9ROXPLQRVRKDPDUWRPDKLSRWDOiPLFRHQXQQLxRGHPHVHV(SLOHSVLD\FLUXJtD ($UiQ-3HUHLUD/&DVWUR\59D] 6HUYLFLRGH1HXURFLUXJtD6HUYLFLRGH$QDWRPtD3DWROyJLFD+RVSLWDO6mR-RmR2SRUWR3RUWXJDO 5HVXPHQ /RVDXWRUHVSUHVHQWDQHOFDVRFOtQLFRGHXQQLxRGH PHVHVGHHGDGFRQXQKDPDUWRPDKLSRWDOiPLFRFRQ FULVLVJHOiVWLFDVSHUVLVWHQWHV\UHIUDFWDULDVDXQDDPSOLD FRPELQDFLyQGHGLIHUHQWHVDQWLHSLOpSWLFRV 6H GHFLGLy UHDOL]DU XQD UHPRFLyQ SDUFLDO GH OD OHVLyQ WXPRUDOSDUDGHVFRPSUHVLyQ\GLVPLQXFLyQGHOHVWtPXORHSL OHSWRJpQLFRHQXQLQWHQWRGHFRQWUROTXLU~UJLFRGHODVFULVLV /DWHUDSpXWLFDTXLU~UJLFDVHUHYHOyFRPRXQDRSFLyQ YiOLGDHQHOWUDWDPLHQWRGHODVFULVLVJHOiVWLFDVLQFRQWUR ODEOHVFRQODWHUDSpXWLFDPpGLFD 3$/$%5$6 &/$9( +DPDUWRPD KLSRWDOiPLFR +DPDU WRPDGHOVLVWHPDQHUYLRVRFHQWUDO&ULVLVJHOi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yQ /RV KDPDUWRPDV KLSRWDOiPLFRV VRQ HO SURGXFWR GH XQD DQRPDOtD HQ HO GHVDUUROOR HPEULRQDULR TXH FDXVD OD IRUPDFLyQGHXQDPDVDFRPSXHVWDGHWHMLGRTXHHVWiKDEL WXDOPHQWHHQHVHiUHDDXQTXHHQSURSRUFLyQ\GLVWULEXFLyQ 1HXURFLUXJtD 5HFLELGR$FHSWDGR LQDGpFXDGDFRQSUHGRPLQLRGHXQWLSRFHOXODU (O SULPHU FDVR GHVFULWR HQ OD OLWHUDWXUD VH UHPRQWD D $XQTXHHVWDHQWLGDGHVELHQFRQRFLGDVLJXHVLHQGR XQDPDOIRUPDFLyQFRQJpQLWDSRFRIUHFXHQWHTXHVHGHVDUUR OODHQWUHODyVHPDQDGHJHVWDFLyQ(VWiFDUDFWHUL]DGD SRUVXHVWDELOLGDGORFDO\SRUVHUSRFRLQYDVLYDGXUDQWHVX FUHFLPLHQWRDORODUJRGHOWLHPSR /RV KDPDUWRPDV SXHGHQ FODVL¿FDUVH PRUIROyJLFDPHQWH FRPRSHGLFXODGRVRVpVLOHV&XDQGRSUHVHQWDQHSLOHSVLDODV FULVLVJHOiVWLFDVVRQODVPiVWtSLFDVHQHVWDVOHVLRQHV\FXUVDQ FRQHSLVRGLRVGHDSQHDFULVLVIDFLDOHVFOyQLFDV\JHPLGRV 6H KDQ GHVFULWR GLIHUHQWHV WLSRV GH WUDWDPLHQWRV FRQ PD\RURPHQRUp[LWRFRPRODFLUXJtDODWHUPRFRDJXODFLyQ FRQUDGLRIUHFXHQFLDJXLDGDSRUHVWHUHRWD[LD\PiVUHFLHQ WHPHQWHODUDGLRFLUXJtD &DVRFOtQLFR /RV DXWRUHV SUHVHQWDQ HO FDVR FOtQLFR GH XQ QLxR GH PHVHV GH HGDG TXH GHVGH HO QDFLPLHQWR HVWDED VLHQGR WUDWDGRFRQIHQREDUELWDOPJGtDSRUFULVLVIUHFXHQWHV GH KLSHUWRQtD D[LDO FRQ PRYLPLHQWRV GH YHUVLyQ RFXODU VHJXLGRVGHJHPLGR\SRVWUDFLyQ$OWHUFHUGtDGHYLGDOH IXH UHDOL]DGD XQD SULPHUD HFRJUDItD WUDQVIRQWDQHODU TXH IXHLQIRUPDGDFRPRQRUPDO$OPHV\PHGLRGHHGDGVHOH UHDOL]yXQHOHFWURHQFHIDORJUDPDWDPELpQLQIRUPDGRFRPR QRUPDOSRUORTXHVXVSHQGLyODWHUDSLDDQWLFRQYXOVLYD$O UHLQLFLDUVHODVFULVLVVHOHWUDWyFRQIHQREDUELWDOHQGRVLVGH PJFDGDKRUDV $ ORV GRV PHVHV GH YLGD OH IXH UHDOL]DGD XQD QXHYD HFRJUDItD WUDQVIRQWDQHODU TXH PRVWUy XQD PDOIRUPDFLyQ FHUHEUDOKLSHUFRJpQLFDHQODUHJLyQVXEWDOiPLFDHKLSRWD OiPLFD )LJXUDV $ \ % TXH KDFtDQ LQGLVWLQJXLEOHV SRU FRPSOHWRODVHVWUXFWXUDVDQDWyPLFDVGHHVWDUHJLyQ1RVH LGHQWL¿FDEDHOWHUFHUYHQWUtFXOR\SUHVHQWDEDXQHMHPD\RU GH DSUR[LPDGDPHQWH FP QR VLHQGR SRVLEOH HYDOXDU VX H[WHQVLyQDQWHURSRVWHULRU/DVHVWUXFWXUDVGHOWURQFRFHUH EUDOHVWDEDQWDPELpQERUUDGDVSRUODOHVLyQPDQWHQLpQGRVH OD LQWHJULGDG GH ORV GRV WiODPRV YHQWUtFXORV ODWHUDOHV \ GHO FXHUSR FDOORVR 3RVWHULRUPHQWH HVWD LPDJHQ IXH FRQ ¿UPDGDFRQWRPRJUDItDFRPSXWDUL]DGD7&\UHVRQDQFLD $UiQ\FROV )LJXUD $ (FRJUDItD WUDQVIRQWDQHODU HQ FRUWH FRURQDO UHDOL]DGDDORVGRVPHVHVGHYLGDHQODTXHVHSXHGHYHU XQDLPDJHQKLSHUFRJpQLFDFRUUHVSRQGLHQWHDOKDPDUWRPD ORFDOL]DGDSRUGHEDMRGHORVYHQWUtFXORVODWHUDOHV\HQOD OtQHDPHGLD 1HXURFLUXJtD )LJXUD%(FRJUDItDWUDQVIRQWDQHODUHQFRUWHVDJLWDOHQOD TXHHVLQGLVWLQJXLEOHHOWHUFHUYHQWUtFXORDVtFRPRHOWURQFR FHUHEUDO GHIRUPDGRV SRU OD FRPSUHVLyQ UHDOL]DGD SRU OD OHVLyQWXPRUDO )LJXUD$,PDJHQGH50HQFRUWHVDJLWDO7VLQJDGROLQLR HQ OD FXDO VH REVHUYDQ ODV GLPHQVLRQHV GH OD OHVLyQ \ HO PDUFDGRHIHFWRGHPDVDVREUHHOWURQFRFHUHEUDO PDJQpWLFD 50 (Q ODV LPiJHQHV VH UHYHODED FRPR XQD HVLyQ KRPRJpQHD FRQ GHQVLGDG H LQWHQVLGDG LGpQWLFD DO SDUpQTXLPD HQFHIiOLFR GH DSUR[LPDGDPHQWH FP GH HMHPD\RUORFDOL]DGDHQODUHJLyQVXSUDVHODUFRQLQYDJLQD FLyQDORODUJRGHOFOLYXV\H[WHQVLyQVXEWHPSRUDOELODWHUDO OOHJDQGRKDVWDORVDJXMHURVGH0RQUR\RFXSDQGRORVGRV WHUFLRVDQWHULRUHVGHOWHUFHUYHQWUtFXOR6XHMHDQWHURSRV WHULRU PHGtD FP \ HQ VX ORQJLWXG Pi[LPD FDXVDED GHVSOD]DPLHQWR\FRPSUHVLyQFRQVLGHUDEOHGHOWURQFRFHUH EUDO VLQ SURGXFLU LQYDVLyQ GHO SDUpQTXLPD SHULWXPRUDO )LJXUD%&RUWHD[LDO7VLHQGRPX\HYLGHQWHVXDVSHFWR UHGRQGHDGRFRQOtPLWHVELHQGH¿QLGRV\VXUHODFLyQFRQODV HVWUXFWXUDVVXSUD\SHULVHODUHV VLHQGRVXFRQ¿JXUDFLyQUHGRQGHDGD\VXGLiPHWURFRURQDO GHFP)LJXUDV$\% (QXQLQWHQWRGHFRQWUROPpGLFRGHOFXDGURFRQYXOVLYR IXHWUDWDGRFRQXQDGRVLVFUHFLHQWHGHIHQREDUELWDOKDVWD PJFK\YDOSURDWRGHVRGLRHQGRVLVGHPJFK 3RVWHULRUPHQWHHVWD~OWLPDGRVLVVHDXPHQWyDPJFK \VHDVRFLyYLJDEDWULPHQXQDGRVLVGHPJFK 9ROXPLQRVRKDPDUWRPDKLSRWDOiPLFRHQXQQLxRGHPHVHV(SLOHSVLD\FLUXJtD 1HXURFLUXJtD )LJXUD+HPDWR[LOLQD(RVLQD[iUHDGHKDPDU WRPD KLSRWDOiPLFR FRQ QHXURQDV GH YDULRV WDPDxRV DVWURFLWRV\XQSHTXHxRYDVR )LJXUD50SRVWRSHUDWRULDHQODTXHHVPX\HYLGHQWHOD GHVFRPSUHVLyQ GHO WURQFR FHUHEUDO HIHFWXDGD SRU OD FLWR UUHGXFFLRQTXLUXUJLFD $O DJUDYDUVH OD VLQWRPDWRORJtD FRQ DXPHQWR GHO Q~PHUR \ GXUDFLyQ GH ODV FULVLV VH GHFLGLy UHDOL]DU XQD GHVFRPSUHVLyQ PLFURTXLU~UJLFD FLWRUUHGXFFLyQ GLDJQyV WLFRWHUDSpXWLFD 'XUDQWH OD FLUXJtD VH SXGR REVHUYDU XQD OHVLyQ KRPRJpQHD GH DVSHFWR \ FRQVLVWHQFLD LGpQWLFD D OD GH OD VXVWDQFLD EODQFD \ SRFR KHPRUUiJLFD TXH LQYDGtD HO TXLDVPDySWLFR6HOOHYyDFDERXQDPD\RUGHVFRPSUHVLyQ DQLYHOVXSUDVHODUSUHySWLFR\UHWURFOLYDOREVHUYiQGRVHXQD PD\RUUHFWL¿FDFLyQSRVWRSHUDWRULDGHOWURQFRFHUHEUDOORTXH SURGXMRXQDFODUDGHVFRPSUHVLyQTXLU~UJLFD)LJXUD $OH[DPHQDQDWRPRSDWROyJLFR)LJXUDVHREVHUYyXQ WHMLGRQHUYLRVRGHGHQVLGDGFHOXODUOLJHUDPHQWHDXPHQWDGD DFRVWDGHIUHFXHQWHVDJUHJDGRVGHQHXURQDVGHPRUIRORJtD QRUPDO1RVHREVHUYDURQDWLSLDVGHODVFpOXODVJOLDOHVQL ¿JXUDVGHPLWRVLV (QHOHVWXGLRLQPXQRFLWRTXtPLFRFRQDQWLFXHUSRVSDUD 16(VLQDSWR¿VLQDQHXUR¿ODPHQWRVFURPRJUDQLQD*)$3 \SURWHtQD6VHREVHUYyLQPXQRUUHDFWLYLGDGSDUDWRGRV ORVDQWLFXHUSRVH[FHSWRSDUDODFURPRJUDQLQDTXHQRSUH VHQWyQLQJXQDH[SUHVLyQHQHOWHMLGRSRUORTXHODOHVLyQ IXHGLDJQRVWLFDGDGHKDPDUWRPDKLSRWDOiPLFR 'XUDQWH HO SRVWRSHUDWRULR QR VH SURGXMHURQ LQFLGHQWHV GLJQRVGHPHQFLyQDQRVHUXQGHVHTXLOLEULRKLGURHOHFWUROtWLFR WUDQVLWRULRTXHIXHFRUUHJLGRVLQPD\RUHVFRQVHFXHQFLDV 6H REVHUYy XQD PHMRUtD SRVTXLU~UJLFD HYLGHQWH GH OD VLQWRPDWRORJtD HQFRQWUiQGRVH DFWXDOPHQWH FRQ WDQ VyOR XQRRGRVHSLVRGLRVGHFULVLVSRUGtDGHGXUDFLyQLQIHULRU DOPLQXWR\GHPXFKDPHQRULQWHQVLGDGPDQWHQLpQGRVHOD PHGLFDFLyQ DQWLFRQYXOVLYD FRQ IHQREDUELWDO YDOSURDWR GH VRGLR\YLJDEDWULPHQGRVLVGH\PJSRUGtD UHVSHFWLYDPHQWH 'LVFXVLyQ (OKDPDUWRPDKLSRWDOiPLFRHVXQDKHWHURWRSLDFRQJp QLWDFRPSXHVWDSRUQHXURQDVJOtD\¿EUDVPLHOtQLFDV/D OHVLyQVHSXHGHFODVL¿FDUHQGRVJUXSRVFOtQLFRVGLIHUHQWHV (O SULPHUR VH FDUDFWHUL]DSRU SXEHUWDG SUHFR] HQ HO TXH ORVVtQWRPDVFRPLHQ]DQHQWUHHOQDFLPLHQWR\ORVWUHVDxRV GHHGDG(QHOVHJXQGRSXHGHQRKDEHUSXEHUWDGSUHFR]\ VtFRQYXOVLRQHVJHOiVWLFDVGHOWLSRFULVLVSDUFLDOHVFRPSOH MDVUHWUDVRPHQWDO\WUDVWRUQRVVLTXLiWULFRV 0DFURVFySLFDPHQWHHVWDVOHVLRQHVVHORFDOL]DQHQWUHHO WDOORKLSR¿VDULR\ORVWXEpUFXORVPDPLODUHV6RQOHVLRQHV JHQHUDOPHQWH LVRLQWHQVDV FRQ UHVSHFWR D OD VXVWDQFLD JULV QRUPDO HQ 7 \ 75 ODUJR 7( FRUWR \ IUHFXHQWHPHQWH KLSHULQWHQVDVHQ,37QRPRVWUDQGRUHDOFHWUDVODDGPLQLV WUDFLyQGHFRQWUDVWHQLIRFRVGHFDOFL¿FDFLyQ /D WRPRJUDÀD SRU HPLVLyQ GH SRVLWURQHV 3(7 FRQ OD DGPLQLVWUDFLyQ GH WUD]DGRUHV PHWDEyOLFRV FRPR HO )ÀXRUXURGHVKLGURJHQDVD \ FRQ PHGLFLRQHV GH OD XWL OL]DFLyQ GH JOXFRVD FHUHEUDO SXHGH GHPRVWUDU XQ iUHD GH KLSRPHWDEROLVPR HQ ORV SHUtRGRV GH LQWHUFULVLV HQ SDFLHQWHV HQ ORV TXH ORV H[iPHQHV GH 7& \ 50 QR VRQ WDQHYLGHQWHV(VWHPLVPRiUHDVHYXHOYHKLSHUPHWDEyOLFD GXUDQWHODVFULVLV (OGLDJQyVWLFRGLIHUHQFLDOGHEHUHDOL]DUVHFRQHOJOLRPD KLSRWDOiPLFRFUDQHRIDULQJLRPDJOLRPDySWLFRJHUPLQRPD \JDQJOLRJOLRPD&DGDXQRGHHOORVFRQFDUDFWHUtVWLFDVGH QHXURLPDJHQTXHWUDVXQHVWXGLRDGHFXDGRODVKDFHQGLV WLQJXLEOHVHQWUHVtHQODPD\RUtDGHORVFDVRV (O WUDWDPLHQWR TXLU~UJLFR HV GLVFXWLEOH HQ HVWH WLSR GH OHVLRQHV ([LVWHQ GLIHUHQWHV WUDWDPLHQWRV SRVLEOHV SDUD HVWDHQWLGDGFOtQLFD'HVGHHOWUDWDPLHQWRFRQVHUYDGRUFRQ WHUDSpXWLFDPpGLFDDQWLFRPLFLDOKDVWDODUHPRFLyQTXLU~U JLFD FRPSOHWD R SDUFLDO FOiVLFD \ \D PiV UHFLHQWHPHQWH $UiQ\FROV FRQ OD WHUPRFRDJXODFLyQ FRQ UDGLRIUHFXHQFLD JXLDGD SRU HVWHUHRWD[LD\FRQODUDGLRFLUXJtD 'HVGH KHPRV HQFRQWUDGR SXEOLFDGRV FDVRV WRGRVHOORVFRQFULVLVJHOiVWLFDV'HpVWRVIXHURQWUDWD GRVTXLU~UJLFDPHQWHHIHFWXiQGRVHHQUHPRFLRQHVWRWDOHV \HQXQDUHPRFLyQSDUFLDO0HMRUDURQGHODVFULVLVGH HVWRV SDFLHQWHV 'HO PLVPR PRGR HQ ORV WUDWDGRV FRQ WHUPRFRDJXODFLyQ \ WHUDSpXWLFD PpGLFD FRQVHUYDGRUD VH REWXYLHURQPHMRUtDVGHODVLQWRPDWRORJtDFRPLFLDO QRHQFRQWUiQGRVHSRUORWDQWRGLIHUHQFLDVHYLGHQWHVHQWUH HVWRVWLSRVGHWUDWDPLHQWR 5HFLHQWHPHQWH 8QJHU \ FROV UH¿HUHQ TXH OD UDGLRFLUXJtDHQGRVLVEDMDVGH*\VHKDPRVWUDGR H¿FD]HQODVXSUHVLyQGHODDFWLYLGDGHSLOHSWRJpQLFDQR VXEVWLWX\HQGRDODFLUXJtD\HQFRQWUiQGRVHWRGDYtDHQXQD IDVH LQLFLDO GH E~VTXHGD GH SDUiPHWURV /D UDGLRFLUXJtD UHSUHVHQWD XQD DOWHUQDWLYD YiOLGD SDUD DTXHOORV FDVRV HQ RVTXHH[LVWHXQDFRQWUDLQGLFDFLyQTXLU~UJLFDIRUPDORQR KD\ FRQVHQWLPLHQWR IDPLOLDU SDUD OD FLUXJtD /D UDGLDFLyQ FHUHEUDO SUHVHQWD PXFKRV HIHFWRV VHFXQGDULRV HVSHFLDO PHQWHHQQLxRVGHFRUWDHGDGSRUORTXHGHEHVHUSRQGHUDGD FDXWHORVDPHQWH (VHYLGHQWHTXHFXDQGRH[LVWHXQYROXPHQWXPRUDOTXH SURGXFHXQHIHFWRGHPDVDVLJQL¿FDWLYRFRQFRPSUHVLyQ\ GHVSOD]DPLHQWRGHHVWUXFWXUDVDG\DFHQWHVODFLUXJtDWLHQH YDULRVREMHWLYRVODFRQ¿UPDFLyQKLVWROyJLFDGHOGLDJQyV WLFRODFLWRUUHGXFFLyQGHVFRPSUHVLYD\ODUHGXFFLyQGHODV FULVLV /D GLVSDULGDG GH OD H[WHQVLyQ GH HVWDV OHVLRQHV QR SHUPLWH FRPSDUDU UHVXOWDGRV HQWUH HVWUDWHJLDV TXLU~UJLFDV PiVRPHQRVDJUHVLYDV6LQHPEDUJRQRVSDUHFHOyJLFRTXH ODQHXURQDYHJDFLyQSXHGDVHUXQLQVWUXPHQWRPX\~WLOHQ ODFLUXJtDGHHVWDVOHVLRQHV9DOGXH]D\FROVUHFRPLHQGDQ OD FLUXJtD FRPR WHUDSpXWLFD GH HOHFFLyQ HQ ORV FDVRV GH GHWHULRURYLVXDOSURJUHVLYR\IDOORGHOWUDWDPLHQWRPpGLFR 7DPELpQHQORVFDVRVGHFULVLVGHGLItFLOFRQWURO\DQRUPD OLGDGHVGHOGHVDUUROORODFLUXJtDHVHOHFWLYD &RQFOXVLyQ $~QHQFDVRVFRPRHOQXHVWURHQTXHSRUODVFDUDFWH UtVWLFDVGHOSURFHVRWXPRUDOVHHIHFW~HVyORXQDUHVHFFLyQ PX\SHTXHxDpVWDSXHGHVHU~WLOSDUDHOFRQWUROGHODVFULVLV FRQYXOVLYDV %LEOLRJUDItD O $OEULJKW $/ /HH 3$ 1HXURVXUJLFDO WUHDWPHQW RI K\SRWKDODPLFKDPDUWRPDVFDXVLQJSUHFRFLRXVSXEHUW\-1HX URVXUJ $ULWD..XULVX.,LGD.HWDO6XEVLGHQFHRIVHL]XUH LQGXFHGE\VWHUHRWDWLFUDGLDWLRQLQDSDWLHQWZLWKK\SRWKDODPLF KDPDUWRPD&DVHUHSRUW-1HXURVXUJ %R\NR 2% &XUYHV -7 2DNHV :- %XUJHU 3& 1HXURFLUXJtD +DPDUWRPDV RI WKH WXEHU FPHUHXP &7 05 DQG SDWKRORJLF ¿QGLQJV$-15 &KHQJ . 6DZDPXUD < <DPDXFKL 7 $EH + $V\PSWRPDWLFODUJHK\SRWKDODPLFKDPDUWRPDDVVRFLDWHGZLWK SRO\GDFW\O\LQDQDGXOW1HXURVXUJ &KHQ 7& *RQ]iOH]*y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¿WVD YLGHRVWHUHR((* VWXG\ (OHFWURHQFHSKDORJU &OLQ 1HXURSKL VLRO 2VERUQ $* 7XPRUHV FHUHEUDOHV \ PDVDV GH WLSR WXPRUDO &ODVL¿FDFLyQ \ GLDJQyVWLFR GLIHUHQFLDO (Q $QQH * 2VERUQ 1HXURUUDGLRORJtD 'LDJQyVWLFD 0DGULG 0RVE\ 'R\PD/LEURV6$SS 3DLOODV-(5RJHU-7RJD06RXOD\URO56DOD PRQ*'UDYHW&%XUHDX0+DPDUWRPDRIWKHK\SRWKD ODPXV&OLQLFDOUDGLRORJLFDODQGKLVWRORJLFDOVWXG\UHVXOWVRI VXUJLFDOH[FLVLRQ5HY1HXURO3DULV 6FKLIIHU ' %UDLQ 7XPRUV %LRORJ\ 3DWKRORJ\ DQG &OLQLFDO 5HIHUHQFHV HG %HUOLQ 6SULQJHU9HUODJ S 8QJHU ) 6FKU|WWQHU 2 +DVHOEHUJHU . HW DO *DPPD NQLIH UDGLRVXUJHU\ IRU K\SRWKDODPLF KDPDUWRPDV LQ SDWLHQWV ZLWK PHGLFDOO\ LQWUDFWDEOH HSLOHSV\ DQG SUHFRFLRXV SXEHUW\-1HXURVXUJ 9DOGXH]D -0 &ULVWDQWH / 'DPPDQQ 2 HW DO +\SRWKDODPLFKDPDUWRPDVZLWKVSHFLDOUHIHUHQFHWRJHODVWLF HSLOHSV\DQGVXUJHU\1HXURVXUJHU\ 9DTXHUR-&RFD6$WODVGH3DWRORJtD7XPRUDOGHO 6LVWHPD1HUYLRVR0DGULG0LQLVWHULRGH'HIHQVD6HFUHWDUtD *HQHUDO7pFQLFDSS $UiQ ( 3HUHLUD - &DVWUR / 9D] 5 9ROXPLQRVR KDPDUWRPDKLSRWDOiPLFRHQXQQLxRGHPHVHV(SLOHSVLD \FLUXJtD1HXURFLUXJtD &RUUHVSRQGHQFLDSRVWDO(GXDUGR$UiQ(FKDEH5HSGHO6DOYD GRU'6DQWLDJRGH&RPSRVWHOD$&RUXxD(VSDxD