scieee AI-readable full text Open interactive document viewer

El estudio de los edificios de espectáculos romanos en la España del siglo XVIII. Análisis del uso de la imagen en los inicios de la arqueología española

León Gómez, Alicia

Abstract

Hemos planteado como objetivo concreto en este trabajo el análisis de los estudios de edificios de espectáculos en el siglo XVIII en España, pero no sólo para estudiar profundamente las descripciones textuales, sino también -y sobre todo- examinar las láminas y comparar los distintos trabajos gráficos realizados por eruditos ilustrados españoles en sus estudios de teatros, circos y anfiteatros romanos en España. Con ello se ha pretendido saber cómo los eruditos ilustrados recogían la información, la redactaban y la plasmaban gráficamente, para -trascendiendo en cierto modo el tema de análisis- poder establecer la evolución de la "arqueología del siglo XVIII en esta parcela de los estudios arqueológicos-arquitectónicos.

Full text

                     !         "        #$ %       &                     '()&* )!)# +,-" ./'0'1 .#231# 1% +)&/#0' 45667!689#$4566:!;;9 /'$<#+ 1+/' =#   !"                              !                   "# $   $ $  $   $$ %   $$& % ''' ##()#* (+(,-#./(+012340 1-5678$779:96;$( /)<=>789?@:A?9A$BC<=>789?@:A?9A> 3#D (6"$E"6"$/ +( 610$-$-01$$ .01$6;$(&01$& !"#$%&'()(*+%(,,*+-(' ./0!1"2 -        /          " ( !$ " /$$$$   " '     '    '                     3"''' +#()#* (+(,-#./(+012340 1-5678$779:96;$0 +<=>789?@:A?9A$BC<=>789?@:A?9A> #D +E6( +E4 FG !"#$%&'()(*+%(,,*+-(' 3 H:A9: (+(,-#./(+012340  ("6;:A9:   Ë1',&(   352/2*2 &DStWXOR,(OQXHYRPDUFRGHORVHVWXGLRVDUTXHROyJLFRVHQHOVLJOR ;9,,,  5HIOHMRV GH (XURSD 'HO GHVFXEULPLHQWR GH +HUFXODQR 3RPSH\D \ (VWDELDDOD$UTXHRORJtDKLVWyULFRDUWtVWLFD 1RYDWRUHVHQOD(VSDxDGHILQDOHVGHOVLJOR;9,,\SUHLOXVWUDGRVGHO SULPHUWHUFLRGHO;9,,, (OHVWXGLRGHODVDQWLJHGDGHVHQOD(VSDxDHQHOVLJOR;9,,, 9LDMHV\YLDMHURVHQHOVLJOR;9,,, /D&RURQD\VXVLQVWLWXFLRQHVDFDGpPLFDV /RV HVWXGLRVGHPRQXPHQWRVDUTXLWHFWyQLFRVSURPRYLGRVSRUOD 5HDO$FDGHPLDGHOD+LVWRULD  /RVHVWXGLRVGH PRQXPHQWRVDUTXLWHFWyQLFRVSURPRYLGRVSRUOD 5HDO$FDGHPLDGH%HOODV$UWHVGH6DQ)HUQDQGR  /RVHVWXGLRVGH PRQXPHQWRVDUTXLWHFWyQLFRVSURPRYLGRVSRUOD &RURQD /RVGLEXMRVFyPRVHKDFHQ ,QVWUXFFLyQTXHKDGHREVHUYDU'RQ/XLV-RVp9HOi]TXH]GHOD5HDO $FDGHPLDGHOD+LVWRULDHQHOYLDJHDTXHHVWiGHVWLQDGR\TXHHPSUHQGLy HQHODxRGHSDUDDYHULJXDU\UHFRQRFHUODVDQWLJHGDGHVGH(VSDxD /D,QVWUXFFLyQGH-RVpGH+HUPRVLOOD  $QWLJHGDGHV ÈUDEHVGH (VSDxD /D ,QVWUXFFLyQ GH -RVp 0RUHQR ,QVWUXFFLyQGH)HUQDQGR5RGUtJXH] 1RWLFLD\3ODQGHXQYLDJHDUTXLWHFWyQLFRDQWLFXDULRGH-RVp2UWL] \6DQ]    &DStWXOR,,/RVHVWXGLRVGHWHDWURVURPDQRVHQHOVLJOR;9,,, (OWHDWURURPDQRGH6DJXQWXP (OWHDWURURPDQRGH$FLQLSR (OWHDWURURPDQRGH6LQJLOLD%DUED (OWHDWURURPDQRGH$XJXVWD(PHULWD (OWHDWURURPDQRGH&OXQLD (OWHDWURURPDQRGH&DUWHLD &DStWXOR,,,/RVHVWXGLRVGHFLUFRVURPDQRVHQHOVLJOR;9,,, (OFLUFRURPDQRGH6DJXQWXP (OFLUFRURPDQRGH7ROHWXP (OFLUFRURPDQRGH$XJXVWD(PHULWD (OFLUFRURPDQRGH7DUUDFR &DStWXOR,9/RVHVWXGLRVDQILWHDWURVURPDQRVHQHOVLJOR;9,,, (ODQILWHDWURURPDQRGH,WDOLFD (ODQILWHDWURURPDQRGH$XJXVWD(PHULWD (ODQILWHDWURURPDQRGH&DUWDJR1RYD (ODQILWHDWURURPDQRGH7DUUDFR (ODQILWHDWURURPDQRGH6HJREULJD &RQFOXVLRQHV $QH[RGH)LJXUDV            $JUDGHFLPLHQWRV  $ PLVKLMRV-DYLHU\)UDQTXHVRQORVTXHPiVKDQVXIULGRPLV GHVYHORV\DXVHQFLDV $PLPDULGR)UDQSRUWRGRVXDPRU $PLVSDGUHV+RUWHQVLD\$QWRQLRSRUVXDSR\RLQFRQGLFRQDO $PLKHUPDQDPLQLxD          35Ï/2*2  /DLPSRUWDQFLDTXHHO DQiOLVLV GHODV LPiJHQHV KD DGTXLULGRHQ ORV HVWXGLRV KLVWyULFRV KD UHIRU]DGR \ YDORUL]DGR HQ ORV ~OWLPRV WLHPSRV HO YDORUGRFXPHQWDOGHDTXpOODVHQQXHVWUDGLVFLSOLQDDUTXHROyJLFD&RPRVH KDDILUPDGR  ³/DVLPiJHQHVVRQXQDJXtDSDUDHOHVWXGLRGHORVFDPELRV H[SHULPHQWDGRV SRU ODV LGHDV >«@ OD KLVWRULD GH OD FXOWXUD PDWHULDO«VHUtDSUiFWLFDPHQWHLPSRVLEOHVLQHOWHVWLPRQLRGHODV LPiJHQHV´    (Q HIHFWR HOOR HV PiV HYLGHQWH HQ OD $UTXHRORJtD SRU VX SURSLR REMHWR GH HVWXGLR \ VX FDUiFWHU GH PDWHULDOLGDG (O PpWRGR GH WUDEDMR DUTXHROyJLFRVHEDVDHQEXHQDSDUWHHQODFRQIRUPDFLyQGHDQDORJtDVHQWUH ORV HOHPHQWRV GH OD FXOWXUD PDWHULDO TXH DQDOL]D GH ODV TXH GHGXFLU FRQFOXVLRQHVKLVWyULFDV\SRUHOORHOXVRGHODLPDJHQFRPRUHFXUVRWLHQH XQDDPSOLDWUDGLFLyQHLQWHUpV3RGHPRVGHVWDFDUSRUHMHPSORGRVOtQHDV HVSHFtILFDVGHHQRUPHLPSRUWDQFLDHQHOGHVDUUROORGHOD$UTXHRORJtDFRPR GLVFLSOLQD PRGHUQD HO GLEXMR \ OD IRWRJUDItD DUTXHROyJLFRV (O QLYHO GH ILDELOLGDGHQODGRFXPHQWDFLyQTXHDSRUWyODDSOLFDFLyQGHHVWDVWpFQLFDVHQ ODV DFWLYLGDGHV DUTXHROyJLFDV HVSHFLDOPHQWH HQ ODV H[FDYDFLRQHV IXH IXQGDPHQWDO SDUD HO GHVDUUROOR GH ULJXURVRV LQVWUXPHQWRV GH UHJLVWUR QHFHVDULRV SDUD OD FRQVROLGDFLyQ GH OD $UTXHRORJtD FRPR FLHQFLDHQOD (XURSDGHODVHJXQGDPLWDGGHOVLJOR;,;-XVWDPHQWHVHKDGLFKRTXH  ³/DQHFHVLGDGGHGLEXMDU\IRWRJUDILDUFDGDFDSDHQODTXH VH YD\D SURIXQGL]DQGR VH MXVWLILFD QR VyOR SRU OD H[LJHQFLD GH   3%85.(9LVWR \ QR YLVWR (O XVR GH OD LPDJHQ FRPR GRFXPHQWR KLVWyULFR %DUFHORQD &UtWLFD  S  RULJLQDO (\HZLWQHVVLQJ 7KH 8VHV RI ,PDJHV DV +LVWRULFDO (YLGHQFH /RQGRQ5HDNWLRQ%RRNV   &$3,78/2,    (/18(920$5&2'(/26(678',26$548(2/Ï*,&26 (1(/6,*/2;9,,,   5HIOHMRVGH(XURSD'HOGHVFXEULPLHQWRGH+HUFXODQR3RPSH\D \(VWDELDDOD$UTXHRORJtDKLVWyULFRDUWtVWLFD  (O iPELWR FXOWXUDO GHO VLJOR ;9,,, VH FDUDFWHUL]y SRU XQD GREOH LGHRORJtDUHSUHVHQWDGDSRUHOVHFWRUPiVWUDGLFLRQDO\ODVQXHYDVWHQGHQFLDV VXUJLGDVHQHOVHQRGHODGHQRPLQDGD,OXVWUDFLyQTXHWLHQHVXVRUtJHQHVHQ OD,QJODWHUUDGHILQDOHVGHOVLJOR;9,,HQODTXHVHHPSLH]DDFXHVWLRQDUOD VRFLHGDG FXOWXUD \ UHOLJLyQ EDMR HO SULVPD GH OD UD]yQ   3RU WDQWR OD ,OXVWUDFLyQ SRGUtD GHILQLUVH FRPR ©OD RSRVLFLyQ D XQ PRGHOR GH FRQRFLPLHQWR XQLWDULR GRQGH OD 7HRORJtD PDUFDED ODV GLUHFWULFHV \ ORV OtPLWHV GHO VDEHU (O LOXVWUDGR UHLYLQGLFD OD DXWRQRPtD GHO FRQRFLPLHQWR KDVWD FRQVLGHUDU TXH HO KRPEUH PHGLDQWH HO XVR GH OD UD]yQ HVWDED HQ GLVSRVLFLyQGHSRGHUH[SOLFDUODUHDOLGDGQDWXUDO\VRFLDOSUHVFLQGLHQGRGH WRGRWLSRGHGRJPDVª   (QHVWDPLVPDOtQHDHOHVWXGLRGHODVDQWLJHGDGHVVHFDUDFWHUL]ySRU OD UXSWXUD  FRQ HO DQWLFXDULDGR GH ORV  VLJORV DQWHULRUHV )XH SXHVWR HQ PDUFKD SRU  HO  DOHPiQ - - :LQFNHOPDQQ  D WUDYpV GH  VX HQIRTXH KLVWyULFRDUWtVWLFR 1R REVWDQWH HV HQ HO PLVPR VLJOR ;9,,, FXDQGR HO SHUILO DQWLFXDULVWD DOFDQ]D VXV PD\RUHV ORJURV FRQ OD DSOLFDFLyQ GH ORV ULJRUHVFUtWLFRVTXHORVQXHYRVSODQWHDPLHQWRVLOXVWUDGRVLQWURGXFHQ(QWUH HVWRVHUXGLWRVVHSXHGHGHVWDFDUD%GH0RQWIDXFRQ  FRPRLQLFLDGRUGH HVWD WHQGHQFLD R  FRPR FRQWLQXDGRU GH HOOD DO &RQGH GH &D\OXV DPERV H[SRQHQWHV GH OD HQFLFORSpGLFD HVFXHOD DQWLFXDULD IUDQFHVD 3RUWDQWRHO HVWXGLRGHODVDQWLJHGDGHVHQHOVLJOR;9,,,VHFDUDFWHUL]DSRUGRVOtQHDV GHLQYHVWLJDFLyQHQFDEH]DGDVSRUORVOODPDGRVDQWLFXDULRVSHUVRQLILFDGRV HQ &D\OXV \ ORV ©HVWXGLRVRV GH DQWLJHGDGHVª SHUVRQLILFDGRV HQ :LQFNHOPDQQ (VWD GREOH OtQHD GH LQYHVWLJDFLyQ \D OD YLVOXPEUyHO   9HU$$99  $$99S6REUHHOPRYLPLHQWRLOXVWUDGRYHU±HQWUHODLQJHQWHELEOLRJUDItD$QWDO   0HVWUH  $$99   $JXLODU  $$99  $JXLODU  0HVWUH D0HVWUHE*UDQ$\PHULFK6DODV  6REUH%HUQDUGGH0RQWIDXFRQYHU3RXORQLQ6FKQDSS  LOXVWUDGR /HVVLQJ   FXDQGR HVFULELy ©HO SULPHUR UHILULpQGRVH D ORV DQWLFXDULRVFDVLQXQFDSLHQVDFRQODPLUDGDPLHQWUDVTXHHO~OWLPR©ORV HVWXGLRVRVGHDQWLJHGDGHVªSXHGHYHUFRQHOSHQVDPLHQWRª  (VDSRVWXUD KLVWRULRJUiILFDVH KDPDQWHQLGRWUDGLFLRQDOPHQWHKDVWDOOHJDUDOVLJOR;; FRPR VH REVHUYD HQ ODV SDODEUDV GH 5DQXFLR %LDQFKL%DQGLQHOOL  FXDQGR GHILQH D ORV DQWLFXDULRV FRPR DTXHOORV TXH LQWHUSUHWDQ ©ORV PRQXPHQWRV ILJXUDWLYRV\SRURWURUHFRQVWUXLUORVXVRV\FRVWXPEUHVGHORVDQWLJXRV 8QD\RWUDFRVDVHKDFtD FRQDODUGH GH HUXGLFLyQSHURFRQSRFRVHQWLGR FUtWLFRQLQJ~QPpWRGR\PXFKDIDQWDVtD3RUHOOR OD DQWLFXDULD WHUPLQy FD\HQGR HQ HO ULGtFXOR VLQ VHUYLU SDUD PiV TXH SDUD OD SROpPLFD SHUVRQDO \ DFDGpPLFDHQODTXHVHIXHGHWHULRUDQGRODFXOWXUD KXPDQLVWDª   'H IRUPD SDUDOHOD D HVWRV QXHYRV SODQWHDPLHQWRVHQHOHVWXGLRGHODVDQWLJHGDGHV HVWXYR HO GHVFXEULPLHQWR +HUFXODQR  3RPSH\D  \ (VWDELD  TXH FRQYXOVLRQy D  ORV LQWHOHFWXDOHV GH OD pSRFD SURYRFDQGR XQD QXHYDROHGD GH LGHDV DSOLFDGD D  ODLQYHVWLJDFLyQ GH ORV UHVWRV   (O  GH RFWXEUH GH  HO LQJHQLHUR PLOLWDU  $OFXELHUUH   *RWWKROG(SKUDLP/HVVLQJHVFULWRU\SHQVDGRUDOHPiQ(QWUHVXVREUDVSRGHPRV GHVWDFDUHO/DRFRQWHRVREUHORVOtPLWHVGHODSLQWXUD\SRHVtD  &LWDGRHQ+HQDUHVS  %LDQFKL%DQGLQHOOL6REUHHOQDFLPLHQWRGHOD$UTXHRORJtD%LDQFKL%DQGLQHOOL +HQDUHV0RUD\'tD]$QGUHX0RUD/HyQ6DODV  %LDQFKL%DQGLQHOOLS  6REUHORVGHVFXEULPLHQWRVH[FDYDGRUHV\H[FDYDFLRQHVUHDOL]DGDVHQ+HUFXODQR3RPSH\D\ (VWDELDYHU±DVLPLVPRHQXQHOHQFRHQRUPHGHSXEOLFDFLRQHV$$99D$$99E $$99F&DODWUDYD)HUQiQGH]0XUJD3pUH]0XxHFR&DOOH   3DJDQR  0RUD  6WUD]]ROWR  )DUFHOOLQR  %RXTXLOODUG  $ORQVR+HUUHUR3DJDQR$ORQVR  (QHOUH\&DUORVDGTXLHUHODFDVD)DOOHWWLDQWLJXDSURSLHGDGGHOSUtQFLSHG¶(OEHXIHQ 3RUWLFL SDUD SUDFWLFDU VXV DFWLYLGDGHV SUHIHULGDV OD FD]D \ OD SHVFD  /R TXH QR VH SRGtD LPDJLQDUHVTXHHVHOXJDUVHFRQYHUWLUtDHQHOSXQWRGHPLUDGHORVLOXVWUDGRVGHOVLJOR;9,,, WUDVHOGHVFXEULPLHQWRGHODVUXLQDVGH+HUFXODQRFRQVXVHVSHFWDFXODUHVGHVFXEULPLHQWRVGHGH JUDQYDORUKLVWyULFR\DUWtVWLFR/RVSULPHURVKDOOD]JRVVHORFDOL]DURQWUDVODUHDOL]DFLyQGHXQ SR]RVLHQGRD~QSURSLHWDULRHOSUtQFLSHG¶(OEHXIHQHOTXHVHHQFRQWUDURQDOJXQRVPiUPROHV VH GHFLGLy KDFHU XQD H[SORUDFLyQ PiV DPSOLD KDOOiQGRVH DOJXQDVHVWDWXDV\PiUPROHV WUDEDMDGRV(VWHSULPHUFRQWDFWRFRQORVUHVWRVGH+HUFXODQRWXYROXJDUHQWUH\   FRPHQ]yODVH[FDYDFLRQHVSRURUGHQGH&DUORV9,,UH\GH1iSROHV\ODV GRV6LFLOLDVSRVWHULRUPHQWH&DUORV,,,GH(VSDxD(OREMHWLYRHUDUHVFDWDU HO PD\RU Q~PHUR SRVLEOH GH SLH]DV SDUD GHFRUDU VX QXHYR SDODFLR /D PHWRGRORJtDXWLOL]DGDVHEDVyHQODUHDOL]DFLyQGHSR]RV\W~QHOHV)LJ VLVWHPDGHH[FDYDFLyQDSOLFDGRSRUORVLQJHQLHURVSDUDODFRQVWUXFFLyQGH W~QHOHV HQ OD PLQDV DFRPSDxDGR GH OD UHFRJLGD PLQXFLRVD GH WRGRV ORV GHVFXEULPLHQWRV HQXQGLDULR  TXHVHPDQDOPHQWH VHOHHQWUHJDEDDOUH\ (QWUH\$OFXELHUUHVHUHWLUDGHODGLUHFFLyQGHODVH[FDYDFLRQHV GHELGR D XQD HQIHUPHGDG 'XUDQWH HVWRV FLQFR DxRV  IXH VXVWLWXLGR SRU )UDQFLVFR5RUUR\OXHJRSRU3HGUR%DUGHWTXHPHMRUDURQODVWpFQLFDVGH HVWXGLR FRQHO  OHYDQWDPLHQWR  XQD SODQLPHWUtD GH ODV H[FDYDFLRQHV DOJR TXHQRVHKDEtDKDVWDHOPRPHQWR)LJ\(OPRQDUFDFRQWUROy WRGR OR FRQFHUQLHQWH D ORV KDOOD]JRV  UHVWULQJLy OD HQWUDGD HQODV H[FDYDFLRQHVDODLQIRUPDFLyQUHFRJLGD\DOPXVHRTXHDOEHUJDEDWRGRV ORV UHVWRV HQFRQWUDGRV   (VWH  FRQWURO WDPELpQ VH PDWHULDOL]y HQ OD IXQGDFLyQ GH OD $FFDGHPLD (UFROHQVH HQ  GLULJLGD SRU %HUQDUGR 7DQXFFL\FX\RVPLHPEURVHUDQORVHUXGLWRVORFDOHVPiVGHVWDFDGRV\TXH IXHURQ ORV GHVWLQDGRV D SXEOLFDU ORV UHVXOWDGRV GH ODV H[FDYDFLRQHV HQ OD $QWLFKLWi GL (UFRODQR    &DODWUDYD (VFREDU  H[SOLFDHVWHFRQWURO   $OFXELHUUHSURSXVRD&DUORV,,,UHDOL]DURWURGLDULRHQHOTXHVHLQFOX\HVHQLOXVWUDFLRQHVGH ORVGHVFXEULPLHQWRVMXQWRFRQXQSODQRGHORFDOL]DFLyQ\RWUDVLQIRUPDFLRQHVGHLQWHUpV  6HJ~Q $OFLQD  HVWH PXVHR DOEHUJy HQ VX LQWHULRU QR VyOR ORV KDOOD]JRV GH ODV H[FDYDFLRQHV GH +HUFXODQR  3RPSH\D \ (VWDELD VLQR WDPELpQ  RWUDV FROHFFLRQHV FRPR OD )DUQHVLDGH5RPDXREMHWRVSURFHGHQWHVGHKDOOD]JRVFDVXDOHVGRQDWLYRV\FRPSUDV(VHPXVHR VHFUHyEDMRXQDSHUVSHFWLYDS~EOLFD\QRSULYDGDDXQTXHORS~EOLFRVHUHVWULQJLHUD D TXLHQ DXWRUL]DED HO UH\ /DV SLH]DV TXH DOEHUJDED HO PXVHR QR VH FRORFDEDQ VLJXLHQGR XQ RUGHQ HVWDEOHFLGRFURQROyJLFRRDUWtVWLFRVLQRTXHVHGHSRVLWDEDQHQIXQFLyQGHVXOOHJDGDDOUHFLQWR /DJUDQFDQWLGDGGHUHVWRVKDOODGRVHQODVH[FDYDFLRQHVKL]RTXHHO5HDO0XVHR+HUFXOHQVHVH TXHGDUDSHTXHxR\TXHVHWXYLHUDQTXHWUDVODGDUWRGDVODVSLH]DVDOSDODFLRGHORV(VWXGLRVGH 1iSROHV  &RPSXHVWDSRUYRO~PHQHVUHGDFWDGRVGHVGHKDVWD/RVWRPRVXQRGRVWUHV FXDWUR\VLHWHVHGHGLFDURQDODV3LQWXUDVGH+HUFXODQRHOFLQFR\HOVHLVDORV%URQFHV\HO RFKRDODV/XFHUQDV\&DQGHODEURV/D$FFDGHPLD(UFRODQHQVHGHVDSDUHFLyFRQODRFXSDFLyQ GH 1iSROHV SRU 1DSROHyQ \  HQ VX OXJDU VH FRQVWLWX\y OD $FFDGHPLD GL 6WRULD HG $QWLFKLWi  /D GLVWULEXFLyQ GH VXV HMHPSODUHV  VH UHVWULQJLy D XQ GHWHUPLQDGR Q~PHUR GH SHUVRQDOLGDGHV FRQJUDFLDGDV FRQ HO PRQDUFD &DUORV ,,, \ D DOJXQDV LQVWLWXFLRQHV /D 5HDO $FDGHPLDGHOD+LVWRULDWXYRXQHMHPSODU\WDPELpQHOSDGUH)HLMRRHQWUHRWURV  &DODWUDYD  H[KDXVWLYRSRUSDUWHGHODFRURQDFRPRXQDSRVLEOHYtDSDUDSURPRFLRQDUD ORVHUXGLWRVORFDOHV3HURHVWHFRQWUROQRHYLWyTXHHQ(XURSDVHSXEOLFDUDQ HVWXGLRVVREUHORVKDOOD]JRVGH+HUFXODQR\3RPSH\DGHELGRDODILOWUDFLyQ GH OD LQIRUPDFLyQ SRU GLYHUVDV YtDV /RV HUXGLWRV HXURSHRV FULWLFDURQ HO FRQWUROGHOHVWDGRGHORVUHVXOWDGRVGHODVH[FDYDFLRQHV\HOVLVWHPDGH W~QHOHV XWLOL]DGRV SDUD H[FDYDU8QRGHORVGHQXQFLDQWHVIXH-- :LQFNHOPDQQTXHSRVLEOHPHQWHVHGHMDUDOOHYDUSRUVXUHVTXHPRULQWHULRU DO QR FRQVHJXLU SRGHU YLVLWDU ORV \DFLPLHQWRV LQYHQWDQGR SDUHFH VHU VLWXDFLRQHVFRPRHQODVTXH$OFXELHUUHKDEtDDUUDQFDGRODVOHWUDVGHPHWDO GHXQDLQVFULSFLyQPRQXPHQWDOVLQDQWHVKDEHUODFRSLDGR1RREVWDQWHHV FLHUWRTXHVHHQFRQWUDURQVXHOWDVXQDVOHWUDVEURQFtQHDVSHURQXQFDVHVXSR HOOXJDUGHSURFHGHQFLD(VWDVLWXDFLyQIXHUHFRJLGDSRU0DUFHOOR9HQXWL HQ HO GLDULR GH H[FDYDFLyQ ©(O GLD SULPHUR GH MXQLR VH FRPHQ]yD HQFRQWUDUDOJXQDVOHWUDVGHEURQFHELHQODEUDGDVGHDOWXUDGHXQSDOPRGH GLiPHWURHQODVFXDOHVVHYHtDQWUHVSHTXHxDVJUDSDVGHOPLVPRPHWDOFRQ ODVTXHKDEtDQHVWDGRILMDGDVDODSDUHGRDOPiUPRO<HVDVOHWUDVIXHURQ XQD2XQD6XQD%XQD0XQD6XQD2XQD3%/ª   &DUORV,,,QRSURPXHYHFRQODPLVPDLQWHQVLGDGTXHHQ1iSROHV ODV DFWLYLGDGHV DUTXHROyJLFDV HQ (VSDxD $ &DQWR   FUHH TXH HV XQD FRQWUDGLFFLyQGHELGRDVXWUD\HFWRULDFRPRSURPRWRUGHODVGH+HUFXODQR \ 3RPSH\D 6LQ HPEDUJR VX DFWLWXG SURPRWRUD GH ODV H[FDYDFLRQHV HQ 1iSROHV SRGUtD HVWDU YLQFXODGD D OD QHFHVLGDG GH FRQYHUWLU D  OD FLXGDG FRQGDOHQHO©QXHYRIRFRDUWtVWLFRHLQWHOHFWXDOª  GHOD(XURSDGHOVLJOR ;9,,,3RURWUD(VSDxDQRHUDXQQXHYRUHLQRTXHQHFHVLWDVHSUHVWLJLRR UHFRQRFLPLHQWRDVtTXH&DUORV,,,VHFHQWUyHQVXVDFWLYLGDGHVIDYRULWDV ODFD]D\ODSHVFD+HPRVGHFRPSUHQGHUTXHOD$UTXHRORJtDQRHUDXQDGH ODV DFWLYLGDGHV GHO UH\ TXH QR HUD XQ HUXGLWR VLQR XQ FROHFFLRQLVWD    9HQXWWL  &DQWR  *DOLDQD\0HGUDQRS   DGPLUDGRU GH ODV DQWLJHGDGHV SHUR TXH QR VH SUHRFXSDED GH FyPR VH REWHQtDQ FRPR VH SXHGH GHVSUHQGHU GH ODV HVFDVDV UHIHUHQFLDV VREUH HO HVWDGRHQHOTXHVHHQFRQWUDEDQODVH[FDYDFLRQHVGH+HUFXODQR\3RPSH\D OLPLWDGDV D YDULDV OtQHDV HQ OD FRUUHVSRQGHQFLD SHULyGLFD TXH HQYLDED 7DQXFFL D &DUORV ,,, GHVGH 1iSROHV (Q HO IRQGR FRPR DFHUWDGDPHQWH LQGLFD*ORULD0RUDDQLYHOJHQHUDOORVUHVXOWDGRVGHODVH[FDYDFLRQHVHQ +HUFXODQR 3RPSH\D \ (VWDELD QR LQIOX\HURQ HQ (VSDxD GHLJXDO PDQHUD TXH HQ HO UHVWR GH (XURSD SRUTXH ORV HVWXGLRV QDFLRQDOHV VH FHQWUDEDQ VREUHWRGRHQODVLQVFULSFLRQHVPRQHGDV\HQHODIiQGHODLGHQWLILFDFLyQ GHFLXGDGHVGHMDQGRODVDFWLYLGDGHVSURSLDPHQWHDUTXHROyJLFDVUHOHJDGDVD XQVHJXQGRSODQR   6HJ~Q HO LQYHVWLJDGRU ,JQDFLR +HQDUHV OD VHJXQGD PLWDG GHO VLJOR ;9,,, GHEH VHU HQWHQGLGD FRPR ©OD H[SHULHQFLD UHVROXWLYD GHO GHEDWH FRPHQ]DGR HQ OD SULPHUD PLWDG GH OD FHQWXULD HO UHSHUWRULR GH OD DQWLJHGDG FOiVLFD LGHDOL]DGR SRU ORV KXPDQLVWDV GHO VLJOR ;9 \ SXHVWR GHVGHHQWRQFHVFRPRPRGHORLGHDOVHWUDQVIRUPDHQREMHWRGHXQHVWXGLR REMHWLYR\VHFRQYLHUWHHQXQVLVWHPDGHPRGHORVYLQFXODQWHVSHUR\DQR XQLYHUVDOHVª   (QHVWHPDUFRHXURSHRGHOHVWXGLRGHODV DQWLJHGDGHV WHQHPRV ORV WUDEDMRV GH QXPHURVRV HVWXGLRVRV TXH DERUGDEDQ OD LQYHVWLJDFLyQ GHVGH SHUVSHFWLYDV GLVWLQWDV FRPR VH KD FRPHQWDGR HQ SiUUDIRV DQWHULRUHV (QWUH pVWRV SRGHPRV GHVWDFDU 5HFXHLO G¶$QWLTXLWpVGHO&RQGHGH&D\OXV HOFXiOHVFULELyHQHOSUHIDFLRGHVXSULPHUWRPR TXH ORV PRQXPHQWRV \ REMHWRV ©VH FODVLILFDQ SRU Vt PLVPRV HQ FODVHV JHQHUDOHVUHODWLYDVDORVSDtVHVTXHORVKDQSURGXFLGR\HQFDGDFODVHVH   0RUDSS  +HQDUHVS  FODVLILFDQHQXQRUGHQUHODWLYRVHJ~QODpSRFDTXHORVYLRQDFHUª6HJ~Q( *UDQ$\PHULFK   &D\OXV HQIRFD VX WUDEDMR EDMR XQD SHUVSHFWLYD HVWULFWDPHQWHDUTXHROyJLFDHQHOTXHHOHVWXGLRGHORVUHVWRVPDWHULDOHVGH FXOWXUDV SDVDGDV QR WHQtD FRPR REMHWLYR OD H[SOLFDFLyQ GH OD DQWLJHGDG FRPRGHIHQGtD0RQWIDXFRQ(QHVWHHVWXGLRUHFRJLyDQWLJHGDGHVHJLSFLDV HWUXVFDVJULHJDVURPDQDV\JDODVTXHHQVXPD\RUtDIRUPDEDQSDUWHGH VXFROHFFLyQSULYDGD,QFOX\yOiPLQDVUHDOL]DGDVPHGLDQWHODWpFQLFD GHO DJXDIXHUWH \ GHO EXULO TXH KDEtDQ VLGR GLEXMDGDV SRU -HDQ0LFKHO 0RUHDX  HO MRYHQ &D\OXV DSDUWH GH VX 5HFXHLO SXEOLFy RWURV HVWXGLRV GRQGH ODV UHSUHVHQWDFLRQHV JUiILFDV VHJXtDQ WHQLHQGR XQ SDSHO LQFXHVWLRQDEOHFRPR/HWWUHVVXUOHVSHLQWXUHVG+HUFXODQXPDXMRXUGKXL 3RUWLFLRHO5HFXHLOGHSHLQWXUHVDQWLTXHVLPLWpHVILGqOHPHQWSRXU OHVFRXOHXUVSRXUOHWUDLWSDU3LHWUR6DQWL%DUWROL)LJ $SDUWHGHORVHVWXGLRVTXHHQJOREDEDQUHVWRVGHGLVWLQWDVFXOWXUDV\ pSRFDV  VHUHDOL]DURQ PRQRJUiILFRV FRPR HOGH -DPHV 6WXDUW \ 1LFKRODV 5HYHWW FHQWUDGRV HQ ORV UHVWRV GH DQWLJHGDGHV JULHJDV HQ HO TXH  OD DUTXLWHFWXUDWHQtDXQOXJDUGHVWDFDGR3XEOLFDURQ7KH$QWLTXLWLHVRI$WKHQV TXHVHFRQYLUWLyHQXQHVWXGLRWUDVFHQGHQWDO\SLRQHURVREUHOD $UTXLWHFWXUDFOiVLFDJULHJDFRQHOREMHWLYRGHUHFXSHUDUVXVLGHDOHV(VWDED FRPSXHVWD SRU FXDWUR YRO~PHQHV HQ HO TXH VH  LQFOX\HURQ XQ HOHYDGR Q~PHURGHUHSUHVHQWDFLRQHVJUiILFDVGHORVPRQXPHQWRVDUTXLWHFWyQLFRV\ VXVRUQDPDQWRVTXH©FRQWULEX\HURQDDOLPHQWDUHOHQWXVLDVPRFRQHOTXHHO SHQVDPLHQWRGHOVLJOR;9,,,YHQHUyHOFRQFHSWRGHLGHDOJULHJR\TXHHQ HOFDVRLQJOpV\HQHOiPELWRGHODDUTXLWHFWXUDGHODpSRFDVHWUDGXMRHQXQ IHQyPHQR FDUDFWHUL]DGR SRU OD WRPD GH ORV HMHPSORV FOiVLFRV FRPR UHIHUHQFLDª  )LJV\     *UDQ$\PHULFK6REUH&D\OXVYHU'HQLV6FKQDSS*UDQ$\PHULFK $$99D  $$99DS       (Q  -- :LQFNHOPDQQ SXEOLFy VX *HVFKLFKWH GHU .XQVW GHU $OWKHUWKXPV  FRPSXHVWRGH YRO~PHQHVHQ HO TXH UHDOL]yXQHVWXGLR GHVGH ORV RUtJHQHV GHO DUWH JULHJR KDVWD OD 5HS~EOLFD URPDQD   6HJ~Q +HQDUHV   :LQFNHOPDQQ  FRQVLGHUDED TXH OD ©%HOOH]D %RQGDG 9HUGDG VRQFRPRODVPDQLIHVWDFLRQHVSORWLQLDQDVGHO8QRSHUFLELGDVSRUPHGLRGH ODLQWXLFLyQª\SRUWDQWRHOPRGHORGHDUWHDVHJXLUGHEHVHUHOJULHJR(Q HVHSODQRVH FRQVLGHUDD :LQFNHOPDQQHOSDGUH GHOD$UTXHRORJtDSHUR HQWHQGLGD FRPR +LVWRULD GHO $UWH $QWLJXR (Q HVWH HVWXGLR HO LOXVWUDGR DOHPiQ SUHWHQGtD GRWDU DO DUWH DQWLJXR GH XQ FULWHULR FURQROyJLFR \ XQD SHUVSHFWLYD KLVWyULFD 3HUR FRPR ELHQ LQGLFDUD HO LQYHVWLJDGRULWDOLDQR %LDQFKL%DQGLQHOOLHVH©FULWHULRHVWpWLFRGH:LQFNHOPDQQTXHORD\XGyD VDOLU GHO ³DQWLFXDULDGR´ \ D VXSHUDUOR HUD HO UHVRUWH TXH LPSXOVy VXV HVWXGLRV SHUR SUHVHQWD WDPELpQ HO OtPLWH GH pVWRV SRUTXH DO PXGDU HO FULWHULRHVWpWLFRPXGDWRGRHOSODQWHDPLHQWR\ODYDORUDFLyQGHODREUDGH DUWH\XQRVHGDFXHQWDGHORVTXHVREUHpOVHKDEtDFRQVWUXLGRQRHUDOD KLVWRULDVLQRXQPLWRGHODSURSLDpSRFDª   $OLJXDOTXH:LQFNHOPDQQORVFLWDGRV6WXDUW\5HYHWWWXYLHURQSXHV FRPRREMHWLYRGHHVWXGLRHODUWHJULHJRSHURGHVGHSHUVSHFWLYDVGLIHUHQWHV (O SULPHUR VH DGVFULEH DO ©HVWHWLFLVPR PHWDItVLFR GHO SHQVDPLHQWR DOHPiQª  \ORVVHJXQGRVDODILORVRItDIUDQFHVDFRQRFLGDFRPRJRWJUHF   :LQFNHOPDQQWXYRUHWUDFWRUHVGHVGHVXVLQLFLRVFRPR)HGHULFR6FKOHJHO TXH DILQDOHV GHO VLJOR ;9,,, HVFULELy ©3RU PLVWLFLVPR HVWpWLFR :LQFNHOPDQQ KD HUUDGR \ VyOR HQ pVWR KD HQFRQWUDGR VHJXLGRUHVª &LWDGR \ WUDGXFLGR HQ %LDQFKL%DQGLQHOOL  S  $VLPLVPR DQDOL]DODVFUtWLFDVGHOD©HVFXHODGH9LHQDªGH5LHOJ\:LFNKRIIHQORVLQLFLRVGHOVLJOR;;  +HQDUHVS  %LDQFKL%DQGLQHOOLSS  $$99D  6LQHPEDUJRHOLQWHUpVSRUHOPXQGRURPDQRQRTXHGyDEDQGRQDGR *LDPEDWWLVWD 3LUDQHVL   IRUPDGR HQ $UTXLWHFWXUD \ H[FHOHQWH JUDEDGRU HVWXGLyGHVGHVXOOHJDGDD5RPDHQ \KDVWDVXPXHUWHHQWRGRV ORV PRQXPHQWRV URPDQRV HQWUH ORV TXH RFXSy XQ OXJDU GHVWDFDGR   ORV DUTXLWHFWyQLFRV (VWRV HVWXGLRV VH PDWHULDOL]DURQ HQ REUDV FRPR 3ULPD SDUWH GL DUFKLWHWWXUH H SURVSHWWLYH  )LJ  &DUFHUL  HGLFLyQ HQ\ODHGLFLyQHQ)LJ  $QWLFKLWj 5RPDQH)LJ /HWWHUHGL*LXVWLILFD]LRQHVFULWWHD 0LORUG&KDUOHPRQWHDGLOXLDJHQWLGL 5RPD  )LJ/H5RYLQHGHO &DVWHOOR GHOO $FTXD *LXOLD)LJ'HOOD 0DJQLILFHQ]D HG $UFKLWHWWXUDGH5RPDQL)LJ,O&DPSR0DU]LRGHOO$QWLFD 5RPD  GHGLFDWR D 5REHUW $GDP )LJ  'HVFUL]LRQH H 'LVHJQR GHOO(PLVVDULRGHO/DJR$OEDQR)LJ/DSLGHV&DSLWROLQLVLYH )DVWL &RQVXODUHV)LJ$QWLFKLWjG$OEDQRHGL&DVWHO *DQGROIR)LJ$QWLFKLWj GL &RUD  )LJ   $OFXQH 9HGXWH GL $UFKL 7ULRQIDOL HG DOWUL PRQXPHQWL LQDO]DWL Gj 5RPQL )LJ 2VVHUYD]LRQL VRSUDOD OHWWHUH GH 0 0DULHWWH)LJ 9DVLFDQGHODEULFLSSLVDUFRIDJLWULSRGLOXFHUQHHGRUQDPHQWLDQWLFKL    )LJ  3LDQWD GL 5RPD H GHO &DPSR 0DU]LR  )LJ  'LIIpUHQWHVYXHVGHTXHOTXHV5HVWHVGHODQFLHQQH9LOOHGH3HVWR   6REUH3LUDQHVLYHU3LUDQHVL$$99$$993HURQD$$99 )LFDFFL$$99D  (VWDREUDIXHUHHGLWDGDSRUTXH3LUDQHVLDOVHQWLUVHHQJDxDGRSRUHODULVWyFUDWDLUODQGpV-DPHV &DXOILHOG TXLHQ KDEtD DVHJXUDGR DO LWDOLDQR XQD SDUWLFLSDFLyQ HFRQyPLFD LPSRUWDQWH SDUD OD UHDOL]DFLyQGHVXREUDTXHDOILQDOVHUHGXMRVXVWDQFLDOPHQWHGHFLGLyERUUDUHOQRPEUHGHpVWH TXHDSDUHFtDHQODGHGLFDWRULDGHODREUD  2EUDTXHVLJXLyDPSOLDQGRGXUDQWHWRGDVXYLGD   5DFFROWD GHL 7HPSL $QWLFKL,O 7HDWUR G (UFRODQR 0RQXPHQWL GHJOL 6FLSLRQL  &ROOHFWLRQ GHV SOXV EHOOHV 6WDWXHV GH 5RPH6HFRQGD3DUWHGH7HPSL$QWLFKLHOHGLWRU)LUPLQ 'LGRWSXEOLFyODREUDFRPSOHWDGH3LUDQHVLHQ 6XVH[SHULHQFLDVDUTXHROyJLFDVTXHGDURQILHOPHQWHUHIOHMDGDVHQVX REUD $QWLFKLWj 5RPDQH DQWHULRUPHQWH PHQFLRQDGD FRPSXHVWD SRU  YRO~PHQHV GRQGH HVWXGLy \ GLEXMy  WRGRV ORV UHVWRV DUTXLWHFWyQLFRV URPDQRVGHODFLXGDGLPSHULDO(OQ~PHURGHHVWDPSDVDVFHQGLyDHQ ODVTXHUHSUHVHQWyYLVWDVDO]DGRV\SODQWDV\FHQWUySULQFLSDOPHQWHHQHO VLVWHPD FRQVWUXFWLYR HPSOHDGR \ HQ ODV LQVFULSFLRQHV TXH DSDUHFtDQ HQ GLFKRVUHVWRV3LUDQHVVLGLRXQOXJDUGHVWDFDGRDODVUHSUHVHQWDFLRQHVHQVXV WUDEDMR\HQSDODEUDVGH3ODQV  HVWDV©UHSURGXFFLRQHVHLQWHUSUHWDFLRQHVGH DQWLJXRVPRQXPHQWRVURPDQRVVLJQLILFDURQXQDLPSRUWDQWHFRQWULEXFLyQD OD IRUPDFLyQ \ GHVDUUROOR GHO QHRFODVLFLVPR (Q HVWRV JUDEDGRV VH UHSURGXFtDQ LPiJHQHV ILGHGLJQDV \ H[DFWDV GH ODV UXLQDV H[LVWHQWHV DO PLVPRWLHPSRVHLQFOXtDQUHSURGXFFLRQHVLPDJLQDULDVGHHGLILFLRVDQWLJXRV HQ ODV FXDOHV OD DOWHUDFLyQ GH OD HVFDOD \ OD \X[WDSRVLFLyQ GH HOHPHQWRV FRQWULEXtDQDUHDO]DUVXJUDQGH]Dª &RPRFRQFOXVLyQHQHVWHSXQWRSRGHPRVGHQXHYRFLWDUD+HQDUHV   FXDQGR DILUPD TXH ORV KDOOD]JRV DUTXHROyJLFRV HQFDEH]DGRV SRU ORV GHVFXEULPLHQWRVGH+HUFXODQR\3RPSH\DXQLGRVDODVQXHYDVFRUULHQWHV ILOROyJLFRDUTXHROyJLFDV TXH DKRUD VH LPSRQHQ KLFLHURQ TXH OD $QWLJHGDGVHFRQYLUWLHUDHQ©XQREMHWRGHHVWXGLRKLVWyULFRREMHWLYRª 1R REVWDQWH D  ILQDOHV GHO VLJOR ;9,,, \ SULQFLSLRV GH OD FHQWXULD VLJXLHQWH  HVSHFLDOPHQWH WUDV ORV DFRQWHFLPLHQWRV GH OD 5HYROXFLyQ )UDQFHVD HPSH]DURQ D FRQVLGHUHDUVH HVRV UHVWRV DQWLJXRV QR VyOR FRPR IXHQWHV GH LQIRUPDFLyQ  VLQR FRPR SDUWH GH XQ SDWULPRQLR QDFLRQDO YLQFXODGR FDGD YH] PiV FRQ XQ VHQWLPLHQWR ©SDWULyWLFR \ QDFLRQDOª(Q   3ODQV  +HQDUHV  H[SUHVLRQHVVHFRQGXHOHHQRWUDVDOYHUVHVLQPHGLRVVLQDX[LOLRV\D~QVLQ HVSHUDQ]DVGHSRQHUHQSODQWDVXQREOHGHVHRª   (VWD FRUULHQWH QRYDWRUD HQOD]DUtD ±D WUDYpV GH SUHLOXVWUDGRV FRPR 0DUWt FRQ OD SULPHUD FRUULHQWH LOXVWUDGD TXH VH PRYtD DO PDUJHQ GH ODV LQVWLWXFLRQHV \ TXH SURYRFy D SDUWLU GH ORV DxRV YHLQWH  HO TXH OD ,QTXLVLFLyQSHUVLJXLHUDDVXVDGHSWRV6LQHPEDUJRODWUD\HFWRULDGHVXV PLHPEURV IXH GLIHUHQWH HQ IXQFLyQ GH ODV SRVWXUDV SRU ODV TXH VH GHFDQWDUDQ 7DO IXH HO FDVR GHO SDGUH )HLMRR \ GH *UHJRULR 0D\DQV  (O SDGUH )HLMRR UHFLELy GXUDV FUtWLFDV DO GHIHQGHU TXH ©OD FLHQFLD GHEH VHU H[SHULPHQWDO\HOVDEHUVHDOFDQ]DSRUODYtDLQGXFWLYDDGPLWLHQGRVyORHO FRQRFLPLHQWR FRQILUPDGR SRU OD H[SHULHQFLDª   SHUR GHMy FODUD OD GLIHUHQFLDHQWUHHOWHUUHQRGHORUHOLJLRVR\FLHQWtILFRSRQLHQGRODIHSRU HQFLPDGHODUD]yQ(QWUH\HVFULELyHO7HDWUR&UtWLFR8QLYHUVDO FRPSXHVWR SRU RFKR YRO~PHQHV HQHOTXHGLYXOJDEDWRGDVODVQXHYDV FRUULHQWHV FXOWXUDOHV HXURSHDV H LQWHQWDED WHUPLQDU FRQ ODV WUDGLFLRQHV R VXSHUVWLFLRQHVUHOLJLRVDVGHOSXHEORHVSDxRO3HURHVWDREUDIXHGXUDPHQWH FULWLFDGD SRU HO VHFWRU WUDGLFLRQDOLVWD PD\RULWDULR HQ  OD (VSDxD GH SULQFLSLRVGHVLJOR6LQHPEDUJRODFRURQDORDSR\ySRUQRDWHQWDUFRQWUD GHWHUPLQDGDVFUHHQFLDVRWUDGLFLRQHVFRPRODWUDGLFLyQUHOLJLRVDGHO3LODU \SRUGHIHQGHUODXQLGDGQDFLRQDO<DVtSXHGHOHHUVHHQODFHQVXUDGHVX 7HDWUR&UtWLFR8QLYHUVDO©<FLxpQGRPHDORILFLRGH&HQVRUGLJR TXHHVWHOLEURHVGLJQtVLPRGHODSUHQVDSRUQRFRQWHQHUFRVDTXHGLVXHQH GHODDUPRQtDGHQXHVWUDVDQWD)H\EXHQDVFRVWXPEUHVDQWHVELHQPXFKR TXHLQVWUX\D\HGLILTXH(VWHHVPLVHQWLUVDOYRF60DUWtQGH0DGULG GH-XOLRGH0UR)U$QWRQLR6DUPLHQWRª   &LWDGRHQ&DQWRS  $$99S   *UHJRULR 0D\DQV   DO FRQWUDULR TXH VX FRQWHPSRUiQHR HO SDGUH )HLMRR  QR WXYR HO DSR\RGHODFRUWHHQWUHRWUDVSRUVXVRSLQLRQHV FRQWUDULDVDODHVFROiVWLFD   (QSUHVHQWyXQSUR\HFWRSDUDUHGDFWDU OD +LVWRULD (FOHVLiVWLFD GH (VSDxD HQ OD TXH UHFKD]DED HQpUJLFDPHQWH ODV IDOVHGDGHV IRUPXODGDVSRUORVIDOVRVFURQLFRQHV  3RUWDQWR EDVyVXHVWXGLRHQHOULJRUKLVWyULFR\HQODVIXHQWHVGRFXPHQWDOHVGHORV DUFKLYRV6XSUR\HFWRIXHUHFKD]DGRSHURVXFRQWLQXDGRU$QGUpV0DUFRV %XUULHOLQWHQWySRQHUORHQPDUFKDXQRVDxRVPiVWDUGHEDMRHOUHLQDGRGH )HUQDQGR 9, SHUR OD PXHUWH WUXQFy VX HVSHUDQ]DGRUD DFWLYLGDG )LQDOPHQWH HO SDGUH )OyUH] PDWHULDOL]y HO SUR\HFWR GH 0D\DQV HQ VX (VSDxD6DJUDGDVLQHPEDUJRHVWDREUDQRHUDILHODOSUR\HFWRRULJLQDO GHOYDOHQFLDQR\DTXHFDUHFtDGHOHVStULWXFUtWLFRGHpVWH'HVGHHODxR KDVWDVXPXHUWH)OyUH]VHGHGLFyDHVFULELUOD(VSDxD6DJUDGD\UHGDFWy KDVWDHOWRPRDSDUWLUGHDKtORKLFLHURQVXVFRODERUDGRUHVFRPR0 5LVFR /D XWLOL]DFLyQ \ GHIHQVD GH HVWDV ©OH\HQGDVª SRU DOJXQRV HUXGLWRV HVSDxROHV SURYRFy XQD FUtWLFD IHUR] GHORV LOXVWUDGRV HXURSHRV GHO ;9,,, SRU OD  IDOWD GH ULJRU HQ HVWRV HVWXGLRV  (VWD VLWXDFLyQ GH UHFKD]R VH PDWHULDOL]y HQ QXPHURVDV FUtWLFDV TXH IXHURQ FRQWUDUUHVWDGDV FRQ XQD OLWHUDWXUDGHIHQVRUDGHVDUUROODGDHQWUHRWURVSRU)0DVGHXHQVX+LVWRULD   1DFLyHQ2OLYD9DOHQFLDHOGHPD\RGH(QLQLFLyVXVHVWXGLRVGH'HUHFKRHQ OD8QLYHUVLGDGGH9DOHQFLDHQWUDQGRHQFRQWDFWRFRQQRYDWRUHVFRPR7RVFR&RUDFKiQHWF(Q FRQRFLyDVXJUDQPDHVWUR\DPLJRHOGHiQ0DUWtTXLHQORLQLFLyHQORVHVWXGLRV GHODV OHQJXDV FOiVLFDV \ ODV DQWLJHGDGHV (Q  FRQVLJXLy XQD FiWHGUD HQ OD 8QLYHUVLGDG GH 9DOHQFLD \ HQ  IXQGD OD $FDGHPLD 9DOHQFLDQD 3XEOLFy GHVGH  FRQ $G TXLQTXH LXULVFRQVXOWXPIUDJPHQWDFRPHQWDULLKDVWDXQDxRDQWHVGHVXPXHUWHFRQVX,GHDHGLWRQLVGH O¶2SHUD2PQLDGH9LYHV(QIDOOHFLyDORVDxRV6REUH*0D\DQVYHU0HVWUH 0HVWUH0HVWUH0HVWUH0HVWUH0HVWUH0HVWUH  $$99S  6REUHODSROpPLFDVXUJLGDHQOD(VSDxDGHO;9,,,YHU%HOWUiQ *DVFy :XOII 0HVWUH/HyQ  &UtWLFD   ©(QWUH ORV HOHPHQWRV TXH Vt UHFRJH HVWiQ SRU VXSXHVWR ORV IHQLFLRV TXH OH SHUPLWHQ HQFRQWUDU WDPELpQ XQ RULJHQ QR PtWLFR GH OD SUHSRQGHUDQFLDFXOWXUDOKLVSDQD\FRQWLQXDUVXIHUR]SROpPLFDIUHQWHDORV LWDOLDQRV\IUDQFHVHVGHVGHVXFRQFHSFLyQWHUULEOHVGLIDPDGRUHVGH(VSDxD \GHORVHVSDxROHVSRUFLHUWRTXHODGHIHQVDDWDOHV³DWDTXHV´HVTXL]iVOD FDXVDPiVGLUHFWDGHVXREUDª   (QFRQFOXVLyQ HQ(VSDxDOD ,OXVWUDFLyQQR FRPHQ]yDFRQVROLGDUVH KDVWD PHGLDGRV GHO ;9,,,  GHELGR D WRGRV ORV DYDWDUHV SROtWLFRV TXH VXFHGLHURQ HQ OD SULPHUD PLWDG /D HQWUDGD GH OD ,OXVWUDFLyQ YLQR GH OD PDQRGHODQXHYDGLQDVWtDORV%RUERQHVTXHVHLGHQWLILFDEDQFODUDPHQWH FRQ OD FXOWXUD FOiVLFD   \ HO UHFKD]R SRU HO %DUURFR (VWR KL]R TXH OD WHQGHQFLD GH ORV HVWXGLRV KLVWyULFRV IXHVH RULHQWDGD VREUH WRGRKDFLDHO PXQGR FOiVLFR DXQTXH QR GHEHPRV ROYLGDU DOJXQDV H[FHSFLRQHV FRPR $QWLJHGDGHVÈUDEHVGH(VSDxDGH-RVpGH+HUPRVLOOD  3HURDSHVDUGH HOORHVWRVHVWXGLRVQRVHFRQVROLGDURQKDVWDHOVLJOR;,;SRUODFDLGDHQ GHVJUDFLDHOFODVLFLVPRDOLGHQWLILFDUVHSROtWLFDPHQWHFRQHO$EVROXWLVPRGHO ;9,,,    (OHVWXGLRGHODVDQWLJHGDGHVHQOD(VSDxDGHOVLJOR;9,,,  $ORODUJRGHOVLJOR;9,,,ORVHVWXGLRVGHODVDQWLJHGDGHVVHFHQWUDURQ SULQFLSDOPHQWH   HQ  OD (SLJUDItD   OD 1XPLVPiWLFD  \ORTXHSRGHPRV   0DVGHX6REUHOD©OH\HQGDQHJUDª\ODUpSOLFDGHORVHUXGLWRVHVSDxROHVYHUDSDUWDGR   &LWDGRHQ:XOIIS9HU)HUUHU)UHL[D&DQWR  /HyQ  6DODV  (VWHJXVWRSRUORFOiVLFRVHPDQLIHVWyHQODLFRQRJUDItDUHDOORVPRQDUFDVHUDQUHSUHVHQWDGRV FRPR HPSHUDGRUHV URPDQRV HQ HO FROHFFLRQLVPR JUDQGHV FROHFFLRQHV GH HVFXOWXUD FOiVLFDV FRPR OD GH OD FDVD GH $OED R D QLYHO SURYLQFLDO OD GH )UDQFLVFR GH %UXQD \ $KXPDGD HQ 6HYLOOD\HQRWURViPELWRV FRPR HQODHQVHxDQ]DVGHGLEXMR HQ OD5HDO$FDGHPLD GH %HOODV $UWHVGH6DQ)HUQDQGR  5RGUtJXH]5XL]6DODV  0RUD  6REUHORVHVWXGLRVHSLJUiILFRVHQHOVLJOR;9,,,YHU&DQWR0RUD*LPHQR $$99E&DUERQHOO\*LPHQR  0RUD6HUUDQR0RUDVHUUDQR   GHQRPLQDUWRSRQLPLDDQWLJXDOtQHDVGHVDUUROODGDVHQWUHORVVLJORV;9,\ ;9,,6LQHPEDUJROD$UTXHRORJtDHVWDEDUHOHJDGDDXQVHJXQGRSODQR\D TXHHUDFRQVLGHUDGDXQPpWRGRDX[LOLDUGHOD+LVWRULD\SRUWDQWRDOJXQRV LQYHVWLJDGRUHV DFWXDOHV QLHJDQ OD SRVLELOLGDG GH TXH HQ HVWH PRPHQWRVH LQLFLDUDHVWDQXHYDFLHQFLD   6LQHPEDUJRFRQORVHMHPSORVGHHVWXGLRV GH HGLILFLRV GH HVSHFWiFXORV TXH H[SXHVWRV HQ HVWH WUDEDMR VH SRGUtD DILUPDU TXH HQ OD VHJXQGD PLWDG GHO VLJOR ;9,,, FRPLHQ]D OD ©$UTXHRORJtDª HQ (VSDxD GH IRUPD WtPLGD \ DQiUTXLFD SRUTXH D~Q QR HVWDED FRQVROLGDGD FRPR OD (SLJUDItD R OD 1XPLVPiWLFD GHVDUUROODGDV GHVGHHO5HQDFLPLHQWR(QHVWDLQFLSLHQWHGLVFLSOLQDVHLQWHQWyLPSRQHUXQ PpWRGRGHHVWXGLRDORVPRQXPHQWRVDUTXLWHFWyQLFRVWDQWRSRUSDUWHGHODV $FDGHPLDVGHOD+LVWRULD\GH%HOODV$UWHVGH6DQ)HUQDQGRFRPRDWUDYpV GH WUDEDMRV  UHDOL]DGRV SRU HUXGLWRV DMHQRV D HVWDV LQVWLWXFLRQHV 1R REVWDQWH HQ (VSDxD QR H[LVWH GXUDQWH HO VLJOR ;9,,, XQD $UTXHRORJtD EDVDGDHQODVH[FDYDFLRQHVVLQRTXHVLJXHQWHQLHQGRORVHVWXGLRVGHHVWH WLSR XQD IDVH IXQGDPHQWDOPHQWH DQWLFXDULD FRQ EDVH HQ ODV UHIHUHQFLDV OLWHUDULDVHQPRQHGDV\HStJUDIHV\FRPSOHPHQWDULDPHQWHHQHOHVWXGLR GHORVPRQXPHQWRVHQHVSHFLDOORVDUTXLWHFWyQLFRV  2WUR IDFWRU UHODFLRQDGR FRQ HO HVWXGLR GH ODV DQWLJHGDGHV  HV HO FROHFFLRQLVPRTXHVHFHQWUyVREUHWRGRHQORVUHVWRVSHUWHQHFLHQWHVDO PXQGR FOiVLFR HVSHFLDOPHQWH  OD HVFXOWXUD /D LPSRUWDQFLD GH ODV FROHFFLRQHV\GHORVFROHFFLRQLVWDVTXHGDELHQH[SUHVDGRHQHOGLVFXUVRGH LQJUHVRHQOD 5HDO$FDGHPLD GH OD+LVWRULDGH3HGUR GH9LOODFHYDOORV   FXDQGR GLFH TXH ODV FROHFFLRQHV FRPSOHPHQWDQ \ SURSRUFLRQDQ XQD LQIRUPDFLyQDYHFHVLQH[LVWHQWHHQODVIXHQWHVHVFULWDVSDUDHOHVWXGLRGH OD+LVWRULD1DFLRQDO([LVWHQVHQGRVHMHPSORVGHJUDQGHVFROHFFLRQHVFRPR OD  GH HVFXOWXUDV FOiVLFDV GH OD FDVD GH $OED TXH GHVGH HO VLJOR ;9, GHFRUDEDQ VXV MDUGLQHV   OD FROHFFLyQ GH  GRQ )UDQFLVFR GH %UXQD \   0RUD9HU0RUD\'tD]$QGUpX%HOWUiQ%HOWUiQHWDOLL/HyQ 6DODV  6REUH3HGUR9LOODFHYDOORVYHU$$99  $KXPDGDTXHSURFHGtDGHODVUXLQDVGH,WiOLFD\ODXELFyHQHO©6DOyQGH $QWLJHGDGHV H LQVFULSFLRQHV GH OD %pWLFDª  VLWXDGR HQ ORV  5HDOHV $OFi]DUHVGH6HYLOODODVGHOD&DVD5HDOTXHVHYLHURQLQFUHPHQWDGDV SRUODVHVFXOWXUDVDQWLJXDVSURFHGHQWHVGH,WDOLDDGTXLULGDVSRU'LHJRGH 9HOiVTXH]RSRU3DGHUQL  ODFRPSUDGHODFROHFFLyQGHUHWUDWRVDQWLJXRV GH&ULVWLQDGH6XHFLD  ODFROHFFLyQGH1LFROiVGH$]DUD  HWF (QOD(VSDxDGHODVHJXQGDPLWDGGHOVLJOR;9,,,ODPD\RUtDGH ORV HVWXGLRV GH DQWLJHGDGHV YLQFXODGRV D YLDMHV R SUR\HFWRV IXHURQ SURPRYLGRV SRU GRV LQVWLWXFLRQHV VHxHUDV FRPR OD 5HDO $FDGHPLD GH OD +LVWRULD\OD5HDO$FDGHPLDGH%HOODV$UWHVGH6DQ)HUQDQGR  3RGHPRV HQWHQGHUORVFRPRORVGRVIRFRVSULQFLSDOHVTXHLPSXOVDURQORVHVWXGLRVGH ODV DQWLJHGDGHV HQ HO PDUFR GH OD ,OXVWUDFLyQ HVSDxROD SRU XQODGROD DFWLYLGDG GH YLDMHURV TXH UHFRUULHURQ QXHVWUR SDtV \ UHFRSLODURQ DQWLJHGDGHV\SRURWUR ODGRORV SUR\HFWRVPiV VLVWHPiWLFRVTXHIXHURQ LPSXOVDGRVGHVGHODyUELWDGHODFRURQDORVPLQLVWURVRHVSHFLDOPHQWHODV LQVWLWXFLRQHVUHJLDVFRPRODV$FDGHPLDV(VREYLRTXHQRSXHGHQVHSDUDUVH HVRV iPELWRV \D TXH GHQWUR GH ORV VHJXQGRV VH LQFOX\HQ SUR\HFWRV TXH WHQtDQ HQ ORV YLDMHV VX SODVPDFLyQ SHUR PHWRGROyJLFDPHQWH SRGHPRV GLIHUHQFLDUORVSDUDWUDWDUORVPHMRU       6REUHODFROHFFLyQGHDQWLJHGDGHVFRPSUDGDVSRU&DPLOOR3DGHUPLYHU$ORQVR6REUH ODFROHFFLyQGH&DUORV,,,YHU&RSHO  6REUHODFROHFFLyQGH&LUVWLQDGH6XHFLDYHU(OYLUD  -RUGiQ  /DPRQDUTXtDSURPXHYHODDSDULFLyQGHODV$FDGHPLDVFRQHOILQGHIRPHQWDU\GLULJLUODV FLHQFLDV\ODVOHWUDVDQLYHOQDFLRQDO&RPRHQHOUHVWRGH(XURSDGHVGHHOVLJOR;9,\DH[LVWtDQ HQ (VSDxD UHXQLRQHV SULYDGDV GH HUXGLWRV \ DQWLFXDULRV TXH HVWDEDQ DO PDUJHQ GH ODV LQVWLWXFLRQHVS~EOLFDVFRPRODV8QLYHUVLGDGHV(OPRGHORVHJXLGRSRUODV$FDGHPLDVHVSDxRODV HUD HO IUDQFpV TXH VHJ~Q $OPDJUR*RUEHD \ 0DLHU  KDEtD  EHELGR GHO PRGHOR LWDOLDQR LPSXHVWRSRUOD$FFDGHPLDGHL/LQFHLIXQGDGDHQSRU)HGHULFR&HVL6REUHODV$FDGHPLDV YHU&RQWUHUD3HYVQHU1DYD$$99$QHV0RUD0RUD 9HODVFR   &HEULiQ  $OPDJUR*RUEHD \ 0DLHU  0DLHU  0DLHU    9LDMHV\YLDMHURVGHOVLJOR;9,,, /RVYLDMHVLOXVWUDGRVWXYLHURQ VXRULJHQHQOD,QJODWHUUDGHO;9,, FRPRVHUHIOHMDHQODREUDWLWXODGD'HOYLDMH  GH)UDQFLV%DFRQHQODTXHVH PRWLYDED  D ORV MyYHQHV LQJOHVHV D UHDOL]DU XQD VHULH GH YLDMHV SDUD VX IRUPDFLyQ(QHOVLJOR;9,,,ODFRQFHSFLyQGHODHGXFDFLyQFRQEDVHHQ ORVYLDMHVIXHUHFRJLGD\GHVDUUROODGDSRU5RXVVHDXHQVXREUDePLOH  HQ ODTXHSURSXVRODVPDWHULDVTXHGHEtDQVHUHVWXGLDGDVSROtWLFDVRFLHGDG HFRQRPtD HWF /D REVHUYDFLyQ \ UHIOH[LyQ GH OD UHDOLGDG XQ  DQiOLVLV REMHWLYR\WRGRHOORSDUWLHQGRGHOFRQFHSWRGHXWLOLGDGHUDQODVSUHPLVDVD VHJXLU VHJ~Q *yPH] GH OD 6HUQD   GH ORV YLDMHURV GH OD LOXVWUDFLyQ +HOOPDQ   GLIHUHQFLD GRV WLSRV GH YLDMHV HQ IXQFLyQ GH VXV REMHWLYRV OLWHUDULRRFLHQWtILFR\EDMRHVWHPLVPRSODQWHDPLHQWR*yPH]GHOD6HUQD   GLVWLQJXHHFRQyPLFRV:DUG%RZOHVFLHQWtILFRQDWXUDOLVWDV6DUPLHQWR &DYDQLOOHV DUWtVWLFRV 3RQ] 9DUJDV 3RQFH %RVDUWH 2UWL] KLVWyULFRV DUTXHROyJLFRVPDUTXpVGH9DOGHIORUHV3pUH]%D\HU-DLPH9LOODQXHYD\ VRFLROyJLFRV)OyUH]9LHUD\&ODYLMR7RPiV,ULDUWH-RYHOODQRV (QWUHHVWRVYLDMHVSRGHPRVGHVWDFDUHOFRQRFLGR*UDQG7RXU  HQHO TXH VH SUHWHQGtD TXH HO MRYHQ LQJOpV DGTXLULHVH HO GRPLQLR GH YDULDV OHQJXDVFRQRFLHUD(XURSD\VHPDQHMDUDFRQVROWXUDHQODVFRUWHVHXURSHDV SDUD FRQVHJXLU IXWXURV FRQWDFWRV (Q OD FRUUHVSRQGHQFLD HQWUH /RUG &KHVWHUILHOG \ VX MRYHQ KLMR GH  DxRV TXHGD FODUDPHQWH UHIOHMDGD OD LPSRUWDQFLDGH HVWRVYLDMHVHQ ODIRUPDFLyQGH ORV MyYHQHV LQJOHVHV ©7X GHVWLQRVRQORV*UDQGHV\VXPXQGRWXREMHWLYRLQPHGLDWRVRQORVDVXQWRV ORVLQWHUHVHV\ODKLVWRULDODVFRQVWLWXFLRQHVODVFRVWXPEUHV\ODVPDQHUDV   (VWDREUDSHUWHQHFHDXQDFROHFFLyQGHOPLVPRDXWRUOODPDGD(VVD\VGH  5RXVVHDX  *yPH]GHOD6HUQD  +HOOPDQ  *yPH]GHOD6HUQD  6REUHHO*UDQG7RXUYHU/X]yQ(QODSURPRFLyQGHHVWRVYLDMHVQRVHGHEHROYLGDUHO OXJDURFXSDGRSRUDTXHOODVLQVWLWXFLRQHVFRPROD6RFLHW\RI$QWLTXDULHVROD6RFLHW\RI 'LOHWWDQWLHQODVTXHHUDFRQVLGHUDGRFRPRSDVRREOLJDGRSDUDHOGHVDUUROODSRVWHULRUGH ODFDUUHUDSROtWLFDHQOD,QJODWHUUDGHO;9,,,  GH YDULDV SDUWHV GH (XURSD«HQ QXHVWUR SDUODPHQWR ORV FRQWDFWRVVRQ DEVROXWDPHQWHQHFHVDULRV\VLHVWiQIRUPDGRVFRQSUXGHQFLDHOp[LWRHV VHJXURª   $ ILQDOHV GH VLJOR  TXHGDED SUiFWLFDPHQWH FRQVROLGDGD OD QHFHVLGDGGHODUHDOL]DFLyQGHXQYLDMHFRPRFRPSOHPHQWRDODIRUPDFLyQ GHORVMyYHQHV6LQHPEDUJRQRHVWDEDFODURFXDOHUDODHGDGDGHFXDGD SDUD OOHYDUOR D FDER ©GHMDG TXH ORV TXH TXLHUDQ WHQHU XQD FRPSOHWD HGXFDFLyQVHDQPDQGDGRVDXQD$FDGHPLDHQ)UDQFLDRHQ6XL]DDODHGDG GH  DxRV \ SHUPDQH]FDQ DOOt SDUD DSUHQGHU IUDQFpV \ SUDFWLFDU VXV KDELOLGDGHVGHEHUHWUDVDUVHKDVWDODHGDGGHDxRVª   (O *UDQG 7RXU  HUD UHDOL]DGR SRU  ORV MyYHQHV PLHPEURV GH ODV IDPLOLDV PiV LPSRUWDQWHV GH ,QJODWHUUD  GXUDQWH GRV DxRV 5HFRUUtDQ ORV SDtVHV \ ODV FRUWHV HXURSHDV GH PiV SHVR HQ OD FXOWXUD \ OD SROtWLFD GHO ;9,,,FRPR)UDQFLD6XL]D$OHPDQLD3DtVHV%DMRV\SRUVXSXHVWR,WDOLD FHQWUR GH UHIHUHQFLD GHO PXQGR FOiVLFR 7RGDV VXV LPSUHVLRQHV ODV SODVPDEDQ HQ FDUWDV GLDULRV R HQVD\RV TXH OXHJR VROtDQ SXEOLFDUVH 6LQ HPEDUJR (VSDxD QR HQFRQWUDED HQWUH ORV SDtVHV YLVLWDGRV SRUTXHORV HXURSHRV WHQtDQ XQD PDOD FRQFHSFLyQ GH QXHVWURV FDPLQRV SRVDGDV FLXGDGHVHGXFDFLyQGHOSXHEORHWF(VWDPDODIDPDRPDODLPDJHQTXHGy UHIOHMDGD HQ JUDQ FDQWLGDG GH WH[WRV GH DOJXQRV YLDMHURV TXH VtYLVLWDURQ QXHVWUR SDtV ©(V XQ SDtV GHO TXH VDEHPRV WDQ SRFR FRPR GH ODV PDV VDOYDMHVUHJLRQHVGHÈIULFDSHURQRYDOHODSHQDFRQRFHUOR6LXQKRPEUH TXLHUHYLDMDUSRU pOGHEHOOHYDUVXSURSLDFDPDHWF &XDQGROOHJDDXQD FLXGDGHQXQDFDOOHWLHQHTXHFRPSUDUXQDERWHOODGHYLQRHQRWUDXQWUR]R GHPXORHQXQDWHUFHUDHQFXHQWUDPHVD\HQWRQFHVSXHGHFHQDUª  3HUR QRWRGRVORVYLDMHURVVHOOHYDURQLPSUHVLRQHVQHJDWLYDVGH(VSDxDWDOHVHO FDVR GH  $ /DERUGH TXH HQ VX 9R\DJH SLWWRUHVTXH HW KLVWRULTXH GH   &LWDGR\WUDGXFLGRHQ)UHL[DS  &LWDGR\WUDGXFLGRHQ)UHL[DS  &LWDGR\WUDGXFLGRHQ)UHL[DS&DUWDGH9RWDLUHDOYLDMHURLQJOpV6KHUORFNHQ 7DPELpQVHSXHGHYHUHQRWUDVREUDVFRPR9R\DJHGH)LJDURHQ(VSDJQH6HYHUDO\HDUV WUDYHOVWKURXJK3RUWXJDO6SDLQ«/RQGRQGH:%URPOH\    O¶(VSDJQH HVFULELy ©(VSDxD HV XQR GH ORV SDtVHV PHQRV FRQRFLGRV GH (XURSD\VLQHPEDUJRHQFLHUUDODPD\RUYDULHGDGHQVXVPRQXPHQWRV\HO PD\RULQWHUpVHQVXKLVWRULDª   /RV SRFRV LQJOHVHV TXH YLVLWDURQ  OD (VSDxD GHO VLJOR ;9,,, QDGD WHQtDQTXHYHUFRQ DTXHOORVMyYHQHVYLDMHURVGHO*UDQG7RXU \D TXHVH WUDWDEDGHFRPHUFLDQWHVGLSORPiWLFRV\PLOLWDUHV1RREVWDQWHDSDUWLUGH OD SXEOLFDFLyQ GHO YLDMH DQJORLWDOLDQR GH *XLVHSSH %DUHWWL HQ  OD FRQFHSFLyQGH(VSDxDHPSH]yDFDPELDU\HPSH]DURQDYLVLWDUODYLDMHURV LQJOHVHV GH OD FDWHJRUtD 7RZQVHQG 7ZLVV R 0XUSK\3HUR WDPELpQHQFRQWUDPRVYLDMHURV GH RWUDV QDFLRQDOLGDGHV DOHPDQHV  FRPR .DUO & 3OHU-RKDQQ(EHUKDUG=DW]QHULWDOLDQRVFRPR 1RUEHUWR &DLQR 9LWWRULR $OIOHUL \ IUDQFHVHV FRPR 0DQLHU 0DVVLDV 3H\URQ \ /DQJOH HQWUH RWURV/DLQIRUPDFLyQTXHSURSRUFLRQDEDQGH (VSDxD HUD SRU OR JHQHUDO  SDUFLDO \ SRFR FUHtEOH   \D TXH   HVWDEDQ PiV LQWHUHVDGRV HQ VHJXLUDOLPHQWDQGRODOH\HQGDQHJUDTXHHQGHVFULELUODUHDOLGDG2WUDGH ODVFDXVDVSRUORTXHODPD\RUtDGHHVWRVWUDEDMRVHUDQSRFRULJXURVRV\ IDOWRVGHREMHWLYLGDGHUDTXHODHVWDQFLDGHHVWRVYLDMHURVQRVXSHUDEDHO WLHPSRQHFHVDULRSDUDKDFHUXQHVWXGLRVHULR (VWDV REUDV TXH DOLPHQWDEDQ SRU WRGD (XURSD OD ©OH\HQGD QHJUDª HVSDxROD  SURYRFy HQWUH ORV LQWHOHFWXDOHV GH QXHVWUR SDtV WDQWR  ORV TXH UHVLGtDQ HQ (VSDxD FRPR IXHUD GH HOOD OD QHFHVLGDG GH UpSOLFD DQWH HO DJUDYLRUHFLELGR(VWDVUHDFFLRQHVVHPDWHULDOL]DURQHQXQDVHULHGHREUDVR HVFULWRVSXEOLFDGRV     &LWDGR\WUDGXFLGRHQ)HUUHUS7DPELpQH[LVWHQFRPHQWDULRV SRVLWLYRV VREUH (VSDxD HQREUDV FRPR OD GH %RXUJRLQJ  1RXYHDX 9R\DJH HQ(VSDJQH RX 7DEOHDX  R &RVWH'¶$UQREDWHQVX/HWWHUHVFXULHXVHVVXUOHYR\DJHG¶(VSDJQH  6REUHODSROpPLFDVXVFLWDGDSRUORVFRPHQWDULRVQHJDWLYRVDFHUFD GH (VSDxDYHU 6iQFKH] &DQWyQ)HUUHU%DQLPHOL*yPH]GHOD6HUQD*DUFtD5RPHUDO0HVWUH 6DQFKtV&DQWR +HQU\6ZLQEXUQH *LXVHSSH%DUHWWL  ©(VWDQSHUVSLFD]VXSHQHWUDFLyQHVFULEH$]DUDGH6ZLQEXUQHTXH DORVGRVRWUHVGtDVGHKDEHUHQWUDGRHQ(VSDxD\D KDEtD GHVFXELHUWR TXH WRGRV ORV FDPLQRV HUDQ PDORV ODV SRVDGDV SHRUHV HO SDtV SDUHFLGR DO LQILHUQR GRQGH UHLQD OD HVWXSLGH] TXH QLQJ~Q HVSDxROWLHQHRKDWHQLGRFULDQ]DVLQRORVTXHKDQ ORJUDGRODGLFKDGHGHVDVQDUVHFRQODSROLWHVVHGH ORV LQJOHVHV R IUDQFHVHVª    ©/RV H[WUDQMHURV TXH DVt SURQXQFLDQ GH WRGRV ORV (VSDxROHV VRQ SRU OR FRP~QXQRVYLDQGDQWHVVLQFLHQFLDQLSUXGHQFLDYHQLGRVPiVELHQDWXQDU TXHDWRPDUH[DFWR FRQRFLPLHQWR GH(VSDxD/pDQVH ORV YLDMHVGH &ODUN &DLPy)LJDUR6ZLPEXUQH>VLF@ODV&DUWDV-XGDLFDVGHOLPStR$UJHQVODV GH&RVWHODV3HUVLDQDV\GHRWURVGHHVWHVLJOR\DSHQDVVHKDOODUiQRWLFLD TXH QR FODXGLTXH SRU XQD SDUWH X RWUD HQ PHGLR GH LQQXPHUDEOHV LPSRVWXUDV LQYHFWLYDV \ DXQ YDFLHGDGHV FRSLDGDV GH OLEURWHV YLHMRV WDQ GHVSUHFLDEOHV FRPR ORV VX\RV ¢< TXp RWUD FRVD SXHGHQ SURGXFLU XQRV IRUDVWHURVHUUDQWHVTXHVLQVDEHUFDPLQRVOHQJXDVQLJHQLRGHORVSDtVHV\ FDUHFLHQGR GH LQQXPHUDEOHV GDWRV GH DEVROXWD QHFHVLGDG FRUUHQ WRGD OD SHQtQVXOD HQ GLH] R GRFH PHVHV FXDQGR SDUD KDFHUOR FRPR GHEtDQVH QHFHVLWDEDQRWURVWDQWRVDxRV"6LD~QORVTXHYLDMDQGHWHQLGDPHQWHSRUVXV PLVPRV SDtVHVVXHOHQHTXLYRFDUVHQRSRFDVYHFHVHQFRVDVSURSLDV¢TXp SRGUHPRV HVSHUDU GH ORV TXH GLVFXUUHQ SRU ORV H[WUDxRV FRQ WDQWD SUHFLSLWDFLyQ\OLJHUH]D"ª   8QRGHORVGHIHQVRUHVGH(VSDxDIXHHO&RQGHGH$UDQGD  TXHDQWHOD SXEOLFDFLyQ  HQ   GHO 9R\DJH GH )LJDUR HQ (VSDJQH    HVFULELy OD   &LWDGR\WUDGXFLGRHQ)HUUHUS5HSOLFDGH$]DUDD6ZLQEXUQH HQ GHIHQVD GH (VSDxD  &DQWRS  'RQ3HGUR$EDUFDGH%ROHD&RQGHGH$UDQGD\&DVWHOIORULGRGRVYHFHV*UDQGHGH(VSDxD HPEDMDGRU HQ /LVERD  3RORQLD  3DUtV YLUUH\ \ &DSLWiQ *HQHUDOGH9DOHQFLD6HFUHWDULRGHO 'HVSDFKR\SULPHUPLQLVWURGH&DUORV,9  (QHVWDSULPHUDHGLFLyQQRDSDUHFHHODXWRUGHODREUDSHURGHELGRDOp[LWR\ODVVXFHVLYDV SXEOLFDFLRQHV GHO PLVPR XQLGR D ODV FRQIXVLRQHV TXH  SURYRFDEDHOWtWXORGHELGRDVX   'pQRQFLDWLRQDXSXEOLFGX9R\DJHG¶XQVRLGLVDQW)LJDURHQ(VSDJQHSDU ODYHULWDEOHGH)LJDUR   $QWRQLR 3RQ] FRPR UHSXHVWD D HVWRV HVFULWRV WHQGHQFLRVRV UHDOL]y VX IDPRVR  9LDJH SRU (VSDxD HVFULELHQGR HQ VX SUyORJR ©3RU ORV DxRV GH \YLDMySRU(VSDxD\SRURWUDVSDUWHVXQUHOLJLRVROODPDGRHO3 1RUEHUWR&DLPR\GHVSXpVVHSXEOLFDURQVXVREVHUYDFLRQHVHQXQDREUDGH TXDWURWRPLWRVLQWLWXODGD/HWWHUHG¶XQYDJRLWDOLDQRDGXQVXRDPLFR)XH JUDQGHPHQWHUHFLELGDSHURVHGLHURQSRUVHQWLGRVDOJXQRVHVSDxROHVTXH UHVLGtDQHQ,WDOLDWHQLHQGRODH[SUHVDGDREUDSRUXQDFUXHOViWLUDFRQWUDOD 1DFLyQTXH DOJXQR WRPDVH OD SOXPD SDUD FRQWUDGHFLUOD«1R WXYR HIHFWRODUHVSXHVWD\DVtQRVYLPRVOLEUHVGHTXHVDOLHUDTXLHQFRQPD\RU GHVFUpGLWR VH HPSHxDUD HQ QHJDUOR WRGR \ DSDGULQDU HQ HVWD IRUPD OD LJQRUDQFLDTXHQRVHGHEHSRUQLQJ~QPRWLYRGHIHQGHUVLQRGDUOHPXFKDV JUDFLDVDOTXHQRVODGHVFXEUHª   2UWL] \ 6DQ] HQ HO SUyORJR GH VX YLDMH GHIHQGLy D ORV HUXGLWRV HVSDxROHVIUHQWHDODVDFXVDFLRQHVSURYHQLHQWHVGHHVWXGLRVRVH[WUDQMHURV ©3RUORUHVSHFWLYRiOD1XPLVPiWLFD/LWRORJtD'LSORPiWLFD\RWURVUDPRV GH$QWLTXDULDQRHVWDPRVOR(VSDxROHVWDQDWUDVDGRV\HQFLHUQHFRPRORV H[WUDQMHURV LPDJLQDQ +DEODQ i WLHQWDV \ SRU KiELWR  IDPLOLDU GH PHQRVSUHFLR y ELHQ SRU XQD YR] y FRQFHSWR YXOJDU VLQ FRQRFLPLHQWR OHJtWLPR GH QXHVWURV OLEURV \ HVWR VLQ HPEDUJR GH TXH ORV PLVPRV H[WUDQMHURV FHOHEUDQ i ' $QWRQLR $JXVWtQ SRU HO SULPHU $QWLTXDULR GH (XURSDVLQJXODUPHQWHHQOD1XPLVPiWLFD+DVWDDKRUDDSHQDVKH SRGLGR KDOODU H[WUDQMHUR TXH HQ VXV HVFULWRV KD\D VDELGR GDU XQ SDVDJHGHOLEUR HVSDxROOLEUHGHODVPDVYHUJRQ]RVDVHUUDWDVGHWRGDVHVSHFLHVGHPRGR TXH QL D~Q VHUYLOPHQWH VDEHQ FRSLDUQRV SUXHED FRQVWDQWH GH TXHQR HQWLHQGHQQXHVWUDOHQJXD6LSRUYHQWXUDGLFHQDOJXQDYHUGDGHVWRPDGDGH  VHPDMDQ]DFRQ/DVERGDVGH)tJDURGH%HDXPDUFKDLVVHGHFLGLyHQODWHUFHUDHGLFLyQ GHDILUPDUHOOLEUREDMRHOVHXGyQLPRGHO0DUTXpVGH/DQJOH3HURVXYHUGDGHURQRPEUH HUD-pU{PH&KDUOHPDJQH)OHXULRW  &LWDGR\WUDGXFLGRHQ)HUUHUS  3RQ]  6DJXQWR   (OFKH   3XLJ GH &HEROOD   &DOSH   ,WiOLFD   &iVWXOR   2VXQD1XPDQFLD&OXQLD0pULGD  \&DEULDQD  HQWUHRWUDV  /D5HDO$FDGHPLDGHOD+LVWRULDHUDODHQFDUJDGDMXQWRFRQOD&RURQD D WUDYpV GH VXV FRQWDFWRV FRQ RWUDV $FDGHPLDV SURYLQFLDOHV R GHVXV FRPLVLRQDGRV  FRQWURODU \ SURPRFLRQDU WRGD DFWLYLGDG DUTXHROyJLFD GHVDUUROODGDHQ(VSDxD6HJ~Q0RUDOD$FDGHPLDGH0DGULG©HUDHOSXQWR GHUHIHUHQFLDGHODVGHPiVDFDGHPLDVHOFHQWURUHJXODGRUGHFDGDHPSUHVD \ DO TXH VH UHPLWtD FXDOTXLHU LQIRUPDFLyQ GH FDUiFWHU KLVWyULFR DUTXHROyJLFRª  (VWDSURPRFLyQGHDFWLYLGDGHVDUTXHROyJLFDVSRUSDUWH GHOD&RURQDRGHOD5HDO$FDGHPLDGHOD+LVWRULDVHGHEtDDODE~VTXHGD GH SUHVWLJLR GH DPEDV LQVWLWXFLRQHV SHUR FDGD XQD FRQ XQ REMHWLYR GLIHUHQWH OD SULPHUD EXVFDED OHJLWLPDU VX SRVLFLyQ \ OD VHJXQGD VyOR  $ODPD]R\$OPDJUR*RUEHD$OPDJUR±*RUEHD0RUD$EDVFDO\&HEULiQ   /DVH[FDYDFLRQHVHQ6DJXQWRVHFHQWUDURQHQOD3OD]DGHO&DVWLOORHOWHDWUR\HOFLUFR(Q 0DVVy$UDQHJXL*DVFy$EDVFDO\&HEULiQ/HyQ/HyQD/HyQ E/HyQF/HyQG  /DVH[FDYDFLRQHVHQ(OFKHFRPHQ]DURQHQEDMRODVyUGHQHVGH-RVp&DDPDxR\FRQHO REMHWLYRGHDYHULJXDUVLHVRVUHVWRVFRUUHVSRQGtDQD,OOLFL/RVKDOOD]JRVIXHURQUHFRJLGRVSRU -XDQ$QWRQLR0D\DQVKHUPDQRGH*UHJRULR0D\DQV\SRUHO&RQGH/XPLDUHV0RUD $EDVFDO\&HEULiQ  /DVSULPHUDVH[FDYDFLRQHVODVUHDOL]y$QWRQLR3DODX9LFDULRGHOD3DUURTXLDGH6DQ1LFROiV HQ(Q0RUD$EDVFDO\&HEULiQ  $QWRQLR-RVpGH&DYDQLOOHVGXUDQWHVXYLDMHSRUHOUHLQRGH9DOHQFLDUHDOL]yH[FDYDFLRQHVHQ &DOSHTXHSRVWHULRUPHQWHUHFRJLyHQVXV2EVHUYDFLRQHVVREUHOD+LVWRULD1DWXUDO*HRJUDItD $JULFXOWXUD3REODFLyQ\)UXWRVGHO5H\QRGH9DOHQFLD  /DVH[FDYDFLRQHVVHLQLFLDURQHQFRQ0DQXHO0DUWtSHURQRIXHKDVWDFXDQGRVH UHDOL]DURQVLVWHPiWLFDPHQWHSRU)UDQFLVFRGH%UXQD\$KXPDGD  6HUHDOL]DURQH[FDYDFLRQHVDORODUJRGHWRGRHOVLJOR;9,,,VLQQLQJ~QRUGHQ\FRQWUROFRPR DVtORH[SUHVy-RVp0DUWtQH]GH0D]DVFDQyQLFRGH-DpQHQVXREUDPDQXVFULWD'HVFULSFLyQGHO VLWLR\UXLQDVGH&iVWXOR  (O0DUTXpVGH9DOGHIORUHVHPSH]yDH[FDYDUDOJXQRVUHVWRVFRPRHOWHDWURURPDQRHQ GXUDQWHVXYLDMH\DILQDOHVGHO;9,,,SURVLJXLy0DQXHO9LOOHQD\0RFLxR(Q0RUD 1HJXHUXHOD  &DQWR  $EDVFDO \ &HEULiQ  /HyQ  /HyQ D /HyQ E/HyQF/HyQG  (QFRPHQ]DURQXQDVH[FDYDFLRQHVHQODYLOODURPDQDGH&DEULDQDÈODYDTXHVHJ~Q 2UWL]GH8UELQDVLKXELHUDQFRQWLQXDGRSRGUtDQFRQVLGHUDUVH FRPR ©HOLQLFLRGH XQD DUTXHRORJtDGHFDPSRª SRUODPHWRGRORJtDXWLOL]DGDHQODUHFRJLGDGHLQIRUPDFLyQ (QWUH OD GRFXPHQWDFLyQGHVWDFDQORVGLEXMRVGHORVSDYLPHQWRVGHVFXELHUWRVUHDOL]DGRVSRUHOPDHVWUR GLEXMDQWH9DOHQWtQGH$UUDPEDUUL(VWRVGLEXMRVKDQSHUPDQHFLGRLQpGLWRVKDVWDVXSXEOLFDFLyQ SRU2UWL]GH8UELQD\3pUH]2OPHGR  0RUDSS   UHSXWDFLyQ (QVHFUHDHO*DELQHWHGH$QWLJHGDGHV  HQXQSULPHU PRPHQWRVyORFRQHOFRPHWLGRGHRUJDQL]DUHOPRQHWDULR  \\DDILQDOHV GHGHOSULPHUWHUFLRGHOVLJOR;9,,,VHLQFOX\HURQUHVWRVDUTXHROyJLFRVGH OD$FDGHPLDFRQHOREMHWLYRGHVDOYDJXDUGDUORV (Q  VH FUHD OD 6DOD GH $QWLJHGDGHV SRVWHULRUPHQWH SDVy D OODPDUVH &RPLVLyQ GH $QWLJHGDGHV  GHGLFDGDH[FOXVLYDPHQWHDOHVWXGLR\DODFRQVHUYDFLyQ GH ODV DQWLJHGDGHV GHVFXELHUWDV R TXH VH GHVFXEULHUDQ HQ (VSDxD (O SURPRWRUIXH&DPSRPDQHVFRQHOREMHWLYRSULPLJHQLRGHUHFRJHUWRGDVODV LQVFULSFLRQHVGH(VSDxD(VWDDFWLYLGDGPHUPyDSDUWLUGHODSULPHUDPLWDG GHO ;,; FXDQGR ORV HVWXGLRV HSLJUiILFRV FD\HURQ HQ GHVJUDFLD HQWRGD (VSDxD6LQHPEDUJRWRGDVODVFRSLDVUHFRJLGDVIXHURQXWLOL]DGDVSRU(PLO +EQHUHQHOVLJOR;,;SDUDODUHGDFFLyQGHO&,/,, -RVp2UWL]\6DQ]%RVDUWH\&RUQLGHUHGDFWDURQXQDLQVWUXFFLyQVREUH FyPR GHEtD OOHYDUVH D FDER  OD ©UHFRJLGD FRQVHUYDFLyQ \ FXVWRGLD GH PRQXPHQWRV DQWLJXRV GHVFXELHUWRV R TXH VH GHVFXEULHUDQ HQ HO 5HLQRª (VWH GRFXPHQWR IXH HQWUHJDGR  D OD 5HDO $FDGHPLD GH OD +LVWRULD HO  PD\R GH  (VWD ,QVWUXFFLyQ FLQFXHQWD DxRV PiV WDUGH TXH ODGH 9DOGHIORUHVHVWDEOHFLyORTXHGHEtDVHUFRQVLGHUDGRFRPRXQPRQXPHQWR DQWLJXR FyPR GHEtD FRQVHUYDUVH FXiO HUD HO SDSHO GH ORV ©'XHxRV \ -XVWLFLDVªDQWHORVQXHYRVKDOOD]JRV\ODSURSLHGDGGHORVPLVPRV3HURVLQ HPEDUJRQRVHPHQFLRQDEDFyPRGHEtDQVHUGRFXPHQWDGDVJUiILFDPHQWH HVDVDQWLJHGDGHV3RVLEOHPHQWH HVWDIDOWD GH LQWHUpVSRU HVWDEOHFHUXQDV QRUPDVSDUDODUHSUHVHQWDFLyQJUiILFDGHORVUHVWRVDQWLJXRVVHGHEDDTXH QRHUDQFRQVLGHUDGRVFRPRIXHQWHGLUHFWDSDUDHOHVWXGLRDUWtVWLFRFRPRHQ HO FDVR GH OD $FDGHPLV GH EHOODV $UWHV GH 6DQ )HUQDQGR  VLQR H[FOXVLYDPHQWHFRPRGRFXPHQWRPDWHULDOSDUDODUHGDFFLyQGHODKLVWRULD   6REUHVXVDFWLYLGDGHVYHU0DLHU$OPDJUR*RUEHD\0DLHU$ORQVR6DODV   1XHYRV(VWDWXWRVGHOD5HDO$FDGHPLDGHOD+LVWRULDGHQRYLHPEUHGH6REUHODV FROHFFLRQHVSULYDGDVRTXHSDVDURQDIRUPDUSDUWHGHOSDWULPRQLRGHOD$FDGHPLDYHU0DxXHFR $ORQVR%HOWUiQ(OYLUD/ySH]  0DLHU  GH(VSDxD(OGHMXOLRGHVHKL]RRILFLDOODDQWHULRULQVWUXFFLyQHQ XQD5HDO&pOXOD  HQODTXHODFRQVHUYDFLyQGHODVDQWLJHGDGHVHVSDxRODV SDVDEDDVHUH[FOXVLYDPHQWHFRPSHWHQFLDGHOD$FDGHPLDGHOD+LVWRULD (QSDODEUDVGH-0DLHU©/D5HDO&pOXODGHHVSXHVXQDLQLFLDWLYD TXH KD\ TXH VLWXDU HQ OD UHQRYDGD VHQVLELOL]DFLyQ KDFLD OD SURWHFFLyQ PRQXPHQWDO HQ (XURSD 3RU HOOD VH DWULEXtD D OD 5HDO $FDGHPLD GH OD +LVWRULDODLQVSHFFLyQGHDQWLJHGDGHVGHOUHLQRTXHHUDFRRUGLQDGDSRUVX 6DODGH$QWLJHGDGHVFUHDGDHQ6XDUWLFXODGRDXQTXHFRUWRUHVSHFWR DODVQRUPDWLYDVLWDOLDQDV\IUDQFHVDVFRQWHPSRUiQHDVHUDFODUR\HILFD] SDUDHOFRQWH[WRVRFLRSROtWLFRHQTXHVXUJLy/D 5HDO &pOXOD LQVHUWDGD HQ OD 1RYLVLPD 5HFRSLODFLyQ HQ  QR IXH GHURJDGD \ VH PDQWXYRYLJHQWHGXUDQWHWRGRHOVLJOR;,;KDVWD ODDSDULFLyQGHO&yGLJR&LYLOHQª    /D 5HDO $FDGHPLD GH %HOODV $UWHV GH 6DQ )HUQDQGR  VHIXQGyHQEDMRODWXWHODGH )HUQDQGR9,6LQHPEDUJRVXVRUtJHQHVSDUWHQ GHODVHVFXHODVGH©GLVHxRªGHFLXGDGHVFRPR 0DGULG 6HYLOOD \ %DUFHORQD /D SULPHUD VHGH HVWXYRHQOD&DVDGHOD3DQDGHUtDFHGLGDSRUHO PRQDUFDFRQODLQWHQFLyQGHGHPRVWUDUHOSDSHO GHFLVLYR GH pVWH HQ VX IXQGDFLyQ \ SRU WDQWR VXYLQFXODFLyQ GLUHFWD DO SRGHUUHJLR 8QRGHORVREMHWLYRVGHOD$FDGHPLDHUDWHUPLQDUFRQORVJUHPLRVGH DUWHVDQRVTXHVHJ~Q+HQDUHV  HVWDEDQFRQVLGHUDGRVFRPRORVFDXVDQWHV GHODGHFDGHQFLDDUWtVWLFDGH(VSDxDHLPSHGtDQODHQWUDGDGHODVQXHYDV   6REUHOD5HDO&pOXODGHYHU0DLHU  0DLHUS6REUHODFRQVHUYDFLyQGHO3DWULPRQLR\HOSDSHOGHODV$FDGHPLDVYHU 0RUD$UEDL]D0DLHU  6REUHOD5HDO$FDGHPLDGH%HOODV$UWHVGH6DQ)HUQDQGRYHU%HGDW%HGDW ÒEHGDGHORV&RERVÒEHGDGHORV&RERVÒEHGDGHORV&RERV  +HQDUHV   FRUULHQWHVFODVLFLVWDVLPSODQWDGDVHQ(XURSD2WURGHORVREMHWLYRVHUDOD IRUPDFLyQ GH DUWLVWDV \ SDUD HOOR WRPDURQ FRPR UHIHUHQWH ORV PRGHORV HVWDEOHFLGRV HQ ,WDOLD \ )UDQFLD /RV HVWXGLRV SDUWtDQ GH ODV WUHV DUWHV SULQFLSDOHV HVFXOWXUDSLQWXUD\DUTXLWHFWXUD/D PD\RUtD GHO PDWHULDO TXH WHQtDOD$FDGHPLDGHGLFDGRDODHQVHxDQ]DHUDGHRULJHQDUTXLWHFWyQLFR   6LQ HPEDUJR HQ  VH YLR DXPHQWDGD OD FROHFFLyQ GH YDFLDGRVGH HVFXOWXUDVSRUODGRQDFLyQUHDOL]DGDSRU$50HQJV   $SDUWHGHODVHQVHxDQ]DVGHDUTXLWHFWXUDSLQWXUD\HVFXOWXUDLPSDUWLGDV HQOD$FDGHPLDWDPELpQGHEHPRVUHVDOWDUVXLQWHUpVSRUHOHVWXGLRGHODV DQWLJHGDGHVTXHVHYLRUHIOHMDGRHQODV$FWDVGHOD2UGLQDULD$FDGHPLD IHFKDGD HO  GH RFWXEUH GH  HQ OD TXH VH DFRUGy ©FRQVHUYDU \ SURSDJDUODQRWLFLDGHQXHVWUDV$QWLJHGDGHV\0RQXPHQWRVVLQJXODUPHQWH GH DTXHOODV TXH HVWiQ PiV H[SXHVWDV D SHUHFHU FRQ HO WUDQVFXUVRGHO WLHPSRª3HURWDPELpQVHFRQWHPSOy©HYLWDUVXH[SRUWDFLyQLOHJDOSDUDOR TXHFRQVLJXLyGHO&RQGHGH)ORULGDEODQFD6HFUHWDULRGH(VWDGR\3URWHFWRU GHOD$FDGHPLDOD5HDO2UGHQGHGH2FWXEUHGHTXHUHQRYDQGR ORGLVSXHVWRHQHO(GLFWRGHGH0DU]RGHSURKLEtDODH[SRUWDFLyQ GHSLQWXUDV\REMHWRVDUWtVWLFRVDQWLJXRVRGHDXWRUHVIDOOHFLGRVGHSLQWXUDV OLEURVRPDQXVFULWRVDQWLJXRVGHDXWRUHVHVSDxROHVVLQH[SUHVD5HDO2UGHQ GHDXWRUL]DFLyQª   $SDUWLUGHOD$FDGHPLDFRQFHGLySHQVLRQHVDVXVHVWXGLDQWHV \SURIHVRUHVSDUDTXHFRQWLQXDUDQVXIRUPDFLyQHQ5RPD\3DUtV  3HURVH VXSULPLHURQGHILQLWLYDPHQWHHQODVGH5RPD\HQODVGH3DUtV 6LQHPEDUJRDOJXQRVDOXPQRVVLJXLHURQREWHQLHQGRGLFKDVSHQVLRQHVSHUR VyORIXHURQFRQFHGLGDVGHPDQHUDH[FHSFLRQDODLQVWDQFLDVGHO&RQGHGH )ORULGDEODQFD \  UHFLELHURQ HO QRPEUH GH ©SHQVLRQHV H[WUDRUGLQDULDVª (VWRVSHQVLRQDGRVWHQtDQODREOLJDFLyQGHFRSLDUODVREUDVFOiVLFDV\GHO 5HQDFLPLHQWR\SRVWHULRUPHQWHGHEtDQHQYLDUODVDOD$FDGHPLD HQXQRV   $$99&XELOHV$$99%ODV  6REUH0HQJV\OD5HDO$FDGHPLDGH%HOODV$UWHVGH6DQ)HUQDQGRYHUÒEHGD  0ROHyQ*DUFtD6iQFKH]  SOD]RVSUHHVWDEOHFLGRV    $OJXQRV GH VXV DOXPQRV REWXYLHURQ SHQVLRQHV SDUD IRUPDUVH FRPR JUDEDGRUHVHQ)UDQFLD\SRUHQGHUHDOL]DUDQXQDVHULHGHHVWDPSDVVREUH ODV YLVWDV GHO UHLQR /D SULPHUD SDUWH IXH GHGLFDGD D OXJDUHV SODQWDV \ DO]DGRVGHHGLILFLRVDQWLJXRVPHGLDQWHODWDOODGXOFH3HURDOILQDOVyORVH SXEOLFy  HQ    XQD SHTXHxD SDUWLGD GH  HVWDPSDV  VHLV GH HOODV UHIHULGDVD0DGULG\DODFXHGXFWRGH6HJRYLDTXHUHFLELHURQHOQRPEUH GH ©YLVWDV SDUD OD ySWLFDª    /DV WUHV HVWDPSDV GHO DFXHGXFWR HVWiQ WUDEDMDGDV EDMR GLIHUHQWHVSHUVSHFWLYDV TXH 0DWLOOD   ODV GHQRPLQD FRPR ³SLQWRUHVFD´ ODV WRPDGDV GHVGH OD SOD]D GHO $]RJXHMR OD ³DUTXLWHFWyQLFD´HODO]DGR\XQD³LQWHUPHGLD´TXHVHUtDODUHDOL]DGDDOD DUTXHUtD 'HVGH VX IXQGDFLyQ OD 5HDO $FDGHPLD GH %HOODV $UWHV GH 6DQ )HUQDQGRFRQYRFyFRQFXUVRVGHSLQWXUDHVFXOWXUDDUTXLWHFWXUD\JUDEDGR $OSULQFLSLRIXHURQDQXDOHVSHURPiVWDUGHVHFHOHEUDURQFDGDWUHVDxRV(Q VHLQWHUUXPSLHURQSRUOD*XHUUDGHOD,QGHSHQGHQFLD\VHUHDQXGDURQ HQ$SDUWLUGHHQWRQFHVHVWRVSUHPLRVVHFRQYLUWLHURQHQEHFDVSDUD HVWXGLDU HQ 5RPD \ FRPR FRQVHFXHQFLD VH GHVYLQFXOy GHILQLWLYDPHQWH WHUPLQDQGRGHORVREMHWLYRVTXHKDEtDQLPSXOVDGRORVSULPHURVFRQFXUVRV HQWUHHOORV©IRPHQWDUODVDUWHV\ODDSOLFDFLyQGHORVMyYHQHVDUWLVWDVª     /RVHVWXGLRVGHPRQXPHQWRVDUTXLWHFWyQLFRVSURPRYLGRVSRUOD 5HDO$FDGHPLDGHOD+LVWRULD   (QWUH ORV GRFXPHQWRV PDQXVFULWRV R SXEOLFDFLRQHV  GH OD 5HDO $FDGHPLD GH OD +LVWRULD GH 0DGULG D OR ODUJR GHO VLJOR ;9,,,  VH KDQ ORFDOL]DGR GLYHUVRV HVWXGLRV GH PRQXPHQWRV DUTXLWHFWyQLFRV URPDQRV 6H   $OPDJUR\0DLHU0ROHyQ*DUFtD6iQFKH]  3RUVXVLPLOLWXGFRQODVYLVWDVySWLFDVGHOD(XURSDGHO;9,,,  0DWLOOD  $$99S   SXHGHQGLYLGLUHQGRVEORTXHVHQIXQFLyQGHVXRULJHQ/RVUHDOL]DGRVSRU SDUWLFXODUHV R DFDGpPLFRV SURPRYLGRV SRU GLFKD LQVWLWXFLyQ R  ORV UHDOL]DGRVSRULQLFLDWLYDSULYDGDSHURFX\RVUHVXOWDGRVIXHURQILQDOPHQWH SXEOLFDGRVSRUOD$FDGHPLDRSRUHOFRQWUDULRIXHURQGHSRVLWDGRVHQORV DUFKLYRVGHGLFKDLQVWLWXFLyQ1RREVWDQWHWRGRVHVWRVWUDEDMRVWLHQHQHQ FRP~Q OD LQFOXVLyQ GH UHSUHVHQWDFLRQHV JUiILFDV GH ORV UHVWRV HVWXGLDGRV  (QWUH HVWRV HVWXGLRV GHEHPRV GHWDFDU DTXHOORV TXH PDUFDURQ OD WUD\HFWRULD GH ODV LQYHVWLJDFLRQHV  DUTXHROyJLFDV SRVWHULRUHV FRPR HV HO FDVR GHO  YLDMH GH /XLV -RVp 9HOi]TXH] GH 9HODVFR   PDUTXpV GH 9DOGHIORUHV3DUDVXSXHVWDHQPDUFKDOD$FDGHPLDUHGDFWyOD,QVWUXFFLyQ TXH KDGHREVHUYDU'RQ /XLV -RVp 9HOi]TXH] GHOD 5HDO$FDGHPLD GHOD +LVWRULD HQ HO YLDMH D TXH HVWi GHVWLQDGR \ TXH HPSUHQGLy HQ HODxRGH  SDUDDYHULJXDU \UHFRQRFHUODVDQWLJHGDGHV GH(VSDxD   (VWHSUR\HFWRHVHOSULPHURHQHOTXHVHSUHWHQGLyHODERUDUXQFDWiORJRR LQYHQWDULRGHODVDQWLJHGDGHVGH(VSDxDDFRPSDxDGRGHODVH[SOLFDFLRQHV SHUWLQHQWHVDLPDJHQGHOUHDOL]DGRSRU%GH0RQWIDXFRQHQVX/¶$QWLTXLWp H[SOLTXpHHWUHSUpVHQWpHHQILJXUHV  1RREVWDQWHDQWHVTXH9DOGHIORUHV ORSUR\HFWyHOGHiQ0DUWtSHURDOFRQWUDULRGHpVWHQRREWXYRODSURWHFFLyQ RILFLDO\HOFRQVHFXHQWHDSR\RHFRQyPLFRFRPRHQSiUUDIRVDQWHULRUHVVH KD FRPHQWDGR (Q HO WH[WR GH OD ,QVWUXFFLyQ FLQFR GH VXV DUWtFXORV UHFRJtDQTXpPRQXPHQWRVGHEtDQVHUHVWXGLDGRVUHDOL]DUH[FDYDFLRQHVVL IXHVH QHFHVDULR SDUD HO HVWXGLR \ OD REOLJDWRULHGDG GH UHSUHVHQWDU   /XLV-RVHSK9HOi]TXH]GH9HODVFRPDUTXpVGH9DOGHIORUHVQDFLyHOGHQRYLHPEUHGH HQ0iODJD6XIRUPDFLyQHVWXYRGLULJLGDKDFtDODFDUUHUDHFOHVLiVWLFDTXHDEDQGRQyHQ GHVSXpV GH KDEHU VLGR QRPEUDGR 'RFWRU HQ 7HRORJtD HQ 5RPD  (Q  VH HVWDEOHFLy HQ 0DGULGUHODFLRQiQGRVHFRQILJXUDVGHODWDOODGHOPDUTXpVGH(QVHQDGD0LQLVWURGH(VWDGR\ $JXVWtQGH0RQWLDQR\/X\DQGRSULPHUGLUHFWRUGHOD5HDO$FDGHPLDGHOD+LVWRULD(Q HVWDVDPLVWDGHVOHSURSRUFLRQDURQVXLQJUHVRHQOD$FDGHPLDGH OD+LVWRULD\UHDOL]yWUDEDMRV WDQWR KLVWyULFRV FRPR DUTXHROyJLFRV YLQFXODGRV FRQ OD 1XPLVPiWLFD (SLJUDItD \ HO GHVFLIUDPLHQWRGH©HVFULWXUDVGHVFRQRFLGDVª7RGDVHVWDVLQYHVWLJDFLRQHVHVWDEDQHQFDPLQDGDV D OD UHGDFFLyQ GH XQD +LVWRULD GH (VSDxD \ SDUD HOOR VH SODQWHy OD XWLOL]DFLyQ WDQWR GH GRFXPHQWRV HVFULWRV FRPR OD LQIRUPDFLyQ SURSRUFLRQDGD WUDV HO HVWXGLR GH ORV UHVWRV DUTXHROyJLFRV  6REUHHOPDUTXpVGH9DOGHIORUHVYHU&DQWR*LPHQR 0RUD  $$99 E  0RQWIDXFRQ  JUiILFDPHQWH HVRV UHVWRV DUTXLWHFWyQLFRV FRQ XQD  HVFDOD SUHGHWHUPLQDGD 6XYLDMHFRPHQ]yHQSHUR±DFRQVHFXHQFLDGHODFDtGDHQGHVJUDFLDGH VXSURWHFWRUHOPDUTXpVGHOD(QVHQDGDVHOHUHWLUyODD\XGDHFRQyPLFDHQ $SHVDUGHHOOR9DOGHIORUHVSURVLJXLyVXPDUFKDDOHJDQGRTXHQRVH OHKDEtDRUGHQDGRVXVSHQGHUOR©HQYLVWDGHTXHHO5H\QRKDYtDUHYRFDGR HO'HFUHWRHQTXHPHRUGHQyH[HFXWDUHVWHYLDMHQLSRUHOSUHVHQWHVHPH RUGHQDED VXVSHQGHUOR \ VROR VH PDQGDED VXVSHQGHU OD SHQVLyQ TXH SDUD JDVWRVVHPHKDEtDFRQVLJQDGRPHUHVROYtDFRQWLQXDUOHDPLFRVWDHQOD PDQHUDLKDVWDWDQWRTXHPHIXHVHSRVLEOHª  (O  GH RFWXEUH GH  OD 5HDO $FDGHPLD GH OD +LVWRULD RUGHQy D 9DOGHIORUHV  TXH OH HQWUHJDUD ODV PHPRULDV GH ODV REUDV \ HQFDUJRV UHDOL]DGRV EDMR VX GLUHFFLyQ HQ XQ SOD]R GH FXDWUR PHVHV (O GH QRYLHPEUH GH  /XLV -RVp 9HOi]TXH] GH 9HODVFR SUHVHQWy 9LDMH GH (VSDxD FRQ HO ILQ GH H[DPLQDU UHFRJHU H LOXVWUDU WRGRV ORV DQWLJXRV PRQXPHQWRV GH OD 1DFLyQ \ KDFHU ODV REVHUYDFLRQHV QHFHVDULDV SDUD HO FRQRFLPLHQWRGHODDQWLJXD*HRJUDItDGHOSDtV   (QVHOHUHWLUyHO SHUPLVRSDUDHVWXGLDUORV PRQXPHQWRVKLVWyULFRVGH(VSDxD \SRU WDQWR ILQDOL]yVXYLDMH (QSXEOLFyVX1RWLFLDGHO9LDJHGH(VSDxDHQODTXHHVWDEOHFLy ORV SDVRV D VHJXLU SRU ORV HVWXGLRVRV SDUD OD UHGDFFLyQ GH XQD +LVWRULD *HQHUDO GH (VSDxD 9DOGHIORUHV WHQtD OD HVSHUDQ]D GH TXH pO PLVPR OD UHGDFWDUDSHURQXQFDSXGRPDWHULDOL]DUVXGHVHR'LYLGLyVX1RWLFLDHQWUHV SDUWHV \ OD SULPHUD  OD GHGLFy D   ©(PSUHVDV /LWHUDULDV GHO UHLQDGR GH )HUQDQGR9,9LDJHGH(VSDxDiTXHHO$XWRUIXHGHVWLQDGR,GHD\IUXWRV GHHVWHYLDJHª(QHVWHDSDUWDGRDUJXPHQWyODVFDXVDVSRUODVTXHVHGHEtD UHGDFWDUXQD+LVWRULDGH(VSDxD\SRUTXpORVPRQXPHQWRVDQWLJXRVHUDQ SDUWH LPSUHVFLQGLEOH SDUD HOOR ©(Q HO GLVFXUVR GH HVWH 9LDJH GHER H[DPLQDU WRGRV ORV 0RQXPHQWRV TXH SXHGDQ VHU GH DOJXQ XVR SDUD OD   5$+IROY    +LVWRULDJHQHUDOGH(VSDxD(VWRV0RQXPHQWRVVRQORVDQWLJXRV(VFULWRUHV RULJLQDOHV \ FRQWHPSRUiQHRV GH HVWD +LVWRULD ORV 'LSORPDV \ GHPDV 'RFXPHQWRVGHHVWDFODVHODV,QVFULSFLRQHVODV0HGDOODVORV0RQXPHQWRV GH3LQWXUD(VFXOWXUD\$UTXLWHFWXUDORVPXHEOHV\GHPiVXWHQVLOLRVGHOD YLGDFLYLO\ORVDQWLJXRV(VFULWRUHV(VSDxROHVTXHKDQHVFULWRVREUHFDGD XQR GH ORV GLIHUHQWHV UDPRV GH ORV FRQRFLPLHQWRVKXPDQRV 7RGRVHVWRV 0RQXPHQWRVVHHQFXHQWUDQHQODVDQWLJXDV%LEOLRWHFDVHQORV$UFKLYRV\ HQORV*DELQHWHVGHORVFXULRVRV\HVSDUFLGRVVREUHODWLHUUDHQWUHODVUXLQDV GHORVDQWLJXRV3XHEORV'HHOORVXQRVKDQVLGRSXEOLFDGRV\RWURVQR3RU ODYDULHGDGFRQTXHODPD\RUSDUWHGHHOORVKDVLGRSXEOLFDGRVHYHTXHQR VHFRSLDURQILHOPHQWH$VLHVSUHFLVRFRWHMDUFRQVXVRULJLQDOHVHVWDVFRSLDV GHIHFWXRVDV\FRSLDUORVGHQXHYR(VWDVFRSLDV\DSXEOLFDGDV\ODQRWLFLD GH ORV SDUDJHV HQ TXH VH VDFDURQ VH HQFXHQWUDQ HVSDUFLGDV HQ XQ JUDQ QXPHURGHOLEURVLPSUHVRVGHVXHUWHTXHQRSXHGRYLDMDUFRQIUXWRSRUOD 7LHUUDSRUORV*DELQHWHVSRUODV%LEOLRWHFDVQLSRUORV$UFKLYRVVLQYLDMDU DOPLVPRWLHPSRSRUORVOLEURV\VLQVDFDUGHHOORVSDUDHOXVRGHPL9LDJH ODV FRSLDV GH WRGRV ORV DQWLJXRV 0RQXPHQWRV GH (VSDxD KDVWD KR\ SXEOLFDGRVTXHRGHEREXVFDURSXHGRHQFRQWUDUHQHOGLVFXUVRGHpO \ HVWD PLVPD GLOLJHQFLD PH HV LQGLVSHQVDEOH H[HFXWDU SDUD VDEHU TXDOHV 0RQXPHQWRV HVWiQ \DSXEOLFDGRV \TXDOHVQR $VLPLVPRGHERKDFHU ODV REVHUYDFLRQHVVREUHOD*HRJUDItDDQWLJXDGHO3DtV7RGRHOIXWXURGHHVWDV RSHUDFLRQHVVHUHGXFHDGHWHUPLQDUODYHUGDGHUDVLWXDFLyQGHORV3XHEORV DQWLJXRV UHODWLYDPHQWH i OD GH ORV PRGHUQRV 3DUD H[HFXWDUORV VRQ QHFHVDULDVGRVFRVDV8QDFRPSOHWDQRWLFLDGHWRGRVORVQRPEUHVGHORV DQWLJXRV3XHEORV \ORV FDUDFWHUHVJHRJUiILFRVTXHGHWHUPLQDQVXDQWLJXD VLWXDFLyQXQSOHQRFRQRFLPLHQWRGHOD*HRJUDItDPRGHUQDGHO3DtVFRQ ODTXDOODDQWLJXDGHEHFRPSDUDUVH3DUDORHVQHFHVDULRWHQHUSUHVHQWHV WRGRVORV0RQXPHQWRVRULJLQDOHVHQTXHVHFRQVHUYDQORVQRPEUHVGHHVWRV 3XHEORV\ORVFDUDFWHUHVGHVXDQWLJXDVLWXDFLyQHVWRHVWRGRVORV/XJDUHV HQTXHGHORVDQWLJXRV(VFULWRUHV*ULHJRV\/DWLQRVGHVGHHOWLHPSRPDV  UHPRWRKDVWDODHQWUDGDGHORV$UDEHV\SULQFLSLRGHO6LJOR9,,,KDVWDILQHV GHO;9,ODV0HGDOODVODV,QVFULSFLRQHVORV'LSORPDVODVHWLPRORJtDV GH ORV QRPEUHV PRGHUQRV GH ORV 3XHEORV GH FDGD 3URYLQFLD ODV TXDOHV UHGXFLHQGRHVWRVQRPEUHVDODVOHQJXDVGHTXHVHGHULEDQGHVFXEULHVHQOD 1DFLyQ \ FRPR WDO HO WLHPSR D TXH FRUUHVSRQGHQ OD QDWXUDOH]D GHO WHUUHQRª   (QODVHJXQGDSDUWHVHFHQWUyHQHOSHUtRGRKLVWyULFRDHVWXGLDU\TXH VHJ~QHOPDUTXpVGHEtDDEDUFDU©GHVGHHOWLHPSRPDVUHPRWRKDVWDHODxR GH ª 9DOGHIORUHV HVWDEOHFLy TXH SDUD VX UHGDFFLyQ VyOR SRGtD XWLOL]DUVHODLQIRUPDFLyQH[WUDtGDGH©ORV(VFULWRUHV\GHPDV'RFXPHQWRV RULJLQDOHV \ FRQWHPSRUiQHRV \ OD HPSUHQGLGD SRU HO $XWRU HQ FRQVHTXHQFLDGHODVREVHUYDFLRQHVKHFKDV\GRFXPHQWRVUHFRJLGRVHQHVWH 9LDJHª (QODWHUFHUDSDUWH©&ROHFFLyQJHQHUDOGHORVDQWLJXRV'RFXPHQWRV +LVWyULFRVGHODVFRVDVGH(VSDxDª9DOGHIORUHVRUJDQL]yXQOLVWDGRGHORV WLSRVGHGRFXPHQWRVRPDWHULDOHVTXHGHEtDQVHUXWLOL]DGRVSDUDHVWHWLSR GH HVWXGLRV \ ORV FODVLILFy   HQ  FROHFFLRQHV © , &ROHFFLyQ GH ORV (VFULWRUHVRULJLQDOHVGHODVFRVDVGH(VSDxD,,&ROHFFLyQGHORV'LSORPDV ,,, &ROHFFLyQ GH ODV ,QVFULSFLRQHV ,9 &ROHFFLyQ GH ODV 0HGDOODV 9 &ROHFFLyQGHORV0RQXPHQWRVGH3LQWXUD(VFXOWXUD\$UTXLWHFWXUD\GH ORV ,QVWUXPHQWRV PXHEOHV \ GHPDV XWHQVLOLRV GH OD YLGD FLYLO9, &ROHFFLyQ GH ORV DQWLJXRV (VFULWRUHV (VSDxROHV VREUH FDGD XQD GH ORV GLIHUHQWHVUDPRVGHORVFRQRFLPLHQWRVKXPDQRVª   (VLPSRUWDQWHUHVDOWDUTXHHQVX1RWLFLD9DOGHIORUHVH[SUHVyTXHHO HVWXGLRQRHVWDUtDFRPSOHWRVLQODLQFOXVLyQGHODUHSUHVHQWDFLyQJUiILFDGH WRGRVORVPRQXPHQWRV/RTXHGHPXHVWUDTXHHVWDEDDODYDQJXDUGLDGHOD QXHYD PHWRGRORJtD GH HVWXGLR DSOLFDGD SRU OR HUXGLWRV HXURSHRV©7RGRV ORV 0RQXPHQWRV GH HVWD FODVH VH UHSUHVHQWDQ DO YLYR \ D VXV GLVHxRV   9DOGHIORUHVSS  9DOGHIORUHVS   DFRPSDxDODGHVFULSFLyQGHFDGDXQRHQSDUWLFXODUFRQODQRWLFLDGHOOXJDU GRQGH VH HQFXHQWUDQ 6H DGYLHUWH VL HO $XWRU ORV YLR HKL]R GLVHxDU RVL UHFLELyVXVGLVHxRVGHPDQRVGHRWUDVSHUVRQDVTXHORVYLHURQ\FRSLDURQ FRQ OD QRWLFLD GH ORV OLEURV LPSUHVRV R 066 GH TXH VH VDFDQ ORV 0RQXPHQWRVGHHVWDFODVHTXHQRKDQSRGLGRFRWHMDUVHFRQVXVRULJLQDOHV /RV 0RQXPHQWRV GH TXH KDVWD DKRUD FRQVWD HVWD &ROHFFLyQ VRQ ª   &RPRFRORIyQDVXREUDHOPDUTXpVGHQXQFLyODIDOWDGHDSR\RHFRQyPLFR SRUSDUWHGHODVLQVWLWXFLRQHV\SRUHQGHODFDXVDQWHGHQRSRGHUFRQFOXLU VX SUR\HFWR GH UHGDFWDU XQD +LVWRULD GH (VSDxD ©7DO HV HO 3ODQ GH OD +LVWRULD JHQHUDO GH (VSDxD TXH HO $XWRU VH SURSRQH FRPXQLFDU VXEFHVLYDPHQWHDOS~EOLFR\HOGHXQWUDEDMRFRQVWDQWHPHQWHVHJXLGRSRU HVSDFLRGHDxRVGHVGHHOGHKDVWDHOSUHVHQWHWUDEDMRDTXHSDUD GHFLUORDVLVHGHEHHQDOJ~QPRGRODGLVSRVLFLyQGHHVWH&DRVHQTXHSRU HVSDFLRGHFHUFDGH6LJORVKDHVWDGRVHSXOWDGDOD+LVWRULDGHXQD1DFLyQ TXHKDGRPLQDGRHQFDVLWRGDVSDUWHVGHOD7LHUUDFRQRFLGD/DVXHUWHGH HVWH9LDJHKDVLGRFRPRODGHWRGDVDTXHOODVFRVDVTXHVHHPSUHQGHQFRQ ORVDX[LOLRVQHFHVDULRVVHFRQWLQ~DQFRQORVTXHVHSXHGH\DIDOWDGHXQRV \GHRWURVWHUPLQDQSRUQRFRQFOXLUVH6LHVWD2EUDVHKXELHVHFRQWLQXDGR FRQORVDX[LOLRVFRQTXHVHHPSUHQGLyVX$XWRUQRVHYHUtDHQODSUHFLVLyQ GHGH[DUYDFLRVRVXSHUILFLDOPHQWHWUDWDGRVDOJXQRV$UWtFXORVGHHOODTXH QR KD SRGLGR OOHQDU QL FRQFOXLU SRU IDOWD GH ORV 'RFXPHQWRV QHFHVDULRV 4XDQGRODVXHUWHDUELWUDGHWRGDVODVFRVDVKXPDQDVUHGXFHHVWD2EUDDOD PLVPD REVFXULGDG HQ TXH KDQ TXHGDGR VHSXOWDGDV ODV GH VX PDORJUDGR $PLJRHVWD127,&,$VHUYLUiHQODSRVWHULGDGFRPRGHPRQXPHQWRGHXQ WUDEDMRTXHSRUVXREMHWRPHUHFtDQRVHUVXVSHQGLGR\TXHSRUHODUGRUFRQ TXHVX$XWRUVHKDHQWUHJDGRDpODFDVRWDPSRFRGHVPHUHFtDODLQGXOJHQFLD GHOS~EOLFRª   3HURWDPELpQHQFRQWUDPRVRWURVYLDMHVSURPRYLGRVSRUOD$FDGHPLD   9DOGHIORUHVS   9DOGHIORUHVS  KDQ KHFKR HQ (XURSD HQ ODV $UWHV \ ODV &LHQFLDV GH TXDWUR VLJORV i HVWH SDUWHVHGHEHQi HVWHHVWXGLR \6DJXQWRiHVWHKLMR EHQHPpULWRHOKDEHU GHVHQWHUUDGR \ FRORFDGR HQ SDUDJHV RSRUWXQRV PXFKDV PHPRULDV TXH FLHUWDPHQWHKXELHUDQGHVDSDUHFLGR\SRUPHGLRGHHVWHFXLGDGRVHIDFLOLWD \DQLPDiORVDILFLRQDGRViOD$QWLJHGDGXQDLQVWUXFFLyQ~WLO\GHOH\WDEOH YLQLHQGRiFRQRFHUVHODSDVPRVDVDELGXUtDGHORV5RPDQRVTXHQRWDQWR VHxRUHiURQHOPXQGRSRUVXYDORUFRPRSRUVXLQJHQLR1DGDKD\HQHVWH (VFULWR FRQWUDULRD ODV /H\HV \ 3UDJPiWLFDVGHO 5H\QRiQWHV PXFKR TXH FHOHEUDUSRUHOFXLGDGR\GLOLJHQFLDTXHVHSRQHHQFRQVHUYDUORVUHVWRVGH OD $QWLJHGDG \ DVt 'RQ (QULTXH 3DORV \ 1DYDUUR HV DFUHHGRU GHOD OLFHQFLDTXH VROLFLWD SRUFX\R PHGLRVH IDFLOLWDUiQ HVWRVGHVFXEULPLHQWRV HUXGLWRV$VtORVLHQWR9DOHQFLDiGH$JRVWRGHª  6LQHPEDUJR 2UWL] \ 6DQ] GHQXQFLy OD SRFD ULJXURVLGDG FLHQWtILFD \ IDOWD GH SURIHVLRQDOLGDGGHOHVWXGLRGH3DOyV©LPSULPLyXQD'LVHUWDFLyQDOJRPDV H[WHQGLGD TXH ODV GHVFULSFLRQHV TXH OD SUHFHGLHURQ FRQ ODV PHGLGDV GH WRGRHO WHDWUR\VXVSDUWHV FRQDOJXQDPD\RUH[DFWLWXGVtELHQHOGLEX[R HVWiKHFKDFRQSRFDLQWHOLJHQFLD ª  (Q3DOyVUHHGLWyODGLVHUWDFLyQDQWHULRUDxDGLpQGROHODVQXHYDV LQWHUYHQFLRQHVUHDOL]DGDVHQHOWHDWURFRPRELHQORH[SUHVDHQHOWtWXORGHOD REUD ©TXH UHLPSULPH DxDGLHQGR XQD UHODFLyQ GH ODV REUDV TXH VH KDQ KHFKRHQHO7HDWUR\GHO5HFLWDGRTXHGL[RGHVGHODHVFHQDGHOPLVPRDO 5H\QXHVWUR6HxRUTXDQGRHVWXYRDYHUOH DOWUiQVLWRSDUD9DOHQFLDHQHO DxRª  (VDVLQWHUYHQFLRQHVFRQHOSHUPLVRSUHYLRGHOD$FDGHPLD WHQtDQ FRPR REMHWLYR OD FRQVHUYDFLyQ GHO WHDWUR ©$XQTXH HO WHDWUR HVWi EDVWDQWH ELHQ FRQVHUYDGR FRQ DGPLUDFLyQ GH TXDQWRV YLHQHQ i YHUOR \ FRPRTXHHQHOVHKD]HQIXQFLRQHV'UDPDWLFDVFRORFiQGRVHHQVX*UDGHULR TXDWURPLO 3HUVRQDV TXHGDQGR OXJDU SDUD VHLVPLO PDV FRQ WRGR HQ HO 3RUWLFR6XSHULRUDPDQD]DUXLQD\DYLHQGRWHQLGRHOKRQRUGHDFRPSDxDUDO   3DORVSS  2UWL]\6DQ]SS  3DOyV   5H\ 1XHVWUR 6HxRU i YHUOD TXDQGR SDVy D 9DOHQFLD PDQGR 60 DO 0LQLVWUR GH HVWDGR PH FRQVLJQDVH HO GLQHUR TXH VH QHFHVLWDVH SDUD VX UHSDUDFLyQORTXHQRVHKDYHULILFDGRHQPHGLRGHYDULRV0HPRULDOHVTXH OHKHGLULMLGRVLQGXGDSRUIDOWDGHGLQHUR\FRPRVHQWLULDHQHO$OPDTXH VHDUUXLQDVHWDQJUDFLRVRHGLILFLRSXEOLFRTXHHVODJORULDGH(VSDxDORTXH YDDVXFHGHUGHQWURGHSRFRVDxRVVLQRVHKDFHQHQHOREUDVSUHFLVDVSDUD VRVWHQHUOH DYLHQGRPH 'LFKR TXH SURSRQJD DOJXQ DGYLWXV y SUR\HFWR \ HQFRQWUiQGRPHDFWXDOPHQWH$OFDOGHSHUWHQHFLpQGRPHFRPRDWDOODWHUFHUD SDUWHGHWRGDYtDSHQDV\GHQXQFLDVGHFDPSRGHPRQWHV\GHDJXDTXH XQRVDxRVFRQRWURVVXHOHQDVFHQGHUiWUHVPLOUHDOHVKHUHPLWLGR0HPRULDO $60SRUHO0LQLVWHULRGHHVWDGRVROLFLWDQGRTXHSRUHOKRQRUTXHWXEH GHDFRPSDxDUOHiYHUHVWDV$QWLJHGDGHVPHKDJDOD*UDFLDGHQRPLQDUPH $OFDOGH SHUSHWXR FRQ HO WLWXOR GH *REHUQDGRU \ GH GLFKD WHUFHUD SDUWH GHSHQDVTXH\RFHGRSDUDUHSDUDFLyQGHO7HDWURSRGULDWRGRVORVDxRVLU KDFLHQGRDTXHOODREUDVPDVSUHFLVDV\QHFHVDULDV\YHULILFDUODUHSDUDFLyQ GHO WHDWUR PDQGDGD SRU HO 5H\ FX\R SUR\HFWR SXHGD IRPHQWDU OD UHDO $FDGHPLD SXHV GXUDQWHHOORVPHSDUHFHTXHELHQ SRGUtD DVHJXUDUVHHO 3yUWLFR 6XSHULRU TXH HV GRQGH DPHQD]DED PD\RU UXLQD y SHQVDUDOD $FDGHPLD GH GRQGH SXHGHQ VDFDUVHREUDVWDQSUHFLVDVSDUDTXHQRVH DUUXLQHHVHWHDWURª    1R REVWDQWH XQRV DxRV DQWHV GH OD UHHGLFLyQ GH VX REUD  OD $FDGHPLD GH OD +LVWRULD HQFDUJy  XQ LQIRUPH D 2UWL] \ 6DQ]  VREUH ODV DFWLYLGDGHV GHVDUUROODGDV SRU 3DOyV HQ HO WHDWUR URPDQR GH 6DJXQWR (VH LQIRUPHFRQWHQtDQXPHURVDVGHQXQFLDVUHODFLRQDGDVFRQODVUHVWDXUDFLRQHV UHDOL]DGDVSRU3DOyVSDUDHYLWDUHOGHWHULRURGHOHGLILFLR©'L[H \ DKRUD UHSLWR TXH VX 6HxRUtD FDUHFLHQGR GH WRGD QRFLyQ DUTXLWHFWyQLFD \ GUDPiWLFD DQWLJXD GHELD KDEHUVH FRQWHQWDGR FRQ VHU XQ &RQVHUYDGRU PDWHULDOyGHORVPDWHULDOHV\UXLQDVGH6DJXQWRFRQWDSLDUORVDJXMHURV\ URWXUDVGHHOODVTXH96PLVPRTXDQGRPXFKRFRQ]HODUVXSHUPDQHQFLD   3DORV  \GXUDFLyQDKX\HQWDQGRVXVSURIDQDIRUHV\GHVWUXFWRUHV  0X\6HxRUPLR&RUUHVSRQGLHQGRiODKRQURVDFRQILDQ]DTXHOD6DOD GH $QWLJHGDGHV KD TXHULGR KDFHU GH PLV FRUWDV OXFHV HQ RUGHQ i OD VROLFLWXGGH QXHVWUR$FDGHPLFR HO 6 (QULTXH 3DORV GLJR FRQ PLQDWXUDO LQJHQXLGDGTXHHOPHULWRGHHVWHQXHVWURLQGLYLGXRSDUDORTXHSUHWHQGHQR HVWi HQ OD LQWHOLJHQFLD FLHQWtILFD GH ORV PRQXPHQWRV TXH GHVFULEH y FLWD H[LVWHQWHV HQ 6DJXQWR (VWR FLHUWDPHQWH QR KDFH PX\ DFUHHGRU D TXH QXHVWUDFLUFXQVSHFWD$FDGHPLDVHFRPSURPHWDpLQWHUHVHHQVXSUHWHQVLyQ 3HUR OR PHUHFH PXFKR SRU VX FRQWLQXR GHVYHOR \ FXLGDGR HQ FRQVHUYDU DTXHOODVYHQHUDEOHVUHOLTXLDVOLEHUWiQGRODVHQFXDQWRSXHGHGHODVLQMXULDV GHOWLHPSR\PDQRVDWUHYLGDV 1RKDELHQGRHQFRQWUDGRPHGLRVFRQTXHDFXGLUDOUHSDURGHODUXLQD TXHH[SHULPHQWD \ OHDPHQD]D DXQTXHKDWHQWDGRYDULRV SDUHFH TXHHO TXHDKRUDSURSRQHQRHVDGPLVLEOHDXQTXHDOJRyPXFKRLQWHUHVDGRSRU QRJUDYRVRDQDGLH&RQWRGRHVRDXQGHVSXpVGHFRPSXHVWRV\MXQWRV DOJXQRVIRQGRVSDUDORVDSHRVQRFRQWHPSORD'3DORVVXMHWRDSURSyVLWR SDUDGLULJLUODREUDiILQGHTXHQRVHJDVWHPDVQLPHQRVGHORQHFHVDULR 3DUDHVWRVHUHTXLHUHQPD\RUHVOXFHVTXHODVVX\DV ([SOLFDQGRPHPDVHQHVWHPLGLFWDPHQVLQRKDEODVHDXQFXHUSRGH VDELRV TXH HQWHQGLHUD OR TXH GLJR \ HQWHQGLHUD VX FRPSUHKHQVLyQ PDV DOODGHPLVSDODEUDVª   (VWH LQIRUPH OH  JHQHUy  XQ HQIUHQWDPLHQWR FRQ 3DOyV TXH VH PDWHULDOL]y HQ YDULRV HVFULWRV  FRPR  OD &DUWD GH ' (QULTXH 3DORV \ 1DYDUUR$ERJDGRGHORV5HDOHV&RQVHMRV-XH]&RQVHUYDGRUSRU60GH WRGDVODV$QWLJHGDGHVGHOD0HPRUDEOHFLXGDGGH6DJXQWRGHVSXpV9LOOD GH0XUYLHGURDO'HDQGHVDQ)HOLSH'-RVHSK2UWL]HQODTXDO OHKDFH HYLGHQWHV ODV IDOVHGDGHV TXH GLMR GHO IDPRVR 7HDWUR 6DJXQWLQR\ SRU HO FRQWUDULR  5HVSXHVWD GHO 'RFWRU -RVHI 2UWL] GHiQ GH OD ,QVLJQH   2UWL]\6DQ]SS   &ROHJLDOGHODFLXGDGGH-iWLYDDODFDUWDTXHOHGLULJLyGRQ(QULTXH3DORV \1DYDUUR   6HJ~Q5RGUtJXH]5XL]  ODFUtWLFDGH2UWL]VHGHEtDSULQFLSDOPHQWHDO HQIUHQWDPLHQWR LQLFLDGR HQ ORV SULPHURV DxRV GH OD VHJXQGD PLWDG GHO ;9,,,  HQWUH ORV ©HVWXGLRV DQWLFXDULRVª SHUVRQLILFDGRV HQ 3DOyV \ 1DYDUUR D~Q YLJHQWHV \ ORV ©QXHYRV PpWRGRV GH OD DUTXHRORJtDª SHUVRQLILFDGRVHQ2UWL]\6DQ]TXHHVWDEDQGHIHQGLGRV\SURPRYLGRV SRUHUXGLWRVHXURSHRVGHODWDOODGH:LQFNHOPDQQ  $SDUWHGHVXSROpPLFDGLVHUWDFLyQHQOD5HDO$FDGHPLDGHOD+LVWRULD TXHGyPDQXVFULWDXQDREUDIHFKDGDHQEDMRHOWtWXORGH5HODFLyQGH ODVDQWLJHGDGHVTXHHQHOGtDH[LVWHQHQODPHPRUDEOHFLXGDGGH6DJXQWR GHVSXpV 0XUYLHGUR SRU ' (QULTXH 3DORV \ 1DYDUUR $ERJDGR GH ORV 5HDOHV&RQVHMRVDFWXDO$OFDOGHRUGLQDULRGHODPLVPD-XH]&RQVHUYDGRU SRU650GHWRGDVHOODV$FDGpPLFRGHOD5HDO$FDGHPLDGHOD+LVWRULD GH9LOOD\&RUWHGH0DGULG   /RVHVWXGLRVGHPRQXPHQWRVDUTXLWHFWyQLFRVSURPRYLGRVSRU OD5HDO$FDGHPLDGH%HOODV$UWHV  /RV HVWXGLRV GH ODV DQWLJHGDGHV HQWUH HOORV ORV GHGLFDGRV D ORV PRQXPHQWRVDUTXLWHFWyQLFRVDQWLJXRVSURPRYLGRVSRUOD5HDO$FDGHPLD GH%HOODV$UWHVVHFHQWUDEDQHQHOFDUiFWHUDUWtVWLFRGHODSLH]DREYLDQGR FDVL HQ VX WRWDOLGDG ODV UHIHUHQFLDV KLVWyULFDV /D LPSRUWDQFLD GH OD UHSUHVHQWDFLyQ JUiILFD FRQVLGHUDGD FRPR EDVH GH HVWRV HVWXGLRV VH YHUi UHIOHMDGD HQ ODV LQVWUXFFLRQHV UHGDFWDGDV SRU GLFKD LQVWLWXFLyQ SDUD HO GHVDUUROORGHVXVSUR\HFWRV(QHOODVGHPDQHUDSRUPHQRUL]DGDVHLQGLFDED FyPR GHEtDQ VHU GLEXMDGRV ORV  UHVWRV HVWXGLDGRV (QWUH HVWRV WUDEDMRV   3DORV2UWL]\6DQ]2UWL]\6DQ]6REUHODSROpPLFDHQWUH2UWL]\6DQ]\ 3DORV\1DYDUURYHU%UXL9LGDO/HyQSS\  5RGUtJXH]5XL]S  GHEHPRVGHVWDFDUHOHVWXGLRGHODV$QWLJHGDGHVÈUDEHVGH(VSDxD  TXH KDEtDVLGRJHVWDGRSRUODSUHRFXSDFLyQGH-RVpGH+HUPRVLOOD  DQWHODPiV TXH HYLGHQWH GHJUDGDFLyQ GH ORV ©5HWUDWRV GH ORV 5H\HV 0RURV GH *UDQDGDª (QOD$FDGHPLDGH%HOODV$UWHVHQFDUJyD-RVpGH+HUPRVLOOD MXQWR FRQ -XDQ GH 9LOODQXHYD \ 3HGUR $UQDO HVWXGLDU ODV $QWLJHGDGHV ÈUDEHVGH(VSDxD  (VWHSUR\HFWRWXYRVXSDUDOHORHQRWURSURPRYLGRSRU OD5HDO$FDGHPLDGHOD+LVWRULDEDMRODGLUHFFLyQGH0LJXHO&DVLUL  6LQ HPEDUJRORVREMHWLYRVGH DPERV SUR\HFWRV HUDQGLIHUHQWHV SRVLEOHPHQWH GHELGR D TXH IXHURQ SURPRYLGRV SRU LQVWLWXFLRQHV GLVWLQWDV /D 5HDO $FDGHPLD GH%HOODV$UWHV GH6DQ )HUQDQGROR SUR\HFWy EDMRXQD YLVLyQ DUTXLWHFWyQLFRPRQXPHQWDOPLHQWUDVTXHOD5HDO$FDGHPLDGHOD+LVWRULD VH YROFy HQ OR GRFXPHQWDO EDVDGR HQ OD UHFRJLGD GH LQIRUPDFLyQ SURSRUFLRQDGDSRUODHSLJUDItD\ODQXPLVPiWLFD(VWDWDUHDIXHUHDOL]DGD SRU 3 -RVp %DQTXHUL )U )UDQFLVFR &DxHV \ -RVp GH +HUPRVLOODTXLpQ DGHPiVSDUWLFLSyHQHVHPLVPRSUR\HFWRDXVSLFLDGRSRUOD$FDGHPLDGH %HOODV$UWHV   6REUHORVHVWXGLRVGHORVUHVWRViUDEHVHQHOVLJOR;9,,,YHU5RGUtJXH]5XL]  -RVpGH+HUPRVLOODQDFLy D SULQFLSLRV GHO ;9,,, HQ /OHUHUD %DGDMR] 6X IRUPDFLyQHQ LQJHQLHUtDPLOLWDU\DUTXLWHFWXUDOHSHUPLWLyVHUSHQVLRQDGRHQ5RPDSRUOD5HDO$FDGHPLDGH %HOODV$UWHVGH6DQ)HUQDQGRGH0DGULGHQ(QHVWDHVWDQFLDURPDQDHQWUyHQFRQWDFWR FRQSHUVRQDMHVGHODWDOODGH))XJDTXLHQORLQLFLyHQHOGLEXMRGHPRQXPHQWRVDQWLJXRV(V FRQVLGHUDGR MXQWR FRQ 9HQWXUD 5RGUtJXH] \ )UDQFLVFR 6DEDWLQL  XQR GH ORV DUTXLWHFWRV PiV LPSRUWDQWHGHOUHLQDGRGH&DUORV,,,(QWUHVXVREUDVPiVGHVWDFDGDVHVWiHO+RVSLWDO*HQHUDO GH0DGULGDFWXDO&HQWURGH$UWH5HLQD6RItDHOFROHJLRGH6DQ%DUWRORPp6DODPDQFD\HO WUD]DGRGHO6DOyQGHO3UDGR0DGULG&RPRFXOPLQDFLyQGHVXFDUUHUDOOHJyDVHU'LUHFWRUGHOD $FDGHPLDGH%HOODV$UWHVGH0DGULG  6REUHODV$QWLJHGDGHVÈUDEHVGH(VSDxDYHU5RGUtJXH]5XL]6DODV  0DVVDG   8QRVDxRVDQWHVGHTXHOHHQFDUJDUDQD-RVpGH+HUPRVLOODHOHVWXGLRV GH ORV UHVWRV iUDEHV  OD DFDGHPLD GH %HOODV $UWHVFRPLVLRQyD0DQXHO-LPpQH]SDUDFRSLDU ORVUHWUDWRVGHUH\HVPRURV\ORVGLEXMRVGHODV EyYHGDV GH OD $OKDPEUD (O REMHWLYR HUD FRQVHUYDU VyOR D WUDYpV GHO GLEXMR \ VLQ LQWHUYHQLUHQORVUHVWRV(VWHWUDEDMRQRVHOOHYy D FDER SRU GLYHUVRV PRWLYRV \ HQ  IXH UHWRPDGRSRU'LHJR6iQFKH]6DUDELD)LJ\  /D $FDGHPLD UHGDFWy XQD LQVWUXFFLyQ IHFKDGDHOGHGLFLHPEUHGHHQODTXHVHHVWDEOHFLHURQORVFULWHULRV DVHJXLUHQODVUHSUHVHQWDFLRQHVJUiILFDVGHOD$OKDPEUD'RVDxRVGHVSXpV 6iQFKH]HQWUHJyGRVWRPRVHQORVTXHUHFRJtDODDUTXLWHFWXUDSLQWXUDH LQVFULSFLRQHV KDOODGDV HQ OD $OKDPEUD  3HUR OD $FDGHPLD QR TXHGy VDWLVIHFKDFRQODFDOLGDGGHOWUDEDMR\VHORHQFDUJyD-RVpGH+HUPRVLOOD )LJ\  2WUR GH ORV HVWXGLRV D GHVWDFDU HV HO UHDOL]DGR SRU )HUQDQGR 5RGUtJXH]  VREUHODVDQWLJHGDGHVDUTXLWHFWyQLFDVURPDQDVGH0pULGD (QVHSUHVHQWyDORVH[iPHQHVSDUDODREWHQFLyQGHOWtWXORGH0DHVWUR GH2EUDVSHURQRORORJUy1RVHVDEHH[DFWDPHQWHFXiQGRORFRQVLJXH SHURVHVLW~DHQWUHDEULOGH\HOGHPDU]RGH$OLFLD&DQWR   &DUPHQ +HUDV \ 6LOYLD $UEDL]D   GLHURQ XQ SHUtRGR PiV DPSOLR TXH OOHJDED KDVWD QRYLHPEUH GH  SDUD TXH FRLQFLGLHVH FRQ ODV SULPHUDV OiPLQDVTXH)HUQDQGR5RGUtJXH]HQYLyDOD$FDGHPLD\HQODVTXHDSDUHFH PHQFLRQDGRFRPR0DHVWURGH2EUDV6LQHPEDUJRKHPRVORFDOL]DGRXQD FDUWDIHFKDGDHOGHPDU]RGHHQODTXH5RGUtJXH]VHSUHVHQWDED FRPR0DHVWURGH2EUDV\VROLFLWDEDDOD$FDGHPLDXQDVFHQVRD0DHVWUR   6REUHODELRJUDItDGH)HUQDQGR5RGUtJXH]DQWHULRUDQRVHKDFRQVHJXLGRGDWRDOJXQR (Q$UEDL]D\+HUDV&DQWR&DEDOOHUR  &DQWR  $UEDL]D\+HUDV   $UTXLWHFWR GH ([WUHPDGXUD 3RU HVWH HVFULWR QR VyOR VDEHPRV TXHKDEtD FRQVHJXLGR HO WtWXOR GH 0DHVWUR GH 2EUDV HQ XQ SHUtRGR GH WLHPSR PiV UHGXFLGRVLQRWDPELpQODFDXVDGHOHQYtRGHORVGLEXMRVDOD5HDO$FDGHPLD GH %HOODV $UWHVGH 6DQ )HUQDQGRTXH HQHO WUDEDMR PiVUHFLHQWH VREUHpO UHDOL]DGR SRU $OLFLD &DQWR QR VH VDEtD /D  LQVWLWXFLyQ OH UHVSRQGH QHJDWLYDPHQWHDODSHWLFLyQGHOQXHYRFDUJRSRUVXIDOWDGHIRUPDFLyQ\D TXH SDUD HO QRPEUDPLHQWR GH 0DHVWUR $UTXLWHFWR GHEtD SDVDU SRU XQRV H[iPHQHVPX\GXURV\pOSDUHFtDFDUHFHUGHORVFRQRFLPLHQWRVQHFHVDULRV $SDUWH GH VX VROLFLWXG GH DVFHQVR 5RGUtJXH] VH RIUHFLy SDUD  HO OHYDQWDPLHQWRGHORVSODQRVGHORVUHVWRVGHODVDQWLJHGDGHVURPDQDVGH 0pULGD/D$FDGHPLDDFFHGLyDHVWDSURSRVLFLyQSHURVyORSRGUtDGLEXMDU ORV UHVWRV ORV DUTXLWHFWyQLFRV  5RGUtJXH]  D FDPELR GH VXV VHUYLFLRV VROLFLWyXQ VXHOGR  SHUR OD$FDGHPLDFRQVLGHUy TXH VyOROH SDJDUtDQ XQD FDQWLGDGTXHVHUtDFDOFXODGDSRUDOJXQRVORVPLHPEURVGHOD,QVWLWXFLyQ\ HQ IXQFLyQ   GH OD  FDOLGDG GH ORV GLEXMRV ©(QWHUDGD OD $FDGHPLD GHO FRQWHQLGRGHOSDSHOGH9,DFRUGyGHVGHOXHJRTXHVHOHLQIRUPDUDVHJ~QOR TXH UHVXOWDUH GH ODV 5HDOHV RUGHQHV \ DFXHUGRV VREUH HVWH DVXQWR &RQ HIHFWRKDELpQGRVHEXVFDGRWRGRVORVDQWHFHGHQWHV \SHGLGRWDPELHQ DOD &RPLVLRQGH$UTXLWHFWXUDLQIRUPHGHORTXHHQHOODFRQVWDVHDFHUFDGHHVWH QHJRFLR UHVXOWD 4XH FRQ 5HDO 2UGHQ GH  GH 0DU]R GH  VH SDVy LQIRUPHDOD$FDGHPLDSRUHOPLQLVWHULRGH(VWDGRXQPHPRULDOTXHKDELD SUHVHQWDGRGRQ)HUQDQGR5RGUtJXH]0DHVWURGHREUDVDSUREDGRSRUHVWH 5HDO &XHUSR \ YHFLQR GH 0HULGD HQ HO TXDO VROLFLWDED VH OH QRPEUDVH 0DHVWUR$UTXLWHFWRGHOD3URYLQFLDGH([WUHPDGXUD\VH OHGLHVHXQ VXHOGR y VDODULR VREUH ORV SURSLRV \ DUELWULRV GH DTXHOOD &LXGDG RIUHFLHQGR HQWUH RWUDV FRVDV FRQWHQLGDV HQ VX PHPRULDO HO OHYDQWDU SODQRVGHODV$QWLJHGDGHV5RPDQDVTXHDKXQH[LVWHQHQ0HULGD/D $FDGHPLDVRORMX]JRDWHQGLEOHHQWUHODVSUHWHQVLRQHVGH5RGUtJXH]OD SURPHVD TXH KDFLD GH FRSLDU RWUDV $QWLJHGDGHV \ DVL DFRUGR TXH UHVWULQJLGD VX VROLFLWXG D HVWH VROR SXQWR VH OH UHFRPHQGDVH DO   PLQLVWHULR GH (VWDGR \ D ILQ GHTXHSXGLHVHOHYDQWDUORVSODQRV GH DTXHOODV5XLQDV DQWLJXDV HQ FX\D GHOLQHDFLyQVH KDELD \DH[HUFLWDGR ELHQ TXH QL VHxDODUOH SHQVLRQ QL VXHOGR DOJXQR VLQR GiQGROH XQD JUDWLILFDFLyQyUHFRPSHQVDiSURSRUFLRQGHORTXHIXHVHWUDEDMDQGR  60 WXYR i ELHQ GH FRQIRUPDUVH FRQ HO SDUHFHU GH OD $FDGHPLD FRQWHQLGR HQ HO LQIRUPH TXH SRU PL PHGLR VH H[SXVR DO PLQLVWHULR GHO (VWDGRFRQRWUDGHGH$EULOGHRWURDxRGH\HQYLUWXGGH5HDO2UGHQ GH  GH 0D\R  VLJXLHQGR VH OH SUHYLQR TXH GLHUH D 5RGUtJXH] ODV LQVWUXFFLRQHV QHFHVDULDV SDUD HO DFHUWDGR GHVHPSHxR GH HVWD FRPLVLRQ \ TXHH[DPLQDUH\MX]JDUHVXVWUDEDMRVDILQGHDVHJXUDUOHDVLGHXQSUHPLR SURSRUFLRQDGRDOPHULWRGHODVREUDVTXHIXHUHSUHVHQWDQGRª    (O  GH MXOLR GH  OD $FDGHPLD DFRUGy FXiOHV GHEtDQ VHU ODV LQVWUXFFLRQHV \ VH ODV HQYLy D 5RGUtJXH] SDUD TXH FRPHQ]DVH (Q WHUPLQyVXHQFDUJRFRQXQWRWDOGHGLEXMRVHQWUHJDGRVDOD$FDGHPLD  /RVHVWXGLRVGHPRQXPHQWRVDUTXLWHFWyQLFRVSURPRYLGRVSRU OD&RURQD 3DUDOHORDHVWRVHVWXGLRVGHODVDQWLJHGDGHVDQWHULRUPHQWHH[SXHVWRV VH HQFRQWUDEDQ RWURV YLDMHV R SUR\HFWRV FRQ GLIHUHQWHV REMHWLYRV HFRQyPLFR DUWtVWLFR HFOHVLiVWLFR DUTXLWHFWyQLFR HQWUH RWURV TXH IXHURQ SURPRYLGRV GLUHFWDPHQWH SRU OD FRURQD (QWUH HOORV HVWDEDQ  OD(VSDxD6DJUDGDGHO 3 (QULTXH )OyUH]    HQ OD TXH VH UHWRPy HO SUR\HFWR GH 0D\DQV VREUH HO HVWXGLR GH OD +LVWRULD (FOHVLiVWLFD GH (VSDxD TXH DQWHULRUPHQWH VH KD   5RGUtJXH]&DUWDGH$JXVWtQ%HWDQFRXUWIHFKDGDHOGHDEULOGHGLULJLGDD )HUQDQGR5RGUtJXH]/DVQHJULWDVVRQQXHVWUDV  )UD\(QULTXH)OyUH]\6HWLHQQDFLyHQ9LOODGLHJR%XUJRVHQ(VWXGLy7HRORJtDHQOD 8QLYHUVLGDGGH6DODPDQFD\9DOODGROLGGRFWRUiQGRVHHQGLH]DxRVGHVSXpVGHVXLQJUHVR HQ OD RUGHQ GH ORV DJXVWLQRV  (Q  FRQVLJXLy OD &iWHGUD GH 7HRORJtD HQ OD 8QLYHUVLGDG &RPSOXWHQVH(QWUHVXVREUDVSRGHPRVGHVWDFDUOD(VSDxD6DJUDGD0HGDOODVGH ODV&RORQLDV0XQLFLSLRV\3XHEORV$QWLJXRVGH(VSDxD\0HPRULDVGHODVUHLQDV FDWyOLFDV0XULyHQ0DGULGHQ0RUD0RUD6DODV  FRPHQWDGR3DUDVXGHVDUUROORYLDMySRUWRGD(VSDxD\YLVLWy WRGRVORV DUFKLYRV HFOHVLiVWLFRV SDUD REWHQHU OD PD\RU OD GRFXPHQWDFLyQ SRVLEOH 5HFRJLyODVDQWLJHGDGHVHQWUHHOODVORVPRQXPHQWRVDUTXLWHFWyQLFRVFRQ FRPHQWDULRV  R GHVFULSFLRQHV  TXH YHQtDQ DFRPSDxDGRV GH XQD UHSUHVHQWDFLyQ JUiILFD GHO UHVWR HVWXGLDGR 7DQWR ORV WH[WRV FRPR ODV LOXVWUDFLRQHVYDUtDQHQFDOLGDGSRUTXHQRIXHURQGHVFULWRVRGLEXMDGRVSRU XQPLVPRDXWRU)OyUH]VROtDXWLOL]DUORVHVWXGLRVGHRWURVHUXGLWRVDXQTXH QRIXHVHQFRQWHPSRiQHRV\FRPRFRQVHFXHQFLDWUDQVFULELyWH[WRVTXHQR UHFRJtDQORVFDPELRVSRUDFFLyQPHGLRDPELHQWDORSRULQWHUYHQFLRQHVGHO KRPEUHTXH VHKDEtDQSURGXFLGRHQGLFKRVUHVWRV DORODUJRGHOWLHPSR (VWRKDPHUPDGRHQSDUWHODFDOLGDGGHVXREUD (O9LDJHGH(VSDxDGH$3RQ]  VHSXEOLFySRUSULPHUDYH]HQ \SRVWHULRUPHQWHDSDUFyVXSUR\HFWRSDUDLQLFLDUVXYLDMHSRU(XURSDHQ  TXH IXH SXEOLFDGR HQ  EDMR HO  WLWXOR 9LDJH IXHUD GH (VSDxD 3RQ]  UHWRPy VX YLDMH SRU (VSDxD HQ FRQODLQWHQFLyQGHVXEVDQDUDOJXQRVHUURUHV (Q3RQ]HPSUHQGLyVXYLDMHSRU(VSDxDFRQ HO REMHWLYR GH UHFRJHU WRGD LQIRUPDFLyQ HFRQyPLFD VRFLDO \ DUWtVWLFD GHO SDtV  SDUD GHIHQGHUOD GH ODV EODVIHPLDV  GH DTXHOORV YLDMHURV H[WUDQMHURV FRPR HO 3   $QWRQLR3RQ]QDFLyHOGHMXQLRGHHQ%HFKtV&DVWHOOyQ (VWXGLy *UDPiWLFD \ +XPDQLGDGHV HQ HO VHPLQDULR GH 6HJRUEH \ 7HRORJtD HQ OD 8QLYHUVLGDG GH 9DOHQFLD 6X YLQFXODFLyQFRQODIXQGDFLyQGHOD5HDO$FDGHPLDGH%HOODV$UWHVGH6DQ)HUQDQGRGH0DGULG OHSHUPLWLySHUIHFFLRQDUVXVFRQRFLPLHQWRVGHSLQWXUD)XHPLHPEURGHOD5HDO$FDGHPLDGH +LVWRULD6HFUHWDULRGHOD5HDO$FDGHPLDGH%HOODV$UWHVGH6DQ)HUQDQGRGH0DGULG\PLHPEUR GHLQVWLWXFLRQHVH[WUDQMHUDVFRPROD/RQGRQ6RFLHW\RI$QWLTXDULHVOD$FDGHPLDGH6DQ/XFDV \ODGHORV$UFDGHV5HVLGLyHQ5RPDFDVLGLH]DxRVGRQGHHQWUyHQFRQWDFWRFRQODVQXHYDV FRUULHQWHVDUWtVWLFDVGHIHQGLGDVSRU--:LQFNHOPDQQ\$0HQJVHQODVTXHHOFODVLFLVPRWHQtD XQOXJDUSUHGRPLQDQWHHQGHWULPHQWRGHO%DUURFR9LVLWy3RPSH\D\+HUFXODQRHQFRPSDxtD GHO 'XTXH GH $OPRGyYDU \ )UDQFLVFR 3pUH] %D\HU   GLEXMy \ HVWXGLy  ORV PRQXPHQWRV DQWLJXRVGH ,WDOLDHWF7RGDHVWDIRUPDFLyQIXHLPSUHVFLQGLEOHSDUDUHDOL]DUXQSUR\HFWRTXH OOHJy D IRUPDU SDUWH GH ORV PiV IDPRVRV YLDMHV GH OD ,OXVWUDFLyQ HXURSHD 0XHUH HO  GH GLFLHPEUH GH  HQ 0DGULG 6REUH 3RQ] YHU 'DQWtQ  *LPHQR  /ySH] 7UXMLOOR 6DODV   1RUEHUWR &DLPR   (VWD REUD HVWi FRPSXHVWD SRU  WRPRV HO SULPHUR SXEOLFDGRHQ\HO~OWLPRHQFXDQGR3RQ]\DKDEtDPXHUWR(VWH YLDMHQRVyORWXYRXQDJUDQDFRJLGD\GLIXVLyQHQ(VSDxDUHHGLWiQGRVHHQ YDULDVRFDVLRQHVVLQRTXHIXHGLVWULEXLGRHQGLIHUHQWHVSDtVHV\WUDGXFLGRD GLVWLQWDVOHQJXDV(OHVWLORJUDPDWLFDOXWLOL]DGRHQODUHGDFFLyQGHOYLDMHHV ODHStVWROD\HQHOODUHFRJLyWRGDODLQIRUPDFLyQQHFHVDULDSDUDKDFHUXQ HVWXGLR GH OD VLWXDFLyQ GH (VSDxD \ SRGHU UHIRUPDU DTXHOOR TXH IXHVH QHFHVDULRSDUDHOGHVDUUROORGHOSDtV 3DUD UHIHUHQFLDU R HVWXGLDU DOJXQRV PRQXPHQWRVGHODDQWLJHGDGXWLOL]yGHVFULSFLRQHVDQWHULRUHVDOLJXDOTXH )OyUH] \ SRU HQGH  FRPHWLy JUDQGHV HUURUHV     /D PD\RUtD GH ORV FRPHQWDULRV UHODFLRQDGRV FRQ PRQXPHQWRV DUTXLWHFWyQLFRV YHQtDQ DVRFLDGRVDXQDOiPLQDUHDOL]DGDGXUDQWHVXYLDMHRELHQLQFRUSRUDEDODVGH RWURHVWXGLR3DUD3RQ]HUDLPSRUWDQWHODLQFOXVLyQGHGLEXMRVSHURVLHUD SRVLEOH UHDOL]DGRV SRU DUTXLWHFWRV ©(O $UTXLWHFWR GHEH VHU HUXGLWR HQ OHWUDV LQVWUXLGR HQ KLVWRULD IXQGDGR FRQ VROLGH] HQ OD $ULWPpWLFD \ *HRPHWUtD +D GH VDEHU OD 0HFiQLFD OD 2SWLFD \ 3HUVSHFWLYD /H VRQ QHFHVDULRV JUDQ Q~PHUR GH FRQRFLPLHQWRV TXH SHUWHQHFHQ i OD )tVLFD H[SHULPHQWDO\KDGHSRVHHUFRPRDUWHVGHODVPDVFRQGXFHQWHVHO$UWH GH GLEXMDU ILJXUDV 6L DOJXQR GL[HUH TXH WRGDV HVWDV FRVDV VRQULGtFXODV H[kJUDFLRQHVVHOHVGHPRVWUDUiTXHVDEHPX\SRFRGHORTXHGLFHª    2WURVGHORVSUR\HFWRVDXVSLFLDGRVSRUODFRURQDIXHHOSUHVHQWDGRSRU -RVp2UWL]\6DQ]  SDUDHOHVWXGLRGHODVDQWLJHGDGHVGH(VSDxD\TXHVH   6REUHHVWDSROpPLFDYHUHODSDUWDGR9LDMHV\YLDMHURVHQHOVLJOR;9,,,  6HUHFRJLyDOJXQDVDQWLJHGDGHVSUHUURPDQDVRLVOiPLFDVTXH\DQRH[LVWtDQRGHVFULSFLRQHV FRPRODGH$PEURVLRGH0RUDOHVGHOVLJOR;9,GHODOPLQDUGHOD PH]TXLWDGH&yUGREDHQOD TXHQRUHFRJLyODLQWHUYHQFLyQSRVWHULRUGH+HUQiQ5XL]GH  3RQ]3UyORJRGHOWRPR,9FDUWD9,,,FXDQGRLQWURGXFH HO HVWXGLR GHO WHDWUR VDJXQWLQR  -RVp2UWL]\6DQ]QDFLyHOGHVHSWLHPEUHGHHQ$\HORGH0DOIHULW9DOHQFLD(VWXGLy )LORVRItD \ 7HRORJtD HQ OD 8QLYHUVLGDG GH 9DOHQFLD  'HUHFKR &DQyQLFR \ &LYLO HQ OD 8QLYHUVLGDGGH2ULKXHOD\HQWUHUHFLELyFODVHVGHGLEXMRQDWXUDO\PRGHODGR HQ OD 8QLYHUVLGDG GH 9DOHQFLD 'HVGH  KDVWD  UHVLGLy HQ,WDOLDFRQHOREMHWLYRGH HVWXGLDU LQ VLWXORVUHVWRVGHODVDQWLJHGDGHVURPDQDV9LVLWy\GLEXMyFRQD\XGD GH ORV SHQVLRQDGRV GH OD 5HDO $FDGHPLD GH 6DQ )HUQDQGR ORV UHVWRV URPDQRV SULQFLSDOPHQWH ORV DUTXHLWHFWyQLFRVGH1iSROHV3R]]XROL%DLD+HUFXODQR3RPSH\D3HVWR\3RVLGRQLD7UDGXMR ORVWUDWDGRVGHDUTXLWHFWXUDGH9LWUXYLR\GH3DOODGLR\HVFULELy&RQWLQXDFLyQGHOD+LVWRULDGH  OD&DO]DGD\PHHVLQHVFXVDEOHODGLOLJHQFLDGHUHSHWLU\FRPSUREDUHVWDV PLVPDVREVHUYDFLRQHVFRQHOFRUGHOGHYDUDV&DVWHOODQDVTXHSDUDHOOR XVyHO0DHVWUR(VTXLYHO7DPELpQPHVHJXUDTXHYLHQH60HQTXHSDVH 96 FRPR OR SURSRQH KDVWD 6DODPDQFD VLJXLHQGR HO FDPLQR GH OD3ODWD SDUDIRUPDUHOFRWHMRGHOSLH5RPDQRFRQHO(VSDxROª  ©(OGtDVDOLGH 6DQ3HGURGHO5RVDGRUHWURFHGLHQGRSRUHOPLVPRFDPLQR\REVHUYDQGR WRGDOD&DO]DGDDQWLJXDTXHGHVGH6DODPDQFDYDKDVWD0pULGD\OODPDQ FRP~QPHQWHFDPLQRGHODSODWD(OGtDGHVGH9DOYHUGHSRUOD&DO]DGD KDVWD %DxRV KD]LHQGR QXHVWUD MRUQDGD ODV PHGLGDV GH ODV PLOODV SDUD DYHULJXDUHOYHUGDGHURWDPDxRGHOSLH(VSDxRODQWLJXR\ODH[WHQVLyQGH ODVPLOODV5RPDQDVª   /DV UHSUHVHQWDFLRQHV JUiILFDV GH ORV PRQXPHQWRV DUTXLWHFWyQLFRV UHDOL]DGDVSRU (VWHEDQ5RGUtJXH] HVWDEDQ IRUPDGDVSRU SODQWD DO]DGR\ VHFFLRQHVHQODVTXHODDXVHQFLDGHODVYLVWDVRSHUVSHFWLYDVHUDHYLGHQWH 3RVLEOHPHQWH HVWD RPLVLyQ HVWXYLHVH UHODFLRQDGD  FRQ OD SRVWXUD TXH GHIHQGtDQ ORV  PLHPEURV GH OD $FDGHPLD GH %HOODV $UWHV HQ OD TXH VH GHVFDUWDEDQSRUVXIDOWDGHULJRUFLHQWtILFR\REMHWLYLGDG\DTXHVHEDVDEDQ PiV HQ ODV GRWHV DUWtVWLFDV GHO GLEXMDQWH  TXH HQ VX IRUPDFLyQ DUTXLWHFWyQLFD(VWHSRVLFLRQDPLHQWRTXHGyFODUDPHQWHUHIOHMDGRHQODV LQVWUXFFLRQHVGHGHGLFDGDDORVSHQVLRQDGRVHQ5RPD\ODVGH  GHGLFDGDV DO HVWXGLR GH ODV DQWLJHGDGHV iUDEHV GH (VSDxD UHGDFWDGDVSRUORVDFDGpPLFRVGHODFLWDGDLQVWLWXFLyQ  /D,QVWUXFFLyQGH-RVpGH+HUPRVLOOD   (Q  OD 5HDO $FDGHPLD GH %HOODV $UWHV UHGDFWy OD SULPHUD ,QVWUXFFLyQGLULJLGDDORVSHQVLRQDGRVHQ5RPDHQODTXHVHFRQWHPSODED ODVGLUHFWULFHVDVHJXLUHQHOHVWXGLRGHODHVFXOWXUDSLQWXUD\DUTXLWHFWXUD ©/RV SHQVLRQDGRV TXH KDVWD DKRUD VH KDQ PDQWHQLGR HQ 5RPD QR KDQ   9DOGHIORUHV&$*  9DOGHIORUHV&$*  6REUHHVWDLQVWUXFFLyQYHU/ySH]5RGUtJXH]5XL]0ROHyQ   WHQLGR'LUHFWRUQL,QVWUXFFLyQSDUDVXJRELHUQRSRUORTXDOVLHPSUHWXYLPRV SRUSUHFLVRIRUPDUXQDDILQGHTXHORVQXHYRVKDJDQFRQPiVPpWRGR\ DSURYHFKDPLHQWRVXVHVWXGLRV(QFX\DFRQVHTHQFLDGHVHRVRVGHODFLHUWR HQOD-XQWDGHOGH6HSWLHPEUHRUGHQDPRVDORVSURIHVRUHVPiVKiELOHV WUHVGH3LQWXUDWUHVGH(VFXOWXUD\WUHVGH$UTXLWHFWXUDQRVGLHVHQUHSDUDGD \H[WHQVDPHQWHSRUHVFULWRVXVGLFWiPHQHVVREUHHVWHDVXQWRª    /DSDUWHGHGLFDGDDOHVWXGLRGHODDUTXLWHFWXUDIXHUHGDFWDGDSRU-RVp GH+HUPRVLOODHQDUWtFXORV  HQODTXHFRQWHPSOyQRVyORODHVWDQFLDHQ 5RPDGHORVSHQVLRQDGDVVLQRODQHFHVLGDGGHTXHYLVLWDUDQRWURVSDtVHV HXURSHRV FRPR  KDFtDQ ORV MyYHQHV LQJOHVHV GHO FRQRFLGR *UDQG 7RXU ©&RQFOXLGRVORVGRVDxRVSDVDUiQDODVSULQFLSDOHVFLXGDGHVGH,WDOLDFRPR %RORQLD )ORUHQFLD 0LOiQ *pQRYD \ 9HQHFLD 'H DOOt D $OHPDQLD VXV SULQFLSDOHV&RUWHVGHVSXpVD)ODQGHVHQFX\DSHUHJULQDFLyQJDVWDUiQGRV DxRV /RV GRV UHVWDQWHV ORV HPSOHDUiQ HQ 2ODQGD /RQGUHV \ )UDQFLD UHFRQRFLHQGR ORV PDV LQVLJQHV SXHEORV SXHUWRV \ REUDV GH HVWRV SDUDJHVª  3HURHVWDLQVWUXFFLyQQRIXHDSUREDGDSRUHOHOHYDGRFRVWRTXH VXSRQtD QR VyOR OD HVWDQFLD GXUDQWH GRV DxRV HQ 5RPD VLQR ORV YLDMHV SRVWHULRUHV$VtTXHVHUHGXMRDODHVWDQFLDURPDQD\FRQODREOLJDWRULHGDG GHOHQYtRDQXDOGHORVGLEXMRVGHVXVPRQXPHQWRVDUTXLWHFWyQLFRVDQWLJXRV \PRGHUQRV©&RQODPD\RUIUHTHQFLDSRVLEOHKDQGHREVHUYDUPHGLU\ GLEXMDUHOWRGR\ODVSDUWHVHQJUDQGH\ HQSHTXHxRGH ORVHGLILFLRV DQWLJXRV IDPRVRV HQWHURV R PHGLR DUUXLQDGRV TXH KDQ TXHGDGR HQ DTXHOOD&RUWH+DQGHQRWDUVXVVLWXDFLRQHVLQGDJDUODFRQVWUXFFLyQGHVXV IXQGDPHQWRV ODV SUHFDXFLRQHV FRQ TXH HVWiQ KHFKRV ORV FRUWHV GH VXV SLHGUDVODVSURSRUFLRQHVGHORVYDQRVFRQORVPDFL]RVORVDGRUQRVTXHOHV KDQTXHGDGRHWFGLVHxiQGRORWRGRFRQODPD\RUH[DFWLWXG(QFDGDXQR GH ORV GRV DxRV GH UHVLGHQFLD HQ URPD KD GH HQYLDU i OD $FDGHPLD FDGD   &LWDGRHQ/ySH]GH0HQHVHVS  (QXQSULQFLSLRHVWDSDUWHIXHHQFDUJDGDD9HQWXUD5RGUtJXH]SHURSRUPRWLYRVGHVDOXGQR SXGRUHDOL]DUOD  &LWDGRHQ/ySH]GH0HQHVHVS$UWtFXOR  SHQVLRQDGRGLEXMRVJHRPHWULFRVGHVHLVGHORV PiVH[FHOHQWHVHGLILFLRV DQWLJXRV HQ SDSHOHV LJXDOHV TXH SXHGDQ IRUPDU XQ OLEUR VX WDPDxR XQ SOLHJRGHPDUFDGH2ODQGDSURSRUFLRQDGRDpOODHVFDOD1RVRORKDQGH GLEXMDU\UHPLWLUODSODQWD\HOHYDFLyQVLQRWDPELpQHQRWURSOLHJRLJXDOR HQRWURVODVSDUWHVPiVGHOLFDGDV\DGRUQRVORVyUGHQHVGH$UTXLWHFWXUD ORV &RUWHV GHVSH]RV \ PDV VLQJXODULGDGHV GLEXMDGR WRGR HQ SURSRUFLyQ PD\RU\VXMHWRDHVFDODª   (Q HVWD LQVWUXFFLyQ VH HVWDEOHFLHURQ SRU SULPHUD YH]  TXp UHSUHVHQWDFLRQHVJUiILFDVGHEtDQUHDOL]DUVHSDUDHOHVWXGLRFRPSOHWRGHXQ HGLILFLRDQWLJXR(VWRVGLEXMRVVHFRUUHVSRQGtDQVyORFRQODSODQWD\DO]DGR DXQTXH VH FRPSOHPHQWy FRQ OD LQFOXVLyQ  GHO HVWXGLR PiV GHWDOODGR GH DTXHOORVDGRUQRVGLJQRVGHGHVWDFDUVH  $QWLJHGDGHVÈUDEHVGH(VSDxD   (OHVWXGLRGHODVDQWLJHGDGHVLVOiPLFDVHQODVHJXQGDPLWDGGHOVLJOR ;9,,, HVWDED UHODFLRQDGR FRQ GRV ,QVWUXFFLRQHV XQD HQ  \ RWUD HQ HQODVTXHVHHVWDEOHFLHURQODVGLUHFWULFHVDVHJXLUHQODUHSUHVHQWDFLyQ JUiILFDGHORVFLWDGRVPRQXPHQWRV/DVSDXWDVLPSXHVWDVSDUDGLEXMDUORV UHVWRV DUTXLWHFWyQLFRV IXHURQ ODV PLVPDV TXH VH LQFOX\HURQ HQ OD FLWDGD ,QVWUXFFLyQGH-RVp+HUPRVLOOD(QDPEDVVyORVHFRQWHPSODEDQODV UHSUHVHQWDFLRQHVHQSODQWDDO]DGR\VHFFLRQHVGHGLFKRVUHVWRVVLQHQWUDU D~QHQODYLVWDRSHUVSHFWLYDQLHQODUHVWDXUDFLyQHQHOGLEXMRTXHVtVH LQFOX\yHQODSRVWHULRU,QVWUXFFLyQGH-RVp0RUHQRHQ (QOD$FDGHPLDFUH\yQHFHVDULRHQYLDUDXQGLEXMDQWHSDUDTXH GHOLQHDVH©ORV3DODFLRVGHOD$OKDPEUDGH*UDQDGD\FRSLDVGHODVSLQWXUDV GH VXV EyYHGDVª FRQ OD LQWHQFLyQ GH FRQVHUYDU HVDV DQWLJHGDGHV VyOR D   &LWDGRHQ/ySH]GH0HQHVHVSS&RUUHVSRQGLHQWHDODUWtFXOR\GHOD LQVWUXFFLyQ  6REUHHOHVWXGLRGHODVDQWLJHGDGHVLVOiPLFDVHQODVHJXQGDPLWDG GHO VLJOR ;9,,, YHU 5RGUtJXH]5XL]6DODV+HPRVXWLOL]DGRHOWtWXORGHODREUDGH-RVpGH+HUPRVLOOD SRUTXHQRVSDUHFtDORPiVDGHFXDGRSDUDHQFDEH]DUHVWHDSDUWDGR   WUDYpV GHO GLEXMR   VLQ UHDOL]DU QLQJXQD LQWHUYHQFLyQ GLUHFWD VREUH HO PRQXPHQWR © (Q TXDQWR D ORV PRQXPHQWRV GH DUTXLWHFWXUD TXH HQ HO PLVPR SDSHO FRP~Q KDJD XQ SODQR JHQHUDO VXJHWR SXQWXDOPHQWH D HVFDODRSLWLSLpGHWRGRHO3DODFLRKHFKRHQWLHPSRGHORViUDEHVSDUD YHQLUHQFRQRFLPLHQWRGHVXVUHSDUWLPLHQWRV\YLYLHQGDV<VLSDUDHOOR IXHUHQHFHVDULRKDJDLJXDOPHQWHSODQRVJHRPpWULFRVGHWRGRVVXVDOWRV RSLVRV1RWDQGRFRQFRORUHVGLYHUVRVODVSDUWHVTXHVHKD\DQUHSDUDGR R DxDGLGR SRUORV FULVWLDQRV < VL DOJXQDV SLH]DV EyEHGDV WHFKRV \ SDYLPHQWRV SRU OD HVSHFLDOLGDG GH VX HVWUXFWXUD ILJXUD R PDWHULD OR PHUHFLHUHQVDFDUiWDPELpQGLEXMRVJHRPpWULFRVGHHOODV  (Q SOLHJRV GH LJXDO WDPDxR UHPLWLUi OD HVSOLFDFLyQ FLUFXQVWDQFLDGD \ SXQWXDO GHO WRGR \ GH VXV SDUWHV HVSUHVDQGR OD PDWHULDFRQVWUXFFLyQ\FDOLGDGGHORVPXURVDUFRV\EyEHGDVFRUWHVGH SLHGUDV PDGHUDV WHFKXPEUHV SDYLPHQWRV DOWXUDV GH SXHUWDV \ YHQWDQDVFRQWRGRORGHPiVLQWHULRU\H[WHULRUTXHFRQGX]FDDIRUPDU MXLFLRFDEDOGHOPpWRGRGHHGLILFDUREVHUYDGRSRUORViUDEHV´    8QRVDxRVGHVSXpVOD$FDGHPLDGHFLGLyTXH HVWHHVWXGLRGHEtDHVWDU EDMRODGLUHFFLyQGH-RVpGH+HUPRVLOOD\HOGHVHSWLHPEUHGHVH UHGDFWyXQDVHJXQGDLQVWUXFFLyQ(QHVWDLQVWUXFFLyQVHHVSHFLILFDURQORV HGLILFLRV \ DGRUQRV DUTXLWHFWyQLFRV TXH GHEtDQ HVWXGLDUVH SHUR QR VH HVWDEHFLy QLQJXQD GLUHFWUL] VREUH FyPR GHEtDQ GLEXMDUVH © 'HVGH OXHJR OHYDQWDUi XQ SODQ JHQHUDO GH WRGD OD IRUWDOH]D \ SREODFLyQ GH OD $OKDPEUDLQFOXVRVXPXUDOOD\WRGRVORVHGLILFLRTXHFRPSUHQGHDQRWDQGR HOGHFOLYLR\GHVQLYHOGHHOWHUUHQR  'LVSRQGUi RWUD SHUVSHFWLYD GH OD SDUWH HQ TXH VHD REMHWR SULQFLSDO HO DVSHFWR PiV PDJQtILFR GHO 3DODFLR ÈUDEH \D VHD   6HJ~Q6DODVS  &LWDGRHQ6DODVS-XQWD3DUWLFXODUGH5HDO$FDGHPLDGH%HOODV$UWHV GH6DQ)HUQDQGR  FRUULJLHQGRORVGHIHFWRVGHODTXHYLQRGLEXMDGDR\DVHDKDFLpQGROD GHOWRGRQXHYDTXHGDQGRDVXDUELWULRWRPDUHOSXQWRGHYLVWDGRQGHOH SDUH]FDPiVRSRUWXQR /HYDQWDUiRWURSODQJHQHUDOFRPSUHQVLYRGHORVGRVSDODFLRV HQ OD IRUPD HQ TXH HVWiQ XQLGRVGDQGRVHSDUDGDPHQWHORVTXHORV MX]JXHQHFHVDULRVGHWRGRVORVVXEWHUUiQHRVSDUDYHQLUHQFRQRFLPLHQWR GHWRGDVXFRQVWUXFFLyQ\GHODVSUHFDXFLRQHVTXHVHWRPDURQSDUDOD IRUWLILFDFLyQGHHVWRVHGLILFLRVHQXQWHUUHQRWDQHVFDUSDGR  &RWHMDUi ORV SODQHV UHPLWLGRV FRQ ORV HGLILFLRV ORV HQPHQGDUi\DUUHJODUiFRQWRGDH[DFWLWXG\HQWHUDPHQWHFRUUHFWRVORV UHGXFLUiDOWDPDxRTXHHVWiHVWDEOHFLGRSRUODVHVWDPSDVGHTXHOOHYD PHGLGDV\YDHQWHUDGR &RWHMDUiDVVLPLVPRORVFDSLWHOHVFROXPQDDUFRV\GHPiV SLH]DVGHDUTXLWHFWXUDTXHYLQLHURQ\DUUHJODGRVDORVRULJLQDOHVKDUi GLEXMDUORVHQWDPDxRFRUUHVSRQGLHQWHDODPHGLGDGHODVHVWDPSDV (QFDVRGHTXHHQORVVXEWHUUiQHRVGHO3DODFLRGHOVHxRU &DUORV9RHQRWURVVHKDOOHQODVDQWLJXDVHVWDWXDVGH9HQXV0HUFXULR ViWLURVHWF\ODVPRGHUQDVTXHVHKLFLHURQSDUDHOSURSLR3DODFLRGH TXHVHKDGDGRQRWLFLDDOD$FDGHPLDXRWUDVGLJQDVGHFRQVLGHUDFLyQ GLVSRQGUi TXH VH GLEXMHQ H[DFWDPHQWH \ HQ HO PD\RU WDPDxR TXH SHUPLWDHOGHODVHVWDPSDV 6LQHPEDUJRGHTXHORVDGRUQRVORVIULVRVORVSDYLPHQWRV ODV LQVFULSFLRQHV \ RWUDV SLH]DV ÈUDEHV VH KDQ MX]JDGR H[DFWDV \ SXQWXDOPHQWH FRSLDGDV PHGLUi \ UHFRQRFHUi DWHQWDPHQWH XQ Q~PHUR VXILFLHQWHGHFDGDHVSHFLHSDUDDGTXLULUODVHJXULGDGTXHVHGHVHDGHVX H[DFWLWXG 6HHQFDUJDPXFKRDOH[SUHVDGRVHxRU$FDGpPLFRGHKRQRU TXH QR PH]FOH FRQ ORV PRQXPHQWRV D TXH YD FRPLVLRQDGRQLQJXQRV RWURV GH ORV SHUWHQHFLHQWHV D ODV DQWLJHGDGHV HFOHVLiVWLFDV GHO 6DFUR 0RQWH7RUUH7XUSLDQD$OFD]DED\RWURVTXDOHVTXLHUDDEVWHQLpQGRVH   DEVROXWDPHQWHGHHOORVFRPRDMHQRV\H[WUDxRVGHODLQVSHFFLyQGHOD $FDGHPLDFX\DVLQYHVWLJDFLRQHVDGHPiVGHOR TXHYDH[SUHVDGRVH FLxHQDORVGHSLQWXUDHVFXOWXUD\DUTXLWHFWXUDGHORVÈUDEHV\DORVTXH VH KLFLHURQ HQ HO 5H\QDGR GH ORV VHxRUHV 5H\HV &DWyOLFRV \ HQ ORV WLHPSRVLQPHGLDWRVDHOORVª    ,QVWUXFFLyQGH-RVp0RUHQR    /D ,QVWUXFFLyQ GH  FRPSXHVWD SRU  DUWtFXORV HVWDED H[FOXVLYDPHQWHUHODFLRQDGDFRQODHVWDQFLDHQ5RPDGHGRVSHQVLRQDGRV 6LOYHVWUH3pUH]\(YDULVWRGHO&DVWLOOR/DGLIHUHQFLDGHHVWDLQVWUXFFLyQFRQ VX DQWHFHVRUD GH  HUD OD LQFOXVLyQ GH ODV  YLVWDV R SHUVSHFWLYDV GHO HGLILFLR FRPR XQ WLSR PiV GHQWUR GH ODV DQWHULRUHV UHSUHVHQWDFLRQHV H[LJLGDVSODQWD\DO]DGR&RQHOORVHSUHWHQGtDHOHVWDGRGHFRQVHUYDFLyQ GHOPRQXPHQWRHVWXGLDGR  6HJ~Q0ROHyQHVWHQXHYRSODQWHDPLHQWRHQHO HVWXGLR GH ORV PRQXPHQWRV DUTXLWHFWyQLFRV DQWLJXRV UHVLGtD HQ OD QHFHVLGDGVHJ~QORVPLHPEURVHYDOXDGRUHVGHOD5HDO$FDGHPLDGH%HOODV $UWHVGH6DQ)HUQDQGRGHSRGHUHYDOXDUXQWUDEDMR©HQORTXHWXYLHUDGH FRPSUHQVLyQGHODOyJLFDFRQVWUXFWLYD\GHODFDOLGDGWHFWyQLFDGHODREUD TXHGDQGR ORV OHYDQWDPLHQWRV HQ XQD SRVLFLyQ PHUDPHQWH LQVWUXPHQWDO \ SRFRFRPSURPHWLGDFRQXQDDFWLWXGSURSLDPHQWHFUHDGRUDHVGHFLUFRPR XQWUDEDMRPiVPHFiQLFRTXHLQWHOHFWXDOª   ©/DVUXLQDVDQWLJXDVQRVRQPHUDPHQWHSDUDYLVWDV\GLEXMDGDVVH KDQGHHVWXGLDUFRQVHULHGDG\GLVFHUQLPLHQWRSRUTXHODH[FHOHQFLD GHODPD\RUSDUWHGHODV FRVDVDQWLJXDVSHQGHGHTXHVXV$XWRUHV WUDEDMDQPiVFRQHOUDFLRFLQLRTXHFRQODVPDQRVDOUHYpVGHORTXH VXHOHDFRQWHFHUDORVPRGHUQRV6HKDQPHGLUODVUXLQDVVHKDQGH HVSHFXODUVXVSHUIHFFLRQHV\GHIHFWRV\DYHULJXDUODVSUHRFXSDFLRQHV   &LWDGRHQ5RGUtJXH]5XL]SS6DODV  6REUHHVWDLQVWUXFFLyQYHU5RGUtJXH]5XL]0ROHyQ  (VWHPLVPRSURFHGLPLHQWRVHUiHOUHDOL]DGRSRU-RVp2UWL]\6DQ]HQVXHVWXGLRGHO7HDWUR 5RPDQRGH6DJXQWR  0ROHyQS  \ WUD]DV GH VX HGLILFDFLyQ %XHQR VHUi QR ILDU GH OD PHPRULD HVWD ~OWLPD SDUWH \ KDFHU DSXQWDPLHQWRV SRU HVFULWR 4XDQGR ODV FRVDV VHDQGLJQDVGHQRWDUVHVHHQYLDUiXQDFRSLDGHHOODVFRQORVGLEXMRV HQODLQWHOLJHQFLDGHTXHOD$FDGHPLDOHHUiFRQJXVWR\FRQVHUYDUiHQ OD ELEOLRWHFD HVWDV REVHUYDFLRQHV VLHPSUH TXH HVWpQ H[WHQGLGDV FRQ FODULGDG \ EXHQ PpWRGR SXHVWR TXH XQ $UTXLWHFWR KD GH VDEHU PDQHMDUODSOXPDFDVLWDQWRFRPRHOFRPSiV 6HOHSUHYLHQHD9P'HQXHYRTHODVUXLQDV~RWUDVFXDOHVTXLHUD IiEULFDVTHGLEXMHKDQGHVHUPHGLGDVSRUVXPLVPRRULJLQDO\QR FRSLDGDVGHRWURVGLEXMRVyHVWDPSDVSRUTXHKDFHUORDVtORTXHOD $FDGQRFUHHGH9PGVHUtDLUVHDSDVHDUSRU,WDOLD\QRiHVWXGLDU HQHOOD(QTXDQWRDODHOHFFLyQGHFRVDVFRQYHQGUiTXH9PG\VX FRPSDxHURSURFHGDQVLHPSUHGHDFXHUGRSDUDQRHVFRJHUQLHQYLDU XQDVPLVPDV  ORV GLEXMRV GH FDGD PRQXPHQWR DQWLJXR KDQ GH VHU KHFKRV HQ SODQWD \ DO]DGRV GH XQ WDPDxR FRPSHWHQWH $GHPiV ORV KDQ GH DFRPSDxDU ODV SDUWHV GLEXMDGDV HQ JUDQGH \ FRQ H[SUHVLyQ GH VXV PHGLGDV SRU Q~PHURV %XHQR VHUtD HQYLDU WDPELpQ XQD YLVWD SHUVSHFWLYD GHO SURSLR PRQXPHQWR FRPR H[LVWH KR\ HQ GtD KHFKD FRQWLQWDFKLQDyFRQRWUDTXHLPLWHDOQDWXUDO«6XWDPDxRVLHPSUH GHEHUi VHU HO PLVPR SDUD TXH OD $FDG SXHGD IRUPDU FROHFFLRQHV LJXDOHV\GHFHQWHVª    /D,QVWUXFFLyQGH)HUQDQGR5RGUtJXH] /D $FDGHPLD GH %HOODV $UWHV GH 6DQ )HUQDQGR HQFDUJy HQ  D )HUQDQGR5RGUtJXH]FRPRDQWHULRUPHQWHVHKDFRPHQWDGRTXHGLEXMDVH WRGRV ORV PRQXPHQWRV DUTXLWHFWyQLFRV URPDQRV GH 0pULGD 3DUD HVWH WUDEDMROD$FDGHPLDUHGDFWyXQDLQVWUXFFLyQFHQWUDGDH[FOXVLYDPHQWHHQ ODVSDXWDVTXHGHEtDVHJXLUHQVXVUHSUHVHQWDFLRQHVJUiILFDVSHURQRVH   &LWDGRHQ0ROHyQSS   LQFOXtDODYLVWDRODUHVWDXUDFLyQHQHOGLEXMRDSHVDUGHHVWDUHQXQ PRPHQWR HQ HO TXH OD $FDGHPLD KDEtD PRGLILFDGR ODV OtQHDV GH UHSUHVHQWDFLyQ HQ ORV HVWXGLRV GH ORV PRQXPHQWRV DUTXLWHFWyQLFRV   3RVLEOHPHQWHHVWRVHGHELHVHDTXHODLQVWLWXFLyQQRFUHtDTXH)HUQDQGR 5RGUtJXH] WXYLHVH ORV FRQRFLPLHQWRV  DGHFXDGRV SDUD UHDOL]DU HVWRV GLEXMRV \D TXH PiV ELHQ HUDQ SURSLRV GH ORV DUTXLWHFWRV \ QR GHXQ 0DHVWURGH2EUDWtWXORTXHGHWHQWDEDQXHVWURDXWRUHQHVRVPRPHQWRV ©$GYHUWHQFLD TXH GHEH REVHUYDU 'Q )HUQDQGR 5RGUtJXH] HQ ORV 'LVHxRVTXHKDJDGHODV$QWLJHGDGHVGH0HULGD 7RGRVORV3ODQRVy3ODQWDVTXHIRUPHGHODV$QWLJHGDGHVGHEHUD PHGLUORVFRQVXPDSUROL[LGDG\FXLGDGR\GHFDGDXQDGHODV3ODQWDVGH ORV(GLILFLRVGHEHUDKDFHUGRVGLVHxRVHOXQRVRPEUHDGR\HORWURFRQVROR ODV OLQHDV SXHVWDV GH WLQWD HQ HO TXH SRQGUD WRGDV ODV GLPHQVLRQHV SRU LQILPDVTXHVHDQJUXHVRVGHSDUHGHVDQFKRVGHSXHUWDV\GHPRVWUDUiWRGDV ODVRSHUDFLRQHVJHRPpWULFDVTXHKD\DSUDFWLFDGRSDUDOHYDQWDUHO3ODQGHO HGLILFLR QRWDQGR HQ RWUDV RSHUDFLRQHV ORV SLHV GHGRV \ VX PDV QLPLR TXDGUDGR &RQYHQGUDTXHGpSRUHVFULWRODFODVHGHIDEULFDGHOHGLILFLR\OD FDOLGDGGHORVPDWHULDOHVTXHVHHPSOHDURQHQpOFRPRWDPELHQVLKXELHVH HQpODOJXQDFRVDH[HFXWDGDHQSLHGUDyPiUPROH[SUHVDQVXFDOLGDG\GH TXH FDQWHUDV VH SXHGH KDEHU VDFDGR 6L SXGLHVH DQDOL]DU OD PH]FOD FRQYHQGUDPXFKRSDUDODPD\RULOXVWUDFLyQGHODREUDGLVHxDGDSRUKDEHU XVDGR ORV $QWLJXRV GH PH]FODV GLVWLQWDV FRQIRUPH OD FODVH y XVR GHO HGLILFLR (QTXDQWRiORV$O]DGRV\&RUWHVGHHVWDVREUDVUHIHULGDVFRQYLHQH TXH KDJD OR PLVPR TXH OR TXH DUULYD VH OH SLGH i VDEHU XQ GLEXMR VRPEUHDGR\RWURVRORGHOLQHDVGHWLQWDFRQWRGDVVXVGLPHQVLRQHVSHUR   (VWDQXHYDOtQHDGHHVWXGLRTXHGyUHIOHMDGDHQOD,QVWUXFFLyQGH0RUHQRTXHDQWHULRUPHQWHVH KDFRPHQWDGR  HVWRV 'LEXMRV KDQ GH VHU HQ JUDQGH \ OD PHQRU DOWXUD GH HOORV GHYHLQWH GHGRV /RV 3HUILOHVGHWRGDVODVFRUQLVDVGHODFODVHTXHVHDQKDQGH JXDUGDUSRUFLRQGHDOWXUDFRQODTXHVHPLGDFRPRYJODPLWDGODTXDUWD SDUWHVH[WD~RFWDYDGHOWDPDxRTXHWHQJDODTXHVHPLGHQRWDQGRHQHO 3HUILOTXHGHEHKDFHUVHGHHOODODDOWXUD\VDOLGDyEXHORGHFDGDPLHPEUR GHTXHFRQVWHRWUD&RUQLVDy,PSRVWDREUD/RPLVPRVHGHEHHQWHQGHUSDUD ORUHVWDQWHTXHVHPLGD /RV &DSLWHOHV &RUQLVDPHQWRV \ WRGD FODVH GH $GRUQRVTXH PHUHFHQ FRSLDUVH FDUHFLHQGR HO 6HxRU 5RGUtJXH] GH OD VXILFLHQFLD QHFHVDULD SDUD GLEXMDUORV SXHGHYDFLDUORV\UHPLWLUORVPROGHV \ XQ YDFLDGRGHQWURGHOPLVPRPROGHSDUDTXHVHSXHGDQFRQGXFLUiHVWD&RUWH VLQULHVJRGHTXHHQHOFDPLQRVHURPSDQpLQXWLOLFHQ(VWRVYDFLDGRVQR H[tPHQDO6HxRU5RGUtJXH]GHPHGLUORV\GLEXMDUORVHQODVSDUWHVTXHOHV FRUUHVSRQGDGHORV'LVHxRVTXHUHPLWD 3RUDFXHUGRGHOD$FDGHPLDHQ VX-XQWDRUGLQDULDGHGH-XOLRGH,VLGRUR%RVDUWHª    1RWLFLD\3ODQGHXQYLDJHDUTXLWHFWyQLFRDQWLFXDULRGH-RVp2UWL] \6DQ]     -RVp 2UWL] \ 6DQ] SXEOLFy VX 1RWLFLD HQ  FRPR HQ SiUUDIRV DQWHULRUHVVHKDFRPHQWDGRFRQODLQWHQFLyQGHHVWDEOHFHUXQDVSDXWDVSDUD HO FRUUHFWR HVWXGLR GH ODV DQWLJHGDGHV (Q HO DSDUWDGR GHGLFDGR D ORV PRQXPHQWRV DUTXLWHFWyQLFRV 2UWL]  LQGLFy ODV GLUHFWULFHV D VHJXLU HQ OD UHSUHVHQWDFLyQ JUiILFD EDVDGDV HQ ODV OtQHDV GH HVWXGLR TXH HQ HVWH PRPHQWR GHIHQGtD OD $FDGHPLD GH %HOODV $UWHV GH 6DQ )HUQDQGR (VWDV FRQVLVWtDQHQODREOLJDWRULHGDGGHUHSUHVHQWDUODSODQWDDO]DGR\VHFFLRQHV   5RGUtJXH]³&DUWDGH,VLGRUR%RVDUWHIHFKDGDHOGHMXOLRGH\GLULJLGDD )HUQDQGR 5RGUtJXH] GRQGH VH LQGLFDQ ODV LQVWUXFFLRQHV TXH GHEH VHJXLU SDUD GLEXMDU ODV DQWLJHGDGHVDUTXLWHFWyQLFDVGH0pULGD´/DVQHJULWDVVRQQXHVWUDV  6REUHOD1RWLFLD\3ODQGH2UWL]\6DQ]YHU&DQWR5RGUtJXH]5XL]/HyQ   HOHVWXGLRPDWHULDO\ODVUHVWDXUDFLRQHVGHODVSDUWHVGHVDSDUHFLGDV7RGR HVWHHVWXGLRJUiILFRHVWDEDDSR\DGRHQODVIXHQWHVFOiVLFDVFRPR9LWUXYLRR 3DOODGLR\TXH 2UWL] FRQRFtD EDVWDQWHELHQ SRUTXHXQRV DxRV DQWHVKDEtD WUDGXFLGR\SXEOLFDGRHVWDVREUDV 'HVJUDFLDGDPHQWHQRSXGROOHYDUDODSUiFWLFDVXSUR\HFWRVDOYRHQ HO HVWXGLR SXEOLFDGR VREUH HO WHDWUR URPDQR GH 6DJXQWR   (Q pO VLJXLy WRGDV ODV GLUHFWULFHV GH VX 1RWLFLD VDOYR HQ OD LQFOXVLyQ GH ODV YLVWDV R SHUVSHFWLYDV6LQHPEDUJRFRPRDSXQWD5RGUtJXH]5XL]  VHFRQWUDGLFH SRUTXHHQVXSUyORJRFULWLFyODUHDOL]DFLyQGHODVYLVWDVSHUVSHFWLYDV\DTXH VHJ~Q2UWL]UHSUHVHQWDEDQ©HOYDORUSRpWLFR\HYRFDGRUGHODVUXLQDV« \D TXH HVWiQ H[FHVLYDPHQWH DQLPDGDV SRU ORV JROSHV GH FODUR RVFXURGHO SLQFHOª  1RREVWDQWHQRFUHRTXHODSRVWXUDGH2UWL]VHDFRQWUDGLFWRULD PiVELHQVHWUDWDUtDGHXQRVFRPHQWDULRVVREUHVXSXQWRGHYLVWDKDFLDHVWH WLSR GH GLEXMRV  SHUR HUD FRQVFLHQWH GH TXH HQ OD $FDGHPLD VH KDEtD LPSXHVWRODREOLJDWRULHGDGGHpVWDV\SRUWDQWRODVLQFOX\yHQVXWUDEDMR ©6HKDQGHWRPDUJHRPpWULFDPHQWHODVSODQWDV\DO]DGRVGHWRGRV ORVHGLILFLRVDQWLJXRV*ULHJRVR5RPDQRVTXHTXHGDQHVSDUFLGRVHQYDULRV SDUDMHVGH (VSDxD HQWHURV RHQ UXLQDV7HUPDV R EDxRV DUFRV WHPSORV QDXPDTXLDV FLUFRV WHDWURV DQILWHDWURV SXHQWHV DFXHGXFWRV FDPLQRV FDO]DGDVVHSXOFURVFGHWRGRVVHKDGHKDFHUFUtWLFDULJXURVD\IXQGDGD GH OR TXH IXHURQ HQ TXp WLHPSR \ SRU TXp JHQWHV VH HGLILFDURQ VHJ~Q RIUH]FDHOHVWLORIRUPDO\PDWHULDOTXHODVQDFLRQHVXVDURQHQVXVREUDV $UTXLWHFWyQLFDV 2EVHUYDUiVH OD FDQWLGDG \ FDOLGDG GH ORV PDWHULDOHV TXH HPSOHDQODYDULDFRPELQDFLyQRFRORFDFLyQGHHOORVODVGLPHQVLRQHV GH ORVVLOODUHV\GHPiVFLUFXQVWDQFLDVTXHSUHVHQWHQ\SXHGDQVHU~WLOHVSDUD OD HQWHUD UHVWDXUDFLyQ GHO DUWH GH HGLILFDU (Q WRGRV ORV PRQXPHQWRV FRQVLGHUDEOHVQRtQWHJURVVHVXSOLUiODSDUWHGHUUXtGDSRUODJXtDGHOR TXHUHVWHGLVWLQJXLpQGRORHQORVGLVHxRV/RPLVPRVHKDUiGHXQRDRWUR   2UWL]\6DQ]  5RGUtJXH]5XL]  5RGUtJXH]5XL]SS  WHDWUR VDJXQWLQR 0DUWt KDEtD VLJXLGR ODV GLUHFWULFHV GH 9LWUXYLR SDUD VX UHSUHVHQWDFLyQ SODQWD DO]DGR \ SHUVSHFWLYD 6LQ HPEDUJR  QR ODV GLEXMy SRUVHSDUDGRVLQRHQXQDPLVPDFRPSRVLFLyQORTXHSURYRFyODOOXYLDGH REMHFLRQHVEDVDGDVHQVXHVFDVRFRQRFLPLHQWRGHOGLEXMRDUTXLWHFWyQLFR/D SODQWDUHSUHVHQWDEDDOJUDGHUtRHODO]DGRHOSyUWLFRSURVFHQLR\HVFHQD\ ODSHUVSHFWLYDORVDFFHVRVDOWHDWURGHVGHHOH[WHULRU(VLPSRUWDQWHLQGLFDU TXH HO DO]DGR GHO SyUWLFR HVWDED FRUUHFWDPHQWH FRORFDGR SHUR HO GHO SURVFHQLR\ODHVFHQDHVWDEDQLQYHUWLGRV\DTXHVLORGLEXMDEDHQODIRUPD RULJLQDO QR OH SHUPLWtD UHSUHVHQWDU D  ORV GHPiV UHVWRV FRPR ODFORDFD 7DQWR HQ OD SHUVSHFWLYD FRPR HQ ORV DO]DGRV HQFRQWUDPRV XQ GHWDOODGR HVWXGLR GHO PDWHULDO HPSOHDGR HQ OD FRQVWUXFFLyQ GHO HGLILFLR 1R YLHQH GHWHUPLQDGDQLQJXQD HVFDOD\WDPSRFRLQGLFDODV PHGLFLRQHVH[SUHVDGDV HQHOWH[WR\FDOFXODGDVHQSDOPRV$OSLHGHODOiPLQDDSDUHFHXQDOH\HQGD HQODFRPHQWyWRGDVODVSDUWHVGHVFULWDVHQHOWH[WRSHURQRUHDOL]yQLQJ~Q WLSRGHUHFRQVWUXFFLyQ\DTXHVHFLxyDGLEXMDUVRORORVUHVWRVFRQVHUYDGRV 6HJ~Q/DUD2UWHJD   HO GLEXMR GHO WHDWUR QR IXH UHDOL]DGR SRU 0DUWt VLQRSRU9LFHQWH7RUUHV©0iVFUHtEOHSDUHFHODQRWLFLDTXHQRVGD6FKLDVVL >6FKLDVVLSJ9@GHTXHHOPHQHVWHUGHODVPHGLGDV\SRUHOORGHORV SODQRV VH OR GHMy 0DUWt D 9LFHQWH 7RUUHVª    3HUR  HQ HVH SiUUDIR FRPHQWDGR SRU /DUD 6FKLDVVL HVFULELy ©/D PHGLGD GHO FRQWRUQR R SHUtPHWURGHOWHDWURFDOFXODGDSRU0DUWtFRQODD\XGDGHOGLOLJHQWHMRYHQ 9LFHQWH7RUUHVª  &RPRSXHGHREVHUYDUVHQXHVWURDXWRULWDOLDQRVROR FRPHQWyTXH0DUWtIXHD\XGDGRSRU 9LFHQWH7RUUHVSHURQRTXHIXHVHHO GHOLQHDGRU GHO SODQR /D DILUPDFLyQ GH /DUD \ ORV FRPHQWDULRV GH 2UWL] PHQFLRQDGDV HQ SiUUDIRV DQWHULRUHVSURYRFDQ XQD FRQIXVLyQ VREUH TXLpQ IXH HO DXWRU GHO SODQR 1R REVWDQWH D SHVDU GH VHU XQ GLEXMR SRFR FRQYHQFLRQDO\IDOWRGHULJRUFLHQWtILFRGHEHPRVYDORUDUORSRVLWLYDPHQWHHQ ODPHGLGDHQODTXHQRVHQFRQWUDPRVFRQXQHVWXGLRGHSULQFLSLRGHO;9,,,   /DUDS  /DUDS  6FKLDVVLS9   GH XQ PRQXPHQWR DQWLJXR HQ HO TXH VH LQFOX\H XQD LPDJHQ FRPR FRPSOHPHQWR QHFHVDULR SDUD HQWHQGHU OD GHVFULSFLyQ \ TXH HVWi DOD YDQJXDUGLDGHHVDQXHYDPHWRGRORJtDTXHVHHVWDEDLPSRQLHQGRHQWUHORV HUXGLWRV HXURSHRV $GHPiV WDPELpQ GHEHPRV VHU FRQVFLHQWHV TXH KDVWD ELHQHQWUDGDODVHJXQGDPLWDGGHODFHQWXULDQRYROYHUHPRVDYHUXQLQWHQWR GHHVWXGLRFRQFDUDFWHUtVWLFDVVLPLODUHVHQHOTXHODUHSUHVHQWDFLyQJUiILFD GHOPRQXPHQWRH[DPLQDGRRFXSHXQOXJDUGHVWDFDGR  /DUD2UWHJDVHxDODTXHODVLQH[DFWLWXGHVH[LVWHQWHVHQWUHODGHVFULSFLyQ \HOGLEXMRGHOWHDWURVHGHEHQDTXHVHUHDOL]DURQHQPRPHQWRVGLIHUHQWHV FRPRHOSURSLR0DUWtORPDQLIHVWyHQVXHStVWROD©(QODVFRQYHUVDFLRQHV TXH WXYH FRQ YXHVWUD VHxRUtD LOXVWUtVLPD HQWUH YDULDV FRVDV TXH ORV GLVFXUVRVWUDHQFRQVLJRRFXUULyKDEODUGHOWHDWURVDJXQWLQR\SRUKDEHU\R GLFKR TXH OR KDEtD GHOLQHDGR FRQ WRGD H[DFWLWXG PH PDQLIHVWy YXHVWUD VHxRUtD LOXVWUtVLPD JUDQ GHVHR GH YHUOR MXQWDPHQWH FRQ ODV QRWDV TXH \R KDEtD DxDGLGR QR SRU RVWHQWDU HUXGLFLyQ VLQR FRQ HO ILQ GH GHFODUDU XQD FRVD RVFXUtVLPDª  /DUD DVHJXUD TXH IXH GLEXMDGR HQ  \ TXHSRU SHWLFLyQGH=RQGDGDULKL]RXQDGHVFULSFLyQTXHVHODHQYLyHQ 6LQ HPEDUJRHVWDVDILUPDFLRQHVSXHGHQVHUUHEDWLGDVSRUODVSURSLDVSDODEUDV TXH2UWL]\6DQ]HVFULELyHQVX9LDJHDUTXLWHFWyQLFRDQWLFXDULRHQ ODVTXHSDUHFHTXH0DUWt GHVFULELy \ GLEXMyVX WHDWURDOPLVPR WLHPSR\ SRVWHULRUPHQWHVHORHQYLyDQXQFLR©'0DQXHO0DUWt'HDQTXHIXHGHOD &ROHJLDOGH$OLFDQWHHQOD'HVFULSFLyQTXHKL]RGHOPLVPRWHDWURHODxRGH HQYLiQGRVHODGHVSXpVi'$QWRQLR)HOL[=RQGDGiUL1XQFLRGH6X 6DQWLGDGHQ(VSDxDFRQIHFKDGH(QHURGHª    'HOWH[WR\ODOiPLQDTXHORDFRPSDxD)LJVHSXHGHQH[WUDHUORV VLJXLHQWHVGDWRV)LJV\ D 0DUWtVHMDFWyGHVHUHOSULPHURHQLGHQWLILFDUHVRVUHVWRVFRQORVGH XQ WHDWUR (VWD DILUPDFLyQ SURYRFy OD UHDFFLyQ GH RWURV DXWRUHV   2UWL]\6DQ]S  FRPR -XDQ 0DUWtQH] 6DODIUDQFD   FRPR HQ SiUUDIRV DQWHULRUHV VH KDPHQFLRQDGR E 0LGLy WRGDV ODV HVWUXFWXUDV H[LVWHQWHV \ ODV  DFRPSDxy GH FRPHQWDULRV VREUH VX  IXQFLRQDOLGDG HQ HO WHDWUR (YLWy KDFHU FRQMHWXUDVVREUHHVWUXFWXUDVGHVDSDUHFLGDVSDUDQRFRPHWHUHUURUHV (QHOGLEXMRQRDSDUHFHHVFDODSHURHQHOWH[WRODVPHGLGDVHVWDEDQ H[SUHVDGDVHQSDOPRV6LQHPEDUJRFXDQGRLQGLFyHOGLiPHWURGHO WHDWURUHDOL]yXQD~QLFDHTXLYDOHQFLDFRQORVSLHVURPDQRVDQWLJXRV TXHQRYROYLyDHVWDEOHFHU E 1RPEUDD9LWUXYLRSDUDFRPHQWDUDTXHOODVHVWUXFWXUDVTXHQRVLJXHQ VXVGLUHFWULFHV F &DOFXOD HO Q~PHUR GH HVSHFWDGRUHV HQ ©QXHYH PLO \ YHLQWH \ VHLV SHUVRQDVª G 'LIHUHQFLDGRVSDUWHVHQODGHVFULSFLyQGHODHVWUXFWXUDHOJUDGHUtR\ HO©3URVFHQLR3~OSLWR\6FHQDª H 5HDOL]DH[FDYDFLRQHVTXHVyORTXHGDQUHIOHMDGDVHQHOWH[WR I 1RVGDXQDLPDJHQPX\FHUFDQDWDQWRHQODGHVFULSFLyQFRPRHQHO GLEXMR GHO HVWDGR GH FRQVHUYDFLyQ GHO WHDWUR D SULQFLSLRV GHO VLJOR ;9,,,   0DQXHOGH0LxDQD (O HVWXGLR GH 0DQXHO GH 0LxDQD  VREUHHOWHDWURURPDQRGH 6DJXQWR IXH SXEOLFDGR MXQWR DO GH 0DQXHO 0DUWt HQ OD \D FLWDGD REUD   3ROpPLFDRFDVLRQDGDSRUODDILUPDFLyQGH0DUWtGHVHUHOSULPHURHQLGHQWLILFDUORVUHVWRV FRPRORVGHXQWHDWURURPDQRYHU/HyQS  0DQXHO0LxDQDQDFLyHQ9DOHQFLDHOGHRFWXEUHGH\PXULyHOGHDEULOGH )XHXQRGHORVLQWHOHFWXDOHVYDOHQFLDQRVVHJXLGRUHVGH0DUWt6XIRUPDFLyQHQOHQJXDODWLQD\ SLQWXUD ODV DGTXLULy HQ  ,WDOLD GXUDQWH ORV VLHWH DxRV TXH UHVLGLy HQ HOOD )XH SURIHVRU GH OD 8QLYHUVLGDGGH9DOHQFLD\9LVLWDGRUGHOD3URYLQFLDGH$UDJyQ$SDUWHGHODSXEOLFDFLyQGHOD GHVFULSFLyQ GHO WHDWUR \ FLUFR   URPDQRV GH 6DJXQWR SRGHPRV GHVWDFDU VX  'H 5HQRFDQGD (ORTXHQWLDTXHIXHHORJLDGDSRU0DUWtFXDQGRHVFULELy©3HUHDPVLYLGLTXLFTXDQTXRGPDJLV UHGROHDWDPEURVLDPLOODPWXOOLDQDPª(Q(VWHOOpV\3pUH]   7KHVDXUL$QWLTXLWDWXP5RPDQDUXP*UDHFDUXPTXHGH *3ROHQL   (QSDODEUDVGH(VWHOOpV\3pUH]ODGHVFULSFLyQGH0DUWt©HVXQSHTXHxR WUDWDGLWRFLHQWtILFROLWHUDULRPLHQWUDVTXHHOGH0LxDQDHVXQDGHGLFDWRULDD XQSHUVRQDMH\VLUYHGHSUHVHQWDFLyQDO'LiORJRDOXGLGRª    0LxDQDGLYLGLyVXHVWXGLRHQGRVSDUWHVODSULPHUDOODPDGD5D]yQ GHO 'LiORJR  HQ OD TXH GHILHQGH ORV HVWXGLRV GH PRQXPHQWRV FRPR RWUD IXHQWH GH LQIRUPDFLyQ SDUD OD UHGDFFLyQ GH OD KLVWRULD (VWDEOHFLy ODV GLUHFWULFHVDVHJXLUSDUDXQFRPSOHWRHVWXGLRGHXQPRQXPHQWRDQWLJXRTXH UHVXPLy HQ WUHV VHFFLRQHV TXH OODPy ©HPSOD]DPLHQWRª ©VLWXDFLyQª \ ©HVWUXFWXUDª©$OSXQWRQDFLyHQQRVRWURVHOGHVHRGHFRQWHPSODUDTXHOORV PRQXPHQWRVGHDQWLJHGDGWDQGLJQDGHYHQHUDFLyQ\HVWXGLDUGHFHUFDOR TXH VH KDEtD DELHUWR HQ QXHVWURSHFKR <R WDPELpQ LED DGHUH]DQGR HVWRV PRQXPHQWRVFRQPXFKRVGHWDOOHVDFHUFDGHODQDWXUDOH]DGHOOXJDUVREUH VX VLWXDFLyQ IDYRUDEOH SUHVWDQFLD \ FRQVLVWHQFLD GH OD FRQVWUXFFLyQ 0H TXHMDEDDPHQXGRGHTXHDTXHOODFRQVWUXFFLyQTXHGHEtDVHUDGPLUDGDSRU ORV DPDQWHV GH OD EXHQDV DUWHV \ DQWLJHGDGHV TXH HQWUH QRVRWURV IORUHFLHURQHVWXYLHUDD~QLQWDFWDª    (QODVHJXQGDSDUWHGHVFULELyODHVWUXFWXUDGHOWHDWUR\SDUDVXHVWXGLROD GLYLGLy  HQ YDULDVVHFFLRQHV  HQ OD DQDOL]y FDGD XQD GH ODV SDUWHV TXH HO FRQVLGHUyUHSUHVHQWDWLYDVGHHVWDFRQVWUXFFLyQ©$FHUFDGHOD$QWLJHGDG GHO7HDWUR$FHUFDGHOHPSOD]DPLHQWR\VLWXDFLyQYHQWDMRVDGHO WHDWURGH 6DJXQWR (VWUXFWXUD GHO WHDWUR GHVGH OD RUTXHVWD $FHUFD GHO JUDGHUtR GHO RUGHQHFXHVWUH$FHUFDGHOJUDGHUtRGHORUGHQSXHEOR$FHUFDGHOJUDGHUtR GHOSyUWLFR\GHODVHVWDWXDV$FHUFDGHODSDUWHPiVHOHYDGDGHOJUDGHUtR\ WROGRVGHOWHDWUR$FHUFDGHORVHVFDORQHVGHODVORFDOLGDGHV\GHPiVFRVDV TXHKDFHQUHIHUHQFLDDOJUDGHUtR6REUHHOSURVFHQLRHOS~OSLWR\ODHVFHQD   3HURGHEHPRVGHVWDFDUTXHDSHVDUGHVHUSXEOLFDGDVMXQWDV0LxDQDODUHDOL]yQGLH]DxRVPiV WDUGHTXHODGH0DUWt  (VWHOOpV\3pUH]S  &LWDGRHQ(VWHOOpV\3pUH]S  $FHUFDGHOSURVFHQLR\VDODVGHHQVD\RGHOFRURª   &RPR HO PLVPR LQGLFy HQ VX HVWXGLR WHQtD OD LQWHQFLyQ GH VHJXLU HVWXGLDQGRRWURVPRQXPHQWRVDQWLJXRVSHURDOLJXDOTXHVXPDHVWUR0DUWt QXQFD OOHJy D PDWHULDOL]DU VX GHVHR ©(VWR HV OR TXH WHQtD TXH GHFLU GHO FDGiYHU GH HVWH 7HDWUR FX\D ILJXUD H[WHUQD FRPR HO DOPD HPLJUyDO GHSyVLWR FRP~Q GH ODV DQWLJHGDGHV \ FLHUWDPHQWH OR KH KHFKR FRQ OD EUHYHGDG FRQ TXH KH VLGR FDSD] SDUD QR HQYROYHU FRVDV DMHQDV HQWUH UHWD]RV GH XQD QDUUDFLyQ H[FHVLYDPHQWH ODUJD PLHQWUDV PH DIDQRHQ SUHVHQWDUORTXHPDVLQWHUHVD<GLFLHQGRHVWRQRVPDUFKDPRVGHDOOtSDUD VHJXLUUDVWUHDQGRODVUHVWDQWHVKXHOODVGHODDQWLJHGDGª   6XWH[WRYLHQHDFRPSDxDGRGHXQGLEXMR)LJTXHIXHXWLOL]DGRSRU 0RQWIDXFRQ SDUD OD SXEOLFDFLyQ GH OD GHVFULSFLyQ  GH 0DUWt FRPR HQ SiUUDIRVDQWHULRUHVVHKDLQGLFDGR$OLJXDOTXH0DUWt0LxDQDLQFOX\yOD SODQWDDO]DGR\SHUILOHQXQDPLVPDFRPSRVLFLyQ(OGLEXMRHVLGpQWLFRDO GHVXPDHVWURHQWRGRVVXVWUD]RVVDOYRHQODGLVWULEXFLyQGHOJUDGHUtRHQHO TXHFRORFyODVSUHFLQFLRQHVSDUDGLIHUHQFLDUODVGLVWLQWDVJUDGDVHQODTXH VH VHQWDEDQ ORV HVSHFWDGRUHV GHSHQGLHQGR GH VX FDWHJRUtD VRFLDO 6LQ HPEDUJRDOFRQWUDULRGH0LxDQD0DUWtVLODVLQGLFyHQHOWH[WRDXQTXHQR HQHOGLEXMR)LJ  'HOWH[WRVHSXHGHQH[WUDHUODVVLJXLHQWHVFRQFOXVLRQHV D 3DUDVXHVWXGLRWRPyFRPR~QLFRUHIHUHQWHODGHVFULSFLyQGH0DUWtDO TXHHORJLDWDQWRFRPRFRUULJH ©'HVSXpV GH HVWRV GLH] HVFDORQHV VH KDOOD DTXHO SyUWLFR TXH 0DUWt GHVFULELy PDJQtILFDPHQWH /XHJR FRUUHFWDPHQWH 0DUWt REVHUYy HVWRª   ©0DUWtVLQHPEDUJRVRVSHFKDTXHHQDTXHOORVFXDWURHVFDORQHVTXH PLUDEDQ KDFLD FDGD iQJXOR GHO 7HDWUR VH VHQWDEDQ ORV OLFWRUHV KXMLHUHV PHQVDMHURV RUGHQDQ]DV \ RWURV DFRPSDxDQWHV GH ORV   &LWDGRHQ(VWHOOpV\3pUH]SS  &LWDGRHQ(VWHOOpV\3pUH]S  &LWDGRHQ(VWHOOpV\3pUH]SS   PDJLVWUDGRVFRQHOILQGHTXHHVWXYLHVHQDVXVHUYLFLRVLQSpUGLGDGH WLHPSR&RVDTXHDPLPHSDUHFHXQWDQWRLPSUREDEOH0DUWtRSLQD DxDGt\RTXHVHJ~QWRGRVORVLQGLFLRVVHOHYDQWDEDXQDHVWDWXDHQHO FHQWURVLQHPEDUJRGHPRVWUDUpFRQIDFLOLGDGORFRQWUDULRDSDUWLUGH ORVWHVWLPRQLRVGHORVDQWLJXRVPHMRUGLFKROHFRQYHQFHUpGHTXHORV WHDWURVVHDGRUQDQFRQPXFKtVLPDVHVWDWXDVª    E $O LJXDO TXH 0DUWt GHIHQGLy OD QHFHVLGDG GH UHDOL]DU H[FDYDFLRQHV SDUD FRPSOHWDU HO HVWXGLR GH ODV HVWUXFWXUDV GHVDSDUHFLGDV 6XV LQWHUYHQFLRQHV VH OLPLWDURQ D OD UHWLUDGD GH HVFRPEURV HQ GHWHUPLQDGRVOXJDUHV ©(QILQ0DUWtDOHJDTXHHVWHOXJDUWXYRPD\RUSUHVWDQFLDJUDFLDVDORV UHVWRV TXH DTXt YHLV TXH DSHQDV VREUHVDOHQ GHO VXHOR VLJXLHQGROD HVWUXFWXUDGHODFRQVWUXFFLyQ(VWRGHOFHQWURHUDGHOSRGLRGHOFXDOYHG TXHD~QTXHGDQUHVWRV(QRWURWLHPSR0DUWtORSXVRHQGXGDFRVDTXH IXH PRWLYR GH TXH FDVL GHMDUD HQ VLOHQFLR HVWH PRQXPHQWR <R FLHUWDPHQWH XQRV GtDV GHVSXpV WUDV TXLWDU ORV HVFRPEURV \ OLPSLDU HO OXJDUGHVHQWHUUpHVWRVYHVWLJLRVGHOSRGLRSXHVQRSRGtDVRSRUWDUTXH ODSDUWHPDVQREOHGHODRUTXHVWDTXHGDUDHQFUXHOROYLGRª   F $OLJXDOTXH0DUWtWRPyFRPRUHIHUHQFLDSDUDVXHVWXGLRODVIXHQWHV FOiVLFDV\SULQFLSDOPHQWHD9LWUXYLR ©3RU HVWR 9LWUXYLR DGYLHUWH HQ HVWH OLEUR , FDStWXOR ,9 TXHODV PXUDOODVVHDQEHQHILFLDGDVSDUDODVDOXGVLKDQGHHVWDUDOD RULOODGHO PDUTXHQRPLUHQQLDOVXUQLDOSRQLHQWHª    $QWRQLR3RQ]\6LVFDU  6XHVWXGLRGHOWHDWURURPDQRGH6DJXQWRVHHQFXHQWUDHQOD&DUWD,9   &LWDGRHQ(VWHOOpV\3pUH]SS  &LWDGRHQ(VWHOOpV\3pUH]S  &LWDGRHQ(VWHOOHV\3pUH]S  7RPR9,,,GHVX9LDJHGH(VSDxD3RQ]XWLOL]yGHVFULSFLRQHVR HVWXGLRVGHPRQXPHQWRVDQWLJXRVGHRWURVDXWRUHVGHUHFRQRFLGRSUHVWLJLR SDUDLQFOXLUORVHQVXREUDFRPRVHKDPHQFLRQDGRHQHOFDSLWXORDQWHULRU 3DUDHOHVWXGLRGHOWHDWURVDJXQWLQRWUDVFULELyODHStVWRODGH0DUWt\D TXH OD FRQVLGHUDED OD PiV FRPSOHWD  6LQ HPEDUJR QR WHQtD OD PLVPD FRQFHSFLyQGHOGLEXMR\ORVXVWLWX\ySRUHOGHODSODQWDGHOWHDWURURPDQR GH0DUFHORGH5RPD\DVtORPDQLIHVWyHQHOSUyORJRGHVXREUD©RPLWDVH ODHVWDPSDFRPRGHIHFWXRVDSXHVQLHOODHVSODQWDQLHVDO]DGRVLQRFRPR XQFRQMXQWRGHFRVDVFRPRVHOHILJXUDURQiTXLHQQRHUD3URIHVRU\HQVX OXJDUSXHGHQSRQHUXQDSODQWDGHO7HDWURGH0DUFHORPX\SDUHFLGRiHVWH GH 0XUYLHGUR FRQ OD TXDO \ FRQ OD UHODFLyQ VH SRGUi HQWHQGHU VXILFLHQWHPHQWHORTXHHUDQHVWDVIiEULFDV\HOXVRTXHWHQtDQDFDVRVHUi HVWH PRWLYR SDUD TXH DOJXQR QRV Gp XQD H[DFWD SODQWD \ DO]DGR GH HVWH PRQXPHQWRVDJXQWLQRª$OWLHPSRTXHWUDQVFULELyODFDUWDGH0DUWt3RQ] LQWURGXMRXQDVQRWDVSDUDIDFLOLWDUODFRPSUHQVLyQGHOWH[WRDOOHFWRUFRPR ODWUDGXFFLyQGHSDODEUDVJULHJDVRSDVDUODVPHGLGDVDSLHURPDQRTXHHUD HOXWLOL]DGRSRUORVHVWXGLRVRVGHODDQWLJHGDGHQHVRVPRPHQWRV (O WH[WR GH 0DUWt ©9DPRV D VX HVWUXFWXUD /D UHGRQGH] GH WRGR VHPLFtUFXORTXHORV*ULHJRVOODPDQ3HULPHWRQWLHQHTXLQLHQWRVVHVHQWD\ TXDWURSDOPRVGHQXHVWUDPHGLGDª<ODQRWDGH3RQ]©&DGDSDOPRFRQVWD GHWUHVTXDUWRVGHOSLHURPDQRª (OWH[WRGH0DUWt©6XGLiPHWURHVGHWUHVFLHQWRV\WUHLQWDSDOPRVª< ODQRWDGH3RQ]©GLDPHWURQHVODOtQHDTXHSDVDQGRSRUHOFHQWURGLYLGH HQGRVSDUWHVLJXDOHVODFLUFXQIHUHQFLDª 3RQ]WUDGXFHWpUPLQRVJULHJRV©3DUDVLJQLILFDUHVWDVHVFDOHUDVXVDHO 'HDQODSDODEUDJULHJD.OLPDNLGHVTXHTXLHUHGHFLUHVFDOHULOODª 3DUDILQDOL]DUHOHVWXGLR3RQ]LQFOX\yXQDVREVHUYDFLRQHVVREUH OD GHVFULSFLyQGH0DUWtTXHODVEDVyHQORVFRPHQWDULRVTXHUHFRJLyGHXQ   OXJDUHxR 3RQ] DUJXPHQWy OD XWLOL]DFLyQ GH HVWDV REVHUYDFLRQHV GHO ©VXMHWRª  SRUTXHHUDHOTXHPiVFRQRFLPLHQWRSRGUtDWHQHUGHODVUXLQDV GHOWHDWURDOUHVLGLUHQOD]RQD  6LQHPEDUJR3RQ]QRKL]RUpSOLFDDOJXQD UHVSHFWRDODVPHGLDGDVDSRUWDGDVSRU0DUWtFRPRSRVWHULRUPHQWHKLFLHURQ (QULTXH 3DOyV \ 1DYDUUR R -RVp 2UWL] \ 6DQ] /D FDXVD GH RPLWLU REVHUYDFLRQHV UHODFLRQDGDV FRQ HVWH WHPD ODV DUJXPHQWy HQ VX REUD ©QR JDVWDUWLHPSRHQHVWDVFRVDVTXH\DQRVLUYHQPDVTXHKDEODUª  7HUPLQy VXFRPHQWDULRGHIHQGLHQGRODILJXUDGH-RDTXtQ$OFDUD]$JUDPRQWFRQWUD ODDFXVDFLRQHVFRPRSODJLDGRUGHODHStVWRODGH0DUWt©/DFLWDGDFDUWDPDV HVXQDSURPHVDDO&DUGHQDO*XDOWHULGHGDUiOX]OD'HVFULSFLyQ\(VWDPSD GHO7HDWURTXHODSXEOLFDFLyQGHpOQRVHTXHGHVSXpVKLFLHVHRWUDFRVD(V YHUGDG TXH HQ OD FLWDGD SURPHVD KD\ FLHUWDV JHQHUDOLGDGHV WRFDQWHV DO 7HDWURFRQH[SUHVLRQHVPX\SDUHFLGDVDODVGH0DUWtSHURKD\XQJUDQGH HORJLRDHVWH$OFDUD]HUDSHUVRQDLQVWUXLGDFRPRHQODFDUWDVHFRQRFHª   (QGHILQLWLYDVXVFRPHQWDULRVQRDSRUWDURQQDGDQXHYRDOHVWXGLRGH0DUWt QLDODVRWUDVLQYHVWLJDFLRQHVUHDOL]DGDVDQWHVGHVXREUD  &DUORV%HUDPHQGL  &DUORV %HUDPHQGL  UHFRJLyXQEUHYHHVWXGLRGHOWHDWURURPDQRGH   &RPR3RQ]OODPDDOOXJDUHxRDOTXHQRLGHQWLILFD  /DVGLVFUHSDQFLDVGH3RQ]FRQUHVSHFWRDODVREVHUYDFLRQHVGH0DUWtHQVXGHVFULSFLyQGHO WHDWURVDJXQWLQRYHU/HyQSS  3RQ]7RPR,9&DUWD9,,,  3RQ]6yORVHKDWUDQVFULWRODSDUWHGHOWH[WRGRQGH3RQ]KDFHORVFRPHQWDULRVDOD GHVFULSFLyQGH0DUWt  &DUORV%HUDPHQGL \)UH\UH QDFLyHQ3DPSORQDHQWUH HQ XQDIDPLOLDFRQEXHQRV FRQWDFWRVHQODFRUWH6XSDGUHIXH6HFUHWDULRGH'HFUHWRVRILFLDOVHJXQGRGHOD6HFUHWDUtDGHO 'HVSDFKR8QLYHUVDOGHOD5HDO+DFLHQGD5HJLGRU3HUSHWXRGHOD9LOODGH0DGULG\0LQLVWURGH OD5HDO-XQWDGH&RPHUFLR0RQHGD\0LQDV&RQHVWHFXUUtFXORQRHUDGHH[WUDxDUTXHHOKLMR FRQVLJXLHUDFRQYHLQWHDxRVHOFDUJRGH6HFUHWDULRGH'HVSDFKRGH+DFLHQGD(Q &DUORV%HUDPDQGLFRPLHQ]yXQ9LDJHSRU(VSDxDSRUHQFDUJRGH&DUORV,9FRQHOREMHWLYRGH UHFRJHUWRGDODLQIRUPDFLyQVRFLRHFRQyPLFDGHOSDtV(VWHYLDMHVHSURORQJyKDVWD\OR UHFRJLyHQXQHVWXGLRFRPSXHVWRSRUGLH]WRPRVTXHTXHGyPDQXVFULWR3DUWLFLSyHQOD*XHUUD GHOD,QGHSHQGHQFLD\IXHLQWHQGHQWHGH&DWDOXxD\GHORVVLHWHFXHUSRVGHO(MpUFLWRHVSDxROHV 6XVLQTXLHWXGHVOLEHUDOHV\FRQVWLWXFLRQDOHVOHFDXVDURQJUDQGHVSUREOHPDVSROtWLFRVHQ(VSDxD GXUDQWHHOUHLQDGRGH)HUQDQGR9,,(QHO7ULHQLROLEHUDOVHOHQRPEUyFyQVXOJHQHUDOHQORV 3DtVHV %DMRV FDUJR TXH SHUGLy FXDQGR VH YROYLy D LQVWDXUDU HO DEVROXWLVPR )XH H[LOLDGR \ PDOYLYLy GXUDQWH XQRV DxRV FRQ XQD SHQVLyQ TXH SHUFLEtD GHO JRELHUQR EHOJD SRU OD FUtD GH  6DJXQWRHQVX9LDMHSRU(VSDxDHQFDUJDGRSRU&DUORV,9HQ$SHVDU GHVHUXQWUDEDMRPHUDPHQWHVRFLRHFRQyPLFR%HUDPHQGLLQFOX\yDOJXQDV DQWLJHGDGHVGH(VSDxDTXHOHSDUHFLHURQPHUHFHGRUDVGHHOOR  6X HVFXHWR HVWXGLR HVWi FRPSXHVWRSRU XQ WH[WR \ GRV OiPLQDV (Q HO WH[WR FRPHQWy OD VLWXDFLyQ JHRJUiILFD OD HVWUXFWXUD \ ORV PDWHULDOHV GH FRQVWUXFFLyQ 3HUR OR PiV LQWHUHVDQWH VRQ ODV OiPLQDV TXH LQFOX\y /D SULPHUD HV XQD YLVWD R SHUVSHFWLYD GHO WHDWUR WLWXODGD 9LVWD GHO 7HDWUR 6DJXQWLQR VHJ~Q HQ HO HVWDGR HQ TXH VH KDOOD )LJ  TXH QRV RIUHFH XQD LPDJHQVHJXUDPHQWHUHDOGHODVFRQGLFLRQHVHQODVTXH VH HQFRQWUDED HVWH HGLILFLR HQ  (Q HVWD SULPHUD OiPLQD %HUDPHQGL LQGLFy FRQ ODV OHWUDV $% \ &' ORV SHUILOHVTXHGLEXMyHQODVHJXQGDOiPLQD  (QODVHJXQGDOiPLQDUHSUHVHQWyODVGRVYLVWDVH[WHULRUHVGHOWHDWURDOJR TXHKDVWDHOPRPHQWRQDGLHKDEtDUHDOL]DGR\TXHSRVLEOHPHQWHIXHVHSRU HO LQWHUpV GH %HUDPHQGL HQ PRVWUDU HO HVWDGR GH FRQVHUYDFLyQ GHO WHDWUR VDJXQWLQRGHVGHWRGRVVXViQJXORV)LJ8QRVGLEXMRVVLPLODUHVUHDOL]y HOLWDOLDQR6FKLDVVL  HQEDVDGRVHQXQDPDTXHWD\ORVGRFXPHQWRV TXHKHUHGyGHVXPDHVWUD&ORWLOGH7RPEURQL  (QULTXH3DOyV\1DYDUUR  3DOyV GHFLGLy UHDOL]DU HVWD GHVFULSFLyQ SDUD FRUUHJLU ORV HUURUHV FRPHWLGRV SRU 0DUWt HQ VX HVWXGLR ©$ORVSULQFLSLRVGHOSUHVHQWHVLJORHO'HDQGH$OLFDQWH 'RQ0DQXHO0DUWtFpOHEUHSRUVXHUXGLFLyQHVFULELyXQD FDUWDHQODWtQGHQXHVWUR6DJXQWLQR7HDWUR3HURFRPR QROHSXGRUHFRQRFHUFRQWRGDFODULGDGTXDQGRiHVWHILQSDVyi0XUYLHGUR  JXVDQRVGHVHGDGHOFDVWLOORGH0HQDJH3DUWLFLSyHQODUHYROXFLyQGHMXOLRGHHQ)UDQFLD ORTXHOHKL]RSHUGHUODSHTXHxDSHQVLyQ\TXHGyHQODPiVDEVROXWDSREUH]D)DOOHFLyHQ HQ$PVWHUGDQSREUH\ROYLGDGR(Q6ROHU  6FKLDVVL6REUHHVWRVGLEXMRVYHU/HyQSS   SRUTXHODPXOWLWXGGHUXLQDVTXHHQHO7HDWURKDEtD\OOHQDEDQWRGRHOVLWLR GH OD 2UFKHVWUD KDVWD OD ~OWLPD GHO 2UGHQ (FXHVWUH LPSHGtDQ HOSRGHU UHFRQRFHU FRQ FHUWH]D OR TXH ODV PLVPDV UXLQDV RFXOWDEDQ VHYH FODUDPHQWHTXHQRVRORRPLWLyHO'HDQ0DUWtDOJXQDVFRVDVSDUWLFXODUHVVt TXH WDPELpQVH HTXLYRFyHQ RWUDV \ SRU OR PLVPR KH GHWHUPLQDGRGDUDO S~EOLFRHVWD'LVHUWDFLyQHQODSURFXUDUpGHPRVWUDUFRQOODQH]D\VHQFLOOH] HO DFWXDO HVWDGR GH QXHVWUR 7HDWUR FRQ DOJXQD PD\RU H[SOLFDFLyQ GH VXV SDUWHV SULQFLSDOHVª   1R KL]R UHIHUHQFLD D QLQJ~Q RWUR WUDEDMR UHDOL]DGR DQWHULRUPHQWHFRPRHOGH0LxDQDRLQFOXVRHOGH&RQ\QJKDP  TXLpQHQ  GHVFULELy \ GLEXMy HO WHDWUR \ DGHPiV  UHDOL]y H[FDYDFLRQHV HQ OD FLXGDG GH 6DJXQWR FXDQGR 3DOyV HUD HO HQFDUJDGR GH VXV  DQWLJHGDGHV (QULTXH 3DOyV QR PHQFLRQD HO HVWXGLR GH &RQ\QJKDP QL SDUHFH KDEHU WHQLGR FRSLD DOJXQD  D SHVDU GH HVWDU DO PDQGR GH WRGDV ODV DFWLYLGDGHV UHODFLRQDGDVFRQODVDQWLJHGDGHVGH6DJXQWR7DQVyORKHPRVREVHUYDGRV VLPLOLWXGHV FRQ ORV SODQWHDPLHQWRV TXH : &RQ\QJKDP SODVPD HQ VX HVWXGLR \ TXH QRSXHGHQ VHU IUXWRGHO GHVDUUROOR GH VXLQYHVWLJDFLyQ 1R SRGHPRVKDEODUGHSODJLRSHURVtGHDUJXPHQWRVFRLQFLGHQWHVH[SUHVDGRV EDMRXQDPLVPDSHUVSHFWLYDTXHQRGHMDGHVRUSUHQGHUQRVSRUTXHHVWDPRV DQWHXQDILFLRQDGR\DXWRGLGDFWDFRQXQDHVFDVDIRUPDFLyQFOiVLFDFRPRHO PLVPR -RVp 2UWL] \ 6DQ] VH OR DFKDFD S~EOLFDPHQWH HQ GHWHUPLQDGDV RFDVLRQHV  'HIRUPDPX\LQWHOLJHQWHSDUHFHTXHPDQLSXOyHOWH[WRGHO LUODQGpVSRVLEOHPHQWHFHGLGRSRUVXDPLJR\EHQHIDFWRU)3pUH]%D\HU 1RGHEHPRVROYLGDUTXHIXHXQRGHORVFRQWDFWRVPiVLPSRUWDQWHVTXHWXYR &RQ\QJKDPHQ(VSDxD\HOTXHOHIDFLOLWyDOJXQDVLQVFULSFLRQHVLQFOXLGDV HQVXREUD  (VFXULRVRFRPR3DOyVGHILHQGLyHOPLVPRRULJHQJULHJRTXH HOLUODQGpVDUJXPHQWyHQVXREUDRFRPRXWLOL]yXWLOL]yGH0DUWtSDUD   3DORVS  &RQ\QJKDP6REUHHOHVWXGLRUHDOL]DGRSRU:&RQ\QJKDPYHU/HyQSS /HyQ/HyQF  6REUHHOHQIUHQWDPLHQWRHQWUH(QULTXH3DOyV\-RVp2UWL]\6DQ]YHU(VWHOOpV/HyQ   6HWUDWDGHXQDKLSyWHVLVTXHHQHVWXGLRVSRVWHULRUHVSUHWHQGHPRVHVFODUHFHU  FRPSOHWDGHOWHDWUR)LJGRQGHD~QVHSXHGHQYHUUHVWRVGHYLYLHQGDV DQH[DV D QXHVWUR HGLILFLR (VWR QRV SXHGH LQGLFDU TXH HVWDPRV DQWH XQD OLWRJUDItDGHXQGLEXMRUHDOL]DGRHQWRUQRD\DTXHWLHQHVLPLOLWXGHV FRQHOGLEXMRUHDOL]DGRSRU&DUORV%HUDPHQGL)LJ  (QODVHJXQGDOiPLQDVHUHSUHVHQWDODYLVWDGHXQDVHFFLyQGHODSDUWH GHUHFKDH[WHULRUGHOWHDWUR)LJ(VWHPLVPRGLEXMRORHQFRQWUDPRVHQ XQDGHODVOiPLQDVGH%HUDPHQGLSHURFRQODVDOYHGDGGHTXHHOiQJXORGH YLVLyQHVPD\RU\SRUWDQWRVHKDSDUWHGHOSyUWLFRLQWHULRU)LJ  -RVp2UWL]\6DQ]  -RVp2UWL]\6DQ]GHVSXpVGHYDULRVLQWHQWRV  OOHJyD6DJXQWRHQ   SDUDGHVFULELU VX WHDWUR &RQ HVWH WUDEDMR SUHWHQGLy PRVWUDU OR TXH SRGUtDKDEHUOOHJDGRDVHUVXSUR\HFWRLQLFLDO©0LSULPHULQWHQWRHQHVWH 9LDJHGH6DJXQWRHUDVLJXLHQGRPLSODQGHVFULELUWRGDVVXVDQWLJHGDGHV DUTXLWHFWyQLFDVSHURODVFLUFXQVWDQFLDVGHWLHPSRVWDQLQTXLHWRV\EHOLFRVRV FRPRQRVFHUFDQKDFHPXFKRVDxRVQRKDQGDGROXJDUiTXHVHFXPSOLHUDQ PLVGHVHRV0DVKDGHWUHVDxRVTXHFRQFOXtOD'HVFULSFLyQ\OiPLQDVGHO PDVQRWDEOHPRQXPHQWRDQWLJXRTXHWLHQH6DJXQWRTXHHVVXWHDWUR\QR KDOOiQGRVHODVFRVDVHQHVWDGRGHSRGHUHVSHUDUXQDSUy[LPDFRQWLQXDFLyQ GHORVUHVWDQWHVSDUDODTXDOKD\ODVGLILFXOWDGHVTXHLQGLFRHQHOSiUUDIR ~OWLPRGHODREUDKDSDUHFLGRMXVWRQRGHIUDXGDUDOS~EOLFRGHHVWDSHTXHxD SDUWHGHWUDEDMRSXHVWRPLHQWUDVVHPLWLJDQyFDOPDQODVLUDVGH0DUWH\ SXHGHQFRQWLQXDUVHORVTXHTXHGDQª   6XHVWXGLRVHSXHGHGLYLGLUHQWUHVSDUWHVFODUDPHQWHGLIHUHQFLDGDV/D SULPHUD FRQVLVWH FRPR HO SURSLR DXWRU OD GHILQH HQ XQD ©GHVFULSFLyQ PDWHULDOGHOWHDWUR6DJXQWLQRª  TXHFRPLHQ]DFRQXQDSDQRUiPLFDJHQHUDO GH ORV HVWXGLRVRV TXH KDQ PHQFLRQDGR R GHVFULWR QXHVWUR WHDWUR GHVGH HO   6REUHODSUREOHPiWLFDTXHWXYR2UWL]\6DQ]SDUDFRQVHJXLUODDXWRUL]DFLyQ\GRWDFLyQGHVX YLDMHYHU/HyQSS  2UWL]\6DQ]S,9  2UWL]\6DQ]S   VLJOR;,,KDVWDHO;9,,,3DUWLyGHOD'HVFULSFLyQGH(VSDxDGH5DVLVSDUD VHJXLUFRQODGH/XFLR0DULQHRODGH3HU$QWRQ%H~WHU*DVSDU(VFRODQR \ )UDQFLVFR 'LDJR FRQ OD FODUD LQWHQFLyQ GH GHVPHQWLU D 0DUWt HQ VX DILUPDFLyQ GH KDEHU VLGR HO SULPHUR TXH OR OODPy WHDWUR \ SRQHU HQ HYLGHQFLDVXIDOWDGHFRQRFLPLHQWRVVREUHHVWXGLRVDQWHULRUHV©(VSXHVXQ HYLGHQWH WHVWLPRQLR TXH OD SRFR QRWLFLD TXH 0DUWt WHQLD GH QXHVWURV HVFULWRUHVOHYDQWDiVXPHPRULDSXHVFRQVWDTXHFDVLGRVVLJORVDQWHVTXH pO QDFLHUDVXSLHURQ \GHVHDURQLPSUHVR HUDWHDWUR HOGH6DJXQWR \ HV XQ IDVWLGLR YHUOH UHSHWLU i FDGD SDVR GH VXV (StVWRODV HVWD FDOXPQLRVD MDFWDQFLDª   6LJXLyFRQORVHVWXGLRVVREUHHOWHDWURUHDOL]DGRVGXUDQWHHOVLJOR;9,,, \ FRPHQ]y FRQ  HO  GH 0DUWt TXH OR GHILQLy FRPR  XQD GHVFULSFLyQ ©DFRPSDxDGDGHXQPDPDUUDFKRSRUGLVHxRyYLVWDGHOHGLILFLRKHFKXUDGH VXLPSHULWD PDQRFRQORTXDOOHGHJUDGyGHOPpULWRTXHSXGLHUDKDEHUOH JUDQMHDGRVXHOHJDQWHGHVFULSFLyQODWLQDª  'H3RQ]  VyORDODEyHOKDEHU RPLWLGRHOGLEXMRGH0DUWt\SDUDUHVDOWDUODLPSRUWDQFLDTXHOHGLRDHVWH KHFKR2UWL]WUDQVFULELyVXVSDODEUDV©3XHVQLHOODHVSODQWDQLDO]DGRVLQR XQFRQMXQWRGHFRVDVFRPRVHOHILJXUDURQiTXLHQQRHUDSURIHVRU(QVX OXJDUSXHGHSRQHUVHODSODQWDGHOWHDWURGH0DUFHORPX\SDUHFLGRª  'H 3DOyV UHFKD]y SULQFLSDOPHQWH VX  GLEXMR   \ HVFULELy HO VLJXLHQWH FRPHQWDULRDOUHVSHFWR©LPSULPLyXQD'LVHUWDFLyQDOJRPDVH[WHQGLGDTXH ODVGHVFULSFLRQHVTXHODSUHFHGLHURQFRQODVPHGLGDVGHOWRGR HOWHDWUR\ VXV SDUWHV FRQ DOJXQD PD\RU H[DFWLWXG Vt ELHQ HO GLEX[R HVWi KHFKR FRQ SRFDLQWHOLJHQFLDª     2UWL]\6DQ]S  2UWL]\6DQ]S  3RQ]  2UWL]\6DQ]S  2UWL] \ 6DQ] UHFKD]y HO GLEXMR  GH 0DUWt  \ GH 3DORV HQpUJLFDPHQWH  \ HVWR GHPXHVWUDOD LPSRUWDQFLDTXH\DVHOHGDEDDODVUHSUHVHQWDFLRQHVFRPRSDUWHLQFXHVWLRQDEOHGHOHVWXGLRGH XQ PRQXPHQWR DQWLJXR 3RU VXSXHVWR DOJR SULPRUGLDO HUD OD IRUPDFLyQ HQ $UWHV SDUD SRGHU KDFHUXQD©GHVFULSFLyQIRUPDO\FLHQWtILFDª  2UWL]\6DQ]S  2UWL] SUHWHQGLy FRQ HVDV FUtWLFDV VXEVDQDU ORV HUURUHV TXH FRPHWLHURQ VXVDQWHFHVRUHV\DVtORH[SUHVyHQVXSUyORJR©3RGUiQDFDVRKDOODUVHHQ HVWH (QVD\R GH ODV DQWLJHGDGHV VDJXQWLQDV DOJXQDV H[SUHVLRQHV DFUHV y YLYDV FRQWUD 'LDJR 0DUWt 3DORV \ RWURV<R SURWHVWR FRPR \D HQ SDUWH KLFHHQODREUDTXHQXQFDIXHPLiQLPRWRFDUHQQDGDODVSHUVRQDVQLORV EXHQRV GHVHRV TXH FUHR WXYLHURQ GH DFHUWDU HQ VXV QDUUDFLRQHV 3UHWHQGt VRORGHVWHUUDU HUURUHVYLQGLFDU DFXVDFLRQHV LQMXVWDV \ GHSULPLURUJXOORV (Q HVWDV PDWHULDV DUWtVWLFDV PDV TXH HQ RWUDV VRQ IiFLOHV ORV GHVOLFHV HQ TXLHQHQWUDiWUDWDUODVVLpQGROHH[WUDQMHURHO'LEX[R\$UTXLWHFWXUD3RUOR GHPDVVR\WRGRJUDWLWXGDVXVORDEOHVGHVYHORVª    /D GHVFULSFLyQ PDWHULDO SURSLDPHQWH GLFKD FRPLHQ]D D SDUWLU GH OD SiJLQDGRQGHLQFOX\yFRUUHFFLRQHVD3DORV\0DUWtODFRQVWUXFFLyQGHO WHDWUR FRPHQWDULRV VREUH ODV QRUPDV GH 9LWUXYLR SDUD DUJXPHQWDU VXV DILUPDFLRQHV \ OD FRPSDUDFLyQ GHO WHDWUR VDJXQWLQR FRQ RWURV WHDWURV URPDQRV\WRGRHOORORVXVWHQWyHQODVOiPLQDVTXHDSRUWy  ©6LQHPEDUJRHO'RFWRU3DORVHVFULEHSiJ,,TXHODREUDHVGH2UGHQ 7RVFDQRPX\XVDGR HQWUH ORV JULHJRV&RPRHVWH HVFULWRUFDUHFH GHWRGR FRQRFLPLHQWRDUTXLWHFWyQLFRQRHVH[WUDxRFD\JDHQDEVXUGRVVHPHMDQWHV 1RKDELHQGRHQHOWHDWURYHVWLJLRDOJXQRGH2UGHQGH$UTXLWHFWXUD¢&yPR VHUi HO 2UGHQ 7RVFDQR" ¢4XiQGR y GRQGH XVDURQ ORV *ULHJRV SRFR QL PXFKRHO2UGHQ7RVFDQRVLHVWH\HOOODPDGR&RPSXHVWRVRQKHFKXUDGH 5RPDQRVFRQTXHPDVHPSREUHFLyTXHHQULTXHFLyODDUTXLWHFWXUD"ª   ©(O iUHD GHO WHDWURHV VHJ~Q DUULED GL[LPRV XQ UHFXHVWR FyQFDYR GHO PRQWHHQWUHODYLOOD\HOFDVWLOOR0LUDDOQRUGHVWH\GHWRGRHOHGLILFLRVH JR]DODYDULDGD\GHOLFLRVDYLVWDGHOSREODGRGHPXUYLHGURGHOULR3DOHQFLD TXHEDxDVXVDSDUHGHV\GHXQDIURQGRVD\H[WHQGLGDYHJDVHPEUDGDGH DUTXHUtDV\GHDOJXQDVSHTXHxDVSREODFLRQHV\SRUILQGHXQEXHQHVSDFLR GHPDUiPHQRVGHXQDOHJXDGHGLVWDQFLD7LHQHSXHVODSRVLFLyQTXHGHVHD   2UWL]\6DQ]S,9  2UWL]\6DQ]SS   9LWUXYLR9HQORVWHDWURVSDUDODVDOXEULGDGIDFLOLGDG\SRFRJDVWRHQHO VHPLFtUFXOR 'H OD PLVPD JR]DURQ ORV WHDWURV GH $UJRV /DFHGHPRQLD $WHQDV7tQGDULV6HJDVWD7DRUPLQD6LUDFXVD&OXQLD\RWURVª    /DVHJXQGDSDUWHHVWiFRPSXHVWDSRUGRVGHVFULSFLRQHVJHQHUDOHVXQD GHO WHDWUR JULHJR \ RWUD GHO ODWLQR TXH VHJ~Q 2UWL] HUDQ QHFHVDULDV SDUD FRPSUHQGHU HO SURFHVR FRQVWUXFWLYR GHO WHDWUR VDJXQWLQR 'HVSXpV GH H[SRQHU GH IRUPD H[WHQVD \ H[KDXVWLYD ORV GRV WLSRV GH WHDWURV FOiVLFRV 2UWL]GHIHQGLyFRQGLVWLQWRVDUJXPHQWRVTXHHOWHDWURURPDQRGH6DJXQWR HUDGHWLSR©PL[WRª  \DT\HVHWUDWDEDGHXQDPH]FODGHDPERV©3DUDGDU ODGHVFULSFLyQIRUPDO\FLHQWtILFDyVHDODUHJODPpWRGR\PyGXORSRUORV TXDOHV HO WHDWUR PDWHULDO IXH GLULJLGR \ HGLILFDGR FRQYLHQH GDU DQWHV HO PyGXORODVUHJODV\HOPpWRGRFRQTXHORV*ULHJRV\/DWLQRVFRQVWUX\HURQ VXV WHDWURV 'H GRQGH YHUHPRV TXH HO WHDWUR GH 6DJXQWR HQ VX FRQIRUPDFLyQQLIXHJULHJRQLODWLQRVLQRXQPL[WRGHHQWUHDPERV(QHVWR VHJXLUp UHOLJLRVDPHQWH ORV SDVRV GH 9LWUXYLR ~QLFD JXtD TXH QRV SXHGH FRQGXFLUVLQHUURUHVHQYHUHGDWDQSRFRWULOODGDª   (Q HVWH DSDUWDGR 2UWL] XWLOL]y ORV PRGHORV HVWDEOHFLGRV SRU 9LWUXYLR \ HVJULPLy YDULDV FUtWLFDVKDFLDODVLQWHUSUHWDFLRQHVTXHKLFLHURQ0DUWt%HUQDUGR*DOLDQL  \ 3DOyVGHODREUDGHODUTXLWHFWRURPDQR ©/RV*ULHJRVOHOODPDQWDPELpQORJHLRQHVWRHVS~OSLWRyVXJHVWRSDUD KDEODUHQS~EOLFR$OJXQRVHVFULWRUHVGHFRVDVWHDWUDOHVDQWLJXDViTXLHQHV KDQVHJXLGRVLQH[iPHQ0DUWt\HO'U3DORVFUH\HURQTXHHVWHORJHLRQHUD FRVDGLIHUHQWHGHOSURVFHQLRVXSRQLpQGROHXQOXJDUHOHYDGRHQPHGLRGHO SURVFHQLR PLVPR DO PRGR GH QXHVWUR S~OSLWR GH SUHGLFDFLyQ (Q PL   2UWL]\6DQ]SS  $OLJXDOTXH3DOyVLQFOX\yODVGHVFULSFLRQHVGHORVWHDWURVJULHJR\ODWLQRFRPRXQDSDUWH QHFHVDULDSDUDHOSRVWHULRUDQiOLVLVGHOHGLILFLRVDJXQWLQR  2UWL]\6DQ]S  %HUQDUGR*DOLDQLDUTXLWHFWRDUTXHyORJR\WUDWDGLVWDDXWRUGH/¶$UFKLWWHWXUD GL 09LWUXYLR3ROOLRQHFROODWUDGX]LRQHLWDOLDQDHFRPHQWRGHOPDUFKHVH%HUDUGR*DOLDQL  GLFWDPHQHVWHHVXQHUURUPDQLILHVWRª    2UWL]GHGLFyOD~OWLPDSDUWHGHVXREUDDODGHVFULSFLyQHVWUXFWXUDOTXH DFRPSDxyGHFRPHQWDULRVVREUHORVDFLHUWRV\HUURUHVFRPHWLGRVSRU0DUWt \ 3DOyV WDQWR HQ VXV WH[WRV FRPR HQ ODV OiPLQDV )LJ  WDPELpQ FRPSDUy HOWHDWURVDJXQWLQR)LJFRQRWURVWHDWURVURPDQRVFXDQGR VXV HVWUXFWXUDV  QR VH FRUUHVSRQGtDQ FRQ ORV PRGHORV HVWDEOHFLGRV SRU 9LWUXYLR  7HUPLQy VX REUD FRQ XQ SiUUDIR HQ HO TXH FRPHQWDED VXV SUy[LPRVSUR\HFWRVFRPRHOHVWXGLRGHOFLUFR\RWUDVDQWLJHGDGHVHQODV TXH ODV H[FDYDFLRQHV IRUPDEDQ SDUWH GH VX LQYHVWLJDFLyQ  ([FDYDFLRQHV TXHQRSXGRUHDOL]DUHQHOWHDWURSRUIDOWDGHDSR\RUHDO  ©'HO&LUFRWHPSORV\GHPDVDQWLJHGDGHVTXHTXHGDQHQ6DJXQWRKDUp GHVFULSFLyQ TXDQGR SXHGD GHVFULELUORV GH HQWUH VXV UXLQDV \ WRPDU ODV PHGLGDV QHFHVDULDV 3DUD HVWR VH QHFHVLWDQ SURIXQGDV H[FDYDFLRQHV HQ HVSHFLDOHO&LUFRFX\DHVSLQDHVWiDGLH]yPDVSDOPRVGHED[RGHWLHUUD\ WRGRHOHVKXHUWDSODQWDGDGHIUXWDOHVOLPRQHVPRUHUDVFFX\RVGDxRVVH GHEHQVDWLVIDFHUiVXVGXHxRVª    2UWL]GHILHQGLyODLPSRUWDQFLDGHLQFOXLULPiJHQHVHQODVH[SOLFDFLRQHV SDUDVXPD\RUFRPSUHQVLyQ\OROOHYyDODSUiFWLFDHQWRGRVXHVWXGLR$Vt HO WH[WR YLHQH DFRPSDxDGR SRU VLHWH LOXVWUDFLRQHV ©(VWH HV HO HVWDGR SUHVHQWHGHOWHDWUR6DJXQWLQRJREHUQiQGRPHHQVXLJQRJUDItDSRUODVSDUWHV TXHVHFRQVHUYDQTXHVRQODVTXHSUHVHQWDQODV/iPLQDV99,\9,,3RU ORTXHWRFDiODJUDGHUtDSyUWLFRV\REUDVDGKHUHQWHVKHUHVWDXUDGRORTXH QR SRGLD HVWDU GLYHUVDPHQWH TXDQGR HO HGLILFLR HVWDED HQWHUR FRPR OR GHPXHVWUD HQ JUDQGH OD /iPLQD ,9 /DV GHPDV SDUWHV \ WRGD OD HVFHQD SURVFHQLRFQRDGPLWHQRWURGLVHxRTXHODSODQWD\YLVWDVDXQTXHVREUH SRFR PiV R PHQRV SRGUtDQ LJXDOPHQWH UHVWDXUDUVHª  (O tQGLFH GH ODV LOXVWUDFLRQHVTXHFRQILJXUy2UWL]HVHOVLJXLHQWH   2UWL]\6DQ]S  2UWL]\6DQ]S  2UWL]\6DQ]SS    ©/$0,1$,  3ODQWDGHOWHDWURJULHJR6HH[SOLFDGHVGHODSiJ /$0,1$,, 3ODQWDGHOWHDWURODWLQR6HH[SOLFDGHVGHODSiJ /$0,1$,,, 3ODQWDGHOWHDWURVDJXQWLQR6XGHVFULSFLyQPDWHULDOFRPLHQ]DSiJ VXGHVFULSFLyQIRUPDOFRPLHQ]DSiJ /$0,1$,9  )LJ,&RUWHGHODJUDGHUtDSyUWLFRV\SHxDGHOPRQWH  )LJ,,2WURFRUWHGHOSyUWLFRGRQGHVHYHODEDVHTXHVHFLWDSiJ 6 )LJ,,,3RUFLyQGHXQDHVFDOHULWDGHDVFHQVRHQODJUDGHUtD  )LJ,9(VWUXFWXUDPDWHULDOGHQWURGHORVSyUWLFRV  )LJ9(VWUXFWXUDPDWHULDOHQORH[WHULRUGHOWHDWUR /$0,1$9 9LVWDGHOWHDWURWRPDGDSRUODPDQRGHUHFKD\RULOODGHOEDUUDQFR /$0,1$9, 9LVWDGHORTXHTXHGDGHODHVFHQDWRPDGDGHODJUDGHUtD /$0,1$9,,  9LVWDJHQHUDOGHOWHDWURWRPDGDGHODL]TXLHUGDGHOEDUUDQFRª   2UWL] XWLOL]y LQGLVWLQWDPHQWH WRGDV ODV OiPLQDV D OR ODUJR GH VX WH[WR VLHPSUH TXH VX H[SOLFDFLyQ OR UHTXLULHVH (VWRV GLEXMRV VLJXtDQODV GLUHFWULFHV HVWDEOHFLGDV SRU 9LWUXYLR HQ HO /LEUR , &DStWXOR ,,SDUDOD UHSUHVHQWDFLyQGHHVWRVHGLILFLRVHQODTXHODSODQWDDO]DGR\SHUVSHFWLYD HUDQODEDVHGHOHVWXGLRDUTXLWHFWyQLFRHQODOiPLQD,,,VHGLEXMyODSODQWD )LJHQOD,9ODVVHFFLRQHVDO]DGRV\DGHPiVUHDOL]yXQHVWXGLRGH PDWHULDO )LJ  \  \ ODV 9 9, 9,, VH FRUUHVSRQGHQ FRQ ODV YLVWDV OODPDGDVSRU9LWUXYLRSHUVSHFWLYDV)LJ   /DVFXDWURSULPHUDVOiPLQDVVRQGLEXMDGDVSRU2UWL]\ODVWUHVUHVWDQWHV SRU 0DQXHO &DPDUyQ (Q XQ SULPHU PRPHQWR 2UWL] HOLJLy D WUHV JUDEDGRUHV UHFRQRFLGRV %ODV $PHWOOHU 5DIDHO (VWHYH \ 7RPiV /ySH] (QJXtGDQRV 6HJ~Q 2UWL] %ODV $PHWOOHU \ 5DIDHO (VWHYH QR HVWDEDQ GH DFXHUGRFRQORVKRQRUDULRVDSHUFLELUDVtTXHHOSULPHURUHFKD]yODRIHUWD\ HOVHJXQGRVyORJUDEyXQDOiPLQD$QWHHVWDVLWXDFLyQ2UWL]GHFLGLyTXH 7RPiV/RSH](QJXtGDQRV  XQJUDEDGRUGHJUDQUHSXWDFLyQUHDOL]DUDODV OiPLQDVGHODVYLVWDVGHOWHDWUR\SDUDODVOiPLQDVDUTXLWHFWyQLFDVHVFRJLyD YDULRV©*UDEDGRUHVGHVXILFLHQFLDSDUDHOGHVHPSHxRª$OHMDQGUR%ODQFR 7/ )RQVHFD- )RQVHFD\-RVp%RQLID]  GHORVFXDOHVQRFRQRFHPRV UHIHUHQFLDDOJXQD  2UWL]GLEXMyODVOiPLQDVDUTXLWHFWyQLFDVTXHVHFRUUHVSRQGHQFRQOD, ,, ,,, \ ,9 /DV WUHV SULPHUDV UHSUHVHQWDQ ODV SODQWDV GHO WHDWUR JULHJR ODWLQR\VDJXQWLQR\OD~OWLPDORVDO]DGRV\VHFFLRQHVGHQXHVWURHGLILFLR /DOiPLQD,IXHJUDEDGDSRU%RQLID]OD,,SRU%ODQFROD,,,SRU-)RQVHFD \OD,9SRU7/)RQVHFD0DQXHO&DPDUyQ  GLEXMyODVOiPLQDVGHYLVWDV FRUUHVSRQGLHQWHVDODV99,\9,,/D9\9,,IXHURQJUDEDGDVSRU7RPiV   7RPiV /ySH] (QJXtGDQRV  &RPLHQ]y VXV HVWXGLRV HQ OD $FDGHPLD GH 6DQ &DUORV9DOHQFLDHQLQJUHVyFRPRDOXPQRHQOD5HDO$FDGHPLDGH%HOODV$UWHVGH6DQ )HUQDQGR0DGULG)XHDFDGpPLFRGHPpULWRGHOD$FDGHPLDGH6DQ&DUORVHQ\HQ GH OD GH 6DQ )HUQDQGR \ HQ HVH PLVPR DxR VH OH FRQFHGLy HO WtWXOR GH *UDEDGRU GH &iPDUD +RQRUDULR(QUHDOL]yJUDEDGRVSDUDODREUDGH$&DYDQLOOHV'HVFULSFLyQGHO5H\QRGH 9DOHQFLD\HQSDUWLFLSyHQODV2EVHUYDFLRQHVGHOD+LVWRULD1DWXUDO*HRJUDItD $JULFXOWXUD 3REODFLyQ \ )UXWRV GHO 5HLQR GH 9DOHQFLD GHO PLVPR DXWRU 7DPELpQ KL]R  JUDEDGRVSDUDHO7UDWDGRGH3DOODGLRGH'-RVp2UWL]\VLHWHSDUDODV9LVWDVGHO(VFRULDOVHJ~Q GLEXMRVGH1DYtD7DPELpQHQ&XELOHVSS  &XELOHV  S  &XELOHV VyOR QRPEUD D WUHV JUDEDGRUHV \DTXHFRORFDHODSHOOLGR )RQVHFD VLQLQGLFDU QL HO QRPEUH R ODV LQLFLDOHV 6LQ HPEDUJR HQ ORV JUDEDGRV DSDUHFHQ GRV )RQVHFDVGLIHUHQWHVLGHQWLILFDGRVFRQODVLQLFLDOHV7/\-  1DFLGR HQ 6HJRUEH &DVWHOOyQ HQ  KLMR GH -RVp &DPHUyQ \ %RUQDW \ GH -XDQD 0HOLi 'LVFtSXOR GH OD 5HDO $FDGHPLD GH 6DQ &DUORV GH 9DOHQFLD HQ OD TXH REWXYR HO SUHPLR HQ OD VHJXQGDFODVHGHSLQWXUDGHO&RQFXUVR*HQHUDOGHODxR\HOGHSULPHUDFODVHHQ(Q  HQYLy XQ PHPRULDO D OD $FDGHPLD HQ HO TXH VROLFLWDED OH IXHVH FRQFHGLGR HO JUDGR GH DFDGpPLFR\DTXHFRPRPpULWRKDEtDFRQVHJXLGRXQSULPHUSUHPLRHQODFODVHGHSLQWXUD(O GH RFWXEUH GH  VROLFLWy GH QXHYR D OD $FDGHPLD OD FRQFHVLyQ GHO WtWXOR GH$FDGpPLFR GH PpULWRTXHILQDOPHQWHOHFRQFHGLyHOGHRFWXEUHGHHVHPLVPRDxR8QDxRGHVSXpVHOGH PDU]RGHVROLFLWyHOJUDGRGH7HQLHQWH'LUHFWRUHQODFODVHGHSLQWXUD\DTXHHVWDEDYDFDQWH SRU IDOOHFLPLHQWR GH GRQ /XLV 3ODQHV )LQDOPHQWH HO  GH DJRVWR GH  FRQVLJXLy VHU QRPEUDGR7HQLHQWH'LUHFWRUHQHMHUFLFLRSHURVLQVXHOGRDOTXHGDUYDFDQWHODSOD]DSRUDVFHQVR GHGRQ9LFHQWH/ySH])DOOHFLyHQ6HJRUEHHQ   /ySH](QJXtGDQRV\OD9,SRU5(VWHYHGRQGHVHUHSUHVHQWySRUSULPHUD YH]ORVUHVWRVGHODHVFHQD  3DUD ODV UHVWDXUDFLRQHV HQ HO GLEXMR VLJXLy ODV QRUPDV YLWUXYLDQDV H LQGLFyGyQGHVHKDEtDUHVWDEOHFLGRODVHVWUXFWXUDVGHVDSDUHFLGDV \GyQGH GHEtD LQWHUYHQLUVH HQ HO WHDWUR 'HQXQFLy HO HVWDGR GH GHWHULRUR \ OD FRQWLQXDH[SROLDFLyQDODTXHHVWDEDVRPHWLGR\TXHOHRFDVLRQySUREOHPDV HQODVPHGLFLRQHV  (QGHILQLWLYDODREUDGH2UWL]GHEHVHUFRQVLGHUDGDFRPRHOHVWXGLRGHO WHDWURURPDQRGH6DJXQWRPiVFRPSOHWRUHDOL]DGRSRUXQHUXGLWRHVSDxRO GHOVLJOR;9,,,6XSHUyDVXVDQWHFHVRUHVFRPR0DUWt0LxDQD\3DOyV\D TXHVXH[FHOHQWHIRUPDFLyQHQDUTXLWHFWXUDFOiVLFD\ODD\XGDGHGLEXMDQWHV \JUDEDGRUHVDPpQGHORVQXHYRVHQIRTXHVPiVFLHQWtILFRVDSRUWDGRVGHVGH ODV $FDGHPLDV GXUDQWH HO ~OWLPR FXDUWR GH OD FHQWXULD DVt OR KLFLHURQ SRVLEOH    $OH[DQGUH/DERUGH $OH[DQGUH/DERUGH  HVWXYRHQ(VSDxDHQWUH\  (QHVWH   $SDUWHGHODVREUDVPRQRJUiILFDVGHOWHDWURVDJXQWLQRDQWHULRUPHQWH FRPHQWDGDV H[LVWHQ RWUDV GH FDUiFWHU JHQHUDO GHGLFDGDV D HVWXGLRV HFRQyPLFRV DUWtVWLFRV R KLVWyULFRV GRQGH VH GHVFULEHRPHQFLRQDEUHYHPHQWHHVWHHGLILFLR(QWUHHVWDVREUDVHQFRQWUDUtDPRVDODVUHDOL]DGDV SRU ;DYLHU /DPSLOODV  $QWRQLR -RVp &DYDQLOOHV  3DGUH (QULTXH )OyUH]  6REUHHVWRVHVWXGLRVYHU/HyQSS  $OH[DQGUH/RXLV-RVHSKGH/DERUGHQDFLyHOGHQRYLHPEUHGHHQ3DUtVHQXQDULFD IDPLOLDIUDQFHVD+DVWDSHUPDQHFLyHQ)UDQFLDHQODTXHUHFLELyXQDIRUPDFLyQKXPDQLVWD SULPHURHQHO&ROOHJHGH-XOO\\PiVWDUGHHQ0pUpYLOOH&RQHOHVWDOOLGRGHOD5HYROXFLyQ )UDQFHVDVXSDGUH-HDQ-RVHSKGH/DERUGHULFREDQTXHURSXVRDVXIDPLOLDDVDOYRGHSRVLEOHV DWDTXHV\GHMyD$OHMDQGURDOFDUJRGHOHPSHUDGRU-RVp,,GH$XVWULD'XUDQWHVXMXYHQWXGYLDMy SRUHO,PSHULRDXVWULDFR0ROGDYLD6XL]D+RODQGD,QJODWHUUD,WDOLD\(VSDxDGHODTXHTXHGy LPSUHVLRQDGR SRU ODV GRV FXOWXUDV TXH OD FRPSRQtDQ URPDQD \ PXVXOPDQD 6X IRUPDFLyQ KXPDQtVWLFDVXELOLQJLVPRKLVSDQRIUDQFpV\VXVFRQWDFWRVLQWHUQDFLRQDOHVOROOHYDURQDVHU XQR GH ORV GLSORPiWLFRV PiV LPSRUWDQWHV HQOD )UDQFLD QDSROHyQLFD /LTXLGDGRU ±-HIH GH ODV FXHQWDVGHOD*UDQGH$UPqH'LUHFWRUGHORVSXHQWHV\FDO]DGDVGHO'HSDUWDPHQWR GHO6HQDOHLPSRQHQOD/HJLyQGH+RQRU\DFDGpPLFRGHOD$FDGqPLHGHV,QVFULSWLRQV HW%HOOHV/HWWUHVGHOD$FDGpPLHGHV6FLHQFHVPRUDOHVHWSROLWLTXHV\GHOD&ODVVHG¶+LVWRULUHHW /LWWpUDWXUH DQFLHQQH $ HVWD ODUJD FDUUHUD SROtWLFD GHEHPRV XQLU VX WUD\HFWRULD LQWHOHFWXDO FRPHQ]DQGR FRQ OD SXEOLFDFLyQ HQ  GH VX SULPHU WRPR GHO 9R\DJH HQ (VSDJQH $WODV O¶LWLQqUDLUH GHVFULSWLI GH O¶(VSDJQH HQ  /HV PRQXPHQWV IUDQoDLV FODVVpV FKURQRORJLTXHPHQW HW FRQVLGHUHV VRXV OH UDSSRUW GHV IDLWV KLVWRULTXHV HW GH O¶qWXGH GHV DUWV 'HO¶HVSULWG¶DVVRFLDWLRQGDQVWRXVOHVLQWHUrWVGHODFRPPXQDXWpILQDOL]D HO 9R\DJH 3LWWRUHVTXH HW +LVWRULTXH GH O¶(VSDJQH   9R\DJH 3LWWRUHVTXH HQ $XVWULFKH  SHUtRGRYLVLWy6DJXQWR\GHVFULELyYDULRVGHVXVUHVWRVHQWUHHOORVHOWHDWUR URPDQR8QRVDxRVPiVWDUGHIXHURQDGLEXMDUORDOJXQRVGHORVPLHPEURV GHVXHTXLSRSDUDSRVWHULRUPHQWHLQFOXLUORHQVX 9R\DJH  (OKHFKROR UHILHUHHQXQDFDUWDIHFKDGDHQGH3DOyVGLULJLGDD2UWL]©1RPXFKRV DxRV KDFH VH SUHVHQWDURQ HQ HVWD QXHVWUD &LXGDG GH 6DJXQWR XQRV H[WUDQMHURVFRQIDFXOWDGUHDOSDUDGLVHxDUVX7HDWUR\GHPDV$QWLJHGDGHV FRQHOREMHWRGHSXEOLFDUGHVSXpVXQ9LDJH3LQWRUHVFRGH(VSDxDGHOTXH QRV SUHVHQWDURQ VXV SRUVSHFWR 3RFR WLHPSR GHVSXpV YLQR WDPELHQ 9P i GHOLQHDU HO PLVPR 7HDWUR \ ORV RWURV 0RQXPHQWRV GH $QWLJHGDGFRQ LJXDOGHVLJQLR GHSXEOLFDUXQ 9LDJH $UTXLWHFWyQLFR DQWLTXDULRGHQXHVWUD 3URYLQFLDª   /DSDUWHTXHGHGLFyGHODVDQWLJHGDGHV VDJXQWLQDV HVWDED IRUPDGD SRU VLHWH OiPLQDV DFRPSDxDGDV GH VXV WH[WRV FRUUHVSRQGLHQWHV )LJ  /DV ~QLFDVUHIHUHQFLDVDOWHDWURODVHQFRQWUDPRVHQWUHVGHHOODV9XHJHQpUDOHGX WpkWUHGH6DJRQWH)LJ3ODQVHWFRXSHVGXWKpkWUHGH6DJRQWH)LJV \\6HFRQGHYXHGXWKpkWUHGH6DJRQWH)LJ  &RPHQ]yVXGHVFULSFLyQFRQHOWH[WR1RWLFHVXUOHWKpkWUHDQWLTXHGH 6DJRQWH TXH SXHGH  GLYLGLUVH HQ WUHV SDUWHV  (Q OD SULPHUD GHVFULELy OD HVWUXFWXUD GHORV WHDWURVURPDQRV  \ HQ OD VHJXQGD  FRPHQWy HO HVWDGR GH FRQVHUYDFLyQ HQ HO TXH VH HQFRQWUDED HO WHDWUR VDJXQWLQR \ DFXVy  D VXV FLXGDGDQRVMXQWRDODVLQFOHPHQFLDVGHOWLHPSRGHVHUORVFDXVDQWHVGHVX HVWDGRUXLQRVR3HURDSHVDUGHVXVDFXVDFLRQHVWDPELpQKL]RUHIHUHQFLDD OD ODERU FRQVHUYDGRUD OOHYDGD D FDER SRU  ©XQ FRUUHJLGRUª TXH KDEtD UHVWDXUDGRODVSDUWHVGHVDSDUHFLGDV\DGHPiVKDEtDYXHOWRDGDUOHYLGDDO PRQXPHQWRUHVWDEOHFLHQGRVXDFWLYLGDGWHDWUDOROYLGDGDVLJORVDWUiV(VWH  3UpFLVKLVWRULTXHGHOD*XHUUHHQWUHOD)UDQFHHWO¶$XVWULFKH9R\DJHGHO¶$VLH 0LQHXUH$XURLHWDX[FKDPEUHVVXUOHVYpULWDEOHVFDXVHVGHODUXSWXUHDYHF$OJHUHW VXUO¶H[SpGLWLRQTXLVHSUpSDUH9HUVDLOOHVDQVtHQHWPRGHUQH(OGHRFWXEUHGH $OH[DQGUH/DERUGHIDOOHFLyHQ3DUtVDORVDxRV  /DUDS  ([LVWHXQDSROpPLFDVREUHODDXWRUtDGHDOJXQDVREUDVILUPDGDVSRU/DERUGH(Q0HQpQGH] 3LGDOSSVV  &DUWDGH(QULTXH3DORV\1DYDUURGLULJLGDD-RVp2UWL]\6DQ]TXHIXHSXEOLFDGDHOGH MXQLRGHHQOD*DFHWD   ©FRUUHJLGRUªHUDVLQGXGD3DOyV\1DYDUUR\DTXHIXHHO~QLFRTXHUHDOL]y DFWLYLGDGHVGHHVDtQGROHHQHOWHDWUR  ©9HUVFHWHPSVXQFRUUHJLGRUDPLGHVEHDX[DUWVGRQWMHYRXGURLV VDYRLU OH QRP SRXU OH SODFHU LFL FRQoXW OH SUR\HW GH UDVVHPEOHU VHV FRQFLWR\HQVHWGHOHXUGRQQHUOHVSHFWDFOHG¶XQHUHSUpVHQWDWLRQGUDPDWLTXH GDQV FHWWH HQFHLQWH SUqSDUHq SRXU OH ORLVLU GHV FRQTXqUDQWV GX PRQGH HW LOXVWUpHSDUOHVPXVHVODWLQHV  2QQHGLWSDVFRPPHQWILWFHFRUUpJLGRUSRXUVXSSOHHUWDQWGH SDUWLHV HVVHQWLHOOHVTXLPDQTXRLHQWjVRQWKqkWUHDQWLTXH/HVXFFqVVOHSOXVFHUWDLQ GHFHWWHH[SpULHQFHIXWG¶DSSHOHUO¶DWWHQWLRQGHODFRXUVXUOHUXLQHVGHOD SHWLWHYLOOHGH0XUYLHGURGHSXLVFHWHPSVRQYHLOOHDYHFDVVH]GHVRLQj OHXUFRQVHUYDWLRQª    (QODWHUFHUDSDUWH/DERUGHVHFHQWUyHQHOHVWXGLRGHOWHDWURVDJXQWLQR HQHOTXHDQDOL]yODVLWXDFLyQJHRJUiILFDGHOWHDWUR\GHVFULELyVXHVWUXFWXUD TXH EDVy HQ FRPHQWDULRV VREUH VXV SDUWHV \ SRVLEOHV UHVWDXUDFLRQHV 3DUD HOORVLHPSUHVLJXLyODVGLUHFWULFHVYLWUXYLDQDV\HQDOJXQDVRFDVLRQHVKL]R UHIHUHQFLD OD HStVWROD GH 0DUWt SXEOLFDGDSRU 0RQWIDXFRQD SULQFLSLRV GH VLJOR©'RQ(PPDQXHO0DUWtGR\HQG¶$OLFDQWHHWDXWHXUG¶XQHGHVFULSWLRQ GXWKpkWUHGH 6DJRQWH iODTXHOOH OH3 0RQWIDXFRQHWFHX[ TXLRQWpFULW GHSXLV OXL VXU OH PrPH VXMHW V¶HQ VRQW UDSSRUWpV UHJDUGH FHV RXYHUWXUHV FRPPH DXWDQW GH YRPLWRLUHV QRV GHVVLQDWHXUV OHV FRQVLGHUHQW DLQVL GDQV OHXUUHVWDXUDWLRQSRXUWDQWLOQHPHVHPEOHSDVTXHFHWWHRSLQLRQVRLWELHQ IRQGpH«/HGR\HQ(0DUWLHWG¶DXWUHVjVRQH[HPSOHRQWUqFLWqVXUOH SURVFHQLXPGHVDJRQWHGHVYHUVTXLRQWpWHWUqVELHQHQWHQGXVGHWRXVOHV SRLQWVGXWKpkWUHPDOJUqO¶pWDWGHUXLQHGHVSDURLVª    (QOD9XHJHQpUDOHGXWpkWUHGH6DJRQWH/DERUGHPRVWUyXQDLPDJHQ GHOWHDWURTXHWRPyGHVGHHOiQJXORGHUHFKR\SRUWDQWRVHSXGRUHFRJHU HQ HO GLEXMR QR VROR JUDQ SDUWH GH VX HVWUXFWXUD VLQR  HO PDO HVWDGR GH   /DERUGHS  /DERUGHS  DQWLJXDVVREUHORVHGLILFLRVURPDQRV\JULHJRVQRLQFOX\yQLUHIHUHQFLyD ODV OiPLQDV GHO SULPHU WUDEDMR  UHGXMR  ODV H[SOLFDFLRQHV GH ODV GLVWLQWDV SDUWHVGHVFULWDV\FRPHWLyHUURUHVDOWUDVFULELUDOJXQDVPHGLFLRQHV\SRU ~OWLPR DQDOL]y ODV FDXVDV GHO GHWHULRUR GHO HGLILFLR \ FXOSy DODV DXWRULGDGHVGH HOORSRU SHUPDQHFHUSDVLYRV DQWHHOH[SROLR DO TXHHVWDED VRPHWLGR©(VWHWHDWURIXHHQJUDQSDUWHGHVWUXLGRHQGHRUGHQGHOD &LXGDGGH5RQGDSDUDHPSOHDUVXVSLHGUDVHQODIDEULFDGHODVFDVDVGHO $\XQWDPLHQWRª   (VWDGLVHUWDFLyQFRPR KHPRV FRPHQWDGRHQ SiUUDIRVDQWHULRUHV VH ORFDOL]yHQHOOHJDMRGHOYLDMHGH9DOGHIORUHV\SRUWDQWRVXVPHGLFLRQHV GHEtDQKDEHUVLGR FDOFXODGDVFRQHOSLHURPDQRPHGLGDRILFLDO GHOYLDMH 6LQHPEDUJRpVWDVHVWDEDQHQDQWLJXRSLHHVSDxROGHO0DHVWUR(VTXLYHO (VWR QRV KDFH SUHVXSRQHU TXH 9DOGHIORUHV QR YLVLWy  $FLQLSR GXUDQWH VX YLDMH\SDUDRFXOWDUTXHXWLOL]yHQVXOXJDUXQDGLVHUWDFLyQUHDOL]DGDXQRV DxRV DQWHV KL]R DOJXQRV FDPELRV HQ HO WH[WR HQWUH ORV TXH GHVWDFD OD HOLPLQDFLyQ GH  XQ SiUUDIR HQ HO TXH GHIHQGtD OD XWLOL]DFLyQ GHO SLH FDVWHOODQR DQWLJXR GHO 0DHVWUR (VTXLYHO 7DPELpQ GHMy ODV PHGLGDV VHJXLGDVGHODSDODEUD©SLHªTXHSRGUtDLGHQWLILFDUVHSRUGHIHFWRFRQHOSLH URPDQR\HOOHFWRUQRVHGDUtDFXHQWDGHTXHHOWH[WRIXH UHGDFWDGRXQRV DxRVDQWHVGHOLQLFLRGHVXSUR\HFWR 7H[WRGHODSULPHUDGLVHUWDFLyQ ©$QWHVGHSDVDUDGHODQWHGHERDGYHUWLUTXHVLHPSUHTXHDTXtKDEOR GHPHQVXUDGHSLHVQRHQWLHQGRRWUDTXHODGHOSLHHVSDxRODQWLJXRHOTXDO VHJ~QODVREVHUYDFLRQHVGHHO0DHVWUR(VTXLYHOUHIHULGDVSRU$PEURVLRGH 0RUDOHVHUDDOJRPHQRUTXHHOSLH5RPDQR\VHFRPSRQtDGHODWHUFHUD SDUWHGHXQDYDUDFDVWHOODQD (OPXURH[WHULRUHVWiDUUXLQDGRHQODPLWDGGHIRUPDTXHSRUODSDUWH TXHGHpOUHVWDVHSXHGHYHQLUHQFRQRFLPLHQWRGHODRWUDTXHOHIDOWD/D   ,ELGSiJ   DOWXUDGHHVWHPXUR\GHWRGDODHVFHQDHVGHSLHVSXHVVRORFRQVWDGH OLQHDVGHSLHGUDVª   7H[WRGHODVHJXQGDGLVHUWDFLyQ ©/DDOWXUDGHHOPXURH[WHULRU\SRUFRQVLJXLHQWHGHOD6FHQDSRUHVWD SDUWHHVGHSLHV\FRQVWDGHVRORKLODGDVGHSLHGUDVFDGDTXDOSLHV GHDOWRª   /DH[LVWHQFLDGHHVWDVHJXQGDGHVFULSFLyQMXQWRFRQODFDUWDIHFKDGD HO  GH MXQLR GH    ±HQ OD TXH HO PDUTXpV FRPHQWD TXH WHQtD FDVL FRQFOXLGRVXYLDMHSRU$QGDOXFtDSHURD~QQRKDEtDYLVLWDGRODVUXLQDVGH $FLQLSR \  OD UHWLUDGD GH OD D\XGD HFRQyPLFD GHVSXpV GH VX PDUFKD GH ([WUHPDGXUDSURYRFDURQTXHSRVLEOHPHQWHHOPDUTXpVGH9DOGHIORUHVQR UHJUHVDUDD$FLQLSRGXUDQWHHOGHVDUUROORGHVXYLDMH3RUWDQWR9DOGHIORUHV DO WHQHU XQD DQWHULRU GHVFULSFLyQ \ OD IDOWD GH UHFXUVRV HFRQyPLFRV OH KDUtDQUHSODQWHDUVHORVOXJDUHVDYLVLWDUHQWUHHOORVQXHVWURWHDWUR<DQWH HVWDVLWXDFLyQ9DOGHIORUHVSXGRSODQWHDUVHLUVyORDODVORFDOLGDGHVD~QQR YLVLWDGRVHLQFOXLUVXVHVWXGLRVDQWHULRUHVSDUDWHQHUHOPD\RUYROXPHQGH LQIRUPDFLyQSDUDFRPSOHWDUHQODPHGLGDGHORSRVLEOHVXSUR\HFWR /DWHUFHUDGHVFULSFLyQTXHVHORFDOL]yHQXQYROXPHQMXQWRFRQRWUDV GLVHUWDFLRQHV  HVODPLVPDTXHODSULPHUDSHURFRQODVDOYHGDGGHOD LQFOXVLyQDOILQDOGHODH[SRVLFLyQGHXQDQH[RWLWXODGR©H[SOLFDFLyQGHODV OiPLQDV\FLWDVª\DFRPSDxDGRGHOiPLQDVTXHQRKDEtDQDSDUHFLGRHQ ODV GHVFULSFLRQHV DQWHULRUHV &LQFR GH HOODV VRQ GHO WHDWUR URPDQR GH $FLQLSR\ODVGRVUHVWDQWHVSHUWHQHFHQDOWHDWURURPDQRGH0pULGD)LJ \6LQJLOLD%DUED)LJ(QXQSULPHUPRPHQWRVHSXHGHFUHHUTXHOD OH\HQGD IRUPDSDUWHGH ODV OiPLQDV GH OD GHVFULSFLyQGHQXHVWUR WHDWUR 3HUR QDGD PiV OHMRV GH OD UHDOLGDG \D TXH HVWDPRV DQWH XQ WH[WR TXH VH   5HDO$FDGHPLDGHOD+LVWRULDSiJ  &RSLDUHVXPLGDGHORULJLQDO5HDO$FDGHPLDGHOD+LVWRULD\SiJ  5HDO$FDGHPLDGHOD+LVWRULD&$*©0XL6 U PLRWHQJR\DFDVLFRQFOXLGRHO YLDJHGH$QGDOXFLD\SDUDHVWDUORGHOWRGRVRORPHIDOWDHOUHJLVWUDUODVUXLQDVGH$FLQLSR\VX WHDWURª  5HDO$FDGHPLDGHOD+LVWRULD  FRUUHVSRQGHFRQODOiPLQDHQODTXHVHUHSUHVHQWDHOWHDWURURPDQRGH 0pULGD  )LJ&RPRVHKDFRPSUREDGRHQODOH\HQGDVHLGHQWLILFDQ FODUDPHQWHFDGDGLEXMRGHOHGLILFLRHPHULWHQVH)LJ  'LEXMR©/DODPLQDSULPHUDKDFHYHUODGLVSRVLFLyQJHQHUDO GH ORV FLPLHQWRV \ GH ODV GLIHUHQWHV HQWUDGDV DO 7HDWUR /DV OLQHDV VHPLFLUFXODUHVVHxDODQOD VLWXDFLyQGHORV3UHVFLQFWLRV  TXH VHSDUDVHQODV GLIHUHQWHV FODVHV GHO 3XHEOR /DV OLQHDV GH SXQWRV VHxDODQ OD SUREDEOH VLWXDFLyQGHODVHVFDOHUDVTXHEXVFDEDQGHVGHODVYDULDVYRPLWRULDVSHUR ORV $VLHQWRV VH KD\DQ DKRUD WDQ DUUXLQDGRV TXH QR VH SXHGHQ VHxDODU H[DFWDPHQWHVXVLWXDFLyQª 'LEXMR©/DOiPLQD 5HSUHVHQWDODVSDUHGHVGHOD(VFHQD 3URVFHQLR 3~OSLWR \ 2UTXHVWD VHxDODGRV FRQ ORV WUHV VHPLFtUFXORV TXH VH SXHGHQ YLVLEOHPHQWH WUD]DU VREUH OD (VFHQD 6HxDOD OD GLVSRVLFLyQ GH ORV $VLHQWRV SDUD ODV GLIHUHQWHV FODVHV GH XQ ODGR \ HO JUDQ FRUUHGRU TXH FRQGXFtDDODFODVHGH$VLHQWRVHQHORWUR/DSDUWHQRVRPEUHDGDLQGLFD DTXHOODSRUFLyQGHOD3ODWDIRUPDTXHFRPXQLFDEDFRQHOFRUUHGRUSULQFLSDO FRUWDGRHQOD3HxD1DWXUDOª 'LEXMR©/D/DPLQD +DFHYHUODVHFFLyQGHO7HDWURª  'LEXMR  ©/D /DPLQD  'D XQD YLVWD GHO 7HDWUR FRPR DFWXDOPHQWHH[LVWHª  (VWD GLVHUWDFLyQ D SHVDU GHO LQWHUpV H LQVLVWHQFLD GH GHWHUPLQDGRV DFDGpPLFRVFRPR-RVp2UWL]\6DQ]QXQFDIXHSXEOLFDGDHQODV0HPRULDV GH OD 5HDO $FDGHPLD GH OD +LVWRULD (Q XQ SULQFLSLR HVWD QHJDWLYD SXGR HVWDUYLQFXODGDDODQRORFDOL]DFLyQGHODVOiPLQDVTXH9DOGHIORUHVFLWDED HQVXGHVFULSFLyQ(VWRFRQVWDHQWUHVLQIRUPHVGHODV$FWDVGHODV-XQWDVGH ODV6HVLRQHVGHOD$FDGHPLD  \HQFXDWURLQIRUPHVGHODVDFWDVGHOD6DOD   $HVWDPLVPDFRQFOXVLyQKDOOHJDGR&0DQVRHQXQDUWtFXORUHFLHQWHPHQWH SXEOLFDGR 0DQVR  5HDO$FDGHPLDGHOD+LVWRULD0DLHU   GH$QWLJHGDGHV  (QHOSULPHUGRFXPHQWR  IHFKDGRHOGHPD\RGH     VH LQIRUPD D ORV PLHPEURV GH OD DFDGHPLD  GHOD SURSXHVWDGH 9LFHQWH $UQDR SDUD  SXEOLFDU OD GLVHUWDFLyQ GHO WHDWUR GH $FLQLSR GH 9DOGHIORUHV HQ ODV PHPRULDV GH OD LQVWLWXFLyQ 6LQ HPEDUJR OD FRPLVLyQ RSWy SRU ORFDOL]DU ODV OiPLQDV FLWDGDV HQ HO WH[WR DQWHV GH VX LPSUHVLyQ 6LHWH PHVHV GHVSXpV  OD FRPLVLyQ HQFDUJy D -RVp 2UWL] \ 6DQ]  OD HYDOXDFLyQGHOWUDEDMRGHQXHVWURPDODJXHxRSDUDVXSXEOLFDFLyQHQHO WRPRGHODVPHPRULDV3HURDOQRHQFRQWUDUVHORVGLEXMRVHQWUHORVSDSHOHV HQWUHJDGRVD2UWL]VHVROLFLWyDORILFLDOGHOD6HFUHWDUtDODE~VTXHGDGHORV PLVPRV   (O  GH HQHUR GH  VH OH HQWUHJD D -RVp 2UWL] QXHYRV GRFXPHQWRV UHODWLYRV D $FLQLSR  \GHVSXpVGHVXUHYLVLyQQRKDOOy QLQJXQRGHORVGLEXMRV  3RVLEOHPHQWHHVWDIXHVHODFDXVDGHODFXHUGRGH   5HDO$FDGHPLDGHOD+LVWRULD&$$&&$$&&$$& &$$&  $FWDVGHOD-XQWDGHOD$FDGHPLD©(O6 RU $UQDR5HYLVLRQ*UDOOH\yHO-XLFLRT H  KD IRUPDGR GHOD 'LVHUWDFLRQ GH QXHVWUR GLIXQWR $FDGpPLFR HO 6 RU  9HOD]T ]  0DUTXHV GH 9DOGHIORUHV VREUH HO WHDWUR \ UXLQDV GH $FLQLSR HQ T H  GHVSXpV GH KDFHU DQDOLVLV GH HVWH RS~VFXORFRQFOX\HT H OHHVWLPDGLJQRGHODSUHFLRGHOD$FDGHPLD\GHTXHVHLQVHUWHHQWUHVXV 0HPRULDVHVSHFLDOPHQWHVLH[LVWHQHQWUHORV0VVGHVXDXWRUODVFLQFROiPLQDViT H VHUHILHUH HQ VX 'LVFXUVR y ORV GLEX[RV T H  GHEHQ VHUYLU SDUD JUDEDUODV ODV TXDOHV VRQ UHODWLYDV D OD H[SOLFDFLyQGH OR LQWHULRU \ H[WHULRU GHO WHDWUR \ i YDULDVLQVFULSFLRQHV \ PHGDOODV T H FLWDHQ FRQILUPDFLyQ GH VXV RSLQLRQHV < OD $FDG D  DFRUGy T H  VH EXVTXHQ HQWUH RWURV 066 HVWDV PLVPDV OiPLQDV yGLEX[RV T H HO6 RU /RSH]PDQLIHVWyKDEHUYLVWRHQXQRGHORVWRPRVGHOD FROHFFLyQ\VHLPSULPDOD0HPRULDGHO6 RU 9HOD]TXH]ªSiUUDIRH[WUDtGRGHO$FWD  (VWHGRFXPHQWRSUHFHGHDOWH[WRGHODSULPHUDGHVFULSFLyQ  ,QIRUPHGHODV$FWDVGHOD6DODVLJ&$$&©(O6RU2UWL]VHOOHYyXQRVSDSHOHV GH'/XLV-RVpGH9HOD]TXH]VREUHHOWHDWURGH$FLQLSRS D H[DPLQDUORVpLQIRUPDUiODVDODGH VX PpULWR FRQ HO REMHWLYR GH SURSRUFLRQDU PDWHULDOHV S D  HO  WRPR GH PHPRULDV TXH HVWi LPSULPLHQGROD$FDGHPLDªSiUUDIRH[WUDtGRGHO$FWD  6HHQFXHQWUDQHQHO$FWDGHOD$FDGHPLD©+LFHSUHVHQWH OD QRWD GH ODV 0HPRULDVDSUREDGDVSDUDODLPSUHVLyQ\KDELHQGRVHHQFRQWUDGRORVGLEX[RViT H VHUHILHUHHO 6 RU 9HOD]TXH]HQVXGLVHUWDFLyQVREUHHOWHDWUR\UXLQDVGH$FLQLSRRIUHFLyHO6 RU 2UWL]HQFX\R SRGHUH[LVWHQSDUDVXUHFRQRFLPLHQWRLQIRUPDUiOD$FDGHPLDGHVXPpULWR\HQHOLQIRUPHGHOD 6DOD  (O 6 RU  2UWL] KDEOy GH ORV SDSHOHVGHO 6 RU  9HOD]TXH] UHODWLYRV i OD DQWLJXD $FLQLSRTXHVHOOHYyHOGHOFRUU WH \GLMRTXHVHJXQLQIHULDGHVXFRQWHQLGRGHEHQH[LVWLUHQ OD $FDG D  PDV SDSHOHV GHO PLVPR DXWRU \ DVXQWR \ GH UHVXOWDV VH HQFDUJy DO RILFLDO GH OD 6HFUHWDULDORVEXVTXHHQHOODªSiUUDIRH[WUDtGRGHODV$FWDV   ,QIRUPHGHODV$FWDVGHOD6DOD©(ORILFLDOGHOD6HFUHWDULDiFRQVHJHQFLDGHOR TXH VH OH HQFDUJy HQ OD MXQWD ~OWLPD SUHVHQWy RWURV SDSHOHV GHO 6 RU  9HOD]TXH] UHODWLYRV D DFLQLSSRTXHVHHQWUHJDURQDO6 RU 2UWL]SDUDTXHORVDJUHJXHiORVTXH\DWLHQHGHOPLVPRDXWRU VREUHHOPLVPRDVXQWR\QRVLQIRUPHGHVXPpULWRªSiUUDIRH[WUDtGRGHO$FWD   ,QIRUPHGHODV$FWDVGHOD6DOD©+DELpQGRVHHQFRQWUDGR XQ WRPR GH OD FROHFFLyQ GH ' /XLV GH 9HOD]TXH] FRQXQD QRWD TXH GLFHHVWDU DOOt OR TXH WUDEDMy VREUH ODV  QRSXEOLFDUORSRUHOPRPHQWR  /RVGLEXMRVGHELHURQDSDUHFHUGHVSXpV GHO  GH DEULO GH  \D TXH HQ HVH LQIRUPH GH OD VDOD VH UHFRJLy ©+DELpQGRVHHQFRQWUDGRXQWRPRGHODFROHFFLyQGH'/XLVGH9HOD]TXH] FRQXQDQRWD TXH GLFHHVWDU DOOtORTXHWUDEDMyVREUHODVDQWLJHGDGHVGH $FLQLSSRVHH[DPLQyRWURWRPRSDUDYHUVLVHHQFRQWUDEDQHQpOORVGLEXMRV UHODWLYRV DO DVXQWR TXH KDVWD DKRUD QR KDQ DSDUHFLGR SHUR QR VH HQFRQWUDURQGLEXMRVQLRWUDFRVDDOJ D SHUWHQHFLHQWHiODPDWHULDª 7DQVyORWHQHPRVXQDQRWDHQODSRUWDGDGHODSULPHUDGLVHUWDFLyQ TXHSRQH©/RVGLEXMRVHVWiQHQXQDFRSLDTXHHQWUDHQHOHVWDQWH(ª  SHUR QRVHVDEHFXDQGRIXHHVFULWD /DGLVHUWDFLyQVHOHFFLRQDGDSDUDQXHVWURDQiOLVLVHVODWHUFHUDSRUVHU OD PiV  H[WHQVD \ SRU WDQWR OD TXH PiV LQIRUPDFLyQ DSRUWD (Q HOOD HO PDUTXpVIHFKyODVGRV~QLFDVYLVLWDVDOWHDWURGH$FLQLSRHOGHRFWXEUH GH\HOGHHQHURGH9DOGHIORUHVHVWUXFWXUyVXWUDEDMRHQWUHV WHPDVGHLQYHVWLJDFLyQODGHVFULSFLyQDUTXLWHFWyQLFDGHOWHDWURHOHVWXGLR GH ODV LQVFULSFLRQHV KDOODGDV HQ VX HQWRUQR \ OD H[SRVLFLyQ GH YDULDV KLSyWHVLV VLQ GHFDQWDUVH SRU QLQJXQD VREUH OD XELFDFLyQ GH 0XQGD R ©5RQGDODYLHMDª 9DOGHIORUHV FRPHQ]y VX H[SRVLFLyQ FRQ OD VLWXDFLyQ JHRJUiILFD GH QXHVWURHGLILFLR\VXHQWRUQRSDUDFRQFOXLUFRQVXHVWXGLRHVWUXFWXUDO/R GLYLGLyHQGRV©IUHQWHVªTXHOODPy©)UHQWHLQWHULRUGHHOWHDWURª)LJ \ ©)UHQWH H[WHULRU GH HO WHDWURª )LJ   9DOGHIORUHV FRPSOHWy HVWDV H[SOLFDFLRQHV FRQODVOiPLQDV\ TXHDSRUWDUtDQD ORVOHFWRUHVVHJ~Q QXHVWUR DXWRU  XQD PD\RU FRPSUHQVLyQ GH OD GHVFULSFLyQ  (Q DPEDV SDUWHVPRVWUyHOHVWDGRGHFRQVHUYDFLyQGHOHGLILFLR\GHVFULELyIXQFLRQDO \DUTXLWHFWyQLFDPHQWHORVUHVWRVSHURVyORGHODVHVWUXFWXUDVSUHVHUYDGDV  DQWLJHGDGHVGH$FLQLSSRVHH[DPLQyRWURWRPRSDUDYHUVLVHHQFRQWUDEDQHQpOORVGLEXMRV UHODWLYRVDO DVXQWR TXHKDVWDDKRUDQR KDQDSDUHFLGR SHURQR VHHQFRQWUDURQGLEXMRVQLRWUD FRVDDOJ D SHUWHQHFLHQWHiODPDWHULDªSiUUDIRGHOH[WUDtGRGHO$FWD  ,QIRUPHGHO$FWDGHOD-XQWD©6HDFRUGyTXHSRUDKRUDVHRPLWDODLPSUHVLyQ GHOD PHPRULD GHO 6 RU  9HOD]TXH] VREUH HO WHDWUR \ UXLQDV GH $FLQLSRª SiUUDIR H[WUDtGR GHO $FWD  0DQVR0DLHU   /DPHWRGRORJtDXWLOL]DGDSRU9DOGHIORUHVSDUDVXHVWXGLRHVWDEDDOD YDQJXDUGLDGHODVDSOLFDGDVHQ(XURSDFRPRORGHPXHVWUDODUHIHUHQFLDD 9LWUXYLR±QRXWLOL]DGRSDUDODUHFRQVWUXFFLyQGHODVSDUWHVGHVSDUHFLGDVQL FRPRGLUHFWUL]REOLJDGDHQODGHVFULSFLyQVLQRFRPRDSR\RDODVHVWUXFWXUDV FRQVHUYDGDV GHO HGLILFLR   OD FRPSDUDFLyQ FRQ ORV UHVWRV GH WHDWURV URPDQRVHXURSHRV\ODXWLOL]DFLyQGHRWUDVIXHQWHVFOiVLFDVSDUDFRPHQWDU OD IXQFLRQDOLGDG  GH FLHUWDV HVWUXFWXUDV  /D UHIHUHQFLD D DXWRUHV FRQWHPSRUiQHRV VH UHGXFH D QXHVWUR PiV VLJQLILFDWLYR HPSUHQGHGRU GH HVWRV HVWXGLRV HO 'HiQ 0DUWt   GHO TXH SXGR WRPDU FRPR HMHPSOR VX GHVFULSFLyQGHOWHDWURURPDQRGH6DJXQWRGHSULQFLSLRVGHO;9,,, 9DOGHIORUHVGHVFULELyHOWHDWURDQWHVGHFRPHQ]DUVXYLDMHSRUWDQWR FDUHFtDGHDXWRUL]DFLyQSDUDUHDOL]DUFLHUWDVLQWHUYHQFLRQHVeVWDSXHGHVHU ODFDXVDSRUODTXHQRH[FDYDHQGHWHUPLQDGRVOXJDUHVHQORVTXHKXELHVH REWHQLGRLQIRUPDFLyQUHODFLRQDGDFRQDOJXQDVHVWUXFWXUDVeVWHHVHOFDVR GH OD RUFKHVWUD TXH SHUPDQHFtD FXELHUWD GH WLHUUD KDVWD OD SULPHUD SUHVFLQFLyQ\DVtORH[SUHVy9DOGHIORUHV©/D2UFKHVWUD/DPQXP HVWDWRGDFXELHUWDGHWLHUUD\SLHGUDVTXHFXEUHQWRGRHOVHPLFtUFXORGHO WHDWURKDVWDODSULPHUDSUHVFLQFLRQª   $ORODUJRGHOVLJOR;9,,,SRGHPRVGLIHUHQFLDUXQDYDQFH\UHWURFHVRHQODPHWRGRORJtDGH HVWXGLR GH ODV DQWLJHGDGHV 6H SXHGH GLIHUHQFLDU D JURVVR PRGR WUHV SHUtRGRV TXH VH FRUUHVSRQGHQFRQODSULPHUDPLWDGGHO;9,,,UHSUHVHQWDGDSRUXQDWHQGHQFLD©WUDGLFLRQDOLVWDª ORVSULPHURVDxRVGHODVHJXQGDPLWDGFRQODFRUULHQWH©PRGHUQDª\ILQDOHVGHODFHQWXULDFRQ XQDSRVWXUD©LQWHUPHGLDª(QODSULPHUDPLWDGH[LVWHXQDYDQFHDEDQGHUDGRSRUODILJXUDGH 0DQXHO0DUWtFRQVXGHVFULSFLyQGHO7HDWUR5RPDQRGH6DJXQWRTXHDGLIHUHQFLDGHORV WUDEDMRVGHHUXGLWRVHXURSHRVQRUHDOL]DUHFRQVWUXFFLRQHVQLHQHOGLEXMRQLHQHOWH[WRFRPSDUD VXHVWUXFWXUDFRQODGHRWURVWHDWURVURPDQRV\XWLOL]DFRPRHVFDODHOSLHURPDQRMXQWRFRQORV SDOPRV 6LQ HPEDUJR VX WUDEDMR QR LQIOX\y HQ ORV HVWXGLRV GH VXV FRQWHPSRUiQHRV TXH VH FLxHURQ D GHVFULELU  \ UHFRQVWUXLU ORV WHDWURV WH[WXDO \ JUiILFDPHQWH XWLOL]DQGR FRPR ~QLFDV GLUHFWULFHVODVIXHQWHVFOiVLFDV'XUDQWHHVHSHUtRGR©PRGHUQRªVHUHWRPDODPHWRGRORJtDGH 0DUWt \ XQR GH ORV PHMRUHV HMHPSORV HV HO HVWXGLR GHO PDUTXpV GH 9DOGHIORUHV /D SRVWXUD ©LQWHUPHGLDªHVWDEDDFDEDOORHQWUHOD©WUDGLFLRQDOLVWDª\OD©PRGHUQDªFRPRTXHGDUHIOHMDGRHQ HO9LDJH DUTXLWHFWyQLFRDQWLFXDULRGH-RVp2UWL]\6DQ]9HU/HyQ/HyQ/HyQ   0DQXHO0DUWtHO'HiQGH$OLFDQWHIXHHOSULPHUHUXGLWRHVSDxROTXHDSULQFLSLRVGHOVLJOR ;9,,,LQWHQWyHVWXGLDUXQPRQXPHQWRDQWLJXRHO7HDWUR5RPDQRGH6DJXQWRFRPR\DVHHVWDED KDFLHQGR HQ )UDQFLD H ,WDOLD  6X GHVFULSFLyQ IXH WUDQVFULWD HQYDULDVREUDVGLHFLRFKHVFDV GHGLFDGDVDO HVWXGLRGHODVDQWLJHGDGHVFRPRODGH% 0RQWIDXFRQ *3ROHQL -0DUWtQH]6DODIUDQFDR$3RQ]6LQHPEDUJRVXOiPLQDUHFLELyGXUDV FUtWLFDVFRPROD HVJULPLGDSRU 2UWL]\6DQ] HQVX 9LDJH DUTXLWHFWyQLFRFDOLILFiQGROD FRPR©XQPDPDUUDFKRª/DUD/HyQ  9DOGHIORUHVGXUDQWHWRGDODGHVFULSFLyQXWLOL]yFRPRDSR\RDOWH[WR OiPLQD©)UHQWHLQWHULRUGHHOWKHDWURª)LJ\©)UHQWHH[WHULRUGHHO WHDWURª)LJTXHVHFRUUHVSRQGHQFRQODOiPLQD\VLVHJXLPRVOD QXPHUDFLyQ \ HO RUGHQ HVWDEOHFLGR HQ HO DQH[R JUiILFR 1R SXHGHQ VHU FRQVLGHUDGRVGLEXMRVDUTXLWHFWyQLFRV±FODUDPHQWHUHIOHMDGRHQHOWUD]DGRGH ODV HVWUXFWXUDV \ OD DXVHQFLD GH HVFDOD  SHUR PXHVWUDQ HO HVWDGR GH FRQVHUYDFLyQGHQXHVWURWHDWURHQODVHJXQGDPLWDGGHOVLJOR;9,,, 6LQ HPEDUJR WHQHPRV WUHV OiPLQDV PiV GHO WHDWUR OiPLQD ©7KHDWUXP$FLQLSSRQHQVHª)LJODOiPLQDFRPSXHVWDSRUFXDWUR GLEXMRV)LJ\ODOiPLQD©3RUWLFRR)UHQWHH[WHULRUGHHOWHDWURGH $FLQLSSR VHJ~Q VRVSHFKD HVWDYLD DQWLJXDPHQWHª )LJ (VWDV WUHV OiPLQDVSRGHPRVFRQVLGHUDUODVFRPRSRVLEOHVERUUDGRUHVSDUDODSRVWHULRU SXEOLFDFLyQ GH OD GHVFULSFLyQ HQ ODV PHPRULDV GH OD $FDGHPLD  (VWDV QXHYDVOiPLQDVQRSDUHFHQKDEHUVLGRGLEXMDGDVSRU9DOGHIORUHVSRUTXHQR IXHURQUHIHUHQFLDGDVHQHOWH[WRHOGLEXMDQWHWHQtDFRQRFLPLHQWRVGHGLEXMR DUTXLWHFWyQLFRGHOTXHFDUHFtDQXHVWURDXWRU\SRU~OWLPRHOVH[WRGLEXMR HV XQD UHFRQVWUXFFLyQ GHO SRVLEOH HVWDGR RULJLQDO GHO ©3RUWLFR R )UHQWH H[WHULRUªTXHVHFRQWUDGLFHFRQODWHQGHQFLDPHWRGROyJLFDGH9DOGHIORUHV TXH QR FRQWHPSOD HVWD UHSUHVHQWDFLyQ ©LPDJLQDULDª GHO PRQXPHQWR HVWXGLDGR /DOiPLQD)LJFRPSXHVWDSRUFXDWURGLEXMRVGRVDO]DGRV XQD SODQWD \ XQD VHFFLyQ GHO JUDGHUtR OD WUD]y  XQ GLEXMDQWH FRQ FRQRFLPLHQWRV DUTXLWHFWyQLFRV TXH XWLOL]y OD GHVFULSFLyQ RULJLQDO \ QR OD UHVXPLGDSDUDVXHODERUDFLyQFRPRORGHPXHVWUDHOXVRGHOSLHFDVWHOODQR TXHDSDUHFHHQODHVFDODVLWXDGDHQHOiQJXORLQIHULRUL]TXLHUGRGHODOiPLQD \QRHOSLHURPDQRTXHIXHODHVFDODRILFLDOGXUDQWHWRGRVXYLDMH (QODVHJXQGDSDUWH9DOGHIORUHVGHVDUUROOyXQDH[SRVLFLyQGLDOpFWLFD VREUH XQ WHPD TXH YHQtD VLHQGR GH JUDQ LQWHUpV D OR ODUJR GHO GLHFLRFKR FRPRHVODORFDOL]DFLyQGH0XQGD\©5RQGDOD9LHMDªHQODVSURYLQFLDVGH 6HYLOOD 0iODJD R &yUGRED  'XUDQWH VX GLVFXUVR H[SXVR ODV GLVWLQWDV   KLSyWHVLV GH XELFDFLyQ  H LGHQWLILFDFLyQ VLQ GHFDQWDUVH SRU QLQJXQD HQ SDUWLFXODU ©,,'HTXHFLXGDGDQWLJXDGH(VSDxDKD\DQVLGRHVWDVUXLQDVHVXQ DVXQWRHQTXHKDVWDKR\QRVHKDQFRQYHQFLGRQXHVWURV$QWLTXDULRV8QRV TXLHUHQTXHHVWDVUXLQDVVHDQGHODDQWLJXD$UXQGDKR\5RQGD\TXHSRU HVWRGHOODPH5RQGDOD9LHMDRWURVDVHJXUDQTXHHV0XQGDFLXGDGFHOHEUH HQQXHVWUDKLVWRULDVSRUODEDWDOODGH&HVDUFRQ*QHR3RPSHLR  3RUORTXHWRFDDORSULPHURQRKD\IXQGDPHQWRHOPDVOHYH SDUDFUHHUTXHODVUXLQDVGHTXHKHPRVWUDWDGRVHDQGH$UXQGD\QRGHRWUD DQWLJXD3REODFLyQGH(VSDxD(OTXHR\VHOODPRDTXHOVLWLR5RQGDODYLHMD QDGD KDFH DO FDVR SXHV FRQ HO PLVPR HUURU VH KDOODQ QRPEUDGDV RWUDV UXLQDV GH GLIHUHQWHV SXHEORV DQWLJXRV /DV UXLQDV GH ,WDOLFD VH OODPDQ R\ 6HYLOODODYLHMDVLHQGRDVLTXH6HYLOODODYLHMDQRIXHODDQWLJXD,WDOLFDVLQR OD FRORQLD 5RPXHOD FRPR FRQVWD SRU GLIHUHQWHV LQVFULSFLRQHV 5RPDQDV TXH DXQ R\ SHUPDQHFHQ HQ 6HYLOOD $GHPDV TXH KD\ VHxDOHV QR PX\ HTXLYRFDVGHTXH$UXQGDHVWXERHQHOPLVPRVLWLRTXHRLHVWD5RQGDRSRU DOOL FHUFD SRU TXH HQ 5RQGD VH KDOOD R\ XQD LQVFULSFLyQ 5RPDQDFRQ H[SUHVDPHQFLRQGH$UXQGDª               5HDO$FDGHPLDGHOD+LVWRULDSS6REUHHOWHDWURURPDQRGH$FLQLSRYHU /HyQ  7HDWURURPDQRGH6LQJLOLD%DUED /XLV -RVp 9HOi]TXH] GH 9HODVFR PDUTXpV GH 9DOGHIORUHV FXDQGR YLVLWyHQ\ODVUXLQDVGHOWHDWURURPDQRGH$FLQLSRWDPELpQOR KL]RDODVUXLQDVGHODDQWLJXDFLXGDGGH6LQJLOLD%DUED(VWDSRVLELOLGDGVH YH UHIRU]DGD SRU ODXWLOL]DFLyQ GH 9DOGHIORUHV GHO DQWLJXR  SLHFDVWHOODQR SDUDVXVPHGLFLRQHV\QRGHODQWLJXRSLHURPDQRFRPRKL]RHQVXSUR\HFWR LQFRQFOXVRDSDUWLUGH 6XHVWXGLRHVWiFRPSXHVWRSRUXQDEUHYHGHVFULSFLyQTXHVHUHGXFHD FRPHQWDULRV GH VX VLWXDFLyQ JHRJUiILFD ODV PHGLGDV GHO GLiPHWUR \ ODV FDXVDVGHOGHWHULRURGHOHGLILFLRTXHDFRPSRxyFRQLPiJHQHVWUHVYLVWDV )LJ  XQD SODQWD GHO HGLILFLR FRPSOHWR )LJ  \ HO DO]DGR  GHO JUDGHUtR\ODHVFHQD)LJ ©(QHOGHVSREODGRGLFHQHOFDVWLOORQy9DOVHTXLOORSRFRPDVGHò OHJXDDO6HSWHQWULyQGH$QWHTXHUDHQWUHHVWDFLXGDG\HOULR*XDGDOKRU]Hi óGH OHJXDGHHVWHHQHO UH\QRGH6HYLOODHQWUHODVUXLQDVGHODDQWLJXD 6LQJLOLDWRGDYtDKD\RWURWHDWURFDVLGHOWRGRGHUHFKR\GHOTXDOVRORKDQ TXHGDGRORVYHVWLJLRVGHOVHPLFtUFXORGHODVJUDGDVKDVWDGRVH[WUHPLGDGHV SRUGRQGHVHXQLDQFRQODVFHQD(OGLiPHWURGHHVWHVHPLFtUFXORSRUVXV GRV H[WUHPLGDGHV HV GH  SLHV HVSDxROHV DQWLJXRV GH i WHUFLD GH YDUD FDVWHOODQD(VWHHGLILFLRIXHPDVGHVWUXLGRHQQXHVWURVGLDVSDUDODIDEULFD GHO&RQYHQWRGH6DQ-XDQGH$QWHTXHUD'HHOKD]HPHQFLRQXQDQWLJXR 3RHWDGHOD PLVPD FLXGDG GHOTXDOSDUHFHHQHVWHHGLILFLRQR HVWDEDGHOWRGRHQWHURª   (QODVWUHVYLVWDV)LJVHSXHGHREVHUYDUTXHODVGRVSULPHUDV VRQXQERFHWRGHOD~OWLPDODFXDOVHUtDHQWUHJDGDDOD5HDO$FDGHPLDGHOD +LVWRULD FRPR GHILQLWLYD /RV GLEXMRV VRQ GH HVFDVD FDOLGDG DUWtVWLFD \ DUTXLWHFWyQLFD  SRVLEOHPHQWH UHDOL]DGRV SRU HO PLVPR 9DOGHIORUHV FRPR RFXUULyHQORVGLEXMRVDSRUWDGRVHQHOHVWXGLRGHOWHDWURURPDQRGH$FLQLSR   5HDO$FDGHPLDGHOD+LVWRULDSS   /DOiPLQDGHODSODQWDGHOWHDWUR)LJQRWLHQHHVFDODQLOH\HQGD (VWHGLEXMRSDUHFHXQERUUDGRUGHXQDIXWXUDUHSUHVHQWDFLyQPiVFRPSOHWD DOLJXDOTXHODVOiPLQDVGHODVYLVWDVPHQFLRQDGDVHQHOSiUUDIRDQWHULRU SHURFRQODVDOYHGDGGHQRKDEHUORFDOL]DGRODGHILQLWLYD(QODSODQWDVH REVHUYDHOWUD]DGRGHOVXSXHVWRJUDGHUtRFRQXQDLQGLFDFLyQTXHGLFH©FDOOH DOUHGHGRUGHOWHDWURª\HQODHVFHQDGLEXMDYDULDVHVWUXFWXUDVGRQGHHVFULELy ©DTXt KDYLD DUFRVª -XVWR GHWUiV GH OD HVFHQD GRQGH GHEHUtDQ HVWDU ORV UHVWRVGHO SRVWVFHQLRQR GLEXMyQDGDSHURDODUJy OD OtQHDGHO WUD]DGRGHO WHDWUR \ URPSLy  ODHVWUXFWXUD  VHPLFLUFXODU GH  pVWRV GRQGH FRORFy  GRV HVWUXFWXUDV FXDGUDGDV FRQ OD LQGLFDFLyQ VLJXLHQWH ©UXLQDV GH SREODFLyQª )LJ (QOD~OWLPDOiPLQDGLEXMDHODO]DGRGHOJUDGHUtR\GHODHVFHQD$O LJXDO TXH HO GLEXMR DQWHULRU HVWi ODWHQWH VX IDOWD GH FRQRFLPLHQWR DUTXLWHFWyQLFR\SRUODFRPSRVLFLyQGHODOiPLQD  SDUHFHTXHVHWUDWDGH XQERUUDGRU)LJV\                (QODPLVPDOiPLQDDSDUHFHQQRWDVTXHQRVHFRUUHVSRQGHQFRQORVUHVWRVGLEXMDGRV\GHEDMR GHODO]DGRGHODHVFHQDGLEXMyORVUHVWRVGHOFRQYHQWRGH6DQ-XDQGH$QWHTXHUD  ©/DHVFDYDFLyQTXHDxRVSDVDGRVVHKL]RSRURUGHQGHODFRUWHSRU' /XLV 9HOi]TXH] IXH VXILFLHQWH SDUD GHPRVWUDU HO FXHUSR SULQFLSDO GHO 7HDWURGHVGHVXVSXHUWDVKDVWDORPiVDOWRGHVXIiEULFD*DVSDU%DUUHLURV QRVHFRQTXHRMRVORPLUyHQHODxRSRUTXHHQODGHVFULSFLyQTXH KL]RGHpOHQWRGRVHHQJDxy\ORTXHOHKDFHPDVGLJQRGHUHSUHQVLyQHV TXHKDKHFKRLQFXUULUFRQORVPLVPRV\HUURVDXQRGHORVPHMRUHVHVFULWRUHV GHQXHVWUVGLDVDO30)ORUH]SRUTXHpVWHFXDQWRKDEODGHOWHDWURGHHVWD FLXGDGORHVWDEOHFHVREUHODIpGH%DUUH\URª   (QHOWH[WRVHKDFtDUHIHUHQFLDDXQDVHULHGHOiPLQDVGHO©7HDWUR 1DXPDTXLD &LUFR 3XHQWH HVWDWXDV PHGDOODV LQVFULSFLRQHV \ RWURV PRQXPHQWRV GH VX WLHPSRª    FX\DV PHGLFLRQHV HVWDEDQ HQ YDUDV FDVWHOODQDV 6LQ HPEDUJR SRU UD]RQHV TXH VH GHVFRQRFHQ QR DSDUHFLHURQ MXQWRDVXPDQXVFULWRQLHQVXSXEOLFDFLyQSRVWHULRU 3RU HO WH[WR FRPR DQWHULRUPHQWH VH KD FRPHQWDGR VDEHPRV TXH H[LVWH XQD UHVWDXUDFLyQ GH ODV SDUWHV GHVDSDUHFLGDV \ SRVLEOHPHQWH XQ HVWXGLR JUiILFR GHO PDWHULDO GH FRQVWUXFFLyQ \D TXH HQ OD GHVFULSFLyQ OR PHQFLRQD FRPR GHWHUPLQDQWH SDUD OD GDWDFLyQ GHO WHDWUR (VWD XWLOL]DFLyQ GHOHVWXGLRGHORVPDWHULDOHVGHFRQVWUXFFLyQSDUDODGDWDFLyQGHOWHDWUR\D OD GHIHQGLy 2UWL] \ 6DQ] HQ VX GHVFULSFLyQ GHO HGLILFLR O~GLFR VDJXQWLQR FRPROD~QLFDSUXHEDTXHSURSRUFLRQDUtDXQUHVXOWDGRFRUUHFWR )LQDOL]D OD GHVFULSFLyQ FRQ OD GDWDFLyQ GHO WHDWUR \ XQD EUHYH PHQFLyQGHOHVWDGRUXLQRVRHQHOTXHVHHQFRQWUDEDGHELGRSULQFLSDOPHQWH DODXWLOL]DFLyQGHpVWHFRPRFDQWHUDSDUDUHVWDXUDUHOSXHQWHGHO*XDGLDQD (VWH FRPHQWDULR VREUH OD H[SROLDFLyQ GHO PRQXPHQWR WDPELpQ IXH UHDOL]DGRSRU/DERUGH  ©&RQVWD KDEHU VLGR VX IiEULFD GH JUDQGHV \ VREHUELDV SLHGUDV GH FDQWHUtD ODEUDGDV FRQ EDVWDQWH SULPRU TXH VLQ GXGD GDUtD KHUPRVXUD \   )RUQp\6HJDUUDS  &DEDOOHURS   PDMHVWDG D OD REUD /DV JUDGDV HVWiQ EDVWDQWHPHQWH DUUXLQDGDV FRPR WDPEtHQ ODV SDUHGHV H[WHULRUHV VH KDOODQ FDVL DGRUQR SRUTXH HQHOVLJOR SDVDGRTXLWDURQODVSLHGUDVGHXQDSDUWH\RWUDSDUDFRPSRQHUHOSXHQWHGH *XDGLDQD/DIiEULFDFRUUHVSRQGHDODVREUDVTXHVHKDFtDQHQWLHPSRGH 7UDMDQR SRU FX\RV PRWLYRV VRVSHFKDQ DOJXQRV TXH VH KL]R HQ DTXHOORV WLHPSRVSHUR\RMX]JRTXHHVIiEULFDPiVDQWLJXDª   )RUQHUGHQXQFLyODIDOWDGHUHFXUVRVHFRQyPLFRVSDUDSRGHUUHDOL]DU HVWHHVWXGLR\SRUWDQWROHLPSLGLyH[FDYDUHQODVSDUWHVQR LQWHUYHQLGDV SRU  9DOGHIORUHV GRQGH VH HQFRQWUDUtDQ ORV UHVWRV GH OD ©RUFKHVWUD \ HVFHQDª  (QULTXH)OyUH] (O SDGUH )OyUH] UHFRJLy HQ HO WRPR ;,,, GH VX (VSDxD 6DJUDGD ODV DQWLJHGDGHVGH0pULGDSHURFRQODVDOYHGDGGHTXHQXQFDHVWXYRHQHVD FLXGDG3DUDODGHVFULSFLyQGHOWHDWURURPDQRHPHULWHQVH)OyUH]XWLOL]yXQ WH[WRIHFKDGRHQFX\RDXWRUHUD*DVSDU%DUUH\URV(VWHWH[WRVHJ~Q )RUQp\6HJDUUDFRQWHQtDQXPHURVRVHUURUHVHQVXVPHGLFLRQHV\pVWDSXGR VHU OD FDXVD SRU OD TXH VX EUHYHGHVFULSFLyQQRVHPHQFLRQyHQREUDV SRVWHULRUHV )ORUH]HQEDVHDOWH[WRGH%DUUH\URVGHVFULELyORVUHVWRVH[LVWHQWHVHQ HOVLJOR;9,LQGLFyHOGLiPHWURGHOWHDWUR\FRPHQWyHOPDWHULDOHPSOHDGR HQ VX IiEULFD $O FRQWUDULR GH RWURV HVWXGLRV UHFRJLGRV HQ VX REUD HVWD GHVFULSFLyQQRYLHQHDFRPSDxDGDGHQLQJXQDOiPLQDGHOWHDWUR ©<D HQ HO 7KHDWUR TXH HQ HO DxR GH  HQ TXH OH YLR *DVSDU %DUUH\URVFRQVWDEDKDYHUWHQLGRVLHWHDOWRVDO]DGRVVREUHDUFRVFRPRHO GH5RPDDXQTXHPX\LQIHULRUHVORVDUFRVHVWDEDQGHUULEDGRVODVSDUHGHV HQWHUDVORVDVLHQWRVJDVWDGRV(OVHPLFtUFXORWLHQHTXDWURFLHQWRVSLHVHQOD SDUWHGHDGHQWUR GHVGHXQD SXHUWDDRWUD&RQVWDGHXQDVPX\ JUDQGHV\   )RUQp\6HJDUUDS  VREHUELDV SLHGUDV GH FDQWHUtD ODEUDGD TXH GDQ  D OD REUD IRUWDOH]D \ PDJHVWDGª    )UDQFLVFR3pUH]%D\HU )UDQFLVFR 3pUH] %D\HU HQ VX 'LDULR GHO 9LDMH GHVGH 9DOHQFLD D $QGDOXFtD  GHGLFy XQ EUHYH SiUUDIR DO WHDWUR URPDQR GH 0pULGD H LQFOX\yXQDOiPLQD)LJTXHVHJ~QQXHVWURDXWRUHUDLPSUHVFLQGLEOH SDUDFRPSUHQGHUVXGHVFULSFLyQ©3DUDGHFLUDOJRGHHVWHHGLILFLRFRQYLHQH TXHVHYHDDQWHVVXGLEXMRTXHHVHODGMXQWRGLEXMRGHOWHDWURª  &RPHQ]y PHQFLRQDQGRODVSDUWHVGHVDSDUHFLGDVRUFKHVWUDVFHQD\SURVFHQLRSDUD FRQWLQXDUFRQXQDEUHYHXQDEUHYHDFODUDFLyQGHOSRUTXpUHFLEHHOQRPEUH GH/DV6LHWH6LOODV ©&RQWLJXR HVWi HO WHDWUR TXH OODPDQ /DV VLHWH VLOODV\ KR\VLUYH GH SOD]DGHWRURVSDUDORFXDO\TXHHVWDIXHVHUHGRQGDVHGHVWUX\yODFXHUGD GHODUFRTXHHQORDQWLJXRIRUPDEDHVWHHGLILFLRHQODFXDOFXHUGDHVWDEDOD RUFKHVWUD OD VFHQD HO SURVFHQLR ORV TXH OODPDQ PLOWDWRULD \ RWUDV RILFLQDVª    $ OR ODUJR GH VX H[SRVLFLyQ VH SXHGH REVHUYDU TXH 3pUH] %D\HU FDUHFtD GHFRQRFLPLHQWRVREUH OD HVWUXFWXUD GH ORVWHDWURV FOiVLFRV \ SRU HOORUHDOL]yFRPHQWDULRVWDQGHVDIRUWXQDGRVFRPRpVWH©(QPLMXLFLRORV VHLVKXHFRVTXHKD\HQWUHVLOOD\VLOODHUDQHOVLWLRGHRWUDVWDQWDVHVFDOHUDV SRUGRQGHVHVXEtDDODJUDGHUtDGHORVWUHVyUGHQHVVHQDWRULRHFXHVWUH\ SOHEH\GHODTXHOODPDEDQVXPPDFDYHDª  (VWDIDOWDGHFRQRFLPLHQWRV SURYRFy TXH 3pUH] %D\HU OOHJDUD D XQDV FRQFOXVLRQHV HUUyQHDV VREUH OD HVWUXFWXUDGHOWHDWUR\ODVFDXVDVGHVXGHWHULRUR ©(VWDV HVFDOHUDV WHQGUtDQ VXV YXHOWDV \ UHYXHOWDV \ DVt HQ HO VLWLR TXHRFXSDEDQQRSRGUtDWHQHUHOHGLILFLRGHOWHDWURWDQWDILUPD]DQLVROLGH]   )OyUH]7RPR;,,,S  3pUH]%D\HUS  3pUH]%D\HUS  3pUH]%D\HUS   FRPR HO UHVWR GH ODJUDGHUtD HVWR HV HQ OR TXH KR\ VH OODPDQ ODV 6LHWH 6LOODVODVFXDOHVHVWiQIDEULFDGDVDUFRVREUHDUFR3RUHVWRLQILHUR\RTXH ORV VHLV KXHFRV TXH KR\ VH YHQ HQWUH ODV VLHWH VLOODV ORV RFXSDURQ ODV HVFDOHUDV\TXHHQORVPLVPRVKXHFRVHVWDUtDQODVSXHUWDVTXHVDOtDQDOD JUDGHUtD R D OR LQWHULRU GHO WHDWUR GHVGH DIXHUD D ODV FXDOHV OODPDEDQ YRPLWRULD3RUVHUSXHVHVWDSDUWHGHHGLILFLRPXFKRPHQRVILUPHTXHHO UHVWRGHOWHDWURMX]JR\RKDEHUVHDUUXLQDGRFRQODVOOXYLDV\ODLQFOHPHQFLD /RV KXHFRV VRQ LJXDOHV HQWUH Vt \ HVWiQ D OD GLVWDQFLD XQR GH RWUR \ OR PLVPRVXFHGHDODVVLHWHVLOODV&RQVHUYDQHVWDVVHxDVRYHVWLJLRVFODURVGH ODV]RQDVRSUHQFLFLRQHVTXHGLYLGtDQHORUGHQVHQDWRULRRGHORVSDWULFLRV GHOHFXHVWUH\SOHEHª    /DOiPLQDHVXQDYLVWDGHORVUHVWRVGHOWHDWUR1RSDUHFHUHDOL]DGD SRU QLQJ~Q GLEXMDQWH SURIHVLRQDO PiV ELHQ HVWDPRV DQWH XQ DILFLRQDGR (VWRVHFRQWUDGLFHFRQORH[SXHVWRHQVXREUDGRQGHGHFtDVHUDFRPSDxDGR SRU XQ EXHQ GLEXMDQWH ©KDJR iQLPR GH LU D OD $QGDOXFtD FRQ XQ EXHQ GLEXMDQWH\DUTXLWHFWRTXHSXHGDOHYDQWDUORVSODQRV\SHUILOHV\GLVHxDUODV UHOLTXLDV\YHVWLJLRVTXHTXHGHQGHOD$QWLJHGDGFRPRODVPRQHGDVTXH QRSRGUpKDEHURULJLQDOHVª    $QWRQLR3RQ] (Q3RQ]UHFRJLyHQVX7RPR9,,,&DUWD,9GHVX9LDJHGH (VSDxDXQDEUHYHGHVFULSFLyQGHOWHDWURURPDQRGH0pULGDHQODTXHQR LQFOX\yQLQJXQDOiPLQD/DFDXVDSRUODTXHQRDGMXQWyDOWH[WRXQGLEXMR GHOWHDWURQRODDUJXPHQWyFRPRFXDQGRVXVWLWX\yHOGLEXMRGH0DUWtGHO WHDWURURPDQRSRUHOGHOWHDWURGH0DUFHORGH5RPD   (VWDGHVFULSFLyQFDUHFHGHOPiVPtQLPRGHWDOOH\FRPRpOPLVPRQRV ORDFODUyVHGHEtDDTXHDOWUDWDUVHGHXQWHDWURURPDQRPiV\TXHWRGRV VHJXtDQ  ODV PLVPDV GLUHFWULFHV HVWDEOHFLGDV SRU 9LWUXYLRQR QR HUD   3pUH]%D\HUSS  &LWDGRHQÈOYDUH]GH0RUDOHVS  9HUDSDUWDGRGHGLFDGRDOWHDWURURPDQRGH6DJXQWR  QHFHVDULR   GHWHQHUVH HQ pO \ UHPLWtD DO OHFWRU D ODGHVFULSFLyQ GHO WHDWUR URPDQRGH6DJXQWR©9ROYDPRVi0pULGDiYHUORVPRQXPHQWRVDQWLJXRV FX\DV UXLQDV VH UHFRQRFHQ FHUFD GH OD FLXGDG \ VRQ GH VX WHDWUR QDXPDFKLD\FLUFR'HODILJXUD\GHVWLQRGHORVWHDWURVHQWUHORV5RPDQRV VHGL[ROREDVWDQWHKDEODQGRGH6DJXQWRHQHOWRP,9GHHVWDREUDDOILQ GHOD9,,,&DUWDFRQXQDSODQWDGHODUHJXODUILJXUDTXHHVWDVREUDVWHQtDQ \XQDODUJDH[SOLFDFLyQGHVXDO]DGR\GLVWULEXFLRQHVª   1RREVWDQWH3RQ]LQFOX\yDOJXQRVFRPHQWDULRVVREUHODVHVWUXFWXUDV GHVDSDUHFLGDV FRUUHVSRQGLHQWHV D OD  ©VFHQD SURVFHQLR \ RUFKHVWUDª ODV HVWUXFWXUDVFRQVHUYDGDVFRPRHOJUDGHUtRGRQGHVHREVHUYDEDFODUDPHQWH OD ©FDYHD FXQHRV SUHFLQFLRQHV DVLHQWRV \ RWUDV SDUWHVª \ DOJXQDV PHGLFLRQHV (VWDV REVHUYDFLRQHV JXDUGDEDQ FLHUWDV VHPHMDQ]DV FRQ ORV GDWRV DSRUWDGRV SRU 9DOGHIORUHV HQ VX GHVFULSFLyQ GHO WHDWUR URPDQR GH 0pULGD3RVLEOHPHQWH3RQ]KXELHUDPDQWHQLGRFRQWDFWRFRQ9DOGHIORUHV\ pVWH OH KXELHUD DSRUWDGR GHWHUPLQDGD LQIRUPDFLyQ 1R REVWDQWH QR SRGHPRVDILUPDUQDGDGHHVWRSRUTXHQR WHQHPRV GDWR DOJXQRVREUHXQD SRVLEOHUHODFLyQSURIHVLRQDOHQWUHDPERVHUXGLWRV $Vt GLFH 3RQ] ©(Q HO GH 0pULGD VLWXDGR DO RULHQWH GH VX DFWXDO SREODFLyQ\FRPSUHQGLGRGHQWURGHODDQWLJXDHVWiQGHVWUXLGDVODVFHQDHO SURVFHQLR RUFKHVWUD \ ODV GHPiV REUDV GHO XQ ODGR DO RWUR GH VX VHPLFtUFXORHOTXDOTXHGDFDVLHQWHURELHQTXHFRQDOJXQDVDEHUWXUDVTXH HO YXOJR GH 0pULGD OODPD ODV 6LHWH 6LOODV %HUQDEp 0RUHQR GH 9DUJDV FRQIXQGH OD ILJXUD \ XVRV GH ORV WHDWURV FRQ HO GH ORV DQILWHDWURV 6H UHFRQRFHQELHQHQHOGH0pULGDODVFDYHDVFXQHRVSUHFLQFLRQHVDVLHQWRV \ RWUDV SDUWHV 6X FRQVWUXFFLyQ HV VROLGtVLPD GH SLHGUDV TXDGUDGDV 6H HQWUDEDDODRUFKHVWUDSRUGRVSXHUWDVyYRPLWRULRVTXHVHFRPXQLFDEDQ SRU XQRV FDOOHMRQHV i OD IUHQWH GHO JUXHVR GHO VHPLFtUFXOR \ VHJ~Q PH   3RQ]7RPR9,,,&DUWD,9S   GL[HURQ TXH VH KDEtD PHGLGR GH XQ H[WUHPR i RWUR VH DFHUFDED D WUHVFLHQWRVSLHVª   $Vt GLFH 9DOGHIORUHV ©(Q 0pULGD D OD VDOLGD GH OD FLXGDG  SRU OD SDUWH GHO 2ULHQWH VH YHQ ODV UXLQDV GHO WHDWUR DQWLJXR TXH YXOJDUPHQWH OODPDQODV6LHWH6LOODV)iOWDOHHQWHUDPHQWHOD6FHQDHO3URVFHQLR\ORV GHPiV HGLILFLRV TXH VH H[WHQGtDQ GH OD XQD  D OD RWUD  H[WUHPLGDG  GHO VHPLFtUFXORGHODVJUDGDV(VWHKDTXHGDGRFDVLHQWHUR\HQHOVHGLVWLQJXHQ ORVFXQHRVFDYHDVYRPLWRULRVSUHFLQVLRQHV\ORVRUGHQHVGHORVDVLHQWRV (O VHPLFtUFXOR GH ODV JUDGDV FRQVLGHUDGR GHVGH OD VXSHUILFLH H[WHULRU GH XQDH[WUHPLGDGDRWUDWLHQHGHGLiPHWURSLHVª    3RQ]WHUPLQyVXVFRPHQWDULRVVREUHHOWHDWURGHQXQFLDQGRHOHVWDGR GHGHWHULRURHQHOTXHVHHQFRQWUDEDGHELGRDOPDOXVRTXHVHKL]RGHHVWH HGLILFLRSRUSDUWHGHORVKDELWDQWHVGHODFLXGDGGH0pULGD ©6HUHFRQRFHQELHQHQHOGH0pULGDODVFDYHDVFXQHRVSUHFLQFLRQHV DVLHQWRV\RWUDVSDUWHV6XFRQVWUXFFLyQHVVROLGtVLPDGHSLHGUDVTXDGUDGDV 6HHQWUDEDDODRUFKHVWUDSRUGRVSXHUWDVyYRPLWRULRVTXHVHFRPXQLFDEDQ SRU XQRV FDOOHMRQHV i OD IUHQWH GHO JUXHVR GHO VHPLFtUFXOR \ VHJ~Q PH GL[HURQ TXH VH KDEtD PHGLGR GH XQ H[WUHPR i RWUR VH DFHUFDED D WUHVFLHQWRVSLHVª    0DQXHO9LOOHQD\0R]LxR (OHVWXGLRGHOWHDWURURPDQRGH0pULGDUHDOL]DGRSRU0DQXHO9LOOHQD \0RFLxRVHFRPSRQtDGHGRVOiPLQDVHQODVTXHLQFOX\yXQSHTXHxRWH[WR TXH SRFR DSRUWDED DO  GLEXMR (VWDV OiPLQDV HVWDEDQ IHFKDGDV HQ\  $VXOOHJDGDD0pULGD9LOOHQDHQFRQWUyTXHHOWHDWURQRKDEtDVLGR H[FDYDGR HQ VX WRWDOLGDG SRU 9DOGHIORUHV $QWH HVWD VLWXDFLyQ GHFLGLy OLPSLDU OD SDUWH HQWHUUDGD \ GHVFXEULy  FXDWUR FXHUSRV HQ HO JUDGHUtR HQ   3RQ]7RPR9,,,&DUWD,9SS  9DOGHIORUHVS  3RQ]7RPR9,,,&DUWD,9S  OXJDU GH GRV FRPR KDEtD LGHQWLILFDGR 9DOGHIORUHV 7DPSRFR  KDOOy ORV UHVWRVGHODVXSXHVWDSXHUWDTXH9DOGHIORUHVVHxDOyHQVXSODQWD&RQWLQXy KDFLD OD RUFKHVWUD \ GHVFXEULy HO JUDGHUtR VHQDWRULDO \ ORV UHVWRV GH XQD SXHUWDHQODTXHVHHQFRQWUDEDHQWUHRWURVPDWHULDOHVXQDLQVFULSFLyQFRQ HOQRPEUHGHVXVXSXHVWRIXQGDGRU)LJ           /DSULPHUDOiPLQDHVLGHQWLILFDGDSRU9LOOHQDFRQHOQ~PHUR ;9,,, )LJ  \ HVWi FRPSXHVWD SRU VLHWH GLEXMRV TXH VLJXHQ ODV GLUHFWULFHV PDUFDGDV SRU 9LWUXYLR SDUD OD UHSUHVHQWDFLyQ GH  XQHGLILFLR SODQWDDO]DGR\SHUVSHFWLYD ©3ODQRYLVWDVLQWHULRUH[WHULRU\SHUILOHVGHO DPSKLWHDWUR yWHDWUR DQWLJXR URPDQR T>XH@ FRPR VH GHPXHVWUD VH FRQVHUYD HQ OD &LXGDG GH 0pULGD /HYDQWDGR GH OD 5HDO 2UGHQ \ GHVFXELHUWR WRGR OR TXH VH PDQLILHVWDGHVGHODVXSHUILFLHGHODWLHU>U@DiEDMRª (OGLEXMRTXHHQFDEH]DODOiPLQDORWLWXOy©9,67$(;7(5,25(1 3(563(&7,9$ &$9$//(5$ª \ HO TXH OD WHUPLQD HV OD ©9,67$ ,17(5,253(563(&7,9$5(*8/$5ª$PERVVHFRUUHVSRQGHQFRQOD UHSUHVHQWDFLyQ GHQRPLQDGDSRU 9LWUXYLR FRPR SHUVSHFWLYD (Q HO LQWHULRU HQFRQWUDPRV XQ SODQR GH OD SODQWD GHO HGLILFLR \  FXDWUR SHUILOHV LGHQWLILFDGRVFRPR©3(5),/48(&257$/$/,1($$%&'()\ *+ª-XQWRDORVGLEXMRVDSDUHFHHOVLJXLHQWHWH[WR        FXHU S R   J UDGDV   'HVFXEULyPiV J UDGDV FXHUSRJUDGDV 9$/'()/25(6 9,//(1$ FXHU S R   J UDGDV   FXHU S RV FXHU S R   J UDGDV   FXHU S R   J UDGDV   FXHUSRJUDGDV FXHU S RV    ©(;3/,&$&,Ï1 (VHVWHHGLILFLRXQRGHORVPiVEHOORVWKpDWURVDQWLJXRVURPDQRVTXH VH Ki HQFRQWUDGR HQ QXHVWUD (VSDxD TXH iXQTXH D>U@UXLQDGR FRPR VH PDQLILHVWD HQ VXV YLVWDV \ SHUILOHV GDQ PXHVWUD GH OR PDJQtILFR \ PDJ^X`HVWXRVRGHHOVHYpHWDPELHQSRUORTXHVHKDGHVFXELHUWRWLHQH FXDWURWpUPLQRVRFXHUSRV\TXHHVWiIXQGDGRVREUHODFD\GDGHXQDORPD GH WLHUUD HQ OD TXH HO VDELR \ LQJHQLRVR DUFKLWHFWR IRUPy HO SULPHU \ VHJXQGR FXHUSR \ HQ HO OODQR SXVR OD RUFKHVWD \ LPDJLQR SRQGUtD HO SURVFHQLRSXOSLWRVFHQD\SRUWLFRORTXHKDVWDDKRUDQRVHKDEXVFDGR\QR GHILFXOWRHOHQFRQWUDUFHSRUTXHHQODH[FDYDFLyQXQDF>R@ROXQD+GHGRV SLHV\VHLVSXOJDGDVGHGLiPHWURGHPiUPROEODQFRFRQVXEDVHFRPRDVVL PLVPRGLVWLQWDVSLHVVDVGHFRUQLVDGHORUGHQFRULQWLRHQODVTXHVHREVHUYD KDYHU^HQ` HVWDGR IRUUDGDV GH PiUPROHV ILQRV SRU ORV DMXMHULWRV FXLRV IUDJPHQWRV FRQFLGHUR VHULDQ GHO SURVFHQLR MXQWDPHQWH VH KD HQFRQWUDGR XQDSLHGUDGHJUDQLWRTXHVHxDODODOHWUD,HQHOSHUILOTXHFRUWDODOLQHD $%ODTXDOWLHQHGHODUJRGRVWXHVDV\GRVSLHV\GHDQFKRXQSLH\GLH] SXOJDGDV OD TXH PH SDUHFH VHUYLD GH DUTXLWUHYH D OD SXHUWD TXHVH GHVFXEULySDUWHGHHOODDUU\QDGDFRPRVHPDQLILHVWDHQODYLVWD\SHUILOGH ODOHWUD<FRQODLQVFULSFLyQ0$*5,33$/)&26,,,75,%327,,, OD TXHQRVGDDHQWHQGHUSRUTXLHQIXHHGLILFDGRHVFULWDVREUHXQKHUPRVR EHW~QEODQFRTXHSDUHFHXQILQRPiUPROSURPHWHHOWHUUHQRHQFRQWUDUFH FXPSOHWR XQ SDGUyQ TXH WDQWR KRQRU KD]H i QXHVWUD (VSDxD HO TXH FRQFLGHURGLJQR>GH@TXHHO0DJQDQLQR6SLULWRGH6X0DMHVWDGTXH'LRV JXDUGHPDQGHGHVHQWHUUDUWDQSUHFLRVRPRQXPHQWRSDUDTXHODV(VWUDxDV 1DFLRQHV TXH QRV FRQFLG^L`HUDQ GRUPLGRV HQ ODV 6LHQFLDV YHDQ TXH WHQHPRVXQ0RQDUFDTXHQRVRORQRVGHVSLHUWDPXHYHLOXPLQD\LQVWUX\H HQHOODVIXQGiQGDQRV$FDGHPLDVHQWRGDV$UWHV\&LHQFLDVVLQRWDQELHQ TXH KDFH TXH >VH@ YHDQ ORV >PRQXPHQWRV@ TXH WDQWRV VLJORV \DVHQ VHSXOWDGRV>'HEDMRHQGRVFROXPQDV@  127(6(4XHWRGDVODVOHWUDVFRQWHQLGDVHQHO3ODQRVRQUHIHUHQWHVDODV 9LVWDV\3HUILOHV $3ULPHUDSXHUWDTXHGHVFXEUt\VDOHDOSURVFHQLR %/DFRUUHVSRQGLHQWHDHOODGRQGHKLVHODH[FDYDFLyQ\GHVFXEULORTXH PDQLILHVWDOD9LVWD\3HUILOTXHFRUWDODOLQHD$% & 6HLV SXHUWDV TXH GHVFXEUL \ XQ FRUUHGRU TXH GD OD YXHOWD D WRGR HO WHDWUR\HVWDHQHOVHJXQGRWHUPLQR '3XHUWDTXHHVWDYDHPSHVDGDDGHVFXEULUGHVGHODOHWUD'KDVWD4TXH YDGDUDOFRU>U@KHGRUTXHGHVFXEUL ( &LQFR SXHUWDV TXH WLHQHQ HQWUDGD SRU OD SDUWH H[WHULRU \ VDOHQ DO  WHUPLQR)6HLVSXHUWDVTXHWDPELHQWLHQHQODHQWUDGDSRUDIXHUD\VHUYtDQ SDUDVXELUDOFXDUWRWHUPLQR\EDMDUDOWHUFHUR *&XDUWRWHUPLQRWRGRORTXHHVWDVRPEUHDGRGHQHJURVREUHHOFDUPLQ pVORTXHVHFRQVHUYDDU>U@X\QDGR +/DF>R@OX>P@QDTXHHQFRQWUHHQODH[FDYDFLyQGHODSXHUWD%ODTXHVH YHHHQHO3HUILOTXHFRUWDODOLQHD$% ,3LHGUDFRQODLQVFULSFLyQGLFKDD>U@ULEDODTXHVHGHEHFRORFDUVREUHOD SXHUWD%HQHOOXJ^X`DUHQGRQGHHVWDQSXHVWDVODV;; .) /D XQLFD SXHUWD TXH KDYLD HQWHUD SDUD VXELU DO FXDUWR WHUPLQR \ GHVEDUDWy'RQ$ORQVR>GH@OD9HUDTXLWiQGROHFDQWRVyVLOODUHVORVTXH YDQH[SUHVDGRVFRQSXQWRV\GHEHUHFRPSRQHUª /DVHJXQGDOiPLQDHVLGHQWLILFDGDSRU9LOOHQDFRQHOQ~PHUR ;;,;)LJ\HVWiFRPSXHVWDSRUVLHWHGLEXMRVGHOHGLILFLRPiVHOGHOD LQVFULSFLyQTXHVHHQFRQWUyHQHOSHULRGRDQWHULRU$OLJXDOTXHODDQWHULRU OiPLQD VLJXLy ODV GLUHFWULFHV PDUFDGDV SRU 9LWUXYLR SODQWD DO]DGR \ SHUVSHFWLYD  ©3ODQR YLVWDV LQWHULRU H[WHULRU \ SHUILOHV GHO  WKHDWUR DQWLJXR URPDQR TXH HQ OD &LXGDG GH 0pULGD  VH FRQVHUYD \ H[LVWH FRPR VH GHPXHVWUDª    (OGLEXMRTXHHQFDEH]yODOiPLQDHVOD©9,67$(;7(5,25'(/ 7+($752 $17,*82 520$12 4¶ 6(*Ò1 6( 0$1,),(67$ 6( &21&(59$ (1 /$ &,8'$' '( 0(5,'$ 3(563(&7,9$ &$9$//(5$ª \  HO LQIHULRU OR  OODPy ©9,67$ ,17(5,25 3(563(&7,9$ 5,*8526$ª $PERV FRUUHVSRQGHQ D OD UHSUHVHQWDFLyQ GHQRPLQDGDSRU9LWUXYLRFRPRSHUVSHFWLYD(QHOLQWHULRUHQFRQWUDPRVXQ SODQRGHODSODQWDGHOHGLILFLR\FXDWURSHUILOHVHQFDEH]DGRVSRU©3(5),/ 48(&257$/$/,1($$%&'()\*+ª 'HEDMRGHOD©(;3/,&$&,Ï1ªDSDUHFHXQGLEXMRTXHUHSUHVHQWDOD LQVFULSFLyQHQFRQWUDGDSRU9LOOHQDHQODH[FDYDFLyQGHUHDOL]DGDHQOD VHFFLyQ$%\TXHODDFRPSDxyGHXQSHTXHxRWH[WRGRQGHLQGLFyHOOXJDU GHOKDOOD]JR3URSXVRTXHODLQVFULSFLyQKDOODGDGHEHUtDFRORFDUVHVREUHOD SXHUWD * SDUD TXHSXGLHUDQ YHU ORV ©YLDJXHURV WDQ %HOOD 5HOLTXHD GH OD $QWLJHGDGª-XQWRDORVGLEXMRVDSDUHFHHOVLJXLHQWHWH[WR  ©1$55$&,Ï1 (VHVWHUDURHGLILFLRXQRGHORVPiVEHOORVWKHDWURVDQWLJXRVURPDQRV TXHVHKDQHQFRQWUDGRHQQXHVWUD(VSDxDTXHDXQTXHDUUX\QDGRFRPRVH PDQLILHVWD HQ VXV YLVWDV \ SHUILOHV GD PXHVWUDV GH OR PDJQtILFR \ PDJ^X`HVWXRVRGHHO VHYHHWDPELpQSRUOR TXHVHKDGHVFXELHUWRWLHQH VHJ~QSDUHFHFXDWURFXHUSRV\HVWiIXQGDGRHQODFDKLGDGHXQDORPDGH WLHUUDHQODTXHHOVDELRDUTXLWHFWRIRUPyHOSULPHU\VHJXQGRFXHUSR\ HQHOOODQRSXVRODRUTXHVWDHOSURVFHQLRSXOSLWRVFHQD\ SRUWLFRTXH KDVWDKRUDQRVHKDEXVFDGR\QRGLILF~OWRHOTXHVHHQFXHQWUHSRUTXHHQ OD H[FDYDFLyQ $ VH KD HQFRQWUDGR XQD FROXPQD GH PiUPRO EODQFR FRQ EHWDVDVXOFR%XQDEDVH&\RWUDVGHVWLQWDVSLH]DVGHFRUQLVDGHORUGHQ FRULQWLRHQODVTXHVHREVHUYDQHVWDEDQIRUUDGDVGHILQRVPiUPROHVFRQORV DMXMHULWRVFRQJUD^P`SDVGHILHUURTXHODVVXVWHQtDQODVTXHMXVJRVHULDQ DGRUQRVGHOSURVFHQLRMXQWDPDQWHVHKDHQFRQWUDGRXQDSLHGUDGHJUDQLWR  &RQFOXVLRQHV /RVHVWXGLRVGHORVHGLILFLRVGHHVSHFWiFXORVGHpSRFDURPDQDHQHO VLJOR ;9,,, VRQ PX\ KHWHURJpQHRV 1R VLJXHQ QLQJ~Q PRGHOR SUHGHWHUPLQDGR TXH ORV KDJD KRPRJpQHRV D SHVDU GH OD H[LVWHQFLDGH LQVWUXFFLRQHV \ SODQHV SXEOLFDGRV D OR ODUJR GH OD VHJXQGD PLWDG GHO ;9,,,GRQGHVHHVWDEOHFLHURQXQDVGLUHFWULFHVDVHJXLUTXHPDUFDEDQHO GHVDUUROORGHHVWRVHVWXGLRV (Q HO SULPHU WHUFLR GH OD FHQWXULD QR HUD SRVLEOH OD H[LVWHQFLDGH LQVWUXFFLRQHVRSODQHVSRUTXHVHHQFRQWUDEDQHQORVWtPLGRVLQLFLRVGHHVH PRYLPLHQWR FXOWXUDO LOXVWUDGR SHUR \D FRQVROLGDGR  HQ (XURSD 6LQ HPEDUJR QR GHEHPRV ROYLGDU TXH LQWHOHFWXDOHV GH OD WDOOD GH 0DQXHO 0LxDQDDSULQFLSLRVGHVLJORLQWHQWyHVWDEOHFHUXQPpWRGRGHHVWXGLRGH ORVUHVWRVDUTXLWHFWyQLFRVHQVXGHVFULSFLyQGHOWHDWURURPDQRGH6DJXQWR (VWH PpWRGR VH DSR\DED HQ HO HVWXGLR SULQFLSDOPHQWH  GH WUHV SDUWHV 6LWXDFLyQ JHRJUiILFD (PSOD]DPLHQWR RURJUiILFR \ (VWUXFWXUD DUTXLWHFWyQLFD 3HUR HVWDV SDXWDV PDUFDGDV QR VH YLHURQ UHIOHMDGDV HQ QLQJ~QHVWXGLRGHODpSRFDVDOYRHQVXGHVFULSFLyQGHOFLUFRURPDQRGH 6DJXQWR +DVWD OD VHJXQGD PLWDG GHO ;9,,, QR DSDUHFLy OD SULPHUD LQVWUXFFLyQ TXH VH UHFRJtD ODV GLUHFWULFHV TXH VH GHEtDQ VHJXLU HQ HO HVWXGLR GH ODV DQWLJHGDGHV 1RV UHIHULPRV D OD ,QVWUXFFLyQ TXH KD GH REVHUYDU'RQ/XLV-RVp9HOiVTXH]GHOD5HDO$FDGHPLDGHOD+LVWRULDHQ HOYLDMHDTXHHVWiGHVWLQDGR\TXHHPSUHQGLy HQHO DxRGH SDUD DYHULJXDU \UHFRQRFHU ODVDQWLJHGDGHV GH (VSDxD 3HUR pVWD WDPSRFR WXYRPD\RUWUDVFHQGHQFLD\DTXHORVSRVWHULRUHVYLDMHVSURPRYLGRVSRUOD SURSLD $FDGHPLD GH OD +LVWRULD R LQFOXVR SRU LQLFLDWLYD SULYDGDQR VLJXLHURQHVDVGLUHFWULFHVHVWDEOHFLGDV (VWDPLVPDVLWXDFLyQODWHQHPRV HQORVHVWXGLRVGHDQWLJHGDGHV SURPRYLGRVSRUOD5HDO$FDGHPLDGH%HOODV$UWHVGH6DQ)HUQDQGR8QR GH HVRVHMHPSORVORYHPRVHQ ODSXEOLFDFLyQ FRQVWDQWHGH LQVWUXFFLRQHV GRQGHVHPDUFDEDQODVGLUHFWULFHVDVHJXLUHQODVUHSUHVHQWDFLRQHVJUiILFDV   GH ORV PRQXPHQWRV  HQ FDGD XQR GH ORV WUDEDMRV SUR\HFWDGRV  (VDV LQVWUXFFLRQHV VROtDQ UHFRJHU XQRV SXQWRV FRPXQHV TXH QXQFD IXHURQ IXQGLGRV HQ XQD ~QLFD LQVWUXFFLyQ TXH KXELHUD SRGLGR YHUVH FRPSOHPHQWDGDFRQDSDUWDGRVGRQGHVHUHFRJLHVHQODVLQJXODULGDGGHFDGD XQRGHHOORV3RUWDQWRHQFRQWUDPRVTXHOD$FDGHPLDGH6DQ)HUQDQGR FUHyQXPHURVDVLQVWUXFFLRQHVTXHSRGHPRVGLYLGLUHQGRVEORTXHVDQWHV GH  \ GHVSXpV GH  HQ IXFLyQ GHO WLSRGH UHSUHVHQWDFLRQHV TXH H[LJtDGLFKDLQVWLWXFLyQSDUDHOHVWXGLRGHHVWHWLSRGHPRQXPHQWRV  D /DV LQVWUXFFLRQHV LQFOXtGDV HQ HVWH DSDUWDGR VH FRUUHVSRQGHQFRQODGH-RVpGH+HUPRVLOODHQ GLULJLGDDORVSHQVLRQDGRVHQ5RPDODGH6iQFKH] 6DUDELD  HQ  GHGLFDGD D ORV SULPHURV HVWXGLRV VREUH ORV UHVWRV GH FXOWXUD iUDEH HQ (VSDxD \ OD GH -RVpGH+HUPRVLOODHQTXHHVWiUHODFLRQDGDFRQ OD DQWHULRU \D TXH VH WUDWD GH XQD FRQWLQXDFLyQ GHO PLVPRSUR\HFWR  E (QHVWDVLQVWUXFFLRQHVWHQHPRVODGH-RVp0RUHQRHQ  GLULJLGD D ORV SHQVLRQDGRV HQ 5RPD \ OD GH )HUQDQGR 5RGUtJXH] HQ  GHGLFDGD H[FOXVLYDPHQWH D OD UHFRJLGD JUiILFD GH ORV PRQXPHQWRVDUTXLWHFWyQLFRVURPDQRV  (QHOSULPHUDSDUWDGRVHHQFXHQWUDQWUHVLQVWUXFFLRQHVGHGLFDGDVD OD UHFRJLGD GH DQWLJHGDGHV GH GLVWLQWRV SHUtRGRV FXOWXUDOHV SHUR VLQ HPEDUJRWLHQHQXQRVSXQWRVFRPXPHVHQFyPRGHEHQVHUUHSUHVHQWDGDV JUiILFDPHQWH (VRV SXQWRV TXH VH FRUUHVSRQGHQ FRQ ORV GLEXMRV GH OD SODQWDDO]DGR\VHFFLRQHVGHORVPRQXPHQWRVDUTXLWHFWyQLFRVTXHVLJXHQ ODV WHQGHQFLDV LPSXHVWDV HQ OD $FDGHPLD SRU VXV PLHPEURV HQ ORV  SULPHURV WUHLQWD DxRV GH OD VHJXQGD PLVWDG GHO VLJOR ;9,,,  (VDV WHQGHQFLDVLQFOXVRVHPDQLVIHVWDURQHQWUDEDMRVQRSURPRYLGRVSRUGLFKD LQVWLWXFLyQFRPRRFXUULyHQHOYLDJHGH9DOGHIORUHV/DFDXVDGHTXHHQ HVWHSUR\HFWRSURPRYLGRSRUOD$FDGHPLDGHOD+LVWRULDVHVLJXLHUDQHVDV SDXWDVHVWDEDHQODILJXUDGH(VWHEDQ5RGUtJXH]SURIHVRU\PLHPEURGHOD $FDGHPLD GH %HOODV $UWHV 3RU WDQWR OD SUHVHQFLD GH HVWXGLRV GH PRQXPHQWRV DUTXLWHFWyQLFRV TXH VLJXtD HVDV GLUHFWULFHV LPSXHVWDV SRU %HOODV$UWHV\VLQVHUSURPRPRYLGRVSRUHOODVHGHEtDDTXHHOHMHFXWRU GHHVRVGLEXMRVHUDXQDUTXLWHFWRLQGHSHQGLHQWHPHQWHGHSHUWHQHFHURQR D GLFKD LQVWLWXFLyQ  \D TXH  FRPR  DUTXLWHFWRV  VHJXtDQ ODV QRUPDV UHSUHVHQWDWLYDVLPSXHVWDVSRUVXDFDGHPLD (OVHJXQGRDSDUWDGRYLHQHPDUFDGRSRUHOFDPELRGHREMHWLYRVTXH OD $FDGHPLD GH %HOODV $UWHV WLHQH HQ UHODFLyQ DO HVWXGLR GH ORV PRQXPHQWRV DUTXLWHFWyQLFRV $ ILQDOHV GH OD VHJXQGD PLWDG GHO VLJOR ;9,,,ORVSURIHVRUHVGHDUTXLWHFWXUDGH%HOODV$UWHVFUH\HURQQHFHVDULR LQFOXLUYLVWDVRSHUVSHFWLYDV\UHVWLWXFLRQHVMXQWRFRQODVSODQWDVDO]DGRV \ VHFFLRQHV DQWHULRUPHQWH H[LJLGRV HQ ORV HVWXGLRV GH PRQXPHQWRV DUTXLWHFWyQLFRV(VWHFDPELRGHDFWLWXGVHGHEtDHQWUHRWUDVFDXVDVVHJ~Q 5RGUtJXH] 5XL]   D OD SDUWLFLSDFLyQ GLUHFWD GH ORV DUTXLWHFWRV HQ ODV H[FDYDFLRQHVDUTXHROyJLFDVTXHGHVSHUWyHQHOORVODQHFHVLGDGGHVDEHUHQ TXHHVWDGRGHFRQVHUYDFLyQHVWDEDQDWUDYpVGHODVYLVWDV\FyPRKDEUtDQ VLGR RULJLQDULDPHQWH FRQ ODV SDUWHV UHVWLWXLGDV 3HUR WDPELpQ HVWDV GRV QXHYDVUHSUHVHQWDFLRQHVHVWDEDQUHODFLRQDGDVFRQHOFDUiFWHUHYDOXDGRUGH HVRVWUDEDMRVSRUORVPLHPEURVGHOD$FDGHPLDHQIRFDGRVSULQFLSDOPHQWH D ORV SHQVLRQDGR HQ 5RPD (VWRV SHQVLRQDGRV WHQtDQ OD REOLJDFLyQ GH HQYLDU SHULyGLFDPHQWH D OD $FDGHPLD XQDV OiPLQDV GH ORV PRQXPHQWRV DUTXLWHFWyQLFRVDQWLJXRVSHURHVDVOiPLQDVSRGtDQFRSLDUVHGHQXPHURVDV SXEOLFDFLRQHV\SDUDHYLWDUHVWDVLWXDFLyQ FUH\HURQTXHODVYLVWDV \ ODV UHVWLWXFLRQHV GH ODV SDUWHV GHVDSDUHFLGDV SRGtDQ VHU PiV IiFLOPHQWH   5RGUtJXH]5XL]   HYDOXDGDVSRUORVSURIHVRUHVVLQWHQHUTXHFRQRFHUHVRVPRQXPHQWRV(VD HYDOXDFLyQVHFHQWUDEDHQODVDFWLWXGHVDUWtVWLFDV\HQORVFRQRFLPLHQWRV VREUH DUTXLWHFWXUD FOiVLFD  GH HVWRV SHQVLRQDGRV  /D LQVWUXFFLyQ TXH PDUFD HVD QXHYD YLVLyQ GHO PRQXPHQWR HV OD GH -RVp 0RUHQR HQ  GLULJLGDDORVSHQVLRQDGRVHQ5RPD (VWRV QXHYRV SODQWHDPLHQWRV IXHURQ VHJXLGRV SRU WRGRV ORV DUTXLWHFWHFWRV TXH UHDOL]DEDQ HVWXGLRV GH DQWLJHGDGHV DUTXLWHFWyQLFDV SURPRYLGRVRQRSRUOD $FDGHPLD,QFOXVRFRPRHQHOFDVRGH 2UWL]\ 6DQ] DOJXQRV DUTXLWHFWRV QR HVWDEDQ GH DFXHUGR FRQ HVDV QXHYDV GLUHFWULFHVSHURODVFXPSOtDQ\DTXHKDEtDQVLGRLPSXHVWDVSRUODPD\RU DXWRULGDGHQHVWDSURIHVLyQ 6LQ HPEDUJR H[LVWtDQ LQVWUXFFLRQHV TXH QR FRQWHPSODEDQ HVDV QXHYDVUHSUHVHQWDFLRQHVJUiILFDVGHORVPRQXPHQWRVDUTXLWHFyQLFRVFRPR ODGH)HUQDQGR5RGUtJXH]HQ/DFDXVDHVWDEDHQTXHOD$FDGHPLD KDEtDSURSXHVWRHVDVQXHYDVUHSUHVHQWDFLRQHVVyORDORVDUTXLWpFWRVTXH HUDQORVTXHWHQtDQODIRUPDFLyQDGHFXDGDSDUDHODERUDUODV3RUHVRHQOD LQVWUXFFLyQ GLULJLGD D )HUQDQGR 5RGUtJXH] 0DHVWUR GH 2EUDV QRVH LQFOX\HURQ $SDUWHGHODVLQVWUXFFLRQHVFRPRDQWHULRUPHQWHVHKDFRPHQWDGR VH SXEOLFDURQ SODQHV R QRWLFLDV GH YLDMHV GRQGH VH HVWDEOHFtD XQD HVWUXFWXUDGHWUDEDMR(VWRVSODQHVHVWDEDQUHODFLRQDGRVGLUHFWDPHQWHFRQ XQRVGHWHUPLQDGRVYLDMHVFRPROD1RWLFLDGHO9LDJHGH9DOGHIORUHV ROD1RWLFLD\3ODQGHXQYLDJHDUTXLWHFWRQLFRDQWLFXDULRGH-RVp2UWL]\ 6DQ]TXHSRGtDQKDEHUVHWRPDGRFRPRUHIHUHQWHVDVHJXLUHQORV HVWXGLRVSRVWHULRUHV 7RGRHVWHPRYLPLHQWRFHQWUDGRHQHOHVWXGLRGHODVDQWLJHGDGHV FXOPLQy HQ OD ,QVWUXFFLyQ GH  VREUH ©OD UHFRJLGD FRQVHUYDFLyQ \ FXVWRGLDGHPRQXPHQWRVDQWLJXRVGHVFXELHUWRVRTXHVHGHVFXEULHUDQHQ HO5HLQRªTXHHOGHMXQLRGHVHKL]RRILFLDOEDMRXQD5HDO&pGXOD  $SHVDUGHHVWDKHWHURJHQHLGDGHQORVHVWXGLRVGHORVPRQXPHQWRV DUTXLWHFWyQLFRVH[LVWtDFLHUWRFRQVHQVRHQODH[SRVLFLyQGHORVUHVXOWDGRV &DVL HQ WRGRV ORV WUDEDMRV  VHJXtDQ OD PLVPD GLQiPLFD 6LWXDFLyQ JHRJUiILFD'LPHQVLRQHV)iEULFD\'HVFULSFLyQ3HURODJUDQGLIHUHQFLD HVWDEDHQHOGHVDUUROORGHFDGDXQRGHHVRVSXQWRV\VREUHWRGRHQODV UHSUHVHQWDFLRQHVJUiILFDVTXHDGMXQWDEDQ /RV WHDWURV URPDQRV HVWXGLDGRV HQ OD (VSDxD GHO VLJOR ;9,,, IXHURQ SRU RUGHQ FURQROyJLFR 6DJXQWXP $FLQLSR %DUED 6LQJLOLD $XJXVWD(PHULWD\&DUWHLDORVFLUFRVIXHURQORVGH6DJXQWXP7ROHWXP $XJXVWD(PHULWD\7DUUDFR\ORVDQILWHDWURVORVHQFRQWUDPRVHQ,WDOLFD $XJXVWD(PHULWD&DUWKDJR1RYD7DUUDFR\6HJREULJD)LJ (O HVWXGLR GH ORV WHDWURV URPDQRV HQ HO VLJOR ;9,,, VH GLYLGH FODUDPHQWH HQ GRV SHULRGRV TXH VH FRUUHVSRQGHQ FRQ  OD SULPHUD \ OD VHJXQGDPLWDGGHODFHQWXULD(OSULPHURFRPLHQ]DFRQODGHVFULSFLyQGHO WHDWURURPDQRGH6DJXQWRGH0DQXHO0DUWtTXHMXQWRFRQXQDOiPLQDGH VX SODQWD  IXH  SXEOLFDGR SRU  %HUQDUG 0RQWIDXFRQ HQ VX /¶$QWLTXLWpH ([SOLTXpH  'HEHPRV WHQHU SUHVHQWH TXH HVWH WHDWUR HV HO ~QLFR TXH VH HVWXGLD HQ HVWD SULPHUD HWDSD \ TXH VyOR KDEUi RWUD GHVFULSFLyQUHDOL]DGDSRU0DQXHOGH0LxDQDHQ\SXEOLFDGDSRU- 3ROHQRHQVX7KHVDXUL$QWLTXLWDWXP5RPDQDUXP*UDHFDUXPTXH 6LQHPEDUJRDSHVDUGHVHUXQSHULRGRFRQVyORGRVGHVFULSFLRQHV\GHO PLVPR WHDWUR HV EDVWDQWH LQWHUHVDQWH SRUTXH QRV HVWi GHPRVWUDQGR TXH HVRV HVWXGLRV VH UHDOL]DURQ QR  SRUTXH VXV UXLQDV HVWXYLHUDQ ELHQ FRQVHUYDGDV R SURYRFDVH FLHUWD DWUDFFLyQ HQWUH ORV LQWHOHFWXDOHV GH OD pSRFD  VLQR  SRUTXH HVWDPRV DQWH GRV UHSUHVHQWDQWHV GH HVDV QXHYDV WHQGHQFLDV\DFRQVROLGDGDVHQ(XURSD \TXHVHHVWiQIUDJXDQGRHQHO iPELWRLQWHOHFWXDOGH(VSDxDDWUDYpVGH0DUWt\GHRWURGHVXVGLVFtSXORV 0LxDQD (VWRV LQWHOHFWXDOHV MXQWR FRQ * 0D\DQV  IRUPDQ SDUWH GHO FRQRFLGRFtUFXORYDOHQFLDQRFRPRFRQVHFXHQFLDVXiPELWRGHHVWXGLRVH FHQWUDEDHQHO/HYDQWH\XQRGHORVUHVWRVPHMRUFRQVHUYDGRVHUDHOWHDWUR   GH 6DJXQWR HO FXDO IXH REMHWR GH ODV SULPHUDV PDQLIHVWDFLRQHVGHHVWD QXHYDIRUPDGHKDFHUKLVWRULD $PERVHVWXGLRVRVUHDOL]DURQLQWHUYHQFLRQHVHQHOWHDWURSDUDSRGHU VDFDU D OD OX] FLHUWDV HVWUXFWXUDV TXH SHUPDQHFtDQ VHSXOWDGDV EDMR ORV HVFRPEURV FRQ OD LQWHQFLyQ GH FRPSOHWDU VX LQYHVWLJDFLyQ (VDV LQWHUYHQFLRQHVQRSXHGHQFRQVLGHUDUVHHVWULFWDPHQWHDUTXHROyJLFDVSHUR VtHVWiQHQFDPLQDGDVDVHUODV\DTXHHOREMHWLYRHVHOPLVPRVDFDUUHVWRV SDUD REWHQHU LQIRUPDFLyQ (O PpWRGRQR HUD FLHUWDPHQWH RUWRGR[R SHUR GHEHPRV PLUDUOR EDMR HO SULVPD GH ORV HUXGLWRV GH SULQFLSLRV GHO VLJOR ;9,,, FXDQGR D~Q QR H[LVWtDQ ORV IXQGDPHQWRV GH OD FLHQFLD DUTXHROyJLFD(QVXPDVHKDFtDSRUHOELHQGHOD+LVWRULDGH(VSDxD  (Q HVWRV WH[WRV QR VyOR SXHGHQ UHVDOWDUVH ODV GHVFULSFLRQHV R ODV DFWXDFLRQHV³DUTXHROyJLFDV´UHDOL]DGDVSRUHVWRVHUXGLWRVVLQRDGHPiVOD LQFRUSRUDFLyQ GH XQDV OiPLQDV GHO PRQXPHQWR TXH FRPSOHWDEDQ ODV GHVFULSFLRQHV\IDYRUHFtDQ ODFRPSUHQVLyQGHODV PLVPDV (VWRV GLEXMRV UHSUHVHQWDQ XQD QXHYD FRQFHSFLyQ GHO HVWXGLR GH ORV PRQXPHQWRV DUTXLWHFWyQLFRV DQWLJXRV GRQGH OD YLVXDOL]DFLyQ GHO HGLILFLR VHKL]R LPSUHVFLQGLEOH HQ OD SUHVHQWDFLyQ GH HVWRV WUDEDMRV 6LQ HPEDUJR ODV UHSUHVHQWDFLRQHV GH 0DUWt \ 0LxDQD QR VLJXHQ ODV SDXWDV GHO GLEXMR DUTXLWHFWyQLFR QR DSDUHFH OD HVFDOD \ PH]FODQ DO]DGR \ SODQWD HQ XQD PLVPDFRPSRVLFLyQ$SHVDUGHWHQHUSRFRULJRUFLHQWtILFRHQHVRVSXQWRV FLWDGRV VH REVHUYD XQ HVIXHU]R GH HVWRV HUXGLWRV HQ UHSUHVHQWDU PRQXPHQWRV \ HVWXGLDUORV FRQ OD LQWHQFLyQ GH HTXLSDUDUVH D OR TXH VH HVWDEDKDFLHQGR\DHQ(XURSD   (O SULPHU HVWXGLR GH OD VHJXQGD PLWDG GHO VLJOR ;9,,, VH FRUUHVSRQGHFRQODGHVFULSFLyQUHDOL]DGDSRUHOPDUTXpVGH9DOGHIORUHV HQ HO WHDWUR URPDQR GH $FLQLSR \ SRVLEOHPHQWH HQ HVH PLVPR SHUtRGR GHVFULELHVHWDPELpQHOGH6LQJLOLD%DUED(VWRVWUDEDMRVHVWiQIHFKDGRVHQ   (QWUHHVWRVWUDEDMRVSRGHPRVFLWDUODREUDGH%HUQDUG0RQWIDXFRQ R OD GH - 3ROHQR DQWHULRUPHQWHPHQFLRQDGDV6REUHHVWHSHUtRGRYHU$$99  WRUQRD\DQWHVGHFRPHQ]DUVXYLDMHHQHQFX\RPDUFR GHVFULELyHOWHDWURGH0pULGD(VWDVGHVFULSFLRQHVPDQLILHVWDQXQFDPELR VXVWDQFLDOHQUHODFLyQDODVGH0DUWt\0LxDQDVREUHHOWHDWURVDJXQWLQR (VH FDPELR GHEH DVRFLDUVH D XQD QXHYD FRUULHQWH GH HVWXGLR TXH VH FRQVROLGy GHILQLWLYDPHQWH D SULQFLSLRV  GH OD FHQWXULD VLJXLHQWH /RV VHJXLGRUHV GH HVWD QXHYD FRUULHQWH VH FHQWUDEDQ H[FOXVLYDPHQWH HQ GHVFULELUORVUHVWRVFRQVHUYDGRVVLQUHDOL]DUUHVWDXUDFLyQHQHOWH[WRRHQ ODV UHSUHVHQWDFLRQHV JUiILFDV DGMXQWDGDV  3RU WDQWR QR XWLOL]DEDQ ODV IXHQWHVFOiVLFDVFRPRHOWUDWDGRGHDUTXLWHFWXUDGH9LWUXYLRSDUDH[SOLFDU \UHVWDXUDUODVSDUWHVTXHQRH[LVWHQ(OORVQRFUHtDQTXHORVDUTXLWHFWRV URPDQRV VHJXtDQ ODV GLUHFWULFHV PDUFDGDV SRU 9LWUXYLR HQ VXV FRQVWUXFFLRQHVSLHQVDQTXHVyORHUDXQWUDWDGRLGHDOGHORVHGLILFLRV\TXH QR VH FRUUHVSRQGtD FRQ OD UHDOLGDG 6LQ HPEDUJR Vt XWLOL]DEDQ FRPR UHIHUHQWHVFRPSDUDWLYRVORVUHVWRVGHRWURVWHDWURVURPDQRV (QHVWHSHUtRGRODVOiPLQDVVHJXtDQVLHQGRFRPRDSR\RGHOWH[WR SHUR OD FRPSRVLFLyQ GH pVWDV KDEtD FDPELDGR FRQ UHVSHFWR D ODV GH OD SULPHUDPLWDGGHOVLJOR6HKL]RGLVWLQFLyQHQWUHSODQWDDO]DGRSHUILO\ YLVWD \D VH KDEtDQ VXSHUDGR ORV GLEXMRV DSRUWDGRVSRU 0DUWt \ 0LxDQD FRQ H[FHSFLyQ GHO FDVR GH (QULTXH 3DOyV \ 1DYDUUR TXp FRPR HQ DSDUWDGRVDQWHULRUHVVHFRPHQWySRGUtDKDEHUUHXWLOL]DGRXQGLEXMRFRQOD PLVPDFRPSRVLFLyQTXHHOGH0DUWtSDUDLQFOXLUORHQVXHVWXGLRIHFKDGR HQ SRUWDQWR HVWDUtDPRVDQWHXQD UHSUHVHQWDFLyQDQDFUyQLFD)LJ  3HUR GHQWUR GH HVWD QXHYD FRQFHSFLyQ GH ODV UHSUHVHQWDFLRQHV JUiILFDV GHEHPRV WHQHU HQ FXHQWD TXH YHPRV HQ ODV OiPLQDV GH 9DOGHIORUHV XQ  DQWHV \ XQ GHVSXpV GH OD ,QVWUXFFLyQ GH  /D GLIHUHQFLD HVWi HQ HO DXWRU GH ODV OiPLQDV TXH HQ  ODV GH 0pULGD FRUUHVSRQGtDQD(VWHEDQ5RGUtJXH]UHFRQRFLGRDUTXLWHFWR\PLHPEURGH OD 5HDO $FDGHPLD GH %HOODV $UWHV GH 6DQ )HUQDQGR (Q HVWH PRPHQWR HPSH]DURQ D HQWUDU HQ MXHJR QXHYRV SURIHVLRQDOHV DUTXLWHFWRV TXH   DFRPSDxDEDQDDQWLFXDULRVHQHOHVWXGLRGHODVDQWLJHGDGHV(VWDQXHYD SUHVHQFLD VH GHEtD D TXH HQ HVWH FDVR OD $FDGHPLD GH OD +LVWRULD IXH FRQVFLHQWHGHODQHFHVLGDGGHLQFOXLUGLEXMRVGHORVUHVWRVHQVXVHVWXGLRV \ TXH HVRV GLEXMRV GHEtDQ VHU UHDOL]DGRV SRU GLEXMDQWHV SURIHVLRQDOHV (VWRV DUTXLWHFWRV GRWDURQ D ODV OiPLQDV GH XQD FDOLGDG QR VROR DUTXLWHFWyQLFDVLQRWDPELpQDUWtVWLFDGHODTXHFDUHFtDQKDVWDHOPRPHQWR )LJ$OLJXDOTXH0DUWt\0LxDQD9DOGHIORUHVWDPELpQUHFRJLHURQ VXVH[FDYDFLRQHVSHURSRUSULPHUDYH]VHPDQLIHVWDURQJUiILFDPHQWH $QWHHVWDQXHYDSHUVSHFWLYDVHSXHGHHQWHQGHUFRPRODOiPLQDGHOGHiQ 0DUWtGHOWHDWURURPDQRGH6DJXQWRUHFLELyWDQWDVFUtWLFDVGHQWUR\IXHUD GH(VSDxDDORODUJRGHODFHQWXULD $ILQDOHVGHO;9,,,VHFRQFHQWUDURQODPD\RUtDGHORVHVWXGLRVGH WHDWURVSHURFHQWUDGRVH[FOXVLYDPHQWHHQHOGH6DJXQWR\0pULGD7RGDV HVWDVGHVFULSFLRQHVHVWDEDQLQFOXLGDVHQYLDMHVRHQFDUJRVFRQGLIHUHQWHV REMHWLYRV \ UHDOL]DGDV SRU HVWXGLRVRV FRQ GLVWLQWD  IRUPDFLyQ TXH SURYRFDURQXQDJUDQFRQIXVLyQHQODPDQHUDGHUHFRJHUHVWRVUHVWRV1R VH SXHGHQ HVWDEOHFHU OtQHDV FRPXQHV GH DFWXDFLyQ SRUTXH QRV HQFRQWUDPRV FRQ YLDMHURV FRPR %HUDPHQGL YLDMH HFRQyPLFR R 3RQ] YLDMH DUWtVWLFR GRQGH  HO SULPHUR GHVFULELy \ GLEXMy HO WHDWUR \  HO VHJXQGR WUDVFULELy OD GHVFULSFLyQ GH 0DUWt HQ OD TXH LQFOX\y DOJXQRV FRPHQWDULRV\QRGLEXMyHOWHDWUR\DTXHFRORFyHQVXOXJDUXQDSODQWDGHO WHDWUR GH 0DUFHOR  DILFLRQDGRV FRPR (QULTXH 3DORV \ 1DYDUUR TXH FRPHWLyJUDYHVHUURUHVWDQWRHQVXGHVFULSFLyQFRPRHQVXOiPLQDGHELGR SULQFLSDOPHQWH D VX IDOWD GH IRUPDFLyQ  0DQXHO 9LOOHQD \ 0RFLxR LQJHQLHURQDYDOTXHUHFRJLyODVDQWLJHGDGHVGH0pULGDSRUHQFDUJRGH OD $FDGHPLD GH OD +LVWRULD \ GLR SUHHPLQHQFLD D ODV UHSUHVHQWDFLRQHV JUiILFDVUHVSHFWRDOWH[WRMXVWRORFRQWUDULRGHORTXHVHKDEtDKHFKRKDVWD HOPRPHQWRHQORVWUDEDMRVSURPRYLGRVSRUGLFKDLQVWLWXFLyQ\TXHOHWUDMR QXPHURVDV FUtWLFDV )HUQDQGR 5RGUtJXH] 0DHVWUR GH 2EUDV UHFRJLy ODV DQWLJHGDGHVHPHULWHQVHVSRUHQFDUJRGHOD$FDGHPLDGH%HOODV$UWHVGH  6DQ )HUQDQGR SHUR pO FDUHFtD GH OD IRUPDFLyQ QHFHVDULD SDUD GDUOHV OD FDOLGDGTXH9LOOHQDOHGLRDODVVX\DV (VWHVLJORVHFLHUUDFRQXQHVWXGLRTXHGHPRVWUy\QRVGHPXHVWUD TXHXQEXHQWUDEDMRHVWiIRUPDGRSRUXQHTXLSRLQWHUGLVFLSOLQDU\HQVX DXVHQFLD  SRU XQ LQWHOHFWXDO GH OD WDOOD GH -RVp 2UWL] \ 6DQ] FRQ XQD IRUPDFLyQ HQ DUTXLWHFWXUD \ DQWLFXDULD  HQ SHUIHFWD DUPRQtD TXH OH SHUPLWLyUHDOL]DUHOPHMRUHVWXGLRGHXQPRQXPHQWRDUTXLWHFWyQLFRHQHO VLJOR;9,,, (QORVHVWXGLRVGHORVFLUFRVURPDQRVDOLJXDOTXHORVGHGLFDGRVD WHDWURV VH SXGH HVWDEOHFHU XQD GLIHUHQFLD HQWUH ORV UHDOL]DGRV HQ OD SULPHUD\ODVHJXQGDPLWDGGHOVLJOR;9,,,(QHOSULPHUSHUtRGRVyORVRQ HVWXGLDGRVGRVFLUFRVHOGH6DJXQWRGHVFULWRSRU0DQXHOGH0LxDQDHQ  \ HO GH 7ROHGR GHVFULWR \ GLEXMDGR SRU 6DQWLDJR 3DORPDUHV HQ  /D HYROXFLyQ TXH VH REVHUYy HQ ORV HVWXGLRV GH WHDWURV HQ HVWH PLVPR SHUtRGR QR VH SURGXFH HQ ODV GHVFULSFLRQHV GH ORV FLUFRV  DO FRQWUDULR HQFRQWUDPRV XQ HVWXGLR GH SULQFLSLRV GH VLJOR UHDOL]DGR SRU 0LxDQDFRQPD\RUFDOLGDGHQHOWH[WRTXHHOGH6DQWLDJR3DORPDUHVHO FXiOQRVyORFRPHWLyJUDQGHVHUURUHVHQVXGHVFULSFLyQVLQRTXHODOiPLQD TXHDGMXQWyQRSDUHFHGLEXMDGDSRUXQRGHORVPiVUHFRQRFLGRVFRSLVWDV GHWH[WR\GHGLEXMRVGHOD5HDO$FDGHPLDGHOD+LVWRULDVLQRPiVELHQVH WUDWDUtDGHXQGLEXMRLQIRUPDWLYR\WRWDOPHQWHH[WUDRILFLDO $ SDUWLU GH  HO FLUFR TXH FRQFHQWUD HO PD\RU Q~PHUR GH HVWXGLRVHVHOGH0pULGDTXHIXHGHVFULWRSRUORVPLVPRVHUXGLWRVTXHORV GHOWHDWUR/RVHVWXGLRVUHVWDQWHVVHORFDOL]DQHQORVFLUFRVGH6DJXQWR\ GH7DUUDFR /D VLWXDFLyQ  TXH HQFRQWUDPRV HQ OD VHJXQGD PLWDG HV WRWDOPHQWH GLIHUHQWHUHVSHFWRD ORYLVWR KDVWD HOPRPHQWR (VWRVHVWXGLRV SUHVHQWDQ XQSDQRUDPDPiVKRPRJpQHRGRQGHODFDOLGDG\ODSURIHVLRQDOLGDGGHORV WUDEDMRVHVWiQSUHVHQWHVHQODPD\RUtDGHHOORV(VDFDOLGDGSURYLHQHGH ORVSURIHVLRQDOHVHQFDUJDGRVGHORVHVWXGLRVGRQGHQRVHQFRQWUDPRVFRQ   SUR\HFWRVDFDUJRGHDQWLFXDULRV\DUTXLWHFWRVFRPRHOGH9DOGHIORUHV\ (VWHEDQ5RGUtJXH]RVyORDLQJHQLHURVRDUTXLWHFWRVFXDQGRHOREMHWLYR GHOHVWXGLRQR UHTXHUtDDXQDQWLFXDULR FRPRHO GH 9LOOHQDR)HUQDQGR 5RGUtJXH]$XQTXHORPiVLPSRUWDQWHTXHGHEHPRVWHQHUHQFXHQWDHVOD GHVDSDULFLyQGHHVDVWHQGHQFLDVFOiVLFDVHQHOHVWXGLRGHORVPRQXPHQWRV DUTXLWHFWyQLFRVTXHYLPRVUHSUHVHQWDGDVSRU0DUWt\0LxDQDDSULQFLSLRV GHVLJORHQHVWHSHUtRGRVHREVHUYDTXHORVHVWXGLRVRVWHQGtDQDSODQWHDU VXVWUDEDMRVHQEDVHDGRVQXHYDVWHQGHQFLDV  D /DPiVQRYHGRVDHVODRSXHVWDDODWUDGLFLRQDOLVWD1RVH FRQWHPSODEDODUHVWDXUDFLyQQLHQHOWH[WRQLHQHOGLEXMR HOHVWXGLRVHFHQWUDEDH[FOXVLYDPHQWHHQGHVFULELU\GLEXMDU ORV UHVWRV FRQVHUYDGRV WDQ VROR VH SODQWHDEDQ LQGLFDU PHGLDQWH XQ WUD]DGR GLIXPLQDGR OD VXSXHVWD ILJXUD GHO HGLILFLR(VWDWHQGHQFLDVHHQFRQWUDEDVRORHQORVHVWXGLRV GH SULQFLSLRV GH OD VHJXQGD PLWDG (QWUH HOORV SRGHPRV GHVWDFDUDOYLDMHGH9DOGHIORUHVGH E /D,QWHUPHGLDVHWUDWDEDGHXQDSRVWXUDHQWUHOD WHQGHQFLDPiVWUDGLFLRQDOLVWD\ODPiVPRGHUQD&RQVLVWtD HQ HVWXGLDU VyOR ORV UHVWRV FRQVHUYDGRV VLQ KDFHU UHVWDXUDFLyQ GH pVWRV HQ ODV GHVFULSFLRQHV \ SDUD HOOR XWLOL]DEDQFRPRUHIHUHQWHFRPSDUDWLYRODVIXHQWHVFOiVLFDV VL HO HVWXGLR OR UHTXLHUH 6LQ HPEDUJR HQ ORV GLEXMRV Vt UHDOL]DEDQ UHVWDXUDFLRQHV D YHFHV LQGLFDEDQ  ORV UHVWRV FRQVHUYDGRVRUHDOL]DQGRXQDYLVWDFRQHOHVWDGRHQHOTXH VHHQFRQWUDEDHOHGLILFRHQHOPRPHQWRGHOHVWXGLR3DUD H[SOLFDU HVWUXFWXUDV GHVFRQRFLGDV R QR UHFRJLGDV SRU 9LWUXYLRXWLOL]DEDQORVUHVWRVGHHGLILFLRVGHHVSHFWiFXORV FRQVHUYDGRV HQ (XURSD FRPR VtPLO (VWD WHQGHQFLD VH HQFXHQWUD HQ ORV ~OWLPRV DxRV GH OD FHQWXULD (QWUH HVWRV   )LJ7HPSORGH,VLVVHJ~Q)UDQFLVFRGHOD9HJD    )LJ3ODQWDGHODQILWHDWURURPDQRGH(VWDELDVHJ~Q&DUORV:HEHU    )LJ3ODQWDGHODYLOODGH*LXOLD)HOLFHVHJ~Q&DUORV:HEHU   )LJ3ODQFKH/;,,,DUWHURPDQRGH&D\OXV   )LJ)URQWLVSLHFHFLW\VFDSHVHJ~Q5HYHW\6WXDUW     )LJ3ODWH,,7HPSOHVHJ~Q5HYHWW\6WXDUW   )LJ3ODWH,,,7HPSOHVHJ~Q5HYHWW\6WXDUW   )LJ3ODWH93RUWLFRVHJ~Q5HYHWW\6WDUW  )LJ3ODWH9,0RQXPHQWVHJ~Q5HYHWW\6WXDUW   )LJ9HVWLJJLG¶DQWLFKL(GLILFLGHUHFKD\5XLQHGLVHSXOFUR DQWLFRL]TXLHUGDVHJ~Q*3LUDQHVL    )LJ'LPRVWUD]RQLGHOO¶(PLVVDULRGHOODJR$OEDQRVHJ~Q* 3LUDQHVL   )LJ6FKHPDODSLGXPPDJLVWUDWXXPWULXQSKRUXPTXH5RPDQRUXP TXLYLVXQWXULQ&DSLWROLRVHJ~Q*3LUDQHVL  )LJ2UGLQH7RVFDQRGHOWHPSLRGL*LRYH/D]]LDOHVHJ~Q* 3LUDQHVL    )LJ3URILORRVLD(OHYD]LRQHRUWRJUDILFDGHO/DWRGHVWURGHJOL DYDQ]LGHOWHPSLRG¶(UFROHQHOODFLWWjGL&RUDVHJ~Q*3LUDQHVL  )LJ7HPSLRGL*LDQR\$QILWHDWUR)ODYLRGHWWRLO&ROLVVHRVHJ~Q *3LUDQHVL   )LJ3DUHUHVHJ~Q*3LUDQHVL  )LJ'LYHUVHODPSDGHGLEURQ]RHGLPDUPR\'LYHUVHODPSDGHGL EURQ]RHGLWHUUDFRWDVHJ~Q*3LUDQHVL   )LJ3LDQWDGL5RPDHGHO&DPSR0DU]RVHJ~Q* 3LUDQHVL   )LJ$O]DGR\SODQWDGHO7HPSOR5RPDQRHQ7DODYHUDOD9LHMD VHJ~Q,JQDFLRGH+HUPRVLOOD    )LJ0RGHORGHHO7HPSOR\%DVtOLFD5RPDQDTXHH[LVWHQHQ 7DODYHUDOD9LH[DVHJ~Q,JQDFLRGH+HUPRVLOOD\6DQGRYDOO   )LJ3ODQWDGHO*HQHUDOLIHLQFOXLGDHQODV$QWLJHGDGHVÈUDEHV GH(VSDxDGH-RVpGH+HUPRVLOOD     )LJ/iPLQDGHORVPRVDLFRVURPDQRVGH5LHOYHV LQFOXLGDHQHOHVWXGLRGH3HGUR$UQDO   )LJ9LVWDGHO$UFR5RPDQRHQODVLQPHGLDFLRQHVGH&DEDQpV LQFOXLGDHQODV2EVHUYDFLRQHVVREUHODKLVWRULDQDWXUDOJHRJUDItD DJULFXOWXUDSREODFLyQ\IUXWRVGHO5H\QRGH9DOHQFLDGH$QWRQLR -RVpGH&DYDQLOOHV   )LJ/iPLQDVGHODVUXLQDVGH3DOHQTXHVHJ~Q-RVp$QWRQLR &DOGHUyQ   )LJ/iPLQDVGHORVUHVWRVGH3DOHQTXHGLEXMDGDVSRUHODUTXLWHFWR $QWRQLR%HUQDVFRQL     )LJ/iPLQDVLQFOXLGDVHQHOLQIRUPHGH$QWRQLRGHO5tRVREUHODVDQWLJHGDGHVGH 3DOHQTXH  )LJ3ODQWDGHO7HDWUR5RPDQRGH6DJXQWRGLEXMDGRSRU0DUWt    )LJ*UDGHUtRGHO7HDWUR5RPDQRGLEXMDGRSRU0DUWt   )LJ(VFHQDGHOWHDWURGLEXMDGRSRU0DUWt    )LJ3ODQWD\DO]DGRGHOWHDWURVDJXQWLQRVHJ~Q0DQXHOGH0LxDQD    )LJ /iPLQD SULPHUD PXHVWUD OD GLVSRVLFLyQ JHQHUDO GH ODV PXUDOODV GH FLPHQWDFLyQ \ ODV GLYHUVDV HQWUDGDVGHOWHDWURVHJ~Q:&RQ\QJKDQ    )LJ /iPLQD VHJXQGD UHSUHVHQWD HOWUD]DGR GHO IURQWLV GH OD VFHQDSURVFHQLXPSXOSLWXP\RUFKHVWUDVHJ~Q:&RQ\QJKDQ    )LJ9LVWDGHO7HDWUR5RPDQRGH6DJXQWR)GHOD7RUUH    )LJ   6LPLOLWXGHV HQWUH ODV SHUVSHFWLYDV LQWHULRUHV GH %HUDPHQGLDUULED\GH9DOFiUFHODEDMR   )LJ9LVWDGHXQDVHFFLyQGHODSDUWHGHUHFKDH[WHULRUGHOWHDWUR VHJ~Q)GHOD7RUUH    )LJ6LPLOLWXGHV\GLIHUHQFLDVHQWUHODVSHUVSHFWLYDVH[WHULRUHVGH %HUDPHQGLDUULED\GH9DOFiUFHODEDMR    )LJ/iPLQD,,,3ODQWDGHOWHDWURVDJXQWLQRVHJ~Q-RVp 2UWL]\6DQ]    )LJ/iPLQD,3ODQWDGHOWHDWURJULHJRVHJ~Q-RVp2UWL] \6DQ] )LJ/iPLQD,,3ODQWDGHOWHDWURODWLQRVHJ~Q-RVp 2UWL]\6DQ]   )LJ'LIHUHQFLDVHQWUHODUHSUHVHQWDFLyQGHHVWUXFWXUDVVHJ~Q3DORV\2UWL]    )LJ/iPLQD,9)LJ,&RUWHGHODJUDGHUtDSyUWLFRV\SHxDGHOPRQWHGHO7HDWUR5RPDQRGH6DJXQWRVHJ~Q-RVp 2UWL] \ 6DQ]   )LJ&RXSHYHUWLFDOHQVHJ~$/DERUGH     )LJ&RXSHYHUWLFDOHQVHJ~Q$/DERUGH   )LJ6HFRQGHYXHGXWpkWUHGH6DJRQWHVHJ~Q$/DERUGH    )LJ3ODQWD\DO]DGRGHO7HDWUR5RPDQRGH6DJXQWRVHJ~Q3DVFXDOL 0ROpV   5HVWRVGHPDOH]DTXHGHVDSDUHFHQHQODOLPSLH]DGHOPRQXPHQWR (VWXGLRGHWDOODGRGHODHVWUXFWXUDGHOWHDWUR )LJ6LPLOLWXGHVH[LVWHQWHVHQWUHORVGLEXMRVGHOGHiQ0DUWt DUULED\33DVFXDOt0ROHVDEDMR    )LJ6LPLOLWXGHVHQWUHORVGLEXMRVGH0DQXHOGH0LxDQDDUULED\ 33DVFXDOL0ROpVDEDMR   )LJ  6HPHMDQ]DVHQWUHODOiPLQDGH3DORV\1DYDUUR GHUHFKD\ODGH3HGUR3DVFXDOL]TXLHUGDGHO7HDWUR5RPDQR GH6DJXQWR      )LJ5HVWDXUDFLRQHVGH(3DORVDEDMR HQHO 7HDWURGH 6DJXQWR TXHQRVHREVHUYDQHQHOGLEXMRGH33DVFXDODUULED   )LJ     'LIHUHQFLDV HQ HO WUD]DGR GH OD PXUDOOD GHO FDVWLOOR GHO 6DJXQWRVHJ~QHOGLEXMRGH3HGUR3DVFXDODUULED\(QULTXH3DORV\ 1DYDUURDEDMR    )LJ 'LIHUHQFLDVGHWUD]DGRHQHOGLEXMRGHOJUDGHUtRGHO7HDWUR 5RPDQRGH6DJXQWRGH3HGUR3DVFXDODUULED\HOGH(QULTXH3DORV DEDMR   )LJ3ODQWDGHO7HDWUR5RPDQRGH%DUED6LQJLOLDMXQWRDRWURVUHVWRV GHUXLQDVVLQGHWHUPLQDUVHJ~Q9DOGHIORUHV    )LJ$O]DGRGHOJUDGHUtR\ODHVFHQDGHO7HDWUR5RPDQRGH%DUED6LQJLOLDVHJ~Q9DOGHIORUHV   )L J  3ODQWD \  DO]DGR GH ORV DUUDQ T XHV GH ORV DUFRV GH ODV S XHUWDV GH OD HVFHQD GHO 7HDWUR 5RPDQR GH %DUED   )LJ 3ODQWD\DO]DGRGHOJUDGHUtRGHO7HDWUR5RPDQRGH %DUED6LQJLOLDVHJ~Q9DOGHIORUHV  )LJ$O]DGRGHO7HDWUR5RPDQRGH0pULGDGRQGHVHUHIOHMDHODQWHV \GHVSXpVGHODUHWLUDGDGHHVFRPEURVVHJ~Q(VWHEDQ5RGUtJXH]     )LJ5HSUHVHQWDHOHVWDGRGHO7HDWUR5RPDQRGH0pULGDGHVSXpVGH ODVH[FDYDFLRQHVUHDOL]DGDVSRU9DOGHIORUHV   )LJ/XJDUGRQGHGHEtDHQFRQWUDUVHHOSURVFHQLRVFHQD\SRUWLFRHQHO7HDWUR5RPDQRGH0pULGDVHJ~Q    )LJ <FKRQRJUDSKLDGHO7HDWURGH(PHULWD VHJ~Q (VWHEDQ 5Gt 3XHUWDQRLGHQWLILFDGD   )LJ7HDWURGH0pULGDOODPDGR/$66,(7(6,//$6VHJ~Q)UDQFLVFR3pUH]%D\HU    )LJ'LIHUHQFLDV\VHPHMDQ]DVHQWUHORVWUDEDMRVGH9DOGHIORUHVL]TXLHUGD\9LOOHQDGHUHFKDGHO7HDWUR5RPDQR GH0pULGD    )LJ,GHQWLILFDFLyQGHODH[FDYDFLyQ,\GHODVJUDGDVVHQDWRULDOHVHQODSODQWDGHVHJ~Q9LOOHQD     )LJ(VWXGLRPDWHULDOGHOSHUILO$%HQ\VHJ~Q9LOOHQD        )LJ(VWXGLRPDWHULDOGHOSHUILO*+&'HQ\VHJ~Q9LOOHQD     )LJ(VWXGLRPDWHULDOGHOSHUILO()*+HQGHUHFKD\L]TXLHUGDVHJ~Q9LOOHQD    )LJ(VWXGLRPDWHULDOGHOSHUILO&'()HQL]TXLHUGD\GHUHFKDVHJ~Q9LOOHQD     )LJ/iPLQDQFRUUHVSRQGLHQWHDODSODQWDDO]DGR\VHFFLRQHVGHO 7HDWUR5RPDQRGH0pULGDVHJ~Q)HUQDQGR5RGUtJXH] )LJ /iPLQDGHO7HDWUR5RPDQRGH0pULGDUHDOL]DGDSRU)HUQDQGR 5RGUtJXH]\HQFRQWUDGDHQOD%LEOLRWHFD1DFLRQDO    )LJ'LIHUHQFLDHQODFRPSRVLFLyQGHDPEDVOiPLQDV )LJ'LIHUHQFLDHQODFRORFDFLyQGHODLQVFULSFLyQ\EDMDGDGHOQLYHO GHWLHUUDHQWUHDPEDVOiPLQDV    )LJ&RPSDUDFLyQHQWUHORVDO]DGRVH[WHULRUHVGH9LOOHQDDEDMR \5RGUtJXH]DUULED )LJ  &RUUHFWD FRORFDFLyQ GH ORV DO]DGRV H[WHULRUHV5HEDMH GHO QLYHOGHWLHUUDDSDUHFLHQGRQXHYDVHVWUXFWXUDV    )LJ 1XHYD GLYLVLyQ GHO JUDGHUtR \ UHGXFFLyQ GH ODV VHFFLRQHV VHJ~QORVGLEXMRVGH5RGUtJXH] )HEUHUR    '&  (%  )$  * )HEUHUR 'LFLHPEUH )LJ1XHYDFRPSRVLFLyQHQODSODQLILFDFLyQGHHVWXGLRVHJ~QORVGLEXMRVGH5RGUtJXH]   *UDGDLQIHULRUGHVDSDUHFLGD )LJ$O]DGRGHO7HDWUR5RPDQRGH&OXQLDGLEXMDGRSRU-XDQ /RSHUUiH]    )LJ3ODQRGHO&LUFRGH6$*8172VHJ~Q$/DERUGH )LJ3ODQWDGHO&LUFR5RPDQRGH7ROHGRVHJ~Q6DQWLDJR 3DORPDUHV   )LJ3ODQWDGHO&LUFR5RPDQRGH0pULGDUHDOL]DGDSRU(VWHEDQ 5RGUtJXH]SDUDHO9LDMHGH9DOGHIORUHV )LJ3ODQWDGHO&LUFR5RPDQRGH0pULGDVHJ~Q(VWHEDQ 5RGUtJXH]1RUHVWDXUDGHORVUHVWRVGHVDSDUHFLGRV    )LJ5HVWRVGHODHVSLQDGHO&LUFRURPDQRGH0pULGDGHVFULWRV SRU)RUQHU\6HJDUUD\ORFDOL]DGRVHQHOSODQRGH(VWHEDQ5RGUtJXH] SHUWHQHFLHQWHDO9LDMHGH9DOGHIORUHV )LJ(VWDPSDGHXQFLUFRURPDQRLQFOXLGDHQHO9LDMHGH $3RQ]   )LJ3ODQWDGHO&LUFR5RPDQRGH0pULGDGLEXMDGDSRU )UDQFLVFR3pUH]%D\HU )LJ   &RPSDUDFLyQ GH ODV SODQWDV GHO &LUFR 5RPDQR GH 0pULGD GLEXMDGDV SRU  (VWHEDQ 5RGUtJXH] DEDMR \  )UDQFLVFR 3pUH] %D\HU DUULED    )LJ3ODQWDGHO&LUFR5RPDQRGH0pULGDGLEXMDGDSRU 0DQXHO9LOOHQD )LJ3ODQWDGHO&LUFR5RPDQRGH0pULGD\UHVWRVDQWLJXRV VLWXDGRVHQVXHQWRUQRVHJ~Q09LOOHQD   )LJ&RPSDUDFLyQGHORVUHVWRVUHSUHVHQWDGRVHQODVSODQWDVGHO &LUFR5RPDQRGH0pULGDGLEXMDGRSRU(VWHEDQ5RGUtJXH]DUULED\ S RU0DQXHO9LOOHQD  DED M R   1RHVODPLVPDSDUWH 1RHVODPLVPDSDUWH )LJ&RPSDUDFLyQHQWUHODVSODQWDVGHODHVSLQDGHO&LUFR5RPDQR GH0pULGDGLEXMDGDVSRU(VWHEDQ5RGUtJXH]GLEXMDQWHGH9DOGHIORUHV DUULED0DQXHO9LOOHQDDEDMR\)UDQFLVFR3pUH]%D\HUFHQWUR    )LJ$O]DGRGHODVHFFLyQGLEXMDGDHQODSODQWDGHO&LUFR5RPDQRGH0pULGD VHJ~Q0DQXHO9LOOHQD )LJ(VWXGLRGHOVLVWHPDGHFRQVWUXFFLyQGHORVPXURVGHO&LUFR 5RPDQRGH0pULGDVHJ~Q09LOOHQD   )LJ3ODQWDGHO&LUFR5RPDQRGH0pULGDGLEXMDGDSRU )HUQDQGR5RGUtJXH] )LJ3ODQWDGHO&LUFR5RPDQRGH0pULGDGLEXMDGDSRU)HUQDQGR 5RGUtJXH]DUULED\SRU(VWHEDQ5RGUtJXH]DEDMR    )LJ  $O]DGRV GHO VHPLFtUFXOR GHO &LUFR 5RPDQR GH 0pULGD GLEXMDGRVSRU9LOOHQDDUULED)HUQDQGR5RGUtJXH]FHQWUR\/DERUGH DEDMR )LJ3ODQRGHOD1DXPDFKLD\GHO&LUFRHQi0(5,'$VHJ~Q $OH[DQGHU/DERUGH   )LJ9LVWDVGHO$QILWHDWUR5RPDQRGH,WiOLFDGLEXMDGRSRU-XDQ (VSLQDO\SXEOLFDGDSRU)OyUH]  )LJ3ODQWDGHO$QILWHDWUR5RPDQRGH,WiOLFDGLEXMDGDSRU-XDQ (VSLQDO    )LJ9LVWDGHO$QILWHDWURGH,WiOLFDVHJ~Q)UDQFLVFR3pUH]%D\HU )LJ6HPHMDQ]DVHQWUHODSODQWDGHO$QILWHDWUR5RPDQRGH,WiOLFD UHDOL]DGDSRU/XFDV9DOGpVGHUHFKD\SRU3HGUR6DQ0DUWtQ\/DUD L]TXLHUGD   )LJ  $XVHQFLD GH FDPELRV HQ HO HVWDGR GH FRQVHUYDFLyQ GHO $QILWHDWUR 5RPDQR GH ,WiOLFD D WUDYpV GH ORV GLEXMRV GH -XDQ (VSLQDO L]TXLHUGD\3pUH]%D\HUGHUHFKD )LJ9LVWDGHO7HDWURGH,7$/,&$VHJ~Q$OH[DQGUH/DERUGH    )LJ$FFHVRDO$QILWHDWURGH,WiOLFDOiPLQDL]TXLHUGDGH3 )OyUH]GHVGHGRQGH/DERUGHWRPyODSHUVSHFWLYDSDUDVXYLVWDOiPLQD GHUHFKD )LJ3ODQRDQyQLPRGHODSODQWDGHO$QILWHDWURGH,WiOLFD   )LJ3ODQWDGHO$QILWHDWUR5RPDQRGH0pULGDGLEXMDGDSRU (VWHEDQ5RGUtJXH] )LJ5HODFLyQGHO$QILWHDWURGH0pULGDFRQHOWHDWUR\ORVUHVWRVGH XQDFXHGXFWRFHUFDQRV    )LJ  &RPSDUDFLyQ GH ODV OiPLQDV GHO $QILWHDWUR 5RPDQR GH 0pULGD GH (VWHEDQ 5RGUtJXH] L]TXLHUGD  \ OD GH )UDQFLVFR 3pUH] %D\HUGHUHFKD )LJ9LVWDGHO$QILWHDWURGH0pULGDVHJ~Q)UDQFLVFR3pUH] %D\HU   )LJ3ODQWD\DO]DGRGHO$QILWHDWUR5RPDQRGH0pULGDGLEXMDGR SRU)HUQDQGR5RGUtJXH]HQ )LJ/iPLQDGHO$QILWHDWURGH0pULGDGLEXMDGDSRU0DQXHO 9LOOHQD\0RFLxR    )LJ&RPSDUDFLyQHQWUHODOiPLQDGHO$QILWHDWUR\&LUFRURPDQRV GH0pULGDGH)HUQDQGR5RGUtJXH]   )LJ3ODQFKH&/9,,,3ODQRGHOD1DXPDFKLD\GHO&LUFRHQ 0HULGDVHJ~Q$OH[DQGUH/DERUGHHQVX9R\DJH    )LJ3ODQR\YLVWDGHO$QILWHDWUR5RPDQRGH0pULGDGH$ /DERUGH 5HVWRVFRQVHUYDGRVVHJ~Q/DERUGHTXHVHGLEXMDQHQOD SODQWDFRLQFLGHQFRQORVUHSUHVHQWDGRVHQODYLVWD