3/$1 (675$7e*,&2 '( '(6$552//2 -89(1,/ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 3/$1(675$7e*,&2'( '(6$552//2-89(1,/ &225',1$&,Ï1 0 7HUHVD /R]DQR *RQ]iOH] 3HGUR 7UDSHUR ,EixH] &2/$%25$'25(6 ÏVFDU $ORQVR 5DPtUH] 'DYLG +HUYiV 6DQ] BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 352'(&$1 3/$1 (675$7e*,&2 '( '(6$552//2 -89(1,/ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB Ë1',&( ,1752'8&&,Ï1 0(72'2/2*Ë$ ',$*1Ï67,&2 62&,$/ $UUDLJR (PSOHR \ IRUPDFLyQ 3DUWLFLSDFLyQ SROtWLFD \ VRFLDO $QiOLVLV '$)2 3/$1 (675$7e*,&2 &20$5&$/ '( -89(178' 2EMHWLYR JHQHUDO 2EMHWLYR WUDQVYHUVDO 2EMHWLYRV HVSHFtILFRV 2EMHWLYR 3URPRYHU HO FRQRFLPLHQWR GH OD FRPDUFD 2EMHWLYR 0HMRUDU ODV UHGHV GH FRPXQLFDFLyQ HQWUH OD MXYHQWXG GH OD FRPDUFD 2EMHWLYR )DFLOLWDU OD LQIRUPDFLyQ VREUH WHPDV ODERUDOHV FXOWXUDOHV IRUPDWLYRV \ GH RFLR 2EMHWLYR (VWLPXODU OD FXOWXUD HPSUHQGHGRUD 2EMHWLYR 5HIRU]DU OD FRPXQLFDFLyQ \ FRRUGLQDFLyQ LQVWLWXFLRQDO VREUH WHPDV GH MXYHQWXG 2EMHWLYR ,PSXOVDU OD SDUWLFLSDFLyQ GH ORVDV MyYHQHV HQ OD YLGD S~EOLFD 2EMHWLYR $FHUFDU OD DGPLQLVWUDFLyQ S~EOLFD D OD MXYHQWXG 2EMHWLYR 'HVDUUROODU XQD RIHUWD IRUPDWLYD DGHFXDGD D ODV QHFHVLGDGHV GH OD MXYHQWXG 3/$1,),&$&,Ï1 (9$/8$&,Ï1 $3e1',&( BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 352'(&$1 3/$1 (675$7e*,&2 '( '(6$552//2 -89(1,/ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB ,1752'8&&,Ï1 /D FRPDUFD GH OD &DPSLxD 1RUWH GH -DpQ HVWi VLWXDGD HQ HO FXDGUDQWH QRURFFLGHQWDO GH OD SURYLQFLD GH -DpQ GHQWUR GH OD &RPXQLGDG $XWyQRPD GH $QGDOXFtD /LPLWD DO 1RUWH FRQ OD SURYLQFLD GH &LXGDG 5HDO DO 2HVWH FRQ OD SURYLQFLD GH &yUGRED DO 6XU FRQ ORV PXQLFLSLRV GH 0DUWRV -DPLOHQD 7RUUHGHOFDPSR \ -DpQ \ DO (VWH FRQ ORV PXQLFLSLRV GH 9LOODUJRUGR 7RUUHEODVFRSHGUR /LQDUHV 9LOFKHV 6DQWLVWHEDQ GHO 3XHUWR \ 1DYDV GH 6DQ -XDQ 3RVHH XQD H[WHQVLyQ GH .P XQD SREODFLyQ GH KDELWDQWHV XQD GHQVLGDG GH SREODFLyQ GH KDENP \ FRPSUHQGH XQ WRWDO GH SXHEORV /RV PXQLFLSLRV TXH FRPSRQHQ OD &DPSLxD 1RUWH VRQ $OGHDTXHPDGD $QG~MDU $UMRQD $UMRQLOOD %DLOpQ %DxRV GH OD (QFLQD &DUERQHURV /D &DUROLQD &D]DOLOOD (VFDxXHOD (VSHOX\ )XHUWH GHO 5H\ *XDUURPiQ +LJXHUD GH &DODWUDYD -DEDOTXLQWR /DKLJXHUD /RSHUD 0DUPROHMR 0HQJtEDU 3RUFXQD 6DQWD (OHQD 6DQWLDJR GH &DODWUDYD 7RUUHGRQMLPHQR 9LOODQXHYD GH OD 5HLQD \ 9LOODUGRPSDUGR )XHQWH (ODERUDFLyQ SURSLD ,QVWLWXWR 1DFLRQDO GH (VWDGtVWLFD ,1( ZZZSURGHFDQRUJ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 352'(&$1 3/$1 (675$7e*,&2 '( '(6$552//2 -89(1,/ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 6X JUDQ H[WHQVLyQ \ VX VLWXDFLyQ HQWUH 6LHUUD 0RUHQD \ HO YDOOH GHO *XDGDOTXLYLU OH KD FRQIHULGR XQD GLYHUVLILFDFLyQ GH HVSDFLRV XVRV \ DSURYHFKDPLHQWRV D OR ODUJR GH OD KLVWRULD TXH OD KD GRWDGR GH XQ DPSOLR DEDQLFR GH SRVLELOLGDGHV (V XQD ]RQD TXH KD VHUYLGR GH WUiQVLWR HQWUH OD PHVHWD \ $QGDOXFtD GHVGH DQWLJXR SRU OR TXH HVWi PX\ ELHQ FRPXQLFDGD FRQ HO H[WHULRU FRQ FDUUHWHUDV FRPR ODV QDFLRQDOHV ,9 \ \ FRQ XQD GH ODV SULQFLSDOHV YtDV GH IHUURFDUULO GHO SDtV 6LQ HPEDUJR DGROHFH GH SUREOHPDV HQ OD FRPXQLFDFLyQ LQWHUQD HQWUH VXV PXQLFLSLRV +D\ TXH GLVWLQJXLU HQWUH OD ]RQD QRUWH GH PRQWDxD \ OD VXU GH FDPSLxD (Q HO 1RUWH VH XELFDQ ORV SDUTXHV QDWXUDOHV GH $QG~MDU 'HVSHxDSHUURV \ HO SDUDMH QDWXUDO GH OD &LPEDUUD TXH UH~QHQ XQD JUDQ ULTXH]D KLVWyULFD QDWXUDO SDLVDMtVWLFD \ FLQHJpWLFD /RV UHFXUVRV HFRQyPLFRV GH OD ]RQD HVWiQ PDUFDGRV SRU XQD IXHUWH SUHVHQFLD GHO 6HFWRU 3ULPDULR VLHQGR OD DFWLYLGDG DJUtFROD HO SULQFLSDO PHGLR GH YLGD GH OD PD\RUtD GH ORV PXQLFLSLRV FRQ H[WHQVRV UHJDGtRV HQ OD YHJD GHO *XDGDOTXLYLU SULQFLSDOPHQWH GH DOJRGyQ PDt] DOIDOID KRUWDOL]DV \ HVSiUUDJRV TXH VH DOWHUQDQ FRQ HO PD\RULWDULR FXOWLYR GHO ROLYDU 3RU RWUD SDUWH DSDUHFH XQD DFHSWDEOH DFWLYLGDG LQGXVWULDO MXQWR DO HMH GH OD $XWRYtD GH $QGDOXFtD HQ ORV PXQLFLSLRV GH /D &DUROLQD *XDUURPiQ %DLOpQ \ $QGXMDU FRQ XQ HOHYDGR SRUFHQWDMH GH SREODFLyQ DFWLYD RFXSDGD HQ HVWH VHFWRU /D MXYHQWXG UHSUHVHQWD HO IXWXUR GH ORV SXHEORV /D JHQHUDFLyQ DFWXDO HVWi PHMRU IRUPDGD \ KD WHQLGR DFFHVR D XQ PD\RU QLYHO HGXFDWLYR IRUPDO \ HQ JHQHUDO D PiV RSRUWXQLGDGHV TXH VXV SDGUHV \ TXH VXV DEXHORV 6LQ HPEDUJR HV XQ FROHFWLYR HVSHFLDOPHQWH FDVWLJDGR SRU HO GHVHPSOHR \ OD SUHFDULHGDG ODERUDO OR TXH GLILFXOWD VX HPDQFLSDFLyQ 8QD VRFLHGDG TXH LGHDOL]D ORV YDORUHV WUDGLFLRQDOPHQWH DVRFLDGRV D OD MXYHQWXG FRPR OD EHOOH]D OD DFFLyQ HO VH[R OD OLEHUWDG R OD DXVHQFLD GH UHVSRQVDELOLGDG QLHJD D HVWH FROHFWLYR ODV SRVLELOLGDGHV GH DFFHGHU D ORV PHGLRV SDUD GHVDUUROODU XQD YLGD DXWyQRPD SURYRFDQGR IUHFXHQWHV VHQWLPLHQWRV GH IUXVWUDFLyQ DOLHQDFLyQ \ GHVHQFDQWR (O SHULRGR ZZZSURGHFDQRUJ 6,0$ ,QVWLWXWR GH (VWDGtVWLFD GH $QGDOXFtD ,($ ,1(0 BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 352'(&$1 3/$1 (675$7e*,&2 '( '(6$552//2 -89(1,/ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB FRQRFLGR FRPR MXYHQWXG VH KD DODUJDGR SRUTXH ORV PHGLRV GH FRPXQLFDFLyQ HO DFFHVR JHQHUDO D XQ PD\RU FRQRFLPLHQWR \ XQD HVWUXFWXUD PiV DELHUWD GH OD VRFLHGDG KDQ DFRUWDGR HO SHULRGR GH OD LQIDQFLD \ ODV GLILFXOWDGHV SDUD DFFHGHU D XQ WUDEDMR HVWDEOH KDQ UHWUDVDGR OD HQWUDGD HQ OD HGDG DGXOWD /RVDV MyYHQHV WLHQHQ TXH HPLJUDU SDUD ODEUDUVH XQ IXWXUR KLSRWHFDQGR D VX SHVDU HO IXWXUR GH VXV SXHEORV \ VX FRPDUFD 6L TXHUHPRV TXH OD MXYHQWXG SHUPDQH]FD HQ VXV PXQLFLSLRV GHEHPRV DWHQGHU PHMRU VXV QHFHVLGDGHV TXH GHELGR D OD SURORQJDFLyQ GHO WLHPSR TXH VH SHUWHQHFH D HVWD HWDSD VRQ DKRUD PiV GLYHUVDV \ FRPSOHMDV HQ ORV iPELWRV GH OD HFRQRPtD GHO RFLR GH ODV UHODFLRQHV SHUVRQDOHV \ GHO GHVDUUROOR LQGLYLGXDO 'H DKt OD LPSRUWDQFLD GH HVWH WLSR GH HVWXGLRV SDUD FRQRFHU XQ SRFR PHMRU OD UHDOLGDG 32%/$&,Ï1 -29(1 (1 /$ &$03,f$ 1257( '( -$e1 0HQRV GH MyYHQHV (QWUH \ MyYHQHV (QWUH \ MyYHQHV (QWUH \ MyYHQHV 0DV GH MyYHQHV )XHQWH (ODERUDFLyQ SURSLD BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 352'(&$1 3/$1 (675$7e*,&2 '( '(6$552//2 -89(1,/ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 32%/$&,Ð1 -29(1 (1 /$ &$03,f$ 1257( &HQVR $OGHDTXHPDGD $QG~MDU $UMRQD $UMRQLOOD %DLOpQ %DxRV GH OD (QFLQD &DUERQHURV &DUROLQD /D &D]DOLOOD (VFDxXHOD (VSHO~\ )XHUWH GHO 5H\ *XDUURPiQ +LJXHUD GH &DODWUDYD -DEDOTXLQWR /DKLJXHUD /RSHUD 0DUPROHMR 0HQJtEDU 3RUFXQD 6DQWD (OHQD 6DQWLDJR GH &DODWUDYD 7RUUHGRQMLPHQR 9LOODQXHYD GH OD 5HLQD 9LOODUGRPSDUGR &DPSLxD 1RUWH GH -DpQ $QGDOXFtD $PERV VH[RV 7RWDO 7RWDO -yYHQHV 0XQLFLS -yYHQHV )XHQWH 6,0$ ,QVWLWXWR GH (VWDGtVWLFD GH $QGDOXFtD ,($ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 352'(&$1 3/$1 (675$7e*,&2 '( '(6$552//2 -89(1,/ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 325&(17$-( '( 32%/$&,Ï1 -29(1 62%5( (/ 727$/ /D MXYHQWXG UHSUHVHQWD PHQRV GHO GHO WRWDO GH OD SREODFLyQ /D MXYHQWXG UHSUHVHQWD PiV GHO GHO WRWDO GH OD SREODFLyQ SHUR HVWi SRU GHEDMR GH OD PHGLD GH OD FRPDUFD /D MXYHQWXG UHSUHVHQWD XQ SRUFHQWDMH PD\RU GH OD PHGLD GH OD FRPDUFD SHUR LQIHULRU D OD PHGLD GH $QGDOXFtD /D MXYHQWXG UHSUHVHQWD XQ SRUFHQWDMH PD\RU GH OD PHGLD GH $QGDOXFtD )XHQWH (ODERUDFLyQ SURSLD 0(72'2/2*Ë$ 3DUD UHGDFWDU XQ 3ODQ (VWUDWpJLFR &RPDUFDO FUHtPRV FRQYHQLHQWH TXH HO DQiOLVLV VRFLDO SUHYLR GHEtD VHU HVHQFLDOPHQWH FXDOLWDWLYR SDUD SURIXQGL]DU HQ ODV FDXVDV \ FRQVHFXHQFLDV GH OD UHDOLGDG HQ OD TXH YLYHQ ORVDV MyYHQHV GH OD FRPDUFD $ OD KRUD GH DERUGDU HO HVWXGLR QRV SODQWHDPRV HVWH WLSR GH PHWRGRORJtD FRPR HO PiV DGHFXDGR D ORV REMHWLYRV SUHYLVWRV \ ODV FLUFXQVWDQFLDV TXH OR URGHDEDQ DVt WHQLHQGR HQ FXHQWD TXH VH WUDWD GH XQD SREODFLyQ GLVSHUVD EDVWDQWH BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 352'(&$1 3/$1 (675$7e*,&2 '( '(6$552//2 -89(1,/ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB KHWHURJpQHD \ FRQ XQDV FDUDFWHUtVWLFDV SHFXOLDUHV HQ FDGD XQR GH ORV PXQLFLSLRV SHQVDPRV TXH ORV JUXSRV GH GLVFXVLyQ FRQVWLWXtDQ XQ EXHQ PpWRGR GH LQYHVWLJDFLyQ GRQGH OD MXYHQWXG GH WRGDV ODV SREODFLRQHV WXYLHVH OD PLVPD RSRUWXQLGDG GH RSLQDU VREUH ODV FXHVWLRQHV TXH OH LQWHUHVDQ \ GRQGH SXGLHVHQ H[SUHVDUVH OLEUHPHQWH VLQ DFRWDU ODV SUHJXQWDV SUHYLDPHQWH 1R REVWDQWH H[LVWtD XQ JXLyQ VLHPSUH RULHQWDWLYR TXH QRV D\XGy D OD KRUD GH GLULJLU HO GHEDWH KDFLD ORV WHPDV FHQWUDOHV SDUD OD UHGDFFLyQ GHO 3ODQ 7HPDV SDUD ORV JUXSRV GH GLVFXVLyQ $UUDLJR (PSOHR \ IRUPDFLyQ 3DUWLFLSDFLyQ \ GHVDUUROOR $UUDLJR 4Xp OH GLVJXVWD GH VX SXHEOR 4Xp OH JXVWD GH VX SXHEOR 4Xp OH JXVWDUtD KDFHU HQ VX SXHEOR \ QR SXHGH 5HODFLyQ FRQ DPLVWDGHV SDUHMD IDPLOLD PDWULPRQLR KLMRV &yPR VH YH D Vt PLVPRD FRQ DxRV PiV (PDQFLSDFLyQ 6HQWLPLHQWR GH LGHQWLGDG FRPDUFDO (PSOHR \ )RUPDFLyQ $XWRHPSOHR &RRSHUDWLYDV \ HFRQRPtD VRFLDO ([LVWHQFLD GH LQLFLDWLYDV HPSUHVDULDOHV 6DOLGDV SURIHVLRQDOHV SRU FXHQWD DMHQD 5HODFLyQ HQWUH OD IRUPDFLyQ \ ODV RIHUWDV ODERUDOHV GH OD FRPDUFD $ PD\RU IRUPDFLyQ PHQRV SRVLELOLGDGHV GH WUDEDMDU HQ OD FRPDUFD BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 352'(&$1 3/$1 (675$7e*,&2 '( '(6$552//2 -89(1,/ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 'HPDQGDV IRUPDWLYDV SDUD HO HPSOHR \ HO RFLR 1XHYRV \DFLPLHQWRV GH HPSOHR 3DUWLFLSDFLyQ SROtWLFD \ VRFLDO \ 'HVDUUROOR 2SLQLyQ VREUH HO $\XQWDPLHQWR 3HUFHSFLyQ VREUH OD SURSLD SRVLFLyQ GHQWUR GH OD VRFLHGDG VWDWXV UROHV \ SDUWLFLSDFLyQ $FWLWXG DFWLYD R SDVLYD $FWLWXG DFWLYD R SDVLYD GH OD MXYHQWXG ORV GHPiV 3URWRWLSR GHO MRYHQ TXH SDUWLFLSD ([LVWHQFLD GH GLVWLQWRV QLYHOHV GH SDUWLFLSDFLyQ &DXVDV GH OD SDVLYLGDG \ HOHPHQWRV TXH PRWLYDQ OD SDUWLFLSDFLyQ &RQFHSWR 8Q JUXSR GH GLVFXVLyQ HV XQD UHXQLyQ HQWUH FLQFR \ GLH] SHUVRQDV RUJDQL]DGD SRU XQD LQYHVWLJDGRUD SDUD KDEODU VREUH XQ WHPD ([LVWHQ SXHV WUHV HOHPHQWRV JUXSR PRGHUDGRUD \ WHPD /D VHOHFFLyQ GH OD PXHVWUD TXH FRPSRQH HO JUXSR VH KDFH GH PDQHUD LQWHQFLRQDO 1R VH EXVFD OD UHSUHVHQWDWLYLGDG SRU PHGLR GH XQD PXHVWUD DOHDWRULD FRPR HQ OD WpFQLFD GH HQFXHVWD 6H SUHWHQGH HOHJLU D ODV SHUVRQDV VHJ~Q OD UHODFLyQ TXH JXDUGHQ FRQ HO REMHWR GH HVWXGLR \ HQWUH HOORVDV PLVPRVDV %XVFDPRV WHQHU UHSUHVHQWDGDV HQ HO HVWXGLR GHWHUPLQDGDV UHODFLRQHV VRFLDOHV TXH VH KDQ FRQVLGHUDGR SHUWLQHQWHV D SULRUL /RV FRQWDFWRV FRQ ODV SHUVRQDV TXH IRUPDURQ SDUWH GH ORV JUXSRV VH UHDOL]DURQ EiVLFDPHQWH D WUDYpV GH ORV D\XQWDPLHQWRV GH ORV GLVWLQWRV SXHEORV GH OD FRPDUFD HVSHFLDOPHQWH D WUDYpV GH ODV iUHDV GH -XYHQWXG ELHQ PHGLDQWH OD FRQFHMDOtD HQ OD PD\RUtD GH ORV FDVRV ELHQ PHGLDQWH HO SHUVRQDO WpFQLFR GHO iUHD H LQFOXVR FRQ RWUDV FRQFHMDOtDV +HPRV GH GHFLU TXH VDOYR H[FHSFLRQHV OD FRODERUDFLyQ IXH PX\ EXHQD 8QD YH] KHFKR HO FRQWDFWR UHPLWLPRV LQIRUPDFLyQ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 352'(&$1 3/$1 (675$7e*,&2 '( '(6$552//2 -89(1,/ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB VREUH HO 3ODQ \ OD PHWRGRORJtD D VHJXLU SDUD HO JUXSR GH GLVFXVLyQ /HV SHGtDPRV TXH FLWDVHQ D XQ JUXSR GH SHUVRQDV FRQFUHWR &RPSRQHQWHV GHO JUXSR GH GLVFXVLyQ 8QLYHUVLWDULRVDV 0LHPEURV GH DVRFLDFLRQHV 7UDEDMDGRUD GHO iUHD GH MXYHQWXG GHO $\XQWDPLHQWR -yYHQHV HPSUHVDULRVDV $OXPQRVDV GH HVFXHODV WDOOHU -yYHQHV TXH SDUWLFLSHQ HQ DFWLYLGDGHV GH YROXQWDULDGR X 21*V 7UDEDMDGRUHVDV SRU FXHQWD DMHQD -yYHQHV GHVHPSOHDGRVDV TXH QR SHUWHQH]FDQ D DVRFLDFLRQHV QL 21*V 0LHPEURV GH SDUWLGRV SROtWLFRV VL QR KD\ VXILFLHQWHV FRQ ORV DQWHULRUHV /DV FDUDFWHUtVWLFDV GH ORV JUXSRV YDULDURQ \ KXER SHFXOLDULGDGHV HQ FDGD PXQLFLSLR SHUR WDPELpQ VXUJLHURQ WHPDV UHFXUUHQWHV TXH PHUHFHQ VHU DQDOL]DGRV FRQ GHWHQLPLHQWR PiV DGHODQWH 7DPELpQ LQGLFDPRV OD PDQHUD GH SUHSDUDU ORV JUXSRV SRU SDUWH GH ORVDV FRQFHMDOHVDV R WpFQLFRVDV GH -XYHQWXG 'HEtD LQWHQWDUVH TXH ORVDV PLHPEURV GHO JUXSR HVWXYLHVHQ UHSDUWLGRV DO HQWUH KRPEUHV \ PXMHUHV /RVDV HQFDUJDGRVDV GH LQYLWDU D ODV SHUVRQDV D OD UHXQLyQ GHEtDQ VHU GLVWLQWRVDV GH ORVDV PRGHUDGRUHVDV GHO JUXSR /D UHXQLyQ GXUDUtD HQWUH \ PLQXWRV /D SHUVRQD TXH FRQWDFWDVH FRQ ORV PLHPEURV GHO JUXSR GHEtD LQWHQWDU LQIOXLUOHV OR PHQRV SRVLEOH D OD KRUD GH LQYLWDUORV D OD UHXQLyQ 8QD YH] TXH LEDQ VDOLHQGR ORV WHPDV SUHYLVWRV TXH HQ JHQHUDO VXUJLHURQ GH PDQHUD HVSRQWiQHD SDVDPRV D OD VHJXQGD IDVH UHFRJLGD HQ HO SUR\HFWR OD GH ³DQLPDFLyQ´ GRQGH VH FUHy XQ GHEDWH DFHUFD GH ODV SRVLELOLGDGHV DVRFLDWLYDV GH OD MXYHQWXG GHO SXHEOR \ VH FRPXQLFDURQ H[SHULHQFLDV GH RWURV OXJDUHV TXH OHV VLUYLHUDQ GH PRWLYDFLyQ DVt FRPR DOJXQRV GDWRV TXH SRGtDQ VHUOHV GH LQWHUpV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 352'(&$1 3/$1 (675$7e*,&2 '( '(6$552//2 -89(1,/ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB ',$*1Ï67,&2 62&,$/ $55$,*2 $O FRQWUDULR GH OR TXH KDELWXDOPHQWH VXHOH SHQVDUVH OD WHQGHQFLD HQWUH OD MXYHQWXG D TXHUHU TXHGDUVH HQ HO SXHEOR GH QDFLPLHQWR HV EDVWDQWH HOHYDGD /D PD\RUtD GH ODV SHUVRQDV TXH SDUWLFLSDURQ HQ ORV JUXSRV FRPHQWy TXH VL WXYLHVH SHUVSHFWLYDV ODERUDOHV DGHFXDGDV SUHIHULUtD UHVLGLU HQ VX PXQLFLSLR D FDPELDU VX OXJDU GH UHVLGHQFLD (QWUH ODV UD]RQHV TXH VH DSXQWDEDQ SDUD HOOR HQFRQWUDPRV XQ IXHUWH VHQWLPLHQWR GH SHUWHQHQFLD D VX ORFDOLGDG D OR TXH VH DxDGtDQ IXHUWHV OD]RV IDPLOLDUHV GH DPLVWDG GH SDUHMD H LQFOXVR GH OD PD\RUtD GH VXV UHFXHUGRV (Q ORV SXHEORV PiV SHTXHxRV \ HQ JHQHUDO HQ DTXHOORV FRQ XQ HQWRUQR QDWXUDO R XQ SDVDGR KLVWyULFR PiV DWUDFWLYR HO GHVHR GH SHUPDQHQFLD HQ OD ORFDOLGDG HV PD\RU /DV SHUVRQDV TXH SUHIHUtDQ TXHGDUVH DGHPiV GH ODV UD]RQHV DIHFWLYDV FLWDGDV DQWHULRUPHQWH SLHQVDQ TXH HQ VX SXHEOR KD\ XQD PD\RU FDOLGDG GH YLGD PiV KXPDQD WUDQTXLOD VHJXUD \ VDOXGDEOH TXH HQ ODV JUDQGHV FLXGDGHV 6LQ HPEDUJR OD PD\RUtD GH HOORVDV FUHHQ TXH HV PX\ GLItFLO HQFRQWUDU XQD VDOLGD ODERUDO SRU OR TXH HQ JHQHUDO KD\ XQ VHQWLPLHQWR GH UHVLJQDFLyQ DQWH OD SHUVSHFWLYD GH HPLJUDU KDFLD ]RQDV FRQ PD\RUHV RSRUWXQLGDGHV R GHQVLGDG GHPRJUiILFD (QWUH ODV SHUVRQDV TXH SUHILHUHQ UHVLGLU HQ XQ OXJDU GLIHUHQWH D VX SXHEOR VH DUJXPHQWD TXH D SDUWH GHO SUREOHPD ODERUDO H[LVWHQ RWURV FRPR OD IDOWD GH RSRUWXQLGDGHV FXOWXUDOHV GH RFLR \ IRUPDWLYDV DVt FRPR OD PRQRWRQtD HQ ODV DFWLYLGDGHV \ ORV FRQWDFWRV SHUVRQDOHV (Q FXDQWR D ODV UHODFLRQHV FRQ ODV SHUVRQDV GH VX HQWRUQR VXHOHQ HVWDU VDWLVIHFKRVDV D SHVDU GH HOOR VH TXHMDQ GHO FRQWURO VRFLDO TXH HMHUFH OD SREODFLyQ VREUH VXV YLGDV HVSHFLDOPHQWH HQ ORV PXQLFLSLRV PiV SHTXHxRV \ SRU ODV SHUVRQDV PiV PD\RUHV (Q JHQHUDO HQ FDVL WRGRV ORV JUXSRV VXUJLy HO WHPD FRPR XQD BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 352'(&$1 3/$1 (675$7e*,&2 '( '(6$552//2 -89(1,/ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB GLILFXOWDG DxDGLGD HQ OD YLGD FRWLGLDQD H LQFOXVR PRWLYDGR SRU JUXSRV GH SHUVRQDV GH PHGLDQD HGDG (VWH FRQWURO HV HVSHFLDOPHQWH LQWHQVR HQ HO FDVR GH ODV PXMHUHV TXH JR]DQ GH PHQRU OLEHUWDG HQ JHQHUDO \ YHQ VXV DFWRV PiV FXHVWLRQDGRV TXH ORV GH ORV KRPEUHV GH VX HGDG $ HVWR VH DxDGH XQ PRGHOR VRFLDO SUHILMDGR TXH YD VHxDODQGR SDXWDV GH FRPSRUWDPLHQWR \ HWDSDV HQ OD YLGD WHQHU QRYLR D XQD GHWHUPLQDGD HGDG FDVDUVH WHQHU KLMRV /D HPDQFLSDFLyQ HV XQ WHPD TXH HQ SULQFLSLR QR SDUHFH SUHRFXSDUOHV GHPDVLDGR TXL]i HVWR VH GHED D TXH HQ ORV SXHEORV OD JHQWH DEDQGRQD HO GRPLFLOLR IDPLOLDU ~QLFDPHQWH D WUDYpV GHO PDWULPRQLR R FXDQGR WLHQHQ TXH UHVLGLU HQ RWUD ORFDOLGDG (Q HO FDVR GH TXH DOJXLHQ OOHJXH D LQGHSHQGL]DUVH GHQWUR GH VX SURSLR SXHEOR HVWD FRQGXFWD VLHPSUH HV YLVWD FRQ UHFHOR \ VRVSHFKD SUREOHPDV FRQ OD IDPLOLD OLEHUWLQDMH (O VHQWLPLHQWR GH LGHQWLGDG FRPDUFDO HV PX\ GLIXVR \ QR VH UHODFLRQD FRQ OD GHPDUFDFLyQ FRPDUFDO \R LQVWLWXFLRQDO (Q PXFKRV FDVRV UHFRQRFHQ OD H[LVWHQFLD GH XQD FRPDUFD SHUR HO VHQWLPLHQWR GH SHUWHQHQFLD VH GLULJH VyOR D OD ORFDOLGDG 6H VXHOHQ FRQVLGHUDU SDUWH GH OD FRPDUFD D ORV SXHEORV LQPHGLDWDPHQWH PiV FHUFDQRV D OD ORFDOLGDG TXH VXHOH VLWXDUVH HQ HO FHQWUR DGHPiV GH LQFOXLU D SXHEORV FRQ XQD SREODFLyQ PiV HOHYDGD FRPR $QGXMDU R /LQDUHV DXQTXH HVWpQ DOJR PiV DOHMDGRV 3RU HOOR QRUPDOPHQWH FDGD SXHEOR WLHQH VX SURSLR FRQFHSWR FRPDUFDO \ UDUD YH] FRLQFLGH FRQ RWUR DGHPiV HQ RFDVLRQHV HVWH FRQFHSWR QR UHVSHWD ORV OtPLWHV SURYLQFLDOHV H LQFOXVR DXWRQyPLFRV (VWH VHQWLPLHQWR GH LGHQWLGDG D PHQXGR GHEH HQIUHQWDUVH D SUREOHPDV GH LQFRPXQLFDFLyQ HQWUH ORV SXHEORV FHUFDQRV WDQWR ItVLFD SRU OD GLILFXOWDG TXH H[LVWH SDUD GHVSOD]DUVH VL QR VH SRVHH YHKtFXOR SURSLR FRPR LQVWLWXFLRQDO (03/(2 < )250$&,Ï1 (O GHVHPSOHR HV XQR GH ORV SULQFLSDOHV SUREOHPDV TXH DIHFWDQ D OD FRPDUFD DVt FRPR OD IDOWD GH HPSOHRV DGHFXDGRV D OD IRUPDFLyQ \ D ODV 9HU DSpQGLFH BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 352'(&$1 3/$1 (675$7e*,&2 '( '(6$552//2 -89(1,/ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB H[SHFWDWLYDV GH ORVDV MyYHQHV TXH DIURQWDQ FRQ GHViQLPR OD E~VTXHGD GH HPSOHR 8QD GH ODV SULQFLSDOHV FDXVDV HV OD IDOWD GH GLYHUVLILFDFLyQ GH OD HFRQRPtD OD IXHQWH SULQFLSDO GH UHFXUVRV VXHOH FHQWUDUVH HQ HO VHFWRU DJUtFROD FRQ OR TXH H[LVWH XQ DOWR tQGLFH GH WHPSRUDOLGDG HQ HO WUDEDMR /D SREODFLyQ MRYHQ FRQ XQ QLYHO HGXFDWLYR VXSHULRU VXSRQH XQ LPSRUWDQWH VHFWRU GHQWUR GH ORV PXQLFLSLRV GH OD FRPDUFD /D GLILFXOWDG SDUD HQFRQWUDU XQ HPSOHR DGHFXDGR D VX IRUPDFLyQ HV PX\ HOHYDGD DGHPiV VXHOHQ VHU SHUVRQDV TXH KDQ FRQRFLGR XQ HVWLOR GH YLGD GLIHUHQWH FRQ OR TXH OHV UHVXOWD HVSHFLDOPHQWH GILILFtO DGDSWDUVH D ODV FLUFXQVWDQFLDV GH OD YLGD GHO SXHEOR 7RGR HOOR KDFH TXH VHD HO FROHFWLYR FRQ PHQRU DUUDLJR \ PiV SUREDELOLGDGHV GH HPLJUDU FRQ OR TXH HO SRWHQFLDO TXH VXSRQHQ SDUD HO SXHEOR VH SLHUGH 1R H[LVWH XQD UHODFLyQ LGyQHD HQWUH OD IRUPDFLyQ H[LVWHQWH \ OD RIHUWD GH HPSOHR HYLGHQWH HQ HO FDVR GH ORVDV XQLYHUVLWDULRVDV SHUR JHQHUDOL]DEOH DO UHVWR GH OD SREODFLyQ +D\ XQD FDUHQFLD LPSRUWDQWH GH FXUVRV R HVWRV VH RIHUWDQ HQ ORFDOLGDGHV D ODV TXH HV GLItFLO DFFHGHU SRU SUREOHPDV GH WUDQVSRUWH PHGLRV HFRQyPLFRV \ IDOWD GH LQIRUPDFLyQ 6H WLHQGH D VDWXUDU OD RIHUWD GH GHWHUPLQDGDV RSFLRQHV IRUPDWLYDV TXH D PHQXGR QR WLHQHQ GHPDVLDGD VDOLGD DO PHUFDGR ODERUDO HQ GHWULPHQWR GH OD GLYHUVLGDG \ ODV QHFHVLGDGHV UHDOHV (Q HO FDVR GH ODV HVFXHODV WDOOHU QR VXHOHQ REHGHFHU D OD ILQDOLGDG FRQ OD TXH IXHURQ FUHDGDV \ VLUYHQ SDUD RFXSDU WHPSRUDOPHQWH D OD JHQWH MRYHQ TXH QR HQFXHQWUD QDGD TXH KDFHU 6H XWLOL]DQ FRPR IXHQWH GH PDQR GH REUD EDUDWD GHVYLUWXDQGR VX IXQFLyQ \ GHVSUHVWLJLiQGRODV GH FDUD D VXV SRWHQFLDOHV EHQHILFLDULRVDV /D SREODFLyQ HQ JHQHUDO \ OD MXYHQWXG HQ SDUWLFXODU SUHILHUH WUDEDMDU SRU FXHQWD DMHQD HQ OXJDU GH LQLFLDU VX SURSLR QHJRFLR WHPD TXH DQDOL]DUHPRV PiV DGHODQWH FRQ PD\RU GHWHQLPLHQWR (VWD VLWXDFLyQ GHULYD HQ OD LQVXILFLHQFLD H LQDGHFXDFLyQ GH RIHUWDV ODERUDOHV 6RQ SRFDV SRUTXH OD PD\RUtD HVWiQ \D RFXSDGDV SRU SHUVRQDO FRQ DxRV GH H[SHULHQFLD \ HO DFFHVR D ODV QXHYDV RIHUWDV HV FRPSOLFDGR SRU OD IDOWD GH LQIRUPDFLyQ OD LPSRUWDQFLD GH ORV FRQWDFWRV SHUVRQDOHV HWF $GHPiV VRQ LQDGHFXDGDV SRUTXH PXFKDV HPSUHVDV GH OD ]RQD BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 352'(&$1 3/$1 (675$7e*,&2 '( '(6$552//2 -89(1,/ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB DSURYHFKDQGR OD VLWXDFLyQ GH SDUR RIUHFHQ SXHVWRV GH WUDEDMR HQ FRQGLFLRQHV PX\ SUHFDULDV VLQ FRQWUDWR REOLJiQGRORVDV D GDUVH GH DOWD FRPR DXWyQRPRVDV EDMRV VDODULRV H[FHVLYDV KRUDV GH WUDEDMR HWF IRPHQWDQGR XQD HFRQRPtD VXPHUJLGD TXH QR JHQHUD EHQHILFLRV D ODUJR SOD]R \ TXH QR IDYRUHFH OD HPDQFLSDFLyQ QL OD FDOLGDG GH YLGD FRQ OR TXH PXFKRVDV MyYHQHV SUHILHUHQ EXVFDU RSRUWXQLGDGHV HQ RWUR VLWLR (O GHVDUUROOR GH OD FRPDUFD HV XQD WDUHD GH WRGRVDV WDPELpQ GHO HPSUHVDULDGR ([LVWH SRFD LQLFLDWLYD HPSUHVDULDO HQ OD FRPDUFD DOJXQDV UD]RQHV TXH KHPRV REVHUYDGR VRQ )DOWD GH UHFXUVRV HFRQyPLFRV /DV VXEYHQFLRQHV OOHJDQ GHPDVLDGR WDUGH (V GHPDVLDGR DUULHVJDGR VLHPSUH QHFHVLWDV XQ UHVSDOGR \ VL VDOH PDO UHSHUFXWH HQ OD JHQWH TXH WH DYDOy 3RFD FRQILDQ]D HQ Vt PLVPRVDV (V QHFHVDULR FRQWDU FRQ XQD H[SHULHQFLD SUHYLD \ pVWD HV PX\ GLItFLO GH FRQVHJXLU /RV WUiPLWHV EXURFUiWLFRV VRQ GHPDVLDGRV \ FRPSOLFDGRV WDQWR SDUD LQLFLDU XQ QHJRFLR FRPR SDUD SHGLU ODV VXEYHQFLRQHV ,QFHUWLGXPEUH VREUH OD UHQWDELOLGDG GHO QHJRFLR GHELGR DO UHGXFLGR WDPDxR GH ORV PXQLFLSLRV 5LYDOLGDG \ ³HQYLGLD´ DVt FRPR H[FHVR GH GHVFRQILDQ]D SURSLR GH ORV SXHEORV FXDQGR DOJXLHQ GHFLGH HPSUHQGHU XQ QHJRFLR &XOWXUD JHQHUDOL]DGD RULHQWDGD D OD FRPRGLGDG \ D PLQLPL]DU HO ULHVJR /RV QXHYRV \DFLPLHQWRV GH HPSOHR HV XQ WHPD TXH QR VXUJH HVSRQWiQHDPHQWH HQ FDVL QLQJ~Q VLWLR KD\ FLHUWR GHVFRQRFLPLHQWR GH ORV PLVPRV HQWUH ODV SHUVRQDV PiV MyYHQHV DXQTXH PXFKD JHQWH WLHQH XQD OLJHUD LGHD GH OR TXH VXSRQHQ SHUR H[LVWHQ LPSRUWDQWHV GLIHUHQFLDV HQWUH ORV SXHEORV /RV TXH WLHQHQ XQ HQWRUQR PHGLRDPELHQWDO FDUDFWHUtVWLFR UHLYLQGLFDQ OD XWLOL]DFLyQ GH HVH HVSDFLR $Vt RFXUUH FRQ %DxRV GH OD (QFLQD R 0DUPROHMR PXQLFLSLRV HQ ORV TXH BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 352'(&$1 3/$1 (675$7e*,&2 '( '(6$552//2 -89(1,/ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB ORV MyYHQHV SLHQVDQ TXH HV SRVLEOH UHQWDELOL]DUORV PiV WDQWR HFRQyPLFDPHQWH FRPR SDUD HO GLVIUXWH JHQHUDO \ TXH DFWXDOPHQWH HVWiQ GHVDSURYHFKDGRV 1R H[LVWH FRQRFLPLHQWR GHO PHUFDGR ODERUDO FRPDUFDO HQ VX WRWDOLGDG ODV SRVLELOLGDGHV VRQ FRQVLGHUDGDV ~QLFDPHQWH HQ IXQFLyQ GHO PXQLFLSLR FRPR PXFKR GH ORV SXHEORV OLPtWURIHV (Q RFDVLRQHV VH SURGXFHQ VDWXUDFLRQHV GH PHUFDGR GH XQD GHWHUPLQDGD SURIHVLyQ HQ XQRV SXHEORV FRQFUHWRV PLHQWUDV TXH RWURV FDUHFHQ GH SURIHVLRQDOHV GHGLFDGRVDV D HVH VHFWRU 3$57,&,3$&,Ï1 32/Ë7,&$ < 62&,$/ /D RSLQLyQ VREUH OD SROtWLFD \ ORV SROtWLFRV HQ JHQHUDO HV QHJDWLYD /D DFWLYLGDG SROtWLFD HVWi GHVSUHVWLJLDGD \ VLHPSUH SLHUGH FXDQGR VH OD FRPSDUD FRQ ORV PRYLPLHQWRV VRFLDOHV \ ODV 21*V \D TXH VH VRVSHFKD GH ORV PRWLYRV RFXOWRV TXH UHDOPHQWH WLHQH HO SROtWLFR SDUD DFWXDU 1R REVWDQWH VH UHFRQRFH TXH DO PHQRV DO SULQFLSLR ORV SROtWLFRV WUDEDMDQ GH EXHQD IH SRUTXH ³PHWHUVH´ HQ SROtWLFD HV WHQHU JDQDV GH EXVFDUVH SUREOHPDV 1R REVWDQWH WDPELpQ VH RSLQD TXH PiV WDUGH R PiV WHPSUDQR WRGRV ORV SROtWLFRV DFDEDQ SRU FRUURPSHUVH $ OD KRUD GH KDEODU VREUH OD SROtWLFD PXQLFLSDO ODV RSLQLRQHV VH PDWL]DQ EDVWDQWH VHJ~Q OD H[SHULHQFLD GH FDGD FXDO \ ODV FLUFXQVWDQFLDV SDUWLFXODUHV GH FDGD ORFDOLGDG (Q FRQWUD GHO SUHMXLFLR JHQHUDO ORVDV MyYHQHV GHPXHVWUDQ FRQRFHU EDVWDQWH ELHQ OD DFWXDOLGDG SROtWLFD GH VX SXHEOR \ HVWDU LQWHUHVDGRV SRU HOOD 8Q HOHPHQWR FODYH TXH KHPRV REVHUYDGR HV TXH FXDQGR HOOD FRQFHMDOD GH MXYHQWXG HV DFWLYR \ FHUFDQR D ORVDV MyYHQHV OD VLWXDFLyQ JHQHUDO GH OD MXYHQWXG HV PXFKR PHMRU HQWUH HOORV SRGHPRV FLWDU *XDUURPiQ 7RUUHGRQMLPHQR 0DUPROHMR /D +LJXHUD 3RUFXQD $UMRQD (Q ORV SXHEORV GRQGH OD FRQFHMDOtD QR HV FHUFDQD R SODQWHD H[FHVLYDV GLILFXOWDGHV SDUD SUHVWDU ORV UHFXUVRV S~EOLFRV GHO $\XQWDPLHQWR OD MXYHQWXG HVWi PXFKR PiV GHVDQLPDGD PiV SDVLYD \ HV SHVLPLVWD VREUH VX IXWXUR /RVDV MyYHQHV VH TXHMDQ GHO HQFKXILVPR HQ OD PD\RUtD GH ORV D\XQWDPLHQWRV \ GH OD ULYDOLGDG HQWUH ORV SDUWLGRV SROtWLFRV TXH VXHOH SURYRFDU VLWXDFLRQHV GH LQFRPXQLFDFLyQ HQWUH PXQLFLSLRV GH GLVWLQWR VLJQR \ H[FOX\H GHO BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 352'(&$1 3/$1 (675$7e*,&2 '( '(6$552//2 -89(1,/ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB DFFHVR D ODV SRVLELOLGDGHV GH ORV D\XQWDPLHQWRV \ D OD LQIRUPDFLyQ D DTXHOORVDV MyYHQHV TXH QR VRQ DILQHV DO JRELHUQR PXQLFLSDO 0$3$ 32/,7,&2 081,&,3$/ '( /$ &$03,f$ 1257( '( -$e1 362( 33 3$ ,1'(3(1',(17(6 ,8 *2%,(512 (1 &2$/,&,Ï1 )XHQWH (ODERUDFLyQ SURSLD /RV UHFXUVRV LQVWLWXFLRQDOHV GH OD ]RQD QR VRQ GHPDVLDGR FRQRFLGRV VDOYR SRU SHUVRQDV FRQ DOWR JUDGR GH LPSOLFDFLyQ OD PD\RUtD GHVFRQRFHQ OD H[LVWHQFLD GH 352'(&$1 \ VXV IXQFLRQHV $Vt FRPR GH RWUR WLSR GH LQVWLWXFLRQHV TXH FRQWULEX\HQ DO GHVDUUROOR FRPDUFDO (Q OD FRPDUFD H[LVWHQ PXFKDV DVRFLDFLRQHV TXH DEDUFDQ XQD DPSOLD JDPD GH DFWLYLGDGHV LQWHUHVHV \ PRWLYDFLRQHV 6LQ HPEDUJR pVWDV SHUPDQHFHQ LQDFWLYDV \ HQ PXFKRV FDVRV VRQ VLPSOHPHQWH XQ QRPEUH HQ HO UHJLVWUR GH DVRFLDFLRQHV (Q OD PD\RUtD GH ORV FDVRV VRQ GHVFRQRFLGDV LQFOXVR SDUD HO FRQMXQWR GH OD MXYHQWXG BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 352'(&$1 3/$1 (675$7e*,&2 '( '(6$552//2 -89(1,/ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB GH OD SURSLD ORFDOLGDG /RVDV SURSLRVDV MyYHQHV DVLVWHQWHV D ORV JUXSRV GH GLVFXVLyQ PXFKRV GH HOORV PLHPEURV R DQWLJXRV PLHPEURV GH DVRFLDFLRQHV LQGLFDQ ORV SULQFLSDOHV HOHPHQWRV GH OD VLWXDFLyQ GH ODV DVRFLDFLRQHV $O SULQFLSLR VLHPSUH KD\ LOXVLyQ SHUR OXHJR OD DFWLYLGDG GHFUHFH KDVWD OD SDUDOL]DFLyQ WRWDO GH OD DVRFLDFLyQ (VWH SURFHVR VXHOH SURGXFLUVH HQ XQ FRUWR SHULRGR GH WLHPSR /DV DVRFLDFLRQHV QHFHVLWDQ XQD OtGHU XQ DOPD TXH ODV PRYLOLFH SXHV OD PD\RUtD GH VXV PLHPEURV VXHOHQ DGRSWDU XQD DFWLWXG SDVLYD SDUWLFLSDQGR VyOR HQ ODV FRVDV EXHQDV DWUDFWLYDV \ GLYHUWLGDV SHUR GHOHJDQGR HQ ORV GHPiV ODV WDUHDV GH UHVSRQVDELOLGDG TXH UHTXLHUHQ WUDEDMR WLHPSR \ UHFXUVRV SURSLRV $SUR[LPDGDPHQWH VyOR WUDEDMDQ DFWLYDPHQWH HQ XQD DVRFLDFLyQ GRV GH FDGD GLH] PLHPEURV /RVDV MyYHQHV GHFODUDQ QR WHQHU WLHPSR SDUD SDUWLFLSDU HQ ODV DVRFLDFLRQHV SRU PRWLYRV GH WUDEDMR HVWXGLRV \ FRPRGLGDG /D PD\RUtD SUHILHUH GHGLFDU VX WLHPSR OLEUH D HVWDU FRQ ORVDV DPLJRVDV TXH D ³FDOHQWDUVH OD FDEH]D´ 1R VH SHUFLEH HO DVRFLDFLRQLVPR FRPR XQ OXJDU GRQGH HVWDU FRQ DTXHOORV GRQGH SDVDUOR ELHQ DO TXH QR HV QHFHVDULR GHGLFDU WRGR HO WLHPSR OLEUH VLQR FRPR XQ OXJDU GH WUDEDMR R XQD REOLJDFLyQ /RVDV MyYHQHV QR TXLHUHQ DFHSWDU HO FRPSURPLVR TXH VXSRQH SHUWHQHFHU D XQ FROHFWLYR $TXHOODV SHUVRQDV TXH KDQ WHQLGR H[SHULHQFLDV DVRFLDWLYDV VXHOHQ HVWDU VDWLVIHFKDV \ OR UHFRPLHQGDQ )DOWD LQIRUPDFLyQ VREUH ODV DVRFLDFLRQHV H[LVWHQWHV \ VXV DFWLYLGDGHV $GHPiV ODV SURSLDV DVRFLDFLRQHV QR VRQ WUDQVSDUHQWHV VREUH VX WUDEDMR R VH SXEOLFLWDQ GH PDQHUD PX\ GHILFLHQWH 0XFKDV GH HOODV QR RIUHFHQ DFWLYLGDGHV LQWHUHVDQWHV SDUD OD MXYHQWXG 8QD GH OD SULQFLSDOHV FDXVDV GH OD PXHUWH GH ODV DVRFLDFLRQHV MXYHQLOHV HV HO DXPHQWR GH HGDG GH VXV PLHPEURV /D MXYHQWXG HV XQD HWDSD FRUWD GH OD YLGD \ ODV SHUVRQDV SDVDQ SRU HOOD GXUDQWH XQ EUHYH SHULRGR GH WLHPSR /DV DVRFLDFLRQHV VXHOHQ HVWDU IRUPDGDV SRU DPLJRVDV \ QR VH SURGXFH XQ UHOHYR JHQHUDFLRQDO SRU OR TXH pVWDV GHVDSDUHFHQ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 352'(&$1 3/$1 (675$7e*,&2 '( '(6$552//2 -89(1,/ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB VLPSOHPHQWH SRUTXH VXV PLHPEURV GHMDQ GH VHU MyYHQHV \ WLHQHQ TXH SULRUL]DU HQ VXV YLGDV RWUR WLSR GH REOLJDFLRQHV H LQWHUHVHV 3RU RWUR ODGR HQFRQWUDPRV SHUVRQDV FRQ LQWHUpV SRU HO PRYLPLHQWR DVRFLDWLYR SHUR TXH QR IRUPDEDQ SDUWH GH QLQJXQD DVRFLDFLyQ GH OD ]RQD FRPHQWDEDQ TXH R ELHQ GHVFRQRFtDQ OD H[LVWHQFLD GH DVRFLDFLRQHV \D IRUPDGDV R TXH QR OHV JXVWDED OR TXH KDEtD SHUR QR VDEtDQ FyPR FUHDU DOJR QXHYR HVWR RFXUUH HVSHFLDOPHQWH HQWUH ORVDV MyYHQHV GH PHQRU HGDG 6LQ HPEDUJR KHPRV REVHUYDGR TXH HQ FDVL WRGRV ORV PXQLFLSLRV ODV DVRFLDFLRQHV GH PXMHUHV IXQFLRQDQ PX\ ELHQ ORVDV SURSLRVDV MyYHQHV ODV SRQHQ FRPR HMHPSOR D VHJXLU DO LJXDO TXH ORV JUXSRV GH PD\RUHV (Q PXFKDV ORFDOLGDGHV VH SURSXVR TXH OD FDVD GH OD MXYHQWXG IXHVH FRPR HO KRJDU GHO MXELODGR BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 352'(&$1 )DOWD GH GLYHUVLGDG \ RSRUWXQLGDGHV GH RFLR \ GH IRUPDFLyQ /RV PHGLRV GH WUDQVSRUWH LQWHULRUHV VRQ GHIHFWXRVRV H LQVXILFLHQWHV 0DFKLVPR 0HQRV OLEHUWDG \ RSRUWXQLGDGHV SDUD ODV PXMHUHV 'LILFXOWDGHV SDUD OD HPDQFLSDFLyQ $XVHQFLD GH VHQWLPLHQWR GH SHUWHQHQFLD FRPDUFDO $OWRV QLYHOHV GH GHVHPSOHR MXYHQLO )DOWD GH GLYHUVLGDG HFRQyPLFD 3UHFDULHGDG \ H[SORWDFLyQ ODERUDO /RVDV XQLYHUVLWDULRVDV WLHQHQ TXH HPLJUDU 1R KD\ UHODFLyQ HQWUH OD IRUPDFLyQ \ ODV VDOLGDV ODERUDOHV GH OD FRPDUFD 3RFD LQLFLDWLYD HPSUHVDULDO $XVHQFLD GH PHQWDOLGDG HPSUHQGHGRUD 'HVFRQRFLPLHQWR \ GHVFRRUGLQDFLyQ GHO PHUFDGR ODERUDO FRPDUFDO (QFKXILVPR \ ULYDOLGDGHV SROtWLFDV SDUWLGLVWDV ,QDFWLYLGDG GH ODV DVRFLDFLRQHV H[LVWHQWHV 'HILFLHQWH SXEOLFLGDG GH ODV DFWLYLGDGHV TXH VH UHDOL]DQ OD P~VLFD \ HO VLVWHPD HGXFDWLYR D\XGDQ GLVWLQWRV PXQLFLSLRV GH OD FRPDUFD VH UHODFLRQH HQWUH Vt GHSRUWH D TXH (O OD PiV /D SREODFLyQ HPLJUDGD YXHOYH D ORV SXHEORV HQ ILHVWDV \ HQ YHUDQR KD\ /DV DVRFLDFLRQHV GH PXMHUHV IXQFLRQDQ PX\ ELHQ FHUFDQRD \ DFWLYRD ([LVWHQFLD GH DVRFLDFLRQHV HV PRWLYDFLyQ HQ OD MXYHQWXG FRQFHMDOD MXYHQWXG DFWLYLGDG GH &XDQGR HOOD 6H FRQRFH WRGR HO PXQGR 6ROLGDULGDG %XHQDV FRPXQLFDFLRQHV FRQ HO H[WHULRU ([LVWHQFLD GH UHFXUVRV QDWXUDOHV FRPR SDQWDQRV \ SDUTXHV QDWXUDOHV %XHQD FDOLGDG GH YLGD WUDQTXLOD VHJXUD \ VDOXGDEOH %XHQDV UHODFLRQHV FRQ ORVDV SDLVDQRVDV OD IDPLOLD \ ORVDV DPLJRVDV /RVDV MyYHQHV VH TXHGDUtDQ D YLYLU HQ VX SXHEOR VL SXGLHVHQ 'HVSUHVWLJLR GH OD SROtWLFD 2325781,'$'(6 6H FRQRFH WRGR HO PXQGR &RQWURO VRFLDO \ IDOWD GH OLEHUWDG )257$/(=$6 \ 'HViQLPR SHVLPLVPR \ UHVLJQDFLyQ VREUH VX VLWXDFLyQ 0RQRWRQtD \ HVFDVR WDPDxR GH ORV SXHEORV 3RFDV RSRUWXQLGDGHV ODERUDOHV $0(1$=$6 '(%,/,'$'(6 3/$1 (675$7e*,&2 '( '(6$552//2 -89(1,/ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB '$)2 '( /$ -89(178' '( /$ &$03,f$ 1257( '( -$e1 BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 352'(&$1 3/$1 (675$7e*,&2 '( '(6$552//2 -89(1,/ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 3/$1 (675$7e*,&2 &20$5&$/ '( -89(178' 3ODQWHDGR HO DQiOLVLV GH OD FRPDUFD SRGHPRV EDVDU HO SODQ GH DFWXDFLyQ HQ ORV VLJXLHQWHV REMHWLYRV 2%-(7,92 *(1(5$/ &RQWULEXLU D OD SDUWLFLSDFLyQ H LPSOLFDFLyQ GH OD MXYHQWXG HQ HO SURFHVR GH GHVDUUROOR LQWHJUDO GH OD FRPDUFD 2%-(7,92 75$169(56$/ /D LJXDOGDG GH RSRUWXQLGDGHV HQWUH KRPEUHV \ PXMHUHV GHEH VHU WHQLGD HQ FXHQWD D OD KRUD GH GHVDUUROODU WRGDV ODV DFFLRQHV TXH VH SODQWHDQ QR VH FRQVHJXLUi XQD YHUGDGHUD SDUWLFLSDFLyQ H LPSOLFDFLyQ GH OD MXYHQWXG HQ HO SURFHVR GH GHVDUUROOR LQWHJUDO GH OD FRPDUFD VL QR VH WLHQH HQ FXHQWD OD SHUVSHFWLYD GH JpQHUR FRPR HMH WUDQVYHUVDO GHO SUHVHQWH 3ODQ -XYHQLO 2%-(7,926 (63(&Ë),&26 3URPRYHU HO FRQRFLPLHQWR GH OD FRPDUFD 0HMRUDU ODV UHGHV GH FRPXQLFDFLyQ HQWUH OD MXYHQWXG GH OD FRPDUFD )DFLOLWDU OD LQIRUPDFLyQ VREUH WHPDV ODERUDOHV FXOWXUDOHV IRUPDWLYRV \ GH RFLR (VWLPXODU OD FXOWXUD HPSUHQGHGRUD 5HIRU]DU OD FRPXQLFDFLyQ \ FRRUGLQDFLyQ LQVWLWXFLRQDO VREUH WHPDV GH MXYHQWXG ,PSXOVDU OD SDUWLFLSDFLyQ GH ORVDV MyYHQHV HQ OD YLGD S~EOLFD $FHUFDU OD DGPLQLVWUDFLyQ S~EOLFD D OD MXYHQWXG 'HVDUUROODU XQD RIHUWD IRUPDWLYD DGHFXDGD D ODV QHFHVLGDGHV GH OD MXYHQWXG BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 352'(&$1 3/$1 (675$7e*,&2 '( '(6$552//2 -89(1,/ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 2EMHWLYR 3URPRYHU HO FRQRFLPLHQWR GH OD FRPDUFD ,PSXOVDU HO FRQRFLPLHQWR GH ODV ]RQDV QDWXUDOHV GH OD FRPDUFD $FFLRQHV ([FXUVLRQHV SHULyGLFDV D ORV SDUTXHV QDWXUDOHV GH OD FRPDUFD $ WUDYpV GH DVRFLDFLRQHV GH OD ]RQD UHODFLRQDGDV FRQ HO PHGLR DPELHQWH SXGLpQGRVH DSURYHFKDU HO FRQRFLPLHQWR \D H[LVWHQWH SDUD WUDQVPLWLUOR D JHQHUDFLRQHV PiV MyYHQHV -RUQDGDV GH PHGLR DPELHQWH IORUD \ IDXQD ]RQD 5HFXSHUDFLyQ GHO IRONORUH WUDGLFLRQHV \ JDVWURQRPtD SURSLRV GH OD $FFLRQHV (QFXHQWURV FRQ SHUVRQDV PD\RUHV TXH H[SOLTXHQ ODV WUDGLFLRQHV -RUQDGDV GH JDVWURQRPtD WUDGLFLRQDO 7DOOHUHV GH RILFLRV \ FRVWXPEUHV WUDGLFLRQDOHV $XPHQWDU HO FRQRFLPLHQWR GHO SDWULPRQLR KLVWyULFR FRPDUFDO $FFLRQHV -RUQDGDV VREUH KHFKRV KLVWyULFRV GH GLVWLQWRV SXHEORV GH OD FRPDUFD 2UGHQ GH &DODWUDYD %DWDOOD GH %DLOpQ %DWDOOD GH ODV 1DYDV GH 7RORVD HWF 9LVLWD D OXJDUHV KLVWyULFRV \ \DFLPLHQWRV DUTXHROyJLFRV 2EMHWLYR 0HMRUDU ODV UHGHV GH FRPXQLFDFLyQ HQWUH OD MXYHQWXG GH OD FRPDUFD )DFLOLWDU OD PRYLOLGDG GH OD MXYHQWXG HQWUH ORV SXHEORV FHUFDQRV \ FRQ ORV SXHEORV TXH RIUHFHQ PiV VHUYLFLRV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 352'(&$1 3/$1 (675$7e*,&2 '( '(6$552//2 -89(1,/ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB $FFLRQHV &UHDFLyQ GH XQ VHUYLFLR S~EOLFR GH WUDQVSRUWH DGHFXDGR D ORVDV MyYHQHV HQ DTXHOORV PXQLFLSLRV HQ ORV TXH HO WUDQVSRUWH S~EOLFR QR FXEUH ODV QHFHVLGDGHV PtQLPDV GRQGH OD UHQWDELOLGDG GHEH PHGLUVH HQ WpUPLQRV VRFLDOHV ,QFHQWLYDU OD FRPXQLFDFLyQ D WUDYpV GH ODV QXHYDV WHFQRORJtDV $FFLRQHV 3URPRFLyQ GH ODV UHGHV GH FRPXQLFDFLyQ \D H[LVWHQWHV UXUDOMRYHQ \ FUHDFLyQ GH RWUDV PiV HVSHFtILFDV GH OD FRPDUFD GRQGH FRPSDUWLU H[SHULHQFLDV DVRFLDWLYDV LQWHUFDPELR GH LQIRUPDFLyQ WDEOyQ GH DQXQFLRV VREUH RIHUWDV ODERUDOHV GH RFLR \ FXOWXUDOHV GH ORV SXHEORV GH OD FRPDUFD 3RVLELOLWDU HO FRQRFLPLHQWR GH MyYHQHV GH GLVWLQWRV SXHEORV $FFLRQHV (QFXHQWURV O~GLFRV \ FXOWXUDOHV GH MyYHQHV HQ GLVWLQWRV SXHEORV RUJDQL]DGRV SRU XQ SXHEOR FDGD YH] OR TXH DO PLVPR WLHPSR SXHGH VHUYLU SDUD LPSOLFDU D OD MXYHQWXG HQ GDU D FRQRFHU VXV SXHEOR ([FXUVLRQHV D OXJDUHV IXHUD GH OD FRPDUFD 2EMHWLYR )DFLOLWDU OD LQIRUPDFLyQ VREUH WHPDV FXOWXUDOHV ODERUDOHV IRUPDWLYRV \ GH RFLR $FFLRQHV JHQHUDOHV &UHDFLyQ GH OD ILJXUD GHOD LQIRUPDGRUD LWLQHUDQWH TXH DFXGD SHULyGLFDPHQWH D ORV SXHEORV SDUD IDFLOLWDU LQIRUPDFLyQ VREUH HVWRV WHPDV &UHDFLyQ GH PHGLRV GH FRPXQLFDFLyQ FRPDUFDOHV FRPR XQD UHYLVWD R SHULyGLFR TXH UHFRMD LQIRUPDFLyQ GH ODV DFWLYLGDGHV GH SUy[LPD UHDOL]DFLyQ \ QR VyOR ODV TXH \D VH KDQ OOHYDGR D FDER 0HMRUDU OD LQIRUPDFLyQ FXOWXUDO \ GH RFLR $FFLRQHV 5HGHV GH FRPXQLFDFLyQ GH MyYHQHV D WUDYpV GH ODV QXHYDV WHFQRORJtDV YHU DFFLyQ GHO REMHWLYR BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 352'(&$1 3/$1 (675$7e*,&2 '( '(6$552//2 -89(1,/ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB ,QFRUSRUDU D OD RIHUWD FXOWXUDO \ GH RFLR GH OD ORFDOLGDG OD GH OD FRPDUFD PHGLDQWH WDEORQHV GH DQXQFLRV HWF 0HMRUDU OD LQIRUPDFLyQ ODERUDO $FFLRQHV -RUQDGDV VREUH ORV UHFXUVRV H[LVWHQWHV \ GH QXHYD FUHDFLyQ HQ PDWHULD ODERUDO SDUD TXH SXHGDQ VHU DXWyQRPRVDV HQ OD E~VTXHGD GH HPSOHR 3XEOLFDU XQ EROHWtQ SHULyGLFR FRQ ODV RIHUWDV ODERUDOHV S~EOLFDV \ SULYDGDV GH OD FRPDUFD 5HDOL]DFLyQ GH HQFXHQWURV VHFWRULDOHV SURIHVLRQDOHV FRQ OD ILQDOLGDG GH LQWHUFDPELDU H[SHULHQFLDV H LQIRUPDFLyQ HQ PDWHULD ODERUDO GH XQ GHWHUPLQDGR VHFWRU &UHDFLyQ GH XQ HVWXGLR GH PHUFDGR FRQ ODV SRVLELOLGDGHV \ GHPDQGDV GH ORV GLVWLQWRV PXQLFLSLRV TXH SXHGD VHU FRQVXOWDGD FRQ IDFLOLGDG SRU DTXHOODV SHUVRQDV TXH OR GHVHHQ OR TXH IDYRUHFHUi DGHPiV OD PRYLOLGDG ODERUDO WHQLHQGR HQ FXHQWD ODV RSRUWXQLGDGHV HVSHFtILFDV GH FDGD ORFDOLGDG $FHUFDU OD LQIRUPDFLyQ \ ODV IDFLOLGDGHV GH DFFHVR D OD RIHUWD IRUPDWLYD $FFLRQHV 5HDOL]DFLyQ GH VHVLRQHV LQIRUPDWLYDV VREUH QXHYRV \DFLPLHQWRV GH HPSOHR \ SURJUDPDFLyQ GH FXUVRV UHODFLRQDGRV $XPHQWR GH ODV RSFLRQHV IRUPDWLYDV HQ ODV ]RQDV PHQRV SREODGDV URWDFLyQ GH FXUVRV TXH LQWHUHVHQ D OD MXYHQWXG GH GLVWLQWDV ORFDOLGDGHV FRQ XQ Q~PHUR UHGXFLGR GH KDELWDQWHV UHDOL]iQGRVH FDGD YH] HQ XQD GH HOODV FRQ OD FRODERUDFLyQ GH ODV GHPiV 2EMHWLYR (VWLPXODU OD FXOWXUD HPSUHQGHGRUD )DFLOLWDU LQVWUXPHQWRV TXH SRVLELOLWHQ ODV LQLFLDWLYDV HPSUHVDULDOHV R FRRSHUDWLYLVWDV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 352'(&$1 3/$1 (675$7e*,&2 '( '(6$552//2 -89(1,/ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB $FFLRQHV &RQFXUVR GH LGHDV HPSUHVDULDOHV FRQ DVHVRUDPLHQWR SDUD WRGRV DTXHOORV SUR\HFWRV TXH D~Q VLHQGR YLDEOHV QR UHVXOWHQ JDQDGRUHV 2UJDQL]DFLyQ GH MRUQDGDV LWLQHUDQWHV GRQGH VH H[SOLTXHQ GH IRUPD DWUDFWLYD D OD MXYHQWXG HO WLSR GH HPSUHVDV TXH VH SXHGHQ FUHDU ORV SDVRV TXH GHEHQ GDUVH SDUD FRQVWLWXLUODV \ ODV VXEYHQFLRQHV H[LVWHQWHV 0HMRUD GH OD SXEOLFLGDG GH 352'(&$1 ODV 87('/7 \ ODV DJHQFLDV GH GHVDUUROOR ORFDO PXQLFLSDOHV $XPHQWDU OD PRWLYDFLyQ \ OD FRQILDQ]D GH OD MXYHQWXG HQ HO DXWRHPSOHR HOLPLQDQGR ORV PLHGRV \ SUHMXLFLRV H[LVWHQWHV VREUH HO PLVPR $FFLRQHV 7DOOHUHV GH HPSUHVDULDGR GRQGH MyYHQHV TXH KDQ FRQVWLWXLGR XQ QHJRFLR FRQ p[LWR H[SOLTXHQ VX H[SHULHQFLD \ ORV DVLVWHQWHV H[SHULPHQWHQ GXUDQWH XQ SHULRGR GH WLHPSR OD GLUHFFLyQ \ OD JHVWLyQ GH XQD HPSUHVD ILFWLFLD 6LPSOLILFDFLyQ GH ORV WUiPLWHV OHJDOHV \ EXURFUiWLFRV SDUD FUHDU XQD HPSUHVD 0HMRUDU ORV UHFXUVRV HFRQyPLFRV GH OD MXYHQWXG HPSUHQGHGRUD $FFLRQHV $FHOHUDU OD HQWUHJD GH ODV VXEYHQFLRQHV SULRUL]DQGR ORV SUR\HFWRV HPSUHVDULDOHV GH OD MXYHQWXG 5HDOL]DFLyQ GH XQ FRQYHQLR FRQ ODV HQWLGDGHV ILQDQFLHUDV GH OD FRPDUFD SDUD OD FUHDFLyQ GH FUpGLWRV EODQGRV FRQ EDMR LQWHUpV SDUD OD MXYHQWXG 2EMHWLYR 5HIRU]DU OD FRPXQLFDFLyQ FRRUGLQDFLyQ LQVWLWXFLRQDO VREUH WHPDV GH -XYHQWXG 5HIRU]DU OD FRPXQLFDFLyQ \ OD FRRUGLQDFLyQ HQWUH ODV LQVWLWXFLRQHV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 352'(&$1 3/$1 (675$7e*,&2 '( '(6$552//2 -89(1,/ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB $FFLRQHV 5HDOL]DFLyQ GH HQFXHQWURV SHULyGLFRV HQWUH ODV SHUVRQDV UHVSRQVDEOHV GH ODV FRQFHMDOtDV GH MXYHQWXG GH ORV GLVWLQWRV D\XQWDPLHQWRV FRPDUFDOHV $QXDO DEDUFDQGR D OD WRWDOLGDG GH PXQLFLSLRV \ WULPHVWUDO HQ ODV VXEFRPDUFDV &UHDFLyQ GH XQD ZHE FRPDUFDO \ PHMRUD GH ODV H[LVWHQWHV 2EMHWLYR ,PSXOVDU OD SDUWLFLSDFLyQ GH ORVDV MyYHQHV HQ OD YLGD S~EOLFD ,QFUHPHQWDU OD SUHVHQFLD GH MyYHQHV HQ ORV iPELWRV GH WRPD GH GHFLVLRQHV $FFLRQHV &UHDFLyQ GH XQ &RQVHMR &RPDUFDO GH -XYHQWXG IRUPDGR SRU ORVDV GLVWLQWRV UHSUHVHQWDQWHV GH ORV FRQVHMRV ORFDOHV GH -XYHQWXG \ SHUVRQDV FRQ LQWHUpV HQ HO GHVDUUROOR MXYHQLO FRPDUFDO PLHPEURV GH DVRFLDFLRQHV HWF )RPHQWDU HO DVRFLDFLRQLVPR $FFLRQHV ,QFOXLU HQ ORV PHGLRV GH FRPXQLFDFLyQ FRPDUFDOHV \ HQ HO WUDEDMR GHOD LQIRUPDGRUD LWLQHUDQWH LQIRUPDFLyQ VREUH ODV DVRFLDFLRQHV H[LVWHQWHV \ VXV DFWLYLGDGHV (QFXHQWUR GH DVRFLDFLRQHV 5HFRQRFLPLHQWR DQXDO D ORVDV PLHPEURV TXH KDQ GHVWDFDGR SRU VX DFWLYLGDG DVRFLDWLYD -RUQDGDV LWLQHUDQWHV GH DVRFLDFLRQLVPR GRQGH ORVDV PLHPEURV GH ODV DVRFLDFLRQHV GH OD FRPDUFD VH GHQ D FRQRFHU HQ ORV GLVWLQWRV PXQLFLSLRV 5HDOL]DFLyQ GH DFWLYLGDGHV GRQGH ORVDV MyYHQHV QR DVRFLDGRV H[SHUL PHQWHQ GXUDQWH XQ WLHPSR GHVGH GHQWUR OD YLGD GH XQD DVRFLDFLyQ $FHUFDU OD SROtWLFD D OD FLXGDGDQtD $FFLRQHV 5HDOL]DFLyQ GH GHEDWHV SROtWLFRV HQ ORV PHGLRV GH FRPXQLFDFLyQ FRPDUFDOHV \ PXQLFLSDOHV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 352'(&$1 3/$1 (675$7e*,&2 '( '(6$552//2 -89(1,/ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB -RUQDGDV GH SXHUWDV DELHUWDV GRQGH OD MXYHQWXG SXHGD FRQRFHU HO WUDEDMR TXH VH UHDOL]D HQ ORV D\XQWDPLHQWRV 5HDOL]DFLyQ GH UHIHUHQGXPV QR YLQFXODQWHV HQWUH ORVDV MyYHQHV VREUH ODV DFWLYLGDGHV SODQHDGDV SRU ODV FRQFHMDOtDV GH VXV PXQLFLSLRV ,QYLWDFLRQHV D ORV SOHQRV PXQLFLSDOHV ,QFHQWLYDU OD SDUWLFLSDFLyQ GH OD MXYHQWXG HQ ODV DFWLYLGDGHV DVRFLDWLYDV \ S~EOLFDV $FFLRQHV )DFLOLWDFLyQ GH UHFXUVRV SDUD OD DVLVWHQFLD D ODV PLVPDV GRWDFLRQHV HFRQyPLFDV SDUD WUDQVSRUWH HWF 2EMHWLYR $FHUFDU OD DGPLQLVWUDFLyQ S~EOLFD D OD MXYHQWXG 0HMRUDU HO FRQRFLPLHQWR GH OD DGPLQLVWUDFLyQ S~EOLFD $FFLRQHV -RUQDGDV GH SXHUWDV DELHUWDV GRQGH OD MXYHQWXG SXHGD FRQRFHU HO WUDEDMR TXH VH UHDOL]D HQ ORV D\XQWDPLHQWRV 'HGLFDU KRUDV OHFWLYDV HQ ORV LQVWLWXWRV SDUD H[SOLFDU HO IXQFLRQDPLHQWR GHO (VWDGR OD &RPXQLGDG $XWyQRPD \ ORV D\XQWDPLHQWRV 3URPRFLRQDU ORV UHFXUVRV H[LVWHQWHV HQ PDWHULD GH -XYHQWXG $FFLRQHV (GLFLyQ GH XQD JXtD GH UHFXUVRV GH LQWHUpV FRQ LQIRUPDFLyQ VREUH OR TXH RIUHFHQ \ FyPR DFFHGHU D HOORV $FHUFDU OD DGPLQLVWUDFLyQ S~EOLFD D OD MXYHQWXG $FFLRQHV 6LPSOLILFDU ORV WUiPLWHV EXURFUiWLFRV $EULU ODV RILFLQDV GH OD DGPLQLVWUDFLyQ SRU ODV WDUGHV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 352'(&$1 3/$1 (675$7e*,&2 '( '(6$552//2 -89(1,/ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 2EMHWLYR 'HVDUUROODU XQD RIHUWD IRUPDWLYD DGHFXDGD D ODV QHFHVLGDGHV GH OD MXYHQWXG 0HMRUDU OD LQIRUPDFLyQ VREUH OD IRUPDFLyQ TXH QHFHVLWD OD MXYHQWXG $FFLRQHV 5HDOL]DFLyQ GH XQ HVWXGLR VREUH ODV QHFHVLGDGHV IRUPDWLYDV GH OD MXYHQWXG \ VX UHODFLyQ FRQ HO PHUFDGR ODERUDO GH OD FRPDUFD ,QFOXLU LQIRUPDFLyQ VREUH IRUPDFLyQ HQ ORV PHGLRV GH FRPXQLFDFLyQ FRPDUFDOHV \ HQ HO WUDEDMR GHOD LQIRUPDGRUD LWLQHUDQWH )DFLOLWDU HO DFFHVR D OD IRUPDFLyQ H[LVWHQWH $FFLRQHV )DFLOLWDU HO WUDQVSRUWH GH OD MXYHQWXG KDFLD ORV Q~FOHRV GH SREODFLyQ GRQGH VH LPSDUWH OD IRUPDFLyQ $XPHQWDU OD RIHUWD GH FXUVRV D GLVWDQFLD \ VHPLSUHVHQFLDOHV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 352'(&$1 3/$1 (675$7e*,&2 '( '(6$552//2 -89(1,/ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 3/$1,),&$&,Ï1 $ FRQWLQXDFLyQ VH UHFRJH XQD DSUR[LPDFLyQ D PRGR GH HMHPSOR GH OR TXH GHEHUtD VHU XQD SODQLILFDFLyQ WHPSRUDO GH ODV GLIHUHQWHV DFWXDFLRQHV SUHYLVWDV HQ HO 3ODQ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 352'(&$1 3/$1 (675$7e*,&2 '( '(6$552//2 -89(1,/ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB (9$/8$&,Ï1 /D HYDOXDFLyQ HV XQD WDUHD LPSUHVFLQGLEOH SDUD VHU FRQVFLHQWHV GH ODV GLILFXOWDGHV \ GH ORV DFLHUWRV VXUJLGRV GXUDQWH HO HVWXGLR TXH SRGUiQ VHU WHQLGRV HQ FXHQWD HQ WUDEDMRV SRVWHULRUHV 3RU RWUR ODGR HV QHFHVDULR VDEHU HQ TXp PHGLGD VH FXPSOHQ ORV REMHWLYRV TXH VH SODQWHDQ \ HQ TXp DVSHFWRV VH HVWi WUDEDMDQGR GH XQD PDQHUD DGHFXDGD \ FXDOHV HV QHFHVDULR PRGLILFDU (Q SULPHU OXJDU HYDOXDUHPRV HO GHVDUUROOR GHO HVWXGLR \ OD HODERUDFLyQ GHO 3ODQ HQ OtQHDV JHQHUDOHV QR VH QRV SODQWHDURQ HVSHFLDOHV WUDEDV D OD KRUD GH FRQWDFWDU FRQ ORV GLVWLQWRV D\XQWDPLHQWRV VL ELHQ VHUtD LPSRUWDQWH GHVWDFDU OD HVSHFLDO GLILFXOWDG GH FRQWDFWDU FRQ ORVDV FRQFHMDOHVDV GH -XYHQWXG KDELWXDOPHQWH VXHOHQ VHU FRQFHMDOtDV RFXSDGDV SRU OD JHQWH PiV MRYHQ GH OD FRUSRUDFLyQ \ QR VXHOHQ GHGLFDUVH D WLHPSR FRPSOHWR D GLFKD DFWLYLGDG SRU OR TXH QRV FRVWy FRQWDFWDU FRQ HOORVDV HQ SDUWLFXODU 6LQ HPEDUJR XQD YH] UHDOL]DGR HVWH FRQWDFWR FDVL WRGRVDV PRVWUDURQ XQD GLVSRVLFLyQ PX\ IDYRUDEOH \ FRODERUDURQ HQ JUDQ PHGLGD (Q FXDQWR D OD UHDOL]DFLyQ GH ORV JUXSRV IXH GLItFLO HQFRQWUDU ORV SHUILOHV GHWHUPLQDGRV GHELGR D OD SURSLD HVWUXFWXUD GHPRJUiILFD GH ORV SXHEORV (O GHVDUUROOR GH ORV JUXSRV VH UHDOL]y VLQ LQFLGHQFLDV HQ OD PD\RUtD GH ORV SXHEORV \ VL ELHQ DO SULQFLSLR UHVXOWDED PiV GLItFLO OD SDUWLFLSDFLyQ HQ HO WUDQVFXUVR GHO PLVPR OD FRPXQLFDFLyQ VH KL]R PX\ IOXLGD GDQGR OXJDU D FRQYHUVDFLRQHV EDVWDQWH HQULTXHFHGRUDV 'HVGH DTXt DJUDGHFHPRV OD FRODERUDFLyQ SUHVWDGD D WRGDV DTXHOODV SHUVRQDV TXH LQWHUYLQLHURQ HQ ORV JUXSRV DVt FRPR DO SHUVRQDO WpFQLFR GH MXYHQWXG \ D ORVDV UHSUHVHQWDQWHV PXQLFLSDOHV 3RU RWUR ODGR VHUtD QHFHVDULR UHDOL]DU XQD HYDOXDFLyQ GHO 3ODQ HQ Vt PLVPR LQWURGXFLHQGR HOHPHQWRV GH FRQWURO HQ FDGD XQD GH ODV DFFLRQHV TXH VH GHVDUUROOHQ OD HYDOXDFLyQ GH FDGD XQD GH HOODV VH HVWDEOHFHUi PiV FRQFUHWDPHQWH HQ FDGD XQR GH ORV SUR\HFWRV GH GLFKDV DFWLYLGDGHV SHUR SRGHPRV VHxDODU DOXQDV GH ODV WpFQLFDV D XWLOL]DU HQ FDGD XQR GH ORV FDVRV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 352'(&$1 3/$1 (675$7e*,&2 '( '(6$552//2 -89(1,/ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB (Q ODV MRUQDGDV \ HQFXHQWURV HV FRQYHQLHQWH UHDOL]DU XQD EDVH GH GDWRV FRQ ODV SHUVRQDV TXH DVLVWHQ WDQWR SDUD HYDOXDU HO JUDGR GH DVLVWHQFLD FRPR SDUD XVDUOD GH UHIHUHQFLD HQ DFWLYLGDGHV VLPLODUHV SRVWHULRUHV \ DQDOL]DU GH HVWH PRGR OD SURJUHVLyQ GH OD SDUWLFLSDFLyQ HQ HVWH WLSR GH DFFLRQHV $O PLVPR WLHPSR UHVXOWD ~WLO SDVDU FXHVWLRQDULRV R JHQHUDU GHEDWHV HQ ORV TXH VH FRPHQWHQ ORV DVSHFWRV PiV LPSRUWDQWHV GHO GHVDUUROOR GH ODV DFWLYLGDGHV WDOHV FRPR OD SODQLILFDFLyQ OD XWLOLGDG HWF \ DVXPLU ODV VXJHUHQFLDV TXH SXHGDQ PHMRUDUODV 'HSHQGLHQGR GH OD GXUDFLyQ GH OD DFWLYLGDG \ HO JUDGR GH FRQRFLPLHQWR TXH DGTXLHUDQ ORVDV SDUWLFLSDQWHV VH SRGUi XWLOL]DU XQD X RWUD WpFQLFD 7DPELpQ VH GHEHQ UHJLVWUDU ORV ORJURV REWHQLGRV HQ ODV DFFLRQHV HQFDPLQDGDV D IRPHQWDU OD FXOWXUD HPSUHQGHGRUD DVt FRPR ODV SULQFLSDOHV GLILFXOWDGHV TXH VXUMDQ SDUD OOHYDU D FDER ORV SUR\HFWRV HWF (Q GHILQLWLYD VH WUDWD GH LQFOXLU HOHPHQWRV TXH SHUPLWDQ FRQRFHU ORV DFLHUWRV \ IDOORV GH FDGD XQD GH ODV DFFLRQHV SDUD DVt PHMRUDU HQ HO GLVHxR \ UHDOL]DFLyQ GH ODV SUy[LPDV 3RU ~OWLPR VHUtD PX\ SRVLWLYR UHDOL]DU XQ HVWXGLR WUDV OD ILQDOL]DFLyQ GHO SODQ TXH DQDOL]DVH OD GLIXVLyQ H LPSDFWR GHO PLVPR BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 352'(&$1 3/$1 (675$7e*,&2 '( '(6$552//2 -89(1,/ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB $3e1',&( $ FRQWLQXDFLyQ VH UHFRJHQ ORV PDSDV GH ODV VXEFRPDUFDV TXH VXUJHQ GH ORV JUXSRV GH GLVFXVLyQ FRQ MyYHQHV 6RQ UHIOHMR GHO VHQWLGR GH SHUWHQHQFLD D XQD HVWUXFWXUD VXSUDPXQLFLSDO TXH FRPR YHUHPRV SRFR R QDGD WLHQH TXH YHU FRQ OD HVWUXFWXUD LQVWLWXFLRQDO GH 352'(&$1 (VWDV VXEFRPDUFDV LQIRUPDOHV SXHGHQ VHU PX\ LPSRUWDQWHV SDUD DOFDQ]DU HO p[LWR D OD KRUD GH RUJDQL]DU DFWLYLGDGHV HQWUH YDULRV PXQLFLSLRV /DV FRPSRQHQ PXQLFLSLRV FHUFDQRV HO GHVSOD]DPLHQWR QR HV FRVWRVR \ VH FXHQWD FRQ OD SHUFHSFLyQ GH OD MXYHQWXG GH TXH H[LVWH FLHUWD DILQLGDG HQWUH ODV ORFDOLGDGHV TXH ODV LQWHJUDQ 0XQLFLSLR SULQFLSDO 0XQLFLSLRV GH OD FRPDUFD DXWRSHUFLELGD 5HVWR GH 0XQLFLSLRV GH OD &RPDUFD GH 352'(&$1 &RPDUFD GH $OGHDTXHPDGD &DVWHOODU GH 6DQWLDJR &LXGDG UHDO 9DOGHSHxDV &LXGDG 5HDO 6DQWD (OHQD /D &DUROLQD /LQDUHV &RPDUFD GH $QG~MDU 0DUPROHMR $UMRQD 9LOODQXHYD GH OD 5HLQD %DLOpQ /LQDUHV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 352'(&$1 3/$1 (675$7e*,&2 '( '(6$552//2 -89(1,/ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB &RPDUFD GH $UMRQD $QG~MDU -DpQ &RPDUFD GH $UMRQLOOD $QG~MDU 0DUPROHMR /RSHUD 3RUFXQD $UMRQD /DKLJXHUD &RPDUFD GH %DLOpQ $QG~MDU %DxRV GH OD (QFLQD 0DUPROHMR /LQDUHV *XDUURPiQ /D &DUROLQD &RPDUFD GH %DxRV GH OD (QFLQD *XDUURPiQ %DLOpQ /LQDUHV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 352'(&$1 3/$1 (675$7e*,&2 '( '(6$552//2 -89(1,/ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB &RPDUFD GH &DUERQHURV /D &DUROLQD *XDUURPiQ %DLOpQ /LQDUHV &RPDUFD GH &D]DOLOOD $QG~MDU 9LOODQXHYD GH OD 5HLQD $UMRQD /DKLJXHUD (VSHOX\ )XHUWH GHO 5H\ 0HQJtEDU -DpQ &RPDUFD GH (VFDxXHOD $QG~MDU $UMRQD 9LOODUGRPSDUGR 7RUUHGRQMLPHQR 0DUWRV -DpQ &RPDUFD GH (VSHOX\ $QG~MDU 9LOODQXHYD GH OD 5HLQD &D]DOLOOD 0HQJtEDU -DEDOTXLQWR BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 352'(&$1 3/$1 (675$7e*,&2 '( '(6$552//2 -89(1,/ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB &RPDUFD GH )XHUWH GHO 5H\ $QG~MDU /DKLJXHUD $UMRQD -DpQ &RPDUFD GH *XDUURPiQ /D &DUROLQD &DUERQHURV %DLOpQ %DxRV GH OD (QFLQD /LQDUHV &RPDUFD GH +LJXHUD GH &DODWUDYD 3RUFXQD 7RUUHGRQMLPHQR 0DUWRV 6DQWLDJR GH &DODWUDYD 9DOHQ]XHOD &yUGRED &RPDUFD GH -DEDOTXLQWR %DLOpQ /LQDUHV 0HQJtEDU BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 352'(&$1 3/$1 (675$7e*,&2 '( '(6$552//2 -89(1,/ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB &RPDUFD GH /D &DUROLQD $OGHDTXHPDGD 6DQWD (OHQD 9LOFKHV &DUERQHURV *XDUURPiQ %DLOpQ /LQDUHV &RPDUFD GH /D +LJXHUD $QG~MDU $UMRQD $UMRQLOOD (VFDxXHOD /LQDUHV &RPDUFD GH /RSHUD 0DUPROHMR $QG~MDU 3RUFXQD $UMRQD &RPDUFD GH 0DUPROHMR $QG~MDU 9LOODQXHYD GH OD 5HLQD $UMRQLOOD /RSHUD 3RUFXQD BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 352'(&$1 3/$1 (675$7e*,&2 '( '(6$552//2 -89(1,/ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB &RPDUFD GH 0HQJtEDU $QG~MDU 9LOODQXHYD GH OD 5HLQD %DLOpQ -DEDOTXLQWR /LQDUHV -DpQ &RPDUFD GH 3RUFXQD $QG~MDU /RSHUD $UMRQD 9DOHQ]XHOD &yUGRED +LJXHUD GH &DODWUDYD 0DUWRV 7RUUHGRQMLPHQR &RPDUFD GH 6DQWD (OHQD $OGHDTXHPDGD /D &DUROLQD /LQDUHV &RPDUFD GH 6DQWLDJR GH &DODWUDYD 9DOHQ]XHOD &yUGRED 3RUFXQD +LJXHUD GH &DODWUDYD 7RUUHGRQMLPHQR 0DUWRV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 352'(&$1 3/$1 (675$7e*,&2 '( '(6$552//2 -89(1,/ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB &RPDUFD GH 7RUUHGRQMLPHQR 0DUWRV -DPLOHQD 7RUUHGHOFDPSR -DpQ 0HQJtEDU %DLOpQ $QG~MDU /D &DUROLQD &RPDUFD GH 9LOODQXHYD GH OD 5HLQD $QG~MDU 0HQJtEDU 0DUWRV &RPDUFD GH 9LOODUGRPSDUGR 3RUFXQD 7RUUHGRQMLPHQR 0DUWRV -DpQ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 352'(&$1