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/ / $ 5 $ $ ( ( ) 8 7 5 2 3 - + $ ) / ; ( 7 $ ) 5 $ 1 & , $ 5 5 8 3 $ , 6 ( 6 % $ - 2 6 , / 8QDYH]ORFDOL]DGRVORVSDtVHVHVFUtEHORVD FRQWLQXDFLyQ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB &RQWHVWD ¢4XpSDtVHVGHOD8QLyQ0RQHWDULD(XURSHDIDOWDQ HQOD6RSDGHOHWUDV" 352<(&72´(852)É&,/µ (/(852 &RORFD ODVIHFKDV GHODSiJLQD VLJXLHQWH HQORVUHFXDGURV 'HVDSDUHFHHO(&8\HQWUDHQYLJRUHO (XURHO(&8QRHVXQDPRQHGD $GRSFLyQGHOSUHFLRGHOHXURHQFDGD XQDGHODVPRQHGDVQDFLRQDOHV /LEUHXWLOL]DFLyQGHOHXURHQODV RSHUDFLRQHVTXHQRQHFHVLWHQOD XWLOL]DFLyQGHPRQHGDV\ELOOHWHVGH HXUR 8VRGHELOOHWHV\PRQHGDVQDFLRQDOHV SDUDFREURV\SDJRVHQHIHFWLYR DXQTXHODRSHUDFLyQHVWpGHQRPLQDGD HQHXURV 'HVDUUROORGHODSURGXFFLyQGHORV QXHYRVELOOHWHV\PRQHGDVHQHXURV 3XHVWDHQFLUFXODFLyQGHELOOHWHV\ PRQHGDVHQHXURV 6XVWLWXFLyQGHELOOHWHV\PRQHGDV QDFLRQDOHVSRUELOOHWHV\PRQHGDVHQ HXURV /DVRSHUDFLRQHVHQHIHFWLYRSRGUiQ HIHFWXDUVHHQHXURVRHQSHVHWDV /DSHVHWDVLJXHH[LVWLHQGRSHURVyOR FRPRPRQHGDGHSDJR6XVWLWXFLyQGH ELOOHWHV\PRQHGDVQDFLRQDOHVSRU ELOOHWHV\PRQHGDVHQHXURV /DVRSHUDFLRQHVHQHIHFWLYRSRGUiQ HIHFWXDUVHHQHXURVRHQSHVHWDV /DSHVHWDVLJXHH[LVWLHQGRSHURVyOR FRPRPRQHGDGHSDJR (OHXURVHFRQYLHUWHHQOD~QLFDPRQHGD OHJDOHQOD80( 352<(&72´(852)É&,/µ (/(852 &RORFD HVWDVIHFKDV HQ ODSiJLQDDQWHULRU GH(QHURGH GH(QHURGHO GH(QHURGH GH(QHURGHO GHMXOLRGHO GH(QHURGHO GHMXOLRGHO 352<(&72´(852)É&,/µ (/(852 352<(&72´(852)É&,/µ (/(852 352<(&72´(852)É&,/µ (/(852 352<(&72´(852)É&,/µ (/(852 352<(&72´(852)É&,/µ (/(852 352<(&72´(852)É&,/µ (/(852 352<(&72´(852)É&,/µ (/(852 352<(&72´(852)É&,/µ (/(852 352<(&72´(852)É&,/µ (/(852 352<(&72´(852)É&,/µ (/(852 352<(&72´(852)É&,/µ (/(852 352<(&72´(852)É&,/µ (/(852 352<(&72´(852)É&,/µ (/(852 352<(&72´(852)É&,/µ (/(852 352<(&72´(852)É&,/µ (/(852 352<(&72´(852)É&,/µ (/(852 352<(&72´(852)É&,/µ (/(852 352<(&72´(852)É&,/µ (/(852 3RQHQODVPDQRVODVPRQHGDVGH FpQWLPRV GHHXURSDUDHOOR UHFyUWDODVGHODVLJXLHQWHSiJLQD\ SpJDODV 352<(&72´(852)É&,/µ (/(852 5HFRUWDODVPRQHGDVGH FpQWLPRV \SpJDODV HQODVPDQRVGHODSiJLQD DQWHULRU 352<(&72´(852)É&,/µ (/(852 3HJD ODVPRQHGDV\ELOOHWHVGHOD SiJLQDVLJXLHQWH HQHOUHFXDGUR FRUUHVSRQGLHQWH HXUR HXURV HXURV FpQWLPRVGHHXUR FpQWLPRVGHHXUR HXURV HXURV FpQWLPRGHHXUR 352<(&72´(852)É&,/µ (/(852 3HJDODVPRQHGDV\ELOOHWHV GHODSiJLQD\FROyFDODVHQORV UHFXDGURVFRUUHVSRQGLHQWHVGHOD SiJLQDDQWHULRU 352<(&72´(852)É&,/µ (/(852 5HFRUWD GHODSiJLQDVLJXLHQWH ODV PRQHGDV\SpJDODVHQVXEROVD FRUUHVSRQGLHQWH 352<(&72´(852)É&,/µ (/(852 5HFRUWDODVPRQHGDV \ SpJDODVHQODEROVD FRUUHVSRQGLHQWHGHODSiJLQD DQWHULRU 352<(&72´(852)É&,/µ (/(852 3HJDDOODGRGHFDGDELOOHWHVXRWUD FDUDFRUUHVSRQGLHQWH 352<(&72´(852)É&,/µ (/(852 352<(&72´(852)É&,/µ (/(852 5RGHDODVEDODQ]DV TXHWHQJDQ ORVELOOHWHVELHQHPSDUHMDGRV AAAAAAAA AAAAAAAA AAAAAAAA AAAAAAAA AAAAAAAA AAAAAAAA AAAAAAAA 352<(&72´(852)É&,/µ (/(852 ,GHQWLILFDPRVPRQHGDV 'DGRXQJUXSRGHPRQHGDV LQFOX\H HQXQFRQMXQWRWRGDVODV TXHVHDQLJXDOHV 352<(&72´(852)É&,/µ (/(852 ,GHQWLILFDPRVELOOHWHV 'DGRXQJUXSRGHELOOHWHV LQFOX\HHQXQFRQMXQWR WRGRV ORVTXHVHDQLJXDOHV 352<(&72´(852)É&,/µ (/(852 5HFRUWD\SHJD HQOD EROVD´$µXQDFDQWLGDG GHPRQHGDVLQIHULRUDOD GHODEROVD´%µ % $ ¢&RQ TXp EROVD SXHGHV FRPSUDU PiV FRVDV FRQ OD ´$µ R FRQ OD ´%µ" ¢3RU TXp" 352<(&72´(852)É&,/µ (/(852 (VFULEHHQODVHWLTXHWDVORVWRWDOHVGHFDGDVXEFRQMXQWRR FRQMXQWRH[SUHVDGRVHQ(8526 ¼ ¼ FHQW ¼ ¼ ¼ ¼ ¼ ¼ 352<(&72´(852)É&,/µ (/(852 8QHFDGDELOOHWHFRQVXYDORU ¼ ¼ ¼ ¼ ¼ ¼ 352<(&72´(852)É&,/µ ¼ (/(852 &RQWLQ~DODVHULHGHPD\RUDPHQRU FRORFDQGRFDGDELOOHWHGRQGH FRUUHVSRQGD BBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBB +D]W~ODVHULHDKRUDGHPHQRUD PD\RU BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBB &RQWLQ~DODVHULHGHPD\RUDPHQRU FRORFDQGRODVPRQHGDVGRQGHFRUUHVSRQGD £7HQFXLGDGRFRQORVFpQWLPRV 352<(&72´(852)É&,/µ (/(852 8QH FRQXQDFXHUGDORVJUXSRVGHPRQHGDVTXH VHDQLJXDOHVHQFXDQWRDYDORU +D]JUXSRV GHELOOHWHV LJXDOHVURGHiQGRORVFRQ XQDFXHUGDGHFRORU YHUGH 352<(&72´(852)É&,/µ (/(852 &DPELDODVPRQHGDVSDUDFRQVHJXLU (XURV ¼ ¼¼ ¼ FWVBBBBBBBBBBBBBBBBBB ¼ FWVBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBB ¼ FWVBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 352<(&72´(852)É&,/µ (/(852 &DPELDODVPRQHGDVSDUDFRQVHJXLU(XUR ¼ FWV FWV ¼ FWVBBBBBBBBBBBBBBBBBB ¼ FWVBBBBBBBBBBBBBBBBBB ¼ FWVBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 352<(&72´(852)É&,/µ (/(852 &DPELDODVPRQHGDVSDUDFRQVHJXLU (XURV BBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBB 352<(&72´(852)É&,/µ (/(852 ¢&XiQWRVFpQWLPRV GH HXURKD\" ¼ +D\ +D\ +D\ 352<(&72´(852)É&,/µ ¼ ¼ $ (/(852 % & $ % & $ % & $ % & 352<(&72´(852)É&,/µ (/(852 $ % & $ % & $ % & $ % & 352<(&72´(852)É&,/µ $ (/(852 % & $ % & $ % & $ % & 352<(&72´(852)É&,/µ (/(852 5HODFLRQDFDGDPRQHGDFRQHOJUXSRTXHWLHQHVXPLVPRYDORU 352<(&72´(852)É&,/µ (/(852 ¢&XiQWDVPRQHGDVGH FDEHQGHQWURGH" 352<(&72´(852)É&,/µ (/(852 ¢&XiQWDVPRQHGDVGH FDEHQGHQWURGH" 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