0Ï'8/2 '(63(5',&,26 'LUHFWULFHVGHO,3&&SDUDORVLQYHQWDULRVGHJDVHVGHHIHFWRLQYHUQDGHURYHUVLyQUHYLVDGDHQ /LEURGH7UDEDMR '(63(5',&,26 ' ( 6 3 ( 5 ' , & , 2 6 ,QWURGXFFLyQ (QHVWHPyGXORVHSUHVHQWDQPHWRGRORJtDVSDUDUHDOL]DUHVWLPDFLRQHVGHODV HPLVLRQHV GH PHWDQR &+ SURFHGHQWHV GH ORV YHUWHGHURV GH UHVLGXRV VyOLGRVGHODVGH&+ SURFHGHQWHVGHOWUDWDPLHQWRGHODVDJXDVUHVLGXDOHV\ GHODVGH1 2SURFHGHQWHVGHORVH[FUHPHQWRVKXPDQRV 'LVSRVLFLyQGHGHVSHUGLFLRVVyOLGRV HQWLHUUD (Q HVWD VHFFLyQ VH DERUGD OD HVWLPDFLyQ GH ODV HPLVLRQHV GH PHWDQR SURFHGHQWHVGHORVYHUWHGHURVGHUHVLGXRVVyOLGRV ,QWURGXFFLyQ /D GHVFRPSRVLFLyQ DQDHUyELFD GH OD PDWHULD RUJiQLFD HQ YHUWHGHURV GH UHVLGXRV VyOLGRV SRU SDUWH GH ODV EDFWHULDV PHWDQRJpQLFDV HV IXHQWH GH HPLVLRQHV GH &+ TXH HVFDSDQ D OD DWPyVIHUD 6H HVWLPD TXH HVWD IXHQWH UHSUHVHQWDHQWUHHO\HOGHODVHPLVLRQHVDQWURSRJpQLFDVGH&+ HQ WRGRHOPXQGR86(3$,3&& (Q OD PHWRGRORJtD ORV YHUWHGHURV GH UHVLGXRV VyOLGRV 956 VH GLYLGHQ HQ ³FRQWURODGRV´ \ ³QR FRQWURODGRV´ GHSHQGLHQGR GHO JUDGR \ GHO WLSR GH FRQWURO DFWLYR HQ HO YHUWHGHUR /D FODVLILFDFLyQ VH XWLOL]D SDUD DSOLFDU XQ )DFWRU GH &RUUHFFLyQ SDUD HO 0HWDQR )&0 TXH SHUPLWH GDU FXHQWD GHO SRWHQFLDOGHJHQHUDFLyQGHPHWDQRGHOYHUWHGHUR )XHQWHVGHORVGDWRV 6LHPSUH TXH VHD SRVLEOH GHEHUiQ HPSOHDUVH ORV GDWRV GLVSRQLEOHV D QLYHO ORFDO /RV YDORUHV SRU GHIHFWR SUHVHQWDGRV HQ ODV WDEODV GHEHUiQ XWLOL]DUVH FXDQGRQRVHFXHQWHFRQGDWRVSDUDORVSDtVHV (VWDGtVWLFDVGHPRJUiILFDV/RVSDtVHVTXHLQFOX\DQ]RQDVHQTXHQRHVWi RUJDQL]DGDODUHFROHFFLyQRGLVSRVLFLyQGHGHVSHUGLFLRVSRUORJHQHUDOHQODV ]RQDV UXUDOHV GHEHUiQ UHIOHMDU HQ ODV KRMDV VRODPHQWH ODV FLIUDV GH OD SREODFLyQXUEDQDDODKRUDGHLQGLFDUODSREODFLyQ(QODV]RQDVUXUDOHVORV GHVSHUGLFLRV JHQHUDOPHQWH VH HVSDUFHQ HQ OD WLHUUD HQ OXJDU GH OOHYDUVH D YHUWHGHURV GH UHVLGXRV VyOLGRV VXIULHQGR JHQHUDOPHQWH GHVFRPSRVLFLyQ DHUyELFDJHQHUDQGRQLYHOHVPX\EDMRVRQXORVGHHPLVLRQHVGH&+ (VWDGtVWLFDV VREUH GHVSHUGLFLRV (Q PXFKRV SDtVHV VH FXHQWD FRQ LQIRUPDFLyQ VREUH ODV WDVDV GH JHQHUDFLyQ GH 5HVLGXRV 6yOLGRV 8UEDQRV 568\VREUHHOSRUFHQWDMHGHHVRVUHVLGXRVHOLPLQDGRVHQORVYHUWHGHURV GH UHVLGXRV VyOLGRV GHELHQGR HPSOHDUVH HVDV FLIUDV FXDQGR HVWXYLHUHQ GLVSRQLEOHV(QOD7DEODVHLQGLFDQORVYDORUHVSRUGHIHFWR (QODFDWHJRUtDGHUHVLGXRVVyOLGRVXUEDQRVVHLQFOX\HQORVVLJXLHQWHVWLSRVGH GHVHFKRV 'LUHFWULFHVGHO,3&&SDUDORVLQYHQWDULRVGHJDVHVGHHIHFWRLQYHUQDGHURYHUVLyQUHYLVDGDHQ /LEURGH7UDEDMR '(63(5',&,26 5HVLGXRVGRPpVWLFRV 'HVHFKRVGHMDUGtQ\ 'HVHFKRVFRPHUFLDOHVGHORVPHUFDGRV (QDOJXQRVSDtVHVVHJHQHUDQFDQWLGDGHVFRQVLGHUDEOHVGHUHVLGXRVRUJiQLFRV VyOLGRVLQGXVWULDOHV/RVYDORUHVSRUGHIHFWRSUHVHQWDGRVHQOD7DEODQR GHEHUiQLQFOXLUORVGHVHFKRVVyOLGRVLQGXVWULDOHV'HJHQHUDUVHXQDFDQWLGDG FRQVLGHUDEOH GH UHVLGXRV RUJiQLFRV VyOLGRV LQGXVWULDOHV TXH HV HOLPLQDGD HQ YHUWHGHURV GH UHVLGXRV VyOLGRV GHEHUi SUHVWDUVH PXFKD DWHQFLyQ D OD GHWHUPLQDFLyQ GH OD WDVD DSURSLDGD SHU FDSLWD GH JHQHUDFLyQ GH GHVHFKRV VyOLGRV\DOYDORUGHOFDUERQRRUJiQLFRGHJUDGDEOH (Q HVWD SXEOLFDFLyQ HO FRQWHQLGR GH FDUERQR RUJiQLFR GHJUDGDEOH &2' GH ORV GHVHFKRV LQFOX\H HO FRQWHQLGR GH FDUERQR GHO SDSHO \ ORV WH[WLOHV ORV GHVHFKRV GH MDUGLQHV \ SDUTXHV \ RWURV GHVHFKRV SXWUHVFLEOHV H[FOXLGRV ORV DOLPHQWRV UHVWRV GH DOLPHQWRV \ RWURV GHVHFKRV RUJiQLFRV ELRGHJUDGDEOHV (O FRQWHQLGR GH FDUERQR RUJiQLFR GHJUDGDEOH SXHGH GHWHUPLQDUVHFRQXQRGHWUHVPpWRGRV • 8WLOL]DQGRORVGDWRVQDFLRQDOHVGLVSRQLEOHV • &iOFXORV EDVDGRV HQ OD FRPSRVLFLyQ GH ORV GHVHFKRV GHO SDtV REMHWR GH HVWXGLR XWLOL]DQGR ORV YDORUHV SRU GHIHFWR SDUD HO FDUERQR RUJiQLFR GHJUDGDEOHLQGLFDGRVHQOD7DEODSDUDFDGDWLSRGHGHVHFKRR • 8WLOL]DQGRORVYDORUHVSRUGHIHFWRSUHVHQWDGRVHQOD7DEOD 6H GHEH VHxDODU TXH ORV YDORUHV LQGLFDGRV HQ ODV 7DEODV \ FRUUHVSRQGHQHQWpUPLQRVJHQHUDOHVDORVGHVHFKRVK~PHGRVRIUHVFRV (VFUXFLDOTXHHOYDORUGHOFDUERQRRUJiQLFRGHJUDGDEOHVHFRUUHVSRQGDFRQ OD WDVD GH JHQHUDFLyQGLVSRVLFLyQ GH GHVSHUGLFLRV HQ TXH HVWi EDVDGD OD HVWLPDFLyQ GHO PHWDQR 3RU HMHPSOR HQ XQ SDtV HQ TXH ORV UHVLGXRV LQGXVWULDOHV VH LQFOX\HQ HQ HO FiOFXOR GH ORV 568 GHEHUi YHODUVH SRU TXH HO YDORUXWLOL]DGRSDUDHOFDUERQRRUJiQLFRGHJUDGDEOHUHIOHMHHVHFRPSRQHQWH GHORVGHVHFKRV &DWHJRUtDV GH YHUWHGHURV /RV YHUWHGHURV GH UHVLGXRV VyOLGRV VH FODVLILFDQHQGRVFDWHJRUtDVFRQWURODGRVRQRFRQWURODGRV(QORVYHUWHGHURV FRQWURODGRVGHEHUiH[LVWLUGLVSRVLFLyQFRQWURODGDGHORVGHVHFKRVHVGHFLU iUHDVHVSHFtILFDVSDUDGHSRVLWDUORVGHVHFKRVFLHUWRJUDGRGHFRQWUROGHOD UHFROHFFLyQ GH EDVXUDV \ FLHUWDV PHGLGDV GH FRQWURO GH ORV LQFHQGLRV DVLPLVPRGHEHUiXWLOL]DUVHSRUORPHQRVXQRGHORVVLJXLHQWHVPDWHULDOGH FREHUWXUD FRPSDFWDGR PHFiQLFR R QLYHODFLyQ GH ORV GHVSHUGLFLRV 7RGRV ORVGHPiVYHUWHGHURVGHUHVLGXRV VyOLGRV QR FRPSUHQGLGRV HQ OD FDWHJRUtD DQWHULRU VH FRQVLGHUDQ YHUWHGHURV QR FRQWURODGRV eVWRV VH VXEGLYLGHQ HQ SURIXQGRV ≥P GH SURIXQGLGDG R SRFR SURIXQGRV P GH SURIXQGLGDG SDUDGDUFXHQWDGHVXSRWHQFLDOGHJHQHUDFLyQGH&+ /DPHWRGRORJtDH[LJHTXHORVSDtVHVSURSRUFLRQHQGDWRVRHVWLPDFLRQHVGHOD FDQWLGDG GH GHVHFKRV HOLPLQDGRV HQ FDGD XQD GH ODV WUHV FDWHJRUtDV GH YHUWHGHURV6HUHFRQRFHTXHHQDOJXQRVSDtVHVSRGUtDUHVXOWDUGLItFLOREWHQHU HVD LQIRUPDFLyQ (Q HVRV FDVRV VH UHFRPLHQGD TXH ORV XVXDULRV GH ODV 'LUHFWULFHVFRQVXOWHQDH[SHUWRVQDFLRQDOHVHQHVWHFDPSRSDUDOOHJDU D XQ FRQVHQVRUD]RQDGRVREUHODVLWXDFLyQGHOPDQHMRGHORVGHVHFKRVHQHOSDtV 6HGHEHVHxDODUTXHODLQIRUPDFLyQUHTXLHUHGDWRVVREUHOD FDQWLGDG PDVD GH GHVHFKRV GHSRVLWDGD HQ FDGD XQD GH ODV FDWHJRUtDV \ QR HO Q~PHUR GH YHUWHGHURVHQFDGDFDWHJRUtD6LVHGHVFRQRFHODSURSRUFLyQGHGHVHFKRVHQ 'LUHFWULFHVGHO,3&&SDUDORVLQYHQWDULRVGHJDVHVGHHIHFWRLQYHUQDGHURYHUVLyQUHYLVDGDVHQ /LEURGH7UDEDMR '(63(5',&,26 FDGD FDWHJRUtD GHEHUiQ HPSOHDUVH ORV YDORUHV SRU GHIHFWR LQGLFDGRV HQ OD 7DEOD 0HWRGRORJtD /DPHWRGRORJtDVHQFLOODSRUGHIHFWRSHUPLWHFDOFXODUODVHPLVLRQHVGH&+ D SDUWLUGH $ ODFDQWLGDGGHGHVSHUGLFLRVGHSRVLWDGRVHQODVGLIHUHQWHVFDWHJRUtDV GHYHUWHGHURVGHUHVLGXRVVyOLGRV % OD IUDFFLyQ GH FDUERQR RUJiQLFR GHJUDGDEOH \ OD FDQWLGDG TXH VH GHJUDGDUHDOPHQWH\ & ODIUDFFLyQGH&+ HQHOJDVGHORVYHUWHGHURV (&8$&,Ï1 (PLVLRQHVGHPHWDQR*JDxR 9(57('(526$%,(5726 (QSDtVHVTXHHQHOSDVDGRQRKDEtDQ FDOFXODGR ODV HPLVLRQHV SURFHGHQWHV GH ORV ³YHUWHGHURV DELHUWRV´ HVWD PHWRGRORJtD SRU GHIHFWR SRGUtD WUDGXFLUVH HQ XQ DXPHQWR GH ODV HPLVLRQHV HVWLPDGDV GH PHWDQR /D PHWRGRORJtD VH GHVFULEH SRU OD (FXDFLyQ 568 [568 [)&0[&2'[&2' [)[5[2; 7 ) ) HQODFXDO 568 568 0(72'2/2*Ë$'(35,0(525'(1 WRWDOGH568JHQHUDGRV*DxR 7 IUDFFLyQ GH ORV 568 HOLPLQDGRV HQ ORV YHUWHGHURV GH UHVLGXRVVyOLGRV ) )&0 IDFWRUGHFRUUHFFLyQSDUDHOPHWDQRIUDFFLyQ &2' FDUERQRRUJiQLFRGHJUDGDEOHIUDFFLyQ &2' ) 6HLQVWDDORVSDtVHVDTXHDSOLTXHQXQ PRGHOR PiV SHUIHFFLRQDGR FRPR SRUHMHOPRGHORGHGHVFRPSRVLFLyQ GH SULPHU RUGHQ VL FXHQWDQ FRQ VXILFLHQWHV GDWRV \ VL HO PpWRGR VH H[SRQH\MXVWLILFDFODUDPHQWH9pDVH HO0DQXDOGH5HIHUHQFLD IUDFFLyQGHFDUERQRRUJiQLFRGHJUDGDEOHDVLPLODGR ) IUDFFLyQ GH &+ HQ HO JDV GH YHUWHGHUR HO YDORU SRU GHIHFWRHVGH 5 &+ UHFXSHUDGR*JDxR 2; IDFWRUGHR[LGDFLyQHOYDORUSRUGHIHFWRHV &yPROOHQDUOD+RMDGHWUDEDMR 8WLOLFHOD+2-$ '( 75$%$-2 (0,6,21(6 '( 0(7$12 352&('(17(6 '( /26 9(57('(526 '( 5(6,'826 6Ï/,'26 SDUD DQRWDU ORV GDWRV FRUUHVSRQGLHQWHV D HVWHVXEPyGXOR 3$62 (67,0$&,Ï1'(/727$/'( 5(6,'8266Ï/,'2685%$126 *(1(5$'26<(/,0,1$'26(1 9(57('(526'(5(6,'8266Ï/,'26 862'(/$+2-$'(75$%$-2 • &RSLH OD +RMD GH WUDEDMR TXH DSDUHFH DO ILQDO GH HVWD VHFFLyQ SDUDFRPSOHWDUHOLQYHQWDULR • 1R HVFULED HQ HO RULJLQDO GH OD KRMD GH WUDEDMR SDUD SRGHU KDFHUFRSLDVDGLFLRQDOHVHQFDVR QHFHVDULR 'LUHFWULFHVGHO,3&&SDUDORVLQYHQWDULRVGHJDVHVGHHIHFWRLQYHUQDGHURYHUVLyQUHYLVDGDHQ /LEURGH7UDEDMR '(63(5',&,26 • 6LHQHOSDtVREMHWRGHHVWXGLRVHGLVSRQHGHHVWDGtVWLFDVGHWDOODGDVVREUH HO7RWDO$QXDOGH5HVLGXRV6yOLGRV8UEDQRVHOLPLQDGRVHQORVYHUWHGHURV GH UHVLGXRV VyOLGRV HQ JLJDJUDPRV GH 568 GHEHUi DQRWDUVH OD FLIUD FRUUHVSRQGLHQWHHQODFROXPQD$GHOD+RMDGHWUDEDMRSULQFLSDO+RMDGH WUDEDMR\VHJXLGDPHQWHLUGLUHFWDPHQWHDO3DVR 'H OR FRQWUDULR XWLOL]DU OD +RMD GH WUDEDMR $ R % SDUD HVWLPDU OD FDQWLGDG GH UHVLGXRV VyOLGRV XUEDQRV HOLPLQDGRV HQ ORV YHUWHGHURV GH UHVLGXRVVyOLGRVHQHOSDtVREMHWRGHHVWXGLRVLJXLHQGRORVSDVRVLQGLFDGRVD FRQWLQXDFLyQ +RMDGHWUDEDMR$$GLFLRQDO'$72662%5(/$*(1(5$&,Ï1',6326,&,Ï1 '('(63(5',&,26(1(/3$Ë6 3DUDHODxRGHOLQYHQWDULRGHWHUPLQDUOD3REODFLyQFX\RV'HVSHUGLFLRVVH OOHYDQDYHUWHGHURVGHUHVLGXRVVyOLGRV(QORVSDtVHVGHVDUUROODGRVHVD FLIUDSUREDEOHPHQWHFRLQFLGLUiFRQODGHODSREODFLyQWRWDOGHOSDtV(QORV SDtVHV HQ GHVDUUROOR \ DTXHOORV FRQ HFRQRPtDV HQ WUDQVLFLyQ SRGUtD VHU QHFHVDULRUHIOHMDUVRODPHQWHHOWRWDOGHODSREODFLyQXUEDQDSRUTXHVHGD SRUVHQWDGRTXHODPDQHUDHQTXHVHHOLPLQDQORVGHVHFKRVHQODV]RQDV UXUDOHVGDRULJHQDHPLVLRQHVGH&+ VXPDPHQWHEDMDV$QRWDUHVDFLIUD Q~PHURGHSHUVRQDVHQODFROXPQD$ ,QGLFDU HQ OD FROXPQD % OD 7DVD GH *HQHUDFLyQ GH 5HVLGXRV 6yOLGRV 8UEDQRV568HQNJSHUFDSLWDGtD (QHVWDSXEOLFDFLyQORV568LQFOX\HQ • UHVLGXRVGRPpVWLFRV • GHVHFKRVGHMDUGtQ\ • GHVHFKRVFRPHUFLDOHVGHORVPHUFDGRV 6LORV568GHOSDtVREMHWRGHHVWXGLRFRQWLHQHQFDQWLGDGHVDSUHFLDEOHVGH RWURV GHVSHUGLFLRV RUJiQLFRV FRPR SRU HM UHVLGXRV RUJiQLFRV VyOLGRV LQGXVWULDOHV GHEHUi SUHVWDUVH DWHQFLyQ D VHOHFFLRQDU XQD WDVD DSURSLDGD SHUFDSLWDGHJHQHUDFLyQGHGHVHFKRV 'HEHUiQ XWLOL]DUVH ORV GDWRV FRUUHVSRQGLHQWHV DO SDtV SDUD HO TXH VH SUHSDUDHOLQYHQWDULRVLHVWXYLHUHQGLVSRQLEOHV(QOD7DEODVHLQGLFDQ ORV YDORUHV SRU GHIHFWR SDUD ORV 568 DWHQGLHQGR D OD GHILQLFLyQ VXSUD SDUDDOJXQRVSDtVHVHVSHFtILFRV 0XOWLSOLFDUODFLIUDGHODFROXPQD$SRUODGHODFROXPQD%0XOWLSOLFDUHO UHVXOWDGRSRUSDUDUHDOL]DUODFRQYHUVLyQGHODWDVDGLDULD\REWHQHUOD &DQWLGDG$QXDOGH568*HQHUDGRV'LYLGLUHOWRWDOSRUSDUDUHDOL]DU ODFRQYHUVLyQGHNJD*JDQRWDUHOUHVXOWDGRHQODFROXPQD& ,QGLFDUHQODFROXPQD'OD)UDFFLyQGHORV568HOLPLQDGRVHQYHUWHGHURV GHUHVLGXRVVyOLGRV8WLOL]DUORVGDWRVSDUDHOSDtVREMHWRGHHVWXGLRVL HVWXYLHUDQ GLVSRQLEOHV GH OR FRQWUDULR XWLOL]DU ORV YDORUHV SRU GHIHFWR LQGLFDGRVHQOD7DEOD 0XOWLSOLFDU OD FLIUD GH OD FROXPQD & SRU OD GH OD FROXPQD ' D ILQ GH REWHQHU HO 7RWDO $QXDO GH 568 HOLPLQDGRV HQ YHUWHGHURV GH UHVLGXRV VyOLGRV$QRWDUHOUHVXOWDGRHQJLJDJUDPRVGH568HQODFROXPQD( $QRWDU OD FLIUD GH OD FROXPQD ( HQ OD FROXPQD $ GH OD +RMD GH WUDEDMR SULQFLSDO+RMDGHWUDEDMR 'LUHFWULFHVGHO,3&&SDUDORVLQYHQWDULRVGHJDVHVGHHIHFWRLQYHUQDGHURYHUVLyQUHYLVDGDVHQ /LEURGH7UDEDMR '(63(5',&,26 +RMD GH WUDEDMR % $GLFLRQDO '$726 62%5( ',6326,&,Ï1 '( '(63(5',&,26(1(/3$Ë6 8WLOLFHOD+RMDGHWUDEDMR%VLQRVHFXHQWDFRQLQIRUPDFLyQSDUDHOSDtVQL GDWRVSRUGHIHFWRVREUHOD7DVDGH*HQHUDFLyQGH5HVLGXRV6yOLGRV8UEDQRV QLOD)UDFFLyQGHORV568HOLPLQDGRVHQYHUWHGHURVGHUHVLGXRVVyOLGRV 'HWHUPLQDU OD 3REODFLyQ FX\RV 'HVSHUGLFLRV VH OOHYDQ D YHUWHGHURV GH UHVLGXRVVyOLGRVGXUDQWHHODxRGHOLQYHQWDULR$QRWDUHOUHVXOWDGRHQOD FROXPQD $ (Q HO FDVR GH ORV SDtVHV GHVDUUROODGRV HVD FLIUD SUREDEOHPHQWHFRLQFLGLUiFRQODGHODSREODFLyQWRWDOGHOSDtV(QHOGH ORVSDtVHVHQGHVDUUROOR\ORVSDtVHVFRQHFRQRPtDVHQWUDQVLFLyQSRGUtD LQFOXLU VRODPHQWH HO WRWDO GH OD SREODFLyQ XUEDQD \D TXH VH GD SRU VHQWDGRTXHODPDQHUDHQTXHORVGHVSHUGLFLRV VH HOLPLQDQ HQ ODV ]RQDV UXUDOHVGDQOXJDUDHPLVLRQHVGH&+ VXPDPHQWHEDMDV$QRWDUHVDFLIUD Q~PHURGHSHUVRQDVHQODFROXPQD$ ,QGLFDUHQODFROXPQD%OD7DVDDSURSLDGDGH GLVSRVLFLyQ GH 568 HQ ORV YHUWHGHURVGHUHVLGXRVVyOLGRVNJFDSLWDGtDLQGLFDGDHQOD7DEOD6L QR VH GLVSRQH GH XQ YDORU SRU GHIHFWR SDUD HO SDtV REMHWR GH HVWXGLR VHOHFFLRQDU HO YDORU SRU GHIHFWR PiV LQGLFDGR SUHVHQWDGR HQ OD 7DEOD 'HEHUiHPSOHDUVHHOYDORUSRUGHIHFWRGHXQSDtVHQTXHODVSUiFWLFDVGH GLVSRVLFLyQGHGHVHFKRV\ODVFRQGLFLRQHVDPELHQWDOHVLPSHUDQWHVVHDQOR PiVVLPLODUHVSRVLEOHVDODVGHOSDtVREMHWRGHHVWXGLReVWHSRGUtDVHUHO SDtVJHRJUiILFDPHQWHPiVFHUFDQRDOSDtVREMHWRGHHVWXGLR 0XOWLSOLFDUODFLIUDGHODFROXPQD$SRUODGHODFROXPQD%0XOWLSOLFDUHO UHVXOWDGR SRU SDUD UHDOL]DU OD FRQYHUVLyQ GH OD WDVD GLDULD D ILQ GH REWHQHU HO 7RWDO $QXDO GH 5HVLGXRV 6yOLGRV 8UEDQRV HOLPLQDGRV HQ ORV YHUWHGHURVGHUHVLGXRVVyOLGRV'LYLGLUHOWRWDO SRU SDUD UHDOL]DU OD FRQYHUVLyQGHNJD*J\DQRWDUHOUHVXOWDGRHQODFROXPQD& $QRWDU OD FLIUD GH OD FROXPQD & HQ OD FROXPQD $ GH OD +RMD GH WUDEDMR SULQFLSDO+RMDGHWUDEDMR 3$62 '(7(50,1$&,Ï1'(/)$&725'( &255(&&,Ï13$5$(/0(7$12 +RMDGHWUDEDMR&$GLFLRQDO)$&725'(&255(&&,Ï13$5$(/0(7$12 (VWLPDU OD 3URSRUFLyQ GH 'HVSHUGLFLRV SRU SHVR GH FDGD 7LSR GH 9HUWHGHURGH5HVLGXRV 6yOLGRV SDUD HO 7RWDO $QXDO GH 5HVLGXRV 6yOLGRV 8UEDQRV(OLPLQDGRVHQORV956HVGHFLUODFLIUD GH OD FROXPQD $ GH OD +RMDGHWUDEDMR(VRVWLSRVGHYHUWHGHURVVHGHILQHQHQOD7DEOD $QRWDUHVDVFLIUDVHQODFROXPQD:GHOD+RMDGHWUDEDMR&GHELHQGR FRUUHVSRQGHUVH FRQ ORV YDORUHV GH [ \ \ ] LQGLFDGRV HQ OD 7DEOD >9HULILFDUTXH[\] @6LVHGHVFRQRFHQORVYDORUHVGH[\\]VH GDUi SRU VXSXHVWR TXH OD WRWDOLGDG GH ORV GHVHFKRV VH HOLPLQDQ HQ YHUWHGHURVQRFRQWURODGRV\QRVHLQGLFDUiQYDORUHVSDUD[\R](QVX OXJDUDQRWDUHOYDORUSRUGHIHFWRGHHQODSDUWHLQIHULRUGHODFROXPQD :FRPRVHLQGLFDHQOD7DEOD ,QGLFDUHQODFROXPQD;ORV)DFWRUHVGH&RUUHFFLyQSDUDHO0HWDQRSDUD ORV YHUWHGHURV FRQWURODGRV \ QR FRQWURODGRV TXH GHEHUiQ FRUUHVSRQGHUVHFRQORVYDORUHVDE\FLQGLFDGRVHQOD7DEOD 'LUHFWULFHVGHO,3&&SDUDORVLQYHQWDULRVGHJDVHVGHHIHFWRLQYHUQDGHURYHUVLyQUHYLVDGDHQ /LEURGH7UDEDMR '(63(5',&,26 0XOWLSOLFDU OD FLIUD GH OD FROXPQD : SRU OD GH OD FROXPQD ; D ILQ GH REWHQHU HO )&0 0HGLR 3RQGHUDGR SDUD FDGD WLSR GH YHUWHGHUR GH UHVLGXRVVyOLGRV$QRWDUHOUHVXOWDGRHQODFROXPQD< 6LQRVHFXHQWDFRQYDORUHVHVSHFtILFRVSDUDHOSDtVHPSOHDUORV YDORUHV SRUGHIHFWRLQGLFDGRVHQOD7DEOD6LVHGHVFRQRFHQORVYDORUHVGHDE \FLQGLFDUHOYDORUSRUGHIHFWRGH7DEODHQODSDUWHLQIHULRUGH ODFROXPQD; 6XPDU ODV WUHV FLIUDV GH OD FROXPQD < SDUD REWHQHU HO 7RWDO GHO )&0 0HGLR 3RQGHUDGR SDUD FDGD WLSR GH YHUWHGHUR GH UHVLGXRV VyOLGRV $QRWDUHOUHVXOWDGRHQODFDVLOODLQIHULRUGHODFROXPQD< 6LVHKDXWLOL]DGRHOYDORUSRUGHIHFWRGHHQODFROXPQD:\HO YDORU SRUGHIHFWRGH)&0GHHO)&00HGLR3RQGHUDGRSDUDFDGDWLSRGH YHUWHGHURGHUHVLGXRVVyOLGRVVHUi[ ,QGLFDUHQODSDUWH LQIHULRUGHODFROXPQD< /OHYDUHOWRWDOTXHDSDUHFHHQODSDUWHLQIHULRUGHODFROXPQD<DODFROXPQD %GHOD+RMDGHWUDEDMRSULQFLSDO+RMDGHWUDEDMR 'LUHFWULFHVGHO,3&&SDUDORVLQYHQWDULRVGHJDVHVGHHIHFWRLQYHUQDGHURYHUVLyQUHYLVDGDVHQ /LEURGH7UDEDMR '(63(5',&,26 7$%/$ '$726'(*(1(5$&,Ï1&20326,&,Ï1<',6326,&,Ï1'('(63(5',&,263253$Ë6 5HJLyQ 3DtV 7DVDGH JHQHUDFLyQ GH568 NJFDSGtD )UDFFLyQGH ORV568 HOLPLQDGRV HQORV956 )UDFFLyQGH &2'GHORV 568 7DVDGH GLVSRVLFLyQGH ORV568 NJFDSGtD $PpULFDGHO1RUWH ((88 &DQDGi $XVWUDOLD 1XHYD=HODQGLD 2FHDQtD 58(XURSD 2FFLGHQWDOSDtVHV HVFDQGLQDYRV 58 ,UODQGD $XVWULD %pOJLFD 'LQDPDUFD )LQODQGLD )UDQFLD $OHPDQLD *UHFLD ,WDOLD /X[HPEXUJR 3DtVHV%DMRV 1RUXHJD 1RWD /RV YDORUHV HQ OD 7DEOD UHSUHVHQWDQ OD PHMRU LQIRUPDFLyQ GH TXH GLVSRQH HO *UXSR GH ([SHUWRV6HGHEHVHxDODUTXHWRGRVORVYDORUHVSRGUtDQQRUHIOHMDUVXSXHVWRVLGpQWLFRVUHVSHFWRGH ODFRPSRVLFLyQGHORV568\SRUHQGHORVYDORUHVFRUUHVSRQGLHQWHVGHO&2'&XDQGRVHFXHQWH FRQ GDWRV QDFLRQDOHV TXH FRUUHVSRQGDQ D ODV GHILQLFLRQHV HPSOHDGDV HQ HVWD SXEOLFDFLyQ GHEHUiQ HPSOHDUVHHQODVFRPSDUDFLRQHVHQOXJDUGHORVLQGLFDGRVHQOD7DEOD 3DUDPiVLQIRUPDFLyQVREUHODVIXHQWHVFRQVXOWDUHO9ROXPHQ0DQXDOGH5HIHUHQFLD 'LUHFWULFHVGHO,3&&SDUDORVLQYHQWDULRVGHJDVHVGHHIHFWRLQYHUQDGHURYHUVLyQUHYLVDGDHQ /LEURGH7UDEDMR '(63(5',&,26 7$%/$&217,18$&,Ï1 '$726'(*(1(5$&,Ï1&20326,&,Ï1<',6326,&,Ï1'('(63(5',&,263253$Ë6(6 5HJLyQ 3DtV 7DVDGHJHQHUDFLyQ GH568 NJFDSGtD )UDFFLyQGHORV 568HOLPLQDGRV HQORV956 3RUWXJDO (VSDxD 6XHFLD 6XL]D )UDFFLyQGH &2'GHORV 568 7DVDGHGLVSRVLFLyQ GHORV568 NJFDSGtD (XURSD2ULHQWDO 3RORQLD 5XVLD -DSyQ ,QGLD $VLD &KLQD ,QGRQHVLD %UDVLO 3HU~ &KLOH (JLSWR 1LJHULD &HQWURDPpULFD *XDWHPDOD $PpULFDGHO6XU ÈIULFD 6XGiIULFD 1RWD /RV YDORUHV HQ OD 7DEOD UHSUHVHQWDQ OD PHMRU LQIRUPDFLyQ GLVSRQLEOH SDUD HO *UXSR GH ([SHUWRV 6H GHEHVHxDODUTXHWRGRVORVYDORUHVSRGUtDQQRUHIOHMDUVXSXHVWRVLGpQWLFRVUHVSHFWRGHODFRPSRVLFLyQGHORV568 \SRUORWDQWRORVYDORUHVFRUUHVSRQGLHQWHVGH&2'&XDQGRVHFXHQWHFRQGDWRVQDFLRQDOHVDFWXDOL]DGRVTXH FRUUHVSRQGDQDODVGHILQLFLRQHVHPSOHDGDVHQHVWDSXEOLFDFLyQGHEHUiQHPSOHDUVHSDUDODVFRPSDUDFLRQHVHQOXJDU GHORVYDORUHVLQGLFDGRVHQOD7DEOD 3DUDPiVLQIRUPDFLyQVREUHODVIXHQWHVFRQVXOWDUHO9ROXPHQ0DQXDOGH5HIHUHQFLD 'LUHFWULFHVGHO,3&&SDUDORVLQYHQWDULRVGHJDVHVGHHIHFWRLQYHUQDGHURYHUVLyQUHYLVDGDVHQ /LEURGH7UDEDMR '(63(5',&,26 7$%/$ &È/&8/2'(/)$&725'(&255(&&,Ï13$5$(/0(7$12 7LSR GH YHUWHGHUR : ; < = 3URSRUFLyQGH GHVSHUGLFLRV SRUSHVRHQ FDGDWLSRGH YHUWHGHUR )DFWRUGH FRUUHFFLyQSDUD HOPHWDQR)&0 9DORUHVSRU GHIHFWR )DFWRUGHFRUUHFFLyQ SDUDHOPHWDQR )&09DORUHV HVSHFtILFRVSDUDHO SDtV )&0PHGLR SRQGHUDGR SDUDFDGD WLSRGH 956 = :[; R:[< &RQWURODGRV [ D [ RD[[ 1RFRQWURODGRV SURIXQGRV!R PGH GHVSHUGLFLRV \ E \ RE[\ 1RFRQWURODGRVSRFR SURIXQGRVPGH GHVSHUGLFLRV ] F ] RF[] 7RWDO 9DORUHVSRUGHIHFWR 9HULILFDUTXH [\] =WRWDO VXPDGHODV FLIUDVHQODV FDVLOODV VRPEUHDGDV VXSUD 'HILQLFLRQHV (Q ORV YHUWHGHURV GH UHVLGXRV VyOLGRV FRQWURODGRV GHEHUi H[LVWLU GLVSRVLFLyQ FRQWURODGD GH ORV GHVHFKRV HV GHFLU GHSyVLWRGHORVGHVHFKRVHQiUHDVHVSHFtILFDVDOJXQDVPHGLGDVGHFRQWUROGHODUHFROHFFLyQGHEDVXUDV\FLHUWRJUDGRGH FRQWURO GH ORV LQFHQGLRV DVLPLVPR GHEHUi XWLOL]DUVH SRU OR PHQRV XQR GH ORV VLJXLHQWHV HOHPHQWRV PDWHULDO GH FREHUWXUDFRPSDFWDGRPHFiQLFRRQLYHODGRGHORVGHVSHUGLFLRV 7RGRVORVGHPiVYHUWHGHURVGHUHVLGXRVVyOLGRVQRFRPSUHQGLGRVHQODFDWHJRUtDDQWHULRUVHGHILQHQFRPRYHUWHGHURV QRFRQWURODGRV 'LUHFWULFHVGHO,3&&SDUDORVLQYHQWDULRVGHJDVHVGHHIHFWRLQYHUQDGHURYHUVLyQUHYLVDGDHQ /LEURGH7UDEDMR '(63(5',&,26 3$62 (67,0$&,Ï1'(/$7$6$'( 352'8&&,Ï1'(0(7$12325 81,'$''('(63(5',&,26 (VWLPDU OD )UDFFLyQ GH &DUERQR 2UJiQLFR 'HJUDGDEOH &2' HQ ORV 5HVLGXRV 6yOLGRV 8UEDQRV 568 TXH VH HOLPLQD HQ HO YHUWHGHUR GH UHVLGXRVVyOLGRV3DUDHOORVHSXHGH • XWLOL]DUORVGDWRVGLVSRQLEOHVSDUDHOSDtVREMHWRGHHVWXGLR • UHDOL]DUXQFiOFXORVREUHODEDVHGHODFRPSRVLFLyQGHORVGHVHFKRVHQ HO SDtV \ GH ORV YDORUHV SRU GHIHFWR SDUD HO FDUERQR RUJiQLFR GHJUDGDEOHGHFDGDIUDFFLyQGHGHVHFKRVLQGLFDGRVHQOD7DEODR • XWLOL]DQGRORVYDORUHVSRUGHIHFWRLQGLFDGRVHQOD7DEOD &XDQGR VH FXHQWH FRQ GDWRV ORFDOHV GHEHUiQ XWLOL]DUVH HVDV FLIUDV HQ FX\R FDVRGHEHUiQGRFXPHQWDUVHODVIXHQWHV 7$%/$ 9$/25(6325'()(&72'(/&$5%21225*È1,&2'(*5$'$%/((1/$6 35,1&,3$/(67,326'('(6(&+26 7LSRGHGHVHFKRV 3RUFHQWDMHGH&2'SRUSHVR $ 3DSHO\WH[WLOHV % 'HVHFKRVGHMDUGLQHV\SDUTXHV\ RWURVGHVHFKRVRUJiQLFRVSXWUHVFLEOHV H[FOXLGRVORVDOLPHQWRV & 5HVWRVGHDOLPHQWRV ' 'HVHFKRVGHPDGHUD\SDMD H[FOXLGRHO&GHODOLJQLQD )XHQWH%LQJHPHU\&UXW]HQ (PSOHDQGRORVYDORUHVGHOD7DEODHOFDUERQRRUJiQLFRGHJUDGDEOHGHORV GHVHFKRVGHOSDtVREMHWRGHHVWXGLRSXHGHFDOFXODUVHXWLOL]DQGROD(FXDFLyQ (&8$&,Ï1 3RUFHQWDMHGH&2'SRUSHVR $%&' HQODFXDO $ SRUFHQWDMHGHORV568TXHFRUUHVSRQGHDOSDSHO\ORVWH[WLOHV % SRUFHQWDMHGHORV568TXHFRUUHVSRQGHDORVGHVHFKRVGHMDUGtQ\ GH ORV SDUTXHV X D RWURV GHVHFKRV RUJiQLFRV SXWUHVFLEOHV H[FOXLGRVORVDOLPHQWRV & SRUFHQWDMHGHORV568TXHFRUUHVSRQGHDORVUHVWRVGHDOLPHQWRV ' SRUFHQWDMHGHORV568TXHFRUUHVSRQGHDPDGHUD\SDMD 'LUHFWULFHVGHO,3&&SDUDORVLQYHQWDULRVGHJDVHVGHHIHFWRLQYHUQDGHURYHUVLyQUHYLVDGDVHQ /LEURGH7UDEDMR '(63(5',&,26 6LVHXWLOL]DQORVYDORUHVSRUGHIHFWRGHOD7DEODVHOHFFLRQDUHOYDORUSRU GHIHFWRTXHPHMRUVHDMXVWDDODVFRQGLFLRQHVGHOSDtVREMHWRGHHVWXGLR $QRWDUHOUHVXOWDGRHQODFROXPQD&GHOD+RMDGHWUDEDMRSULQFLSDO+RMDGH WUDEDMR $QRWDUHQODFROXPQD'OD)UDFFLyQGHO&2'TXH5HDOPHQWHVH'HJUDGD eVWD HV OD IUDFFLyQ GHO WRWDO GHO &2' TXH UHDOPHQWH VH GHJUDGD HQ XQ YHUWHGHUR(OFDUERQRRUJiQLFRGHJUDGDEOHQRVHGHVFRPSRQHGHOWRGR\ SDUWHGHOPDWHULDOGHJUDGDEOHSHUPDQHFHHQHOYHUWHGHURLQFOXVRGXUDQWH ODUJRVSHUtRGRV/DGHJUDGDFLyQHVREMHWRGHHVWXGLRDFWXDOPHQWHSHUR GHEHUi LQGLFDUVH HO YDORU SRU GHIHFWR GH KDVWD TXH VH FXHQWH FRQ LQIRUPDFLyQDGLFLRQDO $QRWDUHQODFROXPQD(OD)UDFFLyQGHO&DUERQR/LEHUDGRFRPR0HWDQR (O YDORU SRU GHIHFWR HV GH 6L VH FXHQWD FRQ GDWRV ORFDOHV SDUD HVD IUDFFLyQ GHEHUiQ HPSOHDUVH HVDV FLIUDV (Q HVH FDVR GHEHUiQ GRFXPHQWDUVHODVIXHQWHV &DOFXODU OD 7DVD 3RWHQFLDO GH *HQHUDFLyQ GH 0HWDQR SRU 8QLGDG GH 'HVSHUGLFLRV PXOWLSOLFDQGR ODV FLIUDV GH ODV FROXPQDV & ' \ ( SRU OD 5HODFLyQ GH &RQYHUVLyQ LQGLFDGD HQ OD FROXPQD ) TXH SHUPLWH UHDOL]DU OD FRQYHUVLyQ GH FDUERQR HQ &+ $QRWDU HO UHVXOWDGR HQ OD FROXPQD* &DOFXODUOD7DVD5HDOGH*HQHUDFLyQGH0HWDQRSDUDHOSDtVSRU8QLGDG GH'HVSHUGLFLRVPXOWLSOLFDQGRODVFLIUDVGHODVFROXPQDV%\*$QRWDUHO UHVXOWDGRHQODFROXPQD+ 3$62 (67,0$&,Ï1'(/727$/1(72 $18$/'(/$6(0,6,21(6'( 0(7$12 0XOWLSOLFDUODVFLIUDVHQODVFROXPQDV$\+DILQGHREWHQHUHO7RWDO%UXWR $QXDOGH0HWDQR*HQHUDGR,QGLFDUHOUHVXOWDGRHQODFROXPQD- $QRWDU OD FDQWLGDG GH OD 5HFXSHUDFLyQ $QXDO GH 0HWDQR HQ JLJDJUDPRV GH &+ FRUUHVSRQGLHQWH DO TXHPDGR GH JDVHV HQ DQWRUFKD R D ORV VLVWHPDV GH UHFXSHUDFLyQ GH OD HQHUJtD $QRWDU HO UHVXOWDGR HQ OD FROXPQD. 1R VH FXHQWD FRQ GDWRV SRU GHIHFWR (Q FDVR GH FRQWDUVH FRQ GDWRV ORFDOHV GHEHUiQ HPSOHDUVH HVDV FLIUDV (Q HVH FDVR GHEHUiQ GRFXPHQWDUVHODVIXHQWHV (Q HO 0DQXDO GH 5HIHUHQFLD VH SUHVHQWDQ GHWDOOHV DGLFLRQDOHV TXH GHEHQ WRPDUVH HQ FXHQWD \ ORV PpWRGRV SDUD FDOFXODU HO PHWDQR R[LGDGR SURGXFWRGHVXXWLOL]DFLyQRGHODTXHPDHQDQWRUFKD )$&725'(&255(&&,Ï13$5$(/ 0(7$12 (O )DFWRU GH &RUUHFFLyQ SDUD OD 2[LGDFLyQ GHO 0HWDQR SURSXHVWR HV (VH YDORU SRGUtD PRGLILFDUVH HQ IXWXUDV HGLFLRQHV GHO /LEUR GH 7UDEDMR SDUD GDU FXHQWD GH QXHYDV LQIRUPDFLRQHV \ XQD PHMRU FRPSUHQVLyQ GH ORV HIHFWRV GH OD R[LGDFLyQGHO&+HQORVYHUWHGHURV 5HVWDUODFLIUDVGHODFROXPQD.GHODVGHODFROXPQD-DILQGHREWHQHUHO 7RWDO 1HWR $QXDO GH 0HWDQR *HQHUDGR $QRWDU HO UHVXOWDGR HQ OD FROXPQD/ $QRWDUHQODFROXPQD0HOUHVXOWDGRGHUHVWDUGHODXQLGDGHO)DFWRUGH &RUUHFFLyQ SDUD OD 2[LGDFLyQ GHO 0HWDQR (O YDORU SRU GHIHFWR HV 'LUHFWULFHVGHO,3&&SDUDORVLQYHQWDULRVGHJDVHVGHHIHFWRLQYHUQDGHURYHUVLyQUHYLVDGDHQ /LEURGH7UDEDMR '(63(5',&,26 0XOWLSOLFDUODVFLIUDVGHODVFROXPQDV/\0DILQGHREWHQHUHO7RWDO1HWR $QXDO GH (PLVLRQHV GH 0HWDQR $QRWDU HO UHVXOWDGR HQ JLJDJUDPRV GH &+ HQODFROXPQD1 (PLVLRQHVGHPHWDQRSURFHGHQWHV GHOWUDWDPLHQWRGHODVDJXDV UHVLGXDOHV ,QWURGXFFLyQ (O WUDWDPLHQWR GH DJXDV UHVLGXDOHV FRQ HOHYDGR FRQWHQLGR GH PDWHULDO RUJiQLFR LQFOXLGDV ODV DJXDV UHVLGXDOHV GRPpVWLFDV \ FRPHUFLDOHV \ DOJXQRV HIOXHQWHV LQGXVWULDOHV SXHGH GDU RULJHQ D FDQWLGDGHV FRQVLGHUDEOHV GH PHWDQR 7DEOD 6H KD HVWLPDGR TXH ODV HPLVLRQHV GH PHWDQR SURFHGHQWHVGHORVHIOXHQWHVLQGXVWULDOHVRVFLODQHQWUH\7JPLHQWUDV TXH ODV GH ODV DJXDV UHVLGXDOHV GRPpVWLFDV \ FRPHUFLDOHV VH HOHYDQ D XQRV 7JDxR7RPDGDVHQVXFRQMXQWRUHSUHVHQWDQHQWUHHO\HOGHODV HPLVLRQHVGHPHWDQRHQWRGRHOPXQGR,3&& ([LVWHQ GRV WLSRV EiVLFRV GH WUDWDPLHQWR GH ODV DJXDV UHVLGXDOHV FX\DV HPLVLRQHVGHEHUiQFDOFXODUVHSRUVHSDUDGReVWDVVRQ • $JXDVUHVLGXDOHVGRPpVWLFDV\FRPHUFLDOHV • (IOXHQWHVLQGXVWULDOHV (OIDFWRUSULQFLSDOTXHGHWHUPLQDHOSRWHQFLDOGHJHQHUDFLyQGHPHWDQRGHODV DJXDV UHVLGXDOHV HV OD FDQWLGDG GH PDWHULD RUJiQLFD HQ ODV DJXDV UHVLGXDOHV (QHOFDVRGHODVDJXDVUHVLGXDOHV\ORVORGRVGRPpVWLFRV\FRPHUFLDOHVHVWR FRUUHVSRQGH D OD 'HPDQGD %LRTXtPLFD GH 2[tJHQR '%2 HQ HO GH ORV HIOXHQWHV LQGXVWULDOHV VH HPSOHD OD 'HPDQGD 4XtPLFD GH 2[tJHQR '42 /D '%2 LQGLFD OD FDQWLGDG GH FDUERQR ELRGHJUDGDEOH DHUyELFDPHQWH PLHQWUDV TXH OD '42 LQGLFD OD FDQWLGDG WRWDO GH FDUERQR WDQWR ELRGHJUDGDEOH FRPR QR ELRGHJUDGDEOH TXH SXHGH R[LGDUVH eVWH HV XQ FDPELRUHVSHFWRGHODPHWRGRORJtDDQWHULRU,3&&HQTXHOD'%2VH HPSOHDEDFRPRHOSDUiPHWURSDUDOD PDWHULD RUJiQLFD WDQWR SDUD ODV DJXDV UHVLGXDOHVGRPpVWLFDV\FRPHUFLDOHVFRPRSDUDORVHIOXHQWHVLQGXVWULDOHV 8QD LPSRUWDQWH DGLFLyQ D OD PHWRGRORJtD DQWHULRU ,3&& KD VLGR OD LQFRUSRUDFLyQ GH ODV HPLVLRQHV SURFHGHQWHV GH ORV ORGRV TXH VRQ VXESURGXFWRV GH FLHUWRV VLVWHPDV GH WUDWDPLHQWR GH ODV DJXDV UHVLGXDOHV \ SXHGHQGDURULJHQDHPLVLRQHVGHPHWDQRHQFRQGLFLRQHVDQDHURELDV )XHQWHVGHORVGDWRV 6LHPSUH TXH VHD SRVLEOH GHEHUiQ HPSOHDUVH ORV GDWRV GLVSRQLEOHV D QLYHO ORFDO 6L QR OR HVWXYLHUHQ VH SXHGHQ HPSOHDU ORV YDORUHV SRU GHIHFWR SUHVHQWDGRVHQODV7DEODV 3REODFLyQ 6L HQ ODV ]RQDV UXUDOHV QR VH HPSOHDQ VLVWHPDV RUJDQL]DGRV GH WUDWDPLHQWR GH ODV DJXDV UHVLGXDOHV ORV SDtVHV SXHGHQ UHIOHMDU VRODPHQWH OD SREODFLyQXUEDQDDODKRUDGHFDOFXODUHVDIXHQWHGHHPLVLRQHV &RPSRQHQWH RUJiQLFR GHJUDGDEOH 6L QR VH FXHQWD FRQ GDWRV QDFLRQDOHV R SDUD IXHQWHV HVSHFtILFDV VREUH ORV YDORUHV GH '%2 \ '42 'LUHFWULFHVGHO,3&&SDUDORVLQYHQWDULRVGHJDVHVGHHIHFWRLQYHUQDGHURYHUVLyQUHYLVDGDVHQ /LEURGH7UDEDMR '(63(5',&,26 GHEHUiQ HPSOHDUVH ORV YDORUHV UHJLRQDOHV SRU GHIHFWR 7DEOD 6H UHFRPLHQGD UHDOL]DU FRQVXOWDV FRQ H[SHUWRV QDFLRQDOHV HVSHFLDOL]DGRV HQ DJXDVUHVLGXDOHV 7$%/$ 0e72'26'(75$7$0,(172'(/$6$*8$65(6,'8$/(6 0pWRGRGHWUDWDPLHQWR ([FHSFLRQHVDODSURGXFFLyQHVSHUDGDGH&+ 0pWRGRVGHGLVSRVLFLyQ\WUDWDPLHQWR PD\RUPHQWHDHURELRVSRFDRQLQJXQD SURGXFFLyQGH&+ 3DtVHVHQGHVDUUROOR )RVDVDELHUWDVOHWULQDV /DVIRVDVDELHUWDVOHWULQDVSXHGHQVHUIXHQWHGH PHWDQRFXDQGRODWHPSHUDWXUD\HOWLHPSRGH UHWHQFLyQVRQIDYRUDEOHV /DJXQDVDHUyELFDVSRFRSURIXQGDV /DVODJXQDVDHUyELFDVSRFRSURIXQGDVGHPiVGH PHWURVGHSURIXQGLGDGSXHGHQGDURULJHQD HPLVLRQHVGHPHWDQR 'HVFDUJDHQORVUtRV /RVUtRVGHDJXDVHVWDQFDGDVGHILFLHQWHVHQ R[LJHQRSHUPLWHQODGHVFRPSRVLFLyQ DQDHUyELFD 3DtVHVGHVDUUROODGRV 6LVWHPDVGHDOFDQWDULOODGRFRQWUDWDPLHQWR DHUyELFR (OGLVHxRRPDQHMRLQDGHFXDGRGHORV VLVWHPDVGHWUDWDPLHQWRDHUyELFRGDQRULJHQ DHPLVLRQHVGHPHWDQR 0pWRGRVGHGLVSRVLFLyQ\WUDWDPLHQWR PD\RUPHQWHDQDHURELRVHOHYDGD SURGXFFLyQGH&+ 3DtVHVHQGHVDUUROOR (VWDQTXHVSURIXQGRVDQDHURELRV 6LVWHPDVGHDOFDQWDULOODGRFRQWUDWDPLHQWR DQDHURELR (OGLVHxRRHOPDQHMRLQFRUUHFWRVGHORV VLVWHPDVDQDHURELRVSXHGHQSHUPLWLUDHUDFLyQ\ SURGXFFLyQUHGXFLGDGHPHWDQR 3DtVHVGHVDUUROODGRV\HQGHVDUUROOR )RVDVVpSWLFDV /DH[WUDFFLyQIUHFXHQWHGHVyOLGRVUHGXFHOD SURGXFFLyQGHPHWDQR 0pWRGRVDQDHURELRVFRQUHFXSHUDFLyQ GHPHWDQR PD\RUPHQWHSDUDHOWUDWDPLHQWRGHORGRV 3ULQFLSDOPHQWHSDtVHVGHVDUUROODGRV 'LUHFWULFHVGHO,3&&SDUDORVLQYHQWDULRVGHJDVHVGHHIHFWRLQYHUQDGHURYHUVLyQUHYLVDGDHQ /LEURGH7UDEDMR '(63(5',&,26 7$%/$ 9$/25(6(67,0$'26'('%2(1/$6$*8$65(6,'8$/(63255(*,Ï1 9DORUGH'%2 NJFDSGtD 9DORUGH'%2 NJSHUVRQDVDxR ÈIULFD $VLD2ULHQWH0HGLR$PpULFD/DWLQD 1RUWHDPpULFD(XURSD$QWLJXD85662FHDQtD 5HJLyQ )XHQWH,3&& 'LUHFWULFHVGHO,3&&SDUDORVLQYHQWDULRVGHJDVHVGHHIHFWRLQYHUQDGHURYHUVLyQUHYLVDGDVHQ /LEURGH7UDEDMR '(63(5',&,26 3URGXFFLyQ LQGXVWULDO 3XHGHQ HVWDU GLVSRQLEOHV FLIUDV QDFLRQDOHV /DV FLIUDVGHSURGXFFLyQSXHGHQREWHQHUVHGLULJLpQGRVHDLQGXVWULDVHVSHFtILFDV 3URGXFFLyQ GH HIOXHQWHV \ ORGRV LQGXVWULDOHV 6L QR VH GLVSRQH GH GDWRVVHSXHGHQHPSOHDUORVYDORUHVSRUGHIHFWRSUHVHQWDGRVHQOD7DEOD 6LVWHPDV GH WUDWDPLHQWR 6LHPSUH TXH HVWpQ GLVSRQLEOHV GHEHUiQ HPSOHDUVH ORV GDWRV QDFLRQDOHV VREUH ODV SUiFWLFDV GH XWLOL]DFLyQ GH ORV VLVWHPDVGHWUDWDPLHQWRGHODVDJXDVUHVLGXDOHV\ORVORGRV6HUHFRPLHQGD UHDOL]DUFRQVXOWDVFRQH[SHUWRVQDFLRQDOHVHQHVWRVFDPSRV 0HWRGRORJtD /D PHWRGRORJtD GD FXHQWD GH ODV HPLVLRQHV SURFHGHQWHV GH ODV DJXDV UHVLGXDOHV \ ORV ORGRV (Q DPERV FDVRV HO PpWRGR LQFOX\H WUHV SDUWHV HO WRWDOGHPDWHULDRUJiQLFDORVIDFWRUHVGHHPLVLyQ\ODVHVWLPDFLRQHVGHODV HPLVLRQHV(OPDWHULDORUJiQLFRHQODVDJXDVUHVLGXDOHVRORVORGRVPHGLGR FRPR'%2R'42VHPXOWLSOLFDSRUHOIDFWRUPHGLRGHHPLVLyQSDUDFDGD IXHQWHGHDJXDVUHVLGXDOHVRGHIDQJRDILQGHREWHQHUXQDHVWLPDFLyQGHODV HPLVLRQHV $*8$65(6,'8$/(6'20e67,&$6< &20(5&,$/(6 &yPROOHQDUODV+RMDVGHWUDEDMR 8WLOLFHOD+2-$ '( 75$%$-2(67,0$&,Ï1 '( /$6 $*8$6 5(6,'8$/(6 < /26 /2'26'20e67,&26<&20(5&,$/(6SDUDDQRWDUORVGDWRVFRUUHVSRQGLHQWHVD HVWHVXEPyGXOR 3$62 (67,0$&,Ï1'(/727$/'(/$6 $*8$65(6,'8$/(6</26/2'26 25*È1,&26 ,QGLFDUHQODFROXPQD$OD&LXGDGR5HJLyQ'HQRFRQWDUVHFRQGDWRV UHJLRQDOHVXWLOL]DUORVGDWRVQDFLRQDOHV $QRWDUHQODFROXPQD%ODSREODFLyQWRWDORODSREODFLyQXUEDQDSDUDHO DxR GHO LQYHQWDULR HQ PLOHV GH SHUVRQDV /RV SDtVHV HQ GHVDUUROOR SRGUtDQSUHIHULULQGLFDUVRODPHQWHODSREODFLyQGHODV]RQDVXUEDQDVVLHQ ODV]RQDVUXUDOHVHOWUDWDPLHQWRGHODVDJXDVUHVLGXDOHVHVOLPLWDGRRQXOR (Q OD 7DEOD VH SUHVHQWD XQD OLVWD GH PpWRGRV GH WUDWDPLHQWR DQDHURELRV\DHURELRV $QRWDUHQODFROXPQD&HO&RPSRQHQWH2UJiQLFR'HJUDGDEOHSDUDFDGD UHJLyQFLXGDGHQNJ'%2SHUVRQDVDxR(QOD7DEODVHLQGLFDQ ORVYDORUHVSRUGHIHFWR\SRUUHJLyQ $QRWDU HQ OD FROXPQD ' OD )UDFFLyQ GHO &RPSRQHQWH 2UJiQLFR 'HJUDGDEOH5HWLUDGRFRPR/RGRVSDUDFDGDUHJLyQFLXGDG(OYDORUSRU GHIHFWRHV 'LUHFWULFHVGHO,3&&SDUDORVLQYHQWDULRVGHJDVHVGHHIHFWRLQYHUQDGHURYHUVLyQUHYLVDGDHQ /LEURGH7UDEDMR '(63(5',&,26 0XOWLSOLFDUODVFLIUDVHQODVFROXPQDV%&\HOUHVXOWDGRGHUHVWDUGHOD XQLGDGHOYDORUGHODFROXPQD'$QRWDUHOSURGXFWRHQODFROXPQD((VD FLIUD UHSUHVHQWD HO 7RWDO GH ODV $JXDV 5HVLGXDOHV 2UJiQLFDV 'RPpVWLFDV&RPHUFLDOHVHQODFLXGDGRUHJLyQ 0XOWLSOLFDUODVFLIUDVGHODVFROXPQDV%&\'$QRWDUHOSURGXFWRHQOD FROXPQD ) (VD FLIUD UHSUHVHQWD HO 7RWDO GH ORV /RGRV 2UJiQLFRV 'RPpVWLFRV&RPHUFLDOHVHQODFLXGDGRUHJLyQ 5HSHWLUHOSURFHGLPLHQWRGHORVSXQWRVSDUDFDGDUHJLyQRFLXGDGVL IXHUDQHFHVDULRXWLOL]DQGRODILODVLJXLHQWH 6XPDU ODV FLIUDV GH OD FROXPQD ( $QRWDU OD VXPD HQ OD FDVLOOD LQIHULRU FRUUHVSRQGLHQWH DO ³7RWDO´ +DFHU OR PLVPR FRQ ODV GH OD FROXPQD ) /RVUHVXOWDGRVUHSUHVHQWDQHOWRWDOGHODVDJXDVUHVLGXDOHV\GHORVORGRV GRPpVWLFRV\FRPHUFLDOHVHQHOSDtV 3$62 (67,0$&,Ï1'(/)$&725'( (0,6,Ï13$5$/266,67(0$6'( 75$7$0,(172'(/$6$*8$6 5(6,'8$/(6</26/2'26 '20e67,&26<&20(5&,$/(6 'HWHUPLQDFLyQ GHO IDFWRU JOREDO GH FRQYHUVLyQ HQ PHWDQR )&0 SDUD ODV DJXDVUHVLGXDOHVGRPpVWLFDVFRPHUFLDOHV (QODFROXPQD$GHODKRMDLQGLFDUORVWLSRVGH6LVWHPDVGH7UDWDPLHQWR GHODV$JXDV5HVLGXDOHVXWLOL]DGRVSDUDODVDJXDVUHVLGXDOHVGRPpVWLFDV (QODFROXPQD%DQRWDUOD)UDFFLyQGHODV$JXDV5HVLGXDOHV7UDWDGDVSRU HO6LVWHPDGH7UDWDPLHQWRGHODFROXPQD$ (Q OD FROXPQD & LQGLFDU HO )DFWRU GH &RQYHUVLyQ HQ 0HWDQR SDUD HO 6LVWHPDGH7UDWDPLHQWRLQGLFDGRHQODFROXPQD$ 0XOWLSOLFDU ODV FLIUDV GH ODV FROXPQDV % \ & $QRWDU HO SURGXFWR HQ OD FROXPQD' $QRWDUODVXPDGHORVSURGXFWRVHQODFDVLOODLQIHULRUGHODFROXPQD' ,QGLFDU HQ OD FDVLOOD LQIHULRU GH OD FROXPQD ( OD &DSDFLGDG 0i[LPD GH 3URGXFFLyQ GH 0HWDQR SDUD ODV DJXDV UHVLGXDOHV (O YDORU SRU GHIHFWR WHyULFRSDUD% HVGHNJ&+ NJ'%2 R &DOFXODU HO )DFWRU GH (PLVLyQ PHGLR SDUD ODV $JXDV 5HVLGXDOHV 'RPpVWLFDV&RPHUFLDOHV PXOWLSOLFDQGR OD FLIUD HQ OD SDUWH LQIHULRU GH OD FROXPQD ' SRU OD TXH DSDUHFH HQ OD SDUWH LQIHULRU GH OD FROXPQD ( $QRWDUHOSURGXFWRHQODSDUWHLQIHULRUGHODFROXPQD) 3$62 (67,0$&,Ï1'(/26)$&725(6'( (0,6,Ï13$5$/266,67(0$6'( 75$7$0,(172'(/26/2'26 '20e67,&26<&20(5&,$/(6 &iOFXORGHO)&0JOREDOSDUDORVORGRVGRPpVWLFRVFRPHUFLDOHV 'LUHFWULFHVGHO,3&&SDUDORVLQYHQWDULRVGHJDVHVGHHIHFWRLQYHUQDGHURYHUVLyQUHYLVDGDVHQ /LEURGH7UDEDMR '(63(5',&,26 (QODFROXPQD$GHODKRMDLQGLFDUORVWLSRVGH6LVWHPDVGH7UDWDPLHQWR GHORV/RGRVHPSOHDGRVSDUDODVDJXDVUHVLGXDOHVGRPpVWLFDV (QODFROXPQD%DQRWDUOD)UDFFLyQGHORV/RGRV7UDWDGRVSRUHO6LVWHPD GH7UDWDPLHQWRLQGLFDGRHQODFROXPQD$ (Q OD FROXPQD & DQRWDU HO )DFWRU GH &RQYHUVLyQ HQ 0HWDQR SDUD HO 6LVWHPDGH7UDWDPLHQWRGHODFROXPQD$ 0XOWLSOLFDU ODV FLIUDV GH ODV FROXPQDV % \ & $QRWDU HO SURGXFWR HQ OD FROXPQD' $QRWDUODVXPDGHORVSURGXFWRVHQODFDVLOODLQIHULRUGHODFROXPQD' $QRWDU HQ OD SDUWH LQIHULRU GH OD FROXPQD ( OD &DSDFLGDG 0i[LPD GH 3URGXFFLyQGH0HWDQRFRUUHVSRQGLHQWHDORVORGRV(OYDORUSRUGHIHFWR WHyULFRSDUD% HVGHNJ&+ NJ'%2 R &DOFXODU HO )DFWRU GH (PLVLyQ PHGLR SDUD ORV /RGRV 'RPpVWLFRV&RPHUFLDOHV PXOWLSOLFDQGR OD FLIUD GH OD SDUWH LQIHULRU GH OD FROXPQD ' SRU OD TXH DSDUHFH HQ OD SDUWH LQIHULRU GH OD FROXPQD ( $QRWDUHOSURGXFWRHQODSDUWHLQIHULRUGHODFROXPQD) 3$62 (67,0$&,Ï1'(/$6(0,6,21(6'( 0(7$12352&('(17(6'(/$6 $*8$65(6,'8$/(6<'(/26/2'26 '20e67,&26&20(5&,$/(6 (QODFROXPQD$ILODV\GHODKRMDFRSLDUODFLIUDFRUUHVSRQGLHQWHDO 7RWDO GH ODV $JXDV 5HVLGXDOHV 2UJiQLFDV 'RPpVWLFDV&RPHUFLDOHV TXH DSDUHFH HQ OD SDUWH LQIHULRU GH OD FROXPQD ( GH OD +RMD GH WUDEDMR +RMD \ HO YDORU FRUUHVSRQGLHQWH DO 7RWDO GH /RGRV 2UJiQLFRV 'RPpVWLFRV &RPHUFLDOHV LQGLFDGR HQ OD FDVLOOD LQIHULRU GH OD FROXPQD ) GHOD+RMDGHWUDEDMR+RMD (Q OD FROXPQD % FRSLDU HO )DFWRU GH (PLVLyQ PHGLR SDUD ODV $JXDV 5HVLGXDOHV'RPpVWLFDV&RPHUFLDOHVLQGLFDGRHQODFROXPQD)GHOD+RMD GH WUDEDMR +RMD \ HO )DFWRU GH (PLVLyQ PHGLR SDUD ORV /RGRV 'RPpVWLFRV&RPHUFLDOHV TXH DSDUHFH HQ OD FROXPQD ) GH OD +RMD GH WUDEDMR+RMD 0XOWLSOLFDU ODV FLIUDV GH ODV FROXPQDV $ \ % $QRWDU HO SURGXFWR HQ OD FROXPQD& $QRWDU HQ OD FROXPQD ' OD FDQWLGDG WRWDO GHO 0HWDQR 5HFXSHUDGR \R 4XHPDGR HQ $QWRUFKD HQ NJ GH &+ FRUUHVSRQGLHQWH D ODV DJXDV UHVLGXDOHVRORGRVGRPpVWLFRVFRPHUFLDOHV6LQRVHGLVSRQHGHGDWRVHO YDORUSRUGHIHFWRHVFHUR 5HVWDUODFLIUDGHODFROXPQD'GHODGHODFROXPQD&0XOWLSOLFDUSRU SDUD UHDOL]DU OD FRQYHUVLyQ GH HPLVLRQHV D JLJDJUDPRV $QRWDU OD GLIHUHQFLDHQODFROXPQD( 6XPDUODVFLIUDVHQDPEDVILODVGHODFROXPQD(HQODSDUWHLQIHULRUGHOD FROXPQD (O UHVXOWDGR UHSUHVHQWD ODV (PLVLRQHV 1HWDV GH &+ SURFHGHQWHVGHODVDJXDVUHVLGXDOHV\ORGRVGRPpVWLFRVFRPHUFLDOHV 'LUHFWULFHVGHO,3&&SDUDORVLQYHQWDULRVGHJDVHVGHHIHFWRLQYHUQDGHURYHUVLyQUHYLVDGDHQ /LEURGH7UDEDMR '(63(5',&,26 7$%/$ '$72662%5(()/8(17(6,1'8675,$/(63255(*,Ï1 7LSRGHLQGXVWULD \ 5HJLyQ (IOXHQWHSURGXFLGR PWRQHODGDVGH SURGXFWR 9DORUGHOD'42 NJ'42PDJXDV UHVLGXDOHV PPHWDQRO 1' 1' 1' NJPHWDQRO %UDVLO 3DtVHV%DMRV PPFHUYH]D PPFHUYH]D 1' 3DtVHV%DMRV PDQLPDO 1' 1' 1' 3DtVHV%DMRV ((88 $OLPHQWRVSHVFDGR $PpULFDGHO1RUWH 1' ((88 $OLPHQWRVFDIp $PpULFDGHO1RUWH 1' ((88 $OLPHQWRVSURGXFWRVOiFWHRV *HQpULFRV (XURSD2FFLGHQWDO 1' 1' 3DtVHV%DMRV 1' 1' 1' 1' ((88 3DtVHV%DMRV 1' 3DtVHV%DMRV %HELGDVGHVWLODGDVHLQGXVWULD *HQpULFDVHWDQRO *HQpULFDVHWDQRO $PpULFDGHO6XU (XURSD2FFLGHQWDO %HELGDVPDOWD\FHUYH]D *HQpULFDV *HQpULFDV (XURSD2FFLGHQWDO $OLPHQWRVFDUQH\DYHV *HQpULFRV (XURSD2FFLGHQWDO $PpULFDGHO1RUWH $OLPHQWRVIUXWDV\YHUGXUDV *HQpULFRVIiEULFDVGHFRQVHUYDV *HQpULFRV(ODERUDFLyQGH WRPDWHV $PpULFDGHO1RUWHSDSDV (XURSD2FFLGHQWDOEODQTXHDGRGH IULMROHV (XURSD2FFLGHQWDOFKRXFURXWH 3DtV $OLPHQWRVDFHLWHV *HQpULFRV$FHLWHGHRULJHQ YHJHWDO 2ULHQWH0HGLR $VLD 1' 1' 7XUTXtD 0DODVLD $OLPHQWRVD]~FDU &HQWURDPpULFDFDxD 1' 0p[LFR +LHUUR\DFHUR $PpULFDGHO6XU 1' %UDVLO 3URGXFWRVTXtPLFRVRUJiQLFRV (XURSD2FFLGHQWDO 1' 3DtVHV%DMRV 3URGXFWRVIDUPDFpXWLFRV 2ULHQWH0HGLR 1' (JLSWR 'LUHFWULFHVGHO,3&&SDUDORVLQYHQWDULRVGHJDVHVGHHIHFWRLQYHUQDGHURYHUVLyQUHYLVDGDVHQ /LEURGH7UDEDMR '(63(5',&,26 7$%/$&217,18$&,Ï1 '$726'(()/8(17(6,1'8675,$/(63255(*,Ï1 7LSRGHLQGXVWULD \ 5HJLyQ 3DtV (IOXHQWHSURGXFLGR PWRQHODGDVGH SURGXFWR 9DORUGHOD'42 .J'42P GHHIOXHQWHV )pFXODV *HQpULFDIpFXODGHSDSD *HQpULFDIpFXODGHWULJR *HQpULFDIpFXODGHPDt] 1' 1' 1' 3URGXFFLyQGHSHWUyOHR $PpULFDGHO1RUWH $PpULFDGHO1RUWH 1' 1' ((88 &DQDGi 1' ((88 1' ((88 ((88 1' 3DtVHV%DMRV 7H[WLOHV 5D\yQ *UHFLD $PpULFDGHO1RUWHWHODUHV 1' 1' 1' ((88 &XUWLGRGHSLHOHV $PpULFDGHO1RUWHJHQpULFR 1' ((88 3XOSD\SDSHO *HQpULFRSXOSDGHSDSHO $PpULFDGHO1RUWHIiEULFDGH SXOSDGHSDSHO *HQpULFRSDSHO $PpULFDGHO1RUWHSDSHO YLUJHQ $PpULFDGHO1RUWHSDSHO UHFLFODGR (XURSD2FFLGHQWDOSDSHO )XHQWH'RRUQ\(NOXQG3DUDXQDOLVWDSRUPHQRUL]DGDGHUHIHUHQFLDVSDUDFDGDFDWHJRUtDGHDJXDVUHVLGXDOHV YpDVH'RRUQ\(NOXQG1RVHGLVSRQHGHGDWRV1'SDUDOD'42HQODSURGXFFLyQGHDJXDVUHVLGXDOHVSDUD FDGDSDtV\UHJLyQ6HOOHYDQDFDERLQYHVWLJDFLRQHVSDUDGHWHUPLQDUORVYDORUHVGHSURGXFFLyQGHDJXDVUHVLGXDOHV\ ORV GH OD '42 HQ HVRV SDtVHV \ UHJLRQHV 6H GHEH VHxDODU TXH HVRV GDWRV HVWiQ HQ SURFHVR GH UHYLVLyQ \ DFWXDOL]DFLyQ 'LUHFWULFHVGHO,3&&SDUDORVLQYHQWDULRVGHJDVHVGHHIHFWRLQYHUQDGHURYHUVLyQUHYLVDGDHQ /LEURGH7UDEDMR '(63(5',&,26 7$%/$ '$7263$5$/$'(5,9$&,Ï1'(/26)$&725(6'((0,6,Ï13$5$(/ 75$7$0,(172'(/$6$*8$65(6,'8$/(6 7LSRGHWUDWDPLHQWR )UDFFLyQGHODVDJXDV UHVLGXDOHVWUDWDGDV )&0 .HQ\D (VWDQTXHV 1' 7~QH] (VWDQTXHV 1' /RGRVDFWLYDGRV 1' (VWDQTXHV ,QGRQHVLD QRHVSHFLILFDGR 1' 6LQJDSXU QRHVSHFLILFDGR 1' 5HS~EOLFDGH&RUHD QRHVSHFLILFDGR 1' 7DLZDQ QRHVSHFLILFDGR 1' 5HVWRGH$VLD QRHVSHFLILFDGR $PpULFD/DWLQD\HO&DULEH QRHVSHFLILFDGR $XVWUDOLD\1XHYD=HODQGLD QRHVSHFLILFDGR 5HJLyQ ÈIULFD =LPEDEZH 5HVWRGHÈIULFD $VLD )XHQWH 'RRUQ \ (NOXQG 3DUD XQD OLVWD SRUPHQRUL]DGD GH UHIHUHQFLDV SDUD FDGD UHJLyQ YpDVH 'RRUQ \ (NOXQG1R VH GLVSRQH GH GDWRV 1' VREUH HO IDFWRU GH &RUUHFFLyQ SDUD HO 0HWDQR )&0 SDUD DOJXQRV SDtVHV\UHJLRQHV6HOOHYDQD FDER LQYHVWLJDFLRQHV SDUD GHWHUPLQDU HO )&0 SDUD HVRV SDtVHV \ UHJLRQHV 6H GHEH VHxDODUTXHHVWDVFLIUDVVRQREMHWRGHUHYLVLyQ\DFWXDOL]DFLyQ 'LUHFWULFHVGHO,3&&SDUDORVLQYHQWDULRVGHJDVHVGHHIHFWRLQYHUQDGHURYHUVLyQUHYLVDGDVHQ /LEURGH7UDEDMR