&Ï02,167$/$5/26*$%,1(7(6
(1/$3$57(683(5,25'(/$
(678)$FRQW
6LORVJDELQHWHVVHLQVWDODQHQODSDUWHVXSHULRUGHOD
HVWXIDGHMHXQDGLVWDQFLDPtQLPDGHµFP
HQWUHODVXSHUILFLHSDUDFRFLQDU\ODSDUWHGHDEDMR
GHOJDELQHWH
6HGHEHLQVWDODUXQPDWHULDOQRFRPEXVWLEOHHQOD
SDUWHGHDEDMRGHOJDELQHWH8WLOLFHXQWDEOHURGH
PDGHUDUHWDUGDQWHDODVOODPDVSRUORPHQRVGH
µPPGHDQFKRRXQDOiPLQDGH\HVRSRU
ORPHQRVGHµPPUHFXELHUWDFRQXQD
KRMDGHDFHURGHFDOLEUHRGHFREUHGHµ
PPGHDQFKR/DSURIXQGLGDGPi[LPDGHORV
JDELQHWHVHQODSDUWHVXSHULRUGHODHVWXIDHVGH
µFP
(;&(3&,Ï1
/DLQVWDODFLyQGHXQKRUQRGH
PLFURRQGDVRGHRWURDSDUDWRSDUDFRFLQDUVREUH
ODHVWXIDGHEHHVWDUHQFRQIRUPLGDGFRQODV
LQVWUXFFLRQHVGHLQVWDODFLyQTXHHVWpQLQFOXLGDVHQ
HODSDUDWR
/DViUHDVGHWUDEDMRDG\DFHQWHVDODHVWXID
GHEHUiQWHQHUXQDGLVWDQFLDPtQLPDGHµ
FPHQWUHODHQFLPHUD\ODSDUWHGHDEDMRGHORV
JDELQHWHV6LODGLVWDQFLDHVPHQRUGHµ
FPORVJDELQHWHVDG\DFHQWHVGHEHUiQHVWDUSRUOR
PHQRVDµFPGHORVODGRVGHODHVWXID
,QVWUXFFLRQHVGHLQVWDODFLyQ
(63$&,20Ë1,025(48(5,'2
&XDQGRLQVWDOHXQDHVWXIDGHGREOHXQLGDGGHWLUR
HQFRPELQDFLyQFRQRWUDHVWXIDGHWLURFRQVHUYH
HQWUHODVXQLGDGHVHOHVSDFLRPtQLPRTXHVH
PXHVWUD,QVWDODUODVGHPDVLDGRFHUFDDIHFWDUiVX
IXQFLRQDPLHQWR
&Ï02,167$/$5/26*$%,1(7(6
(1/$3$57(683(5,25'(/$
(678)$
6LHVSRVLEOHHYLWHFRORFDUJDELQHWHVVREUHODXQLGDGGH
ODHVWXIDSDUDUHGXFLUDVtORVSHOLJURVTXHVHRULJLQDQ
FXDQGRKD\TXHWRPDUDOJRTXHHVWpHQXQJDELQHWH
SDVDQGRHOEUD]RVREUHODVXQLGDGHVGHODVXSHUILFLH
TXHHVWiQFDOLHQWHV
µ
FP
µPtQ
FP
µ
FP
FP
µ
FP
µPtQGHVGHOD
SDUHGFP
µPtQGHVGHOD
SDUHGFP
µ
FP
ø
µ
FP
35(3$5$&,Ï1
µ