&DStWXOR &21&/86,21(6 &21&/86,21(6 8QDYH]WHUPLQDGRHOUHFRUULGRSRUODVGLVWLQWDVWLSRORJtDVTXHDGRSWyHOHVSDFLRVDFURHQ (VSDxDGXUDQWHORVDxRVFLQFXHQWD\VHVHQWDSDVDPRVDH[SRQHUODV&RQFOXVLRQHVGHOD7H VLV'RFWRUDO (QSULPHUOXJDUKHPRVFRQVWDWDGRTXHDQWHVGHFRPHQ]DUDKDEODUGHDUTXLWHFWXUDUHOL JLRVD FRQYLHQH GHILQLU DOJXQRV FRQFHSWRV FRPR ©VDFURª ©VDJUDGRª ©UHOLJLyQª ©WHPSORª ©LJOHVLDª ©,JOHVLDª ©VtPERORª ©VDFHUGRFLRª R ©OLWXUJLDª \D TXH ODV PLVPDV SDODEUDV VRQ HQ RFDVLRQHVREMHWRGHGLVFXVLyQHQHOGHEDWH (QWHQGHPRVORVDFURFRPRORVHSDUDGRDTXHOORTXHVHGHGLFDDXQILQPiVDOWRTXHQR SXHGHVHUWRFDGR\TXHSDUWLFLSDGHXQHVWDWXWRRQWROyJLFRGLIHUHQWHGHOUHVWRGHODVFRVDV /RVDFUROOHYDDGKHULGRXQPDWL]VRFLDOPX\OLJDGRDODLGHDGHVDFULILFLR\HVHQUHODFLyQFRQ HOVDFULILFLRGRQGHVHGHILQHHODUWHVDFUR$VtODUHOLJLyQVHSRGUtDGHILQLUFRPRODDGPLQLV WUDFLyQGHORVDFUR(QFDVWHOODQRORVDJUDGRHVWiDVRFLDGRDOVHQWLGR©FULVWLDQRªGHORVDFUR GHPRGRTXHpVWHHQJOREDUtDDDTXpODGHPiVDODFXDOLGDGGH©VHSDUDFLyQªVHOHDxDGLUtDHO DWULEXWRGHOD©LQYLRODELOLGDGªGHDTXHOORTXHWUDVFLHQGHGHPRGRDEVROXWR(QHOFULVWLDQLV PRORVJUDGRVGHVDFUDOLGDGVHHVWUXFWXUDQJUDGXDOPHQWH&ULVWRHOVDFHUGRWH\HOSXHEOR (OWHPSORFULVWLDQRHVUDGLFDOPHQWHGLVWLQWRGHORVWHPSORVQRFULVWLDQRVSXHVHQHOFULV WLDQLVPR OD UHODFLyQ GH 'LRV FRQ HO KRPEUH QR SUHFLVD GH HGLILFLRV SDUD SURGXFLUVH -HVX FULVWRVHUHILULyDOWHPSORGH-HUXVDOpQFRPR©FDVDGH'LRVª\©FDVDGH RUDFLyQª SHUR VLQ HPEDUJRHVWDEOHFLyHOYDORUGHVXFXHUSRFRPRWHPSOR\DQXQFLyXQRQXHYR/RV$SyVWR OHVDXQTXHVLJXLHURQ\HQGRDO7HPSORDRUDUWDPELpQFRPHQ]DURQDUHXQLUVHHQFDVDVSDUWL FXODUHVSDUDFHOHEUDUOD(XFDULVWtDDOSULQFLSLRHYLWDURQGHQRPLQDUWHPSORVDHVWRVOXJDUHV SXHVODSDODEUDWHQtDSDUDHOORVUHPLQLVFHQFLDVSDJDQDV3RUHVRORVOODPDURQLJOHVLDVWRPDQ GRHOFRQWLQHQWHSRUHOFRQWHQLGR'HDKtTXHQRVHGHEDFRQIXQGLUOD©,JOHVLDª FRQPD\~V FXOD ³HOFRQMXQWRGHORVILHOHV³FRQOD©LJOHVLDª FRQPLQ~VFXOD HOOXJDUGRQGHDTXpOODVH UH~QH/DLJOHVLDHVXQHVSDFLRFDSD]TXHKDGHDVXPLUFXDWURIXQFLRQHVVHUHOOXJDUGRQGH Ã(/(63$&,26$*5$'2(1/$$548,7(&785$(63$f2/$&217(0325É1($ VHFRQJUHJDQORVILHOHVSDUDRUDUVHUHOOXJDUGHODSURFODPDFLyQGHOD3DODEUDGH'LRV\GHOD FHOHEUDFLyQ HXFDUtVWLFD VHU HO OXJDU GH OD FHOHEUDFLyQ GH ORV UHVWDQWHV VDFUDPHQWRV \ VHU HO OXJDU GH RUDFLyQ \ DGRUDFLyQ GHO 6DQWtVLPR 6DFUDPHQWR HO RUGHQ HV LPSRUWDQWH $XQTXH 'LRVQRQHFHVLWDXQDFDVDSDUD©KDELWDUªODVLJOHVLDVVRQQHFHVDULDV\DTXHHOKRPEUHHVXQ VHUVRFLDO\HOFXOWRGLYLQRKDGHVHUXQDDFWLYLGDGFROHFWLYD $VLPLVPRKHPRVUHFRUGDGRTXHHOVtPERORHVXQLQWHUPHGLDULRPDWHULDO³QDWXUDOTXH QRQHFHVLWDVHUH[SOLFDGR³TXHQRVUHPLWHDRWUDUHDOLGDGKDELWXDOPHQWHGHFDUiFWHUHVSLUL WXDOTXHODOLWXUJLDHVODRUGHQDFLyQHFOHVLiVWLFDGHOFXOWRS~EOLFRRWDPELHQODRUJDQL]DFLyQ GHODVUHODFLRQHVRILFLDOHVHQWUH'LRV\HOKRPEUH\TXHHOVDFHUGRWHHVHOKRPEUHTXHVHSD UDGRGHVXVVHPHMDQWHVKDVLGRFRQVDJUDGRSDUDKRQUDUDODGLYLQLGDGVHJ~QXQRVULWRVSUH HVWDEOHFLGRV (Q HO FULVWLDQLVPR H[LVWHQ HO VDFHUGRFLR FRP~Q GH ORV ILHOHV \ HO VDFHUGRFLR PLQLVWHULDOTXHVLELHQVHLGHQWLILFDQHQOREiVLFRWDPELpQHVWiQVHSDUDGRVHQDOJXQDVPDQL IHVWDFLRQHVFRQFUHWDVOLJDGDVDOHMHUFLFLRGHODSURSLDWDUHDSDVWRUDO\OLW~UJLFD (VWDEOHFLGDVHVWDVSUHPLVDVFRQFHSWXDOHVOD7HVLV'RFWRUDOKDSUHWHQGLGRFRQVWDWDUODKL SyWHVLV SODQWHDGD HQ HO &DStWXOR ©,QWURGXFFLyQ 2EMHWLYRV 0pWRGR \ )XHQWHVª \ TXH YROYHPRVDHQXQFLDU ©/D DUTXLWHFWXUD UHOLJLRVD TXH VH SURGXMR HQ (VSDxD GXUDQWH OD GpFDGD GH ORV DxRV FLQ FXHQWDMXJyXQSDSHOSULPRUGLDOHQHOUHFRQRFLPLHQWRLQWHUQDFLRQDOGHODDUTXLWHFWXUDHVSD xROD/DFRODERUDFLyQLQWHUGLVFLSOLQDUFRQDUWLVWDVHOFRQWDFWRGLUHFWRFRQHOJUDQS~EOLFRODV DPSOLDVSRVLELOLGDGHVHVSDFLDOHV\IRUPDOHVTXHHOWHPDSODQWHDED\ODLGHQWLGDG³PiVDOOi GHPDUJLQDFLRQHVLGHROyJLFDV³HQWUHODVDVSLUDFLRQHVGHOD,JOHVLD&DWyOLFDSDUDVXVWHPSORV \ODVSUHWHQVLRQHVpWLFDVGHOD0RGHUQLGDGPRWLYDURQTXHODFRQVWUXFFLyQGHLJOHVLDVFRQV WLWX\HUDXQRGHORVHMHVDOUHGHGRUGHORVFXDOHVJLUyHOGLVFXUVRGLVFLSOLQDUHQ(VSDxDHVSH FLDOPHQWH HQ OR TXH VH UHILHUH D OD UHLQFRUSRUDFLyQ GHO 0RYLPLHQWR 0RGHUQR DO SDQRUDPD DUTXLWHFWyQLFRGHOSDtV/RVWHPSORVGHHVWHSHULRGRWDQWRSRUVXGHQVLGDGFRQFHSWXDOFR PRSRUVXEULOODQWH]IRUPDOKDQTXHGDGRFRPRUHIHUHQFLDVEiVLFDVSDUDFRPSUHQGHUODKLV WRULD GH QXHVWUD DUTXLWHFWXUD UHFLHQWH FRQVWLWX\HQGR XQ PDJQtILFR SXQWR GH SDUWLGD SDUD IXQGDPHQWDUXQDDUTXLWHFWXUDVDJUDGDFRQWHPSRUiQHDª (QWHQGHPRVTXHODV&RQFOXVLRQHVGHOD7HVLV'RFWRUDOKDQGHVHUODUDWLILFDFLyQGHFDGD XQDGHODVDILUPDFLRQHVYHUWLGDVHQGLFKDKLSyWHVLV³IUDVHSRUIUDVH³RHQWRGRFDVROD FRQVWDWDFLyQGHVXIDOVHGDG3RUORWDQWRYDPRVDSUHFHGHUDVXH[SOLFDFLyQSRUPHQRUL]DGD &21&/86,21(6à 35,0(5$$),50$&,Ð1 ©/D DUTXLWHFWXUD UHOLJLRVD TXH VH SURGXMR HQ (VSDxD GXUDQWH OD GpFDGD GH ORV DxRV FLQ FXHQWDMXJyXQSDSHOSULPRUGLDOHQHOUHFRQRFLPLHQWRLQWHUQDFLRQDOGHODDUTXLWHFWXUDHVSD xRODª (QHIHFWRGXUDQWHORVDxRVFLQFXHQWD\VHVHQWDKXEREDVWDQWHVDFRQWHFLPLHQWRVUHODFLR QDGRV FRQ OD DUTXLWHFWXUD UHOLJLRVD \ SRGHPRV DILUPDU TXH HQ QLQJXQD RWUD WLSRORJtD ³QL VLTXLHUDHQHOWHPDGHODYLYLHQGDVRFLDO³VHPDQWXYRXQGLVFXUVRWDQFRQWLQXR\FRKHUHQWH FRPR HO TXH VH GHVDUUROOy HQ HO iPELWR GH OD FRQVWUXFFLyQ GH LJOHVLDV (VWH GLVFXUVR TXH WUDVSDVy ODV IURQWHUDV GHO SDtV VH JHVWy SRFR D SRFR HQ QXPHURVRV IRURV SXEOLFDFLRQHV FRQJUHVRVH[SRVLFLRQHV\FRQFXUVRVTXHHQVXFRQMXQWRGHVHPSHxDURQXQSDSHOGHSULPHU RUGHQHQHOSURFHVRGHDSHUWXUDGHODDUTXLWHFWXUDHVSDxRODDOSDQRUDPDLQWHUQDFLRQDO &LHUWDPHQWHODVUHYLVWDVHVSDxRODVGHDUTXLWHFWXUDGHGLFDURQPXFKDVSiJLQDVDODDUTXL WHFWXUDUHOLJLRVDHQODOtQHDGHORTXHHVWDEDRFXUULHQGRHQRWURVSDtVHVHXURSHRVHQFRQ FUHWRFDWRUFHQ~PHURVPRQRJUiILFRVHQTXLQFHDxRV(QH[LVWLyXQSULPHULQWHQWRGH HGLWDUXQDQXDULRGHDUWHVDFURSHURKXERTXHHVSHUDUKDVWDSDUDTXHDSDUHFLHUDODUH YLVWD©$5$ª $UWH5HOLJLRVR$FWXDO +XERQRWDEOHVPRQRJUDItDVVREUHDUWH\DUTXLWHFWXUDVDFUDVFRPR©&DUWDVDXQFXUDHV FpSWLFRHQPDWHULDGHDUWHPRGHUQRª -09DOYHUGH ©$UTXLWHFWXUDUHOLJLRVDGH0LJXHO )LVDFª ) 0RUDOHV ©,JOHVLDV QXHYDV HQ (VSDxDª $ )HUQiQGH] $UHQDV ©&RQYHUVDFLRQHVGH$UTXLWHFWXUD5HOLJLRVDª 9DULRV ©&RQVWUXFFLyQ \ UHQRYDFLyQ GH WHPSORVª -)HUUDQGR5RLJ ©(ODUWHVDFURDFWXDO(VWXGLR3DQRUDPD'RFXPHQWRVª - 3OD]DROD $UWROD 2 WDPELpQ OLEURV SDQRUiPLFRV FRPR ©$UTXLWHFWXUD HVSDxROD FRQWHPSRUiQHDª &)ORUHV /ySH] HQ GRQGH OD DUTXLWHFWXUD UHOLJLRVD HVWDED DPSOLD PHQWHUHSUHVHQWDGDWDQWRTXHLQFOXVRSXHGHUHVXOWDUFKRFDQWHSDUDXQREVHUYDGRUDFWXDO /RVHYHQWRVPiVLPSRUWDQWHVIXHURQORVVLJXLHQWHV &RQJUHVRV , 6HPDQD 1DFLRQDO GH $UWH 6DFUR /HyQ &RQYHUVDFLRQHV GH $UTXL WHFWXUD5HOLJLRVD %DUFHORQD ,,6HPDQD1DFLRQDOGH$UWH 6DFUR /HyQ &RQ JUHVR GHO 6,$& 6HFUHWDULDGR ,QWHUQDFLRQDO GH $UWLVWDV &DWyOLFRV 0RQWVHUUDW %DUFHORQD 6HPLQDULR GH (VWXGLRV VREUH (GLILFLRV 5HOLJLRVRV 0DGULG $GHPiV VH FHOH EUDURQODV6HVLRQHVGH&UtWLFDGH$UTXLWHFWXUDRUJDQL]DGDVSRUOD©5HYLVWD1DFLRQDOGH$U TXLWHFWXUDª /DV %DVtOLFDV GH $UiQ]D]X \ GH OD 0HUFHG &DWHGUDO HQ 0DGULG Ã(/(63$&,26$*5$'2(1/$$548,7(&785$(63$f2/$&217(0325É1($ 8QD FDSLOOD HQ HO &DPLQR GH 6DQWLDJRª ,JOHVLD GH ORV 33 'RPLQLFRV GH 9DOODGROLG /DVQXHYDVSDUURTXLDVGH9LWRULD \2VWHQVRULR /DV H[SRVLFLRQHV ([SRVLFLyQ 9DWLFDQD GH $UWH 6DFUR 0LVLRQDO 0DGULG ([SRVL FLyQ 'LRFHVDQD GH $UWH /LW~UJLFR %DUFHORQD ([SRVLFLyQ GH $UWH 6DFUR , 6HPDQD 1DFLRQDOGHOD3DUURTXLD =DUDJR]D ([SRVLFLyQ©1XHYRVWHPSORVª 0DGULG ([SRVLFLyQ©*UHPLRª 0DGULG ([SRVLFLyQ©(XFDULVWtD\$OWDUª /HyQ \,, ([SRVLFLyQGH$UWH6DFURGH*HURQD 9DULRVFRQFXUVRV\3UHPLRV1DFLRQDOHVGH$UTXLWHFWXUDVHFRQYRFDURQEDMRXQSURJUDPD GHFDUiFWHUVDFUR(UPLWDGHPRQWDxDFRQKRVSHGHUtDDQHMDHQWLHUUDVGHOD0DQFKD 3UHPLR 1DFLRQDOGH$UTXLWHFWXUD %DVtOLFD+LVSDQRDPHULFDQDGH1XHVWUD6HxRUDGH/D0HU FHGª 0DGULG %DVtOLFDGH1XHVWUD6HxRUDGH$UDQW]D]Xª 2xDWH*XLS~]FRD &DWHGUDOGH6DQ,VLGUR&RQFXUVRGH$UTXLWHFWXUDHQHOPDUFRGHOD,%LHQDO+LVSDQRDPHUL FDQDGH$UWH 0DGULG ©8QD&DSLOODHQHO&DPLQRGH6DQWLDJRª 3UHPLR1DFLRQDOGH $UTXLWHFWXUD FRQFXUVR(76$03HTXHxRWHPSORGHGLFDGRDOD3XUtVLPD&RQFHSFLyQª ,JOHVLDSDUURTXLDOGH6DQ(VWHEDQ3URWRPiUWLU &XHQFD FRQFXUVRSDUDHOUHWD EORGHOD%DVtOLFDGH1XHVWUD6HxRUDGH$UDQW]D]X \&RQMXQWRSDUURTXLDOHQXQLGDG UHVLGHQFLDO (O 3UHPLR 1DFLRQDO GH $UTXLWHFWXUD OR JDQy HO 0RQDVWHULR GH OD 3XUtVLPD&RQFHSFLyQHQ6DODPDQFD/DDUTXLWHFWXUDUHOLJLRVDWDPELpQLQIOX\yHQHOiPELWR DFDGpPLFR PHGLDQWH FXUVRV HVSHFLDOL]DGRV FRQFXUVRV SDUD HVWXGLDQWHV \ SUR\HFWRV ILQ GH FDUUHUDFRPRHOGHOD©&;3URPRFLyQªGHOD(76$GH0DGULG³2ULROH<EDUUD+LJXHUDV 'ROV,Q]D0DUWtQH])HGXFKL0LUy6HUUDQR6XxHU3HxD*DQFKHJXLHWF³FX\RWHPDIXH ©8QDFDSLOODIXQHUDULDHQXQFHPHQWHULRPLOLWDUª (QODHVSHFLDOLGDGGHDUWHVDFURREWXYLHURQPi[LPRVJDODUGRQHVHQFHUWiPHQHVLQWHUQD FLRQDOHVORVVLJXLHQWHVDUWLVWDV0LJXHO)LVDF 9LHQD HQDUTXLWHFWXUD-RVp/XLV$ORQVR &RRPRQWH 6DO]EXUJR \-RVp/XLV6iQFKH] 6DO]EXUJR HQHVFXOWXUD-RVp0DUtD GH/DEUD 6DO]EXUJR9HQHFLD \-RDTXtQ9DTXHUR7XUFLRV 6DO]EXUJR HQ SLQWXUD&DUORV0XxR]GH3DEORV 9HQH]XHOD HQYLGULHUDV\HO0RYLPLHQWR$UWH6DFUR 6DO]EXUJR HQYHVWLGXUDVOLW~UJLFDV/RVUHFRQRFLPLHQWRVRILFLDOHVGHVSHUWDURQHOLQWH UpVGHOS~EOLFRHXURSHR³HLQFOXVRGHOHVSDxRO³KDFLDHVWRVDUWLVWDV 'LYHUVDVLJOHVLDVHVSDxRODVIRUPDURQSDUWHGHORVOLEURVHVSHFLDOL]DGRV©/HVeJOLVHVQRX YHOOHV j WUDYHUV OH PRQGHª - 3LFKDUG 3DUtV ©7KH 1HZ &KXUFKHV RI (XURSH/DV &21&/86,21(6à 1XHYDV,JOHVLDVGH(XURSDª *(.LGGHU6PLWK/RQGUHV \©1HXH.LUFKHQª 5*LH VHOPDQQ6WXWWJDUW 7DPELpQKXERDUWtFXORVPRQRJUiILFRVTXHVHKLFLHURQHFRGHHVWHSURFHVRHQHOH[WHULRU HQWUHHOORVSRGHPRVGHVWDFDUORVVLJXLHQWHV©/·$UFKLWHWWXUD5HOLJLRVDQHOOH6SDJQD&RQWHP SRUDQHDª 0DUTXpV GH /R]R\D ,QIRUPD]LRQH 6SDJQROD >@ ©1HXHU .LUFKHQEDX LQ 6SDQLHQª 6D'DV0QVWHU>@ ©1HXH.LUFKHQEDXWHQLQ6SDQLHQª '6KDU'DV 0QVWHU >@ ©1HXH .LUFKHQ LQ 6SDQLHQª + 0XFN &KULVWOLFKH .XQVWEOlWWHU > DEULO@ ©/H UHQRXYHDX GH O·HVWKpWLTXH UHOLJLHXVH HQ (VSDJQHª -0 $JXLODU 7UHPR\D $UW G·(JOLVH>@ ©6SDDQVH$UFKLWHFWHQ=RHNHQHHQHLJHQYRURJH9LQJª 5%OLMVWUD.D WKROLHN%RXZODQG>@ /D DUTXLWHFWXUD HVSDxROD HVWDED VLHQGR FRQRFLGD IXHUD GH QXHVWUDV IURQWHUDV HQ JUDQ SDUWHJUDFLDVDVXVLJOHVLDV 6(*81'$$),50$&,Ð1 ©/DFRODERUDFLyQLQWHUGLVFLSOLQDUFRQDUWLVWDVHOFRQWDFWRGLUHFWRFRQHOJUDQS~EOLFRODV DPSOLDVSRVLELOLGDGHVHVSDFLDOHV\IRUPDOHVTXHHOWHPDSODQWHDED\ODLGHQWLGDG³PiVDOOi GHPDUJLQDFLRQHVLGHROyJLFDV³HQWUHODVDVSLUDFLRQHVGHOD,JOHVLD&DWyOLFDSDUDVXVWHPSORV \ODVSUHWHQVLRQHVpWLFDVGHOD0RGHUQLGDGPRWLYDURQTXHODFRQVWUXFFLyQGHLJOHVLDVFRQV WLWX\HUDXQRGHORVHMHVDOUHGHGRUGHORVFXDOHVJLUyHOGLVFXUVRGLVFLSOLQDUHQ(VSDxDHVSH FLDOPHQWH HQ OR TXH VH UHILHUH D OD UHLQFRUSRUDFLyQ GHO 0RYLPLHQWR 0RGHUQR DO SDQRUDPD DUTXLWHFWyQLFRGHOSDtVª 'DGD OD ORQJLWXG GH HVWH SiUUDIR \ OD FDQWLGDG GH DVSHFWRV GLVWLQWRV TXH WRFD YDPRV D VXEGLYLGLUORHQFXDWURDSDUWDGRVTXHH[SOLFDUHPRVGHPRGRLQGHSHQGLHQWH ©/DFRODERUDFLyQLQWHUGLVFLSOLQDUFRQDUWLVWDV « ª /DGLVFXVLyQVREUHHODUWHVDFURHQHOWHPSORIXHXQRGHORVDVSHFWRVPiVLQWHUHVDQWHVGHO GHEDWHGHHVWRVDxRV$PHGLDGRVGHORVDxRVFLQFXHQWDOD,JOHVLD&DWyOLFDTXLVRYROYHUDVHU PHFHQDVGHODVDUWHV\DSRVWySRUODYtDGHODFRODERUDFLyQIUDQFD\VDQD/DDVXQFLyQGHORV SULQFLSLRVGHODUWHOOHJyKDVWDHOSXQWRGHTXHOD,JOHVLDOOHJyDFRQVLGHUDUHODUWHVDFURFRPR XQD©YRFDFLyQDX[LOLDUª(Q(VSDxDIXHURQPXFKtVLPRVORVDUWLVWDVOODPDGRVDWUDEDMDUHQHO WHPSOR\QRVyORIXHQRWDEOHVXFDQWLGDGVLQRWDPELpQVXFDOLGDG\VXSRSXODULGDG Ã(/(63$&,26$*5$'2(1/$$548,7(&785$(63$f2/$&217(0325É1($ /D FRODERUDFLyQ IXH SURSXJQDGD HQ SULPHU OXJDU SRU HQ 3DSD 3tR ;,, HQ VX HQFtFOLFD ©0HGLDWRU'HLHWKRPLQXPª \SRVWHULRUPHQWHUDWLILFDGDHQFDGDSDtV2WURSRQWtILFH 3DEOR 9, SURSRQGUtD HQ XQ JUDQ SDFWR GH UHFRQFLOLDFLyQ HQWUH OD ,JOHVLD \ HO $UWH ©¢+DFHPRVODVSDFHV"¢+R\"¢$TXt"¢4XHUpLVYROYHUDVHUDPLJRV" « 7HQHPRVTXHYROYHU DVHUDOLDGRV « GHEHPRVGHMDUTXHYXHVWUDVYRFHVFDQWHQOLEUH\SRGHURVDPHQWHFRPRVRQ FDSDFHVª 'LYHUVRV WHyORJRV IUDQFHVHV ³HVSHFLDOPHQWH 'RPLQLFRV YLQFXODGRV D OD UHYLVWD ©/·$UW 6DFUqª³LPSXOVDURQDWUDYpVGHXQDIUDVHDIRUWXQDGD ©$ORVJUDQGHVKRPEUHVJUDQGHVFR VDVª ODUHLQFRUSRUDFLyQGHOJUDQDUWHDOiPELWRHFOHVLDO$OLJXDOTXHHQWLHPSRVSDVDGRVVH WUDWDEDGHEXVFDUORVDUWLVWDVPiVUHSUHVHQWDWLYRVGHODpSRFD\SUHJXQWDUOHVVLHVWDEDQGLV SXHVWRVDFRODERUDUFRQOD,JOHVLDVLQSUHRFXSDUVHHQVDEHUVLKDEtDQWUDEDMDGRRQRHQREUDV UHOLJLRVDV$VtVXUJLHURQODVLQLFLDWLYDVGH$VV\$XGLQFRXUW5RQFKDPS\9HQFHHQ)UDQFLD \ODVREUDVGH1RUWKDPSWRQ\&RYHQWU\HQ*UDQ%UHWDxD (Q (VSDxD OD LQLFLDWLYD FRUULy SULQFLSDOPHQWH D FDUJR GH ORV 33 'RPLQLFRV GHO &RQ YHQWRGH$WRFKDHQ0DGULG\HQFRQFUHWRGH-RVp0DQXHOGH$JXLODU2WURVKLWRVHQHVWH SURFHVRIXHURQODSXEOLFDFLyQSRUSDUWHGH0RQV-HV~V(QFLVR2ELVSRGH0DOORUFDGHXQD FDUWDSDVWRUDOTXHWUDWDEDGHPRGRHVSHFtILFRVREUHHODUWHVDFUR \ODOODPDGD©&DUWD 0DJQDªGHODUWHVDFURHPLWLGDSRU0RQV&DVLPLUR0RUFLOOR$U]RELVSRGH0DGULGHQ 6LKDVWDHVHPRPHQWRHOLQGLYLGXDOLVPRURPiQWLFRKDEtDSUHYDOHFLGRHQHOPXQGRGHODU WH D SULQFLSLRV GH ORV DxRV VHVHQWD VH HPSH]y HVWLODU OD DJUXSDFLyQ GH GLYHUVRV DUWLVWDV HQ ©WDOOHUHVªGHDUWHVDFURGRQGHQRLPSRUWDEDWDQWRHOQRPEUHGHOTXHUHDOL]DEDODREUDFRPR OD SURSLD UHDOL]DFLyQ GH OD PLVPD HO JUXSR EDUFHORQpV ©/D &DQWRQDGDª HO JUXSR ©*UHPLR ª ORV WDOOHUHV GH OD DEDGtD GH 0RQWVHUUDW HO ©*UXSR $5$ª ©0RYLPLHQWR $UWH 6DFURª ©7DOOHUHV GH $UWH *UDQGDª ©&RQVHUYDWRULR 0XQLFLSDO GH $UWHV 6XQWXDULDV ¶0DVVDQD·ª HO ©*UXSR ¶7DOOHU·ª ©$UWLVWDV YLGULHURVª ©%HULWª ©0DQDQWLDOª R OD ©(VFXHOD GH 0RVDLFR ¶0RQDVWHULR0HUFHGDULRGH3R\R·ªIXHURQDOJXQRVGHHOORV 'HQWURGHOPLVPRRUGHQGHFRVDVVHHQFRQWUyODIRUPDFLyQGRFWULQDOGHORVDUWLVWDV3RFR DSRFRVHIXHURQFRQILJXUDQGRJUXSRVLQWHUGLVFLSOLQDUHVIRUPDGRVSRUVDFHUGRWHVDUTXLWHF WRV\DUWLVWDVSUHRFXSDGRVSRUHODUWHVDFURTXHGLHURQOXJDUDUHXQLRQHVPX\YDULDGDV³ XQDVYHFHVUHVWULQJLGDVRWUDVYHFHVPiVDPSOLDV³HQODVTXHVHGLDORJDED\VHFRQWUDVWDEDQ ©9ROYDPRV,JOHVLD\DUWLVWDVDODJUDQDPLVWDGª$UD ,,,FIWDPELpQ3OD]DROD$UWROD -©(ODUWHVDFURDFWXDO(VWXGLR3DQRUDPD'RFXPHQWRVª%$&0DGULG &21&/86,21(6à FULWHULRV\SXQWRVGHYLVWDFRQPRWLYRGHXQWHPDHVSHFtILFRRGHXQDRFDVLyQHVSHFLDO$Vt RFXUULyFRQORVHQFXHQWURVFRQYRFDGRVSRUHO©0RYLPLHQWR$UWH6DFURªHQ0DGULGODV6H PDQDVGH$UWH6DFURGH/HyQODVVHVLRQHVFHOHEUDGDVHQHOPRQDVWHULRGH3REOHWHQODJDOH UtD©7HPSOR\$OWDUªGH0DGULGRHQ©$UV6DFUDªGH%DUFHORQDSRUFLWDUDOJXQDV (QODFRQVWUXFFLyQGHLJOHVLDVWUDEDMDURQSLQWRUHVHVFXOWRUHVRUIHEUHVWDSLFHURVYLGULH ULVWDVH[SHUWRVHQDUWHVPXVLYDULDV\HQXWHQVLOLRVOLW~UJLFRV<GHRWUDIRUPDP~VLFRV +XERQXPHURVRVDUWLVWDVLQGLYLGXDOHVTXHLQWHUYLQLHURQHQDUTXLWHFWXUDVDFUDPiVRPH QRVYLQFXODGRVDDOJ~QDUTXLWHFWR$VtSRUHMHPSORFRQYLHQHVHxDODUORVFDVRVGH)UDQFLVFR )DUUHUDV3DEOR6HUUDQR6XVDQD&3RODF-RVp0DUtDGH/DEUDR-RVp/XLV6iQFKH]TXHWUD EDMDURQ FRQ 0LJXHO )LVDF GH (GXDUGR &DUUHWHUR -RVp /XLV *yPH] 3HUDOHV R -RVp /XLV $ORQVR&RRPRQWHTXHFRODERUDURQFRQ-RVp/XLV)HUQiQGH]GHO$PRRODSURIXQGDFRP SHQHWUDFLyQGH-RDTXtQ*DUFtD'RQDLUHFRQ-DYLHU&DUYDMDO\-RVp0DUtD*DUFtDGH3DUHGHV (QHVWRVFDVRV³VREUHWRGRHQORVGRVSULPHURV³H[LVWtDXQDSRVLFLyQLQWHUGLVFLSOLQDU GHFRUWHWHyULFR$VtIUHQWHDRWURVDUTXLWHFWRVTXHRSLQDEDQTXHODDUTXLWHFWXUDSRVHtDODV VXILFLHQWHVSRWHQFLDOLGDGHVFRPRSDUDFDUDFWHUL]DUJOREDOPHQWHHOHVSDFLR)LVDFSDUWLFLSDED GHXQDFRQFHSFLyQIUDJPHQWDULDGHOKHFKRSUR\HFWXDOHVROHOOHYyDSRVSRQHUKDVWDHOFXDUWR OXJDUGHVXSHFXOLDUPHWRGRORJtDHO©XQQRVHTXpª\QRVyORDUHOHJDUORDOILQDOGHOSURFHVR VLQRDKDFHUORGHVGHXQDPDQHUDOLQHDOGHWUDEDMDU(VWRMXVWLILFDUtDHQSDUWHODGHMDFLyQGH HVH©XQQRVHTXpªHQPDQRVGHHVSHFLDOLVWDVORVDUWLVWDVSOiVWLFRV2WURSRVLEOHPyYLOVHUtD ODLQWHQFLyQGHLQWURGXFLUODPHUDFRQVWUXFFLyQHQHOWHUUHQRGHODFXOWXUDFRQODUHSHUFXVLyQ LQWHOHFWXDO\RSHUDWLYDTXHHOORVXSRQtDRVLPSOHPHQWHHQYROYHUDUHFODPDUSDUDODDUTXL WHFWXUDHOSDSHOGHDUWHDJOXWLQDGRUDGHODVDUWHV )HUQiQGH]GHO$PRSRUHOFRQWUDULRRSLQDEDTXHODDUTXLWHFWXUDQRHUDQXQFDSHUVRQDO $ODUTXLWHFWRFRUUHVSRQGtDFRRUGLQDUHOHQWXVLDVPRGHPXFKRVDWHQGLHQGRDODVQHFHVLGDGHV GHORVTXHLEDQDYLYLUODDORVFRQGLFLRQDQWHVGHODWRSRJUDItDGHOFOLPD\GHODVFRVWXPEUHV XWLOL]DQGRORVPDWHULDOHVDFFHVLEOHVHQDTXHOWLHPSR\SRQLHQGRHQYDORUVXFDOLGDG\VXWH[ WXUDUHFRQRFLHQGRODFRODERUDFLyQGHORVRILFLRVORFDOHVGHDUWLVWDVWpFQLFRV\DUWHVDQRVGH VXFLHQFLD\GHOVDELRVHQWLUGHVXPDQHMRGHODKHUUDPLHQWD3HQVDEDDGHPiVTXHTXL]iFRQ HVWHPRGRGHWUDEDMDUDOILQDOQRKXELHVHDUTXLWHFWXUDVLQHPEDUJRQRGXGDEDGHODFRQVH FXFLyQGHXQDREUDGHDUWHWRWDO ©JHVDPNXQVWZHUNª (VWDDVSLUDFLyQDODLQWHJUDFLyQGHODV DUWHVODSRQGUiHQSUiFWLFDGHPRGRHVSHFLDOHQVXDUTXLWHFWXUDUHOLJLRVD Ã(/(63$&,26$*5$'2(1/$$548,7(&785$(63$f2/$&217(0325É1($ © « HOFRQWDFWRGLUHFWRFRQHOJUDQS~EOLFR « ª 1RFDEHQLQJXQDGXGDGHTXHODDUTXLWHFWXUDUHOLJLRVDVLHPSUHKDVLGRPX\SRSXODU3UL PHURSRUTXHHQHOVXEFRQVFLHQWHFROHFWLYRODDUTXLWHFWXUDUHOLJLRVDHVGHDOJXQDPDQHUDOD DUTXLWHFWXUD SRU DQWRQRPDVLD 3HUR WDPELpQ SRUTXH OD VRFLHGDG HVSDxROD GH ORV DxRV FLQ FXHQWD \ VHVHQWD HUD SURIXQGDPHQWH FDWyOLFD \ WRGR OR TXH DIHFWDVH D OD DUTXLWHFWXUD GHO WHPSORWHQtDXQDUHSHUFXVLyQLQPHGLDWDHQHOOD/DLJOHVLDHUDXQHGLILFLRYLVLWDGRFDGDVHPD QD SRU XQ SRUFHQWDMH PX\ DPSOLR GH SREODFLyQ \ TXLHQ PiV TXLHQ PHQRV WHQtD XQD LGHD SUHFRQFHELGDGHORTXHGHEHUtDVHUXQWHPSOR'HDKtODH[WHQVLyQTXHWXYRHOGHEDWH\OD LQWHUYHQFLyQHQpOGHSURIHVLRQDOHVGHGLYHUVDVH[WUDFFLRQHVVRFLDOHV <DKHPRVYLVWRFRPRORVFRQJUHVRVODVSXEOLFDFLRQHV\ODVH[SRVLFLRQHVD\XGDURQDH[ WHQGHUHVHGHEDWHTXHQRVyORHUDDUWtVWLFR\DUTXLWHFWyQLFRVLQRWDPELpQWHROyJLFR\SDVWR UDO3RUHVRDORVSDVWRUHVGHOD,JOHVLDOHVLQWHUHVyLPSOLFDUDOPi[LPRQ~PHURSRVLEOHGH ILHOHVHQpO([LVWtDHOSUHFHGHQWHDOHPiQEDVWDQWHFRQRFLGRHQFtUFXORVHVSHFLDOL]DGRV /DUHLYLQGLFDFLyQIXQFLRQDOGHODDUTXLWHFWXUDPRGHUQDFRLQFLGLyHQHOWLHPSRFRQODSUR SDJDFLyQ GHO 0RYLPLHQWR /LW~UJLFR OR TXH GLR OXJDU D XQD VtQWHVLV OLW~UJLFRDUTXLWHFWyQLFD TXHUHYLVWLySDUWLFXODULQWHQVLGDGHQ$OHPDQLDGXUDQWHEXHQDSDUWHGHOVLJOR;;(OGLVFXUVR OLW~UJLFRDSOLFDGRDODDUTXLWHFWXUDKDEtDFRPHQ]DGRDOOtFRQXQIXHUWHFDUiFWHUHFXPpQLFR 'HORVUHYLYDOLVPRVJyWLFRVVHSDVyDODE~VTXHGDGHOHVSDFLRHVHQFLDOGHOFXOWRWDQWRSRU SDUWHFDWyOLFDFRPRSURWHVWDQWH&RQJUHVRVHQFXHQWURV\SXEOLFDFLRQHVVHFRQMXJDURQFRQOD DSDULFLyQDSULQFLSLRGHVLJORGHWHyORJRVPX\SUHRFXSDGRVSRUHVWRVDVSHFWRV\GHDUTXL WHFWRV TXH SURQWR VH HVSHFLDOL]DURQ HQ DUTXLWHFWXUD VDFUD FRPR 'RPLQLNXV %|KP X 2WWR %DUWQLQJ/DGHVHVSHUDQ]DTXHLQWURGXMROD3ULPHUD*XHUUD0XQGLDOHQODVRFLHGDGDOHPDQD VHWUDGXMRHQXQDLQWHQVLILFDFLyQGHOVHQWLPLHQWRFRPXQLWDULRDVtODVLJOHVLDVVHFRQYLUWLHURQ HQUHIXJLRVGRQGHHOSXHEORVHSRGUtDUHXQLUHQWRUQRDOFXOWRGLYLQR(OJROSHVHUHSLWLyWUDV ODSHUVHFXFLyQUHOLJLRVDGH+LWOHU\ODGHUURWDDOHPDQDHQOD6HJXQGD*XHUUD0XQGLDO$GH PiVORVERPEDUGHRVDOLDGRVVHHQVDxDURQGHPRGRHVSHFLDOHQODDUTXLWHFWXUDVDFUD\PLOHV GHLJOHVLDVTXHGDURQDUUDVDGDV/DODUJDUHFRQVWUXFFLyQPRWLYyXQFDPELRGHDFWLWXGHQHO TXHODIRUPDSDVyDXQVHJXQGRSODQRFHGLHQGRHOSURWDJRQLVPRDOPLVWHULRGHOFXOWR(Q WRGRVORVFDVRVVHVLQWLyODQHFHVLGDGGHVXEUD\DUHOOXJDUGHODOWDUFRPRFHQWURHVSLULWXDO\ Q~FOHRDOUHGHGRUGHOTXHVHFRQJUHJDVHWRGDODFRPXQLGDGSRUORTXHHOFXLGDGRGHODOLWXU JLD VH FRQYLUWLy HQ XQ IDFWRU GH FRKHVLyQ GHQWUR GH ODV FRPXQLGDGHV SDUURTXLDOHV )LQDO &21&/86,21(6à PHQWHFDEHGHVWDFDUODODERUGHO$U]RELVSDGRGH&RORQLDHQODSURPRFLyQGHQXHYRVWHP SORVVXVH[SHULHQFLDVUHFRUULHURQORVSULQFLSDOHVSDtVHVGH(XURSDLQFOXtGD(VSDxD 3HURORTXHKL]RGHODDUTXLWHFWXUDUHOLJLRVDXQWHPDWDQDPSOLRHLQWHUHVDQWHIXHSUHFL VDPHQWHODLQFLGHQFLDTXHVREUHHOODWXYLHURQJUDQSDUWHGHORVKHFKRVDFDHFLGRVGXUDQWHHO VLJOR;;(QSULPHUOXJDUHQHOiPELWRSROtWLFRFRPRDFDEDPRVGHYHUSHURWDPELpQHQHO iPELWRFXOWXUDO\PiVHQFRQFUHWRHQHOiPELWRWHROyJLFRFXOWXDO\DTXHHQSDUWHDWUDYpV GHpOVHJHVWyODDXWRUUHIOH[LyQGHOD,JOHVLDVREUHVtPLVPD(VWHGHEDWHPL[WRVHGHVDUUROOy HQWUHVSODQRVHODUWHVDFURODGHILQLFLyQPDWHULDOGHOWHPSOR\VXGLPHQVLyQXUEDQD$SDU WLUGHHVWH~OWLPRSXQWR³TXHLPSOLFDEDODGLVFXVLyQVREUHODSUHVHQFLDS~EOLFDGHOD,JOHVLD HQODYLGDVRFLDO³VHSDVyDXQGHEDWHVRFLROyJLFRSRVWHULRUTXHREYLDUtDFXDOTXLHUUHIHUHQ FLDDUTXLWHFWyQLFDDVtODDUTXLWHFWXUDVDFUDVHUtDODODQ]DGHUDGHRWURVGHEDWHVGHFDODGRPiV KRQGR $FRPLHQ]RVGHORVDxRVFLQFXHQWDGHVGHXQSXQWRGHYLVWDFXOWXUDOVHFRQVWDWDEDQYD ULRV IHQyPHQRV JHQpULFRV OD FULVLV GH LGHQWLGDG TXH ODV *XHUUDV 0XQGLDOHV KDEtDQ GHMDGR FRPRKHUHQFLDHQHOPXQGRRFFLGHQWDOODDVSLUDFLyQDORHVHQFLDO\ORSURIXQGRRODWHQGHQ FLD FROHFWLYLVWD GHO SHQVDPLHQWR (O DUWH VH KL]R HFR GH HVWRV SUREOHPDV SUHVHQWDQGR HQ RFDVLRQHVVXFDUDPiVDPDUJD'HFXDOTXLHUPDQHUDOD,JOHVLDPDQLIHVWyUHLWHUDGDPHQWHTXH QHFHVLWDEDGHODUWHDFWXDOSDUDGHVSOHJDUVXPHQVDMHVDOYtILFRDXQTXHLQWURGXFLHQGRFLHUWDV UHVHUYDV HQ HO WRQR GH ODV SURSXHVWDV $Vt HQ HO iPELWR HFOHVLDO VH WHQGLy KDFLD XQD FLHUWD LFRQRFODVLD RUWRGR[D TXH OLPLWDED HO Q~PHUR GH ODV LPiJHQHV HQ HO WHPSOR VH REYLy HQ FLHUWR PRGR OD FXHVWLyQ GH OD IH GH ORV DUWLVWDV SRQLHQGR FRPR ~QLFD FRQGLFLyQ SDUD TXH DTXpOORVSXGLHUDQWUDEDMDUHQHOWHPSORHOKHFKRGHTXHIXHUDQFDSDFHVGHLQWHUSUHWDUSOiVWL FDPHQWHXQSHQVDPLHQWRSRpWLFR/D,JOHVLDDVXPLyODWHQGHQFLDDODGHSXUDFLyQOLQJtVWLFD\ D OD DEVWUDFFLyQ FRPR DOJR SURSLR GHO HVStULWX GH ORV WLHPSRV OLPLWiQGRVH D UHFRPHQGDU PRGHUDFLyQHQVXHPSOHR\VDOYDJXDUGDQGRHQWRGRPRPHQWRODGLPHQVLyQFXOWXDO\FDWH TXpWLFDGHODUWHVDFUR (QORTXHUHVSHFWDDODGHILQLFLyQPDWHULDOGHOWHPSORORVDxRVVHVHQWDYLHURQQDFHUHQ (VSDxD ODV SULPHUDV QRUPDV GLUHFWLYDV SDUD OD FRQVWUXFFLyQ GH QXHYRV WHPSORV \D PX\ DYDQ]DGRHOGHEDWH(VWDVGLUHFWULFHVKDEtDQVXUJLGRHQ$OHPDQLD\)UDQFLDTXLQFHDxRVDQ WHV\GHHVDVLQIOXHQFLDVYLYtDQQXHVWURVDUTXLWHFWRV6LWUDGLFLRQDOPHQWHHOWHPSORVHFRQVL GHUDED OD FDVD GH 'LRV SRFR D SRFR \ FRPR FRQVHFXHQFLD GH OD SRWHQFLDFLyQ OLW~UJLFD GHO YDORUGHOFRQFHSWR©FXHUSRPtVWLFRGH&ULVWRª\GHOUHSXGLRGHODDUTXLWHFWXUDPRGHUQDDOD Ã(/(63$&,26$*5$'2(1/$$548,7(&785$(63$f2/$&217(0325É1($ PRQXPHQWDOLGDGODVLJOHVLDVVHIXHURQFRQYLUWLHQGRHQ©FDVDVGHRUDFLyQªHPSOHDQGRRWUD JDPDGHYDORUHVFDVLRSXHVWDDODTXHVHXWLOL]DEDGLH]DxRVDWUiV6HTXHUtDGHYROYHUODDU TXLWHFWXUDUHOLJLRVDDVXHVHQFLDPDQWHQLHQGRHQWRGRFDVRVXFDUiFWHUDOWHUQDWLYR(QHVWH FRQWH[WRODSRVLFLyQFHQWUDOTXHHOVDJUDULRYHQtDRFXSDQGRGHVGHDOJXQRVVLJORVDWUiVIXH PRWLYRGHLQWHQVRVGHEDWHV7DPELpQIXHXQDSUiFWLFDKDELWXDOHOKHFKRGHLQWHQWDUPDWHULD OL]DUORVWHPSORVDWUDYpVGHODFRQVWUXFFLyQItVLFDGHXQSURJUDPDDOJRTXHRWURVOODPDURQ ©IXQFLRQDOLVPRLQJHQXRªUHFRUGDQGRTXHHQXQWHPSORODWDQGHQRVWDGDPRQXPHQWDOLGDG IRUPDEDSDUWHGHVXSURSLDIXQFLyQ1RREVWDQWHVHLPSXVRODWHQGHQFLDKDFLDODVLQFHULGDG ODHVHQFLDOLGDG\ODSREUH]DHYDQJpOLFDDVtFRPRXQDOHYHLQFOLQDFLyQSDLVDMLVWDGDQGROXJDUD HVSDFLRV PX\ GHVSRMDGRV TXH LQFOXVR OOHJDURQ D VHU WDFKDGRV GH ©SURWHVWDQWHVª (O GHEDWH VREUHODSREUH]DIXHFRQPXFKRHOPiVUHFXUUHQWH\HOTXHPiVOOHJyDOJUDQS~EOLFR 6REUHODSUHJXQWD©FyPRGHEHUtDVHUXQDLJOHVLDDFWXDOªH[LVWLHURQWUHVSRVWXUDVODTXHGH IHQGtDTXHODLJOHVLDVHUtDODH[SUHVLyQSOiVWLFDGHODUHOLJLRVLGDGGHXQDpSRFDODTXHSRVWXOD EDTXHODLGHQWLGDGGHOWHPSORVDOGUtDGHODPDWHULDOL]DFLyQGHODVSRVLELOLGDGHVWHFQROyJLFDV \ODTXHDILUPDEDTXHODLJOHVLDVHUtDODFRQVHFXFLyQGHXQWLSRFRQVWUXFWLYR1RIDOWyODRSL QLyQGHDTXHOORVTXHVRVWHQtDQTXHODUHOLJLyQHUDLQGLIHUHQWHDODDUTXLWHFWXUD (Q OR TXH UHVSHFWD D OD GLPHQVLyQ XUEDQD GHO WHPSOR HO SURJUHVLYR UHQDFLPLHQWR GH OD FRQFLHQFLDVRFLDOPRWLYDGRSRUODDSDULFLyQGHJUDQGHVVXEXUELRVHQODVPHWUySROLVLQGXV WULDOHV KL]R TXH HO KHFKR GH FRQVWUXLU PXFKRV WHPSORV IXHUD FRPR IXHVH LPSRUWDUD PiV TXHHODVSHFWRGHORVPLVPRV/RDSUHPLDQWHGHOPRPHQWR³HVWRVVXEXUELRVVHFRQYHUWtDQ UiSLGDPHQWH HQ IRFRV GH GHVFULVWLDQL]DFLyQ³ PRWLYy TXH DOJXQRV DILUPDUDQ TXH OHV GDED LJXDOHO©FyPRªIXHUDQODVLJOHVLDVFRQ WDO GH TXH VLUYLHVHQ SDUD VX PLVLyQ SDVWRUDO GH DKt TXHORVFRQFHSWRVGHSURYLVLRQDOLGDGSUHIDEULFDFLyQ\SROLYDOHQFLDSDVDUDQDOSULPHUSODQR DVtFRPRODSRVLFLyQGHODLJOHVLDHQODFLXGDGHOSHVRGHOWHPSORHQHOQXHYREDUULRRODV HVWUDWHJLDVGHFRQFLHQFLDFLyQFLXGDGDQDSDUDHOILQDQFLDPLHQWRGHODVREUDV (QHOiPELWRWHROyJLFRHVWRVDxRVIXHURQ WHVWLJRVGHXQDSURIXQGL]DFLyQHQODLGHDGH 'LRV \ HQ OD GH &ULVWR GHELGD D XQ SURFHVR GH GHVFXEULPLHQWR GHO SUyMLPR HQ FXDQWR WDO &DGDYH]IXHJDQDQGRPiVWHUUHQRODSHUFHSFLyQGHORVDJUDGRHQXQSODQRFROHFWLYRODFR PXQLGDGGHKRPEUHVGHEXHQDYROXQWDGODFRPXQLGDGGHORVFUH\HQWHVHWF(VWDFRQFLHQFLD GHORFRPXQLWDULRKL]RGHFOLQDUHOLQGLYLGXDOLVPRGHODGHYRFLyQ\SXVRHQSULPHUSODQROD GLPHQVLyQ VXSUDLQGLYLGXDO GH OD IH QR HQWHQGLGDV FRPR DVSHFWRV H[FOX\HQWHV VLQR FRPR IDFWRUHVFRPSOHPHQWDULRVTXHVHHTXLOLEUDEDQHQWUHVt(QHVWHRUGHQGHFRVDVUHVXOWDVLJQL &21&/86,21(6à ILFDWLYRTXHHOWLSRFRQVWUXFWLYRPiVFDUDFWHUtVWLFRGHOVLJOR;;IXHUD OD LJOHVLD SDUURTXLDO TXHPXFKDVYHFHVDGTXLULyXQWDODQWHGHHVHQFLDOLGDG\SURYLVLRQDOLGDGTXHQRVHKDEtDYLVWR HQpSRFDVDQWHULRUHV (Q(VSDxDHOFRQWDFWRGHODDUTXLWHFWXUDUHOLJLRVDFRQHOJUDQS~EOLFRSDVySRUODILJXUD GH0LJXHO)LVDF*UDQSDUWHGHOSUHVWLJLRTXHDOFDQ]yHVWHDUTXLWHFWRGXUDQWHODVGpFDGDVGH ORVFLQFXHQWD\ORVVHVHQWDSURYLQRGHODSRSXODULGDGGHVXSURGXFFLyQHFOHVLDO,QFOXVRVHKD OOHJDGRDDILUPDUTXHODPD\RUDSRUWDFLyQGH)LVDFDODDUTXLWHFWXUDHVSDxRODFRQWHPSRUiQHD IXHODWUDQVIRUPDFLyQTXHSURGXMRHQHOHGLILFLRVDFURDGHODQWiQGRVHDPXFKDVGHODVSUR SRVLFLRQHVVLVWHPDWL]DGDVOXHJRDSDUWLUGHO&RQFLOLR9DWLFDQR,,HVWRHVHVSHFLDOPHQWHQRWR ULRHQORTXHVHUHILHUHDODVREULHGDG\DOpQIDVLVSRpWLFRHQODVIRUPDVODVLPSOLILFDFLyQGHO ULWXDOUHOLJLRVRRODPHMRUDGHODFRPXQLFDFLyQHQWUHORVILHOHV\HORILFLDQWH7UDEDMDQGRFRQ OD OX] )LVDF UHLQWHUSUHWy HO HVSDFLR GLQiPLFR KDFLHQGR HYROXFLRQDU ODV DQWLJXDV WLSRORJtDV WUDGLFLRQDOHV<HVWHKHFKRQRIXHDMHQRDOSXEOLFRHQJHQHUDOFRPRWDPSRFRORIXHVXFD UiFWHUIXHUWHHOHQWXVLDVPRGHUURFKDGR\ODUDGLFDOLGDGFRQTXHVLHPSUHH[SUHVyVXVFRQYLF FLRQHVWDQWRFRQVWUXFWLYDFRPRGLDOpFWLFDPHQWHDOJRTXHDYHFHVOHOOHYDUtDDVLPSOLILFDFLR QHVSHOLJURVDVSHURIiFLOPHQWHFRPSUHQVLEOHVSRUODJHQWH © « ODVDPSOLDVSRVLELOLGDGHVHVSDFLDOHV\IRUPDOHVTXHHOWHPDSODQWHDED « ª $ORODUJRGHODH[SRVLFLyQGHOD7HVLV'RFWRUDOKHPRVSRGLGRFRQVWDWDUODDPSOLWXGGHO GLVFXUVRTXHHVWiEDPRVDFRPHWLHQGR\VXVP~OWLSOHVGHULYDFLRQHVWDQWRHQHOSODQRWHyULFR FRPRHQHOGHODVUHDOL]DFLRQHVItVLFDV$FDEDPRVGHYHUFyPRODGLVFXVLyQVREUHHODUWHOD DUTXLWHFWXUD \ HO XUEDQLVPR VH HIHFWXy HQ HO iPELWR FXOWXUDO $KRUD UHFRUGDUHPRV TXH HO WHPDVHGHVGREOyHQQXHYHWLSRORJtDVGLIHUHQWHV\TXHDOPHQRVXQDGRFHQDGHDUTXLWHFWRV HVSDxROHVGLHURQXQDYLVLyQSHUVRQDOVREUHODDUTXLWHFWXUDUHOLJLRVD &DGDXQDGHODVWLSRORJtDVGHULYDGDVGHODDUTXLWHFWXUDUHOLJLRVDWXYRXQGHVDUUROORHVSHFt ILFRGXUDQWHOD 0RGHUQLGDG \ HVH GHVDUUROOR DIHFWy HQ PD\RU R PHQRU JUDGR DO SDQRUDPD HVSDxRO$VtODSUREOHPiWLFDHVSHFtILFDGHODFDWHGUDOODEDVtOLFDGHSHUHJULQDFLyQODLJOHVLD FRQYHQWXDOHODOWDUDODLUHOLEUHODDUTXLWHFWXUDFRQPHPRUDWLYDHORUDWRULR\ODVLJOHVLDVUX UDOHVSURYLVLRQDOHV\SDUURTXLDOHVTXHGySODVPDGDHQREUDVGHXQDFDOLGDGFRQWUDVWDGD 7DOYH]ORVFDVRVH[WUHPRVHQVXHYROXFLyQIXHURQODFDWHGUDO\ODLJOHVLDSDUURTXLDO(Q ORVSULPHURVFRPSDVHVGHOVLJOR;;OD,JOHVLDVHGLRFXHQWDGHTXHODQXHYDVLWXDFLyQVRFLDO \SDVWRUDOQRSDUHFtDH[LJLUODHOHYDFLyQGHJUDQGHVFDWHGUDOHVVLQRODFRQVWUXFFLyQGHWHP Ã(/(63$&,26$*5$'2(1/$$548,7(&785$(63$f2/$&217(0325É1($ SORV GH XQD HVFDOD PiV UHGXFLGD SRU HVR OD FRQVWUXFFLyQ GH LJOHVLDV SDUURTXLDOHV SDVy DO SULPHUSODQRGHOGHEDWH(VWHKHFKRVXSXVRXQFDPELRLPSRUWDQWHHQHOSODQWHDPLHQWRGHOD DUTXLWHFWXUD VDJUDGD D SHVDU GH TXH HO PLWR GH OD FDWHGUDO QXQFD OOHJy D GHVDSDUHFHU SRU FRPSOHWR(QHIHFWRODVFDWHGUDOHVJyWLFDVWRGDYtDVHFRQVLGHUDEDQHQPXFKRVFDVRVFRPR ORVPHMRUHVHGLILFLRVUHOLJLRVRVMDPiVFRQVWUXLGRVSDUHFtDQRSRQGHUDUVHVXILFLHQWHPHQWHHO KHFKRGHTXHKXELHVHQVLGRSUR\HFWDGDVSDUDXQDOLWXUJLDXQDWHRORJtD\XQDVRFLHGDGPX\ GHWHUPLQDGDVHQSRFRRHQQDGDFRLQFLGHQWHVFRQODVFRQGLFLRQHVVRFLDOHVTXHVHFRPHQ]D EDQDYLYLU(QJUDQSDUWHVHDxRUDEDODSULPDFtDGHORGLYLQRGHQWURGHODHVFDODGHYDORUHV GHODVRFLHGDG\ODFDSDFLGDGGHODDUTXLWHFWXUDSDUDUHSUHVHQWDUOR)UHQWHDHVWRHO3DSD3tR ; DQLPyDFRQVWUXLULJOHVLDVPiVSHTXHxDVHtQWLPDVHQOyJLFDFRUUHVSRQGHQFLD FRQVXVSURSLDVLQGLFDFLRQHVDFHUFDGHODSDUWLFLSDFLyQFRPXQLWDULDHQODOLWXUJLD\ODFRPX QLyQIUHFXHQWH/DPLVLyQVDOYtILFDGHOD,JOHVLDQRHVWDEDOLJDGDDXQDVHVWUXFWXUDVVRFLDOHV FRQFUHWDV QL VLTXLHUD D OD ©FLXGDG GH 'LRVª PHGLHYDO SRU HOOR VH IRPHQWDURQ OXJDUHV GH FXOWR FX\R FHQWUR IXHVH XQ DOWDU HQ WRUQR DO FXDO VH UHXQLHVH OD FRPXQLGDG (VWH SULQFLSLR PDQWXYRVXYDOLGH]LQFOXVRHQHOFDVRGHTXHODVFLUFXQVWDQFLDVSDVWRUDOHVKLFLHVHQQHFHVDULD OD FRQVWUXFFLyQ GH XQD LJOHVLD FDWHGUDO FRQ ODV GRVLV GH PRQXPHQWDOLGDG TXH LQHYLWDEOH PHQWHpVWDOOHYDUtDFRQVLJR 'HQWURGHODLJOHVLDSDUURTXLDOH[LVWLHURQGRVWHQGHQFLDVODPD[LPDOLVWD\ODPLQLPDOLVWD FDGD XQD GH ODV FXDOHV UHVSRQGtD D XQD RULHQWDFLyQ SDVWRUDO HVSHFtILFD $Vt SRU ©SDUURTXLD PLQLPDOLVWDªVHHQWHQGtDWDQVyORXQOXJDUGHFXOWRPLHQWUDVTXHSRU©SDUURTXLDPD[LPDOLV WDªXQFHQWURTXHDGHPiVGHORVDVSHFWRVFXOWXDOHVLQFOX\HUDVHUYLFLRVHGXFDWLYRVFDULWDWL YRV\UHFUHDWLYRVHQFDUQDQGRGHDOJ~QPRGRODWUDGLFLRQDOODERUVXEVLGLDULDGHOD,JOHVLDHQ RUGHQDODDUWLFXODFLyQGHODVRFLHGDG1RVHWUDWDEDWDQWRGHXQSUREOHPDHFRQyPLFRFRPR GHFRQFHSWRTXHQRVRWURVKHPRVGLVWLQJXLGRHQGRVFDStWXORVGLVWLQWRV (QORTXHVHUHILHUHDODVGHPiVWLSRORJtDVODEDVtOLFDGHSHUHJULQDFLyQVHYROYLyDFRQ YHUWLUHOIRFRGHGHVDUUROORGHODUWHVDFURHVSHFLDOPHQWHFRQHOFDVRGH$UDQW]D]X\GHOVDQ WXDULRGHOD9LUJHQGHO&DPLQRHOWHPSORPRQiVWLFRHQVXDSDUHQWHDWHPSRUDOLGDGUHFREUy XQFLHUWRDXUDGHVLOHQFLR\HVHQFLDOLGDGPX\DFRUGHFRQODVHQVLELOLGDGFRQWHPSRUiQHDOR TXHSURSLFLyTXHVHUHDOL]DUDQREUDVPX\LQWHUHVDQWHVHQHVDpSRFDFRPHQ]yODHFORVLyQGH ORVWHPSORVDODLUHOLEUHJUDFLDVDODSUROLIHUDFLyQGHDFWRVPXOWLWXGLQDULRVFRQRFDVLyQGHORV FRQJUHVRVHFOHVLDOHVRGHHQFXHQWURVGHILHOHVTXHSUHILJXUDUtDQODVFRQFHQWUDFLRQHVPXOWLWX GLQDULDV SURSLDV GHO SRQWLILFDGR GH -XDQ 3DEOR ,, OD DUTXLWHFWXUD UHOLJLRVD FRQPHPRUDWLYD &21&/86,21(6à YLYLy XQ PRPHQWR GXOFH HO HVFDVR SURJUDPD OLW~UJLFR TXH SUHVHQWDED OD KDFtD SDUWLFXODU PHQWHDGHFXDGDSDUDVHUYLUFRPRFDXFHGHH[SUHVLyQ\GHH[SHULPHQWDFLyQIRUPDOHOFDVR GHORUDWRULRUHVXOWyWRGRXQGHVFXEULPLHQWRSRUSDUWHGHODVDXWRULGDGHVHFOHVLiVWLFDV\DTXH DGHPiVGHODVFDSLOODVSDUDFROHJLRVHLQVWLWXFLRQHVS~EOLFDVDSDUHFLHURQODVLQLFLDWLYDVGLRFH VDQDV GHO FDUGHQDO 0RQWLQL HQ 0LOiQ R ORV RUDWRULRV GH LQVWLWXFLRQHV QXHYDV GH OD ,JOHVLD UHFXSHUiQGRVHDVtXQDWLSRORJtDTXHSDUWtDGHODV©GRPXVHFFOHVLDHªSULPLWLYDVHQFXDQWRDOD LJOHVLDUXUDOSRUXOWLPRVXSXVRXQFDVRSDUWLFXODUGHLJOHVLDSDUURTXLDOVyORTXHFRQGLFLR QDGD SRU XQ FRQWH[WR GLIHUHQWH /DV FRQGLFLRQHV VRFLRSROtWLFDV HVSDxRODV SHUPLWLHURQ XQ GHVDUUROOR DPSOLR \ EULOODQWH GH VXV SRVLELOLGDGHV H[SUHVLYDV FRPR RULJHQ GH XQD QXHYD SOiVWLFDPRGHUQDFRPROXJDUGHODLQWHJUDFLyQGHODVDUWHV\FRPRHOHPHQWRDJOXWLQDGRUGH XQDQXHYDVRFLHGDG &DGDXQRGHORVDUTXLWHFWRVTXHKHPRVHVWXGLDGR³DOUHGHGRUGHXQDGRFHQD³PDQWXYR XQDSRVLFLyQFODUDPHQWHUHFRQRFLEOHDFHUFDGHODDUTXLWHFWXUDVDFUD(VWHGDWRUHVXOWDUHYHOD GRUGHFDUDDFRQILUPDUODVHQRUPHVSRWHQFLDOLGDGHVTXHODDUTXLWHFWXUDUHOLJLRVDWLHQH\HQ FRQFUHWRTXHWHQtDGXUDQWHORVDxRVFLQFXHQWD\VHVHQWD(VWDVSRVLELOLGDGHVIXHURQODVTXH DWUDMHURQ KDFLD HO GLVFXUVR VDFUR D QXPHURVRV DUTXLWHFWRV GH WDO PRGR TXH UHVXOWD GLItFLO HQFRQWUDU XQ DUTXLWHFWR TXH KD\D HMHUFLGR XQD FLHUWD LQIOXHQFLD HQ OD DUTXLWHFWXUD HVSDxROD UHFLHQWHTXHQRKD\DFRQVWUXLGRQLQJXQDLJOHVLD 'HFLPRVTXHODVSRVLFLRQHVIXHURQGLYHUVDV\TXHFDGDXQRDFRPHWLyHOGLVFXUVRGHVGH XQD DQJXODFLyQ GLIHUHQWH $Vt /XLV 0R\D HQWHQGLy HO SURJUDPD UHOLJLRVR FRPR DVSLUDFLyQ ~OWLPD GH WRGD DUTXLWHFWXUD FRQYLUWLHQGR HO HVSDFLR VDFUR HQ HO HMH DOUHGHGRU GHO FXDO JLUy WRGDVXSURGXFFLyQ6XREUDUHOLJLRVDVHIXHKDFLHQGRHFRGHODLQWHQVDE~VTXHGDYLWDOTXH FDUDFWHUL]yDVXDXWRUHQSRVGHXQDQXHYDWUDGLFLyQTXHSHUPLWLHVHOOHYDUDFDERODDUTXL WHFWXUDLGHDOGHVGHXQDSRVLFLyQDQWURSROyJLFDHPLQHQWHPHQWHFULVWLDQD8QDREUDUHOLJLRVD TXHVLELHQFRPHQ]yFXOWLYDQGRFyGLJRVOLQJtVWLFRVTXHHQXQSULPHUPRPHQWRSRGUtDQVHU DVLPLODGRV DO DFDGHPLFLVPR SRVWHULRUPHQWH IXH GHULYDQGR KDFLD XQ OHQJXDMH PXFKR PiV FRQWHPSRUiQHRQRVLQSRQHUHQVHULRVDSULHWRVDODLQWHJULGDGGHVXSHQVDPLHQWR (QHOFDVRGH0LJXHO)LVDFGHWUiVGHOHQWHQGLPLHQWRGHOWHPSORFRPRXQWUR]RGHDLUH VDJUDGR\GHODE~VTXHGDGHODIRUPDDGHFXDGDSDUDODOLWXUJLDVHHQFRQWUDEDXQDDILFLyQSRU HOKHFKRSOiVWLFRGHODDUTXLWHFWXUDWDQVyORHTXLOLEUDGDSRUHOLQWHUpVTXHDSDUWLUGHGHWHU PLQDGD IHFKD GHVSHUWDURQ HQ pO ODV QXHYDV WHFQRORJtDV GHO KRUPLJyQ DUPDGR 6XV LJOHVLDV IXHURQHOPDUFRSHUIHFWRSDUDSODVPDUHVWDVLQYHVWLJDFLRQHV\SDUDVDWLVIDFHUDTXHOODVDSHWHQ Ã(/(63$&,26$*5$'2(1/$$548,7(&785$(63$f2/$&217(0325É1($ FLDV 'HVGH OD GHSXUDFLyQ DFDGpPLFD GH OD FDSLOOD GHO (VStULWX 6DQWR DO QHRDUFDtVPR GH OD LJOHVLDGH3XPDUHMRGH7HUD)LVDFWUDEDMyFRQHOODGULOORFRQODSLHGUDFRQHOKRUPLJyQDU PDGRYHUWLGRHQPROGHVUtJLGRVRHQPROGHVEODQGRVSRQLHQGRHQSUiFWLFDXQVLQJXODULQ JHQLR FRQVWUXFWLYR /DV LJOHVLDV GH )LVDF IXHURQ HVSHFLDOPHQWH FRQRFLGDV SRU HIHFWXDU XQD SHFXOLDUWUDQVSRVLFLyQGHOHVSDFLRKDFLDODSXUDDOWHULGDGHQXQDVXHUWHGHWUDQVPXWDFLyQGH ODVUHIHUHQFLDVHVSDFLRWHPSRUDOHVDWUDYpVGHOXVRGHODOX]\GHOFRORU8QDWpFQLFDTXHpO GHILQLUtD FRPR E~VTXHGD GH OD GLQDPLFLGDG GHO HVSDFLR \ TXH OOHYDUtD DO HVSHFWDGRU D XQD SDUWLFLSDFLyQIiFLOHLQWXLWLYDHQHODFWRGHFXOWR/RVFXDWURPRPHQWRVGHHVWDE~VTXHGD³ GLQDPLVPR VLPSOH GLQDPLVPR GREOH HO ©PXUR GLQiPLFRª \ GLQDPLVPR SRU UHLWHUDFLyQ GH FRQYHUJHQFLDV³WHQGUtDQHQRWURVWDQWRVHGLILFLRVVXFRQFUHFLyQDUTXLWHFWyQLFD 3RUVXSDUWHWDQWRHOFDUiFWHULGHDOLVWDGHO)UDQFLVFR&DEUHURFRPRHOPiVDSDVLRQDGR\ YLVFHUDO GH 5DIDHO $EXUWR FRQWULEX\HURQ D OD GHILQLFLyQ GH VX DUTXLWHFWXUD UHOLJLRVD 3DUD &DEUHURODDUTXLWHFWXUD³LQFOXVRODVDFUD³HUDHVWUXFWXUD\JHRPHWUtDSDUD$EXUWRSRUHO FRQWUDULRHOTXHGLFWDEDFyPRGHEHUtDIRUPDOL]DUVHXQWHPSORHUDHOPXQGRGHORVVLJQLILFD GRV3DUD&DEUHURODQXHYDHVWpWLFDTXHVHKDEtDGHSODQWHDUHQODFRQVWUXFFLyQGHLJOHVLDV UHVXOWDED GH OD WUDQVSRVLFLyQ GH ODV FDUDFWHUtVWLFDV HVSDFLDOHV FRQWHQLGDV HQ ORV HVSDFLRV GH WLSR LQGXVWULDO WDO FRPR KDEtD YHQLGR KDFLpQGRVH D OR ODUJR GH OD +LVWRULD $EXUWR SRU HO FRQWUDULRFRPSUHQGHUiHOWHPSORDQWHWRGRFRPR©FDVDGH'LRVªHQODFXDOUHVLGHHO©WURQR GHO6HxRUª /XLV /DRUJD IXH FRQVLGHUDGR HQ VX WLHPSR FRPR XQ HVSHFLDOLVWD HQ DUTXLWHFWXUD VDFUD 3HUVRQDH[WUHPDGDPHQWHUHVSHWXRVDFRQODUHOLJLyQ\VLQFHUDPHQWHLGHQWLILFDGRFRQHOFDWR OLFLVPRVHSXHGHGHFLUTXHQXQFDGHMyGHFRQVWUXLULJOHVLDV0DQWXYRXQDSRVLFLyQXQWDQWR DPELJXDFRQUHVSHFWRDOFRQFHSWRGHORVDFURGDQGRSULRULGDGDOVHQWLPLHQWRVREUHODUD ]yQGHDKtTXHVXHPSHxRIXHVHHQPXFKRVFDVRVODFRQVHFXFLyQGHHVSDFLRVOHQLWLYRVLQ WURGXFLHQGR OD VRVSHFKD GH TXH SRVLEOHPHQWH HVWXYLHVH UHQXQFLDQGR D XQ DQiOLVLV UDFLRQDO GHOKHFKRUHOLJLRVR6LQHPEDUJRGHIHQGHUiODVLQFHULGDG\KRQHVWLGDGGHODUWHVDFUR4XL]i HO FRQFHSWR PiV FDUDFWHUtVWLFR GHO GLVFXUVR ODRUJXLDQR VHD HO GH ©IXQFLRQDOLVPR UHOLJLRVRª TXHSRVWXODEDTXHORIXQGDPHQWDOHQXQDLJOHVLDQRHUDQODVFRQGLFLRQHVItVLFDVTXHVRSRUWD EDQORVDVLVWHQWHVVLQRODSUHVHQFLDGH'LRVHQWUHORVKRPEUHV(VDSUHVHQFLDKDEtDGHVHU SXHVWDHQHYLGHQFLDGHDOJ~QPRGRSRUHOHVSDFLRPLVPR\ODDUTXLWHFWXUDGHVGHHOSULQFL SLRKDEUtDGHSHUPLWLUOR$VtSRGHPRVUHGXFLUHOGLVFXUVRODRUJXLDQRDWUHVLGHDVSULQFLSD OHV3ULPHURODLJOHVLDHVODFDVDGH'LRVHOOXJDUGHOVDFULILFLRVXIXQFLyQHVSRUORWDQWR &21&/86,21(6à UHSUHVHQWDWLYD\HPRWLYDVHUPRQXPHQWR6HJXQGRDOVHU'LRVHO©DEVROXWDPHQWHRWURªVX FDVDKDGHVHUGHLJXDOPRGRSXUDDOWHULGDG<WHUFHURODDUTXLWHFWXUDPRGHUQDHVWiFDSDFL WDGDSDUDDFHSWDUHOUHWRGHFRQVWUXLUODFDVDGH'LRVSRUORWDQWRWRGDFODXGLFDFLyQHQHO LQWHQWRGHFRQVHJXLUXQDDUTXLWHFWXUDUHOLJLRVDDFWXDOVHUiFRQVLGHUDGDFRPRWUDLFLyQ (QHVWDPLVPDOtQHDVHHQFRQWUDED$QWRQLR)HUQiQGH]$OEDFX\DVGRFHREUDVGHFDUiFWHU VDFURSDUHFHQFRQILUPDUOHFRPRXQDUTXLWHFWREDVWDQWHSUHRFXSDGRSRUHOWHPD$OEDGHFOD UDEDTXHSDUDpOODILQDOLGDGGHOWHPSORHUDODFUHDFLyQGHXQiPELWRTXHGLVSXVLHUDDOGLiOR JRWUDVFHQGHQWHVLQHVFHQRJUDItDVQLGHPDVLDGDVH[SOLFDFLRQHVODFXHVWLyQGHIRQGRTXHQR FRQYHQtDSHUGHUGHYLVWDSDUDUHVROYHUORVSUREOHPDVGHOWHPSORFRQVLVWtDHQHQWHQGHUORFR PRXQULQFyQGHOX]WDPL]DGDGRQGHVHSHUFLEHHOPLVWHULRGHORFRPXQLWDULRFRPRXQDP ELHQWHVHUHQR\SURIXQGRWRFDGRGHJUDFLDUHOLJLRVD$OEDUHQXQFLyDGLVFXWLUSRUPHQRUHV\ GHWDOOHVSODQWHDQGRHOSUREOHPDGHQWURGHOGHEDWHJOREDODFHUFDGHODFXOWXUDGHPDVDV3DUD pOQRHUDFLHUWRTXHHOLQWHUpVSRUODDUTXLWHFWXUDUHOLJLRVDUHVSRQGLHUDDXQDQXHYDHVSLULWXD OLGDGVLQRPiVELHQDOHQWXVLDVPRGHULYDGRGHEULOODQWHVUHDOL]DFLRQHVDLVODGDVHQGRQGHVH KDOODEDQ SODQWHDGDV ODV SUHPLVDV GH XQD YLVLyQ UHQRYDGD GHO HVSDFLR VDJUDGR \ GHO VHQWL PLHQWR PRGHUQR GH OD UHOLJLyQ <D TXH OD WpFQLFD KD SRVLELOLWDGR OD DSHUWXUD KDFLD QXHYDV SRVLELOLGDGHV FRJQRVFLWLYDV ³GLUi³ HO GLVFXUVR UHOLJLRVR GHEH LPEULFDUVH HQ HO GLVFXUVR JOREDOVREUHODFXOWXUDDOHMiQGRVHGHGRJPDWLVPRVIyUPXODVYDFtDVRHVWUXFWXUDVREVROHWDV (OSUREOHPDGHODDUTXLWHFWXUDUHOLJLRVDFRQWHPSRUiQHDQRVHSRGtDVROXFLRQDUGHQWURGHVXV OtPLWHVHVSHFtILFRVSRUTXHGLFKRSUREOHPDQRH[LVWtDDOPDUJHQGHOSUREOHPDJHQHUDOGHOD DUTXLWHFWXUDFRQWHPSRUiQHD\SRUTXHODDUTXLWHFWXUDFRQWHPSRUiQHDDOVHUODH[SUHVLyQGH XQDFXOWXUDWDPSRFRH[LVWtDDOPDUJHQGHOSUREOHPDJOREDOGHpVWD3DUD$OEDHOYHUGDGHUR SUREOHPDODFODYHGHWRGRHUDODIDOWDGHXQDFXOWXUDPRGHUQDGHODUHOLJLyQFDWyOLFD<KDVWD TXHQRODKXELHVHQRH[LVWLUtDQLHQHOSXHEORQLHQHOFOHURHOGHVHRGHXQDQXHYD\YHUGD GHUDDUTXLWHFWXUDUHOLJLRVD )UHQWH D HVWDV SURIXQGDV GLVTXLVLFLRQHV WHyULFDV H[LVWLHURQ DUTXLWHFWRV WUHPHQGDPHQWH SURIHVLRQDOHVTXHSUR\HFWDURQWHPSORVH[FHOHQWHVDXQTXHSDVDVHQLQDGYHUWLGRVHQORVIRURV GHRSLQLyQFRPR-RVHS6RWHUDV0DXULTXHGXUDQWHORVDxRVFLQFXHQWDRFXSyHOSXHVWRGH DUTXLWHFWR PXQLFLSDO HQ %DUFHORQD \ -RVp /XLV 5RPDQ\ $UDQGD (O DOWDU DO DLUH OLEUH HQ OD 3OD]DGH3tR;,,IXHOD~QLFDDSRUWDFLyQHQHOFDPSRGHODDUTXLWHFWXUDUHOLJLRVDGHOSULPH URORPLVPRRFXUULyFRQHOSUR\HFWR©8QD&DSLOODHQHO&DPLQRGH6DQWLDJRªHQHOFDVRGHO VHJXQGR Ã(/(63$&,26$*5$'2(1/$$548,7(&785$(63$f2/$&217(0325É1($ /DVWHVLVTXHVRVWXYR)UDQFLVFR-DYLHU6iHQ]GH2t]DHQHVWHWHPDVHSXHGHQFRQGHQVDU HQQXHYHSXQWRV³/DDUTXLWHFWXUDUHOLJLRVDFRQVWLWX\HODPiVHOHYDGDDUTXLWHFWXUD³/D GLPHQVLyQ WUDVFHQGHQWH GHO WHPSOR HV REUD GHO DUWLVWD TXH OH LQIXQGH XQ DOLHQWR VXSHULRU HOORHVDVtSRUTXHQRKD\QLQJXQDIRUPDQLQLQJXQDHVWUXFWXUDTXHVHSXHGDFDOLILFDUDSULR ULGHUHOLJLRVD³/DKLVWRULDGHOWHPSORFRLQFLGHFRQODKLVWRULDGHOGHVDUUROORWHFQROyJLFR GHOD+XPDQLGDG3RUHVWDUD]yQHQORV~OWLPRVVLJORVODKLVWRULDGHODDUTXLWHFWXUDVH KD GHMDGRGHHVFULELUVREUHODGHOWHPSOR³$QWHODQXHYDDUTXLWHFWXUDUHOLJLRVDODPLVLyQGHO DUTXLWHFWRKDGHVHU©VDFHUGRWDOªGHFRQVDJUDFLyQDORGLYLQR\DTXHSDUDORJUDUREMHWLYRV SOiVWLFRV GLJQRV GH OD IXQFLyQ VDJUDGD GHO WHPSOR KDFH IDOWD PXFKD GHGLFDFLyQ ³2t]D FRQWHPSODUiFRPRXQUHWRXUJHQWHODREWHQFLyQGHXQDH[SUHVLyQSOiVWLFDGHOWHPSORDFRUGH FRQ HO HVStULWX GH OD pSRFD VREUH WRGR FRQ ODV SRVLELOLGDGHV TXH EULQGDED OD DUTXLWHFWXUD LQGXVWULDOYHUGDGHUDH[SUHVLyQGHHVHHVStULWX³'HIHQGHUiODPRGHUQLGDGSDUDHOWHPSOR HQWHQGLHQGRSRUVHUPRGHUQRUHXWLOL]DUVHJ~QORVSDUiPHWURVGHODpSRFDXQDVIRUPDVTXHVH KDQLGROOHQDQGRGHFRQWHQLGRFRQHOSDVRGHORVVLJORV³6XVFULELUiHOUHFXUVRDODPHWi IRUDFRPRVLVWHPDGHDSUR[LPDFLyQDOWHPDUHOLJLRVR³$ERJDUiSRUODHVWLOL]DFLyQ$VtHO YDORUHVSLULWXDOGHODDUTXLWHFWXUDYHQGUtDGDGRSRUHOSURJUHVLYRDGHOJD]DPLHQWRWDQWRItVLFR FRPRLQWHQFLRQDOGHVXVIRUPDV³/DDUTXLWHFWXUDUHOLJLRVDQRGHEHUtDFHxLUVHDOVLPSOH IXQFLRQDOLVPRRDODPHUDQHFHVLGDG\DTXHODPLVPDQHFHVLGDGH[LJtDDOJRPiV $OHMDQGURGHOD6RWDQRWXYRXQDRSLQLyQHVSHFLDOVREUHODDUTXLWHFWXUDUHOLJLRVD<DKH PRVYLVWRTXHVXRSFLyQQRHUDFXOWXUDOSRUORTXHVLHPSUHVHDGDSWDUiDOSURJUDPDLQWHQ WDQGRTXHODVFRVDVIXHVHQOyJLFDV\TXHODDUTXLWHFWXUDQROHUHVWDVHSURWDJRQLVPRDODYLGD 3RU RWUD SDUWH VX SODQWHDPLHQWR pWLFR GH OD DUTXLWHFWXUD VH SXHGH FRQVLGHUDU \D GH SRU Vt FRPR XQD GHFODUDFLyQ GH LQWHQFLRQHV VREUH HVWH WHPD 7RGR VX HVIXHU]R VH FRQFHQWUy HQ GHVPDWHULDOL]DUHODPELHQWHHQFUHDUHOFOtPD[PiVHVSLULWXDOTXHVHDSRVLEOHFDVLVLQPDVD\ VLQIRUPD(QHOIRQGRHOREMHWLYRGH6RWD\HOGHVXDUTXLWHFWXUDUHOLJLRVDIXHHOVXHxRGHOD OHYLWDFLyQ -RVp/XLV)HUQiQGH]GHO$PRGHGLFyXQDHVSHFLDODWHQFLyQDODDUTXLWHFWXUDUHOLJLRVDHQ JHQHUDO eO PLVPR DO GHVFULELU VX WUD\HFWRULD SURIHVLRQDO WUDWy HVWD YHUWLHQWH GH XQ PRGR VLQJXODU H[SOLFDQGR TXH KDEtD VLGR DOJR DVt FRPR XQ FRQGHQVDGRU GH WRGRV VXV LQWHUHVHV 3RURWUDSDUWHDOLUUHWRPiQGRODSHULyGLFDPHQWHVXSUREOHPiWLFDVHIXHDMXVWDQGRDODHYR OXFLyQ\DODDSOLFDFLyQGHXQDUHIRUPDOLW~UJLFDTXHHODUTXLWHFWRKDEtDVHJXLGRGHFHUFD6X SHFXOLDUPRGRGHVHUORKDFtDLGyQHRSDUDUHVSRQGHUDODVROLFLWDFLyQGHODDUTXLWHFWXUDVDFUD &21&/86,21(6à 6XYLVLyQSURIXQGDPHQWHUHOLJLRVDGHODH[LVWHQFLDVXFRQYHQFLPLHQWRGHTXHODDUTXLWHFWXUD HUDXQVHUYLFLRTXHHODUTXLWHFWRSUHVWDEDDODVRFLHGDGDWUDYpVGHODVOH\HVLQHOXGLEOHVGHOD GLVFLSOLQD \ GHO DUWH GH VX WLHPSR ³XQD YRFDFLyQ³ \ VX DIiQ SRU LQWHJUDU HQ OD REUD GH DUTXLWHFWXUDDORVPHMRUHVDUWLVWDVSOiVWLFRVGLHURQFRPRUHVXOWDGRLJOHVLDVGHXQDGHQVLGDG SRFR FRP~Q DXQTXH PX\ FHUFDQDV D OD PDQHUD GH SHQVDU \ VHQWLU GH OD JHQWH D OD TXH VH GHVWLQDEDQ&RQXQHYLGHQWHDIiQSHGDJyJLFR)HUQiQGH]GHO$PRH[SOLFyTXpHUDXQWHP SORSDUDpO\FyPRVHSRGtDFRQVHJXLUFRQVXSURJUDPDXQUHVXOWDGRFRUUHFWR8QWHPSORHV XQHVSDFLRTXHFRELMDDODDVDPEOHDUHXQLGDDOUHGHGRUGHODOWDUGRQGHWRGRGHEHFRQWULEXLUD ODSDUWLFLSDFLyQHQHO3DQ\HQOD3DODEUDGHPRGRTXHVLQRKD\FRPXQLGDGQLSDUWLFLSDFLyQ HOWHPSORVHUHGXFHDQDGD7DPELpQHVXQHVSDFLRDSWRSDUDHOUHFRJLPLHQWRSDUDODGHYR FLyQSULYDGD\SDUDODPHGLWDFLyQXQHVSDFLRTXHYDORUDODSHQXPEUD\HOVLOHQFLRXQHVSD FLRGHHQFXHQWURDODLUHOLEUHGRQGHORVILHOHVSXHGHQFRQYLYLUFRPXQLFDUVH\FRPSDUWLUORV DFRQWHFLPLHQWRVGHODFRPXQLGDG(VWHHVSDFLRVHSXHGHFRQVHJXLUHYLWDQGRWRGDPDQLIHVWD FLyQGHPRQXPHQWDOLGDGHQODFRPSRVLFLyQGHODVIDFKDGDV\HQODVSURSRUFLRQHV\DGHPiV EXVFDQGRXQDH[SUHVLYDVREULHGDGHQODHOHFFLyQGHORVPDWHULDOHV\HQHOWUDWDPLHQWRGHOD OX](OULJRUDIHFWDUiDODFRQVWUXFFLyQPRVWUDQGRODQREOH]DGHORDXWpQWLFRODGLJQLGDGGH ORVPDWHULDOHVQDWXUDOHVVXH[WUHPDVLPSOLFLGDGWUDWDQGRGHORJUDUHQHOORVODPi[LPDH[SUH VLyQSOiVWLFD 'HQWURGHO©*UXSR5ª$QWRQLGH0RUDJDVSRVWXODEDTXHWRGDLJOHVLDGHEHUtDHVWDUUHDOL ]DGDHQHOHVWLORGHORVWLHPSRV\FXPSOLUHVWULFWDPHQWHFRQORGLFWDPLQDGRSRUODOLWXUJLDOD WUDGLFLyQ \ ODV DXWRULGDGHV UHOLJLRVDV FRVDV SHUIHFWDPHQWH FRPSDWLEOHV DGHPiV OD LJOHVLD UHQXQFLDUtDDODPRQXPHQWDOLGDGWHQGUtDXQDVGLPHQVLRQHVPDUFDGDVSRUHOXVR\VXWDPD xR YHQGUtD GHWHUPLQDGR D SDUWLU GHO HVSDFLR GH RFXSDFLyQ GH XQD SHUVRQD SRU ~OWLPR VH DGHFXDUtDDODVWpFQLFDVGLVSRQLEOHVHQHVHPRPHQWRDVtFRPRDODVOH\HVGHOPHUFDGR(QVX RSLQLyQHOSUREOHPDGHODLJOHVLDHUDWDQFRPSOHMRSRUTXHDSHVDUGHVXVLPSOLFLGDGFRQV WUXFWLYDUHVXOWDEDWUHPHQGDPHQWHGLItFLOFUHDUODDWPyVIHUDDGHFXDGD$Vt0RUDJDVSURSXJ QyODLJOHVLDSUHIDEULFDGD\DTXHUHVROYtDGHJROSHPXFKRVSUREOHPDVGHDPELHQWHGHXQL GDG GH HFRQRPtD \ GH UDSLGH] GH PRQWDMH DSURYHFKDQGR KDVWD HO Pi[LPR ORV HOHPHQWRV SUHIDEULFDGRVGHODLQGXVWULDGHODFRQVWUXFFLyQTXHUtDOOHJDUDWHQHUXQRVFXDQWRVHOHPHQWRV TXHFRPELQDGRVHQWUHVtSRUDUWLVWDVRDUTXLWHFWRV RULJLQDVHQ GLVWLQWDV VROXFLRQHV GH LJOH VLDV WHPSORV GH WDPDxRV YDULDGRV FRQ GLVWLQWDV IRUPDV \ FRQ GLVWLQWDV GLVSRVLFLRQHV (O GLVHxRLQGXVWULDOVHUtDXQDSLH]DLPSRUWDQWHHQHVWHSURFHVR Ã(/(63$&,26$*5$'2(1/$$548,7(&785$(63$f2/$&217(0325É1($ -RVHS0DULD6RVWUHVVHxDOyTXHH[LVWtDXQKHFKRFDSLWDOSDUDIXQGDPHQWDUXQDSUD[LVHQOD FRQVWUXFFLyQGHQXHYRVWHPSORVHOKHFKRGHODGHVDSDULFLyQGHODLJOHVLDFULVWLDQDFRPRWLSR FRQVWUXFWLYRDSDUWLUGHO~OWLPREDUURFR\ODSRVWHULRULUUXSFLyQGHO5RPDQWLFLVPRFRQVX H[DOWDFLyQGHODOLEHUWDGLQGLYLGXDO<VHxDODEDODQDWXUDOH]DFRPRWHPDFRPSDUWLGRSRUWR GDV ODV QXHYDV DUTXLWHFWXUDV UHOLJLRVDV VLJQLILFDWLYDV SRU VHU XQ PRWLYR FDVL SDQWHtVWD TXH VHUYtDFRPRPHGLDFLyQHQWUHORSRpWLFR\ORUHOLJLRVR3RUHVRFRQFOXtDTXHSDUDOOHJDUDXQ WLSR YiOLGR GH LJOHVLD DFWXDO HO DUTXLWHFWR GHEHUtD DWHQGHU PiV TXH DO GDWR HPStULFR D ORV FDULVPDV TXH UHVSRQGLHVHQ D XQ VHQWLPLHQWR YLYR GHO FDWROLFLVPR 6REUH HVDV SUHPLVDV HO WHPSORVXUJLUtDHVSRQWiQHDPHQWHFRPRXQKHFKRQDWXUDO &RQUHVSHFWRDOHTXLSR0%0ODV~QLFDVDOXVLRQHVGH-RVHS0DULD0DUWRUHOOKDFLDODDU TXLWHFWXUD UHOLJLRVD VH UHILULHURQ D FXHVWLRQHV ILQDQFLHUDV 2ULRO %RKLJDV SRU HO FRQWUDULR DGRSWy XQD SRVWXUD SROpPLFD GH FRQWUDSXQWR HQ FLHUWR VHQWLGR 3DUD %RKLJDV XQ WHPSOR KDEUtDGHVHUDQWHWRGRXQDEXHQDREUDGHDUTXLWHFWXUDXQHGLILFLRTXHUHVSHWDVHODVOH\HVGH OD GLVFLSOLQD TXH ODV RSWLPDVH D WUDYpV GHO RILFLR \ ODV VXEOLPDVH PHGLDQWH OD SRHVtD 1DGD PiV3ODQWHDGRVORVWpUPLQRVGHHVWDIRUPDHOWHPSORTXHGDEDUHGXFLGRDXQWHPDFXDOTXLH UDGHDUTXLWHFWXUDLQFOXVRGHORVPiVVHQFLOORV\PHQRVFRPSOHMRV8QWHPSORVyORHUDXQ HVSDFLRFXELHUWRHQHOTXHVHSRGtDUHDOL]DUXQUHGXFLGtVLPRQ~PHURGHRSHUDFLRQHVVLQDSH QDVSUREOHPDVFLUFXODWRULRVQLGHVHUYLFLRV(VGHFLUXQWHPDTXHVHSDUHFtDPXFKtVLPRDXQ PRGHVWRJDUDMHGHDXWRPyYLOHVRDXQHQWROGDGRGHILHVWDPD\RU(OSUREOHPDSRUWDQWRHUD TXHVLDSHQDVKDEtDSURJUDPDODSRHVtDVHTXHGDEDVLQWHPDVLQDVLGHURVHUDSRHVtDSXUD GHVQXGD1RYDOtDHQWRQFHVFXDOTXLHUSRHWD\KDFtDIDOWDXQYHUGDGHURPDHVWUR(OSUREOHPD GH OD DUTXLWHFWXUD UHOLJLRVD GHYHQtD DVt HQ XQ SUREOHPD GH DXWRUtD XQ SUREOHPD GH JHQLR DUTXLWHFWyQLFR )LQDOPHQWHODSHUVRQDOLGDGGH-RVp0DUtD*DUFtDGH3DUHGHVIDFLOLWyPXFKRVXHQFXHQWUR FRQ HO SURJUDPD VDFUR 3HUVRQD UHFWD VHUHQD \ HTXLOLEUDGD HQ VX FDUiFWHU VH HQFRQWUDED D JXVWRHQWUHODVDUTXLWHFWXUDVTXHURQGDEDQHOVLOHQFLRSRURWUDSDUWHVXWDODQWHIUtR\ULJXUR VRHQORSURIHVLRQDOOHFRQYLUWLyHQXQJUDQFRQVWUXFWRU3RUHVRUHDOL]yWHPSORVDUTXHWtSL FRVUHVXOWDGRVSHUIHFWRVIUXWRGHDQiOLVLVLPSHUWXUEDEOHV\DSDVLRQDGRVDXQWLHPSR3URWR WLSRVTXHTXHUtDQGDUUHVSXHVWDH[DFWDDODVQHFHVLGDGHVSURJUDPiWLFDVHQVXVDVSHFWRVOLW~U JLFRVSDVWRUDOHV\DUTXLWHFWyQLFRV\TXHVHDGDSWDEDQDXQSUHVXSXHVWRDXQFRQWH[WR\D XQOXJDU'HDKtTXHVXVLJOHVLDVFRQGHQVDVHQFRPRQLQJXQDODVFDUDFWHUtVWLFDVGHVXpSRFD &21&/86,21(6à VXV E~VTXHGDV \ VXV WHQVLRQHV 6RQ LJOHVLDV LOXVWUDGDV UHDOL]DGDV SDUD OD JHQWH SHUR VLQ OD JHQWHTXHHQVXHQVLPLVPDPLHQWRQRFRQWDURQFRQHOIHUYRUSRSXODU 1XHYHWLSRORJtDVGLIHUHQWHV\FDWRUFHDUTXLWHFWRVGLVWLQWRVSHUPLWHQDILUPDUTXHHOWHPD WDOFRPRDYHQWXUDPRVHQODKLSyWHVLVGHSDUWLGDSODQWHDEDDPSOLDVSRVLELOLGDGHVHVSDFLDOHV\ IRUPDOHV © « \ OD LGHQWLGDG ³PiV DOOi GH PDUJLQDFLRQHV LGHROyJLFDV³ HQWUH ODV DVSLUDFLRQHV GH OD ,JOHVLD &DWyOLFD SDUD VXV WHPSORV \ ODV SUHWHQVLRQHV pWLFDV GH OD 0RGHUQLGDG PRWLYDURQ TXH OD FRQVWUXFFLyQ GH LJOHVLDV FRQVWLWX\HUD XQR GH ORV HMHV DOUHGHGRUGHORVFXDOHVJLUyHOGLVFXUVRGLVFLSOLQDUHQ(VSDxDHVSHFLDOPHQWHHQORTXH VHUHILHUHDODUHLQFRUSRUDFLyQGHO0RYLPLHQWR0RGHUQRDOSDQRUDPDDUTXLWHFWyQLFR GHOSDtVª 8QDSDUWHLPSRUWDQWHGHOSURFHVRGHDFWXDOL]DFLyQGHODDUTXLWHFWXUDHVSDxRODDWUDYpVGH OD FRQVWUXFFLyQ GH LJOHVLDV UDGLFy HQ OD LGHQWLILFDFLyQ GH ODV DVSLUDFLRQHV SURIXQGDV GH OD ,JOHVLD&DWyOLFDSDUDVXVWHPSORV\ODVSUHWHQVLRQHVpWLFDVGHOD0RGHUQLGDG/DVDVSLUDFLRQHV GHOD,JOHVLDVHSXHGHQFRQGHQVDUHQORVSRVWXODGRVGHO0RYLPLHQWR/LW~UJLFROXHJRUHFRU GDUHPRVORVSULQFLSLRVGHOD0RGHUQLGDG +HPRVYLVWRFyPRHO0RYLPLHQWR/LW~UJLFRSURSXJQDEDXQDYXHOWDDODHVHQFLDOLGDGGHO FXOWR\GHVXVIRUPDVLQFOXLGDVODVDUWtVWLFDV/DE~VTXHGDGHORVSRUTXpVRULJLQDOHVGHODV FRVDVODUHGXFFLyQGHODGLPHQVLyQHVSHFWDFXODUGHODOLWXUJLDODDSXHVWDSRUODGRFWULQDSDX OLQDGHO©FXHUSRPtVWLFRGH&ULVWRªHOKHFKRGHGHYROYHUD'LRVHOSURWDJRQLVPRGHOFXOWROD SDUWLFLSDFLyQDFWLYDGHORVILHOHV\ODLQVLVWHQFLDHQHOYDORUGHOVDFULILFLRGHOD0LVDHQHOPDU FRGHODYLGDFULVWLDQDDVtFRPRVXIXHU]DIRUPDOL]DGRUDSDUDODDUTXLWHFWXUDIXHURQODVOt QHDVPDHVWUDVHQODVTXHVHDUWLFXOyVXGLVFXUVR(OSXQWRGHFRQH[LyQFRQOD0RGHUQLGDG DUTXLWHFWyQLFD IXH SUHFLVDPHQWH HO SULPHUR HO UHWRUQR D ODV IXHQWHV (O OODPDGR ©UHVVRXUFHPHQWªSUHWHQGtDUHDOL]DUXQDSURIXQGDLQYHVWLJDFLyQVREUHORVIXQGDPHQWRVWHROy JLFRVHVFULWXUtVWLFRVKLVWyULFRV\SDVWRUDOHVGHODOLWXUJLDFDWyOLFDOHMRVGHFXDOTXLHUWLSRGH HVQRELVPR DUTXHRORJLVPR R LQJHQXR HQWXVLDVPR GH DILFLRQDGR 'HYROYHU VX YDORU D ORV VLJQRV\HQWURQFDUFRQODIXQFLRQDOLGDGSXUH]DVHQFLOOH]\YHUGDGGHODDXWpQWLFDWUDGLFLyQ 6LQFHULGDGYHUGDGDXWHQWLFLGDGYDORUHVPX\FULVWLDQRVTXHORVDUTXLWHFWRVPRGHUQRVKL FLHURQVX\RV'HDKtODIiFLOFRQH[LyQTXHVHSURGXMRREYLDQGRGLIHUHQFLDVGHFRUWHLGHROy JLFRSURGXFLGDVPiVSRUWHQGHQFLDVSURSDJDQGtVWLFDVTXHSRUGLVFUHSDQFLDVUHDOHV (QHIHFWRGHQWURGHXQDYLVLyQGLDOpFWLFDGHOGHYHQLUKLVWyULFROD0RGHUQLGDGDSDUHFLy LQLFLDOPHQWHFRPRHOFRQWUDSXQWRLGHROyJLFRGHOFODVLFLVPRVDELpQGRVH\HQWHQGLpQGRVHDVt Ã(/(63$&,26$*5$'2(1/$$548,7(&785$(63$f2/$&217(0325É1($ PLVPDFRPRSURWDJRQLVWDGHHVHSDSHO(QDUTXLWHFWXUDDSDUWLUGHODVH[SRVLFLRQHVGH&R ORQLD \1XHYD<RUN VHSURGXMRODDVXQFLyQGHORPRGHUQRHQHO(VWLOR,QWHU QDFLRQDOGHWDOPRGRTXHIXHUDGHpOQDGDVHUtDDXWpQWLFDPHQWHPRGHUQR(O(VWLOR,QWHUQD FLRQDOVHSUHVHQWDEDFRPRXQDLPDJHQEODQFDXQLYHUVDO\DVpSWLFDXQDLPDJHQUDGLFDOPHQWH QXHYDSDUDXQPXQGRQXHYRIUDWHUQDOHLJXDOLWDULR/RVQXHYRVOHQJXDMHVVyORVHUtDQDVXPL GRVFRUSRUDWLYDPHQWHSRUHOPXQGRHFOHVLDOHQODGpFDGDGHORVFXDUHQWDEDMRHOSRQWLILFDGR GH3tR;,,UHFXSHUiQGRVHDVtODWUDGLFLyQPLOHQDULDGHOPHFHQD]JRGHODVDUWHVGHYDQJXDU GLD $GHPiV SRU VX WDODQWH VLPXOWiQHDPHQWH VRFLDO H LQWHOHFWXDO OD ,JOHVLD IXH OD SULPHUD LQVWLWXFLyQ TXH DFRJLy ©GH IDFWRª ODV QXHYDV RULHQWDFLRQHV DUTXLWHFWyQLFDV WDQWR GHVGH HO SXQWRGHYLVWDWHFQROyJLFRFRPRGHVGHHOSXUDPHQWHOLQJtVWLFR6HSXHGHFRQVWDWDUTXHORV HGLILFLRVUHOLJLRVRVVLHPSUHVHHQFRQWUDURQ HQWUH ODV SULPHUDV OtQHDV GH YDQJXDUGLD LQFOXVR HQORVDOERUHV\GXUDQWHHOGHVDUUROORKHURLFRGHOD0RGHUQLGDG$VtSRUHMHPSORHQVH HPSH]DURQDOHYDQWDUODVLJOHVLDVGH$TXLVJUiQ\5RWWHUGDPGH6FKZDU]\2XGUHVSHFWLYD PHQWHOLPSLDV\UHOXFLHQWHVHQVXEODQFXUD©LQWHUQDFLRQDOª/D,JOHVLDQRREVWDQWHQRLJQR UDEDHOSURIXQGRDELVPRTXHVHKDEtDLGRDEULHQGRHQWUHHODUWH\ODUHOLJLyQGHVGHHOSHULRGR URPiQWLFRHVSHFLDOPHQWHHQHOFDPSRGHODVDUWHVDSOLFDGDV(VWDFRQVFLHQFLDOOHYDUtDD3D EOR9,DSURSRQHUHQXQ©SDFWRGHUHFRQFLOLDFLyQªDOTXH\DKHPRVDOXGLGRDQWHULRU PHQWH WRPDQGR FRPR PDUFR OD FRQVWLWXFLyQ VREUH 6DJUDGD /LWXUJLD SURPXOJDGD SRU HO &RQFLOLR9DWLFDQR,, (VWDVHSDUDFLyQQRH[LVWLyHQ(VSDxDGXUDQWHHOSHULRGRTXHQRVRFXSD&RPRDFDEDPRV GH YHU VH REVHUYD XQD DPSOLD VLQWRQtD HQWUH ORV SULQFLSDOHV DUTXLWHFWRV PRGHUQRV ³ORV PDHVWURVGHODDUTXLWHFWXUDHVSDxRODFRQWHPSRUiQHD³\ORVLQWHUHVHVGHOD,JOHVLD&DWyOLFD (VPiVHOORVVHVDEtDQ\VHVHQWtDQPLHPEURVGHOD,JOHVLDUHVSRQVDEOHVGHVXFRUUHFWRGHVD UUROOR\GHVXSUR\HFFLyQVRFLDO<HQHVDLGHQWLILFDFLyQKDEtDOXJDUSDUDHOHORJLR\SDUDHO DSODXVR SHUR WDPELpQ SDUD OD FUtWLFD \ OD GLVHQVLyQ $Vt OR DILUPDURQ ³FRQ PiV R PHQRV LQWHQVLGDGVHJ~QVXVWHPSHUDPHQWRV³DVtORGHMDURQHVFULWR\DVtVHWUDVOXFHDODYLVWDGHVX REUDFRQVWUXtGD /DUHQRYDFLyQGHODVHVWUXFWXUDVGHODUWHVDFURHQ(VSDxDSDUWLyGHOLQWHQWRGHUHVROYHU XQFRQMXQWRGHSUREOHPDVTXHQRVHGLHURQKDVWDILQDOHVGHORVDxRVFXDUHQWD(OSULPHUR\ IXQGDPHQWDOIXHHOGHORVSREODGRVGHHPHUJHQFLDSDUDORVHPLJUDQWHVGHOFDPSR/RVQXH YRVEDUULRVGHODVJUDQGHVFLXGDGHVQHFHVLWDEDQXUJHQWHPHQWHWHPSORVTXHSXGLHUDQVHUYLU GHDJOXWLQDQWHSDUDODVJHQWHVTXHOOHJDEDQGHIXHUD\QRVHFRQRFtDQHQWUHVt(OSUREOHPDVH &21&/86,21(6à UHSLWLy WDQWR HQ HO DPELHQWH UXUDO FRPR HQ HO XUEDQR GHO SULPHUR VH HQFDUJy HO ,QVWLWXWR 1DFLRQDOGH&RORQL]DFLyQ ,1& \GHOVHJXQGRHO,QVWLWXWR1DFLRQDOGHOD9LYLHQGD ,19 (O,1&DFHUWyDIRUPDUXQHTXLSRFRQDUTXLWHFWRV\DUWLVWDVPX\MyYHQHVTXHHMHFXWDURQSRU WRGRHOWHUULWRULRQDFLRQDOWHPSORVTXHVXSHUDURQHOWLSLVPRIRONOyULFRPDUFDGRVFRQHOVHOOR GHODVHQFLOOH]ODDXVWHULGDG\HOHQWXVLDVPR\HQGRQGHVHSXVLHURQHQMXHJRDVSHFWRVFRPR OD IXQFLRQDOLGDG OLW~UJLFD XQ LQWHQVR VHQWLGR FRPXQLWDULR \ OD DGHFXDFLyQ DO FRQWH[WR \ D FDGD DPELHQWH VRFLDO /D UHFRPHQGDFLyQ GH OD 6DJUDGD &RQJUHJDFLyQ GHO 6DQWR 2ILFLR DO UHTXHULUHQXQDHVSHFLDOVHOHFFLyQGHORVDUWLVWDV\DUTXLWHFWRVTXHKXELHUDQGHLQWHUYH QLUHQODFRQVWUXFFLyQGHWHPSORVVHUHYHOySURYLGHQFLDOHQHOFDVRHVSDxROGDQGRSLHDXQD REUD PRGHUQD DPSOLD FXLGDGD \ SURJUHVLYDPHQWH PHMRUDGD WDQWR WpFQLFD FRPR SOiVWLFD PHQWH 3RUHVR$GROIR*RQ]iOH]$Pp]TXHWDGHFODUDUtDHQ©(OGtDTXHVHDFRPHWDODODERU GHKLVWRULDUODOXFKDHVSDxRODGHSRVJXHUUDSRUODDUTXLWHFWXUDPRGHUQDQRFDEHGXGDTXH RFXSDUiXQDSRVLFLyQGHJUDQLPSRUWDQFLDODDUTXLWHFWXUDUHOLJLRVD « HVSHFLDOPHQWHHQOD SDUWHGHHVWDHYROXFLyQTXHVHUHILHUHDVXHQWURQTXHS~EOLFRDODUUDLJRFXOWXUDO\VRFLDOGHOD DUTXLWHFWXUDª 7(5&(5$$),50$&,Ð1 ©/RVWHPSORVGHHVWHSHULRGRWDQWRSRUVXGHQVLGDGFRQFHSWXDOFRPRSRUVXEULOODQWH] IRUPDO KDQ TXHGDGR FRPR XQD UHIHUHQFLD EiVLFD SDUD FRPSUHQGHU OD KLVWRULD GH QXHVWUD DUTXLWHFWXUD UHFLHQWH FRQVWLWX\HQGR XQ PDJQtILFR SXQWR GH SDUWLGD SDUD IXQGDPHQWDU XQD DUTXLWHFWXUDVDJUDGDFRQWHPSRUiQHDª 'HVSXpV GH KDEHU FRQVLGHUDGR OD REUD FRPSOHWD GH /XLV 0R\D \ 0LJXHO )LVDF \ GH DSXQWDUODWUDVFHQGHQFLDTXHHQXQIXWXURSRGUtDDGTXLULUODSURGXFFLyQGH)UDQFLVFR&RHOOR GH3RUWXJDODORODUJRGHODWHUFHUDSDUWHGHOD7HVLVQRVKHPRVFHQWUDGRHQODVQXHYHWLSR ORJtDVGHOWHPSORFULVWLDQRDVRFLDQGRFDGDXQDGHHOODVFRQXQDUTXLWHFWRVLJQLILFDWLYRGHOD (VSDxDGHSRVJXHUUD(VHFUXFHGHWLSRV\DUTXLWHFWRVVHPDWHULDOL]yHQHODQiOLVLVGHWDOODGR GHXQDREUDTXHDGTXLULyHOYDORUGHSDUDGLJPD\DTXHGHDOJXQDIRUPDUHIOHMDEDXQDPD QHUD HMHPSODU GH UHVROYHU HO SURJUDPD SURSXHVWR GHVGH XQD ySWLFD UDGLFDOPHQWH PRGHUQD 9DULRV GH HVRV SUR\HFWRV IXHURQ SUHPLDGRV HQ FRQFXUVRV DVt RFXUULy FRQ HO SUR\HFWR GH ©/DVLJOHVLDVGH)LVDFª+$ Ã(/(63$&,26$*5$'2(1/$$548,7(&785$(63$f2/$&217(0325É1($ FDWHGUDOHQ0DGULGFRQODEDVtOLFDGH1XHVWUD6HxRUDGH$UDQW]D]XFRQHO0RQDVWHULRGHOD 3XUtVLPD&RQFHSFLyQ\FRQHOSUR\HFWRGH©8QDFDSLOODHQHO&DPLQRGH6DQWLDJRª2WURV IXHURQSXEOLFDGRVFRQPD\RURPHQRUDPSOLWXGFRPRODLJOHVLDSDUURTXLDOGH1XHVWUD6H xRUDGHOD)XHQFLVODHQHOSREODGRGH$OPHQGUDOHVODVLJOHVLDVGH6DQW-DXPH6DQW6HEDVWLj GHO9HUGXP9HJDYLDQDRHODOWDUDODLUHOLEUHHQ%DUFHORQD6yORXQR³HORUDWRULRGH$OH MDQGUR GH OD 6RWD HQ 0DGULG³ SHUPDQHFH LQpGLWR KDVWD OD IHFKD GHELGR D ODV SDUWLFXODUHV FLUFXQVWDQFLDVTXHORURGHDURQ &DGDXQRGHHOORV³DVtFRPRODREUDGH0R\D\GH)LVDFHQVXFRQMXQWR³UHVXHOYHVX SURJUDPDFRQVROYHQFLD\PDHVWUtD\DGHPiVDEUHHOFDPSRGHDFWXDFLyQSDUDSURSXHVWDV SRVWHULRUHV (VWH KHFKR VH YH UHIOHMDGR PX\ FODUDPHQWH HQ ORV FRQFXUVRV HVFRODUHV TXH VH FRQYRFDURQSRUDTXHOODVIHFKDVGRQGHVXLQIOXHQFLDHVQRWRULD1RREVWDQWHFRQYLHQHGHV WDFDUODVDSRUWDFLRQHVGHFDGDXQRGHPRGRTXHTXHGHSDWHQWHTXHHQODDFWXDOLGDGWRGDYtD VRQHOVXVWUDWRTXHSHUPLWHSODQWHDUXQDDUTXLWHFWXUDUHOLJLRVDPRGHUQD /DFDWHGUDOGH0DGULGSODQWHyODSUHJXQWDGHKDVWDGyQGHHUDFDSD]ODDUTXLWHFWXUDGHUH VROYHUFRQVXVSURSLRVPHGLRVSUREOHPDVTXHHUDQFRQVLGHUDGRVHVWULFWDPHQWHDUTXLWHFWyQL FRV2ODDUTXLWHFWXUDKDEtDFHGLGRWHUUHQRRHVTXHGLFKRWHUUHQRVHKDEtDDPSOLDGRGHWDO PRGR TXH OD GLVFLSOLQD QHFHVLWDED UHGHILQLU VX SURSLD LGHQWLGDG FRPR FLHQFLD GHO HVSDFLR &RPRSUR\HFWRUDGLFDO\XWySLFR DERUGy HO SUREOHPD GHO HVSDFLR HFOHVLDO GHVGH XQD SHUV SHFWLYD FDVL H[FOXVLYDPHQWH WHFQROyJLFD VHJ~Q OD FXDO ODV LJOHVLDV VH KDEUtDQ GH FRQVWUXLU XWLOL]DQGRODVWpFQLFDVPiVDYDQ]DGDVGHVXWLHPSR2WUDVFDWHGUDOHVGHVXpSRFDQROOHJDURQ DODUDGLFDOLGDGPRVWUDGDDTXtQLHQHORUGHQGHODVFDSDFLGDGHVQLHQODURWXQGLGDGGHOD GHILQLFLyQJHRPpWULFDQLHQODLGHDOL]DFLyQGHODHVWUXFWXUD/DHVWULFWD©PiTXLQDGHUH]DUª TXHSURSXVLHURQ)UDQFLVFR&DEUHUR\5DIDHO$EXUWRQRWXYRSXQWRGHFRPSDUDFLyQ$VtOD GUDPiWLFDUHFUHDFLyQGHOD6HJXQGD*XHUUD0XQGLDOTXH%DVLO6SHQFHUHDOL]yHQ&RYHQWU\ \X[WDSRQLHQGRDPRGRGH©DYHIpQL[ªODQXHYDFDWHGUDOFRQODFDWHGUDOYLHMDHUDXQSODQWHD PLHQWRDGHFXDGRSDUDHVDFLUFXQVWDQFLDSHURWDOYH]GHPDVLDGRFR\XQWXUDOFRPRSDUDHUL JLUVHHQSDUDGLJPD0HMRUIXHODSURSXHVWDGH)UHGHULFN*LEEHUGSDUD/LYHUSRROODFDWHGUDO PiVFHOHEUDGDHQORVFtUFXORVHVSHFLDOL]DGRV\DTXHUHVSRQGtDDORVUHTXHULPLHQWRVGHPR GHUQLGDGVHPiQWLFDDGHFXDFLyQOLW~UJLFDHFRQRPtD GH PHGLRV \ YHORFLGDG HQ OD HMHFXFLyQ PDQWHQLHQGR LQWDFWD OD GLJQLGDG GHO HVSDFLR 7DPELpQ IXH FRUUHFWD OD VROXFLyQ GH .HQ]R 7DQJHHQ7RNLRHQXQHGLILFLRGRQGHHOSHVRDEUXPDGRUGHODPDWHULDGLDORJDEDVXWLOPHQWH FRQXQDOX]FRQYHUWLGDHQVLJQRTXHSURYHQtDGHORDOWR1RRFXUULyORPLVPRFRQ%UDVLOLD &21&/86,21(6à VX FDWHGUDO HQ VX HVSHFWDFXODULGDG UHQXQFLDED D DVXPLU FXDOTXLHU SURJUDPD OLW~UJLFR SDUD FRQYHUWLUVHHQXQSXURHMHUFLFLRSOiVWLFRHVRVtIDVFLQDQWH7DOYH]ODTXH*XLVHSSH7HUUDJQL VRxyHQHOIUHQWHUXVRIXHUDODTXHPiVVHDVHPHMDVHDODGH6DQ,VLGUR 3RUVXSDUWHODLPSRUWDQFLDGHODEDVtOLFDGH1XHVWUD6HxRUDGH$UDQW]D]XVHIXQGDPHQWD HQHOKHFKRGHTXHVXSXVRXQFDPELRLPSRUWDQWHHQHOPRGRGHFRQVWUXLULJOHVLDVHQ(VSD xD'HVSXpVGHOD*XHUUD&LYLOQRVHKDEtDDSURYHFKDGRODRFDVLyQSDUDUHQRYDUQLFRQFHS WXDOQLIRUPDOPHQWHODDUTXLWHFWXUDUHOLJLRVDFRPRKDEtDRFXUULGRHQ$OHPDQLDVLQRTXHVH IRPHQWDURQORVHVWLORVKLVWyULFRVSRUFRQVLGHUDUORVIiFLOPHQWHFRPSUHQVLEOHVSRUHOSXHEOR (Q HVWH DPELHQWH OD EDVtOLFD GH $UDQW]D]X SURGXMR XQ IXHUWH LPSDFWR VX SODQLPHWUtD VX FRPSRVLFLyQYROXPpWULFDODVLQWD[LVHPSOHDGDHQODFRPSRVLFLyQGHODVIDFKDGDVODLGHDGH ©JHVDPNXQVWZHUNªGRQGHODDUTXLWHFWXUDVHUYtDGHVRSRUWHSDUDODVGHPiVDUWHVGHVDUUROODGDV VHJ~Q HO GLFWDGR GH ODV YDQJXDUGLDV WRGR HOOR VXSXVR XQD UXSWXUD HYLGHQWH DXQTXH QR OD FXOPLQDFLyQGHOSURFHVR&RQWRGRHVWDEDVtOLFDVLJQLILFyHOFRPLHQ]RGHXQDQXHYDWUDGL FLyQHQODDUTXLWHFWXUDUHOLJLRVDHVSDxROD\VLQOXJDUDGXGDVXQDFWRGHIHHQODDUTXLWHFWXUD PRGHUQD2FXOWDHQHOIRQGRGHOYDOOHODEDVtOLFDVHFRQILJXUDFRPRSDUDGLJPDGHWHPSORGH SHUHJULQDFLyQ FRQWHPSRUiQHR QR VyOR HQ HO SODQR UHOLJLRVR VLQR HQ HO DUWtVWLFR SROpPLFDV LQFOXtGDV&RPRYLPRVpVWDHUDXQDGHODVDWULEXFLRQHVFOiVLFDVGHORVVDQWXDULRVFRQVWLWXLU VHHQIRFRVGHGHVDUUROORFXOWXUDOFUHDQGRHVFXHODVTXHIRPHQWDVHQHOLQWHUFDPELR\HOPHV WL]DMH(QHODVSHFWRSODQLPpWULFRRFXUULyORPLVPRPiVTXHRWUDVEDVtOLFDVGHOPRPHQWR FRPR ORV SUR\HFWRV GH 6LUDFXVD ,WDOLD HO 9DOOH GH ORV &DtGRV ODV VDOLQDV GH =LSDJXLUD &RORPELD R OD EDVtOLFD GHO 6DQWXDULR GHO $PRU 0LVHULFRUGLRVR HQ &ROOHYDOHQ]D ,WDOLD $UDQW]D]XPDQLILHVWDHQVXSODQWD\HQVXVUHFRUULGRVODILQDOLGDGGHWRGRVDQWXDULR(QHVWH VHQWLGRWHQGUiGRVHStJRQRVQRWDEOHVVLELHQQRWDQGHQVRVGHVGHHOSXQWRGHYLVWDLFRQR JUiILFRQRVUHIHULPRVDORVVDQWXDULRVGHOD9LUJHQGHO&DPLQRHQ/HyQ\GH1XHVWUD6HxR UDGH7RUUHFLXGDGHQ(O*UDGR +XHVFD )LQDOPHQWHGHEHPRVUHFRUGDUTXHDXQTXHHODV SHFWRILQDOGHOWHPSORVHKD\DGHELGRHQJUDQSDUWHDOSRGHURVRLQIOXMRSHUVRQDOTXH-RUJH 2WHL]D HMHUFLy HQWUH WRGRV ORV LQWHJUDQWHV GHO JUXSR OD DXWRUtD LQLFLDO GH /XLV /DRUJD HVWi IXHUDGHWRGDGXGD (OPRQDVWHULRGHOD3XUtVLPD&RQFHSFLyQHQ6DODPDQFDIXHODREUDTXHPHMRUUHVXPLy XQDSHFXOLDUPDQHUDGHHQWHQGHUHOHVSDFLRVDJUDGR/DFRQVWUXFFLyQGHHVWHFRQYHQWRVLJQL ILFyODYXHOWDDOSULPHUSODQRGHODFUtWLFDGHXQRVYDORUHVDPSOLDPHQWHDUUDLJDGRVHQQXHVWUR VXHORSHURTXHKDEtDQHVWDGREDVWDQWHFXHVWLRQDGRVSRUHO(VWLOR,QWHUQDFLRQDO(OFRQFHSWR Ã(/(63$&,26$*5$'2(1/$$548,7(&785$(63$f2/$&217(0325É1($ GHWUDGLFLyQSRUHMHPSORTXH$QWRQLR)HUQiQGH]$OEDGHIHQGtDWHQtDSRFRTXHYHUFRQHO TXHPDQHMDED/XLV0R\DRFRQHOSLQWRUHVTXLVPRYHUQiFXORGHORVDxRVFXDUHQWD/DYXHOWD DORVYDORUHVGHODWLHUUDDOFRQWDFWRFRQORPDWpULFRDODGLPHQVLyQSHVDQWHGHOHGLILFLRD ODVOLPLWDFLRQHVHLQHUFLDVTXHWRGDUHIOH[LyQDFHUFDGHORWHO~ULFRFRQOOHYDSDUHFtDQXQPDU FRDGHFXDGRSDUDHODERUDUXQSUR\HFWRGH HVWH WLSR (VD YROXQWDG GH LQWHULRUL]DFLyQ HQ OR SURSLRGHE~VTXHGDGHORHVHQFLDO\GHORSUtVWLQRHQHOFRQWDFWRFRQODVGLPHQVLRQHVPiV VXEOLPHVGHOKRPEUHFRPRSRGtDQVHUORHOVLOHQFLRHODUWH\ODUHOLJLyQFRQGHQVDUiODE~V TXHGDGH$OEDHQHVWHHMHUFLFLRTXHOHYDOLyHO©3UHPLR1DFLRQDOGH$UTXLWHFWXUDªHQ /DFRQYHQFLRQDOLGDGHOSURJUDPDVHFRQMXJDEDFRQVROXFLRQHVSOiVWLFDVIUDQFDPHQWHQRYH GRVDV HQ VX DUFDtVPR \ VX FRQWHQFLyQ H[SUHVLYD VLUYLHQGR SRU HVWR PLVPR GH PDUFR SHU IHFWRSDUDODYLGDFRQWHPSODWLYD6LELHQODLQIOXHQFLDGH$OYDU$DOWRSDUHFtDFODUDHQXQSUL PHUPRPHQWRORVLQWHQVRVFODURVFXURVGHOVROGHODPHVHWDDGHPiVGHOFDUiFWHUFDVWHOODQR GHODUTXLWHFWR\VXREVHVLYDYROXQWDGDQDOtWLFDQRDFDEDEDQGHHQFDMDUFRQHOWHPSHUDPHQWR EUXPRVRGHORILQODQGpV'HDKtTXHODDUTXLWHFWXUDGH$OEDGHULYDUDFRQHOWLHPSRGHVGHHO PRQDVWHULRGHOD3XUtVLPD&RQFHSFLyQKDFLDSRVLFLRQHVEUXWDOLVWDVFRPRVHGHPRVWUyHQHO FRQYHQWRGH6DQ-RVpHIHFWXDGRWDPELpQHQ6DODPDQFDDOJXQRVDxRVPiVWDUGH(VWHVHJXQ GR FHQRELR \D HQOD]DED FRQ VX KRPyORJR IUDQFLVFDQR GH OD &ODUWp'LHX \ FRQ HO TXH /H &RUEXVLHUOHYDQWDUDFHUFDGH/\RQSRFRVDxRVDQWHV\QRWDQWRFRQODDEDGtDEHQHGLFWLQDGH 6DLQW-RKQHQ0LQHVVRWWDGH0DUFHO%UHXHUWDPELpQFRQWHPSRUiQHD (ODOWDUHQOD3OD]DGH3tR;,,FRQVWUXLGRHQ%DUFHORQDSDUDHO©;;;9&RQJUHVR(XFD UtVWLFR,QWHUQDFLRQDOªFRQVWLWX\yXQPDJQtILFRHMHPSORGHFyPRODDUTXLWHFWXUDUHOLJLRVDHV FDSD]GHDVXPLUHOOHQJXDMHPHGLiWLFR\GHSODVPDUORHQIRUPDVEHOODVVLQSHUGHUSRUHVRVX LGHQWLGDG$XQTXHXQSRFRPiVVRILVWLFDGRVH WUDWD GH XQ WHPSOR DO DLUH OLEUH VLPLODU D OD ©'RUQHQNURQHªXQDLQPHQVDFRURQDGHHVSLQDVGRUDGDTXHKDEtDVLGROHYDQWDGDHODxRDQ WHULRU HQ 0XQLFK SRU 5XGROI 6FKZDU] D PRGR GH GRVHO WUDGXFLHQGR GH PRGR YHUGDGHUD PHQWH HVSHOX]QDQWH ORV VHQWLPLHQWRV TXH HQWRQFHV HPEDUJDEDQ DO SXHEOR DOHPiQ 3RU HO FRQWUDULRHODOWDUGHOD3OD]DGH3tR;,,UHVROYtDFRQVXWLOH]DODVSHFXOLDULGDGHVGHOSURWRFR ORVDOYDJXDUGDQGRHQWRGRPRPHQWRODFXDOLGDGHVWULFWDPHQWHIXQFLRQDOGHVXGHVWLQRDVt FRPRORVFRQWHQLGRVSURSDJDQGtVWLFRVTXHGHEtDDVXPLU$OJRSDUHFLGRWHQGUtDQRSRUWXQL GDGGHKDFHUDxRVPiVWDUGH,JQDFLR9LFHQV\-RVp $QWRQLR 5DPRV FRQ VXV DOWDUHV DO DLUH OLEUHSDUDODVJUDQGHVFRQFHQWUDFLRQHVGHILHOHVTXHVHGLHURQHQORVYLDMHVGH-XDQ3DEOR,,D (VSDxDHQ\6LQHPEDUJRHVWRVDXWRUHVQRGDUtDQWDQWDLPSRUWDQFLDDOIHQyPHQR FRQVWUXFWLYRFRPR-RVp6RWHUDV0DXULXQDUTXLWHFWRPXQLFLSDOHVSHFLDOL]DGRHQLQVWDODFLR &21&/86,21(6à QHVGHSRUWLYDVHLQGXVWULDOHV6XDQRQLPDWRFRQMXJDGRFRQODHILFDFLDTXHGDHOGRPLQLRGHO RILFLR\ODIDFLOLGDGGHJHVWLyQDVtFRPRODVHQVLELOLGDGDQWHODVIRUPDV\ODSURSRUFLRQDOLGDG HQWUHILQHV\PHGLRVIXHORTXHFDUDFWHUL]yGHPDQHUDPiVGHILQLWLYDHOWUDEDMRGH6RWHUDVHQ HVWHDOWDU /D &DSLOOD HQ HO &DPLQR GH 6DQWLDJR DSDUHFH HQ OD KLVWRULD GH OD DUTXLWHFWXUD HVSDxROD FRQWHPSRUiQHDFRPRXQSUR\HFWRWUDVFHQGHQWDOSRUFXDQWRVXSRFRQGHQVDUSHUIHFWDPHQWH ODVWHQVLRQHV\DVSLUDFLRQHVGHWRGDXQDJHQHUDFLyQGHDUTXLWHFWRV<ORKL]RDWUDYpVGHXQ SURJUDPD VDFUR DXQTXH pVWH IXHUD EDVWDQWH GLOXLGR (Q HIHFWR )UDQFLVFR -DYLHU 6iHQ] GH 2t]D-RVp/XLV5RPDQ\\-RUJHGH2WHL]DVHSURSXVLHURQHIHFWXDUXQFDQWRVLPXOWiQHRDOD WpFQLFD \ D OD UHOLJLyQ IXQGLHQGR HQ XQD PLVPD SLH]D GRV DVSHFWRV DSDUHQWHPHQWH FRQWUD GLFWRULRVGHOPXQGRHQHOTXHYLYtDQ$VtXQDPDOODPHWiOLFDHVSDFLDOGLDORJDEDFRQXQUHOLH YHSOiVWLFRGHWRQRDUFDL]DQWHTXHFRQWHQtDHVFHQDVDOXVLYDVDO&DPLQRGH6DQWLDJRVLWXiQ GRVHHQWUHXQFDPSRGHHVSLJDV6HTXHUtDTXHODDUTXLWHFWXUDTXHGDVHDELHUWDGHILQLGDSRU ODFRQFHQWUDFLyQGHVXVVLJQLILFDGRV\QRWDQWRSRUHOFHUUDPLHQWRGHXQRVHVSDFLRVLQWHULR UHV (VD FDSDFLGDG GH VtQWHVLV KDEtD FDUDFWHUL]DGR OD PHMRU DUTXLWHFWXUD FRQPHPRUDWLYD GH WRGDVODVpSRFDVGHQVLGDGGHVLJQLILFDGRVFDSDFLGDGGHVXJHUHQFLDUHODFLRQHVLQHVSHUDGDV\ EULOODQWH]SOiVWLFD<DVtDFWXDURQRWURVSUR\HFWRVFRQWHPSRUiQHRVDOVX\RFRPRHOPDXVR OHRHQ.DUDFKLGH)UDQFLVFR&DEUHURHO3DQWHyQGHORV(VSDxROHVHQ5RPDGH&DUYDMDO\ *DUFtD GH 3DUHGHV R \D HQ HO H[WUDQMHUR HO UHFLHQWHPHQWH UHYDORUL]DGR PRQXPHQWR D ORV FDtGRVHQOD)RVD$UGUHDWLQDRHOPRQXPHQWRDORVFDtGRVHQORVFDPSRVGH$OHPDQLDDP EDVHQ,WDOLD$GHPiVOD&DSLOODHQHO&DPLQRGH6DQWLDJRUHSUHVHQWDHQQXHVWUD7HVLV'RF WRUDODWRGDVDTXHOODVDUTXLWHFWXUDVGHVLJQLILFDGRUHOLJLRVRPtQLPDVHQVXSURJUDPDFRPR ODVFUXFHVGHWpUPLQRODVHUPLWDVRODDUTXLWHFWXUDIXQHUDULD&RQODVPDJQtILFDVHUPLWDVGH $QVKHQ \ $OOHQ HQ $UL]RQD R .DLMD \ +HLNNL 6LUHQ HQ 2WDQLHPL HVWH SUR\HFWR UHVXPH OD DVSLUDFLyQTXHSRVHHWRGRKRPEUHDHQFRQWUDUVHFRQVLJRPLVPR\FRQODGLYLQLGDGDWUDYpV GHOFRQWDFWRFRQODQDWXUDOH]DXWLOL]DQGRODDUTXLWHFWXUDFRPRILOWURGHVXVVHQVDFLRQHV(O LQIOXMRGHHVWDREUDIXHJUDQGH%DVWDUHFRUGDUHOUDGLFDOFDPELRGHUXPERTXHSURYRFyHQ XQDUTXLWHFWRFRPR$OHMDQGURGHOD6RWDTXHWUDVVXHPRFLRQDGR©£+iJDVHª\DQRYROYHUtDD VHUHOPLVPR'HKHFKRVHSXHGHDILUPDUTXHOD&DSLOODHQHO&DPLQRGH6DQWLDJR³©3UHPLR 1DFLRQDOGH$UTXLWHFWXUDª³PDUFyHOPRPHQWRSUHFLVRGHODUHLQFRUSRUDFLyQGH(V SDxDDODDUTXLWHFWXUDPRGHUQD Ã(/(63$&,26$*5$'2(1/$$548,7(&785$(63$f2/$&217(0325É1($ (O SHTXHxR RUDWRULR SUR\HFWDGR SDUD OD $VRFLDFLyQ -XYHQLO ©-DUDª SRU $OHMDQGUR GH OD 6RWDVHSUHVHQWDFRPRXQHMHPSORVLJQLILFDWLYRGHOWUDWDPLHQWRTXHODDUTXLWHFWXUDPRGHUQD KDGDGRDOSHTXHxRHVSDFLRGHFXOWR(QSULPHUOXJDUSRUODSURSLDDFWXDOLGDGGHOKHFKR DOJRTXHODVFRQGLFLRQHVSDVWRUDOHVGHODVHJXQGDPLWDGGHOVLJOR;;SDUHFtDQUHFODPDU$Vt \DKHPRVGLFKRTXHHQDOJXQDVFLXGDGHVLWDOLDQDV³0LOiQGHPRGRHVSHFLDO³HPSH]DURQD DSDUHFHUODVOODPDGDV©GRPXVHFFOHVLDHªHVGHFLUSHTXHxRVHVSDFLRVTXHVHKDELOLWDEDQSDUD TXHORVILHOHVSXGLHUDQUHDOL]DUHOFXOWROLW~UJLFR(VWRVHVSDFLRVHQOD]DEDQGLUHFWDPHQWHFRQ ORVPRPHQWRVDXURUDOHVGHOFULVWLDQLVPRFXDQGRHOFXOWRVHHIHFWXDEDHQFDVDVSULYDGDVTXH GLVSRQtDQ GH VDODV DPSOLDV SDUD TXH OD JHQWH VH FRQJUHJDVH DOOt (VH PLVPR HVStULWX GH ORV SULPHURV FULVWLDQRV LPSUHJQD HO FDULVPD GH OD 3UHODWXUD ©2SXV 'HLª LQVWLWXFLyQ TXH LQIRU PDEDHVSLULWXDOPHQWHDOD$VRFLDFLyQ-XYHQLO©-DUDª(OFRQWDFWRHVWXGLDQWLOTXH$OHMDQGURGH OD6RWDKDEtDPDQWHQLGRFRQVXIXQGDGRU0RQV(VFULYiGH%DODJXHUOHOOHYyDUHDOL]DUHVWH RUDWRULRTXHFXULRVDPHQWHVHUHODFLRQDFRQSURSXHVWDVWDQGLVWDQWHVFRPRODSUR\HFWDGDSRU 5XGROI6FKZDU]SDUDOD$VRFLDFLyQ-XYHQLO©4XLFNERUQªTXHGLULJtD5RPDQR*XDUGLQLHQHO FDVWLOOR GH %XUJ5RWKHQIHOV $OHPDQLD HQ ORV DxRV YHLQWH R OD GH *ODXFR *UHVOHUL SDUD OD &DVD GHO (VWXGLDQWH HQ 3RUGHQRQH ,WDOLD 3DUHFtD FODUR TXH OD LQJHQXLGDG UDFLRQDOLVWD OD YROXQWDGDQWLFXOWXUDO\HOHQWHQGLPLHQWRGHODDUTXLWHFWXUDFRPRGHOJDGRPDUFRSDUDODYLGD TXHSURIHVDED$OHMDQGURGHOD6RWDLEDQDDUURMDU FRPRUHVXOWDGRXQHVSDFLRGHFXOWRHQ FLHUWRVHQWLGR©SODWyQLFRªRLGHDO0i[LPHFXDQGRHODUTXLWHFWRKDEtDWHQLGRRSRUWXQLGDGGH SODVPDUVXVLGHDVVREUHDUTXLWHFWXUDUHOLJLRVDHQYDULRVSUR\HFWRVGHPX\EHOODIDFWXUDSHUR QXQFDFRQVWUXLGRVFRPRORVSUHVHQWDGRVDORVFHUWiPHQHVGH9LWRULD\&XHQFDRODVSUR SXHVWDVSDUDORVFHQWURVSDUURTXLDOHVGH&RPEDUUR\1DQWHVHQODSURYLQFLDGH3RQWHYHGUD (QHVWHRUDWRULR6RWDSODQWHyXQHVSDFLROXPLQRVREODQFR\EODQGRGHILQLGRSRUXQDJUXHVD PRTXHWDXQDVVLOODVGHPDGHUDGHKD\D\XQDOWDUHQDFHURLQR[LGDEOHPDWH(ORUDWRULRHUDHO DLUHHOHVSDFLRODVHQVDFLyQGHH[WUDxDPLHQWR\IDVFLQDFLyQTXHVHGDUtDHQHOOXJDU$WUDYpV GHVXILQDLQWXLFLyQGHFUHDGRU\OHMRVGHOHFWXUDVDQDOtWLFDVPiVSURSLDVGHXQHUXGLWRTXH GHXQDUTXLWHFWRVHDFHUFyDVtDOPLVWHULRHWHUQRGHOWHPSOR /DLJOHVLDGH9HJDYLDQDVHFRQVWLWX\yFRPRXQDREUDSDUDGLJPiWLFDHQHOFDPSRGHODDU TXLWHFWXUD UHOLJLRVD UXUDO 9DULRV IXHURQ ORV IDFWRUHV TXH FRQWULEX\HURQ D HOOR (Q SULPHU OXJDUVXPRGRGHUHVSRQGHUDOFRQFHSWRGHWHPSORUXUDO(IHFWLYDPHQWHODLPDJHQEODQFD GHODLJOHVLDGH9HJDYLDQDVHLGHQWLILFDHQHOVXEFRQVFLHQWHFROHFWLYRFRQORVYDORUHVGHVHQ FLOOH]SOiVWLFDGHLQPHGLDWH]FDVLDUWHVDQDO\GHIDPLOLDULGDGWLSROyJLFDTXHSUHVHQWDQODVLJOH VLDVUXUDOHVGHWRGDVODVpSRFDV6LODLJOHVLDUXUDOKDGHVHUXQOXJDUHQHOTXHVHFRQJUHJDQ &21&/86,21(6à JHQWHVTXHGXUDQWHODVHPDQDKDQHVWDGRPX\DOHMDGDVODDUTXLWHFWXUDKDGHDVXPLUHOKHFKR GHVHULFRQRGHHVHSURFHVRGHDFHUFDPLHQWRPXWXR(ODIiQQRPLPpWLFRGHHVWDLJOHVLDVX IDOWD GH SUHWHQVLRQHV HVWpWLFDV \ OD GHSXUDFLyQ GH VX OHQJXDMH UHVSRQGHQ SHUIHFWDPHQWH D HVWDVLQWHQFLRQHVVLPEyOLFDV0iVDOOiGHORVYDORUHVSURSXJQDGRVSRUODVLJOHVLDVUXUDOHVTXH VHSXEOLFDURQHQOD(VSDxDGHODpSRFD³ODVLJOHVLDVGH,EL]DDOJXQRVWHPSORVDOHPDQHV\ IUDQFHVHV OD LJOHVLD HQ ,UDELUR GH /XLV /DRUJD R ODV LJOHVLDV HQ 5tR $OEHUFKH³ 9HJDYLDQD WXYR OD SRWHQFLDOLGDG GH SUR\HFWDU VX LQIOXMR HQ EDVWDQWHV UHDOL]DFLRQHV FRQWHPSRUiQHDV GHVGHODVLJOHVLDVGHO,QVWLWXWR1DFLRQDOGH&RORQL]DFLyQDODVUHDOL]DFLRQHVGH$OHMDQGURGH OD 6RWD HQ OD SURYLQFLD GH %DGDMR] R ODV SURSLDV H[SHULHQFLDV GH -RVp /XLV )HUQiQGH] GHO $PRHQRWURVSREODGRVGHQXHYDSODQWDFRPR(O5HDOHQJR0LUDHOUtR9LOODOEDGH&DODWUDYD R&DxDGDGH$JUD(LQFOXVRHQGHPDUFDFLRQHVJHRJUiILFDVPX\GLIHUHQWHVGHVGHHOSXQWRGH YLVWDFOLPiWLFRFRPRRFXUULyFRQODSHTXHxDLJOHVLDGH$&UX]GR,QFLRHQODPRQWDxDOX FHQVH8QDFXDOLGDGSDUWLFXODUPHQWHDGHFXDGDSDUDGHILQLUODLJOHVLDGH9HJDYLDQDHVODDVSL UDFLyQDODQRQLPDWR$OGLOXLUVHODDXWRUtDHOHGLILFLRVHDQFODHQHOVLWLRDWLHQGHDOFRQWH[WR SDUHFHTXHVLHPSUHKDHVWDGRDKt/DWHFQRORJtDXWLOL]DGDQRLPSULPHXQDIHFKDSUHFLVDSXHV ODWpFQLFDDUWHVDQDO³FRQVXVYDORUHVLQWUtQVHFRVGHFRQWDFWRFRQHOPDWHULDOUHODFLyQGLUHFWD FRQHOSURGXFWRHODERUDGR\ULWPRVWHPSRUDOHVGHSURGXFFLyQPDUFDGRVSRUODSURSLDILVLR ORJtD³QRSHUWHQHFHDQLQJXQDpSRFD\DWRGDVDXQWLHPSRFRPRHOFULVWLDQLVPR 6LODLJOHVLDSDUURTXLDOVHFRQVLGHUDFRPRODWLSRORJtDHFOHVLDOPiVFDUDFWHUtVWLFDGHOVLJOR ;;HOWHPSORPtQLPRRSURYLVLRQDOIXHHOTXHPHMRUUHWUDWyODVSDUWLFXODUHVFRQGLFLRQHVHQ ODV TXH YLYLy OD ,JOHVLD &DWyOLFD GXUDQWH ORV DxRV TXH QRV RFXSDQ (O FRPSURPLVR FRQ ORV PHQRVIDYRUHFLGRVODXUJHQFLDSRUDWHQGHUODVQHFHVLGDGHVGHORVLQPLJUDQWHVHQODVPHWUy SROLV HO SHOLJUR GH GHVFULVWLDQL]DFLyQ TXH ODV SDUURTXLDV JLJDQWHV DPHQD]DEDQ FRQ OOHYDU D FDER\ODVSUHFDULDVHFRQRPtDVGLRFHVDQDVPDUFDURQHOSHULRGR/DVLJOHVLDVGH6DQW-DXPH \6DQW6HEDVWLjGHO9HUGXPUHVSRQGLHURQ³FDGDXQDFRQVXVSHFXOLDUHVDFHQWRV³DOUHWRGH FRQVWUXLUXQWHPSORUiSLGR\HFRQyPLFRVLGHVFXLGDUODVHOHPHQWDOHVFRQGLFLRQHVGHGLJQL GDGTXHWRGRSURJUDPDGHFXOWROOHYDEDDGKHULGDV$Vt6DQW-DXPHDSURYHFKyXQDLQVWDOD FLyQ LQGXVWULDO SUHH[LVWHQWH LQFRUSRUDQGR HO GLVHxR GH ~WLOHV OLW~UJLFRV FRPR DUWLILFLR TXH D\XGDVHDROYLGDUHORULJHQSURIDQRGHOHVSDFLR(VWDSHTXHxDLJOHVLDQRVUHFXHUGDTXHHQ RFDVLRQHVODGHILQLFLyQGHXQHVSDFLRGHFXOWR³HVSHFLDOPHQWHVLVXVGLPHQVLRQHVVRQUH GXFLGDV³GHSHQGHHQJUDQPHGLGDGHODFDOLGDGWiFWLOGHVXVSDUDPHQWRV\DFDEDGRV\TXH HVHFXOWRQRHVDMHQRDODGLPHQVLyQPDWpULFDGHOKRPEUHTXHDVLVWHDODVFHUHPRQLDVHOSUR SLRFULVWLDQLVPRHQVXGHILQLFLyQKDYDORUDGRGHVGHVLHPSUHHOYDORUGHORVHOHPHQWRVDX Ã(/(63$&,26$*5$'2(1/$$548,7(&785$(63$f2/$&217(0325É1($ WpQWLFRVFRPRHODJXDHODFHLWHHOSDQODFHUDGHDEHMDHWF$XQTXH/XLV/DRUJDHQVXLJOH VLDSDUURTXLDOGH1XHVWUD6HxRUDGHO5RVDULR\HQVXVGHULYDFLRQHVSRVWHULRUHVWUDEDMDUtDHQ HVD PLVPD GLUHFFLyQ DVt FRPR -RUGL %RQHW $UPHQJRO VLQ GXGD HUD $QWRQL GH 0RUDJDV OD SHUVRQDDGHFXDGDSDUDHODERUDUHVWDUHIOH[LyQ/DPLVPDFDSDFLGDGGHGLiORJRWROHUDQFLD\ VHQVLELOLGDGPRGHUQDTXHOHDXSDURQFRPR3UHVLGHQWHGHO©*UXSR5ªOHIDFLOLWDURQODVFRVDV HQHVWHVHQWLGR/DGREOHDVSLUDFLyQGH0RUDJDVGHGDUOHD'LRVVLHPSUHORPHMRU\GHFRQ VHJXLUXQDPELHQWHDUTXLWHFWyQLFRGRQGHHOHVStULWXSXGLHUDSRQHUVHHQFRQWDFWRFRQeOOH LPSXOVyDLQWURGXFLUODSUHIDEULFDFLyQHQHOFDPSRGHODFRQVWUXFFLyQGHWHPSORV<DXQTXH pOPLVPRQRWXYRRFDVLyQGHPDWHULDOL]DUVXVSURSXHVWDVGHWHPSORSUHIDEULFDGRRWURVDU TXLWHFWRV OR SXGLHURQ FRQVHJXLU HQ ODV 89$ FRQVWUXLGDV DOUHGHGRU GH %DUFHORQD \ GH 0D GULG &RQWRGRHOSULPHULQWHQWRGHHMHFXWDUXQWHPSORUiSLGR\HOHPHQWDOORHIHFWXDURQ2ULRO %RKLJDV\-RVHS0DULD0DUWRUHOOHQODLJOHVLDGH6DQW6HEDVWLjGHO9HUGXP(ODIiQSROpPLFR \ODYHKHPHQFLDH[SRVLWLYDGH%RKLJDVIXQGLGDVFRQHOSUDJPDWLVPRILQDQFLHURGH0DUWRUHOO WRGRHQYXHOWRHQHOGRPLQLRGHORILFLRTXHDPERVDUTXLWHFWRVGHPRVWUDURQGHVGHPX\MyYH QHV GLHURQ OXJDU D HVWD SHTXHxD LJOHVLD FRQFHELGD LQWHQFLRQDGDPHQWH FRPR XQ EDUUDFyQ %UXWDOLGDGHQHOJHVWRVLQFHULGDGFRQFHSWXDO\FRQVWUXFWLYDLQIOXMRVGHODUWH©SRYHUDªIXH URQFXDOLGDGHVTXHPDUFDURQODREUDSRVLFLRQDGDHQHOH[WUHPRGHXQGHEDWHTXHHOSURSLR %RKLJDV VH HQFDUJy GH WHQVLRQDU WDQWR HQ HO ©$UWH 6DFUR $QXDULR ª FRPR HQ ODV ©&RQYHUVDFLRQHV GH $UTXLWHFWXUD UHOLJLRVDª FHOHEUDGDV HQ %DUFHORQD HQ (O HYLGHQWH LQIOXMRGHORVHGLWRUHVGHODUHYLVWDIUDQFHVD©/·$UW6DFUqªHQHVWDVGRVLQLFLDWLYDVFDWDODQDV GHVSOD]yODVGLVFXVLRQHVDORVFDPSRVGHOPLQLPDOLVPR\GHODSURYLVLRQDOLGDGSRVLELOLWDQGR GHHVWDIRUPDODLUUXSFLyQHQ(VSDxDGHXQGHEDWHTXHDXQTXHPX\H[WHQGLGRHQHOUHVWRGH (XURSDWRGDYtDVHHQFRQWUDEDLQpGLWRHQQXHVWURSDtV )LQDOPHQWHFRQODLJOHVLDGH1XHVWUD6HxRUDGHOD)XHQFLVOD-RVp0DUtD*DUFtDGH3DUH GHVVHFRORFyFDVLHQODVDQWtSRGDVGHODPDQHUDDFRVWXPEUDGDGHRUJDQL]DUXQWHPSORSD UURTXLDOHQOD(VSDxDGHORVDxRVVHVHQWD3HURHVWDGLVHQVLyQQRIXHJUDWXLWDVLQRPRWLYDGD SRUVXSURIXQGRFRQRFLPLHQWRGHODSUD[LVGLRFHVDQD/DLJOHVLDGH$OPHQGUDOHV UHVSRQGH SHUIHFWDPHQWHDODVH[SHFWDWLYDVHLQFOXVR YD PiV DOOi GH OR TXH VH HVSHUDED (O KHFKR GH FHUUDUVHDOH[WHULRU\SODQWHDUXQUHFLQWRYROFDGRHQVtPLVPRD\XGyDSRWHQFLDUODLPDJHQGH FRPXQLGDGSDUURTXLDOTXHVHLQWHQWDEDOOHYDUDODSUiFWLFD(VWHKHFKRVHVXEUD\yDWUDYpVGH ODVVHFXHQFLDVGHDFFHVRTXHYDQGHVOLJDQGRDOILHOGHVXFRWLGLDQHLGDGSDUDLQWURGXFLUORHQ &21&/86,21(6à XQPXQGRVDJUDGR$VtFRQVXVSDWLRV\SpUJRODVHOHGLILFLRYDFUHDQGRiPELWRVGHUHODFLyQ LQWHUPHGLRV \ PHGLDQWH HO HQFXHQWUR ItVLFR GH ODV SHUVRQDV D\XGD D FRQIRUPDU HVH VHQWL PLHQWRVROLGDULRTXHVHSURSXJQD$GHPiVWRGRHVWRVHKDFHDWUDYpVGHODGLVFUHFLyQHQOD IRUPD/DLJOHVLDSDUURTXLDOQRVHLPSRQHHQHOEDUULRFRPRVtPERORGHXQFLHUWR©SRGHUª VRFLDOVLQRTXHHQVXDXVHQFLDGHDVSDYLHQWRVDVXPHVXFRQGLFLyQGHLQVWUXPHQWRGHXQLGDG (VDFLUFXQVSHFFLyQODFRPSDUWHFRQODLJOHVLDGH1XHVWUD6HxRUDGHOD/X]GH-RVp/XLV)HU QiQGH]GHO$PRDXQTXHVLQUHQXQFLDUSRUHOORDODVGHQVDVDOXVLRQHVPHWDIyULFDVSODQWHDGDV HQ OD LJOHVLD GH 1XHVWUD 6HxRUD GH ODV 1LHYHV GH ;RVp %DU %yR DO RILFLR FRQVWUXFWLYR GH /XLV*XWLpUUH]6RWRHQVXLJOHVLDGHO&DUPHQQLDOFRQFHSWRSXUDPHQWHXWLOLWDULR\FDVLLQ GXVWULDOGHODVSURSXHVWDVFDWDODQDVGHOPRPHQWR6LQHPEDUJRODLJOHVLDGH1XHVWUD6HxRUD GH OD )XHQFLVOD YD PiV DOOi TXH WRGDV HOODV DxDGLHQGR D HVWRV YDORUHV OD LVRWURStD HVSDFLDO HVHQFLDOPHQWH GHPRFUiWLFD DUWLFXODGD GH XQD PDQHUD FRPSOHMD \ VXWLO FRQFHSWXDO \ FRQV WUXFWLYDTXHQRGDSLHDOHFWXUDVLQJHQXDPHQWHDGRFWULQDGRUDVTXL]iWDQVRORHO7HPSORGH ORV 6DJUDGRV &RUD]RQHV GH 5RGROIR *DUFtD3DEORV VH OH SXHGD FRPSDUDU HQ VXV ORJURV $OPHQGUDOHV WDPELpQ HV SDUDGLJPD GH OD DUTXLWHFWXUD UHOLJLRVD HVSDxROD GH ORV DxRV FLQ FXHQWD \ VHVHQWD 7UDV PXFKRV DxRV GH SRSXOLVPR ODV LJOHVLDV ³HO UHVWR GH ODV WLSRORJtDV DUTXLWHFWyQLFDVYHQGUtDQGHVSXpV³GHMDURQGHVHUORVHHPSH]DURQDKDFHU©GHVGHDUULEDª JUDFLDVDOLPSXOVRWHyULFRGHXQRVWHyORJRVXQRVDUTXLWHFWRV\XQRVDUWLVWDVTXHFRQHOEH QHSOiFLWRGHOD-HUDUTXtDTXLVLHURQGDUXQDUHVSXHVWDDGHFXDGDDODVGHULYDFLRQHVOLW~UJLFDV\ SDVWRUDOHV TXH GHEHUtD DGRSWDU HO GRJPD FDWyOLFR WRGR HOOR GHVGH ORV UHTXHULPLHQWRV FRQ FHSWXDOHVSOiVWLFRV\FRQVWUXFWLYRVGHODDUTXLWHFWXUDPRGHUQD 5(638(67$6$/$635(*817$6,1,&,$/(6 7UDVH[SRQHUODV&RQFOXVLRQHVGHHVWD7HVLV'RFWRUDOFRQWHVWDUHPRVDODVFXHVWLRQHVJH QHUDOHVTXHHQXQFLiEDPRVHQOD,QWURGXFFLyQ(VWDVSUHJXQWDVHQVXVHQFLOOH]VLUYLHURQGH SXQWRGHSDUWLGDSDUDQXHVWUDLQYHVWLJDFLyQSXHVJLUDEDQHQWRUQRDODWUDVFHQGHQFLDKLVWyUL FDGHO0RYLPLHQWR0RGHUQRHOFRQFHSWRGHWHPSORODHVHQFLDGHOKHFKRDUTXLWHFWyQLFR\HO LQWHUpVSRUODDUTXLWHFWXUDHVSDxRODFRQWHPSRUiQHD8QDYH]FRQFOXtGDOD7HVLVQRVHQFRQ WUDPRVHQFRQGLFLRQHVGHUHVSRQGHUODVDGHFXDGDPHQWH D³¢4XpDSRUWyHO0RYLPLHQWR0RGHUQRDODDUTXLWHFWXUDUHOLJLRVDDOWHPSOR"¢+XER FRQWULEXFLRQHVRVyORLQIOXHQFLDV"¢'HTXpWLSRHVSDFLDOHVIRUPDOHVLGHROyJLFDV" Ã(/(63$&,26$*5$'2(1/$$548,7(&785$(63$f2/$&217(0325É1($ (O0RYLPLHQWR0RGHUQRQRDSRUWyQDGDHVSHFLDODODDUTXLWHFWXUDUHOLJLRVD(VPiVHQ FRQMXQWRWUDWyHVWDWLSRORJtDFRQEDVWDQWHIULDOGDGDSHVDUGHTXHORVDUTXLWHFWRVLQGLYLGXDOHV WXYLHUDQRSRUWXQLGDGGHDFWXDOL]DUHOSURJUDPDVDFURFRQREUDVLPSRUWDQWHV(QHVWHVHQWL GR UHVXOWD SDUDGyMLFR TXH HO HGLILFLR PiV DSODXGLGR GHO VLJOR ;; KD\D VLGR XQD LJOHVLD OD HUPLWDGH1RWUH'DPHGX+DXWHQ5RQFKDPS E³ ¢&XDOTXLHU HVSDFLR HV YiOLGR SDUD OD OLWXUJLD FDWyOLFD" ¢3RU TXp" (Q FDVR QHJDWLYR ¢TXpFRQGLFLRQHVGHEHUHXQLUXQHVSDFLRSDUDTXHSXHGDOOHJDUDGHQRPLQDUVHVDJUDGR" (QULJRUHO~QLFRUHTXLVLWRTXHKDGHFXPSOLUXQHVSDFLRSDUDTXHSXHGDGHQRPLQDUVH VDJUDGRHVHOKHFKRGHVXFRQVDJUDFLyQ6LQHPEDUJRQRWRGRHVSDFLRHVYiOLGRSDUDODOLWXU JLDFDWyOLFD([LVWHXQDWHQGHQFLDLQJHQXD\UHODWLYDPHQWHJHQHUDOL]DGDTXHDVSLUDDLGHQWLIL FDU HVSDFLR HVSLULWXDO FRQ HVSDFLR SRpWLFR OHQLWLYR YDFtR R HYRFDGRU \ KDELWXDOPHQWH HO WHPSORQRHVHVRFRPRODUHOLJLyQWDPSRFRVXHOHWHQHUQDGDTXHYHUFRQHOVHQWLPHQWDOLV PR1REDVWDTXHXQHGLILFLRHVWpLQVSLUDGRHQXQYDJRVHQWLPLHQWRUHOLJLRVRSDUDTXHVHD XQWHPSORFDWyOLFR F³¢(VUHDOHOHVWDGRGHLQGLJQLGDGGHORVWHPSORVHQODDFWXDOLGDG"(QFDVRQHJDWLYR ¢SRUTXpVHFRQVLGHUDQLQGLJQRV"(QFDVRSRVLWLYR¢FyPRVHKDOOHJDGRDHVWDVLWXDFLyQ"¢(V XQSUREOHPDGHODUTXLWHFWRRGHOFOLHQWH" 6HKDVHxDODGRTXHORVWHPSORVDFWXDOHVQRDFHUFDQD'LRV6REUHHVWDREVHUYDFLyQKD\ TXHGLVWLQJXLUGRVDVSHFWRV8QRHVOLW~UJLFR\RWURDUTXLWHFWyQLFR (O0RYLPLHQWR/LW~UJLFRLQWHQWySXULILFDUHOFXOWRFULVWLDQRGHWRGDVDTXHOODVDGKHUHQFLDV TXHVHOHKDEtDQLGRLQFRUSRUDQGRDORODUJRGHORVVLJORVSDUDYROYHUDUHWRPDUHOHVStULWXGH DXWHQWLFLGDGLQLFLDO8QDGHODVUpPRUDVPiVLPSRUWDQWHVTXHWXYRTXHVXSHUDUIXHHOODVWUH GHO5RPDQWLFLVPRTXHFRQVLGHUDEDODUHOLJLyQFRPRXQDFRQWHFLPLHQWRLQWHUQRDODSHUVRQD UHJLGRFDVLHQH[FOXVLYDSRUORVVHQWLPLHQWRV/DYXHOWDDODREMHWLYLGDGGHOFXOWR³\ODFRQ VLJXLHQWH FUHDFLyQ GH HVSDFLRV DGHFXDGRV³ D PHQXGR SURGXMR HQ ORV ILHOHV XQD UHDFFLyQ QRVWiOJLFDIiFLOPHQWHFRPSUHQVLEOH 3RURWUDSDUWHODPRQXPHQWDOLGDG³HQWHQGLGDFRPRODFXDOLILFDFLyQVLQJXODUGHOiPELWR GHO FXOWR³ VH DFHSWDED FRPR XQD FDUDFWHUtVWLFD LQHOXGLEOH GH OD DUTXLWHFWXUD UHOLJLRVD /RV DUTXLWHFWRVPRGHUQRVVHRSXVLHURQIURQWDOPHQWHDHOODDVtGXUDQWHOD0RGHUQLGDGORVWHP SORV WXYLHURQ TXH DIURQWDU HO GHVFRQFLHUWR GHO S~EOLFR DQWH ORV PHFDQLVPRV H[SUHVLYRV GH &21&/86,21(6à FRUWHPLQLPDOLVWDSURSLRVGHODQXHYDDUTXLWHFWXUD6LHQJHQHUDOHODUWHVDFURGHEtDVHUXQ OHQJXDMHDFFHVLEOHDOJUDQS~EOLFRODDUTXLWHFWXUDPRGHUQD³HQVXFRQGLFLyQDXURUDO³GLR PXHVWUDVGHVXGLILFXOWDGSDUDLQFRUSRUDUVLJQLILFDGRVVREUHWRGRSRUODHVFDVH]GHVXVUH FXUVRVILJXUDWLYRV(VWHKHFKRGHEHUtDKDEHUVLGRXQDYHQWDMDSDUDODDUTXLWHFWXUDVDJUDGDGHO VLJOR;;TXHSDUHFtDUHFODPDUHVSDFLRVGRQGHVHSXGLHUDGHVDUUROODUODUHIOH[LyQVHUHQDHQ XQPDUFRGHWUDVFHQGHQFLD\SD]SHURVLQHPEDUJRVHYROYLyHQVXFRQWUDGXUDQWHPXFKR WLHPSRGHELGRDOLQIOXMRURPiQWLFRDQWHVDOXGLGR G³¢6LJXHVLHQGRHOHVSDFLRVDJUDGRHOOXJDUGHODDUTXLWHFWXUDLGHDO" 3DUHFHTXHVt/DUHODWLYDVHQFLOOH]GHVXSURJUDPDDVtFRPRODQHFHVLGDGGHFRQVWUXLUHV SDFLRV DPSOLRV \ ©SRpWLFRVª KDFHQ TXH OD DUTXLWHFWXUD UHOLJLRVD VH XWLOLFH D PHQXGR FRPR H[FXVDSDUDH[SUHVDUGHWHUPLQDGDVH[SHULHQFLDVPHWDVHQVRULDOHV'HDKtTXHHOSUR\HFWRGH XQDLJOHVLDVHDHQJHQHUDOXQHMHUFLFLRDSHWHFLGRSRUFXDOTXLHUDUTXLWHFWR(VWRKDVLGRDVtD OR ODUJR GHO GHVDUUROOR GH OD 0RGHUQLGDG GHVGH OD DVSLUDFLyQ GH OD %DXKDXV D FRQVWUXLU OD ©FDWHGUDOGHOVRFLDOLVPRªSDVDQGRSRUORVLGHDOHVH[SUHVLRQLVWDVGHSXUDWUDQVSDUHQFLD³FRQ VXV WHPSORV GH FULVWDO HQ ORV $OSHV³ ODV LJOHVLDV GH 0LHV YDQ GHU 5RKH \ 7HVVHQRZ R OD ©&KLHVD0DGUHªHQ*LEHOOLQD1XRYDGH/XGRYLFR4XDURQLXQWHPSORVLWXDGRHQXQWHUUHQR OODQRVLQFRQGLFLRQDQWHVGHHQWRUQRGRQGHHOSODQWHDPLHQWRGHYLQRHVWULFWDPHQWHJHRPp WULFR 6LELHQVHSXHGHGHFLUTXHODDUTXLWHFWXUDUHOLJLRVDVLJXHVLHQGRODDUTXLWHFWXUDHQHVWDGR SXUR QR FRQYLHQH ROYLGDU DTXHOOD DGYHUWHQFLD GH )UDQFLVFR -DYLHU 6iHQ] GH 2t]D FXDQGR DILUPDEDTXHODKLVWRULDGHODDUTXLWHFWXUDKDEtDGHMDGRGHHVFULELUVHVREUHODGHOWHPSOR H³¢'HEHVHUHOWHPSORHOOXJDUSRUH[FHOHQFLDGHLQWHUUHODFLyQHQWUH'LRV\HOKRPEUH RSRUHOFRQWUDULRVHUiVLPSOHPHQWHXQFRQWHQHGRUSOXULIXQFLRQDOFRPXQLWDULR"¢&yPRKDQ HYROXFLRQDGRORVFRQFHSWRVHQHVWHVHQWLGRDORODUJRGHOVLJOR;;" 3DUDFRQWHVWDUDHVWDFXHVWLyQKD\TXHUHIHULUVHDO0RYLPLHQWR/LW~UJLFRTXH3tR;,,FDOL ILFyFRPRXQJUDQGRQGHO(VStULWX6DQWRDVX,JOHVLD6XFRPLHQ]RGDWDGHILQDOHVGHOVLJOR ;,;DXQTXHVHSDUDOL]yGXUDQWHODVGRV*XHUUDV0XQGLDOHV\UHQDFLyFRQIXHU]DGHVSXpVGH FDGDXQDGHHOODV(VWHIHQyPHQRWHROyJLFRFRPHQ]yGHVFXEULHQGRODEHOOH]D\ODULTXH]DGH ODOLWXUJLD³HVGHFLUODRUDFLyQRILFLDOGHOD,JOHVLDIXHQWHGHODYLGDFULVWLDQD³\VHGHVD UUROOyHQYDULDVGLUHFFLRQHV Ã(/(63$&,26$*5$'2(1/$$548,7(&785$(63$f2/$&217(0325É1($ (O0RYLPLHQWR/LW~UJLFRSHUVLJXLyORVIXQGDPHQWRVGHODOLWXUJLDFDWyOLFDSDUDFRPSUHQ GHUODHQWRGDVXSURIXQGLGDG6LHQHOSODQRSUiFWLFRVHUHGXMRODGLPHQVLyQHVSHFWDFXODUGHO FXOWRSDUDGDUSDVRDODPLVWDJRJtDHQHOSODQRWHyULFRVHUHFXSHUyODDSRUWDFLyQSDXOLQDGHO PLVWHULR GH &ULVWR 7DPELpQ VH UHVWDXUy OD MHUDUTXtD GH YDORUHV HQ OD YLGD FULVWLDQD GHYRO YLpQGROHD'LRVHOSURWDJRQLVPRTXHOHFRUUHVSRQGtDHQODREUDVDOYtILFD6HTXLVRYROYHUD LQVLVWLUHQHOSDSHOXQLILFDGRUGHOVDFULILFLR\HQHOYDORUGHODFRPXQLyQGHWRGDOD,JOHVLDHQ XQDRUDFLyQFRPSDUWLGDDOUHGHGRUGHODOWDUIUHQWHDODUHODFLyQLQGLYLGXDOGHODFULDWXUDFRQ 'LRV/DPLVPDFRPXQLGDGFHOHEUDQWHVHFRQVWLWX\yFRPRHOSULQFLSLRGHILQLGRUGHORVQXH YRVHVSDFLRVGHFXOWROD,JOHVLDUHXQLGDVHYROYLyDYHUFRPRXQVLJQRGRQGHHO©VDFHUGRFLR UHDOªGHORVILHOHVOHVDQLPDEDDSDUWLFLSDUHQODDFFLyQVDJUDGD\DSRVLFLRQDUVHHQHVWUHFKD UHODFLyQFRQHOVDFHUGRWH(OWHPSORHQVXDUWLFXODFLyQHVSDFLDOSRVLELOLWDUtDODFRQWHPSOD FLyQGHOPLVWHULRWRWDOGHOD,JOHVLDVXGLPHQVLyQFyVPLFDVyORDVtSRGUtDOOHJDUDGHQRPL QDUVH©IXQFLRQDOª (O0RYLPLHQWR/LW~UJLFRWXYRXQDSUR\HFFLyQDUTXLWHFWyQLFDPX\LPSRUWDQWHHQ$OHPD QLDFX\RVHFRVIXHURQH[WHQGLpQGRVHSURJUHVLYDPHQWHDWRGRVORVSDtVHVGH(XURSD6XLQ IOXMRDUTXLWHFWyQLFROOHJyD(VSDxDDOSULQFLSLRGHORVDxRVFLQFXHQWD I³/DGpFDGDGHORVFLQFXHQWDVXSXVRXQPRPHQWRGXOFHSDUDODDUTXLWHFWXUDHVSDxROD ¢TXpUD]RQHVKD\SDUDFRQVLGHUDUORDVt"¢4XpFLUFXQVWDQFLDVVHGLHURQFLWDSDUDTXHHVWRRFX UULHVH"¢4XpDSRUWDURQORVDUTXLWHFWRVDODDUTXLWHFWXUDVDFUDDQWHULRU"¢3RUTXpDFRQWLQXD FLyQSDUHFHTXHWRGRVHYLQRDEDMR"¢&DEUtDHVWDEOHFHUXQDFRQH[LyQFRQORVDxRVFLQFXHQWD TXHSHUPLWLHUDUHWRPDUODVFXHVWLRQHVGHDTXHOPRPHQWRFRQHOILQGHIXQGDPHQWDUXQDDU TXLWHFWXUDVDJUDGDDFWXDO" /DVUD]RQHVSDUDFRQVLGHUDUORVDxRVFLQFXHQWDFRPRXQPRPHQWRHVSHFLDOPHQWHLQWHUH VDQWH SDUD OD DUTXLWHFWXUD HVSDxROD VH DSR\DQ HQ ORV UHVXOWDGRV SOiVWLFRV TXH GXUDQWH HVD pSRFDVHREWXYLHURQ /DPD\RUSDUWHGHORVDUTXLWHFWRVSDUWLFLSDEDGHODPLVPDYLVLyQGHOPXQGRTXHSRVWXOD EDOD,JOHVLD&DWyOLFD\HQJHQHUDOHUDQSHUVRQDVDELHUWDVDODVUHODFLRQHVLQWHUGLVFLSOLQDUHV WDQWRFRQWHyORJRVFRPRFRQDUWLVWDVSOiVWLFRVGHWRGDFODVH(OPRPHQWRGHUHDFFLyQFXOWX UDOTXHOHVWRFyYLYLU³XQPRPHQWRGHWUDQVLFLyQHQWUHXQDHQVHxDQ]DSURIXQGDPHQWHDFD GpPLFD D XQ VLVWHPD GH DSUHQGL]DMH QXHYR³ OHV KL]R FXHVWLRQDUVH PXFKRV DVSHFWRV GH OD GLVFLSOLQDFRPSRVLWLYRVIRUPDOHVHVWUXFWXUDOHVFRQVWUXFWLYRVHWF &21&/86,21(6à (OFRQWH[WRGHRSWLPLVPRTXHURGHDEDORVGHEDWHVTXHVHSURGXMHURQVHGHEtDHQSULPHU OXJDUDODHVWDELOLGDGVRFLRSROtWLFDGHOSDtVWUDVXQSHULRGRHVSHFLDOPHQWHFRQYXOVRDODFRQ FLHQFLDGHHVWDUYLYLHQGRXQDHWDSDLQLFLDOGHQWURGHXQSURFHVRGHUHQRYDFLyQDUWtVWLFDPiV DPSOLR\DODDPELFLyQLQWHOHFWXDO\DODGLPHQVLyQVRFLDO³DIiQGHVHUYLFLR³TXHPXFKRV GHHOORVFXOWLYDEDQ (QODGpFDGDVLJXLHQWH³ORVVHVHQWD³HOPDUFRUHOLJLRVRVHFRPHQ]yDURPSHUDOPH QRVDSDUHQWHPHQWH\FRQpOVHWDPEDOHDURQDOJXQRVSULQFLSLRVTXHSDUHFtDQLQPXWDEOHV(O GHEDWHVHSRODUL]yUiSLGDPHQWHKDFLDRWUDVSRVWXUDVPHQRVDEVWUDFWDV\PiVSUDJPiWLFDVVH KDEtDGHMDGRGHODGRODUHYROXFLyQDUWtVWLFDSRUODUHYROXFLyQVRFLDO )XHURQEDVWDQWHVODVREUDVGHFDOLGDGTXHVHFRQVWUX\HURQHQ(VSDxDHQWUH\ EDMRHOLPSXOVRGHOD,JOHVLD&DWyOLFD3RUHVRFRPRSDUWHGHHVWHFDStWXORGH&RQFOXVLRQHV DGMXQWDPRV XQD UHODFLyQ QR H[KDXVWLYD GH FLQFXHQWD REUDV TXH SHUPLWHQ LQWXLU OD WUDVFHQ GHQFLD\HOJUDGRGHUHILQDPLHQWRTXHODDUTXLWHFWXUDUHOLJLRVDFRQVLJXLyGXUDQWHHOSHULRGR HVWXGLDGR < DVt FRPR KDEtD RFXUULGR HQ RWURV WLHPSRV ODV LJOHVLDV HVSDxRODV YROYLHURQ D VHUHQVXVHQFLOOH]XQDXWHQWLFR\VLQFHURKRPHQDMHDO&UHDGRU $&RUXxDRWRxRGH