5HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH 81,Ï1,17(51$&,21$/'(7(/(&2081,&$&,21(6 8,77 3 6(&725'(1250$/,=$&,Ï1 '(/$67(/(&2081,&$&,21(6 '(/$8,7 &$/,'$''(75$160,6,Ï17(/()Ï1,&$ 92&$%8/$5,2<()(&726'(/26 3$5È0(7526'(75$160,6,Ï1 62%5(/$23,1,Ï1'(/26868$5,26 92&$%8/$5,2'(7e50,12662%5( &$/,'$''(75$160,6,Ï17(/()Ï1,&$ <$3$5$7267(/()Ï1,&26 5HFRPHQGDFLyQ8,77 3 5HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH $QWHULRUPHQWH©5HFRPHQGDFLyQGHO&&,77ª 5HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH 35()$&,2 (O 6HFWRU GH 1RUPDOL]DFLyQ GH ODV 7HOHFRPXQLFDFLRQHV GH OD 8,7 8,77 HV XQ yUJDQR SHUPDQHQWH GH OD 8QLyQ ,QWHUQDFLRQDOGH7HOHFRPXQLFDFLRQHV(O8,77WLHQHDVXFDUJRHOHVWXGLRGHODVFXHVWLRQHVWpFQLFDVGHH[SORWDFLyQ\ GHWDULILFDFLyQ\ODIRUPXODFLyQGH5HFRPHQGDFLRQHVDOUHVSHFWRFRQREMHWRGHQRUPDOL]DUODVWHOHFRPXQLFDFLRQHVVREUH XQDEDVHPXQGLDO /D &RQIHUHQFLD 0XQGLDO GH 1RUPDOL]DFLyQ GH ODV 7HOHFRPXQLFDFLRQHV &017 TXH VH UH~QH FDGD FXDWUR DxRV HVWDEOHFHORVWHPDVTXHKDEUiQGHDERUGDUODV&RPLVLRQHVGH(VWXGLRGHO8,77TXHSUHSDUDQOXHJR5HFRPHQGDFLRQHV VREUHHVRVWHPDV /D5HFRPHQGDFLyQ8,773UHYLVDGDSRUOD&RPLVLyQGH(VWXGLR;,,GHO8,77IXHDSUREDGDSRUOD &017+HOVLQNLGHPDU]RGH BBBBBBBBBBBBBBBBBBB 127$6 &RPRFRQVHFXHQFLDGHOSURFHVRGHUHIRUPDGHOD8QLyQ,QWHUQDFLRQDOGH7HOHFRPXQLFDFLRQHV8,7HO&&,77 GHMyGHH[LVWLUHOGHIHEUHURGH(QVXOXJDUVHFUHyHOGHPDU]RGHHO6HFWRUGH1RUPDOL]DFLyQGHODV 7HOHFRPXQLFDFLRQHVGHOD8,78,77,JXDOPHQWHHQHVWHSURFHVRGHUHIRUPDOD,)5%\HO&&,5KDQVLGRVXVWLWXLGRV SRUHO6HFWRUGH5DGLRFRPXQLFDFLRQHV 3DUD QR UHWUDVDU OD SXEOLFDFLyQ GH OD SUHVHQWH 5HFRPHQGDFLyQ QR VH KDQ PRGLILFDGR HQ HO WH[WR ODV UHIHUHQFLDV TXH FRQWLHQHQORVDFUyQLPRV©&&,77ª©&&,5ªR©,)5%ªRHOQRPEUHGHVXVyUJDQRVFRUUHVSRQGLHQWHVFRPROD$VDPEOHD 3OHQDULDOD6HFUHWDUtDHWF/DVHGLFLRQHVIXWXUDVHQODSUHVHQWH5HFRPHQGDFLyQFRQWHQGUiQODWHUPLQRORJtDDGHFXDGDHQ UHODFLyQFRQODQXHYDHVWUXFWXUDGHOD8,7 3RUUD]RQHVGHFRQFLVLyQHOWpUPLQR©$GPLQLVWUDFLyQªVHXWLOL]DHQODSUHVHQWH5HFRPHQGDFLyQSDUDGHVLJQDU DXQDDGPLQLVWUDFLyQGHWHOHFRPXQLFDFLRQHV\DXQDHPSUHVDGHH[SORWDFLyQUHFRQRFLGD 8,7 5HVHUYDGRVWRGRVORVGHUHFKRV1RSRGUiUHSURGXFLUVHRXWLOL]DUVHODSUHVHQWH5HFRPHQGDFLyQQLSDUWHGHODPLVPDGH FXDOTXLHU IRUPD QL SRU FXDOTXLHU SURFHGLPLHQWR HOHFWUyQLFR R PHFiQLFR FRPSUHQGLGDV OD IRWRFRSLD \ OD JUDEDFLyQ HQ PLFURSHOtFXODVLQDXWRUL]DFLyQHVFULWDGHOD8,7 5HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH Ë1',&( 5HFRPHQGDFLyQ35HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH 3iJLQD ,QWURGXFFLyQ 7pUPLQRV\GHILQLFLRQHV 3UXHEDV &RPSRQHQWHVGHDSDUDWRVWHOHIyQLFRV 7LSRVGHDSDUDWRVWHOHIyQLFRV $FFHVRULRVGHDSDUDWRVWHOHIyQLFRV ,QVWDODFLRQHVWHOHIyQLFDVSULYDGDV 'HVFULSFLyQGHODVFRPXQLFDFLRQHVWHOHIyQLFDV 5HGHVGHOtQHDVORFDOHV 8WLOL]DFLyQGHHVWDFLRQHVWHOHIyQLFDV &DOLGDGGHWUDQVPLVLyQ $SDUDWRVGHPHGLFLyQ 7HOHIRQRPHWUtD 0HGLGDVGHQLYHOYRFDO 5HFRPHQGDFLyQ35HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH L 5HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH 5HFRPHQGDFLyQ3 5HFRPHQGDFLyQ35HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH 92&$%8/$5,2'(7e50,12662%5(&$/,'$''(75$160,6,Ï1 7(/()Ï1,&$<$3$5$7267(/()Ï1,&26 *LQHEUDPRGLILFDGDHQ0iODJD7RUUHPROLQRV 0HOERXUQH\+HOVLQNL ,QWURGXFFLyQ (QHVWD5HFRPHQGDFLyQILJXUDQWpUPLQRV\GHILQLFLRQHVDSURSLDGRVSDUDHOWUDEDMRGHOD&RPLVLyQGH(VWXGLR\TXH KDQVLGRH[DPLQDGRVHQHO*UXSRGH([SHUWRV1GHO*UXSR0L[WR&RRUGLQDGRUGHO8,778,75\GHOD&(, /RV WpUPLQRV TXH ILJXUDQ HQ HO 9RFDEXODULR (OHFWURWpFQLFR ,QWHUQDFLRQDO9(, YDQ DFRPSDxDGRV GH OD UHIHUHQFLD DO Q~PHUR9(,TXHVHOHVKDDVLJQDGR/RVWpUPLQRVSURSLRVGHO8,77VHFODVLILFDQGHPDQHUDDQiORJDDODXWLOL]DGDHQ HO9(, 7pUPLQRV\GHILQLFLRQHV $ORVHIHFWRVGHHVWD5HFRPHQGDFLyQVHDSOLFDQODVGHILQLFLRQHVVLJXLHQWHV 3UXHEDV SUXHEDGHDFHSWDFLyQ (DFFHSWDQFHWHVW )HVVDLG DFFHSWDWLRQ 3UXHED FRQWUDFWXDO TXH WLHQH SRU REMHWR GHPRVWUDU DO FOLHQWH TXH HO GLVSRVLWLYR UHVSRQGH D FLHUWDV FRQGLFLRQHV GH VX HVSHFLILFDFLyQ SUXHEDWLSR (W\SHWHVW )HVVDLGHW\SH 3UXHEDGHXQRRPiVGLVSRVLWLYRVGHGHWHUPLQDGR GLVHxR TXH WLHQH SRU REMHWR GHPRVWUDU TXH HO GLVHxR FXPSOD FLHUWDV HVSHFLILFDFLRQHV &RPSRQHQWHVGHDSDUDWRVWHOHIyQLFRV DXULFXODUHVVXSUDXUDOHVYpDVHOD5HFRPHQGDFLyQ3 (VXSUDDXUDOHDUSKRQHV )HFRXWHXUVVXSUDDXUDX[ $XULFXODUHVTXHUHSRVDQVREUHHOSDEHOOyQGHODXULFXODU\FX\RGLiPHWURH[WHULRURGLPHQVLyQPi[LPDHVGHPPSRU ORPHQRV DXULFXODUHVVXSUDFRQFKDYpDVHOD5HFRPHQGDFLyQ3 (VXSUDFRQFKDHDUSKRQHV )HFRXWHXUVVXSUDFRQTXH $XULFXODUHVFRQFHELGRVSDUDUHSRVDUVREUHORVERUGHVGHODFDYLGDGGHODRUHMD\FX\RGLiPHWURH[WHULRURGLPHQVLyQ Pi[LPDHVVXSHULRUDPPHLQIHULRUDPP 5HFRPHQGDFLyQ35HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH 5HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH UHODFLyQ< (<UDWLR )UDSSRUW< &RFLHQWHHQWUHODVHILFDFLDVGHHPLVLyQ\GHUHFHSFLyQGHOFLUFXLWRSDVLYRGHXQDSDUDWRWHOHIyQLFR 7LSRVGHDSDUDWRVWHOHIyQLFRV WHUPLQDODXGLRGHJUXSR (JURXSDXGLRWHUPLQDOV )WHUPLQDODXGLRGHFRPPXQLFDWLRQGHJURXSH $SDUDWRWHOHIyQLFRPDQRVOLEUHVGLVHxDGRSULPRUGLDOPHQWHSDUDVHUXWLOL]DGRSRUYDULRVXVXDULRV DSDUDWRWHOHIyQLFRPDQRVOLEUHVWHOpIRQRPDQRVOLEUHV (KDQGVIUHHWHOHSKRQHVHW )SRVWHWpOpSKRQLTXHPDLQVOLEUHV $SDUDWRWHOHIyQLFRTXHXWLOL]DFRPRUHFHSWRUWHOHIyQLFRXQDOWDYR]DVRFLDGRDXQDPSOLILFDGRU\TXHSXHGHXWLOL]DUVHVLQ PLFURWHOpIRQR DSDUDWRWHOHIyQLFRFRQDOWDYR]WHOpIRQRGHDOWDYR] (ORXGVSHDNLQJWHOHSKRQHVHW )SRVWHWpOpSKRQLTXHjpFRXWHRXjUpFHSWLRQDPSOLILpHVXUKDXWSDUOHXU $SDUDWRWHOHIyQLFRTXHXWLOL]DFRPRUHFHSWRUWHOHIyQLFRXQDOWDYR]DVRFLDGRDXQDPSOLILFDGRU WHUPLQDOHVPXOWLPHGLRV (PXOWLPHGLDWHUPLQDOV )WHUPLQDX[PXOWLPHGLDV 7HUPLQDOHV SDUD VHUYLFLRV PXOWLPHGLRV TXH LQFOX\HQ JHQHUDOPHQWH OD WHOHIRQtD \ IDFLOLGDGHV DGLFLRQDOHV FRPR YLGHRWHOHIRQtDYLGHRFRQIHUHQFLDWUDQVPLVLyQGHLPiJHQHVILMDVHWF DSDUDWRWHOHIyQLFRWHOpIRQR (WHOHSKRQHVHWWHOHSKRQHLQVWUXPHQW )SRVWHWpOpSKRQLTXHDSSDUHLOWpOpSKRQLTXHWpOpSKRQH $SDUDWR GH WHOHIRQtD TXH FRPSUHQGH DO PHQRV XQ WUDQVPLVRU WHOHIyQLFR XQ UHFHSWRU WHOHIyQLFR HO FDEOHDGR \ ORV yUJDQRVDFFHVRULRVGLUHFWDPHQWHDVRFLDGRVDHVWRVWUDQVGXFWRUHV 127$ ± 8Q DSDUDWR WHOHIyQLFR FRPSUHQGH QRUPDOPHQWH RWURV yUJDQRV WDOHV FRPR XQ JDQFKR FRQPXWDGRU XQ WLPEUH WHOHIyQLFRLQFRUSRUDGR\XQGLVSRVLWLYRGHPDUFDFLyQPDQXDO HVWDFLyQWHOHIyQLFD (WHOHSKRQHVWDWLRQ )SRVWHWpOpSKRQLTXHLQVWDOOp &RQMXQWRFRQVWLWXLGRSRUXQDSDUDWRWHOHIyQLFRHOFDEOHDGR\ORVHTXLSRVDX[LOLDUHVFRQHFWDGRDXQD UHGWHOHIyQLFD\ FX\DILQDOLGDGHVODWHOHIRQtD 127$±/RVHTXLSRVDX[LOLDUHVSXHGHQLQFOXLUSRUHMHPSORXQGLVSRVLWLYRLQGLFDGRUGHOODPDGDH[WHULRUXQGLVSRVLWLYR GHSURWHFFLyQXQDEDWHUtDORFDO 5HFRPHQGDFLyQ35HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH 5HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH $FFHVRULRVGHDSDUDWRVWHOHIyQLFRV VXSUHVRUGHFKRTXHDF~VWLFRDQWLFKRTXHHQWHOHIRQtD (DFRXVWLFVKRFNVXSSUHVVRULQWHOHSKRQ\ )DQWLFKRFHQWpOpSKRQLH 'LVSRVLWLYR DVRFLDGR D XQD HVWDFLyQ WHOHIyQLFD \ GHVWLQDGR D HYLWDU ORV FKRTXHV DF~VWLFRV HVWDEOHFLHQGR XQ OtPLWH VXSHULRUSDUDORVYDORUHVDEVROXWRVGHODWHQVLyQHOpFWULFDLQVWDQWiQHDTXHSXHGHDSOLFDUVHDDXULFXODUWHOHIyQLFR ,QVWDODFLRQHVWHOHIyQLFDVSULYDGDV LQVWDODFLyQWHOHIyQLFDSULYDGD (SULYDWHWHOHSKRQHLQVWDOODWLRQ )LQVWDOODWLRQWpOpSKRQLTXHLQWpULHXUH 5HGWHOHIyQLFDLQVWDODGDHQORVORFDOHVGHXQDSHUVRQDXRUJDQL]DFLyQ 127$±3RUFRQYHQLRVHFRQVLGHUDFRPRLQVWDODFLyQWHOHIyQLFDSULYDGDXQFRQMXQWRGHHVWDFLRQHVWHOHIyQLFDVFRQHFWDGDV DXQDVRODOtQHDGHDERQDGR 'HVFULSFLyQGHODVFRPXQLFDFLRQHVWHOHIyQLFDV FRPXQLFDFLyQ (FDOO )FRPPXQLFDWLRQ (VWDEOHFLPLHQWR\XWLOL]DFLyQGHXQDFRQH[LyQFRPSOHWDWUDVXQDWHQWDWLYDGHOODPDGD LGpQWLFRD LQWHQWRGHOODPDGDSRUXQXVXDULR (FDOODWWHPSWE\DXVHU )WHQWDWLYHG DSSHOSDUXQXVDJHU 6HFXHQFLD GH RSHUDFLRQHV HIHFWXDGDV SRU XQ XVXDULR GH XQD UHG GH WHOHFRPXQLFDFLyQ SDUD WUDWDU GH FRPXQLFDU FRQ HO XVXDULRXREWHQHUHOVHUYLFLRGHVHDGR 7pUPLQRDVRFLDGROODPDU LGpQWLFRD FRQH[LyQFDGHQDGHFRQH[LyQ (FRQQHFWLRQ )FKDvQHGHFRQQH[LRQ $VRFLDFLyQ WHPSRUDO GH FDQDOHV GH WUDQVPLVLyQ R FLUFXLWRV GH WHOHFRPXQLFDFLyQ XQLGDGHV GH FRQPXWDFLyQ \ RWUDV XQLGDGHV IXQFLRQDOHV HVWDEOHFLGD SDUD SHUPLWLU OD WUDQVIHUHQFLD GH LQIRUPDFLyQ HQWUH GRV R PiV SXQWRV HQ XQD UHG GH WHOHFRPXQLFDFLyQ LGpQWLFRD FRQH[LyQFRPSOHWDFDGHQDGHFRQH[LyQFRPSOHWD (FRPSOHWHFRQQHFWLRQ )FKDvQHGHFRQQH[LRQFRPSOqWHFKHPLQGHFRPPXQLFDWLRQ &RQH[LyQHQWUHWHUPLQDOHVGHXVXDULR LGpQWLFRD 5HFRPHQGDFLyQ35HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH 5HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH 5HGHVGHOtQHDVORFDOHV UHGORFDOGHOtQHDVWHOHIyQLFDV (ORFDOOLQHQHWZRUN )UpVHDXORFDOGHOLJQHVWpOpSKRQLTXHV &RQMXQWRGHOtQHDVWHOHIyQLFDVGHDERQDGR\HTXLSRVDX[LOLDUHVSURSRUFLRQDGRSDUDFRQHFWDUORVDERQDGRVDVXHQWLGDG GHFRQPXWDFLyQORFDO VLVWHPDWHOHIyQLFRORFDO/6YpDVHOD5HFRPDQGDFLyQ* (ORFDOWHOHSKRQHV\VWHP/6 )V\VWqPHWpOpSKRQLTXHORFDO/6 &RQMXQWRFRQVWLWXLGRSRUODHVWDFLyQWHOHIyQLFDGHDERQDGRODOtQHDWHOHIyQLFDGHDERQDGR\HOSXHQWHGHDOLPHQWDFLyQVL H[LVWH 127$±6HXWLOL]DHVWHWpUPLQRHQHOiPELWRGHODSODQLILFDFLyQ\GHODFDOLGDGGHWUDQVPLVLyQ VLVWHPDGHDERQDGRHQSODQLILFDFLyQGHWUDQVPLVLyQYpDVHOD5HFRPDQGDFLyQ* (VXEVFULEHUV\VWHPLQWUDQVPLVVLRQSODQQLQJ )V\VWqPHG DERQQpHQSODQLILFDWLRQGHODWUDQVPLVVLRQ /tQHD GH DERQDGR DVRFLDGD D OD SDUWH GH OD LQVWDODFLyQ WHOHIyQLFD SULYDGD TXH HVWi FRQHFWDGD D HVWD OtQHD GXUDQWH XQD OODPDGDWHOHIyQLFDYpDVHOD)LJXUD*WpUPLQRGHOD5HFRPHQGDFLyQ3 127$±6HXWLOL]DHVWHWpUPLQRHQHOFRQWH[WRGHODSODQLILFDFLyQ\GHODFDOLGDGGHODWUDQVPLVLyQ OtQHDWHOHIyQLFDGHDERQDGREXFOHGHDERQDGRHQWHOHIRQtD (VXEVFULEHU VWHOHSKRQHOLQHVXEVFULEHUORRSLQWHOHSKRQ\ )OLJQHWpOpSKRQLTXHG DERQQpOLJQHGHUpVHDX (QODFH HQWUH XQD HQWLGDG GH FRQPXWDFLyQ S~EOLFD \ XQD HVWDFLyQ WHOHIyQLFD XQD LQVWDODFLyQ WHOHIyQLFD SULYDGD R FXDOTXLHURWURWHUPLQDOTXHXWLOLFHVHxDOHVFRPSDWLEOHVFRQODUHGWHOHIyQLFD 127$ ± (Q IUDQFpV HO WpUPLQR ©OLJQH GH UpVHDXª VH XWLOL]D ~QLFDPHQWH FXDQGR OD LQVWDODFLyQ SULYDGD HV XQD FHQWUDOLWD WHOHIyQLFDSULYDGDRXQVLVWHPDWHOHIyQLFRLQWHUQR 8WLOL]DFLyQGHHVWDFLRQHVWHOHIyQLFDV FDELQDDF~VWLFDEXUEXMDDF~VWLFD (DFRXVWLFKRRG )DEULWpOpSKRQLTXHDEULSKRQH &DELQDVLWXDGDDODDOWXUDGHODFDEH]DUHYHVWLGDGHXQPDWHULDODEVRUEHQWHDF~VWLFR\GHVWLQDGDDIDFLOLWDUODXWLOL]DFLyQ GHXQDHVWDFLyQWHOHIyQLFDDOUHGXFLUHOQLYHOGHUXLGRDPELHQWH FDELQDWHOHIyQLFDFHUUDGD (WHOHSKRQHERRWK )FDELQHWpOpSKRQLTXH &DELQD SHTXHxD TXH FRQWLHQH XQD HVWDFLyQ WHOHIyQLFD \ TXH SURSRUFLRQD XQ FLHUWR JUDGR GH DLVODPLHQWR DF~VWLFR \ GH SULYDFLGDGSDUDHOXVXDULR 5HFRPHQGDFLyQ35HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH 5HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH FDELQDWHOHIyQLFDDELHUWD (WHOHSKRQHVWDOO )FDELQHWpOpSKRQLTXHRXYHUWH &DELQDWHOHIyQLFDVLQSXHUWD &DOLGDGGHWUDQVPLVLyQ HYDOXDFLyQSRUFDWHJRUtDVDEVROXWDV$&5YpDVHOD5HFRPHQGDFLyQ3 (DEVROXWHFDWHJRU\UDWLQJ$&5 )HYDOXDWLRQSDUFDWpJRULHVDEVROXHV$&5 0pWRGRGHSUXHEDVyORGHHVFXFKDHQTXHVHSLGHDOVXMHWRTXHH[SUHVHVXRSLQLyQXWLOL]DQGRXQDHVFDODGHFDOLGDGHV DEVROXWDVH[FHOHQWHEXHQD FKRTXHDF~VWLFRHQWHOHIRQtD (DFRXVWLFVKRFNLQWHOHSKRQ\ )FKRFDFRXVWLTXHHQWpOpSKRQLH 3HUWXUEDFLyQSDVDMHUDRSHUPDQHQWHGHOIXQFLRQDPLHQWRGHORtGRRGHOVLVWHPDQHUYLRVRTXHSXHGHVXIULUHOXVXDULRGHXQ DXULFXODUWHOHIyQLFRFRPRFRQVHFXHQFLDGHXQDEUXVFDHLPSRUWDQWHHOHYDFLyQGHODSUHVLyQDF~VWLFDSURGXFLGDSRUpVWH 127$±8QFKRTXHDF~VWLFRVHGHEHJHQHUDOPHQWHDODDSDULFLyQHQFLUFXQVWDQFLDVDQRUPDOHV GH WHQVLRQHV WUDQVLWRULDV HOHYDGDVHQORVWHUPLQDOHVGHXQDSDUDWRWHOHIyQLFR HYDOXDFLyQSRUFDWHJRUtDVGHGHJUDGDFLyQ'&5YpDVHOD5HFRPHQGDFLyQ3 (GHJUDGDWLRQFDWHJRU\UDWLQJ'&5 )HYDOXDWLRQSDUFDWpJRULHVGHGpJUDGDWLRQ'&5 9DULDQWH GHO PpWRGR GH SUXHED$&5 HQ TXH ORV VXMHWRV FRPSDUDQ HO VLVWHPD SUREDGR FRQ XQ VLVWHPD GH UHIHUHQFLD \ H[SUHVDQ VXV RSLQLRQHV FRQ DUUHJOR D XQD HVFDOD GH GHJUDGDFLRQHV LQDXGLEOH DXGLEOH SHUR QR PROHVWD OLJHUDPHQWH PROHVWDHWF LQWHUUXPSLELOLGDGYpDVHOD5HFRPHQGDFLyQ* (LQWHUUXSWLELOLW\ )LQWHUUXSWLELOLWp 3RVLELOLGDGGHTXHHQXQDFRPXQLFDFLyQWHOHIyQLFDFDGDLQWHUORFXWRUSXHGDLQWHUUXPSLUDORWURFRPRHQXQDFRQYHUVDFLyQ QRUPDO/DLQWHUUXPSLELOLGDGSXHGHYHUVHDIHFWDGDSRUODXWLOL]DFLyQGHGLVSRVLWLYRVDFFLRQDGRVSRUYR]HOWLHPSRWRWDO GHWUDQVPLVLyQHWF DXULFXODUHVLQWUDFRQFKDYpDVHOD5HFRPHQGDFLyQ3 (LQWUDFRQFKDHDUSKRQHV )HFRXWHXUVLQWUDFRQTXH $XULFXODUHVGHVWLQDGRVDDSR\DUVHHQHOLQWHULRUGHODFRQFKD7LHQHQXQGLiPHWURH[WHUQRRGLPHQVLyQPi[LPDLQIHULRU DPPSHURQRHVWiQGLVHxDGRVSDUDHQWUDUHQHOFDQDODXGLWLYR QRWDPHGLDGHRSLQLyQ026YpDVHOD5HFRPHQGDFLyQ3 (PHDQRSLQLRQVFRUH026 )QRWHPR\HQQHG RSLQLRQ026 9DORUPHGLRGHODVQRWDVGHRSLQLyQTXHVHGHILQHQHQYpDVHOD5HFRPHQGDFLyQ3 5HFRPHQGDFLyQ35HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH 5HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH XQLGDGGHUHIHUHQFLDSDUDUXLGRPRGXODGR0158YpDVHOD5HFRPHQGDFLyQ3 (PRGXODWHGQRLVHUHIHUHQFHXQLW0158 )DSSDUHLOGHUpIpUHQFHjEUXLWPRGXOp0158 'LVSRVLWLYR TXH SURGXFH XQD GLVWRUVLyQ FDOLEUDGD VXEMHWLYDPHQWH VLPLODU D OD SURGXFLGD SRU ORV VLVWHPDV0,& FRQ FRPSDQVLyQ ORJDUtWPLFD /D GLVWRUVLyQ GHO0158 VH H[SUHVD HQ GHFLEHOLRV \ FRUUHVSRQGH D XQD UHODFLyQ VHxDOUXLGR PXOWLSOLFDWLYR QRWDGHRSLQLyQHQWHOHIRQtD (RSLQLRQVFRUHLQWHOHSKRQ\ )QRWHG RSLQLRQHQWpOpSKRQLH 9DORUGHXQDHVFDODSUHGHILQLGDTXHXQVXMHWRDVLJQDDVXSURSLDRSLQLyQVREUHODFDOLGDGGHIXQFLRQDPLHQWRGHOVLVWHPD GHWUDQVPLVLyQWHOHIyQLFDXWLOL]DGRSDUDXQDFRQYHUVDFLyQR~QLFDPHQWHSDUDXQDHVFXFKDGHPDWHULDOKDEODGR 127$ ± 6HJ~Q HO9(, OD HVFDOD FRQVWD JHQHUDOPHQWH GH FLQFR YDORUHV SRU HMHPSOR H[FHOHQWH EXHQR DFHSWDEOH PDOR LQDFHSWDEOH(VWHHMHPSORQRFRUUHVSRQGHDODSUiFWLFDGHO&&,77YpDQVHODV1RWDV\GHOD5HFRPHQGDFLyQ3 $SDUDWRVGHPHGLFLyQ DFRSODGRUDF~VWLFRHQWHOHIRQRPHWUtD (DFRXVWLFFRXSOHULQWHOHSKRQRPHWU\ )FRXSOHXUDFRXVWLTXHHQWpOpSKRQRPpWULH &DYLGDG GH IRUPD \ YROXPHQ GHILQLGRV TXH VH XWLOL]D SDUD SUREDU DXULFXODUHV WHOHIyQLFRV R WUDQVPLVRUHV WHOHIyQLFRV MXQWRFRQXQPLFUyIRQRFDOLEUDGRDGDSWDGRSDUDPHGLUODSUHVLyQTXHVHSURGXFHGHQWURGHODFDYLGDG YR]DUWLILFLDOGHFRQYHUVDFLyQYpDVHOD5HFRPHQGDFLyQ3 (DUWLILFLDOFRQYHUVDWLRQDOVSHHFK )YRL[DUWLILFLHOOHGHFRQYHUVDWLRQ 6HxDO DUWLILFLDO TXH UHSURGXFH ODV FDUDFWHUtVWLFDV WHPSRUDOHV GH OD YR] KXPDQD GXUDQWH XQD FRQYHUVDFLyQ SUHVHQFLDDXVHQFLDGHVHxDO\TXHVLUYHSDUDFDUDFWHUL]DUVLVWHPDVGHSURFHVDPLHQWRGHODVHxDOYRFDOTXHGLVSRQHQGH GHWHFWRUHVGHYR]WDOHVFRPRWHOpIRQRVGHPDQRVOLEUHVORVGLVSRVLWLYRVGHFRQWUROGHHFRORVHTXLSRVGHPXOWLSOLFDFLyQ GHFLUFXLWRVGLJLWDOHV'&0(RORVVLVWHPDVHQPRGRGHWUDQVIHUHQFLDDVtQFURQR$70 RtGRDUWLILFLDO (DUWLILFLDOHDU )RUHLOOHDUWLILFLHOOH 'LVSRVLWLYRSDUDODFDOLEUDFLyQGHDXULFXODUHVTXHLQFRUSRUDXQDFRSODGRUDF~VWLFR\XQPLFUyIRQRFDOLEUDGRSDUDPHGLU SUHVLyQ DF~VWLFD \ TXH WLHQH XQD LPSHGDQFLD DF~VWLFD WRWDO VLPLODU D OD GHO RtGR KXPDQR PHGLR HQ XQD EDQGD GH IUHFXHQFLDVGDGD ERFDDUWLILFLDO (DUWLILFLDOPRXWK )ERXFKHDUWLILFLHOOH 'LVSRVLWLYRTXHFRQVWDGHXQDOWDYR]PRQWDGRHQXQUHFLSLHQWH\TXHWLHQHXQRVGLDJUDPDVGHGLUHFWLYLGDG\UDGLDFLyQ VLPLODUHVDORVGHODERFDKXPDQDSURPHGLD 5HFRPHQGDFLyQ35HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH 5HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH YR]DUWLILFLDO (DUWLILFLDOYRLFH )YRL[DUWLILFLHOOH 6HxDO GHILQLGD PDWHPiWLFDPHQWH TXH UHSURGXFH ODV FDUDFWHUtVWLFDV GHO KDEOD KXPDQD \ TXH VLUYH SDUD FDUDFWHUL]DU VLVWHPDV GH WHOHFRPXQLFDFLyQ OLQHDOHV \ QR OLQHDOHV (VWi GHVWLQDGD D RIUHFHU XQD FRUUHODFLyQ VDWLVIDFWRULD HQWUH ODV PHGLFLRQHVREMHWLYDV\ODVSUXHEDVHIHFWXDGDVFRQKDEODUHDO YR]DUWLILFLDODF~VWLFD (DFRXVWLFDUWLILFLDOYRLFH )YRL[DUWLILFLHOOHDFRXVWLTXH 6HxDO DF~VWLFD HQ HO 053 SXQWR GH UHIHUHQFLD ERFD GH OD ERFD DUWLILFLDO &XPSOH ODV PLVPDV HVSHFLILFDFLRQHV WHPSRUDOHV\HVSHFWUDOHVTXHODYR]DUWLILFLDOHOpFWULFD VHxDOGHH[FLWDFLyQGHERFDDUWLILFLDO (DUWLILFLDOPRXWKH[FLWDWLRQVLJQDO )VLJQDOG H[FLWDWLRQGHODERXFKHDUWLILFLHOOH 6HxDODSOLFDGDDODERFDDUWLILFLDOSDUDSURGXFLUODYR]DUWLILFLDODF~VWLFD6HREWLHQHHFXDOL]DQGRODYR]DUWLILFLDOHOpFWULFD SDUDFRPSHQVDUODFDUDFWHUtVWLFDVHQVLELOLGDGIUHFXHQFLDGHODERFD VLPXODGRUGHRtGRYpDVHOD5HFRPHQGDFLyQ3 (HDUVLPXODWRU )VLPXODWHXUG RUHLOOH 'LVSRVLWLYRSDUDPHGLUODSUHVLyQVRQRUDGHVDOLGDGHXQDXULFXODUHQFRQGLFLRQHVGHFDUJDELHQGHILQLGDVHQXQDJDPD GH IUHFXHQFLDV HVSHFLILFDGD &RQVLVWH HVHQFLDOPHQWH HQ XQD FDYLGDG SULQFLSDO UHGHV GH FDUJD DF~VWLFD \ XQ PLFUyIRQR FDOLEUDGR /D SRVLFLyQ GHO PLFUyIRQR VH HOLJH GH PRGR TXH OD SUHVLyQ VRQRUD HQ HO PLFUyIRQR FRUUHVSRQGD DSUR[LPDGDPHQWHDODSUHVLyQVRQRUDH[LVWHQWHHQHOWtPSDQRKXPDQR YR]DUWLILFLDOHOpFWULFD (HOHFWULFDODUWLILFLDOYRLFH )YRL[DUWLILFLHOOHpOHFWULTXH 9R]DUWLILFLDOSURGXFLGDHQIRUPDGHVHxDOHOpFWULFDTXHVLUYHSDUDSUREDUFDQDOHVGHWUDQVPLVLyQHQRWURVGLVSRVLWLYRV HOpFWULFRV VLPXODGRUGHFDEH]D\WRUVR+$76YpDVHOD5HFRPHQGDFLyQ3 (KHDGDQGWRUVRVLPXODWRU+$76 )VLPXODWHXUGHWrWHHWGHWRUVH+$76 0DQLTXtTXHDEDUFDGHVGHODFLPDGHODFDEH]DKDVWDODFLQWXUDGLVHxDGRSDUDVLPXODUODVFDUDFWHUtVWLFDVGHFDSWDFLyQGH VRQLGR\ODGLIUDFFLyQDF~VWLFDSURGXFLGDSRUXQDGXOWRPHGLR\SDUDUHSURGXFLUHOFDPSRDF~VWLFRJHQHUDGRSRUODERFD KXPDQD VLPXODGRUGHRtGRRFOXLGRYpDVHOD5HFRPHQGDFLyQ3 (RFFOXGHGHDUVLPXODWRU )VLPXODWHXUG RUHLOOHRFFOXVH 6LPXODGRUGHRtGRTXHVLPXODODSDUWHLQWHULRUGHOFDQDODXGLWLYRGHVGHHOH[WUHPRGHXQHPEXGRGHLQVHUFLyQKDVWDHO WtPSDQR 5HFRPHQGDFLyQ35HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH 5HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH VHFXHQFLDGHUHIHUHQFLDGLJLWDO0,&'56 (3&0GLJLWDOUHIHUHQFHVHTXHQFH'56 )VpTXHQFHQXPpULTXHGHUpIpUHQFH0,&'56 8QDVHFXHQFLDGHUHIHUHQFLDGLJLWDO0,&HVXQDGHODVSRVLEOHVVHFXHQFLDVGHFyGLJR0,&TXHXQDYH]GHFRGLILFDGDSRU XQ GHFRGLILFDGRU LGHDO SURGXFH XQD VHxDO VLQXVRLGDO DQDOyJLFD D OD IUHFXHQFLD GH UHIHUHQFLD +] \ D XQ QLYHO GHG%P$ODLQYHUVDXQDVHxDOVLQXVRLGDODQDOyJLFDDODIUHFXHQFLDGHUHIHUHQFLD\DXQQLYHOGHG%PDSOLFDGDD ODHQWUDGDGHXQFRGLILFDGRULGHDOJHQHUDUiXQDVHFXHQFLDGHUHIHUHQFLDGLJLWDO0,&YpDVH* 7HOHIRQRPHWUtD JDQDQFLDDF~VWLFDWHOHIyQLFDIXQFLyQGHWUDQVIHUHQFLDWHOHIyQLFDYpDVHOD5HFRPHQGDFLyQ3 (DFRXVWLFDOWHOHSKRQ\JDLQWHOHSKRQLFWUDQVIHUIXQFWLRQ )JDLQDFRXVWLTXHGHODOLDLVRQWpOpSKRQLTXH &RFLHQWH HQWUH OD SUHVLyQ HQ HO SXQWR GH UHIHUHQFLD RtGR GHO R\HQWH \ OD SUHVLyQ HQ HO SXQWR GH UHIHUHQFLD ERFD GHO KDEODQWHFRQHFWDGRVSRUXQFDQDOWHOHIyQLFR DXULFXODUHVDF~VWLFDPHQWHFHUUDGRVKHUPpWLFRVYpDVHOD5HFRPHQGDFLyQ3 (DFRXVWLFDOO\FORVHGHDUSKRQHVQRPLQDOO\VHDOHG )pFRXWHXUVDFRXVWLTXHPHQWIHUPpVKHUPpWLTXHV $XULFXODUHVGLVHxDGRVSDUDLPSHGLUWRGRDFRSODPLHQWRDF~VWLFRHQWUHHOHQWRUQRH[WHULRU\HOFRQGXFWRDXGLWLYR DXULFXODUHVDELHUWRVDF~VWLFDPHQWHQRKHUPpWLFRVYpDVHOD5HFRPHQGDFLyQ3 (DFRXVWLFDOO\RSHQHDUSKRQHVQRPLQDOO\XQVHDOHG )HFRXWHXUVDFRXVWLTXHPHQWRXYHUWVQRQKHUPpWLTXHV $XULFXODUHVGLVHxDGRVSDUDFUHDULQWHQFLRQDGDPHQWHXQWUD\HFWRDF~VWLFRHQWUHHOHQWRUQRH[WHULRU\HOFRQGXFWRDXGLWLYR QLYHOGHVHQVDFLyQHQODEDQGD (EDQGVHQVDWLRQOHYHO )QLYHDXGHVHQVDWLRQGDQVODEDQGH 'LIHUHQFLDH[SUHVDGDHQGHFLEHOLRVHQWUHHOVRQLGRLQWHJUDGRHQXQDEDQGDGHIUHFXHQFLDV\HOQLYHOGHSUHVLyQVRQRUD HQHVWDEDQGDHQHOXPEUDOGHDXGLELOLGDGHQDXVHQFLDGHWRGRRWURVRQLGRSHUWXUEDGRU DXULFXODUHVFLUFXPDXUDOHVYpDVHOD5HFRPHQGDFLyQ3 (FLUFXPDXUDOHDUSKRQHV )HFRXWHXUVFLUFXPDXUDX[ $XULFXODUHVTXHFXEUHQHOSDEHOOyQDXULFXODU\UHSRVDQVREUHODVXSHUILFLHFLUFXQGDQWHGHODFDEH]D(OFRQWDFWRFRQOD FDEH]D HVWi QRUPDOPHQWH DOPRKDGLOODGR /RV DXULFXODUHV FLUFXPDXUDOHV SXHGHQ WRFDU HO SDEHOOyQ DXULFXODU SHUR VLQ RSULPLUORDSUHFLDEOHPHQWH HTXLYDOHQWHVGHUHIHUHQFLDFRUUHJLGRV(5& (FRUUHFWHGUHIHUHQFHHTXLYDOHQWV&5( )pTXLYDOHQWVGHUpIpUHQFHFRUULJpV&5( 9DORUHVGHOHTXLYDOHQWHGHUHIHUHQFLDHQHPLVLyQRHQUHFHSFLyQFRQYHUWLGRVPHGLDQWHXQDWUDQVIRUPDFLyQGHILQLGDQR OLQHDOHQYDORUHVTXHREHGHFHQODVOH\HVGHDGLFLyQDOJHEUDLFD 127$±/DFRQYHUVLyQVLUYHSDUDVDOYDUFLHUWDVGLILFXOWDGHVTXHDSDUHFHQHQDSOLFDFLyQGHORVHTXLYDOHQWHVGHUHIHUHQFLD 6HGHILQHHQHO$QH[R&* 5HFRPHQGDFLyQ35HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH 5HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH D60'(/60 (∆60'(/60 )∆60'(/60 'LIHUHQFLDHQWUHODVHQVLELOLGDGHQHPLVLyQGHXQDSDUDWRWHOHIyQLFRFXDQGRVHXWLOL]DQXQDERFD\XQDYR]UHDOHV60-\ FXDQGRVHXWLOL]DXQDIXHQWHGHUXLGRDPELHQWHGLIXVR60-51GHPRGRTXH ∆60=60-51−60-G% 9pDQVH WDPELpQ ODV 5HFRPHQGDFLRQHV 3 3 3 3 HO 6XSOHPHQWR1 GH ODV 5HFRPHQGDFLRQHV GH OD VHULH3\HO0DQXDOVREUHPHGLFLRQHVWHOHIRQRPpWULFDV 127$±(QODSUiFWLFDXQDEXHQDDSUR[LPDFLyQGH∆60VHUiODPDJQLWXG∆6PPiVIiFLOGHGHWHUPLQDU D6P'(/6P (∆6P'(/6P )∆6P'(/6P 'LIHUHQFLDHQWUHODVHQVLELOLGDGHQHPLVLyQGHXQDSDUDWRWHOHIyQLFRFXDQGRVHXWLOL]DXQDERFDDUWLILFLDO6P-\FXDQGR VHXWLOL]DXQDIXHQWHGHUXLGRDPELHQWHGLIXVR6P-51GHPRGRTXH ∆6P=6P-51−6P-G% 9pDQVH WDPELpQ ODV 5HFRPHQGDFLRQHV3 3 3 3 HO 6XSOHPHQWR1 GH ODV 5HFRPHQGDFLRQHV GH OD VHULH3\HO0DQXDOVREUHPHGLFLRQHVWHOHIRQRPpWULFDV SXQWRGHHQWUDGDGHOFDQDODXGLWLYR((3YpDVHOD5HFRPHQGDFLyQ3 (HDUFDQDOHQWUDQFHSRLQW((3 )SRLQWG HQWUpHGXFDQDODXGLWLI((3 3XQWRVLWXDGRHQHOFHQWURGHODHQWUDGDGHOFDQDODXGLWLYR SURORQJDFLyQGHOFDQDODXGLWLYRYpDVHOD5HFRPHQGDFLyQ3 (HDUFDQDOH[WHQVLRQ )SURORQJDWHXUGHFRQGXLWDXGLWLI &DYLGDGFLOtQGULFDTXHSURORQJDODVLPXODFLyQGHOFDQDODXGLWLYRUHDOL]DGDSRUHOVLPXODGRUGHRtGRRFOXLGRWLSRGHOD 5HFRPHQGDFLyQ3PiVDOOiGHODFDYLGDGGHODRUHMD SXQWRGHUHIHUHQFLDRtGR(53YpDVHOD5HFRPHQGDFLyQ3 (HDUUHIHUHQFHSRLQW(53 )SRLQWGHUpIpUHQFHRUHLOOH(53 3XQWRYLUWXDOGHUHIHUHQFLDJHRPpWULFDVLWXDGRDODHQWUDGDGHORtGRGHOR\HQWHWUDGLFLRQDOPHQWHXWLOL]DGRSDUDHOFiOFXOR GHtQGLFHVGHVRQRULGDGWHOHIRQRPpWULFRV SODQRGHUHIHUHQFLDDXULFXODU (HDUFDSUHIHUHQFHSODQH )SODQGHUpIpUHQFHpFRXWHXU 3ODQRIRUPDGRSRUORVSXQWRVGHFRQWDFWRGHXQDVXSHUILFLHSODQDFRQHOSDEHOOyQGHXQDXULFXODUWHOHIyQLFR SXQWRGHUHIHUHQFLDDXULFXODU(&53 (HDUFDSUHIHUHQFHSRLQW(&53 )SRLQWGHUpIpUHQFHpFRXWHXU(&53 3XQWRGHOSODQRGHUHIHUHQFLDDXULFXODUXWLOL]DGRFRPRSDUiPHWURGHUHIHUHQFLD 5HFRPHQGDFLyQ35HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH 5HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH SXQWRGHUHIHUHQFLDWtPSDQR'53YpDVHOD5HFRPHQGDFLyQ3 (HDUGUXPUHIHUHQFHSRLQW'53 )SRLQWGHUpIpUHQFHW\PSDQ'53 3XQWRVLWXDGRDOILQDOGHOFDQDODXGLWLYRFRUUHVSRQGLHQWHDODSRVLFLyQGHOWtPSDQR SpUGLGDGHDFRSODPLHQWRGHODXULFXODU/( (HDUSKRQHFRXSOLQJORVV/( )DIIDLEOLVVHPHQWGHFRXSODJHGHO HFRXWHXU/( 0DJQLWXGGHILQLGDFRPRODGLIHUHQFLDHQWUHODVHQVLELOLGDGHQUHFHSFLyQJHQHUDOPHQWHHQIXQFLyQGHODIUHFXHQFLDGH XQPLFURWHOpIRQRFXDQGRVHDSOLFDDXQRtGRDUWLILFLDO\ODVHQVLELOLGDGHQUHFHSFLyQGHOPLVPRPLFURWHOpIRQRFXDQGRVH DSOLFDDXQRtGRKXPDQR DQLOORGHJXDUGD (JXDUGULQJ )DQQHDXGHJDUGH $QLOORTXHVHILMDGXUDQWHODVSUXHEDVDODFDMDGHPLFUyIRQRGHXQPLFURWHOpIRQRDILQGHVLWXDUODIXHQWHVRQRUDHQXQD SRVLFLyQHVSHFLILFDGDFRQUHVSHFWRDOPLFUyIRQR DXULFXODUHVGHLQVHUFLyQYpDVHOD5HFRPHQGDFLyQ3 (LQVHUWHDUSKRQHV )LQVHUWV $XULFXODUHVFRQFHELGRVSDUDSHQHWUDUSDUFLDORFRPSOHWDPHQWHHQHOFDQDODXGLWLYR SODQRGHODELRVSRVLFLyQHTXLYDOHQWHGHORVODELRV (OLSSODQH )SRVLWLRQpTXLYDOHQWHGHVOqYUHV 3ODQRH[WHULRUGHODQLOORGHODELRV DQLOORGHODELRV (OLSULQJ )DQQHDXGHJDUGHSRXUOHVOqYUHV $QLOORFLUFXODUGHYDULOODGHOJDGD\UtJLGDXWLOL]DGRSDUDVLWXDUODSRVLFLyQODELRVHTXLYDOHQWHGHODVERFDVDUWLILFLDOHV tQGLFHGHHIHFWRORFDOSDUDHOR\HQWH/675 (OLVWHQHUVLGHWRQHUDWLQJ/675 )DIIDLEOLVVHPHQWG HIIHWORFDOSRXUODSHUVRQQHTXLpFRXWH/675 6RQRULGDGGHXQDIXHQWHGHUXLGRDPELHQWHGLIXVRWDOFRPRVHSHUFLEHHQHORtGRDXULFXODUGHODERQDGR D WUDYpV GHO WUD\HFWRGHHIHFWRORFDOHOpFWULFRGHODSDUDWRWHOHIyQLFRFRPSDUDGDFRQODVRQRULGDGGHOVLVWHPDLQWHUPHGLRGHUHIHUHQFLD FRPSOHWRFXDQGRVHHIHFW~DODFRPSDUDFLyQLQWURGXFLHQGRFRPRXPEUDOGHHQPDVFDUDPLHQWRODVHxDOGHKDEODSHUFLELGD DWUDYpVGHOWUD\HFWRGHHIHFWRORFDOKXPDQR/0(+6 tQGLFHGHVRQRULGDG (ORXGQHVVUDWLQJ )pTXLYDOHQWSRXUODVRQLH 0HGLGDH[SUHVDGDHQGHFLEHOLRVTXHFDUDFWHUL]DODVRQRULGDGGHODVFRQH[LRQHVWHOHIyQLFDVFRPSOHWDVRGHDOJXQDVGH VXVSDUWHVWDOHVFRPRHOVLVWHPDHPLVRUOtQHDRVLVWHPDUHFHSWRU 127$ ± $xDGLGD SRU HO&&,77 (VWD GHILQLFLyQ HV PX\ JHQHUDO \ FRUUHVSRQGH D OR TXH VH GHQRPLQD SpUGLGD GH VRQRULGDGHQORVWH[WRVGHO&&,77HQHVWRVWH[WRVHOWpUPLQR©tQGLFHGHVRQRULGDGªGHEHUHVHUYDUVHDODVPHGLFLRQHVFRQIRUPHVDOD 5HFRPHQGDFLyQ3\SXHGHDEUHYLDUVHFRPR/5 5HFRPHQGDFLyQ35HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH 5HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH WUD\HFWRGHXQPHWURHQHODLUH (PHWUHDLUSDWK )WUDMHWG XQPqWUHjO DLUOLEUH 5HIHUHQFLD PHGLGD GH OD SpUGLGD GH SUHVLyQ VRQRUD D OR ODUJR GH XQ WUD\HFWR GH XQ PHWUR HQ HO DLUH (Q XQ DPELHQWH DQHFRLFRODDWHQXDFLyQGHSUHVLyQVRQRUDHQHVWHWUD\HFWRPHGLGDGHVGHHO053HVGHG%DSUR[LPDGDPHQWH GLVWDQFLDPRGDO (PRGDOGLVWDQFH )GLVWDQFHPRGDOH 'LVWDQFLDHQWUHHOFHQWURGHODUHMLOODSURWHFWRUDGHOPLFUyIRQRRGHODDEHUWXUDDQWHULRUGHOPLFURWHOpIRQR\HOFHQWURGHO DQLOORGHJXDUGD FDOLEUHPRGDO (PRGDOJDXJH )MDXJHPRGDOH *iOLER XWLOL]DGR SDUD YHULILFDU OD SRVLFLyQ GHO DQLOOR GH JXDUGD VREUH XQ PLFURWHOpIRQR FRQ UHVSHFWR DO SODQR GH UHIHUHQFLDDXULFXODUGHOUHFHSWRU SRVLFLyQPRGDO (PRGDOSRVLWLRQ )SRVLWLRQPRGDOH 3RVLFLyQHLQFOLQDFLyQSUHVFULWDVGHXQPLFURWHOpIRQRFRQUHVSHFWRDXQDIXHQWHVRQRUDILMD SXQWRGHUHIHUHQFLDERFD053 (PRXWKUHIHUHQFHSRLQW053 )SRLQWGHUpIpUHQFHERXFKH053 3XQWR VLWXDGR DPP IUHQWH D OD SRVLFLyQ ODELRV GH XQD ERFD KXPDQD WtSLFD RXQD ERFD DUWLILFLDO \ VREUH HO HMH GH GLFKDSRVLFLyQYpDVHOD)LJXUD$3 HIHFWRGHREVWiFXORHIHFWRGHREVWUXFFLyQ (REVWDFOHHIIHFWREVWUXFWLRQHIIHFW )HIIHWG REVWDFOHHIIHWG REVWUXFWLRQ 0RGLILFDFLyQ SURGXFLGD HQ HO FDPSR DF~VWLFR SUy[LPR D XQD ERFD KXPDQD R DUWLILFLDO FXDQGR VH FRORFDQ REVWiFXORV SRUHMHPSORXQWUDQVPLVRUWHOHIyQLFRHQODSUR[LPLGDGLQPHGLDWDGHODERFD HIHFWRGHRFOXVLyQ (RFFOXVLRQHIIHFW )HIIHWG RFFOXVLRQ 9DULDFLyQ GHO HIHFWR ORFDO KXPDQR TXH VH SURGXFH FXDQGR HO FRQGXFWR DXGLWLYR HVWi FHUUDGR SRUHMHPSOR SRU XQ UHFHSWRUWHOHIyQLFR QLYHOGHHVFXFKDySWLPR (RSWLPXPOLVWHQLQJOHYHO )QLYHDXG pFRXWHRSWLPDO 1LYHOGHKDEODTXHFRUUHVSRQGHGXUDQWHXQDSUXHEDGHHVFXFKDRGHFRQYHUVDFLyQDODQRWDGHRSLQLyQPi[LPDGHXQD HVFDODGHFDOLGDGHVFDODGHFODVLILFDFLyQTXHYDGH©H[FHOHQWHªD©PDORª 127$ ± 6H KD GHPRVWUDGR OD SRVLELOLGDG GH TXH HO QLYHO GH HVFXFKD ySWLPR VHD VLJQLILFDWLYDPHQWH VXSHULRU DO QLYHO GH HVFXFKDSUHIHULGR(VWRSUXHEDODLPSRUWDQFLDGHGLVWLQJXLUHQWUHORVQLYHOHVGHHVFXFKDySWLPR\ SUHIHULGR 5HFRPHQGDFLyQ35HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH 5HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH JDQDQFLDDF~VWLFDGHRUWRUUHIHUHQFLDSDUDWHOHIRQtDYpDVHOD5HFRPHQGDFLyQ3 (RUWKRUHIHUHQFHDFRXVWLFJDLQIRUWHOHSKRQ\ )JDLQDFRXVWLTXHHQFRQGLWLRQG RUWKRUpIpUHQFHSRXUODWpOpSKRQLH &RFLHQWH HQWUH OD SUHVLyQ HQ HO SXQWR GH UHIHUHQFLD RtGR GHO R\HQWH \ OD SUHVLyQ HQ HO SXQWR GH UHIHUHQFLD ERFD GHO KDEODQWHHQFRQGLFLRQHVGHRUWRUUHIHUHQFLDSDUDWHOHIRQtD FRQGLFLyQGHRUWRUUHIHUHQFLDSDUDWHOHIRQtDYpDVHOD5HFRPHQGDFLyQ3 (RUWKRUHIHUHQFHFRQGLWLRQIRUWHOHSKRQ\ )FRQGLWLRQVG RUWKRUpIpUHQFHSRXUODWpOpSKRQLH 7UD\HFWRDF~VWLFRHQWUHXQKDEODQWH\XQR\HQWHVLWXDGRVXQRIUHQWHDRWURDXQDGLVWDQFLDGHPHQFDPSROLEUH JDQDQFLDRUWRWHOHIyQLFDJDQDQFLDGHLQVHUFLyQYpDVHOD5HFRPHQGDFLyQ3 (RUWKRWHOHSKRQLFJDLQLQVHUWLRQJDLQ )JDLQRUWKRWpOpSKRQLTXHJDLQG LQVHUWLRQ &RFLHQWHHQWUHODJDQDQFLDHOHFWURDF~VWLFDWRWDO\ODJDQDQFLDGHUHIHUHQFLDDF~VWLFDRUWRWHOHIyQLFD HTXLYDOHQWHGHSODQLILFDFLyQ (SODQQLQJHTXLYDOHQW )pTXLYDOHQWGHSODQLILFDWLRQ 5HVXOWDGR GH XQD PHGLGD REWHQLGR FRQ XQ DSDUDWR GH PHGLGD REMHWLYR TXH SXHGH VHU FRQVLGHUDGR FRPR LJXDO D XQ HTXLYDOHQWH5 R D XQ HTXLYDOHQWH GH UHIHUHQFLD FRUUHJLGR FRQ XQD SUHFLVLyQ VXILFLHQWH SDUD ODV QHFHVLGDGHV GH OD SODQLILFDFLyQ VLPXODGRUGHOSDEHOOyQDXULFXODUYpDVHOD5HFRPDQGDFLyQ3 (SLQQDVLPXODWRU )VLPXODWHXUGHSDYLOORQ 'LVSRVLWLYRTXHWLHQHODIRUPD\GLPHQVLRQHVDSUR[LPDGDVGHOSDEHOOyQGHXQKXPDQRDGXOWRPHGLR QLYHOGHHVFXFKDSUHIHULGR (SUHIHUUHGOLVWHQLQJOHYHO )QLYHDXG pFRXWHSUpIpUp 1LYHO YRFDO FRQVLGHUDGR SUHIHULEOH GXUDQWH XQD SUXHED GH HVFXFKD R GH FRQYHUVDFLyQ FRQ DUUHJOR D XQD HVFDOD GH SUHIHUHQFLDV GH VRQRULGDG HVFDOD GH RSLQLyQ GH ©PXFKR PiV IXHUWH GH OR SUHIHULGRª D ©PXFKR PiV GpELO GH OR SUHIHULGRª 127$±9pDVH©QLYHOGHHVFXFKDySWLPRª HTXLYDOHQWHGHUHIHUHQFLD (UHIHUHQFHHTXLYDOHQW )pTXLYDOHQWGHUpIpUHQFH 3pUGLGDH[SUHVDGDHQGHFLEHOLRV\FRQVWDQWHSDUDWRGDVODVIUHFXHQFLDVWUDQVPLWLGDVTXHGHEHUtDLQWURGXFLUVHHQHOQXHYR VLVWHPDIXQGDPHQWDOSDUDODGHWHUPLQDFLyQGHHTXLYDOHQWHVGHUHIHUHQFLDR126)(5SDUDREWHQHUODPLVPDVRQRULGDG TXHHQODFRQH[LyQFRPSOHWDFRQVLGHUDGDHQXQVHQWLGRGHWHUPLQDGRSDUDXQDPLVPDSRWHQFLDDF~VWLFDHPLWLGDSRUHO KDEODQWH 127$6 (OHTXLYDOHQWHGHUHIHUHQFLDHVSRVLWLYRRQHJDWLYRVHJ~QTXHVHDSUHFLVRLQVHUWDURVXSULPLUSpUGLGDHQHO126)(5 (O HTXLYDOHQWH GH UHIHUHQFLD HVWi GHILQLGR ULJXURVDPHQWH SRU HO PpWRGR GH PHGLFLyQ GHVFULWR HQ OD 5HFRPHQGDFLyQ3/LEUR5RMR 5HFRPHQGDFLyQ35HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH 5HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH HTXLYDOHQWH5 (5HTXLYDOHQW )pTXLYDOHQW5 3pUGLGD GH VRQRULGDG GHWHUPLQDGD FRPR XQ HTXLYDOHQWH GH UHIHUHQFLD VHJ~Q OD 5HFRPHQGDFLyQ3 /LEUR 5RMR H[FHSWRHQTXHHOQLYHOGHHVFXFKDHVFRQVWDQWH\FRUUHVSRQGHDG%HQHO126)(5 UHGHTXLOLEUDGRUDGHOHIHFWRORFDO (VLGHWRQHEDODQFHQHWZRUN )UpVHDXG pTXLOLEUDJHG HIIHWORFDO 5HG HOpFWULFD TXH IRUPD SDUWH GH XQ SXQWR GH HTXLOLEUDGR GH GRV D FXDWURKLORV GH XQ FLUFXLWR GH DSDUDWR WHOHIyQLFR GHVWLQDGDDFRQWURODUODSpUGLGDGHOWUD\HFWRGHHIHFWRORFDOWHOHIyQLFR tQGLFHGHHQPDVFDUDPLHQWRGHOHIHFWRORFDO6705 (VLGHWRQHPDVNLQJUDWLQJ6705 )DIIDLEOLVVHPHQWG HIIHWORFDOSDUODPpWKRGHGHPDVTXDJH6705 6RQRULGDG GH XQ WUD\HFWR GH HIHFWR ORFDO WHOHIyQLFR FRPSDUDGD FRQ OD VRQRULGDG GHO VLVWHPD LQWHUPHGLR GH UHIHUHQFLD FRPSOHWRFXDQGRVHHIHFW~DODFRPSDUDFLyQLQWURGXFLHQGRFRPRXPEUDOGHHQPDVFDUDPLHQWRODVHxDOGHKDEODSHUFLELGD DWUDYpVGHOWUD\HFWRGHHIHFWRORFDOKXPDQR/0(+6 WUD\HFWRGHHIHFWRORFDO (VLGHWRQHSDWK )WUDMHWG HIIHWORFDO &XDOTXLHU WUD\HFWR DF~VWLFR PHFiQLFR R HOpFWULFR SRU HO FXDO XQ XVXDULR WHOHIyQLFR R\H VX SURSLD KDEOD \R HO UXLGR DPELHQWHHQHO(53 DWHQXDFLyQGHWUD\HFWRGHHIHFWRORFDO (VLGHWRQHSDWKORVV )DIIDLEOLVVHPHQWGXWUDMHWG HIIHWORFDO $WHQXDFLyQGHOWUD\HFWRGHHIHFWRORFDOH[SUHVDGDFRQUHVSHFWRDOKDEODHQHO053(QJHQHUDOVHXWLOL]DQORVVtPERORV VLJXLHQWHV /0(+6 SDUDWUD\HFWRVGHHIHFWRORFDOGHQWURGHXQDFDEH]DKXPDQD /0(67 SDUDWUD\HFWRVGHHIHFWRORFDOHOHFWURDF~VWLFRVGHQWURGHODSDUDWRWHOHIyQLFR /0(06 SDUDWUD\HFWRVGHHIHFWRORFDOPHFiQLFRVGHQWURGHXQPLFURWHOpIRQR /5167 SDUD WUD\HFWRV GH HIHFWR ORFDO HOHFWURDF~VWLFRV GHVGH XQD IXHQWH GH UXLGR DPELHQWH GLIXVR KDVWD HO DXULFXODU &DGDXQRGHHVWRVWUD\HFWRVSXHGHPHGLUVHFRPRVHQVLELOLGDGHVHQFX\RFDVRVHFRQYLHUWHQHQ60(+660(6760(06\ 65167\H[SHULPHQWDQXQFDPELRGHVLJQRGHPRGRTXHSRUHMHPSOR60(67=−/0(67 SHQDOL]DFLyQHQYROXPHQVRQRUR (VSHHFKYROXPHSHQDOW\ )SpQDOLVDWLRQHQYROXPHVRQRUH 5HGXFFLyQGHOQLYHOGHKDEODGHXQDERQDGRH[SUHVDGDJHQHUDOPHQWHHQIXQFLyQGHXQtQGLFHGHHIHFWRORFDOGHKDEOD SRUHMHPSOR6705GHELGDDODH[LVWHQFLDGHXQHIHFWRORFDO UHVLVWHQFLDGHFRQYHUVDFLyQ (WDONLQJUHVLVWDQFH )UpVLVWDQFHGHFRQYHUVDWLRQ 5HVLVWHQFLD ILMD XWLOL]DGD SDUD SUXHEDV \ FX\R YDORU HV LJXDO DO GH XQ PLFUyIRQR GH FDUEyQ H[FLWDGR SRU XQD FRUULHQWH GHWHUPLQDGD 5HFRPHQGDFLyQ35HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH 5HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH DWHQXDFLyQ SRU DFRSODPLHQWR GH WHUPLQDO7&/ DWHQXDFLyQ SRU DFRSODPLHQWR GH WHUPLQDO SRQGHUDGD7&/ZYpDQVHODV5HFRPHQGDFLRQHV3\3 (WHUPLQDOFRXSOLQJORVV7&/ZHLJKWHGWHUPLQDOFRXSOLQJORVV7&/Z )pTXLYDOHQWGHFRXSODJHGXWHUPLQDO7&/pTXLYDOHQWSRQGpUpGHFRXSODJHGXWHUPLQDO7&/Z /DDWHQXDFLyQSRUDFRSODPLHQWRGHSHQGLHQWHGHODIUHFXHQFLDHQWUHHOSXHUWRGHUHFHSFLyQ\HOSXHUWRGHHPLVLyQGHXQ WHUPLQDOGHELGD ± DDFRSODPLHQWRDF~VWLFRHQODLQWHUID]GHXVXDULR ± D DFRSODPLHQWR HOpFWULFR FDXVDGR SRU OD GLDIRQtD HQ HO FRUGyQ GHO PLFURWHOpIRQR R HQ ORV FLUFXLWRV HOpFWULFRV ± DDFRSODPLHQWRGHYLEUDFLRQHVDWUDYpVGHODVSDUWHVPHFiQLFDVGHOWHUPLQDO 127$6 (OSXHUWRGHUHFHSFLyQ\HOSXHUWRGHHPLVLyQGHXQWHUPLQDOYRFDOGLJLWDOHVXQSXQWRGHG%U (ODFRSODPLHQWRHQHOLQWHUID]GHXVXDULRGHSHQGHUiGHODVFRQGLFLRQHVGHXWLOL]DFLyQ /DDWHQXDFLyQSRUDFRSODPLHQWRGHOWHUPLQDOSRQGHUDGDGHEHEDVDUVHHQODSRQGHUDFLyQGHOD5HFRPHQGDFLyQ * IXQFLyQGHODIXHQWHYLUWXDO (YLUWXDOVRXUFHIXQFWLRQ )IRQFWLRQGHVRXUFHYLUWXHOOH 9DULDFLyQGHODSRVLFLyQGHODIXHQWHYLUWXDOHQIXQFLyQGHRWURSDUiPHWURSRUHMHPSORODIUHFXHQFLDRODSUR[LPLGDGGH REVWiFXORV SRVLFLyQGHODIXHQWHYLUWXDO (YLUWXDOVRXUFHSRVLWLRQ )SRVLWLRQGHODVRXUFHYLUWXHOOH 3XQWRGHXQDERFDKXPDQDRDUWLILFLDOGHGRQGHSDUHFHQHPDQDUORVVRQLGRVHPLWLGRV DWHQXDFLyQ SRQGHUDGD SRU DFRSODPLHQWR GH WHUPLQDO YpDVH DWHQXDFLyQ SRU DFRSODPLHQWR GH WHUPLQDO (ZHLJKWHGWHUPLQDOFRXSOLQJORVVVHHWHUPLQDOFRXSOLQJORVV )pTXLYDOHQWSRQGpUpGHFRXSODJHGXWHUPLQDOYRLUpTXLYDOHQWGHFRXSODJHGXWHUPLQDO LPSHGDQFLDGHOtQHDGHHIHFWRORFDOQXOR=6 (]HURVLGHWRQHOLQHLPSHGDQFH=6 )LPSpGDQFHGHOLJQHjHIIHWORFDOQXO=6 ,PSHGDQFLDGHXQFLUFXLWRTXHFXDQGRVHFRQHFWDHQWUHORVWHUPLQDOHVGHXQDSDUDWRWHOHIyQLFRSURYRFDODDQXODFLyQGHO HIHFWRORFDO 0HGLGDVGHQLYHOYRFDO WLHPSRDFWLYR (DFWLYHWLPH )GXUpHG DFWLYLWp $FXPXODFLyQGHWRGRVORVLQWHUYDORVGHWLHPSRFXDQGRVHFRQVLGHUDTXHKD\KDEODSUHVHQWHGHDFXHUGRFRQHOFULWHULR DGRSWDGRSRUHO&&,77YpDVHOD5HFRPHQGDFLyQ3DHIHFWRVGHPHGLFLyQ QLYHOGHKDEODDFWLYRYpDVH5HFRPHQGDFLyQ3 (DFWLYHVSHHFKOHYHO )QLYHDXGHSDUROHDFWLYH 0DJQLWXG H[SUHVDGD HQ GHFLEHOLRV FRQ UHVSHFWR D XQD UHIHUHQFLD LQGLFDGD SRUHMHPSOR YROWLRV RSDVFDOHV REWHQLGD SURPHGLDQGR OD SRWHQFLD GH ODV VHxDOHV GH KDEOD GXUDQWH HO WLHPSR GH DFWLYLGDG VHJ~Q HO PpWRGR% GH OD 5HFRPHQGDFLyQ3 5HFRPHQGDFLyQ35HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH 5HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH IDFWRUGHDFWLYLGDG (DFWLYLW\IDFWRU )FRHIILFLHQWG DFWLYLWp &RFLHQWHHQWUHHOWLHPSRDFWLYR\HOWLHPSRWRWDOWUDQVFXUULGRGXUDQWHXQDPHGLFLyQXVXDOPHQWHH[SUHVDGRHQSRUFHQWDMH YROXPHQRYROXPHQYRFDO (YROXPHRUVSHHFKYROXPH )YROXPHRXYROXPHGHODSDUROH 0DJQLWXGUHODFLRQDGDFRQODSRWHQFLDGHKDEOD\PHGLGDHQXQSXQWRGHWHUPLQDGRGHXQFLUFXLWRWHOHIyQLFRSRUPHGLRGH XQ DSDUDWR HVSHFLILFDGR DGHFXDGR SDUD XQ UiSLGR FRQWURO R DMXVWH GH QLYHO HQ WLHPSR UHDO SRU XQ REVHUYDGRU KXPDQR SRUHMHPSORY~PHWURYRO~PHWUR$5$(1YROWtPHWURGHFUHVWDGHVHxDOUDGLRIyQLFD QLYHOYRFDO (VSHHFKOHYHO )QLYHDXYRFDO 7pUPLQRJHQHUDOTXHDEDUFDHOYROXPHQGHKDEODHOQLYHOGHKDEODDFWLYR\FXDOTXLHURWUDPDJQLWXGVLPLODUH[SUHVDGDHQ GHFLEHOLRVFRQUHVSHFWRDXQDUHIHUHQFLDLQGLFDGD 5HFRPHQGDFLyQ35HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH