DFWXDOV7DPEp KDXUDQ GH FRQVLGHUDU HOV DQWHFHGHQWV KLVWzULFV D O¶KR UD G¶DQDOLW]DU DOJXQ FRQIOLFWH R THVWLy G¶DFWXDOLWDW HYLWDQW UHODFLRQV PHFjQLTXHV)LQDOPHQWHVWDEOLUDQDO¶KRUDG¶DQDOLW]DUSURFHVVRVKLV WzULFVDQDORJLHVFRPSDUDFLRQVRGLIHUqQFLHVDPEHOVIHWVGHOSUHVHQW eVDGLUFRQVWDWDUDQTXHO¶KLVWRULDGRUSDUWL[GHVGHOSUHVHQWSHUDDQD OLW]DUDTXHOOVSURFHVVRVKLVWzULFVTXHHOFRQILJXUHQ 8WLOLW]DU HOV FRQFHSWHV EjVLFV GH OD KLVWzULD FRQWHPSRUjQLD FRPSUHQHQWL DVVXPLQW OHV HVSHFLDOV FDUDFWHUtVWLTXHVGH OD FRQFHSWXD OLW]DFLyKLVWzULFDLUHFRQpL[HUODSRVVLELOLWDWGHGLIHUHQWVLQWHUSUHWDFLRQV VREUHXQPDWHL[IHWLODQHFHVVLWDWGHVRWPHWUHOHVDXQDDQjOLVLFUtWLFD (V WUDFWD GH VDEHU VL HOV HVWXGLDQWV XWLOLW]HQ HOV FRQFHSWHV KLVWz ULFVDPESURSLHWDWVLVyQFDSDoRVG¶DSOLFDUORVHQWHPSVGLIHUHQWVLGH FRQVWDWDUODYDULDELOLWDWGHOHVVHXHVFDUDFWHUtVWLTXHV (QSULPHUJUDXKDXUDQGHGHILQLUHOFRQFHSWHHQSUHVqQFLDGHO¶HV GHYHQLPHQW L UHODFLRQDUDQ GH IRUPD FRUUHFWD OHV QHFHVVjULHV JHQHUD OLW]DFLRQV FRQFHSWXDOV DPE IHWV FRQFUHWV (Q XQ VHJRQ JUDX HOV HVWX GLDQWVKDXUDQG¶DVVXPLUG¶XQDPDQHUDSRVLWLXTXHSRGHQH[LVWLUGLIH UHQWVLQWHUSUHWDFLRQVG¶XQIHWKLVWzULFpVDGLUGHVGHO¶DQjOLVLFUtWLFDL DUJXPHQWDQWDGPHWHQWTXHHOIRQDPHQWGHOFRQHL[HPHQWKLVWzULFSDUW EjVLFDPHQW GH O¶H[SOLFDFLy HQ TXq OD LQIRUPDFLy GH OHV IRQWV QRPpV UHVXOWDIUXFWtIHUDGDYDQWGHSUHJXQWHVRSUREOHPHVHQFHUWDGDPHQWSODQ WHMDGHVSHUO¶KLVWRULDGRU)LQDOPHQWYDORUDUDQODUHODFLyHQWUHODIXQFLy GH O¶KLVWRULDGRU L OHV IRQWV UHVSHFWH D OD FRQVWUXFFLy GHO FRQHL[HPHQW KLVWzULF +,67Ñ5,$'HO¶$57 0RGDOLWDWG¶+XPDQLWDWVL&LqQFLHV6RFLDOV ,,QWURGXFFLy &RPSUHQGUHO¶HVIRUoFUHDGRUGHOVHUKXPjHQHOWHPSVFRQVWLWXw[ ODPHWDHVVHQFLDOGHOD+LVWzULDGHO¶$UW/¶HVWXGLGHOVSURFHVVRVFUH DWLXVLOHVH[SHULqQFLHVDUWtVWLTXHVODVHXDGLPHQVLyVRFLDOLWHPSRUDO FRQWULEXw[DHQULTXLULFRQVROLGDUODIRUPDFLyLQWHOÂOHFWXDO(QSURSRU FLRQDU XQ FRQHL[HPHQW L XQD YDORUDFLy FUtWLFD GHO SDWULPRQL DUWtVWLF PHPzULD GHO SDVVDW L GHO SUHVHQW OD +LVWzULD GH O¶$UW HV SUHSDUD SHU DOVHXJDXGLLSUHVHUYDFLyGHVHQURWOODQWODVHQVLELOLWDWSHUO¶HQWRUQFXO WXUDO FRQYHUWLQWVH SHU WDQW HQ XQ SRGHUyV YHKLFOH G¶HQWHQLPHQW GHO PyQDFWXDO /D+LVWzULDGHO¶$UWpVXQDIRUPDGHFRQHL[HPHQWGHFRPHQXQ WHPSVLXQHVSDLGHWHUPLQDWVOHVREUHVG¶DUWKDQVLJXWSURGXwGHVLFRQ VHUYDGHV R GHVWUXwGHV FRP D GRFXPHQWV G¶XQD FXOWXUD &RP D GLVFL SOLQD KLVWzULFD H[SOLFD OHV UHODFLRQV HQWUH FHUWHV IRUPHV L REUHV TXH DQRPHQHP DUW L OD UHDOLWDW VRFLRFXOWXUDO eV SUHFLVDPHQW HL[D UHODFLy HQWUHO¶DFWLYLWDWDUWtVWLFDLHOFRQMXQWGHODVRFLHWDWODTXHFRQYHUWL[O¶DUW HQFXOWXUDDUWtVWLFDHQSDWULPRQLFRP~LFRPSDUWLW /¶REMHFWH G¶HVWXGL G¶HVWD PDWqULD HO IHW DUWtVWLF FRPSUpQ OD WRWD OLWDWGHIHQzPHQVLSURFHVVRVGHFUHDFLyUHFHSFLyFUtWLFDLGLIXVLyGH OHVREUHVG¶DUWHQHOVHXSURSLFRQWH[W7RWIHWDUWtVWLFV¶LQVFULXHQXQD GHWHUPLQDGD RUJDQLW]DFLy FXOWXUDO L XQD FRQFUHWD RUJDQLW]DFLy VRFLDO SHUODTXDOFRVDUHFXOOHOVHIHFWHVGHODFROÂOHFWLYLWDWTXHHOFLUFXPGD LG¶DOWUDEDQGDJHQHUDDOPDWHL[WHPSVODVHXDSUzSLDGLQjPLFD(VWHV TXDOLWDWVDWRUJXHQDOVIHWVDUWtVWLFVSURSLHWDWVHVSHFtILTXHV (QFDUDTXHSDUWLFLSDGHODFRQFHSFLyLODOzJLFDGHOD+LVWzULDOD SHFXOLDUQDWXUDOHVDLGLQjPLFDGHOVIHWVDUWtVWLFVFRQIHUL[HQDOD+LVWz ULDGHO¶$UWXQVWUHWVTXHODFDUDFWHULW]HQLGLVWLQJL[HQ '¶XQD EDQGD OHV P~OWLSOHV UHODFLRQV L DVVRFLDFLRQV TXH HVWDEOL [HQHOVIHWVDUWtVWLFVDPEHOVGLYHUVRVHOHPHQWVGHODUHDOLWDWKLVWzULFD QHFHVVLWHQHOVFRQHL[HPHQWVTXHSURSRUFLRQHQDOWUHVFDPSVGHOVDEHU HQ HOV TXDOV V¶HVWDEOL[ XQ GLjOHJ SHUPDQHQW DPE DOWUHV GLVFLSOLQHV KXPDQtVWLTXHV(VWDFRQVWDQWSUHVqQFLDG¶DOWUHVVDEHUVDWRUJDDOD+LV WzULDGHO¶$UWXQDULTXHVDLXQDFRPSOH[LWDWTXHQRSHUPHWHQTXHHOVHX HVWXGLSXJDDERUGDUVHGHVG¶XQ~QLFLH[FORHQWSXQWGHYLVWD '¶DOWUDEDQGDO¶REUDG¶DUWPDWqULDSULQFLSDOGHOIHQRPHQDUWtVWLF QR pV QRPpV XQ GRFXPHQW R WHVWLPRQL KLVWzULF TXH WUDQVPHW DO QRV WUH SUHVHQW PLVVDWJHV SROLYDOHQWV VREUH HOV IHWV L OHV LGHHV GHO SDVVDW 3HUGDPXQWGHOVFRQWLQJXWVROHVIXQFLRQVSHUDOVTXDOVYDVHUFRQFH EXGD HQ HO VHX RULJHQ O¶REUD G¶DUW SRW DVVXPLU XQD LQILQLWD SOXUDOLWDW PDVDFWXDOHV7DPELpQGHEHUiQFRQVLGHUDUORVDQWHFHGHQWHVKLVWyULFRV DODQDOL]DUDOJ~QFRQIOLFWRRFXHVWLyQGHDFWXDOLGDGHYLWDQGRUHODFLR QHV PHFiQLFDV 3RU ~OWLPR HVWDEOHFHUiQ DO DQDOL]DU SURFHVRV KLVWyUL FRVDQDORJtDVFRPSDUDFLRQHVRGLIHUHQFLDVFRQORVKHFKRVGHOSUHVHQ WH(VGHFLUFRQVWDWDUiQTXHHOKLVWRULDGRUSDUWHGHVGHHOSUHVHQWHSDUD DQDOL]DUDTXHOORVSURFHVRVKLVWyULFRVTXHORFRQILJXUDQ 8WLOL]DU ORV FRQFHSWRV EiVLFRV GH OD +LVWRULD FRQWHPSRUiQHD FRPSUHQGLHQGR \ DVXPLHQGR ODV HVSHFLDOHV FDUDFWHUtVWLFDV GH OD FRQ FHSWXDOL]DFLyQKLVWyULFD\UHFRQRFHUODSRVLELOLGDGGHGLIHUHQWHVLQWHU SUHWDFLRQHVVREUHXQPLVPRKHFKR\ODQHFHVLGDGGHVRPHWHUODVDXQ DQiOLVLVFUtWLFR 6HWUDWDGHVDEHUVLORVHVWXGLDQWHVXWLOL]DQORVFRQFHSWRVKLVWyULFRV FRQSURSLHGDGVLVRQFDSDFHVGHDSOLFDUORVHQWLHPSRVGLIHUHQWHV\GH FRQVWDWDUODYDULDELOLGDGGHVXVFDUDFWHUtVWLFDV (Q SULPHU JUDGR GHEHUiQ GHILQLU HO FRQFHSWR HQ SUHVHQFLD GHO DFRQWHFLPLHQWR\UHODFLRQDUiQGHIRUPDFRUUHFWDODVQHFHVDULDVJHQH UDOL]DFLRQHVFRQFHSWXDOHVFRQKHFKRVFRQFUHWRV(QXQVHJXQGRJUDGR ORVHVWXGLDQWHVGHEHUiQDVXPLUGHXQPRGRSRVLWLYRTXHSXHGHQH[LV WLU GLIHUHQWHV LQWHUSUHWDFLRQHV GH XQ KHFKR KLVWyULFR HV GHFLU GHVGH HODQiOLVLVFUtWLFR\DUJXPHQWDQGRDGPLWLHQGRTXHHOIXQGDPHQWRGHO FRQRFLPLHQWRKLVWyULFRSDUWHEiVLFDPHQWHGHODH[SOLFDFLyQHQODTXH OD LQIRUPDFLyQ GH ODV IXHQWHV VyOR UHVXOWD IUXFWtIHUD DQWH SUHJXQWDV R SUREOHPDV DFHUWDGDPHQWH SODQWHDGDV SRU HO KLVWRULDGRU )LQDOPHQWH YDORUDUiQODUHODFLyQHQWUHODIXQFLyQGHOKLVWRULDGRU\ODVIXHQWHVUHV SHFWRDODFRQVWUXFFLyQGHOFRQRFLPLHQWRKLVWyULFR +,6725,$'(/$57( 0RGDOLGDGGH+XPDQLGDGHV\&LHQFLDV6RFLDOHV ,,QWURGXFFLyQ &RPSUHQGHUHOHVIXHU]RFUHDGRUGHOVHUKXPDQRHQHOWLHPSRFRQV WLWX\HODPHWDHVHQFLDOGHOD+LVWRULDGHO$UWH(OHVWXGLRGHORVSURFH VRV FUHDWLYRV \ H[SHULHQFLDV DUWtVWLFDV VX GLPHQVLyQ VRFLDO \ WHPSR UDO FRQWULEX\H D HQULTXHFHU \ FRQVROLGDU OD IRUPDFLyQ LQWHOHFWXDO$O SURSRUFLRQDUXQFRQRFLPLHQWR\XQDYDORUDFLyQFUtWLFDGHOSDWULPRQLR DUWtVWLFRPHPRULDGHOSDVDGR\GHOSUHVHQWHOD+LVWRULDGHO$UWHSUH SDUDSDUDVXGLVIUXWH\SUHVHUYDFLyQGHVDUUROODQGRODVHQVLELOLGDGSRU HOHQWRUQRFXOWXUDOFRQYLUWLpQGRVHSRUWDQWRHQXQSRGHURVRYHKtFXOR GHHQWHQGLPLHQWRGHOPXQGRDFWXDO /D +LVWRULD GHO$UWH HV XQD IRUPD GH FRQRFLPLHQWR GH FyPR HQ XQWLHPSR\XQHVSDFLRGHWHUPLQDGRVODVREUDVGHDUWHKDQVLGRSUR GXFLGDV\FRQVHUYDGDVRGHVWUXLGDVFRPRGRFXPHQWRVGHXQDFXOWXUD &RPRGLVFLSOLQDKLVWyULFDH[SOLFDODVUHODFLRQHVHQWUHFLHUWDVIRUPDV\ REUDV TXH OODPDPRV DUWH \ OD UHDOLGDG VRFLRFXOWXUDO (V SUHFLVDPHQWH HVDUHODFLyQHQWUHODDFWLYLGDGDUWtVWLFD\HOFRQMXQWRGHODVRFLHGDGOD TXHFRQYLHUWHHODUWHHQFXOWXUDDUWtVWLFDHQSDWULPRQLRFRP~Q\FRP SDUWLGR (O REMHWR GH HVWXGLR GH HVWD PDWHULD HO KHFKR DUWtVWLFR DEDUFD OD WRWDOLGDG GH IHQyPHQRV \ SURFHVRV GH FUHDFLyQ UHFHSFLyQ FUtWLFD \ GLIXVLyQGHODVREUDVGHDUWHHQVXSURSLRFRQWH[WR7RGRKHFKRDUWtVWL FRVHLQVFULEHHQXQDGHWHUPLQDGDRUJDQL]DFLyQFXOWXUDO\XQDFRQFUHWD RUJDQL]DFLyQ VRFLDO SRU OR TXH UHFRJH ORV HIHFWRV GH OD FROHFWLYLGDG TXH OH FLUFXQGD\ SRU RWUR ODGR JHQHUDD OD YH]VX SURSLDGLQiPLFD (VWDVFXDOLGDGHVRWRUJDQDORVKHFKRVDUWtVWLFRVSURSLHGDGHVHVSHFtIL FDV $XQTXH SDUWLFLSD GH OD FRQFHSFLyQ \ OD OyJLFD GH OD +LVWRULD OD SHFXOLDUQDWXUDOH]D\GLQiPLFDGHORVKHFKRVDUWtVWLFRVFRQILHUHQDOD +LVWRULDGHO$UWHXQRVUDVJRVTXHODFDUDFWHUL]DQ\GLVWLQJXHQ 3RU XQ ODGR ODV P~OWLSOHV UHODFLRQHV \ DVRFLDFLRQHV TXH HVWDEOH FHQORVKHFKRVDUWtVWLFRVFRQORVGLYHUVRVHOHPHQWRVGHODUHDOLGDGKLV WyULFD SUHFLVDQ GH ORV FRQRFLPLHQWRV TXH SURSRUFLRQDQ RWURV FDPSRV GHO VDEHU HVWDEOHFLpQGRVH XQ GLiORJR SHUPDQHQWH FRQ RWUDV GLVFLSOL QDVKXPDQtVWLFDV(VWDFRQVWDQWHSUHVHQFLDGHRWURVVDEHUHVRWRUJDD OD +LVWRULD GHO$UWH XQD ULTXH]D \ XQD FRPSOHMLGDG TXH QR SHUPLWHQ TXHVXHVWXGLRSXHGDDERUGDUVHGHVGHXQ~QLFR\H[FOX\HQWHSXQWRGH YLVWD 3RU RWUD SDUWH OD REUD GH DUWH PDWHULD SULQFLSDO GHO IHQyPHQR DUWtVWLFRQRHVVRODPHQWHXQGRFXPHQWRRWHVWLJRKLVWyULFRTXHWUDQV PLWH D QXHVWUR SUHVHQWH PHQVDMHV SROLYDOHQWHV VREUH ORV KHFKRV \ ODV LGHDV GHO SDVDGR 3RU HQFLPD GH ORV FRQWHQLGRV R IXQFLRQHV SDUD ORV TXHIXHFRQFHELGDHQVXRULJHQODREUDGHDUWHSXHGHDVXPLUXQDLQIL GH VLJQLILFDWV VHJRQV OHV FLUFXPVWjQFLHV L HO PRPHQW KLVWzULF HQ TXq V¶LQWHUSUHWD (Q HVWH VHQWLW HV FRQVLGHUD REUD G¶DUW TXHOFRP GRWDW GH YLGD SUzSLD LQGHSHQGHQWPHQW GHO VHX FRQWH[W GH FUHDFLy L GH OD VHXD LQWHQFLRQDOLWDWHVWqWLFD(VWDHVVHQFLDOFDUDFWHUtVWLFDGHO¶REMHFWHDUWtV WLF GHVWDFD SUHFLVDPHQW HO VHQWLW KLVWzULF GH O¶DUW HQ OD PHVXUD TXH pV FRQVWDQWPHQWDFWXDOLW]DW $ O¶DPSOLWXG L GLYHUVLWDW GH O¶REMHFWH G¶HVWXGL FDO DIHJLU XQ QRX FRPSRQHQW TXH VXEUDWOOD OD FRPSOH[LWDW GH OD GLVFLSOLQD /D +LVWzULD GHO¶$UWHQO¶DFWXDOLWDWHVUHSODQWHMDODVHXDSUzSLDFRQFHSFLyFRPD H[SOLFDFLy GHO SURFpV DUWtVWLF HQ XQ SURFpV WDQFDW RQ OD VXFFHVVLy GH SHUtRGHV HVWLOtVWLFV pV SUHVHQWDGD FRP XQD VXPD G¶H[SHULqQFLHV FDS D ODFXOPLQDFLyLGHDOHQHVWDFRQFHSFLyG¶+LVWzULDGHO¶$UWGLItFLOPHQW HQFDL[DO¶DUWDFWXDOTXHzEYLDPHQWKDGHL[DWGHVRWPHWUH¶VDODLGHD GHSURJUpVDFFHQWXDQWHOSUREOHPDGHOVHXGHVRUGHKLVWzULF 6¶LPSRVDSHUWDQWXQDUHQRYDFLyFRQFHSWXDOLPHWRGROzJLFDDL[t FRP XQD UHIOH[Ly VREUH HOV YDORUV TXH KDQ G¶RULHQWDU OD +LVWzULD GH O¶$UWGHOQRVWUHWHPSVSHUTXqHVWDQRTXHGHDUUDFRQDGDFRPXQYHVWLJL DFDGqPLFG¶XQDFXOWXUDSHULFOLWDGDLPDQWLQJDHOVHXFRQWDFWHDPEOHV QRYHVIRUPHVLPLWMDQVTXHKDDVVXPLWODFUHDWLYLWDWDFWXDO/D+LVWzULD GHO¶$UWKDGHUHVSRQGUHKXLFRPDKLUDODQHFHVVLWDWGHVLWXDUKLVWz ULFDPHQWHOVREMHFWHVDUWtVWLFVGHVRWPHWUH¶OVDODFUtWLFDFXOWXUDOLGH FRPSUHQGUHLH[SOLFDUHOVHXVHQWLW $ PpV HQ OD LQWHUSUHWDFLy FRQWHPSRUjQLD GH O¶REUD G¶DUW HV SRVD WDPEpO¶qPIDVLHQODUHFHSFLyLHQHOVYDORUVTXHSHUDO¶REVHUYDGRUWp O¶REUDG¶DUWTXDQWDUHSUHVHQWDFLy(OUHFHSWRUGHO¶REUDG¶DUWTXDQWD VXEMHFWHYLUWXDOGHODLPDWJHDUWtVWLFDHVWDEOL[XQDUHODFLySUzSLDDPE O¶REMHFWHSHUPLWMjGHODFRQILJXUDFLyGHO¶REUDG¶DUWLGHOVPHFDQLVPHV GHUHSUHVHQWDFLypVDGLUHOVSURFHVVRVDUWtVWLFV 7LQGUHHQFRPSWHHVWRVWUHWVLSUREOHPHVHVSHFtILFVSHUPHWGHOLPL WDUO¶REMHFWHG¶DSUHQHQWDWJHG¶XQDKLVWzULDGHO¶DUWTXHDVVXPLVFDO¶H[ SOLFDFLy GH O¶DUW FRQWHPSRUDQL L GHVWDTXH HO SDSHU GH O¶DUW HQ HO PyQ DFWXDO TXH FRQVLGHUH HOV IHWV DUWtVWLFV GHV GH O¶zSWLFD GHOV IHQzPHQV FXOWXUDOVLTXHSULRULW]HFRPDjPELWHOFRQILJXUDWSHUODWUDGLFLyFXO WXUDORFFLGHQWDOHQJHQHUDOLSHUOHVDUWVYLVXDOVHQSDUWLFXODU $DL[zpVQHFHVVDULDIHJLUHOFRQHL[HPHQWGHO¶DUWFRPDVLVWHPDGH FRPXQLFDFLyFRPDOOHQJXDWJHG¶XQDqSRFDLFRPDVLVWHPDGHUHSUH VHQWDFLyGHOPyQLWDPEpODQHFHVVLWDWGHFRQpL[HUHOVGLVWLQWVFULWHULV GHUHVWDXUDFLyLLQWHUYHQFLyTXDQKDQLQFLGLWGHPDQHUDGLUHFWDHQOD SUzSLD YLGD GHOV REMHFWHV L VyQ XQ HOHPHQW EjVLF SHU D OD VHXD FRP SUHQVLy $WHVD O¶HVSHFLDO FRPSOH[LWDW GHO IHW DUWtVWLF FDOGUj DSURILWDU HOV DSUHQHQWDWJHVGHO¶HWDSDHGXFDWLYDDQWHULRUWDQWHOVPHFDQLVPHVG¶DQj OLVL G¶H[SOLFDFLy KLVWzULFD L HO EDJDWJH FRQFHSWXDO DGTXLULWV FRP HO FRQHL[HPHQWGHOOOHQJXDWJHYLVXDOLODFDSDFLWDWG¶DSUHFLDFLyHVWqWLFD 'HVG¶HVWDzSWLFDODIXQFLyHGXFDWLYDSULRULWjULDGHOD+LVWzULDGH O¶$UW FRQVLVWL[ D IHU HQWHQGUH O¶DOXPQDW TXH O¶HVIRUo SHU FRQVHUYDU HO SDWULPRQLDUWtVWLFGHOSDVVDWpVXQDFRVDGHODTXDOGHSpQODYLWDOLWDWGHO QRVWUHSURSLHQWRUQFXOWXUDO$L[tGRQFVHOVHXDSUHQHQWDWJHGHVHQURW OODUjFDSDFLWDWVUHODFLRQDGHVDPEODFRPSUHQVLyFUHDWLYDLODLQWHUSUH WDFLyFUtWLFD ,,2EMHFWLXVJHQHUDOV (O GHVHQURWOODPHQW G¶HVWD PDWqULD KD GH FRQWULEXLU DO IHW TXH O¶DOXPQDWDGTXLULVFDOHVFDSDFLWDWVVHJHQWV (QWHQGUHOHVREUHVG¶DUWFRPDH[SRQHQWVGHODFUHDWLYLWDWKXPD QDVXVFHSWLEOHVGHVHUJDXGLGHVSHUVLPDWHL[HVLGHVHUYDORUDGHVFRP DGRFXPHQWWHVWLPRQLDOG¶XQDqSRFDLXQDFXOWXUD &RPSUHQGUHLYDORUDUODYDULDELOLWDWGHOHVIXQFLRQVVRFLDOVLGH OHVFRQFHSFLRQVGLIHUHQWVGHO¶DUWDOOODUJGHODKLVWzULD $SUHFLDU L UHFRQpL[HU OD GLYHUVLWDW G¶LQWHUSUHWDFLRQV L YDORUV GH O¶REUDG¶DUWHQHOVGLIHUHQWVFRQWH[WRVKLVWzULFV ([SOLFDUVLWXDQWORVDGHTXDGDPHQWHQHOWHPSVLHQO¶HVSDLHOV IHWV DUWtVWLFV PpV UHOOHYDQWV GHOV SULQFLSDOV HVWLOV GH O¶DUW RFFLGHQWDO YDORUDQWODVHXDVLJQLILFDFLyHQHOSURFpVKLVWRULFRDUWtVWLF $QDOLW]DUODGLPHQVLyVRFLDOGHODFUHDFLyDUWtVWLFDLUHFRQpL[HU ODLQFLGqQFLDGHOVRFLDOLLQGLYLGXDOHQHOSURFpVGHSURGXFFLyLGLIXVLy GHOHVREUHVG¶DUW QLWDSOXUDOLGDGGHVLJQLILFDGRVVHJ~QODVFLUFXQVWDQFLDV\HOPRPHQWR KLVWyULFRHQTXHVHLQWHUSUHWD(QHVWHVHQWLGRVHHQWLHQGHODREUDGH DUWHFRPRDOJRGRWDGRGHYLGDSURSLDLQGHSHQGLHQWHPHQWHGHVXFRQ WH[WRGHFUHDFLyQ\GHVXLQWHQFLRQDOLGDGHVWpWLFD(VWDHVHQFLDOFDUDF WHUtVWLFD GHO REMHWR DUWtVWLFR YLHQH D GHVWDFDU SUHFLVDPHQWH HO VHQWLGR KLVWyULFRGHODUWHHQODPHGLGDTXHHVFRQVWDQWHPHQWHDFWXDOL]DGR $ OD DPSOLWXG \ GLYHUVLGDG GHO REMHWR GH HVWXGLR KD\ TXH DxDGLU XQQXHYRFRPSRQHQWHTXHVXEUD\DODFRPSOHMLGDGGHODGLVFLSOLQD/D +LVWRULDGHO$UWHHQODDFWXDOLGDGVHUHSODQWHDVXSURSLDFRQFHSFLyQ FRPR H[SOLFDFLyQ GHO SURFHVR DUWtVWLFR HQ XQ SURFHVR FHUUDGR GRQGH OD VXFHVLyQ GH SHUtRGRV HVWLOtVWLFRV HV SUHVHQWDGD FRPR XQD VXPD GH H[SHULHQFLDV KDFLD OD FXOPLQDFLyQ LGHDO HQ HVWD FRQFHSFLyQ GH +LV WRULD GHO$UWH GLItFLOPHQWH HQFDMD HO DUWH DFWXDO TXH REYLDPHQWH KD GHMDGRGHVRPHWHUVHDODLGHDGHSURJUHVRDFHQWXDQGRHOSUREOHPDGH VXGHVRUGHQKLVWyULFR 6HLPSRQHSRUWDQWRXQDUHQRYDFLyQFRQFHSWXDO\PHWRGROyJLFD DVtFRPRXQDUHIOH[LyQVREUHORVYDORUHVTXHGHEHQRULHQWDUOD+LVWRULD GHO$UWHGHQXHVWURWLHPSRSDUDTXHpVWDQRTXHGHDUULQFRQDGDFRPR XQYHVWLJLRDFDGpPLFRGHXQDFXOWXUDSHULFOLWDGD\PDQWHQJDVXFRQ WDFWR FRQ ODV QXHYDV IRUPDV \ PHGLRV TXH KD DVXPLGR OD FUHDWLYLGDG DFWXDO/D+LVWRULDGHO$UWHGHEHUHVSRQGHUKR\FRPRD\HUDODQHFH VLGDGGHVLWXDUKLVWyULFDPHQWHORVREMHWRVDUWtVWLFRVGHVRPHWHUORVDOD FUtWLFDFXOWXUDO\GHFRPSUHQGHU\H[SOLFDUVXVHQWLGR $GHPiVHQODLQWHUSUHWDFLyQFRQWHPSRUiQHDGHODREUDGHDUWHVH SRQH WDPELpQ HO pQIDVLV HQ OD UHFHSFLyQ \ HQ ORV YDORUHV TXH SDUD HO REVHUYDGRUWLHQHODREUDGHDUWHHQFXDQWRUHSUHVHQWDFLyQ(OUHFHSWRU GHODREUDGHDUWHHQFXDQWRVXMHWRYLUWXDOGHODLPDJHQDUWtVWLFDHVWD EOHFHXQDUHODFLyQSURSLDFRQHOREMHWRPHGLDQWHODFRQILJXUDFLyQGH OD REUD GH DUWH \ GH ORV PHFDQLVPRV GH UHSUHVHQWDFLyQ HV GHFLU ORV SURFHVRVDUWtVWLFRV 7HQHUHQFXHQWDHVWRVUDVJRV\SUREOHPDVHVSHFtILFRVSHUPLWHGHOL PLWDUHOREMHWRGHDSUHQGL]DMHGHXQD+LVWRULDGHO$UWHTXHDVXPDOD H[SOLFDFLyQGHODUWHFRQWHPSRUiQHR\GHVWDTXHHOSDSHOGHODUWHHQHO PXQGR DFWXDO TXH FRQVLGHUH ORV KHFKRV DUWtVWLFRV GHVGH OD ySWLFD GH ORVIHQyPHQRVFXOWXUDOHV\TXHSULRULFHFRPRiPELWRHOFRQILJXUDGR SRUODWUDGLFLyQFXOWXUDORFFLGHQWDOHQJHQHUDO\SRUODVDUWHVYLVXDOHV HQSDUWLFXODU $HOORHVQHFHVDULRDxDGLUHOFRQRFLPLHQWRGHODUWHFRPRVLVWHPD GH FRPXQLFDFLyQ FRPR OHQJXDMH GH XQD pSRFD \ FRPR VLVWHPD GH UHSUHVHQWDFLyQGHOPXQGR\WDPELpQODQHFHVLGDGGHFRQRFHUORVGLV WLQWRVFULWHULRVGHUHVWDXUDFLyQHLQWHUYHQFLyQHQFXDQWRKDQLQFLGLGR GH IRUPD GLUHFWD HQ OD SURSLD YLGD GH ORV REMHWRV \ VRQ XQ HOHPHQWR EiVLFRSDUDVXFRPSUHQVLyQ 'DGDODHVSHFLDOFRPSOHMLGDGGHOKHFKRDUWtVWLFRKDEUiTXHDSUR YHFKDUORVDSUHQGL]DMHVGHODHWDSDHGXFDWLYDDQWHULRUWDQWRORVPHFD QLVPRV GH DQiOLVLV GH H[SOLFDFLyQ KLVWyULFD \ HO EDJDMH FRQFHSWXDO DGTXLULGRV FRPR HO FRQRFLPLHQWR GHO OHQJXDMH YLVXDO \ OD FDSDFLGDG GHDSUHFLDFLyQHVWpWLFD 'HVGH HVWD ySWLFD OD IXQFLyQ HGXFDWLYD SULRULWDULD GH OD +LVWRULD GHO$UWH FRQVLVWH HQ KDFHU HQWHQGHU DO DOXPQDGR TXH HO HVIXHU]R SRU FRQVHUYDUHOSDWULPRQLRDUWtVWLFRGHOSDVDGRHVDOJRGHORTXHGHSHQGH ODYLWDOLGDGGHQXHVWURSURSLRHQWRUQRFXOWXUDO$VtSXHVVXDSUHQGL]D MHGHVDUUROODUiFDSDFLGDGHVUHODFLRQDGDVFRQODFRPSUHQVLyQFUHDWLYD\ ODLQWHUSUHWDFLyQFUtWLFD ,,2EMHWLYRVJHQHUDOHV (OGHVDUUROORGHHVWDPDWHULDKDGHFRQWULEXLUDTXHODVDOXPQDV\ ORVDOXPQRVDGTXLHUDQODVVLJXLHQWHVFDSDFLGDGHV (QWHQGHU ODV REUDV GH DUWH FRPR H[SRQHQWHV GH OD FUHDWLYLGDG KXPDQD VXVFHSWLEOHV GH VHU GLVIUXWDGDV SRU Vt PLVPDV \ GH VHU YDOR UDGDVFRPRGRFXPHQWRWHVWLPRQLDOGHXQDpSRFD\XQDFXOWXUD &RPSUHQGHU\YDORUDUODYDULDELOLGDGGHODVIXQFLRQHVVRFLDOHV\ GHODVFRQFHSFLRQHVGLIHUHQWHVGHODUWHDORODUJRGHODKLVWRULD $SUHFLDU\UHFRQRFHUODGLYHUVLGDGGHLQWHUSUHWDFLRQHV\YDORUHV GHODREUDGHDUWHHQORVGLIHUHQWHVFRQWH[WRVKLVWyULFRV ([SOLFDUVLWXiQGRORVDGHFXDGDPHQWHHQHOWLHPSR\HQHOHVSDFLR ORV KHFKRV DUWtVWLFRV PiV UHOHYDQWHV GH ORV SULQFLSDOHV HVWLORV GHO DUWH RFFLGHQWDOYDORUDQGRVXVLJQLILFDFLyQHQHOSURFHVRKLVWyULFRDUWtVWLFR $QDOL]DUODGLPHQVLyQVRFLDOGHODFUHDFLyQDUWtVWLFD\UHFRQRFHU OD LQFLGHQFLD GH OR VRFLDO H LQGLYLGXDO HQ HO SURFHVR GH SURGXFFLyQ \ GLIXVLyQGHODVREUDVGHDUWH &RPSUHQGUHLXWLOLW]DUHOVFRQFHSWHVHVSHFtILFVGHODKLVWzULDGH O¶DUWLDSUHFLDUSRVLWLYDPHQWOHVSRVVLELOLWDWVG¶XQDDQjOLVLKLVWRULFRDU WtVWLFDHQFRQVWDQWUHFRQVWUXFFLy 8WLOLW]DU XQ PqWRGH G¶DQjOLVL L LQWHUSUHWDFLy GH OHV REUHV G¶DUW TXHGHVHQURWOOHODVHQVLELOLWDWLODLPDJLQDFLy 5HDOLW]DU DFWLYLWDWV GH GRFXPHQWDFLy L LQGDJDFLy G¶DQjOLVL L GH FUtWLFDGHIRQWVLPDWHULDOKLVWRULRJUjILFGLYHUV &RQpL[HUJDXGLULYDORUDUHOSDWULPRQLDUWtVWLFGHVGHSRVLFLRQV FUtWLTXHVLFUHDWLYHV &RQpL[HUJDXGLULYDORUDUHOSDWULPRQLDUWtVWLFHQJHQHUDOLHO GH OD &RPXQLWDW9DOHQFLDQD HQ SDUWLFXODU GHV GH SRVLFLRQV FUtWLTXHV L FUHDWLYHVFRPDH[SRQHQWGHODQRVWUDLGHQWLWDWFXOWXUDO 'HVHQURWOODU HO JXVW SHUVRQDO HO VHQWLW FUtWLF L OD FDSDFLWDW GH JDXGLHVWqWLF 9DORUDUODFLXWDWHQODVHXDGLPHQVLyHVSDFLDOLWHPSRUDOFRP DREMHFWHGHODKLVWzULDGHO¶DUWLPDUFSULYLOHJLDWGHOHVVHXHVPDQLIHV WDFLRQVLSURMHFWDUHVWDFRQVFLqQFLDFDSDODVHXDHYROXFLyIXWXUD ,,,1XFOLVGHFRQWLQJXWV /¶$UWFRPDH[SUHVVLyKXPDQDHQO¶HVSDLLHQHOWHPSVLO¶REMHF WHDUWtVWLFLQWHUSUHWDFLyLDQjOLVLGHO¶REUDG¶DUW (OVDUWLVWHVGHVHQURWOOHQHQOHVVHXHVREUHVXQGLVFXUVFXOWXUDOTXH FDOUHFRPSRQGUHLGHV[LIUDU3HUDXQDDSUHFLDFLyFRUUHFWDGHOVREMHF WHVDUWtVWLFVVHUjQHFHVVDULDQDOLW]DUORVFRPXQFRQMXQWGHUHODFLRQVGH IDFWRUVLQWHUDFWLXV &RP D SULPHUD L IRQDPHQWDO DSUR[LPDFLy D O¶HVWXGL GHOV REMHFWHV DUWtVWLFV KD GH WLQGUH¶V HQ FRPSWH TXH OHV REUHV G¶DUW QR SRGHQ VHU DQDOLW]DGHV VHQVH WLQGUH SUHVHQW TXH YLXHQ H[LVWL[HQ L WHQHQ VLJQLIL FDWJUjFLHVWDQWDOFUHDGRUFRPDO¶REVHUYDGRU/¶REUDG¶DUWpVHOUHVXO WDWG¶XQDVqULHGHIDFWRUVLQGLYLGXDOVLFROÂOHFWLXVPROWFRPSOH[RVTXH O¶DOXPQDWKDXUjGHFRPSUHQGUHLH[SOLFDU&RPDIRUPDG¶DFRVWDPHQW D O¶REMHFWH DUWtVWLF FRQYp XWLOLW]DU PqWRGHV IOH[LEOHV L HYLWDU O¶DSOLFD FLyG¶HVTXHPHVUtJLGV$PpVV¶KDGHSDUWLUGHOSXQWGHYLVWDFUtWLFGH O¶DOXPQDWGDYDQWGHO¶REMHFWHDUWtVWLFSRWHQFLDQWODVHXDOOLEHUWDWLPD JLQDWLYDLDFRQVHJXLUTXHGLIHUHQFLHHOVGLYHUVRVDVSHFWHVTXHKDXUjGH GHVWDFDUGDYDQWGHFDGDWLSXVG¶REUDG¶DUW (Q O¶DQjOLVL GH OHV REUHV G¶DUW KDXUj GH WLQGUH¶V HQ FRPSWH TXH HVWHV VyQ XQ SURGXFWH GH O¶DFWLYLWDW FUHDWLYD G¶XQ DUWLVWD FRQGLFLRQDW SHOVFRQYHQFLRQDOLVPHVGHO¶qSRFDLO¶DPELHQW3HUDL[zHQO¶DQjOLVLGH O¶REMHFWHGHOVVHXVHOHPHQWVFRQVWLWXWLXVGHODVHXDWqFQLFDLGHOVVHXV PDWHULDOV pV PROW LPSRUWDQW TXH O¶DOXPQDW FRPSUHQJD HO VHX SDSHU HQODVRFLHWDWLOHVIRUPHVVRWDOHVTXDOVHVSUHVHQWD$L[tSHUH[HP SOHOHVLPDWJHVV¶KDQXWLOLW]DWWDQWSHUDOFRQWUROLGHROzJLFFRPSHUD FRPSOLUXQDIXQFLyGLGjFWLFDREpKDQVLJXWVXEYHUWLGHVSHUODFXOWXUD GRPLQDQW (VWRV XVRV GH OD LPDWJH HV FDQDOLW]HQ D WUDYpV G¶XQD VqULH GHFRGLVIyUPXOHVLHVTXHPHVPROWGHILQLWVTXHFRQVWLWXw[HQODIRUPD GHUHSUHVHQWDFLyG¶XQDVRFLHWDW&DOGUjFRQVLGHUDUHOIDFWRUWHPSVTXH XQLW DO JXVW FRQGLFLRQD L GHWHUPLQD HO TXDOLILFDWLX G¶REUD PHVWUD D O¶REMHFWHDUWtVWLF eVLPSRUWDQWWLQGUHHQFRPSWHTXHODLGHDGHO¶REMHFWHDUWtVWLFLGH O¶DUW HQ JHQHUDO pV HPLQHQWPHQW YDULDEOH pV GLVWLQWD VHJRQV OHV qSR TXHVOHVFXOWXUHVHOVJUXSVVRFLDOVLHOVLQGLYLGXV$L[tGRQFVUHVXOWD SHUWLQHQW SDUODU GH OD PXOWLSOLFLWDW GH OHV LQWHUSUHWDFLRQV GH O¶DUW FRP XQD FDUDFWHUtVWLFD HVVHQFLDO L TXH VXVWHQWD OD VHXD SHUPDQqQFLD FRP DHOHPHQWYLXHQXQDFXOWXUD(VWUDFWDTXHO¶DOXPQDWFRPSUHQJDTXH O¶REUD YLX QRPpV HQ OHV LQWHUSUHWDFLRQV TXH VH¶Q IDQ TXH SRGHQ VHU GLYHUVHV L TXH VyQ OHJtWLPHV HQ OD PHVXUD TXH SHUPHWHQ HVWDEOLU XQD FRQQH[Ly HQWUH HO VLJQLILFDW SDVVDW L HO VLJQLILFDW DFWXDO GHVSUpV G¶XQ SURFpVUHIOH[LXLFRQVFLHQW 3HUDHVWLPDUHOYDORUG¶DOJXQHVREUHVVHUjQHFHVVDULDWHQGUHSXQ WXDOPHQWDOFRQHL[HPHQWG¶XQVFRGLVG¶XQVVLVWHPHVGHUHSUHVHQWDFLy SUHVHQWV HQ OD YLGD L HQ O¶DUW GHOV DUWLVWHV HOV UHIHUHQWV GHOV TXDOV HV WUREHQHQODKLVWzULDEtEOLFDLFOjVVLFD3HUDL[zUHVXOWDLPSUHVFLQGLEOH SHUDXQDDSUHFLDFLyFRPSOHWDGHOVREMHFWHVDUWtVWLFVDFRVWDUO¶DOXPQDW DOHVIRQWVFOjVVLTXHVDL[tFRPDXQDPLOORUFRPSUHQVLyGHODLFRQR JUDILDFULVWLDQDSHUTXqO¶DUWRFFLGHQWDOVHVXVWHQWDSULQFLSDOPHQWVREUH HVWHVGRVVzOLGHVEDVHV 3HUWRWDL[zSHUDDERUGDUHOVFRQWLQJXWVG¶HVWHQXFOLFDOGUjIL[DU O¶DWHQFLyHQO¶HVWXGLGHOVHOHPHQWVTXHFRQIRUPHQOHVREUHVG¶DUWGHOV FDUjFWHUV TXH OHV GLVWLQJL[HQ R OHV DSUR[LPHQ D DOWUHV D XQ WHPSV R D XQ OORF '¶DL[z HV GHULYD O¶DQjOLVL GHOV DVSHFWHV PRUIROzJLFV GHOV &RPSUHQGHU \ XWLOL]DU ORV FRQFHSWRV HVSHFtILFRV GH OD +LVWRULD GHO$UWH\DSUHFLDUSRVLWLYDPHQWHODVSRVLELOLGDGHVGHXQDQiOLVLVKLV WyULFRDUWtVWLFRHQFRQVWDQWHUHFRQVWUXFFLyQ 8WLOL]DUXQ PpWRGR GH DQiOLVLV H LQWHUSUHWDFLyQGH ODV REUDV GH DUWHTXHGHVDUUROOHODVHQVLELOLGDG\ODLPDJLQDFLyQ 5HDOL]DUDFWLYLGDGHVGHGRFXPHQWDFLyQHLQGDJDFLyQGHDQiOLVLV \GHFUtWLFDGHIXHQWHV\PDWHULDOKLVWRULRJUiILFRGLYHUVR &RQRFHUGLVIUXWDU\YDORUDUHOSDWULPRQLRDUWtVWLFRGHVGHSRVL FLRQHVFUtWLFDV\FUHDWLYDV &RQRFHUGLVIUXWDU\YDORUDUHOSDWULPRQLRDUWtVWLFRHQJHQHUDO \HOGHOD&RPXQLWDW9DOHQFLDQDHQSDUWLFXODUGHVGHSRVLFLRQHVFUtWLFDV \FUHDWLYDVFRPRH[SRQHQWHGHQXHVWUDLGHQWLGDGFXOWXUDO 'HVDUUROODUHOJXVWRSHUVRQDOHOVHQWLGRFUtWLFR\ODFDSDFLGDG GHJRFHHVWpWLFR 9DORUDUODFLXGDGHQVXGLPHQVLyQHVSDFLDO\WHPSRUDOFRPR REMHWRGHOD+LVWRULDGHO$UWH\PDUFRSULYLOHJLDGRGHVXVPDQLIHVWD FLRQHV\SUR\HFWDUHVWDFRQFLHQFLDKDFLDVXHYROXFLyQIXWXUD ,,,1~FOHRVGHFRQWHQLGRV (O$UWHFRPRH[SUHVLyQKXPDQDHQHOHVSDFLR\HQHOWLHPSR\ HOREMHWRDUWtVWLFRLQWHUSUHWDFLyQ\DQiOLVLVGHODREUDGHDUWH /RVDUWLVWDVGHVDUUROODQHQVXVREUDVXQGLVFXUVRFXOWXUDOTXHKD\ TXHUHFRPSRQHU\GHVFLIUDU3DUDXQDDSUHFLDFLyQFRUUHFWDGHORVREMH WRVDUWtVWLFRVVHUiQHFHVDULRDQDOL]DUORVFRPRXQFRQMXQWRGHUHODFLR QHVGHIDFWRUHVLQWHUDFWLYRV &RPRSULPHUD\IXQGDPHQWDODSUR[LPDFLyQDOHVWXGLRGHORVREMH WRVDUWtVWLFRVGHEHWHQHUVHHQFXHQWDTXHODVREUDVGHDUWHQRSXHGHQ VHU DQDOL]DGDV VLQ WHQHU SUHVHQWH TXH YLYHQ H[LVWHQ WLHQHQ VLJQLILFD GRJUDFLDVWDQWRDOFUHDGRUFRPRDOREVHUYDGRU/DREUDGHDUWHHVHO UHVXOWDGRGHXQDVHULHGHIDFWRUHVLQGLYLGXDOHV\FROHFWLYRVPX\FRP SOHMRV TXH HO DOXPQDGR GHEHUi FRPSUHQGHU \ H[SOLFDU &RPR IRUPD GHDFHUFDPLHQWRDOREMHWRDUWtVWLFRFRQYLHQHXWLOL]DUPpWRGRVIOH[LEOHV HYLWDQGR OD DSOLFDFLyQ GH HVTXHPDV UtJLGRV$GHPiV VH GHEH SDUWLU GHOSXQWRGHYLVWDFUtWLFRGHODOXPQDGRDQWHHOREMHWRDUWtVWLFRSRWHQ FLDQGRVXOLEHUWDGLPDJLQDWLYD\FRQVHJXLUTXHGLIHUHQFLHORVGLYHUVRV DVSHFWRVTXHGHEHUiGHVWDFDUDQWHFDGDWLSRGHREUDGHDUWH (Q HO DQiOLVLV GH ODV REUDV GH DUWH GHEHUi WHQHUVH HQ FXHQWD TXH pVWDVVRQXQSURGXFWRGHODDFWLYLGDGFUHDWLYDGHXQDUWLVWDFRQGLFLR QDGR SRU ORV FRQYHQFLRQDOLVPRV GH OD pSRFD \ HO DPELHQWH 3RU HOOR HQHODQiOLVLVGHOREMHWRGHVXVHOHPHQWRVFRQVWLWXWLYRVGHVXWpFQLFD \ VXV PDWHULDOHV HV PX\ LPSRUWDQWH TXH HO DOXPQDGR FRPSUHQGD VX SDSHOHQODVRFLHGDG\EDMRTXpIRUPDVVHSUHVHQWD$VtSRUHMHPSOR ODVLPiJHQHVVHKDQHPSOHDGRWDQWRSDUDHOFRQWUROLGHROyJLFRFRPR SDUDFXPSOLUXQDIXQFLyQGLGiFWLFDRELHQKDQVLGRVXEYHUWLGDVSRUOD FXOWXUD GRPLQDQWH 7DOHV XVRV GH OD LPDJHQ VH FDQDOL]DQ D WUDYpV GH XQD VHULH GH FyGLJRV IyUPXODV \ HVTXHPDV PX\ GHILQLGRV TXH FRQV WLWX\HQODIRUPDGHUHSUHVHQWDFLyQGHXQDVRFLHGDG+DEUiTXHFRQVL GHUDUHOIDFWRUWLHPSRTXHXQLGRDOJXVWRFRQGLFLRQD\GHWHUPLQDHO FDOLILFDWLYRGHREUDPDHVWUDDOREMHWRDUWtVWLFR (VLPSRUWDQWHWHQHUHQFXHQWDTXHODLGHDGHOREMHWRDUWtVWLFR\GHO DUWHHQJHQHUDOHVHPLQHQWHPHQWHYDULDEOHHVGLVWLQWDVHJ~QODVpSR FDVODVFXOWXUDVORVJUXSRVVRFLDOHV\ORVLQGLYLGXRV$VtSXHVUHVXOWD SHUWLQHQWH KDEODU GH OD PXOWLSOLFLGDG GH ODV LQWHUSUHWDFLRQHV GHO DUWH FRPRXQDFDUDFWHUtVWLFDHVHQFLDO\TXHVXVWHQWDVXSHUPDQHQFLDFRPR HOHPHQWRYLYRHQXQDFXOWXUD6HWUDWDGHTXHHODOXPQDGRFRPSUHQGD TXHODREUDYLYHVyORHQODVLQWHUSUHWDFLRQHVTXHGHHOODVHKDFHQTXH SXHGHQ VHU GLYHUVDV \ TXH VRQ OHJtWLPDV HQ WDQWR TXH SHUPLWHQ HVWD EOHFHUXQDFRQH[LyQHQWUHHOVLJQLILFDGRSDVDGR\HOVLJQLILFDGRDFWXDO WUDVXQSURFHVRUHIOH[LYR\FRQVFLHQWH 3DUDHVWLPDUHOYDORUGHDOJXQDVREUDVVHUiQHFHVDULRDWHQGHUSXQ WXDOPHQWHDOFRQRFLPLHQWRGHXQRVFyGLJRVGHXQRVVLVWHPDVGHUHSUH VHQWDFLyQSUHVHQWHVHQODYLGD\HQHODUWHGHORVDUWLVWDVFX\RVUHIH UHQWHV VH HQFXHQWUDQ HQ OD KLVWRULD EtEOLFD \ FOiVLFD 3RU HOOR UHVXOWD LPSUHVFLQGLEOHSDUDXQDDSUHFLDFLyQFRPSOHWDGHORVREMHWRVDUWtVWLFRV DFHUFDUDODOXPQDGRDODVIXHQWHVFOiVLFDVDVtFRPRDXQDPHMRUFRP SUHQVLyQGHODLFRQRJUDItDFULVWLDQDSXHVHODUWHRFFLGHQWDOVHVXVWHQWD SULQFLSDOPHQWHVREUHHVWDVGRVVyOLGDVEDVHV 3RU WRGR HOOR SDUD DERUGDU ORV FRQWHQLGRV GH HVWH Q~FOHR KDEUi TXHILMDUODDWHQFLyQHQHOHVWXGLRGHORVHOHPHQWRVTXHFRQIRUPDQODV REUDV GH DUWH GH ORV FDUDFWHUHV TXH ODV GLVWLQJXHQ R ODV DSUR[LPDQ D RWUDV D XQ WLHPSR R D XQ OXJDU 'H HOOR VH GHULYD HO DQiOLVLV GH ORV PDWHULDOVLWqFQLTXHVGHOHVLPDWJHVO¶H[DPHQGHOVFRGLVGHUHSUHVHQ WDFLy$WHQFLyHVSHFLDOPHUHL[O¶HVWXGLGHOVYDORUVLFRQRJUjILFVLLFRQR OzJLFVGHO¶REUDDL[tFRPHOUHFRQHL[HPHQWGHODP~OWLSOHLQWHUSUHWDFLy GHOVVHXVPLVVDWJHV $L[tPDWHL[HOVFRQWLQJXWVG¶HVWHQXFOLIDFLOLWHQODFRPSUHQVLyGH ODVLPXOWDQHwWDWGHOFDUjFWHUHVWqWLFLKLVWzULFGHO¶REUDG¶DUWLSHUPHWHQ HQWHQGUHODSHUFHSFLyGHO¶REUDLODLQGDJDFLyVREUHHVWDFRPDSURFHV VRVLQVHSDUDEOHVYHXUHPLUDULFRQWHPSODUpVVHPSUHEXVFDUTXHOFRP FRPSDUDUVRQGHMDULGHVFDUWDU (OVFRQWLQJXWVTXHFRUUHVSRQHQDHVWHQXFOLVyQ (OOOHQJXDWJHYLVXDOLODVHXDWHUPLQRORJLD ,FRQRJUDILDLLFRQRORJLD )XQFLRQVVRFLDOVLYDORUGHO¶REUDG¶DUWHQODKLVWzULD 'HILQLFLy FODVVLILFDFLy L QDWXUDOHVD GH O¶DUW DO OODUJ GHO WHPSV 'LVWLQWHVFRQFHSWXDOLW]DFLRQVGHO¶DUW 3HUFHSFLyLDQjOLVLGHO¶REUDG¶DUW /¶DUWFRPDH[SUHVVLyKXPDQDHQHOWHPSVLHQO¶HVSDLVLJQLILFDW GHO¶REUDDUWtVWLFD /¶REUDDUWtVWLFDHQHOVHXFRQWH[WKLVWzULF)XQFLyVRFLDOGHO¶DUW HQOHVGLIHUHQWVqSRTXHVDUWLVWHVPHFHQHVLFOLHQWV/DGRQDHQODFUH DFLyDUWtVWLFD $UUHOVGHO¶DUWHXURSHXHOOOHJDWGHO¶DUWFOjVVLF /¶REMHFWH GHOV GRV QXFOLV VHJHQWV OHV DUUHOV GH O¶DUW HXURSHX L HO QDL[HPHQW GH OD WUDGLFLy DUWtVWLFD RFFLGHQWDO HO FRQVWLWXw[ O¶DQjOLVL GHOVSURFHVVRVGHFDQYLDUWtVWLFLWUDQVIRUPDFLyFXOWXUDOPpVWUDQVFHQ GHQWV GH O¶DUW RFFLGHQWDO 8Q HVWXGL ULJRUyV L FRP FDO GHOV SURFHVVRV G¶LQQRYDFLy UHTXHUL[ XQD YLVLy GLDFUzQLFD GHOV PRYLPHQWV L PDQLIHV WDFLRQVDUWtVWLTXHVGHOHVVHXHVIRUPHVGHUHSUHVHQWDFLyGHODUHODFLy HQWUHO¶DUWLODQDWXUDOHVDRODIXQFLyGHOHVLPDWJHV(QHVWHVHQWLWpV QHFHVVDULDVVHQ\DODUTXHO¶H[SOLFDFLyGHOVFDQYLVLOHVGLYHUVHVQRFLRQV UHODFLRQDGHVDPEHOVSURFHVVRVDUWtVWLFVH[LJL[HQHVWDEOLUOHVGLIHUHQWV L RSRUWXQHV FRQQH[LRQV HQWUH WRWV HOV VHXV HOHPHQWV SHUz DO PDWHL[ WHPSVpVLPSUHVFLQGLEOHGHWHUPLQDUHOGLIHUHQWSHVGHFDGDXQG¶HVWRV HQODFRQILJXUDFLyGHOVREMHFWHVDUWtVWLFVHQHOWHPSVSHUDDL[tFRP SUHQGUHHOVGHVHQURWOODPHQWVOHVLQIOXqQFLHVLOHVUXSWXUHV 3UHFLVDPHQWSHUDDERUGDUO¶H[SOLFDFLyGHOVFDQYLVHOFRQWLQJXWGH FDGDXQGHOVDSDUWDWVFHQWUDO¶DWHQFLyHQWRUQGHOHVTHVWLRQVIRQDPHQ WDOV SODQWHMDGHV SHU OHV GLYHUVHV PDQLIHVWDFLRQV DUWtVWLTXHV (V WUDFWD HQVXPDG¶DQDOLW]DUDTXHOOVHOHPHQWVPpVVLJQLILFDWLXVTXHSHUPHWHQ SHU OD VHXD IRUoD H[SOLFDWLYD FRPSUHQGUH OHV PDQLIHVWDFLRQV DUWtVWL TXHVTXHFRQILJXUHQODQRVWUDFXOWXUD (QSULPHUOORFFDOGUjGHVWDFDUODWUDQVFHQGqQFLDKLVWzULFDGHO¶DUW FOjVVLF FRP D FRQILJXUDGRU G¶XQD WUDGLFLy TXH UHFRUUH WRWD OD KLVWzULD GHO¶DUWRFFLGHQWDOLFRQVWLWXw[XQVXEVWUDWHVVHQFLDO(QVHJRQOORFHO OOHQJXDWJHGHOHVLPDWJHVFULVWLDQHVFRQVWLWXw[XQDYLDGHWUDFWDPHQWGH OHVUHODFLRQVHQWUHDUWLFXOWXUDLHOGHVHQURWOODPHQWGHQRYHVVLJQLILFD FLRQVHQTXqO¶DMXVWFRPXQLFDWLXLODLQWHQVLWDWH[SUHVVLYDHVIXVLRQHQ HQXQQRXYDORUGHOHVLPDWJHV4XDQWDO¶DQjOLVLGHO¶DUWPXVXOPjHVWH KDGHVHUYLUSHUDSODQWHMDUHOSUREOHPDGHODVHXDIRUPDFLyFRPUHVXO WDW GH OD VtQWHVL G¶HOHPHQWV SURFHGHQWV G¶DOWUHV FXOWXUHV L GHOV SURSLV SODQWHMDPHQWVLVOjPLFVTXHGyQDOORFDXQDFRQFHSFLyDUWtVWLFDSDUWLFX ODULYDULDGD (Q O¶DQjOLVL DPE GHWHQLPHQW GHOV HOHPHQWV IRQDPHQWDOV DVVHQ\D ODWV VHUj QHFHVVDUL UHVVDOWDU HOV YLQFOHV H[LVWHQWV HQWUH OD SURGXFFLy DUWtVWLFDGHFDGDPRPHQWLOHVLGHHVHVWqWLTXHVGHO¶qSRFDHVWXGLDGDL OD VHXD FRQQH[Ly DPE HOV SURFHVVRV KLVWzULFV FRQFUHWV 3RVDU qPIDVL HQHOVSURFHVVRVG¶LQQRYDFLyHVWLOtVWLFDGHFDQYLHQHOVDVSHFWHVGHOD QDWXUDOHVDUHSUHVHQWDWVLHQHOVPqWRGHVXWLOLW]DWVSHUDUHSUHVHQWDUORV SHUPHWFRQVWUXLUHOVFRQFHSWHVG¶HVWLOLGHUHSUHVHQWDFLyLDOVHXWRUQ DERUGDUDPEXQDFHUWDDPSOLWXGO¶DQjOLVLGHOVIHQzPHQVPpVGHVWDFDWV GHGLIXVLyLDFXOWXUDFLy (Q HVWRV QXFOLV FRQIOXw[HQ FRQFHSWHV L SURFHGLPHQWV WUDFWDWV HQ DOWUHV QXFOLV L QRPpV DL[t SRGUj DERUGDUVH O¶HODERUDFLy GH QRFLRQV FRPSOH[HVSHUzEjVLTXHVSHUDODGLVFLSOLQD(VWUDFWDGHUHIOH[LRQDU VREUHO¶DUWFRPDVLVWHPDKLVWzULFGHFRPXQLFDFLyLHQWHQGUHODLQIOX qQFLDGHO¶REUDG¶DUWHQODYLGD (OVFRQWLQJXWVTXHFRUUHVSRQHQDHVWHQXFOLVyQ /¶DUWFOjVVLF*UqFLDO¶DUTXLWHFWXUDJUHJD(OVRUGHV(OWHPSOHL HOWHDWUH/¶$FUzSROLG¶$WHQHV/¶HYROXFLyGHO¶HVFXOWXUDJUHJD DVSHFWRVPRUIROyJLFRVGHORVPDWHULDOHV\WpFQLFDVGHODVLPiJHQHV HOH[DPHQGHORVFyGLJRVGHUHSUHVHQWDFLyQ$WHQFLyQHVSHFLDOPHUHFH HO HVWXGLR GH ORV YDORUHV LFRQRJUiILFRV H LFRQROyJLFRV GH OD REUD DVt FRPRHOUHFRQRFLPLHQWRGHODP~OWLSOHLQWHUSUHWDFLyQGHVXVPHQVDMHV $VLPLVPRORVFRQWHQLGRVGHHVWHQ~FOHRIDFLOLWDQODFRPSUHQVLyQ GHODVLPXOWDQHLGDGGHOFDUiFWHUHVWpWLFRHKLVWyULFRGHODREUDGHDUWH \SHUPLWHQHQWHQGHUODSHUFHSFLyQGHODREUD\ODLQGDJDFLyQVREUHHOOD FRPRSURFHVRVLQVHSDUDEOHVYHUPLUDU\FRQWHPSODUHVVLHPSUHEXV FDUDOJRFRPSDUDUVRQGHDU\GHVFDUWDU /RVFRQWHQLGRVTXHFRUUHVSRQGHQDHVWHQ~FOHRVRQ (OOHQJXDMHYLVXDO\VXWHUPLQRORJtD ,FRQRJUDItDHLFRQRORJtD )XQFLRQHVVRFLDOHV\YDORUGHODREUDGHDUWHHQODKLVWRULD 'HILQLFLyQFODVLILFDFLyQ\QDWXUDOH]DGHODUWHDORODUJRGHOWLHP SR'LVWLQWDVFRQFHSWXDOL]DFLRQHVGHODUWH 3HUFHSFLyQ\DQiOLVLVGHODREUDGHDUWH (ODUWHFRPRH[SUHVLyQKXPDQDHQHOWLHPSR\HQHOHVSDFLRVLJ QLILFDGRGHODREUDDUWtVWLFD /DREUDDUWtVWLFDHQVXFRQWH[WRKLVWyULFR)XQFLyQVRFLDOGHODUWH HQ ODV GLIHUHQWHV pSRFDV DUWLVWDV PHFHQDV \ FOLHQWHV /D PXMHU HQ OD FUHDFLyQDUWtVWLFD 5DtFHVGHODUWHHXURSHRHOOHJDGRGHODUWHFOiVLFR (O REMHWR GH ORV GRV Q~FOHRV VLJXLHQWHV UDtFHV GHO DUWH HXURSHR \ QDFLPLHQWRGHODWUDGLFLyQDUWtVWLFDRFFLGHQWDOORFRQVWLWX\HHODQiOLVLV GHORVSURFHVRVGHFDPELRDUWtVWLFR\WUDQVIRUPDFLyQFXOWXUDOPiVWUDV FHQGHQWHVGHODUWHRFFLGHQWDO8QHVWXGLRULJXURVR\FDEDOGHORVSURFH VRVGHLQQRYDFLyQUHTXLHUHXQDYLVLyQGLDFUyQLFDGHORVPRYLPLHQWRV\ PDQLIHVWDFLRQHVDUWtVWLFDVGHVXVIRUPDVGHUHSUHVHQWDFLyQGHODUHOD FLyQHQWUHHODUWH\ODQDWXUDOH]DRODIXQFLyQGHODVLPiJHQHV(QHVWH VHQWLGR HV QHFHVDULR VHxDODU TXH OD H[SOLFDFLyQ GH ORV FDPELRV \ ODV GLYHUVDV QRFLRQHV UHODFLRQDGDV FRQ ORV SURFHVRV DUWtVWLFRV H[LJH HVWD EOHFHUODVGLIHUHQWHV\RSRUWXQDVFRQH[LRQHVHQWUHWRGRVVXVHOHPHQWRV SHUR D OD YH] HV LPSUHVFLQGLEOH GHWHUPLQDU HO GLIHUHQWH SHVR GH FDGD XQRGHHOORVHQODFRQILJXUDFLyQGHORVREMHWRVDUWtVWLFRVHQHOWLHPSR SDUDDVtFRPSUHQGHUORVGHVDUUROORVODVLQIOXHQFLDV\ODVUXSWXUDV 3UHFLVDPHQWHSDUDDERUGDUODH[SOLFDFLyQGHORVFDPELRVHOFRQ WHQLGRGHFDGDXQRGHORVDSDUWDGRVFHQWUDODDWHQFLyQHQWRUQRDODV FXHVWLRQHVIXQGDPHQWDOHVSODQWHDGDVSRUODVGLYHUVDVPDQLIHVWDFLRQHV DUWtVWLFDV 6H WUDWD HQ VXPD GH DQDOL]DU DTXHOORV HOHPHQWRV PiV VLJ QLILFDWLYRV TXH SHUPLWHQ SRU VX IXHU]D H[SOLFDWLYD FRPSUHQGHU ODV PDQLIHVWDFLRQHVDUWtVWLFDVTXHFRQILJXUDQQXHVWUDFXOWXUD (QSULPHUOXJDUKDEUiTXHGHVWDFDUODWUDVFHQGHQFLDKLVWyULFDGHO DUWH FOiVLFR FRPR FRQILJXUDGRU GH XQD WUDGLFLyQ TXH UHFRUUH WRGD OD KLVWRULD GHO DUWH RFFLGHQWDO FRQVWLWX\HQGR XQ VXVWUDWR HVHQFLDO (Q VHJXQGR OXJDU HO OHQJXDMH GH ODV LPiJHQHV FULVWLDQDV FRQVWLWX\H XQD YtDGHWUDWDPLHQWRGHODVUHODFLRQHVHQWUHDUWH\FXOWXUD\HOGHVDUUROOR GHQXHYDVVLJQLILFDFLRQHVHQODVTXHHODMXVWHFRPXQLFDWLYR\ODLQWHQ VLGDG H[SUHVLYD VH IXVLRQDQ HQ XQ QXHYR YDORU GH ODV LPiJHQHV (Q FXDQWRDODQiOLVLVGHODUWHPXVXOPiQpVWHGHEHVHUYLUSDUDSODQWHDUHO SUREOHPDGHVXIRUPDFLyQFRPRUHVXOWDGRGHODVtQWHVLVGHHOHPHQWRV SURFHGHQWHVGHRWUDVFXOWXUDV\GHORVSURSLRVSODQWHDPLHQWRVLVOiPL FRVGDQGROXJDUDXQDFRQFHSFLyQDUWtVWLFDSDUWLFXODU\YDULDGD (Q HO DQiOLVLV FRQ GHWHQLPLHQWR GH ORV HOHPHQWRV IXQGDPHQWDOHV VHxDODGRV VHUi QHFHVDULR UHVDOWDU ORV YtQFXORV H[LVWHQWHV HQWUH OD SUR GXFFLyQ DUWtVWLFD GH FDGD PRPHQWR \ ODV LGHDV HVWpWLFDV GH OD pSRFD HVWXGLDGD\VXFRQH[LyQFRQORVSURFHVRVKLVWyULFRVFRQFUHWRV3RQHU HO DFHQWR HQ ORV SURFHVRV GH LQQRYDFLyQ HVWLOtVWLFD GH FDPELR HQ ORV DVSHFWRV GH OD QDWXUDOH]D UHSUHVHQWDGRV \ HQ ORV PpWRGRV XWLOL]DGRV SDUDUHSUHVHQWDUORVSHUPLWHFRQVWUXLUORVFRQFHSWRVGHHVWLOR\UHSUH VHQWDFLyQ \ D VX YH] DERUGDU FRQ FLHUWD DPSOLWXG HO DQiOLVLV GH ORV IHQyPHQRVPiVGHVWDFDGRVGHGLIXVLyQ\DFXOWXUDFLyQ (Q HVWRV Q~FOHRV FRQIOX\HQ FRQFHSWRV \ SURFHGLPLHQWRV WUDWDGRV HQ RWURV Q~FOHRV \ VyOR DVt SRGUi DERUGDUVH OD HODERUDFLyQ GH QRFLR QHVFRPSOHMDVSHUREiVLFDVSDUDODGLVFLSOLQD6HWUDWDGHUHIOH[LRQDU VREUH HO DUWH FRPR VLVWHPD KLVWyULFR GH FRPXQLFDFLyQ \ HQWHQGHU OD LQIOXHQFLDGHODREUDGHDUWHHQODYLGD /RVFRQWHQLGRVTXHFRUUHVSRQGHQDHVWHQ~FOHRVRQ (O DUWH FOiVLFR *UHFLD /D DUTXLWHFWXUD JULHJD /RV yUGHQHV (O WHPSOR\HOWHDWUR/D$FUySROLVGH$WHQDV/DHYROXFLyQGHODHVFXO WXUDJULHJD /¶DUW FOjVVLF 5RPD O¶DUTXLWHFWXUD FDUjFWHUV JHQHUDOV /D FLXWDW URPDQD /¶HVFXOWXUD (O UHWUDW (O UHOOHX KLVWzULF /¶DUW HQ OD +LVSjQLD URPDQD 1DL[HPHQWGHODWUDGLFLyDUWtVWLFDRFFLGHQWDOO¶DUWPHGLHYDO (OVFRQWLQJXWVTXHFRUUHVSRQHQDHVWHQXFOLVyQ $UWFULVWLjPHGLHYDODSRUWDFLRQVGHOSULPHUDUWFULVWLjODEDVtOLFD /D QRYD LFRQRJUDILD$UW EL]DQWt /¶qSRFD GH -XVWLQLj 6DQWD 6RILD GH &RQVWDQWLQREOHL6DQW9LGDOGH5DYHQQD /¶DUWSUHURPjQLF(OFRQWH[WHXURSHXÊSRFDYLVLJRGD$UWDVWXULj LDUWPRVVjUDE $UWLVOjPLFRUtJHQVLFDUDFWHUtVWLTXHVGHO¶DUWLVOjPLF/DPHVTXL WDLHOSDODXHQO¶DUWKLVSDQRPXVXOPj /¶DUWURPjQLFFRPDSULPHUDGHILQLFLyG¶2FFLGHQW/¶DUTXLWHFWX UD HO PRQHVWLU L O¶HVJOpVLD GH SHOHJULQDWJH /D SRUWDGD URPjQLFD /D SLQWXUDPXUDO/¶DUWURPjQLFHQHO&DPtGH6DQWLDJR /¶DUWJzWLFFRPDH[SUHVVLyGHODFXOWXUDXUEDQDO¶DUTXLWHFWXUD FDWHGUDOV OORWJHV L DMXQWDPHQWV /¶DUTXLWHFWXUD JzWLFD HVSDQ\ROD /D SRUWDGD JzWLFD /D SLQWXUD *LRWWR HOV IODPHQFV SULPLWLXV L OD SLQWXUD YDOHQFLDQD 'HVHQURWOODPHQWLHYROXFLyGHO¶DUWHXURSHXHQHOPyQPRGHUQ $PpVGHFRQWLQXDUFHQWUDQWVHHQHOVFDQYLVDUWtVWLFVHOVFRQWLQ JXWVG¶HVWHQXFOLFHQWUHQODVHXDDWHQFLyHQO¶DQjOLVLGHOVIDFWRUVGHOD FUHDFLyLODUHFHSFLyGHO¶REUDG¶DUWHQO¶HVWXGLGHOHVUHODFLRQVHQWUH O¶DUWLVWDLODVRFLHWDW(VWUDFWDTXHO¶DOXPQDWFRQVLGHUHOHVLQIOXqQFLHV TXHVRWDODIRUPDG¶DFFHSWDFLyUHEXLJRPpVVRYLQWGLjOHJHVWDEOL[ O¶DUWLVWDDPEODVRFLHWDWGHOVHXWHPSV /D IRUPDFLy VRFLDO GH O¶DUWLVWD OHV FRQGLFLRQV GH O¶HQFjUUHF HO SDSHU GHO PHFHQHV OHV H[SHFWDWLYHV GHO S~EOLF L GHO PHUFDW GH OHV REUHVG¶DUWO¶HVWDWXVSURIHVVLRQDOLHOPDUFLQVWLWXFLRQDOTXHHQYROWDOD SURGXFFLyDUWtVWLFDLODVHXDUHFHSFLyHQHOPHGLVRFLDOVyQIDFWRUVDOV TXDOV VH¶OV UHFRQHL[ XQD LQIOXqQFLD HQ HO SURFpV GH FUHDFLy L SURGXF FLy GH O¶REUD G¶DUW (V WUDFWD SHU WDQW G¶H[SOLFDU HO MRF GH UHODFLRQV G¶LQIOXqQFLHVHQOHVGLIHUHQWVVLWXDFLRQVLHWDSHVKLVWzULTXHVGHIXJLQW VLPSOLILFDFLRQVLJHQHUDOLW]DFLRQVDEXVLYHV /DFUHDFLyDUWtVWLFDpVXQSURFpVFRQIRUPDWSHUODFDSDFLWDWGHO¶DU WLVWDSHUOHVVHXHVFRQGLFLRQVPDWHULDOVGHYLGDLSHUODVHXDFRQVLGH UDFLyVRFLDOGHO¶DUWLVWDGLQVGHODVRFLHWDWGHOVHXWHPSV$O¶DERUGDU O¶DQjOLVLGHODFRQVLGHUDFLyVRFLDOHQWHVDFRPO¶HVWLPDGHTXqJDXGL[ O¶DUWLVWDVHJRQVOHVFRQYHQFLRQVVRFLDOVYLJHQWVHQHOVHXWHPSVFDOGUj DWHQGUHOHVGRVIDFHWHVTXHSUHVHQWDG¶XQDEDQGDFDOGUjGHVWDFDUFRP HOSURFpVFUHDWLXSRWLPSOLFDUODIDPDHOSUHVWLJLODGHVFRQILDQoDRHO GHVFUqGLWILQVDSRUWDUO¶DUWLVWDDOWULRPIVRFLDOODPDUJLQDFLyRODVHXD LQVWUXPHQWDOLW]DFLy SHU SDUW G¶LQWHUHVVRV SULYDWV R S~EOLFV L G¶DOWUD EDQGDV¶KDXUjG¶DVVHQ\DODUFRPODFRQVLGHUDFLyGHTXqJDXGL[HOVHX WUHEDOOSHVDVREUHODODERUGHO¶DUWLVWDLOHVVHXHVSRVVLELOLWDWVH[SUHVVL YHV(VWHHVWXGLSHUPHWUjFRPSUHQGUHODYDULDEOHLIXQFLyP~OWLSOHTXH DWULEXw[DO¶DUWXQDVRFLHWDWLODVHXDUHODFLyDPEODSRVLFLyVRFLDOLOHV FRQGLFLRQVGHYLGDGHOVDUWLVWHV (QO¶DQjOLVLGHOSURFpVFUHDWLXFDOGUjDWHQGUHDL[tPDWHL[HOVGHV WLQDWDULV GHO SURGXFWH VRFLDO$L[t HO SULPHU UHFHSWRU SHU H[FHOÂOqQFLD GH O¶REUD G¶DUW pV HO FOLHQW VLJD FRP D FRPSUDGRU TXH FRQFRUUH D XQ PHUFDW DUWtVWLF VLJD FRP D SDWUy TXH O¶HQFDUUHJD SHU D VL PDWHL[ (Q O¶HVWXGL GH OD LQIOXqQFLD GH FOLHQWV L PHFHQHV HQ O¶REUD VHUj QHFHVVD ULSRVDUqPIDVLHQHOVPHFDQLVPHVGHGLVWULEXFLyLUHFHSFLyGHO¶REUD G¶DUWGHPDQHUDTXHV¶RIHULVFDXQTXDGURPpVFRPSOHWGHOSURFpVFUH DWLXLODVHXDLQIOXqQFLDHQHOPHGLVRFLDO(QHVWHFDPSDFWXHQGLIH UHQWV LQVWjQFLHV DPE JUDXV G¶LQIOXqQFLD YDULDEOHV HQ FDGD qSRFD L HQ FDGD IRUPDFLy VRFLDO FOLHQWV DUWLVWHV PDU[DQWV JDOHULHV FUtWLFV FRO OHFFLRQLVWHV DFDGqPLHV PXVHXV SURFHVVRV GH IRUPDFLy GHOV DUWLVWHV FDQDOVGHUHSURGXFFLyLGLIXVLyGHO¶REUDG¶DUWHQODVRFLHWDWGHPDVVHV LVREUHWRWODIXQFLyVRFLDOGHO¶DUWHQFDGDqSRFDLO¶LQIOX[GHOS~EOLF HQ JHQHUDO DPE OHV VHXHV H[SHFWDWLYHV L SUHIHUqQFLHV 7RWV HVWRV VyQ HOHPHQWVSUHVHQWVHQHOSURFpVFUHDWLXODLQWHUDFFLyGHOVTXDOVFRQILJX UDGLIHUHQWVVLWXDFLRQVFDUDFWHUtVWLTXHVTXHO¶DOXPQDWKDXUjG¶H[SOLFDU )LQDOPHQW V¶KDXUj G¶HVWXGLDU FRP HQ HO UHQDL[HPHQW L HQ HO EDUURF GHVGHOVHJOH;9DO;9,,HVUHHODERUHQOHVWUDGLFLRQVFOjVVLFDLFULVWL DQDSHUDRULJLQDUQRYHVIRUPHVGHUHSUHVHQWDFLyDUWtVWLFDHQXQDQRYD GLUHFFLyTXHYDSHUPHWUHFRQIRUPDUQRXVFRGLVDPEODFHUFDGHO¶KDU PRQLDLO¶RUGHHVSDFLDO (O DUWH FOiVLFR 5RPD /D DUTXLWHFWXUD FDUDFWHUHV JHQHUDOHV /D FLXGDGURPDQD/DHVFXOWXUD(OUHWUDWR(OUHOLHYHKLVWyULFR(ODUWHHQ OD+LVSDQLDURPDQD 1DFLPLHQWRGHODWUDGLFLyQDUWtVWLFDRFFLGHQWDOHODUWHPHGLHYDO /RVFRQWHQLGRVTXHFRUUHVSRQGHQDHVWHQ~FOHRVRQ $UWHFULVWLDQRPHGLHYDO$SRUWDFLRQHVGHOSULPHUDUWHFULVWLDQROD EDVtOLFD/DQXHYDLFRQRJUDItD$UWHEL]DQWLQR/DpSRFDGH-XVWLQLDQR 6DQWD6RItDGH&RQVWDQWLQRSOD\6DQ9LWDOGH5iYHQD (ODUWHSUHUURPiQLFR(OFRQWH[WRHXURSHReSRFDYLVLJRGD$UWH DVWXULDQR\$UWHPR]iUDEH $UWH LVOiPLFR 2UtJHQHV \ FDUDFWHUtVWLFDV GHO DUWH LVOiPLFR /D PH]TXLWD\HOSDODFLRHQHODUWHKLVSDQRPXVXOPiQ (ODUWHURPiQLFRFRPRSULPHUDGHILQLFLyQGH2FFLGHQWH/DDUTXL WHFWXUDHOPRQDVWHULR\ODLJOHVLDGHSHUHJULQDFLyQ/DSRUWDGDURPi QLFD/DSLQWXUDPXUDO(ODUWHURPiQLFRHQHO&DPLQRGH6DQWLDJR (ODUWHJyWLFRFRPRH[SUHVLyQGHODFXOWXUDXUEDQD/DDUTXLWHFWX UDFDWHGUDOHVORQMDV\D\XQWDPLHQWRV/DDUTXLWHFWXUDJyWLFDHVSDxROD /D SRUWDGD JyWLFD /D SLQWXUD *LRWWR ORV SULPLWLYRV IODPHQFRV \ OD SLQWXUDYDOHQFLDQD 'HVDUUROOR\HYROXFLyQGHODUWHHXURSHRHQHOPXQGRPRGHUQR $GHPiVGHVHJXLUFHQWUiQGRVHHQORVFDPELRVDUWtVWLFRVORVFRQ WHQLGRV GH HVWH Q~FOHR FHQWUDQ VX DWHQFLyQ HQ HO DQiOLVLV GH ORV IDF WRUHVGHODFUHDFLyQ\ODUHFHSFLyQGHODREUDGHDUWHHQHOHVWXGLRGH ODVUHODFLRQHVHQWUHHODUWLVWD\ODVRFLHGDG6HWUDWDGHTXHHODOXPQD GR FRQVLGHUH ODV LQIOXHQFLDV TXH HQ IRUPD GH DFHSWDFLyQ UHFKD]R R PiVIUHFXHQWHPHQWHGLiORJRHVWDEOHFHHODUWLVWDFRQODVRFLHGDGGHVX WLHPSR /D IRUPDFLyQ VRFLDO GHO DUWLVWD ODV FRQGLFLRQHV GHO HQFDUJR HO SDSHOGHOPHFHQDVODVH[SHFWDWLYDVGHOS~EOLFR\GHOPHUFDGRGHODV REUDVGHDUWHHOHVWDWXVSURIHVLRQDO\HOPDUFRLQVWLWXFLRQDOTXHURGHD DODSURGXFFLyQDUWtVWLFD\VXUHFHSFLyQHQHOPHGLRVRFLDOVRQIDFWRUHV DORVTXHVHUHFRQRFHXQDLQIOXHQFLDHQHOSURFHVRGHFUHDFLyQ\SUR GXFFLyQGHODREUDGHDUWH6HWUDWDSRUWDQWRGHH[SOLFDUHOMXHJRGH UHODFLRQHVGHLQIOXHQFLDVHQODVGLIHUHQWHVVLWXDFLRQHV\HWDSDVKLVWy ULFDVUHKX\HQGRVLPSOLILFDFLRQHV\JHQHUDOL]DFLRQHVDEXVLYDV /DFUHDFLyQDUWtVWLFDHVXQSURFHVRFRQIRUPDGRSRUODFDSDFLGDG GHODUWLVWDSRUVXVFRQGLFLRQHVPDWHULDOHVGHYLGD\SRUVXFRQVLGHUD FLyQVRFLDOGHODUWLVWDGHQWURGHODVRFLHGDGGHVXWLHPSR$ODERUGDUHO DQiOLVLVGHODFRQVLGHUDFLyQVRFLDOHQWHQGLGDFRPRODHVWLPDGHODTXH JR]DHODUWLVWDVHJ~QODVFRQYHQFLRQHVVRFLDOHVYLJHQWHVHQVXWLHPSR KDEUi TXH DWHQGHU D ODV GRV IDFHWDV TXH SUHVHQWD SRU XQ ODGR KDEUi TXHGHVWDFDUFyPRHOSURFHVRFUHDWLYRSXHGHLPSOLFDUODIDPDHOSUHV WLJLR OD GHVFRQILDQ]D R HO GHVFUpGLWR KDVWD OOHYDU DO DUWLVWD DO WULXQIR VRFLDOODPDUJLQDFLyQRVXLQVWUXPHQWDOL]DFLyQSRUSDUWHGHLQWHUHVHV SULYDGRVRS~EOLFRV\SRURWURODGRVHKDEUiGHVHxDODUFyPRODFRQ VLGHUDFLyQGHODTXHJR]DVXWUDEDMRSHVDVREUHODODERUGHODUWLVWD\VXV SRVLELOLGDGHV H[SUHVLYDV (VWH HVWXGLR SHUPLWLUi FRPSUHQGHU OD YDULD EOH\P~OWLSOHIXQFLyQTXHDWULEX\HDODUWHXQDVRFLHGDG\VXUHODFLyQ FRQODSRVLFLyQVRFLDO\ODVFRQGLFLRQHVGHYLGDGHORVDUWLVWDV (Q HO DQiOLVLV GHO SURFHVR FUHDWLYR KDEUi TXH DWHQGHU DVLPLVPR D ORV GHVWLQDWDULRV GHO SURGXFWR VRFLDO$Vt HO SULPHU UHFHSWRU SRU H[FH OHQFLDGHODREUDGHDUWHHVHOFOLHQWH\DDSDUH]FDFRPRHOFRPSUDGRU TXHFRQFXUUHDXQPHUFDGRDUWtVWLFRRFRPRHOSDWURQRTXHODHQFDUJD SDUDVtPLVPR(QHOHVWXGLRGHODLQIOXHQFLDGHFOLHQWHV\PHFHQDVHQOD REUDVHUiQHFHVDULRSRQHUpQIDVLVHQORVPHFDQLVPRVGHGLVWULEXFLyQ\ UHFHSFLyQGHODREUDGHDUWHGHWDOPDQHUDTXHVHRIUH]FDXQFXDGURPiV FRPSOHWRGHOSURFHVRFUHDWLYR\VXLQIOXHQFLDHQHOPHGLRVRFLDO(QHVWH FDPSR DFW~DQ GLIHUHQWHV LQVWDQFLDV FRQ JUDGRV GH LQIOXHQFLD YDULDEOHV HQFDGDpSRFD\HQFDGDIRUPDFLyQVRFLDOFOLHQWHVDUWLVWDVPDUFKDQWHV JDOHUtDV FUtWLFRV FROHFFLRQLVWDV DFDGHPLDV PXVHRV SURFHVRV GH IRU PDFLyQ GH ORV DUWLVWDV FDQDOHV GH UHSURGXFFLyQ \ GLIXVLyQ GH OD REUD GHDUWHHQODVRFLHGDGGHPDVDV\VREUHWRGRODIXQFLyQVRFLDOGHODUWH HQFDGDpSRFD\HOLQIOXMRGHOS~EOLFRHQJHQHUDOFRQVXVH[SHFWDWLYDV\ SUHIHUHQFLDV7RGRVHOORVVRQHOHPHQWRVSUHVHQWHVHQHOSURFHVRFUHDWL YRFX\DLQWHUDFFLyQFRQILJXUDGLIHUHQWHVVLWXDFLRQHVFDUDFWHUtVWLFDVTXH HODOXPQDGRGHEHUiH[SOLFDU)LQDOPHQWHVHGHEHUiHVWXGLDUFyPRHQHO 5HQDFLPLHQWR\HO%DUURFRGHVGHHOVLJOR;9DO;9,,VHUHHODERUDQODV WUDGLFLRQHVFOiVLFD\FULVWLDQDSDUDRULJLQDUQXHYDVIRUPDVGHUHSUHVHQ WDFLyQDUWtVWLFDHQXQDQXHYDGLUHFFLyQTXHSHUPLWLyFRQIRUPDUQXHYRV FyGLJRVFRQODE~VTXHGDGHODDUPRQtD\HORUGHQHVSDFLDO (QVXPDO¶LPSRUWDQWG¶HVWHQXFOLpVHVWDEOLULQWHUUHODFLRQVGLYHUVHV HQWUHHOVGLYHUVRVHOHPHQWVGHOSURFpVFUHDWLXHQXQDVLWXDFLyGRQDGD (OVFRQWLQJXWVTXHFRUUHVSRQHQDHVWHQXFOLVyQ /¶DUW GHO UHQDL[HPHQW DUW LWDOLj GHO 4XDWUHFHQWV /¶DUTXLWHFWX UD %UXQHOOHVFKL L$OEHUWL /¶HVFXOWXUD 'RQDWHOOR /D SLQWXUD 0DVDF FLR)UD$QJHOLFR3LHURGHOOD)UDQFHVFDL%RWWLFHOOL(O&LQFFHQWV'H %UDPDQWHD3DOODGLRHOWHPSOHHOSDODXLODYLOD/¶HVFXOWXUD0LTXHO ¬QJHO/DSLQWXUDHVFRODURPDQDLHVFRODYHQHFLDQD(OUHQDL[HPHQWD (VSDQ\D$UTXLWHFWXUDHVFXOWXUDLSLQWXUDHO*UHFR 8QLWDWLGLYHUVLWDWGHO¶DUWEDUURFXUEDQLVPHLDUTXLWHFWXUD%HU QLQL L %RUURPLQL (O SDODX GHO SRGHU9HUVDOOHV (VSDQ\D GH OD SODoD PDMRU DO SDODX ERUEzQLF /¶HVFXOWXUD EDUURFD %HUQLQL /D LPDWJHULD HVSDQ\ROD/DSLQWXUDEDUURFDLWDOLDQDIODPHQFDLKRODQGHVD5XEHQV L5HPEUDQGW/DSLQWXUDHVSDQ\ROD5LEDOWD5LEHUD=XUEDUiQL0XUL OOR9HOi]TXH] /DVDUWVHXURSHHVGHOVHJOH;9,,,HQWUHHOEDUURFLHOQHRFOjVVLF (OVHJOH;,;O¶DUWG¶XQPyQHQWUDQVIRUPDFLy (V WUDFWD G¶DQDOLW]DU OD FULVL GH O¶DUW DFDGHPLFLVWD L OD LUUXSFLy GH QRXV YDORUV HVWqWLFV OOLJDWV G¶XQD EDQGD D OD 5HYROXFLy ,QGXVWULDO QRXVPDWHULDOVDUTXLWHFWzQLFVLGHO¶DOWUDDODQRYDVRFLHWDWEXUJHVD LOLEHUDODXJHGHOUHWUDWQRXVFOLHQWVSDLVDWJLVPH&RPDFRQVHTqQ FLDHVYDHVWDEOLUXQDQRYDUHODFLyHQWUHODVRFLHWDWLO¶DUW (OVFRQWLQJXWVTXHFRUUHVSRQHQDHVWHQXFOLVyQ *R\D &DS D O¶DUTXLWHFWXUD PRGHUQD XUEDQLVPH L DUTXLWHFWXUD HQ OD VHJRQD PLWDW GHO VHJOH ;,; /HV JUDQV WUDQVIRUPDFLRQV XUEDQHV /D 5HYROXFLy,QGXVWULDO L O¶DUTXLWHFWXUDGHOV QRXV PDWHULDOVGH O¶HFOHFWL FLVPHDOPRGHUQLVPH (OFDPtGHODPRGHUQLWDW/HVDUWVILJXUDWLYHVHQODVHJRQDPLWDW GHOVHJOH;,;/DSLQWXUDUHDOLVWD&RXUEHW/DSLQWXUDLPSUHVVLRQLVWD 6RUROOD(OQHRLPSUHVVLRQLVPH/¶HVFXOWXUD5RGLQ /DUXSWXUDGHODWUDGLFLyO¶DUWHQODSULPHUDPLWDWGHOVHJOH;; (VWUDFWDG¶HVWXGLDUHOVSURFHVVRVDUWtVWLFVGHOQRVWUHWHPSVFRQIL JXUDGRUVGHODFXOWXUDYLVXDOTXHHQVHQYROWD6¶LQFLGLUjHQO¶DQjOLVLGH O¶DUWPRGHUQVHQVHVHSDUDUHOVIHWVFXOWXUDOVGHOVFLHQWtILFVLGHVWDFDQW ODVLPXOWDQHwWDWGHOHVUXSWXUHVHOGHFOLYLRO¶DXJHGHPROWHVFRQFHSFL RQVLWHRULHVLQFO~VHQODSUzSLDKLVWzULDGHO¶DUW 'HVGHOVSULPHUVLQWHQWVSHUWUHQFDUDPEODWUDGLFLyLODFHUFDG¶XQ QRXOOHQJXDWJHHVWqWLFILQVDODFUHDFLyG¶XQDFXOWXUDV¶REULXQSURFpV GH VXFFHVVLYHV RVFLOÂODFLRQV L UXSWXUHV GHOV VLVWHPHV WUDGLFLRQDOV GH UHSUHVHQWDFLyGHSUHVVXSzVLWVHVWqWLFVLFUHDWLXV/¶HVWXGLGHOHVDYDQW JXDUGHVH[LJL[GHWLQGUH¶VHQOHVVHXHVSURSRVWHVLLQWHQFLRQVDQDOLW]DU QR VROV OHV REUHV VLQy HOV SURJUDPHV HQ TXq V¶DSRVWD SHU XQD UXSWXUD UDGLFDOLHVUHSODQWHMDODSUjFWLFDGHOVDUWLVWHVeVDGLUSHUDDFFHGLUDO GLVFXUVGHOHVDYDQWJXDUGHVFDOGUjHQWHQGUHOHVFRPDSURMHFWHVFRPD PRYLPHQWVSURJUDPjWLFV (QO¶DQjOLVLGHO¶DUWFRQWHPSRUDQLGHVWDFDFRPXQIHWHVVHQFLDOSHU D OD VHXD FRPSUHQVLy OD QRYD UHODFLy VXVFLWDGD SHU OHV DYDQWJXDUGHV HQWUHO¶REUDLHOS~EOLFHOSDSHUGHO¶HVSHFWDGRUSHUDFRPSOHWDUO¶REUD L IRQDPHQWDOPHQW OD LQFLGqQFLD GH O¶DUW HQ OD YLGD TXRWLGLDQD HQ OD SURGXFFLyPDWHULDOHVWqWLFDGHODTXRWLGLDQLWDWGHOGLVVHQ\LODPRGD FRPXQLFDFLyYLVXDOLQRXVPLWMDQV (QHVWHQXFOLFXOPLQHQWRWVHOVDSUHQHQWDWJHVDQWHULRUVLSHUWDQW SRGUDQ VHU WLQJXWV HQ FRPSWH HQ O¶HVPHQWDW QXFOL HOV DSUHQHQWDWJHV DVVROLWVHQHVWDPDWqULDDIHJLQWHOHPHQWVTXHYLQFXOHQHOSDSHUGHOVFOL HQWVLPHFHQHVDPEHOPHUFDWLFRQVXPGHO¶DUW (OVFRQWLQJXWVTXHFRUUHVSRQHQDHVWHQXFOLVyQ /HV DYDQWJXDUGHV KLVWzULTXHV OHV DUWV SOjVWLTXHV HQ OD SULPHUD PLWDWGHOVHJOH;;)DXYLVPHLH[SUHVVLRQLVPH&XELVPHLIXWXULVPH (OVLQLFLVGHO¶DEVWUDFFLy'DGjLHOVXUUHDOLVPH'DOt3LFDVVR $UTXLWHFWXUD L XUEDQLVPH GHO VHJOH ;; (O PRYLPHQW PRGHUQ (O IXQFLRQDOLVPH /D %DXKDXV /H &RUEXVLHU /¶RUJDQLFLVPH :ULJKW /¶DUTXLWHFWXUDSRVWPRGHUQDÒOWLPHVWHQGqQFLHV /¶DUWGHOQRVWUHWHPSVXQLYHUVDOLW]DFLyGHO¶DUW (Q VXPD OR LPSRUWDQWH GH HVWH Q~FOHR HV HVWDEOHFHU LQWHUUHODFLR QHVGLYHUVDVHQWUHORVGLIHUHQWHVHOHPHQWRVGHOSURFHVRFUHDWLYRHQXQD VLWXDFLyQGDGD /RVFRQWHQLGRVTXHFRUUHVSRQGHQDHVWHQ~FOHRVRQ (ODUWHGHO5HQDFLPLHQWR$UWHLWDOLDQRGHO4XDWWURFHQWR/DDUTXL WHFWXUD %UXQHOOHVFKL \$OEHUWL /D HVFXOWXUD 'RQDWHOOR /D SLQWXUD 0DVDFFLR )UD$QJHOLFR 3LHUR GHOOD )UDQFHVFD \ %RWWLFHOOL (O &LQ TXHFHQWR'H%UDPDQWHD3DOODGLRHOWHPSORHOSDODFLR\ODYLOOD/D HVFXOWXUD0LJXHOÈQJHO/DSLQWXUDHVFXHODURPDQD\HVFXHODYHQH FLDQD(O5HQDFLPLHQWRHQ(VSDxD$UTXLWHFWXUD(VFXOWXUD\3LQWXUD (O*UHFR 8QLGDG\GLYHUVLGDGGHODUWHEDUURFR8UEDQLVPR\DUTXLWHFWXUD %HUQLQL \ %RUURPLQL (O SDODFLR GHO SRGHU 9HUVDOOHV (VSDxD 'H OD SOD]D PD\RU DO SDODFLR ERUEyQLFR /D HVFXOWXUD EDUURFD %HUQLQL /D LPDJLQHUtDHVSDxROD/DSLQWXUDEDUURFDLWDOLDQDIODPHQFD\KRODQGH VD5XEHQV\5HPEUDQGW/DSLQWXUDHVSDxROD5LEDOWD5LEHUD=XUED UiQ\0XULOOR9HOi]TXH] /DVDUWHVHXURSHDVGHOVLJOR;9,,,HQWUHHO%DUURFR\HO1HRFOi VLFR (OVLJOR;,;HODUWHGHXQPXQGRHQWUDQVIRUPDFLyQ 6H WUDWD GH DQDOL]DU OD FULVLV GHO DUWH DFDGHPLFLVWD \ OD LUUXSFLyQ GH QXHYRV YDORUHV HVWpWLFRV OLJDGRV SRU XQD SDUWH D OD UHYROXFLyQ LQGXVWULDOQXHYRVPDWHULDOHVDUTXLWHFWyQLFRV\SRUODRWUDDODQXHYD VRFLHGDGEXUJXHVD\OLEHUDODXJHGHOUHWUDWRQXHYRVFOLHQWHVSDLVDMLV PR&RPRFRQVHFXHQFLDYDDHVWDEOHFHUVHXQDQXHYDUHODFLyQHQWUHOD VRFLHGDG\HODUWH /RVFRQWHQLGRVTXHFRUUHVSRQGHQDHVWHQ~FOHRVRQ *R\D +DFLD OD DUTXLWHFWXUD PRGHUQD 8UEDQLVPR \ DUTXLWHFWXUD HQ OD VHJXQGDPLWDGGHOVLJOR;,;/DVJUDQGHVWUDQVIRUPDFLRQHVXUEDQDV /D 5HYROXFLyQ LQGXVWULDO \ OD DUTXLWHFWXUD GH ORV QXHYRV PDWHULDOHV GHOHFOHFWLFLVPRDO0RGHUQLVPR (OFDPLQRGHODPRGHUQLGDG/DVDUWHVILJXUDWLYDVHQODVHJXQGD PLWDGGHOVLJOR;,;/DSLQWXUDUHDOLVWD&RXUEHW/DSLQWXUDLPSUHVLR QLVWD6RUROOD(OQHRLPSUHVLRQLVPR/DHVFXOWXUD5RGLQ /DUXSWXUDGHODWUDGLFLyQHODUWHHQODSULPHUDPLWDGGHOVLJOR ;; 6HWUDWDGHHVWXGLDUORVSURFHVRVDUWtVWLFRVGHQXHVWURWLHPSRFRQ ILJXUDGRUHV GH OD FXOWXUD YLVXDO TXH QRV HQYXHOYH 6H LQFLGLUi HQ HO DQiOLVLVGHODUWHPRGHUQRVLQVHSDUDUORVKHFKRVFXOWXUDOHVGHORVFLHQ WtILFRV\GHVWDFDQGRODVLPXOWDQHLGDGGHODVUXSWXUDVHOGHUUXPEHRHO DXJH GH PXFKDV FRQFHSFLRQHV \ WHRUtDV LQFOXVR HQ OD SURSLD KLVWRULD GHODUWH 'HVGHORVSULPHURVLQWHQWRVSRUURPSHUFRQODWUDGLFLyQ\ODE~V TXHGDGHXQQXHYROHQJXDMHHVWpWLFRKDVWDODFUHDFLyQGHXQDFXOWXUD VHDEUHXQSURFHVRGHVXFHVLYDVVDFXGLGDV\UXSWXUDVGHORVVLVWHPDV WUDGLFLRQDOHV GH UHSUHVHQWDFLyQ GH SUHVXSXHVWRV HVWpWLFRV \ FUHDWL YRV(OHVWXGLRGHODVYDQJXDUGLDVH[LJHGHWHQHUVHHQVXVSURSXHVWDVH LQWHQFLRQHVDQDOL]DUQRVyORODVREUDVVLQRORVSURJUDPDVHQORVTXHVH DSXHVWDSRUXQDUXSWXUDUDGLFDO\VHUHSODQWHDODSUiFWLFDGHORVDUWLV WDV (V GHFLU SDUD DFFHGHU DO GLVFXUVR GH ODV YDQJXDUGLDV KDEUi TXH HQWHQGHUODVFRPRSUR\HFWRVFRPRPRYLPLHQWRVSURJUDPiWLFRV (QHODQiOLVLVGHODUWHFRQWHPSRUiQHRGHVWDFDFRPRDOJRHVHQFLDO SDUD VX FRPSUHQVLyQ OD QXHYD UHODFLyQ VXVFLWDGD SRU ODV YDQJXDUGLDV HQWUH OD REUD \ HO S~EOLFR HO SDSHO GHO HVSHFWDGRU SDUD FRPSOHWDU OD REUD\IXQGDPHQWDOPHQWHODLQFLGHQFLDGHODUWHHQODYLGDFRWLGLDQD HQODSURGXFFLyQPDWHULDOHVWpWLFDGHODFRWLGLDQHLGDGGHOGLVHxR\OD PRGDFRPXQLFDFLyQYLVXDO\QXHYRVPHGLRV (Q HVWH Q~FOHR FXOPLQDQ WRGRV ORV DSUHQGL]DMHV DQWHULRUHV \ SRU WDQWRSRGUiQHVWLPDUVHHQpOORVDSUHQGL]DMHVDOFDQ]DGRVHQHVWDPDWH ULDDxDGLHQGRHOHPHQWRVTXHYLQFXODQHOSDSHOGHORVFOLHQWHV\PHFH QDVFRQHOPHUFDGR\FRQVXPRGHODUWH /RVFRQWHQLGRVTXHFRUUHVSRQGHQDHVWHQ~FOHRVRQ /DVYDQJXDUGLDVKLVWyULFDVODVDUWHVSOiVWLFDVHQODSULPHUDPLWDG GHO VLJOR ;; )DXYLVPR \ H[SUHVLRQLVPR &XELVPR \ IXWXULVPR /RV LQLFLRVGHODDEVWUDFFLyQ'DGi\VXUUHDOLVPR'DOt3LFDVVR $UTXLWHFWXUD\XUEDQLVPRGHOVLJOR;;(OPRYLPLHQWRPRGHUQR (OIXQFLRQDOLVPR/D%DXKDXV/H&RUEXVLHU(ORUJDQLFLVPR:ULJKW /DDUTXLWHFWXUDSRVWPRGHUQDÒOWLPDVWHQGHQFLDV (ODUWHGHQXHVWURWLHPSRXQLYHUVDOL]DFLyQGHODUWH (VWHQXFOLFHQWUDO¶DWHQFLyHQDTXHOOVFRQWLQJXWVUHIHUHQWVDOS~EOLF TXHFRPDUHFHSWRUDFWLXpVTXLFRQFUHWDODSUzSLDFUHDFLyGHO¶REUD G¶DUW /HV FUHDFLRQV DUWtVWLTXHV HV PRVWUHQ GDYDQW GH WRWD OD VRFLHWDW WHPSRUDO R SHUPDQHQWPHQW D WUDYpV G¶H[KLELFLRQV L PXVHXV 'HV GHO SXQWGHYLVWDGHODUHFHSFLyGHO¶REUDG¶DUWHOPXVHXFRPSOL[XQDPLV VLyIRQDPHQWDOHOVREMHFWHVTXHV¶H[KLEL[HQHQOHVVHXHVVDOHVDGTXL UL[HQHOUDQJG¶DXWqQWLFDREUDG¶DUWLSDVVHQDVHUHOHPHQWVLQIOXHQWVHQ ODIRUPDFLyGHOJXVWVRFLDO eV QHFHVVDUL TXH O¶DOXPQDW SRQGHUH OD LPSRUWjQFLD L OD UHOOHYjQ FLD GHO FRQFHSWH L GH OD GHQRPLQDFLy GH SDWULPRQL KLVWRULFRDUWtVWLF L FRPKDYDULDWGHPDQHUDVLJQLILFDWLYDODFRQVLGHUDFLyJHQHUDOGHO¶REUD G¶DUW FRP D Ep VRFLDO L FXOWXUDO (Q HVWH VHQWLW pV PROW VLJQLILFDWLX FRQpL[HUODSUzSLDHYROXFLyGHOFRQFHSWHGHSDWULPRQLGHVGHODFRQ FHSFLyPpVDUFDLFDDODTXHHQWpQHOSDWULPRQLFRPXQHQULTXLPHQWGHO FRQHL[HPHQWGHOVHUKXPjLGHODVHXDKLVWzULD(VSRGHQHVWDEOLUDL[t OHVUHODFLRQVSHUWLQHQWVDPEHOSURFpVGHIRUPDFLyGHOHVFROÂOHFFLRQV LOHVFRQFHSFLRQVVXEMDFHQWV(OVHXHVWXGLpVHVSHFLDOPHQWLPSRUWDQW SHUTXqO¶DOXPQDWYDORUHHOFRQFHSWHGHO³JXVW´ODVHXDHYROXFLyLOHV VHXHVRVFLOÂODFLRQVTXHLPSOLFDHQODQRVWUDFXOWXUD (Q OD IRUPDFLy G¶HVWH SDWULPRQL KDXUDQ GH FRQVLGHUDUVH GRV DVSHFWHV3ULPHUDPHQWFRPO¶DJUXSDFLyG¶REMHFWHVHQFROÂOHFFLRQVKD GRQDWOORFDODFRQILJXUDFLyGHOVPXVHXVTXHKDQHYROXFLRQDWGHVGH ODVHXDFRQFHSFLyFRPDHVSDLVGHGHSzVLWFRQVHUYDFLyLH[SRVLFLyD OHVSURSRVWHVPpVPRGHUQHVTXHIDQGHOPXVHXXQFHQWUHGHVGHOTXDO V¶LPSXOVHQDFWLYLWDWVFXOWXUDOVLFRPDHVSDLTXHV¶REULDQRYHVIRUPHV GH FUHDFLy DUWtVWLFD (Q VHJRQ OORF V¶KDXUj GH FRQVLGHUDU OD IRUPDFLy GHOSDWULPRQLDUTXLWHFWzQLFLO¶HVWDEOLPHQWGHOFRQFHSWHGHPRQXPHQW HQUHODFLyDPEGHWHUPLQDGHVFRQFHSFLRQV 8QDDWHQFLyHVSHFLDOUHTXHUL[HOSUREOHPDGHODFRQVHUYDFLyGHOV EpQVFXOWXUDOVHOVFULWHULVROHVHVFROHVTXHUHJL[HQOHVLQWHUYHQFLRQV HOV GLIHUHQWV SURFHGLPHQWV D YHJDGHV FRQWUDGLFWRULV TXH KXL HQ GLD VXEMDXHQ HQ OHV SROtWLTXHV G¶DFWXDFLy /¶DOXPQDW KDXUj GH FRPSUHQ GUHHOVSULQFLSDOVPqWRGHVLSUREOHPHVTXHSODQWHMDODLQWHUYHQFLyGH UHVWDXUDFLyVREUHHOVEpQVFXOWXUDOV(QHVWHVHQWLWFDOGUjGHVWDFDUHOV GLVWLQWVFULWHULVGHUHVWDXUDFLyRLQWHUYHQFLyDOOODUJGHODKLVWzULDLOD VHXD LQFLGqQFLD HQ OD SUzSLD YLGD GH OHV REUHV G¶DUW FRQGLFLRQDQW OD VHXDSHUFHSFLyHQHOSUHVHQW (OVFRQFHSWHVWUDFWDWVHQHVWHQXFOLSHUPHWHQGHVHQURWOODUDFWLWXGV LYDORUVSRVLWLXVLDOVHXWRUQFUtWLFVGDYDQWGHODFRQVHUYDFLyGHOHV REUHVG¶DUWHOVPRQXPHQWVLHOVFRQMXQWVPRQXPHQWDOVTXHIRUPHQHO SDWULPRQLKLVWRULFRDUWtVWLF (OVFRQWLQJXWVTXHFRUUHVSRQHQDHVWHQXFOLVyQ /¶HVWLOLQWHUQDFLRQDOHQDUTXLWHFWXUD 'HO¶DEVWUDFFLyDOHV~OWLPHVWHQGqQFLHVOHVDUWVSOjVWLTXHVHQOD VHJRQDPLWDWGHOVHJOH;;/¶H[SUHVVLRQLVPHDEVWUDFWHLO¶LQIRUPDOLV PH/¶DEVWUDFFLySRVWSLFWzULFDLHOPLQLPDODUW/DQRYDILJXUDFLy(O SRSDUW/¶KLSHUUHDOLVPHÒOWLPHVWHQGqQFLHV /¶DUW L OD FXOWXUDYLVXDO GH PDVVHV DUW L VRFLHWDWGH FRQVXP/D IRWRJUDILD(OFLQH(OFDUWHOOLHOGLVVHQ\JUjILF(OFzPLF/HVQRYHV WHFQRORJLHV /D REUD G¶DUW HQ HO PXVHX *HVWLy GHOV EpQV FXOWXUDOV FRQVHU YDFLy UHVWDXUDFLy L RUGHQDFLy GHO SDWULPRQL KLVWRULFRDUWtVWLF /D /OHL 9DOHQFLDQDGHO3DWULPRQL ,9&ULWHULVG¶DYDOXDFLy $QDOLW]DULFRPSDUDUHOVFDQYLVSURGXwWVHQODFRQFHSFLyGHO¶DUW LOHVVHXHVIXQFLRQVHQGLVWLQWVPRPHQWVKLVWzULFVLHQGLYHUVHVFXOWX UHV $PEHVWHFULWHULHVWUDFWDGHFRPSURYDUG¶XQDEDQGDVLO¶DOXPQDW UHFRQHL[OD FRPSOH[LWDWG¶HVWRV FRQFHSWHV L SHU WDQW VL HQWpQODGLIL FXOWDWG¶XQDGHILQLFLyJHQHUDOGHO¶DUWLG¶DOWUDEDQGDVLLGHQWLILFDOD VHXDYDULDELOLWDWHQHOWHPSVLO¶HVSDLpVDGLUVLFRQVWDWDHOVHXFDUjF WHUHPLQHQWPHQWKLVWzULF(QXQVHJRQJUDXHOFULWHULSUHWpQFRPSUR YDUVLO¶DOXPQDWFRPSUpQOHVUDRQVGHODGLYHUVLWDWGHIXQFLRQVVRFLDOV GHO¶DUWHQODKLVWzULDLHQFRQVHTqQFLDVLUHODFLRQDHVWRVFDQYLVDPE OHVVRFLHWDWVTXHOHVFRQIRUPHQ 5HFRQpL[HU L XWLOLW]DU DGHTXDGDPHQW XQ PqWRGH G¶DQjOLVL L HOV VHXVSURFHGLPHQWVLWqFQLTXHVFRUUHVSRQHQWVTXHSHUPHWDLQWHUSUHWDUL (VWH Q~FOHR FHQWUD OD DWHQFLyQ HQ DTXHOORV FRQWHQLGRV UHIHUHQWHV DOS~EOLFRTXHFRPRDFWLYRUHFHSWRUHVTXLHQFRQFUHWDODSURSLDFUHD FLyQGHODREUDGHDUWH/DVFUHDFLRQHVDUWtVWLFDVVHPXHVWUDQDQWHWRGD ODVRFLHGDGWHPSRUDORSHUPDQHQWHPHQWHDWUDYpVGHH[KLELFLRQHV\ PXVHRV'HVGHHOSXQWRGHYLVWDGHODUHFHSFLyQGHODREUDGHDUWHHO PXVHRFXPSOHXQDPLVLyQIXQGDPHQWDOORVREMHWRVTXHVHH[KLEHQHQ VXVVDODVDGTXLHUHQHOUDQJRGHDXWpQWLFDREUDGHDUWH\SDVDQDVHUHOH PHQWRVLQIOX\HQWHVHQODIRUPDFLyQGHOJXVWRVRFLDO (VQHFHVDULRTXHHODOXPQDGRSRQGHUHODLPSRUWDQFLD\ODUHOHYDQ FLDGHOFRQFHSWR\GHODGHQRPLQDFLyQGHSDWULPRQLRKLVWyULFRDUWtVWL FR\FyPRKDYDULDGRGHPDQHUDVLJQLILFDWLYDODFRQVLGHUDFLyQJHQHUDO GHODREUDGHDUWHFRPRELHQVRFLDO\FXOWXUDO(QHVWHVHQWLGRHVPX\ VLJQLILFDWLYRFRQRFHUODSURSLDHYROXFLyQGHOFRQFHSWRGHSDWULPRQLR GHVGHODFRQFHSFLyQPiVDUFDLFDDODTXHHQWLHQGHHOSDWULPRQLRFRPR XQ HQULTXHFLPLHQWR GHO FRQRFLPLHQWR GHO VHU KXPDQR \ GH VX KLVWR ULD6HSXHGHQDVtHVWDEOHFHUODVSHUWLQHQWHVUHODFLRQHVFRQHOSURFHVR GH IRUPDFLyQ GH ODV FROHFFLRQHV \ ODV FRQFHSFLRQHV VXE\DFHQWHV 6X HVWXGLR HV HVSHFLDOPHQWH LPSRUWDQWH SDUD TXH HO DOXPQDGR YDORUH HO FRQFHSWRGHO³JXVWR´VXHYROXFLyQ\VXVRVFLODFLRQHVTXHLPSOLFDHQ QXHVWUDFXOWXUD (Q OD IRUPDFLyQ GH HVWH SDWULPRQLR GHEHUiQ FRQVLGHUDUVH GRV DVSHFWRV 3ULPHUDPHQWH FyPR OD DJUXSDFLyQ GH REMHWRV HQ FROHFFLR QHVKDGDGROXJDUDODFRQILJXUDFLyQGHORVPXVHRVTXHKDQHYROXFLR QDGR GHVGH VX FRQFHSFLyQ FRPR HVSDFLRV GH GHSyVLWR FRQVHUYDFLyQ \H[SRVLFLyQDODVSURSXHVWDVPiVPRGHUQDVTXHKDFHQGHOPXVHRXQ FHQWURGHVGHHOTXHVHLPSXOVDQDFWLYLGDGHVFXOWXUDOHV\FRPRHVSDFLR TXHVHDEUHDQXHYDVIRUPDVGHFUHDFLyQDUWtVWLFD(QVHJXQGROXJDUVH GHEHUiFRQVLGHUDUODIRUPDFLyQGHOSDWULPRQLRDUTXLWHFWyQLFR\HOHVWD EOHFLPLHQWRGHOFRQFHSWRGHPRQXPHQWRHQUHODFLyQFRQGHWHUPLQDGDV FRQFHSFLRQHV $WHQFLyQHVSHFLDOUHTXLHUHHOSUREOHPDGHODFRQVHUYDFLyQGHORV ELHQHVFXOWXUDOHVORVFULWHULRVRHVFXHODVTXHULJHQODVLQWHUYHQFLRQHV ORVGLIHUHQWHVSURFHGLPLHQWRVDYHFHVFRQWUDGLFWRULRVTXHKR\HQGtD VXE\DFHQHQODVSROtWLFDVGHDFWXDFLyQ(ODOXPQDGRGHEHUiFRPSUHQ GHU ORV SULQFLSDOHV PpWRGRV \ SUREOHPDV TXH SODQWHD OD LQWHUYHQFLyQ GHUHVWDXUDFLyQVREUHORVELHQHVFXOWXUDOHV(QHVWHVHQWLGRKDEUiTXH GHVWDFDUORVGLVWLQWRVFULWHULRVGHUHVWDXUDFLyQRLQWHUYHQFLyQDORODUJR GH OD KLVWRULD \ VX LQFLGHQFLD HQ OD SURSLD YLGD GH ODV REUDV GH DUWH FRQGLFLRQDQGRVXSHUFHSFLyQHQHOSUHVHQWH /RVFRQFHSWRVWUDWDGRVHQHVWHQ~FOHRSHUPLWHQGHVDUUROODUDFWLWX GHV \ YDORUHV SRVLWLYRV \ D VX YH] FUtWLFRV DQWH OD FRQVHUYDFLyQ GH ODVREUDVGHDUWHORVPRQXPHQWRV\ORVFRQMXQWRVPRQXPHQWDOHVTXH IRUPDQHOSDWULPRQLRKLVWyULFRDUWtVWLFR /RVFRQWHQLGRVTXHFRUUHVSRQGHQDHVWHQ~FOHRVRQ (OHVWLORLQWHUQDFLRQDOHQDUTXLWHFWXUD 'HODDEVWUDFFLyQDODV~OWLPDVWHQGHQFLDVODVDUWHVSOiVWLFDVHQOD VHJXQGDPLWDGGHOVLJOR;;(OH[SUHVLRQLVPRDEVWUDFWR\HOLQIRUPD OLVPR/DDEVWUDFFLyQSRVWSLFWyULFD\HOPLQLPDODUW/DQXHYDILJXUD FLyQ(OSRSDUW(OKLSHUUHDOLVPRÒOWLPDVWHQGHQFLDV (ODUWH\ODFXOWXUDYLVXDOGHPDVDV$UWH\VRFLHGDGGHFRQVXPR /DIRWRJUDItD(OFLQH(OFDUWHO\HOGLVHxRJUiILFR(OFyPLF/DVQXH YDVWHFQRORJtDV /DREUDGHDUWHHQHOPXVHR*HVWLyQGHORVELHQHVFXOWXUDOHVFRQ VHUYDFLyQUHVWDXUDFLyQ\RUGHQDFLyQGHOSDWULPRQLRKLVWyULFRDUWtVWLFR /D/H\9DOHQFLDQDGHO3DWULPRQLR ,9&ULWHULRVGHHYDOXDFLyQ $QDOL]DU \ FRPSDUDU ORV FDPELRV SURGXFLGRV HQ OD FRQFHSFLyQ GHODUWH\VXVIXQFLRQHVHQGLVWLQWRVPRPHQWRVKLVWyULFRV\HQGLYHU VDVFXOWXUDV &RQHVWHFULWHULRVHWUDWDGHFRPSUREDUSRUXQODGRVLHODOXPQD GRUHFRQRFHODFRPSOHMLGDGGHHVWRVFRQFHSWRV\SRUWDQWRHQWLHQGHOD GLILFXOWDGGHXQDGHILQLFLyQJHQHUDOGHODUWH\SRURWURODGRVLLGHQ WLILFD VX YDULDELOLGDG HQ HO WLHPSR \ HO HVSDFLR HV GHFLU VL FRQVWDWD VXFDUiFWHUHPLQHQWHPHQWHKLVWyULFR(QXQVHJXQGRJUDGRHOFULWHULR SUHWHQGHFRPSUREDUVLHODOXPQDGRFRPSUHQGHODVUD]RQHVGHODGLYHU VLGDGGHIXQFLRQHVVRFLDOHVGHODUWHHQODKLVWRULD\HQFRQVHFXHQFLD VLUHODFLRQDHVWRVFDPELRVFRQODVVRFLHGDGHVTXHODVFRQIRUPDQ 5HFRQRFHU \ XWLOL]DU DGHFXDGDPHQWH XQ PpWRGR GH DQiOLVLV \ VXVSURFHGLPLHQWRV\WpFQLFDVFRUUHVSRQGLHQWHVTXHSHUPLWDLQWHUSUH YDORUDUOHVGLYHUVHVGLPHQVLRQVGHO¶REUDG¶DUWLXWLOLW]DUDPESUHFLVLy LULJRUODWHUPLQRORJLDHVSHFtILFDGHOHVDUWVYLVXDOV 3HUPLWMjG¶HVWHFULWHULHVSUHWpQDYDOXDUHQTXLQDPHVXUDO¶DOXPQDW V¶HQIURQWDDOHVREUHVG¶DUWDPEXQPqWRGHLXQHVWqFQLTXHVG¶DQjOLVLV FRKHUHQWVLUDRQDGHVDL[tFRPFRPSURYDUVLWpHQFRPSWHWRWVHOVHOH PHQWVTXHFRQILJXUHQOHVREUHVG¶DUWLHOVLQWHUUHODFLRQDFRUUHFWDPHQW (Q XQ SULPHU JUDX HO FULWHUL SUHWpQ FRPSURYDU VL O¶DOXPQDW pV FDSDo GHIRUPXODUKLSzWHVLVUHFRO]DQWVHHQXQDSHUFHSFLyYLVXDOVREUHHOV DVSHFWHVPRUIROzJLFVLFRQRJUjILFVLLFRQROzJLFVGHOVREMHFWHVDUWtVWLFV (QXQVHJRQJUDXHVWUDFWDGHYDORUDUVLpVFDSDoG¶DQDOLW]DUOHVREUHV XWLOLW]DQW IRQWV GRFXPHQWDOV UHIHULGHV D OD LQWHQFLRQDOLWDW GH O¶DUWLVWD OHVFDUDFWHUtVWLTXHVGHO¶HQFjUUHFGHOFOLHQWODLQIOXqQFLDGHOPHFHQHV RHOVJXVWRVGHOS~EOLFSHUDGHVYHODUHOVLJQLILFDWGHOHVREUHV)LQDO PHQW pV QHFHVVDUL UHDOLW]DU DFWLYLWDWV GH GRFXPHQWDFLy L LQGDJDFLy D SDUWLUGHIRQWV G¶LQIRUPDFLyGLYHUVHV WH[WRV LPDWJHVSODQWHVDOoDWV SODQV HWF VREUH GHWHUPLQDWV DVSHFWHV GH OD FUHDFLy DUWtVWLFD )LQDO PHQWYDORUDUjVLO¶DOXPQDWSRWHODERUDUXQDVtQWHVLLQWHUSUHWDWLYDTXH LQWHJUHLYDORUHHOVGLYHUVRVHOHPHQWVHVPHQWDWV ,GHQWLILFDU L VLWXDU HQ HO WHPSV OHV REUHV G¶DUW PpV UHSUHVHQWD WLYHV HQ UHODFLy DPE HOV PRPHQWV PpV VLJQLILFDWLXV GH OD KLVWzULD GH O¶DUW $WUDYpVG¶HVWHFULWHULHVSUHWpQDYDOXDUODFDSDFLWDWSHUDVLWXDUHQ HO WHPSV OD SURGXFFLy DUWtVWLFD (Q XQ SULPHU JUDX HV FRPSURYDUj VL O¶DOXPQDW pV FDSDo GH UHFRQpL[HU OHV GLYHUVHV FRQQH[LRQV TXH HQ OHV REUHVG¶DUWSUHVHQWHQODIRUPDHOFRQWLQJXWLHOPDWHULDOHQXQPRPHQW KLVWzULF GHWHUPLQDW SHU D GHGXLUQH HOV WUHWV HVWLOtVWLFV (Q XQ VHJRQ PRPHQWHVSRWFRPSURYDUVLpVFDSDoGHFRPSUHQGUHLYDORUDUHOVWUHWV GHVHPEODQoDLGLYHUVLWDWTXHSUHVHQWHQOHVFUHDFLRQVDUWtVWLTXHVG¶XQD qSRFDGHWHUPLQDGDHQFRPSDUDUOHVXQHVDPEOHVDOWUHV)LQDOPHQWHV YDORUDUjVLO¶DOXPQDWpVFDSDoGHIHUXQDDQjOLVLGLDFUzQLFDG¶XQFRQ MXQWVLJQLILFDWLXG¶REUHVG¶DUWVLUHFRQHL[ODVHXDGLPHQVLyKLVWzULFDL ODVHXDFDSDFLWDWGHVXJJHVWLyFRPDYDORUFRQVWDQWPHQWDFWXDOLW]DW 5HFRQpL[HULDQDOLW]DUHOVHOHPHQWVTXHFRQILJXUHQODSURGXFFLy DUWtVWLFD FRQVLGHUDQW OHV LQIOXqQFLHV L OHV UHODFLRQV HQWUH O¶DUWLVWD L OD VRFLHWDWFDQYLDQWVHQHOWHPSV $PE HVWH FULWHUL HV SUHWpQ VDEHU VL HOV HVWXGLDQWV FRQVLGHUHQ TXH O¶DUWLVWDFRP D VHU VRFLDO pV TXL DPE OD VHXD REUD HV UHWUREDDPE OD KLVWzULD L HOV VHXV FRQGLFLRQDPHQWV HVSHFtILFV (V WUDFWD G¶DYDOXDU OD FDSDFLWDWGHOVHVWXGLDQWVSHUDUHFRQpL[HULDQDOLW]DUHOVHOHPHQWVFRQIL JXUDGRUVGHODSURGXFFLyDUWtVWLFDDWUDYpVGHOWHPSVGHWHUPLQDUDOJX QHVPHGLDFLRQVVRFLDOVFRPSHUH[HPSOHHOVYLQFOHVGHSDWURQDWJHHQ ODFUHDFLyDUWtVWLFDHOVFRQYHQFLRQDOLVPHVVRFLDOVRHOJXVWGHOS~EOLF UHFHSWRU HQWUH G¶DOWUHV (Q XQ SULPHU JUDX O¶DOXPQDW KDXUj GH UHFR QpL[HUDTXHOOVIDFWRUVTXHLQIOXw[HQHQODSURGXFFLyDUWtVWLFDLGLVWLQJLU HQWUHDTXHOOVTXHSURFHGL[HQGHOPHGLVRFLDOHQTXqHVUHDOLW]DO¶REUD LDTXHOOVTXHHVGHULYHQGHODFDSDFLWDWGHO¶DUWLVWD(QXQVHJRQQLYHOO HVWDEOLUjUHODFLRQVHQWUHODSRVLFLyVRFLDOLOHVFRQGLFLRQVGHYLGDGHOV DUWLVWHVLODIXQFLyVRFLDOGHO¶DUW)LQDOPHQWO¶DOXPQDWKDXUjG¶H[SOL FDUFRPODLQWHUDFFLyG¶HVWRVHOHPHQWVFRQILJXUDVLWXDFLRQVKLVWzULTXHV FDUDFWHUtVWLTXHV ([SOLFDUOHVSHUPDQqQFLHVLHOVFDQYLVHQHOVSURFHVVRVDUWtVWLFV HQFRQVWDWDULFRPSDUDUFRQFHSFLRQVHVWqWLTXHVLWUHWVHVWLOtVWLFV $PEHVWHFULWHULHVWUDFWDG¶DYDOXDUVLHOVHVWXGLDQWVFRPSUHQHQHOV SURFHVVRVGHFDQYLDUWtVWLF(QSULPHUOORFVLFRQVWDWHQODGLIHUHQWFRQ FHSFLyGHOVHOHPHQWVFRQILJXUDGRUVHOVQRXVSUREOHPHVLODLQFLGqQFLD GHOVQRXVXVRVLIXQFLRQVDVVRFLDGHVDOHVREUHVG¶DUWG¶XQGHWHUPLQDW PRPHQW(QVHJRQOORFVLHVWDEOL[HQUHODFLRQVHQWUHHOVGLVWLQWVIDFWRUV GHOVSURFHVVRVGHFDQYLLVLFRQVWDWHQTXHHOVGLWVHOHPHQWVYDULHQHQOD VHXDFRPELQDFLyDOOODUJGHOWHPSVLHQFDGDREUD(Q~OWLPOORFHVWH FULWHULSHUPHWFRPSURYDUVLO¶DOXPQDWpVFDSDoGHGLIHUHQFLDUHOVHOH PHQWVPpVGLQjPLFVGHOVSHUVLVWHQWVLVLUHFRQHL[HOVGLIHUHQWVULWPHV GHOVFDQYLVHQXQWHPSVOODUJRFXUW ,GHQWLILFDU L YDORUDU HO SURWDJRQLVPH GHOV DUWLVWHV HQ HO SURFpV FUHDWLXFRQVWDWDUHQOHVVHXHVREUHVPpVUHOOHYDQWVHOVQRXVSODQWHMD PHQWVRYLHVREHUWHVHQXQHVGHWHUPLQDGHVFLUFXPVWjQFLHVKLVWzULTXHV WDU\YDORUDUODVGLYHUVDVGLPHQVLRQHVGHODREUDGHDUWH\XWLOL]DUFRQ SUHFLVLyQ\ULJRUODWHUPLQRORJtDHVSHFtILFDGHODVDUWHVYLVXDOHV 0HGLDQWHHVWHFULWHULRVHSUHWHQGHHYDOXDUHQTXpPHGLGDHODOXP QDGRVHHQIUHQWDDODVREUDVGHDUWHFRQXQPpWRGR\XQDVWpFQLFDVGH DQiOLVLVFRKHUHQWHV\UD]RQDGDVDVtFRPRFRPSUREDUVLWLHQHHQFXHQWD WRGRVORVHOHPHQWRVTXHFRQILJXUDQODVREUDVGHDUWH\ORVLQWHUUHODFLR QDFRUUHFWDPHQWH(QXQSULPHUJUDGRHOFULWHULRSUHWHQGHFRPSUREDU VL HO DOXPQDGR HV FDSD] GH IRUPXODU KLSyWHVLV DSR\iQGRVH HQ XQD SHUFHSFLyQ YLVXDO VREUH ORV DVSHFWRV PRUIROyJLFRV LFRQRJUiILFRV H LFRQROyJLFRVGHORVREMHWRVDUWtVWLFRV(QXQVHJXQGRJUDGRVHWUDWDGH YDORUDUVLHVFDSD]GHDQDOL]DUODVREUDVXWLOL]DQGRIXHQWHVGRFXPHQ WDOHV UHIHULGDV D OD LQWHQFLRQDOLGDG GHO DUWLVWD ODV FDUDFWHUtVWLFDV GHO HQFDUJRGHOFOLHQWHODLQIOXHQFLDGHOPHFHQDVRORVJXVWRVGHOS~EOL FRSDUDGHVYHODUHOVLJQLILFDGRGHODVREUDV3RU ~OWLPRHV QHFHVDULR UHDOL]DUDFWLYLGDGHVGHGRFXPHQWDFLyQHLQGDJDFLyQDSDUWLUGHIXHQWHV GHLQIRUPDFLyQGLYHUVDVWH[WRVLPiJHQHVSODQWDVDO]DGRVSODQRV VREUHGHWHUPLQDGRVDVSHFWRVGHODFUHDFLyQDUWtVWLFD)LQDOPHQWHYDOR UDUiVLHODOXPQDGRSXHGHHODERUDUXQDVtQWHVLVLQWHUSUHWDWLYDTXHLQWH JUH\YDORUHORVGLIHUHQWHVHOHPHQWRVFLWDGRV ,GHQWLILFDU\VLWXDUHQHOWLHPSRODVREUDVGHDUWHPiVUHSUHVHQ WDWLYDVHQUHODFLyQFRQORVPRPHQWRVPiVVLJQLILFDWLYRVGHOD+LVWRULD GHO$UWH $ WUDYpV GH HVWH FULWHULR VH SUHWHQGH HYDOXDU OD FDSDFLGDG SDUD VLWXDUHQHOWLHPSRODSURGXFFLyQDUWtVWLFD(QXQSULPHUJUDGRVHFRP SUREDUiVLHODOXPQDGRHVFDSD]GHUHFRQRFHUODVGLYHUVDVFRQH[LRQHV TXHHQODVREUDVGHDUWHSUHVHQWDQODIRUPDHOFRQWHQLGR\HOPDWHULDO HQXQPRPHQWRKLVWyULFRGHWHUPLQDGRSDUDGHGXFLUORVUDVJRVHVWLOtVWL FRV(QXQVHJXQGRPRPHQWRVHSXHGHFRPSUREDUVLHVFDSD]GHFRP SUHQGHU\YDORUDUORVUDVJRVGHVHPHMDQ]D\GLYHUVLGDGTXHSUHVHQWDQ ODVFUHDFLRQHVDUWtVWLFDVGHXQDpSRFDGDGDDOFRPSDUDUXQDVFRQRWUDV )LQDOPHQWH VH YDORUDUi VL HO DOXPQDGR HV FDSD] GH KDFHU XQ DQiOLVLV GLDFUyQLFRGHXQFRQMXQWRVLJQLILFDWLYRGHREUDVGHDUWHVLUHFRQRFH VXGLPHQVLyQKLVWyULFD\VXFDSDFLGDGGHVXJHVWLyQFRPRYDORUFRQV WDQWHPHQWHDFWXDOL]DGR 5HFRQRFHU \ DQDOL]DU ORV HOHPHQWRV TXH FRQILJXUDQ OD SURGXF FLyQ DUWtVWLFD FRQVLGHUDQGR ODV LQIOXHQFLDV \ ODV UHODFLRQHV HQWUH HO DUWLVWD\ODVRFLHGDGFDPELDQWHVHQHOWLHPSR &RQ HVWH FULWHULR VH SUHWHQGH VDEHU VL ORV HVWXGLDQWHV FRQVLGHUDQ TXHHODUWLVWDFRPRVHUVRFLDOHVTXLHQHQVXREUDUHDOL]DHOHQFXHQWUR FRQODKLVWRULD\VXVFRQGLFLRQDPLHQWRVHVSHFtILFRV6HWUDWDGHHYDOXDU ODFDSDFLGDGGHORVHVWXGLDQWHVSDUDUHFRQRFHU\DQDOL]DUORVHOHPHQWRV FRQILJXUDGRUHVGHODSURGXFFLyQDUWtVWLFDDWUDYpVGHOWLHPSRGHWHUPL QDUDOJXQDVPHGLDFLRQHVVRFLDOHVFRPRSRUHMHPSORORVYtQFXORVGH SDWURQD]JR HQ OD FUHDFLyQ DUWtVWLFD ORV FRQYHQFLRQDOLVPRV VRFLDOHV R HOJXVWRGHOS~EOLFRUHFHSWRUHQWUHRWUDV(QXQSULPHUJUDGRHODOXP QDGRGHEHUiUHFRQRFHUDTXHOORVIDFWRUHVTXHLQIOX\HQHQODSURGXFFLyQ DUWtVWLFD GLVWLQJXLHQGR HQWUH DTXpOORV TXH SURFHGHQ GHO PHGLR VRFLDO HQHOTXHVHUHDOL]DODREUD\DTXpOORVTXHVHGHULYDQGHODFDSDFLGDG GHO DUWLVWD (Q XQ VHJXQGR QLYHO HVWDEOHFHUi UHODFLRQHV HQWUH OD SRVL FLyQVRFLDO\ODVFRQGLFLRQHVGHYLGDGHORVDUWLVWDV\ODIXQFLyQVRFLDO GHODUWH)LQDOPHQWHHODOXPQDGRGHEHUiH[SOLFDUFyPRODLQWHUDFFLyQ GHHVWRVHOHPHQWRVFRQILJXUDVLWXDFLRQHVKLVWyULFDVFDUDFWHUtVWLFDV ([SOLFDUODVSHUPDQHQFLDV\ORVFDPELRVHQORVSURFHVRVDUWtV WLFRV DO FRQVWDWDU \ FRPSDUDU FRQFHSFLRQHV HVWpWLFDV \ UDVJRV HVWLOtV WLFRV &RQ HVWH FULWHULR VH WUDWD GH HYDOXDU VL ORV HVWXGLDQWHV FRPSUHQ GHQORVSURFHVRVGHFDPELRDUWtVWLFR6LHQSULPHUOXJDUFRQVWDWDQOD GLIHUHQWHFRQFHSFLyQGHORVHOHPHQWRVFRQILJXUDGRUHVORVQXHYRVSUR EOHPDV\ODLQFLGHQFLDGHORVQXHYRVXVRV\IXQFLRQHVDVRFLDGDVDODV REUDVGHDUWHGHXQGHWHUPLQDGRPRPHQWR(QVHJXQGROXJDUVLHVWD EOHFHQUHODFLRQHVHQWUHORVGLVWLQWRVIDFWRUHVGHORVSURFHVRVGHFDP ELR\FRQVWDWDQTXHGLFKRVHOHPHQWRVYDUtDQHQVXFRPELQDFLyQDOR ODUJRGHOWLHPSR\HQFDGDREUD(Q~OWLPROXJDUHVWHFULWHULRSHUPLWH FRPSUREDUVLHODOXPQDGRHVFDSD]GHGLIHUHQFLDUORVHOHPHQWRVPiV GLQiPLFRVGHORVSHUVLVWHQWHV\VLUHFRQRFHORVGLIHUHQWHVULWPRVGHORV FDPELRVHQXQWLHPSRODUJRRFRUWR ,GHQWLILFDU\YDORUDUHOSURWDJRQLVPRGHORVDUWLVWDVHQHOSURFH VRFUHDWLYRFRQVWDWDUHQVXVREUDVPiVUHOHYDQWHVORVQXHYRVSODQWHD PLHQWRVRYtDVDELHUWDVHQXQDVGHWHUPLQDGDVFLUFXQVWDQFLDVKLVWyULFDV $PE HVWH FULWHUL HV SUHWpQ DYDOXDU VL HOV HVWXGLDQWV FRPSUHQHQ OD WHQVLyTXHHVSURGXw[HQHOSURFpVFUHDWLXHQWUHODLQGLYLGXDOLWDWLPDJL QDWLYDGHO¶DUWLVWDLOHVPHGLDFLRQVVRFLDOVTXHFRQILJXUHQHOVLJQLILFDW GHO¶REUDDUWtVWLFD3HUDDL[zVHUjQHFHVVDULFHQWUDUO¶DQjOLVLHQO¶REUD G¶DOJXQVDUWLVWHVVLJQLILFDWLXV(QXQSULPHUJUDXO¶DOXPQDWFRQVWDWD UjODLQWHQFLyFUHDWLYDGHO¶DUWLVWDHOPDUJHGHOOLEHUWDWTXHOLSHUPH WHQ HO VHX SHQVDPHQW OD VHXD IRUPDFLy L HOV VHXV PLWMDQV H[SUHVVLXV (QXQVHJRQJUDXFRQIURQWDUjODYROXQWDWFUHDWLYDGHO¶DUWLVWDDPEOHV OLPLWDFLRQVTXHLPSRVDODSURGXFFLyGLIXVLyLUHFHSFLyGHODVHXDREUD HQXQFRQWH[WVRFLDOFRQFUHWSHUDHQXQWHUFHUQLYHOOSRGHUYDORUDU HO TXH KL KD G¶RULJLQDO HQ OD VHXD REUD L DOOz TXH SDUWLFLSD GHOV FRQ YHQFLRQDOLVPHVHVWqWLFVLFXOWXUDOVH[SOLFDQWHOSDSHUTXHKDQH[HUFLWL H[HUFL[HQOHVGLYHUVHVPHGLDFLRQVVRFLDOVHQODFRQILJXUDFLyGHO¶REUD DUWtVWLFD &RPSUHQGUHLH[SOLFDUODSUHVqQFLDGHO¶DUWHQODYLGDTXRWLGLDQD LHQHOVPLWMDQVGHFRPXQLFDFLyVRFLDOLYDORUDUODVHXDXWLOLW]DFLyFRP DREMHFWHGHFRQVXP (VWUDFWDG¶DYDOXDUHQTXLQDPHVXUDO¶DOXPQDWDSOLFDHOVDSUHQHQ WDWJHVGHVHQURWOODWVHQHQMXGLFLDUHOSDSHUGHO¶DUWLOHVPDQLIHVWDFLRQV DUWtVWLTXHV GHO PyQ DFWXDO (O FULWHUL SHUPHW FRPSURYDU VL HOV HVWXGL DQWVV¶HQIURQWHQDOFRPSOH[PyQGHO¶DUWGHPDQHUDTXHWRWHOEDJDWJH FRQFHSWXDOLPHWRGROzJLFDSUpVHQODPDWqULDHOVSHUPHWDHQWHQGUH¶OL YDORUDUORHQHVWHVHQWLWHVWUDFWDGHVDEHUVLFRPSUHQHQTXHOHVREUHV G¶DUWWDPEpUHYHOHQHOVPHFDQLVPHVLYDORUVEjVLFVTXHUHJL[HQHOIXQ FLRQDPHQW GH OD VRFLHWDW DFWXDO$ PpV HVWH FULWHUL SHUPHW DYDOXDU VL O¶DOXPQDWDQDOLW]DFUtWLFDPHQWHOVPLWMDQVGHFRPXQLFDFLyVRFLDOLHQ UHODFLyDPEDozVLGLIHUHQFLDHOYDORUDUWtVWLFG¶XQDREUDG¶DUWGHOVHX YDORUHFRQzPLFLSHUWDQWVLUHFRQHL[GLYHUVRVFULWHULVSHUDHVWDEOLUHO YDORULODIXQFLyGHO¶DUWDFWXDO $QDOLW]DUPRQXPHQWVDUWtVWLFVLREUHVG¶DUWHQPXVHXVLH[SRVL FLRQV5HIOH[LRQDUVREUHODVHXDIXQFLyVRFLDO (VWUDFWDGHFRPSURYDUODFDSDFLWDWGHO¶DOXPQDWSHUDDSUHFLDUOD TXDOLWDW HVWqWLFD GH OHV REUHV G¶DUW REMHFWH GH FRQWHPSODFLy L DQjOLVL (VWHFULWHULSHUPHWVDEHUVLHOVHVWXGLDQWVWHQHQHQFRPSWHHOVIDFWRUV TXHFRQGLFLRQHQODSURGXFFLyLHOVSUREOHPHVTXHO¶DUWLVWDYDKDYHUGH UHVROGUHeVDGLUVLO¶DOXPQDWDEDQVG¶HPHWUHXQMXtVREUHXQDREUD G¶DUWpVFDSDoGHIRUPXODUVHSUHJXQWHVGLDORJDQWDPEO¶REMHFWH,HQ XQVHJRQJUDXVLpVFDSDoGHGLIHUHQFLDURSLQLRQVLLQWHUSUHWDFLRQVUDR QDGHV UHFRQHL[HQW TXH HQ O¶H[SHULqQFLD HVWqWLFD OHV HPRFLRQV WDPEp SRGHQIXQFLRQDUFRJQRVFLWLYDPHQW )LQDOPHQW HV FRPSURYDUj VL O¶DOXPQDW SRW LQLFLDU XQD UHIOH[Ly VREUH OD PHGLDFLy TXH H[HUFL[HQ HOV HVSDLV PXVHtVWLFV L G¶H[SRVLFL RQVHQODUHFHSFLyLDSURSLDFLyVRFLDOLLQGLYLGXDOGHO¶REUDG¶DUWFRP D FRQIRUPDGRUV GHO JXVW L FRP D H[SUHVVLy GHOV YDORUV HVWqWLFV G¶XQD VRFLHWDWGHWHUPLQDGD 5HFRQpL[HULYDORUDUODGLYHUVLWDWLULTXHVDGHOQRVWUHSDWULPRQL DUWtVWLFSHUPLWMjGHO¶DQjOLVLG¶DOJXQHVREUHVG¶DUW $PEHVWHFULWHULV¶DFFHQWXDODLPSRUWjQFLDGHO¶HVWXGLGHO¶HQWRUQ FXOWXUDO (V WUDFWD G¶DYDOXDU OD FDSDFLWDW GH O¶DOXPQDW SHU D PRELOLW ]DU WRWV HOV DSUHQHQWDWJHV GHVHQURWOODWV L DSOLFDUORV D O¶DQjOLVL DUWtVWL FDG¶REUHVSUz[LPHV3HUWDQWHVWHFULWHULSUHWpQDYDOXDUFDSDFLWDWVMD H[SUHVVDGHVDQWHULRUPHQWSHUzDSOLFDQWOHVDODKLVWzULDSUzSLD *(2*5$),$ 0RGDOLWDWG¶+XPDQLWDWVL&LqQFLHV6RFLDOV ,,QWURGXFFLy /DJHRJUDILDV¶RFXSDHVSHFtILFDPHQWGHO¶HVWXGLGHO¶HVSDLJHRJUj ILF HQWpV FRP HO PHGL HQ TXq Wp OORF OD YLGD L OHV DFWLYLWDWV GHOV VHUV KXPDQV/HVFRQGLFLRQVPHGLDPELHQWDOVTXHFRQVWLWXw[HQHOPHGLDL[t FRPODVHXDORFDOLW]DFLyDIHFWHQOHVDFWLYLWDWVKXPDQHVSHUzHVWHVDO VHXWRUQWDPEpVyQFDSDFHVGHWUDQVIRUPDUHVWHVFRQGLFLRQVTXHFRQ WULEXw[HQDODFRQILJXUDFLyGHO¶HVSDLJHRJUjILF3HUWDQWO¶HVSDLJHR JUjILFLQFORXULDO¶HVSDLItVLFUHVXOWDWGHODGLQjPLFDGHOVHOHPHQWVTXH FRPSRQHQO¶HFRVLVWHPDQDWXUDOLO¶HVSDLVRFLDOPRGLILFDWLFRQILJXUDW G¶DFRUGDPEHOVLQWHUHVVRVGHJUXSVVRFLDOVGLYHUVRV 'HV G¶HVWD SHUVSHFWLYD OD JHRJUDILD FRP D REMHFWH GH FRQHL[H PHQWSRWDSRUWDUXQULJRUH[SOLFDWLXDODLQWHUSUHWDFLyLFRPSUHQVLyGH O¶HVSDLJHRJUjILFHVSDQ\RO3HUDDL[zHVWXGLDODGLVWULEXFLyLORFDOLW &RQHVWHFULWHULRVHSUHWHQGHHYDOXDUVLORVHVWXGLDQWHVFRPSUHQGHQ ODWHQVLyQTXHVHSURGXFHHQHOSURFHVRFUHDWLYRHQWUHODLQGLYLGXDOLGDG LPDJLQDWLYD GHO DUWLVWD \ ODV PHGLDFLRQHV VRFLDOHV TXH FRQILJXUDQ HO VLJQLILFDGRGHODREUDDUWtVWLFD3DUDHOORVHUiQHFHVDULRFHQWUDUHODQi OLVLVHQODREUDGHDOJXQRVDUWLVWDVVLJQLILFDWLYRV(QXQSULPHUJUDGR HODOXPQDGRFRQVWDWDUiODLQWHQFLyQFUHDWLYDGHODUWLVWDHOPDUJHQGH OLEHUWDG TXH OH SHUPLWHQ VX SHQVDPLHQWR VX IRUPDFLyQ \ VXV PHGLRV H[SUHVLYRV (Q XQ VHJXQGR JUDGR FRQIURQWDUi OD YROXQWDG FUHDWLYD GHO DUWLVWD FRQ ODV OLPLWDFLRQHV TXH LPSRQH OD SURGXFFLyQ GLIXVLyQ \ UHFHSFLyQGHVXREUDHQXQFRQWH[WRVRFLDOFRQFUHWRSDUDHQXQWHUFHU QLYHO SRGHU YDORUDU OR TXH KD\ GH RULJLQDO HQ VX REUD \ DTXHOOR TXH SDUWLFLSD GH ORV FRQYHQFLRQDOLVPRV HVWpWLFRV \ FXOWXUDOHV H[SOLFDQGR HOSDSHOTXHKDQGHVHPSHxDGR\GHVHPSHxDQODVGLYHUVDVPHGLDFLRQHV VRFLDOHVHQODFRQILJXUDFLyQGHODREUDDUWtVWLFD &RPSUHQGHU\H[SOLFDUODSUHVHQFLDGHODUWHHQODYLGDFRWLGLDQD \HQORVPHGLRVGHFRPXQLFDFLyQVRFLDO\YDORUDUVXXWLOL]DFLyQFRPR REMHWRGHFRQVXPR 6HWUDWDGHHYDOXDUHQTXpPHGLGDHODOXPQDGRDSOLFDORVDSUHQGL ]DMHVGHVDUUROODGRVDOHQMXLFLDUHOSDSHOGHODUWH\ODVPDQLIHVWDFLRQHV DUWtVWLFDVGHOPXQGRDFWXDO(OFULWHULRSHUPLWHFRPSUREDUVLORVHVWX GLDQWHVVHHQIUHQWDQDOFRPSOHMRPXQGRGHODUWHGHPDQHUDTXHWRGRHO EDJDMHFRQFHSWXDO\PHWRGROyJLFRDSUHQGLGRHQODPDWHULDOHVSHUPLWD HQWHQGHUOR \ YDORUDUOR HQ HVWH VHQWLGR VH WUDWD GH VDEHU VL FRPSUHQ GHQ TXH ODV REUDV GH DUWH WDPELpQ UHYHODQ ORV PHFDQLVPRV \ YDORUHV EiVLFRV TXH ULJHQ HO IXQFLRQDPLHQWR GH OD VRFLHGDG DFWXDO$GHPiV HVWH FULWHULR SHUPLWH HYDOXDU VL HO DOXPQDGR DQDOL]D FUtWLFDPHQWH ORV PHGLRVGHFRPXQLFDFLyQVRFLDO\HQUHODFLyQFRQHVWRVLGLIHUHQFLDHO YDORUDUWtVWLFRGHXQDREUDGHDUWHGHVXYDORUHFRQyPLFR\SRUWDQWR VLUHFRQRFHGLYHUVRVFULWHULRVSDUDHVWDEOHFHUHOYDORU\ODIXQFLyQGHO DUWHDFWXDO $QDOL]DU PRQXPHQWRV DUWtVWLFRV \ REUDV GH DUWH HQ PXVHRV \ H[SRVLFLRQHV5HIOH[LRQDUDFHUFDGHVXIXQFLyQVRFLDO 6HWUDWDGHFRPSUREDUODFDSDFLGDGGHODOXPQDGRSDUDDSUHFLDUOD FDOLGDGHVWpWLFDGHODVREUDVGHDUWHREMHWRGHFRQWHPSODFLyQ\DQiOLVLV (VWHFULWHULRSHUPLWHVDEHUVLORVHVWXGLDQWHVWLHQHQHQFXHQWDORVIDFWR UHVTXHFRQGLFLRQDQODSURGXFFLyQ\ORVSUREOHPDVTXHHODUWLVWDWXYR TXHUHVROYHU(VGHFLUVLHODOXPQDGRDQWHVGHHPLWLUXQMXLFLRVREUH XQDREUDGHDUWHHVFDSD]GHIRUPXODUVHSUHJXQWDVGLDORJDQGRFRQHO REMHWR<HQXQVHJXQGRJUDGRVLHVFDSD]GHGLIHUHQFLDURSLQLRQHVH LQWHUSUHWDFLRQHVUD]RQDGDVUHFRQRFLHQGRTXHHQODH[SHULHQFLDHVWpWL FDODVHPRFLRQHVWDPELpQSXHGHQIXQFLRQDUFRJQRVFLWLYDPHQWH )LQDOPHQWH VH FRPSUREDUi VL HO DOXPQDGR SXHGH LQLFLDU XQD UHIOH[LyQDFHUFDGHODPHGLDFLyQTXHHMHUFHQORVHVSDFLRVPXVHtVWLFRV \GHH[SRVLFLRQHVHQODUHFHSFLyQ\DSURSLDFLyQVRFLDOHLQGLYLGXDOGH ODREUDGHDUWHFRPRFRQIRUPDGRUHVGHOJXVWR\FRPRH[SUHVLyQGHORV YDORUHVHVWpWLFRVGHXQDVRFLHGDGGDGD 5HFRQRFHU\YDORUDUODGLYHUVLGDG\ULTXH]DGHQXHVWURSDWULPR QLRDUWtVWLFRPHGLDQWHHODQiOLVLVGHDOJXQDVREUDVGHDUWH &RQHVWHFULWHULRVHDFHQW~DODLPSRUWDQFLDGHOHVWXGLRGHOHQWRUQR FXOWXUDO6HWUDWDGHHYDOXDUODFDSDFLGDGGHODOXPQDGRSDUDPRYLOL]DU WRGRVORVDSUHQGL]DMHVGHVDUUROODGRV\DSOLFDUORVDODQiOLVLVDUWtVWLFRGH REUDVFHUFDQDV3RUWDQWRHVWHFULWHULRSUHWHQGHHYDOXDUFDSDFLGDGHV\D H[SUHVDGDVDQWHULRUPHQWHSHURDSOLFiQGRODVDODKLVWRULDSURSLD *(2*5$)Ë$ 0RGDOLGDGGH+XPDQLGDGHV\&LHQFLDV6RFLDOHV ,,QWURGXFFLyQ /D *HRJUDItD VH RFXSD HVSHFtILFDPHQWH GHO HVWXGLR GHO HVSDFLR JHRJUiILFRHQWHQGLGRFRPRHOPHGLRHQHOTXHWLHQHOXJDUODYLGD\ODV DFWLYLGDGHVGHORVVHUHVKXPDQRV/DVFRQGLFLRQHVPHGLRDPELHQWDOHV TXHFRQVWLWX\HQHOPHGLRDVtFRPRVXORFDOL]DFLyQDIHFWDQDODVDFWL YLGDGHVKXPDQDVSHURpVWDVDVXYH]WDPELpQVRQFDSDFHVGHWUDQV IRUPDUWDOHVFRQGLFLRQHVFRQWULEX\HQGRDODFRQILJXUDFLyQGHOHVSDFLR JHRJUiILFR3RUORWDQWRHOHVSDFLRJHRJUiILFRLQFOXLUtDHOHVSDFLRItVL FRUHVXOWDGRGHODGLQiPLFDGHORVHOHPHQWRVTXHFRPSRQHQHOHFRVLV WHPDQDWXUDO\HOHVSDFLRVRFLDOPRGLILFDGR\FRQILJXUDGRGHDFXHUGR DORVLQWHUHVHVGHJUXSRVVRFLDOHVGLYHUVRV 'HVGHHVWDSHUVSHFWLYDOD*HRJUDItDFRPRREMHWRGHFRQRFLPLHQ WR SXHGH DSRUWDU XQ ULJRU H[SOLFDWLYR D OD LQWHUSUHWDFLyQ \ FRPSUHQ VLyQGHOHVSDFLRJHRJUiILFRHVSDxRO3DUDHOORHVWXGLDODGLVWULEXFLyQ\