"SUFNVEÀKBS FOMB3JCFSB#BKBEFM&CSP (67+(533e5(=)(51É1'(= 05208$/'$'(/5Ì2%21$)217( 9,&725,$(75$62%$5(658,= (O PHGLRHYR FRQVWLWX\H XQ H[WHQVR SHULRGR GH WLHPSR PDUFDGRHQ$UDJyQSRUXQFRPSOHMRGHVDUUROORKLVWyULFR TXHWLHQHVXLQLFLRHQHOVLJOR9FRQODGRPLQDFLyQYLVL JRGD \ FRQWLQ~D FRQ OD LQVWDXUDFLyQ GHO SRGHU LVOiPLFR GHVGHHODxR\ODSRVWHULRU5HFRQTXLVWDFULVWLDQDFX\D UHVLVWHQFLDDOSRGHUHVWDEOHFLGRGHVGHFRPLHQ]RVGHOVLJOR ,;HQWHUULWRULRVSLUHQDLFRVWRPDIRUPDGHILQLWLYDPHQWH WUDVODFRQTXLVWDGH+XHVFD\=DUDJR]DGXUDQWHODVSULPH UDVGpFDGDVGHOVLJOR;,, 'HVGHHOSXQWRGHYLVWDKLVWyULFRFXOWXUDOODKHUHQFLDJRGD GHVDSDUHFHUiSLGDPHQWHEDMRHOIXHUWHLQIOXMRLVOiPLFRTXH GHILQHHOPDSDPXVXOPiQDUDJRQpVDSDUWLUGHILQDOHVGHO VLJOR9,,,HQWRUQRDODVFXHQFDVIOXYLDOHVPiVLPSRUWDQWHV\ORVHPSOD]DPLHQWRV GHIHQVLYRVPiVHVSHFWDFXODUHV 'HVGHFRPLHQ]RVGHOVLJOR;,,HODYDQFHFULVWLDQRGDUiOXJDUDXQDQXHYDHWDSDKLV WyULFDPDUFDGDSRUODJUDQFRPSOHMLGDGVRFLDO\FXOWXUDOTXHVXSRQHODFRQYLYHQFLD GXUDQWHVLJORVGHSREODFLyQPXVXOPDQDFULVWLDQD\MXGtDFRQILJXUiQGRVHXQULFR \YDULDGRSDQRUDPDDUWtVWLFRTXHHQODVFXHQFDVPiVIpUWLOHVGHOWHUULWRULRDUDJRQpV HVWDUiSURWDJRQL]DGRSRUHOGHVDUUROORGHODUWHPXGpMDUVXUJLGRFRPRH[SUHVLyQ SOiVWLFDGHXQDVRFLHGDGPXOWLUUDFLDOHQFRQYLYHQFLD 'RWDGR GH XQD URWXQGD SHUVRQDOLGDG GHQWUR GHO FRQWH[WR QDFLRQDO HO PXGpMDU DUDJRQpVVHGHVDUUROODUiGHVGHILQDOHVGHOVLJOR;,,,HWDSDHQODTXHWLHQHOXJDUOD JpQHVLV\IRUPDFLyQGHOHVWLORKDVWDELHQDYDQ]DGRHOVLJOR;9,6LELHQDVLVWLPRV DXQHVSHFWDFXODUSHULRGRGHSOHQLWXGGXUDQWHORVVLJORV;,9\;9WDPELpQVHUi HYLGHQWHHOIXHUWHDUUDLJRGHODVPDQLIHVWDFLRQHVDUWtVWLFDVPXGpMDUHVHQODFXOWXUD DUDJRQHVD FRQ OD UHDSDULFLyQ GXUDQWH HO VLJOR ;9,, HQ SOHQR GHVDUUROOR GHO DUWH EDUURFRGHSHUYLYHQFLDVGHODUWHPiVJHQXLQRGHQXHVWURWHUULWRULR 5HVXOWDGRGHXQDVHULHGHIDFWRUHVKLVWyULFRVJHRJUiILFRV\GHPRJUiILFRVODVPD QLIHVWDFLRQHVDUWtVWLFDVPiVLPSRUWDQWHVVHFRQFHQWUDUiQHQWRUQRDO9DOOHGHO(EUR %FMBTBSUFT \ VXV DIOXHQWHV PHULGLRQDOHV HQ VXV YHJDV PiV EDMDV DVt FRPR HQ OD FLXGDG GH 7HUXHO\HQHOYDOOHGHOUtR0DUWtQ /D FRPDUFD KLVWyULFD GH OD 5LEHUD %DMD GHO (EUR ]RQD GH WUDQVLFLyQ HQWUH ORV0RQHJURV\ODVVLHUUDVGH%HOFKLWH\GHO%DMR$UDJyQ\HQWUH=DUDJR]D\ &DVSH WLHQH HQ HO JUDQ FXUVR IOXYLDO GHO UtR (EUR VX SULQFLSDO VHxD GH LGHQ WLGDG GH WDO PRGR WRGRV ORV PXQLFLSLRV TXH FRQIRUPDQ OD FRPDUFD OLPLWDQ FRQODFRGLFLDGDULEHUD$WHVWLJXDGRVXSREODPLHQWRGHVGHOD$QWLJHGDGODV ORFDOLGDGHVGHODFRPDUFDDOLJXDOTXHHOUHVWRGHSREODFLRQHVTXHMDORQDQHO YDOOHGHO(EURUHJLVWUDUiQGXUDQWHHOSHULRGRGHGRPLQDFLyQPXVXOPDQDXQD GHQVLGDGGHSREODFLyQPX\VXSHULRUDODPHGLDGHOWHUULWRULRLVODPL]DGR7UDV ODFULVWLDQL]DFLyQGHOWHUULWRULRDUDJRQpVELHQEDMRODIRUPDGHDFXHUGRVELHQ DWUDYpVGHFRQWUDWRVRWRUJDGRVSRUORVQXHYRVVHxRUHVODVFRPXQLGDGHVPX VXOPDQDV RUJDQL]DGDV HQ DOMDPDV SHUPDQHFHUiQ HQ WHUULWRULR UHFRQTXLVWDGR EDMRODVREHUDQtDUHDOFRPRSLH]DIXQGDPHQWDOSDUDHOPDQWHQLPLHQWRHFRQy PLFRGHOD]RQD /XJDUHVFRPR3LQD*HOVD$OERUJH6iVWDJRR(VFDWUyQFRQVHUYDUiQXQDLPSRU WDQWHSREODFLyQPXGpMDUHQDOJXQRVFDVRVFDVLHQXQFLHQSRUFLHQORTXHSHU PLWLUiODFRQWLQXLGDGGHGHWHUPLQDGDVDFWLYLGDGHVFRPRHOFXOWLYRGHORVFDPSRV GLVWLQWDVODERUHVDUWHVDQDOHV\ODFRQVWUXFFLyQ /D FRQIOXHQFLD GH WUDGLFLRQHV PX\ GLIHUHQWHV HQWUH Vt FRPR OD LVOiPLFD \ OD FULVWLDQDDVtFRPRHOLPSRUWDQWHFRPSRQHQWHMXGtRSUHVHQWHHQWRGRHOWHUUL WRULRTXHGDUiSURQWRUHIOHMDGRHQHOIORUHFLPLHQWRGHQXHYDVPDQLIHVWDFLRQHV DUWtVWLFDVQRVRORPHGLDQWHODFUHDFLyQGHPDJQtILFRVHMHPSORVDUTXLWHFWyQLFRV FRPRODLJOHVLDGHOD$VXQFLyQHQ4XLQWRHOSULPLWLYRFRQYHQWRGH)UDQFLVFD QRVGH3LQDRODWRUUHGHOPRQDVWHULRGH5XHGDVLQRWDPELpQPHGLDQWHHOPDQ WHQLPLHQWRGHOXUEDQLVPRFDUDFWHUtVWLFRGHODVSREODFLRQHVPXVXOPDQDVVREUH WRGRHQDTXHOORVQ~FOHRVSREODGRVFDVLH[FOXVLYDPHQWHSRUPXGpMDUHVKHFKRV FXOWXUDOHV GH HVSHFWDFXODULGDG PHQRV HYLGHQWH SHUR TXH HQ ODV ORFDOLGDGHV GH ODFRPDUFDGHOD5LEHUD%DMDGHO(EURKDQGDGROXJDUDLQWHUHVDQWHVHMHPSORV XUEDQtVWLFRVGHKHUHQFLDDQGDOXVt (OHYLGHQWHHVFDVRQ~PHURGHPRQXPHQWRVPXGpMDUHVHVWiGLUHFWDPHQWHUHODFLR QDGR FRQ OD GHILQLFLyQ SREODFLRQDO GH ODV ORFDOLGDGHV GH OD FRPDUFD GXUDQWH ORV VLJORVPHGLHYDOHV7UDVOD5HFRQTXLVWDFULVWLDQDORVJUDQGHVQ~FOHRVXUEDQRVVRQ SURWDJRQLVWDVGHXQDFXVDGRYDFtRGHPRJUiILFRGHELGRDODHPLJUDFLyQPDVLYDGH XQDPSOLRVHFWRUGHODDULVWRFUDFLDPXVXOPDQD\GHORVDOWRVFDUJRVSROtWLFRV\UH OLJLRVRV3RUHOFRQWUDULRHQHOiPELWRUXUDOODSREODFLyQFDPSHVLQDSHUPDQHFHUi HQJUDQSDUWHGHOWHUULWRULREDMRSRGHUGHORVVHxRUtRVFULVWLDQRV(VWHKHFKRHV HVSHFLDOPHQWHLPSRUWDQWHHQOD]RQDGHOD5LEHUD%DMDGHO(EURHQODTXH4XLQ WR \ 6iVWDJR TXH HMHUFHUiQ FRPR VHxRUtRV FRQFHQWUDQ D OD SREODFLyQ FULVWLDQD PLHQWUDVOXJDUHVFRPR*HOVD/D=DLGDR&LQFR2OLYDVHVWDUiQSREODGDVFDVLSRU FRPSOHWRSRUPXGpMDUHV 3JCFSB#BKBEFM&CSP (O UHIOHMR PiV LQPHGLDWR VH WUDGXFLUi HQ OD FRQV WUXFFLyQGHHGLILFLRVGHHQYHUJDGXUD~QLFDPHQWHHQ ODVORFDOLGDGHVFDEHFHUDVGHVHxRUtRORFXDOSHUPL WHFRPSUHQGHUXQKHFKRHYLGHQWH´HODUWHPXGpMDU VH FRQFHQWUD SULQFLSDOPHQWH HQ Q~FOHRV XUEDQRV JUDQGHVGRQGHODSREODFLyQPXGpMDUHUDPLQRULWD ULDUHVSHFWRDODFULVWLDQD\GRQGHVHSURGXFtDQSRU WDQWRODPD\RUGHPDQGDGHHQFDUJRVDUWtVWLFRVSRU SDUWHFULVWLDQDµ0LHQWUDVODVORFDOLGDGHVGH*HOVD /D =DLGD R &LQFR 2OLYDV GRQGH OD SREODFLyQ HUD H[FOXVLYDPHQWHPXGpMDUFRQVHUYDQXQLQWHUHVDQWH XUEDQLVPRGHKHUHQFLDiUDEHWUDGXFLGRHQYLYLHQ GDV GH UHGXFLGR WDPDxR GH FRQFHSFLyQ LQWLPLVWD \HVWUHFKDVFDOOHVDGHPiVGHQXPHURVRVUHVWRVGH LQIUDHVWUXFWXUDVKLGUiXOLFDVFRPRQRULDVD]XGHV\ UHGHVGHDFHTXLDVTXHSHUPLWtDQRSWLPL]DUORVULFRV UHFXUVRVKtGULFRV 3DVDGL]RVGH*HOVD "SRVJUFDUVSB /DDUTXLWHFWXUDPXGpMDUGHODFRPDUFDGHOD5LEHUD%DMDGHO(EURVHVXVWHQWDVREUH OD HVSHFWDFXODULGDG GH ODV LJOHVLDV GH 4XLQWR \ 9HOLOOD DPEDV EDMR OD DGYRFDFLyQ GHOD$VXQFLyQHOLQWHUHVDQWHFRQMXQWRFRQYHQWXDOGH3LQD\ODSHFXOLDULGDGGHOD WRUUHGHOPRQDVWHULRFLVWHUFLHQVHGH5XHGD5HVXOWDGRGHGLIHUHQWHVIDFWRUHVFDGD HGLILFLRHVSURWDJRQLVWDGHXQDKLVWRULDFRQVWUXFWLYD~QLFDPDUFDGDSRUXQDVGH WHUPLQDGDVFLUFXQVWDQFLDVTXHGDUiQOXJDUDHGLILFLRVGLJQRVGHGHWDOOH /D LJOHVLDGHOD$VXQFLyQGH4XLQWR VHDO]DHQORDOWRGH/D&RURQDVREUHHOVRODUTXH RFXSyHODQWLJXRFDVWLOORGHODORFDOLGDGGRPLQDQGRHOFDVHUtRGLVSXHVWRDVXVSLHV 4XHGD GRFXPHQWDGR TXH HQ OD DQWLJXD LJOHVLD GH 4XLQWR HVWDED FDVL WRWDO PHQWHGHUUXLGDSRUORTXHHODU]RELVSROHFRQFHGHDODYLOODODVSULPLFLDVSDUDVX UHSDUDFLyQ/DFRQVWUXFFLyQGHOWHPSORPXGpMDUWHQGUtDOXJDUHQODVSULPHUDVGp FDGDVGHOVLJOR;9VLJXLHQGRXQDGHODVWLSRORJtDVPiVFDUDFWHUtVWLFDVGHHVWHHVWLOR ODGHLJOHVLDGHQDYH~QLFDFRQFDSLOODVHQWUHFRQWUDIXHUWHV\iEVLGHSROLJRQDOFRQ FDSLOODVDELHUWDVHQVXVODGRVUHFWRV\FDUHQWHGHFRQWUDIXHUWHVH[WHULRUHV/DQDYH FRQWDEDFRQGRVWUDPRVFXELHUWRVFRQFUXFHUtDVHQFLOOD\FDSLOODVODWHUDOHVPRGLIL FDGDVFRQSRVWHULRULGDG(OiEVLGHFXHQWDFRQFDSLOODVDELHUWDVHQORVWUHVWUDPRV UHFWRVGHOiEVLGHeVWHVHFXEULyFRQEyYHGDQHUYDGDXQLpQGRVHORVVHLVQHUYLRV HQ XQD FODYH \ SUHVHQWDQGR PROGXUD HQ WULSOH ERFHO \ GLVSRQH HQ VXV PXURV GH FLQFRYHQWDQDOHVDSXQWDGRVHOFHQWUDOIRUPDGRSRUWUHVDUTXLOORVWULOREXODGRVFRQ PDLQHOHVRFWRJRQDOHV\URVHWyQVXSHULRU6REUHODVFDSLOODVGHODQDYHFRUUHXQDWUL EXQDDODTXHVHDFFHGtDGHVGHODVGRVWRUUHVVLWXDGDVDDPERVODGRVGHORVSLHVGH ODQDYHTXHHQHOiEVLGHVHVXVWLWX\ySRUXQHVWUHFKRSDVRGHFRPXQLFDFLyQ\TXH %FMBTBSUFT 3JCFSB#BKBEFM&CSP 4XLQWR9LVWDJHQHUDOGHODDQWLJXDSDUURTXLDO\SRUWDGDJyWLFD DEUHWDQWRDOLQWHULRUFRPRDOH[WHULRUFRQDPSOLRVYDQRVDSXQWDGRVDOJXQRVGH ORVFXDOHVFRQVHUYDQUHVWRVGHODV\HVHUtDVTXHORVGHFRUDEDQ8QDFDSDGHHQOXFLGR FXEUHFDVLHQVXWRWDOLGDGORVSDUDPHQWRVLQWHULRUHVTXHRULJLQDOPHQWHVHHQFRQ WUDEDQGHFRUDGRVFRQHVJUDILDGRV\DJUDPLODGRVTXHVHH[WHQGtDQWDPELpQSRUORV QHUYLRVGHODVEyYHGDV/DVFODYHVVHGHFRUDURQFRQHVFXGRVKR\GHVDSDUHFLGRVGH ORVFXDOHVWDQVRORVHFRQVHUYDQORVHQFLQWDGRVTXHORVURGHDEDQ 'XUDQWHHOVLJOR;9,VHUHDOL]DURQDOJXQDVPRGLILFDFLRQHVFRQVWUX\pQGRVHOD JDOHUtDVXSHULRUTXHUHFRUUHHOiEVLGH\ODQDYHSULPLWLYDDxDGLHQGRXQFXHUSR DODWRUUH\UHIRUPDQGRDOJXQDVFDSLOODV<DHQpSRFDEDUURFDVHUHDOL]yXQD LPSRUWDQWH DPSOLDFLyQ DxDGLHQGR D OD QDYH GRV WUDPRV FRQ VXV FRUUHVSRQ GLHQWHV FDSLOODV ODWHUDOHV \ UHDOL]DQGR XQD QXHYD SRUWDGD HQ HO KDVWLDO SHUR PDQWHQLHQGR OD XQLGDG FRQVWUXFWLYD DO LQWHULRU 3RVWHULRUPHQWH VH DPSOLy OD FDSLOOD GH 6DQWD $QD FRQFOX\HQGR ODV REUDV HQ /D LJOHVLD VH YLR PX\ DIHFWDGDSRUOD*XHUUD&LYLODEDQGRQiQGRVHDOFRQVWUXLUXQDQXHYDSDUURTXLDO HQODSDUWHEDMDGHOSXHEOR (Q HO H[WHULRU FRQ IiEULFD GH ODGULOOR YLVWR VH DSUHFLDQ ODV GLVWLQWDV HWDSDV FRQVWUXFWLYDV \D TXH VREUH OD FRUQLVD GH HVTXLQLOODV \ HO DOHUR GH PpQVX ODV HVFDORQDGDV GH OD SULPLWLYD FXELHUWD VH DEUH OD JDOHUtD GH DUFRV GREODGRV FRQVWUXLGD HQ HO VLJOR ;9, FRURQiQGRVH FRQ XQ QXHYR DOHUR GH ODGULOOR /DV DPSOLDFLRQHVEDUURFDVVHLGHQWLILFDQSRUHOGLVWLQWRDSDUHMRGHOODGULOOR&RPR HOHPHQWRVPiVVREUHVDOLHQWHVGHODFRQVWUXFFLyQGHVWDFDQODSRUWDGDSULPLWLYD \ODWRUUHFDPSDQDULR]RQDVGRQGHVHFRQFHQWUyODGHFRUDFLyQ /DSRUWDGDGHGLVHxRJyWLFRPXGpMDUDEUHHQDUFRFDUSDQHOVREUHPRQWDGRSRU XQ DUFR DSXQWDGR HQPDUFDGR SRU DOIL] &RQVHUYD UHVWRV GH ODV KRUQDFLQDV GHO WtPSDQRFRQGRVHOHWHVGHWUDFHUtDJyWLFD\DEXQGDQWHGHFRUDFLyQDEDVHGHPR WLYRVYHJHWDOHV\KHUiOGLFRVTXHUHVXPHQODKLVWRULDGHODIiEULFDPXGpMDU 3iJLQDDQWHULRU 4XLQWR7RUUHPXGpMDUGHODLJOHVLDGHOD$VXQFLyQ %FMBTBSUFT /DWRUUHHVWiVLWXDGDHQHOPXURVXU\VHFRQVWUX\yRULJLQDO PHQWH D ORV SLHV GH OD LJOHVLD \D TXH VH GLVSRQH D OD DOWXUD GHO VHJXQGR WUDPR GH OD QDYH (V GH SODQWD FXDGUDGD FRQ PDFKyQ FHQWUDO \ FXDWUR FXHUSRV ORV GRV ~OWLPRV DELHUWRV GHVWDFDQGR ORV YDQRV DSXQWDGRV \ UHFXDGUDGRV HQ DOIL] GHO WHUFHUR (VSHFLDOPHQWH LQWHUHVDQWH HV VX GHFRUDFLyQ D EDVH GH OD]RV GH RFKR \ GH FXDWUR RFWRJRQDO (O ~OWLPR FXHUSR VHUiHODxDGLGRHQHOVLJOR;9, 4XLQWR/DWRUUH /RV HVTXHPDV GHFRUDWLYRV UHODFLRQDQ HVWD WRUUH FRQ ODV GH /RQJDUHV6DQ)pOL[GH7RUUDOEDGH5LERWD6DQ0LJXHOGHORV 1DYDUURVGH=DUDJR]D\FRQXQDGHODVFDSLOODVDEVLGLDOHVGH OD6HRGH=DUDJR]D/RVSDUDOHOLVPRVHVWUXFWXUDOHVIRUPDOHV \GHFRUDWLYRVGHODDQWLJXDLJOHVLDSDUURTXLDOGH4XLQWRFRQ ODV FRQVWUXFFLRQHV FLWDGDV \ FRQ RWUDV FRHWiQHDV FRPR 6DQ 3HGUR 0iUWLU GH &DODWD\XG \ 6DQWD 7HFOD GH &HUYHUD GH OD &DxDGD KDQ OOHYDGR D DOJXQRV LQYHVWLJDGRUHV D UHODFLRQDU HVWD LJOHVLD FRQ OD HVFXHOD GHO DODULIH 0DKRPD 5DPL DUWLVWD OLJDGRDO3DSD/XQD $XQTXHGHIDFWXUDPXFKRPiVVHQFLOODTXHODLJOHVLDGH4XLQ WR OD SDUURTXLD GH OD $VXQFLyQ GH 9HOLOOD GH (EUR VLJXH HO PLVPRHVTXHPDSURWRWLSRGHLJOHVLDPXGpMDUGHQDYH~QLFD iEVLGHSROLJRQDO\WRUUHDGRVDGDDORVSLHVGHODQDYH &RQVWUXLGRGXUDQWHHOVLJOR;9,HOWHPSORVHFXEULyWDQWR HQODQDYHFRPRHQODFDEHFHUDFRQEyYHGDGHFUXFHUtDHV WUHOODGD$ORVSLHVVHGLVSXVRXQFRURHOHYDGRVREUHEyYHGD HVWUHOODGD UHEDMDGD ([WHULRUPHQWH HO SRWHQWH YROXPHQ GH OD QDYH FRQWUDVWD FRQ OD HVWLOL]DGD YHUWLFDOLGDG GH OD WRUUH GHSODQWDFXDGUDGD\GHFRUDGDHQORVFXHUSRVLQIHULRUHVFRQ SDxRVGHODGULOORGHVWDFDHVSHFLDOPHQWHODJDOHUtDFRUULGDGH WLSRDUDJRQpVGHDUTXLOORVGHPHGLRSXQWRGREODGRV (Q HO VLJOR ;9,, HQ HO HGLILFLR VHUi REMHWR GH XQD LPSRUWDQWH UHIRUPD TXH SHVH D WRGR QR KDFH GHVDSDUHFHU ODKHUHQFLDPXGpMDUGHVXIiEULFDRULJLQDO/RVWUDPRVGHOD QDYH~QLFDVHUiQIODQTXHDGRVSRUFDSLOODVODWHUDOHVFRPXQL FDGDVHQWUHVt\DELHUWDVDODQDYHSULQFLSDOH[FHSWRHQHOWUD PRLQPHGLDWRDOiEVLGHGRQGHWDQVRORVHDEULyXQDFDSLOOD /DUHIRUPDDIHFWDUiGHLJXDOPRGRDOWRUUHODFXDOVHFRURQD FRQXQUHPDWHGHSODQWDRFWRJRQDO 9HOLOODGH(EUR 7RUUHPXGpMDUGH ODSDUURTXLDO 3JCFSB#BKBEFM&CSP (Q3LQDODIDFKDGD\ODWRUUHGHODLJOHVLDGHODQWLJXRFRQ YHQWRGHIUDQFLVFDQRVFLHUUDQXQRGHORVODWHUDOHVGHODSOD]D GH(VSDxDGHVWDFDQGRVREUHHOUHVWRGHFRQVWUXFFLRQHV(O FRQMXQWRFRQYHQWXDOIXHIXQGDGRSRUORVFRQGHVGH6iVWDJR %ODVFRGH$ODJyQ\$QDGH(VSpVHQVLHQGRFRQFOXL GDVODVREUDVKDFLDSRUVXVVXFHVRUHV$UWDOGH$ODJyQ\ VXHVSRVD/XLVD)HUQiQGH]GH+HUHGLDGHODFDVDGH)XHQWHV TXLHQOOHJDUtDDVHUYLUUH\GH$UDJyQ (OFRQYHQWRVHOODPyGH6DQ6DOYDGRUSRUHGLILFDUVHVREUHHO VRODUGHXQDDQWLJXDLJOHVLDGHLJXDODGYRFDFLyQFX\DIiEUL FDPXGpMDUSUiFWLFDPHQWHFRQVHUYDGDKR\GDWDGHOVHJXQGR FXDUWR GHO VLJOR ;,9 /DV REUDV GHO ;9, GLHURQ XQ QXHYR FXHUSRDODWRUUH\GRWDURQDODQXHYDIXQGDFLyQGHODVGH SHQGHQFLDVQHFHVDULDVSDUDODYLGDPRQiVWLFDGLVWULEXLGDVHQ GRVSODQWDVHQWRUQRDXQSHTXHxRFODXVWURTXHVHDGRVyD 3LQD%yYHGDVGHOD ODFRQVWUXFFLyQSUHH[LVWHQWH8QDUHIRUPDEDUURFRFODVLFLV LJOHVLDGHODQWLJXR WD UHQRYDUi VXVWDQFLDOPHQWH HO DVSHFWR LQWHULRU GHO WHPSOR FRQYHQWR \WUDQVIRUPDUiVXSODQWDGXUDQWHODVHJXQGDPLWDGGHVLJOR ;9,,,FLUFXQVWDQFLDTXHSRUORVKDELWXDOHVGHWHULRURVGHIi EULFD R ELHQ FRQ FODUD LQWHQFLRQDOLGDG DIHFWy GXUDQWH ORV VLJORV ;9,, \ ;9,,, D QXPHURVRV WHPSORV PXGpMDUHV )XH H[FODXVWUDGR HQ SDVDQGR D DOEHUJDU GLYHUVRVXVRVTXHSURYRFDURQWUDQVIRUPDFLRQHVVXVWDQFLDOHVHVSHFLDOPHQWHHQODV GHSHQGHQFLDV\SDUWHGHOFODXVWUR (OWHPSORHQVXHVWUXFWXUDSULPLWLYDUHVSRQGHDODWLSRORJtDPXGpMDUGHLJOHVLDGH QDYH~QLFDFRQFDEHFHUDSROLJRQDOFDUHQWHGHFRQWUDIXHUWHVH[WHULRUHV\FXELHUWD FRQ EyYHGD GH QHUYLRV \ GRV WUDPRV FXDGUDGRV FXELHUWRV FRQ FUXFHUtD VHQFLOOD TXHHQODDPSOLDFLyQEDUURFDVHYLHURQDXPHQWDGRVHQWUHVWUDPRVPiVGHSODQ WDUHFWDQJXODU\FRQFDSLOODVHQWUHORVFRQWUDIXHUWHV/DVFDSLOODVTXHDEUHQDORV SULPLWLYRV WUDPRV PXGpMDUHV SXGLHURQ HVWDU RULJLQDOPHQWH FXELHUWDV SRU FDxyQ DSXQWDGRWUDQVYHUVDOFRPRHVKDELWXDOHQODWLSRORJtDPXGpMDUGHLJOHVLDGHQDYH ~QLFDVLELHQODUHIRUPDGLHFLRFKHVFDWUDQVIRUPyODVGRVFDSLOODVPiVFHUFDQDVDO SUHVELWHULRHQEUD]RVGHFUXFHURFXEULHQGRODVRWUDVGRVFRQ F~SXODVHOtSWLFDVHQVHQWLGRORQJLWXGLQDODODQDYHDVLPLVPR VH UHVSHWy OD FXEULFLyQ GH ORV GRV WUDPRV PXGpMDUHV \ GHO iEVLGH PLHQWUDV TXH ORV WUHV QXHYRV WUDPRV OR KDFHQ FRQ EyYHGDGHOXQHWRV $O H[WHULRU VH DSUHFLD FODUDPHQWH HO VREULR FDUiFWHU GH OD FRQVWUXFFLyQPXGpMDUFRQSDUDPHQWRVPXUDOHVTXHFRQVHU YDQODRUQDPHQWDFLyQGHODGULOORHQHOiEVLGHSDUWHGHODVX SHUILFLHPXUDO\HQODSDUWHLQIHULRUGHODWRUUHTXHVHDGRVD HQHOODGRQRUWHGHOWHUFHUWUDPR(OPXURSRUHQFLPDGHODV FDSLOODV ODWHUDOHV GHO VHJXQGR WUDPR DSDUHFH UHPDWDGR FRQ XQDIDMDGHHVTXLQLOODVTXHGDSDVRDODOHURGHPRGLOORQHVGH ODGULOORVHQYRODGL]RWDPELpQHQHOiEVLGHORVYDQRVDSXQ 3LQD7RUUHFRQODSDUWH LQIHULRUPXGpMDU %FMBTBSUFT WDGRVGHpVWHXQRFHQWUDO\GRVHQORVWUDPRVLQWHUPHGLRVSUHVHQWDQDUTXLYROWD LQWHUPHGLDDERFHODGD\DUTXLOORLQWHUQRGHVHFFLyQSROLJRQDO%DMRORVYDQRVFRUUH XQIULVRGHHVTXLQLOODV (O HOHPHQWR PiV GHVWDFDGR HV OD WRUUH GH WUHV FXHUSRV FRUUHVSRQGLHQGR HO SULPHUR D OD SULPLWLYD FRQVWUXFFLyQ PXGpMDU TXH FRQFHQWUD OD GHFRUDFLyQ D EDVHGHEDQGDVGHODGULOORVHQHVTXLQDLPSRVWDGHPRGLOORQHVHQYRODGL]R\ VREUHHOODXQDEDQGDHQ]LJ]DJXQDGHHVTXLQLOODVGREOH\DWUHVEROLOOR\XQD ~OWLPDEDQGDHQODGULOORDSODQWLOODGRTXHSDUHFHFRPELQDUGHPDQHUDH[SHUL PHQWDOGLVWLQWRVPRWLYRVHQFDGDXQDGHODVFDUDVFUXFHVGHP~OWLSOHVEUD]RV VLQFHUUDUHQODSDUWHLQIHULRUDUFRVPL[WLOtQHRVGHSHUILOUHFWR\FRPSRVLFLyQ GHURPERV6REUHHVWHSULPHUFXHUSRHOFXHUSRGHFDPSDQDVDELHUWRSRUSD UHVGHYDQRVGHPHGLRSXQWRGREODGRVVHGHFRUDFRQXQDEDQGDGHFHUiPLFD\ FRUUHVSRQGHDODDPSOLDFLyQGHOVLJOR;9,HOFXHUSRVXSHULRU\HOUHPDWHVRQ GHFRQVWUXFFLyQGLHFLRFKHVFD 6LWXDGDVHQODRULOODL]TXLHUGDGHOUtR(EURIUHQWHD(VFDWUyQHQXQOXJDUGHGLItFLO DFFHVR ODV SURSLHGDGHV GHO PRQDVWHULR FLVWHUFLHQVH GH 1XHVWUD 6HxRUD GH 5XHGD OLQGDEDQHQVXpSRFDGHSOHQLWXGDORHVWHQRUWH\HVWHFRQHOPRQWHGH6iVWDJR\DO VXUFRQHOUtR(EUR\ODYLOODGH(VFDWUyQ'HQWURGHVXVSURSLHGDGHVFRQWDEDFRQ XQDPSOLRWHUULWRULRGHPRQWH\KXHUWD\WUHVJUDQMDVSURSLHGDGGHOPRQDVWHULR *HUWXVDOD5RPDQD\9DOLPDxD (VWH DVHQWDPLHQWR MXQWR FRQ ORV PRQDVWHULRV GH 1XHVWUD 6HxRUD GH 9HUXHOD \ 1XHVWUD 6HxRUD GH 3LHGUD HV UHVXOWDGR GH ODV SDUWLFXODUHV FLUFXQVWDQFLDV SROtWLFDV VRFLDOHV \ HFRQyPLFDV HQ HO WHUULWRULR DUDJRQpV HQ OD pSRFD GH OD UHFRQTXLVWD EDVDGDV HQ OD QHFHVLGDG GH ORV UH\HV DUDJRQHVHV GH SURPRYHU XQD SROtWLFD GH UHSREODFLyQ GHO WHUULWRULR HVWH KHFKR VHUi GHFLVLYR SDUD HO DVHQWDPLHQWRGHODRUGHQGHO&LVWHUHQ$UDJyQTXHWLHQHHQORVPRQDVWHULRV FLWDGRVVXVPiVQRWDEOHVPDQLIHVWDFLRQHVGHODUHJLyQ(OJUDQFRQMXQWRPR QiVWLFROHYDQWDGRHQSLHGUDVHFRQVWUX\yVLJXLHQGRODHVWULFWDQRUPDPDUFDGD GHVGH )UDQFLD HQ WRUQR DO PRGHOR GHVDUUROODGR SRU 0DUFHO $XEHUW OR FXDO OD UHODFLRQD FODUDPHQWH FRQ HO FRQMXQWR PRQiVWLFR GH )RQWHQD\ (O PRGHOR SUHILMDGRGHWHUPLQDEDHODJUXSDPLHQWRGHORVHGLILFLRVHQWRUQRDXQFODXVWUR FHQWUDOL]DGRUGHSODQWDFXDGUDGD\ODVLWXDFLyQGHODLJOHVLDRULHQWDGDDOHVWH\ OHYDQWDGDHQHOOXJDUPiVHOHYDGRGHOWHUUHQR-XQWRDODVGHSHQGHQFLDVGHGL FDGDVH[FOXVLYDPHQWHDYLYLHQGDVHFRQVWUXtDQHGLILFLRVGHGLFDGRVDIDFLOLWDUOD VXEVLVWHQFLDH[LVWHQXQPROLQRGHDFHLWHXQPROLQRGHWULJR\ODJUDQUXHGD GHOPROLQRGHDJXDTXHSHUPLWtDWUDHUHODJXDGHVGHHOUtR $ORODUJRGHGLIHUHQWHVIDVHVFRQVWUXFWLYDVGDWDGDVHQWUHPLWDGGHOVLJOR;,,\HO DxRIHFKDTXHDSDUHFHHQODFODYHGHODVEyYHGDVVHFRQVWUX\HHOPRQDVWHULR PHGLHYDO$SDUWLUGHPHGLDGRVGHOVLJOR;9,VHGHFLGHODDPSOLDFLyQGHFRQMXQWR DXQTXHDxRVDQWHV\DVHKDEtDQOOHYDGRDFDERREUDVHQODVHJXQGDSODQWDGHOFODXV WUR PRPHQWR HQ HO TXH VH UHSODQWHD HO SUR\HFWR GHILQLWLYDPHQWH HQWUH ORV DxRV 3JCFSB#BKBEFM&CSP 0RQDVWHULRGH5XHGD'HWDOOHGHOFXHUSRPXGpMDUGHODWRUUH \VHOOHYDDFDERODDPSOLDFLyQUHQDFHQWLVWD$SDUWLUGHHVWHPRPHQWR VHLUiQUHQRYDQGRHVWUXFWXUDVDVtFRPRHOUHFUHFLPLHQWRGHODWRUUHFDPSDQDULR KDVWD TXH HQ HO SULPHU WHUFLR GHO VLJOR ;,; HO PRQDVWHULR VHD DEDQGRQDGR \ HQ EXHQDSDUWHGHVWUXLGR (QPHGLRGHHVWDDJLWDGDKLVWRULDFRQVWUXFWLYDDPHGLDGRVGHOVLJOR;,9VHOHYDQWD VREUHODVDFULVWtDODWRUUHGHODLJOHVLDHQODGULOOR\GHHVWLORPXGpMDUFRQWUDVWDQGR URWXQGDPHQWH FRQ OD KXPLOGH HVWpWLFD TXH LPSHUDED HQ OD QRUPD FLVWHUFLHQVH HQ ORVSULPHURVPRPHQWRV /DWRUUHFRQVWUXLGDVREUHXQDSODQWDRFWRJRQDOFRQVWDGHWUHVFXHUSRVORVGRV LQIHULRUHVGHOVLJOR;,9\HOVXSHULRUGHOVLJOR;9,,(OSULPHUFXHUSRVHGHFRUy FRQXQDIUDQMDGHOLPLWDGDSRUGRVLPSRVWDVGHODGULOORGHHVFDVRUHVDOWHTXHVX SHUSRQHYDULDVILODVGHHVTXLQLOODVDWUHVEROLOOR\EDQGDVGH]LJ]DJHOUHVWRGHORV SDxRVTXHGDQOLVRVVLQDUWLFXODFLyQDOJXQD(OFXHUSRVXSHULRUFRQVWDGHGRVSDU WHVODLQIHULRUDEUHHQWRGRVORVIUHQWHVPHGLDQWHDUFRVGHPHGLRSXQWR\UHPDWD HQORViQJXORVGHORFWyJRQRFRQWRUUHRQFLOORVODSDUWHVXSHULRUDEUHHQFDGDSDxR PHGLDQWHyFXORV 7UDV HVWH EUHYH UHFRUULGR D WUDYpV GHO PXGpMDU GH OD FRPDUFD KHPRV SRGLGR FRPSUREDU TXH OD HVFDVH] GH HGLILFLRV PRQXPHQWDOHV QR VLJQLILFD SREUH]D DUWtVWLFDVLQRPX\DOFRQWUDULRODFRQILUPDFLyQGHTXHODVPDQLIHVWDFLRQHVGH ODFXOWXUDPXGpMDUYDQPiVDOOiGHXQHVWLORDUWtVWLFR(OPXGpMDUGHOD5LEHUD %DMDGHO(EURFRQILUPDODFRQMXQFLyQGHFLUFXQVWDQFLDVKLVWyULFDVJHRJUiILFDV \GHPRJUiILFDVPHGLDQWHODFRQIOXHQFLDGHPDJQtILFRVHMHPSORVPRQXPHQWD OHVDUTXLWHFWXUDGRPpVWLFDUXUDOXUEDQLVPR\XQDLQWHUHVDQWHUHGGHVLVWHPDV KLGUiXOLFRVFRPSRQHQWHVWRGRVHOORVGHVXSDVDGRPXGpMDUTXHFRQWULEX\HQD HQULTXHFHUODVLJQLILFDFLyQGHHVWHSHULRGRKLVWyULFRFXOWXUDOHQODFRPXQLGDG DUDJRQHVD %FMBTBSUFT #JCMJPHSBGÄB %255É 5 6*8$/Ì6* (O$UWH0XGpMDU&$03=$5&ROHJLR2ÀFLDOGH$UTXLWHFWRV7pFQLFRV\$SDUHMD GRUHVGH=DUDJR]DW,,S=DUDJR]D )8(17(&2%26 &GHOD´(OPRQDVWHULRGH6DQWD0DUtDGH5XHGDGH(EURµ(Q(O&LVWHUÐUGHQHVUHOLJLRVDV ]DUDJR]DQDV,)&SS=DUDJR]D ,%$5*h(1 62/(5 - 5HDO 0RQDVWHULR GH 1 6 GH 5XHGD *RELHUQR GH $UDJyQ &XOWXUD \ 7XULVPR =DUDJR]D /('(60$0/´/DSHUYLYHQFLDGHOPXQGRLVOiPLFRHQ$UDJyQORVPXGpMDUHVµ +LVWRULDGH$UDJyQ YRO=DUDJR]D /('(60$0/´/RVPXGpMDUHVDUDJRQHVHV\VXDSRUWDFLyQDODHFRQRPtDGHO5HLQRµ,96LPSRVLR ,QWHUQDFLRQDOGH0XGHMDULVPR7HUXHO /$&$55$ -0 ´,QWURGXFFLyQ DO HVWXGLR GH ORV PXGpMDUHV DUDJRQHVHVµ ,9 6LPSRVLR ,QWHUQDFLRQDO GH 0XGHMDULVPR7HUXHO 7255$/%$625,$12) 9HUXHOD5XHGD\3LHGUD0RQDVWHULRVGH(VSDxD(GLWRULDO(YHUHVWSS /HyQ 99$$´0RQDVWHULRGH5XHGD (YROXFLyQKLVWyULFD\PDUFDVGHFDQWHUt U Dµ(Q(O&LVWHUÐUGHQHVUHOLJLRVDV]DUD JR]DQDV ,)&SS=DUDJR]D 99$$ *UDQ(QFLFORSHGLD$UDJRQHVD(O3HULyGLFRGH$UDJyQSS=DUDJR]D 9$8%285*2,1-5 (O5HDO0RQDVWHULRGH1XHVWUD6HxRUDGH5XHGD ,)&=DUDJR]D 3JCFSB#BKBEFM&CSP