0Ï'8/2

'(63(5',&,26'LUHFWULFHVGHO,3&&SDUDORVLQYHQWDULRVGHJDVHVGHHIHFWRLQYHUQDGHURYHUVLyQUHYLVDGDHQ
/LEURGH7UDEDMR





'(63(5',&,26

' ( 6 3 ( 5 ' , & , 2 6,QWURGXFFLyQ(QHVWHPyGXORVHSUHVHQWDQPHWRGRORJtDVSDUDUHDOL]DUHVWLPDFLRQHVGHODVHPLVLRQHV GH PHWDQR &+  SURFHGHQWHV GH ORV YHUWHGHURV GH UHVLGXRVVyOLGRVGHODVGH&+ SURFHGHQWHVGHOWUDWDPLHQWRGHODVDJXDVUHVLGXDOHV\GHODVGH1 2SURFHGHQWHVGHORVH[FUHPHQWRVKXPDQRV








'LVSRVLFLyQGHGHVSHUGLFLRVVyOLGRVHQWLHUUD(Q HVWD VHFFLyQ VH DERUGD OD HVWLPDFLyQ GH ODV HPLVLRQHV GH PHWDQR
SURFHGHQWHVGHORVYHUWHGHURVGHUHVLGXRVVyOLGRV ,QWURGXFFLyQ/D GHVFRPSRVLFLyQ DQDHUyELFD GH OD PDWHULD RUJiQLFD HQ YHUWHGHURV GH
UHVLGXRV VyOLGRV SRU SDUWH GH ODV EDFWHULDV PHWDQRJpQLFDV HV IXHQWH GH
HPLVLRQHV GH &+  TXH HVFDSDQ D OD DWPyVIHUD  6H HVWLPD TXH HVWD IXHQWH
UHSUHVHQWDHQWUHHO\HOGHODVHPLVLRQHVDQWURSRJpQLFDVGH&+ HQ
WRGRHOPXQGR 86(3$,3&& (Q OD PHWRGRORJtD ORV YHUWHGHURV GH UHVLGXRV VyOLGRV 956  VH GLYLGHQ HQ³FRQWURODGRV´ \ ³QR FRQWURODGRV´ GHSHQGLHQGR GHO JUDGR \ GHO WLSR GH
FRQWURO DFWLYR HQ HO YHUWHGHUR  /D FODVLILFDFLyQ VH XWLOL]D SDUD DSOLFDU XQ)DFWRU GH &RUUHFFLyQ SDUD HO 0HWDQR )&0  TXH SHUPLWH GDU FXHQWD GHO
SRWHQFLDOGHJHQHUDFLyQGHPHWDQRGHOYHUWHGHUR )XHQWHVGHORVGDWRV
6LHPSUH TXH VHD SRVLEOH GHEHUiQ HPSOHDUVH ORV GDWRV GLVSRQLEOHV D QLYHOORFDO  /RV YDORUHV SRU GHIHFWR SUHVHQWDGRV HQ ODV WDEODV GHEHUiQ XWLOL]DUVH
FXDQGRQRVHFXHQWHFRQGDWRVSDUDORVSDtVHV
(VWDGtVWLFDVGHPRJUiILFDV/RVSDtVHVTXHLQFOX\DQ]RQDVHQTXHQRHVWi
RUJDQL]DGDODUHFROHFFLyQRGLVSRVLFLyQGHGHVSHUGLFLRV SRUORJHQHUDOHQODV]RQDV UXUDOHV  GHEHUiQ UHIOHMDU HQ ODV KRMDV VRODPHQWH ODV FLIUDV GH OD
SREODFLyQXUEDQDDODKRUDGHLQGLFDUODSREODFLyQ(QODV]RQDVUXUDOHVORV
GHVSHUGLFLRV JHQHUDOPHQWH VH HVSDUFHQ HQ OD WLHUUD HQ OXJDU GH OOHYDUVH D
YHUWHGHURV GH UHVLGXRV VyOLGRV VXIULHQGR JHQHUDOPHQWH GHVFRPSRVLFLyQ
DHUyELFDJHQHUDQGRQLYHOHVPX\EDMRVRQXORVGHHPLVLRQHVGH&+ (VWDGtVWLFDV VREUH GHVSHUGLFLRV (Q PXFKRV SDtVHV VH FXHQWD FRQ
LQIRUPDFLyQ VREUH ODV WDVDV GH JHQHUDFLyQ GH 5HVLGXRV 6yOLGRV 8UEDQRV
568 \VREUHHOSRUFHQWDMHGHHVRVUHVLGXRVHOLPLQDGRVHQORVYHUWHGHURV
GH UHVLGXRV VyOLGRV GHELHQGR HPSOHDUVH HVDV FLIUDV FXDQGR HVWXYLHUHQGLVSRQLEOHV(QOD7DEODVHLQGLFDQORVYDORUHVSRUGHIHFWR
(QODFDWHJRUtDGHUHVLGXRVVyOLGRVXUEDQRVVHLQFOX\HQORVVLJXLHQWHVWLSRVGH
GHVHFKRV'LUHFWULFHVGHO,3&&SDUDORVLQYHQWDULRVGHJDVHVGHHIHFWRLQYHUQDGHURYHUVLyQUHYLVDGDHQ
/LEURGH7UDEDMR

'(63(5',&,26 5HVLGXRVGRPpVWLFRV 'HVHFKRVGHMDUGtQ\ 'HVHFKRVFRPHUFLDOHVGHORVPHUFDGRV(QDOJXQRVSDtVHVVHJHQHUDQFDQWLGDGHVFRQVLGHUDEOHVGHUHVLGXRVRUJiQLFRVVyOLGRVLQGXVWULDOHV/RVYDORUHVSRUGHIHFWRSUHVHQWDGRVHQOD7DEODQR
GHEHUiQLQFOXLUORVGHVHFKRVVyOLGRVLQGXVWULDOHV'HJHQHUDUVHXQDFDQWLGDG
FRQVLGHUDEOH GH UHVLGXRV RUJiQLFRV VyOLGRV LQGXVWULDOHV TXH HV HOLPLQDGD HQ
YHUWHGHURV GH UHVLGXRV VyOLGRV GHEHUi SUHVWDUVH PXFKD DWHQFLyQ D OD
GHWHUPLQDFLyQ GH OD WDVD DSURSLDGD SHU FDSLWD GH JHQHUDFLyQ GH GHVHFKRVVyOLGRV\DOYDORUGHOFDUERQRRUJiQLFRGHJUDGDEOH
(Q HVWD SXEOLFDFLyQ HO FRQWHQLGR GH FDUERQR RUJiQLFR GHJUDGDEOH&2'  GH ORV GHVHFKRV LQFOX\H HO FRQWHQLGR GH FDUERQR GHO SDSHO \ ORV
WH[WLOHV ORV GHVHFKRV GH MDUGLQHV \ SDUTXHV \ RWURV GHVHFKRV SXWUHVFLEOHV
H[FOXLGRV ORV DOLPHQWRV  UHVWRV GH DOLPHQWRV \ RWURV GHVHFKRV RUJiQLFRVELRGHJUDGDEOHV  (O FRQWHQLGR GH FDUERQR RUJiQLFR GHJUDGDEOH SXHGH
GHWHUPLQDUVHFRQXQRGHWUHVPpWRGRV• 8WLOL]DQGRORVGDWRVQDFLRQDOHVGLVSRQLEOHV
• &iOFXORV EDVDGRV HQ OD FRPSRVLFLyQ GH ORV GHVHFKRV GHO SDtV REMHWR GH
HVWXGLR XWLOL]DQGR ORV YDORUHV SRU GHIHFWR SDUD HO FDUERQR RUJiQLFRGHJUDGDEOHLQGLFDGRVHQOD7DEODSDUDFDGDWLSRGHGHVHFKRR• 8WLOL]DQGRORVYDORUHVSRUGHIHFWRSUHVHQWDGRVHQOD7DEOD
6H GHEH VHxDODU TXH ORV YDORUHV LQGLFDGRV HQ ODV 7DEODV  \ 
FRUUHVSRQGHQHQWpUPLQRVJHQHUDOHVDORVGHVHFKRVK~PHGRV RIUHVFRV (VFUXFLDOTXHHOYDORUGHOFDUERQRRUJiQLFRGHJUDGDEOHVHFRUUHVSRQGDFRQ
OD WDVD GH JHQHUDFLyQGLVSRVLFLyQ GH GHVSHUGLFLRV HQ TXH HVWi EDVDGD OD
HVWLPDFLyQ GHO PHWDQR  3RU HMHPSOR HQ XQ SDtV HQ TXH ORV UHVLGXRVLQGXVWULDOHV VH LQFOX\HQ HQ HO FiOFXOR GH ORV 568 GHEHUi YHODUVH SRU TXH HO
YDORUXWLOL]DGRSDUDHOFDUERQRRUJiQLFRGHJUDGDEOHUHIOHMHHVHFRPSRQHQWH
GHORVGHVHFKRV&DWHJRUtDV GH YHUWHGHURV  /RV YHUWHGHURV GH UHVLGXRV VyOLGRV VH
FODVLILFDQHQGRVFDWHJRUtDVFRQWURODGRVRQRFRQWURODGRV(QORVYHUWHGHURVFRQWURODGRVGHEHUiH[LVWLUGLVSRVLFLyQFRQWURODGDGHORVGHVHFKRV HVGHFLU
iUHDVHVSHFtILFDVSDUDGHSRVLWDUORVGHVHFKRVFLHUWRJUDGRGHFRQWUROGHOD
UHFROHFFLyQ GH EDVXUDV \ FLHUWDV PHGLGDV GH FRQWURO GH ORV LQFHQGLRV 
DVLPLVPRGHEHUiXWLOL]DUVHSRUORPHQRVXQRGHORVVLJXLHQWHVPDWHULDOGH
FREHUWXUD FRPSDFWDGR PHFiQLFR R QLYHODFLyQ GH ORV GHVSHUGLFLRV 7RGRV
ORVGHPiVYHUWHGHURVGHUHVLGXRV VyOLGRV QR FRPSUHQGLGRV HQ OD FDWHJRUtD
DQWHULRU VH FRQVLGHUDQ YHUWHGHURV QR FRQWURODGRV  eVWRV VH VXEGLYLGHQ HQ
SURIXQGRV ≥P GH SURIXQGLGDG  R SRFR SURIXQGRV P GH SURIXQGLGDG 
SDUDGDUFXHQWDGHVXSRWHQFLDOGHJHQHUDFLyQGH&+ /DPHWRGRORJtDH[LJHTXHORVSDtVHVSURSRUFLRQHQGDWRVRHVWLPDFLRQHVGHOD
FDQWLGDG GH GHVHFKRV HOLPLQDGRV HQ FDGD XQD GH ODV WUHV FDWHJRUtDV GH
YHUWHGHURV6HUHFRQRFHTXHHQDOJXQRVSDtVHVSRGUtDUHVXOWDUGLItFLOREWHQHU
HVD LQIRUPDFLyQ  (Q HVRV FDVRV VH UHFRPLHQGD TXH ORV XVXDULRV GH ODV'LUHFWULFHVFRQVXOWHQDH[SHUWRVQDFLRQDOHVHQHVWHFDPSRSDUDOOHJDU D XQ
FRQVHQVRUD]RQDGRVREUHODVLWXDFLyQGHOPDQHMRGHORVGHVHFKRVHQHOSDtV
6HGHEHVHxDODUTXHODLQIRUPDFLyQUHTXLHUHGDWRVVREUHOD FDQWLGDG PDVD
GH GHVHFKRV GHSRVLWDGD HQ FDGD XQD GH ODV FDWHJRUtDV \ QR HO Q~PHUR GH
YHUWHGHURVHQFDGDFDWHJRUtD6LVHGHVFRQRFHODSURSRUFLyQGHGHVHFKRVHQ  
'LUHFWULFHVGHO,3&&SDUDORVLQYHQWDULRVGHJDVHVGHHIHFWRLQYHUQDGHURYHUVLyQUHYLVDGDVHQ/LEURGH7UDEDMR

'(63(5',&,26

FDGD FDWHJRUtD GHEHUiQ HPSOHDUVH ORV YDORUHV SRU GHIHFWR LQGLFDGRV HQ OD
7DEOD

 0HWRGRORJtD/DPHWRGRORJtDVHQFLOODSRUGHIHFWRSHUPLWHFDOFXODUODVHPLVLRQHVGH&+ D
SDUWLUGH$

ODFDQWLGDGGHGHVSHUGLFLRVGHSRVLWDGRVHQODVGLIHUHQWHVFDWHJRUtDVGHYHUWHGHURVGHUHVLGXRVVyOLGRV%OD IUDFFLyQ GH FDUERQR RUJiQLFR GHJUDGDEOH \ OD FDQWLGDG TXH VH
GHJUDGDUHDOPHQWH\&

ODIUDFFLyQGH&+ HQHOJDVGHORVYHUWHGHURV(&8$&,Ï1
(PLVLRQHVGHPHWDQR *JDxR

9(57('(526$%,(5726(QSDtVHVTXHHQHOSDVDGRQRKDEtDQ
FDOFXODGR ODV HPLVLRQHV SURFHGHQWHV
GH ORV ³YHUWHGHURV DELHUWRV´ HVWD
PHWRGRORJtD SRU GHIHFWR SRGUtD
WUDGXFLUVH HQ XQ DXPHQWR GH ODV
HPLVLRQHV HVWLPDGDV GH PHWDQR /D
PHWRGRORJtD VH GHVFULEH SRU OD(FXDFLyQ

568 [568 [)&0[&2'[&2' [)[5 [ 2;
7))

HQODFXDO
568
568

0(72'2/2*Ë$'(35,0(525'(1WRWDOGH568JHQHUDGRV *DxR

7

IUDFFLyQ GH ORV 568 HOLPLQDGRV HQ ORV YHUWHGHURV GH
UHVLGXRVVyOLGRV))&0IDFWRUGHFRUUHFFLyQSDUDHOPHWDQR IUDFFLyQ&2'

FDUERQRRUJiQLFRGHJUDGDEOH IUDFFLyQ&2')

6HLQVWDDORVSDtVHVDTXHDSOLTXHQXQPRGHOR PiV SHUIHFFLRQDGR FRPRSRUHMHOPRGHORGHGHVFRPSRVLFLyQ
GH SULPHU RUGHQ VL FXHQWDQ FRQ
VXILFLHQWHV GDWRV \ VL HO PpWRGR VH
H[SRQH\MXVWLILFDFODUDPHQWH9pDVH
HO0DQXDOGH5HIHUHQFLDIUDFFLyQGHFDUERQRRUJiQLFRGHJUDGDEOHDVLPLODGR)IUDFFLyQ GH &+  HQ HO JDV GH YHUWHGHUR HO YDORU SRU
GHIHFWRHVGH5&+ UHFXSHUDGR *JDxR

2;

IDFWRUGHR[LGDFLyQ HOYDORUSRUGHIHFWRHV&yPROOHQDUOD+RMDGHWUDEDMR
8WLOLFHOD+2-$ '( 75$%$-2 (0,6,21(6 '( 0(7$12 352&('(17(6 '( /26
9(57('(526 '( 5(6,'826 6Ï/,'26 SDUD DQRWDU ORV GDWRV FRUUHVSRQGLHQWHV D
HVWHVXEPyGXOR

3$62 (67,0$&,Ï1'(/727$/'(5(6,'8266Ï/,'2685%$126*(1(5$'26<(/,0,1$'26(19(57('(526'(5(6,'8266Ï/,'26

862'(/$+2-$'(75$%$-2•&RSLH OD +RMD GH WUDEDMR TXH
DSDUHFH DO ILQDO GH HVWD VHFFLyQ
SDUDFRPSOHWDUHOLQYHQWDULR

•1R HVFULED HQ HO RULJLQDO GH OD
KRMD GH WUDEDMR SDUD SRGHUKDFHUFRSLDVDGLFLRQDOHVHQFDVR
QHFHVDULR

'LUHFWULFHVGHO,3&&SDUDORVLQYHQWDULRVGHJDVHVGHHIHFWRLQYHUQDGHURYHUVLyQUHYLVDGDHQ
/LEURGH7UDEDMR

'(63(5',&,26• 6LHQHOSDtVREMHWRGHHVWXGLRVHGLVSRQHGHHVWDGtVWLFDVGHWDOODGDVVREUH
HO7RWDO$QXDOGH5HVLGXRV6yOLGRV8UEDQRVHOLPLQDGRVHQORVYHUWHGHURV
GH UHVLGXRV VyOLGRV HQ JLJDJUDPRV GH 568  GHEHUi DQRWDUVH OD FLIUDFRUUHVSRQGLHQWHHQODFROXPQD$GHOD+RMDGHWUDEDMRSULQFLSDO +RMDGHWUDEDMR \VHJXLGDPHQWHLUGLUHFWDPHQWHDO3DVR
'H OR FRQWUDULR XWLOL]DU OD +RMD GH WUDEDMR $ R % SDUD HVWLPDU OD
FDQWLGDG GH UHVLGXRV VyOLGRV XUEDQRV HOLPLQDGRV HQ ORV YHUWHGHURV GH
UHVLGXRVVyOLGRVHQHOSDtVREMHWRGHHVWXGLRVLJXLHQGRORVSDVRVLQGLFDGRVD
FRQWLQXDFLyQ+RMDGHWUDEDMR$ $GLFLRQDO '$72662%5(/$*(1(5$&,Ï1',6326,&,Ï1'('(63(5',&,26(1(/3$Ë6

 3DUDHODxRGHOLQYHQWDULRGHWHUPLQDUOD3REODFLyQFX\RV'HVSHUGLFLRVVH
OOHYDQDYHUWHGHURVGHUHVLGXRVVyOLGRV(QORVSDtVHVGHVDUUROODGRVHVDFLIUDSUREDEOHPHQWHFRLQFLGLUiFRQODGHODSREODFLyQWRWDOGHOSDtV(QORV
SDtVHV HQ GHVDUUROOR \ DTXHOORV FRQ HFRQRPtDV HQ WUDQVLFLyQ SRGUtD VHU
QHFHVDULRUHIOHMDUVRODPHQWHHOWRWDOGHODSREODFLyQXUEDQDSRUTXHVHGD
SRUVHQWDGRTXHODPDQHUDHQTXHVHHOLPLQDQORVGHVHFKRVHQODV]RQDVUXUDOHVGDRULJHQDHPLVLRQHVGH&+ VXPDPHQWHEDMDV$QRWDUHVDFLIUD
Q~PHURGHSHUVRQDV HQODFROXPQD$ ,QGLFDU HQ OD FROXPQD % OD 7DVD GH *HQHUDFLyQ GH 5HVLGXRV 6yOLGRV
8UEDQRV 568  HQNJSHUFDSLWDGtD (QHVWDSXEOLFDFLyQORV568LQFOX\HQ• UHVLGXRVGRPpVWLFRV
• GHVHFKRVGHMDUGtQ\• GHVHFKRVFRPHUFLDOHVGHORVPHUFDGRV6LORV568GHOSDtVREMHWRGHHVWXGLRFRQWLHQHQFDQWLGDGHVDSUHFLDEOHVGH
RWURV GHVSHUGLFLRV RUJiQLFRV FRPR SRU HM UHVLGXRV RUJiQLFRV VyOLGRVLQGXVWULDOHV GHEHUi SUHVWDUVH DWHQFLyQ D VHOHFFLRQDU XQD WDVD DSURSLDGDSHUFDSLWDGHJHQHUDFLyQGHGHVHFKRV'HEHUiQ XWLOL]DUVH ORV GDWRV FRUUHVSRQGLHQWHV DO SDtV SDUD HO TXH VH
SUHSDUDHOLQYHQWDULRVLHVWXYLHUHQGLVSRQLEOHV(QOD7DEODVHLQGLFDQORV YDORUHV SRU GHIHFWR SDUD ORV 568 DWHQGLHQGR D OD GHILQLFLyQ VXSUD
SDUDDOJXQRVSDtVHVHVSHFtILFRV 0XOWLSOLFDUODFLIUDGHODFROXPQD$SRUODGHODFROXPQD%0XOWLSOLFDUHOUHVXOWDGRSRUSDUDUHDOL]DUODFRQYHUVLyQGHODWDVDGLDULD\REWHQHUOD&DQWLGDG$QXDOGH568*HQHUDGRV'LYLGLUHOWRWDOSRUSDUDUHDOL]DUODFRQYHUVLyQGHNJD*JDQRWDUHOUHVXOWDGRHQODFROXPQD&
 ,QGLFDUHQODFROXPQD'OD)UDFFLyQGHORV568HOLPLQDGRVHQYHUWHGHURV
GHUHVLGXRVVyOLGRV8WLOL]DUORVGDWRVSDUDHOSDtVREMHWRGHHVWXGLRVL
HVWXYLHUDQ GLVSRQLEOHV GH OR FRQWUDULR XWLOL]DU ORV YDORUHV SRU GHIHFWR
LQGLFDGRVHQOD7DEOD
 0XOWLSOLFDU OD FLIUD GH OD FROXPQD & SRU OD GH OD FROXPQD ' D ILQ GH
REWHQHU HO 7RWDO $QXDO GH 568 HOLPLQDGRV HQ YHUWHGHURV GH UHVLGXRVVyOLGRV$QRWDUHOUHVXOWDGRHQJLJDJUDPRVGH568HQODFROXPQD( $QRWDU OD FLIUD GH OD FROXPQD ( HQ OD FROXPQD $ GH OD +RMD GH WUDEDMR
SULQFLSDO +RMDGHWUDEDMR   
'LUHFWULFHVGHO,3&&SDUDORVLQYHQWDULRVGHJDVHVGHHIHFWRLQYHUQDGHURYHUVLyQUHYLVDGDVHQ/LEURGH7UDEDMR

'(63(5',&,26+RMD GH WUDEDMR % $GLFLRQDO    '$726 62%5( ',6326,&,Ï1 '('(63(5',&,26(1(/3$Ë6

8WLOLFHOD+RMDGHWUDEDMR%VLQRVHFXHQWDFRQLQIRUPDFLyQSDUDHOSDtVQLGDWRVSRUGHIHFWRVREUHOD7DVDGH*HQHUDFLyQGH5HVLGXRV6yOLGRV8UEDQRVQLOD)UDFFLyQGHORV568HOLPLQDGRVHQYHUWHGHURVGHUHVLGXRVVyOLGRV 'HWHUPLQDU OD 3REODFLyQ FX\RV 'HVSHUGLFLRV VH OOHYDQ D YHUWHGHURV GH
UHVLGXRVVyOLGRVGXUDQWHHODxRGHOLQYHQWDULR$QRWDUHOUHVXOWDGRHQODFROXPQD $  (Q HO FDVR GH ORV SDtVHV GHVDUUROODGRV HVD FLIUDSUREDEOHPHQWHFRLQFLGLUiFRQODGHODSREODFLyQWRWDOGHOSDtV(QHOGHORVSDtVHVHQGHVDUUROOR\ORVSDtVHVFRQHFRQRPtDVHQWUDQVLFLyQSRGUtD
LQFOXLU VRODPHQWH HO WRWDO GH OD SREODFLyQ XUEDQD \D TXH VH GD SRU
VHQWDGRTXHODPDQHUDHQTXHORVGHVSHUGLFLRV VH HOLPLQDQ HQ ODV ]RQDVUXUDOHVGDQOXJDUDHPLVLRQHVGH&+ VXPDPHQWHEDMDV$QRWDUHVDFLIUD
Q~PHURGHSHUVRQDV HQODFROXPQD$ ,QGLFDUHQODFROXPQD%OD7DVDDSURSLDGDGH GLVSRVLFLyQ GH 568 HQ ORV
YHUWHGHURVGHUHVLGXRVVyOLGRV NJFDSLWDGtD LQGLFDGDHQOD7DEOD6L
QR VH GLVSRQH GH XQ YDORU SRU GHIHFWR SDUD HO SDtV REMHWR GH HVWXGLRVHOHFFLRQDU HO YDORU SRU GHIHFWR PiV LQGLFDGR SUHVHQWDGR HQ OD 7DEOD
'HEHUiHPSOHDUVHHOYDORUSRUGHIHFWRGHXQSDtVHQTXHODVSUiFWLFDVGHGLVSRVLFLyQGHGHVHFKRV\ODVFRQGLFLRQHVDPELHQWDOHVLPSHUDQWHVVHDQOR
PiVVLPLODUHVSRVLEOHVDODVGHOSDtVREMHWRGHHVWXGLR eVWHSRGUtDVHUHO
SDtVJHRJUiILFDPHQWHPiVFHUFDQRDOSDtVREMHWRGHHVWXGLR  0XOWLSOLFDUODFLIUDGHODFROXPQD$SRUODGHODFROXPQD%0XOWLSOLFDUHOUHVXOWDGR SRU  SDUD UHDOL]DU OD FRQYHUVLyQ GH OD WDVD GLDULD D ILQ GH
REWHQHU HO 7RWDO $QXDO GH 5HVLGXRV 6yOLGRV 8UEDQRV HOLPLQDGRV HQ ORV
YHUWHGHURVGHUHVLGXRVVyOLGRV'LYLGLUHOWRWDO SRU  SDUD UHDOL]DU OD
FRQYHUVLyQGHNJD*J\DQRWDUHOUHVXOWDGRHQODFROXPQD& $QRWDU OD FLIUD GH OD FROXPQD & HQ OD FROXPQD $ GH OD +RMD GH WUDEDMR
SULQFLSDO +RMDGHWUDEDMR 

3$62 '(7(50,1$&,Ï1'(/)$&725'(&255(&&,Ï13$5$(/0(7$12+RMDGHWUDEDMR& $GLFLRQDO )$&725'(&255(&&,Ï13$5$(/0(7$12 (VWLPDU OD 3URSRUFLyQ GH 'HVSHUGLFLRV SRU SHVR  GH FDGD 7LSR GH
9HUWHGHURGH5HVLGXRV 6yOLGRV SDUD HO 7RWDO $QXDO GH 5HVLGXRV 6yOLGRV
8UEDQRV(OLPLQDGRVHQORV956 HVGHFLUODFLIUD GH OD FROXPQD $ GH OD+RMDGHWUDEDMR (VRVWLSRVGHYHUWHGHURVVHGHILQHQHQOD7DEOD$QRWDUHVDVFLIUDVHQODFROXPQD:GHOD+RMDGHWUDEDMR&GHELHQGR
FRUUHVSRQGHUVH FRQ ORV YDORUHV GH [ \ \ ] LQGLFDGRV HQ OD 7DEOD >9HULILFDUTXH[\] @6LVHGHVFRQRFHQORVYDORUHVGH[\\]VH
GDUi SRU VXSXHVWR TXH OD WRWDOLGDG GH ORV GHVHFKRV VH HOLPLQDQ HQ
YHUWHGHURVQRFRQWURODGRV\QRVHLQGLFDUiQYDORUHVSDUD[\R](QVX
OXJDUDQRWDUHOYDORUSRUGHIHFWRGHHQODSDUWHLQIHULRUGHODFROXPQD: FRPRVHLQGLFDHQOD7DEOD  ,QGLFDUHQODFROXPQD;ORV)DFWRUHVGH&RUUHFFLyQSDUDHO0HWDQRSDUD
ORV YHUWHGHURV FRQWURODGRV \ QR FRQWURODGRV TXH GHEHUiQFRUUHVSRQGHUVHFRQORVYDORUHVDE\FLQGLFDGRVHQOD7DEOD

'LUHFWULFHVGHO,3&&SDUDORVLQYHQWDULRVGHJDVHVGHHIHFWRLQYHUQDGHURYHUVLyQUHYLVDGDHQ
/LEURGH7UDEDMR

'(63(5',&,26

 0XOWLSOLFDU OD FLIUD GH OD FROXPQD : SRU OD GH OD FROXPQD ; D ILQ GH
REWHQHU HO )&0 0HGLR 3RQGHUDGR SDUD FDGD WLSR GH YHUWHGHUR GH
UHVLGXRVVyOLGRV$QRWDUHOUHVXOWDGRHQODFROXPQD<

6LQRVHFXHQWDFRQYDORUHVHVSHFtILFRVSDUDHOSDtVHPSOHDUORV YDORUHVSRUGHIHFWRLQGLFDGRVHQOD7DEOD6LVHGHVFRQRFHQORVYDORUHVGHDE\FLQGLFDUHOYDORUSRUGHIHFWRGH 7DEOD HQODSDUWHLQIHULRUGHODFROXPQD;

 6XPDU ODV WUHV FLIUDV GH OD FROXPQD < SDUD REWHQHU HO 7RWDO GHO )&0
0HGLR 3RQGHUDGR SDUD FDGD WLSR GH YHUWHGHUR GH UHVLGXRV VyOLGRV$QRWDUHOUHVXOWDGRHQODFDVLOODLQIHULRUGHODFROXPQD<

6LVHKDXWLOL]DGRHOYDORUSRUGHIHFWRGHHQODFROXPQD:\HO YDORUSRUGHIHFWRGH)&0GHHO)&00HGLR3RQGHUDGRSDUDFDGDWLSRGH
YHUWHGHURGHUHVLGXRVVyOLGRVVHUi[ ,QGLFDUHQODSDUWH
LQIHULRUGHODFROXPQD</OHYDUHOWRWDOTXHDSDUHFHHQODSDUWHLQIHULRUGHODFROXPQD<DODFROXPQD%GHOD+RMDGHWUDEDMRSULQFLSDO +RMDGHWUDEDMR   
'LUHFWULFHVGHO,3&&SDUDORVLQYHQWDULRVGHJDVHVGHHIHFWRLQYHUQDGHURYHUVLyQUHYLVDGDVHQ/LEURGH7UDEDMR

'(63(5',&,26

7$%/$
'$726'(*(1(5$&,Ï1&20326,&,Ï1<',6326,&,Ï1'('(63(5',&,263253$Ë6

5HJLyQ
3DtV

7DVDGHJHQHUDFLyQ
GH568NJFDSGtD)UDFFLyQGH
ORV568
HOLPLQDGRVHQORV956)UDFFLyQGH&2'GHORV
568

7DVDGHGLVSRVLFLyQGH
ORV568
NJFDSGtD



$PpULFDGHO1RUWH((88







&DQDGi







$XVWUDOLD









1XHYD=HODQGLD









2FHDQtD

58(XURSD
2FFLGHQWDOSDtVHV
HVFDQGLQDYRV

58







,UODQGD







$XVWULD







%pOJLFD







'LQDPDUFD







)LQODQGLD







)UDQFLD







$OHPDQLD







*UHFLD







,WDOLD







/X[HPEXUJR







3DtVHV%DMRV





1RUXHJD












1RWD /RV YDORUHV HQ OD 7DEOD  UHSUHVHQWDQ OD PHMRU LQIRUPDFLyQ GH TXH GLVSRQH HO *UXSR GH([SHUWRV6HGHEHVHxDODUTXHWRGRVORVYDORUHVSRGUtDQQRUHIOHMDUVXSXHVWRVLGpQWLFRVUHVSHFWRGHODFRPSRVLFLyQGHORV568 \SRUHQGHORVYDORUHVFRUUHVSRQGLHQWHVGHO&2' &XDQGRVHFXHQWH
FRQ GDWRV QDFLRQDOHV TXH FRUUHVSRQGDQ D ODV GHILQLFLRQHV HPSOHDGDV HQ HVWD SXEOLFDFLyQ GHEHUiQHPSOHDUVHHQODVFRPSDUDFLRQHVHQOXJDUGHORVLQGLFDGRVHQOD7DEOD
3DUDPiVLQIRUPDFLyQVREUHODVIXHQWHVFRQVXOWDUHO9ROXPHQ0DQXDOGH5HIHUHQFLD

'LUHFWULFHVGHO,3&&SDUDORVLQYHQWDULRVGHJDVHVGHHIHFWRLQYHUQDGHURYHUVLyQUHYLVDGDHQ
/LEURGH7UDEDMR

'(63(5',&,26

7$%/$ &217,18$&,Ï1'$726'(*(1(5$&,Ï1&20326,&,Ï1<',6326,&,Ï1'('(63(5',&,263253$Ë6(65HJLyQ
3DtV

7DVDGHJHQHUDFLyQ
GH568NJFDSGtD)UDFFLyQGHORV
568HOLPLQDGRVHQORV956

3RUWXJDO







(VSDxD







6XHFLD







6XL]D







)UDFFLyQGH&2'GHORV
568

7DVDGHGLVSRVLFLyQ
GHORV568
NJFDSGtD(XURSD2ULHQWDO
3RORQLD
5XVLD





-DSyQ





,QGLD













$VLD





&KLQD





,QGRQHVLD









%UDVLO





3HU~





&KLOH





(JLSWR





1LJHULD





&HQWURDPpULFD
*XDWHPDOD$PpULFDGHO6XU

ÈIULFD

6XGiIULFD



1RWD /RV YDORUHV HQ OD 7DEOD  UHSUHVHQWDQ OD PHMRU LQIRUPDFLyQ GLVSRQLEOH SDUD HO *UXSR GH ([SHUWRV  6H
GHEHVHxDODUTXHWRGRVORVYDORUHVSRGUtDQQRUHIOHMDUVXSXHVWRVLGpQWLFRVUHVSHFWRGHODFRPSRVLFLyQGHORV568\SRUORWDQWRORVYDORUHVFRUUHVSRQGLHQWHVGH&2' &XDQGRVHFXHQWHFRQGDWRVQDFLRQDOHVDFWXDOL]DGRVTXH
FRUUHVSRQGDQDODVGHILQLFLRQHVHPSOHDGDVHQHVWDSXEOLFDFLyQGHEHUiQHPSOHDUVHSDUDODVFRPSDUDFLRQHVHQOXJDUGHORVYDORUHVLQGLFDGRVHQOD7DEOD
3DUDPiVLQIRUPDFLyQVREUHODVIXHQWHVFRQVXOWDUHO9ROXPHQ0DQXDOGH5HIHUHQFLD  
'LUHFWULFHVGHO,3&&SDUDORVLQYHQWDULRVGHJDVHVGHHIHFWRLQYHUQDGHURYHUVLyQUHYLVDGDVHQ/LEURGH7UDEDMR

'(63(5',&,26

7$%/$
&È/&8/2'(/)$&725'(&255(&&,Ï13$5$(/0(7$12

7LSR
GH
YHUWHGHUR

:

;

<

=

3URSRUFLyQGH
GHVSHUGLFLRVSRUSHVR HQ
FDGDWLSRGH
YHUWHGHUR)DFWRUGHFRUUHFFLyQSDUD
HOPHWDQR )&0 
9DORUHVSRU
GHIHFWR)DFWRUGHFRUUHFFLyQ
SDUDHOPHWDQR)&0 9DORUHVHVSHFtILFRVSDUDHO
SDtV)&0PHGLR
SRQGHUDGR
SDUDFDGD
WLSRGH956= :[; R:[<&RQWURODGRV

[



D

[
R D[[1RFRQWURODGRVSURIXQGRV !R PGH
GHVSHUGLFLRV

\



E

\
R E[\1RFRQWURODGRVSRFR
SURIXQGRV PGH
GHVSHUGLFLRV

]



F

]
R F[]7RWDO

9DORUHVSRUGHIHFWR

9HULILFDUTXH[\] 











=WRWDO VXPDGHODVFLIUDVHQODVFDVLOODVVRPEUHDGDV
VXSUD


'HILQLFLRQHV

(Q ORV YHUWHGHURV GH UHVLGXRV VyOLGRV FRQWURODGRV GHEHUi H[LVWLU GLVSRVLFLyQ FRQWURODGD GH ORV GHVHFKRV HV GHFLU
GHSyVLWRGHORVGHVHFKRVHQiUHDVHVSHFtILFDVDOJXQDVPHGLGDVGHFRQWUROGHODUHFROHFFLyQGHEDVXUDV\FLHUWRJUDGRGHFRQWURO GH ORV LQFHQGLRV  DVLPLVPR GHEHUi XWLOL]DUVH SRU OR PHQRV XQR GH ORV VLJXLHQWHV HOHPHQWRV PDWHULDO GH
FREHUWXUDFRPSDFWDGRPHFiQLFRRQLYHODGRGHORVGHVSHUGLFLRV
7RGRVORVGHPiVYHUWHGHURVGHUHVLGXRVVyOLGRVQRFRPSUHQGLGRVHQODFDWHJRUtDDQWHULRUVHGHILQHQFRPRYHUWHGHURV
QRFRQWURODGRV'LUHFWULFHVGHO,3&&SDUDORVLQYHQWDULRVGHJDVHVGHHIHFWRLQYHUQDGHURYHUVLyQUHYLVDGDHQ
/LEURGH7UDEDMR'(63(5',&,26

3$62 (67,0$&,Ï1'(/$7$6$'(352'8&&,Ï1'(0(7$12325
81,'$''('(63(5',&,26

 (VWLPDU OD )UDFFLyQ GH &DUERQR 2UJiQLFR 'HJUDGDEOH &2'  HQ ORV
5HVLGXRV 6yOLGRV 8UEDQRV 568  TXH VH HOLPLQD HQ HO YHUWHGHUR GH
UHVLGXRVVyOLGRV3DUDHOORVHSXHGH
• XWLOL]DUORVGDWRVGLVSRQLEOHVSDUDHOSDtVREMHWRGHHVWXGLR• UHDOL]DUXQFiOFXORVREUHODEDVHGHODFRPSRVLFLyQGHORVGHVHFKRVHQHO SDtV \ GH ORV YDORUHV SRU GHIHFWR SDUD HO FDUERQR RUJiQLFRGHJUDGDEOHGHFDGDIUDFFLyQGHGHVHFKRVLQGLFDGRVHQOD7DEODR• XWLOL]DQGRORVYDORUHVSRUGHIHFWRLQGLFDGRVHQOD7DEOD
&XDQGR VH FXHQWH FRQ GDWRV ORFDOHV GHEHUiQ XWLOL]DUVH HVDV FLIUDV HQ FX\R
FDVRGHEHUiQGRFXPHQWDUVHODVIXHQWHV

7$%/$
9$/25(6325'()(&72'(/&$5%21225*È1,&2'(*5$'$%/((1/$6
35,1&,3$/(67,326'('(6(&+267LSRGHGHVHFKRV3RUFHQWDMHGH&2' SRUSHVR$3DSHO\WH[WLOHV%

'HVHFKRVGHMDUGLQHV\SDUTXHV\RWURVGHVHFKRVRUJiQLFRVSXWUHVFLEOHV
H[FOXLGRVORVDOLPHQWRV&

5HVWRVGHDOLPHQWRV'

'HVHFKRVGHPDGHUD\SDMDH[FOXLGRHO&GHODOLJQLQD

)XHQWH%LQJHPHU\&UXW]HQ

(PSOHDQGRORVYDORUHVGHOD7DEODHOFDUERQRRUJiQLFRGHJUDGDEOHGHORV
GHVHFKRVGHOSDtVREMHWRGHHVWXGLRSXHGHFDOFXODUVHXWLOL]DQGROD(FXDFLyQ(&8$&,Ï1
3RUFHQWDMHGH&2' SRUSHVR   $  %  &  'HQODFXDO$SRUFHQWDMHGHORV568TXHFRUUHVSRQGHDOSDSHO\ORVWH[WLOHV%SRUFHQWDMHGHORV568TXHFRUUHVSRQGHDORVGHVHFKRVGHMDUGtQ\GH ORV SDUTXHV X D RWURV GHVHFKRV RUJiQLFRV SXWUHVFLEOHV
H[FOXLGRVORVDOLPHQWRV&SRUFHQWDMHGHORV568TXHFRUUHVSRQGHDORVUHVWRVGHDOLPHQWRV'SRUFHQWDMHGHORV568TXHFRUUHVSRQGHDPDGHUD\SDMD  
'LUHFWULFHVGHO,3&&SDUDORVLQYHQWDULRVGHJDVHVGHHIHFWRLQYHUQDGHURYHUVLyQUHYLVDGDVHQ/LEURGH7UDEDMR

'(63(5',&,26

6LVHXWLOL]DQORVYDORUHVSRUGHIHFWRGHOD7DEODVHOHFFLRQDUHOYDORUSRU
GHIHFWRTXHPHMRUVHDMXVWDDODVFRQGLFLRQHVGHOSDtVREMHWRGHHVWXGLR$QRWDUHOUHVXOWDGRHQODFROXPQD&GHOD+RMDGHWUDEDMRSULQFLSDO +RMDGHWUDEDMR  $QRWDUHQODFROXPQD'OD)UDFFLyQGHO&2'TXH5HDOPHQWHVH'HJUDGD
eVWD HV OD IUDFFLyQ GHO WRWDO GHO &2' TXH UHDOPHQWH VH GHJUDGD HQ XQ
YHUWHGHUR(OFDUERQRRUJiQLFRGHJUDGDEOHQRVHGHVFRPSRQHGHOWRGR\SDUWHGHOPDWHULDOGHJUDGDEOHSHUPDQHFHHQHOYHUWHGHURLQFOXVRGXUDQWH
ODUJRVSHUtRGRV/DGHJUDGDFLyQHVREMHWRGHHVWXGLRDFWXDOPHQWHSHUR
GHEHUi LQGLFDUVH HO YDORU SRU GHIHFWR GH  KDVWD TXH VH FXHQWH FRQ
LQIRUPDFLyQDGLFLRQDO $QRWDUHQODFROXPQD(OD)UDFFLyQGHO&DUERQR/LEHUDGRFRPR0HWDQR
(O YDORU SRU GHIHFWR HV GH  6L VH FXHQWD FRQ GDWRV ORFDOHV SDUD HVD
IUDFFLyQ GHEHUiQ HPSOHDUVH HVDV FLIUDV  (Q HVH FDVR GHEHUiQGRFXPHQWDUVHODVIXHQWHV &DOFXODU OD 7DVD 3RWHQFLDO GH *HQHUDFLyQ GH 0HWDQR SRU 8QLGDG GH'HVSHUGLFLRV PXOWLSOLFDQGR ODV FLIUDV GH ODV FROXPQDV & ' \ ( SRU OD
5HODFLyQ GH &RQYHUVLyQ LQGLFDGD HQ OD FROXPQD )   TXH SHUPLWHUHDOL]DU OD FRQYHUVLyQ GH FDUERQR HQ &+   $QRWDU HO UHVXOWDGR HQ OD
FROXPQD* &DOFXODUOD7DVD5HDOGH*HQHUDFLyQGH0HWDQR SDUDHOSDtV SRU8QLGDG
GH'HVSHUGLFLRVPXOWLSOLFDQGRODVFLIUDVGHODVFROXPQDV%\*$QRWDUHOUHVXOWDGRHQODFROXPQD+

3$62 (67,0$&,Ï1'(/727$/1(72$18$/'(/$6(0,6,21(6'(
0(7$12

 0XOWLSOLFDUODVFLIUDVHQODVFROXPQDV$\+DILQGHREWHQHUHO7RWDO%UXWR$QXDOGH0HWDQR*HQHUDGR,QGLFDUHOUHVXOWDGRHQODFROXPQD- $QRWDU OD FDQWLGDG GH OD 5HFXSHUDFLyQ $QXDO GH 0HWDQR HQ JLJDJUDPRV
GH &+  FRUUHVSRQGLHQWH DO TXHPDGR GH JDVHV HQ DQWRUFKD R D ORV
VLVWHPDV GH UHFXSHUDFLyQ GH OD HQHUJtD  $QRWDU HO UHVXOWDGR HQ OD
FROXPQD.


1R VH FXHQWD FRQ GDWRV SRU GHIHFWR  (Q FDVR GH FRQWDUVH FRQ GDWRVORFDOHV GHEHUiQ HPSOHDUVH HVDV FLIUDV  (Q HVH FDVR GHEHUiQGRFXPHQWDUVHODVIXHQWHV(Q HO 0DQXDO GH 5HIHUHQFLD VH SUHVHQWDQ GHWDOOHV DGLFLRQDOHV TXH GHEHQ
WRPDUVH HQ FXHQWD \ ORV PpWRGRV SDUD FDOFXODU HO PHWDQR R[LGDGRSURGXFWRGHVXXWLOL]DFLyQRGHODTXHPDHQDQWRUFKD

)$&725'(&255(&&,Ï13$5$(/0(7$12(O )DFWRU GH &RUUHFFLyQ SDUD OD
2[LGDFLyQ GHO 0HWDQR SURSXHVWR HV
 (VH YDORU SRGUtD PRGLILFDUVH HQ
IXWXUDV HGLFLRQHV GHO /LEUR GH
7UDEDMR SDUD GDU FXHQWD GH QXHYDVLQIRUPDFLRQHV \ XQD PHMRUFRPSUHQVLyQ GH ORV HIHFWRV GH OD
R[LGDFLyQGHO&+HQORVYHUWHGHURV

 5HVWDUODFLIUDVGHODFROXPQD.GHODVGHODFROXPQD-DILQGHREWHQHUHO
7RWDO 1HWR $QXDO GH 0HWDQR *HQHUDGR $QRWDU HO UHVXOWDGR HQ OD
FROXPQD/ $QRWDUHQODFROXPQD0HOUHVXOWDGRGHUHVWDUGHODXQLGDGHO)DFWRUGH&RUUHFFLyQ SDUD OD 2[LGDFLyQ GHO 0HWDQR  (O YDORU SRU GHIHFWR HV  'LUHFWULFHVGHO,3&&SDUDORVLQYHQWDULRVGHJDVHVGHHIHFWRLQYHUQDGHURYHUVLyQUHYLVDGDHQ
/LEURGH7UDEDMR  

'(63(5',&,26

 0XOWLSOLFDUODVFLIUDVGHODVFROXPQDV/\0DILQGHREWHQHUHO7RWDO1HWR$QXDO GH (PLVLRQHV GH 0HWDQR  $QRWDU HO UHVXOWDGR HQ JLJDJUDPRV GH&+ HQODFROXPQD1(PLVLRQHVGHPHWDQRSURFHGHQWHV
GHOWUDWDPLHQWRGHODVDJXDVUHVLGXDOHV ,QWURGXFFLyQ(O WUDWDPLHQWR GH DJXDV UHVLGXDOHV FRQ HOHYDGR FRQWHQLGR GH PDWHULDORUJiQLFR LQFOXLGDV ODV DJXDV UHVLGXDOHV GRPpVWLFDV \ FRPHUFLDOHV \ DOJXQRVHIOXHQWHV LQGXVWULDOHV SXHGH GDU RULJHQ D FDQWLGDGHV FRQVLGHUDEOHV GH
PHWDQR 7DEOD    6H KD HVWLPDGR TXH ODV HPLVLRQHV GH PHWDQR
SURFHGHQWHVGHORVHIOXHQWHVLQGXVWULDOHVRVFLODQHQWUH\7JPLHQWUDV
TXH ODV GH ODV DJXDV UHVLGXDOHV GRPpVWLFDV \ FRPHUFLDOHV VH HOHYDQ D XQRV
7JDxR7RPDGDVHQVXFRQMXQWRUHSUHVHQWDQHQWUHHO\HOGHODVHPLVLRQHVGHPHWDQRHQWRGRHOPXQGR ,3&& 
([LVWHQ GRV WLSRV EiVLFRV GH WUDWDPLHQWR GH ODV DJXDV UHVLGXDOHV FX\DVHPLVLRQHVGHEHUiQFDOFXODUVHSRUVHSDUDGReVWDVVRQ
• $JXDVUHVLGXDOHVGRPpVWLFDV\FRPHUFLDOHV• (IOXHQWHVLQGXVWULDOHV(OIDFWRUSULQFLSDOTXHGHWHUPLQDHOSRWHQFLDOGHJHQHUDFLyQGHPHWDQRGHODVDJXDV UHVLGXDOHV HV OD FDQWLGDG GH PDWHULD RUJiQLFD HQ ODV DJXDV UHVLGXDOHV(QHOFDVRGHODVDJXDVUHVLGXDOHV\ORVORGRVGRPpVWLFRV\FRPHUFLDOHVHVWR
FRUUHVSRQGH D OD 'HPDQGD %LRTXtPLFD GH 2[tJHQR '%2  HQ HO GH ORV
HIOXHQWHV LQGXVWULDOHV VH HPSOHD OD 'HPDQGD 4XtPLFD GH 2[tJHQR '42 /D '%2 LQGLFD OD FDQWLGDG GH FDUERQR ELRGHJUDGDEOH DHUyELFDPHQWH
PLHQWUDV TXH OD '42 LQGLFD OD FDQWLGDG WRWDO GH FDUERQR WDQWR
ELRGHJUDGDEOH FRPR QR ELRGHJUDGDEOH TXH SXHGH R[LGDUVH  eVWH HV XQ
FDPELRUHVSHFWRGHODPHWRGRORJtDDQWHULRU ,3&& HQTXHOD'%2VH
HPSOHDEDFRPRHOSDUiPHWURSDUDOD PDWHULD RUJiQLFD WDQWR SDUD ODV DJXDVUHVLGXDOHVGRPpVWLFDV\FRPHUFLDOHVFRPRSDUDORVHIOXHQWHVLQGXVWULDOHV
8QD LPSRUWDQWH DGLFLyQ D OD PHWRGRORJtD DQWHULRU ,3&&   KD VLGR OD
LQFRUSRUDFLyQ GH ODV HPLVLRQHV SURFHGHQWHV GH ORV ORGRV TXH VRQ
VXESURGXFWRV GH FLHUWRV VLVWHPDV GH WUDWDPLHQWR GH ODV DJXDV UHVLGXDOHV \SXHGHQGDURULJHQDHPLVLRQHVGHPHWDQRHQFRQGLFLRQHVDQDHURELDV )XHQWHVGHORVGDWRV
6LHPSUH TXH VHD SRVLEOH GHEHUiQ HPSOHDUVH ORV GDWRV GLVSRQLEOHV D QLYHOORFDO  6L QR OR HVWXYLHUHQ VH SXHGHQ HPSOHDU ORV YDORUHV SRU GHIHFWR
SUHVHQWDGRVHQODV7DEODV3REODFLyQ 6L HQ ODV ]RQDV UXUDOHV QR VH HPSOHDQ VLVWHPDV RUJDQL]DGRV GH
WUDWDPLHQWR GH ODV DJXDV UHVLGXDOHV ORV SDtVHV SXHGHQ UHIOHMDU VRODPHQWH OD
SREODFLyQXUEDQDDODKRUDGHFDOFXODUHVDIXHQWHGHHPLVLRQHV&RPSRQHQWH RUJiQLFR GHJUDGDEOH 6L QR VH FXHQWD FRQ GDWRVQDFLRQDOHV R SDUD IXHQWHV HVSHFtILFDV VREUH ORV YDORUHV GH '%2 \ '42  
'LUHFWULFHVGHO,3&&SDUDORVLQYHQWDULRVGHJDVHVGHHIHFWRLQYHUQDGHURYHUVLyQUHYLVDGDVHQ/LEURGH7UDEDMR

'(63(5',&,26

GHEHUiQ HPSOHDUVH ORV YDORUHV UHJLRQDOHV SRU GHIHFWR 7DEOD  6H
UHFRPLHQGD UHDOL]DU FRQVXOWDV FRQ H[SHUWRV QDFLRQDOHV HVSHFLDOL]DGRV HQ
DJXDVUHVLGXDOHV

7$%/$
0e72'26'(75$7$0,(172'(/$6$*8$65(6,'8$/(60pWRGRGHWUDWDPLHQWR([FHSFLRQHVDODSURGXFFLyQHVSHUDGDGH&+

0pWRGRVGHGLVSRVLFLyQ\WUDWDPLHQWRPD\RUPHQWHDHURELRV SRFDRQLQJXQDSURGXFFLyQGH&+ 
3DtVHVHQGHVDUUROOR)RVDVDELHUWDVOHWULQDV/DVIRVDVDELHUWDVOHWULQDVSXHGHQVHUIXHQWHGH
PHWDQRFXDQGRODWHPSHUDWXUD\HOWLHPSRGH
UHWHQFLyQVRQIDYRUDEOHV/DJXQDVDHUyELFDVSRFRSURIXQGDV/DVODJXQDVDHUyELFDVSRFRSURIXQGDVGHPiVGHPHWURVGHSURIXQGLGDGSXHGHQGDURULJHQD
HPLVLRQHVGHPHWDQR

'HVFDUJDHQORVUtRV/RVUtRVGHDJXDVHVWDQFDGDVGHILFLHQWHVHQ
R[LJHQRSHUPLWHQODGHVFRPSRVLFLyQ
DQDHUyELFD

3DtVHVGHVDUUROODGRV6LVWHPDVGHDOFDQWDULOODGRFRQWUDWDPLHQWR
DHUyELFR(OGLVHxRRPDQHMRLQDGHFXDGRGHORV
VLVWHPDVGHWUDWDPLHQWRDHUyELFRGDQRULJHQDHPLVLRQHVGHPHWDQR

0pWRGRVGHGLVSRVLFLyQ\WUDWDPLHQWRPD\RUPHQWHDQDHURELRV HOHYDGD
SURGXFFLyQGH&+ 
3DtVHVHQGHVDUUROOR
(VWDQTXHVSURIXQGRVDQDHURELRV6LVWHPDVGHDOFDQWDULOODGRFRQWUDWDPLHQWR
DQDHURELR(OGLVHxRRHOPDQHMRLQFRUUHFWRVGHORV
VLVWHPDVDQDHURELRVSXHGHQSHUPLWLUDHUDFLyQ\SURGXFFLyQUHGXFLGDGHPHWDQR

3DtVHVGHVDUUROODGRV\HQGHVDUUROOR)RVDVVpSWLFDV/DH[WUDFFLyQIUHFXHQWHGHVyOLGRVUHGXFHOD
SURGXFFLyQGHPHWDQR

0pWRGRVDQDHURELRVFRQUHFXSHUDFLyQ
GHPHWDQRPD\RUPHQWHSDUDHOWUDWDPLHQWRGHORGRV3ULQFLSDOPHQWHSDtVHVGHVDUUROODGRV'LUHFWULFHVGHO,3&&SDUDORVLQYHQWDULRVGHJDVHVGHHIHFWRLQYHUQDGHURYHUVLyQUHYLVDGDHQ
/LEURGH7UDEDMR  

'(63(5',&,26

7$%/$
9$/25(6(67,0$'26'('%2(1/$6$*8$65(6,'8$/(63255(*,Ï1
9DORUGH'%2
NJFDSGtD

9DORUGH'%2 NJSHUVRQDVDxRÈIULFD

$VLD2ULHQWH0HGLR$PpULFD/DWLQD

1RUWHDPpULFD(XURSD$QWLJXD85662FHDQtD



5HJLyQ)XHQWH,3&&   
'LUHFWULFHVGHO,3&&SDUDORVLQYHQWDULRVGHJDVHVGHHIHFWRLQYHUQDGHURYHUVLyQUHYLVDGDVHQ/LEURGH7UDEDMR

'(63(5',&,26

3URGXFFLyQ LQGXVWULDO  3XHGHQ HVWDU GLVSRQLEOHV FLIUDV QDFLRQDOHV  /DV
FLIUDVGHSURGXFFLyQSXHGHQREWHQHUVHGLULJLpQGRVHDLQGXVWULDVHVSHFtILFDV
3URGXFFLyQ GH HIOXHQWHV \ ORGRV LQGXVWULDOHV 6L QR VH GLVSRQH GH
GDWRVVHSXHGHQHPSOHDUORVYDORUHVSRUGHIHFWRSUHVHQWDGRVHQOD7DEOD

6LVWHPDV GH WUDWDPLHQWR  6LHPSUH TXH HVWpQ GLVSRQLEOHV GHEHUiQHPSOHDUVH ORV GDWRV QDFLRQDOHV VREUH ODV SUiFWLFDV GH XWLOL]DFLyQ GH ORV
VLVWHPDVGHWUDWDPLHQWRGHODVDJXDVUHVLGXDOHV\ORVORGRV6HUHFRPLHQGD
UHDOL]DUFRQVXOWDVFRQH[SHUWRVQDFLRQDOHVHQHVWRVFDPSRV 0HWRGRORJtD/D PHWRGRORJtD GD FXHQWD GH ODV HPLVLRQHV SURFHGHQWHV GH ODV DJXDVUHVLGXDOHV \ ORV ORGRV  (Q DPERV FDVRV HO PpWRGR LQFOX\H WUHV SDUWHV HO
WRWDOGHPDWHULDRUJiQLFDORVIDFWRUHVGHHPLVLyQ\ODVHVWLPDFLRQHVGHODVHPLVLRQHV(OPDWHULDORUJiQLFRHQODVDJXDVUHVLGXDOHVRORVORGRVPHGLGR
FRPR'%2R'42VHPXOWLSOLFDSRUHOIDFWRUPHGLRGHHPLVLyQSDUDFDGD
IXHQWHGHDJXDVUHVLGXDOHVRGHIDQJRDILQGHREWHQHUXQDHVWLPDFLyQGHODVHPLVLRQHV

$*8$65(6,'8$/(6'20e67,&$6<&20(5&,$/(6&yPROOHQDUODV+RMDVGHWUDEDMR
8WLOLFHOD+2-$ '( 75$%$-2(67,0$&,Ï1 '( /$6 $*8$6 5(6,'8$/(6 < /26/2'26'20e67,&26<&20(5&,$/(6SDUDDQRWDUORVGDWRVFRUUHVSRQGLHQWHVD
HVWHVXEPyGXOR

3$62 (67,0$&,Ï1'(/727$/'(/$6$*8$65(6,'8$/(6</26/2'26
25*È1,&26

 ,QGLFDUHQODFROXPQD$OD&LXGDGR5HJLyQ'HQRFRQWDUVHFRQGDWRVUHJLRQDOHVXWLOL]DUORVGDWRVQDFLRQDOHV $QRWDUHQODFROXPQD%ODSREODFLyQWRWDORODSREODFLyQXUEDQDSDUDHO
DxR GHO LQYHQWDULR HQ PLOHV GH SHUVRQDV  /RV SDtVHV HQ GHVDUUROOR
SRGUtDQSUHIHULULQGLFDUVRODPHQWHODSREODFLyQGHODV]RQDVXUEDQDVVLHQODV]RQDVUXUDOHVHOWUDWDPLHQWRGHODVDJXDVUHVLGXDOHVHVOLPLWDGRRQXOR(Q OD 7DEOD  VH SUHVHQWD XQD OLVWD GH PpWRGRV GH WUDWDPLHQWR
DQDHURELRV\DHURELRV $QRWDUHQODFROXPQD&HO&RPSRQHQWH2UJiQLFR'HJUDGDEOHSDUDFDGD
UHJLyQFLXGDGHQNJ'%2SHUVRQDVDxR(QOD7DEODVHLQGLFDQORVYDORUHVSRUGHIHFWR\SRUUHJLyQ $QRWDU HQ OD FROXPQD ' OD )UDFFLyQ GHO &RPSRQHQWH 2UJiQLFR'HJUDGDEOH5HWLUDGRFRPR/RGRVSDUDFDGDUHJLyQFLXGDG(OYDORUSRU
GHIHFWRHV'LUHFWULFHVGHO,3&&SDUDORVLQYHQWDULRVGHJDVHVGHHIHFWRLQYHUQDGHURYHUVLyQUHYLVDGDHQ
/LEURGH7UDEDMR  

'(63(5',&,26

 0XOWLSOLFDUODVFLIUDVHQODVFROXPQDV%&\HOUHVXOWDGRGHUHVWDUGHOD
XQLGDGHOYDORUGHODFROXPQD'$QRWDUHOSURGXFWRHQODFROXPQD((VD
FLIUD UHSUHVHQWD HO 7RWDO GH ODV $JXDV 5HVLGXDOHV 2UJiQLFDV'RPpVWLFDV&RPHUFLDOHVHQODFLXGDGRUHJLyQ 0XOWLSOLFDUODVFLIUDVGHODVFROXPQDV%&\'$QRWDUHOSURGXFWRHQODFROXPQD )  (VD FLIUD UHSUHVHQWD HO 7RWDO GH ORV /RGRV 2UJiQLFRV'RPpVWLFRV&RPHUFLDOHVHQODFLXGDGRUHJLyQ 5HSHWLUHOSURFHGLPLHQWRGHORVSXQWRVSDUDFDGDUHJLyQRFLXGDGVL
IXHUDQHFHVDULRXWLOL]DQGRODILODVLJXLHQWH
 6XPDU ODV FLIUDV GH OD FROXPQD (  $QRWDU OD VXPD HQ OD FDVLOOD LQIHULRUFRUUHVSRQGLHQWH DO ³7RWDO´  +DFHU OR PLVPR FRQ ODV GH OD FROXPQD )
/RVUHVXOWDGRVUHSUHVHQWDQHOWRWDOGHODVDJXDVUHVLGXDOHV\GHORVORGRVGRPpVWLFRV\FRPHUFLDOHVHQHOSDtV

3$62 (67,0$&,Ï1'(/)$&725'((0,6,Ï13$5$/266,67(0$6'(
75$7$0,(172'(/$6$*8$6
5(6,'8$/(6</26/2'26'20e67,&26<&20(5&,$/(6'HWHUPLQDFLyQ GHO IDFWRU JOREDO GH FRQYHUVLyQ HQ PHWDQR )&0  SDUD ODVDJXDVUHVLGXDOHVGRPpVWLFDVFRPHUFLDOHV (QODFROXPQD$GHODKRMDLQGLFDUORVWLSRVGH6LVWHPDVGH7UDWDPLHQWR
GHODV$JXDV5HVLGXDOHVXWLOL]DGRVSDUDODVDJXDVUHVLGXDOHVGRPpVWLFDV (QODFROXPQD%DQRWDUOD)UDFFLyQGHODV$JXDV5HVLGXDOHV7UDWDGDVSRU
HO6LVWHPDGH7UDWDPLHQWRGHODFROXPQD$ (Q OD FROXPQD & LQGLFDU HO )DFWRU GH &RQYHUVLyQ HQ 0HWDQR SDUD HO
6LVWHPDGH7UDWDPLHQWRLQGLFDGRHQODFROXPQD$ 0XOWLSOLFDU ODV FLIUDV GH ODV FROXPQDV % \ &  $QRWDU HO SURGXFWR HQ OD
FROXPQD' $QRWDUODVXPDGHORVSURGXFWRVHQODFDVLOODLQIHULRUGHODFROXPQD' ,QGLFDU HQ OD FDVLOOD LQIHULRU GH OD FROXPQD ( OD &DSDFLGDG 0i[LPD GH
3URGXFFLyQ GH 0HWDQR SDUD ODV DJXDV UHVLGXDOHV (O YDORU SRU GHIHFWR
WHyULFR SDUD% HVGHNJ&+ NJ'%2
R

 &DOFXODU HO )DFWRU GH (PLVLyQ PHGLR SDUD ODV $JXDV 5HVLGXDOHV'RPpVWLFDV&RPHUFLDOHV PXOWLSOLFDQGR OD FLIUD HQ OD SDUWH LQIHULRU GH OD
FROXPQD ' SRU OD TXH DSDUHFH HQ OD SDUWH LQIHULRU GH OD FROXPQD ($QRWDUHOSURGXFWRHQODSDUWHLQIHULRUGHODFROXPQD)

3$62 (67,0$&,Ï1'(/26)$&725(6'((0,6,Ï13$5$/266,67(0$6'(
75$7$0,(172'(/26/2'26'20e67,&26<&20(5&,$/(6&iOFXORGHO)&0JOREDOSDUDORVORGRVGRPpVWLFRVFRPHUFLDOHV  
'LUHFWULFHVGHO,3&&SDUDORVLQYHQWDULRVGHJDVHVGHHIHFWRLQYHUQDGHURYHUVLyQUHYLVDGDVHQ/LEURGH7UDEDMR

'(63(5',&,26 (QODFROXPQD$GHODKRMDLQGLFDUORVWLSRVGH6LVWHPDVGH7UDWDPLHQWR
GHORV/RGRVHPSOHDGRVSDUDODVDJXDVUHVLGXDOHVGRPpVWLFDV (QODFROXPQD%DQRWDUOD)UDFFLyQGHORV/RGRV7UDWDGRVSRUHO6LVWHPD
GH7UDWDPLHQWRLQGLFDGRHQODFROXPQD$ (Q OD FROXPQD & DQRWDU HO )DFWRU GH &RQYHUVLyQ HQ 0HWDQR SDUD HO
6LVWHPDGH7UDWDPLHQWRGHODFROXPQD$ 0XOWLSOLFDU ODV FLIUDV GH ODV FROXPQDV % \ &  $QRWDU HO SURGXFWR HQ OD
FROXPQD' $QRWDUODVXPDGHORVSURGXFWRVHQODFDVLOODLQIHULRUGHODFROXPQD' $QRWDU HQ OD SDUWH LQIHULRU GH OD FROXPQD ( OD &DSDFLGDG 0i[LPD GH
3URGXFFLyQGH0HWDQRFRUUHVSRQGLHQWHDORVORGRV(OYDORUSRUGHIHFWR
WHyULFR SDUD% HVGHNJ&+ NJ'%2
R

 &DOFXODU HO )DFWRU GH (PLVLyQ PHGLR SDUD ORV /RGRV'RPpVWLFRV&RPHUFLDOHV PXOWLSOLFDQGR OD FLIUD GH OD SDUWH LQIHULRU GH OD
FROXPQD ' SRU OD TXH DSDUHFH HQ OD SDUWH LQIHULRU GH OD FROXPQD ($QRWDUHOSURGXFWRHQODSDUWHLQIHULRUGHODFROXPQD)

3$62 (67,0$&,Ï1'(/$6(0,6,21(6'(
0(7$12352&('(17(6'(/$6$*8$65(6,'8$/(6<'(/26/2'26'20e67,&26&20(5&,$/(6 (QODFROXPQD$ILODV\GHODKRMDFRSLDUODFLIUDFRUUHVSRQGLHQWHDO
7RWDO GH ODV $JXDV 5HVLGXDOHV 2UJiQLFDV 'RPpVWLFDV&RPHUFLDOHV TXH
DSDUHFH HQ OD SDUWH LQIHULRU GH OD FROXPQD ( GH OD +RMD GH WUDEDMR +RMD  \ HO YDORU FRUUHVSRQGLHQWH DO 7RWDO GH /RGRV 2UJiQLFRV'RPpVWLFRV &RPHUFLDOHV LQGLFDGR HQ OD FDVLOOD LQIHULRU GH OD FROXPQD )GHOD+RMDGHWUDEDMR+RMD (Q OD FROXPQD % FRSLDU HO )DFWRU GH (PLVLyQ PHGLR SDUD ODV $JXDV
5HVLGXDOHV'RPpVWLFDV&RPHUFLDOHVLQGLFDGRHQODFROXPQD)GHOD+RMD
GH WUDEDMR  +RMD  \ HO )DFWRU GH (PLVLyQ PHGLR SDUD ORV /RGRV'RPpVWLFRV&RPHUFLDOHV TXH DSDUHFH HQ OD FROXPQD ) GH OD +RMD GH
WUDEDMR+RMD 0XOWLSOLFDU ODV FLIUDV GH ODV FROXPQDV $ \ %  $QRWDU HO SURGXFWR HQ OD
FROXPQD& $QRWDU HQ OD FROXPQD ' OD FDQWLGDG WRWDO GHO 0HWDQR 5HFXSHUDGR \R
4XHPDGR HQ $QWRUFKD HQ NJ GH &+  FRUUHVSRQGLHQWH D ODV DJXDVUHVLGXDOHVRORGRVGRPpVWLFRVFRPHUFLDOHV6LQRVHGLVSRQHGHGDWRVHOYDORUSRUGHIHFWRHVFHUR 5HVWDUODFLIUDGHODFROXPQD'GHODGHODFROXPQD&0XOWLSOLFDUSRU SDUD UHDOL]DU OD FRQYHUVLyQ GH HPLVLRQHV D JLJDJUDPRV  $QRWDU OD
GLIHUHQFLDHQODFROXPQD( 6XPDUODVFLIUDVHQDPEDVILODVGHODFROXPQD(HQODSDUWHLQIHULRUGHOD
FROXPQD  (O UHVXOWDGR UHSUHVHQWD ODV (PLVLRQHV 1HWDV GH &+SURFHGHQWHVGHODVDJXDVUHVLGXDOHV\ORGRVGRPpVWLFRVFRPHUFLDOHV'LUHFWULFHVGHO,3&&SDUDORVLQYHQWDULRVGHJDVHVGHHIHFWRLQYHUQDGHURYHUVLyQUHYLVDGDHQ
/LEURGH7UDEDMR  

'(63(5',&,26

7$%/$
'$72662%5(()/8(17(6,1'8675,$/(63255(*,Ï1

7LSRGHLQGXVWULD\
5HJLyQ(IOXHQWHSURGXFLGRPWRQHODGDVGH
SURGXFWR

9DORUGHOD'42
NJ'42PDJXDVUHVLGXDOHV%HELGDVGHVWLODGDVHLQGXVWULD*HQpULFDVHWDQRO*HQpULFDVHWDQRO$PpULFDGHO6XU(XURSD2FFLGHQWDOPPHWDQRO
1'
1'
1'


NJPHWDQRO%UDVLO
3DtVHV%DMRV%HELGDVPDOWD\FHUYH]D*HQpULFDV*HQpULFDV(XURSD2FFLGHQWDOPPFHUYH]DPPFHUYH]D1'


3DtVHV%DMRV$OLPHQWRVFDUQH\DYHV*HQpULFRV(XURSD2FFLGHQWDO$PpULFDGHO1RUWHPDQLPDO
1'
1'

1'



3DtVHV%DMRV((88

$OLPHQWRVSHVFDGR$PpULFDGHO1RUWH

1'



((88

$OLPHQWRVFDIp$PpULFDGHO1RUWH

1'

((88

$OLPHQWRVSURGXFWRVOiFWHRV*HQpULFRV(XURSD2FFLGHQWDO


1'

1'


3DtVHV%DMRV




1'
1'

1'
1'




((88
3DtVHV%DMRV

1'

3DtVHV%DMRV$OLPHQWRVIUXWDV\YHUGXUDV*HQpULFRV IiEULFDVGHFRQVHUYDV*HQpULFRV(ODERUDFLyQGH
WRPDWHV$PpULFDGHO1RUWHSDSDV(XURSD2FFLGHQWDOEODQTXHDGRGHIULMROHV(XURSD2FFLGHQWDOFKRXFURXWH

3DtV$OLPHQWRVDFHLWHV*HQpULFRV$FHLWHGHRULJHQYHJHWDO
2ULHQWH0HGLR
$VLD





1'
1'




7XUTXtD
0DODVLD$OLPHQWRVD]~FDU&HQWURDPpULFD FDxD

1'0p[LFR+LHUUR\DFHUR$PpULFDGHO6XU



1'

%UDVLO

3URGXFWRVTXtPLFRVRUJiQLFRV(XURSD2FFLGHQWDO

1'

3DtVHV%DMRV

3URGXFWRVIDUPDFpXWLFRV2ULHQWH0HGLR

1'



(JLSWR  
'LUHFWULFHVGHO,3&&SDUDORVLQYHQWDULRVGHJDVHVGHHIHFWRLQYHUQDGHURYHUVLyQUHYLVDGDVHQ/LEURGH7UDEDMR

'(63(5',&,26

7$%/$ &217,18$&,Ï1'$726'(()/8(17(6,1'8675,$/(63255(*,Ï1
7LSRGHLQGXVWULD\
5HJLyQ

3DtV(IOXHQWHSURGXFLGRPWRQHODGDVGH
SURGXFWR

9DORUGHOD'42.J'42P
GHHIOXHQWHV)pFXODV*HQpULFDIpFXODGHSDSD*HQpULFDIpFXODGHWULJR*HQpULFDIpFXODGHPDt]

1'
1'
1'




3URGXFFLyQGHSHWUyOHR$PpULFDGHO1RUWH$PpULFDGHO1RUWH

1'1'
((88
&DQDGi
1'((88

1'
((88

((88

1'

3DtVHV%DMRV

7H[WLOHV
5D\yQ*UHFLD$PpULFDGHO1RUWHWHODUHV


1'
1'

1'



((88&XUWLGRGHSLHOHV$PpULFDGHO1RUWHJHQpULFR

1'



((88

3XOSD\SDSHO*HQpULFR SXOSDGHSDSHO$PpULFDGHO1RUWH IiEULFDGHSXOSDGHSDSHO*HQpULFR SDSHO$PpULFDGHO1RUWH SDSHOYLUJHQ$PpULFDGHO1RUWH SDSHOUHFLFODGR(XURSD2FFLGHQWDO SDSHO)XHQWH'RRUQ\(NOXQG  3DUDXQDOLVWDSRUPHQRUL]DGDGHUHIHUHQFLDVSDUDFDGDFDWHJRUtDGHDJXDVUHVLGXDOHVYpDVH'RRUQ\(NOXQG  1RVHGLVSRQHGHGDWRV 1' SDUDOD'42HQODSURGXFFLyQGHDJXDVUHVLGXDOHVSDUD
FDGDSDtV\UHJLyQ6HOOHYDQDFDERLQYHVWLJDFLRQHVSDUDGHWHUPLQDUORVYDORUHVGHSURGXFFLyQGHDJXDVUHVLGXDOHV\ORV GH OD '42 HQ HVRV SDtVHV \ UHJLRQHV  6H GHEH VHxDODU TXH HVRV GDWRV HVWiQ HQ SURFHVR GH UHYLVLyQ \DFWXDOL]DFLyQ'LUHFWULFHVGHO,3&&SDUDORVLQYHQWDULRVGHJDVHVGHHIHFWRLQYHUQDGHURYHUVLyQUHYLVDGDHQ
/LEURGH7UDEDMR  

'(63(5',&,26

7$%/$
'$7263$5$/$'(5,9$&,Ï1'(/26)$&725(6'((0,6,Ï13$5$(/
75$7$0,(172'(/$6$*8$65(6,'8$/(67LSRGHWUDWDPLHQWR)UDFFLyQGHODVDJXDVUHVLGXDOHVWUDWDGDV


)&0


.HQ\D

(VWDQTXHV



1'

7~QH]

(VWDQTXHV1'/RGRVDFWLYDGRV1'(VWDQTXHV,QGRQHVLDQRHVSHFLILFDGR1'

6LQJDSXU

QRHVSHFLILFDGR1'

5HS~EOLFDGH&RUHD

QRHVSHFLILFDGR1'

7DLZDQQRHVSHFLILFDGR1'

5HVWRGH$VLD

QRHVSHFLILFDGR$PpULFD/DWLQD\HO&DULEH

QRHVSHFLILFDGR$XVWUDOLD\1XHYD=HODQGLD

QRHVSHFLILFDGR5HJLyQÈIULFD=LPEDEZH
5HVWRGHÈIULFD$VLD)XHQWH 'RRUQ \ (NOXQG    3DUD XQD OLVWD SRUPHQRUL]DGD GH UHIHUHQFLDV SDUD FDGD UHJLyQ YpDVH 'RRUQ \(NOXQG  1R VH GLVSRQH GH GDWRV 1'  VREUH HO IDFWRU GH &RUUHFFLyQ SDUD HO 0HWDQR )&0  SDUD DOJXQRVSDtVHV\UHJLRQHV6HOOHYDQD FDER LQYHVWLJDFLRQHV SDUD GHWHUPLQDU HO )&0 SDUD HVRV SDtVHV \ UHJLRQHV  6H GHEH
VHxDODUTXHHVWDVFLIUDVVRQREMHWRGHUHYLVLyQ\DFWXDOL]DFLyQ  
'LUHFWULFHVGHO,3&&SDUDORVLQYHQWDULRVGHJDVHVGHHIHFWRLQYHUQDGHURYHUVLyQUHYLVDGDVHQ/LEURGH7UDEDMR