!&/"1,/ &XVWµGLR 3DLV 'LDV FXVWRGLDV#QHW VDSR SW 7( !&/"1,/ 1Ç +& , -RVX« 0RUDLV MRVXHPRUDLV #JPDLO FRP !&/"ÅÃ, "5" 21&3 ͶͻϜͷϬϜ ͵ͿͷϜ͵ͻͱ; -¼OLR $OPHLGD 7 M DOPHLGD#RHOHFWULFLVWD SW ͵ͺͷͷ Ͷͷ ϜͷͶͱϐϔ +HOHQD 3DXOLQR 7 K SDXOLQR#RHOHFWULFLVWD SW "!&1,/ &,( &RPXQLFD©¥R H ,PSUHQVD (VSHFLDOL]DGD /GD p !"0&$+ /XFLDQR &DUYDOKR O FDUYDOKR#SXEOLQGXVWULD SW 4" !"0&$+ $QD 3HUHLUD D SHUHLUD#FLH FRPXQLFDFDR SW 00&+ 12/ 0 7 DVVLQDWXUDV#HQJHERRN FRP ZZZ HQJHERRN FRP ,) ,/ ÅÃ, /"! 1,/& ) &XVWµGLR 3DLV 'LDV -RVX« 0RUDLV $QD 9DUJDV &DUORV 3HOLFDQR 3HGUR 7HOKDGR +«OGHU 0DUWLQV $OIUHGR &RVWD 3HUHLUD -RV« 9 & 0DWLDV 0DQXHO 7HL[HLUD 3DXOR 0RXUDWR 0HQGHV &DUORV 1RJXHLUD 7LDJR &DUYDOKR 7¤QLD 9LHJDV +LO£ULR 'LDV 1RJXHLUD &DUORV $OEHUWR &RVWD 5LFDUGR 6£ H 6LOYD H +HOHQD 3DXOLQR /"! ÅÃ, " !*&+&01/ ÅÃ, &,( &RPXQLFD©¥R H ,PSUHQVD (VSHFLDOL]DGD /GD p *UXSR 3XEOLQG¼VWULD 7 ) JHUDO#FLH FRPXQLFDFDR SW ZZZ FLH FRPXQLFDFDR SW -/,-/&"! !" 3XEOLQG¼VWULD ̰ 3URGX©¥R GH &RPXQLFD©¥R /GD (PSUHVD -RUQDO¯VWLFD 5HJLVWR Q | 3UD©D GD &RUXMHLUD $SDUWDGR 3RUWR 3RUWXJDO 7 ) JHUDO#SXEOLQGXVWULD SW ZZZ SXEOLQGXVWULD SW -2 )& ÅÃ, -"/&Ð!& 5HJLVWR Q | 'HSµVLWR /HJDO ,661 7LUDJHP H[HPSODUHV
5HJLVWR Q | -"/&, &! !" 7ULPHVWUDO 2V DUWLJRV DVVLQDGRV V¥R GD H[FOXVLYD UHVSRQVDELOLGDGH GRV VHXV DXWRUHV
ͤFKD W«FQLFD
?: 1/&*"01/" !" =;<?
)27"0 «WLFD HPSUHVDULDO
=
"0- À, 3,)1&*2*
?
"0- À, ,-&+&¹, FRQVFLHQFLDOL]D©¥R H HGXFD©¥R SDUD D HͤFL¬QFLD HQHUJ«WLFD
A
"0- À,
R &3, H R $QR ,QWHUQDFLRQDO GD /X]
C
,)2+ 1")" ,*2+& ÀÊ"0 UHGH 7'7 FRP QRYRV HPLVVRUHV
<;
,)2+ !" )&* 1&7 À¹, D HFRQRPLD QR FRQVXPR GH HQHUJLD HO«WULFD SDUD WUDQVSRUWDU HQHUJLD W«UPLFD SRU DU H SRU £JXD
<=
+,1Â & 0
<?
/1&$, 1½ +& , LPSOHPHQWDPRV D VHJXUDQ©D XWLOL]DQGR PXLWR EDL[D WHQV¥R
>;
#,/* À¹, HOHWURWHFQLD E£VLFD SU£WLFDV GH HOHWULFLGDGH YHQWLOD©¥R
>= >A >C
& )&,$/ #&
?;
!,00&"/ WHOHFRPXQLFD©·HV
?=
/"-,/1 $"* GLVMXQWRUHV LQWHOLJHQWHV H TXDGURV GH GLVWULEXL©¥R 6FKQHLGHU FRQYLGD MRUQDOLVWDV SDUD DOPR©R GH 1DWDO 0$7(/(& FRQͤUPD FUHVFLPHQWR GR VHWRU
0"9012!6 QRYR UHJLPH MXU¯GLFR ,7(' :HLGP¾OOHU )URQW&RPp 9DULR
A;
"+1/"3&01 ̸FRQͤDQ©D QR IXWXUR H QR VXFHVVR GD PDUFD 7(9̹ 7(9
A? AA AC B; B=
@= @? @A
B? BA C=
-/,1, ,),0 &+01&12 &,+ &0 $*()( 9ROWLPXP $&,67 $(7 &3, .1; 6,7( 1257( -,&,
@B @C
VXP£ULR
DC <;;
&+#,/* À¹, 1½ +& ,9 ,*"/ & ) D LJXV DXPHQWD D JDPD GRV VLVWHPDV GH FDOKDV DUWLFXODGDV FRP URODPHQWRV 3 VROX©·HV GD $%% FRQWUROR GD LOXPLQD©¥R =HEHQ 6LVWHPDV (OHFWUµQLFRV 9DFRQ DSUHVHQWD JUDQGH HYROX©¥R WHFQROµJLFD QRV 9DULDGRUHV GH 9HORFLGDGH ) )RQVHFD FRQWURODGRU GH VHJXUDQ©D )OH[L 6RIW FRP FRPXQLFD©¥R VHJXUD )OH[L /RRS QRYR FRQYHUVRU GH IUHTX¬QFLD YDUL£YHO 3RZHU;/ '* GD (DWRQ 3 352 D QRYD JDPD GH WRPDGDV LQGXVWULDLV GD /HJUDQG 3DOLVV\ *DOYDQL (OHFWULFLGDGH QRYDV VROX©·HV LQGXVWULDLV *"/ !, 1½ +& , )"+!·/&, !" "3"+1,0 -/,'" 1,
ZZZ RHOHFWULFLVWD SW $FHGD DR OLQN DWUDY«V GHVWH 45 FRGH
UHYLVWDRHOHFWULFLVWD ZZZ RHOHFWULFLVWD SW R HOHFWULFLVWD
=
OX]HV
Ç1& "*-/"0 /& ) * 1"*-,0 "* .2" 0" ) * .2" , )& "/ )&0*, Ç , *")%,/ *,!"), - / , #2+ &,+ *"+1, ! " ,+,*& 00&01&*,08 * &0 ,2 *"+,0 1Ð+&1,08 2* !"0#&) / !" 0,0 !" *Á -/Á1& "*-/"0 /& )8 ,* -/"'2Ë7, - / "*-/"0 8 - / " ,+,*& "8 ,+0".2"+1"*"+1"8 - / 0, &"! !": 4XHU VH TXHLUD TXHU Q¥R TXDOTXHU HPSUHVD PHVPR TXH GH FDSLWDO XQLFDPHQWH SULYDGR WHP XPD IXQ©¥R VRFLDO 3HORV WUDEDOKDGRUHV TXH HPSUHJD SHODV PDW«ULDV SULPDV TXH XWLOL]D SHORV SURGXWRV RX VHUYL©RV TXH ODQ©D QR PHUFDGR H DLQGD SHOD LQWHUD©¥R FRP R PHLR DPELHQWH GX UDQWH R SURFHVVR SURGXWLYR RX GH UHDOL]D©¥R GR VHUYL©R SRU WXGR LVWR D HPSUHVD DFDED SRU WHU LQIOX¬QFLD QD VRFLHGDGH $VVLP VHQGR D SU£WLFD HPSUHVDULDO Q¥R « DOJR TXH GLJD UHVSHLWR XQL FDPHQWH DR SURSULHW£ULR H RX JHVWRU GD HPSUHVD 3RU LVVR SDUD DO«P GDV QHFHVV£ULDV PHGLGDV SXQLWLYDV D DSOLFDU QRV FDVRV HP TXH D SU£WLFD HPSUHVDULDO WUDQVJULGH D OHL D VRFLHGDGH WHP GH DUUDQMDU IRUPDV GH SURPRYHU DV ERDV SU£WLFDV HPSUHVDULDLV 2V GDQRV SURYRFDGRV ¢ VRFLHGDGH HP UHVXOWDGR GH P£V SU£WLFDV HPSUHVDULDLV MXVWLͤFDP FHUWDPHQWH TXH VH ID©D DOJXP LQYHVWL PHQWR QD SURPR©¥R GDV ERDV SU£WLFDV +DELWXDOPHQWH DV D©·HV SUHYHQWLYDV DFDEDP SRU VHU PHQRV GLVSHQGLRVDV GR TXH DV D©·HV FRUUHWLYDV FRQVHJXLQGR VH PHOKRUHV UHVXOWDGRV $SHVDU GRV FDVRV GH SU£WLFDV HPSUHVDULDLV GDQRVDV TXH Y¥R VHQGR QRWLFLDGDV K£ TXH UHFRQKHFHU TXH QR WHFLGR HPSUHVDULDO SRUWXJX¬V PDLRULWDULDPHQWH IRUPDGR SRU SHTXHQDV H P«GLDV HPSUHVDV D SU£WLFD HPSUHVDULDO « JOREDOPHQWH SRVLWLYD HPERUD SRVVD VHPSUH VHU PH OKRUDGD HP GLYHUVDV YHUWHQWHV (PERUD VHP JUDQGH H[SUHVV¥R PHGL£WLFD WHPRV GHVGH XPD $VVRFLD©¥R 3RUWXJXHVD GH WLFD (PSUHVDULDO $3(( FRP R REMHWLYR GH LQWHUYLU QDV £UHDV GD WLFD H GD 5HVSRQVDELOLGDGH 6RFLDO HP 3RUWXJDO 'HVGH D VXD FULD©¥R HVWD DVVRFLD©¥R WHP SDUWLFLSDGR QD HODERUD©¥R GH QRUPDV UHODWLYDV ¢V VXDV £UHDV GH DWXD©¥R EHP FRPR QD UHDOL ]D©¥R GH D©·HV TXH SUHWHQGHP MXVWDPHQWH SURPRYHU DV ERDV SU£WLFDV HPSUHVDULDLV D XPD GHVVDV D©·HV TXH UHVROYL GHGLFDU HVWH HGLWRULDO 5HFRQKHFHQGR D LPSRUW¤QFLD TXH WHP D SU£WLFD HPSUHVDULDO QR EHP HVWDU QD VRFLHGDGH QR VHX WRGR D $3(( ODQ©RX R SURJUDPD ̸5HFRQKHFLPHQWR 35 7,&$6 56̹ TXH SUHWHQGH ̸GLVWLQ JXLU D LPSOHPHQWD©¥R GH SRO¯WLFDV H PRGHORV GH ERD JRYHUQD©¥R HP RUJDQL]D©·HV GRV VHWRUHV S¼EOLFR H SULYDGR FRP RX VHP ͤQV OXFUDWLYRV FRP ERDV SU£WLFDV HP UHVSRQVDELOLGDGH VRFLDO̹ 2 SURJUDPD FRQWHPSOD R UHFRQKHFLPHQWR HP Y£ULDV FDWHJRULDV QRPHDGDPHQWH 'LUHLWRV +X PDQRV 7UDEDOKR 'LJQR H &RQFLOLD©¥R $PELHQWH ̰ 5HGX©¥R GH ,PSDFWHV $PELHQWH ̰ JXD H (QHUJLD 0HUFDGR &RPXQLGDGH 9ROXQWDULDGR 3DUWHV ,QWHUHVVDGDV H ͤQDOPHQWH &RPXQLFD©¥R 6HJXQGR R SURJUDPD V¥R YDULDGDV DV YDQWDJHQV HP REWHU R UHFRQKHFLPHQWR WRGDV OLJDGDV ¢ SRVVLELOLGDGH GH R SXEOLFLWDU SXEOLFDPHQWH $V FDQGLGDWXUDV HVW¥R DEHUWDV DW« DR ͤP GR SUµ[L PR P¬V GH IHYHUHLUR H DV FRQGL©·HV SRGHP VHU REWLGDV QR ZHEVLWH GR SURJUDPD (P WHPSRV GLI¯FHLV R UHFRQKHFLPHQWR S¼EOLFR GR TXH VH ID] EHP G£ QRV IRU©D SDUD FRQWLQXDU D OXWDU &XPSULQGR D WUDGL©¥R SRU VHU HVWH R ¼OWLPR Q¼PHUR GD UHYLVWD GR DQR TXHUR DJUDGHFHU ¢V SHVVRDV HPSUHVDV H LQVWLWXL©·HV TXH FRQQRVFR FRODERUDUDP SDUD PDQWHU YLYD HVWD SXEOLFD©¥R TXH YDL M£ QD VXD TXLQTXDJ«VLPD HGL©¥R H TXH VH TXHU DR VHUYL©R GH WRGRV $ WRGRV XP JUDQGH EHP KDMD YRWRV GH %RDV )HVWDV H TXH R 1RYR $QR VHMD R WDO HP TXH WXGR YDL UHDOPHQWH PHOKRUDU %RP $QR 1RYR &XVWµGLR 3DLV 'LDV 'LUHWRU
ZZZ RHOHFWULFLVWD SW R HOHFWULFLVWD
&XVWµGLR 3DLV 'LDV 'LUHWRU
" ,+%" "+!, &*-,/1Â+ & .2" 1"* -/Á1& "*-/"0 /& ) +, "*9"01 / + 0, &"! !" +, 0"2 1,!,8 ) +Å,2 , -/,$/ * ] " ,+%" &*"+1, ^8 .2" -/"1"+!" ]!&01&+$2&/ &*-)"*"+1 À¹, !" -,)Ã1& 0 " *,!"),0 !" , $,3"/+ À¹, "* ,/$ +&7 ÀÊ"0 !,0 0"1,/"0 -Ì )& , " -/&3 !,8 ,* ,2 0"* #&+0 )2 / 1&3,08 ,* , 0 -/·1& 0 "* /"0-,+0 &)&! !" 0, & )^:
?
HVSD©R YROWLPXP
7H[WR HVFULWR GH DFRUGR FRP D DQWLJD RUWRJUDͤD ZZZ RHOHFWULFLVWD SW R HOHFWULFLVWD
A
HVSD©R RSLQL¥R
,+0 &"+ & )&7 ÅÃ, " "!2 ÅÃ, - / "#& &È+ & "+"/$Ç1&
&DUORV 3HOLFDQR 6FKQHLGHU (OHFWULF 3RUWXJDO (QHUJ\ %XVLQHVV 3URMHFWV 6ROXWLRQV 93
"!27&/ 0 "*&00 "0 !" = "* ?;F 1Ç =;>;: ± "01 +,3 *"1 - / ,/12$ ) " - / 2/,- 8 &*-,01 -"), +,3, ,1" +"/$& )&* 8 , -) +, .2" 02 01&12&/Á , /,1, ,), !" 2&,1,: $ QRYD PHWD UHTXHU XP SHVDGR HVIRU©R SRU SDUWH GH 3RUWXJDO H GH FDGD XP GRV SD¯VHV GD 8QL¥R (XURSHLD M£ TXH DR FRQWU£ULR GD PHWD TXH GLWD TXH GD HQHUJLD JHUDGD GHYHU£ VHU UHQRY£YHO D UHGX©¥R GD HPLVV¥R GH &2 « XPD PHWD QDFLRQDO H Q¥R HXURSHLD 7RGRV H FDGD XP GRV SD¯ VHV GD 8QL¥R (XURSHLD WHU¥R GH UHGX]LU DV HPLVV·HV GH &2 HP DW« DR SUD]R HVWLSXODGR 2 WHUPR FRPSDUDWLYR « R YDORU GH &2 HPLWLGR HP DQR HP TXH 3RUWXJDO UHJLVWRX N GH WRQHODGDV $ WDUHID WRUQD VH DLQGD PDLV £UGXD VH WLYHUPRV HP FRQVLGHUD©¥R TXH HP DV HPLV V·HV GH GLµ[LGR GH FDUERQR DXPHQWDUDP QR QRVVR SD¯V FRQIRUPH UHJLVWDGR SHOR (XURVWDW $ PLWLJD©¥R GDV HPLVV·HV GH &2 H R FRPEDWH DR DTXHFLPHQWR JOREDO WHP VLGR XPD WDUHID £UGXD H D PDLRULD GRV SURMHWRV DVVXPH M£ R SDSHO IXOFUDO GD HͤFL¬QFLD HQHUJ«WLFD 2 FRQFHLWR GH HͤFL¬QFLD HQHUJ«WLFD « PXLWDV YH]HV WUDGX]LGR SRU QHJDZDWWV RX HQHUJLD QHJD WLYD TXH FRQVLVWH QR PHJDZDWW HQHUJLD SRXSDGD 2 QHJDZDWW UHWUDWD D SRXSDQ©D H D SRXSDQ©D « VHPSUH EHQ«ͤFD FRQWXGR R VHX LPSDFWR DOFDQ©RX HVSHFLDO YLVLELOLGDGH QR VHWRU LQGXVWULDO $ LQG¼VWULD IRL R SULPHLUR VHWRU D SHUFHEHU R FRQWULEXWR GD HͤFL¬QFLD SDUD D FRPSHWLWLYLGDGH GDV VXDV HPSUHVDV 1XPD £UHD HP TXH D SURGX©¥R UHTXHU R GLVS¬QGLR FRQVWDQWH GH UHFXUVRV GLYHUVRV H VHQGR RV FXVWRV RSHUDFLRQDLV R SULQFLSDO IDWRU D FRQWULEXLU SDUD D GHͤQL©¥R GD PDU JHP GH OXFUR D RWLPL]D©¥R GH SURFHVVRV H D HͤFL¬QFLD HQHUJ«WLFD GHSUHVVD UHYHODP UHVXOWDGRV $ LPSOHPHQWD©¥R GH VROX©·HV ¢ PHGLGD SDUD D HͤFL¬QFLD Q¥R VRPHQWH HQHUJ«WLFD PDV WDPE«P RSHUDFLRQDO UHVXOWD HP P«GLD QD UHGX©¥R GH GR FRQVXPR HQHUJ«WLFR HP DSHQDV XP DQR VHQGR DLQGD DOWDPHQWH EHQ«ͤFD DR Q¯YHO GD UHGX©¥R GH 2SH[ GHVSHVDV RSHUDFLRQDLV H GH &DSH[ LQYHVWLPHQWRV UHDOL]DGRV HP HTXLSDPHQWRV H LQVWDOD©·HV GH IRUPD D PDQWHU D SURGX©¥R 'XUDQWH D PLQKD SDUWLFLSD©¥R QR 7(&1(7 %XVLQHVV &DPS UDSLGDPHQWH SHUFHEL TXH DV HPSUHVDV HVW¥R FDGD YH] PDLV SUHRFXSDGDV FRP D HͤFL¬QFLD HQHUJ«WLFD PDV W¬P DLQGD XPD YLV¥R PXLWR UHGX]LGD GR DPSOR XQLYHUVR TXH DV HQYROYH $ HQHUJLD UHQRY£YHO HVW£ DWXDOPHQWH PDLV DFHVV¯YHO GR TXH QXQFD H « FDGD YH] PDLV FRQWUDWDGD SHODV HPSUHVDV 1R HQWDQWR H HP FRQWUDSDUWLGD R FRQVXPR PXQGLDO GH HQHUJLD FRQW¯QXD D FUHVFHU VHP VLQDLV GH DEUDQGDPHQWR 2 PXQGR LU£ JDVWDU PDLV HP HQHUJLD QRV SUµ[LPRV DQRV GR TXH JDVWRX QRV ¼OWLPRV V«FXORV 6H HVWDPRV D GDU FDGD YH] PDLRU SUHIHU¬QFLD D IRQWHV GH HQHUJLD UHQRY£YHLV H VH FDGD YH] PDLV RV JRYHUQRV LPS·HP PHGLGDV SDUD D UHGX©¥R GD HPLVV¥R GH &2 SRUTXH FRQWLQXD D VHU W¥R GLI¯FLO DWLQJLU DV PHWDV HXURSHLDV" 6HU£ VXͤFLHQWH D LPSRVL©¥R GH PHGLGDV" 2X VHU£ TXH HQWUH DV PHGLGDV D DSOLFDU GHYHULDP HVWDU SUHYLVWRV HVIRU©RV SDUD D FRQVFLHQFLDOL]D©¥R H HGXFD©¥R GH HPSUHVDV RUJDQL]D©·HV H FLGDG¥RV FRP YLVWD ¢ UHGX©¥R GH FRQVXPR H HͤFL¬QFLD HQHUJ«WLFD" VHPHOKDQ©D GR TXH VXFHGH FRP D UHVSRVWD D RXWUDV TXHVW·HV DPELHQWDLV « QHFHVV£ULR VHQVLELOL]DU FULDU XPD FRQVFL¬QFLD FROHWLYD H HGXFDU VREUH D PHOKRU IRUPD GH FRQWULEXLU VHMD SRU SDUWH GH HPSUHVDV RUJDQL]D©·HV S¼EOLFDV RX SULYDGDV RX FRQVXPLGRUHV $ XWLOL]D©¥R GD HͤFL¬QFLD HQHUJ«WLFD QR FRPEDWH DR DTXHFLPHQWR JOREDO GHSHQGH PXLWR PDLV GD FRQVFL¬QFLD DPELHQWDO GR TXH GRV REMHWLYRV GH SRXSDQ©D RX GH FRPSHWLWLYLGDGH &DVR FRQWU£ ULR FRUUHPRV R ULVFR GH QRV GHSDUDUPRV QR IXWXUR FRP R 3DUDGR[R GH -HYRQV 2 REMHWLYR GD Hͤ FL¬QFLD HQHUJ«WLFD FRQVLVWH HP DOFDQ©DU PDLV H VLPXOWDQHDPHQWH FRQVXPLU PHQRV UHFXUVRV GR QRVVR SODQHWD $R DSOLFDUPRV H XWLOL]DUPRV VROX©·HV LQWHOLJHQWHV DRV PDLV GLYHUVRV Q¯YHLV VHMDP ZZZ RHOHFWULFLVWD SW R HOHFWULFLVWD
QD LQG¼VWULD PRELOLGDGH UHGHV HQHUJ«WLFDV RX HGLI¯FLRV S¼EOLFRV H SULYDGRV HVWDPRV D SUR PRYHU D HͤFL¬QFLD H D FRQWULEXLU SDUD D FULD©¥R GH XP PXQGR PDLV VXVWHQW£YHO 1¥R REVWDQWH VHP D GHYLGD FRQVFLHQFLDOL]D©¥R DPELHQWDO VHU£ TXH DR SRXSDU Q¥R YDPRV DSOLFDU HVVD SRXSDQ©D D XP PDLRU FRQVXPR JHUDGRU GH HPLVV·HV GH &2 " 2V YH¯FXORV GH FRQVXPR HͤFLHQWH SRU H[HPSOR FRQVRPHP PHQRV FRPEXVW¯YHO SRU TXLOµPHWUR 8PD GHVSHVD LQIHULRU FRP FRP EXVW¯YHO SRGH MXVWDPHQWH LQFHQWLYDU R DXPHQ WR GD XWLOL]D©¥R GR DXWRPµYHO HP GHWULPHQWR GRV WUDQVSRUWHV S¼EOLFRV 1R V«FXOR ,;; R HFRQRPLVWD :LOOLDP 6WDQOH\ -HYRQV REVHUYRX TXH R PRWRU D YDSRU H[WUD¯D HQHUJLD GR FDUY¥R GH IRUPD HͤFLHQWH PDV HVWLPXORX WDQWR R FUHVFLPHQWR HFRQµPL FR TXH FRQGX]LX DR DXPHQWR H[SRQHQFLDO GR FRQVXPR GH FDUY¥R YHUGDGH TXH R TXH SRXSDPRV HP HIL FL¬QFLD HQHUJ«WLFD Q¥R « WRWDOPHQWH JDVWR HP PDLV HQHUJLD RX HP HTXLSDPHQWRV TXH FRQWULEXHP SDUD DV HPLVV·HV GH &2 R TXH VH WUDGX] M£ HP EHQHI¯FLR 3RU«P « QHFHV V£ULR FRQVLGHUDU TXH D SRXSDQ©D FRQGX] LQHYLWDYHOPHQWH DR DXPHQWR GR FRQVXPR 2 TXH PHOKRU UHIOHWH HVWH HIHLWR « R FRP EXVW¯YHO 2 SUH©R GRV WUDQVSRUWHV S¼EOLFRV RV KRU£ULRV H DV UHGHV PXLWDV YH]HV GHILFL W£ULDV OHYDP D TXH ERD SDUWH GRV FLGDG¥RV RSWHP SHOR PHLR GH WUDQVSRUWH SUµSULR DV VLP TXH R RU©DPHQWR IDPLOLDU ILFD XP SRXFR PDLV GHVFRQWUD¯GR (VWH « R SRQWR HP TXH D FRQVFLHQFLDOL]D ©¥R DPELHQWDO H D HGXFD©¥R SDUD D HͤFL¬QFLD H SDUD D UHGX©¥R GDV HPLVV·HV GH &2 IXQ FLRQDP FRPR EDUUHLUD ¢ DSOLFD©¥R GD SRX SDQ©D D XP QRYR FRQVXPR 7HPRV GH DSUHQGHU D FRQVXPLU GH IRUPD FRQVFLHQWH WHQGR VHPSUH HP PHQWH DV YDQ WDJHQV SDUD D EROVD H SDUD R DPELHQWH
C
HVSD©R &3,
, " , +,
+1"/+ &,+ ) ! 27 =;<@ ")" / 90" "* =;<@8 -") -/&*"&/ 3"78 , +, +1"/+ &,+ ) ! 27 [ +1"/+ 1&,+ ) " / ,# &%$1 =;<@: =;<@ #,& -/, ) * !, =; !" !"7"* /, !" =;<> + AC: 00"* )"& "/ ) ! 0 Å "0 +&! 0 J K: 2 $QR ,QWHUQDFLRQDO GD /X] ,</ « XPD LQLFLDWLYD D Q¯YHO JOREDO SDUD UHDO©DU D WRGRV RV FLGDG¥RV GR PXQGR D LPSRU W¤QFLD GD OX] QDV QRVVDV YLGDV QR QRVVR IXWXUR H QR GHVHQYROYLPHQWR GD QRVVD VR FLHGDGH XPD RSRUWXQLGDGH ¼QLFD SDUD LQVSLUDU HGXFDU H XQLU HVIRU©RV D XPD HV FDOD PXQGLDO $R SURFODPDU R ,</ IRFDGR QD FL¬QFLD GD OX] H VXDV DSOLFD©·HV DV 18 UHFRQKHFHP R DXPHQWR GD FRQVFLHQFLD OL]D©¥R PXQGLDO GR SDSHO GDV WHFQRORJLDV EDVHDGDV QD OX] QD SURPR©¥R GH XP GH VHQYROYLPHQWR VXVWHQW£YHO H TXH OHYDP D VROX©·HV LQRYDGRUDV JOREDLV QRV FDPSRV GD HQHUJLD HGXFD©¥R DJULFXOWXUD H VD¼GH $ OX] WHP XP SDSHO FHQWUDO QDV QRVVDV YLGDV GL£ULDV H « VHP G¼YLGD XPD GLVFLSOLQD WUDQV YHUVDO GD FL¬QFLD QR V«FXOR ;;, 5HYROXFLRQRX D PHGLFLQD DEULX FDPLQKRV QDV WHOHFRPXQLFD ©·HV D FRQWLQXD D VHU XP HOHPHQWR GH DSUR[LPD©¥R FXOWXUDO H HFRQµPLFR 2 ,</ FRPH©RX D VHU SUHSDUDGR HP RUJDQL]D©·HV JRYHUQDPHQWDLV D FRPXQLGD GH FLHQW¯ͤFD D FRPXQLGDGH DFDG«PLFD FRP XPD IRUWH SUHVHQ©D GD FODVVH HVWXGDQWLO LQG¼VWULD XQLUDP VH QXPD SDUFHULD QXQFD DQWHV YLVWD 2 ,</ « JHULGR SRU XPD &RPLVV¥R ([HFXWLYD ,QWHUQDFLRQDO GLULJLGD SRU -RKQ 0 'XGOH\ HP FRODERUD©¥R FRP R 3URJUDPD ,QWHUQDFLRQDO GDV &L¬QFLDV %£VLFDV GD 8QHVFR &RP D XQL¥R GH HVIRU©RV D Q¯YHO PXQGLDO HVSHUD VH TXH GXUDQWH R SUµ[LPR DQR VH UHDOL]HP FHQWHQDV GH HYHQWRV HP WRGRV RV SD¯VHV GR PXQGR GHVGH R PXQGR GR HVSHW£FXOR TXH GRX FRPR H[HPSOR R )HVWLYDO GH /X] GH &DVFDLV /XPLQD D ZRUNVKRSV FLHQW¯ͤFRV D IHLUDV D ODQ©D PHQWRV GH SURJUDPDV GH LQYHVWLJD©¥R FLHQW¯ͤFD 2 &3, LU£ UHDOL]DU Y£ULRV HYHQWRV QR ¤PELWR GR ,</ GRV TXDLV VH GHVWDFD R QRVVR ,9 &RQJUHVVR GD /X] $V FHULPµQLDV GH DEHUWXUD GR ,</ VHU¥R HP 3DULV GH D GH MDQHLUR 2 &3, FRQJUDWXOD VH H UHY¬ VH QR HVS¯ULWR H REMHWLYRV GR ,</ 2 &3, ID] SDUWH GD RUJD QL]D©¥R H DR VHU XPD /52 ̰ /LJKW 5HODWHG 2UJDQL]DWLRQ VLJQLͤFD TXH ID]HPRV SDUWH LQWHJUDQWH GHVWH IDEXORVR H JLJDQWHVFR PRYLPHQWR 3DUD 3RUWXJDO « XPD RSRUWXQLGDGH ¼QLFD SDUD WUD]HU D OX] D LOXPLQD©¥R H WRGDV DV WHFQROR JLDV UHODFLRQDGDV FRP D OX] SDUD XP SDWDPDU GH GLVFXVV¥R H FRQKHFLPHQWR S¼EOLFR SRO¯WLFR H FLHQW¯ͤFR TXH SHUPLWD ROKDU SDUD R IXWXUR FRP XPD HVSHUDQ©D UHQRYDGD 6HULD ERP YHU VH D OX] D VHU PLQLVWUDGD QDV QRVVDV HVFRODV VHULD ERP YHU DV QRVVDV XQL YHUVLGDGHV D GHVHQYROYHUHP OLFHQFLDWXUDV H SµV JUDGXD©·HV HP WRGRV RV FDPSRV UHODFLRQDGRV FRP D OX] 2V FDPSRV GH DSOLFD©¥R GH WHFQRORJLDV UHODFLRQDGDV FRP D OX] V¥R YDVWRV H WUDQVYHUVDLV IDODPRV GH GH]HQDV GH PLOKDUHV GH SRVWRV GH WUDEDOKR GHVGH D LOXPLQD©¥R HP QRVVDV FDVDV H ORFDLV GH WUDEDOKR QD PHGLFLQD QD £UHD GR GLDJQµVWLFR H WUDWDPHQWR GD SURGX©¥R GH HQHUJLD IRWRYROWDLFD QD LQG¼VWULD H WDQWDV RXWUDV 2 &3, FRQYLGD WRGRV D FHOHEUDUHP R $QR ,QWHUQDFLRQDO GD /X] ZZZ RHOHFWULFLVWD SW R HOHFWULFLVWD
3HGUR 7HOKDGR 9LFH 3UHVLGHQWH &3, ZZZ FSL OX] SW ZZZ OLJKW RUJ
+, +1"/+ &,+ ) ! 27 J =;<@K Ç 2* &+& & 1&3 +Ë3") $), ) - / /" )Å / 1,!,0 ,0 &! !Ã,0 !, *2+!, &*-,/1Â+ & ! )27 + 0 +,00 0 3&! 08 +, +,00, #212/, " +, !"0"+3,)3&*"+1, ! +,00 0, &"! !":
<;
FROXQD WHOHFRPXQLFD©·HV
/"!" ,* +,3,0 "*&00,/"0
+«OGHU 0DUWLQV 7HOHY«V (OHFWUµQLFD 3RUWXJXHVD /GD
"0!" &*-)"*"+1 ÅÃ, ! /"!" + &,+ ) " -Ð0 02 "00&3,0 -/, )"* 0 + .2 )&! !" !" /" "ÅÃ,8 02/$"* $,/ +,3&! !"0 ,* , - /" &*"+1, !" +,3,0 "*&00,/"0:
ZZZ RHOHFWULFLVWD SW R HOHFWULFLVWD
$ LQVWDOD©¥R H PRQLWRUL]D©¥R GDV VRQGDV SRU SDUWH GD $1$&20 VHJXLGD GD DWLYD©¥R GH QRYRV HPLVVRUHV YHLR FRQVWDWDU R TXH WR GRV M£ VDELDP D IDOWD GH TXDOLGDGH GH UHFH©¥R 7'7 HP LQ¼PHUDV LQVWDOD©·HV $ LGHDOL]D©¥R GH XPD UHGH PXOWL IUHTX¬QFLD VROX©¥R GH IHQGLGD M£ K£ PXLWR WHPSR SRU Y£ULRV HVSH FLDOLVWDV VHULD R ͤP GH PXLWRV SUREOHPDV GD UHGH 6)1 H[LVWHQWH H R VHX UHFRQKHFLGR PDX GHVHPSHQKR 2 UHJXODGRU GHͤQLX DV UHGHV 0)1 H HP IRL LQFOXVLYDPHQWH QHFHVV£ ULR DWLYDU WU¬V GHVWHV HPLVVRUHV ̸DOWHUQDWLYRV̹ 0RQWH GD 9LUJHP /RXV¥ H 0RQWHMXQWR SDUD UHPHGLDU RV JUDYHV SUREOHPDV GH UHFH©¥R TXH DIHWDUDP R OLWRUDO 3RVWHULRUPHQWH HP IRL GHFLGLGD D PLJUD©¥R GD DWXDO UHGH 6)1 SDUD XPD UHGH 0)1 GH 6)1̵V 1R VHJXLPHQWR GH GHͤFL¬QFLDV GHWHWDGDV SHOD $1$&20 QD UHFH©¥R GR VLQDO 7'7 HP Y£ULDV ]RQDV GH 3RUWXJDO R UHJXODGRU DWULEXLX XPD OLFHQ©D SDUD D DWLYD©¥R GH TXDWUR QRYRV HPLVVRUHV GH 7'7 HP UHGH 0)1 UHFHQWH PHQWH LPSOHPHQWDGRV H HP IXQFLRQDPHQWR QD 0DURID 6¥R 0DPHGH 3DOPHOD H 0HQGUR )LFDP DLQGD FLQFR GH GR]H ]RQDV SRU LP SOHPHQWDU D UHGH 0)1 DR TXDO VHULD HVSHFW£ YHO TXH QHVWDV ]RQDV Q¥R FRQVLGHUDGDV Q¥R VH YHULͤFDVVHP SUREOHPDV GH UHFH©¥R 7'7 1R HQWDQWR DSµV DXVFXOWD©¥R GH W«FQLFRV TXH SHUFRUUHP R SD¯V GH ̸O«V D O«V̹ DͤUPDP TXH WDO Q¥R « YHUGDGH 'HVGH LQWHUIHU¬QFLDV GH XP FDQDO GH 0DUURFRV TXH VXUJH VRE GHWHUPLQDGDV FRQ GL©·HV DWPRVI«ULFDV QR $OJDUYH H « LQWHUIH UHQWH DR FDQDO GD UHGH 6)1 DRV FRQIOLWRV FRP RV FDQDLV GD 7'7 GD UHGH (VSDQKROD H ¢ FRQVWDQWH IDOKD GH FREHUWXUD HP GHWHUPL QDGRV ORFDLV GHVWDV ]RQDV V¥R YDULDG¯VVLPRV RV SUREOHPDV $ 37 WHP D REULJD©¥R GH GLYXOJDU HV WHV QRYRV FDQDLV 0)1 LPSOHPHQWDGRV PDV QDGD WHP IHLWR SDUD TXH D SRSXOD©¥R WHQKD FRQKHFLPHQWR GHVWHV QRYRV HPLVVRUHV TXH HP PXLWR FRQWULEXLU¥R SDUD XPD PHOKRULD GD FREHUWXUD 3UHVWD VH DTXL XP VHUYL©R S¼EOLFR QD GLYXOJD©¥R GHVWHV QRYRV HPLVVRUHV QXP 3RUWXJDO RQGH H[LVWH XPD UHGH 7'7 Q¥R SHQ VDGD SDUD VHUYLU D SRSXOD©¥R 6HQGR D $1$&20 D HQWLGDGH UHJXODGRUD HVWD SRU YH]HV UHIXWD HVWDV DQRPDOLDV IDFH ¢ TXDQWLGDGH GH UHFODPD©·HV UHFHELGDV &DEH D 72'26 UHSRUWDU DV DQRPDOLDV H Vµ QHVWH FDVR R UHJXODGRU SRGHU£ WRPDU GLOLJ¬Q FLDV
FROXQD GH FOLPDWL]D©¥R
" ,+,*& +, ,+02*, !" "+"/$& ")Ç1/& - / 1/ +0-,/1 / "+"/$& 1Ç/*& -,/ / " -,/ Á$2 $OIUHGR &RVWD 3HUHLUD
: ¦° 9 r 2 WUDQVSRUWH GH DU WHQGR HP YLVWD UHGX]LU D SROXL©¥R QRV ORFDLV GH SHUPDQ¬QFLD UHQR YD©¥R GR DU 2 WUDQVSRUWH GH £JXD SDUD FRQWURODU R Q¯YHO GH KXPLGDGH QRV ORFDLV GH SHUPDQ¬QFLD KXPLGLͤFD©¥R H GHVXPLGLͤFD©¥R 2 WUDQVSRUWH GH HQHUJLD W«UPLFD FRP R RE MHWLYR GH FRQWURODU D WHPSHUDWXUD GR DU RX D WHPSHUDWXUD RSHUDWLYD QRV ORFDLV GH SHU PDQ¬QFLD 2V PHFDQLVPRV GH WUDQVSRUWH Q | H Q | Vµ V¥R SRVV¯YHLV ID]HQGR PRYHU R DU SDUD GHQWUR H SDUD IRUD GRV ORFDLV GH SHUPDQ¬QFLD &RQ WXGR R PHFDQLVPR GH WUDQVSRUWH Q | SRGH WDPE«P VHU FRQVHJXLGR SHOD FLUFXOD©¥R GH HQHUJLD W«UPLFD SURPRYLGD SRU GLVSRVLWLYRV TXH XWLOL]DP £JXD QR HVWDGR O¯TXLGR TXHQWH H RX UHIULJHUDGD DW« ¢V XQLGDGHV WHUPLQDLV GH FRQYHUV¥R FRPR UDGLDGRUHV YHQWLORFRQ YHWRUHV SDLQ«LV UDGLDQWHV H VLPLODUHV HQWUH RXWURV
$U GH H[DXVW¥R 8QLGDGH GH WUDWDPHQWR GH DU
5HGH GH FRQGXWDV GH DU
&DOGHLUD GH £JXD TXHQWH
$U GH LQVXIOD©¥R
$U H[WHULRU
$U GH UHWRUQR
8 7 $ JXD UHIULJHUDGD
-/"0"+1" /1&$, -/"1"+!" "3&!"+ & / /"!2ÅÃ, !, ,+02*, !" "+"/$& ")Ç1/& .2" 0" ,+0"$2" &*-) +1 / "* &+01 ) Å "0 !" /9 ,+!& &,+ !, !" *Ç!&, " !" $/ +!" -,/1"8 21&)&7 +!, Á$2 ,*, #)2&!, !" 1/ +0-,/1" !" "+"/$& 1Ç/*& "* 3"7 !, /:
JXD TXHQWH
<=
*UXSR SURGXWRU GH £JXD UHIULJHUDGD
),*85$ 6,67(0$ '( &/,0$7,=$ 2 325 5('( '( &21'87$6 '( $5
8QLGDGHV WHUPLQDLV
&LUFXLWRV KLGU£XOLFRV
%RPED KLGU£XOLFD
: 3DUD FRPSDUDUPRV R FRQVXPR GH HQHUJLD HO«WULFD GH XP YHQWLODGRU GH XPD 8QLGDGH GH 7UDWDPHQWR GH $U 8 7 $ GHVWLQDGR D ID]HU R WUDQVSRUWH GH HQHUJLD W«UPLFD RX HQWDOSLD SRU GHVORFDPHQWR GH XP GHWHUPLQDGR YROX PH GH DU )LJXUD ZZZ RHOHFWULFLVWD SW R HOHFWULFLVWD
H RX
),*85$ 6,67(0$ '( &/,0$7,=$ 2 '2 7,32 ̸78'2 *8$̹ 127$ D UHQRYD©¥R GR DU GRV HVSD©RV « IHLWD DWUDY«V GH XPD RX PDLV XQLGDGHV GH WUDWDPHQWR GH DU H[WHULRU 8 7 $ 1 FXMRV FLUFXLWRV Q¥R HVW¥R UHSUHVHQWDGRV QHVWD )LJXUD 2V YHQWLODGRUHV GHVWDV XQLGDGHV FRQVRPHP SRXFD HQHUJLD QD PHGLGD HP TXH Vµ PRYLPHQWDP R FDXGDO GH DU QHFHVV£ULR SDUD D UHQRYD©¥R GRV HVSD©RV
>;
DUWLJR W«FQLFR
&*-)"*"+1 *,0 0"$2/ +Å 21&)&7 +!, *2&1, &5 1"+0Ã, /, 2/ *,0 1,/+ / ,0 &/ 2&1,0 ")Ç1/& ,0 * &0 0"$2/,08 21&)&7 +!, -/,1"Å "0 ,+1/ ,+1 1,0 !&/"1,0 " &+!&/"1,08 ,* $/ +!"0 3 +1 $"+0 - / ,0 21&)&7 !,/"08 * 0 -,/ 3"7"0 "0.2" "*,9 9+,0 .2" "5&01" 2* 0,)2ÅÃ, * &0 0&*-)"0 " 0"$2/ r , #,/+" &*"+1, !" "+"/$& "* *2&1, &5 "+0Ã,: ± 21&)&7 !, , #,/+" &*"+1, ")Ç1/& , ,* 2* 1"+0Ã, *2&1, &5 8 - / 00"$2/ / "* 0&*2)1Â+", ,+1&+2&! !" " 0"$2/ +Å !, 0"/3&Å,: ,//"+1" ½ #,+1" !, -"/&$, 4XDQGR XPD SHVVRD HQWUD HP FRQWDFWR FRP XPD SDUWH DWLYD RFRUUH D SDVVDJHP GH XPD FRUUHQWH HO«WULFD TXH GHSHQGHQGR GD LQWHQVL GDGH SRGH SURYRFDU GHVGH XPD OHYH VHQVD ©¥R DW« XP FKRTXH JUDYH 6H XOWUDSDVVDGRV RV VHJXLQWHV OLPLWHV D FRUUHQWH SRGH VHU PRUWDO ̽ P$ HP &RUUHQWH $OWHUQDGD &$ D +] ̽ P$ HP &RUUHQWH &RQW¯QXD && (VWHV V¥R YDORUHV LQGLFDWLYRV H SRGHP YDULDU VHJXQGR GHWHUPLQDGDV FRQGL©·HV HVSHF¯ILFDV
,/-, %2* +, " 02 /"0&01¿+ & ")½1/& $ UHVLVW¬QFLD HO«WULFD GR FRUSR KXPDQR Q¥R « FRPSDU£YHO D QHQKXP HOHPHQWR FRQGXWLYR GH XP FLUFXLWR PDV R VHX YDORU « VXͤFLHQWH SDUD SHUPLWLU TXH D FRUUHQWH HO«WULFD SDVVH DWUDY«V GR PHVPR FULDQGR XP IHQµPHQR FRQKHFLGR FRPR HOHWURFXVV¥R 2 FRUSR KXPDQR « FRP SRVWR SRU FHUFD GH GH £JXD TXH GHYLGR DR VHX FRQWH¼GR GH VDLV GLVVROYLGRV R FRQ YHUWH QXP ERP FRQGXWRU 'DGRV H[SHULPHQWDLV LQGLFDP TXH D UH VLVW¬QFLD GR FRUSR KXPDQR VH HQFRQWUD HQ WUH H ƃ GHSHQGHQGR GH PXLWRV ZZZ RHOHFWULFLVWD SW R HOHFWULFLVWD
7LSRORJLD PXLWR %DL[D 7HQV¥R )(/9 ̰ )XQFLRQDO 7HQV¥R PXLWR EDL[D IXQFLRQDO
'LDJUDPD SDUD &RUUHQWH $OWHUQDGD
6(/9 ̰ GH VHJXUDQ©D 7HQV¥R PXLWR EDL[D GH VHJXUDQ©D
,G 9 ͠ 9
9 ͠ 9
,G 9 ͠ 9
3(
'HVFUL©¥R
3(/9 ̰ SURWHWRUD 7HQV¥R PXLWR EDL[D SURWHWRUD
3RVV¯YHO OLJD©¥R
1¥R QHFHVVLWD GH XP LVRODPHQWR HVSHFLDO $V FDUJDV Q¥R HVW¥R LVRODGDV PHGLDQWH D VXD FRORFD©¥R QD WHUUD
3(
3RVV¯YHO OLJD©¥R
3UHVHQ©D GH XP LVRODPHQWR HVSHFLDO $V FDUJDV Q¥R HVW¥R LVRODGDV PHGLDQWH FRORFD©¥R QD WHUUD
3(
3UHVHQ©D GH LVRODPHQWR HVSHFLDO $V FDUJDV Q¥R HVW¥R LVRODGDV PHGLDQWH FRORFD©¥R QD WHUUD
1RWD GH 6HJXUDQ©D
IDWRUHV 3RGHPRV VREUHWXGR FRQVLGHUDU GRLV YDORUHV ̽ $ UHVLVW¬QFLD HO«WULFD « GH FHUFD GH ƃ VH R LQGLY¯GXR WLYHU D SHOH PROKDGD Q¥R XVDU VDSDWRV H HVWLYHU QXPD ]RQD K¼PLGD ̽ (P FRQGL©·HV DGHTXDGDV FRP D SHOH VHFD H QXP ORFDO VHFR D UHVLVW¬QFLD DOFDQ©D XP YDORU GH FHUFD GH ƃ &£OFXOR GR OLPLWH GD WHQV¥R SHULJRVD FRP XPD UHVLVW¬QFLD GH ƃ ̽ &DVR &$ 8 ƃ [ P$ 9 &$ ̽ &DVR && 8 ƃ [ P$ 9 &&
"& !" %* " 0"$2/ +À 6HJXQGR D UHVLVW¬QFLD HO«WULFD GH XPD SHVVRD QXP GHWHUPLQDGR DPELHQWH H R OLPLDU GH FRU UHQWH SHULJRVD SRGHPRV XWLOL]DU D /HL GH 2KP SDUD FDOFXODU D WHQV¥R P£[LPD TXH JDUDQWD D VHJXUDQ©D HP FDVR GH FRQWDFWR FRP DV SDU WHV DWLYDV GR VLVWHPD (VWHV YDORUHV V¥R FRPSDU£YHLV FRP RV YDORUHV P£[LPRV GH WHQV¥R GD 1RUPD ,(& +' QR TXH GL] UHVSHLWR ¢ %DL[D 7HQV¥R GH VHJXUDQ©D ̽ (P &$ 8 9 &$ ̽ (P && 8 9 && VHP RQGXOD©·HV $ XWLOL]D©¥R GH XPD WHQV¥R GH 9 RX 9 UHVXOWD SRUWDQWR QXPD SURWH©¥R DGLFLRQDO 1D UHDOLGDGH FRP HVWHV YDORUHV GH WHQV¥R D FRUUHQWH DSHQDV VH SRGH WRUQDU SHULJRVD VH D UHVLVW¬QFLD HO«WULFD GD SHVVRD WLYHU XP YD ORU PHQRU TXH ƃ RX ƃ FRP &RUUHQWH &RQW¯QXD SDUD 9 H 9 UHVSHWLYDPHQWH (VWHV YDORUHV GH UHVLVW¬QFLD DSHQDV V¥R DOFDQ©DGRV HP FDVRV PXLWR FU¯WLFRV FRPR ]RQDV K¼PLGDV SRU H[HPSOR HP SLVFLQDV RQGH FRQIRUPH LQGLFDGR SHOD 1RUPD DV WHQ V·HV P£[LPDV V¥R GH 9 &$ RX 9 &&
$ VHJXUDQ©D GDV SHVVRDV SRGHULD VHU JDUDQWLGD DR DOLPHQWDU XP FLUFXLWR FRP XPD WHQV¥R GH 9 RX 9 *HUDOPHQWH RV IRU QHFLPHQWRV HP WHQV¥R UHGX]LGD DEDVWHFHP HVWDV GXDV WHQV·HV GH VD¯GD HP &RUUHQWH &RQW¯QXD RX $OWHUQDGD SULPHLUD YLVWD D XWLOL]D©¥R GH XP WUDQVIRUPDGRU RX R IRUQHFL PHQWR GH HQHUJLD HO«WULFD HP WHQV¥R UHGX]LGD SDUHFH VHU VXͤFLHQWH PDV Q¥R « 2 SHULJR SRGH VXUJLU GH GLIHUHQWHV SDUWHV GR VLVWHPD ̽ 6H XPD DYDULD D PRQWDQWH GR WUDQVIRUPD GRU RX GD DOLPHQWD©¥R JHUDU XP DXPHQWR QD WHQV¥R DW« XP YDORU GH Y£ULRV N9 R LVROD PHQWR HQWUH R SULP£ULR H R VHFXQG£ULR SRGH TXHEUDU VH UHVXOWDQGR QXPD WHQV¥R PXLWR HOHYDGD SDUD R VHFXQG£ULR FRP XP FRQ VHTXHQWH ULVFR GH HOHWURFXVV¥R $ VROX©¥R SDUD HYLWDU HVWH SUREOHPD « D XWLOL]D©¥R GH XPD DOLPHQWD©¥R FRP XP LVRODPHQWR HV SHFLDO HQWUH R SULP£ULR H R VHFXQG£ULR ̽ 2 VLVWHPD GH OLJD©¥R ¢ WHUUD SRGHULD HP FHUWRV FDVRV WHU XP SRWHQFLDO TXH Q¥R IRV VH LJXDO D ]HUR 3RGH RFRUUHU TXH XPD FRU UHQWH GH OLJD©¥R ¢ WHUUD QRXWUR ORFDO GR VLV WHPD DXPHQWH R SRWHQFLDO GR GLVSRVLWLYR DW« XP YDORU TXH « VXͤFLHQWHPHQWH HOHYDGR SDUD FDXVDU GDQRV ¢V SHVVRDV $ VROX©¥R SDUD HVWH SUREOHPD « HYLWDU D OLJD©¥R HP WHQV¥R UHGX]LGD GR HTXLSDPHQWR ¢ WHUUD H VHSDUDU DV SDUWHV DWLYDV GRV GLIHUHQWHV FLUFXLWRV
&#"/"+1"0 ) 00"0 !" 1"+0¹, *2&1, &5 0 7HQGR HP FRQWD HVWHV GRLV GDGRV D DOLPHQWD ©¥R HP WHQV¥R UHGX]LGD FODVVLͤFD VH HP WU¬V WLSRV VHJXQGR D 1RUPD +' ̽ 3DUWLQGR GH XP FLUFXLWR )XQFWLRQDO ([WUD /RZ 9ROWDJH )(/9 VXEVWLWXL VH D
>=
IRUPD©¥R
")"1/,1" +& Á0& )"&0 $"/ &0 !, &/ 2&1, ")Ç1/& , <:
-RV« 9 & 0DWLDV /LFHQFLDGR HP (QJHQKDULD (OHWURW«FQLFD ,67
3URIHVVRU GR (QVLQR 6HFXQG£ULR 7«FQLFR $XWRU GH /LYURV 7«FQLFR 'LG£WLFRV GH (OHWULFLGDGH H (OHWUµQLFD
"01" +Ó*"/, @; ! /"3&01 3 *,0 &+& & / 2* +,3 +&! !" &!Á1& 8 ,* , 1Ë12), ] "&0 "/ &0 !, &/ 2&1, )½1/& ,^: "01 +&! !"8 3 *,0 ,/! / , ,+'2+1, ! 0 -/&+ &- &0 "&0 ! )"1/& &! !"N )"1/Ð+& [ #"// *"+1 0 &+!&0-"+0Á3"&0 .2 ).2"/ 1Ç +& , !"01 Á/" -/,#&00&,+ ): ,/! $"* !"01" 1"* 0"/Á #"&1 !" 2* #,/* 0".2"+ & )8 "01 ")" "+!,90" !".2 ! )&$ ÅÃ, "+1/" ! 002+1, 1/ 1 !,:
6H VH UHWLUDU HOHWU·HV D XP £WRPR HOH ͤFD FRP PDLV SURW·HV GR TXH HOHWU·HV H SRUWDQWR FDUUHJDGR SRVLWLYDPHQWH 4 6H VH IRUQHFHU HOHWU·HV D XP £WRPR HOH ͤFD FRP PDLV HOHWU·HV GR TXH SURW·HV H SRUWDQWR FDUUHJDGR QHJDWLYDPHQWH 4 &RQFOX¯PRV SRUWDQWR TXH RV FRUSRV SRGHP HQFRQWUDU VH FDUUHJD GRV SRVLWLYDPHQWH VH W¬P IDOWD GH HOHWU·HV QHJDWLYDPHQWH VH W¬P HOHWU·HV HP H[FHVVR H DLQGD QR HVWDGR QHXWUR 1D )LJXUD UHSUHVHQWDPRV GRLV FRUSRV GLIHUHQWHPHQWH FDUUHJD GRV XP SRVLWLYDPHQWH H RXWUR QHJDWLYDPHQWH ̰ 4
4
2 HVWXGR GH TXDOTXHU GLVSRVLWLYR RX UHFHWRU HO«WULFR WHP VHPSUH FRPR EDVH R FRQMXQWR GDV OHLV JHUDLV GR FLUFXLWR HO«WULFR 4XDOTXHU W«FQLFR GH HOHWULFLGDGH RX HOHWUµQLFD GHYH FRQKHFHU HVVDV /HLV )XQGDPHQWDLV GD (OHWULFLGDGH H GD (OHWUµQLFD (VWDPRV D UHIHULU QRV FRPR « HYLGHQWH D OHLV FRPR ̽ /HL GH 2KP ̽ /HLV GD DVVRFLD©¥R GH UHVLVW¬QFLDV ̽ /HL GH -RXOH ̽ /HLV GH .LUFKKRII ̽ 7HRUHPD GH 7K«YHQLQ ̽ /HLV GR 0DJQHWLVPR H (OHWURPDJQHWLVPR 6µ SDUD UHIHULUPRV DOJXPDV GDV PDLV LPSRUWDQWHV $R ORQJR GHVWD QRYD 8QLGDGH 'LG£WLFD ̰ /HLV *HUDLV GR &LUFXLWR (O«WULFR LUHPRV DERUGDU VXFHVVLYDPHQWH FDGD XPD GHODV GH DFRUGR FRP XPD VHTX¬QFLD OµJLFD GH DSUHQGL]DJHP UHODFLRQDQGR DGHTXDGD PHQWH RV FRQFHLWRV HQWUH VL
<: £ : ¦ &RPR VDEHPRV R £WRPR GH TXDOTXHU HOHPHQWR TX¯PLFR « FRQVWLWX¯GR EDVLFDPHQWH SRU XP Q¼FOHR FRP SURW·HV FDUJD HO«WULFD SRVLWLYD H QHXWU·HV VHP FDUJD HO«WULFD HP WRUQR GR TXDO VH PRYLPHQWDP RV HOHWU·HV FDUJD HO«WULFD QHJDWLYD $ FDUJD HO«WULFD GH FDGD HOHWU¥R « LJXDO HP PµGXOR ¢ GR SURW¥R 1R HVWDGR QHXWUR GH TXDOTXHU £WRPR R Q¼PHUR GH SURW·HV « LJXDO DR Q¼PHUR GH HOHWU·HV SHOR TXH D VXD FDUJD HO«WULFD WRWDO « QXOD
̰
̰
̰
̰
(OHWU¥R
3URWU¥R 1HXWU¥R
̰
̰
̰
̰
̰
̰
&RUSR $
&RUSR %
),*85$ 2 &2532 $ 7(0 80$ &$5*$ (/ 75,&$ 326,7,9$ 4 $ 48( &255(6321'( 80 327(1&,$/ (/ 75,&2 326,7,92 9$ 2 &2532 % 7(0 80$ &$5*$ (/ 75,&$ 1(*$7,9$ 4 $ 48( &255(6321'( 80 327(1&,$/ (/ 75,&2 1(*$7,92 9 %
4XDQGR XP FRUSR VH HQFRQWUD FDUUHJDGR HOHWULFDPHQWH GL] VH TXH SRVVXL XP GHWHUPLQDGR SRWHQFLDO HO«WULFR 9 TXH VH H[SUHVVD HP 9ROWV 9 QR 6LVWHPD ,QWHUQDFLRQDO GH 8QLGDGHV 6 , 2 SRWHQFLDO HO«WULFR GH XP FRUSR « GLWR GH XPD IRUPD VLPSOHV D FDSDFLGDGH TXH HVVH FRUSR WHP GH IRUQHFHU RX UHFHEHU HOHWU·HV GH RXWUR FRUSR $VVLP QD )LJXUD R FRUSR $ WHP R SRWHQFLDO HO«WULFR 9$ SRVL WLYR SRLV D FDUJD 4 « SRVLWLYD R FRUSR % WHP R SRWHQFLDO HO«WULFR 9 % QHJDWLYR SRLV D FDUJD 4 « QHJDWLYD 'L] VH HQW¥R TXH HQWUH RV GRLV FRUSRV $ H % H[LVWH XPD GLIHUHQ©D GH SRWHQFLDO G G S 9$ ̰ 9 % GLIHUHQ©D GH SRWHQFLDO WDPE«P VH G£ R QRPH GH WHQV¥R HO«WULFD $ GLIHUHQ©D GH SRWHQFLDO RX WHQV¥R HO«WULFD « H[SUHVVD HP 9ROWV 9
=: £ .2" ,+1" "8 "+1Ã,8 0" )&$ /*,0 ,0 ,/-,0 " 8 !&#"/"+1"*"+1" //"$ !,08 -,/ *"&, !" 2* #&, ,+!21,/i 6XSRQKDPRV SRU H[HPSOR TXH WHPRV QR ODERUDWµULR XP FRQGHQVDGRU FDUUHJDGR HOHWULFDPHQWH LVWR « XPD GDV DUPDGXUDV PHW£OLFDV $ HVW£ FDUUHJDGD SRVLWLYDPHQWH H D RXWUD % HVW£ FDUUHJDGD QHJDWLYDPHQWH WDO FRPR VH VXJHUH QD )LJXUD 6H DV OLJDUPRV SRU PHLR GH GRLV ͤRV FRQGXWRUHV D XP JDOYDQµPHWUR YHULͤFDPRV TXH R SRQWHLUR GR JDOYD QµPHWUR LU£ GHVORFDU VH EUXVFDPHQWH LQGLFDQGR TXH KRXYH PRYLPHQ WR GH FDUJDV HO«WULFDV $R ͤP GH EUHYHV VHJXQGRV R PRYLPHQWR FHVVD 1RWD 2 JDOYDQµPHWUR « XP DSDUHOKR TXH LQGLFD TXH K£ PRYLPHQWR GH FDUJDV
),*85$ (6758785$ '( 80 7202 ZZZ RHOHFWULFLVWD SW R HOHFWULFLVWD
HO«WULFDV QR FLUFXLWR
>A
IRUPD©¥R
#& % -/Á1& +: ?; -/Á1& 0 !" ")"1/& &! !"
¯ ª º 0DQXHO 7HL[HLUD $7(& ̰ $FDGHPLD GH )RUPD©¥R
0 1/ +0Ë01,/"0 !" '2+ÅÃ, &-,) / 0Ã, 2* !,0 ,*-,+"+1"0 * &0 &*-,/1 +1"0 ! ")"1/Ð+& + )Ð$& : ,!"/"*,0 "+ ,+1/Á9),0 "* 3Á/& 0 -)& Å "0 ,*, ,0 *-)&#& !,/"0 !" 0&+ &08 *-)&#& !,/"0 !&#"/"+ & &0 ,2 !/&3"0 !" -,1È+ & : "01 "!&ÅÃ, 3 *,0 + )&0 / ,*, 0" !&*"+0&,+ * "* *-)&#& !,/"0:
2 YDORU GHVWD UHVLVW¬QFLD WDPE«P Q¥R SRGHU£ WHU XP YDORU H[DJH UDGR SRUTXH ͤFDU¯DPRV FRP XP FLUFXLWR HTXLYDOHQWH DR GD SROD UL]D©¥R ͤ[D
]LQ DQGDU % LE
5*
XJ
5
5
&RQVLGHUHPRV D PRQWDJHP SRODUL]DGD SRU GLYLVRU GH WHQV¥R XPD YH] TXH « GDV PRQWDJHQV PDLV HVW£YHLV TXDQWR DR SRQWR GH IXQFLRQDPHQ WR HP UHSRXVR RX HVW£WLFR 8&&
5
5&
LF
ƌ UvH
<B: <B:<: ") 1&3 *"+1" , : : : J ,+1, !" 2+ &,+ *"+1, "* "-,20,K
&
5&
5&DUJD
9RXW
(
),*85$ ,03(' 1&,$ '( (175$'$ '( 80 $03/,),&$'25
5( 4XDQWR PDLRU R YDORU GH 5( PDLRU VHU£ D HVWDELOL]D©¥R W«UPLFD R TXH « XPD YDQWDJHP &RQWXGR PDLRU WDPE«P VHU£ D UHDOLPHQWD ©¥R QHJDWLYD H SRU FRQVHJXLQWH PHQRU D DPSOLͤFD©¥R R TXH VH WRUQD QXPD GHVYDQWDJHP
<B:=: ),/"0 -/,5&* !,0 - / /,'"1, <B:=:<: /&1Ç/&, +Ó*"/, < 5 'HYHU£ WHU XP YDORU WDO TXH D FRUUHQWH TXH D SHUFRUUH VHMD DSUR[L PDGDPHQWH YH]HV D FRUUHQWH GH EDVH
5
5(
5( 'HYH DVVXPLU XP YDORU WDO TXH D FRUUHQWH TXH D DWUDYHVVD ,F ͞ ,( SURYRTXH XPD TXHGD GH WHQV¥R GH DSUR[LPDGDPHQWH ̽ 9 SDUD DQGDUHV GH SRW¬QFLD FLUFXLWRV DPSOLͤFDGRUHV ̽ 9 SDUD DQGDUHV GH EDL[D SRW¬QFLD VLQDO
),*85$ 32/$5,=$ 2 325 ',9,625 '( 7(16 2
>(VWHV YDORUHV UHIHUHP VH D WHQV·HV GH DOLPHQWD©¥R QD RUGHP GRV D 9 SRU LVVR V¥R YDORUHV DSUR[LPDGRV@ 'HYHU VH £ WRPDU HP FRQVLGHUD©¥R R VHJXLQWH 5 1¥R GHYH VHU PXLWR HOHYDGD SRUTXH TXDQWR PDLRU 5 PHQRU VHU£ 5( VHQGR PHQRU D HVWDELOLGDGH W«UPLFD $VVLP R 3 ) 5 SRGHU£ YDULDU FRQVLGHUDYHOPHQWH HP UHOD©¥R DRV YDORUHV GLPHQVLRQD GRV 5 1¥R GHYH WHU XP YDORU PXLWR EDL[R SDUD Q¥R DIHWDU D LPSH G¤QFLD GH HQWUDGD GR FLUFXLWR 9HUHPRV VHJXLGDPHQWH TXH D LPSHG¤QFLD GH HQWUDGD GH XP DPSOLILFDGRU GHYHU£ VHU R PDLRU SRVV¯YHO ZZZ RHOHFWULFLVWD SW R HOHFWULFLVWD
<B:=:<: /&1Ç/&, +Ó*"/, = 5 'HYHU£ WHU XP YDORU WDO TXH
5( 'HYH WHU XP YDORU WDO TXH D VXD TXHGD GH WHQV¥R HVWHMD HQWUH H GH 8&& (VWHV FULW«ULRV Q¥R V¥R U¯JLGRV H VHUYLU¥R DSHQDV GH SRQWR GH SDUWLGD SDUD R GLPHQVLRQDPHQWR GH XP DQGDU DPSOLͤFDGRU
IRUPD©¥R
0,0 -/Á1& ,0 !" 3"+1&) ÅÃ, "51/ ÅÃ, !" 3 -,/"0 !" ,7"!2/ 7H[WR FHGLGR SRU 6 3 3RUWXJDO 8QLSHVVRDO /GD
"1"/*&+ À¹, ! 0 +" "00&! !"0
) !" ,* $"* 2 SHGLGR FKHJRX QRV GH XPD HVWD©¥R GHSXUDGRUD SDUD TXH D DFRQVHOK£VVHPRV VREUH R PRGR GH HOLPLQDU DV DOWDV FRQFHQWUD ©·HV GH PHWDQR H £FLGR VXOI¯GULFR TXH VH JHUDP QR SURFHVVR GH GHSXUD©¥R
'DGDV DV GLͤFXOGDGHV FRP TXH QRV GHSDU£PRV SDUD H[WUDLU RV JDVHV SDUD R H[WHULRU GHYLGR ¢ IDOWD GH DEHUWXUDV YHQWLODUHPRV D VDOD FRP R UHFXUVR D VREUHSUHVV¥R FRP R REMHWLYR GH LPSXOVLRQDU RV JDVHV DW« DR SLVR VXSHULRU 8PD YH] TXH Q¥R H[LVWH UHJXODPHQWD©¥R SDUD HVWH WLSR GH LQVWDOD©·HV FDOFXO£PRV UHQRYD©·HV KRUD SDUD TXH D PLVWXUD GH JDVHV H DU VHMD PXLWR GLOX¯GD SHOR TXH DV QHFHVVLGDGHV GH YHQWLOD©¥R VHU¥R
!,0 1"/ "* ,+1 $ HVWD©¥R « IRUPDGD SRU GRLV SLVRV R SLVR LQIHULRU GHQRPLQDGD ̸6DOD GH %RPEDJHP FRPXQLFD FRP R SLVR VXSHULRU DWUDY«V GH XPD HVFDGD H FRP R H[WHULRU DWUDY«V GH XPD FRUUHLD WUDQVSRUWDGRUD GH ODPDV (VWH SLVR WHP DV GLPHQV·HV GH [ [ P 2 SLVR VXSHULRU GHQRPLQDGR 6DOD GH GHVLGUDWD©¥R WHP DV GLPHQV·HV GH [ [ P 1R DO©DGR YLUDGR D 6XO K£ XPD SRUWD GH IROH GH P H RXWUD PDLV SHTXHQD FRP P GH ODUJXUD DV TXDLV HVW¥R KDELWXDOPHQWH DEHUWDV 1R DO©DGR YROWDGR D (VWH K£ XPD DEHUWXUD SRU RQGH HQWUD D FRUUHLD WUDQVSRUWDGRUD GH ODPDV +£ DLQGD GLYHUVDV MDQHODV TXH QRUPDOPHQWH HVW¥R DEHUWDV )LQDOPHQWH QR DO©DGR 2HVWH K£ PDLV MDQHODV TXH WDP E«P FRVWXPDP HVWDU DEHUWDV
4 [ [ [ Pu K
) !" !"0&!/ 1 ÅÃ, $SHVDU GH HVWD VDOD VHU PDLV YHQWLODGD H DV FRQFHQWUD©·HV GH JDVHV VHUHP PHQRUHV XPD YH] TXH WHUHPRV TXH UHQRYDU R DU FRQWDPLQDGR SURYHQLHQWH GD VDOD GH ERPEDJHP WDPE«P DTXL QRV SURSRPRV D UHDOL]DU UHQRYD©·HV KRUD SHOR TXH DV QHFHVVLGDGHV GH YHQWLOD©¥R VHU¥R 4 [ [ [ Pu K
9,67$ '26 3,626
9HQWLOD©¥R LPSXOV¥R +&%7
9HQWLOD©¥R LPSXOV¥R FDYH
(QWUDGD GH DU H[WHULRU &977 &9 USP
1¯YHO GD UXD
(QWUDGD GH DU H[WHULRU
1¯YHO GD FDYH
>C
(QWUDGD GH PDWHULDO DWUDY«V GD FRUUHLD D SDUWLU GR SLVR VXSHULRU -DQHODV FRP VD¯GD GH DU SRU VREUHSUHVV¥R
ZZZ RHOHFWULFLVWD SW R HOHFWULFLVWD
?;
ELEOLRJUDͤD
)2*&+ À¹, 9 ",/& " /,'"1,
$XWRU b'«OLR 3HUHLUD *XHUULQLb ,6%1 b (GLWRUD b 5,&$ 1¼PHUR GH 3£JLQDV b
'LUHFLRQDGD WDQWR SDUD RV SURͤVVLRQDLV GDV £UHDV GH HQJHQKDULD H DUTXLWHWXUD FRPR WDPE«P SDUD RV DOXQRV GH FXUVRV W«FQLFRV H VXSHULRUHV HVWD SXEOLFD©¥R GHVWDFD RV WHPDV HVVHQFLDLV GD LOXPLQD©¥R FRP XPD OLQJXDJHP VLPSOHV H REMHWLYD 'HͤQH OX] H HVSHWUR HOHWURPDJQ«WLFR YL V¥R H LOXPLQD©¥R FRP XPD DERUGDJHP GD FRU LQFOXLQGR D VXD WHPSHUDWXUD H R ¯QGLFH GH UHSUR GX©¥R H GHͤQH D I¯VLFD GD OX] $SUHVHQWD DV IRQWHV DUWLͤFLDLV GD OX] FRP DV ¼OWLPDV LQRYD©·HV FRPR /('V H LQGX©¥R PDJQ«WLFD H GLDJUDPDV IRWRP«WULFRV $ LOXPLQD©¥R S¼EOLFD JDUDQWH D VHJXUDQ©D GR WU£IHJR H GR SHGHVWUH D LOXPLQD©¥R SRU SURMHWRUHV « YROWDGD SDUD HGLI¯FLRV PR QXPHQWRV REUDV GH DUWH FDPSRV GHVSRUWLYRV H RXWURV ORFDLV VHQGR DPEDV HVWXGDGDV QR OLYUR 7UDWD LQFOXVLYH GD LOXPLQD©¥R D SDUWLU GH O¤PSDGDV GH TXDUW]R KDORJ«QHDV H IRUQHFH H[HPSORV SDUD DSULPRUDU D DSUHQGL]DJHP ,QWURGX©¥R )¯VLFD GD OX] )RQWHV DUWLͤFLDLV GH OX] 'LDJUDPDV IRWRP«WULFRV ,OXPLQD©¥R GH LQWHULRUHV ,OXPLQD©¥R S¼EOLFD ,OXPLQD©¥R SRU SURMHWRUHV &RQFOXV·HV H REVHUYD©·HV %LEOLRJUDͤD QGLFH 5HPLVVLYR
(GL©¥R 2EUD HP 3RUWXJX¬V GR %UDVLO 9HQGD RQOLQH HP ZZZ HQJHERRN FRP H ZZZ HQJHERRN FRP EU 3UH©R ͍ GHVFRQWR ̰ 393 ͍
"0-/,-È0&1,0 )½1/& ,0 $ REUD 'HVSURSµVLWRV (O«WULFRV WUDWD GD SRO¯WLFD HQHUJ«WLFD EUDVLOHLUD $ERUGD TXHVW·HV GH HQHUJLD HO«WULFD GH D WHPSHUDQGR DV FRP R PHLR DPELHQWH J£V QDWXUDO H WXGR R TXH YLYH QR GHVDͤR SRU XP GHVHQYROYLPHQWR VXVWHQW£YHO GD LQIUDHVWUXWXUD EUDVLOHLUD b 1µV RV UHI«QV GD SRUWDULD 2V DEVXUGRV TXH HPSDFDP R VHWRU 2 IXWXUR GD HQHUJLD LQWHUUXSW¯YHO $ HFRQRPLD H R FHQ£ULR HQHUJ«WLFR 2 EODFNRXW KLVWµULFR 4XHP V¥R RV FXOSDGRV SHOR EOHFDXWH" *DVWDQ©D LPSRVWRV H WDULIDV )XUQDV SRU TXH Q¥R YHQGHU" 2 J£V QDWXUDO H R SD¯V LQYL£YHO $ WUDQVL©¥R H D DXV¬QFLD GH FRPSHWL©¥R 5HVJDWDQGR R OLYUH PHUFDGR 7«UPLFDV Vµ DQXQFL£ ODV UHVROYH" &KXYD J¬QHUR GH SULPHLUD QHFHVVLGDGH 6HU£ TXH YDL FKRYHU"
$XWRU b3DXOR /XGPHU b
2V GDQRV GD VHFD H GD LQD©¥R 3RO¬PLFD QDV WDULIDV GH HQHUJLD 1RYLGDGHV QR SURMHWR 5HVHE $V W«UPLFDV H VHXV HIHLWRV
,6%1 b b
1RYR PRGHOR FRPR ͤFD D WUDQVPLVV¥R" ,QWHJUD©¥R HQHUJ«WLFD ODWLQD 2 IXWXUR GR SUH©R GRV HQHUJ«WLFRV $JRVWR P¬V
(GLWRUD b$57/,%(5
GH WHQV¥R QR VHWRU 7«UPLFDV GRODUL]DU « VROX©¥R" 2 SUHVHQWH GD IXWXUD LQWHJUD©¥R $EHQ©RDGDV FKXYDV GH RXWXEUR 8P
1¼PHUR GH 3£JLQDV b b
DQR ERP PDV QHP WXGR « FRU GH URVD $ RSHUD©¥R H D YLGD GD UHVROX©¥R )HYHUHLUR SUHYLV·HV H UHYHUV·HV
(GL©¥R
5DFLRQDPHQWR TXHP V¥R RV UHVSRQV£YHLV" 'LYDJD©·HV VREUH D FULVH GR VHWRU ,PSDFWRV GD IDOWD GH HQHUJLD *HUHQFLDQGR
2EUD HP 3RUWXJX¬V GR %UDVLO
R UDFLRQDPHQWR GH HQHUJLD $ FULVH GR VHWRU HQHUJ«WLFR H VHXV SHUVRQDJHQV $ KLVWµULD GRV VXEV¯GLRV ¢ LQG¼VWULD $ OXWD GRV
9HQGD RQOLQH HP ZZZ HQJHERRN FRP
JUDQGHV FRQVXPLGRUHV $ LQHͤFL¬QFLD GRV WDULID©RV GH RFDVL¥R 2 QRYR FHQ£ULR PXQGLDO GR VHWRU HO«WULFR &RQVHT¾¬QFLDV
H ZZZ HQJHERRN FRP EU
GR SURWRFROR 2V HQWUDYHV GR PRGHOR GR VHWRU (QHUJLD PDLV FDUD SDUD D LQG¼VWULD
3UH©R ͍ GHVFRQWR ͍
)2*&+ &È+ ,+ " +,),$Â
$XWRUHV -RUJH )UDLOH 9LODUUDVD $OIRQVR *DJR &DOGHURQ ,6%1 (GLWRUD bb3$5$1,1)2 1¼PHUR GH 3£JLQDV b (GL©¥R 2EUD HP (VSDQKROb 9HQGD RQOLQH HP ZZZ HQJHERRN FRP H ZZZ HQJHERRN FRP EU 3UH©R ͍ GHVFRQWR ͍ ZZZ RHOHFWULFLVWD SW R HOHFWULFLVWD
1RV ¼OWLPRV DQRV WHP YLQGR D VHU LQWURGX]LGD D WHFQRORJLD HP GLVSRVLWLYRV GH LOXPLQD©¥R TXH HVW£ D JHUDU HQRUPHV H[SHWDWLYDV UHODWLYDPHQWH DRV EHQHI¯FLRV RIHUHFLGRV SHODV QRYDV O¤PSDGDV FRP EDVH HP '¯RGRV (PLVVRUHV GH /X] /('V (VWD REUD SUHWHQGH RIHUHFHU XPD DPSOD YLV¥R GD VLWX D©¥R DWXDO GHVWD UHYROX©¥R WHFQROµJLFD H GDV WHQG¬QFLDV GH IXWXUR TXH LQWURGX] 6¥R H[SOLFDGRV GH IRUPD VLPSOHV H DFHVV¯YHO DV SULQFLSDLV FDUDWHU¯VWLFDV TXH RIHUHFHP WDQWR RV /('V LQGLYLGXDLV FRPR DV O¤PSDGDV TXH VH XWLOL]DP SDUD DSOLFD©·HV GH LOXPLQD©¥R JHUDO RX GHFRUDWLYD 2V Y£ULRV SDU¤PHWURV D FRQVLGHUDU DR HVFROKHU XPD O¤PSDGD /(' H GHFLGLU VH « D WHFQRORJLD PDLV DGHTXDGD ¢V QRVVDV QHFHVVLGDGHV V¥R LQGLFDGDV TXDQGR FRPSDUDGDV FRP RXWUDV DOWHUQDWLYDV SRVV¯YHLV $O«P GLVVR V¥R PRVWUDGRV H[HPSORV SU£WLFRV GH DOJXPDV LQVWDOD©·HV UHDLV UHDOL]DGRV FRP VX FHVVR FRP HVWD WHFQRORJLD TXH SRGH VHUYLU GH UHIHU¬QFLD SDUD D H[HFX©¥R GH SURMHWRV GH LQWHUHVVH SDUD R OHLWRU 2X VHMD HVWH OLYUR « XPD UHYLV¥R FRPSOHWD GD WHFQRORJLD /(' H SUHWHQGH WRUQDU VH QXP PDQXDO GH UHIHU¬QFLD SDUD WRGRV DTXHOHV TXH SUHWHQGDP DGTXLULU XP FRQKHFLPHQWR TXH UHYROXFLR QD R FRQFHLWR GH LOXPLQD©¥R WDO H FRPR DW« DJRUD D KDY¯DPRV FRQFHELGR 3UHVHQWDFLµQ $JUDGHFLPLHQWRV ,QWURGXFFLµQ REMHWLYRV \ PHWRGRORJ¯D &DUDFWHU¯VWLFDV E£VLFDV GH ORV /('6 ,OXPLQDFLµQ JHQHUDO 3UR\HFWRV GH UHQRYDFLµQ GH LQVWDODFLRQHV GH DOXPEUDGR HQ YLDOHV \ HVSDFLRV H[WHULRUHV 2WUDV DSOLFDFLRQHV GH LOXPLQDFLµQ /(' &RQFOXVLRQHV ͤQDOHV %LEOLRJUDI¯D
ELEOLRJUDͤD
,*2+& &,+"0 È3&)"0: &01"* 0 8 (VWH OLYUR DSUHVHQWD RV SULQFLSDLV GHVWDTXHV GDV FRPXQLFD©·HV PµYHLV FRP HVSHFLDO GHVWDTXH SDUD RV WU¬V VLVWHPDV PDLV LPSRUWDQWHV DR ORQJR GD VXD KLVWµULD R *60 R 8076 H R /7( FDGD XP UHSUHVHQWDWLYR GH XPD JHUD©¥R 'HSRLV GH XPD UHYLV¥R GDV WHFQRORJLDV E£VLFDV )'0$ 7'0$ &'0$ 2)'0$ DSUHVHQWD XP FRQFHLWR PRGXODU WUDWD RV SURWRFRORV TXH VH XWLOL]DP RV WHUPLQDLV FDGD XPD GDV UHGHV H VHUYL©RV H[LVWHQWHV SULYDGRV H RX S¼EOLFRV WDO FRPR DV VXDV DSOLFD©·HV HQJOREDQGR WRGRV RV DVSHWRV UHODFLRQDGRV FRP DV FRPXQLFD©·HV GH YR] H GH GDGRV FRP HV SHFLDO GHVWDTXH SDUD DV FRPXQLFD©·HV GH EDQGD SDUD R DFHVVR ¢ ,QWHUQHW H DV VXDV LQWUDQHWV HPSUHVDULDLV 'HVWD IRUPD VH H[SOLFDP RV VLVWHPDV DWXDOPHQWH HP XWLOL]D©¥R GH l l H l *HUD©¥R *60 8076 H /7( H RXWURV GH DSOLFD©¥R HP DPELHQWHV SULYDGRV FRPR 7(75$ FRP GDGRV UHODWLYRV ¢ QRUPDOL]D©¥R LPSOHPHQWD©¥R QR PHUFDGR UHJLPH GH OLFHQ©DV LQWHUOLJD©¥R XWLOL]D©¥R GR HVSHWUR DFHVVR D FRQWH¼GRV GH ,QWHUQHW HQWUH RXWURV 7DPE«P DERUGD DOJXPDV GDV DSOLFD©·HV PDLV LP SRUWDQWHV FRPR D FRPXQLFD©¥R 0 0 R SDJDPHQWR DWUDY«V GR WHOHPµYHO DV DQWHQDV LQWHOLJHQWHV H RXWURV DVVLP FRPR RXWURV DVSHWRV UHODFLRQDGRV FRP D LPSOHPHQWD©¥R GDV UHGHV PµYHLV 7XGR LVWR MXVWLͤFD VH D SDUWLU GH XPD SHUVSHWLYD DWXDO GH XPD IRUPD FODUD H VLPSOHV PDV ULJRURVD GH WDO IRUPD TXH R OHLWRU VHP FRQKHFLPHQWRV SU«YLRV SRVVD VHJXLU H HQWHQGHU R TXH VH HVSHUDU FRQVHJXLU FRP EDVH QD H[SHUL¬QFLD SURͤVVLRQDO TXH R DXWRU DFXPXOD FRPR HVFULWRU H GRFHQWH DR ORQJR GH PXLWRV DQRV
$XWRU -RVH 0DQXHO +XLGREUR 0R\D ,6%1 b (GLWRUD b5$ 0$b 1¼PHUR GH 3£JLQDV b (GL©¥R 2EUD HP (VSDQKRO 9HQGD RQOLQH HP ZZZ HQJHERRN FRP H ZZZ HQJHERRN FRP EU 3UH©R ͍ GHVFRQWR ̰ 393 ͍
$FHUFD GHO DXWRU ,QWURGXFFLµQ 7HFQRORJ¯DV GH UDGLRFRPXQLFDFLRQHV 6 LVWHPDV * *60 6LVWHPDV * \ * 8076 \ +63$ 6LVWHPDV * /7( $SOLFDFLRQHV $S«QGLFH 1RUPDWLYD VREUH HPLVLRQHV UDGLRHO«FWULFDV *ORVDULR GH W«UPLQRV %LEOLRJUDI¯D QGLFH DOIDE«WLFR
01&* À¹, !" +!& !,/"0 !" 2 )&! !" ! +"/$& )½1/&
$XWRUHV b1HOVRQ .DJDQ (UQHVWR -R¥R 5REED +HUQ£Q 3LHWUR 6FKPLGW ,6%1 b (GLWRUD b%/8&+(5 b 1¼PHUR GH 3£JLQDV b b (GL©¥R 2EUD HP 3RUWXJX¬V GR %UDVLO 9HQGD RQOLQH HP ZZZ HQJHERRN FRP H ZZZ HQJHERRN FRP EU 3UH©R ͍ GHVFRQWR ͍
1R QRYR FRQWH[WR GR VHWRU HO«WULFR HP SDUWLFXODU GD TXDOLGDGH GD HQHUJLD HO«WULFD RV FRQVXPL GRUHV HVW¥R FDGD YH] PDLV LQIRUPDGRV TXDQWR DR LPSDFWR GRV GLVW¼UELRV VREUH RV VHXV SURFHV VRV DV FRQFHVVLRQ£ULDV HVW¥R PDLV SUHRFXSDGDV HP UHVSRQGHU DRV VHXV FOLHQWHV GHQWUR GRV SDGU·HV HVWDEHOHFLGRV SHORV µUJ¥RV UHJXODGRUHV DO«P GRV IDEULFDQWHV UHVSRQGHUHP DRV Q¯YHLV GH LPXQLGDGH GH HTXLSDPHQWRV VHQV¯YHLV b QHVWD FRQMXQWXUD TXH RV DXWRUHV VH PRWLYDUDP D HVFUHYHU HVWH OLYUR TXH SUHWHQGH DSUHVHQWDU RV SULQFLSDLV LQGLFDGRUHV GH TXDOLGDGH GD HQHUJLD HO«WULFD EHP FRPR IRUPDV DOWHUQDWLYDV GD VXD HVWLPD©¥R SDUD WRUQDU RV VLVWHPDV GH PRQLWR UL]D©¥R H JHVW¥R GD TXDOLGDGH GD HQHUJLD HO«WULFD EHP PDLV FDSD]HV HͤFLHQWHV H HFRQµPLFRV b 2 OLYUR DERUGD TXDWUR DVSHWRV SULQFLSDLV GD TXDOLGDGH GD HQHUJLD HO«WULFD UHODFLRQDGRV FRP DV LQWHUUXS©·HV QR IRUQHFLPHQWR FRP DV YDULD©·HV GH WHQV¥R GH ORQJD H GH FXUWD GXUD©¥R H FRP DV GLVWRU©·HV KDUPµQLFDV b (VWHV IHQµPHQRV GH TXDOLGDGH GD HQHUJLD HO«WULFD PHUHFHP JUDQGH LQWHUHVVH GRV SURͤVVLRQDLV HQYROYLGRV SULQFLSDOPHQWH HP IXQ©¥R GH VHXV LPSDFWRV W«F QLFRV H HFRQµPLFRV ,QWURGX©¥R &RQVLGHUD©·HV LQLFLDLV (VWUXWXUD GR OLYUR 4XDOLGDGH GH 6HUYL©R $ QDWXUH]D GDV LQWHUUXS©·HV GR IRUQHFLPHQWR ,QGLFDGRUHV GD TXDOLGDGH GH VHUYL©R (VWLPD©¥R GRV LQGLFDGRUHV 9DULD©·HV GH 7HQV¥R GH /RQJD 'XUD©¥R b,QWURGX©¥R 'HͤQL©¥R GH LQGLFDGRUHV SDUD D WHQV¥R 'HͤQL©¥R GH LQGLFDGRUHV SDUD GHVHTXLO¯EULR GH WHQV¥R &£OFXOR GD WHQV¥R H GR GHVHTXLO¯EULR HP UHGHV HO«WULFDV )OX[R GH SRW¬QFLD UHGHV UDGLDLV )OX[R GH SRW¬QFLD UHGHV HP PDOKD (VWLPD©¥R GH HVWDGRV 9DULD©·HV GH 7HQV¥R GH &XUWD 'XUD©¥R ,QWURGX©¥R (IHLWRV GH 97&'V VREUH HTXLSDPHQWRV FXUYDV GH VHQVLELOLGDGH b UHD GH YXOQHUDELOLGDGH ¢V 97&'V 0HGL©¥R GH 97&'V ,QGLFDGRUHV GH 97&'V (VWLPD©¥R GH LQGLFDGRUHV GH 97&'V
W W W. E N G E B O O K . C O M A SUA LIVRARIA TÉCNICA!
?<
GRVVLHU GH WHOHFRPXQLFD©·HV
RV QRYRV PDQXDLV ,7(' H ,785 3DXOR 0RXUDWR 0HQGHV $1$&20
3527$*21,67$6
?=
GRPµWLFD H RWLPL]D©¥R GR VLVWHPD GH WHOHFRPXQLFD©·HV QR PHUFDGR UHVLGHQFLDO H[LVWHQWH 7(9 ̰ 'LVWULEXL©¥R GH 0DWHULDO (O«FWULFR /GD
VROX©·HV W«FQLFDV FDL[DV H DUP£ULRV ̰ ,7(' 48,7 5,26 ̰ )£EULFD GH 4XDGURV (O«FWULFRV /GD
GRVVLHU
1")" ,*2+& Å "0
ZZZ RHOHFWULFLVWD SW R HOHFWULFLVWD
??
GRVVLHU GH WHOHFRPXQLFD©·HV
,0 +,3,0 * +2 &0 " 3DXOR 0RXUDWR 0HQGHV $1$&20
0 +,3 0 "!&Å "0 !,0 +2 &0 " 'Á -,/ Ë +! *E 0 #&+ ) , .2" 1/ 7"* !" +,3,i 2 &0 ,0 !"0 #&,0 1Ç +& ,0 .2" "01 0 "!&Å "0 1/ 7"* À0 1&3&! !"0 !,0 +,00,0 -/,'"1&01 0 " &+01 ) !,/"0i $ l HGL©¥R GR 0DQXDO ,7(' ,7(' HQWURX HP YLJRU QR GLD GH VHWHPEUR GH $ l HGL©¥R GR 0DQXDO ,785 ,785 HQWURX HP YLJRU QR GLD GH QRYHPEUR GH )RL DSURYDGR SHOD $1$&20 XP SHU¯RGR WUDQVLWµULR DW« DR ¼OWLPR GLD GH GXUDQWH R TXDO V¥R FRQVLGHUDGRV LJXDOPHQWH Y£OLGRV RV SURMHWRV HIHWXDGRV DR DEULJR GR ,7(' H GR ,785 5HOHPEUR TXH D GDWD TXH VH FRQVL GHUD Y£OLGD « SUHFLVDPHQWH DTXHOD HP TXH R SURMHWR HQWUD QD &¤PDUD 0XQLFLSDO PXLWR LPSRUWDQWH VDOLHQWDU TXH HVWDV SUHVFUL©·HV H HVSHFLͤFD©·HV W«FQLFDV V¥R FRQVLGHUDGDV P¯QLPDV SHOR TXH V¥R LJXDO PHQWH FRQVLGHUDGDV Y£OLGDV UHJUDV WHFQLFD PHQWH PDLV HYROX¯GDV GHVGH TXH HVWHMDP ULJRURVDPHQWH GH DFRUGR FRP DV 1RUPDV (XURSHLDV DSOLF£YHLV QRPHDGDPHQWH FRP DTXHODV TXH GHVWDFR FRPR DV PDLV LP SRUWDQWHV RX VHMD DV (1 (1 (1 H (1 (VWD FRQVLGHUD©¥R « XPD SHGUD EDVLODU QD FRQVWLWXL©¥R GHVWHV 0DQXDLV GDGR TXH Q¥R ͤFDP OLPLWDGRV SRU FRQVWUDQJLPHQWRV W«FQLFRV TXH SRVVDP VXU JLU QD IDVH GH SURMHWR GDV LQIUDHVWUXWXUDV GH WHOHFRPXQLFD©·HV QRUPDOPHQWH GHSHQGHQ WHV GR WLSR GH HGLI¯FLR RX GDV QHFHVVLGDGHV GR GRQR GD REUD 6RE R SRQWR GH YLVWD HVW«WLFR PDV FRP XP UHIOH[R GLUHWR QD OHLWXUD H FRPSUHHQV¥R GHVWHV 0DQXDLV VREUHVVDL XPD RUJDQL]D©¥R GRV FDS¯WXORV PXLWR LG¬QWLFD DTXHOD TXH IRL RULJLQDOPHQWH FRQFHELGD H EHP DFHLWH SDUD D l HGL©¥R GR ,7('
2 ,785 Q¥R DSUHVHQWD JUDQGHV DOWHUD©·HV W«FQLFDV SDUD D l HGL©¥R GHVVH PHVPR 0DQXDO VREUHVVDLQGR XP PDLRU FXLGDGR QD RUJDQL]D©¥R GDV UHJUDV H QD LPSOHPHQWD©¥R GH UHGHV GH ͤEUD µWLFD 9RX IRFDU D PLQKD DWHQ©¥R QR ,7(' HVVH DSUHVHQWD DOWHUD©·HV UHOHYDQWHV IDFH ¢V DQWH ULRUHV HGL©·HV 0DV Q¥R H[LVWH TXDOTXHU PRWLYR SDUD DODUPH PHVPR TXH DLQGD Q¥R WHQKDP HVWXGDGR D IXQGR HVWH 0DQXDO 2 ,7(' « PDLV VLPSOHV GR TXH R ,7(' H H[LVWH XP IHQµPHQR LQWHUHVVDQWH GH UHWURFRPSDWLELOLGDGH TXH ID] FRP TXH XP SURMHWR GH ,7(' SRVVD VHU LGH DOL]DGR FRP EDVH QR ,7(' HPERUD QHVVH FDVR D LQVWDOD©¥R ͤTXH EHP PDLV GLVSHQGLRVD $ PLQKD SULPHLUD UHFRPHQGD©¥R « TXH OHLDP R ,7(' Q¥R ͤFDQGR ¢ HVSHUD GD IRUPD©¥R GH DWXDOL]D©¥R QHVVD PDW«ULD TXH FRPR VDEHP SDUD DO«P GH VHU REULJDWµULD SRGH VHU IHLWD DW« MXOKR GH $QDOLVHPRV FRP PDLV GHWDOKH H D W¯WXOR GH H[HPSOR DV PRGLͤFD©·HV TXH QRV WUD] R ,7(' QD LQVWDOD©¥R GH LQIUDHVWUXWXUDV GH XPD PRUDGLD XQLIDPLOLDU VHPSUH XP ERP H[HPSOR GDGR TXH GRV HGLI¯FLRV FRQVWUX¯GRV HP 3RUWXJDO FRQWLQXD D VHU GHVWH WLSR /RJR ¢ SDUWLGD YHPRV GHͤQLGR FRP PXLWD FODUH]D DV GLPHQV·HV P¯QLPDV GD &90 TXH FRPR VDEHP « REULJDWµULD [ [ FP $ &(08 Q¥R VHQGR GH LQVWDOD©¥R REULJDWµULD Q¥R GHL[D GH VHU XPD ERD FDL[D SDUD D SDVVDJHP GH FDERV GH RSHUDGRU SHOR TXH UHFRPHQGR D FRQWLQXD©¥R GD VXD LQVWDOD©¥R ( DTXL DSDUHFH D SULPHLUD JUDQGH DOWHUD©¥R GHL[RX GH VHU REUL JDWµULD D LQVWDOD©¥R GH TXDOTXHU WLSR GH FDERV DW« DR $7, 1R ,7(' QD OLJD©¥R &(08 $7, HUD REULJDWµULD D SDVVDJHP GH XP FDER GH SDUHV GH FREUH H GH XP FDER FRD[LDO 1R ,7(' Vµ VH FRQVLGHURX RV SDUHV GH FREUH H DJRUD QHVWD ¼OWLPD HGL©¥R D FDEODJHP GDV PRUDGLDV XQLIDPL OLDUHV LQLFLD VH QR $7, VHQGR HVWH R SRQWR GH OLJD©¥R GRV RSHUDGRUHV ( « D SDUWLU GR $7, FRQVLGHUDQGR DJRUD DV UHGHV LQGLYLGXDLV GR WLSR UHVLGHQFLDO TXH VXUJHP PDLV DOWHUD©·HV GH RQGH GHVWDFR D HOLPLQD©¥R GR Q¼PHUR P¯QLPR GH WRPDGDV GH SDUHV GH FREUH TXH SDVVD QRYDPHQWH D XPD SRU GLYLV¥R WDO FRPR R HUD QR ,7(' 'HL[RX GH VHU REUL JDWµULD D LQVWDOD©¥R GH WRPDGDV GH ͤEUD µWLFD HPERUD VHMD REULJDWµULD D UHVHUYD GH HVSD©R GH WXEDJHP D SDUWLU GR $7, SDUD D LQVWDOD©¥R IXWXUD GH WRPDGDV QD ]RQD GD =$3 ([LVWHP UHFRPHQGD©·HV HXURSHLDV H XPD DOWHUD©¥R GR SDUDGLJPD GD FRQVWUX©¥R DRV TXDLV D $1$&20 HVWHYH PXLWR DWHQWD UHIRU©DQGR R VHX SDSHO GH UHJXODGRU QHVWDV PDW«ULDV )RL IHLWR XP HVIRU©R DFUHVFLGR QD FULD©¥R GH UHJUDV W«FQLFDV TXH SXGHVVHP DMXGDU QD SU£WLFD R WUDEDOKR GRV SURMHWLVWDV H GRV LQVWDODGRUHV QRPHDGDPHQWH QD UHDELOLWD©¥R GH HGLI¯FLRV M£ FRQVWUX¯GRV ( « DTXL TXH VXUJH XP FDS¯WXOR GR ,7(' GHQRPLQDGR ,7(' D ̰ ,7(' DGDSWDGR 9HMDPRV HQW¥R FRPR IXQFLRQD FRQVLGHUDQGR VHPSUH TXH VH WUDWD GD UHDELOLWD©¥R GH HGLI¯FLRV M£ FRQVWUX¯GRV ̽ (GLI¯FLRV H IRJRV GR WLSR UHVLGHQFLDO ̰ DSOLFD©¥R GR ,7(' D ̽ (GLI¯FLRV H IRJRV GR WLSR Q¥R UHVLGHQFLDO ̰ DSOLFD©¥R GR ,7(' SDUD HGLI¯FLRV QRYRV ̽ (GLI¯FLRV PLVWRV ̰ DSOLFD©¥R GR ,7(' D QD ]RQD FROHWLYD H RV IRJRV GH DFRUGR FRP R VHX WLSR
3DXOR 0RXUDWR 0HQGHV « (QJHQKHLUR (OHWURW«FQLFR GR UDPR GH 7HOHFRPXQLFD©·HV H (OHWUµQLFD GR ,67 XP TXDGUR VXSHULRU GD $1$&20 GHVGH RQGH DFRPSDQKD RV JUXSRV GH WUDEDOKR H FRPLVV·HV W«FQLFDV QDFLRQDLV H LQWHUQDFLRQDLV TXH GHVHQYRO YHP D 1RUPDOL]D©¥R (XURSHLD HP FRPXQLFD©·HV HOHWUµQLFDV 3DUD DO«P GDV IXQ©·HV GH ͤVFDOL]D©¥R IRL R FRRUGHQDGRU W«FQLFR GDV HGL©·HV GRV 0DQXDLV ,7(' H ,785 ZZZ RHOHFWULFLVWD SW R HOHFWULFLVWD
),*85$
?A
GRVVLHU GH WHOHFRPXQLFD©·HV
!,*Ð1& " ,1&*&7 ÅÃ, !, 0&01"* !" 1")" ,*2+& Å "0 +, *"/ !, /"0&!"+ & ) "5&01"+1" " /"1,9 "& <=> "01 ")" "8 +, /1&$, @C: 8 )Ë+" #K8 .2" ,0 0&01"* 0 !" ) $"* - / 20, "5 )20&3, !, "!&#Ë &, # 7"* - /1" ! 0 : 00"0 0&01"* 0 +Ã, 0"+!, !" &+01 ) ÅÃ, , /&$ 1Ð/& 8 &+ )2"*8 !,*Ð1& 8 3Ë!",9-,/1 /& " 0&01"* 0 !" 0"$2/ +Å 8 "+1/" ,21/,0: &RP XP SHQVDPHQWR QR IXWXUR H GH PRGR D DGDSWDU DV LQVWDOD©·HV DR FRQIRUWR HFRQRPLD H TXDOLGDGH GH YLGD GR FOLHQWH D 7(9 DSUH VHQWD D VROX©¥R GH GRPµWLFD QDFLRQDO 21/< %XLOGLQJ 6\VWHPV 1RV SURMHWRV GH UHQRYD©¥R XP GRV DV SHWRV HO«WULFRV PDLV UHOHYDQWHV SUHQGH VH FRP D QHFHVVLGDGH RX Q¥R GH VXEVWLWXLU WRGD D FDEODJHP H[LVWHQWH H FRQVLGHUDU XPD QRYD LQIUDHVWUXWXUD $WXDOPHQWH H[LVWHP GL YHUVDV VROX©·HV SDUD XPD VLPSOHV H U£SLGD LQVWDOD©¥R GH XPD VROX©¥R GH GRPµWLFD HP LQVWDOD©·HV H[LVWHQWHV EDVWDQGR SDUD LVVR DFUHVFHQWDU XP ͤR GH EXV TXDQGR SRVV¯YHO H XWLOL]DU R UHFXUVR D U£GLR IUHTX¬QFLD HP SRQ WRV HVWUDW«JLFRV 1DV LQVWDOD©·HV HO«WULFDV FRQYHQFLRQDLV RV Y£ULRV PHFDQLVPRV FRPR VLVWHPDV GH LOXPLQD©¥R HVWRUHV HO«WULFRV VLVWHPDV GH FOL PDWL]D©¥R V¥R LQVWDODGRV GH IRUPD DXWµQR PD H LVRODGD Q¥R SHUPLWLQGR SRU H[HPSOR DR VDLU GH FDVD GHVOLJDU WRGD D LOXPLQD©¥R H VLV WHPDV GH FOLPDWL]D©¥R H GHVWH PRGR JDUDQWLU TXH QDGD YDL ͤFDU D FRQVXPLU HQHUJLD 1XPD LQVWDOD©¥R FRP GRPµWLFD « SRV V¯YHO FRQWURODU DV GHVSHVDV HQHUJ«WLFDV H SURSRUFLRQDU PDLRU FRQIRUWR DRV XWLOL]DGRUHV Q¥R GHVFXUDQGR D VHJXUDQ©D FRPR R IHFKR GH XPD HOHWURY£OYXOD GH FRUWH GH £JXD RX J£V HP FDVR GH IXJD 8WLOL]DQGR R SURWRFROR 21/< %XLOGLQJ 6\VWHPV FRQVHJXLPRV XPD LQVWDOD©¥R GH GRPµWLFD FRP XP EXV GHGLFDGR H DSHQDV SUHFLVDPRV GH SDVVDU XP ͤR GH EXV QD FDQD OL]D©¥R H[LVWHQWH TXH FRQWHP D IDVH QHXWUR H ZZZ RHOHFWULFLVWD SW R HOHFWULFLVWD
WHUUD 'HVWH PRGR SRGHPRV GRWDU D LQVWDOD©¥R H[LVWHQWH FRP FRQWUROR GH LOXPLQD©¥R HVWRUHV HO«WULFRV FOLPDWL]D©¥R £XGLR H HP TXDOTXHU PRPHQWR DWUDY«V GR VPDUWSKRQH RX WDEOHW FRP ,26 RX $1'52,' « SRVV¯YHO YLVXDOL]DU H FRQWURODU R HVWDGR GHVVDV IXQFLRQDOLGDGHV H DWLYDU RX GHVDWLYDU R DODUPH GD VXD KDELWD©¥R
¦ ,00& &)&! !"0 !" &+01 ) ÅÃ, ,*21 À¹, !&01/& 2Ã! r
,*21 À¹, "+1/ )&7 ! r
1RV GRLV WLSRV GH FRPXWD©¥R DSUHVHQWDGRV H[LVWH PDLV XP ͤR D WUDFHMDGR UHVSRQV£YHO SHOD FRPXQLFD©¥R HQWUH PµGXORV GH DXWRPD©¥R $ FRPXQLFD©¥R GR VLVWHPD « JHUDGD SRU XPD IRQWH GH DOLPHQWD©¥R TXH FULD XPD GLIHUHQ©D GH SRWHQFLDO GH 9 '& HQWUH R ͤR GH EXV H R QHXWUR 6HU£ LQWHUHVVDQWH UHIHULU R $UWLJR 9L]LQKDQ©DV FRP FDQDOL]D©·HV HO«WULFDV GDV 5HJUDV 7«FQLFDV GDV ,QVWDOD©·HV (O«WULFDV GH %DL[D 7HQV¥R ̸2V FLUFXLWRV GRV GRP¯QLRV GH WHQV¥R , 8 9 H ,, 8 9 Q¥R GHYHP VHU LQFOX¯GRV QDV PHVPDV FDQDOL]D©·HV HO«WULFDV H[FHWR VH FDGD FDER IRU LVRODGR SDUD D PDLRU GDV WHQV·HV H[LVWHQWHV QD FDQDOL]D©¥R ̿ ̹ RQGH Q¥R VH YHULͤFD TXDOTXHU LPSHGLPHQWR D WHU QD PHVPD FDQDOL]D©¥R R ͤR GH EXV $SUHVHQWDPRV XPD 7DEHOD RQGH VH GHPRQVWUD TXH « SRVV¯YHO XWLOL]DU PDLV XP ͤR HP FD QDOL]D©·HV M£ H[LVWHQWHV WLSLFDPHQWH FRP WXEDJHP GH GL¤PHWUR SDUD LOXPLQD©¥R H HVWRUHV ', 0(7526 '( &21'87$6 &,5&8/$5(6 WXERV HPEHELGDV HP IXQ©¥R GD VHF©¥R H Q¼PHUR GH FRQGXWRUHV QHODV LVHULGRV 6HF©¥R HVWLSXODGDV GRV FRQGXWRUHV PP
1¼PHUR GH FRQGXWRUHV + 9 8 H + 9 5 LQVHULGRV QD FRQGXWD WXER
@;
GRVVLHU GH WHOHFRPXQLFD©·HV
0,)2Å "0 1Ç +& 0 &5 0 " /*Á/&,0 [ > >: "!&ÅÃ, !, +2 ) #,& -2 )& ! "* 0"1"* /, !" =;<?8 "+1/ +!, "* 3&$,/ -Ð0 -2 )& ÅÃ,8 ,* 2* -"/Ë,!, 1/ +0&1Ð/&, 1Ç >< !" !"7"* /, !" =;<?: 2 QRYR 0DQXDO IRL SHQVDGR QXPD SHUVSHWLYD GH UHGX©¥R GH FXVWRV LPSRVWR SHOD FULVH TXH R SD¯V DWUDYHVVD QR VHWRU GD FRQVWUX©¥R FLYLO PDV VXUJH WDPE«P SDUD UHVSRQGHU D XPD OD FXQD GHͤQLQGR HVSHFLͤFD©·HV W«FQLFDV SDUD D UHFRQVWUX©¥R UHTXDOLͤFD©¥R GRV HGLI¯FLRV $V SULQFLSDLV DOWHUD©·HV SUHYLVWDV QR QRYR 0DQXDO ,7(' HP WHUPRV GH FDL[DV H DUP£ULRV SDUD D UHGH FROHWLYD H GH XPD IRUPD EDVWDQWH JHQ«ULFD V¥R DR Q¯YHO GR GLPHQVLRQDPHQWR GRV $7( H GDV FDL[DV GH FROXQD $R Q¯YHO GD LQVWDOD©¥R LQGLYLGXDO « REUL JDWµULR D LQVWDOD©¥R GH DSHQDV XPD WRPDGD PLVWD SDUD SDU GH FREUH WHOHIRQH GDGRV H FRD[LDO WHOHYLV¥R RX WRPDGDV LQGLYLGXDLV P£[LPR FP GH GLVW¤QFLD QDV VDODV TXDU WRV H FR]LQKD FRP H[FH©¥R GD GLYLV¥R RQGH HVW£ LQVWDODGD D =$3 &RPR WDO R Q¼PHUR GH VD¯GDV GH SDU GH FREUH 3& H FRD[LDO && QR $7, VHU£ LJXDO RX EDVWDQWH SUµ[LPR 2 UHTXLVLWR SDUD D LQVWDOD©¥R GD =$3 PDQ W«P VH REULJDWµULR &RQWXGR D SDVVDJHP GH FDERV GH ͤEUD µWLFD « RSFLRQDO VHQGR QHFHV V£ULR D LQVWDOD©¥R GD WXEDJHP GH UHVHUYD H HVSD©R QD =$3 SDUD XPD LQVWDOD©¥R IXWXUD GH GXDV WRPDGDV GH )2 7RGDYLD R $7, GHYH HVWDU HTXLSDGR FRP R UHSDUWLGRU GH FOLHQWH GH )2 5& )2 8P GRV SRQWRV IRUWHV GR QRYR 0DQXDO QD SHUVSHWLYD GR IDEULFDQWH « D TXDQWLͤFD©¥R GR HVSD©R GH UHVHUYD TXH GHͤQH D £UHD ¼WLO SDUD D LQVWDOD©¥R IXWXUD GRV HTXLSDPHQWRV DWLYRV 1R HQWDQWR IRL HOLPLQDGD D VLJOD &$7, ̰ &DL[D GH $SRLR DR $7, 'H VHJXLGD FDUDWHUL]DPRV FDGD XPD GDV VROX©·HV W«FQLFDV SUHYLVWDV QR 0DQXDO ,7('
/*·/&, !" ")" ,*2+& ÀÊ"0 !" !&#Â &, 9 3RQWR GH 'LVWULEXL©¥R 3' ̸RQGH VH HIHWXD D WUDQVL©¥R HQWUH DV UHGHV GH RSHUDGRU H DV UHGHV GH HGLI¯FLR GH LQVWDOD©¥R REULJDWµULD HP WRGRV RV HGLI¯FLRV FRP H[FH©¥R GDV PR UDGLDV XQLIDPLOLDUHV R ORFDO GH LQVWDOD©¥R GRV 5HSDUWLGRUHV *HUDLV 5* ̹ )RQWH 0DQXDO ,7(' l (GL©¥R ZZZ RHOHFWULFLVWD SW R HOHFWULFLVWD
2 $7( « FRQVWLWX¯GR SRU XPD FDL[D H SHORV UHSDUWLGRUHV JHUDLV LQVWDODGRV QR LQWHULRU SR GHQGR H[LVWLU RV VHJXLQWHV WLSRV ̽ $7( FRQVWLWX¯GR SRU XPD ¼QLFD FDL[D XWLOL]DQGR XP DUP£ULR $7( RX XP EDVWLGRU ̽ $7( FRQVWLWX¯GR SRU DUP£ULRV R $7( LQIHULRU H R $7( VXSHULRU ̽ $7( H[WHULRU HP VLWXD©·HV RQGH Q¥R H[LVWDP SDUWHV FRPXQV QR HGLI¯FLR
GHYH VHU SUHYLVWR HVSD©R VXͤFLHQWH SDUD JD UDQWLU QR P¯QLPR DFHVVR D RSHUDGRUHV GH FDGD WHFQRORJLD $ )LJXUD VHJXLQWH UHSUHVHQWD XP H[HP SOR GH XPD VROX©¥R SDUD R VHFXQG£ULR GRV 5HSDUWLGRUHV *HUDLV FRQVWLWX¯GR SRU XP FKDVVL SDUD ͤ[DU DR IXQGR PHW£OLFR GR DUP£ ULR $7( H SDLQ«LV ̹ GD V«ULH 5$48,7(' SDUD R 5* 3& 5* && 5* )2
1R GLPHQVLRQDPHQWR GR $7( FRPR DUP£ULR ¼QLFR GHYHP VHU FRQVLGHUDGDV DV VHJXLQWHV GLPHQV·HV P¯QLPDV LQWHUQDV )2*26 5(6,'(1&,$,6 ( 0,6726 $50 5,2 1,&2
',0(16 (6 0 1,0$6 ,17(51$6 /[$[3 RX $[/[3 PP
D
[ [
D
[ [
D
[ [
PDLV GH
[ [
),*85$ 62/8 2 3$5$ 2 5* 3& 5* && 5* )2
&5 0 !" 00 $"* [ 1DV VROX©·HV RQGH R $7( « GHVGREUDGR R $7( VXSHULRU GHYH WHU FRPR GLPHQV·HV P¯ QLPDV [ [ 1D XWLOL]D©¥R GH XP EDVWLGRU FRP IXQ©·HV GH $7( DV GLPHQV·HV P¯QLPDV GHYHP VHU GHͤQLGDV QR SURMHWR GH DFRUGR FRP DV FDUDWHU¯VWLFDV H QHFHVVLGDGHV GD LQVWDOD©¥R
$V FDL[DV GH SDVVDJHP V¥R GHVWLQDGDV D IDFLOLWDU R HQͤDPHQWR GH FDERV 3RGHP VHU PHW£OLFDV RX HP PDWHULDO LVRODQWH H GHYHP HVWDU LGHQWLͤFDGDV FRP D SDODYUD ̸7HOHFRPXQLFD©·HV̹ 8WLOL]DGD FRPR FDL[D GH FROXQD SRU SLVR QD UHGH FROHWLYD FRP GLPHQV¥R LQWHUQD P¯QL PD GH [ [ PP FRPXP ¢V WHF QRORJLDV SDU GH FREUH FRD[LDO H ͤEUD µWLFD H FRP OLJD©¥R D FDGD XP GRV IRJRV QR SLVR
&5 !" +1/ ! !" ,/ !& +&# *&)& / [
),*85$ $50 5,2 $7(
2 $7( GHYH LQFOXLU R %DUUDPHQWR *HUDO GH 7HUUD %*7 XP FLUFXLWR FRP WRPDGDV HO« WULFDV JDUDQWLU D YHQWLOD©¥R SRU FRQYHF©¥R QDWXUDO SRU H[HPSOR SU« UDVJRV QD SRUWD H XP IXQGR SDUD ͤ[DU RV HTXLSDPHQWRV PHW£ OLFR RX SO£VWLFR 2 DFHVVR DR $7( « FRQGLFLRQDGR FRPR WDO « REULJDWµULR WHU XPD IHFKDGXUD FRP VH JUHGR SRU H[HPSOR D IHFKDGXUD PHW£OLFD GR WLSR 5,7$ 2V VHFXQG£ULRV GRV 5HSDUWLGRUHV *HUDLV 5* SDUD DV WHFQRORJLDV 3DU GH &REUH 3& &RD[LDO ̰ && H )LEUD WLFD ̰ )2 V¥R LQVWDOD GRV QR $7( QR HQWDQWR QR GLPHQVLRQDPHQWR
$ &(08 HP SURMHWRV GH DFRUGR FRP R 0DQXDO ,7(' « GH LQVWDOD©¥R RSFLRQDO 1DV PRUD GLDV XQLIDPLOLDUHV Q¥R « UHTXLVLWR REULJDWµULR D SDVVDJHP GH FDERV HQWUH D &90 H R $7, QR HQWDQWR FDVR VH RSWH SHOD LQVWDOD©¥R GRV FDERV GHYH VHU LQVWDODGD D &(08 $VVLP QXPD PRUDGLD XQLIDPLOLDU RQGH Q¥R « FRORFDGD D &(08 R SRQWR GH OLJD©¥R FRP DV UHGHV GR RSHUDGRU « R $7, ̰ $UP£ULR GH 7HOHFRPXQLFD©·HV ,QGLYLGXDO
/*·/&, !" ")" ,*2+& ÀÊ"0
+!&3&!2 ) 9
3RQWR GH GLVWULEXL©¥R 3' ̸RQGH VH HIHWXD D WUDQVL©¥R HQWUH DV UHGHV FROHWLYDV H DV UHGHV LQGLYLGXDLV RX HQWUH DV UHGHV GR RSHUDGRU H DV UHGHV LQGLYLGXDLV GH LQVWDOD©¥R REULJDWµULD HP WRGRV RV IRJRV R ORFDO GH LQVWDOD©¥R GRV 5HSDUWLGRUHV GH &OLHQWH 5& ̹ )RQWH 0DQXDO ,7(' l (GL©¥R
@=
UHSRUWDJHP
!&0'2+1,/"0 &+1")&$"+1"0 " .2 !/,0 !" !&01/& 2&ÅÃ, SRU &DUORV $OEHUWR &RVWD
* +,3 $"/ ÅÃ, !" !&0'2+1,/"0 &+1")&$"+1"08 .2 !/,0 !" !&01/& 2&ÅÃ, " 2* #"// *"+1 &+#,/*Á1& .2" -"/*&1" ,+#&$2/ / &+01 ) Å "0 ")Ç1/& 0 " -) +" / ,/Å *"+1,0: Ã, )$2* 0 ! 0 +,3&! !"0 'Á !&0-,+Ë3"&0 +, -,/1"#Ð)&, ! *2)1&+ &,+ ) : ,QRYD©¥R HͤFL¬QFLD H GHVLJQ IRUDP RV FRQ FHLWRV TXH HVWLYHUDP QD EDVH GR GHVHQYRO YLPHQWR GRV QRYRV SURGXWRV GD PXOWLQDFLR QDO $%% SDUD R VHJPHQWR GH %DL[D 7HQV¥R $SUHVHQWDGRV D FOLHQWHV H D FRODERUDGRUHV QXP HQFRQWUR TXH GHFRUUHX QR +RWHO /DJRDV 3DU. HP 3RUWR 6DOYR DUUHGRUHV GH /LVERD DV JDPDV (PD[ ( 3RZHU 0LVWUDO H XPD QRYD YHUV¥R GR LQWXLWLYR VRIWZDUH GH FRQͤ JXUD©¥R H RU©DPHQWD©¥R 3'& HQULTXHFHP D RIHUWD GD HPSUHVD HP PHUFDGRV FDGD YH] PDLV H[LJHQWHV H SDUD RV TXDLV D LQRYD©¥R « R IDWRU FU¯WLFR SDUD JDQKDU HͤFL¬QFLD H UHGX ]LU FXVWRV 2 (PD[ D QRYD JDPD GH GLVMXQWRUHV GH EDVWLGRU DEHUWR RIHUHFH DJRUD XP FRQMXQWR GH VROX©·HV LQRYDGRUDV RULHQWDGDV SDUD JD QKRV GH HͤFL¬QFLD H FDSDFLGDGHV GH JHVW¥R GD HQHUJLD PXLWR DO«P GR TXH VH HVSHUDULD GH XP GLVMXQWRU FRQYHQFLRQDO 8PD GDV IXQ ©·HV H[FOXVLYDV GRV QRYRV HTXLSDPHQWRV « R 3RZHU &RQWUROOHU SDWHQWHDGR SHOD $%% TXH QXPD VLWXD©¥R GH FRQJHVWLRQDPHQWR GH FRQVXPR RX GH DSUR[LPD©¥R DRV OLPLWHV GH
ZZZ RHOHFWULFLVWD SW R HOHFWULFLVWD
SRW¬QFLD FRQWUDWDGD DFLRQD R 2II HP FDUJDV Q¥R SULRULW£ULDV GXUDQWH R WHPSR QHFHVV£ULR SDUD UHVWDEHOHFHU R HTXLO¯EULR QR VLVWHPD 2XWUD IXQ©¥R H[FOXVLYD « R 1HWZRUN $QDO\]HU SRU YLD GD TXDO « SRVV¯YHO FRQWURODU D TXDOLGD GH GD HQHUJLD HP WHPSR UHDO &RQFHELGRV FRP XP GLVSOD\ W£WLO D FR UHV GH QDYHJD©¥R PXLWR LQWXLWLYD RV QRYRV (PD[ IRUDP HTXLSDGRV FRP XQLGDGHV GH GLVSDUR GH SURWH©¥R (.LS 7RXFK TXH SRGHP VHU YHULͤFDGDV H SURJUDPDGDV D SDUWLU GH XP WDEOHW VPDUWSKRQH RX 3& SRUW£WLO EDVWDQGR SDUD LVVR GLVSRU GD DSOLFD©¥R (NLS &RQHFW $ SUHFLV¥R H YDULHGDGH GH PHGL©·HV GLVSRQ¯YHLV QR HFU¥ SHUPLWHP GLVSHQVDU GLVSRVLWLYRV H[ WHUQRV GH FRQWUROR 2V (PD[ GLVS·HP GH XP VLVWHPD DYDQ©DGR GH JHVW¥R GH DODUPHV TXH PHPRUL]D LQIRUPD©¥R UHOHYDQWH DW« DRV GLVSDURV H HYHQWRV DQWHULRUHV )DFLOPHQWH PRQWDGRV H H[WUD¯YHLV SDUD LQWHUYHQ©·HV GH PDQXWHQ©¥R RV GLVMXQ WRUHV GD QRYD JDPD HVW¥R GLVSRQ¯YHLV HP TXDWUR PRGHORV ( ( ( H ( FRP FDSDFLGDGHV GHVGH RV DW« DRV $ 0DLV FRPSDFWRV GR TXH D JDPD DQWHULRU SHUPLWHP UHGX]LU FXVWRV QD FRQ FH©¥R GH TXDGURV HO«WULFRV QRPHDGDPHQWH HP FREUH H QDV GLPHQV·HV GRV VLVWHPDV GH GLVWULEXL©¥R XPD YH] TXH RFXSDP PHQRV HVSD©R ̸(P UHOD©¥R ¢ DQWHULRU JDPD (PD[
D UHGX©¥R QR XVR GR FREUH « HVWLPDGD HP YDORU TXH UHSUHVHQWD XPD SRXSDQ©D P«GLD GH HXURV̹ UHIHULX 9LHLUD 3HUHLUD GR 'HSDUWDPHQWR GH 0DUNHWLQJ GD $%% QR GHFRUUHU GD DSUHVHQWD©¥R GD QRYD JDPD 5HVXPLQGR RV (PD[ SRGHP VHU PRQWD GRV QXP HVSD©R PHQRU H HP PHQRV WHPSR HFRQRPL]DQGR QRV FXVWRV GH FKDSD FREUH H P¥R GH REUD GLVSHQVDP D XWLOL]D©¥R GH HTXLSDPHQWRV H[WHUQRV GH PHGL©¥R H OHLWXUD H W¬P DPSODV FDSDFLGDGHV GH FRQH[¥R H FR PXQLFD©¥R TXH SHUPLWHP FODUH]D H VLPSOLFL GDGH QD PDQXWHQ©¥R DMXVWHV H SDUDPHWUL]D ©·HV VLPSOHV GH HIHWXDU FRQWUROR H DQ£OLVH GD TXDOLGDGH GD HQHUJLD
@?
UHSRUWDJHP
%+"&!"/ ,+3&! ',/+ )&01 0 - / )*,Å, !" 1 ) SRU &DUORV $OEHUWR &RVWD
ª *"0 " "* * &"+1" &+#,/* )8 ',/+ )&01 08 ,) ,/ !,/"0 ! $È+ & !" ,*2+& ÅÃ, " /"0-,+0Á3"&0 ! %+"&!"/ )" 1/& 1/, / * "5-"/&È+ & 0 !, +, .2" $,/ 1"/*&+ " # ) / * ! 0 "5-"1 1&3 0 -"/ +1" 2* +,3, %,/&7,+1" [ =;<@: $ 6FKQHLGHU (OHFWULF UHXQLX HP /LVERD FHU FD GH GXDV GH]HQDV GH MRUQDOLVWDV TXH W¬P DFRPSDQKDGR D DWLYLGDGH GD HPSUHVD SDUD XP DOPR©R TXH DVVLQDORX D TXDGUD QDWDO¯FLD H VHUYLX WDPE«P SDUD WURFDU H[SHUL¬QFLDV GR DQR TXH HVW£ D WHUPLQDU H H[SHWDWLYDV SDUD (P GHFODUD©·HV ¢ UHYLVWD ̸R HOHFWULFLVWD̹ R DQͤWUL¥R GHVWH HQFRQWUR 'DYLG &ODXGLQR 3UHVLGHQWH ([HFXWLYR GD 6FKQHLGHU (OHFWULF 3RUWXJDO FRQVLGHUD ̸XP DQR GH PXL WRV GHVDͤRV̹ PDV LJXDOPHQWH GH UHDOL]D©·HV FRQVHJXLGDV ̸$SHVDU GRV GHVDͤRV RV QRVVRV REMHWLYRV IRUDP DWLQJLGRV &RQWLQXDPRV D DSURYHLWDU D UHDQLPD©¥R GR PHUFDGR H R IRUWH LPSDFWR GDV H[SRUWD©·HV TXH W¬P SHVRV GLIHUHQWHV HQWUH DV GLYHUVDV £UHDV GH QHJµFLR 0HVPR R
'$9,' &/$8',12 &28175< 35(6,'(17 '$ 6&+1(,'(5 (/(&75,& 32578*$/
PHUFDGR LQWHUQR GHX VLQDLV GH PHOKRULD SUR YDYHOPHQWH D ̴FULVH̵ WHU£ SDVVDGR DW« ¢ SUµ [LPD XOWUDSDVVDQGR R SRQWR PDLV EDL[R GD HYROX©¥R GR PHUFDGR̹ UHIHUH R UHVSRQV£YHO GD 6FKQHLGHU 'DYLG &ODXGLQR VDOLHQWD D GLQ¤PLFD PXL WR SRVLWLYD TXH VH UHJLVWRX HVWH DQR HP WRU QR GRV WHPDV GH HͤFL¬QFLD HQHUJ«WLFD ̸(VWD PRYLPHQWD©¥R IRL LPSXOVLRQDGD SHORV IRUWHV GHVDͤRV GH VXVWHQWDELOLGDGH TXH YLYHPRV D Q¯YHO Q¥R Vµ QDFLRQDO PDV WDPE«P PXQGLDO H TXH FXOPLQDUDP QR ODQ©DPHQWR GH QRYDV VR OX©·HV SDUD D PHOKRULD GD YLGD QDV FLGDGHV $ W¯WXOR H[HPSODU GHVWDFDUDP VH VROX©·HV FRPR D 6PDUW%XLOGLQJ %R[ QD £UHD GRV HGL I¯FLRV D $OWLYDU 3URFHVV D SHQVDU QD LQG¼V WULD H D &RROLQJ 8QLIODLU QDV 7HFQRORJLDV GH ,QIRUPD©¥R ̹ ̸ « DLQGD XP LPSRUWDQWH DQR SDUD D 6FKQHLGHU (OHFWULF M£ TXH WURX[HPRV SHOD SULPHLUD YH] D 3RUWXJDO R HYHQWR ;SHULHQFH (IͤFLHQF\ TXH GLQDPL]RX D UHOD©¥R FRP R PHUFDGR QDFLRQDO̹ DFUHVFHQWD 'DYLG &ODXGLQR
"1 0 - / =;<@ (P UHOD©¥R D PHWDV SDUD R UHVSRQV£ YHO GD 6FKQHLGHU (OHFWULF 3RUWXJDO GHIHQGH D FRQWLQXLGDGH GH XPD HVWUDW«JLD GH ̸IRUWH GL ZZZ RHOHFWULFLVWD SW R HOHFWULFLVWD
Q¤PLFD GH GHVHQYROYLPHQWR GD SUHVHQ©D GD FRPSDQKLD QR PHUFDGR SRUWXJX¬V ̹ ̸3UHWHQGHPRV DSRVWDU QXPD DERUGDJHP HP FRQMXQWR FRP RV QRVVRV SDUFHLURV SDUD GDU FRQWLQXLGDGH ¢ GLQ¤PLFD SRVLWLYD GH FRP QRYRV ODQ©DPHQWRV H XPD GLQ¤PLFD GH HYHQWRV GH GLYXOJD©¥R GDV QRVVDV WHFQROR JLDV H VHUYL©RV VHUYL©RV GH HͤFL¬QFLD HQHU J«WLFD GH UHQRYD©¥R H RWLPL]D©¥R GH LQVWDOD ©·HV LQGXVWULDLV 1D £UHD GD LQG¼VWULD DVVLQDOR D DTXLVL©¥R GD ,QYHQV\V DLQGD HVWH DQR PDV TXH VH UHYHODU£ HVVHQFLDOPHQWH GHWHUPLQDQ WH HP DWUDY«V GR LQFUHPHQWR GD QRVVD RIHUWD WHFQROµJLFD VREUHWXGR SDUD R SURFHV VR LQGXVWULDO $ £UHD GDV VPDUW FLWLHV WDPE«P YDL PHUHFHU XPD DERUGDJHP PDLV GHGLFDGD SDUD D TXDO FRQWULEXLU£ D GLVSRQLELOL]D©¥R GH QRYDV RIHUWDV SURYHQLHQWHV GD DTXLVL©¥R GH QRYRV QHJµFLRV FRPR SRU H[HPSOR R TXH UHIHUL DQWHULRUPHQWH̹ H[SOLFD 'DYLG &ODXGLQR
,+,*& * &0 ,*-"1&1&3 2V VLQDLV GH UHFXSHUD©¥R GD HFRQRPLD DOL PHQWDGD HP SDUWH SHOR ERP FRPSRUWDPHQWR GDV H[SRUWD©·HV RIHUHFHP FHQ£ULRV RWLPLV WDV SDUD D DWLYLGDGH GD HPSUHVD Q¥R REVWDQ WH DOJXQV ULVFRV FRQMXQWXUDLV ̸(VSHUR TXH D GLQ¤PLFD JHUDGD SHOR GH VHPSHQKR GDV HPSUHVDV H[SRUWDGRUDV FRQ WLQXH VXSRUWDGD SRU XPD SURY£YHO GLQ¤PLFD SRVLWLYD GR DXPHQWR GD FRPSHWLWLYLGDGH GD HFRQRPLD SRUWXJXHVD +£ SRU«P DOJXQV ULVFRV DR Q¯YHO GRV PHUFDGRV GHVWLQR GDV H[SRUWD©·HV SRUWXJXHVDV 5HͤUR SRU H[HP SOR RV ULVFRV OLJDGRV DRV SD¯VHV PXLWR GH SHQGHQWHV GDV H[SRUWD©·HV GH SHWUµOHR FXMR SUH©R VH DSUHVHQWD HP IRUWH TXHGD̹ DOHUWD R 3UHVLGHQWH ([HFXWLYR GD 6FKQHLGHU 3RUWXJDO ̸7DPE«P R PHUFDGR OLJDGR ¢ FRQVWUX©¥R GHYH HVWDELOL]DU FUHVFHU VXSRUWDGR SRU PRYL PHQWD©·HV DR Q¯YHO GD UHFRQVWUX©¥R H UHQR YD©¥R H GD GLPLQXL©¥R GR VWRFN GH LPµYHLV ¢ YHQGD $VVLP FRPR SURYDYHOPHQWH D RFX SD©¥R GH HVFULWµULRV GHYH FRQWLQXDU D VXELU H WDOYH] DOJXQV SURMHWRV GH QRYRV HGLI¯FLRV VDLDP GD ̴JDYHWD̵ (P VXPD VHU£ VHP G¼YLGD JXLDGR SRU XP RWLPLVPR SUDJP£WL FR DFRPSDQKDGR SHOD GLQ¤PLFD SUµSULD GD 6FKQHLGHU (OHFWULF SDUD GHVHQYROYHU R VHX QH JµFLR HP FRQMXQWR FRP RV QRVVRV SDUFHLURV̹ FRQFOXL 'DYLG &ODXGLQR
@A
UHSRUWDJHP
=;<? ,+#&/* /"0 &*"+1, !, 0"1,/ SRU +HOHQD 3DXOLQR
02 B: "!&ÅÃ,8 [ )Ã,
+1"/+ &,+ ) !" ,)2Å "0 - / +!Ó01/& )Ç1/& " )"1/Ð+& ,+#&/*,2 /" 1&3 ÅÃ, -,0&1&3 !, 0"1,/ 02/-/""+!"+!, ,* - /1& &- ÅÃ, !" "/ !" >B ;;; -/,#&00&,+ &0 ,/&2+!,0 !" B= - Ë0"0: &RP XP LPSRUWDQWH FUHVFLPHQWR GRV VHWR UHV /,*+7(& H GH $XWRPDWL]D©¥R H &RQWUROR ,QGXVWULDO D 0$7(/(& HYLGHQFLRX QRYRV DWR UHV QR PHUFDGR GD LQG¼VWULD HO«WULFD HOHWUµ QLFD H GH DXWRPDWL]D©¥R $ HͤFL¬QFLD HQHU J«WLFD YROWRX D VHU SURWDJRQLVWD GD 0$7(/(& HP FRP D FDPSDQKD ̸1DV LQVWDOD©·HV HOHJH D TXDOLGDGH H D FRQͤDQ©D ̹ 1XP WRWDO GH FHUFD GH SURͤVVLRQDLV SDUWLFLSD UDP QHVWH HYHQWR RUJDQL]DGR SHOD ,)(0$ H TXH GHFRUUHX GH D GH RXWXEUR QD )(5,$ '( 0$'5,' FRP HPSUHVDV H[SRVLWRUDV GH SD¯VHV 2 VXFHVVR HYLGHQWH GHVWD l HGL©¥R GHV SHUWRX DV PHOKRUHV H[SHWDWLYDV SDUD D SUµ[L PD HGL©¥R TXH WHU£ OXJDU HP R DQR HP TXH VH HVSHUD XPD FRQVROLGD©¥R H UHFXSH UD©¥R WRWDO GR PHUFDGR 7DQWR DV HPSUHVDV SDUWLFLSDQWHV FRPR RV H[SRVLWRUHV H RV YLVL WDQWHV GHPRQVWUDUDP D VXD VDWLVID©¥R FRP R HYHQWR H D IRUPD FRPR GHFRUUHX R PHVPR H QHVWH VHJXLPHQWR D SUµ[LPD HGL©¥R M£ HVW£ D VHU RUJDQL]DGD FRP D LQFRUSRUD©¥R GH QRYRV VHWRUHV TXH UHIRUFHP R SDSHO GD 0$7(/(& HP WRGD D LQG¼VWULD FRPR GHPRQVWUDUDP R /,*+7(& H R VHWRU GD $XWRPDWL]D©¥R H &RQWUROR ,QGXVWULDO HP H TXH SHUPLWLUDP FRORFDU HP D©¥R RV QRYRV DWRUHV QR PHUFDGR GD HQHUJLD HO«WULFD H HOHWUµQLFD
<B: "!&À¹, ,* , '"1&3,0 02-"/ !,0 1HVWD HGL©¥R GHVWDFD VH R FUHVFLPHQWR GD /,*+7(& ̰ 6ROX©·HV GH ,OXPLQD©¥R FRP XP FUHVFLPHQWR GH H GD $XWRPDWL]D©¥R H &RQWUROR ,QGXVWULDO H (OHWUµQLFD TXH M£ WL QKD DXPHQWDGR D VXD SDUWLFLSD©¥R HP 'LYLGLGRV SRU VHWRUHV RV H[SRVLWRUHV DJUX SDGRV QR ¤PELWR GD $XWRPDWL]D©¥R &RQWUROR ,QGXVWULDO H (OHWUµQLFD FKHJDUDP DRV DV HPSUHVDV LQVFULWDV QD /,*+7(& IRUDP DR SDVVR TXH VH DOFDQ©RX XP YROXPH GH H[SRVLWRUHV QRV VHJPHQWRV GD 7HFQRORJLD H &RPSRQHQWHV SDUD D ,QVWDOD©¥R (O«WULFD H D *HVW¥R GD (QHUJLD (O«WULFD $O«P GD DWLYLGDGH FRPHUFLDO LQHUHQWH ¢ 0$7(/(& YROWRX D WHU XPD LQWHQVD DJHQGD GH HYHQWRV SDUDOHORV FRP PDLV GH MRU QDGDV H HYHQWRV YDULDGRV $WUDY«V GDV QX PHURVDV DWLYLGDGHV SDUDOHODV D 0$7(/(& HYLGHQFLRX DV RSRUWXQLGDGHV GH QH JµFLR H[LVWHQWHV H TXH UHSUHVHQWDP XPD QHFHVV£ULD UHQRYD©¥R H DWXDOL]D©¥R GH LQ IUDHVWUXWXUDV LQG¼VWULDV HPSUHVDV FRP«U FLRV H HGLI¯FLRV GH YLYHQGDV SDUD DGHTXDU H UDFLRQDOL]DU RV VHXV FRQVXPRV HQHUJ« WLFRV 'HVWD IRUPD D HILFL¬QFLD H D UHDELOL WD©¥R FRPR PRWRUHV GH FUHVFLPHQWR VHWR ULDO RULJLQDUDP QRYDV ILJXUDV SURILVVLRQDLV
"01 "!&ÅÃ, !"01 9 90" , /"0 &*"+1, ! [ ,)2Å "0 !"
)2*&+ ÅÃ,8 ,* 2* /"0 &*"+1, !" ?AF8 " ! 21,* 1&7 ÅÃ, " ,+1/,), +!201/& ) " )"1/Ð+& .2" 'Á 1&+% 2*"+1 !, 02 - /1& &- ÅÃ, "* =;F: ZZZ RHOHFWULFLVWD SW R HOHFWULFLVWD
H QRYRV PRGHORV GH QHJµFLR $OJXQV GRV HYHQWRV TXH VXVFLWDUDP XP PDLRU LQWH UHVVH LQFOXHP DV SURSRVWDV GD $VRFLDFLµQ 1DFLRQDO GH (PSUHVDV GH 5HKDELOLW£FLRQ \ 5HIRUPD $1(55 SDUD D UHDELOLWD©¥R GH HVSD©RV FRPHUFLDLV H KDELWD©¥R 2XWURV HQFRQWURV DERUGDUDP D DUTXLWHWXUD H UHD ELOLWD©¥R HILFLHQWHV LOXPLQD©¥R LQWHOLJHQWH SURGXWLYLGDGH LQGXVWULDO FRQWUROR H PDQX WHQ©¥R GH JUDQGHV SURMHWRV FRP D JHVW¥R GD HILFL¬QFLD HQHUJ«WLFD VROX©·HV WHFQROµ JLFDV SDUD R SHTXHQR FRP«UFLR R YH¯FXOR HO«WULFR HQWUH PXLWDV RXWUDV $ FUHVFHQWH SURMH©¥R H[WHULRU GHVWH HYHQWR UHIOHWLX VH QXP DXPHQWR GH QR Q¼PHUR GH YLVLWDQWHV SURͤVVLRQDLV UHODWLYD PHQWH D GHVWDFDQGR VH RV HXURSHXV ,W£OLD $OHPDQKD )UDQ©D H 5HLQR 8QLGR GH 0DUURFRV H 7XQ¯VLD H LEHUR DPHULFDQRV VR EUHWXGR GR %UDVLO &KLOH &RO¶PELD H 0«[LFR &HUFD GH GRV YLVLWDQWHV WLQKDP XP SHU ͤO WUDGLFLRQDO RX VHMD HUDP LQVWDODGRUHV UHVSRQV£YHLV GH PDQXWHQ©¥R HQJHQKHLURV GLVWULEXLGRUHV H RX UHSUHVHQWDQWHV H ID EULFDQWHV 1R HQWDQWR WDPE«P YLVLWDUDP D 0$7(/(& FOLHQWHV ͤQDLV FRP FHUFD GH DGPLQLVWUDGRUHV GH HPSUHVDV FHUFD GH SURͤVVLRQDLV GR FRP«UFLR SURͤVVLRQDLV GD LQG¼VWULD KRWHOHLUD H PDLV GH GR VHWRU GD FRQVWUX©¥R TXH FRQKHFHUDP HP SULPHLUD P¥R D WHFQRORJLD H D LQRYD©¥R TXH OKHV SHU PLWLX FRQͤUPDU D RSRUWXQLGDGH GH LQVWDODU VROX©·HV GH HͤFL¬QFLD HQHUJ«WLFD $ 0$7(/(& WDPE«P WHYH XP JUDQGH DFRPSDQKDPHQWR DWUDY«V GDV UHGHV VRFLDLV FRP VHJXLGRUHV QR )DFHERRN FRP XP DOFDQFH GH XWLOL]DGRUHV GXUDQWH D VH PDQD GD )HLUD 1R 7ZLWWHU JDUDQWLUDP VHJXLGRUHV H DR ORQJR GD UHDOL]D©¥R GR HYHQWR IRUDP SURGX]LGRV WZHHWV SDUD FRPHQWDU DVVXQWRV VREUH D 0$7(/(& FRP XP DOFDQFH GH XWLOL]DGRUHV
FDVH VWXG\
+,3, /"$&*" '2/Ë!& , &DUORV 1RJXHLUD FQRJXHLUD#MVO RQOLQH QHW
"$2+!, + ,*8 "01 >: "!&ÅÃ, !, +2 ) Ç , /"02)1 !, ! * 12/ ÅÃ, !, /"$&*" 1Ç +& , 1Ç .2& "* 3&$,/ - / ! / /"0-,01 2* 12 )&7 ÅÃ, ! 0 ,/* 0 2/,-"& 0 " /"#)"1&+!, + 0 &+01 ) Å "0 0&12 ÅÃ, 12 ) !, 0"1,/ *, &)&Á/&, &,+ )8 ! +!, * &0 È+# 0" À0 /"*,!") Å "0 !" "!&#Ë &,0: "* -,/ 0" 0 , 0 /"$/ 0 ! /1" -)& ! 0 , 0"1,/ ! +01 ) ÅÃ, !" ")" ,*2+& Å "0 " !"1"/*&+ "/1 0 /"$/ 0 , /&$ 1Ð/& 08 02$"/&+!, ,21/ 08 0"* ,), / , 01Á 2),0 0,)2Å "0 !" &+01 ) ÅÃ, * &0 3 +Å ! 0 -,&08 ,*, 1,!,0 0 "*,08 /Á-&! "3,)2ÅÃ, ! 1" +,),$& +"01" 0"1,/8 2)1/ - 00 *2&1 0 3"7"0 ,0 /"$2) *"+1,0 " ,/* 0 "5&01"+1"0 -)& Á3"&0 À0 1")" ,*2+& Å "0: )RL GHͤQLGR XP SHU¯RGR GH WUDQVL©¥R SDUD HVWH QRYR TXDGUR OHJLVODWLYR 0DQXDO ,7(' l HGL©¥R TXH WHUPLQD D GH GH]HPEUR GH 3UHWHQGH VH FRP HVWD QRYD HGL©¥R GR PDQXDO FRORFDU DV LQVWDOD©·HV ,7(' HP YD ORUHV HFRQµPLFRV DFHLW£YHLV H UHGX]LQGR DV LPSRVL©·HV DQWHULRUHV GR Q¼PHUR GH VD¯GDV GH SDUHV GH FREUH SRU GLYLV¥R (VWD VLWXD©¥R DO«P GH UHVXOWDU GR QRYR SDUDGLJPD GD HFRQRPLD QDFLRQDO DGY«P WDPE«P GR QRYR SDUDGLJPD GR VHWRU LPRELOL£ULR QRPHDGDPHQWH QR TXH VH UHIHUH ¢ PHQRU FRQVWUX©¥R GH HGLI¯FLRV QRYRV H DR UHDOFH FUHVFHQWH GR QHJµFLR GD UHPRGH OD©¥R H UHFXSHUD©¥R GR SDUTXH LPRELOL£ULR GR SD¯V 'H DFRUGR FRP GDGRV UHFHQWHV D FDUWHLUD
GH HQFRPHQGDV QD UHDELOLWD©¥R XUEDQD FUHV FHX HP VHWHPEUR GH 'H DFRUGR FRP R %DUµPHWUR GD 5HDELOLWD©¥R 8UEDQD QR PHVPR P¬V R LQYHVWLPHQWR HVWUDQJHLUR HP LPRELOL£ULR JROG UHJLVWRX XP DFU«VFLPR GH PLOK·HV GH HXURV IDFH DR P¬V DQWHULRU )RQWH &RQVWUXLU RXWXEUR $WHQWD D HVWD UHDOLGDGH D -6/ WHP YLQGR D DGDSWDU VXFHVVLYDPHQWH D VXD JDPD GH SUR GXWRV ¢V DOWHUD©·HV OHJLVODWLYDV WHQGR XPD RIHUWD FRPSOHWD SDUD D £UHD GD UHPRGHOD©¥R GH HGLI¯FLRV H QRYD FRQVWUX©¥R GHVGH DV WX EDJHQV RQGH WHP XPD RIHUWD DODUJDGD VHQGR O¯GHU QDFLRQDO H ¼QLFR IDEULFDQWH QDFLRQDO GH WXEDJHQV LVHQWDV GH KDORJ«QHR D HPSUH VD GLVSRQLELOL]D DLQGD D JDPD GH FDL[DV GH DSDUHOKDJHP FDL[DV HVWDQTXHV DEUD©DGHL UDV WXERV EXFLQV HQWUH RXWURV DW« DRV HTXL SDPHQWRV XWLOL]DGRV QDV LQVWDOD©·HV ,7(' $7(V $7,6 FDL[DV GH FROXQD SDVVDJHP H DSDUHOKDJHP $ -6/ HVW£ QHVWH PRPHQWR D SUH SDUDU QRYRV HTXLSDPHQWRV QD £UHD GDV 7HOHFRPXQLFD©·HV VHJXQGR R 0DQXDO ,7(' l (GL©¥R WRGRV FRP R UµWXOR +$/2*(1 )5(( HP FRQIRUPLGDGH FRP DV 'LUHWLYDV 5R+6 H 5($&+ (VWDV FDUDWHU¯VWLFDV V¥R H[WUHPDPHQWH LPSRUWDQWHV QD PHGLGD HP TXH VH GHVWLQDP ¢ KDELWD©¥R ̸QRVVR /DU̹ RQGH D VHJXUDQ©D H R FRQIRUWR V¥R R PDLV LPSRUWDQWH (P VHU¥R DSUHVHQWDGRV RV QR YRV $7,V GD -6/ VHJXQGR R 0DQXDO ,7(' l (GL©¥R FRPSUHHQGHQGR DV VROX©·HV SDUD D UHPRGHOD©¥R GH HGLͤFLRV H KDELWD©·HV GR P«VWLFDV EHP FRPR VROX©·HV GLVWULEX¯GDV
GH WHOHFRPXQLFD©·HV SDUD HVFULWµULRV H SDUD R VHWRU WHUFL£ULR WDQWR SDUD R PHUFDGR QDFLR QDO FRPR SDUD R PHUFDGR HXURSHX RQGH M£ HVW¥R QHVWH PRPHQWR D VHU WHVWDGRV 7DO FRPR R QRYR ,7(' SUHY¬ D QRYD JDPD GH HTXLSDPHQWRV -6/ FRPSUHHQGH RV 3RQWRV GH &RQFHQWUD©¥R GH 6HUYL©RV 3&6 3RQWRV GH 'LVWULEXL©¥R 3') $7, H 3'( $7( EHP FRPR RV 37,V 3RQWRV GH 7UDQVL©¥R ,QGLYLGXDO TXH PDLV Q¥R V¥R GR TXH R GLV SRVLWLYR D LQVWDODU QRV HGLI¯FLRV FRQVWUX¯GRV GR WLSR UHVLGHQFLDO IXQFLRQDQGR FRPR HOH PHQWRV GH LQWHUOLJD©¥R HQWUH RV FDERV SURYH QLHQWHV GD UHGH FROHWLYD RX GR RSHUDGRU H RV FDERV TXH VH GLULJHP DR FOLHQWH (P WRGRV HVWHV QRYRV DUWLJRV GHX VH ¬QIDVH ¢ 7HFQRORJLD GH )LEUD WLFD HVWDQGR WRGRV HOHV GHYLGDPHQWH DSHWUHFKDGRV UHODWL YDPHQWH D HVWD WHFQRORJLD 2V QRYRV HTXLSDPHQWRV ,7(' l (GL©¥R HVWDU¥R GLVSRQ¯YHLV WDQWR SDUD XPD LQVWDOD ©¥R VDOLHQWH FRPR SDUD XPD LQVWDOD©¥R HP EHELGD HP SDUHGH GH UHERFR H SODGXU (P VLPXOW¤QHR D -6/ DSUHVHQWD XPD JDPD UHQRYDGD GH EDVWLGRUHV GH UHGH SDUD TXH D RIHUWD VHMD WDPE«P JOREDO QR GRP¯QLR GDV WHOHFRPXQLFD©·HV /HJLVOD©¥R GLVSRQ¯YHO HP ZZZ DQDFRP SW VWUHDPLQJ ,7(' BYͤQDO VHW ]LS"FRQW HQW,G ͤHOG $77$&+('B),/(
-6/ 0DWHULDO (O«FWULFR 6 $ 7HO y )D[ 7OP y LQIR#MVO RQOLQH QHW y ZZZ MVO RQOLQH QHW ZZZ RHOHFWULFLVWD SW R HOHFWULFLVWD
@B
@C
FDVH VWXG\
"&!* ))"/ /,+1 ,*V /&, ,* , /,+1 ,*V /&,8 "&!* ))"/ -/"0"+1 r 0"/3&Å, !" &+1"/# " ,*- 1, - / .2 !/,0 !" ,* +!, " ,+1/,),8 $ / +1&+!, 2* "00, /Á-&!, , 0&01"* !" ,+1/,),N " ,0 - /")%,0 ")"1/Ð+& ,0s &+1"/# " &*-/"0 &+!Ë3") - / #)"5& &)&7 ÅÃ, !" #2+ &,+ )&! !"0 +, .2" !&7 /"0-"&1, À "+"/$& 8 0&+ &0 " ! !,0 !&0-,+Ë3"&0 +2* Ó+& #/ *"s * &0 !" @;;; ,* &+ Å "0 -,00Ë3"&0s +,3, 1 * +%, ! &+1"/# ":
),*85$ 2 6(59, 2 '( ,17(5)$&( )5217&20p 9$5,2 3(50,7( 48( 26 7 &1,&26 &2081,48(0 &20 2 6,67(0$ '( &21752/2 3& ( (/(75 1,&26 $75$9 6 '$ 3257$ )(&+$'$ '2 48$'52 '( &20$1'2
2 )URQW&RPp 9DULR UHVSRQGH ¢V PDLV SUH PHQWHV QHFHVVLGDGHV GH FOLHQWHV GR PHUFD GR GD FRQVWUX©¥R GH P£TXLQDV LQG¼VWULD GH SURFHVVR H HQHUJLD H HQJHQKDULD GH WU£IHJR FRP XP LQWHUIDFH GH VHUYL©R LQWHOLJHQWH FRP HQRUPHV IXQFLRQDOLGDGHV H XPD LQͤQLGDGH GH SRVV¯YHLV FRPELQD©·HV D RFXSDU PHWDGH GR HVSD©R GDV VROX©·HV H[LVWHQWHV QR PHUFDGR $ GLVSRQLELOLGDGH GH P£TXLQDV H VLVWHPDV « XPD H[LJ¬QFLD KDELWXDO 7DO REULJD D TXH XP W«FQLFR SRVVD DFHGHU UDSLGDPHQWH DRV FRQWURORV H IXQ©·HV HOHWUµQLFDV QRV TXDGURV GH FRPDQGR $ VHJXUDQ©D QRV TXDGURV H DV FRQGL©·HV DPELHQWDLV DGYHUVDV LPSHGHP D DEHUWXUD IUHTXHQWH GR PHVPR GXUDQWH D SUR GX©¥R $V LQWHUIDFHV GH VHUYL©R SURWHJLGDV ,3 QR TXDGUR GH FRPDQGR H RX WDPSDV GD FDL[D UHSUHVHQWDP XPD VROX©¥R EDVWDQWH VLPSOHV *UD©DV DR QRYR VHUYL©R GH LQWHUIDFH GR )URQW&RPp 9DULR DV SHVVRDV DXWRUL]D GDV SRGHP OLJDU XP KDUGZDUH GH GLDJQµVWLFR DWUDY«V GH XP FDER GH GDGRV RX XP RSFLR QDO FDER GH DOLPHQWD©¥R H JDUDQWLU R DFHVVR GLUHWR DRV SURFHVVRV GHͤQLGRV D SDUWLU GR H[ WHULRU 2 )URQW&RPp 9DULR JDUDQWH SURFHVVRV ZZZ RHOHFWULFLVWD SW R HOHFWULFLVWD
),*85$ 2 6,67(0$ ,17(/,*(17( ( )/(; 9(/ )5217&20p 9$5,2 2)(5(&( 80$ ,1),1,'$'( '( ),*85$ 80 6(59, 2 '( ,17(5)$&( &203$&72 &20
,16(5 (6 &5,$1'2 0$,6 '( &20%,1$ (6
80 '(6,*1 02'(512 3$5$ 48$'526 '( &20$1'2 (
3266 9(,6 12 727$/
&21752/2 2 )5217&20p 9$5,2 $/,$ 327 1&,$ 6,1$/ ( 75$160,66 2 '( '$'26 (0 0(7$'( '2 (63$ 2 '26 67$1'$5'6 '( 0(5&$'2
HͤFLHQWHV IDFLOPHQWH GLVSRQ¯YHLV H WDPE«P HFRQRPL]D WHPSR H GLQKHLUR 4XHU HVWHMD D OHU RV GDGRV GH SURGX©¥R UHVROYHU SUREOHPDV QR VHX 3/& PRGLͤFDU D FRQͤJXUD©¥R H SURJUD PD©¥R RX HIHWXDU WUDEDOKRV GH PDQXWHQ©¥R R )URQW&RPp 9DULR SHUPLWH OKH XP DFHVVR U£SLGR H SHUVRQDOL]DGR 2 VHUYL©R GH LQWHUIDFH WDPE«P UHGX] RV ULVFRV GH XPD RSHUD©¥R LQ FRUUHWD QR LQWHULRU GRV TXDGURV GH FRPDQGR SUHYLQH DFLGHQWHV H Q¥R SUHMXGLFD R JUDX GH SURWH©¥R RIHUHFLGR SHOR TXDGUR GH FRPDQGR H RX FDL[D &RP R )URQW&RPp 9DULR D :HLGP¾OOHU FRPELQD SRW¬QFLD VLQDO H LQWHUIDFH GH GDGRV HP PHWDGH GR HVSD©R VWDQGDUG GR PHUFDGR DWXDO ,VWR SRUTXH D :HLGP¾OOHU LQWHJUD P¼O WLSODV IXQ©·HV QXP TXDGUR FRP UHGX©¥R GH HVSD©R DR LQY«V GH XWLOL]DU XP TXDGUR GXSOR &RP GLPHQV·HV H[WHUQDV GH [ PP PP P£[LPR TXDQGR PRQWDGR D WRPD GD GR VHUYL©R GH LQWHUIDFH « PXLWR FRPSDFWD $ DEHUWXUD GH [ PP « VWDQGDUG GH PHU FDGR HQTXDQWR D DWUDWLYD FDL[D « UHVLVWHQWH
),*85$ 2 )5217&20p 9$5,2 2)(5(&( 80$ 6(*85$1 $ 1$ 3/$1,),&$ 2 2 48( 6,*1,),&$ 48( (67 (48,3$'2 3$5$ 2 )87852 ̰ 80 3257() /,2 '( 0$,6 '2 48( &20%,1$ (6 )251(&( 3266,%,/,'$'(6 0(','$ 3$5$ 35$7,&$0(17( 48$/48(5 $3/,&$ 2 28 '2 &,&/2 '( 9,'$ '( 80$ 0 48,1$ 28 6,67(0$
DR LPSDFWR H FRQFHELGD SDUD XP JUDX GH SUR WH©¥R ,3 $ WDPSD GD FDL[D GR )URQW&RPp 9DULR WDPE«P SRVVXL HVSD©R SDUD D URWXOD JHP GH HTXLSDPHQWRV (WLTXHWDV GH LGHQ WLͤFD©¥R JUDQGHV H GH I£FLO H[HFX©¥R V¥R OHJ¯YHLV ¢ GLVW¤QFLD 0DUFD©·HV DGLFLRQDLV SRGHP VHU DGLFLRQDGDV QR LQWHULRU GH TXDO TXHU LQWHUIDFH 2 TXDGUR ¼QLFR RIHUHFH XPD µWLPD VHJXUDQ©D JUD©DV WDQWR DR ERW¥R GH IHFKR FRPR ¢ YDULDQWH GH EORTXHLR FRP FKD YH TXH DSHQDV SHUPLWH R DFHVVR D SURͤVVLR QDLV DXWRUL]DGRV 8P ¯PDQ QD WDPSD GD FDL[D « EDVWDQWH FRQYHQLHQWH SDUD ͤ[DU D WDPSD ¢ SDUHGH TXDQGR DEHUWD ,VWR HYLWD D GREUDJHP GD WDPSD H SHUPLWH DR SURͤVVLRQDO WUDEDOKDU FRP DV GXDV P¥RV 2 )URQW&RPp 9DULR RIHUHFH XP SODQHD PHQWR VHJXUR H HTXLSDPHQWRV SDUD R IXWXUR XP SRUWHIµOLR FRP PDLV GH FRPELQD ©·HV TXH SHUPLWHP SRVVLELOLGDGHV DGDSWDGDV SDUD XPD YDULHGDGH H[WUHPDPHQWH DPSOD GH DSOLFD©·HV &DGD SURMHWLVWD VDEH TXH LVWR « PXLWR LPSRUWDQWH $V H[LJ¬QFLDV GR FOLHQWH SRGHP VHU W¥R GLIHUHQWHV FRPR DV P£TXLQDV H RV VLVWHPDV 2V UHTXLVLWRV LQLFLDLV SRGHP SDVVDU SRU XPD FO£VVLFD FRPXQLFD©¥R H LQ WHUIDFH GH HQHUJLD TXH SRGH PXGDU QR IXWXUR 2V FRPSRQHQWHV V¥R DVVLP VXEVWLWX¯GRV H DWXDOL]DGRV QRV TXDGURV GXUDQWH R WHPSR GH YLGD GH XPD P£TXLQD R TXH H[LJH XP LQWHU IDFH GLIHUHQWH GH FDGD YH] +£ WDPE«P XPD JUDQGH YDULHGDGH GH QRUPDV SDUD LQWHUID FHV GH FRPXQLFD©¥R HP GLIHUHQWHV SURMHWRV FRPR 5- 86% RX ' 6XE XWLOL]DGRV SDUD DFRSODU RV VLVWHPDV QR TXDGUR GH FRPDQGR 1R FDVR GD LQWHUIDFH GH HQHUJLD « SRVV¯YHO D HVFROKD GH GLIHUHQWHV VLVWHPDV GH SOXJ TXH YDULDP GH SD¯V SDUD SD¯V 7RGDV HVWDV YDULDQWHV GH FRPELQD©·HV GHYHP UHVSRQGHU ¢V QHFHVVLGDGHV GH XP VLVWHPD GH VHUYL©R GH LQWHUIDFH SDUD JDUDQ WLU TXH HVW£ VXͤFLHQWHPHQWH HTXLSDGR SDUD R IXWXUR GXUDQWH R SURMHWR GH SODQHDPHQWR GH XP SURFHVVR 2 )URQW&RPp 9DULR RIHUHFH D
A;
HQWUHYLVWD
] ,+#& +À +, #212/, " +, 02 "00, ! * / ^ SRU +HOHQD 3DXOLQR
+, +, "* .2" ,*"*,/ >; +,0 !" "5&01È+ & "* ,/12$ ) /")"* / ,+01/2ÅÃ, ! * / " "5&$È+ & .2" / 1"/&7 !" #,/* /"0-,+!"/ 1,! 0 ,0 /".2&0&1,0 !, )&"+1": "01 / * , # 1, !" 0"/ 2* * / -,/12$2"0 " # /& ! "* ,/12$ )8 * &0 ,+ /"1 *"+1" + & 8 ,*, 0"+!, 2* # 1,/ !" ,/$2)%, " 3 ),/&7 ÅÃ, ! -/Ð-/& * / : "3&01 ], ")" 1/& &01 ^ J,"Kr ,*, / 1"/&7 " !"0 /"3" ,0 >; +,0 !" -/"0"+Å ! +, *"/ !, -,/12$2È0i =r ,QLFLDPRV D QRVVD DWLYLGDGH GH IDEULFR QD =RQD ,QGXVWULDO GD 0DLD HP WU¬V DQRV DQWHV GD HQWUDGD GH 3RUWXJDO SDUD D &RPXQLGDGH (FRQµPLFD (XURSHLD )RL XPD «SRFD GH WUDQVL©¥R SDUD XP PHUFDGR JOREDO HXURSHX GH OLYUH FRQFRUU¬QFLD HP TXH R
HVS¯ULWR GD 7(9 HQFDURX HVVD PXGDQ©D FRPR XPD RSRUWXQLGDGH GH H[SRUWD©¥R DR LQY«V GR UHFHLR GD FRQFRUU¬QFLD GRV PHUFDGRV HXURSHXV PDLV SUµ[LPRV H PDLV GHVHQYROYLGRV QRPHDGDPHQWH R HVSDQKRO 3DUD YHQFHUPRV HVWH GHVDͤR WLYHPRV GH QRV HTXLSDU FRP RV PDLV DYDQ©DGRV VLVWHPDV GH SURGX©¥R H ODQ©DU SURGXWRV LQRYDGRUHV VH JXQGR RV VWDQGDUGV GH TXDOLGDGH PDLV HOHYDGRV WUDGX]LQGR VH HVVD DSRVWD QXP VXFHVVR QR PHUFDGR QDFLRQDO
,"r , #&)*" ,/-,/ 1&3, .2" #&7"/ * - / 00&+ ) / ,0 >; +,0 ! * / 02/$" ".2&- 8 ,0 3Á/&,0 0"/3&Å,08 " &+! 2* 3&0&1 3&/12 ) À #Á /& : ,& 2* #,/* !" *,01/ / ,*, 12!, #2+ &,+ + =8 " , # 1, !" "5&01&/ * / -/Ð-/& - / )Ç* !" ,21/ 0 /"-/"0"+1 ! 0i =r $ UHVSRQVDELOLGDGH GH GLYXOJD©¥R FRPHUFLDOL]D©¥R H SµV YHQ GD GH WRGRV RV SURGXWRV GD PDUFD 7(9 V¥R GD HPSUHVD 7(9 TXH SDUD DVVLQDODU DV G«FDGDV GH YLGD ODQ©RX QR YHU¥R GH R ͤOPH FRUSRUDWLYR ̸7(9 ̰ FRQVLJR K£ DQRV̹ (P PHQRV GH PLQXWRV « SRVV¯YHO YLVLRQDU D HTXLSD 7(9 RV VHUYL©RV GH DSRLR DR FOLHQWH QDV £UHDV FRPHUFLDO PDUNHWLQJ H W«FQLFD H DLQGD XPD YLVLWD YLUWXDO ¢ I£EUL FD GHVGH D IDVH GH FRQFH©¥R GR SURGXWR GHVHQYROYLPHQWR SURGX©¥R DUPD]HQDPHQWR H SRU ͤP D ORJ¯VWLFD
,"r 2" /" Å "0 02/$&/ * -,/ - /1" !,0 3,00,0 )&"+1"0 , *,09 1/ /"* "01" ) !,8 +2* 3Ë!",8 * &0 &+1/Ë+0" , ! * / " ! "*-/"0 = , *"/ !,i =r 7DQWR R FRQWH¼GR FRPR DV LPDJHQV GR ILOPH IRUDP GR DJUD GR GRV FOLHQWHV H FULDPRV XPD FXULRVLGDGH DFHUFD GR IDEULFR GRV SURGXWRV )RL WDPE«P XPD IRUPD GH HYLGHQFLDUPRV D PDUFD 7(9 H WRGD D %UDQG (TXLW\ 'D QRVVD YDVWD RIHUWD SDUD R PHUFDGR DO«P GD PDUFD 7(9 QDFLRQDO WHPRV RXWUDV PDUFDV GH UHQRPH LQ WHUQDFLRQDO R TXH QRV SHUPLWH FREULU TXDVH WRGDV DV QHFHVVLGDGHV GH XPD LQVWDOD©¥R HO«WULFD SDUD DV £UHDV GD KDELWD©¥R FRP«UFLR H LQG¼VWULD ZZZ RHOHFWULFLVWD SW R HOHFWULFLVWD
DC
FDOHQG£ULR GH HYHQWRV "3"+1,
1"*·1&
), )
! 1
,+1 1,
7 &1,&2 $ '( 5()5,*(5$ 2 ( &/,0$7,=$ 2
)RUPD©¥R QD UHD GD &OLPDWL]D©¥R
/LVERD 3RUWXJDO
GH]HPEUR D MXQKR
&(1),0 &HQWUR GH )RUPD©¥R 3URͤVVLRQDO GD ,QG¼VWULD 0HWDO¼UJLFD H 0HWDORPHF¤QLFD OLVERD#FHQͤP SW ZZZ FHQͤP SW
$8',725,$6 (1(5* 7,&$6 ̰ 0(', (6 (/ 75,&$6 (0 48$'526 (/ 75,&26
)RUPD©¥R QD UHD GD (QHUJLD
*ULMµ 3RUWXJDO
H IHYHUHLUR
,64 ̰ )RUPD©¥R PPIHUUHLUD#LVT SW ZZZ LVT SW
',5(7,9$ 0 48,1$6 ̰ 6(*85$1 $ 1$ &21&( 2
)RUPD©¥R QD UHD GD 6HJXUDQ©D
*ULMµ 3RUWXJDO
GH PDU©R D GH DEULO
,64 ̰ )RUPD©¥R PPIHUUHLUD#LVT SW ZZZ LVT SW
&8562 '( (/(75,&,'$'( % 6,&$
)RUPD©¥R QD UHD GD (OHWULFLGDGH
3RUWR 3RUWXJDO
D PDU©R
$7(& ̰ $FDGHPLD GH )RUPD©¥R LQIROLVERD#DWHF SW ZZZ DWHF SW
(/(75,&,'$'( $3/,&$'$ 5()5,*(5$ 2
)RUPD©¥R QD UHD GD (OHWULFLGDGH
3RUWR 3RUWXJDO
GH PDU©R D GH PDLR
&(1),0 &HQWUR GH )RUPD©¥R 3URͤVVLRQDO GD ,QG¼VWULD 0HWDO¼UJLFD H 0HWDORPHF¤QLFD SRUWR#FHQͤP SW ZZZ FHQͤP SW
&8562 9$5,$ 2 '( 9(/2&,'$'( ̰ &21),*85$ 2 ( 3$5$0(75,=$ 2
)RUPD©¥R QD UHD GD 9DULD©¥R GH 9HORFLGDGH
3DOPHOD 3RUWXJDO
D PDLR
$7(& ̰ $FDGHPLD GH )RUPD©¥R LQIRSRUWR#DWHF SW ZZZ DWHF SW
"3"+1,
1"*·1&
), )
! 1
/2*,0$7
)HLUD ,QWHUQDFLRQDO GH 'LVWULEXL©¥R H )OX[R GH ,QIRUPD©¥R
(VWXJDUGD $OHPDQKD
D IHYHUHLUR
(852(;32 0HVVH XQG .RQJUHVV *PE+ LQIR#HXURH[SR GH ZZZ HXURH[SR GH
*(1(5$
)HLUD ,QWHUQDFLRQDO GH (QHUJLDV 5HQRY£YHLV H $PELHQWH
0DGULG (VSDQKD
D IHYHUHLUR
,)(0$ JHQHUD#LIHPD HV ZZZ LIHPD HV
),((
)HLUD ,QWHUQDFLRQDO GD ,QG¼VWULD (O«WULFD (OHWUµQLFD (QHUJLD H $XWRPD©¥R
6¥R 3DXOR %UDVLO
D PDU©R
5HHG ([KLELWLRQV $OFDQWDUD 0DFKDGR FULVWLQD LDTXHOL#UHHGDOFDQWDUD FRP EU ZZZ UHHGDOFDQWDUD FRP EU
+$1129(5 0(66(
)HLUD ,QWHUQDFLRQDO GH 7HFQRORJLD +DQQRYHU ,QGXVWULDO $OHPDQKD
D DEULO
& &RPHUFLR /XVR $OHP¥ LQIR#KI SRUWXJDO FRP ZZZ KI SRUWXJDO FRP
(1*,1((5,1* (;32
)HLUD GH (QJHQQKDULD H ,QG¼VWULD
0DGLVRQ (VWDGRV 8QLGRV
D DEULO
(QJLQHHULQJ ([SR H[HFXWLYH#HQJLQHHULQJH[SR ZLVF HGX ZZZ HQJLQHHULQJH[SR ZLVF HGX
7(.721,&$
)HLUD GH &RQWUX©¥R H 2EUDV 3¼EOLFDV
/LVERD 3RUWXJDO
D PDLR
)HLUD ,QWHUQDFLRQDO GH /LVERD ͤO#DLS SW ZZZ WHNWRQLFD ͤO SW
#"&/ 0
ZZZ RHOHFWULFLVWD SW R HOHFWULFLVWD
#,/* ÅÃ,8 0"*&+Á/&,0 " ,+#"/È+ & 0
,+1 1,
QRWD W«FQLFD
-RVX« 0RUDLV 'LUHWRU 7«FQLFR
<;; +,1 1½ +& <;<
<<< <<> <<@
<<B
!,00&"/ SURMHWR OXPLQRW«FQLFR /"-,/1 $"* DVVRFLD©¥R .1; 3RUWXJDO RUJDQL]D VHPLQ£ULR 3/& HVSHOKD LQRYD©¥R H SURGXWLYLGDGH HP 3RUWXJDO HQJHQKDULD 2UGHP GRV (QJHQKHLURV GLVFXWLX HVWUDW«JLD 0"9012!6 D QRYD JDPD GH TXDGURV GH GLVWULEXL©¥R GH HQHUJLD 6\VWHP SUR ( 3RZHU
&+#,/* À¹, 1½ +& ,9 ,*"/ & ) L'5 ̰ 'RPµWLFD L 5REµWLFD GRPµWLFD FRQWUROR GH WRGR R WLSR GH LOXPLQD©¥R HP TXDOTXHU OXJDU D TXDOTXHU PRPHQWR <=< 3URQRGLV ̰ 6ROX©·HV 7HFQROµJLFDV GHWHWRUHV PRYLPHQWR SUHVHQ©D SDUD SURͤVVLRQDLV <=> :HLGP¾OOHU ̰ 6LVWHPDV GH ,QWHUIDFH WUDQVFOLQLF %.( N QRYD IRQWH GH DOLPHQWD©¥R SDUD VLVWHPDV IRWRYROWDLFRV <=@ H1HW VLVWHPD GH FRQWUROR GRPµWLFR SRU UDGLRIUHTX¬QFLD GD -81* <=B QRYR UHJLVWDGRU GH HQHUJLD HO«WULFD WULI£VLFD )OXNH VLPSOLͤFD D LGHQWLͤFD©¥R GH GHVSHUG¯FLR GH HQHUJLD HO«WULFD <<D
<=D <>>
)& "+ & *"+1, ! 0 &+01 ) Å "0 ")Ç1/& 0 ,& -2 )& !, /" "+1"*"+1" , " /"1,9 "& +: <@>N=;<? !" =; !" ,212 /, .2" /"$2) *"+1 0 +&! !"0 !" /,!2ÅÃ, !" 21, ,+02*,8 8 " 0 +&! !"0 !" ".2"+ /,!2ÅÃ,8 8 .2" 3"* ,+ 1"+ / ,* )1"/ Å "0 À )"$&0) ÅÃ, ! 0 & /,-/,!2ÅÃ, " &+&-/,!2ÅÃ,: $O«P GDTXHODV WLSRORJLDV GH JHUD©¥R GH HQHUJLD GHVLJQDGDV SRU SURGX©¥R GLVWULEX¯GD WDPE«P DJRUD VH SHUPLWHP DV LQVWDOD©·HV GH SURGX©¥R GH HQHUJLD HO«WULFD SDUD DXWRFRQVXPR FRQV WLWXLQGR HQW¥R XPD QRYD WLSRORJLD TXH QRUPDOPHQWH VH GHVLJQD SRU VLVWHPDV DXWµQRPRV GH HQHUJLD HO«WULFD 3HOD OHLWXUD GR 'HFUHWR /HL SHUFHEH VH TXH DV LQVWDOD©·HV GH DXWRFRQVXPR VHP OLJD©¥R ¢ UHGH VLVWHPDV DXWµQRPRV HVW¥R HQWUH DV TXH Q¥R VHU¥R UHJLVWDGDV HP TXDOTXHU VLVWHPD GH FRQWUROR Q¥R VHQGR DOYR GH LQVSH©¥R RX GH OLFHQFLDPHQWR $FRQWHFH TXH R 5HJX ODPHQWR GH /LFHQ©DV GH ,QVWDOD©·HV (O«WULFDV 5/, UHJXODGR SRU GLYHUVRV GLSORPDV GRQGH VH GHVWDFDP R YHOKLQKR 'HFUHWR /HL Q | GH H R 'HFUHWR /HL Q | SHUPLWHP TXH XPD LQVWDOD©¥R GR WLSR $ LQVWDOD©¥R GH FDU£WHU SHUPDQHQWH FRP SURGX©¥R SUµSULD Q¥R LQFOX¯GD QR WLSR & GHVGH TXH GH SRW¬QFLD DW« N9$ Q¥R FDUH©D GH OLFHQFLDPHQWR $FRQWHFH TXH QHVWDV FLUFXQVW¤QFLDV SDUD QRYDV LQVWDOD©·HV GH XWLOL]D©¥R WRUQD VH GLI¯FLO D FHUWLͤFD©¥R GD LQVWDOD©¥R GH XWLOL]D©¥R TXH VHMD DOLPHQWDGD SRU DTXHOD LQVWDOD©¥R GH SURGX©¥R GH HQHUJLD REULJDQGR DR QRUPDO SURFHVVR GH HQWUDGD GH SURMHWR H RX GD ͤFKD HOHWURW«FQLFD SDUD TXH R 2SHUDGRU GH 5HGH GH 'LVWULEXL©¥R 25' QHVWH FDVR D ('3 DWULEXD XP FµGLJR 1,3 FRP R TXDO SRVWHULRUPHQWH VH VROLFLWD D FHUWLͤFD©¥R GD LQVWDOD©¥R HO«WULFD GH XWLOL]D©¥R 3DUD HVWDV VLWXD ©·HV HP TXH D LQVWDOD©¥R Q¥R VH GHVWLQH D VHU DOLPHQWDGD SHOD 5HGH 3¼EOLFD GH 'LVWULEXL©¥R 5(63 GHYHU VH LD DJLOL]DU D OHJLVOD©¥R SDUD HYLWDU R DWR EXURFU£WLFR D HQYROYHU R 25' (VSHUD VH TXH HP D SDU GD UHYLV¥R GR (VWDWXWR GR 7«FQLFR 5HVSRQV£YHO TXH VH HQ FRQWUD HP GHVHQYROYLPHQWR WDPE«P R 5HJXODPHQWR GH /LFHQ©DV SRVVD VHU DOWHUDGR 1R ͤQDO GH PDLV XP DQR GH FRQWDFWR DWUDY«V GD UHYLVWD 2 (OHFWULFLVWD GHVHMR D WRGRV RV OHLWRUHV SDWURFLQDGRUHV H FRODERUDGRUHV %RDV )HVWDV XP DQR GH SOHQR GH VXFHVVRV SHVVRDLV H SURͤVVLRQDLV -RVX« 0RUDLV 'LUHWRU 7«FQLFR
#,/* À¹, ,+02)1È/&, 1½ +& ,
ZZZ RHOHFWULFLVWD SW R HOHFWULFLVWD
<;;
GRVVLHU GH SURMHWR OXPLQRW«FQLFR
FRQMXJD©¥R GD OX] QDWXUDO H OX] DUWLͤFLDO H R SDSHO GR OLJKWLQJ GHVLJQHU 3HGUR 7HOKDGR &(2 )RXQGHU /,*+7 /,)(
R LPSDFWR GD LOXPLQD©¥R GH PRQXPHQWRV H IDFKDGDV 3527$*21,67$6
<;<
7¤QLD 9LHJDV /LJKWLQJ 'HVLJQHU $XUD /LJKW
VROX©·HV GH LOXPLQD©¥R SDUD XPD JHVW¥R HͤFLHQWH GRV HGLI¯FLRV +DJHU 6LVWHPDV (O«FWULFRV 0RGXODUHV
GRVVLHU
-/,'"1, )2*&+,1Ã&#x2021; +& ,
ZZZ RHOHFWULFLVWD SW R HOHFWULFLVWD
GRVVLHU GH SURMHWR OXPLQRW«FQLFR
,+'2$ ÅÃ, ! )27 + 12/ ) " )27 /1&#& & ) " , - -") !, )&$%1&+$ !"0&$+"/
3HGUR 7HOKDGR &(2 )RXQGHU /,*+7 /,)(
21&)&7 ÅÃ, " -/"0"+Å ! )27 + 12/ ) +,0 "!&#Ë &,0 Ç %,'" * &0 &*-,/1 +1" !, .2" +2+ 8 * 5&*&7 / , 0"2 20, Ç , /&$ 1Ð/&, !, -,+1, !" 3&01 %2* +, " "+"/$Ç1& ,: ± 2* 1Ç +& " 2* /1" *2)1&!&0 &-)&+ / "+1/" /.2&1"12/ 8 "+$"+% /& " , &$%1&+$ "0&$+"/: $ UHOD©¥R GR KRPHP FRP D OX] YHP GHVGH R VHX DSDUHFLPHQWR $ OX] GR VRO JHULD R VHX GLD R VRO QDVFLD H R KRPHP SU« KLVWµULFR LQLFLDYD D VXD DWLYLGDGH FD©D ODYRXUD JXHUUD R VRO GHVFLD QR KRUL]RQWH H R KRPHP UHFROKLD DRV VHXV DEULJRV H GRUPLD
6DEH VH KRMH TXH HVWH FLFOR GL£ULR Q¥R HUD H[ FOXVLYDPHQWH LPSRVWR SHOD YLV¥R RX IDOWD GHOD D SUHVHQ©D GD OX] WHP RXWURV HIHLWRV QR FRUSR KXPDQR GR TXH IDODUHPRV PDLV DGLDQWH 7DOYH] Q¥R GHVGH RV SULPµUGLRV GD KXPD QLGDGH PDV DR ORQJR GRV V«FXORV FRPH©D PRV D ROKDU D OX] QDWXUDO H RV VHXV HIHLWRV GH XPD RXWUD IRUPD D QRVVD UHOD©¥R FRPH©RX D VHU HPRWLYD FRPH©DPRV D DSUHFLDU R TXH GH EHOR D OX] QRV WUD]LD H D IDVFLQDUPR QRV FRP D VXD EHOH]D $ OX] LQIOXHQFLD R QRVVR HVWDGR GH HVS¯ ULWR TXDQWLGDGH GH OX] H FRU R FRQWUDVWH OX] H VRPEUD RV VHXV PRYLPHQWRV LQIOXHQFLDP
VHQVD©·HV H R QRVVR ULWPR $ OX] RX VXD DXV¬QFLD FRQVHJXHP SURYRFDU DV PDLV SURIXQGDV UHD©·HV D HVFXULG¥R SURYRFD PHGR LQVHJXUDQ©D 1D bͤORVRͤD FKLQHVD RQGH \LQ H \DQJ V¥R GXDV HQHUJLDV RSRVWDV <LQ VLJQLͤFD HVFXULG¥R VHQGR UHSUHVHQWDGR SHOR ODGR SLQWDGR GH SUHWR H \DQJ « D FODULGDGH $ OX] TXH « XPD HQHUJLD OX PLQRVD H DSUHVHQWD VH GH PDQHLUD PXLWR LQWHQVD « R \DQJ H D OX]b PXLWR IUDFD « R \LQ b 6HJXQGR RV FKLQHVHV R PXQGR « FRPSRVWR SRU IRU©DV RSRVWDVbH DFKDU R HTXLOLEUR HQWUH HODV « HVVHQFLDO 5HFHEHPRV FHUFD GH GD LQIRUPD©¥R GR PHLR DPELHQWH TXH QRV URGHLD SHOD YLVWD R QRVVR SURFHVVR GH YLV¥R « VLPSOHV PDV DR PHVPR WHPSR FRPSOH[R H DOWDPHQWH HͤFLHQWH 2 ULWPR FLUFDGLDQR RX FLFOR FLUFDGLDQR GHVLJQD R SHU¯RGR GH DSUR[LPDGDPHQWH KRUDV VREUH R TXDO VH EDVHLD WRGR R FLFOR ELROµJLFR GR FRUSR KXPDQR LQIOXHQFLDGR SHOD OX] 2 ULWPR FLUFDGLDQR UHJXOD WRGRV RV ULWPRV PDWHULDLV EHP FRPR PXLWRV GRV ULWPRV SVLFROµJLFRV GR FRU SR KXPDQR FRP LQIOX¬QFLD VREUH SRU H[HPSOR D GLJHVW¥R RX R HVWDGR GH YLJ¯OLD SDVVDQGR SHOR FUHVFLPHQWR H SHOD UHQRYD©¥R GDV F«OXODV DVVLP FRPR D VXELGD RX GHVFLGD GD WHPSHUDWXUD b $ SULPHLUD IRQWH GH OX] DUWLͤFLDO YHLR FRP R GHVFREULPHQWR GR IRJR HVWH SURWHJLD R KRPHP GR IULR GH RXWURV DQLPDLV PDV SHOD SULPHLUD YH] SHUPLWLD TXH HOH YLVVH QD DXV¬QFLD GD OX] VRODU $ KLVWµULD FRORFD RV SULPHLURV HTXLSDPHQWRV FRQVWUX¯GRV FRP R SURSµVLWR GH LOXPLQDU HP D & SHGUDV RFDV FRP PDW«ULD YHJHWDO VHFD 'HVGH HQW¥R R GHVLJQ H R FRPEXVW¯YHO HYROX¯UDP DW« DRV GLDV GH KRMH 0DV IRL Vµ QR LQ¯FLR GR V«FXOR ;; FRP R DSDUHFLPHQWR GD OX] DUWLͤFLDO HO«WULFD TXH VH GHX D SULPHLUD JUDQGH UHYROX©¥R GD VRFLHGDGH &RP D LQGXVWULDOL]D©¥R GD O¤PSDGD HO«WULFD LQFDQGHVFHQWH GH 7KRPDV (GLVRQ R KRPHP WHYH FRQGL©·HV SDUD WHU WRGR R WLSR GH DWLYLGDGH TXH ID]LD GH GLD GXUDQWH D QRLWH RX HP HVSD©RV RQGH D OX] GR VRO Q¥R FKHJDYD (VWH IDFWR UHYROXFLRQRX D QRVVD YLGD UHYROXFLRQRX R PRGR FRP XWLOL]£YDPRV RV HGLI¯FLRV H FRP LVWR FRPR RV $UTXLWHWRV SRGHULDP FRQFHEHU H FRQVWUXLU $ VRFLHGDGH KXPDQD GHVHQYROYHX VH PXLWR H R PRGR GH YLGD DOWHURX VH FRPSOHWDPHQWH 1R ͤQDO GR V«FXOR ;; H PDLV LQWHQVDPHQWH QR LQ¯FLR GHVWH 2 PXQGR WRUQRX VH QXPD SHTXHQD DOGHLD DV FRPXQLFD©·HV WRUQDUDP VH LPHGLDWDV WRWDLV H GH FXVWR UHGX]LGR DV YLDJHQV ORZ FRVW HQFXUWDUDP GLVW¤QFLDV $ SUHVV¥R GR GHVHQYROYLPHQWR D FRQFHQWUD©¥R GD SRSXOD©¥R HP JUDQGHV XUEHV D FRQ FRUU¬QFLD HP WRGRV RV QHJµFLRV D QHFHVVLGDGH GH JDUDQWLU VHUYL©RV D WHPSR LQWHLUR OHYD TXH D DWLYLGDGH KXPDQD VHMD GH KRUDV GLD H QRLWH (VWH IDFWR WUD] ¢ LOXPLQD©¥R DUWLͤFLDO XP SDSHO PXLWR UHOHYDQWH QDV QRVVDV YLGDV XPD UHV SRQVDELOLGDGH DFUHVFLGD 6XUJHP FRP JUDQGH LPSDFWR SURͤVV·HV QRWXUQDV VD¼GH VHJXUDQ©D
ZZZ RHOHFWULFLVWD SW R HOHFWULFLVWD
<;=
<;@
GRVVLHU GH SURMHWR OXPLQRW«FQLFR
, &*- 1, ! &)2*&+ ÅÃ, !" *,+2*"+1,0 " # % ! 0 7¤QLD 9LHJDV /LJKWLQJ 'HVLJQHU $XUD /LJKW
&)2*&+ ÅÃ, !" *,+2*"+1,08 # % ! 0 " !, -/Ð-/&, "0- Å, 2/ +, Ç &* $"* ! 0, &"! !" *,!"/+ " 2* -,!"/,0 #,/* !" ,*2+& ÅÃ,: 2 +!, "* -) +" ! 1"* 2* &*- 1, -,0&1&3, +, "*9"01 / !,0 0"/"0 3&3,08 +, "+1 +1, , ,-,01, -,!" /"3") /90" +"# 01, "* 3Á/& 0 3"/1"+1"0 ,*, )1"/ ÅÃ, ! -"/ "ÅÃ, !, Ç2 ,2 &+#)2È+ & !&/"1 + #),/ " # 2+ : +3,)3"+!, &+Ó*"/,0 0-"1,0 !" "51/"* &*-,/1Â+ & 8 !"3" , -/,'"1, !" &)2*&+ ÅÃ, !" *,+2*"+1,0 " # % ! 0 "+1/ /90" -"+ 0 + "#& &È+ & "+"/$Ç1& ,2 !"3" "01" 0"/ 2* *"&, - / , 1"/ 2* &)2*&+ ÅÃ, -/ 7Ë3") " ,+0 &"+1"i $ OX] WDPE«P FRQVLGHUDGD FRPR D TXDU WD GLPHQV¥R GD DUTXLWHWXUD UHYHOD IRUPDV H PDQLSXOD D SHUFH©¥R HVSDFLDO VHQGR SRU LVVR
),*85$ 3(7521$6 72:(56 12 '8%$, (',) &,2 '( $548,7(785$ (0%/(0 7,&$ 0$6 &20 80 (/(9$'2 &2175,%872 3$5$ $ 32/8, 2 /80,126$ ZZZ RHOHFWULFLVWD SW R HOHFWULFLVWD
),*85$ (;(03/2 '( ,/80,1$ 2 1$ 0$/+$ 85%$1$ +,(5$548,$ 85%$1$ ( 32/8, 2 /80,126$
XP HOHPHQWR IXQGDPHQWDO QR PRGR FRPR DV SHVVRDV H[SHULHQFLDP RV HVSD©RV $MXGD D HV WDEHOHFHU XPD KLHUDUTXLD HVSDFLDO WRUQDQGR OHJ¯YHO D PDOKD XUEDQD DR FLGDG¥R FRPXP R TXH FRQWULEXL SDUD XPD PDLRU UHOD©¥R HQWUH LQGLY¯GXR HGLI¯FLR H HVSD©R H[WHULRU $ LOXPLQD©¥R DUTXLWHWXUDO GH XP HGLI¯FLR SRGH GHVHPSHQKDU XP SDSHO VRFLDO FRQWULEXLU SDUD FULDU PHPµULD FROHWLYD GD FRPXQLFD©¥R HQWUH JUXSRV PDV WDPE«P UHDO©D D VXD LGHQWLGDGH H YDORU FXOWXUDO (VWD LQGLYLGXDOLGDGH GR HGLI¯FLR VXUJLX DVVRFLDGD ¢ PDQLIHVWD©¥R GR SRGHU HFR QµPLFR H GH SUHVW¯JLR GD ,JUHMD H GH HOLWHV DULVWRFU£WLFDV GXUDQWH IHVWLYLGDGHV SRU«P D YHUGD GHLUD UHYROX©¥R QD VXD LPDJHP YHULͤFRX VH DSµV D LQYHQ©¥R GD HOHWULFLGDGH DXPHQWDQGR DV SRVVLELOLGDGHV FRQFHSWXDLV R TXH UHVXOWRX QXPD PXWD©¥R GD OLQJXDJHP YLVXDO GRV HVSD©RV H[WHULRUHV GH XP PRGR SHUPDQHQWH $ LOXPLQD©¥R DUWLͤFLDO SHUPLWLX R H[HUF¯FLR GH PDLV DWLYLGDGHV GHSRLV GR HVFXUHFHU DOWHUDQ GR SURIXQGDPHQWH D VRFLHGDGH DR Q¯YHO VRFLDO HFRQµPLFR H FXOWXUDO GLIHUHQFLDQGR VRFLHGDGHV GHVHQYROYLGDV GDV PHQRV GHVHQYROYLGDV 6HQGR D LOXPLQD©¥R DUWLͤFLDO UHIOH[R GH SRGHU H GHVHQYROYLPHQWR SUROLIHUD D LOXPLQD©¥R GH PRQXPHQWRV H IDFKDGDV FRPR PDUFR GLVWLQWLYR YHULͤFDQGR VH DWXDOPHQWH XP FHUWR ̸GHVFRQ WUROR̹ QD LQWHQVLGDGH GD LOXPLQD©¥R 5HVXOWDGR PRQXPHQWRV H[DJHUDGDPHQWH LOXPLQDGRV UH GX]HP D VXD OHJLELOLGDGH H GLIHUHQFLD©¥R QR PHLR XUEDQR DXPHQWDQGR R EULOKR SHUWXUEDGRU H R GHVFRQIRUWR YLVXDO GHYLGR DRV HOHYDGRV FRQWUDVWHV GH OXPLQ¤QFLDV (VWH IDFWR DFRQWHFH VREUHWXGR SRU Q¥R H[LVWLU QR FDVR GH 3RUWXJDO XP SODQR GLUHWRU TXH UHJXOH H VDOLHQWH D SUµSULD LGHQWLGDGH GR HVSD©R XUEDQR $V UHIHU¬QFLDV DUTXLWHWµQLFDV V¥R SODQLͤFDGDV D SHQVDU QD XWLOL ]D©¥R GXUDQWH R GLD PDV IDOWD HVWD H[WHQV¥R SDUD R SHU¯RGR QRWXUQR $VVLVWH VH HQW¥R D XPD OXWD FRQVWDQWH RQGH WRGRV RV HGLI¯FLRV TXHUHP VHU SURWDJRQLVWDV H SDUD LVVR XWLOL]DP FRPR VXSRUWH GH OLQJXDJHP D OX] LJQRUDQGR FRQVWDQWHPHQWH R VHX FRQWH[WR H HOHYDQGR R GHVSHUG¯FLR HQHUJ«WLFR 2XWUR DVSHWR QHJDWLYR GHVWD SU£WLFD « D SROXL©¥R OXPLQRVD SURYRFDGD SHOR H[FHVVR GH OX] GXUDQWH D QRLWH DQXODQGR D SRVVLELOLGDGH GH DSUHFLDU H HQWHQGHU D HVFXULG¥R QDWXUDO GR F«X H R EULOKR GDV HVWUHODV 0DLV SUHRFXSDQWH DLQGD « R LPSDFWR HFROµJLFR TXH D SROXL©¥R OXPLQR VD SURYRFD QD IORUD H QD IDXQD ([LVWHP GLYHUVDV SHVTXLVDV TXH FRPSURYDP TXH GHPDVLDGD
<;B
GRVVLHU GH SURMHWR OXPLQRW«FQLFR
0,)2Å "0 !" &)2*&+ ÅÃ, - / 2* $"01Ã, "#& &"+1" !,0 "!&#Ë &,0 ,* - 1"+1" ==> CDC ] )" 1/& *-^ !" %,* 0 )3 !&0,+8 /"$&01 ! =B !" ' +"&/, !" <CC;8 - 00Á*,0 3&3"/ +2* *2+!, !2-) *"+1" &)2*&+ !,r )27 ")Ç 1/& +Ã, 0Ð &)2*&+ 0 +,00 0 0 08 /2 0 " &! !"08 ,*, 1 * Ç* ,* +! +,00 3&! !& /& *"+1" 0"+!, "00"+ & ) +, +,00, .2,1&!& +,: 1D JHVW¥R GH XP HGLI¯FLR PRGHUQR R FRPDQ GR GD LOXPLQD©¥R GHVHPSHQKD XP SDSHO GH FLVLYR QD FULD©¥R GH FRQGL©·HV DGHTXDGDV GH KDELWDELOLGDGH H GH WUDEDOKR Q¥R GHYHQGR GHVFXUDU R REMHFWLYR GH DOFDQ©DU R PHOKRU UHQGLPHQWR HQHUJ«WLFR SRVV¯YHO (VWLPD VH TXH SHOR PHQRV GRV FXV WRV WRWDLV GRV HGLI¯FLRV RFRUUHP GXUDQWH D VXD XWLOL]D©¥R 3RU HVWD UD]¥R RV UHVSRQV£YHLV SHOD H[SORUD©¥R GR HGLI¯FLR TXH TXHLUDP UHGX ]LU RV FXVWRV SRGHU¥R LQVWDODU GHWHUPLQDGRV GLVSRVLWLYRV TXH SHUPLWHP HFRQRPL]DU HQHU JLD $ +DJHU SURS·H VROX©·HV SDUD LOXPLQD ©¥R TXH SRGHP UHGX]LU RV FXVWRV HQHUJ«WL FRV GD LOXPLQD©¥R DW«
/1" + &)2*&+ À¹,8 ,* 0,)2ÀÊ"0 !" &)2*&+ À¹, &+!&3&!2 &0 (QWUH DV WHQHEURVDV O¤PSDGDV IOXRUHVFHQWHV GRV HVFULWµULRV DQWLJRV H RV PRGHUQRV VLVWH PDV GH LOXPLQD©¥R SDVVDUDP ̸DQRV OX]̹ GH LQRYD©·HV W«FQLFDV H HVW«WLFDV $O«P GRV UH TXLVLWRV HUJRQµPLFRV R GHVLJQ GRV VLVWHPDV GH LOXPLQD©¥R DVVXPH DFWXDOPHQWH XP SDSHO FDGD YH] PDLV LPSRUWDQWH H SRU LVVR K£ D QH FHVVLGDGH GH GHVHQYROYHU VROX©·HV GH LOXPL QD©¥R LQGLYLGXDLV SDUD R PHUFDGR HP JHUDO
"1" 1,/"0 !" *,3&*"+1,r 0"$2/ +À , ) + " !, ,)% / $ VHJXUDQ©D GRV HGLI¯FLRV FRPH©D SHOR H[ WHULRU DWUDY«V GD XWLOL]D©¥R GH GHWHFWRUHV GH PRYLPHQWR TXH UHFRUUHP ¢ WHFQRORJLD GH LQIUDYHUPHOKRV H VH QHFHVV£ULR LOXPLQDP D HVFXULG¥R GH LPHGLDWR 'HVWD IRUPD SURSRU FLRQDP QRV XPD PDLRU VHJXUDQ©D TXDQGR ZZZ RHOHFWULFLVWD SW R HOHFWULFLVWD
FDPLQKDPRV VREUH VXSHUI¯FLHV LUUHJXODUHV RX SHULJRVDV H FRORFDP HP IXJD RV YLVLWDQWHV PDLV LQGHVHMDGRV 1RV HGLI¯FLRV LQGXVWULDLV H S¼EOLFRV HVFRODV H MDUGLQV GH LQI¤QFLD ORFDLV GH GHVSRUWR H OD]HU FHQWURV GH LGRVRV H GH DVVLVW¬QFLD « UHFRPHQG£YHO D XWLOL]D©¥R GH GHWHFWRUHV GH PRYLPHQWR H[WHULRUHV QDV VXDV HQWUDGDV S£WLRV RX ORJUDGRXURV FDPLQKRV GH DFHVVR HVWDFLRQDPHQWR RX HP £UHDV GH FDU JD H GHVFDUJD 2V GHWHFWRUHV GH PRYLPHQWR SDUD LQWH ULRUHV SURS·HP YDULDGDV VROX©·HV H SRGHP VHU XWLOL]DGRV HP WRGRV RV ORFDLV RQGH Q¥R VH HVSHUD D SUHVHQ©D GH SHVVRDV GXUDQWH ORQJRV SHU¯RGRV FRPR SRU H[HPSOR HP ]R QDV GH SDVVDJHP FRUUHGRUHV HVFDGDV SD WDPDUHV VµW¥RV H FDYHV $O«P GLVVR SRGHP WDPE«P VHU XVDGRV HP LQVWDOD©·HV VDQLW£ ULDV HVFRODV FHQWURV GHVSRUWLYRV KRVSLWDLV RX UHVLG¬QFLDV DVVLVWLGDV H QHVWHV FDVRV RV GHWHFWRUHV GH PRYLPHQWR DXPHQWDP D VHJX UDQ©D H FRQWULEXHP SDUD D KLJLHQH XPD YH] TXH OLEHUWDP RV XWLOL]DGRUHV GD QHFHVVLGDGH GH XWLOL]DUHP LQWHUUXSWRUHV RX ERW·HV KDYHQ GR XPD UHGX©¥R GR ULVFR GH WUDQVPLVV¥R GH Y¯UXV RX EDFW«ULDV &RP D WHFQRORJLD +) +\SHU )UHTXHQF\ « SRVV¯YHO GHWHFWDU PRYLPHQWRV PHVPR QRV GHQRPLQDGRV ¤QJXORV PRUWRV FRP D
YDQWDJHP GH Q¥R H[LVWLUHP IDOVDV GHWHF©·HV GHYLGR D DOWHUD©·HV EUXVFDV GH WHPSHUDWX UD 1HVWHV HTXLSDPHQWRV « SRVV¯YHO GHWHFWDU PRYLPHQWRV PHVPR DWUDY«V GH REVW£FXORV GH PDGHLUD YLGUR RX SO£VWLFR 2V GHWHFWRUHV +) HPLWHP XP VLQDO GH DOWD IUHTX¬QFLD HP WRGDV DV GLUH©·HV r H FR EUHP XPD ]RQD KRPRJ«QHD FRP PHWURV GH GL¤PHWUR 2 VHQVRU UHFHEH R HFR GR VLQDO H TXDOTXHU PXGDQ©D GHVWH VLQDO VLJQLͤFD D GHWH©¥R GH PRYLPHQWR 1HVVH PRPHQWR R GHWHFWRU DFWLYD D VD¯GD (VWD WHFQRORJLD « WR WDOPHQWH LQGHSHQGHQWH GD WHPSHUDWXUD DP ELHQWH *UD©DV ¢V HFRQRPLDV GH HQHUJLD TXH JHUDP R LQYHVWLPHQWR QHVWHV HTXLSDPHQWRV
<<<
UHSRUWDJHP
00, & ÅÃ, ,/12$ ) ,/$ +&7 0"*&+Á/&,
[ µ SRU &DUORV $OEHUWR &RVWD
"3"+1, /"2+&2 -/,'"1&01 08 &+01 ) !,/"08 &+1"$/ !,/"08 -/,*,1,/"0 &*, &)&Á/&,08 "+$"+%"&/,0 " /.2&1"1,0 &+1"/"00 !,0 "* ,*" 21,* 1&,+8 -"/*&1&+!, - /1&)% / "5-"/&È+ & 0 " ,+%" "/ *")%,/ 1" +,),$& .2" 1,/+ ,0 "!&#Ë &,0 * &0 "#& &"+1"0 " * &0 *&$,0 !, 21&)&7 !,/: 2 .1; &LW\ (YHQW UHXQLX D GH RXWXEUR QR $HURSRUWR ,QWHUQDFLRQDO GH /LVERD FHUFD GH SURͤVVLRQDLV OLJDGRV DR IDEULFR FRQFH©¥R LQVWDOD©¥R H JHVW¥R W«FQLFD GH HGLI¯FLRV H VLV WHPDV GH DXWRPD©¥R H GRPµWLFD 2UJDQL]DGR SHOD $VVRFLD©¥R .1; 3RUWXJDO R VHPLQ£ULR SHUPLWLX FRQKHFHU PH OKRU DV SRWHQFLDOLGDGHV GD WHFQRORJLD .1; XP VWDQGDUG LQWHUQDFLRQDO H D VXD DSOLFD©¥R SU£WLFD HP SURMHWRV H HGLI¯FLRV DWUDY«V GD DSUHVHQWD©¥R GH FDVRV UHDLV (QWUH DV FRQFOXV·HV JHUDLV GR HQFRQWUR GHVWDFD VH D QHFHVVLGDGH GH UHIRUPXODU D DYDOLD©¥R GH FXVWRV GH HGLI¯FLRV SRQGHUDQGR Q¥R Vµ R LQYHVWLPHQWR LQLFLDO PDV LJXDOPHQWH RV FXVWRV GH H[SORUD©¥R QRV DQRV VHJXLQ WHV $R PHVPR WHPSR DV Y£ULDV LQWHUYHQ©·HV QR VHPLQ£ULR FRQYHUJLUDP QD XWLOLGDGH GH GLYXOJDU PDLV H PHOKRU DV P¼OWLSODV FDSDFL GDGHV GD 1RUPD .1; FRPR IHUUDPHQWD GH JUDQGH IOH[LELOLGDGH HP VLVWHPD DEHUWR H PXO WLPDUFD FDSD] GH REWHU JDQKRV GH HͤFL¬QFLD HQHUJ«WLFD TXH SRGHP FKHJDU DRV $QWµQLR 5LEHLUR GD &RVWD 3UHVLGHQWH GD $VVRFLD©¥R .1; 3RUWXJDO DEULX R VHPLQ£ULR VDOLHQWDQGR QD VXD LQWHUYHQ©¥R R ̸REMHWLYR GH SURPRYHU D 1RUPD .1; QR QRVVR SD¯V DJUH JDQGR WRGDV DV HQWLGDGHV H SHVVRDV TXH WUD EDOKHP FRP HVWH SURWRFROR ̹ 1D VHJXQGD LQWHUYHQ©¥R GR GLD &KULVWLDQ 6WDKQ GR 'HSDUWDPHQWR GH 0DUNHWLQJ GD .1; DSUHVHQWRX DRV SDUWLFLSDQWHV DV YDQ WDJHQV GD WHFQRORJLD HP SDUWLFXODU D LQWHUR SHUDELOLGDGH TXH SHUPLWH HQWUH SURGXWRV GH GLIHUHQWHV DSOLFD©·HV H IDEULFDQWHV ̸2V HGLI¯FLRV FRQVRPHP PDLV HQHUJLD GR TXH RV WUDQVSRUWHV H R QRVVR IRFR « QD HͤFL ¬QFLD H QD SRXSDQ©D GH HQHUJLD 2 .1; WRUQD ZZZ RHOHFWULFLVWD SW R HOHFWULFLVWD
$17 1,2 5,%(,52 '$ &267$ 35(6,'(17( '$ $662&,$ 2 .1; 32578*$/
RV HGLI¯FLRV PDLV LQWHOLJHQWHV FRPSHQVDQGR LQWHUUXS©·HV TXH SRVVDP YLU GD UHGH HO«WUL FD DGDSWD D OX] RX RXWURV HTXLSDPHQWRV ¢V QHFHVVLGDGHV HVSHF¯ͤFDV GH FDGD XWLOL]DGRU JHUH RV VLVWHPDV GH DU FRQGLFLRQDGR UHGX]LQ GR RX LQWHUURPSHQGR R IXQFLRQDPHQWR DYD OLD DV WHPSHUDWXUDV GH IRUPD D HYLWDU SLFRV GH FDUJD 2X VHMD GH IDFWR WRUQD RV HGLI¯FLRV PDLV DPLJRV GR XWLOL]DGRU H VREUHWXGR PDLV HͤFLHQWHV̹ UHIHULX &KULVWLDQ 6WDKQ 'DQLHO 3DOKDUHV $IRQVR GD 3URMHGRPXV HPSUHVD GH &RLPEUD TXH VH GHGLFD D SURMHWRV GH HOHWULFLGDGH H VROX©·HV GH JHVW¥R GH HGLI¯ FLRV SDUWLOKRX D VXD H[SHUL¬QFLD QD DSOLFD©¥R GD WHFQRORJLD .1; D XP ODU UHVLGHQFLDO SDUD VHQLRUHV QR VXO GH )UDQ©D ̸&RORFDUDP QRV R GHVDͤR GH DMXGDU D GH VHQYROYHU XP HGLI¯FLR LQRYDGRU DGDSWDGR ¢V QHFHVVLGDGHV HVSHF¯ͤFDV GRV UHVLGHQWHV $ SDUWLU GH XP WDEOHW R DGPLQLVWUDGRU SRGH JH ULU R HGLI¯FLR PHVPR TXDQGR HVW£ IRUD 3RGH PRQLWRUL]DU WRGR R VLVWHPD GH JHVW¥R GHV GH D WHPSHUDWXUD GR SLVR UDGLDQWH WRGRV RV VHQVRUHV RV WHUPRVWDWRV RV SDLQ«LV VRODUHV W«UPLFRV H RV YHQWLORFRQYHFWRUHV $O«P GLVVR
R VLVWHPD PRQLWRUL]D RV FRQVXPRV HO«WULFRV H GH £JXD DQDOLVD DV SRW¬QFLDV FDXGDLV LQV WDQW¤QHRV H JHUD WRGRV RV GLDV UHODWµULRV VREUH RV Q¯YHLV GH FRQVXPR R ORFDO H R FXVWR UHODWLYRV DR HGLI¯FLR H D FDGD XQLGDGH UHVLGHQ FLDO̹ UHIHULX R RUDGRU ̸2 VLVWHPD IXQFLRQD WDPE«P SRU FRQWUR OR GH YR] DWUDY«V GH VPDUWSKRQH SHUPLWLQGR FRQWURODU D LOXPLQD©¥R SRUWDV FKDPDGDV H HVWRUHV RX VHMD DMXVWDQGR RV YDORUHV GH IRU PD FRQYHQLHQWH SDUD TXHP HVW£ DFDPDGR RX FRP GLͤFXOGDGHV PRWRUDV $YDOLDQGR RV FRQ VXPRV PHGLGRV HP RXWXEUR IRL SRVV¯YHO FRQ VHJXLU XPD SRXSDQ©D GH IDFH DR F£OFXOR SDUD XP SHU¯RGR VHP HVWH WLSR GH JHVW¥R W«F QLFD̹ H[SOLFRX 'DQLHO 3DOKDUHV $IRQVR 'DQLHO 6LOYD GD 'RPµWLFD 6ROXWLRQV DSUH VHQWRX GRLV SURMHWRV GHVHQYROYLGRV SHOD HPSUH VD QR +RVSLWDO GR 0DU HP 6DFDY«P DUUHGRUHV GH /LVERD H QR &HQWUR 3DXOR 9, HP )£WLPD 1R FDVR GR +RVSLWDO GR 0DU XPD XQLGDGH GH VD¼GH UHVLGHQFLDO SDUD SHVVRDV FRP PR ELOLGDGH UHGX]LGD R HGLI¯FLR IRL WHFQLFDPHQWH UHFRQGLFLRQDGR H WRUQRX VH QHFHVV£ULR VXEV WLWXLU R SURWRFROR SURSULHW£ULR M£ LQVWDODGR SRU XPD VROX©¥R .1; ̸)RL LQVWDODGR WRGR R HTXLSDPHQWR QHFHV V£ULR DFRSODGRUHV GH OLQKD FDER GH EXV Pµ GXORV GH VD¯GD VHUYLGRU HQWUH RXWURV H FULD GRV Y£ULRV WLSRV GH XWLOL]DGRUHV FRP DFHVVRV GH GLIHUHQWHV Q¯YHLV GHͤQLGRV SDUD FDGD XP GHOHV̹ H[SOLFRX 'DQLHO 6LOYD 1R &HQWUR 3DXOR 9, D 'RPµWLFD 6ROXWLRQV LQVWDORX XP VRͤVWLFDGR VLVWHPD GH FRQWUROR GH LOXPLQD©¥R FRP XVR LQWHOLJHQWH DGDSWDGR D GLIHUHQWHV HVSD©RV LQFOXLQGR R JUDQGH DX GLWµULR FRP FDSDFLGDGH SDUD PDLV GH GXDV PLO SHVVRDV
<<>
UHSRUWDJHP
"0-")% &+,3 ÅÃ, " -/,!21&3&! !" "* ,/12$ ) SRU +HOHQD 3DXOLQR
'Á 0" &*-)"*"+1,2 +, *"/ !, ,*, 2* "3"+1, *"/" "!,/ !" -/"0"+Å +2 ): ,3" +,0 !"-,&0 ! <: "!&ÅÃ,8 => !" ,212 /, !" =;<? /" )&7,290" * &0 2* [ /,!21&3&! !"8 &!"/ +Å " ,*-"1&1&3&! !" +, ,1") ,+ +È08 "* ,&* / : /$ +&7 !, -") &11 ) ,/12$ )8 %,"+&5 ,+1 1 " G +$"+% /& +!201/& ) .2" 12 * +, *"/ !, ! 21,* ÅÃ, &+!201/& )8 ! "+"/$& " 1" +,),$& 0 !" &+#,/* ÅÃ,8 "01" "3"+1, Ç !&/&$&!, ,0 -/,#&00&,+ &0 .2" -/, 2/"* 0 $/ +!"0 +,3&! !"0 " &+,3 Å "0 !, *"/ !,: 2 HYHQWR FRPH©RX FRP XPD PHQVDJHP GH ERDV YLQGDV D WRGRV RV SURͤVVLRQDLV SUHVHQ WHV SRU SDUWH GH -RV« 0HLUHOHV -RUJH 0RWD H 0LFKHO %DWLVWD 'LUHWRUHV H UHSUHVHQWDQWHV HP 3RUWXJDO GDV HPSUHVDV RUJDQL]DGRUDV GR HYHQWR 0 0 (QJHQKDULD ,QGXVWULDO 5LWWDO 3RUWXJDO H 3KRHQL[ &RQWDFW $JUDGHFHUDP D SUHVHQ©D GH WRGRV DERUGDUDP R PHUFDGR DWXDO H DV QHFHVVLGDGHV SUHPHQWHV GR PHV PR H FRQJUDWXODUDP D LQG¼VWULD SRUWXJXHVD HP JHUDO SHOR RWLPLVPR H IRU©D GH YRQWDGH GH OXWDU FRQWUD D FULVH H WRGDV DV DGYHUVLGDGHV TXH VH WHP DSUHVHQWDGR
ZZZ RHOHFWULFLVWD SW R HOHFWULFLVWD
"0 #&,0 " ,-,/12+&! !"0 !" -/,!2À¹, "+"/$½1& 2 WHPD GD DSUHVHQWD©¥R GD 3KRHQL[ &RQWDFW LQWLWXODYD VH ̸3URGX©¥R (QHUJ«WLFD 'HVDͤRV H 2SRUWXQLGDGHV̹ 0LFKHO %DWLVWD &DUORV &RXWLQKR H )UDQFLVFR 0HQGHV H[SORUDUDP R WHPD GH Y£ULRV SRQWRV GH YLVWD GHVGH R PDFURHFRQµPLFR D SDUWLU GR SURJUDPD GH LQFHQWLYRV 3RUWXJDO DW« DR SDQRUDPD GH VROX©·HV HVSHF¯ͤFDV GD 3KRHQL[ &RQWDFW )UDQFLVFR 0HQGHV LQIRUPRX D DXGL¬QFLD VR EUH DV SULQFLSDLV FRQVLGHUD©·HV GR DWXDO UH JLPH GH DXWRFRQVXPR 2V SUµ[LPRV WHPSRV RIHUHFHP QRYRV GHVDͤRV H RSRUWXQLGDGHV DRV SURͤVVLRQDLV GR VHWRU HO«WULFR QRV GRP¯ QLRV GD SURGX©¥R H FRQVXPR HO«WULFR LVWR « QR GHVHQYROYLPHQWR GH VROX©·HV GH SURGX ©¥R H HͤFL¬QFLD HQHUJ«WLFD
1R HVSD©R GH H[SRVL©¥R R WHPD GR VWDQG GD 3KRHQL[ &RQWDFW HUD ̸(P SURGXWRV HQFRQWUDPRV HP FRQMXQWR D VXD VROX©¥R̹ 1R HVSD©R GH P HVWH IDEULFDQWH DOHP¥R GH PDWHULDO HO«WULFR H[S¶V DV VXDV QRYLGDGHV GH H GHVDͤRX RV YLVLWDQWHV D WHVWDU D WHFQRORJLD 3XVK ,Q VRE D IRUPD GH XPD D©¥R LQWHUDWLYD R 3XVK ,Q &KDOOHQJH 2 GL£ORJR HQ WUH RV YLVLWDQWHV H RV SURͤVVLRQDLV GD 3KRHQL[ &RQWDFW IRL XPD FRQVWDQWH 1R ͤQDO GR GLD D WURFD GH H[SHUL¬QFLDV HQWUH RV SDUWLFLSDQWHV IRL R PDLRU EHQHI¯FLR SDUD WRGRV
=:?r 0,)2ÀÊ"0 &+1"$/ ! 0 " "#& &"+1"0 (IͤFLHQW (QJLQHHULQJ « R QHJµFLR GD 0 0 (QJHQKDULD ,QGXVWULDO FRP VROX©·HV LQWHJUD
<<@
UHSRUWDJHP
"+$"+% /& =;=;r /!"* !,0 +$"+%"&/,0 !&0 21&2 "01/ 1Ç$&
SRU +HOHQD 3DXOLQR
" <B <D !" ,212 /, /" )&7,29 90"8 +, "+1/, !" ,+$/"00,0 ! )#Â+!"$ !, ,/1,8 , ,+$/"00, &,+ ) ! /!"* !,0 +$"+%"&/,0 J K ,+!" 0" ,/!,2 , - -") ! "+$"+% /& -,/12$2"0 " #,/ * )&+% ! 0 "01/ 1Ç$& 0 !" ÅÃ, +, ,/&7,+1" =;=;: 1R LQ¯FLR GHVWH R &RQJUHVVR )HUQDQGR $OPHLGD 6DQWRV 3UHVLGHQWH GD 5HJL¥R 1RUWH GD 2( UHIHULX D LPSRUW¤QFLD GH HQFDUDU D (QJHQKDULD FRPR R HSLFHQWUR GR FUHVFLPHQ WR VDXG£YHO H VXVWHQW£YHO &DUORV 0DWLDV %DVWRQ£ULR GD 2UGHP GD 2( UHDO©RX D UHOH Y¤QFLD GD LQWHUYHQ©¥R GD HQJHQKDULD QD DSOL FD©¥R GRV )XQGRV (XURSHXV QD DWULEXL©¥R GH UDFLRQDOLGDGH ¢V GHFLV·HV GH LQYHVWLPHQWR QR ¤PELWR GR 3URJUDPD &KDPRX D DWHQ©¥R SDUD D FDSDFLGDGH LQRYDGRUD SRWHQFLDQGR R SRVLFLRQDPHQ WR GR SD¯V DWUDY«V GR GHVHQYROYLPHQWR GH £UHDV FRPR R HQVLQR LQYHVWLJD©¥R WHFQR ORJLDV WHOHFRPXQLFD©·HV H LQIUDHVWUXWXUDV 5HDO©RX DLQGD R IDFWR GD HQJHQKDULD SRUWX JXHVD WHU REWLGR UHFHQWHPHQWH XP UHFR QKHFLPHQWR FRPXQLW£ULR FRP D HOHL©¥R GH -RV« 9LHLUD 9LFH 3UHVLGHQWH 1DFLRQDO GD 2( SDUD 3UHVLGHQWH GD )HGHUD©¥R (XURSHLD GDV $VVRFLD©·HV 1DFLRQDLV GH (QJHQKDULD $LQGD QD FRQIHU¬QFLD LQDXJXUDO /X¯V 9DOHQWH GH 2OLYHLUD YHUVRX VREUH ̸$ (XURSD H 3RUWXJDO ̰ R FRQWH[WR LQLFLDO H RV GHVDͤRV̹ H VHUYLX FRPR SRQWDS« GH VD¯GD SDUD D DQ£OLVH GDV 'LUHWLYDV H )XQGRV (XURSHXV QR +RUL]RQWH WHPD TXH DWUDYHVVRX RV WUDEDOKRV DR ORQJR GH WRGR R &RQJUHVVR
+,3 À¹,8 0201"+1 &)&! !" " "#& &¿+ & " ,*-"1&1&3&! !" $R ORQJR GH GRLV GLDV D 2( SURPRYHX R GHED WH VREUH RV SULQFLSDLV SUREOHPDV GHVDͤRV H VROX©·HV QR ¤PELWR GD (QJHQKDULD SUR PRYHQGR D GLVFXVV¥R VREUH HVWUDW«JLDV SDUD R DXPHQWR GD FRPSHWLWLYLGDGH H FUHVFLPHQ ZZZ RHOHFWULFLVWD SW R HOHFWULFLVWD
WR GD HFRQRPLD SRUWXJXHVD 6HEDVWL¥R )H\R GH $]HYHGR 5HLWRU GD 8QLYHUVLGDGH GR 3RUWR LQGLFRX R WLSR GH LQYHVWLJD©¥R FLHQW¯ͤFD IHLWD HP 3RUWXJDO GHVWDFDQGR D LQRYD©¥R OLJDGD ¢ PHVPD /X¯V %UDJD GD &UX] 3UHVLGHQWH GD )XQGD©¥R GH 6HUUDOYHV DLQGD QR ¤PELWR GR 3RUWXJDO DERUGRX R UHIRU©R GD FRPSH WLWLYLGDGH H D FRUUH©¥R GRV GHVHTXLO¯EULRV $V SULQFLSDLV FRQFOXV·HV GR HYHQWR IR UDP DSUHVHQWDGDV SRU &DUORV /RXUHLUR 9LFH 3UHVLGHQWH 1DFLRQDO GD 2( QD VHVV¥R GH HQFHUUDPHQWR SUHVLGLGD SHOR 6HFUHW£ULR GH (VWDGR GR 'HVHQYROYLPHQWR 5HJLRQDO 0DQXHO &DVWUR $OPHLGD TXH VXEOLQKRX D LPSRUW¤QFLD GRV WHPDV UHODFLRQDGRV FRP R &RQKHFLPHQWR H ,QRYD©¥R )RUPD©¥R ,QIUDHVWUXWXUDV ,QG¼VWULD 0DU H /LWRUDO 6XVWHQWDELOLGDGH $PELHQWH H (QHUJLD &RQWDQGR FRP D SDUWLFL SD©¥R GH PDLV GH FRQJUHVVLVWDV HP PDLV GH XPD GH]HQD GH VHVV·HV SOHQ£ULDV H W«F QLFDV R &RQJUHVVR 1DFLRQDO GD 2UGHP GRV (QJHQKHLURV JHURX FRQVHQVR QR TXH WRFD ¢ GHͤQL©¥R GDV SULQFLSDLV HVWUDW«JLDV DW« $ DSRVWD QD IRUPD©¥R GH EDVH H SULQFL SDOPHQWH QR HQVLQR VXSHULRU QDV £UHDV GDV
HQJHQKDULDV D LQRYD©¥R FRPR PRWRU SDUD R GHVHQYROYLPHQWR GD HFRQRPLD QDFLRQDO D LQWHJUD©¥R GH LQIUDHVWUXWXUDV H UHGHV H D QH FHVVLGDGH GH XPD UHLQGXVWULDOL]D©¥R HVWUDW« JLFD V¥R DV SULQFLSDLV FRQFOXV·HV UHWLUDGDV GRV WUDEDOKRV ̸2 3RUWXJDO IRL GHVHQKD GR FRP YLVWD D DXPHQWDU D FRPSHWLWLYLGDGH GR 3D¯V̹ DͤUPRX 0DQXHO &DVWUR $OPHLGD VD OLHQWDQGR R SDSHO IXQGDPHQWDO GRV HQJHQKHL URV QD SURGX©¥R GH LQRYD©¥R UHIHULGD FRPR R ̸PRWRU GD FRPSHWLWLYLGDGH ̹ 2 FDU£WHU WUDQVYHUVDO GR HQVLQR VXSHULRU IRL XPD FRQVWDQWH DR ORQJR GH WRGR R HYHQWR SULQFLSDOPHQWH QR TXH WRFD ¢ PDQXWHQ©¥R H FULD©¥R GH FHQWURV FLHQW¯ͤFRV H WHFQROµJLFRV GH H[FHO¬QFLD LQGLVSHQV£YHLV SDUD D VXVWHQ WD©¥R GH XPD ̸HFRQRPLD GR FRQKHFLPHQWR̹ H D FRRSHUD©¥R HQWUH R PXQGR DFDG«PLFR H R WHFLGR HPSUHVDULDO $ XUJ¬QFLD QD LQWHUQDFLR QDOL]D©¥R GDV HPSUHVDV QHJµFLRV H SURGXWRV SRUWXJXHVHV IRL WDPE«P UHIHULGD FRPR XPD HVWUDW«JLD LPSRUWDQWH SDUD R IXWXUR GD HFRQR PLD SRUWXJXHVD ̸2 QRYR 4XDGUR &RPXQLW£ULR WHU£ GH VHU DVVXPLGR FRPR GHWHUPLQDQWH QXPD HVWUDW« JLD GH FRQYHUJ¬QFLD GR 3D¯V QD OXWD SRU XPD HFRQRPLD UHDO HP RSRVL©¥R ¢ HFRQRPLD YLU WXDO ̿ ̹ UHIHULX R %DVWRQ£ULR ̸2V GHVDͤRV GR QRYR 4XDGUR LPS·HP XPD HVWUDW«JLD FROHWL YD FRQVHQVXDO H PRELOL]DGRUD GD FDSDFLGDGH LQVWDODGD QR 3D¯V FRP DSRVWDV QR FRQKHFL PHQWR QR GHVHQYROYLPHQWR HTXLOLEUDGR GR WHUULWµULR H QD PRGHUQL]D©¥R GDV HPSUHVDV DSRVWDV TXH SDVVDP SRU XPD IRUWH OLJD©¥R ¢ LQRYD©¥R SRWHQFLDQGR XP PDLRU HQWURVD PHQWR HQWUH DV HPSUHVDV H DV (VFRODV GH (QVLQR 6XSHULRU GH (QJHQKDULD ̹
<<B
FDVH VWXG\
+,3 $ * !" .2 !/,0 !" !&01/& 2&ÅÃ, !" "+"/$& 601"* -/, ,4"/ -/"0"+1 , 601"* -/, ,4"/8 +,3 0Ç/&" !" .2 !/,0 !" !&01/& 2&ÅÃ, 1Ç A>;; 8 ,*, /"02)1 !, ! "5-"/&È+ & " ! -/&* 7& ! ,*, )Ë!"/ !" *"/ !, + !&01/& 2&ÅÃ, ")Ç1/& !" "+"/$& : 2 6\VWHP SUR ( 3RZHU QDVFH GH XP SURMHWR LQRYDGRU GHVHQYROYLGR HP FRODERUD©¥R FRP WRGRV RV SURͤVVLRQDLV SURWDJRQLVWDV HQYRO YLGRV QR HVWXGR FRQVWUX©¥R H LQVWDOD©¥R GH XP TXDGUR HO«WULFR 7RGRV RV DSDUHOKRV GH %DL[D 7HQV¥R GD $%% WDO FRPR RV DSDUHOKRV PRGXODUHV 6\VWHP SUR 0 LQWHUUXSWRUHV GH FRUWH HP FDUJD 27 RV GLVMXQWRUHV HP FDL[D PROGDGD 7PD[ 7 H ;7 H RV GLVMXQWRUHV DEHUWRV (PD[ HQFRQWUDP QHVWH TXDGUR XPD µWLPD SRVL©¥R SDUD D VXD PRQWDJHP FRP XP FRPSOHWR VLV WHPD GH DFHVVµULRV H LQYµOXFURV TXH JDUDQ WHP D VXD SHUIHLWD FRPSDWLELOLGDGH H D P£[L PD IDFLOLGDGH GH PRQWDJHP $ $%% « FDSD] GH RIHUHFHU XPD VROX©¥R FRPSOHWD SDUD D GLVWULEXL©¥R GH HQHUJLD HO« WULFD HP LQIUDHVWUXWXUDV H LQG¼VWULD GH DFRUGR FRP DV QRUPDV GH UHIHU¬QFLD 2V ULJRURVRV WHVWHV D TXH IRUDP VXEPHWL GRV GXUDQWH R VHX GHVHQYROYLPHQWR TXDGURV GLVMXQWRUHV H VLVWHPDV GH EDUUDV SHUPLWLUDP REWHU ̽ &RQIRUPLGDGH FRP D QRYD 1RUPD ,QWHUQD FLRQDO ,(& H D ,(& ̽ 6XSHUDU RV HQVDLRV GDV YLEUD©·HV SUHYLV WDV SHOD 1RUPD ,(& ̽ 6XSHUDU RV HQVDLRV GH UHVLVW¬QFLD V¯VPLFD SUHYLVWRV QD 1RUPD ,((( 6WG 2 6\VWHP SUR ( 3RZHU UHSUHVHQWD XPD FRP ELQD©¥R SHUIHLWD GH IOH[LELOLGDGH YHORFLGDGH VLPSOLFLGDGH H FRQWUROR GDQGR DVVLP UHVSRV WD D TXDOTXHU QHFHVVLGDGH GH LQVWDOD©¥R GH TXDGURV GH GLVWULEXL©¥R
SRVVLELOLGDGH GH FRQVHJXLU D VROX©¥R LGHDO DMXVWDGD ¢ QHFHVVLGDGH GH PRGR D VDWLVID]HU R XWLOL]DGRU JUD©DV D XPD DPSOD YDULHGDGH GH DFHVVµULRV H FRQͤJXUD©·HV GLVSRQ¯YHLV
/&+ &- &0 / 1"/Ë01& 0r ̽
̽
̽
̽ ̽
̽ ̽ ̽
̽
̽
)"5& &)&! !" 2 6\VWHP SUR ( 3RZHU SHUPLWH DOFDQ©DU XP HOHYDGR Q¯YHO WHFQROµJLFR GHYLGR ¢ ZZZ RHOHFWULFLVWD SW R HOHFWULFLVWD
̽
̽
1RYD ͤORVRͤD GH IRUQHFLPHQWR HP NLWV GH PRQWDQWHV H WUDYHVVDV GH ODUJXUD H SUR IXQGLGDGH TXH SHUPLWH FRP FµGLJRV PRQWDU DW« FRQͤJXUD©·HV GLVWLQWDV 'LVSRQLELOLGDGH GH XPD DPSOD JDPD GH GLPHQV·HV IXQFLRQDLV DOWXUD H PP ODUJXUD GH DW« PP H SURIXQGLGDGH GHVGH D PP *UDX GH SURWH©¥R ,3 GHVGH ,3 DW« ,3 R ¼QLFR TXDGUR TXH FRQVHJXH XP YDORU W¥R HOHYDGR $V LQRYD©·HV QRV PRQWDQWHV H WUDYHVVDV G¥R UREXVWH] H HVWDELOLGDGH ¢ HVWUXWXUD 1RYD XQL¥R D HL[RV GH DOXP¯QLR SDWHQ WHDGR SHOD $%% SDUD ͤ[DU PRQWDQWHV H WUDYHVVDV 3HUͤO FRPXP SDUD WUDYHVVDV H PRQWDQ WHV VROGDGR FRP WHFQRORJLD ODVHU 6HP SRVVLELOLGDGH GH HUUR QD PRQWDJHP GHYLGR ¢ VXD SHUIHLWD VLPHWULD 1RYR SHUͤO FRP GREUDV H GRLV SODQRV GH PRQWDJHP HP FDGD ODGR TXH SHUPLWH D PRQWDJHP GH GLIHUHQWHV NLWV DSUHVHQWD SHUIXUD©¥R QD VXSHUI¯FLH FRP UDVJRV TXH DOWHUQDP FRP XPD GLVW¤QFLD GH PP FXPSULQGR FRP D 1RUPD ',1 1RYR URGDS« SDWHQWHDGR SHOD $%% GRWD GR GH VLVWHPD DQWLFRUURV¥R FRP SRVVLEL OLGDGH GH PRQWDJHP D SDUWLU GR LQWHULRU RX H[WHULRU GD HVWUXWXUD 3RVVLELOLGDGH GH HVWUXWXUD VHP URGDS« DW« ,3 'LIHUHQWHV FRPELQD©·HV QDV WDPSDV SDUD HQWUDGD VD¯GD GH FDERV QR WHWR H QD EDVH
̽
̽
GD HVWUXWXUD 1RYD VROX©¥R GH WDPSDV FH JDV H GH FRUUHU 3RUWD FRP QRYR GHVHQKR DVVLP«WULFR GLVSRQ¯YHO FRP SRUWD FHJD RX YLGUR FRP ¤QJXOR GH DEHUWXUD DW« | H DPSOL£YHO DW« | FRP DFHVVµULR HVSHFLDO SDUD ID FLOLWDU D FDEODJHP GR TXDGUR 1RYR SXQKR HUJRQµPLFR TXH SHUPLWH PRQWDU GLIHUHQWHV WLSRV GH IHFKDGXUD FRP FKDYH GXSOD DOKHWD 5RQLV HQWUH RXWURV H D SRVVLELOLGDGH GH DEHUWXUD SDUD HVFROKHU R VHQWLGR SDUD D GLUHLWD RX SDUD D HVTXHUGD 2V SDLQ«LV V¥R ͤ[DGRV FRP SDUDIXVRV GH ~ GH YROWD QD HVWUXWXUD SRGHQGR VHU ͤ[RV RX JLUDWµULRV
"), &! !" 2 6\VWHP SUR ( SRZHU SRXSD WHPSR QRV WUD EDOKRV GH FRQͤJXUD©¥R H PRQWDJHP GR TXD GUR &DGD XP GRV HOHPHQWRV TXH FRQͤJXUDP R TXDGUR IRL GHVHQKDGR SDUD VH FRQVHJXLU XPD PDLRU UDSLGH] QD PRQWDJHP H FDEOD JHP R TXH VH FRQVHJXH FRP DV QRYDV ͤ[D ©·HV GH NLWV H VLVWHPD GH GLVWULEXL©¥R
/&+ &- &0 / 1"/Ë01& 0r ̽
1RYR VLVWHPD GH ͤ[D©¥R GRV VXSRUWHV VLVWHPD FOLFN LQ SDWHQWHDGR SHOD $%% )L[D©¥R GLUHWD VREUH RV PRQWDQWHV VHP QHFHVVLGDGH GH XWLOL]DU SDUDIXVRV GH ͤ [D©¥R .LWV SDUD PRQWDJHP HP FDOKD ',1 GH DSDUHOKRV PRGXODUHV 6\VWHP SUR 0 H GLVMXQWRUHV HP FDL[D PROGDGD GD V«ULH 7PD[ ;7 ;7 FRP GXDV SRVL©·HV GH ͤ[D©¥R XPD SDUD DSDUHOKRV PRGXODUHV H RXWUD SDUD GLVMXQWRUHV HP FDL[D PROGDGD H SUHSDUDGR SDUD ͤ[D©¥R GH FDOKDV UDVJD GDV YHUWLFDLV ODWHUDOPHQWH
<=D
IRUPD©¥R
#,/* ÅÃ, /1&$, 1Ç +& ,9#,/* 1&3, ¯ ¯ ½ J K [ 8 ¯¦ ¯¦ +LO£ULR 'LDV 1RJXHLUD (QJ |
FRP R SDWURF¯QLR GH ,;86 )RUPD©¥R H &RQVXOWDGRULD /GD
QD l FDWHJRULD QR HQWDQWR R FHQWUR FRPHUFLDO « FODVVLͤFDGR QD FDWH JRULD FRUUHVSRQGHQWH ¢ GR VRPDWµULR GD ORWD©¥R GDV ORMDV H GD ORWD©¥R GDV ]RQDV FRPXQV DFHVV¯YHLV RX Q¥R DR S¼EOLFR
: ¯ &RPR VH GHWHUPLQD D FDWHJRULD GRV HVWDEHOHFLPHQWRV UHFHEHQGR S¼ EOLFR" (P WHUPRV GH DSOLFD©¥R GD LOXPLQD©¥R GH VHJXUDQ©D H GRV WLSRV GH IRQWHV GH DOLPHQWD©¥R D HVWDEHOHFHU RV HVWDEHOHFLPHQWRV TXH UH FHEHP S¼EOLFR V¥R FODVVLͤFDGRV SRU FDWHJRULDV VHJXQGR D ORWD©¥R ¯QGLFH GH RFXSD©¥R GH SHVVRDV SRU PHWUR TXDGUDGR TXH FRQVWLWXHP R S¼EOLFR FRPR WDPE«P R Q¼PHUR GH SHVVRDV TXH VH SRVVDP HQFRQ WUDU HP TXDOTXHU XP GRV ORFDLV DFHVV¯YHLV RX Q¥R DR S¼EOLFR 3DUD FDGD WLSR GH HVWDEHOHFLPHQWR TXH UHFHEH S¼EOLFR V¥R LQGLFD GDV DV UHJUDV HVSHF¯ͤFDV GH F£OFXOR GD ORWD©¥R TXH VH GHVLJQD SRU 1 &ODVVLͤFD©¥R GRV HVWDEHOHFLPHQWRV UHFHEHQGR S¼EOLFR (53
&DWHJRULD
/RWD©¥R
l
1!
l
1͠
l
1͠
l
1͠
l
1͠
4XDQGR XP PHVPR HVWDEHOHFLPHQWR TXH UHFHEH S¼EOLFR IRU FRQVWL WX¯GR SRU Y£ULRV HGLI¯FLRV RX TXDQGR QXP PHVPR HGLI¯FLR H[LVWLUHP Y£ULRV WLSRV GH HVWDEHOHFLPHQWRV D UHFHEHU S¼EOLFR GHYHP VHU FRQVL GHUDGRV SDUD HIHLWRV GH F£OFXOR GD ORWD©¥R FRPR VHQGR XP HVWDEHOH FLPHQWR ([HPSOR 3DUD HIHLWRV GH DSOLFD©¥R GHVWD UHJUD 6H QXP FHQWUR FRPHUFLDO H[LVWLUHP Y£ULDV ORMDV WHQGR FDGD XPD GHODV XPD ORWD©¥R LQIHULRU D SHVVRDV HVVDV ORMDV V¥R FODVVLͤFDGDV
/RWD©¥R WRWDO SHVVRDV =RQD FRPHUFLDO GH l FDWHJRULD
: ,!,0 !" !"1"/*&+ À¹, !" ),1 À¹, !"#&+&! "* )$2+0 ), &0
QGLFHV GH RFXSD©¥R SHVVRDV P
UHD TXH SRGH VHU RFXSDGD QD =RQD P
&£OFXOR GH SHVVRDV SUHYLVWR SDUD R ORFDO
&ODVVLͤFD FD©¥R GD FDWHJRULD SRU ]RQDV
l
l
=RQD GH LQWHUYHQ©¥R FLU¼UJLFD
l
*DELQHWHV GH FRQVXOWD
l
2XWURV JDELQHWHV
l
6DOD GH HVFULWµULR
l
/RFDLV HP HGLI¯FLRV GR WLSR KRVSLWDODU =RQDV GH HVSHUD GH H[DPHV H GH FRQVXOWDV =RQDV GH GLDJQµVWLFR H GH WHUDS¬XWLFD
6DOD GH UHXQL·HV VHP OXJDUHV 5HIHLWµULRV
l
=RQD GH HVSHUD
l
=RQD GH UHIHL©·HV
l
%DUHV =RQD GH FRQVXPR
7RWDO
l
l
1D UHDOLGDGH SRG¯DPRV UHGX]LU R Q¼PHUR GH ORWD©¥R WRWDO VH RV UHIHLWµULRV IRVVHP H[FOXVLYRV GHVWD ]RQD PDV WDO Q¥R « R IDFWR H QHVWHV FDVRV R Q¼PHUR WRWDO GH SHVVRDV YDL VHU PHVPR FRQVLGHUDGR R TXH IRL FDOFXODGR
, &0 "* "01 ")" &*"+1,0 !" /"01 2/ ÅÃ,8 12/Ë01& ,0 " 0&*&) /"0 QGLFHV GH RFXSD©¥R
UHD TXH SRGH VHU RFXSDGD QD =RQD P
&£OFXOR GH SHVVRDV SUHYLVWR SDUD R ORFDO
&ODVVLͤFD FD©¥R GD FDWHJRULD SRU ]RQDV
6DODV GH UHIHL©¥R FRP OXJDUHV VHQWDGRV
l
6DODV GH UHIHL©¥R FRP OXJDUHV HP S«
l
7RWDO
l
'HVLJQD©¥R GR ORFDO
̰ &RUUHVSRQGH D XPD SHVVRD OXJDU SRU FDGD P ZZZ RHOHFWULFLVWD SW R HOHFWULFLVWD
<>>
FRQVXOWµULR W«FQLFR
,+02)1Ð/&, 1Ç +& , ] ,+02)1È/&, ½ +& ,^ 3&0 "0 ) /" "/ .2"01 "0 0, /" "$/ 0 Ç +& 08
" +"/$& 0 "+,3Á3"&0 .2" +,0 0Ã, ,), ! 0 3& "* &): "* &) ,+02)1,/&,1" +& ,O&520:-1 "01Á 1 * Ç* !&0-,+Ë3") +, 4" 0&1"8 444:&520:-1: $2 /! *,0 0 3,00 0 .2"01 "0: "01 "!&ÅÃ, -2 )& *,0 0 .2"01 "0 .2" +,0 ,), / * "+1/" '2+%, " $,01, !" =;<?:
3 'HVWD YH] YHQKR FRORFDU XPD G¼YLGD HP UHOD©¥R ¢ OLJD©¥R GH SURGXWRUHV ¢ UHGH GH GLVWULEXL©¥R
2 3RQWR GH ,QWHUOLJD©¥R GHYH VHU GHͤ QLGR VHJXQGR DV FRQGL©·HV W«FQLFDV GR 'HFUHWR /HL
$ SRW¬QFLD GD 8QLGDGH GH 3URGX©¥R GH (QHUJLD (O«WULFD GHYH UHVSHLWDU HVWH OLPLWH SDUD DV 5HGHV GH %DL[D 7HQV¥R
$ SRW¬QFLD GD 8QLGDGH GH 3URGX©¥R GH (QHUJLD (O«WULFD GHYH UHVSHLWDU HVWH OLPLWH SDUD DV 5HGHV GH %DL[D 7HQV¥R
2X VHMD « QHFHVV£ULR VDEHU VH D 6FF P¯QLPD QR SRQWR GH OLJD©¥R SDUD VH GHFLGLU VH D OLJD©¥R GHYH VHU IHLWD HP %DL[D 7HQV¥R 0«GLD 7HQV¥R RX $OWD 7HQV¥R $ PLQKD TXHVW¥R « VH HVWDV UHJUDV V¥R DSOLFDGDV D WRGDV DV LQVWDOD©·HV GH SURGX©¥R VHP GLVWLQ©¥R RX VHMD VH VH DSOLFD D 35(V PLFURSURGX©¥R H PLQLJHUD©¥R" 5 1D 0LFUR H 0LQLSURGX©¥R Q¥R VH DSOLFDP D JHQHUDOLGDGH GHVWDV UHJUDV 3DUD DV 0LQLJHUD©·HV OLJDGDV HP 0«GLD 7HQV¥R DW« N9$ REULJDWµULDV VHPSUH TXH D FRQWDJHP GH HQHUJLD GH FRQVXPR « UHDOL]DGD QHVVH Q¯YHO GH WHQV¥R « REULJDWµULD D FRORFD©¥R GH XP UHO« GH LQWHUOLJD©¥R TXH HYLWH D UHOLJD©¥R GD 0LQLJHUD©¥R DQWHV GH VHJXQGRV DSµV D SUHVHQ©D GH WHQV¥R 5HODWLYDPHQWH ¢ GHWHUPLQD©¥R GD SRW¬QFLD GH FXUWR FLUFXLWR Q¥R « REULJDWµULD (VW£ HP FRQVXOWD S¼EOLFD XPD QRYD OHJLVOD©¥R TXH SHUPLWLU£ SRW¬QFLDV GH DXWRFRQVXPR FRP SRW¬QFLDV PXLWR PDLV HOHYDGDV RQGH GHYHU£ FRP WRGD D FHUWH]D VHU QHFHVV£ULR REHGHFHU ¢V UHJUDV WUDQV FULWDV QR *XLD 7«FQLFR '*(*
3 8PD FRUUHQWH KRPRSRODU FRQVLVWH QD FRUUHQWH TXH SDVVD SHOR QHXWUR" (P TXH VLWXD©·HV Ù H[LJLGD XPD SURWH©¥R KRPRSRODU H TXDLV RV PHLRV SDUD D VXD UHDOL]D©¥R" 5 $V FRPSRQHQWHV KRPRSRODUHV GD &RUUHQWH $OWHUQDGD VLQXVRLGDO WULI£VLFD V¥R FRUUHQWHV FRP R PHVPR VHQWLGR H TXH VH VRPDP QR QHXWUR VH H[LVWLU 3RGH VH DQDOLVDU D FRUUHQWH KR PRSRODU SHOR GHVYLR YHWRULDO GD FRUUHQWH GR QHXWUR SRGHQGR GHWHWDU VH GHVVD IRUPD D H[LVW¬Q FLD GH IXJDV QR VLVWHPD HO«WULFR 6µ QDV OLQKDV GH GLVWULEXL©¥R H WUDQVSRUWH HP 0«GLD 7HQV¥R H $OWD 7HQV¥R VH XWLOL]D D SURWH ©¥R KRPRSRODU GH FRUUHQWH RX WHQV¥R FRORFDQGR XP 7, QD OLJD©¥R GR QHXWUR ¢ WHUUD H UHFRUUHQ GR D XP UHO« GH GHWH©¥R KRPRSRODU GH FRUUHQWH QR FDVR GRV VLVWHPDV GH QHXWUR ¢ WHUUD PDLRULD GRV FDVRV RX GH GHWH©¥R KRPRSRODU GH WHQV¥R QRV FDVRV GH VLVWHPDV FRP QHXWUR LVRODGR RX LPSHGDQWH
3 $ H[LVW¬QFLD GD FRPSRQHQWH KRPRSRODU SUHVVXS·H TXH XP VLVWHPD WULI£VLFR GHL[RX GH VHU HTXLOLEUDGR" ( DR Q¯YHO GD VLPHWULD H VHTX¬QFLD GH IDVHV HVW£V V¥R DIHWDGDV SHOR DSDUHFLPHQWR GD FRPSRQHQWH KRPRSRODU" ZZZ RHOHFWULFLVWD SW R HOHFWULFLVWD