briofitas

0HPRULDV56RF(VS+LVW1DWpS

%5,),72681$$352;,0$&,1$/$63/$17$67(55(675(6066(1&,//$6

%ULyWRV XQD DSUR[LPDFLyQ D ODV SODQWDV WHUUHVWUHV PiVVHQFLOODV%U\RSK\WHVDQDSSUR[LPDWLRQWRWKHVLPSOHVWODQGSODQWV

%HOpQ(VWpEDQH]3pUH],VDEHO'UDSHU\'tD]GH$WDXUL5DIDHO0HGLQD%XMDODQFH

'HSDUWDPHQWRGH%LRORJtD)DFXOWDGGH&LHQFLDV8QLYHUVLGDG$XWyQRPDGH0DGULG&'DUZLQ0DGULGEHOHQHVWHEDQH]#XDPHVLVDEHOGUDSHU#XDPHVUDIDHO

PHGLQD#XDPHV

,OXVWUDFLRQHV-RVp0DUtD5RPHUR/HyQDTXDWLND[HPD#JPDLOFRP

3$/$%5$6&/$9(%ULyWRV+HSiWLFDV0XVJRV$QWRFHURWDV%LRGLYHUVLGDG/tQHDV(YROXWLYDV6LVWHPiWLFD%LRJHRJUDItD&RQVHUYDFLyQ3HQtQVXOD,EpULFD/tQHDVGH,QYHVWLJDFLyQ

.(


%(67e%$1(=3e5(=,'5$3(5


%5,),72681$$352;,0$&,1$/$63/$17$67(55(675(6066(1&,//$6

HVWiQ HVFDVDPHQWH GHVDUUROODGRV SRU OR WDQWR SXHGHQ KLGUDWDUVH \ GHVHFDUVHUiSLGDPHQWH(QFRQWUDSDUWLGDVRQUHYLYLVFHQWHVSXHGHQSHUPDQHFHUHQHVWDGRODWHQWHHQFRQGLFLRQHVGHGHVKLGUDWDFLyQSRUGHEDMRGHOXPEUDOQHFHVDULRSDUDVXVIXQFLRQHVPHWDEyOLFDV\GHUHFXSHUDUGLFKDVIXQFLRQHVDOUHKLGUDWDUVH

'DGRTXHODVIXQFLRQHVGHDEVRUFLyQVHUHDOL]DQDWUDYpVGHWRGDODVXSHUFLHGH OD SODQWD ORV XMRV GH FRQGXFFLyQ GH VXVWDQFLDV RUJiQLFDV H LQRUJiQLFDVFDUHFHQ GH XQD GLUHFFLRQDOLGDG WDQ QtWLGDPHQWHPDUFDGD FRPR HQ ODV SODQWDVYDVFXODUHV\ORVWHMLGRVFRQGXFWRUHVLPSOLFDGRVQRDOFDQ]DQHOGHVDUUROORGHXQ[LOHPD \ RHPD YHUGDGHURV'H KHFKR OD FRQGXFFLyQ H[WHUQD GHO DJXD \ ORVQXWULHQWHVHVGHFLUPHGLDQWHFDSLODULGDGDORODUJRGHODVXSHUFLHGHODSODQWDHVODTXHUHVXOWDVLROyJLFDPHQWHPiVVLJQLFDWLYD(ODQFODMHGHXQEULyWRDOVXVWUDWR QR HVPHGLDQWH XQD UDt] VLQRPHGLDQWH VHQFLOORVODPHQWRV OODPDGRVUL]RLGHV'HLJXDOIRUPDDXQTXHHOJDPHWRWRGHPXFKRVEULyWRVSUHVHQWDXQDHVWUXFWXUD D[LDO FRQ H[SDQVLRQHV ODPLQDUHV TXH UHFXHUGDQ D WDOORV \ KRMDV VXFRPSOHMLGDGQRHVFRPSDUDEOHDODGHHVWRVyUJDQRVORTXHXQLGRDTXHQRVHWUDWDGHHVWUXFWXUDVKRPyORJDVORVWDOORV\KRMDVYHUGDGHURVGHODVSODQWDVYDVFXODUHVVRQHVSRURItWLFRVKDGDGRRULJHQDXQDWHUPLQRORJtDSURSLDFDXOLGLRVSDUDORVHMHV\OLGLRVSDUDODVHVWUXFWXUDVODPLQDUHVIRWRVLQWpWLFDV

$GHPiVHVSUHFLVRWHQHUHQFXHQWDTXHHOJDPHWRWRGHORVEULyWRVHQORVFDVRVHQTXHDOFDQ]DPD\RUFRPSOHMLGDGVHRULJLQDDSDUWLUGHXQDIDVHMXYHQLOHVFDVDPHQWHGLIHUHQFLDGDODPHQWRVDRODPLQDUOODPDGDSURWRQHPDTXHHVHOSURGXFWRGLUHFWRGHODJHUPLQDFLyQGHODHVSRUDPHLyWLFD\QRWLHQHSDUDOHORHQODVSODQWDVYDVFXODUHV

/DFRPSOHMLGDGHVWUXFWXUDOGH ORVEULyWRVHVSRU WDQWR LQWHUPHGLDHQWUHOD GHO UHVWRGH HPEULyWRV\ OD GH ODV DOJDVYHUGHV D ODV TXH VHSUHVXPHTXHSHUWHQHFHUtD HO DQFHVWUR FRP~Q GH ODV SODQWDV WHUUHVWUHV (VWR ORV KD KHFKRREMHWRGHQXPHURVDVUHH[LRQHVTXHSRUXQODGRWUDWDQGHFRQWUDVWDUVLVHWUDWDUHDOPHQWHGH ODVSODQWDVPiVGLUHFWDPHQWHUHODFLRQDGDVFRQ ODVSULPHUDVDOJDVTXHSURWDJRQL]DURQHOSDVRDPHGLRVWHUUHVWUHV\SRURWURVLGLHURQRULJHQDORVUHVWDQWHVHPEULyWRVRSRUHOFRQWUDULRVXSRQHQXQDOtQHDHYROXWLYDGLIHUHQFLDGD

(VWDVFXHVWLRQHVVHWUDVODGDQWDPELpQDODVKHSiWLFDVPXVJRV\DQWRFHURWDVORVWUHVOLQDMHVTXHFRPSRQHQORVEULyWRV/DVKHSiWLFDV)LJDVHFDUDFWHUL]DQSRU JDPHWRWRV IUHFXHQWHPHQWH GRUVLYHQWUDOHV GH PRUIRORJtD \ FRPSOHMLGDGGLYHUVD \ HVSRURWRV HItPHURV GH JUDQ VLPSOLFLGDG HVWUXFWXUDO /RVPXVJRV

)LJXUD7UHVJUDQGHVJUXSRVGHEULyWRVDKHSiWLFDVEPXVJRVFDQWRFHURWDV 7KUHHPDMRUEU\RSK\WHJURXSVDOLYHUZRUWVEPRVVHVFKRUQZRUWV


%(67e%$1(=3e5(=,'5$3(5


%5,),72681$$352;,0$&,1$/$63/$17$67(55(675(6066(1&,//$6

(QOD)LJUHFDSLWXODPRVODVSULQFLSDOHVFDUDFWHUtVWLFDVGHORVEULyWRVHQUHODFLyQFRQORVJUXSRVTXHODVSUHVHQWDQ

(O Q~PHUR GH HVSHFLHV GH EULyWRV VH HVWLPD FRPR GLVFXWLUHPRV HQWUH \ 6RQ SRU WDQWR HO VHJXQGR JUXSR GH SODQWDV WHUUHVWUHVPiVGLYHUVR SRU GHODQWH GH SWHULGyWRV \ JLPQRVSHUPDV \ VyOR GHWUiV GH ODVDQJLRVSHUPDV $XQTXH VX ELRPDVD HV PD\RU HQ DPELHQWHV PHVRWUyFRV VHHQFXHQWUDQHVSHFLHVGHEULyWRVHQWRGRVORVKiELWDWVHQTXHSXHGDQFUHFHUODVSODQWDV YDVFXODUHV VDOYR HQ DJXDVPDULQDV 6LQ HPEDUJR VRQ IUHFXHQWHPHQWHLJQRUDGRVHQLQYHQWDULRVRUtVWLFRV\DPHQXGRDFXDOTXLHUHVFDODJHRJUiFDODGLYHUVLGDGHVWiLQVXFLHQWHPHQWHFRQRFLGD

(Q FLHUWR PRGR HO TXH VH SDVHQ SRU DOWR VH H[SOLFD SRUTXH DSHQDV VRQFRQVXPLGRV SRU KHUEtYRURV QL VH KDQ XVDGR HQ DOLPHQWDFLyQ KXPDQD 6DOYRDOJXQRVXVRVFRQFUHWRV HQ&KLQDSRUHMHPSOR WDPSRFRVHKDQHPSOHDGRHQPHGLFLQD QL H[SORWDGR FRPHUFLDOPHQWH D JUDQ HVFDOD FRQ OD VROD H[FHSFLyQGH ORV PXVJRV GH OD WXUED &RQ HO WLHPSR VLQ HPEDUJR HO UHFRQRFLPLHQWRGH VX LPSRUWDQFLD HQ OD ELRVIHUDYD HQ DXPHQWR(VELHQ FRQRFLGRTXH OOHJDQD VHU GRPLQDQWHV HQ ODV WXUEHUDV GH ODV ]RQDV ERUHDOHV GRQGH FRQVWLWX\HQFRQ GLIHUHQFLD ODPD\RU SDUWH GH OD ELRPDVD$GHPiV HQ RWURV DPELHQWHV VXFDSDFLGDGGHDEVRUFLyQGHDJXD\PLQHUDOHVDVtFRPRGHDLVODPLHQWRWpUPLFRORV FRQYLHUWHQ HQ LPSRUWDQWHV UHJXODGRUHV GH OD GLVSRQLELOLGDG KtGULFD \ GHQXWULHQWHV )UHFXHQWHPHQWH IDYRUHFHQ HO GHVDUUROOR GH RWUDV SODQWDV \ VRQ XQUHIXJLRSUHIHUHQWHGHPXFKRVLQYHUWHEUDGRV\RWURVSHTXHxRVDQLPDOHV3RURWUD

)LJXUD3ULQFLSDOHVFDUDFWHUHVGHEULyWRVHQIXQFLyQGHVXVDQLGDGHVFRQRWURVJUXSRV 0DMRUEU\RSK\WHFKDUDFWHUVDFFRUGLQJWRWKHLUDIQLWLHVZLWKRWKHUJURXSV


%(67e%$1(=3e5(=,'5$3(5


%5,),72681$$352;,0$&,1$/$63/$17$67(55(675(6066(1&,//$6

FRP~QHQWRGRVHVWRVWLSRVODSURGXFFLyQGHUL]RLGHVTXHDQFODQORVSURWRQHPDVDOVXVWUDWR

(Q OD 'LY$QWKRFHURWRSK\WD FX\R JDPHWRWRPDGXUR SRVHH XQD HVFDVDGLIHUHQFLDFLyQKLVWROyJLFD HVGLItFLO GHPDUFDUXQD IDVHSURWRQHPiWLFD \ VXHOHFRQVLGHUDUVHFRPRDXVHQWH&580RUHGXFLGD*/,0(D(QJpQHURVFRPR'HQGURFHURVVHKDGHVFULWRWDPELpQPLWRVLVHQGRVSyULFDTXHUHVXOWDUtDHQODGLVSHUVLyQGHHVSRUDVSOXULFHOXODUHV6&+8(77(5(1=$*/,$

$OGHVDUUROODUVHHOJDPHWyIRURHOSURWRQHPDVXHOHGHVDSDUHFHUVLQHPEDUJRKD\FDVRVHQTXHHVSHUVLVWHQWHJHQHUDOPHQWHHQPXVJRV(Q3RJRQDWXPSURSLRGHWDOXGHVHVWRVHLQWHUSUHWDFRPRXQDDGDSWDFLyQSDUDFRORQL]DUVXVWUDWRVSRFRFRQVROLGDGRV(QGRVJpQHURVGHPXVJRVWHUUHVWUHVVHKDREVHUYDGRHOGHVDUUROORGHXQDIDVHSURWRQHPiWLFDHVWDEOHFRPRDGDSWDFLyQDPHGLRVDFXiWLFRVHQXQFDVRULFRVHQPHWDOHVSHVDGRV6$7$.(HWDOHQHORWURH[WUHPDGDPHQWHiFLGRV+,*8&+, HW DO ([FHSFLRQDOPHQWH HVWD SHUVLVWHQFLD HV XQD DGDSWDFLyQDPHGLRV GH HVFDVD OXPLQRVLGDG FRPR HQ HO PXVJRGH OD OX] 6FKLVWRVWHJDSHQQDWDTXHYLYHHQ ODHQWUDGDGHFXHYDV6XVFpOXODVSURWRQHPiWLFDV WLHQHQIRUPD OHQWLFXODU OR TXH OHV SHUPLWH FRQFHQWUDU OD HVFDVD OX] TXH UHFLEHQ (OFRPSRUWDPLHQWRIRVIRUHVFHQWHGHHVWDHVSHFLHFRQVWLWX\HXQDDWUDFFLyQHQSDtVHVFRPR-DSyQGRQGHVHxDOL]DQ\SURWHJHQODVHQWUDGDVGHFXHYDV\RTXHGDGHVHQTXHORVWDSLFHVGHHVWHPXVJRVRQREVHUYDEOHV

(QRFDVLRQHVVHGDQIHQyPHQRVGHQHRWHQLD\ODSURGXFFLyQGHJDPHWDQJLRVSDVDDOSURWRQHPDRDJDPHWyIRURVH[WUHPDGDPHQWH UHGXFLGRVFRQ ORTXH ORVHVSRURWRV TXH VH IRUPDQ GHSHQGHQ SDUD VX VXVWHQWR IXQGDPHQWDOPHQWH GHOSURWRQHPD*5$'67(,1 HW DO UHYLVDQ HVWH IHQyPHQR WDQWR HQ PXVJRV(SKHPHURSVLV%X[EDXPLDHWFFRPRHQKHSiWLFDV0HW]JHULRSVLV5DGXOD

)LJXUD(VTXHPDGHOFLFORGHXQEULyWRXQPXVJR 'LDJUDPRIDEU\RSK\WHOLIHF\FOHDPRVV


%(67e%$1(=3e5(=,'5$3(5


%5,),72681$$352;,0$&,1$/$63/$17$67(55(675(6066(1&,//$6

HVSRURItWLFDVFDXOLGLRV\OLGLRVGHPXVJRVDVtFRPRHQORVFDXOLGLRVGHORUGHQ&DOREU\DOHV\HQHOQHUYLRFHQWUDOGHIRUPDVWDORVDVVLPSOHVGHKHSiWLFDV(VWiQIRUPDGRVSRUKLGURLGHV FpOXODV DODUJDGDV FRQSDUHGHV HQJURVDGDV HQPXVJRVGHORUGHQ3RO\WULFKDOHVRDGHOJD]DGDVORPiVKDELWXDO\WDELTXHVREOLFXRVHQHOFRQWDFWRORQJLWXGLQDOHQWUHGRVFpOXODV(QKHSiWLFDVSUHVHQWDQSHUIRUDFLRQHVGHULYDGDVGHSODVPRGHVPRVTXHQRDSDUHFHQHQORVPXVJRVFRQH[FHSFLyQGHOJpQHUR 7DNDNLD 6LQ HPEDUJR HV HQ OD GLYLVLyQ %U\RSK\WD HQ HVSHFLDO HQ ODFODVH%U\RSVLGDGRQGHORVKLGURLGHVHVWiQPiVGHVDUUROODGRVGHIRUPDTXHVXDXVHQFLDVXHOHFRQVLGHUDUVHXQDUHGXFFLyQ'HQWURGHHVWRVWHMLGRVFRQGXFWRUHVVHHQFRQWUDUtDQWDPELpQORVKLDORFLVWHVGHORVHVIDJQRV'LY6SKDJQRSK\WLQD\RWURVJpQHURVFRPR/HXFREU\XP

(Q FXDQWR D ORV WHMLGRV FRQGXFWRUHV GH VXVWDQFLDV RUJiQLFDV /,*521( HWDO HVWiQ FRPSXHVWRV SRU FpOXODV FRQ FLWRSODVPD LQWHUFRQHFWDGDV SRUQXPHURVRVSODVPRGHVPRVDOLJXDOTXHHQHOUHVWRGHODVSODQWDVWHUUHVWUHV6LQHPEDUJRODHVSHFLDOL]DFLyQGHHVWRVWHMLGRVEULyWRVQXQFDLPSOLFDGHJUDGDFLyQGHOQ~FOHRDGLIHUHQFLDGHORTXHRFXUUHHQHORHPDGHODVSODQWDVYDVFXODUHV(OWLSRFHOXODUPiVHVSHFLDOL]DGRHVHOGHORVOHSWRLGHVTXHDSDUHFHVRODPHQWHHQODVHWD\FDXOLGLRGHPXVJRVGHORUGHQ3RO\WULFKDOHV$OLJXDOTXHHORHPDWLHQHQSDUHGHVQDFDUDGDVSODFDVFULERVDVFRQSODVPRGHVPRVFRQFDORVD\HVIHUDVUHIULQJHQWHVSHURIDOWDQSURWHtQDVHVSHFtFDVDGHPiVGHQRGHVDSDUHFHUHOQ~FOHR([LVWHFLHUWDFRQWURYHUVLDDFHUFDGHVLGHEHQFRQVLGHUDUVH OHSWRLGHV ODVFpOXODVTXHDSDUHFHQHQODVHWDGHRWURVJUXSRVGHPXVJRVFRPRHQHOJpQHUR)XQDULD*/,0(D/,*521(HWDOSHURODFRQJXUDFLyQFHOXODUHVFODUDPHQWHGLVWLQWD\PHQRVHVSHFLDOL]DGD6HKDGRFXPHQWDGRDGHPiV ODSUHVHQFLDGHXQSDUpQTXLPD FRQGXFWRU FRQ FpOXODV DSDUHQWHPHQWH SRFR HVSHFLDOL]DGDV SHURFRQFDPSRVGHSXQWHDGXUDVSULPDULDVHQVXVSDUHGHVHQGLIHUHQWHVHVSHFLHVGHPXVJRV\KHSiWLFDV&257(//$HWDO.2%,


%(67e%$1(=3e5(=,'5$3(5


%5,),72681$$352;,0$&,1$/$63/$17$67(55(675(6066(1&,//$6

/DV KHSiWLFDV IROLRVDV DQWHULRUPHQWH VXEFODVH -XQJHUPDQQLLGDH FODVH-XQJHUPDQQLRSVLGDHQJOREDQDTXHOODVHQODVTXHDSDUWLUGHXQDFpOXODDSLFDOWHWUDpGULFDVHGLIHUHQFLDXQFDXOLGLR\GRVODVSULQFLSDOHVGHOLGLRVGLVSXHVWRVHQ XQ SODQR FDVL VLHPSUH XQLHVWUDWRV VLHPSUH VLQ QHUYLR \ FRQ FpOXODV HQJHQHUDO XQLIRUPHV H LVRGLDPpWULFDV(VWRVOLGLRVSXHGHQ HVWDU FRQGXSOLFDGRVHVGHFLUSOHJDGRVGLIHUHQFLDQGRXQ OyEXORGRUVDO\RWURYHQWUDO IUDJPHQWDGRVHQJUDGRYDULDEOH(QPXFKDVHVSHFLHVHQODFDUDYHQWUDOVHGHVDUUROODQGLYHUVDVHVWUXFWXUDV UHODFLRQDGDV FRQ OD UHWHQFLyQ FDSLODU GH DJXD UL]RLGHV SHORVHVWLOHWHV HWF )UHFXHQWHPHQWH HQ HVWD FDUD VH GHVDUUROOD XQD WHUFHUD OD GHOLGLRV UHGXFLGRVGHQRPLQDGRV DQJDVWURV \ HQ DOJXQDV HVSHFLHV FRQOLGLRVFRQGXSOLFDGRV HO OyEXOR YHQWUDO VH PRGLFD IRUPDQGR VDFRV (O JUDGR GHGLIHUHQFLDFLyQHVWUXFWXUDOQRVHFRUUHVSRQGHFRQHOKLVWROyJLFRVyORODHSLGHUPLVVHGHVDUUROODGLVWLQWLYDPHQWHFRQUHVSHFWRDOSDUpQTXLPDIXQGDPHQWDO(QHVWHJUXSR ODVSDUHGHVFHOXODUHVQRUPDOPHQWHHVWiQFDUDFWHUtVWLFDPHQWHHQJURVDGDVHQORViQJXORVIRUPDQGRWUtJRQRVGHDOWRYDORUWD[RQyPLFR

/DVKHSiWLFDVWDORVDVVLPSOHVDQWLJXDPHQWHFRQVLGHUDGDVFRPRVXEFODVH0HW]JHULLGDHFODVH-XQJHUPDQQLRSVLGDSXHGHQSUHVHQWDUWDQWRIRUPDVODPLQDUHVFRQ HVFDVD GLIHUHQFLDFLyQ KLVWROyJLFD \ SRFDV FDSDV GH FpOXODV FRPR IRUPDVIROLRVDVFRQOLGLRVHQGLVSRVLFLyQHVSLUDORHQXQSODQR/DFpOXODDSLFDOHVGLYHUVDHQPRUIRORJtD$SHVDUGHVXVLPSOLFLGDGHVWUXFWXUDOKD\DOJXQRVJpQHURVFRQWHMLGRVFRQGXFWRUHVWDQWRIROLRVRV+DSORPLWULXPFRPRWDORVRV3DOODYLFLQLD

(VFDUDFWHUtVWLFDHQODGLYLVLyQ0DUFKDQWLRSK\WDODSUHVHQFLDHQHOFLWRSODVPDGHVXVFpOXODVGHDF~PXORVGHWHUSHQRLGHVHQFXHUSRVROHtIHURVTXHGHIRUPD~QLFDHQ ODVSODQWDV WHUUHVWUHVHVWiQ URGHDGRVSRUXQDPHPEUDQDGHULYDGDGHOUHWtFXOR HQGRSODVPiWLFR '8&.(77 /,*521( \ TXH FRQVWLWX\HQ XQDLPSRUWDQWH IXHQWH GH FDUDFWHUHV WD[RQyPLFRV &5$1'$//6727/(5 6727/(5

(Q ORVPXVJRV 'LY%U\RSK\WD ORV JDPHWRWRV VRQ VLHPSUH IROLRVRV\ORVOLGLRVVHGLVSRQHQWtSLFDPHQWHHQHVSLUDODXQTXHKD\DOJXQRVJpQHURVTXHSUHVHQWDQXQDFRPSODQDFLyQVHFXQGDULD )LVVLGHQVSRUHMHPSOR$OFDQ]DQHQHVWHJUXSRVXPD\RUGLIHUHQFLDFLyQKLVWROyJLFD1RUPDOPHQWHHOFDXOLGLRWLHQHXQD HSLGHUPLV GLIHUHQFLDGD D YHFHV FRPR KLDORGHUPLV HV GHFLU GH FpOXODVKLDOLQDV XQ FyUWH[ \ XQD WUD]D FRQGXFWRUD QRUPDOPHQWH GH KLGURLGHV (QHO RUGHQ 3RO\WULFKDOHV KD\ DGHPiV OHSWRLGHV \ IUHFXHQWHPHQWH KD\ HOHPHQWRVEURVRVGH VRVWpQFRQSDUHGHVHQJURVDGDV OODPDGRVHVWHUHLGDV(QHVWHJUXSRVH HQFXDGUD'DZVRQLD VXSHUED TXH FRQKDVWD FPGH DOWXUD HV HO EULyWRGHPD\RUWDPDxR(VIUHFXHQWHTXHORVPXVJRVGHHVWHJUXSRDOFDQFHQWDPDxRVUHODWLYDPHQWHJUDQGHV

6XVIRUPDVGHFUHFLPLHQWRRUWyWURSDFRQHMHVSULQFLSDOHVSHUSHQGLFXODUHVDOVXVWUDWRRSODJLyWURSDHMHVSULQFLSDOHVSDUDOHORVDOVXVWUDWR\GHUDPLFDFLyQVRQFDUDFWHUtVWLFDVGHORVGLYHUVRVWD[RQHV(VWDVIRUPDVGHFUHFLPLHQWRVHDVRFLDQDPHQXGRDGRVJUDQGHVPRUIRWLSRVGHPXVJRVDFURFiUSLFRV\SOHXURFiUSLFRVTXHHQUHDOLGDGVHGHQHQHQIXQFLyQGHODSRVLFLyQGHORVJDPHWDQJLRVIHPHQLQRVTXH VH REVHUYDUi IiFLOPHQWH WUDV HO GHVDUUROOR GHO HVSRURWR HQ UHODFLyQ FRQHO FUHFLPLHQWRPRGXODU GH OD SODQWD /$ )$5*((1*/$1' /RVPXVJRVDFURFiUSLFRV VRQ DTXHOORV TXH GLIHUHQFLDQ VXV JDPHWDQJLRV IHPHQLQRV HQ HOH[WUHPRGHORVPyGXORVSULQFLSDOHVWUXQFDQGRFRQHOORVXFUHFLPLHQWRGHIRUPDTXH ODSODQWDVRODPHQWHSXHGHVHJXLUFUHFLHQGRVLGHVDUUROODXQD UDPLFDFLyQ/RVPXVJRVSOHXURFiUSLFRVGLIHUHQFLDQVXVJDPHWDQJLRVIHPHQLQRVHQPyGXORVHVSHFLDOL]DGRVFRPRUDPDVFRUWDVGHOPyGXORSULQFLSDO\TXHQRWLHQHQFDSDFLGDGGHUDPLFDUVHDVXYH]$XQTXHH[LVWHQDOJXQDVH[FHSFLRQHVHVPX\IUHFXHQWH


%(67e%$1(=3e5(=,'5$3(5


%5,),72681$$352;,0$&,1$/$63/$17$67(55(675(6066(1&,//$6

$GHPiVGHORVOLGLRVSXHGHQDSDUHFHUSDUiORVSVHXGRSDUiORVSHORV\FRPRKHPRVYLVWR UL]RLGHV7RGDVHVWDVHVWUXFWXUDV UHIXHU]DQ OD UHGFDSLODUSDUDODFRQGXFFLyQHFWRKtGULFD

(Q ODV DQWRFHURWDV GLYLVLyQ $QWKRFHURWRSK\WD ORV JDPHWRWRV VRQWtSLFDPHQWH ODPLQDUHV\SRFRGLIHUHQFLDGRVKLVWROyJLFDPHQWH7tSLFDPHQWHVXVFpOXODVSUHVHQWDQXQVRORFORURSODVWRFRQXQSLUHQRLGHTXHVXSRQHXQPHFDQLVPRGHFRQFHQWUDFLyQGHFDUERQRFRP~QHQDOJDVSHURLQVyOLWRHQSODQWDVWHUUHVWUHV+D\DOJXQRVUHSUHVHQWDQWHVHOJpQHUR0HJDFHURVFRQYDULRVSODVWRVVLQSLUHQRLGHHQODVFpOXODV7DPELpQHVFDUDFWHUtVWLFRGHOJUXSRODDVRFLDFLyQHQGRItWLFDFRQFLDQREDFWHULDVGHOJpQHUR1RVWRF/DRUJDQL]DFLyQGHHVWDVFRORQLDVHQHO WDORSDUHFHWHQHUYDORUWD[RQyPLFRDOLJXDOTXHODHVWUXFWXUDGHOSODVWRHQXQJUXSRPX\XQLIRUPHHQFXDQWRD VXV FDUDFWHUHVPRUIROyJLFRV FRQ WD[RQHVGHGLItFLOLGHQWLFDFLyQ\HYDOXDFLyQVLVWHPiWLFD9,//$55($/

(Q HO FRQMXQWR GH ORV EULyWRV GHVWDFD OD DXVHQFLD GH HVWRPDV HQ ODVIDVHV JDPHWRItWLFDV D SHVDU GH VHU ODV SULQFLSDOHV UHVSRQVDEOHV HQ GHVDUUROODUDGDSWDFLRQHV SDUD PD[LPL]DU OD IRWRVtQWHVLV 2FDVLRQDOPHQWH VH GHVDUUROODQRWUDVHVWUXFWXUDVSDUDIDYRUHFHUHOLQWHUFDPELRJDVHRVRFRPRODVODPHODVGHORVOLGLRVHQHO2UGHQ3RO\WULFKDOHV\ODVFiPDUDVDHUtIHUDVGHODVKHSiWLFDVWDORVDVFRPSOHMDV

(QORVEULyWRVORVJDPHWDQJLRVDQWHULGLRV\DUTXHJRQLRVFDUDFWHUL]DGRVSRU OD SUHVHQFLD GH XQD FXELHUWD HVWpULO GH FpOXODV SXHGHQ VHU H[yJHQRV HVGHFLUGHVDUUROODGRVDSDUWLUGHFpOXODVVXSHUFLDOHVFRPRRFXUUHHQPXVJRV\KHSiWLFDVRHQGyJHQRVFRPRHQDQWRFHURWDVGRQGHVHGHVDUUROODQDSDUWLUGHFpOXODVLQWHUQDV\TXHGDQSURWHJLGRVHQFDYLGDGHV/RVDUTXHJRQLRVVXHOHQWHQHUIRUPDDODUJDGDFRQODEDVHDOJRHQVDQFKDGD)LJHQODTXHVHHQFXHQWUDVX~QLFD RRVIHUD 6X SRVLFLyQ DSLFDO R QR HV GH YDORU VLVWHPiWLFR HQ KHSiWLFDV7UDV OD IHFXQGDFLyQ ODV FpOXODV GHO DUTXHJRQLR SXHGHQ SUROLIHUDU SDUD GDUXQDYDJtQXODEDVDO\HQPXVJRVXQDFDOLSWUDRFXELHUWDGH ODFiSVXODTXHVHGHVJDUUDGHOiSLFHGHODUTXHJRQLRSRUHOFUHFLPLHQWRGHOHVSRURWRHQGHVDUUROOR(Q ODV IRUPDV IROLRVDV ORV iSLFHV GH ORV FDXOLGLRV SRUWDGRUHV GH DUTXHJRQLRVSXHGHQHVWDUURGHDGRVSRUOLGLRVGLIHUHQFLDGRVSHULTXHFLDOHVTXHHQDOJXQDVKHSiWLFDVDSDUHFHQ IXVLRQDGRVSDUDGDUXQSHULDQWR3XHGHQDVLPLVPR LQGXFLUGLIHUHQFLDFLRQHV RULHQWDGDV D SURWHJHU \ QXWULU DO HPEULyQ WDQWR DQWHV GH ODIHFXQGDFLyQFRPRXQDYH]RULJLQDGRpVWH(QDOJXQDVKHSiWLFDVWDORVDVFRPSOHMDVORVDUTXHJRQLRVDSDUHFHQHQ ODFDUDYHQWUDOGHGLIHUHQFLDFLRQHVGH ORV OyEXORVOODPDGDVDUTXHJRQLyIRURVRFDUSRFpIDORV)LJ(QFLHUWDVKHSiWLFDVIROLRVDVSXHGHQFDXVDUODSUROLIHUDFLyQGHOFDXOLGLRSDUDGDUXQPDUVXSLRHQYROYHQWH(QDOJXQRVPXVJRVSXHGHQLQGXFLUODGLIHUHQFLDFLyQGHKLGURLGHVRODSHQHWUDFLyQGHOSLHHVSRURItWLFRHQHOFDXOLGLRYHJHWDWLYR8=$:$+,*8&+,

/RV DQWHULGLRV R JDPHWDQJLRV PDVFXOLQRV SUHVHQWDQ FLHUWR YDORUVLVWHPiWLFR(QDQWRFHURWDVHOQ~PHURGHDQWHULGLRV\VXHVWUXFWXUDFRQVWLWX\HQXQRGH ORV SRFRV FDUDFWHUHV TXH SHUPLWHQ IXQGDU OD GLIHUHQFLDFLyQGH JpQHURVTXHRIUHFHQODVVHFXHQFLDVPROHFXODUHV6+$:5(1=$*/,$9,//$55($/HW DO 7DPELpQ SXHGHQ LQGXFLU HVWUXFWXUDV SRUWDGRUDV DQWHULGLyIRURVHQKHSiWLFDVWDORVDVRGLIHUHQFLDFLyQGHOLGLRVSURWHFWRUHVSHULJRQLDOHV/RVJDPHWRVPDVFXOLQRVTXH OLEHUDQVRQELDJHODGRV\DUUROODGRVDO LJXDOTXH ORVGHODVFDURItFHDV6DOYRHQDQWRFHURWDVGRQGHVRQVLPpWULFRVHVWiQWRUVLRQDGRVHQVHQWLGROHYyJLUR&$527+(56'8&.(771RUPDOPHQWHVXPRWLOLGDGHV UHODWLYDPHQWH UHGXFLGD 6H VXSRQtD TXH ODV VDOSLFDGXUDV GH OOXYLD HUDQ VXSULQFLSDOPHFDQLVPRGHGLVSHUVLyQ */,0(DSHUR UHFLHQWHPHQWHVHHVWiGHVFXEULHQGRXQDPD\RUGLYHUVLGDGGHPHFDQLVPRV(OHTXLSRGH6+,0$085$HW


%(67e%$1(=3e5(=,'5$3(5


%5,),72681$$352;,0$&,1$/$63/$17$67(55(675(6066(1&,//$6

DGHPiVGHO WHMLGRHVSRUyJHQRXQDFROXPHODHVWpULO$PEDVHVWUXFWXUDV VRQGHRULJHQHQGRWHFLDOH[FHSWRHQODFODVH6SKDJQRSVLGDGRQGHVyORODFROXPHODHVHQGRWHFLDO(Q ODGLYLVLyQ%U\RSK\WDHV WtSLFRHOGHVDUUROORGHPHFDQLVPRVGHDSHUWXUD (Q ODV FODVHV 7DNDNLRSVLGD$QGUHDHRSVLGD \$QGUHDHREU\RSVLGD HOPHFDQLVPRFRQVLVWHHQVXUDVH[RWHFLDOHV~QLFD\HQHVSLUDOHQODSULPHUDFODVHJEYDULDVORQJLWXGLQDOHVHQODVUHVWDQWHV

(QPXVJRVVHREVHUYDXQDHQRUPHGLYHUVLGDGHQFXDQWRDODRULHQWDFLyQGHODFiSVXODVXDSHUWXUDHOGHVDUUROORGHORVWHMLGRVODFXUYDWXUDGHODVHWDHWF6X YDORU DGDSWDWLYR HQ GLIHUHQWHV FLUFXQVWDQFLDV VH KD GLVFXWLGR SDUD GLVWLQWDVHVSHFLHV9,77+('(1b6

(Q ODV VXEGLY 6SKDJQRSK\WLQD \ %U\RSK\WLQD VH GHVDUUROOD XQ RSpUFXORTXH VH DEUH SRU XQD VXUD WUDQVYHUVDO (Q ORV JpQHURV HQ TXH IDOWD PXVJRVFOHLVWRFiUSLFRV VH LQWHUSUHWD FRPR XQD UHGXFFLyQ (Q%U\RSK\WLQD DO FDHU HORSpUFXORODERFDGHODFiSVXODPXHVWUDWtSLFDPHQWHXQDVHVWUXFWXUDVGHQWDGDVTXHFRQVWLWX\HQHOSHULVWRPD$GHPiVGHHQORVPXVJRVVLQRSpUFXORHOSHULVWRPDIDOWDHQHOJpQHUR2HGLSRGLXPFRQVLGHUDGRFRPREDVDOHQHOJUXSR/DHVWUXFWXUD\ GHVDUUROOR GHO SHULVWRPD HV XQR GH ORV SULQFLSDOHV FDUDFWHUHV VLVWHPiWLFRVHQ PXVJRV *2)),1(7 HW DO 9$1'(532257(1 *2)),1(7 /RVSHULVWRPDV IRUPDGRV D SDUWLU GHO HQJURVDPLHQWR GH ODV SDUHGHV GH FpOXODVHQWHUDVVHOODPDQQHPDWRGRQWRV(QODLQPHQVDPD\RUtDGHODVHVSHFLHVSRUHOFRQWUDULRORVSHULVWRPDVVRQDUWURGRQWRVDUWLFXODGRVHVGHFLUHVWiQIRUPDGRVSRUHQJURVDPLHQWRVGHSDUHGHVHQIUHQWDGDVGHFDSDVGHFpOXODVFRQWLJXDV)LJ

)LJXUD(VSRUDV\XQHOiWHUGH)UXOODQLDWDPDULVFLKHSiWLFDIROLRVD 6SRUHVDQGDQHODWHURI)UXOODQLDWDPDULVFLDOHDI\OLYHUZRUW


%(67e%$1(=3e5(=,'5$3(5


%5,),72681$$352;,0$&,1$/$63/$17$67(55(675(6066(1&,//$6

VHIRUPDQH[FOXVLYDPHQWHSRUHQJURVDPLHQWRVHQHOFRQWDFWR,3/33/)LJEVHIRUPDXQDFRURQD~QLFDGHGLHQWHVFDGDXQRGHORVFXDOHVPRVWUDUiHQVXFDUDH[WHUQDXQDVRODFROXPQDGHSODFDVSURFHGHQWHVGHODFRUUHVSRQGLHQWHFROXPQDGHFpOXODV33/6HWUDWDGHOPRGHORKDSOROpSLGR6LSRUHOFRQWUDULRORVGLHQWHVVHIRUPDQDSDUWLUGHHQJURVDPLHQWRVHQHOFRQWDFWR33/23/)LJFHQVXFDUDH[WHUQDVHREVHUYDQGRVFROXPQDVGHSODFDVSURYHQLHQWHVGHODVFRUUHVSRQGLHQWHVFpOXODV23/6HWUDWDGHOPRGHORGLSOROpSLGR(QHVWHFDVRHVFRP~QTXHVHIRUPHDVLPLVPRODFRURQDGHGLHQWHVLQWHUQDKRPyORJDDOPRGHORKDSOROpSLGR6LHVDVtODFRURQDLQWHUQDVHFRQRFHFRPRHQGRVWRPDHQWDQWRTXHOD H[WHUQDFRQVWLWX\HHO HQGRVWRPD/D UHVRUFLyQGH ODVSDUHGHV UHVWDQWHV TXHQRLQWHUYLHQHQHQODIRUPDFLyQGHORVGLHQWHVFRQGLFLRQDODGLVSRVLFLyQGHHVWDVGRV FRURQDV 6L VXV HOHPHQWRV TXHGDQ HQIUHQWDGRV HVWDUHPRV DQWH XQPRGHORGLSOROpSLGRRSXHVWRHQFDVRFRQWUDULRVHUiDOWHUQR

(QODVDQWRFHURWDVHOHVSRURWRFDUHFHGHVHWD3RVHHWDPELpQXQH[RWHFLRGHVDUUROODGRIUHFXHQWHPHQWHFRQHVWRPDVTXHSRGUtDQQRVHUKRPyORJRVDORVGHORVPXVJRV\XQDFROXPHODHVWpULOTXHHVOD~QLFDHVWUXFWXUDGHGLIHUHQFLDFLyQHQGRWHFLDO(OWHMLGRHVSRUyJHQRHQVXPDGXUDFLyQVHFXHQFLDORULJLQDHVSRUDVSRUPHLRVLV\SVHXGRHOiWHUHVSURFHGHQWHVGHODWUDQVIRUPDFLyQGHXQDVFpOXODVTXHQR VXIUHQPHLRVLV/RVSVHXGRHOiWHUHV SXHGHQ VHU SOXULFHOXODUHV H LQFOXVRUDPLFDGRV UDUDPHQWH SUHVHQWDQ HQJURVDPLHQWRV KHOLFRLGDOHV \ VH LQWHUFDODQRUGHQDGDPHQWHHQWUHODVHVSRUDVHQFX\DGLVSHUVLyQHVWiQWDPELpQLPSOLFDGRV

(QPXVJRV\DQWRFHURWDVHOHVSRURWRSUHVHQWDDPHQXGRXQFRPSRUWDPLHQWRGLIHUHQWHDOJDPHWRWRHQFXDQWRDVXVUHODFLRQHVKtGULFDV(QDOJXQRVFDVRVVXFRPSRUWDPLHQWR HVKRPHRKtGULFR HVWR HV SUHVHQWDPHFDQLVPRVGH FRQWUROGHORVQLYHOHVLQWHUQRVGHKLGUDWDFLyQFRPRVHKDREVHUYDGRHQHOPXVJR7RUWXODLQHUPLV67$5.HWDO/DUHODFLyQPDWUyWURIDSDUHFHOLPLWDGDDODVSULPHUDVIDVHVGHOFUHFLPLHQWR$GLIHUHQFLDGHODVKHSiWLFDVORVWHMLGRVIRWRVLQWpWLFRVHVWiQGHVDUUROODGRV\DXQTXHODXQLyQItVLFDFRQHOJDPHWRWRPDWHUQRHVSHUPDQHQWHQXWULFLRQDOPHQWHSXHGHOOHJDUDDXWRDEDVWHFHUVH*/,0(D(VWRHVSUHFLVRHQ ORV FDVRV QHRWpQLFRV \D FRPHQWDGRV HQ TXH HO HVSRURWR VH DVRFLDPiV DOSURWRQHPDTXH D XQ JDPHWyIRUR ELHQ FRQVWLWXLGR(Q DQWRFHURWDV HO JUDGRGH

)LJXUD 3ULQFLSDOHV PRGHORV GH SHULVWRPDV DUWURGRQWRV D (VTXHPD GH FRUWHWUDQVYHUVDOGHODFiSVXOD\GHXQFXDUWRFRQLQGLFDFLyQGHODVFDSDVUHVSRQVDEOHVGH OD IRUPDFLyQ GHO SHULVWRPD EI (VTXHPDV GH OD FRQJXUDFLyQ GH ODV FDSDVSHULVWRPLDOHVHLOXVWUDFLyQGHOSDWUyQFDUDFWHUtVWLFRGHORVGLHQWHVEF3HULVWRPDKDSOROpSLGRE(VTXHPDGHODFRQJXUDFLyQGHODVFDSDVSHULVWRPLDOHVF$VSHFWRFDUDFWHUtVWLFRGI3HULVWRPDVGLSOROpSLGRVG(VTXHPDGHODFRQJXUDFLyQGHODVFDSDV SHULVWRPLDOHV H 3HULVWRPD GLSOROpSLGR RSXHVWR DVSHFWR FDUDFWHUtVWLFR I3HULVWRPDGLSOROpSLGRDOWHUQRDVSHFWRFDUDFWHUtVWLFR,3/ FDSDSHULVWRPLDOLQWHUQDLQQHU SHULVWRPLDO OD\HU 33/ FDSD SHULVWRPLDO SULPDULD SULPDU\ SHULVWRPLDOOD\HU23/ FDSDSHULVWRPLDOH[WHUQDRXWHUSHULVWRPLDOOD\HU

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


%(67e%$1(=3e5(=,'5$3(5


%5,),72681$$352;,0$&,1$/$63/$17$67(55(675(6066(1&,//$6

/DUHSURGXFFLyQDVH[XDO

$XQTXHODVGLVWLQWDVIDVHVGHOFLFORVH[XDOQRVKDQVHUYLGRSDUDLQWURGXFLUODGLYHUVLGDGPRUIROyJLFDH[LVWHQWHHQ ORVJUDQGHVJUXSRVGHEULyWRVQRKD\TXHROYLGDU TXH OD UHSURGXFFLyQ DVH[XDO SUHVHQWDXQDJUDQ LPSRUWDQFLD HQ ODVWUHVGLYLVLRQHVGHEULyWRV&580*/,0(D\VHFRQVLGHUDXQRGHORV IDFWRUHV FODYHV HQ HO p[LWRGH VX H[SDQVLyQ )5$+0 9$1'(532257(1*2)),1(73XHGHYHQLUPHGLDGDSRUVLPSOHIUDJPHQWDFLyQDOD]DUGHOFXHUSR YHJHWDWLYR R SRU HVWUXFWXUDV GLIHUHQFLDGDV \HPDV VLHPSUH VLQ FpOXODDSLFDO GLIHUHQFLDGDOLGLRV FDGXFRV HWF/DJHUPLQDFLyQGH HVWDV HVWUXFWXUDVLPSOLFD QRUPDOPHQWH OD IRUPDFLyQ GH XQ SURWRQHPD VHFXQGDULR HV GHFLU QRGHVDUUROODGRDSDUWLUGHXQDHVSRUD

/DIRUPDFLyQGHSURWRQHPDVVHFXQGDULRVVHKDGHVFULWRSDUDYDULDVHVSHFLHVDSDUWLUGHGLYHUVDVHVWUXFWXUDV HQWUHHOODVKDVWD IUDJPHQWRVHVSRURItWLFRV3RUWDQWRVHSRGUtDUHJHQHUDUXQDIDVHJDPHWRItWLFDGLSORLGHVLQQHFHVLGDGGHIRUPDUHVSRUDV(VWHIHQyPHQRVHGHQRPLQDDSRVSRULD3DUDOHODPHQWHWDPELpQDOJXQDVHVSHFLHV VRQFDSDFHVGH IRUPDUHVSRURWRV VLQ IXVLyQJDPpWLFD HQHOSURFHVRFRQRFLGRFRPRDSRJDPLD(QSREODFLRQHVHVWpULOHVRGHEULyWRVGLRLFRVHQORV

+HSiWLFDVGLY0DUFKDQWLRSK\WD

0XVJRVGLY%U\RSK\WD

$QWRFHURWDVGLY$QWKRFHURWRSK\WD

*DP

HWR

WR

3URWRQHPDSRFRGHVDUUROODGRODPLQDU

3URWRQHPDGHVDUUROODGRODPLQDURODPHQWRVR

3URWRQHPDQRRDSHQDVGLIHUHQFLDGR

*DP

HWR

WRDGXOWR

/DPLQDURIROLRVRIUHFXHQWHPHQWHFRPSODQDGR

)ROLRVRJHQHUDOPHQWHQRFRPSODQDGR

/DPLQDU

$OWDGLIHUHQFLDFLyQKLVWROyJLFDDPHQXGRWHMLGRVFRQGXFWRUHV

0X\DOWDGLIHUHQFLDFLyQKLVWROyJLFDWHMLGRVFRQGXFWRUHVTXHSXHGHQDOFDQ]DUJUDQFRPSOHMLGDG

(VFDVDGLIHUHQFLDFLyQKLVWROyJLFDSODVWRVFRQSLUHQRLGHV

5L]RLGHVJHQHUDOPHQWHXQLFHOXODUHV

5L]RLGHVSOXULFHOXODUHV 5L]RLGHVXQLFHOXODUHV

*DPHWDQJLRVH[yJHQRV *DPHWDQJLRVH[yJHQRV *DPHWDQJLRVHQGyJHQRV

(VSRURWR

(VSRURWRHItPHURHVFDVDGLIHUHQFLDFLyQKLVWROyJLFDVLQHVWRPDV

(VSRURWRSHUVLVWHQWHDOWDGLIHUHQFLDFLyQKLVWROyJLFDFRQHVWRPDV

(VSRURWRSHUVLVWHQWHDOWDGLIHUHQFLDFLyQKLVWROyJLFDFRQHVWRPDV

6HWDHQJHQHUDOGLIHUHQFLDGDVLPSOH\KLDOLQD

6HWDHQJHQHUDOGLIHUHQFLDGDFRPSOHMD

6HWDQRGLIHUHQFLDGD

&iSVXODVLQFROXPHODFRQDSHUWXUDHQYDOYDV

&iSVXODFRQFROXPHODJHQHUDOPHQWHFRQPHFDQLVPRVFRPSOHMRVGHDSHUWXUD

&iSVXODFRQFROXPHODDSHUWXUDDSLFDOORQJLWXGLQDO

0HLRVLVVLPXOWiQHDDUTXHVSRULRHVSRUDV\HOiWHUHV

0HLRVLVVLPXOWiQHDDUTXHVSRULRVRODPHQWHHVSRUDV

0HLRVLVJUDGXDODUTXHVSRULRHVSRUDV\SVHXGRHOiWHUHV

(VSRUDVFRQH[LQDGHVDUUROODGDPXOWLODPHODUVLQSHULQD

(VSRUDVFRQH[LQDKRPRJpQHDVyORORFDOPHQWHPXOWLODPHODUSHULQDGHRULJHQH[WUDHVSRUDO

(VSRUDVFRQH[LQDKRPRJpQHDSHULVSRULRGHRULJHQLQWUDHVSRUDO

7DEOD,6tQWHVLVGHODVWUHVGLYLVLRQHVGHEULyWRV\VXVSULQFLSDOHVFDUDFWHUtVWLFDV 6XPPDULHVRIWKHWKUHHGLYLVLRQVRIEU\RSK\WHVDQGWKHLUPDLQFKDUDFWHULVWLFV


%(67e%$1(=3e5(=,'5$3(5


%5,),72681$$352;,0$&,1$/$63/$17$67(55(675(6066(1&,//$6

+e%$17VHUtDQHOSURGXFWRGHODHYROXFLyQUHJUHVLYDGHDOJXQRVSWHULGyWRVOD RSLQLyQPiV JHQHUDOL]DGD ORV FRQVLGHUDED FRPR XQ OLQDMH GLIHUHQFLDGR TXHDJUXSDUtDDORVGHVFHQGLHQWHVPiVGLUHFWRVGHODVSULPHUDVDOJDVTXHFRQTXLVWDURQORVPHGLRVWHUUHVWUHV\GLHURQOXJDUDODVSODQWDVFRQHPEULyQ

'LYHUVRV HVWXGLRV KDQ YHQLGR FRQUPDQGR OD UHODFLyQ GLUHFWD HQWUH ORVEULyWRV \ ODV FDURItFHDV FODVH &KDURSK\FHDH GHQWUR GH ODV DOJDV YHUGHV5HVDOWDPRV ODV VLPLOLWXGHV PiV UHSUHVHQWDWLYDV /RV HVSHUPDWR]RLGHV GHFDURItFHDV\ORVGHEULyWRVDOLJXDOTXHORVGHDOJXQDVSODQWDVYDVFXODUHVFRPRORVOLFyWRVSUHVHQWDQGRVDJHORVDQWHULRUHVFRQUDtFHVHQODVTXHHVWiSUHVHQWHGH IRUPDFDUDFWHUtVWLFDXQD HVWUXFWXUDPLFURWXEXODUPXOWLHVWUDWLFDGD 'XFNHWWHW DO (Q FDURItFHDV VH KDQ HQFRQWUDGR FRPSXHVWRV IHQyOLFRV TXH VRQFRPXQHVHQEULyWRV\HQODVGHPiVSODQWDVWHUUHVWUHVFRPRDYRQRLGHVHQHOJpQHUR&KDUD 0$5.+$03257(5RFRPSXHVWRVVLPLODUHVD OLJQDQRVHQ1LWHOOD/,*521(HWDO(VSUHFLVRUHFRUGDUTXHHQHVWHPLVPRJpQHURDSDUHFHQ YHUGDGHURV JDPHWDQJLRV SURWHJLGRV SRU FRQ XQD FXELHUWD GH FpOXODVHVWpULOHV OR TXH WUDGLFLRQDOPHQWH KD YHQLGR DSR\DQGR VX VXSXHVWD UHODFLyQFRQODVSODQWDVWHUUHVWUHV(QRWURJpQHURGHFDURItFHDV&ROHRFKDHWH*5$+$0:,/&2; GHPRVWUDURQXQDUHODFLyQGHPDWURWURItDHQWUHHO]LJRWR\HOWDORPDWHUQR DO HQFRQWUDU FpOXODV GH WUDQVIHUHQFLD DOUHGHGRU GHO ]LJRWR HQ XQDSRVLFLyQKRPyORJDDODVFpOXODVGHWUDQVIHUHQFLDSODFHQWDULDVKDOODGDVHQEULyWRV\SWHULGyWRV

(OFRQVHQVRHVFDVLJHQHUDOHQFXDQWRDODUHODFLyQHQWUHHVWDVDOJDV\ORVHPEULyWRV GDGR TXH ORV DQiOLVLV PROHFXODUHV OD DSR\DQ FRKHUHQWHPHQWH /DDJUXSDFLyQPRQROpWLFD TXH HQ IXQFLyQ GH HVWD KLSyWHVLV UH~QH FDURItFHDV \SODQWDVWHUUHVWUHVJVHGHQRPLQDHVWUHSWyWRV6LQHPEDUJRKD\FRQWURYHUVLDHQFXDQWRDOJpQHURPiVUHODFLRQDGRFRQODKLSRWpWLFDFDURItFHDDQFHVWUDOTXHVHHVWDEOHFLyHQPHGLRVWHUUHVWUHV$OJXQRVDQiOLVLVDSXQWDQDODIDPLOLD&KDUDFHDH.$52/HWDO&2&48


%(67e%$1(=3e5(=,'5$3(5


%5,),72681$$352;,0$&,1$/$63/$17$67(55(675(6066(1&,//$6

'HELGRDVXUHODWLYDVHQFLOOH]HVWUXFWXUDOORVEULyWRVRIUHFHQXQUDQJRPHQRU GH FDUDFWHUHV PRUIROyJLFRV VXVFHSWLEOHV GH XVDUVH FRPR FDUDFWHUHV GHUHOHYDQFLDVLVWHPiWLFDHQFRPSDUDFLyQSRUHMHPSORFRQODVSODQWDVYDVFXODUHVFRPSDUDWLYDPHQWHPiVFRPSOHMDVDQDWyPLFDPHQWH

1RVLHPSUHHVSRVLEOHDVHJXUDUVLXQDGLIHUHQFLDPRUIROyJLFDWLHQHRQREDVHJHQpWLFD3RUHVWHPRWLYRVHKDGLFKRTXHODYDOLGH]GHHVWRVFDUDFWHUHVSXHGHVHUVHQVLEOHDPRGLFDFLRQHVDOXVDUVHRWURVWLSRVGHDSUR[LPDFLRQHVVLVWHPiWLFDVFRPRODVUHVXOWDQWHVGHHVWXGLRVORJHQpWLFRVEDVDGRVHQPDUFDGRUHVGH$'1'XUDQWHODV~OWLPDVGRVGpFDGDVVHKDQUHDOL]DGRPXOWLWXGGHHVWXGLRVGHORJHQLDPROHFXODU FRQ EULyWRV \ DOJXQRV GH HOORV KDQ DERUGDGR FDVRV FRQFUHWRV GHGHOLPLWDFLyQGHHVSHFLHVYpDVHXQFRPSHQGLRJOREDOHQ6+$:

(QPXFKDV RFDVLRQHV HVWRV HVWXGLRV KDQ D\XGDGR D XQD GHOLPLWDFLyQ GHHVSHFLHVGLIHUHQWHDODREWHQLGDSRUXQFULWHULRPRUIROyJLFRSHURSRUHOPRPHQWRQRSDUHFHTXHHVWpQDOWHUDQGRGHIRUPDVLJQLFDWLYDODVHVWLPDFLRQHVDFHUFDGHOQ~PHURJOREDOGHHVSHFLHVGHEULyWRV+D\TXHUHFRUGDUDGHPiVODLPSRUWDQFLDGH FRQVHJXLU XQ YROXPHQ GH HYLGHQFLDV PROHFXODUHV VLJQLFDWLYDV XVDQGRGLVWLQWRVPpWRGRV\H[SORUDQGRFXDQWDVUHJLRQHVGHOJHQRPDVHDSRVLEOHDQWHVGHWRPDUGHFLVLRQHVFRQFOX\HQWHV9$1'(532257(16+$:

3RU HO FRQWUDULR VH HVWi GHPRVWUDQGR 0$*,// 921.215$7HW DOTXHXQDQiOLVLVSURIXQGRGHODVLQRQLPLDHQEULyWRVFRQMXQWRGHGLVWLQWRVQRPEUHVGDGRVDODPLVPDHQWLGDGELROyJLFDSXHGHDOWHUDUPX\VLJQLFDWLYDPHQWHHOQ~PHURGHHVSHFLHVHVWLPDGRHQHVWHJUXSR

$FRQWLQXDFLyQSUHVHQWDPRVODVJUDQGHVOtQHDVGHODVQXHYDVFODVLFDFLRQHVUHFLHQWHPHQWHSURSXHVWDVFRQHOQGHRIUHFHUXQDYLVWDJHQHUDOGHFDGDGLYLVLyQ\GHVXGLYHUVLGDGLQWHUQDJV\VHJ~QORVDXWRUHVTXHJXUDQDOSLHGHODVPLVPDV

8Q VLPSOH YLVWD]R D WUDWDGRV FOiVLFRV HJ 6&+2),(/' EDVWD SDUDFRPSUHQGHU KDVWD TXp SXQWR ORV HVWXGLRV GH ORJHQLDPROHFXODU KDQ DOWHUDGRQXHVWUDFRPSUHQVLyQGH OD VLVWHPiWLFD LQWHUQDDVt FRPRQXHVWUD LQWHUSUHWDFLyQGH ORV FDUDFWHUHVPRUIROyJLFRV$ HVWH UHVSHFWR UHFDSLWXODUHPRV DTXt DOJXQRVDVSHFWRVGHODGLYHUVLGDGPRUIROyJLFDTXHKHPRVFRPHQWDGRSDUDORVWUHVJUDQGHVOLQDMHVGHEULyWRV UHVDOWDQGR ORVFDUDFWHUHVTXHVHSHUODQFRPRLPSRUWDQWHVFRPRDSR\RGHODVQXHYDVDJUXSDFLRQHV

+HSiWLFDV'LY0DUFKDQWLRSK\WD

6HVXHOHFDOFXODUHQHOQ~PHURGHHVSHFLHVGHHVWHJUXSR6LQHPEDUJR921.215$7HWDOHVWLPDQTXHLQFOXVRWHQLHQGRHQFXHQWDHOLPSDFWRGH ODVLQRQLPLDSRGUtDQWRWDOL]DUHVSHFLHVGDGDOD WDVDGHGHVFXEULPLHQWRGHQXHYRVWD[RQHVDOPHQRVHQORV~OWLPRVDxRV

/D)LJPXHVWUDODVOtQHDVGHGLYHUVLFDFLyQLQWHUQDTXHVHFRQVLGHUDQDFWXDOPHQWHHQHOJUXSRGHODVKHSiWLFDV(QHVWDGLYLVLyQHVSUREDEOHPHQWHGRQGHORV FDPELRV WUDtGRV SRU OD VLVWHPiWLFDPROHFXODU KDQ VLGRPiV SURIXQGRV (QHVSHFLDOHOJUXSRIRUPDGRSRUODVWDORVDVVLPSOHVDQWLJXDFODVH0HW]JHULLGDHSDUHFH HVWDU FRQVWLWXLGRSRUGRV OLQDMHVEDVDOHV XQRPRQRWtSLFR UHSUHVHQWDGRSRUHOJpQHUR+DSORPLWULXP FRQOLGLRVGLVSXHVWRVHQHVSLUDO\RWURFRQGRVJpQHURV7UHXELD\$SRWUHXELDFRQJDPHWRWRODPLQDU$PERVVHHQJOREDUtDQHQ OD FODVH+DSORPLWULRSVLGD TXH VHUtD ODPiV HPSDUHQWDGD FRQ HO KLSRWpWLFRDQWHFHVRUGHWRGRVORVEULyWRV

(O UHVWR GHO JUXSR VH GLYLGH HQ GRV JUDQGHV FRQMXQWRV (Q HO SULPHUR VHLQFOXLUtDHOJUXSRPRQROpWLFRGHODVWDORVDVFRPSOHMDV6XEFO0DUFKDQWLLGDH


%(67e%$1(=3e5(=,'5$3(5


%5,),72681$$352;,0$&,1$/$63/$17$67(55(675(6066(1&,//$6

HVWiQUHVXHOWRVLXQRGHHOORVRDPERVDJUXSDGRVHQXQFODGRFRQVWLWX\HQHOOLQDMHPiVWHPSUDQDPHQWHGLYHUJHQWH$PERVJUXSRVFRPSDUWHQVXDXVHQFLDGHUL]RLGHV/RVOLGLRVGLYLGLGRVGH7DNDNLDKLFLHURQSHQVDUTXHVHWUDWDEDGHXQDKHSiWLFDKDVWD TXH VH HQFRQWUDURQ HMHPSODUHV IpUWLOHV \ VH SXGR REVHUYDU VX HVSRURWRSHUVLVWHQWH\VXGHKLVFHQFLDSRUVXUDKHOLFRLGDO6XVWHMLGRVFRQGXFWRUHVWDPELpQUHFRUGDEDQDORVGHOJpQHUREDVDOGHKHSiWLFDV+DSORPLWULXP

/RV HVIDJQRV \ JpQHURV DVRFLDGRV SUHVHQWDQ FiSVXODV VLQ VHWD VREUHiSLFHVGHFDXOLGLRVDORVOODPDGRVSVHXGRSRGLRVFRQRSpUFXORV\JDPHWRWRVDOWDPHQWHHVSHFLDOL]DGRVSDUDODYLGDHQKiELWDWVHQFKDUFDGRVFRQGLIHUHQFLDFLyQGHKLDORFLVWHV/DVVLJXLHQWHVVXEGLYLVLRQHVFRUUHVSRQGHQDGRVJUXSRVKHUPDQRVGHPXVJRVVD[tFRODVFX\RHVSRURWRVLQVHWDRPX\FRUWDVHDEUHSRUVXUDVORQJLWXGLQDOHV

(O UHVWR GH OD GLYLVLyQ FRUUHVSRQGH D OD 6XEGLY %U\RSK\WLQD GRQGH VHVLW~DQ ORVPXVJRVPiV WtSLFRV 6XV SULPHURV JUXSRV IRUPDQ XQ JUDGR JUXSRSDUDOpWLFR TXH HQFXDGUD XQ JpQHUR VLQ SHULVWRPD VHJXLGR GH ORV PXVJRVGH SHULVWRPD QHPDWRGRQWR DTXt VH HQJOREDQ ORV 3RO\WULFKDOHV GRQGH VH GDOD PD\RU FRPSOHMLGDG DQDWyPLFD HQ EULyWRV \ GH GRV JUXSRV GH WUDQVLFLyQKDFLD HOSHULVWRPDDUWURGRQWR/RVPXVJRVFRQSHULVWRPDGLSOROpSLGR WDPELpQFRQVWLWX\HQ XQ JUXSR SDUDOpWLFR TXH IRUPD GRV JUDQGHV FRQMXQWRV HO FODGRPRQROpWLFRGHORVGLSOROpSLGRVRSXHVWRV\RWURJUXSRFRQGRVUDPDVKHUPDQDV/DSULPHUDHVWiIRUPDGDSRUORVPXVJRVKDSOROpSLGRVTXHDSHVDUGHQRVHUHOPiVULFRHQHVSHFLHVUH~QHODPD\RUGLYHUVLGDGORJHQpWLFD&2;HWDO/DVHJXQGDHQJOREDORVPXVJRVGLSOROpSLGRVDOWHUQRVHQORVTXHHVWiQDQLGDGRVORV SOHXURFiUSLFRV JUXSR TXH UHSUHVHQWD HO GH OD GLYHUVLGDG GH HVSHFLHVH[LVWHQWHHQORVPXVJRV

)LJXUDD0DUFKDQWLDSRO\PRUSKDXQDKHSiWLFDWDORVDFRPSOHMDE,OXVWUDFLyQGHXQDKHSiWLFDIROLRVD

D0DUFKDQWLDSRO\PRUSKDDFRPSOH[WKDOORLGOLYHUZRUWE,OOXVWUDWLRQRIDOHDI\OLYHUZRUW


%(67e%$1(=3e5(=,'5$3(5


%5,),72681$$352;,0$&,1$/$63/$17$67(55(675(6066(1&,//$6

/DFLUFXQVFULSFLyQ\UHODFLRQHVGHPXFKRVWD[RQHVDWRGRVORVQLYHOHVHQHVWDGLYLVLyQHVWiQVLQUHVROYHUORTXHLPSOLFDODQHFHVLGDGGHPiVHVWXGLRVHQHOJUXSR

$QWRFHURWDV

/DV DQWRFHURWDV FRQ HVSHFLHV 9,//$55($/ HW DO FRQVWLWX\HQ OD GLYLVLyQ PiV UHGXFLGD 'HVWDFDQ SRU OD JUDQ XQLIRUPLGDG GHFDUDFWHUHVPRUIROyJLFRVTXHQRVHFRUUHVSRQGHFRQODGLYHUVLGDGORJHQpWLFDGHOJUXSR0XFKRVGHORVJpQHURVWUDGLFLRQDOHVKDQTXHGDGRVHSDUDGRVHQWUHHOORV3KDHRFHURV FX\RV UHSUHVHQWDQWHV SHQLQVXODUHV HVWiQ FRPELQDGRV DKRUD FRPR3K\PDWKRFHURV3DUHFHTXHHOJpQHUR/HLRVSRURFHURVVLQSLUHQRLGHHVHOEDVDODXQTXHHVWDDXVHQFLDSRGUtDVHUXQDUHGXFFLyQTXHWDPELpQVHGDHQRWURVJpQHURV$FWXDOPHQWHVHLQYHVWLJDQFDUDFWHUHVXOWUDHVWUXFWXUDOHVGHODVHVSRUDV\SODVWRVSUHVHQFLDGHHVWRPDVQ~PHUR\HVWUXFWXUDGHORVDQWHULGLRVRUJDQL]DFLyQGHODVFiPDUDVGHFLDQREDFWHULDVVLPELRQWHVHWF\VHUtDQHFHVDULRHPSUHQGHUHVWXGLRVDQDWyPLFRVHQSURIXQGLGDGSDUDHQFRQWUDUDSR\RDODVDJUXSDFLRQHVPROHFXODUHV

)LJXUD5HODFLRQHVORJHQpWLFDVHQODGLYLVLyQ$QWKRFHURWRSK\WDSULQFLSDOHVOLQDMHV 3K\ORJHQHWLFUHODWLRQVKLSVZLWKLQWKH'LYLVLRQ$QWKRFHURWRSK\WDPDLQOLQHDJHV


%(67e%$1(=3e5(=,'5$3(5


%5,),72681$$352;,0$&,1$/$63/$17$67(55(675(6066(1&,//$6

'DGRTXHORVSURFHVRVPHWDEyOLFRVUHTXLHUHQKLGUDWDFLyQ\ODGLVSRQLELOLGDGGHDJXDHVWi LQYHUVDPHQWH UHODFLRQDGDFRQ OD LUUDGLDFLyQHQPHGLRV WHUUHVWUHVORVEULyWRVVHFRPSRUWDQJHQHUDOPHQWHFRPRSODQWDVGHVRPEUD\VXVSXQWRVGHFRPSHQVDFLyQ\GHVDWXUDFLyQOXPtQLFDVRQQRUPDOPHQWHPXFKRPiVEDMRVTXHORVGHODVSODQWDVYDVFXODUHV0$56&+$//352&725*/,0(D(VWRHVFLHUWRLQFOXVRSDUDHVSHFLHVGHKiELWDWVLQVRODGRVGDGRTXHORVQLYHOHVQHFHVDULRVGHKLGUDWDFLyQ VH DOFDQ]DQ VRODPHQWH HQGtDV OOXYLRVRVRQXEODGRVR D ODV KRUDV FUHSXVFXODUHV $OJXQRV PXVJRV HVWiQ DGDSWDGRV D DSURYHFKDULQWHQVLGDGHV OXPtQLFDVPtQLPDV


%(67e%$1(=3e5(=,'5$3(5


%5,),72681$$352;,0$&,1$/$63/$17$67(55(675(6066(1&,//$6

%5(,/02


%(67e%$1(=3e5(=,'5$3(5


%5,),72681$$352;,0$&,1$/$63/$17$67(55(675(6066(1&,//$6

0LHQWUDVTXHODKLSyWHVLVGH%DDV%HFNLQJSDUHFHFXPSOLUVHVLFRQVLGHUDPRVODHVFDODWD[RQyPLFDGHIDPLOLDVGDGRTXHPiVGHXQHVWiQDPSOLDPHQWHGLVWULEXLGDVHQWRGRHO*ORER7$13&6XQDQiOLVLVPiVDWHQWRUHIHULGRDOUDQJRHVSHFtFR0(',1$HWDOHQSUHQVDVXJLHUHTXHDXQVLHQGRODViUHDVGHEULyWRVHQJHQHUDOPiVDPSOLDVTXHODVGHSODQWDVYDVFXODUHVHVWiQVRPHWLGDVLJXDOPHQWHDFRQVWULFFLRQHVJHRJUiFDV(VWRVDXWRUHVHVWLPDQSDUDODVHVSHFLHVHXURSHDV HO SRUFHQWDMH GH FRVPRSROLWDV HQ VRODPHQWH \ FDOFXODQ TXHXQ GH ODV TXH PXHVWUDQ DQLGDGHV PHGLWHUUiQHDV HVWiQ UHVWULQJLGDV DO3DOHiUWLFR6&+2),(/'\DFRQVLGHUyTXHHVWDViUHDVDVtFRPRODVIUHFXHQWHVGLV\XQFLRQHVREVHUYDEOHVHQODViUHDVGHGLVWULEXFLyQGHEULyWRVSRGtDQGHSHQGHUIXQGDPHQWDOPHQWHD ODGHULYDFRQWLQHQWDO\TXHVXDPSOLWXGHUDFRQVHFXHQFLDGH OD DQWLJHGDG GHO JUXSR VREUH OD VXSHUFLH GHO SODQHWD (VWR LPSOLFDUtD ODFRQVHUYDFLyQPRUIROyJLFDGHORVWD[RQHVVLQJUDQLQFLGHQFLDGHIHQyPHQRVGHHVSHFLDFLyQ+b//,1%$&.

3RURWUDSDUWHVHFRQRFHGHVGHKDFHWLHPSRODLPSRUWDQFLDGHODGLVSHUVLyQD ODUJD GLVWDQFLD \D GHVGH REVHUYDFLRQHV GH'$5:,1 DFHUFD GHO SROYRDWPRVIpULFR TXH SUHFLSLWDED HQ HO $WOiQWLFR (Q OD SULPHUD PLWDG GHO VLJOR;;0HLHU FRQ OD D\XGD GHO IDPRVR DYLDGRU &KDUOHV /LQGEHUJK UHVFDWy GHOUHFXEULPLHQWRDFHLWRVRGHSRUWDREMHWRVFRORFDGRVHQXQEUD]RPHFiQLFRLQVWDODGRHQHOH[WHULRUGHODYLyQJUDQQ~PHURGHHVSRUDVJUDQRVGHSROHQ\RUJDQLVPRVXQLFHOXODUHV UHFRJLGRVGXUDQWHXQYXHOR LQWHUFRQWLQHQWDO 0(,(5/,1'%(5*+3RFRGHVSXpV3(77(5621 FRQVLJXLy FXOWLYDU D SDUWLU GH HVSRUDVSUHFLSLWDGDVHQXQDHVWDFLyQPHWHRUROyJLFDQODQGHVDXQPXVJRGHDOWDDQLGDGPHGLWHUUiQHD$ORLQDULJLGDTXHSRVWHULRUPHQWHVHLGHQWLFyFRPRSURFHGHQWHGHOVXUGH(XURSD3(566216LQGXGDODSUHVHQFLDGHHVSHFLHVGHGLVWULEXFLyQELSRODUVHxDODLQVLVWHQWHPHQWHODLPSOLFDFLyQGHIHQyPHQRVGHWUDQVSRUWHDODUJDGLVWDQFLD7DOHVHOFDVRGH$UFWRDIXOYHOODPXVJRSDQKROiUWLFRDOSLQRSUHVHQWHDGHPiVHQ7LHUUDGH)XHJR&KLOH2&+


%(67e%$1(=3e5(=,'5$3(5


%5,),72681$$352;,0$&,1$/$63/$17$67(55(675(6066(1&,//$6

GDWRVRUtVWLFRVGH FLHUWD DQWLJHGDG VHUtDGH LQWHUpV UHSHWLU ORVPXHVWUHRV HQiUHDVHVWXGLDGDVKDFHPiVGHDxRV\UHHYDOXDUODFRPSRVLFLyQRUtVWLFDSDUDGHWHFWDUXQSRVLEOHDXPHQWRGHHVSHFLHVWHUPyODV

&216(59$&,1

/DSUHRFXSDFLyQ FUHFLHQWH SRU OD OODPDGD FULVLV GH OD ELRGLYHUVLGDG HQXQD SDUWH GH OD SREODFLyQ \ PX\ HVSHFLDOPHQWH HQ OD FRPXQLGDG FLHQWtFDKDGHVHPERFDGR HQ ODV ~OWLPDVGpFDGDV HQ HO QDFLPLHQWRGHXQQXHYR FDPSRGH FRQRFLPLHQWRV WHyULFRV \ SUiFWLFRV OD ELRORJtD GH OD FRQVHUYDFLyQ (VWDGLVFLSOLQD WLHQH FRPR REMHWLYRV HVWXGLDU HO LPSDFWR TXH HO VHU KXPDQR HMHUFHHQ OD ELRGLYHUVLGDG GHVDUUROODU PHGLGDV SUiFWLFDV SDUD UHVWDXUDU HFRVLVWHPDV\ FRPXQLGDGHV DPHQD]DGRV SUHYHQLU OD H[WLQFLyQGH ODV HVSHFLHV \ FRQVHUYDUVX YDULDELOLGDG JHQpWLFD 35,0$&. $ SHVDU GH TXH FRPR VDEHPRV ORVEULyWRVHQVXFRQMXQWRUHSUHVHQWDQHOVHJXQGRJUXSRPiVGLYHUVLFDGRGHSODQWDVWHUUHVWUHV\MXHJDQXQSDSHOHFROyJLFRLPSRUWDQWHHOLQWHUpVSRUVXFRQVHUYDFLyQFRPHQ]yDPDQLIHVWDUVHPiVWDUGHTXHSDUDRWURVRUJDQLVPRVVLELHQHQWLHPSRVUHFLHQWHV HVWi H[SHULPHQWDQGR SURJUHVRV PX\ QRWDEOHV +\ODQGHU -216621

7RGRSDUHFHLQGLFDUTXHORVEULyWRVHVWiQGHKHFKRDFXVDQGRJUDYHPHQWHORV LPSDFWRVQHJDWLYRVGHO VHUKXPDQRHQ ODELRVIHUD(QXQDVHOHFFLyQGHSDtVHVGRQGHODRUDEULRItWLFDHVWiUHODWLYDPHQWHELHQFRQRFLGDPXFKRVGHHOORVHXURSHRVXQDSRUFLyQVXVWDQFLDOGHODVHVSHFLHVGHPXVJRV\KHSiWLFDVHVWDUtDQDPHQD]DGDV\HQWUHXQ\XQGH ODVPLVPDVHVWDUtDQ\DH[WLQWDVHQFXDOTXLHUDGHORVSDtVHVFRQVLGHUDGRV(VWDVFLIUDVSXHGHQVHUD~QPiVJUDYHVHQSDtVHVWURSLFDOHV9$1'(532257(1+$//,1*%b&.

$GHPiV OD JUDQ LQXHQFLD TXH WLHQHQ HQ OD ELRORJtD GH ORV EULyWRV ODVFRQGLFLRQHV PLFURFOLPiWLFDV \ VXV SHTXHxDV DOWHUDFLRQHV VH WUDGXFHQ HQ XQDHVSHFLDOVHQVLELOLGDGDORVIDFWRUHVSRWHQFLDOHVGHDPHQD]D&/($9,77

$O LJXDO TXH RFXUUH FRQ RWURV RUJDQLVPRV ODV DPHQD]DV TXH VXIUHQ ORVEULyWRV SXHGHQ VHU GLUHFWDV R LQGLUHFWDV'HQWUR GH HVWDV ~OWLPDV VH LQFOX\HQDTXHOORV IDFWRUHV TXH LQX\HQ HQ OD SpUGLGD R GHWHULRUR GH ORV KiELWDWV \ TXHOyJLFDPHQWH DIHFWDQ D WRGD OD ELRWD TXH YLYH HQ HOORV (Q9$1'(532257(1 +$//,1*%b&.VHRIUHFHXQUHVXPHQGHHVWXGLRVGHOHIHFWRGHHVWHWLSRGHSHUWXUEDFLRQHVHQORVEULyWRVTXHDEDUFDQODURWXUDFLyQGHOWHUUHQRSDUDVXXVRDJUtFRODODH[SORWDFLyQIRUHVWDOODDFXPXODFLyQGHFRQWDPLQDQWHVODH[WUDFFLyQGHWXUED\HOFDPELRFOLPiWLFR

/DV DPHQD]DV GH WLSR GLUHFWR HVSHFtFDV GH ORV EULyWRV VXHOHQ HVWDUUHODFLRQDGDV FRQ OD UHFROHFFLyQ GH PXVJRV FRQ QHV FRPHUFLDOHV XVR FRPRVXVWUDWR HQ MDUGLQHUtD \ KRUWLFXOWXUD */,0( E R SRU VX IUHFXHQWH XVRGHFRUDWLYRHQYDULRVSDtVHVHVSHFLDOPHQWHSDUDODFRQIHFFLyQGHEHOHQHV(VWDVDFWLYLGDGHVSXHGHQ VHUPX\GHVWUXFWLYDV /$55$1 3RU HVWHPRWLYR HQSDtVHVFRPR0p[LFR(FXDGRU*XDWHPDODR&RORPELDKD\FDPSDxDVSDUDHYLWDUODUHFROHFFLyQ\HOFRPHUFLRGHEULyWRVHQIHFKDVQDYLGHxDV'(/81$(Q(VSDxDGRQGHWDPELpQVHSURGXFHQHVWDVUHFROHFFLRQHVQRKD\HVWXGLRVTXHYDORUHQHOLPSDFWRUHDOTXHWLHQHHVWHXVRHQODVSREODFLRQHVGHEULyWRV/$5$HWDO&RQHOSURSyVLWRGHGDUDFRQRFHUODLPSRUWDQFLDHFROyJLFDGHORVEULyWRVDODSREODFLyQ\HYLWDUODUHFROHFFLyQLQGLVFULPLQDGDVHKDQOOHYDGRDFDERDOJXQDVH[SHULHQFLDVHGXFDWLYDVGHVWLQDGDVDODSREODFLyQ/(1866+1(5+D\TXHGHVWDFDU DGHPiVTXHXQDSDUWH GH OD FRPXQLGDGGH EULyORJRV


%(67e%$1(=3e5(=,'5$3(5


%5,),72681$$352;,0$&,1$/$63/$17$67(55(675(6066(1&,//$6

TXHWHQHUPX\HQFXHQWDTXHDPHQXGRORVSDWURQHVJHRJUiFRVGHELRGLYHUVLGDGTXHVHGDQHQJUXSRVGHSODQWDVPHMRUFRQRFLGRVQRVLHPSUHFRLQFLGHQFRQORVGHORVEULyWRV125'e1HWDO3RURWUDSDUWHODVDFWXDFLRQHVGHFRQVHUYDFLyQH[VLWXTXHSXHGHQUHSUHVHQWDU OD~OWLPDVROXFLyQSDUDHVSHFLHVDOERUGHGH ODH[WLQFLyQWDPELpQSXHGHDSOLFDUVHDORVEULyWRV52:175((5$06$


%(67e%$1(=3e5(=,'5$3(5


%5,),72681$$352;,0$&,1$/$63/$17$67(55(675(6066(1&,//$6

SHQLQVXODU /D IDPLOLD5LFFLDFHDH VHJXQGD HQ GLYHUVLGDG FRQ VXV HVSHFLHVDFHSWDGDVDOEHUJDKHSiWLFDVWDORVDVDOJXQDVGHODVFXDOHVHVWiQELHQDGDSWDGDVD DPELHQWHV PHGLWHUUiQHRV PLHQWUDV TXH OD IDPLOLD 6FDSDQLDFHDH FRQ VHHQFRQWUDUtDHQWHUFHUOXJDU

3RU~OWLPRVHKDQFLWDGRVHLVHVSHFLHVGHDQWRFHURWDVHQHOWHUULWRULRORTXHFRQVWLWX\HODSUiFWLFDWRWDOLGDGGHODVTXHVHSXHGHQHQFRQWUDUHQOD5HJLyQ0HGLWHUUiQHD526HWDO

&RPR VH KD PHQFLRQDGR HV GH HVSHUDU TXH HVWDV FLIUDV GHEDQ VHUDFWXDOL]DGDVHQPX\SRFRWLHPSRGHELGRDOLPSRUWDQWHHVIXHU]RTXHOOHYDQDFDERORVHVSHFLDOLVWDVSDUDFRQRFHUODGLYHUVLGDGEULROyJLFDGHOD3HQtQVXODTXHVLELHQ\DHVPX\GHVWDFDEOHHQVXFRQWH[WRFRQWLQHQWDO YpDVHSRUHMHPSOR0$*,//VLQOXJDUDGXGDVHVWiLQVXFLHQWHPHQWHFRQRFLGDHVSHFLDOPHQWHDQLYHOHVUHJLRQDOHV$VtQRHVUDURTXHVHFLWHQHVSHFLHVPX\FRPXQHVFRPRQRYHGDGHVFRUROyJLFDV HQ SURYLQFLDV LQVXFLHQWHPHQWH HVWXGLDGDV /81$ (67e%$1(=HLQFOXVRHQRWUDVFX\DRUDHVWiVXSXHVWDPHQWHELHQFRQRFLGD$PRGRGHHMHPSOR/$5$HWDOUHFRSLODQHQOD&RPXQLGDGGH0DGULGHVSHFLHVGHPXVJRVORTXHODVLWXDUtDHQWUHODVSURYLQFLDVPHMRUHVWXGLDGDVGH(VSDxD\VLQHPEDUJRODJUDQPD\RUtDGHHVWDVFLWDVSURFHGHQGHXQQ~PHURPX\UHGXFLGRGHORFDOLGDGHVPLHQWUDVTXHTXHGDQJUDQGHVH[WHQVLRQHVGHOD]RQDVLQDSHQDVFLWDVEULROyJLFDVHLQFOXVRQLQJXQDHQDEVROXWR8QHVWXGLRSRVWHULRUHQXQDGHHVDViUHDVPDGULOHxDVVLQSURVSHFWDU9,//$9(5'(HWDOVHWUDGXMRHQXQFDWiORJRGHHVSHFLHVGHEULyWRVGHODVFXDOHVHUDQQRYHGDGHVFRUROyJLFDVSDUDODSURYLQFLDGH0DGULGFRUURERUDQGRORQHFHVDULRTXHHVXQHVIXHU]RGHPXHVWUHRLQWHQVR LQFOXVR HQ ODV UHJLRQHV VXSXHVWDPHQWH \D HVWXGLDGDV SDUD UHYHODU HOYDORUGHODGLYHUVLGDGEULROyJLFDLEpULFD3ODQWHDPLHQWRVPiVVRVWLFDGRVFRPRODHVWLPDFLyQGHODULTXH]DHVSHFtFDPHGLDQWHXVRGHPRGHORVSUHGLFWLYRVHJ

)LJXUD)DPLOLDVGHPXVJRVPHMRUUHSUHVHQWDGDVHQOD3HQtQVXODFLIUDVQ~PHURGHHVSHFLHVSUHVHQWHVHQHVWHWHUULWRULR

0RVVIDPLOLHVEHVWUHSUHVHQWHGLQWKH,EHULDQ3HQLQVXODQXPEHUJXUHVQXPEHURIVSHFLHVSUHVHQWLQWKHWHUULWRU\LQHDFKIDPLO\


%(67e%$1(=3e5(=,'5$3(5


%5,),72681$$352;,0$&,1$/$63/$17$67(55(675(6066(1&,//$6

WHRUtDGHODVVLJQDWXUDVTXHVHEDVDHQVHPHMDQ]DGHODSODQWDFRQHOyUJDQRDIHFWDGRRHODJHQWHGHODHQIHUPHGDGH[SOLFDHOWUDGLFLRQDOXVRGH0DUFKDQWLDSDUDHQIHUPHGDGHVGHOKtJDGR0,//(50,//(5SRUVXVHPHMDQ]DFRQORV OyEXORV GH HVWD YtVFHUD GH DKt HO QRPEUH FRP~Q GH KHSiWLFDV 2WUDVYHFHV HO IXQGDPHQWR GHO WUDWDPLHQWR WUDGLFLRQDO HV HQ FDPELR XQ FRPSXHVWRFRQ DFWLYLGDG ELROyJLFD GHPRVWUDEOH (Q HO PXVJR 5KRGREU\XP JLJDQWHXPXVDGRGHVGHDQWLJXRFRPRPHGLFLQDOHQ&KLQDVHKDQKDOODGRDFHLWHVHVHQFLDOHVODFWRQDV\DPLQRiFLGRVFRQHIHFWRVHQHOVLVWHPDFDUGLRYDVFXODU:8/RVHVWXGLRVGH638-7HWDOVREUHPiVGHHVSHFLHVLGHQWLFDURQFRQDFWLYLGDG DQWLFDQFHUtJHQD \ OD UHYLVLyQGH$6$.$:$ WUDV HVWXGLDUPiVGHHVSHFLHVFRQFOX\HTXHODPD\RUtDGHODVKHSiWLFDVWLHQHQFRPSXHVWRVELROyJLFDPHQWH DFWLYRV OR TXH LQFOX\H DFWLYLGDG DQWLYtULFD DQWLEDFWHULDQDDQWLI~QJLFD\DQWLWXPRUDOHQWUHRWUDVSURSLHGDGHV

(QRFDVLRQHVORVHIHFWRVPHGLFLQDOHVVRQLQGLUHFWRV\SRQHQGHPDQLHVWRODVFRPSOHMDVLQWHUUHODFLRQHVHQWUHORVEULyWRV\RWURVRUJDQLVPRV/DVDJDOODVGH ODDQJLRVSHUPD5KXV MDYDQLFD FRQVWLWX\HQXQD IXHQWHGH WDQLQRVXVDGRVHQ&KLQDWDQWRHQPHGLFLQDFRPRHQLQGXVWULD0,1/21*721(VWDVDJDOODVVRQFDXVDGDVSRUXQDHVSHFLHGHiGRV6FKOHFKWHQGDOLDFKLQHQVLVTXHQHFHVLWDUHIXJLDUVHHQPXVJRVGHOJpQHUR3ODJLRPQLXPRVLPLODUHVSDUDSDVDUHOLQYLHUQR(O FRQRFLPLHQWR GH HVWH IHQyPHQR SURSLFLy OD FUtD LQGXVWULDO GH HVWRV iGRVHPSOHDQGRPXVJRVSDUDIDYRUHFHUODSURGXFFLyQGHDJDOODV7$1*

$OJXQRVHIHFWRVHQFDPELRVRQSHUMXGLFLDOHVGHVWDFDQSRUVXIUHFXHQFLDORV DOHUJpQLFRV $XQTXH HQWUH ODV KHSiWLFDV )UXOODQLD HV HO JpQHUR PiVFRQRFLGDPHQWHSUREOHPiWLFRVHKDQLGHQWLFDGRDOPHQRVHVSHFLHVPiVFRQHVWRVHIHFWRV$6$.$:$HWDO(QFXDOTXLHUFDVRWDQWRSRUODQRYHGDG\GLYHUVLGDG HVWUXFWXUDO GH FRPSXHVWRVKDOODGRV FRPRSRU VXV DSOLFDFLRQHV D~QSRFRLQYHVWLJDGDVODWRTXtPLFDGHEULyWRVHVXQFDPSRGHHVWXGLRSURPHWHGRU

$XQTXH DPHQXGR VH FRQVLGHUDQ PDODV KLHUEDV \ VH YHQGHQ SURGXFWRVSDUDHOLPLQDUORVHOYDORUHVWpWLFRGHORVEULyWRVWDPELpQKDVLGRDSUHFLDGRHQDOJXQDVFXOWXUDVHVSHFLDOPHQWHHQ-DSyQGRQGHDGHPiVGHFRQWDUFRQMDUGLQHVWUDGLFLRQDOHVGRQGHORVPXVJRVHVSHFLDOPHQWHMXHJDQXQSDSHOHVHQFLDODSDUHFHQKDELWXDOPHQWHHQODOLWHUDWXUDHLQFOXVRHQHOKLPQRQDFLRQDO$1'20$76820iVUHFLHQWHPHQWHWDPELpQHQ2FFLGHQWHVHKDH[WHQGLGRHOFXOWLYRGHEULyWRVFRPRRUQDPHQWDOHV6&+(1.([LVWHQHQODDFWXDOLGDGFRPSDxtDVGHGLFDGDVDOFXOWLYRLQGXVWULDOGHEULyWRVSDUDVXXVRHQFLXGDGHVSRUHMHPSORHQODVD]RWHDVGHORVHGLFLRVFRQHOQGHDXPHQWDUODVVXSHUFLHVYHUGHVXUEDQDV6LQ iQLPR SURSDJDQGtVWLFR QL LQWHUHVHV GH QLQJXQD FODVH SRGHPRVPHQFLRQDUFRPRHMHPSOR0RVV)DUPHQ-DSyQKWWSZZZPRVVIDUPMSR0RVV$FUHVHQ(VWDGRV8QLGRVKWWSZZZPRVVDFUHVFRP

(Q (VSDxD \ /DWLQRDPpULFD VRQPiV FRQRFLGRV RWURV XVRV RUQDPHQWDOHVUHODFLRQDGRVFRQODGHFRUDFLyQGHEHOHQHV3DUDWUDWDUVHGHSODQWDVKDELWXDOPHQWHFRQVLGHUDGDV FRPR WRGDV LJXDOHV ORV HVWXGLRV UHDOL]DGRV DO UHVSHFWR /$5$HW DO 6$/$=$5$//(1 PXHVWUDQ XQD VRUSUHQGHQWH GLYHUVLGDG GHHVSHFLHV HPSOHDGDV LQFOXVR VHOHFWLYDPHQWH


%(67e%$1(=3e5(=,'5$3(5


%5,),72681$$352;,0$&,1$/$63/$17$67(55(675(6066(1&,//$6

5HDOL]DUXQDHQXPHUDFLyQH[KDXVWLYDGHRWUDVDSOLFDFLRQHVHVWi IXHUDGHODOFDQFHGHHVWHWUDEDMR3DUDSRQHUGHPDQLHVWRODYLWDOLGDGGHODEULRORJtDHQOD3HQtQVXODEDVWDUtDVHxDODUTXHKD\DOPHQRVJUXSRVGHLQYHVWLJDFLyQDFWLYRVGHVDUUROODQGR SUR\HFWRV UHODWLYRV HQ XQD JUDQ YDULHGDG GH OtQHDV WD[RQRPtDHFRORJtD ELRJHRJUDItD ELRLQGLFDFLyQ PRUIRORJtD IXQFLRQDO ELRWHFQRORJtD\ FRQVHUYDFLyQ'H VHU XQD UDPDPHQRU GH OD%RWiQLFD HQ OD DFWXDOLGDG HVWiSDVDQGR DO SULPHU SODQR \ DXPHQWD VX SUHVHQFLD \ UHOHYDQFLD WDQWR HQ RWURVFDPSRV FLHQWtFRV FRPR HQ HO FRQMXQWR GH OD VRFLHGDG TXH HPSLH]D D WRPDUFRQFLHQFLDGHODLPSRUWDQFLDHQODELRVIHUDGHOJUXSRGHSODQWDVYLYLHQWHVPiVDQWLJXRVREUHHOSODQHWD

%,%/,2*5$)$

$%2$/ -5 )(511'(= -$ %248(7(7&$5%$//(,5$$ ,V LW SRVVLEOH WRHVWLPDWHDWPRVSKHULFGHSRVLWLRQRIKHDY\PHWDOVE\DQDO\VLVRIWHUUHVWULDOPRVVHV"6FLHQFHRI7KH7RWDO(QYLURQPHQW

$'$06 '* '8**$1 36 &\DQREDFWHULDEU\RSK\WH V\PELRVLV -RXUQDO RI([SHULPHQWDO%RWDQ\

$.$,-$.$,.,7201$.$1260$.,


%(67e%$1(=3e5(=,'5$3(5


%5,),72681$$352;,0$&,1$/$63/$17$67(55(675(6066(1&,//$6

UHODWLRQVKLSV DPRQJ WKHGLSOROHSLGHRXVDOWHUQDWHPRVVHV %U\LGDH LQIHUUHG IURPQXFOHDUDQGFKORURSODVW'1$VHTXHQFHV7KH%U\RORJLVW

&2;&-*2)),1(7%:,&.(771-%2/(66%6+$:$-0RVVGLYHUVLW\DPROHFXODUSK\ORJHQHWLFDQDO\VLVRIJHQHUD3K\WRWD[D

&5$1'$//6727/(5 % 6727/(5 5( 0RUSKRORJ\ DQG FODVVLFDWLRQRI WKH0DUFKDQWLRSK\WD ,Q$ - 6+$:%*2)),1(7 ('6%U\RSK\WH ELRORJ\ SiJV&DPEULGJH8QLYHUVLW\3UHVV&DPEULGJH

&5$1'$//6727/(5%0RUSKRORJ\DQDWRP\RIKHSDWLFVDQGDQWKRFHURWHV,Q:6&+8/7=(027(/(G$GYDQFHVLQ%U\RORJ\

&5$1'$//6727/(5 % 0RUSKRORJ\ DQG FODVVLFDWLRQ RI WKH 0DUFKDQWLRSK\WD,Q*2)),1(7 % 6+$:$- (GV%U\RSK\WH ELRORJ\ QG HGLWLRQ SiJV &DPEULGJH8QLYHUVLW\3UHVV&DPEULGJH

&521%(5* 1 1$7&+(9$ 5 +('/81' . 0LFURDUWKURSRGV PHGLDWH VSHUPWUDQVIHULQPRVVHV6FLHQFH

&580 +$ 6WUXFWXUDO GLYHUVLW\ RI EU\RSK\WHV SiJV 7KH 8QLYHUVLW\ RI0LFKLJDQ+HUEDULXP$QQ$UERU

'$5:,1&$QDFFRXQWRIWKHQHGXVWZKLFKRIWHQIDOOVRQYHVVHOVLQWKH$WODQWLF2FHDQ4XDUWHUO\-RXUQDORIWKH*HRORJLFDO6RFLHW\

'$9(&RQVXOWD@

'(48(,52=.6SHFLHVFRQFHSWVDQGVSHFLHVGHOLPLWDWLRQ6\VWHPDWLF%LRORJ\

'( /$6+(5$6 -*8(55$ -+(55$1= -0 %U\RSK\WH FRORQL]DWLRQRI VRLOVGDPDJHGE\UHLQ6RXWK(DVW6SDLQDSUHOLPLQDU\UHSRUWRQG\QDPLFV-%U\RO

'(/8&$7+=$&.5,66212*(17,/,)6(//67('7$1,/66210&(FRV\VWHPFRQWUROVRQQLWURJHQ[DWLRQLQERUHDOIHDWKHUPRVVFRPPXQLWLHV2HFRORJLD

'(/e3e(5328/,48(1+/(%5,6+7KHEU\RSK\WH)RQWLQDOLVDQWLS\UHWLFD+HGZ ELRDFFXPXODWHV R[\WHWUDF\FOLQH XPHTXLQH DQG R[ROLQLF DFLG LQ WKHIUHVKZDWHUHQYLURQPHQW6FL7RWDO(QYLURQ

',&.621-+%257(16&+/$*(562(**/.325/(


%(67e%$1(=3e5(=,'5$3(5


%5,),72681$$352;,0$&,1$/$63/$17$67(55(675(6066(1&,//$6

&DQDGD7KH%U\RORJLVW*/,0(-0F(FRQRPLFDQGHWKQLFXVHVRIEU\RSK\WHVYRO,Q)/25$2)1257+

$0(5,&$(',725,$/&200,77(((GV)ORUDRI1RUWK$PHULFD1RUWKRI0H[LFRSiJV)ORUDRI1RUWK$PHULFD$VVRFLDWLRQ1XHYD&RQVXOWD@

*/,0(-0E%U\RSK\WHHFRORJ\9RO8VHV0LFKLJDQ7HFKQRORJLFDO8QLYHUVLW\DQGWKH,QWHUQDWLRQDO$VVRFLDWLRQRI%U\RORJLVWVKWWSZZZEU\RHFROPWXHGX!>&RQVXOWD@

*2)),1(7%&225'7KH*RIQHW/DE&ODVVLFDWLRQRI WKH%U\RSK\WDKWWSZZZHHEXFRQQHGXSHRSOHJRIQHW&ODVVLFDWLRQPRVVHVKWPO!>&RQVXOWD@

*2)),1(7%%8&.:56+$:$-0RUSKRORJ\DQDWRP\DQGFODVVLFDWLRQRIWKH%U\RSK\WD,Q*2)),1(7%6+$:$-(GV%U\RSK\WHELRORJ\SiJV&DPEULGJH8QLYHUVLW\3UHVV&DPEULGJH

*5$'67(,1659,77'+$1'(5621567KHHSL]RLFRFFXUUHQFHRI'DOWRQLDDQJXVWLIROLD0XVFLLQ3DSXD1HZ*XLQHD&U\SRWRJDPLH

*5$+$0/(/::,/&2;7KHRFFXUUHQFHDQGSK\ORJHQHWLFVLJQLFDQFHRISXWDWLYHSODFHQWDO WUDQVIHUFHOOV LQ WKHJUHHQDOJD&ROHRFKDHWH$PHU-%RW

*5$+$0/(&22.0(+$1621'73,**.%*5$+$0-06WUXFWXUDOSK\VLRORJLFDO DQG VWDEOH FDUERQ LVRWRSLF HYLGHQFH WKDW WKH HQLJPDWLF SDOHR]RLFIRVVLO3URWRWD[LWHVIRUPHGIURPUROOHGOLYHUZRUWPDWV$PHULFDQ-RXUQDORI%RWDQ\

*5,0(-3(YLGHQFHIRUWKHH[LVWHQFHRIWKUHHSULPDU\VWUDWHJLHVLQSODQWVDQGLWVUHOHYDQFHWRHFRORJLFDODQGHYROXWLRQDU\WKHRU\$PHU1DW

*5,0(-35,1&1(5:,&.(5621%(%U\RSK\WHVDQGSODQWVWUDWHJ\WKHRU\-/LQQ6RF%RW

*8(55$-&52650&RRUGV)ORUD%ULRItWLFD,EpULFD8QLYHUVLGDGGH0XUFLD\6RFLHGDG(VSDxRODGH%ULRORJtD0XUFLD

*8(55$-&$120-52650(GV)ORUD%ULRItWLFD,EpULFD9ROXPHQ,,,3RWWLDOHV(QFDO\SWDOHVSiJV8QLYHUVLGDGGH0XUFLD\6RFLHGDG(VSDxRODGH%ULRORJtD0XUFLD

*8(55$ -*$//(*207 -,0e1(= -$&$120- %U\XP ,Q*8(55$ -%58*8e60&$120-&52650(GV)ORUD%ULRItWLFD ,EpULFD9ROXPHQ,9 )XQDULDOHV 6SODFKQDOHV 6FKLVWRVWHJDOHV %U\DOHV 7LPPLDOHV SiJV8QLYHUVLGDGGH0XUFLD\6RFLHGDG(VSDxRODGH%ULRORJtD0XUFLD

*8(55$ - -,0e1(=0$571(= - ) -,0e1(= -$ 1HFNHUD EDHWLFD VS QRY1HFNHUDFHDH%U\RSK\WD1RYD+HGZLJLD

*811,1*%(63$7(-6%5,$57


%(67e%$1(=3e5(=,'5$3(5&RQVXOWD@

,8&1 *XLGHOLQHV IRU DSSO\LQJ WKH SUHFDXWLRQDU\ SULQFLSOH WR ELRGLYHUVLW\FRQVHUYDWLRQ DQG QDWXUDO UHVRXUFH PDQDJHPHQW KWWSFPVGDWDLXFQRUJGRZQORDGVOQBSSJXLGHOLQHVSGI!>&RQVXOWD@

,+/&%$5%2=$361XWULWLRQDOYDOXHRIPRVVIRUDUFWLFUXPLQDQWVDWHVWZLWKPXVNR[HQ-RXUQDORI:LOGOLIH0DQDJHPHQW

,1)$17(0+(5$63%U\RSK\WHV LQ WKH6SDQLVKODZ%ROHWtQGHOD6RFLHGDG(VSDxRODGH%ULRORJtD

.$52/.*0&&285750&,0,1207'(/:,&+(&) 7KH FORVHVW OLYLQJUHODWLYHVRIODQGSODQWV6FLHQFH

.(519'6&+:8&+2:-05(('':1$'($8-$/8&$6-6.5,31,.29$


%5,),72681$$352;,0$&,1$/$63/$17$67(55(675(6066(1&,//$6

6$&.)'*UDYLWURSLFPRVVFHOOVGHIDXOWWRVSLUDOJURZWKRQWKHFOLQRVWDWDQGLQPLFURJUDYLW\GXULQJVSDFHLJKW3ODQWD

.(519'60,7+-'6&+:8&+2:-06$&.)'$P\ORSODVWVWKDWVHGLPHQWLQSURWRQHPDWDRIWKHPRVV&HUDWRGRQSXUSXUHXVDUHQRQUDQGRPO\GLVWULEXWHGLQPLFURJUDYLW\3ODQW3K\VLRO

.,00(5(5 5:


%(67e%$1(=3e5(=,'5$3(5


%5,),72681$$352;,0$&,1$/$63/$17$67(55(675(6066(1&,//$6

08f2=-+(63$1+2/+&(=1.6e1(&$$*ULPPLDKRUULGD*ULPPLDFHDH

DQHZVSHFLHVIURPWKH,EHULDQ3HQLQVXOD7KH%U\RORJLVW1(+,5$ . 6SRUH JHUPLQDWLRQ SURWRQHPDWD GHYHORSPHQW DQG VSRUHOLQJ

GHYHORSPHQW,Q506&+867(5(G1HZPDQXDORIEU\RORJ\9ROSiJV7KH+DWWRUL%RWDQLFDO/DERUDWRU\1LFKLQDQ-DSyQ

1(,'+$57 +9 &RPSDUDWLYH VWXGLHV RI VSRURJHQHVLV LQ EU\RSK\WHV ,Q*&6&/$5.(-2'8&.(77('6%U\RSK\WHV\VWHPDWLFVSiJV/RQGUHV5HLQR8QLGR

125'e1%3$/772+*g70$5.:$//,1.,QGLFDWRUVRIELRGLYHUVLW\ZKDWGR WKH\ LQGLFDWH" /HVVRQV IRU FRQVHUYDWLRQ RI FU\SWRJDPV LQ RDNULFK IRUHVW%LRORJLFDO&RQVHUYDWLRQ

2&+


%(67e%$1(=3e5(=,'5$3(5


%5,),72681$$352;,0$&,1$/$63/$17$67(55(675(6066(1&,//$6

/RQGUHV5HLQR8QLGR6&+2),(/':%%U\RSK\WHGLVMXQFWLRQVLQWKHQRUWKHUQKHPLVSKHUH(XURSHDQG

1RUWK$PHULFD%RWDQLFDO-RXUQDORIWKH/LQQHDQ6RFLHW\6&+8(77(65(1=$*/,$.6'HYHORSPHQWRIPXOWLFHOOXODUVSRUHVLQWKHKRUQZRUW

JHQXV'HQGURFHURV 'HQGURFHURWDFHDH$QWKRFHURWRSK\WDDQG WKHRFFXUUHQFHRIHQGRVSRU\LQEU\RSK\WHV1RYD+HGZLJLD

6&+867(5 50 (G 1HZ PDQXDO RI EU\RORJ\ YRO SiJV 7KH +DWWRUL%RWDQLFDO/DERUDWRU\1LFKLQDQ0L\D]DNL-DSyQ

6&+867(550(G1HZPDQXDORIEU\RORJ\YROSiJV7KH+DWWRUL%RWDQLFDO/DERUDWRU\1LFKLQDQ0L\D]DNL-DSyQ

6e5*,2&%58*8e60&52650&$6$6&*$5&,$&7KH5HG/LVWRIEU\RSK\WHVRI,EHULDQ3HQLQVXOD3RUWXJDO6SDLQDQG$QGRUUD/LQGEHUJLD

6e5*,2&&$6$6&%58*8e60&52650/LVWD9HUPHOKDGRVEULyWRVGD3HQtQVXOD ,EpULFD5HG/LVW RI EU\RSK\WHV RI WKH ,EHULDQ3HQLQVXODSiJV,QVWLWXWR GD&RQVHUYDomR GD1DWXUDOH]D0XVHX/DERUDWyULR H -DUGLP%RWDQLFR8QLYHUVLGDGHGH/LVERD/LVERD

6e5*,2&6,06,00/86/$WULFKXPDQGURJ\QXP0OO+DO$-DHJHULQ 3RUWXJDO$]RUHV DQG0DGHLUD QHZ WR WKH (XURSHDQ EU\RRUD&U\SWRJDPLH%U\RORJLH

6+$: $- 5(1=$*/,$ .6 3K\ORJHQ\ DQG GLYHUVLFDWLRQ RI EU\RSK\WHV$PHULFDQ-RXUQDORI%RWDQ\

6+$: $- %U\RSK\WH VSHFLHV DQG VSHFLDWLRQ ,Q *2)),1(7 % 6+$: $-(GV%U\RSK\WHELRORJ\QG HGLWLRQ SiJV&DPEULGJH8QLYHUVLW\3UHVV&DPEULGJH5HLQR8QLGR

6+,0$085$ 0 %52:1 5& /(0021 %($.$6+, 7 0,=812 . 1,6+,+$5$ 1720,=$:$.,


%(67e%$1(=3e5(=,'5$3(5


%5,),72681$$352;,0$&,1$/$63/$17$67(55(675(6066(1&,//$6

:8 3& 5KRGREU\XP JLJDQWHXP 6FKZDHJU 3DU FDQ EH XVHG IRU FXULQJFDUGLRYDVFXODUGLVHDVH$FWD3K\WRWD[6LQ

briofitas

Documents

350hpruldv56rfvs lvw1dwps

hopqvw hsiwlfdv0xvjrv