&yPRFRQILJXUDU
HOKRUQR
SDUD
KRUQHDUR
DVDU
3UHVLRQH
HOERWyQ
%DNH
3UHVLRQH
ORV
ERWRQHV
QXPpULFRVSDUD
HVWDEOHFHUOD
WHPSHUDWXUD
GHVHDGD
3UHVLRQH
HOERWyQ
6WDUW
5HYLVH
ORV
DOLPHQWRVSDUD
HOSXQWR
GH
FRFFLyQDO
PtQLPRWLHPSR
HQ
ODUHFHWD
&RFLQHGXUDQWH
PiVWLHPSR
VLHV
QHFHVDULR
3UHVLRQH
HOERWyQ
&OHDU2II
FXDQGR
HVWp
FRPSOHWDOD
FRFFLyQ
127$
(V
SRVLEOH
TXHVH
HQFLHQGD
DXWRPiWLFDPHQWHXQ
YHQWLODGRU
GHHQIULDPLHQWR
SDUDUHIULJHUDU
ODV
SDUWHVLQWHUQDV
(VWRHV
QRUPDO
\HO
YHQWLODGRU
SXHGHFRQWLQXDU
DQGDQGRLQFOXVR
GHVSXpVGH
DSDJDUHO
KRUQR
ZZZ*($SSOLDQFHVFD
3UHFDOHQWDPLHQWR
\
8ELFDFLyQ
GHOD
&DFHUROD
3UHFDOLHQWHHO
KRUQRVL
ODUHFHWD
DVtOR
LQGLFD(O
SUHFDOHQWDPLHQWRHV
QHFHVDULRSDUD
REWHQHU
EXHQRVUHVXOWDGRV
FXDQGRKRUQHH
WRUWDV
GXOFHVSDVWHOLWRV
\SDQHV
3DUDSUHFDOHQWDU
FRQILJXUHHO
KRUQR
DOD
WHPSHUDWXUDFRUUHFWD
(OFRQWURO
SLWDUi
FXDQGRHO
KRUQRHVWp
SUHFDOHQWDGR
\OD
SDQWDOODP
RVWUDUi
VXWHPSHUDWXUD
FRQILJXUDGD(VWR
SXHGH
WRPDU
DSUR[LPDGDPHQWH
PLQXWRV
/RVUHVXOWDGRV
DOKRUQHDU
\DVDU
VHUiQ
PHMRUHVVL
HOHVWDQWH
HV
FRORFDGRGH
PRGR
TXHOD
FRPLGDHVWp
FHQWUDGD
HQOD
FDYLGDGGHO
KRUQRWDQWR
FRPR
VHDSRVLEOH
(OEL]FRFKXHOR
HVXQD
H[FHSFLyQ\
VHGHEH
FRORFDUHQ
HO
HVWDQWHLQIHULRU
GHO
KRUQR
(VWDQWH$
6LJD
ODV
LQVWUXFFLRQHVGHO
SDTXHWHDO
XELFDUFRPLGDV
SUHYLDPHQWHHQYDVDGDV
\F
RQJHODGDVHQ
FDFHURODV
/DVFDFHURODV
QR
VHGHEHQ
WRFDU
HQWUH
VtQL
WRFDU
ODVSDUHGHV
GHO
KRUQR
'HMH
DSUR[LPDGDPHQWH
FP
òSXOJDGD
HQWUH
ODVFDFHURODV
\FRORTXH
ODVPLVPDV
D
FP
ò
SXOJDGD
GHODV
SDUHGHVGHO
KRUQR
6L
HVQHFHVDULR
XVDU
GRVHVWDQWHV
HVFDORQH
ODVFDFHURODV
GHP
RGRTXH
XQDQR
HVWp
GLUHFWDPHQWHVREUH
ODRWUD
6HGHEH
REVHUYDU
TXHORV
HVWDQWHV
H[WHQVLEOHV
SRVLFLRQDQOD
FRPLGDPiV
DUULED
HQHO
KRUQR
6HGHEHUi
FRORFDU
XQHVWDQWH
H[WHQVLEOH
HQ
XQD
SRVLFLyQLQIHULRU
DOD
FXDOHVWDUtD
XQHVWDQWH
OLVRGH
PRGRTXH
ODFRPLGD
HVWpHQ
ODPLVPD
XELFDFLyQ
+RUQRVGH
µ
6LKRUQHD
FXDWURFDSDV
GH
SDVWHODO
PLVPR
WLHPSRFRORTXH
GRV
FDSDV
HQOD
SDUULOOD$
\
GRV
FDSDVHQ
ODSDUULOOD
&
+RUQRVGH
µ
6L
KRUQHDFXDWUR
FDSDVGH
SDVWHODO
PLVPR
WLHPSRFRORTXH
GRV
FDSDV
HQOD
SDUULOOD%
\
GRV
FDSDVHQ
ODSDUULOOD
'
8ELTXHODV
FDFHURODVHQ
OD
SDUULOODGH
WDOIRUPD
TXHXQD
QRHVWp
FRORFDGD
GLUHFWDPHQWHVREUH
ODRWUD
3DUULOODGH
H[WHQVLyQ
FRQWLQ~D
3DODQFDVGH
OLEHUDFLyQ
3DUDYROYHU
DFRORFDU
ODSDUULOOD
7RPH
ILUPHPHQWHDPERV
ODGRVGHO
DUPD]yQGH
ODSDUULOOD
\OD
SDUULOOD
GHVOL]DEOH
&RORTXHHO
H[WUHPRFXUYR
GHOHVWDQWH
HQ
OD
SRVLFLyQGHVHDGD
,QFOLQHHO
IUHQWHGHO
HVWDQWHKDFLD
DUULED\
HPSXMHKDFLD
DGHQWURKDVWD
GRQGHVHD
SRVLEOH
35(&$8&,Ï1
1XQFDXWLOLFH
ODSDUULOOD
FXDQGR
VX
DUPD]yQ
QRVH
HQFXHQWUDFRPSOHWDPHQWH
LQWURGXFLGR
HQHO
KRUQR\
WUDEDGRHQ
VXSRVLFLyQ
&XDQGR
OD
SDUULOODVH
HQFXHQWUDELHQ
LQVWDODGD
\WUDEDGD
HQVX
OXJDUODV
SDOHWDVODWHUDOHV
GHEORTXHR
GHODUPD]yQ
GHOD
SDUULOODVH
WUDEDUiQHQ
VXOXJDU
HQ
ORVVRSRUWHV
GHO
KRUQR6L
ODVSDOHWDV
ODWHUDOHVQR
VH
WUDEDURQ
HQVX
SRVLFLyQUHSLWD
ORV
SDVRV
DQWHULRUHV
\
YHULILTXHTXH
ODV
SDOHWDV
ODWHUDOHV
VH
KD\DQ
OLPSLDGR\
OXEULFDGR
FRUUHFWDPHQWH
9HU
3DUULOODGH
H[WHQVLyQHQ
OD
VHFFLyQ&XLGDGR
\
OLPSLH]D
1R
FRORTXH
OD
SDUULOODGH
H[WHQVLyQHQ
OD
SRVLFLyQP
iVHOHYDGD
GHOKRUQR
+RUQRVGH
µ
+RUQRVGH
µ