+DFLDODGHWHFFLyQGHLURQtD HQWH[WRVFRUWRV *DEULHOD-DVVR/ySH] )DFXOWDGGH,QJHQLHUtD81$0,,0$6 (VIXHU]RVUHFLHQWHV 8WVXPLPRGHOREDVDGRHQSURSRVLFLRQHVLUyQLFDV FDOFXODXQJUDGRGHLURQtDLQJOpV 9HDOHHWDOVLVWHPDGHJHQHUDFLyQGHPHWiIRUDV FUHDWLYDVLQJOpV &DUYDOKRHWDOHPRWLFRQHV\SXQWXDFLyQSDUD GHWHFWDULURQtDHQFRPHQWDULRVGHXVXDULRSRUWXJXpV *RQ]iOH],EixH]HWDOUHFRQRFHVDUFDVPRHQ WZLWWHULQJOpV 'DYLGRYHWDOUHFRQRFHVDUFDVPRHQUHVHxDVGH $PD]RQ\HQWZHHWVLQJOpV ,URQtD GHFLUORFRQWUDULRDORTXHVHTXLHUHGHFLU 4XLQWLOLDQR OHQJXDMHILJXUDWLYR FRPSOLFDGRSDUDXQDFRPSXWDGRUD (VIXHU]RVUHFLHQWHV /LHEUHFKWHWDOUHFRQRFHVDUFDVPRHQWZHHWV QHHUODQGpV 5RVVRHWDOUHFRQRFHLURQtDHQWZHHWVFRQXQ PRGHOREDVDGRHQHVWLORHVFHQDULRVHPRFLRQDOHVLQJOpV %DUELHULHWDOUHFRQRFHLURQtDHQWZHHWVFRQXQ PRGHOREDVDGRHQHVWLORSRODULGDGHVHQWUHRWURVLQJOpV 7XQJWKDPWKLWLHWDOUHFRQRFHVDUFDVPRHQWZHHWV FRQXQPRGHOREDVDGRHQIDFWRUHVGHHVWLOR\SRODULGDGHV HQWUHRWURVLQJOpV 'LVHxRGHOFRUSXVLUyQLFR 7ZLWWHU HVSDxRO H[WHQVR GHQRWDGRSRULURQtD5RVVR%DUELHUL \VDUFDVPR7XQJWKDPWKLWL/LHEUHFKW 6DUFDVPRHLURQtD ,URQtDRDQWtIUDVLV([SUHVLyQHQWRQRGHEXUODGHXQD VLJQLILFDFLyQFRQWUDULDRGLIHUHQWHDODGHOHQXQFLDGRTXH VHSRQHGHPDQLILHVWRSRUHOFRQWH[WRRODSURQXQFLDFLyQHO JHVWRHWF 6DUFDVPRHVODFODVHGHLURQtDTXHVHFDUDFWHUL]DSRU ODLQWHQFLyQFUXHOKRVWLORPDOLFLRVDTXHH[SUHVD $VWHtVPRHVODH[SUHVLyQGHXQDDODEDQ]DHQIRUPDGH UHSUHVLyQRYLFHYHUVD *DUFtD%DUULHQWRV-/DVILJXUDVUHWyULFDV3iJV 6DUFDVPRHLURQtDHMHPSORV ,URQtD£TXpEXHQDVXHUWHWHQJRSDUD HQWHQGHUTXHQRWLHQHEXHQDVXHUWH 6DUFDVPR£TXpOLVWRHUHVSDUDGDUD HQWHQGHUTXHHVWRQWR 6DUFDVPRHLURQtD7ZLWWHU 1DGDPiVOLQGRTXHSDVDUXQGRPLQJRSRUODWDUGH HVWXGLDQGRVDUFDVPR &UHRTXH\DORGLMHKR\SHURQRPHFDQVRGHWULXQIDUHQHO DPRULURQLD #VRSLWDVPHVLHQWRFRPRVLHOSDtVQRHVWXYLHUDHQOODPDV VDUFDVPR 4XHUDURHVRGHYHUD+LJXDtQIDOODUHQORVPRPHQWRV GHFLVLYRVHKK,URQLD 9HQWDMDVGHOFRUSXVLUyQLFR %DVDGRHQORTXHODPD\RUtDFRQVLGHUD LUyQLFRVDUFiVWLFR $XWRPiWLFDPHQWHHWLTXHWDGR )iFLOREWHQFLyQ (VSDxRO 7DPDxRFRPSDUDEOHDODPD\RUtDGHODVIXHQWHV &ODVHVQRLUyQLFDVFRPSDUDFLyQ 'HVYHQWDMDVGHOFRUSXVLUyQLFR (UURUHVRUWRJUiILFRV 7ZHHWVUHSHWLGRV 1RFLRQHVGHLURQtDVDUFDVPRPX\IXHUDGHOSURPHGLR 0HQVDMHVTXHVHWUDQVPLWHQFRQLPiJHQHV $OOHFWRUGHVFRQRFLGROHIDOWDHOFRQWH[WRGHOXVXDULR 3URSXHVWD 5RVVR KXPRU SROtWLFD HGXFDFLyQ HGXFDFLyQ VDUFDVPR 'DYLGRY UHVHxDVSRVLWLYDVLPGE WZHHWVFODVLILFDGRVPDQXDOPHQWH *RQ]iOH],EixH] HWLTXHWDVSRVLWLYDV\QHJDWLYDVKDSS\VDG IHOL] LURQtD SROtWLFD %DFNJURXQGWZHHWV /LHEUHFKWHWDO 5HFROHFFLyQGHWH[WRVQRLUyQLFRV 7RGRORQRH[SOtFLWDPHQWHHWLTXHWDGRFRPRLUyQLFRDTXt VHFRQVLGHUDQRLUyQLFR %~VTXHGDGHWZHHWVFRQTXLpQTXLHQFyPRFRPR FXiQGRFXDQGRGyQGHGRQGHSRUTXpSRUTXH HVWiHVWDHQWUHRWUDV 3UHSURFHVDGR VHHOLPLQDHOGHOKDVKWDJV PLQ~VFXODV #XVXDULR !# KWWSGRPLQLRFRPDUWLFXOR !KWWSOLQN LURQtDVDUFDVPRYDULDQWHVHOLPLQDGRV HVSDFLRVH[FHVLYRV VHUHYXHOYHDQWHVGHUHDOL]DURSHUDFLRQHV VHHOLPLQDQGXSOLFDGRV 'LVWULEXFLyQGHOFRUSXV aWZHHWVLUyQLFRV aWZHHWVQRLUyQLFRVHQVXPD\RUtD EDODQFHDGDLJXDOFDQWLGDGSRUFODVH/LHEUHFKW 5RVVR%DUELHUL'DYLGRYRWURV LUyQLFRQRLUyQLFR5RVVR%DUELHUL LUyQLFRQRLUyQLFRSURSXHVWD ([SHULPHQWR 5DQGRP)RUHVW690 XQLELWULJUDPDVWILGI IROGVYDOLGDFLyQFUX]DGD 5HJUHVLyQORJtVWLFD :RUGYHF0LNRORYHWDOGRFYHF/H 0LNRORY 3DUDHQWUHQDUZRUGYHFVHXVDODWRWDOLGDGGHORV WZHHWV 5HVXOWDGRV 5HVXOWDGRV EDODQFHDGR$FF3UHF5HF)6 5) 690 5RVVR 'DYLGRY 7XQJWKDPWKLWL *RQ]iOH]QRUHSRUWDGRV /5ZY $FF3UHF5HF)6 5) 690 5RVVR /5ZY 5HVXOWDGRV :RUGYHF $FF3UHF5HF)6 5) 690 /5ZY $OJXQDVDQDORJtDVLQWHUHVDQWHVEDVDGDVHQGLVWDQFLDVHQWUHYHFWRUHVGH ZRUGYHF 1DGDPiVOLQGRTXHSDVDUXQGRPLQJRSRUODWDUGHHVWXGLDQGRVDUFDVPR 1RKD\QDGDPDVOLQGRTXHKDFHUXQH[DPHQHOGRPLQJRVDUFDVPR 0DxDQDDODWDUGHVLHVWDOLQGRTXLHURKDFHUDOJR 'RPLQJR/LQGRGtDSDUDHPSH]DUDHVWXGLDU,URQtD /LQGRGLDSDUDHVWDUGHVSLHUWDDODVGHODPDxDQD,URQtDFDPDYROYH 4XHPHMRUTXHHPSH]DUXQViEDGRSRUODPDxDQDDHVWXGLDU6DUFDVPR (VWHILQGHVHPDQDDGRUPLUWRGRORTXHDJXDQWHHOFXHUSRKWWSWFR53QVDSOQ, +R\HVWDSDUDGRUPLUORWRGRSHURQRWRGRHOGtDHVWXGLDQGRƳ 4XHUDURXQViEDGRDHVWDVKRUDV\RVRODHQFDVDLURQtD HVWDWDUGHDHVWXGLDUTELHQPHORYR\DSDVDULURQLD :RUGYHF 4XHUDURHVRGHYHUD+LJXDtQIDOODUHQORVPRPHQWRVGHFLVLYRVHKK,URQLD #ZDOWHUVDIDULDQ(QHVWRVPRPHQWRVPHSDUHFHTXH$JHURHVWiFRQXQ UHQGLPLHQWRXQSRTXLWRSRUHQFLPDGHORVRWURV $UJHQWLQDWLHQHMXJDGRUHVSDPXFKRPiVSLHQVR\R 1RWLHQHWRGRVORVMXJDGRUHV/DSREUHʚ #.$.$#5RQDOGLQKRXQDFRVDHUD%UDVLOFXDQGRWHQtDHVWRV&5$&.6< EXHQRDKRUD(VQDGD (OSUREOHPDHVTXH(FXDGRUMXHJDVLQGHODQWHURVDVtFRPREHUUDFRTXHKDJDQXQ JRO SLRMRIDLO 'HPRPHQWRVEXHQRV\PRPHQWRVPDORVHVWiKHFKRHOI~WERO6HUJLR%XHQR &RQFOXVLRQHV 5HVXOWDGRVIDYRUDEOHVDSHVDUGHQRXVDUGLYHUVDV FDUDFWHUtVWLFDVGHORVDQWHFHGHQWHV 5HVXOWDGRVSURPHWHGRUHVSDUDZRUGYHF $ODSDUFRQODPD\RUtDGHODVIXHQWHV &RQVLGHUDFLyQGHXQFRUSXVPiVUHDOLVWD 3UHFHGHQWHSDUDFRUSXVHQHVSDxRO 3RVLELOLGDGGHPHMRUDUPpWULFDVXVDQGRPiV FDUDFWHUtVWLFDV