,;&21&8562,17(51$&,21$/'(&20326,&,Ð1 ´)5$1&,6&2(6&8'(52µ 25*$1,=$ +$8632= ZZZKDXVSR]RUJ HPDLOLQIR#KDXVSR]RUJ 7HO +DXVSR] (XVNDO+HUULNR $NRUGHRL (ONDUWHD FRQYRFD OD QRYHQD HGLFLyQ GHO &RQFXUVR ,QWHUQDFLRQDO GH &RPSRVLFLyQ SDUD DFRUGHyQ ´)UDQFLVFR (VFXGHURµ FX\D HQWUHJD GHSUHPLRVWHQGUiOXJDUHOGHVHSWLHPEUHGH (OREMHWLYRGHOFRQFXUVRHVIRPHQWDUODFUHDFLyQGHREUDVSDUDDFRUGHyQVyOR\HQP~VLFD GHFiPDUD 3RGUiQ SUHVHQWDUVH REUDV FRPSXHVWDV SDUD DFRUGHyQ VyOR R P~VLFD GH FiPDUD FRQ DFRUGHyQ FX\D GXUDFLyQ QR H[FHGD ORV PLQXWRV /DV REUDV GH P~VLFD GH FiPDUD HVWDUiQ FRPSXHVWDV SDUD IRUPDFLRQHV GH XQ Pi[LPR GH FXDWUR LQWpUSUHWHV HQ ODV TXH KD\DDOPHQRVXQDFRUGHyQ (OFRQFXUVRHVWiDELHUWRDSDUWLFLSDQWHVGHWRGDVODVHGDGHV\QDFLRQDOLGDGHV /DVREUDVHVFULWDVFRQDQWHULRULGDGDHQHURGHQRVHUiQDGPLWLGDV /DVREUDVSUHVHQWDGDVSXHGHQKDEHUVLGRHQFDUJRVSHURHQQLQJ~QFDVRSXHGHQKDEHU VLGRHVWUHQDGDVHQFRPXQLFDFLyQS~EOLFDRSRUPHGLRVPHFiQLFRVRGLJLWDOHV7DPSRFR VHUiQDGPLWLGDVODVREUDVHGLWDGDVRSUHPLDGDVFRQDQWHULRULGDG 6HDGPLWHQH[FOXVLYDPHQWHSDUWHVHOHFWURDF~VWLFDVJUDEDGDVHQXQRGHORVGRVVLJXLHQWHV IRUPDWRV&'GHDXGLRQR:DYD.+]\ELWV\0S/DVREUDVHQVRSRUWH&'VH UHPLWLUiQ SRU FRUUHR FHUWLILFDGR MXQWR FRQ OD SDUWLWXUD /DV REUDV HQ 0S VH HQYLDUiQ D LQIR#KDXVSR]RUJ /DVREUDVSUHPLDGDVVHUiQHGLWDGDVSRUODRUJDQL]DFLyQSXGLpQGRVHHGLWDUVLHOMXUDGROR HVWLPDRSRUWXQRREUDVTXHQRKD\DQVLGRSUHPLDGDV /RV WUDEDMRV SRGUiQ SUHVHQWDUVH PDQXVFULWRV FRQ JUDItD FODUD VLQ HQPLHQGDV QL WDFKDGXUDV R FRQ WUDWDPLHQWR LQIRUPiWLFR /D REUD TXH UHVXOWH SUHPLDGD GHEHUi QHFHVDULDPHQWH VHU WUDQVFULWD LQIRUPiWLFDPHQWH GH PDQHUD TXH VHUi REOLJDFLyQ GHO FRPSRVLWRUJDQDGRUFXPSOLUHVWHUHTXLVLWRSURFXUDQGRODFRSLDLQIRUPDWL]DGDLPSUHVDHQ HOSOD]RPi[LPRGHGtDVGHVGHODSXEOLFDFLyQGHOIDOORGHOMXUDGR /D RUJDQL]DFLyQ VH UHVHUYD HO GHUHFKR GH GDU FDELGD D ODV REUDV SUHPLDGDV HQ ODV SUy[LPDV HGLFLRQHV GH ORV &HUWiPHQHV GH $UUDVDWH DVt PLVPR SRGUi JUDEDU SURGXFLU \ GLVWULEXLUODVUHDOL]DFLRQHVGHODVREUDVSUHPLDGDVVLQEHQHILFLRHFRQyPLFRDOJXQRSDUD ORVFRPSRVLWRUHVSUHPLDGRVH[FHSWRORVGHULYDGRVGHORVGHUHFKRVTXHOHVRWRUJDODOH\ (OFRPSRVLWRUUHPLWLUiWUHVFRSLDVQRLGHQWLILFDEOHV\VLQVHxDOSHUVRQDOQL ILUPDDOJXQD HQ XQ VREUH TXH LGHQWLILFDUi FRQ XQ OHPD R FyGLJR /DV REUDV VH DFRPSDxDUiQ GH XQ VREUH FHUUDGR HQ HO TXH ~QLFDPHQWH FRQVWDUi HQ HO H[WHULRU HO OHPD R WtWXOR GH OD FRPSRVLFLyQ\HQHOLQWHULRUQRPEUH\DSHOOLGRGHOFRPSRVLWRUWHOpIRQRGLUHFFLyQPDLO SHUVRQDO\GHFODUDFLyQIRUPDOILUPDGDTXH DFUHGLWHTXHOD REUDSUHVHQWDGDHVLQpGLWD\ TXHQRKDVLGRHGLWDGDQLHVWUHQDGD 7DVDGHLQVFULSFLyQHXURV3DUDVRFLRVGH+DXVSR]HXURV /DIHFKDOtPLWHGHUHFHSFLyQGHODVREUDVVHUiHOGHVHSWLHPEUHGH /DRUJDQL]DFLyQGHDFXHUGRFRQHOMXUDGRSRGUiGHFODUDUORVSUHPLRVGHVLHUWRVHQFX\R FDVR VL HO MXUDGR OR HVWLPDVH RSRUWXQR VH SRGUi SUHPLDU D XQD SHUVRQDOLGDG X RUJDQL]DFLyQHQUHFRQRFLPLHQWRGHVXREUDRGHVXWUD\HFWRULD 6HUiREOLJDWRULRPHQFLRQDUHQORVSURJUDPDVGHORVFRQFLHUWRVHQTXHODREUDSUHPLDGD ILJXUHDVtFRPRHQODVHGLFLRQHVLPSUHVDV\HQODVGHPHGLRVVRQRURVODOH\HQGD3ULPHU SUHPLR,;&RQFXUVR,QWHUQDFLRQDOGH&RPSRVLFLyQ)UDQFLVFR(VFXGHUR /DSUHVHQWDFLyQDOFRQFXUVRLPSOLFDODtQWHJUDDFHSWDFLyQGHODVEDVHV (OMXUDGRHVWDUiFRPSXHVWRSRUFRPSRVLWRUHVGHUHFRQRFLGRSUHVWLJLR /DVGHFLVLRQHVGHOMXUDGRVRQLQDSHODEOHV -XQWR FRQ HO MXUDGR FRPR YRFDO \ VLQ GHUHFKR D YRWR FRODERUDUi 0LUHQ ,xDUJD FRPR HVSHFLDOLVWDGHOiPELWRSHGDJyJLFRGHODFRUGHyQ 6H HVWDEOHFH XQ SULPHU SUHPLR GRWDGR FRQ HXURV \ OD HGLFLyQ GH OD REUD \ XQ VHJXQGR SUHPLR GRWDGR FRQ HXURV /RV SUHPLRV HVWDUiQ VXMHWRV D ODV UHWHQFLRQHV WULEXWDULDVHVWDEOHFLGDVSRUODOH\ 3$752&,1$'25(6 Ƈ .8/785$6$,/$