),&+$6'(0$48,1$5,$ $872&$5*$'25(6 '(6&5,3&,Ï1 /RV DXWRFDUJDGRUHV GLVSRQHQ GH XQD JU~D KLGUiXOLFD TXH UHFRJH ODV WUR]DV \ ODV YD GHSRVLWDQGR VREUH VX FDPD 7UDV VX OOHQDGR VH GHVSOD]D DO FDUJDGHUR GRQGH SURFHGHDGHVFDUJDUODPDGHUD 5,(6*26 N N N N N N N N N 5LHVJRGHYXHOFRYROYLpQGRVHPiVLQHVWDEOHFXDQWRPiVVHFDUJD $WURSHOOR $SODVWDPLHQWR $WUDSDPLHQWR &DtGDV ,QFHQGLR 4XHPDGXUDVWUDEDMRVGHPDQWHQLPLHQWR 5XLGRSURSLR\GHFRQMXQWR &RQWDFWRVHOpFWULFRV 0(','$635(9(17,9$6 N 8WLOL]DFLyQGHODPiTXLQDSRUSURIHVLRQDOHVFDSDFLWDGRV\FRQH[SHULHQFLD N 6HSURFXUDUiIRUPDUHOSDUTXHGHDSLODGRHQWHUUHQROODQRVLQSHQGLHQWHV\VLQOtQHDVHOpFWULFDVTXHORFUXFHQ SDUDHYLWDUFRQWDFWRVHOpFWULFRVLQGHVHDGRVFRQODJU~D N /DFDUJDGHOFDPLyQODUHDOL]DUiHOJUXLVWDGHVGHVXSXHVWRUHPDWDQGRODFRORFDFLyQGHODVWUR]DVFRQOD PLVPDJU~D\QLQJ~QWUDEDMDGRUVHVXELUiDKDFHUOR ),&+$6'(0$48,1$5,$ $872&$5*$'25(6 N N N N N N N N N N N N / DVJU~DVGHFDUJDIRUHVWDOHVGHEHUiQWHQHUXQDSLH]DFRPRHOHPHQWRKLGUiXOLFRSUHQVRUFDSD]GHVRSRUWDU ODV GHVFRPSHQVDFLRQHV GH ODV SLH]DV 6H HYLWDUi HO XVR GH SOXPDV GH FDUJD TXH FRMDQ \ VXVSHQGDQ ORV WURQFRVFRQFDEOHRFDGHQDSDUDTXHQXQFDVHVXEDHOWUDEDMDGRUDHTXLOLEUDUOR $H[FHSFLyQGHODSHUVRQDHQFDUJDGDGHKDFHUORQDGLHKDUiVHxDVDOJUXLVWD (YLWDUVLHPSUHHIHFWXDURSHUDFLRQHVFRQORVDXWRFDUJDGRUHVHQGtDVGHYLHQWR $IURQWDUODViUHDVPiVGHOLFDGDVFRQHOYHKtFXORYDFtR 6LXQDSURFHVDGRUD\XQDXWRFDUJDGRUWUDEDMDQFRQMXQWDPHQWHPDQWHQHUXQDGLVWDQFLDGHVHSDUDFLyQGHDO PHQRVP $QWHVGHLQLFLDUXQWUDEDMRHOPDTXLQLVWDUHFRUUHUiDQGDQGRPLQXFLRVDPHQWHHOWDMRGHGLFiQGRVHDHOORWRGR HOWLHPSRTXHVHDQHFHVDULRSDUDGHFLGLUFXiOHVODIRUPDPiVLGyQHDGHDIURQWDUHOWDMR 1XQFD\EDMRQLQJXQDFLUFXQVWDQFLDVHWUDQVSRUWDUiJHQWHHQODPiTXLQD (ODXWRFDUJDGRUVHHQFRQWUDUiHQSHUIHFWDVFRQGLFLRQHVPHFiQLFDV\FRQHOPDQWHQLPLHQWRLQGLFDGRSRUHO IDEULFDQWH $QWHODPtQLPDVHxDOGHDYHUtDRGLVIXQFLRQDOLGDGGHODPiTXLQDpVWDVHUiOOHYDGDGHLQPHGLDWRDOWDOOHUD HIHFWXDUODVUHYLVLRQHV\UHSDUDFLRQHVSHUWLQHQWHV 6HSURWHJHUiFRQYHQLHQWHPHQWHODVYiOYXODVGHODVUXHGDV\VHFRPSUREDUiUHJXODUPHQWHHOHVWDGRGHORV WRUQLOORVGHODVPLVPDV /DFDELQDGHEHGLVSRQHUGHXQDVLHQWRTXHVHDUHJXODEOH\SRVHDXQDDPRUWLJXDFLyQFyPRGD\VX¿FLHQWH 1XQFDVHGHEHUiGHGHVSOD]DUODSURFHVDGRUDHQSXQWRPXHUWR ),&+$6'(0$48,1$5,$ %8//'2=(5 '(6&5,3&,Ï1 0DTXLQDULDFRPSXHVWDSRUXQWUDF WRU GRWDGR GH XQD KRMD PHWiOLFD IURQWDOHPSXMDGRUD\ULSSHUWUDVHUR /DVWDUHDVIRUHVWDOHVTXHVHUHDOL]DQ FRQEXOOGR]HUVRQYDULDGDVDSHUWXUD \QLYHODGRGHFDPLQRVGHVPRQWHV DUUDQTXHGHWRFRQHVHWF 5LHVJRV N N N N N N N N N N N N N N N $WURSHOORSRUPDODYLVLELOLGDGYHORFLGDGLQDGHFXDGDHWF 'HVOL]DPLHQWRVLQFRQWURODGRVGHOWUDFWRUEDUUL]DOHVWHUUHQRVGHVFRPSXHVWRV 0iTXLQDVHQPDUFKDIXHUDGHFRQWURODEDQGRQRGHODFDELQDGHPDQGRVLQGHVFRQHFWDUODPiTXLQDHLQVWDODU ORVWDFRV 9XHOFR &DtGDSRUSHQGLHQWHVWUDEDMRVDOERUGHGHWDOXGHVFRUWHV\DVLPLODEOHV &ROLVLyQFRQWUDRWURVYHKtFXORV &RQWDFWRFRQOtQHDVHOpFWULFDV ,QFHQGLR 4XHPDGXUDVWUDEDMRVGHPDQWHQLPLHQWR &DtGDGHSHUVRQDVGHVGHODPiTXLQD *ROSHV 3UR\HFFLyQGHREMHWRV 5XLGRSURSLR\DPELHQWDOFRQMXQFLyQGHYDULDVPiTXLQDV 9LEUDFLRQHV /RVGHULYDGRVGHORVWUDEDMRVUHDOL]DGRVHQDPELHQWHVSXOYHUXOHQWRVDIHFFLRQHVUHVSLUDWRULDV 0HGLGDV3UHYHQWLYDV N 3 DUDVXELUREDMDUGHOEXOOGR]HUVHGHEHQXWLOL]DUORVSHOGDxRV\DVLGHURVGLVSXHVWRVSDUDWDOPHQHVWHUFRQHO ¿QGHHYLWDUOHVLRQHVSRUFDtGDV ),&+$6'(0$48,1$5,$ %8//'2=(5 N N N N N N N N N N N N N N N N N N N N 1 RDFFHGHUDODPiTXLQDHQFDUDPiQGRVHDWUDYpVGHODVOODQWDVFXELHUWDVRFDGHQDV\JXDUGDEDUURVSDUD HYLWDUUHVEDORQHV\FDtGDV 6XELUREDMDUGHODPiTXLQDGHIRUPDIURQWDOPLUDQGRKDFLDHOODDVLpQGRVHFRQDPEDVPDQRVVHKDUiGH IRUPDVHJXUD 1RVDOWDUQXQFDGLUHFWDPHQWHDOVXHORVLQRHVSRUSHOLJURLQPLQHQWHSDUDODSHUVRQD 1RWUDWDUGHUHDOL]DU³DMXVWHV´FRQODPiTXLQDHQPRYLPLHQWRRFRQHOPRWRUHQIXQFLRQDPLHQWR\DTXHVH SXHGHQVXIULUOHVLRQHV 1RSHUPLWLUHODFFHVRDOEXOOGR]HUGHSHUVRQDVQRDXWRUL]DGDV\DTXHSXHGHQSURYRFDUDFFLGHQWHV 1RWUDEDMDUFRQHOEXOOGR]HUHQVLWXDFLyQGHVHPLDYHUtDFRQIDOORVHVSRUiGLFRV$UUHJODUODVGH¿FLHQFLDV\ OXHJRUHDQXGDUHOWUDEDMR 3DUDHYLWDUOHVLRQHVGXUDQWHODVRSHUDFLRQHVGHPDQWHQLPLHQWRDSR\DUSULPHURODFXFKLOODHQHOVXHORSDUDU HOPRWRUSRQHUHQVHUYLFLRHOIUHQRGHPDQR\EORTXHHODPiTXLQDDFRQWLQXDFLyQUHDOLFHODVRSHUDFLRQHVGH VHUYLFLRTXHQHFHVLWH 1RJXDUGDUFRPEXVWLEOHQLWUDSRVJUDVLHQWRVVREUHHOEXOOGR]HUSXHGHLQFHQGLDUVH 1ROHYDQWDUHQFDOLHQWHODWDSDGHOUDGLDGRU/RVJDVHVGHVSUHQGLGRVGHIRUPDLQFRQWURODGDSXHGHQFDXVDU TXHPDGXUDV 6HGHEHQXWLOL]DUJXDQWHVVLSRUDOJXQDFDXVDGHEHWRFDUHOOtTXLGRDQWLFRUURVLRQHV8WLOL]DUDGHPiVJDIDV DQWLSUR\HFFLRQHV 6LVHGHVHDPDQLSXODUHQHOVLVWHPDHOpFWULFRGHOEXOOGR]HUGHVFRQHFWDUHOPRWRU\H[WUDHUSULPHURODOODYHGH FRQWDFWR 1R OLEHUDU ORV IUHQRV GH OD PiTXLQD HQ SRVLFLyQ GH SDUDGD VL DQWHV QR VH KDQ LQVWDODGR ORV WDFRV GH LQPRYLOL]DFLyQGHODVUXHGDV 9LJLODUODSUHVLyQGHORVQHXPiWLFRVWUDEDMDUFRQHOLQÀDGRDODSUHVLyQUHFRPHQGDGDSRUHOIDEULFDQWHGHO EXOOGR]HU 6 LVHWRSDFRQFDEOHVHOpFWULFRVQRVHGHEHVDOLUGHODPiTXLQDKDVWDKDEHULQWHUUXPSLGRHOFRQWDFWR\DOHMDGR HOEXOOGR]HUGHOOXJDU6DOWDUHQWRQFHVVLQWRFDUDXQWLHPSRHOWHUUHQR\ODPiTXLQD 1RLPSURYLVDUORVFDPLQRVGHFLUFXODFLyQLQWHUQD /RV FDPLQRV GH FLUFXODFLyQ LQWHUQD VH FXLGDUDQ SDUD HYLWDU EODQGRQHV \ EDUUL]DOHV TXH SXHGDQ SURYRFDU DFFLGHQWHV 1R VH DGPLWLUiQ EXOOGR]HUV GHVSURYLVWRV GH FDELQDV DQWLYXHOFRV R SyUWLFRV GH VHJXULGDG DQWLYXHOFR \ DQWLLPSDFWRV 6HSURKtEHTXHORVFRQGXFWRUHVDEDQGRQHQORVEXOOGR]HUVFRQHOPRWRUHQPDUFKD 6HSURKtEHHODEDQGRQRGHODPiTXLQDVLQKDEHUDQWHVDSR\DGRVREUHHOVXHORODFXFKLOOD\HOHVFDUL¿FDGRU 6HSURKtEHHOWUDQVSRUWHGHSHUVRQDVVREUHHOEXOOGR]HUSDUDHYLWDUHOULHVJRGHFDtGDVRGHDWURSHOORV ),&+$6'(0$48,1$5,$ '(6%52=$'25$6 '(6&5,3&,Ï1 6RQPiTXLQDVDX[LOLDUHVJHQHUDOPHQWH SURSXOVDGDVSRUODWRPDGHIXHU]DGHO WUDFWRUDXQTXHWDPELpQSXHGHQWHQHU PRWRUHVSURSLRV6HXWLOL]DQSDUDODHOL PLQDFLyQGHYHJHWDFLyQDGYHQWLFLDQR GHVHDGD\HQRFDVLRQHVWDPELpQSDUD ODHOLPLQDFLyQGHORVUHVLGXRVIRUHVWDOHV JHQHUDGRVGXUDQWHORVGLIHUHQWHVWUDWD PLHQWRVVLOYtFRODV 'HQWURGHODVGHVEUR]DGRUDVVHGLVWLQJXHQODVDFRSODGDVDOEDVWLGRUHQWUHODVDFR SODGDVDXQEUD]RKLGUiXOLFR(QIXQFLyQGHOVLVWHPDGHFRUWHRWULWXUDFLyQSXHGHQ VHUGHFXFKLOODVFDGHQDVRPDUWLOORV 5LHVJRV 3UR\HFFLRQHVGHREMHWRVGXUDQWHHOWUDEDMRTXHSXHGHQVHUDVWLOODVSURFHGHQWHVGHOPHFDQLVPRGHFRUWH N N N N N N N N N N N N N N SLHGUDVRLQFOXVRHVTXLUODVPHWiOLFDVGHODSURSLDPiTXLQD $WURSHOORSRUPDODYLVLELOLGDGHWF 'HVOL]DPLHQWRGHODPiTXLQDWHUUHQRVHPEDUUDGRV 0iTXLQDHQPDUFKDIXHUDGHFRQWURODEDQGRQRGHODFDELQDGHPDQGRVLQGHVFRQHFWDUODPiTXLQD 9XHOFRGHODPiTXLQDLQFOLQDFLyQGHOWHUUHQRVXSHULRUDODDGPLVLEOH &KRTXHFRQWUDRWURVYHKtFXORV ,QFHQGLR 4XHPDGXUDVWUDEDMRVGHPDQWHQLPLHQWR $WUDSDPLHQWRV &DtGDVGHSHUVRQDVGHVGHODPiTXLQD *ROSHV 5XLGRSURSLR\GHFRQMXQWR 9LEUDFLRQHV /RV GHULYDGRV GH ORV WUDEDMRV UHDOL]DGRV HQ DPELHQWHV SXOYHUXOHQWRV SDUWtFXODV HQ ORV RMRV DIHFFLRQHV UHVSLUDWRULDVHWF ),&+$6'(0$48,1$5,$ '(6%52=$'25$6 0(','$635(9(17,9$6 /RVGHVEURFHVVHUHDOL]DUiQVLHPSUHSRUSURIHVLRQDOHVFDSDFLWDGRV\FRQH[SHULHQFLD N (OWLSRGHGHVEUR]DGRUDDXWLOL]DUVHUiVLHPSUHHOPiVDGHFXDGRDODQDWXUDOH]DGHOWHUUHQR\GHODPDOH]D N 6LHPSUHVHGDUiSUHIHUHQFLDDODVGHVEUR]DGRUDVDFRSODGDVDODWRPDGHIXHU]DVREUHODVSRUWiWLOHV\DODV N N N N N N N N N N N N N N SRUWDGDVSRUWUDFWRUHVGHRUXJDVTXHDORVGHQHXPiWLFRV /DFDUFDVDGHSURWHFFLyQVHUiFRPSOHWD\VHPDQWHQGUiHQSHUIHFWRHVWDGRGHFRQVHUYDFLyQ 1RH[LVWLUiQDGLHHQHOiUHDGRQGHVHHVWpHIHFWXDQGRHOGHVEURFH (OWUDEDMDGRUGHEHDVHJXUDUVHGHQRDFWLYDUODGHVEUR]DGRUDHQ]RQDVSUy[LPDVDWHUFHURV\PDQWHQHUXQD GLVWDQFLDGHVHJXULGDGHTXLYDOHQWHDODV]RQDVGHSRVLEOHVSUR\HFFLRQHV 6LHODLVODPLHQWRDF~VWLFRSURSRUFLRQDGRSRUODFDELQDGHOWUDFWRUQRIXHUDVX¿FLHQWHVHXWLOL]DUiQSURWHFFLRQHV DXGLWLYDV 0DQWHQHUORVHVWULERVOLPSLRVGHEDUURQLHYHJUDVDVHWF 3DUDEDMDUGHOYHKtFXORQRVHGHEHVDOWDU /DVODERUHVGHPDQWHQLPLHQWRVHUHDOL]DUiQFRQHOWUDFWRU\ODGHVEUR]DGRUDSDUDGDVREUHWHUUHQROODQR\ FRQWRSHVHVWDEOHV\VHJXURV (QFDVRGHFDOHQWDPLHQWRGHOPRWRUUHFXHUGHTXHQRGHEHDEULUGLUHFWDPHQWHODWDSDGHOUDGLDGRU(OYDSRU GHVSUHQGLGRVLORKDFHSXHGHFDXVDUOHTXHPDGXUDVJUDYHV (YLWDUWRFDUHOOtTXLGRDQWLFRUURVLyQVLQRTXHGDRWURUHPHGLRVHXWLOL]DUiQJXDQWHV\JDIDVDQWLSUR\HFFLRQHV (ODFHLWHGHOPRWRUHVWiFDOLHQWHFXDQGRHOPRWRUORHVWi6HFDPELDUiVyORFXDQGRHVWpIUtR 1RIXPDUFXDQGRVHPDQLSXODODEDWHUtDSXHGHLQFHQGLDUVHQLFXDQGRVHDEDVWH]FDGHFRPEXVWLEOHSXHGH LQÀDPDUVH 1RWRFDUGLUHFWDPHQWHHOHOHFWUyOLWRGHODEDWHUtDFRQORVGHGRV 6LKXELHUDTXHPDQLSXODUHOVLVWHPDHOpFWULFRSRUDOJXQDFDXVDGHVFRQHFWDUHOPRWRU\H[WUDHUODOODYHGH FRQWDFWRWRWDOPHQWH ),&+$6'(0$48,1$5,$ 02721,9(/$'25$ '(6&5,3&,Ï1 3UHVHQWDQ FKDVLV GH y UXHGDV 6H XWLOL]D SDUD ORV WUDEDMRV GH GHV EURFHFUHDFLyQGHWDOXGHVH[FDYD FLRQHVHQ9H[FDYDFLRQHVGHFDQDOHV GHIRQGROODQROLPSLH]DGHDUFHQHV PDQWHQLPLHQWRGHSLVWDVHWF 5,(6*26 $WURSHOORSRUPDODYLVLELOLGDGYHORFLGDGLQDGHFXDGDHWF N 'HVOL]DPLHQWRVLQFRQWURODGRVGHODPRWRQLYHODGRUDEDUUL]DOHVWHUUHQRVGHVFRPSXHVWRV N 0iTXLQDV HQ PDUFKD IXHUD GH FRQWURO DEDQGRQR GH OD FDELQD GH PDQGR VLQ GHVFRQHFWDU OD PiTXLQD H N N N N N N N N N N N N N LQVWDODUORVWDFRV 9XHOFR &DtGDSRUSHQGLHQWHVWUDEDMRVDOERUGHGHWDOXGHVFRUWHV\DVLPLODEOHV &ROLVLyQFRQWUDRWURVYHKtFXORV &RQWDFWRFRQOtQHDVHOpFWULFDV ,QFHQGLR 4XHPDGXUDVWUDEDMRVGHPDQWHQLPLHQWR &DtGDGHSHUVRQDVGHVGHODPiTXLQD *ROSHV 3UR\HFFLyQGHREMHWRV 5XLGRSURSLR\DPELHQWDOFRQMXQFLyQGHYDULDVPiTXLQDV 9LEUDFLRQHV /RVGHULYDGRVGHORVWUDEDMRVUHDOL]DGRVHQDPELHQWHVSXOYHUXOHQWRVDIHFFLRQHVUHVSLUDWRULDV 0(','$635(9(17,9$6 3DUDVXELUREDMDUGHODPRWRQLYHODGRUDVHXWLOL]DUiQORVSHOGDxRV\DVLGHURVGLVSXHVWRVSDUDWDOPHQHVWHU N FRQHO¿QGHHYLWDUOHVLRQHVSRUFDtGDV N 1RVDOWDUQXQFDGLUHFWDPHQWHDOVXHORVLQRHVSRUSHOLJURLQPLQHQWHSDUDODSHUVRQD ),&+$6'(0$48,1$5,$ 02721,9(/$'25$ 1RUHDOL]DU³DMXVWHV´FRQODPiTXLQDHQPRYLPLHQWRRFRQHOPRWRUHQIXQFLRQDPLHQWRSDUDHYLWDUOHVLRQHV N 1RVHGHEHSHUPLWLUHODFFHVRDODPRWRQLYHODGRUDGHSHUVRQDVQRDXWRUL]DGDV\DTXHSXHGHQSURYRFDUDFFLGHQWHV N 1RWUDEDMDUFRQODPRWRQLYHODGRUDHQVLWXDFLyQGHVHPLDYHUtDFRQIDOORVHVSRUiGLFRV6HGHEHQDUUHJODUODV N N N N N N N N N N N N N N N N N N N N N N GH¿FLHQFLDV\OXHJRUHDQXGDUHOWUDEDMR 3DUDHYLWDUOHVLRQHVGXUDQWHODVRSHUDFLRQHVGHPDQWHQLPLHQWRVHGHEHDSR\DUSULPHURODFXFKLOODHQHO VXHORSDUDUHOPRWRUSRQHUHQVHUYLFLRHOIUHQRGHPDQR\EORTXHDUODPiTXLQDDFRQWLQXDFLyQVHUHDOL]DUiQ ODVRSHUDFLRQHVGHVHUYLFLRTXHQHFHVLWH 1ROHYDQWDUHQFDOLHQWHODWDSDGHOUDGLDGRU/RVJDVHVGHVSUHQGLGRVGHIRUPDLQFRQWURODGDSXHGHQFDXVDUTXHPDGXUDV /RV OtTXLGRV GH OD EDWHUtD GHVSUHQGHQ JDVHV LQÀDPDEOHV 6L KD\ TXH PDQLSXODUORV QR VH GHEH IXPDU QL DFHUFDUIXHJR 1RVHGHEHOLEHUDUORVIUHQRVGHODPiTXLQDHQSRVLFLyQGHSDUDGDVLDQWHVQRVHKDQLQVWDODGRORVWDFRVGH LQPRYLOL]DFLyQGHODVUXHGDV +D\ TXH YLJLODU OD SUHVLyQ GH ORV QHXPiWLFRV \ WUDEDMDU FRQ HO LQÀDGR D OD SUHVLyQ UHFRPHQGDGD SRU HO IDEULFDQWHGHODPRWRQLYHODGRUD $QWHVGHLQLFLDUHODVLHQWRKD\TXHDVHJXUDUVHGHTXHVHSXHGHQDOFDQ]DUORVFRQWUROHVVLQGL¿FXOWDGSDUDHYLWDUIDWLJDUVH 3DUDHYLWDUDFFLGHQWHVODVRSHUDFLRQHVGHFRQWUROGHOIXQFLRQDPLHQWRGHORVPDQGRVVHGHEHQKDFHUFRQ PDUFDVVXPDPHQWHOHQWDV 6LVHWRSDUDFRQFDEOHVHOpFWULFRVQRVHGHEHVDOLUGHODPiTXLQDKDVWDKDEHULQWHUUXPSLGRHOFRQWDFWR\ DOHMDGRODPRWRQLYHODGRUDGHOOXJDU6DOWDUHQWRQFHVVLQWRFDUDXQWLHPSRHOWHUUHQR\ODPiTXLQD 1RLPSURYLVDUORVFDPLQRVGHFLUFXODFLyQLQWHUQD 6H DMXVWDUiQ ORV HVSHMRV UHWURYLVRUHV SDUD OD FLUFXODFLyQ PDUFKD DWUiV SDUD FDGD PDTXLQLVWD WHQLHQGR HVSHFLDOFXLGDGRHQWHQHUDFWLYDGDVODVERFLQDVGHPDUFKDDWUiV /RVFDPLQRVGHFLUFXODFLyQLQWHUQDVHFXLGDUDQSDUDHYLWDUEODQGRQHV\EDUUL]DOHVTXHSXHGDQSURYRFDUDFFLGHQWHV 1RVHDGPLWLUiQPRWRQLYHODGRUDVGHVSURYLVWDVGHFDELQDVDQWLYXHOFRVRSyUWLFRVGHVHJXULGDGDQWLYXHOFR\ DQWLLPSDFWRV/DVFDELQDVDQWLYXHOFRVHUiQODVDGHFXDGDV 6HSURKtEHTXHORVFRQGXFWRUHVDEDQGRQHQODVPRWRQLYHODGRUDVFRQHOPRWRUHQPDUFKD 6HSURKtEHHODEDQGRQRGHODPiTXLQDVLQKDEHUDQWHVDSR\DGRVREUHHOVXHORODKRMD 6HSURKtEHHOWUDQVSRUWHGHSHUVRQDVVREUHODPRWRQLYHODGRUDSDUDHYLWDUHOULHVJRGHFDtGDVRGHDWURSHOORV (VWDUiQGRWDGRVGHXQH[WLQWRUWLPEUDGR\FRQODVUHYLVLRQHVDOGtD 6HSURKtEHHODFFHVRDODFDELQDGHDQGRXWLOL]DQGRYHVWLPHQWDVVLQFHxLU\FDGHQDVUHORMHVRDQLOORVTXH SXHGDQHQJDQFKDUVHHQORVVDOLHQWHV\HQORVFRQWUROHV 6HSURKtEHHQFDUDPDUVHVREUHODPiTXLQDGXUDQWHODUHDOL]DFLyQGHFXDOTXLHUPRYLPLHQWR (VWDUiQGRWDGDVGHOXFHV\ERFLQDVGHUHWURFHVR 6HSURKtEHHVWDFLRQDUODVPRWRQLYHODGRUDVDPHQRVGHWUHVPHWURVFRPRQRUPDJHQHUDOGHOERUGHGH EDUUDQFRVSR]RVWULQFKHUDV]DQMDVHWFSDUDHYLWDUHOULHVJRGHYXHOFRVSRUIDWLJDGHOWHUUHQR 6HSURKtEHUHDOL]DUWUDEDMRVHQSUR[LPLGDGGHODVPRWRQLYHODGRUDVHQIXQFLRQDPLHQWR ),&+$6'(0$48,1$5,$ 3$/$6&$5*$'25$6 '(6&5,3&,Ï1 6RQPiTXLQDVDXWRSURSXOVDGDVVR EUH UXHGDV R FDGHQDV FRQ XQ VLV WHPDGHEUD]RVDUWLFXODGRVSURYLVWR GHXQDSDODFDSD]GHH[FDYDUPH GLDQWH VX GHVSOD]DPLHQWR \ HO PR YLPLHQWR GH ORV EUD]RV DVt FRPR GHWUDQVSRUWDUHOHYDU\GHVFDUJDUHO PDWHULDO 5,(6*26 N N N N N N N N N N N N N N N N N $WURSHOORSRUPDODYLVLELOLGDGYHORFLGDGLQDGHFXDGDHWF 'HVOL]DPLHQWRGHODPiTXLQDWHUUHQRVHPEDUUDGRV 0iTXLQDHQPDUFKDIXHUDGHFRQWURODEDQGRQRGHODFDELQDGHPDQGRVLQGHVFRQHFWDUODPiTXLQD 9XHOFRGHODPiTXLQDLQFOLQDFLyQGHOWHUUHQRVXSHULRUDODDGPLVLEOHSRUODSDODFDUJDGRUD &DtGDGHODSDODSRUSHQGLHQWHVDSUR[LPDFLyQH[FHVLYDDOERUGHGHWDOXGHVFRUWHV\DVLPLODEOHV &KRTXHFRQWUDRWURVYHKtFXORV &RQWDFWRFRQOtQHDVHOpFWULFDVDpUHDVRHQWHUUDGDV 'HVSORPHVGHWDOXGHVRGHIUHQWHVGHH[FDYDFLyQ ,QFHQGLR 4XHPDGXUDVWUDEDMRVGHPDQWHQLPLHQWR $WUDSDPLHQWRV 3UR\HFFLyQGHREMHWRVGXUDQWHHOWUDEDMR &DtGDVGHSHUVRQDVGHVGHODPiTXLQD *ROSHV 5XLGRSURSLR\GHFRQMXQWR 9LEUDFLRQHV /RV GHULYDGRV GH ORV WUDEDMRV UHDOL]DGRV HQ DPELHQWHV SXOYHUXOHQWRV SDUWtFXODV HQ ORV RMRV DIHFFLRQHV UHVSLUDWRULDVHWF ),&+$6'(0$48,1$5,$ 3$/$6&$5*$'25$6 0(','$635(9(17,9$6 3DUDVXELUREDMDUGHODSDODFDUJDGRUDXWLOL]DUORVSHOGDxRV\DVLGHURVGLVSXHVWRVSDUDWDOIXQFLyQFRQHO¿Q N N N N N N N N N N N N N N N N N N N N N GHHYLWDUOHVLRQHVSRUFDtGD 6HGHEHVXELU\EDMDUGHODPDTXLQDULDXWLOL]DQGRORVHVWULERV\DVDV1RVDOWDUQXQFDGLUHFWDPHQWHDOVXHOR VLQRHVSRUSHOLJURLQPLQHQWHSDUDXVWHG 1RWUDEDMDUFRQODPiTXLQDHQVLWXDFLyQGHDYHUtDRVHPLDYHUtD 3DUDHYLWDUOHVLRQHVDSR\DUHQHOVXHORODFXFKDUDSDUDUHOPRWRUSRQHUHOIUHQRGHPDQR\EORTXHDUOD PiTXLQDDFRQWLQXDFLyQUHDOL]DUODVRSHUDFLRQHVGHVHUYLFLRTXHVHQHFHVLWHQ (QFDVRGHFDOHQWDPLHQWRGHOPRWRUQRVHGHEHDEULUGLUHFWDPHQWHODWDSDGHOUDGLDGRU(OYDSRUGHVSUHQGLGR SXHGHFDXVDUTXHPDGXUDVJUDYHV 1RIXPDUFXDQGRPDQLSXOHODEDWHUtDSXHGHLQFHQGLDUVHQLFXDQGRDEDVWH]FDGHFRPEXVWLEOHSXHGHLQÀDPDUVH 1R OLEHUDU ORV IUHQRV GH OD PiTXLQD HQ SRVLFLyQ GH SDUDGD VL DQWHV QR VH KDQ LQVWDODGR ORV WDFRV GH LQPRYLOL]DFLyQHQODVUXHGDV/RVOtTXLGRVGHODVEDWHUtDVGHVSUHQGHQJDVHVLQÀDPDEOHV/DEDWHUtDSXHGH H[SORVLRQDUSRUFKLVSRUURWHRV 9LJLODUODSUHVLyQGHORVQHXPiWLFRVWUDEDMDUFRQHOLQÀDGRDODSUHVLyQUHFRPHQGDGDSRUHOIDEULFDQWHGHODPiTXLQD 1RVHDGPLWLUiQSDODVFDUJDGRUDVTXHQRYHQJDQFRQODSURWHFFLyQGHFDELQDDQWLYXHOFRLQVWDODGDRSyUWLFR GHVHJXULGDG (VWDUiQGRWDGDVGHXQERWLTXtQGHSULPHURVDX[LOLRVXELFDGRGHIRUPDUHVJXDUGDGDSDUDPDQWHQHUOROLPSLR LQWHUQD\H[WHUQDPHQWHFXDQGRVHUHDOLFHQWUDEDMRVHQVROLWDULRRDLVODGRV(VWDUiQWDPELpQGRWDGDVGHXQ H[WLQWRUWLPEUDGR\FRQODVUHYLVLRQHVDOGtD 6HSURKtEHTXHORVFRQGXFWRUHVDEDQGRQHQODPiTXLQDFRQHOPRWRUHQPDUFKD\ODFXFKDUDVLQDSR\DUHQHOVXHOR /DFXFKDUDGXUDQWHORVWUDQVSRUWHVGHWLHUUDVSHUPDQHFHUiORPiVEDMDSRVLEOHSDUDSRGHUGHVSOD]DUVHFRQ ODPi[LPDHVWDELOLGDG /RVDVFHQVRVRGHVFHQVRVHQFDUJDGHODFXFKDUDVHHIHFWXDUiDYHORFLGDGOHQWD 6HSURKtEHL]DUSHUVRQDVSDUDDFFHGHUDWUDEDMRVSXQWXDOHVXWLOL]DQGRODFXFKDUDGHQWURHQFDUDPDGRR SHQGLHQWHDHOOD 6H SURKtEH HO DFFHVR D ODV SDODV FDUJDGRUDV XWLOL]DQGR OD YHVWLPHQWD VLQ FHxLU SXHGH HQJDQFKDUVH HQ VDOLHQWHVFRQWUROHVHWF 6HSURKtEHVXELUREDMDUGHODSDODHQPDUFKD (VWDUiQGRWDGDVGHOXFHV\ERFLQDGHUHWURFHVRUHWURYLVRUHV\/LEURGH0DQWHQLPLHQWR 6HSURKtEHDUUDQFDUHOPRWRUVLQDQWHVFHUFLRUDUVHGHTXHKD\QDGLHHQHOiUHDGHRSHUDFLyQGHODSDOD 6HSURKtEHHOSDVRRSHUPDQHQFLDGHSHUVRQDVDPHQRVGHPGHOUDGLRGHDFFLyQGHODPiTXLQD /RV FRQGXFWRUHV DQWHV GH UHDOL]DU ³QXHYRV UHFRUULGRV´ KDUiQ D SLH HO FDPLQR FRQ HO ¿Q GH REVHUYDU ODV LUUHJXODULGDGHVTXHSXHGDQGDURULJHQDRVFLODFLRQHVGHODFXFKDUD /DVRVFLODFLRQHV\IUHQD]RVEUXVFRVSXHGHQGDUOXJDUDOGHVHTXLOLEULRGHODPiTXLQD ),&+$6'(0$48,1$5,$ 352&(6$'25$6 '(6&5,3&,Ï1 6RQ WUDFWRUHV IRUHVWDOHV DGDSWDGRV D GH VDUUROODU WUDEDMRV HVSHFt¿FRV FRQ FRQ¿JX UDFLRQHV TXH YDQ GHVGH [ D YHKtFXORV PXOWLWUDFFLyQ [ [ KDVWD OD WUDFFLyQ LQGHSHQGLHQWH HQ FDGD UXHGD /DV SURFH VDGRUDVSRUWDQXQDJU~DKLGUiXOLFDGRWDGD GHXQFDEH]DOSURFHVDGRUPXOWLIXQFLyQTXH PHGLDQWH XQD KRMD GH PRWRVLHUUD FRUWD HO iUEROSURFHGLHQGRDFRQWLQXDFLyQDVXGHV UDPDGRGHVFRUWH]DGR\WURFHDGRHQWUR]DV SUHGHWHUPLQDGDV 5,(6*26 N N N N N N N N 5LHVJRGHYXHOFRGHELGRDTXHHOFDEH]DOHVXQLPSOHPHQWRSHVDGRGHXQDORQJLWXGHQWUH\PHWURV $WURSHOOR $SODVWDPLHQWR $WUDSDPLHQWR &DtGDV ,QFHQGLR 4XHPDGXUDVWUDEDMRVGHPDQWHQLPLHQWR 5XLGRSURSLR\GHFRQMXQWR ),&+$6'(0$48,1$5,$ 352&(6$'25$6 0(','$635(9(17,9$6 N N N N N N N N N N N N N N N 8WLOL]DFLyQGHODPiTXLQDSRUSURIHVLRQDOHVFDSDFLWDGRV\FRQH[SHULHQFLD -DPiVVHGHEHDSXUDUODPiTXLQDQLODFDUJD (YLWDUVLHPSUHHIHFWXDURSHUDFLRQHVFRQODVSURFHVDGRUDVHQGtDVGHYLHQWR -DPiVGHEHGHKDEHUWHUFHUDVSHUVRQDVHQHOiUHDGHWUDEDMRGHXQDSURFHVDGRUD (QFDVRGHLQWHUUXSFLRQHVGHOFDEH]DOSURFHVDGRUGXUDQWHHODSHRVHSURFHGHUiDUHWLUDUODXQLGDGOHMRVGHO iUEROGRQGHVHSURGXMRODLQWHUUXSFLyQ &XDQGRVHDSUHFLVRVDOLUVHGHODVYtDVGHVDFDPDQWHQHUVLHPSUHODPiTXLQDHQHOVHQWLGRGHODOtQHDGH Pi[LPDSHQGLHQWH\GLVPLQXLUDOODORQJLWXGPi[LPDGHOEUD]R $QWHVGHLQLFLDUXQWUDEDMRHOPDTXLQLVWDUHFRUUHUiDQGDQGRPLQXFLRVDPHQWHHOWDMRGHGLFiQGRVHDHOORWRGR HOWLHPSRTXHVHDQHFHVDULRSDUDGHFLGLUFXiOHVODIRUPDPiVLGyQHDGHDIURQWDUHOWDMR 1XQFD\EDMRQLQJXQDFLUFXQVWDQFLDVHWUDQVSRUWDUiQSHUVRQDVHQODPiTXLQD /DSURFHVDGRUDVHHQFRQWUDUiHQSHUIHFWDVFRQGLFLRQHVPHFiQLFDV\FRQHOPDQWHQLPLHQWRLQGLFDGRSRUHO IDEULFDQWH $QWHODPtQLPDVHxDOGHDYHUtDRGLVIXQFLRQDOLGDGGHODPiTXLQDpVWDVHUiOOHYDGDGHLQPHGLDWRDOWDOOHUD HIHFWXDUODVUHYLVLRQHV\UHSDUDFLRQHVSHUWLQHQWHV 'LVSRQGUiGHXQDFDELQDDQWLYXHOFRFHUWL¿FDGD\GHEHUiHVWDULQVRQRUL]DGDFOLPDWL]DGD\SUHVXUL]DGD 6HGRWDUiDODVSURFHVDGRUHVGHLQFOLQyPHWURVSURYLVWRVGHVHxDOGHDODUPD\GHVHQVRUHVDXWRPiWLFRVGH VREUHFDUJD 6HSURWHJHUiFRQYHQLHQWHPHQWHODVYiOYXODVGHODVUXHGDV\VHFRPSUREDUiUHJXODUPHQWHHOHVWDGRGHORV WRUQLOORVGHODVPLVPDV /DFDELQDGHEHGLVSRQHUGHXQDVLHQWRTXHVHDUHJXODEOH\SRVHDXQDDPRUWLJXDFLyQFyPRGD\VX¿FLHQWH 1XQFDVHGHEHUiGHGHVSOD]DUODSURFHVDGRUDHQSXQWRPXHUWR ),&+$6'(0$48,1$5,$ 5(752$5$f$ '(6&5,3&,Ï1 6HWUDWDGHXQDUHWURH[FDYDGRUDJLUDWRULDGRWDGDGHGRVUXHGDV\GRVSDWDVGHJHR PHWUtDYDULDEOH\FDSD]GHWUDEDMDU\PRYHUVHHQJUDQGHVSHQGLHQWHV 6XV FDUDFWHUtVWLFDV OH SHUPLWHQ XQD JUDQ YHUVDWLOLGDG GH PRYLPLHQWRV VLHQGR FDSD] GH PLQLPL]DUHOLPSDFWRSURYRFDGRSRUVXGHVSOD]DPLHQWRDODYH]TXHVHRSWLPL]DHOUHQGL PLHQWRGHOWUDEDMR 5,(6*26 N N N N N N N N N N N N N N N $WURSHOOR 0iTXLQDHQPDUFKDIXHUDGHFRQWURO 9XHOFRGHODPiTXLQD &DtGDSRUSHQGLHQWHV &KRTXHFRQWUDRWURVYHKtFXORV ,QFHQGLR 4XHPDGXUDVWUDEDMRVGHPDQWHQLPLHQWR $WUDSDPLHQWRWUDEDMRVGHPDQWHQLPLHQWR 3UR\HFFLyQGHREMHWRV &DtGDVGHSHUVRQDVGHVGHODPiTXLQD *ROSHV 5XLGRSURSLR\DPELHQWDOWUDEDMRMXQWRDYDULDVPiTXLQDV 9LEUDFLRQHV /RVGHULYDGRVGHODUHDOL]DFLyQGHORVWUDEDMRVEDMRFRQGLFLRQHVPHWHRUROyJLFDVH[WUHPDV /RVGHULYDGRVGHODVRSHUDFLRQHVQHFHVDULDVSDUDUHVFDWDUFXFKDURQHVELYDOYDDWUDSDGRVHQHOLQWHULRUGH ODV]DQMDVVLWXDFLRQHVVLQJXODUHV ),&+$6'(0$48,1$5,$ 5(752$5$f$ 0(','$635(9(17,9$6 /DPiTXLQDVHUiXWLOL]DGDSRUSURIHVLRQDOHVFDSDFLWDGRV\FRQODIRUPDFLyQDGHFXDGDHQHOXVRGHODUHWURDUDxD N 3DUDVXELUREDMDUGHODPiTXLQDXWLOL]DUORVSHOGDxRV\DVLGHURVGLVSXHVWRVSDUDWDOPHQHVWHUFRQHO¿QGHHYLWDU N N N N N N N N N N N N N N N N N N N N N N OHVLRQHVSRUFDtGDV1RVDOWDUQXQFDGLUHFWDPHQWHDOVXHORVLQRHVSRUSHOLJURLQPLQHQWHSDUDODSHUVRQD 1RSHUPLWLUHODFFHVRGHODPiTXLQDDSHUVRQDVQRDXWRUL]DGDV\DTXHVHSXHGHQSURYRFDUDFFLGHQWHV 1RWUDEDMDUFRQODUHWURDUDxDHQVLWXDFLRQHVGHVHPLDYHUtDFRQSDURVHVSRUiGLFRV 3DUDHYLWDUOHVLRQHVGXUDQWHODVRSHUDFLRQHVGHPDQWHQLPLHQWRDSR\DUODFXFKDUDHQHOVXHORSDUDUHOPRWRUSRQHU HQVHUYLFLRHOIUHQRGHPDQR\EORTXHDUODPiTXLQDDFRQWLQXDFLyQUHDOL]DUODVRSHUDFLRQHVGHVHUYLFLRTXHQHFHVLWH 1RJXDUGDUFRPEXVWLEOHQLWUDSRVJUDVLHQWRVHQODUHWURDUDxDSXHGHQLQFHQGLDUVH 1ROHYDQWDUHQFDOLHQWHODWDSDGHOUDGLDGRU/RVJDVHVGHVSUHQGLGRVGHIRUPDLQFRQWURODGDSXHGHQFDXVDUOH TXHPDGXUDV 8WLOL]DUJXDQWHVVLSRUDOJXQDFDXVDGHEHWRFDUHOOtTXLGRDQWLFRUURVLyQ8WLOL]DUDGHPiVJDIDVDQWLSUR\HFFLRQHV /RVOtTXLGRVGHODEDWHUtDGHVSUHQGHQJDVHVLQÀDPDEOHV6LKXELHUDTXHPDQLSXODUORVQRIXPDUQLDFHUFDUIXHJR 6LKXELHUDTXHPDQLSXODUHOVLVWHPDHOpFWULFRGHVFRQHFWDUODPiTXLQD\H[WUDHUSULPHURODOODYHGHFRQWDFWR 1R OLEHUDU ORV IUHQRV GH OD PiTXLQD HQ SRVLFLyQ GH SDUDGD VL DQWHV QR VH KDQ LQVWDODGR ORV WDFRV GH LQPRYLOL]DFLyQGHODVUXHGDV 9LJLODUODSUHVLyQGHORVQHXPiWLFRVWUDEDMDUFRQHOLQÀDGRDODSUHVLyQUHFRPHQGDGDSRUHOIDEULFDQWHGHOD UHWURH[FDYDGRUD $QWHVGHLQLFLDUFDGDWXUQRGHWUDEDMRKD\TXHFRPSUREDUTXHIXQFLRQDQORVPDQGRVFRUUHFWDPHQWHHYLWDUiDFFLGHQWHV +D\TXHDMXVWDUHODVLHQWRSDUDTXHVHSXHGDQDOFDQ]DUORVFRQWUROHVVLQGL¿FXOWDGVHHYLWDUiODIDWLJD 'LVHxDU\VHxDOL]DUORVFDPLQRVGHFLUFXODFLyQLQWHUQD 6HDFRWDUiDXQDGLVWDQFLDLJXDODODGHODOFDQFHPi[LPRGHOEUD]RH[FDYDGRUHOHQWRUQRGHODPiTXLQD6H SURKtEHHQOD]RQDODUHDOL]DFLyQGHWUDEDMRVRODSHUPDQHQFLDGHSHUVRQDV 6HUHYLVDUiQSHULyGLFDPHQWHWRGRVORVSXQWRVGHHVFDSHGHOPRWRUSDUDHYLWDUTXHHQODFDELQDVHUHFLEDQ JDVHVQRFLYRV 6HSURKtEHTXHORVFRQGXFWRUHVDEDQGRQHQODUHWURDUDxDFRQHOPRWRUHQPDUFKDSDUDHYLWDUULHVJRGHDWURSHOOR 6HSURKtEHGHVSOD]DUODUHWURDUDxDVLDQWHVQRVHKDDSR\DGRVREUHODPiTXLQDODFXFKDUDHQHYLWDFLyQGHEDODQFHRV 6HSURKtEHHOWUDQVSRUWHGHSHUVRQDVVREUHODUHWURDUDxDHQSUHYHQFLyQGHFDtGDVJROSHVHWF 6HSURKtEHXWLOL]DUHOEUD]RDUWLFXODGRRODVFXFKDUDVSDUDL]DUSHUVRQDV\DFFHGHUDWUDEDMRVSXQWXDOHV /DVUHWURDUDxDVHVWDUiQGRWDGDVGHOXFHV\ERFLQDGHUHWURFHVR 6HSURKtEHHOPDQHMRGHJUDQGHVFDUJDVFXFKDUDDSOHQROOHQDGREDMRHOUpJLPHQGHIXHUWHVYLHQWRV ),&+$6'(0$48,1$5,$ 5(752(;&$9$'25$ '(6&5,3&,Ï1 6RQPiTXLQDVDXWRSURSXOVDGDVVR EUH UXHGDV R FDGHQDV 3RVHHQ XQ EUD]RDUWLFXODGRTXHOHVEULQGDODV SRVLELOLGDGHV GH H[FDYDFLyQ VXSH ULRUHV D ODV GH ODV PiTXLQDV DQWH ULRUHV/DVSDUWHVSULQFLSDOHVVRQOD SOXPDHOEDODQFtQREUD]R\ODFX FKDUD 5,(6*26 $WURSHOORSRUPDODYLVLELOLGDGYHORFLGDGLQDGHFXDGDHWF N 'HVOL]DPLHQWRGHODVPiTXLQDVWHUUHQRVHPEDUUDGRV N 0iTXLQDHQPDUFKDIXHUDGHFRQWURODEDQGRQRGHODFDELQDGHPDQGRVLQGHVFRQHFWDUODPiTXLQD\EORTXHDU N N N N N N N N N N N N N N N N N ORVIUHQRV 9XHOFRGHODPiTXLQDLQFOLQDFLyQGHOWHUUHQRVXSHULRUDODDGPLVLEOHSDUDODFLUFXODFLyQGHODUHWURH[FDYDGRUD &DtGDSRUSHQGLHQWHVWUDEDMRVDOERUGHGHWDOXGHVFRUWHV\DVLPLODEOHV &KRTXHFRQWUDRWURVYHKtFXORV &RQWDFWRFRQOtQHDVHOpFWULFDVDpUHDVRHQWHUUDGDV ,QWHUIHUHQFLDVFRQLQIUDHVWUXFWXUDVXUEDQDVDOFDQWDULOODGRUHGGHDJXDV\OtQHDVGHFRQGXFFLyQGHJDVRGHHOHFWULFLGDG ,QFHQGLR 4XHPDGXUDVWUDEDMRVGHPDQWHQLPLHQWR $WUDSDPLHQWRWUDEDMRVGHPDQWHQLPLHQWR 3UR\HFFLyQGHREMHWRV &DtGDVGHSHUVRQDVGHVGHODPiTXLQD *ROSHV 5XLGRSURSLR\DPELHQWDOWUDEDMRMXQWRDYDULDVPiTXLQDV 9LEUDFLRQHV /RVGHULYDGRVGHORVWUDEDMRVUHDOL]DGRVHQDPELHQWHVSXOYHUXOHQWRV /RVGHULYDGRVGHODUHDOL]DFLyQGHORVWUDEDMRVEDMRFRQGLFLRQHVPHWHRUROyJLFDVH[WUHPDV /RVGHULYDGRVGHODVRSHUDFLRQHVQHFHVDULDVSDUDUHVFDWDUFXFKDURQHVELYDOYDDWUDSDGRVHQHOLQWHULRUGHODV ]DQMDVVLWXDFLRQHVVLQJXODUHV ),&+$6'(0$48,1$5,$ 5(752(;&$9$'25$ 0(','$635(9(17,9$6 3DUDVXELUREDMDUGHOD³UHWUR´XWLOL]DUORVSHOGDxRV\DVLGHURVGLVSXHVWRVSDUDWDOPHQHVWHUFRQHO¿QGH N N N N N N N N N N N N N N N N N N N N N N N N N HYLWDUOHVLRQHVSRUFDtGDV 1RVDOWDUQXQFDGLUHFWDPHQWHDOVXHORVLQRHVSRUSHOLJURLQPLQHQWHSDUDODSHUVRQD 1RSHUPLWDHODFFHVRGHOD³UHWUR´DSHUVRQDVQRDXWRUL]DGDV\DTXHVHSXHGHQSURYRFDUDFFLGHQWHV 1RWUDEDMDUFRQOD³UHWUR´HQVLWXDFLRQHVGHVHPLDYHUtDFRQSDURVHVSRUiGLFRV 3DUDHYLWDUOHVLRQHVGXUDQWHODVRSHUDFLRQHVGHPDQWHQLPLHQWRDSR\DUODFXFKDUDHQHOVXHORSDUDUHOPRWRUSRQHUHQ VHUYLFLRHOIUHQRGHPDQR\EORTXHDUODPiTXLQDDFRQWLQXDFLyQUHDOL]DUODVRSHUDFLRQHVGHVHUYLFLRTXHQHFHVLWH 1ROHYDQWHHQFDOLHQWHODWDSDGHOUDGLDGRU/RVJDVHVGHVSUHQGLGRVGHIRUPDLQFRQWURODGDSXHGHQFDXVDUOHTXHPDGXUDV 1R OLEHUDU ORV IUHQRV GH OD PiTXLQD HQ SRVLFLyQ GH SDUDGD VL DQWHV QR VH KDQ LQVWDODGR ORV WDFRV GH LQPRYLOL]DFLyQGHODVUXHGDV 9LJLODUODSUHVLyQGHORVQHXPiWLFRVWUDEDMDUFRQHOLQÀDGRDODSUHVLyQUHFRPHQGDGDSRUHOIDEULFDQWHGHODUHWURH[FDYDGRUD $QWHVGHLQLFLDUFDGDWXUQRGHWUDEDMRKD\TXHFRPSUREDUTXHIXQFLRQDQORVPDQGRVFRUUHFWDPHQWHHYLWDUiDFFLGHQWHV +D\TXHDMXVWDUHODVLHQWRSDUDTXHVHSXHGDQDOFDQ]DUORVFRQWUROHVVLQGL¿FXOWDGVHHYLWDUiODIDWLJD 6LVHWRSDFRQFDEOHVHOpFWULFRVQRVDOLUGHODPiTXLQDKDVWDKDEHULQWHUUXPSLGRHOFRQWDFWR\DOHMDGROD ³UHWUR´GHOOXJDU6DOWDUHQWRQFHVVLQWRFDUDXQWLHPSRHOWHUUHQR\ODPiTXLQD 6HDFRWDUiDXQDGLVWDQFLDLJXDODODGHODOFDQFHPi[LPRGHOEUD]RH[FDYDGRUHOHQWRUQRGHODPiTXLQD6H SURKtEHHQOD]RQDODUHDOL]DFLyQGHWUDEDMRVRODSHUPDQHQFLDGHSHUVRQDV /RVFDPLQRVGHFLUFXODFLyQLQWHUQDVHFXLGDUiQSDUDHYLWDUEODQGRQHV\EDUUL]DOHVTXHPHUPHQODVHJXULGDGGHODFLUFXODFLyQ 1RVHDGPLWLUiQUHWURH[FDYDGRUDVGHVSURYLVWDVGHFDELQDVDQWLYXHOFRSyUWLFRGHVHJXULGDGDQWLYXHOFR\DQWLLPSDFWRV 6HSURKtEHTXHORVFRQGXFWRUHVDEDQGRQHQOD³UHWUR´FRQHOPRWRUHQPDUFKD\VLQKDEHUDQWHVGHSRVLWDGROD FXFKDUDHQHOVXHOR 6HSURKtEHGHVSOD]DUOD³UHWUR´VLDQWHVQRVHKDDSR\DGRVREUHODPiTXLQDODFXFKDUDHQHYLWDFLyQGHEDODQFHRV /RVDVFHQVRVRGHVFHQVRVGHODVFXFKDUDVGXUDQWHODFDUJDVHUHDOL]DUiQOHQWDPHQWH 6HSURKtEHHOWUDQVSRUWHGHSHUVRQDVVREUHOD³UHWUR´HQSUHYHQFLyQGHFDtGDVJROSHVHWF 6HSURKtEHXWLOL]DUHOEUD]RDUWLFXODGRRODVFXFKDUDVSDUDL]DUSHUVRQDV\DFFHGHUDWUDEDMRVSXQWXDOHV 6HSURKtEHHOPDQHMRGHJUDQGHVFDUJDVFXFKDUDDSOHQROOHQDGREDMRHOUpJLPHQGHIXHUWHVYLHQWRV 6HSURKtEHUHDOL]DUHVIXHU]RVSRUHQFLPDGHOOtPLWHGHFDUJD~WLOGHODUHWURH[FDYDGRUD (O FDPELR GH SRVLFLyQ GH OD ³UHWUR´ VH HIHFWXDUi VLWXDQGR HO EUD]R HQ HO VHQWLGR GH OD PDUFKD VDOYR HQ GLVWDQFLDVPX\FRUWDV (OFDPELRGHSRVLFLyQGHOD³UHWUR´HQWUDEDMRVDPHGLDODGHUDVHHIHFWXDUiVLWXDQGRHOEUD]RKDFLDODSDUWH DOWDGHODSHQGLHQWHFRQHO¿QGHDXPHQWDUHQORSRVLEOHODHVWDELOLGDGGHODPiTXLQD 6H SURKtEH HVWDFLRQDU OD ³UHWUR´ D PHQRV GH WUHV PHWURV FRPR QRUPD JHQHUDO GHO ERUGH GH EDUUDQFRV SR]RV]DQMDV\DVLPLODEOHVSDUDHYLWDUULHVJRGHYXHOFRVSRUIDWLJDGHOWHUUHQR 6HSURKtEHYHUWHUORVSURGXFWRVGHODH[FDYDFLyQFRQODUHWURDPHQRVGHPFRPRQRUPDJHQHUDOGHO ERUGHGHFRUWHVXSHULRUGHXQD]DQMDRWULQFKHUDSDUDHYLWDUORVULHVJRVSRUVREUHFDUJDGHOWHUUHQR ),&+$6'(0$48,1$5,$ 6.,''(56 '(6&5,3&,Ï1 (OVNLGGHUHVXQDPiTXLQDPX\HVWDEOHTXHSXHGH GHVSOD]DUVHFRQWHUUHQRVHFR\HQYDFtRSRUFXU YDVGHQLYHOHQSHQGLHQWHVVXSHULRUHVDO\EDMDU SRUOtQHDVGHPi[LPDSHQGLHQWHKDVWDFRQXQ &DUJDGRSXHGHDVFHQGHUSRUODGHUDVGHO 6XV UXHGDV VRQ LJXDOHV WLHQH XQ EDVWLGRU GH SURWHFFLyQ \ XQ FHQWUR GH JUDYHGDG PiV EDMR TXHORVWUDFWRUHVDJUtFRODVFRQYHQFLRQDOHV (OVNLGGHUGHVDUUROODGRVWLSRVGHWUDEDMRHOWUDQVSRUWHVXVSHQGLGRGHPDGHUDGHPHQRV GHPGHORQJLWXGSURFHGHQWHGHOLPSLDV\FODUDV\HODUUDVWUHGHWUR]DVPD\RUHV 5,(6*26 N N N N N N N N N N 9XHOFRODWHUDO 6LWXDFLRQHVGHSpUGLGDGHFRQWUROSRUODPDGHUDDUUDVWUDGD &DtGDV $WUDSDPLHQWRV 5LHVJRVHUJRQyPLFRV 9LEUDFLRQHV 6REUHHVIXHU]RV 5XLGR $WURSHOORV ,QFHQGLR 0(','$635(9(17,9$6 /DV ODERUHV GH IRUHVWDFLyQ VH UHDOL]DUiQ SRU SURIHVLRQDOHV FDSDFLWDGRV \ FRQ H[SHULHQFLD SHUIHFWRV N FRQRFHGRUHVGHOWUDEDMR\GHOVNLGGHU N $ODFFLRQDUHOFDEUHVWDQWHORVRSHUDULRVGHEHUiQPDQWHQHUVHDXQDGLVWDQFLDGHODPiTXLQDVXSHULRUDOD H[LVWHQWHHQWUHODSDUWHPiVOHMDQDGHODFDUJD\pVWD N /RVRSHUDULRVD\XGDQWHVGHOVNLGGHUDGHPiVGHXWLOL]DUJXDQWHVUHVLVWHQWHVDSDUDORVDODPEUHVDFHUDGRV URWRVGHOFDEOHXVDUiQEHUOLQJDSDUDHODWDGRGHOSDTXHWH ),&+$6'(0$48,1$5,$ 6.,''(56 (QWHUUHQRVGHIXHUWHSHQGLHQWHFXDQGRVHDVFLHQGHGHXQSDTXHWHFRQHOFDEUHVWDQWHHOVLUYLHQWHGHEHUi N N N N N N N N N N N N N N N N N N N N N N N VXELUDQGDQGRSRUXQFDPLQRGLVWLQWR\SDUDOHORDOGHDUUDVWUHIXHUDGHODOFDQFHGHORVWURQFRVHQFDVRGH URWXUDGHOFDEOHRHVFDSHGHDOJXQDWUR]D $QWHVGHUHDOL]DUODRSHUDFLyQGHDUUDVWUHGHEHUiDVHQWDUVHHQHOWHUUHQRORPiVOODQRSRVLEOHDSR\DQGROD SDODGHODQWHUDVREUHHOVXHORGHIRUPDTXHHQFDVRGHDWDVFDPLHQWRGHOSDTXHWHVREUHDOJ~QWRFyQQRVHD DEVRUELGDODPiTXLQDKDFLDODSHQGLHQWH 6HGHEHUiUHDOL]DUXQFRQWUROGLDULRGHOHVWDGRGHORVFDEOHV\FDGHQDVGHDWDGR (O HQJDQFKH GH ODV WUR]DV VH UHDOL]DUi VLHPSUH VHJ~Q XQ VLVWHPD SUHHVWDEOHFLGR QR SHUPLWLpQGRVH LPSURYLVDFLRQHVTXHSXGLHUDQUHVXOWDUSHOLJURVDV 6LHPSUHDQWHVGHLQLFLDUXQWUDEDMRGHGHVHPERVTXHHOPDTXLQLVWDUHFRUUHUiDQGDQGRPLQXFLRVDPHQWHHOWDMR GHGLFDQGRDHOORWRGRHOWLHPSRTXHHVWLPHQHFHVDULRSDUDGHFLGLUFXDOHVODIRUPDPiVLGyQHDGHDIURQWDUHOWDMR &XDQGRVHWUDEDMHFRQDX[LOLDUVHHPSOHDUiFRPRPHGLRGHFRPXQLFDFLyQXQFyGLJRGHVHxDVLQHTXtYRFRR ZDONLH±WDONLHVVLHOORIXHUDQHFHVDULR 1XQFD\EDMRQLQJXQDFLUFXQVWDQFLDVHWUDQVSRUWDUiQSHUVRQDVHQODPiTXLQD /D PiTXLQD GHEH GH KDOODUVH HQ SHUIHFWDV FRQGLFLRQHV PHFiQLFDV VRPHWLGD D DO PDQWHQLPLHQWR TXH HVWDEOH]FDHOIDEULFDQWH $QWHODPtQLPDVHxDOGHDYHUtDRGLVIXQFLRQDOLGDGGHODPiTXLQDHVWDVHUiOOHYDGDGHLQPHGLDWRDOWDOOHUSDUD HIHFWXDUODVUHYLVLRQHV\RSHUDFLRQHVSHUWLQHQWHV 1XQFD\EDMRQLQJXQDFLUFXQVWDQFLDVHHPSOHDUiQVNLGGHUVTXHFDUH]FDQGHFDELQDDQWLYXHOFRFHUWL¿FDGD\ DJDUUDGHURVP~OWLSOHVDVtFRPRFLQWXUyQGHVHJXULGDG $VLPLVPRGLFKDVFDELQDVGHEHUiQHVWDULQVRQRUL]DGDVFOLPDWL]DGDV\SUHVXUL]DGDV 6HGRWDUiDODVPiTXLQDVGHLQFOLQyPHWURVSURYLVWRVGHVHxDOGHDODUPD\GHVHQVRUHVDXWRPiWLFRVGHVREUHFDUJD (QDTXHOORVWDMRVTXHSRUVXVFRQGLFLRQHVDVtORUHFRPLHQGHQVHLQVWDODUiQFDGHQDVHQODVFXDWURUXHGDV 6HSURWHJHUiFRQYHQLHQWHPHQWHODVYiOYXODVGHODVUXHGDV\VHFRPSUREDUiUHJXODUPHQWHHOHVWDGRGHORV WRUQLOORVGHODVPLVPDV 6HGRWDUiDORVVNLGHUVGHPDQGRDGLVWDQFLDSRUUDGLRIUHFXHQFLDSDUDHOFRQWUROGHOFDEHVWUDQWH\GHOHVFXGRGHHQFODYDPLHQWR /DFDELQDGHEHGLVSRQHUGHXQDVLHQWRTXHVHDUHJXODEOH\SRVHDXQDDPRUWLJXDFLyQFyPRGD\VX¿FLHQWH $GRSWDU ODV PHGLGDV QHFHVDULDV SDUD ORJUDU OD Pi[LPD LQVRQRUL]DFLyQ HQ OD FDELQD \ HQ FDVR GH TXH HO PRGHORHVWpGH¿FLHQWHPHQWHDLVODGRVHXWLOL]DUiQSURWHFWRUHVDXGLWLYRV 1XQFD\EDMRQLQJXQDFLUFXQVWDQFLDVHGHMDUiGHVSOD]DUXQVNLGHUHQSXQWRPXHUWR 6LHPSUHTXHVHDSRVLEOHVHWUDEDMDUiSRUOtQHDGHPi[LPDSHQGLHQWH\HQVHQWLGRDVFHQGHQWH -DPiVVHSRUWDUiFDUJDWUDVODGiQGRVHSRUFXUYDVGHQLYHO &XDQGRVHDLPSUHVFLQGLEOHHIHFWXDUODVDFDHQVHQWLGRGHVFHQGHQWHVHH[WUDHUiXQYROXPHQGHPDGHUDQR VXSHULRUDOGHODFDUJDQRUPDOVHLUiFRQODKRMDGHODQWHUDDDOWXUDPtQLPD\VHDUUDVWUDUiQORViUEROHV DQWHVGHSURFHGHUDVXGHVUUDPDGR 6HSURFHGHUiDEDMDUHOHVFXGR\ODKRMDGHODQWHUDDQWHVGHDFFLRQDUHOFDEUHVWDQWH\FRQHOVNLGHUTXLHWR 6DOYRHQWHUUHQRVFyPRGRVVHGHEHHYLWDUHQJDQFKDUODVWUR]DVPX\HOHYDGDV ),&+$6'(0$48,1$5,$ 75$&725(6 '(6&5,3&,Ï1 (V OD PDTXLQDULD PiV XWLOL ]DGD\SROLYDOHQWHHQODVWD UHDV IRUHVWDOHV \D VHD SDUD XVRV GH DFDUUHR R WUDFFLyQ R FRPR IXHQWH GH HQHUJtD SDUDRWUDVKHUUDPLHQWDVDFR SODGDV 5,(6*26 N N N N N N N N N N N N N 3UR\HFFLRQHVGHREMHWRV 'HVOL]DPLHQWRGHODPiTXLQDWHUUHQRVHPEDUUDGRV 0iTXLQD HQ PDUFKD IXHUD GH FRQWURO DEDQGRQR GH OD FDELQD GH PDQGR VLQ GHVFRQHFWDU OD PiTXLQD 9XHOFRGHODPiTXLQDLQFOLQDFLyQGHOWHUUHQRVXSHULRUDODDGPLVLEOH &KRTXHFRQWUDRWURVYHKtFXORV ,QFHQGLR 4XHPDGXUDVWUDEDMRVGHPDQWHQLPLHQWR $WUDSDPLHQWRV &DtGDVGHSHUVRQDVGHVGHODPiTXLQD *ROSHV 5XLGRSURSLR\GHFRQMXQWR 9LEUDFLRQHV /RV GHULYDGRV GH ORV WUDEDMRV UHDOL]DGRV HQ DPELHQWHV SXOYHUXOHQWRV SDUWtFXODV HQ ORV RMRV DIHFFLRQHV UHVSLUDWRULDVHWF ),&+$6'(0$48,1$5,$ 75$&725(6 0(','$635(9(17,9$6 (O WUDFWRU VHUi XWLOL]DGR SRU RSHUDULRV FRQ H[SHULHQFLD \ FRQRFLPLHQWR GH ODV LQVWUXFFLRQHV HVHQFLDOHV GH N N N N N N N N N N N N N N IXQFLRQDPLHQWRPDQWHQLPLHQWR\VHJXULGDGGHODPiTXLQD 0DQWHQHUORVHVWULERVOLPSLRVGHEDUURQLHYHJUDVDVHWF 3DUDEDMDUGHOYHKtFXORQRVHGHEHVDOWDU8WLOL]DUODVDVDV\HVWULERVSDUDVXELU\EDMDUGHOWUDFWRU 8WLOL]DUHOWUDFWRU~QLFDPHQWHSDUDORVWUDEDMRVSDUDORVTXHHVWiFRQFHELGR +DFHUODVYHUL¿FDFLRQHVFRUUHVSRQGLHQWHVLQGLFDGDVHQHOPDQXDOGHLQVWUXFFLRQHVDQWHVGHVXXWLOL]DFLyQ (YLWDUORVULHVJRVGHLQFHQGLRRGHH[SORVLyQFRQORVFRPEXVWLEOHVHQHOPRPHQWRGHDEDVWHFHUHOWUDFWRU 1XQFDIXPDUPLHQWUDVVHUHSRVWD 8WLOL]DFLyQGHFDELQDREDVWLGRUGHVHJXULGDGGHELHQGRVHUUHVLVWHQWHDOYXHOFR\DODFDtGDGHREMHWRV (Q OD DGDSWDFLyQ GH WUDFWRUHV DJUtFRODV GHEHUiQ FRORFDUVH HVFXGRV GHODQWHURV GH SURWHFFLyQ FRQWUD OD PDOH]DSDORVUDPDVHWFTXHSXHGDQDIHFWDUDOUDGLDGRURDOPRWRU 1R WUDQVSRUWDU SHUVRQDV QL GHQWUR QL IXHUD GHO WUDFWRU D H[FHSFLyQ GH DTXHOORV FDVRV GRQGH H[LVWD HO FRUUHVSRQGLHQWHDVLHQWR (QFDVRGHFDOHQWDPLHQWRGHOPRWRUUHFXHUGHTXHQRGHEHDEULUGLUHFWDPHQWHODWDSDGHOUDGLDGRU(OYDSRU GHVSUHQGLGRVLORKDFHSXHGHFDXVDUOHTXHPDGXUDVJUDYHV 1RIXPDUFXDQGRVHPDQLSXODODEDWHUtDSXHGHLQFHQGLDUVH 1R WRFDU GLUHFWDPHQWH HO HOHFWUyOLWR GH OD EDWHUtD FRQ ORV GHGRV 6L GHEH KDFHUVH XWLOLFH JXDQWHV LPSHUPHDEOHV 6LVHGHEHPDQLSXODUHOVLVWHPDHOpFWULFRSRUDOJXQDFDXVDGHVFRQHFWDUHOPRWRU\H[WUDHUODOODYHGHFRQWDFWR WRWDOPHQWH 'XUDQWHODOLPSLH]DGHODPiTXLQDKDGHSURWHJHUVHFRQPDVFDULOODPRQRPDQGLO\JXDQWHVGHJRPDFXDQGR XWLOLFHDLUHDSUHVLyQHYLWDUiODVVHVLRQHVSRUSUR\HFFLyQGHREMHWRV