Evaluación de QoS para Routing Multicast sobre - unsj

(YDOXDFLyQGH4R6SDUD5RXWLQJ0XOWLFDVWVREUH,QWHUQHW
/LF0XUD]]R0DUtD$QWRQLD
/LF5RGUtJXH]1HOVRQ5XEpQ
^PDULWHQHOVRQ`#LLQIRXQVMHGXDU
'HSDUWDPHQWRGH,QIRUPiWLFD
)DFXOWDGGH&LHQFLDV([DFWDV)tVLFDV\1DWXUDOHV
8QLYHUVLGDG1DFLRQDOGH6DQ-XDQ
5HVXPHQ
1RFDEHGXGDVTXH,QWHUQHWHVWDGRPLQDQGRWRGDVODViUHDV\FRQHOORVDSDUHFHQ
DSOLFDFLRQHVFDGDYH]PiVVRILVWLFDGDV\TXHGHPDQGDQGHODUHGUHTXHULPLHQWRVFDGDYH]
PD\RUHV
(OHMHPSORPiVVLJQLILFDWLYRGHHVWHIHQyPHQRVRQODVDSOLFDFLRQHVGHJURXSZDUHHQ
ODVFXDOHVVHQHFHVLWDVRSRUWHPXOWLFDVWHLQIUDHVWUXFWXUDFDSD]GHVRSRUWDUWUDQVPLVLRQHVGH
LQIRUPDFLyQ00 HQWLHPSRUHDO \ELGLUHFFLRQDO
6LQHPEDUJRHVQHFHVDULRFRQWDUFRQXQD(VWUXFWXUDGH6HUYLFLRV,QWHJUDGRV FDSD]GH
PDQHMDUHVWHWLSRGHDSOLFDFLRQHV\ODVWUDGLFLRQDOHVFRQXQDHVWUXFWXUDGHVRSRUWHDGHFXDGD
3DUDORJUDUHVWRHVQHFHVDULRFRQWDUFRQSURWRFRORVGHURXWLQJPXOWLFDVWTXHVRSRUWHQ
DGHPiVODDGPLQLVWUDFLyQGHORVUHTXHULPLHQWRVGHUHFXUVRVGHFDGDDSOLFDFLyQHQIRUPD
VHSDUDGD
(OSUHVHQWHWUDEDMRWLHQHFRPRREMHWLYREULQGDUXQPDUFRFRQFHSWXDOVREUHHOFXDOVH
WUDEDMDHO5RXWLQJ0XOWLFDVWFRQFDUDFWHUtVWLFDVGH4R6(OREMHWLYRHVWUDWDUGHH[WHQGHUHO
0RGHORGHHQWUHJDGHWUiILFRGHPHMRUHVIXHU]RTXHDFWXDOPHQWHXVD,QWHUQHW
'HHVWDIRUPDHVSRVLEOHSODQWHDUXQPDUFRGHWUDEDMRHQHOTXHVHSURYHHGHXQPDQHMR
HVSHFLDOGHFLHUWRWLSRGHWUDILFR
,QWURGXFFLyQ
(OFUHFLPLHQWRGH,QWHUQHWKDJHQHUDGRHOVXUJLPLHQWRGHXQD$UTXLWHFWXUD&HQWUDGDHQ
OD5HG HQGRQGHODV$SOLFDFLRQHV(PHUJHQWHV VRQGHOWLSR00 \FRQODQHFHVLGDGGHFRUUHUHQ
DPELHQWHVFRODERUDWLYRV3DUDORJUDUTXHHVWDVDSOLFDFLRQHVFRUUDQHQIRUPDDGHFXDGDHV
QHFHVDULRFRQWDUFRQVRSRUWHPXOWLFDVWUHVHUYDGHUHFXUVRV\DGPLQLVWUDFLyQGHORVUHFXUVRV
UHVHUYDGRVHQFDGDQRGRLQWHUPHGLRVHQWUHORVH[WUHPRVGHODFRPXQLFDFLyQ
&RQFHSWRV%iVLFRV
'HILQLFLyQGH&DOLGDGGH6HUYLFLR4R6
(OWpUPLQRFDOLGDGVHXWLOL]DSDUDGHVFULELUHOSURFHVRGHHQWUHJDGHGDWRVGHXQDPDQHUD
FRQILDEOH\HQDOJXQDPHGLGDPHMRUTXHORQRUPDO(VWHDVSHFWRLQFOX\HSHUGLGDGHGDWRV
PtQLPRGHOD\LQGXFLGRFDUDFWHUtVWLFDVGHGHOD\FRQVLVWHQWHMLWWHU\ODFDSDFLGDGSDUD
GHWHUPLQDUHOXVRPiVHILFLHQWHGHORVUHFXUVRVGHODUHGFRPRDOJRULWPRVGHURXWLQJySWLPRV
\Pi[LPRDQFKRGHEDQGD%DVDGRHQHVWDVUHVWULFFLRQHVSRGHPRVWHQHUWUHVWLSRVGH4R6GH
0HMRU(VIXHU]R3UHGLFWLYRR*DUDQWL]DGR
'HILQLFLyQGH&ODVHGH6HUYLFLR&R6
(VXQDIRUPDGHDJUXSDUDSOLFDFLRQHVTXHSRVHHQODQHFHVLGDGGHXQWUDWDPLHQWRVLPLODU
VLPLODUHVXQDIRUPDGHUHDOL]DUHVWHDJUXSDPLHQWRHVGHILQLHQGRSULRULGDGHV\DVLJQiQGRVHODV
DGHPD\RUDPHQRUGHSHQGLHQGRGHODLPSRUWDQFLDGHODDSOLFDFLyQ$FWXDOPHQWHHQ,QWHUQHW
VHHVWiQPDQHMDQGRGRVWLSRVGH&R6,QW6HU,QWHJUDWHG6HUYLFH \'LII6HUY'LIIHUHQFLDWHG
6HUYLFH
'HILQLFLyQGH&ODVHGH7UiILFR&R7
7LHQHUHODFLyQFRQHOWUDQVSRUWHGHGDWRV\7DVDGHHQWUHJDGHORVELWV(QFRQVHFXHQFLD
SRGHPRVWHQHUFXDWUR&R78%58QVSHFLILHG%LW5DWH$%5$YDLODEOH%LW5DWH9%5UW
9DULDEOH%LW5DWH UHDOWLPH9%5QUW9DULDEOH%LW5DWH QRQUHDOWLPH\&%5&RQVWDQW
%LW5DWH
'HILQLFLyQGH)OXMR
8QIORZHVXQDVHFXHQFLDGHPHQVDMHVTXHWLHQHQHOPLVPRRULJHQHOPLVPRGHVWLQRR
DPERV\ORVPLVPRVUHTXHULPLHQWRVGH4R6/DVDSOLFDFLRQHVTXHJHQHUDQWUiILFR
PXOWLPHGLDOHQWLHPSRUHDOSRVHHQUHTXHULPLHQWRVGH4R6ELHQGHILQLGRV(VWRV
UHTXHULPLHQWRVVHORVFRPXQLFDDODUHGDWUDYpVGHXQIORZVSHFTXHVHORSXHGHGHILQLUFRPR
XQDHVWUXFWXUDGHGDWRVXVDGDSRUORVKRVWGH ODUHGSDUDUHTXHULUVHUYLFLRVHVSHFLDOHVGHODUHG
/RV$WULEXWRVTXHGHEHQHVSHFLILFDUVHVRQ7DVDGH'DWRV3URPHGLR7DPDxRGHOD&RODHQ
ORV5RXWHU\0tQLPR1LYHOGH4R6
&DUDFWHUtVWLFDVGHODV$SOLFDFLRQHV00
/DVDSOLFDFLRQHVWUDGLFLRQDOHVIWSWHOQHWHPDLOHWFFRUUHQVREUH,QWHUQHWVLQPD\RUHV
GLILFXOWDGHVVLQHPEDUJRODVDSOLFDFLRQHV00LPSRQHQUHTXHULPLHQWRVHVSHFLDOHVVREUHOD
LQWHUQHWZRUN
(QJHQHUDOFXDQGRVHKDEODGHDSOLFDFLRQHV00\DVHDQHQWLHPSRUHDORQRUHTXLHUHQ
UHFXUVRVGHODUHGDORVILQHVGHREWHQHUDOWDFDOLGDG/RVSULQFLSDOHVUHTXHULPLHQWRVVRQ
&LUFXLWRV%LW6WUHDP&RQWLQXRV
6XILFLHQWH$QFKRGH%DQGD
0tQLPR'HOD\HQGWRHQG
%DMR-LWWHU
&DSDFLGDG0XOWLFDVWLQJ
7HQLHQGRHQFXHQWDHVWHDVSHFWRODLQIRUPDFLyQ00VHODSXHGHDVRFLDUDXQ
GHWHUPLQDGR&R7 GHSHQGLHQGRGHORVQLYHOHVGHUHFXUVRVGHODUHGTXHGHEHQFRQVXPLU
(QODPHGLGDTXHODUHGVHDFDSD]GHVDWLVIDFHUORVUHTXHULPLHQWRVGHFDGDFODVHGH
DSOLFDFLyQVHSXHGHGHFLUTXHWUDEDMDUDFRQFLHUWRVHVTXHPDVGH4R6 7HQLHQGRHQFXHQWDOD
&R7\OD4R6ODLQIRUPDFLyQ00VHODSXHGHFDWHJRUL]DUHQGRVJUDQGHVJUXSRV(OiVWLFRH
,QHOiVWLFR(OWUiILFRHOiVWLFRHVIiFLOGHFDUDFWHUL]DUQRDVtHOLQHOiVWLFR
7DQWRHO$QFKRGH%DQGD FRPROD&DSDFLGDG0XOWLFDVW SRVHHQXQD LPSOHPHQWDFLyQ
VDWLVIDFWRULDVREUH,QWHUQHW(VWRVHGHEHDTXHVHWUDEDMDFRQ,30XOWLFDVWLQJ VREUH8'3OR
TXHSHUPLWHTXHVHDKRUUHDQFKRGHEDQGDDOHYLWDUHOHQYtRGHDVHQWLPLHQWRV\ODV
UHWUDQVPLVLRQHV(OPD\RULQFRQYHQLHQWHVHSUHVHQWDHQHOPDQHMRGHOGHOD\\HOMLWWHU
/DVDSOLFDFLRQHV00VRQVHQVLWLYDVDOGHOD\HQGWRHQGHOFXDODVXYH]VHORSXHGH
FDOFXODUFRPRHOGHOD\DFXPXODGR GHODVLJXLHQWHIRUPD
'RQGH Q FDQWLGDGGHQRGRV
Q
3' 'HOD\GH3URSDJDFLyQ
7' 'HOD\GH7UDQVPLVLyQ
'HOD\ 3'L 7'L S'L 4'L
L 3' 'HOD\GH3URFHVDPLHQWR
4' 'HOD\4XHXHLQJ
6
/DPD\RUtDGHODVDSOLFDFLRQHVPXOWLFDVW0XFKRVD8QR\0XFKRVD0XFKRVVRQ
LQWROHUDQWHVDORVGHOD\VSRUTXHVRQELGLUHFFLRQDOHVLQWHUDFWLYDV\GHSHQGLHQWHVGH
UHTXHULPLHQWRUHVSXHVWD(OGHOD\GHEHVHUPLQLPL]DGRSRUTXHDIHFWDODXVDELOLGDGGHOD
DSOLFDFLyQ/DQHFHVLGDGGHPLQLPL]DUHOGHOD\HVPiVHYLGHQWHHQDSOLFDFLRQHVGHYLGHR
FRQIHUHQFLDWZRZD\GRQGHQRVHSXHGHLQWHUDFWXDUDGHFXDGDPHQWHVLHODXGLRRHOYLGHRGH
UHWUDVDPiVGHPLOLVHJXQGRV
(QUHODFLyQDO4'HVWHHVHVSHFLDOPHQWHSHUMXGLFLDOSXHVWRTXHSURYRFD-LWWHU(VWH
GHOD\SXHGHVXFHGHUHQORVQRGRVH[WUHPRV RHQ ORVURXWHU\VHORSXHGHFDOFXODUFRPR
-LWWHUH ''
6 &' 0' 3D'
N
L -LWWHUU L
L
6 )' T'
P
L L
L
L
'RQGH N FDQWLGDGGHH[WUHPRV
'' 'HOD\GH'LJLWDOL]DFLyQ
&' 'HOD\GH&RPSUHVLyQ'HVFRPSUHVLyQ
0' 'HOD\GH0XOWLSOH[LyQ'HPXOWLSOH[LyQ
3D' 'HOD\GH3DNHWL]DFLyQ'HSDTXHWL]DFLyQ
'RQGH P FDQWLGDGGHURXWHUV
)' 'HOD\)LMR
T' 'HOD\GH(VSHUDHQODFROD
8QSXQWRLPSRUWDQWHDOHYDOXDUHVTXHPLQLPL]DUHOMLWWHUSURYRFDFRPRUHVXOWDGRXQ
DXPHQWRGHOGHOD\HQGWRHQG/DVDSOLFDFLRQHV&%5VRQDOWDPHQWHVHQVLWLYDVDO-LWWHUSDUDOR
FXDOVHGHEHUiWUDWDUTXHQRH[LVWDQYDULDFLRQHVHQORVGHOD\(VWRVHORJUD8WLOL]DQGRWpFQLFDV
GHEXIIHULQJ \DJUHJDQGRGHOD\HQHOSOD\EDFN
/DVWpFQLFDVGHEXIIHULQJ FRQVWLWX\HQHOFRPSRQHQWHFHQWUDOHQODDUTXLWHFWXUDGHORV
URXWHUV/DVHOHFFLyQGHXQDOJRULWPRGHEXIIHULQJ \HOWDPDxRGHOPLVPR HVXQRGHORV
PHFDQLVPRVIXQGDPHQWDOHVSDUDSURYHHU4R6\GHILQLUGLIHUHQWHVQLYHOHVGHVHUYLFLRV
/RJUDUXQDFRQILJXUDFLyQDGHFXDGDGHHVWRVDVSHFWRVVREUH,QWHUQHWHV
H[WUHPDGDPHQWHGLItFLOGHELGRDODDOHDWRULHGDGGHOWUiILFRSUHVHQWHHQODUHG6LOD
FRQILJXUDFLyQQRHVDGHFXDGDVHSURYRFDXQDXPHQWRGHOMLWWHU
(QWUHODVWpFQLFDVGHEXIIHULQJSRGHPRVPHQFLRQDU),)24XHXLQJ\1RQ),)2
4XHXLQJ(OSULPHUHVHOHVWiQGDUGHDOPDFHQDPLHQWR\UHHQYtRGHWUDILFRHQORVURXWHU(O
SUREOHPDTXHSUHVHQWHHVTXHDQWHHODXPHQWRGHODFDUJDGHODUHGSURYRFDGHOD\V \RYHUIORZ
FRQHOFRQVLJXLHQWHGHVFDUWHGHSDTXHWHV
(QHOFDVRGHODVFRODVQR),)2VHWUDEDMDFRQ3ULRULW\4XHXLQJHQGRQGHFLHUWRWLSRGH
WUDILFRVHSXHGHLGHQWLILFDU\SRQHUSULPHURHQODFRODGHVDOLGD6LQHPEDUJRHVWDIRUPDGH
WUDEDMDUHQORVURXWHUSRVHHHOSUREOHPDGHEXIIHUVWDUYDWLRQV FDXVDGRSRUHORYHUIORZHQODV
FRODVRDXPHQWRGHO GHOD\HQGWRHQG SRUHVSHUDHQODVFRODV3DUDVROXFLRQDUHVWRV
SUREOHPDVVHKDQJHQHUDGRVGRVYDULDQWHV&ODVV%DVHG4XHXLQJ&%4\:HLJKWHG)DLU
4XHXLQJ:)4
(OPHFDQLVPRGH&%4SHUPLWHGHILQLUP~OWLSOHVFRODVGHVDOLGDVEDVDGDVHQ&R6
GLIHUHQWHV\HQODGHILQLFLyQGHORUGHQHQTXHGLFKDVFRODVVHUiVVHUYLGDV'HHVWDIRUPDVH
WLHQHHQFXHQWDTXHFLHUWRWLSRGHWUiILFRUHTXLHUHPtQLPRGHOD\HQODVFRODV(OPD\RU
SUREOHPDVHSUHVHQWDHVODIDOWDGHHVFDODELOLGDGHQHOPDQHMRGHOUHRUGHQDPLHQWRGHORV
SDTXHWHVHQODVDOLGD
&RPRRWUDDOWHUQDWLYDHOPHFDQLVPRGH:)4SHUPLWHGHILQLUTXHORVIOXMRVFRQEDMR
YROXPHQWHQJDQXQWUDWDPLHQWRHVSHFLDOVREUHDTXHOORVGHPD\RUYROXPHQ'HHVWDIRUPDVH
DVHJXUDTXHQRH[LVWDVDWXUDFLyQGHOEXIIHUV(OSUREOHPDTXHSUHVHQWDHVODJUDQXODULGDG
&RQVLGHUDFLRQHVGH'LVHxR
(QHVWH SXQWRVHGHEHWHQHUHQFXHQWDGRVDVSHFWRVODGLVWULEXFLyQGHODLQIRUPDFLyQ \
ORVUHTXHULPLHQWRVTXHGHPDQGDQGHODUHGODVDSOLFDFLRQHV&RQUHVSHFWRDOSULPHUDVSHFWR
H[LVWHQWUHVIRUPDVEiVLFDVGHUHDOL]DUODGLVWULEXFLyQGHODLQIRUPDFLyQHQDPELHQWHVGHUHG
8QLFDVW%URDGFDVW\0XOWLFDVW
(QUHODFLyQFRQORVUHTXHULPLHQWRVTXHODVDSOLFDFLRQHVGHPDQGDQGHODUHGHVQHFHVDULR
FRQWDUFRQ3URWRFRORVGH5XWHR TXHWHQJDQHQFXHQWDODV5HVWULFFLRQHVGH4R6
(O3UREOHPDGHOD'LVWULEXFLyQGH,QIRUPDFLyQ
(QODDFWXDOLGDGXQRGHORVSUREOHPDVTXHSUHVHQWD,QWHUQHWHVHOPDQHMRGHODV
FRPXQLFDFLRQHVPXOWLFDVWSXHVWRTXHHOHPLVRUHQYtDWDQWRVSDTXHWHVFRPRGHVWLQDWDULRV
H[LVWHQHVWRSURYRFDXQFRQVLGHUDEOHGHVSHUGLFLRGHDQFKRGHEDQGD\DGHPiVGHPHPRULD\
SURFHVDPLHQWRGHODPiTXLQDHPLVRUD(VWRVHGHEHDTXHHOPXOWLFDVWVHPDQHMDFRPRYDULRV
XQLFDVW\HVWH~OWLPRHVSRFRHVFDODEOH
/DRSFLyQPiVDGHFXDGDHVODPRQWDUXQVRSRUWHGHPXOWLFDVWUHDOHQGRQGHHOHPLVRU
HQYtHXQDFRSLDGHOPHQVDMHDO URXWHU\HVWHVHHQFDUJXHGHJHQHUDUWDQWRVPHQVDMHVPXOWLFDVW
FRPRVXEUHGHVGHVWLQRKD\D
(VWHPXOWLFDVWVHGHEHLPSOHPHQWDUHQOD&DSDGH5HGSDUDORFXDOVHGHEHQGHILQLU
FLHUWRVSDUiPHWURV'LUHFFLRQDPLHQWRXVDQGRGLUHFFLRQHVGH&ODVH'5HJLVWUDFLyQ
'LQiPLFD PHGLDQWHHOHPSOHRGHOSURWRFROR,*03\5RXWLQJ0XOWLFDVW
(VWHHVXQRGHORVWHPDVPiVGLItFLOHVGHUHVROYHUGHELGRDTXHVHUHTXLHUHGH
SURWRFRORVGHUXWHRDGLFLRQDOHVHQWUHORVFXDOHVSRGHPRVPHQFLRQDU'9053'LVWDQFH
9HFWRU0XOWLFDVW5RXWLQJ3URWRFRO0263)0XOWLFDVW2SHQ6KRUWHVW3DWK)LUVW\3,0
3URWRFRO,QGHSHQGHQW0XOWLFDVW
)LJ
(OGLQDPLVPRGHODSHUWHQHQFLDRQRGHORVPLHPEURVDFDGDJUXSRKDFHTXHHO5RXWLQJ
0XOWLFDVWVHDPiVFRPSOHMRTXHHO8QLFDVW8QDIRUPDGHPDQHMDUHVWHWHPDHVTXHHOHPLVRU
PDQWHQJDXQDWDEODFRQWRGRVORVGHVWLQDWDULRV\SHULyGLFDPHQWHLQIRUPHDORVURXWHUVREUHVX
PRGLILFDFLyQ(OSUREOHPDGHTXHVHSUHVHQWDHVHOEDMRUHQGLPLHQWR\ODSRFDHVFDODELOLGDG
2WUDIRUPDHVODLQWHUUHODFLyQGHORV URXWHUHQWUHVtLQWHUFDPELDQGRLQIRUPDFLyQHQWUH
HOORVPiVD~QSDUDHYLWDUUHGXQGDQFLDODVROXFLyQRSWLPDHVGHVLJQDUDXQURXWHUSRUFDGD
VXEUHGLQWHUFRQHFWDGDFRPR0XOWLFDVW5RXWHU TXLHQFRQFHQWUDWRGDODLQIRUPDFLyQ\VH
HQFDUJDGHGLVWULEXLUODXVDQGR HOSURWRFROR,*03
6LQHPEDUJRSDUDHQWUHJDUXQSDTXHWHPXOWLFDVWGHVGHHOHPLVRUDORVQRGRVUHFHSWRUHV
HQRWUDVUHGHVORVPURXWHUV QHFHVLWDQLQWHUFDPELDUODLQIRUPDFLyQTXHHOORVKDQUHFRJLGR
GLUHFWDPHQWHGHORVPLHPEURVGHJUXSRFRQHFWDGRDHOORV
3DUDORJUDUHVWRVHKDQGHVDUUROODGR$OJRULWPRVGH5XWHRTXHSHUPLWHQFRQVWUXLUiUEROHV
PXOWLFDVWDWUDYpVGHORVFXDOHVORVSDTXHWHVPXOWLFDVWSXHGHQHQWUHJDUVHDORVQRGRVGHVWLQR
(VWRVDOJRULWPRVSXHGHQLPSOHPHQWDUVHSRU)ORRGLQJ\6SDQQLQJ7UHHV67 \VRQXVDGRV
SDUDLPSOHPHQWDUORV3URWRFRORVGH5XWHR\SRGHPRVPHQFLRQDU5HYHUVH3DWK%URDGFDVWLQJ
53%7UXQFDWHG53%753%5HYHUVH3DWK0XOWLFDVWLQJ530\&RUH %DVHG7UHHV
&%7
6REUHODEDVHGHORV$OJRULWPRVGH5XWHR DQWHULRUHVVHGHVDUUROODQORV3URWRFRORVGH
5XWHR0XOWLFDVWLQJ SDUDTXHVHDQXVDGRVSRUORVURXWHUVPXOWLFDVW\DVtGHWHUPLQDUFXDQGR
HQYLDU\KDFLDGRQGHORVSDTXHWHVPXOWLFDVW(QWUHORVSURWRFRORVH[LVWHQWHVSRGHPRV
PHQFLRQDU'90530263)3,0 '0\3,0 60
8QDGLVWLQFLyQFODYHTXHVHGHEHKDFHUHVHQWUH
3URWRFRORGH5RXWLQJEULQGDORVPHFDQLVPRVGHGLVWULEXFLyQGHLQIRUPDFLyQGH
URXWLQJDWUDYpVGHODUHG\FRPRVHXVDHVDLQIRUPDFLyQSDUDHQYLDUHOWUiILFR
&RQGXFWDGHO5RXWLQJ HVSHFLILFDFRPRVHSUDFWLFDHODOJRULWPRGHURXWLQJ
2WURDVSHFWRLPSRUWDQWHTXHVHGHEHWHQHUHQFXHQWDHVTXH,30XOWLFDVWLQJQRHV
VRSRUWDGRHQWRGDVODVVXEUHGHV(QHVWHFDVRODVVXEUHGHVTXHVRSRUWDQ,30XOWLFDVWLQJ
IRUPDQLVODV FRQFDSDFLGDGPXOWLFDVWTXHVHFRPXQLFDQHQWUHVLPHGLDQWHWXQQHOLQJ/RV
WXQQHOV VHHQFDUJDQGHSURSDJDUORVSDTXHWHVPXOWLFDVWHQWUHODVLVODVGHQWURGHSDTXHWHV
XQLFDVWSRUODV]RQDVGRQGHHOPXOWLFDVWQRHVVRSRUWDGR3DUDORJUDUHVWRFDGDLVODGHEHWHQHU
XQPURXWHUORVTXHVHFRQHFWDQHQWUHVtDWUDYpVGH WXQQHOV
3DUDSHUPLWLUHVWRVHSXHGHWUDEDMDUFRQHQFDSVXODPLHQWR,3HQ,3$SHVDUGHWRGRODV
UHGHVKtEULGDVSURYRFDQTXHORVURXWHUGHEDQPDQHMDUWUiILFRXQLFDVW\PXOWLFDVW6LELHQXQ
PURXWHUPDQHMDDGHFXDGDPHQWHHOWUiILFRXQLFDVWGHEHPDQWHQHUGREOHWDEODVGHUXWHRFRQOR
TXHHOWUiILFRPXOWLFDVWSXHGHQRFLUFXODUSRUODUXWDPiVDGHFXDGD
(O3UREOHPDGHOD&RQILDELOLGDG
+DVWDDKRUDVHDWUDWDGRHOSUREOHPDGHOGHVSHUGLFLRGHDQFKRGHEDQGDSRUHQYtRGH
P~OWLSOHVFRSLDVGHXQPHQVDMHVLQHPEDUJRH[LVWHHOSUREOHPDTXH7&3HVRULHQWDGRDOD
FRQH[LyQ(VWRKDFHTXH,QWHUQHWSRVHDXQDHVWUXFWXUDGH4R6GH0HMRU(VIXHU]R
3DUDVROXFLRQDUHVWR,30XOWLFDVWVHPRQWDVREUH8'3FRQORTXHVHHOLPLQDHOXVR
LQQHFHVDULRGHDQFKRGHEDQGD\WLHPSRSHURVHJDQDHQIDOWDGH&RQILDELOLGDG YROYLHQGRDOD
DUTXLWHFWXUDVXVFHSWLEOHDIDOODVWDOHVFRPR&LUFXVWDQFLDOHVR7UDQVLWRULDV\'HILQLWLYDVRGH
6LVWHPD
3DUDHYLWDUHVWRVHKDFHQHFHVDULRFRQWDUFRQSURWRFRORVH[WUDVTXHEULQGHQ
FRQILDELOLGDGHQWUHORVFXDOHVSRGHPRVQRPEUDU5035HOLDEOH0XOWLFDVW3URWRFRO650
6FDODEOHDQG5HOLDEOH0XOWLFDVW0)730XOWLFDVW)7350735HOLDEOH0XOWLFDVW
7UDQVIHU3URWRFRO3*03UDJPDWLF*HQHUDO3URWRFRO
$GHPiVGHHVWRVSRGHPRVPHQFLRQDURWURVTXHVHPRQWDQFRPRXQDVXEFDSDVXSHULRU
GHODFDSDGHUHG50135HOLDEOH0XOWLFDVW1HWZRUN3URWRFRO\&7(6&RQWURO7UHHEDVH
RQ(QG6\VWHPV
,PSDFWRGHO0XOWLFDVW&RQILDEOH
/RVDOJRULWPRVTXHWUDWDQGHSURYHHUPXOWLFDVWFRQILDEOHHVWiQEDVDGRVHQHOKHFKRGH
TXHH[LVWHQXQQ~PHURHOHYDGRGHGDWDJUDPDVTXHVHSLHUGHQVHJ~QORREVHUYDGRHQ0ERQH
HQWUHHO\HOGHORVSDTXHWHVPXOWLFDVWVHSLHUGHQHQDOPHQRVXQUHFHSWRU
/RVPHFDQLVPRVGHUHFXSHUDFLyQEDVDGRVHQ1$&.PLQLPL]DQODFDQWLGDGGHSDTXHWHV
UHTXHULPLHQWRV\FRQILUPDFLRQHV$OJXQDVDSUR[LPDFLRQHVUHGXFHQHOWUiILFRGH
UHFXSHUDFLyQGHHUURUHVSRUPHGLRGHJUXSRVPXOWLFDVWVHSDUDGRV\HVWUXFWXUDVMHUiUTXLFDVGH
VHUYLGRUHVSDUDPDQHMDUODUHWUDQVPLVLyQ\HYLWDUODLPSORVLyQGH1$.
V
(VWRVSURWRFRORVIXQFLRQDQGHODVLJXLHQWHPDQHUDFXDQGRFDGDPLHPEURGHWHFWDXQD
SpUGLGDHVSHUDSRUXQSHULRGRGHWLHPSRDOHDWRULRDQWHVGHHQYLDUHOUHTXHULPLHQWRGH
UHWUDQVPLVLyQ\VLPLODUPHQWHFDGDPLHPEURTXHUHFLEHXQUHTXHULPLHQWRGHUHWUDQVPLVLyQ
HVSHUDDQWHVGHHQYLDUODUpSOLFD3RUORWDQWRHVWDVWHPSRUL]DFLRQHVDIHFWDUiQVHQVLEOHPHQWHOD
4R6HQGWRHQG
(O3UREOHPDGHORV5HTXHULPLHQWRVTXHVHGHPDQGDQGHODUHG
&RPR\DVHKDPHQFLRQDGRDQWHULRUPHQWHODVDSOLFDFLRQHV00SRVHHQFDUDFWHUtVWLFDV
HVSHFLDOHVHQUHODFLyQDORVUHFXUVRVTXHQHFHVLWDGHODUHGSDUDIXQFLRQDUHQIRUPDFRUUHFWD
6LQHPEDUJRHVWHDVSHFWRQRVHWLHQHHQFXHQWDHQHO(VTXHPD7UDGLFLRQDOGH,QWHUQHW
(QODDFWXDOLGDGHOPD\RUSUREOHPDUDGLFDHQORVSURWRFRORVXVDGRVSXHVVXVWHQWDQXQ
0RGHORGH0HMRU(VIXHU]R(VWDIRUPDGHPDQHMDUHOWUiILFRQRHVSUREOHPiWLFDSDUD
DSOLFDFLRQHVWUDGLFLRQDOHVHOSUREOHPDVHSUHVHQWDHQDSOLFDFLRQHV00HQGRQGHGHEHKDEHU
XQWUiILFRGHGDWRVDYHORFLGDGFRQVWDQWHFRQHQWUHJDRUGHQDGDGHSDTXHWHV\HQDOJXQRV
FDVRVFRQHQWUHJDVDP~OWLSOHVGHVWLQRV
'HILQLFLyQGHODV5HVWULFFLRQHVEDVDGDVHQ&R6
&RQODDSDULFLyQGHQXHYDVDSOLFDFLRQHV\HOLQFUHPHQWRGHODVQHFHVLGDGHVGHORV
XVXDULRVHOPRGHORDFWXDOGH,QWHUQHWVHGHEHPRGLILFDUSDUDTXHVHDFDSD]GHVRSRUWDUQR
VRORFRPXQLFDFLRQHVPXOWLFDVW\UHVHUYDGHUHFXUVRVVLQRPiVD~QODFDWHJRUL]DFLyQ\
WUDWDPLHQWRGHOWUiILFRHQODUHG
([LVWHQGRVHVWUDWHJLDVSDUDSHUPLWLUHVWR,QW6HUYSDUDSURYHHUVHUYLFLRHQGWRHQG\
'LII6HUYSDUDWUDEDMDUVREUHWUiILFRDJUHJDGR$PERVPRGHORVVHEDVDQHQHOPDQHMRGH
IORZVODGLIHUHQFLDVHHQFXHQWUDHQFRPRORVWUDWDQ&DEHGHVWDFDUTXHOD,(7)HVWD
WUDEDMDQGRHQHOSUR\HFWR03/60XOWL3URWRFRO/DEHO6ZLWFKLQJ HOFXDOFRQVLVWHHQDJUHJDU
XQDHWLTXHWDFRQHOWLSRGHWUiILFRDFDGDSDTXHWHHVWRSRVHHODYHQWDMDGHWUDEDMDUVREUHOD
FDSDOLEHUDQGRDODFDSDGHOFRQWUROGHGHVSDFKHVLQHPEDUJRSRVHHODVGHVYHQWDMDVGH
YLRODUODORQJLWXGPi[LPDGHORVSDTXHWHV\GHWUDEDMDUFRPRXQFLUFXLWRYLUWXDO
(Q,QW6HUYFDGDIOXMRVHLGHQWLILFDSRUORVVRFNHWVRULJHQ\GHVWLQR'LII6HUYGHILQHORV
IOXMRVXVDQGRHOFDPSR7R6GHOHQFDEH]DGR,3ODYHQWDMDGHHVWRHVTXHFDGDSDTXHWHOOHYDOD
LQIRUPDFLyQGHOD&R6DODTXHSHUWHQHFHFRQORTXHVHHYLWDTXHORVURXWHUJXDUGHQHVWD
LQIRUPDFLyQ(QHOFDVRGH,QW6HUYFDGDURXWHUGHEHVHULQIRUPDGRTXHGRVH[WUHPRVYDQKD
LQWHUFDPELDUIORZVTXHUHTXLHUHQWUDWDPLHQWRHVSHFLDO(VWDIRUPDGHWUDEDMDUKDFHTXH
'LII6HUYVHDPiVHVFDODEOHTXH,QW6HUY
(OFDPSR7R63+% 3HU+RS%HKDYLRU GHILQHQRVRORODFODVHGH4R6UHTXHULGDVLQR
ODVUHVWULFFLRQHVQHFHVDULDVYDKDSURYHHULQIRUPDFLyQVREUHHOWUDWDPLHQWRTXHGHEHUiUHFLELU
XQIOXMRHQSDUWLFXODUGXUDQWHVXWUDQVPLVLyQHQFDGDQRGRGHVGHHORULJHQDOGHVWLQR3DUD
ORJUDUHVWRORVURXWHUGHEHQLPSOHPHQWDU'LII6HUYORFXDOHVSRVLEOHPHGLDQWHHOXVRGH,3
,QSXW3ROLFHUVFODVVLILHUV,32XWSXW6FKHGXOHUV\&RQJHVWLRQ0DQDJHPHQW$OJRULWKPV
'HHVWDIRUPDVHSRGUiGHILQLU'LII4R6'LQiPLFRHOFXDOGHSHQGHUiGHOD&R6GHOIOXMR
\VHUiWUDWDGRHQFDGDURXWHUV&DGDIOXMRVHOHDVLJQDUiXQDGHODVVLJXLHQWHVSRVLELOLGDGHV
SDUDOD4R6%HVW(IIRUW$VVXUHG)RUZDUGLQJ\([SHGLWLYH)RUZDUGLQJ
'LIHUHQFLDVHQWUH(VWUDWHJLDV
/DGLIHUHQFLDPiVLPSRUWDQWHHQWUH,QW6HUY\'LII6HUYHVTXHHVWH~OWLPRQRUHTXLHUHGH
SURWRFRORVDGLFLRQDOHVSDUDUHDOL]DUODUHVHUYDGHUHFXUVRVPLHQWUDVTXH,QW6HUYXVDGRV
PHFDQLVPRV56935H6HU9DWLRQ3URWRFRO \5735HDO7LPH7UDQVSRUW3URWRFRO HVWRV
SHUPLWHQTXHODVDSOLFDFLRQHVVHQVLWLYDVDOGHOD\SXHGDQLQFOXLUVXSURSLRPHFDQLVPRGH
WHPSRUL]DFLyQFRPRSDUWHGHOSDTXHWHGHGDWRV'HHVWDIRUPDFDGDGDWDJUDPDLQFOXLUiXQD
HVSHFLILFDFLyQGHWLHPSRSDUDHOGHVWLQRHVWRSHUPLWLUiTXHORVSDTXHWHVVHUHRUGHQHQHQ
RUGHQ\DXQPLVPRULWPR
x 5693 SURYHHVRSRUWHSDUDUHVHUYDFLyQGHEDQGZLGWK\4R63DUDD\XGDUDPLQLPL]DU
ORVGHOD\HQODUHG5693SURYHHORVPHGLRVSDUDGHILQLU&ODVHVGH7UiILFRGH5HG
GHSHQGLHQGRGHODWROHUDQFLDTXHSXHGHVRSRUWDUODVDSOLFDFLRQHVHQODVYDULDFLRQHVGH
WLHPSRVHQODUHGRVHDTXHWUDEDMDFRQ6HUYLFLRV*DUDQWL]DGRV \0HMRU(VIXHU]R
x 573D\XGDDPDQHMDUODVFRQH[LRQHVHQWUHH[WUHPRVSDUDPLQLPL]DUHOHIHFWRGHOD
SpUGLGDGHSDTXHWHV\HOGHOD\VREUHVHUYLFLRVGHUHGPXOWLFDVWRXQLFDVW1RUHDOL]D
UHVHUYDFLyQGHUHFXUVRVQLSURYHHFDOLGDGGHVHUYLFLRJDUDQWL]DGR
,30XOWLFDVWSXHGHXVDUVHFRQ5693\573573SXHGHIXQFLRQDULQGHSHQGLHQWHPHQWH
GH5693VLQHPEDUJR5693SURYHHUiGHPHMRUDVHQODFDOLGDGGHODFRQH[LyQ573
'HILQLFLyQGHODV5HVWULFFLRQHV
/RVDOJRULWPRVGHURXWLQJTXHVHHVWiQHPSOHDQGRHQODDFWXDOLGDGHQ,QWHUQHWVHEDVDQ
HQORV$OJRULWPRV636KRUWHVW3DWK HQGRQGHODVPpWULFDVVRORHYDO~DQXQSDUiPHWURGH
4R6Q~PHURGHVDOWRV RGHOD\SURPHGLRGHODUXWD(OSUREOHPDGHHVWHDOJRULWPRHVTXHQR
HQFXHQWUDXQDUXWDTXHVDWLVIDJDYDULDVUHVWULFFLRQHVGH4R6WDOHVFRPRDQFKRGHEDQGD
GHOD\MLWWHU\SHUGLGDGHSDTXHWHVODVFXDOHVVHUHTXLHUHQFXDQGRVHWUDWDGHWUiILFR00
$GHPiVVHGHEHFRQVLGHUDUTXHGHSHQGHGHO&R6ORVQLYHOHVGHUHFXUVRVTXHFDGD
DSOLFDFLyQGHPDQGHSRUORWDQWRVHUiQHFHVDULRFRQWDUHQORVURXWHUVFRQDGHFXDGRV
DOJRULWPRVGH&RQWUROGH)OXMRTXHSHUPLWDQ3DFNHW6FKHGXOHU3DFNHW&ODVVLILHU$GPLVLRQ
&RQWURO\5HVRXUVH5HVHUYDWLRQ
'HILQLFLyQGHO3UREOHPDGHOD5HVHUYDGH5HFXUVRV
6HDVXPHTXHXQDUHGGHFRPXQLFDFLRQHVVHSXHGHPRGHODUFRPRXQJUDIRFRQHFWDGR
* 9(GRQGH9UHSUHVHQWDHOQ~PHURGHQRGRV\(HOQ~PHURGHOLQNV
KH KXY 6DOWRV
FH FXY
&RVWRV
GH GXY
'HOD\
EH EXY
$QFKRGH%DQGD3URPHGLR
MH MXY
-LWWHU
OH OXY
3HUGLGD
GHOOLQNHTXHFRQHFWDORVQRGRVX\Y
'DGRXQQRGRV OODPDGR1RGR(PLVRU\XQQRGR] OODPDGR1RGR'HVWLQRGRQGHV]
9HOSUREOHPDHVHQFRQWUDUXQDUXWDGHVD]3V] 3VMNO]WDOTXHFRQVXPD
HOPtQLPRGHUHFXUVRVRVHDGHEHVDWLVIDFHUWRGDVODVUHVWULFFLRQHVGH4R6
¦
+3 0,1KH
¦
%3 0,1>EH@t ' EDQGZLGWK
V] H3
¦
-3 MH ' MLWWHU
H3
¦
&3 0,1FH
3L3 V] H3
3L3 V] H3
¦
'3 GH ' GHOD\
–
H3
/
3 O
H ' ORVV H3
'RQGH
+3&3%3'3-3\/
3UHSUHVHQWDQHOQ~PHURGHVDOWRVFRVWRDQFKRGH
EDQGDSURPHGLRGHOD\MLWWHU\ODSpUGLGDGHSDTXHWHVVREUHODUXWD3V]
\3
V]HVHOFRQMXQWRGHWRGDVODVSRVLEOHVUXWDVGHVGHVD]TXHVDWLVIDJDQWRGDVODV
UHVWULFFLRQHVGH4R6GHILQLGDVHQODVHFXDFLRQHV\
(VWDVUHVWULFFLRQHVGH4R6VHFODVLILFDQHQ&yQFDYDV$GLWLYDV \0XOWLSOLFDWLYDV/D
UHVWULFFLyQGHDQFKRGHEDQGDHVXQDUHVWULFFLyQFyQFDYDODVUHVWULFFLRQHVGHGHOD\\
MLWWHUVRQUHVWULFFLRQHVDGLWLYDV\SRU~OWLPRODVUHVWULFFLRQHVGHSUREDELOLGDGGHSHUGLGDV
HVXQDUHVWULFFLyQPXOWLSOLFDWLYD6LVHHQFXHQWUDXQDUXWDTXHVDWLVIDJDQUHVWULFFLRQHV
DGLWLYDV\NUHVWULFFLRQHVPXOWLSOLFDWLYDVGRQGHQN! HVXQSUREOHPD13FRPSOHWR
0RGHORGHO3UREOHPDSDUDOD'LVWULEXFLyQGH,QIRUPDFLyQFRQ4R6
(OREMHWLYRGHO5RXWLQJ0XOWLFDVW HVHQFRQWUDUXQiUEROHOFXDOHVUXWHDGRGHVGHXQ
QRGRIXHQWH\FRQWLHQHWRGRVORVGHVWLQRVPXOWLFDVW$VXYH]HODOJRULWPRGHEHVDWLVIDFHUORV
UHTXHULPLHQWRVSDUDODWUDQVPLVLyQPXOWLPHGLDRVHDPXOWLFDVWHQWLHPSR UHDOSRUORWDQWR
ORVPHQVDMHVGHEHQVHUUHFLELGRVSRUORVGHVWLQDWDULRVGHQWURGHOLPLWHVHVSHFtILFRVGHGHOD\D
XQFRVWRGHUHGySWLPR
(QFRPXQLFDFLRQHVHQWLHPSRUHDOVHGHEHHVWDEOHFHUXQDFRQH[LyQOyJLFDDQWHVGHTXH
RFXUUDFXDOTXLHUWUDQVPLVLyQH GDWRV'XUDQWHODFRQILJXUDFLyQGHODFRQH[LyQVHGHEHUiQ
QHJRFLDUORVSDUiPHWURVDILQGHJDUDQWL]DUOD4R6([LVWHQGRVSDVRVHQHOHVWDEOHFLPLHQWRGH
XQDFRQH[LyQPXOWLFDVWHODOJRULWPRGHURXWLQJ \ODFRQILJXUDFLyQGHODFRQH[LyQ
(OSULPHURFRQVLVWHHQHQFRQWUDUXQiUEROGHURXWLQJHOFXDOWLHQHUDt]HQHOHPLVRU\
OLQNVHQWRGRVORVUHFHSWRUHV/DFRQILJXUDFLyQGHXQDFRQH[LyQFRQVLVWHHQFRQILJXUDUOD
QXHYDFRQH[LyQHQFDGDQRGRHQHOiUEROHOFXDOLQFOX\HUHVHUYDGHUHFXUVRVUHJLVWURGHOD
FRQH[LyQHQXQDWDEODGHVZLWFKLQJXVDGDSDUDLGHQWLILFDUORVSDTXHWHVHQWUDQWHV\DORVOLQNVD
ORVTXHGHEHVDOLU
'HELGRDTXHWRGRVORVSDTXHWHVGHEHUiQVHJXLUODUXWDFRQILJXUDGDGXUDQWHODFRQH[LyQ
HVLPSRUWDQWHTXHODFRQH[LyQPXOWLFDVWVHOHFFLRQHXQiUEROGHURXWLQJFX\RFRVWRGHUHGVHD
PtQLPR(OFRVWRGHUHGGHXQiUEROHVGHILQLGRFRPRODVXPDGHORVFRVWRVGHWRGRVORVOLQNV
HQHOiUERO(QFRQWUDUWDOiUEROHQXQDUHGHVOODPDGRHO3UREOHPDGHO$UEROGHO6WHLQHUHO
FXDOHV13&RPSOHWR([LVWHQGLILFXOWDGHVGHDSOLFDUDOJRULWPRVKHXUtVWLFRVSDUDDSUR[LPDUDO
3UREOHPDGHO$UEROGHO6WHLQHU
x 'HVDUUROODUHO5RXWLQJHQIRUPD'LVWULEXLGD
x *HQHUDUXQ5RXWLQJySWLPRGHQWURGHFLHUWRVYDORUHVGH4R6
x ,QWHJUDUHOURXWLQJFRQODFRQILJXUDFLyQGHFRQH[LyQHQ XQDRSHUDFLyQGHXQDVRODIDVH
/DWRSRORJtDGHXQDUHGHVFRQRFLGD\UHSUHVHQWDGDSRUXQJUDIRFRQHFWDGR*9(
GRQGHFDGDQRGRHQHOJUDIRUHSUHVHQWDXQURXWHUHQODUHG\ORVDUFRVFRUUHVSRQGHQDORVOLQNV
HQWUHORVQRGRV
&DGDOLQNVO(SRVHHGRVSDUiPHWURVDVRFLDGRVFO\GO'RQGHFOGHQRWDHOFRVWR
GHFRPXQLFDFLyQGHOHOFXDOSXHGHVHUHOQ~PHURGHVDOWRVGHOHQODUHGGOHVXQDPHGLGD
GHUHWUDVRVTXHORVPHQVDMHVVRSRUWDQHQOHOFXDOLQFOX\HHOTXHXLQJWUDQVPLVLyQ\
FRPSRQHQWHVGH SURSDJDFLyQ$VXPLPRVTXHORVGRVSDUiPHWURVFO\GOWLHQHODVLJXLHQWH
UHODFLyQ
OO (VLFOt FOHQWRQFHVGOt GO
$ODVXPLUHVWRHOFDPLQRGHPHQRUFRVWRHQWUHGRVQRGRVHVVLHPSUHHOFDPLQRGH
UHWUDVRVPiVFRUWRHQWUHHOORV/RDVXPLGRHVUD]RQDEOHHQODPD\RUtDGHODVUHGHVGH
FRPXQLFDFLyQGHGDWRV3RUHMHPSORFXDQGRHOFRVWRHVPHGLGRHQQ~PHURGHVDOWRVSRUTXHHO
FDPLQRFRQHOPHQRUQ~PHURGHVDOWRVHVXVXDOPHQWHHOFDPLQRGHUHWUDVRPiVFRUWR
8QDRSHUDFLyQXQLFDVWWUDQVPLWHGHVGHXQDVRODIXHQWHVDXQVRORGHVWLQRW8QD
RSHUDFLyQPXOWLFDVWWUDQVPLWHXQPHQVDMHDYDULRVQRGRVGHVWLQR8QDUXWDPXOWLFDVWVLHPSUH
WRPDODHVWUXFWXUDGHXQiUEROSDUDUHGXFLUHOQ~PHURGHFRSLDV8QiUEROGHURXWLQJPXOWLFDVW
SXHGHVHUGHILQLGRDVt
'DGRXQQRGRIXHQWHV 9XQFRQMXQWRGHQRGRVGHVWLQR' 9FRQV 'XQiUEROGH
URXWLQJSDUDXQDFRQH[LyQPXOWLFDVWHVXQVXEiUEROGHOJUDIR*9(UXWHDGRGHVGHVTXH
FRQWLHQHWRGRVORVQRGRVGH'\XQVXEFRQMXQWRDUELWUDULRGH9'FX\R FRQMXQWRGHKRMDV
FRQVLVWHVRODPHQWHGHXQVXEFRQMXQWRGHQRGRVGH'
&XDQGRVHHQYtDXQPHQVDMHPXOWLFDVWDORVQRGRVGH'HOQRGRIXHQWHVODUDt]GHXQ
iUEROGHURXWLQJHQYtDXQDFRSLDGHORVPHQVDMHVGHFDGDXQRGHORVKLMRVDORODUJRGHOiUERO
(VWRVKLMRVHQWXUQRWUDQVPLWHQHOPHQVDMHDVXVKLMRVKDVWDTXHWRGRVORVQRGRVHQHOiUERO
DVtWRGRVORVQRGRVHQ'KDQUHFLELGRHOPHQVDMH
6L_'_ UHVXOWDXQXQLFDVW
6L_'_ _9_ UHVXOWDXQEURDGFDVWQRVHOHFWLYR
3RUORWDQWRHOFRVWRGHUHGGHXQPHQVDMHPXOWLFDVWSDUDXQJUXSRGHGHVWLQDWDULRVHV
SURSRUFLRQDODODVXPDGHOFRVWRGHWRGRVORVOLQNVHQHOiUERO6HGHILQHHOFRVWRGHUHGGHXQ
iUEROGHURXWLQJPXOWLFDVWFRPR
1HWZRUN&RVW7 ¦ FO
O 7
8QREMHWLYRGHOURXWLQJPXOWLFDVWHVRSWLPL]DUHOFRVWRGHUHG GHXQiUEROGHURXWLQJ
6HOHFFLRQDQGRHOiUEROGHURXWLQJySWLPRSDUDPXOWLFDVWHOFRVWRGHUHGGHFDGDPHQVDMH
PXOWLFDVWSXHGHVHUPLQLPL]DGR(ODKRUURJHQHUDGRHVHVSHFLDOPHQWHVLJQLILFDWLYRHQ
DSOLFDFLRQHV00GRQGHODFRPXQLFDFLyQRFXUUHPiVIUHFXHQWHPHQWH\ORVPHQVDMHVVRQ
YLVXDOPHQWHPX\JUDQGHVHQWDPDxRGHELGRDODWUDQVPLVLyQGHDXGLR\YLGHR
&RPRVHKDYLVWRRWURUHTXHULPLHQWRGHODFRPXQLFDFLyQ00HVOLPLWDUHOUHWDUGRGHOD
HQWUHJDGHPHQVDMHV\PDQWHQHUXQYDORUFRQVWDQWHGHHQWUHJDSDUDHYLWDUHOMLWWHU/D
FDQWLGDGH[DFWDGHOOtPLWHGHUHWDUGRGHSHQGHGHXQDDSOLFDFLyQSDUWLFXODU
(OUHTXHULPLHQWRGHFRVWRGHUHGHVDGLWLYRVREUHHOiUEROFRPSOHWRPLHQWUDVTXHHO
UHTXHULPLHQWRGHOtPLWHGHUHWUDVRHVDGLWLYRVREUHHOFDPLQRLQGLYLGXDOGHVGHVDORVGHVWLQRV
DORODUJRGHOiUERO
1XHVWURREMHWLYRHVHQFRQWUDUXQiUEROGHURXWLQJFRQFRVWRGHUHGySWLPREDMRODV
UHVWULFFLRQHVGHILQLGDVHQ\
5HG&DSD]GHPDQHMDU0XOWLFDVWLQJ
8QDUHGFDSD]GHPDQHMDUPXOWLFDVWSURYHHVRSRUWHSDUDPDQHMDUWUHVWLSRVGH
DSOLFDFLRQHV8QRD0XFKRV0XFKRVD8QR\0XFKRVD0XFKRV3DUDSRGHUVRSRUWDUHVWH
WLSRGHDSOLFDFLRQHVHVQHFHVDULRFRQWDUFRQXQVHUYLFLRHQGWRHQGHQODLQIUDHVWUXFWXUDGHUHG
,3SDUDSHUPLWLUTXHFXDOTXLHUKRVW,3HQYtHGDWDJUDPDVDXQDGLUHFFLyQ,3PXOWLFDVWHQIRUPD
WDOTXHFXDOTXLHUQ~PHURGHRWURVKRVW,3SXHGDQUHFLELUOR(VWRUHTXLHUHGRVFRPSRQHQWHVGH
SURWRFRORVHVHQFLDOHV
x 8QSURWRFROREDVDGRHQKRVW,3TXHSHUPLWHDXQDDSOLFDFLyQUHFHSWRUDQRWLILFDUDORV
URXWHUVORFDOHVTXHVHKDXQLGRDXQJUXSR
x 8QSURWRFROREDVDGRHQURXWHU,3TXHSHUPLWDDWRGRVORVURXWHUVFRQPLHPEURVGH
JUXSRPXOWLFDVWHQVXUHGORFDOFRPXQLFDUVHFRQRWURVURXWHUVSDUDDVHJXUDUTXHWRGRV
ORVGDWDJUDPDVHQYLDGRVDODVGLUHFFLRQHVGHJUXSRVHDQUHUXWHDGDVDORVUHFHSWRUHV
6HGHEHFRQVLGHUDUTXHHOSURWRFRORGHURXWLQJGHEHUiPDQHMDUUHVHUYDSRUORTXHVH
GHEHUiWHQHUHQFXHQWDTXHORVPHFDQLVPRVGHUHVHUYDVXVDGRVHQDPELHQWHVGHXQLFDVWVRQ
VLPSOHVGHH[WHQGHUDDPELHQWHVPXOWLFDVWVLHPSUHTXHVHUHVXHOYDQSUREOHPDVWDOHVFRPR
x 0HFDQLVPRVGH-RLQLQJSDUDGHWHUPLQDUODIRUPDGHUHVHUYDUUHFXUVRVSDUDORV
PLHPEURVQXHYRVGHOJUXSRVLQDIHFWDUODUHVHUYDFLyQH[LVWHQWH
x 7UDQVSDUHQFLDHQHOHVWDEOHFLPLHQWRGHODUXWDFDPELRVGHODWRSRORJtDLQJUHVRR
HJUHVRGHPLHPEURVHQORVJUXSRV
x 0HFDQLVPRVDGHFXDGRVSDUDPDQHMDUODDOWDGHHVFDODELOLGDGGHORVSURWRFRORVGH
IHHGEDFNDDPELHQWHVXQLFDVW
(OREMHWLYRHVGHVDUUROODUXQDHVWUXFWXUDGHSURWRFRORVFDSD]GHVRSRUWDUODUHVHUYDGH
UHFXUVRVSRUSDUWHGHOHPLVRUEDMRODDVXQFLyQTXHORVSURWRFRORVVXE\DFHQWHVSRVHHQOD
FDSDFLGDGGHFRQVWUXLUiUEROHVGHGLVWULEXFLyQPXOWLFDVW\XQLFDVWFRQVXILFLHQWHVUHFXUVRV
SDUDPDQWHQHUQLYHOHVDGHFXDGRVGH4R6
3DUDSHUPLWLUHVWRVHUiQHFHVDULRFRQWDUFRQ3URWRFRORVGH5XWHREDVDGRVHQ$OJRULWPRV
GH5XWHR TXHQRLQXQGHQGHWUiILFRDODUHGGHHVWDIRUPDODUHVHUYDFLyQVRORVHGHEHUi
UHVWULQJLUDOiUEROPXOWLFDVWGHXQJUXSRSDUWLFXODU6HGHEHUiWHQHUSUHVHQWHTXHFDGDPHQVDMH
GHMRLQLQJ GHEHUiHVSHFLILFDUORVQLYHOHVGHUHFXUVRVUHTXHULGRVDOOOHJDUDFDGDPURXWHUVH
UHDOL]DUiXQWHVWGHHOHJLELOLGDGSDUDGHWHUPLQDUVLHVDUDPDGHOiUEROVDWLVIDFHORV
UHTXHULPLHQWRVGH4R6\GHVHUDVtVHHQYLDUDXQPHQVDMHMRLQLQJDFN KDFLDDWUiV
7UDEDMR)XWXUR
+DELOLWDUVRSRUWHPXOWLFDVWHQDSOLFDFLRQHV\SURWRFRORVTXHSXHGDQDWUDYHVDUUHGHV
KHWHURJpQHDVHVXQGHVDItRVLJQLILFDWLYR(VSHFtILFDPHQWHHOHQYtRXQVWUHDPGHGDWRVFRQVWDQWH
HQWUHJDGHGDWRVFRQILDEOHVHJXULGDG\DGPLQLVWUDFLyQGHFRPXQLFDF LRQHVPXFKRVDPXFKRV
UHTXHULUiGHFRQVLGHUDFLRQHVHVSHFLDOHV
$GLFLRQDOPHQWHODUHGUHTXLHUHGHXQDLQIUDHVWUXFWXUDGHDGPLQLVWUDFLyQGHGLUHFFLRQHVJOREDOHV
GLVHxDGDVSDUDTXHQRH[LVWDQFROLVLRQHVGHGLUHFFLRQHV8QDFROLVLyQGHGLUHFFLRQHVRFXUUHFXDQ GR
GRVGLIHUHQWHVDSOLFDFLRQHVHQYtDQVWUHDPGHGDWRVDODPLVPDGLUHFFLyQPXOWLFDVWHQHOPLVPRVORWGH
WLHPSRSDUDGLIHUHQWHVSURSyVLWRV
/DPD\RUtDGHORVGHVDItRVHQHOGHVDUUROORGHVHUYLFLRVGHDSOLFDFLRQHVPXOWLFDVWSXHGHQVHU
UHVXPLGRVHQWUHVFDWHJRUtDV
x 5HFHSWRUHV+HWHURJpQHRV UHFHSWRU\HPLVRUFRQGLIHUHQWHEDQGZLGWKFDUDFWHUtVWLFDVGH
ODWHQFLD\FRQJHVWLyQGHODUHG
x ,QWHJUDFLyQGH'DWRV&RQILDEOHV DVHJXUDUTXHWRGRVORVGDWRVHQYLDGRVVHUiQUHFLELGRVSRU
WRGRVORVUHFHSWRUHV
x 6HJXULGDGDVHJXUDUSULYDFLGDGSDUDWRGRVORVPLHPEURVGHOJUXSRPXOWLFDVWSUREOHPDVGH
LQWHUFDPELRGHFODYHVPXOWLFDVWDXWHQWLFDFLyQLQGLYLGXDO\GHJUXSR
&RQFOXVLRQHV
&RQVLGHUDQGRORDQDOL]DGRHQHOSUHVHQWHWUDEDMRVHKDFHQHFHVDULRFRQWDUFRQ
3URWRFRORVGH5RXWLQJTXHQRVRORPDQHMHQHOPXOWLFDVWVLQRWDPELpQODUHVHUYDGHUHFXUVRV
EDVDGRHQ&R6\DGHPiVEULQGHVRSRUWHGHVHJXULGDG
3DUDLPSOHPHQWDUHVWRHQIRUPDHIHFWLYD\HILFLHQWHQRVGHEHUHPRVEDVDUHQXQ67
EDVDGRHQHOJUXSR\ELGLUHFFLRQDOFDSD]GHPDQHMDUODWUDQVPLVLyQGHGDWRVORVSHGLGRVGH
UHVHUYD\ODLQIRUPDFLyQGHIHHGEDFNFRQODPtQLPDFDUJDHQORVURXWHUV
/DUHVHUYDVHGHEHUiUHDOL]DUHQIRUPDGLQiPLFDMXQWRFRQODFRQVWUXFFLyQGHO67HQ
FDGDURXWHUHQWUHHOHPLVRU\HOJUXSRGHGHVWLQDWDULRV'HHVWDIRUPDVHDVHJXUDXQDKRUURGH
WLHPSR\SURFHVDPLHQWRGHORVURXWHU/RV$OJRULWPRVGH5RXWLQJDGHPiVGHEHUiQFXPSOLU
FRQORVVLJXLHQWHVDVSHFWRV
x (QFRQWUDUHOiUEROGHURXWLQJySWLPRTXHVDWLVIDJDORVUHTXHULPLHQWRVGH4R6SDUD
ODVGLIHUHQWHV&R6
x (QFRQWUDUHOiUEROGHURXWLQJTXHVRSRUWHFRQILDELOLGDGSDUDORVVHUYLFLRVTXHGHEDQ
VHUVHJXURV
x ,QWHJUDFLyQGHO5RXWLQJ0XOWLFDVWFRQODFRQILJXUDFLyQGHODFRQH[LyQ\SDUiPHWURV
GH4R6
x &DPELRGHPHPEUHVtDVGLQiPLFDVGHORVPLHPEURVGHOJUXSRPXOWLFDVW
x (VGHVHDEOHTXHSRUSUREOHPDVGHFUDVKGHOQRGRFHQWUDOHODOJRULWPRVHDWRWDOPHQWH
GLVWULEXLGR
%LEOLRJUDItD
$7DQHPEDXP
$]FRUUD&DOGHUyQ
&RPSXWHU1HWZRUNV ± ƒ(GLFLyQ3UHQWLFH+DOO
$ 6WUDWHJ\IRU &RPSDULQJ 5HOLDEOH 0XOWLFDVW 3URWRFROV $SSOLHG WR
5013 \ &7(6 ,((( &RQIHUHQFH RQ 3URWRFROV IRU 0XOWLPHGLD
1HWZRUNLQJ SDJD
&RZDQ&HQ
$GDSWDWLYH 0HWKRGV IRU 'LVWULEXWHG 9LGHR 3UHVHQWDWLRQ $&0
:DOSROH3X
&RPSXWLQJ6XUYH\ 9RO 1ƒ &KULVWRGRXODNLV
5HVHDUFK DQG 'HYHORSPHQW ,VVXHV IRU /DUJH6FDOH 0XOWLPHGLD
7ULDQWDWLORX
,QIRUPDWLRQ 6\VWHPV $&0 &RPSXWLQJ 6XUYH\ 9RO 1ƒ )HUUDUL$OPHVEHUJHU 6FDODEOH 5HVRXUVH 5HVHUYDWLRQ IRU WKH ,QWHUQHW ,((( &RQIHUHQFH
RQ3URWRFROVIRU0XOWLPHGLD1HW SDJD
*HPPHOO9LQ
0XOWLPHGLD6WRUDJH6HUYHUV$7XWRULDO &RPSXWHU,((( 9RO
.DQGOXU5DJDQ
1ƒ 0D\
0XOWLPHGLD 'DWDEDVH 0DQDJHPHQW 6\VWHPV $&0 &RPS6XUYH\
*KDIIRU
9RO1ƒ
*XGLGDYD5DJKDYDQ &RQWH[WEDVHGLPDJHUHWULHYDOV\VWHPV ,(((&RPSXWHU 9RO
1ƒ6HS
*DURIDODNLV ,RQQLGLV 6FKHGXOLQJ,VVXHVLQ0XOWLPHGLD4XHU\2SWLPL]DWLRQ $&0
&RPSXWLQJ6XUYH\ 9RO 1ƒ 0DWWDJL6RKUDE\
-LWWHU &DOFXOXV LQ $70 1HWZRUNV 0XOWLSOHV 1RGHV ,((($&0
%LVGLNLDQ
7UDQVDFWLRQV 9RO 1ƒ )HE
0RVV
5HVRXUFH 5HVHUYDWLRQ LQ 1HWZRUNHG 0XOWLPHGLD 6\VWHPV $&0
&RPSXWLQJ6XUYH\ 9RO 1ƒ 0XUD]]R5RGUtJXH] $VSHFWRV&UtWLFRVHQOD7UDQVPLVLyQGH,QIRUPDFLyQHQ5HG 5HYLVWD
&LHQFLDV $xR 1ƒ
0XUD]]R5RGUtJXH] 7UDEDMR&RODERUDWLYRHQ,QWHUQHW -8&6(
6JRGHO(VWHUR
0XUD]]R5RGUtJXH] 7UDWDPLHQWR GH ,QIRUPDFLyQ 00 HQ ,QWHUQHW 0GH& %LE'U (
$SDULFLR )&()\1 816- 0XUD]]R5RGUtJXH] $UTXLWHFWXUD GH 6RSRUWH 3URSXHVWD SDUD PDQHMR GH 5RXWLQJ
0XOWLFDVWSDUD00VREUH,QWHUQHW :,&&
6DQ-XDQ\GH
PD\RGH
0XUD]]R5RGUtJXH] $QiOLVLVGHOD7UDQVIHUHQFLDGH,QIRUPDFLyQFRQ5HVWULFFLRQHV00
HQ$PELHQWHV0XOWLFDVWVREUH,QWHUQHW -8&6(
6JRGHO(VWHUR
1DKUVWHGW6WHLQPHW] 5HVRXUFH0DQDJHPHQWLQ1HWZRUNHG0XOWLPHGLD6\VWHP &RPSXWHU
,((( 9RO 1ƒ 0D\
1DUULFNYLQJ
0XOWLPHGLD %URDGFDVWLQJ RYHU WKH ,QWHUQHW ,((( &RQIHUHQFH RQ
3URWRFROVIRU0XOWLPHGLD1HWZRUNLQJ SDJD
3RUQDYDODL
5RXWLQJZLWK4R6&RQVWUDLQWLQ,QWHJUDWHG6HUYLFHV1HWZRUNV ,(((
&KDFUDERUW\
&RQIHUHQFH RQ 3URWRFROV IRU 0XOWLPHGLD 1HWZRUNLQJ SDJ D
6KLUDWRU\
5RGUtJXH]5RZH
0XOWLPHGLD 6\VWHPV DQG $SOLFDWLRQV &RPSXWHU ,((( 9RO 1ƒ 0D\