viewsonic projector
TRANSCRIPT
-
9LHZ6RQLF3-'
'/33URMHFWRU
1~PHURGHPRGHOR96
8VHU*XLGH
*XLGHGHOXWLOLVDWHXU
%HGLHQXQJVDQOHLWXQJ
*XtDGHOXVXDULR
*XLGDGHOOXWHQWH
*XLDGRXVXiULR
$QYlQGDUKDQGERN
.l\WW|RSDV
G
-
9LHZ6RQLF K3-'
,QIRUPDFLyQGHFRQIRUPLGDG'HFODUDFLyQ)&&
(VWHGLVSRVLWLYRFXPSOHHO$SDUWDGRGHODVQRUPDV)&&(OIXQFLRQDPLHQWRHVWiVXMHWRDODVGRVFRQGLFLRQHVVLJXLHQWHV(VWHGLVSRVLWLYRQRGHEHFDXVDULQWHUIHUHQFLDVSHUMXGLFLDOHV\(VWHGLVSRVLWLYRGHEHDFHSWDUFXDOTXLHULQWHUIHUHQFLDUHFLELGDLQFOXLGDVDTXHOODVTXHSURYRTXHQXQIXQFLRQDPLHQWRQRGHVHDGR(VWHHTXLSRVHKDSUREDGR\VHKDGHPRVWUDGRTXHFXPSOHORVOtPLWHVGHXQGLVSRVLWLYRGLJLWDOGH&ODVH%GHDFXHUGRFRQHO$SDUWDGRGHODQRUPDWLYD)&&(VWRVOtPLWHVHVWiQGLVHxDGRVSDUDSURSRUFLRQDUXQDSURWHFFLyQUD]RQDEOHFRQWUDODVLQWHUIHUHQFLDVSHUMXGLFLDOHVHQXQDLQVWDODFLyQUHVLGHQFLDO(VWHHTXLSRJHQHUDXWLOL]D\SXHGHLUUDGLDUHQHUJtDGHUDGLRIUHFXHQFLD\VLQRVHLQVWDOD\XWLOL]DVLJXLHQGRODVLQVWUXFFLRQHVSXHGHFDXVDULQWHUIHUHQFLDVSHUMXGLFLDOHVDODVFRPXQLFDFLRQHVGHUDGLR6LQHPEDUJRQRH[LVWHQJDUDQWtDVGHTXHHOHTXLSRQRSURYRFDUiLQWHUIHUHQFLDVHQXQDLQVWDODFLyQSDUWLFXODU6LHVWHHTXLSRSURYRFDLQWHUIHUHQFLDVSHUMXGLFLDOHVDODUHFHSFLyQGHUDGLRRWHOHYLVLyQORTXHSXHGHGHWHUPLQDUVHHQFHQGLpQGROR\DSDJiQGRORHVUHFRPHQGDEOHLQWHQWDUFRUUHJLUODVLQWHUIHUHQFLDVPHGLDQWHXQDRYDULDVGHODVVLJXLHQWHVPHGLGDV 5HRULHQWDURUHXELFDUODDQWHQDUHFHSWRUD $XPHQWDUODVHSDUDFLyQHQWUHHOHTXLSR\HOUHFHSWRU &RQHFWDUHOHTXLSRHQXQDWRPDGHFRUULHQWHGHXQFLUFXLWRGLIHUHQWHDOTXHHVWiFRQHFWDGR
HOUHFHSWRU 6ROLFLWDUD\XGDDOSURYHHGRURDXQSURIHVLRQDOGHUDGLR\79FRQH[SHULHQFLD
$GYHUWHQFLD6HDGYLHUWHTXHORVFDPELRVRPRGLFDFLRQHVQRDSUREDGRVH[SUHVDPHQWHSRUODSDUWHUHVSRQVDEOHGHOFXPSOLPLHQWRDQXODUiQODDXWRUL]DFLyQSDUDXWLOL]DUHOHTXLSR
3DUD&DQDGi (VWHDSDUDWRGLJLWDOGH&ODVH%FXPSOHODQRUPD&DQDGLHQVH,&(6 &HWDSSDUHLOQXPpULTXHGHODFODVVH%HVWFRQIRUPHjODQRUPH10%GX&DQDGD
&HUWLFDFLyQ&(SDUDSDtVHVHXURSHRV(OGLVSRVLWLYRFXPSOHORVUHTXLVLWRVGHODGLUHFWLYD((&((&FRPRVHUHFRPLHQGDHQOD((&\((&$UWHQORTXHVHUHHUHD&RPSDWLELOLGDGHOHFWURPDJQpWLFD\OD((&FRPRVHUHFRPLHQGDHQOD((&$UWUHVSHFWRD6HJXULGDG
/DLQIRUPDFLyQVLJXLHQWHHVVyORSDUDORVHVWDGRVPLHPEURVGHOD8((OVtPERORPRVWUDGRDODGHUHFKDLQGLFDFRQIRUPLGDGFRQODGLUHFWUL]UHVLGXRVGHDSDUDWRVHOpFWULFRV\HOHFWUyQLFRV:(((&(/RVSURGXFWRVPDUFDGRVFRQHVWHVtPERORQRSRGUiQWLUDUVHHQODEDVXUDPXQLFLSDOVLQRTXHWHQGUiQTXHHQWUHJDUVHDORVVLVWHPDVGHGHYROXFLyQ\UHFROHFFLyQGHVXSDtVRiUHDGHDFXHUGRFRQORTXHGLVSRQJDQODVOH\HVORFDOHV
-
9LHZ6RQLF KK3-'
,PSRUWDQWHV,QVWUXFFLRQHVGH6HJXULGDG /HDHVWDVLQVWUXFFLRQHV
*XDUGHHVWDVLQVWUXFFLRQHV
+DJDFDVRDWRGDVODVDGYHUWHQFLDV
6LJDWRGDVODVLQVWUXFFLRQHV
1RXVHHVWHDSDUDWRFHUFDGHODJXD3DUDUHGXFLUHOULHVJRGHLQFHQGLRRGHVFDUJDVHOpFWULFDVQRH[SRQJDHVWHDSDUDWRDODOOXYLDQLDODKXPHGDG
/LPSLHVyORFRQXQWUDSRVHFR
1REORTXHHQLQJXQDDEHUWXUDGHYHQWLODFLyQ,QVWDOHGHDFXHUGRDODVLQVWUXFFLRQHVGHOIDEULFDQWH
1RLQVWDOHFHUFDGHQLQJXQDIXHQWHGHFDORUFRPRUDGLDGRUHVDFXPXODGRUHVGHFDORUHVWXIDVXRWURVDSDUDWRVLQFOX\HQGRDPSOLFDGRUHVTXHSURGX]FDQFDORU
1RDQXOHHOSURSyVLWRGHVHJXULGDGGHOWLSRGHHQFKXIHSRODUL]DGRRFRQHFWDGRDWLHUUD8QHQFKXIHSRODUL]DGRWLHQHGRVFODYLMDVFRQXQDPDVDQFKDTXHODRWUD8QWLSRGHDUFKLYRFRQHFWDGRDWLHUUDWLHQHGRVFODYLMDV\XQWHUFHUGLHQWHGHWLHUUD/DFODYLMDDQFKDRHOWHUFHUGLHQWHHVWiQSHQVDGRVSDUDVXVHJXULGDG6LHOHQFKXIHVXPLQLVWUDGRQRHQFDMDHQVXWRPDFRQVXOWHFRQXQHOHFWULFLVWDSDUDUHHPSOD]DUODWRPDREVROHWD
3URWHMDHOFDEOHGHDOLPHQWDFLyQSDUDQRVHUSLVRWHDGRRSHOOL]FDGRHQSDUWLFXODUHQORVHQFKXIHVUHFHSWiFXORVGHFRQYHQLHQFLD\HQHOSXQWRGRQGHVDOHQGHOSURGXFWR
8VHVyORDGDSWDGRUHVDFFHVRULRVHVSHFLFDGRVSRUHOIDEULFDQWH
8VHVyORFRQXQFDUUREDVHWUtSRGHVRSRUWHRPHVDHVSHFLFDGRVSRUHOIDEULFDQWHRYHQGLGRVFRQHODSDUDWR&XDQGRXVHXQFDUURWHQJDFXLGDGDOPRYHUODFRPELQDFLyQGHFDUURDSDUDWRSDUDHYLWDUGDxRVSRUVREUHVDOLUODSXQWD
'HVHQFKXIHHVWHDSDUDWRGXUDQWHWRUPHQWDVHOpFWULFDVRDOQRVHUXVDGRGXUDQWHODUJRVSHULRGRVGHWLHPSR
3LGDWRGRWLSRGHVHUYLFLRDSHUVRQDOGHVHUYLFLRFXDOLFDGR6HUHTXLHUHVHUYLFLRFXDQGRHODSDUDWRKDVLGRGDxDGRGHFXDOTXLHUPRGRFRPRFXDQGRHOFDEOHGHDOLPHQWDFLyQRHQFKXIHHVWiGDxDGRVHKDGHUUDPDGROtTXLGRRKDQFDtGRREMHWRVGHQWURGHODSDUDWRHODSDUDWRKDVLGRH[SXHVWRDOOXYLDRKXPHGDGQRIXQFLRQDQRUPDOPHQWHRVHKDFDtGR
-
9LHZ6RQLF KKK3-'
'HFODUDFLyQGH&XPSOLPLHQWRGH5R+6(VWHSURGXFWRKDVLGRGLVHxDGR\IDEULFDGRFXPSOLHQGROD'LUHFWLYD(&GHO3DUODPHQWR(XURSHR\HO&RQVHMRSDUDODUHVWULFFLyQGHOXVRGHFLHUWDVVXVWDQFLDVSHOLJURVDVHQHTXLSRVHOpFWULFRV\HOHFWUyQLFRV'LUHFWLYD5R+6\VHFRQVLGHUDTXHFXPSOHFRQORVYDORUHVGHFRQFHQWUDFLyQPi[LPRVSXEOLFDGRVSRUHO(XURSHDQ7HFKQLFDO$GDSWDWLRQ&RPPLWWHH&RPLWp(XURSHRGH$GDSWDFLRQHV7pFQLFDV7$&WDO\FRPRVHPXHVWUDDFRQWLQXDFLyQ
6XVWDQFLD&RQFHQWUDFLyQ0i[LPD3URSXHVWD
&RQFHQWUDFLyQ5HDO
3ORPR3E
0HUFXULR+J
&DGPLR&G
&URPR+H[DYDOHQWH&U
%LIHQLOR3ROLEURPDGR3%%
eWHUHVGH'LIHQLOR3ROLEURPDGR3%'(
&LHUWRVFRPSRQHQWHVGHORVSURGXFWRVLQGLFDGRVPiVDUULEDHVWiQH[HQWRVEDMRHO$SpQGLFHGHODV'LUHFWLYDV5R+6WDO\FRPRVHLQGLFDDFRQWLQXDFLyQ
(MHPSORVGHORVFRPSRQHQWHVH[HQWRV
0HUFXULRHQERPELOODVXRUHVFHQWHVFRPSDFWDVTXHQRH[FHGDORVPJSRUERPELOOD\HQRWUDVERPELOODVQRPHQFLRQDGDVHVSHFtFDPHQWHHQHO$SpQGLFHGHOD'LUHFWLYD5R+6
3ORPRHQHOFULVWDOGHORVWXERVGHUD\RVFDWyGLFRVFRPSRQHQWHVHOHFWUyQLFRVWXERVXRUHVFHQWHV\SLH]DVHOHFWUyQLFDVGHFHUiPLFDSHMGLVSRVLWLYRVSLH]RHOHFWUyQLFRV
3ORPRHQVROGDGXUDVGHOWLSRGHDOWDWHPSHUDWXUDSHMODVDOHDFLRQHVEDVDGDVHQSORPRTXHFRQWLHQHHQSHVRXQRPiVGHSORPR
3ORPRFRPRHOHPHQWRDOHDGRUHQDFHURTXHFRQWHQJDKDVWDXQGHSORPRHQSHVRDOXPLQLRTXHFRQWHQJDKDVWDXQGHSORPRHQSHVR\FRPRDOHDFLyQGHFREUHTXHFRQWHQJDKDVWDXQGHSORPRHQSHVR
-
9LHZ6RQLF KX3-'
,QIRUPDFLRQyQGHOFRS\ULJKW&RS\ULJKW9LHZ6RQLF&RUSRUDWLRQ7RGRVORVGHUHFKRVUHVHUYDGRV$SSOH0DF\$'%VRQPDUFDVUHJLVWUDGDVGH$SSOH&RPSXWHU,QF0LFURVRIW:LQGRZV:LQGRZV17\HOORJRWLSRGH:LQGRZVVRQPDUFDVUHJLVWUDGDVGH0LFURVRIW&RUSRUDWLRQHQORV(VWDGRV8QLGRV\RWURVSDtVHV9LHZ6RQLFHOORJRWLSRGHORVWUHVSiMDURV\2Q9LHZVRQPDUFDVUHJLVWUDGDVGH9LHZ6RQLF&RUSRUDWLRQ9(6$\69*$VRQPDUFDVUHJLVWUDGDVGHOD$VRFLDFLyQGH(VWiQGDUHVGH(OHFWUyQLFDGH9tGHR'306\''&VRQPDUFDVUHJLVWUDGDVGH9(6$369*$\;*$VRQPDUFDVUHJLVWUDGDVGH,%0&RUSRUDWLRQ5HQXQFLD9LHZ6RQLF&RUSRUDWLRQQRVHKDFHUHVSRQVDEOHGHORVHUURUHVWpFQLFRVRHGLWRULDOHVFRQWHQLGRVHQHOSUHVHQWHGRFXPHQWRQLGHORVGDxRVLQFLGHQWDOHVRFRQVHFXHQWHVUHVXOWDQWHVGHOPDOXVRGHHVWHPDWHULDORGHOUHQGLPLHQWRRXVRGHHVWHSURGXFWR3DUDFRQWLQXDUFRQODPHMRUDGHOSURGXFWR9LHZ6RQLF&RUSRUDWLRQVHUHVHUYDHOGHUHFKRGHFDPELDUODVHVSHFLFDFLRQHVVLQSUHYLRDYLVR/DLQIRUPDFLyQSUHVHQWHHQHVWHGRFXPHQWRSXHGHFDPELDUVLDYLVRSUHYLR(VWHGRFXPHQWRQRGHEHVHUFRSLDGRUHSURGXFLGRRWUDQVPLWLGRWRWDORSDUFLDOPHQWHSRUQLQJ~QPHGLR\SDUDQLQJ~QSURSyVLWRVLQSHUPLVRHVFULWRGH9LHZ6RQLF&RUSRUDWLRQ
5HJLVWURGHOSURGXFWR3DUDTXHQXHVWURVSURGXFWRVVHDMXVWHQDVXVIXWXUDVQHFHVLGDGHVDVtFRPRSDUDUHFLELULQIRUPDFLyQDGLFLRQDOVREUHHOSURGXFWRFXDQGRHVWpGLVSRQLEOHUHJtVWUHORDWUDYpVGH,QWHUQHWHQZZZYLHZVRQLFFRP(O&'520GHO$VLVWHQWHGH9LHZ6RQLFOHRIUHFHWDPELpQODSRVLELOLGDGGHLPSULPLUHOIRUPXODULRGHUHJLVWURSDUDHQYLDUORSRUFRUUHRRID[D9LHZ6RQLF
3DUDHOKLVWRULDO1RPEUHGHOSURGXFWR
1~PHURGHPRGHOR
1~PHURGHOGRFXPHQWR
1~PHURGHVHULH
)HFKDGHFRPSUD
3-'
9LHZ6RQLF'/33URMHFWRU
96
3-'B8*B6315HYB 19
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
/DOiPSDUDHQHVWHSURGXFWRFRQWLHQHPHUFXULR3RUIDYRUGHVpFKHODGHDFXHUGRFRQODVOH\HVDPELHQWDOHVGHVXUHJLyQRSDtV
-
&RQWHQLGRV,QWURGXFFLyQ
)XQFLRQHVGHO3UR\HFWRU
&RQWHQLGRGHOSDTXHWH
9LVWDH[WHULRUGHOSUR\HFWRU
&RQWUROHV\IXQFLRQHV
3RVLFLRQDUVXSUR\HFWRU6HOHFFLRQDUXQDORFDOL]DFLyQ
2EWHQHUXQSUHIHULULGRWDPDxRGHODLPDJHQSUR\HFWDGD
&RQH[LyQ&RQH[LyQDXQDFRPSXWDGRUD
&RQH[LyQ&RQ$SDUDWRVGH)XHQWH9LGHR
2SHUDFLyQ,QLFLR
3XOVDQGRGHOVHxDOLQSXW
$MXVWHGHODLPDJHQSUR\HFWDGD
2SWLPL]DUODLPDJHQ
(VFRQGHUODLPDJHQ
&RQJHODUODLPDJHQ
2SHUDFLRQHVHQDPELHQWHVGHDOWLWXGHVHOHYDGDV
$SDJDGRGHOSUR\HFWRU
2SHUDFLRQHVGHO0HQ~6LVWHPDGHOPHQ~
0DQWHQLPLHQWR&XLGDGRGHOSUR\HFWRU
,QIRUPDFLyQVREUHODOiPSDUD
)DOODV\VROXFLRQHV(VSHFLFDFLRQHV
(VSHFLFDFLRQHVGHOSUR\HFWRU
&DUWDGHWLHPSRV
2WUDV,QIRUPDFLRQHV6HUYLFLRGHDWHQFLyQDOFOLHQWH
*DUDQWtDOLPLWDGD
-
9LHZ6RQLF 3-'
,QWURGXFFLyQ)XQFLRQHVGHO3UR\HFWRU
(OSUR\HFWRUYLHQHLQWHJUDGRFRQHOySWLFRPRWRUGHSUR\HFFLyQGHDOWRUHQGLPLHQWR\GHGLVHxRDPLJDEOHSDUDVHURSHUDGRGHPDQHUDIiFLO\GHDOWDVHJXULGDG(OSUR\HFWRUYLHQHFRQODVVLJXLHQWHVFDUDFWHUtVWLFDV &RPSDFWR\SRUWiWLO $MXVWHDXWRPiWLFRFRQXQDWHFODSDUDODPHMRUFDOLGDGGHLPDJHQ &RUUH[LyQGLJLWDO.H\VWRQHSDUDLPiJHQHVWRUFLGDV $MXVWDEOHFRQWUROGHEDODQFHGHFRORUSDUDGDWRVYLGHR &DSD]GHPRQVWUDUFRORUHVGHPLOORQHV 0HQ~V2Q3DQWDOOD'LVSOD\26'9LVXDOL]DFLyQHQ3DQWDOODHQPXOWLSOHVLGLRPDV ,QWHUFDPELDEOHVPRGRVQRUPDO\HFRQyPLFRSDUDUHGXFLUGHFRQVXPRGHHOHFWULFLGDG &RPSDWLELOLGDGGHFRPSRQHQWHV+'79
-
9LHZ6RQLF 3-'
9LVWDH[WHULRUGHOSUR\HFWRU/DGRIURQWDOVXSHULRU
3DQHOGHFRQWUROH[WHUQR 9HQWLODFLyQHVFDSHGHDLUHFDOLHQWH 6HQVRUUHPRWR,5IURQWDO 7HFODGHOLEHUDFLyQUiSLGD *RUUDGHOHQWH $QLOORGHHQIRTXH 9HQWLODFLyQHQWUDGDGHDLUHIUtR /HQWHGHSUR\HFFLyQ
/DGRWUDVHUR
3LpGHDMXVWHWUDVHUR
(QWUDGDGHOFRUGyQHOpFWULFR$&
6HQVRUUHPRWR,5WUDVHUR
6RTXHWH86%SDUDVHUYLFLR
3XHUWRGHFRQWURO56
/DGRLQIHULRU
3LpGHOLEHUDFLyQUiSLGD
7DSDGHOiPSDUD
+R\RVSDUD WRUQLOORVGHPRQWDMHGHWHFKR
5*% 3&6RTXHWH GH LQSXW GHVHxDOYLGHRGHFRPSRHQWH
-
9LHZ6RQLF 3-'
&RQWUROHV\IXQFLRQHV3UR\HFWRU
6$/,56DOLU\JXDUGDUGHPHQ~6HOHFFLRQDUORVGHVHDGRVHOHPHQWRVGHOPHQ~
/X]LQGLFDGRUDGHOiPSDUD3DUDLQGLFDUGHHVWDGRGHODOiPSDUD/X]SUHQGLGDRSDUSDGHDFRQODOiPSDUDHQSUREOHPD
%RWRQHV.H\VWRQH)OHFKD ,]TXLHUGR 'HUHFKR
&RUUHJLUGHPDQHUDPDQXDOLPiJHQHVWRUFLGDVGHXQDSUR\HFFLyQGHiQJXOR6HOHFFLRQDUORVGHVHDGRVPHQ~VSDUDDMXVWHV
02'(02'26HOHFFLRQDUHQVHFXHQFLDXQDGLVSRQLEOHFRQJXUDFLyQGHLPiJHQHVSUHFRQJXUDGDVSDUDFDGDLQSXW
0(1(QFHQGHUDOPHQ~26'9LVXDOL]DFLyQHQ3DQWDOOD6HOHFFLRQDUORVGHVHDGRVHOHPHQWRVGHOPHQ~
$QLOORGHHQIRTXH3DUDDMXVWDUGHHQIRTXHGHLPDJHQSUR\HFWDGD
(QFHQGLGR$SDJDGR/X]LQGLFDGRUDGH(QFHQGLGR$SDJDGR3DUDHQFHQGHURDSDJDUHOSUR\HFWRU/X]SUHQGLGDRSDUSDGHDFRQHOSUR\HFWRUHQRSHUDFLyQ
$872$XWRPiWLFDPHQWHGHWHUPLQDORVPHMRUHVWLHPSRVGHLPDJHQSDUDPRVWUDU
6285&()8(17(6HOHFFLRQDUHQVHFXHQFLDHOVHxDOGHLQSXW'6XE&RPS&RPSRQHQWH9LGHR69LGHRR9LGHR
%/$1.%/$1&28VDUGRSDUDHVFRQGHUODLPDJHQHQODSDQWDOOD
/X]GHDGYHUWHQFLDGHWHPSHUDWXUD/DOX]VHSRQHURMDFXDQGRODWHPSHUDWXUDGHOSUR\HFWRUHVWiPX\DOWD
-
9LHZ6RQLF 3-'
&RQWUROUHPRWR
.H\VWRQH
&RUUHJLUGHPDQHUDPDQXDOLPiJHQHVWRUFLGDVGHXQDSUR\HFFLyQGHiQJXOR
$872
$XWRPDWLFDPHQWHGHWHUPLQDORVPHMRUHVWLHPSRVGHLPDJHQSDUDPRVWUDU
6285&()8(17(
6HOHFFLRQDUHQVHFXHQFLDHOVHxDOGHLQSXW'6XE&RPS&RPSRQHQWH9LGHR69LGHRR9LGHR
%/$1.%/$1&2
8VDUGRSDUDHVFRQGHUODLPDJHQHQODSDQWDOOD3XOVHFXDOTXLHUWHFODHQHOFRQWUROUHPRWRSDUDUHVWDXUDUODLPDJHQ
02'(02'2
6HOHFFLRQDUHQVHFXHQFLDXQDGLVSRQLEOHFRQJXUDFLyQGHLPiJHQHVSUR\RHQLGDVSDUDFDGDLQSX
(QFHQGLGR$SDJDGR
3DUDHQFHQGHURDSDJDUHOSUR\HFWRU
&RQJHODU
3DUDFRQJHODUODLPDJHQSUR\HFWDGD
8S$UULED'RZQ$EDMR/HIW,]TXLHUGD5LJKW'HUHFKD
$ODFWLYDUHOPHQ~26'9LVXDOL]DFLyQHQ3DQWDOODORVERWRQHVVHXVDQGRFRPRHFKDVGLUHFFLRQDOHVSDUDVHOHFFLRQDUORVGHVHDGRVHOHPHQWRVGHOPHQ~\KDFHUDMXVWHV
0(180(1
3DUDPRVWUDURHVFRQGHUHOVLVWHPDGHOPHQ~26'9LVXDOL]DFLyQHQ3DQWDOOD
-
9LHZ6RQLF 3-'
(IHFWLYDUDQJRGHOFRQWUROUHPRWR
/RVVHQVRUHVGHOFRQWUROUHPRWR,QIUDUURMR,5YLHQHQORFDOL]DGRVHQODSDUWHIURQWDO\WUDVHUDGHOSUR\HFWRU(OFRQWUROUHPRWRGHEHVHUPDQWHQLGDDJUDGRVSHUSHQGLFXODUDORVVHQVRUHVGHOFRQWUROUHPRWR,5GHOSUR\HFWRUVSDUDODFRUUHFWDIXQFLyQ/DGLVWDQFLDHQWUHHOFRQWUROUHPRWR\ORVVHQVRUHVQRGHEHH[FHHGHUORVPHWURVaSLpV(VWDUVHJXURGHTXHQRKD\REVWiFXORVDOJXQRVHQWUHHOFRQWUROUHPRWR\ORVVHQVRUHV,5HQHOSUR\HFWRUTXHSXHGDQREVWXLUHOUD\RLQIUDUURMR 2SHUDUHOSUR\HFWRUDDSUR[LPDGDPHQWH 2SHUDUHOSUR\HFWRUDDSUR[LPDGDPHQWH GHODSDUWHIURQWDO GHODSDUWHWUDVHUD
&DPELDUGHODEDWHUtDGHOFRQWUROUHPRWR
6DFDUHOSRUWDEDWHUtDV
)DYRUVHJXLUODVLQVWUXFFLRQHVLOXVWUDGDV3XOVH\UHWHQJDHOEUD]RFHUUDGXUDPLHQWUDVWLUHHOSRUWDEDWHUtDV
,QVHUWHODQXHYDEDWHUtDHQHOSRUWDEDWHUtDV1RWHTXHODSRODULGDGSRVLWLYDGHEHPLUDUKDFLDDIXHUD
(PSXMHHOOSRUWDEDWHUtDVHQHOFRQWUROUHPRWR
(YLWHH[FHVLYRYDORU\KXPHGDG 'HQRFDPELDUODEDWHUtDODPLVPDSXHGHTXHGDUGDxDGD &DPELHVRODPHQWHODEDWHUtDFRQRWUDGHOPLVPRWLSRRHTXLYDOHQHUHFRPHQGDGRSRUHO
PDQXIDFWXUHURGHODEDWHUtD %RWHEDWHUtDVXVDGDVGHDFXHUGRFRQODVLQVWUXFFLRQHVGHOPDQXIDFWXUHURGHODEDWHUtD 1XQFDERWHEDWHUtDDIXHJR\DTXHSXHGHSURGXFLUH[SORVLRQHV 6LODEDWHUtDHVWiDJRWDGDRVL8GQRYDDXVDUHOFRQWUROUHPRWRSRUXQH[WHQGLGRWLHP
SRUHPXHYDODEDWHUtDSDUDSUHYHQLUGDxRVDOFRQWUROUHPRWRGHSRVLEOVHVFDSHVGHOXLGRGHODEDWHUt
-
9LHZ6RQLF 3-'
3RVLFLRQDUVXSUR\HFWRU6HOHFFLRQDUXQDORFDOL]DFLyQ
6XSUR\HFWRUYLHQHGLVHxDGRSDUDVHULQVWDODGRHQXQDGHODVSRVLEOHVORFDOL]DFLRQHVGHLQVWDODFLyQ
(OHVTXHPDGHVXFXDUWRRSUHIHULUHQFLDSHUVRQDOSXHGHGHWHUPLQDUFXiOORFDOL]DFLyQGHLQVWDODFLyQDVHOHFFLRQDU7RPHHQFXHQWDHOWDPDxR\SRVLFLyQGHVXSDQWDOOD/DORFDOL]DFLyQGHXQDSURSLDGRWRPDFRUULHQWHVFRPRWDPELpQODORFDOL]DFLyQ\GLVWDQFLDHQWUHHOSUR\HFWRU\HOUHVWRGHVXHTXLSR
7HFKRWUDVHUR
6HOHFFLRQHHVWDORFDOL]DFLyQFRQHOSUR\HFWRUVXVSHQGLGRSDWDVDUULEDGHOWHFKRDOIUHQWHGHODSDQWDOOD
1yWHVHTXHXQDHVSHFLDOSDQWDOODGHSUR\HFFLyQWUDVHUD\XQDSURSLDGRSUR\HFWRUGHPRQWDMHGHWHFKRVRQUHTXHULGRVSDUDODLQVWDODFLyQHQHVWDORFDOL]DFLyQ
3URJUDPH HQHOPHQ~ $YDQ]DGR!(VSHMROXHJRGHHQFHQGHUHOSUR\HFWRU
7DEODUDVHUD
6HOHFFLRQHHVWDORFDOL]DFLyQFRQHOSUR\HFWRUFRORFDGRFHUFDGHOSLVRGHWUiVGHODSDQWDOOD1yWHVHTXHXQDHVSHFLDOSDQWDOODGHSUR\HFFLyQWUDVHUDHVUHTXHULGD
3URJUDPH HQHOPHQ~ $YDQ]DGR!(VSHMROXHJRGHHQFHQGHUHOSUR\HFWRU
7DEODIURQWDO
6HOHFFLRQHHVWDORFDOL]DFLyQFRQHOSUR\HFWRUFRORFDGRFHUFDGHOSLVRDOIUHQWHGHODSDQWDOOD(VWDHVODPDQHUDPiVFRP~QGHSRVLFLRQDUHOSUR\HFWRUSDUDODUiSLGDLQVWDODFLyQ\VHUSRUWiWLO
7HFKRIURQWDO
6HOHFFLRQHHVWDORFDOL]DFLyQFRQHOSUR\HFWRUVXVSHQGLGRSDWDVDUULEDGHOWHFKRDOIUHQWHGHODSDQWDOOD
&RPSUHXQUHFRPPHQGDGRSUR\HFWRUGHPRQWDMHGHWHFKRGHVXFRQFHVLRQDULRSDUDPRQWDUVXSUR\HFWRUHQHOWHFKR
3URJUDPH HQHOPHQ~ $YDQ]DGR!(VSHMROXHJRGHHQFHQGHUHOSUR\HFWRU
-
9LHZ6RQLF 3-'
2EWHQHUXQSUHIHULULGRWDPDxRGHODLPDJHQSUR\HFWDGD
/DGLVWDQFLDGHOOHQWHGHOSUR\HFWRUDODSDQWDOOD\HOYLGHRIRUPDWHDFDGDIDFWRUHQHOWDPDxRGHODLPDJHQSUR\HFWDGD/DQDWLYDUHVROXVLyQGHXQSUR\HFWRUHV[SL[HOHVHOFXDOLQGLFDXQDUHODFLyQGHDVSHFWRH[SXOVDGRFRPR3DUDSRGHUSUR\HFWDUXPDFRPSOHWDLPDJHQGHUHODFLyQGHDVSHFWRGHSDQWDOODDQFKDHOSUR\HFWRUSXHGHUHFRQJXUDUHOWDPDxR\ODHVFDODGHXQDLPDJHQGHSDQWDOODDQFKDDODQDWLYDDQFKXUDGHDVSHFWRRGHOSUR\HFWRU(VWRUHVXOWDUiHQXQDDOWXUDDOWXUDPXFKDPiVLQIHULRUDOGHODVSHFWRRQDWLYRGHOSUR\HFWRU
3RUORWDQWRXQDLPDJHQGHDVSHFWRQRXVDUiHOGHODDOWXUDGHXPDLPDJHQGHDVSHFWRPRVWUDGDSRUHOSUR\HFWRU(VWRQRVHYHUiFRPREDUDVRVFXUDVVLQHQFHQGLGRDORODUJRGHODSDUWHVXSHULRU\HOIRQGRDOWXUDYHUWLFDOUHVSHFWLYDPHQWHGHOiUHDSUR\HFWDGDGHFXDQGRTXLHUDVHPXHVWUHXQDLPDJHQGHDVSHFWRHQHOFHQWURYHUWLFDOGHOiUHDSUR\HFWDGDGH$OGHWHUPLQLQDUODSRVLFLyQGHVXSUR\HFWRU8GGHEHWRPDUHQFXHQWDGHOXVRSURSXHVWR\ODVUHODFLyQGHDVSHFWRGHOVHxDOGHLQSXW7RGRVORVLQSXWVTXHQRVHDQORVGHYLGHRFRPSXHVWRLQWURGXFLGRVDXQVHxDOGHDVSHFWRDSDUHFHQHQXQDUHODFLyQGHDVSHFWRVLQUHTXUHUXQDGHDOWXUDGHH[KLELFLyQDGLFLRQDODODGHOiUHDSUR\HFWDGDGHDVSHFWR1RVHOHFFLRQHXQDSRVLFLyQGHSUR\HFWRUEDVDGDDXQDSUR\HFFLyQGHVL8GQRYDDQHFHVLWDUDVHOHFFLRQDUXQLQSXWTXHQRVHDXQYLGHRFRPSXHVWRLQWURGXFLGRDXQVHQDOGHDVSHFWR
(OSUR\HFWRUGHEHVLHPSUHYHQLUHFRORFDGRGHPDQHUDKRUL]RQWDOSODQRHQXQDWDEOD\SRVLFLRQDGRGHPDQHUDSHUSHQGLFXODUGHiQJXORGHUHFKR\FXDGUDGRDOFHQWURKRUL]RQWDOGHODSDQWDOOD(VWRSUHYLHQHODGLVWRUVLyQFDXVDGDSRUSUR\HFFLRQHVGHiQJXORRSUR\HFFLyQHQVXSHUFLHVDQJXODUHV(OPRGHUQRSUR\HFWRUGLJLWDOQRSUR\HFWDKDFLDDGHODQWH\GHPDQHUDGLUHFWDFRPRORVSUR\HFWRUHVGHSHOtFXODGHFDUUHWHDFDUUHWHGHHVWLORDQWLJXR(QFDPELRORVSUR\HFWRUHVGLJLWDOHVYLHQHQSDUDSUR\HFWDUDXQiQJXORSRFRKDFLDDUULEDGHOSODQRKRUL]RQWDOGHOSUR\HFWRU(VWRHVSDUDTXHSXHGDQYHQLUFRORFDGRVHQXQDWDEODSDUDSUR\HFWDUKDFLDDGHODQWH\DWUiVHQXQDSRVLFLRQDGDSDUDTXHHOPDUJHQGHIRQGRGHODSDQWDOODTXHGHVREUHHOQLYHOGHODWDEOD\WRGRVHQHOFXDUWRSXHGDQYHUODSDQWDOOD6LHOSUR\HFWRUYLHQHPRQWDGRHQXQWHFKRGHEHVHUPRQWDGRSDWDVDUULEDSDUDTXHSUR\HFWHGHXQiQJXORSRFRKDFLDDEDMR8GSXHGHYHUGHOGLDJUDPDHQ3iJLQDTXHHVWHWLSRGHSUR\HFFLyQKDFHTXHHOIRQGRGHODLPDJHQSUR\HFWDGDVHDFRPSHQVDGRGHOSODQRKRUL]RQWDOGHOSUR\HFWRU(QFDVRGHPRQWDMHGHWHFKRVHUHHUHDOPDUJHQVXSHULRUGHODLPDJHQSUR\HFWDGD6LHOSUR\HFWRUYLHQHSRVLFLRQDGRPiVDOHMDGRGHODSDQWDOODHOWDPDxRGHODLPDJHQSUR\HFWDGDDXPHQWD\ODFRPSHQVDFLyQYHUWLFDOWDPELpQDXPHQWDSURSRUFLRQDOPHQWH$OGHWHUPLQHUODSRVLFLyQGHODSDQWDOOD\HOSUR\HFWRU8GQHFHVLWDUiWHQHUHOWDPDxRGHODVLPiJHQHVSUR\HFWDGDV\ODGLPHQVLyQGHFRPSHQVDFLyQYHUWLFDOORVFXDOHVYLHQHQGLUHFWD\SURSRUFLRQDOPHQWHDODGLVWDQFLDGHSUR\HFFLyQ
,PDJHQGHDVSHFWRRHQXQDiUHDGHYLVXDOL]DFLyQGH
,PDJHQGHDVSHFWRRHQHVFDODDOiUHDGHYLVXDOL]DFLyQGH
-
9LHZ6RQLF 3-'
7HQHPRVXQDWDEODGHSDQWDOODGHUHODFLyQGHDVSHFWRSDUDD\XGDUORDGHWHUPLQHDUODLGHDOORFDOL]DFLyQSDUDVXSUR\HFWRU+D\GLPHQVLRQHVFRPRRSFLRQHVODGLVWDQFLDSHUSHQGLFXODUKRUL]RQWDOGHOFHQWURGHODSDQWDOODGLVWDQFLDGHSUR\HFFLyQ\ODDOWXUDGHFRPSHQVDFLyQYHUWLFDOGHOSUR\HFWRUGHOPDUJHQKRUL]RQWDOGHODSDQWDOODFRPSHQVDFLyQ
0DQHUDVGHGHWHUPLQHDUODSRVLFLyQGHOSUR\HFWRUSDUDXQDSDQWDOODGHWDPDxRHVSHFtFR 6HOHFFLRQDUGHWDPDxRGHVXSDQWDOOD &RQVXOWHDODWDEODSDUDLJXDODUHOWDPDxRGHVXSDQWDOODHQODFROXPQDGHODL]TXLHUGDFR
QRFLGDFRPR3DQWDOOD'LDJRQDO&RQHVWHYDORU\EXVTXHHQHVWDODGHODGHUHFKDSDUDWHQHUODGLVWDQFLDHQSURPHGLRFRUUHVSRQGLHQWHGHOYDORUGHSDQWDOODHQODFROXPQDFRQRFLGDFRPR5HFRPPHQGDGDVGLVWDQFLDVGHSUR\HFFLyQGHSDQWDOODHQPP(VWDHVODGLVWDQFLDGHSUR\HFFLyQ
(QODPLVPDODEXVTXHHQODFROXPQDGHODGHUHFKDSDUDWRPDUQRWDGHOYDORUGHFRPSHQVDFLyQYHUWLFDO(VWRGHWHUPLQDODFRPSHQVDFLyQYHUWLFDOGHOSUR\HFWRUHQUHODFLyQDOPDUJHQGHODSDQWDOOD
/DUHFRPHQGDGDSRVLFLyQSDUDHOSUR\HFWRUYLHQHDOLQHDGDHQIRUPDSHUSHQGLFXODUDOFHQWURKRUL]RQWDOGHODSDQWDOODDODGLVWDQFLDGHODSDQWDOODGHWHUPLQDGDHQ3DVRGHDUULED\FRPSHQVDGRSRUHOYDORUGHWHUPLQHGRHQ3DVRGHDUULED
3RUHMHPSORVL8GXVDXQDSDQWDOODGHODUHFRPHQGDGDGLVWDQFLDGHSUR\HFFLyQHVPP\FRQXPDFRPSHQVDFLyQYHUWLFDOGHPP6L8GFRORFDXQSUR\HFWRUDXQDGLIHUHQWHSRVLFLyQTXHODUHFRPHQGDGDGHEHGHMDUORLQFOLQDGRRHOHYDGRDOFHQWURGHODLPDJHQGHODSDQWDOOD(QODVVLWXDFLRQHVODLPDJHQSXHGHVDOLUWRUFLGDGHDOJXQDPDQHUD8VHODIXQFLyQ.H\VWRQHSDUDFRUUHJLUODGLVWRUVLyQ
0DQHUDVGHFRQJXUDUHOWDPDxRGHODSDQWDOODUHFRPHQGDGDDXQDGLVWDQFLDHVSHFtFD(VWRVHXVDSDUDVLWXDFLRQHVHQTXH8GKD\DFRPSUDGRHOSUR\HFWRU\TXLHUDFRQRFHUHOWDPDxRGHODSDQWDOODTXHTXHSDHQVXFXDUWR(OWDPDxRPi[LPRGHODSDQWDOODYLHQHOLPLWDGDSRUHOItVLFRHVSDFLRGLVSRQLEOHGHVXFXDUWR 7RPHODPHGLGDGHODGLVWDQFLDHQWUHHOSUR\HFWRU\GRQGH8GGHVHHFRORFDUODSDQWDOOD
(VWDHVODGLVWDQFLDGHSUR\HFFLyQ &RQVXOWHDODWDEODSDUDLJXDODUHOWDPDxRGHVXSDQWDOODHQODFROXPQDFRQRFLGDFRPR
5HFRPHQGDGDVGLVWDQFLDVGHSUR\HFFLyQGHSDQWDOODHQPP &RQHVWHYDORUEXVTXHDKRUDKDFLDODL]TXLHUGDSDUDWHQHUODFRUUHVSRQGLHQWHSDQWDOODGLDJRQDO
HQODOD(VWDHVHOWDPDxRGHODLPDJHQSUR\HFWDGDGHOSUR\HFWRUDWDOGLVWDQFLDGHSUR\HFFLyQ (QODPLVPDODEXVTXHKDFLDODGHUHFKD\WRPHQRWDGHOYDORUGHFRPSHQVDFLyQYHUWLFDO
(VWRGHWHUPLQDODFRORFDFLyQQDOGHODSDQWDOODHQUHODFLyQDOSODQRKRUL]RQWDOSODQHGHOSUR\HFWRU
3RUHMHPSORVLVXGLVWDQFLDWRPDGDGHGLVWDQFLDGHSUR\HFFLyQIXHPPPODPHGLGDPiVFHUFDHQOD5HFRPHQGDGDVGLVWDQFLDVGHSUR\HFFLyQGHSDQWDOODHQPPHVPP(OEXVFDUHQHVWDODPXHVWUDTXHXQDSDQWDOODGHVHUHTXLUH6L8GVRODPHQWHREWLHQHXQDSDQWDOODGHWDPDxRPpWULFRHVPPHQGLDJRQDO
-
9LHZ6RQLF 3-'
'LPHQVLRQHVGHSUR\HFFLyQ
&RQVXOWHDODV'LPHQVLRQHVSDUDODVGLPHQVLRQHVGHOFHQWURGHOOHQWHGHHVWHSUR\HFWRUDQWHVGHFDOFXODUODDSSURSLDGDSRVLFLyQ
+D\XQDWROHUDQFLDGHHQORVQ~PHURVFRQODYDULDFLyQySWLFDGHFRPSRQHQWH (VUHFRPHQGDEOHVL8GGHVHDLQVWDODUHOSUR\HFWRUGHPDQHUDSHUPDQHQWHKDJDSUXHED
GHOWDPDxR\ODGLVWDQFLDGHSUR\HFFLyQFRQHODFWXDOSUR\HFWRUDQWHVGHLQVWDODUORGHPDQHUDSHUPDQHQWHSDUDSHUPLWLUUHQGHUGHODVFDUDFWHUtVWLFDVySWLFDVGHOSUR\HFWRU(VWRORD\XGDD8GHQGHWHUPLQHUODH[DFWDSRLFFLyQSDUDODPHMRUORFDOL]DFLLyQGHLQVWDODFLyQ
7DPDxRGHSDQWDOOD 'LVWDQFLD $OWXUDGHFRPSHQVDFLyQ3LpV 3XOJDGD PP PP PP
-
9LHZ6RQLF 3-'
&RQH[LyQ$OFRQHFWDUXQDIXHQWHGHVHxDODOSUR\HFWRU8GGHEHHVWDUVHJXURGH$SDJDUWRGRHTXLSRDQWHVGHWRGDFRQH[LyQ8VDUFRUUHFWRVFDEOHVGHVHxDOSDUDFDGDIXHQWH(VWDUVHJXURGHLQVHUWHUORVFDEOHVUPHPHQWH
,QODVFRQH[LRQHVLQGLFDGDVDEDMRDOJXQRVFDEOHVSXHGHQYHQLULQFOXLGRVFRQHOSUR\HFWRU9LHQHQGLVSRQLEOVHQWLHQGDVGHSURGXFWRVHOHFWUyQLFRV
&RQH[LyQDXQDFRPSXWDGRUD(OSUR\HFWRUYLHQHFRQXQVRTXHWHGHLQSXW9*$TXHSHUPLWHD8GFRQHFWDUDXQFRPSXWDGRUDVREUHPHVDRSRUWiWLO+DFHUFRQH[LyQGHOSUR\HFWRUDXQFRPSXWDGRUDVREUHPHVDRSRUWiWLO 7RPDUHOFDEOH9*$SDUDKDFHUODFRQH[LyQGHXQDSXQWDDOVRTXHWHRXWSXW'6XEGHOD
FRPSXWDGRUD +DFHUFRQH[LyQGHODRWUDSXQWDGHOFDEOH9*$DOVRTXHWHGHLQSXWGHVHxDO'68%HQHO
SUR\HFWRU(OSDVRGHODFRQH[LyQQDOGHDSDUHFHFRPRLQGLFDGRHQHOVLJXLHQWHGLDJUDPD
0XFKDVSRUWiWLOHVQRWLHQHQORVSXHUWRVGHYLGHRH[WHUQRVHQFHQGLGRVDOFRQHFWDUVHDXQSUR\HFWRU8VXDOPHQWHXQDWHFODFRPR)1)R&57/&'SUHQGHRDSDJDODSDQWDOODH[WHUQD8ELTXHXQDWHFODGHIXQFLyQFRQODHWLTXHWD&57/&'RXQDWHFODGHIXQFLyQFRQHOVtPERORPRQLWRUHQODSRUWiWLO
&RPSXWDGRUDVREUHPHVDRSRUWiWLO
&DEOH9*$
-
9LHZ6RQLF 3-'
&RQH[LyQ&RQ$SDUDWRVGH)XHQWH9LGHR8GSXHGHKDFHUFRQH[LRQHVGHVXSUR\HFWRUFRQYDULRVDSDUDWRVGHIXHQWH9LGHRFRQFXDOHVTXLHUDGHORVVLJXLHQWHVVRTXHWHVGHRXWSXW &RPSRQHQWH9LGHR
69LGHR69tGHR
9LGHR9tGHRFRPSXHVWR
8GQHFHVLWDVRODPHQWHFRQHFWDUHOSUR\HFWRUDXQDSDUDWRGHIXHQWH9LGHRFRQXQRGHORVPpWRGRVLQGLFDGRVDUULED6LQHPEDUJRFDGDXQRYLHQHFRQXQGLIHUHQWHQLYHOGHFDOLGDGYLGHR(OPpWRGR8GVHOHFFLRQHGHSHQGPXFKDVYHFHVGHODGLVSRQLELOLGDGGHORVWHUPLQDOVFRUUHVSRQGLHQWHVWDQWRHQHOSUR\HFWRUFRPRHQHODSDUDWRGHIXHQWH9LGHRLQGLFDGRDEDMR
/DPHMRUFDOLGDGYLGHR
(OPDMRUPpWRGRGHFRQH[LyQYLGHRGLVSRQLEOHHVHO&RPSRQHQWH9LGHRQRFRQIXQGLUORFRQHO&RPSXHVWR9LGHR&RPRHO$QDGRU79\ORV'9'SOD\HUVYLHQHQFRQHO&RPSRQHQWH9LGHRGHRXWSXWSRUVtVLYLHQHGLVSRQLEOHHQVXVDSDUDWRVGHEHVHUHOPpWRGRGHFRQH[LyQPiVSUHIHULEOHTXHHOFRPSXHVWR9LGHR
0HMRUFDOLGDGYLGHR
(OPpWRGR69LGHRYLHQHFRQHOYLGHRDQiORJRGHPHMRUFDOLGDGTXHHOVWDQGiUFRPSXHVWR9LGHR6L8GFXHQWDFRQORVWHUPLQDOHVFRPSXHVWR9LGHR\69LGHRRXWSXWHQVXDSDUDWRGHIXHQWH9LGHR8GGHEHXVDUODRSFLyQ69LGHR
0HQRVFDOLGDGYLGHR
(O&RPSXHVWR9LGHRHVXQYLGHRDQiORJR\UHVXOWDUiDFHSWDEOHSHUIHFWDPHQWHSHURPHQRVySWLPRGHVXSUR\HFWRUSRUODPHQRVFDOLGDGYLGHRTXHORVGLVSRQLEOHVPpWRGRVLQGLFDGRVDFi
-
9LHZ6RQLF 3-'
&RQH[LyQ&RQ$SDUDWRVGH)XHQWH&RQ&RPSRQHQWHV9LGHR([DPLQHVXDSDUDWRIXHQWH9LGHRSDUDGHWHUPLQDUVLYLHQHFRQXQMXHJRGHVRTXHWHVGHRXWSXWSDUDFRPSRQHQWHV9LGHRVLQXVR
(QWDOFDVR8GGHEHFRQWLQXDUFRQHVWHSURFHGLPLHQWR
(QFDVRQR8GQHFHVLWDGHFLGHUTXpPpWRGRXVDUSDUDODFRQH[LyQDODSDUDWR
&RQH[LyQGHOSUR\HFWRUFRQXQ$SDUDWRIXHQWH9LGHRFRPSRQHQWH
7RPDUHORSFLRQDODFFHVRULR&RPSRQHQWH9LGHRDOFDEOHGHDGDSWDGRU9*$'6XESDUDFRQHFWDUODSXQWDFRQFRQHFWRUHVWLSR5&$DORVVRTXHWHVGHRXWSXW9LGHR&RPSRQHQWHGHODSDUDWRIXHQWH9LGHR,JXDOHHOFRORUGHORVHQFKXIHVDOGHORVVRTXHWHVYHUGHFRQYHUGHD]XOFRQD]XO\URMRFRQURMR
&RQHFWDUODRWUDSXQWDGHO&RPSRQHQWH9LGHRDOFDEOHGHDGDSWDGRU9*$'6XEFRQXQFRQHFWRUWLSR'6XEDOVRTXHWH'68%HQHOSUR\HFWRU(OSDVRGHODFRQH[LyQQDOGHEHSDUHFHUFRPRLQGLFDGRHQHOVLJXLHQWHGLDJUDPD
'HFRQHFWDUHOSUR\HFWRUDXQDQDGRU'LJLWDO79'79ODVLJXLHQWHUHVROXFLyQYLHQHDSR\DGD L S
L S
S+] L+]
(O&RPSRQHQWH9LGHRHVHO~QLFRRXWSXWYLGHRSDUDODVQDWLYDVLPiJHQHVGHUHODFLRQGHDVSHFWR
6LODVHOHFFLRQDGDLPDJHQYLGHRQRDSDUHFHOXHJRGHHQFHQGHUHOSUR\HFWRU\TXHODFRUUHFWDIXHQWHYLGHRKD\DVLGRVHOHFFLRQDGDUHYLVHHODSDUDWRGHIXHQWH9LGHRSDUDYHUVLVHKDQHQFHQGLGR\RSHUDFRUUHFWDPHQWH,JXDOPHQWHUHYLVHTXHORVFDEOHVGHVHxDOKDQVLGRFRQHFWDGRVFRUUHFWDPHQWH
$DSDUDWR$9
&RPSRQHQWH9LGHRDOFDEOHDGDSWDGRU9*$'6XE
-
9LHZ6RQLF 3-'
&RQH[LyQFRQXQDSDUDWRGHIXHQWH69LGHRRXQFRPSXHVWR9LGHR([DPLQHVXDSDUDWRGHIXHQWH9LGHRSDUDGHWHUPLQDUVLWLHQHXQGLVSRQLEOH69LGHRRFRPSXHVWR9LGHRRXWSXWVRTXHWHVLQXVR (QWDOFDVR8GGHEHFRQWLQXDUFRQHVWHSURFHGLPLHQWR
(QFDVRQR8GQHFHVLWDGHFLGHUTXpPpWRGRXVDUSDUDODFRQH[LyQDODSDUDWR
6L8GKDKHFKRXQDFRQH[LyQ&RPSRQHQWH9LGHRHQWUHHOSUR\HFWRU\HODSDUDWRIXHQWHYLGHRQRQHFHVLWDKDFHUODFRQH[LyQDHVWHDSDUDWRQXHYDPHQWHFRQXQ69LGHRRFRQH[LyQGHFRPSXHVWR9LGHR\DTXHHVWRKDFHXQDVHJXQGDFRQH[LyQDLPiJHQHVGHFDOLGDGLQIHULRULQQHFHVDULD
8GQHFHVLWDVRODPHQWHKDFHUODFRQH[LyQFRQXQFRPSXHVWR9LGHRVLQLHO&RPSRQHQWH9LGHRQLHO69LGHRYLHQHGLVSRQLEOHHQHODSDUDWRGHIXHQWHYLGHRSRUHMHPSORFRQDOJXQDVFiPDUDVYLGHRDQiORJR
&RQH[LyQGHOSUR\HFWRUFRQXQDSDUDWRIXHQWH69LGHR9LGHR
7RPDUHOFDEOHDFFHVRULRRSFLRQDO69LGHR&DEOH9LGHRSDUDODFRQH[LyQFRQXQDSXQWDGHOVRTXHWHRXWSXW69LGHR9LGHRGHODSDWDWRIXHQWH9LGHR
&RQHFWDUODRWUDSXQWDGHOFDEOH69LGHR&DEOH9LGHRDOVRTXHWH69,'(29,'(2HQHOSUR\HFWRU
(OSDVRGHODFRQH[LyQQDOGHEHSDUHFHUFRPRLQGLFDGRHOHOVLJXLHQWHGLDJUDPD
6LODVHOHFFLRQDGDLPDJHQYLGHRQRDSDUHFHOXHJRGHHQFHQGHUHOSUR\HFWRU\TXHODFRUUHFWDIXHQWHYLGHRKD\DVLGRVHOHFFLRQDGDUHYLVHHODSDUDWRGHIXHQWH9LGHRSDUDYHUVLVHKDQHQFHQGLGR\RSHUDFRUUHFWDPHQWH,JXDOPHQWHUHYLVHTXHORVFDEOHVGHVHQDOKDQVLGRFRQHFWDGRVFRUUHFWDPHQWH
$SDUDWR$9
&DEOH9LGHR &DEOH69LGHR
R
-
9LHZ6RQLF 3-'
2SHUDFLyQ,QLFLR
(QFKXIHHOFRUGyQHOpFWULFRHQHOSUR\HFWRU\XQVRTXHWHGHSDUHG(QFLHQGDHOLQWHUUXSWRUGHOVRTXHWHGHSDUHGGRQGHDSOLFDEOH([DPLQHTXHODLQGLFDGRUDGHHOHFWULFLGDGHQHOSUR\HFWRUVHSRQHGHFRORUQDUDQMDFRQODHOHFWULFLGDG
(OFRUGyQHOpFWULFRXVDGRHQHOLOXVWUDGRSXHGHDSDUHFHUGLIHUHQWHDOGHWLSRXVDGRHQVXiUHD8VHVRODPHQWHHOFRUGyQHOpFWULFRSURSRUFLRQDGRFRQHOSUR\HFWRUHOFXDOHVDGHFXDGRSDUDVXiUHD
5HPXHYDODJRUUDGHOHQWH6LVLJXHSXHVWDSRGUtDTXHGDUGHIRUPDGDFRQHOFDORUGHODOiPSDUDGHOSUR\HFWRU
3XOVH\GHWHQJDSRUVHJXQGRV
(1&,(1'$HOSUR\HFWRURFRQWUROUHPRWRSDUDLQLFLDUHOSUR\HFWRU/DOX]LQGLFDGRUD3RZHUSDUSDGHDGHFRORUYHUGH\VLJXHYHUGHFRQHOSUR\HFWRUHQFHQGLGR
(OSURFHGLPLHQWRGHHQFHQGLGRGXUDXQRVVHJXQGRV/XHJRGHOLQLFLRXQORJRGHLQLFLRVHSUR\HFWD
&XDQGRQHFHVDULR*LUHHODQLOORGHHQIRTXHSDUDDMXVWDUGHFODULGDGGHLPDJHQ
6LHOSUR\HFWRUVLJXHFDOLHQWHGHODDFWLYLGDGDQWHURULHOYHQWLODGRUVLJXHGXUDQWHVHJXQGRVDQWHVGHDFWLYDUODOiPSDUD
(QFLHQGDWRGRHTXLSRFRQHFWDGR (OSUR\HFWRUHPSH]DUiDDQGDUSDUDEXVFDUVHxDOHVLQSXW/DIXHQWHLQSXWHVFRQGLGDDF
WXDOPHQWHDSDUHFHHQHOFHQWURGHODSDQWDOOD6LHOSUR\HFWRUQRGHWHFWDXQVHxDOYiOLGRHOPHQVDMHGHEXVFDUFRQWLQ~DKDVWDHQFRQWUDUXQVHQDOGHIXHQWHLQSXW
8GSXHGHWDPELpQSXOVDU6285&()8(17(HQHOSUR\HFWRURFRQWUROUHPRWRSDUDVHOHFFLRQDUHOGHVHDGRVHQDOLQSXW
6LODIUHFXHQFLDUHVROXFLyQGHOVHxDOLQSXWH[FHHGHOUDQJRGHRSHUDFLyQGHOSUR\HFWRU8GYHUiHOPHQVDMH)XHUDGH5DQJRHQODSDQWDOOD)DYRUFDPELDUDXQVHxDOLQSXWFRPSDWLEOHFRQODUHVROXFLyQGHOSUR\HFWRURFRQJXUHHOVHQDOLQSXWDXQDLQIHULRU
275*
-
9LHZ6RQLF 3-'
3XOVDQGRGHOVHxDOLQSXW(OSUR\HFWRUSXHGHFRQHFWDUVHDYDULRVDSDUDWRVDOPLVPRWLHPSR6LQHPEDUJRSXHGHVRODPHQWHPRVWUDUXQRDODYH]3DUDYHUORVVHxDOHVLQSXWGLVSRQLEOHV 3XOVH6285&()8(17(HQHOSUR\HFWRURHO
FRQWUROUHPRWRSDUDPRVWUDUXQDEDUUDSDUDVHOHFFLRQDUIXHQWHV'HQRVHOHFFLRQDUXQVHxDOSXOVH6285&()8(17(YHFHV(OSULPHUERWyQSXOVDGRPXHVWUDODDFWXDOLQIRUPDFLyQGHIXHQWHV\ODVHJXQGDPXHVWUDODEDUUDSDUDVHOHFFLRQDUIXHQWHV
8GSXHGHSXOVDUPDQXDOPHQWH6285&()8(17(UHSHWLGDPHQWHKDVWDWHQHUDVXGHVHDGRVHxDOVHOHFFLRQDGRRGHMDUTXHHOSUR\HFWRUEXVTXHHOVHxDOGLVSRQLEOHDXWRPiWLFDPHQWH
8QDYH]GHWHFWDGRODLQIRUPDFLyQGHODIXHQWHVHOHFFLRQDGDDSDUHFHUiHQODSDUWHGHUHFKDLQIHULRUGHODSDQWDOODGXUDQWHVHJXQGRV'HKDEHUYDULRVHTXLSRVFRQHFWDGRVDOSUR\HFWRU8GSXHGHSXOVDUHOERWyQQXHYDPHQWHSDUDEXVFDURWURVHxDOH
(VWpVHJXURGHWHQHUD(VFDQGLU)XHQWHVHQHOPHQ~ $YDQ]DGRDFWLYDGRVL8GGHVHDTXHHOSUR\HFWRUEXVTXHORVVHxDOHVDXWRPiWLFDPHQWH3DUDSUHYHQLULQQHFHVDULRJDVWRGHOWLHPSRGHODOiPSDUD8GSXHGHDFWLYDU$XWR2IISDUDDSDJDUHOSUR\HFWRUDXWRPiWLFDPHQWHFXDQGRQRKD\VHxDOHVGHWHFWDGRVOXHJRGHXQSHUtRGR
GHWLPH3DUDFRQJXUDUHOWLHPSRGH$XWR2IISDVHDOPHQ~ $YDQ]DGR!$XWR2II\SXOVH/HIW5LJKWSDUDFRQJXUDUHOWLHPSRGHDPLQXWRVHQDXPHQWRVGHPLQXWRV
(OQLYHOGHEULOORGHODLPDJHQSUR\HFWDGDFDPELDUiGHELGDPHQWHFXDQGR8G6HOHFFLRQHHQWUHORVGLIHUHQWHVVHxDOHVLQSXW'DWRVJUiFRV3&FRQODVLPiJHQHVHVWiWLFDVUHVXOWDJHQHUDOPHQWHPiVEULOODQWHTXH9LGHRFRQLPiJHQHVPyYLOHVSHOtFXODV(OWLSRGHLQSXWDIHFWDODVRSFLRQHVGLVSRQLEOHVSDUDHO0RGR3UHGHWHUPLQDGR
-
9LHZ6RQLF 3-'
$MXVWHGHODLPDJHQSUR\HFWDGD$MXVWHGHiQJXORGHSUR\HFFLyQ(OSUR\HFWRUYLHQHFRQXQSLpGHDMXVWHGHOLEHUDFLyQUiSLGD\XQSLpGHDMXVWHWUDVHUR(VWRVDMXVWDGRUHVFDPELDQGHDOWXUDGHLPDJHQ\iQJXORGHSUR\HFFLyQ3DUDDMXVWDUHOSUR\HFWRU /HYDQWHHOSUR\HFWRU\SXOVHHOERWyQDMXVWDGRUSDUD
OLEHUDUHODMXVWDGRU(ODMXVWDGRUFDHUiHQSRVLFLyQ\TXHGDEORTXHDGD
1REORTXHHHOOHQWHPLHQWUDVODOiPSDUDVLJXHHQFHQGLGD/DOX]IXHUWHGHODOiPSDUDFDXVDUiGDxRVHQVXVRMRV
$WRUQLOOHHOSLpGHDMXVWHWUDVHURSDUDDQDUGHiQJXORKRUL]RQWDO3DUDUHWUDHUHOSLpGHWHQJDHOSUR\HFWRUPLHQWUDVSXOVHHOERWyQGHOLEHUDFLyQUiSLGDOXHJREDMHHOSUR\HFWRUOHQWDPHQWH$WRUQLOOHHOSLpDMXVWDGRUWUDVHURHQHOVHQWLGRFRQWUDULR
6LODSDQWDOOD\HOSUR\HFWRUQRYLHQHQHQIRUPDSHUSHQGLFXODUXQRDORWURODLPDJHQSUR\HFWDGDVHSRQHHQWUDSH]RLGHYHUWLFDO3DUDFRUUHJLUODVLWXDFLyQDMXVWHGHYDORUGH.H\VWRQHHQHOPHQ~GHLPiJHQHVHQHOSDQHOFRQWUROGHOSUR\HFWRURHQHOFRQWUROUHPRWR
$MXVWHDXWRPiWLFRGHODLPDJHQ(QDOJXQRVFDVRVFRPRWLHPSRVGHODFRPSXWDGRUD8GQHFHVLWDUiRSWLPL]DUODFDOLGDGGHODLPDJHQ3DUDKDFHUORSXOVH$872HQHOSUR\HFWRURHOFRQWUROUHPRWR(QVHJXQGRVHOLQFRUSRUDGR,QWHOOLJHQW$XWR$MXVWPHQWUHDMXVWDUiGHYDORUGH)UHFXHQFLD\5HORMSDUDPDMRUFDOLGDGGHLPDJHQ/DDFWXDOLQIRUPDFLyQDSDUHFHHQODSDUWHGHUHFKDLQIHULRUGHODSDQWDOODGXUDQWHVHJXQGRV
/DSDQWDOODYLHQHHQEODQFR$872
$QDFLyQGHFODULGDGGHLPDJHQ&XDQGRQHFHVDULRDQHODLPDJHQJLUDQGRHODQLOORGHHQIRTXH
-
9LHZ6RQLF 3-'
&RUUHFFLyQGH.H\VWRQH(O.H\VWRQHVHUHHUHDODVLWXDFLyQHQTXHODLPDJHQSUR\HFWDGDYLHQHHYLGHQWHPHQWHPiVDQFKDWDQWRHQODSDUWHDUULEDFRPRHQHOIRQGR(VWRRFXUUHFXDQGRHOSUR\HFWRUQRYLHQHHQSHUSHQGLFXODUDODSDQWDOOD3DUDFRUUHJLUORDSDUWHGHDMXVWDUGHDOWXUDGHOSUR\HFWRU8GGHEHFRUHJLUORGHPDQHUDPDQXDOVLJXLHQGRD812GHHVWRVSDVRV 3XOVH HQHOSUR\HFWRURFRQWUROUHPRWR
SDUDPRVWUDUHOHVWDGRGHODEDUUDFRQODHWLTXHWD.H\VWRQH/XHJRSXOVH SDUDFRUUHJLU.H\XVWRQHHQODSDUWHDUULEDGHODLPDJHQRSXOVH SDUDFRUUHJLU.H\XVWRQHHQHOIRQGRGHODLPDJHQ
3XOVH0(18HQHOSUR\HFWRUR0(18HQHOFRQWUROUHPRWR3DVDUDOPHQ~! !3UR,PDJHQ!.H\VWRQHSDUDDMXVWDUGHYDORUSXOVDQGR/HIW5LJKWHQHOSUR\HFWRURFRQWUROUHPRWRKDVWDTXH8GTXHGHVDWLVIHFKRFRQODIRUPD
3RUHMHPSOR
-G[UVQPG -G[UVQPG
-G[UVQPG -G[UVQPG
3XOVH HQ HO SUR\HFWRU RFRQWUROUHPRWR
3XOVH5LJKWHQHOSUR\HFWRURFRQWUROUHPRWRFXDQGR8GYLHQHHQHOPHQ~3UR,PDJHQ!.H\VWRQH
3XOVH HQ HO SUR\HFWRU RFRQWUROUHPRWR
3XOVH/HIW HQ HO SUR\HFWRU RFRQWUROUHPRWRFXDQGR8GYLHQHHQHOPHQ~3UR,PDJHQ!.H\VWRQH
-
9LHZ6RQLF 3-'
6HOHFFLyQGHUHODFLyQGHDVSHFWR/DDVSHFWUDWLR5HODFLyQGH$VSHFWRVHUHHUHDODUHODFLyQGHODDQFKXUDGHLPDJHQUHODFLRQDGDFRQODDOWXUDGHODPLVPD/DPD\RUtDGHODV79DQiORJR\FRPSXWDGRUHVYLHQHQGHUHODFLyQPLHQWUDVODV79GLJLWDOHV\'9'VDYLHQHQGHUHODFLyQ&RQODYHQWDMDGHOSURFHVRGHVHxDOHVGLJLWDOHVORVDSDUDWRVGLJLWDOHVFRPRHVWHSUR\HFWRUSXHGHQHVWLUDU\HVFDODUGHPDQHUDGLQiPLFDORVRXWSXWVGHLPDJHQDXQGLIHUHQWHDVSHFWRTXHHOGHODIXHQWHLQSXWGHODLPDJHQ8GSXHGHFDPELDUGHUHODFLyQGHODLPDJHQSUR\HFWDGDLQGHSHQGLHQWHPHQWHGHODVSHFWRGH
IXHQWHHQWUDQGRHQHOPHQ~ 3UR,PDJHQ!$VSHFW5DWLR5HODFLyQGH$VSHFWR6HOHFFLRQHVXQDUHODFLyQGHDVSHFWRSDUDHOIRUPDWRGHOVHxDOYLGHR\ORVUHTXLVLWRVGHVXPRQLWRU+D\UHODFLRQHVGHDVSHFWRGLVSRQLEOHV
(QODVLPiJHQHVGDGDVDFRQWLQXDFLyQODVSRUFLRQHVEORTXHDGDVYLHQHQLQDFWLYDV\ODVHQEODQFRLQGLFDQiUHDVDFWLYDV
1DWLYR/DLPDJHQYLHQHSUR\HFWDGDHQVXRULJLQDOUHVROXFLyQVLQFRQYHUVLRQHVGHSL[HOHV3DUDVHxDOHVLQSXWFRQUHVROXFLRQHVPiVEDMDVODLPDJHQSUR\HFWDGDDSDUHFHPiVFKLFDTXHHOWDPDxRQXHYRHQSDQWDOODFRPSOHWD8G3RGUtDPRYHUHOSUR\HFWRUKDFLDODSDQWDOODSDUDDXPHQWDUGHWDPDxRGHLPDJHQHQFDVRQHFHVDULR8GWDPELpQSXHGHQHFHVLWDUDUHHQIRFDUOXHJRGHPRYHUOR
(VFDODXPDLPDJHQSDUDTXHDSDUH]FDHQHOFHQWURGHODSDQWDOODFRQODUHODFLyQGHDVSHFWR(VWRHVDSWRSDUDLPiJHQHVFRPRPRQLWRUHVGHFRPSXWDGRUD79GHFRQJXUDFLyQVWDQGiU\SHOtFXODV'9'GHDVSHFWRVLQDOWHUDFLRQHVGHUHODFLyQGHDVSHFWR
(VFDODXPDLPDJHQSDUDTXHDSDUH]FDHQHOFHQWURGHODSDQWDOODFRQODUHODFLyQGHDVSHFWR(VWRHVDSWRSDUDLPiJHQHVGHWDOHVFRPR79GHDOWDFRQJXUDFLyQVLQDOWHUDFLRQHVGHUHODFLyQGHDVSHFWR
/DUHODFLyQGHDVSHFWRYLHQHVRODPHQWHGHO&RPSRQHQWH9LGHRLQSXWFXDQGRLQWURGXFLGRXQDSURSLDGRVHxDOGHDVSHFWR
-
9LHZ6RQLF 3-'
2SWLPL]DUODLPDJHQ6HOHFLRQDUPRGRVSDUDXQDLPDJHQ(OSUR\HFWRUYLHQHSURJUDPDGRFRQDOJXQRVSUHFRQJXUDGRVPRGRVGHLPDJHQSDUDTXH8GVHOHFFLRQHXQRSDUDVXDPELHQWHGHRSHUDFLyQ\WLSRGHLPDJHQGHIXHQWHLQSXW3DUDVHOHFFLRQDUXQPRGHORGHLPDJHQSDUDVXQHFHVLGDG8GSXHGHVHJXLUDXQRGHORVVLJXLHQWHVSDVRV 3XOVH02'(HQHOFRQWUROUHPRWRRHOSUR\HF
WRUUHSHWLGDPHQWHKDVWDTXHVXGHVHDGRPRGRVHDVHOHFFLRQDGR
3DVDUDOPHQ~ ,PDJHQ!3UHVHW0RGR\SXOVH/HIW5LJKWSDUDRVHOHFFLRQDUXQGHVHDGRPRGR
/RVSURJUDPDGRVPRGRVGHLPDJHQYLHQHQJXDUGDGRVHQHOSUR\HFWRUMXQWRVFRQODFRQJXUDFLyQGHDFWXDOHVWHPSHUDWXUDVGHFRORUSDUDFDGDLQSXW8GSXHGHFDPELDUGHPRGRGHLPDJHQ\ODVFRQJXUDFLRQHVGHWHPSHUDWXUDGHFRORUSDUDHODFWLYRLQSXWDFWXDOPHQWH\VXVHOHFFLyQYLHQHDXWRPiWLFDPHQWHJXDUGDGDHQHOSUR\HFWRU\DVRFLDGDFRQODIXHQWHGHLQSXW&DGDYH]8GFDPELDGHPRGRGHLPDJHQHOSUR\HFWRUWDPELpQFDPELDODFRQJXUDFLyQGHWHPSHUDWXUDGHFRORUDXQDTXHIXHVHOHFFLRLQDGD~OWLPRSDUDTXHWDOPRGRGHLPDJHQSDUWLFXODUHVWpHQHOLQSXWSDUWLFXODU'HFDPELDUGHIXHQWHGHLQSXWHOPRGRGHLPDJHQ\ODWHPSHUDWXUDGHFRORUXVDGRV~OWLPRSDUDHOLQSXW\ODUHVROXFLyQTXHGDQUHHVWDEOHFLGRV/DVRWUDVSURSLHGDGHVGHLPDJHQWDOHVFRPREULOORFRORUFRQWUDVWHWRQDOLGDG\FRQJXUDFLyQQRYLHQHQFDPELDGRVFRQXQRHQPRGRGHLPDJHQ6LQHPEDUJRYLHQHQDOWHUDGRVFRQXQFDPELRGHLQSXW6LJXHQFRQVWDQWHV\HQWRGRHOVLVWHPDLQGHSHQGLHQWHPHQWHGHFDPELRVGHODVRWUDVSURSLHGDGHVGHLPDJHQ(OPRGRGHODVLPiJHQHVGLVSRQLEOHVSDUDORVGLIHUHQWHVWLSRVGHVHQDOHVYLHQHQHQODVLJXLHQWHOLVWD )XHQWHVGHLQSXWVJUiFRV
/DV)XHQWHVJUiFDVGHLQSXWYLHQHQEDVDGDVHQODFRPSXWDGRUDGDWRV\GHWLHPSRGHVHxDOGHWDUMHWDJUiFD\YLHQHQVRODPHQWHFRQHFWDGDVFRQHOFDEOH9*$'6XE/DV)XHQWHVJUiFDVYLHQHQDFWLYDVVRODPHQWHFXDQGR5*%HLVVHOHFFLRQDGRFRPRIXHQWHGHLQSXW
0RGRGHEULOORPi[LPR3RUGHIHFWR3DUDPD[LPL]DUGHEULOORGHODLPDJHQSUR\HFWDGD(VWHPRGRHVDSWRSDUDDPELHQWHVHQTXHEULOORH[WUDDOWRVHDUHTXHULGRWDOFRPRHOXVRGHOSUR\HFWRUHQXQFXDUWRELHQLOXPLQDGR
0RGRSUHVHQWDFLyQ'LVHxDGRSDUDSUHVHQWDFLRQHV(OEULOORYLHQHQHQIDWL]DGRHQHVWHPRGRSDUDLJXDODUHOFRORUGHOD3&\ODSRUWiWLO
0RGRIRWR3DUDPD[LPL]DUGHSXUH]DGHORVFRORUHV5*%SDUDLPiJHQHVYHUGDGHUDVLQGHSHQGLHQWHPHQWHVGHODFRQJXUDFLyQGHEULOOR(VDSWRSDUDYLVXDOL]DUIRWRVWRPDGDVFRQXQDFiPDUDV5*%FRPSDWLEOH\ELHQFDOLEUDGD\SDUDYLVXDOL]DUODVDSOLFDFLRQHVJUiFDVGH3&\GLEXMRVWDOFRPRHO$XWR&$'
0RGR&LQH(VDSWRSDUDSHOtFXODVYLGHRFOLSVGHFRORUGHFiPDUDVGLJLWDOHVR'9VFRQHOLQSXW3&SDUDPHMRUYLVXDOL]DFLyQHQXQDPELHQWHRVFXUHFLGRSRFDOX]
-
9LHZ6RQLF 3-'
)XHQWHVGHLQSXW9LGHR
/DVIXHQWHVGHLQSXW9LGHRVRQWLHPSRVGHVHxDOEDVDGRHQYLGHRSHOtFXODFRQHFWDGRFRQORVFDEOHVYLGHR&RPSRQHQWH9LGHR
-
9LHZ6RQLF 3-'
2WURVDMXVWHV
8GWLHQHWDPELpQRWUDVVHOHFFLRQHVGHDQDFLyQGHFDOLGDGGHLPDJHQHQHOPHQ~ ,PDJHQ
8QFDPELRGHLQSXWKDUiTXHHOSUR\HFWRUUHVWDEOH]FDODVFRQJXUDFLRQHVGHLPDJHQFRPRDFWXDOHVFXDQGRHOLQSXWIXHVHOHFLRQDGR~OWLPR6LQDMXVWHVGHFOLHQWHODHKHFKRVHQODVFRQJXUDFLRQHVGHLPDJHQSDUDWDOLQSXWODVFRQJXUDFLRQHVSRUGHIHFWRSDUDWDOWKDWLQSXWVHXVDUiQ
(VFRQGHUODLPDJHQ3DUDOODPDUODDWHQFLyQGHOS~EOLFRDOSUHVHQWDGRU8GSXHGHXVDU%/$1.%/$1&2SDUDHVFRQGHUODLPDJHQGHSDQWDOOD3XOVHFXDOTXLHUWHFODHQHOSUR\HFWRURFRQWUROUHPRWRSDUDUHHVWDEOHFHUODLPDJHQ/DSDODEUD%/$1.%/$1&2DSDUHFHHQODSDUWHGHUHFKDLQIHULRUGHODSDQWDOODFRQODLPDJHQHVFRQGLGD8GSXHGHHVWDEOHFHUHOWLHPSRGHEODQFRHQHOPHQ~
!6HWWLQJ!%ODQN7LPHU%ODQFR7LHPSRUSDUDTXHHOSUR\HFWRUYXHOYDDWHQHUODLPDJHQDXWRPiWLFDPHQWHOXHJRGHXQSHULRGRGHWLHPSRFXDQGRQRKD\DFFLRQHVWRPDGDVHQODSDQWDOODHQEODQFR(OWLHPSRSXHGHVHUHVWDEOHFLGRGHDPLQXWRVFRQDXPHQWRVGHPLQXWR6HOHFFLRQHPLQXWRSDUDGHVDFWLYDUODIXQFLyQ
8QDYH]%/$1.%/$1&2VHDSXOVDGRHOSUR\HFWRUHQWUDHQHOPRGR(FRQyPLFRDXWRPiWLFDPHQWH
1REORTXHHHOOHQWHGHSUR\HFFLyQ\DTXHHVWRSRGUtDFDXVDUTXHHOREMHWREORTXHDGRVHFDOLHQWH\GHIRUPHRLQFHQGLRHQHOKRUQR
&RQJHODUODLPDJHQ3XOVH! !HQHOFRQWUROUHPRWRSDUDFRQJHODUODLPDJHQ8QLFRQR!!DSDUHFHHQODSDUWHGHUHFKDLQIHULRUGHODSDQWDOOD3DUDOLEHUDUODIXQFLyQSXOVH! !HQHOFRQWUROUHPRWRR6285&()8(17(HQHOSUR\HFWRU1yWHVHTXHHOSXOVDU6285&()8(17(WDPELpQFDPELDGHIXHQWHLQSXW,QFOXVRDOFRQJHODUXQDLPDJHQHQODSDQWDOODODVLPiJHQHVDQGDQHQHOYLGHRXRWURDSDUDWR
-
9LHZ6RQLF 3-'
2SHUDFLRQHVHQDPELHQWHVGHDOWLWXGHVHOHYDGDV
5HFRPHQGDPRVXVDUHO0RGR$OWLWXGHV(OHYDGDVFXDQGRVXDPELHQWHYLHQHHQWUHPPVREUHQLYHOGHOPDU\ODWHPSHUDWXUDYLHQHHQWUH&&
1RXVHHO0RGR$OWLWXGHV(OHYDGDVVLVXDOWXUDYLHQHHQWUHP\P\ODWHPSHUDWXUDHQWUH&\&(OSUR\HFWRUSXHGHTXHGDUH[FHVLYDPHQWHHQIULDGRVL8GYXHOYHDOPRGRHQWDOFRQGLFLyQ
3DUDDFWLYDUHO0RGR$OWLWXGHV(OHYDGDVSDVHDOPHQ~ $YDQ]DGR!+LJK$OWLWXGH0RGH0RGR$OWLWXGHV(OHYDGDVVHOHFFLRQH2Q(QFHQGLGRSXOVDQGR/HIW5LJKWHQHOSUR\HFWRURHOFRQWUROUHPRWR$SDUHFHXQPHQVDMHGHFRQUPDFLyQ3XOVH'RZQ
/DSUy[LPDYH]8GHQFLHQGDHOSUR\HFWRUXQPHQVDMHFRPRHOVLJXLHQWHDSDUHFHGHUHFRUGDWRULRGXUDQWHHOLQLFLR
/DVRSHUDFLRQHVHQ0RGR$OWLWXGHV(OHYDGDVSXHGHSURGXFLUUXLGRVGHGHFLEHODOWRFRQODDXPHQWDGDYHORFLGDGGHOYHQWLODGRUSDUDPHMRUDUHOHQIULDPLHQWR\UHQGLPLHQWRGHWRGRHOVLVWHPD6L8GXVDHVWHSUR\HFWRUHQRWUDVFRQGLFLRQHVH[WUHPDVH[FOX\HQGRODVGHDUULEDSXHGHQDSDUHFHUVtQWRPDVGHGHVFRQH[LRQDXWRPiWLFDORTXHYLHQHSDUDSURWHJHUVXSUR\HFWRUGHUHFDOHQWDPLHQWR(QXQFDVRGHHVWDQDWXUDOH]D8GGHEHFDPELDUD0RGR$OWLWXGHV(OHYDGDVSDUDVROXFLRQDUORVVtQWRPDV6LQHPEDUJRHVWRQRLQGLFDTXHHVWHSUR\HFWRUSXHGDVHURSHUDGRHQFXDOHVTXLHUD\WRGDVRH[WUHPHDVFRQGLFLRQHV
-
9LHZ6RQLF 3-'
$SDJDGRGHOSUR\HFWRU 3XOVH 32:(5\XQPHQVDMHDSDUHFH3XOVH 32:(5SRUODVHJXQGDYH]SDUDDSDJDUHOSUR\HFWRU
/DOX]LQGLFDGRUD3RZHUSDUSDGHDGHFRORUQDUDQMD\ODOiPSDUDVHDSDJDORVYHQWLODGRUHVVLJXHQDQGDQGRSRUXQRVVHJXQGRVSDUDHQIULDUHOSUR\HFWRU
3DUDSURWHJHUODOiPSDUDHOSUR\HFWRUQRUHVSRQGHUiDQLQJXQRVFRPDQGRVGXUDQWHHOSURFHVRGHHQIULDPLHQWR
6LHOSUR\HFWRUQRVHXVDUiGXUDQWHXQODUJRSHUtRGRGHWLHPSRGHVFRQHFWHHOFRUGyQHOpFWULFRGHOVRTXHWHGHSDUHG
1RGHVFRQHFWHHOFRUGyQHOpFWULFRDQWHVGHFRPSOHWDUODVHFXHQFLDGHGHVFRQH[LyQGHOSUR\HFWRURGXUDQWHHOSURFHVRGHHQIULDPLHQWRGHVHJXQGRV
6LHOSUR\HFWRUQRVHFLHUUDGHELGDPHQWHSDUDSURWHJHUODOiPSDUDFXDQGR8GLQWHQWHUHLQLFLDUHOSUR\HFWRUORVYHQWLODGRUHVDQGDUiQXQRVPLQXWRVSDUDHOHQIULDPLHQWR3XOVH32:(5QXHYDPHQWHSDUDLQLFLDUHOSUR\HFWRUOXHJRGHTXHORVYHQWLODGRUHVSDUHQ\ODOX]LQGLFDGRUD3RZHUVHSRQJDGHFRORUQDUDQMD
-
9LHZ6RQLF 3-'
2SHUDFLRQHVGHO0HQ~6LVWHPDGHOPHQ~1yWHVHTXHORVPHQ~V26'9LVXDOL]DFLyQHQ3DQWDOODFDPELDQGHDFXHUGRFRQHOWLSRGHVHQDOVHOHFFLRQDGR
'HVHOHFFLRQDUXQVHxDO9LGHRR69LGHRODIXQFLyQYLHQHVRODPHQWHGLVSRQLEOHFRQHOVLVWHPD176&VHOHFFLRQDGR
)XQFLRQHVGLVSRQLEOHVDOUHFLELUVHQDOHVGHHUHQWHVWLSRV6XE0HQ~ 3& 9LGHR69LGHR &RPSRQHQWH9LGHR
3LFWXUH
,PDJHQ
3UHVHW0RGH0RGRSUHGHWHUPLQDGR
&RORU7HPSHUDWXUH7HPSFRORU
%ULJKWQHVV%ULOOR&RQWUDVW&RQWUDVWH
3UHVHW0RGH0RGRSUHGHWHUPLQDGR&RORU7HPSHUDWXUH7HPSFRORU%ULJKWQHVV%ULOOR&RQWUDVW&RQWUDVWH&RORU7LQW7RQDOLGDG6KDUSQHVV'HQLFLyQ
3UR3LFWXUH
3UR,PDJHQ
$XWR5HVL]H5HGLPHQVLRQDPLHQWR$XWR
$VSHFW5DWLR5HODFLyQGHDVSHFWR
.H\VWRQH+RUL]RQWDO3RVLWLRQ3RVLFLyQ+9HUWLFDO3RVLWLRQ3RVLFLyQ93KDVH)DVH+RUL]RQWDO6L]H7DPDxR+
$XWR5HVL]H5HGLPHQVLRQDPLHQWR$XWR$VSHFW5DWLR5HODFLyQGHDVSHFWR.H\VWRQH
6HWWLQJ
&RQJXUDFLyQ
26'7LPH7LHPSR26'5HVHW5HHVWDEOHFHU
$GYDQFHG
$YDQ]DGR
0LUURU(VSHMR%ODQN7LPHU7LHPSREODQFR6RXUFH6FDQ%XVFDQGRIXHQWH/DQJXDJH,GLRPD6SODVK6FUHHQ$JUDQGDU3DQWDOOD0RGRDOWLWXGHVHOHYDGDV$XWR2II(FRQRPLF0RGH0RGRFRQyPLFR
,QIRUPDWLRQ
,QIRUPDFLyQ
6RXUFH)XHQWH5HVROXWLRQ5HVROXFLyQ3UHVHW0RGH0RGRSUHGHWHUPLQDGR
(TXLYDOHQW/DPS+RXU+RUDGHOiPSDUDHTXLYDOHQWH
6RXUFH)XHQWH6\VWHP6LVWHPD3UHVHW0RGH0RGRSUHGHWHUPLQDGR
(TXLYDOHQW/DPS+RXU+RUDGHOiPSDUDHTXLYDOHQWH
6RXUFH)XHQWH5HVROXWLRQ5HVROXFLyQ
3UHVHW0RGH0RGRSUHGHWHUPLQDGR
(TXLYDOHQW/DPS+RXU+RUDGHOiPSDUDHTXLYDOHQWH
-
9LHZ6RQLF 3-'
8VRGHORVPHQ~V26'9LVXDOL]DFLyQHQ3DQWDOOD(OSUR\HFWRUYLHQHHTXLSDGRFRQORVPHQ~V26'9LVXDOL]DFLyQHQ3DQWDOODSDUDORVYDULRVDMXVWHV\FRQJXUDFLRQHV(OVLJXLHQWHH[DPSOHGHVFULEHHODMXVWHGHO.H\VWRQH
3XOVH0(18HQHOSUR\HFWRUR0(1HQHOFRQWUROUHPRWRSDUDHQFHQGHUHOPHQ~26'
8VH/HIW5LJKWHQHOSUR\HFWRURFRQWUROUHPRWRSDUDVHOHFFLRQDUHO
PHQ~ 3UR,PDJHQ
3XOVH8S'RZQ$EDMRHQHOSUR\HFWRURFRQWUROUHPRWRSDUDVHOHFFLRQDUHO.H\VWRQH
$MXVWHGHYDORUGHO.H\VWRQHSXOVDQGR/HIW5LJKWHQHOSUR\HFWRURFRQWUROUHPRWR
3XOVH6$/,5HQHOSUR\HFWRUUHSHWLGDPHQWHRSXOVH0(1HQHOFRQWUROUHPRWRSDUDVDOLU\JUDEDUODFRQJXUDFLyQ
-
9LHZ6RQLF 3-'
0HQ~GHLPiJHQHV$OJXQRVDMXVWHVGHLPDJHQYLHQHQGLVSRQLEOHVVRODPHQWHFXDQGRFLHUWDVIXHQWHVGHDMXVWHGHLQSXWHVWiQHQXVR$MXVWHVQRGLVSRQLEOHVQRDSDUHFHQHQODSDQWDOOD
)81&,1
&RQJXUDFLyQYDORUSRUGHIHFWR
'(6&5,3&,1
0RGRSUHGHWHUPLQDGR
2%$TKNNQGUV;2D2T58KFGQ8KFGQ5VCPFCTF
/RVPRGRVSUHGHWHUPLQDGRVYLHQHQSDUDTXH8GSXHGDRSWLPL]DU/DLPDJHQGHVXSUR\HFWRUSDUDHOVLWSRGHVXSURJUDP8GSXHGHXVDUHOFRQWUROUHPRWR02'2SDUDVHOHFFLRQDUXQ0RGRSUHGHWHUPLQDGR
7HPSFRORU
FGRGPFGFGN/QFQ2TGFGVGTOKPCFQUGNGEEKQPCFQ
+D\FRQJXUDFLRQHVGHWHPSHUDWXUDGHFRORUGLVSRQLEOHV
%ULOOR
FGRGPFGFGNCUGNGEEKQPCFCHWGPVGFGKPRWV
$MXVWDGHEULOORGHODLPDJHQ
&RQWUDVWH
FGRGPFGFGNCUGNGEEKQPCFCHWGPVGFGKPRWV
$MXVWDGHJUDGRGHGVLHUHQFLDHQWUHRVFXUR\EULOODQWHGHODLPDJHQ
&RORU
FGRGPFGFGNCUGNGEEKQPCFCHWGPVGFGKPRWV
$XPHQWDRGLVPLQX\HGHLQWHQVLGDGGHFRORUGHODLPDJHQ
7RQDOLGDG
$MXVWDGHWRQDOLGDGHVGHFRORUGHODLPDJHQ&XDQWRPiVDOWRHOYDORUWDQWRPiVURML]DODLPDJHQ&XDQWRPiVEDMRHOYDORUWDQWR&XDQWRPiVYHUGHODLPDJHQ&XDQGRXQVHxDO9LGHRR69LGHRVHxDOYLHQHFRQHFWDGRODIXQFLyQYLHQHVRODPHQWHGLVSRQLEOHFRQHOVLVWHPD176&VHOHFFLRQDGR
&RQJXUDFLyQ
$MXVWDODLPDJHQSDUDTXHDSDUH]FDPiVDJXGRRVXDYH
-
9LHZ6RQLF 3-'
0HQ~GH3UR,PDJHQ
$OJXQRVDMXVWHVGHLPDJHQYLHQHQGLVSRQLEOHVVRODPHQWHFXDQGRFLHUWDVIXHQWHVGHDMXVWHGHLQSXWHVWiQHQXVR$MXVWHVQRGLVSRQLEOHVQRDSDUHFHQHQODSDQWDOOD
)81&,1&RQJXUDFLyQYDORUSRUGHIHFWR
'(6&5,3&,1
$XWR5HVL]H5HGLPHQVLRQDP$XWR
1P
$XWRPiWLFDPHQWHUHGLPHQFLRQDODUHVROXFLyQGHSL[HOGHOVHxDOLQSXWDODQDWLYDGHOSUR\HFWRU2Q(QFHQGLGR/DUHVROXFLyQGHSL[HODUHVROXFLyQGHSL[HOLQSXWYLHQHFRQYHUWLGDDODQDWLYDGHOSUR\HFWRU[3DUDVHxDOHVGHLQSXWFRQUHVRORFLRQHVPiVEDMDVORVKXHFRVHQORVSL[HOHVYLHQHDXWRPiWLFDPHQWHLQWHUSRODGDHQODLPDJHQDQWHVGHVHUSUR\HFWDGD(VWRSXHGHWRUFHUODFDOLGDGGHLPDJHQ2II$SDJDGR/DLPDJHQYLHQHSUR\HFWDGDFRPRVXUHVROXFLyQRULJLQDOVLQFRQYHUWHUGHSL[HOHV3DUDVHxDOHVGHLQSXWFRQUHVRORFLRQHVPiVEDMDVODLPDJHQSUR\HFWDGDDSDUHFHPiVSHTXHxDTXHUHGLPHQVLRRQDGDDSDQWDOODFRPSOHWD8GSXHGHPRYHUHOSUR\HFWRUKDFLDODSDQWDOODSDUDDXPHQWDUODVLHVQHFHVDULR8GSXHGHWDPELpQQHFHVLWDUUHHQIRFDUHOSUR\HFWRUOXHJRGHPRYHUOR(OSUR\HFWRUYLHQHVLHPSUHLQLFLDGRFRQODFRQJXUDFLyQSRUGHIHFWR\QRJUDEDQLJXDUGDHO~OWLPRFDPELRKHFKRHQHOOR
$VSHFW5DWLR5HODFLyQGHDVSHFWR0CVKXG0CVKXQ
+D\RSFLRQHVSDUDGHQLUODUHODFLyQGHDVSHFWRGHODLPDJHQGHSHQGLHQGRGHODIXHQWHGHVXVHxDOLQSXW
.H\VWRQH
&RUUHFWDFXDOTXLHU.H\VWRQHGHODLPDJHQ
+RUL]RQWDO3RVLWLRQ3RVLFLyQ+
$MXVWDGHSRVLFLyQKRUL]RQWDOGHODLPDJHQSUR\HFWDGD
9HUWLFDO3RVLWLRQ3RVLFLyQ9
$MXVWDGHSRVLFLyQYHUWLFDOGHODLPDJHQSUR\HFWDGD
3KDVH)DVH
FGRGPFGFGNCUGNGEEKQPCFCHWGPVGFGKPRWV
$MXVWDGHOUHORMGHYLGHRLQSXWSDUDVLQFURQL]DUFRQHOVHxDOYLGHR(VWRD\XGDHQUHGXFLUGHGLVWRUVLyQGHODLPDJHQSURGXFLGDSRUWLHPSRVYLGHRHQDOJXQDV3&
+RUL]RQWDO6L]H7DPDxR+
$MXVWDGHDQFKXUDKRUL]RQWDOGHODLPDJHQ
-
9LHZ6RQLF 3-'
&RQJXUDUHOPHQ~
0HQ~DYDQ]DGR
)81&,1
&RQJXUDFLyQYDORUSRUGHIHFWR
'(6&5,3&,1
26'7LPH7LHPSR26'
3DUDGHQLUGHODUJRGHWLHPSRHO26'VLJDDFWLYROXHJRGHVX~OWLPRSXOVRGHOERWyQ(OUDQJRYLHQHHQWUH\VHJXQGRV
5HVHW5HVWDEOHFHU
0Q
9ROYHUWRGDVODVFRQJXUDFLRQHVDORVYDORUHVFRQJXUDGRVHQODIiEULFD/DVVLJXLHQWHVFRQJXUDFLRQHVVLJXHQDFWLYDV(VSHMR,GLRPD0RGRGH$OWLWXGHV(OHYDGDV)DVH3RVLFLyQ+RUL]RQWDO3RVLFLyQ9HUWLFDO\7DPDxR+RUL]RQWDO
)81&,1&RQJXUDFLyQYDORUSRUGHIHFWR
'(6&5,3&,1&RQJXUDFLyQYDORUSRUGHIHFWR
0LUURU(VSHMR
(OSUR\HFWRUSXHGHYHQLULQVWDODGRHQXQWHFKRRGHWUiVGHXQDSDQWDOODRFRQXQRRPiVHVSHMRV&RQWDFWHFRQVXFRQFHVLRQDULRSRUODUHSLVDGHPRQWDMHGHWHFKRDFFHVRULRRSFLRQDOVLQHFHVLWDLQVWDODUHOSUR\HFWRUHQVXWHFKR
%ODQN7LPHU7LHPSREODQFR
&RQJXUDUHOWLHPSREODQFRGHODLPDJHQFXDQGR%ODQFRYLHQHDFWLYDGRXQDYH]SDVDGDODLPDJHQYROYHUiDODSDQWDOOD
6RXUFH6FDQ%XVFDQGRIXHQWH
1P
&RQJXUDUVLHOSUR\HFWRUEXVFDVHxDOHVGHLQSXWDXWRPiWLFDPHQWH6LODIXHQWHVFDQYLHQH2QHOSUR\HFWRUHVFDQGHVHxDOHVLQSXWKDVWDTXHORJUHXQVHxDO6LODIXQFLyQQRYLHQHDFWLYDGDHOSUR\HFWRUVHOHFFLRQDHOVHQDOLQSXWXVDGR~OWLPR(OYDORUSRUGHIHFWRYDORUHV5*%
/DQJXDJH,GLRPD
'PINKUJ+PINU
&RQJXUDUHOLGLRPDSDUDORVPHQ~V26'YLVXDOL]DFLyQHQSDQWDOOD+D\LGLRPDVSDUDVXVHOHFFLyQ,QJOpVSRUGHIHFWR)UDQFpV$OHPiQ,WDOLDQR(VSDxRO5XVR&KLQRVLPSOVLLFDR-DSRQpV6XHFR+RODQGpV&KHFR3RUWXJXpV&KLQRWUDGLFLRQDO&RUHDQR\3RODFR
6SODVK6FUHHQ$JUDQGDU3DQWDOOD
.QIQC#\WN
6HOHFFLRQDUGHSDQWDOODGHORJRGXUDQWHHOLQLFLRGHOSUR\HFWRU+D\PRGRVGLVSRQLEOHV3DQWDOODD]XO\QHJUR
+LJK$OWLWXGH0RGH0RGRDOWLWXGHVHOHYDGDV
1HH#RCICFQ
8QPRGRGHRSHUDFLyQHQiUHDVFRPRDOWLWXGHVHOHYDGDVRDOWDWHPSHUDWXUD
$XWR2II
1HH#RCICFQ
&RQJXUDUHOSUR\HFWRUSDUDDSDJDUORDXWRPiWLFDPHQWHGHQRGHWHFWRUVHxDOHVLQSXWOXHJRGHXQSHUtRGRGHWLHPSR
-
9LHZ6RQLF 3-'
0HQ~GH,QIRUPDFLyQ(VWHPHQ~OHLQGLFDHODFWXDOHVWDGRGHRSHUDFLyQGHOSUR\HFWRU
$OJXQRVDMXVWHVGHLPDJHQYLHQHQGLVSRQLEOHVVRODPHQWHFXDQGRFLHUWDVIXHQWHVGHDMXVWHGHLQSXWHVWiQHQXVR$MXVWHVQRGLVSRQLEOHVQRDSDUHFHQHQODSDQWDOOD
(FRQRPLF0RGH0RGRHFRQyPLFR
1HH#RCICFQ
8VHHVWHPRGRSDUDUHGXFLUUXLGR\FRQVXPRGHHOHFWULFLGDGGHOVLVWHPDSRU'HDFWLYDUHVWHPRGRHORXWSXWGHOX]TXHGDUHGXFLGR\UHVXOWDHQXQDLPDJHQSUR\HFWDGDPiVRVFXUD
'HQDHOSUR\HFWRUHQ0RGR(FRQyPLFRSDUDH[WHQGHUODGHVFRQH[LyQDXWRPiWLFDGHOWLHPSRUGHODOiPSDUD3DUDGHWDOOHVHQPDQHUDVGHFDOFXODUODVWRWDOHVKRUDVGHODOiPSDUD
)81&,1
&RQJXUDFLyQYDORUSRUGHIHFWR
'(6&5,3&,1
&RQJXUDFLyQYDORUSRUGHIHFWR
6RXUFH)XHQWH 0XHVWUDODDFWXDOIXHQWHGHVHxDOHV
5HVROXWLRQ5HVROXFLyQ
0XHVWUDODUHVROXFLyQGHOVHxDOLQSXW
6\VWHP6LVWHPD 0XHVWUDHOIRUPDWRGHOVLVWHPDLQSXW9LGHR176&6(&$0R3$/
3UHVHW0RGH0RGRSUHGHWHUPLQDGR 0XHVWUDHOVHOHFFLRQDGRPRGRHQHOPHQ~ ,PDJHQ
(TXLYDOHQW/DPS+RXU+RUD/iPSDUD(TXLYDOHQWH
0XHVWUDODKRUDGHOiPSDUD(TXLYDOHQWHFDOFXODGDFRQHOWLHPSRULQFRUSRUDGR
-
9LHZ6RQLF 3-'
0DQWHQLPLHQWR&XLGDGRGHOSUR\HFWRU
6XSUR\HFWRUQHFHVLWDPX\SRFRGHPDQWHQLPLHQWR/R~QLFRTXH8GQHFHVLWDKDFHUUHJXODUPHQWHHVPDQWHQHUHOOHQWHOLPSLR1XQFDUHPXHYDQLQJXQDSDUWHGHOSUR\HFWRUH[FHSWRODOiPSDUD&RQWDFWHFRQVXFRQFHVLRQDULRSRURWUDVSLH]DVSDUDFDPELDU
/LPSLH]DGHOOHQWH/LPSLHHOOHQWHFXDQGRTXLHUD8GYHDPXJUHRWLHUUDHQODVXSHUFLH 8VHXQWDUURGHDLUHFRPSULPLGRSDUDVDFDUWLHUUD 'HKDEHUPXJUHRPDQFKDVXVHXQSDSHOSDUDOLPSLDUHOOHQWHRPRMHXQSDxRVXDYHFRQ
GHWHUJHQWHSDUDOLPSLDUHOOHQWHSDUDODVXSHUFLHGHOPLVPR
1XQFDIURWHHOOHQWHFRQPDWHULDOVDEUDVLYRV
/LPSLH]DGHODFDMDGHOSUR\HFWRU$QWHVGHOLPSLDUODFDMDDSDJXHHOSUR\HFWRUVLJXLHQGRHOGHELGRSURFHGLPLHQWRGHDSDJDGRGDGRHQ$SDJDGRGHO3UR\HFWRU\HQFKXIDQGRHOFRUGyQHOpFWULFR 3DUDTXLWDUWLHUUDRPDQFKDVGXUDVOLPSLHODFDMDFRQXQXQSDxRVXDYH\VLQKLODV 3DUDTXLWDUWLHUUDRPDQFKDVGXUDVPRMHXQSDxRVXDYHVLQKLODVFRQDJXD\GHWHUJHQWHGH
S+QHXWUDO/XHJROLPSLHODFDMD
1XQFDXVHFHUDDOFRKROEHQFLQDGLVROYHQWHXRWURVGHWHUJHQWVTXtPLFRV\DTXHSXHGHQGDxDUODFDMD
*XDUGDGRGHOSUR\HFWRU6L8GQHFHVLWDJXDUGHUHOSUR\HFWRUSRUXQH[WHQGLGRWLHPSRIDYRUVHJXLUODVLQVWUXFFLRQHVGDGDVDEDMR (VWDUVHJXURGHTXHODWHPSHUDWXUD\KXPHGDGGHOiUHDSDUDJXDUGDUYLHQHQHQHOUDQJR
UHFRPHQGDGRSDUDHOSUR\HFWRU)DYRUFRQVXOWDUD(VSHFLFDFLRQHVRFRQVXOWDUFRQVXFRQFHVLRQDULRVREUHHOUDQJR
5HWUDHUHOSLpDMXVWDGRU 6DFDUODEDWHUtDGHOFRQWUROUHPRWR (PSDFDUHOSUR\HFWRUHQODFDMDRULJLQDORHTXLYDOHQWH
7UDODGDUHOSUR\HFWRU6HOHUHFRPLHQGDHQYLDUHOSUR\HFWRUHQVXRULJLQDOFDMDRHTXLYDOHQWH3DUDOOHYDUHOSUR\HFWRU8GPLVPRXVHODFDMDRULJLQDORXQDFDMDEODQGDTXHYLHQHGLVSRQLEOHFRQVXFRQFHVLRQDULR
-
9LHZ6RQLF 3-'
,QIRUPDFLyQVREUHODOiPSDUD&DOFXODUODKRUDGHODOiPSDUD&XDQGRHOSUR\HFWRUYLHQHHQRSHUDFLyQODGXUDFLyQHQKRUDVGHODOiPSDUDHVDXWRPiWLFDPHQWHFDOFXODGDSRUHOWHPSRULQFRUSRUDGR(OPpWRGRGHFDOFXODUODKRUDHTXLYDOHQWHHVHOVLJXLHQWH7RWDOHTXLYDOHQWKRUDGHOiPSDUD KRUDVXVDGDVHQ0RGR(FRQyPLFRKRUDVXVDGDVHQ0RGRQRUPDO/DKRUDOiPSDUDHQ0RGR(FRQyPLFRYLHQHFDOFXODGDHQ0RGR1RUPDO(VGHFLUHVWDQGRHOSUR\HFWRUHQ0RGR(FRQyPLFRD\XGDHQH[WHQGHUODYLGDGHVHUYLFLRGHODOiPSDUDSRU
-
9LHZ6RQLF 3-'
0HQVDMHGHDGYHUWHQFLD&XDQGRODOiPSDUDLQGLFDWRUDVHSRQHURMDRXQPHQVDMHTXHVXJLHUHTXHHVKRUDGHFDPELDUODPLVPDVHOHUXHJDLQVWDODUXQDQXHYDOiPSDUDRFRQVXOWHFRQVXFRQFHVLRQDULR8QDOiPSDUDXVDGDSXHGHFDXVDUPDOIXQFWLRQDPLHQWRHQHOSUR\HFWRU\HQDOJXQRVFDVRVODOiPSDUDSXHGHH[SORWDU3DUDPD\RULQIRUPDFLyQVREUHODVDGYHUWHQFLDVHQHOSUR\HFWRUFRQVXOWHD,QGLFDGRUDV
/DOiPSDUDLQGLFDWRUD\ODGHDGYHUWHQFLDDWHPSHUDWXUHVHSUHQGHQVLODOiPSDUDVHSRQHPX\FDOLHQWH$SDJXHHODSDUDWRSDUDTXHHOSUR\HFWRUVHHQIUtHGXUDQWHPLQXWRV6LODOiPSDUDRLQGLFDWRUDGHWHPSHUDWXUHVLJXHQSUHQGLGDVOXHJRGHYROYHUDHQFHQGHUHODSDUDWRIDYRUGHFRQWDFWDUDVXFRQFHVLRQDULR
/DVLJXLHQWHWDEODGHDGYHUWHQFLDGHODOiPSDUDORUHFRUGDUiGHFDPELDUGHODPLVPD
0HQVDMH (VWDGR
/DWRWDOHTXLYDOHQWHKRUDGHOiPSDUDKDDOFDQ]DGRDXQQLYHOQXHYRSDUDHOySWLPRUHQGLPLHQWR6LHOSUR\HFWRUDQGDQRUPDOHQHO(FRQRPLF0RGH0RGR(FRQyPLFRVHOHFFLRQDGR8GSXHGHFRQWLQXDURSHUDQGRHOSUR\HFWRUKDVWDTXHDSDUH]FDODOiPSDUDGHDGYHUWHQFLDGHKRUDV
/DWRWDOHTXLYDOHQWHKRUDGHOiPSDUDKDDOFDQ]DGRKRUDV8QDQXHYDOiPSDUDVHGHEHSRQHUSDUDHYLWDULQFRQYHQLHQWHVFXDQGRHOSUR\HFWRUDQGDIXHUDGHWLHPSRGHODOiPSDUD
/DWRWDOHTXLYDOHQWHKRUDGHOiPSDUDKDDOFDQ]DGRKRUDV(VWHPHQVDMHSDUSDGHDHQHOFHQWURGHODSDQWDOODSRUVHJXQGRV\ODOiPSDUDLQGLFDGRUDVHSRQHURMDSRUVHJXQGRV
5HFRPHQGDPRVYLJRURVDPHQWHTXH8GFDPELDHODOiPSDUDHQHVWHPRPHQWR/DOiPSDUDHVXQHOHPHQWRGHFRQVXPR&RQHOWLHPSRGHXVRHQDXPHQWRHOEULOORGHODOiPSDUDGLVPLQX\HJUDGXDOPHQWH(VWRHVQRUPDOHQODOiPSDUD8GSXHGHFDPELDUGHOiPSDUDFXDQGRTXLHUDTXHQRWHQRWDEOHGLVPLQXFLyQHQHOEULOORGHODPLVPD'HQRFDPELDUODOiPSDUDGHDQWHPDQRVHGHEHFDPELDUOXHJRGHXVDUODSRUKRUDV
'HDSDUHFHUHVWHPHQVDMHGHDGYHUWHQFLDHOSUR\HFWRUVHDSDJDGXUDQWHVHJXQGRV/DOiPSDUD'(%(VHUFDPELDGDDQWHVGHKDFHUIXQFLRQDUDOSUR\HFWRUQRUPDOPHQWH
-
9LHZ6RQLF 3-'
&DPELDUODOiPSDUD3DUDSUHSDUDUXQDQXHYDOiPSDUDFRQWDFWHVXFRQFHVLRQDULRFRQHOQ~PHURWLSRGHODOiPSDUD1~PHURWLSR5/&
3DUDUHGXFLUHOULHVJRGHHOHFWURFXFLyQVLHPSUHDSDJXHHOSUR\HFWRU\GHVFRQHFWHHOFRUGyQHOpFWULFRDQWHVGHFDPELDUODOiPSDUD
3DUDUHGXFLUHOULHVJRGHVHYHUDVTXHPDGXUDVGHMHTXHHOSUR\HFWRUVHDHQIULDGRGXUDQWHSRUORPHQRVPLQXWRVDQHVGHFDPELDUOD
3DUDUHGXFLUHOULHVJRGHKHULGDVHQGHGRV\GDxRVHQORVFRPSRQHQWHLQWHUQRVVWHQJDFXLGDGRHQUHPRYHUHOYLGULRGHODOiPSDUDTXHVHKDTXHEUDGRHQSLH]DVDJXGDV
3DUDUHGXFLUHOULHVJRGHKHULGDVHQGHGRV\RSHUMXGLFDUODFDOLGDGGHLPDJHQWRFDQGRHOOHQWHQRWRTXHHOFRPSDUWLPLHQWRGHOiPSDUDGHVRFXSDGRDOUHPRYHUODPLVPD
(VWDOiPSDUDFRQWLHQHPHUFXULR&RQVXOWHDVXVUHJODPHQWRVORFDOHVVREUHGHVSHUGLFLRGDxLQRSDUDERWDUHVWDHOiPSDUDGHPDQHUDDSURSLDGD
(QFLHQGD\GHVFRQHFWHHOSUR\HFWRUGHOVRTXHWHGHSDUHG6LODOiPSDUDHVWiFDOLHQWHHYLWHTXHPDGXUDHVSHUDQGRSRUXQRVPLQXWRVSDUDTXHODPLVPDVHHQIUtH
/HGDYXHOWDDOSUR\HFWRU/XHJRDRMHORVWRUQLOORVHQODWDSDGHODOiPSDUD
5HPXHYDODWDSDGHODOiPSDUDGHOSUR\HFWRU
1RHQFLHQGDODOiPSDUDFRQODWDSDUHPRYLGD
5HPXHYDORVFRUGRQHVGHODOiPSDUDGHODVUDQXUDV
'HVFRQHFWHHOFRQHFWRUGHODOiPSDUDHPSXMiQGRORFRQWUDHOSUR\HFWRUSDUDWLUDUORSDUDDUULED
$RMHHOWRUQLOORTXHDUPDODOiPSDUD
/HYDQWHODPDQLOODSDUDTXHVHSRQJDYHUWLFDO8VHODPDQLOODSDUDVDFDUODOiPSDUDGHVSDFLRGHOSUR\HFWRU
(OWLUDUODPX\UiSLGRSXHGHTXHEUDUODOiPSDUDFRQHOYLGULRTXHEUDGRHQHOSUR\HFWRU
1RFDPELHODOiPSDUDGRQGHHODJXDSXHGDDJUDQGDUHQHOODRQLxRVPHQRUHVSXHGDQWRFDUODRFHUFDGHPDWHULDOHVLQDPDEOHV
1RLQVHUWHVXVPDQRVHQHOSUR\HFWRUOXHJRGHUHPRYHUODOiPSDUD'HWRFDUORVFRPSRQHQWHVySWLFRVHQHOLQWHULRUFDXVDUtDFRORUHVGLVSDUHMRV\GLVWRUVLyQGHODVLPiJHQHVSUR\HFWDGDV
-
9LHZ6RQLF 3-'
&RPRLQGLFDGRHQODJXUDGHWHQJDODQXHYDOiPSDUDSULPHURSDUDOXHJRDOLQHDUODFRQHOFRPSDUWLPLHQWRHQHOSUR\HFWRU\QDOPHQWHLQVHUWDUODOiPSDUDWRGRHQHOSUR\HFWRU
$SUHWHHOWRUQLOORTXHDUPDODOiPSDUD(ODRMDUHOWRUQLOORSXHGHFDXVDUXQDPDODFRQH[LyQ\UHVXOWDUtDHQPDOIXQFLRQDPLHQWR
1RDSUHWHHOWRUQLOORGHPDVLDGR&RQHFWHHOFRQHFWRUGHODOiPSDUDDO
SUR\HFWRU
&RORTXHORVFRUGRQHVGHODOiPSDUDHQODVUDQXUDV
&DPELHODWDSDGHODOiPSDUDHQHOSUR\HFWRU
$SUHWHORVWRUQLOORVTXHDUPDQODWDSDGHODOiPSDUD
(ODRMDUHOWRUQLOORSXHGHFDXVDUXQDPDODFRQH[LyQ\UHVXOWDUtDHQPDOIXQFLRQDPLHQWR
1RDSUHWHHOWRUQLOORGHPDVLDGR5HLQLFLHHOSUR\HFWRU1RHQFLHQGDHOSUR\HFWRUFRQODWDSDGHODOiPSDUDUHPRYLGD
5HGHQDODFRQWDGRUDGHODOiPSDUD
1RUHGHQHVLODOiPSDUDQRVHKDFDPELDGR\DTXHFDXVDUtDGDxRVL 3XOVH\GHWHQJD8SHQHOSUR\HFWRU
SRUVHJXQGRVSDUDPRVWUDUHOWRWDOWLHPSRXVDGRGHODOiPSDUD
LL 3XOVH$872HQHOSUR\HFWRURHOFRQWUROUHPRWRSDUDUHFRQJXUDUODKRUDGHODOiPSDUDD
LLL(VSHUHXQRVVHJXQGRVSDUDTXH26'9LVXDOL]DFLyQHQ3DQWDOODGHVDSDUH]FD
-
9LHZ6RQLF 3-'
,QIRUPDFLyQGH7HPSHUDWXUD&XDQGRODOX]GHDGYHUWHQFLDGHWHPSHUDWXUDVHSUHQGDOHGDODDGYHUWHQFLDGHORVSRVLEOHVSUREOHPDVLQGLFDGRVDEDMR /DLQWHUQDWHPSHUDWXUDPX\DOWD /RVYHQWLODGRUHVQRIXQFLRQDQ$SDJXHHOSUR\HFWRUSDUDFRQWDFWDUHOFDOLFDGRSHUVRQDOGHVHUYLFLRSRUDVLVWHQFLD3DUDPD\RULQIRUPDFLyQIDYRUFRQVXOWDUD,QGLFDGRUDV
,QGLFDGRUDV,OXVWUDGR
%ODQN/X]2)) 2/X]QDUDQMD
/XVHQSDUSDGHR 5/X]URMD
/X]21 */X]YHUGH
/X] (VWDGR'HVFULSFLyQ3RZHU 7HPS /DPS
/iPSDUD(YHQWRVGHHOHFWULFLGDG
(OSUR\HFWRUQRKDVLGRFRQHFWDGRDXQWRPDFRUULHQWHV
0RGR6WDQGE\
(QFHQGLGR
1RUPDORSHUDFLyQ
(OSUR\HFWRUQHFHVLWDVHJXQGRVSDUDHQIULDUVH\DTXHIXHDSDJDGRDQRUPDOPHQWHVLQHQIULDUVHQRUPDOPHQWH2
(OSUR\HFWRUQHFHVLWDVHJXQGRVSDUDHQIULDUVHOXHJRGHDSDJDUVH
(OSUR\HFWRUVHKDDSDJDGRDXWRPiWLFDPHQWH6L8GWUDWDGHUHLQLFLDUHOSUR\HFWRUVHDSDJDUiGHQXHYR)DYRUFRQWDFWDUFRQVXFRQFHVLRQDULRSRUDVLVWHQFLD
(YHQWRVGHHOHFWULFLGDG
(OSUR\HFWRUVHKDDSDJDGRDXWRPiWLFDPHQWH6L8GWUDWDGHUHLQLFLDUHOSUR\HFWRUVHDSDJDUiGHQXHYR)DYRUFRQWDFWDUFRQVXFRQFHVLRQDULRSRUDVLVWHQFLD
(OSUR\HFWRUQHFHVLWDVHJXQGRVSDUDHQIULDUVH2
)DYRUFRQWDFWDUFRQVXFRQFHVLRQDULRSRUDVLVWHQFLD
-
9LHZ6RQLF 3-'
/X] (VWDGR'HVFULSFLyQ3RZHU 7HPS /DPS/iPSDUD
(YHQWRVGHHOHFWULFLGDG
(OSUR\HFWRUVHKDDSDJDGRDXWRPiWLFDPHQWH6L8GWUDWDGHUHLQLFLDUHOSUR\HFWRUVHDSDJDUiGHQXHYR)DYRUFRQWDFWDUFRQVXFRQFHVLRQDULRSRUDVLVWHQFLD
-
9LHZ6RQLF 3-'
)DOODV\VROXFLRQHV(OSUR\HFWRUQRVHHQFLHQGH
&DXVD 5HPHGLR
1RKD\HOHFWULFLGDGHQHOFDEOHHOpFWULFR
(QFKXIHHOFRUGyQHOpFWULFRHQODHQWUDGD$&GHOSUR\HFWRU\HQFKXIHHOFRUGyQHOpFWULFRHQHOWRPDFRUULHQWHV6LHOWRPDFRUULHQWHVYLHQHFRQXQLQWHUUXSWRUHVWpVHJXURTXHVHKDHQFHQGLGR
,QWHQWHGHHQFHQGHUHOSUR\HFWRUQXHYDPHQWHGXUDQWHHOHQIULDPLHQWR
(VSHUHKDVWDTXHHOHQIULDPLHQWRVHDFRPSOHWR
1RLPDJHQ
&DXVD 5HPHGLR
/D IXHQWH YLGHR QR VH HQFLHQGH R FRQHFWHFRUUHFWDPHQWH
(QFLHQGDODIXHQWHYLGHRSDUDUHYLVHUVLHOFDEOHGHVHQDOHVWiFRQHFWDGRFRUUHFWDPHQWH
(OSUR\HFWRUQRVHKDFRQHFWDGRFRUUHFWDPHQWHDODSDUDWRGHIXHQWHLQSXW
5HYLVHODFRQH[LyQ
(OSUR\HFWRUQRVHKDFRQHFWDGRFRUUHFWDPHQWHDODSDUDWRGHIXHQWHLQSXW
6HOHFFLRQHHO FRUUHFWR VHxDO LQSXWSXOVDQGR6285&()8(17(HQHOSUR\HFWRURFRQWUROUHPRWR
/DJRUUDGHOHQWHVLJXHSHJDGDDOOHQWH 5HPXHYDODJRUUDGHOHQWH
,PDJHQERUURVD
&DXVD 5HPHGLR
(O OHQWH GH SUR\HFFLyQ QR VH KD HQIRFDGRFRUUHFWDPHQWH
$MXVWHHOIRFRGHOOHQWHFRQHODQLOORGHHQIRTXH
(OSUR\HFWRU\ ODSDQWDOODQRHVWiQDOLQHDGRVGHELGDPHQWH
$MXVWHGHiQJXOR\GLUHFFLyQGHSUR\HFFLyQFRPR WDPELpQ ODDOWXUDGH ODXQLGDGHQFDVRQHFHVDULR
/DJRUUDGHOHQWHVLJXHSHJDGDDOOHQWH 5HPXHYDODJRUUDGHOHQWH
&RQWUROUHPRWRQRIXQFLRQD
&DXVD 5HPHGLR
/DEDWHUtDVLQFDUJD &DPELHODEDWHUtDFRQXQDQXHYD
+D\XQREVWiFXORHQWUHHOFRQWUROUHPRWR\HOSUR\HFWRU
5HPXHYDHOREVWiFXOR
8GHVWiPX\OHMRVGHOSUR\HFWRU(VWp GHQWUR GH PHWURV SLpV GHOSUR\HFWRU
-
9LHZ6RQLF 3-'
(VSHFLFDFLRQHV(VSHFLFDFLRQHVGHOSUR\HFWRU
7RGDHVSHFFDFLyQYLHQHVXMHWDDFDPELRVLQDYLVR
*HQHUDO
3URGXFWR 3UR\HFWRUGLJLWDOSWLFR5HVROXFLyQ [69*$6LVWHPDGHPRVWUDU &+,3'0'/HQWH)1~PHUR ) MR/DPS/iPSDUD /iPSDUD:(OpFWULFR3RZHU $&9$+]$XWRPiWLFR&RQVXPRHOHFWULFLGDG :0i[0HFiQLFR3HVR OEV.J
7HUPLQDOLQSXW,QSXWFRPSXWDGRUD
,QSXW5*% '6XESLQFyQFDYR[
6HQDOLQSXWYLGHR
69,'(2 0LQLSHUWR',1SLQ]DV[
9,'(2 (QFKXIH5&$[
6HQDOLQSXW+'79 '6XE!(QFKXIHFRPSRQHQWH5&$[SRULQSXW5*%
&RQWUROSDUDVHUYLFLR&RQHFWRU86% 6HULH$%[
&RQWUROVHULDO56 0LQL'LQSLQ]DV[
'LPHQVLRQHV PP$[PP$[PP)
-
9LHZ6RQLF 3-'
&DUWDGHWLHPSRV7LHPSRDSR\DGRSDUDLQSXWV3&
5HVROXFLyQ)UHFXHQFLD+RUL]RQWDON+]
)UHFXHQFLD9HUWLFDO+]
)UHFXHQFLDGHSL[HO0+]
0RGR
[
9*$B 9*$B 9*$B 9*$B
[ [B
[
69*$B 69*$B 69*$B 69*$B
[
;*$B ;*$B ;*$B ;*$B
[ 6;*$B
7LHPSRDSR\DGRSDUDLQSXWVGHFRPSRQHQWH
-
ViewSonic 40PJ503D
Otras InformacionesServicio de atencin al clientePara obtener asistencia tcnica o para reparar el equipo, consulte la tabla siguiente o pngase en contacto con el distribuidor.
Nota : Tendr que facilitar el nmero de serie del producto.
Pas/Regin Sitio Web Telfono Correo electrnico
Espaa www.viewsoniceurope.com/es/www.viewsoniceurope.com/uk/Support/Calldesk.htm
Latinoamrica www.viewsonic.com/la/www.viewsoniceurope.com/uk/Support/Calldesk.htm
-
9LHZ6RQLF 3-'
*DUDQWtDOLPLWDGD352
-
9LHZ6RQLF 3-'
/tPLWHGHODVJDUDQWtDVLPSOtFLWDV1RH[LVWHQLQJXQDJDUDQWtDH[SUHVDRLPSOtFLWDDSDUWHGHODGHVFULWDHQHVWHGRFXPHQWRLQFOXLGDODJDUDQWtDLPSOtFLWDGHFRPHUFLDELOLGDGRDGHFXDFLyQDXQQFRQFUHWR
([FOXVLyQGHGDxRV/DUHVSRQVDELOLGDGGHYLHZVRQLFVHOLPLWDDOFRVWHGHODUHSDUDFLyQRVXVWLWXFLyQGHOSURGXFWR9LHZVRQLFQRVHKDFHUHVSRQVDEOHGH 'DxRVHQRWUDVSHUWHQHQFLDVFDXVDGRVSRUGHIHFWRVGHOSURGXFWRLQFRQYHQLHQWHVSpUGLGD
GHXVRGHOSURGXFWRGHWLHPSRGHEHQHFLRVGHRSRUWXQLGDGHVFRPHUFLDOHVGHIRQGRGHFRPHUFLRLQWHUIHUHQFLDHQUHODFLRQHVFRPHUFLDOHVXRWUDVSpUGLGDVFRPHUFLDOHVLQFOXVRVLH[LVWHHOFRQRFLPLHQWRGHODSRVLELOLGDGGHGLFKRVGDxRV
&XDOTXLHUGDxR\DVHDIRUWXLWRUHVXOWDQWHRGHFXDOTXLHUWLSR &XDOTXLHUUHFODPDFLyQDOXVXDULRSRUWHUFHURV
$OFDQFHGHODVOHJLVODFLRQHVHVWDWDOHV(VWDJDUDQWtDSURSRUFLRQDGHUHFKRV OHJDOHVFRQFUHWRV WDPELpQGLVSRQHGHRWURVGHUHFKRVTXHSXHGHQYDULDUVHJ~QHOHVWDGR(QDOJXQRVHVWDGRVHVWiSURKLELGDODOLPLWDFLyQGHODVJDUDQWtDVLPSOtFLWDV\R ODH[FOXVLyQGHGDxRVIRUWXLWRVR UHVXOWDQWHVSRU ORTXHHVSRVLEOHTXHQRVHDSOLTXHQODVOLPLWDFLRQHV\H[FOXVLRQHVDQWHULRUHV
9HQWDVIXHUDGH((88\GH&DQDGi3DUDREWHQHU LQIRUPDFLyQ\DVLVWHQFLDVREUHORVSURGXFWRVGH9LHZ6RQLFTXHVHYHQGHQIXHUDGH((88\GH&DQDGiSyQJDVHHQFRQWDFWRFRQ9LHZ6RQLFRFRQHOGLVWULEXLGRU ORFDOGH9LHZ6RQLF(OSHUtRGRGHJDUDQWtDSDUDHVWHSURGXFWRHQOD&KLQDFRQWLQHQWDOH[FOXLGR+RQJ.RQJ0DFDR\7DLZiQHVWiVXMHWRDORVWpUPLQRV\FRQGLFLRQHVGHOD7DUMHWDGHJDUDQWtDGHPDQWHQLPLHQWR
2TQLGEVQT9CTTCPV[ 24,A.94GXI
-
/ColorImageDict > /JPEG2000ColorACSImageDict > /JPEG2000ColorImageDict > /AntiAliasGrayImages false /CropGrayImages true /GrayImageMinResolution 300 /GrayImageMinResolutionPolicy /OK /DownsampleGrayImages true /GrayImageDownsampleType /Bicubic /GrayImageResolution 300 /GrayImageDepth -1 /GrayImageMinDownsampleDepth 2 /GrayImageDownsampleThreshold 1.50000 /EncodeGrayImages true /GrayImageFilter /DCTEncode /AutoFilterGrayImages true /GrayImageAutoFilterStrategy /JPEG /GrayACSImageDict > /GrayImageDict > /JPEG2000GrayACSImageDict > /JPEG2000GrayImageDict > /AntiAliasMonoImages false /CropMonoImages true /MonoImageMinResolution 1200 /MonoImageMinResolutionPolicy /OK /DownsampleMonoImages true /MonoImageDownsampleType /Bicubic /MonoImageResolution 1200 /MonoImageDepth -1 /MonoImageDownsampleThreshold 1.50000 /EncodeMonoImages true /MonoImageFilter /CCITTFaxEncode /MonoImageDict > /AllowPSXObjects false /CheckCompliance [ /None ] /PDFX1aCheck false /PDFX3Check false /PDFXCompliantPDFOnly false /PDFXNoTrimBoxError true /PDFXTrimBoxToMediaBoxOffset [ 0.00000 0.00000 0.00000 0.00000 ] /PDFXSetBleedBoxToMediaBox true /PDFXBleedBoxToTrimBoxOffset [ 0.00000 0.00000 0.00000 0.00000 ] /PDFXOutputIntentProfile () /PDFXOutputConditionIdentifier () /PDFXOutputCondition () /PDFXRegistryName () /PDFXTrapped /False
/Description > /Namespace [ (Adobe) (Common) (1.0) ] /OtherNamespaces [ > /FormElements false /GenerateStructure true /IncludeBookmarks false /IncludeHyperlinks false /IncludeInteractive false /IncludeLayers false /IncludeProfiles true /MultimediaHandling /UseObjectSettings /Namespace [ (Adobe) (CreativeSuite) (2.0) ] /PDFXOutputIntentProfileSelector /NA /PreserveEditing true /UntaggedCMYKHandling /LeaveUntagged /UntaggedRGBHandling /LeaveUntagged /UseDocumentBleed false >> ]>> setdistillerparams> setpagedevice