'UD 0 0LODJURV 6DDYHGUD 6DDYHGUD · (48,32 *uxsr gho 3ur\hfwr 7udqvirupd 2olydu gh ,)$3$ 2wurv...
Transcript of 'UD 0 0LODJURV 6DDYHGUD 6DDYHGUD · (48,32 *uxsr gho 3ur\hfwr 7udqvirupd 2olydu gh ,)$3$ 2wurv...
![Page 1: 'UD 0 0LODJURV 6DDYHGUD 6DDYHGUD · (48,32 *uxsr gho 3ur\hfwr 7udqvirupd 2olydu gh ,)$3$ 2wurv ,qyhvwljdgruhv \ 7pfqlfrv ,)$3$ 9huyqlfd 3hgud]d -lppqh] 5rvd &duerqhoo %rmroor 5didho](https://reader033.fdocument.pub/reader033/viewer/2022060302/5f0879347e708231d4222f95/html5/thumbnails/1.jpg)
'UD00LODJURV6DDYHGUD6DDYHGUD&HQWUR,)$3$$ODPHGDGHO2ELVSR
-RUQDGD,QQRYDFLRQHVHQHO&XOWLYRGHO2OLYR
3UR\HFWR3575$75$([SHULPHQWDFLyQ&RRSHUDFLyQ\7UDQVIHUHQFLDGH7HFQRORJtD
HQ2OLYDU
,)$3$&HQWUR$ODPHGDGHO2ELVSR
![Page 2: 'UD 0 0LODJURV 6DDYHGUD 6DDYHGUD · (48,32 *uxsr gho 3ur\hfwr 7udqvirupd 2olydu gh ,)$3$ 2wurv ,qyhvwljdgruhv \ 7pfqlfrv ,)$3$ 9huyqlfd 3hgud]d -lppqh] 5rvd &duerqhoo %rmroor 5didho](https://reader033.fdocument.pub/reader033/viewer/2022060302/5f0879347e708231d4222f95/html5/thumbnails/2.jpg)
(48,32
*UXSRGHO3UR\HFWR7UDQVIRUPD2OLYDUGH,)$3$
2WURV,QYHVWLJDGRUHV\7pFQLFRV,)$3$9HUyQLFD3HGUD]D-LPpQH]
5RVD&DUERQHOO%RMROOR
5DIDHO*DUFtD5Xt]
5DIDHOD2UGyxH])HUQiQGH]
5XEpQ5RPHUR*DUFtD
-XDQD0HVD(VFXGHUR
*UXSRGHO,$6&6,&$QWRQLRGH+DUR6DUD2EUHJyQ&DQR-RVp/XLV/XTXH2MHGD
![Page 3: 'UD 0 0LODJURV 6DDYHGUD 6DDYHGUD · (48,32 *uxsr gho 3ur\hfwr 7udqvirupd 2olydu gh ,)$3$ 2wurv ,qyhvwljdgruhv \ 7pfqlfrv ,)$3$ 9huyqlfd 3hgud]d -lppqh] 5rvd &duerqhoo %rmroor 5didho](https://reader033.fdocument.pub/reader033/viewer/2022060302/5f0879347e708231d4222f95/html5/thumbnails/3.jpg)
(O352%/(0$
![Page 4: 'UD 0 0LODJURV 6DDYHGUD 6DDYHGUD · (48,32 *uxsr gho 3ur\hfwr 7udqvirupd 2olydu gh ,)$3$ 2wurv ,qyhvwljdgruhv \ 7pfqlfrv ,)$3$ 9huyqlfd 3hgud]d -lppqh] 5rvd &duerqhoo %rmroor 5didho](https://reader033.fdocument.pub/reader033/viewer/2022060302/5f0879347e708231d4222f95/html5/thumbnails/4.jpg)
6ROXFLRQHV9LDEOHVGHVGHHO3XQWRGH9LVWD(FRQyPLFR\)LQDQFLHUR
5HQWDELOLGDGGHODV([SORWDFLRQHV
6HJXULGDG$OLPHQWDULD
&DQWLGDG\&DOLGDG± $OFDQ]DUXQEXHQ%DODQFH+tGULFR
6DOXEULGDG± (YLWDUOD &RQWDPLQDFLyQGH$FHLWXQD\$FHLWHV
18(67522%-(7,92*HVWLyQR3URGXFFLyQ,QWHJUDGD³/H\GH0tQLPRV´
&RQVHUYDFLyQGHORV5HFXUVRV1R5HQRYDEOHV
6XHOR± /XFKDFRQWUDOD(URVLyQ
$FXtIHURV± (YLWDUOD&RQWDPLQDFLyQSRU+HUELFLGDV
&RQVHUYDFLyQGHO$JURHFRVLVWHPD
(TXLOLEULR± 3UHVHUYDUOD%LRGLYHUVLGDG
&DSDFLGDG3URGXFWLYD± $XPHQWDUOD)HUWLOLGDG\3RURVLGDGGHO6XHOR
![Page 5: 'UD 0 0LODJURV 6DDYHGUD 6DDYHGUD · (48,32 *uxsr gho 3ur\hfwr 7udqvirupd 2olydu gh ,)$3$ 2wurv ,qyhvwljdgruhv \ 7pfqlfrv ,)$3$ 9huyqlfd 3hgud]d -lppqh] 5rvd &duerqhoo %rmroor 5didho](https://reader033.fdocument.pub/reader033/viewer/2022060302/5f0879347e708231d4222f95/html5/thumbnails/5.jpg)
&$0%,26(1$*5,&8/785$0DQHMRGHO6XHORHQ2OLYDU
7HQGHQFLD,PSRVLFLyQ$FWXDO
3URWHFFLyQGHO6XHOR,QFUHPHQWRGHOD%LRGLYHUVLGDG)LMDFLyQGH&2,QFUHPHQWRGHOD)HUWLOLGDG
![Page 6: 'UD 0 0LODJURV 6DDYHGUD 6DDYHGUD · (48,32 *uxsr gho 3ur\hfwr 7udqvirupd 2olydu gh ,)$3$ 2wurv ,qyhvwljdgruhv \ 7pfqlfrv ,)$3$ 9huyqlfd 3hgud]d -lppqh] 5rvd &duerqhoo %rmroor 5didho](https://reader033.fdocument.pub/reader033/viewer/2022060302/5f0879347e708231d4222f95/html5/thumbnails/6.jpg)
&yPRORDERUGDPRVGHVGHHO3UR\HFWR7UDQVIRUPD2OLYDU
¢4XpSRGHPRVKDFHU"
![Page 7: 'UD 0 0LODJURV 6DDYHGUD 6DDYHGUD · (48,32 *uxsr gho 3ur\hfwr 7udqvirupd 2olydu gh ,)$3$ 2wurv ,qyhvwljdgruhv \ 7pfqlfrv ,)$3$ 9huyqlfd 3hgud]d -lppqh] 5rvd &duerqhoo %rmroor 5didho](https://reader033.fdocument.pub/reader033/viewer/2022060302/5f0879347e708231d4222f95/html5/thumbnails/7.jpg)
± FLWDVUHODFLRQDGDVFRQHOPDQHMRGHOVXHORGHOROLYDU
± FLWDVGHRWURVFXOWLYRVRWHPDVUHODFLRQDGRV
± 0XFKRPiVYROXPHQ GH LQIRUPDFLyQ GHORHVSHUDGR
± (VWDPRVFODVLILFDQGRSDUDIDFLOLWDUODE~VTXHGDGHGRFXPHQWRV
+D\PXFKRWUDEDMRUHDOL]DGR\ODELEOLRJUDItDHVWiGLVSHUVD
5(&23,/$&,Ï1%,%/,2*5È),&$<&/$6,),&$&,Ï1
5HVXOWDGRV KDVWDPD\R
ͲƐƉĂŹŽů ϬͲ/ŶƷƚŝů >Ͳ>ŝďƌŽŵŽŶŽŐƌĂĨşĂ KͲKůŝǀŽ ƌďͲƌďŽůͲƉƌŽĚƵĐĐŝſŶŽĚĞƐĂƌƌŽůůŽ
/Ͳ/ŶŐůĠƐ ϭͲWŽĐŽ >ͲĂƉşƚƵůŽůŝďƌŽ ͲůŵĞŶĚƌŽ ZͲZĞĐŽůĞĐĐŝſŶ/dͲ/ƚĂůŝĂŶŽ ϮͲDĞĚŝŽ dĞƐŝƐ sͲsŝŹĂ WͲŶĨĞƌŵĞĚĂĚĞƐͲWůĂŐĂƐ
&Ͳ&ƌĂŶĐĠƐ ϯͲůƚŽ ͲƌƚşĐƵůŽ;^/Ϳ >Ͳ>ĞŹŽƐŽƐ D,ͲDĂůĂƐŚŝĞƌďĂƐ
ͲŽŶŐƌĞƐŽ ,Ͳ,ĞƌďĄĐĞŽƐ &Ͳ&ĞƌƚŝůŝnjĂĐŝſŶŶƵƚƌŝĞŶƚĞƐ
ZͲZĞƐƵŵĞŶ ͲƵďŝĞƌƚĂƐ ͲƵďŝĞƌƚĂƐDƵŐͲŵƵƐŐŽƐDƵůͲDƵůĐŚŝŶŐKƚƌͲKƚƌĂƐ
dͲdĠĐŶŝĐŽ DͲDƵƐŐŽƐ DͲDĂƋƵŝŶĂƌŝĂ
ͲŝǀƵůŐĂƚŝǀŽ^Ͳ^ƵĞůŽ;ƌŽͲƌŽƐŝſŶŽŵͲ
ĐŽŵƉĂĐƚĂĐŝſŶŐƵͲŐƵĂ&ĞƌͲ&ĞƌƚŝůŝĚĂĚͿ
WͲWĂƚĞŶƚĞ ,Ͳ,ĞƌďŝĐŝĚĂƐŽƌĞƐŝĚƵŽƐ
HK Z&ZE/ d/dh>K //KD /DWKZdE/ d/WKWh>//ME
^W/h>d/s dĞŵĄƚŝĐĂ
![Page 8: 'UD 0 0LODJURV 6DDYHGUD 6DDYHGUD · (48,32 *uxsr gho 3ur\hfwr 7udqvirupd 2olydu gh ,)$3$ 2wurv ,qyhvwljdgruhv \ 7pfqlfrv ,)$3$ 9huyqlfd 3hgud]d -lppqh] 5rvd &duerqhoo %rmroor 5didho](https://reader033.fdocument.pub/reader033/viewer/2022060302/5f0879347e708231d4222f95/html5/thumbnails/8.jpg)
3URFXUDPRVPDQWHQHUQRVLQIRUPDGRV\³DOGtD´GHRWURVDYDQFHV
$VLVWLPRVDDJULFXOWRUHV\HPSUHVDVFXDQGRVXUJHQSUREOHPDVLQHVSHUDGRVILWRWR[LFLGDGHVSHFLHVSUREOHPiWLFDVHWF
&RPSUREDPRVTXHHVSRVLEOHUHGXFLUHURVLyQ\REWHQHUEXHQDVSURGXFFLRQHVUHDOL]DQGREXHQDVSUiFWLFDVGHPDQHMR
$GTXLULPRV FRQRFLPLHQWRV GH H[SHULHQFLDVHQRWURVFXOWLYRV
$JULFXOWRUHV\HPSUHVDVHVWiQLQQRYDQGR\DGDSWDQGRODVWpFQLFDVFRQVWDQWHPHQWH
$&78$/,=$&,Ï1'(/26352%/(0$6
![Page 9: 'UD 0 0LODJURV 6DDYHGUD 6DDYHGUD · (48,32 *uxsr gho 3ur\hfwr 7udqvirupd 2olydu gh ,)$3$ 2wurv ,qyhvwljdgruhv \ 7pfqlfrv ,)$3$ 9huyqlfd 3hgud]d -lppqh] 5rvd &duerqhoo %rmroor 5didho](https://reader033.fdocument.pub/reader033/viewer/2022060302/5f0879347e708231d4222f95/html5/thumbnails/9.jpg)
(VFDVDLQIRUPDFLyQGHODHILFDFLDGHORVQXHYRVKHUELFLGDV\SDUDODVQXHYDVFREHUWXUDV5HDOL]DPRVHQVD\RVFRQKHUELFLGDV
&21752/'((63(&,(6',)Ë&,/(6
5HVXOWDGRVSXEOLFDGRVHQ6(59,)$3$
6DDYHGUD 0 3pUH] ' +LGDOJR -& +LGDOJR - 9HJD 9 \ /H\YD $(QVD\R GH KHUELFLGDV FRQWUD &KU\VDQWKHPXP VHJHWXP&$3'(5 ,)$3$ SJ 3URWHFLFyQ GH &XOWLYRV
6DDYHGUD 0 3pUH] ' +LGDOJR -& +LGDOJR - 9HJD 9 \ /H\YD $(QVD\R GH KHUELFLGDV HQ ROLYDU VHOHFWLYRV SDUD XQD FXELHUWDYHJHWDO GH %UDFK\SRGLXP GLVWDFK\RQ&$3'(5 ,)$3$ SJ 3URWHFFLyQ GH &XOWLYRV
6DDYHGUD03pUH]0RKHGDQR'9HJD9/H\YD$\$OFiQWDUD&(QVD\RGHKHUELFLGDVFRQWUDHVSHFLHVGLFRWLOHGyQHDV HQROLYDUFRQFXELHUWDYHJHWDOGH%UDFK\SRGLXPGLVWDFK\RQ&$3'(5 ,)$3$SJ3URWHFFLyQ9HJHWDO6RVWHQLEOH
'HWHFFLyQGHHFRWLSRV WROHUDQWHVDKHUELFLGDV1RSXEOLFDGR
&RODERUDFLyQFRQ6$7&yUGRED8&2\HPSUHVDVGHILWRVDQLWDULRV
![Page 10: 'UD 0 0LODJURV 6DDYHGUD 6DDYHGUD · (48,32 *uxsr gho 3ur\hfwr 7udqvirupd 2olydu gh ,)$3$ 2wurv ,qyhvwljdgruhv \ 7pfqlfrv ,)$3$ 9huyqlfd 3hgud]d -lppqh] 5rvd &duerqhoo %rmroor 5didho](https://reader033.fdocument.pub/reader033/viewer/2022060302/5f0879347e708231d4222f95/html5/thumbnails/10.jpg)
6HFRQVWDWDXQGHVDUUROORLQVXILFLHQWHGHODVFREHUWXUDVSRUIDOWDGHIHUWLOLGDGGHORVVXHORV
'26,6'(6,(0%5$<)(57,/,=$&,Ï1'(6LQDSLVDOEDVXEVSPDLUHL
5HVXOWDGRVSXEOLFDGRV
6DDYHGUD03HGUD]D9\$OFiQWDUD&,PSODQWDFLyQ\PDQHMRGH6LQDSLVDOEDVXEVSPDLUHLSDUDFXELHUWDYHJHWDO\ELRIXPLJDFLyQ&$3'(5 ,)$3$SJ3URWHFFLyQGH&XOWLYRV
6DDYHGUD03HGUD]D9\$OFiQWDUD&%LRIXPLJDFLyQFRQFXELHUWDYHJHWDOGH6LQDSLVDOEDVXEVSPDLUHL
9LGD5XUDOQ
(VLPSUHVFLQGLEOHTXHODHVSHFLHFREHUWXUDHVWpELHQDGDSWDGDDOPHGLRSURGXFWLYR
3UHSDUDUELHQHOVXHOR\HOHJLUODGRVLVGHVHPLOODVXILFLHQWHFRPSUREDQGRHOSRGHUJHUPLQDWLYR \HOYLJRUGHODVHPLOOD
&RPSUREDUHOQLYHOGHIHUWLOLGDGGHOVXHOR\DERQDU VLIXHUDQHFHVDULRODPD\RUtDGHODVYHFHV
5HVXPHQGHUHVXOWDGRV
)RWR 6LQDSLVDOEDVXEVSDOEDFRQVtQWRPDVHYLGHQWHVGHIDOWDGH1/DUUDJD1DYDUUDDEULO
727$/(QVD\RVGHDERQDGRSDUDFUXFtIHUDVHQDxRV
![Page 11: 'UD 0 0LODJURV 6DDYHGUD 6DDYHGUD · (48,32 *uxsr gho 3ur\hfwr 7udqvirupd 2olydu gh ,)$3$ 2wurv ,qyhvwljdgruhv \ 7pfqlfrv ,)$3$ 9huyqlfd 3hgud]d -lppqh] 5rvd &duerqhoo %rmroor 5didho](https://reader033.fdocument.pub/reader033/viewer/2022060302/5f0879347e708231d4222f95/html5/thumbnails/11.jpg)
)HFKDGHVLHPEUD\DERQDGRGH6LQDSLVDOEDVXEVSPDLUHL
(VWDG
RIHQ
ROyJLFR
(VF
DOD%%&+
'tDV DSDUWLU GHOGHVHSWLHPEUH
6DQWD&UX])
6DQWD&UX])
&ůŽƌĂĐŝſŶŽƚŽŶĞƐĨůŽƌĂůĞƐ
ZĂŵŝĨŝĐĂĐŝſŶůĂƚĞƌĂů
ŽƚŝůĞĚŽŶĞƐ
6HPEUDUORDQWHVSRVLEOHSDUD
&RQVHJXLUPD\RUFREHUWXUD \PHMRUFRPSHWHQFLD FRQODVPDODVKLHUEDV
$GHODQWDUODHQWUDGDHQIORUDFLyQSDUDWHQHUPiVWLHPSRSDUDELRIXPLJDU
(YLWDUODSpUGLGDGHDJXD HQHOVXHOR\UHGXFLUODFRPSHWHQFLDFRQHOROLYR
![Page 12: 'UD 0 0LODJURV 6DDYHGUD 6DDYHGUD · (48,32 *uxsr gho 3ur\hfwr 7udqvirupd 2olydu gh ,)$3$ 2wurv ,qyhvwljdgruhv \ 7pfqlfrv ,)$3$ 9huyqlfd 3hgud]d -lppqh] 5rvd &duerqhoo %rmroor 5didho](https://reader033.fdocument.pub/reader033/viewer/2022060302/5f0879347e708231d4222f95/html5/thumbnails/12.jpg)
'RVLVGHVLHPEUD\DERQDGRGH6LQDSLVDOEDVXEVSPDLUHL
ϭǑͲ ŶƐĂLJŽƐĞŶƚŝĞƌƌĂƐĚĞůĂďŽƌ ĐŽŶϯĚŽƐŝƐĚĞƐŝĞŵďƌĂLJϱƚŝƉŽƐĚĞĂďŽŶĂĚŽĞŶůĂŵĞĚĂLJdŽŵĞũŝů
^ŝĞŵďƌĂƐ ϵLJϴĚĞŽĐƚƵďƌĞϮϬϭϱĂϭсϱϮсϳϱLJϯсϭϬŬŐŚĂĞƋƵŝǀĂůĞŶƚĞƐĂϭϯϮϭϵϴLJϮϲϰƐĞŵŝůůĂƐǀŝĂďůĞƐŵϮ
hE/^WKZd^
&KEKE
ϯϮϳ ϭϰϳ ϳϱ ϭϱ Ϭ
KZdZ Ϭ ϱϬϴ Ϯϲ ϱϮ Ϭ
dKd> E ϯϮϳ ϲϱϱ ϯϯϱ ϲϳ Ϭ
&KEK^Kϯ
ϵϯϲ ϰϮ ϭϬ ϮϬ Ϭ
KZdZ Ϭ ϭϰϱϮ ϯϳ ϳϰ Ϭ
dKd> ^Kϯ ϵϯϲ ϭϴϳϮ ϰϳ ϵϰ Ϭ
&KEKĂůƐĞŵďƌĂƌKZdZϭϭLJϭϱĞŶĞƌŽ
^^ƵůĨĂƚŽĂŵſŶŝĐŽEͲϮϭй^KϯͲϲϬй
E^EŝƚƌŽƐƵůĨĂƚŽĂŵſŶŝĐŽEͲϮϲй;ŶşƚƌŝĐŽϲϱйĂŵŽŶŝĂĐĂůϭϵϱйͿ^KϯͲϯϳй
dƌŝƉůĞϭϱEͲϭϱй;ĂŵŽŶŝĂĐĂůϭϯйƵƌĞŝĐŽϮйͿWϮKϱͲϭϱй<ϮKͲϭϱй^KϯͲϮϬй
dZdD/EdK^KEK
ϭ Ϯ ϯ ϰ ϱ
&KEKůƐĞŵďƌĂƌ ŬŐŚĂ
dŝƉŽĚĞĂďŽŶŽ
ϭϱϲ^ ϳϬ^
ϱϬdƌŝƉůĞϭϱ
ϭϬϬdƌŝƉůĞϭϱ Ϭ
KZdZϭϭLJϭϱĞŶĞƌŽ
Ϭ ϮϰϮ^
ϭϬϬE^
ϮϬϬE^ Ϭ
ϮǑͲ ŶƐĂLJŽƐĞŶϮŽůŝǀĂƌĞƐ ĐŽŶůĂĚŽƐŝƐĚĞƐŝĞŵďƌĂϮLJůŽƐĂďŽŶĂĚŽƐϭϮLJϰĞŶ^ĂŶƚĂƌƵnj
![Page 13: 'UD 0 0LODJURV 6DDYHGUD 6DDYHGUD · (48,32 *uxsr gho 3ur\hfwr 7udqvirupd 2olydu gh ,)$3$ 2wurv ,qyhvwljdgruhv \ 7pfqlfrv ,)$3$ 9huyqlfd 3hgud]d -lppqh] 5rvd &duerqhoo %rmroor 5didho](https://reader033.fdocument.pub/reader033/viewer/2022060302/5f0879347e708231d4222f95/html5/thumbnails/13.jpg)
$YDQFHGHUHVXOWDGRVGHHQVD\RVGHDERQDGRGH6LQDSLVDOEDVXEVSPDLUHL
ϭǑͲ ŶƐĂLJŽƐĞŶƚŝĞƌƌĂƐĚĞůĂďŽƌ^Ğ ĚĞƚĞƌŵŝŶſ ƋƵĞůĂĚŽƐŝƐ ϮϳϱŬŐŚĂĂĚĞĐƵĂĚĂƉĂƌĂƐĞŵďƌĂƌĞŶŽůŝǀĂƌƐŝĞŵƉƌĞƋƵĞůĂƐĞŵŝůůĂĞƐƚƵǀŝĞƌĂĞŶďƵĞŶ
ĞƐƚĂĚŽĐŽŶďƵĞŶƉŽĚĞƌŐĞƌŵŝŶĂƚŝǀŽLJďƵĞŶǀŝŐŽƌĚĞůĂƐƉůĄŶƚƵůĂƐ
ů ĂďŽŶĂĚŽ ϯ ŶŽ ƉƌŽƉŽƌĐŝŽŶſ ŵĞũŽƌĂƐƐƵƐƚĂŶĐŝĂůĞƐƌĞƐƉĞĐƚŽĂůŽƐŽƚƌŽƐĞŶƐĂLJĂĚŽƐƉŽƌĞůůŽĞŶůŽƐĞŶƐĂLJŽƐƉŽƐƚĞƌŝŽƌĞƐĞŶŽůŝǀĂƌĞƐƐĞƉƌĞƐĐŝŶĚŝſĚĞĞƐƚĞƚƌĂƚĂŵŝĞŶƚŽ
ϮǑͲ ŶƐĂLJŽƐĞŶϮŽůŝǀĂƌĞƐ ĐŽŶůĂĚŽƐŝƐĚĞƐŝĞŵďƌĂϮLJůŽƐĂďŽŶĂĚŽƐϭϮLJϰ^ĞŽďƚƵǀŝĞƌŽŶĚĂƚŽƐŵƵLJŝƌƌĞŐƵůĂƌĞƐ>ĂƐ ŝƌƌĞŐƵůĂƌŝĚĂĚĞƐ ĚĞ ůĂ ĨĞƌƚŝůŝĚĂĚ ĚĞů ƐƵĞůŽ ƌĞƉĞƌĐƵƚŝĞƌŽŶ ĞŶ Ğů ĚĞƐĂƌƌŽůůŽ ĚĞ ůĂƐ ƉůĂŶƚĂƐ ĚĞ ^ŝŶĂƉŝƐ ĂůďĂ ƐƵďƐƉŵĂŝƌĞŝ
DĄƐĚĞƐĂƌƌŽůůŽŶ njŽŶĂƐƉƌſdžŝŵĂƐĂůĂ ĐŽƉĂƌĞŝƚĞƌĂĚĂŵĞŶƚĞĂďŽŶĂĚĂƐƉŽƌůŽƐĂŐƌŝĐƵůƚŽƌĞƐŶ ůŽƐ ďŽƌĚĞƐ ĚĞ ůĂƐ ĨƌĂŶũĂƐĚĞ ĐƵďŝĞƌƚĂ ƉŽƌ Ğů ĞĨĞĐƚŽ ďŽƌĚĞŶnjŽŶĂƐĚĞĂĐƵŵƵůĂĐŝſŶĚĞƐĞĚŝŵĞŶƚŽƐ
DĞŶŽƐĚĞƐĂƌƌŽůůŽŶůŽƐĐĞŶƚƌŽƐĚĞůĂƐĐĂůůĞƐ
ƉĞƐĂƌĚĞůĂƌĞƐƉƵĞƐƚĂŝƌƌĞŐƵůĂƌĂůĂďŽŶĂĚŽĚĞ^ŝŶĂƉŝƐĂůďĂ ƐƵďƐƉŵĂŝƌĞŝ ĚĞŶƚƌŽĚĞůŽƐŽůŝǀĂƌĞƐ
ĞƐĞǀŝĚĞŶƚĞƋƵĞ ĞůĂďŽŶĂĚŽŵĞũŽƌĂĞůĚĞƐĂƌƌŽůůŽĚĞůĂƐƉůĂŶƚĂƐ ƌĞƐƵůƚĂŝŵƉƌĞƐĐŝŶĚŝďůĞĞŶůĂŵĂLJŽƌşĂĚĞůŽƐĐĂƐŽƐ
>ŽƐƌĞƐƵůƚĂĚŽƐƐĞƌĄŶƉƵďůŝĐĂĚŽƐĞŶůĂƉůĂƚĂĨŽƌŵĂ^Zs/&W
![Page 14: 'UD 0 0LODJURV 6DDYHGUD 6DDYHGUD · (48,32 *uxsr gho 3ur\hfwr 7udqvirupd 2olydu gh ,)$3$ 2wurv ,qyhvwljdgruhv \ 7pfqlfrv ,)$3$ 9huyqlfd 3hgud]d -lppqh] 5rvd &duerqhoo %rmroor 5didho](https://reader033.fdocument.pub/reader033/viewer/2022060302/5f0879347e708231d4222f95/html5/thumbnails/14.jpg)
^şŶƚŽŵĂƐ ĚĞ ĐĂƌĞŶĐŝĂ ĚĞ ĨĞƌƚŝůŝnjĂŶƚĞ E ĞŶ ůŽƐ ĚŝĨĞƌĞŶƚĞƐ ƚƌĂƚĂŵŝĞŶƚŽƐ ĞŶ njŽŶĂƐ ƐŝŶŐƵůĂƌĞƐ ĚĞů ĞŶƐĂLJŽ ;ϭ ĨĞďƌĞƌŽͿ
$ $$$ 7HVWLJR
ŶŽůŝǀŽƐũſǀĞŶĞƐŝƌƌĞŐƵůĂƌŝĚĂĚĞƐĚĞůƚĞƌƌĞŶŽnjŽŶĂƐĐŽŶƐƵĞůŽŵĞŶŽƐĨĠƌƚŝůŽŵƵLJĨĠƌƚŝů
ŶůŽƐŽůŝǀŽƐĂĚƵůƚŽƐƐşŶƚŽŵĂƐĚĞůĚĠĨŝĐŝƚĚĞEĞŶůĂĨƌĂŶũĂĐĞŶƚƌĂů LJĚĞůĂůƚŽĐŽŶƚĞŶŝĚŽĞŶEĞŶůŽƐďŽƌĚĞƐĚĞůŽƐƌƵĞĚŽƐ
$$ $ 7HVWLJR
$
$
$ 7HVWLJR
^şŶƚŽŵĂƐ ĚĞ ĐĂƌĞŶĐŝĂ ĚĞ ĨĞƌƚŝůŝnjĂŶƚĞ E ĞŶ ůŽƐ ĚŝĨĞƌĞŶƚĞƐ ƚƌĂƚĂŵŝĞŶƚŽƐ ĞŶ njŽŶĂƐ ƐŝŶŐƵůĂƌĞƐ ĚĞů ĞŶƐĂLJŽ ;Ϯϱ ĚĞ ĞŶĞƌŽͿ
$YDQFHGHUHVXOWDGRVHQFDPSRGHDERQDGRGH6LQDSLVDOEDVXEVSPDLUHLHQROLYDUHV
![Page 15: 'UD 0 0LODJURV 6DDYHGUD 6DDYHGUD · (48,32 *uxsr gho 3ur\hfwr 7udqvirupd 2olydu gh ,)$3$ 2wurv ,qyhvwljdgruhv \ 7pfqlfrv ,)$3$ 9huyqlfd 3hgud]d -lppqh] 5rvd &duerqhoo %rmroor 5didho](https://reader033.fdocument.pub/reader033/viewer/2022060302/5f0879347e708231d4222f95/html5/thumbnails/15.jpg)
'RVLVGHVLHPEUD\DERQDGRGH6LQDSLVDOEDVXEVSPDLUHL
ů ĐƵůƚŝǀŽ ĚĞ ^ŝŶĂƉŝƐ ĂůďĂ ƐƵďƐƉ ŵĂŝƌĞŝ ĐŽŵŽ ĐŽďĞƌƚƵƌĂ ǀĞŐĞƚĂů ƌĞƋƵŝĞƌĞ ĂďŽŶĂĚŽ Ă ďĂƐĞ ĚĞ E LJ ^ ƉĂƌĂƉƌŽĚƵĐŝƌ ƵŶĂ ĞůĞǀĂĚĂ ĐĂŶƚŝĚĂĚ ĚĞ ďŝŽŵĂƐĂ ĐŽŶ ĂůƚŽ ĐŽŶƚĞŶŝĚŽ ĞŶ ŐůƵĐŽƐŝŶŽůĂƚŽƐ
ů ĂďŽŶĂĚŽ ƋƵĞ ŵĂLJŽƌ ĐŽŶƚĞŶŝĚŽ ĞŶ ŐůƵĐŽƐŝŶŽůĂƚŽƐ ƉƌŽĚƵũŽ ĨƵĞ Ğů ƋƵĞ ĂƉŽƌƚſ ŵĂLJŽƌ ĐŽŶƚĞŶŝĚŽ ĞŶĂnjƵĨƌĞ ƐƵůĨĂƚŽ ĂŵſŶŝĐŽ ĂƉůŝĐĂĚŽ ĞŶ ĨŽŶĚŽ ;ϳϬ ŬŐŚĂͿ LJ ĐŽďĞƌƚĞƌĂ ;ϮϰϮ ŬŐŚĂͿ
ů ƋƵĞ ƉƌŽĚƵũŽ ŵĂLJŽƌ ďŝŽŵĂƐĂ ĨƵĞ dƌŝƉůĞ ϭϱ ĞŶ ĨŽŶĚŽ ;ϭϬϬ ŬŐŚĂͿ LJ ŶŝƚƌŽƐƵůĨĂƚŽ ĂŵſŶŝĐŽ ĞŶĐŽďĞƌƚĞƌĂ ;ϮϬϬ ŬŐŚĂͿ ƐƚĞ ĂďŽŶĂĚŽ Ă ƐƵ ǀĞnj ĨƵĞ Ğů ƋƵĞ ĂƉŽƌƚſ ŵĂLJŽƌ ĐŽŶƚĞŶŝĚŽ ƚŽƚĂů ƉŽƌ ŚĂ ĚĞŐůƵĐŽƐŝŶŽůĂƚŽƐ
>ĂƐ ŶĞĐĞƐŝĚĂĚĞƐ ƉĂƌĂ ĞƐƚĂ ĞƐƉĞĐŝĞ ĐŽŵŽ ĐŽďĞƌƚƵƌĂ ƐĞ ĞƐƚŝŵĂŶ ĞŶ ϴϬͲϴϱ hĚ ĚĞ E ƐƚĂ ĐĂŶƚŝĚĂĚ ƉƵĞĚĞƌĞĚƵĐŝƌƐĞ Ɛŝ ĞŶ Ğů ƐƵĞůŽ ĞdžŝƐƚĞ ƵŶĂ ƐƵĨŝĐŝĞŶƚĞ ĐŽŶĐĞŶƚƌĂĐŝſŶ ĚĞ E ;х Ϯϱ ŵŐŬŐͿ
ů ĂƉŽƌƚĞ ĚĞ W LJ < ĂĚĞŵĄƐ ĚĞů E ŵĞũŽƌſ ůŽƐ ƌĞƐƵůƚĂĚŽƐ ƌĞƐƉĞĐƚŽ Ăů ĂďŽŶĂĚŽ ĞdžĐůƵƐŝǀĂŵĞŶƚĞ ĐŽŶ E
ů ĂďŽŶĂĚŽ ĞŶ ĨŽŶĚŽ ĐŽŶ ĐĂŶƚŝĚĂĚĞƐ ƌĞĚƵĐŝĚĂƐ ĚĞ E LJ ^ ;ϭϱϲ ŬŐŚĂ ĚĞ ƐƵůĨĂƚŽ ĂŵſŶŝĐŽͿ ŵĞũŽƌĂ ůŽƐƌĞƐƵůƚĂĚŽƐ ƌĞƐƉĞĐƚŽ Ăů ŶŽ ĂďŽŶĂĚŽ
Ŷ ĐŽŶĚŝĐŝŽŶĞƐ ĚĞ ĐĂŵƉŽ ĞƐ ƉƌĞĐŝƐŽ ƚĞƐƚĂƌ ůĂ ĨĞƌƚŝůŝĚĂĚ ĚĞů ƐƵĞůŽ ĞŶ ůĂƐ ĚŝĨĞƌĞŶƚĞƐ njŽŶĂƐ ĚĞ ůĂ ĨŝŶĐĂ LJ ĞŶĐĂůůĞƐ LJ ďĂũŽ ĐŽƉĂ ƉĂƌĂ ĂĚĞĐƵĂƌ ŵĞũŽƌ ůĂ ĚŽƐŝƐ LJ ĚŝƐƚƌŝďƵĐŝſŶ ĚĞů ĨĞƌƚŝůŝnjĂŶƚĞ
^ŝ Ğů ĐŽŶƚĞŶŝĚŽ ĚĞ EKϯͲ ĞŶ ƐƵĞůŽ ĞƐ ŝŐƵĂů Ž ƐƵƉĞƌŝŽƌ Ă ϯϬ hĚ ĞƐ ƐƵĨŝĐŝĞŶƚĞ ĐŽŶ ůĂ ĂƉůŝĐĂĐŝſŶ ĚĞ ϭ
ĂďŽŶĂĚŽ ĞŶ ĐŽďĞƌƚĞƌĂ ƚĞŵƉƌĂŶĂ
![Page 16: 'UD 0 0LODJURV 6DDYHGUD 6DDYHGUD · (48,32 *uxsr gho 3ur\hfwr 7udqvirupd 2olydu gh ,)$3$ 2wurv ,qyhvwljdgruhv \ 7pfqlfrv ,)$3$ 9huyqlfd 3hgud]d -lppqh] 5rvd &duerqhoo %rmroor 5didho](https://reader033.fdocument.pub/reader033/viewer/2022060302/5f0879347e708231d4222f95/html5/thumbnails/16.jpg)
%~VTXHGDGHHVSHFLHVFRQDOWRFRQWHQLGRHQJOXFRVLQRODWRV
'(6$552//2'(6LQDSLVIOH[XRVD
5HVXOWDGRVSXEOLFDGRVHQ6(59,)$3$
6DDYHGUD0'H+DUR$\$OFiQWDUD&6LQDSLVIOH[XRVDXQDPRVWD]DFRQDOWRFRQWHQLGRHQJOXFRVLQRODWRV DOWHUQDWLYDD6LQDSLVDOEDSDUDELRIXPLJDFLyQ&RQVHMHUtD GH$JULFXOWXUD3HVFD\'HVDUUROOR5XUDO,)$3$S3URWHFFLyQ9HJHWDO6RVWHQLEOH
ZŽƐƚƌŽ
^ĂůďĂ^ĂƌǀĞŶƐŝƐ^ĨůĞdžƵŽƐĂ
![Page 17: 'UD 0 0LODJURV 6DDYHGUD 6DDYHGUD · (48,32 *uxsr gho 3ur\hfwr 7udqvirupd 2olydu gh ,)$3$ 2wurv ,qyhvwljdgruhv \ 7pfqlfrv ,)$3$ 9huyqlfd 3hgud]d -lppqh] 5rvd &duerqhoo %rmroor 5didho](https://reader033.fdocument.pub/reader033/viewer/2022060302/5f0879347e708231d4222f95/html5/thumbnails/17.jpg)
$OWXUDPHQRUTXH 6DOED
PX\LQWHUHVDQWHHQVXHORVIpUWLOHVSDUDIDFLOLWDUHOPDQHMR
%~VTXHGDGHHVSHFLHVFRQDOWRFRQWHQLGRHQJOXFRVLQRODWRV6LQDSLVIOH[XRVD
FP
'LILFXOWDGHVSDUDVXLPSODQWDFLyQHVFDVDHPHUJHQFLDGHVDUUROOROHQWR
![Page 18: 'UD 0 0LODJURV 6DDYHGUD 6DDYHGUD · (48,32 *uxsr gho 3ur\hfwr 7udqvirupd 2olydu gh ,)$3$ 2wurv ,qyhvwljdgruhv \ 7pfqlfrv ,)$3$ 9huyqlfd 3hgud]d -lppqh] 5rvd &duerqhoo %rmroor 5didho](https://reader033.fdocument.pub/reader033/viewer/2022060302/5f0879347e708231d4222f95/html5/thumbnails/18.jpg)
0HQRUELRPDVDIUHVFDTXH6DOED
ď
ď
ď
ĂĂ
Ă
Ă
ŶƐ ŶƐ
$OWRFRQWHQLGRHQJOXFRVLQRODWRVHQRUPHPHQWHLQWHUHVDQWH
%~VTXHGDGHHVSHFLHVFRQDOWRFRQWHQLGRHQJOXFRVLQRODWRV6LQDSLVIOH[XRVD
![Page 19: 'UD 0 0LODJURV 6DDYHGUD 6DDYHGUD · (48,32 *uxsr gho 3ur\hfwr 7udqvirupd 2olydu gh ,)$3$ 2wurv ,qyhvwljdgruhv \ 7pfqlfrv ,)$3$ 9huyqlfd 3hgud]d -lppqh] 5rvd &duerqhoo %rmroor 5didho](https://reader033.fdocument.pub/reader033/viewer/2022060302/5f0879347e708231d4222f95/html5/thumbnails/19.jpg)
)DFLOLWDU OD HOHFFLyQ GH ERTXLOODV GHSXOYHUL]DFLyQ DGHFXDGDV SDUD HYLWDUODV GHILFLHQFLDV HQ ORV VRODSHV \ HQ ODKRPRJHQHLGDG GH ODV GLVWULEXFLRQHV GHFDOGR
%DUUDV³DODFDUWD´
237,0,=$&,Ï1'(/$%$55$'(+(5%,&,'$6
&RQVWUXFFLyQGHXQEDQFRGHSUXHEDV SDUDWHVWDUODVGLVWULEXFLRQHV 5HJXODEOHHQDOWXUDiQJXOR\SUHVLyQ
(QVD\DUGLVWULEXFLRQHV GHERTXLOODVGHFDGDPRGHORFRPHUFLDO $DOWXUDV\FP $SUHVLRQHV± ± ± ± ± ± EDU UHSHWLFLRQHV 0iVDGHODQWHGLVSXHVWDVHQiQJXORVGLIHUHQWHV
&RPSUREDUFRPELQDFLRQHV GHERTXLOODVSDUDGLIHUHQWHVVLWXDFLRQHV $EDQLFRVLPpWULFDV\DVLPpWULFDVSDUDHOH[WUHPRGHODEDUUD %DUUDVHQiQJXOR SDUDWUDWDUVXHORVDORPDGRV 'LVWULEXFLRQHVDQyPDODV DGHWHUPLQDGDVSUHVLRQHV %RTXLOODVQRDFRUGHVFRQODVFDUDFWHUtVWLFDVGHIDEULFDFLyQ (WF
6RODSHGHILFLHQWHGHODERTXLOODGHH[WUHPRFRQODVVLPpWULFDVGHOFHQWURGHODEDUUD
![Page 20: 'UD 0 0LODJURV 6DDYHGUD 6DDYHGUD · (48,32 *uxsr gho 3ur\hfwr 7udqvirupd 2olydu gh ,)$3$ 2wurv ,qyhvwljdgruhv \ 7pfqlfrv ,)$3$ 9huyqlfd 3hgud]d -lppqh] 5rvd &duerqhoo %rmroor 5didho](https://reader033.fdocument.pub/reader033/viewer/2022060302/5f0879347e708231d4222f95/html5/thumbnails/20.jpg)
%DQFRGHSUXHEDV
![Page 21: 'UD 0 0LODJURV 6DDYHGUD 6DDYHGUD · (48,32 *uxsr gho 3ur\hfwr 7udqvirupd 2olydu gh ,)$3$ 2wurv ,qyhvwljdgruhv \ 7pfqlfrv ,)$3$ 9huyqlfd 3hgud]d -lppqh] 5rvd &duerqhoo %rmroor 5didho](https://reader033.fdocument.pub/reader033/viewer/2022060302/5f0879347e708231d4222f95/html5/thumbnails/21.jpg)
5HVXOWDGRSDUDXQDERTXLOOD\FRPSRVLFLyQHQODEDUUD
ϬϬϮϬϰϬϲϬϴϭ
ϭϮϭϰϭϲϭϴ
ͲϭϬ Ͳϵ Ͳϴ Ͳϳ Ͳϲ Ͳϱ Ͳϰ Ͳϯ ͲϮ Ͳϭ ϭ Ϯ ϯ ϰ ϱ ϲ ϳ ϴ ϵ ϭϬ
ŝƐƚƌŝďƵĐŝſŶĚĞůĐĂƵĚĂů;ĚĂƚŽƐĐĂĚĂϭϬĐŵͿĚĞůĂďŽƋƵŝůůĂ,ĂƌĚŝͲ/^K>ϬϭϱͲϭϭϬsĞƌĚĞĂĚŝĨĞƌĞŶƚĞƐ
ƉƌĞƐŝŽŶĞƐ;ϭĂϰďĂƌͿ
ϭ ϭϱ Ϯ Ϯϱ ϯ ϯϱ ϰ
^ŽůĂƉĞĚĞϯďŽƋƵŝůůĂƐLJƌĞƐƵůƚĂĚŽĚĞůĂĚŝƐƚƌŝďƵĐŝſŶĚĞůĐĂƵĚĂů
&XUYDVGHGLVWULEXFLyQPHGLDGHGDWRV &XUYDVUHVXOWDGRGHOVRODSHGHERTXLOODV
ŶůĂŐƌĄĨŝĐĂƉƵĞĚĞŽďƐĞƌǀĂƌƐĞůĂĚŝƐƚƌŝďƵĐŝſŶŝƌƌĞŐƵůĂƌ ĚĞůĐĂƵĚĂůĐƵĂŶĚŽ ůĂ ƉƌĞƐŝſŶ ĞƐ ĞdžĐĞƐŝǀĂŵĞŶƚĞ ďĂũĂ Ă ϭ ďĂƌ
![Page 22: 'UD 0 0LODJURV 6DDYHGUD 6DDYHGUD · (48,32 *uxsr gho 3ur\hfwr 7udqvirupd 2olydu gh ,)$3$ 2wurv ,qyhvwljdgruhv \ 7pfqlfrv ,)$3$ 9huyqlfd 3hgud]d -lppqh] 5rvd &duerqhoo %rmroor 5didho](https://reader033.fdocument.pub/reader033/viewer/2022060302/5f0879347e708231d4222f95/html5/thumbnails/22.jpg)
/RVPXVJRVVRQSDUWHGHODFREHUWXUDYHJHWDO'HVFRQRFHPRVD~QPXFKRVREUHVXVYHQWDMDVRLQFRQYHQLHQWHV
,03/$17$&,Ï1'(086*2&202&2%(5785$9(*(7$/
5HVXOWDGRVSXEOLFDGRVHQ6(59,)$3$
6DDYHGUD05DPV6%HQ6DVVRQ6&DEH]DV&&DVWLOOR)\$OFiQWDUD&/RVPXVJRVFRPRSDUWHGHODFXELHUWDYHJHWDOHQROLYDU&$3'(5,)$3$SS
(QVD\RVDFWXDOHV
'RVLVGHVLHPEUD (Q&DEUD\0HQJtEDU 5HFROHFFLyQGHWDSLFHVP
'LVWULEXFLyQHQGLIHUHQWHVGRVLV'''''&HUR
(QVD\RVGHLPSODQWDFLyQ\PDQHMRHQROLYDU (Q&DEUD\0HQJtEDU 7UDWDPLHQWRV
76RODUL]DGR\GHVEURFHV76RODUL]DGR\KHUELFLGD7/DERUQRVRODUL]DGR\GHVEURFHV7/DERUQRVRODUL]DGR\KHUELFLGD
6LHPEUDGHPXVJR6,12
![Page 23: 'UD 0 0LODJURV 6DDYHGUD 6DDYHGUD · (48,32 *uxsr gho 3ur\hfwr 7udqvirupd 2olydu gh ,)$3$ 2wurv ,qyhvwljdgruhv \ 7pfqlfrv ,)$3$ 9huyqlfd 3hgud]d -lppqh] 5rvd &duerqhoo %rmroor 5didho](https://reader033.fdocument.pub/reader033/viewer/2022060302/5f0879347e708231d4222f95/html5/thumbnails/23.jpg)
5HVSXHVWDVPX\LUUHJXODUHV
(;&(62'(,1Ï&8/2(1(/(172512
(IHFWRERUGHPX\DFXVDGR
1RVHPEUDGR
''RVLVPiVDOWD
'RVLVGH6LHPEUD$YDQFHGH5HVXOWDGRV &DEUDDEULO
![Page 24: 'UD 0 0LODJURV 6DDYHGUD 6DDYHGUD · (48,32 *uxsr gho 3ur\hfwr 7udqvirupd 2olydu gh ,)$3$ 2wurv ,qyhvwljdgruhv \ 7pfqlfrv ,)$3$ 9huyqlfd 3hgud]d -lppqh] 5rvd &duerqhoo %rmroor 5didho](https://reader033.fdocument.pub/reader033/viewer/2022060302/5f0879347e708231d4222f95/html5/thumbnails/24.jpg)
8QDxRGHVSXpVGHODVLHPEUD0HQJtEDU
'
'
'
'
'
5HVSXHVWDVPX\LUUHJXODUHV
(;&(62'(,1Ï&8/2(1(/(172512
(IHFWRERUGHPX\DFXVDGR
'RVLVGH6LHPEUD$YDQFHGH5HVXOWDGRV
![Page 25: 'UD 0 0LODJURV 6DDYHGUD 6DDYHGUD · (48,32 *uxsr gho 3ur\hfwr 7udqvirupd 2olydu gh ,)$3$ 2wurv ,qyhvwljdgruhv \ 7pfqlfrv ,)$3$ 9huyqlfd 3hgud]d -lppqh] 5rvd &duerqhoo %rmroor 5didho](https://reader033.fdocument.pub/reader033/viewer/2022060302/5f0879347e708231d4222f95/html5/thumbnails/25.jpg)
,PSODQWDFLyQ\0DQHMRHQ2OLYDU$YDQFHGH5HVXOWDGRV
5HVSXHVWDVPX\LUUHJXODUHV
&ODURHIHFWRGHODVRODUL]DFLyQTXHHOLPLQDORVPXVJRV
R (Q0HQJtEDUDORVPHVHV
R (Q&DEUDXQDxRGHVSXpVPHQRVPXVJR\PHQRVKLHUED
$ORVPHVHVPiVPXVJRHQHO6\6(3RUHVWDUPiVLOXPLQDGRGHVDUUROODPiV
$ODxRHQHO1( PiVPXVJR=RQDPiVK~PHGD
DEULO0HQJtEDU$ORVPHVHV
$YDQFHGH&RQFOXVLRQHV3URYLVLRQDOHV
6LKD\PXVJRVHQHOHQWRUQRQRVHPEUDU
6LQRKD\PXVJRV18(926(16$<26
6RODUL]DGR\12VHPEUDGR
6RODUL]DGR\VHPEUDGR
![Page 26: 'UD 0 0LODJURV 6DDYHGUD 6DDYHGUD · (48,32 *uxsr gho 3ur\hfwr 7udqvirupd 2olydu gh ,)$3$ 2wurv ,qyhvwljdgruhv \ 7pfqlfrv ,)$3$ 9huyqlfd 3hgud]d -lppqh] 5rvd &duerqhoo %rmroor 5didho](https://reader033.fdocument.pub/reader033/viewer/2022060302/5f0879347e708231d4222f95/html5/thumbnails/26.jpg)
¢(VHVWRVXILFLHQWH"
¢2WURVHQIRTXHV"
¢2WUDVLQYHVWLJDFLRQHV\H[SHULPHQWRV"
![Page 27: 'UD 0 0LODJURV 6DDYHGUD 6DDYHGUD · (48,32 *uxsr gho 3ur\hfwr 7udqvirupd 2olydu gh ,)$3$ 2wurv ,qyhvwljdgruhv \ 7pfqlfrv ,)$3$ 9huyqlfd 3hgud]d -lppqh] 5rvd &duerqhoo %rmroor 5didho](https://reader033.fdocument.pub/reader033/viewer/2022060302/5f0879347e708231d4222f95/html5/thumbnails/27.jpg)
(URVLyQ\'HJUDGDFLyQ&RPSDFWDFLyQ9HUWLFLORVLV,PSODQWDFLyQ\0DQHMRGH&XELHUWDV0DQHMRGH+HUELFLGDV
$OWHUQDWLYDVDORV+HUELFLGDV 2WUDV(VSHFLHV\'LYHUVLILFDFLyQGH&XELHUWDV 2OLYDU(FROyJLFR\;\OHOOD IDVWLGLRVD
1HFHVLGDGGH'HVDUUROODU1XHYDV(VSHFLHV'LYHUVLILFDFLyQPH]FODVGHHVSHFLHV'RPHVWLFDFLyQ7pFQLFDVGHLPSODQWDFLyQ\PDQHMR(YROXFLyQGHODIORUD)HUWLOL]DFLyQ\PDQHMRGHODFRPSHWHQFLD%DODQFHKtGULFR\GHQXWULHQWHV0DQHMRGHKHUELFLGDV\GHVXVDOWHUQDWLYDV%RUGHV\VHWRV0HOtIHUDV(WF
![Page 28: 'UD 0 0LODJURV 6DDYHGUD 6DDYHGUD · (48,32 *uxsr gho 3ur\hfwr 7udqvirupd 2olydu gh ,)$3$ 2wurv ,qyhvwljdgruhv \ 7pfqlfrv ,)$3$ 9huyqlfd 3hgud]d -lppqh] 5rvd &duerqhoo %rmroor 5didho](https://reader033.fdocument.pub/reader033/viewer/2022060302/5f0879347e708231d4222f95/html5/thumbnails/28.jpg)
'UD0 0LODJURV6DDYHGUD6DDYHGUD&HQWUR,)$3$$ODPHGDGHO2ELVSR
3UR\HFWR75$75$([SHULPHQWDFLyQ&RRSHUDFLyQ\7UDQVIHUHQFLDGH7HFQRORJtDHQ2OLYDU