*($SSOLDQFHVFRP
02'2)5,2&22/
&RQWUROUHPRWR
3UHVLRQHHOERWyQ
&22/IUtR
$SSX\H]VXUOHVWRXFKHV
/2:EDMR
RX
+,*+
DOWR
SRXUUpJOHUODYLWHVVHGHYHQWLODWHXUYRXOXH
$SSX\H]VXUOHVWRXFKHV
$80(17$55('8&,5²
SRXUUpJOHUODWHPSpUDWXUHYRXOXHHQWUH)
&D)&HQLQFUHPHQWRVGH)&
3DQHOGHFRQWURO
&RQILJXUHODWHPSHUDWXUDFXDQGRVHHQFXHQWUH
HQPRGRGH
&22/
R
+($7FDORU
3UHVLRQHODWHFOD
)$1YHQWLODGRU
KDVWDTXH
ODOX]LQGLFDGRUDGH
+,*+
R
/2:
VHHQFLHQGD
HQODYHORFLGDGGHOYHQWLODGRUGHVHDGD
3UHVLRQHORVERWRQHV
$80(17$55('8&,5²
SDUDDMXVWDUODWHPSHUDWXUDGHVHDGD)&D
)&HQLQFUHPHQWRVGH)&
6HXVDXQWHUPRVWDWRSDUDPDQWHQHUOD
WHPSHUDWXUDGHODKDELWDFLyQ(OFRPSUHVRUKDUi
FLFORHQWUHDSDJDGR\HQFHQGLGRSDUDPDQWHQHU
ODKDELWDFLyQDODWHPSHUDWXUDGHVHDGD
$MXVWHHOWHUPRVWDWRDXQQ~PHURPHQRU\HODLUH
LQWHUQRVHHQIULDUiPiV6LORDMXVWDDXQQ~PHUR
PD\RUODWHPSHUDWXUDGHODLUHLQWHUQRVHFDOHQWDUi
PiV
127$
6LHODFRQGLFLRQDGRUGHDLUHHVWiDSDJDGR
\OXHJRVHHQFLHQGHPLHQWUDVHVWiHQ&22/
WRPDUiDSUR[LPDGDPHQWHPLQXWRVSDUDTXHHO
FRPSUHVRUFRPLHQFHDHQIULDURWUDYH]
'HVFULSFLRQHVGHHQIULDPLHQWR
3DUDHQIULDPLHQWRQRUPDO
³6HOHFFLRQHHOPRGR
GHYHQWLODGRU
&22/
\
+,*+
R
0('PHGLR
FRQXQD
WHPSHUDWXUDGHDMXVWHPHGLD
3DUDHQIULDPLHQWRPi[LPR
³6HOHFFLRQHHOPRGR
GHYHQWLODGRU
&22/
\
+,*+
FRQXQDWHPSHUDWXUD
GHDMXVWHPHQRU
3DUDHQIULDPLHQWRVLOHQFLRVR\HQIULDPLHQWR
QRFWXUQR
³6HOHFFLRQHHOPRGRGHYHQWLODGRU
&22/
\
/2:
FRQXQDWHPSHUDWXUDGHDMXVWHPHGLD
127$+DEUiXQUHWUDVRGHPLQXWRVHQWUHORV
FDPELRVGHFRQILJXUDFLyQWDOHVFRPRGH&22/
D2))\GHQXHYRD&22/
02'29(17,/$'25)$1
8VHHO
)$1
SDUDKDFHUTXHFLUFXOHHODLUH\ILOWURVLQ
HQIULDURFDOHQWDU'HELGRDTXHODVFRQILJXUDFLRQHV
VyORGHYHQWLODFLyQQREULQGDQIUtRRFDORUQR
DSDUHFHUiXQDFRQILJXUDFLyQGHWHPSHUDWXUD
&RQWUROUHPRWR
3UHVLRQHHOERWyQ
)$1
3UHVLRQHORVERWRQHV
/2:
R
+,*+
SDUDHVWDEOHFHUODYHORFLGDGGHVHDGDGHO
YHQWLODGRU
3DQHOGHFRQWURO
3UHVLRQHHOERWyQ
02'(
KDVWDTXHODOX]LQGLFDGRUD
GHOYHQWLODGRU
)$1
VHLOXPLQH\ODOX]LQGLFDGRUD
/2:
R
+,*+
VHLOXPLQHSDUDODYHORFLGDGGHO
YHQWLODGRUGHVHDGD
02'2'(&$/25+($7
&RQWUROUHPRWR
3UHVLRQHODWHFOD
+($7
3UHVLRQHODVWHFODV
/2:
R
+,*+
SDUDFRQILJXUDU
ODYHORFLGDGGHOYHQWLODGRUGHVHDGD
3UHVLRQHODVWHFODV
$80(17$55('8&,5²
SDUDFRQILJXUDUODWHPSHUDWXUDGHVHDGDHQWUH
)&D)&HQLQFUHPHQWRV
GH)&
3DQHOGHFRQWURO
3UHVLRQHODWHFOD
02'(
KDVWDTXHODOX]
LQGLFDGRUDGH
+($7
VHHQFLHQGD
3UHVLRQHODWHFOD
)$1
KDVWDTXHODOX]LQGLFDGRUD
GH
+,*+R/2:
VHHQFLHQGDGHDFXHUGR
DODYHORFLGDGGHOYHQWLODGRUGHVHDGD
3UHVLRQHODVWHFODV
$80(17$55('8&,5²
SDUDFRQILJXUDUODWHPSHUDWXUDGHVHDGDHQWUH
)&D)&HQLQFUHPHQWRV
GH)&
6HXWLOL]DXQWHUPRVWDWRSDUDPDQWHQHUODWHPSHUDWXUD
GHODPELHQWH(OFDOHQWDGRUUHDOL]DUiHOFLFORGH
HQFHQGLGR\DSDJDGRSDUDPDQWHQHUODKDELWDFLyQHQHO
QLYHOGHFRQIRUWFRQILJXUDGR$MXVWHHOWHUPRVWDWRHQXQ
Q~PHURPiVDOWR\HODLUHLQWHULRUFRPHQ]DUiDVHUPiV
FiOLGR
&RQILJXUHHOWHUPRVWDWRHQXQQ~PHURVXSHULRU
\HODLUHLQWHULRUVHUiPiVFDOLHQWH
&RQILJXUHHO
WHUPRVWDWRHQXQQ~PHURLQIHULRU\HODLUHLQWHULRU
VHUiPiVIUtR
127$
6LHODFRQGLFLRQDGRUGHDLUHHVWiDSDJDGR\OXHJR
HVHQFHQGLGRHQODFRQILJXUDFLyQ
+($7&DORU
SDVDUi
DSUR[LPDGDPHQWHPLQXWRKDVWDTXHHOFDOHQWDGRUVH
LQLFLH\FRPLHQFHDFDOHQWDU
'HVFULSFLRQHVGHFDOHIDFFLyQ
3DUD&DOHIDFFLyQ1RUPDO
³6HOHFFLRQHHOPRGR
+HDW\HOYHQWLODGRUHQ
+,*+
FRQXQDFRQILJXUDFLyQ
GHWHPSHUDWXUDPHGLD
3DUDXQD0i[LPD&DOHIDFFLyQ
³6HOHFFLRQH
HOPRGR
+($7
\HOYHQWLODGRUHQ
+,*+
FRQXQD
FRQILJXUDFLyQGHWHPSHUDWXUDVXSHULRU
3DUDXQD&DOHIDFFLyQ0iV6XDYH\1RFWXUQD
³
6HOHFFLRQHHOPRGR
+($7
\HOYHQWLODGRUHQ
/2:
FRQXQDFRQILJXUDFLyQGHWHPSHUDWXUDPHGLD