,&%39LFWRULDGH*LUyQ 1(852%,2/2*,$&2&/($5 (9(1726&(/8/$5(6<02/(&8/$5(6 'UD0DUtDGHO&DUPHQ+HUQiQGH]&RUGHUR 5HVLGHQWHGH1HXURILVLRORJtD 5(680(1 /DV YtDV DXGLWLYDV \ HO SURFHVR GH FRQYHUVLyQ GHO HVWtPXOR PHFiQLFR VHxDO VR QRUD HQ VHxDOHV HOpFWULFDV KDQ VLGRREMHWRGHHVWXGLRGXUDQWHPXFKRVDxRVSRU YDULRV LQYHVWLJDGRUHV (O RtGR VH GLYLGH SDUD VX HVWXGLR HQ WUHV SDUWHV RtGR H[WHUQRPHGLRHLQWHUQR/DVHxDOVRQRUDHVFRQGXFLGDGHVGHHORtGRH[WHUQRD WUDYpVGHODFDGHQDGHKXHVHFLOORVKDVWDHORtGRLQWHUQRGRQGHVHHQFXHQWUDQODV HVWUXFWXUDVUHFHSWRUDVTXHHIHFW~DQHOSURFHVRGHWUDQVGXFFLyQPHFDQRHOpFWULFD GHQRPLQDGDVFpOXODVFLOLDGDVGHODVFXDOHVVHGHVFULEHQWLSRVFpOXODVFLOLDGDV H[WHUQDV\FpOXODVFLOLDGDVLQWHUQDVGLVWLQJXLpQGRVHFDGDXQDSRUODVLQDSVLVTXH SUHVHQWDQFRQILEUDVDIHUHQWHV\HIHUHQWHV$HVWHQLYHOHVPX\LPSRUWDQWHGHVWD FDUORVQHXURWUDQVPLVRUHVTXHVRQOLEHUDGRVWHQLHQGRHOJOXWDPDWRIXQFLyQH[FL WDGRUD\ODDFHWLOFROLQDLQKLELGRUDHVOLEHUDGDHQHOFRQWDFWRHIHUHQWH\WLHQHVX RULJHQHQHOFRPSOHMRROLYRFRFOHDU2WUDVHVWUXFWXUDVTXHVHKDQGHVFULWRHQUH ODFLyQ FRQ ORV QHXURWUDQVPLVRUHV VRQ ORV UHFHSWRUHV VREUH ORV FXDOHV DFW~DQ SUHVHQWDQGRHVWRVGLYHUVRVWLSRVFRPRSRUHMHPSORHO10'$\HO$03$2WUDV LQYHVWLJDFLRQHV VH KDQ UHDOL]DGR VREUH HO HVWXGLR GH ORV WLSRV GH XQLRQHV LQWHUFHOXODUHV TXH SUHVHQWDQ ODV FpOXODV FLOLDGDV \ ODV FpOXODV GH VRVWpQ \ VX FRQWULEXFLyQDOSURFHVDPLHQWRGHOHVWLPXORDF~VWLFR ,1752'8&&,21 /D DXGLFLyQ VHGHILQHFRPRHOPHFDQLVPRDWUDYpVGHOFXDOODHQHUJtDItVLFDXWLOL ]DGD SRU HO VLVWHPD VHQVRULDO HV OD YLEUDFLyQ PHFiQLFD GHO PHGLR HQ HO TXH HO RUJDQLVPRHVWiLQPHUVRHQHVWHFDVRHODLUHGHELGRDHVWRHORtGRFDSWDODV RQGDV VRQRUDV GLVFULPLQD VXV IUHFXHQFLDV \ WUDQVPLWH OD LQIRUPDFLyQ DXGLWLYD DO VLVWHPDQHUYLRVRFHQWUDOGRQGHVHGHVFLIUDVXVLJQLILFDGR /DVRQGDVVRQRUDVVRQFRQGXFLGDVDWUDYpVGHORtGRH[WHUQR\PHGLRKDVWDHORtGR LQWHUQR(QHORtGRLQWHUQRVHHQFXHQWUDODFyFOHDRFDUDFROFRQGXFWRUtJLGRHQIRU PDGHHVSLUDOGHXQRVPPGHORQJLWXG3RVHHHQVXLQWHULRUGRVIOXLGRVGHGL IHUHQWHFRPSRVLFLyQ3DUDH[SOLFDUWRGRORVSURFHVRVELRTXtPLFRVTXHRFXUUHQHQ ODV FpOXODV ORFDOL]DGDV HQ HVWH yUJDQR VH GHEHQ VHxDODU DOJXQRV DVSHFWRV IXQ GDPHQWDOHVWDQWRDQDWyPLFRVFRPRIXQFLRQDOHVQHFHVDULRVSDUDTXHVHRULJLQHQ ORVHYHQWRVGHODWUDQVGXFFLyQ 2,'2 2,'2 2,'2 ),*85$(6758&785$'(/2,'2 (O LQWHULRU GHO FRQGXFWR HVWi GLYLGLGR HQ VHQWLGR ORQJLWXGLQDO SRU OD PHPEUDQD EDVLODU \ OD PHPEUDQD GH 5HLVVQHU ODV FXDOHV IRUPDQ WUHV FRPSDU WLPHQWRVRHVFDODVYHVWLEXODUPHGLD\WLPSiQLFD/DHVFDODYHVWLEXODU \ODHVFD ODWLPSiQLFD FRQWLHQHQXQPLVPRIOXLGRSHULOLQIDSXHVWRTXHVHLQWHUFRQHFWDQSRU XQDSHTXHxDDEHUWXUDVLWXDGDHQHOYpUWLFHGHOFDUDFROOODPDGDKHOLFRWUHPD3RU HOFRQWUDULRODHVFDODPHGLD VHHQFXHQWUDDLVODGDGHODVRWUDVGRV\FRQWLHQHXQOt TXLGRGHGLVWLQWDFRPSRVLFLyQDODSHULOLQIDHQGROLQID $VtODHQGROLQIDSRVHHXQD DOWD FRQFHQWUDFLyQ GH SRWDVLR \ XQ SRWHQFLDO SRVLWLYR FRQ UHVSHFWR D OD SHULOLQID PDQWHQLGRSRUODVFpOXODVPDUJLQDOHVGHODHVWUtDYDVFXODUPHGLDQWHXQDERPED 1D.$73DVDTXHSURGXFHXQDVDOLGDQHWDGH.DODHVFDODPHGLD /DEDVHGHOHVWULERDWUDYpVGHODYHQWDQDRYDOHVWiHQFRQWDFWRFRQHOIOXLGRGH OD HVFDOD YHVWLEXODU PLHQWUDV TXH OD HVFDOD WLPSiQLFD GHVHPERFD HQ OD FDYLGDG GHORtGRPHGLRDWUDYpVGHRWUDDEHUWXUDYHQWDQDUHGRQGDVHOODGDSRUXQDPHP EUDQDIOH[LEOHPHPEUDQDWLPSiQLFDVHFXQGDULD 6REUH OD PHPEUDQD EDVLODU \ HQ HO LQWHULRU GH OD HVFDOD PHGLD VH HQFXHQWUD HO yUJDQRGH&RUWLHOFXDOVHH[WLHQGHGHVGHHOYpUWLFHKDVWDODEDVHGHODFyFOHD\ FRQWLHQHODVFpOXODVFLOLDUHVODVTXHDFW~DQFRPRWUDQVGXFWRUHVGHVHxDOHVVRQR UDV D LPSXOVRV QHUYLRVRV 6REUH ODV FpOXODV FLOLDUHV VH XELFD OD PHPEUDQD WHF WRULDOGHQWURGHODFXDOVHDORMDQODVSURORQJDFLRQHVRFLOLRVGHODVFpOXODVFLOLDUHV H[WHUQDV (QHOSURFHVRGHWUDQVGXFFLyQTXHVHUHDOL]DHQODFyFOHDVHKDQGHVFXELHUWRYD ULRVHYHQWRVELRTXtPLFRVORVTXHH[SOLFDQPXFKRVGHORVIHQyPHQRVTXHRFXUUHQ DHVWHQLYHO\TXHLQLFLDOPHQWHIXHURQREVHUYDGRVSHURD~QQRVHHQFRQWUDEDXQD H[SOLFDFLyQ VDWLVIDFWRULD SRU OR TXH IXH QHFHVDULR UHDOL]DU XQD VHULH GH H[SH ULPHQWRVFX\RVSULQFLSLRVKDVWDKR\VHPDQWLHQHQGHELGRDTXHWRGDYtDH[LVWHQ YDULDVLQWHUURJDQWHVHQFXDQWRDODH[SOLFDFLyQGHORVFRPSOHMRVSURFHVRVTXHVH SURGXFHQ HQ OD FRQYHUVLyQ GH VHxDOHV \ OD WUDQVPLVLyQ GH OD LQIRUPDFLyQ DO VLV WHPDQHUYLRVRFHQWUDODVtFRPRVXSRVWHULRUGHFRGLILFDFLyQ '(6$552//2 (O DQiOLVLV HVWUXFWXUDO ILQR GH OD FyFOHD KD SHUPLWLGR GLVWLQJXLU YDULRV WLSRV FHOXODUHVGLIHUHQWHVSHURD~QVRQPX\LQFLHUWRVORVSDSHOHVIXQFLRQDOHVGHFDGD FpOXOD/DVFpOXODVDG\DFHQWHVDORVUHFHSWRUHVHVWiQHVSHFLDOL]DGDVHQHOVRSRUWH PHFiQLFR\PHWDEyOLFR $OJXQDVFpOXODVVHSDUDQORVFRPSDUWLPHQWRVTXHFRQWLHQHQHQGROLQIDGHDTXHOORV FRQSHULOLQIDHQWDQWRTXHRWUDVSDUWLFLSDQHQODIRUPDFLyQ\PDQWHQLPLHQWRGHDP ERV IOXLGRV (VWDV FpOXODV GH VRSRUWHSUHVHQWDQHVSHFLDOL]DFLRQHVGHPHPEUDQD XQLRQHVLQWHUFHOXODUHVWDOHVFRPRODVXQLRQHVGHKHQGLGXUDRWLSRJDS JDSMXQF WLRQV GHVPRVRPDV GHVPRVRPHV XQLRQHV DGKHUHQWHV DGKHUHQV MXQFWLRQV \ XQLRQHVHVWUHFKDVWLJKWMXQFWLRQVTXHIXHURQHQFRQWUDGDVHQHOyUJDQRGH&RUWL 2WUDIXQFLyQ GHODVFpOXODVGHVRSRUWHSRGUtDVHUODGHGHVDUUROODUVHFRPRQXHYDV FpOXODVFLOLDGDVVLQSUROLIHUDFLyQ(VWRHVWiVXJHULGRSRUHOKHFKRGHTXHHQiUHDV OHVLRQDGDV GLVPLQX\HOD GHQVLGDG GH ODV FpOXODV GH VRSRUWH PLHQWUDV TXH HO Q~ PHURGHFpOXODVFLOLDGDVDXPHQWD /D HVWUtD YDVFXODULV DFW~D FRPR XQD EDWHUtD TXH PDQWLHQH XQ SRWHQFLDO FRQWLQXR '&HQODHQGROLQIDGHODHVFDODPHGLD\SRVLELOLWDHOPHFDQLVPRGHWUDQVGXFFLyQ SRUORVUHFHSWRUHV $VtODHQGROLQIDFRQWLHQHXQDDOWDFRQFHQWUDFLyQGHSRWDVLR\XQSRWHQFLDOSRVLWLYR FRQUHVSHFWRDODSHULOLQIDPDQWHQLGRSRUODVFpOXODVPDUJLQDOHVGHODHVWUtDYDV FXODUPHGLDQWHXQDERPED1D.$73DVDTXHSURGXFHXQDVDOLGDQHWDGH. DODHVFDODPHGLD ),*85$5(35(6(17$&,21(648(0$7,&$'(/$65$03$6 9(67,%8/$50(',$<7,03$1,&$ (O DOWR FRQVXPR GH HQHUJtD UHTXLHUH XQD DGHFXDGD GLVSRQLELOLGDG GH VXVWUDWRVHQHUJpWLFRVODJOXFRVDHVHOSULQFLSDOQXWULHQWHVHVHQFLDOHV\R[tJHQR DVt FRPR OD SRVLELOLGDG GH UHPRYHU ORV GHVHFKRV PHWDEyOLFRV \ HO DQKtGULGRFDU EyQLFRTXHVHYDQSURGXFLHQGR1RGHEHROYLGDUVHDGHPiVTXHORVFRQWLQXRVSUR FHVRVGHWUDQVGXFFLyQJHQHUDQFDPELRVPHWDEyOLFRVFRQVWDQWHVTXHGHEHQVHUUi SLGDPHQWHFRUUHJLGRV &RPR VH PHQFLRQy DQWHULRUPHQWH HQ HO LQWHULRU GHO FRQGXFWRFRFOHDU VH HQFXHQ WUDQODPHPEUDQDGH5HLVVQHU\ODPHPEUDQDEDVLODU(VWD~OWLPDHVXQDHVWUXF WXUDIXQGDPHQWDOHQHOSURFHVRGHODDXGLFLyQ /D PHPEUDQD EDVLODU HV ILEURVD \ FRQWLHQH ILEUDV EDVLODUHV ODV TXH VH H[WLHQGHQGHVGHHOFHQWURyVHRGHODFyFOHDHOPRGLRORKDVWDVXSDUHGH[WHUQD 6RQHVWUXFWXUDVUtJLGDV \HOiVWLFDVDQFODGDVSRUVXH[WUHPREDVDOHQHOPRGLROR SHURQRHVWiQVXMHWDVSRUVXVH[WUHPRVGLVWDOHVORVTXHVHKD\DQLQVHUWDGRVHQOD PHPEUDQDEDVLODU&RPRODVILEUDVVRQUtJLGDV\OLEUHVSRUXQH[WUHPRSXHGHQYL EUDUFRPRODVOHQJHWDVGHXQDDUPyQLFD/DORQJLWXGGHODVILEUDVEDVDOHVYDDX PHQWDQGRDPHGLGDTXHVHDYDQ]DGHVGHODEDVHDOYpUWLFHGHODFyFOHD(OGLi PHWURGLVPLQX\HGHVGHODEDVHKDVWDHOKHOLFRWUHPDGHPRGRTXHODULJLGH]JOREDO GLVPLQX\HPiVGHYHFHV/DVILEUDVFRUWDV\UtJLGDV GHODEDVHYLEUDQDIUH FXHQFLDVDOWDV\ODVODUJDV\IOH[LEOHVGHOiSH[YLEUDQDIUHFXHQFLDVEDMDV &(/8/$6&,/,$'$6 'HSHQGLHQGR GH VX XELFDFLyQ HQ HO yUJDQR GH &RUWL VH SXHGHQ GLVWLQJXLU GRV WLSRV GH FpOXODV FLOLDUHV LQWHUQDV \ H[WHUQDV([LVWHQ DOUHGHGRU GH Fp OXODVFLOLDUHVLQWHUQDV\XQDVFpOXODVH[WHUQDV$PERVWLSRVGHFpOXODVSUH VHQWDQFRQH[LRQHVRVLQDSVLVFRQODVILEUDVQHUYLRVDVDIHUHQWHVTXHWUDQVSRUWDQ LPSXOVRVKDFLDHOFHUHEUR\HIHUHQWHVTXHWUDQVSRUWDQLPSXOVRVSURYHQLHQWHVGHO FHUHEURODVFXDOHVFRQIRUPDQHOQHUYLRDXGLWLYR6LQHPEDUJRODGLVWULEXFLyQGH ODV ILEUDVHVPX\GHVLJXDOPiVGHGHODVILEUDVDIHUHQWHVLQHUYDQDODVFp OXODVFLOLDUHVLQWHUQDVPLHQWUDVTXHODPD\RUtDGHODVILEUDVHIHUHQWHVLQHUYDQ DODVFpOXODVFLOLDUHVH[WHUQDV /DVFpOXODVFLOLDGDVLQWHUQDV&&,\H[WHUQDV&&(SUHVHQWDQPDUFDGDVGLIHUHQ FLDV HQ FXDQWR D OD SRVLFLyQ HQ HO yUJDQR GH &RUWL OD XOWUDHVWUXFWXUD OD LPSODQ WDFLyQGHORVHVWHUHRFLOLRV\ODLQHUYDFLyQWHQLHQGRODVPLVPDVLPSOLFDFLRQHVIXQ FLRQDOHVGLIHUHQWHVODV&&,V\ODV&&(VDFW~DQFRPRWUDQVGXFWRUHVPHFDQRHOpF WULFRV GHO VLVWHPD DXGLWLYR PLHQWUDV TXH ODV &&(V DFW~DQ DGHPiV FRPR WUDQV GXFWRUHVHOHFWURPHFiQLFRVHVGHFLUFRPRFpOXODVPRWRUDV/DV&&(VUHVSRQGHQ D FDPELRV GH SRWHQFLDO FDPELDQGR VX ORQJLWXG /D IXHU]D JHQHUDGD SRU HOODV HV FDSD] GH DOWHUDU ORV GHOLFDGRV PHFDQLVPRV FRFOHDUHV LQFUHPHQWDQGR OD VHQVL ELOLGDGDXGLWLYD\ODVHOHFWLYLGDGGHODVIUHFXHQFLDV (Q OD VXSHUILFLH DSLFDO FDGD FpOXOD FLOLDGD H[WHUQD WLHQH VXV HVWHUHRFLOLRV RU GHQDGRV HQ KLOHUDV HQ IRUPD GH³8´R³:´&DGDKLOHUDFRQWLHQHHVWHUHRFLOLRVGH VLPLODUORQJLWXGODVKLOHUDVGHHVWHURFLOLRVPiVFRUWDVPLUDQKDFLDHOPRGLROR\ODV PD\RUHVKDFLDODSDUHGODWHUDO(OODUJRGHORVHVWHUHRFLOLRVYDDXPHQWDQGRGHOD EDVHDOiSH[GHOFRQGXFWRFRFOHDU7RGDVHVWDVFDUDFWHUtVWLFDVKDQVLGRUHYLVDGDV WDQWRHQPDPtIHURVFRPRHQQRPDPtIHURV ([LVWH PDWHULDO ILEULODU TXH HVWDEOHFH FRQH[LRQHV FUX]DGDV HQWUH ORV FLOLRV GH XQ PLVPRKD]DOJXQDVFRQHFWDQHVWHURFLOLRVDG\DFHQWHVGHODPLVPDKLOHUD\WDPDxR VLPLODUDWUDYpVGHVXVXSHUILFLHODWHUDOZLWKLQURZ\RWUDVFRQHFWDQHVWHUHRFLOLRV GH XQD KLOHUD FRQ ODV PiVDOWDVXELFDGDVGHWUiVDFURVVURZ(VWRVWLSRVGHFR QH[LRQHV SDUHFHQ OD FDXVD GH TXH HO KD] GH HVWHUHRFLOLRV VH PXHYD FRPR XQ JUXSRFXDQGRVyORORVH[WUHPRVGHODVPiVODUJDVVRQLQFOLQDGRV 2WURV SXHQWHV YDQ GHVGH OD SXQWD GH XQ HVWHUHRFLOLR FRUWR KDVWD XQ HVWHURFLOLR YHFLQR GH PD\RU WDPDxR WLSOLQN (VWRV SXHQWHV SRGUtDQ HVWDU LPSOLFDGRV HQ HO SURFHVRGHWUDQVGXFFLyQGDGRTXHVXWLURQHDPLHQWRSRGUtDDEULUFDQDOHVLyQLFRV UHODFLRQDGRVFRQVXVSXQWRVGHLQVHUFLyQ 3RUGHQWURGHFDGDHVWHUHRFLOLRVHREVHUYDXQKD]GHILODPHQWRVGHDFWLQDXQLGRV HQWUH VL \ FRQ OD PHPEUDQD SODVPiWLFD $XQTXH VH KDEtD SODQWHDGR TXH HO HV WHUHRFLOLR QR VH PRYtD SRU Vt PLVPR UHFLHQWHV HVWXGLRV HQFRQWUDURQ PLRVLQD , \ FDOPRGXOLQD TXH VXJLHUHQ OD SRVLELOLGDG GH XQD HVWUXFWXUD FRQWUiFWLO TXH WHQGUtD LPSOLFDFLRQHVLPSRUWDQWHVHQODDGDSWDFLyQGHODVFpOXODVFLOLDGDV/DDGDSWDFLyQD ODLQFOLQDFLyQFRQWLQXDGHODVHVWHUHRFLOLRVHVVHQVLEOHDOFDOFLR &(/8/$6&,/,$'$6 ,17(51$6 &(/8/$6&,/,$'$6 (;7(51$6 ),*85$&(/8/$6&,/,$'$6 &(/8/$6&,/,$'$6,17(51$6 (VWDV FpOXODV WLHQHQ HO FXHUSR JOREXORVR FRQ VXV HVWHUHRFLOLDV RUGHQDGDV OLQHDO PHQWH VLQ KDFHU FRQWDFWR FRQ OD VXSHUILFLH LQIHULRU GH OD PHPEUDQD WHFWRULD /D SRUFLyQ EDVDO GH ODV &&,V KDFHQ VLQDSVLV GLUHFWDPHQWH FRQ ODV ILEUDV DIHUHQWHV TXH SUR\HFWDQ DO VLVWHPD QHUYLRVR FHQWUDO /DV ILEUDV QHUYLRVDV \ ODV FpOXODV GH VRSRUWHURGHDQODVXSHUILFLHEDVRODWHUDOGHIRUPDTXHOD&&,QRKDFHFRQWDFWRFRQ ODPHPEUDQDEDVLODU(VWDVFpOXODVSRVHHQXQLRQHVHVWUHFKDVWLJKWMXQFWLRQVDQL YHOGHODOiPLQDUHWLFXODUFRQODVFpOXODV GHVRSRUWHFpOXODVGHOSLODULQWHUQR\ID OiQJLFDVLQWHUQDV6XVXSHUILFLHDSLFDOHVWiVHSDUDGDGHODVRWUDV&&,SRUFpOXODV GHVRSRUWH6LQHPEDUJRODV&&,VFRQWDFWDQFRQVXVYHFLQDVHQODV]RQDVGRQGH HOFXHUSRVHHQVDQFKDDQLYHOGHOQ~FOHR3RUOR WDQWRFDEUtDODSRVLELOLGDGGHXQD FRPXQLFDFLyQGLUHFWDHQWUHHOODVSHURD~QQRKDVLGRHQFRQWUDGD &(/8/$6&,/,$'$6(;7(51$6 (VWDV FpOXODV VRQ DODUJDGDV \ FLOtQGULFDV FRQ HO Q~FOHR HQ VLWXDFLyQ PiV EDVDO 'H PHQRU GLiPHWUR TXH ODV LQWHUQDVVX VXSHUILFLH DSLFDO FRQWDFWD FRQ ODV FpOXODV GH VRSRUWH PHGLDQWH XQLRQHV HVWUHFKDV WLJKW MXQFWLRQV \ XQLRQHV DGKH UHQWHVDGKHUHQVMXQFWLRQV&DGD&&(HVWiHQYXHOWDHQVXEDVHSRUXQDFpOXODGH 'HLWHUV FRQ XQD SURORQJDFLyQ DODUJDGD TXH IRUPD SDUWH GH OD OiPLQD UHWLFXODU $ GLIHUHQFLD GH ODV &&,V ODV &&(V WLHQHQ OLEUHV VXV VXSHUILFLHV ODWHUDOHV TXH VyOR FRQWDFWDQFRQHOIOXLGRFLUFXQGDQWH(VWRLPSRVLELOLWDODFRPXQLFDFLyQGLUHFWDHQWUH HOODV SHUR QR REVWDQWH IDFLOLWD VX IXQFLyQ FRQWUiFWLO 6LQ HPEDUJR SXHGHQ HVWDU DFRSODGDVDFpOXODVGHVRSRUWHDWUDYpVGHXQLRQHVGHKHQGLGXUDJDSMXQFWLRQV $FWXDOPHQWHKD\HYLGHQFLDVIXQFLRQDOHVFRQWURYHUWLGDVDFHUFDGHODH[LVWHQFLDR QRGHFRQH[LRQHVHOpFWULFDV /DV &&(V SUHVHQWDQ GHQVDV EDQGDV ORQJLWXGLQDOHV DVRFLDGDV FRQ PLFURW~EXORV YHVtFXODVGHPHPEUDQD\PLWRFRQGULDVHQWUHODSODFDFXWLFXODU\HOQ~FOHR (QFLPDGHOQ~FOHRHOFLWRSODVPDHVKRPRJpQHRFRQULERVRPDVPLWRFRQGULDV\UH WtFXORHQGRSOiVPLFR'HEDMRGHOQ~FOHRKD\DEXQGDQWHVPLFURILODPHQWRV\PLFUR W~EXORV (QODEDVHGHODVFpOXODVVHREVHUYDQODVVLQDSVLVDIHUHQWHV\HIHUHQWHV6HSLHQ VDTXHODVVHxDOHVQHXUDOHVGHVGHHOVLVWHPDHIHUHQWHSURGXFHFDPELRVTXHPR GLILFDQ ODV SURSLHGDGHV PHFiQLFDV GH ODV &&( LQIOX\HQGR HQ OD PHFiQLFD GH OD PHPEUDQDEDVLODU /RV HVWXGLRV DQDWyPLFRV KDQ LGHQWLILFDGR ILEUDV DIHUHQWHV \ HIHUHQWHV GHWHUPL QDQGRHOQ~PHUR\ODGLVWULEXFLyQGHODVWHUPLQDOHVQHUYLRVDVHQFDGDWLSRGHFp OXOD FLOLDGD \ HQ ORV GLVWLQWRV QLYHOHV GH OD FyFOHD (VWRV HVWXGLRV KDQ VLGR GH VDUUROODGRVHQGLVWLQWDVHVSHFLHV ([LVWHQUHFHSWRUHVGHPHPEUDQDSDUDODDFHWLOFROLQD\HOiFLGRJDPDDPLQREXWt ULFR*$%$HQODEDVHGHODV&&(V (Q IRUPD FDUDFWHUtVWLFD VH UHFRQRFH HQ ODV VLQDSVLV FRQ ILEUDVDIHUHQWHV TXH ODV FpOXODV FLOLDGDV PXHVWUDQ DF~PXORV GH YHVtFXODV VLQiSWLFDV (Q ODV VLQDSVLV HIH UHQWHVODDFXPXODFLyQGHODVYHVtFXODVVLQiSWLFDVDSDUHFHHQHOQHUYLR\HQODVFp OXODVFLOLDGDVDSDUHFHQODVFLVWHUQDVVXEVLQiSWLFDV /DVILEUDVDIHUHQWHVHVWiQVXEGLYLGLGDVHQGRVJUXSRVDODVILEUDVGHODVFpOXODV JDQJOLRQDUHV7LSR,JUXHVDVPLHOLQL]DGDV\TXHKDFHQFRQWDFWRFRQODV&&,V\E ODVILEUDVGHODVFpOXODVJDQJOLRQDUHV7LSR,,ILQDVQRPLHOLQL]DGDVTXHFRQWDFWDQ FRQODV&&(V (O VLVWHPD HIHUHQWH IXH LQLFLDOPHQWH GLYLGLGR HQ GRV VXEVLVWHPDV D HO PHGLDO FRQWDFWDQGR FRQ ODV &&(V \ E HO ODWHUDO KDFLHQGR VLQDSVLV VREUH ODV ILEUDV DIHUHQWHV TXH FRQWDFWDQ FRQ ODV &&,V &RQ HVWXGLRV LQPXQRFLWRTXtPLFRV SDUD QHXURWUDVPLVRUHVKDQVLGRVXJHULGDVRWUDVVXEGLYLVLRQHV (QHVWXGLRVUHDOL]DGRVHQJDWR\FRED\RVHGHPRVWUyTXHGHODVILEUDV HQ HO QHUYLR DXGLWLYR FRQWDFWD VyOR FRQ ODV &&,V FRUUHVSRQGLHQGR D ODV FpOXODV JDQJOLRQDUHV7LSR, &DGDILEUDWHUPLQDVREUHXQD&&,KDELHQGRXQDHVSHFLDOL]DFLyQVLQiSWLFDSRUILEUD &DGD &&, FRQWDFWD FRQ GLIHUHQWHV ILEUDV DIHUHQWHV SXGLHQGR DXPHQWDU HVH Q~PHURHQUHJLRQHVGHIUHFXHQFLDVIXQFLRQDOPHQWHLPSRUWDQWHSDUDODHVSHFLHSRU HMHPSORHQHOKXPDQR\HQHOJDWRODGHQVLGDGQHXUDOHVPD\RUHQODUHJLyQPH GLDGHODFyFOHD(VWRLPSOLFDXQD JUDQGLYHUJHQFLDGHODLQIRUPDFLyQGHVGHFDGD &&, (VWDV VLQDSVLV WLHQHQ XQD GHOJDGD GHQVLGDG GH PHPEUDQD SUHVLQiSWLFD \ XQD GHQVDPHPEUDQDSRVWVLQiSWLFDREVHUYiQGRVHHQODKHQGLGXUDVLQiSWLFDILODPHQ WRV\PDWHULDOJUDQXODU /DVILEUDVSRVWVLQiSWLFDVKDQVLGRGLYLGLGDVVHJ~QFULWHULRVPRUIROyJLFRVDVtFRPR SRUHOQ~PHURGHVLQDSVLVHIHUHQWHVTXHUHFLEHQ /DVILEUDVHIHUHQWHVTXHOOHJDQDODUHJLyQGHODV&&,VVRQILQDVWUDQVFXUUHQSRUHO W~QHOHQIRUPDHVSLUDOGRQGHGDQUDPDV\IRUPDQYDULFRFLGDGHV\ WHUPLQDQUHDOL ]DQGRVLQDSVLVHQSDVVDQW FRQODVILEUDVDIHUHQWHVUDGLDOHVTXHSURYLHQHQGHODV &&,V (QODVWHUPLQDOHVHIHUHQWHVH[LVWHQYDULRVQHXURWUDQVPLVRUHVFRPR$FHWLOFROLQD OD FXDOWLHQHVXRULJHQHQODIRUPDFLyQUHWLFXODUGHOWDOORFHUHEUDO\VXVtQWHVLVVHUHD OL]DSRUODXQLyQGH&ROLQDUHFDSWDGDSRUXQWUDQVSRUWDGRUDFWLYRGHSHQGLHQWHGH 1D PiV DFHWLO&R$ SURYHQLHQWH GH OD PLWRFRQGULD SRU DFFLyQ GH OD DFHWLOFROLQD WUDQVIHUDVDVXVUHFHSWRUHVVRQPXVFDUtQLFRVGLVPLQX\HQODIRUPDFLyQGH$03FH LQFUHPHQWDQHOUHFDPELRGHIRVIDWLGLOLQRVLWROELIRVIDWR\QLFRWtQLFRV*03FFX\D VHFXHQFLDDPLQRDFtGLFDIXHODSULPHUDHQGHWHUPLQDUVHSRU1RGDHWDO/RV UHFHSWRUHV QLFRWtQLFRV SXHGHQ GLYLGLUVH HQ VXEWLSRV GH EDMD DOWD \ VXSHUDOWD DIL QLGDG (Q HO FDVR GH OD VLQDSVLVDQWHVPHQFLRQDGDVFRQILEUDVHIHUHQWHVQRVH KDQGHVFULWRHVSHFtILFDPHQWHHOWLSRGHUHFHSWRUSUHVHQWHHQHOOD$GHPiVVHKDQ HQFRQWUDGRRWURVQHXURWUDQVPLVRUHVTXHDFW~DQDHVWHQLYHOFRPR*$%$QHXUR SpSWLGRV\HQFHIDOLQDV (O JOXWDPDWR KD VLGR GHVFULWR FRPR HO QHXURWUDQVPLVRU TXH DFW~D HQ OD VLQDSVLV HQWUHODFpOXODFLOLDGDLQWHUQD\ODVGHQGULWDVDIHUHQWHV (OHVWtPXORJOXWDPDpUJLFR SDUHFHQHFHVDULRSDUDODUHDOL]DFLyQGHP~OWLSOHVIXQFLRQHVGHWLSRH[FLWDWRULR(O JOXWDPDWR HV VLQWHWL]DGR HQ ODV WHUPLQDOHV QHUYLRVDV SURYHQLHQWH GHO DOIDNHWR JOXWDUDWR \ OD GHVDPLQDFLyQ GH OD JOXWDPLQD SRU DFFLyQ GH OD JOXWDPLQDVD ORFDOL ]DGDHQODPLWRFRQGULD\IDYRUHFLGDSRUODSUHVHQFLDGH&DVHDOPDFHQDHQODV YHVtFXODVSUHVLQiSWLFDV\VXOLEHUDFLyQHVPHGLDGDQRVyORSRUODGHVSRODUL]DFLyQ QHXURQDO VLQR WDPELpQ SRU OD UHWURDOLPHQWDFLyQ SRVLWLYD TXH SHUPLWH TXH XQD PROpFXODGHJOXWDPDWROLEHUDGDDOXQLUVHFRQXQUHFHSWRUSUHVLQiSWLFRLQGX]FDOD OLEHUDFLyQGHRWUDVPROpFXODV(OFRQWUROHQODVtQWHVLVVLQHPEDUJRVHGHEHDOD FRQFHQWUDFLyQ GHJOXWDPDWR\ GH DPRQLR /D IDUPDFRORJtDPROHFXODU H[SOLFDTXH H[LVWHQ VXEWLSRV GH UHFHSWRUHV HQWUH HOORV UHFHSWRUHV LRQRWUySLFRV FRPR */85GHOWLSR$03$TXHVRQPiVDFWLYRVHQODHVWUXFWXUDSRVWVLQiSWLFDEDMR FRQGLFLRQHVILVLROyJLFDV\HO15GHOWLSR10'$TXHDFW~DEDMRFRQGLFLRQHVUXL GRVDV7DPELpQVHKDQHQFRQWUDGRUHFHSWRUHVPHWDERWUySLFRVWDQWRHQODHVWUXF WXUDSUHVLQiSWLFDFRPRHQODSRVWVLQDSWLFD ),*85$(6758&785$'(/$6,1$36,6(175(/$6&(/8/$6&,/,$'$6 ,17(51$6</$),%5$1(59,26$ ),*85$5(&(3725(6'(/$6,1$36,6(175(&(/8/$6 &,/,$'$6,17(51$6</$),%5$1(59,26$ /DVFDUDFWHUtVWLFDVGHORVUHFHSWRUHVDQWHVPHQFLRQDGRVTXHVHGHVFULEHQ HQUHODFLyQFRQODDFFLyQGHO JOXWDPDWRVRQODVLJXLHQWHV (OWLSR10'$VXEXQLGDG10'$5 6X DFWLYDFLyQ VH HIHFW~DVyOR SRU HVWtPXORV GH DOWD IUHFXHQFLD SURGXFHOD DSHUWXUD GHFDQDOHV GH &D TXH OOHYD DODVtQWHVLVGHy[LGRQtWULFR \1DFRQ GHVSRODUL]DFLRQHVSURORQJDGDVGHKDVWDPLOLVHJXQGRV3DUDVXDFWLYDFLyQQR VyORVHUHTXLHUHODXQLyQGHPROpFXODVGHJOXWDPDWRDOUHFHSWRUVLQRWDPELpQGH ODXQLyQGHXQPRGXODGRUDORVWpULFRFRPRODJOLFLQDHQXQVLWLRXELFDGRHQHOFDQDO GH &D FRQWUDUUHVWDQGR DVt HO EORTXHR HMHUFLGR SRU HO 0J D QLYHO GHO PLVPR GXUDQWHODWUDQVPLVLyQVLQiSWLFDQRUPDO $03$ 3URGXFH OD DSHUWXUD GH FDQDOHV UiSLGRV GH 1D . \ &D \ SXHGHQ VHU DFWLYDGRVSRUHVWtPXORVGHEDMDIUHFXHQFLDDGLIHUHQFLDGHORV10'$3DUD*OX5 VyORSHUPHDELOLGDGDO1D ,1(59$&,21'(/$6&(/8/$6&,/,$'$6(;7(51$6 ,11(59$&,Ï1$)(5(17( /DV ILEUDV DIHUHQWHV TXH LQHUYDQ ODV &&(V HVWiQ DOWDPHQWH VXEGLYLGLGDV &DGDILEUDWHUPLQDKDFLHQGRVLQDSVLVFRQSHTXHxRVERWRQHVVLQiSWLFRVFRQYDULDV &&(V&DGD&&(DVXYH]KDFHVLQDSVLVFRQPXFKDVILEUDVDIHUHQWHVGLIHUHQWHV &DGD ILEUD HVWi UDPLILFDGD GH IRUPD WDO TXH XQD VROD ILEUD SXHGH UHFLELU LQIRU PDFLyQHQWUH\&&(VXVXDOPHQWHGHODPLVPDKLOHUD/DPD\RUtDGHODVFp OXODV JDQJOLRQDUHV 7LSR ,, KDUiQ VLQDSVLV FRQ ODV &&(V GH OD SULPHUD KLOHUD TXH VRQODVTXHDVXYH]WLHQHQHOPD\RUQ~PHURGHFRQWDFWRVVLQiSWLFRV/DVUHVWDQ WHV FpOXODV JDQJOLRQDUHV 7LSR ,, VRQ PiV UDPLILFDGDV \ KDFHQ FRQWDFWR FRQ OD WHUFHUDKLOHUDGH&&(V/DVHVSHFLDOL]DFLRQHVVLQiSWLFDVHQWUHHVWDVWHUPLQDOHV\ ODV&&(VVRQGLIHUHQWHVDODVGHODV&&,VHQOD]RQDDFWLYDOD&&(SUHVHQWDXQD LQYDJLQDFLyQTXHVHFRUUHVSRQGHDXQDHYDJLQDFLyQGHODILEUDWHUPLQDO3DUDVDOLU GHOyUJDQRGH&RUWLODVILEUDVHVSLUDOHVFUX]DQODSDUWHEDMDGHOW~QHOGH&RUWLSD VDQHQWUHODVFpOXODVSLODUHVLQWHUQDV\VDOHQFRQODVDIHUHQWHVUDGLDOHV ,11(59$&,21()(5(17( /DV ILEUDV HIHUHQWHV TXH LQHUYDQ ODV &&(V FUX]DQ HO W~QHO GH &RUWL UDGLDOPHQWH OXHJR GH KDEHU SDVDGR HQWUH ODV FpOXODV SLODUHV LQWHUQDV \ SRV WHULRUPHQWH D KDEHU SDVDGR HQWUH ODV FpOXODV SLODUHV LQWHUQDV OXHJR OR UHFRUUHQ GDQGR UDPDV TXH WHUPLQDQ HQ ODV &&(V /D PD\RUtD GH ODV ILEUDV HIHUHQWHV WHU PLQDQHQODSULPHUDILODGH&&(VH[LVWLHQGRDGHPiVXQDJUDGXDFLyQGHODEDVHDO iSH[ FRQ HO PD\RU Q~PHUR GH WHUPLQDOHV HQ OD EDVH 6L ELHQ OD PD\RUtD GH ODV ILEUDVHIHUHQWHVKDFHVLQDSVLVHQODEDVHGHODV&&(VPiVGHGHODV&&(V GHOiSH[GHODFyFOHDWLHQHQWHUPLQDOHVVLQiSWLFDVSRUHQFLPDGHOQ~FOHR (QDOJXQDVHVSHFLHVH[LVWHQHYLGHQFLDVGHVLQDSVLVUHFtSURFDVVREUHODV&&(VHV GHFLU XQD VROD WHUPLQDFLyQ QHUYLRVD SRVHH HVSHFLDOL]DFLRQHV DIHUHQWHV \ HIH UHQWHV9DULRVVRQORVQHXURWUDQVPLVRUHVLPSOLFDGRVHQHOVLVWHPDHIHUHQWHVLHQGR OD DFHWLOFROLQD HO PiV LPSRUWDQWH 7DPELpQ VH KD HQFRQWUDGR *$%$ ±SUHIHUHQ WHPHQWHGLVWULEXLGDHQILEUDVGHOiSH[1RVHGHEHROYLGDUODLQHUYDFLyQVLPSiWLFD TXHFRODERUDHQHOPDQWHQLPLHQWRGHODKRPHRVWDVLVGHODFyFOHD ),*85$(6758&785$'(/$6,1$36,6(175(&(/8/$6&,/,$'$6 (;7(51$6<7(50,1$&,21(61(59,26$6 &XDQGR VH GHULYDQ SRWHQFLDOHV LQWURGXFLHQGRPLFURHOHFWURGRV HQODHVFDOD WLPSiQLFDHQGLYHUVRVOXJDUHVGHODFyFOHDVHREWLHQHQIOXFWXDFLRQHVHOpFWULFDVGH LJXDOIUHFXHQFLDGHOVRQLGRRULJLQDULRTXHFRQVWLWX\HQHOSRWHQFLDOPLFURIyQLFRFR FOHDU 6HJ~Q HO DQiOLVLV GH ORV UHVXOWDGRV GH DOJXQDV LQYHVWLJDFLRQHVOD IUHFXHQFLDFD UDFWHUtVWLFDGHXQDFpOXODFLOLDGDLQGLYLGXDOSXHGHVHUUHYHODGDSRUODUHVSXHVWDGH OD FpOXOD D OD HVWLPXODFLyQ HOpFWULFD (Q DXVHQFLD GH HVWLPXOR PHFiQLFR HO SR WHQFLDO GH UHSRVR GH XQD FpOXOD FLOLDGD DLVODGD IUHFXHQWHPHQWH GHPXHVWUD XQD SHTXHxDRVFLODFLyQODFXDOWLHQHXQDIUHFXHQFLDTXHVHDSUR[LPDDVXIUHFXHQFLD GHHVWLPXODFLyQILVLROyJLFD&XDQGRVHLQWURGXFHFRUULHQWHSRVLWLYDHQODFpOXODHVWD VHGHVSRODUL]D\ ODDPSOLWXGGHODRVFLODFLyQVHLQFUHPHQWDWDQWRHQODGHEDMDFR PRDOWDIUHFXHQFLDODYHORFLGDGGHODRVFLODFLyQVHHPSDUHMDFRQVXIUHFXHQFLDGH SUHIHUHQFLDSDUDHOHVWLPXORPHFiQLFR (VWDV RVFLODFLRQHV VH GHEHQ D OD SUHVHQFLD GH FDQDOHV LRQLFRV HQ OD PHPEUDQD SODVPiWLFDGHODFpOXODFLOLDGDFDQDOHVGHFDOFLRYROWDMHGHSHQGLHQWH\FDQDOHVGH SRWDVLRFDOFLRGHSHQGLHQWHV(QHOHVWDGRGHUHSRVRODFpOXODVHGHVSRODUL]DOHYH PHQWH\DOJXQRVFDQDOHVGHFDOFLRYROWDMHGHSHQGLHQWHVVRQDELHUWRV(OUHVXOWDGR GH OD HQWUDGD GH FDOFLR WLHQGH D GHVSRODUL]DU OD FpOXOD DEULHQGR PiV FDQDOHV GH FDOFLRODFRQFHQWUDFLyQGHOLRQDXPHQWD\VHDEUHQORVFDQDOHVGHSRWDVLRFDOFLR GHSHQGLHQWHVHVWRVFDQDOHVVHRSRQHQDODGHVSRODUL]DFLyQ\FDXVDQXQSRWHQFLDO GHPHPEUDQDQHJDWLYR/DKLSHUSRODUL]DFLyQFDXVDTXHORVFDQDOHVGHFDOFLRYRO WDMHGHSHQGLHQWHVVHFLHUUHQ\GLVPLQX\DODHQWUDGDGHOLRQ &RPR OD FRQFHQWUDFLyQLQWHUQD GHFDOFLR GLVPLQX\HORV FDQDOHV GH SRWDVLRFDOFLR GHSHQGLHQWHVVHFLHUUDQ\FRPLHQ]DHOFLFOR /DVFpOXODVFLOLDGDVDGLIHUHQFLDGHRWURVUHFHSWRUHVUHDOL]DQODWUDQVGXFFLyQVLQOD LQWHUYHQFLyQGHVHJXQGRVPHQVDMHURV/DUHVSXHVWDSUREDEOHPHQWHVHHQFXHQWUH HQ OD YHORFLGDG GHELGR D TXH ODV FpOXODV FLOLDGDV WUDEDMDQPiVUiSLGDPHQWHTXH RWURVUHFHSWRUHVVHQVRULDOHV\YHUGDGHUDPHQWHPiVYHORFHVTXHODVSURSLDVQHX URQDV6XIXQFLRQDPLHQWRGHSHQGHGHODORFDOL]DFLyQGHOVRQLGR\VXWUDQVPLVLyQ UiSLGD(OUDGLRGHLQHUYDFLyQLQXVXDOGHODFyFOHDGHORVPDPtIHURVFRQPiVGH D[RQHV LQHUYDQGR XQD VLPSOH FpOXOD FLOLDGD LQWHUQD VH SODQWHD TXH HV UH TXHULGRSDUDODWUDQVPLVLyQGHODLQIRUPDFLyQDXQDIUHFXHQFLDVDWLVIDFWRULD 2WUDVLQYHVWLJDFLRQHVTXHVHKDQUHDOL]DGRHQUHODFLyQFRQHOHVWXGLRGHODIXQFLyQ FRFOHDUKDQWHQLGRHOREMHWLYRGHGHWHUPLQDUHOSDSHOGHORVUHFHSWRUHVGH$73HQ HO FRQWURO GH OD IXQFLyQ VHQVRULDO \ PRWRUD GH ODV FpOXODV FLOLDGDV H[WHUQDV ODV FXDOHV FRQVWLWX\HQ OD GLDQD SULPDULD GH OD LQHUYDFLyQ HIHUHQWH ROLYRFRFOHDU \ VH GHPRVWUy TXH HQ ODV FpOXODV FLOLDGDV H[WHUQDV DLVODGDV HO $73 SURGXFH OD HOH YDFLyQ LQWUDFHOXODU GH ORV QLYHOHV GH FDOFLR SRU OD DFWLYDFLyQ GH UHFHSWRUHV SXUL QpUJLFRVORFDOL]DGRVHQHOHVWHUHRFLOLR &21&/86,21(6 /RVHVWXGLRVHQHOFDPSRGHODELRORJtDFHOXODU\PROHFXODUUHODFLRQDGRVFRQHO SURFHVR GH WUDQVGXFFLyQ DXGLWLYD KDQ VLGR FRQFOX\HQWHV HQ FXDQWR D OD H[SOL FDFLyQGHORVIHQyPHQRVTXHDOOtRFXUUHQ /DFRQYHUVLyQGHVHxDOHVVRQRUDV\ODWUDQVPLVLyQGHODLQIRUPDFLyQKDFLDHOVLV WHPD QHUYLRVR FHQWUDO HV XQ SURFHVRFRPSOHMRHQHO FXDOLQWHUYLHQHQQXPHURVRV PHFDQLVPRVGRQGHHODQiOLVLVGHODVVLQDSVLVTXHVHHVWDEOHFHHQWUHODVFpOXODV FLOLDGDV\ODILEUDQHUYLRVDDVtFRPRHOHVWXGLRGHORVUHFHSWRUHVSUHVHQWHVHQHOOD WLHQHXQSDSHOIXQGDPHQWDO /RV QHXURWUDQVPLVRUHV TXH SDUWLFLSDQ HQ ORV SURFHVRV LQYROXFUDGRV HQ OD ILVLR ORJtDFRFOHDUVRQYDULRVSHURORVIXQGDPHQWDOHVVRQHOJOXWDPDWRHQODLQHUYD FLyQDIHUHQWH\ODDFHWLOFROLQDHQODLQHUYDFLyQHIHUHQWH /RVHVWXGLRVUHDOL]DGRVHQORV~OWLPRVDxRVKDQGHPRVWUDGRODLPSRUWDQFLDTXH UHSUHVHQWDQODVFRQH[LRQHVHIHUHQWHVHVSHFLDOPHQWHHQUHODFLyQFRQODVFpOXODV FLOLDGDVH[WHUQDVHQHOPHFDQLVPRGHODDXGLFLyQ\HOSDSHOIXQGDPHQWDOGHORV UHFHSWRUHV GH $73 UHIHUHQWHV D OD YDULDFLyQ GHODV FRQFHQWUDFLRQHV GH FDOFLR HQ ODVFpOXODVFLOLDGDV %,%/,2*5$),$ 0DWWKHZV*1HXURELRORJ\0ROHFXOHV&HOOVDQG6\VWHPV(G%ODFN ZHOO6FLHQFHS 3RQ])1HXURILVLRORJtD(G6Ë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pOXODVFLOLDGDVGHODFRFOHDXQHMHPSOR GHWUDQVGXFFLyQELGLUHFFLRQDO$FWDVGHILVLRORJtD +HLO 3 1HXEDXHU + 7HPSRUDO ,QWHJUDWLRQ RI 6RXQG 3UHVVXUH 'HWHUPLQHV 7HVKROGV RI $XGLWRU\1HUYH )LEHUV - 1HXURVFL 5REOHV / 5XJJHUR 0 $ 0HFKDQLFV RI WKH 0DPPDOLDQ &RFKOHD 3K\VLRO5HY 0DUWLQ3+XGVSHWK$--XOLFKHU)&RPSDULVRQRIDKDLUEXQGOH V VSRQWDQHRXV RVFLOODWLRQV ZLWK LWV UHVSRQVHWRPHFKDQLFDOVWLPXODWLRQ UHYHDOVWKHXQGHUO\LQJDFWLYHSURFHVV3URF1DWO$FDG6FL86$ +H'=DQG'DOORV36RPDWLFVWLIIQHVVRIFRFKOHDURXWHUKDLUFHOOVLV YROWDJHGHSHQGHQW3URF1DWO$FDG6FL86$