6HQVRUHV 76 $ ± 6HQVRU GH 7HPSHUDWXUD $PELHQWH 06 3$ ± 6HQVRU GH 8PLGDGH 5HODWLYD $PELHQWH 706 3$ 6HQVRU GH 7HPSHUDWXUD H 8PLGDGH 5HODWLYD $PELHQWH 6HQVRUHV GH WHPSHUDWXUD H XPLGDGH SDGUmR ,%5$&21 PRQWDGRV HP FDL[DV PHWiOLFDV GH DOWD UHVLVWrQFLD SDUD XVR HP DPELHQWHV RX GXWR FRP WHPSHUDWXUD H XPLGDGH HP FRQGLo}HV QRUPDLV VHP FRQGHQVDomR 'HVHQKR H FRU SURMHWDGRV SDUD DFRPSDQKDU HTXLSDPHQWRV GD OLQKD /0, $FRPSDQKD PHWURV GH FDER SRGHQGR VH DGLFLRQDU FRQIRUPH QHFHVVLGDGH GD LQVWDODomR )DL[D GH 8WLOL]DomR D ž& D 85 )DL[D GH 2SHUDomR D ž& D 85 VHP FRQGHQVDomR 3UHFLVmR 7HPSHUDWXUD “ 8PLGDGH “ (VWRFDJHP D ž& VHP FRQGHQVDomR %LWROD Pi[LPD GR ILR QDV FRQH[}HV PP $:* 3HVR .J DSUR[LPDGRV 'LPHQV}HV (P PLOtPHWURV %RUQHV /LJDomR 706 3$ 76 $ 06 3$ 706 3' 6HQVRU GH 7HPSHUDWXUD H 8PLGDGH 5HODWLYD SDUD 'XWR RX $OYHQDULD 6HQVRU GH WHPSHUDWXUD H XPLGDGH SDGUmR ,%5$&21 PRQWDGR HP FDL[D KHUPpWLFD GH DOXPtQLR GH DOWD UHVLVWrQFLD FRP KDVWH GH FHQWtPHWURV GH FRPSULPHQWR SDUD PRQWDJHP DWUDYpV GH DOYHQDULD RX GXWR FRP WHPSHUDWXUD H XPLGDGH HP FRQGLo}HV QRUPDLV VHP FRQGHQVDomR $FRPSDQKD PHWURV GH FDER SRGHQGR VH DGLFLRQDU FRQIRUPH QHFHVVLGDGH GD LQVWDODomR 8WLOL]DGR QD /LQKD 0LFURSURFHVVDGD ,QWHOLJHQWH RX FRP R 5HJLVWUDGRU $OIDQXPpULFR 38,5 )DL[D GH 8WLOL]DomR D ž& D 85 )DL[D GH 2SHUDomR D ž& D 85 VHP FRQGHQVDomR 3UHFLVmR 7HPSHUDWXUD “ 8PLGDGH “ (VWRFDJHP D ž& VHP FRQGHQVDomR %LWROD Pi[LPD GR ILR QDV FRQH[}HV PP $:* 3HVR .J DSUR[LPDGRV 'LPHQV}HV (P PLOtPHWURV 2EV +DVWH FRP PP GH FRPSULPHQWR %RUQHV /LJDomR 9HU 706 3$ QD VHomR DQWHULRU 2 6HQVRUHV GH 7HPSHUDWXUD 76 / 6HQVRU GH WHPSHUDWXUD HP FiSVXOD PHWiOLFD FRP PP GH FRPSULPHQWR RX PP QR PRGHOR 76 / H PP GH GLkPHWUR SDUD XVR HP DPELHQWH RX SDUD LPHUVmR 3RGH VHU XWLOL]DGR QD /LQKD 0LFURSURFHVVDGD ,QWHOLJHQWH 5HJLVWUDGRU $OIDQXPpULFR RX 7HUP{PHWUR 'LJLWDO 3RUWiWLO $FRPSDQKD PHWURV GH FDER SRGHQGR VH DGLFLRQDU FRQIRUPH QHFHVVLGDGH GD LQVWDODomR )DL[D GH XWLOL]DomR GH D ƒ& 76 / 6 6HQVRU GH WHPSHUDWXUD SDUD VXSHUItFLH HP FiSVXOD PHWiOLFD FRP VXSHUItFLH GH FRQWDWR FRP PP GH GLkPHWUR SDUD XVR HP DPELHQWH RX LPHUVR 3RGH VHU XWLOL]DGR QD /LQKD 0LFURSURFHVVDGD ,QWHOLJHQWH 5HJLVWUDGRU $OIDQXPpULFR RX 7HUP{PHWUR 'LJLWDO 3RUWiWLO $FRPSDQKD PHWURV GH FDER SRGHQGR VH DGLFLRQDU FRQIRUPH QHFHVVLGDGH GD LQVWDODomR )DL[D GH XWLOL]DomR GH D ƒ& 76 , 6HQVRU GH WHPSHUDWXUD HP FiSVXOD PHWiOLFD URVTXHiYHO FRP URVFD GH %63 PP GH FRPSULPHQWR PP GH GLkPHWUR QR H[WUHPR H PP QR FHQWUR SDUD XVR HP DPELHQWH RX SDUD LPHUVmR 3RGH VHU XWLOL]DGR QD /LQKD 0LFURSURFHVVDGD ,QWHOLJHQWH 5HJLVWUDGRU $OIDQXPpULFR RX 7HUP{PHWUR 'LJLWDO 3RUWiWLO $FRPSDQKD PHWURV GH FDER SRGHQGR VH DGLFLRQDU FRQIRUPH QHFHVVLGDGH GD LQVWDODomR )DL[D GH XWLOL]DomR GH D ƒ& 76 / 6HQVRU GH WHPSHUDWXUD HP FiSVXOD PHWiOLFD URVTXHiYHO FRP URVFD GH %63 PP GH FRPSULPHQWR H PP GH GLkPHWUR SDUD XVR HP DPELHQWH RX SDUD LPHUVmR 3RGH VHU XWLOL]DGR QD /LQKD 0LFURSURFHVVDGD ,QWHOLJHQWH 5HJLVWUDGRU $OIDQXPpULFR RX 7HUP{PHWUR 'LJLWDO 3RUWiWLO $FRPSDQKD PHWURV GH FDER SRGHQGR VH DGLFLRQDU FRQIRUPH QHFHVVLGDGH GD LQVWDODomR )DL[D GH XWLOL]DomR GH D ƒ& 76 3$3 6HQVRU GH WHPSHUDWXUD SDUD IOX[R GH DU FRP SXQKR 3DUD XVR FRP R 7HUP{PHWUR 'LJLWDO 3RUWiWLO DGDSWiYHO SDUD XVR FRP R 5HJLVWUDGRU $OIDQXPpULFR $FRPSDQKD PHWURV GH FDER SRGHQGR VH DGLFLRQDU FRQIRUPH QHFHVViULR )DL[D GH XWLOL]DomR GH D ƒ& 76 , 3 H 76 , 3& 6HQVRU GH WHPSHUDWXUD FRP SXQKR H KDVWH PHWiOLFD FRP SRQWD SHUIXUDQWH 76 , 3 RX SODQD 76 , 3& GH PP GH FRPSULPHQWR H PP GH GLkPHWUR 3DUD XVR FRP R 7HUP{PHWUR 'LJLWDO 3RUWiWLO DGDSWiYHO SDUD XVR FRP R 5HJLVWUDGRU $OIDQXPpULFR $FRPSDQKD PHWURV GH FDER SRGHQGR VH DGLFLRQDU FRQIRUPH QHFHVVLGDGH )DL[D GH XWLOL]DomR GH D ƒ& 3 (TXDo}HV GH VDtGD GRV VHQVRUHV GH WHPSHUDWXUD H XPLGDGH UHODWLYD ,EUDFRQ 6LQDO GH VDtGD GRV VHQVRUHV GH WHPSHUDWXUD 76 ,EUDFRQ 9V P9 7 P9 # P$ RQGH 7 HP ƒ& 6LQDO GH VDtGD GRV VHQVRUHV GH XPLGDGH UHODWLYD 06 ,EUDFRQ 9V 8U P9 RQGH 8U HP GH XPLGDGH UHODWLYD ,%5$&21 &RQWUROHV (OHWU{QLFRV /WGD 5XD 6DOGDQKD GD *DPD 7HOHIRQH )D[ &13- %DLUUR 6mR -RVp &(3 ,( 3RUWR $OHJUH 56 %UDVLO LEUDFRQ#FSRYR QHW 4