La gestión de la restauración. La aplicación a un caso: las pinturas de la parroquía de Nuestra Señora De La O de Rota (Cádiz)

0DUtD'RORUHV5XL]GH/DFDQDO5XL]0DWHRV (VWHWUDEDMRVHHQPDUFDGHQWURGHODVLQLFLDWLYDV HPSUHQGLGDVSRUHO*UXSRGH,QYHVWLJDFLyQ\GH 'HVDUUROOR7HFQROyJLFRGHOD-XQWDGH$QGDOXFtD\OD 8QLYHUVLGDGGH6HYLOODOODPDGR´6263DWULPR QLRµFUHDGRHQODFRQYRFDWRULDGH /tQHDGHLQYHVWLJDFLyQGHOJUXSR (VXQJUXSRGHDWHQFLyQDOSDWULPRQLRFXOWXUDO HVSHFLDOPHQWHDOSDWULPRQLRKLVWyULFRDUWtVWLFRTXH WUDEDMDDOVHUYLFLRGHODVRFLHGDG\VHSUHRFXSDGHVX GHIHQVD\SURWHFFLyQPHGLDQWHODLQYHVWLJDFLyQ\HO HVWXGLRDWUDYpVGHODFRQVHUYDFLyQSUHYHQWLYD\OD U HVWDXUDFLyQGHODGLIXVLyQ\ODHGXFDFLyQ 6 XPHWRGRORJtDFRPSU HQGH /DLQYHVWLJDFLyQ\HOHVWXGLRGHODGRFXPHQ WDFLyQHQDU FKLY RV\GRFXPHQWRVVREU HHOSDWULPR  QLRKLVWyULFRDUWtVWLFR /DFU HDFLyQGHFDWiORJRVFLHQWtILFRV\UD] RQD  GRVU HJLVWU RVHLQYHQWDULRV /DHODERUDFLyQGHLQVWUXPHQWRVGHWXWHODHQ WU HHOORVGHFODUDFLyQGHELHQHVGHLQWHUpVFXOWXUDO /DSXHVWDHQPDU FKDGHPHGLGDVTXHHYLWHHO GHWHULRUR\HOGDxRPHGLGDVGHFRQVHUYDFLyQSUH Y HQWLY D /DUHVWDXUDFLyQRODLQWHUYHQFLyQGHORVELHQHV FXOWXUDOHVTXHORQHFHVLWHQ /DHGXFDFLyQDWUDYpVGHSU RJUDPDVHGXFDWLY RV \FXOWXUDOHVHQiPELWRVGLY HUVRVHVFXHODVPXVHRV DVRFLDFLRQHVTXHIDYRUH]FDQHOGHVDUUROORGHXQDVHQ VLELOLGDGPD\RUKDFLDODFRQVHUYDFLyQGHOSDWULPRQLR FXOWXUDO 0 LHPEU RVGHOJUXSR )RUPDQHOJUXSR + LVWRULDGRU HVGHODU WH $UTXLWHFWRV $UTXHyORJRV &RQVHU YDGRUHV 5HVWDXUDGRUHVGH%LHQHV&XOWXUDOHV 'LVHxDGRUHVJUiILFRV &RPSRQHQWHVGHOJUXSR $QD3DWULFLD5RPHUR5RGUtJXH] 0DWLOGH)HUQiQGH]5RMDV 3 DVWRUD/HRQVHJXL/LQDUHV 3LODU/HRQVHJXL/LQDUHV )iWLPD'RPtQJXH])HUQiQGH] -RVHID0HGLQD*DUFtD -RVHID0DWD7RUUHV /XFtD6DPHxR3XHUWR 0DUtDGHO3LODU6iQFKH]&LG $GHODLGDGH&DVWUR 6LHUUD0XxR]0HMtDV 5RFtR9LJXHUDV5RPHUR %DMRODGLUHFFLyQGH0'RORUHV5XL]GH/DFDQDO 5XL]0DWHRVSURIHVRUDWLWXODUGHOD8QLYHUVLGDGGH 6 HYLOOD$FWXDOPHQWHLPSDUWHHQVHxDQ]DVGHODDVLJ QDWXUDGH0 XVHRORJtD\/HJLVODFLyQDUWtVWLFDGH &XUVRDORVDOXPQRVGH&RQVHUYDFLyQ\5HVWDXUD FLyQGH% LHQHV&XOWXUDOHV(VOLFHQFLDGDHQ+LVWRULD GHO$UWH\GRFWRUDHQ%HOODV$UWHVHVSHFLDOLGDGGH &RQVHU Y DFLyQ\5HVWDXUDFLyQ+DSDUWLFLSDGR\GL ULJLGRWUDEDMRVGHJUXSRUHODFLRQDGRVFRQODGLIX VLyQFRQVHUYDFLyQ\UHVWDXUDFLyQGHOSDWULPRQLR ( QHVWHWUDEDMRTXHVHSUHVHQWDKDQSDUWLFLSDGR 0DWLOGH)HUQiQGH]5RMDVKLVWRULDGRUDGHO$UWH3DV WRUD/HRQVHJXL/LQDUHVFRQVHUYDGRUDUHVWDXUDGRUD GHREUDVGHDUWH\$GHODLGDGH&DVWURGLVHxDGRUD <VHKDFRQWDGRFRQODFRODERUDFLyQGH5DIDHO %DUELHUL([SyVLWRDUTXLWHFWR\FRQ0DUWD$UFXVD 0LUDQGDLQIRUPiWLFD 8 QDFRVDHVU HVWDXUDU\RWUDJHVWLRQDUXQDU HVWDXUD  FLyQ1RHVORPLVPRUHVWDXUDUXQFXDGURDSHWLFLyQ GHVXSURSLHWDULRTXHJHVWLRQDUXQDUHVWDXUDFLyQ\VX ILQDQFLDFLyQSDUDTXHHOSURSLHWDULRSURFHGDDUHDOL ]DUOD1RHVORPLVPRUHVWDXUDUXQFXDGURDSHWLFLyQ GHXQFOLHQWHTXHGHWHUPLQDUHOFXDGU RRFXDGU RVTXH FRQYLHQHU HVWDXUDUMXVWLILFDUORDQWHODVLQVWLWXFLRQHV\ ODSURSLDFLXGDGDQtD $YHFHVFRPRHOFDVRTXHQRVRFXSDVHWUDWDGH XQSUR\HFWRGHILQDQFLDFLyQFRPSDUWLGDHQXQiP ELWRVRFLDOORTXHLPSOLFDXQFDPELRHQODPDQHUD GHWUDEDMDU  ( OFRQVHU Y DGRUUHVWDXUDGRUGHELHQHVFXOWXUDOHVVH YHREOLJDGRDJHVWLRQDUSODQLILFDUEXVFDUD\XGDV3D UHFHTXHHOFRQVHUYDGRUUHVWDXUDGRUWLHQGDDRIUHFHU XQRVVHUYLFLRVSURJUHVLYRVHQODDWHQFLyQDOSDWULPR QLRVREU HODEDVHGHXQDDWHQFLyQSU RIHVLRQDOL]DGD (VWHHVHOFDVRTXHVHSU HVHQWDTXHFRPSU HQGH XQDLQYHVWLJDFLyQTXHSHUPLWDODFRQVHUYDFLyQGH XQDFROHFFLyQGHSLQWXUDVFRQFUHWDPHQWHSLQWX > $ &7$6 ;9& 21*5(62 '( & 216(59$&,Ð1 < 5 (67$85$&,Ð1 '( % ,(1(6 & 8/785$/(6  085&,$  33  @  ´6263DWULPRQLRµ*UXSRGH,QYHVWLJDFLyQ8QLYHUVLGDGGH6HYLOOD&/DUHVQ 6 HYLOODPGUPXV#XVHV UDVGHODSDUURTXLDGH1XHVWUD6HxRUDGHOD2GH 5RWDHQXQDORFDOLGDGGRQGHGLIHUHQWHVDJHQWHV FXOWXUDOHVWLHQHQLQWHUpVSRUVXUHVWDXUDFLyQ6HWUDWD GHXQHQWRUQRGRQGHHOLQWHUpVGHODFLXGDGDQtDSRU ODFRQVHUYDFLyQFRQIOX\HFRQHOLQWHUpVFLHQWtILFRGHO SUR\HFWR\GRQGHVHSURSRQHXQSUR\HFWRGHDWHQ FLyQFRPSDUWLGD (VWDPHWRGRORJtDWUDEDMDFRQXQFRQMXQWRGH SLQWXUDVFRQYHUWLGDVFRQHOWLHPSRHQXQDFROHF FLyQFHUUDGD\FX\RSURFHVRGHFRQVHUYDFLyQUHV WDXUDFLyQ\PDQWHQLPLHQWRVHFRPSUHQGHFRPRXQ SURFHVRTXHSXHGHOOHJDUDGXUDUDxRVHLQFOXVRGp FDGDV\HQHOTXHVHWLHQHTXHFRQWDUFRQODSDUWLFL SDFLyQGHLQVWLWXFLRQHV\HVWDPHQWRVVRFLDOHV\SROt  WLFRVSRUORTXHVHKDFHQHFHVDULRXQDSODQSUHYLR JHQHUDOVREUHHOTXHEDVDUODVLQWHUYHQFLRQHV\TXH MXVWLILTXHQRVyORFLHQWtILFDPHQWHVLQRWDPELpQVR  FLDOPHQWHHOHVIXHU ]R\HOJDVWRTXHVHSODQWHDSDUD VXFRQVHUYDFLyQ ( OFRUSXVGHFRQVHUYDFLyQGHXQDFROHFFLyQSD UURTXLDHQpVWHFDVRYLHQHDVHUFRPRXQSURJUDPD TXHFRPSU HQGHODVGLVWLQWDVDFFLRQHVQHFHVDULDVSDUD FRQVHJXLUODySWLPDWUDQVPLVLyQGHHVHSDWULPRQLR KLVWyULFRDUWtVWLFRDOIXWXURFRQODSDUWLFLSDFLyQGH ORVFLXGDGDQRV\ORVDJHQWHVFXOWXUDOHVLQWHU HVDGRV (VWHFRUSXVGHFRQVHUYDFLyQHQHOFDVRFRQFUHWR GHXQDFROHFFLyQGHSLQWXUDVSU RSLHGDGGHOD, JOH  VLDFRPSUHQGHGHVGHODFUHDFLyQGHXQLQYHQWDULR SDVDQGRSRUXQHVWXGLRVLVWHPiWLFRTXHSHUPLWHFR QRFHUVXY DORUKLVWyULFRDUWtVWLFRHOFRQRFLPLHQWR H[DFWRGHVLWXDFLyQ\VXHVWDGRGHFRQVHUYDFLyQSD VDQGRSRUODFU HDFLyQGHXQ´ WULDMH µHVGHFLU XQSODQ GHSULRULGDGHVVHJ~QGLVWLQWRVFULWHULRVTXHYLHQHD FRQVLGHUDUODVDSRUWDFLRQHVUHDOHVRSRVLEOHVGHORV FRODERUDGRUHVLQVWLWXFLRQDOHVRSDUWLFXODUHV 3RGHPRVGHFLUTXHHQHVWHFDVRVHDSOLFDQORVRE MHWLY RVIXQGDPHQWDOHVWUD]DGRVSRUHOJU XSRGHLQ  Y HVWLJDFLyQHVWXGLDULQY HVWLJDUFDWDORJDULQY HQWD  ULDUH[SRQHUGLDJQRVWLFDUFRQVHUYDUUHVWDXUDU\ SRQHUHQFRQWDFWRDOFLXGDGDQRFRQHOSDWULPRQLR GLIXQGLU\HQVHxDU 3HURWDPELpQHVXQHMHPSORGHJHVWLyQGHODIL QDQFLDFLyQGHXQDFRQVHU Y DFLyQHQGRQGHODVDFWL  YLGDGHV\SU RFHVRVVHU HDOL]DQJUDFLDVDODFRODERUD  FLyQGHGLVWLQWDVHQWLGDGHV$\XQWDPLHQWR)XQGD FLRQHVORFDOHV8QLYHUVLGDGHWF /DLQY HVWLJDFLyQ\HOHVWXGLRGHODGRFXPHQWD  FLyQHQDU FKLY RV\ELEOLRJUDItD (OSULPHUSDVRFRPSUHQGHODLQYHVWLJDFLyQGHOD FROHFFLyQGHSLQWXUDVSDUDORFXDOVHSURFHGHDOHV WXGLRGHODGRFXPHQWDFLyQGHORVDUFKLYRV\ODEL EOLRJUDItD &RPRVHH[SOLFDUiHQHODQiOLVLVGHHVWHFDVROD SDUU RTXLDQRFXHQWDFRQDUFKLYRVDQWLJXRV\KDEUi TXHSURFHGHUDORFDOL]DUGRFXPHQWRVHQHO$UFKLYR GH3URWRFRORVGH6HYLOODGRQGHVHKDQFRQVHUYDGR ORVDQWLJXRVFRQWUDWRVUHDOL]DGRVGHXQUHWDEORDF WXDOPHQWHGHVDSDUHFLGRUHODFLRQDGRFRQDOJXQDV SLQWXUDVFRQVHUYDGDV ,PSRUWDQWHVHUiODFRQVXOWDGHODELEOLRJUDItDHV SHFtILFD\DTXHOODJHQHUDOTXHSHUPLWDXQPHMRUFR QRFLPLHQWRGHODFROHFFLyQ ( OGHVDUUROOR\FUHDFLyQGHXQFDWiORJRFLHQWtIL FR\UD]RQDGR\XQLQYHQWDULR ,QYHQWDULDUHVKDFHUXQDUHODFLyQGHREMHWRV\HV WDEOHFHUXQRU GHQSDUDSHUPLWLUVXFRQRFLPLHQWR\ VXJHVWLyQ( QHVWHFDVRHOLQYHQWDULRSHUPLWLUiFR QRFHUHOQ~PHURGHSLQWXUDVH[LVWHQWHVDFWXDOPHQWH \SU RFHGHUDVXORFDOL]DFLyQ &DWDORJDUHVVLQHPEDUJRSURIXQGL]DUHQODVFD UDFWHUtVWLFDVGHODFROHFFLyQ &RQVWDGHODYDORUDFLyQKLVWyULFRDUWtVWLFDTXH SHUPLWHFRQRFHUODFDOLGDGGHGLFKDVSLQWXUDV\OOHJD DODY DORUDFLyQFXOWXUDO (OGHVDUUROORGHLQVWUXPHQWRVGHWXWHODHQWUH HOORVODGHFODUDFLyQGHELHQHVGHLQWHUpVFXOWXUDO 6 HWUDWDGHWUD]DUORVPHFDQLVPRVRHVWUDWHJLDV OHJDOHVYLJHQWHVTXHSURFHGHQDVXWXWHOD\SURWHF FLyQ(QHOFDVRTXHQRVRFXSDODSDUURTXLDKDEtD VLGRGHFODUDGD0 RQXPHQWRGH,QWHUpV&XOWXUDO\ HVWDEDQSURWHJLGDVDOJXQDVGHODVSLQWXUDVPiVLP SRU WDQWHV /DFRQVHUYDFLyQSUHYHQWLYDHVGHFLUODWRPD GHPHGLGDVTXHHYLWHHOGHWHULRUR\HOGDxRGHOSD WULPRQLR &RQFDUiFWHUJHQHUDOVHWUDWDGHHVWXGLDUORVIDF  WRU HVRDJHQWHVTXHLQFLGHQHQVXPHMRUFRQVHU Y D  FLyQHVSHFLDOPHQWHDTXHOORVGHULYDGRVGHODSURSLD H[SRVLFLyQ\DSDUWLUGHHVWHDQiOLVLVVXJHULUSURSXHV WDVGHtQGROHPXVHRJUiILFD 6 RQFXHVWLRQHVLQWHU HVDQWHV /DYLVLELOLGDG /DVHJXULGDG /DLOXPLQDFLyQQDWXUDO /DLOXPLQDFLyQDUWLILFLDO /DFU HDFLyQGHXQPDSDGHXELFDFLyQ ( OGLVFXUVRODLFRQRJUDItD 3RVLEOHVUHFRUULGRV (ODOPDFHQDMH >  $ &7$6 ;9& 21*5(62 '( & 216(59$&,Ð1 < 5 (67$85$&,Ð1 '( % ,(1(6 & 8/785$/(6 @ 0$5,$ '2/25(6 58,= '( /$&$1$/ 58,=  0$7(26 /DUHVWDXUDFLyQODLQWHUYHQFLyQGHORVELHQHV FXOWXUDOHVTXHORQHFHVLWHQ 6HOOHYDDFDERXQDVHULHGHSDVRVTXHFRQGXFHQDO ' LDJQyVWLFR\HVWDGRGHFRQVHUYDFLyQ (ODERUDFLyQGHLQIRUPHVSUR\HFWRV\SUHVX SXHVWRV &ULWHULRV\WULDMHGHUHVWDXUDFLyQ /DHGXFDFLyQ\GLIXVLyQSDUDODFRQVHUYDFLyQ $WUDYpVGHSURJUDPDVHGXFDWLYRV\FXOWXUDOHVHQ iPELWRVGLYHUVRVHVFXHODVDVRFLDFLRQHVVHLQWHQWD IDYRUHFHUHOGHVDUUROORGHXQDVHQVLELOLGDGPD\RUKD FLDODFRQVHUYDFLyQGHOSDWULPRQLRFXOWXUDOORFDO ( QHOFDVRTXHSUHVHQWDPRVVHKDOOHYDGRDFDER 8QSURJUDPDGHGLYXOJDFLyQHQWHOHYLVLyQXQDSX EOLFDFLyQSHULyGLFDVHPDQDOGXUDQWHXQDxRXQD PRQRJUDItDXQDSXEOLFDFLyQGLJLWDO\ODGLIXVLyQHQ pVWH&RQJU HVR+DTXHGDGRSHQGLHQWHHOSURJUDPD HGXFDWLYR\ODFDPSDxDGHUHVWDXUDFLyQDSXHUWDV DELHU WDV 3URJUDPDGHGLYXOJDFLyQHQWHOHYLVLyQ &DPSDxDGH5 HVWDXUDFLyQDSXHU WDDELHUWD 3XEOLFDFLRQHVSHULyGLFDV 0RQRJUDItD 3 XEOLFDFLyQGLJLWDO 3XEOLFDFLyQHVSHFLDOL]DGD *HVWLyQGHODILQDQFLDFLyQ 6 HWUDWDGHSRQHUHQPDU FKDODVHVWUDWHJLDVQHFHVD  ULDVSDUDFRQVHJXLUODILQDQFLDFLyQGH/DLQYHVWLJD FLyQSUHYLD\VXSXEOLFDFLyQODVUHVWDXUDFLRQHVHO SU RJUDPDHGXFDWLYRHWF6HUiXQSURFHVROHQWRTXH FRQOOHYDODFUHDFLyQGHFRQYHQLRV\DFXHUGRVFRQGLIH U HQWHVLQVWLWXFLRQHVD\XQWDPLHQWRIXQGDFLRQHVHWF ( OFRQWH [WRODSDUU RTXLD\HOVHQWLGRGHODFR  OHFFLyQ /DSDUURTXLD\ODFROHFFLyQ /DSDUURTXLD1XHVWUD6HxRUDGHOD2HVHOSULQ FLSDOFHQWURUHOLJLRVRGHODYLOODDODSDUTXHODSL QDFRWHFDPiVLPSRUWDQWH(VHOHQFODYHGRQGHOD KLVWRULDKDGHSRVLWDGRVXSULQFLSDOOHJDGRKLVWyUL  FRDU WtVWLFR  6HSRGUtDGHFLUVXSULQFLSDOPXVHRDXQTXHVR PRVFRQVFLHQWHVGHODPDODXWLOL]DFLyQGHOWpUPLQR\ KD\TXHHQWHQGHUORHVFXHWDPHQWHFRPRXQDFROHF FLyQFRPSXHVWDSRUSLH ]DVPXHEOHVGHY DORUKLVWyUL  FRDU WtVWLFR\GRFXPHQWDOTXHVHHQFXHQWUDDELHU WD DOS~EOLFRTXHORYLVLWDWDQWRSRUPRWLYRVGHGLVIUX WH\FRQWHPSODFLyQFRPRSRUGHYRFLyQ)RWR ' HFLPRVTXHHVXQDSLQDFRWHFDRFROHFFLyQ WDPELpQFRQFLHU WDU HVHU Y DSRU TXHU HDOPHQWHHO FRQMXQWRGHSLH]DVQRUHVSRQGHDODYROXQWDGGH XQFROHFFLRQLVWDVLQRDOVLJQLILFDGRGHFRQMXQWRR JU XSRGHHOHPHQWRVU HXQLGRVHQXQOXJDU 6 HUtDOD SURSLDSDUURTXLDLQWHUSUHWDGDHQVXVHQWLGRDQWUR SROyJLFR\FXOWXUDOHOPRWLYRGHTXHVHKD\DQIL QDOPHQWHU HXQLGRHOFRQMXQWRGHELHQHVPXHEOHV TXHHQFLHUUDELHQHVYHUGDGTXHGHGLIHUHQWHSUR FHGHQFLDHLGHQWLGDGSHURFRQXQSXQWRGHSDUWL GDFRP~QODVUHODFLRQHVGHOVHUKXPDQRFRQHO PiVDOOi 8QDVIXHURQUHDOL]DGDVH[SURIHVRSRURUGHQGH ODVDXWRULGDGHVHFOHVLiVWLFDVFRQORVIRQGRVGRQDGRV RSDJDGRVSRUHOSXHEORRWUDVYLQLHU RQDU HIXJLDUVH HQVXVPXURVDSDUWLUGHFLUFXQVWDQFLDVKLVWyULFDVGL YHUVDV/yJLFDPHQWHFRPRSDWULPRQLRPXHEOHVRQ VXVWDQFLDOPHQWHPyYLOHVORTXHH[SOLFDTXHDOJXQDV SXHGDQSURFHGHUGHRWURVFHQWURVUHOLJLRVRVVHDQHU PLWDVFRIUDGtDV\KHUPDQGDGHVRVLPSOHPHQWHGH SDUWLFXODUHV +LVWRULDPDWHULDOGHODVREUDV /DKLVWRULDPDWHULDOGHHVWRVFXDGU RVVHKDU H  FRQVWUXLGRDWUDYpVGHORVSURSLRVFXDGURV\ORVGD WRVDSRUWDGRVSRUORVGRFXPHQWRVHQFRQWUDGRVHQ ORVDUFKLYRVSDUURTXLDOHVFRQFUHWDPHQWHHQORVLQ YHQWDULRVUHDOL]DGRVSRUFODYHURV\SiUURFRVHQHOVL JOR;,;\HQODVU HIHU HQFLDVELEOLRJUiILFDVGHORVHV  WXGLRVRVGHOVLJOR;; > $ &7$6 ;9& 21*5(62 '( & 216(59$&,Ð1 < 5 (67$85$&,Ð1 '( % ,(1(6 & 8/785$/(6  @ /$ *(67,Ð1 '( /$ 5(67$85$&,Ð1  $3/,&$&,Ð1 $ 81 &$62  /$6 3,1785$6 '( /$ 3$55248,$ 18(675$ 6(f25$ '( /$ 2 '( 527$  &É',=  ) RWR 6HKDQSRGLGRLGHQWLILFDUHQIXQFLyQGHODSUR FHGHQFLDORVVLJXLHQWHVJUXSRV ([SUHVDPHQWHHMHFXWDGRVSDUDODSDUURTXLD 111111\1 3URFHGHQWHVGHOFRQYHQWRGHORV0HUFHGDULRV 'HVFDO]RV 1111 'RQDFLRQHV 1111 'RFXPHQWDFLyQGHDUFKLYRV /RVSULPHURVLQYHQWDULRVGHODSDUURTXLD1XHV WUD6HxRUDGHOD2FRPHQ]DURQHQHODxR3RV WHULRUPHQWHVHKL] RRWURHQ\HQVHGHMy HQERUUDGRUXQWHUFHUR (VWRVLQYHQWDULRVDSRUWDQXQDEUHYHUHIHUHQFLD GHFDGDFXDGU RHVFXOWXUDRUQDPHQWRWHMLGR\FHUi PLFDDSRU WDQGRGHFDGDXQRVXQRPEUHHLGHQWLIL FDFLyQRFDVLRQDOPHQWHVXIHFKD\DXWRU\FRQPiV IU HFXHQFLDVXORFDOL]DFLyQ\VXVPHGLGDV)RWR 3RUHOORVHKDSRGLGRFRQILUPDUODVSLQWXUDV H[LVWHQWHVHQODSDUURTXLDHQHVDVIHFKDVVXVPHGL GDVVLWHQtDQRQRPDUFRVEUHYHVGHVFULSFLRQHVR DSU HFLDFLRQHVWpFQLFDVRDU WtVWLFDVVXORFDOL]DFLyQ\ ODVPHGLGDV 6HQKDQORFDOL]DGRGRFXPHQWRVVREUHXQFRQWUDWR GHXQUHWDEORHQHO$UFKLYRGH3URWRFRORVGH6HYLOOD 'RFXPHQWDFLyQELEOLRJUiILFD 'HEHPRVDSXQWDUTXHVRQYDULRVORVHVWXGLRV TXHVHKDQUHDOL]DGRVREUHHO3DWULPRQLRKLVWyULFR DU WtVWLFRGHODSDUURTXLD (OSULPHURWHQLHQGRHQFXHQWDHORUGHQGHSX EOLFDFLyQHVHOHVWXGLRGH-RVp*HVWRVR\3pUH]HQ UHDOL]DGRFRPRPLHPEURGHOD&RPLVLyQ3UR YLQFLDOGH0RQXPHQWRV+LVWyULFRV\$UWtVWLFRVGH &iGL]TXHIXHSXEOLFDGRHQHO%ROHWtQGHODSURSLD &RPLVLyQ\UHHGLWDGRUHFLHQWHPHQWH   5HVSRQGtDHOWH[WRDODYROXQWDGGHODDGPLQLV WUDFLyQGHOOHYDUDFDERORVLQYHQWDULRVGHOWHVRUR KLVWyULFRDUWtVWLFRTXHVHKLFLHURQSRUSURYLQFLDVDO U HGHGRUGHORVDxRV\TXHHQJUDQSDUWH IXHURQSRVWHULRUPHQWHSXEOLFDGRV (OVHJXQGRSRURUGHQFURQROyJLFRDXQTXHQR HQLPSRU WDQFLDHVHOHVWXGLRUHDOL]DGRSRU(QULTXH 5 RPHURGH7RUUHVFRPHQ]DGRHQODIHFKDGHD \TXHWDUGDUtDHQSXEOLFDUVHEDMRHOWtWXOR´&D WiORJR0 RQXPHQWDOGHOD3URYLQFLDGH&iGL]µHQOD WDUGtDIHFKDGH  'HJUDQSUHFLVLyQHQHOOLEUR VHU HFRUU HODSURYLQFLDKDFLpQGRVHXQLQYHQWDULRGR FXPHQWDGR\ULJXURVR (O WHUFHU HVWXGLR OR UHDOL]y $QWRQLR *DUFtD 4 XLUyV\0LOiQ\IXHSXEOLFDGRHQGRVOLEURVHO SULPHURGH  \HOVHJXQGRGHDPERV FHQWUDGRVHQHOHVWXGLRKLVWyULFRDUWtVWLFRUHOLJLRVR GH5RWD   /DVSXEOLFDFLRQHVU HFLHQWHVVREU H5 RWD\VXSDWUL  PRQLRKLVWyULFRDUWtVWLFRKDQJLUDGRHQWRUQRDOD DUTXLWHFWXUDHVFXOWXUD\ODRUIHEUHUtDORVWUHVGH JUDQLQWHUpV 3ULPHUR\WDPELpQSRURUGHQFURQROyJLFRHOHV WXGLRVREU HRU IHEU HUtDOOHY DGRDFDERSRU3 LODU 1LHYD\SXEOLFDGRFRQHOWtWXOR´/D3ODWHUtDHQOD ,JOHVLDURWHxDGH1XHVWUD6HxRUDGHOD2µ  (OVH JXQGRUHDOL]DGRSRU0DULDQR+XPDQHVFHQWUDOD LQYHVWLJDFLyQHQODFRPSUHQVLyQHVSDFLDO\WULGL PHQVLRQDOGHOSXHEORGHVGHHOSXQWRGHYLVWDGHOD DU TXLWHFWXUD\HOXUEDQLVPR  ( OWHU FHU R\PiVU H  FLHQWHVHFHQWUDHQHOHVWXGLRGHODHVFXOWXUDGH 1XHVWUR3DGUH-HV~V1D]DUHQR   >  $ &7$6 ;9& 21*5(62 '( & 216(59$&,Ð1 < 5 (67$85$&,Ð1 '( % ,(1(6 & 8/785$/(6 @ 0$5,$ '2/25(6 58,= '( /$&$1$/ 58,=  0$7(26 /iPLQD  * HVWRVR\3pU H ]- $ SXQWHVKLVWyULFRVGHVFULSWLY RVGHOD, JOHVLD\GHO& DVWLOORGHOD 9LOODGH5RWD )XQGDFLyQ$OFDOGH=RLOR5XL]0DWHRVS  5RPHURGH7RUUHV( &DWiORJR0RQXPHQWDOGH(VSDxD3URYLQFLDGH&iGL] 0L QLVWHULRGH,QVWUXFFLyQ3~EOLFD\%HOODV$UWHV0DGULG  *DUFtDGH4XLUyV$ +LVWRULDGHOD(UPLWD\&RIUDGtDGHOD9HUD&UX] &XDWURVL JORVGH+ LVWRULDORFDO5 RWD  * DU FtDGH4XLUyV$ 5 RWD( VWXGLRKLVWyULFRDUWtVWLFRGHODYLOOD 7 RPR,5 RWD   1LHYD6RWR3 /DSODWHUtDHQODLJOHVLDURWHxDGH1XHVWUD6HxRUDGHOD2 )XQGD FLyQ$OFDOGH= RLOR5 XL]0DWHRV&iGL]  3pUH]+XPDQHV0 (VWDQFLDVHQ5RWD+LVWRULDGHODYLOODDWUDYpVGHVXVPRQX PHQWRVR+ DELWDUGHVSXpVGHHQWRQFHV ) XQGDFLyQ$OFDOGH= RLOR5 XL]0 DWHRV&i  GL] 3RGHPRVFRQFOXLUTXHQRVHKDQOOHYDGRDFDER HVWXGLRVVLVWHPiWLFRVVREUHODVSLQWXUDVGHHVWDSD UURTXLD &UHDFLyQGHXQLQYHQWDULR\XQFDWiORJRFLHQWtILFR /DFROHFFLyQHOLQYHQWDULR /DFROHFFLyQODIRUPDQFXDGURVGHGLIHUHQWHV DXWRUHVIHFKDV\FDOLGDGHV6XFRQRFLPLHQWRSDVD SULPHURSRUFUHDUVXLQYHQWDULR\SDUDHOORVHKDQ FRQVXOWDGRORVLQYHQWDULRVDQWLJXRV 6LVHWUDWDVHGHXQPXVHRHORUGHQGHLQJUHVRGH ODVREUDVPDUFDUtDHORUGHQGHOLQYHQWDULRSHURHQ XQDVREUDVFX\ RLQJUHVRHQODFROHFFLyQHVGHVFRQR FLGRHVSUHIHULEOHRUGHQDUORVVHJ~QVXGLVSRVLFLyQ VHJ~QHORUGHQHVSDFLDOTXHGHWHUPLQDQODVFDSLOODV % DVWDXQDHQXPHUDFLyQFRUUHODWLYDXQQRPEUHGH LGHQWLILFDFLyQ\XQDEU HYHGHVFULSFLyQSDUDKDFHUHV WHLQYHQWDULR $IDOWDGHXQHVWXGLRVLVWHPiWLFRGHORVIRQGRVGH ODSDUURTXLDDSXQWDGRFRQDQWHULRULGDGGHEHPRV DxDGLUTXHXQLQY HQWDULRU HFRJH´WRGDVµODVREUDV FRQVHUYDGDV\QRVyORODVVXSXHVWDVREUDVGHPD\RU FDOLGDG'HDKtHOLQWHUpVGHOLQYHQWDULRFX\RSUHVX SXHVWRSDU WHGHODFRQVLGHUDFLyQGHOYDORUFXOWXUDOHV SHFLDOPHQWHGRFXPHQWDOGHFXDOTXLHUREUD(VSRU HOORTXHVHSUHWHQGHKDFHUXQLQYHQWDULR\QRXQHVWX GLRKLVWyULFRDUWtVWLFR,QWHUHVDVDEHUWRGRORTXHKD\ LQGHSHQGLHQWHPHQWHGHVXFDOLGDGDU WtVWLFD (OFDWiORJRFLHQWtILFR 3 RVWHULRUPHQWHODUHDOL]DFLyQGHXQFDWiORJR DYDQ]DHQHOFRQRFLPLHQWRGHODVSLQWXUDV\FRP SU HQGHVXHVWXGLRKLVWyULFRDU WtVWLFR\VXHVWDGRGH FRQVHUYDFLyQ6HKDSUHWHQGLGRRUGHQDU\UHXQLUWR GRVORVGDWRVTXHVHFRQRFHQQRWLFLDVUHIHUHQFLDV ELEOLRJUiILFDV\REVHUYDFLRQHV\OyJLFDPHQWHTXHGD DELHUWRDSRVWHULRUHVFRQRFLPLHQWRVTXHVHGHVSUHQ GDQGHQXHY RVDSRU WHV\GHVFXEULPLHQWRVHVSHFLDO  PHQWHDTXHOORVU HODWLY RVDODDXWRUtD (OHVWXGLRSRUWDQWRFRPSUHQGHHOHVWXGLRLQGLYL GXDOL]DGRGHFDGDSLQWXUDVXFODVLILFDFLyQHVWLOtVWLFD HOHVWXGLRGHVXVYDORUHVGRFXPHQWDOHV\FXOWXUDOHV 3DUDHOORVHKDUHDOL]DGRXQDILFKDGHFDGDFXDGUR HQXQIRUPDWRHVWDQGDUL]DGRHLQIRUPDWL]DGRTXH FRQVWDGHORVVLJXLHQWHVDSDU WDGRV 1~PHURGHFDWiORJR 'DWRVWpFQLFRV 'HVFULSFLyQHLFRQRJUDItD + LVWRULDPDWHULDOGHODREUD 'RFXPHQWDFLyQGH$UFKLYR 5HIHUHQFLDVELEOLRJUiILFDV (VWDGRGH&RQVHUYDFLyQ 3 URSXHVWDGH7UDWDPLHQWR ([SRVLFLyQ\DFRQGLFLRQDPLHQWR /RFDOL]DFLyQ 2EUDVFRQVHUYDGDVORVWtWXORV /RVWtWXORVGDGRVDORVFXDGURVUHVSRQGHQDOD GHQRPLQDFLyQTXHUHFLEHQHQORVLQYHQWDULRVDQWL JXRV\HQFDVRGHGXGDVHKDVLPSOLILFDGRFRQHO QRPEUHTXHLGHQWLILFDODLPDJHQUHSUHVHQWDGD 8QHMHPSORHOFXDGUR1VHKDGHQRPLQDGR DORODUJRGHOWLHPSRFRQY DULRVQRPEUHV/D9LUJHQ 6DQ-RVp\HO1LxRHO1DFLPLHQWRGHO+LMR'LRVRHO 1DFLPLHQWRGHO1LxR'LRV/D$GRUDFLyQGHORV3DV WRU HV6HKDHOHJLGRpVWH~OWLPRDXQTXHFXDOTXLHUD GHHOORVLGHQWLILFDSHU IHFWDPHQWHDOFXDGUR 2WURVFRPRSRUHMHPSORHOFXDGUR1GHQR PLQDGR´ $SDULFLyQGH&ULVWRDXQ)UDLOH0HUFHGDULR R0HGLWDWLR&RUGLV'HL%HDWR0HUFHGDULRµQRDSD U HFHQRPEUDGRHQORVLQY HQWDULRVDQWLJXRVSRUOR TXHVHOHKDGDGRHOQRPEUHTXHUHVSRQGHDODLFR QRJUDItDUHSUHVHQWDGD /RVDXWRUHV 'HODVREUDVLQYHQWDULDGDV\HVWXGLDGDVVH GHVFRQRFHDFWXDOPHQWHHODXWRUGHFDVLWRGDV\GH DTXHOODVTXHVHKDQU HDOL]DGRDWULEXFLRQHVQRHVWiQ SUREDGDVGHPDQHUDGHILQLWLYD 3RUHVWHPRWLYRVHKDPDQWHQLGRHOWpUPLQR ´ DXWRUGHVFRQRFLGRµDODHVSHUDGHTXHQXHYDVLQ YHVWLJDFLRQHVDSRUWHQOX]VREUHHOWHPD 7 DPELpQVHSXHGHGHFLU TXHPXFKDVVRQDQyQL  PDV\TXHQXQFDWXYRQLQJ~QLQWHUpVHOQRPEUHGHO DXWRU\DTXHIXHURQUHDOL]DGDVFRPRLPiJHQHVGH GHYRFLyQFRSLDGDVDVXYH]GHRWUDVLPiJHQHVPX\ GLIXQGLGDVHQWUHFRQYHQWRV\SDUURTXLDVFHUFDQDV 1 RRFXUU HDVtFRQODVSLQWXUDVPiVLPSRU WDQWHV\ DQWLJXDVGHODSDUU RTXLDFX\ RDQRQLPDWRFRQVWLWX\ H WRGRXQPLVWHULRTXHKDUHTXHULGRXQDLQYHVWLJD FLyQSDUWLFXODU /DWpFQLFD 6 HKDQTXHULGRDSRU WDUGDWRVVREU HODWpFQLFD\ HQHVWHVHQWLGRVHSXHGHDSU HFLDUTXHHOGHORV FXDGURVVRQyOHRVVREUHOLHQ]RV\VyORXQDSHTXHxD SDUWHyOHRVREUHWDEOD 6HKDQDSRUWDGRODVGLPHQVLRQHVGHORVFXD GU RVHVWDQGRDWHQWRVDFRPSDUDUODVFRQORVGDWRV TXHVHGDQHQORVDQWLJXRVLQY HQWDULRV( QHVWH VHQWLGRVHSXHGHVHxDODUTXHKD\FXDGURVTXHKDQ FDPELDGRVXWDPDxR111&UHH > $ &7$6 ;9& 21*5(62 '( & 216(59$&,Ð1 < 5 (67$85$&,Ð1 '( % ,(1(6 & 8/785$/(6  @ /$ *(67,Ð1 '( /$ 5(67$85$&,Ð1  $3/,&$&,Ð1 $ 81 &$62  /$6 3,1785$6 '( /$ 3$55248,$ 18(675$ 6(f25$ '( /$ 2 '( 527$  &É',=   6iQFKH]$ORQVR*\5XL]*DUFtD-0 5RWD\VX1D]DUHQR/DREUDURWHxDGHXQ HVFXOWRUIODPHQFR3HGUR5HOLQV )XQGDFLyQ$OFDOGH=RLOR5XL]0DWH RV&iGL] PRVTXHHOPRWLYRVHUtDHOPDOHVWDGRGHFRQVHUYD FLyQ\VXDGDSWDFLyQDXQPDUFRUHXWLOL]DGR (QHVWHDSDUWDGRVHFRPHQWDWDPELpQVLORVFXD GU RVSHUWHQHFLHURQDXQUHWDEORFRPRORV11 \HQODDFWXDOLGDGVHHQFXHQWUDQH[HQWRVRVLSHU PDQHFHQDFWXDOPHQWHLQVHUWRVHQUHWDEORVFRPR1 111 ,FRQRJUDItD\GHVFULSFLyQ (ODSDUWDGRGHLFRQRJUDItD\GHVFULSFLyQVHKD UHDOL]DGRPHGLDQWHODFRQVXOWDGHODELEOLRJUDItD SXEOLFDGDVREUHODLFRQRJUDItDGHORVVDQWRVROD LFRQRJUDItDFULVWLDQDTXHKDTXHGDGRUHIOHMDGDHQ FDGDFXDGU R 6HKDUHDOL]DGRXQEUHYHFRPHQWDULR\VHKDQ DSXQWDGRODH[LVWHQFLDGHFLHUWDVFRQIXVLRQHVLFRQR JUiILFDV$Vt6 DQ&OHPHQWH1IXHUHFRJLGRHQORV LQY HQWDULRVDQWLJXRVFRPR6DQ*UHJRULR\KDGDGR OXJDUDQXHYDVFRQIXVLRQHVFRPRKHPRVSRGLGR DSU HFLDUHQODQRWDH[SOLFDWLYDGHOD~OWLPDH[SRVL FLyQGHUHDOL]DGDHQOD3DUURTXLDHQODTXHVH LGHQWLILFDFRQ6 DQ3tRRHO$ SyVWRO6DQWLDJRHO0H QRU1LGHQWLILFDGRWUDGLFLRQDOPHQWHLQFOXVRD QLYHOSRSXODUFRQ6DQ-XGDV7DGHR 2ODFRQIXVLyQHQWU H6DQWD5RVD\6DQWD,VDEHO GH+XQJUtD1TXHD~QSXHGHVHUGLVFXWLGD &ODVLILFDFLyQKLVWyULFRDUWtVWLFD /DILFKDU HFRJHORVGDWRVPiVLPSRU WDQWHVSDUDOD FODVLILFDFLyQKLVWyULFRDUWtVWLFDODFURQRORJtDODHV FXHOD\HOHVWLOR 5 HVSHFWRDODFURQRORJtDORVFXDGURVGHODSDUUR TXLDUHVSRQGHQDORVVLJXLHQWHVSHULRGRVSULQFLSDO PHQWH 1111111 111 1111111 1 1111111 1111111 1111111 1111111 11111 11 11 3 RGHPRVGHFLUTXHHOSULPHUJU XSRORIRUPDQ ORVFXDGURVSLQWDGRVSDUDHODQWLJXRUHWDEORH[LVWHQ WHHQODSDUURTXLDGXUDQWHHO;9,6RQyOHRVVREUH WDEODVUHDOL]DGRVFRQEXHQDWpFQLFDTXHDFWXDOPHQ WHVHHQFXHQWUDQHQPX\PDOHVWDGRGHFRQVHUYD FLyQ1)RWR11)RWR1 1111 6yORGRVGHHOORV1\1VRQyOHRVVREUH OLHQ]RV\VHHQFXHQWUDQHQPHMRUHVWDGR\DTXHIXH URQUHVWDXUDGRVUHFLHQWHPHQWH >  $ &7$6 ;9& 21*5(62 '( & 216(59$&,Ð1 < 5 (67$85$&,Ð1 '( % ,(1(6 & 8/785$/(6 @ 0$5,$ '2/25(6 58,= '( /$&$1$/ 58,=  0$7(26 /iPLQD /iPLQD (OVHJXQGRJUXSRORIRUPDQORVFXDGURVUHDOL]D GRVSRUODGHYRFLyQDORVVDQWRVDSDUWLUGHODV+HU PDQGDGHV\&RIUDGtDV(VHOPiVFXDQWLRVRPXHVWUD TXHODPD\ RUSDUWHGHORVFXDGURVIXHURQSLQWDGRV HQHOVLJOR;9,,,ORFXDOHVOyJLFRVLVHWLHQHHQ FXHQWDHOGHVDUUROORGHODVGHYRFLRQHVDUDt]GHODRU JDQL]DFLyQGHODVFRIUDGtDV\KHUPDQGDGHV(OHV SOHQGRUGHOD+HUPDQGDGGHOD2UGHQGH6DQ)UDQ FLVFR\ODGHYRFLyQDORVVDQWRVGHRUGHQHVGHDJXVWL QRVEHQHGLFWLQRVIUDQFLVFDQRVSULQFLSDOPHQWHMXV WLILFDQODVUHSUHVHQWDFLRQHVGH6DQ&D\HWDQR6DQ &OHPHQWH6DQ)UDQFLVFR-DYLHU6DQWD*HUWUXGLV HWF)RUPDSDUWHGHHVWHJUXSRHOSHTXHxRFXDGUR TXHSLQWDUD$ORQVR&DQRSDUDXQWDEHUQiFXORHQHO FDWiORJRFRQHO1 (OWHUFHURORIRUPDQDOJXQRVFXDGURVSURFHGHQ WHVGHOFRQY HQWRGHORV0HUFHGDULRV'HVFDO]RVGHOD 9 LOODHQWUHHOORVORVFXDGURV1\1 <RWURJUXSRGLIHUHQWHORVOLHQ]RVGRQDGRVSRU- , ]QDUGLDODSDUURTXLDHQHOVLJOR;,;11 14XL]iVH[LVWDXQFRQMXQWRGHFXDGURVDQWLJXRV SLQWDGRVH[SU HVDPHQWHSDUDODSDUU RTXLDFRPRVRQORV 1\1SHURQRKDSRGLGRVHUSUREDGR 0LHQWUDVTXHODUHODFLyQFRQOD$PpULFDFRORQLDO KDGHMDGRGRVFXDGU RVGHLFRQRJUDItDJXDGDOXSDQD HQFDMDGRVHQHVWHSHULRGR1\1 &RPSOHWDQODFROHFFLyQXQFXDGURGHOVLJOR;,; FRQFUHWDPHQWHODFRSLDGHXQRULJLQDOGHOVLJOR;9,, SHU GLGR1 'XUDQWHHOVLJOR;;QRHQWUDQQXHYDVSLQWXUDV HQODSDUURTXLDVDOYRXQFXDGURFRQFUHWDPHQWHHO 1SRUVXFRQGLFLyQGHH[ YRWR /RFDOL]DFLyQ /yJLFDPHQWHFXDQGRVHKDFHXQHVWXGLRGHXQRV REMHWRVPXHEOHVFRPRVRQSLQWXUDVVHVDEHTXHOD ORFDOL]DFLyQKDFDPELDGRFRQHOWLHPSR\SXHGHVHU FDPELDGDHQHOIXWXUR $VtVHDSU HFLDVLVHREVHU Y DQORVGDWRVTXHDSRU  WDQORVDQWLJXRVLQY HQWDULRVTXHU HIOHMDQHOSHU HJUL  QDUGHODVREUDVHQIXQFLyQGHODGHYRFLyQRGHIDF WRUHVHVWpWLFRV\GHOJXVWR +HPRVTXHULGRDSHVDUGHWRGRUHJLVWUDU\GR FXPHQWDUHVWHPRPHQWRHODxRHQHO TXHVHKL] RHOLQY HQWDULR\HOFDWiORJR ' HMDQGR FRQVWDQFLDGHFyPRTXHGDU RQGLVWULEXLGRVORVFXD  GURVWUDVODVJUDQGHVUHIRUPDVDFRPHWLGDVHQODGpFD GDGHORVRFKHQWD 8QDUHIRUPDTXHSDUWtDGHODUHVWDXUDFLyQGHOLQ PXHEOH\TXHHQXQDVHJXQGDIDVHDIHFWyDORVPXH  EOHVDOU HXELFDUVH\GHVPRWDUVHDOJXQRVU HWDEORVHV  SHFLDOPHQWHDTXHOORVTXHVHHQFRQWUDEDQHQODQDYH SULQFLSDOTXHDSDUWLUGHHQWRQFHVTXHGDUtDGLiIDQD OLEUHHQVXVSDUDPHQWRVVLQS~OSLWR\FRQHOFRURVL WXDGRHQHOiEVLGH 6HxDODUTXHODVUHIRUPDVGHOD,JOHVLDOOHYDGDVD FDERHQODGpFDGDGHORVQR YHQWDVHOOHYDURQDFDER HQEDVHDODHVWpWLFDRHOJXVWRSRUORVSDUDPHQWRVOL EUHV\OLPSLRVGHGHFRUDFLyQDGHPiVGHORVHVSDFLRV GLiIDQRVTXHWDQWDEHOOH]DKDQGDGRDOWHPSOR6LQ HPEDUJRHOOROOHYySDUDOHODPHQWHDOPRYLPLHQWR\ UHXELFDFLyQGHODVSLQWXUDVTXHDFWXDOPHQWHVHHQ FXHQWUDQHQDOJXQRVFDVRVH[SXHVWDV\HQRWURVFDVRV JXDUGDGDV)RWR 3 RUOD5 HVROXFLyQGHGHRFWXEU HGHGHOD 'LUHFFLyQ*HQHUDOGH%LHQHV&XOWXUDOHVVHLQFRDHO SURFHGLPLHQWRSDUDODLQVFULSFLyQFRQFDUiFWHUHVSH FtILFRFRPR0 RQXPHQWRHQHO&DWiORJR*HQHUDO GHO3DWULPRQLR+LVWyULFR$QGDOX]GHODLJOHVLDSD UU RTXLDOGH1 XHVWUD6 HxRUDGHOD2GH5 RWD&iGL] (QWUHORVELHQHVPXHEOHVSLFWyULFRVSURWHJLGRVVH HQFXHQWUDQORVVLJXLHQWHV 111111 11111 (VWDVSLQWXUDVTXHGDQSU RWHJLGDVEDMRHOUpJL  PHQGHOD' HFODUDFLyQ 'DGDODLQFLGHQFLDGHODH[SRVLFLyQ\HODFRQGL FLRQDPLHQWRHQHOHVWDGRGHFRQVHU Y DFLyQGHODV SLQWXUDVVHKDQDFRQVHMDGRFDPELRVHQODXELFDFLyQ GHDOJXQRVFXDGURV3HURQRVRORSRUPRWLYRVGH FRQVHUYDFLyQWDPELpQSRUPRWLYRVGHFXOWR\FRQ WHPSODFLyQVHKDQVHxDODGRFDPELRVGHOXJDU\DMXV WHVGHLOXPLQDFLyQ &DU HFHQGHYLVLELOLGDG\QHFHVLWDQDMXVWHVGHLOX  PLQDFLyQ111111 1 1 > $ &7$6 ;9& 21*5(62 '( & 216(59$&,Ð1 < 5 (67$85$&,Ð1 '( % ,(1(6 & 8/785$/(6  @ /$ *(67,Ð1 '( /$ 5(67$85$&,Ð1  $3/,&$&,Ð1 $ 81 &$62  /$6 3,1785$6 '( /$ 3$55248,$ 18(675$ 6(f25$ '( /$ 2 '( 527$  &É',=  /iPLQD (QJHQHUDOWRGDVODVSLQWXUDVFDUHFHQGHFDUWHODV H[SOLFDWLYDV\VHSURSRQHHVSHFLDOPHQWHFXDQGROD LGHQWLILFDFLyQHVFRQIXVDRSXHGHQVHUUHVDOWDGRVORV GDWRVGHODXWRURODGRQDFLyQ )LQDOPHQWHHQFDGDILFKDVHKDFRPHQWDGRODQH FHVLWDGGHUHODFLRQDU\FUHDUGLVFXUVRVH[SRVLWLYRV HQWUHFXDGURVTXHDFWXDOPHQWHVHHQFXHQWUDQGLV SHUVRV'HWDOPDQHUDTXHVHUtDFRQYHQLHQWHODDJUX SDFLyQGHORVVLJXLHQWHVFXDGURV 'LVFXUVR H[SRVLWLYR VREUH HO FRQYHQWR GH ORV 0HUFHGDULRV'HVFDO]RV1111 'LVFXUVRH[SRVLWLYRGHODQWLJXRUHWDEORGHVDSD UHFLGR111111 1111 $OJXQDVSLQWXUDVVHHQFXHQWUDQDOPDFHQDGDVFD UHFLHQGRGHPHGLGDVPtQLPDVGHSURWHFFLyQ1 1111 'LDJQyVWLFR\HVWDGRGHFRQVHUYDFLyQ 9 DORUDUHOHVWDGRGHFRQVHU YDFLyQGLDJQyVWLFR\ IDFWRUHVGHGHWHULRUR 3URSXHVWDVGHUHVWDXUDFLyQLQIRUPHV\SUH VXSXHVWRV 5HVWDXUDFLyQ&ULWHULRV7ULDMH 'LDJQyVWLFR\HVWDGRGHFRQVHUYDFLyQ 6 HFRQRFHDFWXDOPHQWHHOHVWDGRGHFRQVHU Y DFLyQ GHODFROHFFLyQGHSLQWXUDVGHODLJOHVLD (OHQYHMHFLPLHQWRQDWXUDOGHORVOLHQ]RVHOGHV WHQVDGRFRQU HVSHFWRDVXVEDVWLGRUHV\HORVFXUHFL PLHQWRJHQHUDO\QRUPDOGHORVEDUQLFHVVRQVtQWR PDVHYLGHQWHVHQODVREUDVPiVDQWLJXDV (QRWUDVHVHYLGHQWHODH[LVWHQFLDGHUHSLQWHV TXHSXGLHURQKDFHUVHSRUPRWLYRVGHGHFRURRFR PRUHVSXHVWDDDGHFHQWDPLHQWRVWDQFRPXQHVHQ ODVpSRFDVSDVDGDV + DVLGRXQREMHWLY RWDPELpQIXQGDPHQWDOFRQR  FHUHOHVWDGRGHODPDGHUDGHORVEDVWLGRU HV\GHORV PDUFRVSDUDGHWHFWDUIRFRVGHWHUPLWDV$VtFyPR GHWHFWDUODVFDXVDVDJUDYDQWHVGHGHWHULRURSRUUD]R QHVPXVHRJUiILFDVKXPHGDGHVLOXPLQDFLyQFROR FDFLyQHWF 6 HSXHGHREVHU Y DUTXHKD\SLQWXUDVTXHVHHQ  FXHQWUDQHQXQDVLWXDFLyQGHPi[LPRHVWDGRGHGH  WHULRUR11)RWR111 )RWR $TXHOODVFX\DUHVWDXUDFLyQHVQHFHVDULD1 11111) RWR 2 WUDVKDQVLGRU HVWDXUDGDV1\1 +DQTXHGDGRHQSOHQRSURFHVRGHUHVWDXUDFLyQ 1111 2WUDVVHHQFXHQWUDQHQEXHQHVWDGRGHFRQVHU YDFLyQ111111 111 >  $ &7$6 ;9& 21*5(62 '( & 216(59$&,Ð1 < 5 (67$85$&,Ð1 '( % ,(1(6 & 8/785$/(6 @ 0$5,$ '2/25(6 58,= '( /$&$1$/ 58,=  0$7(26 /iPLQD /iPLQD &RPHQWDULRDSDUWHQRVPHUHFHODVLWXDFLyQTXH VXIUHQORVFXDGURVUHVWDXUDGRVSRUXQD(VFXHOD7DOOHU /RFDOFRQFUHWDPHQWHORVQ~PHURV11 1\1TXHTXHGDU RQVLQWHUPLQDU\RWURV TXHGDURQHPEDODGRV\PHWLGRVHQXQDOPDFpQTXH VXIUtDGHKXPHGDGFDORU\RVFXULGDGIDYRUHFLHQGR ODSUROLIHUDFLyQGHFDUFRPDTXHKDGHVWUXLGRORV EDVWLGRUHVSRQLHQGRHQSHOLJURODVSURSLDVSLQWXUDV , QIRU PHV\SU HVXSXHVWRV3 U RSXHVWDVGHWUDWDPLHQWR 3DUDOHODPHQWH\FRPRFRQVHFXHQFLDGHODQiOLVLV GHOHVWDGRGHFRQVHUYDFLyQVHDSRUWDXQDSURSXHVWD GHLQWHU Y HQFLyQ( QFDGDFDVRVHHVSHFLILFDWUDWD  PLHQWRVFRPROLPSLH ]DVXSHUILFLDOOLPSLH]DGHOEDU QL]HQYHMHFLGRUHSRVLFLyQGHWLQWDVSHUGLGDVVXVWLWX FLyQGHOEDVWLGRUSRUXQRQXHY RFRORFDFLyQGHWHOD QXHYDVREUHHOWHMLGRDQWLJXRGHVLQVHFWDFLyQHWF ,QIRUPHVWpFQLFRVTXHVHDFRPSDxDQGHOSUHVX SXHVWRGHVJORVDGRSRUSDU WLGDVSDUDIDY RU HFHUOD ILQDQFLDFLyQ 5HVWDXUDFLyQ&ULWHULRV7ULDMH , PDJLQHPRVTXHXQPpGLFROOHJDDOOXJDUGRQGH VHKDSURGXFLGRXQDFFLGHQWH\HQFXHQWUDDXQQ~ PHURGHSHUVRQDVHQHOHMHPSORTXHSUHVHQWDQ GLIHUHQWHVQLYHOHVRHVWDGRGHJUDYHGDG(OPpGLFR ORVDWHQGHUiFRQXQSODQGHSULRULGDGHVDDTXHOORV TXHVRQPiVXUJHQWHV\GHMDUiDORVSUHVHQWDQXQ SHOLJU RPHQRUSDUDXQPRPHQWRSRVWHULRU  <HVWH SODQGHSULRULGDGHVORUHDOL]DUiWHQLHQGRHQFXHQWD WRGRVORVIDFWRUHVTXHVHSRQHQHQMXHJRHQODVDOXG GHODVSHUVRQDV ,PDJLQHPRVTXHXQUHVWDXUDGRUWUDEDMDSRUOD FRQVHU Y DFLyQGHSLQWXUDVGHXQDFROHFFLyQ\VH HQFDUJDGHODJHVWLyQGHVXFRQVHU Y DFLyQ¢3 RUGRQ GHHPSH]DU" ,QGXGDEOHPHQWHUHVSRQGHUtDLJXDOTXHHOPpGL FRVHJ~QHOJUDGRGHGHWHULRURVHJ~QHOHVWDGRGH JUDYHGDG\ODXUJHQFLDGHODLQWHUYHQFLyQ 3 HU RDY HFHVORVSHUVRQDVTXLHU HQY HUWDOFXDGURR WDORWURHQEXHQHVWDGRSRUTXHOHVJXVWDSRUTXH UHVSRQGHQDXQDGHYRFLyQSDUWLFXODURSRUTXHVHUH ODFLRQDFRQDOJ~QHYHQWRSROtWLFRUHOLJLRVRRVRFLDO ) RWR $YHFHVODVSULRULGDGHVVHHVWDEOHFHQSRUFULWHULRV HFRQyPLFRVXQDLQVWLWXFLyQDSRUWDXQDFDQWLGDGGH GLQHUR\HOUHVWDXUDGRUTXHJHVWLRQDHOSUR\HFWRGH FLGHFRPRVHYDDLQYHUWLUPHMRU ²&XDGURGHSULRULGDGHV ²6HJ~QHVWDGRGHJUDYHGDG\XUJHQFLDLQWHU Y HQFLyQ ²6HJ~QFDOLGDGKLVWyULFRDUWtVWLFD ²6HJ~QDQWLJHGDG ²6HJ~QGLQHURDILQDQFLDU ²( QSDU WLGDVLQGLYLGXDOHVRSRUJU XSRV 3URJUDPDGHGLYXOJDFLyQHQWHOHYLVLyQ 6 HKDU HDOL]DGRXQSU RJUDPDGHGLYXOJDFLyQHQOD WHOHYLVLyQHQXQDDQWHQDORFDO &DPSDxDGH5HVWDXUDFLyQDSXHUWDVDELHUWDV 6HDFXHUGDTXHODIDVHGHUHLQWHJUDFLyQGHOFRORU HQODVU HVWDXUDFLRQHVVHOOHY DUiQDFDERDSXHU WD DELHU WD\FRQDWHQFLyQDODFLXGDGDQtD 3XEOLFDFLRQHVSHULyGLFDV 'XUDQWHHODxRVHKDUHDOL]DGRXQSURJUD PDGHGLIXVLyQHQSUHQVDORFDOGRQGHVHSXEOLFDHO FRPHQWDULRUD] RQDGRVREU HXQFXDGU RFDGDVHPDQD 8 QU HVXPHQVREU HVXLFRQRJUDItDVXHVWDGRGH FRQVHUYDFLyQ \ VX SRVLEOH UHVWDXUDFLyQ TXH KD FRQVHJXLGRGXUDQWHVHPDQDXQDJUDQGLIXVLyQ SRSXODU 0 RQRJUDItD 8QFRQYHQLRHVSHFtILFRFRQXQD)XQGDFLyQSHU PLWHODSXEOLFDFLyQGHOWUDEDMRUHDOL]DGRUHFLHQWH > $ &7$6 ;9& 21*5(62 '( & 216(59$&,Ð1 < 5 (67$85$&,Ð1 '( % ,(1(6 & 8/785$/(6  @ /$ *(67,Ð1 '( /$ 5(67$85$&,Ð1  $3/,&$&,Ð1 $ 81 &$62  /$6 3,1785$6 '( /$ 3$55248,$ 18(675$ 6(f25$ '( /$ 2 '( 527$  &É',=  /iPLQD /iPLQD