Vigo Aristoteles Verdad Practica y Virtudes Intelectuales

9HUGDGSUiFWLFD\YLUWXGHVLQWHOHFWXDOHV VHJ~Q$ULVWyWHOHV

$OHMDQGUR*9LJR 3RQWLILFLD8QLYHUVLGDG&DWyOLFDGH&KLOH 6DQWLDJRGH&KLOH

(QXQWUDEDMRDQWHULRUKHRIUHFLGRXQDLQWHUSUHWDFLyQGHODFRQFHSFLyQDULVWRWpOLFD GHODYHUGDGSUiFWLFDWDOFRPRDSDUHFHH[SXHVWDHQHOIDPRVRSDVDMHGHeWLFDD1LFyPD FR (1 9,DDWHQGLHQGRHVSHFLDOPHQWHDODHVWUXFWXUDIRUPDOGHGLFKDIRU PDSHFXOLDUGHODYHUGDG\VXFRQH[LyQFRQODHVWUXFWXUDGHODVtOODPDGRVLORJLVPRSUiF WLFR 0HSURSRQJRDKRUDFRPSOHPHQWDUGLFKDLQWHUSUHWDFLyQFRQVLGHUDQGRRWURVDVSHF WRVGLUHFWDPHQWHFRQHFWDGRV(QSDUWLFXODUH[DPLQDUpODFRQH[LyQVLVWHPiWLFDTXH$ULV WyWHOHV$U HVWDEOHFHHQWUHODYHUGDGSUiFWLFD\ODVYLUWXGHVLQWHOHFWXDOHVPiVFRQFUHWD PHQWHODWpFKQH \ODSKUyQHVLV HLQGDJDUpDODOX]GHGLFKDVFRQH[LRQHVHOWUDWDPLHQWR DULVWRWpOLFRGHDOJXQDVGHODVIRUPDVIXQGDPHQWDOHVGHODIDOVHGDG\HOHUURUSUiFWLFRV 3XHVWRTXHODDUJXPHQWDFLyQTXHGHVDUUROODUpHVWiEDVDGDGHPRGRGLUHFWR HQPLLQWHU SUHWDFLyQGHODFDUDFWHUL]DFLyQIRUPDOGHODYHUGDGSUiFWLFDFRPHQ]DUpSRUUHFDSLWXODU EUHYHPHQWHORVUHVXOWDGRVREWHQLGRVHQGLFKDLQWHUSUHWDFLyQ /DHVWUXFWXUDIRUPDOGHODYHUGDGSUiFWLFD

(QHOSDVDMHGH(1 9,D$UFDUDFWHUL]DODYHUGDGSUiFWLFDSRUUHFXUVR DWUHVUHTXHULPLHQWRVUHIHULGRVUHVSHFWLYDPHQWHDODGHWHUPLQDFLyQUDFLRQDOOyJRV \DO GHVHRyUH[LV HQWDQWRIDFWRUHVTXHHQWUDQGHPRGRGLUHFWRHQODPRWLYDFLyQGHODVDF FLRQHVDVtFRPRDODUHODFLyQH[LVWHQWHHQWUHDPERV'LFKRVUHTXHULPLHQWRVSDUDODRFX UUHQFLDGHODYHUGDGSUiFWLFDVRQODVVLJXLHQWHV HOOyJRV GHEHVHUYHUGDGHUR ODyUH [LV GHEH VHU µUHFWD¶ RUWKp  \ SRU ~OWLPR   GHEH KDEHU XQD FLHUWD LGHQWLGDG Wj DXWi  HQWUHORTXHDILUPDHOOyJRV \ORTXHSHUVLJXHODyUH[LV FID  (OVLJQLILFDGRSUHFLVRGHHVWRVUHTXHULPLHQWRVSXHGHDFODUDUVHGHOPHMRUPRGRHQPL RSLQLyQVLVHORVLQWHUSUHWDDODOX]GHVXUHODFLyQFRQODHVWUXFWXUDIRUPDOGHOVLORJLVPR SUiFWLFR7DOFRPRORSUHVHQWD$UHQORVSDVDMHVPiVLPSRUWDQWHVGH'HPRWXDQLPD OLXP \'HDQLPD ,,,HOVLORJLVPRSUiFWLFRSURYHHXQPRGHORIRUPDOSDUDODH[ SOLFDFLyQ GH OD SURGXFFLyQ GH HQ SULQFLSLR WRGR WLSR GH DFFLyQ LQFOXVR PiV DOOi GHO iPELWRHVSHFtILFDPHQWHKXPDQRGHODSUD[LVHQVHQWLGRSURSLRWDPELpQGHDTXHOODV³DF FLRQHV´RGHPRGRPiVSUHFLVR³PRYLPLHQWRV´TXHFRUUHVSRQGHQDORVGLIHUHQWHVPR GRV GHO FRPSRUWDPLHQWR DQLPDO HQFDPLQDGR D OD VDWLVIDFFLyQ GH GHWHUPLQDGRV GHVHRV EiVLFRV(QVX VHQWLGRPiVHVSHFtILFRHOVLORJLVPRSUiFWLFRDULVWRWpOLFRQRHVHQULJRU 8QD SULPHUD YHUVLyQ GH HVWH WUDEDMR IXH OHtGD HQ HO PDUFR GHO 6HPLQDULR ³3UREOHPDV GH )LORVRItD 3UiFWLFD(OSHOLJURTXHHVHORWUR´RUJDQL]DGRSRUHO,QVWLWXWRGH)LORVRItDGHOD8QLYHUVLGDG&DWyOLFDGH 9DOSDUtVR9LxDGHO0DUDOGHVHSWLHPEUHGH$JUDGH]FRDORVRUJDQL]DGRUHVHQSDUWLFXODUD ORVSURIV(QULTXH0XxR]\5HQDWR2FKRDODLQYLWDFLyQDSDUWLFLSDUGHO6HPLQDULR$OSURI2FKRDTXLHUR DJUDGHFHUWDPELpQVXVSUHJXQWDV\REVHUYDFLRQHVVREUHYDULRVDVSHFWRVGHPLSRQHQFLD  8QDSULPHUDYHUVLyQGHGLFKRWUDEDMRIXHOHtGDHQODV 3ULPHUDV-RUQDGDV$ULVWRWpOLFDV$UJHQWLQDVRU JDQL]DGDVSRUOD)DFXOWDGGH)LORVRItD\/HWUDVGHOD8QLYHUVLGDGGH&X\R0HQGR]D$UJHQWLQD HQ \KDVLGRSXEOLFDGDHQODFRUUHVSRQGLHQWHV$FWDV9pDVH9LJR 8QDYHUVLyQDOHPDQDDPSOLDGDGHO PLVPRWUDEDMRVHHQFXHQWUDHQ9LJRD 

 XQPHFDQLVPRGHLQIHUHQFLDKDELWXDOTXHDSXQWHFRPRWDODODGHULYDFLyQ\ODMXVWLILFD FLyQGHGHWHUPLQDGRVHQXQFLDGRVFRQODVLPSOHSHFXOLDULGDGGHTXHVHWUDWDUDGHHQXQ FLDGRV UHIHULGRVGHPRGRGLUHFWRRLQGLUHFWRDODDFFLyQSHMHQXQFLDGRVSUHVFULSWLYRV GH GLYHUVRV WLSRV  3RU HO FRQWUDULR HO H[SODQDQGXP SDUD HO FXDO HO VLORJLVPR SUiFWLFR SURYHH HO FRUUHVSRQGLHQWH H[SODQDQV HV OD DFFLyQ PLVPD \ QR HO GLVFXUVR VREUH OD DFFLyQ (QWDOVHQWLGR$UHQIDWL]DHQPiVGHXQDRFDVLyQHOKHFKRGHTXHODFRQFOX VLyQGHOVLORJLVPRSUiFWLFRQRHVXQHQXQFLDGRUHIHULGRDODDFFLyQVLQRODDFFLyQPLV PDFI SHM'HPRWXDQLPDV(19,,D /DHVWUXFWXUDGHOVLOR JLVPRSUiFWLFRUHIOHMDFODUDPHQWHODSRVLFLyQJHQHUDOGH$UUHVSHFWRGHOSUREOHPDGHOD SURGXFFLyQGHODDFFLyQ6HJ~QGLFKDSRVLFLyQODDFFLyQUHVXOWDVREUHODEDVHGHOMXHJR FRQMXQWRGHGRVIDFWRUHVGLIHUHQWHVDVDEHUSRUXQODGRXQIDFWRUGHVLGHUDWLYRYJU GH VHRVGHGLYHUVRWLSRRGLFKRGHXQPRGRPiVPRGHUQRFXDOTXLHUWLSRGHSURDFWLWXGHQ OD PHGLGD HQ TXH HVWp GRWDGD GH IXHU]D PRWLYDFLRQDO LQPHGLDWD  \ SRU RWUR XQ IDFWRU FRJQLWLYRTXHSUHVWDIXQGDPHQWRD\VHH[SUHVDHQXQDFRUUHVSRQGLHQWHFUHHQFLDYJU SHUFHSFLyQ LPDJLQDFLyQ R LQWHOHFWR  FI HVS 'H PRWX DQLP  E  'HVGH HO SXQWRGHYLVWDHVWULFWDPHQWHIRUPDOHOOODPDGR³VLORJLVPR´SUiFWLFRQRFRUUHVSRQGHHQ ULJRUD XQHVTXHPDGHLQIHUHQFLDVLORJtVWLFDVHJ~QHOPRGHORGHODVFXDWURILJXUDVWUDGL FLRQDOHVVLQRTXHFRPRVHKDKHFKRQRWDUHQODGLVFXVLyQFRQWHPSRUiQHDGHEHUHSUH VHQWDUVH PiVELHQFRPRXQFDVRSDUWLFXODUGHDSOLFDFLyQGHOPRGXVSRQHQV $Vt SDUD WRPDUXQHMHPSORVHQFLOORSURYLVWRSRUHOSURSLR$UXQVLORJLVPRSUiFWLFRGHOWLSR D WRGRORGXOFHGHEHVHUHV SUREDGR SUHPLVDPD\RU E HVWRHVGXOFH SUHPLVDPHQRU F DFFLyQGHSUREDU FRQFOXVLyQ

SXHGH IRUPDOL]DUVH VLQ HQWUDU HQ XOWHULRUHV FRPSOHMLGDGHV YLQFXODGDV FRQ OD SUHVHQFLD GHORSHUDGRUGHyQWLFRµGHEH¶HQD GHOVLJXLHQWHPRGR

8QD H[FHOHQWHGLVFXVLyQ GH OD FRQFHSFLyQDULVWRWpOLFDGHOVLORJLVPRSUiFWLFRVHHQFXHQWUDHQ1XVV EDXP S&RQWUDKDELWXDOHVHTXtYRFRVGHULYDGRVGHLQWHUSUHWDFLRQHVGHGXFWLYLVWDV1XVV EDXPHQIDWL]DDFHUWDGDPHQWHHOKHFKRGHTXHHOVLORJLVPRSUiFWLFRQRDSDUHFHHQ$UPHUDPHQWHFRPRXQ LQVWUXPHQWRIRUPDOGHVWLQDGRDKDFHUSRVLEOHODGHULYDFLyQGHDFFLRQHVFRUUHFWDVDSDUWLUGHXQFRQMXQWR GHSULQFLSLRVGDGRVDSULRULVLQRPiVELHQFRPRXQHVTXHPDIRUPDOSDUDODH[SOLFDFLyQWHOHROyJLFDGHO PRYLPLHQWRDQLPDO\GHODDFFLyQHOFXDOSHUPLWHLQGLYLGXDOL]DUGLVWLQJXLU\WDPELpQFRQHFWDUDGHFXDGD PHQWHORVGLIHUHQWHVIDFWRUHVTXHYDQLQYROXFUDGRVHQVXSURGXFFLyQ6REUHHODOFDQFHGHHVWDOtQHDGH LQ WHUSUHWDFLyQGHOVLORJLVPRSUiFWLFR\VXVFRQVHFXHQFLDVYpDVHWDPELpQDEDMRQRWD  (VWD UHFRQVWUXFFLyQ GH OD HVWUXFWXUD IRUPDO GHO VLORJLVPR SUiFWLFR GHULYD IXQGDPHQWDOPHQWH GH OD LQWHUSUHWDFLyQSURSXHVWDSRU''DYLGVRQTXLHQVLJXHH[SUHVDPHQWHD$U9pDVH'DYLGVRQ S VYpDVHWDPELpQ*OHU SV  &I(19,,D9pDVHWDPELpQHOHMHPSORGH'HPRWXDQLPDVD µTXLHUREH EHU¶SUHPLVDPD\RU E µHVWRHVEHELGD¶SUHPLVDPHQRU F DFFLyQGHEHEHUFRQFOXVLyQ 7DPSRFRHQ HVWH ~OWLPR FDVROD SUHPLVDPD\RU HVWiIRUPXODGDHQULJRUGHPRGRH[SOtFLWRFRPRXQGHVHRVLQRSRU PHGLRGHXQDFRQVWUXFFLyQGHJHUXQGLYRGHVLJQLILFDFLyQSUHVFULSWLYDSRWpRQPRL µGHEREHEHU¶ 3HUR $U DFODUDGHLQPHGLDWR TXHVHWUDWDGHXQGLFWDGRGHOGHVHRDSHWLWLYROpJHLKHHSLWK\PtD \QRGHXQD SUHVFULSFLyQJHQHUDOIRUPXODGDHQDEVWUDFWR(VWRPXHVWUDFODUDPHQWHTXHDXQTXHRFDVLRQDOPHQWHDSHOH GH PRGR QR YLQFXODQWH D IRUPXODFLRQHV SRU PHGLR GH RSHUDGRUHV GHyQWLFRV $U QXQFD FRQFLEH HO VLOR JLVPRSUiFWLFRHQULJRUDOPRGRGHXQVLORJLVPRWHyULFRGHFDUiFWHUGHyQWLFR(QWDOVHQWLGRWRGDVODV IRUPXODFLRQHVGHODSUHPLVDPD\RUTXHSUHVHQWDQXQDDSDULHQFLDVXSHUILFLDOGHFDUiFWHUGHyQWLFRSXHGHQ \GHEHQVHUSDUDIUDVHDGDVHQHOPRGRVXJHULGRSRUHOHMHPSORGH'HPRWXDQLPHVGHFLUSRUPHGLRGH XQDSUHPLVDPD\RUTXHFRQWLHQHODUHIHUHQFLDDXQDSURDFWLWXGGHODJHQWHFRQFUHWRGHOFDVR 

 D¶ ; '[o 3[ E¶ 'D F¶ 3D

GRQGH'HTXLYDOHDµGXOFH¶\3DµHVGHEHVHU SUREDGR¶UHVSHFWLYDPHQWH 3XHVELHQHQFRQH[LyQFRQODHVWUXFWXUDIRUPDOGHOVLORJLVPRSUiFWLFRHODOFDQFHGH ORVWUHVUHTXHULPLHQWRVFRQWHQLGRVHQODFDUDFWHUL]DFLyQGHODYHUGDGSUiFWLFDGH(1 9,  SXHGH H[SOLFDUVH PX\ EUHYHPHQWH GHO VLJXLHQWH PRGR &RPLHQ]R FRQ HO UHTXHUL PLHQWR TXHDOXGHDODUHFWLWXGGHOGHVHR(QODWHRUtDDULVWRWpOLFDGHODSURGXFFLyQGH ODDFFLyQHOGHVHRyUH[LV HQVXVGLIHUHQWHVSRVLEOHVIRUPDVFRQVWLWX\HHOIDFWRUUHVSRQ VDEOHGHODGHWHUPLQDFLyQRSRVLFLyQGHORVILQHVGHODDFFLyQFRPRWDOHV'LFKRGHRWUR PRGRVyORDWUDYpVGHODPHGLDFLyQGHOGHVHRSXHGHHODJHQWHGHSUD[LVUHIHULUVHDGH WHUPLQDGRV FRQWHQLGRV SURSRVLFLRQDOHV FRPR D ILQHV TXH DQKHODUtD DOFDQ]DU \ D FX\D FRQVHFXFLyQSXHGHHYHQWXDOPHQWHHQFDPLQDUVXVDFFLRQHV$KRUDELHQHOUHTXHULPLHQWR GHµUHFWLWXG¶GHOGHVHRGHEHLQWHUSUHWDUVHFRPRXQDH[LJHQFLDGHERQGDGPRUDORFXDQ GRPHQRVGHDFHSWDELOLGDGPRUDO GHORVILQHVDORVTXHDSXQWDQHQFDGDFDVRODVDFFLR QHV3DUDTXHKD\DYHUGDGSUiFWLFDVHJ~QHVWRQREDVWDFRQTXHORVILQHVGHDFFLyQVHDQ HIHFWLYDPHQWH UHDOL]DEOHV SDUD HODJHQWHGHSUD[LVVLQRTXHVHUHTXLHUHDGHPiVTXHVH WUDWHGHILQHVTXHGHVGHHOSXQWRGHYLVWDGHVXFRQWULEXFLyQDXQDYLGDJHQXLQDPHQWH EXHQD SDUD HO KRPEUHDSDUH]FDQ FRPR GHVHDEOHVRDOPHQRVFRPRQRLQFRPSDWLEOHV FRQHOEXHQORJURGHGLFKRREMHWLYR~OWLPRGHODSUD[LV$HVWHDVSHFWRDOXGH$ULQPH 'HVGHOXHJRHOWpUPLQR3HVWiWRPDGRFRQXQYDORUGLIHUHQWHHQD¶ \F¶ HQODPHGLGDHQTXHVyOR HQHOSULPHUFDVRWLHQHXQYDORUSRWHQFLDOSUHVFULSWLYRPLHQWUDVTXHHQHOVHJXQGRHVWiWRPDGRHQXQVLJ QLILFDGRDFWXDOGHVFULSWLYR(QXQUD]RQDPLHQWRGHtQGROHWHyULFDWDORVFLODFLyQGHVLJQLILFDGRLPSOLFDUtD TXHVH HVWiHQSUHVHQFLDGHXQDIDODFLDPDWHULDO(QHOFDVRGHXQVLORJLVPRSUiFWLFRHQFDPELRWDORVFL ODFLyQHQHOVLJQLILFDGRGHOWpUPLQRTXHGHVFULEHODDFFLyQHQFXHVWLyQHQWUHODSUHPLVDPD\RU\ODFRQ FOXVLyQQRHVVLQRHOUHIOHMRLQPHGLDWRGHOKHFKRGHTXHORTXHDTXtVHWLHQHQRHVXQDLQIHUHQFLDHQHO VHQWLGRKDELWXDOGHOWpUPLQRVLQRXQPHFDQLVPRH[SOLFDWLYRTXHSUHWHQGHGDUFXHQWDGHODSURGXFFLyQHV SRQWiQHDGHDFFLRQHVDSDUWLUGHORVFRUUHVSRQGLHQWHVHVWDGRVGLVSRVLFLRQDOHV(QWDOVHQWLGRHOVLORJLVPR SUiFWLFRGHEHGDUFXHQWDGHODSURGXFFLyQGHDOJRQXHYRTXHQRHVWiWRGDYtDFRQWHQLGRHIHFWLYDPHQWHFR PRWDOHQODVSUHPLVDVGHODVTXHVHGHULYD3RURWUDSDUWHSXHGHGHFLUVHLQFOXVRTXHDOJRDQiORJRRFXUUH WDPELpQHQHOFDVRGHWRGDLQIHUHQFLDWHyULFDVLHVFLHUWRTXHVHJ~QXQPRGRGHKDEODUFDUDFWHUtVWLFRHQ HODULVWRWHOLVPRWDUGtRODFRQFOXVLyQGHXQVLORJLVPRYiOLGRHVWiFRQWHQLGDVyORSRWHQFLDOPHQWH HQODVSUH PLVDV7DPELpQDTXtVXUJHHQGHILQLWLYDDOJRHQFLHUWRPRGRµQXHYR¶DWUDYpVGHODFRUUHVSRQGLHQWHLQ IHUHQFLDDOPHQRVHQODPHGLGDHQTXHODFRQFOXVLyQSUHVHQWDHQVXHVWUXFWXUD63XQDQXHYDFRPELQD FLyQGHWpUPLQRVQRSUHVHQWHWRGDYtDGHPRGRH[SUHVRHQODVSUHPLVDVGHODVTXHVHGHULYD6LQHPEDUJR ODGLIHUHQFLDEiVLFDFRQHOFDVRGHOVLORJLVPRSUiFWLFRHVWULEDHQHOKHFKRGHTXHODFRQFOXVLyQGHXQVLOR JLVPRWHyULFRSRVHHHOPLVPRWLSRGHHVWDWXWRFDWHJRULDOTXHODVFRUUHVSRQGLHQWHVSUHPLVDVSXHVVHWUDWD DTXtGHODGHULYDFLyQ GHXQHQXQFLDGRDSDUWLUGHRWURVHQXQFLDGRV(QHOFDVRGHOVLORJLVPRSUiFWLFRHQ FDPELRODDFFLyQUHVXOWDQWHSRVHHXQHVWDWXWRFDWHJRULDOLUUHGXFWLEOHVLQPiVDORVHVWDGRVGLVSRVLFLRQD OHV TXH GDQ FXHQWD GH VX SURGXFFLyQ SXHV DXQTXH OD GHVFULSFLyQ GH OD DFFLyQ LPSOLFD OD UHPLVLyQ D XQ FLHUWRFRQWHQLGRSURSRVLFLRQDOFRUUHVSRQGLHQWHDODVLQWHQFLRQHV\FUHHQFLDVSXHVWDVHQMXHJRSRUHODJHQ WHQRHVPHQRVFLHUWRTXHQLQJXQDDFFLyQVHDJRWDFRPRWDOHQGLFKRFRQWHQLGRSURSRVLFLRQDOFRQHFWDGR FRQ ODV DFWLWXGHVSURSRVLFLRQDOHVGHODJHQWH HQ VX VHQWLGR SOHQR OD DFFLyQ GHEH SRGHUVHUFRQVLGHUDGD DGHPiVFRPRXQFLHUWRWLSRGHHYHQWRLGHQWLILFDEOHFRQHFWDGRGHGLYHUVRVPRGRVFRQGHWHUPLQDGRVFDP ELRVYHULILFDGRVHQFLHUWRVHVWDGRVGHFRVDV6yORODVRPLVLRQHV± HQHOVHQWLGRSXUDPHQWHGHVFULSWLYR\ QR QRUPDWLYR GHO WpUPLQR± SRGUtDQHVFDSDU D HVWD GHVFULSFLyQ3HURpVWD HV XQD GH ODV UD]RQHV SRU ODV FXDOHVSDUHFHDGHFXDGRQHJDUDGLFKDVRPLVLRQHVHOJHQXLQRFDUiFWHUGHDFFLRQHV/DRPLVLyQSXHGHFRQ WDUFRPRXQDDFFLyQSOHQDVyORDOOtGRQGHHVSXHVWDHQFRQH[LyQRELHQFRQFDSDFLGDGHVHIHFWLYDVGHDF WXDUGHODJHQWHGHSUD[LVRELHQFRQREOLJDFLRQHVDODVTXHGLFKRDJHQWHGHEHUtDVXMHWDUVXDFFLRQHVODV FXDOHVDVXYH] UHPLWHQWDPELpQDOPHQRVLQGLUHFWDPHQWHDVXVFDSDFLGDGHVHIHFWLYDVSDUDDFWXDU  3DUDXQDGLVFXVLyQPXFKR PiV DPSOLDGHHVWRVDVSHFWRVPHSHUPLWRUHPLWLUD9LJRD HVSS VV 

 GLDWDPHQWHDFRQWLQXDFLyQHQHOWH[WRFXDQGRVHxDODTXHQRVHWUDWDDTXtGHPHUDKDELOL GDGSDUDODFRQVHFXFLyQGHFXDOTXLHUWLSRGHILQFRPRSRUHMHPSORORVILQHVSURSLRV GHODSURGXFFLyQWpFQLFDVLQRTXHHOILQ~OWLPRDOTXHVHGLULJHRGHEHGLULJLUVHHOGHVHR QR HV RWUR TXH HO ORJUR GH OD YLGD EXHQDOD HXSUD[tD FI (19,E QRFLyQ TXHMXQWRFRQODGHHX]RtD SURYHHFRPRHVVDELGRXQDGHODV PDQHUDVKDELWXDOHVHQTXH $UGHVLJQDODUHSUHVHQWDFLyQGHODIHOLFLGDGHXGDLPRQtD HQWDQWRILQ~OWLPRGHODSUD [LVKXPDQDFI(1,E9,E 'HVGHOXHJRHVWRQRGHEHHQWHQ GHUVHFRPRVL$UHVWXYLHUDVXJLULHQGRTXHSDUDVHU UHFWRHOGHVHRGHEHUtDDSXQWDUHQ FDGDFRQWH[WRSDUWLFXODUGHDFFLyQDODIHOLFLGDGFRPRDVXFRUUHODWRLQWHQFLRQDOLQPH GLDWR(OSXQWRGH$UWLHQHXQDOFDQFHPXFKRPiVPRGHVWRTXHDSXQWDDODQHFHVDULD LQWHJUDFLyQGHORVILQHVGHDFFLyQHQXQDFLHUWDDUWLFXODFLyQWRWDOGHVHQWLGREDVDGDHQ XQDGHWHUPLQDGDUHSUHVHQWDFLyQGHODYLGDEXHQDORVILQHVGHODVDFFLRQHVSDUWLFXODUHV VyORSXHGHQVHUMXVWLILFDGRVUDFLRQDOPHQWHHQODPHGLGDHQTXHGHPRGRGLUHFWRRLQGL UHFWR SXHGDQ VHU DUPyQLFDPHQWH LQWHJUDGRV HQ XQ FLHUWR RUGHQDPLHQWR MHUiUTXLFR \ SXHVWRV DVt HQ FRQH[LyQ FRQ XQD GHWHUPLQDGD UHSUHVHQWDFLyQ GH OD YLGD EXHQD R IHOL] TXHUHVXOWHDVXYH]DFRUGHDODVSRVLELOLGDGHVHVHQFLDOHVGHOVXMHWRGHSUD[LVHQFXDQ WRVHUGRWDGRGHIDFXOWDGHVUDFLRQDOHV 3RU VX SDUWH HO UHTXHULPLHQWR   HQ OD FDUDFWHUL]DFLyQ IRUPDO GH OD YHUGDG SUiFWLFD DOXGHDODYHUGDGGHOOyJRV(VWHUHTXHULPLHQWRGHEHVHULQWHUSUHWDGRVLQGXGDVFRQUH IHUHQFLDDODSUHPLVDPHQRUGHOVLORJLVPRSUiFWLFRTXHFRQWLHQHXQHQXQFLDGRGHVFULSWL YR UHIHULGR D OD GHWHUPLQDFLyQ GH ODV FRQGLFLRQHV R ORVPHGLRVEDMR ORVFXDOHV UHVXOWD SRVLEOHODUHDOL]DFLyQGHOILQLQWHQFLRQDGRSRUHOGHVHR&RPRLQGLFDQ*DXWKLHU-ROLIOD LQWHUSUHWDFLyQ GHO DOFDQFH GH HVWH UHTXHULPLHQWR SUHVHQWD SHFXOLDUHV GLILFXOWDGHV HQ OD PHGLGDHQTXHDSDUHFHFRQHFWDGDGHKHFKRHQODGLVFXVLyQHVSHFLDOL]DGDFRQHOSUREOH PDPiVDPSOLRUHIHULGRDODIXQFLyQGHODSKUyQHVLV GHQWURGHODFRQFHSFLyQDULVWRWpOL FDPiVFRQFUHWDPHQWHFRQODPX\GHEDWLGDFXHVWLyQGHVLPiVDOOiGHODGHWHUPLQDFLyQ GHORVPHGLRVFRUUHFWRVSDUDDOFDQ]DUHOILQGHODDFFLyQODSKUyQHVLV LQWHUYLHQHRQRGH DOJ~QPRGRHQODGHWHUPLQDFLyQGHOFRQWHQLGRGHORVILQHVGHDFFLyQFRPRWDOHV &RQ WRGRGHMRGHODGRDTXtHVWHLPSRUWDQWHSXQWRSRUTXHQRFRQVLGHURFLHUWDODVXSRVLFLyQ KDELWXDO VHJ~Q OD FXDO OD LQWHUSUHWDFLyQ GH QXHVWUR SDVDMH REOLJDUtD IRU]RVDPHQWH D OD DGRSFLyQGHXQDGHWHUPLQDGDLQWHUSUHWDFLyQJHQHUDOHQWRUQRDODOFDQFH\IXQFLyQGHOD SKUyQHVLV&UHRPiVELHQTXHHOSDVDMHGHEHOHHUVHDFRWDGRGHQWURGHORVOtPLWHVTXHOH WUD]D HO REMHWLYR LQPHGLDWR GH $U TXH QR HV RWUR TXH OD FDUDFWHUL]DFLyQ IRUPDO GH OD YHUGDGSUiFWLFD\QRXQDGHVFULSFLyQJHQHUDOGHODIXQFLyQ\HODOFDQFHGHODSKUyQHVLV $KRUDELHQVLVHFRQVLGHUDFRQDWHQFLyQHOFRQWH[WRQRSXHGHKDEHUVHULDVGXGDVDPL MXLFLR GH TXH OD H[LJHQFLD GH YHUGDG GH OyJRV QR VH YLQFXOD FRQ OD GHWHUPLQDFLyQ GHO FRQWHQLGRGHORVILQHVSDUWLFXODUHVGHDFFLyQVLQRPiVELHQFRQODGHWHUPLQDFLyQGHORV PHGLRVDGHFXDGRVSDUDODREWHQFLyQGHGLFKRVILQHV(QHIHFWRL HQD$UVH UHILHUHDOSULQFLSLRDUFKp GHODGHFLVLyQGHOLEHUDGDSURDtUHVLV ± ODFXDOHVDVXYH] SULQFLSLRGHODDFFLyQDUFKqSUi[HRV ± \VHxDODHQWDO FDOLGDGDOGHVHRyUH[LV \DOD GHWHUPLQDFLyQ UDFLRQDO OyJRV  TXH RSHUD FRQ YLVWDV D XQ FLHUWR ILQ KR KpQHNi WLQRV  3RFR GHVSXpV LL  HQ D $U GHFODUD TXH OD SURGXFFLyQ GH OD DFFLyQ QR WLHQH OXJDU D WUDYpV GHO PHUR SHQVDPLHQWR TXH FRPR WDOQR PXHYH DQDGDVLQR PiVELHQD WUDYpV GHO SHQVDPLHQWR SUiFWLFR GLiQRLD SUDNWLNp  HV GHFLU D WUDYpV GH DTXHO WLSR GH SURFHVRGLVFXUVLYRTXHRSHUDFRQYLVWDVDXQGHWHUPLQDGRILQ KHKpQHNiWRX /DFRQ VV



3DUDXQGHVDUUROORPXFKRPiVDPSOLRGHHVWHSXQWRUHPLWRDPLWUDWDPLHQWRHQ9LJR S



&I*DXWKLHU± -ROLI ,,SVDGORF

 MXQFLyQGHL \LL GDH[SUHVLyQDODFRQFHSFLyQKDELWXDOGH$UDFHUFDGHODPRWLYDFLyQ\ ODSURGXFFLyQGHODDFFLyQ6HJ~QHVWDFRQFHSFLyQKD\XQFLHUWRSULPDGRGHOGHVHRFR PR IDFWRU SULQFLSDO HQ OD PRWLYDFLyQ GH OD DFFLyQ HO SHQVDPLHQWR GLVFXUVLYR VyOR VH YXHOYHµSUiFWLFR¶DOOtGRQGHRSHUDHQ HOHVSDFLRGHFRPSUHQVLyQDELHUWRSRUODSRVLFLyQ GHXQILQDWUDYpVGHOGHVHR 3XHVELHQVLHVWRHVDVt\HOUHTXHULPLHQWRGHYHUGDGGHO OyJRV VHUHILHUHDODSURSRVLFLyQGHVFULSWLYDTXHRILFLDGHSUHPLVDPHQRUHQHOVLORJLVPR SUiFWLFRVHVLJXHGHDTXtTXHFRQWUDORTXHVXHOHVHUODLQWHUSUHWDFLyQPiVGLIXQGLGDQR UHVXOWDSRVLEOHLGHQWLILFDUODQRFLyQGHYHUGDGSUiFWLFDFRPRWDOFRQODYHUGDGH[LJLGDHQ GLFKRUHTXHULPLHQWR\HOORSRUGRVUD]RQHVIXQGDPHQWDOHVDVDEHUHQSULPHUOXJDUOD GHTXHHOUHTXHULPLHQWRGHYHUGDGGHOOyJRVSURYHHWDQVyORXQD GHODVFRQGLFLRQHVUH TXHULGDVSDUDTXHWHQJDOXJDUODYHUGDGSUiFWLFDHQVHJXQGROXJDUODGHTXHODQRFLyQ GHYHUGDGLQYROXFUDGDHQGLFKRUHTXHULPLHQWRHQODPHGLGDHQTXHTXHGDUHIHULGDDXQD SURSRVLFLyQGHWLSRPHUDPHQWHGHVFULSWLYRQRSXHGHVHURWUDTXHODQRFLyQKDELWXDOGH YHUGDG WHyULFD FRQFHELGD HQ WpUPLQRV DGHFXDFLRQLVWDV (Q FDPELR OD YHUGDG SUiFWLFD GHEH VHU FDUDFWHUL]DGD FRPR YHUHPRV FRPR XQD YHUGDG TXH VH UHDOL]D HVHQFLDOPHQWH FRPRWDOHQODDFFLyQPLVPD\QRFRPRXQDFDUDFWHUtVWLFDGHGHWHUPLQDGRVHQXQFLDGRV QLVLTXLHUDDTXHOORVUHIHULGRVDOiPELWRGHODVDFFLRQHV 3RU~OWLPRYHDPRVEUHYHPHQWHHOUHTXHULPLHQWR HQODFDUDFWHUL]DFLyQIRUPDOGHOD YHUGDGSUiFWLFDTXHDSXQWDDODQHFHVLGDGGHTXHWHQJDOXJDUXQDFLHUWDLGHQWLGDGHQWUH OR TXH DILUPD HO OyJRV \ OR TXH SHUVLJXH OD yUH[LV 6L OD LQWHUSUHWDFLyQ GH ORV UHTXHUL PLHQWRV \ RIUHFLGDDUULEDHVFRUUHFWDVHVLJXHLQPHGLDWDPHQWHTXHOD LGHQWLGDGGH OyJRV\yUH[LV H[LJLGDSRUHOUHTXHULPLHQWR QRSXHGHVHULQWHUSUHWDGDHQHOVHQWLGRWUL YLDOGHTXHDPERVFRLQFLGLHUDQHQODSRVLFLyQGHOILQRELHQHQODGHWHUPLQDFLyQGHORV PHGLRVFRQGXFHQWHVDpO\DTXHHOSDSHOSURSLRGHODyUH[LV \HOSURSLRGHOOyJRVHQHO SURFHVR GH OD SURGXFFLyQ GH OD DFFLyQ GHEHQ YHUVH FRPR IXQFLRQDOPHQWH QRLQWHUFDP ELDEOHV&RPRVXJLHUHQ*DXWKLHU-ROLIUHVXOWDPXFKRPiVSODXVLEOHLQWHUSUHWDUODLGHQWL /D PLVPD FRQFHSFLyQ DSDUHFH H[SXHVWD FRQ PD\RU GHWDOOH HQ HO WUDWDPLHQWRGH'HDQLPD,,, $UHVWDEOHFHDOOtTXHHOLQWHOHFWRSUiFWLFRQR€VSUDNWLNyV HV DTXHOTXHGHOLEHUDRFDOFXODFRQYLVWDVDXQ FLHUWRILQKRKpQHNiWRXORJL]yPHQRV FI,,,DYpDVHWDPELpQDGLiQRLDSUDNWLNp (Q WDOVHQWLGRVHWUDWDGHXQLQWHOHFWRTXHRSHUDGHQWURGHODGLPHQVLyQDELHUWDSRUHOGHVHR3RUHOORODyUH [LVFRQVWLWX\HHOSULQFLSLRGHGHWHUPLQDFLyQDUFKp GHOLQWHOHFWRSUiFWLFR\pVWHDVXYH]HOSULQFLSLRGH GHWHUPLQDFLyQ GH OD DFFLyQ FID 1R HV QHFHVDULRDFODUDU TXH HO UHFRQRFLPLHQWR GH XQFLHUWR SULPDGRGHOGHVHRFRPRIDFWRUUHVSRQVDEOHGHODPRWLYDFLyQLQPHGLDWDGHODVDFFLRQHVQRLPSOLFDHQPR GRDOJXQRODDGVFULSFLyQD$UGHXQDSRVLFLyQGHFRUWHHPRWLYLVWDHQHOiPELWRGHUHIOH[LyQFRUUHVSRQ GLHQWHDODpWLFDQRUPDWLYDVFWzQQR€Q@ EtRV ± FRPRHQHOFDVRGHVXXVRSUiFWLFRFI'HDQLPD,,,DQR€VKRKpQHNi WRXORJL]yPHQRVNDuKRSUDNWLNyV HOQR€V SDUHFHVHUHQGHILQLWLYDXQR\HOPLVPR(LQFOXVRVHKDVXJH ULGRODSRVLELOLGDGGHTXHGHEDYHUVHODLQWHUYHQFLyQGHOQR€VFRPRXQPRPHQWRTXHDFRPSDxDGHGLYHU VRVPRGRVDWRGDVODVYLUWXGHVLQWHOHFWXDOHVKDEUtDVHJ~QHVWRXQPRPHQWRQRpWLFRLQWUtQVHFDPHQWHSUH VHQWHHQWRGDIRUPDGHHPSOHRWHyULFRRSUiFWLFRGHODUD]yQWDOFRPRGLFKRHPSOHRHVSRVLELOLWDGRSRU ODVFRUUHVSRQGLHQWHVYLUWXGHVLQWHOHFWXDOHVRGLDQRpWLFDVYpDVHHQWDOVHQWLGRODRVDGDLQWHUSUHWDFLyQGH +HLGHJJHU SVREUHODEDVHGHODVHVFXHWDVLQGLFDFLRQHVGHODFRQH[LyQHQWUHQR€V\ SKUyQHVLVHQ(19, &RQWRGRHQHOPDUFRGHODIDPRVDFDUDFWHUL]DFLyQGHOQR€V GH$QDO3RVW,, FRPR SULQFLSLR GH OD FLHQFLD DUFKp HSLVWpPHV  HQ FXDQWR UHVSRQVDEOH GH OD FDSWDFLyQ GH ORV SULPHURV SULQFLSLRV GH OD GHPRVWUDFLyQVH FRQVLGHUD H[SUHVDPHQWH DOQR€VFRPRXQDPiV HQWUHODVGLVSRVLFLRQHV KDELWXDOHVGHODFDSDFLGDGGHOSHQVDPLHQWRFIEVW{QSHUuWqQGLiQRLDQKp[HRQ 0X\SUREDEOH PHQWH$UQRVHYLROOHYDGRDGHILQLUFRQFRPSOHWDFODULGDGHOHVWDWXWRGHOQR€VDOFXDOFRPSUHQGLyWHQ GHQFLDOPHQWHVHJ~QORVFDVRV\DFRPRXQDFDSDFLGDGRIDFXOWDGLQQDWDGHODOPDUDFLRQDO\DFRPRXQD GLVSRVLFLyQ KDELWXDO YLUWXRVD GH GLFKD DOPDUDFLRQDOVLPLODUDRWUDVDGTXLULGDVSRUKDELWXDFLyQ6XJLHUR LQFOXVRTXHVHUtDSRVLEOHUDVWUHDUHORULJHQGHHVWDDPELYDOHQFLDKDVWDODFRQFHSFLyQSODWyQLFDGHOQR€V TXHSURYHHVLQGXGDHOSXQWRGHSDUWLGDLQPHGLDWRGHODFRQFHSFLyQGH$U&RQWRGRGHVGHHOSXQWRGH YLVWDSXUDPHQWHVLVWHPiWLFRQRYHRREMHFLyQGHIRQGRDODSRVLFLyQTXHVRVWHQJDTXHHOQR€VQRVyORHV XQDIDFXOWDGLQQDWDGHODOPDVLQRTXHGLFKDIDFXOWDGSXHGHVHUWDPELpQHOHYDGDDOQLYHOSURSLRGHVXXVR YLUWXRVRDWUDYpVGHOGHVDUUROORGHODFRUUHVSRQGLHQWHGLVSRVLFLyQKDELWXDOVREUHODEDVHGHXQDGHFXDGR HMHUFLFLRUHLWHUDGRGHDFWXDOL]DFLyQ8QDGLVFXVLyQDIRQGRGHHVWHSXQWRH[LJLUtDWDPELpQSUREDEOHPHQWH XQDDFODUDFLyQGHOSDSHOTXHMXHJDODGLVWLQFLyQHQWUHGRVWLSRVRIXQFLRQHVGHOQR€V HQ'HDQLPD,,,D VDEHUHOQR€VSDWKHWLNyV\HOQR€VSRLHWLNyV 

 XQRGHORVSRVLEOHVXVRVGHOLQWHOHFWR6HWUDWDHQHVWHFDVRGHDOJRTXH$UHFKDGHPH QRVHQORVILOyVRIRVLQPHGLDWDPHQWHSUHFHGHQWHVFRPR3ODWyQ\HVSHFLDOPHQWH6yFUD WHV/DFRQFHSFLyQpWLFDGHHVWH~OWLPRVHYHGHFLVLYDPHQWHDIHFWDGDDMXLFLRGH$USRU HOKHFKRGHHVWDUEDVDGDHQXQDLGHQWLILFDFLyQLQVDQDEOHPHQWHVLPSOLILFDGDGHODYLUWXG PRUDODUHWp \ODFLHQFLDHSLVWpPH XQDHFXDFLyQTXHDMXLFLRGH$UVyORUHVXOWDSR VLEOHHQODPHGLGD HQTXHDPERVWpUPLQRVVHDQWRPDGRVHQXQVHQWLGRLPSUHFLVR\VXE GHWHUPLQDGRTXHHQFXEUHGLIHUHQFLDVGHFLVLYDV /DLQWURGXFFLyQGHXQDGLIHUHQFLDFLyQ HQODQRFLyQGHYHUGDGHQ(19,GHEHYHUVHSXHVFRPRHOSULPHUSDVRGHQWURGHOLQ WHQWRSRUSURYHHUXQDIHQRPHQRORJtDGHORVXVRVGHOLQWHOHFWRTXHGpFXHQWDGHVXHVSH FLILFLGDGFDUDFWHUtVWLFD

 1R UHVXOWD GLItFLO YHU HQ TXp PHGLGD ODV YLUWXGHV FRUUHVSRQGLHQWHV DO XVR WHyULFR GHOLQWHOHFWRSXHGHQGHVFULELUVHFRPRGLVSRVLFLRQHVKDELWXDOHVSRUPHGLRGHODVFXDOHV HODOPDHVWiHQ\GDFRQODYHUGDG/DQRFLyQGHYHUGDGDTXtUHOHYDQWHHVSRUVXSXHVWR OD QRFLyQ GH YHUGDG WHyULFD TXH $U FDUDFWHUL]D FRPR HV VDELGR HQ WpUPLQRV EiVLFD PHQWHDGHFXDFLRQLVWDV%DMRHVWHVLJQLILFDGRGHODQRFLyQGHYHUGDGµYHUGDGHUR¶HVIXQ GDPHQWDOPHQWHXQHQXQFLDGRGHFODUDWLYROyJRVDSRSKDQWLNyV FI',ED \ HOORHQODPHGLGDHQTXHµGHFODUD¶RµGHMDYHU¶DSySKDQVLV DWUDYpVGHODDUWLFXODFLyQ SUHGLFDWLYDEDMRODIRUPD63ODFRUUHVSRQGLHQWHDUWLFXODFLyQGHXQHVWDGRGHFRVDVGHO WLSR µREMHWR  GHWHUPLQDFLyQ¶(VWR WLHQHOXJDU DOOt GRQGH HO HQXQFLDGRHQFXHVWLyQUH SURGXFH DGHFXDGDPHQWH HQ HO SODQR GH OD SUHGLFDFLyQ OD DUWLFXODFLyQ TXH HQ HO SODQR RQWROyJLFR FRUUHVSRQGH DO HVWDGR GH FRVDV YLQFXODGR FRQ HO REMHWR GH UHIHUHQFLD GHO HQXQFLDGR $KRUDELHQHQFRQH[LyQFRQODQRFLyQGHYHUGDG$ULQWURGXFHHQ(19, &RPRHVVDELGR$U DWULEX\HD6yFUDWHVODWHVLVVHJ~QOD FXDOODYLUWXGPRUDO DUHWp VHLGHQWLILFD FRQ HO FRQRFLPLHQWR R OD FLHQFLD SKUyQHVLV HSLVWpPH  FI HVS (1 9,  E (W (XG ,  E \HOYLFLRDVXYH]FRQODLJQRUDQFLDiJQRLD FISHM(19,,E DOPHQRV VHJ~QHOPRGRHQTXH$ULQWHUSUHWDHOIDPRVRGLFWXPVRFUiWLFRµQDGLH\HUUDKDFHHOPDO YROXQWDULDPHQ WH¶FI3ODWyQ*RUJLDVH3URWiJRUDVGD $MXLFLRGH$UDPEDVHFXDFLRQHVVyORUHVXOWDQSR VLEOHV VREUH OD EDVH GH XQD LQVXILFLHQWH GLIHUHQFLDFLyQ HQ ODV QRFLRQHV LQYROXFUDGDV 6yFUDWHV QR KDEUtD GLVWLQJXLGRVXILFLHQWHPHQWHPRGRVGHOFRQRFLPLHQWRWDQGLIHUHQWHVHQWUHVtFRPRSKUyQHVLV\HSLVWpPH QL WDPSRFRKDEUtDORJUDGRYHUTXHDXQTXHKD\XQDFRQH[LyQHVWUXFWXUDOHQWUHSKUyQHVLV\YLUWXGpWLFDDP EDVQRVHLGHQWLILFDQSXHVODSKUyQHVLVHVXQDYLUWXGLQWHOHFWXDO\QRGHOFDUiFWHUFISHM(W(XG 9,,,  E 'HOPLVPRPRGRODLGHQWLILFDFLyQ VRFUiWLFDGHOYLFLRFRQODLJQRUDQFLDVHEDVDHQXQD LQVXILFLHQWH GLIHUHQFLDFLyQ UHVSHFWR GH OD QRFLyQ GH LJQRUDQFLD DTXt UHOHYDQWH FI S HM (1 9,,  EHLGL¶iJQRLDQWLVKRWUySRVWrViJQRLDV XQDGHILFLHQFLDTXHHOSURSLR$ULQWHQWDUHPHGLDU HQVXWUDWDPLHQWRGHODFRQH[LyQHQWUHLJQRUDQFLDHLQYROXQWDULHGDGSRUUHFXUVRDODGLVWLQFLyQHQWUHLJQR UDQFLDIiFWLFDUHIHULGDDODVPDUFDVVLWXDFLRQDOHVGHODDFFLyQHLJQRUDQFLDPRUDOUHIHULGDDORVSULQFLSLRV GHOREUDUFRUUHFWRFI(1,,,ED 6HDGYLHUWHSXHVSRUTXpUD]yQODSURJUHVLYDGLIHUHQ FLDFLyQ GH GLYHUVRV PRGRV GH FRQRFLPLHQWR HQ FRQH[LyQ FRQ OD GLVWLQFLyQ HQWUH HO XVR WHyULFR \ HO XVR SUiFWLFRGHOLQWHOHFWRRODUD]yQKDUHVXOWDGRGHFLVLYDSDUDODHODERUDFLyQGHODSRVLFLyQTXH$USUHVHQWD HQVXFRQFHSFLyQpWLFDGHPDGXUH]WDOFRPRDSDUHFHH[SXHVWDVREUHWRGRHQ(1(QODHODERUDFLyQGH GLFKDSRVLFLyQ$U GHELyGLVWDQFLDUVHSURJUHVLYDPHQWHGHODKHUHQFLDVRFUiWLFRSODWyQLFDTXHLGHQWLILFD EDDOPHQRV WHQGHQFLDOPHQWHHOVDEHUPRUDOSURSLRGHODSKUyQHVLV FRQHOWLSRGHFRQRFLPLHQWRSURSLR GH OD WpFKQH \ OD HSLVWpPH VLQ GLVWLQJXLU QtWLGDPHQWH WDPSRFR HQWUH HVWDV ~OWLPDV &RPR HV VDELGR OD LGHQWLILFDFLyQVRFUiWLFRSODWyQLFDGHODSKUyQHVLV \ODHSLVWpPH RLQFOXVRODVRSKtDODWKHRUtD\HOQR€V  KD GHMDGR FODUDV KXHOODV WDPELpQ HQ REUDV GH $U FRQVLGHUDGDV KDELWXDOPHQWH WHPSUDQDV WDOHV FRPR HO 3URWUpSWLFR \GHWHUPLQDGRVSDVDMHVGH(W(XG/DGLVFXVLyQFOiVLFDGHODHYROXFLyQGHOFRQFHSWRDULVWRWp OLFRGHSKUyQHVLVKDVWDODYHUVLyQ PDGXUD GH(1\GHODHVWUHFKDFRQH[LyQHQWUHODFRQFHSFLyQGHO3UR WUpSWLFR \SDVDMHVFHQWUDOHVGH(W(XG VHHQFXHQWUDHQ-DHJHU HVSS  9pDVH HQ HVWH VHQWLGR OD FDUDFWHUL]DFLyQ DULVWRWpOLFD GH OD QRFLyQ GH YHUGDG WHyULFD HQ0HW,9  E\VREUHWRGRODHQFLHUWRVHQWLGRPiVSUHFLVDRIUHFLGDHQ0HW9,E\,; E(VWD~OWLPDUHPLWHFODUDPHQWHDODUHODFLyQGHLVRPRUItDHQWUHODDUWLFXODFLyQSUHGLFDWLYDEDMR ODIRUPD63\ODDUWLFXODFLyQµREMHWRGHWHUPLQDFLyQ¶FRQVWLWXWLYDGHOHVWDGR GHFRVDVDOTXHUHILHUHHO 

 XQDUHIHUHQFLDDODGLIHUHQFLDHQWUHODDILUPDFLyQ\ODQHJDFLyQ(QHOFDVR GHODVYLUWX GHVYLQFXODGDVFRQHOXVRWHyULFRGHOLQWHOHFWRHODOFDQFHGHHVWRSXHGHYHUVHFODUDPHQ WHDSDUWLUGHODFDUDFWHUL]DFLyQGHODODQRFLyQGHYHUGDGWHyULFDTXH$URIUHFHHQ0HW 9,E\GHPRGRFDVLLGpQWLFRHQ,; EGRQGHVHWUDWDGHPRGR GLIHUHQFLDGRHOFDVRGHOHQXQFLDGRDILUPDWLYRFDUDFWHUL]DGRHQWpUPLQRVGHODFRPSRVL FLyQ VêQWKHVLV  GH ORV WpUPLQRV VXMHWR \ SUHGLFDGR \ HO FDVR GHO HQXQFLDGR QHJDWLYR FDUDFWHUL]DGR LQYHUVDPHQWH HQ WpUPLQRV GH OD GLYLVLyQ R VHSDUDFLyQ GLDtUHVLV  GH GL FKRVWpUPLQRV6HJ~QHVWRXQHQXQFLDGRDILUPDWLYRHVYHUGDGHURFXDQGRSUHVHQWDFR PRFRPSXHVWRDTXHOORTXHHVWiHIHFWLYDPHQWHFRPSXHVWR\HQFDPELRHVIDOVRFXDQ GR SUHVHQWD FRPR FRPSXHVWR OR TXH HVWi GLYLGLGR R VHSDUDGR SRU VX SDUWH HQ HOFDVR GHOHQXQFLDGRQHJDWLYRVHWUDWDGHXQHQXQFLDGRYHUGDGHURFXDQGRSUHVHQWDFRPRGLYL GLGRORTXHHIHFWLYDPHQWHHVWiGLYLGLGR\GHXQRIDOVRHQFDPELRFXDQGRSUHVHQWDFR PRGLYLGLGROR TXHHVWiFRPSXHVWR7DQWRDWUDYpVGHODDILUPDFLyQFRPRDWUDYpVGHOD QHJDFLyQHODOPDSXHGHSXHVGDUFRQODYHUGDGHQHOVHQWLGRWHyULFRDGHFXDFLRQLVWDGHO WpUPLQRDOOtGRQGHVHFRPSRUWDGHXQPRGRSXUDPHQWHWHyULFRFRPWHPSODWLYR\VHOL PLWDSRUWDQWRDUHDOL]DUFRQVWDWDFLRQHVUHIHULGDVDGHWHUPLQDGRVHVWDGRVGHFRVDVGD GRV\DGHDQWHPDQR3XHVELHQODVYLUWXGHVSURSLDVGHOXVRWHyULFRGHOLQWHOHFWRVRQSUH FLVDPHQWHDTXHOODVGLVSRVLFLRQHVKDELWXDOHVTXHSURFXUDQDO DOPDXQDPD\RUHILFDFLDD ODKRUDGHGDUFRQODYHUGDG\GHRSHUDUFRQHOODGHQWURGHXQiPELWRSDUWLFXODUGHREMH WRVDVDEHUHOiPELWRGHDTXHOORTXHHVQHFHVDULRWjH[DQiQNHVyQWD \VHFRPSRUWD FRPR WDO VLHPSUH GHO PLVPR PRGR Wj Pq HQGHFKyPHQD iOORV pFKHLQ  FI (1 9,  E  7DOHVHOFDVRGHODHSLVWpPHTXH$UFDUDFWHUL]D(19,FRPRXQDGLV SRVLFLyQKDELWXDOTXHIDFXOWDSDUDOOHYDUDFDERHILFD]PHQWHODVRSHUDFLRQHVSURSLDVGH ODGHPRVWUDFLyQKp[LVDSRGHLNWLNp FIEV  ,PSRUWD UHFDOFDU TXHHQ WDQWR GHILQLGDSRUUHIHUHQFLDDOSURFHGLPLHQWRGHMXVWLILFD FLyQGHOFRQRFLPLHQWRSRUYtDGHPRVWUDWLYDODHSLVWpPH SURYHHXQWLSRGHFRPSHWHQFLD UHIHULGRHVSHFtILFDPHQWHQRWDQWRDOKDOOD]JRGHQXHYDVYHUGDGHVFXDQWRPiVELHQDOD LQVHUFLyQGHFRQRFLPLHQWRV\DSRVHtGRVHQFRQWH[WRVPiVDPSOLRVGHIXQGDPHQWDFLyQ\ DODGHULYDFLyQSRUYtDGHGXFWLYDGHORTXHHVWiLPSOtFLWDPHQWHFRQWHQLGRHQHOORV(QWDO VHQWLGRODHSLVWpPH TXHGDPiVGLUHFWDPHQWHUHIHULGDDODFDSDFLGDGGHRSHUDU FRQYHU GDGHVQHFHVDULDVGDGDVGHDQWHPDQRTXHDODGHGDUFRQYHUGDGHVKDVWDHQWRQFHVQRSR VHtGDV 1RHVFDVXDOTXHHQLQPHGLDWDFRQH[LyQFRQODFDUDFWHUL]DFLyQGHODHSLVWpPH HQXQFLDGR3DUDXQDUHFRQVWUXFFLyQGHODFRQFHSFLyQDULVWRWpOLFDGHODYHUGDGWHyULFDFRQHVSHFLDODWHQ FLyQDODPHQFLRQDGDDVXQFLyQGHLVRPRUItDUHPLWRDPLWUDWDPLHQWRHQ9LJR HVSSVV  (VWRLPSOLFDGHVGHOXHJRTXHHOiPELWRSURSLRGHODYHUGDGWHyULFDHVPiVDPSOLRTXHHOTXHFR UUHVSRQGH D ODV YLUWXGHV LQWHOHFWXDOHV SRU OD VHQFLOODUD]yQ GH TXHKD\ SRVLELOLGDG GH GDUFRQ ODYHUGDG WDPELpQ HQ HO iPELWR GH ORV REMHWRV FRQWLQJHQWHV WDO FRPR pVWH HV DELHUWR SRU HMHPSOR D WUDYpV GH OD SHUFHSFLyQ\RILFLDFRPRREMHWRGHUHIHUHQFLDGHDFWLWXGHVSURSRVLFLRQDOHVGHOWLSRGHODFUHHQFLDGy[D \ HOMXLFLREDVDGRHQHOODK\SyOHSVLV 3RUHVR$U DFODUDTXHORSURSLRGHYLUWXGHVLQWHOHFWXDOHVFRPROD HSLVWpPH\ODVRSKtD QRHVODUHIHUHQFLDDODYHUGDGFRPRWDOVLQRPiVELHQODH[FOXVLyQGHODSRVLELOLGDG GH OD IDOVHGDG (Q FDPELR OD FUHHQFLD \ HO MXLFLR IXQGDGR HQ HOOD SXHGHQ VHU WDQWR YHUGDGHURV FRPR WDPELpQ IDOVRV FI E V K\SROpSVHL NDu Gy[HL  HQGpFKHWDL GLDSVH~GHVWKDL  (OOR HV DVt QR VyOR SRUTXHODFUHHQFLD\HOMXLFLREDVDGRHQHOOD QRH[FOX\HQFRPRWDOHVODSRVLELOLGDGGHOHUURUVLQRWDPELpQ SRU UD]RQHV RUGHQ RQWROyJLFR PiV SUHFLVDPHQWH SRU FDXVD GH OD YDULDELOLGDG \ OD FRQWLQJHQFLD GH VX REMHWRGHUHIHUHQFLDSURSLRFIE $OJRDQiORJRDOFDVRGHODVYLUWXGHVSURSLDVGHOXVRWHyULFR GHO LQWHOHFWR YDOH WDPELpQ SDUDODV YLUWXGHV FRUUHVSRQGLHQWHVDO XVR SUiFWLFR GHO LQWHOHFWR WDOHV FRPROD SKUyQHVLV \GHRWURPRGRWDPELpQODWpFKQH(QHIHFWRDXQTXHTXHGDQUHIHULGDVDOiPELWRGHORSDUWLFX ODU\FRQWLQJHQWHDPEDVVHFDUDFWHUL]DQSRUSRQHUDOVXMHWRHQFRQGLFLRQHVGHGDUFRQORFRUUHFWR\YHUGD GHURHQFDGDVLWXDFLyQSDUWLFXODUGHDFFLyQ3DUDHVWHSXQWRYpDVHODGLVFXVLyQ GHVDUUROODGDPiVDEDMR  ,QWpUSUHWHVFRPR::LHODQG\-%DUQHVKDQHQIDWL]DGRGHGLIHUHQWHVPRGRVHOKHFKRGHTXHOD WHRUtDDULVWRWpOLFDGHODFLHQFLDGHPRVWUDWLYDFRQFLEHDpVWDQRFRPRXQPpWRGRSDUDODDGTXLVLFLyQGHFR

 SRUUHIHUHQFLDDODGHPRVWUDFLyQVLORJtVWLFDV\OORJLVPyV $UHQIDWLFHGHDFXHUGRFRQ ODFRQFHSFLyQGHVDUUROODGDDPSOLDPHQWHHQ$QDO3RVWODGHSHQGHQFLDGHODGHPRVWUD FLyQUHVSHFWRGHSULQFLSLRVDUFKDt TXHQRSXHGHQREWHQHUVHSRUYtDGHOPLVPRWLSRGH GHULYDFLyQVLORJtVWLFDTXHHOORVPLVPRVSRVLELOLWDQWRGDGHULYDFLyQVLORJtVWLFDSURFHGHD SDUWLUGHDOPHQRVXQDSUHPLVDXQLYHUVDOSHURORXQLYHUVDOVyORSXHGHDOFDQ]DUVHHQ GHILQLWLYDSRUYtDLQGXFWLYDHVGHFLUQRGHGXFWLYDHQWDOVHQWLGRODµLQGXFFLyQ¶HSD JRJp HVSULQFLSLRGHORXQLYHUVDODUFKpWR€NDWKyORX FI(19,E &RQ ORVOtPLWHVLQWHUQRVGHODGHPRVWUDFLyQVHFRQHFWDWDPELpQGHPRGRLQPHGLDWRFRPRHV VDELGRODIXQFLyQDVLJQDGDDOQR€V HQVXXVRWHyULFR'LFKDIXQFLyQFRPR$UVHxDODHQ (1 9,HVWiUHIHULGDDODFDSWDFLyQGHORVSULQFLSLRVGHODFLHQFLDGHPRVWUDWLYDTXH FRPRWDOHVQRSXHGHQVHUDVXYH]REMHWRVGHGLFKDFLHQFLDFIED 7DO IXQFLyQGHOQR€V HVWHPDWL]DGDH[SUHVDPHQWHHQHOPDUFRGHODWHRUtDGHODFLHQFLDGHVD UUROODGDHQ$QDO3RVW FIHVS,, DXQTXHODSRVLFLyQGH$UGLVWDGHVHUFODUDHQWR GRVORVSXQWRV3RU~OWLPRDODDUWLFXODFLyQLQWHUQDHQWUHHSLVWpPH \QR€VDSXQWD H[SUH VDPHQWHWDPELpQODFDUDFWHUL]DFLyQGHODVRSKtD HQ(1 9,FRQFHELGDFRPRODYLUWXG VXSUHPDGHOXVRWpRULFRGHOLQWHOHFWR(QWDOVHQWLGR$UVHxDODTXHODVRSKtD HVODPiV H[DFWD DNULEHVWiWH  GH WRGDV ODV FLHQFLDV HQ OD PHGLGD HQ TXH QR VH OLPLWD DO FRQRFL PLHQWRGHORTXHHQFDGDFDVRVHGHULYDGHORVSULQFLSLRVVLQRTXHDGHPiVHVWiHQOD YHUGDG DOHWKH~HLQ  WDPELpQ UHVSHFWR GH ORV SULQFLSLRV FRPR WDOHV SHUu WjV DUFKiV  D  (Q UD]yQ GH DUWLFXODU GH HVWH PRGR DPEDV SHUVSHFWLYDV OD UHIHULGD DO FRQRFLPLHQWRGHORVSULQFLSLRVGHODFLHQFLDGHPRVWUDWLYD\ODUHIHULGDDOFRQRFLPLHQWR GHORTXHVHGHULYDGHHOORVODVRSKtD SXHGHFDUDFWHUL]DUVHFRPRXQDDUWLFXODFLyQXQLWD ULDGHQR€V\HSLVWpPH FIDVKyVW¶HtHjQKHVRSKtDQR€VNDuHSLVWpPH 6HWUD WDDTXtGHOFRQRFLPLHQWRVXSUHPRVLWXDGRSRUHQFLPDLQFOXVRGHOTXHSURYHHQHQHOiP ELWR GHO XVR SUiFWLFR GHO LQWHOHFWR OD SKUyQHVLV \ OD SROtWLFD SRUTXH WLHQH SRU REMHWR DTXHOORTXHHVOR PiVYHQHUDEOHW{QWLPLRWiWRQ HQHOXQLYHUVRTXHFRPR$UH[SUHVD PHQWHDFODUDQRHVHOKRPEUHFID 0iVFRQFUHWDPHQWHODVRSKtD VHUHILH UHVHJ~QODIDPRVDFDUDFWHUL]DFLyQHODERUDGDHQ0HW,DODVFDXVDV\ORVSULQFLSLRV ~OWLPRVGHWRGDVODVFRVDVFIHVS0HW,ED,E  3HURWDPELpQODVGRVYLUWXGHVIXQGDPHQWDOHVYLQFXODGDVFRQHOXVRSUiFWLFRGHOLQ WHOHFWRODWpFKQH \ODSKUyQHVLVFRQVWLWX\HQVHJ~QODFDUDFWHUL]DFLyQJHQpULFDSURYLVWD SRU$UPRGRVGHVHUHQRGDUFRQODYHUGDGSRUSDUWHGHODOPD6HWUDWDDTXtGHGLVSRVL FLRQHVKDELWXDOHVYLQFXODGDVFRQHOREUDUHQVXVGLIHUHQWHVIRUPDV\QRFRQHOFRPSRU WDPLHQWRWHyULFRFRQWHPSODWLYR&RPRWDOHVVHHIHFWLYL]DQ\DGTXLHUHQH[SUHVLyQDWUD

QRFLPLHQWRHVGHFLU FRPRDUVLQYHQLHQGLVLQRPiVELHQFRPRXQPpWRGRSDUDODMXVWLILFDFLyQ\DUWLFXOD FLyQ VLVWHPiWLFD GH FRQRFLPLHQWRV \D DGTXLULGRV SRU RWUDV YtDV HV GHFLU FRPR XQDDUV GHPRQVWUDQGL 9pDVH:LHODQG S%DUQHV SVV&RQHOUHFRQRFLPLHQWRH[SUHVRGH OD LPSRUWDQFLDVLVWHPiWLFDHVWHSXQWRVHFRQHFWDLQPHGLDWDPHQWHWDPELpQODUHKDELOLWDFLyQGHOSDSHOTXH GHVHPSHxD HO FRPSRQHQWH HPStULFR LQGXFWLYLVWD \ WDPELpQ GLDOpFWLFR HQ HO SHQVDPLHQWRDULVWRWpOLFR WDO FRPRGLFKDUHKDELOLWDFLyQ VHKDSURGXFLGRVREUHWRGRHQORV~OWLPRVFXDUHQWDDxRVHQODLQYHVWLJDFLyQ HVSHFLDOL]DGD  'H HVWR SDUHFH VHJXLUVH TXH ODHSLVWpPH OLEUDGD D Vt PLVPD QR HVWi HQ OD YHUGDG UHVSHFWR GH VXV SURSLRVSULQFLSLRVORFXDOLPSOLFDUtDDVXYH]TXHVyORHVWiSDUFLDOPHQWHHQODYHUGDGWDPELpQUHVSHFWR GHORTXHVHVLJXHGHHOORV(OSXQWRSXHGHVHUVLPSOHPHQWHTXHODHSLVWpPHQRSXHGHDERUGDUFRQVXSUR SLRPRGRGHMXVWLILFDFLyQGHGXFWLYDORVSULQFLSLRVHQORVTXHHOODPLVPDVHDVLHQWD\TXHSRUWDQWRGHEH SDUWLU QHFHVDULDPHQWH GH VXSXHVWRV QRGHPRVWUDEOHV (VWR QR LPSOLFD VLQ HPEDUJR TXH OD HSLVWpPH QR SXHGDLUDFRPSDxDGDDVXYH]GHODFRQFLHQFLDGHTXHHOODPLVPDGHSHQGHGHSULQFLSLRVTXHQRSXHGH MXVWLILFDU/DOLPLWDFLyQSURSLDGHOFRQRFLPLHQWRTXHSURYHHODFLHQFLDGHPRVWUDWLYDHQFXDQWRWDOVyORVH FRQYLHUWHHQXQDIRUPDGHHUURU\GHDXWRHQJDxRDOOtGRQGHQRYDDFRPSDxDGDGHGLFKDFRQFLHQFLDUHIOH [LYDUHVSHFWRGHORVOtPLWHVGHOiPELWRDELHUWRDODFFHVRSRUYtDGHGHPRVWUDFLyQ

 YpVGHOREUDUPLVPR3RUHOORHVUD]RQDEOHSHQVDUTXHODUHIHUHQFLDDODQRFLyQGHYHU GDGDGTXLHUHDTXtXQDOFDQFHGLIHUHQWHTXHHQHOFDVRGHODVYLUWXGHVYLQFXODGDVFRQHO XVRSXUDPHQWHWHyULFRGHOLQWHOHFWR0iVFRQFUHWDPHQWHOD YLQFXODFLyQUHOHYDQWHHQHO FDVRGHODWpFKQH\ODSKUyQHVLV HVFRQODQRFLyQGHYHUGDGSUiFWLFDTXHQRFDVXDOPHQWH $UGHILQHHQ(1 9,HQODLQWURGXFFLyQPLVPDDOWUDWDPLHQWRGHODVYLUWXGHVGLDQRpWL FDV$KRUDELHQTXHORTXHVHSRQHHQMXHJRDTXtHVODQRFLyQGHYHUGDGSUiFWLFD± TXH WDO FRPR OD KH UHFRQVWUXLGR DO FRPLHQ]R UHVXOWD VXVWDQFLDOPHQWH PiVFRPSOHMD TXH OD QRFLyQKDELWXDOGHYHUGDGWHyULFD± TXHGDGHPDQLILHVWR\DSRUHOKHFKRGHTXH$UVH YHQHFHVLWDGRGHLQWURGXFLUGLIHUHQFLDFLyQDGLFLRQDOWDPELpQFRQUHIHUHQFLDDODVQRFLR QHVGHDILUPDFLyQ\QHJDFLyQUHOHYDQWHVSDUDHOFDVRGHODVYLUWXGHVHQFXHVWLyQ&RPR YLPRVHQHOFRPLHQ]RGH(1 9,$UFDUDFWHUL]DGHPRGRJHQpULFRDODVYLUWXGHVGLD QRpWLFDVFRPRGLVSRVLFLRQHVKDELWXDOHVDWUDYpVGHODVFXDOHVHODOPDHVWiHQRGDFRQOD YHUGDG DO DILUPDU R QHJDU W{L  NDWDSKiQDL q DSRSKiQDL  FI E  $ FRQWLQXD FLyQVLJXHLQPHGLDWDPHQWHHQHOWH[WRHOWUDWDPLHQWRGHODHSLVWpPHXQDYLUWXGSURSLD GHOXVRWHyULFRGHOLQWHOHFWRORFXDOKDFHTXHUHVXOWHUHODWLYDPHQWHIiFLOSDVDUSRUDOWRHO KHFKRGHTXHMXQWRFRQODGLIHUHQFLDFLyQLQWURGXFLGDHQODQRFLyQGHYHUGDGSRUPHGLR GHODFDUDFWHUL]DFLyQGHODYHUGDGSUiFWLFDHQ(19,$UKDGLIHUHQFLDGR\DGHPRGR SDUDOHORDODFRUUHVSRQGLHQWHGLIHUHQFLDFLyQGHODQRFLyQGHYHUGDGWDPELpQODVQRFLR QHVGHDILUPDFLyQ\QHJDFLyQDILQGHDGHFXDUVXDSOLFDFLyQDODQXHYDQRFLyQGHYHU GDGDVtHODERUDGD(QWDOVHQWLGR$UHVWDEOHFHXQDFRUUHVSRQGHQFLDDQDOyJLFDHQWUHXQ VHQWLGR WHyULFRFRQVWDWDWLYR \ XQR SUiFWLFRFRQDWLYR GH µDILUPDFLyQ¶ \ µQHJDFLyQ¶ OR TXHFRQUHIHUHQFLDDOSHQVDPLHQWRGLVFXUVLYRGLiQRLD VRQODDILUPDFLyQNDWiSKDVLV \ ODQHJDFLyQDSySKDVLV HQVXVHQWLGRKDELWXDOHVRPLVPRVRQODE~VTXHGDGtR[LV \OD HYLWDFLyQ SK\Jp  FRQ UHIHUHQFLD DO GHVHR yUH[LV  HQ VXV GLIHUHQWHV IRUPDV D   6HUtDXQHUURUDPLMXLFLRYHUDPERVFRQFHSWRVGHDILUPDFLyQ\QHJDFLyQHQORTXH FRQFLHUQHDODGLIHUHQFLDHQWUHHOSHQVDPLHQWRGLiQRLD \HOGHVHRyUH[LV FRPRVLP SOHPHQWHRSXHVWRVHQWUHVt\VLWXDGRVDXQPLVPRQLYHO3XHVORTXHHVWiHQMXHJRDTXt FRPRDFODUDDFRQWLQXDFLyQHOWH[WRQRHVODHVWUXFWXUDGHOPHUR GHVHRWRPDGRFRPRX QDVLPSOHWHQGHQFLDDDFWXDUGHFLHUWRPRGRSHURQRQHFHVDULDPHQWHHIHFWLYL]DGDWRGD YtD/RTXHHVWiHQMXHJRHVPiVELHQODHVWUXFWXUDGHODGHFLVLyQGHOLEHUDGDHVWRHVGH OD SURDtUHVLV TXH VH IXQGD FRPR WDO HQ HO GHVHR \ OOHYD D WUDYpV GHO FRUUHVSRQGLHQWH SURFHVRGHOLEHUDWLYRDODDFFLyQTXHHVWiHQFRQFRUGDQFLDFRQpO(QWDOVHQWLGRDFODUD $U FRPR YLPRV TXH OD SURDtUHVLV HV XQ GHVHR GHOLEHUDWLYR yUH[LV ERXOHXWLNp  D GRQGHKD\TXHUHFRUGDUTXHHOREMHWRGH ODSURDtUHVLV \HOGHODGHOLEHUDFLyQ ER~OHXVLV VRQJHQpULFDPHQWHXQR\HOPLVPRSHURFRQODLPSRUWDQWHGLIHUHQFLDGHTXH HQFXDQWRREMHWRGHODSURDtUHVLV DTXHOORVREUHORFXDOVHGHOLEHUDDSDUHFHHQFDGDFDVR FRPR\DGHWHUPLQDGRFI(1 ,,,DYpDVHWDPELpQDUULEDQRWD 3RUHVRHQ HOFDVRGHOGHVHRODRSRVLFLyQHQWUHDILUPDFLyQ\QHJDFLyQDSDUHFHUHIHULGDDGRVWLSRV RSXHVWRVGH DFFLRQHV FRPR VRQ HO EXVFDU\ HO HYLWDU \ QR D OD VLPSOH GLIHUHQFLDHQWUH PHURVGHVHRVR DQKHORVGHWLSRSRVLWLYR³GHVHDUDOJR´RELHQ³GHVHDUTXH´ \GHWLSR QHJDWLYR ³QRGHVHDUDOJR´RELHQ³QRGHVHDUTXH´ FRQVLGHUDGRVFRQLQGHSHQGHQFLD GHVXUHDOL]DFLyQHIHFWLYDHQODDFFLyQ$KRUDELHQHOVLORJLVPRSUiFWLFRSURYHHMXVWD PHQWHODH[SOLFDFLyQGHOPRGRHQTXHDSDUWLUGHXQGHWHUPLQDGRGHVHRUHIHULGRDXQ ILQ \GHXQDFUHHQFLDFRQHFWDGDFRQGLFKRGHVHRHQWDQWRUHIHULGDDORVPHGLRVSDUDOD UHDOL]DFLyQGHOILQ \DWUDYpVSUHFLVDPHQWHGHODLQWHUYHQFLyQGHODSURDtUHVLVVXUJHHO WLSR GH DFFLyQ DSURSLDGD TXH HVWi HQ FRUUHVSRQGHQFLD FRQ GLFKR GHVHR 3RU OR WDQWR SXHGHYHUVHFODUDPHQWHTXHODE~VTXHGDFRPRDILUPDFLyQHQVHQWLGRSUiFWLFRFRQDWLYR \ODHYLWDFLyQFRPRQHJDFLyQHQ HVHPLVPRVHQWLGRQRHVWiQVLWXDGDVDOPLVPRQLYHO

 TXHVXVDQiORJRV GHFDUiFWHUPHUDPHQWHWHyULFRFRQVWDWDWLYRVLQRTXHORVSUHVXSRQHQ HQODPHGLGDHQTXHHQODSURGXFFLyQGHODDFFLyQDWUDYpVGHODSUHPLVDPHQRUGHOVLOR JLVPR SUiFWLFR YD LQYROXFUDGR VLHPSUH \D WDPELpQ XQ PRPHQWR GH FDUiFWHU WHyULFR FRQVWDWDWLYR 8Q EUHYH FXDGUR GH ODVFRUUHVSRQGHQFLDVSXHVWDVHQMXHJRDODOX]GHODHVWUXFWXUD GHOVLORJLVPRSUiFWLFRSXHGHVHUYLUSDUDDFODUDUPHMRUHOSXQWR SPD\RU

SPHQRU FRQFOXVLyQ

6LORJLVPR SUiFWLFR

µGHVHR;¶µQRGHVHR;¶

µHVWRFRQGXFHD;¶µHVWRQRFRQ GXFHD;¶ DFFLyQGHE~VTXHGDRHYLWDFLyQ

6HQWLGRGHµDILUPDFLyQ¶\ µQHJDFLyQ¶ PHUDWHQGHQFLDGLVSRVLFLRQDOD EXVFDURHYLWDUSURDFWLWXG DILUPDFLyQRQHJDFLyQHQVHQWLGR WHyULFRFRQVWDWDWLYR DILUPDFLyQRQHJDFLyQHIHFWLYDHQ VHQWLGRSUiFWLFRFRQDWLYR

6HJ~QHVWRHVHQHOQLYHOGHODFRQFOXVLyQGHOVLORJLVPRSUiFWLFRHVGHFLUHQHOQLYHO GHODDFFLyQPLVPDGRQGHVHHQFXHQWUDHOVHQWLGRJHQXLQDPHQWHSUiFWLFRFRQDWLYRGHOD DILUPDFLyQ\ODQHJDFLyQ(QODSUHPLVDPD\RUWHQHPRVHQFDPELRHOPRPHQWRFRUUHV SRQGLHQWHDODPHUDyUH[LVFRQVLGHUDGDFRPRWRGDYtDQRPHGLDGDSRUODGHOLEHUDFLyQ\ SRUHQGHFRPRQRFRQGXFHQWHD~QDODGHFLVLyQGHOLEHUDGDQLDODDFFLyQUHVXOWDQWHGH HOOD(OPRPHQWRGHODPHGLDFLyQGHOLEHUDWLYDUHIHULGDDORVPHGLRVFRUUHVSRQGLHQWHD ODLQWHUYHQFLyQGHODGLiQRLDVHHQFXHQWUDSRUVXSDUWHFODUDPHQWHUHSUHVHQWDGRSRUOD SUHPLVDPHQRU/DDFFLyQHQWDQWRUHVXOWDQWHGHODLQWHUYHQFLyQGHODSURDtUHVLVFRQVWL WX\H FRPRYLPRVHOUHVXOWDGRGHODYLQFXODFLyQHQXQDFLHUWDXQLGDGVLJQLILFDWLYDGHO PRPHQWRGHVLGHUDWLYR\HOPRPHQWRFRJQLWLYRUHSUHVHQWDGRVUHVSHFWLYDPHQWHSRUXQD \RWUDSUHPLVD4XHODHVSHFLILFLGDGGHODSURDtUHVLV UHVLGHMXVWDPHQWHHQOOHYDUDFDER HVWDFRQYHUJHQFLDGHGHVHR\SHQVDPLHQWRFUHHQFLD ORHQIDWL]DHOSURSLR$UFXDQGR WUDV H[SOLFDU OD YHUGDG SUiFWLFD HQ ORV WpUPLQRV LQGLFDGRV DUULED FDUDFWHUL]D D OD SUR DtUHVLV HQWDQWRSULQFLSLRDUFKp GHODDFFLyQFRPRXQµLQWHOHFWRGHVLGHUDWLYR¶RELHQ XQµGHVHRLQWHOHFWLYDPHQWHPHGLDGR¶qRUHWLNzVQR€VqyUH[LVGLDQRHWLNp E  /DYHUGDGSUiFWLFDVHDOFDQ]DSXHVDWUDYpVGHODSHFXOLDUIRUPDGHDILUPDFLyQ\QHJD FLyQTXHFRQVLVWHHQODSURGXFFLyQGHODDFFLyQWHQGLHQWHDREWHQHURELHQDHYLWDUDOJR GHWHUPLQDGR 6HJ~Q OR HVWDEOHFLGR DO FRPLHQ]R HQ OD UHFRQVWUXFFLyQ GH ORV UHTXHUL PLHQWRVIRUPDOHVGHODYHUGDGSUiFWLFDTXHODDFFLyQSURGXFLGDHQFDGDFDVRUHVXOWHR QRHIHFWLYDPHQWHXQHMHPSORFRQFUHWRGHYHUGDGSUiFWLFDGHSHQGHGHTXHODFRUUHVSRQ GLHQWH FUHHQFLD UHIHULGD D ORV PHGLRV SDUD REWHQHU HO ILQ VHD YHUGDGHUD HQ VHQWLGR WHyULFRFRQVWDWDWLYR \GHTXHHOGHVHRTXHPRWLYDODDFFLyQVHDUHFWRGHVGHHOSXQWRGH YLVWDGHODHYDOXDFLyQPRUDO SRUDSXQWDUDXQILQFRPSDWLEOHFRQXQDDGHFXDGDUHSUH VHQWDFLyQGHODYLGDEXHQD &DGDXQDDVXPRGRWpFKQH \SKUyQHVLV GHEHQVHUVHJ~Q (QHVWHVHQWLGRUHVXOWDDOWDPHQWHLQVWUXFWLYDODDFODUDFLyQLQWURGXFLGDSRU$UHQ(1 9,VHJ~QOD FXDO KD\ HQ SULQFLSLR WUHV IDFWRUHV GHWHUPLQDQWHV Wj N\UtD  GH OD DFFLyQ \ OD YHUGDG SUi[HRV NDu DOH WKHtDV DVDEHUSHUFHSFLyQDtVWKHVLV LQWHOHFWRQR€V \GHVHRyUH[LV SHURHQWUHHOORVODSHUFHSFLyQQR HVFRPRWDOSULQFLSLRGHQLQJXQDDFFLyQRXGHPLkVDUFKqSUi[HRV HQHOVHQWLGRSURSLRGHOWpUPLQRFR PRORPXHVWUDHOKHFKRGHTXHORVDQLPDOHVSDUWLFLSDQGHODSHUFHSFLyQSHURQRGHODSUD[LV'HDTXtVH VLJXHTXHORVDQLPDOHVWDPSRFRWLHQHQDFFHVRSURSLDPHQWHDOiPELWRGHODYHUGDGSUiFWLFD6LQHPEDUJR $UDGVFULEHDORVDQLPDOHVDOPHQRVDDOJXQRVGHHOORVODIDFXOWDGGHOOHYDUDFDERVLORJLVPRVSUiFWLFRV VREUHODEDVHGHODFRQH[LyQGHGHVHRV\SHUFHSFLRQHV@SDGD HVWDSRVLFLyQUHVWULFWLYDHQODDWULEXFLyQGHSURDtUHVLVDORV DQLPDOHVQRYDUtDHQORHVHQFLDOHQHOWUDWDPLHQWRGH'HPRWXDQLP EDGRQGH$UQRKD EODGHORVDQLPDOHVSRURSRVLFLyQDOKRPEUHVLQRTXHVHUHILHUHHQJHQHUDODOµVHUYLYR¶FIEV Wz]{L RQ 1XVVEDXP SVVXJLHUHTXHHQHOFDVRGHFLHUWRVDQLPDOHV$USXHGHKDEHUSHQVD GRPiVELHQHQXQDFLHUWDFDSDFLGDGGHHOHFFLyQTXHFRQVWLWXLUtDXQDVXHUWHGHDQDORJRQVXEUDFLRQDOGH ODSURDtUHVLVHQVXVHQWLGRSURSLR6HDFRPRIXHUHSRUHVWHODGRVHDGYLHUWHSXHVGHLQPHGLDWRODFRQH [LyQFRQORHVWDEOHFLGRSRUHOUHTXHULPLHQWR HQODFDUDFWHUL]DFLyQIRUPDOGHODYHUGDGSUiFWLFDHVWRHV HOUHTXHULPLHQWRGHUHFWLWXGGHOGHVHRHQFXDQWRpVWHSRVHHFRPRVHxDOpPiVDUULEDXQIXHUWHFRPSRQHQ WHGHFDUiFWHUKROtVWLFR\FRKHUHQWLVWD1LORVDQLPDOHVQLORVQLxRVSHTXHxRVSXHGHQVDWLVIDFHUODVH[LJHQ FLDVGHUDFLRQDOLGDGLQWHUQDTXHVHGHULYDQGHWDOUHTXHULPLHQWRFRQORFXDOQRHVWiQWDPSRFRHQFRQGL FLRQHVGHDFFHGHUDOiPELWRHQTXHSXHGHKDEHUSURSLDPHQWHKDEODQGRYHUGDG\IDOVHGDGSUiFWLFDV@HVSSVV $KRUDELHQFRQUHIHUHQFLDDODVSHFWRPHUDPHQWH SURGXFWLYRGHODDFWLYLGDGWpFQLFRDUWtVWLFDVHSRGUtDHVWDUWHQWDGRGHLQWURGXFLUXQDQRFLyQHVSHFtILFDGH YHUGDG WpFQLFD R SRLpWLFD TXH D GLIHUHQFLD GH OD QRFLyQ GH YHUGDG SUiFWLFD DOXGLUtD VLQ PiV D OD DGHFXDFLyQGHORSURGXFLGRUHVSHFWRGHOREMHWLYRRILQGHODSURGXFFLyQ\GHOPHFDQLVPRGHOLEHUDWLYRGH DYHULJXDFLyQGHORVPHGLRV FRQGXFHQWHVDGLFKRILQSHURVLQUHIHUHQFLDDOJXQDDOWHVWGHDFHSWDELOLGDG PRUDO GH ORV FRUUHVSRQGLHQWHV ILQHV \ GH ORV FDPLQRV HVFRJLGRV SDUD ORJUDUORV (VWD QRFLyQ GH YHUGDG WpFQLFRSRLpWLFD VHUtD SXHV pWLFDPHQWH QHXWUDO \ FRUUHVSRQGHUtD D OD TXH VH HPSOHD HQ FRQWH[WRV UHVWULQJLGRV D OD HYDOXDFLyQ GH PHUD HILFDFLDWpFQLFD 'HOPLVPR PRGR XQ DQiORJR SUiFWLFR GH OD PHUD 

 GHOPRGRHQTXHVHDSOLFDDOFDVRGHODWpFKQH HOUHTXHULPLHQWRGHUHFWLWXGGHOGHVHRUH VXOWDFRPSDWLEOHFRQODSRVLFLyQJHQHUDOGH$UDFHUFDGHODSULPDFtDGHODSUk[LV\VX YLUWXGSURSLDOD SKUyQHVLVVREUHODSRtHVLV\VXYLUWXGSURSLDODWpFKQH 3RU~OWLPRUHVXOWDLQPHGLDWDPHQWHFODURVREUHHVWDEDVHFyPRVHDSOLFDDOFDVRGH ODWpFKQH\ODDFFLyQWpFQLFDWDPELpQHOUHTXHULPLHQWRGHLGHQWLGDGHQWUHORTXHDILUPD HO OyJRV \ OR TXH SHUVLJXH OD yUH[LV HVWR HV HO UHTXHULPLHQWR   HQ OD FDUDFWHUL]DFLyQ IRUPDOGHODYHUGDGSUiFWLFDGH(19,(QHIHFWRWDPELpQHQHOFDVRGHODWpFKQH OD SURGXFFLyQ GH OD DFFLyQ \R GHO REMHWR H[WHULRU UHVXOWDQWH GH HOOD SXHGH \ GHEH YHUVH FRPRHOUHVXOWDGRGHOSURFHVRDWUDYpVGHOFXDOHODJHQWHDUWLFXODGHOPRGRDGHFXDGRHQ XQDFLHUWDXQLGDGVLJQLILFDWLYDHOFRQWHQLGRGHOGHVHRUHIHULGRDOILQ\ODFUHHQFLDUHVXO WDQWHGHOSURFHVRGHOLEHUDWLYRDWUDYpVGHOFXDOWLHQHOXJDUODGHWHUPLQDFLyQGHORVPH GLRVDGHFXDGRVSDUDODFRQVHFXFLyQGHGLFKRILQ/DDFFLyQ\RHOREMHWRSURGXFLGRVR EUH HVD EDVH SRGUi YHUVH FRPR XQ FDVR HVSHFtILFR GH YHUGDG WpFQLFR SUiFWLFD HQ OD PHGLGDHQTXHUHVXOWHDGHFXDGR\FRQJUXHQWHFRQORVGHVHRV\ODVFUHHQFLDVTXHPRWLYD URQGHPRGRLQPHGLDWRVXSURGXFFLyQWDQWRODDFFLyQWpFQLFDFRPRHODUWHIDFWRHQWDQ WRUHVXOWDGRREMHWLYDGRGHHOODUHYHODQHQVXSURSLDHVWUXFWXUDODLQWHQFLyQGHODUWtILFH TXH ODV OOHYD D FDER \ DGTXLHUHQ DVt HO FDUiFWHU GH UHSUHVHQWDFLyQ LQPHGLDWD GHO WLSR LGHDODOTXHUHVSRQGHQ

(QORTXHFRQFLHUQHDODSKUyQHVLVHOWUDWDPLHQWRDULVWRWpOLFRHQ(19,SUHVHQWD FRPR DQWLFLSp LPSRUWDQWHV SXQWRV GH FRQWDFWR SHUR WDPELpQ LPSRUWDQWHV GLIHUHQFLDV FRQHOFDVRGHODWpFKQH&RPRHQHOFDVRGHHVWD~OWLPDWDPELpQDTXtHOpQIDVLVUHFDH LQLFLDOPHQWH HQ ORV SURFHVRV GHOLEHUDWLYRV UHIHULGRV D OD GHWHUPLQDFLyQ GH ORV PHGLRV FRQGXFHQWHVDOILQTXHHVREMHWRGHOGHVHR$UVXEUD\DGHVGHHOFRPLHQ]RTXHORSUR SLRGHOKRPEUHSUXGHQWHHVODFDSDFLGDGGHGHOLEHUDUFRUUHFWDPHQWHDFHUFDGHORTXHHV EXHQR \ FRQYHQLHQWH SDUD pO PLVPR FI D 6LQHPEDUJR $ULQWURGXFH XQD FUXFLDO GLVWLQFLyQ UHVSHFWR GHO FDUiFWHU GH ORV ILQHV TXH HQWUDQ HQ MXHJR HQ XQR \ RWUR FDVRPLHQWUDVTXHHQVXVSURFHVRVGHOLEHUDWLYRVHVSHFtILFRVODVGLIHUHQWHVWpFKQDL DSXQ WDQHQFDGDFDVRDILQHVSDUWLFXODUHVNDWjPpURV FRPRODVDOXGODIXHU]DHWFODSKUy QHVLV VHPXHYHHQFDPELRHQHOHVSDFLRPiVDPSOLRGHFRPSUHQVLyQTXHDEUHODUHIH UHQFLDDOILQ~OWLPRGHODYLGDEXHQDHQJHQHUDOSUzVWzH€]rQKyORV \FRQVLGHUDGHVGH HVDSHUVSHFWLYDDTXHOORVILQHVQREOHVTXHQRVRQREMHWRGHUHIHUHQFLDGHQLQJXQDWpFKQH SDUWLFXODUSUzVWpORVWLVSRXGDvRQK{QPpHVWLWpFKQH FID (VWDLPSRU WDQWH GLIHUHQFLD UHVSHFWR GH OD QDWXUDOH]D GH ORV ILQHV SXHVWRV HQ MXHJR HQ FDGD FDVR DIHFWDGHFLVLYDPHQWHDODHVWUXFWXUDPLVPDGHORVSURFHVRVGHOLEHUDWLYRVLQYROXFUDGRV\ H[SOLFDDGHPiVODVLPSRUWDQWHVGLIHUHQFLDVGHDFHQWXDFLyQUHVSHFWRGHOFDVRGHODWpFK QRFLyQ GH YHUGDG WpFQLFRSRLpWLFD FRPR DGHFXDFLyQ GH OR SURGXFLGR D ODV LQWHQFLRQHV GHO DUWtILFH FXDOHVTXLHUDTXHpVWDVIXHUDQYHQGUtDGDGRSRUODQRFLyQGHYHUGDGSXUDPHQWHHVWUDWpJLFDGHILQLGDFRPR WDOHQIXQFLyQGHODPHUDKDELOLGDGGHLQyWHV SDUDREWHQHUGHWHUPLQDGRVILQHVFXDOTXLHUDVHDVXFXDOLGDG GHVGH HO SXQWR GH YLVWD GH OD HYDOXDFLyQ PRUDO \ VLQ UHIHUHQFLD SRU WDQWR D ODSKUyQHVLV \ D ORV ILQHV YLUWXRVRVSDUDODGLVWLQFLyQHQWUHGHLQyWHV\SKUyQHVLVYpDVH(1,9DE 6LQHPEDUJRFRPR OR VXJLHUH \D OD WHVLV DULVWRWpOLFD GHO SULPDGR GH ORV ILQHV GH OD SUD[LV VREUH ORV ILQHV GH OD SURGXFFLyQ WpFQLFRDUWtVWLFD \ MXQWR FRQ HOOD WDPELpQ HO UHTXHULPLHQWR GH UHFWLWXG GHO GHVHR HQ OD FDUDFWHUL]DFLyQ IRUPDO GH OD YHUGDG SUiFWLFD HV PX\ SUREDEOH TXH $U QR HVWXYLHUD GLVSXHVWR HQ ULJRU D KDEODU GH µYHUGDG¶ FRQ UHIHUHQFLD D XQ GHWHUPLQDGR FRQWH[WR GH DFWXDFLyQ EDMR H[FOXVLyQ GH WRGD UHIHUHQFLD D OD HXSUD[tD FRPRILQ~OWLPRGHODYLGDSUiFWLFD'HVGHHVWHSXQWRGHYLVWDKD\UD]RQHVLQWHUQDVSDUDUHVLVWLU ODWHQWDFLyQGHSURFHGHUDXQDH[WHQVLyQGHODQRFLyQGHYHUGDGDSOLFDEOHDOiPELWRGHODDFFLyQEDVDGD HQ XQD FRQFHSFLyQ PHUDPHQWH HILFLHQWLVWD TXH DGRSWDUD XQ SXQWR GH YLVWD SUHWHQGLGDPHQWH QHXWUDO D OD KRUDGHHYDOXDUODFRQWULEXFLyQGHORVILQHVEXVFDGRVHQFDGDFDVRFRQYLVWDVDOREMHWLYR~OWLPRGHOORJUR GHXQDYLGDEXHQDSDUDHOKRPEUH

 QHREVHUYDEOHVHQHOWUDWDPLHQWRDULVWRWpOLFRGHODSKUyQHVLV0HQFLRQRDOJXQRVGHORV DVSHFWRVIXQGDPHQWDOHVTXHGDQFXHQWDGHHVWDVGLIHUHQFLDV (QSULPHUOXJDUKD\TXHFRQVLGHUDUHQWRGDVXLPSRUWDQFLDHOKHFKRGHTXHODSKUy QHVLV ± WDQWRHQHOQLYHOLQGLYLGXDOFRPRHQHOQLYHOFRPXQLWDULRSROLWLNp  ± RSHUDFRQ UHIHUHQFLDDOILQ~OWLPR GHODSUD[LVTXHQRHVRWURTXHODYLGDEXHQDRIHOL]$KRUDELHQ D GLIHUHQFLD GH OR TXH RFXUUH FRQ ORV ILQHV HVSHFtILFRV SURSLRV GH ODV WpFKQDL VH WUDWD DTXtGHXQILQTXHQRYLHQHVLPSOHPHQWHGDGRGHDQWHPDQRHQORTXHFRQFLHUQHDODGH WHUPLQDFLyQPDWHULDOGHVXFRQWHQLGRREMHWLYR $UDVXPHSRUFLHUWRTXHODUHIHUHQFLD DXQILQ~OWLPRGHWRGDVODVDFWLYLGDGHVSUiFWLFDVHVXQSUHVXSXHVWRLQGLVSHQVDEOHSDUDOD FRQILJXUDFLyQGHVHQWLGRGHODSUD[LVFRPRXQWRGRFI(1,\, \VHxDODH[SUHVD PHQWHTXHODDVXQFLyQGHXQFLHUWRLGHDOGHODYLGDEXHQDRIHOL]SRUSDUWHGHODJHQWHUD FLRQDO GH SUD[LV FRQVWLWX\HXQD FRQGLFLyQ QHFHVDULD SDUD OD SRVLELOLGDG GHO SOHQR GHV SOLHJXHGHVXVFDSDFLGDGHVHQFXDQWRDJHQWHUDFLRQDOGHSUD[LVFI(W(XG,E   1R VXSRQHU OD H[LVWHQFLD GH XQ WDO ILQ ~OWLPR GHVHDGR SRU Vt PLVPR \ DXWRVXIL FLHQWHLPSOLFDUtDTXHWRGRHVGHVHDGRHQIXQFLyQGHRWUDFRVDFRQORFXDOHOGHVHRVHUtD YDQR H LPSRVLEOH GH VDWLVIDFHU FI(1,DV $UVHxDODH[SUHVDPHQWHDGH PiVTXHWRGRHOPXQGRHVWiGHDFXHUGRHQOODPDUµIHOLFLGDG¶DGLFKRILQ~OWLPRTXHULGR \EXVFDGRSRUVtPLVPRFI(1,D 6LQHPEDUJRWRGRHVWRFRQFLHUQHWDQ VyOR D OD GHWHUPLQDFLyQ IRUPDOIXQFLRQDO GH OD IHOLFLGDG FRPR ILQ ~OWLPR GH OD SUD[LV SHURGHMDDELHUWRHOSUREOHPDGHODGHWHUPLQDFLyQPDWHULDOGHOFRQWHQLGRREMHWLYRGHOD YLGDEXHQDRIHOL]FRPRWDO(QWDOVHQWLGRHODFXHUGRGHVXSHUILFLHUHODWLYRDOQRPEUH GHOILQ~OWLPRHQFXEUHGLIHUHQFLDVSURIXQGDVHLQFOXVRLUUHFRQFLOLDEOHVHQWUHODVGLIHUHQ WHVFRQFHSFLRQHVDFHUFDGHOFRQWHQLGRPDWHULDOGHODYLGDIHOL]FI(1,D  WDOFRPRpVWDVDSDUHFHQ\DFODUDPHQWHUHIOHMDGDVHQODWHPiWLFDWUDGLFLRQDOGHORVGLIH UHQWHVPRGRVGHYLGDEtRL FI(1, 'HKHFKRXQDSDUWHHVHQFLDOGHOWUDEDMRSURSLR GHODUHIOH[LyQPRUDOFRQVLVWHSUHFLVDPHQWHHQODHYDOXDFLyQFUtWLFDGHORVGLIHUHQWHVSR VLEOHVPRGRVGHFRQFHELUGHVGHHOSXQWRGHYLVWDGHOFRQWHQLGRPDWHULDOHOLGHDOGHXQD YLGDEXHQDSDUDHOKRPEUH\HQODHODERUDFLyQGHXQDUHSUHVHQWDFLyQDGHFXDGDGHGLFKR LGHDO$WDOILQVHHQFDPLQDWDPELpQ\DHQHOSODQRGHODILORVRItDPRUDOPLVPDODWHR UtDGHODIHOLFLGDGTXH$USUHVHQWD\GHILHQGHHQ(1HQSDUWLFXODUHQORVOLEURV,\; DXQTXHGHKHFKRWRGDODWHRUtDGHODYLUWXGGHORVOLEURVFHQWUDOHVGHODREUDQRKDFHVLQR SUHFLVDUHOFRQWHQLGRPDWHULDOGHODQRFLyQGHIHOLFLGDGHODERUDGDHQHOOLEUR,DSDUWLU GHODHOXFLGDFLyQGHODQRFLyQGHILQ~OWLPRHQ,\\GHOIDPRVRDUJXPHQWRGHOHU JRQRODIXQFLyQHVSHFtILFDGHOKRPEUHGH, 6HUtD XQ HUURU SHQVDUTXH OD SUREOHPiWLFD UHIHULGD D OD GHWHUPLQDFLyQGHOFRQWHQLGR PDWHULDOGHODUHSUHVHQWDFLyQGHODYLGDIHOL]DIHFWDH[FOXVLYDPHQWHDODWHRUtD GHODIHOL FLGDGVLWXDGDFRPRWDOHQHOSODQRGH ODUHIOH[LyQILORVyILFDVREUHODYLGDSUiFWLFD\QR SULPDULDPHQWH HQ HO SODQR GH OD HMHFXFLyQ GH OD SUD[LV FRPR WDO $U GLVWLQJXH QtWLGD (Q(19,E$UGLVWLQJXHGLIHUHQWHVIRUPDVGHGHVSOLHJXHRUHDOL]DFLyQODSKUyQHVLV SRU UHIHUHQFLD D GLIHUHQWHV iPELWRV GH DFWXDFLyQ PiV FRQFUHWDPHQWH KD\ SRU XQ ODGR XQDSKUyQHVLV LQGLYLGXDO\SRURWURXQDSKUyQHVLVSROtWLFDODFXDOVHGLYLGHDVXYH]HQ QRPRWpWLFDRDUTXLWHFWyQLFD \ SUiFWLFDFRQVXVGRVSRVLEOHVIRUPDVD ODYLQFXODGDFRQODIXQFLyQGHGHOLEHUDFLyQHQODDVDPEOHD SRSXODU\E ODYLQFXODGDFRQODDFWXDFLyQDQWHORVHVWUDGRVMXGLFLDOHVSDUDHVWHHVTXHPDYpDVH'LUOPHLHU >@SDGORF $U HQIDWL]DVLQHPEDUJRTXHHQWRGRVHVWRVFDVRVVHWUDWDGHXQD\ODPLVPD FD SDFLGDG KH DXWq Kp[LV  DXQTXH UHDOL]DGD HQ FRQFUHWR HQ GLIHUHQWHV iPELWRV GH GHVSOLHJXH\ SRU WDQWR GHVFULSWDGHGLIHUHQWHPRGRHQFDGDFDVRWzPpQWRLHvQDLRXWDXWzQDXWDvV FIEV   7DPELpQ.HQQ\ SVVOODPDODDWHQFLyQVREUHODLPSRUWDQFLDGHHVWDGLIHUHQFLDFRQFHU QLHQWHDOPRGRHQTXHYLHQHGDGRHOILQ~OWLPRHQHOFDVRGHODWpFKQH\GHODSKUyQHVLV\HQIDWL]DODFR QH[LyQFRQODVGLIHUHQFLDVREVHUYDEOHVHQODHVWUXFWXUD\HODOFDQFHGHORVSURFHVRVGHOLEHUDWLYRVHQXQR\ RWURiPELWRGHDFWXDFLyQ 

 PHQWHSHURQRGHVYLQFXODVLQPiVHOSODQRGHODILORVRItDPRUDOFRUUHVSRQGLHQWHDOD WHRUtDpWLFD\HOSODQRGHODUHIOH[LyQPRUDOFRUUHVSRQGLHQWHDOHMHUFLFLRGHODSKUyQHVLV PLVPD3RUXQDSDUWHODSURSLDILORVRItDPRUDOFRPRILORVRItDSUiFWLFDTXHHVWLHQHHOOD PLVPDXQDILQDOLGDGSUiFWLFDHQODPHGLGDHQTXHSRUYtDGHHVFODUHFLPLHQWRFRJQLWLYR SUHWHQGHFRQWULEXLUDGRWDUDOREUDUGHXQDPD\RUDXWRWUDQVSDUHQFLDUHVSHFWRGHVXSUR SLD HVWUXFWXUDVX SURSLR REMHWLYR\VXVSURSLDVPRWLYDFLRQHVQRHVWXGLDPRVTXpHVOD YLUWXGVLPSOHPHQWHSDUDVDEHUVLQRWDPELpQ\IXQGDPHQWDOPHQWHSDUDOOHJDUDVHUPiV SOHQDPHQWH YLUWXRVRV FI (1 ,,  E YpDVH WDPELpQ ,  D V ;  EDE 3RURWUDSDUWHDQWHVGHWRGDWHRUtDPRUDO\DHQHOSURSLRQLYHO GHOHMHUFLFLRGHODSKUyQHVLVPLVPDHODJHQWHUDFLRQDOGHSUD[LVVLHVSHUDSRGHUFRQIL JXUDUDGHFXDGDPHQWHVXREUDUFRQDUUHJORDXQDFLHUWDRULHQWDFLyQGHVHQWLGRQRSXHGH HYLWDUSODQWHDUVHGHXQRXRWURPRGRODSUHJXQWDDFHUFDGHORVILQHV\REMHWLYRVGHVX SURSLDSUD[LV\VHYHPiVWDUGHRPiV WHPSUDQRFRQIURQWDGRFRQODQHFHVLGDGGHKDFHU VHFDUJRGHDOJ~QPRGRGHODWDUHDGHGHOLQHDUXQFLHUWRSUR\HFWRGHODSURSLDYLGD(Q GLFKD WDUHD MXHJD VLQ GXGD XQ SDSHO GHWHUPLQDQWH OD UHIOH[LyQ FUtWLFD UHVSHFWR GH ORV ILQHVDVXPLGRVHQFDGDFDVRFRPRSURSLRVUHVSHFWRGHOPRGRGHORJUDUVXPHMRUFRQVH FXFLyQDVtFRPRUHVSHFWRGHORVFDPLQRVSDUDFRPSDWLELOL]DUGLIHUHQWHVREMHWLYRVRHQ VXGHIHFWRUHVSHFWRGHODQHFHVLGDGGHILMDUGHSULRULGDGHVUHODWLYDVRHVFRJHUHQWUHDO WHUQDWLYDVDXQTXH GLFKD WDUHDGH EDODQFH FUtWLFRUHIOH[LYR SXHGD VHUOOHYDGD DFDERGH PRGRPiVRPHQRVH[SUHVR\PiVRPHQRVHODERUDGRVHJ~QORVFDVRVODVVLWXDFLRQHV\ ODVFDSDFLGDGHVSURSLDVGHODJHQWHSDUWLFXODU6LELHQ$ULQVLVWHHQTXHSULPDIDFLHQR FRUUHVSRQGHGHPRGRGLUHFWRDODSKUyQHVLVODGHWHUPLQDFLyQGHORVILQHVGHDFFLyQVLQR PiVELHQODGHORVPHGLRVSDUDDVHJXUDUVXFRQVHFXFLyQPLHQWUDVTXHHVODYLUWXGpWLFD DUHWp  OD UHVSRQVDEOH GH OD SRVLFLyQ GH ORVILQHVFI(19,DYpDVHWDP ELpQDD KD\PX\EXHQDVUD]RQHVSDUDVRVWHQHUTXHGLFKDGLYLVLyQ GHOWUDEDMRWLHQHXQDOFDQFHPHUDPHQWHIXQFLRQDOUHIHULGRDOFRQWH[WRSDUWLFXODUGHGHOL EHUDFLyQGHOFDVR\QRH[FOX\HSRUWDQWRVLQRTXHPiVELHQLPSOLFDTXHORTXHHQXQ GHWHUPLQDGRFRQWH[WRGHGHOLEHUDFLyQHVDVXPLGRFRPRXQILQGDGRGHDQWHPDQRDFHU FDGHOFXDOHQHVHFRQWH[WR \DQRVHGHOLEHUDSXHGDVHUKHFKRHOORPLVPRREMHWRGHGHOL EHUDFLyQ \ EDODQFH FUtWLFRUHIOH[LYR HQ XQ FRQWH[WR GH GHOLEHUDFLyQ PiV DPSOLR 'H KHFKRKD\LQFOXVRDOJ~QSDVDMHHQHOTXHHOSURSLR$UUHPLWHH[SUHVDPHQWHDODLQWHU YHQFLyQGHSKUyQHVLVDOOtGRQGHVHWUDWDGHSRVLELOLWDUODHODERUDFLyQGHXQDUHSUHVHQWD FLyQYHUGDGHUDGHOILQ~OWLPRGH ODSUD[LV(19,E  3DUDXQDGHIHQVDPiVDPSOLDGHXQDLQWHUSUHWDFLyQTXHHQIDWL]DODGHSHQGHQFLDHVWUXFWXUDOUHFtSURFD HQWUHODYLUWXGpWLFDSRUXQODGR\ODVFDSDFLGDGHVGHOLEHUDWLYDVYLQFXODGDVFRQODSKUyQHVLVSRUHORWUR YpDVHODGLVFXVLyQHQ9LJR HVSS  *UDPDWLFDOPHQWH HO WH[WR SXHGH VHU OHtGR HQ SULQFLSLR GH GRV PRGRV GLIHUHQWHVGH ORV FXDOHV VH VLJXHUHVSHFWLYDPHQWHXQDLQWHUSUHWDFLyQSXUDPHQWHLQVWUXPHQWDOLVWDTXHUHVWULQJHODLQWHUYHQFLyQGHOD SKUyQHVLV D OD GHWHUPLQDFLyQ GH PHGLRV SDUD ILQHV GDGRV DVt S HM :DOWHU >@ S  VV %XUQHW >@SDGORF\WDPELpQDXQTXHQRVLQYDFLODFLRQHV*UHHQZRRG>@S RELHQXQDLQWHU SUHWDFLyQPiVDPSOLDTXHH[WLHQGHHODOFDQFHGHWDOLQWHUYHQFLyQWDPELpQDODIXQFLyQGHEDODQFHFUtWLFR UHIOH[LYRGHORVILQHVSDUWLFXODUHVGHDFFLyQFRQYLVWDVDXQGHWHUPLQDGRLGHDOGHODYLGDEXHQDDVtSHM 6WHZDUW>@,,SDGORF*DXWKLHU-ROLI>@,,SVDGORF $PLMXLFLRODVHJXQGDLQ WHUSUHWDFLyQHVSUHIHULEOHWDQWRGHVGHHOSXQWRGHYLVWDJUDPDWLFDOFRPRVLVWHPiWLFR%DMRGLFKDLQWHUSUHWD FLyQ HO WH[WR TXH HVWi UHIHULGR D OD IDFXOWDG GH GHOLEHUDU ELHQ SURSLD GHO SUXGHQWH SKUyQLPRV  GHEH WUDGXFLUVHFRPRVLJXH³VLHOKDEHUGHOLEHUDGRELHQHVSURSLRGHORVTXHVRQSUXGHQWHVHQWRQFHV!ODFD SDFLGDGGHFRUUHFWDGHOLEHUDFLyQHXERXOtD VHUtDODUHFWLWXGRUWKyWHV TXHFRQFLHUQHDORFRQYHQLHQWHWz V\PSKpURQ SDUDDTXHOILQSUzVWzWpORV GHOFXDOKR€ ODSUXGHQFLDSKUyQHVLV FRQVWLWX\HXQDUHSUHVHQ WDFLyQ K\SyOHSVLV  YHUGDGHUD´ GRQGH HO UHODWLYR KR€ WLHQH SRU DQWHFHGHQWH Wz WpORV \ QR OD H[SUHVLyQ FRPSOHWDWzV\PSKpURQSUzVWzWpORVFRPRSUHWHQGHODLQWHUSUHWDFLyQLQVWUXPHQWDOLVWDGHOSDVDMH$VtOHt 

 3RURWUDSDUWH\HQLQPHGLDWDFRQH[LyQFRQORDQWHULRUODUHODFLyQGHPHGLRVDILQHV HQHOiPELWRGHUHIOH[LyQSURSLRGHODSKUyQHVLV DGTXLHUHXQFDUiFWHUGLIHUHQWHGHVGHHO SXQWRGHYLVWDHVWUXFWXUDOTXHHQHOFDVR GHORVFRQWH[WRVGHQDWXUDOH]DH[FOXVLYDPHQWH WpFQLFRSURGXFWLYD )LQ \ PHGLRV QR VH GHMDQ GHWHUPLQDU DTXt GH XQ PRGR SXUDPHQWH H[WUtQVHFR QL WDPSRFR SXHGHQ UHFRQGXFLUVH D OD XQLGDG SRU DVt GHFLU GHVGH IXHUD (O DFWRPRUDOHVTXHULGRSRUVtPLVPR(1,,, \ORVPHGLRVGHVXHMHFXFLyQJXDUGDQFRQ OD QDWXUDOH]D GHO DFWR XQD UHODFLyQ FRQVWLWXWLYD QR VH SXHGH REWHQHU ORVILQHVPRUDOHV SRU FDPLQRV FXDOHVTXLHUD \ HO FDPLQR GH UHDOL]DFLyQ GH ORVILQHVHVWiLQWUtQVHFDPHQWH FRQHFWDGRFRQHOILQUHDOL]DGRDWUDYpVGHpO(QHOiPELWRWpFQLFRHQFDPELRODUHOD FLyQGHPHGLRVDILQHVHVPHUDPHQWHH[WUtQVHFDHOPLVPRILQSXHGHVHUREWHQLGRLQGLIH UHQWHPHQWHSRUPXFKRVPHGLRV\ODFXDOLGDGGHHVRVPHGLRVQRDOWHUDQHFHVDULDPHQWH GHVGHHOSXQWRGHYLVWDGHODHYDOXDFLyQSXUDPHQWHWpFQLFDODQDWXUDOH]DGHOILQ$HVWR DSXQWDWDPELpQODWHVLVGH9,VHJ~QODFXDOQRKD\YLUWXGpWLFDVLQSKUyQHVLVQLSKUy QHVLV VLQYLUWXGpWLFDDSHVDUGHTXHPDQWLHQHODGLYLVLyQGHOWUDEDMRUHIOHMDGDHQODVFR UUHODFLRQHV YLUWXGILQ \ SKUyQHVLVPHGLRV $U FRQHFWD HVWUXFWXUDOPHQWH DPEDV FDSDFL GDGHV5HFXpUGHVHSRURWUDSDUWHTXHHQODGHILQLFLyQGHODYLUWXGpWLFDHQ(1 ,,VH LQFOX\HH[SUHVDPHQWHODUHIHUHQFLDDODSKUyQHVLVDWUDYpVGHODPHQFLyQGHOD ILJXUDGHO KRPEUHSUXGHQWHSKUyQLPRV  7RGRHVWRH[SOLFDSRUTXpHOpQIDVLVHQHOWUDWDPLHQWRGH9,QRFDHH[FOXVLYDPHQWH VREUHHOSURFHVRGHGHOLEHUDFLyQVLQRTXHUHPLWHWDPELpQ± \SULQFLSDOPHQWH± DODQD WXUDOH]DGHORVILQHVLQYROXFUDGRV(VWRTXHGDUHFRJLGRHQODGHILQLFLyQGHODSKUyQHVLV LQWURGXFLGDHQEVTXHODFDUDFWHUL]DFRPRXQDGLVSRVLFLyQKDELWXDOYHUGDGHUDGH FDUiFWHUSUiFWLFRDFRPSDxDGDGHGHWHUPLQDFLyQUDFLRQDOGLVFXUVLYDFRQUHIHUHQFLDDOR TXHHVEXHQRSDUDXQKRPEUHKp[LVDOHWKqVPHWjOyJRXSUDNWLNqSHUuWjDQWKUySRL D JDWKi YpDVHWDPELpQEV  (QHVWHWUDWDPLHQWRGHODSKUyQHVLVWDOFRPRTXHGD VLQWHWL]DGRHQODFLWDGDGHILQLFLyQDSDUHFHQSXHVDUPyQLFDPHQWHLQWHJUDGRVORVDVSHF WRVUHOHYDGRV D OD OX]GH OD FDUDFWHUL]DFLyQ IRUPDO GH OD YHUGDG SUiFWLFD FRQ DUUHJORD ORV WUHV UHTXHULPLHQWRV \D FRPHQWDGRV 3RUXQ ODGR OD FDUDFWHUL]DFLyQ GH OD SKUyQHVLV FRPR YLQFXODGD HVWUXFWXUDOPHQWH FRQ OD IXQFLyQ GH GHWHUPLQDFLyQ GH ORVPHGLRV\ORV FDPLQRVFRQGXFHQWHVDOILQGHODDFFLyQGDFXHQWDGHOUHTXHULPLHQWRGHYHUGDGGHOOyJRV UHTXHULPLHQWR   HQ OD FDUDFWHUL]DFLyQ IRUPDO GH OD YHUGDG SUiFWLFD  SRU RWURODGRHO pQIDVLV HQ OD FRQH[LyQ HVWUXFWXUDO TXH YLQFXOD LQVHSDUDEOHPHQWH D OD SKUyQHVLV FRPR GR HO WH[WRHVWDEOHFH FODUDPHQWHXQD FRQH[LyQ HQWUH OD LQWHUYHQFLyQ GH ODSKUyQHVLV\ODUHSUHVHQWDFLyQ YHUGDGHUDGHOILQGHODSUD[LV  7DQWRHQEFRPRHO EHODGMHWLYRDOHWKpVHVWiJUDPDWLFDOPHQWHUHIHULGRDOVXVWDQWLYR Kp[LV \QRDOyJRVORTXHLPSOLFDUtDTXHDGLIHUHQFLDGHORTXHRFXUUHHQHOFDVRGHODFDUDFWHUL]DFLyQGH ODWpFKQH FI9,D $UQRHVWDUtDGHILQLHQGRODSKUyQHVLV SRUUHIHUHQFLDDODYHUGDGGHODGHWHU PLQDFLyQUDFLRQDOLQWHUYLQLHQWHVLQRSRUUHIHUHQFLDDODYHUGDGGHODFRUUHVSRQGLHQWHGLVSRVLFLyQKDELWXDO FRPR WDO &RQWUD TXLHQHV SURSRQHQHQPHQGDU HO WH[WR SDUD UHIRU]DUHO SDUDOHORFRQHOFDVRGHODWpFKQH DVt SHM6XVHPLKO6WHZDUW$SHOW7ULFRW VXEUD\D9ROSL SVODLPSRUWDQFLDGHPDQWHQHUOD OHFWXUDGHORV066ODVXWLOGLIHUHQFLDWHUPLQROyJLFDLQWURGXFLGDSRU$UGHHVWHPRGRWHQGHUtDDHQIDWL ]DUHQHOFDVRGHODSKUyQHVLVODLPSRUWDQFLDSDUDHOVDEHUSUiFWLFRPRUDOGHODUHFWLWXGGHODGLVSRVLFLyQ VLQODFXDOQRKDEUtDSKUyQHVLVVLQRVyORGHLQyWHV/D~OWLPDREVHUYDFLyQHVVLQGXGDDFHUWDGDGHVGHHO SXQWRGHYLVWDVLVWHPiWLFR\FRLQFLGHFRQODOtQHDGHLQWHUSUHWDFLyQTXHKHVXJHULGRDUULED&RQWRGRGHV GHHOSXQWRGHYLVWDGHOOp[LFRVXEVLVWHXQDGLILFXOWDGSXHVQRVHYHFODUDPHQWHSRUTXp$UKDEODUtDDTXt GHYHUGDGFXDQGRORTXHHVWiHQMXHJRHVFRPRHOSURSLR9ROSLVHxDODPiVELHQODUHFWLWXG GHORVGHVHRV TXHDSXQWDQDORVILQHVSURSLRVGHODYLUWXG\FRQHOORWDPELpQGHODGLVSRVLFLyQKDELWXDOTXHLQWHULRUL]D GLFKRVGHVHRV\ORVFRQYLHUWHHQUDVJRVRWHQGHQFLDVSHUVLVWHQWHVGHOFDUiFWHUGHODJHQWH'HKHFKRWDP ELpQHQODFDUDFWHUL]DFLyQGHODYHUGDGSUiFWLFDVHDOXGHFRPRYLPRVDODUHFWLWXG GHOGHVHR\QRDVX YHUGDG