&iWHGUDGH%LRORJtD)DFXOWDGGH$JURQRPtD\$JURLQGXVWULDV816( 5(63,5$&,¾1 3UHVHQWDFLyQ (OPDQWHQLPLHQWRGHODYLGDUHTXLHUH GH XQ FRQWLQXR VXPLQLVWUR GH HQHUJtD TXHHQODPD\RUtDGHORVRUJDQLVPRVSURYLHQHGHOSURFHVRUHVSLUDWRULR /DUHVSLUDFLyQFRQVWDGHWUHVHWDSDVELHQGHILQLGDVJOLFyOLVLVFLFORGH.UHEV \FDGHQDWUDQVSRUWDGRUDGHHOHFWURQHVIRVIRULODFLyQR[LGDWLYD)LJXUD /DJOLFyOLVLVTXHWLHQHOXJDUHQHOFLWRVROFRQVLVWHHQXQDVHULHGHUHDFFLRQHV HQODVTXHODPROpFXODGHJOXFRVDGHVHLViWRPRVGHFDUERQRVVHHVFLQGHHQGRV PROpFXODVGHSLUXYDWRGHWUHViWRPRVGHFDUERQR/XHJRHOSLUXYDWRHVGHJUDGDGR DJUXSRVDFHWLORVGHGRViWRPRVGHFDUERQRTXHLQJUHVDQDOFLFORGH.UHEVHQOD PDWUL] PLWRFRQGULDO (Q HO FLFOR GH .UHEV ORV JUXSRV DFHWLORV VRQ FRPSOHWDPHQWH R[LGDGRVD&2(QHOFXUVRGHHVWHSURFHVRVHSURGXFH$731$'+\)$'+ (Q OD HWDSD ILQDO GHO SURFHVR UHVSLUDWRULR ODV PROpFXODV GH 1$'+ \ )$'+ FHGHQVXVHOHFWURQHVDWUDQVSRUWDGRUHVSURWHLFRVVLWXDGRVHQODPHPEUDQDLQWHUQD PLWRFRQGULDO UHR[LGiQGRVH $ OR ODUJR GH HVWD VHULH GH WUDQVSRUWDGRUHV ORV HOHFWURQHV GH DOWD HQHUJtD WUDQVSRUWDGRV SRU HO 1$'+ \ HO )$'+ YDQ ¦FXHVWD DEDMR§ KDVWD HO R[tJHQR (Q WUHV SXQWRV GH VX SDVDMH D OR ODUJR GH OD FDGHQD VH GHVSUHQGHQ JUDQGHV FDQWLGDGHV GH HQHUJtD OLEUH TXH LPSXOVDQ HO ERPEHR GH SURWRQHV KDFLD HO H[WHULRU GH OD PDWUL] PLWRFRQGULDO (VWR JHQHUD XQ JUDGLHQWH HOHFWURTXtPLFR D WUDYpV GH OD PHPEUDQD LQWHUQD PLWRFRQGULDO &XDQGR ORV SURWRQHV SDVDQDWUDYpVGHOFRPSOHMR$73VLQWDVDDPHGLGDTXHYXHOYHQDIOXLUDIDYRUGHO JUDGLHQWH HOHFWURTXtPLFR DO LQWHULRU GH OD PDWUL] OD HQHUJtD OLEHUDGD VH XWLOL]D SDUD IRUPDUPROpFXODVGH$73DSDUWLUGH$'3\IRVIDWRLQRUJiQLFR 2WUDV PROpFXODV DOLPHQWLFLDV TXH LQFOX\HQ JUDVDV SROLVDFiULGRV \ SURWHtQDV VRQ XWLOL]DGDV SUHYLD GHJUDGDFLyQ D PROpFXODV PiV VLPSOHV TXH SXHGHQ LQJUHVDU HQHVWDVYtDVFHQWUDOHVHQGLIHUHQWHVSDVRV /DV VHPLOODV DOPDFHQDQ GLIHUHQWHV VXVWDQFLDV GH UHVHUYD DOPLGyQ OtSLGRV SURWHtQDV HWF TXH PHGLDQWH HO SURFHVR UHVSLUDWRULR VXPLQLVWUDQ OD HQHUJtD \ ORV HVTXHOHWRV FDUERQDGRV QHFHVDULRV SDUD ODV UXWDV GH ELRVtQWHVLV SURSLDV GH OD JHUPLQDFLyQ 'H HVWD PDQHUD XQD YH] LQLFLDGD OD LPELELFLyQ GH ODV VHPLOODV VH REVHUYD XQ LPSRUWDQWH LQFUHPHQWR HQ OD WDVD UHVSLUDWRULD FRQ OD FRQFRPLWDQWH GLVPLQXFLyQHQODFRQFHQWUDFLyQVHVXVWDQFLDVGHUHVHUYD /DV PHGLFLRQHV GH UHVSLUDFLyQ FRQVLVWHQ SULQFLSDOPHQWH HQ FXDQWLILFDU HO LQWHUFDPELRJDVHRVRSRUPpWRGRVPDQRPpWULFRVRSRUWLWXODFLyQ (VWHWUDEDMRSUiFWLFRWLHQHFRPRREMHWLYRPHGLUODWDVDUHVSLUDWRULDGHVHPLOODV GHSRURWR3KDVHROXVYXOJDULV /HQODVGLVWLQWDVHWDSDVGHOSURFHVRGHJHUPLQDFLyQ GH &iWHGUDGH%LRORJtD)DFXOWDGGH$JURQRPtD\$JURLQGXVWULDV816( )LJXUD (VTXHPD GHO SURFHVR UHVSLUDWRULR 7RPDGR GH &XUWLV HW DO %LRORJtD WD (GLFLyQ(GLWRULDO0pGLFD3DQDPHULFDQD $VSHFWRVWHyULFRVQHFHVDULRV 3DUD FRPSUHQGHU ORV IXQGDPHQWRV WHyULFRV GH HVWH SUiFWLFR GH ODERUDWRULR OD &iWHGUDDFRQVHMDUHDOL]DUXQDUHYLVLyQGHORVVLJXLHQWHVWHPDV 7LWXODFLRQHVJHQHUDOLGDGHV $VSHFWRV ELRTXtPLFRV GHO SURFHVR UHVSLUDWRULR *OLFyOLVLV &LFOR GH .UHEV FDGHQDGHWUDQVSRUWDGRUHVGHHOHFWURQHVIRVIRULODFLyQR[LGDWLYD $FWLYLGDGHV 3HVHJGHVHPLOODVGHSRURWRVHFDVJHUPLQDGDVGXUDQWH KV D & \ JHUPLQDGDV GXUDQWH KV D & UHVSHFWLYDPHQWH (QYXpOYDODV HQ JDVD \ FROyTXHODVHQIUDVFRVFRQWHQLHQGRPOGH1D2+18VHXQFXDUWRIUDVFRFRPR WHVWLJR FRQ PO GH 1D2+ 1 VLQ VHPLOODV &LHUUH ORV UHFLSLHQWHV KHUPpWLFDPHQWHHLQFXEHHQHVWXIDD&GXUDQWHXQDKRUD 7RPHXQDVPXHVWUDGHVHPLOODVGHFDGDWUDWDPLHQWRSpVHODV\FROyTXHODVHQ HVWXID GH VHFDGR D & KDVWD SHVR FRQVWDQWH UHTXLHUH GH DSUR[LPDGDPHQWH KV8QDYH]VHFDVSpVHODVQXHYDPHQWH 7UDVFXUULGRHOWLHPSRGH LQFXEDFLyQ UHWLUH ORV IUDVFRV GH OD HVWXID GHVFDUWH ODV VHPLOODV \ DGLFLRQH PO GH %D&O DO 2EVHUYDUi OD IRUPDFLyQ GH XQ SUHFLSLWDGREODQTXHFLQRFRPSDUHVXHVSHVRUHQFDGDXQRGHORVWUDWDPLHQWRV 7LWXOH HO 1D2+ GH FDGD IUDVFR FRQ +&O 1 XVDQGR IHQROIWDOHLQD FRPR LQGLFDGRU5HJLVWUHORVPOGH+&OUHTXHULGRVSDUDTXHHOLQGLFDGRUYLUHGHFRORUDFLyQ YLROHWDDLQFRORUR &DOFXOHORVPJGH&2 UHVSLUDGRVH[SUHViQGRORVFRPRPJ&2J36K GH &iWHGUDGH%LRORJtD)DFXOWDGGH$JURQRPtD\$JURLQGXVWULDV816( &XHVWLRQDULR 4Xp HV HO SUHFLSLWDGR EODQTXHFLQR TXH VH IRUPD" 3RU TXp HO HVSHVRU GHO SUHFLSLWDGRHVGLIHUHQWHHQFDGDWUDWDPLHQWR" $TXpVHGHEHHOSUHFLSLWDGREODQTXHFLQRREVHUYDGRHQHOWHVWLJR" &XiOHVODIXQFLyQGHO1D2+"(VFULEDODUHDFFLyQFRUUHVSRQGLHQWH &XiOHVODLPSRUWDQFLDGHODUHVSLUDFLyQ\FXiOVXUHODFLyQFRQODJHUPLQDFLyQ" &XiOHVVRQODVSRVLEOHVIXHQWHVGHHUURUHQHOPpWRGRHPSOHDGR" 3URSRQJDRWURPpWRGRSDUDFXDQWLILFDUODUHVSLUDFLyQHQVHPLOODV 'LVFXWDFRQVXVFRPSDxHURVODVVLJXLHQWHVVLWXDFLRQHVSUREOHPiWLFDV (Q FpOXODV GH XQ WHMLGR HVSHFLDOL]DGR FRQRFLGR FRPR JUDVD SDUGD OD PHPEUDQD LQWHUQDPLWRFRQGULDOHVSHUPHDEOHD+(VWDVFpOXODVFRQWLHQHQJUDQGHV GHSyVLWRV GH PROpFXODV JUDVDV TXH VH GHJUDGDQ JUDGXDOPHQWH \ FX\RV JUXSRV DFHWLORUHVXOWDQWHVSDVDQDOFLFORGH.UHEV/RVHOHFWURQHVFDSWXUDGRVSRUHO1$'+ \ )$'+ D VX YH] DOLPHQWDQ D OD FDGHQD GH WUDQVSRUWH GHHOHFWURQHV \ VRQ ILQDOPHQWH DFHSWDGRV SRU HO 2 6LQ HPEDUJR QR VH VLQWHWL]D $73 3RU TXp QR" (VWH WHMLGR H[LVWH HQ DOJXQRV DQLPDOHV TXH KLEHUQDQ TXp IXQFLyQ FXPSOLUtD" 0HGLDQWHTXHSURFHVRVHSURGXFLUiQORVJUXSRVDFHWLORV" (QXQDH[SHULHQFLDVHPLGLyODWDVDUHVSLUDWRULDHQVHPLOODVGHFHEDGDVHFDVR JHUPLQDGDV D & \ & UHVSHFWLYDPHQWH /RV UHVXOWDGRV VH GHWDOODQ HQ OD VLJXLHQWHWDEOD 7LHPSRPLQXWRV 6HFDV *HUPLQDGDVD& 6HFDV *HUPLQDGDVD& ,QWHUSUHWHORVUHVXOWDGRVREWHQLGRV4XpUHODFLyQFRQVLGHUD8GTXHH[LVWHHQWUHOD UHVSLUDFLyQ\ODJHUPLQDFLyQGHODVVHPLOODV" (O WUHPDWRO HV XQ FRPSXHVWR Wy[LFR SUHVHQWH HQ ODV KRMDV GH XQD HVSHFLH YHJHWDO (O JDQDGR TXH VH DOLPHQWD GH HVWDV SODQWDV FRQFHQWUD HO YHQHQR HQ OD OHFKHeVWHYHQHQRLQKLEHHQHOKtJDGRDODVHQ]LPDVTXHFRQYLHUWHQHOiFLGROiFWLFR HQ RWURV FRPSRQHQWHV GHO PHWDEROLVPR /RV VtQWRPDV GH OD LQWR[LFDFLyQ VH LQFUHPHQWDQFRQHODXPHQWRGHODDFWLYLGDGItVLFDDTXpDWULEX\HpVWHHIHFWR"3RU RWUD SDUWH VH KD GHPRVWUDGR TXH OD LQWR[LFDFLyQ HV DFRPSDxDGD SRU XQD GLVPLQXFLyQHQHOS+GHODVDQJUHSRUTXp" (Q XQ SUiFWLFR GH ODERUDWRULR ORV HVWXGLDQWHV REWLHQHQ PHGLDQWH IUDFFLRQDPLHQWR VXEFHOXODU XQD VXVSHQVLyQ GH PLWRFRQGULDV GH SOiQWXODV GH FHEDGD&XDQGRDMXVWDQ HOS+GHO PHGLR HQ HO RUGHQ GH XQLGDGHV GHWHFWDQ XQD LPSRUWDQWHSURGXFFLyQGH$73-XVWLILTXHHVWHUHVXOWDGR (OELRTXtPLFRIUDQFpV/XLV3DVWHXUGHVFULELyXQIHQyPHQRPX\SDUWLFXODUHQHO SURFHVR GH HODERUDFLyQ GHO YLQR DFWXDOPHQWH FRQRFLGR FRPR ¦HIHFWR 3DVWHXU§ 2EVHUYyTXHHQORVWRQHOHVVHOODGRVTXHFRQWHQtDQHOMXJRGHXYDV\ODVOHYDGXUDV ORV D]~FDUHV VH FRQVXPtDQ PX\ OHQWDPHQWH PLHQWUDV HO R[tJHQR HVWDED SUHVHQWH GH &iWHGUDGH%LRORJtD)DFXOWDGGH$JURQRPtD\$JURLQGXVWULDV816( &XDQGRHOR[tJHQRVHDJRWDEDODVOHYDGXUDVFRQVXPtDQUiSLGDPHQWHORVD]~FDUHV \ODFRQFHQWUDFLyQGHHWDQROVHLQFUHPHQWDED'LVFXWDHVWDREVHUYDFLyQ %LEOLRJUDItDUHFRPHQGDGD &DPSEHOO1%LRORJ\ WD(GLFLyQ/RQJPDQ,QF &XUWLV+%LRORJtDWD(GLFLyQ(GLWRULDO0pGLFD3DQDPHULFDQD 7DL]/\=HLJHU(3ODQW3K\VLRORJ\7KH%HQMDPLQ&XPPLQJV3XEOLVKLQJ &RPSDQ\,QF 5HFXUVRVGH,QWHUQHW (Q OD VLJXLHQWH SiJLQD HQFRQWUDUi XQD VtQWHVLV GHO WHPD HQ FDVWHOODQR \ DQLPDFLRQHVLQWHUHVDQWHV KWWSZZZDUUDNLVHVaOOXHQJRELRORJLDKWPO GH