KWWSZZZHOSUDFWLFDQWHJDOHRQFRP 'LXUpWLFRV\WUDWDPLHQWRGHOHGHPD 'U)HOLSH0RWD+HUQiQGH] 'U-RVp&DUORV3HxD /RVGLXUpWLFRVVHHQFXHQWUDQHQWUHORVPHGLFDPHQWRVPiVHPSOHDGRVHQODSUiFWLFD FOtQLFDGLDULD)XQFLRQDQEiVLFDPHQWHDODXPHQWDUODH[FUHFLyQXULQDULDGH1D&O\ DJXD(VWDKDELOLGDGSDUDLQGXFLUXQEDODQFHQHJDWLYRGHORVOtTXLGRVFRUSRUDOHV FRQRFLGDGHVGHODPHGLFLQDDUiELJDVHKDXWLOL]DGRHQHOWUDWDPLHQWRGHXQDJUDQ YDULHGDGGHFRQGLFLRQHVSDWROyJLFDVSHURSDUWLFXODUPHQWHHQORVSDGHFLPLHQWRVTXH FXUVDQFRQHGHPDFRPRODLQVXILFLHQFLDFDUGtDFDODFLUURVLVFRQDVFLWLVHOVtQGURPH QHIUyWLFR\ HQODKLSHUWHQVLyQDUWHULDO 6,7,26'($&&,Ï1'(/26)È50$&26',85e7,&26 /RVGLXUpWLFRVVHGLYLGHQHQFXDWURWLSRVRFODVHVTXHGHSHQGHQGHOVLWLRGHOQHIUyQ GRQGHEORTXHDQRLPSLGHQODUHDEVRUFLyQWXEXODUGH1DGLXUpWLFRVSUR[LPDOHVORVTXH EORTXHDQ ODDQKLGUDVDFDUEyQLFDGLXUpWLFRVGHDVDTXHDFW~DQHQODUDPDDVFHQGHQWHGHO DVDGH+HQOHGLXUpWLFRVWLSRWLD]LGDVRGLVWDOHVTXHDFW~DQHQHOW~EXORGLVWDO\HQHO VHJPHQWRFRQHFWRU\SRVLEOHPHQWHHQODSRUFLyQWHPSUDQDGHOW~EXORFROHFWRUFRUWLFDO ORVGLXUpWLFRVDQWLNDOLXUpWLFRVDFW~DQHQHOWXERGLVWDO\FROHFWRUFRUWLFDO\HQFpOXODV VHQVLEOHVDDOGRVWHURQD)LQDOPHQWHORVQXHYRVDFXDUpWLFRVDXPHQWDQODH[FUHFLyQGH DJXDDOEORTXHDUODDFFLyQGHODKRUPRQDDQWLGLXUpWLFDHQORVUHFHSWRUHV9GHOW~EXOR FROHFWRUFRUWLFDO (VLPSRUWDQWHVHxDODUTXHHOVLWLRGHOQHIUyQGRQGHIXQFLRQDQFDGDXQRGHORVIiUPDFRV GLXUpWLFRVHVORTXHGHWHUPLQDVXSRWHQFLDRVHDVXFDSDFLGDGGHH[FUHWDU1D\DJXD(O VHJPHQWRSUR[LPDOHVHOTXHUHDEVRUEHPD\RUFDQWLGDGGH1DDOUHGHGRUGHO OHVLJXHHODVDGH+HQOH3RUORWDQWRVHUtDUD]RQDEOHVXSRQHUTXHXQ GLXUpWLFRSUR[LPDOWDOFRPRXQLQKLELGRUGHODDQKLGUDVDFDUEyQLFDFRPRHVOD DFHWD]RODPLGDGHEHUtDLQGXFLUXQDSpUGLGDPX\VXVWDQFLDOGH 1DVLQHPEDUJRHVWRQR RFXUUHGHELGRDTXHHO1D TXHHVFDSDDODUHDEVRUFLyQORUHFODPDiYLGDPHQWHODUDPD DVFHQGHQWHGH+HQOH\HOUHVWRGHOW~EXORGLVWDO (OPDQLWROHVXQSROLVDFiULGRTXHDOQRUHDEVRUEHUVHSRUORVHSLWHOLRVWXEXODUHVDFW~D FRPR XQGLXUpWLFRRVPyWLFRRVHDLQKLEHODUHDEVRUFLyQGH1D \DJXDHQHOW~EXOR SUR[LPDO\SDUWLFXODUPHQWHHQODUDPDDVFHQGHQWHGHODVDGH+HQOH(VLQWHUHVDQWH VHxDODUTXHDGLIHUHQFLDGHRWURVGLXUpWLFRVHOPDQLWROSURGXFHXQDGLXUHVLVGHDJXD VLWXDFLyQHQODFXDOODSpUGLGDGHDJXDHVPD\RUTXHODGH1D \.1RVHXWLOL]DHQHO WUDWDPLHQWRGHSDGHFLPLHQWRVFRQHGHPD\DTXHHODWUDSDPLHQWRLQFLDOGHOPDQLWRO KLSHUWyQLFRLQGXFHXQDH[SDQVLyQGHYROXPHQTXHHQODLQVXILFLHQFLDFDUGtDFDHVFDSD] GHSUHFLSLWDUHGHPDDJXGRSXOPRQDU /RVGLXUpWLFRVGHDVDPiVXWLOL]DGRVHQODFOtQLFDVRQiFLGRHWDFUtQLFRIXURVHPLGH\ EXPHWDQLGH)DYRUHFHQODH[FUHFLyQGHODOGHO1D ILOWUDGRFXDQGRVH DGPLQLVWUDQHQGRVLVPi[LPDV2SHUDQHQODUDPDDVFHQGHQWHFRUWLFDO\PHGXODUH LQFOX\HQHQVXHIHFWRODVFpOXODVGHODPiFXODGHQVDHQODSURFLyQPiVSUR[LPDOGHO W~EXORGLVWDO(QFDGDXQRGHHVWRVOXJDUHVODHQWUDGDGHVRGLRDODFpOXODHVWiPHGLDGD SRUHOFRWUDQVSRUWDGRU1D.&OORFDOL]DGRHQODFDUDOXPLQDORDSLFDOGHOD PHPEUDQDHVWHVLVWHPDVyORIXQFLRQDVLORVFXDWURVLWLRVGHOWUDQVSRUWDGRUHVWDQ RFXSDGRVFRQXQ1DXQ. \GRV&O/RVGLXUpWLFRVGHDVDFRPSLWHQFRQORVVLWLRVTXH RFXSDHO&OHQHODFDUUHDGRU\GHHVWHPRGRUHGXFHQGUiVWLFDPHQWHOD HQWUDGDGH1D D ODFpOXOD\VXDEVRUFLyQQHWD /RVGLXUpWLFRVWLSRWLD]LGDLQKLEHQHOWUDQVSRUWHGH1D HQHOW~EXORGLVWDOHQHO VHJPHQWRFRQHFWRUDOILQDOGHOGLVWDO\SRVLEOHPHQWHHQODSULPHUDSRUFLyQGHOW~EXOR FROHFWRUFRUWLFDOHVWH~OWLPRKDOOD]JRQRHVWiWRWDOPHQWHSUREDGR(VWRVVHJPHQWRV VyORDEVRUEHQGHODOGHO1D ILOWUDGRSRUORWDQWRORVGXLUpWLFRVWLSRWLD]LGDVRQ SRFRSRWHQWHV\DTXHVyORLQKLEHQGHODOGHO1D ILOWUDGR$GHPiVODGLXUHVLVQHWD TXHVHREWLHQHHVD~QPHQRU\DTXHJUDQSDUWHGHO1D TXHHVFDSDORUHDEVRUEHHO W~EXORFROHFWRUFRUWLFDO(VWHFRPSRUWDPLHQWRKDFHDHVWRVGLXUpWLFRVQRPX\~WLOHVHQHO FRQWUROGHORVSDGHFLPLHQWRVTXHFXUVDQFRQHGHPDSHURVRQH[FHOHQWHVHQHO WUDWDPLHQWRGHODKLSHUWHQVLyQDUWHULDOHQTXHODSpUGLGDGHOtTXLGRVFRUSRUDOHVQRHVQL QHFHVDULDQLGHVHDEOH /RVWUHVGLXUpWLFRVDKRUUDGRUHVGH.VRQDPLORULGHHVSLURQRODFWRQD\WULDPWHUHQHTXH RSHUDQHQODVFpOXODVSULQFLSDOHVGHOW~EXORFROHFWRUFRUWLFDO\SRVLEOHPHQWHHQHOWXER FROHFWRUSDSLODU\PHGXODULQWHUQR/DHQWUDGDGH1DHQHVWRVVHJPHQWRVHVDWUDYpVGH FDQDOHVGH1DVHQVLEOHVDODDOGRVWHURQD/DUHDEVRUFLyQSUHIHUHQWHGH1DTXHHVXQ FDWLyQVLQVXDQLyQFRUUHVSRQGLHQWHFUHDXQJUDGLHQWHHOpFWULFRFRQODOX]WXEXODU QHJDWLYDHVWDGLIHUHQFLDGHSRWHQFLDOIDYRUHFHODVHFUHFLyQGH.DWUDYpVGHFDQDOHV HVSHFtILFRVGH.H+3RUORWDQWRODLQKLELFLyQGHODUHDEVRUFLyQGH1DHQHVWHVLWLR SXHGHFRQGXFLUDKLSHUNDOHPLD\DFLGRVLVGHELGRDODUHGXFFLyQVLPXOWiQHDHQOD VHFUHFLyQGH. H+ 7DQWRHODPLORULGHFRPRODHVSLURQRODFWRQDIXQFLRQDQDOUHGXFLUHOQ~PHURGHFDQDOHV GH1DHOSULPHURSRUXQHIHFWRGLUHFWR\HORWURSRUODLQKLELFLyQFRPSHWLWLYDTXH HMHUFHVREUHODDOGRVWHURQD(OWULDPWHUHQHTXHHVXQFDWLyQDOLJXDOTXHHODPLORULGH SUREDEOHPHQWHWDPELpQRFOX\HORVFDQDOHVGH1D2WURFDWLyQHOWULPHWRSULPTXHHV XQDVXOIDWDPELpQRSHUDFRPRXQGLXUpWLFRDKRUUDGRUGH.FXDQGRHVDGPLQLVWUDGRD GRVLVPX\DOWDV(VWRVGLXUpWLFRVWLHQHQXQHIHFWRVDOXUpWLFRPX\GpELO\FXDQGRPXFKR H[FUHWDQGHODOGHO1DILOWUDGR3RUHVWRKDELWXDOPHQWHVHHPSOHDQDVRFLDGRVDXQ GLXUpWLFRGHDVDRWLD]tGLFR\DVHDSDUDGLVPLQXLUHOJUDGRGHSpUGLGDGH.RSDUD DXPHQWDUODUHVSXHVWDGLXUpWLFDHQSDFLHQWHVFRQHGHPDUHIUDFWDULR(QORVSDFLHQWHVFRQ FLUURVLV\DVFLWLVODHVSLURQRODFWRQDDVRFLDGDDGLXUpWLFRVGHDVDHVPX\HIHFWLYD (ILFDFLDFOtQLFDGHORVIiUPDFRVGLXUpWLFRV ¢'HTXpIDFWRUHVGHSHQGHODHILFDFLDGHOHIHFWRGLXUpWLFRGHORVIiUPDFRVDUULED GHVFULWRV" 6XDFFLyQORIDYRUHFHQHOVLWLRGHOQHIUyQGRQGHDFW~DQODGXUDFLyQGHVXHIHFWR\OD LQJHVWLyQGH1D \DJXD(OHIHFWRGHFXDOTXLHUIiUPDFRGLXUpWLFRSRUSRWHQWHTXHVHD VLQRVHUHVWULQJHQHOVRGLR\HODJXDGHODGLHWDODH[FUHFLyQGH1D HQODVKRUDV SXHGHVHUVREUHSDVDGDSRUODUHWHQFLyQGHVDOTXHVHVLJXHDOXVRGHHVWRVIiUPDFRV\OD SpUGLGDQHWDGHSHVRVHUiGHFHUR3RUHOFRQWUDULRFRQXQDGLHWDDGHFXDGDHOXVRGHO GLXUpWLFRVHDFRPSDxDUiGHGHVFHQVRVXVWDQFLDOGHSHVR\HGHPD 6LHOGLXUpWLFRHVGHDFFLyQFRUWDFRPRHOIXURVHPLGHODSpUGLGDGH1DVyORRFXUUHHQ ODVSULPHUDVKRUDV\SRVWHULRUPHQWHVHHVWDEOHFHHOPHFDQLVPRDQWLGLXUpWLFR\OD UHWHQFLyQGHVRGLR3RUORWDQWRSDUDLQGXFLUXQEXHQEDODQFHQHJDWLYRGH1DDJXD\ SHVRFRUSRUDOVHGHEHQHVWDEOHFHUODVVLJXLHQWHVPHGLGDVHOSDFLHQWHGHEHVHU VRPHWLGRDXQDGLHWDEDMDHQVRGLR\UHVWULQJLGDHQDJXDSDUDPLQLPL]DUODJDQDQFLDGH 1DXQDYH] TXHHOHIHFWRIDUPDFROyJLFRGHOGLXUpWLFRVHDJRWD\UHGXFHQODSpUGLGDUHQDOGH. FXDQGRHOGLXUpWLFRHVGHDFFLyQPX\FRUWD\VHGHVHDVHUPX\HILFLHQWHVHSXHGH XWLOL]DUGRVYHFHVDOGtD\ILQDOPHQWHVHSXHGHLQFUHPHQWDUODGRVLVGHOIiUPDFRVLQ HPEDUJRHVWDPDQLREUDSXHGHLQGXFLUGLXUHVLVPDVLYD\SURYRFDUKLSRYROHPLDTXHHQ DOJXQRVSDFLHQWHVSXHGHVHUDOWDPHQWHULHVJRVD 7DQWRORVGLXUpWLFRVGHDVDFRPRODVWLD]LGDVIDYRUHFHQODSpUGLGDLPSRUWDQWHGH. \OD DSDULFLyQGHKLSRNDOHPLD/DDGPLQVWUDFLyQGHPJGHKLGURFORURWLD]LGDSURGXFHXQ GHVFHQVRHQORVQLYHOHVGH. VpULFRGHDP(T/\VyORXQGHHVWHJUXSRGH SDFLHQWHVOOHJDDQLYHOHVVpULFRVSRUGHEDMRGHP(T/&RQPJGHFORUWDOLGRQDOD FDtGDGHO. VpULFRHVD~QPD\RUGHDP(T/ /DFDXVDGHODNDOLXUHVLVHQHVWRVHMHPSORVVHGHEHDODJUDQOOHJDGDGH1D DODV SRUFLRQHVGLVWDOHVGHOQHIUyQSURYHQLHQWHVGHVHJPHQWRVPiVSUR[LPDOHVXQLGRDO DOGRVWHURQLVPRUHVXOWDQWHGHODSpUGLGDGHYROXPHQ/RVGLXUpWLFRVGHDVDDXQFXDQGR PiVSRWHQWHVTXHODVWLD]LGDVSURGXFHQPHQRVSpUGLGDGH./DUD]yQSDUHFHVHUOD PDQHUDFRPRHVWRVGLXUpWLFRVPDQHMDQHOFDOFLR/RVGLXUpWLFRVGHDVDSURGXFHQJUDQ FDOFLXULDDOUHGXFLUODUHDEVRUFLyQSDVLYDGHFDOFLRHQODUDPDDVFHQGHQWHGHODVDGH +HQOHGHDKtVXHPSOHRHQHOPDQHMRGHORV FXDGURVGHKLSHUFDOFHPLD/DOOHJDGDGH FDOFLRDOD]RQDVPiVGLVWDOHVFLHUUDORVFDQDOHVGH1DGHODFDUDOXPLQDOHQIRUPD VHPHMDQWHDORTXHKDFHHODPLORULGH\HVWRGLVPLQX\HODVHFUHFLyQGH. /DKLSRNDOHPLDRFDVLRQDGDSRUHOHPSOHRGHGLXUpWLFRVGHDVDRWLD]LGDVFRQIUHFXHQFLD VHDFRPSDxDGHDOFDORVLVPHWDEyOLFD /RVGLXUpWLFRVDKRUUDGRUHVGH. UHGXFHQODVHFUHFLyQGH. H+ HQHOW~EXORFROHFWRU FRPRUHVXOWDGRGHVXHPSOHRSXHGHSUHVHQWDUVHKLSHUNDOHPLD\DFLGRVLVPHWDEyOLFD/D SUHYHQFLyQHVODPHMRUWHUDSpXWLFDSDUDHVWDSHOLJURVDFRPSOLFDFLyQHVWDVGURJDVGHEHQ VHUDSOLFDGDVFRQPXFKDFDXWHODHQSDFLHQWHVFRQLQVXILFLHQFLDUHQDOHQQHIUySDWDV GLDEpWLFRVRHQSDFLHQWHVWUDWDGRVFRQLQKLELGRUHVGHODHQ]LPDFRQYHUWLGRUDGH DQJLRWHQVLQDTXHUHGXFHODOLEHUDFLyQGHDOGRVWHURQD\HOLQWHUFDPELR1D SRU+R FRQVDOHVGH. /DKLSRQDWUHPLDHVXQWUDVWRUQRFRP~QHQSDFLHQWHVHGHPDWRVRVFRQLQVXILFLHQFLD FDUGtDFDFLUURVLVFRQDVFLWLV\VLQGURPHQHIUyWLFR(QVXMHWRVKLSHUWHQVRVHVWHSUREOHPD SXHGHH[DFHUEDUVHRDSDUHFHUFRQHOHPSOHRFUyQLFRGHGLXUpWLFRV(OPHFDQLVPRSRUHO FXDOVHLQGXFHKLSRQDWUHPLDVHHQFXHQWUDUHODFLRQDGRFRQODSpUGLGDGHYROXPHQ SURGXFLGDSRUHVWRVIiPDFRVTXHFRQGXFHDDXPHQWRHQODOLEHUDFLyQGHKRUPRQD DQWLGLXUpWLFD+$'\DPD\RULQJHVWLyQGHDJXD(OHIHFWRQHWRHVTXHXQH[FHVRHQOD UHWHQFLyQGHDJXDUHGXFHSRUGLOXFLyQODFRQFHQWUDFLyQGH1DSODVPiWLFR/D PD\RUtDGHHVWRVFDVRVRFXUUHQFRQHOHPSOHRGHGLXUpWLFRVWLSRWLD]LGDV$XQFXDQGR ORVGLXUpWLFRVGHDVDWDPELpQSURGXFHQGHSOHFLyQGHYROXPHQORKDFHQDOEORTXHDUOD UHDERUFLyQGH1DHQODUDPDDVFHQGHQWHGHODVDGH+HQOH\SRUWDQWROLPLWDQOD FUHDFLyQGHXQJUDGLHQWHPi[LPRGHRVPRODULGDGPHGXODU&RPRUHVXOWDGRVHUHGXFHOD FDSDFLGDGGHOD+$'SDUDUHDEVRUEHUDJXDHQH[FHVR\SDUDGHVDUUROODUKLSRQDWUHPLD /DVWLD]LGDVSRUHOFRQWUDULRDFW~DQHQODSRUFLyQFRUWLFDO\QRLQWHUILHUHQFRQOD KDELOLGDGGHOULxyQSDUDFRQFHQWUDUODRULQDDOPi[LPR /DKLSHUXULFHPLDHVXQKDOOD]JRFRP~QHQSDFLHQWHV VRPHWLGRVDWHUDSLDFRQGLXUpWLFRV VXFRUUHFFLyQHVVLPSOH\KDELWXDOPHQWHFXUVDHQIURPDDVLQWRPiWLFD)LQDOPHQWHOD GHSOHFLyQGHPDJQHVLRVHFXQGDULDDOHPSOHRGHGLXUpWLFRVHVKDELWXDOPHQWHGLVFUHWD\ QRQHFHVLWDPXFKRFXLGDGR ('(0$5()5$&7$5,2 6RQP~OWLSOHVODVFDXVDVSRUODVFXDOHVXQIiUPDFRGLXUpWLFRHVLQFDSD]GHFRUUHJLUHO HGHPDHQDOJXQRVGHORVSDGHFLPLHQWRVHGHPDWRVRV(QJHQHUDOVLHPSUHVHLQFLDOD WHUDSLDFRQXQGLXUpWLFRGHDVDTXHHVHOPiVSRWHQWH\FRQHOFXDOODVSRVLELOLGDGHVGH UHVSXHVWDVRQPD\RUHV(OVHJXQGRSDVRHVGHWHUPLQDUODGRVLV~QLFDPiVHIHFWLYD(Q SDFLHQWHVFRQLQVXILFLHQFLDUHQDORFRQLQVXILFLHQFLDFDUGtDFDXQDGRVLVGHPJGH IXURVHPLGHHVLQFDSD]GHSURGXFLUXQGHVSHxRGLXUpWLFRGHELGRDTXHODHQWUDGDGHOD GURJDDODOX]WXEXODUHVPX\SREUHVLUHSHWLPRVODPLVPDGRVLVGHPJHOPLVPRGtD HOUHVXOWDGRQRYDULDUi\DTXHODGRUJDQRDOFDQ]DUiORVQLYHOHVXULQDULRV~WLOHV+D\TXH UHFRUGDUTXHODPD\RUtDGHORVGLXUpWLFRVGHDVDWLHQHQXQDXQLyQPX\DOWDDODV SURWHtQDV\VXHQWUDGDDODOX]WXEXODUSUR[LPDOVHOOHYDDFDERSRUVHFUHFLyQDWUDYpVGH ODERPEDTXHWUDQVSRUWDDQLRQHVRFDWLRQHVRUJiQLFRV(OHIHFWRILQDOGHOIiUPDFR GHSHQGHUiGHVXSRWHQFLDSDUDLQKLELUODERPEDGH1D . &O GHODUDPDDVFHQGHQWH GHODVDGH+HQOH(QJHQHUDOGRVLVFDGDYH]PD\RUHVGHHVWRVGLXUpWLFRVIXURVHPLGH EXPHWDQLGHRiFLGRHWDFUtQLFRSURGXFLUiQPD\RUH[FUHFLyQGHGLXUpWLFR\GH1DSRUOD RULQD(QHOSUHVHQWHHMHPSORDOGXSOLFDURWULSOLFDUODGRVLVRPJGH IXURVHPLGHVHDOFDQ]DUiQPHMRUHVUHVXOWDGRV ,QJHVWLyQGHVRGLR /DWRPDGHXQGLXUpWLFRHQIRUPDUHJXODU\FRQEXHQDUHVSXHVWDQRDVHJXUDTXHHO SDFLHQWHSLHUGDHOHGHPDDFXPXODGR6LQGXGDHORULJHQPiVIUHFXHQWHGHHVWHIUDFDVR HVTXHORVHQIHUPRVPDQWLHQHQXQDLQJHVWDHOHYDGDGHVRGLR\GHDJXD 'LVPLQXFLyQRUHWUDVRHQODDEVRUFLyQLQWHVWLQDOGHORVPHGLFDPHQWRV (VIUHFXHQWHREVHUYDUSDFLHQWHVHGHPDWRVRVUHVLVWHQWHVDGRVLVKDVWDGHPJGH IXURVHPLGHSRUYtDRUDO\TXHUHVSRQGHQDGRVLVGHPJFXDQGRORVUHFLEHQSRUYtD HQGRYHQRVD3RVLEOHPHQWHODUD]yQSDUDTXHHVWRRFXUUDHQVXMHWRVFRQLQVXILFLHQFLD FDUGtDFDFLUURVLVKHSiWLFDRVtQGURPHQHIUyWLFRHVODH[LVWHQFLDGHHGHPDGHODPXFRVD LQWHVWLQDOLOHRSDUDOtWLFRRSHULVWDOVLVPX\OHQWD\SRUGLVPLQXFLyQHQODKHPRSHUIXVLyQ LQWHVWLQDO$OVXSULPLUVHHOHGHPD\PHMRUDUODIXQFLyQFDUGLRYDVFXODUVHFRUULJHOD DEVRUFLyQLQWHVWLQDOGHHVWRVIiUPDFRV\VHUHHVWDEOHFHVXUHVSXHVWDDOD YtDRUDO 'LVPLQXFLyQGHODHQWUDGDGHGLXUpWLFRVDODOX]WXEXODU /DEDMDH[FUHFLyQXULQDULDGHHVWDVGURJDVSXHGHVHUHORULJHQGHXQDUHVSXHVWDGLXUpWLFD SREUHHQSDFLHQWHVFRQLQVXILFLHQFLDUHQDOFLUURVLVKHSiWLFDLQVXILFLHQFLDFDUGtDFDR KLSRDOEXPLQHPLD &LUURVLVKHSiWLFD /RVSDFLHQWHVFLUUyWLFRVVRQHQRFDVLRQHVUHVLVWHQWHVDGRVLVPX\HOHYDGDVGHGLXUpWLFRV GHDVDDPJGHIXURVHPLGH6LQHPEDUJRUHVSRQGHQDHVSLURQRODFWRQDTXH DFW~DQRSRUODYtDOXPLQDOWXEXODUFRPRHOIXURVHPLGH VLQRSRUODFLUFXODFLRQ SHULWXEXODU$GHPiVHOUHFODPRGHOVRGLRHQOD]RQDFRUWLFDOPHGXODUSRUHO KLSHUDOGRVWHURQLVPRVHFXQGDULROREORTXHDODHVSLURQRODFWRQDDOFRPSHWLUFRQVX UHFHSWRUFLWRVyOLFRSRUODFDUDEDVRODWHUDO/DUHVLVWHQFLDDORVGLXUpWLFRVGHDVDHQSDUWH GHSHQGHGHVXHQWUDGDOLPLWDGDDODOX]GHOW~EXORSRUFRPSHWHQFLDFRQODVVDOHVELOLDUHV TXHVRQDQLRQHVRUJiQLFRV7DPELpQHVLPSRUWDQWHVHxDODUTXHVLVHXVDQGLXUpWLFRVPX\ DFWLYRVHQIRUPDUHSHWLGDODUHGLVWULEXFLyQGHOOtTXLGRGHDVFLWLVQRUHFXSHUDHOYRO~PHQ LQWUDYDVFXODU\ODUHVSXHVWDGLXUpWLFDQRVHSUHVHQWD6LVHGHMDQSDVDUKRUDVHQWUH GRVLV\GRVLVGHHVWDVGURJDVODUHVSXHVWDGLXUpWLFDHVDEXQGDQWH\VHSUHYLHQHOD DSDULFLyQGHGDWRVJUDYpVGHGHSOHFLyQGHYROXPHQHQ SDFLHQWHVGHDOWRULHVJRFRPRORV FLUUyWLFRVFRQDVFLWLVRORVHQIHUPRVFRQVtQGURPHQHIUyWLFRFRQLQWHQVDUHGXFFLyQGHO YRO~PHQLQWUDYDVFXODUSRUKLSRDOEXPLQHPLD +LSRDOEXPLQHPLD (OGHVFHQVRGHODVFLIUDVGHDOE~PLQDVpULFDSRUDEDMRGHJG/VHSXHGHDVRFLDUD UHVSXHVWDGLXUpWLFDSREUH/DUD]RQHVGHVFDQVDQHQODXQLyQGHODVGURJDVDODVSURWHtQDV TXHODVREOLJDQDSHUPDQHFHUHQHOHVSDFLRLQWUDYDVFXODU(VWHIHQyPHQROLPLWDOD HQWUDGDGHORVIiUPDFRVIXURVHPLGHiVLGRHWDFUtQLFRDODVFpOXODVSHURVXOOHJDGDDO ULxyQDVtFRPRVXIUDFFLyQVHFUHWDGDHVPD\RUHQSUHVHQFLDGHKLSRDOEXPLQHPLD DXPHQWDVXGLIXVLyQKDFLDHOHVSDFLRLQWHUVWLFLDO\UHGXFHVXH[FUHFLyQXULQDULD3DUD ORJUDUXQEXHQGHVSHxRGLXUpWLFRHQHVWDVFRQGLFLRQHVVHDFRQVHMDODDGPLQLVWUDFLyQGH DOE~PLQDXQLGDDIXURVHPLGH(VWDPH]FODVHSUHSDUDFRQPJGHIXURVHPLGH LQ\HFWDGDDXQDVROXFLyQGHJGHDOE~PLQDSREUHHQVDO (QHOVtQGURPHQHIUyWLFRRSHUDRWURPHFDQLVPRLQWHUHVDQWH/DGURJDOLEUHTXHHV VHFUHWDGDHQHOWXERSUR[LPDOVHXQHDODDOE~PLQDILOWUDGD\VHLQDFWLYD(QDQLPDOHVGH H[SHULPHQWDFLyQFRQDOEXPLQXULDHQHOUDQJRQHIUyWLFRODUHVSXHVWDWXEXODUDO IXURVHPLGHFDHHQXQSRUFLHQWR 5HDEVRUFLyQGLVWDOGHVRGLRDXPHQWDGD (OHIHFWRGHXQDWLD]LGDRXQGLXUpWLFRGHDVDHVHQSDUWHIUHQDGRSRUODUHDEVRUFLyQ H[FHVLYDGH1D HQODVSRUFLRQHVPiVGLVWDOHVGHOQHIUyQSRUODPD\RUOOHJDGDGH1D \ SRUODDFFLyQGHDOGRVWHURQDHQHOW~EXORFROHFWRU3RUHMHPSORHQSDFLHQWHVFRQ LQVXILFLHQFLDFDUGtDFDPRGHUDGDD JUDYHDXQFXDQGRODFRQFHQWUDFLyQGHGLXUpWLFR LQWUDOXPLQDOHV VXILFLHQWHODUHVSXHVWDGLXUpWLFDHVSREUH/DDGPLQVWUDFLyQGHGRVDWUHVGRVLVSRUGtD PHMRUDODGLXUHVLV6LQHPEDUJRQRVHGHEHQVREUHSDVDUGRVLV~QLFDVGHDPJ GHIXURVHPLGHHQGRYHQRVR\DTXHHVWDFDQWLGDGHVVXIFLHQWHSDUDEORTXHDUWRWDOPHQWHHO FRWUDQVSRUWDGRU1D.&O (QSDFLHQWHVHQTXLHQHVODUHDEVRUFLyQGLVWDOSUiFWLFDPHQWHHOLPLQDHOHIHFWRGHXQ GLXUpWLFRGHDVDHOHPSOHRGHXQDWLD]LGDGHXQGLXUpWLFRDKRUUDGRU GH. RGHDPERV TXHEORTXHDQRWURVVLWLRVGHWUDQVSRUWHGLVWDOHVGH1D SXHGHUHVROYHUHVWHSUREOHPDGH UHVLVWHQFLD 'LVPLQXFLyQGHODOOHJDGDGH1D DODVDGH+HQOH (QSDFLHQWHVFRQFLUURVLVKHSiWLFDRFRQLQVXILFLHQFLDFDUGtDFDODFRPELQDFLyQGHXQD FDtGDHQODILOWUDFLyQJORPHUXODUXQLGDDXQDUHDEVRUFLyQSUR[LPDOH[FHVLYDGH1D UHGXFHODOOHJDGDGH1D DODUDPDDVFHQGHQWHGHODVDGH+HQOH\DRWUDVSRUFLRQHVGHO W~EXORGLVWDO\FROHFWRU(QHVWDVFRQGLFLRQHVHVFRQYHQLHQWHODDGPLQLVWUDFLyQGH DFHWD]RODPLGDGLXUpWLFRVRVPyWLFRVPDQLWROHVWHURLGHV\GHULYDGRVGHDPLQRILOLQD ORVSULPHURVUHGXFHQODUHDEVRUFLyQGH1D HQHOWXERSUR[LPDO\ORVRWURVLQFUHPHQWDQ ODILOWUDFLyQJORPHUXODUSRUYDVRGLODWDFLyQ 2WURWUXFRHQHOSDFLHQWHFRQLQVXILFLHQFLDFDUGtDFDHVDGPLQLVWUDUHOGLXUpWLFRSRUOD QRFKH\DTXHHQGHF~ELWRVXSLQRPHMRUDQHOUHWRUQRYHQRVRHOJDVWRFDUGtDFR\HQ IRUPDILQDOLVWDODUHVSXHVWDGLXUpWLFD(QSDFLHQWHVFRQFLUURVLVKHSiWLFDRVtQGURPH QHIUyWLFRODLQPHUVLyQHQDJXDIDYRUHFHODPRYLOL]DFLyQGHYROXPHQKDFLDHOWRUD[HVWD H[SDQVLyQDXPHQWDHOSpSWLGRDXULFXODUQDWULXUpWLFRHLQKLEHODVHFUHFLyQGH DQJLRWHQVLQD,,\GHQRUHSLQHIULQD(QHVWDVFRQGLFLRQHVVHLQFUHPHQWDODOOHJDGDGH 1D DODVSRUFLRQHVGLVWDOHVGHOQHIUyQ\ODUHVSXHVWDDORVGLXUpWLFRVGHDVD\DODV WLD]LGDV (QSDFLHQWHVUHVLVWHQWHVDWRGDVHVWDVPDQLREUDVFRPRRFXUUHHQODLQVXILFLHQFLDUHQDO WHUPLQDORODLQVXILFLHQFLDFDUGtDFDPX\JUDYHVHGHEHKHFKDUPDQRGHODGLiOLVLV SHULWRQHDORODKHPRGLiOLVLVFRQODVPRGDOLGDGHVGHODKHPRILOWUDFLyQUiSLGDROHQWD