6LPXOWDQHLGDG &DStWXOR,, ³«¢4XHUpVTXHPHGHVFKDYH\GLJDTXLpQVRVYRV" £9RVVRVFKHYDJRQHWDHOTXHDWUDVyHOUHORM´ 'HO7DQJR³(OTXHDWUDVyHOUHORM´FRQOHWUDGH(QULTXH&DGtFDPR 6,08/7$1(,'$' /D5HODWLYLGDG(VSHFLDOQDFLyGHODPDQRGHOFRQFHSWRGHVLPXOWDQHLGDG(QVX DUWtFXORGH(LQVWHLQPRVWUyTXHQRVHSXHGHD¿UPDUTXHGRVVXFHVRVOHMDQRV VRQVLPXOWiQHRVDPHQRVTXHVHDGRSWHDOJ~QFULWHULRLQHTXtYRFRSDUDODGH¿QLFLyQ GHVLPXOWDQHLGDG $FHSWDQGRHQWRQFHVTXHpVWHHVHOYHUGDGHURVXVWHQWRGHOD5HODWLYLGDG(VSHFLDO ORVDQiOLVLVGHHVWHOLEURWDPELpQSDUWHQGHXQSURIXQGRDQiOLVLVGHODVLPXOWDQHL GDG6LQHPEDUJRVLJXLHQGRHOHVStULWXJOREDOGHHVWDREUDHOPD\RUpQIDVLVQR ORSRQGUpHQODGH¿QLFLyQVLQRHQHOFRQFHSWRGHVLPXOWDQHLGDGQHFHVDULRSDUD HVWDEOHFHUODUHODFLyQHQWUHKHFKRVGLVWDQWHVVHSDUDGRVSRUXQDVLJQL¿FDWLYDGLV WDQFLDHVSDFLDO (LQVWHLQGH¿QLyHVWHFRQFHSWRPHGLDQWHHOHPSOHRGHVHxDOHVOXPLQRVDV 3HURODYHORFLGDGGHODOX]SRVHHXQDPDJQLWXGTXHHVFDSDDORVYDORUHVTXH PDQHMDPRVUXWLQDULDPHQWH3RUORWDQWRFUHRFRQYHQLHQWHHPSOHDUVLWXDFLRQHV PiVIiFLOHVGHYLVXDOL]DU 816$/8'26,08/7È1(2 %XHQDV,QWHQFLRQHV +DFHPXFKRWLHPSRWRGRVORVKDELWDQWHVGHXQDFLXGDGGHFLGLHURQVDOXGDUFRQ XQHVWUXHQGRVR£%8(126'Ë$6DXQDFLXGDGYHFLQD /DHGXFDGDFLXGDGGHOFXHQWRHUD%XHQRV$LUHV\ODVRUSUHQGLGDFLXGDGDVHU VDOXGDGDHUD/D3ODWDDPEDVFLXGDGHVSHUWHQHFLHQWHVDOD5HS~EOLFD$UJHQWLQD 3DUDHOORORVFDVLGHKDELWDQWHVGH%XHQRV$LUHVVHSXVLHURQGHDFXHUGR HQHPLWLUVXVDOXGRDODVGHODPDxDQDGHXQGtDSUH¿MDGR (QDTXHOODpSRFDWRGRVORVKDELWDQWHVHPSOHDEDQEXHQRVUHORMHV\FDEHUHFRUGDU TXH%XHQRV$LUHVRFXSDXQDVXSHU¿FLHTXHVHDVHPHMDDXQFtUFXORGHXQRVNP GHGLiPHWUR 1RWD$ORODUJRGHPLVGHVDUUROORVVXHORXVDUYDORUHVQXPpULFRVDSUR[LPD GRVSDUDQRGHVYLDUHOIRFRGHORVFRQFHSWRVTXHVHGLVFXWHQ/DVH[SOLFD FLRQHVQRVHDOWHUDQVLVHHPSOHDQORVYDORUHVQXPpULFRVFRUUHFWRV /D3ODWDVHHQFXHQWUDXELFDGDDXQRVNPDOVXUGH%XHQRV$LUHV\HOVRQLGRUHFR UUHHVWDGLVWDQFLDHQXQRVWUHVPLQXWRVDUD]yQGHXQRVNPFDGDVHJXQGRV (VWRKL]RTXHHOVDOXGROOHJDUDDODVD/D3ODWD 3iJLQD 6LPXOWDQHLGDG ¢&RUUHFWR" 0DORV5HVXOWDGRV £)$/62/DJHQWHGH/D3ODWDOHMRVGHDJUDGHFHUODDPDEOHLQWHQFLyQGH%XHQRV $LUHVVHTXHMyGHTXHGDGRTXHTXHUtDQPDQGDUOHVXQVDOXGRORVSRUWHxRVDVt VHFRQRFHDORVKDELWDQWHVGH%XHQRV$LUHVSRGUtDQKDEHUVHWRPDGRHOWUDEDMR GHJULWDUDOPLVPRWLHPSR 6HJ~QORVKDELWDQWHVGH/D3ODWDWRGRORTXHUHFLELHURQIXHXQFRQIXVRPXUPXOOR TXHGXUyDOUHGHGRUGHPHGLRPLQXWR /DUD]yQHVPX\VLPSOH6LWRGRVORVKDELWDQWHVGH%XHQRV$LUHVJULWDQDODV \HOVDOXGRYDGLULJLGRD/D3ODWDHOJULWRGHORVKDELWDQWHVGHO1RUWHGH%XHQRV$LUHV GHEHSULPHURDWUDYHVDUODSURSLDFLXGDGDQWHVGHHPSUHQGHUHOUHFRUULGRGHORV NPKDFLDHOVXU<HVWHUHFRUULGRLQWHUQRFRQVXPHXQRVWUHLQWDVHJXQGRV /D)LJ,,PXHVWUDJUi¿FDPHQWHHOPRPHQWRHQTXHSDUWHXQDRQGDVRQRUD GHVGHXQDGHWHUPLQDGDSRVLFLyQGHRULJHQ )LJ,,3DUWHXQDVHxDOVRQRUDHQHOPRPHQ WR7 VGHVGHHORULJHQ )LJ,,&XDQGRVHDOFDQ]DHOWLHPSR7 V ODRQGDVRQRUDUHFRUULyNP /D)LJ,,PXHVWUDODXELFDFLyQGHODVHxDOVRQRUDFXDQGRWUDQVFXUULHURQVH JXQGRVGHVGHVXJHQHUDFLyQ(QHVHPRPHQWRODRQGDVHHQFXHQWUDDXQRV NPGHORULJHQ\DYDQ]yHQIRUPDUDGLDOHQWRGDVGLUHFFLRQHVJHQHUDQGRXQ³IUHQWH´ FLUFXODUFHQWUDGRHQHORULJHQ /D)LJ,,HVTXHPDWL]DHOHVWDGRGHFRVDVDORVVHJXQGRVGHKDEHUHPLWLGR ODVHxDOVRQRUD /D)LJ,,PXHVWUDODHYROXFLyQGHGRVVHxDOHVRULJLQDGDVVLPXOWiQHDPHQWHSHUR HQSXQWRVDOHMDGRV(VWD¿JXUDPXHVWUDODUD]yQSRUODTXHHOVDOXGRQRDOFDQ]y ODFLXGDGGH/D3ODWDHQIRUPDVLPXOWiQHD 3iJLQD 6LPXOWDQHLGDG )LJ,,$OWLHPSR7 VODRQGDVRQRUDDO FDQ]DODVSRVLFLRQHVTXHVHHQFXHQWUDQD NPGHORULJHQ )LJ,,'HVGHGRVRUtJHQHVGLVWLQWRVVHJH QHUDQVHQGRVVRQLGRVVLPXOWiQHDPHQWH/DV RQGDVDOFDQ]DQFDGDSRVLFLyQGHOHMH1RUWH 6XUHQGLIHUHQWHVPRPHQWRV 0HMRUDQGRHOHVIXHU]R &XDQGRVHGLHURQFXHQWDGHVXHUURUORVKDELWDQWHVGH%XHQRV$LUHVGHFLGLHURQ KDFHUODVFRVDVDGHFXDGDPHQWH\VLQFURQL]DUVXVVDOXGRVWHQLHQGRHQFXHQWDOD YHORFLGDGGHOVRQLGR'HHVWHPRGRDOGtDVLJXLHQWHORVKDELWDQWHVGHOQRUWHGH %XHQRV$LUHVJULWDURQ£%8(126'Ë$6DODV\ORVGHOVXUDODV PLHQWUDVTXHORVGHPiVORKLFLHURQHQXQPRPHQWRLQWHUPHGLRGHDFXHUGRFRQ VXXELFDFLyQJHRJUi¿FD (OUHVXOWDGRGHHVWHWLSRGHFRRUGLQDFLyQSXHGHYHUVHHQORVHVTXHPDVGHODV ¿JXUDV,,D,,&DGDSRVLFLyQHPLWHVXVHxDOVRQRUDFXDQGRHVDOFDQ]DGDSRU ODSULPHUDVHxDOHPLWLGD(QODV¿JXUDVVHLQGLFDQVyORWUHVSRVLFLRQHVDOLQHDGDV KDFLDHOVXUHLGHQWL¿FDGDVFRQORVQ~PHURV\ )LJ,,$7 VVHHPLWHXQDRQGDVRQRUD GHVGHODSRVLFLyQLGHQWL¿FDGDFRQHOQ~PHUR )LJ,,&XDQGRODVHxDODOFDQ]DODSRVLFLyQ GHVGHpVWDVHHPLWHXQDQXHYDVHxDO 3iJLQD 6LPXOWDQHLGDG /D)LJ,,PXHVWUDHOPRPHQWRHQTXHODVHxDOSDUWHGHVGHODSRVLFLyQ$ODO FDQ]DUODSRVLFLyQVHHPLWHXQDQXHYDVHxDOGHVGHHVWDSRVLFLyQ)LJ,,/D VLWXDFLyQVHUHSLWHFXDQGRODVVHxDOHVDOFDQ]DQODSRVLFLyQ)LJ,, &RPRSXHGHREVHUYDUVHHQOD)LJ,,HOIUHQWHGHRQGDVHV~QLFRHQGLUHFFLyQ6XU 7RGDVODVRQGDVHPLWLGDVDOFDQ]DQODVVXFHVLYDVSRVLFLRQHVHQIRUPDVLPXOWiQHD )LJ,,$7 VODVGRVVHxDOHVSUHYLDVDO FDQ]DQODSRVLFLyQ(QHVHPRPHQWRGHVGH HVWD~OWLPDSRVLFLyQSDUWHXQDQXHYDVHxDO )LJ,,$ORVVVHREVHUYDTXHHOIUHQWH GHDYDQFHKDFLDHO6XUSUHVHQWDXQDSHUIHFWD FRRUGLQDFLyQGHODVVHxDOHVHPLWLGDV 'HHVWHPRGRODJHQWHGH/D3ODWDTXHGyPiVVDWLVIHFKDDXQTXHKLFLHURQQRWDUTXH HQORVVXEXUELRVGHO(VWH\HO2HVWHHOVDOXGROOHJyQXHYDPHQWHGLVWRUVLRQDGR(VWD REVHUYDFLyQFRLQFLGHFRQODSpUGLGDGHVLPXOWDQHLGDGDSUHFLDEOHHQOD)LJ,,KDFLD SRVLFLRQHVDO(VWH\DO2HVWHGHODOtQHD1RUWH6XUTXHXQHODVSRVLFLRQHV\ 5HVXOWDGR,QHVSHUDGR (Op[LWRGHOVDOXGRIXHUD]RQDEOHSHURFXDQGRORVKDELWDQWHVGH%XHQRV$LUHVGHFL GLHURQIHVWHMDUVXPD\RUH¿FLHQFLDUHFLELHURQXQDDPDUJDTXHMDGHORVKDELWDQWHV GH/XMDQWDPELpQDXQRVNPGH%XHQRV$LUHVSHURHQGLUHFFLyQQRUWH /DTXHMDIXHSRUHOGHVRUGHQFUHFLHQWHGH%XHQRV$LUHV(OSULPHUGtDOHVKDEtD OOHJDGRXQPXUPXOORGHXQRVVHJXQGRVGHGXUDFLyQLJXDOTXHHQODFLXGDGGH /D3ODWDSHURDOGtDVLJXLHQWHOHVOOHJyXQUXLGRGHPLQXWRGHGXUDFLyQ /DSURSLD)LJ,,H[SOLFDHVWHIHQyPHQR$OFRRUGLQDUHODYDQFHGHODVHxDOHV KDFLDHO6XUVHDXPHQWDODIDOWDGHVLPXOWDQHLGDGHQODGLUHFFLyQ1RUWH 'HVFRQFHUWDGRVORVKDELWDQWHVGH%XHQRV$LUHVGHVFXEULHURQTXHQRSRGtDQUHD OL]DUXQVDOXGRVLPXOWiQHRSDUDWRGDVODVFLXGDGHVGHVXVDOUHGHGRUHV+DFLHQGR VLPXOWiQHRHOVRQLGRHQXQDGLUHFFLyQQRSRGtDQKDFHUORHQRWUD (QFRQVHFXHQFLDORVKDELWDQWHVGH%XHQRV$LUHVGHFLGLHURQQRVDOXGDUQXQFDPiVD KDELWDQWHVGHRWUDVFLXGDGHVGDQGRRULJHQDHVWDELHQFRQRFLGDFRVWXPEUHSRUWHxD3iJLQD 6LPXOWDQHLGDG 5$<26<758(126 2WURHMHPSORGHODIDOWDGHVLPXOWDQHLGDGDEVROXWDHVODGXUDFLyQGHOWUXHQRFRQ UHVSHFWRDOUHOiPSDJR(OIHQyPHQRItVLFRFKLVSD]RHOpFWULFRGXUDPiVRPHQRV ORTXHYHPRVHOUHOiPSDJRSHURODVHxDOVRQRUDQRVyOROOHJDPiVWDUGHVLQRTXH GXUDPXFKRPiV/DUD]yQGHODPD\RUGXUDFLyQGHOWUXHQRUDGLFDFODUDPHQWHHQOD GLIHUHQWHGLVWDQFLDKDVWDQXHVWURVRtGRVGHORVGLIHUHQWHVSXQWRVGHOUHOiPSDJR (OUHOiPSDJRHVXQIHQyPHQRTXHDEDUFDYDULRVNLOyPHWURVHQWDQWRTXHQXHVWUR RtGRHVXQUHFHSWRUSXQWXDOXELFDGRDGLIHUHQWHVGLVWDQFLDVGHFDGDSRVLFLyQHQ TXHVHJHQHUDHOFKLVSD]RHOpFWULFR 3UHJXQWD¢/DIDOWDGHVLPXOWDQHLGDGDEVROXWDREHGHFHDXQSUREOHPDTXHSXHGH VROXFLRQDUVHRHVXQDSURSLHGDGGHOVLVWHPD" 5HVSXHVWD3RUPXFKRTXHGHPRVYXHOWDDODVXQWRHVLPSRVLEOHKDFHUTXHGRV VRQLGRVGLVWDQWHVUHVXOWHQVLPXOWiQHRVSDUDWRGRVORVREVHUYDGRUHV3RUORWDQWROD IDOWDGHVLPXOWDQHLGDGDEVROXWDHVXQDFDUDFWHUtVWLFDGHORVVLVWHPDVDQDOL]DGRV 2EVHUYDFLRQHV(QWUHRWURVLQQXPHUDEOHVHMHPSORVODLQFUHtEOHJHQLDOLGDGGH (LQVWHLQVHSXVRGHPDQL¿HVWRFXDQGRUHFRQRFLyHVWDSURSLHGDGGHORVVLVWHPDV ItVLFRV\ODVFRQVHFXHQFLDVTXHGHULYDQGHpO ,QJHQXDPHQWHSRGUtDPRV³UHVROYHU´HOSUREOHPDGLFLHQGRTXHH[LVWHXQDVLPXOWD QHLGDGDEVROXWDFRQLQGHSHQGHQFLDGHORVREVHUYDGRUHV(QWRQFHVVLWRGDVODV SHUVRQDVJULWDQDODVGH¿QLPRVDOVRQLGRFRPRVLPXOWiQHR6LORVTXH HVFXFKDQQRHQWLHQGHQHOPHQVDMHGHFLPRVTXHHOSUREOHPDHVGHHOORV\GHHVWD IRUPDFRQFOXLPRVHOWHPD 6LDFHSWDPRVHVWDFRQFOXVLyQFRQYLHQHUHFRUGDUTXHOD%RPED$WyPLFDIXQFLRQD SRUTXHKD\JHQWHTXHGHFLGLySURIXQGL]DUHOWHPD<QRHVWR\GLFLHQGRTXHOD %RPED$WyPLFDVHDEXHQDRPDOD«VyORGLJRTXHH[LVWH $QDOLFHPRVODH[SUHVLyQ³«FRQLQGHSHQGHQFLDGHORVREVHUYDGRUHV«´TXHHPSOHp HQXQSiUUDIRSUHYLR(QHVHFRQWH[WRHVWR\KDFLHQGRUHIHUHQFLDDODVSHUVRQDV TXHHVFXFKDQ6LQHPEDUJRHQItVLFDGHEHPRVHTXLSDUDUODH[SUHVLyQ³REVHU YDGRU´FRQ³HOHPHQWRTXHLQWHUDFW~D´8QiWRPRTXHUHFLEHXQUD\ROXPLQRVRH LQWHUDFW~DFRQpOHVHOHTXLYDOHQWHGHXQ³REVHUYDGRU´SDUDODVHxDOOXPLQRVD< DTXtHVGRQGHVHWRUQDJLJDQWHVFDODFRQFHSFLyQGH(LQVWHLQ (LQVWHLQDVXPLyTXHWRGDVODVLQWHUDFFLRQHVItVLFDVVHSURGXFHQFyPRPi[LPR DYHORFLGDGF 1RWD(QWRGRHVWHOLEURYR\DHPSOHDUNPVFRPRYDORUDSUR[LPD GRGHFYHORFLGDGGHODOX]HQHOYDFtR $FHSWDQGRHVWHD[LRPDUHVXOWDTXHQRH[LVWHQYHORFLGDGHVLQ¿QLWDV\SRUORWDQ WRQRH[LVWHVLPXOWDQHLGDGDEVROXWDHQHOXQLYHUVR$OD¿UPDUTXHGRVHYHQWRV GLVWDQWHVVRQVLPXOWiQHRVVHHVWiDFHSWDQGRLPSOtFLWDRH[SOtFLWDPHQWHDOJXQD GH¿QLFLyQGHVLPXOWDQHLGDG (QODVROXFLyQLQJHQXDGHOSUREOHPDGHOVRQLGRHPSOHDPRVXQDYHORFLGDGPXFKR PiVJUDQGHSDUDGH¿QLUHQIRUPDDEVROXWDODVLPXOWDQHLGDG/DOX]HVFDVL 3iJLQD 6LPXOWDQHLGDG GHYHFHVPiVYHOR]TXHHOVRQLGR'HHVWHPRGRXQDVHSDUDFLyQGHNPVHWRUQD GHVSUHFLDEOHSDUDODVPHGLFLRQHVFRQRQGDVHOHFWURPDJQpWLFDV3RUHVRSRGHPRV VLQFURQL]DUORVUHORMHVGHXQDFLXGDGSHURQRORVVDOXGRVDF~VWLFRV (VRTXLHUHGHFLUTXHVLHPSOHDPRVXQVLVWHPDTXHVHDXQPLOOyQGHYHFHVPiV JUDQGHHOSUREOHPDFRQODOX]DGTXLHUHODPLVPDPDJQLWXGTXHFRQHOVRQLGR 6XSRQJDPRVHQWRQFHVTXHDKRUDHVHO6LVWHPD6RODUHOTXHGHFLGHVDOXGDUFRQ XQDVHxDOOXPLQRVDDWRGRVORVVLVWHPDVSODQHWDULRVYHFLQRV 2WUDYH]UHVXOWDLPSRVLEOHHPLWLUXQDVHxDOTXHOOHJXHHQIRUPDVLPXOWiQHDDWRGDV ODVHVWUHOODV(OGHVIDVHHQWUHODVHxDOGH/D7LHUUD\ODVHxDOGH6DWXUQRSXHGHVHU PD\RUTXHXQDKRUD<VLORJUDPRVODVLPXOWDQHLGDGHQXQDGLUHFFLyQVHSURGXFH XQGHVDMXVWHHQWRGDVODVRWUDV 6LQHPEDUJRSRGUtDPRVUHFXUULUDODPLVPDVROXFLyQLQJHQXD\DPHQFLRQDGD y 6LQFURQL]DPRVWRGRVORVUHORMHV\PDQGDPRVODVHxDODODV y 'H¿QLPRVHVDVLWXDFLyQFRPRXQDVHxDOVLPXOWiQHD\QRVGHVHQWHQGHPRV GHODGL¿FXOWDGGHORVUHFHSWRUHVSDUDUHFLELUODFRPRWDO £8QPRPHQWR /DVLWXDFLyQDKRUDQRHVWDQVLPSOH/DSUHJXQWDTXHVXUJHHV¢&yPRVHVLQFUR QL]DQORVUHORMHVGHOVLVWHPDVRODU" 3RUTXHDKRUDQRVHGLVSRQHGHXQDVHxDO³LQ¿QLWDPHQWH´UiSLGDSDUDFRORFDUWRGRV ORVUHORMHVDODPLVPDKRUD&RQHOVRQLGRSXGLPRVXVDUODOX]FRPRVLWXYLHUD YHORFLGDGLQ¿QLWD3HURFRQODOX]¢TXpGHEHPRVHPSOHDU" 6XSRQJDPRVTXHDXQTXHQRVHGLVSRQHGHXQDYHORFLGDGLQ¿QLWDLPDJLQDPRV TXHpVWDH[LVWH\FXDQGRGHFLPRVTXHHQXQDFLXGDGGH7LWiQXQVDWpOLWHGH 6DWXUQR\HQ%XHQRV$LUHVVRQODVHVSRUTXHHVWDVFRVDVRFXUUHQ³VL PXOWiQHDPHQWH´ (QHOSUy[LPRFDStWXORYDPRVDYHUTXHHVWHSODQWHRHVEDVWDQWHPiVFRPSOHMR GHORTXHSXHGHSDUHFHUHQXQSULPHUDQiOLVLV &21&/86,21(635,1&,3$/(6'((67(&$3Ë78/2 y 1RVHSXHGHQHVWDEOHFHUVLPXOWDQHLGDGHVDEVROXWDVSDUDWRGRVORVREVHU YDGRUHVHQODPHGLGDTXHQRH[LVWDQYHORFLGDGHVLQ¿QLWDV y 3DUDGHFODUDUTXHGRVVXFHVRVVHSDUDGRVHVSDFLDOPHQWHVRQVLPXOWiQHRV ODVLPXOWDQHLGDGGHEHVHUGH¿QLGDPHGLDQWHDOJ~QPHFDQLVPRRSURFHVR GHPHGLFLyQ 3iJLQD