/RVGHVDVWUHVHQ/DWLQRDPpULFDYXOQHUDELOLGDG \UHVLVWHQFLD %(1,*12($*8,55( 5HVXPHQ6HRIUHFHXQDQiOLVLVFUtWLFRGHFyPRHO FRQFHSWRGHODYXOQHUDELOLGDGVRFLDOHVXVDGRHQ DOJXQRVHVWXGLRVGHGHVDVWUHVHQ/DWLQRDPpULFD /DLQFRUSRUDFLyQGHODFDSDFLGDGGHUHVLVWHQFLD SURGXFLUtDXQDDSUHFLDFLyQPXFKRPiVDSURSLD GDGHOIHQyPHQRGHORVGHVDVWUHVTXHLPSDFWDQHO FRQWLQHQWHGDUtDPD\RUUHOHYDQFLDDORVSURFHVRV GHPRYLOL]DFLyQFRPXQLWDULDD\XGDUtDDHVWDEOHFHU PRGHORVGHDGPLQLVWUDFLyQS~EOLFDPiVHVWDEOHV\ GDUt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yQ .H\ZRUGVYXOQHUDELOLW\FDSDFLW\IRUUHVLVWDQFHFXOWXUHLQWKHIDFHRIGLVDVWHUVPLWLJDWLRQ ( O HVWXGLR GH ORV GHVDVWUHV GHVGH OD SHUVSHFWLYD GH ODV FLHQFLDV VRFLDOHV VH GHVDUUROOy LQLFLDOPHQWH HQ ORV (VWDGRV 8QLGRV HQ HO &HQWURGH(VWXGLRVGH'HVDVWUHV'5&SRUVXVVLJODVHQLQJOpVGH OD 8QLYHUVLGDG GHO (VWDGR GH 2KLR HQ &ROXPEXV 2KLR KR\ XELFDGR HQ OD 8QLYHUVLGDG GH 'HODZDUH (VWD IRUPD GH DQDOL]DU ORV GHVDVWUHV HVWDEOHFLGDSRUORVSURIHVRUHV55'\QHV\(/4XDUDQWHOOLVXSRQH ODH[LVWHQFLDGHXQDRUJDQL]DFLyQVRFLDOTXHHVVDFXGLGDSRUXQDJUDQ FULVLV GH WLSR HVSHFtILFR R VHD XQD FULVLV TXH H[FHGH ORV UHFXUVRV GH XQD FRPXQLGDG \ TXH HQWRQFHV UHTXLHUH OD D\XGD GHO H[WHULRU VHDGHXQDUHJLyQGHXQSDtVRGHRUJDQL]DFLRQHVLQWHUQDFLRQDOHV/RV REMHWRV GH OD LQYHVWLJDFLyQ HQ HO PRGHOR GHO '5& VRQ FDVL VLHPSUH ODV RUJDQL]DFLRQHVFRPSOHMDVHQXQDFRPXQLGDGODVEXURFUDFLDVTXHVHYHQ DIHFWDGDV GH XQD IRUPD R GH RWUD SRU HO GHVDVWUH /DV LQYHVWLJDFLRQHV 'LULJLUFRUUHVSRQGHQFLDDO'HSDUWPHQWRI6RFLRORJ\DQG&ULPLQDO-XVWLFH'LVDVWHU 5HVHDUFK&HQWHU8QLYHUVLW\RI'HODZDUH1HZDUN'HODZDUH)D[ FRUUHRHOHFWUyQLFR$JXLUUH#8GHO(GX! '58QLYHUVLGDG1DFLRQDO$XWyQRPDGH0p[LFR,QVWLWXWRGH,QYHVWLJDFLRQHV6RFLDOHV5HYLVWD0H[LFDQDGH6RFLRORJtD DxRQ~PMXOLRVHSWLHPEUH0p[LFR')SS,66186' 5(9,67$0(;,&$1$'(62&,2/2*Ì$$f21Ô0-8/,26(37,(0%5( VRQ HMHPSORV GH OD VRFLRORJtD DSOLFDGD TXH VH HVIXHU]D SRU HVFODUHFHU ODVIRUPDVGHPHMRUDUORVSURJUDPDV\ORVGLVSRVLWLYRVGHSODQLILFDFLyQ SDUDGHHVDIRUPDDOLYLDUORVHIHFWRVGHORVGHVDVWUHV'LFKDVRFLRORJtD DQDOL]D XQD VHULH GH SUREOHPDV UHODFLRQDGRV FRQ GHVDVWUHV WDOHV FRPR ODV FDUDFWHUtVWLFDV ySWLPDV GH LQWHJUDFLyQ GH P~OWLSOHV RUJDQL]DFLRQHV FRPXQLWDULDV\ODVWRPDVGHGHFLVLyQFRRUGLQDFLyQ\GLYLVLyQGHOWUDEDMR HQWUHDJHQFLDV\EXURFUDFLDVLQYROXFUDGDVHQORVGHVDVWUHVHQXQFRQWH[WR GHHWDSDVRPRPHQWRVTXHFDUDFWHUL]DQODUHDFFLyQGHODVRFLHGDGDQWH ODFULVLV6HHVIXHU]DDVLPLVPRHQHVFODUHFHUFyPRPHMRUDUORVSURJUDPDV \ODSODQLILFDFLyQGHXQDFRPXQLGDGH[SXHVWDDOSHOLJUR +D\RWURVPRGHORVGHODSUREOHPiWLFDGHORVGHVDVWUHVHQRWUDVHVSH FLDOLGDGHVYpDVHXQDVtQWHVLVPiVFRPSOHWDGHORVGLIHUHQWHVPRGHORVHQ 0DVNUH\3RUHMHPSORH[LVWHXQDYDULDQWHSVLFROyJLFDFX\RREMH WLYRHVHVWXGLDUORVHIHFWRVGHODFULVLVHQODVDOXGPHQWDOGHODVYtFWLPDV SDUWLHQGR GHO VXSXHVWR GH TXH GLFKD FULVLV GHVWUX\H ORV QH[RV VRFLDOHV TXH FRQVWLWX\HQ HO DVLGHUR H[LVWHQFLDO GH ODV SHUVRQDV /RV JHyJUDIRV HQWUHHOORVHOSURIHVRU*LOEHUW:KLWHGHOD8QLYHUVLGDGGH&RORUDGRHQ %RXOGHUHQULTXHFLHURQQXHVWURFRQRFLPLHQWRGHORVGHVDVWUHVDODSXQWDU ODLPSRUWDQFLDGHOPHGLRDPELHQWHSDUDHQWHQGHUORV\GHILQLUORV'HVGH HVWD SHUVSHFWLYD HO GHVDVWUH HV UHVXOWDGR GH OD LQWHUDFFLyQ HVSHFLDO GH XQD RUJDQL]DFLyQ VRFLDO \ HO PHGLR DPELHQWH TXH SURGXFH XQ SHOLJUR HVSHFtILFR(OpQIDVLVJHRJUiILFRVHSRQHHQODVFDUDFWHUtVWLFDVGHOHQWRUQR ItVLFR\VRFLDOGHOOXJDURFXSDGRSRUXQDFRPXQLGDG8QDGHODVPi[L PDVPiVSURIXQGDVGHHVWDFRQFHSFLyQHVTXHQRH[LVWHGHVDVWUHHQOD QDWXUDOH]DORTXHH[LVWHVRQFDPELRVDYHFHVSHUFLELGRVFRPRSHOLJURV\ TXHVHFRQYLHUWHQHQGHVDVWUHVSRUODLQWURPLVLyQGHODJHQWH(OGHVDVWUH HVHOUHVXOWDGRGHODSUHVHQFLD\ODSDUWLFLSDFLyQGHODVRFLHGDGHQHVWRV SURFHVRVQDWXUDOHV0XFKRVGHORVPHMRUHVSURJUDPDVSDUDGLVPLQXLUORV ULHVJRV\DVtSUHYHQLURPLWLJDUHOGHVDVWUHVHEDVDQHQHOLPLQDUGLVPLQXLU RUHGLVHxDUGLFKDSUHVHQFLDKXPDQDPHGLDQWHHOXVRDSURSLDGRGHORV VXHORV\GHHVWXGLRVXUEDQtVWLFRV /$98/1(5$%,/,'$' (OpQIDVLVHQHOHVWXGLRGHODYXOQHUDELOLGDGDQWHORVGHVDVWUHV³GLULJLGR DUHGXFLUORVHIHFWRVGHORVGHVDVWUHV\DSHUPLWLUHOSURJUHVRVRFLDO³QDFH HQORVDxRVRFKHQWDIXQGDPHQWDOPHQWHFRPRSDUWHGHXQFRQMXQWRGH /26'(6$675(6(1/$7,12$0e5,&$98/1(5$%,/,'$'<5(6,67(1&,$ SURSXHVWDVHQFDPLQDGDVDRSWLPL]DUORVSURJUDPDVGHHQWLGDGHVLQWHUQD FLRQDOHVTXHLPSXOVDQHOGHVDUUROORHFRQyPLFR*URVVRPRGRORVUHVXOWDGRV GHODVLQYHUVLRQHVLQWHUQDFLRQDOHVHQHOGHVDUUROORHFRQyPLFRVHYHtDQ DPHQD]DGDVSRUODYXOQHUDELOLGDG\ODEDMDFDSDFLGDGGHUHVLVWHQFLDGHORV VLVWHPDVWHFQROyJLFRVDORVGHVDVWUHV\HQWRQFHVVHHPSH]DURQDDQDOL]DU ODVFDUDFWHUtVWLFDVGHHVRVVLVWHPDV6HWUDVODGDHOFRQFHSWRGHYXOQHUD ELOLGDGGHVXFRQWHQLGRGHLQJHQLHUtDDOVRFLDO\DVtHVLQFRUSRUDGRDOD VLPERORJtDGHOSRGHU(VFREDUGHOFDSLWDOLVPRLQWHUQDFLRQDOTXH HQYH]GHFXHVWLRQDUORVSULQFLSLRVTXHULJHQVXVDFFLRQHVSDUDHOGHVD UUROORHQFXHQWUDODVUD]RQHVGHODVIDOODVGHVXVSURJUDPDV\SUR\HFWRV HQHO´RWURµHQHOPXQGR´HQGHVDUUROORµ,OOLFK :HLFKVHOJDUWQHUYpDVHWDPELpQD&DOGHUyQ$UDJyQ RWUDWLSRORJtDGHODYXOQHUDELOLGDGVHHQFXHQWUDHQ'L6RSUD HQXQDUHYLVLyQ\VtQWHVLVUHFLHQWHPX\FRPSOHWDGHODOLWHUDWXUD VREUH OD YXOQHUDELOLGDG GLVWLQJXH WUHV IRUPDV HQ TXH HO FRQFHSWR KD VLGRXVDGR/DSULPHUDVHJ~QpOHVODYXOQHUDELOLGDGFRPRFRQGLFLyQ SUHH[LVWHQWHHQXQHVSDFLRELRItVLFRGHWHUPLQDGRSRUHMHPSORHQKRV SLWDOHVYpDVH3$+2236/DVHJXQGDIRUPDTXHHVODTXHPiVVH XVDHQ/DWLQRDPpULFDSODQWHDODYXOQHUDELOLGDGFRPRSURGXFWRVRFLDO \HVWXGLDODFRQVWUXFFLyQ\ODSHUVLVWHQFLDGHODPLVPDHQXQPDUFRKLV WyULFR\HFRQyPLFR(OpQIDVLVVHSRQHHQODSROtWLFD\HOSRGHU\HQODV IRUPDVHQTXHODVYXOQHUDELOLGDGHVVRQFRQVWUXLGDV\H[SHULPHQWDGDVSRU GLIHUHQWHVFODVHVVRFLDOHV4XL]iVXQRGHORVSODQWHDPLHQWRVPiVFODURV GHHVWHPRGHORVHHQFXHQWUDHQ%ODLNLHHWDOFDStWXOR (Q /DWLQRDPpULFD HO PRGHOR JHRJUiILFR VH FRPELQD FRQ SUHRFXSD FLRQHVHFROyJLFDV\GHHFRQRPtDSROtWLFDSDUDSURGXFLURWUDYDULDQWHHQ HOSHQVDPLHQWRDFDGpPLFRVREUHORVGHVDVWUHVeVWDFRPSDUWHFRQRWURV HQIRTXHVODGHILQLFLyQGHOGHVDVWUHFRPRUHVXOWDGRGHODLQWHUDFFLyQGHO ULHVJR\ODYXOQHUDELOLGDG(OULHVJRSXHGHUHVXOWDUGHSURFHVRVQDWXUDOHV FRPR SRU HMHPSOR ORV WHUUHPRWRV R SXHGH VHU XQD FRQVWUXFFLyQ VRFLDOFRPRHVHOFDVRGHORVULHVJRVSURGXFLGRVSRUGHUUDPHVGH VXVWDQFLDVTXtPLFDV$XQUHFRQRFLHQGRODLPSRUWDQWHHODERUDFLyQWHyULFD VREUHHOWHPDHQWUDEDMRVFRPRORVGH:LOFKHV&KDX[XQD HODERUDFLyQFUtWLFDVHSUHVHQWDHQ&DOGHUyQ$UDJyQ HQORVTXHVHUHFRQRFHODLPSRUWDQFLDGHODFDSDFLGDGGHUHVLVWHQFLDHQ OD SUiFWLFD HQ PXFKRV GH ORV HQIRTXHV ODWLQRDPHULFDQRV VH UHGXFH HO SUREOHPDGHORVGHVDVWUHVDFyPRGLVPLQXLUODYXOQHUDELOLGDGHQWHQGLGD 5(9,67$0(;,&$1$'(62&,2/2*Ì$$f21Ô0-8/,26(37,(0%5( pVWDFRPR´WRGRORTXHLPSLGHTXHXQDRUJDQL]DFLyQVRFLDOVHDGDSWHD XQFDPELRHQHOPHGLRDPELHQWHµ:LOFKHV&KDX[0DVNUH\ (O pQIDVLV HV PDFURDQDOtWLFR 8Q EXHQ Q~PHUR GH HVWRV HVWXGLRV GH ORV GHVDVWUHV GHVWDFD OD YXOQHUDELOLGDG VRFLDO \ OD LGHQWLILFDFLyQ GH OD GLVWULEXFLyQ GH OD YXOQHUDELOLGDG TXH FDVL VLHPSUH HTXLYDOH DO HVWXGLR GHODGLVWULEXFLyQGHODSREUH]D7DPELpQWUDWDGHHVWDEOHFHUTXLpQHVVRQ ORVFXOSDEOHVGHODFUHDFLyQGHODYXOQHUDELOLGDG\GHOPDOPDQHMRGHO GHVDUUROORSDUWLHQGRGHODLGHDGHTXHODVYtFWLPDVHVGHFLUORVSREUHV QRVRQORVFXOSDEOHV6DQDKXMD5RGUtJXH]FRPSiUHVHFRQ0D FtDV&DQQRQ(OVXSXHVWRGHTXHYXOQHUDELOLGDG\ SREUH]DVRQFDVLVLQyQLPRVHVIUHFXHQWHHQORVHVWXGLRVGHGHVDVWUHVHQ ODUHJLyQYpDVHDO3ODQ5HJLRQDOGH5HGXFFLyQGH'HVDVWUHVGH&HSUH GHQDF (QXQDSURSRUFLyQDOWDHVWRVHVWXGLRVHQWLHQGHQORVGHVDVWUHVFRPR IDOODVHQODVUHODFLRQHVGHSRGHUHQODVRFLHGDGVHHVWiPX\OHMRVGHXQD FRQFHSFLyQGHOGHVDVWUHFRPRXQDFULVLVHVSHFLDOHQODVHWDSDVGHODUH DFFLyQVRFLDODQWHHVWDFULVLVFRQFHSFLyQTXHKDVLGRHVWHUHRWLSDGDFRPR ´ILVLFDOLVWDµ/DYHOO(ODQiOLVLVVHFRQFHQWUDHQHOGLDULRYLYLU GHXQSXHEOR\HQFyPRHVTXHHQHVHGLDULRYLYLU´ORVULHVJRVVHDFX PXODQµ\HQXQPRPHQWRGDGRHOGHVDVWUHRFXUUH$VtHOGHVDVWUHGHMD GH VHU LQXVXDO \ VH FRQYLHUWH HQ DOJR FRP~Q HQ OR TXH VH KD OODPDGR ´XQSUREOHPDQRUHVXHOWRGHOGHVDUUROORµ6DQDKXMD5RGUtJXH] (VWRVHVWXGLRVVHHVWUXFWXUDQ³DYHFHVLPSOtFLWDPHQWH³GHQWURGHXQD SHUVSHFWLYDGHFRQIOLFWRVRFLDOHQODFUHHQFLDGHTXHORVSUREOHPDVUH ODFLRQDGRVFRQORVGHVDVWUHVQRVHPLWLJDUiQVLQXQFDPELRUDGLFDOGHOD VRFLHGDG&RPSDUWHQXQDFRQFHSFLyQGHODVUHODFLRQHVLQWHUQDFLRQDOHV EDVDGDHQODWHRUtDGHODGHSHQGHQFLD0DQVLOOD\GHHVDIRUPD H[WLHQGHQ HO DQiOLVLV HFRQyPLFR DO iPELWR GH ORV GHVDVWUHV OR FXDO OHV SHUPLWHSUHVXSRQHU&DQQRQTXHORVSDtVHV´HQGHVDUUROORµ VRQPiVYXOQHUDEOHVTXHORV´GHVDUUROODGRVµ(VWDVXSRVLFLyQGHTXHOD YXOQHUDELOLGDG\HOGHVDUUROORHFRQyPLFRVRQRSXHVWRVKDFHFRPSUHQVL 6HJ~Q&DOGHUyQ$UDJyQODYXOQHUDELOLGDGHVGHILQLGDSRU:LOFKHV&KDX[ FRPR ´OD LQFDSDFLGDG GH XQD FRPXQLGDG SDUD ¶DEVRUEHU· PHGLDQWH HO DXWRDMXVWH ORV HIHFWRV GH XQ GHWHUPLQDGR FDPELR HQ VX PHGLR DPELHQWH R VHD VX ¶LQIOH[LELOLGDG· R LQFDSDFLGDGSDUDDMXVWDUVHDHVHFDPELRµ (O´JHRILVLFLVPRµVHUtDODWUDGXFFLyQFRUUHFWDGH´JHRSK\VLFDOµHLPSOLFDFRQVLGHUD FLRQHVPiVFRPSOHMDVTXHODVTXHUHILHUH/DYHOO /26'(6$675(6(1/$7,12$0e5,&$98/1(5$%,/,'$'<5(6,67(1&,$ EOHODVRUSUHVDUHIOHMDGDHQODGHFODUDFLyQGHOD&RQIHUHQFLD+HPLVIpULFD VREUH 5HGXFFLyQ GH ORV 'HVDVWUHV ³OOHYDGD D FDER HQ 6DQ -RVp &RVWD 5LFDHQGLFLHPEUHGH³ODFXDOFRQVLGHUD´SDUDGyMLFRTXHHQXQ PRPHQWRHQTXHVHHVWiUHDOL]DQGRXQHVIXHU]RWDQH[WUDRUGLQDULRSDUD HOHYDUODVRILVWLFDFLyQODVHJXULGDG\HOFRQIRUWGHQXHVWUDVVRFLHGDGHV HVWiGHKHFKRFUHFLHQGRQXHVWUDYXOQHUDELOLGDGDODVDPHQD]DVQDWXUDOHVµ /DSDUDGRMDVHUHVXHOYHVLVHDFHSWDTXHODYXOQHUDELOLGDG\ODFDSDFLGDG GHUHVLVWHQFLDVRFLDOFDPELDQFRQHOFDPELRGHODVVRFLHGDGHV 9XOQHUDELOLGDGHVVLQyQLPRGHDJRWDPLHQWRH[WHQXDFLyQLPSRWHQFLD UHQGLPLHQWR HVFDVR GHVIDOOHFLPLHQWR IODTXH]D R VHD FRQGLFLRQHV TXH GHILQHQODVXVFHSWLELOLGDGDOGDxR'HQRWDHOHVWDGRGHXQRUJDQLVPR XQDGHELOLGDGVHUSURSHQVRDODHQIHUPHGDG\DODPXHUWH8QDGHODV SULPHUDVGLVFLSOLQDVHQXVDUHVWHFRQFHSWRHVODFLHQFLDPLOLWDUHQHVWX GLRVGHHVWUDWHJLD\WiFWLFDGHODJXHUUD%LVRJQR6XSRSXODULGDG HQHODQiOLVLVGHORVGHVDVWUHVHQ/DWLQRDPpULFDHPSLH]DDSULQFLSLRVGH ORV DxRV RFKHQWD 2ULJLQDOPHQWH EDVDGR HQ FRQFHSFLRQHV RUJDQtVWLFDV 6WUDVVROGRHOYRFDEORDOVHUDSOLFDGRDJUXSRVFRPXQLGDGHV\ VRFLHGDGHVHQVLWXDFLRQHVGHGHVDVWUHSURGXFHXQDJUDQDPELJHGDGOD FXDOOHFRQILHUHXQDIXHU]DUHWyULFDLQQHJDEOH /DSDODEUD´UHVLOLHQFLDµQRHVUHFRQRFLGDSRUOD5HDO$FDGHPLD(VSD xRODKWWSZZZUDHHV!SRUORTXHXVDPRVODSDODEUD´UHVLVWHQFLDµHQVX VLJQLILFDFLyQGHFDSDFLGDGGHUHVLVWLUDxDGLpQGROHODLGHDGHFDSDFLGDGGH UHKDFHU\UHFRQVWLWXLU(QWHQGHPRVSRUUHVLVWHQFLDHQWRQFHVODFDSDFLGDG GHODRUJDQL]DFLyQVRFLDOSDUDUHDFFLRQDUDSURSLDGDPHQWHFRQHILFDFLD\ UDSLGH]DORVHIHFWRVGHVLQLHVWURVTXHIUHFXHQWHPHQWHRFDVLRQDQGHVDVWUHV VRFLDOHVQRLPSOLFDQHFHVDULDPHQWHODUHFUHDFLyQGHODVSDXWDVVRFLDOHV TXHH[LVWtDQFRQDQWHULRULGDGDORVVLQLHVWURVQLOLPLWDPRVHOWpUPLQRD VXVSURIXQGDVFRQQRWDFLRQHVSROtWLFDVTXHVRQODVPiVFRPXQHV &RQWUDULDPHQWHDORTXHDOJXQRVSHULWRVSUHVXSRQHQHOFRQWUROGHOD YXOQHUDELOLGDGQRHVVRODPHQWHODFDSDFLGDGGHODVRFLHGDGSDUDUHVLVWLU HOLPSDFWRGHIHQyPHQRVGHRULJHQQDWXUDORDQWUySLFR\DTXHLPSOL FDXQSURFHVRGHLQWHUDFFLyQGHODRUJDQL]DFLyQVRFLDO\VXFRQWH[WRR HQWRUQRGHOFXDODYHFHVSURYLHQHHOULHVJR3RUHMHPSORXQDVRFLHGDG SXHGH WHQHU SRFD YXOQHUDELOLGDG \ JUDQ FDSDFLGDG GH UHVLVWHQFLD SDUD HQIUHQWDUVHDORVULHVJRVFRQRFLGRV\SUHYLVWRVVLQHPEDUJRSXHGHVHU PX\YXOQHUDEOHSDUDHQIUHQWDUVHDQXHYRVULHVJRVRDULHVJRVTXHVRQ SDUWHLQWUtQVHFDGHVXHVWLORGHYLGD/DJUDQFDWiVWURIHTXHOD&RQTXLVWD VLJQLILFySDUDORVD]WHFDV\ODVGHFHQDVGHPLOHVGHPXHUWRVDQXDOHVFDX 5(9,67$0(;,&$1$'(62&,2/2*Ì$$f21Ô0-8/,26(37,(0%5( VDGDVSRUDFFLGHQWHVGHWUiILFRHQORV(VWDGRV8QLGRVHMHPSOLILFDQDPERV KHFKRV/DVSpUGLGDVQRVRQVLQyQLPR GH YXOQHUDELOLGDGHV PiV ELHQ VRQVXVHIHFWRVHQODVRFLHGDG(VPiVFRQYHQLHQWHGHFLUTXHHOHVWXGLR GHORVHIHFWRVGHORVGHVDVWUHVHQODVRFLHGDGQHFHVDULDPHQWHFRQOOHYD ODFRQVLGHUDFLyQVLPXOWiQHDGHODYXOQHUDELOLGDG\GHODFDSDFLGDGGH UHVLVWHQFLD (O PLVPR WLSR \ QLYHO GH YXOQHUDELOLGDG SXHGH SURGXFLU GLIHUHQWHVWLSRV\FDQWLGDGHVGHSpUGLGDVGHDFXHUGRFRQODFDSDFLGDG GHUHVLVWHQFLDGHSUHSDUDFLyQ\GHPLWLJDFLyQ3RUHMHPSORHO(VWDGR 0D\RU1DFLRQDOGHOD'HIHQVD&LYLOGH&XED(01'&FUHDGRDSULQ FLSLRV GH ORV DxRV VHVHQWD GHO SDVDGR VLJOR KD VLGR H[WUHPDGDPHQWH HIHFWLYRHQUHGXFLUHOQ~PHURGHPXHUWHVFDXVDGRSRUORVKXUDFDQHV 6L HQ RFWXEUH GH XQ KXUDFiQ PDWy D SHUVRQDV \ OHVLRQy D \HQRFWXEUHGHHOKXUDFiQ)ORUDOHFDXVyODPXHUWHD SHUVRQDVGHVGHVHFDOFXODTXHORVGLYHUVRVKXUDFDQHVFUHFLGDV\ WRUPHQWDVWURSLFDOHVTXHKDQLPSDFWDGRODLVODKDQFDXVDGRODPXHUWH GH VyOR SHUVRQDV (O ULHVJR GH OD SREODFLyQ GH &XED IUHQWH D HVWDV WRUPHQWDVHVPiVRPHQRVFRQVWDQWHGHELGRDVXORFDOL]DFLyQHQHO*RO IRGH0p[LFRORTXHFDPELDHQORVDxRVVHVHQWDVRQORVHIHFWRVGHODV PLVPDVODYXOQHUDELOLGDGGHODSREODFLyQHQIXQFLyQGHODFDSDFLGDG GHUHVLVWHQFLDGHVXRUJDQL]DFLyQVRFLDOHQHVWHFDVRODJUDQHILFDFLDGH ORVSURJUDPDVGHHYDFXDFLyQTXHSURWHJHQDODVSHUVRQDVH[SXHVWDV DORVSHOLJURV$ORQVR$ORQVR6iQFKH]&HODGD\%DWLVWD6LOYD %DWLVWD6LOYD\6iQFKH]&HODGD 8QD FRPXQLGDG GH FDPSHVLQRV SXHGH H[SHULPHQWDU YXOQHUDELOLGDG FRPRFRQVHFXHQFLDGHFDPELRVHQODVOH\HVTXHUHJXODQODWHQHQFLDGHOD WLHUUD\TXHORVGHVSOD]DQGHVXVKRJDUHV(QHVWHHMHPSORHOFDPELRHQ ODVOH\HVUHSUHVHQWDXQULHVJRSDUDVXIRUPDGHYLGDTXHHQFLUFXQVWDQ FLDVHVSHFtILFDVVHFRQYLHUWHHQUHDOLGDGHLQFUHPHQWDODYXOQHUDELOLGDG GHO JUXSR R FODVH (Q DOJXQRV FDVRV SRU HMHPSOR HQ ODV FRPXQLGDGHV FDPSHVLQDVLQYROXFUDGDVHQHOPRYLPLHQWRVRFLDOGHORV´VLQWLHUUDµHQ %UDVLOKWWSZZZPVWEUD]LORUJ!VHSURGXFHXQDHIHFWLYDFDSDFLGDGGH UHVLVWHQFLD D HVWH SURFHVR GH FDPELR \ VH JHQHUD FRPR UHVSXHVWD D OD YXOQHUDELOLGDG WRGR WLSR GH WUDQVIRUPDFLRQHV HQ OD FRPXQLGDG TXHODKDFHQPiVHIHFWLYDFRPRDFWRUVRFLDOPiVFDSD]GHGHIHQGHUVXV GHUHFKRV\VXIRUPDGHYLGD\GHUHDFFLRQDUDQWHORVGHVDVWUHV5RFKD 2WURHMHPSORUHFLHQWHHVHOGHOPRYLPLHQWRLQGLJHQLVWDHQ(FXDGRU \HOHQRUPHLPSDFWRGHOD&RQIHGHUDFLyQGH1DFLRQDOLGDGHV,QGtJHQDV GHO(FXDGRU&21$,(VXUJLGDHQSDUDGHIHQGHUORVLQWHUHVHVGH /26'(6$675(6(1/$7,12$0e5,&$98/1(5$%,/,'$'<5(6,67(1&,$ ODV HWQLDV +DQ GHVDUUROODGR XQD LGHRORJtD PX\ HIHFWLYD \ KDQ SRGLGR SURWHJHUODVWLHUUDVGHORVSXHEORVLQGtJHQDV\ODVFODVHVPiVQHFHVLWDGDV DGHPiVGHKDEHUKHFKRSRVLEOHODLQWHJUDFLyQGHHVWRVJUXSRVDOVLVWHPD SROtWLFRHFXDWRULDQRHQXQFRQWH[WRGHUHVSHWRDODVGLIHUHQWHVFXOWXUDV HQHVHSDtV6HOYHUVWRQ6FKHU 0iV TXH RWURV JUXSRV VRFLDOHV FXDQGR ORV SREUHV VXIUHQ ORV HIHFWRV GHORVGHVDVWUHVFRPRHQHOFDVRGHORVWHUUHPRWRVGHHQ(O6DO YDGRUORKDFHQQRVRODPHQWHSRUVHUPiVYXOQHUDEOHVDWDOHVGHVDVWUHV VLQRWDPELpQSRUWHQHUPHQRVFDSDFLGDGGHUHVLVWHQFLDPHQRUQ~PHUR GHUHFXUVRVVRFLDOHV\GHRUJDQL]DFLRQHV\SRUFDUHFHUGHDVRFLDFLRQHV \GHOtGHUHVFRPXQLWDULRVTXHORVUHSUHVHQWHQFRQHILFDFLDHQVLVWHPDV SROtWLFRVTXHUHVSRQGDQDVXVQHFHVLGDGHV(QWRQFHVH[LVWHQLQWHUDFFLRQHV LPSRUWDQWHVGHODYXOQHUDELOLGDG\ODUHVLVWHQFLDTXHGHEHPRVH[SORUDU ODFDUHQFLDGHHVWRVUHFXUVRVVRFLDOHV\RUJDQL]DFLRQDOHVFLHUWDPHQWH FRQWULEX\HDODYXOQHUDELOLGDGGHGLFKRVJUXSRV7DOFRPRRFXUUHFRQ ODYXOQHUDELOLGDGODUHVLVWHQFLDH[LVWHDGLIHUHQWHVQLYHOHVLQVWLWXFLRQDOHV RUJDQL]DFLRQDOHVFRPXQLWDULRV\DQLYHOLQGLYLGXDO /D VHSDUDFLyQ DQDOtWLFD GH HVWRV FRQFHSWRV D\XGD D SHQVDU FRQ PiV FODULGDG \ GLVFLSOLQD HO UHFRQRFLPLHQWR GH OD UHODFLyQ LQWUtQVHFD TXH H[LVWHHQWUHYXOQHUDELOLGDG\FDSDFLGDGGHUHVLVWHQFLDHQVLWXDFLRQHVGH GHVDVWUHTXL]iVUHTXLHUDGHXQQXHYRWpUPLQRTXHLQFOX\DDDPEDVTXH SXGLHUDVHUFDSWDGRSRUHOFRQFHSWRGH´UHLQWHJUDFLyQVRFLDOµ9XOQHUD ELOLGDG\UHVLVWHQFLDQRVRQGRVFRQFHSWRVPXWXDPHQWHH[FOX\HQWHVVLQR TXHFRPSDUWHQFDUDFWHUtVWLFDVTXHGHEHPRVH[DPLQDU\HQWHQGHUSDUD WHQHUXQFXDGURPiVFRPSOHWRGHODVFRPXQLGDGHVHQHOHVWXGLRGHORV GHVDVWUHV(QWpUPLQRVJHQHUDOHVHQPXFKRVFDVRVODYXOQHUDELOLGDGD ORVGHVDVWUHVSUHVXSRQHODQHFHVLGDGGHFDPELRGHODRUJDQL]DFLyQVRFLDO TXHHVLPSDFWDGDSRUORVVLQLHVWURVSDUDKDFHUODPiVUHVLVWHQWH/DFDSDFL GDGGHUHVLVWHQFLDKDFHDGLFKDRUJDQL]DFLyQVRFLDOPiVDSWDSDUDUHVSRQ GHUDGHFXDGDPHQWHDGLFKRVVLQLHVWURV(OUHVXOWDGRHVXQDRUJDQL]DFLyQ VRFLDOUHLQWHJUDGDTXL]iVGLIHUHQWHDODTXHH[LVWLyDQWHULRUPHQWHSHUR PiVFDSD]GHOLGLDUFRQHVHWLSRGHGLVUXSFLRQHV(QWRQFHVORVHIHFWRVVRQ FLUFXODUHV\PLHQWUDVPiV\PHMRUFDSDFLGDGGHUHVLVWHQFLDKD\DPHQRU VHUiHOFDPELRVRFLDOTXHHYHQWXDOPHQWHSURGXFHODYXOQHUDELOLGDG/D FDSDFLGDGGHUHVLVWHQFLDHVFXPXODWLYDHQVXVHIHFWRV'HVSXpVGHGHVD UUROODGDQRQHFHVLWDTXHXQVLQLHVWURLPSDFWHDODFRPXQLGDGVLQRTXH VHFRQYLHUWHHQXQDIRUPDGHSUHYHQFLyQ\PLWLJDFLyQHQXQHOHPHQWR GHOFDSLWDOVRFLDOGHXQDFRPXQLGDG'HVGHHVWDSHUVSHFWLYDODJHVWLyQ 5(9,67$0(;,&$1$'(62&,2/2*Ì$$f21Ô0-8/,26(37,(0%5( GHULHVJRDOSRQHUHOpQIDVLVHQODVFDXVDVGHORVVXFHVRVGHVDVWURVRV\ HQODVIRUPDVGHHOLPLQDURPLQLPL]DUGLFKDVDPHQD]DVHVSDUWHGHOD FDSDFLGDGGHUHVLVWHQFLDGHXQDFRPXQLGDG $XQDFHSWDQGRODWHVLVEDVWDQWHFRQWURYHUWLGDSRUFLHUWRGHTXHORV SDtVHV´HQYtDVGHGHVDUUROORµVRQHQJHQHUDOPiVYXOQHUDEOHV\VXIUHQ PiVSpUGLGDVTXHORVSDtVHV´GHVDUUROODGRVµFXDQGRVRQLPSDFWDGRVSRU GHVDVWUHVHVWRQRLPSOLFDTXHODVSpUGLGDVRFXUUHQSRUTXHDTXHOORVSDt VHVVHDQPiVYXOQHUDEOHV+DEUtDTXHGLVWLQJXLUHQWUHWLSRVGHSpUGLGDV DGHPiVWDPELpQSXHGHVHUTXHORVSDtVHVPHQFLRQDGRVWHQJDQPHQRU FDSDFLGDGGHUHVLVWHQFLDPHQRVUHFXUVRVPDWHULDOHV\RUJDQL]DWLYRVSDUD HQIUHQWDUVHDORVWHUULEOHVHIHFWRVGHORVVLQLHVWURV(QHIHFWRHOGHVDUUROOR GHODVEDVHVRUJDQL]DWLYDVGHODVFRPXQLGDGHV\GHSURJUDPDVHGXFDWLYRVHV UHFRQRFLGRFRPRXQRGHORVHOHPHQWRVLPSRUWDQWHVSDUDOLGLDUHILFD]PHQWH FRQODYXOQHUDELOLGDGHQ/DWLQRDPpULFD6LELHQHVFLHUWRTXHHQODDFWXD OLGDGQRH[LVWHHQODVFLHQFLDVVRFLDOHVXQDPHWRGRORJtDHVWDEOHFLGDTXH SHUPLWD PHGLU DGHFXDGDPHQWH HVWRV FRQFHSWRV D QLYHOHV QDFLRQDOHV H LQWHUQDFLRQDOHVHVOyJLFRVXSRQHUVLQHPEDUJRTXHGLIHUHQWHVVRFLHGDGHV WLHQHQGLIHUHQWHVQLYHOHV\WLSRVGHYXOQHUDELOLGDGHV\GLIHUHQWHVQLYHOHV \ WLSRV GH FDSDFLGDG GH UHVLVWHQFLD TXH SURGXFHQ GLIHUHQWHV QLYHOHV \ WLSRVGHSpUGLGDV &RPSOLFDHOGHVDUUROORGHHVWHFiOFXORHOKHFKRGHTXHHOULHVJRQRHV XQHOHPHQWRREMHWLYRGHODRUJDQL]DFLyQVRFLDOVLQRTXHFRPRORVXEUD\DQ 0DU\'RXJODV\$DURQ:LOGDYVN\HVFRQVWUXLGRFXOWXUDOPHQWH\ YDUtDVHJ~QODVXEMHWLYLGDGGHODSHUVRQD\VXJUXSR/DSHUFHSFLyQGHORV ULHVJRV\GHODYXOQHUDELOLGDGHVWiSURIXQGDPHQWHLQIOXLGDSRUYDORUHV\ FUHHQFLDV/DVGHFLVLRQHVTXHODJHQWHWRPDHQUHODFLyQFRQHOORVUHIOHMDQ GLIHUHQWHVHVWLORVGHYLGDTXHLQFOX\HQGLIHUHQWHVFRQFHSFLRQHVGHORTXH FRQVWLWX\HDFWXDUFRQUDFLRFLQLRGLIHUHQWHVH[SOLFDFLRQHVFXOSDELOLGDGHV IRUPDVDSURSLDGDVSDUDOLGLDUFRQULHVJRV\DPHQD]DV(VWDVXEMHWLYLGDG FXOWXUDOLPSDFWDGHIRUPDYDULDEOHODSHUFHSFLyQGHODYXOQHUDELOLGDGGH FRPXQLGDGHV\QDFLRQHV3RUHMHPSORHQWpUPLQRVUHODWLYRVHODWDTXH DO:RUOG7UDGH&HQWHUHQ1XHYD<RUNQRWLHQHJUDQWUDVFHQGHQFLDHQ 0p[LFR6LQHPEDUJRD\XGDDFRQVWUXLUHQORVQRUWHDPHULFDQRVODSHU FHSFLyQGHXQDQXHYDYXOQHUDELOLGDGFUHDGDSRUJUXSRVLQWHUQDFLRQDOHV GHWHUURULVWDV$VXYH]ODSHUFHSFLyQGHHVWHULHVJR\VXVSRVLEOHVHIHF WRVMXVWLILFDXQDH[WUDRUGLQDULDUHDFFLyQVRFLDOHQFDPLQDGDDPHMRUDUOD FDSDFLGDGGHUHVLVWHQFLDDHVWHWLSRGHVLQLHVWURTXHLQYROXFUDFDPELRV PX\FRPSOHMRVWDQWRHQODEXURFUDFLDGHO(VWDGRFRPRHQODIRUPDGH /26'(6$675(6(1/$7,12$0e5,&$98/1(5$%,/,'$'<5(6,67(1&,$ YLGDGHOSXHEORQRUWHDPHULFDQR6RQD~QPX\UHFLHQWHVHVWRVFDPELRV HQODVOH\HVORVSURJUDPDV\RWURVSUHSDUDWLYRVFRPRSDUDGHWHUPLQDU ODHILFDFLDGHORVPLVPRV\VLHQYHUGDGUHSUHVHQWDQODGLVPLQXFLyQGHO ULHVJR\ODPLWLJDFLyQGHORVHIHFWRVGHHVWHWLSRGHVLQLHVWURV /D GLFRWRPtD GH QDFLRQHV ´GHVDUUROODGDVµ \ HQ ´YtDV GHO GHVDUUROORµ QRVHDMXVWDDODVFRPSOHMLGDGHVTXHVHREVHUYDQHQHOFRQWH[WRFRQWHP SRUiQHRGRQGHDOJXQRVVHFWRUHVWDOHVFRPRODLQGXVWULDGHOSHWUyOHRHQ /DWLQRDPpULFDGHPXHVWUDQORVPD\RUHVDYDQFHVGHODWpFQLFD\ODFLHQ FLDPLHQWUDVTXHVHFWRUHVGHODVOODPDGDVQDFLRQHVGHVDUUROODGDVDFXVDQ FRQGLFLRQHVGHH[WUHPDYXOQHUDELOLGDGWDOHVFRPRODLQVWLWXFLyQGHOD IDPLOLD HQ ORV (VWDGRV 8QLGRV 8QD KLSyWHVLV GLJQD GH HVWXGLR HV TXH FLHUWRWLSRGHYXOQHUDELOLGDGDXPHQWDSDUDGyMLFDPHQWHHQIXQFLyQGH ODFRPSOHMLGDGHOSRGHU\ODHILFLHQFLDGHORVVLVWHPDVWHFQROyJLFRV\GH ODVRUJDQL]DFLRQHVVRFLDOHVTXHH[LVWHQHQFXDOTXLHUVRFLHGDG3HUURZ 3RUHVWRVLVWHPDVFRPSOHMRVSRGHURVRV\HILFLHQWHVGHVDUUROODQ DMXVWHV WHFQROyJLFRV \ VRFLDOHV TXH SUHYpQ OD IUDJLOLGDG LQKHUHQWH HQ GLFKRVVLVWHPDV\WUDWDQGHFRQMXUDUODDQWHVGHTXHRFXUUDRWUDWDQGH PLQLPL]DUVXVHIHFWRVFXDQGRGLFKDIUDJLOLGDGVHPDWHULDOL]D(MHPSORV GHHVWRVVLVWHPDVFRPSOHMRVSRGHURVRV\HILFLHQWHVTXHFRQVWDQWHPHQWH SUHYLHQHQHOULHVJRRORPLQLPL]DQVRQORVVXEPDULQRVODVSODQWDVGH HQHUJtD QXFOHDU ORV KRVSLWDOHV \ ORV IHUURFDUULOHV GH DOWD YHORFLGDG /D LQGXVWULDOL]DFLyQWUDHFRQVLJRHOXVRGHQXHYDVWHFQRORJtDVTXHFDPELDQ ODVHVWUXFWXUDV\ORVHIHFWRVSRWHQFLDOHVGHORVULHVJRVGHODVFRPXQLGDGHV LQFUHPHQWDQ ORV HIHFWRV GH DFFLGHQWHV KDVWD FRQYHUWLUORV HQ YHUGDGHURV GHVDVWUHV\JHQHUDQ VLWXDFLRQHV GH GHVDVWUH FX\DV FDXVDV HVWiQ D YHFHV OHMDQDVGHORVOXJDUHVLPSDFWDGRVSRUORVVLQLHVWURV4XDUDQWHOOL $SHVDUGHODSRSXODULGDGGHOFRQFHSWRGHYXOQHUDELOLGDG\GHVXLQ QHJDEOHXWLOLGDGODWHRUtDFLHQWtILFDGHODYXOQHUDELOLGDGHVWiHQSDxDOHV 4XL]iVORVHVTXHPDVFRQFHSWXDOHVGH%ODLNLHHWDO\GH&DQQRQ VHDQORVPiVFRPSOHWRVDXQTXHVRQWDQUHFLHQWHVTXHKD\PX\ SRFRVHVWXGLRVIRUPDOPHQWHHVWUXFWXUDGRVVREUHODEDVHGHVXVSUHGLF FLRQHV (O GH %ODLNLH HW DO YpDVH WDPELpQ D :LOFKHV&KDX[ QR OH GD VXILFLHQWH LPSRUWDQFLD D OD FDSDFLGDG GH UHVLVWHQFLD \ VL ELHQ HV FLHUWRTXHVX´PRGHORGHDFFHVRµFRQVLGHUDORVUHFXUVRVGHLQGLYLGXRV IDPLOLDV\FRPXQLGDGHVTXHVHSXHGHQXVDUHQPRPHQWRVGHFULVLVHVH QR HV HO HQIRTXH FHQWUDO GHO OLEUR 1R DVt HO GH &DQQRQ TXLHQ SRVWXODTXHODYXOQHUDELOLGDGWLHQHWUHVGLPHQVLRQHVODFDSDFLGDGGH 5(9,67$0(;,&$1$'(62&,2/2*Ì$$f21Ô0-8/,26(37,(0%5( UHVLVWHQFLD R UHVLOLHQFH R VHD OD FDSDFLGDG GH UHVLVWLU HO LPSDFWR GH XQ VLQLHVWURODVDOXGLQFOX\HQGRHOHVWDGRGHVDOXGGHODVSHUVRQDV\OD SUHVHQFLD\VRILVWLFDFLyQGHORVVLVWHPDVGHVDOXG\PpGLFRV\HOQLYHO GHSUHSDUDFLyQGHODVSHUVRQDV\VLVWHPDVVRFLDOHV (QHOiPELWRODWLQRDPHULFDQRYDULRVDXWRUHVRIUHFHQGLIHUHQWHVOLVWDV GH FRQGLFLRQDQWHV GH YXOQHUDELOLGDGHV SHUR QR H[LVWH HQ HVWDV OLVWDV XQRUGHQDPLHQWRGHGLFKDVYXOQHUDELOLGDGHVHQIXQFLyQGHXQDWHRUtD FLHQWtILFDGHODVRFLHGDGTXHSHUPLWDHODQiOLVLVGHKLSyWHVLVQLODLPSRU WDQFLDUHODWLYDGHODVPLVPDVQRRIUHFHQHVWRVWUDEDMRVIRUPDVGHH[FOXLU VXSXHVWDVYXOQHUDELOLGDGHV3RUHMHPSORXQDOLVWDGHFRQGLFLRQDQWHVGH ODYXOQHUDELOLGDG:LOFKHV&KDX[FRPSiUHVHFRQ:LOFKHV&KDX[ LQFOX\HYXOQHUDELOLGDGQDWXUDOItVLFDHFRQyPLFDVRFLDOSROtWLFD WpFQLFDLGHROyJLFDFXOWXUDOHGXFDWLYDHFROyJLFDHLQVWLWXFLRQDOUHVXPL GDVWRGDVHOODVHQHOFRQFHSWRGHYXOQHUDELOLGDGJOREDO+D\RWUDVOLVWDV HQODOLWHUDWXUDLJXDOPHQWHH[WHQVDV/DYHOO6DQDKXMD5RGUtJXH] TXH FRPELQDQ GLYHUVRV QLYHOHV GH DEVWUDFFLyQ GHVGH HO PDFURDOPLFURGHVGHHOPHGLRDPELHQWH\ODVRFLHGDGDODFRPXQLGDG ODIDPLOLD\ODSHUVRQD(VWRVOLVWDGRVQRSXHGHQVXVWLWXLUDXQVLVWHPD FRQFHSWXDOFLHQWtILFRTXHGpFRKHUHQFLDDODVLQYHVWLJDFLRQHV\FUHHODSR VLELOLGDGGHDFXPXODU\GHVDUUROODUORVFRQRFLPLHQWRV/RTXHVtJHQHUDQ VRQGHVFULSFLRQHVGHODVRFLHGDGTXHGDQDVXVOHFWRUHVXQVHQWLPLHQWR SURIXQGRGHDODUPDSRUHMHPSOR ([LVWHQSDWURQHVFRPXQHVGHDFXPXODFLyQGHYXOQHUDELOLGDGHV\SURFHVRV GHFRQVWUXFFLyQGHULHVJR>@pVWRVDFWXDQGRHQSDUDOHORFRQHOHQWRUQR QDWXUDOKDQUHVXOWDGRHQXQDPH]FODIDWDOTXHLPSXOVDODDJXGL]DFLyQR SURPXHYHODDSDULFLyQGHQXHYRVHVFHQDULRVGHULHVJRFDGDYH]PiVFRP SOHMRV\FX\RVHOHPHQWRVVHHQWUHFUX]DQHQIRUPDWDOTXHVHYXHOYHGLItFLO GLIHUHQFLDUORVXQRVGHRWURVHQFXDQWRDVXRULJHQRSRVLEOHVFRQVHFXHQFLDV >@ODYXOQHUDELOLGDGHQ&HQWURDPpULFD>@HVODDFXPXODFLyQKLVWyULFD GHHVWRVIDFWRUHV>@0DQVLOOD 3DUWHGHOSUREOHPDHVODFRPSOHMLGDGHQRUPHGHOHVWXGLRGHODVRFLHGDG (VSRUHVRTXHHOGHVDUUROORWHyULFRVHUtDWDQ~WLOSXHVSHUPLWLUtDVLPSOL ILFDUHODQiOLVLV4XL]iVHQXQIXWXURODVWHRUtDVRORVVLVWHPDVFRQFHSWXDOHV FLHQWtILFRVGHOLPLWDUiQ\HQIRFDUiQPHMRUHOHVWXGLRGHORVGHVDVWUHV\QRV SHUPLWLUiQMX]JDUXVDQGRORVFULWHULRVHODERUDGRVSRUODFLHQFLDODYDOLGH] \ODFRQILDELOLGDGGHORVUHVXOWDGRVGHGLFKRVHVWXGLRV/DHODERUDFLyQGH /26'(6$675(6(1/$7,12$0e5,&$98/1(5$%,/,'$'<5(6,67(1&,$ XQDWHRUtDGHODYXOQHUDELOLGDGTXHLQFOX\HUDHODQiOLVLVGHODFDSDFLGDG GHUHVLVWHQFLDVHUtDXQSULPHUSDVRHQHVWHHPSHxR (OWHUFHUPRGRHQTXHVHKDXVDGRHVWHFRQFHSWRVHJ~Q:HLFKVHOJDUW QHUHVODYXOQHUDELOLGDGFRPRDPHQD]DLGyQHDDXQOXJDUGHWHU PLQDGR\TXHVXEUD\DORVHOHPHQWRVJHRJUiILFRVWDOHVFRPRORVULHVJRV ELRItVLFRVGHOOXJDU\ODVIRUPDVHQTXHODVFRPXQLGDGHVUHVSRQGHQDODV FULVLV6HJ~Q:HLFKVHOJDUWQHUODVGLIHUHQWHVIRUPDVGHGHILQLUODYXOQH UDELOLGDGSURYLHQHQGHGLIHUHQWHVVXSXHVWRVHSLVWHPROyJLFRVGLIHUHQWHV PHWRGRORJtDV\GLIHUHQWHVIRUPDVGHHQWHQGHUVXVFDXVDV 8Q HMHPSOR HQWUH YDULRV TXH SXGLHUDQ FLWDUVH YpDVH &REXUQ HW DO 1DFLRQHV 8QLGDV HPEOHPiWLFR GHO XVR GHO FRQFHSWR GH ODYXOQHUDELOLGDGHQHOHVWXGLRGHORVGHVDVWUHVDGHPiVGHVHUPXFKR PiVSUHFLVRTXHHOXVXDOVHGDHQHOWUDEDMRGH6DUPLHQWRYpDVH WDPELpQD%ODLNLHHWDOFDStWXORHQHOFXDOVHGHILQHODJHVWLyQ GHOULHVJRFRPR $PHQD]DUHSUHVHQWDGDSRUODSRWHQFLDORFXUUHQFLDGHXQVXFHVRGHRULJHQ QDWXUDORSURYRFDGRSRUODDFWLYLGDGKXPDQDTXHSXHGHPDQLIHVWDUVHHQ XQOXJDUHVSHFtILFRFRQXQDLQWHQVLGDG\GXUDFLyQGHWHUPLQDGDV9XOQH UDELOLGDGIDFWRULQWHUQRGHULHVJRGHXQVXMHWRRVLVWHPDH[SXHVWRDXQD DPHQD]DTXHFRUUHVSRQGHDVXGLVSRVLFLyQLQWUtQVHFDDVHUGDxDGR$V SHFWRVItVLFRVVRFLDOHVHFRQyPLFRVHGXFDWLYRVSROtWLFRV\FXOWXUDOHVHQWUH RWURVFRQWULEX\HQDODFRQIRUPDFLyQGHODYXOQHUDELOLGDG(OLQFUHPHQWR GHODYXOQHUDELOLGDGHVWiUHJLGRSRU/DSUR[LPLGDGRH[SRVLFLyQDOD DPHQD]D&DSDFLGDGHV\UHFXUVRV0DUJLQDOL]DFLyQ (OULHVJRHVOD´SUREDELOLGDGGHH[FHGHUXQYDORUHVSHFtILFRGHGDxRVVR FLDOHVDPELHQWDOHV\HFRQyPLFRVHQXQOXJDUGDGR\GXUDQWHXQWLHPSR GHH[SRVLFLyQGHWHUPLQDGRµ\HVIXQFLyQGHODYXOQHUDELOLGDG\GHODV DFFLRQHVGHSUHYHQFLyQPLWLJDFLyQSUHSDUDFLyQ\UHVSXHVWDWRGRHVWR HQFDSVXODGRHQODIyUPXOD 5LHVJRV9XOQHUDELOLGDGHV$FFLRQHV +D\YDULDVRWUDVIyUPXODV'RVPX\UHFRQRFLGDVVRQ5LHVJR $PHQD]DV9XOQHUDELOL GDGHV\'HVDVWUH $PHQD]D9XOQHUDELOLGDG(QWUHRWUDVODDPHQD]DVHVXHOHFDPELDUSRU HOULHVJR&DOGHUyQ$UDJyQVXEUD\DQGRHQWRQFHVODDGPLQLVWUDFLyQRJHVWLyQ GH ULHVJRV OD IyUPXOD 5LHVJR 9XOQHUDELOLGDGHV $FFLRQHV GHVWDFD OD UHGXFFLyQ GH OD YXOQHUDELOLGDGFRQGHWHUPLQDGDVPHGLGDVRJHVWLRQHVTXHUHGX]FDQHOULHVJR 5(9,67$0(;,&$1$'(62&,2/2*Ì$$f21Ô0-8/,26(37,(0%5( ,QGHSHQGLHQWHPHQWHGHODOWRQLYHOGHVRILVWLFDFLyQGHHVWHWUDEDMRHQOD SUiFWLFDODV´FDSDFLGDGHV\UHFXUVRVµGHORV´VXMHWRVRVLVWHPDVµVRFLDOHV H[SXHVWRVDODVDPHQD]DVVREUHWRGRDTXHOODVTXHQRWLHQHQXQDREYLD QDWXUDOH]DHFRQyPLFDFDVLQXQFDVRQLQFRUSRUDGRVDORVHVWXGLRVHPStULFRV GHODVYXOQHUDELOLGDGHVGHHVWRVVXMHWRV\VLVWHPDVHQ/DWLQRDPpULFD6HUtD LPSRVLEOH LQFOXLU XQD UHYLVLyQ H[KDXVWLYD GH OD ELEOLRJUDItD SHUWLQHQWH SDUDDVtSUREDUHVWDDFHSFLyQSHURTXL]iVEDVWDUtDFRQVHxDODUDDOJXQRV GHORVDXWRUHVPiVLPSRUWDQWHVTXHXVDQHOFRQFHSWRGHODYXOQHUDELOL GDGHQ/DWLQRDPpULFD/DYHOOHQVXVHVWXGLRVVREUHODV]RQDVGH ULHVJR\ODYXOQHUDELOLGDGHQ&HQWURDPpULFDVXEUD\DODLPSRUWDQFLDGHOD SREUH]DHQODUHJLyQSDUDHQWHQGHUORVHIHFWRVGHORVGHVDVWUHV\PLGH OD YXOQHUDELOLGDG GH ODV GLIHUHQWHV ]RQDV ´GH DFXHUGR FRQ VXV QLYHOHV GHGHVDUUROORVRFLRHFRQyPLFRHLQIUDHVWUXFWXUDOSRUVXVFDUDFWHUtVWLFDV SREODFLRQDOHV\ORVUHFXUVRVHFRQyPLFRVGLVSRQLEOHVDXQQLYHOORFDO>@µ SS/DVYDULDEOHVXVDGDVSDUDUHSUHVHQWDUODYXOQHUDELOLGDGVRQ ODGHQVLGDGGHODSREODFLyQODSREUH]DHOGHVHPSOHRODSUHVWDFLyQGH VHUYLFLRVDORVYHFLQRVSRUHQWLGDGHVS~EOLFDVODFDOLGDGGHODVYLYLHQGDV HQWUHODVPiVLPSRUWDQWHV1RH[LVWHHQHVWHWUDEDMRHOUHFRQRFLPLHQWR GHTXHODV´FDSDFLGDGHV\UHFXUVRVµGHHVWDVFRPXQLGDGHVVRQXQDVSHFWR FODYHSDUDHQWHQGHUVXVSpUGLGDV 2WURHVFULWRPX\LPSRUWDQWHHQHVWHJpQHURHVHOGH/XQJR\%DLUHV TXLHQHV LQYHVWLJDQ ODV YXOQHUDELOLGDGHV GH FRPXQLGDGHV XUED QDVHQ(O6DOYDGRU8VDQODVVLJXLHQWHVYDULDEOHVTXHUHODFLRQDQFRQOD GLPHQVLyQYXOQHUDELOLGDGSDUDFRQVWUXLUXQDWLSRORJtDGHFRPXQLGDGHV HQHOSDtV 8ELFDFLyQGHODFRPXQLGDGHQODWUDPDXUEDQDYLVWDHQVXHYROXFLyQ KLVWyULFD&DOLGDGGHOKiELWDWYLYLHQGDHTXLSDPLHQWRVHLQIUDHVWUXF WXUD 7LSR GH WHQHQFLD GHO VXHOR XUEDQR FRQGLFLRQDQWH MXUtGLFD 2UJDQL]DFLyQVRFLDOGHODFRPXQLGDGYLVWDKLVWyULFDPHQWH3URJUDPDV \SUR\HFWRVGHDJHQWHVH[WHUQRVUHDOL]DGRVHQORV~OWLPRVFLQFRDxRV /DLQFOXVLyQGHODRUJDQL]DFLyQVRFLDOGHODVFRPXQLGDGHVSXGLHUDKDEHU VLGR PX\ VLJQLILFDWLYD SDUD PHGLU ODV ´FDSDFLGDGHV \ UHFXUVRVµ GH ODV (VWDIDOWDGHUHFRQRFLPLHQWRGHODVFDSDFLGDGHV\UHFXUVRVPXFKDVYHFHVVHHQFXHQWUD HQHVFULWRVTXHFRQSRFDFRKHUHQFLDWDPELpQVXEUD\DQODQHFHVLGDGGHPHMRUDUODFDSDFL WDFLyQSDUD´JHVWLyQGHULHVJRµRVHDPHMRUDUODV´FDSDFLGDGHVµGHODVRUJDQL]DFLRQHV /26'(6$675(6(1/$7,12$0e5,&$98/1(5$%,/,'$'<5(6,67(1&,$ PLVPDV6LQHPEDUJRODPHWRGRORJtDHPSOHDGDVHOLPLWDDVHxDODUVLOD RUJDQL]DFLyQVRFLDOH[LVWHH[LVWLyRQXQFDKDH[LVWLGR/RVDXWRUHVUHFR QRFHQODLPSRUWDQFLDGHODVDFFLRQHVGHORVYHFLQRVGHODVFRPXQLGDGHV HQFXDOTXLHUSURJUDPDGHSUHYHQFLyQ\PLWLJDFLyQGHORVHIHFWRVGHORV GHVDVWUHVSHURQRUHODFLRQDQHVWHDVXQWRFRQODYXOQHUDELOLGDGGHIRUPD VDWLVIDFWRULDOLPLWiQGRVHDVHxDODUODSRFDSDUWLFLSDFLyQGHORVYHFLQRV\ HO´GpELOGHVDUUROORGHODRUJDQL]DFLyQFRPXQDOXUEDQDHQHOSDtVµ /$&$3$&,'$''(5(6,67(1&,$ 6HSXHGHQPHQFLRQDURWURVHMHPSORVGHHVWHWLSRR´JpQHURVµGHDQiOL VLV2OVRQHWDO6LQHPEDUJRTXL]iVORVTXHPHQFLRQRVHDQ VXILFLHQWHVSDUDLOXVWUDUODWHVLVGHTXHORVHVWXGLRVGHODYXOQHUDELOLGDG VRFLDOGHELHUDQSUHRFXSDUVHPXFKRPiVGHORTXHKR\HQGtDORKDFHQ SRUHVWXGLDUODFDSDFLGDGGHUHVLVWHQFLD.HQGUD\:DFKWHQGRUI GHODVHQWLGDGHVTXHVRQREMHWRGHVXVLQYHVWLJDFLRQHV1RFRQVLGHUDUOD HTXLYDOHDQRHVSHFLILFDUFRUUHFWDPHQWHORVPRGHORVGHORVLPSDFWRV GHORVGHVDVWUHVHQODVVRFLHGDGHV%ODLNLHHWDODOXGHQEUH YHPHQWH D HVWRV DVSHFWRV FXDQGR GHILQHQ OD YXOQHUDELOLGDG FRPR OD FDSDFLGDGGHJUXSRV\SHUVRQDVGHDQWLFLSDUUHVLVWLU\UHFXSHUDUVHGHORV LPSDFWRVGHXQHYHQWRDXQTXHIXHUDGHHVWDGHILQLFLyQFDVLQRPHQFLR QDQDODUHVLVWHQFLDHQVXOLEUR(OHVWXGLRGHODFDSDFLGDGGHUHVLVWHQFLD FRPRSDUWHLQWUtQVHFDGHODYXOQHUDELOLGDGVHUtDPX\EHQHILFLRVRSDUDHO GHVDUUROORGHOFRQRFLPLHQWRHQHVWHFDPSRGHODVFLHQFLDV3HQVDUHQHOOD HVWRPDUHQVHULRORTXH6DUPLHQWROODPDODV´FDSDFLGDGHV\UHFXUVRVµ GHORV´VXMHWRVRVLVWHPDVµVRFLDOHVDXQTXHVLHPSUHUHFRUGDQGRTXHOD UHVLVWHQFLDHVXQDDQDORJtDGHXQPRGHORGHLQJHQLHUtD\TXHVXWUDVODGR D´ORVRFLDOµHVVyORVXJHUHQWH &RPRVHKDGLFKRDQWHULRUPHQWHODFDSDFLGDGGHUHVLVWHQFLDLPSOLFDOD FDSDFLGDGGHVXMHWRV\VLVWHPDVVRFLDOHVGHUHDFFLRQDUDSURSLDGDPHQWHHQ XQPRPHQWRGHFULVLVTXHQRKDVLGRDQWLFLSDGR(VVLQyQLPRGHFDSDFLGDG GHDGDSWDFLyQ\GHUHDFFLyQGHSRGHUHQIUHQWDUVHSRVLWLYDPHQWH\VLQ H[FHVLYDGHPRUDRGLILFXOWDGHVDODVGHPDQGDV\ORVHIHFWRVQRDQWLFLSDGRV GHGHVDVWUHV\FULVLVGHWRGRWLSR/DFDSDFLGDGGHUHVLVWHQFLDQRLPSOLFD QHFHVDULDPHQWHTXHODVFRVDVYXHOYDQDVXVHVWDGRVDQWHULRUHVDOGHVDVWUH QRHVXQSURFHVRPHFiQLFRHQFDSVXODGRSRUHMHPSORHQODLGHDGHTXH VLVWHPDVFRQUHVLVWHQFLDWHQJDQHODVWLFLGDG\SXHGDQYROYHUDVXHVWDGR 5(9,67$0(;,&$1$'(62&,2/2*Ì$$f21Ô0-8/,26(37,(0%5( DQWHULRU VLQR PiV ELHQ HV OD FDSDFLGDG GLQiPLFD GH XQD RUJDQL]DFLyQ VRFLDOGHUHFRQVWLWXLUVHFRQHILFDFLD$VLPLVPRORVVLVWHPDVTXHH[LVWtDQ FRQDQWHULRULGDGDOLPSDFWRSXHGHTXHKXELHUDQVLGRGHXQDSUHFDULH GDG \ YXOQHUDELOLGDG FRQVXPDGDV ,PSRUWD SUHJXQWDUVH HQWRQFHV TXp VLJQLILFDHO´HVWDGRDQWHULRUµDOLPSDFWRVLHVXQUHIHUHQWHSDUDPHGLU ´FDSDFLGDGGHUHFRQVWLWXFLyQVRFLDOHIHFWLYDµRVLHVWRVHORJUDVyORVLKD\ XQDVXSHUDFLyQGHHVH´HVWDGRDQWHULRUµ ¢&XiOHVODUHODFLyQHQWUHYXOQHUDELOLGDG\FDSDFLGDGGHUHVLVWHQFLD"¢6H SXHGHQGLIHUHQFLDUHVWRVFRQFHSWRVGHXQDIRUPDVLVWHPiWLFD\HPStULFD" 6XQ=LHQVXIDPRVRWUDWDGRVREUHHVWUDWHJLDPLOLWDUPHQFLRQD OD LQYXOQHUDELOLGDG \ HV REYLR TXH ODV FRQVLGHUDFLRQHV HQ HVWH WUDEDMR QRRSHUDQHQHOFDVRGHHQWLGDGHVLQYXOQHUDEOHV/RVGRVFRQFHSWRVGH YXOQHUDELOLGDG\FDSDFLGDGGHUHVLVWHQFLDQRWLHQHQXQWLSRGHFRUUHV SRQGHQFLDOyJLFD+DEUtDTXHGLIHUHQFLDUGLFKRVSURFHVRVHQIXQFLyQGH WLHPSR8QDSHUVRQDXQJUXSRXQDFRPXQLGDGRXQDUHJLyQSXHGHQVHU DOWDPHQWHYXOQHUDEOHV\WDPELpQGHPRVWUDUJUDQFDSDFLGDGGHUHVLVWHQFLD DORVHIHFWRVGHXQGHVDVWUHRSXHGHQWHQHUPX\SRFDYXOQHUDELOLGDG\ WDPELpQGHPRVWUDUPX\SRFDFDSDFLGDGGHUHVLVWHQFLD/DYXOQHUDELOLGDG \ODFDSDFLGDGGHUHVLVWHQFLDGHSHQGHQGHTXLpQRFXiOHVODHQWLGDGTXH UHFLEHHOHIHFWRGHSURFHVRVRGHLQFLGHQWHVGHVDVWURVRVGHFyPRRGH TXpIRUPDVRFXUUHQORVHIHFWRVGHORVPLVPRV\FRQTXpFRQVHFXHQFLDV RVHFXHODV$FiQRKD\XQLIRUPLGDGQLGHFDXVDVQLGHHIHFWRV 4XL]iVXQDVSHFWRTXHWDPELpQFRPSOLFDHOFRQRFLPLHQWRGHDPERV HVODLQGHWHUPLQDFLyQRQWROyJLFD¢TXpVRQHVWDGRVGHVHURSURFHVRV" 6RQDPERVSHURPXFKRVHVWXGLRVRVVXSRQHQTXHVRQHVWDGRVGHVHU8QD SHUVRQDRFRPXQLGDGWHQGUiFDUDFWHUtVWLFDVTXHJHQHUHQPiVRPHQRV YXOQHUDELOLGDG\FDSDFLGDGGHUHVLVWHQFLD3HURFRPRDPEDVSUHVXSRQHQ XQULHVJRTXHHVFRQVWUXLGRVRFLDOPHQWH\HVUHIOHMRGHODFXOWXUDHQWRQ FHVDPEDVWDPELpQVRQSURFHVRVKLVWyULFRV\GLQiPLFRVTXHGHSHQGHQHQ SDUWHGHODFRQMXQFLyQDYHFHVDOHDWRULDGHIDFWRUHVPXFKDVYHFHVGHV FRQRFLGRVFRQDQWHULRULGDGDORVKHFKRV\TXHVRQJHQHUDGRVSRUpVWRV GHHIHFWRV\UHVSXHVWDVTXHVHHVFDSDQDODQiOLVLVHVWiWLFR\OLQHDO &8/785$$17(/26'(6$675(6 8QRGHORVHIHFWRVPiVVLJQLILFDWLYRVGHQRFRQVLGHUDUODFDSDFLGDGGH UHVLVWHQFLDHVTXHDOJXQRVGHORVHVWXGLRVGHODVYXOQHUDELOLGDGHVDORV /26'(6$675(6(1/$7,12$0e5,&$98/1(5$%,/,'$'<5(6,67(1&,$ GHVDVWUHVHQODVVRFLHGDGHVODWLQRDPHULFDQDVQRKDQSUHVWDGRVXILFLHQWH DWHQFLyQDOFRQRFLPLHQWRGHHVWRVSXHEORVHQFXDQWRDFyPRPLWLJDUR FyPRSUHSDUDUVHSDUDOLGLDUFRQORVHIHFWRVGHORVGHVDVWUHVDORTXHORV DQWURSyORJRVOODPDQ´FRQRFLPLHQWRFXOWXUDOµHWKQRNQRZOHGJHRVHDOD FXOWXUDGHODVSREODFLRQHVHQULHVJRTXHOHVVLUYHHQSDUWHSDUDUHDFFLRQDU UHVLVWLU\VXEVLVWLUHQXQDORFDOLGDGTXHVXIUHDPHQD]DV&DOGHUyQ$UD JyQ/DPHQWDEOHPHQWHODGLVFRQWLQXLGDGHQORVPDQGRV \HOSHUVRQDORSHUDWLYRGHODVLQVWLWXFLRQHVGHODGHIHQVDFLYLO\GHORV RUJDQLVPRVHQFDUJDGRVGHODUHVSXHVWD\ODPLWLJDFLyQGHORVGHVDVWUHVHQ /DWLQRDPpULFDFRPRFRQVHFXHQFLDGHORVFRQVWDQWHVFDPELRVSROtWLFRV HQDOJXQRVFDVRVDFW~DHQFRQWUDGHOGHVDUUROOR\HOPDQWHQLPLHQWRGH HVWH WLSR GH FXOWXUD HQWUH ODV DXWRULGDGHV YpDVH 3UR\HFWR GLV PLQX\HQGR OD FDSDFLGDG GH UHVLVWHQFLD GH GLFKDV RUJDQL]DFLRQHV (VWD IDOWDGHHVWDELOLGDGHQODVSRVLFLRQHVEXURFUiWLFDVVHGHEHDORVFDPELRV JXEHUQDPHQWDOHVTXHVHSURGXFHQGHVSXpVGHHOHFFLRQHVDYDULRVQLYHOHV DGPLQLVWUDWLYRV\HVFDXVDGHXQFUyQLFRGHVHTXLOLEULRHQORVSURJUDPDV GHORVJRELHUQRV(VVLQGXGDXQSUREOHPDQRUHVXHOWRGHDGPLQLVWUDFLyQ S~EOLFDTXHDIHFWDDWRGD/DWLQRDPpULFD\FX\DVROXFLyQLQFUHPHQWDUtD ODHIHFWLYLGDGGHGLFKRVSURJUDPDV0DFtDV 3RUUD]RQHVYDULDVHOHQIRTXHGHORVHVWXGLRVGHKLVWRULDGRUHVVREUH VRFLHGDGHV LQGtJHQDV HQ ODV pSRFDV DQWHULRUHV D OD &RQTXLVWD TXH GR FXPHQWDQORVSURFHGLPLHQWRVTXHVHXVDEDQSDUDPLWLJDURUHVSRQGHU D ORV GHVDVWUHV QR KD VLGR VXILFLHQWHPHQWH LQWHJUDGR DO HVWXGLR GH OD YXOQHUDELOLGDG \ OD FDSDFLGDG GH UHVLVWHQFLD FRQWHPSRUiQHD GH GLFKDV VRFLHGDGHVHQ0p[LFRYpDVHD*DUFtD$FRVWD5RMDV5DELHOD HWDOHOFDVRGHORVDERUtJHQHVDXVWUDOLDQRVVHGHVFULEHHQ6NHUWFKO\ \6NHUWFKO\2OLYHU6PLWKGRFXPHQWDODVDGDSWDFLRQHVFXO WXUDOHVGHORVLQFDVHQORV$QGHVDQWHVGHODOOHJDGDGHORVHVSDxROHV FHQWUDGDVHQORVVLVWHPDVGHDJULFXOWXUDSHTXHxRVQ~FOHRVSREODFLRQDOHV WpFQLFDV\PDWHULDOHVXVDGRVHQODFRQVWUXFFLyQGHODVFDVDV\FUHHQFLDVH LGHRORJtDVWDPELpQGLVFXWHORVHIHFWRVQRFLYRVGHOD&RQTXLVWDHQHVWD FXOWXUDDQWHORVGHVDVWUHV(VWXGLRVRULHQWDGRVSRUHVWDSHUVSHFWLYDKLV WyULFRDQWURSROyJLFDGDUtDQXQDFRQFHSFLyQPXFKRPiVH[DFWDGHFyPR VRQODVFDSDFLGDGHVGHUHVLVWHQFLDTXHKR\H[LVWHQ\FyPRVHKDQYLVWR\ VHYHQDIHFWDGDVSRUORVFDPELRVVRFLDOHVTXHHVWUHPHFHQDOFRQWLQHQWH WDOHVFRPRODVJUDQGHVFRUULHQWHVPLJUDWRULDV\HOXUEDQLVPRH[WUHPR DGHPiV GH TXH D\XGDUtDQ D FUHDU SURJUDPDV \ VHUYLFLRV PiV HIHFWLYRV &XQ\ 5(9,67$0(;,&$1$'(62&,2/2*Ì$$f21Ô0-8/,26(37,(0%5( (QODDFWXDOLGDGQRH[LVWHXQFRQRFLPLHQWRGHHVWDVFXOWXUDVGHDGDSWD FLyQDORVULHVJRV\DORVGHVDVWUHVHQ/DWLQRDPpULFDQLXQDPHWRGRORJtD SDUDLQWHJUDUODVDODJHVWLyQGHULHVJRHQODVFRPXQLGDGHVDPHQD]DGDV SRU GHVDVWUHV 3RU HMHPSOR HQ PXFKDV UHJLRQHV YROFiQLFDV GH /DWLQR DPpULFDKDELWDQSREODFLRQHVLQGtJHQDVTXHKDQGHVDUUROODGRFRPSOHMRV VLVWHPDVGHDGDSWDFLyQDVXVKiELWDWV/DUHOLJLyQ\ORVOtGHUHVUHOLJLRVRV TXHIDFLOLWDQODFRPXQLFDFLyQFRQORVHVStULWXVGHORVYROFDQHVVRQSDUWH LPSRUWDQWHGHHVWRVHVTXHPDVGHDGDSWDFLyQ\FRQVWLWX\HQXQDLQVWLWXFLyQ FODYHSDUDODVXSHUYLYHQFLDGHGLFKDVSREODFLRQHVTXHSXGLHUDVHUXQD IRUPDHILFD]HLPSRUWDQWHSDUDORVJRELHUQRV\ORVFLHQWtILFRVGHVHRVRV GHIRUWDOHFHUODVFDSDFLGDGHVGHUHVLVWHQFLDGHHVWDVFRPXQLGDGHV $IRUWXQDGDPHQWHKD\H[FHSFLRQHVQRWDEOHVDHVWDIDOODHQWUHHOODVORV H[FHOHQWHVWUDEDMRVGH)UDQFR7HPSOH0DVNUH\\2OLYHU 6PLWK(OSULPHURFRQVLGHUDODUHJLyQGH3LXUDHQ3HU~'HVFULEH ODKLVWRULDGHODVLQXQGDFLRQHVHQOD]RQD\ODVIRUPDVHQTXHORVFDPELRV HQODWHQHQFLDGHODWLHUUD\HQORVVLVWHPDVGHSURGXFFLyQKDQDJUDYDGR ODVLWXDFLyQGHVXVKDELWDQWHV7DPELpQFRQVLGHUDODPHPRULDFROHFWLYDGH ODVLQXQGDFLRQHV\ODVIRUPDVHQTXHODVRFLHGDGUHJLRQDOKDGHPRVWUDGR VXFDSDFLGDGGHUHVLVWHQFLD\VHKDPRYLOL]DGRSDUDWUDWDUGHGLVPLQXLU ORVHIHFWRVGHODYXOQHUDELOLGDGHLPSRQHUXQDGLVWULEXFLyQPiVMXVWD\ HTXLWDWLYDGHORVULHVJRV\ORVEHQHILFLRVGHOGHVDUUROORUHJLRQDO 0DVNUH\GHVFULEHODUHFRQVWUXFFLyQGHODUHJLyQGH$OWR0D\R3HU~ GHVSXpVGHORVWHUUHPRWRVGHOGHPD\RGH\GHOGHDEULOGH 'LVFXWHODLPSRUWDQFLDGHLQFRUSRUDUDODVYtFWLPDVHQODPLWLJDFLyQ \HQORVSURFHGLPLHQWRVVRFLDOHVPHGLDQWHORVFXDOHVFLHUWRVFRQRFLPLHQWRV WpFQLFRVGHFRQVWUXFFLyQGHYLYLHQGDVIXHURQLQFRUSRUDGRVHILFD]PHQWH DO DIiQ GHO SXHEOR GH UHFRQVWUXLU XQD FRPXQLGDG FRQ PiV FDSDFLGDG GH UHVLVWHQFLD 6XEUD\D DVLPLVPR TXH OD SDUWLFLSDFLyQ FLXGDGDQD VX RUJDQL]DFLyQ VRFLDO HV FODYH SDUD HO p[LWR GH FXDOTXLHU SURJUDPD GH UHFRQVWUXFFLyQTXHORVGHVDVWUHVVRQUHVXOWDGRGHXQSURFHVRGHGHILQL FLyQVRFLDO\TXH´ODVPiVH[LWRVDVH[SHULHQFLDVGHJHVWLyQGHULHVJRVHQ $PpULFD/DWLQD>@RFXUUHQFXDQGRH[LVWHQSURFHVRVGHQHJRFLDFLyQ\ FRQFHUWDFLyQHQWUHODSREODFLyQ\ORVDFWRUHVH[WHUQRVTXHSHUPLWHQTXH HVWRV~OWLPRVDGHFXHQVXVSROtWLFDVSURJUDPDV\SUR\HFWRVSDUDWRPDU HQFXHQWDODVSHUFHSFLRQHVLPDJLQDULRVSULRULGDGHV\QHFHVLGDGHVGH ORVSULPHURVµ0DVNUH\ 2WURHVWXGLRTXHRIUHFHLQIRUPDFLyQPX\YDOLRVDVREUHODUHVLVWHQFLD GHFRPXQLGDGHVDIHFWDGDVSRUORVGHVDVWUHVHVHOGH2OLYHU6PLWK /26'(6$675(6(1/$7,12$0e5,&$98/1(5$%,/,'$'<5(6,67(1&,$ 6XDQiOLVLVGHODFLXGDGGH<XQJD\3HU~LPSDFWDGDSRUHOWHUUHPRWR\ ODDYDODQFKDGHGRFXPHQWDFyPRODDGDSWDFLyQGHORV\XQJDLQRV TXHVREUHYLYLHURQIXHXQUHIOHMRGHVXVWUDGLFLRQHV\VXFXOWXUD\GHOD KDELOLGDG GH OD FRPXQLGDG SDUD UHVLVWLU ORV SODQHV GH UHFRQVWUXFFLyQ GH ORV RILFLDOHV GHO JRELHUQR 'RXJKW\ WDPELpQ GRFXPHQWD ODV WUDGLFLRQHVTXHHUDQXVDGDVSRUORVKDELWDQWHVGHO&DOOHMyQGH+XD\ODV SDUD UHVSRQGHUDORVVLQLHVWURVHQODUHJLyQGHVGHSUiFWLFDVUHOLJLRVDV \RUDFLRQHVDORVVDQWRVSDWURQHVKDVWDPRGLILFDFLRQHVHQODVIRUPDVGH FRQVWUXFFLyQGHODVFDVDV (Q0p[LFRSDUDGDUVyORGRVHMHPSORVLQPHGLDWDPHQWHGHVSXpVGH OD H[SORVLyQ GH JDV TXH GHVWUX\y EXHQD SDUWH GHO FHQWUR GH OD FLXGDG GH*XDGDODMDUDHQDEULOGHODD\XGDHQWUHORVYHFLQRVIXHHOPHFD QLVPRIXQGDPHQWDOTXHSHUPLWLyVDOYDUDPXFKDVYtFWLPDVVHSXOWDGDVEDMR ORVHVFRPEURV$JXLUUHHWDO3RURWURODGRGXUDQWHODVLQXQGDFLRQHV GHHQHOHVWDGRGH9HUDFUX]H[LVWtDQVLVWHPDVLQIRUPDOHVGHDYLVRV HQWUHORVYHFLQRVGHODUHJLyQTXHSHUPLWLHURQDDOJXQDVFRPXQLGDGHV GHORVOODQRVSUHYHUODVLQXQGDFLRQHV\SURWHJHUVH (OFRQFHSWRGHFXOWXUDIUHQWHDORVGHVDVWUHVVHFUHyHQODVRFLRORJtD SDUDUHFRQRFHUTXHODVIRUPDVGHYLGD\ODVUHDFFLRQHVGHODVFRPXQL GDGHVRUJDQL]DFLRQHV\IDPLOLDVHQUHODFLyQFRQHOORVVHYHQSURIXQ GDPHQWHDIHFWDGDVSRUODSUHVHQFLDGHODVDGDSWDFLRQHVFXOWXUDOHVHQ ORFDOLGDGHVHVSHFtILFDV$QGHUVRQ:HQJHU3KLOOLSV '\QHV'LFKRFRQFHSWRVHXVySDUDHQWHQGHUHOFRPSRUWDPLHQWR GHHVWDVIRUPDFLRQHVVRFLRFXOWXUDOHVORFDOHVHQUHFRQRFLPLHQWRGHTXH HUDQLPSRUWDQWHVSDUDHQWHQGHUODVH[SHULHQFLDVGHODVFRPXQLGDGHV IUHQWHDORVGHVDVWUHV\ODVIRUPDVHQTXHWDOHVH[SHULHQFLDVORVD\XGDEDQ DSUHSDUDUVH\DVtGLVPLQXLUORVHIHFWRVGHORVVLQLHVWURV $SHVDUGHOUHFRQRFLPLHQWRGHODLPSRUWDQFLDGHOQH[RHQWUHGHVDVWUH \FXOWXUD/D5HGDFWXDOPHQWHHOFRQFHSWRGHFXOWXUDDQWH ORVGHVDVWUHVVHXVDPXFKDVYHFHVHQ/DWLQRDPpULFDSDUDGyMLFDPHQWHQR SDUDUHFRQRFHUHOHPHQWRVGHUHVLVWHQFLDHQODFXOWXUDGHXQDSREODFLyQ QLODSUHVHQFLDGHSUiFWLFDVFROHFWLYDVGHDGDSWDFLyQDODPELHQWHVLQR SDUDVHxDODUXQDDXVHQFLDXQDIDOWDGHWUDGLFLRQHV\DSWLWXGHVDQWHHO SHOLJUR&DOGHUyQ$UDJyQ(QHVWDIRUPDQHJDWLYDGHXVDU HOFRQFHSWRWDPELpQVHDVXPHTXHHOSXHEORQHFHVLWDTXHORVH[SHUWRVOH GLJDQFyPRUHVJXDUGDUVHGHORVGHVDVWUHVTXHODJHQWHQRWLHQHUHFXUVRV FXOWXUDOHVQLRUJDQL]DFLyQVRFLDOSDUDHQIUHQWDUVHDHOORVTXHQHFHVLWDQVHU DX[LOLDGRVTXHVRQLQHUWHVHQILQTXHQRWLHQHQFXOWXUDDQWHORVGHVDV 5(9,67$0(;,&$1$'(62&,2/2*Ì$$f21Ô0-8/,26(37,(0%5( WUHV\TXHpVWHHVXQSUREOHPDTXHORVH[SHUWRVGHEHQUHVROYHUPHGLDQWH SURJUDPDVGHHGXFDFLyQGHPDVDV\GHGHVDUUROORGHODVFRPXQLGDGHV 0DFtDV3RVLEOHPHQWHHOSUREOHPDWRGDYtDQRUHVXHOWRGHO WRGRHVRWUR¢FXiOHVVRQODVIRUPDVySWLPDVSDUDLQWHJUDUODFXOWXUDDQWH GHVDVWUHV\ODJHVWLyQGHULHVJRGHXQDFRPXQLGDGDOFRQRFLPLHQWRFLHQWtILFR \DORVSURJUDPDVGHD\XGD"8QDSDUWHLPSRUWDQWHGHODUHVSXHVWDHVWULED HQIDFLOLWDUHOGHVDUUROORFRPXQLWDULR1RKD\JHVWLyQGHULHVJRHIHFWLYD VLQRKD\WDPELpQJHVWLyQFRPXQLWDULD (MHPSORVTXHVHSXHGHQPHQFLRQDUGHHVWHQXHYRXVRGHOWpUPLQRGH FXOWXUDGHGHVDVWUHVRQHOJRELHUQRGH3DQDPiFX\D'LUHFFLyQ*HQHUDO GH3URWHFFLyQ&LYLOWUDWDGHFUHDUXQD´FXOWXUDGHSURWHFFLyQFLYLOµSDUD SURWHJHUDODSREODFLyQPHGLDQWHSURJUDPDVGHHGXFDFLyQ3DQDPi HOVHFUHWDULRGH*REHUQDFLyQGHOJRELHUQRGH0p[LFRTXLHQHQVXPHQ VDMHGHLQDXJXUDFLyQGHO3URJUDPDGH3UHYHQFLyQ\0LWLJDFLyQGH5LHVJR GH'HVDVWUHVGH0p[LFR'XUDQWH6HFUHWDUtDGH*REHUQDFLyQ HVFULEHTXH´ODSROtWLFDSDUDDIURQWDUGHVDVWUHVQDWXUDOHVTXH GHVDUUROOD HO (MHFXWLYR )HGHUDO FRQWHPSOD OD FUHDFLyQ GH XQD FXO WXUDGHSUHYHQFLyQHQWUHORVFLXGDGDQRV(VHVWHXQFRPSOHPHQWR LQGLVSHQVDEOHDODLQYHVWLJDFLyQFLHQWtILFDGHORVIHQyPHQRVQDWXUDOHV\ ODFDSDFLWDFLyQGHORVVHUYLGRUHVS~EOLFRVµHOSODQGHOD&RRUGLQDGRUD 1DFLRQDOSDUDOD5HGXFFLyQGH'HVDVWUHV&RQUHGGH*XDWHPDODTXH GHFODUDTXHVXPLVLyQHV´JHQHUDUXQDFXOWXUDGHSUHYHQFLyQGHGHVDV WUHVµ\TXHXQDGHVXVILQDOLGDGHVHV´RUJDQL]DUFDSDFLWDU\VXSHUYLVDU HQHOiPELWRQDFLRQDOUHJLRQDOGHSDUWDPHQWDOPXQLFLSDO\ORFDODODV FRPXQLGDGHV SDUD HVWDEOHFHU XQD FXOWXUD GH UHGXFFLyQ GH GHVDVWUHVµ &RQUHG ORV REMHWLYRV GH OD (VWUDWHJLD ,QWHUQDFLRQDO SDUD OD 5HGXFFLyQ GH 'HVDVWUHV GH ODV 1DFLRQHV 8QLGDV FDVL QR OH SUHVWDQ QLQJXQDDWHQFLyQDVXVVXSXHVWRVSURWHJLGRVHQVXDIiQGHSURWHJHUORV YpDVH1DFLRQHV8QLGDVHOSODQSDUDHOPDQHMRGHODVHTXtD HQ&HQWURDPpULFD&HSUHGHQDFHOPDQXDOGH&REXUQHWDO TXLHQHVHVFULEHQTXHODSODQLILFDFLyQGHODPLWLJDFLyQLQFOX\HHOWUDEDMR FRPXQLWDULR \ OD FUHDFLyQ GH XQD ´FXOWXUD GH VHJXULGDGµ S FX\R REMHWLYRVHUiFRQFLHQWL]DUDOS~EOLFRVREUHODVDPHQD]DVDODVTXHVHHQ IUHQWDQ6HJ~QHOORVSDUWHGHOSUREOHPDUDGLFDHQ´GHVSHUWDUµDOS~EOLFR ´HPSH]DQGRFRQFDPSDxDVDFRUWRSOD]RGHJUDQSXEOLFLGDGPHGLDQWH HOXVRGHUDGLRGLIXVRUDVPDWHULDOLPSUHVR\IROOHWRV>@µ/DSUHJXQWD HV¢ODJHQWHWLHQHTXHVHUGHVSHUWDGDSRUHOJRELHUQR\ORVH[SHUWRV" /26'(6$675(6(1/$7,12$0e5,&$98/1(5$%,/,'$'<5(6,67(1&,$ ¢3RUTXpQRRtUORV\FRQRFHUORVDQWHVGHGHFLGLUFXiOHVODPHMRUIRUPD GHFRRSHUDUFRQHOORV\GHD\XGDUORV"*XWLpUUH] 1RVHWUDWDGHQHJDUTXHODHGXFDFLyQHVLPSRUWDQWHSDUDUHGXFLUOD YXOQHUDELOLGDG H LQFUHPHQWDU OD UHVLVWHQFLD SHUR Vt GH LQVLVWLU HQ TXH FDPSDxDVHGXFDWLYDVTXHWRPDQXQDHVWUXFWXUDSLUDPLGDO\TXHDVXPHQ TXHODJHQWHQRWLHQHODVXILFLHQWHFXOWXUDSDUDOLGLDUSRUVtPLVPDFRQ VLWXDFLRQHVGHGHVDVWUHQRVRQODPHMRUIRUPDGHORJUDUOR(VWHQXHYR XVRGHOFRQFHSWRGH´FXOWXUDDQWHORVGHVDVWUHVµDYHFHVHTXLYDOHDUHVWDUOH LPSRUWDQFLDDODUHVLVWHQFLDXQWHPDGHJUDQLPSRUWDQFLDSDUDHQWHQ GHU ODV YHUGDGHUDV YXOQHUDELOLGDGHV GH ORV SXHEORV ODWLQRDPHULFDQRV 7DOFRQFHSWRWLHQHPXFKDVVLPLOLWXGHVFRQODFRQFHSFLyQGHSREUH]DGH 2VFDU/HZLVORTXHpOOODPy´FXOWXUDGHODSREUH]DµTXHQRHVPiVTXH XQDIRUPDGHFXOSDUDODVYtFWLPDVGHODSREUH]DSRUVHUSREUHV\WHQHU SUREOHPDV9DOHQWLQH &21&/86,Ð1 (QODVSiJLQDVDQWHULRUHVKHPRVKHFKRXQEUHYHUHFXHQWRGHORVRUtJHQHV GHORVHVWXGLRVGHGHVDVWUHVGHVGHHOSULVPDVRFLROyJLFRHQORV(VWDGRV 8QLGRV\ODQXHYDGHILQLFLyQGHORVGHVDVWUHVHQ/DWLQRDPpULFD7DPELpQ KHPRVUHVXPLGRORVGLIHUHQWHVXVRVGHOFRQFHSWRGHYXOQHUDELOLGDGVRFLDO DQWHORVGHVDVWUHVWUDWDQGRGHVXEUD\DUODGLVFRQWLQXLGDGTXHH[LVWHHQWUH ORVPHMRUHVWUDEDMRVWHyULFRVVREUHHOWHPD\ODDSOLFDFLyQGHHVDVLGHDV HQDOJXQDVLQYHVWLJDFLRQHVVRFLROyJLFDV\HQORVSURJUDPDVRILFLDOHV6H JXLGDPHQWHKHPRVSUHVHQWDGRHOFRQFHSWRGHFDSDFLGDGGHUHVLVWHQFLD \VXUHODFLyQFRQODYXOQHUDELOLGDG\FRQODVFXOWXUDVGHGHVDVWUHV /D WHVLV FHQWUDO GHO WUDEDMR HV TXH OD LQFRUSRUDFLyQ GH OD FDSDFLGDG GHUHVLVWHQFLDFRPRHOHPHQWRGHDQiOLVLVHQHOHVWXGLRGHODYXOQHUDEL OLGDG QHFHVDULDPHQWH SURGXFLUtD HQ HO FRQRFLPLHQWR VRFLROyJLFR \ HQ ORVSURJUDPDVGHSUHYHQFLyQ\PLWLJDFLyQGHORVHIHFWRVGHORVGHVDVWUHV XQDDSUHFLDFLyQPXFKRPiVDSURSLDGDGHOIHQyPHQR\VXUHODFLyQFRQ OD VHJXULGDG VRFLDO GH ORV SXHEORV ODWLQRDPHULFDQRV 3XGLHUD DGHPiV WHQHUHOHIHFWRGHGDUOHPD\RUUHOHYDQFLDDORVSURFHVRVGHPRYLOL]DFLyQ FRPXQLWDULDLQFRUSRUiQGRORV\FRPSURPHWLpQGRORVFRQORVSURJUDPDVGH GHIHQVDFLYLOGHUHVSXHVWD\GHPLWLJDFLyQGHORVHIHFWRVGHORVGHVDVWUHV DVtFRPRGHODGLVPLQXFLyQGHULHVJRV3RURWUDSDUWHHOGHVWDFDUODFXOWXUD GHORVGHVDVWUHVFRPRHOHPHQWRGHHVWDFDSDFLGDGGHUHVLVWHQFLDSXGLHUD 5(9,67$0(;,&$1$'(62&,2/2*Ì$$f21Ô0-8/,26(37,(0%5( D\XGDUDHVWDEOHFHUPRGHORVGHDGPLQLVWUDFLyQS~EOLFDPiVHVWDEOHVTXH JDUDQWL]DUDQODFRQWLQXLGDGHQORVFDUJRVFRQREMHWRGHWUDQVIRUPDUID YRUDEOHPHQWHODVDFFLRQHVGHODVHQWLGDGHVGHORVJRELHUQRVGHODUHJLyQ TXHWUDEDMDQHQHOWHPDHVWDEOHFLHQGRFULWHULRVWpFQLFRV\SURIHVLRQDOHV HQODVEXURFUDFLDV\HQHOGHVHPSHxRDGPLQLVWUDWLYR $IRUWXQDGDPHQWH\DVHHPSLH]DDDSUHFLDUODLPSRUWDQFLDGHODFDSD FLGDGGHUHVLVWHQFLDHQHVWXGLRVGHODYXOQHUDELOLGDGHQ/DWLQRDPpULFD 0DVNUH\%HQGHU\3HDFRFN\HQRWUDVUHJLRQHV3DWWRQ\ -RKQVWRQ3DWWRQ6PLWK\9LRODQWL6REUHWRGRHQ$XVWUDOLD VHKDDGHODQWDGRPXFKRHQHVWDQXHYDIRUPDGHSHQVDUVREUHODYXOQHUD ELOLGDGFRPRORGHPXHVWUDQ%XFNOH\VXVFROHJDVDED ETXLHQHVRIUHFHQXQDQiOLVLVPX\SURPHWHGRUGHORVUHVXOWDGRV GHODLQWHJUDFLyQGHORVGRVFRQFHSWRV\GHORVHOHPHQWRVTXHDXPHQWDQ ODFDSDFLGDGGHUHVLVWLUHQLQGLYLGXRVIDPLOLDV\FRPXQLGDGHVTXHVRQ YtFWLPDVGHORVHIHFWRVGHGHVDVWUHV(QORV(VWDGRV8QLGRVHOWHPDGHOD FDSDFLGDGGHUHVLVWHQFLDVHLPSRQHFDGDGtDPiVHQHVWXGLRVGHGHVDVWUHV YpDVH .HQGUD \ :DFKWHQGRUI (VWH pQIDVLV HV PX\ SURPHWHGRU SXHVIDFLOLWDUiHOHVWXGLRGHOFDSLWDOVRFLDOGHODVFRPXQLGDGHV\ODDSUH FLDFLyQGHTXHORVVLVWHPDVVRFLDOHVWDQWRORV´GHVDUUROODGRVµFRPRORV ´SRUGHVDUUROODUµVRQF~PXORVGHFDSDFLGDGHV\UHFXUVRV /D FRQVLGHUDFLyQ VLPXOWiQHD GH OD YXOQHUDELOLGDG \ GH OD FDSDFLGDG GHUHVLVWHQFLDFRQGXFHDXQDGHILQLFLyQP~OWLSOH\VHFWRULDOGHOGHVDVWUH ([FHSWXDQGRVLWXDFLRQHVGHFDWiVWURIHGHVGHHVWDSHUVSHFWLYDHOGHVDVWUH QRH[LVWHFRPRIHQyPHQRWRWDOHQXQDVRFLHGDG/RTXHH[LVWHHVXQD HQRUPHYDULDELOLGDGGHORVHIHFWRVGHORVGHVDVWUHVHQORVGLIHUHQWHVVHF WRUHV GH OD VRFLHGDG &XiOHV VHUtDQ HVRV VHFWRUHV GHSHQGH HQ SDUWH GH ORVSURSyVLWRVDOHVWUXFWXUDUODDFFLyQVRFLDOTXHVHDGHLQWHUpVSHURHQ WpUPLQRVJHQHUDOHVORVVHFWRUHVPiVIUHFXHQWHPHQWHPHQFLRQDGRVVRQORV yUJDQRVGHFRPXQLFDFLyQGHPDVDVHOVHFWRUHFRQyPLFR\ODLQGXVWULD ODRUJDQL]DFLyQSROtWLFDODVDJHQFLDVFLYLOHVFRPRKRVSLWDOHV\RWUDVTXH VHRFXSDQGHODVHPHUJHQFLDV\ODSREODFLyQ\VXVFDWHJRUtDVWDOHVFRPR ORVSREUHVORVJUXSRVpWQLFRV\ORVPLQXVYiOLGRV6HSXHGHVXSRQHUTXH ODVGLIHUHQWHVLQVWLWXFLRQHV\VXVHOHPHQWRVFRQVWLWXWLYRVWDOHVFRPRODV EXURFUDFLDVH[SHULPHQWDQGHVDVWUHVPX\GLIHUHQWHVSRUTXHWLHQHQGLIH UHQWHVYXOQHUDELOLGDGHVGLIHUHQWHVFDSDFLGDGHVGHUHVLVWHQFLD\GLIHUHQWHV FXOWXUDV3RUHMHPSORHQODLQVWLWXFLyQGHODVDOXGORVKRVSLWDOHVLQVWL WXFLRQHVHVSHFLDOL]DGDVHQWRGRWLSRGHFULVLV\HPHUJHQFLDVWLHQHQXQD HQRUPHFDSDFLGDGGHUHVLVWHQFLDDODVGHPDQGDVGHVLQLHVWURV\GHRWURV /26'(6$675(6(1/$7,12$0e5,&$98/1(5$%,/,'$'<5(6,67(1&,$ FDPELRVVRFLDOHVQRDVtODVHVFXHODVTXHQRWLHQHQQLODPLVPDFDSDFLGDG GHUHVLVWHQFLDQLHVWiQSUHSDUDGDVSDUDPLQLPL]DUVXYXOQHUDELOLGDG (VWDIRUPDGHFRQFHSWXDUHOGHVDVWUHFRPRXQWLSRGHGHPDQGDGHVHUYL FLRV\UHFXUVRVTXHLQYROXFUDODYXOQHUDELOLGDG\ODFDSDFLGDGGHUHVLVWHQFLD TXHSXHGDH[LVWLUHQXQVHFWRUGHODVRFLHGDG\TXHRFDVLRQDODUHLQWHJUDFLyQ VRFLDOHQXQSURFHVRGHFDPELRVRFLDOTXHLQFOX\H´ODIDVHGHJHQHUDFLyQGH YXOQHUDELOLGDGVRFLDOODHPHUJHQFLD\ODVUHODFLRQDGDVFRQHOFDPELRVRFLDO IDVHVGHUHFXSHUDFLyQUHFRQVWUXFFLyQµ0DFtDVSHUPLWLUtDXQD VtQWHVLVTXHREYLDUDHOSUREOHPDGHTXHVLHOGHVDVWUH´YLHQHGHIXHUDµ ³FRQFHSFLyQQRUWHDPHULFDQD³R´GHDGHQWURµ³FRQFHSFLyQODWLQRD PHULFDQD³ LPSOLFDUtD HQWHQGHU DO GHVDVWUH GHVGH OD SHUVSHFWLYD GHO FDPELRVRFLDO %,%/,2*5$)Ì$ $JXLUUH%(':HQJHU7$*ODVV0'tD]0XULOOR\*9LJR´7KH 6RFLDO 2UJDQL]DWLRQ RI 6HDUFK DQG 5HVFXH (YLGHQFH IURP WKH *XDGDODMDUD *DVROLQH ([SORVLRQµ ,QWHUQDWLRQDO -RXUQDO RI 0DVV (PHUJHQFLHV DQG 'LVDVWHUV $ORQVR'DQLHO´3ODQV$JDLQVW&DWDVWURSKHV+XUULFDQHVDQG+HDY\5DLQV LQ&XEDµ3URFHHGLQJV0HHWLQJRI([SHUWVLQ+D]DUG0DSSLQJLQWKH&DULEEHDQ &RPSLODGR SRU 'DYLG %DUNHU -DPDLFD 8QLYHUVLW\ RI .LQJVWRQ DQG 8152 SS $ORQVR'DQLHO0$6iQFKH]&HODGD\-/%DWLVWD6LOYD'HVDVWUH\PHGLR DPELHQWHHQ&XED/D+DEDQD,QVWLWXWRGH*HRJUDItD $QGHUVRQ :LOOLDP 6RPH 2EVHUYDWLRQV RQ D 'LVDVWHU 6XEFXOWXUH 7KH 2UJDQL]DWLRQDO5HVSRQVHRI&LQQFLQDWL2KLRWRWKH)ORRG1HZDUN'HODZDUH 8QLYHUVLW\RI'HODZDUH'LVDVWHU5HVHDUFK&HQWHU7DPELpQGLVSRQLEOHGHVGH ,QWHUQHWHQKWWSZZZXGHOHGX'5&HPDLOKWPO! %DWLVWD6LOYD-RVp/XLV\06iQFKH]&HODGD5LHVJRSRULQXQGDFLyQSOX YLDOHQ&XED6DQ-XDQ3XHUWR5LFR9,,(QFXHQWURGH*HyJUDIRVGH$PpULFD /DWLQDSSHQ&'520 %LVRJQR3DROR9XOQHUDELOLWjULIOHVVLRQLVXDOFXQLFRQFHWWLGLVWUDWHJLDSROLWLFD 5RPD,VWLWXWRGL6WXGLVXOOD5LFHUFDH'RFXPHQWD]LRQH&LHQWLILFD&RQVLJOLR 1D]LRQDOH GHOOH 5LFHUFKH 7DPELpQ GLVSRQLEOH GHVGH ,QWHUQHW HQ KWWS ZZZXGHOHGX'5&HPDLOKWPO! %ODLNLH 3 7 &DQQRQ , 'DYLV \ % :LVQHU $W 5LVN 1DWXUDO +D]DUGV 3HRSOHV9XOQHUDELOLW\DQG'LVDVWHUV/RQGUHV5RXWOHGJH %XFNOH3KLOOLSD´1HZ$SSURDFKHVWR$VVHVVLQJ9XOQHUDELOLW\DQG5HVL OLHQFHµ$XVWUDOLDQ-RXUQDORI(PHUJHQF\0DQDJHPHQW 5(9,67$0(;,&$1$'(62&,2/2*Ì$$f21Ô0-8/,26(37,(0%5( %XFNOH3KLOOLSE$VVHVVLQJ5HVLOLHQFHDQG9XOQHUDELOLW\LQWKH&RQWH[WRI(PHU JHQFLHV *XLGHOLQHV 0HOERXUQH $XVWUDOLD 'HSDUWPHQW RI +XPDQ 6HUYLFHV 6WDWH(PHUJHQF\0DQDJHPHQW8QLW %XFNOH3KLOOLS*UDKDP0DUVK\6\GQH\6PDOHD$VVHVVLQJ5HVLOLHQFHDQG 9XOQHUDELOLW\3ULQFLSOHV6WUDWHJLHVDQG$FWLRQV*XLGHOLQHV0W0DFHGRQ$XV WUDOLD(PHUJHQF\0DQDJHPHQW$XVWUDOLD %XFNOH3KLOOLS*UDKDP0DUVK\6\GQH\6PDOHE$VVHVVPHQWRI3HUVRQDO DQG &RPPXQLW\ 5HVLOLHQFH DQG 9XOQHUDELOLW\ 5HSRUW 0W 0DFHGRQ $XVWUDOLD (PHUJHQF\0DQDJHPHQW$XVWUDOLD &DOGHUyQ$UDJyQ*HRUJLQD&RQVWUXFFLyQ\UHFRQVWUXFFLyQGHOGHVDVWUH0p[LFR 3OD]D\9DOGpV(GLWRUHV &DQQRQ 7HUU\ ´9XOQHUDELOLW\ $QDO\VLV DQG WKH ([SODQDWLRQ RI 1DWXUDO 'LVDVWHUVµ'LVDVWHU'HYHORSPHQWDQG(QYLURQPHQW&RPSLODGRSRU$QQ9DUOH\ 1XHYD<RUN-RKQ:LOH\DQG6RQVSS &HQWURGH&RRUGLQDFLyQSDUDOD3UHYHQFLyQGHORV'HVDVWUHV1DWXUDOHVHQ$PpULFD &HQWUDO&HSHGUHQDF/DVHTXtDHQ&HQWURDPpULFD+DFLDXQPDQHMRGHORV HIHFWRVGHOIHQyPHQR6DQ-RVp7DPELpQGLVSRQLEOHGHVGH,QWHUQHWHQKWWS ZZZFHSUHGHQDFRUJBWHPDVVHTXLDVHTXLDKWP! &HQWUR GH &RRUGLQDFLyQ SDUD OD 3UHYHQFLyQ GH ORV 'HVDVWUHV 1DWXUDOHV HQ $PpULFD&HQWUDO&HSHGUHQDF3ODQ5HJLRQDOGH5HGXFFLyQGH'HVDVWUHV 6DQ-RVp7DPELpQGLVSRQLEOHGHVGH,QWHUQHWHQKWWSZZZFHSUHGHQDFRUJ BWHPDVSUUGSUUGBLQGKWP! &REXUQ$:5-66SHQFH\$3RPRQLV9XOQHUDELOLW\DQG5LVN$VVHVVPHQW &DPEULGJH 7KH 2DVW +RXVH 'LVDVWHU 0DQDJHPHQW 7UDLQLQJ 3URJUDPPH &DPEULGJH$UFKLWHFWXUDO5HVHDUFK/LPLWHG7DPELpQGLVSRQLEOHGHVGH,QWHUQHW HQKWWSZZZXGHOHGX'5&HPDLOKWPO! &RRUGLQDGRUD1DFLRQDO3DUDOD5HGXFFLyQGH'HVDVWUHV&RQUHG0LVLyQILQDOLGDG \2UJDQL]DFLyQGH&RQUHG*XDWHPDOD7DPELpQGLVSRQLEOHGHVGHHO,QWHUQHW HQKWWSZZZGLVDVWHULQIRGHVDVWUHVQHWVDOXGFDGHVDVWUHV&5LQGH[KWPO! &XQ\)UHGHULFN&´/LYLQJ:LWK)ORRGV$OWHUQDWLYHVIRU5LYHULQH)ORRG 0LWLJDWLRQµ0DQDJLQJ1DWXUDO'LVDVWHUVDQGWKH(QYLURQPHQW&RPSLODGRSRU $OFLUD.UHLPHU\0RKDQ0XQVDVLQJKH:DVKLQJWRQ'&7KH:RUOG%DQN SS 'L6RSUD/9HUVRXQDWHRULDJHQHUDOHGHOODYXOQHUDELOLWjGHLVLVWHPL96$SSXQWL SHUXQWHQWDWLYR7DPELpQGLVSRQLEOHGHVGH,QWHUQHWHQKWWSZZZXGHOHGX '5&HPDLOKWPO! 'RXJKW\3DXO/´'HFDGHVRI'LVDVWHUV3URPLVHDQG3HUIRUPDQFHLQWKH &DOOHMyQGH+XD\ODV3HUXµ1DWXUDO'LVDVWHUVDQG&XOWXUDO5HVSRQVHV6WXGLHVLQ 7KLUG:RUOG6RFLHWLHV&RPSLODGRSRU$QWKRQ\2OLYHU6PLWK0DU\ODQG&ROOHJH RI:LOOLDPDQG0DU\SS 'RXJODV0DU\\$DURQ:LOGDYVN\5LVNDQG&XOWXUH%HUNHOH\\/RVÉQJHOHV 8QLYHUVLW\RI&DOLIRUQLD3UHVV '\QHV 5XVVHOO 5 ´'LVDVWHU 5HGXFWLRQ 7KH ,PSRUWDQFH RI $GHTXDWH /26'(6$675(6(1/$7,12$0e5,&$98/1(5$%,/,'$'<5(6,67(1&,$ $VVXPSWLRQV$ERXW6RFLDO2UJDQL]DWLRQµ6RFLRORJLFDO6SHFWUXP (VFREDU$UWXUR´7KH0DNLQJDQG8QPDNLQJRIWKH7KLUG:RUOG7KURXJK 'HYHORSPHQWµ7KH3RVW'HYHORSPHQW5HDGHU&RPSLODGRSRU0DMLG5DKQHPD \9LFWRULD%DZWUHH/RQGUHV=HG%RRNVSS )UDQFR 7HPSOH (GXDUGR ´(O IHQyPHQR GH (O 1LxR HQ 3LXUD FLHQFLD KLVWRULD\VRFLHGDGµ/RVGHVDVWUHVVtDYLVDQ(VWXGLRVGHYXOQHUDELOLGDG\PLWLJDFLyQ ,, &RPSLODGR SRU -XYHQDO 0HGLQD \ 5RFtR 5RPHUR /LPD 7HFQRORJtD ,QWHUPHGLDSS *DUFtD$FRVWD9LUJLQLDFRPS/RVVLVPRVHQODKLVWRULDGH 0p[LFRYRO , 0p[LFR&,(6$681$0)RQGRGH&XOWXUD(FRQyPLFD *DUFtD$FRVWD9LUJLQLDFRPS+LVWRULD\GHVDVWUHVHQ$PpULFD/DWLQDYRO,, /LPD,7'*&,(6$6/D5HG *XWLpUUH] *XVWDYR ´5HQHZLQJ WKH 2SWLRQ IRU WKH 3RRUµ /LEHUDWLRQ 7KHRORJLHV 3RVWPRGHUQLW\ DQG WKH $PHULFDV &RPSLODGR SRU 'DYLG %DWVWRQH (GXDUGR0HQGLHWD/RLV$QQ/RUHQW]HQ\'ZLJKW1+RSNLQV1XHYD<RUN 5RXWOHGJHSS ,OOLFK ,YDQ ´'HYHORSPHQW DV 3ODQQHG 3RYHUW\µ 7KH 3RVW 'HYHORSPHQW 5HDGHU &RPSLODGR SRU 0DMLG 5DKQHPD \ 9LFWRULD %DZWUHH /RQGUHV =HG %RRNVSS .HQGUD-DPHV\7ULFLD:DFKWHQGRUI(OHPHQWVRI5HVLOLHQFHLQWKH:RUOG7UDGH &HQWHU $WWDFN 1HZDUN 'HODZDUH 8QLYHUVLW\ RI 'HODZDUH 'LVDVWHU 5HVHDUFK &HQWHU 7DPELpQ GLVSRQLEOH GHVGH ,QWHUQHW HQ KWWSZZZXGHOHGX'5& HPDLOKWPO! /D5HG$JHQGDGH,QYHVWLJDFLyQ\&RQVWLWXFLyQ2UJiQLFD/LPD&RPHFVR ,7'* /DYHOO$OODQ'HVDVWUHVQDWXUDOHV\]RQDVGHULHVJRHQ&HQWURDPpULFDFRQGLFLRQHV \RSFLRQHVGHSUHYHQFLyQ\PLWLJDFLyQHQ&HQWURDPpULFD,QIRUPH7pFQLFR5HJLRQDO 6DQ-RVp&RVWD5LFD&RQIHGHUDFLyQ8QLYHUVLWDULD&HQWURDPHULFDQD7DPELpQ GLVSRQLEOHGHVGH,QWHUQHWHQKWWSZZZXGHOHGX'5&HPDLOKWPO! /DYHOO$OODQ´3UHYHQFLyQ\PLWLJDFLyQGHGHVDVWUHVHQ&HQWURDPpULFD\ 3DQDPiXQDWDUHDSHQGLHQWHµ'HVDVWUH\6RFLHGDGMXOLRGLFLHPEUH 7DPELpQGLVSRQLEOHGHVGH,QWHUQHWHQKWWSZZZGHVHQUHGDQGRRUJ! /DYHOO$OODQ´3UHIDFLRµ'DxR\ODHYDOXDFLyQGHOULHVJRHQ$PpULFD&HQWUDO &RPSLODGR SRU +DULV (GXDUGR 6DQDKXMD 5RGUtJXH] 6DQ -RVp &RVWD 5LFD 7DPELpQGLVSRQLEOHGHVGH,QWHUQHWHQKWWSZZZGHVHQUHGDQGDRRUJ! /XQJR 0DULR \ 6RQLD %DLUHV &RPXQLGDGHV XUEDQDV EDMR ULHVJR HQ (O 6DOYDGRU 6DQ -RVp )ODFVR 7DPELpQ GLVSRQLEOH GHVGH ,QWHUQHW HQ KWWSZZZGHVHQUHGDQGRRUJ ILOH'_&XOWXUD GH 3UHYHQFLyQ$/D5HGGRFV 5(9,67$65(9,67$KWPODUW(O6DOYDGRUKWP! 0DFtDV -HV~V 0DQXHO 'HVDVWUHV \ SURWHFFLyQ FLYLO 0p[LFR &HQWUR GH ,QYHVWLJDFLRQHV\(VWXGLRV6XSHULRUHVHQ$QWURSRORJtD6RFLDO&,(6$6 5(9,67$0(;,&$1$'(62&,2/2*Ì$$f21Ô0-8/,26(37,(0%5( 0DFtDV-HV~V0DQXHO´6LJQLILFDGRGHODYXOQHUDELOLGDGVRFLDOIUHQWHDORV GHVDVWUHVµ5HYLVWD0H[LFDQDGH6RFLRORJtD 0DQVLOOD (OL]DEHWK ´$OJXQDV QRWDV SDUD OD UHIOH[LyQ D SURSyVLWR GHO WHUUHPRWRGH(O6DOYDGRUµ/D5HGHQHUR7DPELpQGLVSRQLEOHGHVGH,QWHUQHW HQKWWSZZZGHVHQUHGDQGRRUJ! 0DVNUH\ $QGUHZ (O PDQHMR SRSXODU GH ORV GHVDVWUHV QDWXUDOHV (VWXGLRV GH YXOQHUDELOLGDG\PLWLJDFLyQ/LPD7HFQRORJtD,QWHUPHGLD 0DVNUH\$QGUHZ´)LFFLyQ\UHDOLGDGGHORVGHVDVWUHVQDWXUDOHV%DODQFH GHXQDDFFLyQSDUWLFLSDWLYDµ/RVGHVDVWUHVVtDYLVDQ(VWXGLRVGHYXOQHUDELOLGDG\ PLWLJDFLyQ,,&RPSLODGRSRU-XYHQDO0HGLQD\5RFtR5RPHUR/LPD7HFQR ORJtD,QWHUPHGLDSS 0DVNUH\$QGUHZ´(O5LHVJRµ1DYHJDQGRHQWUHEUXPDV/DDSOLFDFLyQGHORV VLVWHPDVGHLQIRUPDFLyQJHRJUiILFDDODQiOLVLVGHULHVJRVHQ$PpULFD/DWLQD&RPSLODGR SRU$QGUHZ0DVNUH\/LPD,7'*SS 0DVNUH\$QGUHZ6WHSKHQ%HQGHU\:DOWHU3HDFRFN(OGLiORJRLQWHUDPHULFDQR SDUD OD UHGXFFLyQ GH GHVDVWUHV /LPD ,QWHUPHGLDWH 7HFKQRORJ\ 'HYHORSPHQW *URXS 0LOOHU0DULDQ'RXJODV3DWWRQ\'DYLG-RKQVWRQ´&RPPXQLW\9XOQHUD ELOLW\WR9ROFDQLF+D]DUG&RQVHTXHQFHVµ'LVDVWHU3UHYHQWLRQDQG0DQDJHPHQW 1DFLRQHV8QLGDV0DQXDOGHHYDOXDFLyQGHYXOQHUDELOLGDG\ULHVJR6DQ-RVp &RVWD5LFD3URJUDPDGH(QWUHQDPLHQWRSDUDHO0DQHMRGH'HVDVWUHV7DP ELpQGLVSRQLEOHGHVGH,QWHUQHWHQILOH'_9XOQHUDELOLGDGB\BHYDOXDFLRQBGHOB 5LHVJRB'073SGI! 1DFLRQHV8QLGDV/RVGHVDVWUHVQDWXUDOHV\HOGHVDUUROORVRVWHQLEOHFRQVLGHUDQGR ORVYtQFXORVHQWUHHOGHVDUUROORHOPHGLRDPELHQWH\ORVGHVDVWUHVQDWXUDOHV 1XHYD <RUN&RPLVLyQ6REUH'HVDUUROOR6RVWHQLEOH'RFXPHQWREDVHQ~P6HJXQGD 6HVLyQ3UHSDUDWRULDHQHURIHEUHUR7DPELpQGLVSRQLEOHGHVGH,QWHUQHWHQ KWWSZZZHLUGRUJHVSYDULRVGRFXPHQWRKWP! 2OLYHU6PLWK$QWKRQ\7KH0DUW\UHG&LW\'HDWKDQG5HELUWKLQWKH$QGHV 7HPSH8QLYHUVLW\RI1HZ0H[LFR3UHVV 2OLYHU6PLWK$QWKRQ\´3HUX·V)LYH+XQGUHG<HDU(DUWKTXDNH9XOQHUDELOLW\ LQ+LVWRULFDO&RQWH[Wµ'LVDVWHU'HYHORSPHQWDQG(QYLURQPHQW&RPSLODGRSRU $QQ9DUOH\-RKQ:LOH\DQG6RQV1XHYD<RUNSS 2OVRQ5LFKDUG65LFDUGR$ÉOYDUH]%UXFH3%DLUG$PHOLD(VWUDGD9LQFHQW 7*DZURQVNL\-XDQ36DUPLHQWR3ULHWR/DVWRUPHQWDVGHOKXUDFDQHV *HRUJHV\0LWFK%RXOGHU&RORUDGR1DWXUDO+D]DUGV5HVHDUFKDQG$SSOLFD WLRQV,QIRUPDWLRQ&HQWHU 3DQDPi6HFWRUHVGHDSR\RHQFDVRGHGHVDVWUH&LXGDGGH3DQDPi6LVWHPD 1DFLRQDOGH3URWHFFLyQ&LYLOGH3DQDPi7DPELpQGLVSRQLEOHGHVGH,QWHUQHW HQKWWSZZZFFRPQHWSDaVQSFHLQVWLWXFLRQHVKWP! 3DWWRQ'RXJODV\'DYLG-RKQVWRQ´'LVDVWHUVDQG&RPPXQLWLHV9XOQHU /26'(6$675(6(1/$7,12$0e5,&$98/1(5$%,/,'$'<5(6,67(1&,$ DELOLW\5HVLOLHQFHDQG3UHSDUHGQHVVµ'LVDVWHU3UHYHQWLRQDQG0DQDJHPHQW 3DWWRQ'RXJODV/HLJK6PLWK\-RKQ9LRODQWL´'LVDVWHU5HVSRQVH5LVN 9XOQHUDELOLW\DQG5HVLOLHQFHµ'LVDVWHU3UHYHQWLRQDQG0DQDJHPHQW 3HUURZ&KDUOHV1RUPDO$FFLGHQWV/LYLQJZLWK+LJK5LVN7HFKQRORJLHV1HZ -HUVH\3ULQFHWRQ8QLYHUVLW\3UHVV 3KLOOLSV%UHQGD'´3ODQQLQJIRUWKH([SHFWHG(YDFXDWLRQLQD&KHPLFDO (PHUJHQF\µ'LVDVWHU0DQDJHPHQW 3$+2236,QWHUQDWLRQDO&RQIHUHQFHRQ'LVDVWHU0LWLJDWLRQLQ+HDOWK)DFLOLWLHV 7DPELpQ GLVSRQLEOH GHVGH ,QWHUQHW HQ KWWSZZZYGOEYGGHVDVWUHVQHWFJL ELQJZ"H WFKRPHZKR%HT YXOQHUDELOLW\RUJ OE EE [ ! 3UR\HFWR3ODQ1DFLRQDOGH3UHYHQFLyQ\$WHQFLyQGH'HVDVWUHVGHO6LVWHPD1D FLRQDOGH'HIHQVD&LYLO/LPD6LVWHPD1DFLRQDOGH'HIHQVD&LYLO6LQDGHFL 4XDUDQWHOOL(QULFR/8UEDQ9XOQHUDELOLW\WR'LVDVWHUVLQ'HYHORSLQJ&RXQWULHV 7KH 1HHG IRU 1HZ 6WUDWHJLHV DQG IRU %HWWHU $SSOLFDWLRQV RI 9DOLG 3ODQQLQJ DQG 0DQDJLQJ 3ULQFLSOHV 1HZDUN 'HODZDUH 8QLYHUVLW\ RI 'HODZDUH 'LVDVWHU 5HVHDUFK&HQWHU 5RFKD-DQ´¶&XWWLQJWKH:LUH·7KH/DQGOHVV0RYHPHQWLQ%UD]LOµ&XUUHQW +LVWRU\IHEUHUR 5RMDV 5DELHOD 7HUHVD -XDQ 0DQXHO 3pUH] &HYDOORV \ 9LUJLQLD *DUFtD $FRVWD < YROYLy D WHPEODU FURQRORJtD GH ORV VLVPRV HQ 0p[LFR 0p[LFR &,(6$6 &XDGHUQRVGHOD&DVD&KDWDQ~P 6DQDKXMD5RGUtJXH]+DULV(GXDUGR(OGDxR\ODHYDOXDFLyQGHOULHVJRHQ $PpULFD&HQWUDO6DQ-RVp&RVWD5LFD'HSDUWDPHQWRGH*HRJUDItD8QLYHUVLGDG GH&RVWD5LFD 6DUPLHQWR-XDQ3DEOR*XtDSDUDODFRPXQLFDFLyQVRFLDO\ODSUHYHQFLyQGH GHVDVWUHV6DQ-RVp&RVWD5LFD',5'18QLGDG5HJLRQDOSDUD$PpULFD/DWLQD \HO&DULEH7DPELpQGLVSRQLEOHGHVGH,QWHUQHWHQKWWSZZZGLVDVWHULQIRG HVDVWUHVQHWLGQGUSXEOLFFRPXQLFFDSKWPVHF! 6HFUHWDUtD GH *REHUQDFLyQ 3URJUDPD HVSHFLDO GH SUHYHQFLyQ \ PLWLJDFLyQ GHOULHVJRGHGHVDVWUHV0p[LFR&HQWUR1DFLRQDOGH3UHYHQFLyQGH 'HVDVWUHV 6HOYHUVWRQ6FKHU0HOLQD(WKQRSROLWLFVLQ(FXDGRU,QGLJHQRXV5LJKWVDQGWKH 6WUHQJKWHQLQJRI'HPRFUDF\%RXOGHU/\QQH5LHQQHU3XEOLVKHUV 6NHUWFKO\$OODQ\.ULVWHQ6NHUWFKO\´7UDGLWLRQDO$ERULJLQDO.QRZOHGJH DQG 6XVWDLQHG +XPDQ 6XUYLYDO LQ WKH )DFH RI 6HYHUH 1DWXUDO +D]DUGV LQ WKH$XVWUDOLDQ0RQVRRQ5HJLRQ6RPH/HVVRQVIURPWKH3DVWIRU7RGD\DQG 7RPRUURZµ$XVWUDOLDQ-RXUQDORI(PHUJHQF\0DQDJHPHQW 6WUDVVROGR5DLPRQGR$SSXQWL9XOQHUDELOLWj*RUL]LD,WDOLD'LSDUWLPHQWR 5(9,67$0(;,&$1$'(62&,2/2*Ì$$f21Ô0-8/,26(37,(0%5( GL6RFLRORJLD,QWHUQD]LRQDOH7DPELpQGLVSRQLEOHGHVGH,QWHUQHWHQKWWS ZZZXGHOHGX'5&HPDLOKWPO! 9DOHQWLQH&KDUOHV$&XOWXUHDQG3RYHUW\&ULWLTXHVDQG&RXQWHU3URSRVDOV &KLFDJR8QLYHUVLW\RI&KLFDJR3UHVV :HQJHU 'HQQLV 6RPH 2EVHUYDWLRQV RQ WKH &RQFHSW RI 'LVDVWHU 6XEFXOWXUH 1HZDUN 'HODZDUH 8QLYHUVLW\ RI 'HODZDUH 'LVDVWHU 5HVHDUFK &HQWHU 'RFXPHQWR GH WUDEDMR Q~P 7DPELpQ GLVSRQLEOH GHVGH ,QWHUQHW HQ KWWSZZZXGHOHGX'5&HPDLOKWPO! :LOFKHV&KDX[*XVWDYR'HVDVWUHVHFRORJLVPR\IRUPDFLyQSURIHVLRQDO3RSD \iQ&RORPELD(GLWRULDO6HUYLFLR1DFLRQDOGH$SUHQGL]DMH :LOFKHV&KDX[ *XVWDYR ´7KH *OREDO 9XOQHUDELOLW\µ 'LVDVWHUV DQG WKH 6PDOO'ZHOOLQJ&RPSLODGRSRU<DVHPLQ$\VDQ\,DQ'DYLV/RQGUHV-DPHV DQG-DPHV/WGSS :HLFKVHOJDUWQHU-UJHQ´'LVDVWHU0LWLJDWLRQ7KH&RQFHSWRI9XOQHUDELOLW\ 5HYLVLWHGµ'LVDVWHU3UHYHQWLRQDQG0DQDJHPHQW =L6XQ7KH$UWRI:DU4XHHQVODQG$XVWUDOLD++7DQ0HGLFDO3/ 5HFLELGRHQDJRVWRGH $FHSWDGRHQVHSWLHPEUHGH