KWWSZZZHOSUDFWLFDQWHJDOHRQFRP 0HWDEROLVPRGH6RGLR\$JXD 'U)HOLSH0RWD+HUQiQGH] 'U-RVp&DUORV3HxD /DFRPSRVLFLyQ\HOYROXPHQGHORVOtTXLGRVFRUSRUDOHVSHUPDQHFHFRQVWDQWHDSHVDUGH JUDQGHVYDULDFLRQHVHQORVLQJUHVRVGLDULRVGHDJXD\VROXWRV$GHPiVGHORVOtTXLGRV LQJHULGRVSRUHOHVWtPXORGHODVHGVHGHEHQWRPDUHQFXHQWDDTXHOORVSURSRUFLRQDGRV SRUORVDOLPHQWRVVyOLGRVFX\RFRQWHQLGRDFXRVRHVYDULDEOHSHURTXHHQXQDGLHWD QRUPDOGHODGXOWRHVGHDOUHGHGRUGHP/\HODJXDGHR[LGDFLyQGHORVDOLPHQWRV JGHFDUERKLGUDWRVSURSRUFLRQDPOGHDJXDDOPHWDEROL]DUVHJGHSURWHtQD SURSRUFLRQDP/\JGHJUDVDOLEHUDP/(VWDVFDQWLGDGHVWDQSHTXHxDVHQ FRQGLFLRQHVQRUPDOHVGHEHQWRPDUVHHQFXHQWDHQHOEDODQFHKtGULFRFXDQGRHOULxyQQR IXQFLRQDDGHFXDGDPHQWH 'HODVSpUGLGDVGHDJXDODLQVHQVLEOHHVODPiVFRQVWDQWHHQFRQGLFLRQHVGHVDOXG $XPHQWDFRQODILHEUHFRQODWHPSHUDWXUDDPELHQWH\FRQODWDTXLSQHDSXHVHODLUH H[KDODGRHVWiFDVLDVDWXUDFLyQFRQYDSRUGHDJXD6HKDHQFRQWUDGRTXHXQDSHUVRQD VXMHWDDWUDEDMRSHVDGR\SHUPDQHFLHQGRHQXQDPELHQWHFDOLHQWHSXHGHSHUGHUKDVWD P/SRUKRUDSRUSHUVSLUDFLyQ/DVSpUGLGDVSRUWXERGLJHVWLYRVRQPtQLPDVSXHVDXQ FXDQGRODFDQWLGDGGHOtTXLGRVTXHVHYLHUWHQDWXERGLJHVWLYRHVPX\JUDQGHP/ DSUR[LPDGDPHQWHODUHDEVRUFLyQHVFDVLWRWDOH[FHSWRHQFRQGLFLRQHVSDWROyJLFDV FRPRODGLDUUHDRHQDTXHOORVHQIHUPRVHQORVTXHVHLQVWDODVXFFLyQJiVWULFDR LQWHVWLQDO 2UGLQDULDPHQWHORVULxRQHVH[FUHWDQPiVGHODPLWDGGHODJXDTXHVH SLHUGH(OYROXPHQXULQDULRPtQLPRGHSHQGHGHODFDQWLGDGGH PDWHULDOHVGHGHVHFKRTXHGHEHQVHUHOLPLQDGRV\GHODFDSDFLGDGGH FRQFHQWUDFLyQGHOULxyQ$OUHGHGRUGHOGHORVUHFLpQQDFLGRV VDQRVRULQDQSRUORPHQRVXQDYH]HQODVSULPHUDVKRUDVGHODYLGD \HOGHORVQLxRVKDQRULQDGRDODVKRUDV(OYROXPHQXULQDULR GXUDQWHORVSULPHURVGtDVGHODYLGDHQQLxRVDOLPHQWDGRVDOSHFKR DXPHQWDUiSLGDPHQWHGHVSXpVGHODVKRUDV'XUDQWHODVSULPHUDV VHPDQDVGHODYLGDHVFRP~QTXHHOQLxRRULQHDYHFHVSRUGtD YDFLDQGRWRWDOPHQWHOD YHMLJDHQFDGDPLFFLyQ/DVSpUGLGDVSRURULQD HQQLxRVPD\RUHVYDQGHDP/SRUGtDGHDFXHUGRFRQOD HGDG&XDGUR (OEDODQFHGH DJXDHQ FRQGLFLRQHVGH VDOXGUHVXOWD GHODVXPDGH ORVLQJUHVRV PHQRVORV HJUHVRVSRU RULQDKHFHV SLHO\SpUGLGDV LQVHQVLEOHV /DRVPRODOLGDGHVXQRGHORVDVSHFWRVGHOPHGLRLQWHUQRTXHVHPDQWLHQHQFRQ YDULDFLyQPtQLPDHQWUH\PRVPRO/JUDFLDVDOFRQWUROGHODVHGGHOD KRUPRQDDQWLGLXUpWLFD+$'\GHODIXQFLyQUHQDO/DVHGVHUHJXODSULQFLSDOPHQWHSRU HVWtPXORVRVPyWLFRV\HVPHQRUHQORVDQFLDQRV$SDUHFHFXDQGRODRVPRODOLGDGH[FHGH PRVPRONJVLPXOWiQHDPHQWHVHOLEHUD+$'SDUDFRQFHQWUDUODRULQDDOPi[LPR\ DVtFRQVHUYDUHOEDODQFHKtGULFRGXUDQWHODGHSULYDFLyQGHDJXD &XDGUR3URPHGLRGHSpUGLGDVGHOtTXLGRVHQQLxRV 25,1$ P/ +(&(6 P/ /$&7$17(6 NJ 1,f26NJ 3e5','$6 727$/ ,16(16,%/(6 P/ )8(17(:LQWHUV5:7KHERG\IOXLGVLQSHGLDWULFV%RVWRQ/LWWOH %URZQ&RS )LJXUD%DODQFHGHVRGLRHQXQVXMHWRQRUPDO 8QDGLHWDDOWDHQVDOSURYRFDEDODQFHSRVLWLYRGH VRGLRFRQDXPHQWRGHSHVRFDGDYH]PHQRUHVD WUDYpVGHORVGtDVSRUDXPHQWRSURJUHVLYRGHVX H[FUHFLyQUHQDOKDVWDORJUDUHOHTXLOLEULRHQWUHOR TXHLQJUHVD\HJUHVD&RQODGLVPLQXFLyQGHOD LQJHVWDGHVDORFXUUHORFRQWUDULRFRQEDODQFH QHJDWLYRWUDQVLWRULRGHVRGLR (O1D HVHOFDWLyQGHWHUPLQDQWHGHOYROXPHQGHOOtTXLGRH[WUDFHOXODU/(&(O YROXPHQFLUFXODQWHDUWHULDOHIHFWLYR9$(VHUHILHUHDHVDSRUFLyQGHO/(&TXH SHUIXQGHDGHFXDGDPHQWHORVWHMLGRV(QJHQHUDOHO9$(YDUtDGLUHFWDPHQWHFRQHO YROXPHQGHO/(&\DTXHDPERVDXPHQWDQFRQODVFDUJDV\GLVPLQX\HQFRQODV SpUGLGDVGH1D6HSXHGHFRQFOXLUTXHHOFRQWUROGHOEDODQFHGHVRGLR\GHO9$(VRQ IXQFLRQHVtQWLPDPHQWHUHODFLRQDGDV ,QJHVWLyQ\EDODQFHGHVRGLR (OULxyQHVHOUHJXODGRUPiVLPSRUWDQWHGHOEDODQFHGH1D\UHVSRQGHGHPRGR FDUDFWHUtVWLFRDFDPELRVHQHO9$(&XDQGRVHSURGXFHXQDXPHQWRHQHOYROXPHQGHO /(&FRPRRFXUUHGHVSXpVGHXQDFDUJDGH1DODH[FUHFLyQGHVDODXPHQWDHQXQ LQWHQWRGHUHJUHVDUHOYROXPHQDORQRUPDO)LJ3RUHOFRQWUDULRHQSUHVHQFLDGH GHSOHFLyQGHYROXPHQFRPRHQODUHVWULFFLyQGH1DGXUDQWHRUWRVWDWLVPRFLUURVLV KHSiWLFDFRQDVFLWLVVtQGURPHQHIUyWLFRRLQVXILFLHQFLDFDUGLDFDHOULxyQUHWLHQH1D SDUDUHVWDEOHFHUHOYROXPHQFLUFXODWRULRHIHFWLYR/DVYDULDFLRQHVHQODLQJHVWLyQ GLHWpWLFDGH1D VHDFRPSDxDQGHFDPELRVHQHOYROXPHQFLUFXODQWH\DOPLVPRWLHPSR HQODH[FUHFLyQGH1D(VWDH[FUHFLyQGHVDOHVWiGHWHUPLQDGDPXOWLIDFWRULDOPHQWHD VDEHUFDUJDILOWUDGDGH1DDFWLYLGDGPLQHUDORFRUWLFRLGH\FDPELRVHQODUHDEVRUFLyQ WXEXODUSUR[LPDO\GLVWDOIDFWRUHVItVLFRVSHULWXEXODUHVIDFWRUHVQDWULXUpWLFRV KRUPRQDOHVIDFWRUQDWULXUpWLFRDXULFXODUIDFWRULQKLELGRUGH1D.$73DVDDGHPiVVH KDGHPRVWUDGRODSDUWLFLSDFLyQGHOVLVWHPDQHUYLRVRVLPSiWLFR\IDFWRUHV YDVRGLODWDGRUHVFLQLQDV\SURVWDJODQGLQDV 5HJXODFLyQGHOYROXPHQH[WUDFHOXODU /DGHSOHFLyQGHOYROXPHQLQWUDYDVFXODURODFDtGDGHOJDVWRFDUGtDFRVHDFRPSDxDQGH GHVFHQVRHQHOOOHQDGRYDVFXODU\SRUHIHFWRGHYDVRVFRPXQLFDQWHVDIHFWDHOUHVWRGHORV WHUULWRULRVGHOHVSDFLRH[WUDFHOXODUTXHLQFOX\HHOLQWHUVWLFLRGHORVyUJDQRV IXQGDPHQWDOPHQWHHOULxyQ)LJ/DFDVFDGDGHHYHQWRVTXHVHVLJXHQDXQDSpUGLGD GHYROXPHQFRUSRUDOSUHWHQGHFRUUHJLUHQIRUPDILQDOLVWDODSHUIXVLyQWLVXODUUHFXSHUDU HOHTXLOLEULRHQWUHODGLVWHQVLELOLGDGYDVFXODU\HOYROXPHQGHOtTXLGRFLUFXODQWHHOULxyQ UHGXFHVXH[FUHFLyQGHVDO\DJXDHQXQLQWHQWRGHUHSDUDUORVOtTXLGRVSHUGLGRV )LJXUD5HVSXHVWDGHOYROXPHQH[WUDFHOXODUDGHSOHFLyQ /DGLVPLQXFLyQGHOYROXPHQDUWHULDOHIHFWLYRSRUGLIHUHQWHV FDXVDVDFWLYDUHFHSWRUHVDUWHULDOHV\YHQWULFXODUHVTXHD WUDYpVGHGLIHUHQWHVVLVWHPDVKRUPRQDOHV\QHXURJpQLFRV DXPHQWDQODUHDEVRUFLyQWXEXODUUHQDOGHVRGLR\DJXDFRQ GLVPLQXFLyQGHVXH[FUHFLyQXULQDULDSDUDUHVWLWXLUHO YROXPHQ /RLQWHUHVDQWHHVTXHHOULxyQORTXHUHFLEHHVXQDLQIRUPDFLyQVLHPSUHLJXDOODGHXQ YROXPHQFLUFXODQWHUHGXFLGRFDtGDGHOJDVWRFDUGtDFRGHSOHFLyQ GHYROXPHQR YDVRGLODWDFLyQ6XSUHVLyQLQWHUVWLFLDOFDHEDMDODSUHVLyQGHSHUIXVLyQ\VHHVWLPXODQ VXVPHFDQLVPRVUHWHQHGRUHVGHVRGLRDORODUJRGHOQHIUyQ(QFRQGLFLRQHVGH H[SDQVLyQGHHVFDSHDDOGRVWHURQDRGHLQPHUVLyQHQDJXDKDVWDHOFXHOORHQVXMHWRV VDQRV)LJODH[SDQVLyQVHDFRPSDxDGHDXPHQWRGHOJDVWRFDUGtDFR\OOHQXUDGHO iUEROFLUFXODWRULRODFDVFDGDGHHYHQWRVVHUHYLHUWHGHVFLHQGHODDFWLYLGDGVLPSiWLFDOD DFWLYLGDGGHOVLVWHPDUHQLQDDQJLRWHQVLQDDOGRVWHURQDOD+$'\DXPHQWDHOSpSWLGR DXULFXODUQDWULXUpWLFR(QHVWDVFRQGLFLRQHVHOULxyQDFXVDODH[LVWHQFLDGHOOHQDGRGHO iUEROFLUFXODWRULRVXSUHVLyQLQWHUVWLFLDO\GHSHUIXVLyQVHLQFUHPHQWDQ\ORV PHFDQLVPRVGHWUDQVSRUWHWXEXODUGHVRGLRVHDEDWHQFRQORTXHDXPHQWDOD H[FUHFLyQGH VDO\DJXDHQXQLQWHQWRGHFRUUHJLUHOH[FHVRGHYROXPHQ )LJXUD5HVSXHVWDGHOYROXPHQH[WUDFHOXODUD H[SDQVLyQ &XDQGRDXPHQWDHOYROXPHQDUWHULDOHIHFWLYRVH DFWLYDQORVUHFHSWRUHVGHYROXPHQ\SRUGLYHUVRV PHFDQLVPRVVHSURGXFHGLVPLQXFLyQGHUHDEVRUFLyQ WXEXODUGHVRGLR\DJXDFRQDXPHQWRGHVX H[FUHFLyQXULQDULDHQXQLQWHQWRSRUFRUUHJLUHO H[FHVRGHYROXPHQ /RVVXMHWRVQRUPDOHVVHPDQWLHQHQHQXQHTXLOLEULRTXHGHSHQGHGHXQEDODQFHHQWUHOD LQJHVWLyQ\ODH[FUHFLyQGHVRGLR(QDPEDVVLWXDFLRQHVVRQORVPHFDQLVPRV LQWUDUUHQDOHVORVHQFDUJDGRVGHFRUUHJLUHOGpILFLWRHOH[FHVRGHYROXPHQDSHVDUGHTXH HOFXHUSRUHGLVWULEX\HORVOtTXLGRVKDFLDORVHVSDFLRVPiVQHFHVLWDGRVHQXQDIiQGH HYLWDUODKLSRWHQVLyQ\HOFKRTXHHQVLWXDFLRQHVGH GHSOHFLyQ\GHHOLPLQDUHOH[FHVRHQ FRQGLFLRQHVGHH[SDQVLyQ/RVSDGHFLPLHQWRVTXHFXUVDQFRQ HGHPDVHDOHMDQGHHVWDV UHJODV\ORVYHUHPRVHQRWURFDStWXOR 5HJXODFLyQGHODRVPRODULGDGSODVPiWLFD /D3RVPVHPDQWLHQHFRQVWDQWHJUDFLDVDODLQJHVWLyQ\H[FUHFLyQGHDJXD(OEDODQFHGH DJXDVHPDQWLHQHHQHTXLOLEULRJUDFLDVDGRVPHFDQLVPRVIXQGDPHQWDOHVGHUHJXODFLyQ FHUHEUDOTXHVHLQWHJUDQHQHOKLSRWiODPRDQWHULRUODVHG\ODOLEHUDFLyQGH+$'R YDVRSUHVLQD(VWRVGRVPHFDQLVPRVDOPDQWHQHUHOFRQWHQLGRGHDJXDFRUSRUDOGHQWUR GHOtPLWHVHVWUHFKRVUHJXODQODUHODFLyQHQWUHVROXWRV\DJXDRVHDODRVPRODULGDGGHORV OtTXLGRVFRUSRUDOHV)LJ )LJXUD5HJXODFLyQGHODRVPRODULGDGSODVPiWLFD (QHVWHHVTXHPDVHHMHPSOLILFDODUHVSXHVWDDOD KLSHU\DODKLSRWRQLFLGDGGHORVOtTXLGRVFRUSRUDOHV FRQLQKLELFLyQ\HVWLPXODFLyQGHORV RVPRUUHFHSWRUHVTXHUHGXFHQRLQFUHPHQWDQODVHG\ ODOLEHUDFLyQGHKRUPRQDDQWLGLXUpWLFD+$' /DLQJHVWLyQGHDJXDHVWiPHGLDGDSRUDMXVWHVHQHOPHFDQLVPRGHODVHG\ODH[FUHFLyQ SRUXQDUHVSXHVWDQRUPDOGHOVLVWHPDKLSRWiODPRKLSRILVLDULRTXHOLEHUD+$'\UHJXODOD UHVSXHVWDUHQDODHVWDKRUPRQDDWUDYpVGHPHFDQLVPRVGHFRQFHQWUDFLyQ\GLOXFLyQ GH ODRULQD6LQHPEDUJRHQFDVRVGHGHVKLGUDWDFLyQHVHODJXDEHELGDODTXHHYLWDOD KLSHURVPRODULGDGSODVPiWLFD3RUHMHPSORHQORVSDFLHQWHVFRQGLDEHWHVLQVtSLGDTXH FXUVDQFRQDXVHQFLDGH+$'SHURXQPHFDQLVPRGHODVHGLQWDFWRPDQWLHQHQOD RVPRODULGDG\ODFRQFHQWUDFLyQGH1D VpULFRGHQWURGHOtPLWHVQRUPDOHVDSHVDUGH GLXUHVLVGHRPiVOLWURVSRUGtD(VSRUHVWRTXHSDFLHQWHVFRQXQPHFDQLVPRGHOD VHGLQWDFWR\DFFHVRDODJXDGLILFLOPHQWHSUHVHQWDUiQKLSHUQDWUHPLDRKLSHURVPRODULGDG VLQWRPiWLFD3RUHOFRQWUDULRXQDFDUJDDJXGDGHDJXDUHGXFHODRVPRODULGDG SODVPiWLFDVXSULPHODVHFUHFLyQGH+$'HQGyJHQD\ODVHGIDYRUHFHODIRUPDFLyQGH RULQDGLOXtGD\ODH[FUHFLyQGHDJXDOLEUHDFXDUHVLV(OULxyQHVFDSD]GHH[FUHWDUGH DOLWURVGHRULQDHQKRUDV/DUHGXFFLyQHQODFDSDFLGDGUHQDOGHH[FUHWDURULQD GHVSXpVGHXQDJUDQLQJHVWLyQGHDJXDVyORRFXUUHHQVLWXDFLRQHVPX\SDUWLFXODUHV FRPRORVSDGHFLPLHQWRVTXHFXUVDQFRQHGHPDHQODLQVXILFLHQFLDUHQDO DYDQ]DGDRHQ HOVtQGURPHGHVHFUHFLyQLQDGHFXDGDGH+$' 6XMHWRVKLSRWHQVRVRFRQGHSOHFLyQGHYROXPHQUHWLHQHQWRGDHODJXDTXHVHOHVRIUHFHD SHVDUGHHPSHRUDUODKLSRWRQLFLGDG(QWpUPLQRVWHOHROyJLFRVHORUJDQLVPRVDFULILFDOD WRQLFLGDGSDUDPDQWHQHUHOYROXPHQSODVPiWLFR\ODHVWDELOLGDGKHPRGLQiPLFDTXHVRQ IXQFLRQHVYLWDOHV(VWHHVWtPXORGHVHQFDGHQDGRSRUODFRQWUDFFLyQGHOYROXPHQ FLUFXODQWHQDFHHQORVEDURUUHFHSWRUHVGHODVDXUtFXODV\ORVJUDQGHVYDVRV\YLDMDHQODV ILEUDVQHUYLRVDVGHORVSDUHVFUDQHDOHV,;\;DOKLSRWiODPR8QHVWtPXOR KHPRGLQiPLFRLQWHQVRVREUHSDVDFRQPXFKRHOHVWtPXORRVPyWLFR<DXQTXHOD OLEHUDFLyQGH+$'HVPiVVHQVLEOHDORVFDPELRVGHRVPRODULGDGODOLEHUDFLyQGH+$' VHFXQGDULDDHVWtPXORVGHYROXPHQVREUHSDVDFRQPXFKRHOHIHFWRPXFKRPHQRV SRWHQWHGHODKLSRRVPRODULGDG)LJ )LJXUD5HODFLyQHQWUH$93\FDPELRVHQ RVPRODULGDG\HQYROXPHQ /DKRUPRQDDQWLGLXUpWLFDPHGLGDDWUDYpVGHOD DFWLYLGDGGHYDVRSUHVLQD$93HQHOSODVPDVH HOHYDPiVUDSLGDPHQWHFRQSHTXHxRVFDPELRVHQOD RVPRODULGDGSHURVXLQFUHPHQWRHVPD\RUFXDQGR KD\GHSOHFLyQLPSRUWDQWHGHYROXPHQ 2WUDJUDQYDULHGDGGHHVWtPXORVTXHDFW~DQHQORVFHQWURVQHUYLRVRVVXSHULRUHVWDPELpQ IDYRUHFHQODOLEHUDFLyQGH+$' (VWRVVHFUHWDJRJRVLQFOX\HQHOGRORUHVWUpVHPRFLRQDOPLHGRFRLWRHMHUFLFLRQiXVHD KLSR[LDKLSRJOXFHPLDKLSRWHQVLyQDUWHULDO\GLYHUVDVGURJDVPRUILQDEDUELW~ULFRV QLFRWLQDPHSHULGLQDKLVWDPLQDDJHQWHVFROLQpUJLFRVpWHU\DGUHQDOLQDDJUDQGHVGRVLV 3RUHOFRQWUDULRODLQJHVWLyQGHDOFRKROLQKLEHVXVHFUHFLyQ /D +RUPRQDDQWLGLXUpWLFD+$' RVPRODULGDG (VXQQRQDSpSWLGRVLQWHWL]DGRFRPRSURKRUPRQDHQODVQHXURQDVGHO GHOSODVPDVH KLSRWiODPRDWUDYpVGHORVD[RQHVQHXURQDOHVOOHJDDODKLSyILVLV PDQWLHQH SRVWHULRUGRQGHVHDOPDFHQDSDUDVHUOLEHUDGDFRQDOJ~QHVWtPXOR FRQVWDQWH &RQVWLWX\HXQDGHODVSULQFLSDOHVOtQHDVGHGHIHQVDTXHWLHQHHO JUDFLDVDO RUJDQLVPRSDUDDKRUUDUDJXDHQORVPRPHQWRVGHQHFHVLGDGRSDUD HTXLOLEULRHQWUH GHVKDFHUVHGHHOODFXDQGRH[LVWHXQH[FHVR(VWRORKDFHDWUDYpVGH ODLQJHVWLyQ\ SHUPLWLURQRTXHODRULQDTXHDOFDQ]DODSRUFLyQWHUPLQDOGHOQHIUyQ ODH[FUHFLyQGH W~EXORGLVWDO\W~EXORFROHFWRUVXIUDXQDUHDEVRUFLyQILQDOGHDJXDVL DJXD KD\+$'RTXHVHHOLPLQHGLFKDRULQDHQIRUPDKLSRWyQLFDVLOD KRUPRQDQRKDVLGROLEHUDGDRQRDFW~DHQORVUHFHSWRUHVWXEXODUHVUHQDOHV(O IXQFLRQDPLHQWRUHQDOSHUPLWHVXFRQYHUVLyQHQXQRVFXDQWRVPLQXWRVGHXQyUJDQR UHWHQHGRUDXQyUJDQRH[FUHWRUGHDJXD $OLJXDOTXHODVHGVXUHVSXHVWDHVPiVVHQVLEOHDHVWtPXORVRVPyWLFRV/D+$'VHGHMD GHOLEHUDUFXDQGRODRVPRODOLGDGGHOSODVPDVHHQFXHQWUDSRUGHEDMRGHPRVPRO/ 3RUFDGDGHDXPHQWRGHRVPRODOLGDGVpULFDVHSURGXFHXQDXPHQWRDSUR[LPDGRGH SJP/GH+$'HQSODVPDORTXHDXPHQWDODRVPRODOLGDGXULQDULDPRVPRONJ 2WURVHVWtPXORVFRPRODKLSRYROHPLDSXHGHQSURGXFLUOLEHUDFLyQGH+$'HQSUHVHQFLD GHKLSRWRQLFLGDGDXQTXHVHUHTXLHUHODGLVPLQXFLyQGHOGHOYROXPHQSODVPiWLFR'H ORVGRVPHFDQLVPRVSULQFLSDOHVGHUHJXODFLyQHOUHODFLRQDGRDRVPRODULGDG\HO GHWHUPLQDGRSRUFDPELRVGHYROXPHQDXQFXDQGRDFW~DQVLPXOWiQHDPHQWHSDUHFH KDEHUSUHGRPLQLRGHOSULPHURHQFRQGLFLRQHVGHVDOXG\GHOVHJXQGRHQFRQGLFLRQHV SDWROyJLFDV(QVLWXDFLRQHVHQODVFXDOHVKD\GLVPLQXFLyQGHODRVPRODULGDGFRQ KLSRQDWUHPLDFRPRHQODHQIHUPHGDGGH$GGLVRQHQODVQHIULWLVSHUGHGRUDVGH VDOR HQODLQVXILFLHQFLDFDUGtDFDFRQJHVWLYDGHODUJDGXUDFLyQKDEUtDGHSOHFLyQGHDJXDPX\ JUDYHVLODUHJXODFLyQVHKLFLHUD~QLFDPHQWHEDVDGDHQODRVPRODULGDGORFXDOQR VXFHGH(OVLWLRGHDFFLyQGHOD+$'HVHQORVW~EXORVGLVWDOHV\HQORVW~EXORV FROHFWRUHVGHOULxyQ(VWDVSRUFLRQHVGHODQHIURQDLPSHUPHDEOHVDODJXDVHYXHOYHQ SHUPHDEOHVDHOODSRUDFFLyQGHOD+$' 6HG /DVIXHU]DVTXHHVWLPXODQ\VXSULPHQODVHGVRQDVRPEURVDPHQWHLGpQWLFDVDODVTXH GHWHUPLQDQODOLEHUDFLyQGH+$'$VtWDQWRODKLSHUWRQLFLGDGFRPRODKLSRYROHPLD IDYRUHFHQVXDSDULFLyQ(OHIHFWREHQpILFRGHOD LQJHVWLyQ\UHWHQFLyQGHDJXDHVREYLR \DTXHUHHVWDEOHFHODRVPRODULGDG\ODYROHPLD/RVRVPRUUHFHSWRUHVHQFDUJDGRVGH UHVSRQGHUDODVHGHVWiQORFDOL]DGRVHQODSDUWHDQWHULRUGHOKLSRWiODPRVREUHSXHVWRV SHURDOPLVPRWLHPSRVHSDUDGRVGHORVTXHPHGLDQODOLEHUDFLyQGH+$'5HVSRQGHQD FDPELRVUHDOHVHQODWRQLFLGDGFRPRORVLQGXFLGRVSRU1D RPDQLWROSHURQRSRUXUHD TXHHVXQRVPROQRHIHFWLYR(OXPEUDOGHUHVSXHVWDSDUDODVHG\ODYDVRSUHVLQDHV VHQVLEOHPHQWHLJXDO/DVHGVHGHVSLHUWDFRQFDPELRVRVPRODUHVSODVPiWLFRVGHQWURGH ORVOtPLWHVQRUPDOHV/DKLSHUGLSVLDVHFXQGDULDDKLSRYROHPLDHVWiPHGLDGDSRUHO VLVWHPDUHQLQDDQJLRWHQVLQD\SDUWLFXODUPHQWHSRU ODDQJLRWHQVLQD,,TXHHVXQDJHQWH GLSVyJHQRPX\SRWHQWHTXHDFWLYDORVUHFHSWRUHVORFDOL]DGRVDEDMRGHOIyUQL[ 5HJXODFLyQUHQDO (OSULPHUSDVRHQODIRUPDFLyQGHODRULQDHVODILOWUDFLyQJORPHUXODU(VWDVHUHDOL]D PHUFHGDODSUHVLyQKLGURVWiWLFDHQORVFDSLODUHVJORPHUXODUHVODFXDOGHEHYHQFHUOD SUHVLyQRQFyWLFDGHODVSURWHtQDVSODVPiWLFDVODSUHVLyQGHODFiSVXODGH%RZPDQ\OD SUHVLyQLQWUDWXEXODU /DKRUPRQD DQWLGLXUpWLFDHV PiVVHQVLEOHD FDPELRVHQOD RVPRODULGDG SHURWDPELpQ VHUHJXODSRU FDPELRVGH YROXPHQ6X VLWLRGHDFFLyQ HVHQW~EXORV GLVWDOHV\ FROHFWRUHV (QFRQGLFLRQHVGHVDOXGVHILOWUDQSRUORVJORPpUXORVDOUHGHGRUGH OLWURVSRUPHWURFXDGUDGRHQXQGtDUHDEVRUELpQGRVHHQORV W~EXORVHOGHHVWHYROXPHQ'XUDQWHHOSDVRGHOOtTXLGRILOWUDGR SRUORVW~EXORVSUR[LPDOHVVHUHDOL]DODUHDEVRUFLyQGHDJXDOODPDGD REOLJDWRULD\DTXHVHOOHYDD FDERLQGHSHQGLHQWHPHQWHGHOHVWDGRGHKLGUDWDFLyQ GHOVXMHWRVLHQGRHOGHOWRWDOILOWUDGR(VWD SULPHUDUHDEVRUFLyQVHKDFHHQIRUPDLVRVPyWLFDFRQ HOSODVPDHVGHFLUVHUHDEVRUEHQHQSURSRUFLRQHV LJXDOHVDJXD\VRGLRDGHPiVGHELFDUERQDWR\FORUR $OILQDOGHODSRUFLyQJUXHVDGHODUDPDGHVFHQGHQWH GHODVDGH+HQOHVHKDUHDEVRUELGRGHOOtTXLGRILOWUDGRTXHMXQWR FRQORVLRQHVVRQH[WUDtGRVGHOLQWHUVWLFLRSRUODVDQJUHTXHSHUIXQGH ORVFDSLODUHVFRUWLFDOHV(QODSRUFLyQGHVFHQGHQWHGHOJDGDGHODVDGH 'HOWRWDOGHO OtTXLGRILOWUDGR SRUORV JORPpUXORVHO VH UHDEVRUEHHQ ORVW~EXORVHQ FRQGLFLRQHVGH VDOXG +HQOHFRQWLQ~DUHDEVRUELpQGRVHDJXDSHURDTXtKD\HQWUDGDGHVRGLRGHOHVSDFLR LQWHUVWLFLDOKDFLDHOOtTXLGRWXEXODUORFXDOKDFHTXHHOOtTXLGRLQWUDWXEXODUDXPHQWH SURJUHVLYDPHQWHVXFRQFHQWUDFLyQGHVROXWRVKDVWDDOFDQ]DUXQPi[LPRGH P2VP/DOOOHJDUDODSDSLODUHQDO(QHVWHSXQWRHODVDGH+HQOHLQLFLDVXSRUFLyQ DVFHQGHQWHODFXDOWLHQHODSDUWLFXODULGDGGHVHULPSHUPHDEOHDODJXDHQIRUPDDFWLYD HVH[WUDtGRVRGLRGHOOtTXLGRWXEXODUFRQORFXDOODFRQFHQWUDFLyQGHVROXWRVGLPLQX\H QXHYDPHQWHKDVWDOOHJDUDVHUKLSRRVPyWLFRDOLQLFLRGHOWXERFRQWRUQHDGRGLVWDO$ HVWHSURFHVRVHOHOODPDPHFDQLVPRGHPXOWLSOLFDFLyQGHFRQWUDFRUULHQWH/DDFFLyQGH HVWHPHFDQLVPRGHSHQGHGHTXHKD\DXQDKLSHUWRQLFLGDGDGHFXDGDHQODPpGXODUHQDO TXHHVWiGDGDSRUODFRQFHQWUDFLyQGHVRGLR\XUHD(OPHFDQLVPRPXOWLSOLFDGRUGH FRQWUDFRUULHQWHWLHQHVXVXEVWUDWXPDQDWyPLFRHQODFRQILJXUDFLyQHQKRUTXLOODGHOD UDPDDVFHQGHQWH\GHVFHQGHQWHGHODVDPHGXODUODFXDOHVFDSD]SRUVtVRODGHORJUDU FDPELRVHQODRVPRODULGDGTXHYDQGHDP2VP/(ORWURSURFHVRTXH FRPSOHPHQWDHOVLVWHPDHVHOPHFDQLVPRLQWHUFDPELDGRUGHFRQWUDFRUULHQWHHOFXDO WLHQHVXVXEVWUDWXPDQDWyPLFRHQODVYDVDUHFWD TXHDFRPSDxDQDODVDVDVGH+HQOH(V XQPHFDQLVPRSDVLYRTXHGHSHQGHGHODGLIXVLyQGHDJXD\VRGLRHQDPEDVGLUHFFLRQHV DWUDYpVGHODVSDUHGHVGHGLFKRVFDSLODUHV3HUPLWHHOPDQWHQLPLHQWRGHOJUDGLHQWHGH FRQFHQWUDFLyQFUHDGRSRUHOPHFDQLVPRPXOWLSOLFDGRUGHFRQWUDFRUULHQWH(VWRVGRV PHFDQLVPRVKDFHQTXHHOOtTXLGRTXHDOFDQ]DORVW~EXORVGLVWDOHVVHDKLSRWyQLFR$HVWH QLYHOVHUHDOL]DQXHYDPHQWHUHDEVRUFLyQGHDJXD\VRGLR'HOGHODFDUJDILOWUDGD TXHOOHJDDOW~EXORGLVWDOVHUHGXFHD 0HFDQLVPRVLQWUDUUHQDOHVUHVSRQVDEOHVGHODUHWHQFLyQGHVRGLR 'XUDQWHGHSOHFLyQGHYROXPHQODUHGXFFLyQHQODILOWUDFLyQJORPHUXODUVHDVRFLDFRQ DXPHQWRHQODUHDEVRUFLyQ /DUHDEVRUFLyQ GHVRGLRHQHOW~EXORSUR[LPDOODFDQWLGDGGHOtTXLGRTXHGHMDHOWXER WXEXODUGH SUR[LPDOGLVPLQX\HDOOOHJDUDODSRUFLyQJUXHVDGHODUDPDDVFHQGHQWH VRGLRDXPHQWD GHODVDGH +HQOH(QHVWHOXJDUODUHDEVRUFLyQGHFORUXURGHVRGLR FXDQGRKD\ 1D&OVHOOHYDDFDERSRUHOFRWUDQVSRUWDGRUGRVFORURVVRGLRSRWDVLR GHSOHFLyQGH &O1D.(ORORVPHFDQLVPRVTXHSDUWLFLSDQHQHODXPHQWRGHOD YROXPHQ\ UHDEVRUFLyQGHVRGLRHQHVWDSRUFLyQGHODVDUHGXFHQGUiVWLFDPHQWHOD GLVPLQX\H OOHJDGDGHHVWHHOHPHQWRDORVVLWLRVPiVGLVWDOHVGHODQHIURQD FXDQGRKD\ $OJXQRVGHHVWRVVHJPHQWRVGLVWDOHVGHOQHIUyQD~QFXDQGRGHEDMD H[SDQVLyQ FDSDFLGDGGHWUDQVSRUWHVRQFDSDFHVGHUHDEVRUEHUVRGLRHQFRQWUDGH JUDGLHQWHVPX\JUDQGHV6RQHQIRUPDILQDOLVWDORVVHJPHQWRVTXHGHWHUPLQDQOD H[FUHFLyQGHRULQDSUiFWLFDPHQWHOLEUHGHVRGLRTXHFDUDFWHUL]DDORVHVWDGRVGH GHSOHFLyQSURIXQGDGHOYROXPHQFLUFXODQWH /DFRQFHQWUDFLyQGHVRGLRSXHGHUHGXFLUVHKDVWDP(T/RPHQRVHQSUHVHQFLDGH GHSOHFLyQGHYROXPHQRHQORVSDGHFLPLHQWRVTXHFXUVDQFRQHGHPD&LUURVLV GHVFRPSHQVDGD\VtQGURPHQHIUyWLFR/DUHDEVRUFLyQGLVPLQX\HGXUDQWHH[SDQVLyQGH YROXPHQHVWDUHVSXHVWDSDUHFHHVWDUPHGLDGDSRUXQDFDtGDHQODDOGRVWHURQDSHURD~Q PiVSRUDXPHQWRHQHOSpSWLGRDXULFXODUQDWULXUpWLFR(VWDKRUPRQDIDYRUHFHOD SURGXFFLyQGHJXDQLODWRFLFODVD\SRUHQGHODSURGXFFLyQGH*03FtFOLFRHVWH FRPSXHVWRUHGXFHODUHDEVRUFLyQGHVRGLRDOUHGXFLUHOQ~PHURGHFDQDOHVGHVRGLRHQOD SRUFLyQDSLFDOGHODPHPEUDQDWXEXODU ([FUHFLyQ\UHDEVRUFLyQUHQDOGHDJXD (OKRPEUHUHTXLHUHGHFLHUWDFDQWLGDGGHDJXDSDUDH[FUHWDUORV PDWHULDOHVGHGHVHFKRSURYHQLHQWHVGHODDOLPHQWDFLyQ\GHO PHWDEROLVPRRUJiQLFR\DTXHpVWRVQRSXHGHQVHUHOLPLQDGRVHQ IRUPDVHPLVyOLGDFRPRRWURVDQLPDOHVORKDFHQ(QWpUPLQRVGH FRQVHUYDFLyQGHDJXDHOORJUDUXQDPi[LPDFRQFHQWUDFLyQXULQDULD QRHVWDQLPSRUWDQWHFRPRORHVODRULQDLVRWyQLFD8QDGXOWR SURPHGLRH[FUHWDDOUHGHGRUGHPRVPROGtD&RQXQDRULQD GLOXtGDDOPi[LPRGHPRVPRO NJVHUHTXHULUtDQDOUHGHGRUGHOLWURVSDUDH[FUHWDUODFDUJDGH VROXWRV SHURVLODRULQDVHH[FUHWDHQIRUPDLVRWyQLFD PRVPRONJVyORVHUHTXLHUHQOLWURV \VLODRULQD VHFRQFHQWUDDOPi[LPRVyORVHUHTXLHUHQP/ $GHPiVHOULxyQFRQWULEX\HDPDQWHQHUODRVPRODULGDGSODVPiWLFDHVWDEOHDOH[FUHWDU\ UHDEVRUEHUDJXDVLQVROXWRVDJXDOLEUH(VWDIXQFLyQHVPHGLDGDSRUODSUHVHQFLDGH +$'/D3RVP\HOYROXPHQLQWUDYDVFXODUHIHFWLYRFRQWURODQODVHFUHFLyQGH+$'\ SRUPHGLRGHHVWDKRUPRQDODRVPRODULGDGXULQDULD2RVP(O DXPHQWRHQOD RVPRODULGDGSODVPiWLFDRODGHSOHFLyQGHOYROXPHQH[WUDFHOXODULQFUHPHQWDQOD VHFUHFLyQGH+$'\ODRVPRODULGDGXULQDULDODFDtGDHQOD3RVPRODH[SDQVLyQGHO YROXPHQH[WUDFHOXODUUHGXFHQODVHFUHFLyQGHOD+$'\ODRVPRODULGDG GHODRULQD /DHOLPLQDFLyQ RUHDEVRUFLyQ /DGHSXUDFLyQRVPRODU 'RVPHVODSRUFLyQGHODRULQDTXHVH GHDJXDOLEUH H[FUHWDHQIRUPDLVRWyQLFD\ODGHSXUDFLyQGHDJXDOLEUH '+2HVHO FRQVWLWX\HHO YROXPHQGHRULQDTXHSXHGHVHUH[FUHWDGROLEUHGHVROXWRV3DUD PHGLRSRUHO FDOFXODUODGHSXUDFLyQRVPRODUVHXWLOL]DODPLVPDIyUPXODTXHSDUD FXDOORV FXDOTXLHURWUDGHSXUDFLyQ893HQGRQGH8HVODRVPRODULGDG ULxRQHVUHJXODQ XULQDULD9HVHOYROXPHQXULQDULRSRUPLQXWR\3HVODRVPRODULGDG ODRVPRODULGDG SODVPiWLFD/DGHSXUDFLyQGHDJXDOLEUHVHH[SUHVDFRPR9'RVP GHORVOtTXLGRV FRUSRUDOHV /DH[FUHFLyQGHDJXDSXHGHYDULDUVLQTXHKD\DFDPELRVVXEVWDQFLDOHV HQOD2RVPSRUHMHPSORXQDRULQDKLSRWyQLFDVyORLQGLFDODKDELOLGDGGHOULxyQSDUD GLOXLUODRULQDSHURQRUHIOHMDVXFDSDFLGDGSDUDH[FUHWDUDJXD3DUDHVWLPDUVX FDSDFLGDGGHH[FUHWDUDJXDOLEUHVHGHEHFDOFXODUORTXHVHGHILQHFRPRGHSXUDFLyQGH DJXDOLEUH'+6LODRULQDHVKLSRRVPyWLFDDOSODVPDHOYROXPHQGHRULQD9HQ POPLQRHQ/GtDVHSXHGHYLVXDOL]DUFRPRVLHVWXYLHUDFRQVWLWXLGRSRUGRV FRPSRQHQWHVXQRGHHOORVTXHFRQWLHQHWRGRVORVVROXWRVXULQDULRVHQXQDVROXFLyQ LVRVPyWLFDDOSODVPDGHSXUDFLyQGHRVPROHV'RVP\ODRWUDIUDFFLyQTXHFRQWLHQHHO DJXDOLEUHGHVROXWRVGHSXUDFLyQGHDJXDOLEUH'+ 9HUILJXUD /DH[FUHFLyQ\ ODUHDEVRUFLyQ WXEXODUGHDJXD VRQPHGLDGDV SRUODKRUPRQD DQWLGLXUpWLFD6X HIHFWRVH PDQLILHVWDSRUOD IRUPDFLyQGH RULQDKLSRWyQLFD RKLSHUWyQLFD UHVSHFWLYDPHQWH )LJXUD5HODFLyQHQWUHGHSXUDFLyQGHRVPROHV 'RVP\YROXPHQXULQDULR9GXUDQWHDFXDUHVLV\ DQWLGLXUHVLV /DGHSXUDFLyQRVPRODU'RVPHVODRULQDTXHVH H[FUHWDHQIRUPDLVRWyQLFD\ODGHSXUDFLyQGHDJXD OLEUH'+2HVHOYROXPHQGHRULQDTXHSXHGHVHU H[FUHWDGROLEUHGHVROXWRVYHUH[SOLFDFLyQHQHO WH[WR7F+2HTXLYDOHQWHDODUHDEVRUFLyQGHDJXD OLEUHTXHVHUHTXLHUHSDUDKDFHUODRULQDKLSHUWyQLFD FRQUHODFLyQDOSODVPD /DIRUPDFLyQGHDJXDOLEUHRFXUUHSRUGRVPHFDQLVPRVHOSULPHURHVODJHQHUDFLyQGH DJXDOLEUHGHVROXWRVKLSRWyQLFDDOSODVPD SRUODUHDEVRUFLyQGH1D VLQDJXDHQORV VHJPHQWRVFRUWLFDO\PHGXODUGHODUDPDDVFHQGHQWHGHODVDGH+HQOHVHJXQGRHVWH IOXLGRKLSRWyQLFRVHPDQWLHQHDVtDOIOXLUSRUHOW~EXORGLVWDO\FROHFWRUTXHHQDXVHQFLD GH+$'VRQLPSHUPHDEOHVDOSDVRGHODJXD 6HLQGXFHGLXUHVLVDFXRVDVLQUHODFLyQFRQFDPELRVHQODRVPRODULGDGGHORVOtTXLGRV FRUSRUDOHVSRUPHGLRGHODSRVLFLyQVXSLQDSRUODUHVSLUDFLyQFRQSUHVLyQQHJDWLYDSRU ODGLVWHQVLyQ PHFiQLFDGHODDXUtFXODL]TXLHUGD\SRUODLQIXVLyQGHJUDQGHVYRO~PHQHV GHVROXFLyQVDOLQDLVRWyQLFDRGHDOE~PLQDLVRRQFyWLFD$OFRQWUDULRGHORVHVWtPXORV DQWHULRUHVODDQWLGLXUHVLVVLQFDPELRVHQODRVPRODULGDGGHORVOtTXLGRVVHHVWDEOHFHHQ ODSRVLFLyQHUHFWDFRQODUHVSLUDFLyQFRQSUHVLyQSRVLWLYDSRUKHPRUUDJLD\SRU VHFXHVWURGHVDQJUHHQODVH[WUHPLGDGHVFXDQGRVHDSOLFDQWRUQLTXHWHV7RGRVHVWRV HVWtPXORVFRQGLFLRQDQGLVPLQXFLyQUHDORYLUWXDOGHOYROXPHQH[WUDFHOXODU /DUHGXFFLyQGHOYROXPHQFLUFXODWRULRHIHFWLYRGHELGDDXQDGHSOHFLyQYHUGDGHUDGHORV OtTXLGRVFRUSRUDOHVRFXUUHHQFRQGLFLRQHVWDOHVFRPRYyPLWRGLDUUHDHPSOHRGH GLXUpWLFRVVHFXHVWURGHOtTXLGRFLUURVLVFRQDVFLWLVVtQGURPHQHIUyWLFRHLQVXILFLHQFLD FDUGtDFDFRQFDtGDGHOJDVWRFDUGtDFR(QHVWDVFRQGLFLRQHVODUHGXFFLyQHQOD'+HV VHFXQGDULDDGRVPHFDQLVPRVHOSULPHURDXPHQWRHQODVHFUHFLyQ\OLEHUDFLyQGH+$' VHFXQGDULRDODGHSOHFLyQGHYROXPHQ\HOVHJXQGRGHVFHQVRHQODILOWUDFLyQ JORPHUXODUHLQFUHPHQWRHQODUHDEVRUFLyQSUR[LPDOGH1D \+2/DOOHJDGDGH1D DO VHJPHQWRGLOXLGRUUHQDOUDPDDVFHQGHQWHGHODVDGH+HQOHHVWiVXEVWDQFLDOPHQWH UHGXFLGD\OLPLWDODIRUPDFLyQGHDJXDOLEUHGHVROXWRVDJXDOLEUH 6HGHQRPLQD 7F+2DOD UHDEVRUFLyQGH DJXDOLEUHTXH VHWLHQHTXH VXEVWUDHUSDUD IRUPDURULQDV KLSHUWyQLFDV HQFDVRVGH GHVKLGUDWDFLyQ FRQHOILQGH DXPHQWDUHO YROXPHQ YDVFXODU HIHFWLYR 5HDEVRUFLyQWXEXODUGHDJXD\FRQFHQWUDFLyQXULQDULD (OULxyQWDPELpQHVFDSD]GHIRUPDURULQDKLSHUWyQLFD(QHVWDV FRQGLFLRQHVVHSXHGHFRQFHELUHOYROXPHQXULQDULRFRPRFRQVWLWXLGR SRUGRVFRPSRQHQWHVXQRLVRWyQLFRTXHFRQWLHQHWRGRVORVVROXWRV\ RWURIRUPDGRSRUODFDQWLGDGGHDJXDOLEUHGHVROXWRVTXHVHWXYRTXH VXVWUDHUD HVWDRULQDSDUDKDFHUODKLSHUWyQLFDDHVWHFRPSRQHQWH UHDEVRUELGRUHDEVRUFLyQGHDJXDOLEUHVHOHGHQRPLQD7F+ \ DXPHQWDOD2RVPKDVWDKDFHUODKLSHUWyQLFDDOSODVPDDULWPpWLFDPHQWH HVLJXDOD9 'RVP7F+7F+ 'RVP9 ([SUHVDGRGHRWUDPDQHUDHVDIUDFFLyQGHDJXD VXVWUDtGDDXQDRULQDLVRWyQLFDSDUDKDFHUOD KLSHUWyQLFDVHOHGHQRPLQDUHDEVRUFLyQILQDOGH DJXDR7F+2)LJ /D GHVKLGUDWDFLyQ SRUGLDUUHDHVHO GHVHTXLOLEULR KLGURHOHFWUROtWLFR PiVIUHFXHQWH /RVIDFWRUHVTXHGHWHUPLQDQODIRUPDFLyQGH7F+ VRQODSUHVHQFLD \PDQWHQLPLHQWRGHXQLQWHUVWLFLRPHGXODUKLSHUWyQLFR\HOHTXLOLEULRGHOOtTXLGRWXEXODU FRQHOLQWHUVWLFLRPHGXODU/DKLSHUWRQLFLGDGGHODPpGXODODHVWDEOHFHODUHDEVRUFLyQGH 1D VLQDJXDDH[SHQVDVGHOFRWUDQVSRUWDGRUGH1D .&O ORFDOL]DGRHQODUDPD DVFHQGHQWHGHODVDGH+HQOHDVtFRPRHOUHFLFODMHGHXUHDPHFDQLVPRGH FRQWUDFRUULHQWH$OYLDMDUHOOtTXLGRSURYHQLHQWHGHOW~EXORGLVWDODWUDYpVGHOWXER FROHFWRUURGHDGRGHXQLQWHUVWLFLR\XQHSLWHOLRDOWDPHQWHSHUPHDEOHDODJXDSRUHIHFWR GHOD+$'VHLQFUHPHQWDUiSURJUHVLYDPHQWHVXRVPRODULGDGDH[SHQVDVGHUHDEVRUFLyQ GHDJXD7F+TXHUHJUHVDUiDOHVSDFLRLQWUDYDVFXODUSRUORVYDVRVUHFWRVSDUD GHVFHQGHUOD3RVP\DXPHQWDUHOYROXPHQLQWUDYDVFXODUHIHFWLYR(QIRUPDILQDOLVWD FRUUHJLUiHOHUURUTXHGHVHQFDGHQyHOVHUYRPHFDQLVPRTXHFRQFHQWUDODRULQD (OWUDQVSRUWH OLJDGRGHVRGLR \JOXFRVDHQHO LQWHVWLQRHQ FDVRVGH GLDUUHDKDVLGR FRQVLGHUDGRHO DYDQFHPpGLFR PiVLPSRUWDQWH GHOVLJOR 6LODSHUVRQDVHHQFXHQWUDHQKLGURSHQLDOD+$'HVWiHOHYDGD\DO DFWXDUVREUHORVW~EXORVGLVWDO\FROHFWRUORVSHUPHDELOL]DDODJXD SHUPLWLHQGRVXGLIXVLyQSDVLYDPHUFHGDODKLSHUWRQLFLGDGGHOD PpGXODHOYROXPHQXULQDULRGLVPLQX\H\VHH[FUHWDRULQDFRQFHQWUDGD (QFDVRGHVREUHKLGUDWDFLyQKD\LQKLELFLyQGHOD+$'ORVW~EXORV GLVWDO\FROHFWRUVRQLPSHUPHDEOHVDODJXD\HOXOWUDILOWUDGRQRVXIUH PRGLILFDFLRQHVHQVXYROXPHQVLHQGRH[FUHWDGDODRULQDHQIRUPD KLSRWyQLFD\DEXQGDQWH(ORUJDQLVPRSRUPHGLRGHOULxyQVH GHILHQGHPHMRUFXDQGRKD\VREUHKLGUDWDFLyQTXHFXDQGRKD\ GHVKLGUDWDFLyQ '(6+,'5$7$&,Ï1 (OWpUPLQRGHVKLGUDWDFLyQVHHPSOHDSDUDGHVLJQDUHOHVWDGRFOtQLFRFRQVHFXWLYRDOD SpUGLGDGHDJXD\VROXWRV3RGUtDKDFHUVHODGLVWLQFLyQHQWUHGHSOHFLyQGHDJXDSpUGLGDV SUHGRPLQDQWHVGHDJXD\GHVKLGUDWDFLyQFXDQGRODVSpUGLGDVVRQWDQWRGHDJXDFRPRGH VROXWRV(VWRWLHQHXQLQWHUpVPD\RUTXHHOSXUDPHQWHVHPiQWLFRSXHVODSDWRJHQLDSDUD XQD\RWUDHVGLVWLQWD(QWDQWRTXHODGHSOHFLyQGHDJXDVHREVHUYDHQFDVRVGHGLDEHWHV LQVtSLGDRHQHQIHUPRVFRPDWRVRVTXHQRSXHGHQLQJHULUDJXDSRUVtPLVPRVOD GHVKLGUDWDFLyQVHREVHUYDHQFDVRVGHGLDUUHDJUDYH\HQDTXHOORVFRQYyPLWRV SHUVLVWHQWHV3RUODHOHYDGDLQFLGHQFLDGHODVGLDUUHDVHQQLxRVHQQXHVWURPHGLROD GHVKLGUDWDFLyQSRUGLDUUHDHVODDOWHUDFLyQKLGURHOHFWUROtWLFDREVHUYDGDFRQPD\RU IUHFXHQFLD /DSUHYHQFLyQ\HOWUDWDPLHQWRGHODPD\RUtDGHORVFDVRVGHGHVKLGUDWDFLyQ VHKDFHSRUPHGLRGHODWHUDSLDGHKLGUDWDFLyQRUDO %DVHVFLHQWtILFDVGHODWHUDSLDGHKLGUDWDFLyQRUDO (QODGpFDGDGHORV VVHHIHFWXDURQYDULRVHVWXGLRVTXHOOHYDURQDOGHVFXEULPLHQWR GHOWUDQVSRUWHOLJDGRGHJOXFRVD\VRGLRHQHO LQWHVWLQRGHOJDGRTXHSHUVLVWtDHQFDVRV GHGLDUUHD\VHFRQVLGHUyFRPRHOGHVFXEULPLHQWRPpGLFRPiVLPSRUWDQWHGHOVLJOR (VWRVFRQRFLPLHQWRVOHGLHURQHOUHVSDOGRFLHQWtILFRDODWHUDSLDGHKLGUDWDFLyQRUDOOD FXDOKDFRQWULEXtGRHQ0p[LFRDGLVPLQXLU ODVPXHUWHVSRUGLDUUHDHQQLxRVGH HQDHQ )yUPXODGHODVROXFLyQSDUD KLGUDWDFLyQRUDO /D2UJDQL]DFLyQ0XQGLDOGHOD6DOXG\HO81,&()UHFRPLHQGDQXQDIyUPXOD~QLFD SDUDKLGUDWDFLyQRUDODEDVHGHDJXDHOHFWUROLWRV\JOXFRVDFRPRWUDQVSRUWDGRUSDUD SUHYHQLU\WUDWDUODGHVKLGUDWDFLyQSRUGLDUUHDGHFXDOTXLHUHWLRORJtD\DFXDOTXLHUHGDG &RQWLHQHHQJ/FORUXURGHVRGLRFLWUDWRWULVyGLFRGLKLGUDWDGRFORUXURGH SRWDVLR\JOXFRVD$OVHUGLVXHOWDHQXQOLWURGHDJXDSURSRUFLRQDHQPPRO/ VRGLRFORURSRWDVLRFLWUDWR\JOXFRVDFRQS+HQWUH\/D RVPRODOLGDGWRWDOGHODVROXFLyQHVGHPPRO/VHPHMDQWHDODGHOSODVPD/D IyUPXODVHSUHVHQWDFRQFHQWUDGDHQSROYR\HQYDVDGDHQVREUHVSDUDGLVROYHUHQXQOLWUR GHDJXDFRQHOQRPEUHRILFLDOHQ0p[LFRGH9LGD6XHUR2UDO(VWiWDPELpQ GLVSRQLEOHFRQGLYHUVRVVDERUHVTXHQRPRGLILFDQODFRPSRVLFLyQQLODRVPRODULGDGGH ODIyUPXOD (YDOXDFLyQGHOHVWDGRGHKLGUDWDFLyQ &RQORVSURFHGLPLHQWRVWHUDSpXWLFRVDFWXDOHV\DQRVHKDFHQHFHVDULDODFODVLILFDFLyQGHO JUDGRRGHOWLSRGHGHVKLGUDWDFLyQ(VWDHUDLPSRUWDQWHFXDQGRODUHSRVLFLyQGHODV SpUGLGDVVHKDFtDGLUHFWDPHQWHSRUYtDLQWUDYHQRVD'HDFXHUGRDORVVLJQRV\VtQWRPDV SUHVHQWHVVHFODVLILFDUiDOQLxRFRPRKLGUDWDGRGHVKLGUDWDGRRFRQFKRTXH KLSRYROpPLFRFRQODSUHVHQFLDGHGRVRPiVVLJQRVFDUDFWHUtVWLFRVGHFDGDVLWXDFLyQ &XDGUR(OUHVXOWDGRGHODHYDOXDFLyQGHFLGLUiHOSODQGHWUDWDPLHQWRDVHJXLU &XDGUR(YDOXDFLyQGHOHVWDGRGHKLGUDWDFLyQGHOQLxRFRQGLDUUHD 6LJQRV %LHQ 'HVKLGUDWDGR KLGUDWDGR RPiVVLJQRV 2EVHUYH 6HG (VWDGRJHQHUDO 1RUPDO $OHUWD $XPHQWDGDEHEHFRQDYLGH] ,QTXLHWRRLUULWDEOH &KRTXH KLSRYROpPLFR RPiV VLJQRV 1RSXHGHEHEHU ,QFRQVFLHQWH KLSRWyQLFR 2MRV %RFD\OHQJXD 5HVSLUDFLyQ ([SORUH 1RUPDOHV +XQGLGRVOORUDVLQOiJULPDV OORUDFRQ OiJULPDV +~PHGD 1RUPDO 5iSLGDSURIXQGD (ODVWLFLGDGGH ODSLHO 1RUPDO /OHQDGR FDSLODU VHJ 3XOVR 'HFLGD 6HFDVVDOLYD HVSHVD )RQWDQHOD ODFWDQWHV 3ODQGHWUDWDPLHQWR 1RUPDO 1RUPDO $ (OSOLHJXHVHGHVKDFHFRQ OHQWLWXG! VHJ 5iSLGR DVHJXQGRV 'pELORDXVHQWH !VHJXQGRV +XQGLGD % & &XDGUR3ODQHVGHWUDWDPLHQWRHQSDFLHQWHVFRQGLDUUHD 3/$1$'(75$7$0,(1723$5$75$7$5/$(1)(50('$' ',$55(,&$(1(/+2*$5 (/$%&'(/$6',$55($6 'DUVXILFLHQWHV$OLPHQWRVSDUDSUHYHQLUGHVQXWULFLyQ 'DUPiV%HELGDVGHORXVXDOSDUDSUHYHQLUGHVKLGUDWDFLyQ /OHYDUDOSDFLHQWHD&RQVXOWDFRQHOWUDEDMDGRU GHVDOXGVLQRSDUHFHPHMRUDUHQ GtDVRVLDQWHVSUHVHQWDDOJ~QVLJQRGHDODUPD 3/$1%'(75$7$0,(172 3$5$75$7$5/$'(6+,'5$7$&,Ï1325 9Ë$25$/ 9LGD6XHUR2UDO PONJGHSHVRHQKRUDVPONJKRUDRDGOLELWXP /HQWDPHQWHFRQWD]D\FXFKDULWD 'HVSXpVGHKRUDVHYDOXDUDOSDFLHQWH 6LQRKD\VLJQRVGHGHVKLGUDWDFLyQXVH3ODQ$ 6LFRQWLQ~DFRQGHVKLGUDWDFLyQUHSLWD3ODQ%SRUKRUDV\UHHYDO~H 6LHPSHRUyODGHVKLGUDWDFLyQFDPELHD3ODQ& 3/$1&'(75$7$0,(172 3$5$(/75$7$0,(1725È3,'2'(/ &+248(+,3292/e0,&2 6ROXFLyQGH+DUWPDQQLQWUDYHQRVD PONJHQXQDKRUD PONJKRUDSRUKRUDVPiV $OSRGHUEHEHU9LGD6XHUR2UDOPONJKRUD 5HWLUDUYHQRFOLVLV\WHUPLQDUGHKLGUDWDUSRUYtDRUDO 3ODQHVGHWUDWDPLHQWR /RVSURFHGLPLHQWRVSDUDWUDWDUHQIRUPDHIHFWLYDODHQIHUPHGDGGLDUUHLFDHQQLxRVVRQ LJXDOPHQWHDSOLFDEOHVSDUDWUDWDUHOFyOHUD\RWUDVGLDUUHDVHQDGXOWRV&XDGUR 3ODQ$3DUDSUHYHQLUGHVKLGUDWDFLyQ\GHVQXWULFLyQ 6HFDSDFLWDDOUHVSRQVDEOHGHOFXLGDGRGHOSDFLHQWHFRQGLDUUHDSDUDFRQWLQXDUVX WUDWDPLHQWRHQHOKRJDUVLJXLHQGRHO$%&GHODVGLDUUHDV$OLPHQWDFLyQFRQWLQXD %HELGDVDEXQGDQWHV\&RQVXOWDVHIHFWLYDV $OLPHQWDFLyQFRQWLQXDFRQVLVWHHQQRLQWHUUXPSLUODDOLPHQWDFLyQKDELWXDOHVWLPXODUDO SDFLHQWHDTXHFRPDFRQPD\RUIUHFXHQFLDSDUDFRPSHQVDUODSpUGLGDGHDSHWLWR DJUHJDUDFHLWHYHJHWDODORVDOLPHQWRVSDUDSURSRUFLRQDUHQHUJtDQRLQWURGXFLUQXHYRV DOLPHQWRVPLHQWUDVSHUVLVWDODGLDUUHDVyORHYLWDUORVKLSHURVPRODUHVPX\D]XFDUDGRV RORVPX\FRQGLPHQWDGRV %HELGDVDEXQGDQWHV3DUDHYLWDUODGHVKLGUDWDFLyQVRQHIHFWLYRVORVOtTXLGRVEDVDGRVHQ DOLPHQWRVFRPRHODWROHGHDUUR]RGHPDL]ODVVRSDVGH]DQDKRULDGHOHQWHMDRGH SDSDORVFDOGRVGHVJUDVDGRVHO DJXDGHFRFRYHUGHRODVLQIXVLRQHVVXDYHVGHXVR FRP~QHQHOKRJDU /DVVROXFLRQHVFRPHUFLDOHVFRQDOWDFRQFHQWUDFLyQGHJOXFRVDFRPRHO3HGLDO\WH5 RHO(OHFWURO\WH5XRWURVOtTXLGRVPX\D]XFDUDGRVFRPRMXJRVHPERWHOODGRVR HQODWDGRV\EHELGDVJDVHRVDVGDGDVXDOWDRVPRODULGDGDJUDYDQODGLDUUHDDODXPHQWDUOD VHFUHFLyQLQWHVWLQDOGHDJXD\FRQGLFLRQDQKLSHUQDWUHPLD(OOtTXLGRPiVHIHFWLYRHVHO 9LGD6XHUR2UDOTXHHV~WLOWDQWRSDUDSUHYHQLUFRPRSDUDWUDWDUODGHVKLGUDWDFLyQ6H RIUHFH DOSDFLHQWHGHPHGLDDXQDWD]DRWRGRORTXHDFHSWHGHVSXpVGHFDGDHYDFXDFLyQ GLDUUHLFDDFXFKDUDGLWDVRDVRUERVSDUDTXHQRYRPLWH6LHOSDFLHQWHYRPLWDVHOHGDUi PiVOHQWDPHQWHKDVWDTXHGHMHGHYRPLWDU &RQVXOWDHIHFWLYDHVODTXHFDSDFLWDDOIDPLOLDUUHVSRQVDEOHGHOFXLGDGRGHOSDFLHQWH SDUDVXWUDWDPLHQWRHQHOKRJDULQFOXLGRHOUHFRQRFLPLHQWRGHVLJQRVWHPSUDQRVGH GHVKLGUDWDFLyQ\RWURVGDWRVGHDODUPDSDUDFRQVXOWDUHQIRUPDRSRUWXQD(OSDFLHQWH GHEHUHJUHVDUDHYDOXDFLyQVLQRPHMRUDHQWUHVGtDVRVLDQWHVDSDUHFHVHGLQWHQVD QXPHURVDVKHFHVOtTXLGDVPX\SRFDLQJHVWDGHOtTXLGRV\DOLPHQWRVYyPLWRV IUHFXHQWHVILHEUHSRFDRULQDGHFRORURVFXURRVDQJUHHQODVHYDFXDFLRQHV &XDGUR3ODQ&GHWUDWDPLHQWRHQFKRTXHKLSRYROpPLFR 3ODQ%3DUDWUDWDUODGHVKLGUDWDFLyQSRUYtDRUDO 6HKLGUDWDDOQLxRFRQ9LGD6XHUR2UDORVLPLODUDGRVLVGHP/SRUNJGHSHVR HQFXDWURKRUDVRDOLEUHGHPDQGDOHQWDPHQWHFRQWD]D\FXFKDULWDSDUDGLVPLQXLUORV YyPLWRV(OVXHURRUDOVHGDDODWHPSHUDWXUDDPELHQWH\DTXHIUtRUHWUDVDHO YDFLDPLHQWRJiVWULFR\FDOLHQWHSXHGHSURYRFDUYyPLWR 3ODQ&3DUDWUDWDPLHQWRUiSLGRGHOFKRTXHKLSRYROpPLFR /DH[SHULHQFLDFRQODWHUDSLDGHKLGUDWDFLyQRUDOKDVLGRODEDVHSDUDPRGLILFDUORV HVTXHPDVGHKLGUDWDFLyQHQGRYHQRVD/DVROXFLyQGHODFWDWRGH5LQJHURVROXFLyQGH +DUWPDQQHVODPiVUHFRPHQGDGDDGRVLVGHP/HQWUHVKRUDVODPLWDGHQOD SULPHUDKRUD (QHOFXDGURVHSUHVHQWDXQDJXtDSDUDHOPDQHMRGHSDFLHQWHVTXHUHTXLHUDQ KLGUDWDFLyQLQWUDYHQRVDSRUFKRTXHKLSRYROpPLFR/RVYRO~PHQHVGHOtTXLGRVVXJHULGRV \ODYHORFLGDGGHVXDGPLQLVWUDFLyQVHEDVDQHQSURPHGLRVGHQHFHVLGDGHVXVXDOHVVLQ HPEDUJRSXHGHQLQFUHPHQWDUVHVLQREDVWDQSDUDFRUUHJLUODGHVKLGUDWDFLyQRUHGXFLUVH VLODKLGUDWDFLyQVHFRQVLJXHDQWHVGHORSUHYLVWR +,3(51$75(0,$ (OVRGLR\VXDQLyQDFRPSDxDQWHHOFORUR VRQORVGHWHUPLQDQWHVPiVLPSRUWDQWHVGHOD RVPRODULGDGGHOOtTXLGRH[WUDFHOXODU8QDXPHQWRHQODFRQFHQWUDFLyQGHOVRGLR H[WUDFHOXODUSURGXFHGHVKLGUDWDFLyQFHOXODUHVWDKLSHUQDWUHPLDHVHOUHVXOWDGRGH SpUGLGDGHOtTXLGRKLSRWyQLFRSRUYtDUHQDORH[WUDUUHQDO6LQHPEDUJRHOPHFDQLVPRGH ODVHGHVWDQVHQVLEOHDLQFUHPHQWRVPtQLPRVHQODRVPRODULGDGSODVPiWLFDTXHFDVL QXQFDVHREVHUYDQKLSHUQDWUHPLDVJUDYHVDQRVHUTXHHOSDFLHQWHWHQJDXQDHQIHUPHGDG QHXUROyJLFDDVRFLDGDDKLSRGLSVLDRTXHQRWHQJDDFFHVRDODJXD3RUORWDQWROD KLSHUQDWUHPLDDIHFWDPiVFRP~QPHQWHDSDFLHQWHVFRPDWRVRVFRQWUDVWRUQRVSULPDULRV GHODVHGRDQLxRV (WLRSDWRJHQLD /DKLSHUQDWUHPLDVHREVHUYDHQWUHVJUXSRVGHSDGHFLPLHQWRVDVDEHUDFRQGLFLRQHV FRQSpUGLGDGHDJXDDJXDWRWDOFRUSRUDOEDMD\VRGLRFRUSRUDOQRUPDOEWUDVWRUQRVFRQ SpUGLGDGHVRGLR\DJXDSHURPiVDJXDTXHVRGLRDJXDWRWDOEDMD\VRGLRWRWDOEDMRF VLWXDFLRQHVHQODTXHHOVRGLRHQVXHURHVWiHOHYDGRSRUODDGPLQLVWUDFLyQLQGLVFULPLQDGD GHVROXFLRQHVVDOLQDVKLSHUWyQLFDV)LJ 3pUGLGDGHDJXDVROD (VWDIRUPDGHKLSHUQDWUHPLDRFXUUHSRUSpUGLGDH[WUDUUHQDORUHQDOGHDJXD$PHGLGD TXHHODJXDVHHOLPLQDODFRQFHQWUDFLyQGHVRGLRVHHOHYD\VHGHVDUUROOD KLSHURVPRODULGDGH[WUDFHOXODUTXHREOLJDDODVDOLGDGHDJXDGHOHVSDFLRLQWUDFHOXODU SDUDUHFXSHUDUHOHTXLOLEULRRVPyWLFRORTXHFRQGLFLRQDGHVKLGUDWDFLyQFHOXODU /DSpUGLGDGHDJXDDWUDYpVGHODVVXSHUILFLHVPXFRFXWiQHDVRFXUUHKDELWXDOPHQWHSRU DXPHQWRGHODVSpUGLGDVLQVHQVLEOHVSRUSLHORSXOPRQHV(VWHWLSRGHWUDVWRUQRVH SUHVHQWDFDVLVLHPSUHHQQLxRVSDFLHQWHVFRPDWRVRVRDQFLDQRV/RVQLxRVTXHSRVHHQ XQDJUDQVXSHUILFLHFRUSRUDOSDUDVXSHVRHQFXDOTXLHUVLWXDFLyQKLSHUFDWDEyOLFDSXHGHQ WHQHUJUDQGHVSpUGLGDVGHDJXDSRU WUDQVSLUDFLyQ/DGLXUHVLVH[FHVLYDHQSDFLHQWHVFRQ GLDEHWHVLQVtSLGDHVHORULJHQGHODKLSHUQDWUHPLDHQHVWDHQIHUPHGDG 'LDEHWHVLQVtSLGDQHXUyJHQD /DILVLRSDWRORJtDGHODGLDEHWHVLQVtSLGDQHXUyJHQDRFHQWUDO VHFDUDFWHUL]DSRUDXVHQFLD HQODVtQWHVLVRHQODVHFUHFLyQGHOD+$'SRUORJHQHUDOVHFXQGDULDDOHVLRQHVHQORV Q~FOHRVVXSUDySWLFR\SDUDYHQWULFXODUGHOKLSRWiODPR/DHQIHUPHGDGVHSUHVHQWD FXDQGRKD\OHVLyQ\GHJHQHUDFLyQGHSRUORPHQRVHOGHODVQHXURQDVGHORV Q~FOHRVVXSUDySWLFR\SDUDYHQWULFXODU )LJXUD+LSHUQDWUHPLD(WLRSDWRJHQLD /RVSDGHFLPLHQWRVDVRFLDGRVFRQPD\RUIUHFXHQFLDVRQWXPRUHVGHOD UHJLyQGLHQFpIDORSLWXLWDULDPHQLQJLWLVEDVDORHQFHIDOLWLVFDVL VLHPSUHWXEHUFXORVDVOHXFHPLDVDUFRLGRVLV\HOJUXSRGHODV KLVWLRFLWRVLVSULQFLSDOPHQWHODHQIHUPHGDGGH+DQV6FKXOOHU &KULVWLDQ/RVWXPRUHVHQGRFUDQHDOHVVRQJHQHUDOPHQWHGHODYDULHGDG VXSUDVHODUHLQFOX\HQFUDQHRIDULQJLRPDVGLVJHUPLQRPDVSLQHDOHV HFWySLFRVPHQLQJLRPDVJUDQXORPDVHRVLQRItOLFRV\TXLVWHV(OFiQFHU PHWDVWiVLFRPiVFRP~QKDFLDODKLSyILVLVHVHOPDPDULR7RPDQGRHQ FXHQWDTXHDOJXQRVGHORVWXPRUHVTXHFDXVDQHVWHVtQGURPH VRQ UHVHFDEOHVGHEHKDFHUVHXQDE~VTXHGDFXLGDGRVDGHFXDOTXLHUWXPRU 2FDVLRQDOPHQWHVHREVHUYDGLDEHWHVLQVtSLGDVHFXQGDULDD DQRUPDOLGDGHVYDVFXODUHVRDWUDXPDWLVPRVFUDQHRHQFHIiOLFRVFRQ PDQLIHVWDFLRQHVFOtQLFDVGHFRUWDGXUDFLyQ $SUR[LPDGDPHQWHGHORVFDVRVVRQLGLRSiWLFRV\HVWHJUXSR XQLGRDOSURGXFLGRSRUWUDXPDWLVPRVFUDQHRHQFHIiOLFRVRDYDULDV IRUPDVGHKLSRILVHFWRPtDVFRQVWLWX\HQHOPiVQXPHURVRGHODV GLDEHWHVLQVtSLGDV 3XHGHKDEHU KLSHUQDWUHPLD SRUSpUGLGDGH DJXDVROD SpUGLGDGH DJXDPD\RU TXHGHVRGLRR DGPLQLVWUDFLyQ GHVROXFLRQHV VDOLQDV KLSHUWyQLFDV (QODGLDEHWHV LQVtSLGD FHQWUDOR QHXUyJHQDKD\ DXVHQFLDGH KRUPRQD DQWLGLXUpWLFD (OYROXPHQXULQDULRSXHGHVHUGHDOLWURVRPiV/DRULQDHV KLSRWyQLFDHLQFRORUDFRQRVPRODULGDGTXHRVFLODGHD PRVPRO/ODGHQVLGDGYDUtDHQWUH\\QRH[FHGHGHH[FHSWRHQ GHVKLGUDWDFLyQPX\JUDYH/DGLDEHWHVLQVtSLGDJHQHUDOPHQWHWLHQHXQSULQFLSLREUXVFR\ HOSDFLHQWHHVFDSD]GH GHWHUPLQDUFRQSUHFLVLyQH[DFWDHOWLHPSR\DXQODKRUDHQTXH LQLFLyVXHQIHUPHGDG(VWRVSDFLHQWHVWLHQHQSUHGLOHFFLyQSRUHODJXDIUtDHQFRQWUDVWH FRQORVHQIHUPRVGHSROLGLSVLDFRPSXOVLYDTXHEHEHQFXDOTXLHUWLSRGHOtTXLGR/DV SUXHEDVGHIXQFLyQUHQDOVRQQRUPDOHVH[FHSWRODVXWLOL]DGDVSDUDPHGLUODFDSDFLGDGGH FRQFHQWUDFLyQGHOULxyQ/DXURJUDItDH[FUHWRUDPXHVWUDGLODWDFLyQPRGHUDGDGHORV FiOLFHV /DIRUPDIDPLOLDUVHWUDQVPLWHFRQFDUiFWHUDXWRVyPLFRGRPLQDQWH0iVUDUDPHQWHVH SXHGHWUDQVPLWLUFRQFDUiFWHUUHFHVLYRXQLGRDOFURPRVRPD;/DUHGXFFLyQGHOD+$' SXHGHVHUUHODWLYDRDEVROXWD6HFDUDFWHUL]DSRUODH[FUHFLyQGHJUDQGHVFDQWLGDGHVGH RULQDDFRPSDxDGDGHSROLGLSVLD\GHVKLGUDWDFLyQ/DGHSULYDFLyQGHDJXDQRRFDVLRQD GLVPLQXFLyQGHOYROXPHQXULQDULRQLDXPHQWRGHODGHQVLGDG(OQLxRODFWDQWHOORUD H[FHVLYDPHQWH\QRVHWUDQTXLOL]DFXDQGRVHOHRIUHFHOHFKHSHURVtDOEHEHUDJXD(Q HVWDHGDGSXHGHREVHUYDUVHWDPELpQKLSHUWHUPLDSpUGLGDGHSHVR\FKRTXHSRU GHVKLGUDWDFLyQHO FXDOSXHGHRFDVLRQDUGDxRFHUHEUDO\GHILFLHQFLDPHQWDO/DHQXUHVLV SXHGHVHUHOSULPHUVtQWRPDGHOSDGHFLPLHQWRHQXQQLxRTXH\DKDEtDGHVDUUROODGRHO FRQWUROGHOHVItQWHUYHVLFDO/DVHGLQWHQVDSXHGHLQWHUIHULUVHULDPHQWHFRQHOHVWXGLR FRQHOMXHJR RFRQHOVXHxR 'LDEHWHVLQVtSLGDQHIURJpQLFD (QOD 6HFDUDFWHUL]DSRUODUHVLVWHQFLDGHOULxyQDOD+$'(OSDGHFLPLHQWR GLDEHWHV SXHGHVHUFRQJpQLWRRDGTXLULGR/DIRUPDFRQJpQLWDVHKHUHGDFRQ LQVtSLGD FDUiFWHUUHFHVLYROLJDGRDOFURPRVRPD;(OWUDVWRUQRVHSUHVHQWDSRFR QHIURJpQLFD WLHPSRGHVSXpVGHOQDFLPLHQWR\VHFDUDFWHUL]DSRUSROLXULDRULQD QRKD\ KLSRWyQLFDGHVKLGUDWDFLyQKLSHUQDWUHPLDYyPLWRV \ UHVSXHVWDGHO ILHEUH(OUHWDUGRPHQWDO\ItVLFRHVFRP~QHQHVWRVQLxRV\VHKD ULxyQDOD DWULEXLGRDORVHSLVRGLRVIUHFXHQWHVGHGHVKLGUDWDFLyQ/DRULQD KRUPRQD SHUPDQHFHKLSRWyQLFDD~QGHVSXpVGHODDGPLQLVWUDFLyQH[yJHQDGH DQWLGLXUpWLFD +$'1RVHFRQRFHODILVLRSDWRORJtDGHODHQIHUPHGDGSHURVHKD VXJHULGRTXHVHDXQGHIHFWRHQODVHQVLELOLGDGGHODDGHQLOFLFODVDDOD+$'\XQD LQVXILFLHQWHIRUPDFLyQGH$03FtFOLFR(OUHHPSOD]RDGHFXDGRGHODJXDSHUGLGD\XQ WUDWDPLHQWRDEDVHGHGLXUpWLFRVFRQGLHWDSREUHHQVDOSHUPLWHXQFRQWUROVDWLVIDFWRULR GHODSROLXULD /DGLDEHWHVLQVtSLGDQHIURJpQLFDDGTXLULGDHVPX\IUHFXHQWHHQFRQWUDVWHFRQODUDUH]D GHODIRUPDFRQJpQLWDSHURDIRUWXQDGDPHQWHQRHVWDQJUDYHODSROLXULDJHQHUDOPHQWH RVFLODHQWUHD/GtD/DVQHIULWLVW~EXORLQWHUVWLFLDOHVFUyQLFDVTXHLQFOX\HQGLYHUVRV WLSRVGHQHIURSDWtDVREVWUXFWLYDVOHVLyQUHQDOSRUGURJDVOHVLRQHVTXtVWLFDVKLSRSODVLDV \GLVSODVLDVSXHGHQPDQLIHVWDUVHSRUSROLGLSVLD\SROLXULDFRQSURGXFFLyQGH YRO~PHQHVDXPHQWDGRVGHRULQDGHEDMDGHQVLGDG\VLQDOWHUDFLRQHVHQHOVHGLPHQWR XULQDULR([LVWHXQVLQQ~PHURGHGURJDVFDSDFHVGHSURGXFLUGLDEHWHVLQVtSLGD QHIURJpQLFDWDOHVFRPRFDUERQDWRGHOLWLRGLPHWLOFORURWHWUDFLFOLQDPHWR[LIOXRUDQR DQIRWHULFLQD%LVRIRVIDPLGDKH[DPLGDWROD]DPLGDJ\EXULGHFROFKLFLQD\DQDOJpVLFRV (VWDVHQWLGDGHVKDQVLGRDJUXSDGDVFRPRFRUUHVSRQGLHQWHVDGLDEHWHVLQVtSLGD QHIURJpQLFDVHFXQGDULD+DVLGRWDPELpQGHVFULWDHQSDFLHQWHVFRQKLSHUFDOFHPLDGH GLYHUVDVHWLRORJtDV(OPHFDQLVPRGHHVWHGHIHFWRQRHVWiELHQGHILQLGRSHURLQFOX\H YDULDVDOWHUDFLRQHVWDOHVFRPRFDtGDGHODILOWUDFLyQJORPHUXODUDVRFLDGDD KLSHUFDOFHPLDGHSyVLWRGHFDOFLRHQHOLQWHUVWLFLRPHGXODU\IDOWDGHHTXLOLEULRRVPyWLFR PHGXODUGHELGRDTXHHOFDOFLRFRPSLWHFRQOD+$'DQLYHOGHOWXERFROHFWRUHLPSLGH HOIOXMRGHDJXDDWUDYpVGHOHSLWHOLRWXEXODU (OPHFDQLVPRGHFRQFHQWUDFLyQXULQDULDWDPELpQHVWiDOWHUDGRHQSDFLHQWHVFRQ KLSRNDOHPLDJUDYH\QHIURSDWtDNDOLRSpQLFD(VSUREDEOHTXHWUDVWRUQRVGHO IXQFLRQDPLHQWRGHOPHFDQLVPRGHFRQWUDFRUULHQWH\GHSHUPHDELOLGDGHQHOWXER FROHFWRUFRQWULEX\DQDHVWHWUDVWRUQR/DSROLXULDSXHGHHVWDUFRQGLFLRQDGDHQSDUWHSRU XQDXPHQWRGHODVHG\DTXHODKLSRNDOHPLDHVWLPXODHVWHPHFDQLVPRDQLYHOFHQWUDO 3DUDLQYHVWLJDUHOVLWLRGHIXQFLyQGHILFLHQWHKLSRWiODPRRVPRUUHFHSWRUHVRW~EXORV UHQDOHVVHVLJXHHOVLJXLHQWHSURFHGLPLHQWR6HGHMDDOSDFLHQWHHQUHVWULFFLyQGH OtTXLGRVSRUKRUDVHQORVODFWDQWHV\QLxRVSHTXHxRVGHEHPDQWHQHUVHXQDYLJLODQFLD FRQVWDQWH\QRSHUPLWLUTXHGLVPLQX\DVXSHVRPiVGH'HVSXpVGHHVWHSHULRGR GHSULYDFLyQGHOtTXLGRVVHKLGUDWDDOSDFLHQWHGiQGROHDJXDDUD]yQGHP/NJGH SHVRTXHGHEHDGPLQLVWUDUVHHQXQDKRUDSRUYtDRUDO7UHLQWDPLQXWRVGHVSXpVGH LQLFLDGDODKLGUDWDFLyQRUDOVHFRORFDXQDVRQGDYHVLFDOVHFROHFWDRULQDSRUSHULRGRV LQLFLDOHVGHPLQXWRVFDGDXQR'HVSXpVGHWHUPLQDGRVHVWRVSHULRGRVLQLFLDOHVHQ ORVFXDOHVHOIOXMRGHEHVHUPD\RUDP/SRUPLQXWRVHDGPLQLVWUDVROXFLyQVDOLQD KLSHUWyQLFDDGRVLVGHP/NJPLQHQXQSHULRGRGHPLQXWRV(QXQD SHUVRQDQRUPDOVHREVHUYDDQWLGLXUHVLVDFHQWXDGDGXUDQWHODLQIXVLyQRHQORVVLJXLHQWHV PLQXWRV(QORVSDFLHQWHVFRQGLDEHWHVLQVtSLGDFHQWUDORQHXUyJHQDODDQWLGLXUHVLV QRVHSUHVHQWD\KD\DXPHQWR GHODGHSXUDFLyQGHDJXDOLEUHGHELGRDODXPHQWRGHOD FDUJDGHVROXWRV(QORVSDFLHQWHVFRQSROLXULDSVLFRJpQLFDKD\DQWLGLXUHVLVQRUPDO(Q FDVRGHQRKDEHUUHVSXHVWDDODVROXFLyQVDOLQDKLSHUWyQLFDVHDGPLQLVWUD3LWUHVtQHQ VROXFLyQDFXRVDDUD]yQGH8HQGRYHQRVD/RVSDFLHQWHVFRQGLDEHWHVLQVtSLGD QHXUyJHQDPXHVWUDQDQWLGLXUHVLVORVTXHSDGHFHQODIRUPDQHIURJpQLFDQRWLHQHQ UHVSXHVWD (OWUDWDPLHQWRGHODGLDEHWHVLQVtSLGDFHQWUDOVHHQIRFDHQGRVIDVHV&RUUHJLUHO SUREOHPDKLSRWDOiPLFR\+DFHUWHUDSLDVXEVWLWXWLYDFRQDUJLQLQDYDVRSUHVLQDSLWUHVtQ ROHRVDRDFXRVD(OSLWUHVtQDFXRVRVHXWLOL]DHQGLDEHWHVLQVtSLGDWUDQVLWRULDTXHVH SUHVHQWDFRQIUHFXHQFLDGHVSXpVGHFLUXJtDGHODKLSyILVLV(OWDQDWRGHSLWUHVtQHQDFHLWH VHHPSOHDHQHOPDQHMRFUyQLFRGHOHQIHUPR7DPELpQVHDSOLFDHOSLWUHVtQHQIRUPDGH JRWDVQDVDOHVSHURHVWDVFDXVDQEDVWDQWHLUULWDFLyQ$FWXDOPHQWHKD\XQDQiORJRGH YDVRSUHVLQDODGHDPLQR'DUJLQLQDYDVRSUHVLQDR''$93TXHSXHGHVHU HPSOHDGRSRUYtDQDVDO2WUDVGURJDV~WLOHVSDUDHOFRQWUROGHODGLDEHWHVLQVtSLGDVRQ ORVGLXUpWLFRVTXHDOSURGXFLUQDWULXUHVLVFRQWUDHQHOYROXPHQH[WUDFHOXODUDXPHQWDQOD UHDEVRUFLyQWXEXODUSUR[LPDO\UHGXFHQODOOHJDGDGHVRGLR\DJXDDOW~EXORGLVWDOHVWD VHFXHQFLDGHHYHQWRVUHGXFHGUiVWLFDPHQWHHOYROXPHQXULQDULRGHDODPD\RUtD GHORVSDFLHQWHVUHTXLHUHQDGHPiVODD\XGDGHODYDVRSUHVLQD/DGRVLVHVGHD JGtDSDUDODFORURWLD]LGD\SDUDKLGURFORURWLD]LGDGHDJGtD(VWHPHGLFDPHQWR WLHQH XQDXWLOLGDGD~QPD\RUHQODGLDEHWHVLQVtSLGDQHIURJpQLFD/DFORURSURSDPLGDXQ KLSRJOXFHPLDQWHWDPELpQKDVLGRHPSOHDGRHQHOFRQWUROGHODGLDEHWHVLQVtSLGD ([LVWHQRWURVIiUPDFRVTXHSURGXFHQDQWLGLXUHVLVFRPRHOFORILEUDWR\OD FDUEDPH]DSLQD(OSURQyVWLFRGHSHQGHGHOSDGHFLPLHQWRSULPDULRSXHVVLpVWHVH FRUULJHHOSDFLHQWHSXHGHOOHYDUXQDYLGDQRUPDOXWLOL]DQGRODWHUDSLDDGHFXDGD 3pUGLGDGHDJXDHQH[FHVRGHVRGLR 0XFKRVSDFLHQWHVSXHGHQSHUGHUDJXD\VRGLRSHURPiVGHODSULPHUDTXHGHOVHJXQGR (VWDVSpUGLGDVSXHGHQRFXUULUSRUSLHOYtDVGLJHVWLYDVRULxyQ/RVSDFLHQWHVFXUVDQFRQ VLJQRVGHKLSRYROHPLD/RVLQGLYLGXRVTXHODERUDQHQPHGLRVPX\FDOXURVRVWLURVGH PLQDGHVLHUWRVSLHUGHQJUDQGHVFDQWLGDGHVGHOtTXLGRVKLSRWyQLFRVSRUODSHUVSLUDFLyQ VLQRVHUHHPSOD]DVRGLR\DJXDDGHFXDGDPHQWHGHVDUUROODQKLSHUQDWUHPLD 'HODOGHQLxRVDGPLWLGRVDOKRVSLWDOFRQGHVKLGUDWDFLyQSRUGLDUUHD SUHVHQWDQ KLSHUQDWUHPLDVRGLRVpULFR!P(T//DVFDXVDVVRQPXOWLIDFWRULDOHVHLQFOX\HQ OtTXLGRLQWHVWLQDOKLSRWyQLFRVXGRUDFLyQH[FHVLYDSpUGLGDVLQVHQVLEOHVDXPHQWDGDV LQFDSDFLGDGGHORVULxRQHVWRGDYtDLQPDGXURVSDUDFRQFHQWUDUPD[LPDPHQWHODRULQD\ ILQDOPHQWHHOWUDWDPLHQWRSUHYLRFRQVROXFLRQHVHQGRYHQRVDV\XRUDOHV KLSHUWyQLFDV (O WUDWDPLHQWR (QVXMHWRVFRQGLDEHWHVPHOOLWXVHKLSHUJOXFHPLDODJOXFRVXULDREOLJDD GHODGLDEHWHV ODH[SXOVLyQGHRULQDKLSRVyGLFDGLXUHVLVRVPyWLFD\PXFKRVGHHVWRV LQVtSLGD SDFLHQWHVSXHGHQFXUVDUFRQKLSHUQDWUHPLDORVSDFLHQWHVFRQFRPD FHQWUDO KLSHURVPRODUGLDEpWLFRQRFHWRJpQLFRWLHQHQDOWDLQFLGHQFLDGH FRQVLVWHHQ WURPERVLVDUWHULDORYHQRVDGHELGRDGHVKLGUDWDFLyQKHPRFRQFHQWUDFLyQ FRUUHJLUHO HKLSRWHQVLyQ/DSREODFLyQJHULiWULFDDOLPHQWDGDSRUJDVWURFOLVLVFRQ SUREOHPD DOWRFRQWHQLGRSURWHLFRSXHGHGHVDUUROODUKLSHURVPRODULGDG\DTXHOD KLSRWDOiPLFR LQJHVWDSURWHLFDLQGXFHXQD FDUJDRVPyWLFDSRUODXUHD\WDPELpQ \DSOLFDU GLXUHVLVFRQEDMRFRQWHQLGRGHVRGLR0XFKRVGHHVWRVSDFLHQWHVSXHGHQ WHUDSLD WHQHUDGHPiVWUDVWRUQRVHQODFDSDFLGDGGHFRQFHQWUDFLyQXULQDULD\ VXEVWLWXWLYD HVWRFRQWULEXLUD~QPiVDODSpUGLGDGHDJXD\DODKLSHUQDWUHPLD FRQSLWUHVtQ UHVXOWDQWH ([FHVRGHVRGLRFRUSRUDO /DKLSHUQDWUHPLDVHFXQGDULDDH[FHVRGHVRGLRFRUSRUDOWRWDOQRHVWDQ FRP~QFRPRORVWUDVWRUQRVDQWHVPHQFLRQDGRV&RQH[FHSFLyQGHOD GLVFUHWDKLSHUQDWUHPLDTXHVHGHVFULEHHQORVVtQGURPHVSRUH[FHVRGH PLQHUDORFRUWLFRLGHVODPD\RUtDGHORVFDVRVLQIRUPDGRVHQODOLWHUDWXUD VRQLDWURJpQLFRV/DDGPLQLVWUDFLyQH[FHVLYDGHELFDUERQDWRGHVRGLR GXUDQWHUHVXFLWDFLyQFDUGtDFDRHQHOWUDWDPLHQWRGHODDFLGRVLVOiFWLFD SXHGHQRULJLQDUKLSHUQDWUHPLD /D KLSHUQDWUHPLD VHWUDWDFRQ VROXFLRQHV KLSRWyQLFDVR LVRWyQLFDVGH SUHIHUHQFLD SRUYtDRUDO /RVUHFLpQQDFLGRVDOLPHQWDGRVFRQIyUPXODOiFWHDHQODTXHSRUHUURUVHDJUHJDVDOHQ YH]GHD]~FDUGHVHQFDGHQDQKLSHUQDWUHPLDJUDYHFRQIDVFLFXODFLRQHVFRQYXOVLRQHV GLILFXOWDGUHVSLUDWRULD\FRPD/RVTXHIDOOHFHQWLHQHQKHPRUUDJLDVXEGXUDO VXEDUDFQRLGHDLQWUDYHQWULFXODUHLQWUDFHUHEUDO/RVSDFLHQWHVKHPRGLDOL]DGRVFRQ VROXFLRQHVHQTXHODFRQFHQWUDFLyQGHVRGLRHVWiPX\SRUHQFLPDGHORQRUPDOSRU HUURUHQODPH]FODGHDJXD\FRQFHQWUDGRGHGLiOLVLVWDPELpQGHVDUUROODQ KLSHUQDWUHPLD 6LJQRV\VtQWRPDV /RVVLJQRV\VtQWRPDVGHKLSHUQDWUHPLDVRQHQVXPD\RUtDGHRULJHQFHUHEUDO\ JHQHUDOPHQWHFRUUHODFLRQDQFRQODUDSLGH]GHDXPHQWRHQHOVRGLRVpULFR(ODXPHQWRGH FRQFHQWUDFLyQRVPRODUGHOOtTXLGRH[WUDFHOXODUSURGXFHVDOLGDGHDJXDGHODVFpOXODVOR TXHFRQGLFLRQDGHVKLGUDWDFLyQFHOXODU\H[SOLFDODVLJQRORJtDQHXUROyJLFDGHHVWRV HQIHUPRV$GHPiVGHORVVLJQRVGHKLSRYROHPLDPXHVWUDQKLSHUSQHDILHEUH FRQYXOVLRQHV\FRPD/DJUDYHGDGHVWiHQUHODFLyQDOJUDGRGHGHVKLGUDWDFLyQ\GH KLSHUQDWUHPLD/DPRUELPRUWDOLGDGHVHOHYDGD\FRQIUHFXHQFLDGHMDVHFXHODV QHXUROyJLFDV (QODKLSHUQDWUHPLDFUyQLFDVHSUHVHQWDLUULWDELOLGDGGHSUHVLyQGHOVHQVRULROHWDUJLDD FRPDDXPHQWRGHOWRQRPXVFXODU\GHORVUHIOHMRVWHQGLQRVRVSURIXQGRV IDVFLFXODFLRQHVFRQYXOVLRQHVDXPHQWRGH SURWHtQDVHQOtTXLGRFHIDORUUDTXtGHR KLSHUJOXFHPLDKLSHUNDOHPLDDFLGRVLVPHWDEyOLFDHKLSRFDOFHPLD 0DQHMRGHODKLSHUQDWUHPLD (OPDQHMRGHODKLSHUQDWUHPLDQRLPSRUWDODFDXVDGHEHVHUFRQVROXFLRQHVKLSRWyQLFDV RLVRWyQLFDVSRUYtDRUDOVLHOSDFLHQWHSXHGHEHEHU(QHOFDVRGHSpUGLGDDFRVDSXUD FRQVRGLRFRUSRUDOQRUPDOFRQUHSRQHUDJXDVRODHVVXILFLHQWHGLDEHWHVLQVtSLGD FXDQGRKD\DGHPiVSpUGLGDGHVRGLRORLQGLFDGRVRQVROXFLRQHVVDOLQDVKLSRWyQLFDV(Q HOFDVRGHSDFLHQWHVFRQVRGLRFRUSRUDOWRWDOHOHYDGRSRUODDGPLQLVWUDFLyQGHVROXFLRQHV KLSHUWyQLFDVODWHUDSH~WLFDLQFOX\HODDGPLQLVWUDFLyQGHDJXDVRODXVRGHGLXUpWLFRV\ GLiOLVLV /DFDXVDPiVIUHFXHQWHGHKLSHUQDWUHPLDHQQLxRVHVODGHVKLGUDWDFLyQSRUGLDUUHD\HO WUDWDPLHQWRFRQVXHURRUDOTXHFRQWLHQHP(TGHVRGLRSRUOLWURKDPRVWUDGRVHU HIHFWLYRSDUDUHSRQHUODVSpUGLGDVGHDJXD\UHGXFLUOHQWDPHQWH ODVFRQFHQWUDFLRQHVGH VRGLRVpULFRHQSHULRGRVGHDKRUDV&XDQGRVHUHTXLHUHHOXVRGHVROXFLRQHV LQWDYHQRVDVSRUKLSRWHQVLyQDUWHULDORKLSRYROHPLDLPSRUWDQWHGHEHLQLFLDUVHOD KLGUDWDFLyQFRQVROXFLyQVDOLQDLVRWyQLFDSDUDHYLWDUFDtGDVEUXVFDVGHOVRGLRVpULFR\ UHFXSHUDUXQDEXHQDSHUIXVLyQWLVXODUFRPRHVWDVROXFLyQHVKLSRWyQLFDFRQUHVSHFWRDO HVWDGRKLSHUQDWUpPLFRGHOSDFLHQWHHOVRGLRVpULFRWHQGHUiDEDMDU$FRQWLQXDFLyQOD VROXFLyQGH+DUWPDQQHVODPiVUHFRPHQGDGDSDUDFRUUHJLUHOGHVHTXLOLEULRHQSHULRGRV GHDKRUDV /DYHORFLGDGDODTXHGHEHFRUUHJLUVHODKLSHUQDWUHPLDHQDGXOWRVQRKDVLGR HVWDEOHFLGD D~QFXDQGRVHDFRQVHMDVHSUDFWLTXHHQXQWLHPSRQRPHQRUGHVHLVDKRUDVFXDQGR VHKDFHSRUYtDRUDORGHKRUDVFXDQGRHVSRUYtDLQWUDYHQRVDSDUDHYLWDUHGHPDR KHPRUUDJLDFHUHEUDOSRUFDtGDEUXVFDGHODRVPRODULGDGVpULFD(VLPSRUWDQWHYLJLODUDO VXMHWRFRQODWRPDSHULyGLFDGHVRGLRSODVPiWLFR6LHOSDFLHQWHHVWiKLSRWHQVRVHLQLFLD HOWUDWDPLHQWRFRQVROXFLyQVDOLQDLVRWyQLFD(ODJXDOLEUHSXHGHDGPLQLVWUDUVHSRUYtD RUDORHQIRUPDGHGH[WURVDHQDJXDDOHQRFDVLRQHVODJOXFRVDTXHVHDGPLQLVWUD SXHGHFRQGXFLUDKLSHUJOXFHPLDSRUORTXHHVLPSRUWDQWHVXFRQWUROSHULyGLFRFRQ WRPDVGHJOXFHPLDV6LDGHPiVGHOGpILFLWGHDJXDKD\GpILFLWGHVRGLRVHSXHGH FRQWLQXDUFRQVROXFLyQVDOLQDLVRWyQLFDGLOXtGDFRQDJXD6LVHDJUHJDSRWDVLRDOD VROXFLyQHVWHGHEHFRQWDUVHFRPRRVPyWLFDPHQWHDFWLYRSRUHMHPSORP(THQXQD VROXFLyQGHVDOLQDTXHFRQWLHQHP(TGHVRGLRODVROXFLyQUHVXOWDQWHVHUiGH LVRWyQLFDFRQWHQGUiP(T/HQWUHHOVRGLR\HOSRWDVLRDOUHGHGRUGHPRVPRO/ /RVSDFLHQWHVFRQGLDEHWHVLQVtSLGDUHTXHULUiQDGHPiVGURJDVTXHFRQWUROHQODSROLXULD\ ODSROLGLSVLD$ORVSDFLHQWHVKLSRGtSVLFRVHVQHFHVDULRLQVWUXLUORVSDUDTXHLQJLHUDQXQD FDQWLGDGILMDGHDJXD\HYLWHQODDSDULFLyQGHKLSHUQDWUHPLD +,321$75(0,$ /DFRQFHQWUDFLyQVpULFDGHVRGLRPHQRUGHPPRO/HVHOGHVHTXLOLEULRHOHFWUROtWLFR PiVIUHFXHQWHPHQWHREVHUYDGRHQSDFLHQWHVKRVSLWDOL]DGRV +LSRQDWUHPLDILFWLFLDRSVHXGRKLSRQDWUHPLD 6HFRQVLGHUDSVHXGRKLSRQDWUHPLDFXDQGRODRVPRODULGDGGHOSODVPDHVQRUPDOR HOHYDGD)LJ(VWRVFDVRVVHGHEHQDODSUHVHQFLDGHRWUDVVXEVWDQFLDV RVPyWLFDPHQWHDFWLYDVSRUORTXHODPHGLFLyQGHOVRGLRQRUHIOHMDODRVPRODOLGDGGHO SODVPD7DOHVHOFDVRGHODVSDUDSURWHLQHPLDVPLHORPDP~OWLSOHKLSHUOLSLGHPLDV KLSHUJOXFHPLDRDGPLQLVWUDFLyQGHPDQLWRORJOLFLQD (QVXMHWRVQRUPDOHVXQOLWURGHVXHURFRQWLHQHHQWUH\GHDJXDHOD UHVWDQWHHVWiRFXSDGRSRUOtSLGRV\SURWHLQDV'HELGRD TXHHOVRGLRVHHQFXHQWUDGLOXLGR VyORHQODIDVHDFXRVDHOFRQWHQLGRGHVRGLRHQXQOLWURGHVXHURVHSXHGHGHILQLUFRPR HOSURGXFWRUHVXOWDQWHGHODFRQFHQWUDFLyQGHVRGLRHQHODJXDSRUHOSRUFLHQWRGHDJXD HQFDGDOLWURGHVXHUR6LODFRQFHQWUDFLyQGH1D HVGHP(THQ/GHVXHUROD FRQFHQWUDFLyQGHVRGLRVHUiLJXDOD[ P(T/ /DKLSHUWULJOLFHULGHPLDVXILFLHQWHPHQWHLQWHQVDSDUDSURGXFLUVXHUROLSpPLFRROD KLSHUSURWHLQHPLDTXHVHREVHUYDHQHOPLHORPDP~OWLSOHRHQODVPDFURJOREXOLQHPLDV UHGXFHQHOSRUFHQWDMHDFXRVRGHOSODVPD\DXPHQWDQORVVyOLGRVDH[SHQVDVGHGHVSOD]DU HO1DVLQHPEDUJRODIUDFFLyQGHDJXDTXHUHVWDHQHOSODVPDWLHQHXQFRQWHQLGRGH VRGLRQRUPDO(MHPSORVLODKLSHUOLSLGHPLDGHVSOD]DHOGHODJXDGHPOGH SODVPDHVWHFRQWHQGUiVyORPOGHDJXD/DFRQFHQWUDFLyQGH1D HQHVHPOGH VXHURVHUiLJXDODP(T/VLFRUUHJLPRVSDUDHOFRQWHQLGRUHDOGHDJXDHV P(T//DFRQFHQWUDFLyQUHDOGHVRGLR\ODRVPRODULGDGVHUiQQRUPDOHV/D GHWHUPLQDFLyQGHVRGLRGHVSXpVGHXOWUDFHQWULIXJDFLyQKDSUREDGRVHU~WLOSDUDFRQRFHU VXYHUGDGHUDFRQFHQWUDFLyQ /DHOHYDFLyQHQSODVPDGHVXEVWDQFLDVHQGyJHQDVRVPyWLFDPHQWHDFWLYDVFRPROD JOXFRVDGLDEHWHVPHOOLWXVGHVFRQWURODGDDXPHQWDQODRVPRODULGDGTXHREOLJDDOD VDOLGDGHDJXDLQWUDFHOXODUKDFLDHOHVSDFLRH[WUDFHOXODUGLOX\HORVLRQHV\SURGXFH KLSRQDWUHPLD(VWDKLSRQDWUHPLDHVHQSDUWHILFWLFLD\DTXHVLODJOXFRVDUHJUHVDDOD FpOXODGHVSXpVGHODDGPLQLVWUDFLyQGHLQVXOLQDODKLSRQDWUHPLDVHFRUULJHRVHHOHYDD YDORUHVFDVLQRUPDOHV(MHPSORVLODFRQFHQWUDFLyQGHVRGLRHVP(T/FRQXQD JOXFHPLDGHPJG/\DHVWDVHOHUHVWDHOYDORUQRUPDOGHODJOXFHPLDPJGO ODIXHU]DRVPyWLFDGHHVWRVPJGOVHSXHGHHVWLPDUDOGLYLGLUPJGO[ PRVPRO/RPPR//HVHOSHVRPROHFXODUGHODJOXFRVD/DJOXFRVDDOVHU PHWDEROL]DGDUHJUHVDHODJXDKDFLDODFpOXOD\HOHYDODFRQFHQWUDFLyQGHDQLRQHV\ FDWLRQHVDSDUWHVLJXDOHVP(TGHDQLRQHV\P(TGHFDWLRQHVSRUORWDQWRHO VRGLRDVFHQGHUiGHDP(T//DFDUDFWHUtVWLFDGHHVWDIRUPDGHKLSRWRQLFLGDG HVTXHFXUVDFRQKLSHURVPRODULGDG\DTXHODJOXFRVDHVXQRVPRODFWLYR +LSRQDWUHPLDYHUGDGHUD +D\TXHKDFHUQRWDUTXHSDUDTXHVHGHVHQFDGHQHKLSRQDWUHPLDGHEHQFRH[LVWLUGRV FRQGLFLRQHVLQFDSDFLGDGGHOULxyQSDUDH[FUHWDUXQDFDUJDGHDJXDOLEUHHLQJHVWLyQ DFXRVDHOHYDGD(QODPD\RUtDGHORVSDFLHQWHVKLSRQDWUpPLFRVHVWHWUDVWRUQRHV LQGXFLGRLDWURJpQLFDPHQWHSRULQJHVWLyQH[DJHUDGDGHDJXDHQSUHVHQFLDGHXQGHIHFWR SDUDH[FUHWDUDJXDOLEUH &XDQGRHOLQGLYLGXRQRHVWiHQFRQGLFLRQHVGHOLPLWDUODFDQWLGDGGH DJXDTXHLQJLHUHHVWDGRVFRPDWRVRVFRPRHQFDVRVGHDOLPHQWDFLyQ SRUJDVWURFOLVLVFRQVROXFLRQHVKLSRWyQLFDVRFRQDJXDSXUDRELHQHQHO WUDWDPLHQWRGHPDVLDGRHQWXVLDVWDGHODGHVKLGUDWDFLyQFRP~QFRQ VROXFLRQHVGHVSURYLVWDVGHHOHFWUROLWRVRPX\KLSRWyQLFDVSXHGH VREUHSDVDUVHODFDSDFLGDGGHGLOXFLyQUHQDO\VHGHVDUUROODKLSRQDWUHPLD /DRWUDFLUFXQVWDQFLDDFRQVLGHUDUHVODLQFDSDFLGDGUHODWLYDRUHDOGHO ULxyQSDUDGLOXLU\OLEHUDUVHGHXQDFDUJDDFXRVDFRPRVHUtDHOFDVRGHO UHFLpQQDFLGR\GHOGHVQXWULGRJUDYH2WUDVFRQGLFLRQHVTXHFXUVDQFRQ KLSRQDWUHPLDHVWiQUHVXPLGDVHQODILJXUD 3DUDKDEHU KLSRQDWUHPLD VHUHTXLHUHOD DVRFLDFLyQ GHOD LQFDSDFLGDG GHOULxyQ SDUDH[FUHWDU XQDFDUJDGH DJXDOLEUH\ ODLQJHVWLyQ GHDJXDHQ H[FHVR /DKLSRQDWUHPLDDJXGDVHSXHGHGHILQLUFRPRXQDFDtGDGHVRGLRVpULFR GHRPiVP(T/SRUGtDGHGXUDFLyQPHQRUGHKRUDV+DVLGR GHVFULWDHQPXMHUHVMRYHQHVSRUORTXHVHKDFRQFOXLGRTXHODVPXMHUHVHQODHGDG UHSURGXFWLYDVRQPHQRVWROHUDQWHVDODKLSRQDWUHPLDTXHORVKRPEUHV 0DQLIHVWDFLRQHVFOtQLFDV &XDQGRODKLSRQDWUHPLDVHGHVDUUROODPiVUiSLGRGHORTXHHO HQFpIDORVHDGDSWDDHVWH FDPELRHOHGHPDFHUHEUDOUHVXOWDQWHGDOXJDUDXQVtQGURPHTXHVHFRQRFHFRPR LQWR[LFDFLyQSRUDJXD/DVPDQLIHVWDFLRQHVQHXUROyJLFDVGHHVWHWUDVWRUQRGHVFULWDV GHVGHLQFOX\HQFHIDOHDQiXVHDYyPLWRGHELOLGDGLQFRRUGLQDFLyQWHPEORUHV GHOLULR\ILQDOPHQWHFRQYXOVLRQHV\SRVWXUDVGHGHFHUHEUDFLyQ/DWRPRJUDItD FRPSXWDGDGHOFHUHEURSXHGHPRVWUDUHVWUHFKDPLHQWRGHORVYHQWUtFXORVODWHUDO\WHUFHUR TXHLQGLFDHGHPDGLIXVRGHOHQFpIDOR(QFDVRVJUDYHVSXHGHFRQGXFLUD KHUQLDFLyQ WUDQVWHQWRULDOGHODPDVDFHUHEUDOSDURUHVSLUDWRULR\PXHUWH /DVPDQLIHVWDFLRQHVFOtQLFDVREVHUYDGDVHQKLSRQDWUHPLDDJXGDGHULYDQ IXQGDPHQWDOPHQWHGHOOLEUHSDVRGHDJXDVLQVROXWRVGHOHVSDFLRH[WUDFHOXODUDO LQWUDFHOXODU(OHGHPDLQWUDFHOXODUSURYRFDGLVIXQFLyQFHOXODUVREUHWRGRHQHOVLVWHPD QHUYLRVRFHQWUDO/DVPDQLIHVWDFLRQHVKLVWRSDWROyJLFDVQHXURQDOHVVRQYDFXROL]DFLyQ GHOFLWRSODVPDFRQOLFXHIDFFLyQHYHQWXDOGHORVQ~FOHRV\DOWHUDFLyQGLIXVDGHODFDSDGH PLHOLQD /RVVtQWRPDV GHKLSRQDWUHPLDFUyQLFDVRQPXFKRPiVVXWLOHVHLQHVSHFtILFRV\WLHQGHQD SUHVHQWDUVHFRQQLYHOHVGHVRGLRVpULFRPXFKRPiVEDMRV6HPDQLILHVWDSRUDQRUH[LD QiXVHDYyPLWRVGHELOLGDGPXVFXODU\FDODPEUHV/RVSDFLHQWHVSXHGHQYROYHUVH LUULWDEOHV\PRVWUDUFDPELRVHQODSHUVRQDOLGDGFRPRLQGLVFLSOLQDFRQIXVLyQ\ KRVWLOLGDG&XDQGRODKLSRQDWUHPLDDOFDQ]DQLYHOHVPX\EDMRVDSDUHFHQWUDVWRUQRVHQOD PDUFKDHVWXSRU\PX\UDUDYH]FULVLVFRQYXOVLYDV1RVHKDGHVFULWRODDSDULFLyQGH HGHPDFHUHEUDOHQODKLSRQDWUHPLDFUyQLFDHVPiVODWRPRJUDItDFRPSXWDGDQRPXHVWUD HYLGHQFLDVGHHGHPDFHUHEUDODSHVDUGHKLSRQDWUHPLDVD~QSRUDEDMRGHP(T/6LQ HPEDUJRORVSDFLHQWHVFRQKLSRQDWUHPLDVGHFXUVRPX\SURORQJDGRVRQVXVFHSWLEOHVD LDWURJHQLDVVHFXQGDULDVDODFRUUHFFLyQPX\UiSLGDGHOWUDVWRUQR (YDOXDFLyQGHOSDFLHQWH /RVGDWRVGHODERUDWRULRPXHVWUDQGLVPLQXFLyQGHODRVPRODULGDGVpULFD\GHOD QDWUHPLDFRQUHGXFFLyQGHKHPRJORELQD\GHODVSURWHtQDVSODVPiWLFDVSRUGLOXFLyQORV YDORUHVGHKHPDWRFULWRQRFDPELDQDSUHFLDEOHPHQWHORTXHLQGLFDTXHXQDSDUWHGHOD VREUHFDUJDDFXRVDVHGLVWULEX\HHQODPDVDHULWURFLWDULD/DRULQDVHGLOX\HUiSLGDPHQWH \DXPHQWDVXYROXPHQWDPELpQDXPHQWDODH[FUHFLyQGHVRGLR\FORURSRUXQLGDGGH WLHPSR(VWDQDWULXUHVLVGHSHQGHSUREDEOHPHQWHGHXQDGLVPLQXFLyQHQODVHFUHFLyQGH DOGRVWHURQDFDXVDGDSRUODH[SDQVLyQGHOYROXPHQ (OSULPHUSDVRHQODHYDOXDFLyQGHXQSDFLHQWHFRQKLSRQDWUHPLDHVFRQRFHUVLHOULxyQ HVWiH[FUHWDQGRDJXDOLEUHHQSUHVHQFLDGHKLSRWRQLFLGDGVpULFDVLODRVPRODOLGDG XULQDULDHVPD\RUGHPRVPRO/VLJQLILFDTXHODKLSRQDWUHPLDHVGHELGDDTXHHO ULxyQHVLQFDSD]GHGLOXLUODRULQD (YDOXDGRHOPDQHMRGHDJXDDFRQWLQXDFLyQVHYDORUDODFDQWLGDGGHVRGLRWRWDO\HO HVWDGRGHOYROXPHQH[WUDFHOXODU3XHGHKDEHUKLSRQDWUHPLDFRQVRGLRWRWDOQRUPDO DXPHQWDGRRGLVPLQXtGR/DKLVWRULDFOtQLFDSHUPLWHLGHQWLILFDUIiFLOPHQWHDTXHOORV FDVRVFRQVRGLRWRWDODXPHQWDGRFXDQGRKD\HGHPDRDVFLWLV(QHVWRVFDVRVKD\ H[SDQVLyQGHOYROXPHQH[WUDFHOXODUFRQH[FHVRGHDJXDPD\RUTXHGHVRGLR2WURV SDFLHQWHVKLSRQDWUpPLFRVVLQHGHPDSXHGHQWHQHUH[SDQVLyQPRGHVWDGHOYROXPHQ H[WUDFHOXODUSRUH[FHVRGHDJXDWRWDOVtQGURPHGHVHFUHFLyQLQDSURSLDGDGHKRUPRQD DQWLGLXUpWLFDRGHSOHFLyQGHOYROXPHQH[WUDFHOXODUSRUSpUGLGDGHVRGLRPD\RUTXHGH DJXD\DVHDSRUYtDUHQDORH[WUDUUHQDO)LJ +LSRQDWUHPLDDVRFLDGDDH[FHVRGHVRGLR\DJXDFRQHGHPD /RVSDFLHQWHVFRQHGHPDVHFXQGDULRDLQVXILFLHQFLDFDUGtDFDFLUURVLVKHSiWLFDR VtQGURPHQHIUyWLFRVHFDUDFWHUL]DQSRUWHQHUDXPHQWRGHVSURSRUFLRQDGRGHODJXD FRUSRUDOWRWDOFRQUHVSHFWRDOH[FHVRGHOVRGLRWRWDO/DSDWRJHQLDGHODLQFDSDFLGDGSDUD GLOXLUODRULQDVHKDLQWHQWDGRH[SOLFDUFRPRVHFXQGDULDDXQGHVFHQVRHQHOYROXPHQ LQWUDYDVFXODUHIHFWLYR TXHUHGXFHODILOWUDFLyQJORPHUXODUDXPHQWDODUHDEVRUFLyQ WXEXODUSUR[LPDOUHGXFHODOOHJDGDGHVRGLRDODVSRUFLRQHVGLVWDOHVGHOQHIUyQ\ FRQVHFXHQWHPHQWHOLPLWDODGLOXFLyQXULQDULD5HFLHQWHPHQWHVHKDSODQWHDGROD SRVLELOLGDGTXHOD+$'MXHJXHXQSDSHOLPSRUWDQWHHQODLQFDSDFLGDGSDUDGLOXLUOD RULQDHQHVWRVSDFLHQWHVYHUFDStWXORGHHGHPD )LJXUD3ULQFLSDOHVFDXVDVGHKLSRQDWUHPLDILFWLFLD\ YHUGDGHUDVHJ~QVLWXDFLyQGHOYROXPHQH[WUDFHOXODU9(&\ HORULJHQGHODVSpUGLGDVHQVXFDVR ,QVXILFLHQFLD5HQDO 2WURJUXSRGHSDFLHQWHVTXHSUHVHQWDQH[FHVRGHVRGLRWRWDOH KLSRQDWUHPLDVRQDTXHOORVTXHFXUVDQFRQLQVXILFLHQFLDUHQDOFUyQLFDWHUPLQDORHQOD IDVHROLJ~ULFDGHODLQVXILFLHQFLDUHQDODJXGD/RVSDFLHQWHVFRQLQVXILFLHQFLDUHQDO FUyQLFDWLHQHQFDSDFLGDGQRUPDOSDUDGLOXLUODRULQDVXOLPLWDFLyQHVGHELGDDOGHVFHQVR WDQLPSRUWDQWHHQODILOWUDFLyQJORPHUXODU(QXQHQIHUPRFRQXQDILOWUDFLyQJORPHUXODU GHPOPLQ/GtDVHHVWLPDTXHVyORGHOILOWUDGRJORPHUXODUDOFDQ]DODV SRUFLRQHVGLVWDOHVGHOQHIUyQ\SRUORWDQWRODFDQWLGDGPi[LPDGHDJXDOLEUHTXHSXHGH H[FUHWDUHV/GtDFXDOTXLHUOtTXLGRLQJHULGRHQH[FHVRGHHVWDFLIUDGDUiOXJDUD H[SDQVLyQ\GLOXFLyQGHOHVSDFLRH[WUDFHOXODU (OGHORVSDFLHQWHVFRQLQVXILFLHQFLDUHQDODJXGDROLJ~ULFD FXUVDQFRQKLSRQDWUHPLDHQHOFXUVRGHODIDVHROLJ~ULFD 6tQGURPHGHVHFUHFLyQLQDGHFXDGDGHKRUPRQDDQWLGLXUpWLFD 66,+$' /DVHFUHFLyQGH+$'VHFRQVLGHUDLQDGHFXDGDFXDQGRSHUVLVWH HQDXVHQFLDGHHVWtPXORVRVPyWLFRV\KHPRGLQiPLFRVSDUDVX OLEHUDFLyQ/DVHFUHFLyQLQDGHFXDGDGH+$'LPSLGHODGLXUHVLV DFXRVDQRUPDOSHURHOFRQWUROGHOEDODQFHGHVRGLRQRVHDOWHUD 'HKHFKRFXDQGRODKLSRQDWUHPLDVHSUHVHQWDFRPRUHVXOWDGRGH ODUHWHQFLyQH[FHVLYDGHDJXDLQJHULGDRLQIXQGLGDODH[SDQVLyQ GHOYROXPHQH[WUDFHOXODUGLVSDUDODQDWULXUHVLV(QHVWDV FRQGLFLRQHVSDUWLFXODUHVODH[FUHFLyQGHVRGLRSXHGHH[FHGHUOD LQJHVWLyQORTXHGDODIDOVDLPSUHVLyQGHWUDWDUVHGHXQDSpUGLGD GHVDO(VWHEDODQFHQHJDWLYRGHVRGLRSXHGHH[DFHUEDUOD KLSRQDWUHPLD/RVSDFLHQWHVFRQ66,+$'WLHQHQRULQD FRQFHQWUDGDKLSHUWyQLFDHQSUHVHQFLDGHKLSRQDWUHPLDOD FRQFHQWUDFLyQGHVRGLRHQRULQDHVWiSRUHQFLPDGHP(T/\ HQJHQHUDOODH[FUHFLyQGHVRGLRHVLJXDODODLQJHVWLyQ6LQ HPEDUJRHQSUHVHQFLDGHKLSRYROHPLDRUHVWULFFLyQGHVRGLR HVWRVSDFLHQWHVSXHGHQFRQVHUYDUVRGLR QRUPDOPHQWH (QOD SVHXGRKLSRQDWUHPLD ODRVPRODULGDGGHO SODVPDHVQRUPDOR HOHYDGDSRUOD SUHVHQFLDGHRWUDV VXEVWDQFLDV RVPyWLFDPHQWH DFWLYDV 6HFRQVLGHUD VHFUHFLyQ LQDGHFXDGDGH KRUPRQD DQWLGLXUpWLFD FXDQGRVHOLEHUDHQ DXVHQFLDGH HVWtPXORVRVPyWLFRV RKHPRGLQiPLFRV ([LVWHQYDULDVFDXVDVTXHSXHGHQSURGXFLUDXPHQWRGHVHFUHFLyQGH+$'VLQ DOWHUDFLRQHVRVPyWLFDVRKHPRGLQiPLFDV/DQLFRWLQDHVXQHVWLPXODQWHKLSRWDOiPLFRGH ODVHFUHFLyQGH+$'/DDGPLQLVWUDFLyQDJXGDGHQDUFyWLFRVWDPELpQSXHGHSURGXFLU DQWLGLXUHVLVODPRUILQDSRUHMHPSOROLEHUD+$'GHODQHXURKLSyILVLV/RVSDFLHQWHV WUDWDGRVFRQFORURSURSDPLGDFDUEDPD]HSLQDRELJXDQLGDVGHVDUUROODQKLSRQDWUHPLDSRU HIHFWRDQWLGLXUpWLFR(OFORILEUDWRGHVHQFDGHQDDQWLGLXUHVLVHQSDFLHQWHVFRQGLDEHWHV LQVtSLGDSDUFLDOHOHIHFWRDQWLGLXUpWLFRGHHVWDGURJDFRPRODGHODFORURSURSDPLGDHV PiVQRWDEOHHQSDFLHQWHVFRQGLDEHWHVLQVtSLGDTXHHQVXMHWRVQRUPDOHV/DYLQFULVWLQD\ ODFLFORIRVIDPLGDSURYRFDQXQVtQGURPHTXHUHFXHUGDHO66,+$'FRQKLSRQDWUHPLD &LHUWRVDQDOJpVLFRVFRPRHODFHWDPLQRIpQ\ODGLSLURQDTXHGLVPLQX\HQODILOWUDFLyQ JORPHUXODUVHKDQHPSOHDGRHQHOPDQHMRGHODGLDEHWHVLQVtSLGD'URJDVFRPROD LQGRPHWDFLQD\HOLEXSURIHQRSURGXFHQWDPELpQDQWLGLXUHVLV(VWDVREVHUYDFLRQHV VXJLHUHQODSRVLELOLGDGGHTXHODLQKLELFLyQGHODVtQWHVLVGHSURVWDJODQGLQDVSRUHVWDV GURJDVVHDFDSD]GHIDYRUHFHUDQWLGLXUHVLV 7RGRVORVIiUPDFRVGLXUpWLFRVDWUDYpVGHLQGXFLUGHSOHFLyQGHYROXPHQ\UHDEVRUFLyQ WXEXODUSUR[LPDOH[FHVLYDFRQOLPLWDFLyQHQODH[FUHFLyQGHXQDFDUJDGHDJXD SURGXFHQDQWLGLXUHVLV\HQDOJXQRVFDVRVKLSRQDWUHPLD/RVSDFLHQWHVKDELWXDOPHQWH DQFLDQRVKLSHUWHQVRVRFRQLQVXILFLHQFLDFDUGtDFDTXHUHFLEHQGLXUpWLFRVGHULYDGRVGH WLD]LGDVGHVDUUROODQKLSRQDWUHPLD(OGLDJQyVWLFRVHHVWDEOHFHSRUTXHDOVXVSHQGHUOD WLD]LGDGHVDSDUHFHODKLSRQDWUHPLD/DH[LVWHQFLDGHXQ66,+$'GHEHVRVSHFKDUVHVL GHVSXpVGHGRVRWUHVVHPDQDVSHUVLVWHFLHUWRJUDGRGHKLSRQDWUHPLD\DTXHODVWLD]LGDV H[DFHUEDQODKLSRQDWUHPLDHQHVWHVtQGURPH /DFRPELQDFLyQGHGLXUpWLFRV\FORUSURSDPLGDIDYRUHFHPD\RUUHWHQFLyQGHDJXDOR TXHVXJLHUHXQHIHFWRVLQpUJLFRGHDPEDVGURJDV/DDVRFLDFLyQGHXQGLXUpWLFRWLD]tGLFR FRQXQDQDOJpVLFRFRPRODGLSLURQDKDVLGRXWLOL]DGDSDUDHOPDQHMRGHODGLDEHWHV LQVtSLGD/DGLSLURQDUHGXFHODILOWUDFLyQJORPHUXODU\DOVXPDUVHFRQHOHIHFWRGH GHSOHFLyQGHOGLXUpWLFRIDYRUHFHDQWLGLXUHVLVHKLSRQDWUHPLD /DVGURJDVSVLFRWUySLFDVWDPELpQVHKDQLPSOLFDGR/DUHODFLyQFDXVDHIHFWR GHPRVWUDGDPiVFODUDPHQWHKD VLGRFRQORVGHULYDGRVWULFtFOLFRV6LQHPEDUJRGHEH HQIDWL]DUVHTXHHQSDFLHQWHVSVLFyWLFRVFRQJUDYHVWUDVWRUQRVHPRFLRQDOHVH KLSRQDWUHPLDHVWD~OWLPDSXHGHUHVXOWDUSRURWUDFDXVDSROLGLVSLDSVLFRJpQLFDSRU HMHPSOR (OQLYHOGH+$'LQYDULDEOHPHQWHVHLQFUHPHQWDHQUHVSXHVWDDODDQHVWHVLD\DODFLUXJtD UHVSXHVWDQRUPDODODFWRTXLU~UJLFR\SXHGHSHUPDQHFHUHOHYDGRKDVWDSRUFLQFRGtDV (VWRVSDFLHQWHVVHVRPHWHQDWRGRXQHVSHFWURGHHVWtPXORVQRRVPyWLFRVVREUHOD VHFUHFLyQGH+$'KLSR[LDGRORUQiXVHDKLSRWHQVLyQQDUFyWLFRVHKLSRJOXFHPLD\ GHEHDOHUWDUFRQWUDHOXVRLQGLVFULPLQDGRGHVROXFLRQHVOLEUHVGHHOHFWUROLWRVGHVSXpVGH FLUXJtD/RVDOFRKyOLFRVHQVXSUHVLyQVRQLQFDSDFHVGHHOLPLQDUXQDFDUJDDJXGDGH DJXD\DTXHFXUVDQFRQQLYHOHVPiVDOWRVGH+$'TXHODSREODFLyQQRUPDODSHVDUGH FRQFHQWUDFLRQHVGHVRGLRVpULFREDMDVHVWDVLWXDFLyQRFXUUHHQDXVHQFLDGHKLSRYROHPLD /DGHILFLHQFLDHQJOXFRFRUWLFRLGHVFRPRRFXUUHHQODHQIHUPHGDGGH$GGLVRQRSRU WUDVWRUQRVGHODSLWXLWDULDDQWHULRUFRQGHILFLHQFLDHQKRUPRQDDGUHQRFRUWLFRWUySLFDVH DFRPSDxDIUHFXHQWHPHQWHGHKLSRQDWUHPLD(QODHQIHUPHGDGGH$GGLVRQKD\DGHPiV KLSRYROHPLDSRUORTXHUHFXHUGDDO66,+$'\DTXHORVQLYHOHVGH+$'VHHQFXHQWUDQ HOHYDGRVUHVSRQGHQUiSLGDPHQWHDODDGPLQLVWUDFLyQGHJOXFRFRUWLFRLGHV /DFDSDFLGDGGHHOLPLQDUDJXDHVWiLPSHGLGDHQSDFLHQWHVFRQKLSRWLURLGLVPRHQSDUWH GHELGRDGHVFHQVRHQHOJDVWRFDUGtDFRODUHGXFFLyQGHOIOXMRVDQJXtQHRUHQDO\GHOD ILOWUDFLyQJORPHUXODUWDPELpQFRQWULEX\HQDHVWHWUDVWRUQR+DELWXDOPHQWHHVWRV SDFLHQWHVQRFXUVDQFRQHGHPD\VHFRPSRUWDQ\UHVSRQGHQHQIRUPDVLPLODUDORV SDFLHQWHVFRQ66,+$' /DKLSRQDWUHPLDHVHQFLDOWDPELpQGHQRPLQDGDUHDMXVWHGHRVPRVWDWRKDVLGR LQIRUPDGDHQPX\SRFRVSDFLHQWHVVHFDUDFWHUL]DSRUKLSRQDWUHPLDILMDFRQUHVSXHVWD DGHFXDGDDODFDUJD\DODUHVWULFFLyQGHVRGLR\DJXD(OPHFDQLVPRGHHVWDHQWLGDGQR HVFODUR\SXHGHVHUGHELGRDUHDMXVWHGHOXPEUDOGHUHVSXHVWDRVPRODUDXQQLYHOPHQRU RELpQDXQDIRUPDLQFRPSOHWDGHO VtQGURPHGHVHFUHFLyQLQDGHFXDGDGH+$' 8QDYH]TXHWRGDVODVFDXVDVGHKLSRQDWUHPLDGLOXFLRQDOKDQVLGRHOLPLQDGDV KLSRWLURLGLVPRHQIHUPHGDGGH$GGLVRQ\XVRGHGURJDVDQWLGLXUpWLFDVGHEHSHQVDUVHHQ HO66,+$'GHVFULWRSRU6FKZDUW]%HQQHWW&XUHORS\%DUWWHUHQO(VWHVtQGURPH KDVLGRUHFRQRFLGRHQP~OWLSHVHQIHUPHGDGHVSULQFLSDOPHQWHWUDVWRUQRVGHOVLVWHPD QHUYLRVRFHQWUDOFRPRSVLFRVLVWUDXPDWLVPRVFUDQHRHQFHIiOLFRVQHRSODVLDSULPDULD\ PHWDVWiVLFDDFFLGHQWHVYDVFXODUHVKHPRUUDJLDLQIDUWRRYDVFXOLWLVLQIHFFLRQHV PHQLQJLWLVDEVFHVRFHUHEUDO\HQFHIDOLWLV\RWUDVVtQGURPHGH*XLOODLQ%DUUp HVFOHURVLVP~OWLSOHKLGURFHIDOLDHQIHUPHGDGHVSXOPRQDUHVLQIHFFLRVDVYLUDO EDFHULDQDRSRUKRQJRVIXQFLRQDOHVDVPDLQVXILFLHQFLDUHVSLUDWRULDDJXGDR YHQWLODFLyQPHFiQLFDRWXPRUDOHVWXPRUEURQFRJpQLFRGHFpOXODVSHTXHxDVRWURV WXPRUHVSiQFUHDVGXGRGHQRXUpWHUQDVRIDULQJHOHXFHPLDOLQIRPD\WLPRPD\ VtQGURPHGHLQPXQRGHILFLHQFLDDGTXLULGD (OWUDWDPLHQWRGHSDFLHQWHVFRQVtQGURPHGH66,+$'GHSHQGHGHODJUDYHGDGH LQWHQVLGDGGHODKLSRQDWUHPLD 5HVWULFFLyQGH+HQHO66,+$'PRGHUDGRFRQSHOLJURGHKLSHUYROHPLD 8VRGHSHTXHxDVFDQWLGDGHVGHVROXFLyQVDOLQDKLSHUWyQLFDSRUSHOLJURGH KLSHUQDWUHPLDHQHO66,+$'JUDYH )XURVHPLGDFRQUHSRVLFLyQGHOVRGLR\HOSRWDVLRSHUGLGRVHPSOHDUWDPELpQVROXFLyQ VDOLQDKLSHUWyQLFD 8VRGHFRUWLFRLGHVHQODGHILFLHQFLDGHJOXFRFRUWLFRLGHV 8VRGHKRUPRQDVWLURLGHDVHQHOPL[HGHPD 7UDWDPLHQWRGHODVLQIHFFLRQHVSXOPRQDUHVODLQVXILFLHQFLDFDUGtDFD\UHVHFFLyQ UDGLDFLyQRTXLPLRWHUDSLDGHOWXPRUSURGXFWRUGH+$' (PSOHRGHVDOHVGHOLWLRSRWHQFLDOPHQWHWy[LFDVRGHGHPHFORFLFOLQDHVWH~OWLPR PHGLFDPHQWRHVPiVSURPHWHGRU 3URPHWHGRUHVHOXVRGHXQDQWDJRQLVWDGHOUHFHSWRU9GHDUJLQLQDYDVRSUHVLQDHQ WXERFROHFWRUHO23&TXHLQGXFHGLXUHVLVDFXRVDHQKXPDQRV6XHPSOHRVH LQLFLyHQ-DSyQHQ 'HODGHORVSDFLHQWHVKRVSLWDOL]DGRVFRQVtQGURPHGHLQPXQRGHILFLHQFLD DGTXLULGDSUHVHQWDQKLSRQDWUHPLD/DPD\RUtDUHXQHQORVFULWHULRVGHO66,+$'\HVWiQ DVRFLDGRVDLQIHFFLRQHVRSRUWXQLVWDVQHXPRQtDVRPHQLQJLWLV2WURVFXUVDQFRQVLJQRV GHGHSOHFLyQGHYROXPHQ\QDWULXUHVLVTXHSXHGHDVRFLDUVHDHQIHUPHGDGUHQDORD LQVXILFLHQFLDVXSUDUUHQDO7DPELpQKD\KLSRQDWUHPLDGHVSXpVGHODDGPLQLVWUDFLyQGH DQWLELyWLFRVHQVROXFLRQHVKLSRWyQLFDVHQGRYHQRVDVSUiFWLFDTXHGHEHHYLWDUVHHQHVWD SREODFLyQ 3ROLGLSVLDFRPSXOVLYDRSVLFyWLFD /DSROLGLSVLDHVFRP~QHQSDFLHQWHVSVLTXLiWULFRV\HQDOJXQRVFDVRVVHSXHGH FRPSOLFDUFRQVtQWRPDVJUDYHVGHKLSRQDWUHPLD/DPD\RUtDGHORVFDVRVHVWXGLDGRV FXUVDQFRQRULQDVGLOXtGDVDOPi[LPRRVPRODULGDGHVSRUDEDMRGHPRVPRO/$O UHGXFLUODLQJHVWDGHDJXDSHUVLVWHGLXUHVLVHOHYDGD TXHUHWRUQDHO1D VpULFRDORQRUPDO RDFLIUDVFHUFDQDVDORQRUPDO/RTXHHVVRUSUHQGHQWHHVTXHHVWRVSDFLHQWHVTXH SXHGHQGLOXLUODRULQDDOPi[LPRGHVDUUROOHQKLSRQDWUHPLD 6LDVXPLPRVXQDH[FUHFLyQGHPRVPROGHVROXWRSRUGtDHVSRVLEOHH[FUHWDUGHD OLWURVGHRULQDGLDULDPHQWHDPOKRUDRVHDRULQDVGLOXtGDVDR PRVPRO/HVWRVSDFLHQWHVSXHGHQHQXQPRPHQWRLQJHULUPiVGHPOKRUDGHDJXD \GHHVWDPDQHUDVREUHSDVDQODFDSDFLGDGPi[LPDGHOULxyQSDUDH[FUHWDURULQDGLOXtGD\ GHVDUUROODQKLSRQDWUHPLD3XHGHQRREVHUYDUVHGLOXFLyQXULQDULDPi[LPDGHELGRD SURGXFFLyQLQDSURSLDGDGH+$'TXHVHDJUDYDVLVRQIXPDGRUHVRFRQHOXVRGH WLD]LGDVSDUDWUDWDPLHQWRGHKLSHUWHQVLyQDUWHULDO/DOLEHUDFLyQGH+$'SXHGHRFXUULU SRUODSVLFRVLVPLVPDSRUODQiXVHDDVRFLDGDDODH[FHVLYDLQJHVWDGHOtTXLGRRSRUHO HGHPDFHUHEUDOVHFXQGDULRDKLSRWRQLFLGDG(QODPD\RUtDGHORVFDVRVHO~QLFR WUDWDPLHQWRUHTXHULGRHVODGLVPLQXFLyQGHODLQJHVWDGHDJXD 'HSOHFLyQGHYROXPHQDVRFLDGDDKLSRQDWUHPLD /DVSULQFLSDOHVFDXVDVGHKLSRQDWUHPLDFRQGHSOHFLyQGHYROXPHQVHOLVWDQHQODILJXUD /DVSpUGLGDVGHOtTXLGRSXHGHQRFXUULUSRUYtDUHQDORH[WUDUUHQDO/DVSpUGLGDV H[WUDUUHQDOHVVRQKDELWXDOPHQWHJDVWURLQWHVWLQDOHVYyPLWRRGLDUUHDSHURSXHGHQRFXUULU SRUDFXPXODFLyQGHOtTXLGRHQXQWHUFHUHVSDFLRTXHPDGXUDVWUDXPDWLVPRV SHULWRQLWLVSDQFUHDWLWLVFLUXJtDDEGRPLQDOPD\RU(OULxyQVDQRUHVSRQGH KDELWXDOPHQWHDHVWDKLSRYROHPLDFRQUHWHQFLyQGHVRGLR\DJXDODRULQDHQHVWD VLWXDFLyQHVKLSHUWyQLFDRVPRODULGDGGHPRVPRO/\ODFRQFHQWUDFLyQGH VRGLRXULQDULRVHHQFXHQWUDSRUGHEDMRGHP(T/3RUHOFRQWUDULRVLODIXHQWHGH SpUGLGDVDOLQDHVHOULxyQWDOFRPRRFXUUHHQOHVLRQHVUHQDOHVSDUHQTXLPDWRVDVQHIULWLV W~EXORLQWHUVWLFLDOQHIURQRSWLVLVULxyQSROLTXtVWLFRGHODGXOWRXURSDWtDREVWUXFWLYD SDUFLDOFRQHOXVRLQGLVFULPLQDGRGHGLXUpWLFRVRHQODLQVXILFLHQFLDVXSUDUUHQDO HQIHUPHGDGGH$GGLVRQODFRQFHQWUDFLyQGHVRGLRXULQDULRSXHGHVREUHSDVDU P(T/8QSDFLHQWHKLSRQDWUpPLFRKLSRYROpPLFRFRQVRGLRXULQDULRDUULEDP(T/ HKLSHUNDOHPLDFRQHOHYDFLyQGHXUHDVXJLHUHHOGLDJQyVWLFRGHLQVXILFLHQFLDVXSUDUUHQDO RLQVXILFLHQFLDUHQDO /DVHFUHFLyQH[FHVLYDGHOSpSWLGRDXULFXODUQDWULXUpWLFRXRWUDVKRUPRQDVQDWULXUpWLFDV SXHGHQSURGXFLUSpUGLGDUHQDOGHVDOHKLSRQDWUHPLD/DOLEHUDFLyQFHUHEUDOGHDOJXQDV GHHVWDVKRUPRQDVSXHGHVHUHORULJHQGHDOJXQRVFDVRVGHSpUGLGDFHUHEUDOGHVDO/D OLEHUDFLyQLQDGHFXDGDGH+$'VHYHFRP~QPHQWHHQWUDVWRUQRVFHUHEUDOHVSRUORTXHOD GLVWLQFLyQHQWUHQDWULXUHVLVLQDGHFXDGD\DQWLGLXUHVLVLQDGHFXDGDSXHGHVHUGLItFLO(Q DPEDVFRQGLFLRQHVODH[FUHFLyQGHVRGLRHVWiHOHYDGD\HQDPERVFDVRVVHSXHGHQ HQFRQWUDUQLYHOHVDOWRVGHOSpSWLGRDXULFXODUQDWULXUpWLFR/DFODUDGRFXPHQWDFLyQGHTXH ODSpUGLGDUHQDOGHVDOSUHFHGLyDODUHWHQFLyQGHDJXDODH[LVWHQFLDGHKLSRYROHPLD\HO GHVFHQVRGHODVHFUHFLyQGH+$'FRQODH[SDQVLyQVDOLQDVRQHOHPHQWRVQHFHVDULRV SDUDHVWDEOHFHUHOGLDJQyVWLFRGHVDIRUWXQDGDPHQWHHQODPD\RUSDUWHGHORVFDVRV LQIRUPDGRVGHSpUGLGDFHUHEUDOGHVDOIDOWDQHVWRVGHWDOOHVFOtQLFRV/DKLSRYROHPLD SXHGHUHGXFLUHOIOXMRVDQJXtQHRFHUHEUDOHQSDFLHQWHVFRQKHPRUUDJLDVXEDUDFQRLGHD VREUHWRGRVLVHDFRPSDxDGHYDVRHVSDVPRSRUORTXHQXPHURVRVDXWRUHVDFRQVHMDQOD H[SDQVLyQGHYROXPHQPiVTXHODUHVWULFFLyQFXDQGRODKLSRQDWUHPLDFRPSOLFDXQ FXDGURGHKHPRUUDJLDVXEDUDFQRLGHD 7UDWDPLHQWR /DDSDULFLyQGHFRQYXOVLRQHVFRPD\PXHUWHFHUHEUDOSXHGHQVHUODVFRQVHFXHQFLDVGH QR WUDWDUSURQWDPHQWHODKLSRQDWUHPLD6LQGXGDHQHVWHWUDVWRUQRHOHFWUROtWLFRWDQ FRP~Q\WDQJUDYHHVLPSHUDWLYRXQGLDJQyVWLFRWHPSUDQR\XQDWHUDSpXWLFDHILFD]3RU RWUDSDUWHODFRUUUHFFLyQGHPDVLDGRUiSLGDSXHGHWHQHUWDPELpQVHFXHODVQHXUROyJLFDV GHYDVWDGRUDV'HEHVLHPSUHWUDWDUVHGHVHUSRVLEOHODFDXVDGHODKLSRQDWUHPLD(Q SDFLHQWHVKLSRYROpPLFRVHOWUDWDPLHQWRHVFRQVXHURRUDORFRQVROXFLRQHVVDOLQDV LQWUDYHQRVDV\HQHQIHUPRVFRQHGHPDXWLOL]DUGLXUpWLFRVUHVWULFLyQVDOLQD\GLJLWiOLFRV VLHVQHFHVDULR &DVLWRGRVORVSDFLHQWHVFRQKLSRQDWUHPLDGHEHQPDQHMDUVHFRQUHVWULFFLyQDFXRVD GUiVWLFDJHQHUDOPHQWHPHQRVGHPOP GHVXSHUILFLHFRUSRUDOGtDH[FHSWRORV GHVKLGUDWDGRV&XDQGRODKLSRQDWUHPLDHVOHYHRPRGHUDGD\HOSDFLHQWHHVWi DVLQWRPiWLFRRQRWLHQHPDQLIHVWDFLRQHVQHXUROyJLFDVLPSRUWDQWHVSXHGHVHUVXILFLHQWH ODUHVWULFFLyQDFXRVD(QSUHVHQFLDGHKLSRQDWUHPLDJUDYH\VLQWRPiWLFDODXWLOL]DFLyQ GHVROXFLRQHVLVRWyQLFDVRKLSHUWyQLFDVHVWiMXVWLILFDGDHQSDFLHQWHVVLQHGHPD(Q SDFLHQWHVFRQHO66,+$'ODDGPLQLVWUDFLyQGHVROXFLRQHVVDOLQDVSURGXFHQDWULXUHVLV\ ODFRUUHFFLyQGHODKLSRQDWUHPLDHVSDVDMHUD(QHVWHWLSRGHFDVRVHVDFRQVHMDEOHHO HPSOHRGHGLXUpWLFRVGHDVDGHWLSRGHODIXURVHPLGD\ODGLXUHVLVSURGXFLGDUHFXSHUDUVH FRQVROXFLyQVDOLQDDOHVWHWLSRGHWHUDSpXWLFDFRUULJHFRQFLHUWDUDSLGH]OD KLSRQDWUHPLD(QSDFLHQWHVFRQ66,+$'VHFXQGDULDDWXPRUHVSURGXFWRUHVGH+$'VH KDXWLOL]DGRODFORURWHWUDFLFOLQDTXHDXPHQWDODH[FUHFLyQGHDJXDOLEUH(OHPSOHRGH VROXFLRQHVVDOLQDVHQSDFLHQWHVFRQHGHPDHKLSRQDWUHPLDHVWiFRQWUDLQGLFDGR(QFDVRV H[WUHPRVGHSDFLHQWHVHGHPDWRVRVFRQKLSRQDWUHPLD\VtQWRPDVQHXUROyJLFRVVHXWLOL]D ODXOWUDILOWUDFLyQFRQKHPRGLiOLVLVRFRQGLiOLVLVSHULWRQHDOSDUDFRUUHJLUOD KLSRVPRODULGDG\GLVPLQXLUHOHGHPD (QORV~OWLPRVDxRVHOHPSOHRGHDFXDUpWLFRVVXVWDQFLDVTXHDXPHQWDQODH[FUHFLyQGH DJXDOLEUHDXQTXHDQLYHOH[SHULPHQWDOSURPHWHQVHUXQWUDWDPLHQWRFRQJUDQIXWXUR6H WUDWDGHEORTXHDGRUHVGHORVUHFHSWRUHV 9GHODDUJLQLQDYDVRSUHVLQDHQHOW~EXORGLVWDO \FROHFWRU &RUUHFFLyQUiSLGDGHODKLSRQDWUHPLD\GHVPLHOLQL]DFLyQRVPyWLFD /DFRUUHFFLyQ &XDQGRODFRQFHQWUDFLyQGHVRGLRVHFRUULJHDYDORUHVQRUPDOHVHO GHPDVLDGR HQFpIDORGHEHUHFXSHUDUORVVROXWRVSHUGLGRVHQHOSURFHVRGH UiSLGDGHOD DGDSWDFLyQDODKLSRQDWUHPLD6LHVWHSURFHVRGHFRUUHFFLyQQRRFXUUHD KLSRQDWUHPLD ODPLVPDYHORFLGDGTXHHODXPHQWRSURJUHVLYRHQODFRQFHQWUDFLyQGH SXHGH VRGLRVpULFRHOUHVXOWDGRSXHGHVHUGHVKLGUDWDFLyQ\GDxRFHUHEUDO3RU RFDVLRQDU UD]RQHVQRELHQFRQRFLGDVODVOHVLRQHVUHVXOWDQWHVDSDUHFHQXQRR FRPSOLFDFLRQHV YDULRVGtDVGHVSXpVGHOWUDWDPLHQWRHQXQDIRUPDPX\FDUDFWHUtVWLFD QHXUROyJLFDV TXHVHFRQRFHFRPRVtQGURPHGHGHVPLHOLQL]DFLyQRVPyWLFD(QHVWRV JUDYHV FDVRVSXHGHQDSDUHFHUVLJQRVQHXUROyJLFRVGLIHUHQWHVDORVGHVFULWRV SDUDODKLSRQDWUHPLD (QORVFDVRVPRGHUDGRVODVPDQLIHVWDFLRQHVVRQWUDVWRUQRVGHOFRPSRUWDPLHQWR FRQYXOVLRQHVPRYLPLHQWRVGHVRUGHQDGRV\PXWLVPRDFLQpWLFR(QODVIRUPDVPiV JUDYHVSXHGHQDSDUHFHUWUDVWRUQRVEXOEDUHVFRPRSDUiOLVLVEXOEDU\FXDGULSDUHVLD(QVX IRUPDPiVGUDPiWLFDORVSDFLHQWHVHVWiQGHVSLHUWRVSHURVRQLQFDSDFHVGHFRPXQLFDUVH \SXHGHQUHTXHULUDSR\RYHQWLODWRULR'HVSXpVGHYDULDVVHPDQDVGHHYROXFLyQVHSXHGH REVHUYDUXQDPHMRUtDLPSRUWDQWHSHURDOJXQRVSDFLHQWHVSXHGHQTXHGDUFRQVHFXHODV QHXUROyJLFDVLUUHYHUVLEOHV (QORVFDVRVPRUWDOHVGHHVWHVtQGURPHORVKDOOD]JRVSDWROyJLFRVPXHVWUDQ GHVPLHOLQL]DFLyQHQHOSXHQWH\HQHOEXOERUDTXtGHRDOWHUQDQGRFRQ]RQDVGHQHXURQDV \D[RQHVVDQRVTXHVHFRQRFHQFRPRPLHOLQRVLVSRQWLQDFHQWUDO,PiJHQHVREWHQLGDV FRQUHVRQDQFLDPDJQpWLFDVHPDQDVGHVSXpVGHOLQLFLRGHODVPDQLIHVWDFLRQHV FOtQLFDVSXHGHQPRVWUDUODSUHVHQFLDGHGHVPLHOLQL]DFLyQ (QKXPDQRVODDSDULFLyQGHOVtQGURPHHVPiVIUHFXHQWHGHVSXpVGHGRVGtDVGH KLSRQDWUHPLDKDELWXDOPHQWHPHQRURLJXDODP(T/,QYDULDEOHPHQWHRFXUUHVLOD FRUUHFFLyQKDH[FHGLGRP(T/SRUGtDP(T/KRUD/DPD\RUtDGHORV SDFLHQWHVLQIRUPDGRVHQODOLWHUDWXUDKDQVXIULGRFRUUHFFLRQHVGHP(T/HQXQRDGRV GtDV/DKLSRQDWUHPLDDJXGDPHQRVGHKRUDVSXGLHUDVHUFRUUHJLGDUiSLGDPHQWHVLQ HOSHOLJURGHVHFXHODVDXQTXHDXQHQHVWDVFRQGLFLRQHVHOVtQGURPHSRVWUDWDPLHQWRKD VLGRGHVFULWR