72'26/261,f26(1/$(6&8(/$(1 ,QLFLDWLYD*OREDOSRUORV 1LxRV)XHUDGHOD(VFXHOD &203/(7$5/$(6&8(/$ 8Q'HUHFKRSDUD&UHFHUXQ'HEHUSDUD&RPSDUWLU 5HVXPHQ(MHFXWLYR $PpULFD/DWLQD\HO&DULEH 72'26/261,f26(1/$(6&8(/$(1 ,QLFLDWLYD*OREDOSRUORV 1LxRV)XHUDGHOD(VFXHOD &203/(7$5/$(6&8(/$ 8Q'HUHFKRSDUD&UHFHU8Q'HEHUSDUD&RPSDUWLU 5HVXPHQ(MHFXWLYR $PpULFD/DWLQD\HO&DULEH 7tWXOR&RPSOHWDUOD(VFXHOD 6XEWtWXOR8Q'HUHFKRSDUD&UHFHU8Q'HEHUSDUD&RPSDUWLU (TXLSRGHHODERUDFLyQ &RRUGLQDFLyQ,UHQH.LW 5HVSRQVDEOHVGHFDStWXORVGHOGRFXPHQWRFRPSOHWR 3UHVHQWDFLyQ\UHFRPHQGDFLRQHV,UHQH.LW &DStWXOR0DUWtQ6FDVVR &DStWXOR6HUJLR(VSDxD$OHMDQGUR0RUGXFKRZLF] &DStWXOR,UHQH.LW$OHMDQGUR0RUGXFKRZLF] $QH[RPHWRGROyJLFR0DUWtQ6FDVVR 5HVSRQVDEOHGHLQWHJUDFLyQ\HGLFLyQ+XJR/DEDWH 6HDJUDGHFHDVLPLVPRODSDUWLFLSDFLyQGHORVSURIHVLRQDOHVTXHDSR\DURQHOSURFHVRFRQDSRUWHV DVHFFLRQHVHVSHFtILFDV&pVDU$PEURJKHWWL9HURQD%DWLXN,UHQH%XFKWHU'DQLHOD&XUD $QGUHD*DOHDQR$OEHUWR/DUGHOHVYVN\&DUROD-XOL0DUtD/XMiQ9DJR\9tFWRU9ROPDQ 'LVHxR\GLDJUDPDFLyQ6DQWLOODQD(VSDxD /RVDQiOLVLV\GHVDUUROORVSURGXFLGRV\H[SUHVDGRVHQHVWHGRFXPHQWRVHDVXPHQFRPR UHVSRQVDELOLGDGGHOHTXLSRDXWRUDOVLQFRPSURPHWHUODSRVLFLyQGHORVRUJDQLVPRV\HQWLGDGHV LQYROXFUDGDVFRQOD,QLFLDWLYD /RVPDSDVGHHVWDSXEOLFDFLyQQRUHIOHMDQODSRVLFLyQGH81,&()VREUHHOHVWDGROHJDO GHFXDOTXLHUSDtVRWHUULWRULRQLWDPSRFRODGHPDUFDFLyQGHFXDOTXLHUIURQWHUD (OVLJXLHQWHDQiOLVLVHVWDGtVWLFRHVWiEDVDGRHQGDWRVDGPLQLVWUDWLYRVGHORVSDtVHVGHODUHJLyQ(VWRVGDWRV IXHURQSXHVWRVDGLVSRVLFLyQSDUDHOGHVDUUROORGHOSUHVHQWHLQIRUPHDSDUWLUGHODEDVHGHGDWRVGHO8,6 FRUUHVSRQGLHQWHDPD\RGH$VLPLVPRHQDOJXQRVFDVRVVHUHDOL]yDWUDYpVGHO8,6XQDVROLFLWXG HVSHFtILFDGHLQIRUPDFLyQSDUDFRPSOHPHQWDULQIRUPDFLyQQRGLVSRQLEOH(VWRVIXHURQORVFDVRVGH$UJHQWLQD %UDVLO&KLOH-DPDLFD0p[LFR3DUDJXD\3HU~\8UXJXD\(QFXDQWRDORVGDWRVGHSREODFLyQHOHVWXGLR KDFHXVRGHODVSUR\HFFLRQHVGHSREODFLyQUHDOL]DGDVSRUOD'LYLVLyQGH3REODFLyQGHODV1DFLRQHV8QLGDV 5HYLVLyQ318'1RWDUTXHDOPRPHQWRGHODSXEOLFDFLyQGHHVWHLQIRUPHODVHVWLPDFLRQHV GHOD5HYLVLyQIXHURQSXEOLFDGDV\HO8,6DMXVWyVXVLQGLFDGRUHVGHPDQHUDDFRUGHSRUORTXHSXHGHQ H[LVWLUDOJXQDVGLVFUHSDQFLDVHQWUHDOJXQRVGHORVYDORUHVDTXtSUHVHQWDGRV\ORVGLVSRQLEOHVHQODEDVH GHGDWRVGHO8,6PiVUHFLHQWH 81,&() )RQGRGHODV1DFLRQHV8QLGDVSDUDOD,QIDQFLD 2ILFLQD5HJLRQDOSDUD$PpULFD/DWLQD\HO&DULEH &LXGDGGHO6DEHU (GLILFLR $SDUWDGR%DOERD$QFyQ 3DQDPi5HS~EOLFDGH3DQDPi 7HO )D[ :HEKWWSZZZXQLFHIRUJODF ,6%1 &UpGLWRVGHODIRWRGHSRUWDGD81,&()7$&52*RQ]DOR%HOO3DQDPi &RQWHQLGR $JUDGHFLPLHQWRV 3UHVHQWDFLyQ /DLQLFLDWLYDJOREDOSRUORVQLxRVIXHUDGHODHVFXHODXQDSHUVSHFWLYD SDUDVXPDUHVIXHU]RVTXHVXSHUHQODH[FOXVLyQHGXFDWLYD /DVGLPHQVLRQHVGHODH[FOXVLyQ 5HFRPHQGDFLRQHVSULRULWDULDVGHDFFLyQKDFLDODPHWDGHODHVFRODUL]DFLyQ WRWDORSRUWXQDVRVWHQLGD\SOHQD 5HVXPHQGHEDUUHUDVGHH[FOXVLyQ\HVWUDWHJLDVGHVXSHUDFLyQ &DStWXOR3HUILOHVGHODH[FOXVLyQHGXFDWLYDHQ$PpULFD/DWLQD\HO&DULEH /DVGLPHQVLRQHVGHODH[FOXVLyQFDUDFWHUL]DFLyQLQLFLDO ([FOXVLyQDFWXDOLQHTXLGDGHVGHDFFHVR\SHUPDQHQFLD±GLPHQVLRQHVD 3HUILOJHQHUDOGHDFFHVR\SHUPDQHQFLDHQDPpULFDODWLQD\HOFDULEH /DH[FOXVLyQSRWHQFLDOLQHTXLGDGHVGHSURJUHVLyQ\DSUHQGL]DMH± GLPHQVLRQHV\ &DStWXOR%DUUHUDV\FXHOORVGHERWHOODTXHSURGXFHQRDJUDYDQODH[FOXVLyQ ÈPELWR±%DUUHUDVHFRQyPLFDVSRUUHVWULFFLyQGHLQJUHVRVIDPLOLDUHV ÈPELWR±%DUUHUDVVRFLRFXOWXUDOHVHQODGHPDQGDSRUHGXFDFLyQ ÈPELWR±%DUUHUDVPDWHULDOHVSHGDJyJLFDV\VLPEyOLFDVTXHVHPDQLILHVWDQ HQODVHVFXHODV ÈPELWR±%DUUHUDVSROtWLFDVWpFQLFDV\GHILQDQFLDPLHQWRGHOVLVWHPDHGXFDWLYR &DStWXOR(VWUDWHJLDVSDUDVXSHUDUODH[FOXVLyQHGXFDWLYD ÈPELWR±(VWUDWHJLDVSDUDVXSHUDUEDUUHUDVHFRQyPLFDVSURJUHVDU KDFLDPD\RUMXVWLFLDHQUHFXUVRV\SRVLELOLGDGHV ÈPELWR±(VWUDWHJLDVSDUDVXSHUDUEDUUHUDVVRFLRFXOWXUDOHVHQULTXHFHU ODSHUVSHFWLYDVRFLDOVREUHHOGHUHFKRDODHGXFDFLyQ ÈPELWR±(VWUDWHJLDVSDUDVXSHUDUEDUUHUDVPDWHULDOHVSHGDJyJLFDV\VLPEyOLFDV HQODRIHUWDHVFRODUSURPRYHUHVFXHODVFRPSURPHWLGDVFRQODLQFOXVLyQ ÈPELWR±(VWUDWHJLDVSDUDVXSHUDUEDUUHUDVSROtWLFDVWpFQLFDV\GHILQDQFLDPLHQWR GHOVLVWHPDHGXFDWLYRJHVWLRQDUHOVLVWHPDHGXFDWLYRKDFLDPHWDVGHLQFOXVLyQ 5HIOH[LRQHV)LQDOHV $JUDGHFLPLHQWRV (VWHGRFXPHQWRKDVLGRHODERUDGRHQHOPDUFRGHOD,QLFLDWLYD*OREDOSRU ORV1LxRV)XHUDGHOD(VFXHODHQXQDFXHUGRLQVWLWXFLRQDOFRQOD$VRFLDFLyQ &LYLO(GXFDFLyQSDUD7RGRV /DVFRQVWDQWHVUHYLVLRQHV\SHUWLQHQWHVVXJHUHQFLDVGH$QQD/XFtD'¶(PLOLR KDQVLGRIXQGDPHQWDOHVSDUDDOFDQ]DUHVWDYHUVLyQGHO,QIRUPH5HJLRQDO /DVLQWHUDFFLRQHVFRQHOHTXLSRGHO8,681(6&2KDQSHUPLWLGRFRQWDUFRQ GDWRVVLVWHPiWLFRV\GHFDOLGDG\KDQKHFKRSRVLEOHSURFHGHUDVXFHVLYDV PHMRUDVPHWRGROyJLFDVHQHOSURFHVDPLHQWR\SUHVHQWDFLyQGHODLQIRUPDFLyQ (QSDUWLFXODUODFRRSHUDFLyQGH6KHHQD%HOO\GH-XDQ&UX]3HUXVLDKDVLGR DWHQWDFRQWLQXD\UHOHYDQWH /DVYLQFXODFLRQHVFRQORVHTXLSRVTXHSUHSDUDURQORVLQIRUPHVQDFLRQDOHV KDQVLGRSURYHFKRVDVSDUDDPSOLDUODVSHUVSHFWLYDVTXHVHLQFOX\HQHQHVWH LQIRUPH&RODERUDURQSRU%ROLYLD.DWULQ,PKRI'DQLHOH'L3LOOR(UQHVWR<ixH] ,YiQ9LGDXUUH1\XUND9LOODOSDQGR6D~O6DQWD0DUtD\.DWKOHHQ/L]DUUDJDSRU %UDVLO0DULDGH6DOHWH6LOYD-~OLD5LEHLUR/~FLR*RQoDOYHV$QD&ULVWLQD0DWRV 0DUFRV$XUpOLR5DPRV,UDFHPD1DVFLPHQWR\$QGUpLD3HUHVSRU&RORPELD 5RVDULR5LFDUGR&ODXGLD&DPDFKR&HFLOLD5LYDV&ULVWLDQ+LHGULFK0DXULFLR &DVWLOOR\&DUORV/DQ]LDQR 3UHVHQWDFLyQ $SDUWLUGHORVHVIXHU]RVSROtWLFRV\ILQDQFLHURVGHODVGHPDQGDVVRFLDOHV \GHODDERJDFtD\RULHQWDFLyQGHODVHQWLGDGHVLQWHUQDFLRQDOHVHQODVUHFLHQWHV GpFDGDVORVVLVWHPDVHGXFDWLYRVGH$PpULFD/DWLQD\HO&DULEHVHKDQDPSOLDGR SDUDUHFLELUDXQDHQRUPHPD\RUtDGHQLxRVQLxDV\DGROHVFHQWHVHQWUH ORV\ORVDxRV6LQHPEDUJRHVWHSURJUHVRGHMDD~QPXFKRVEROVRQHVGH H[FOXVLyQWRWDODFWXDORSRWHQFLDOQLxRV\QLxDVTXHLQJUHVDQWDUGHDOVLVWHPD HGXFDWLYRTXHIUDFDVDQUHLWHUDGDPHQWHTXHQRHQFXHQWUDQH[SHULHQFLDV SHGDJyJLFDVTXHOHVSHUPLWDQGHVDUUROODUVXVFDSDFLGDGHV\TXHYLYHQ VLWXDFLRQHVGHGLVFULPLQDFLyQ1LxRVQLxDV\DGROHVFHQWHVTXHHQPXFKRV FDVRVVXPDQDHVDVH[SHULHQFLDVHVFRODUHVODLQMXULDGHFRQGLFLRQHVGHYLGD GUDPiWLFDPHQWHHPSREUHFLGDVSUHFDULDV\KXPLOODQWHV ,PSXOVDGDSRUHO)RQGRGHODV1DFLRQHV8QLGDVSDUDOD,QIDQFLD81,&() \HO,QVWLWXWRGH(VWDGtVWLFDGHOD2UJDQL]DFLyQGHODV1DFLRQHV8QLGDV SDUDOD(GXFDFLyQOD&LHQFLD\OD&XOWXUD8,681(6&2OD,QLFLDWLYD*OREDO SRUORV1LxRV)XHUDGHOD(VFXHOD,QLFLDWLYD1)(HVXQDSRUWHDHVHSURFHVR GHDQiOLVLV\GHDFFLyQDELHUWRDLQWHJUDUFRPSURPLVRVGHSHQVDPLHQWR \GHUHDOL]DFLyQSRUSDUWHGHJRELHUQRVRUJDQLVPRVLQWHUQDFLRQDOHV\ RUJDQL]DFLRQHVGHODVRFLHGDGFLYLO (VWHGRFXPHQWRSUHVHQWDORVDVSHFWRVPiVUHOHYDQWHVTXHVXUJHQGHOHVWXGLR UHDOL]DGRSRUOD,QLFLDWLYD1)(HQODUHJLyQGH$PpULFD/DWLQD\HO&DULEH (QODVSULPHUDVSiJLQDVVHGHILQHQODVFLQFRGLPHQVLRQHVGHODH[FOXVLyQ HGXFDWLYD\VHSUHVHQWDQODVUHFRPHQGDFLRQHVSULRULWDULDVGHSROtWLFDSDUD VXSHUDUOD(QHO&DStWXORVHFDUDFWHUL]DQORVSHUILOHVGHODVFLQFRGLPHQVLRQHV GHH[FOXVLyQHGXFDWLYD/XHJRHQHO&DStWXORVHGHVFULEHQODVEDUUHUDVTXH JHQHUDQHVWDVLWXDFLyQ3RU~OWLPRHQHO&DStWXORVHDERUGDQODVSULQFLSDOHV SROtWLFDVTXHSHUPLWLUtDQGLVPLQXLUHOHIHFWRGHODVEDUUHUDV\DVtDOFDQ]DU XQDHGXFDFLyQGHLQFOXVLyQHTXLGDG\FDOLGDG /DLQLFLDWLYDJOREDOSRUORVQLxRVIXHUD GHODHVFXHODXQDSHUVSHFWLYDSDUDVXPDU HVIXHU]RVTXHVXSHUHQODH[FOXVLyQHGXFDWLYD (QODVGRV~OWLPDVGpFDGDVHQVLWXDFLRQHVSROtWLFDV\HFRQyPLFDVPX\GLYHUVDVWRGRVORVSDtVHV GH$PpULFD/DWLQD\HO&DULEH±XQDUHJLyQTXHDFXPXODEDYDULDGDVGHVLJXDOGDGHV\DWUDVRVUHODWLYRV± KDQWRPDGRGHFLVLRQHV\DVLJQDGRUHFXUVRVILQDQFLHURVSDUDDPSOLDUODVRSRUWXQLGDGHVGHHVFRODUL]DFLyQ GHVXSREODFLyQLQIDQWLO\MXYHQLO7DQWRHVRVHVIXHU]RVFRPRVXSRWHQFLDOLGDGGHORJURD~QGHEHQVRVWHQHUVH \DILQDUVH(QWRUQRDODxRHQ$PpULFD/DWLQD\HO&DULEHKDEtDDSUR[LPDGDPHQWHPLOORQHVGH QLxRVQLxDV\DGROHVFHQWHV11$HQHGDGGHDVLVWLUDODHGXFDFLyQLQLFLDOSRUORPHQRVXQDxRDQWHV GHODSULPDULDHGXFDFLyQSULPDULD\HGXFDFLyQVHFXQGDULDEiVLFD6LQHPEDUJRPLOORQHVQRDVLVWtDQ DODHVFXHOD\PLOORQHVDVLVWtDQDUUDVWUDQGRIUDFDVRV\VHxDOHVGHGHVLJXDOGDGH[SUHVDGDVHQGRV RPiVDxRVGHGHVIDVHJUDGRHGDGRUH]DJRHVFRODU 3DUDDSR\DUHVRVSURFHVRVTXHSXHGDQKDFHUHIHFWLYRHOGHUHFKRGHWRGRVORVQLxRVDODHGXFDFLyQ81,&() \HO,QVWLWXWRGH(VWDGtVWLFDGHOD81(6&28,6ODQ]DURQXQD,QLFLDWLYD*OREDOSDUDORV1LxRV)XHUDGH OD(VFXHOD,QLFLDWLYD1)(DLQLFLRVGH/DLQLFLDWLYDDSXQWDDWUDEDMDUFRQSDtVHV%ROLYLD%UDVLO &RORPELD.LUJXLVWiQ5XPDQLD7D\LNLVWiQ7XUTXtD&DPER\D,QGRQHVLD)LOLSLQDV7LPRU(VWH(WLRStD 0R]DPELTXH=DPELD6XGiQGHO6XU6XGiQGHO1RUWH0DUUXHFRV%DQJODGHVK,QGLD3DNLVWiQ6UL/DQND 5HS~EOLFD'HPRFUiWLFDGHO&RQJR*KDQD/LEHULD\1LJHULD 81,&()&XED%HOO /DVDFWLYLGDGHVLQFOX\HQHVWXGLRVQDFLRQDOHVEDVDGRVHQHOWUDEDMRGHHTXLSRVGHFDGDSDtVLQWHJUDGRV SRUORVVRFLRVGHOJRELHUQR\ORVSULQFLSDOHVWRPDGRUHVGHGHFLVLRQHVXQSDQRUDPDGHFDGDXQD GHODVUHJLRQHVXQHVWXGLRJOREDO\XQDFRQIHUHQFLDPXQGLDOSDUDPRYLOL]DUUHFXUVRVSDUDODHTXLGDG /DVGLPHQVLRQHVGHODH[FOXVLyQ /D,QLFLDWLYD*OREDOSRUORV1)(WRPDHQFRQVLGHUDFLyQWDQWRDORVPLOORQHVGH11$GHDDxRV TXHQRHVWiQDVLVWLHQGRDODHVFXHODHVGHFLUORVTXH©KR\HVWiQIXHUDGHODHVFXHODªFRPR DORVHVWXGLDQWHVTXHVLELHQFRQFXUUHQDODLQVWLWXFLyQHVFRODUWLHQHQXQDHVFRODUL]DFLyQOiELO\SUHFDULD 6RQHVWRV~OWLPRVTXLHQHVVLQRVHDFW~DFRQHILFDFLDHVWDUiQ©IXHUDGHODHVFXHODGHOIXWXURSUy[LPRª (VWHHQIRTXHVLW~DODFRPSUHQVLyQGHO©HVWDUIXHUDGHODHVFXHODªFRPRXQSURFHVRVRFLDOUHDOGLQiPLFR \UHFXUUHQWH (QHOPDUFRGHHVWD,QLFLDWLYD*OREDOVHGHWHUPLQDQFLQFRGLPHQVLRQHVGHH[FOXVLyQHVGHFLUFLQFR SRVLELOLGDGHVGHHVWDUKR\RPDxDQDIXHUDGHODHVFXHOD\GHOPDSDGHOUHFRUULGRHVFRODUGHVHDEOHSDUD WRGRV6HSUHVHQWDQDTXtFXDQWLILFDGDVSDUDODUHJLyQGH$PpULFD/DWLQD\HO&DULEH +2<)8(5$ '(/$(6&8(/$ (Q$PpULFD/DWLQD\HO&DULEH 'LPHQVLyQH[FOXVLyQ GHKHFKRGHODHGXFDFLyQ LQLFLDO PLOORQHVGHQLxRV\QLxDVHQHGDGGHDVLVWLU DODHGXFDFLyQLQLFLDOTXHQRSDUWLFLSDQGHHOOD SRUORPHQRVGXUDQWHXQDxRDQWHVGHLUDODHVFXHOD SULPDULD\TXHWDPSRFRDVLVWHQDODSULPDULD 'LPHQVLyQH[FOXVLyQ GHKHFKRWRWDORSDUFLDO GHODHGXFDFLyQSULPDULD PLOORQHVGHQLxRV\QLxDVHQHGDGGHDVLVWLU DODHGXFDFLyQSULPDULDTXHQRHVWiQHQODSULPDULD QLHQODVHFXQGDULDSRUTXHQRDFFHGHQQXQFD DODHVFXHODSULPDULDDFFHGHQHQIRUPDWDUGtD RKDQSDUWLFLSDGRGHHOODSRUXQWLHPSRUHVWULQJLGR \DEDQGRQDURQVLQDFUHGLWDUHOQLYHOFRPSOHWR 'LPHQVLyQH[FOXVLyQ GHKHFKRWRWDORSDUFLDO GHODHGXFDFLyQ VHFXQGDULD PLOORQHVGHDGROHVFHQWHVTXHWHQLHQGRHGDGGH HVWDUHQVHFXQGDULDEiVLFDQRHVWiQHQODHVFXHOD SULPDULDQLVHFXQGDULDRWUDVKDEHULQJUHVDGRDHOOD WDUGtDPHQWHRSDUWLFLSDGRSRUEUHYHVSHUtRGRV ODDEDQGRQDURQWHPSUDQDPHQWH (15,(6*2'((67$5 )8(5$'(/$(6&8(/$ (Q$PpULFD/DWLQD\HO&DULEH 'LPHQVLyQH[FOXVLyQ ODWHQWHSRWHQFLDOR VLOHQFLRVDGHOD HGXFDFLyQSULPDULD PLOORQHVGHQLxRVQLxDVHLQFOXVRDGROHVFHQWHV TXHVHPDQWLHQHQHVFRODUL]DGRVHQORVyJUDGRV GHSULPDULDSHURWUDQVLWDQGRXQDH[SHULHQFLD HGXFDWLYDVLJQDGDSRUIUDFDVRVGHGLYHUVDtQGROH \SRUHOORHQULHVJRGHDEDQGRQDU 'LPHQVLyQH[FOXVLyQ ODWHQWHSRWHQFLDOR VLOHQFLRVDGHOD HGXFDFLyQVHFXQGDULD EiVLFD PLOORQHVGHORVDGROHVFHQWHVTXHVHKDQLQVFULSWR HQDOJXQRGHORVyJUDGRVGHODHGXFDFLyQ VHFXQGDULDEiVLFD\D~QDVLVWHQSHURHQVLWXDFLyQ SUHFDULDHQIXQFLyQGHVXDFXPXODFLyQGHIUDFDVRV SUHYLRV\GHORVGHVDItRVFRPSOHMRVGHOD RUJDQL]DFLyQHVFRODUGHHVWHQLYHO )XHQWHSURFHVDPLHQWRSURSLRHQEDVHDGDWRVGHO8,681(6&2/DVHVWLPDFLRQHVGHODVGLPHQVLRQHVDFRUUHVSRQGHQ DODxR/DVHVWLPDFLRQHVGHODVGLPHQVLRQHV\FRUUHVSRQGHQDODxR 9DOHGHVWDFDUDGHPiVTXHODHVWLPDFLyQGHODFDQWLGDGGHQLxRV\QLxDVFRUUHVSRQGLHQWHDODVGLPHQVLRQHV \VHUHDOL]DFRQVLGHUDQGRDORVDOXPQRVTXHDVLVWHQFRQGRVRPiVDxRVGHUH]DJRSRUORTXH VHHQFXHQWUDQHQULHVJRJUDYH6LQHPEDUJRDORVILQHVGHOSUHVHQWHHVWXGLRVHFRQVLGHUDUHOHYDQWHVHxDODU TXHH[LVWHXQFRQMXQWRGHHVWXGLDQWHVTXHDVLVWHQDODSULPDULDRVHFXQGDULDFRQXQDxRGHUH]DJR \TXHVHUiQFDUDFWHUL]DGRVFRPRHQULHVJRPRGHUDGR(VWDVLWXDFLyQUHSUHVHQWDDORVDOXPQRV TXHKDQLQJUHVDGRHQIRUPDWDUGtDRTXHKDQDWUDYHVDGRXQDH[SHULHQFLDGHIUDFDVRHQVXLWLQHUDULRHVFRODU 3RUHVWDUD]yQHQHOGHVDUUROORGHHVWHGRFXPHQWRVHLQFOX\HHODQiOLVLVGHHVWDVVLWXDFLRQHV HQODFXDQWLILFDFLyQGHODVGLPHQVLRQHV\\DTXHVHODVFRQVLGHUDFRPRXQDVHxDOGHDOHUWD SDUDODVLWXDFLyQGHH[FOXVLyQ 5HFRPHQGDFLRQHVSULRULWDULDVGHDFFLyQKDFLDODPHWD GHODHVFRODUL]DFLyQWRWDORSRUWXQDVRVWHQLGD\SOHQD (QIXQFLyQGHODQiOLVLVGHODVGLPHQVLRQHVGHH[FOXVLyQODVEDUUHUDV\ODVSROtWLFDVTXHVHOOHYDQDFDER HQODDFWXDOLGDGHQHOPDUFRGHOD,QLFLDWLYD1)(VHKDQHODERUDGRODVVLJXLHQWHVUHFRPHQGDFLRQHV SDUDODUHJLyQ$PpULFD/DWLQD\HO&DULEH 3URPRYHUHOLQFUHPHQWRGHODSDUWLFLSDFLyQGHOVHFWRUHGXFDFLyQHQHO3URGXFWR,QWHUQR%UXWR3,% SDUDORVSDtVHVTXHVHHQFXHQWUDQUH]DJDGRVHQHVWDLQYHUVLyQ )LMDUPHWDVSDUDODVXSHUDFLyQGHODH[FOXVLyQDPHGLRSOD]RSHURTXHSXHGDQVHUPRQLWRUHDGDVHQIRUPD DQXDO $UWLFXODUORVHVIXHU]RVGHOVHFWRUHGXFDFLyQFRQORVTXHUHDOL]DQORVVHFWRUHVGHSURWHFFLyQVRFLDOVDOXG \QXWULFLyQSDUDDWHQGHUORVGHVDItRVGHODLQFOXVLyQHGXFDWLYD 5HFRQRFHUODIXQFLyQGHHQVHxDQ]DFRPRFODYH\DODHVFXHODFRPRHOiPELWRHQTXHVHFRQFUHWD ODLQFOXVLyQHGXFDWLYD 0RYLOL]DU\SUHSDUDUHOLQJUHVRRSRUWXQR DLQLFLDO\SULPHUJUDGR (YLWDUODJHQHUDFLyQ\UHSURGXFFLyQGHO UH]DJRHVFRODU\SURWHJHUDORVTXH HVWiQHQULHVJRSRUUH]DJR\DDGTXLULGR FRQEDVHHQHOHQIRTXHGHGHVDUUROORGH FDSDFLGDGHVGHDSUHQGL]DMH &RQFHQWUDUHVIXHU]RVWpFQLFRV SUHVXSXHVWDULRV\VRFLDOHVSDUD HVTXHPDVGHUHLQVHUFLyQHQHOVLVWHPD HGXFDWLYR 5HVSDOGDUODHGXFDFLyQUXUDO 81,&()+RQGXUDV3LUR]L $VXPLUHOGHVDItRGHODHGXFDFLyQ GHORVSXHEORVLQGtJHQDV 3URIXQGL]DUSUiFWLFDVGHVRSRUWH HPRFLRQDO\EXHQWUDWRDHVWXGLDQWHV QLxRV\DGROHVFHQWHV &RQYRFDU\OLGHUDULQLFLDWLYDVGH FRQVWUXFFLyQGHFRQRFLPLHQWRVREUH SURFHVRV\UHVXOWDGRVGHODH[FOXVLyQ HGXFDWLYD 'LIXQGLU\FRPXQLFDUHOFRQRFLPLHQWR FRQVWUXLGRRDPSOLDGR 5HVXPHQGHEDUUHUDVGHH[FOXVLyQ\HVWUDWHJLDVGHVXSHUDFLyQ /DVUHFRPHQGDFLRQHVDQWHVSUHVHQWDGDVUHVXPHQHOUHVXOWDGRGHXQDQiOLVLVTXHLGHQWLILFDODVEDUUHUDV TXHRULJLQDQGLFKDH[FOXVLyQDODYH]TXHSURSRQHXQPHQ~GHHVWUDWHJLDVGHSROtWLFDSDUDVROXFLRQDUODV %DUUHUDVTXHJHQHUDQ RDJUDYDQODH[FOXVLyQ ÈPELWRV %DUUHUDV HFRQyPLFDV SRUUHVWULFFLyQ GHUHFXUVRV IDPLOLDUHV %DUUHUDV VRFLRFXOWXUDOHV HQODGHPDQGD SRUHGXFDFLyQ %DUUHUDV PDWHULDOHV SHGDJyJLFDV\ VLPEyOLFDVTXH VHPDQLILHVWDQ HQODRIHUWDGH ODHVFXHOD %DUUHUDV SROtWLFDV ILQDQFLHUDVR WpFQLFDVGHOD RIHUWDGHO VLVWHPD HGXFDWLYR $JUXSDPLHQWRV (VWUDWHJLDVSDUDVXSHUDUEDUUHUDV \FXHOORVGHERWHOOD %DUUHUDV ÈPELWRV $JUXSDPLHQWRV (VWUDWHJLDV %DODQFHDULQJUHVRV IDPLOLDUHV (VWUDWHJLDV \ 6XSOLUFRVWRVGH HVFRODUL]DFLyQ (VWUDWHJLDV D ,QVXILFLHQFLDGH LQJUHVRVSDUD VXEVLVWHQFLD %DUUHUDV \ 'LILFXOWDGSDUD DIURQWDUFRVWRVGH HVFRODUL]DFLyQ %DUUHUDV D 'HVDMXVWHVGH UHSUHVHQWDFLRQHV VREUHHOGHUHFKRDOD HGXFDFLyQ %DUUHUDV \ (QULTXHFHUODSHUVSHFWLYDVRFLDOVREUH HOGHUHFKRDODHGXFDFLyQ (VWUDWHJLDV \ (VFXHODVTXHQR FXHQWDQFRQ UHFXUVRVPDWHULDOHV VXILFLHQWHVREiVLFRV %DUUHUDV D &UHDUFRQGLFLRQHV PDWHULDOHV \YLQFXODUODVFRQHO DSUHQGL]DMH (VWUDWHJLDV D (VFXHODVGRQGHVH JHQHUDQRWROHUDQ PHFDQLVPRVGH VHJUHJDFLyQ %DUUHUDV D &RQVLGHUDU ODRUJDQL]DFLyQ HVFRODUFRPR RSRUWXQLGDG GHLQFOXVLyQ (VWUDWHJLDV D (VFXHODVTXH SRVLELOLWDQHVFDVDV RSRUWXQLGDGHVGH DSUHQGHU %DUUHUDV D $PSOLDUODV RSRUWXQLGDGHVGH DSUHQGHUSDUD ORVHVWXGLDQWHV (VWUDWHJLDV D (VFXHODVFRQFOLPD SHGDJyJLFR\ YLQFXODUGHWHULRUDGR %DUUHUDV D ,QVWDODUXQFOLPD HVFRODUUHVSHWXRVR \WROHUDQWH (VWUDWHJLDV D 2IHUWDHGXFDWLYD IDOWDQWHHVFDVD LQDGHFXDGD REXURFUDWL]DGD %DUUHUDV D 5HYLWDOL]DUOD RUJDQL]DFLyQGHOD RIHUWDHGXFDWLYD SDUDODLQFOXVLyQ (VWUDWHJLDV D )LQDQFLDPLHQWR LQVXILFLHQWH %DUUHUDV \ 3URWHJHU\DPSOLDU HOILQDQFLDPLHQWR (VWUDWHJLDV \ 3URSXHVWDVWpFQLFDV LQHILFDFHVSDUD ORJUDULQFOXVLyQ %DUUHUDV D 'HVDUUROODU XQDSHGDJRJtD UDFLRQDOSDUD VXSHUDUODH[FOXVLyQ (VWUDWHJLDV D 6HGHWDOODQHQHO&DStWXOR 6HGHWDOODQHQHO&DStWXOR 3URJUHVDUHQ PD\RUMXVWLFLD GHUHFXUVRV \SRVLELOLGDGHV 3URPRYHU HVFXHODV FRPSURPHWLGDV FRQODLQFOXVLyQ *HVWLRQDU HOVLVWHPD HGXFDWLYRKDFLD PHWDVGH LQFOXVLyQ &DStWXOR 3HUILOHVGHODH[FOXVLyQHGXFDWLYD HQ$PpULFD/DWLQD\HO&DULEH (QHVWHFDStWXORVHUHDOL]D ODFDUDFWHUL]DFLyQHVWDGtVWLFD GHODH[FOXVLyQHGXFDWLYDGHORVQLxRV QLxDV\DGROHVFHQWHVGH/DWLQRDPpULFD \HO&DULEHGHVGHODGHILQLFLyQDPSOLDGD SURSLDGHHVWDLQLFLDWLYDLQFOX\H ODSREODFLyQTXHQRDVLVWHDODHVFXHOD \ODTXHDVLVWHHQVLWXDFLyQGHH[FOXVLyQ ODWHQWHSRUORTXHSHUPDQHFHRFXOWD DORVDQiOLVLVVREUHHOSULPHUJUXSR 81,&()(FXDGRU&ODYLMR /DVGLPHQVLRQHV GHODH[FOXVLyQ FDUDFWHUL]DFLyQLQLFLDO /DVGLVWLQWDVGLPHQVLRQHVGHODH[FOXVLyQ HVFRODUDFWXDORSRWHQFLDOHQ$PpULFD /DWLQD\HO&DULEHDIHFWDQDPLOORQHV GH11$FRQVLGHUDQGRGHVGHHO~OWLPR DxRGHHGXFDFLyQLQLFLDOKDVWD ODILQDOL]DFLyQGHODVHFXQGDULDEiVLFD SDUDORVDxRV\FRPR PXHVWUDHOVLJXLHQWHFXDGUR 7RWDOGHH[FOXVLyQHGXFDWLYDDFWXDORSRWHQFLDO 'LPHQVLyQ 'LPHQVLyQ 1LxRVHQHGDGGHDVLVWLUDODHGXFDFLyQLQLFLDOTXHQR HVWiQHQODHVFXHODLQLFLDORSULPDULD 1LxRVHQHGDGGHDVLVWLUDODHVFXHODSULPDULDTXH QRHVWiQHQODHVFXHODSULPDULDQLHQODVHFXQGDULDEiVLFD 'HORVFXDOHVHQHVFXHODLQLFLDOFRQUH]DJR PLOORQHV PLOORQHV PLOORQHV PLOORQHV $GHPiV HQULHVJR PRGHUDGR 'LPHQVLyQ 1LxRVDGROHVFHQWHVHQHGDGGHDVLVWLUDODHGXFDFLyQ VHFXQGDULDEiVLFDTXHQRHVWiQHQODHVFXHODSULPDULD QLHQODVHFXQGDULD PLOORQHV 'LPHQVLyQ 1LxRVTXHHVWiQHQODHVFXHODSULPDULDSHURTXHHVWiQHQ ULHVJRJUDYHGHDEDQGRQDU PLOORQHV RWURV PLOORQHV 'LPHQVLyQ 1LxRVDGROHVFHQWHVTXHHVWiQHQODHVFXHODVHFXQGDULD EiVLFDSHURTXHHVWiQHQULHVJRJUDYHGHDEDQGRQDU PLOORQHV RWURV PLOORQHV )XHQWHHVWLPDFLRQHVGHO,QVWLWXWRGH(VWDGtVWLFDGHOD81(6&28,6SDUDODUHJLyQFRUUHVSRQGLHQWHVDODxR HVWLPDFLRQHVSURSLDVEDVDGDVHQGDWRVGHO,QVWLWXWRGH(VWDGtVWLFDGHOD81(6&28,6FRUUHVSRQGLHQWHVDODxR ([FOXVLyQDFWXDOLQHTXLGDGHVGHDFFHVR\SHUPDQHQFLD± 'LPHQVLRQHVD3HUILOJHQHUDOGHDFFHVR\SHUPDQHQFLD HQ$PpULFD/DWLQD\HO&DULEH /DHOHYDGDFREHUWXUDGHODHGXFDFLyQSULPDULDHQODUHJLyQQRHVH[SUHVLyQGHXQDSHUPDQHQFLDSURORQJDGD GHORV11$HQHOVLVWHPDHGXFDWLYR\PHQRVD~QGHXQSURJUHVRH[LWRVRHQHOQLYHORGHVXILQDOL]DFLyQ (QHVHVHQWLGRODLQIRUPDFLyQGLVSRQLEOHSHUPLWHLGHQWLILFDUGHQWURGHOIOXMRGHODHVFRODUL]DFLyQORVFXHOORV GHERWHOODTXHUHVWULQJHQHOGHUHFKRDODHGXFDFLyQGHOXQLYHUVRGHQLxRV\QLxDVGHODUHJLyQ 3DUDHOORODWDVDHVSHFtILFDGHPDWUtFXODSRUHGDGPXHVWUDODSURSRUFLyQGHODSREODFLyQGHXQDHGDG FRQFUHWDHQXQSDtVTXHHVWiLQVFULSWDHQHOVLVWHPDHGXFDWLYR$SDUWLUGHHVWHLQGLFDGRUVHSXHGHQ LGHQWLILFDUDJUDQGHVUDVJRVWUHVVHJPHQWRVGLIHUHQWHVHQ$PpULFD/DWLQD\HO&DULEH 6HJPHQWR/DHVFRODUL]DFLyQSHQGLHQWHQLxRV\QLxDVGH\DxRVTXHSHUPDQHFHQIXHUDGHOVLVWHPD HGXFDWLYRVLQKDEHULQLFLDGRD~QVXHVFRODULGDG$SUR[LPDGDPHQWHHOGHODSREODFLyQGHDxRVGH HGDGGHORVSDtVHVDQDOL]DGRVHVWiIXHUDGHODHVFXHODUHSUHVHQWDQGRHOGHVDItRGHXQLYHUVDOL]DFLyQGHO ~OWLPRDxRGHOQLYHOLQLFLDO$ORVDxRVHOGHODSREODFLyQGHODUHJLyQHVWDUiHQODHVFXHODSHUR FHUFDGHOGHORVQLxRVGHHVWDHGDGD~QSHUPDQHFHQIXHUDHQVXPD\RUtDVRQDTXHOORVTXH LQJUHVDUiQHQIRUPDWDUGtDDOVLVWHPDHGXFDWLYR 6HJPHQWR/DHVFRODUL]DFLyQWRWDOHQWUHORV\ORVDxRVODVWDVDVHVSHFtILFDVGHHVFRODUL]DFLyQ DOFDQ]DQYDORUHVFHUFDQRVDO3DUDHVWHWUDPRGHHGDGODFREHUWXUDHVFDVLXQLYHUVDO\SRUWDQWRHV PX\SHTXHxDODSURSRUFLyQGHSREODFLyQTXHQRDVLVWHDOVLVWHPDHGXFDWLYR 81,&()%HOLFH9LOODU 6HJPHQWR/DGHVHVFRODUL]DFLyQDSDUWLUGHORVDxRVGHHGDGODVWDVDVHVSHFtILFDVGHPDWUtFXOD FRPLHQ]DQDGLVPLQXLUSURJUHVLYDPHQWHVtQWRPDGHSURFHVRVGHDEDQGRQRHVFRODU+DFLDORVDxRV GHFDGDMyYHQHVQRDVLVWHDODHVFXHOD'HHVWHJUXSRODPD\RUtDDVLVWLySHURDEDQGRQy GHILQLWLYDPHQWHHOVLVWHPDHGXFDWLYR(VWDVLWXDFLyQVHLUiDJUDYDQGRSURJUHVLYDPHQWHHQODVVLJXLHQWHV HGDGHV (VWHDQiOLVLVVHFRPSOHPHQWDFRQRWURGHFDUDFWHUtVWLFDVGLQiPLFDVTXHSRQHHQFRPSDUDFLyQODFDQWLGDGGH HVWXGLDQWHVGHGRVDxRVFRQVHFXWLYRV(\(\TXHSHUPLWHREVHUYDUODVVLJXLHQWHVWHQGHQFLDV 6HJPHQWRHQHODxRLQLFLDOKD\PLOORQHVGHHVWXGLDQWHVGHDxRV\DODxRVLJXLHQWHKD\PLOORQHV GHDxRVKD\PLOORQHVGHDOXPQRVQXHYRVGHDxRVTXHQRHVWXYLHURQHQHOVLVWHPDHODxRDQWHULRU (VHSURFHVRGHLQFRUSRUDFLyQSRUSULPHUDYH]DFFHVRWDUGtRHQPXFKRVFDVRVFRQWLQ~DKDVWDORVDxRV 6HJPHQWRHQWUHORV\DxRVGHHGDGGHODxRLQLFLDO\ORVDGHODxRILQDOVHREVHUYDXQD VLWXDFLyQHVWDEOHHQHODJUHJDGRWRWDOQRKD\QLQXHYRVLQJUHVRVQLDEDQGRQR 6HJPHQWRDSDUWLUGHORVDxRVFRPLHQ]DHOSURFHVRGHVDOLGDWHPSUDQD(QHODxRLQLFLDOKD\ PLOORQHVHVWXGLDQWHVGHDxRV\HQHODxRILQDOKD\PLOORQHVHVWXGLDQWHVGHDxRV(VWHSURFHVRGH DEDQGRQRLQWHUDQXDOHQWUHXQDHGDG\ODVLJXLHQWHHVXQGUHQDMHFRQWLQXR 'LPHQVLyQQLxRVHQHGDGGHDVLVWLUDODHGXFDFLyQLQLFLDOTXHQRHVWiQ HQODHVFXHODLQLFLDOQLHQODSULPDULD ¢&8È1726621/261,f26<1,f$6(1(67$',0(16,Ï1" (QWUHORVDxRV\VHLQFUHPHQWyHQXQODFDQWLGDGGHHVWXGLDQWHVTXHDVLVWHDODHGXFDFLyQ LQLFLDOLQFRUSRUDQGRDPiVGHPLOORQHVGHQLxRV\QLxDV $PpULFD/DWLQD\HO&DULEH $xR ',0(16,Ï1 7RWDO PLOORQHVGHQLxRVHQHGDGGHDVLVWLU DODHGXFDFLyQLQLFLDOTXHQRHVWiQ HQODHGXFDFLyQLQLFLDORSULPDULD GHOWRWDOGHQLxRVGHDxRV 0XMHUHV PLOQLxDVHQHGDGGHDVLVWLU DODHGXFDFLyQLQLFLDOTXHQRHVWiQHQOD HGXFDFLyQLQLFLDORSULPDULDGHOWRWDO 9DURQHV PLOQLxRVHQHGDGGHDVLVWLU DODHGXFDFLyQLQLFLDOTXHQRHVWiQHQOD HGXFDFLyQLQLFLDORSULPDULDGHOWRWDO %UDVLO %ROLYLD &RORPELD PLO PLO PLO )XHQWHHVWLPDFLRQHV UHJLRQDOHV\QDFLRQDOHV GHO,QVWLWXWR GH(VWDGtVWLFDGH OD81(6&28,6 /DVHVWLPDFLRQHV QDFLRQDOHVWLHQHQ ORVVLJXLHQWHVDxRV GHUHIHUHQFLD %ROLYLD%UDVLO \&RORPELD ¢48e27526352&(626'((;&/86,Ï16(38('(1',67,1*8,5(172512$/$',0(16,Ï1" $QDOL]DQGRORVGDWRVGHVGHRWUDSHUVSHFWLYDHVSRVLEOHFRQVLGHUDUDORVQLxRVTXHFXUVDQHOSULPHUJUDGR GHODHGXFDFLyQSULPDULD\SUHJXQWDUVHTXpH[SHULHQFLDHGXFDWLYDWXYLHURQHODxRDQWHULRU(VWRSHUPLWH UHJLVWUDUSULPHURVSURFHVRVGHH[FOXVLyQTXHVHREVHUYDQHQODKHWHURJHQHLGDGGHWUD\HFWRULDVHVFRODUHV SUHYLDVDODHGXFDFLyQSULPDULD(VWDVWUD\HFWRULDVPDUFDQXQSXQWRGHSDUWLGDGHVLJXDOSDUDORVQLxRV \QLxDV\SODQWHDQGHVDItRVDODSROtWLFDHGXFDWLYD9LVWRGHVGHODHGDGGHLQJUHVRDOQLYHOSULPDULR SRUFDGDHVWXGLDQWHVGHHVDHGDG 6HJ~QHVWLPDFLRQHVGHO,QVWLWXWRGH(VWDGtVWLFDGHOD81(6&2SDUD$PpULFD/DWLQD\HO&DULEHHQVXFHQWURGHGDWRVPDU]RGH ±QRKDQFXUVDGRHGXFDFLyQLQLFLDO ±LQLFLDQHOSULPDULRKDELHQGRDVLVWLGRHODxRDQWHULRUDODHGXFDFLyQLQLFLDO ±KDQLQLFLDGRHOSULPDULRFRQSUHFRFLGDGHVGHFLUDQWHVGHODHGDGQRUPDWLYD /DVLQHTXLGDGHVGHDFFHVRDODHGXFDFLyQSULPDULD\VXUHODFLyQFRQODHGXFDFLyQLQLFLDOSXHGHQVLQWHWL]DUVH HQODVVLJXLHQWHVDILUPDFLRQHV 1LxRVTXHDVLVWLUiQDODHGXFDFLyQSULPDULDVLQKDEHUDVLVWLGRDODHGXFDFLyQLQLFLDO3DUDHODxR PLOORQHVGHQLxRVGHODUHJLyQKDEUtDQDVLVWLGRDODHGXFDFLyQSULPDULDVLQKDEHUFXUVDGRHGXFDFLyQ LQLFLDOHQODHGDGDGHFXDGD/DEUHFKDHVGHOHQUHODFLyQFRQORVHVWXGLDQWHVGHSULPHUJUDGR HQHGDGRSRUWXQD 1LxRVTXHDVLVWLUiQDODHGXFDFLyQLQLFLDOSHURFRQUH]DJRRGHVIDVHGHHGDGOOHJDQSRUSULPHUDYH] DOVLVWHPDHGXFDWLYRFRQHGDGGHSULPHUJUDGRSHURHVWiQDQRWDGRVHQHGXFDFLyQLQLFLDO GHORVQLxRVHQHGDGGHLQLFLDUODSULPDULDFXUVDQODHGXFDFLyQLQLFLDOHQYH]GHOSULPHUJUDGR 1LxRVTXHQXQFDDVLVWLUiQDODHVFXHODQLDODHGXFDFLyQLQLFLDOQLDODSULPDULD6HDQDOL]DHQODGLPHQVLyQ GHODH[FOXVLyQ ¢&Ï02(6/$',1È0,&$(175(/$',0(16,Ï1</$',0(16,Ï1" 3DUDLGHQWLILFDUEDUUHUDV\GLVHxDUSROtWLFDVUHVXOWDUHOHYDQWHGLVWLQJXLUHQHVWDWUDQVLFLyQGLVWLQWDVVLWXDFLRQHV GHH[FOXVLyQ 1LxRVTXHLQJUHVDUiQWDUGtDPHQWHDODHVFXHODSULPDULDFRPRSULPHUDFFHVRDOVLVWHPDHGXFDWLYR \SRUORWDQWRVLQFXUVDUHGXFDFLyQLQLFLDOWUDQVLWDQGLPHQVLyQ\GLPHQVLyQ 1LxRVTXHLQJUHVDUiQWDUGtDPHQWHDODHVFXHODSULPDULDFRPRUHVXOWDGRLQHYLWDEOHGHKDEHUFXUVDGR HGXFDFLyQLQLFLDOFRQUH]DJRWUDQVLWDQGLPHQVLyQ 1LxRVTXHLQJUHVDQRSRUWXQDPHQWHDODHVFXHODSULPDULDSHURVLQKDEHUFXUVDGRHGXFDFLyQLQLFLDO WUDQVLWDURQODGLPHQVLyQGHH[FOXVLyQSHURQRLQLFLDQHQGLPHQVLyQ (QODUHJLyQFHUFDGHOGHORVDOXPQRVDVLVWHDODHVFXHODDOPHQRVGHVGHHO~OWLPRJUDGR GHODHGXFDFLyQLQLFLDO3RUORWDQWRGHOUHVWDQWHSRFRPiVGHODPLWDGLQJUHVDUiDODHVFXHODSULPDULD RLQLFLDODODxRVLJXLHQWH\SRFRPHQRVGHODPLWDGORKDUiHQIRUPDWDUGtD(QWpUPLQRVDEVROXWRV PLOORQHVGHQLxRVLQWHJUDQODGLPHQVLyQHQSRUWHQHUHGDGGHHGXFDFLyQLQLFLDO\QRWHQHU RSRUWXQLGDGGHDVLVWLUGHHOORVSDVDUiQHQDLQWHJUDUODGLPHQVLyQ\DTXHD~QQRLQJUHVDUiQ DODHVFXHODHQQLQJ~QQLYHOHGXFDWLYR 'LPHQVLyQQLxRVHQHGDGGHDVLVWLUDODHVFXHODSULPDULDTXHQRHVWiQ HQODHVFXHODSULPDULDQLVHFXQGDULDEiVLFD 5HILHUHDDTXHOORVQLxRV\QLxDVTXHXELFiQGRVHHQODIUDQMDGHHGDGTXHFRUUHVSRQGHDOQLYHOSULPDULR R&,1(HQWUHORVRSDUDHOLQLFLR\HQWUHORVDxRVSDUDHOHJUHVRVHJ~QORVSDtVHVQRDVLVWH DODHVFXHODRDVLVWHDODHGXFDFLyQLQLFLDO &RPRIRUPDGHIDFLOLWDUODOHFWXUDGHXQLQIRUPHUHJLRQDOTXHDEDUFDSDtVHVVHKDQXQLIRUPDGRODVGHQRPLQDFLRQHV FRUUHVSRQGLHQWHVDORVQLYHOHVHGXFDWLYRVHQORVWUDPRVHVSHFtILFDPHQWHIRFDOL]DGRVHQHVWDLQLFLDWLYD$WDOILQOD&ODVLILFDFLyQ ,QWHUQDFLRQDO1RUPDOL]DGDGHOD(GXFDFLyQ&,1(GHVDUUROODGDSRUOD81(6&2SDUDFRPSDUDUQLYHOHVHGXFDWLYRVHVOD EDVHGHODQRPHQFODWXUDTXHVHXWLOL]DUiORODUJRGHWRGRHOGRFXPHQWR(GXFDFLyQ,QLFLDOLQFOXLGDGHQWURGHODFDWHJRUtD&,1( 6HFRQVLGHUDFRQHVWHQRPEUHDXQDxRGHHVFRODULGDGSUHYLDDOLQJUHVRDODHGXFDFLyQSULPDULD(VWHQLYHOUHFLEHGLIHUHQWHVQRPEUHV HQORVSDtVHVGHODUHJLyQHGXFDFLyQSDUYXODULDSUHHVFRODUSUHSULPDULDSUHSDUDWRULDHLQLFLDO(GXFDFLRQSULPDULDHTXLYDOHQWH DO&,1((QFDVLWRGDODUHJLyQFRUUHVSRQGHDOQLYHOSULPDULRRDODHGXFDFLyQEiVLFDFRPSOHWDRHQDOJ~QWUDPRFRQXQDGXUDFLyQ HQWUH\DxRV(GXFDFLRQVHFXQGDULDVHUHIHUHQFLDFRQ&,1((QORVSDtVHVGHODUHJLyQHVOODPDGR7HUFHU&LFORGHHGXFDFLyQ EiVLFDHGXFDFLyQVHFXQGDULDRPHGLD\WLHQHXQDHGDGQRUPDWLYDGHFXOPLQDFLyQHQWUHORV\DxRV(O&,1(FRQVXVGLYHUVDV GHQRPLQDFLRQHVHQORVSDtVHVGHODUHJLyQHGXFDFLyQPHGLDYRFDFLRQDOEDFKLOOHUDWRQRVHLQWHJUDHQHOPDUFRFRQFHSWXDO GHOD,QLFLDWLYDSRUORV1)( ¢&8È1726621/261,f26<1,f$6(1(67$',0(16,Ï1" $PpULFD/DWLQD\HO&DULEH ',0(16,Ï1 $xR 7RWDO PLOORQHVGHQLxRVTXHQRHVWiQHQ ODHGXFDFLyQSULPDULDQLVHFXQGDULDEiVLFD GHOWRWDOGHQLxRVHQHGDGGHDVLVWLU DODSULPDULD 0XMHUHV PLOORQHVGHQLxDVTXHQRHVWiQHQOD HGXFDFLyQSULPDULDQLVHFXQGDULDEiVLFD GHOWRWDO 9DURQHV PLOORQHVGHQLxRVTXHQRHVWiQHQ ODHGXFDFLyQSULPDULDQLVHFXQGDULDEiVLFD GHOWRWDO %UDVLO %ROLYLD &RORPELD PLO PLO PLO )XHQWHHVWLPDFLRQHV UHJLRQDOHV\QDFLRQDOHV GHO,QVWLWXWR GH(VWDGtVWLFDGH OD81(6&28,6 /DVHVWLPDFLRQHV QDFLRQDOHVWLHQHQFRPR DxRVGHUHIHUHQFLD %ROLYLD %UDVLO\ &RORPELD (VWDGLPHQVLyQFRPELQDGLVWLQWDVVLWXDFLRQHVLQJUHVRWDUGtRDODHGXFDFLyQSULPDULDDEDQGRQRWHPSUDQR \H[FOXVLyQWRWDO\DEVROXWD([LVWHQHVWLPDFLRQHVUHJLRQDOHV\QDFLRQDOHVSDUDODFDQWLGDGGHQLxRV LQYROXFUDGRVHQFDGDXQDGHHVWDVVLWXDFLRQHV $PpULFD/DWLQD \HO&DULEH %ROLYLD %UDVLO &RORPELD ,QJUHVDURQDODHVFXHOD SHUROXHJRDEDQGRQDURQ PLO PLO PLO PLO 6HHVSHUDTXHLQJUHVHQ HQIRUPDWDUGtD PLOORQHV PLO PLO PLO PLOOyQ 0HQRVGHPLO PLO 6HHVSHUDTXHQRLQJUHVHQ QXQFDDODHVFXHOD )XHQWHHVWLPDFLRQHVUHJLRQDOHVGHO,QVWLWXWRGH(VWDGtVWLFDGHOD81(6&28,6SDUDHODxR\HVWLPDFLRQHVQDFLRQDOHVUHDOL]DGDV SRUHOSDtVDSDUWLUGHORVGDWRVGHODVHQFXHVWDVGHKRJDUHV\HVWLPDFLRQHVGHSREODFLyQ%ROLYLD(+H,1( %UDVLO31$'(QHOFDVRGH%UDVLOODHVWLPDFLyQQRLQFOX\HDODSREODFLyQGHDxRV ¢&8È17$6)250$6'(,1*5(627$5'Ë26(38('(15(&212&(5" 6HGLIHUHQFLDQGRVJUXSRV L ©,QJUHVRWDUGtRSXURªORVQLxRVTXHDFFHGHQDODHGXFDFLyQSULPDULDFRQHGDGPD\RUDODQRUPDWLYD \HVHDFFHVRDOVLVWHPDHGXFDWLYRHVSRUSULPHUDYH] LL ©,QJUHVRWDUGtRDFDUUHDGRGHODHGXFDFLyQLQLFLDOªORVQLxRVTXHDFFHGHQDODHGXFDFLyQSULPDULD FRQHGDGPD\RUDODQRUPDWLYDSHURTXHQRUHSUHVHQWDVXSULPHUDFFHVRVLQRTXH\DKDQFXUVDGR ODHGXFDFLyQLQLFLDO 81,&()%HOLFH9LOODU 3DUDHODxRGHFDGDQLxRVHQHGDGGHLQLFLDUODSULPDULDTXHDVLVWHQRDVLVWLUiQDODHVFXHOD DVLVWHQDODHVFXHODHQWUHORVFXDOHV ±HVWiQLQVFULWRVHQODHVFXHODSULPDULDHQHGDGWHyULFDRSUHFRFLGDG ±DVLVWHQDOQLYHOLQLFLDOFRQUH]DJR\SRUORWDQWRLQLFLDUiQHOSULPDULRFRQGHVIDVHJUDGRHGDG DFDUUHDGRGHODHGXFDFLyQLQLFLDO GHHOORVLQLFLDUiQHOSULPDULRFRQUH]DJRVLQKDEHUDVLVWLGRSUHYLDPHQWHDODHVFXHODWDVDGHLQJUHVR WDUGtRQLxRVLQJUHVDUiQFRQXQDxRGHUH]DJR\ORKDUiQFRQGRVDxRVGHUH]DJR 3RUORWDQWRGHFDGDQLxRVHQHGDGGHDVLVWLUDODSULPDULDLQJUHVDUiQDOQLYHOSULPDULRFRQPD\RU HGDGDODTXHFRUUHVSRQGHSRUQRUPDWLYD 0iVGHODPLWDGGHOLQJUHVRWDUGtRHVDFDUUHDGRGHODHGXFDFLyQLQLFLDOHVGHFLUQRHVWiUHSUHVHQWDQGRHOSULPHU FRQWDFWRGHOQLxRFRQODHVFXHODFRPRKDELWXDOPHQWHVHORFRQVLGHUD ¢&8È17261,f26<1,f$6,1,&,$1</8(*2$%$1'21$1/$('8&$&,Ï135,0$5,$" 8QDHVWLPDFLyQFRQVHUYDGRUDPXHVWUDTXHFHUFDGHQLxRV\QLxDVDEDQGRQDUiQODHVFXHODSULPDULD DQWHVGHORVDxRV(VWRVHVWXGLDQWHVKDQWHQLGRDFFHVR\DOJ~QWLHPSRGHSHUPDQHQFLDSHURQR FRPSOHWDQHOQLYHOHQWUHHOLQJUHVR\ORVDxRV 'LPHQVLyQQLxRVHQHGDGGHDVLVWLUDORVSULPHURVDxRVGHHGXFDFLyQVHFXQGDULD TXHQRHVWiQHQODHVFXHODSULPDULDQLVHFXQGDULDEiVLFD (VWDGLPHQVLyQDEDUFDHOFRQMXQWRGHDGROHVFHQWHVHQHGDGGHDVLVWLUDODVHFXQGDULDEiVLFDTXHHVWiQ GHVHVFRODUL]DGRVLQFOX\HDORVHJUHVDGRVGHHGXFDFLyQSULPDULDTXHQRDFFHGLHURQDODVHFXQGDULD ORVTXHDFFHGLHURQDODVHFXQGDULD\DEDQGRQDURQ\ORVTXHDEDQGRQDURQVLQFRPSOHWDUODSULPDULD ¢&8È1726621/26$'2/(6&(17(6(1(67$',0(16,Ï1" $PpULFD/DWLQD\HO&DULEH ',0(16,Ï1 $xR 7RWDO PLOORQHVGHDGROHVFHQWHVHQHGDG GHDVLVWLUDODHGXFDFLyQVHFXQGDULDEiVLFD TXHQRHVWiQHQODHVFXHODSULPDULDQLHQ ODVHFXQGDULD GHOWRWDO 0XMHUHV PLOORQHVGHDGROHVFHQWHVHQHGDG GHDVLVWLUDODHGXFDFLyQVHFXQGDULDEiVLFD TXHQRHVWiQHQODHVFXHODSULPDULDQLHQ ODVHFXQGDULD GHOWRWDO 9DURQHV PLOORQHVGHDGROHVFHQWHVHQHGDG GHDVLVWLUDODHGXFDFLyQVHFXQGDULDEiVLFD TXHQRHVWiQHQODHVFXHODSULPDULDQLHQ ODVHFXQGDULD GHOWRWDO %UDVLO PLO %ROLYLD &RORPELD PLO PLO )XHQWHHVWLPDFLRQHV UHJLRQDOHV\QDFLRQDOHV GHO,QVWLWXWRGH (VWDGtVWLFDGHOD 81(6&28,6 /DVHVWLPDFLRQHV QDFLRQDOHVWLHQHQFRPR DxRVGHUHIHUHQFLD %ROLYLD\ &RORPELD 3DUD%UDVLO HVWLPDFLRQHV QDFLRQDOHVUHDOL]DGDV SRUHOSDtVDSDUWLUGH ORVGDWRVGHO31$' ¢&8È1726$'2/(6&(17(6$%$1'21$1/$(6&8(/$" &HUFDGHOGHORVTXHDVLVWtDQDODHVFXHODHQWUHORV\DxRVHGDGTXHFRUUHVSRQGHDODVHFXQGDULD EiVLFDHQODPD\RUtDGHORVSDtVHVGHODUHJLyQDEDQGRQyHQHOSDVDMHDODxRVLJXLHQWH+D\PLOORQHV GHDGROHVFHQWHVHQHVWHWUDPRGHHGDGTXHDEDQGRQDQODHVFXHODHQHOSDVDMHGHXQDxRDRWUR /DVLWXDFLyQQRHVSDUHMDHQIXQFLyQGHHGDGHVVLPSOHVHODEDQGRQRHVFRODUVHLQWHQVLILFDDPHGLGDTXH DXPHQWDODHGDGGHODSREODFLyQ ¢48e352&(626'((;&/86,Ï16(38('(1$1$/,=$5(172512$(67$',0(16,Ï1" /D~OWLPDLQIRUPDFLyQGLVSRQLEOHLQGLFDTXHHQODUHJLyQFHUFDGHOGHORVHVWXGLDQWHVGHHVWHWUDPR GHHGDGD~QQRDOFDQ]yDILQDOL]DUODSULPDULD(VSUREDEOHTXHXQFRQMXQWRLPSRUWDQWHGHHVWRVDOXPQRV DEDQGRQHODHVFXHODDQWHVGHFRPSOHWDUHVHQLYHOGHHVFRODUL]DFLyQ 6LELHQQRHVSRVLEOHFDOFXODUHQIRUPDSUHFLVDODPDJQLWXGGHHVWHDEDQGRQRVHSXHGHKDFHU XQDHVWLPDFLyQDSUR[LPDGDVLJXLHQGRDXQDFRKRUWHGHDOXPQRVSRUHGDGHQGRVDxRVFRQVHFXWLYRV $SOLFDQGRHVWRVFiOFXORVDOUHGHGRUGHPLOHVWXGLDQWHVDVLVWtDQDODSULPDULDFRQHGDGGHDVLVWLU DODVHFXQGDULDEiVLFD\DEDQGRQDURQDQWHVGHILQDOL]DUHOQLYHO /DH[FOXVLyQSRWHQFLDOLQHTXLGDGHVGHSURJUHVLyQ\DSUHQGL]DMH± GLPHQVLRQHV\ (VWDVGLPHQVLRQHVVHUHILHUHQDODSREODFLyQTXHHVWiHVFRODUL]DGDSHURHQULHVJRGHH[FOXVLyQ(VWH FRQFHSWRHVXQRGHORVDSRUWHVPiVLQQRYDGRUHVGHOD,QLFLDWLYD1)(SRUTXHSRQHHOIRFRHQORVQLxRVTXH KR\HVWiQHQODHVFXHODSHURFRQSUREDELOLGDGVLJQLILFDWLYDGHDEDQGRQDUOD'HHVWDIRUPDVHSXHGHRULHQWDU ODDFFLyQKDFLDODVLQVWLWXFLRQHVHVFRODUHVDQWHVGHTXHHODEDQGRQRVHDHIHFWLYR (/5(=$*2(6&2/$5&202$352;,0$&,Ï1$/5,(6*2'((;&/86,Ï1 5HVXOWDFRPSOHMRORJUDUXQDPHGLFLyQGHOULHVJRGHH[FOXVLyQTXHVHD H[KDXVWLYD\TXHSHUPLWDXQDFXDQWLILFDFLyQUHJLRQDO(QHOPDUFR GHHVWHHVWXGLRVHKDRSWDGRSRUXWLOL]DUHOUH]DJRHVFRODUFRPR LQGLFDGRUGHODVLWXDFLyQGHULHVJRGHH[FOXVLyQHQODUHJLyQ\DTXH H[SUHVDHOHQIRTXHGLQiPLFR\DFXPXODWLYRGHH[FOXVLyQ SHUPLWHILMDUODDWHQFLyQHQODVSROtWLFDVHGXFDWLYDVTXHSXHGHQHYLWDU \UHSDUDUHOUH]DJR 5H]DJRHVFRODU 5HILHUHDDTXHOORVHVWXGLDQWHV TXHDVLVWHQDODHVFXHODFRQ PD\RUHGDGDODFRUUHVSRQGLHQWH DOJUDGRVHJ~QODQRUPDWLYD GHLQJUHVRYLJHQWHHQFDGDSDtV SHUPLWHSURWHJHUODH[SHULHQFLDHVFRODU\YLYHQFLDOGHORV11$ UHVDOWDHOOXJDUGHODHQVHxDQ]DFRPRYtDSDUDUHPRYHUHOIUDFDVRHVFRODU\ HVVHQFLOORGHPHGLUHQWRGDODH[WHQVLyQ\FREHUWXUDGHOVLVWHPDHGXFDWLYR ¢&Ï02(6(/3(5),/*(1(5$/'(/$&21',&,Ï1'(5(=$*2(6&2/$5" 6HLGHQWLILFDQWUHVVHJPHQWRV 6HJPHQWR(ODFFHVRDOVLVWHPDHGXFDWLYRJHQHUDGLYHUVDV VLWXDFLRQHVTXHFRQFOX\HQHQUH]DJR,QJUHVRWDUGtRSXUR \DFDUUHDGRDORTXHVHVXPDHQPD\RUPDJQLWXGHOSURSLRIUDFDVR GHORVSULPHURVJUDGRVGHODSULPDULDD~QHQGpPLFRHQODUHJLyQ +DFLDORVDxRVGHHGDGGHFDGDQLxRVTXHDVLVWHQ DODHVFXHODHVWiQUH]DJDGRV 6HJPHQWR(QWUHORV\ORVDxRVKD\FRQVHUYDFLyQ GHODFDQWLGDGWRWDOGHHVWXGLDQWHVSRUHGDGSHURDXPHQWDQGR SURJUHVLYDPHQWHHOUH]DJRDORVDxRVGHFDGDHVWXGLDQWHV HVWiQGHVIDVDGRVGHVXJUDGRGHHOORVHQGRVRPiVJUDGRV (VGHFLUHQYH]GHHVWDUFXUVDQGRODVHFXQGDULDEiVLFDHVWi HQHOJUDGRRPHQRV &RQGLFLyQGHHGDG /DFRQGLFLyQFRQODTXHDVLVWH XQHVWXGLDQWHDODHVFXHOD WRPDGDDSDUWLUGHODUHODFLyQ HQWUHHGDGJUDGR3XHGHVHU DHGDGWHyULFDREUH]DJR (OUH]DJRSXHGHGLYLGLUVHHQGRV VXEJUXSRVDxRGHUH]DJR VLPSOH\RPiVDxRVGH UH]DJRDYDQ]DGR &RQVLGHUDQGRODVHVWUXFWXUDV&,1(SURSLDVGHFDGDXQRGHORVSDtVHV(VWDHVWLPDFLyQVXUJHGHSURFHVDPLHQWRVSURSLRVEDViQGRVH HQGDWRVGHO,QVWLWXWRGH(VWDGtVWLFDGHOD81(6&28,6SDUDSDtVHVGHODUHJLyQ 6HJPHQWR$SDUWLUGHORVDxRVRFXUUHXQGREOHSURFHVRGHDJUDYDPLHQWRGHODFRQGLFLyQGHUH]DJR \GHVHVFRODUL]DFLyQ$ORVDxRVKD\DOUHGHGRUGHXQPHQRVGHPDWUtFXODTXHHQWUHORV DDxRVSRFRPiVGHODPLWDGGHORVHVWXGLDQWHVHVWiHQUH]DJRUHSDUWLGRVHQSDUWHVLJXDOHVHQWUH HOUH]DJRVLPSOH\HODYDQ]DGR ¢&Ï026(&216758<(/$6,78$&,Ï1'(5(=$*2"¢&Ï026,*8(68&8562" (ODQiOLVLVWUDGLFLRQDOGHODVHVWDGtVWLFDVHGXFDWLYDVVRORLOXPLQDXQRGHORVIDFWRUHVGHSURGXFFLyQGHO UH]DJRODUHSHWLFLyQ(OLQJUHVRWDUGtRVHPHQFLRQDSHURFRQPHQRVGHWDOOHGHLQGDJDFLyQ/DPDJQLWXG GHOUH]DJRQRVHH[SOLFDHQIRUPDDFDEDGDFRQHVWRVGRVSURFHVRV3RUHOORHVWDLQLFLDWLYDLQFOX\HHODQiOLVLV WUDGLFLRQDO\WDPELpQORDPSOtDFRQLQGLFDGRUHVTXHSHUPLWHQLGHQWLILFDUSURFHVRVGHFRQVWUXFFLyQ \DJUDYDPLHQWRGHOUH]DJRHVFRODU /DUHSHWLFLyQGHJUDGR&HUFDGHPLOORQHVGH11$TXHDVLVWHQDORVSULPHURVVHLVJUDGRVGHODSULPDULD VHKDQLQVFULWRQXHYDPHQWHHQHOPLVPRJUDGRDOTXHDVLVWtDQHODxRDQWHULRU/DPD\RUFDQWLGDGVH FRQFHQWUDHQHOSULPHUJUDGRGHODHGXFDFLyQSULPDULDHOGHUHSHWLFLyQH[SUHVDODVLWXDFLyQ GHPLOORQHVGHQLxRVSRUORTXHODLQWHQVLGDGGHHVWDSUREOHPiWLFDFRQILJXUD\SURIXQGL]DODVLWXDFLyQGH ULHVJRGHH[FOXVLyQGHORVHVWXGLDQWHVDIXWXUR(VWHSHUILOGHODUHSHWLFLyQSRUJUDGRVHPDQWLHQH FRQGLVWLQWRVQLYHOHVGHLQWHQVLGDGHQORVSDtVHVGHODUHJLyQ (OIUDFDVRHVFRODUQRUHIOHMDGRHQODUHSHWLFLyQGHJUDGR(OLQGLFDGRU3RUFHQWDMHGHUHSHWLGRUHV\SRUFHQWDMH GHUH]DJRQRH[SOLFDGRSRUUHSHWLFLyQHQHOSULPHUJUDGRGHOSULPDULRVHKDGLVHxDGRSDUDDERUGDUHVWD VLWXDFLyQPLOORQHVGHQLxRV\QLxDVWLHQHQUH]DJRQRH[SOLFDGRSRUUHSHWLFLyQHQSULPHUJUDGR'HFDGD HVWXGLDQWHVTXHDVLVWHQDSULPHUJUDGRHVWiQLQVFULWRVFRQUH]DJRSHURVRORVRQUHSHWLGRUHV 'HORVRWURVKDQLQJUHVDGRDODHVFXHODHQIRUPDWDUGtDLQJUHVRWDUGtRSXURDSULPHUJUDGR LQJUHVDURQWDUGHFRQUH]DJRDFDUUHDGRGHVGHODHGXFDFLyQLQLFLDO\VRQDOXPQRVTXHUHFXUVDURQHOJUDGR \QRVRQUHJLVWUDGRVFRPRUHSHWLGRUHV /RVHVWXGLDQWHVTXHUHFXUVDQHOJUDGR6HLPSXWDFRPRHVWXGLDQWHVUHFXUVDQWHVDDTXHOORVJUXSRVTXH HQWUHGRVDxRVFRQVHFXWLYRVSLHUGHQVXFRQGLFLyQGHDVLVWHQFLDHQHGDGWHyULFDRLQFUHPHQWDQODFDQWLGDG GHDxRVGHUH]DJRDLVODQGRHOHIHFWRGHOLQJUHVRWDUGtR\GHODEDQGRQR/DDSOLFDFLyQGHHVWHPRGHOR DOFiOFXORGHORVUHFXUVDQWHVSHUPLWHHVWLPDUTXHHOGHORVHVWXGLDQWHVTXHDVLVWHQDOQLYHOSULPDULR \HOGHORVTXHDVLVWHQDOVHFXQGDULREiVLFRQRORJUDQSURPRYHUDILQGHDxR\VHLQVFULEHQDODxR VLJXLHQWHDOPLVPRJUDGR/DFDQWLGDGGHUHFXUVDQWHVVXSHUDDODGHUHSHWLGRUHVGHFDGDXQRGHORVQLYHOHV HQHGXFDFLyQSULPDULDODFDQWLGDGGHUHSHWLGRUHVHVGHPLOORQHV\VHHVWLPDQPLOORQHV GHUHFXUVDQWHVHQHGXFDFLyQVHFXQGDULDEiVLFDODFDQWLGDGGHUHSHWLGRUHVHVGHPLOORQHVPLHQWUDV TXHVHHVWLPDQPLOORQHVGHUHFXUVDQWHVHQHOQLYHO 'LPHQVLyQQLxRVTXHHVWiQHQODHVFXHODSULPDULDSHURTXHFRUUHQHOULHVJR GHDEDQGRQDU ¢&8È1726621/261,f26<1,f$6(1(67$',0(16,Ï1" (VWDGLPHQVLyQDERUGDODH[FOXVLyQSRWHQFLDOGHORVHVWXGLDQWHV±HVGHFLUORVTXHFRUUHQPiVULHVJRGH DEDQGRQDU±GHQWURGHOUDQJRGHODHGXFDFLyQSULPDULD&,1((QHOPDUFRGHHVWDLQLFLDWLYDORVDOXPQRV TXHDVLVWHQDODHGXFDFLyQSULPDULDFRQGRVRPiVDxRVGHUH]DJRVHUiQFRQVLGHUDGRVHQULHVJRJUDYH ORVGHXQDxRGHUH]DJRFRPRDOXPQRVHQULHVJRPRGHUDGR6LELHQODFXDQWLILFDFLyQGHODGLPHQVLyQ FRQWHPSODVRORORVGHULHVJRJUDYHVHDERUGDQODVGRVVLWXDFLRQHVFRQVLGHUDQGRHOULHVJRPRGHUDGRFRPR VHxDOGHDOHUWDTXHSXHGHDQWLFLSDUXQHPSHRUDPLHQWRGHODVLWXDFLyQ (VWHLQGLFDGRUHVXWLOL]DGRHQIRUPDDQiORJDHQODVHULHGHLQGLFDGRUHVHGXFDWLYRVGHVDUUROODGRVSRUODUHJLyQODWLQRDPHULFDQD9pDVH 6HULH5HJLRQDOGH,QGLFDGRUHV(GXFDWLYRV&(&&6,&$ 6HJ~QHVWLPDFLRQHVSURSLDVEDViQGRVHHQGDWRVGHO,QVWLWXWRGH(VWDGtVWLFDGHOD81(6&28,6FLUFD $PpULFD/DWLQD\HO&DULEH ',0(16,Ï1 $xR PLOORQHVGHQLxRV\QLxDVHQULHVJR JUDYH $GLFLRQDOPHQWHDVLVWHQFRQULHVJR PRGHUDGRPLOORQHV (QWUHHOORVPLOORQHVGHQLxRV\QLxDV DVLVWHQFRQUH]DJRDOHUJUDGR6RODPHQWH VRQUHSHWLGRUHV %UDVLO %ROLYLD &RORPELD *UDYHPLOORQHV *UDYHPLO *UDYHPLOORQHV 0RGHUDGRPLOORQHV 0RGHUDGRPLO 0RGHUDGRPLO )XHQWHHVWLPDFLRQHV SURSLDVEDViQGRVH HQGDWRVGHO,QVWLWXWR GH(VWDGtVWLFDGH OD81(6&28,6 ¢48e352&(626'((;&/86,Ï1 38('(1,'(17,),&$56((172512 $(67$',0(16,Ï1" (QHOLQLFLRGHODSULPDULDVHLGHQWLILFDOD SUHVHQFLDGHXQDFDQWLGDGPX\VLJQLILFDWLYDGH HVWXGLDQWHVTXHDVLVWHFRQXQRGRVRPiV DxRVGHUH]DJRPLOORQHVGHQLxRV\QLxDV HVWiQHQHOSULPHUJUDGRFRQPD\RUHGDGDOD HVWDEOHFLGDSRUQRUPDWLYD$SUR[LPDGDPHQWH PLOORQHVGHQLxRV\QLxDVLQJUHVDQDOD SULPDULDHQIRUPDWDUGtD\RWURVPLOORQHV DGTXLHUHQRDJUDYDQVXUH]DJRGHQWURGH VXSURSLDHVFRODULGDG 81,&()&RVWD5LFD%HOO (QODUHJLyQDVLVWHQDVHJXQGRJUDGRPiV DOXPQRVTXHHQSULPHUR6LQHPEDUJRHVWDHV XQDFDUDFWHUtVWLFDTXHUHVSRQGHSULQFLSDOPHQWH DSDUWLFXODULGDGHVGHOVLVWHPDHGXFDWLYRGH %UDVLOTXHSRUVXWDPDxRUHODWLYRUHSUHVHQWD DPiVGHOGHOWRWDOGHDOXPQRVGHOD UHJLyQSDUDHVWHJUDGRPRGLILFDORVLQGLFDGRUHV UHJLRQDOHV6LFRQVLGHUDPRVVRORDOUHVWRGHORV SDtVHVODFDQWLGDGGHDOXPQRVGHVHJXQGR JUDGRHVXQPHQRUDODGHOSULPHUJUDGR (Q%UDVLOHOFDPELRGHODHGDGGHLQJUHVRDODSULPDULDTXHDODIHFKDGHUHIHUHQFLDGHORVGDWRVVHHQFRQWUDEDHQXQSURFHVR LQWHUPHGLRGHLPSOHPHQWDFLyQVHKDHIHFWLYL]DGRFRQODFUHDFLyQGHXQJUDGRDOLQLFLRGHODSULPDULD3RUORWDQWRHQHVWHSDtV HOVHJXQGRJUDGRFRQFHQWUDQRVRORDTXLHQHVDVLVWHQDOVHJXQGRDxRGHODSULPDULDGHODWUD\HFWRULDLQLFLDGDFRQDxRVVLQRWDPELpQ DTXLHQHVWRGDYtDLQLFLDQVXWUD\HFWRSRUODSULPDULDDORVDxRV $SDUWLUGHWHUFHUJUDGRVHREVHUYDXQDSDXODWLQDGLVPLQXFLyQGHODFDQWLGDGGHDOXPQRVFRQHGDGWHyULFD HQHOJUDGRDVLVWHQFRQHGDGWHyULFDPLOORQHVGHHVWXGLDQWHVPHQRVTXHHQHOHUJUDGR(VWD GLVPLQXFLyQVHYHDFRPSDxDGDSRUXQLQFUHPHQWRSURSRUFLRQDOGHOJUXSRGHHVWXGLDQWHVFRQUH]DJR HVWHFDPELRHVODPDQLIHVWDFLyQGHODVH[SHULHQFLDVGHUHSHWLFLyQGHJUDGR\DEDQGRQRSRUODVTXH DWUDYLHVDQORVHVWXGLDQWHVGHSULPDULDDORODUJRGHOWUD\HFWRHVFRODU 'LPHQVLyQDGROHVFHQWHVTXHHVWiQHQODVHFXQGDULDEiVLFDSHURTXHFRUUHQ HOULHVJRGHDEDQGRQDU ¢&8È1726621/26$'2/(6&(17(6(1(67$',0(16,Ï1" (VWDGLPHQVLyQDERUGDODH[FOXVLyQSRWHQFLDOGHORVHVWXGLDQWHV±HVGHFLUORVTXHFRUUHQPiVULHVJR GHDEDQGRQDU±GHQWURGHOUDQJRGHODHGXFDFLyQVHFXQGDULDEiVLFD&,1(&RQVLGHUDDORVDOXPQRVGH FXDOTXLHUHGDGGHQWURGHOQLYHOHQHOFDVRGHODUHJLyQGH$PpULFD/DWLQD\HO&DULEHGHFDGD HVWXGLDQWHVWLHQHQHGDGGHHVWDUHQODVHFXQGDULDVXSHULRU$OLJXDOTXHSDUDODGLPHQVLyQDTXt WDPELpQVHVXPDODHVWLPDFLyQGHORVDOXPQRVHQULHVJRPRGHUDGRGHDEDQGRQR $PpULFD/DWLQD\HO&DULEH ',0(16,Ï1 $xR PLOORQHVGHDGROHVFHQWHVHQULHVJR JUDYH $GLFLRQDOPHQWHPLOORQHVGH DGROHVFHQWHVHQULHVJRPRGHUDGR PLOORQHVWLHQHQHGDGGHDVLVWLU DO&,1( %UDVLO %ROLYLD &RORPELD *UDYHPLOORQHV *UDYHPLO *UDYHPLOORQHV 0RGHUDGRPLOORQHV 0RGHUDGRPLO 0RGHUDGRPLO )XHQWHHVWLPDFLRQHV SURSLDVEDViQGRVH HQGDWRVGHO,QVWLWXWR GH(VWDGtVWLFDGH OD81(6&28,6 ¢48e352&(626'((;&/86,Ï138('(1,'(17,),&$56((172512$(67$',0(16,Ï1" /RVGDWRVDEVROXWRVUHYHODQXQDGLVPLQXFLyQHVFDORQDGDGHDSUR[LPDGDPHQWHXQPLOOyQGHHVWXGLDQWHVD PHGLGDTXHVHDYDQ]DHQORVJUDGRV3RUFDGDDOXPQRVTXHDVLVWHQDJUDGRVRORORKDFHQ DJUDGR(VWDGLVPLQXFLyQGHODFDQWLGDGGHLQVFULSWRVVHGHEHDXQGREOHHIHFWRDOWRVQLYHOHVGHIUDFDVR DOLQLFLRGHOQLYHOTXHSURYRFDQXQDUHWHQFLyQFRQUH]DJRGHORVHVWXGLDQWHV\HODEDQGRQRSURJUHVLYDPHQWH PiVLQWHQVRHQHVWHWUDPRMXQWRVYDQWUD]DQGRHVWHSDWUyQ $OFRPSDUDUODFDQWLGDGGHFUHFLHQWHGHLQVFULSWRVHQ\JUDGRVHJ~QFRQGLFLyQGHHGDGVHREVHUYD TXHODVSURSRUFLRQHVHQHOFRQMXQWRGHHVWXGLDQWHVFRQHGDGWHyULFD\FRQUH]DJRVRQVLPLODUHVVLVHXVDQ H[SUHVLRQHVSRUFHQWXDOHVSDUHFHUtDTXHODVLWXDFLyQVHPDQWLHQHHVWDEOHGHUH]DJRWRWDOHQHOQLYHO 81,&()&RVWD5LFD%HOO 'LVSDULGDGHVTXHDJXGL]DQODH[FOXVLyQ /$6,78$&,Ï1'(*e1(52 (QODUHJLyQODWDVDQHWDDMXVWDGDGHHVFRODUL]DFLyQSULPDULDTXHUHSUHVHQWDHOSRUFHQWDMHGHSREODFLyQ HQHGDGGHDVLVWLUDOSULPDULRTXHDVLVWHDOQLYHOSULPDULRRVHFXQGDULRDOFDQ]DDOUHGHGRUGHO GHORVQLxRV\QLxDVGHHVWHWUDPRGHHGDG(QHVWHWRWDOGHODUHJLyQQRVHPDQLILHVWDXQDGHVLJXDOGDG HQHODFFHVR6LQHPEDUJRHQDOJXQRVFDVRV-DPDLFD\*XDWHPDODHQWUHRWURVODVWDVDVQHWDVVRQPiV DOWDVHQHOJUXSRGHORVYDURQHV(QFDPELRHQRWURVSDtVHV(FXDGRU+RQGXUDVODUHODFLyQHVLQYHUVDDTXt ORVYDURQHVHQHGDGGHDVLVWLUDODSULPDULDHVWiQPiVH[FOXLGRVGHODHGXFDFLyQ 6LELHQODVLWXDFLyQGHDFFHVRDOQLYHOSULPDULRHVUHODWLYDPHQWHSDUHMDSRUVH[RODVGHVLJXDOGDGHVVHKDFHQ PDQLILHVWDVGXUDQWHHOSURFHVRHVFRODU\OXHJRVHH[SUHVDQHQXQDPD\RUH[FOXVLyQDFWXDOSDUDODVHGDGHV PiVDYDQ]DGDV(QHOJUXSRGHHVWXGLDQWHVFRQXQDxRGHUH]DJR\HQHOGHGRVRPiVODFDQWLGDG GHYDURQHVFDGDPXMHUHVHVDPSOLDPHQWHVXSHULRUTXHHQHOWRWDO$VLPLVPRDSDUWLUGHOJUDGRTXH HQODPD\RUtDGHORVSDtVHVFRUUHVSRQGHDOLQLFLRGHODVHFXQGDULDVHREVHUYDXQDGLVPLQXFLyQGHODUD]yQ GHPDVFXOLQLGDGHQHOWRWDOGHDOXPQRV\HQFDGDFDWHJRUtDGHFRQGLFLyQGHHGDGHVWRHVVHxDOGHXQD PD\RULQWHQVLILFDFLyQGHODEDQGRQRSDUDORVHVWXGLDQWHVYDURQHV /$6=21$6585$/(6 $OJXQRVSDtVHVD~QPDQLILHVWDQSUREOHPDVQRUHVXHOWRVGHFREHUWXUDHQODV]RQDVUXUDOHVHQORVFDVRV GH%ROLYLD(O6DOYDGRU*XDWHPDOD\1LFDUDJXDODVWDVDVGHDVLVWHQFLDHQSULPDULDHQHVDV]RQDVVRQ PHQRUHVTXHHQODVXUEDQDVFRQGLIHUHQFLDVTXHRVFLODQHQWUHORV\SXQWRVSRUFHQWXDOHV 6LELHQHQHOQLYHOSULPDULRODVEUHFKDVGHFREHUWXUDVRQUHODWLYDPHQWHSHTXHxDV\IRFDOL]DGDVHQDOJXQRV SDtVHVODVLWXDFLyQGHOQLYHOVHFXQGDULRHVGHXQDPX\LQWHQVDGHVLJXDOGDG,QFOXVRHQDOJXQRVSDtVHV ODDVLVWHQFLDGHODSREODFLyQHQHGDGGHHVWDUHQODVHFXQGDULDDOFDQ]DDPHQRVGHOHQODV]RQDV UXUDOHV(VWRVLQGLFDGRUHVSHUPLWHQGHGXFLUTXHHVPX\SUREDEOHHQFRQWUDUHQHVWDVHVFXHODVSURIXQGRV \JHQHUDOL]DGRVQLYHOHVGHUH]DJRHVFRODUSURGXFWRGHXQDPD\RULQFLGHQFLDGHOLQJUHVRWDUGtRODUHSHWLFLyQ GHJUDGR\HOUHFXUVDGR (/75$%$-2,1)$17,/ (OWUDEDMRLQIDQWLOFRQVWLWX\HXQSUREOHPDDQLYHOPXQGLDO\UHJLRQDOSRUORTXHUHSUHVHQWDXQYHUGDGHUR GHVDItRSDUDODSURWHFFLyQGHORVGHUHFKRVGHODLQIDQFLD\DGROHVFHQFLD/DWHQGHQFLDTXHDUURMDQORVGDWRV SHUPLWHHVWDEOHFHUXQDFODUDYLQFXODFLyQHQWUHODFRQGLFLyQGHWUDEDMRLQIDQWLO\ODDVLVWHQFLDDODHVFXHOD ORVHVWXGLDQWHVGHHQWUH\DxRVTXHWUDEDMDQVLELHQPXFKRVHVWiQHVFRODUL]DGRVPXHVWUDQWDVDV GHDVLVWHQFLDPHQRUHVTXHORVTXHQRWUDEDMDQ (QHVWHGRFXPHQWRVHWUDEDMyFRQODLQIRUPDFLyQSURYLVWDSRU8QGHUVWDQGLQJ&KLOGUHQ V:RUN8&: UHIHUHQWHDODVLWXDFLyQGH%ROLYLD%UDVLO&RORPELD\0p[LFR(QGRVGHHVRVFXDWURSDtVHV&RORPELD \0p[LFRHOSRUFHQWDMHGHDVLVWHQFLDGHORVDGROHVFHQWHVTXHWUDEDMDQHVPDUFDGDPHQWHPHQRUDOWRWDO XQRGHFDGDWUHVDGROHVFHQWHVWUDEDMDGRUHVQRDVLVWHDODHVFXHODLQGLFDQGRTXHODFRQGLFLyQODERUDO HQHVWRVSDtVHVLPSOLFDPD\RUULHVJRGHDEDQGRQR(QFDPELRHQ%ROLYLD\%UDVLOODEUHFKDHVPHQRU ODGLIHUHQFLDVHVLW~DSRUGHEDMRGHORVSXQWRVSRUFHQWXDOHVHQHOSULPHUFDVR\SRUGHEDMRGHORVSS HQHOVHJXQGR(QHVWRVSDtVHVVLELHQHOULHVJRGHDEDQGRQRVLJXHSUHVHQWHVHPXHVWUDFRQPHQRU LQWHQVLGDG 5HVSHFWRGHOSHUILOGHORV11$TXHDVLVWHQDODHVFXHOD\WUDEDMDQORVQLxRV\QLxDVGHODVIDPLOLDV FX\RVMHIHVKDQWHQLGRPHQRUDFFHVRDODHGXFDFLyQIRUPDOPXHVWUDQPD\RUHVQLYHOHVGHSDUWLFLSDFLyQ HQDFWLYLGDGHVODERUDOHV(Q%UDVLO&RORPELD\0p[LFRODLQWHQVLGDGGHODVEUHFKDVHVVLPLODUSRUFDGDQLxR WUDEDMDGRUSURYHQLHQWHGHXQKRJDUFRQDOWRQLYHOHGXFDWLYRKD\QLxRVWUDEDMDGRUHVSURYHQLHQWHV GHXQKRJDUFRQEDMDHGXFDFLyQ(Q%ROLYLDHVWDUHODFLyQHVGHFDGD /$632%/$&,21(6,1'Ë*(1$6 6HHVWLPDTXHHQ$PpULFD/DWLQDH[LVWHQPiVGHSXHEORVLQGtJHQDVTXHKDEODQPiVGHOHQJXDV \UHSUHVHQWDQXQRVPLOORQHVGHSHUVRQDV6XGLVWULEXFLyQHVPDUFDGDPHQWHGHVLJXDOHQWUH UHJLRQHV\SDtVHVDOLJXDOTXHODHQRUPHGLYHUVLGDGGHSXHEORV\OHQJXDVLQGtJHQDVTXHKDFHPiVFRPSOHMR HOHVFHQDULR(QDOJXQRVFDVRVFRPR%ROLYLDVHHQFXHQWUDXQDDOWDSUHVHQFLDGHSREODFLyQLQGtJHQD GHPiVGHO\FRQXQDGLYHUVLGDGPHGLDGHOHQJXDVHQHOSDtVVHKDEODQOHQJXDVRULJLQDULDV PLHQWUDVTXHHQRWURVFRPR%UDVLOVXWDPDxRUHODWLYRHQPXFKRPHQRUODSREODFLyQLQGtJHQDUHSUHVHQWD PHQRVGHOSHURPDQLILHVWDXQDDOWtVLPDGLYHUVLGDGGHOHQJXDVFRQPiVGHJUXSRV VRFLROLQJtVWLFRVGLIHUHQWHV (QHOSUHVHQWHQRVHFXHQWDFRQLQIRUPDFLyQDFWXDOL]DGDGHODPD\RUtDGHORVSDtVHVGHODUHJLyQ 6LQHPEDUJRDOJXQRVGDWRVSHUPLWHQHYLGHQFLDUTXHHVWDVSREODFLRQHVDOFDQ]DQQLYHOHVPHQRUHVGHDFFHVR SHUPDQHQFLD\ILQDOL]DFLyQGHOVLVWHPDHGXFDWLYR(QORTXHVHUHILHUHDODVHFXQGDULDODVRSRUWXQLGDGHV GHDFFHVRGHODVSREODFLRQHVLQGtJHQDVGHODUHJLyQDHVWHQLYHOHVFRODUKDQVLGRUHGXFLGDV\HVWDVEUHFKDV D~QSHUVLVWHQ $KRUDELHQHVLPSRUWDQWHWDPELpQSRGHUREVHUYDUODVGHVLJXDOGDGHVTXHVHHYLGHQFLDEDQDOLQWHULRUGH HVWDVSREODFLRQHV$OREVHUYDUORVGDWRVGHODSREODFLyQLQGtJHQDVHPDQLIHVWDEDXQDEUHFKDGHDVLVWHQFLD SRUVH[RVRVWHQLGDJHQHUDOL]DGDHLQWHQVDH[FHSWR+RQGXUDVHQHOUHVWRGHORVSDtVHVODVPXMHUHV PRVWUDEDQSRUFHQWDMHVGHDVLVWHQFLDVHQVLEOHPHQWHPHQRUHV&DEHPHQFLRQDUTXHHQODSREODFLyQQR LQGtJHQDHVWDEUHFKDGHDVLVWHQFLDSRUVH[RVHPDQLILHVWDHQIRUPDPHQRVLQWHQVDHLQFOXVRHQDOJXQRV FDVRVFRQPHQRUDVLVWHQFLDGHORVYDURQHV 'HO3RSROR)\2\DUFH$03REODFLyQLQGtJHQDGH$PpULFD/DWLQDSHUILOVRFLRGHPRJUiILFRHQHOPDUFRGHOD&,3' \GHODV0HWDVGHO0LOHQLR&(/$'('LYLVLyQGH3REODFLyQ&(3$/$xR 81,&()$WODVVRFLROLQJtVWLFRGHSXHEORVLQGtJHQDVHQ$PpULFD/DWLQD(QZZZPRYLOL]DQGRRUJDWODVBWRPRSDJHV WRPRBSGI 'HO3RSROR)\2\DUFH$03REODFLyQLQGtJHQDGH$PpULFD/DWLQDSHUILOVRFLRGHPRJUiILFRHQHOPDUFRGHOD&,3' \GHODV0HWDVGHO0LOHQLR&(/$'('LYLVLyQGH3REODFLyQ&(3$/$xR 81,&()$WODVVRFLROLQJtVWLFRGHSXHEORVLQGtJHQDVHQ$PpULFD/DWLQD(QZZZPRYLOL]DQGRRUJDWODVBWRPRSDJHV WRPRBSGI (VWHLQGLFDGRUH[SUHVDODVGHVLJXDOHVRSRUWXQLGDGHVTXHWLHQHQODVPXMHUHVLQGtJHQDVGHDFFHGHU DXQDHGXFDFLyQVHFXQGDULDHQODUHJLyQODWLQRDPHULFDQD<SRUORWDQWRFRQVWLWX\HQXQDSREODFLyQ GHDWHQFLyQSULRULWDULDSDUDODLGHQWLILFDFLyQ\UHPRFLyQGHODVEDUUHUDVTXHJHQHUDQ\VRVWLHQHQ HVWDH[FOXVLyQ 1,f26<1,f$6&21',6&$3$&,'$' (O(VWXGLR*OREDO©5HSRUWRQ'LVDELOLWLHVªFRQGXFLGRSRUOD2UJDQL]DFLyQ0XQGLDOGHOD6DOXG\HO%DQFR 0XQGLDOHVXQYDOLRVRVRSRUWHGHDQiOLVLVHQHOPDUFRGHORVFRPSURPLVRVDVXPLGRVHQOD&RQYHQFLyQ ,QWHUQDFLRQDOGHORV'HUHFKRVGHODV3HUVRQDVFRQ'LVFDSDFLGDGYLJHQWHGHVGH(QGLFKRHVWXGLR VHDSUHFLDTXHDOUHGHGRUGHOGHODSREODFLyQGHOPXQGRSRVHHGLVFDSDFLGDGHVGHVGHOHYHV \WUDQVLWRULDVKDVWDPRGHUDGDVRVHYHUDVHQWRGRVORVWUDPRVGHHGDG(QORVSDtVHVGHLQJUHVRPHGLRGHOD UHJLyQODSUHYDOHQFLDGHODSREODFLyQGHDDxRVFRQGLVFDSDFLGDGHVPRGHUDGDV\VHYHUDVVHHQFXHQWUD HQWRUQRDOSURPHGLRPXQGLDO3DUDHOFDVRUHJLRQDO\SDUDHOPLVPRWUDPRGHHGDGHOLQIRUPHSUHVHQWD LQIRUPDFLyQGHDOJXQRVSDtVHVGRQGHVHUDWLILFDTXHODHVFRODUL]DFLyQGHODSREODFLyQFRQGLVFDSDFLGDGHV VLJQLILFDWLYDPHQWHPHQRUDSUR[LPDGDPHQWHODPLWDGDODHVFRODUL]DFLyQGHODSREODFLyQVLQGLVFDSDFLGDG (QHOWUDPRGHODHGXFDFLyQSULPDULDTXHFRPRVHKDSUHVHQWDGRSUHYLDPHQWHWLHQHXQDDPSOLDFREHUWXUD HQODUHJLyQORVHVWXGLDQWHVFRQGLVFDSDFLGDGTXHSDUWLFLSDQGHUHFXUVRVGHOVLVWHPDHGXFDWLYRRVFLODQHQWUH HOHQ1LFDUDJXD\FDVLHOHQ8UXJXD\$~QHQHVWH~OWLPRFDVRVHHVWDUtDDWHQGLHQGRPHQRV GHODPLWDGGHODSREODFLyQFRQGLVFDSDFLGDG&DEHGHVWDFDUTXHODFREHUWXUDHQHGXFDFLyQLQLFLDOHV DQiORJDHQHGXFDFLyQVHFXQGDULDEiVLFDFDHGUiVWLFDPHQWH\HVFDVLLQH[LVWHQWHHQHGXFDFLyQPHGLD VXSHULRU 1,f261,f$6<$'2/(6&(17(6$)52'(6&(1',(17(6 &RQHOREMHWRGHFDUDFWHUL]DUODVGHVLJXDOHVRSRUWXQLGDGHVHGXFDWLYDVGHODSREODFLyQDIURDPHULFDQD VHSUHVHQWDQDOJXQRVGDWRVVLVWHPDWL]DGRVSDUDHVWDLQLFLDWLYDGH&RORPELD\%UDVLO(QDPERVSDtVHV ODSREODFLyQDIURDPHULFDQDPXHVWUDQLYHOHVGHUH]DJRPXFKRPiVDPSOLRVTXHHOWRWDOGHOSDtVORTXHLQGLFD TXHORVQLxRV\QLxDVGHHVWDV FRPXQLGDGHVKDQDWUDYHVDGRPiV IUHFXHQWHPHQWHVLWXDFLRQHVGHLQJUHVR WDUGtR\IUDFDVRHVFRODU(Q&RORPELD DORVDxRVGHHGDGORVHVWXGLDQWHV DIURDPHULFDQRVWLHQHQXQPiV GHSUREDELOLGDGHVGHHVWDUHQUH]DJR HVFRODUTXHHOUHVWRGHODSREODFLyQ (Q%UDVLOSDUDODPLVPDHGDGHVWD SUREDELOLGDGHVXQPD\RU 81,&()*XDWHPDOD&KHZV 3RURWUDSDUWHHOWRWDOGHLQVFULSWRVSRU HGDGSHUPLWHDQDOL]DUORVQLYHOHVGH SURJUHVLyQHVFRODU\DEDQGRQR (Q&RORPELDVHHYLGHQFLDXQD WHQGHQFLDGHDEDQGRQRPXFKRPiV LQWHQVDHQODSREODFLyQDIURDPHULFDQD SRUFDGDQLxRVTXHDVLVWHQFRQ DxRVKD\HQODHVFXHODDORV DxRV&DEHGHVWDFDUTXHHQHOWRWDO SDtVHVWDUHODFLyQHVGHD (QFDPELRHQ%UDVLOHVWHGLIHUHQFLDO HQODFDtGDGHOWRWDOGHHVWXGLDQWHVHVWi SUHVHQWHSHURQRHVWDQPDUFDGRSRU FDGDHVWXGLDQWHVDIURDPHULFDQRVGH DxRVKD\GHDxRVHQHOWRWDO GHOSDtVODUHODFLyQHVGHD &DStWXOR %DUUHUDV\FXHOORVGHERWHOODTXHSURGXFHQ RDJUDYDQODH[FOXVLyQ (OVHJXQGRSDVRGHOHQIRTXHDGRSWDGRSDUDOD,QLFLDWLYD*OREDOSRUORV1LxRV)XHUDGHOD(VFXHODLQFOX\H HODQiOLVLVGHORVIDFWRUHVTXHLQWHUYLHQHQHQORVSURFHVRVGHH[FOXVLyQHVFRODUDFWXDORSRWHQFLDO(VWR LPSOLFDUHYLVDUODVEDUUHUDVTXHRSHUDQHQODFRQVWUXFFLyQGHORVFXHOORVGHERWHOODTXHLPSLGHQORJUDU ODVPHWDVGHHVFRODUL]DFLyQSDUDFDGDJUXSRGHHGDG 6HXWLOL]DODFODVLILFDFLyQGHODVEDUUHUDVRULHQWDGDSRUHOPDUFRPHWRGROyJLFR\FRQFHSWXDOGHOD,QLFLDWLYD *OREDOSRUORV1)(FRQVLGHUDQGRFXDWURiPELWRV ±ÈPELWR%DUUHUDVHFRQyPLFDVGHODGHPDQGDGHHGXFDFLyQ ±ÈPELWR%DUUHUDVVRFLRFXOWXUDOHVHQODGHPDQGDSRUHGXFDFLyQ ±ÈPELWR%DUUHUDVPDWHULDOHVSHGDJyJLFDV\VLPEyOLFDVGHODRIHUWDHQODVHVFXHODV ±ÈPELWR%DUUHUDVSROtWLFDVILQDQFLHUDV\WpFQLFDVGHODRIHUWDGHOVLVWHPDHGXFDWLYR &DGDXQRGHHVWRViPELWRVFRQWLHQHDJUXSDPLHQWRVGHEDUUHUDVFRQIRUPHDODFDUDFWHUtVWLFDGHORVIDFWRUHV TXHODVFRQILJXUDQ $FRQWLQXDFLyQVHGHVDUUROODQODVEDUUHUDV\VHFODVLILFDODLQWHQVLGDGGHLQIOXHQFLDTXHFDGDXQDWLHQH HQHOSURFHVRGHH[FOXVLyQGHFDGDGLPHQVLyQVHJ~QHOVLJXLHQWHHVTXHPD ,QIOXHQFLDPX\LQWHQVD ,QIOXHQFLDLQWHQVD ,QIOXHQFLDPHGLD È0%,72±%DUUHUDVHFRQyPLFDVSRUUHVWULFFLyQGHLQJUHVRVIDPLOLDUHV $JUXSDPLHQWR,QVXILFLHQFLDGHLQJUHVRVSDUDVXEVLVWHQFLD %,168),&,(1&,$(;75(0$'(,1*5(626 )$0,/,$5(6 &RQLPSDFWRHQODVGLPHQVLRQHV ' ' ' ' ' /RV~OWLPRVGDWRVGHSREUH]DHLQGLJHQFLDHODERUDGRVSRUOD&RPLVLyQ(FRQyPLFDSDUD$PpULFD/DWLQD \HO&DULEH&HSDOSDUDSDtVHVGHODUHJLyQLQGLFDQTXHHQHOGHODSREODFLyQSHUWHQHFtD DODSULPHUDFDWHJRUtD\HODODVHJXQGD&HSDO(VWDVIDPLOLDVHVWiQHQORVOtPLWHVGH FRQVXPRGHVXEVLVWHQFLD\SRUWDQWRHQFXHQWUDQJUDQGHVGLILFXOWDGHVSDUDHQIUHQWDUDXQFRVWRVPtQLPRV GHODHVFRODUL]DFLyQGHVXVKLMRV %7(16,Ï1&21(/&2672'(2325781,'$'3$5$$6,67,5 $/$6(6&8(/$6 &RQLPSDFWRHQODVGLPHQVLRQHV ' ' ' ' /RVFRVWRVGHRSRUWXQLGDGVHYLQFXODQFRQOD©SpUGLGDGHLQJUHVRVªTXHVLJQLILFDUtDSDUDXQKRJDUQRFRQWDU FRQODFRQWULEXFLyQHFRQyPLFDTXHSXHGHJHQHUDUXQQLxRQLxDRDGROHVFHQWHHQHOWLHPSRTXHQRUPDOPHQWH GHVWLQDDODHVFRODULGDG([LVWHQGLIHUHQWHVWLSRVGHVLWXDFLRQHVTXHDIHFWDQD11$HQODVTXHVXDFWLYLGDG FRPSLWHFRQHOWLHPSRHVFRODUHQWUHHOODVODVGHTXLHQHVUHDOL]DQWUDEDMRVUHPXQHUDGRVRDFWLYLGDGHVHQ ODVSURSLDVFDVDV9DOHODSHQDREVHUYDUTXHHOWUDEDMRGRPpVWLFR\DVHDUHPXQHUDGRRQRUHFDH HQSDUWLFXODUVREUHODVQLxDV\DGROHVFHQWHVPXMHUHV &HSDO6LWLRZHEHQKWWSZZZHFODFFOHVWDGLVWLFDV/RVSDtVHVVRQ$UJHQWLQD(VWDGR3OXULQDFLRQDOGH%ROLYLD%UDVLO&KLOH &RORPELD&RVWD5LFD(FXDGRU(O6DOYDGRU*XDWHPDOD+DLWt+RQGXUDV0p[LFR1LFDUDJXD3DQDPi3DUDJXD\3HU~5HS~EOLFD %ROLYDULDQDGH9HQH]XHOD5HS~EOLFD'RPLQLFDQD\8UXJXD\ (OWUDEDMRLQIDQWLOWLHQHVXPD\RULPSDFWR GLUHFWRHQHOUHWLURGHORVHVWXGLDQWHVHQ ODHGXFDFLyQVHFXQGDULD3DUDORV DOXPQRVSREUHVTXHWUDEDMDQVHFRPELQD HOGHWHULRURHQODRIHUWDFRQVXVPHQRUHV H[SHFWDWLYDVSHUVRQDOHVWDQWRHQ UHODFLyQFRQVXSRVLELOLGDGGHVRVWHQHU HOHVIXHU]RGHFRPSOHWDUOD HVFRODUL]DFLyQFRPRHQUHODFLyQDORVEHQHILFLRVSRWHQFLDOHVTXHSXGLHUDREWHQHUGHHVDHVFRODUL]DFLyQPiV FRPSOHWD\DTXHVXFDSLWDOVRFLDOSDUDHQFRQWUDUHPSOHRVDFRUGHVHVPHQRUDOGHVXVFRQJpQHUHVPHMRU XELFDGRVVRFLDOPHQWH $JUXSDPLHQWR'LILFXOWDGSDUDDIURQWDUFRVWRVGHODHVFRODUL]DFLyQ % ',),&8/7$'3$5$//(*$5<(67$5 (1/$(6&8(/$ &RQLPSDFWRHQODVGLPHQVLRQHV ' ' ' $OJXQRVFRVWRVLQGLUHFWRVTXHOLPLWDQHODFFHVRRODSHUPDQHQFLD\SRUORWDQWRVHUHODFLRQDQFRQODVFLQFR GLPHQVLRQHVVRQ 7UDQVSRUWH(VWRDIHFWDHQSDUWLFXODUDODV]RQDVUXUDOHV $OLPHQWDFLyQ6HJ~QGDWRVGHOLQIRUPH20'HQ$PpULFD/DWLQD\HO&DULEHHOGHORVQLxRV PHQRUHVGHDxRVWLHQHSHVRLQVXILFLHQWHHVWLPDFLyQSDUDHODxR(VWRSXHGHHVWDUFDXVDGR SRUGHVQXWULFLyQ\RWURVSUREOHPDVGHVDOXG $OEHUJXHDIHFWDDORVDOXPQRVTXHSRUODGLVWDQFLDGHOKRJDUDODHVFXHODVHYHQREOLJDGRVDEXVFDU DORMDPLHQWRHQHOHVWDEOHFLPLHQWRHGXFDWLYRRHQFDVDVDOHGDxDV % ',),&8/7$'3$5$&217$5&21/26,168026 3$5$/$(6&8(/$ &RQLPSDFWRHQODVGLPHQVLRQHV ' ' ' (OJDVWRGHODVIDPLOLDVHQLQVXPRVSDUDODHGXFDFLyQFRPSUHQGHGHVGHXQLIRUPHV~WLOHV\GHPiV PDWHULDOHVFRPROLEURV\WH[WRVHVFRODUHV(ODSRUWHGLUHFWRGHORVKRJDUHVDOVRVWHQLPLHQWRGHOVLVWHPD HVWDWDOGHHGXFDFLyQ±HQIRUPDFRHUFLWLYDRQR±\ODDGTXLVLFLyQGHELHQHV\VHUYLFLRVQHFHVDULRVSDUD ODHVFRODUL]DFLyQSRGUtDQOOHJDUDYXOQHUDUHOFRPSURPLVRGHHGXFDFLyQREOLJDWRULD\JUDWXLWDHQSDUWLFXODU VLORVQLxRV\MyYHQHVDEDQGRQDQGHELGRDODGLILFXOWDGGHDIURQWDUGLFKRVFRVWRV 81,&()&XED%HOO &RQHIHFWRVFRQYHUJHQWHVHQOD H[FOXVLyQVHYHULILFDFRQIUHFXHQFLDTXH ODVHVFXHODVDODVTXHDVLVWHQORVQLxRV RDGROHVFHQWHVTXHWUDEDMDQDFXPXODQ GLVWLQWDVH[SUHVLRQHVGHGHWHULRURGHOD RIHUWDHVFRODUHQORHGLOLFLROR SHGDJyJLFR\ODRUJDQL]DFLyQ$XQ FXDQGRVHPDQWHQJDQHVFRODUL]DGRVORV HVWXGLDQWHVGHHGXFDFLyQSULPDULDTXH WUDEDMDQREWLHQHQHQSURPHGLRHQWUH \SXQWRVPHQRVTXHORVHVWXGLDQWHV TXHQRWUDEDMDQHQODVSUXHEDV GHHYDOXDFLyQGHODFDOLGDGDSOLFDGDV UHJLRQDOPHQWH2ILFLQD5HJLRQDO GH81(6&2SDUD$PpULFD/DWLQD \HO&DULEH25($/&81(6&2\ /DERUDWRULR/DWLQRDPHULFDQRGH (YDOXDFLyQGHOD&DOLGDGGHOD (GXFDFLyQ//(&( % ' ,),&8/7$'3$5$$)5217$5&26726 '(0$75Ë&8/$ &RQLPSDFWRHQODVGLPHQVLRQHV ' ' ' (QWRGRVORVSDtVHVGHODUHJLyQVHHVWDEOHFHODHGXFDFLyQJUDWXLWDSDUDORVQLYHOHVREOLJDWRULRVHQHOVHQWLGR GHTXHHO(VWDGRQRSHUFLEHDUDQFHOHVSRURIUHFHUODSUHVWDFLyQHGXFDWLYD6LQHPEDUJRDQWHODXQLYHUVDOLGDG GHODQRUPDPXFKDVYHFHVVXDSOLFDFLyQHVFRQWUDUUHVWDGDHQODSUiFWLFDSXHVHVIUHFXHQWHTXHODVHVFXHODV VROLFLWHQSDJRVHQGLQHURDORVDOXPQRV$XQHQORVFDVRVTXHHO(VWDGRSURWHJHDORVVHFWRUHVPiVSREUHV FRQH[FHSFLRQHVDWDOHVFREURVHQODSUiFWLFDVXHOHUHVXOWDUGLItFLOHYLWDUORV$GHPiVHQPiVGHXQFDVR HVWRVSDJRVVRQXQHOHPHQWRGHVHJUHJDFLyQVRFLDO\DTXHODSREODFLyQGHODVHVFXHODVVHGHWHUPLQD HQWRQFHVSRUORVLQJUHVRVIDPLOLDUHV\VXXELFDFLyQ0RUGXFKRZLF] È0%,72±%DUUHUDVVRFLRFXOWXUDOHVHQODGHPDQGDSRUHGXFDFLyQ $JUXSDPLHQWR'HVDMXVWHVHQODVUHSUHVHQWDFLRQHVVREUHHOGHUHFKR DODHGXFDFLyQ % 326785$65(75$Ë'$63$5$'(0$1'$52(-(5&(5 (/'(5(&+2$/$('8&$&,Ï1 &RQLPSDFWRHQODVGLPHQVLRQHV ' ' ' ' /DVUHSUHVHQWDFLRQHVTXHVHWLHQHQVREUHXQDGHWHUPLQDGDSREODFLyQ\VXVFRPSRUWDPLHQWRVVRQFRQMXQWRV GHFUHHQFLDVHLQWHUSUHWDFLRQHVTXHVHFRQVWUX\HQVREUHODEDVHGHXQUHFRUWHGHLQIRUPDFLyQXVXDOPHQWH LQFRPSOHWD\TXHOXHJR©FRQWDPLQDQªODPLUDGDGHWDOPRGRTXHUHVXOWDQGLItFLOHVGHGHVQDWXUDOL]DU 3RUHMHPSORORVFLWDGRVHVWXGLRVPDQLILHVWDQTXHODVIDPLOLDVPiVSREUHV\GHPHQRUHVQLYHOHVHGXFDWLYRV ©WLHQHQXQDHVFDVDYDORUDFLyQGHODHGXFDFLyQGHVXVKLMRVª&RQHVWDDILUPDFLyQVHWUDWDGHH[SOLFDU FDXVDOPHQWHHODXVHQWLVPRUHLWHUDGRHOLQJUHVRWDUGtR\ODQRLQVFULSFLyQDORVQLYHOHVLQLFLDO\VHFXQGDULR 3HURVHSXHGHWDPELpQWHQHUODKLSyWHVLVGHTXHODVKLVWRULDVGHYLGDGHHVWDVIDPLOLDVFRQGLFLRQDQVX SRVLELOLGDGGHSHUWHQHQFLDDOPXQGRHVFRODU\TXHHQPXFKRVFDVRVSXHGHQFRORFDUODVHQXQOXJDUGHWDO DMHQLGDGUHVSHFWRGHODVSURSXHVWDVHGXFDWLYDVTXHHVWDVGHMDQGHIRUPDUSDUWHGHXQXQLYHUVRDQKHODGR 2WUDH[SUHVLyQUHFXUUHQWHSUHVHQWHHQORVGLDJQyVWLFRV\TXHFRPSOHPHQWDORGLFKRDQWHULRUPHQWHUHILHUH DOHVFDVRDFRPSDxDPLHQWRGHODVIDPLOLDV(VWDVDFWLWXGHVVRQLQWHUSUHWDGDVSRUODHVFXHODHQFODYH GHGHVLQWHUpVVLQFRQVLGHUDUTXHORVSDGUHVSRFRLQVWUXLGRV±PXFKDVYHFHVDQDOIDEHWRV±WLHQHQREYLDV GLILFXOWDGHVSDUDUHDOL]DUHVDVIXQFLRQHV\VLPSOLVWDPHQWHVHORVSHUFLEHFRPRLQGLIHUHQWHVDODVXHUWH GHVXVKLMRV(VWDSHUFHSFLyQGLVPLQX\HODH[SHFWDWLYDVREUHODVSRVLELOLGDGHVGHp[LWRGHHVRVHVWXGLDQWHV \HQOXJDUGHLQWHQVLILFDUVHFRQHOORVODVWDUHDVGHHQVHxDQ]DVHORVUHOHJDSDUDFRQFHQWUDUORVHVIXHU]RV HQDTXHOORV©TXHVHORPHUHFHQSRUTXHVXVIDPLOLDVVHHVIXHU]DQPXFKRª 3RUVXSDUWHHOFOLPDGHYLROHQFLDSHULHVFRODUSDUHFHWHQHUFLHUWRQLYHOGHFRQVHQVRJHQHUDOL]DGRFRPRIDFWRU FXOWXUDOTXHGLILFXOWDODHVFRODULGDG\DTXHHQDOJXQDV]RQDVODYLROHQFLDKDDIHFWDGRGUDPiWLFDPHQWH HOFOLPDVRFLDO/DVPDUDVRSDQGLOODVODGHOLQFXHQFLDDVRFLDGDDOQDUFRWUiILFRORVHVSDFLRVUXUDOHV QRSOHQDPHQWHJREHUQDGRVSRUODOH\\HO(VWDGRRHSLVRGLRVFRWLGLDQRVGHYLROHQFLDHQ]RQDVDOHGDxDV DODVHVFXHODVKDFHQTXHPLOHVGH11$VXIUDQSHOLJURVHQVXVHJXULGDGTXHVHWUDGXFHQHQDOWRDXVHQWLVPR \DEDQGRQR 3RURWURODGRDOJXQRVHVWXGLRVFLWDQDOHPEDUD]RDGROHVFHQWHFRPRXQIDFWRUVRFLRFXOWXUDOTXHRSHUDUtD FRPRUHVWULFFLyQDODHVFRODULGDGFRQLPSDFWRGLUHFWRHQORVSURFHVRVGHH[FOXVLyQGHODVIXWXUDVPDGUHV 8QHVWXGLRUHDOL]DGRHQ&KLOHPXHVWUDTXHODPDJQLWXGGHODEDQGRQRGHQLxDV\DGROHVFHQWHVHQORVSDtVHV GHODUHJLyQHVYDULDVYHFHVVXSHULRUDOQ~PHURGHHPEDUD]RVHQHVDVHGDGHVSRUORFXDOQRHVFRUUHFWR FRQVLGHUDUHOHPEDUD]RXQDFDXVDVLJQLILFDWLYDGHDEDQGRQRHQHOFXDGURJHQHUDOGHODVGLPHQVLRQHV1)( (OHVWXGLRSRQHGHUHOLHYHDGHPiVTXHHQJHQHUDOODVHVFXHODVHQODUHJLyQQRKDQGHVDUUROODGRHVWUDWHJLDV GHDGDSWDFLyQSDUDODVDOXPQDVTXHVHHQFXHQWUDQHQHVDVLWXDFLyQDODYH]TXHPDQWLHQHQH[LJHQFLDVGH DVLVWHQFLD\IRUPDVGHDFUHGLWDFLyQFODUDPHQWHUHVWULFWLYDVSDUDHOODVHVWDVSDVDQDVHUODVYHUGDGHUDV EDUUHUDVPiVTXHHOSURSLRHPEDUD]R 5HYLVWDPpGLFDGH&KLOHYHUVLyQLPSUHVD,6615HYPpG&KLOHYQ6DQWLDJRHQH % ' ,)(5(1&,$6(175(/$6&8/785$63238/$5(6 </$&8/785$6267(1,'$(1/$(6&8(/$&21(6&$62 ',È/2*2(,17(*5$&,Ï1 &RQLPSDFWRHQODVGLPHQVLRQHV ' ' ' ' ' (VSRFRHVWXGLDGDFRPREDUUHUDODEUHFKDHQWUHODFXOWXUDHVFRODU\ODVFXOWXUDVGHYDVWRVVHFWRUHV SRSXODUHV\QRH[LVWHPXFKDLQIRUPDFLyQVREUHHOHVIXHU]RTXHOHWRPDDHVWRVVHFWRUHV©DGDSWDUVHªDYLYLU GHXQDPDQHUDGLIHUHQWHHQODHVFXHOD /RVLQGLFDGRUHVHGXFDWLYRVPXHVWUDQXQDDOWDSUHYDOHQFLDGHOIUDFDVRHVFRODUHQWUHORV11$GHFRPXQLGDG DERUtJHQHVDXQHQORVFDVRVHQORVFXDOHVVHGHVDUUROODQHVWUDWHJLDVGHHGXFDFLyQLQWHUFXOWXUDO\ELOLQJH HQODVHVFXHODV /DVFXHVWLRQHVGHJpQHURTXHKDQRSHUDGRFRPREDUUHUDVHUHODFLRQDEDQFRQSDXWDVGHFULDQ]D WUDGLFLRQDOHVTXHDVLJQDEDQUROHVGLIHUHQWHVDYDURQHV\PXMHUHVODVQLxDVQHFHVLWDEDQPHQRVHVFXHOD SRUTXHHOKRJDU©HUDVXOXJDUª3HURDXQTXHDOJXQDVGHHVWDVSDXWDVVLJXHQSUHVHQWHVHQVHFWRUHV GHODSREODFLyQORVSURFHVRVVRFLDOHVGHODV~OWLPDVGpFDGDVSDUHFHQPRVWUDUXQDWHQGHQFLDGLIHUHQWH HODFFHVRDODHGXFDFLyQLQLFLDO\SULPDULDHVSDUHMRHQWUHDPERVVH[RV\HQORV~OWLPRVDxRVGHSULPDULD \VHFXQGDULDKD\PD\RUFDQWLGDGGHQLxDVTXHGHYDURQHV (QUHODFLyQFRQODVHGDGHVGHORV11$VHREVHUYDQGRVPDQLIHVWDFLRQHVYLQFXODGDVFRQSHUFHSFLRQHV IDPLOLDUHVTXHSDUHFHQFRQVWLWXLUVHHQEDUUHUDVSDUDODHVFRODULGDG3RUXQODGRXQH[FHVLYRFHOR GHODVIDPLOLDVHQHOFXLGDGRGHORVKLMRVTXHODVOOHYDUtDDQRLQVFULELUORVHQHOQLYHOLQLFLDO©SRUTXHVRQ PX\SHTXHxRVD~Qª$OUHVSHFWRYDOHDFODUDUTXHHVWDSHUFHSFLyQVXHOHVHUUHIRU]DGDSRUHOSURSLRVLVWHPD HGXFDWLYRGHVGHFRQFHSFLRQHVWHyULFDV\DVXSHUDGDVVREUHODPDGXUDFLyQGHORVQLxRVFRPRSURFHVR PHUDPHQWHWHPSRUDOVLWXDFLyQTXHVHYHUHIOHMDGDHQORVGDWRVGHHVWXGLDQWHVFRQUH]DJR\D HQODHGXFDFLyQLQLFLDO(VWHWHPDVHUiUHWRPDGRDOWUDWDUODVEDUUHUDVGHODRIHUWDTXHRFXUUHQHQODHVFXHOD 3RURWURODGRKDEUtDIDPLOLDVTXHQRPDQWLHQHQDVXVKLMRVHQODVHVFXHODV©SRUTXH\DHVWiQJUDQGHVª 'HVGHXQDSHUVSHFWLYDFUtWLFDVHHQWLHQGHTXHDPEDVUHDFFLRQHVVRQHVSHUDEOHVHVSHFLDOPHQWH HQORVFDVRVHQORVTXHKDDXPHQWDGRODFDQWLGDGGHDxRVGHHVFRODULGDGREOLJDWRULD8QDSULPHUD JHQHUDFLyQGHVHFWRUHVGHODSREODFLyQWUDGLFLRQDOPHQWHH[FOXLGRVVHDFHUFDUiDODVHVFXHODVDQVLRVD GHHMHUFHUHOGHUHFKRDODHGXFDFLyQSHURWDPELpQKDEUiIDPLOLDVTXHQRKD\DQLQFRUSRUDGRD~QGLFKR GHUHFKRDVXVSDXWDVFXOWXUDOHV&RPRWRGRSURFHVRWUDQVLFLRQDOHVWDDFWLWXGQRGHEHUtDFRQVLGHUDUVH XQDUHDFFLyQFULVWDOL]DGD\SHUPDQHQWHVLQRHVSHUDEOH\SRVLEOHGHVHUPRGLILFDGDFRQSROtWLFDVVRVWHQLGDV È0%,72±%DUUHUDVPDWHULDOHVSHGDJyJLFDV\VLPEyOLFDV TXHVHPDQLILHVWDQHQODVHVFXHODV $JUXSDPLHQWR(VFXHODVTXHQRFXHQWDQFRQUHFXUVRVPDWHULDOHVEiVLFRV % )$/7$2'(7(5,252'((',),&,26(6&2/$5(6 &RQLPSDFWRHQODVGLPHQVLRQHV ' ' ' ' ' /DVLWXDFLyQGHODUHJLyQHVPX\YDULDGDHQWUHSDtVHV\DOLQWHULRU GHFDGDXQRGHHOORV&DEHFRQVLJQDUODVVLJXLHQWHVFLUFXQVWDQFLDV (VFDVH]GHHGLILFLRVHVFRODUHVHVSHFLDOPHQWHHQ]RQDVUXUDOHVSDUDHOQLYHOEiVLFR\HQ]RQDVUXUDOHV \XUEDQDVSDUDHOQLYHOVHFXQGDULR 7XUQRVUHGXFLGRV\KRUDULRVLQFRQYHQLHQWHVFRPRFRQVHFXHQFLDGHODLQVXILFLHQWHLQIUDHVWUXFWXUD 2EVROHVFHQFLDGHODLQIUDHVWUXFWXUDHQORVVLVWHPDVHGXFDWLYRVTXHVHH[SDQGLHURQWHPSUDQDPHQWH )DOWDGHPDQWHQLPLHQWRGHORVHGLILFLRV\IDOWDGHHVSDFLRVFRPSOHPHQWDULRVFRPRELEOLRWHFDVODERUDWRULRV RJDELQHWHVHQDTXHOORVFDVRVGRQGHODQHFHVLGDGGHDPSOLDUODFDQWLGDGGHEDQFRVKDFHTXHORVUHFXUVRV HFRQyPLFRVVHGHVWLQHQFDVLH[FOXVLYDPHQWHDODFRQVWUXFFLyQGHDXODV % ( 48,3$0,(172','È&7,&2(032%5(&,'2 2,1(;,67(17( &RQLPSDFWRHQODVGLPHQVLRQHV ' ' /DVUHVWULFFLRQHVPDWHULDOHVWDPELpQVHH[SUHVDQHQODDXVHQFLDRLQVXILFLHQFLDGHRWURVHVSDFLRV\UHFXUVRV TXHLQIOX\HQHQODFDOLGDG\FOLPDHVFRODU(QWUHHOORVVHHQFXHQWUDQPDWHULDOHVGLGiFWLFRV~WLOHVOLEURV MXHJRVGHMDUGtQHVSDFLRVHLQVXPRVSDUDGHSRUWHV\UHFXUVRVSDUDHOWUDEDMRFRQHVWXGLDQWHV FRQGLVFDSDFLGDG % $ 86(1&,$2(6&$6(='(/,%526$'(&8$'26 &RQLPSDFWRHQODVGLPHQVLRQHV ' ' 8QDFRQMXQFLyQGHIDFWRUHVTXHWLHQHTXHYHUFRQORVPRGRVGHSURYLVLyQ GHORVOLEURVHVFRODUHVSXHGHOOHYDUDVLWXDFLRQHVHQTXHHOPHUFDGRRHOSURSLRJRELHUQRSULRULFHQ ODSURGXFFLyQGHOLEURVSDUDORVJUXSRVGHSREODFLyQPiVJUDQGHV\GHPD\RUSRGHUDGTXLVLWLYRIDOWDQGR SURSXHVWDVHVSHFtILFDVSDUDJUXSRVPiVSHTXHxRVSRUHMHPSORPDWHULDOGHOHFWXUD\GHHQVHxDQ]D GHOHQJXDV\FXOWXUDVORFDOHV(VWDFDUHQFLDOLPLWDHOWUDEDMRVLVWHPiWLFRHQHGXFDFLyQLQWHUFXOWXUDO\ELOLQJH ORFXDODIHFWDLQLFLDWLYDVTXHPXFKRVJRELHUQRVHVWiQLPSXOVDQGRHQODUHJLyQ $JUXSDPLHQWR(VFXHODVGRQGHVHJHQHUDQRWROHUDQSURFHVRV GHVHJPHQWDFLyQ % ( 48,326'2&(17(6'e%,/(626,1&2162/,'$5 &RQLPSDFWRHQODVGLPHQVLRQHV ' ' ,QWHUHVDLGHQWLILFDULQVXILFLHQFLDVTXHDIHFWDQSDUWLFXODUPHQWHDORVVHFWRUHV HQTXHVHPDQLILHVWDQFRQPiVLQFLGHQFLDODVFLQFRGLPHQVLRQHVGHODH[FOXVLyQ(VWDVLQVXILFLHQFLDVVRQ DODHVFDVH]GHGRFHQWHVRLQVXILFLHQWHFRQWUDWDFLyQGHGRFHQWHVGLVSRQLEOHVEODLQVXILFLHQFLD GHGRFHQWHVHVSHFLDOL]DGRVHQPRGDOLGDGHVRGLVFLSOLQDVTXHDIHFWDODIDFWLELOLGDGGHDPSOLDUODRIHUWD HQFLHUWDViUHDVFODLQVXILFLHQFLDGHGRFHQWHVKDEODQWHVGHOHQJXDVRULJLQDULDVGODDOWDURWDFLyQ GHGRFHQWHVTXHFRPLHQ]DQVXVFDUUHUDVHQ]RQDVUXUDOHVRPDUJLQDOHV\UiSLGDPHQWHGHMDQORVFDUJRV HQFXDQWRFRQVLJXHQXQDXELFDFLyQTXHOHVUHVXOWDGHVXSUHIHUHQFLD % 352&(626'(25*$1,=$&,Ï1(6&2/$5 48(352'8&(16(*5(*$&,Ï1(1&8%,(57$ &RQLPSDFWRHQODVGLPHQVLRQHV ' ' ' ' /DVQRUPDWLYDVGHLQVFULSFLyQSDUDHODFFHVRDSULPDULD\DODHGXFDFLyQLQLFLDOGLVWDQGHVHUSUHFLVDVFODUDV \RULHQWDGRUDV+D\PXFKRVPiUJHQHVSDUDODGLVFUHFLRQDOLGDGTXHSHUPLWHQTXHDOJXQDVHVFXHODVS~EOLFDV HOLMDQDVXVDOXPQRV$GLFLRQDOPHQWHHQODVHVFXHODVSXHGHQGDUVHSURFHVRVGH©VHJUHJDFLyQLQWHUQDª DWUDYpVGHODPDQHUDHQTXHVHRUJDQL]DDORVHVWXGLDQWHVHQJUXSRV3RUHMHPSORGLIHUHQFLDQGRSRUQLYHOHV GHGHVHPSHxRHLQFOXVRSRUH[SHFWDWLYDVGHGHVHPSHxRRDJUXSDQGRHQDOJXQDVVHFFLRQHVRHQDOJXQRV WXUQRVJHQHUDOPHQWHHOWXUQRGHODWDUGHDORVHVWXGLDQWHVUHSHWLGRUHV\FRQVREUHHGDG /DFRQILJXUDFLyQVHJUHJDGDWLHQHHIHFWRVQHJDWLYRVHQODDXWRHVWLPDGHORVHVWXGLDQWHVTXHIXHURQDVLJQDGRV DOJUXSR©GHORVOHQWRVª$VLPLVPRHVHHIHFWRVHDPSOtDDODSHUFHSFLyQGHORVGRFHQWHVDTXLHQHVWRFD HQVHxDUHQHVWRVJUXSRVTXHHQFDUDQVXHQVHxDQ]DFRQSUHMXLFLRQHJDWLYRVREUHODVFDSDFLGDGHV GHVXVHVWXGLDQWHV % 7,(032/(&7,92(6&$62<'(6$3529(&+$'2 &RQLPSDFWRHQODVGLPHQVLRQHV ' ' 1RUPDOPHQWHHQORVSDtVHVGHODUHJLyQHOWLHPSRDVLJQDGRURQGD ODVDKRUDVGLDULDVHQODVHVFXHODVS~EOLFDVH[FHSWXDQGRDTXHOODVTXHWLHQHQRIHUWDVGHWLHPSR FRPSOHWR8QSRUFHQWDMHLPSRUWDQWHGHODVHVFDVDVKRUDVGHHVFXHODVHXWLOL]DHQDFWLYLGDGHVUXWLQDULDV TXHQRUHGXQGDQHQDSUHQGL]DMHVFRPRSDVDUOLVWDVDOXGDUDORVVtPERORVSDWULRVIRUPDUHQILODV\UHSDUWLU ODVYLDQGDVGHFRPLGD(OWLHPSRUHVWDQWHRWLHPSRLQVWUXFFLRQDOHVHOTXHHIHFWLYDPHQWHVHHPSOHD HQHODXODSDUDODHQVHxDQ]D6LQHPEDUJRWDPSRFRVHDSURYHFKDHQVXWRWDOLGDGSRUTXHKD\PRGRV GHHQVHxDQ]DSRFRHIHFWLYRVTXHKDFHQTXHORVDOXPQRVQRHVWpQWRGRHOWLHPSRLQWHUHVDGRV HQODWDUHDGHDSUHQGHU $JUXSDPLHQWR(VFXHODVTXHSRVLELOLWDQHVFDVDVRSRUWXQLGDGHVGHDSUHQGHU % '2&(17(6&2132&2'20,1,2'(0(72'2/2*Ë$6 (),&$&(6'((16(f$1=$ &RQLPSDFWRHQODVGLPHQVLRQHV ' ' ' ' /DVSUiFWLFDVGHHQVHxDQ]DWtSLFDVHQODVHVFXHODVFRQPD\RUSUHYDOHQFLDGHSREODFLyQGH1)(PXHVWUDQ GHELOLGDGHVSDUDRUJDQL]DUXQWUDEDMRPHWyGLFRTXHD\XGHDORVHVWXGLDQWHVHQULHVJRDVXSHUDUWDOVLWXDFLyQ ([LVWHQEDUUHUDVFRQFHSWXDOHVTXHVXHOHQIUHQDUODHYROXFLyQGHODSHGDJRJtDFRPRFLHQFLD\ODLQFOXVLyQ GHVXVHQIRTXHVDSOLFDGRVHQODIRUPDFLyQGHORVGRFHQWHV\ODVSURSXHVWDVGHHQVHxDQ]D % 35È&7,&$6'((9$/8$&,Ï1(55È7,&$6<352&(',0,(1726 '(35202&,Ï1&21$5%,75$5,('$'(6 &RQLPSDFWRHQODVGLPHQVLRQHV ' ' ' ' /DHYDOXDFLyQQRHVFRQVLGHUDGDFRPRSDUWHGHXQSURFHVRGHDSUHQGL]DMH'HVGHHOODGRRILFLDO ODVQRUPDWLYDVGHHYDOXDFLyQ\SURPRFLyQVXHOHQH[SUHVDUXQDSHUVSHFWLYDGHODSUHQGL]DMH\GHOVXMHWR GHDSUHQGL]DMHFRQGRVUDVJRVIXQGDPHQWDOHVLODDWRPL]DFLyQGHOFRQRFLPLHQWRFX\DHYLGHQFLDVHEXVFD HQHOHVWXGLDQWHLLODUHVSRQVDELOL]DFLyQSXHVWDHQIRUPDH[WUHPDHQHOHVWXGLDQWHSDUDDOFDQ]DUHOQLYHO HVSHUDGR$GHPiVORVSDUiPHWURVGHSURPRFLyQLPSOtFLWRVTXHXWLOL]DQORVGRFHQWHVVLJXHQEDVDGRV HQFRQFHSWRVODUJDPHQWHVXSHUDGRVSRUHOFRQRFLPLHQWRFLHQWtILFRFRPRHVODLGHDGH©PDGXUDFLyQ FRJQLWLYDªTXHUHVXOWDUtDGHOVLPSOHSDVRGHOWLHPSRGHVYLQFXODGRGHODVDFFLRQHVGHHQVHxDQ]D % ' 2&(17(648(7,(1(1',),&8/7$'(63$5$25*$1,=$5 /$(16(f$1=$(1*58326',9(5626 &RQLPSDFWRHQODVGLPHQVLRQHV ' ' 81,&()+RQGXUDV3LUR]L /DIRUPDFLyQLQLFLDOGHORVGRFHQWHVQRFRQVWUX\HPXFKDH[SHULHQFLD\IRUPDFLyQSDUDHOPDQHMRGHODFODVH FRPRJUXSRORFXDOSURGXFHJUDQIUXVWUDFLyQHQHOORV\HQORVHVWXGLDQWHV7DPELpQVHGHWHFWDXQDIDOWD GHSURSXHVWDVGLGiFWLFDVSDUDWUDEDMDUFRQJUXSRVGLYHUVRVHQHODXOD $JUXSDPLHQWR(VFXHODVFRQFOLPDYLQFXODU\SHGDJyJLFRGHWHULRUDGR % 1250$6(6&2/$5(6$-(1$6<1275$%$-$'$6 &21/26(678',$17(6 &RQLPSDFWRHQODVGLPHQVLRQHV ' ' ' ' /RVHVWXGLDQWHVGHVHFWRUHVVRFLDOHVUHFLHQWHPHQWHLQFOXLGRVHQHOVLVWHPDHGXFDWLYRSXHGHQWHQHU GLILFXOWDGHVSDUDLGHQWLILFDU\FRPSUHQGHUQRUPDVHVFRODUHV\SDUDSURGXFLUORVFRPSRUWDPLHQWRVDFHSWDEOHV RYDORUDGRV3RURWUDSDUWHORVDGXOWRVGHODHVFXHODHLQFOXVRRWURVDOXPQRVSXHGHQWHQHUGLILFXOWDGHV SDUDUHFRQRFHUHOFDUiFWHUFRQYHQFLRQDOGHPXFKDVGHHVDVQRUPDVSURSLDVGHOD©JUDPiWLFDHVFRODUª \GDUOHVXQDYDORUDFLyQREMHWLYD\XQLYHUVDO(VDVLWXDFLyQSXHGHSURYRFDUSUHMXLFLRVDFHUFDGHODFDSDFLGDG RFRPSURPLVRFRPRHVWXGLDQWHVGHTXLHQHVQRVHLQWHJUDQHQIRUPDQDWXUDOHLQPHGLDWDDHVRV IXQFLRQDPLHQWRV % &/,0$(6&2/$5&203(7,7,92 &2081,&$&,Ï1$*5(6,9$ &RQLPSDFWRHQODVGLPHQVLRQHV ' ' ' /DHYLGHQFLDUHFRJLGDHQRFDVLyQGHO6(5&(PXHVWUDTXHHOFOLPDHVFRODULQIOX\HSRVLWLYDPHQWH HQHODSUHQGL]DMHHQHOGHORVFDVRVDQDOL]DGRVDWUDYpVGHPRGHORVHVWDGtVWLFRVGHIDFWRUHV DVRFLDGRVDQLYHOGHHVFXHODPLHQWUDVTXHDQLYHOGHHVWXGLDQWHXQDSHUFHSFLyQSRVLWLYDGHOFOLPDHVFRODU SUHGLFHVLJQLILFDWLYDPHQWHPHMRUHVORJURVHQHOGHORVFDVRVDQDOL]DGRV6(5&( 3HURDVDELHQGDVGHHVWDLQIOXHQFLDGHOFOLPDHVFRODUODVLQVWLWXFLRQHVDGPLWHQODUHSURGXFFLyQ GHFRPSRUWDPLHQWRVFRPSHWLWLYRV\GHVFDOLILFDGRUHVHQWUHORVSURSLRVHVWXGLDQWHVVLQHVWDEOHFHUSDXWDV VROLGDULDV\GHD\XGDSDUDIRUWDOHFHUODVSRVLELOLGDGHVGHp[LWRGHORV11$HQULHVJR % 35(-8,&,261(*$7,92662%5(/$6&$3$&,'$'(6 '(/26(678',$17(6 &RQLPSDFWRHQODVGLPHQVLRQHV ' ' ' ' /DUHSUHVHQWDFLyQTXHPXFKRVGRFHQWHVGLUHFWLYRV\WpFQLFRVWLHQHQDFHUFDGHOSHUILOHVSHUDGRGHOQLxR DVHUHVFRODUL]DGRFRQWLHQHPXFKRVHOHPHQWRVYLQFXODGRVDODFXOWXUDGRPLQDQWH\DORVVHFWRUHVVRFLDOHV PiVDYHQWDMDGRV(VDUHSUHVHQWDFLyQFRQVWUX\H\IXQGDPHQWDODFRQFHSFLyQGHOGpILFLWFXOWXUDO\JHQHUD EDMDH[SHFWDWLYDVREUHORVDOXPQRVTXHQRUHVSRQGHQDOSHUILOHVSHUDGRTXHVHFRQYLHUWHHQRWURIDFWRUPiV GHH[FOXVLyQ/DH[LJHQFLDLPSOtFLWDHQODHVFXHODGHFRQWDUFRQFLHUWDVSUHGLVSRVLFLRQHV\VDEHUHVGHSDUWLGD SUHYLRVDODWDUHDGHHGXFDUJHQHUDXQDGHVLJXDOGDGUHDO\XQDLJXDOGDGIRUPDODQWHHOVLVWHPDHVFRODU È0%,72±%DUUHUDVSROtWLFDVWpFQLFDV\GHILQDQFLDPLHQWR GHOVLVWHPDHGXFDWLYR $JUXSDPLHQWR2IHUWDHGXFDWLYDIDOWDQWHHVFDVDLQDGHFXDGDREXURFUDWL]DGD % %5(&+$6'(2)(57$(6&2/$5(1'(7(50,1$'26 1,9(/(6</2&$/,=$&,21(6 &RQLPSDFWRHQODVGLPHQVLRQHV ' ' ' /RVSURFHVRVGHSODQLILFDFLyQ\RUJDQL]DFLyQGHODRIHUWDGHORVVLVWHPDVHVFRODUHVGHODUHJLyQVHHQFXHQWUDQ DWUDYHVDGRVSRUIDFWRUHVFUX]DGRVTXHGLILFXOWDQODDFFLyQSRVLWLYDSDUDVXSHUDUODH[FOXVLyQ 8QIXHUWHFRPSRQHQWHLQHUFLDOTXHOOHYDDSULRUL]DUHOIXQFLRQDPLHQWR\FRQWLQXLGDGGHODRIHUWDYLJHQWH 3UHVLRQHVLQWHQVDVSRUSDUWHGHRUJDQLVPRV\FRPXQLGDGHVFRQSRVLELOLGDGGHYLVLELOL]DUVXVSHGLGRV 6HJXQGR(VWXGLR5HJLRQDO&RPSDUDWLYR\([SOLFDWLYR6(5&((O6(5&(IXHRUJDQL]DGR\FRRUGLQDGRSRUHO/DERUDWRULR /DWLQRDPHULFDQRGH(YDOXDFLyQGHOD&DOLGDGGHOD(GXFDFLyQ//(&(\VHHQPDUFyGHQWURGHODVDFFLRQHVGHOD2ILFLQDUHJLRQDO GH(GXFDFLyQGHOD81(6&2SDUD$PpULFD/DWLQD\HO&DULEH25($/&81(6&26DQWLDJRWHQGLHQWHVDDVHJXUDUHOGHUHFKRGH WRGRVORVHVWXGLDQWHVODWLQRDPHULFDQRV\FDULEHxRVDUHFLELUXQDHGXFDFLyQGHFDOLGDG ([LJHQFLDVSROtWLFDVSDUDIRUPXODUSODQHVDPELFLRVRVHQVXVREMHWLYRVHLGHDULRVFRQHVFDVDVHYLGHQFLDV GHUHVXOWDGRVHLQVXILFLHQWHFRUUHODFLyQFRQORVUHFXUVRVSUHVXSXHVWDULRVDVLJQDGRV &RPRUHVXOWDGRODVFRPXQLGDGHVTXHWLHQHQPHQRVFDSDFLGDGGHKDFHUYDOHUVXVSHGLGRVVRQODVTXHYHQ PiVGLILFXOWDGGHUHFLELUXQDRIHUWDHGXFDWLYDDGHFXDGDFDUHQFLDTXHVHQRWDPiVHQORVQLYHOHV GHHGXFDFLyQLQLFLDO\GHVHFXQGDULDEiVLFDHQHOPHGLRUXUDO % ) 250$&,Ï1'2&(17(48(1235(3$5$ 3$5$/$,1&/86,Ï1 &RQLPSDFWRHQODVGLPHQVLRQHV ' ' (QODIRUPDFLyQLQLFLDOGHORVPDHVWURVQRVHSRQHHQGLVFXVLyQODGLVWDQFLDHQWUHHOFXUUtFXORUHDO \HOFXUUtFXORIRUPDO(VWDYDFDQFLDKDFHTXHFXDQGRHOGRFHQWHQRYHOOOHJXHDODHVFXHODDFHSWH ODLPSRVLFLyQGHWUDGLFLRQHVHVFRODUHVTXHQRVRORQRVHFRUUHVSRQGHQFRQODSURSXHVWDFXUULFXODURILFLDO VLQRTXHUHIXHU]DQLGHDVFRQVXHWXGLQDULDVUHVSHFWRGHODRUJDQL]DFLyQGHORVJUXSRVHVFRODUHVORVWHPDV LUUHPSOD]DEOHVGHODHQVHxDQ]D\ORVTXHSXHGHQVHUHYLWDGRV5HVSHFWRGHODRUJDQL]DFLyQGHORVJUXSRV HVFRODUHVODIRUPDFLyQGRFHQWHQRFXHVWLRQDXQVXSXHVWRSRUHOFXDOORVHVWXGLDQWHVTXHHVWiQHQHOPLVPR JUDGRVRQ±RGHELHUDQVHU±KRPRJpQHRV % ' (%,/,'$'(6'(5(*/$0(17$&,Ï1 48($80(17$15,(6*26'((;&/86,Ï1 &RQLPSDFWRHQODVGLPHQVLRQHV ' ' ' /DQRUPDWLYDUHJODPHQWDULDSXHGHVHUHQRFDVLRQHVXQREVWiFXORDODLQFOXVLyQFXDQGRVXVLQGLFDFLRQHVVRQ FRQIXVDVVXSHUSXHVWDVRGHMDQYDFtRVSRUHMHPSORHQUHODFLyQFRQORVSURFHVRVGHDFFHVRDOVLVWHPD HVFRODUORVUHJtPHQHVGHDVLVWHQFLDDFODVHV\ORVSURFHGLPLHQWRVGHHYDOXDFLyQRSURPRFLyQ3RURWUD SDUWHHVIUHFXHQWHTXHODVQRUPDVWDQWRODVOH\HVFRPRORVUHJODPHQWRVQRHVWpQDFFHVLEOHVHQGRV DFHSFLRQHVGHDFFHVLELOLGDGLHQWpUPLQRVGHTXHGLUHFWRUHVPDHVWURV\SDGUHVFXHQWHQFRQHOWH[WRSURSLR GHODQRUPD\LLHQWpUPLQRVGHODFRPSOHMLGDG\DULGH]GHOWH[WRQRUPDWLYR &RQLPSDFWRHQODVGLPHQVLRQHV % & 855Ë&8/26)250$/(6352)8626 <6$785$'26 ' ' 'HVGHKDFHDxRVODVIXQGDPHQWDFLRQHVSHGDJyJLFDVGHORVFXUUtFXORVKDQDFHSWDGRRILFLDOPHQWHHQIRTXHV FRQVWUXFWLYLVWDVFHQWUDGRVHQHOGHVDUUROORGHFDSDFLGDGHVPiVTXHHQODDFXPXODFLyQGHFRQWHQLGRV PHPRUtVWLFRV6LQHPEDUJRODVDSHUWXUDVGHFRQWHQLGRVTXHHVWRVPLVPRVGRFXPHQWRVSUHVHQWDQ HODERUDGDVGHVGHRWUDOyJLFDTXHUHPLWHDOVDEHUGLVFLSOLQDUFRQWLQ~DQSODQWHDQGRHOSURFHVRIRUPDWLYR GHVGHORVFRQWHQLGRVIUDJPHQWiQGRORVSRUGLVFLSOLQDV\QLYHOHVUHQXQFLDQGRDLQWHUYHQLUGHVGH ODHQVHxDQ]DSDUDSURPRYHUORVSURFHVRVGHLQWHJUDFLyQ\GHVDUUROORFRJQLWLYRGHEDVHDPSOLD&RQHOOR ORVFXUUtFXORVUHVXOWDQXQDHQXQFLDFLyQGHDOWDFRPSOHMLGDGSDUDORVGRFHQWHV/DDWHQFLyQGHORVHVWiQGDUHV SURSXHVWRVHQHVRVFXUUtFXORV\TXHLQWHJUDQODVHYDOXDFLRQHVQDFLRQDOHVSODQWHDXQDJUDQWHQVLyQHQWUH HOWLHPSRFRWLGLDQR\ODVSUHVFULSFLRQHVFXUULFXODUHVTXHVHUHVXHOYHFRQXQWUDWDPLHQWRVXSHUILFLDOHSLVyGLFR \DFHOHUDGRGHORVWHPDV % ,1$'(&8$'2',$*1Ï67,&2<021,725(2 '(/26352&(626'((;&/86,Ï1 &RQLPSDFWRHQODVGLPHQVLRQHV ' ' ' ' ' (QFDVLWRGRVORVSDtVHVH[LVWHQPHFDQLVPRVGHUHFROHFFLyQ\SURFHVDPLHQWRGHORVGDWRV\DQRUPDOL]DGRV HQPXFKRVFDVRVFRQPRGHUQRVVRSRUWHVWHFQROyJLFRVTXHIDFLOLWDQVXH[SORWDFLyQ6LQHPEDUJRRFXUUH PXFKDVYHFHVTXHODDEXQGDQFLDGHGDWRVQRSHUPLWHLGHQWLILFDU\UHSUHVHQWDUFRPXQLFDWLYDPHQWH ODLQIRUPDFLyQTXHSRVLELOLWDLQWHUSUHWDUXQSURFHVRRVLWXDFLyQ(OWUDWDPLHQWRGHORVSUREOHPDVGHFDOLGDG GHORVGDWRVSRUVHSDUDGRGHODVFRQGLFLRQHV\SUiFWLFDVGHXVRSDUDODJHVWLyQHGXFDWLYDSXHGHGHYHQLU HQHOGHVDUUROORGHSROtWLFDVFRQPXFKDLQYHUVLyQHQUHFXUVRVTXHQRUHVXHOYHQORVSUREOHPDVHVWUXFWXUDOHV HLQFOXVRSXHGHQLQFRUSRUDUGLILFXOWDGHVDGLFLRQDOHV % ,16$7,6)$&725,$5(/(9$1&,$<(),&$&,$ '(/$32<2$/$6(6&8(/$6&210$<25(6'(6$)Ë26 &RQLPSDFWRHQODVGLPHQVLRQHV ' ' ' ' &LHUWRVPRGRVGHFRQFHELU\HMHUFHUODIXQFLyQGHDVHVRUDPLHQWRSXHGHQLQKLELUVXSRWHQFLDO\FRQYHUWLUVH HQXQREVWiFXORFRQIXVLyQDOLGHQWLILFDUVLQLQIRUPDFLyQREMHWLYDORVSURFHVRV\UHVXOWDGRVVREUHORVTXH DFWXDUWUDQVPLVLyQGHHOHPHQWRVWHyULFRVTXHWHUPLQDQVDWXUDQGRDORVGRFHQWHV\REOLJDQGRDTXHGHEDQ KDFHUSURFHVRVGHLQWHJUDFLyQ\DGDSWDFLyQSDUDORVFXDOHVQRHVWiQSUHSDUDGRV\WLHQHQHVFDVRWLHPSR GHPDVLDGRDSHJRDOGLVFXUVR©FRUUHFWRª\HVFDVDDWHQFLyQDODVHYLGHQFLDVGHODWDUHDSHGDJyJLFD /RVSHUILOHVSURIHVLRQDOHVTXHUHDOL]DQHODSR\RDPHQXGRWUDVODGDQHOHQIRTXHFOtQLFRHQVXIRUPDFLyQ SRUORTXHWLHQHQWHQGHQFLDDFRQVLGHUDUODVVLWXDFLRQHVLQGLYLGXDOPHQWHPiVTXHDDSUHFLDUORVSURFHVRV \UHVXOWDGRVHQXQDIRUPDVLVWpPLFD $JUXSDPLHQWR)LQDQFLDPLHQWRLQVXILFLHQWH % 5(675,&&,Ï135(6838(67$5,$3$5$$7(1'(5 /$6&21',&,21(6*(1(5$/(6'(/6,67(0$ &RQLPSDFWRHQODVGLPHQVLRQHV ' ' ' ' ' (QWDQWR$PpULFD/DWLQD\HO&DULEHGHVWLQDQSRFRPiVGHOGHOJDVWRS~EOLFRWRWDO\HOGHO3,% DODHGXFDFLyQORVSDtVHVPiVGHVDUUROODGRVGH$PpULFDGHO1RUWH\(XURSDDVLJQDQ\ UHVSHFWLYDPHQWH$GHPiVODVLWXDFLyQHVPX\GLVSDUDOLQWHULRUGHODUHJLyQDFWXDOL]DFLyQSURSLDDSDUWLU GH0RUGXFKRZLF]$\'XUR/ (OILQDQFLDPLHQWRHVXQDFRQGLFLyQSDUDVXSHUDUDOJXQDVEDUUHUDVFRPRODHVFDVH]GHHVFXHODVRSDJDU HOSHUVRQDOGRFHQWHUHTXHULGRSDUDDPSOLDUODFREHUWXUD\PHMRUDUGLVWLQWRVDVSHFWRVGHOVHUYLFLR 6LQHPEDUJRGHEHVHUFRQVLGHUDGRFRPRXQLQVWUXPHQWRSDUDORJUDUREMHWLYRV\QRFRPRXQILQ HQVtPLVPR (QHODQiOLVLVGHORVSURFHVRVGHODV~OWLPDVGpFDGDVHPHUJHQGRVDVSHFWRVTXHPHUHFHQFRQVLGHUDFLyQ SROtWLFD (OILQDQFLDPLHQWRHGXFDWLYRVXHOHHVWDUDWDGRDORVFLFORVHFRQyPLFRVDXQTXHGHPDQHUDGHVLJXDO UHJLVWUDQFLHUWRFUHFLPLHQWRJUDGXDOPHQWHHQFLFORVSRVLWLYRVGHODHFRQRPtD±HQJHQHUDOFRQPD\RU OHQWLWXGTXHHOLQFUHPHQWRGHORVUHFXUVRVILVFDOHV±\VXIUHQFRQPD\RUUDSLGH]ORVHIHFWRVGHFRUUHFFLyQ HQORVFLFORVGHHVWDQFDPLHQWR /DFRRSHUDFLyQLQWHUQDFLRQDOVHKDFRQYHUWLGRHQXQDFWRUFODYHHQPDWHULDGHILQDQFLDPLHQWRSDUDVXSHUDU ODH[FOXVLyQ &RQLPSDFWRHQODVGLPHQVLRQHV % ,1(),&,(1&,$<62%5(&26726 '(/)5$&$62(6&2/$5 ' ' (OIUDFDVRHVFRODUPDQLILHVWRHQODUHSHWLFLyQ\HOUHFXUVDGRJHQHUDQXQVREUHFRVWRLPSURGXFWLYR SDUDHOVLVWHPDVHSDJDGRVRPiVYHFHVSRUDOFDQ]DUXQPLVPRJUDGRRDxRGHHVWXGLR(VWRLQFUHPHQWD DVXYH]HOFRVWRGH©SURGXFLUªXQHJUHVDGR\DTXHVHUHTXLHUHQPiVDxRVGHHVWXGLRSRUDOXPQRTXH ORTXHVHSODQLILFD(OJDVWRGHULYDGRGHODUHSHWLFLyQHQ,EHURDPpULFDDVFHQGHUtDDPLOORQHV GHGyODUHVHVGHFLUWUHVYHFHVHOFRVWRGHODVPHWDVGHFREHUWXUDXQLYHUVDOGHVGHHOQLYHOLQLFLDOKDVWD HOVHFXQGDULRLQIHULRUHVWLSXODGRHQODV0HWDV(VWRUHSUHVHQWDDSUR[LPDGDPHQWHHOGHO3,% UHJLRQDO\XQGHOJDVWRHGXFDWLYRGH,EHURDPpULFD(VWDVFLIUDVVHGHULYDQGHTXHHQ,EHURDPpULFD ORVUHFXUVDQWHVUHSUHVHQWDQFDVLHOGHOWRWDOGHODPDWUtFXODGHHVRVQLYHOHV /D2UJDQL]DFLyQGH(VWDGRV,EHURDPHULFDQRVSDUDOD(GXFDFLyQOD&LHQFLD\OD&XOWXUD2(,FRRUGLQDODLQLFLDWLYD0HWDVFX\R REMHWLYRHVFRPSURPHWHUDORVSDtVHVGH,EHURDPpULFDHQHOFXPSOLPLHQWRGHPHWDVHVSHFtILFDVSDUDPHMRUDUODFDOLGDG\HTXLGDG HGXFDWLYDV\PHMRUDUODLQFOXVLyQVRFLDO (ODERUDFLyQSURSLDEDViQGRVHHQGDWRVGH8,6±81(6&2 $JUXSDPLHQWR3URSXHVWDVWpFQLFDVTXHQRVRQHILFDFHV \SHUWLQHQWHVSDUDORJUDUODLQFOXVLyQ % ',),&8/7$'3$5$*(1(5$/,=$5/$&2%(5785$ (1('8&$&,Ï1,1,&,$/ &RQLPSDFWRHQODVGLPHQVLRQHV ' 0XFKRVHVWDGRVQRKDQSRGLGRJHQHUDOL]DUXQDRIHUWDHGXFDWLYDIRUPDOSDUDWRGRVORVQLxRV\QLxDVGHELGR SULQFLSDOPHQWHDUHVWULFFLRQHVSUHVXSXHVWDULDV3RUHOORVHKDEXVFDGRH[SDQGLUODRIHUWDFRQSURSXHVWDV QRIRUPDOHVGHPXFKRPHQRUFRVWRSRUHVWXGLDQWH\TXHLQFOX\HQSDUWLFLSDFLyQFRPXQLWDULDSDUDFRQWDU FRQHVSDFLRVItVLFRV\FRQDGXOWRVTXHSXHGDQFXLGDUGHORVQLxRV\QLxDV$WDOHIHFWRVHKDQGHVDUUROODGR PDWHULDOHVGLGiFWLFRVTXHHVWUXFWXUDQODSURSXHVWDSHGDJyJLFD\WDPELpQVHKDDYDQ]DGRHQSURFHVRV GHFDSDFLWDFLyQGHFXLGDGRUHV1XHYDVEDUUHUDVDSDUHFHQHQHVWHIRUPDWRHGXFDWLYRFUHDFLyQHUUiWLFDGH ORVVHUYLFLRVLUUHJXODUDFRPSDxDPLHQWRDORVYROXQWDULRVRFXLGDGRUHV\GLILFXOWDGHVHQODHQWUHJDRSRUWXQD GHORVPDWHULDOHVSDUDORVQLxRV/DRIHUWDHQVXFRQMXQWRVLJXHVLHQGRLQVXILFLHQWHHVSHFLDOPHQWH HQODV]RQDVUXUDOHV\HQODVSHULIHULDVGHODVFLXGDGHV % ',),&8/7$'(63$5$2)5(&(581$$/)$%(7,=$&,Ï1 (),&$=$/,1,&,2'(/$('8&$&,Ï135,0$5,$ &RQLPSDFWRHQODVGLPHQVLRQHV ' /RVDOXPQRVTXHKDQUHSHWLGRXQRRPiVFXUVRVWLHQHQSHRUHVUHVXOWDGRVHQODVSUXHEDVUHJLRQDOHV GHDSUHQGL]DMHFRQEUHFKDVVLJQLILFDWLYDV(VWDVEUHFKDVDOLQWHULRUGHFDGDSDtVHQWUHUHSHWLGRUHV \QRUHSHWLGRUHVVRQPD\RUHVTXHODVTXHH[LVWHQHQWUHORVSDtVHVFRQPHMRUHV\SHRUHVUHVXOWDGRV HQHVDVSUXHEDV/DUHSHWLFLyQHQORVSULPHURVJUDGRVHVWiHVWUHFKDPHQWHYLQFXODGDDSUREOHPDVHQ ODHQVHxDQ]DGHODOHFWXUD\ODHVFULWXUD(VWDHVWiEDVDGDHQFRPSUHQVLRQHVHVWUHFKDV\DWUDVDGDV GHOOHQJXDMH\GHORVSURFHVRVGHDSUHQGL]DMHLQIDQWLO\HVWiDWDGDDYLHMRVPpWRGRVSHGDJyJLFRV /DVLWXDFLyQVHH[DFHUEDHQFRQWH[WRVELOLQJHVRPXOWLOLQJHVFRPRORVTXHDEXQGDQHQORVSDtVHV HQGHVDUUROOR\HQORVTXHORVDOXPQRV\IUHFXHQWHPHQWHORVSURIHVRUHVGHEHQDSUHQGHU \HQVHxDUHQXQDOHQJXDTXHGHVFRQRFHQRQRGRPLQDQ % ',),&8/7$'(63$5$*$5$17,=$581$('8&$&,Ï1 3/(1$$/2/$5*2'(72'$/$('8&$&,Ï135,0$5,$ &RQLPSDFWRHQODVGLPHQVLRQHV ' ' (OUH]DJRDYDQ]DGRHVGHFLUWHQHUGRVRPiVDxRVGHGHVIDVDMHJUDGRHGDGTXHDIHFWDDPLOORQHV GHHVWXGLDQWHVHQODUHJLyQHVSURGXFLGRSRUODDFXPXODFLyQGHORVIUDFDVRVGHOVLVWHPDHGXFDWLYR (QHOTXLQWRJUDGRGHODHGXFDFLyQEiVLFDGHFDGDHVWXGLDQWHVHVWiQHQHVWDFRQGLFLyQ\RWURV GHFDGDDOXPQRVWLHQHQXQDxRGHGHVIDVDMH (VWHUH]DJRHQODHGXFDFLyQSULPDULDHVXQDVLWXDFLyQTXHDIHFWDWRGDYtDFRQPD\RUJUDYHGDGDJUXSRV SDUWLFXODUHVGHHVWXGLDQWHV3RUHMHPSORGHFDGDDOXPQRVGHDDxRVTXHYLYHQHQ]RQDVUXUDOHV WLHQHGRV\PiVDxRVGHUH]DJRHVGHFLUTXHHVPX\SUREDEOHTXHVHHQFXHQWUHFXUVDQGRODHGXFDFLyQ SULPDULDHQYH]GHHVWDUHQODVHFXQGDULDEiVLFD3RUVXSDUWHSDUDORVHVWXGLDQWHVTXHWLHQHQSDGUHVGH EDMRQLYHOHGXFDWLYRODSUREDELOLGDGGHFXUVDUFRQUH]DJRHVFDVLYHFHVVXSHULRUDTXLHQHVWLHQHQSDGUHV GHDOWRQLYHOHGXFDWLYR (QHVHVHQWLGRYDOHUHFRUGDUTXHODKHWHURJHQHLGDGGHHGDGHVHQODVDXODVGLILFXOWDODWDUHD GHHQVHxDQ]D &RQLPSDFWRHQODVGLPHQVLRQHV % ,1$'(&8$&,Ï1'(/$35238(67$ '(/$('8&$&,Ï16(&81'$5,$ ' (OVLVWHPDHGXFDWLYRHQVXFRQMXQWRLQFOX\HQGRDORVH[SHUWRVKDIUDFDVDGRKDVWDDKRUDHQJHQHUDU XQDSURSXHVWDRUJDQL]DWLYDTXHFRQWHQJDDORVMyYHQHVHQWUH\DxRV/RVSDtVHVHQODUHJLyQKDQ JHQHUDGRDFFLRQHVTXHSHUPLWLHURQHOLQFUHPHQWRGHODFFHVRDODHGXFDFLyQVHFXQGDULDEiVLFD SHURODUHWHQFLyQGHODPDWUtFXODKDVWDHOILQDOGHODHGXFDFLyQREOLJDWRULDHVD~QXQDGHXGDSHQGLHQWH ' &RQLPSDFWRHQODVGLPHQVLRQHV % ( '8&$&,Ï1585$/'(69$/25,=$'$ (168,'(17,'$' ' ' ' ' /RVFULWHULRVYLJHQWHVGHODVHVFXHODVXUEDQDVHQFDQWLGDGGHHVWXGLDQWHVHQSHUILOGHSURIHVRUHV HQRUJDQL]DFLyQGHORVJUDGRV\HQSURSXHVWDFXUULFXODUSDVDQDVHUHOSDUiPHWURGHFRPSDUDFLyQ SDUDODVHVFXHODVUXUDOHV(VDSHUVSHFWLYDUHSUHVHQWDFRPRGHILFLWDULDODRUJDQL]DFLyQGHODHVFXHODUXUDO <HOJUDGRP~OWLSOHRPXOWLJUDGRSURSLRGHODRUJDQL]DFLyQGHODHVFXHODUXUDOVXHOHVHUPLQXVYDORUDGR DOFRPSDUDUORFRQXQJUXSRFODVHJUDGXDGR/RVGRFHQWHVTXHDFFHGHQDODHVFXHODUXUDOSRUORJHQHUDOQR KDQUHFLELGRXQDIRUPDFLyQLQLFLDORFRQWLQXDHVSHFtILFDHQPXFKRVFDVRVHODFFHVRDFDUJRVGRFHQWHV HQHVWDVHVFXHODVVHFRQFLEHFRPRXQSXQWRGHHQWUDGDDOTXHVHEXVFDDEDQGRQDU % 2 )(57$(6&2/$5(032%5(&,'$<&21)86$ 3$5$/$32%/$&,Ï1,1'Ë*(1$2%8(1$6(;3(5,(1&,$6 48(1238('(1$/&$1=$5/$(6&$/$1(&(6$5,$ &RQLPSDFWRHQODVGLPHQVLRQHV ' ' ' ' /DVRSRUWXQLGDGHVHGXFDWLYDVGHODSREODFLyQLQGtJHQDVRQGHILFLWDULDVWDQWRVLVHPLGHODFDQWLGDGGHDxRV GHHVWXGLRFRPRODSURSRUFLyQGHIUDFDVRV$GHPiVWDPELpQDGROHFHQHQDVSHFWRVPiVFXDOLWDWLYRV GHSHUWLQHQFLD\UHOHYDQFLDFXOWXUDO'LYHUVRVIDFWRUHVVHFRPELQDQSDUDSURGXFLUHVWDGHVYHQWDMDHVFRODU TXHVHVXPDDODVP~OWLSOHVSRVWHUJDFLRQHV\DJUDYLRVVRFLDOHVHFRQyPLFRV\SROtWLFRVTXHSDGHFHQ ORVSXHEORVLQGtJHQDVHQODUHJLyQ &RQGLFLRQHVPDWHULDOHVGHIXQFLRQDPLHQWRGHH[WUHPRGHWHULRUR /RVFDUJRVGRFHQWHVWDUGDQHQFXEULUVHWLHQHQDOWDURWDFLyQ\ODFDQWLGDGGHGRFHQWHVLQGtJHQDVHV LQVXILFLHQWHSDUDFXEULUWRGRVORVSXHVWRV 3URSXHVWDVHVFRODUHVTXHQRUHVSHWDQDOQLxR\ODQLxDSRULPSRVLFLyQRSRUFRQIXVLyQ 6LVWHPDHGXFDWLYRGHVDWHQWRDODVQHFHVLGDGHV\SHFXOLDULGDGHVGHHVWDVSREODFLRQHV % %$-$&2%(5785$<(),&$&,$'(/$635238(67$6 3$5$5(,16(57$5(678',$17(648($%$1'21$521 &RQLPSDFWRHQODVGLPHQVLRQHV ' ' /DVHVFXHODVGHHGXFDFLyQFRP~QRGHUpJLPHQJHQHUDOHQFXHQWUDQGLILFXOWDGHVSHGDJyJLFDV \RUJDQL]DFLRQDOHVSDUDDWHQGHUODGLYHUVLGDGGHUHFRUULGRV/DSUHVHQFLDGHHVWXGLDQWHVTXHVHKDQ GHVDSHJDGRGHOVLVWHPDHGXFDWLYRFRQPD\RUHGDGTXHODQRUPDWLYD\FRQH[SHULHQFLDVGHYLGD SUREDEOHPHQWHPX\DGYHUVDVUHVXOWDGLItFLOGHSURFHVDUSRVLWLYDPHQWH/DVHVFXHODVHQODVTXHVHVLJXH WUDEDMDQGRFRQODH[SHFWDWLYDRLOXVLyQGHODOXPQRSURPHGLRVHYHQSDUWLFXODUPHQWHVHQVLELOL]DGDV \GLILFXOWDGDVSDUDWUDEDMDUSHGDJyJLFDPHQWHFRQHVWRVHVWXGLDQWHVODVSURIHFtDVGHXQQXHYRIUDFDVR VXHOHQVHUHOJXLRQSUHHVWDEOHFLGRTXHVLQXQDUHQRYDGDHQVHxDQ]DWLHQGHQDFXPSOLUVH 'HVGHRWUDPRGDOLGDGHVFRODUORVHOHYDGRVQLYHOHVGHIUDFDVRHQORVVHUYLFLRVHGXFDWLYRVGHMyYHQHV \DGXOWRVPXHVWUDQTXHODVHVWUDWHJLDVGHVXSHUDFLyQDOWHUQDWLYDVRFRPSHQVDGRUDVSXHGHQUHSURGXFLU PHFDQLVPRVGHH[FOXVLyQTXHHVWDSREODFLyQ\DKDSDGHFLGR % ',),&8/7$'3$5$$7(1'(5/$32%/$&,Ï1&21 ',6&$3$&,'$'(1)250$2325781$<352)(6,21$/ &RQLPSDFWRHQODVGLPHQVLRQHV ' ' ' ' ' (QODVGLILFXOWDGHVHQHOSURFHVRGHDFFHVRGHODSREODFLyQFRQGLVFDSDFLGDGVHFRPELQDQGLVWLQWRVWLSRV GHEDUUHUDV(QWUHODVVRFLRFXOWXUDOHVVHHQFXHQWUDQODVUHSUHVHQWDFLRQHVYLJHQWHVSUHMXLFLRV \HVWLJPDWL]DFLRQHVGHODVRFLHGDGVREUHODVSHUVRQDVFRQGLVFDSDFLGDGTXHLQHYLWDEOHPHQWHDIHFWDQ ORVHVIXHU]RVIDPLOLDUHVSRUODHVFRODUL]DFLyQ/DVEDUUHUDVHFRQyPLFDVLQFLGHQSRUHOFRVWRLQFUHPHQWDO SDUDHOSUHVXSXHVWRKRJDUHxRTXHLPSOLFDQORVVHUYLFLRVGHVDOXG\DWHQFLyQSDUDXQDSHUVRQD FRQGLVFDSDFLGDG7DPELpQKD\P~OWLSOHVEDUUHUDVHQODRIHUWDHGXFDWLYDHQFXDQWRDODFHUFDQtD ODGLVSRQLELOLGDGGHHTXLSDPLHQWR\UHFXUVRVHVSHFtILFRV\ODHVFDVH]GHGRFHQWHVTXHSXHGDQHQFDUDU HILFD]PHQWHSUiFWLFDVLQFOXVLYDV(QFXDQWRDODVEDUUHUDVGHSHUPDQHQFLDORVQLxRVTXHDFFHGHQDRIHUWDV GHHGXFDFLyQHVSHFLDOSXHGHQOOHJDUDWUDQVLWDUODUJRVSHUtRGRVLQFOXVRKDVWDVXDGXOWH]SHURHQPXFKRV FDVRVVLQDOFDQ]DUQLQJ~QWLSRGHWLWXODFLyQ &DStWXOR (VWUDWHJLDVSDUDVXSHUDUODH[FOXVLyQHGXFDWLYD (QHVWHDSDUWDGRVHIRUPXODQSURSXHVWDVFRQODSHUVSHFWLYD\ODYRFDFLyQGHDFWXDUSDUDVXSHUDU ODVEDUUHUDV\SDUDUHFRQYHUWLUHOSHUILOGHODH[FOXVLyQHGXFDWLYDHQUHDOLGDGHVGHLQFOXVLyQ/DVSROtWLFDV HVWUDWHJLDVRSURJUDPDVGHDFFLyQSRVLWLYDGHORV(VWDGRVVRQODKHUUDPLHQWDFRQFUHWDDSDUWLUGHODFXDO VHRULHQWDODFRQVWUXFFLyQRPHMRUDGHXQHVFHQDULRVHDVLJQDQUHFXUVRV\VHPRYLOL]DQSHUVRQDV\JUXSRV SDUDODWDUHD ÈPELWR±(VWUDWHJLDVSDUDVXSHUDUEDUUHUDVHFRQyPLFDV SURJUHVDUKDFLDXQDPD\RUMXVWLFLDHQUHFXUVRV\SRVLELOLGDGHV $JUXSDPLHQWR%DODQFHDULQJUHVRVIDPLOLDUHV 81,&()*XDWHPDOD&KHZV /DVH[SHULHQFLDVUHFLHQWHVHQSROtWLFDVGHSURWHFFLyQVRFLDOVHYDQFRQVROLGDQGRFRQODLQFOXVLyQ GHWUDQVIHUHQFLDVPRQHWDULDVMXQWRFRQGLVWLQWDVPHGLGDVSDUDIDYRUHFHUHODFFHVRDSUHVWDFLRQHVVRFLDOHV UHOHYDQWHVFRPRVDOXGQXWULFLyQSURWHFFLyQMXUtGLFD\HGXFDFLyQ$OJXQDVKDQSULRUL]DGRIXHUWHPHQWH HVWtPXORV\DSR\RVDODGHPDQGDSRUHGXFDFLyQ\DOVRVWHQLPLHQWRGHOHVIXHU]RIDPLOLDUSDUDHQYLDU DVXVKLMRVDODHVFXHOD1RREVWDQWHVLQRVHVXSHUDQORVDFWXDOHVFXHOORVGHERWHOODLQWHUQRVGHOVLVWHPD HGXFDWLYRTXHVHPDQLILHVWDQHQORVTXLHEUHVGHORVLWLQHUDULRVHVFRODUHVGHORVPiVSREUHVQREDVWDUiQ ODVSROtWLFDVGHSURWHFFLyQVRFLDOSDUDJDUDQWL]DUHOFXPSOLPLHQWRGHODREOLJDWRULHGDG\HQ~OWLPDLQVWDQFLD HOGHUHFKRDODHGXFDFLyQ3RUHOORHVWHiPELWRGHHVWUDWHJLDVGHEHDOLQHDUVHFRQORVTXHFRUUHVSRQGHQ DODRIHUWDHVFRODU\ODSROtWLFDHGXFDWLYDDVtSRGUiQH[SUHVDUXQDSOHQDVLQHUJLDSDUDODSURWHFFLyQLQWHJUDO GHWRGRVORVGHUHFKRVGHODLQIDQFLD ( ,03/(0(17$5352*5$0$6'(75$16)(5(1&,$6'(,1*5(62 &21',&,21$'$6212&21',&,21$'$6 /RVSURJUDPDVGHWUDQVIHUHQFLDFRQGLFLRQDGD37&FRQVLVWHQHQODHQWUHJDGHUHFXUVRVPRQHWDULRV\QR PRQHWDULRVDIDPLOLDVHQVLWXDFLyQGHSREUH]DRH[WUHPDSREUH]DFRQODFRQGLFLyQGHTXHHVWDVFXPSODQ FRQFLHUWRVFRPSURPLVRVDVRFLDGRVDPHMRUDUVXFDSLWDOKXPDQR3RUORJHQHUDOVHUHTXLHUHODDVLVWHQFLD DODHVFXHOD\ODYLVLWDSHULyGLFDDXQFHQWURGHVDOXGHQODFXDOVHUHFLEHQRULHQWDFLRQHVDFHUFDGHQXWULFLyQ \GHOFXLGDGRGHODVDOXG(VWRVSURJUDPDVWLHQHQREMHWLYRVGREOHV(QHOFRUWRSOD]RGLVPLQX\HQODSREUH]D GHODSREODFLyQ\HQHOODUJRUHIXHU]DQHOGHVDUUROORGHFDSLWDOKXPDQR+DQGD\'DYLV ( 1(875$/,=$5(/&2672'(2325781,'$'48(3523,&,$(/75$%$-2,1)$17,/ /DVSROtWLFDVGHVXVWLWXFLyQGHLQJUHVRVDWUDYpVGHHVWtPXORVUHPXQHUDGRVDODLQIDQFLDRDODVIDPLOLDVVRQ DOWDPHQWHUHFRPHQGDGDVSDUDOXFKDUFRQWUDHOWUDEDMRLQIDQWLOLQFOXVRFXDQGRODVUHPXQHUDFLRQHVVHDQ PtQLPDV6LELHQHQWUH\ODUHJLyQUHJLVWUyXQFUHFLPLHQWRHFRQyPLFRVLJQLILFDWLYRHVWDHYROXFLyQ QRPRVWUyXQLPSDFWRLPSRUWDQWHHQHOGHVFHQVRGHODGHPDQGDGHPDQRGHREUDLQIDQWLOHQHOPLVPR SHUtRGR(VWRLQGLFDUtDFLHUWDLQHODVWLFLGDGHQWUHDPEDVYDULDEOHVHVGHFLUHOFUHFLPLHQWRHFRQyPLFR QRVHWUDGXFLUtDHQXQDGLVPLQXFLyQHQSURSRUFLyQVLPLODUGHOWUDEDMRLQIDQWLO/RVPLQLVWHULRVGH7UDEDMR \GH'HVDUUROORVRQORVUHVSRQVDEOHVGHOOHYDUDFDERODVSROtWLFDVTXHEXVTXHQHUUDGLFDUHVWHWLSRGHODERU $JUXSDPLHQWR6XSOLUFRVWRVGHODHVFRODUL]DFLyQ ( &8%5,5/26&26726'($&&(62<3(50$1(1&,$(1/$(6&8(/$ 75$163257(<1875,&,Ï1 7UDQVSRUWH$SDUHFHQGLVWLQWDVIRUPDVGHDSR\DUODDVLVWHQFLDFRWLGLDQDDFODVHV &UHDUXQVLVWHPDH[FOXVLYRGHWUDQVSRUWHHVFRODU 6XEVLGLDUHOWUDQVSRUWHS~EOLFRDOJ~QWLSRGHFRVSHOREROHWRHVFRODU $VLJQDUUHFXUVRVDODVIDPLOLDVRDODHVFXHODSDUDSDJDUHVHFRVWR 'LVWULEXLUELFLFOHWDVFDEDOORVXRWURVPHGLRVGHORFRPRFLyQDGHFXDGRVSDUDHOXVRGHQLxRVQLxDV \DGROHVFHQWHV $OLPHQWDFLyQHVFRODU/DGHFLVLyQGHEULQGDUVHUYLFLRVQXWULFLRQDOHVHQODHVFXHODHVSHFLDOPHQWHHQODVTXH DWLHQGHQDSREODFLyQHQVLWXDFLyQGHSREUH]DHVJHQHUDOL]DGDHQODUHJLyQ/RVUHTXHULPLHQWRVGHODJHVWLyQ HVFRODUGHODDOLPHQWDFLyQLQFOX\HQ 2UJDQL]DUHOWLHPSRGXUDQWHHOFXDOVHEULQGDUiQORVVHUYLFLRV 'LVSRQHUGHHVSDFLRVItVLFRVSDUDJXDUGDUYtYHUHVFRFLQDUORV\SDUDGDUGHFRPHUDORVHVWXGLDQWHV WDPELpQXWHQVLOLRVSDUDFRFLQHURV\SDUDFRPHQVDOHV &RQWDUFRQSHUVRQDO±UHQWDGRRYROXQWDULR±TXHSODQLILTXHODDOLPHQWDFLyQGHDFXHUGRDFULWHULRVTXH SUHSDUHODFRPLGD\TXHODVLUYDDORVHVWXGLDQWHV *HVWLRQDUDGPLQLVWUDWLYDPHQWHORVUHFXUVRV (QORV~OWLPRVDxRVVHKDLQVWDODGRODSUHRFXSDFLyQSRUSUHVHUYDUODVLWXDFLyQIDPLOLDUGHODFRPLGD FRPSDUWLGDSURYH\HQGRYtYHUHVRUHFXUVRVPRQHWDULRVSDUDTXHORVQLxRVQLxDV\DGROHVFHQWHVFRPDQ HQVXKRJDU(VLPSRUWDQWHFRQVROLGDUODVHVWUDWHJLDVGHVGHXQDSHUVSHFWLYDLQWHJUDOHYDOXDQGRODFDOLGDG GHORVSURFHVRV\UHVXOWDGRVFRQFULWHULRVRFLDO\FRPXQLWDULR/DSRQGHUDFLyQGHODVGLVWLQWDVHVWUDWHJLDV SDUDJDUDQWL]DUODVLWXDFLyQQXWULFLRQDOGHORVQLxRVQLxDV\DGROHVFHQWHVDPHULWDXQDERUGDMHSURSLR HQXQHVWXGLRHVSHFtILFRHQIXQFLyQGHVXVLPSRUWDQWHVUHSHUFXVLRQHV $ORMDPLHQWR(QDOJXQRVFDVRVHVSHFLDOPHQWHSDUDODVIDPLOLDVTXHYLYHQHQ]RQDVUXUDOHVDLVODGDV \FRQFRQGLFLRQHVFOLPiWLFDVH[WUHPDVDSDUHFHODQHFHVLGDGGHWUDVODGDUDORVHVWXGLDQWHVKDFLD ODHVFXHOD\SRVLELOLWDUTXHYLYDQFHUFDGHORVVHUYLFLRVHGXFDWLYRV(VWDPRGDOLGDGSXHGHVHU©SULYDGDª DXQTXHHQYDULRVSDtVHVGHODUHJLyQHO(VWDGRDVXPHUHVSRQVDELOLGDGHVDOUHVSHFWR3DUDHOORVHKDQ FUHDGRGLYHUVDVIRUPDVGHLQWHUQDGRVHVFXHODVFRQKRJDURDOEHUJXHVGRQGHORVHVWXGLDQWHVYLYHQGXUDQWH HOWLHPSRGHFODVHVUHWRUQDQGRDVXVKRJDUHVFRQUHJXODULGDGVHPDQDOTXLQFHQDORPHQVXDO ( 3529((50$7(5,$/(63$5$/$$6,67(1&,$&27,',$1$$&/$6(6 81,)250(6<Ò7,/(6(6&2/$5(6 8QLIRUPHVHVFRODUHV3DUDUHVROYHUODGLVSRQLELOLGDGGHXQLIRUPHVKD\SDtVHVTXHKDQRSWDGR SRUGLVWULEXFLRQHVPDVLYDV\JUDWXLWDVGHXQLIRUPHVPDQWHQLHQGRFRPRXQDFRQVWDQWHODGHILQLFLyQPLVPD GHODWXHQGR2WURVSDtVHVWLHQHQSROtWLFDVPDVLYDVGHGLVWULEXFLyQGHXQLIRUPHVPiVVHQFLOORV FRPRORVJXDUGDSROYRVEODQFRV/DVXJHUHQFLDDTXtSDUDORVSDtVHVHQTXHFRUUHVSRQGDHVVLPSOLILFDU ORVXQLIRUPHVTXHVHVROLFLWDQFRPRREOLJDWRULRVSDUDORVHVWXGLDQWHV ÒWLOHVHVFRODUHV/DVSROtWLFDVFRPSUHQGHQGHVGHODFRPSUDFHQWUDOL]DGD\ODSRVWHULRUGLVWULEXFLyQKDVWD ODDVLJQDFLyQGHUHFXUVRVDODVHQWLGDGHVORFDOHV\DVHDUHJLRQHVHVFRODUHVRHVFXHODVSDUDODDGTXLVLFLyQ GHPDWHULDOHVSDUDVXVDOXPQRV$VLPLVPRHQFLHUWRVFDVRVVHFRQVLGHUDTXHHVWHJDVWRGHELHUDTXHGDU FXELHUWRSRUODVWUDQVIHUHQFLDVFRQGLFLRQDGDVODVEHFDVHVFRODUHVRDOJ~QWLSRGHDVLJQDFLyQGLQHUDULD SUHYLVWDSDUDODVIDPLOLDV ( (/,0,1$572'2&2672'(0$75,&8/$&,Ï1(1/$('8&$&,Ï12%/,*$725,$ (VWRSXHGHKDFHUVHPHGLDQWHSURJUDPDVTXHDVLJQHQDORVHVWDEOHFLPLHQWRVORVUHFXUVRVTXHSURYHQtDQ GHODVIDPLOLDVSDUDTXHQRKD\DXQDGLVPLQXFLyQGHUHFXUVRV\ODSROtWLFDVHSXHGDOOHYDUDFDERFRQPHQRV RSRVLFLyQ0iVDOOiGHOFREURGHPDWUtFXODRWURVJDVWRVFRPRODFRPSUDGHWH[WRVHVFRODUHVXQLIRUPHVHWF WDPELpQGHEHUtDQVHUHUUDGLFDGRV/DJUDWXLGDGQRGHEHVHUVRORQRUPDWLYDVLQRTXHGHEHDSOLFDUVHGHKHFKR ÈPELWR±(VWUDWHJLDVSDUDVXSHUDUEDUUHUDVVRFLRFXOWXUDOHV HQULTXHFHUODSHUVSHFWLYDVRFLDOVREUHHOGHUHFKRDODHGXFDFLyQ /DVHVWUDWHJLDVDTXtSUHVHQWDGDVVHRUJDQL]DQHQWRUQRDXQ~QLFRDJUXSDPLHQWRTXHEXVFDUHSDUDU ORVGHVDMXVWHVHQODVSHUFHSFLRQHVHQWRUQRDOGHUHFKRDODHGXFDFLyQPRYLOL]DQGRFRPSURPLVRV \PRWLYDFLRQHVHQODVRFLHGDG&DEHGHVWDFDUTXHRWURVDERUGDMHVPiVYLQFXODGRVDHVWUDWHJLDVLQWHJUDOHV GHSURWHFFLyQVRFLDOFRPRODPRGLILFDFLyQGHODOHJLVODFLyQQDFLRQDOGHDWHQFLyQLQWHJUDODODPDGUH\DOQLxR RGHVHJXULGDGMXUtGLFDHQHODFFHVRDGHUHFKRVVRQRSXHGHQVHUDIXWXURLPSRUWDQWHVSXQWDOHV HQODVXSHUDFLyQGHODVEDUUHUDVGHDFFHVRTXHSDGHFHQORVJUXSRVH[FOXLGRV1XHYDPHQWHHOFULWHULR GHHVWHLQIRUPHKDVLGRFRQFHQWUDUVHHQODVHVWUDWHJLDVPiVYLQFXODGDVGLUHFWDPHQWHFRQODV UHVSRQVDELOLGDGHV\IXQFLRQDPLHQWRVGHOVLVWHPDHGXFDWLYR\DTXHHQRWURVFRPSRQHQWHVGHHVWD,QLFLDWLYD *OREDOVHSURIXQGL]DQORVGHVDUUROORVORJURV\GHVDItRVSHQGLHQWHVGHODVDFFLRQHVGHSURWHFFLyQVRFLDO $JUXSDPLHQWR)RUWDOHFHUODFRPSUHQVLyQHQWUHORVDFWRUHVGHOVLVWHPDHGXFDWLYR ( ,03/(0(17$581$(675$7(*,$6,67(0È7,&$'(&2081,&$&,Ï13$5$5(029(5 %$55(5$662&,2&8/785$/(6 5HFUHDUHQULTXHFHUODYDORUDFLyQGHODHVFRODUL]DFLyQSRUSDUWHGHWRGRVORVVHFWRUHVVRFLDOHV8QDHVWUDWHJLD GHFRPXQLFDFLyQSDUDUHPRYHUEDUUHUDVVRFLRFXOWXUDOHVGHEHGLVHxDUVHSDUDDPSOLDUORVQ~FOHRV GHODVUHSUHVHQWDFLRQHVVRFLDOHVTXHLFLUFXODQHQODVRFLHGDGHLQFOXVRHQPHGLRVDFDGpPLFRV\TXH QDWXUDOL]DQHOIUDFDVRHVFRODUGHORVPiVSREUHVLLKDQFRQVWUXLGRORVVHFWRUHVH[FOXLGRVUHSOHJiQGRVHGH VXGHUHFKRDODHGXFDFLyQHMHUFLHQGRXQDVXHUWHGH©UHVLVWHQFLDSDVLYDª\HQRFDVLRQHVDXWRLQFXOSiQGRVH SRUHOIUDFDVRHVFRODU&DEHVHxDODUTXHSDUDHVWUXFWXUDUXQDHVWUDWHJLDFRPXQLFDFLRQDOHQHVWHVHQWLGR 81,&()WLHQHXQDDPSOLDOHJLWLPLGDG\FRQVHQVRDFXPXODGRSDUDFRQYHUWLUVHHQXQSURPRWRUHQDOLDQ]D FRQORVJRELHUQRV\RWUDVHQWLGDGHV 9DOHGHVWDFDUWDPELpQODFDPSDxDGHFRPXQLFDFLyQ©1LXQRPHQRVªGHVDUUROODGDHQ&RORPELDTXHEXVFD GLYXOJDU\PRYLOL]DUDODFRPXQLGDGHGXFDWLYDHQWRUQRDODUHVSRQVDELOLGDGGHO(VWDGRODIDPLOLD \ODVRFLHGDGVREUHHODFFHVR\SHUPDQHQFLDGHODSREODFLyQHQHGDGHVFRODUKDVWDILQDOL]DUVXVHVWXGLRV 7XYRXQQXHYRODQ]DPLHQWRHQFRQHOOHPD©1RKD\H[FXVD&DGDQLxRTXHQRYDDOFROHJLRHV XQDRSRUWXQLGDGTXHVHOHQLHJDDpO\DOSDtVª ( ,17(*5$53('$*Ï*,&$0(17(&217(1,'26<3$87$6&8/785$/(6/2&$/(6 6HDSXQWDDJHQHUDUXQHQWRUQRHVFRODUUHFHSWLYR\XQDFRPXQLGDGIRUWDOHFLGDSDUDTXHSXHGDSDUWLFLSDU HQODHVFXHOD3RUHOORHVQHFHVDULDXQDFRPELQDFLyQGHDSR\RWpFQLFRDORVHTXLSRVGHODVHVFXHODV SDUDHQFDUDUHVWDWDUHDFRQODDXWRUL]DFLyQSDUDTXHHQODVLQVWLWXFLRQHVSXHGDQKDEODUVHDOJXQRVDVSHFWRV GHODUHJODPHQWDFLyQGHWLHPSRHVSDFLR\FRQWHQLGRVHQIXQFLyQGHORVDFXHUGRVFRQODFRPXQLGDG 6HSURSRQH ,PSXOVDUGHVGHODHVFXHODHOGLiORJR\UHFRQRFLPLHQWRLQWHUFXOWXUDO 3URPRYHUODSUHVHQFLDHQODHVFXHODGHODVLGHQWLGDGHVFXOWXUDOHVGHODFRPXQLGDG ÈPELWR±(VWUDWHJLDVSDUDVXSHUDUEDUUHUDVPDWHULDOHVSHGDJyJLFDV \VLPEyOLFDVHQODRIHUWDHVFRODUSURPRYHUHVFXHODVFRPSURPHWLGDV FRQODLQFOXVLyQ /DDWHQFLyQGHODVGLVWLQWDVQHFHVLGDGHVGHODLQIDQFLD\DGROHVFHQFLDSDUDXQGHVDUUROORSOHQR\SDUD HOHMHUFLFLRGHVXVGHUHFKRVUHTXLHUHODLQWHJUDFLyQFRQYHUJHQFLD\DUPRQL]DFLyQGHORVGLVWLQWRVHMHV GHODSURWHFFLyQLQWHJUDO/RVQLxRVQLxDV\DGROHVFHQWHVQXWULGRVVDQRV\FRQJDUDQWtDVMXUtGLFDV DVXLGHQWLGDG\VHJXULGDGFXLGDGRVHQVXKRJDUFRQVXJUXSRIDPLOLDUHVWiQHMHUFLHQGRPXFKRV GHVXVGHUHFKRVHVHQFLDOHVVLQHPEDUJRHVWRHVD~QXQGHVDItRSHQGLHQWHHQODUHJLyQ 81,&()9LOODU (OGHUHFKRDODHGXFDFLyQVHDOLPHQWDGHHVWRVGHUHFKRVHVHQFLDOHV\DODYH]ORVIRUWDOHFHXQHQIRTXH LQWHJUDGRJHQHUDLQGXGDEOHVEHQHILFLRVSDUDODFRPXQLGDGHQVXFRQMXQWR/DSURWHFFLyQGHHVWRVGHUHFKRV UHTXLHUHFRQPLQDUODVHVSHFLILFLGDGHV\FRPSURPLVRVGHJHVWLyQGHFDGDiPELWRGHO(VWDGR FRQUHVSRQVDELOLGDGHVLQDOLHQDEOHVDOUHVSHFWR (QHOSODQRGHOGHUHFKRDODHGXFDFLyQWRGDODSREODFLyQ\HQSDUWLFXODUODSREODFLyQH[FOXLGDRHQULHVJR GHEHSRGHUHQFRQWUDUHQFXDOTXLHUHVFXHODVXRSRUWXQLGDGGHHMHUFHUHVHGHUHFKR(VDRSRUWXQLGDGUHTXLHUH FRQGLFLRQHVPDWHULDOHVGLJQDVSHURPXFKRPiVTXHHVRGHPDQGDXQDSURSXHVWDRUJDQL]DWLYD±OLGHUDGD HLPSXOVDGDGHVGHODSROtWLFDHGXFDWLYD±SHGDJyJLFD\YLQFXODUTXHUHFLEDDWRGRVOHVSHUPLWDDSUHQGHU \ORVOOHYHDODWHUPLQDFLyQGHVXVHVWXGLRVHQXQFOLPDKXPDQRWROHUDQWH\UHVSHWXRVR $JUXSDPLHQWR&UHDUFRQGLFLRQHVPDWHULDOHVGHIXQFLRQDPLHQWR\YLQFXODUODV FRQHODSUHQGL]DMH ( $7(1'(5/$1(&(6,'$''((',),&,26(6&2/$5(6 6HVXJLHUHQHVWUDWHJLDVRULHQWDGDVDXQDPHMRUDSDXODWLQDGHODVFRQGLFLRQHVGHLQIUDHVWUXFWXUDSUHYLHQGR VXVWHQWDELOLGDG\FXLGDGRGHORVHVSDFLRVSRUODSDUWLFLSDFLyQGHODFRPXQLGDGHGXFDWLYD (QFDUDUXQDDFFLyQDPSOLDGHFRQVWUXFFLyQGHQXHYRVHGLILFLRVHVFRODUHV\XQDDFFLyQPDVLYD GHUHIXQFLRQDOL]DFLyQGHHGLILFLRVHVFRODUHV\DH[LVWHQWHV (VWDEOHFHUXQGLVSRVLWLYRSHUPDQHQWHGHPDQWHQLPLHQWRFRUUHFWLYR\SUHYHQWLYR\GHFRQVWUXFFLyQ GHHVSDFLRVFRPSOHPHQWDULRV ( 3 26,%,/,7$5(48,3$0,(172','È&7,&23$5$68862,17(162 (OHTXLSDPLHQWRGLGiFWLFR ORVMXHJRVSDUDHGXFDFLyQLQLFLDO \HOSULPHUWUDPRGHODSULPDULD ODERUDWRULRVVHQFLOORVGHFLHQFLDV SDUDHGXFDFLyQSULPDULD\PiV VRILVWLFDGRVSDUDVHFXQGDULD KHUUDPLHQWDV\PiTXLQDVEiVLFDV SDUDWHFQRORJtD\PHGLRWHFDV HQWUHORVSULQFLSDOHVSHUPLWH DJUHJDUYDORUDODVH[SHULHQFLDV SHGDJyJLFDVJHQHUDQGR SRVLELOLGDGHVHVSHFtILFDV GHH[SHULPHQWDFLyQLQWHUDFFLyQ FRQRWURVHVFHQDULRVPDQLSXODFLyQ \VLPXODFLyQ6HVXJLHUH ([SORUDUIRUPDVGHVHOHFFLyQ \JHVWLyQGHORVPDWHULDOHVTXH SHUPLWDQSURWDJRQLVPRORFDO 81,&()0p[LFR*XHUUHUR ,QVLVWLUHQODXWLOL]DFLyQLQWHQVLYD GHOHTXLSDPLHQWRGLGiFWLFRHQ VLWXDFLRQHVGHDSUHQGL]DMH ( *$5$17,=$5/$35(6(1&,$'($%81'$17(6/,%5263$5$$35(1'(5 /DGLVSRQLELOLGDGGHOLEURVHVXQLPSRUWDQWHVRSRUWHSDUDHOSURJUHVLYRGRPLQLRGHODOHQJXDHVFULWDTXHGHEH SURYHHUODHVFXHOD/DVDFFLRQHVTXHVHUHFRPLHQGDQVRQ 6HOHFFLRQDU\GLVWULEXLUOLEURVSDUDDSUHQGHU 8WLOL]DUORVOLEURVHQODVSURSXHVWDVGHHQVHxDQ]D\GDUDFFHVLELOLGDGDORVHVWXGLDQWHV &XLGDUODYDULHGDGHQODSURYLVLyQ\GLVSRQLELOLGDGGHOLEURV *DUDQWL]DUODFDQWLGDG\UHSRVLFLyQFRQWLQXDGHORVOLEURV 'DUSDUWLFLSDFLyQDGRFHQWHVHLQVWDQFLDVORFDOHVHQODVHOHFFLyQ $JUXSDPLHQWR&RQYHUWLUORVSURFHVRVGHRUJDQL]DFLyQHVFRODUHQRSRUWXQLGDGHV SDUDODLQFOXVLyQ ( 3 27(1&,$5(48,326',5(&7,926<'2&(17(6 (QORViPELWRVPDFURQDFLRQDORGHSDUWDPHQWDOODOOHJDGD\VDOLGDGHOSODQWHOGRFHQWHDXQDHVFXHOD HQSDUWLFXODUGHSHQGHGHXQSURFHGLPLHQWRGHWHUPLQDGROHJLVODWLYDRUHJODPHQWDULDPHQWHDQLYHOLQVWLWXFLRQDO ODDVLJQDFLyQDORVJUDGRVRJUXSRVFODVHSUHVHQWDPiVRSFLRQHVGHGHFLVLyQHQHOSODQRHVFRODUFRQPD\RU SDUWLFLSDFLyQGHODJHVWLyQGHOGLUHFWLYR 7UDQVIRUPDUHVWRVSURFHGLPLHQWRVSXHGHVHUUHVLVWLGRSRUJUHPLRVPDJLVWHULDOHVFRPRXQDUHDFFLyQ JHQpULFDDQWHODVPRGLILFDFLRQHVGHODVSDXWDVHVWDELOL]DGDVGHRUJDQL]DFLyQPiVTXHSRUUD]RQHV SURIHVLRQDOHV(QWpUPLQRVGHHTXLGDGHQODGLVWULEXFLyQGHOWUDEDMRHQWUHORVGRFHQWHVGHXQDHVFXHODHV SRVLEOHSODQWHDUXQDQiOLVLVTXHFRQJHQLHGHPHMRUIRUPDORVVDEHUHV\H[SHULHQFLDVFRQODPHMRUDWHQFLyQ DORVHVWXGLDQWHVFRPRFULWHULRSULQFLSDO$VXYH]HVLPSRUWDQWHTXHVHSODQWHHQHVTXHPDVGHYDORUDFLyQ SDUDGLUHFWLYRV\GRFHQWHVTXHORJUDQSURJUHVRVGHDSUHQGL]DMH\SURPRFLyQHQVXVHVWXGLDQWHV &RQVROLGDUDORVGLUHFWRUHVFRPREXHQRVFRQGXFWRUHVGHHTXLSRVGRFHQWHVHVXQSURFHVRGHFUHFLPLHQWR SURIHVLRQDOTXHSXHGHVHUDSR\DGRFRQSURFHVRVRUJDQL]DFLRQDOHVDQLYHOGHVLVWHPDFRQHVWUDWHJLDVFRPR ODVTXHVHSUHVHQWDQDFRQWLQXDFLyQ $SR\DUDORVGLUHFWLYRVHQODFRQVWUXFFLyQGHOURO 3URWHJHUHODFFHVRODFRQWLQXLGDGGHFDUUHUD\HOGHVDUUROORSURIHVLRQDOGHORVGLUHFWLYRV )DFLOLWDUODOOHJDGD\SHUPDQHQFLDGHORVGRFHQWHVHQODHVFXHOD $VLJQDUDORVGRFHQWHVDORVJUXSRVFODVHFRQXQFULWHULRSURSLFLRDODHTXLGDG\ODFDOLGDG ( ( 9,7$5352&(626'(',6&5,0,1$&,Ï1(1,16&5,3&,Ï1<&21),*85$&,Ï1 '(*58326&/$6( (O©HVFHQDULRDQXDOªFRQILJXUDGRSRUHOJUXSRHVWDEOHGHHVWXGLDQWHVTXHFRPSDUWHQXQDxROHFWLYRWLHQH LQIOXHQFLDWUDVFHQGHQWHHQODVRSRUWXQLGDGHVGHDSUHQGL]DMH3DUDTXHHVDLQIOXHQFLDVHDSRVLWLYDKD\ TXHFRPEDWLUODGLVFULPLQDFLyQHQFXELHUWD\SODQWHDUHVWUDWHJLDVHVSHFtILFDVLHQODLQVFULSFLyQ GHORVHVWXGLDQWHV\DTXHSXHGHQRSHUDUIRUPDVGHDGPLVLyQEDVDGDVHQSUHMXLFLRVRUHSUHVHQWDFLRQHV LLHQODRUJDQL]DFLyQGHORVJUXSRVFODVHGRQGHVHSXHGDOOHJDUDHVWUDWLILFDUSRUFULWHULRVGHGHVHPSHxR GLIHUHQFLDQGR©FDOLGDGHVªGHHVWXGLDQWHV ( $3529(&+$5$/0È;,02/$-251$'$(6&2/$5 6HSURSRQHLQVWDODUXQDIXHUWHYDORUDFLyQGHOWLHPSRHVFRODUFRPRGLPHQVLyQHVWUDWpJLFDTXHD\XGD DSURWHJHUWRGDVODVRSRUWXQLGDGHVHGXFDWLYDVFRQHVSHFLDODWHQFLyQDLPDQWHQHU\DXPHQWDUODDVLVWHQFLD GHGRFHQWHV\HVWXGLDQWHVDORODUJRGHWRGRHOFLFOROHFWLYRLLPD[LPL]DUHOWLHPSRXWLOL]DGR FRQLQWHQFLRQDOLGDGSHGDJyJLFDHQODVUXWLQDVHVFRODUHV\ODVVLWXDFLRQHVGHFODVH $JUXSDPLHQWR$PSOLDUODVRSRUWXQLGDGHVGHDSUHQGHU SDUDORVHVWXGLDQWHV ( $&7,9$5/$6&203(7(1&,$6'((16(f$1=$'(/26'2&(17(6(1(-(5&,&,2 6HUHTXLHUHXQDDFFLyQLQWHJUDOTXHLQFOX\HDODHVFXHODFRPRiPELWRFRWLGLDQRGHWUDEDMR\DODVDFWLYLGDGHV GHLQWHUDFFLyQFRQSDUHV\FRQHVSHFLDOLVWDVTXHDFHUTXHQSHUVRQDOPHQWHRPHGLDGRSRUVRSRUWHVGLYHUVRV HOFRQRFLPLHQWRFLHQWtILFR\ODVSURSXHVWDVPHWRGROyJLFDVTXHSHUPLWDQHYROXFLRQDUODVFRPSHWHQFLDV0LUDU ODFDOLGDGGHOGHVDUUROORSURIHVLRQDOVHJ~QORVDSUHQGL]DMHV\UHWHQFLyQGHORVHVWXGLDQWHVD\XGDDVXERUGLQDU WRGRHOSURFHVRDORVUHVXOWDGRVGHHVFRODUL]DFLyQWRWDORSRUWXQD\SOHQD ( 0(-25$535È&7,&$6'((9$/8$&,Ï1<689Ë1&8/2&21/$35202&,Ï1 /DVHVWUDWHJLDVTXHVHSUHVHQWDQVRQ 3RWHQFLDUODHYDOXDFLyQFRPRLQVXPRGHODPHMRUDGHHQVHxDQ]D3XHGHQLQWURGXFLUVHLPSRUWDQWHV PHMRUDVVLHQODVLQVWDQFLDVGHGHVDUUROORSURIHVLRQDOVHIRUWDOHFHDORVGRFHQWHVSDUDLHODERUDU FRQVLJQDVTXHOLJXHQQtWLGDPHQWHODHYDOXDFLyQDODHQVHxDQ]DLPSDUWLGDTXHVHDQFODUDV\SUHFLVDV \TXHDSXQWHQDFDSWDUDSUHQGL]DMHVPiVDOOiGHODUHSURGXFFLyQGHPHPRULDLLSUHSDUDUHVTXHPDV JULOODVPDWULFHVGHFRQWHQLGRVFULWHULRVSDUDHOSURFHVRGHFRUUHFFLyQ\FDOLILFDFLyQGHODVSUXHEDV LLLLQWHUSUHWDUORVUHVXOWDGRVGHODVHYDOXDFLRQHVWDPELpQFRPRLQVXPRVSDUDVXVSRVWHULRUHVGHFLVLRQHV GHHQVHxDQ]DLYGLYHUVLILFDUSURJUHVLYDPHQWHODVPDQHUDVHQODVFXDOHVVHHYDO~D\FDOLILFD3DVDQGR DXQDGLPHQVLyQLQVWLWXFLRQDOHVLPSRUWDQWHTXHVHLQFLWHDIRUMDUDFXHUGRVVREUHODVSUiFWLFDVHYDOXDWLYDV HQODLQVWLWXFLyQ &RQVLGHUDUODSHUVSHFWLYDGHFLFORSDUDODSURPRFLyQ,PSOLFDHVWDEOHFHUXQSOD]RSOXULDQXDOGRVDFXDWUR DxRVFRQVHFXWLYRVFRPRHOSHUtRGRLQWHJUDOHQHOFXDOORVHVWXGLDQWHVWLHQHQVXILFLHQWHRSRUWXQLGDG GHGRPLQDUFLHUWRVDSUHQGL]DMHVFRPSOHMRVLQFOX\HQGRODKDELOLGDGGHHYLGHQFLDUHVDFDSDFLGDGDGTXLULGD HQODVLQVWDQFLDVGHHYDOXDFLyQ\DFUHGLWDFLyQ ( 25*$1,=$5(/*5832&/$6(3$5$(/$35(1',=$-(&223(5$7,92 (OJUXSRFRRSHUDWLYRHVXQDXQLGDGLQWHUPHGLDHQWUHHOJUXSRFODVHWRWDO\HOHVWXGLDQWHLQGLYLGXDOTXH SHUPLWHDORVGRFHQWHVFRPELQDUUHJXODFLyQGHULWPRVPiVSHUVRQDOL]DGRVFRQODHQVHxDQ]DJOREDO FRQHOJUXSR6HFRQWULEX\HDVtDOGHVDUUROORGHODFDSDFLGDGGHWUDEDMRFRQRWURVDSUHYHQLUFRQIOLFWRV LQWHUSHUVRQDOHV\FRQGXFWDVYLROHQWDV\DSURPRYHUODDGTXLVLFLyQ\FRQVROLGDFLyQGHODVKDELOLGDGHVVRFLDOHV QHFHVDULDVSDUDUHVROYHUORVFXDQGRVXUMDQ $JUXSDPLHQWR,QVWDODUXQFOLPDHVFRODUSURGXFWLYRUHVSHWXRVR\WROHUDQWH ( 3 /$17($51250$6&/$5$6&2035(16,%/(6<5(/(9$17(6 /DHVFXHODSXHGHSRWHQFLDUODYLQFXODFLyQGHORVHVWXGLDQWHVFRQODVQRUPDVVRFLDOHV(VWRVHSXHGHORJUDU DSDUWLUGHXQUHFRUULGRSURJUHVLYRTXHDFRPSDxHHOFUHFLPLHQWRGHORVQLxRV±GHVGHODHGXFDFLyQLQLFLDO KDVWDORVDGROHVFHQWHVGHODVHFXQGDULD±HQHOFRQRFLPLHQWR\MXVWLILFDFLyQGHODVSDXWDVHVFRODUHV HQVXLQWHUSUHWDFLyQ\GRPLQLRGHOVHQWLGR\HQHOFXPSOLPLHQWR\HYDOXDFLyQGHGLFKRFXPSOLPLHQWR6HJ~Q HOWHPD\HOQLYHOHGXFDWLYRODSUHVHQFLDFRQFRPLWDQWHGHORVSDGUHVVLUYHSDUDDXPHQWDUODSHUWHQHQFLD \DUWLFXODFLyQ7RGRHVWRD\XGDDTXHHVWXGLDQWHV\IDPLOLDVFRQItHQHQODVHVFXHODVHQVXIXQFLRQDPLHQWR QRGLVFUHFLRQDOVLQRVXMHWRDUHJODV ( & 2081,&$56((1)250$)/8,'$<&216,'(5$'$&21<(175(/26(678',$17(6 +D\TXHDSRUWDUKHUUDPLHQWDVFRQFUHWDVDORVGRFHQWHVSDUDTXHPRWLYHQ\YDORUHQODFRPXQLFDFLyQFRPR IXHU]DGHFRQVWLWXFLyQGHOJUXSR$VXYH]VHGHEHQEULQGDUORVFRQRFLPLHQWRVSDUDTXHVHDQFRQVFLHQWHV GHTXHHOFOLPDYLQFXODUJHQHUDXQFDXGDOGHHQHUJtDTXHORVD\XGDHQVXWDUHD ( 5(029(5/$,1(5&,$(6&2/$5(1/$5(352'8&&,Ï1'(35(-8,&,26 /DHVFXHODHQWDQWRWUDQVPLVRUDGHOFDSLWDOGHFRQRFLPLHQWRFRQVLGHUDGRIXQGDPHQWDOHQXQDVRFLHGDG HQWUDHQGLiORJRFRQIDPLOLDVQLxRV\MyYHQHVFRQUDLJDPEUHUXUDOLQGtJHQD\DIURGHVFHQGLHQWH\WDPELpQ FRQORVPLJUDQWHVORVGHVSOD]DGRVRORVTXHYLYHQHQJUDYHVVLWXDFLRQHVGHSREUH]DXUEDQD5HFRQRFHUTXH HVWRVJUXSRVVtWLHQHQXQFDSLWDOFXOWXUDOUHOHYDQWHSDUWLFXODU\SURGXFLGRHQGLYHUVDVFRQGLFLRQHVKLVWyULFDV \VRFLDOHVLPSOLFDUiUHVSHWDUHLQFRUSRUDURWURVYRFDEXODULRVRWUDVFDWHJRUL]DFLRQHVGHODUHDOLGDGRWURV ULWPRVGHRUJDQL]DFLyQ ÈPELWR±(VWUDWHJLDVSDUDVXSHUDUEDUUHUDVSROtWLFDVWpFQLFDV \GHILQDQFLDPLHQWRGHOVLVWHPDHGXFDWLYRJHVWLRQDUHOVLVWHPD HGXFDWLYRKDFLDPHWDVGHLQFOXVLyQ $JUXSDPLHQWR5HYLWDOL]DUODRUJDQL]DFLyQGHODRIHUWDHGXFDWLYDVXSHUDQGR ODVLQHUFLDV ( 25*$1,=$5/$2)(57$(6&2/$5$/&$1=$1'2$72'$/$32%/$&,Ï1 &21(675$7(*,$625,(17$'$6$5(68/7$'26 /DVDFFLRQHVTXHIRUPDQSDUWHGHHVWDHVWUDWHJLDVRQ &RQFUHWDUODREOLJDWRULHGDGRUJDQL]DQGRODRIHUWDHVFRODUDOOtGRQGHHVWiODSREODFLyQFRQGHUHFKRV QRDWHQGLGRV(VQHFHVDULRGLVSRQHUGHHVFXHODVPDHVWURV\HOLPLQDUFXDOTXLHUREVWiFXORTXHSXHGD LPSHGLUVXFRQFUHFLyQ/DVFRQGLFLRQHVGHREOLJDWRULHGDG\GHJUDWXLGDGUHVXOWDQIXQGDPHQWDOHV SDUDVXUHDOL]DFLyQ 'LVHxDU\DSOLFDUFRQHILFDFLD\HIHFWLYLGDGSURJUDPDV\SUR\HFWRVRULHQWDGRVDODVXSHUDFLyQ GHODH[FOXVLyQTXHVHDQHYDOXDEOHVSRUUHVXOWDGRV(QHVWRVSUR\HFWRVQRSXHGHIDOWDUXQDIXHUWH RULHQWDFLyQDORVUHVXOWDGRVH[SUHVDGRVHQLWLQHUDULRVHVFRODUHVFRPSOHWRV\IOXLGRV ( 25,(17$5/$)250$&,Ï1'2&(17(,1,&,$/+$&,$/$683(5$&,Ï1'(/$(;&/86,Ï1 /DIRUPDFLyQGRFHQWHLQLFLDOGHORVPDHVWURV\SURIHVRUHVGHORVGLVWLQWRVQLYHOHVGHEHLQFOXLUORVGHVDItRV GHULYDGRVGHORVSURFHVRVGHGHPRFUDWL]DFLyQGHODHGXFDFLyQREOLJDWRULD\ODFRQVHFXHQWHOXFKDFRQWUD ODH[FOXVLyQHGXFDWLYD&XHVWLRQHVFRPRODFRQVWUXFFLyQ\DJUDYDPLHQWRGHOIUDFDVRHVFRODUSRUIDFWRUHV SHGDJyJLFRVODVHVWUDWHJLDVGHDWHQFLyQDODGLYHUVLGDGGHORVHVWXGLDQWHVSDUDKDFHUVXVUHFRUULGRVGH DSUHQGL]DMH\ODIXQFLyQGHODHVFXHODGHQWURGHXQDUHGGHDWHQFLyQ\SURWHFFLyQLQWHJUDOGHORVGHUHFKRV GHODLQIDQFLDGHEHQLQFOXLUVHHQORVGLVWLQWRVHVSDFLRVIRUPDWLYRV /DVFXHVWLRQHVUHIHULGDVFRQVWLWX\HQWHPDVWUDQVYHUVDOHVGHODIRUPDFLyQLQLFLDO\FRPRWDOHVGHEHQVHU FRQVLGHUDGDVREOLJDWRULDVFXUULFXODUPHQWH7DPELpQHVFUXFLDOVXLQFRUSRUDFLyQHQODIRUPDFLyQGRFHQWH FRQWLQXDFRPRVHH[SUHVDHQODVHVWUDWHJLDVD ( 5(*/$0(17$5$'(&8$'$0(17(/26352&(626(6&2/$5(63$5$/$,1&/86,Ï1 /DQRUPDWLYDUHJODPHQWDULDSXHGHVHUXQVRSRUWHUHOHYDQWHSDUDODLPSOHPHQWDFLyQHIHFWLYDGHODLQFOXVLyQ HVFRODURWDPELpQSXHGHVHUXQREVWiFXOR(VWRVHGHEHWDQWRDDVSHFWRVVXVWDQWLYRVGHVXFRQWHQLGRFRPR DFXHVWLRQHVVXEMHWLYDVRIXQFLRQDOHV/DVUHJODPHQWDFLRQHVLQFOXVLYDVDGHPiVGHEHQHVWDUSUHSDUDGDV SDUDVXFRPSUHQVLyQPDVLYDSDUDTXHDVtVHSRWHQFLHQVXVHIHFWRVEHQHILFLRVRV ( 35,25,=$5(/&855Ë&8/2+$&,$(/'(6$552//2'(&$3$&,'$'(6 $VXPLUORVGHVDFRSOHVHQWUHHOFXUUtFXORIRUPDO\HOUHDODEUHXQDPSOLRFDPSRGHDFFLyQ3DUDPHMRUDU ODHILFDFLDFXUULFXODUSRVLELOLWDQGRDSUHQGL]DMHVUHOHYDQWHVKD\TXHUHFRQRFHUODWHQVLyQJHQHUDGD HQWUHODIRUPXODFLyQGHGRFXPHQWRVFXUULFXODUHVDPELFLRVRVH[WHQVRV\RUJDQL]DGRVFRQXQDOyJLFD ©GHFROHFFLyQª%HUQVWHLQ\ODVPDQHUDVFRQFUHWDVHQODVTXHORVGRFHQWHVWRPDQGHFLVLRQHV GHHQVHxDQ]D\FRQVWUX\HQHOFXUUtFXORUHDO &HQWUDUODDFFLyQGHORVHTXLSRVHVFRODUHVHQHOGHVDUUROORGHFDSDFLGDGHVGHORVHVWXGLDQWHV 'HEHQSODQWHDUVHOLQHDPLHQWRVPX\HVSHFtILFRVDORVHTXLSRVGLUHFWLYRV\GRFHQWHV\DORVHTXLSRV GHIRUPDFLyQ\DVLVWHQFLDWpFQLFDORFDOSDUDTXHVHFRQFHQWUHQHQGHVDUUROODUODVFDSDFLGDGHVFRJQLWLYDV \VRFLDOHVGHORVHVWXGLDQWHVFRPRUHVXOWDGRVEiVLFRVLPSUHVFLQGLEOHV(QIRFDUODJHVWLyQFXUULFXODU SDUDHOGHVDUUROORGHFDSDFLGDGHVSULQFLSDOHVHVXQDHVWUDWHJLDIXQGDPHQWDOSDUDDPSOLDUODVRSRUWXQLGDGHV GHLQFOXVLyQSOHQDTXHUHFRQRFHODGLQiPLFDGHOVLVWHPDHGXFDWLYR\TXHODRULHQWDDFDPELDUHQGRV DVSHFWRVFODYH $PSOLDUORVOtPLWHVWHPSRUDOHVGHODSUHQGL]DMHUHFRQRFLHQGRSHURVXSHUDQGRODHVWUXFWXUDJUDGXDGD 9DORUL]DUODVHOHFFLyQGHFRQWHQLGRVUHOHYDQWHVSDUDGLVWLQWDVSREODFLRQHVFRPRYtDDGHFXDGD SDUDFRQVWUXLUFDSDFLGDGHVFRJQLWLYDV\VRFLDOHVHTXLYDOHQWHV ( 86$5/$,1)250$&,Ï1('8&$7,9$&2025(&8562 /DLQIRUPDFLyQHGXFDWLYDHVXQDKHUUDPLHQWDSRWHQWHSDUDHOGLPHQVLRQDPLHQWRGHODVVLWXDFLRQHV GHH[FOXVLyQ\SDUDODLGHQWLILFDFLyQGHODVEDUUHUDV\FXHOORVGHERWHOODHQODUHJLyQ/DVOtQHDVGHDFFLyQ TXHVHVXJLHUHQVRQ $SUHQGHUDXWLOL]DULQIRUPDFLyQHVWDGtVWLFDHGXFDWLYDFRPRUHFXUVRGHFRPSUHQVLyQ\GHDFFLyQ $SURYHFKDUHOPDSDWHUULWRULDOGHODLQIRUPDFLyQHVWDGtVWLFD *HQHUDOL]DUKDELOLGDGHVGHLQWHUSUHWDFLyQ\DSOLFDFLyQGHLQIRUPDFLyQHGXFDWLYD ( $6,67,5$/$6(6&8(/$6(63(&Ë),&$0(17(3$5$48($80(17(1/$,1&/86,Ï1 (ODVHVRUDPLHQWRGHODIXQFLyQGHHQVHxDQ]DGHEHVHUXQSURFHVRFRQWLQXRHLQWHJUDGRDOGHVDUUROOR SURIHVLRQDOGRFHQWH\HVSHFLDOPHQWHDODFDSDFLWDFLyQ'HEHHVWDURULHQWDGRSRUUHVXOWDGRVTXHVHGHILQHQ GHVGHODSROtWLFDHGXFDWLYD\GHEHDWHQGHUHQIRUPDVLWXDGDODVFXHVWLRQHVGLGiFWLFDVFODYHSDUDFRQFUHWDU XQDHGXFDFLyQGHFDOLGDG\HTXLGDGSDUDWRGRV $SOLFDFLyQGHVHFXHQFLDVGHHQVHxDQ]DTXHVHDQVRSRUWHGHOGHVDUUROORGHFDSDFLGDGHVDORODUJRGHWRGD ODHVFRODULGDG\TXHXVHQORVFRQWHQLGRVFXUULFXODUHVFRPRUHFXUVRHQOXJDUGHDFWLYLGDGHVGLVSHUVDV TXHVRORUHTXLHUHQGHVHPSHxRVPHPRUtVWLFRV\UXWLQDULRV 'LYHUVLILFDFLyQGHWDUHDV\DFWLYLGDGHVGHQWURGHHVHPLVPRPDUFRPHWRGROyJLFRSDUDHVWXGLDQWHV TXHWLHQHQGLVWLQWRVULWPRVGHDSUHQGL]DMHRLQWHUHVHV (ODERUDFLyQGHHYDOXDFLRQHVGLGiFWLFDVTXHSHUPLWDQLGHQWLILFDUHOSURFHVRGHGHVDUUROORGHFDSDFLGDGHV GHORVHVWXGLDQWHV\TXHEULQGHQRULHQWDFLRQHV\VHxDOHVSDUDLQWHQVLILFDUODHQVHxDQ]DGHORVFRQWHQLGRV FXUULFXODUHVSHUWLQHQWHV 0RYLOL]DFLyQGHORVHVWXGLDQWHVKDFLDODDFFLyQFRRSHUDWLYDWROHUDQWH\VROLGDULDGRQGHWRGRVSXHGDQ DSUHQGHUHQXQEXHQFOLPDGHWUDEDMRGHOJUXSRFODVH 5HYLVLyQGHVXSXHVWRVSUHMXLFLRVUHSUHVHQWDFLRQHV\HVWLJPDWL]DFLRQHVFRQDXWRQRPtDFUHFLHQWH HQHOVHQRGHOHTXLSRGHFDGDHVFXHOD $JUXSDPLHQWR3URWHJHU\DPSOLDUHOILQDQFLDPLHQWR ( ) ,1$1&,$5(/6,67(0$('8&$7,92 3DUDHQIUHQWDUFRQp[LWRORVGHVDItRVGHHVFRODUL]DFLyQPXFKRVSDtVHVGHEHUiQLQFUHPHQWDU\SURWHJHU VXVSUHVXSXHVWRVHGXFDWLYRV\DTXHD~QWLHQHQEDMDVSDUWLFLSDFLRQHVHQUHODFLyQFRQHOJDVWRS~EOLFRWRWDO \FRPRSDUWHGHO3,%5HVXOWDYDOLRVRSURSLFLDUQRUPDVSDUDODPDFURDVLJQDFLyQGHUHFXUVRVFRPR ODVVDQFLRQDGDVHQYDULRVSDtVHVGHODUHJLyQ(VWDVEULQGDQSULRULGDGDOSUHVXSXHVWRHGXFDWLYR HQPRPHQWRVGHHVWDELOLGDG\FUHFLPLHQWRHFRQyPLFR\ORSURWHJHQHQPRPHQWRVGHHVWDQFDPLHQWR $VLPLVPRUHVXOWDSRVLWLYDODH[SHULHQFLDGHVDUUROODGDSDUDHVWDEOHFHUPHFDQLVPRVFODURV\WUDQVSDUHQWHV SDUDHOIOXMRGHOILQDQFLDPLHQWRHQWUHORVGLYHUVRViPELWRVHVWDGXDOHV±FHQWUDOILQDQFLDGRUVXEQDFLRQDOORFDO RHVFRODUFRPRHIHFWRUHV±TXHLQWHUYLHQHQHQODJHVWLyQGHOVLVWHPDHGXFDWLYR%UDVLO&RORPELD$UJHQWLQD \&KLOHFXHQWDQFRQHVWHWLSRGHQRUPDV ( ) ,1$1&,$5(/6,67(0$3$5$$03/,$5/$&2%(5785$<',60,18,5(/)5$&$62 (6&2/$5 (QJHQHUDOWDQWRODVSROtWLFDVGHXQLYHUVDOL]DFLyQGHODFREHUWXUDFRPRGHGLVPLQXFLyQGHOIUDFDVRHVFRODU HVWiQSUHVHQWHVHQORVPDUFRVQRUPDWLYRVGHOVHFWRU/RVUHFXUVRVQHFHVDULRVSDUDLQFUHPHQWDUODFREHUWXUD \GLVPLQXLUHOIUDFDVRSRGUtDQSURYHQLUGHGLVWLQWDVIXHQWHVWDOHVFRPRXQDPD\RUSUHVLyQLPSRVLWLYD \ODUHDVLJQDFLyQGHSDUWLGDVSUHVXSXHVWDULDVGHVGHRWURVVHFWRUHV&RPRVHSRGUiLQWXLUHVWRSRGUtD LPSOLFDUHOUHFKD]RGHORVHYHQWXDOHVDIHFWDGRV8QDVDOLGDFRQPHQRUHVFRVWRVSROtWLFRVSRGUtDVHU ODVHJXLGDSRU$UJHQWLQDTXHHQXQFRQWH[WRGHDXPHQWRGHVX3,%LPSXOVyXQDOH\GHILQDQFLDPLHQWR VHJ~QODFXDOORVUHFXUVRVSURYHQGUtDQGHOSURSLRFUHFLPLHQWRHFRQyPLFR$VLPLVPRWDPELpQGHEHQVHU FRQVLGHUDGRVORVUHFXUVRVSURYHQLHQWHVGHODFRRSHUDFLyQLQWHUQDFLRQDO /DPD\RUFREHUWXUD6HJ~QHVWLPDFLRQHVSURSLDVFDOFXODGDVVREUHODEDVHGHGDWRVGH8,681(6&2 GH&HSDO\GHO%DQFR0XQGLDOODUHJLyQGHEHUtDGHVWLQDUXQWRWDOGHPLOORQHVGHGyODUHVSDUDORJUDU ODFREHUWXUDXQLYHUVDOGHVGHHOQLYHOLQLFLDOKDVWDHOVHFXQGDULRLQIHULRU6LHOSHUtRGRGHILQDQFLDPLHQWRVH HVWDEOHFLHUDHQWUH\ORVJRELHUQRVSRGUtDQGHEHUtDQLQYHUWLUFDGDDxRXQDQXDODFXPXODWLYR GHOPRQWRLQGLFDGR6LVHFRQVLGHUDODLQYHUVLyQWRWDO\HOFUHFLPLHQWRGHO3,%SUR\HFWDGRSRUOD&HSDO SDUDODSUy[LPDGpFDGDHOFRVWRWRWDODDVFHQGHUtDDOGHO3,%UHJLRQDO&RPRVHYH ORVREMHWLYRVUHIHULGRVDODFREHUWXUDXQLYHUVDOQRGHEHUtDQFRQVWLWXLUPHWDVOHMDQDVDOPHQRVHQORTXHDWDxH DOHVIXHU]RILQDQFLHUR (OFRVWRGHOIUDFDVR5HFLHQWHPHQWHYDULRVSDtVHVGHODUHJLyQ\RUJDQLVPRVLQWHUQDFLRQDOHVVXVFULELHURQ REMHWLYRVGHPHGLDQRSOD]RSDUDHOVHFWRUFRPRODV0HWDV(OFRVWRGHODVDFFLRQHVTXHSHUPLWLUtDQ HOORJURGHORVREMHWLYRVUHSUHVHQWDXQSRUFHQWDMHUHODWLYDPHQWHEDMRGHO3,%UHJLRQDO$GHPiVGDGR TXHHOIUDFDVRHVFRODUHVXQDIXHQWHGHLQHILFLHQFLDHOp[LWRGHODVSROtWLFDVSDUDUHGXFLUODUHSHWLFLyQ JHQHUDUtDXQDGLVSRQLELOLGDGDGLFLRQDOGHUHFXUVRVHQHOPHGLDQRSOD]R$HVWRVHVXPDQORVSURQyVWLFRV UHVSHFWRGHOFUHFLPLHQWRHFRQyPLFRSDUDODUHJLyQHQORVSUy[LPRVDxRV(QHVWHFRQWH[WRGHH[FHSFLyQ ODLPSOHPHQWDFLyQGHHVWDVDFFLRQHVQRLPSOLFDUtDXQSHVRDGLFLRQDOVLJQLILFDWLYRHQHO3,%GHORVSDtVHV (QRWUDVSDODEUDVH[LVWHIDFWLELOLGDGHFRQyPLFDSDUDHPSUHQGHUORVGHVDItRV $JUXSDPLHQWR'HVDUUROODUXQDSHGDJRJtDUDFLRQDOSDUDVXSHUDUODH[FOXVLyQ ( *(1(5$52325781,'$'(69$5,$'$63$5$/$('8&$&,Ï1,1,&,$/ $YDQ]DQGRHQODVSURSXHVWDVRUJDQL]DWLYDVSDUDHOQLYHOHVWDVGHEHUtDQRULHQWDUVHHQWUHVHMHVSULQFLSDOHV D $UPRQL]DUODWUDQVLFLyQIDPLOLDHVFXHODJDUDQWL]DQGRTXHORVQLxRV\QLxDV±HVSHFLDOPHQWHFXDQGR VHSUHVHQWDQGLVWLQWRVFDSLWDOHVFXOWXUDOHV±VHDQHVFXFKDGRVTXHODVSUiFWLFDVGHVXVIDPLOLDVVHDQ UHFRQRFLGDV\TXHWHQJDQVHJXULGDGHQODWUDPDGHDGXOWRVDFDUJRGHVXHGXFDFLyQ E ,PSXOVDUHOGHVDUUROORFRJQLWLYRDIHFWLYRpWLFRHVWpWLFRPRWRU\VRFLDOHQSDUWLFXODUDWUDYpVGHOMXHJR FRPRFRQWHQLGR\PHGLRSDUDDSUHQGHURWURVFRQWHQLGRVKHUUDPLHQWDSHGDJyJLFDDWUDYpVGHSURSXHVWDV GHHQVHxDQ]DFRQXQDVHFXHQFLDLQWHQFLRQDOFRQVWUX\HQGRVLVWHPiWLFD\SODQLILFDGDTXHHQULTXH]FD \H[WLHQGDVHDJUHJXHHLQWHJUHDOHOXQLYHUVR\UHSHUWRULRO~GLFRLQGLYLGXDOIDPLOLDU\FRPXQLWDULR GHORVQLxRVDVXPLHQGRREMHWLYRVHVSHFtILFRVSURSLRVGHOLWLQHUDULRHVFRODU F 6HUODSXHUWDGHHQWUDGDSDUDHOFRQRFLPLHQWRGHXQDFXOWXUDSDUWLFXODUODHVFRODUSHUPLWLHQGRTXH ORVQLxRV\QLxDVUHFRQR]FDQODVUHJXODFLRQHVGHWLHPSRHVSDFLRFRPXQLFDFLyQJUXSDOWUDEDMR FRRSHUDWLYRFRQORVSDUHVXVRGHPDWHULDOHVLQWHUDFFLyQFRQOLEURVUHODFLyQFRQDGXOWRVHQGLVWLQWDV IXQFLRQHV\DOWHUQDQFLDGHIRFRVGHDWHQFLyQHQWURRWURVUDVJRVSURSLRVGHOVLVWHPDHGXFDWLYR ( $03$5$5(/35,0(575$02'(/$('8&$&,Ï135,0$5,$ (VSRVLEOHUHGXFLUGUiVWLFDPHQWHRHOLPLQDUODUHSLWHQFLDHQSULPHU\VHJXQGRJUDGRVLQDFXGLUDODSURPRFLyQ DXWRPiWLFDFRPRPHGLGDDGPLQLVWUDWLYD3DUDHOORHVQHFHVDULRHQULTXHFHUODVDFWXDOHVSURSXHVWDV GHHQVHxDQ]DGHODDOIDEHWL]DFLyQLQLFLDO\GHODPDWHPiWLFDEiVLFD\GHEDWLUDIRQGRODQDWXUDOL]DFLyQ \YDORUL]DFLyQGHODUHSLWHQFLDTXHHVWiLQVWDODGDHQODFRPXQLGDGGRFHQWH/DVDFFLRQHVVHUHODFLRQDQFRQ 8VRGHPHWRGRORJtDVGHHQVHxDQ]DGHODDOIDEHWL]DFLyQTXHVHDQHILFDFHVDXQSDUDQLxRVTXHQRKDQ WHQLGRH[SHULHQFLDVGHSUHDOIDEHWL]DFLyQ 8VRGHPHWRGRORJtDVGHHQVHxDQ]DGHODPDWHPiWLFDTXHGHQFXHQWDGHOVDEHUPDWHPiWLFRSUHYLR GHORVHVWXGLDQWHV\VHFHQWUHQHQODUHVROXFLyQGHSUREOHPDV 5HYLVLyQGHODVQRUPDVGHSURPRFLyQSDUDSHUPLWLUSURFHVRVGHSURPRFLyQFLFODGD 'LYHUVLILFDFLyQGHVLWXDFLRQHVGHDSUHQGL]DMHHQSDUWLFXODUSDUDUHFXSHUDUHVWXGLDQWHVGHEDMDDVLVWHQFLD ( 326,%,/,7$5/$352*5(6,Ï1+$67$7(50,1$5/$('8&$&,Ï135,0$5,$ 3DUDORVHVWXGLDQWHVTXHFXUVDQODHVFXHODSULPDULDDUUDVWUDQGRIUDFDVRVSUHYLRVVHSURFXUDUiUHJXODUL]DU ORVLWLQHUDULRVHVFRODUHVSHUWXUEDGRVSXHVHVWRVORVFRQYLHUWHQHQXQJUXSRHQULHVJRGHDEDQGRQDUTXH\D PLVPRGHELHUDVHUHVSHFLDOPHQWHDWHQGLGR\DFRPSDxDGRKDVWDJDUDQWL]DUTXHFRPSOHWHFRPRPtQLPR ODHGXFDFLyQREOLJDWRULD3HURHVWRKDGHKDFHUVHFRQXQDSURSXHVWDGHHQVHxDQ]DULFD\GHVDILDQWH SDUDORVHVWXGLDQWHVTXHLQFOX\D 8VRGHPHWRGRORJtDVGHHQVHxDQ]DGHODDOIDEHWL]DFLyQDYDQ]DGD 8VRGHPHWRGRORJtDVGHHQVHxDQ]DGHPDWHPiWLFDTXHVHFHQWUHQHQODUHVROXFLyQGHSUREOHPDV \HQODDGTXLVLFLyQGHFRQFHSWRVPDWHPiWLFRV *UXSRVHVFRODUHVGHFRQIRUPDFLyQIOH[LEOHSDUDIDFLOLWDUWDUHDVGHHQVHxDQ]DGLYHUVLILFDGDV 5HFXSHUDFLyQGHODVREUHHGDGDWUDYpVGHSURSXHVWDVTXHSHUPLWDQDGHODQWDUHOJUDGRHQHVFXHODV GHYHUDQRRGXUDQWHHODxR©7UHVHQGRVª ( 3527(*(5/$75$16,&,Ï1+$&,$/$6(&81'$5,$ &XDOTXLHUDVHDODHVWUXFWXUDFXUULFXODUHLQFOXVRHOiPELWRGHIXQFLRQDPLHQWRORVHVWXGLDQWHVGHEHQVHU DFRPSDxDGRVHQHVWDWUDQVLFLyQHQIRUPDPX\SDUWLFXODU\UHVSRQVDEOHSRUSDUWHGHODVRFLHGDGDGXOWD HVSHFLDOPHQWHFXDQGRDUUDVWUDQIUDFDVRVGHDxRVSUHYLRVGHVXLWLQHUDULRHVFRODU\FXDQGRYLYHQHQVLWXDFLyQ GHSREUH]DRLQGLJHQFLD/DVDFFLRQHVTXHVHSURSRQHQVRQ $FXHUGRVLQWHUQRVGHODHVFXHODSDUDGDUPD\RUFRKHUHQFLD\FRQYHUJHQFLDDODH[SHULHQFLDHGXFDWLYD GHORVHVWXGLDQWHV $FXHUGRLQVWLWXFLRQDOSDUDHOGHVDUUROORGHFDSDFLGDGHVSULRULWDULDV (QVHxDQ]DH[SOtFLWDGHHVWUDWHJLDVGHHVWXGLRHQFDGDFDPSRGHOFRQRFLPLHQWR 'HVDUUROORGHDFWLYLGDGHVHOHFWLYDV\SOXULDQXDOHV ,QWURGXFFLyQGHVLVWHPDVGHSURPRFLyQDFXPXODWLYD ( 352'8&,5',6326,7,926'($32<2$/$('8&$&,Ï1585$/ /DDPSOLDFLyQGHODHGXFDFLyQREOLJDWRULDSUHYLVWDHQODOHJLVODFLyQUHFLHQWHHQODUHJLyQHQFXHQWUDXQUHWR Pi[LPRSDUDODHGXFDFLyQUXUDOORJUDURIUHFHUHQWUH\DxRVGHHVFRODULGDGDORODUJRGHWUHVQLYHOHV HGXFDWLYRVFRQXQSLVRGHDSUHQGL]DMHV\SHUPDQHQFLDHQODHVFXHOD/DVDFFLRQHVTXHVHVXJLHUHQVRQ 8ELFDUDOPXOWLJUDGRFRPRHVWUDWHJLDRUJDQL]DWLYDSRWHQWHSDUDGRFHQWHVTXHUHFLEHQHODSR\R\IRUPDFLyQ DGHFXDGRV 3HUIHFFLRQDUHOGLVHxR\XVRGHUHFXUVRVGLGiFWLFRV\WHFQROyJLFRVDGHFXDGRV ( &216758,581$35238(67$3('$*Ï*,&$25'(1$'$<)257$/(&,'$ 3$5$/$32%/$&,Ï1,1'Ë*(1$&210(&$1,6026'(75$16,&,Ï1 +$&,$8102'(/23/(1$0(17(,17(5&8/785$/<%,/,1*h( (ODQiOLVLVGHHVWDHVWUDWHJLDFRQFOX\HHQODSURSXHVWDGHODVVLJXLHQWHVDFFLRQHV 0HMRUDUODVFRQGLFLRQHVPDWHULDOHV\GHIXQFLRQDPLHQWRGHODVHVFXHODVTXHDWLHQGHQDSREODFLyQLQGtJHQD \DIURGHVFHQGLHQWHV 2UJDQL]DUXQDSURSXHVWDHVFRODUDWHQWD\UHVSHWXRVDGHODVFDSDFLGDGHV\DFHUYRFXOWXUDOGHORV11$ 3ODQLILFDU\JHVWLRQDUXQDRIHUWDSHGDJyJLFDGHFDOLGDG ( 3 52'8&,5',6326,7,926(63(&Ë),&26'($32<2$/26352&(626'(5(,16(5&,Ï1 '((678',$17(648($%$1'21$521/$(6&8(/$ 2UJDQL]DUSURSXHVWDVSDUDTXHORVQLxRVQLxDV\DGROHVFHQWHVUHWRPHQVXLWLQHUDULRHGXFDWLYRLPSOLFD LGHQWLILFDU\VXSHUDUODVEDUUHUDVTXHOHVKDQUHVXOWDGRLQVDOYDEOHVRH[WUHPDGDPHQWHGLItFLOHV(VQHFHVDULR HQFRQWUDUORVPHMRUHVPRGRVGHFRPSOHPHQWDUGRVYtDVSULQFLSDOHV /DUHLQFRUSRUDFLyQHQXQDHVFXHODGHUpJLPHQJHQHUDORGHRWUDVPRGDOLGDGHVTXHKD\DDXPHQWDGR VXFDSDFLGDGLQFOXVLYD\SXHGDUHFLELUDHVWRVDOXPQRVVLQSUiFWLFDVGHVYDORUL]DQWHVRGLVFULPLQDWRULDV /DSUHSDUDFLyQGHHVSDFLRVHGXFDWLYRVHVSHFtILFRVSDUDHVWDSREODFLyQFRQFDUDFWHUtVWLFDVGHPD\RU IOH[LELOLGDGRUJDQL]DWLYD\FXUULFXODU ( 352'8&,5',6326,7,9263$5$ $03/,$5/$62325781,'$'(6 ('8&$7,9$6'(/$32%/$&,Ï1 &21',6&$3$&,'$' 1RKD\VROXFLRQHV~QLFDVSHURVHSURSRQH WHQGHUDOPi[LPRHQHOSULQFLSLRGH©XELFDU DOQLxRHQHODPELHQWHPHQRVUHVWULFWLYRª (VWDLQWHUSUHWDFLyQVXSRQHTXHWRGRV ORVQLxRVSXHGHQVHUHGXFDGRV\TXH LQGHSHQGLHQWHPHQWHGHODFRQILJXUDFLyQ RODVDGDSWDFLRQHVQHFHVDULDVWRGRVORV HVWXGLDQWHVGHEHUtDQWHQHUDFFHVRDXQ FXUUtFXORTXHVHDUHOHYDQWH\TXHSURGX]FD UHVXOWDGRVVLJQLILFDWLYRV$VLPLVPRHVWH DFFHVRDODHGXFDFLyQGHEHGDUVHHQOD IRUPDPiVWHPSUDQDTXHUHVXOWHSRVLEOH 81,&()3DUDJXD\,0*B9HUD /DLQWHJUDFLyQGHQWURGHODVHVFXHODV FRPXQHVHVXQDHVWUDWHJLDSULQFLSDOSDUD ODLQFOXVLyQ(QVXDSOLFDFLyQSUiFWLFD SXHGHKDEHUGHVOL]DPLHQWRVTXHJHQHUHQ H[FOXVLRQHV\VHJUHJDFLRQHVQXHYDV SRUHMHPSORKD\TXHHYLWDUSUiFWLFDV \HVWUDWHJLDVTXHUHVXOWDQHQXQDUHSHWLFLyQ UHLWHUDGDGHXQPLVPRJUDGR6HLPSRQH ODQHFHVLGDGGHUHFRQFHSWXDOL]DUOD DSUREDFLyQDQXDOSRUJUDGRVGHHVWXGLR \SRVLELOLWDUFHUWLILFDFLRQHVGHHVWXGLRV FXUVDGRVSURFHVRVGHSURPRFLyQ FRQDFRPSDxDPLHQWR\DSUREDFLRQHV SDUFLDOHV 5HIOH[LRQHVILQDOHV (OHQIRTXHFRQFHSWXDO\PHWRGROyJLFRGHOD,QLFLDWLYD*OREDOSRUORV1LxRV)XHUDGHOD(VFXHODWLHQH ODSRWHQFLDOLGDGGHHQULTXHFHUHODQiOLVLVGHUHJLRQHV\SDtVHVFRQGLYHUVRVUHFRUULGRVORJURV\GHVDItRV GHHVFRODUL]DFLyQREOLJDWRULD$XQHQVLWXDFLRQHVQDFLRQDOHVTXHRVWHQWDQDOJXQRVLQGLFDGRUHVSRVLWLYRV ODSURIXQGL]DFLyQGHOFRQRFLPLHQWRGHODVGLVSDULGDGHVLQWHUQDVLQWHUSHODDODPD\RUFRPSUHQVLyQ \DODPHMRUDFFLyQ 3DUDGDUFLHUUHDHVWHGRFXPHQWRGRQGHVHSODVPDXQSULPHUHVIXHU]RVLVWHPiWLFRGHDSOLFDFLyQ GHHVWHHQIRTXHDODUHDOLGDGGH$PpULFD/DWLQD\HO&DULEHVHH[SRQHQDOJXQDVUHIOH[LRQHVVREUH VXVDSRUWHVSDUDHOFRQRFLPLHQWR\ODLQWHUYHQFLyQSDUDODVXSHUDFLyQGHODH[FOXVLyQ\DIDYRUGH ODHVFRODUL]DFLyQWRWDORSRUWXQDVRVWHQLGD\SOHQDGHWRGRVORVQLxRVQLxDV\DGROHVFHQWHV GHODUHJLyQ (OHQIRTXH1LxRV)XHUDGHOD(VFXHOD1)(FDSWDHOFDUiFWHUGLQiPLFR\DFXPXODWLYRGHORVSURFHVRV GHH[FOXVLyQ(ODERUGDMHGLVFULPLQDGRSHURFRPSOHPHQWDULRGHODH[FOXVLyQDFWXDOGHODHVFXHODFRQVXV REVWiFXORVGHDFFHVR\SHUPDQHQFLD\GHODH[FOXVLyQSRWHQFLDOTXHYDRFXUULHQGRHQODVLQVWLWXFLRQHV HVFRODUHVFRQORVREVWiFXORVGHSURJUHVLyQ\DSUHQGL]DMHVSRQHHQIRFRODVVHxDOHVWHPSUDQDVGH H[FOXVLyQ(QODUHJLyQODPD\RUSDUWHGHTXLHQHVVHKDQLGRWHPSUDQDPHQWHGHODHVFXHODKDQHVWDGR YDULRVDxRVHVFRODUL]DGRV\DFXPXODQGRGLVWLQWDVPDUFDVGHIUDFDVRV (OHQIRTXH1)(EULQGDXQPDUFRLQWHJUDGRUSDUDODVSROtWLFDVHGXFDWLYDV\GHSURWHFFLyQ /RVRUJDQLVPRVUHVSRQVDEOHVGHOVLVWHPDHGXFDWLYRWLHQHQVXiPELWRGHDFFLyQHVSHFtILFDHQODDWHQFLyQ GHODVEDUUHUDVGHODRIHUWD\HQODLQWHUDFFLyQFRQRWURViPELWRVGHSURWHFFLyQGHGHUHFKRVGHODLQIDQFLD \DGROHVFHQFLDTXHDSR\DQRWURVDVSHFWRVGHODGHPDQGDGHODSREODFLyQKDFLDODHGXFDFLyQ (OHQIRTXH1)(VXSHUDHOIDOVRGLOHPDHQWUHHTXLGDGFREHUWXUD\FDOLGDGDSUHQGL]DMH(ODQiOLVLV ULJXURVRGHORVGDWRVPXHVWUDTXHQRVHSXHGHQDOFDQ]DUODVPHWDVGHFREHUWXUDVLQUHGXFLUHOIUDFDVRTXH H[SXOVDWHPSUDQDPHQWHDORVPiVSREUHVGHODHVFXHOD7DPELpQODPHMRUDGHORVUHVXOWDGRVSURPHGLR GHDSUHQGL]DMHDGTXLULUiYROXPHQVLJQLILFDWLYRVRORHQODPHGLGDHQTXHVHGpXQDPHMRUDVXVWDQFLDO HQORVUHVXOWDGRVGHTXLHQHVKR\IUDFDVDQ3RUHOORFREHUWXUD\FDOLGDGQRVRQGRVPRPHQWRVGLVWLQWRV GHODQiOLVLV\PHQRVD~QGHODDFFLyQVLQRTXHVHDOLQHDQSDUDDOFDQ]DUUHVXOWDGRVGHLQFOXVLyQ 9LVWRGHVGHORVHVWXGLDQWHV\VXVIDPLOLDVVHEXVFDHUUDGLFDUODLGHDGHTXHHODEDQGRQRHVXQDGHFLVLyQ WRPDGDFRPRXQDRSFLyQRSRUWXQLVWDFRQXQSDGUHTXHOHGLFHDOKLMR©'HFLGtTXHQRYD\DVPiV DODHVFXHOD\YD\DVDKRUDDWUDEDMDUª(VWDLGHDGHVFRQRFHTXHODDXWRH[FOXVLyQRDEDQGRQRSXHGHVHU SURGXFWRDFXPXODWLYRGHSHTXHxDVUHVLJQDFLRQHVFRWLGLDQDVGHDOXPQRV\DOXPQDVTXHFDUJDQFRQ ODIUXVWUDFLyQGHQRDSUHQGHUODYHUJHQ]DGHQRVDEHU\ODWULVWH]DGHQRLPSRUWDUOHDQDGLH (OHQIRTXH1)(LQWHJUDORVHVIXHU]RVHQPDUFKD\SURSRQHHOHPHQWRVFRPSOHPHQWDULRV/RVSDtVHV \ORVRUJDQLVPRVGHILQDQFLDPLHQWR\GHFRRSHUDFLyQKDQLQYHUWLGRPXFKRVHVIXHU]RV\UHFXUVRVHQORV ~OWLPRVDxRVSDUDIRUWDOHFHUODGHPDQGDSRUHGXFDFLyQSULQFLSDOPHQWHDSDUWLUGHPDVLYRVSURJUDPDV GHWUDQVIHUHQFLDVGHLQJUHVRVSDUDODVIDPLOLDVPiVSREUHV\GHHVWUDWHJLDVGHDOLPHQWDFLyQHVFRODUGHJUDQ DOFDQFH7DPELpQHVWiQHQPDUFKDDPELFLRVRVSUR\HFWRVGHFRQVWUXFFLRQHVHVFRODUHVGRWDFLyQGHUHFXUVRV WHFQROyJLFRV\GLGiFWLFRV\RWURVVRSRUWHVPDWHULDOHVGHODHGXFDFLyQ 3RUHOOR\JUDFLDVDHVWRVHVIXHU]RVDFXPXODGRVHVSRVLEOHILMDUODDWHQFLyQHQRWURVDVSHFWRVGHODRIHUWD HVFRODU\GHODGHPDQGDSRUHGXFDFLyQ(QHOFDVRGHODRIHUWDHVFRODUVHSXHGHDWHQGHUDODVLWXDFLyQUHDO GHHQVHxDQ]DDOFOLPDYLQFXODUDODVXSHUDFLyQGHSUHMXLFLRV\DORVSURFHGLPLHQWRVGHRUJDQL]DFLyQ \VHJUHJDFLyQHQODVHVFXHODV(QHOSODQRGHOVLVWHPD\GHVXJRELHUQRKD\KHUUDPLHQWDVFODYHFRPR ODVGHODLQIRUPDFLyQODVHOHFFLyQ\SULRUL]DFLyQFXUULFXODUHQIXQFLyQGHOGHVDUUROORGHFDSDFLGDGHVHODSR\R DODVHVFXHODVHOVREUHFRVWRILQDQFLHURGHOIUDFDVRHVFRODU\ODLQVWDODFLyQGHHVWUDWHJLDVHVSHFtILFDVTXH REWHQJDQUHVXOWDGRVPHGLEOHV (OHQIRTXH1)(DJUHJD\GHVWDFDODVFXHVWLRQHVVRFLRFXOWXUDOHVHQHOSODQRGHODGHPDQGD GRQGHLQWHUDFW~DQHJDWLYDPHQWHXQDSRVWXUDUHWUDtGDHQODGHPDQGDSRUHGXFDFLyQGHORVPiVSREUHV FRQSRVWXUDVUDFLVWDV\SUHMXLFLRVDVGHRWURVVHFWRUHVVRFLDOHV/RVDSRUWHVGHODVQHXURFLHQFLDV \XQHQIRTXHFRPXQLFDFLRQDOHVSHFtILFRVRQSRWHQWHVUHFXUVRVSDUDDFWXDUVREUHHVWDVUHSUHVHQWDFLRQHV (OHQIRTXH1)(LGHQWLILFDLQGLFDGRUHVFODYHSDUDORVUHVXOWDGRV&RPRFRQFOXVLyQGHHVWDSULPHUD DSOLFDFLyQGHOHQIRTXHD$PpULFD/DWLQD\HO&DULEHVHSURSRQHSRWHQFLDUHOXVRGHGDWRVGLVSRQLEOHV \UHOHYDQWHVODLQIRUPDFLyQGHLWLQHUDULRVHVFRODUHVDSDUWLUGHORVGDWRVGHJUDGR\HGDGSDUDLGHQWLILFDU FXDQWLILFDU\ORFDOL]DUODH[FOXVLyQDSURYHFKDQGRODLQIRUPDFLyQFHQVDOGHOVLVWHPDHGXFDWLYRDPSOLDPHQWH VRVWHQLGR\ILQDQFLDGRSRUODFRRSHUDFLyQ\ILQDQFLDPLHQWRLQWHUQDFLRQDO (VWDSULRULGDGFRPSOHPHQWDRWURVHQIRTXHVDOJXQRVEDVDGRVHQHQFXHVWDVGHKRJDUHV\RWURV HQHYDOXDFLRQHVGHDSUHQGL]DMHTXHVLELHQDSRUWDQFXHVWLRQHVYDOLRVDVWLHQHQDOJXQDVUHVWULFFLRQHV SRUODVIXHQWHVODFREHUWXUDRODSHULRGLFLGDG (QODUHJLyQHODQiOLVLVGHORVLWLQHUDULRVHVFRODUHVOOHYDDGHVWDFDUHOUH]DJRHVFRODUFRPRXQLQGLFDGRU FODYH(VWHLQGLFDGRUVHGHEHLQWHUSUHWDUMXQWRFRQRWURVLQJUHVRWDUGtRDEDQGRQRDQXDOFRQVHUYDFLyQ GHPDWUtFXODUHSUREDFLyQSDUDFDUDFWHUL]DUDGHFXDGDPHQWHODVVLWXDFLRQHVGHORVLWLQHUDULRVHVFRODUHV $GHPiVHVYDOLRVRSRUVXVHQFLOOH]FRQVLVWHQFLD\SRVLELOLGDGGHWUDEDMDUORGHVGHHOQLYHOQDFLRQDOKDVWD HOQLYHOGHHVFXHODHLQFOXVRGHDXOD (OHQIRTXH1)(HVWLPXODXQDSURIXQGDFRQILDQ]DHQODVFDSDFLGDGHV\FRPSURPLVRVGHODVSHUVRQDV 6HEXVFDPRYLOL]DUHOFRPSURPLVRGHORVJRELHUQRV\ORVRUJDQLVPRVGHFRRSHUDFLyQ\ILQDQFLDPLHQWRSDUD FDQDOL]DU\UHQRYDUODFRQILDQ]DHQORVDFWRUHVFODYHGHODHGXFDFLyQ &RQILDQ]DHQTXHWRGRVORVQLxRVQLxDV \DGROHVFHQWHVVRQVXMHWRVFRQ FDSDFLGDGHVFRJQLWLYDV\VRFLDOHVTXH SXHGHQVHUHVWLPXODGDV\GHVDUUROODGDV HQiPELWRVSURIHVLRQDOHVTXHGHVSOLHJXHQ HQIRUPDVLVWHPiWLFDH[SHULHQFLDVGH DSUHQGL]DMHVLJQLILFDWLYDV\HQXQFOLPD YLQFXODUUHVSHWXRVR\WROHUDQWH &RQILDQ]DHQTXHWRGDVODVIDPLOLDV SXHGHQDSR\DUHOGHVDUUROORGHVXVKLMRV HQHOPDUFRGHVXFXOWXUD\VXVSDXWDV EULQGiQGROHVODFHUWH]DGHVXDPRU RSRUWXQLGDGHVGHH[SORUDFLyQSURWHJLGD GHVXHQWRUQR\ODRSRUWXQLGDG\ UHJXODULGDGGHVXDVLVWHQFLDDFODVHV (VWRVLQROYLGDUTXHODVIDPLOLDVTXHYLYHQ HQVLWXDFLRQHVGHSREUH]DGHEHQFRQWDU FRQDSR\RVSDUDJDUDQWL]DUODQXWULFLyQ \VDOXGGHVXVKLMRV 81,&()3DUDJXD\9HUD &RQILDQ]DHQTXHWRGRVORVGRFHQWHV SXHGHQDPSOLDUVXVFRPSHWHQFLDVGH HQVHxDQ]DSDUDGHVDUUROODUHVDV FDSDFLGDGHVHQODPHGLGDHQTXHFXHQWHQ FRQORVDSR\RVWpFQLFRVODVRULHQWDFLRQHV \ORVUHFXUVRVGHHQVHxDQ]DHVSHFtILFRV TXHUHYLWDOLFHQVXHQWXVLDVPRVX FRPSURPLVRVXVDEHUSURIHVLRQDO\VX DPRUSRUQLxRVQLxDV\DGROHVFHQWHVFRQ ORVTXHFRPSDUWHQFDGDGtDGHFODVHGtD SRUGtDKDVWDFRPSOHWDUODHVFXHOD ZZZXQLFHIRUJODF