$WDTXH GHIDFWRUL]DFLyQD56$ 3UiFWLFD 'DQLHO/HUFK+RVWDORW *UDGRGHGL¿FXOWDG 56$HVVLQOXJDUDGXGDVHOFULSWRVLVWHPDGHFODYHS~EOLFD PiVXWLOL]DGRHQODDFWXDOLGDGKDELHQGRUHVLVWLGRDOHVFUXWLQLR GHORVFULSWRDQDOLVWDVGXUDQWHPiVGHXQFXDUWRGHVLJOR(VWH SRSXODUDOJRULWPREDVDVXVHJXULGDGHQODGL¿FXOWDGTXHVXSRQH IDFWRUL]DUQ~PHURVJUDQGHVFRQVLGHUDQGRFRPRJUDQGHVORV Q~PHURVGHPiVGHGtJLWRVGHFLPDOHV $ GLIHUHQFLDGHODFULSWRJUDItDGHFODYHSUL YDGD GRQGH VH XWLOL]D XQD ~QLFD FODYH SDUD FLIUDU \ GHVFLIUDU PHQVDMHV HQ OD FULSWRJUDItD GH FODYH S~EOLFD VH XWLOL]DQ GRV FOD YHV(VWDVGRVFODYHVVRQFRQRFLGDVFRPRFODYH S~EOLFD\FODYHSULYDGD3DUDUHDOL]DUXQDFRPX QLFDFLyQFLIUDGDXQXVXDULRGHEHGLVSRQHUGHXQ SDUGHFODYHV0LHQWUDVTXHODFODYHSULYDGDGHEH UiSHUPDQHFHUVHFUHWDODFODYHS~EOLFDFRPRVX QRPEUHLQGLFDHVWDUiDGLVSRVLFLyQGHFXDOTXLHUD TXH GHVHH HQYLDU PHQVDMHV FLIUDGRV DO PHQFLR QDGRXVXDULR3XHVXQPHQVDMHFLIUDGRFRQXQD FODYH S~EOLFD ~QLFDPHQWH SRGUi VHU GHVFLIUDGR FRQVXFRUUHVSRQGLHQWHFODYHSULYDGD3DUDFRQ VHJXLUHVWDFXULRVDFXDOLGDGHVQHFHVDULRUHFXUULU DFLHUWRVSUREOHPDVPDWHPiWLFRVTXHORSHUPLWHQ (QHOFDVRGH56$VHUHFXUUHDOSUREOHPDGHOD IDFWRUL]DFLyQGHQ~PHURVJUDQGHV (O QDFLPLHQWR GH OD FULSWRJUDItD GH FODYH S~EOLFDVHSURGXMRHQFRQODSXEOLFDFLyQ SRU SDUWH GH 'LI¿H \ +HOOPDQ GH XQ SURWRFROR TXH SHUPLWtD LQWHUFDPELDU FLHUWD LQIRUPDFLyQ VREUHXQFDQDOLQVHJXUR 3RFR GHVSXpV HQ 5LYHVW 6KDPLU \ $GOHPDQ SURSRQtDQ HO FULSWRVLVWHPD 56$ HO FULSWRVLVWHPD GH FODYH S~EOLFD PiV XVDGR HQ ODDFWXDOLGDG (Q VH KLFLHURQ S~EOLFRV FLHUWRV GR FXPHQWRV HQ ORV TXH VH GHPRVWUDED TXH HQ ORVFULSWyJUDIRVGHO*UXSRGH6HJXULGDG GH &RPXQLFDFLRQHV (OHFWUyQLFDV &(6* GHO JRELHUQR EULWiQLFR \D GLVSRQtDQ GH FRQRFL PLHQWRVVREUHHVWHWLSRGHFULSWRJUDItD (OFULSWRVLVWHPD56$ &RPR \D VH KD FRPHQWDGR OD VHJXULGDG GH 56$ UHVLGH HQ OD GL¿FXOWDG FRPSXWDFLRQDO (QHVWHDUWtFXORDSUHQGHUiV FyPRIXQFLRQD56$\FyPRVHUHDOL]DQDWDTXHV GHIDFWRUL]DFLyQ FyPRVHXVDQODVFODYHV56$\HOSURFHGLPLHQ WR GH DWDTXH SDUD REWHQHU OD FODYH SULYDGD D SDUWLUGHODS~EOLFDFRQVLJXLHQGRDVtGHVFLIUDU HOPHQVDMH /RTXHGHEHUtDVVDEHU FLHUWDEDVHPDWHPiWLFD FRQRFLPLHQWRVGHSURJUDPDFLyQHQ& ORV HMHPSORV KDQ VLGR GHVDUUROODGRV \ SURED GRVHQXQVLVWHPD*18/LQX[ ZZZKDNLQRUJ $WDTXHGHIDFWRUL]DFLyQD56$ &RQFHSWRV0DWHPiWLFRV 'LYLVRUR)DFWRU 8QQ~PHURHQWHUR D HVGLYLVRURIDFWRUGH E FXDQGRH[LVWHRWURHQWHUR F TXHFXPSOH E D F (MHPSOR 1~PHURVSULPRV\1~PHURVFRPSXHVWRV 8QQ~PHURHQWHURHVSULPRVLVRORHVGLYLVLEOHSRUXQR\SRUVtPLVPR8QQ~PHUR HQWHURHVFRPSXHVWRVLQRHVSULPR (MHPSOR HVXQQ~PHURFRPSXHVWR\VRQQ~PHURVSULPRV )DFWRUL]DFLyQ 6HFRQRFHFRPRIDFWRUL]DFLyQGHXQQ~PHURHQWHUR Q HOSURFHVRGHGHVFRPSR L QHUORHQVXVIDFWRUHVSULPRV Q SH S H SLH GRQGH SL VRQQ~PHURVSULPRVL HL VRQHQWHURVSRVLWLYRV (MHPSORTXHGDIDFWRUL]DGRFRPR 0yGXOR 6H FRQRFH FRPR PyGXOR \ VH UHSUHVHQWD FRPR D PRG E DO UHVWR GH OD GLYLVLyQ HQWHUDGH D HQWUH E (MHPSOR PRG PRG PRG PRG D\EVRQFRQJUXHQWHVPyGXORQ E y D PRG Q VLVXGLIHUHQFLDDEHVXQP~OWLSOR GHQ 0i[LPR&RP~Q'LYLVRU /ODPDPRV0i[LPR&RP~Q'LYLVRUGHGRVQ~PHURVHQWHURV D \ E UHSUHVHQWDGR FRPR PFG D E DOPD\RUQ~PHURHQWHURGLYLVRUGH D \GH E (MHPSOR PFG PFG $OJRULWPRGH(XFOLGHV (ODOJRULWPRGH(XFOLGHVFDOFXODHO0i[LPR&RP~Q'LYLVRUGHGRVQ~PHURVEDViQ GRVHHQTXH PFG D E PFG E U GRQGH D E VRQHQWHURV\ U UHVWRGHODGLYLVLyQ HQWUH D \ E (MHPSOR PFG PRG m PFG PFG PRG m PFG PFG PRG m PFG ,QGLFDGRUGH(XOHU7RWLHQW 'DGR Q r FRQRFHPRVFRPR & Q HOQ~PHURGHHQWHURVHQHOLQWHUYDOR ; Q = TXH VRQSULPRVFRQ Q 3DUD Q S T & Q S T 'RVQ~PHURVHQWHURV D \ E VRQSULPRVHQWUHVtRFRSULPRVVL PFG D E TXH VXSRQH OD IDFWRUL]DFLyQ GH Q~PHURV JUDQGHV )DFWRUL]DU XQ Q~PHUR FRQVLVWH HQ HQFRQWUDU ORV Q~PHURV SULPRV IDFWRUHV TXH PXOWLSOLFDGRV GDQ FRPR UHVXOWDGR GLFKR Q~PHUR 'H PDQHUD TXH VL SRU HMHPSOR TXHUHPRV IDFWRUL]DU HO Q~PHUR REWHQGUHPRV FRPR UHVXOWDGR ÂÂ /D IRUPD VHQFLOOD GH HQFRQWUDU ORV IDFWRUHV GH XQ Q~PHUR Q FRQVLVWH HQ LU GLYLGLHQGR SRUWRGRVORVQ~PHURVSULPRVLQIH ULRUHVDQ(VWHSURFHGLPLHQWRDXQ TXH VHQFLOOR HV H[WUHPDGDPHQWH OHQWR FXDQGR VH WUDWD GH IDFWRUL]DU Q~PHURVJUDQGHV 5HDOLFHPRV DOJXQRV FiOFXORV VHQFLOORV SDUD KDFHUQRV XQD LGHD 8QD FODYH GH ELWV FRPR OD TXH URPSHUHPRV HQ XQ HMHPSOR SRVWHULRU WLHQH XQRV GtJLWRV GH FLPDOHV DSUR[LPDGDPHQWH 'DGR TXH HQ ODV FODYHV 56$ HVWH Q~PHURVXHOHWHQHU~QLFDPHQWHGRV IDFWRUHV SULPRV FDGD XQR GH HOORV WHQGUi PiV R PHQRV GtJLWRV (VWR VLJQL¿FD TXH SDUD IDFWRUL]DU HO Q~PHUR WHQGUtDPRV TXH GLYLGLU SRUWRGRVORVQ~PHURVSULPRVGH GtJLWRVRPHQRV6XSRQLHQGR TXH VROR HO GH ORV Q~PHURV VRQSULPRVWHQGUtDPRVTXHUHDOL]DU ZZZKDNLQRUJ XQDV GLYLVLRQHV ,PDJLQHPRV TXHGLVSRQHPRVGHXQVLVWHPDFD SD]GHUHDOL]DUGLYLVLRQHV SRU VHJXQGR(QHVWHFDVRWDUGDUtDPRV VHJXQGRVHQURPSHUODFODYH HV GHFLU PiV GH PLOORQHV GH DxRV 8Q PLOOyQ GH YHFHV OD HGDG GHO XQLYHUVR 3RU VXHUWH QRVRWURV WDUGDUHPRVXQSRFRPHQRV 9HDPRV FRPR IXQFLRQD 56$ (PSHFHPRV JHQHUDQGR OD FODYH S~EOLFD \ OD FODYH SULYDGD HQ HO FXDGUR &RQFHSWRV 0DWHPiWLFRV HV WiQ GLVSRQLEOHV DOJXQRV FRQFHSWRV PDWHPiWLFRV GH LQWHUpV 3DUD HVWH SURSyVLWR HV QHFHVDULR VHJXLU ORV VLJXLHQWHVSDVRV 3DVR (OHJLUHPRV DOHDWRULDPHQWH GRV Q~PHURVSULPRVS\T\ORVPXOWLSOL FDUHPRV REWHQLHQGR Q Q S T 6L HOHJLPRV SRU HMHPSOR S \ T REWHQHPRV Q 3DVR &DOFXODUHPRV HO LQGLFDGRU GH (XOHU 7RWLHQW FRQ OD VLJXLHQWH IyUPXOD & Q & S T S T (QQXHVWUR HMHPSORREWHQHPRV & Q 3DVR %XVFDUHPRV XQ H[SRQHQWH GH FLIUD GR SRVWHULRUPHQWH OR XWLOL]DUHPRV SDUD FLIUDU DO TXH OODPDUHPRV H (O H[SRQHQWH GH FLIUDGR GHEH FXPSOLU PFG H & Q SRU OR TXH QRV VHUYL UtD SRU HMHPSOR H GDGR TXH QR GLVSRQH GH QLQJ~Q IDFWRU FRP~Q FRQ IDFWRUHV\ 3DVR &DOFXODPRVXQH[SRQHQWHGHGHVFL IUDGRDOTXHOODPDUHPRVGSRVWHULRU PHQWHORXWLOL]DUHPRVSDUDGHVFLIUDU (O H[SRQHQWH GH GHVFLIUDGR GHEH YHUL¿FDU G & Q GH PDQHUD TXH H G y PRG & Q /RTXHVLJQL¿FDTXH GFRUUHVSRQGHUiDXQQ~PHURHQWUH \ TXH DO PXOWLSOLFDUOR SRU \ GLYLGLUORSRUGHUHVWR3RUORTXH GSXHGHVHU /DVFODYHV /DFODYHS~EOLFDGHOXVXDULRFRUUHV SRQGHDODSDUHMDQHHQQXHVWUR HMHPSORPLHQWUDVTXHVXFODYH 3UiFWLFD SULYDGDHVGHVGHFLU/yJLFDPHQWH ORVQ~PHURVSTL & Q GHEHUiQSHU PDQHFHUHQVHFUHWR (OGHVFLIUDGR /OHJDGRV D HVWH SXQWR VROR HV QHFHVDULR FLIUDU FRQ & 0 H PRG Q \ GHVFLIUDU FRQ 0 &G PRG Q 6L FRQVLGHUDPRV TXH QXHVWUR PHQ VDMH HV 0 HO FLIUDGR FRUUHV SRQGHUtD D & PRG 3DUD GHVFLIUDUVRORWHQGUtDPRVTXHDSOLFDU 0 PRG &RPRVHFRPHQWDEDDOSULQFLSLR \ SXHGH YHUVH HQ HO SURFHGLPLHQWR DQWHULRU OD VHJXULGDG GHO FULSWRVLV WHPD UHVLGH HQ Q (V GHFLU VL XQ DWDFDQWHFRQDFFHVRDODFODYHS~EOL FDFRQVLJXHIDFWRUL]DUQREWHQLHQGR S \ T QR WLHQH PiV TXH XWLOL]DU ODV IyUPXODV DQWHULRUHV SDUD REWHQHU OD FODYHSULYDGD 7KH56$)DFWRULQJ &KDOOHQJH 7KH 56$ )DFWRULQJ &KDOOHQJH HV XQDFRPSHWLFLyQ¿QDQFLDGDSRU56$ /DERUDWRULHV HQ OD TXH VH RIUHFHQ VXFXOHQWRV SUHPLRV DO TXH FRQVLJD IDFWRUL]DU FLHUWRV Q~PHURV JUDQGHV eVWR OHV SHUPLWH FRQRFHU HO HVWDGR GHO DUWH GH ORV VLVWHPDV GH IDFWR UL]DFLyQ FRQRFLHQGR DVt FXiO HV HO WDPDxR GH FODYH DGHFXDGR SDUD PDQWHQHU56$VHJXUR /LVWDGR3DVDUGH +H[DGHFLPDOD'HFLPDO LQFOXGHVWGLRK! LQFOXGHRSHQVVOEQK! LQWPDLQLQWDUJFFKDUDUJY ^ %,*180Q %1BQHZ LIDUJF ^ SULQWIVKH[!?Q DUJY>@ UHWXUQ ` LI%1BKH[EQQDUJY>@ ^ SULQWIHUURU %1BKH[EQ UHWXUQ ` SULQWIV?Q%1BEQGHFQ %1BIUHHQ ` (Q HO PRPHQWR GH HVFULELU HVWH DUWtFXOR HO UpFRUG GH IDFWRUL]DFLyQ HV HO 56$ XQ Q~PHUR GH GtJLWRV TXH IXH IDFWRUL]DGR HO GH QRYLHPEUH GHO SRU ) %DKU HW DO (O SUy[LPR UHWR HV HO 56$ SUHPLDGRFRQ 6LQ GXGD 7KH 56$ )DFWRULQJ &KDOOHQJHHVXQDPX\EXHQDIRUPD GH FRQRFHU HO HVWDGR DFWXDO GH ORV VLVWHPDVGHIDFWRUL]DFLyQ (QHOFXDGUR7KH56$)DFWRULQJ &KDOOHQJH SXHGHV YHU ORV GHVDItRV SURSXHVWRVDFWXDOPHQWH $WDTXHGHIDFWRUL]DFLyQ (Q ORV VLJXLHQWHV DSDUWDGRV VH UHD OL]DUi XQ DWDTXH GH HMHPSOR D XQD FODYH56$3DUDDJLOL]DUORVFiOFXORV VH XWLOL]DUi XQD FODYH EDVWDQWH PiV SHTXHxD GH OR QRUPDO IDFLOLWDQGR DVt VX IDFWRUL]DFLyQ $XQTXH QR VH WUDWDGHXQHMHPSORUHDOQRVVHUYLUi SDUDYHUFyPRVHUHDOL]DXQDWDTXH FRPSOHWR 3ULPHUR SUHSDUDUHPRV XQ HQ WRUQR GH WUDEDMR FRQ OD KHUUDPLHQWD 2SHQ66/JHQHUDQGRODVFODYHVQH FHVDULDV\FLIUDQGRXQPHQVDMHTXH XWLOL]DUHPRV FRPR REMHWLYR GH DWD TXH $ FRQWLQXDFLyQ IDFWRUL]DUHPRV HOPyGXORQ\REWHQGUHPRVODFODYH SULYDGD GHVFLIUDQGR ¿QDOPHQWH HO PHQVDMH 2SHQ66/\56$ 2SHQ66/HVXQDKHUUDPLHQWDFULS WRJUi¿FD PX\ ~WLO GH IXHQWH DELHU WD (Q OD VHFFLyQ GH UHIHUHQFLDV HQFRQWUDUiV GyQGH GHVFDUJDUOD DXQTXH OD PD\RUtD GH GVLWULEXFLR QHV *18/LQX[ OD OOHYDQ LQVWDODGD SRUGHIHFWR (Q HVWD VHFFLyQ OD XWLOL]DUHPRV SDUDFRQ¿JXUDUXQHQWRUQRGHSUXH EDV VREUH HO FXDO UHDOL]DUHPRV HO DWDTXH (O SULPHU SDVR FRQVLVWH HQ JH QHUDU XQ SDU GH FODYHV SDUD FLIUDU \ GHVFLIUDU *HQHUDUHPRV FODYHV GH ELWVGHPDVLDGRSHTXHxDVSDUD PDQWHQHU VXV FRPXQLFDFLRQHV VH JXUDVSHURVX¿FLHQWHVSDUDQXHVWUR HMHUFLFLR *HQHUDPRV HO SDU GH FODYHV PDQWHQLHQGR HQ VHFUHWR QXHVWUD FODYHSULYDGD ZZZKDNLQRUJ *HQHUDUXQSDUGHFODYHV56$ GHELWV RSHQVVOJHQUVDRXWUVDBSULYNH\ SHP FDWUVDBSULYNH\SHP %(*,156$35,9$7(.(< 0,*T$J($$L($GET]*5W TLQF;[\MM=002,G'97D7 FTDDP'L0&$Z($$4,K $0Y7R;DU[)PU9/U556Y. :7V4&:OZ]W=2S$K( $MJ(NIDO)+6 ,3.'Z,5$11P0+$)%M] 0$;++;*8&(*5S5=Q*P9N Z6OU7JTM=X&($Y&45 \5[W]&*1TF<R&('(:PYR] 0<</&R]JI98 (1'56$35,9$7(.(< $ FRQWLQXDFLyQ JXDUGDPRV OD FODYH S~EOLFDHQXQ¿FKHUReVWDHVODTXH SXEOLFDUtDPRV SDUD TXH FXDOTXLHUD SXGLHVH HQYLDUQRV PHQVDMHV FLIUD GRV *XDUGDODFODYHSXEOLFDHQ XQ¿FKHUR RSHQVVOUVDLQUVDBSULYNH\SHP SXERXWRXWUVDBSXENH\SHP FDWUVDBSXENH\SHP %(*,138%/,&.(< 0'ZZ'4<-.R=,KYF1$4(%%4$ '.Z$Z.$,K$1XQ:V[NEGD RS)FX,7''L+IZ8 *N.Y*PSJM$J0%$$( (1'38%/,&.(< *HQHUDGRHOSDUGHFODYHV\DSRGH PRVFLIUDU\GHVFLIUDU7UDEDMDUHPRV FRQHOVLJXLHQWHPHQVDMHHQFODUR HFKR&XDUHQWD\GRV!SODLQW[W (VWH PHQVDMH SXHGH VHU FLIUDGR GH IRUPD VHQFLOOD FRQ HO VLJXLHQWH FR PDQGR\ODFODYHS~EOLFD RSHQVVOUVDXWOHQFU\SWSXELQ LQNH\UVDBSXENH\SHP? LQSODLQW[WRXWFLSKHUW[W 3DUD GHVFLIUDU XWLOL]DUHPRV OD FODYH SULYDGD RSHQVVOUVDXWOGHFU\SWLQNH\ UVDBSULYNH\SHPLQFLSKHUW[W &XDUHQWD\GRV 3UiFWLFD 9LVWR FRPR XWLOL]DU 2SHQ66/ FRQ 56$\FRQRFLHQGRODQHFHVLGDGGH GLVSRQHU GH OD FODYH SULYDGD SDUD GHVFLIUDU ORV PHQVDMHV QXHVWUR REMHWLYR D FRQWLQXDFLyQ VHUi REWH QHU GLFKD FODYH SULYDGD VLQ WHQHU DFFHVR D OD RULJLQDO (V GHFLU RE WHQHU OD FODYH SULYDGD D SDUWLU GH OD FODYH S~EOLFD 3DUD SRGHU KDFHU HVWRORSULPHURTXHQHFHVLWDPRVHV REWHQHUHOPyGXORQ\HOH[SRQHQWH GHFLIUDGR(VWRQRVORSURSRUFLRQD HO VLJXLHQWH FRPDQGR \ OD FODYH S~EOLFD /LVWDGR&ODYHSULYDGD LQFOXGHVWGLRK! LQFOXGHRSHQVVOEQK! LQFOXGHRSHQVVOUVDK! LQFOXGHRSHQVVOHQJLQHK! LQFOXGHRSHQVVOSHPK! LQWPDLQLQWDUJFFKDUDUJY ^ 56$NH\SDLU 56$BQHZ %1B&7;FW[ %1B&7;BQHZ %1B&7;BVWDUWFW[ %,*180Q %1BQHZ %,*180G %1BQHZ %,*180H %1BQHZ %,*180S %1BQHZ %,*180T %1BQHZ %,*180GPS %1BQHZ %,*180GPT %1BQHZ %,*180LTPS %1BQHZ %,*180U %1B&7;BJHWFW[ %,*180U %1B&7;BJHWFW[ %,*180U %1B&7;BJHWFW[ %,*180U %1B&7;BJHWFW[ LIDUJF ^ SULQWIV>S@>T@>H[S@?QDUJY>@ UHWXUQ ` %1BGHFEQSDUJY>@ %1BGHFEQTDUJY>@ %1BGHFEQHDUJY>@ LI%1BFPSST^ %,*180WPS S S T T WPS ` &DOFXODPRVQ %1BPXOQSTFW[ &DOFXODPRVG %1BVXEUS%1BYDOXHBRQHS %1BVXEUT%1BYDOXHBRQHT %1BPXOUUUFW[ST %1BPRGBLQYHUVHGHUFW[G &DOFXODPRVGPRGS %1BPRGGPSGUFW[ &DOFXODPRVGPRGT %1BPRGGPTGUFW[ &DOFXODPRVHOLQYHUVRGHTPRGS %1BPRGBLQYHUVHLTPSTSFW[ &ODYHV56$ NH\SDLU!Q Q NH\SDLU!G G NH\SDLU!H H NH\SDLU!S S NH\SDLU!T T NH\SDLU!GPT GPT NH\SDLU!GPS GPS NH\SDLU!LTPS LTPS 3(0BZULWHB56$3ULYDWH.H\VWGRXWNH\SDLU 18//18//18//18// %1B&7;BHQGFW[ %1B&7;BIUHHFW[ 56$BIUHHNH\SDLU UHWXUQ ` RSHQVVOUVDLQUVDBSXENH\SHP SXELQWH[WPRGXOXV 0RGXOXVELW GEDEDEEG DDFH GFIGIF DID DH ([SRQHQW[ 0RGXOXV '%$%$%%' $$&('& )')&$)$$( ZULWLQJ56$NH\ %(*,138%/,&.(< 0'ZZ'4<-.R=,KYF1$4(%%4$' .Z$Z.$,K$1XQ:V[NEGDRS )FX,7''L+IZ8 *N.Y*PSJM$J0%$$( (1'38%/,&.(< (O PyGXOR HVWi UHSUHVHQWDGR HQ KH[DGHFLPDO3DUDSDVDUORDGHFLPDO SXHGHV XWLOL]DU HO SURJUDPD OLVWDGR HQHO/LVWDGR JFFKH[GHFFOVVO DRXW'%$%$%%'$ $&('& )')&$)$$( 2EWHQLGR HO PyGXOR HQ GHFLPDO HO VLJXLHQWH SDVR FRQVLVWH HQ IDFWRUL ]DUOR )DFWRUL]DFLyQGHO PyGXORQ 'DGR TXH HO Q~PHUR TXH YDPRV D IDFWRUL]DU QR HV H[FHVLYDPHQWH JUDQGH UHVXOWD PiV UiSLGR DSOLFDU ZZZKDNLQRUJ $WDTXHGHIDFWRUL]DFLyQD56$ HO DOJRULWPR GH IDFWRUL]DFLyQ 46 (VWHDOJRULWPRORLPSOHPHQWDPVLH YHSURJUDPDTXHSXHGHVGHVFDUJDU D SDUWLU GH OD WDEOD GH UHIHUHQFLDV PVLHYH OOHYD OD GRFXPHQWDFLyQ QH FHVDULD SDUD LQVWDODUOR \ XWLOL]DUOR DXQTXH QR UHVXOWD QDGD FRPSOL FDGR 3XHV EDVWD FRQ HO VLJXLHQWH FRPDQGR SDUD IDFWRUL]DU HO Q~PHUR SURSXHVWR PVLHYHY 8QRUGHQDGRUDFWXDOSXHGHIDFWRUL]DU HVWH Q~PHUR HQ XQRV GLH] PLQXWRV PiV R PHQRV HQ IXQFLyQ GHO KDUG ZDUH(OUHVXOWDGRHVHOVLJXLHQWH IDFWRU IDFWRU (QHVWHSXQWRIDFWRUL]DGRHOPyGXOR Q \ FRQ HO H[SRQHQHWH GH FLIUDGR REWHQLGR HQ HO DSDUWDGR DQ WHULRU \D WHQHPRV WRGRV ORV GDWRV QHFHVDULRV SDUD REWHQHU OD FODYH SULYDGD 2EWHQFLyQGHODFODYH SULYDGD\GHVFLIUDGRGHO PHQVDMH 'DGD OD GL¿FXOWDG GHO SURFHVR XWL OL]DQGR KHUUDPLHQWDV FRPXQHV GHVDUUROODUHPRVXQSURJUDPDTXHOR KDJD SRU QRVRWURV (QFRQWUDUiV ODV IXHQWHVHQ/LVWDGR 3DUD UHDOL]DU ORV FiOFXORV VH KD XWLOL]DGR OD OLEUHUtD 2SHQ66/ /DV YDULDEOHV%,*180VRQODVXWLOL]DGDV SRU HVWD OLEUHUtD SDUD WUDEDMDU FRQ Q~PHURV JUDQGHV eVWDV WLHQHQ XQD $3,SURSLDSDUDUHDOL]DURSHUDFLRQHV FRPR VXPDV UHVWDV RSHUDFLRQHV PRGXODUHVHWF (O SURJUDPD GH HMHPSOR HP SLH]D FRORFDQGR HQ YDULDEOHV %,*180ORVSDUiPHWURVST\H$ FRQWLQXDFLyQVLVHREVHUYDHOFyGL JRFRQGHWHQLPLHQWR\FRQODD\XGD GHORVFRPHQWDULRVSXHGHYHUVHHO SURFHGLPLHQWRGHJHQHUDFLyQGHOD FODYH SULYDGD (O PLVPR SURFHGL PLHQWR LQGLFDGR DQWHULRUPHQWH GH IRUPD WHyULFD 'H KHFKR OD ~QLFD GLIHUHQFLD FRQ OD JHQHUDFLyQ GH XQD FODYH QRUPDO FRQVLVWH HQ TXH S \ T VH HOHJLUtDQ DOHDWRULDPHQWH \ HQ QXHVWUR FDVR ORV REWHQHPRV GH OD IDFWRUL]DFLyQ GHO PyGXOR )LQDOPHQWH PHGLDQWH OD D\XGD GH 3(0 B ZULWH B 56$3ULYDWH.H\ HVFUL ELPRV OD FODYH SULYDGD HQ IRUPDWR 3(0 HO XWLOL]DGR HQ ORV HMHPSORV 6L FRPSDUDPRV OD FODYH JHQHUDGD FRQ OD FODYH SULYDGD RULJLQDO YHUH PRVTXHKHPRVFRQVHJXLGRQXHV WUR REMHWLYR SXHV VH KD OOHJDGR D ODFODYHSULYDGDDSDUWLUGHODFODYH S~EOLFD/LVWDGR /LVWDGR/OHJDUDODFODYHSULYDGDDSDUWLUGHODFODYHS~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ÀDJVUHODWLRQV18// 18//VHHGVHHGUHOBE\BKRVW LIREM 18// ^ V\VORJ/2*B(55)DFWRULQJLQLWLDOL]DWLRQIDLOHG IUHH1 UHWXUQ ` PVLHYHBUXQREM LIREMPVLHYHBREMBIUHHREM ZKLOHVHQGBUHODWLRQV1KRVWUHODWLRQV VOHHS')B7,0(B72B6(1' LIXQOLQNUHODWLRQV V\VORJ/2*B(55XQOLQNVVUHODWLRQV VWUHUURUHUUQR VWDWXV ')B&/,(17B67$786B:$,7,1* IUHH1 ` EUHDN GHIDXOW EUHDN ` ZZZKDNLQRUJ 3UiFWLFD 6LJXDUGDPRVODQXHYDFODYHSUL YDGDHQXQ¿FKHURGHWH[WRSRUHMHP SOR HQ UVDBKDFNHGBSULYNH\SHP \D SRGHPRVGHVFLIUDUHOPHQVDMHFRPR VLJXH RSHQVVOUVDXWOGHFU\SWLQNH\ UVDBKDFNHGBSULYNH\SHPLQ FLSKHUW[W &XDUHQWD\GRV $OJRULWPRVPRGHUQRV GHIDFWRUL]DFLyQ /RVDOJRULWPRVGHIDFWRUL]DFLyQKDQ LGR PHMRUDQGR FRQ HO WLHPSR KDVWD OOHJDU D XQ SXQWR HQ OD DFWXDOLGDG HQ TXH GLVSRQHPRV GH DOJRULWPRV WDQ UiSLGRV FRPR HO PpWRGR GH FXUYD HOtSWLFD (&0 HO 4XDGUD WLF 6LHYH 46 R HO 1XPEHU )LHOG 6LHYH1)6 'H HVWRV DOJRULWPRV /LVWDGRGIDFWBVHUYHU IRU ^ ZKLOHFKLOGBFRXQW! ')B0$;B&/,(176VOHHS VGBWPS VRFNHWBVHUYHUBDFFHSWVGFOLHQWVL]HRIFOLHQW LISLG IRUN ^ FORVHVG SURFHVVBFOLHQWVGBWPS1QXPBUHODWLRQVUHOBE\BKRVWFOLHQW ` HOVHLISLG! ^ FORVHVGBWPS FKLOGBFRXQW ` HOVH ^ SHUURUIRUN ` FORVHVGBWPS ` FORVHVG /LVWDGRGIDFWBVHUYHUSURFHVVBUHODWLRQV YRLGSURFHVVBUHODWLRQVFKDU1LQWQXPBUHODWLRQVLQWVHFRQGV ^ IRU ^ LQWQBVLHYHV JHWBQXPBUHODWLRQVBLQB¿OH')B),/(B5(/$7,216 SULQWIUHODWLRQVGQHHGG?QQBVLHYHVQXPBUHODWLRQV +DVHQRXJKWUHODWLRQV" LIQBVLHYHV! QXPBUHODWLRQV ^ SULQWI)DFWRULQJV?Q1 NLOO6,*865 XLQWVHHG XLQWVHHG XLQWÀDJV ÀDJV_ 06,(9(B)/$*B86(B/2*),/( JHWBUDQGRPBVHHGVVHHGVHHG IDFWRUBLQWHJHU1ÀDJV')B),/(B5(/$7,21618//VHHGVHHG SULQWI)DFWRULQJ'RQH?Q NLOOJHWSSLG6,*.,// H[LW ` VOHHSVHFRQGV ` ` ZZZKDNLQRUJ WDPELpQ H[LVWHQ GLYHUVDV YDULDFLR QHVHQIXQFLyQGHOWLSRGHQ~PHURD IDFWRUL]DURGHODIRUPDGHUHVROYHU DOJXQDV SDUWHV GHO PLVPR 'LFKRV DOJRULWPRV VRQ EDVWDQWH FRPSOHMRV \ VXHOHQ GLYLGLUVH HQ YDULDV HWDSDV HQ ODV TXH VH YDQ UHDOL]DQGR GLIH UHQWHV FiOFXORV TXH VHUYLUiQ ¿QDO PHQWH SDUD IDFWRUL]DU HO Q~PHUR 46\1)6GHVWDFDQSRUGLVSRQHUGH XQD IDVH GH FULED VLHYH HQ OD TXH VHUHFRSLODQXQDVHULHGHUHODFLRQHV TXH ¿QDOPHQWH VH XWLOL]DUiQ SDUD FRQVWUXLUXQVLVWHPDGHHFXDFLRQHV \ REWHQHU HO UHVXOWDGR /D IDVH GH FULED HV SRVLEOH UHDOL]DUOD HQ SDUD OHORFRQGLIHUHQWHVPiTXLQDV\VXHOH VHUODPiVODUJD (Q ORV HMHPSORV DQWHULRUHV KHPRV XVDGR HO SURJUDPD PVLHYH TXH HV XQD LPSOHPHQWDFLyQ GHO 0XOWLSOH3ROLQRPLDO4XDGUDWLF6LHYH 0346XQDYDULDQWHGHO46(ODO JRULWPR46HVHOPiVUiSLGRFXDQ GRVHWUDWDGHIDFWRUL]DUQ~PHURVGH PHQRVGHGtJLWRV3HURFXDQGR VREUHSDVDPRV HVWH OtPLWH 1)6 WR PDHOUHOHYR 8QD YDULDQWH GHO 1)6 XWLOL]DGD SDUD IDFWRUL]DU FXDOTXLHU WLSR GH Q~PHUR HV HO *1)6 R *HQHUDO 1XPEHU )LHOG 6LHYH 1R KD\ PX FKR VRIWZDUH OLEUH TXH LPSOHPHQWH *1)6 \ HO SRFR TXH H[LVWH QR GHVWDFDQLSRUVXEXHQDGRFXPHQ WDFLyQQLSRUVXIDFLOLGDGGHXVR$O PHQRV HQ HO PRPHQWR GH HVFULELU HVWH DUWtFXOR (Q FXDOTXLHU FDVR YDPRV D YHU FRPR IXQFLRQD JJQ IV XQD LPSOHPHQWDFLyQ GH *1)6 TXHDXQTXHQRHVGHOWRGRHVWDEOH SHUPLWH IDFWRUL]DU VLQ GHPDVLDGRV SUREOHPDV JJQIV HVWi FRPSXHVWR SRU XQ FRQMXQWR GH KHUUDPLHQWDV TXH XWL OL]DGDV XQD D XQD SHUPLWHQ FXEULU WRGDVODVHWDSDVHQODVTXHVHGLYL GHHVWHDOJRULWPR3DUDXQQRYDWR IDFWRUL]DUXQQ~PHURPHGLDQWHHVWH SURFHGLPLHQWR SXHGH UHVXOWDU UHDO PHQWHFRPSOLFDGRSRUORTXHJJQIV RIUHFH XQ VFULSW HQ SHUO TXH KDFH WRGRHOWUDEDMR (VWH VFULSW SHUPLWH XWLOL]DU HO SURJUDPD VLQ TXHEUDGHURV GH FD EH]D SHUR GHVGH OXHJR QR HV OD PHMRU IRUPD GH VDFDUOH SDUWLGR D 3UiFWLFD ODV KHUUDPLHQWDV TXH FRQVWLWX\HQ JJQIV /DIRUPDPiVVHQFLOODGHSUREDU HVWH SURJUDPD FRQVLVWHQ HQ HGLWDU XQ DUFKLYR DO TXH SRGHPRV OODPDU WHVWQLQGLFDQGRHOQ~PHURTXHTXH UHPRVIDFWRUL]DU FDWWHVWQ Q $FRQWLQXDFLyQHMHFXWDPRV WHVWVIDFW/DWSOWHVWQ (VWRIDFWRUL]DUiHOQ~PHUR(VRVtHQ XQDV FXDQWDV KRUDV 0iV R PHQRV HQ IXQFLyQ GHO KDUGZDUH HPSOHDGR 3DUD VDFDUOH PiV SDUWLGR D JJQIV HV QHFHVDULR SUHVFLQGLU GHO VFULSW IDFW/DWSO \ XWLOL]DU ODV KHUUDPLHQWDV TXHSURSRUFLRQDFRQORVSDUiPHWURV FRUUHFWRV 'DGR TXH OD XWLOL]DFLyQ GHJJQIVGDSDUDXQDUWtFXORHQWHUR QR OR H[SOLFDUp DTXt /R PHMRU SDUD DSUHQGHU D XWLOL]DUOR HV OHHU OD GR FXPHQWDFLyQ SURSRUFLRQDGD FRQ HO FyGLJR IXHQWH \ DFFHGHU DO IRUR GH GLVFXVLyQYHUHQODFHV 7DPELpQ HV FRQYHQLHQWH OHHU DOJXQRV GRFXPHQWRV VREUH HO DOJR ULWPR 1)6 DXQTXH KD\ TXH WHQHU HQ FXHQWD TXH VH UHTXLHUHQ FRQR FLPLHQWRV DYDQ]DGRV GH WHRUtD GH Q~PHURV\iOJHEUDOLQHDO /DQHFHVLGDGGHO DWDTXHGLVWULEXLGR /D FODYH IDFWRUL]DGD HQ HO HMHPSOR HVPX\SHTXHxDVLODFRPSDUDPRV FRQODORQJLWXGGHXQDFODYHGHODV TXH VH VXHOHQ XVDU DFWXDOPHQWH 6L DKRUD PLVPR TXLVLpUDPRV FUHDU XQD FODYH 56$ SDUD QXHVWUR XVR SHUVRQDORSWDUtDPRVSRUXQPtQLPR GH ELWV 6LHQGR FDXWHORVRV HVFRJHUtDPRVXQDGHR ELWV 6L LQWHQWDPRV IDFWRUL]DU XQD GH HVWDV FODYHV FRQ QXHVWUR 3& GH FDVD SRU PX\ UiSLGR TXH VHD YHUHPRV FRPR VH TXHGD UHDOL]DQ GR FiOFXORV LQGH¿QLGDPHQWH VLQ OOHJDU D QLQJXQD SDUWH /R FLHUWR HV TXH QR SRGUHPRV FRQ XQD FOD YH GH HVWDV FDUDFWHUtVWLFDV 6LQ HPEDUJR ORV FRQWLQXRV DYDQFHV WDQWR HQ FRPSXWDFLyQ FRPR HQ HO FDPSRPDWHPiWLFRKDFHQTXHHVWD GLVWDQFLD VH YD\D UHGXFLHQGR \ HQ GHWHUPLQDGDV FRQGLFLRQHV VHD SR VLEOH UHDOL]DU DWDTXHV GLVWULEXLGRV HVGHFLUXWLOL]DQGRPLOHVGHPiTXL QDV SDUDOHODPHQWH HQ HO SURFHVR GH IDFWRUL]DFLyQ ([LVWHQ GLYHUVRV HVWXGLRV UHDOL]DGRV SRU H[SHUWRV HQ HVWH FDPSR TXH DQDOL]DQ ODV SRVLELOLGDGHV GH DWDFDU XQD FODYH GHELWVYHUWDEODGHHQODFHV 'H PRPHQWR HVWR HVWi IXHUD GHO DOFDQFHGHODPD\RUtDDXQTXHSUR EDEOHPHQWHQRIXHUDGHODOFDQFHGH FLHUWRVJRELHUQRVXRUJDQL]DFLRQHV 3RU RWUD SDUWH OD H[LVWHQFLD GH UHWRVFRPRHO56$)DFWRULQJ&KD OOHQJH FRPHQWDGR DQWHULRUPHQWH PRWLYDQ WRGDYtD PiV ORV HVWXGLRV HQ HVWH FDPSR DVt FRPR HO GHVD UUROOR GH KHUUDPLHQWDV GLVWULEXLGDV SDUD OD IDFWRUL]DFLyQ GH Q~PHURV JUDQGHV $WDTXHGLVWULEXLGR (Q HMHPSORV DQWHULRUHV KHPRV FRQRFLGR HO VRIWZDUH PVLHYH &R PR KHPRV YLVWR HV GH XWLOL]DFLyQ VHQFLOOD \ HO SURJUDPD HVWi OR VX ¿FLHQWHPHQWH PDGXUR FRPR SDUD QR GDU GHPDVLDGRV SUREOHPDV DO XVXDULR 3RU OR TXH KH YLVWR KDVWD HO PRPHQWR pVWD HV VLQ GXGD OD PHMRU LPSOHPHQWDFLyQ DELHUWD GHO DOJRULWPR4XDGUDWLF6LHYH6LQHP EDUJR HO SURJUDPD TXH VH GLVWUL EX\HQRHVPiVTXHXQDGHPRGHO XVREiVLFRGHODOLEUHUtDPVLHYH< VRORVLUYHSDUDVHUXWLOL]DGDHQXQD ~QLFDPiTXLQD (Q OD GRFXPHQWDFLyQ GHO SUR JUDPD VH PXHVWUDQ XQ SDU GH UHFHWDV SDUD XWLOL]DU HO SURJUDPD GH GHPRVWUDFLyQ FRQ GLIHUHQWHV PiTXLQDV \ DVt SRGHU KDFHU XQD IDFWRUL]DFLyQ GLVWULEXLGD 3HUR VH WUDWD GH XQ SURFHGLPLHQWR PDQXDO \SRFRSUiFWLFR3RUHVWHPRWLYRKH GHFLGLGR LPSOHPHQWDU XQ SHTXHxR SURJUDPDGHHMHPSORTXHSUHVHQWD HO XVR GH OD OLEUHUtD PVLHYH SDUD UHDOL]DU IDFWRUL]DFLyQ GLVWULEXLGD +H OODPDGR D HVWH SURJUDPD GIDFW ZZZKDNLQRUJ \SXHGHVHQFRQWUDUORHQHO&'TXH DFRPSDxDODUHYLVWDRHQODVHFFLyQ GHHQODFHV (O SURJUDPD VH SXHGH FRPSLODU FRQXQPDNH\VRORUHTXLHUHTXHOD OLEUHUtD PVLYH HVWp FRUUHFWDPHQWH LQVWDODGD /D UXWD GH OD PLVPD GH EHUi LQFOXLUVH HQ HO 0DNH¿OH 8QD YH] FRPSLODGR SRGHPRV HQFRQWUDU GRV ELQDULRV HQ OD FDUSHWD ELQ FR UUHVSRQGLHQWHVDOVHUYLGRU\HOFOLHQ WH(OVHUYLGRUGIVVHHMHFXWDUiHQ XQDPiTXLQDFRQEDVWDQWHPHPRULD QHFHVLWDUiPiVFXDQWRPiVJUDQGH VHDHOQ~PHUR\VHUiHOHQFDUJDGR GHUHSDUWLUWUDEDMR\FRRUGLQDUDWR GRV ORV FOLHQWHV (O VHUYLGRU UHFLEH FXDWUR SDUiPHWURV HO Q~PHUR D IDFWRUL]DU HO Q~PHUR GH UHODFLRQHV TXHTXHUHPRVTXHUHFRSLOHHOFOLHQ WH SDUD FDGD HQYtR \ HO Q~PHUR GH VHJXQGRV FDGD FXDQGR TXHUHPRV TXH HO VHUYLGRU FRPSUXHEH VL WLHQH ORVVX¿FLHQWHVGDWRVGHORVFOLHQWHV SDUD WHUPLQDU OD IDFWRUL]DFLyQ FRQ p[LWR (Q HO HMHPSOR VLJXLHQWH VH SLGH D ORV FOLHQWHV TXH HQYtHQ ODV UHODFLRQHV GH HQ \ DO VHUYLGRUTXHYHUL¿TXHHOQ~PHURGH UHODFLRQHVGHTXHGLVSRQHFDGD VHJXQGRV ELQGIV (Q XQRV FXDQWRV FOLHQWHV HMHFX WDUHPRV GPF SDViQGROH FRPR SDUiPHWUR OD ,3 GHO VHUYLGRU \ OD UXWD GH XQ ¿FKHUR WHPSRUDO GRQGH SXHGHUHFRSLODUODVUHODFLRQHV3RU HMHPSOR ELQGIFWPSUHO (OSURJUDPDGIDFWVHKDGHVDUUROODGR WRPDQGRFRPREDVHODOLEUHUtDPVLH YHeVWDRIUHFHXQSURJUDPDGHHMHP SOR OODPDGR GHPRF TXH PXHVWUD VX XVRGHPDQHUDVHQFLOOD6LVHREVHUYD HOFyGLJRVHSXHGHYHUTXHQRUHVXOWD FRPSOLFDGR GH VHJXLU (Q HO /LVWDGR SXHGHYHUVHXQSHGD]RGHFyGLJR GHOFOLHQWHGIDFW(QpOVHPXHVWUDHO IXQFLRQDPLHQWRGHOEOXFOHSULQFLSDOHQ HO TXH HO FOLHQWH UHFLEH HO Q~PHUR D $WDTXHGHIDFWRUL]DFLyQD56$ IDFWRUL]DUGHOVHUYLGRUFDOFXODODVUH ODFLRQHVVROLFLWDGDVPHGLDQWHPVLHYH \VHODVHQYtDDOVHUYLGRUSDUDTXHODV SURFHVH/LVWDGR 9HDPRV FRPR PDQHMD OD VLWXD FLyQ HO VHUYLGRU /LVWDGR &DGD FOLHQWHTXHVROLFLWDHQYLDUODOLVWDGH UHODFLRQHVDOVHUYLGRUHVJHVWLRQDGR SRU SURFHVVBFOLHQW PHGLDQWH XQ SURFHVRVHSDUDGR 2WURSURFHVRVHSDUDGRVHRFXSD GH SURFHVDU ODV UHODFLRQHV TXH ORV FOLHQWHV YDQ HQYLDQGR FDGD FLHUWR WLHPSR/LVWDGR (OSURJUDPDGHHMHPSORQRVSHU PLWHIDFWRUL]DUXQQ~PHURXWLOL]DQGR YDULDV GHFHQDV GH PiTXLQDV \ DXQTXHSRGUtDXWLOL]DUVHHQ,QWHUQHW OD DXVHQFLD GH DXWHQWL¿FDFLyQ \R FLIUDGR HQWUH RWURV OR KDFHQ SRFR UHFRPHQGDEOH$OJXQDVPHMRUDVTXH SRGUtDQVHUGHLQWHUpV\TXHVLQGX GD UHSUHVHQWDUiQ XQ EXHQ HMHUFLFLR SDUD HO OHFWRU VRQ HO XVR GH 66/ PHMRUDVHQODVHJXULGDGPHMRUDVHQ HOUHQGLPLHQWRHWF $QWHULRUPHQWH KHPRV FRPHQ WDGR TXH *1)6 HV PiV H¿FLHQWH 6REUHHODXWRU 'DQLHO/HUFK+RVWDORW ,QJHQLHURGH6RIWZDUH&&HQSODWDIRUPDV*18/LQX[ 0DVWHU &LVFR 1HWZRUNLQJ $FDGHP\ 3URJUDP &&1$ ZLUHOHVV 1HWZRUN 6HFXULW\ ,QJHQLHUR 7pFQLFR HQ ,QIRUPiWLFD GH 6LVWHPDV SRU 8QLYHUVLWDW 2EHUWD GH &DWDOXQ\D 82&DFWXDOPHQWHWUDEDMDHQVHFWRUGHWHOHFRPXQLFDFLRQHV &RQRFH ORV VLJXLHQWHV OHQJXDMHV GH SURJUDPDFLyQ && 6KHOO6FULSW -DYD 3HUO 3+3SURJPyGXORVHQ& HPDLOGOHUFK#JPDLOFRPXUOKWWSGDQLHOOHUFKFRP 7KH56$)DFWRULQJ&KDOOHQJH TXH 0346 HQ OD IDFWRUL]DFLyQ GH Q~PHURV GH PiV GH GtJLWRV (QHVWRVPRPHQWRVQRSDUHFHTXH H[LVWD QLQJ~Q VRIWZDUH OLEUH TXH SHUPLWD LPSOHPHQWDUIiFLOPHQWHXQ VLVWHPDGLVWULEXLGRGHIDFWRUL]DFLyQ FRQ*1)6DOLJXDOTXHKHPRVKH FKRFRQPVLHYH466LQHPEDUJR HODXWRUGHPVLHYHORHVWiGRWDQGR GH VRSRUWH SDUD *1)6 \ DXQTXH pVWH VH HQFXHQWUD WRGDYtD D PH GLDV TXL]iV HQ QR PXFKR WLHPSR OR WHQJDPRV GLVSRQLEOH 6L HVR VXFHGLHVHQRVHUtDPX\GLItFLOPR GL¿FDUQXHVWURHMHPSORGIDFWSDUD UHDOL]DU IDFWRUL]DFLyQ GLVWULEXLGD FRQ*1)6 (Q FXDOTXLHU FDVR JJQIV GLV SRQH GH OD SRVLELOLGDG GH XWLOL]DU YDULDV PiTXLQDV SDUD UHDOL]DU XQD IDFWRUL]DFLyQ (VWR SXHGH KDFHUVH FRQ HO VFULSW IDFW/DWSO YLVWR DQWH ULRUPHQWH DXQTXH HV XQD YHUVLyQ PX\ LQHVWDEOH \ VROR SHUPLWH XWLOL ]DU XQDV SRFDV PiTXLQDV HQ XQD /$1 3DUD¿QDOL]DU 56$KWWSZZZUVDVHFXULW\FRPUVDODEVQRGHDVS"LG 56$ 56$ KWWSZZZUVDVHFXULW\FRPUVDODEVQRGHDVS"LG 56$ 56$KWWSZZZUVDVHFXULW\FRPUVDODEVQRGHDVS"LG 56$ 56$ KWWSZZZUVDVHFXULW\FRPUVDODEVQRGHDVS"LG 56$ 56$ KWWSZZZUVDVHFXULW\FRPUVDODEVQRGHDVS"LG 56$ 56$ KWWSZZZUVDVHFXULW\FRPUVDODEVQRGHDVS"LG 56$ 5HIHUHQFLDV )DFWRUL]DFLyQGHQ~PHURVHQWHURVJUDQGHVKWWSIDFWRUL]DFLRQEORJVSRWFRP ')$&7±KWWSGDQLHOOHUFKFRPVRXUFHVSURMHFWVGIDFWGIDFWKDNLQWDUJ] **1)6 $ 1XPEHU )LHOG 6LHYH LPSOHPHQWDWLRQ KWWSZZZPDWKWWXHGX aFPRQLFRVRIWZDUHJJQIV <DKRR*URXSIRU**1)6KWWSZZZJURXSV\DKRRFRPJURXSJJQIV 06,(9(,QWHJHU)DFWRUL]DWLRQKWWSZZZERRQHWaMDVRQSTVKWPO 7KH 56$ )DFWRULQJ &KDOOHQJH KWWSZZZUVDVHFXULW\FRPUVDODEV QRGHDVS"LG 2SHQ66/KWWSZZZRSHQVVORUJ $OJRULWPRGH6KRUKWWSHVZLNLSHGLDRUJZLNL$OJRULWPRBGHB6KRU 2QWKHFRVWRIIDFWRULQJ56$ KWWSZZZZLVGRPZHL]PDQQDFLO(WURPHUSDSHUVFEWZLUOSGI )DFWRULQJHVWLPDWHVIRUDELW56$PRGXOXV KWWSZZZZLVGRPZHL]PDQQDFLO(WURPHUSDSHUVIDFWRUHVWSGI ZZZKDNLQRUJ 3DUDILQDOL]DUTXLHURPHQFLRQDUOD UHSHUFXVLyQ TXH SXHGHQ WHQHU ORV DYDQFHV PDWHPiWLFRV TXH VH UHD OL]DQ HQ HVWH FDPSR 8Q Q~PHUR TXH KR\ HV FRPSXWDFLRQDOPHQWH LPSRVLEOH GH IDFWRUL]DU PDxDQD SRGUtD VHU IDFWRUL]DEOH HQ SRFRV PLQXWRV 7RGR GHSHQGH GH TXH D DOJXLHQVHOHRFXUUDXQDIRUPDUH YROXFLRQDULDGHDWDFDUHOSUREOHPD 6LQ HPEDUJR ORV PiV GH DxRV TXH OOHYD HQ IXQFLRQDPLHQWR HO DO JRULWPR 56$ DYDODQ OD VHJXULGDG GHOPLVPR\KDFHQSRFRSUREDEOH HVWHKHFKR 3RU RWUD SDUWH OD TXL]iV LQPL QHQWH OOHJDGD GH OD FRPSXWDFLyQ FXiQWLFD Vt UHVXOWD XQD DPHQD]D VHULDDODVHJXULGDGGHHVWHFRQR FLGR FULSWRVLVWHPD eVWR HV GHELGR D OD H[LVWHQFLD GHO DOJRULWPR GH 6KRU YHU VHFFLyQ GH HQODFHV TXH PXHVWUD XQD IRUPD GH DWDFDU HO SUREOHPD FRQ FRPSOHMLGDG SR OLQyPLFD (V GHFLU TXH SHUPLWLUtD IDFWRUL]DU XQD FODYH HQ XQ WLHPSR UD]RQDEOHz