]SHUVRQDO SDUDHOFRQGXFWRU\HODFRPSDâDQWH

 $GYHUWHQFLD (YLWHXVDUODVOXFHVGHFRUWHVÞD PLHQWUDVFRQGXFHHQODRVFXULGDG 8QKDELWÒFXORLOXPLQDGRUHGXFHOD YLVLELOLGDGHQODRVFXULGDG\SRGUÞD GDUOXJDUDXQDFROLVLäQ

$FFLRQHHOLQWHUUXSWRUEDVFXODQWH ഓ VLHPSUHHQFHQGLGDKDVWDTXH VHDSDJXHPDQXDOPHQWH Z VHHQFLHQGHDXWRPÒWLFDPHQWH FXDQGRDEUHXQDSXHUWD\VH DSDJDFXDQGRVHFLHUUDQODV SXHUWDV VLHPSUHDSDJDGDDXQTXHWRಢ c GDVODVSXHUWDVHVWÚQDELHUWDV 1RWD /DEDWHUÞDVHSXHGHGHVFDUJDUVLODV OXFHVVHPDQWLHQHQHQFHQGLGDVGXಢ UDQWHPXFKRWLHPSR

,OXPLQDFLäQ

&DUDFWHUÞVWLFDVGHOD LOXPLQDFLäQ ,OXPLQDFLäQGHVDOLGD /RVIDURVODVOXFHVODWHUDOHV\ODVOXಢ FHVWUDVHUDVLOXPLQDQOD]RQDFLUFXQಢ GDQWHGXUDQWHXQSHULRGRGHWLHPSR DMXVWDEOHGHVSXÚVGHVDOLUGHOYHಢ KÞFXOR

&RQH[LäQ /DDFWLYDFLäQGHVDFWLYDFLäQ\GXUDಢ FLäQGHLOXPLQDFLäQGHHVWDIXQFLäQ SXHGHFDPELDUVHHQODFRQILJXUDFLäQ GHOYHKÞFXOR3HUVRQDOL]DFLäQGHOYHಢ KÞFXOR   'HVFRQHFWHHOHQFHQGLGR  6DTXHODOODYHGHOHQFHQGLGR  $EUDODSXHUWDGHOFRQGXFWRU  7LUHGHODSDODQFDGHORVLQWHUPLಢ WHQWHV  &LHUUHODSXHUWDGHOFRQGXFWRU 6LQRVHFLHUUDODSXHUWDGHOFRQGXFಢ WRUODVOXFHVVHDSDJDUÒQWUDQVFXUULಢ GRVXQRVVHJXQGRV /DVOXFHVVHDSDJDQLQPHGLDWDPHQWH VLWLUDGHODSDODQFDGHORVLQWHUPLWHQಢ WHVFRQODSXHUWDGHOFRQGXFWRU DELHUWD



3URWHFFLäQFRQWUD GHVFDUJDGHODEDWHUÞD 'HVFRQH[LäQGHODVOXFHV HOÚFWULFDV (OVLVWHPDGHDKRUURGHHQHUJÞDHYLWD TXHODEDWHUÞDVHGHVFDUJXH 6LGHVFRQHFWDHOHQFHQGLGRODVOXFHV VHDSDJDUÒQDXWRPÒWLFDPHQWHWUDQVಢ FXUULGRVXQRVVHJXQGRV



6LVWHPDGHLQIRHQWUHWHQLPLHQWR

6LVWHPDGH LQIRHQWUHWHQLPLHQWR ,QWURGXFFLäQ   5DGLR   5HSURGXFWRUHVGHDXGLR   7HOÚIRQR  

Para mayor información de la opción de radio My Link con pantalla táctil ver segunda sección.

,QWURGXFFLäQ ,QIRUPDFLäQJHQHUDO (OVLVWHPDGHLQIRHQWUHWHQLPLHQWR SURSRUFLRQDLQIRUPDFLäQ\HQWUHWHQLಢ PLHQWRHQVXYHKÞFXORXVDQGRODWHFಢ QRORJÞDPÒVDYDQ]DGD /DUDGLRSXHGHXVDUVHIÒFLOPHQWHUHಢ JLVWUDQGRKDVWDHPLVRUDVGH$0R )0FRQORVERWRQHVGH35(6,172ಢ 1¾$>a@GHODVVHLVSÒJLQDV (OUHSURGXFWRUGH&'LQWHJUDGR SXHGHUHSURGXFLU&'GHDXGLR\GLVಢ FRV03 :0$ \HOUHSURGXFWRU86% SXHGHUHSURGXFLUGLVSRVLWLYRVGHDOಢ PDFHQDPLHQWR86%FRQHFWDGRVR SURGXFWRVL3RG VäORSDUDPRGHORV GHWLSR$  /DIXQFLäQGHFRQH[LäQGHOWHOÚIRQR %OXHWRRWKSHUPLWHUHFLELUOODPDGDV LQDOÒPEULFDVFRQPDQRVOLEUHV\XVDU XQUHSURGXFWRUGHPëVLFDGHOWHOÚIRQR VRORGLVSRQLEOHSDUDPRGHORGHWLSR $ 

3XHGHFRQHFWDUXQUHSURGXFWRUGH PëVLFDSRUWÒWLODODHQWUDGDGHVRQLGR H[WHUQR\GLVIUXWDUGHOH[FHOHQWHVRಢ QLGRGHOVLVWHPDGHLQIRHQWUHWHQLಢ PLHQWR (OSURFHVDGRUGHVRQLGRGLJLWDOOH RIUHFHYDULRVPRGRVGHHFXDOL]DFLäQ SUHGHILQLGRVSDUDRSWLPL]DUHOVRQLGR (OVLVWHPDSXHGHDMXVWDUVHIÒFLOಢ PHQWHJUDFLDVDOGLVSRVLWLYRGHDMXVWH GHGLVHâRFXLGDGRHOUHSURGXFWRUGH GLVFRVLQWHOLJHQWH\HOFRQWUROGHGLDO GHOPHQëPXOWLIXQFLäQ ࿢ /DVHFFLäQ,QIRUPDFLäQJHQHUDO SURSRUFLRQDLQIRUPDFLäQVHQFLOOD GHODVIXQFLRQHVGHOVLVWHPDGHLQಢ IRHQWUHWHQLPLHQWR\XQUHVXPHQGH WRGRVORVGLVSRVLWLYRVGHFRQWURO ࿢ /DVHFFLäQ0DQHMRH[SOLFDORV FRQWUROHVEÒVLFRVGHOVLVWHPDGHLQಢ IRHQWUHWHQLPLHQWR 1RWD (VWHPDQXDOGHVFULEHWRGDVODVRSಢ FLRQHV\FDUDFWHUÞVWLFDVGLVSRQLEOHV SDUDORVGLYHUVRVVLVWHPDVGHLQಢ IRHQWUHWHQLPLHQWR'HWHUPLQDGDV

6LVWHPDGHLQIRHQWUHWHQLPLHQWR GHVFULSFLRQHVLQFOXLGDVODVGHIXQಢ FLRQHVGHODSDQWDOOD\ORVPHQëV SXHGHQQRVHUDSOLFDEOHVDVXYHಢ KÞFXORSRUODYDULDQWHGHPRGHORODV HVSHFLILFDFLRQHVGHOSDÞVHOHTXLSDಢ PLHQWRHVSHFLDORORVDFFHVRULRV

,QGLFDFLRQHVHQSDQWDOOD /DSDQWDOODSXHGHVHUGLVWLQWDDOD SDQWDOODPDQXDO\DTXHODPD\RUÞD GHODVSDQWDOODVRQGLVWLQWDVGHSHQಢ GLHQGRGHODFRQILJXUDFLäQGHOGLVSRಢ VLWLYR\ODVHVSHFLILFDFLRQHVGHOYHಢ KÞFXOR

'LVSRVLWLYRDQWLUURER (OVLVWHPDGHLQIRHQWUHWHQLPLHQWRGLVಢ SRQHGHXQVLVWHPDGHVHJXULGDG HOHFWUäQLFRLQVWDODGRSDUDHYLWDUURಢ ERV (OVLVWHPDGHLQIRHQWUHWHQLPLHQWR VäORIXQFLRQDHQHOYHKÞFXORHQHOTXH VHLQVWDOäLQLFLDOPHQWH\QRSRGUÒQ XVDUORDTXHOODVSHUVRQDVTXHORKDಢ \DQUREDGR





6LVWHPDGHLQIRHQWUHWHQLPLHQWR

5HVXPHQGHORVHOHPHQWRVGHFRQWURO 7LSR

6LVWHPDGHLQIRHQWUHWHQLPLHQWR 7LSR$5DGLR&'03$8; 86%L3RG%OXHWRRWK 7LSR%5DGLR&'03$8;  ,QGLFDFLäQ 3DQWDOODGHHVWDGRHLQIRUPDFLäQ GHUHSURGXFFLäQUHFHSFLäQPHQë  %RWäQ(1&(1','2$3$*$'2 >P@FRQPDQGRGH92/80(1 ဈ *LUHHOHQFHQGLGRDDFWLYDGRR GHVDFWLYDGRSXOVDQGRHVWHERಢ WäQ ဈ *LUHHOPDQGRSDUDDMXVWDUHO YROXPHQWRWDO  %RWRQHV35(6(7>a@ ဈ 0DQWHQJDSXOVDGRFXDOTXLHUD GHHVWRVERWRQHVSDUDDâDGLUOD HPLVRUDGHUDGLRDFWXDODODSÒಢ JLQDGHIDYRULWRVDFWXDO ဈ 3XOVHFXDOTXLHUDGHHVWRVERWRಢ QHVSDUDVHOHFFLRQDUHOFDQDO DVRFLDGRDHVHERWäQ  %RWäQ(;38/6$5>G@ 3XOVHHVWHERWäQ\H[WUDLJDHO GLVFR

 5DQXUDGHOGLVFR 6HWUDWDGHODUDQXUDSRUODTXHVH LQVHUWDQRH[WUDHQORVGLVFRVFRPಢ SDFWRV  %RWäQ)$9285,7(>)$9@ 3XOVHHVWHERWäQSDUDVHOHFFLRQDU ODSÒJLQDGHFDQDOHVIDYRULWRV JXDUGDGRV  %RWäQ,1)250$7,21>,1)2@ ဈ 3XOVHHVWHERWäQSDUDYHUODLQಢ IRUPDFLäQGHODUFKLYRFXDQGR XVHORVPRGRVGHUHSURGXFFLäQ &'0386%L3RG ဈ 9LVXDOLFHLQIRUPDFLäQVREUH XQDHPLVRUDGHUDGLR\ODFDQಢ FLäQTXHVHUHSURGXFHDFWXDOಢ PHQWHPLHQWUDVXVDODIXQFLäQ GHUDGLR  %RWRQHVI6((.H ဈ 3XOVHHVWRVERWRQHVPLHQWUDV XVDODUDGLRSDUDEXVFDUDXWRಢ PÒWLFDPHQWHHPLVRUDVFRQXQD UHFHSFLäQQÞWLGD3XHGHFRQILಢ



JXUDUODIUHFXHQFLDGHHPLVLäQ PDQXDOPHQWHPDQWHQLHQGR SXOVDGRVHVWRVERWRQHV ဈ 3XOVHHVWRVERWRQHVPLHQWUDV XVDORVPRGRVGHUHSURGXFFLäQ GH&'0386%L3RGSDUDUHಢ SURGXFLULQVWDQWÒQHDPHQWHOD SLVWDDQWHULRURVLJXLHQWH 3XHGHPDQWHQHUSXOVDGRVHVಢ WRVERWRQHVSDUDUHWURFHGHU\ DYDQ]DUUÒSLGDPHQWHSRUODV FDQFLRQHVTXHVHHVWÒQUHSURಢ GXFLHQGR  %RWäQ&'$8; 3XOVHHVWHERWäQSDUDVHOHFFLRQDU ODIXQFLäQGHDXGLR&'03$8; R86%L3RG%OXHWRRWK VRORSDUD PRGHORWLSR$   %RWäQ5$',2%$1' &DPELDUHQWUHODIUHFXHQFLDGHUDಢ GLR$0R)0  %RWäQ&/2&.>E@ 3XOVHHVWHERWäQSDUDLUDOPHQë GH&RQILJXUDFLäQGHKRUD\IHFKD



6LVWHPDGHLQIRHQWUHWHQLPLHQWR

 %RWäQ&21),* 3XOVHHVWHERWäQSDUDDFFHGHUDO PHQë&RQILJXUDFLäQGHOVLVWHPD  %RWäQ721( 3XOVHHVWHERWäQSDUDDMXVWDUR VHOHFFLRQDUHOPRGRGHFRQILJXUDಢ FLäQGHVRQLGR  %RWäQ0(18FRQPDQGR781( ဈ 3XOVHHVWHERWäQSDUDPRVWUDU HOPHQëDFWLYRDFWXDOPHQWHR VHOHFFLRQDUSUREDUHOFRQWHಢ QLGR\ORVYDORUHVGHODFRQILJXಢ UDFLäQ ဈ *LUHHOPDQGRSDUDGHVSODಢ ]DUVHFDPELDUHOFRQWHQLGRR ORVYDORUHVGHFRQILJXUDFLäQ  3XHUWR$8; &RQHFWHXQGLVSRVLWLYRGHVRQLGR H[WHULRUDHVWHSXHUWR  %RWäQ3%$&. ဈ&DQFHODHOFRQWHQLGRVHOHFFLRಢ QDGRRYXHOYHDOPHQëDQWHULRU  %RWäQ7(/º)212>\@ 6,/(1&,2>#@

ဈ 3XOVHHVWHERWäQSDUDDFWLYDUHO PRGRGHWHOÚIRQR%OXHWRRWK VäORSDUDHOPRGHOR7LSR$ R DFWLYDURGHVDFWLYDUODIXQFLäQ VLOHQFLR VäORSDUDHOPRGHOR 7LSR%  ဈ 0DQWHQJDSXOVDGRHOERWäQ SDUDDFWLYDURGHVDFWLYDUODIXQಢ FLäQVLOHQFLR VäORSDUDHOPRಢ GHOR7LSR$ 

6LVWHPDGHLQIRHQWUHWHQLPLHQWR 7LSR





6LVWHPDGHLQIRHQWUHWHQLPLHQWR

7LSR$5DGLR&'03$8; 86%L3RG%OXHWRRWK 7LSR%5DGLR&'03$8;  ,QGLFDFLäQ 3DQWDOODGHHVWDGRHLQIRUPDFLäQ GHUHSURGXFFLäQUHFHSFLäQPHQë  %RWäQ(1&(1','2$3$*$'2 >P@FRQPDQGRGH92/80(1 ဈ *LUHHOHQFHQGLGRDDFWLYDGRR GHVDFWLYDGRSXOVDQGRHVWHERಢ WäQ ဈ *LUHHOPDQGRSDUDDMXVWDUHO YROXPHQWRWDO  %RWRQHV35(6(7>a@ ဈ0DQWHQJDSXOVDGRFXDOTXLHUD GHHVWRVERWRQHVSDUDDâDGLUOD HPLVRUDGHUDGLRDFWXDODODSÒಢ JLQDGHIDYRULWRVDFWXDO ဈ 3XOVHFXDOTXLHUDGHHVWRVERWRಢ QHVSDUDVHOHFFLRQDUHOFDQDO DVRFLDGRDHVHERWäQ  %RWäQ(;38/6$5>G@ 3XOVHHVWHERWäQ\H[WUDLJDHO GLVFR

 5DQXUDGHOGLVFR 6HWUDWDGHODUDQXUDSRUODTXHVH LQVHUWDQRH[WUDHQORVGLVFRVFRPಢ SDFWRV  %RWäQ)$9285,7(>)$9@ 3XOVHHVWHERWäQSDUDVHOHFFLRQDU ODSÒJLQDGHFDQDOHVIDYRULWRV JXDUGDGRV  %RWäQ,1)250$7,21>,1)2@ ဈ 3XOVHHVWHERWäQSDUDYHUODLQಢ IRUPDFLäQGHODUFKLYRFXDQGR XVHORVPRGRVGHUHSURGXFFLäQ &'0386%L3RG ဈ 9LVXDOLFHLQIRUPDFLäQVREUH XQDHPLVRUDGHUDGLR\ODFDQಢ FLäQTXHVHUHSURGXFHDFWXDOಢ PHQWHPLHQWUDVXVDODIXQFLäQ GHUDGLR  %RWRQHVI6((.H ဈ 3XOVHHVWRVERWRQHVPLHQWUDV XVDODUDGLRSDUDEXVFDUDXWRಢ PÒWLFDPHQWHHPLVRUDVFRQXQD UHFHSFLäQQÞWLGD3XHGHFRQILಢ

JXUDUODIUHFXHQFLDGHHPLVLäQ PDQXDOPHQWHPDQWHQLHQGR SXOVDGRVHVWRVERWRQHV ဈ 3XOVHHVWRVERWRQHVPLHQWUDV XVDORVPRGRVGHUHSURGXFFLäQ GH&'0386%L3RGSDUDUHಢ SURGXFLULQVWDQWÒQHDPHQWHOD SLVWDDQWHULRURVLJXLHQWH 3XHGHPDQWHQHUSXOVDGRVHVಢ WRVERWRQHVSDUDUHWURFHGHU\ DYDQ]DUUÒSLGDPHQWHSRUODV FDQFLRQHVTXHVHHVWÒQUHSURಢ GXFLHQGR  %RWäQ&'$8; 3XOVHHVWHERWäQSDUDVHOHFFLRQDU ODIXQFLäQGHDXGLR&'03$8; R 86%L3RG%OXHWRRWK VRORSDUD PRGHORWLSR$   %RWäQ5$',2%$1' &DPELDUHQWUHODIUHFXHQFLDGHUDಢ GLR$0R)0  %RWäQ&/2&.>E@ 3XOVHHVWHERWäQSDUDLUDOPHQë GH&RQILJXUDFLäQGHKRUD\IHFKD

6LVWHPDGHLQIRHQWUHWHQLPLHQWR  %RWäQ&21),* 3XOVHHVWHERWäQSDUDDFFHGHUDO PHQë&RQILJXUDFLäQGHOVLVWHPD  %RWäQ721( 3XOVHHVWHERWäQSDUDDMXVWDUR VHOHFFLRQDUHOPRGRGHFRQILJXUDಢ FLäQGHVRQLGR  %RWäQ0(18FRQPDQGR781( ဈ 3XOVHHVWHERWäQSDUDPRVWUDU HOPHQëDFWLYRDFWXDOPHQWHR VHOHFFLRQDUSUREDUHOFRQWHಢ QLGR\ORVYDORUHVGHODFRQILJXಢ UDFLäQ ဈ *LUHHOPDQGRSDUDGHVSODಢ ]DUVHFDPELDUHOFRQWHQLGRR ORVYDORUHVGHFRQILJXUDFLäQ  3XHUWR$8; &RQHFWHXQGLVSRVLWLYRGHVRQLGR H[WHULRUDHVWHSXHUWR  %RWäQ3%$&. ဈ&DQFHODHOFRQWHQLGRVHOHFFLRಢ QDGRRYXHOYHDOPHQëDQWHULRU  %RWäQ7(/º)212>\@ 6,/(1&,2>#@

ဈ 3XOVHHVWHERWäQSDUDDFWLYDUHO PRGRGHWHOÚIRQR%OXHWRRWK VäORSDUDHOPRGHOR7LSR$ R DFWLYDURGHVDFWLYDUODIXQFLäQ VLOHQFLR VäORSDUDHOPRGHOR 7LSR%  ဈ 0DQWHQJDSXOVDGRHOERWäQ SDUDDFWLYDURGHVDFWLYDUODIXQಢ FLäQVLOHQFLR VäORSDUDHOPRಢ GHOR7LSR$ 

0DQGRVGHDXGLRHQHOYRODQWH 0DQGRVGHDXGLRHQHOYRODQWHWLSR RSFLäQ



 %RWäQ6LOHQFLR&ROJDU 3XOVHHOERWäQHQFXDOTXLHUDGH ORVPRGRVGHUHSURGXFFLäQGH PëVLFDSDUDDFWLYDU\GHVDFWLYDU ODIXQFLäQVLOHQFLR(QHOPRGRDFಢ WLYDGRSXHGHSXOVDUHVWHERWäQ SDUDUHFKD]DUOODPDGDVRSDUDILಢ QDOL]DUODOODPDGD  %RWäQ/ODPDU ဈ 3XOVHHVWHERWäQSDUDFRQWHVWDU DODOODPDGDRDFFHGHUDOPRGR GHVHOHFFLäQGHUHOODPDGD ဈ 0DQWHQJDSXOVDGRHOERWäQ SDUDHQWUDUHQHOUHJLVWURGHOODಢ PDGDVUHDOL]DGDVSDUDFDPELDU HQWUHPRGRPDQRVOLEUHV\ PRGRGHOODPDGDSULYDGDGXಢ UDQWHXQDOODPDGD



6LVWHPDGHLQIRHQWUHWHQLPLHQWR

 %RWäQPDQGR)XHQWH>G65&F@ ဈ 3XOVHHOERWäQSDUDVHOHFFLRQDU XQPRGRGHUHSURGXFFLäQGH VRQLGR ဈ *LUHHOPDQGRSDUDFDPELDUODV HPLVRUDVGHUDGLRUHJLVWUDGDVR FDPELDUODPëVLFDTXHVHHVWÒ UHSURGXFLHQGR  %RWRQHV9ROXPHQ>@ ဈ 3XOVHHOERWäQSDUDVXELUHO YROXPHQ ဈ 3XOVHHOERWäQSDUDEDMDUHO YROXPHQ

0DQGRVGHDXGLRHQHOYRODQWHWLSR RSFLäQ

 %RWäQ6LOHQFLR 3XOVHHVWHERWäQSDUDDFWLYDUR GHVDFWLYDUODIXQFLäQVLOHQFLR  1RGLVSRQLEOH

 %RWäQPDQGR)XHQWH>G65&F@ ဈ 3XOVHHOERWäQSDUDVHOHFFLRQDU XQPRGRGHUHSURGXFFLäQGH VRQLGR ဈ *LUHHOPDQGRSDUDFDPELDUODV HPLVRUDVGHUDGLRUHJLVWUDGDVR FDPELDUODPëVLFDTXHVHHVWÒ UHSURGXFLHQGR  %RWRQHV9ROXPHQ>@ ဈ 3XOVHHOERWäQSDUDVXELUHO YROXPHQ ဈ 3XOVHHOERWäQSDUDEDMDUHO YROXPHQ

0DQHMR %RWRQHV\GLVSRVLWLYRGHFRQWURO (OVLVWHPDGHLQIRHQWUHWHQLPLHQWRVH DFWLYDXVDQGRORVERWRQHVGHIXQFLäQ HOFRQWUROGHGLDOPXOWLIXQFLäQ\HO PHQëTXHVHPXHVWUDHQODSDQWDOOD

6LVWHPDGHLQIRHQWUHWHQLPLHQWR /RVERWRQHV\GLVSRVLWLYRVGHFRQWURO XVDGRVHQHOVLVWHPDVRQORVVLJXLHQಢ WHV ࿢ /RVERWRQHV\PDQGRGHOVLVWHPD GHLQIRHQWUHWHQLPLHQWR ࿢ (OPDQGR\FRQWUROGHDXGLRGHOYRಢ ODQWH

$OHQFHQGHUODXQLGDGVHUHSURGXFLUÒ ODHPLVRUDRODFDQFLäQVHOHFFLRQDGD SUHYLDPHQWH 3XOVHHOERWäQGH(1&(1','2 $3$*$'2>P@SDUDDSDJDUHOVLVಢ WHPD

&RQWUROGHYROXPHQ

(QFHQGLGRDSDJDGRGHO VLVWHPD



࿢ 3XOVHORVERWRQHV92/80(1>@ GHOPDQGRGHDXGLRGHOYRODQWH SDUDDMXVWDUHOYROXPHQ ࿢ 6HPXHVWUDHOYROXPHQGHVRQLGR DFWXDO ࿢ 6LVHHQFLHQGHHOVLVWHPDGHLQಢ IRHQWUHWHQLPLHQWRHOQLYHOGHYROXಢ PHQYXHOYHDODVHOHFFLäQDQWHULRU VLHPSUHTXHVHDLQIHULRUDOYROXಢ PHQLQLFLDOPÒ[LPR 

9ROXPHQDXWRPÒWLFR

*LUHHOPDQGRGH92/80(1SDUD DMXVWDUHOYROXPHQ 3XOVHHOERWäQGH(1&(1','2 $3$*$'2>P@SDUDHQFHQGHUHOVLVಢ WHPD

8QDYH]TXHODFRQILJXUDFLäQGHOYRಢ OXPHQGHVRQLGRFRPSHQVDGRVHJëQ ODYHORFLGDGFRPLHQ]DDIXQFLRQDUHO YROXPHQVHFRQWURODUÒDXWRPÒWLFDಢ PHQWHVHJëQODYHORFLGDGGHOYHಢ KÞFXORSDUDFRPSHQVDUHOUXLGRGHO PRWRU\ORVQHXPÒWLFRV &RQVXOWH &RQILJXUDFLäQGHOVLVWHPDඎ$MXVWHV GHODUDGLRඎ9ROXPHQDXWRPÒWLFR 

/ÞPLWHGHOYROXPHQD WHPSHUDWXUDHOHYDGD 6LODWHPSHUDWXUDLQWHULRUGHODUDGLR HVPX\HOHYDGDHOVLVWHPDGHLQIRHQಢ WUHWHQLPLHQWROLPLWDHOYROXPHQPÒಢ [LPRFRQWURODEOH



6LVWHPDGHLQIRHQWUHWHQLPLHQWR

'HVHUQHFHVDULRHOYROXPHQGHVಢ FLHQGHDXWRPÒWLFDPHQWH

GHODQWHURDWUDVHURHQHOPRGHOR GHYHKÞFXORFRQVLVWHPDGHVHLVDOಢ WDYRFHV ࿢ %DODQFH$MXVWHHOEDODQFHGHORV DOWDYRFHVL]TXLHUGRGHUHFKRGH L]TXLHUGRDGHUHFKR ࿢ (4 HFXDOL]DGRU VHOHFFLRQDR GHVDFWLYDHOHVWLORGHOVRQLGR '(6$&7,9$'2ඐ3RSඐ5RFNඐ &OÒVLFDඐ7HUWXOLDඐ&RXQWU\ 

$MXVWHVGHWRQRV

6HOHFFLRQDUIXQFLäQ *LUHHOPDQGR781(SDUDVHOHFFLRಢ QDUHOYDORUGHFRQWUROGHOWRQRGHಢ VHDGR\OXHJRSXOVHHOERWäQ0(18 (QHOPHQë$MXVWHVGHOWRQRGH$0 $MXVWHVGHOWRQRGH)0VHSXHGHQ FRQILJXUDUGLIHUHQWHVFDUDFWHUÞVWLFDV GHOVRQLGRSDUDHODXGLRGH$0)0 \ODVIXQFLRQHVGHFDGDUHSURGXFWRU GHDXGLR 3XOVHHOERWäQ721(FXDQGRXVHHO PRGRGHIXQFLRQDPLHQWRFRUUHVSRQಢ GLHQWH *LUHHOPDQGR781(SDUDVHOHFFLRಢ QDUHOPRGRGHFRQWUROGHOWRQRGHಢ VHDGR\OXHJRSXOVHHOERWäQ0(18

5DGLR$0)0

0HQëGHFRQILJXUDFLäQGHOWRQR ࿢ *UDYHV$MXVWHHOQLYHOGHORVJUDಢ YHVGHD ࿢ $JXGRV$MXVWHHOQLYHOGHORVDJXಢ GRVGHD ࿢ 0HGLRV$MXVWHHOQLYHOGHORVPHಢ GLRVGHD ࿢ 'LVWULEXFLäQGHOYROXPHQGHODQWH GHWUÒV$MXVWHHOEDODQFHHQWUHORV DOWDYRFHVGHODQWHURWUDVHURGH 3XOVHHOERWäQ5$',2%$1'SDUDVHಢ OHFFLRQDUODUDGLR$0R)0

6LVWHPDGHLQIRHQWUHWHQLPLHQWR 3XOVHHOERWäQ0(18SDUDDEULUHO PHQë$0PHQë)0TXHLQFOX\HRSಢ FLRQHVSDUDVHOHFFLRQDUODVHPLVRUDV

3XOVH)XHQWH>G65&F@HQHOPDQGR GHDXGLRGHOYRODQWHSDUDVHOHFFLRQDU HOPRGRGHVHDGR



7HOÚIRQRPDQRVOLEUHV%OXHWRRWK VRORSDUDPRGHORVWLSR$

5HSURGXFFLäQGHDXGLRGH&'03 86%L3RG%OXHWRRWKRHQWUDGD $8; GHVRQLGRH[WHULRU

3XOVHUHSHWLGDPHQWHHOERWäQ &'$8;SDUDFDPELDUDODIXQFLäQ &'SDUDGLVFRV&'03HOGLVSRVLಢ WLYR$8;RUHSURGXFWRUGHDXGLR86% L3RG%OXHWRRWKFRQHFWDGRV VRORSDUD PRGHORVWLSR$  &'03ඎ$8; ඎ86%RL3RGDXGLR%OXHWRRWKඎ&' 03

3XOVHHOERWäQ0(18SDUDDEULUHO PHQëFRQRSFLRQHVSDUDODIXQFLäQ FRUUHVSRQGLHQWHRHOPHQëGHOGLVSRಢ VLWLYRUHOHYDQWH

3XOVHHOERWäQ7(/º)212>\@SDUD VHOHFFLRQDUODIXQFLäQGHWHOÚIRQR PDQRVOLEUHV%OXHWRRWK



6LVWHPDGHLQIRHQWUHWHQLPLHQWR  %RWäQ0(18FRQPDQGR781( ࿢ *LUHHOPDQGRSDUDGHVSOD]DUVHDO PHQëXRSFLäQGHFRQILJXUDFLäQ ࿢ 3XOVHHOERWäQSDUDVHOHFFLRQDUR HQWUDUHQODSDQWDOODGHFRQWUROGHಢ WDOODGDSURSRUFLRQDGDSRUHOPHQë DFWXDORODRSFLäQGHFRQILJXUDFLäQ  %RWäQ3%$&. &DQFHODODRSFLäQVHOHFFLRQDGD\ YXHOYHDOPHQëSDQWDOODDQWHULRU

3XOVHHOERWäQ0(18SDUDDEULUHO PHQë%OXHWRRWKFRQRSFLRQHVSDUDOD IXQFLäQFRUUHVSRQGLHQWH

3HUVRQDOL]DFLäQ %RWRQHVSULQFLSDOHVPDQGR /RVERWRQHV\HOPDQGRXVDGRVHQOD FRQILJXUDFLäQGHOVLVWHPDVRQORVVLಢ JXLHQWHV  %RWäQ&21),* 3XOVHHVWHERWäQSDUDDFFHGHUDO PHQë&RQILJXUDFLäQGHOVLVWHPD

>(MHPSOR@&RQILJXUDFLäQGHOVLVWHPD ඎ&RQILJXUDFLäQGHKRUD\IHFKDඎ $MXVWHGHODIHFKDGHHQHURGH 

&äPRXVDUODFRQILJXUDFLäQGHO VLVWHPDSDUDODSHUVRQDOL]DFLäQ ࿢ /RVPHQëV\IXQFLRQHVGHFRQILJXಢ UDFLäQSXHGHQYDULDUGHSHQGLHQGR GHOPRGHORGHYHKÞFXOR ࿢ 5HIHUHQFLD7DEODGHLQIRUPDFLäQ VREUHHOPHQë&RQILJXUDFLäQGHO VLVWHPDDFRQWLQXDFLäQ

3XOVHHOERWäQ&21),*SDUDDFFHGHU DOPHQë&RQILJXUDFLäQGHOVLVWHPD

6LVWHPDGHLQIRHQWUHWHQLPLHQWR



࿢ 6LODOLVWDGHWDOODGDUHOHYDQWHLQಢ FOX\HYDULDVRSFLRQHVUHSLWDHVWH SURFHVR ࿢ $MXVWHRLQWURGX]FDHOYDORUGHFRQಢ ILJXUDFLäQUHOHYDQWHRHOHVWDGRGH IXQFLRQDPLHQWRFDPELDUÒ 7DEODGHLQIRUPDFLäQVREUHHOPHQë &RQILJXUDFLäQGHOVLVWHPD >&RQILJXUDFLäQGHKRUD\IHFKD@

'HVSXÚVGHFRQVXOWDUODWDEODGHLQಢ IRUPDFLäQVREUHHOPHQë &RQILJXUDFLäQGHOVLVWHPDJLUHHO PDQGR781(SDUDLUDOPHQëGHFRQಢ ILJXUDFLäQGHVHDGR\OXHJRSXOVHHO ERWäQ0(18 ࿢ ,QGLFDODOLVWDGHWDOODGDSDUDHO PHQëGHFRQILJXUDFLäQRHVWDGRGH IXQFLRQDPLHQWRUHOHYDQWHV ࿢ 6LKD\RWUDOLVWDGHWDOODGDDGHPÒV GHODOLVWDGHWDOODGDUHOHYDQWH SXHGHUHSHWLUHOSURFHVR

*LUHHOPDQGR781(SDUDVHOHFFLRಢ QDUHOYDORUGHFRQILJXUDFLäQRHVWDGR GHIXQFLRQDPLHQWRGHVHDGR\OXHJR SXOVHHOERWäQ0(18

$MXVWHODKRUD&RQILJXUHPDQXDOಢ PHQWHODVKRUDV\PLQXWRVGHODKRUD DFWXDO



6LVWHPDGHLQIRHQWUHWHQLPLHQWR

࿢ $MXVWHODIHFKD&RQILJXUHPDQXDOಢ PHQWHHODâRPHVIHFKDDFWXDOHV ࿢ &RQILJXUHHOIRUPDWRGHODKRUD6Hಢ OHFFLRQHHOIRUPDWRGHKRK ࿢ &RQILJXUHHOIRUPDWRGHODIHFKD &RQILJXUDUHOIRUPDWRGHIHFKD $$$$00''GHHQHURGH  ''00$$$$GHHQHURGH  00''$$$$GHHQHURGH 

࿢ 9ROXPHQDXWRPÒWLFR6HOHFFLRQH 'HVDFWLYDGR%DMR0HGLR$OWR ࿢ 9ROXPHQLQLFLDOPÒ[LPR &RQILJXUHPDQXDOPHQWHHOOÞPLWH PÒ[LPRSDUDHOYROXPHQLQLFLDO ࿢ )DYRULWRVGHODUDGLR &RQILJXUHPDQXDOPHQWHORVQëPHಢ URVGHVXVSÒJLQDVGHIDYRULWRV >&RQILJXUDFLäQ%OXHWRRWK@ VRORSDUD PRGHORVGHWLSR$

>$MXVWHVGHODUDGLR@

%OXHWRRWK(QWUHHQ&RQILJXUDFLäQ %OXHWRRWK

࿢ $FWLYDFLäQ6HOHFFLRQH$FWLYDGRR 'HVDFWLYDGR ࿢ /LVWDGHGLVSRVLWLYRV6HOHFFLRQHHO GLVSRVLWLYRGHVHDGR\VHOHFFLRQH FRQHFWHVHSDUHRHOLPÞQHOR ࿢ (PSDUHMDUGLVSRVLWLYR,QWHQWDDVRಢ FLDUXQGLVSRVLWLYR%OXHWRRWKQXHYR ࿢ &DPELDUHOFäGLJR%OXHWRRWK&DPಢ ELDFRQILJXUDPDQXDOPHQWHHOFäಢ GLJR%OXHWRRWK ࿢ 5HVWDXUDUDMXVWHVGHIÒEULFD5HVಢ WDXUDORVYDORUHVGHFRQILJXUDFLäQ LQLFLDOHVDORVDMXVWHVSUHGHWHUPLಢ QDGRV

6LVWHPDGHLQIRHQWUHWHQLPLHQWR

5DGLR 5DGLR$0)0 $QWHVGHXVDUODUDGLR$0)0 %RWRQHVSULQFLSDOHVPDQGR  %RWäQ5$',2%$1' &DPELDUHQWUHODIUHFXHQFLDGHUDGLR )0R$0  %RWäQ0(18FRQPDQGR781( ࿢ *LUHHOPDQGRSDUDEXVFDUPDQXDOಢ PHQWHXQDIUHFXHQFLDGHHPLVLäQ ࿢ 3XOVHHVWHERWäQSDUDDFFHGHUDOD SDQWDOODGHPHQëGHVGHHOPRGR DFWXDO  %RWäQ3%$&. &DQFHODODRSFLäQVHOHFFLRQDGD\ YXHOYHDOPHQëSDQWDOODDQWHULRU

 %RWRQHVI6((.H ࿢ 3XOVHHVWHERWäQSDUDEXVFDUDXWRಢ PÒWLFDPHQWHODVHPLVRUDVGHUDGLR GLVSRQLEOHV ࿢ 0DQWHQJDSXOVDGRHVWHERWäQSDUD FDPELDUODIUHFXHQFLDGHUDGLR FRPRGHVHH\GHMHTXHHOERWäQVH GHWHQJDHQODIUHFXHQFLDDFWXDO  %RWäQ)$9285,7(>)$9@ 3XOVHHVWHERWäQSDUDGHVSOD]DUVH SRUODVSÒJLQDVGHODVHPLVRUDVGH UDGLRIDYRULWDVJXDUGDGDV  %RWRQHV35(6(7>a@ ࿢ 0DQWHQJDSXOVDGRFXDOTXLHUDGH HVWRVERWRQHVGH35(6,1721¾$ SDUDUHJLVWUDUODHPLVRUDGHUDGLR DFWXDOHQHVHERWäQ ࿢ 3XOVHHVWHERWäQSDUDVHOHFFLRQDU ODHPLVRUDUHJLVWUDGDHQHOERWäQGH 35(6,1721¾$  %RWäQ,1)250$7,21>,1)2@ 9HDODLQIRUPDFLäQGHODVHPLVRUDV GHUDGLR  087(>#@



3XOVH VRORSDUDPRGHORVGHWLSR % RPDQWHQJDSXOVDGR VROR SDUDPRGHORVGHWLSR$ HOERWäQ SDUDDFWLYDURGHVDFWLYDUODIXQFLäQ GHVLOHQFLR

(VFXFKDUXQDHPLVRUDGHUDGLR 6HOHFFLRQDUXQDEDQGDGHUDGLR

3XOVHUHSHWLGDPHQWHHOERWäQ 5$',2%$1'SDUDFDPELDUHQWUH$0 \)0 6HUHFLELUÒODëOWLPDHPLVRUDHOHJLGD



6LVWHPDGHLQIRHQWUHWHQLPLHQWR

%XVFDUHPLVRUDVGHUDGLR DXWRPÒWLFDPHQWH

3XOVHORVERWRQHVI6((.HSDUDEXVಢ FDUDXWRPÒWLFDPHQWHODVHPLVRUDVGH UDGLRGLVSRQLEOHVFRQXQDEXHQDUHಢ FHSFLäQ

%XVFDUHPLVRUDVGHUDGLR

0DQWHQJDSXOVDGRVORVERWRQHV I6((.HSDUDFDPELDUUÒSLGDPHQWH ODIUHFXHQFLD\VXHOWHHOERWäQ FXDQGRKD\DDOFDQ]DGRODIUHFXHQFLD GHVHDGD

6LQWRQL]DUXQDHPLVRUDGHUDGLRGH IRUPDPDQXDO

*LUHHOPDQGR781(SDUDEXVFDUPDಢ QXDOPHQWHODIUHFXHQFLDGHHPLVLäQ GHVHDGD

6LVWHPDGHLQIRHQWUHWHQLPLHQWR 8VDQGRORVERWRQHVGH 35(6,1721¾$ 5HJLVWURGHORVERWRQHVGH 35(6,1721¾$

3XOVHHOERWäQGH )$9285,7(>)$9@SDUDVHOHFಢ FLRQDUODSÒJLQDGHVHDGDGHORVIDYRಢ ULWRVJXDUGDGRV 0DQWHQJDSXOVDGRFXDOTXLHUDGHORV ERWRQHVGH35(6(7>a@SDUDUHಢ JLVWUDUODHPLVRUDGHUDGLRDFWXDOHQ GLFKRERWäQGHODSÒJLQDGHIDYRULWRV VHOHFFLRQDGD

࿢ 3XHGHQJXDUGDUVHKDVWDSÒJLQDV GHIDYRULWRV\FDGDSÒJLQDSXHGH DOPDFHQDUKDVWDVHLVHPLVRUDVGH UDGLR ࿢ 6HSXHGHFRQILJXUDUHOQëPHURGH SÒJLQDVGHIDYRULWRVTXHVHXVDQ HQ&RQILJXUDFLäQGHOVLVWHPDඎ $MXVWHVGHODUDGLRඎ)DYRULWRVGH UDGLR QëPHURPÒ[GHSÒJLQDVIDಢ YRULWDV  ࿢ 6LVHJXDUGDXQDHPLVRUDGHUDGLR QXHYDHQXQERWäQGH 35(6(7>a@SUHYLDPHQWHUHJLVಢ WUDGRVHERUUDUÒHOFRQWHQLGRDQWHಢ ULRU\VHUÒVXVWLWXLGRSRUODQXHYD HPLVRUDGHUDGLRJXDUGDGD



(VFXFKDUGLUHFWDPHQWHPHGLDQWHXQ ERWäQGHSUHVLQWRQÞD

3XOVHUHSHWLGDPHQWHHOERWäQGH )$9285,7(>)$9@SDUDVHOHFಢ FLRQDUODSÒJLQDGHIDYRULWRV )$9 GHVHDGD $SDUHFHUÒODLQIRUPDFLäQGHODHPLಢ VRUDJXDUGDGDHQHOQëPHURGHOD SÒJLQDGHIDYRULWRV )$9 VHOHFFLRಢ QDGD 3XOVHXQRGHORVERWRQHVGH 35(6(7>a@SDUDHVFXFKDUGLUHFಢ WDPHQWHODHPLVRUDGHUDGLRJXDUಢ GDGDHQGLFKRERWäQ



6LVWHPDGHLQIRHQWUHWHQLPLHQWR

8VRGHOPHQëGHODUDGLR

0HQë$0)0ඎ/LVWDGHIDYRULWRV

3XOVHHOERWäQ0(18SDUDPRVWUDUHO PHQëGHODUDGLR *LUHHOPDQGR781(SDUDLUDOHOHಢ PHQWRGHOPHQëGHVHDGR\OXHJR SXOVHHOERWäQ0(18SDUDVHOHFFLRಢ QDUODRSFLäQUHOHYDQWHRSDUDPRVWUDU HOPHQëGHWDOODGRGHGLFKDRSFLäQ

(QHOPHQë$0PHQë)0JLUHHO PDQGR781(SDUDLUDODOLVWDGH IDYRULWRV\OXHJRSXOVHHOERWäQ 0(18 6HPRVWUDUÒODLQIRUPDFLäQGHODOLVWD GHIDYRULWRV *LUHHOPDQGR781(SDUDLUDODOLVWD GHIDYRULWRVGHVHDGD\OXHJRSXOVHHO ERWäQ0(18SDUDUHFLELUHOFDQDOGH HPLVLäQFRUUHVSRQGLHQWH

0HQë$0)0ඎ/LVWDGHHPLVRUDV $0)0

(QHOPHQë$0PHQë)0JLUHHO PDQGR781(SDUDLUDODOLVWDGH HPLVRUDV$0OLVWDGHHPLVRUDV)0\ OXHJRSXOVHHOERWäQ0(18 6HPRVWUDUÒODLQIRUPDFLäQGHODOLVWD GHHPLVRUDV *LUHHOPDQGR781(SDUDLUDODOLVWD GHVHDGD\OXHJRSXOVHHOERWäQ 0(18SDUDUHFLELUHOFDQDOGHHPLಢ VLäQFRUUHVSRQGLHQWH

6LVWHPDGHLQIRHQWUHWHQLPLHQWR 0HQë$0)0ඎ/LVWDGHFDWHJRUÞDV GH)0

0HQë$0)0ඎ$FWXDOL]DUOLVWDGH HPLVRUDV$0)0

(QHOPHQë)0JLUHHOPDQGR 781(SDUDLUDODOLVWDGHFDWHJRUÞDV GH)0\OXHJRSXOVHHOERWäQ0(18 6HPRVWUDUÒODOLVWDGHFDWHJRUÞDVGH )0 *LUHHOPDQGR781(SDUDLUDODOLVWD GHVHDGD\OXHJRSXOVHHOERWäQ 0(18SDUDUHFLELUODIUHFXHQFLDGH HPLVLäQFRUUHVSRQGLHQWH

(QHOPHQë$0PHQë)0JLUHHO PDQGR781(SDUDLUD$FWXDOL]DUOLVWD GHHPLVRUDV$0$FWXDOL]DUOLVWDGH HPLVRUDV)0\OXHJRSXOVHHOERWäQ 0(18 ࿢ 6HSURFHGHUÒDDFWXDOL]DUODOLVWDGH HPLVRUDV$0OLVWDGHHPLVRUDV )0 ࿢ 'XUDQWHODDFWXDOL]DFLäQGHODOLVWD GHHPLVRUDV$0OLVWDGHHPLVRUDV )0SXOVHHOERWäQ0(18RHOERಢ WäQ3%$&.SDUDTXHQRVHJXDUಢ GHQORVFDPELRV



$QWHQDGHPÒVWLOILMR

3DUDGHVPRQWDUODDQWHQDGHOWHFKR JÞUHODKDFLDODL]TXLHUGD3DUDPRQWDU ODDQWHQDGHOWHFKRJÞUHODKDFLDOD GHUHFKD



6LVWHPDGHLQIRHQWUHWHQLPLHQWR $WHQFLäQ

$VHJëUHVHGHGHVPRQWDUODDQಢ WHQDDQWHVGHHQWUDUHQDOJëQOXಢ JDUFRQWHFKREDMRSDUDHYLWDUGDಢ âRV 6LXWLOL]DWëQHOHVGHODYDGRDXWRಢ PÒWLFRFRQODDQWHQDPRQWDGDVH SXHGHQSURGXFLUGDâRVHQODDQಢ WHQDRHQHOSDQHOGHOWHFKR$VHಢ JëUHVHGHGHVPRQWDUODDQWHQD DQWHVGHHQWUDUHQHOWëQHOGHODಢ YDGRDXWRPÒWLFR $SULHWHELHQODDQWHQD\SäQJDODUHFWD SDUDJDUDQWL]DUXQDEXHQDUHFHSFLäQ

5HSURGXFWRUHVGHDXGLR 5HSURGXFWRUGH&' (OUHSURGXFWRUGH&'03GHHVWH VLVWHPDSXHGHUHSURGXFLUGLVFRV&' \GH03 :0$ GHDXGLR

$QWHVGHXVDUHOUHSURGXFWRUGH &' ,QIRUPDFLäQLPSRUWDQWHVREUHGLVFRV &'GHDXGLR\GH03 :0$

$WHQFLäQ (QQLQJëQFDVRVHGHEHQLQVHUWDU GLVFRV'9'PLQLGLVFRVFRQXQ GLÒPHWURGHFPQLGLVFRVFRQVXಢ SHUILFLHVLUUHJXODUHVHQHOUHSURಢ GXFWRUGH&'03 :0$  1RFRORTXHQLQJXQDSHJDWLQDHQ ODVXSHUILFLHGHOGLVFR(VRVGLVFRV VHSXHGHQDWDVFDUHQHOUHSURGXFಢ WRUGH&'\GDâDUHOGLVSRVLWLYRGH DFFLRQDPLHQWR6LRFXUUHHVWR VHUÒQHFHVDULRVXVWLWXLUHOGLVSRVLಢ WLYR\HOFRVWHVHUÒHOHYDGR

࿢ 8QGLVFR&'GHDXGLRFRQXQDIXQಢ FLäQDQWLSLUDWHUÞDQRFRPSDWLEOHFRQ HO&'GHDXGLRHVWÒQGDUSXHGHQR IXQFLRQDURQRKDFHUORFRUUHFWDಢ PHQWH ࿢ /RVGLVFRV&'5\&'5:JUDEDಢ GRVPDQXDOPHQWHVHVXHOHQWUDWDU FRQPHQRVFXLGDGRTXHORVGLVFRV &'RULJLQDOHV/RVGLVFRV&'5\ &'5:JUDEDGRVPDQXDOPHQWH GHEHQWUDWDUVHFRQXQFXLGDGRHVಢ SHFLDO7HQJDHQFXHQWDORVLಢ JXLHQWH ࿢ 3XHGHTXHORVGLVFRV&'5\ &'5:JUDEDGRVPDQXDOPHQWHQR VHUHSURGX]FDQFRUUHFWDPHQWHRQR VHSXHGDQUHSURGXFLU(QHVWRVFDಢ VRVQRVHWUDWDGHXQSUREOHPDFRQ HOGLVSRVLWLYR ࿢ &XDQGRFDPELHORVGLVFRVWHQJD FXLGDGRGHQRGHMDUKXHOODVGDFWLಢ ODUHVHQODFDUDGHUHSURGXFFLäQGHO GLVFR ࿢ &XDQGRKD\DH[WUDÞGRHOGLVFRGHO UHSURGXFWRUGH&'03DVHJëಢ UHVHGHFRORFDUORLQPHGLDWDPHQWH HQXQDIXQGDSDUDHYLWDUTXHVH GDâHRVHOOHQHGHSROYR

6LVWHPDGHLQIRHQWUHWHQLPLHQWR ࿢ 6LHOGLVFRSUHVHQWDSROYRROÞTXLGR SRGUÞDFDXVDUSUREOHPDVDOFRQWDಢ PLQDUODOHQWHGHOUHSURGXFWRUGH &'03GHOLQWHULRUGHOGLVSRVLWLYR ࿢ 3URWHMDHOGLVFRGHOFDORU\ODH[SRಢ VLFLäQDODOX]GLUHFWD 7LSRGHGLVFRFRPSDWLEOH ࿢ (VWHDSDUDWRSXHGHUHSURGXFLUGLVಢ FRV&'\GH03 :0$ GHDXGLR ဈ &''$&'5&'5: ဈ 03 :0$ &'5&'5: &'520 ࿢ 1RVHSXHGHQUHSURGXFLUORVDUFKLಢ YRV03 :0$  ဈ $UFKLYRFRGLILFDGRFRQHOHVWÒQಢ GDU03L 03LQWHUDFWLYR R 03352 ဈ $UFKLYRV03 :0$ FRGLILFDಢ GRVVLQFRQIRUPLGDGFRQHVWÒQಢ GDUHV ဈ $UFKLYRV03TXHQRHVWÒQHQ IRUPDWR03(*FDSDGHDXGLR

$GYHUWHQFLDVVREUHHOXVRGHGLVFRV ࿢ 1RXVHQLQJXQRGHORVGLVFRVTXH VHGHVFULEHQDFRQWLQXDFLäQ(OXVR H[FHVLYRGHHVWRVGLVFRVHQHOUHಢ SURGXFWRUSXHGHFDXVDUSUREOHಢ PDV ဈ 'LVFRVFRQSHJDWLQDVHWLTXHWDV R VXMHWDGRVSRUXQDFLQWDSURWHFಢ WRUD ဈ 'LVFRVFRQXQDHWLTXHWDLPSUHVD FRQXQDLPSUHVRUDGHWLQWD ဈ 'LVFRVVREUHJUDEDGRVHVGHFLU TXHDOPDFHQDQPÒVGDWRVTXH VXFDSDFLGDGHVWÒQGDU ဈ /RVGLVFRVFRQJULHWDVDUDâD]RV R TXHHVWÚQGREODGRVQRVHUHಢ SURGXFLUÒQFRUUHFWDPHQWH ဈ 8QGLVFRGHFPRXQGLVFRQR FLUFXODU FXDGUDQJXODUSHQWDJRಢ QDORYDO ࿢ 1RFRORTXHRWURVREMHWRVHQODUDಢ QXUDGHOGLVFR\DTXHSRGUÞDFDXಢ VDUSUREOHPDVRGDâRV ࿢ 3XHGHTXHHOUHSURGXFWRUGHGLVFRV QRIXQFLRQHFRUUHFWDPHQWHVLODFDಢ OHIDFFLäQHVWÒHQFHQGLGRRVLKDFH IUÞRGHELGRDODKXPHGDGTXHVH

࿢

࿢

࿢

࿢

࿢

࿢



JHQHUDGHQWURGHOGLVSRVLWLYR6L SXHGHTXHDVÞIXHUDPDQWHQJDHO DSDUDWRDSDJDGRGXUDQWHDOUHGHಢ GRUGHXQDKRUDDQWHVGHXVDUOR 3XHGHTXHODUHSURGXFFLäQVHGHಢ WHQJDVLHOYHKÞFXORWLHPEODFXDQGR VHFRQGXFHSRUFDUUHWHUDVHVFDUಢ SDGDV 1RLQWHQWHH[WUDHURLQWURGXFLUHO GLVFRDODIXHU]DQLEORTXHDUORFRQ ODPDQRFXDQGRVHH[SXOVD ,QWURGX]FDHOGLVFRFRQHOODGRLPಢ SUHVRKDFLDDUULED(OGLVFRQR SXHGHUHSURGXFLUVHVLVHLQWURGXFH DOUHYÚV 1RWRTXHODFDUDGHJUDEDFLäQFRQ ODPDQRFXDQGRVXMHWHHOGLVFR OD FDUDVLQLPSUHVLäQRGHFRUDFLäQ  &RORTXHORVGLVFRVTXHQRYD\DD XVDUHQIXQGDV\JXÒUGHORVHQXQ OXJDUTXHQRHVWÚH[SXHVWRDODOX] GLUHFWDRDOWDVWHPSHUDWXUDV 1RDSOLTXHQLQJXQDVXVWDQFLDTXÞಢ PLFDVREUHHOGLVFR/LPSLHODVXಢ FLHGDGGHORVGLVFRVFRQXQSDâR KëPHGR\VXDYHGHVGHHOFHQWUR KDVWDHOERUGH



6LVWHPDGHLQIRHQWUHWHQLPLHQWR

3UHFDXFLäQSDUDHOXVRGHOGLVFR &'55: ࿢ 6LXWLOL]DGLVFRV&'5&'5:VäOR VHSXHGHQXVDUORVGLVFRVTXHKDಢ \DQVLGRFHUUDGRV ࿢ /RVGLVFRVTXHVHFUHDQFRQXQ3& SXHGHQQRUHSURGXFLUVHFRQIRUPH DODFRQILJXUDFLäQ\HQWRUQRGHOSURಢ JUDPDGHODDSOLFDFLäQ ࿢ /RVGLVFRV&'5&'5:VREUH WRGRORVGLVFRVEDUDWRVSXHGHQQR IXQFLRQDUVLTXHGDQH[SXHVWRVDOD OX]GLUHFWDRDOWDVWHPSHUDWXUDVRVL VHGHMDQGHQWURGHOYHKÞFXORGXಢ UDQWHXQSHULRGRSURORQJDGR ࿢ 3XHGHTXHQRVHPXHVWUHHOWÞWXOR\ RWUDLQIRUPDFLäQGHWH[WRJUDEDGD HQORVGLVFRV&'5&'5:HQHVWH GLVSRVLWLYR ࿢ /RVGLVFRV&'5:SXHGHQWDUGDU PÒVHQFDUJDUVHTXHORVGLVFRV&' R &'5 ࿢ /RVDUFKLYRVGHPëVLFDGDâDGRV SXHGHTXHQRVHUHSURGX]FDQR SXHGHQVXIULUFRUWHVPLHQWUDVVHUHಢ SURGXFHQ

࿢ /DVFDUSHWDV\DUFKLYRVGHPëVLFD VHPXHVWUDQHQHORUGHQVLJXLHQWH VÞPERORඎQëPHURඎFRUHDQRඎLQಢ JOÚV ࿢ $OJXQRVGLVFRVDQWLSLUDWHUÞDSXHಢ GHQQRUHSURGXFLUVH ࿢ 8QGLVFRGH03 :0$ SXHGH FRQWHQHUXQPÒ[LPRGHDUFKLಢ YRVHQFDGDXQRGHORVQLYHOHV GHFDUSHWDV\VHSXHGHUHSURGXFLU XQQëPHURPÒ[LPRGHDUFKLಢ YRV ࿢ /DFDUSHWD\ORVQRPEUHVGHDUಢ FKLYRQRVHRUGHQDQ\VHLQGLFDQHQ HORUGHQHQHOTXHVHKDQJUDEDGR HQHOGLVFR ࿢ (VWHVLVWHPDVäORSXHGHUHFRQRFHU GLVFRV03 :0$ FUHDGRVHQQLಢ YHO,62RHQHOVLVWHPDGH DUFKLYRVMROLHW 1RHVFRPSDWLEOH FRQHOVLVWHPDGHDUFKLYRV8') ࿢ /RVDUFKLYRV03:0$QRVRQ FRPSDWLEOHVFRQODWUDQVPLVLäQGH GDWRVSRUHVFULWXUDSRUSDTXHWHV

࿢ (OGLVFRHQHOTXHVHJUDEDQORVDUಢ FKLYRV03:0$\DXGLR &''$ SXHGHQRUHSURGXFLUVHVLVHWUDWD GHXQ&'H[WUDRXQ&'GHPRGR PL[WR ࿢ /RVQRPEUHVGHDUFKLYRFDUSHWD TXHSXHGHQXVDUVHVHJëQHOWLSRGH GLVFRGHDOPDFHQDPLHQWRLQFOXLಢ GDVODVH[WHQVLRQHVGHDUFKLYRGH FXDWURGÞJLWRV PS VRQORVVLಢ JXLHQWHV ဈ ,621LYHO0Ò[LPRGH FDUDFWHUHV ဈ ,621LYHO0Ò[LPRGH FDUDFWHUHV ဈ -ROLHW0Ò[LPRGHFDUDFWHUHV E\WH ဈ 1RPEUHODUJRGH:LQGRZV0Òಢ [LPRGHFDUDFWHUHV E\WH 3UHFDXFLäQSDUDHOXVRGHDUFKLYRV GHPëVLFD03:0$ ࿢ (VWHDSDUDWRSXHGHUHSURGXFLUDUಢ FKLYRV03 :0$ FRQODVH[WHQಢ VLRQHVGHDUFKLYRPSZPD HQ PLQëVFXOD R03R:0$ HQPDಢ \ëVFXOD 

6LVWHPDGHLQIRHQWUHWHQLPLHQWR ࿢ /RVDUFKLYRV03TXHSXHGHQUHಢ SURGXFLUVHFRQHVWHSURGXFWRVRQ ORVVLJXLHQWHV ဈ 7DVDGHWUDQVIHUHQFLDNESVa NESV ဈ )UHFXHQFLDGHPXHVWUHRN+] N+]N+] SDUD03(*  N+]N+]N+] SDUD 03(* ࿢ $XQTXHHVWHDSDUDWRSXHGHUHSURಢ GXFLUDUFKLYRVFRQXQDWDVDGH WUDQVIHUHQFLDGHNESVD NESVORVDUFKLYRVFRQXQDWDVD GHWUDQVIHUHQFLDVXSHULRUD NESVWHQGUÒQXQVRQLGRGHPHಢ MRUFDOLGDG ࿢ (VWHDSDUDWRSXHGHPRVWUDULQIRUಢ PDFLäQGHODVHWLTXHWDV,' 9HUಢ VLäQR SDUD DUFKLYRV03FRPRHOQRPEUHGHO ÒOEXP\HODUWLVWD ࿢ 3DUDPRVWUDUODLQIRUPDFLäQGHOÒOಢ EXP WÞWXORGHOGLVFR SLVWD WÞWXOR GHODSLVWD \DUWLVWD DUWLVWDGHOD

SLVWD HODUFKLYRGHEHVHUFRPSDಢ WLEOHFRQORVIRUPDWRV9\9GH HWLTXHWDV,' ࿢ (VWHDSDUDWRSXHGHUHSURGXFLUDUಢ FKLYRV03PHGLDQWH9%5 &XDQGRVHUHSURGXFHXQDUFKLYR 03GHHVWHWLSR9%5HOWLHPSRGH UHSURGXFFLäQUHVWDQWHTXHVH PXHVWUDSXHGHGLIHULUGHOWLHPSR UHDO



2UGHQGHUHSURGXFFLäQGHDUFKLYRV GHPëVLFD



6LVWHPDGHLQIRHQWUHWHQLPLHQWR

5HSURGXFFLäQGH&'03 %RWRQHVSULQFLSDOHVPDQGR  %RWäQ&'$8; 6HOHFFLRQHHOUHSURGXFWRUGH&' 03  %RWäQ0(18FRQPDQGR781( ࿢ *LUHHOPDQGRSDUDLUDODOLVWDGH SLVWDVPHQëRLQIRUPDFLäQGHSLVಢ WDV03 :0$  ࿢ 3XOVHHOERWäQSDUDPRVWUDUODSDQಢ WDOODGHPHQëGHODRSFLäQRHO PRGRDFWXDO  3%$&. &DQFHODODRSFLäQVHOHFFLRQDGD\ YXHOYHDOPHQëSDQWDOODDQWHULRU  %RWRQHVI6((.H ࿢ 3XOVHHVWRVERWRQHVSDUDUHSURGXಢ FLUODSLVWDDQWHULRURVLJXLHQWH ࿢ 0DQWHQJDSXOVDGRVHVWRVERWRQHV SDUDUHWURFHGHURDYDQ]DUUÒSLGDಢ PHQWHSRUODSLVWD\VXHOWHHOERWäQ SDUDFRQWLQXDUFRQODUHSURGXFFLäQ DYHORFLGDGQRUPDO  %RWäQ(;38/6$5>G@ ([SXOVDHOGLVFR

 %RWäQ,1)250$7,21>,1)2@ 0XHVWUDODLQIRUPDFLäQGHODSLVWDTXH VHHVWÒUHSURGXFLHQGR  087(>#@ 3XOVH VRORSDUDPRGHORVGHWLSR % RPDQWHQJDSXOVDGR VRORSDUD PRGHORVGHWLSR$ HOERWäQSDUD DFWLYDURGHVDFWLYDUODIXQFLäQGHVLಢ OHQFLR ,QVHUWDUGLVFR ࿢ 8QDYH]ILQDOL]DGDODOHFWXUDGHOD LQIRUPDFLäQGHOGLVFRÚVWHVHUHಢ SURGXFHDXWRPÒWLFDPHQWHGHVGHOD SLVWD ࿢ &XDQGRVHLQWURGXFHXQGLVFRLOHಢ JLEOHHOGLVFRVHH[SXOVDUÒDXWRಢ PÒWLFDPHQWH\DSDUHFHUÒXQPHQಢ VDMHGHHUURUGHGLVFRDFRQWLQXDಢ FLäQHOVLVWHPDFDPELDUÒDODëOಢ WLPDIXQFLäQTXHVHXVäRDODUDGLR )0 ,QVHUWHHOGLVFRTXHVHYDDUHSURGXFLU FRQODVXSHUILFLHLPSUHVDKDFLDDUULED HQODUDQXUDGHLQVHUFLäQGHOGLVFR

6LVWHPDGHLQIRHQWUHWHQLPLHQWR

6L\DHVWÒLQVHUWDGRHOGLVFRTXHGHಢ VHDUHSURGXFLUSXOVHUHSHWLGDPHQWH HOERWäQ&'$8;SDUDVHOHFFLRQDUOD UHSURGXFFLäQGH&'03 ࿢ 6LQRVHKDLQVHUWDGRQLQJëQGLVFR DSDUHFHHOPHQVDMH1RKD\GLVFR\ ODIXQFLäQQRVHVHOHFFLRQDUÒ ࿢ 6HUHSURGXFHDXWRPÒWLFDPHQWHOD SLVWDTXHVHUHSURGXMRODëOWLPD YH]



([SXOVDUGLVFR

&DPELDUODSLVWDUHSURGXFLGD

3DUDH[SXOVDUHOGLVFRSXOVHHOERWäQ (;38/6$5>G@\UHWLUHHOGLVFR ࿢ &XDQGRHOGLVFRVDOHHODSDUDWR YXHOYHDODëOWLPDIXQFLäQTXHVH XVäRDODUDGLR)0 ࿢ (OGLVFRYROYHUÒDLQVHUWDUVHGH IRUPDDXWRPÒWLFDVLQRVHH[WUDH GXUDQWHXQWLHPSR

3XOVHORVERWRQHVI6((.HHQHO PRGRGHUHSURGXFFLäQSDUDUHSURGXಢ FLUODSLVWDDQWHULRURVLJXLHQWH 3XHGHXVDUHOPDQGRGHDXGLRGHO YRODQWHSDUDFDPELDUODVSLVWDVIÒFLOಢ PHQWHJLUDQGRHOPDQGRGHOD )XHQWH>G65&F@



6LVWHPDGHLQIRHQWUHWHQLPLHQWR &DPELDUODSRVLFLäQGHUHSURGXFFLäQ

6LVHWUDWDGHSLVWDV03 :0$ JLUH HOPDQGR781(SDUDGHVSOD]DUVH KDVWDODOLVWDGHUHSURGXFFLäQ\OXHJR SXOVHHOERWäQ0(18SDUDFDPELDUOD LQVWDQWÒQHDPHQWH

0DQWHQJDSXOVDGRVORVERWRQHV I6((.HGXUDQWHHOPRGRGHUHSURಢ GXFFLäQSDUDUHWURFHGHURDYDQ]DUUÒಢ SLGDPHQWHSRUODFDQFLäQ6XHOWHHO ERWäQSDUDFRQWLQXDUFRQODUHSURGXFಢ FLäQDYHORFLGDGQRUPDO (OYROXPHQVHUHGXFHOLJHUDPHQWH GXUDQWHHOUHWURFHVR\DYDQFHUÒSLGRV \VHPXHVWUDHOWLHPSRGHUHSURGXFಢ FLäQ

9LVXDOL]DULQIRUPDFLäQVREUHODSLVWD UHSURGXFLGD

3XOVHHOERWäQ ,1)250$7,21>,1)2@HQHOPRGRGH UHSURGXFFLäQSDUDPRVWUDULQIRUPDಢ FLäQVREUHODSLVWDUHSURGXFLGD 6LQRKD\LQIRUPDFLäQVREUHODSLVWD UHSURGXFLGDSDUDORV&'GHDXGLRHO VLVWHPDPXHVWUD6LQLQIRUPDFLäQ

6LVWHPDGHLQIRHQWUHWHQLPLHQWR /DLQIRUPDFLäQGHHWLTXHWD,'LQಢ FRUUHFWDQRSXHGHPRGLILFDUVHR FRUUHJLUVHHQHOVLVWHPDGHLQIRHQಢ WUHWHQLPLHQWR ODVHWLTXHWDV,' VäORSXHGHQFRUUHJLUVHHQXQ3&  ࿢ /DLQIRUPDFLäQGHFDQFLRQHVH[ಢ SUHVDGDFRQVÞPERORVHVSHFLDOHVR HQLGLRPDVQRGLVSRQLEOHVSXHGH PRVWUDUVHFRPRRQRPRVಢ WUDUVH



(QHOPRGRGHUHSURGXFFLäQSXOVHHO ERWäQ0(18SDUDPRVWUDUHOPHQëGH &'

8VRGHOPHQëGHO&' 6LVHWUDWDGHSLVWDV03 :0$  SXHGHYLVXDOL]DUPÒVLQIRUPDFLäQJLಢ UDQGRHOFRQWURO781(GHODSDQWDOOD GHLQIRUPDFLäQGHODSLVWD ࿢ /DLQIRUPDFLäQPRVWUDGDLQFOX\HHO QRPEUHGHODUFKLYRHOQRPEUHGH ODFDUSHWD\ODLQIRUPDFLäQGHHWLಢ TXHWD,'JXDUGDGDVFRQODFDQಢ FLäQ 6LVHKDDâDGLGRLQIRUPDFLäQGH HWLTXHWD,'LQFRUUHFWD SHMDUಢ WLVWDWÞWXORGHFDQFLäQ DORVDUFKLಢ YRV03 :0$ DQWHVGHTXHVH JUDEHQHQHOGLVFRODLQIRUPDFLäQ TXHVHPXHVWUHVHUÒODGHOVLVWHPD GHLQIRHQWUHWHQLPLHQWR

&DPELDUHOPRGRGHUHSURGXFFLäQ

*LUHHOFRQWURO781(SDUDVHOHFFLRQDU ODVIXQFLRQHVGHUHSURGXFFLäQDOHDಢ WRULDRUHSHWLFLäQ\SXOVHHOERWäQ 0(18SDUDDFWLYDURGHVDFWLYDUODV IXQFLRQHVUHOHYDQWHV



6LVWHPDGHLQIRHQWUHWHQLPLHQWR

0HQëGH&'ඎ/LVWDGHSLVWDV

3DUDORVGLVFRV&'GHDXGLRJLUHHO PDQGR781(HQHOPHQëGH&'SDUD LUDODOLVWDGHSLVWDV\OXHJRSXOVHHO ERWäQ0(18 *LUHHOPDQGR781(SDUDHQFRQWUDU ODOLVWDGHSLVWDVGHVHDGD\OXHJR SXOVHHOERWäQ0(18SDUDUHSURGXFLU ODSLVWDVHOHFFLRQDGD

0HQëGH&'ඎ&DUSHWDV

3DUDORVGLVFRV03 :0$ JLUHHO PDQGR781(HQHOPHQëGH&'SDUD LUDODVFDUSHWDV\OXHJRSXOVHHOERWäQ 0(18 *LUHHOPDQGR781(SDUDLUDODFDUಢ SHWDGHVHDGD\OXHJRSXOVHHOERWäQ 0(18

*LUHHOPDQGR781(SDUDHQFRQWUDU ODSLVWDGHVHDGD\OXHJRSXOVHHOERಢ WäQ0(18SDUDUHSURGXFLUODSLVWDGH ODFDUSHWDVHOHFFLRQDGD

6LVWHPDGHLQIRHQWUHWHQLPLHQWR 0HQëGH&'ඎ%XVFDU

3DUDORVGLVFRV03 :0$ JLUHHO PDQGR781(HQHOPHQëGH&'SDUD LUD%XVFDU\OXHJRSXOVHHOERWäQ 0(18 ࿢ 8QDYH]TXHHOVLVWHPDKDOHÞGROD LQIRUPDFLäQGHOGLVFRVHPXHVWUD ODSULPHUDFDQFLäQGHODOLVWDGHUHಢ SURGXFFLäQ>L3@ ࿢ 6LQRVHHQFXHQWUDQDUFKLYRVGH PëVLFDHQODOLVWDGHUHSURGXFFLäQ >L3@VHPXHVWUDODSULPHUDFDQFLäQ GHFDGDDUWLVWD>L$@



6LQHPEDUJRSXHGHTXHVHWDUGH EDVWDQWHHQOHHUHOGLVFRGHSHQಢ GLHQGRGHOQëPHURGHDUFKLYRVGH PëVLFD

*LUHHOPDQGR781(SDUDLUDOHOHಢ PHQWRGHFODVLILFDFLäQGHWDOODGR\ OXHJRSXOVHHOERWäQ0(18 3XOVHGHQXHYRHOERWäQ0(18JLUH HOFRQWURO781(SDUDVHOHFFLRQDUHO PRGRGHUHSURGXFFLäQGHVHDGRHQOD RSFLäQGHEëVTXHGDTXHVHPXHVWUD 6HPXHVWUDHOQëPHURGHFDQFLRQHV UHOHYDQWHVSRU/LVWDGHUHSURGXFFLäQ >L3@$UWLVWD>L$@²OEXP>L/@7ÞWXORGH ODFDQFLäQ>L6@*ÚQHUR>L*@



6LVWHPDGHLQIRHQWUHWHQLPLHQWR

*LUHHOPDQGR781(SDUDHQFRQWUDU ODSLVWDRHOWÞWXORGHVHDGR\OXHJR SXOVHHOERWäQ0(18SDUDUHSURGXFLU ODSLVWDVHOHFFLRQDGD

'LVSRVLWLYRVDX[LOLDUHV 5HSURGXFWRU86% 3UHFDXFLRQHVSDUDHOXVRGH GLVSRVLWLYRV86% ࿢ 1RVHSXHGHJDUDQWL]DUHOIXQFLRಢ QDPLHQWRVLORVGLVSRVLWLYRVGHDOಢ PDFHQDPLHQWRPDVLYR86%FRQ GLVFRGXURLQWHJUDGRRWDUMHWDGH PHPRULD&)R6'VHFRQHFWDQPHಢ GLDQWHXQDGDSWDGRU86%8VHXQ GLVSRVLWLYRGHDOPDFHQDPLHQWRGHO WLSRPHPRULDIODVK86% ࿢ 7HQJDFXLGDGRFXDQGRFRQHFWHR GHVFRQHFWHHO86%SDUDHYLWDUOD GHVFDUJDGHHOHFWULFLGDGHVWÒWLFD 6LODFRQH[LäQ\GHVFRQH[LäQVHUHಢ SLWHYDULDVYHFHVHQXQEUHYHHVಢ SDFLRGHWLHPSRSXHGHTXHH[SHಢ ULPHQWHSUREOHPDVDODKRUDGH XVDUHOGLVSRVLWLYR

࿢ 3DUDH[WUDHUHOGLVSRVLWLYR86%XWLಢ OLFH0HQë86%ඎ([WUDHU86% XVDQGRHOERWäQ0(18FRQHO PDQGR781(SDUDOOHYDUDFDEROD H[WUDFFLäQGHO86% ࿢ 6LHOWHUPLQDOGHFRQH[LäQGHOGLVಢ SRVLWLYR86%QRHVGHPHWDOQRVH JDUDQWL]DVXIXQFLRQDPLHQWR ࿢ /DFRQH[LäQFRQGLVSRVLWLYRVGHDOಢ PDFHQDPLHQWR86%GHOWLSRL6WLFN SXHGHQSUHVHQWDUHUURUHVGHELGRD ODYLEUDFLäQGHOYHKÞFXORSRUORTXH QRVHSXHGHJDUDQWL]DUVXIXQFLRಢ QDPLHQWR ࿢ 7HQJDFXLGDGRGHQRWRFDUHOWHUಢ PLQDOGHFRQH[LäQ86%FRQXQREಢ MHWRRFXDOTXLHUSDUWHGHVXFXHUSR ࿢ (OGLVSRVLWLYRGHDOPDFHQDPLHQWR 86%VRORSXHGHUHFRQRFHUVHVL HVWÒIRUPDWHDGRHQHOIRUPDWRGH DUFKLYR)$76äORSXHGHQ XVDUVHGLVSRVLWLYRVFRQXQWDPDâR GHXQLGDGDVLJQDGRGHE\WHV VHFWRURE\WHVVHFWRU(OVLVಢ WHPDGHDUFKLYRV17)6\RWURVVLVಢ WHPDVQRSXHGHQUHFRQRFHUVH

࿢ 6HJëQHOWLSR\FDSDFLGDGGHOGLVಢ SRVLWLYRGHDOPDFHQDPLHQWR86%\ HOWLSRGHDUFKLYRDOPDFHQDGR SXHGHTXHYDUÞHHOWLHPSRTXHVH WDUGDHQUHFRQRFHUORVDUFKLYRV1R VHWUDWDGHXQSUREOHPDFRQHODSDಢ UDWRSRUORTXHGHEHHVSHUDUDTXH ORVDUFKLYRVVHSURFHVHQ ࿢ 3XHGHTXHQRVHUHFRQR]FDQORV DUFKLYRVHQDOJXQRVGLVSRVLWLYRVGH DOPDFHQDPLHQWR86%GHELGRD SUREOHPDVGHFRPSDWLELOLGDG$GHಢ PÒVODVFRQH[LRQHVFRQXQOHFWRU GHPHPRULDRFRQFHQWUDGRU86% QRVRQFRPSDWLEOHV&RPSUXHEHHO IXQFLRQDPLHQWRGHOGLVSRVLWLYRHQHO YHKÞFXORDQWHVGHXVDUOR ࿢ 3XHGHTXHGLVSRVLWLYRVFRPRXQ UHSURGXFWRUGH03WHOÚIRQRPäYLO RFÒPDUDGLJLWDOQRIXQFLRQHQFRQ QRUPDOLGDGFXDQGRVHFRQHFWDQD WUDYÚVGHXQGLVFRPäYLO ࿢ 1RGHVFRQHFWHHOGLVSRVLWLYRGHDOಢ PDFHQDPLHQWR86%PLHQWUDVVH UHSURGXFH'HKDFHUORSRGUÞDFDXಢ VDUGDâRVDODSDUDWRRDOIXQFLRQDಢ PLHQWRGHOGLVSRVLWLYR86%

6LVWHPDGHLQIRHQWUHWHQLPLHQWR ࿢ 'HVFRQHFWHHOGLVSRVLWLYRGHDOPDಢ FHQDPLHQWR86%FRQHFWDGR FXDQGRGHVFRQHFWHHOHQFHQGLGR GHOYHKÞFXOR6LHOHQFHQGLGRHVWÒ FRQHFWDGRPLHQWUDVHOGLVSRVLWLYR GHDOPDFHQDPLHQWR86%WDPELÚQ ORHVWÒSXHGHTXHHQDOJXQRVFDಢ VRVHOGLVSRVLWLYRVXIUDGDâRV\QR IXQFLRQHFRQQRUPDOLGDG

$WHQFLäQ /RVGLVSRVLWLYRVGHDOPDFHQDಢ PLHQWR86%VäORVHSXHGHQFRಢ QHFWDUDHVWHDSDUDWRSDUDUHSURಢ GXFLUDUFKLYRVGHPëVLFD (OWHUPLQDO86%GHODSDUDWRQR GHEHXVDUVHSDUDFDUJDUDFFHVRಢ ULRVFRQ86%\DTXHODJHQHUDಢ FLäQGHFDORUSRUHOXVRGHOWHUPLಢ QDO86%SXHGHFDXVDUSUREOHPDV GHIXQFLRQDPLHQWRRGDâRVHQHO DSDUDWR ࿢ &XDQGRODXQLGDGOäJLFDVHVHSDUD GHXQGLVSRVLWLYRGHDOPDFHQDಢ PLHQWRPDVLYR86%VäORVHSXHಢ GHQUHSURGXFLUORVDUFKLYRVGHOQLಢ YHOVXSHULRUGHODXQLGDGOäJLFDHQ

HOFDVRGHORVDUFKLYRVGHPëVLFD GHO86%(VSRUHOORTXHORVDUFKLಢ YRVGHPëVLFDGHEHQJXDUGDUVHHQ ODXQLGDGGHQLYHOVXSHULRUGHOGLVಢ SRVLWLYR3XHGHTXHORVDUFKLYRVGH PëVLFDHVSHFLDOPHQWHORVGHGLVಢ SRVLWLYRVGHDOPDFHQDPLHQWR86% QRVHUHSURGX]FDQFRQQRUPDOLGDG VLVHFDUJDXQDDSOLFDFLäQUHDOLಢ ]DQGRXQDSDUWLFLäQHQXQDXQLGDG VHSDUDGDGHOGLVSRVLWLYR86% ࿢ /RVDUFKLYRVGHPëVLFDFRQ'50 SURWHJLGRVQRSXHGHQUHSURGXಢ FLUVH ࿢ (VWHDSDUDWRHVFRPSDWLEOHFRQ GLVSRVLWLYRVGHDOPDFHQDPLHQWR 86%GHKDVWDJLJDE\WHVGHFDಢ SDFLGDGFRQXQOÞPLWHGHDUಢ FKLYRVFDUSHWDV\QLYHOHV GHHVWUXFWXUDGHFDUSHWDV1RVH SXHGHJDUDQWL]DUXQXVRQRUPDO SDUDGLVSRVLWLYRVGHDOPDFHQDಢ PLHQWRTXHH[FHGHQHVWHOÞPLWH



3UHFDXFLRQHVSDUDHOXVRGHDUFKLYRV GHPëVLFD86% ࿢ /RVDUFKLYRVGHPëVLFDGDâDGRV SXHGHQVXIULUFRUWHVGXUDQWHVXUHಢ SURGXFFLäQRSXHGHQQRUHSURGXಢ FLUVH ࿢ /DVFDUSHWDV\ORVDUFKLYRVGHPëಢ VLFDVHPXHVWUDQHQHORUGHQGHO 6ÞPERORඎ1ëPHURඎ,GLRPDඎ ࿢ 3XHGHQUHFRQRFHUVHXQPÒ[LPRGH FDUDFWHUHVSDUDQRPEUHVGH FDUSHWDVRDUFKLYRVHVFULWRVHQHO VLVWHPDGHDUFKLYRV-ROLHW $FHUFDGHORVDUFKLYRVGHPëVLFD 03 :0$ ࿢ /RVDUFKLYRV03TXHSXHGHQUHಢ SURGXFLUVHVRQORVVLJXLHQWHV ဈ 7DVDGHWUDQVIHUHQFLDNESVa NESV ဈ )UHFXHQFLDGHPXHVWUHR N+]N+]N+] SDUD 03(*



࿢

࿢

࿢

࿢

6LVWHPDGHLQIRHQWUHWHQLPLHQWR

N+]N+]N+] SDUD 03(* (VWHDSDUDWRPXHVWUDDUFKLYRV 03 :0$ FRQODVH[WHQVLRQHVGH DUFKLYRPSZPD HQPLQëVFXOD R03R:0$ HQPD\ëVFXOD  (VWHSURGXFWRSXHGHPRVWUDULQIRUಢ PDFLäQGHODVHWLTXHWDV,' YHUಢ VLäQ SDUDDUಢ FKLYRV03FRPRHOQRPEUHGHO ÒOEXPGHODUWLVWDHWF /RVQRPEUHVGHDUFKLYRFDUSHWD TXHSXHGHQXVDUVHVHJëQHOWLSRGH DOPDFHQDPLHQWRLQFOXLGDVODVH[ಢ WHQVLRQHVGHDUFKLYRGHFXDWURFDಢ UDFWHUHV PS VRQORVVLJXLHQWHV ဈ ,621LYHO0Ò[LPRGH FDUDFWHUHV ဈ ,621LYHO0Ò[LPRGH FDUDFWHUHV ဈ -ROLHW0Ò[LPRGHFDUDFWHUHV E\WH ဈ 1RPEUHODUJRGH:LQGRZV0Òಢ [LPRGHFDUDFWHUHV E\WH (VWHDSDUDWRSXHGHUHSURGXFLUDUಢ FKLYRV03TXHXVDQ9%5 &XDQGRXQDUFKLYR03GHOWLSR

9%5VHUHSURGXFHHOWLHPSRUHVಢ WDQWHTXHVHPXHVWUDSXHGHVHU GLVWLQWRDOWLHPSRUHVWDQWHUHDO %RWRQHVSULQFLSDOHVPDQGR /RVERWRQHV\FRQWUROHVSULQFLSDOHV VLJXLHQWHVVHXVDQSDUDUHSURGXFLU DUFKLYRVGHPëVLFD86%  %RWäQ&'$8; 3XOVHUHSHWLGDPHQWHHOERWäQFXDQGR HOGLVSRVLWLYR86%HVWÒFRQHFWDGR SDUDVHOHFFLRQDUHOPRGRGHUHSURಢ GXFFLäQ86%  %RWäQ0(18FRQPDQGR781( ࿢ *LUHHOPDQGRSDUDLUDODOLVWDGH SLVWDVPHQëRLQIRUPDFLäQGHSLVಢ WDV03 :0$  ࿢ 3XOVHHOERWäQSDUDPRVWUDUODSDQಢ WDOODGHPHQëSURSRUFLRQDGDSRUOD RSFLäQRPRGRDFWXDO

 %RWRQHVI6((.H ࿢ 3XOVHHVWRVERWRQHVSDUDUHSURGXಢ FLUODSLVWDDQWHULRURVLJXLHQWH ࿢ 0DQWHQJDSXOVDGRVHVWRVERWRQHV SDUDUHERELQDURDYDQ]DUUÒSLGDಢ PHQWH\VXÚOWHORVDFRQWLQXDFLäQ SDUDTXHODSLVWDVHUHSURGX]FDD YHORFLGDGQRUPDO  %RWäQ,1)250$7,21>,1)2@ 0XHVWUDODLQIRUPDFLäQGHODSLVWDTXH VHHVWÒUHSURGXFLHQGR  %RWäQ3%$&. &DQFHODODRSFLäQVHOHFFLRQDGD\ YXHOYHDOPHQëSDQWDOODDQWHULRU  087(>#@ 0DQWHQJDSXOVDGRHOERWäQSDUDDFಢ WLYDURGHVDFWLYDUODIXQFLäQGHVLOHQಢ FLR

6LVWHPDGHLQIRHQWUHWHQLPLHQWR &RQH[LäQGHXQGLVSRVLWLYRGH DOPDFHQDPLHQWR86%

&RQHFWHHOGLVSRVLWLYRGHDOPDFHQDಢ PLHQWR86%FRQORVDUFKLYRVGHPëಢ VLFDTXHGHVHDUHSURGXFLUDOWHUPLQDO GHFRQH[LäQ86%

࿢ 8QDYH]TXHHODSDUDWRKD\DILQDOLಢ ]DGRGHOHHUODLQIRUPDFLäQGHOGLVಢ SRVLWLYRGHDOPDFHQDPLHQWR86% UHSURGXFLUÒORVDUFKLYRVDXWRPÒWLಢ FDPHQWH ࿢ 6LVHFRQHFWDXQGLVSRVLWLYRGHDOಢ PDFHQDPLHQWR86%TXHQRVH SXHGHOHHUDSDUHFHUÒXQPHQVDMH GHHUURU\HODSDUDWRFDPELDUÒDXಢ WRPÒWLFDPHQWHDODëOWLPDIXQFLäQ TXHVHXVäRDODIXQFLäQGHUDGLR )0



6LHOGLVSRVLWLYRGHDOPDFHQDPLHQWR 86%TXHVHGHVHDUHSURGXFLUHVWÒ FRQHFWDGRSXOVHUHSHWLGDPHQWHHO ERWäQ&'$8;SDUDVHOHFFLRQDUHOUHಢ SURGXFWRU86% (OUHSURGXFWRU86%SURFHGHDODUHಢ SURGXFFLäQDXWRPÒWLFDDSDUWLUGHO SXQWRGHUHSURGXFFLäQDQWHULRU /DVIXQFLRQHVGHOUHSURGXFWRU86% VHDFWLYDQGHIRUPDVLPLODUDODUHSURಢ GXFFLäQGH&'03 )LQDOL]DUODUHSURGXFFLäQGHDUFKLYRV GHPëVLFD86% 3XOVHHOERWäQ5$',2%$1'R &'$8;SDUDVHOHFFLRQDURWUDVIXQಢ FLRQHV 3DUDILQDOL]DUODUHSURGXFFLäQ\GHVಢ FRQHFWDUHOGLVSRVLWLYRGHDOPDFHQDಢ PLHQWR86%XWLOLFH0HQë86%ඎ ([WUDHU86%SDUDH[WUDHUHOGLVSRVLಢ WLYRGHDOPDFHQDPLHQWR86%FRQVHಢ JXULGDG 8VRGHOPHQë86% /DVLQVWUXFFLRQHVSDUD5HSURGXFLU WHPDVDOHDWRULDPHQWH5HSHWLU &DUSHWDV%XVFDUGHOPHQë86%



6LVWHPDGHLQIRHQWUHWHQLPLHQWR

VRQVLPLODUHVDOPHQëGH&'GHOUHಢ SURGXFWRUGH&'03VäORVHKD DâDGLGRODRSFLäQ([WUDHU86%&RQಢ VXOWHODVIXQFLRQHVGHOUHSURGXFWRUGH &'03HQHOPHQëGH&' 0HQë86%ඎ([WUDHU86%

(QHOPRGRGHUHSURGXFFLäQSXOVHHO ERWäQ0(18SDUDPRVWUDUHOPHQë 86%*LUHHOPDQGR781(SDUDLUD ([WUDHU86%\OXHJRSXOVHHOERWäQ 0(18SDUDPRVWUDUHOPHQVDMHDYLಢ VÒQGROHGHTXHHVVHJXURH[WUDHUHO GLVSRVLWLYR86% 'HVFRQHFWHHOGLVSRVLWLYR86%GHO WHUPLQDOGHFRQH[LäQ86%

9XHOYDDODëOWLPDIXQFLäQTXHVHXVä

5HSURGXFWRUL3RG VäORSDUD PRGHORVWLSR$ /LPLWDGRDPRGHORVFRPSDWLEOHVFRQ FRQH[LäQL3RG %RWRQHVSULQFLSDOHVPDQGR /RVERWRQHV\FRQWUROHVSULQFLSDOHV VLJXLHQWHVVHXVDQSDUDUHSURGXFLU DUFKLYRVGHPëVLFDGHOL3RG  %RWäQ&'$8; 3XOVHUHSHWLGDPHQWHHOERWäQFXDQGR HOL3RGHVWÒFRQHFWDGRSDUDVHOHFFLRಢ QDUHOPRGRGHUHSURGXFFLäQL3RG  %RWäQ0(18FRQPDQGR781( ࿢ *LUHHOPDQGRSDUDGHVSOD]DUVH\ PRVWUDUODOLVWDGHSLVWDVTXHVH HVWÒUHSURGXFLHQGR ࿢ 3XOVHHOERWäQSDUDPRVWUDUODSDQಢ WDOODGHPHQëSURSRUFLRQDGDSRUOD RSFLäQRPRGRDFWXDO

 %RWRQHVI6((.H ࿢ 3XOVHHVWRVERWRQHVSDUDUHSURGXಢ FLUODSLVWDDQWHULRURVLJXLHQWH ࿢ 0DQWHQJDSXOVDGRVHVWRVERWRQHV SDUDUHERELQDURDYDQ]DUUÒSLGDಢ PHQWH\VXÚOWHORVDFRQWLQXDFLäQ SDUDTXHODSLVWDVHUHSURGX]FDD YHORFLGDGQRUPDO  %RWäQ,1)250$7,21>,1)2@ 0XHVWUDODLQIRUPDFLäQGHODSLVWDTXH VHHVWÒUHSURGXFLHQGR  %RWäQ3%$&. &DQFHODODRSFLäQDQWHULRU\YXHOYHDO PHQëSDQWDOODDQWHULRU  087(>#@ 0DQWHQJDSXOVDGRHOERWäQSDUDDFಢ WLYDURGHVDFWLYDUODIXQFLäQGHVLOHQಢ FLR

6LVWHPDGHLQIRHQWUHWHQLPLHQWR &RQH[LäQGHOUHSURGXFWRUL3RG

&RQHFWHHOL3RGFRQORVDUFKLYRVGH PëVLFDTXHGHVHDUHSURGXFLUDOWHUಢ PLQDOGHFRQH[LäQ86% ࿢ $OJXQRVL3RGL3KRQHSXHGHQQR VHUFRPSDWLEOHV ࿢ &RQHFWHHOL3RGDHVWHDSDUDWRVäOR FRQORVFDEOHVGHFRQH[LäQFRPSDಢ WLEOHVSDUDL3RG1RSXHGHQXVDUVH RWURVFDEOHVGHFRQH[LäQ ࿢ (QDOJXQRVFDVRVHOL3RGSXHGH UHVXOWDUGDâDGRVLVHDSDJDHOHQಢ FHQGLGRFXDQGRHOL3RGHVWÒFRQHFಢ WDGRDODSDUDWR



&XDQGRHOL3RGQRVHXVHPDQWÚQಢ JDORGHVFRQHFWDGRGHODSDUDWRFRQ HOHQFHQGLGRDSDJDGR

࿢ 8QDYH]TXHHODSDUDWRKD\DILQDOLಢ ]DGRGHOHHUODLQIRUPDFLäQGHO L3RGUHSURGXFLUÒORVDUFKLYRVDXಢ WRPÒWLFDPHQWH ࿢ 6LVHFRQHFWDXQL3RGTXHQRVH SXHGHOHHUDSDUHFHUÒHOPHQVDMH GHHUURUFRUUHVSRQGLHQWH\HODSDಢ UDWRFDPELDUÒDXWRPÒWLFDPHQWHD ODëOWLPDIXQFLäQTXHVHXVäRDOD IXQFLäQGHUDGLR)0

6LHOGLVSRVLWLYRL3RGTXHGHVHDUHಢ SURGXFLU\DHVWÒFRQHFWDGRSXOVHUHಢ SHWLGDPHQWHHOERWäQ&'$8;SDUD VHOHFFLRQDUHOUHSURGXFWRUL3RG ࿢ (OUHSURGXFWRUL3RGSURFHGHDODUHಢ SURGXFFLäQDXWRPÒWLFDDSDUWLUGHO SXQWRGHUHSURGXFFLäQDQWHULRU ࿢ /DVIXQFLRQHVGHUHSURGXFFLäQ\ ODVRSFLRQHVGHODSDQWDOODGHLQಢ IRUPDFLäQGHOUHSURGXFWRUL3RG XVDGDVFRQHVWHDSDUDWRSXHGHQ



6LVWHPDGHLQIRHQWUHWHQLPLHQWR

VHUGLVWLQWDVGHODVGHOL3RGHQ FXDQWRDORUGHQGHUHSURGXFFLäQ PÚWRGRHLQIRUPDFLäQPRVWUDGD ࿢ &RQVXOWHODWDEODVLJXLHQWHSDUDREಢ WHQHUODVRSFLRQHVGHFODVLILFDFLäQ UHODFLRQDGDVFRQODIXQFLäQGHEëVಢ TXHGDSURSRUFLRQDGDSRUHOL3RG

8VRGHOPHQëGHOL3RG (QHOPHQëGHOL3RGODVLQVWUXFFLRQHV SDUD5HSURGXFLUWHPDV DOHDWRULDPHQWH5HSHWLU%XVFDU LQFOXLGRVDXGLROLEURV\FRPSRVLWRಢ UHV VRQVLPLODUHVDOPHQëGH&'GHO UHSURGXFWRUGH&'03VäORVHKD DâDGLGRODRSFLäQ([SXOVDUL3RG &RQVXOWDUFDGDRSFLäQGHO&'03 SDUDVXXVR 0HQëL3RGඎ([SXOVDUL3RG

/DVIXQFLRQHVSDUDUHSURGXFLUHOL3RG VHDFWLYDQGHIRUPDVLPLODUDODUHSURಢ GXFFLäQGH&'03 6DOLUGHUHSURGXFFLäQGHL3RG 3DUDILQDOL]DUODUHSURGXFFLäQSXOVH HOERWäQ5$',2%$1'R&'$8; SDUDVHOHFFLRQDURWUDVIXQFLRQHV

(QHOPRGRGHUHSURGXFFLäQSXOVHHO ERWäQ0(18SDUDPRVWUDUHOPHQë GHOL3RG

*LUHHOPDQGR781(SDUDLUDODIXQಢ FLäQ([SXOVDUL3RG\OXHJRSXOVHHO ERWäQ0(18SDUDPRVWUDUHOPHQVDMH DYLVÒQGROHGHTXHHVVHJXURH[WUDHU HOGLVSRVLWLYR 'HVFRQHFWHHOGLVSRVLWLYRL3RGGHO WHUPLQDOGHFRQH[LäQ86% 9XHOYDDODëOWLPDIXQFLäQTXHVHXVä

(QWUDGD$8;GHVRQLGRH[WHULRU /LPLWDGRDPRGHORVFRPSDWLEOHVFRQ ODFRQH[LäQGHVRQLGRH[WHUQR %RWRQHVSULQFLSDOHVPDQGR /RVERWRQHV\FRQWUROHVSULQFLSDOHV VLJXLHQWHVVHXVDQSDUDGLVIUXWDUGHO H[FHOHQWHVRQLGRGHOVLVWHPDGHLQಢ IRHQWUHWHQLPLHQWRSURYHQLHQWHGHOD VDOLGDGHDXGLRGHXQGLVSRVLWLYRH[ಢ WHUQRFRQHFWDGR  %RWäQ&'$8; 6LKD\XQGLVSRVLWLYRGHVRQLGRH[ಢ WHUQRFRQHFWDGRSXOVHUHSHWLGDಢ PHQWHHOERWäQSDUDVHOHFFLRQDUHO PRGRGHHQWUDGD $8; GHVRQLGRH[ಢ WHUQR  0DQGR92/80(1

6LVWHPDGHLQIRHQWUHWHQLPLHQWR *LUHHOPDQGRSDUDDMXVWDUHOYROXಢ PHQ  087(>#@ 3XOVH VRORSDUDPRGHORVGHWLSR % RPDQWHQJDSXOVDGR VRORSDUD PRGHORVGHWLSR$ HOERWäQSDUD DFWLYDURGHVDFWLYDUODIXQFLäQGHVLಢ OHQFLR

$8; RSFLRQDO 6LWXDGDGHQWUR GHODJXDQWHUDRHOUHSRVDEUD]RV

7HOÚIRQR %OXHWRRWKŸ %RWRQHVSULQFLSDOHVPDQGR

&RQH[LäQGHVRQLGRH[WHULRU

&RQHFWHODVDOLGDGHDXGLRGHOHTXLSR GHVRQLGRH[WHUQRDOWHUPLQDOä RSFLRQDO GHHQWUDGD$8; ࿢ $8;6LWXDGDHQHOGLVSRVLWLYRGH LQIRHQWUHWHQLPLHQWR



࿢ (OVLVWHPDGHLQIRHQWUHWHQLPLHQWR FDPELDUÒDXWRPÒWLFDPHQWHDO PRGRGHHQWUDGD $8; GHVRQLGR H[WHULRUFXDQGRHOGLVSRVLWLYRGH VRQLGRH[WHUQRHVWÚFRQHFWDGR 3XOVHHOERWäQ&'$8;SDUDFDPELDU DOPRGRGHHQWUDGDGHVRQLGRH[WHULRU VLHOVLVWHPDGHVRQLGRH[WHULRU\DVH KDFRQHFWDGR

3DUDUHSURGXFLUDUFKLYRVGHPëVLFDR XWLOL]DUODVIXQFLRQHVGHOODPDGDDWUDಢ YÚVGHOGLVSRVLWLYR%OXHWRRWKVHXWLOLಢ ]DQORVERWRQHVSULQFLSDOHV\FRQWURಢ OHVVLJXLHQWHV  %RWäQ&'$8; &XDQGRFRQHFWHXQGLVSRVLWLYR%OXHಢ WRRWKFRQIXQFLäQGHUHSURGXFWRUGH PëVLFDSXOVHHVWHERWäQUHSHWLGDಢ PHQWHSDUDVHOHFFLRQDUHOPRGRGH UHSURGXFFLäQGHDXGLR%OXHWRRWK  %RWäQ0(18FRQPDQGR781( ࿢ 3XOVHHOERWäQHQHOPRGRGHWHOÚಢ IRQR%OXHWRRWKSDUDPRVWUDUODSDQಢ WDOODGHOPHQë ࿢ *LUHHOPDQGRSDUDGHVSOD]DUVHDO PHQëRYDORUGHFRQILJXUDFLäQ  3%$&. &DQFHODODRSFLäQVHOHFFLRQDGD\ YXHOYHDOPHQëSDQWDOODDQWHULRU



6LVWHPDGHLQIRHQWUHWHQLPLHQWR

 %RWRQHVI6((.H ࿢ 3XOVHHVWRVERWRQHVHQPRGRGH UHSURGXFFLäQGHDXGLR%OXHWRRWK SDUDUHSURGXFLUODSLVWDDQWHULRUR VLJXLHQWH ࿢ 0DQWHQJDSXOVDGRVHVWRVERWRQHV SDUDUHERELQDURDYDQ]DUUÒSLGDಢ PHQWH\VXÚOWHORVSDUDTXHODSLVWD VHUHSURGX]FDDYHORFLGDGQRUPDO

&RQH[LäQ%OXHWRRWK 5HJLVWURGHOGLVSRVLWLYR%OXHWRRWK 5HJLVWURGHOGLVSRVLWLYR%OXHWRRWKTXH VHFRQHFWDUÒDOVLVWHPDGHLQIRHQWUHಢ WHQLPLHQWR (QSULPHUOXJDUFRQILJXUHHOGLVSRVLಢ WLYR%OXHWRRWKTXHVHYDDFRQHFWDU GHVGHHOPHQë&RQILJXUDFLäQ %OXHWRRWKSDUDSHUPLWLUTXHRWURVGLVಢ SRVLWLYRVGHWHFWHQHOGLVSRVLWLYR%OXHಢ WRRWK

3XOVHHOERWäQ&21),*\XVHHOERWäQ 0(18FRQHOPDQGR781(SDUDGHVಢ SOD]DUVHD&RQILJXUDFLäQGHOVLVWHPD ඎ&RQILJXUDFLäQ%OXHWRRWKඎ %OXHWRRWKඎ(PSDUHMDUGLVSRVLWLYR\ OXHJRSXOVHHOERWäQ0(18 ࿢ /RVGLVSRVLWLYRV%OXHWRRWKSXHGHQ UHJLVWUDUVHQRVäORPHGLDQWHHOERಢ WäQ&21),*VLQRWDPELÚQPHಢ GLDQWHHO0HQëGHOWHOÚIRQRඎ &RQILJXUDFLäQ%OXHWRRWKඎ %OXHWRRWKඎ$âDGLUGLVSRVLWLYR

࿢ 6L\DKD\XQGLVSRVLWLYR%OXHWRRWK FRQHFWDGRDOVLVWHPDGHLQIRHQWUHಢ WHQLPLHQWRDSDUHFHUÒHOPHQVDMH %OXHWRRWKRFXSDGR ࿢ (OHVWDGRGHHVSHUDHQODFRQH[LäQ VHPRVWUDUÒFRQXQPHQVDMH\XQ FäGLJRGHVHJXULGDG (OYDORULQLಢ FLDOHV\SXHGHFDPELDUVHHQ &RQILJXUDFLäQGHOVLVWHPDඎ &RQILJXUDFLäQ%OXHWRRWKඎ %OXHWRRWKඎ&DPELDUODRSFLäQGHO FäGLJR%OXHWRRWK (OVLVWHPDGHLQIRHQWUHWHQLPLHQWR SXHGHHQFRQWUDUVHEXVFDQGRHOGLVಢ SRVLWLYR%OXHWRRWKTXHVHYDDFRQHFಢ WDU ,QWURGX]FDHOFäGLJRGHVHJXULGDG SDUDHOVLVWHPDGHLQIRHQWUHWHQLಢ PLHQWRDWUDYÚVGHOGLVSRVLWLYR%OXHಢ WRRWK

6LVWHPDGHLQIRHQWUHWHQLPLHQWR &RQH[LäQHOLPLQDFLäQGHVFRQH[LäQ GHGLVSRVLWLYRV%OXHWRRWK

6LHOUHJLVWURGHOGLVSRVLWLYRTXHGHಢ VHDFRQHFWDUDOVLVWHPDGHLQIRHQWUHಢ WHQLPLHQWRHVFRUUHFWRODSDQWDOOD PRVWUDUÒODLQIRUPDFLäQGHOGLVSRVLಢ WLYR%OXHWRRWK ࿢ (OVLVWHPDGHLQIRHQWUHWHQLPLHQWR SXHGHUHJLVWUDUKDVWDFLQFRGLVSRಢ VLWLYRV%OXHWRRWK ࿢ $OJXQRVGLVSRVLWLYRV%OXHWRRWKVäOR SXHGHQXWLOL]DUVHFXDQGRODRSFLäQ &RQHFWDUVLHPSUHHVWÒDFWLYDGD

$WHQFLäQ 6LKD\XQGLVSRVLWLYR%OXHWRRWKFRಢ QHFWDGRGHEHGHVFRQHFWDUDQWHV HOGLVSRVLWLYR (QSULPHUOXJDUFRQILJXUHHOGLVSRVLಢ WLYR%OXHWRRWKSDUDFRQHFWDUORDO PHQëGHFRQILJXUDFLäQ%OXHWRRWK\ SHUPLWLUTXHRWURVGLVSRVLWLYRVORHQಢ FXHQWUHQ



3XOVHHOERWäQ&21),*\XVHHOERWäQ 0(18FRQHOPDQGR781(SDUDGHVಢ SOD]DUVHD&RQILJXUDFLäQGHOVLVWHPD ඎ&RQILJXUDFLäQ%OXHWRRWKඎ %OXHWRRWKඎ/LVWDGHGLVSRVLWLYRV\ OXHJRSXOVHHOERWäQ0(18 8WLOLFHHOERWäQ0(18FRQHOPDQGR 781(SDUDGHVSOD]DUVHGHOGLVSRVLಢ WLYR%OXHWRRWKUHJLVWUDGRDOGLVSRVLಢ WLYRTXHVHYDDFRQHFWDU\SXOVHD FRQWLQXDFLäQHOERWäQ0(18



6LVWHPDGHLQIRHQWUHWHQLPLHQWR

3XHGHUHJLVWUDUORXVDQGRHOERWäQ 0(18FRQHOPDQGR781(GHVSODಢ ]ÒQGRVHSDUDVHOHFFLRQDUGHVSODಢ ]ÒQGRVHSDUDHOLPLQDU\SXOVDQGRD FRQWLQXDFLäQHOERWäQ0(18

3DUDGHVFRQHFWDUHOGLVSRVLWLYR%OXHಢ WRRWKFRQHFWDGRDFWXDOPHQWHVHOHFಢ FLRQHGLFKRGLVSRVLWLYRHQODSDQWDOOD GHODOLVWDGHGLVSRVLWLYRVGRQGHVH PRVWUDUÒODRSFLäQ'HVFRQHFWDU\ OXHJRSXOVHHOERWäQ0(18 3UHFDXFLRQHVSDUDUHJLVWUDUFRQHFWDU %OXHWRRWK ࿢ 6LQRIXHUDSRVLEOHFRQHFWDUFRQ %OXHWRRWKHOLPLQHWRGDODOLVWDGH GLVSRVLWLYRVGHOGLVSRVLWLYR%OXHಢ WRRWKTXHVHYDDFRQHFWDUHLQWÚQಢ WHORGHQXHYR6LQRVHSXHGHHOLಢ PLQDUODOLVWDGHGLVSRVLWLYRVYXHOYD DFRORFDUODEDWHUÞD\FRQHFWHGH QXHYRHO%OXHWRRWK

࿢ 6LKXELHUDDOJëQSUREOHPDXQDYH] FRQHFWDGRHOGLVSRVLWLYR%OXHWRRWK XVHHOERWäQ0(18FRQHOPDQGR 781(SDUDUHDOL]DUORVDMXVWHVHQ &RQILJXUDFLäQGHOVLVWHPDඎ &RQILJXUDFLäQ%OXHWRRWKඎ 5HVWDXUDUDMXVWHVGHIÒEULFD ,QLFLDOLFHHOGLVSRVLWLYRFRQHOSURಢ EOHPDFDXVDGRSRUXQHUURUHQOD FRQH[LäQGHOGLVSRVLWLYR%OXHWRRWK \HOVLVWHPDGHLQIRHQWUHWHQLPLHQWR ࿢ $YHFHVHOGLVSRVLWLYR%OXHWRRWK VäORSXHGHFRQHFWDUVHPHGLDQWH PDQRVOLEUHVRODVIXQFLRQHVGHUHಢ SURGXFFLäQGHDXGLR%OXHWRRWKD SHVDUGHTXHORVDXULFXODUHVHVWÒQ FRQHFWDGRV6LIXHUDHOFDVRLQಢ WHQWHYROYHUDFRQHFWDUHOVLVWHPD GHLQIRHQWUHWHQLPLHQWRXVDQGRHO GLVSRVLWLYR%OXHWRRWK

6LVWHPDGHLQIRHQWUHWHQLPLHQWR ࿢ /DIXQFLäQGHUHSURGXFFLäQGHDXಢ GLR%OXHWRRWKQRSXHGHXVDUVHHQ DTXHOORVGLVSRVLWLYRV%OXHWRRWKTXH QRVRQFRPSDWLEOHVFRQDXULFXODUHV HVWÚUHR ࿢ 1RHVSRVLEOHHVFXFKDUPëVLFDD WUDYÚVGHODXGLR%OXHWRRWKŸVLVH KDFRQHFWDGRXQL3KRQHŸPHಢ GLDQWHXQFRQHFWRU86%(VWRVH GHEHDODVFDUDFWHUÞVWLFDVHVSHFLDಢ OHVGHOWHOÚIRQRPäYLO

SDUWHLQIHULRUGHODSDQWDOODDSDUHFH HOLFRQRGHXQDQRWDPXVLFDO>Q@ ࿢ 1RFRQHFWHHOWHOÚIRQRPäYLODOWHUಢ PLQDOGHFRQH[LäQ%OXHWRRWK 3XHGHRFXUULUXQHUURUVLÚVWHVH FRQHFWDGXUDQWHHOPRGRGHUHSURಢ GXFFLäQGHDXGLR&'03\%OXHಢ WRRWK 5HSURGXFLUDXGLR%OXHWRRWK

$XGLR%OXHWRRWK &äPRUHSURGXFLUDXGLR%OXHWRRWK ࿢ 8QWHOÚIRQRPäYLORGLVSRVLWLYR %OXHWRRWKFRPSDWLEOHVFRQODVYHUಢ VLRQHV$'3 SHUILOGHGLVWULEXFLäQ GHDXGLRDYDQ]DGR VXSHULRUHVD GHEHUHJLVWUDUVH\FRQHFWDUVH DODSDUDWR ࿢ 'HVGHHOWHOÚIRQRPäYLORGLVSRVLಢ WLYR%OXHWRRWKORFDOLFHHOWLSRGH GLVSRVLWLYR%OXHWRRWKSDUDFRQILJXಢ UDUORFRQHFWDUORFRPRXQRVDXULಢ FXODUHVHVWÚUHR 6LORVDXULFXODUHVHVWÚUHRVHKDQ FRQHFWDGRFRUUHFWDPHQWHHQOD

3XOVHUHSHWLGDPHQWHHOERWäQ &'$8;SDUDVHOHFFLRQDUHOPRGRGH UHSURGXFFLäQGHDXGLRGHO%OXHWRRWK FRQHFWDGR



6LHOGLVSRVLWLYR%OXHWRRWKQRHVWÒFRಢ QHFWDGRHVWDIXQFLäQQRSXHGHVHಢ OHFFLRQDUVH /DDFWLYDFLäQGHOWHOÚIRQRPäYLORGLVಢ SRVLWLYR%OXHWRRWKUHSURGXFLUÒORVDUಢ FKLYRVGHPëVLFD ࿢ (OVRQLGRGHOGLVSRVLWLYR%OXHWRRWK VHUHSURGXFHDWUDYÚVGHOVLVWHPD GHLQIRHQWUHWHQLPLHQWR ࿢ /DPëVLFDGHEHDOPHQRVUHSURGXಢ FLUVHXQDYH]GHVGHHOPRGRGHOUHಢ SURGXFWRUGHPëVLFDGHOWHOÚIRQR PäYLORGLVSRVLWLYR%OXHWRRWKWUDV FRQHFWDUORDXQRVDXULFXODUHVHVWÚಢ UHRSDUDUHSURGXFLUHODXGLR%OXHಢ WRRWK'HVSXÚVGHUHSURGXFLUVHDO PHQRVXQDYH]HOUHSURGXFWRUOR UHSURGXFLUÒDXWRPÒWLFDPHQWHXQD YH]LQWURGXFLGRHOPRGRGHUHSURಢ GXFFLäQ\ODUHSURGXFFLäQVHGHಢ WHQGUÒDXWRPÒWLFDPHQWHFXDQGRHO PRGRGHOUHSURGXFWRUGHPëVLFDILಢ QDOLFH6LHOWHOÚIRQRPäYLORHOGLVಢ SRVLWLYR%OXHWRRWKQRHVWÒQHQHO PRGRGHHVSHUDGHSDQWDOODSXHGH



6LVWHPDGHLQIRHQWUHWHQLPLHQWR

TXHDOJXQRVGLVSRVLWLYRVQRUHSURಢ GX]FDQDXWRPÒWLFDPHQWHHQPRGR GHUHSURGXFFLäQGHDXGLR%OXHಢ WRRWK 3XOVHORVERWRQHVI6((.HSDUD FDPELDUDODSLVWDDQWHULRURVLJXLHQWH R PDQWHQJDSXOVDGRVHVWRVERWRQHV SDUDDYDQ]DURUHWURFHGHUUÒSLGDಢ PHQWH ࿢ (VWDIXQFLäQVäORVHSXHGHDFWLYDU HQGLVSRVLWLYRV%OXHWRRWKFRPSDWLಢ EOHVFRQODYHUVLäQRVXSHULRUGH $95&3 SHUILOGHPDQGRDGLVWDQಢ FLDDXGLR\YÞGHR  'HSHQGLHQGR GHODVRSFLRQHVGHOGLVSRVLWLYR %OXHWRRWKDOJXQRVGLVSRVLWLYRV SXHGHQPRVWUDUHO$95&3TXHVH FRQHFWäHQODFRQH[LäQLQLFLDO  ࿢ /DLQIRUPDFLäQVREUHODUHSURGXFಢ FLäQGHSLVWD\ODSRVLFLäQGHSLVWD QRVHPXHVWUDQHQODSDQWDOODGHO VLVWHPDGHLQIRHQWUHWHQLPLHQWR 3UHFDXFLRQHVDODKRUDGHUHSURGXFLU HODXGLR%OXHWRRWK ࿢ 1RFDPELHGHSLVWDGHPDVLDGRUÒಢ SLGRPLHQWUDVVHUHSURGXFHHODXಢ GLR%OXHWRRWK

6HWDUGDXQWLHPSRHQWUDQVPLWLUORV GDWRVGHVGHHOWHOÚIRQRPäYLODOVLVಢ WHPDGHLQIRHQWUHWHQLPLHQWR ࿢ (OVLVWHPDGHLQIRHQWUHWHQLPLHQWR WUDQVPLWHODRUGHQGHUHSURGXFLU GHVGHHOWHOÚIRQRPäYLOHQHOPRGR GHUHSURGXFFLäQGHDXGLR%OXHಢ WRRWK6LVHKDFHHQXQPRGRGLVಢ WLQWRHQWRQFHVHOGLVSRVLWLYRWUDQVಢ PLWHODRUGHQGHGHWHQHUODUHSURಢ GXFFLäQ 'HSHQGLHQGRGHODVRSFLRQHVGHO WHOÚIRQRPäYLOODRUGHQSDUDLQLFLDU GHWHQHUODUHSURGXFFLäQSXHGHWDUಢ GDUXQWLHPSRHQDFWLYDUVH ࿢ 6LHOWHOÚIRQRPäYLORHOGLVSRVLWLYR %OXHWRRWKQRVHHQFXHQWUDQHQHO PRGRGHHVSHUDGHSDQWDOODODUHಢ SURGXFFLäQSXHGHQRLQLFLDUVHGH IRUPDDXWRPÒWLFDDSHVDUGHOOHಢ YDUVHDFDERHQHOPRGRGHUHSURಢ GXFFLäQGHDXGLR%OXHWRRWK 6LODUHSURGXFFLäQGHDXGLR%OXHಢ WRRWKQRIXQFLRQDFRPSUXHEHVLHO

WHOÚIRQRPäYLOHVWÒHQHOPRGRGH HVSHUDGHSDQWDOOD ࿢ (OVRQLGRSXHGHDYHFHVVXIULUFRUಢ WHVGXUDQWHODUHSURGXFFLäQGHDXಢ GLR%OXHWRRWK(OVLVWHPDGHLQIRHQಢ WUHWHQLPLHQWRUHSURGXFHHODXGLR GHVGHHOWHOÚIRQRPäYLORGLVSRVLಢ WLYR%OXHWRRWKWDOFRPRVHWUDQVಢ PLWH 0HQVDMHVGHHUURU\PHGLGDV %OXHWRRWK ࿢ %OXHWRRWKGHVDFWLYDGR &RPSUXHEHVLODDFWLYDFLäQGH %OXHWRRWKHVWÒFRQHFWDGDHQ21 /DIXQFLäQ%OXHWRRWKSXHGHXVDUVH DOFRQHFWDUODDFWLYDFLäQ%OXHWRRWK ࿢ %OXHWRRWKLVEXV\ %OXHWRRWK RFXSDGR &RPSUXHEHVLKD\GLVSRVLWLYRV %OXHWRRWKFRQHFWDGRV'HVFRQHFWH HOUHVWRGHGLVSRVLWLYRVFRQHFWDGRV DQWHVGHFRQHFWDURWURGLVSRVLWLYR \YXHOYDDFRQHFWDUORV ࿢ /LVWDGHGLVSRVLWLYRVOOHQD &RPSUXHEHVLKD\PHQRVGHGLVಢ SRVLWLYRVUHJLVWUDGRV1RVHSXHಢ GHQUHJLVWUDUPÒVGHGLVSRVLWLYRV

6LVWHPDGHLQIRHQWUHWHQLPLHQWR ࿢ 1RKD\DJHQGDGLVSRQLEOH (VWHPHQVDMHVHPXHVWUDVLHOWHOÚಢ IRQRPäYLOQRGLVSRQHGHWUDQVPLಢ VLäQGHFRQWDFWRV6LHOPHQVDMH DSDUHFHWUDVYDULRVLQWHQWRVVLJQLಢ ILFDTXHHOGLVSRVLWLYRQRGLVSRQH GHWUDQVPLVLäQGHFRQWDFWRV 1RWD (OPHQVDMHVHPXHVWUDFXDQGROD WUDQVPLVLäQGHFRQWDFWRVSXHGHUHDಢ OL]DUVHPLHQWUDVVHWUDQVPLWHDVX YH]LQIRUPDFLäQFRQXQGLVSRVLWLYR GHGHWHFFLäQGHHUURUHV6LIXHUDDVÞ DFWXDOLFHGHQXHYRHOGLVSRVLWLYR ࿢ $JHQGDYDFÞD (VWHPHQVDMHVHPXHVWUDVLQRKD\ QëPHURVGHWHOÚIRQRJXDUGDGRVHQ HOWHOÚIRQRPäYLO7DPELÚQVH PXHVWUDVLHOWHOÚIRQRGLVSRQHGH WUDQVPLVLäQGHUHJLVWURSHURVLQVHU FRPSDWLEOHFRQHOVLVWHPDGHLQಢ IRHQWUHWHQLPLHQWR

7HOÚIRQRPDQRVOLEUHV &RQWHVWDUOODPDGDV

&XDQGRUHFLEHXQDOODPDGDGHWHOÚಢ IRQRDWUDYÚVGHOWHOÚIRQRPäYLO%OXHಢ WRRWKFRQHFWDGRODSLVWDTXHVHHVWÒ UHSURGXFLHQGRVHGHWLHQH\HOWHOÚಢ IRQRVXHQDPRVWUDQGRODLQIRUPDFLäQ UHOHYDQWH



$WHQFLäQ (VSRVLEOHWUDQVIHULUVXVPHORGÞDV GHSHQGLHQGRGHORVWHOÚIRQRVPäಢ YLOHV$MXVWHHOYROXPHQGHODPHಢ ORGÞDVGHOWHOÚIRQRPäYLOVLIXHUD GHPDVLDGREDMR

3DUDKDEODUSRUWHOÚIRQRSXOVHHOERಢ WäQOODPDUGHOPDQGRGHDXGLRGHO YRODQWHRJLUHHOPDQGR781(KDVWD ODIXQFLäQUHVSRQGHU\OXHJRSXOVH HOERWäQ0(18



6LVWHPDGHLQIRHQWUHWHQLPLHQWR

࿢ 3DUDUHFKD]DUODOODPDGDSXOVHHO ERWäQ&ROJDUGHOPDQGRGHDXGLR GHOYRODQWHRXVHHOERWäQ0(18 FRQHOFRQWURO781(\VHOHFFLRQH 5HFKD]DU

࿢ 0LHQWUDVKDEODSRUWHOÚIRQRSXHGH EORTXHDUHOVRQLGRWUDQVPLWLGRVHಢ OHFFLRQDQGRODRSFLäQGHPLFUäIRQR VLOHQFLDGRXVDQGRHOERWäQ0(18 FRQHOPDQGR781( ࿢ 0LHQWUDVKDEODSRUWHOÚIRQRPDQಢ WHQJDSXOVDGRHOERWäQOODPDUGHO PDQGRGHDXGLRGHOYRODQWHSDUD FDPELDUDOPRGRGHOODPDGDSULಢ YDGD SXHGHTXHDOJXQRVWHOÚIRQRV QRGLVSRQJDQGHPRGRGHOODPDGD SULYDGDGHSHQGLHQGRGHODVRSFLRಢ QHVGHOWHOÚIRQR 

࿢ &XDQGRVHUHFLEHXQDOODPDGDFRQ HOVLVWHPDGHLQIRHQWUHWHQLPLHQWR\ HVWÒFRQHFWDGRHOGLVSRVLWLYR%OXHಢ WRRWKKD\WHOÚIRQRVPäYLOHVTXHQR FDPELDQDXWRPÒWLFDPHQWHDOPRGR GHOODPDGDSULYDGD(VWRGHSHQGH GHODVHVSHFLILFDFLRQHVRULJLQDOHV GHFDGDWHOÚIRQRPäYLO ࿢ &XDQGRHVSRVLEOHXVDUVHUYLFLRV UHODFLRQDGRVFRQFRQYHUVDFLRQHV FRQWHUFHUDVSHUVRQDVDWUDYÚVGH XQDDSOLFDFLäQGHOSURYHHGRUGH

6LVWHPDGHLQIRHQWUHWHQLPLHQWR VHUYLFLRVGHFRPXQLFDFLäQVHSXHಢ GHQUHDOL]DUOODPDGDVGXUDQWHXQD OODPDGDDWUDYÚVGHOVLVWHPDGHLQಢ IRHQWUHWHQLPLHQWR ࿢ &XDQGRFRQYHUVDQWUHVSHUVRQDVR PÒVORVFRQWHQLGRVTXHVHPXHVಢ WUDQSXHGHQQRFRUUHVSRQGHUVH FRQODLQIRUPDFLäQSUÒFWLFD



SHUGLGDVHQOXJDUGHDWUDYÚVGHO PRGRUHOODPDGD(VWRGHSHQGHGH ODVRSFLRQHVGHOWHOÚIRQRPäYLO

/ODPDUXVDQGRODUHOODPDGD

3XOVHHOERWäQOODPDUGHOPDQGRGH DXGLRGHOYRODQWHSDUDPRVWUDUODSDQಢ WDOODGHJXÞDGHUHOODPDGDRPDQಢ WHQJDSXOVDGRHOERWäQSDUDPRVWUDU ODSDQWDOODGHUHJLVWURGHOODPDGDV

*LUHHOPDQGR781(SDUDVHOHFFLRಢ QDU6ÞRFRQWDFWRV\OXHJRSXOVHHO ERWäQ0(18RHOERWäQOODPDUSDUD UHDOL]DUXQDOODPDGD ࿢ 6LHOWHOÚIRQRPäYLOQRHVWÒHQ PRGRGHHVSHUDSXHGHTXHVXWHಢ OÚIRQRQRLQFOX\DODIXQFLäQUHOODಢ PDGD(VWRGHSHQGHGHODVRSFLRಢ QHVGHOWHOÚIRQRPäYLO ࿢ &XDQGRVHUHDOL]DXQDUHOODPDGD QRVHPXHVWUDHOQëPHURGHWHOÚಢ IRQRFRQHOTXHVHFRQHFWD ࿢ 'HSHQGLHQGRGHOWHOÚIRQRPäYLO KD\FDVRVHQORVTXHODOODPDGDVH UHDOL]DDWUDYÚVGHOUHJLVWURGHOODಢ PDGDVGHODVOODPDGDVUHFLELGDVR

3XOVHHOERWäQ0(18PLHQWUDVHOWHಢ OÚIRQRHVWÒFRQHFWDGRSDUDPRVWUDU ODVIXQFLRQHVGHFRQH[LäQWDOFRPR VHPXHVWUDDUULED 8WLOLFHHOERWäQ0(18FRQHOPDQGR 781(SDUDDFFHGHUDODVIXQFLRQHV GHOPHQëTXHDSDUHFH 0LHQWUDVKDEODSRUWHOÚIRQRPDQಢ WHQJDSXOVDGRHOERWäQOODPDUGHO PDQGRGHDXGLRGHOYRODQWHSDUD FDPELDUDOPRGRSULYDGR



6LVWHPDGHLQIRHQWUHWHQLPLHQWR  0RYHU>>@GHVSOD]DUODSRVLFLäQ GHLQWURGXFFLäQ  %RUUDU>แ@ERUUDUFDUÒFWHUGHLQಢ WURGXFFLäQ  $JHQGD>G@EXVFDUFRQWDFWRV SXHGHXWLOL]DUVHGHVSXÚVGHDFಢ WXDOL]DUORVQëPHURVGHWHOÚIRQR  0DUFDU>\@HPSH]DUDPDUFDU

/ODPDGDLQWURGXFLHQGRORV QëPHURV

3DUDUHDOL]DUXQDOODPDGDLQWURGXಢ FLHQGRHOQëPHURGHWHOÚIRQRSXOVH HOERWäQ0(18\JLUHHOPDQGR 781(SDUDVHOHFFLRQDU,QWURGXFLU QëPHUR\OXHJRSXOVHHOERWäQ 0(18

*LUHHOPDQGR781(SDUDVHOHFFLRಢ QDUODVOHWUDVGHVHDGDV\SXOVHD FRQWLQXDFLäQHOERWäQ0(18SDUDLQಢ WURGXFLUHOQëPHUR ࿢ 5HSLWDHVWHSDVRSDUDLQWURGXFLUWRಢ GRVORVQëPHURVGHWHOÚIRQR ࿢ 3XOVHHOERWäQ3%$&.SDUDERUUDU ODVOHWUDVXQDDXQDRPDQWHQJD SXOVDGRHOERWäQSDUDERUUDUWRGRHO FRQWHQLGRTXHKDLQWURGXFLGR ࿢ &RQVXOWDUORVFRQWHQLGRVVLJXLHQಢ WHVSDUDHGLWDUORVFRQWHQLGRVLQWURಢ GXFLGRV

8QDYH]LQWURGXFLGRHOQëPHURGHWHಢ OÚIRQRFRPSOHWRJLUHHOPDQGR 781(SDUDVHOHFFLRQDUHOLQLFLRGHOD PDUFDFLäQ>\@\SXOVHOXHJRHOERWäQ PDQGRSDUDUHDOL]DUODOODPDGD

6LVWHPDGHLQIRHQWUHWHQLPLHQWR 3DUDILQDOL]DUXQDOODPDGDJLUHHO PDQGR781(SDUDVHOHFFLRQDU &ROJDU\OXHJRSXOVHHOERWäQ0(18

8VRGHOPHQëGHOWHOÚIRQR 0HQëGHOWHOÚIRQRඎ$JHQGDඎ %XVFDU



*LUHHOPDQGR781(SDUDVHOHFFLRಢ QDU%XVFDU\OXHJRSXOVHHOERWäQ 0(18 *LUHHOPDQGR781(SDUDVHOHFFLRಢ QDU1RPEUHR$SHOOLGRV\OXHJRSXOVH HOERWäQ0(18

*LUHHOPDQGR781(HQODSDQWDOODGH UHVXOWDGRVGHODEëVTXHGDSDUDVHಢ OHFFLRQDUHOFRQWDFWRTXHGHVHH\ SXOVHDFRQWLQXDFLäQHOERWäQ0(18 SDUDYHUORVGHWDOOHVGHOFRQWDFWR

3XOVHHOERWäQ0(18JLUHHOPDQGR 781(SDUDVHOHFFLRQDU$JHQGD\ OXHJRSXOVHHOERWäQ0(18 (QODSDQWDOODDSDUHFHXQDQRWLILFDಢ FLäQLQGLFDQGRTXHQRKD\FRQWDFWRV \VHYXHOYHDOPHQëDQWHULRU

*LUHHOPDQGR781(SDUDVHOHFFLRಢ QDUWÚUPLQRVLQWHUYDORGHEëVTXHGD\ OXHJRSXOVHHOERWäQ0(18



6LVWHPDGHLQIRHQWUHWHQLPLHQWR 0HQëGHOWHOÚIRQRඎ$JHQGDඎ $FWXDOL]DU

3DUDOODPDUDOQëPHURUHOHYDQWH SXOVHHOERWäQ0(18 3DUDPÒVLQIRUPDFLäQFRQVXOWDUOD RSFLäQGHUHDOL]DFLäQGHOODPDGDV

$FWXDOL]DORVFRQWDFWRVGHOWHOÚIRQR PäYLOFRQHFWDGRFRQORVFRQWDFWRV GHOVLVWHPD 8VDQGRHOERWäQ0(18FRQPDQGR 781(VHOHFFLRQH0HQëGHO WHOÚIRQRඎ$JHQGDඎ$FWXDOL]DU\ OXHJRSXOVHHOERWäQ0(18

*LUHHOPDQGR781(SDUDVHOHFFLRಢ QDU6ÞR1R\OXHJRSXOVHHOERWäQ 0(18SDUDDFWLYDURFDQFHODUODDFಢ WXDOL]DFLäQ $YLVRSDUDODDFWXDOL]DFLäQGHFRQಢ WDFWRV ࿢ (VWDIXQFLäQSXHGHXVDUVHFRQWHಢ OÚIRQRVPäYLOHVTXHGLVSRQHQGH DFWXDOL]DFLäQGHFRQWDFWRV\ODIXQಢ FLäQGHWUDQVPLVLäQGHOUHJLVWURGH OODPDGDV 6LVHFRQHFWDHOVLVWHPD DXQWHOÚIRQRPäYLOTXHQRGLVSRQH GHHVWDVIXQFLRQHVHOUHJLVWURGH OODPDGDVSXHGHPRVWUDUVHDWUDYÚV GHOVLVWHPDGHLQIRHQWUHWHQLಢ PLHQWR 

6LVWHPDGHLQIRHQWUHWHQLPLHQWR ࿢ /DDFWXDOL]DFLäQQRVHUÒSRVLEOHVL KD\PÒVGHQëPHURVGHFRQಢ WDFWR ࿢ 7HQJDHQFXHQWDTXHODUHSURGXFಢ FLäQGHDXGLRPDQRVOLEUHV\%OXHಢ WRRWKVHGHWHQGUÒPLHQWUDVVHUHDಢ OL]DODDFWXDOL]DFLäQGHFRQWDFWRV DXQTXHSRGUÒQXWLOL]DUVHRWUDVIXQಢ FLRQHV  ࿢ 3DUDDFWXDOL]DUVXVFRQWDFWRVVH SXHGHVROLFLWDUHOFHUWLILFDGRGH WUDQVPLVLäQGHFRQWDFWRV6LODSDQಢ WDOODGHHVSHUDQRFDPELDGXUDQWH XQSHULRGRSURORQJDGRSXHGH FRPSUREDUVLHOWHOÚIRQRPäYLOKD VROLFLWDGRHOFHUWLILFDGR&XDQGRVH VROLFLWDHOFHUWLILFDGRGHOWHOÚIRQR PäYLOWRGDVODVFRQH[LRQHV%OXHಢ WRRWKVHGHVDFWLYDQVLQRVHDFHSWD ODVROLFLWXG\HOGLVSRVLWLYRVHYROಢ YHUÒDFRQHFWDU ࿢ &XDQGRVHUHFLEHHOUHJLVWURGHOODಢ PDGDVHVSRVLEOHVROLFLWDUHOFHUWLಢ ILFDGRGHWUDQVPLVLäQSDUDHOUHJLVಢ WURGHOODPDGDVGHOWHOÚIRQRPäYLO 6LODSDQWDOODGHHVSHUDQRFDPELD GXUDQWHXQSHULRGRSURORQJDGR

FRPSUXHEHVLHOWHOÚIRQRPäYLOKD VROLFLWDGRHOFHUWLILFDGR &XDQGRVHVROLFLWDHOFHUWLILFDGRGHO WHOÚIRQRPäYLOWRGDVODVFRQH[LRಢ QHV%OXHWRRWKVHGHVDFWLYDQVLQR VHDFHSWDODVROLFLWXG\HOGLVSRVLಢ WLYRVHYXHOYHDFRQHFWDU ࿢ 6LKD\XQSUREOHPDFRQODLQIRUPDಢ FLäQDOPDFHQDGDHQHOWHOÚIRQRPäಢ YLOSXHGHTXHORVFRQWDFWRVQRVH DFWXDOLFHQ ࿢ (OVLVWHPDGHLQIRHQWUHWHQLPLHQWR VäORXWLOL]DLQIRUPDFLäQFRGLILFDGD HQHOIRUPDWR87) ࿢ 6LKD\RWUDVIXQFLRQHVDFWLYDV MXHಢ JRVEëVTXHGDHQPDSDQDYHJDಢ FLäQHWF GXUDQWHODDFWXDOL]DFLäQ GHFRQWDFWRVRHOSURJUHVRGH WUDQVPLVLäQGHOUHJLVWURGHOODPDಢ GDVSXHGHTXHHOSURFHVRGHDFಢ WXDOL]DFLäQWUDQVPLVLäQQRIXQಢ FLRQH (VWRVHGHEHDTXHRWUDVIXQFLRQHV DFWLYDVHQHOWHOÚIRQRPäYLODIHFWDQ ODWUDQVPLVLäQGHGDWRV



࿢ &XDQGRVHFRPSOHWDODDFWXDOL]Dಢ FLäQGHFRQWDFWRVRODWUDQVPLVLäQ GHOUHJLVWURGHOODPDGDVWRGRVORV PRGRVGHUHSURGXFFLäQGHDXGLR PDQRVOLEUHV\%OXHWRRWKVHGHVFRಢ QHFWDQ\YXHOYHQDFRQHFWDUVHDXಢ WRPÒWLFDPHQWH ࿢ 6LHOVLVWHPDGHLQIRHQWUHWHQLಢ PLHQWRVHGHVDFWLYDPLHQWUDVVH KDEODSRUWHOÚIRQRODOODPDGDVH WUDQVPLWHDOWHOÚIRQRPäYLO3XHGH TXHDOJXQRVWHOÚIRQRVGHEDQFRQಢ ILJXUDUSUHYLDPHQWHXQDIXQFLäQGH WUDQVPLVLäQGHSHQGLHQGRGHOWLSR GHWHOÚIRQR ࿢ 6LHOXVXDULRSRQHILQDODFRQH[LäQ GLUHFWDPHQWH XVDQGRHOVLVWHPD GHLQIRHQWUHWHQLPLHQWRRWHOÚIRQR PäYLO ODIXQFLäQGHFRQH[LäQDXಢ WRPÒWLFDQRVHDFWLYDUÒ &RQH[LäQDXWRPÒWLFDHVWDIXQFLäQ HQFXHQWUD\FRQHFWDDXWRPÒWLFDಢ PHQWHHOGLVSRVLWLYRTXHVHFRQHFWä HQëOWLPROXJDU ࿢ 3XHGHTXHORVFRQWDFWRVQRPXHVಢ WUHQVLHPSUHWRGDVODVOLVWDVGHOWHಢ OÚIRQRFXDQGRVHVHOHFFLRQDQ(O



࿢

࿢

࿢

࿢

࿢

6LVWHPDGHLQIRHQWUHWHQLPLHQWR

VLVWHPDGHLQIRHQWUHWHQLPLHQWR PXHVWUDVäORORTXHVHKDWUDQVPLಢ WLGRGHVGHHOWHOÚIRQRPäYLO /DDFWXDOL]DFLäQGHFRQWDFWRVVäOR SXHGHUHFLELUFXDWURQëPHURVSRU FDGDGLUHFWRULRGHFRQWDFWRV 0äYLO7UDEDMR3DUWLFXODU\2WURV  6LVHFDPELDODFRQILJXUDFLäQGHO LGLRPDGXUDQWHODDFWXDOL]DFLäQGH FRQWDFWRVVHHOLPLQDUÒQWRGDVODV DFWXDOL]DFLRQHVDQWHULRUHV 6LHOWHOÚIRQRPäYLOQRVHFRQILJXUD FRQXQDSDQWDOODGHHVSHUDSXHGH TXHQRVHSXHGDQUHDOL]DUOODPDGDV DHVWHVLVWHPDGHLQIRHQWUHWHQLಢ PLHQWR 6LVHDFWXDOL]DHOVLVWHPDRSHUDWLYR GHOWHOÚIRQRPäYLOSXHGHTXH DIHFWHDODIXQFLäQ%OXHWRRWKGHOWHಢ OÚIRQR /RVFDUDFWHUHVHVSHFLDOHV\ORV LGLRPDVQRFRPSDWLEOHVVHPRVWUDಢ UÒQFRPRBBBB

࿢ /DVOODPDGDVUHJLVWUDGDVHQORV FRQWDFWRVVLQQRPEUHVHLQGLFDUÒQ FRPR6LQQëPHURHQFRQWDFWRV ࿢ (OVLVWHPDGHLQIRHQWUHWHQLPLHQWR PXHVWUDORVFRQWDFWRVHOUHJLVWUR GHOODPDGDV\ODLQIRUPDFLäQVREUH UHOODPDGDVWDOFRPRVHWUDQVPLWHQ GHVGHHOWHOÚIRQRPäYLO

8WLOLFHHOERWäQ0(18FRQPDQGR 781(SDUDVHOHFFLRQDU0HQëGHO WHOÚIRQRඎ$JHQGDඎ%RUUDUWRGRV\ OXHJRSXOVHHOERWäQ0(18 *LUHHOPDQGR781(SDUDVHOHFFLRಢ QDU6ÞR1R\OXHJRSXOVHHOERWäQ 0(18SDUDERUUDUWRGRVORVFRQWDFಢ WRVRFDQFHODU

0HQëGHOWHOÚIRQRඎ$JHQGDඎ%RUUDU WRGRV

0HQëGHOWHOÚIRQRඎ/LVWDVGH OODPDGDV

6HERUUDUÒQWRGRVORVQëPHURVGHWHಢ OÚIRQRTXHVHKDQDOPDFHQDGRHQORV FRQWDFWRVGHOVLVWHPD

&RPSUXHEHXVHRERUUHORVFRQWDFಢ WRV

6LVWHPDGHLQIRHQWUHWHQLPLHQWR 8WLOLFHHOERWäQ0(18FRQPDQGR 781(SDUDVHOHFFLRQDU0HQëGHO WHOÚIRQRඎ/LVWDVGHOODPDGDV\OXHJR SXOVHHOERWäQ0(18 &RQHOERWäQ0(18FRQPDQGR 781(VHOHFFLRQHHOUHJLVWURGHOODಢ PDGDVGHWDOODGR\SXOVHDFRQWLQXDಢ FLäQHOERWäQ0(18

*LUHHOPDQGR781(SDUDFRPSUREDU HOUHJLVWURGHOODPDGDV\UHDOL]DUXQD OODPDGD 3XOVHHOERWäQ0(18SDUDOODPDUDO QëPHURVHOHFFLRQDGRGHOUHJLVWURGH OODPDGDV

࿢ 6LWUDVKDEHUVHOHFFLRQDGRHOUHJLVಢ WURGHOODPDGDVVHVLJXHPRVWUDQGR ODSDQWDOOD(VSHUHSRUIDYRUGXಢ UDQWHXQSHULRGRSURORQJDGRFRPಢ SUXHEHVLHOWHOÚIRQRPäYLOHVWÒVRಢ OLFLWDQGRODYHULILFDFLäQGHODWUDQVಢ IHUHQFLDGHORVQëPHURVGHODVOODಢ PDGDV7UDVFRPSOHWDUORVSURFHಢ GLPLHQWRVGHYHULILFDFLäQGHOWHOÚಢ IRQRPäYLOORVFRQWDFWRV\HOUHJLVಢ WURGHOODPDGDVVHWUDQVPLWHQDO VLVWHPDGHLQIRHQWUHWHQLPLHQWR ࿢ (OUHJLVWURGHOODPDGDVGHOWHOÚIRQR PäYLO\HOUHJLVWURTXHVHPXHVWUD HQHOVLVWHPDGHLQIRHQWUHWHQLಢ PLHQWRSXHGHQQRFRLQFLGLU(OVLVಢ WHPDGHLQIRHQWUHWHQLPLHQWRPXHVಢ WUDODLQIRUPDFLäQWDO\FRPRVH WUDQVPLWHGHVGHHOWHOÚIRQRPäYLO



0HQëGHOWHOÚIRQRඎ&RQILJXUDFLäQ %OXHWRRWK

)XQFLäQGHFRQILJXUDFLäQ%OXHWRRWK 8VDQGRHOERWäQ0(18FRQPDQGR 781(VHOHFFLRQH0HQëGHO WHOÚIRQRඎ&RQILJXUDFLäQ%OXHWRRWK\ OXHJRSXOVHHOERWäQ0(18 3DUDDFWLYDUODIXQFLäQ%OXHWRRWKUHಢ JLVWUDUFRQHFWDUHOLPLQDUHOGLVSRVLಢ WLYR%OXHWRRWKRFDPELDUHOFäGLJR %OXHWRRWKVHOHFFLRQH%OXHWRRWKPHಢ GLDQWHHOERWäQ0(18FRQHOFRQWURO 781(\FRQHOERWäQ0(18FRQHO FRQWURO781(FRQILJXUHODRSFLäQGHಢ VHDGD



6LVWHPDGHLQIRHQWUHWHQLPLHQWR PLHQWR3DUDHVWRVWHOÚIRQRVPäYLಢ OHVQRHVSRVLEOHXVDUODPHORGÞD VHOHFFLRQDGD ࿢ 3DUDORVWHOÚIRQRVPäYLOHVTXH WUDQVILHUHQVXVPHORGÞDVHOYROXಢ PHQGHODPHORGÞDVHEDVDHQHO YROXPHQWUDQVPLWLGRGHVGHHOWHOÚಢ IRQRPäYLO$MXVWHHOYROXPHQGHOD PHORGÞDGHOWHOÚIRQRPäYLOVLHOYRಢ OXPHQHVGHPDVLDGREDMR

3DUDFRQILJXUDUHOWRQRGHOODPDGD\ HOYROXPHQXVDGRSRUODIXQFLäQ%OXHಢ WRRWKXWLOLFHHOERWäQ0(18FRQHO FRQWURO781(SDUDVHOHFFLRQDU 6RQLGR\6HâDO\OXHJRFRQILJXUHODV RSFLRQHVGHVHDGDVFRQHOERWäQ 0(18FRQHOPDQGR781( ࿢ 'HSHQGLHQGRGHOWLSRGHWHOÚIRQR HVSRVLEOHTXHORVWRQRVGHOODPDGD TXH\DWLHQHHQVXPäYLOVHWUDQVಢ ILHUDQDOVLVWHPDGHLQIRHQWUHWHQLಢ

3DUDUHLQLFLDOL]DUOD&RQILJXUDFLäQ %OXHWRRWKDVXVYDORUHVSUHGHWHUPLಢ QDGRVXWLOLFHHOERWäQ0(18FRQHO PDQGR781(SDUDVHOHFFLRQDUODRSಢ

FLäQGHUHVWDXUDFLäQGHFRQILJXUDFLäQ LQLFLDO\OXHJRVHOHFFLRQH6ÞFRQHO ERWäQ0(18

&OLPDWL]DFLäQ

&OLPDWL]DFLäQ 6LVWHPDVGHFOLPDWL]DFLäQ   6DOLGDVGHDLUH   0DQWHQLPLHQWR  

6LVWHPDVGH FOLPDWL]DFLäQ 6LVWHPDGHFDOHIDFFLäQ\ YHQWLODFLäQ



7HPSHUDWXUD $MXVWHODWHPSHUDWXUDJLUDQGRHO PDQGR 5RMR FDOLHQWH $]XO IUÞR /DFDOHIDFFLäQQRVHUÒWRWDOPHQWH HIHFWLYDKDVWDTXHHOPRWRUKD\DDOಢ FDQ]DGRODWHPSHUDWXUDQRUPDOGH IXQFLRQDPLHQWR

9HORFLGDGGHOYHQWLODGRU $MXVWHHOFDXGDOGHDLUHFRQHFWDQGR ODYHORFLGDGGHVHDGDGHOYHQWLODGRU

'LVWULEXFLäQGHDLUH

0DQGRVSDUDOD ࿢ 7HPSHUDWXUD ࿢ 9HORFLGDGGHOYHQWLODGRU ࿢ 'LVWULEXFLäQGHDLUH ࿢ &DOHIDFFLäQ ࿢ 'HVHPSDâDGRGHOSDUDEULVDV ࿢ 5HFLUFXODFLäQGHDLUH ࿢ /XQHWDWÚUPLFDWUDVHUD 

6HOHFFLRQHODVDOLGDGHDLUHJLUDQGRHO PDQGRGHOFHQWUR ,(OIOXMRGHDLUHVHGLULJHKDFLDOD SDUWHVXSHULRUGHOFXHUSR3XHGH DMXVWDUWRGDVODVVDOLGDV +(OIOXMRGHDLUHVHGLULJHKDFLDOD SDUWHVXSHULRUGHOFXHUSR\HOVXHOR */DPD\RUSDUWHGHOIOXMRGHDLUHVH GLULJHDOVXHOR\XQDSHTXHâDSDUWH VHGLULJHKDFLDHOSDUDEULVDV\ODVVDಢ OLGDVODWHUDOHV



&OLPDWL]DFLäQ

)/DPD\RUSDUWHGHOIOXMRGHDLUHVH GLULJHDOVXHOR\HOSDUDEULVDV\XQD SHTXHâDSDUWHVHGLULJHDODVVDOLGDV ODWHUDOHV 5/DPD\RUSDUWHGHOIOXMRGHDLUHVH GLULJHDOSDUDEULVDV\XQDSHTXHâD SURSRUFLäQGHDLUHVHGLULJHDODVVDಢ OLGDVODWHUDOHV

'HVFRQJHODFLäQGHOSDUDEULVDV

&DOHIDFFLäQ &DOHIDFFLäQQRUPDO  *LUHHOPDQGRGHWHPSHUDWXUDDOD ]RQDURMDSDUDFDOHQWDU  *LUHHOPDQGRGHGLVWULEXFLäQGH DLUH  *LUHHOPDQGRGHOYHQWLODGRUKDVWD ODYHORFLGDGGHVHDGD

&DOHIDFFLäQPÒ[LPD 8VHHOPRGRGHFDOHIDFFLäQPÒ[LPD SDUDXQDFDOHIDFFLäQUÒSLGD 1RODXWLOLFHGXUDQWHPXFKRWLHPSR 3XHGHRFXUULUXQDFFLGHQWHSRUTXHVH FDUJDUÒHODLUHLQWHULRU\ORVFULVWDOHV VHSXHGHQHPSDâDUFDXVDQGRXQD SÚUGLGDGHYLVLELOLGDGGHOFRQGXFWRU

3DUDGHVHPSDâDUODVYHQWDQDVJLUH HOFRQWUROGHGLVWULEXFLäQGHDLUHD '(6&21*(/$55 3DUDREWHQHUODFDOHIDFFLäQPÒ[LPD  3XOVHHOERWäQGHUHFLUFXODFLäQ SDUDHOPRGRGHUHFLUFXODFLäQ  *LUHHOPDQGRGHWHPSHUDWXUD KDVWDHOWRSHGHOD]RQDURMDSDUD FDOHQWDU  *LUHHOPDQGRGHOYHQWLODGRUKDVWD ODYHORFLGDGPÒ[LPD

 *LUHHOFRQWUROGHGLVWULEXFLäQGH DLUHDODSRVLFLäQ'(6&21*(ಢ /$55  *LUHHOPDQGRGHWHPSHUDWXUDDOD ]RQDURMDSDUDTXHVDOJDDLUHFDಢ OLHQWH  $MXVWHHOPDQGRGHUHJXODFLäQGHO YHQWLODGRUDODYHORFLGDGPÒ[LPD SDUDGHVHPSDâDUUÒSLGDPHQWH  $EUDODVVDOLGDVGHDLUHVHJëQVHD QHFHVDULR\RULÚQWHODVKDFLDODV YHQWDQLOODV

&OLPDWL]DFLäQ $WHQFLäQ /DGLIHUHQFLDHQWUHHODLUHH[WHULRU \ODWHPSHUDWXUDGHOSDUDEULVDV SXHGHKDFHUTXHHOFULVWDOVHHPಢ SDâHORTXHGLVPLQX\HHOFDPSR GHYLVLäQIURQWDO 1RXWLOLFHODSRVLFLäQ68(/2 '(6&21*(/$5)R'(6&21ಢ *(/$55HQDPELHQWHVH[WUHಢ PDGDPHQWHKëPHGRVFXDQGRHO PDQGRGHUHJXODFLäQGHWHPSHUDಢ WXUDHVWÚVLWXDGRHQOD]RQDD]XO (VWRSXHGHSURYRFDUXQDFFLGHQWH TXHSXHGHGDâDUHOYHKÞFXOR\ RFDVLRQDUOHVLRQHVSHUVRQDOHV

6LVWHPDGHUHFLUFXODFLäQGH DLUH



(QHOPRGRGHUHFLUFXODFLäQVHUHಢ GXFHHOLQWHUFDPELRGHDLUHIUHVFR (QFDVRGHIXQFLRQDPLHQWRVLQUHಢ IULJHUDFLäQDXPHQWDODKXPHGDG GHODLUH\VHSXHGHQHPSDâDUORV FULVWDOHV/DFDOLGDGGHODLUHGHO KDELWÒFXORGLVPLQX\HHVWRSXHGH KDFHUTXHORVRFXSDQWHVVHVLHQಢ WDQPDUHDGRV

/XQHWDWÚUPLFDWUDVHUD /DOXQHWDWÚUPLFDWUDVHUDVHDFFLRQD FRQHOERWäQ^ /XQHWDWÚUPLFDWUDVHUD  (OPRGRGHUHFLUFXODFLäQGHDLUHVH DFFLRQDFRQHOERWäQ

$LUHDFRQGLFLRQDGR

 $GYHUWHQFLD

 $GYHUWHQFLD

&RQGXFLUFRQHOPRGRGHUHFLUFXಢ ODFLäQFRQHFWDGRGXUDQWHXQSHಢ UÞRGRSURORQJDGRSXHGHSURYRFDU VXHâR&DPELHSHULäGLFDPHQWHDO PRGRGHDLUHH[WHULRUSDUDSHUPLWLU ODHQWUDGDGHDLUHIUHVFR

1RGXHUPDHQXQYHKÞFXORFRQHO VLVWHPDGHDLUHDFRQGLFLRQDGRR GHFDOHIDFFLäQHQFHQGLGR3XHGH VXIULUOHVLRQHVJUDYHVRIDWDOHVGHಢ ELGRDXQDFDÞGDGHOFRQWHQLGRGH R[ÞJHQRGHODLUHRGHODWHPSHUDಢ WXUDFRUSRUDO



&OLPDWL]DFLäQ 9HORFLGDGGHOYHQWLODGRU

'HVHPSDâDGRGHOSDUDEULVDV

$MXVWHHOFDXGDOGHDLUHFRQHFWDQGR ODYHORFLGDGGHVHDGDGHOYHQWLODGRU

'LVWULEXFLäQGHDLUH

0DQGRVSDUDOD ࿢ 7HPSHUDWXUD ࿢ 9HORFLGDGGHOYHQWLODGRU ࿢ 'LVWULEXFLäQGHDLUH ࿢ 'HVHPSDâDGR\GHVFRQJHODFLäQ ࿢ 5HFLUFXODFLäQGHDLUH ࿢ 5HIULJHUDFLäQL

7HPSHUDWXUD $MXVWHODWHPSHUDWXUDJLUDQGRHO PDQGR 5RMR FDOLHQWH $]XO IUÞR

6HOHFFLRQHODVDOLGDGHDLUHJLUDQGRHO PDQGRGHOFHQWUR ,(OIOXMRGHDLUHVHGLULJHKDFLDOD SDUWHVXSHULRUGHOFXHUSR3XHGH DMXVWDUWRGDVODVVDOLGDV +(OIOXMRGHDLUHVHGLULJHKDFLDOD SDUWHVXSHULRUGHOFXHUSR\HOVXHOR */DPD\RUSDUWHGHOIOXMRGHDLUHVH GLULJHDOVXHOR\XQDSHTXHâDSDUWH VHGLULJHKDFLDHOSDUDEULVDV\ODVVDಢ OLGDVODWHUDOHV )/DPD\RUSDUWHGHOIOXMRGHDLUHVH GLULJHDOVXHOR\HOSDUDEULVDV\XQD SHTXHâDSDUWHVHGLULJHDODVVDOLGDV ODWHUDOHV 5/DPD\RUSDUWHGHOIOXMRGHDLUHVH GLULJHDOSDUDEULVDV\XQDSHTXHâD SURSRUFLäQGHDLUHVHGLULJHDODVVDಢ OLGDVODWHUDOHV

 *LUHHOFRQWUROGHGLVWULEXFLäQGH DLUHDODSRVLFLäQ'(6&21*(ಢ /$55  (OERWäQGHUHFLUFXODFLäQVHDMXVWD HQHOPRGRGHDFWLYDFLäQDXWRPÒಢ WLFDGHDLUHIUHVFR\DLUHDFRQGLಢ FLRQDGR 6LQRVHQHFHVLWDTXHHODLUHDFRQಢ GLFLRQDGRHVWÚFRQHFWDGRJLUHHO FRQWUROGHGLVWULEXFLäQGHDLUHD 68(/2'(6&21*(/$5)

&OLPDWL]DFLäQ  6HOHFFLRQHODWHPSHUDWXUDGHಢ VHDGD  $MXVWHHOPDQGRGHOYHQWLODGRUHQ ODYHORFLGDGGHVHDGD

6LVWHPDGHUHFLUFXODFLäQGH DLUH

VXHâR&DPELHSHULäGLFDPHQWHDO PRGRGHDLUHH[WHULRUSDUDSHUPLWLU ODHQWUDGDGHDLUHIUHVFR (QHOPRGRGHUHFLUFXODFLäQVHUHಢ GXFHHOLQWHUFDPELRGHDLUHIUHVFR (QFDVRGHIXQFLRQDPLHQWRVLQUHಢ IULJHUDFLäQDXPHQWDODKXPHGDG GHODLUH\VHSXHGHQHPSDâDUORV FULVWDOHV/DFDOLGDGGHODLUHGHO KDELWÒFXORGLVPLQX\HHVWRSXHGH KDFHUTXHORVRFXSDQWHVVHVLHQಢ WDQPDUHDGRV

5HIULJHUDFLäQL

(OPRGRGHUHFLUFXODFLäQGHDLUHVH DFFLRQDFRQHOERWäQ

 $GYHUWHQFLD &RQGXFLUFRQHOPRGRGHUHFLUFXಢ ODFLäQFRQHFWDGRGXUDQWHXQSHಢ UÞRGRSURORQJDGRSXHGHSURYRFDU

6HDFFLRQDFRQHOERWäQL\VäORIXQಢ FLRQDFRQHOPRWRU\HOYHQWLODGRUHQ PDUFKD (ODLUHDFRQGLFLRQDGRUHIULJHUD\GHVಢ KXPLGLILFD VHFD HODLUHHQFXDQWROD WHPSHUDWXUDH[WHULRUHVWÒSRUHQFLPD GHOSXQWRGHFRQJHODFLäQ3RUHVRVH SXHGHFRQGHQVDUDJXDTXHVDOHSRU GHEDMRGHOYHKÞFXOR 6LQRHVQHFHVDULRUHIULJHUDURGHVಢ KXPLGLILFDUHODLUHGHVFRQHFWHODUHಢ IULJHUDFLäQSDUDDKRUUDUFRPEXVWLEOH



(ODLUHDFRQGLFLRQDGRQRIXQFLRQDUÒ FXDQGRHOPDQGRGHOYHQWLODGRUHVWÚ HQODSRVLFLäQGHGHVFRQH[LäQ $XQTXHHODLUHDFRQGLFLRQDGRHVWÚ DFWLYDGRHOYHKÞFXORSURGXFLUÒDLUH FDOLHQWHVLHOFRQWUROGHWHPSHUDWXUD HVWÒFRORFDGRHQHOÒUHDURMD 3DUDDSDJDUHOVLVWHPDGHDLUHDFRQಢ GLFLRQDGRSRQJDHOPDQGRGHOYHQWLಢ ODGRUD

$WHQFLäQ 8WLOLFHVäORHOJDVUHIULJHUDQWHDGHಢ FXDGR

 $GYHUWHQFLD /RVFOLPDWL]DGRUHVGHEHQVHUUHಢ SDUDGRVëQLFDPHQWHSRUSHUVRQDO FXDOLILFDGR/RVPÚWRGRVGHUHSDಢ UDFLäQLQFRUUHFWRVSXHGHQRFDVLRಢ QDUOHVLRQHVSHUVRQDOHV



&OLPDWL]DFLäQ

5HIULJHUDFLäQQRUPDO  $FFLRQHHOVLVWHPDGHDLUHDFRQಢ GLFLRQDGR  *LUHHOPDQGRGHWHPSHUDWXUDDOD ]RQDD]XOSDUDUHIULJHUDU  *LUHHOPDQGRGHGLVWULEXFLäQGH DLUH  $MXVWHHOPDQGRGHOYHQWLODGRUHQ ODYHORFLGDGGHVHDGD

 $FFLRQHHOVLVWHPDGHDLUHDFRQಢ GLFLRQDGR  3XOVHHOERWäQGHUHFLUFXODFLäQ SDUDHOPRGRGHUHFLUFXODFLäQ  *LUHHOPDQGRGHWHPSHUDWXUD KDVWDHOWRSHGHOD]RQDD]XOSDUD UHIULJHUDU  *LUHHOPDQGRGHOYHQWLODGRUKDVWD ODYHORFLGDGPÒ[LPD

6DOLGDVGHDLUH 6DOLGDVGHDLUHUHJXODEOHV &RQODUHIULJHUDFLäQFRQHFWDGDVH GHEHGHMDUDELHUWDDOPHQRVXQDGH ODVVDOLGDVGHDLUHSDUDHYLWDUTXHVH FRQJHOHHOHYDSRUDGRUGHELGRDOD IDOWDGHPRYLPLHQWRGHODLUH

5HIULJHUDFLäQPÒ[LPD

3DUDREWHQHUODPÒ[LPDUHIULJHUDFLäQ FXDQGRKDFHFDORU\FXDQGRHOYHಢ KÞFXORKDHVWDGRDOVROGXUDQWHPXFKR WLHPSR

/DVDOLGDFHQWUDOQRVHFLHUUDSRUFRPಢ SOHWR 'LULMDHOIOXMRGHDLUHLQFOLQDQGR\JLಢ UDQGRODVDOHWDV

&OLPDWL]DFLäQ

6DOLGDVGHDLUHILMDV +D\VDOLGDVGHDLUHDGLFLRQDOHVVLWXDಢ GDVGHEDMRGHOSDUDEULVDVGHODVYHQಢ WDQLOODVGHODQWHUDV\HQODV]RQDVGH ORVSLHV

*LUHHOPDQGRHQVHQWLGRDQWLKRUDULR SDUDDEULUODVVDOLGDVODWHUDOHV\RULÚQಢ WHODVHQODGLUHFFLäQGHVHDGD 6LQRGHVHDIOXMRGHDLUHJLUHHOFRQಢ WUROKDFLDODGHUHFKD

 $GYHUWHQFLD 1RILMHREMHWRVDODVDOHWDVGHODV VDOLGDVGHDLUH+D\ULHVJRGHOHಢ VLRQHV\GDâRVHQFDVRGHDFFLಢ GHQWH



0DQWHQLPLHQWR (QWUDGDGHDLUH

/DHQWUDGDGHDLUHHQHOFRPSDUWLಢ PHQWRGHOPRWRUGHODQWHGHOSDUDEULಢ VDVGHEHHVWDUOLEUHSDUDSHUPLWLUOD HQWUDGDGHDLUH 5HWLUHFXDOTXLHUUHVWRGHKRMDVVXಢ FLHGDGRQLHYH



&OLPDWL]DFLäQ

)LOWURGHSROHQ

$WHQFLäQ

)LOWURGHDLUHGHOKDELWÒFXOR

(OPDQWHQLPLHQWRGHOILOWURGHDLUH GHEHVHUPÒVIUHFXHQWHVLVHFLUಢ FXODSRUFDUUHWHUDVSROYRULHQWDV ]RQDVGHDLUHFRQWDPLQDGR\FDಢ UUHWHUDVVLQDVIDOWDU 'LVPLQX\HODHILFLHQFLDGHOILOWUR\ UHVXOWDSHUMXGLFLDOSDUDORVEURQಢ TXLRV

(OILOWURHOLPLQDSROYRKROOÞQSROHQ\ HVSRUDVGHODLUHTXHHQWUDHQHOYHಢ KÞFXORDWUDYÚVGHODHQWUDGDGHDLUH

 5HWLUHODWDSDGHOILOWURGHVDWRUQLಢ OODQGRDPERVODGRVGHODWDSD  6XVWLWX\DHOILOWURGHODLUHDFRQGLಢ FLRQDGR  0RQWHODWDSDGHOILOWUR\ODJXDQಢ WHUDHQRUGHQLQYHUVR &DPELRGHOILOWUR  'HVPRQWHODJXDQWHUD 3DUDH[WUDHUODJXDQWHUDÒEUDOD\ WLUHGHHOOD

1RWD /HUHFRPHQGDPRVTXHDFXGDDVX WDOOHUDXWRUL]DGRSDUDFDPELDUHOILOಢ WUR

)XQFLRQDPLHQWRUHJXODU GHODLUHDFRQGLFLRQDGR 3DUDJDUDQWL]DUXQIXQFLRQDPLHQWR HILFLHQWH\GXUDGHURGHOVLVWHPDOD UHIULJHUDFLäQGHEHDFWLYDUVHGXUDQWH XQRVPLQXWRVXQDYH]DOPHVLQGHಢ SHQGLHQWHPHQWHGHODVLWXDFLäQFOLಢ PDWROäJLFD\GHODÚSRFDGHODâR/D UHIULJHUDFLäQQRIXQFLRQDDWHPSHUDಢ WXUDVH[WHULRUHVEDMDV

&OLPDWL]DFLäQ

6HUYLFLR

 $GYHUWHQFLD

3DUDXQUHQGLPLHQWRäSWLPRGHODUHಢ IULJHUDFLäQVHUHFRPLHQGDFRPSURಢ EDUDQXDOPHQWHHOFOLPDWL]DGRUDXWRಢ PÒWLFR ࿢ 3UXHEDGHIXQFLRQDPLHQWR\SUHಢ VLäQ ࿢ )XQFLRQDPLHQWRGHODFDOHIDFFLäQ ࿢ 3UXHEDGHHVWDQTXHLGDG ࿢ &RPSUREDFLäQGHODVFRUUHDVGH WUDQVPLVLäQ ࿢ /LPSLH]DGHOFRQGHQVDGRU ࿢ 'UHQDMHGHOHYDSRUDGRU ࿢ 3UXHEDGHUHQGLPLHQWR

$WHQFLäQ 8WLOLFHVäORHOJDVUHIULJHUDQWHDGHಢ FXDGR

/RVFOLPDWL]DGRUHVGHEHQVHUUHಢ SDUDGRVëQLFDPHQWHSRUSHUVRQDO FXDOLILFDGR/RVPÚWRGRVGHUHSDಢ UDFLäQLQFRUUHFWRVSXHGHQRFDVLRಢ QDUOHVLRQHVSHUVRQDOHV





&RQGXFFLäQ\PDQHMR

&RQGXFFLäQ\PDQHMR 5HFRPHQGDFLRQHVSDUDODFRQಢ GXFFLäQ   $UUDQTXH\PDQHMR   6LVWHPDGHHVFDSHGHOPRWRU   &DPELRDXWRPÒWLFR   &DPELRPDQXDO   )UHQRV   6LVWHPDVGHFRQWUROGHODFRQಢ GXFFLäQ   6LVWHPDVGHD\XGDDODFRQGXFಢ FLäQ   &RPEXVWLEOH  

5HFRPHQGDFLRQHVSDUD ODFRQGXFFLäQ &RQWUROGHOYHKÞFXOR 1RGHMHTXHHOYHKÞFXORFLUFXOH FRQHOPRWRUSDUDGR (QGLFKDVLWXDFLäQPXFKRVVLVWHPDV QRIXQFLRQDQ FRPRHOVHUYRIUHQRROD GLUHFFLäQDVLVWLGD &RQGXFLUGHHVWH PRGRVXSRQHXQSHOLJURSDUDXVWHG\ SDUDORVGHPÒV

3HGDOHV 3DUDDVHJXUDUXQOLEUHUHFRUULGRGHO SHGDOQRGHEHKDEHUDOIRPEULOODVHQ OD]RQDGHORVSHGDOHV

0DQHMRGHOYRODQWH 6LVHSLHUGHODGLUHFFLäQDVLVWLGDSRUಢ TXHVHSDUDHOPRWRURSRUXQDDYHUÞD GHOVLVWHPDVHSXHGHGLULJLUHOYHಢ KÞFXORSHURSXHGHQHFHVLWDUPD\RU HVIXHU]R 7HVWLJRGHFRQWUROF 

$WHQFLäQ /RVYHKÞFXORVHTXLSDGRVFRQGLಢ UHFFLäQKLGUÒXOLFD 6LVHJLUDHOYRODQWHKDVWDHOWRSH GHOUHFRUULGR\VHPDQWLHQHHQGLಢ FKDSRVLFLäQGXUDQWHPÒVGH VHJXQGRVVHSXHGHQSURYRFDU GDâRVHQHOVLVWHPDGHODGLUHFಢ FLäQDVLVWLGD\SXHGHKDEHUXQD SÚUGLGDGHSRWHQFLD

&RQGXFFLäQ\PDQHMR

$UUDQTXH\PDQHMR 5RGDMHGHXQYHKÞFXOR QXHYR 2EVHUYHODVVLJXLHQWHVSUHFDXFLRQHV GXUDQWHORVSULPHURVFLHQWRVGHNLOäಢ PHWURVSDUDPHMRUDUODVSUHVWDFLRಢ QHVODHFRQRPÞD\ODGXUDELOLGDGGH VXYHKÞFXOR ࿢ (YLWHDFHOHUDUDOPÒ[LPRHQORV DUUDQTXHV ࿢ 1RUHYROXFLRQHH[FHVLYDPHQWHHO PRWRU ࿢ (YLWHODVSDUDGDVEUXVFDVVDOYRHQ FDVRVGHHPHUJHQFLD(VWRSHUPLಢ WLUÒTXHORVIUHQRVVHDVLHQWHQDGHಢ FXDGDPHQWH ࿢ (YLWHLQLFLDUODPDUFKDUÒSLGDಢ PHQWHODVDFHOHUDFLRQHVEUXVFDV\ ODFRQGXFFLäQSURORQJDGDDDOWDYHಢ ORFLGDGSDUDHYLWDUGDâRVHQHOPRಢ WRU\DKRUUDUFRPEXVWLEOH (YLWHDFHOHUDUDOPÒ[LPRHQODV PDUFKDVFRUWDV ࿢ 1RUHPROTXHRWURYHKÞFXOR

3RVLFLRQHVGHODFHUUDGXUD GHOHQFHQGLGR



 3HOLJUR 1RJLUHODOODYHDODSRVLFLäQä FRQHOYHKÞFXORHQPDUFKD (OYHKÞFXOR\HOVHUYRIUHQRQRIXQಢ FLRQDUÞDQORTXHSRGUÞDFDXVDU GDâRVDOYHKÞFXOROHVLRQHVSHUVRಢ QDOHVRLQFOXVRODPXHUWH

$WHQFLäQ

 /2&.  $&&  21  67$57

(QFHQGLGRGHVFRQHFಢ WDGR (QFHQGLGRGHVFRQHFಢ WDGRYRODQWHGHVEORಢ TXHDGR (QFHQGLGRFRQHFWDGR $UUDQTXH

1RGHMHODOODYHHQODSRVLFLäQä FRQHOPRWRUSDUDGRGXUDQWHPXಢ FKRWLHPSR (VWRGHVFDUJDUÒODEDWHUÞD



&RQGXFFLäQ\PDQHMR

$UUDQTXHGHOPRWRU $UUDQTXHGHOPRWRUFRQOD FHUUDGXUDGHOHQFHQGLGR

࿢ 1RSLVHHOSHGDOGHODFHOHUDGRU ࿢ *LUHODOODYHDODSRVLFLäQSLVHHO SHGDOGHOHPEUDJXH\GHOIUHQR OXHJRVXHOWHODOODYHFXDQGRHOPRಢ WRUHVWÚHQPDUFKD $QWHVGHUHSHWLUHODUUDQTXHRSDUD DSDJDUHOPRWRUJLUHGHQXHYRODOODYH D

'HVEORTXHRGHODOODYH

$WHQFLäQ

࿢ *LUHODOODYHDODSRVLFLäQPXHYD OLJHUDPHQWHHOYRODQWHSDUDGHVDFಢ WLYDUHOEORTXHR ࿢ &DPELRPDQXDODFFLRQHHOHPEUDಢ JXH ࿢ &DPELRDXWRPÒWLFR3RQJDODSDಢ ODQFDVHOHFWRUDHQ3R1

1RDFFLRQHHOPRWRUGHDUUDQTXH GXUDQWHPÒVGHVHJXQGRVVHಢ JXLGRV 6LHOPRWRUQRDUUDQFDHVSHUH VHJXQGRVDQWHVGHYROYHUORD LQWHQWDU (VWRHYLWDUÒTXHHOPRWRUGHDUUDQಢ TXHVHGDâH

/RVYHKÞFXORVFRQFDPELRDXWRPÒWLFR HVWÒQHTXLSDGRVFRQXQVLVWHPDHOHFಢ WUäQLFRGHGHVEORTXHRGHODOODYH (VWHPHFDQLVPRHVWÒGLVHâRSDUD HYLWDUTXHVHSXHGDVDFDUODOODYHGHO HQFHQGLGRVLODSDODQFDGHFDPELRV QRHVWÒHQ3 HVWDFLRQDPLHQWR  (OGHVEORTXHRGHODOODYHVLHPSUH HVWÒRSHUDWLYRH[FHSWRVLODEDWHUÞD HVWÒGHVFDUJDGDRWLHQHQXQDWHQVLäQ EDMD PHQRVGHYROWLRV 6LHOYHಢ KÞFXORWLHQHQODEDWHUÞDGHVFDUJDGDR FRQXQDWHQVLäQEDMDLQWHQWHFDUJDU ODEDWHUÞDRDUUDQFDUFRQFDEOHV 9ÚDVH$UUDQTXHFRQFDEOHV 

&RQGXFFLäQ\PDQHMR 6LODFDUJDGHODEDWHUÞDRHODUUDQTXH FRQFDEOHVQRIXQFLRQDQORFDOLFHHO RULILFLRVLWXDGRGHEDMRGHODFHUUDGXUD GHOHQFHQGLGR,QVHUWHXQDKHUUDಢ PLHQWDGHSXQWDSODQDXRWUDOODYHHQ ODDEHUWXUDFXDQGRQRWHODSDODQFD DFFLRQHODSDODQFDKDFLDHOODGRGHO FRQGXFWRU\VDTXHODOODYHGHOHQFHQಢ GLGR

(VWDFLRQDPLHQWR ࿢ 1RHVWDFLRQHHOYHKÞFXORVREUHXQD VXSHUILFLHIÒFLOPHQWHLQIODPDEOH/D HOHYDGDWHPSHUDWXUDGHOVLVWHPD GHHVFDSHSRGUÞDLQIODPDUGLFKD VXSHUILFLH ࿢ $FFLRQHVLHPSUHHOIUHQRGHHVWDಢ FLRQDPLHQWRVLQSXOVDUHOERWäQGH GHVEORTXHR(QSHQGLHQWHVDSOÞಢ TXHORFRQWRGDODILUPH]DSRVLEOH 3DUDUHGXFLUHOHVIXHU]RSLVHHOSHಢ GDOGHOIUHQRDOPLVPRWLHPSR ࿢ 'HVFRQHFWHHOPRWRU\HOHQFHQಢ GLGR*LUHHOYRODQWHKDVWDTXHVH HQFODYHHOEORTXHRGHOPLVPR ࿢ 6LHOYHKÞFXORHVWÒHQXQDVXSHUILಢ FLHSODQDRFXHVWDDUULEDPHWDOD

SULPHUDDQWHVGHGHVFRQHFWDUHO HQFHQGLGR6LHOYHKÞFXORHVWÒ FXHVWDDUULEDJLUHODVUXHGDVGHಢ ODQWHUDVHQODGLUHFFLäQFRQWUDULDDO ERUGLOOR 6LHOYHKÞFXORHVWÒHQXQDFXHVWD DEDMRPHWDODPDUFKDDWUÒVDQWHV GHGHVFRQHFWDUHOHQFHQGLGR*LUH ODVUXHGDVGHODQWHUDVKDFLDHOERUಢ GLOOR ࿢ &LHUUHODVYHQWDQLOODV ࿢ %ORTXHHHOYHKÞFXOR\DFWLYHHOVLVಢ WHPDGHDODUPDDQWLUURER



6LVWHPDGHHVFDSHGHO PRWRU  3HOLJUR /RVJDVHVGHHVFDSHFRQWLHQHQ PRQä[LGRGHFDUERQRXQJDVLQಢ FRORURHLQRGRURSHURWä[LFR6X LQKDODFLäQSRGUÞDUHVXOWDUIDWDO 6LHQWUDQJDVHVGHHVFDSHHQHO LQWHULRUGHOYHKÞFXORDEUDODVYHQಢ WDQLOODV+DJDVXEVDQDUODFDXVD GHODDYHUÞDHQXQWDOOHU 1RFLUFXOHFRQODWDSDGHOPDOHWHUR DELHUWD\DTXHSRGUÞDQHQWUDUJDಢ VHVGHHVFDSHHQHOYHKÞFXOR

&DWDOL]DGRU (OFDWDOL]DGRUUHGXFHHOFRQWHQLGRGH VXVWDQFLDVQRFLYDVHQORVJDVHVGH HVFDSH



&RQGXFFLäQ\PDQHMR $WHQFLäQ

$WHQFLäQ

/RVFRPEXVWLEOHVGHXQDFDOLGDG GLVWLQWDDORVPHQFLRQDGRVHQODV SÒJLQDV  SRGUÞDQ FDXVDUGDâRVHQHOFDWDOL]DGRUR HQORVFRPSRQHQWHVHOHFWUäQLFRV /DJDVROLQDVLQTXHPDUSXHGH SURGXFLUXQVREUHFDOHQWDPLHQWR\ GDâRVHQHOFDWDOL]DGRU3RUHVR VHGHEHHYLWDUHOXVRH[FHVLYRGHO PRWRUGHDUUDQTXHYDFLDUHOGHಢ SäVLWRGHFRPEXVWLEOH\DUUDQFDU HOPRWRUHPSXMDQGRRUHPROFDQGR HOYHKÞFXOR

1RWRTXHHOFDWDOL]DGRUFRQHOPRಢ WRUHQPDUFKD\DTXHHVWÒPX\ FDOLHQWH\SRGUÞDTXHPDUOHODSLHO GHODVPDQRVRHOFXHUSR 'HMH TXHVHHQIUÞHGXUDQWHPÒVGHGRV KRUDVDWHPSHUDWXUDDPELHQWHXQD YH]TXHHOPRWRUVHKD\DDSDಢ JDGRDQWHVGHWRFDUHOFRQYHUWLಢ GRU

6LVHSURGXFHQIDOORVGHHQFHQGLGR IXQFLRQDPLHQWRLUUHJXODUGHOPRWRU GLVPLQXFLäQSHUFHSWLEOHGHODSRWHQಢ FLDGHOPRWRURFXDOTXLHURWUDDQRPDಢ OÞDKDJDVXEVDQDUODFDXVDGHODDYHಢ UÞDHQXQWDOOHUORDQWHVSRVLEOH(Q FDVRGHHPHUJHQFLDVHSXHGHFRQWLಢ QXDUFLUFXODQGRGXUDQWHXQEUHYHSHಢ ULRGRPDQWHQLHQGRODYHORFLGDGGHO YHKÞFXOR\HOUÚJLPHQGHOPRWRUEDMRV

&DPELRDXWRPÒWLFR (OFDPELRDXWRPÒWLFRSHUPLWHHOFDPಢ ELRGHPDUFKDVPDQXDO PRGRPDಢ QXDO RDXWRPÒWLFR PRGRDXWRPÒಢ WLFR  (OFDPELRDXWRPÒWLFRHVXQDFDMDGH FDPELRVGHVHLVYHORFLGDGHVFRQWURಢ ODGDHOHFWUäQLFDPHQWH /DVH[WDPDUFKDHVODVXSHUGLUHFWD

$UUDQTXHGHOPRWRU  'HVSXÚVGHFDOHQWDUHOPRWRU FRQWLQëHSLVDQGRHOSHGDOGHO IUHQRPLHQWUDVFDPELDODSDODQFD VHOHFWRUDDODSRVLFLäQ5'R0

$WHQFLäQ 1RFDPELHHQWUHODSRVLFLäQ' GLಢ UHFWD \5 PDUFKDDWUÒV R3 HVಢ WDFLRQDPLHQWR PLHQWUDVHOYHಢ KÞFXORHVWÚHQPRYLPLHQWR(VWR SXHGHRFDVLRQDUGDâRVHQODFDMD GHFDPELRV\OHVLRQHVSHUVRQDOHV

&RQGXFFLäQ\PDQHMR  6XHOWHHOIUHQRGHHVWDFLRQDಢ PLHQWR\HOSHGDOGHOIUHQR  3LVHOHQWDPHQWHHOSHGDOGHODFHಢ OHUDGRUSDUDSRQHUHOYHKÞFXORHQ PRYLPLHQWR

3DODQFDVHOHFWRUD

03RVLFLäQGHPRGRPDQXDO

$WHQFLäQ

3DQWDOODLQGLFDGRUDGHO FDPELR

6HHQFXHQWUDHQHOFXDGURGHLQVWUXಢ PHQWRV ,QGLFDODPDUFKDVHOHFFLRQDGDRHO PRGRGHFDPELRGHPDUFKDV



3 HVWDFLRQDPLHQWR %ORTXHDODVUXHಢ GDVGHODQWHUDV6äORVHGHEHVHOHFಢ FLRQDU3FRQHOYHKÞFXORSDUDGR\HO IUHQRGHHVWDFLRQDPLHQWRSXHVWR 5 PDUFKDDWUÒV 3RVLFLäQGHFDMDGH FDPELRVHQPDUFKDDWUÒV6HOHFFLRQH 5VäORFRQHOYHKÞFXORSDUDGR 1 SXQWRPXHUWR 3RVLFLäQGHSXQWR PXHUWR '(VWDSRVLFLäQVHXWLOL]DSDUDWRGDV ODVFRQGLFLRQHVGHFRQGXFFLäQQRUಢ PDOHV3HUPLWHDODFDMDGHFDPELRV XWLOL]DUODVVHLVPDUFKDVKDFLDGHಢ ODQWH

1RDFHOHUHPLHQWUDVHQJUDQDXQD PDUFKD 1XQFDSLVHORVSHGDOHVGHODFHOHಢ UDGRU\GHOIUHQRDOPLVPRWLHPSR &RQXQDPDUFKDHQJUDQDGD\HO IUHQRVXHOWRHOYHKÞFXORDYDQ]D OHQWDPHQWH 1RXWLOLFHODSRVLFLäQ3 HVWDFLRಢ QDPLHQWR HQYH]GHOIUHQRGHHVಢ WDFLRQDPLHQWR 3DUHHOPRWRUDFFLRQHHOIUHQRGH HVWDFLRQDPLHQWR\TXLWHODOODYHGH FRQWDFWRFXDQGRVDOJDGHOYHಢ KÞFXOR 1XQFDGHMHHOYHKÞFXORGHVDWHQಢ GLGRFRQHOPRWRUHQPDUFKD



&RQGXFFLäQ\PDQHMR

&DPELDUHQWUHODVSRVLFLRQHVGH PDUFKD 3LVHHOSHGDOGHOIUHQR\SXOVHHOERಢ WäQGHGHVEORTXHRSDUDFDPELDU /RVFDPELRVSDUDORVTXHGHEHSXOVDU HOERWäQGHGHVEORTXHRVHLQGLFDQ FRQIOHFKDV

&DPELHOLEUHPHQWH

0RGRPDQXDO

(OPRYLPLHQWRHQWUHGHWHUPLQDGDV SRVLFLRQHVGHPDUFKDUHTXLHUHSXOVDU HOERWäQGHGHVEORTXHRHQHOODWHUDO GHODSDODQFDVHOHFWRUD 6LJDODVGHVFULSFLRQHVVHJëQORLQGLಢ FDGRSRUODVIOHFKDVFXDQGRFDPELH ODSDODQFDVHOHFWRUD 3XOVHHOERWäQGHGHVEORTXHRSDUD FDPELDU/DVIOHFKDVLQGLFDQORVFDPಢ ELRVSDUDORVTXHQRWLHQHTXHSXOVDU HOERWäQGHGHVEORTXHR

&RQGXFFLäQ\PDQHMR 0XHYDODSDODQFDVHOHFWRUDDODSRVLಢ FLäQ0 3XOVHHOERWäQGHFDPELRGHPDUFKD GHOODWHUDOGHODSDODQFDVHOHFWRUD $55,%$  SDUDFDPELDUGHPDUFKD KDFLDDUULED $%$-2  SDUDFDPELDUGHPDUFKD KDFLDDEDMR 3DUDPDQWHQHUORVQLYHOHVUHTXHULGRV GHSUHVWDFLRQHV\VHJXULGDGGHOYHಢ KÞFXORSXHGHTXHHOVLVWHPDQRHMHಢ FXWHDOJXQRVFDPELRVGHPDUFKD FXDQGRVHPXHYHODSDODQFDVHOHFಢ WRUD (QPRGRPDQXDOORVFDPELRVGH PDUFKDKDFLDDEDMRVHUHDOL]DQGH IRUPDDXWRPÒWLFDFXDQGRHOYHKÞFXOR UHGXFHODYHORFLGDG&XDQGRHOYHಢ KÞFXORVHGHWLHQHVHVHOHFFLRQDDXಢ WRPÒWLFDPHQWHODSULPHUD

$WHQFLäQ &DPELHGHPDUFKDGHIRUPDDGHಢ FXDGDFRQIRUPHDODVFRQGLFLRQHV GHODFDUUHWHUD

(IHFWRGHIUHQRGHOPRWRU 3DUDD\XGDUDXVDUHOHIHFWRGHIUHಢ QDGRGHFRPSUHQVLäQGHOPRWRUDO FRQGXFLUSRUXQDSHQGLHQWHODUJDKDಢ FLDDEDMRVHOHFFLRQHHOPRGRPDQXDO GHFDPELRGHPDUFKDVKDFLDDEDMR SDUDEDMDUGHPDUFKDVHQRUGHQVHಢ FXHQFLDO

 $GYHUWHQFLD 1RUHDOLFHFDPELRVDXQDPDUFKD PÒVFRUWDVDOWDQGRGRVRPÒV PDUFKDVDODYH] 'HHVWHPRGRHYLWDUÒGDâDUODFDMD GHFDPELRVRODSÚUGLGDGHOFRQWURO \VXIULUOHVLRQHVSHUVRQDOHV 1RWD (OXVRGHOIUHQRPRWRUGXUDQWHGHVಢ FHQVRVSURORQJDGRVHQPRQWDâD SXHGHDODUJDUODYLGDGHVXVIUHQRV

6DFDUHOYHKÞFXORPHFLÚQGROR 6äORVHGHEHPHFHUHOYHKÞFXOR FXDQGRTXHGDDWDVFDGRHQDUHQD EDUURRQLHYH 0XHYDODSDODQFDVHOHFWRUDUHSHWLGDಢ PHQWHHQWUH'\5



1RUHYROXFLRQHH[FHVLYDPHQWHHOPRಢ WRU\HYLWHXQDDFHOHUDFLäQEUXVFD

(VWDFLRQDPLHQWR 'HVSXÚVGHGHWHQHUHOYHKÞFXORSLಢ VDQGRHOSHGDOGHOIUHQRVHOHFFLRQH 3\WLUHGHODSDODQFDGHOIUHQRGHHVಢ WDFLRQDPLHQWRKDFLDDUULEDFRQ IXHU]DOXHJRVDTXHODOODYHGHFRQಢ WDFWR

)XQFLäQNLFNGRZQ



&RQGXFFLäQ\PDQHMR

3DUDXQDPD\RUDFHOHUDFLäQSLVHHO SHGDOGHODFHOHUDGRUKDVWDHOIRQGR\ PDQWÚQJDORSLVDGR/DFDMDGHFDPಢ ELRVVHOHFFLRQDUÒXQDPDUFKDPÒV FRUWDGHSHQGLHQGRGHOUÚJLPHQGHO PRWRU

$YHUÞD (QFDVRGHDYHUÞDVHHQFLHQGHHO WHVWLJRGHDYHUÞDV/DFDMDGHFDPಢ ELRVGHMDGHFDPELDUDXWRPÒWLFD\ PDQXDOPHQWHSRUTXHHVWÒEORTXHDGD HQDOJXQDPDUFKD +DJDVXEVDQDUODFDXVDGHODDYHUÞD HQXQWDOOHU

,QWHUUXSFLäQGHFRUULHQWH (QFDVRGHLQWHUUXSFLäQGHFRUULHQWH ODSDODQFDVHOHFWRUDQRVHSXHGHPRಢ YHUGHODSRVLFLäQ3 6LODEDWHUÞDHVWÒGHVFDUJDGDDUUDQಢ TXHHOYHKÞFXORFRQFDEOHVDX[LOLDUHV GHDUUDQTXH 6LODEDWHUÞDQRHVODFDXVDGHODDYHಢ UÞDVXHOWHODSDODQFDVHOHFWRUD\VDಢ TXHODOODYHGHODFHUUDGXUDGHOHQಢ FHQGLGR

'HVEORTXHRGHODSDODQFD VHOHFWRUD $QWHVGHFDPELDUGHVGHODSRVLFLäQ GHHVWDFLRQDPLHQWR 3 HOHQFHQGLGR GHEHHVWDUFRQHFWDGR\GHEHSLVDUD IRQGRHOSHGDOGHOIUHQR6LQRSXHGH FDPELDUGHVGHODSRVLFLäQ3FRQHO HQFHQGLGRFRQHFWDGR\HOSHGDOGHO IUHQRSLVDGR  'HVFRQHFWHHOHQFHQGLGR\H[ಢ WUDLJDODOODYH  0DQWHQJDSLVDGRHOSHGDOGHO IUHQR\WLUHGHODSDODQFDGHOIUHQR GHHVWDFLRQDPLHQWRKDFLDDUULED

 5HWLUHHOWDSäQGHODFRQVRODFRQ XQREMHWRILQRFRPRXQGHVWRUQLಢ OODGRUGHFDEH]DSODQD

 ,QWURGX]FDODOODYHGHFRQWDFWRHQ ODUDQXUD\SUHVLRQHKDFLDGHQWUR  &DPELHDSXQWRPXHUWR 1   ([WUDLJDODOODYHGHODUDQXUD  9XHOYDDFRORFDUHOWDSäQ  +DJDUHSDUDUVXYHKÞFXORORDQWHV SRVLEOH

&RQGXFFLäQ\PDQHMR  $GYHUWHQFLD 3DUDD\XGDUDHYLWDUGDâRVHQOD FDMDGHFDPELRVREVHUYHODVVLಢ JXLHQWHVSUHFDXFLRQHV 1RSLVHHOSHGDOGHODFHOHUDGRU PLHQWUDVFDPELDGH3R1D5R XQDPDUFKDKDFLDGHODQWH 6LORKDFHQRVäORSXHGHGDâDUOD FDMDGHFDPELRVVLQRTXHWDPELÚQ SRGUÞDRFDVLRQDUODSÚUGLGDGH FRQWUROGHOYHKÞFXOR 8WLOLFHODSRVLFLäQ'VLHPSUHTXH VHDSRVLEOH 1XQFDFDPELHD3R5FRQHOYHಢ KÞFXORHQPRYLPLHQWR &XDQGRGHWHQJDHOYHKÞFXORHQ XQDFXHVWDDUULEDQRUHWHQJDHO YHKÞFXORSLVDQGRHOSHGDOGHODFHಢ OHUDGRU8WLOLFHHOSHGDOGHOIUHQR 3LVHHOSHGDOGHOIUHQRFXDQGR FDPELHGH3R1D5RDXQDPDUಢ FKDKDFLDGHODQWH (QFDVRFRQWUDULRVHSRGUÞDGDâDU ODFDMDGHFDPELRVRPRYHUVHHO YHKÞFXORLQHVSHUDGDPHQWHRFDಢ

VLRQDQGRODSÚUGLGDGHFRQWUROSRU SDUWHGHOFRQGXFWRU\SURYRFDQGR OHVLRQHVSHUVRQDOHVRGDâRVHQHO YHKÞFXORXRWURVELHQHV



&DPELRPDQXDO

3DUDHQJUDQDUODPDUFKDDWUÒVFRQHO YHKÞFXORSDUDGROHYDQWHODDQLOODGH ODSDODQFDVHOHFWRUD\HQJUDQHOD PDUFKD 6LODPDUFKDQRHQWUDFRQIDFLOLGDG SRQJDODSDODQFDHQSXQWRPXHUWR VXHOWHHOSHGDOGHOHPEUDJXH\SÞVHOR GHQXHYROXHJRUHSLWDODVHOHFFLäQGH ODPDUFKD 1RFRQGX]FDDPHGLRHPEUDJXHLQಢ QHFHVDULDPHQWH3LVHVLHPSUHD IRQGRHOSHGDOGHOHPEUDJXH1RXWLಢ OLFHHOSHGDOFRPRDSR\RSDUDHOSLH



&RQGXFFLäQ\PDQHMR $WHQFLäQ

1RHVDFRQVHMDEOHFRQGXFLUFRQOD PDQRDSR\DGDHQODSDODQFDVHಢ OHFWRUD

)UHQRV (OVLVWHPDGHIUHQRVWLHQHGRVFLUFXLಢ WRVGHIUHQRLQGHSHQGLHQWHV 6LIDOODXQRGHORVFLUFXLWRVGHIUHQRV DëQHVSRVLEOHIUHQDUHOYHKÞFXORFRQ HORWURFLUFXLWR6LQHPEDUJRSDUDIUHಢ QDUKD\TXHSLVDUHOSHGDOILUPHಢ PHQWH6HUHTXLHUHPXFKDPÒV IXHU]DSDUDHOOR/DGLVWDQFLDGHIUHಢ QDGRVHUÒPD\RU$QWHVGHFRQWLQXDU VXYLDMHUHFXUUDDODD\XGDGHXQWDಢ OOHU

$WHQFLäQ 6LIDOODXQRGHORVFLUFXLWRVKDEUÒ TXHSLVDUPÒVIXHUWHHOSHGDOGHO IUHQR\SXHGHDXPHQWDUODGLVWDQಢ FLDGHIUHQDGR+DJDUHYLVDU\UHಢ SDUDUHOVLVWHPDGHIUHQRVHQXQ VHUYLFLRLQPHGLDWDPHQWH/HUHFRಢ PHQGDPRVTXHDFXGDDVXWDOOHU DXWRUL]DGR 6LHOSHGDOGHOIUHQRVHKXQGHPÒV GHORQRUPDOHVSRVLEOHTXHWHQJD TXHUHSDUDUORVIUHQRV

5HFXUUDDXQVHUYLFLRLQPHGLDWDಢ PHQWH/HUHFRPHQGDPRVTXH DFXGDDVXWDOOHUDXWRUL]DGR

$WHQFLäQ 1RFRQGX]FDFRQHOSLHDSR\DGR HQHOSHGDOGHOIUHQR(VWRRFDVLRಢ QDUÒXQGHVJDVWHSUHPDWXURGH ORVFRPSRQHQWHVGHOIUHQR$GHಢ PÒVORVIUHQRVSRGUÞDQVREUHFDಢ OHQWDUVHSRUORTXHVHQHFHVLWDUÞD XQDPD\RUGLVWDQFLDGHIUHQDGR\ VHFUHDUÞDXQDFRQGLFLäQGHLQVHಢ JXULGDG

 $GYHUWHQFLD 'HVSXÚVGHFRQGXFLUSRUFKDUFRV GHDJXDGHODYDUHOYHKÞFXORRKDಢ EHUXWLOL]DGRGHPDVLDGRHOIUHQRDO GHVFHQGHUSRUSHQGLHQWHVSURಢ QXQFLDGDVORVIUHQRVSXHGHQSHUಢ GHUWHPSRUDOPHQWHVXSRGHUGH IUHQDGD(VWRSXHGHGHEHUVHD

&RQGXFFLäQ\PDQHMR TXHORVFRPSRQHQWHVGHOVLVWHPD GHIUHQRVHVWÚQPRMDGRVRVREUHಢ FDOHQWDGRV 6LORVIUHQRVKDQSHUGLGRWHPSRಢ UDOPHQWHVXSRGHUGHIUHQDGDGHಢ ELGRDXQVREUHFDOHQWDPLHQWR FDPELHDXQDPDUFKDPÒVFRUWDDO EDMDUSRUSHQGLHQWHV1RXWLOLFHHO IUHQRFRQVWDQWHPHQWH 6LVXYHKÞFXORSLHUGHWHPSRUDOಢ PHQWHODSRWHQFLDGHIUHQDGRGHಢ ELGRDTXHORVFRPSRQHQWHVGHO VLVWHPDGHIUHQRVHVWÒQPRMDGRV HOSURFHGLPLHQWRVLJXLHQWHOHD\Xಢ GDUÒDUHFXSHUDUVXIXQFLRQDಢ PLHQWRQRUPDO  &RPSUXHEHVLKD\RWURVYHKÞಢ FXORVGHWUÒVGHXVWHG  0DQWHQJDXQDYHORFLGDGVHಢ JXUDKDFLDGHODQWHFRQVXILಢ FLHQWHHVSDFLRGHWUÒV\DORV ODGRV  $FFLRQHORVIUHQRVOHQWDPHQWH KDVWDUHFXSHUDUHOIXQFLRQDಢ PLHQWRQRUPDO

6LVWHPDDQWLEORTXHRGH IUHQRV (OVLVWHPDDQWLEORTXHRGHIUHQRV $%6 HYLWDTXHVHEORTXHHQODVUXHಢ GDV (O$%6FRPLHQ]DDUHJXODUODSUHVLäQ GHORVIUHQRVHQFXDQWRXQDUXHGD PXHVWUDWHQGHQFLDDEORTXHDUVH(O YHKÞFXORPDQWLHQHODPDQLREUDELOLಢ GDGLQFOXVRGXUDQWHXQDIUHQDGDD IRQGR /DUHJXODFLäQGHOVLVWHPD$%6VH PDQLILHVWDPHGLDQWHODVSXOVDFLRQHV GHOSHGDOGHOIUHQR\XQUXLGRGHUHಢ JODMH 3DUDXQDHILFDFLDäSWLPDGHOIUHQDGR PDQWHQJDHOSHGDOGHOIUHQRSLVDGR GXUDQWHWRGRHOSURFHVRGHIUHQDGR DXQTXHHOSHGDOWLHPEOH1RGLVPLಢ QX\DODSUHVLäQHMHUFLGDVREUHHOSHಢ GDO 1RGLVPLQX\DODSRWHQFLDHMHUFLGDVRಢ EUHHOSHGDOGHOIUHQR



$ODUUDQFDUHOPRWRUGHVSXÚVGHFRಢ QHFWDUHOHQFHQGLGRVHSXHGHRÞUXQ VRQLGRPHFÒQLFR(VWRHVQRUPDOH LQGLFDTXHHO$%6HVWÒHQFRQGLFLRಢ QHVRSHUDWLYDV 7HVWLJRGHFRQWUROS 

$YHUÞD  $GYHUWHQFLD 6LKD\XQDDYHUÞDGHO$%6ODVUXHಢ GDVSXHGHQEORTXHDUVHHQFDVR GHIUHQD]RVIXHUWHV/DVYHQWDMDV GHO$%6\DQRHVWÒQGLVSRQLEOHV $OIUHQDUDIRQGRHOYHKÞFXOR\DQR UHVSRQGHDOYRODQWH\SXHGHGHಢ UUDSDU +DJDVXEVDQDUODFDXVDGHODDYHUÞD HQXQWDOOHU



&RQGXFFLäQ\PDQHMR

)UHQRGHHVWDFLRQDPLHQWR

$VLVWHQWHGHIUHQDGD $OSLVDUIXHUWH\UÒSLGRHOSHGDOGHO IUHQRVHIUHQDDXWRPÒWLFDPHQWHFRQ ODPÒ[LPDSRWHQFLDGHOIUHQR IUHQDGD DIRQGR  0DQWHQJDSLVDGRHOSHGDOGHOIUHQR PLHQWUDVVHDQHFHVDULRIUHQDUD IRQGR/DPÒ[LPDIXHU]DGHIUHQDGD VHUHGXFHDXWRPÒWLFDPHQWHDOVROWDU HOSHGDOGHOIUHQR

$SOLTXHVLHPSUHHOIUHQRGHHVWDFLRಢ QDPLHQWRILUPHPHQWHVLQSXOVDUHO ERWäQGHGHVEORTXHRHQSHQGLHQWHV DFFLäQHORFRQWRGDODILUPH]DSRVLEOH 3DUDVROWDUHOIUHQRGHHVWDFLRQDಢ PLHQWROHYDQWHXQSRFRODSDODQFD SXOVHHOERWäQGHGHVEORTXHR\EDMH FRPSOHWDPHQWHODSDODQFD 3DUDUHGXFLUHOHVIXHU]RQHFHVDULR SDUDDFFLRQDUHOIUHQRGHHVWDFLRQDಢ PLHQWRSLVHVLPXOWÒQHDPHQWHHOSHಢ GDOGHOIUHQR 7HVWLJRGHFRQWURO 

$VLVWHQWHGHDUUDQTXHHQ SHQGLHQWHV (OVLVWHPDD\XGDDHYLWDUGHVSODಢ ]DUVHKDFLDDEDMRFXDQGRVHDYDQ]D SRUXQDSHQGLHQWH &XDQGRVHSLVDHODFHOHUDGRUWUDVKDಢ EHUVROWDGRHOSHGDOGHIUHQRHQXQD SHQGLHQWHORVIUHQRVSHUPDQHFHQ DFWLYDGRVGXUDQWHDSUR[LPDGDPHQWH VHJXQGRV

6LVWHPDVGHFRQWUROGH ODFRQGXFFLäQ 6LVWHPDGHFRQWUROGH WUDFFLäQ (OVLVWHPDGHFRQWUROGHWUDFFLäQ 7&6 PHMRUDODHVWDELOLGDGGHPDUಢ FKDHQFDVRQHFHVDULRFRQLQGHSHQಢ GHQFLDGHOWLSRGHFDO]DGD\GHODDGಢ KHUHQFLDGHORVQHXPÒWLFRVHYLWDQGR TXHSDWLQHQODVUXHGDVPRWULFHV (QFXDQWRODVUXHGDVPRWULFHVFRಢ PLHQ]DQDSDWLQDUVHUHGXFHODSRಢ WHQFLDGHOPRWRU\VHIUHQDLQGLYLGXDOಢ PHQWHODUXHGDTXHPÒVSDWLQD(VWR PHMRUDFRQVLGHUDEOHPHQWHODHVWDELಢ OLGDGGHPDUFKDGHOYHKÞFXORVREUH FDO]DGDVUHVEDODGL]DV (O7&6VHDFWLYDHQFXDQWRVHFRಢ QHFWDHOHQFHQGLGR

&RQGXFFLäQ\PDQHMR  $GYHUWHQFLD 1RGHMHTXHHVWDFDUDFWHUÞVWLFDHVಢ SHFLDOGHVHJXULGDGOHLQFLWHDFRQಢ GXFLUDUULHVJDGDPHQWH /DYHORFLGDGGHEHDGDSWDUVHDODV FRQGLFLRQHVGHODFDO]DGD

'HVDFWLYDFLäQ

(O7&6SXHGHGHVDFWLYDUVHFXDQGR VHUHTXLHUHTXHSDWLQHQODVUXHGDV 3XOVHHOERWäQD

6HHQFLHQGHHOWHVWLJRGHFRQWURON (O7&6VHUHDFWLYDSXOVDQGRGH QXHYRHOERWäQD (O7&6WDPELÚQVHUHDFWLYDODSUäಢ [LPDYH]TXHFRQHFWHHOHQFHQGLGR ,QGLFDGRUGHFRQWUROGHWUDFFLäQ 7& GHVDFWLYDGR 

3URJUDPDHOHFWUäQLFRGH HVWDELOLGDG (OVLVWHPDGHFRQWUROHOHFWUäQLFRGH HVWDELOLGDG (6& D\XGDDHVWDELOL]DU HOYHKÞFXORHQPDQLREUDVGHJLUR (O(6&DSOLFDORVIUHQRVDUXHGDVLQಢ GLYLGXDOHVHLQWHUYLHQHHQHOVLVWHPD GHFRQWUROGHOPRWRUSDUDHVWDELOL]DU HOYHKÞFXOR (O(6&SXHGHYHUVHDIHFWDGRSRU FRQGLFLRQHVDGYHUVDVFRPRODVFRQಢ GLFLRQHVGHODFDUUHWHUDRHODJDUUHGH ORVQHXPÒWLFRV 1RVHWUDWDGHXQVXVWLWXWRGHODFRQಢ GXFFLäQVHJXUDGHEHVHJXLUFRQGXಢ FLHQGRGHIRUPDVHJXUD (O(6&VHDFWLYDHQFXDQWRVHFRಢ QHFWDHOHQFHQGLGR



&XDQGRLQWHUYLHQHHO(6&5VHHQಢ FLHQGH

 $GYHUWHQFLD 1RGHMHTXHHVWDFDUDFWHUÞVWLFDHVಢ SHFLDOGHVHJXULGDGOHLQFLWHDFRQಢ GXFLUDUULHVJDGDPHQWH /DYHORFLGDGGHEHDGDSWDUVHDODV FRQGLFLRQHVGHODFDO]DGD ,QGLFDGRUGHOFRQWUROHOHFWUäQLFRGH HVWDELOLGDG (6&  

'HVDFWLYDFLäQ



&RQGXFFLäQ\PDQHMR

3DUDXQDFRQGXFFLäQPX\GHSRUWLYD VHSXHGHGHVDFWLYDUHO(6& 3XOVHHOERWäQDGXUDQWHYDULRVVHಢ JXQGRVKDVWDTXHVHHQFLHQGDHOLQಢ GLFDGRUGHFRQWUROD (O(6&VHUHDFWLYDSXOVDQGRGH QXHYRHOERWäQD (O(6&WDPELÚQVHUHDFWLYDODSUäಢ [LPDYH]TXHFRQHFWHHOHQFHQGLGR

6LVWHPDVGHD\XGDDOD FRQGXFFLäQ 5HJXODGRUGHYHORFLGDG

 $GYHUWHQFLD &XDQGRHOVLVWHPD(6&VHDFWLYD SDUDFRUUHJLUODYHORFLGDGGHOYHಢ KÞFXORUHGX]FDODYHORFLGDG\ SUHVWHXQDDWHQFLäQHVSHFLDODOD FDUUHWHUD (OVLVWHPD(6&HVVäORXQGLVSRಢ VLWLYRVXSOHPHQWDULRSDUDHOYHಢ KÞFXOR&XDQGRHOYHKÞFXORH[FHGH ORVOÞPLWHVIÞVLFRVQRSXHGHFRQಢ WURODUVH1RGHSHQGDGHOVLVWHPD 6LJDFRQGXFLHQGRGHIRUPDVHಢ JXUD

 $GYHUWHQFLD (OUHJXODGRUGHYHORFLGDGSXHGH UHVXOWDUSHOLJURVRFXDQGRQR SXHGHFRQGXFLUGHIRUPDVHJXUDD XQDYHORFLGDGHVWDEOH 1RXWLOLFHHOUHJXODGRUGHYHORFLಢ GDGHQFDUUHWHUDVVLQXRVDVRFRQ WUÒILFRGHQVR

$MXVWHGHOUHJXODGRUGH YHORFLGDG

(OVLVWHPDGHOUHJXODGRUGHYHORFLGDG OHSHUPLWHPDQWHQHUODYHORFLGDGVLQ SUHVLRQDUHOSHGDOGHODFHOHUDGRU (OVLVWHPDVHDFWLYDFXDQGRODYHORಢ FLGDGGHOYHKÞFXORHVVXSHULRUD NPKDSUR[LPDGDPHQWH

 3XOVHHOERWäQ>SDUDDFWLYDUHO UHJXODGRUGHYHORFLGDG(OLQGLFDಢ GRU>VHHQFLHQGH  $FHOHUHKDVWDDOFDQ]DUODYHORFLಢ GDGGHVHDGD  *LUHHOFRQWUROGHUXHGDKDVWD 6(7\VXÚOWHOR  5HWLUHHOSLHGHOSHGDOGHODFHOHಢ UDGRU

&RQGXFFLäQ\PDQHMR $XPHQWDUODYHORFLGDG ࿢ *LUHHOFRQWUROGHDMXVWHD5(6\ PDQWÚQJDORDKÞ(OYHKÞFXORDFHಢ OHUD6XHOWHHOFRQWUROGHUXHGDHQ ODYHORFLGDGGHVHDGD ࿢ *LUHHOFRQWUROGHUXHGDD5(6\ VXÚOWHORLQPHGLDWDPHQWH/DYHORಢ FLGDGDXPHQWDHQWUH\NPK 'LVPLQXLUODYHORFLGDG ࿢ *LUHHOFRQWUROGHUXHGDKDVWD 6(7\PDQWÚQJDORDKÞ(OYHಢ KÞFXORGHVDFHOHUD6XHOWHHOFRQWURO GHDMXVWHHQODYHORFLGDGGHVHDGD ࿢ *LUHHOFRQWUROGHUXHGDD6(7\ VXÚOWHORLQPHGLDWDPHQWH/DYHORಢ FLGDGGLVPLQX\HHQWUH\NPK 3DUDDFHOHUDUWHPSRUDOPHQWH 6LGHVHDDFHOHUDUWHPSRUDOPHQWH FXDQGRHOUHJXODGRUGHYHORFLGDG HVWÒDFWLYDGRSLVHHOSHGDOGHODFHಢ OHUDGRU(OLQFUHPHQWRGHYHORFLGDG QRLQWHUILHUHFRQHOIXQFLRQDPLHQWR GHOUHJXODGRUGHYHORFLGDGQLFDPELD ODYHORFLGDGFRQILJXUDGD

3DUDYROYHUDODYHORFLGDGFRQILJXಢ UDGDUHWLUHHOSLHGHOSHGDOGHODFHOHಢ UDGRU 'HVDFWLYDFLäQWHPSRUDO ࿢ VHSXOVDHOERWäQ\ ࿢ DXQDYHORFLGDGLQIHULRUDNPK DSUR[LPDGDPHQWH ࿢ DOSLVDUHOSHGDOGHOIUHQR ࿢ DOSLVDUHOSHGDOGHOHPEUDJXHGXಢ UDQWHPÒVGHXQRVVHJXQGRV ࿢ FRQODSDODQFDVHOHFWRUDHQ1

5HVWDEOHFHUODYHORFLGDG PHPRUL]DGD 6LHOUHJXODGRUGHYHORFLGDGVLJXHDFಢ WLYDGRODYHORFLGDGTXHVHFRQILJXUä HQëOWLPROXJDUVHDFWLYDUÒDXWRPÒWLಢ FDPHQWHFXDQGRVHSXOVHHOLQWHUUXSಢ WRU5(6

'HVDFWLYDFLäQ 3XOVHHOLQWHUUXSWRU>\VHDSDJDHO WHVWLJRGHFRQWURO>(OUHJXODGRUGH YHORFLGDGHVWÒGHVDFWLYDGR



&ÒPDUDUHWURYLVRUD (VWHYHKÞFXORSXHGHWHQHUHOVLVWHPD GHFÒPDUDUHWURYLVRUD 59& $QWHV GHXWLOL]DUOROHDHVWDVHFFLäQFRPಢ SOHWD (OVLVWHPD59&SXHGHD\XGDUDOFRQಢ GXFWRUFXDQGRFLUFXOHPDUFKDDWUÒV PRVWUDQGRXQDYLVWDGHOD]RQDTXH KD\GHWUÒVGHOYHKÞFXOR

 $GYHUWHQFLD (OVLVWHPD59&QRPXHVWUDQLâRV SHDWRQHVFLFOLVWDVDQLPDOHVX RWURVREMHWRVVLWXDGRVIXHUDGHO FDPSRGHYLVLäQGHODFÒPDUDSRU GHEDMRGHOSDUDFKRTXHVRGHEDMR GHOYHKÞFXOR/DVGLVWDQFLDVTXH VHSHUFLEHQSXHGHQVHUGLIHUHQWHV GHODVGLVWDQFLDVUHDOHV1RGHVಢ SODFHHOYHKÞFXORPDUFKDDWUÒVXWLಢ OL]DQGRëQLFDPHQWHODSDQWDOOD 59&GXUDQWHPDQLREUDVGHPDUಢ FKDDWUÒVPÒVSURORQJDGDVDPDಢ \RUYHORFLGDGRVLDWUDYLHVDWUÒILFR



&RQGXFFLäQ\PDQHMR

/DIDOWDGHFXLGDGRDQWHVGHUHWURಢ FHGHUSRGUÞDRFDVLRQDUOHVLRQHV DFFLGHQWHVIDWDOHVRGDâRVHQHO YHKÞFXOR $QWHVGHGHVSOD]DUVHPDUFKD DWUÒVLQVSHFFLRQHVLHPSUHGHWUÒV \DOUHGHGRUGHOYHKÞFXOR &XDQGRHOYHKÞFXORFDPELDD5 PDUಢ FKDDWUÒV DSDUHFHXQDLPDJHQHQOD SDQWDOODGHLQIRHQWUHWHQLPLHQWR &XDQGRHOFDPELRGHOYHKÞFXORGHMD GHHVWDUHQSRVLFLäQ5 PDUFKD DWUÒV ODSDQWDOODGHLQIRHQWUHWHQLಢ PLHQWRFDPELDDODSDQWDOODDQWHULRU GHVSXÚVGHXQRVVHJXQGRV 3DUDUHJUHVDUDODSDQWDOODDQWHULRU PÒVUÒSLGRUHDOLFHXQDGHODVDFFLRಢ QHVVLJXLHQWHV ࿢ &DPELHD3 HVWDFLRQDPLHQWR  ࿢ $FHOHUHODYHORFLGDGGHOYHKÞFXORD NPK

*XÞDV (OVLVWHPD59&WLHQHOÞQHDVGHJXÞD VXSHUSXHVWDVTXHSXHGHQD\XGDUDO FRQGXFWRUDDOLQHDUHOYHKÞFXORDOPDಢ QLREUDUPDUFKDDWUÒVSDUDDSDUFDU

3DUDDFWLYDURGHVDFWLYDUODVJXÞDV  &DPELHD3 HVWDFLRQDPLHQWR   (QODSÒJLQDGHLQLFLRGHOVLVWHPD GHLQIRHQWUHWHQLPLHQWRVHOHFಢ FLRQH&RQILJXUDFLäQ  6HOHFFLRQH2SFLRQHVGHFÒPDUD WUDVHUD  6HOHFFLRQH*XÞDV

8ELFDFLäQGHODFÒPDUDGH YLVLäQWUDVHUD

0HQVDMHVGHHUURUGHODFÒPDUD UHWURYLVRUD 5(9,6,Ä1'(/6,67(0$'(&²ಢ 0$5$'(9,6,Ä175$6(5$ 6(5ಢ 9,&(5($59,6,21&$0(5$ 6FP@





3RWHQFLDGHOPRWRU>N:@





DUSP

a



3DU>1P@





DUSP

a



7LSRGHFRPEXVWLEOH

*DVROLQD

*DVROLQD

2FWDQDMH 521

RFWDQRV 521 RVXSHULRU

RFWDQRV 521 RVXSHULRU

'DWRVWÚFQLFRV



3UHVWDFLRQHV 0RWRU

'NJ@

7XUERPP@



'LÒPHWURGHJLUR>P@







'DWRVWÚFQLFRV

&DSDFLGDGHV $FHLWHGHOPRWRU 0RWRU

7XUER

'

LQFOXLGRHOILOWUR>O@





HQWUH0,1\0$;>O@





'HSäVLWRGHFRPEXVWLEOH *DVROLQDFDSDFLGDGQRPLQDO>O@



3UHVLRQHVGHORVQHXPÒWLFRV 1HXPÒWLFRV

>N3DEDU@ >SVL@

5 5 5

 

5 5XHGDGHUHSXHVWR

(OQHXPÒWLFRUHDOPRQWDGRHQHOYHKÞFXORSXHGHGLIHULUVHJëQHOPRWRU

 

,QIRUPDFLäQGHFOLHQWHV

,QIRUPDFLäQGH FOLHQWHV 5HJLVWURGHGDWRVGHOYHKÞFXOR\ SULYDFLGDG  



5HJLVWURGHGDWRVGHO YHKÞFXOR\SULYDFLGDG

VLQWRQL]DGDVODVSRVLFLRQHVGHORV DVLHQWRV\ORVDMXVWHVGHODWHPSHUDಢ WXUD

(OYHKÞFXORWLHQHXQDVHULHGHRUGHಢ QDGRUHVTXHUHJLVWUDQLQIRUPDFLäQ VREUHODVSUHVWDFLRQHVGHOYHKÞFXOR\ VREUHODFRQGXFFLäQ3RUHMHPSORHO YHKÞFXORXWLOL]DPäGXORVLQIRUPÒWLFRV SDUDVXSHUYLVDU\FRQWURODUHOUHQGLಢ PLHQWRGHOPRWRU\GHODFDMDGHFDPಢ ELRVSDUDVXSHUYLVDUODVFRQGLFLRQHV SDUDHOGHVSOLHJXHGHORVDLUEDJV\ DFWLYDUORVHQFDVRGHFKRTXH\VL HVWÒHTXLSDGRSURSRUFLRQDUODIXQಢ FLäQDQWLEORTXHRGHORVIUHQRVSDUD D\XGDUDOFRQGXFWRUDFRQWURODUHOYHಢ KÞFXOR(VWRVPäGXORVSXHGHQDOPDಢ FHQDUGDWRVTXHD\XGHQDOWÚFQLFRGHO GLVWULEXLGRUDUHSDUDUHOYHKÞFXOR$Oಢ JXQRVPäGXORVWDPELÚQSXHGHQDOಢ PDFHQDUGDWRVVREUHHOIXQFLRQDಢ PLHQWRGHOYHKÞFXORWDOHVFRPRHO FRQVXPRGHFRPEXVWLEOHRODYHORFLಢ GDGPHGLD(VWRVPäGXORVSXHGHQ PHPRUL]DUSUHIHUHQFLDVSHUVRQDOHV WDOHVFRPRODVHPLVRUDVGHUDGLRSUHಢ

5HJLVWUDGRUHVGHGDWRV 5HJLVWURGHGDWRVGHOYHKÞFXOR (VWHYHKÞFXORSXHGHHVWDUHTXLSDGR FRQXQPäGXORTXHUHJLVWUDGDWRVHQ FDVRGHDFFLGHQWHRFXDVLDFFLGHQWH SRUHMHPSORFXDQGRGHGHVSOLHJDXQ DLUEDJRHOYHKÞFXORFKRFDFRQWUDXQ REVWÒFXORHQODYÞD(VWRVGDWRVSRಢ GUÞDQD\XGDUDFRPSUHQGHUPHMRUODV FLUFXQVWDQFLDVHQTXHVHSURGXFHQ ORVDFFLGHQWHV\ODVOHVLRQHV$OJXQRV GDWRVVHSXHGHQUHODFLRQDUFRQODGLಢ QÒPLFDGHOYHKÞFXOR\HOIXQFLRQDಢ PLHQWRGHORVVLVWHPDVGHVHJXULGDG /RVGDWRVSXHGHQPRVWUDU ࿢ &äPRHVWDEDQIXQFLRQDQGRGLYHUಢ VRVVLVWHPDVGHOYHKÞFXOR ࿢ 6LORVFLQWXURQHVGHVHJXULGDGGHO FRQGXFWRU\GHODFRPSDâDQWHHVWDಢ EDQDEURFKDGRVRQR



,QIRUPDFLäQGHFOLHQWHV

࿢ 6LHOFRQGXFWRUHVWDEDSLVDQGRHO SHGDOGHODFHOHUDGRRGHOIUHQR\ FRQTXÚLQWHQVLGDG ࿢ /DYHORFLGDGDODTXHFLUFXODEDHO YHKÞFXOR (VWRVGDWRVD\XGDQDFRPSUHQGHUODV FLUFXQVWDQFLDVHQTXHVHSURGXFHQ ORVDFFLGHQWHV\ODVOHVLRQHV(OYHಢ KÞFXORUHJLVWUDUÒORVGDWRVVäORHQ FDVRGHDFFLGHQWHQRVHUHJLVWUDUÒQ GDWRVHQFRQGLFLRQHVGHFRQGXFFLäQ QRUPDOHV\QRVHUHJLVWUDQGDWRVSHUಢ VRQDOHV1RREVWDQWHWHUFHUDVSDUWHV FRPRODVDXWRULGDGHVSROLFLDOHVRMXಢ GLFLDOHV SRGUÞDQFRPELQDUORVGDWRV UHJLVWUDGRVFRQHOWLSRGHGDWRVGH LGHQWLILFDFLäQSHUVRQDOUHFRSLODGRV GHIRUPDUXWLQDULDGXUDQWHODLQYHVWLಢ JDFLäQGHXQDFFLGHQWH 3DUDODOHFWXUDGHORVGDWRVUHJLVWUDಢ GRVVRQQHFHVDULRVHTXLSRVHVSHಢ FLDOHV\DFFHVRDOYHKÞFXORRDOPäಢ GXORFRUUHVSRQGLHQWH$GHPÒVGHOIDಢ EULFDQWHGHOYHKÞFXORWHUFHUDVSDUWHV FRPRODVDXWRULGDGHVSROLFLDOHVRMXಢ GLFLDOHV TXHWHQJDQORVHTXLSRVHVಢ

SHFLDOHVSRGUÒQOHHUODLQIRUPDFLäQVL WLHQHQDFFHVRDOYHKÞFXORRDOPäಢ GXOR *0QRDFFHGHUÒDHVWRVGDWRVQLORV IDFLOLWDUÒDWHUFHURVH[FHSWRFRQDXಢ WRUL]DFLäQGHOSURSLHWDULRGHOYHKÞFXOR RHQYHKÞFXORVGHOHDVLQJFRQODDXಢ WRUL]DFLäQGHODUUHQGDWDULRSRUUHTXHಢ ULPLHQWRSROLFLDORGHRUJDQLVPRVHVಢ WDWDOHVHTXLYDOHQWHVFRPRSDUWHGH ODGHIHQVDGH*0HQFDVRGHOLWLJLRD WUDYÚVGHOSURFHVRGHLQVWUXFFLäQR SRUSUHVFULSFLäQOHJDO/RVGDWRVTXH *0UHFRSLODRUHFLEHWDPELÚQSXHGHQ XWLOL]DUVHFRQILQHVGHLQYHVWLJDFLäQ SRUODSURSLDRUJDQL]DFLäQGH*0R FRPSDUWLUVHFRQRWUDVRUJDQL]DFLRಢ QHVVLHPSUHTXHVHDFUHGLWHODQHಢ FHVLGDGGHVXLQYHVWLJDFLäQ\ORVGDಢ WRVQRHVWÚQYLQFXODGRVDXQYHKÞFXOR HVSHFÞILFRQLDXQGHWHUPLQDGRSURಢ SLHWDULR

,QIRUPDFLäQGHFOLHQWHV





¾QGLFHDOIDEÚWLFR

$ $FFHVRULRV\PRGLILFDFLRQHVGHO YHKÞFXOR  $FHLWHGHODFDMDGHFDPELRV  $FHLWHGHOFDPELRDXWRPÒWLFR    $FHLWHGHOPRWRU  $GLFLäQGHHTXLSRDYHKÞFXORV HTXLSDGRVFRQDLUEDJ  $LUEDJV\SUHWHQVRUHVGH FLQWXURQHV  $LUHDFRQGLFLRQDGR  $MXVWHGHORVDVLHQWRV  $MXVWHGHORVUHSRVDFDEH]DV  $MXVWHGHORVUHWURYLVRUHV  $MXVWHGHOYRODQWH  $MXVWHHOÚFWULFR  $MXVWHPDQXDO  $OLQHDFLäQ\HTXLOLEUDGRGHODV UXHGDV  $OVDOLUGHYLDMH  $QWHQDGHPÒVWLOILMR  $QWLGHVOXPEUDPLHQWRPDQXDO  $UJROODVGHILMDFLäQGHORVDQFODMHV  $UUDQTXHFRQFDEOHV  $UUDQTXHGHOPRWRU  $VLHQWRVGHODQWHURVFDOHIDFWDGRV  $VLVWHQWHGHDUUDQTXHHQ SHQGLHQWHV  $VLVWHQWHGHIUHQDGD 

$YHUÞD  $YLVRVDFëVWLFRV 

% %DWHUÞD  %ORTXHRDXWRPÒWLFR  %ORTXHRPDQXDOGHSXHUWDV  %OXHWRRWKŸ  %RFLQD 

& &DGHQDVSDUDQLHYH  &ÒPDUDUHWURYLVRUD  &DMDGHFDPELRV  &DMDGHIXVLEOHVGHO FRPSDUWLPHQWRGHOPRWRU  &DMDGHIXVLEOHVGHOWDEOHURGH LQVWUXPHQWRV  &DOHIDFFLäQ  &DPELRDXQDPDUFKDPÒVODUJD  &DPELRDXWRPÒWLFR  &DPELRGHOWDPDâRGH QHXPÒWLFRV\OODQWDV  &DPELRGHUXHGDV  &DPELRGHXQQHXPÒWLFR  &DPELRPDQXDO  &DSDFLGDGHV  &DSä  &DWDOL]DGRU 

 &HQWURGHLQIRUPDFLäQGHO FRQGXFWRU  &LHUUHFHQWUDOL]DGR  &LQWXUäQGHVHJXULGDG  &LQWXUäQGHVHJXULGDGGHWUHV SXQWRV  &LQWXURQHVGHVHJXULGDG  &OLPDWL]DFLäQ  &RPEXVWLEOHSDUDPRWRUHVGH JDVROLQD  &RPSDUWLPHQWRGHFDUJD  &RPSUREDFLäQGHOVLVWHPDGH DLUEDJ  &RQPXWDGRUGHODVOXFHV  &RQVXPRGHFRPEXVWLEOH HPLVLRQHVGH&2  &RQWURODXWRPÒWLFRGHODVOXFHV   &RQWUROGHODLOXPLQDFLäQGHO WDEOHURGHLQVWUXPHQWRV  &RQWUROGHOYHKÞFXOR  &RQWUROHOHFWUäQLFRGHHVWDELOLGDG  &RQWUROHOHFWUäQLFRGH HVWDELOLGDGGHVDFWLYDGR  &XELHUWDGHOFRPSDUWLPHQWRGH FDUJD  &XHQWDNLOäPHWURV  &XHQWDUUHYROXFLRQHV  &XLGDGRH[WHULRU  &XLGDGRLQWHULRU 

'

*

'DWRVGHOPRWRU  'HVEORTXHRGHOYHKÞFXOR  'HVLJQDFLRQHVGHORV QHXPÒWLFRV  'LPHQVLRQHVGHOYHKÞFXOR  'LUHFFLäQDVLVWLGD  'LVSRVLWLYRDQWLUURER  'LVSRVLWLYRVDX[LOLDUHV 

*XDQWHUD 

( (OHYDOXQDVHOÚFWULFRV  (OHYDOXQDVPDQXDOHV  (QWUDGDGHDLUH  (VWDFLRQDPLHQWR 

) )DURV  )DURVDQWLQLHEOD  )DURVHPSDâDGRV  )DURVHQYLDMHVDOH[WUDQMHUR  )LOWURGHDLUHGHOPRWRU  )LOWURGHSROHQ  )RUPDFRQYH[D  )UHQRGHHVWDFLRQDPLHQWR  )UHQRGHPDQR  )UHQRV  )XQFLRQDPLHQWRUHJXODUGHODLUH DFRQGLFLRQDGR  )XVLEOHV 

+ +HUUDPLHQWDV 

, ,OXPLQDFLäQGHVDOLGD  ,OXPLQDFLäQH[WHULRU  ,QGLFDGRUGHFRPEXVWLEOH  ,QGLFDGRUGHHVWDGRGHODLUEDJ GHODFRPSDâDQWH  ,QIRUPDFLäQGHVHUYLFLR  ,QIRUPDFLäQJHQHUDO  ,QIRUPDFLäQVREUHODFDUJD  ,QPRYLOL]DFLäQGHOYHKÞFXOR  ,QPRYLOL]DGRU  ,QWHUPLWHQWHV  ,QWHUUXSFLäQGHFRUULHQWH  ,QWURGXFFLäQ 

/ /LPSLDODYDSDUDEULVDV  /ÞTXLGRGHIUHQRV  /ÞTXLGRGHODFDMDGHFDPELRV PDQXDO  /ÞTXLGRGHODGLUHFFLäQDVLVWLGD   /ÞTXLGRGHODYDGR 

 /ÞTXLGRV\OXEULFDQWHV UHFRPHQGDGRV  /ODQWDV\QHXPÒWLFRV  /ODYHV  /XFHVDQWLQLHEOD  /XFHVGHFLUFXODFLäQGLXUQD  /XFHVGHHPHUJHQFLD  /XFHVGHPDUFKDDWUÒV  /XFHVLQWHULRUHV  /XFHVWUDVHUDV  /XQHWDWÚUPLFDWUDVHUD  /X]GHFDUUHWHUD  /X]GHFLUFXODFLäQGLXUQD  /X]GHODPDWUÞFXOD 

0 0DQGRDGLVWDQFLD  0DQGRVHQHOYRODQWH  0DQHMR  0DQHMRGHOYRODQWH  0HQVDMHVGHOYHKÞFXOR 

1 1HXPÒWLFRVGHLQYLHUQR  1LYHOGHFRPEXVWLEOHEDMR  1ëPHURGHLGHQWLILFDFLäQGHO YHKÞFXOR 

2 2UGHQDGRUGHDERUGR 

3 3DODQFDVHOHFWRUD  3DQWDOODGHLQIRUPDFLäQDERUGR  3DQWDOODLQGLFDGRUDGHOFDPELR   3DUDVROHV  3HOLJUR$GYHUWHQFLD\$WHQFLäQ  3HUVRQDOL]DFLäQ  3HUVRQDOL]DFLäQGHOYHKÞFXOR  3HVRVGHOYHKÞFXOR  3ODFDGHFDUDFWHUÞVWLFDV  3ODQHVGHUHYLVLRQHV  3OHJDGR  3RUWDJDIDV  3RUWDREMHWRVHQHOWDEOHURGH LQVWUXPHQWRV  3RUWDYDVRV  3RVLFLäQGHDVLHQWR  3RVLFLRQHVGHODFHUUDGXUDGHO HQFHQGLGR  3UHVLäQGHDFHLWHGHOPRWRU  3UHVLäQGHORVQHXPÒWLFRV  3UHVLRQHVGHORVQHXPÒWLFRV  3UHVWDFLRQHV  3URIXQGLGDGGHOGLEXMR  3URJUDPDHOHFWUäQLFRGH HVWDELOLGDG 

3URWHFFLäQFRQWUDGHVFDUJDGH ODEDWHUÞD  3XHUWDDELHUWD 

5 5DGLR$0)0  5ÒIDJDV  5HDOL]DFLäQGHWUDEDMRV  5HFRJLGDGHYHKÞFXORVXVDGRV  5HFRUGDWRULRGHOFLQWXUäQGH VHJXULGDG  5HIULJHUDQWHGHOPRWRU  5HIULJHUDQWH\DQWLFRQJHODQWH  5HJLVWUDGRUHVGHGDWRV  5HJLVWURGHGDWRVGHOYHKÞFXOR\ SULYDFLGDG  5HJXODGRUGHYHORFLGDG  5HORM  5HPROFDGRGHOYHKÞFXOR  5HSRVDFDEH]DV  5HSRVWDMH  5HSURGXFWRUGH&'  5HVXPHQGHORVHOHPHQWRVGH FRQWURO  5HWURYLVRUHVWÚUPLFRV  5HWURYLVRUH[WHULRUSOHJDEOH  5HYLVLäQGHYHKÞFXORV HTXLSDGRVFRQDLUEDJ  5HYLVLäQXUJHQWHGHOYHKÞFXOR 

 5RGDMHGHXQYHKÞFXORQXHYR  5XHGDGHUHSXHVWR 

6 6DOLGDVGHDLUHILMDV  6DOLGDVGHDLUHUHJXODEOHV  6HJXURVSDUDQLâRV  6HâDOL]DFLäQGHJLURV\FDPELRV GHFDUULO  6HUYLFLR  6HUYLFLRVDGLFLRQDOHV  6LVWHPDDQWLEORTXHRGHIUHQRV   6LVWHPDDQWLEORTXHRGHIUHQRV $%6   6LVWHPDGHDLUEDJV  6LVWHPDGHDLUEDJVGHFRUWLQD  6LVWHPDGHDLUEDJVIURQWDOHV  6LVWHPDGHDLUEDJVODWHUDOHV  6LVWHPDGHDLUEDJVSDUDODV URGLOODV  6LVWHPDGHDODUPDDQWLUURER  6LVWHPDGHFDOHIDFFLäQ\ YHQWLODFLäQ  6LVWHPDGHFDUJD  6LVWHPDGHFRQWUROGHSUHVLäQGH ORVQHXPÒWLFRV  6LVWHPDGHFRQWUROGHWUDFFLäQ   6LVWHPDGHFRQWUROGHWUDFFLäQ GHVDFWLYDGR 

6LVWHPDGHGHWHFFLäQGH RFXSDQWHV  6LVWHPDGHGXUDFLäQGHODFHLWH GHOPRWRU  6LVWHPDGHHVFDSHGHOPRWRU  6LVWHPDGHIUHQRV  6LVWHPDVGHUHWHQFLäQLQIDQWLO  6LVWHPDVGHUHWHQFLäQLQIDQWLO ,62),;  6LVWHPDVOLPSLD\ODYDSDUDEULVDV  6XVWLWXFLäQGHERPELOODV  6XVWLWXFLäQGHODVHVFRELOODV  6XVWLWXFLäQGHSLH]DVGHO VLVWHPDGHDLUEDJVGHVSXÚV GHXQDFROLVLäQ 

7 7DSDFXERV  7HFKRVRODU  7HOÚIRQRPDQRVOLEUHV  7HPSHUDWXUDGHOUHIULJHUDQWHGHO PRWRU  7HUFHUDOX]GHIUHQR  7HVWLJRGHDYHUÞDV  7HVWLJRVGHFRQWURO  7RPDVGHFRUULHQWH  7ULÒQJXORGHDGYHUWHQFLD 

8 8VRGHOSUHVHQWHPDQXDO 

9 9HORFÞPHWUR  9HQWLODFLäQ  9LVWDGHOFRPSDUWLPHQWRGHO PRWRU  9LVWDJHQHUDOGHOWDEOHURGH LQVWUXPHQWRV 

Segunda Sección

&RQWHQLGR

Segunda Sección

,QWURGXFFLäQ   5DGLR   'LVSRVLWLYRVH[WHUQRV   7HOÚIRQR   ¾QGLFHDOIDEÚWLFR  



,QWURGXFFLäQ

,QWURGXFFLäQ ,QIRUPDFLäQJHQHUDO   'LVSRVLWLYRDQWLUURER   5HVXPHQGHORVHOHPHQWRVGH FRQWURO   0DQHMR   3HUVRQDOL]DFLäQ  

,QIRUPDFLäQJHQHUDO (OVLVWHPDGHLQIRHQWUHWHQLPLHQWR SURSRUFLRQDLQIRUPDFLäQ\HQWUHWHQLಢ PLHQWRHQVXYHKÞFXORXVDQGRODWHFಢ QRORJÞDPÒVDYDQ]DGD Acuda a su Distribuidor Autorizado GM para que actualice y mejore el sistema o el software, solo si su radio presenta comportamiento extraño. /DUDGLRSXHGHXVDUVHIÒFLOPHQWHUHಢ JLVWUDQGRKDVWDHPLVRUDVGH)0R $0FRQORVERWRQHVGHSUHVLQWRQÞD aGHODVVLHWHSÒJLQDV

(OVLVWHPDGHLQIRHQWUHWHQLPLHQWR SXHGHUHSURGXFLUORVFRQWHQLGRVGH XQGLVSRVLWLYRGHDOPDFHQDPLHQWR 86%RXQL3RGL3KRQH /DIXQFLäQGHFRQH[LäQGHOWHOÚIRQR %OXHWRRWKSHUPLWHUHFLELUOODPDGDV LQDOÒPEULFDVFRQPDQRVOLEUHV\XVDU XQUHSURGXFWRUGHPëVLFDGHOWHOÚಢ IRQR 7DPELÚQSXHGHFRQHFWDUXQUHSURಢ GXFWRUGHPëVLFDSRUWÒWLODODHQWUDGD DX[LOLDUGHVRQLGR\GLVIUXWDUGHOH[ಢ FHOHQWHVRQLGRGHOVLVWHPDGHLQIRHQಢ WUHWHQLPLHQWR ࿢ /DVHFFLäQ,QIRUPDFLäQJHQHUDO SURSRUFLRQDLQIRUPDFLäQVHQFLOOD GHODVIXQFLRQHVGHOVLVWHPDGHLQಢ IRHQWUHWHQLPLHQWR\XQUHVXPHQGH WRGRVORVGLVSRVLWLYRVGHFRQWURO ࿢ /DVHFFLäQ0DQHMRH[SOLFDORV FRQWUROHVEÒVLFRVGHOVLVWHPDGHLQಢ IRHQWUHWHQLPLHQWR Este manual describe funciones con las que puede o no puede estar equipado su vehículo, bien sea porque se trate de equipos opciona-

les que no fueron adquiridos con el vehículo o debido a cambios posteriores a la impresión de este Manual de Propietario. Consulte la documentación de compra que se refiera a las especificaciones de su vehículo para confirmar cada una de las funciones encontradas en el vehículo.

'LVSRVLWLYRDQWLUURER (OVLVWHPDGHLQIRHQWUHWHQLPLHQWRGLVಢ SRQHGHXQVLVWHPDGHVHJXULGDG HOHFWUäQLFRLQVWDODGRSDUDHYLWDUURಢ ERV (OVLVWHPDGHLQIRHQWUHWHQLPLHQWR VäORIXQFLRQDHQHOYHKÞFXORGRQGHVH LQVWDOäLQLFLDOPHQWH\QRVHSRGUÒ XVDUHQFDVRGHURER

Introducción

7LSR )0$086%L3RG$8; %OXHWRRWK,PDJHQ9ÞGHR (QODFHFRQVPDUWSKRQH 7LSR )0$05'686%L3RG $8;%OXHWRRWK,PDJHQ 9ÞGHR(QODFe con smartphone

1RWD Su vehículo puede estar equipado con uno u otro, así mismo, dependiendo de la región, es posible que la función de enlace con smartphone no esté disponible.  ,QGLFDFLäQ 3DQWDOODGHHVWDGRHLQIRUPDFLäQ GHUHSURGXFFLäQUHFHSFLäQPHQë  %RWRQHVฎ92/ฏ YROXPHQ 3XOVHฎSDUDVXELUHOYROXPHQ 3XOVHฏSDUDEDMDUHOYROXPHQ  %RWäQP HQFHQGLGRDSDJDGR 0DQWHQJDSXOVDGRHVWHERWäQ SDUDHQFHQGHUDSDJDUODXQLGDG  %RWäQ LQLFLR 3XOVHHVWHERWäQSDUDLUDOPHQë GHLQLFLR

3

0DQGRDGLVWDQFLDHQHOYRODQWH

 %RWäQZ OODPDU ဈ 6LQRKD\QLQJëQGLVSRVLWLYR %OXHWRRWKHPSDUHMDGRFRQHO VLVWHPDGHLQIRHQWUHWHQLPLHQWR UHDOL]DODFRQH[LäQFRQHOGLVಢ SRVLWLYR%OXHWRRWK ဈ 6LKD\XQGLVSRVLWLYR%OXHWRRWK HPSDUHMDGRFRQHOVLVWHPDGH LQIRHQWUHWHQLPLHQWRSXOVHHVWH ERWäQSDUDFRQWHVWDUDODOODಢ PDGDRDFFHGHUDOPRGRGHVHಢ OHFFLäQGHUHOODPDGD



,QWURGXFFLäQ

6LHOWHOÚIRQRFRQHFWDGRHV FRPSDWLEOHFRQHOUHFRQRFLಢ PLHQWRGHYR]PDQWHQJDSXOಢ VDGRHOERWäQSDUDDFWLYDUHO PRGRGHUHFRQRFLPLHQWRGHYR] 65 GHOWHOÚIRQR  %RWäQ[Q VLOHQFLRFROJDU 3XOVHHVWHERWäQHQFXDOTXLHU PRGRGHUHSURGXFFLäQGHPëVLFD SDUDDFWLYDU\GHVDFWLYDUODIXQಢ FLäQGHVLOHQFLR 3XOVHHVWHERWäQSDUDUHFKD]DU OODPDGDVHQWUDQWHVRSDUDILQDOLಢ ]DUODOODPDGDDFWXDO  %RWäQ65& 3XOVHHVWHERWäQSDUDFDPELDUOD IXHQWH %RWäQ56 EXVFDU ဈ 6LVHSXOVDHQHOPRGRGH)0 $0UHFLEHODHPLVRUDSUHVLQWRಢ QL]DGDDQWHULRURVLJXLHQWH ဈ 6LVHSXOVDHQHOPRGRGH03 86%UHSURGXFHHODUFKLYRDQಢ WHULRURVLJXLHQWH

ဈ 6LVHSXOVDHQHOPRGRGHL3RG L3KRQHUHSURGXFHODFDQFLäQ DQWHULRURVLJXLHQWH ဈ 6LVHSXOVDHQHOPRGRGHPëಢ VLFD%OXHWRRWKUHSURGXFHOD PëVLFDDQWHULRURVLJXLHQWH ဈ 6LVHPDQWLHQHSXOVDGRHQHO PRGRGH)0$0H[SORUDUÒಢ SLGDPHQWHODVHPLVRUDVPLHQಢ WUDVVHPDQWLHQHSXOVDGRHOERಢ WäQ8QDYH]VROWDGREXVFDDXಢ WRPÒWLFDPHQWHXQDHPLVRUD TXHVHSXHGDUHFLELU ဈ 6LVHPDQWLHQHSXOVDGRHQHO PRGRGH0386%L3RGL3ಢ KRQHH[SORUDUÒSLGDPHQWHKDಢ FLDGHODQWHRKDFLDDWUÒVPLHQಢ WUDVVHPDQWLHQHSXOVDGRHOERಢ WäQ8QDYH]VROWDGRYXHOYHD ODUHSURGXFFLäQQRUPDO  %RWRQHV YROXPHQ 3XOVHHOERWäQ워SDUDVXELUHOYRಢ OXPHQ 3XOVHHOERWäQ웎SDUDEDMDUHOYRಢ OXPHQ

0DQHMR (QFHQGLGRDSDJDGRGHO VLVWHPD ࿢ 0DQWHQJDSXOVDGRHOERWäQPHQHO SDQHOGHPDQGRVSDUDHQFHQGHUOD XQLGDG6HUHSURGXFLUÒODëOWLPD IXHQWHGHDXGLRRYÞGHR ࿢ 0DQWHQJDSXOVDGRHOERWäQPHQHO SDQHOGHPDQGRVSDUDDSDJDUOD XQLGDG6HPXHVWUDQODKRUDODIHಢ FKD\ODWHPSHUDWXUDHQODSDQWDOOD

,QWURGXFFLäQ 1RWD /DWHPSHUDWXUDVHPXHVWUDFXDQGR ODFHUUDGXUDGHOHQFHQGLGR OODYHGHO HQFHQGLGRGHOYHKÞFXOR HVWÒHQOD SRVLFLäQ21

&RQWUROGHYROXPHQ 3XOVHฎ92/ฏHQHOSDQHOGHPDQGRV SDUDDMXVWDUHOYROXPHQ6HPXHVWUD HOYROXPHQGHVRQLGRDFWXDO

1RWD 6LHOXVXDULRPDQWLHQHSXOVDGRHO ERWäQPHQHOSDQHOGHPDQGRV FXDQGRODFHUUDGXUDGHOHQFHQGLGR OODYHGHOHQFHQGLGRGHOYHKÞFXOR HVWÒHQODSRVLFLäQ2))HOVLVWHPD GHLQIRHQWUHWHQLPLHQWRVHHQFLHQGH 6LQHPEDUJRHOVLVWHPDGHLQIRHQಢ WUHWHQLPLHQWRVHDSDJDUÒDXWRPÒWLಢ FDPHQWHDOFDERGHPLQXWRV

PLHQWRVHDMXVWDDXWRPÒWLFDPHQWH HOVLVWHPDGHLQIRHQWUHWHQLPLHQWRDO QLYHOGHYROXPHQLQLFLDOPÒ[LPR

6,/(1&,2 3XOVHฎ92/ฏHQHOSDQHOGHPDQGRV \OXHJRSXOVHSSDUDDFWLYDU\GHVDFಢ WLYDUODIXQFLäQGHVLOHQFLR

(QFHQGLGRDSDJDGR DXWRPÒWLFR &XDQGRODFHUUDGXUDGHOHQFHQGLGR OODYHGHOHQFHQGLGRGHOYHKÞFXOR HVWÒHQODSRVLFLäQ$&&X21HOVLVಢ WHPDGHLQIRHQWUHWHQLPLHQWRVHHQಢ FLHQGHDXWRPÒWLFDPHQWH &XDQGRODFHUUDGXUDGHOHQFHQGLGR OODYHGHOHQFHQGLGRGHOYHKÞFXOR HVWÒHQODSRVLFLäQ2))\HOXVXDULR DEUHODSXHUWDGHOYHKÞFXORHOVLVWHPD GHLQIRHQWUHWHQLPLHQWRVHDSDJDDXಢ WRPÒWLFDPHQWH



࿢ 8VDQGRHOPDQGRDGLVWDQFLDHQHO YRODQWHSXOVHSDUDDMXVWDUHO YROXPHQ ࿢ 6LVHHQFLHQGHHOVLVWHPDGHLQಢ IRHQWUHWHQLPLHQWRHOQLYHOGHYROXಢ PHQYXHOYHDODVHOHFFLäQDQWHULRU VLHPSUHTXHVHDLQIHULRUDOYROXಢ PHQLQLFLDOPÒ[LPR  ࿢ 6LHOQLYHOGHOYROXPHQHVVXSHULRU DOYROXPHQLQLFLDOPÒ[LPRDOHQFHQಢ GHUHOVLVWHPDGHLQIRHQWUHWHQLಢ

&RQWURODXWRPÒWLFRGHOYROXPHQ 8QDYH]DFWLYDGDODFRQILJXUDFLäQGHO YROXPHQGHVRQLGRVHJëQODYHORFLಢ GDGHOYROXPHQVHUHJXODUÒDXWRPÒಢ WLFDPHQWHVHJëQODYHORFLGDGGHOYHಢ KÞFXORSDUDFRPSHQVDUHOUXLGRGHO PRWRU\ORVQHXPÒWLFRV



,QWURGXFFLäQ

 3XOVHHQHOSDQHOGHPDQGRV  3XOVHDMXVWHV!DMXVWHVGHOD UDGLR!YROXPHQDXWRPÒWLFR

 6HOHFFLRQH'HVDFWLYDGR%DMR 0HGLR$OWRSXOVDQGRR!

8VRGHOPHQëGHLQLFLR  3XOVHHQHOSDQHOGHPDQGRV

6HOHFFLäQGHIXQFLRQHV

6äORSDUDHOPRGHORGHWLSR

 3XOVHHOPHQëGHVHDGR ဈ 3XOVHDXGLRSDUDVHOHFFLRQDUOD UHSURGXFFLäQGH)0$086% L3RGPëVLFD%OXHWRRWKRODHQಢ WUDGDDX[LOLDU $8; GHVRQLGR ဈ 3XOVHIRWRV\YÞGHRVSDUDYHU IRWRVYÞGHRVRODHQWUDGDDX[Lಢ OLDU $8; GHYÞGHR 6äORSDUDHOPRGHORGHWLSR

ဈ 3XOVHWHOÚIRQRSDUDDFWLYDUODV IXQFLRQHVGHOWHOÚIRQR VLHVWÒ FRQHFWDGR  ဈ 3XOVHHQODFHFRQVPDUWSKRQH SDUDDFWLYDUXQDDSOLFDFLäQD WUDYÚVGHXQVPDUWSKRQHFRಢ QHFWDGR'HSHQGLHQGRGHODUHಢ JLäQHVSRVLEOHTXHHVWDIXQಢ FLäQQRVHDFRPSDWLEOH/DDSOLಢ FDFLäQGHVRSRUWHSXHGHYDULDU GHSHQGLHQGRGHODUHJLäQ ဈ 3XOVHDMXVWHVSDUDDEULUHO PHQëGHDMXVWHVGHOVLVWHPD

$XGLR  3XOVHHQHOSDQHOGHPDQGRV  3XOVHDXGLRHQHOPHQëGHLQLFLR 3XOVH)XHQWH6HQODSDQWDOOD

,QWURGXFFLäQ 1RWD 3XOVHTSDUDYROYHUDOPHQëGHLQLಢ FLR 6LODIXHQWHGHUHSURGXFFLäQ 86% A8;%OXHWRRWK QRHVWÒ conectada al sistema de infoentretenimiento, esta función no estará disponible.

ဈ 3XOVH$0SDUDVHOHFFLRQDUOD UDGLRGH$0 ဈ 3XOVH)0SDUDVHOHFFLRQDUOD UDGLRGH)0 ဈ 3XOVH86%SDUDVHOHFFLRQDU 86% ဈ 3XOVH$8;SDUDVHOHFFLRQDUOD HQWUDGDDX[LOLDU $8; GHVRಢ QLGR ဈ 3XOVH%OXHWRRWKSDUDUHSURGXFLU PëVLFD%OXHWRRWK

)RWRV\YÞGHRV  3XOVHHQHOSDQHOGHPDQGRV  3XOVHIRWRV\YÞGHRVHQHOPHQë GHLQLFLR  3XOVH)XHQWH6HQODSDQWDOOD



ဈ 3XOVH86% IRWRV SDUDYHUDUಢ FKLYRVGHLPDJHQJXDUGDGRVHQ HOGLVSRVLWLYRGHDOPDFHQDಢ PLHQWR86% ဈ 3XOVH86% YÞGHRV SDUDYHUDUಢ FKLYRVGHYÞGHRJXDUGDGRVHQ HOGLVSRVLWLYRGHDOPDFHQDಢ PLHQWR86% ဈ 3XOVH$8; YÞGHRV SDUDYHUDUಢ FKLYRVGHYÞGHRFRQHFWDGRVDO GLVSRVLWLYRDX[LOLDU $8; GHYÞಢ GHR 1RWD 3XOVHTSDUDYROYHUDOPHQëGHLQLಢ FLR 6LODIXHQWHGHUHSURGXFFLäQ>86% IRWRV 86% YÞGHRV $8; YÞGHRV @QRHVWÒFRQHFWDGDDOVLVಢ WHPDGHLQIRHQWUHWHQLPLHQWRHVWD IXQFLäQQRHVWDUÒGLVSRQLEOH 7HOÚIRQRPDQRVOLEUHV%OXHWRRWK 3DUDXWLOL]DUODIXQFLäQGHPDQRVOLಢ EUHV%OXHWRRWKFRQHFWHHOWHOÚIRQR %OXHWRRWKDOVLVWHPDGHLQIRHQWUHWHQLಢ PLHQWR  3XOVHHQHOSDQHOGHPDQGRV



,QWURGXFFLäQ

 3XOVHWHOÚIRQRHQHOPHQëGHLQLಢ FLR

1RWD 3XOVHTSDUDYROYHUDOPHQëGHLQLಢ FLR 6LVXWHOÚIRQR%OXHWRRWKQRHVWÒFRಢ QHFWDGRDOVLVWHPDGHLQIRHQWUHWHQLಢ PLHQWRHVWDIXQFLäQQRHVWDUÒGLVಢ SRQLEOH3DUDPÒVGHWDOOHVFRQVXOWH ODVHFFLäQ(PSDUHMDU\FRQHFWDU GLVSRVLWLYRV%OXHWRRWK 

(QODFHFRQVPDUWSKRQH 1RWD 'HSHQGLHQGRGHODUHJLäQHVSRVLಢ EOHTXHHVWDIXQFLäQQRVHDFRPSDಢ WLEOH Esta función podrá no estar disponible en cualquier momento, debido a factores muy diversos, fuera del control de General Motors, incluyendo pero no limitado a condiciones meteorológicas, fallas en la red satelital, fallas en el vehículo, condiciones topográficas, ubicación del vehículo, etc. ,QVWDOHODDSOLFDFLäQHQVXVPDUWSಢ KRQHSDUDXWLOL]DUHVWDIXQFLäQ\OXHJR FRQHFWHVXVPDUWSKRQH\HOVLVWHPD GHLQIRHQWUHWHQLPLHQWRPHGLDQWHHO SXHUWR86%RODWHFQRORJÞDLQDOÒPಢ EULFD%OXHWRRWK ࿢ L3KRQHFRQH[LäQ86% ࿢ 7HOÚIRQR$QGURLGWHFQRORJÞDLQDಢ OÒPEULFD%OXHWRRWK  3XOVHHQHOSDQHOGHPDQGRV  3XOVHHQODFHFRQVPDUWSKRQHHQ HOPHQëGHLQLFLR

1RWD 3XOVHTSDUDYROYHUDOPHQëGHLQLಢ FLR $MXVWHV  3XOVHHQHOSDQHOGHPDQGRV  3XOVHDMXVWHVHQHOPHQëGHLQLಢ FLR

,QWURGXFFLäQ



 3XOVHDMXVWHV

3HUVRQDOL]DFLäQ

 6HOHFFLRQHHODMXVWHGHVHDGR

)XQFLRQDPLHQWRJHQHUDOGHO PHQëGHDMXVWHV

1RWD /RVPHQëVGHFRQILJXUDFLäQ\ODV IXQFLRQHVGLVSRQLEOHVSXHGHQYDULDU VHJëQODVRSFLRQHVGHVXYHKÞFXOR

(OVLVWHPDGHLQIRHQWUHWHQLPLHQWRVH SXHGHSHUVRQDOL]DUSDUDIDFLOLWDUVX XVR  3XOVHHQHOSDQHOGHPDQGRV

$MXVWHVGHKRUD\IHFKD  3XOVHHQHOSDQHOGHPDQGRV  3XOVHDMXVWHV!DMXVWHVGHKRUD\ IHFKD

ဈ DMXVWHHOIRUPDWRGHKRUD6Hಢ OHFFLRQHHOIRUPDWRGHKR K ဈ DMXVWHHOIRUPDWRGHIHFKD&RQಢ ILJXUHHOIRUPDWRGHIHFKD >$$$$00''@ >''00$$$$@ >00''$$$$@



,QWURGXFFLäQ ဈ DMXVWHKRUD\IHFKD$MXVWHPDಢ QXDOPHQWHODVKRUDV\ORVPLQXಢ WRVDFWXDOHVDVÞFRPRHODâRHO PHV\HOGÞDSXOVDQGRฎ\ฏ OXHJRSXOVH2. ဈ VLQFURQL]DFLäQDXWRPÒWLFDGHO UHORM3XOVH$FWLYDGRSDUDPRVಢ WUDUHOUHORMXVDQGRODKRUD\ IHFKD5'6 3XOVH'HVDFWLYDGRSDUD PRVWUDUHOUHORMXVDQGRODKRUD \IHFKD*36

1RWD $MXVWHSULPHURODKRUDSDUDPRVWUDU ODKRUDFRQILJXUDGDSRUHOXVXDULR

$MXVWHVGHODUDGLR  3XOVHHQHOSDQHOGHPDQGRV  3XOVHDMXVWHV!DMXVWHVGHOD UDGLR

ဈ YROXPHQDXWRPÒWLFR5HJXOD DXWRPÒWLFDPHQWHHOYROXPHQ VHJëQODYHORFLGDGGHOYHKÞFXOR 6HOHFFLRQH'HVDFWLYDGR%DMR 0HGLR$OWR ဈ EDUUDGHVLQWRQL]DFLäQGHOD UDGLR3DUDYHUODEDUUDGHVLQಢ WRQL]DFLäQGHODUDGLRSDUDVHಢ OHFFLRQDUXQDHPLVRUDVHOHFಢ FLRQH$FWLYDGRR'HVDFWLYDGR ဈ RSFLäQ5'6 VäORSDUDHOPRಢ GHORGHWLSR $EUHHOPHQëGH RSFLRQHV5'6(OPHQëGH RSFLRQHV5'6VäORVHPXHVWUD HQDOJXQRVSDÞVHVGRQGHVHDGಢ PLWHGLFha función y es el siguiente.

7$6HOHFFLRQH$FWLYDGRR 'HVDFWLYDGR 9ROXPHQ736HOHFFLRQHHQWUH G%\G% UDGLRWH[WR3DUDYHUUDGLRಢ WH[WRVHOHFFLRQH$FWLYDGRR 'HVDFWLYDGR UHJLRQDO$MXVWHODRSFLäQ UHJLRQDO 5(* $FWLYDGRR 'HVDFWLYDGR 5'6$MXVWHODIXQFLäQ5'6D $FWLYDGRR'HVDFWLYDGR EORTXHRGHGHVSOD]DPLHQWR GH3616HOHFFLRQH$FWLYDGRR 'HVDFWLYDGR ဈ DMXVWHVGHIÒEULFDGHODUDGLR 3DUDUHVWDEOHFHUORVYDORUHVGH FRQILJXUDFLäQLQLFLDODORVDMXVಢ WHVSUHGHWHUPLQDGRVGHIÒEULFD

$MXVWHVGHFRQH[LäQ  3XOVHHQHOSDQHOGHPDQGRV  3XOVHDMXVWHV!DMXVWHVGH FRQH[LäQ

,QWURGXFFLäQ ဈ FDPELDUHOWRQRGHOODPDGD6Hಢ OHFFLRQHHOWRQRGHOODPDGDGHಢ VHado al recibir una llamada. ဈ YROXPHQGHOWRQRGHOODPDGD &DPELHHOYROXPHQGHOWRQRGH OODPDGD

/HQJXDMH

ဈ DMXVWHVGH%OXHWRRWK$EUHHO PHQëGHDMXVWHVEOXHWRRWK HPSDUHMDUGLVSRVLWLYR6HOHFಢ FLRQHHOGLVSRVLWLYRGHVHDGR SDUDFRQHFWDUORGHVFRQHFWDUOR RHOLPLQDUOR FDPELDUFäGLJR3,1&DPELHR FRQILJXUHPDQXDOPHQWHHOFäಢ GLJR3,1 GHWHFWDEOH3DUDHVWDEOHFHUOD FRQH[LäQ%OXHWRRWKGHVGHVX WHOÚIRQR%OXHWRRWKVHOHFFLRQH $FWLYDGRR'HVDFWLYDGR LQIRUPDFLäQGHOGLVSRVLWLYR &RPSUXHEHODLQIRUPDFLäQGHO GLVSRVLWLYR



'HVSOD]DPLHQWRGHWH[WR    

3XOVHHQHOSDQHOGHPDQGRV 3XOVHDMXVWHV 3XOVH6 6HOHFFLRQH$FWLYDGRR 'HVDFWLYDGR

 3XOVHHQHOSDQHOGHPDQGRV  3XOVHDMXVWHV!LGLRPD  6HOHFFLRQHXQLGLRPDPRVWUDGR HQHOVLVWHPDGHLQIRHQWUHWHQLಢ PLHQWR

ဈ $FWLYDGR6LVHPXHVWUDXQ WH[WRODUJRHQODSDQWDOODGHDXಢ GLRHOWH[WRVHGHVSOD]D ဈ 'HVDFWLYDGR(OWH[WRVHGHVಢ SOD]DXQDYH]\VHPXHVWUDHQ IRUPDWUXQFDGD



,QWURGXFFLäQ

Tono de aviso al pulsar    

3XOVHHQHOSDQHOGHPDQGRV 3XOVHDMXVWHV 3XOVH6 6HOHFFLRQH$FWLYDGRR 'HVDFWLYDGR

ဈ $FWLYDGRSe emite un tono de aviso cuando el usuario pulsa sobre la pantalla. ဈ 'HVDFWLYDGRCancela la función del tono de aviso.

9ROXPHQLQLFLDOPÒ[LPR (OQLYHOGHYROXPHQHPLWLGRDOHQFHQಢ GHUHOVLVWHPDGHLQIRHQWUHWHQLPLHQWR HVWÒGHWHUPLQDGRSRUHOYDORUGHOYRಢ OXPHQDMXVWDGRSRUHOXVXDULR $QWHVGHGHVFRQHFWDUHOHQFHQGLGR HODMXVWHGHOVLVWHPDGHLQIRHQWUHWHಢ QLPLHQWRVäORVHPRGLILFDUÒVLHOYRಢ OXPHQDMXVWDGRSRUHOXVXDULRHVVXಢ SHULRUDOYDORUGHDMXVWHGHOYROXPHQ LQLFLDOPÒ[LPR  3XOVHHQHOSDQHOGHPDQGRV  3XOVHDMXVWHV  3XOVH6  6HOHFFLRQHa

9HUVLäQGHOVLVWHPD     

3XOVHHQHOSDQHOGHPDQGRV 3XOVHDMXVWHV 3XOVH6 6HOHFFLRQHYHUVLäQGHOVLVWHPD &RPSUXHEHODYHUVLäQGHOVLVಢ WHPa del radio.

'LY; 5 92'    

3XOVHHQHOSDQHOGHPDQGRV 3XOVHDMXVWHV 3XOVH6 6HOHFFLRQH'LY; 5 92'

,QWURGXFFLäQ OLFHODVHFFLäQ'LY;92'HQHOPHQë GHFRQILJXUDFLäQGHOGLVSRVLWLYR9Lಢ VLWHYRGGLY[FRPSDUDREWHQHUPÒV LQIRUPDFLäQVREUHFäPRFRPSOHWDUVX UHJLVWUR

$FHUFDGHOYÞGHR'LY;'LY;ŸHVXQ IRUPDWRGHYÞGHRGLJLWDOFUHDGRSRU 'LY;//&XQDILOLDOGH5RYL&RUSRಢ UDWLRQ(VWHGLVSRVLWLYRFXHQWDFRQOD FHUWLILFDFLäQRILFLDO 'LY;&HUWLILHGŸ \ UHSURGXFHYÞGHR'LY;9LVLWH GLY[FRPSDUDREWHQHUPÒVLQIRUPDಢ FLäQ\KHUUDPLHQWDVGHVRIWZDUHSDUD FRQYHUWLUVXVDUFKLYRVHQYÞGHRV 'LY; $FHUFDGH'LY;YLGHRRQGHPDQG (VWHGLVSRVLWLYR'LY;&HUWLILHGŸGHEH UHJLVWUDUVHSDUDSRGHUUHSURGXFLUYÞಢ GHRVGH'LY;9LGHRRQ'HPDQG 92' DOTXLODGRVRFRPSUDGRV3DUD REWHQHUVXFäGLJRGHUHJLVWURORFDಢ





5DGLR

5DGLR 5DGLR$0)0   $QWHQDGHPÒVWLOILMR   $QWHQDPXOWLEDQGD   (si esta equipado)

5DGLR$0)0 7LSR )0$086%L3RG$8; %OXHWRRWK,PDJHQ9ÞGHR (QODFHFRQVPDUWSKRQH 7LSR )0$05'686%L3RG $8;%OXHWRRWK,PDJHQ 9ÞGHR(QODFHFRQVPDUWSಢ KRQH 1RWD Su vehículo puede estar equipado con uno u otro, dependiendo de la región, es posible que la función de enlace con smartphone no esté disponible.

(VFXFKDUODUDGLRGH)0$0  3XOVHHQHOSDQHOGHPDQGRV  3XOVHDXGLRHQHOPHQëGHLQLFLR  3XOVH)XHQWH6HQODSDQWDOOD

 3XOVH)0R$0HQODSDQWDOOD6H PXHVWUDODEDQGDGHUDGLRGH)0 R$0GHODëOWLPDHPLVRUDHVFXಢ FKDGD

5DGLR 1RWD 3XOVHTSDUDYROYHUDOPHQëGHLQLಢ FLR

%XVFDUHPLVRUDVXVDQGRORV ERWRQHVGHSUHVLQWRQÞD

1RWD /DIXQFLäQ5'6 5DGLR'DWD 6\VWHP VäORHVWÒGLVSRQLEOHHQDOಢ JXQRVSDÞVHVTXHDGPLWHQGLFKD IXQFLäQ

*XDUGDUORVERWRQHVGHSUHVLQWRQÞD  6HOHFFLRQHODEDQGD )0R$0 HQODTXHGHVHDJXDUGDUXQDHPLಢ VRUD  6HOHFFLRQHODHPLVRUDGHVHDGD  3XOVHR!SDUDVHOHFFLRQDUOD SÒJLQDGHVHDGDGHORVIDYRULWRV JXDUGDGRV

%XVFDUHPLVRUDV DXWRPÒWLFDPHQWH ࿢ 3XOVHW6((.YSDUDEXVFDUDXಢ WRPÒWLFDPHQWHHPLVRUDVGLVSRQLಢ EOHVFRQEXHQDUHFHSFLäQ ࿢ 3XOVH\DUUDVWUHKDFLDODL]TXLHUGD RODGHUHFKDGHODHPLVRUDGHUDGLR SDUDEXVFDUDXWRPÒWLFDPHQWHXQD HPLVRUDGLVSRQLEOHFRQEXHQDUHಢ FHSFLäQ

ဈ 6HSXHGHQJXDUGDUKDVWDSÒಢ JLQDVGHIDYRULWRV\FDGDSÒಢ JLQDSXHGHFRQWHQHUKDVWD FLQFRHPLVRUDVGHUDGLR ဈ 3DUDFDPELDUXQDSUHVLQWRQÞD VLPSOHPHQWHWLHQHTXHVLQWRQLಢ ]DUODQXHYDHPLVRUDGHUDGLR GHVHDGD\PDQWHQHUSXOVDGRHO ERWäQ (VFXFKDUGLUHFWDPHQWHODVHPLVRUDV SUHVLQWRQL]DGDV  3XOVHUHSHWLGDPHQWHR!SDUD VHOHFFLRQDUODSÒJLQD)$9 IDYRಢ ULWRV GHVHDGD  3XOVHXQERWäQGHSUHVLQWRQÞD SDUDHVFXFKDUGLUHFWDPHQWHOD HPLVRUDGHUDGLRJXDUGDGDHQGLಢ FKRERWäQ

$XWRVWRUH

%XVFDUHPLVRUDVPDQXDOPHQWH 3XOVHUHSHWLGDPHQWHN781(O SDUDHQFRQWUDUPDQXDOPHQWHODHPLಢ VRUDGHVHDGD



 0DQWHQJDSXOVDGRXQRGHORVERಢ WRQHVGHSUHVLQWRQÞDSDUDJXDUGDU ODHPLVRUDGHUDGLRDFWXDOHQGLಢ FKRERWäQGHODSÒJLQDGHIDYRULಢ WRVVHOHFFLRQDGD

/DVHPLVRUDVFRQODPHMRUFDOLGDGGH UHFHSFLäQVHJXDUGDQDXWRPÒWLFDಢ PHQWHFRPRHPLVRUDVGHUDGLRHQHO RUGHQFRUUHVSRQGLHQWH  6HOHFFLRQHODEDQGDGHVHDGD )0R$0 



5DGLR

 3XOVH$6

1RWD 3DUDDFWXDOL]DUODPHPRUL]DFLäQDXಢ WRPÒWLFDGH)0$0PDQWHQJDSXOಢ VDGR$6 6LHOXVXDULRSXOVD$6HQODSDQWDOOD GHUDGLRGH)0$0\QRKD\QLQಢ JXQDHPLVRUDPHPRUL]DGDVHDFಢ WXDOL]DUÒODPHPRUL]DFLäQDXWRPÒಢ WLFDGH)0$0

9HULQIRUPDFLäQGHODHPLVRUD 3XOVHODHPLVRUDHQODSDQWDOODGHUDಢ GLR)0$0  3XOVHUHSHWLGDPHQWHR!SDUD VHOHFFLRQDUODSÒJLQD$6 PHPRಢ UL]DFLäQDXWRPÒWLFD GHVHDGD  3XOVHXQERWäQGHSUHVLQWRQÞD SDUDHVFXFKDUGLUHFWDPHQWHOD HPLVRUDGHUDGLRJXDUGDGDHQGLಢ FKRERWäQ

/DLQIRUPDFLäQPRVWUDGDLQFOX\HOD IUHFXHQFLDHOFäGLJR37