/$)/(;,%,/,'$' 

(51(67'28*/$66:,//,$06

$QDOL]DQGRFXLGDGRVDPHQWHWRGRVHVWRVIDFWRUHVVHSHUFDWDUiGHTXHODIOH[LELOLGDG GH
ODELRV HVXQPLWRODIOH[LELOLGDG HVXQSUREOHPDPXFKRPiVFRPSOHMRHLPSRUWDQWHDO
SXQWRTXHVHSXGLHUDDILUPDUTXHODµ¶HMHFXFLyQHQORVLQVWUXPHQWRVGHYLHQWRPHWDO
HVPiVTXHWRGR )OH[LELOLGDG µ¶

&
(678',235(/,0,1$5
RORTXHHOGHGRHQHOFDUWLODJRWLUyLGHR QXH]GH$GiQ FDQWDODVVtODEDVGHXVRWD
±HREVHUYHVXPRYLPLHQWR\HOGHODOHQJXD GHVGHVXEDVHDVXFHQWUR DOWRFDU
HO HMHPSOR $ XVDQGR ODV VtODEDV WD ± H KDJD HO PRYLPLHQWR GHO FDUWLODJR GH OD
PLVPDPDQHUDTXHORQRWyFRQHOGHGR

(VHYLGHQWHTXHHOFDUWLODJR \ODOHQJXD UHFRUUHQXQDGLVWDQFLDPD\RUFXDQGRVHHMHFXWD

XQLQWHUYDORGHFXDUWDTXHXQRGHWHUFHUDSRUWDQWRPLHQWUDVPD\RUHVHOLQWHUYDORPiV
JUDQGHVHUiHOFDPELRHVWHSULQFLSLRVHUiHVWXGLDGR \FXOWLYDGR SDUDORJUDUXQDWpFQLFD
H[DFWDSUDFWLTXHORFRQWRGRVORVLQWHUYDORV\KDJDEXHQXVRGHODVVtODEDV

$ODSOLFDUFRUUHFWDPHQWHHVWRVSUHFHSWRVGHQWURGHORVVLJXLHQWHVHVWXGLRVHOHVWXGLDQWH
SDFLHQWHSUiFWLFR \FXLGDGRVR SRGUiDGTXLULUEXHQDWpFQLFDH[DFWLWXG \IOXLGH]GHEH
ORJUDU HPLWLU  ORV WRQRV GH IRUPD OOHQD VL KDFH WRGR FRUUHFWDPHQWH ORJUDUi XQD WpFQLFD
FRQILDEOH\VHJXUD

(678',26

‹
/$)/(;,%,/,'$' 
(51(67'28*/$66:,//,$06

‹
/$)/(;,%,/,'$' 
(51(67'28*/$66:,//,$06

‹
/$)/(;,%,/,'$' 
(51(67'28*/$66:,//,$06

‹
/$)/(;,%,/,'$' 
(51(67'28*/$66:,//,$06

‹
/$)/(;,%,/,'$' 
(51(67'28*/$66:,//,$06

‹
/$)/(;,%,/,'$' 
(51(67'28*/$66:,//,$06

‹
/$)/(;,%,/,'$' 
(51(67'28*/$66:,//,$06

‹
/$)/(;,%,/,'$' 
(51(67'28*/$66:,//,$06

‹
/$)/(;,%,/,'$' 
(51(67'28*/$66:,//,$06

‹
/$)/(;,%,/,'$' 
(51(67'28*/$66:,//,$06

‹
/$)/(;,%,/,'$' 
(51(67'28*/$66:,//,$06

‹
/$)/(;,%,/,'$' 
(51(67'28*/$66:,//,$06

‹
/$)/(;,%,/,'$' 
(51(67'28*/$66:,//,$06

‹
/$)/(;,%,/,'$' 
(51(67'28*/$66:,//,$06

(;7(16,21(6

/RVVLJXLHQWHVHVWXGLRVFRPLHQ]DQHQODWDQRWDGHODHVFDOD HMHFXWHQDWXUDOPHQWH \
FRQ XQ SURFHGLPLHQWR IDYRUDEOH QXQFD GHVFXLGHV ORV WRQRV EDMRV FXDQGR WRTXHV
SHUIHFWDPHQWH ORV HVWXGLRV SDVH D VXV RWUDV YDULDQWHV GH DUWLFXODFLRQHV LQGLFDGDV HV
LPSRUWDQWHHMHFXWDUGHIRUPDOHQWD\VHJXUD

‹
/$)/(;,%,/,'$' 
(51(67'28*/$66:,//,$06

‹
/$)/(;,%,/,'$' 
(51(67'28*/$66:,//,$06

‹
/$)/(;,%,/,'$' 
(51(67'28*/$66:,//,$06

‹
/$)/(;,%,/,'$' 
(51(67'28*/$66:,//,$06

‹
/$)/(;,%,/,'$' 
(51(67'28*/$66:,//,$06

‹
/$)/(;,%,/,'$' 
(51(67'28*/$66:,//,$06

‹
/$)/(;,%,/,'$' 
(51(67'28*/$66:,//,$06

‹
/$)/(;,%,/,'$' 
(51(67'28*/$66:,//,$06

‹
/$)/(;,%,/,'$' 
(51(67'28*/$66:,//,$06

(VWXGLRVSUHSDUDWRULRVSDUDHOWULQR
3DUDODSUHSDUDFLyQGHOWULQRHQHOUHJLVWURVXSHULRUVLQHOUHFXUVRGHOFDPELRGHSLVWyQ

‹
/$)/(;,%,/,'$' 
(51(67'28*/$66:,//,$06

‹
/$)/(;,%,/,'$' 
(51(67'28*/$66:,//,$06

7ULQRV
0DQWHQJD OD HPERFDGXUD VHJXUD OD OHQJXD DFWLYD HO IOXMR GH DLUH DGHFXDGR HMHFXWH HO
WULQR VROR FRQ HO PRYLPLHQWR GH OD OHQJXD \ HO XVR GH ODV VtODEDV FRUUHFWDV WRRHHRR
HH«  FRQWUROH HO PRYLPLHQWR GHO FDUWLODJR WLUyLGHR ORV P~VFXORV GH OD PDQGtEXOD QR
GHEHQHVWDUWHQVRV

‹
/$)/(;,%,/,'$' 
(51(67'28*/$66:,//,$06

‹
/$)/(;,%,/,'$' 
(51(67'28*/$66:,//,$06

‹
/$)/(;,%,/,'$' 
(51(67'28*/$66:,//,$06

‹