Download GE PHB920SFSS Use and Care Manual
Transcript
)UHH6WDQGLQJ6OLGH,QDQG'URS,Q,QGXFWLRQ 5DQJHV *($SSOLDQFHVFRP 6DIHW\,QVWUXFWLRQV ² 2ZQHU·V0DQXDO 2SHUDWLQJ,QVWUXFWLRQV .LWFKHQ7LPHU 1H[W6WHS&RQWURO 2YHQ ² $GMXVW2YHQ7KHUPRVWDW %DNLQJRU5RDVWLQJ %URLOLQJ%URLOLQJ*XLGH &RQWUROV &RQYHFWLRQ2YHQ 3UHKHDWLQJDQG3DQ3ODFHPHQW 3UREH 6DEEDWK)HDWXUH 6HOI&OHDQLQJ 6ORZ&RRNDQG:DUPLQJ)HDWXUHV 6SHFLDO)HDWXUHV 6WHDP&OHDQ 7LPHG%DNLQJDQG5RDVWLQJ :DUPLQJ'UDZHU 6XUIDFH8QLWV ² &RRNZDUH *ODVV&RRNWRS :DUPLQJ=RQH &DUHDQG&OHDQLQJ $OXPLQXP)RLO &RQWURO3DQHO *ODVV&RRNWRS /LIW2II2YHQ'RRU /LJKW 2YHQ)ORRU 2YHQ+HDWLQJ(OHPHQWV 5DFNV 5HPRYDEOH:DUPLQJ'UDZHU'UDZHU3DQ 6WRUDJH'UDZHU 6XUIDFHV 9HQW 7URXEOHVKRRWLQJ7LSV $FFHVVRULHV &RQVXPHU6XSSRUW &RQVXPHU6XSSRUW %DFN&RYHU :DUUDQW\ (VSDxRO )RUD6SDQLVKYHUVLRQRIWKLVPDQXDOYLVLW :ULWHWKHPRGHODQGVHULDO RXU:HEVLWHDW*($SSOLDQFHVFRP QXPEHUVKHUH 3DUDFRQVXOWDUXQDYHUVLRQHQHVSDx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ip-Over Hazard EUDFNHW6HHLQVWDOODWLRQLQVWUXFWLRQV A child or adult can tip the range and be killed. VKLSSHGZLWKWKHEUDFNHWIRU Verify the anti-tip bracket has been properly installed FRPSOHWHGHWDLOVEHIRUHDWWHPSWLQJ and engaged. WRLQVWDOO Ensure the anti-tip bracket is re-engaged when the range is moved. )RU)UHHVWDQGLQJDQG6OLGH,Q 5DQJHV Do not operate the range without the anti-tip bracket in place and engaged. 7RFKHFNLIWKHEUDFNHWLVLQVWDOOHG Failure to follow these instructions can result in death or DQGHQJDJHGSURSHUO\ORRN serious burns to children or adults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ountertop or 7RFKHFNLIWKHEUDFNHWLVLQVWDOOHGDQGHQJDJHGSURSHUO\VOLGHWKHUDQJH Wood Block IRUZDUGFRQILUPWKHDQWLWLSEUDFNHWLVVHFXUHO\DWWDFKHGWRWKHUHDURIWKH UDQJHDQGVOLGHWKHUDQJHEDFNVRWKDWWKHDQWLWLSEUDFNHWVOLGHVMXVWXQGHU WKHFRXQWHUWRSRUZRRGEORFNDWWDFKHGWRWKHUHDUZDOO ,I\RXGLGQRWUHFHLYHDQDQWLWLSEUDFNHWZLWK\RXUSXUFKDVHFDOO WRUHFHLYHRQHDWQRFRVWLQ&DQDGDFDOO )RULQVWDOODWLRQLQVWUXFWLRQVRIWKHEUDFNHWYLVLW*($SSOLDQFHVFRPLQ Anti-Tip &DQDGD*($SSOLDQFHVFD Bracket Oven Rear Wall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·V0DQXDO %HVXUH\RXUDSSOLDQFHLVSURSHUO\LQVWDOOHGDQGJURXQGHGE\D TXDOLILHGLQVWDOOHULQDFFRUGDQFHZLWKWKHSURYLGHGLQVWDOODWLRQ LQVWUXFWLRQV 'RQRWDWWHPSWWRUHSDLURUUHSODFHDQ\SDUWRI\RXUUDQJHXQOHVV LWLVVSHFLILFDOO\UHFRPPHQGHGLQWKLVPDQXDO$OORWKHUVHUYLFLQJ VKRXOGEHWUDQVIHUUHGWRDTXDOLILHGWHFKQLFLDQ %HIRUHSHUIRUPLQJDQ\VHUYLFHXQSOXJWKHUDQJHRUGLVFRQQHFW WKHSRZHUVXSSO\DWWKHKRXVHKROGGLVWULEXWLRQSDQHOE\UHPRYLQJ WKHIXVHRUVZLWFKLQJRIIWKHFLUFXLWEUHDNHU 'RQRWOHDYHFKLOGUHQDORQH³FKLOGUHQVKRXOGQRWEHOHIWDORQH RUXQDWWHQGHGLQDQDUHDZKHUHDQDSSOLDQFHLVLQXVH7KH\ VKRXOGQHYHUEHDOORZHGWRFOLPEVLWRUVWDQGRQDQ\SDUWRIWKH DSSOLDQFH &$87,21 'RQRWVWRUHLWHPVRILQWHUHVWWRFKLOGUHQ DERYHDUDQJHRURQWKHEDFNJXDUGRIDUDQJH³FKLOGUHQFOLPELQJ RQWKHUDQJHWRUHDFKLWHPVFRXOGEHVHULRXVO\LQMXUHG 8VHRQO\GU\SRWKROGHUV³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³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·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òòDQG XSWR+ 3RZHU/HYHO´/µWKHORZHVWVHWWLQJLV UHFRPPHQGHGIRU´.HHS:DUPµ 7KHSRZHUOHYHOZLWKDIUDFWLRQ LQGLFDWHVWKHDGGLWLRQDO 7KHSRZHUOHYHOLQFUHDVHVRQHKDOIOHYHOZLWK KDOIVWHSVHWWLQJ<RXPD\ HDFKWRXFK KHDUFOLFNLQJVRXQGVLQGLFDWLQJ WKHFRQWUROLVPDLQWDLQLQJ\RXU GHVLUHGVHWWLQJ 6LQJOH6XUIDFH8QLW³&RRN6HWWLQJV 7RWXUQRQDVLQJOHVXUIDFHXQLW 7RXFKWKH212))SDGWKHQWRXFKWKH ²SDG 8VHWKH²SDGWRFKRRVHWKHGHVLUHG SRZHUVHWWLQJ 7RWXUQRIIDVLQJOHVXUIDFHXQLWWRXFKWKH 212))SDGDJDLQ 7RXVHWKH0HOWIHDWXUH 7RXFKWKH212))SDGWKHQWRXFK0(/7 7KHHOHPHQWZLOODXWRPDWLFDOO\VHWWRD SUHGHWHUPLQHGVHWWLQJ Power Boil 7RXVHWKH3RZHU%RLOIHDWXUH 7RXFKWKH212))SDGWKHQWRXFK3RZHU %RLO7KHHOHPHQWZLOODXWRPDWLFDOO\VHWWRD SUHGHWHUPLQHGVHWWLQJ 7RXVHWKH6LPPHUIHDWXUH 7RXFKWKH212))SDGWKHQWRXFK6,00(5 7KHHOHPHQWZLOODXWRPDWLFDOO\VHWWRD SUHGHWHUPLQHGVHWWLQJ$GMXVWXVLQJWKH²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³WKHJODVVLVVFUDWFKUHVLVWDQW QRWVFUDWFKSURRI 'RQ·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µ0LQ 'LD3DQ 6L]H µ0LQ 'LD3DQ 6L]H µ 0LQ'LD 3DQ6L]H µ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´1RLVHµ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´/RF2Q/RFµ 7RXQORFNWKHFRQWUROWRXFKDQGKROGWKH &RQWURO/RFNRXWSDGIRUVHFRQGV7KH RYHQGLVSOD\ZLOOVKRZ´/RF2))/RFµ :KHQWKLVIHDWXUHLVRQWKHWRXFKSDGVZLOOQRW UHVSRQGH[FHSWIRUWKH&OHDU2IISDG 8VLQJWKHRYHQ 7RDYRLGSRVVLEOHEXUQVSODFHWKHUDFNVLQWKHGHVLUHGSRVLWLRQEHIRUH\RXWXUQRQWKHRYHQ %HIRUH\RXEHJLQ«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µ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µ EHWZHHQ SDQV DQG IURP WKH IURQW EDFN %DNLQJ UHVXOWV ZLOO JHQHUDOO\ EH EHWWHU LI IRRG LV FHQWHUHG LQ WKH RYHQ DV PXFK DV SRVVLEOH DQG VLGHV RI RYHQ ZDOO 6HH WKH VHFWLRQ RQ +RZHYHUSHUIRUPDQFHZLWKFHUWDLQIRRGVPD\ ´&RQYHFWLRQFRRNµPRGHIRULQIRUPDWLRQDERXW LPSURYH LI EDNHG RQ DQ XSSHU RU ORZHU UDFN SDQSODFHPHQWIRUPXOWLUDFNEDNLQJ SRVLWLRQ +RZWR6HWWKH2YHQIRU%DNLQJRU5RDVWLQJ 7RXFKWKH%$.(SDG 7RXFK WKH QXPEHU SDGV XQWLO WKH GHVLUHG WHPSHUDWXUHLVGLVSOD\HG 7RXFKWKH67$57SDG 7KH RYHQ ZLOO VWDUW DXWRPDWLFDOO\ 7KH GLVSOD\ ZLOO VKRZ WKH FKDQJLQJ WHPSHUDWXUH VWDUWLQJ DW Û) 7KH WHPSHUDWXUH GLVSOD\ ZLOO VWDUW WR FKDQJH RQFH WKHRYHQWHPSHUDWXUHUHDFKHVÛ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² µWKLFN 6WHDNV² µWRµWKLFN 6WHDNV² µWRµWKLFN RU*URXQG%HHI3DWWLHV (RU)IRRGVKRXOGEHµ WRµIURPEURLOHOHPHQW (IRRGVKRXOGEHµ WRµIURPEURLOHOHPHQW 'RU(IRRGVKRXOGEHµ WRµIURPEURLOHOHPHQW 6WHDNVOHVVWKDQµ WKLFNDUHGLIILFXOWWR FRRNUDUH7KH\FRRN WKURXJKEHIRUHEURZQLQJ 7RSUHYHQWFXUOLQJRI PHDWVODVKIDWDWµ LQWHUYDOV &KLFNHQ %UHDVWERQHOHVV %UHDVWERQHLQ &IRRGVKRXOGEHµ WRµIURPEURLOHOHPHQW &IRRGVKRXOGEHµ WRµIURPEURLOHOHPHQW %URLOVNLQVLGHGRZQ ILUVW )LVK)LOOHWV µWRµWKLFN 'RU(IRRGVKRXOGEHµ +DQGOHDQGWXUQYHU\ WRµIURPEURLOHOHPHQW FDUHIXOO\ 3RUN&KRSV :HOO'RQH µWKLFN %HHI 'IRRGVKRXOGEHµ WRµIURPEURLOHOHPHQW &RPPHQWV 7RSUHYHQWFXUOLQJRI PHDWVODVKIDWDWµ LQWHUYDOV )RUGRXEOHRYHQVXVHUDFNSRVLWLRQ$IRUWKHVPDOOHUUDFNSRVLWLRQRYHQ,I\RXUUDQJH LVFRQQHFWHGWRYROWVUDUHVWHDNVPD\EHEURLOHGE\SUHKHDWLQJWKHEURLOHUDQG SRVLWLRQLQJWKHRYHQUDFNRQHSRVLWLRQKLJKHU $GMXVWWKHRYHQWKHUPRVWDW³'RLW\RXUVHOI *($SSOLDQFHVFRP <RXPD\ILQGWKDW\RXUQHZRYHQFRRNVGLIIHUHQWO\WKDQWKHRQHLWUHSODFHG8VH\RXUQHZRYHQIRUDIHZZHHNVWR EHFRPHPRUHIDPLOLDUZLWKLW,I\RXVWLOOWKLQN\RXUQHZRYHQLVWRRKRWRUWRRFROG\RXFDQDGMXVWWKHWKHUPRVWDW \RXUVHOI 'RQRWXVHWKHUPRPHWHUVVXFKDVWKRVHIRXQGLQJURFHU\VWRUHVWRFKHFNWKHWHPSHUDWXUHVHWWLQJRI\RXURYHQ7KHVH WKHUPRPHWHUVPD\JLYHUHDGLQJVWKDWYDU\²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´PDUJDULQHµWRFRQWDLQDWOHDVWIDWE\ZHLJKW/RZIDWVSUHDGVRQWKHRWKHUKDQG FRQWDLQOHVVIDWDQGPRUHZDWHU7KHKLJKPRLVWXUHFRQWHQWRIWKHVHVSUHDGVDIIHFWVWKHWH[WXUHDQGIODYRURIEDNHGJRRGV)RUEHVW UHVXOWVZLWK\RXUROGIDYRULWHUHFLSHVXVHPDUJDULQHEXWWHURUVWLFNVSUHDGVFRQWDLQLQJDWOHDVWYHJHWDEOHRLO 8VLQJWKHFRQYHFWLRQRYHQ &RQYHFWLRQ)DQ2SHUDWLRQ ,QDFRQYHFWLRQRYHQDIDQFLUFXODWHVKRWDLU RYHUXQGHUDQGDURXQGWKHIRRG 7KLVFLUFXODWLQJKRWDLULVHYHQO\GLVWULEXWHG WKURXJKRXWWKHRYHQFDYLW\$VDUHVXOWIRRGV DUHHYHQO\FRRNHGDQGEURZQHG³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·VSXVKHGDOOWKHZD\LQ&ORVH GLVSOD\ WKHRYHQGRRU0DNHVXUHWKHSUREHFDEOHLV :KHQWKHLQWHUQDOWHPSHUDWXUHRIWKHIRRG QRWWRXFKLQJWKHEURLOHOHPHQW UHDFKHV WKH QXPEHU \RX KDYH VHW WKH 7RXFK WKH 352%( SDG 'LVSOD\ ZLOO VKRZ SUREHDQGWKHRYHQWXUQRIIDQGWKHRYHQ ´6HW3UREH7HPSµ FRQWUROVLJQDOV7RVWRSWKHVLJQDOWRXFKWKH &/($52))SDG 8VH KRW SDGV WR UHPRYH 7RXFKWKHQXPEHUSDGVWRVHWWKHGHVLUHG WKHSUREHIURPWKHIRRG'RQRWXVHWRQJV LQWHUQDO IRRG RU PHDW WHPSHUDWXUH 7KH WRSXOORQLW³WKH\PLJKWGDPDJHLW PD[LPXPLQWHUQDOWHPSHUDWXUHIRUWKHIRRG WKDW\RXFDQVHWLV) ,I WKH SUREH LV UHPRYHG IURP WKH RYHQ ZKLOH SUREH FRRNLQJ WKH RYHQ ZLOO DXWRPDWLFDOO\ 7RXFKWKH67$57SDG WXUQRIIDIWHUPLQXWH 7RXFKWKH%$.(RU&219(&7,21SDG 7RFKDQJHWKHRYHQWHPSHUDWXUHGXULQJWKH%DNH 7RXFKWKHQXPEHUSDGVWRVHWWKHGHVLUHG 5RDVWF\FOH WRXFK WKH %$.( RU &219(&7,21 SDGDQGWKHQWKHQXPEHUSDGVWRVHWWKHQHZ RYHQWHPSHUDWXUH WHPSHUDWXUH 7RXFKWKH67$57SDG <RXFDQXVHWKH.LWFKHQ7LPHUHYHQWKRXJK 7KH ZRUG 352%( ZLOO GLVSOD\ LI WKH SUREH LV \RXFDQQRWXVHWLPHGRYHQRSHUDWLRQVZKLOH LQVHUWHGLQWRWKHRXWOHWDQG\RXKDYHQRWVHWD XVLQJWKHSUREH SUREHWHPSHUDWXUHDQGWRXFKHGWKH67$57SDG 6HH %DNLQJ RU 5RDVWLQJ VHFWLRQ DQG %URLOLQJ 7RXFK WKH 352%( SDG WR UHFDOO WKH SUREH *XLGH IRU LQWHUQDO WHPSHUDWXUHV IRU PHDWV DQG WHPSHUDWXUH RU %$.( RU &219(&7,21 SDG WR PRUH LQIRUPDWLRQ RQ KRZ WR SURWHFW DJDLQVW UHFDOOWKHRYHQWHPSHUWXUH IRRGERUQHLOOQHVV ,QVHUWWKHSUREHIXOO\LQWRWKHIRRG OR 8VLQJWKHWLPHGEDNLQJDQGURDVWLQJIHDWXUHV *($SSOLDQFHVFRP 127()RRGVWKDWVSRLOHDVLO\³VXFKDVPLONHJJVILVKVWXIILQJVSRXOWU\DQGSRUN³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²øOEV %HHI5LEV ø²OEV 3RXOWU\ :KROH&KLFNHQ OEV &KLFNHQ3LHFHV SLHFHV DSSUR[OEV 3RUN %RQHOHVV%ODGH ²OEV 5RDVW &RXQWU\6W\OH ø²OEV 3RUN5LEV 3RUN&KRSV ²OEV 6RXS 9HJHWDEOH%HHI TXDUWV 6RXS &KLOL TXDUWV 7RXFKWKHQXPEHUSDGVWRVHWWKHGHVLUHGOHQJWK RI FRRNLQJ WLPH 7KH FRRNLQJ WLPH PXVW EH DW OHDVWKRXUVXSWRKRXUVPLQXWHV 127(,IDSRZHURXWDJHRFFXUVZKLOHWKHRYHQLVLQ 6ORZ&RRNWKHUDQJHZLOOVKXWRII *XLGHOLQH7LSV 5DFN 3RVLWLRQ )RRG 6HWWLQJ 7LPH +RXUV & & & & & & & & & 0HDWV 0HDWV +,²KUV $GGFXSOLTXLG /2²KUV +,²KUV 3ODFHULEVLQDVLQJOHOD\HU /2²KUV 3RXOWU\ 3RXOWU\ +,²KUV $GGFXSOLTXLG /2²KUV +,²KUV %HVWVXEPHUJHGXQGHUDVDXFH /2²KUV WRSUHYHQWVXUIDFHGU\LQJ 0HDWV 0HDWV 0HDWV +,²KUV $GG²FXSOLTXLG /2²KUV +,²KUV 3ODFHULEVLQDVLQJOHOD\HU /2²KUV +,²KUV 3ODFHFKRSVLQDVLQJOHOD\HU /2²KUV 0HDWV 0HDWV +,²KUV /2²KUV +,²KUV /2²KUV &RPPHQWV 0DNHVXUHEHHIFKXQNV DUHVXEPHUJHG 6XEPHUJHEHDQV WRSUHYHQWVXUIDFHGU\LQJ 7KH VORZ FRRN SURJUDP XVHV D FRPSOH[ VHULHV RI WHPSHUDWXUH F\FOLQJ WR REWDLQ WKH EHVW UHVXOWV )RU WKLV UHDVRQLWLVUHFRPPHQGHGWKDWWKHVORZFRRNSURJUDPEH DOORZHGWRUXQZLWKRXWFDQFHOOLQJRUUHVWDUWLQJ5HVWDUWLQJ WKHVORZFRRNIHDWXUHZKLOHLWLVLQSURJUHVVPD\UHVXOWLQ RYHUFRRNHGPHDW )RU MXLF\ DQG WHQGHU PHDW FKRRVH FXWV RI PHDW VXFK DV FKXFN URDVW RU D ERQHOHVV EODGH URDVW /HDQHU FXWV RI PHDW VXFK DV WRS URXQG DUH GULHU DQG PD\ QHHG DGGLWLRQDOOLTXLG 8VHRQO\JODVVDQGFHUDPLFGLVKHV0HWDOSRWVDQGSDQV WHQGWRWUDQVIHUWKHKHDWLQWRWKHIRRGVWRRTXLFNO\ 0DWFK WKH TXDQWLW\ RI IRRG WR WKH VL]H SDQ )LOO WKH SDQ DERXWIXOOIRUEHVWUHVXOWV7RRODUJHDSRWDOORZVWKH VWHDPWRHVFDSHFDXVLQJIRRGVWRGU\RXW $OZD\VFRYHUWKHSRWZLWKDOLGRUDOXPLQXPIRLO $ ZLGH UDQJH RI UHFLSHV PD\ EH XVHG LQ WKH VORZ FRRN IHDWXUH )RU EHVW UHVXOWV VRPH DGMXVWPHQWV PD\ QHHG WR EH PDGH )RU VPDOOHU VL]HG UHFLSHV EHJLQ FKHFNLQJ DW PLQLPXP WLPH )RU ODUJH UHFLSHV RU ZKHQ GRXEOLQJ UHFLSHVIRRGVPD\EHFRRNHGIRUORQJHUSHULRGVRIWLPH :KHQ WKH VORZ FRRN IHDWXUH FRPSOHWHV WKH RYHQ ZLOO DXWRPDWLFDOO\VZLWFKWR´ZDUPµ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´6HW:DUPLQJ'UDZHUµEHJLQVWREOLQN7RXFK WKH:$50,1*'5$:(56(77,1*SDGWRVHWWKH ZDUPLQJGUDZHUWR´+,µ´67'µRU´/2µ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´KRWµZLOO DSSHDURQWKHGLVSOD\DQGWKHF\FOHZLOOQRWDFWLYDWHXQWLOWKH RYHQFRROVGRZQ 7KH6WHDP&OHDQF\FOHSHUIRUPVEHVWRQQHZVSLOOVRUVRLOV %XUQHGRQIRRGLVPRUHGLIILFXOWWRUHPRYH 7KH6WHDP&OHDQF\FOHPDNHVLWHDVLHUWRFOHDQOLJKWVRLOLQJ RIIWKHVWDQGDUGFOHDQSRUFHODLQRYHQLQWHULRU 7R%HJLQ6WHDP&OHDQ&\FOH 5HPRYHUDFNVDQGDFFHVVRULHVIURPWKH RYHQFDYLW\'RQRWSODFHFRRNZDUHRU RWKHULWHPVLQWKHRYHQGXULQJWKH6WHDP &OHDQF\FOH 3RXURXQFHVRIZDWHURQWRWKH RYHQIORRU 5HPRYHDQ\UHPDLQLQJZDWHUZLWKDGU\ FORWKRUVSRQJH /HDYHWKHGRRURSHQWRDLUGU\ 3RXUFXSR]URRPWHPSHUDWXUHZDWHU ,03257$17127(6 RQWRWKHUHFHVVHGDUHDRIWKHRYHQERWWRP ,IDVWHDPFOHDQF\FOHLVLQLWLDWHGZLWKRXW 'RQRWDGGFOHDQLQJVROXWLRQVRUFKHPLFDOV ZDWHUSUHVVWKH&OHDU2IISDGWRHQGWKH RIDQ\NLQGWRWKHZDWHU2QO\DGGZDWHU F\FOH:DLWIRUWKHUDQJHWRFRROWRURRP ZKHQXVLQJWKH6WHDP&OHDQF\FOH'RQRW WHPSHUDWXUHEHIRUHSRXULQJZDWHULQWRWKH DGGZDWHUZKHQXVLQJWKH6HOI&OHDQF\FOH UHFHVVHGDUHDDQGLQLWLDWLQJDQRWKHUVWHDP F\FOH &ORVHWKHGRRU 'RQRWRSHQWKHGRRUGXULQJWKH6WHDP 3UHVVWKH6WHDP&OHDQSDGWKHQSUHVV &OHDQF\FOH$QHUURUEHHSZLOOVRXQGXSRQ 6WDUW RSHQLQJWKHGRRU 7KHRYHQGRRUORFNVDXWRPDWLFDOO\$ 3UHVV&OHDU2IISDGDWDQ\WLPHWRHQGWKH PLQXWHF\FOHZLOOEHJLQWRFRXQWGRZQ F\FOH RQWKHGLVSOD\,WZLOOQRWEHSRVVLEOHWR ,IPLQHUDOGHSRVLWVUHPDLQLQWKHRYHQ RSHQWKHRYHQGRRUXQWLOWKHF\FOHHQGVRU ERWWRPDIWHUFOHDQLQJXVHDFORWKRUVSRQJH \RXSUHVVWKH&OHDU2IISDGDQGWKHGRRU VRDNHGLQYLQHJDUWRUHPRYHWKHP XQORFNV 6RPHZDWHUPD\GULSIURPWKHERWWRPRI :KHQWKH6WHDP&OHDQF\FOHLVFRPSOHWH WKHRYHQGRRU,IWKLVKDSSHQVZLSHLWXSDW WKHGRRUZLOOXQORFNWKHRYHQFRQWUROZLOO WKHHQGRIWKHF\FOH EHHSDQGWKH6WHDP&OHDQOLJKWZLOOEOLQN 7KHGRRUJDVNHWPD\EHZHWZKHQWKH 3UHVVWKH&OHDU2IISDGDQGRSHQWKHGRRU 6WHDP&OHDQF\FOHILQLVKHV7KLVLVQRUPDO 'RQRWFOHDQWKHJDVNHW 7KHRYHQERWWRPDQGUHPDLQLQJZDWHUZLOO VWLOOEHYHU\ZDUPDWWKHHQGRIWKHF\FOH ,IVRLOVWLOOUHPDLQVDIWHUFOHDQLQJWKHRYHQ 7KLVLVQRUPDO VHHWKH&DUHDQGFOHDQLQJRIWKHUDQJH VHFWLRQRIWKH2ZQHU·V0DQXDOIRUDGGLWLRQDO 5HPRYHVRLOVXVLQJDVFUXEEUXVKRUQ\ORQ RSWLRQV VFRXULQJSDG$VRDSILOOHGVWHHOZRROSDG PD\EHXVHGRQO\RQWKHSRUFHODLQRYHQ LQWHULRU7KHXVHRIDEUDVLYHSDGVZLOO VFUDWFKWKHGRRUJODVV'RQRWZLSHVRLORU ZDWHURQWRWKHGRRUJDVNHW 6SHFLDOIHDWXUHVRI\RXURYHQFRQWURO *($SSOLDQFHVFRP <RXUQHZWRXFKSDGFRQWUROKDVDGGLWLRQDOIHDWXUHVWKDW\RXPD\FKRRVHWRXVH7KHIROORZLQJDUHWKHIHDWXUHVDQGKRZ \RXPD\DFWLYDWHWKHP 7KHVSHFLDOIHDWXUHPRGHVFDQRQO\EHDFWLYDWHGZKLOHWKHGLVSOD\LVVKRZLQJWKHWLPHRIGD\7KH\UHPDLQLQWKHFRQWURO·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·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³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´7R 2UGHU3DUWVµ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³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·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«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³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« 7URXEOHVKRRWLQJ7LSV 3UREOHP 3RVVLEOH&DXVHV :KDW7R'R )RRGGRHVQRWEDNH RUURDVWSURSHUO\ 2YHQFRQWUROVLPSURSHUO\VHW 6HHWKH8VLQJWKHRYHQVHFWLRQ 5DFNSRVLWLRQLVLQFRUUHFW RUWKHUDFNLVQRWOHYHO 6HHWKH8VLQJWKHRYHQVHFWLRQ ,QFRUUHFWFRRNZDUHRU FRRNZDUHRILPSURSHU VL]HEHLQJXVHG 6HHWKH8VLQJWKHRYHQVHFWLRQ 2YHQWKHUPRVWDWQHHGV DGMXVWPHQW 6HHWKH$GMXVWWKHRYHQWKHUPRVWDW³'RLW\RXUVHOI VHFWLRQ )RRGGRHVQRW EURLOSURSHUO\ 2YHQFRQWUROVLPSURSHUO\VHW 0DNHVXUH\RXWRXFKWKH%52,/+,/2SDG ,PSURSHUUDFNSRVLWLRQ EHLQJXVHG 6HHWKH%URLOLQJ*XLGH &RRNZDUHQRWVXLWHG IRUEURLOLQJ )RUEHVWUHVXOWVXVHDSDQGHVLJQHGIRUEURLOLQJ 7KHSUREHLVSOXJJHG LQWRWKHRXWOHWLQWKHRYHQ RQVRPHPRGHOV 8QSOXJDQGUHPRYHWKHSUREHIURPWKHRYHQ 3UHKHDWWKHEURLOHOHPHQWIRUPLQXWHV ,QVRPHDUHDVWKHSRZHU YROWDJHPD\EHORZ 2YHQWHPSHUDWXUH WRRKRWRUWRRFROG 2YHQWKHUPRVWDW QHHGVDGMXVWPHQW 6HHWKH$GMXVWWKHRYHQWKHUPRVWDW³'RLW\RXUVHOI VHFWLRQ 6WRUDJHGUDZHU LVFURRNHG 5HDUGUDZHUVXSSRUWLV RQWRSRIWKHJXLGHUDLO 5HSRVLWLRQWKHGUDZHU6HHWKH6WRUDJH'UDZHU 5HPRYDOLQVWUXFWLRQVLQWKH&DUHDQGFOHDQLQJRIWKH UDQJHVHFWLRQ &KHFNWRPDNHVXUHGUDZHULVSURSHUO\VHDWHG LIUHPRYHG 6WRUDJHGUDZHU ZRQ·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´&UDFNOLQJµRU ´SRSSLQJµ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´/2&.('µIODVKHV LQWKHGLVSOD\ 7KHVHOIFOHDQF\FOHKDVEHHQ &ORVHWKHRYHQGRRU VHOHFWHGEXWWKHGRRULVQRW FORVHG ´/2&.('µLVRQ ZKHQ\RXZDQW WRFRRN 7KHRYHQGRRULVORFNHG EHFDXVHWKHWHPSHUDWXUH LQVLGHWKHRYHQKDVQRW GURSSHGEHORZWKH ORFNLQJWHPSHUDWXUH ´)³µDQGDQXPEHU RUOHWWHUIODVK LQWKHGLVSOD\ <RXKDYHDIXQFWLRQHUURUFRGH 'LVFRQQHFWDOOSRZHUWRWKHUDQJHIRUDWOHDVW VHFRQGVDQGWKHQUHFRQQHFWSRZHU,IWKHIXQFWLRQ HUURUFRGHUHSHDWVFDOOIRUVHUYLFH &OHDQXSKHDY\VSLOORYHUVEHIRUHVWDUWLQJWKHFOHDQ F\FOH+HDYLO\VRLOHGRYHQVPD\QHHGWREHFOHDQHGDJDLQ 7RXFKWKH&/($52))SDG$OORZWKHRYHQWRFRRO %HIRUH<RX&DOO)RU6HUYLFH« 7URXEOHVKRRWLQJ7LSV 3UREOHP 3RVVLEOH&DXVHV :KDW7R'R &RQWUROVLJQDOVDIWHU HQWHULQJFRRNLQJWLPH RUVWDUWWLPH <RXIRUJRWWRHQWHUD EDNHWHPSHUDWXUHRU FOHDQLQJWLPH 7RXFKWKH%$.(SDGDQGGHVLUHGWHPSHUDWXUHRU WKH6(/)&/($1SDGDQGGHVLUHGFOHDQWLPH 'LVSOD\JRHVEODQN $IXVHLQ\RXUKRPHPD\EH EORZQRUWKHFLUFXLW EUHDNHUWULSSHG 5HSODFHWKHIXVHRUUHVHWWKHFLUFXLWEUHDNHU 7KHFORFNLVLQWKH EODFNRXWPRGH 6HHWKH6SHFLDOIHDWXUHVRI\RXURYHQFRQWUROVHFWLRQ 'LVSOD\IODVKHV 3RZHUIDLOXUH 5HVHWWKHFORFN 8QDEOHWRJHWWKH GLVSOD\WRVKRZ´6)µ 2YHQFRQWUROSDGVZHUH QRWWRXFKHGSURSHUO\ 7KH%52,/+,/2DQG%$.(SDGVPXVWEHWRXFKHGDW WKHVDPHWLPHDQGKHOGIRUVHFRQGV ´3UREHµDSSHDUVLQ WKHGLVSOD\ RQVRPHPRGHOV 7KLVLVUHPLQGLQJ\RXWR HQWHUDSUREHWHPSHUDWXUH DIWHUSOXJJLQJLQWKHSUREH (QWHUDSUREHWHPSHUDWXUH 3RZHURXWDJH FORFNIODVKHV 3RZHURXWDJHRUVXUJH 5HVHWWKHFORFN,IWKHRYHQZDVLQXVH\RXPXVWUHVHW LWE\WRXFKLQJWKH&/($52))SDGVHWWLQJWKHFORFN DQGUHVHWWLQJDQ\FRRNLQJIXQFWLRQ 6WHDPIURPWKHYHQW :KHQXVLQJWKHRYHQV 7KLVLVQRUPDO LWLVQRUPDOWRVHHVWHDP FRPLQJRXWRIWKHRYHQ YHQWV$VWKHQXPEHURIUDFNV RUDPRXQWRIIRRGEHLQJ FRRNHGLQFUHDVHVWKHDPRXQW RIYLVLEOHVWHDPZLOOLQFUHDVH ´%XUQLQJµRU´RLO\µ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µ:[µ+[µ' /DUJH :%; µ:[µ+[µ' ;/ :%; µ:[µ+[µ' 7KHODUJHVWDQGDUGEURLOSDQGRHVQRWILWLQµµUDQJHV 7KH;/SDQGRHVQRWILWLQµZDOORYHQVµGURSLQVRUµµ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·V0DQXDO 5HSODFHPHQWRIKRXVHIXVHVRUUHVHWWLQJRIFLUFXLWEUHDNHUV (;&/86,212),03/,(':$55$17,(6³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·V$WWRUQH\*HQHUDO :DUUDQWRU*HQHUDO(OHFWULF&RPSDQ\/RXLVYLOOH.< &RQVXPHU6XSSRUW *($SSOLDQFHV:HEVLWH *($SSOLDQFHVFRP +DYHDTXHVWLRQRUQHHGDVVLVWDQFHZLWK\RXUDSSOLDQFH"7U\WKH*($SSOLDQFHV:HEVLWHKRXUVDGD\ DQ\GD\RIWKH\HDU)RUJUHDWHUFRQYHQLHQFHDQGIDVWHUVHUYLFH\RXFDQQRZGRZQORDG2ZQHU·V0DQXDOV RUGHUSDUWVRUHYHQVFKHGXOHVHUYLFHRQOLQH 6FKHGXOH6HUYLFH *($SSOLDQFHVFRP ([SHUW*(UHSDLUVHUYLFHLVRQO\RQHVWHSDZD\IURP\RXUGRRU*HWRQOLQHDQGVFKHGXOH\RXUVHUYLFHDW \RXUFRQYHQLHQFHDQ\GD\RIWKH\HDU2UFDOO*(&$5(6GXULQJQRUPDOEXVLQHVVKRXUV 5HDO/LIH'HVLJQ6WXGLR *($SSOLDQFHVFRP *(VXSSRUWVWKH8QLYHUVDO'HVLJQFRQFHSW³SURGXFWVVHUYLFHVDQGHQYLURQPHQWVWKDWFDQEHXVHGE\ SHRSOHRIDOODJHVVL]HVDQGFDSDELOLWLHV:HUHFRJQL]HWKHQHHGWRGHVLJQIRUDZLGHUDQJHRISK\VLFDODQG PHQWDODELOLWLHVDQGLPSDLUPHQWV)RUGHWDLOVRI*(·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³DW\RXUFRQYHQLHQFH7LPHO\SURGXFWUHJLVWUDWLRQZLOODOORZIRUHQKDQFHG FRPPXQLFDWLRQDQGSURPSWVHUYLFHXQGHUWKHWHUPVRI\RXUZDUUDQW\VKRXOGWKHQHHGDULVH <RXPD\DOVRPDLOLQWKHSUHSULQWHGUHJLVWUDWLRQFDUGLQFOXGHGLQWKHSDFNLQJPDWHULDO ,QGXFFLyQFRQ0RGRGH3LH'HVOL]DEOH\(PSRWUDEOH &RFLQDV *($SSOLDQFHVFRP ,QVWUXFFLRQHVGH6HJXULGDG ² ,QVWUXFFLRQHVGH2SHUDFLyQ 0DQXDOGHO 3URSLHWDULR +RUQR $MXVWHGHOWHUPRVWDWRGHOKRUQR &RQWUROGHO6LJXLHQWH $VDGR*XtDGHDVDGR 3DVR, $XWROLPSLH]D &DMyQFDOHQWDGRU &DUDFWHUtVWLFDVGHFRFFLyQOHQWDFDOHQWDPLHQWR \OHXGDGR &DUDFWHUtVWLFDVHVSHFLDOHV &RQWUROHV )XQFLyQ6DEEDWK +RUQHDGRRURVWL]DGR +RUQHDGR\URVWL]DGRFRQWHPSRUL]DGRU +RUQRGHFRQYHFFLyQ 3UHFDOHQWDPLHQWR 6RQGD 7HPSRUL]DGRUGHFRFLQD 8QLGDGHVGHVXSHUILFLH ² 4XHPDGRUGHO3XHQWH 6HOHFFLRQDUWLSRVGHXWHQVLOLRV =RQDGHFDOHQWDPLHQWR &XLGDGR\OLPSLH]D %DQGHMDV &DMyQFDOHQWDGRUGHVPRQWDEOH5HFLSLHQWH GHOFDMyQGHOKRUQR &DMyQGHDOPDFHQDPLHQWR (OHPHQWRVFDOHQWDGRUHVGHOKRUQR (VWXIDGHYLGULR /X] 3DQHOGHFRQWURO 3DSHOGHDOXPLQLR 3LVRGHOKRUQR 3XHUWDGHOKRUQRGHVPRQWDEOH 6XSHUILFLHV 9HQWLODFLyQ &RQVHMRVSDUDODLGHQWLILFDFLyQ \VROXFLyQGHSUREOHPDV $FFHVRULRV $SR\RDOFOLHQWH $SR\RDOFOLHQWH *DUDQWtD (VFULEDORVQ~PHURVGHPRGHOR\GHVHULHDTXt 0RGHORBBBBBBBBBBBBBBB (Q&DQDGi ZZZ*($SSOLDQFHVFD ,PSUHVRHQORV(VWDGRV8QLGRV 6HULHBBBBBBBBBBBBBBBBB 3XHGHHQFRQWUDUORVHQXQDHWLTXHWDXELFDGDGHWUiV GHOFDMyQRGHWUiVGHODSXHUWDGHOKRUQRLQIHULRUHQ HOIUHQWHGHOPDUFRGHODFRFLQD ,PSUHVRHQ SDSHOUHFLFODGR *( ,1)250$&,Ï1,03257$17('(6(*85,'$' /($72'$6/$6,16758&&,21(6$17(6'(68862 $'9(57(1&,$ /HDWRGDVODVLQVWUXFFLRQHVGHVHJXULGDGDQWHVGHXWLOL]DUHVWHSURGXFWR1RVHJXLUHVWDVLQVWUXFFLRQHVSXHGHJHQHUDUXQ LQFHQGLRXQDGHVFDUJDHOpFWULFDOHVLRQHVFRUSRUDOHVRODPXHUWH ',6326,7,92$17,92/&$'85$6 3DUD UHGXFLU HO ULHVJR GH YROFDU OD FRFLQD pVWD GHEH VXMHWDUVH PHGLDQWH XQ VRSRUWH DQWL Riesgo de Volcaduras YROFDGXUDV FRQ XQD DGHFXDGD Un niño o adulto pueden volcar la cocina y morir. LQVWDODFLyQ9HUODVLQVWUXFFLRQHVGH Verifique que el soporte anti-volcaduras se haya LQVWDODFLyQHQYLDGDVFRQHOVRSRUWH instalado y ajustado correctamente. SDUD REWHQHU GHWDOOHV FRPSOHWRV Verifique que el soporte anti-volcaduras se haya DQWHVGHLQLFLDUODLQVWDODFLyQ instalado y ajustado correctamente. 3DUD &RFLQDV 6LQ $SR\R \ No utilice la cocina sin que el soporte anti-volcaduras esté colocado y ajustado. 'HVOL]DEOHVV Si estas instrucciones no se siguen, como resultado se podrá 3DUD FRQWURODU VL HO VRSRUWH HV producir la muerte o quemaduras graves de niños y adultos. LQVWDODGR \ DMXVWDGR GH IRUPD DSURSLDGD PLUH TXH GHEDMR GH OD FRFLQD OD SDWD QLYHODGRUD WUDVHUD HVWp DMXVWDGD DO VRSRUWH (Q DOJXQRV 6RSRUWH$QWL 9ROFDGXUDV PRGHORVHOFDMyQGHDOPDFHQDPLHQWRRHOSDQHOGHSURWHFFLyQVHSXHGHQ UHWLUDUSDUDXQDIiFLOLQVSHFFLyQ 6L QR HV SRVLEOH UHDOL]DU XQD LQVSHFFLyQ YLVXDO GHVOLFH OD FRFLQD KDFLD DGHODQWH FRQILUPH TXH HO VRSRUWH DQWL YROFDGXUDV HVWp DMXVWDGR GH IRUPD VHJXUD DO SLVR R OD SDUHG \ GHVOLFH OD FRFLQD KDFLD DWUiV GH PRGR TXH OD SDWD QLYHODGRUD WUDVHUD VH HQFXHQWUH 3DWD1LYHODGRUD GHEDMRGHOVRSRUWHDQWLYROFDGXUDV &RFLQDV6LQ$SR\R\'HVOL]DEOHV 6L OD FRFLQD HV H[SXOVDGD GH OD SDUHG SRU DOJXQD UD]yQ VLHPSUH UHSLWD HVWH SURFHGLPLHQWR D ILQ GH YHULILFDU TXH HVWp DVHJXUDGR GH IRUPD FRUUHFWD FRQ XQ VRSRUWHDQWLYROFDGXUDV Base o Bloque de 1XQFD TXLWH ODV SDWDV GH QLYHODFLyQ SRU FRPSOHWR \D TXH OD FRFLQD QR Madera Negra TXHGDUiELHQVXMHWDDOGLVSRVLWLYRDQWLYROFDGXUDV &RFLQDV(PSRWUDEOHV 3DUD FRQWURODU VL HO VRSRUWH HVWi LQVWDODGR \ FRQHFWDGR FRUUHFWDPHQWH GHVOLFH OD FRFLQD KDFLD DGHODQWH FRQILUPH TXH HO VRSRUWH DQWLYROFDGXUDV HVWpDGKHULGRGHIRUPDVHJXUDDODSDUWHWUDVHUDGHODFRFLQD\GHVOLFHHVWD Soporte ~OWLPDKDFLDDWUiVGHPRGRTXHHOVRSRUWHDQWLYROFDGXUDVVHGHVOLFHSRU Anti-Volcaduras GHEDMRGHOPRVWUDGRUREORTXHGHPDGHUDDGMXQWRDODSDUHGWUDVHUD Horno 6L XVWHG QR UHFLELy XQ VRSRUWH DQWLYROFDGXUDV FRQ VX FRPSUD OODPH DO SDUD UHFLELU XQR VLQ FRVWR DOJXQR HQ &DQDGi OODPH DO 3DUD FRQVXOWDU LQVWUXFFLRQHV GH LQVWDODFLyQ GHO VRSRUWH YLVLWH*($SSOLDQFHVFRPHQ&DQDGi*($SSOLDQFHVFD Pared Trasera ADVERTENCIA &RFLQDV(PSRWUDEOHV $'9(57(1&,$ 127,),&$&,Ï1,03257$17('(6(*85,'$' /DOH\GH&DOLIRUQLDVREUHDJXDVSRWDEOHV\Wy[LFRVH[LJHTXHHO*REHUQDGRUGH&DOLIRUQLDSXEOLTXHXQDOLVWDGHVXVWDQFLDVTXHVHJ~QHO HVWDGRSURYRTXHQFiQFHUGHIHFWRVFRQJpQLWRVXRWURVGDxRVUHSURGXFWLYRV\H[LJHDODVHPSUHVDVTXHDGYLHUWDQDORVFOLHQWHVVREUHOD H[SRVLFLyQSRWHQFLDODGLFKDVVXVWDQFLDV /DDLVODFLyQGHILEUDGHYLGULRGHORVKRUQRVDXWROLPSLDQWHVHPLWHXQDSHTXHxDFDQWLGDGGHPRQy[LGRGHFDUERQRGXUDQWHHOFLFORGH OLPSLH]D/DH[SRVLFLyQSXHGHPLQLPL]DUVHYHQWLODQGRFRQXQDYHQWDQDDELHUWDRXVDQGRXQDFDPSDQDRYHQWLODGRU *($SSOLDQFHVFRP $'9(57(1&,$ ,16758&&,21(6*(1(5$/(6'(6(*85,'$' 3DUDVXVHJXULGDGODLQIRUPDFLyQGHHVWHPDQXDOGHEHVHJXLUVHDOSLHGHODOHWUDDILQGHPLQLPL]DUHOULHVJRGHLQFHQGLRRH[SORVLyQ GHVFDUJDHOpFWULFDRSDUDSUHYHQLUGDxRVOHVLRQHVSHUVRQDOHVRODPXHUWH (VWD XQLGDG VH KD SXHVWR D SUXHED \ VH KD GHWHUPLQDGR TXH FXPSOH FRQ ORV OtPLWHV GH XQ GLVSRVLWLYR GLJLWDO GH FODVH % GH FRQIRUPLGDGFRQOD3DUWHGHODVQRUPDVGHOD)&&(VWRVOtPLWHVHVWiQGLVHxDGRVSDUDEULQGDUXQDSURWHFFLyQUD]RQDEOHFRQWUD LQWHUIHUHQFLDGDxLQDGHQWURGHXQDLQVWDODFLyQUHVLGHQFLDO(VWDXQLGDGJHQHUDXWLOL]D\SXHGHLUUDGLDUHQHUJtDGHIUHFXHQFLDGH UDGLR\VLQRVHLQVWDOD\XVDGHDFXHUGRFRQODVLQVWUXFFLRQHVSXHGHSURYRFDUXQDLQWHUIHUHQFLDGDxLQDDODVFRPXQLFDFLRQHVGH UDGLR6LQHPEDUJRQRKD\JDUDQWtDGHTXHQRKD\DLQWHUIHUHQFLDHQXQDLQVWDODFLyQGHWHUPLQDGD6LODXQLGDGSURYRFDLQWHUIHUHQFLD QRFLYDDODUHFHSFLyQGHUDGLR\WHOHYLVLyQORTXHSXHGHGHWHUPLQDUVHHQFHQGLHQGR\DSDJDQGRODXQLGDGHOXVXDULRSXHGHFRUUHJLU ODLQWHUIHUHQFLDDWUDYpVGHXQDRPiVGHODVVLJXLHQWHVPHGLGDV 5HRULHQWHRFDPELHODSRVLFLyQGHODVDQWHQDVUHFHSWRUDV ,QFUHPHQWHODGLVWDQFLDHQWUHODXQLGDG\HOUHFHSWRU &RQHFWHODXQLGDGDXQWRPDFRUULHQWHRXQFLUFXLWRGLIHUHQWHGHOTXHHVWiXVDQGRHOUHFHSWRU £35(&$8&,Ï1 /DVSHUVRQDVTXHXWLOLFHQXQPDUFDSDVRVRXQGLVSRVLWLYRPpGLFRVLPLODUGHEHQWHQHUFXLGDGRFXDQGRXWLOLFHQ\VHHQFXHQWUHQ FHUFDGHXQDXQLGDGSRULQGXFFLyQ(OFDPSRHOHFWURPDJQpWLFRSXHGHDIHFWDUHOIXQFLRQDPLHQWRGHOPDUFDSDVRVRGHOGLVSRVLWLYR PpGLFRVLPLODU(VUHFRPHQGDEOHFRQVXOWDUDVXPpGLFRRDOIDEULFDQWHGHOPDUFDSDVRVVREUHVXVLWXDFLyQSDUWLFXODU 8VHHVWHDSDUDWRVyORFRQHOREMHWLYRSDUDHOTXHIXHFUHDGRFRPR 1RWRTXHODVXQLGDGHVGHVXSHUILFLHORVHOHPHQWRVFDOHQWDGRUHV VHGHVFULEHHQHVWH0DQXDOGHO3URSLHWDULR R OD VXSHUILFLH LQWHULRU GHO KRUQR (VWDV VXSHUILFLHV SXHGHQ HVWDU OR VXILFLHQWHPHQWH FDOLHQWHV SDUD TXHPDU D~Q FXDQGR WHQJDQ $VHJ~UHVH GH TXH XQ WpFQLFR FDOLILFDGR UHDOLFH XQD FRUUHFWD XQFRORURVFXUR'XUDQWH\GHVSXpVGHOXVRQRWRTXHRGHMHTXH LQVWDODFLyQ \ SXHVWD D WLHUUD GHO DUWHIDFWR GH DFXHUGR FRQ ODV VXYHVWLPHQWDXRWURVPDWHULDOHVLQIODPDEOHVHQWUHQHQFRQWDFWR LQVWUXFFLRQHVGHLQVWDODFLyQSURYLVWDV FRQ XQLGDGHV GH VXSHUILFLH iUHDV FHUFDQDV D ODV XQLGDGHV GH 1R LQWHQWH UHSDUDU R FDPELDU QLQJXQD SLH]D GH VX FRFLQD D VXSHUILFLHRFXDOTXLHUiUHDLQWHULRUGHOKRUQRGHMHSDVDUXQWLHPSR PHQRVTXHHVWpHVSHFtILFDPHQWHUHFRPHQGDGRHQHVWHPDQXDO SUXGHQFLDO SDUD TXH VH HQIUtHQ 2WUDV VXSHUILFLHV GHO DSDUDWR &XDOTXLHURWURVHUYLFLRGHEHUHDOL]DUORXQWpFQLFRFDOLILFDGR SXHGHQFDOHQWDUVHORVXILFLHQWHFRPRSDUDSURYRFDUTXHPDGXUDV $QWHV GH UHDOL]DU FXDOTXLHU FODVH GH UHSDUDFLyQ GHVHQFKXIH OD /DV VXSHUILFLHV SRWHQFLDOPHQWH FDOLHQWHV LQFOX\HQ OD HVWXID ODV FRFLQD R GHVFRQHFWH HO VXPLQLVWUR HOpFWULFR GHVGH HO SDQHO GH iUHDV RULHQWDGDV KDFLD OD HVWXID OD DEHUWXUD GH YHQWLODFLyQ GHO GLVWULEXFLyQ GRPpVWLFR TXLWDQGR HO IXVLEOH R GHVFRQHFWDQGR HO KRUQR ODV VXSHUILFLHV FHUFDQDV D OD DEHUWXUD \ ODV KHQGLGXUDV LQWHUUXSWRUGHFLUFXLWRV XELFDGDVDOUHGHGRUGHODSXHUWDGHOKRUQR 1R GHMH D ORV QLxRV VRORV pVWRV QR GHEHQ TXHGDU VRORV R VLQ 1RFDOLHQWHUHFLSLHQWHVFHUUDGRVGHDOLPHQWRV3RGUtDKDEHUXQD DWHQFLyQHQXQiUHDGRQGHXQDSDUDWRHVWpHQXVR1XQFDGHEH DFXPXODFLyQ GH SUHVLyQ HQ HO UHFLSLHQWH \ pVWH SRGUtD H[SORWDU SHUPLWLUVH TXH VH VXEDQ VLHQWHQ R SDUHQ HQ FXDOTXLHU SDUWH GH SURYRFDQGROHVLRQHV HVWHDSDUDWR 1RXWLOLFHSDSHOGHDOXPLQLRSDUDUHYHVWLUODVEDQGHMDVFROHFWRUDV RQLQJXQDSDUWHGHOKRUQRFRQH[FHSFLyQGHORGHVFULSWRHQHVWH 1R DOPDFHQH HOHPHQWRV GH LQWHUpV PDQXDO8QXVRLQDGHFXDGRSXHGHSURYRFDUGDxRVDODFRFLQD\ SDUD QLxRV VREUH XQD FRFLQD R HQ OD SURWHFFLyQ WUDVHUD GH XQD XQDGHVFDUJDHOpFWULFDRXQULHVJRGHLQFHQGLR FRFLQDORVQLxRVTXHVHWUHSDQDODFRFLQDSDUDDOFDQ]DUHOHPHQWRV 7UDWH GH QR UD\DU R JROSHDU ODV SXHUWDV HVWXIDV R SDQHOHV SXHGHQUHVXOWDUJUDYHPHQWHKHULGRV GH FRQWURO GH YLGULR 6L OR KDFH SRGUtD URPSHUVH HO YLGULR 1R 6yOR XVH DJDUUDGHUDV VHFDV ODV DJDUUDGHUDV K~PHGDV FRFLQHVLXQSURGXFWRWLHQHXQYLGULRURWR3XHGHSURYRFDUVHXQD R PRMDGDV FRORFDGDV HQ VXSHUILFLHV FDOLHQWHV SXHGHQ GHVFDUJDXQLQFHQGLRRKHULGDV SURYRFDU TXHPDGXUDV GH YDSRU 1R SHUPLWD TXH ODV & RFLQHFDUQHVGHUHV\GHDYHSRUFRPSOHWR/DVFDUQHVGHUHVKDVWD DJDUUDGHUDV HQWUHQ HQ FRQWDFWR FRQ XQLGDGHV GH VXSHUILFLH DOFDQ]DU XQD WHPSHUDWXUD LQWHUQD GH SRU OR PHQRV ) & \ R ORV HOHPHQWRV FDOHQWDGRUHV FDOLHQWHV 1R XWLOLFH WRDOODV ODVFDUQHVGHDYHDXQDWHPSHUDWXUDLQWHUQDGHSRUORPHQRV) XRWUDVWHODVJUXHVDVHQOXJDUGHXQDDJDUUDGHUD & /D FRFFLyQ D HVWDV WHPSHUDWXUDV JHQHUDOPHQWH SURWHJH GH 1XQFDXVHVXHOHFWURGRPpVWLFRSDUDFDOHQWDUODKDELWDFLyQ HQIHUPHGDGHVWUDQVPLWLGDVSRUORVDOLPHQWRV 35(&$8&,21 $'9(57(1&,$ 0$17(1*$/260$7(5,$/(6,1)/$0$%/(6 $/(-$'26'(/$&2&,1$ 1RDOPDFHQHRXWLOLFHPDWHULDOHVLQIODPDEOHVGHQWURGHXQKRUQR 1R SHUPLWD TXH OD JUDVD GH OD FRFFLyQ X RWURV PDWHULDOHV RFHUFDGHODHVWXIDWDOHVFRPRSDSHOSOiVWLFRDJDUUDGHUDVWHODV LQIODPDEOHVVHDFXPXOHQGHQWURGHODFRFLQDRHQVXFHUFDQtD/D UHFXEULPLHQWRV GH SDUHG FRUWLQDV \ JDVROLQD X RWURV YDSRUHV \ JUDVDGHQWURGHOKRUQRRVREUHODHVWXIDSXHGHHQFHQGHUVH OtTXLGRVLQIODPDEOHV /LPSLH ODV FDPSDQDV GH YHQWLODFLyQ FRQ IUHFXHQFLD 1R GHEH 1XQFD XVH YHVWLPHQWDV KROJDGDV R DPSOLDV PLHQWUDV XWLOLFH HO SHUPLWLUVHODDFXPXODFLyQGHJUDVDHQODFDPSDQDRHQHOILOWUR DSDUDWR (VWDV YHVWLPHQWDV SXHGHQ SUHQGHUVH IXHJR VL HQWUDQ HQ FRQWDFWRFRQVXSHUILFLHVFDOLHQWHVSURYRFDQGRTXHPDGXUDVJUDYHV ,1)250$&,Ï1,03257$17('(6(*85,'$' /($72'$6/$6,16758&&,21(6$17(6'(68862 $'9(57(1&,$ (1&$62'(,1&(1',26,*$/26 6,*8,(17(63$6263$5$(9,7$5 /$3523$*$&,Ï1'(/)8(*2 1RXWLOLFHDJXDHQLQFHQGLRVGHJUDVD1XQFDOHYDQWHXQDVDUWpQ 6LKD\XQLQFHQGLRHQHOKRUQRGXUDQWHODDXWROLPSLH]DDSDJXHHO HQ OODPDV $SDJXH ORV FRQWUROHV $SDJXH XQD VDUWpQ HQ OODPDV KRUQR\HVSHUHDTXHHOLQFHQGLRVHFRQVXPD1RDEUDODSXHUWD VREUHXQDXQLGDGGHVXSHUILFLHFXEULHQGRODVDUWpQSRUFRPSOHWR GHOKRUQRDODIXHU]D(OLQJUHVRGHDLUHIUHVFRDWHPSHUDWXUDVGH FRQXQDWDSDTXHDMXVWHELHQXQDSODQFKDSDUDJDOOHWDVRXQD DXWROLPSLH]DSXHGHSURYRFDUXQDH[SORVLyQGHOODPDVGHVGHHO EDQGHMDSODQD8WLOLFHXQTXtPLFRVHFRPXOWLXVRRXQH[WLQWRUGH KRUQR 1R VHJXLU HVWD LQVWUXFFLyQ SXHGH SURYRFDU TXHPDGXUDV LQFHQGLRVGHHVSXPD JUDYHV 6L KD\ XQ LQFHQGLR HQ HO KRUQR GXUDQWH HO KRUQHDGR DSiJXHOR FHUUDQGRODSXHUWDGHOKRUQR\DSDJDQGRHOFRQWURORXVDQGRXQ TXtPLFRVHFRPXOWLXVRRXQH[WLQWRUGHLQFHQGLRVGHHVSXPD $'9(57(1&,$ ,16758&&,21(6'(6(*85,'$''(/$(678)$ 1XQFD GHMH ODV XQLGDGHV GH VXSHUILFLH VLQ DWHQFLyQ 6yOR FLHUWRV WLSRV GH UHFLSLHQWHV GH YLGULR YLGULRFHUiPLFR FHUiPLFDXRWURVUHFLSLHQWHVYLGULDGRVSXHGHQXWLOL]DUVHVREUH HQFRQILJXUDFLRQHVGHFDORUPHGLDRDOWD/RVDOLPHQWRVTXH ODHVWXIDRWURVSXHGHQURPSHUVHGHELGRDOFDPELRUHSHQWLQR KLHUYHQ \ VH GHUUDPDQ SXHGHQ SURYRFDU KXPR \ GHUUDPHV GHWHPSHUDWXUD JUDVRVRVTXHSXHGHQSUHQGHUVHIXHJR 1XQFD GHMH DFHLWH VLQ DWHQFLyQ PLHQWUDV IUtH 6L VH GHMD 3DUD PLQLPL]DU OD SRVLELOLGDG GH TXHPDGXUDV HO HQFHQGLGR GH PDWHULDOHV LQIODPDEOHV \ ORV GHUUDPHV OD PDQLMD GH ORV FDOHQWDU PiV DOOi GHO SXQWR GH KXPHR HO DFHLWH SXHGH UHFLSLHQWHV GHEHQ JLUDUVH KDFLD HO FHQWUR GH OD FRFLQD VLQ HQFHQGHUVHSURYRFDQGRXQLQFHQGLRTXHSRGUtDSURSDJDUVH H[WHQGHUVHVREUHQLQJXQDXQLGDGGHVXSHUILFLHFHUFDQD D ORV JDELQHWHV FHUFDQRV 8WLOLFH XQ WHUPyPHWUR SDUD JUDVD FXDQGRVHDSRVLEOHSDUDFRQWURODUODWHPSHUDWXUDGHODFHLWH 6L IODPEHD DOLPHQWRV EDMR OD FDPSDQD HQFLHQGD HOYHQWLODGRU 3DUD HYLWDU HO GHUUDPH GH DFHLWH \ XQ LQFHQGLR XWLOLFH XQD FDQWLGDG PtQLPD GH DFHLWH FXDQGR IUtD HQ VDUWHQHV SRFR SURIXQGDV\HYLWHODFRFFLyQGHDOLPHQWRVFRQJHODGRVFRQXQD FDQWLGDGH[FHVLYDGHKLHOR $'9(57(1&,$ ,16758&&,21(6'(6(*85,'$''(/$683(5),&,( '(&2&&,Ï1'(9,'5,2DOJXQRVPRGHORV 7HQJDFXLGDGRDOWRFDUODHVWXID/DVXSHUILFLHGHYLGULRGHOD 8VH HO OLPSLDGRU GH HVWXIDV FHUiPLFDV &(5$0$ %5<7( HVWXIDUHWHQGUiFDORUGHVSXpVGHTXHORVFRQWUROHVVHKD\DQ DSDJDGR 1R FRFLQH VREUH XQD HVWXID URWD 6L OD HVWXID VH URPSH ODV VROXFLRQHV GH OLPSLH]D \ ORV GHUUDPHV SXHGHQ SHQHWUDU HQ OD HVWXID URWD \ FUHDU XQ ULHVJR GH GHVFDUJD HOpFWULFD &RPXQtTXHVHFRQXQWpFQLFRFDOLILFDGRGHLQPHGLDWR (YLWH UD\DU OD HVWXID GH YLGULR /D HVWXID SXHGH UD\DUVH FRQ HOHPHQWRVWDOHVFRPRFXFKLOORVLQVWUXPHQWRVILORVRVDQLOORVX RWUDVMR\DV\UHPDFKHVGHODURSD \ OD HVSRQMLOOD GH OLPSLH]D &(5$0$ %5<7( SDUD OLPSLDU OD HVWXID (VSHUH KDVWD TXH OD HVWXID VH HQIUtH \ OD OX] LQGLFDGRUD VH DSDJXH DQWHV GH OLPSLDU 8QD HVSRQMD R XQ SDxR K~PHGRV VREUH XQD VXSHUILFLH FDOLHQWH SXHGHQ SURYRFDUTXHPDGXUDVGHYDSRU$OJXQRVOLPSLDGRUHVSXHGHQ SURGXFLU KXPRV Wy[LFRV VL VH ORV DSOLFD D XQD VXSHUILFLH FDOLHQWH 127$ /RV GHUUDPHV GH D]~FDU VRQ OD H[FHSFLyQ eVWRVGHEHQTXLWDUVHPLHQWUDVHVWiQFDOLHQWHVXWLOL]DQGRXQD DJDUUDGHUD\XQUDVSDGRU3DUDLQVWUXFFLRQHVGHWDOODGDVYHU ODVHFFLyQ&yPROLPSLDUODHVWXIDGHYLGULR *($SSOLDQFHVFRP $'9(57(1&,$ ,16758&&,21(6'(6(*85,'$''(/+2512 0DQWpQJDVH DOHMDGR GH OD FRFLQD FXDQGR DEUD 7LUH GH OD EDQGHMD GHO KRUQR KDVWD OD SRVLFLyQ GH WRSH GH GHWHQFLyQ FXDQGR FDUJXH R GHVFDUJXH DOLPHQWRV ODSXHUWDGHOKRUQR(ODLUH\HOYDSRUFDOLHQWHVTXHVDOHQGHOD GHOKRUQR(VWRD\XGDDHYLWDUTXHPDGXUDVSRUWRFDUVXSHUILFLHV FRFLQD SXHGHQ SURYRFDU TXHPDGXUDV HQ PDQRV URVWUR \R FDOLHQWHVGHODSXHUWD\ODVSDUHGHVGHOKRUQR RMRV 1R GHMH SURGXFWRV FRPR SDSHO XWHQVLOLRV GH FRFLQD 0DQWHQJDVLQREVWUXFFLRQHVODYHQWLODFLyQGHOKRUQR R DOLPHQWRV HQ HO KRUQR FXDQGR QR OR HVWp XVDQGR 0DQWHQJD HO KRUQR OLEUH GH DFXPXODFLRQHV GH JUDVD /RV HOHPHQWRV JXDUGDGRV HQ HO KRUQR SXHGHQ SUHQGHUVH /DJUDVDGHQWURGHOKRUQRSXHGHSUHQGHUVHIXHJR IXHJR 6LHPSUHFRORTXHODVEDQGHMDVGHOKRUQRHQODSRVLFLyQGHVHDGD PLHQWUDVHOKRUQRHVWpIUtR6LODEDQGHMDGHEHTXLWDUVHFXDQGR 1R XVH SDSHO GH DOXPLQLR SDUD FXEULU HO IRQGR GHO KRUQR (O DOXPLQLR SXHGH DWUDSDU HO FDORU R GHUUHWLUVH OR FXDO SXHGH HOKRUQRWRGDYtDHVWiFDOLHQWHQRSHUPLWDTXHODDJDUUDGHUD GDxDUHOSURGXFWR\SURYRFDUULHVJRGHGHVFDUJDHOpFWULFDR WRTXHHOHOHPHQWRFDOHQWDGRUGHOKRUQR XQLQFHQGLR &XDQGRXWLOLFHEROVDVGHFRFFLyQRGHDVDGRHQHOKRUQRVLJD ODVLQVWUXFFLRQHVGHOIDEULFDQWH $'9(57(1&,$ ,16758&&,21(6'(6(*85,'$''(/ +2512$872/,03,$17(DOJXQRVPRGHORV /DFDUDFWHUtVWLFDGHDXWROLPSLH]DIXQFLRQDHQHOKRUQRDWHPSHUDWXUDVORVXILFLHQWHPHQWHHOHYDGDVFRPRSDUDTXHPDUORV UHVWRVGHDOLPHQWRVTXHTXHGDURQGHQWURGHOKRUQR6LJDHVWDVLQVWUXFFLRQHVSDUDXQDRSHUDFLyQVHJXUD $QWHV GH LQLFLDU HO FLFOR GH DXWROLPSLH]D TXLWH ODV ROODV 6L HO PRGR GH DXWROLPSLH]D QR IXQFLRQD DSDJXH HO KRUQR \ GHVFRQHFWH HO VXPLQLVWUR GH HQHUJtD /ODPH D XQ WpFQLFR EDQGHMDV GHO KRUQR GH PHWDO EULOODQWH \ RWURV XWHQVLOLRV GHO FDOLILFDGRSDUDVROLFLWDUHODUUHJOR KRUQR6yORSXHGHQGHMDUVHHQHOKRUQRODVEDQGHMDVUHYHVWLGDV GH SRUFHODQD JULV R QHJUR 1R XWLOLFH OD DXWROLPSLH]D SDUD 1ROLPSLHODHPSDFDGXUDGHODSXHUWD/DHPSDFDGXUDGHOD OLPSLDURWUDVSLH]DVFRPREDQGHMDVFROHFWRUDVRWD]RQHV SXHUWDHVHVHQFLDOSDUDXQEXHQVHOODGR'HEHWHQHUVHFXLGDGR GHQRUHIUHJDUGDxDURPRYHUODHPSDFDGXUD $QWHVGHXWLOL]DUHOFLFORGHDXWROLPSLH]DOLPSLHODJUDVD\ORV GHUUDPHV GH DOLPHQWRV GHO KRUQR 8QD FDQWLGDG H[FHVLYD GH 1R XWLOLFH OLPSLDGRUHV GH KRUQR 1R GHEH XWLOL]DUVH QLQJ~Q JUDVD SXHGH HQFHQGHUVH JHQHUDQGR GDxRV SRU HO KXPR HQ OLPSLDGRU FRPHUFLDO R UHYHVWLPLHQWR SURWHFWRU GH QLQJXQD VXKRJDU FODVHGHQWURRDOUHGHGRUGHQLQJXQDSLH]DGHOKRUQR $'9(57(1&,$ &$-Ï1&$/(17$'25&$-Ï1'(/+2512 ,1)(5,25,16758&&,21(6'(6(*85,'$' DOJXQRVPRGHORV 7HQJDFXLGDGRDODEULUHOFDMyQ$EUDXQSRFRHOFDMyQ\GHMH (O REMHWLYR GHO FDMyQ FDOHQWDGRU HV PDQWHQHU DOLPHQWRV VDOLUHODLUHFDOLHQWH\HOYDSRUDQWHVGHTXLWDURYROYHUDFRORFDU FRFLGRV FDOLHQWHV D OD WHPSHUDWXUD GH VHUYLFLR 3RU ORV DOLPHQWRV (O DLUH \ HO YDSRU FDOLHQWHV TXH VDOHQ SXHGHQ GHEDMR GH ORV ) & SXHGH SURGXFLUVH FUHFLPLHQWR SURYRFDUTXHPDGXUDVHQPDQRVURVWUR\RRMRV GH EDFWHULDV HQ ORV DOLPHQWRV 1R FRORTXH DOLPHQWRV IUtRV HQ HO FDMyQ FDOHQWDGRU 1R FDOLHQWH DOLPHQWRV SRU PiV 1RXVHSDSHOGHDOXPLQLRSDUDFXEULUHOFDMyQLQIHULRU(OSDSHO GH KRUDV 1R VHJXLU HVWDV LQVWUXFFLRQHV SXHGH SURYRFDU DWUDSDUi HQ FDORU GHO IRQGR \ DOWHUDUi HO IXQFLRQDPLHQWR GHO HQIHUPHGDGHVWUDQVPLWLGDVSRUORVDOLPHQWRV KRUQR(OSDSHOVHSRGUiGHUUHWLU\GDxDUGHIRUPDSHUPDQHQWH ODSDUWHLQIHULRUGHOFDMyQ&XDOTXLHUGDxRSRUXVRLQDGHFXDGR 1R GHMH SURGXFWRV GH SDSHO SOiVWLFRV FRPLGD HQODWDGD GHO SDSHO GH DOXPLQLR QR HVWDUi FXELHUWR SRU OD JDUDQWtD GHO R PDWHULDOHV FRPEXVWLEOHV HQ HO FDMyQ 3XHGHQ SUHQGHUVH SURGXFWR IXHJR 1R WRTXH HO HOHPHQWR FDOHQWDGRU R OD VXSHUILFLH LQWHUQD GHO FDMyQ (VWDV VXSHUILFLHV SXHGHQ HVWDU OR VXILFLHQWHPHQWH FDOLHQWHVFRPRSDUDSURYRFDUTXHPDGXUDV 8VRGHXQLGDGHVGHODVXSHUILFLH &yPRIXQFLRQDODVXSHUILFLHGHFRFFLyQSRULQGXFFLyQ /DVERELQDVGHLQGXFFLyQXELFDGDVGHEDMRGHODVXSHUILFLHGH FRFFLyQGHYLGULRSURGXFHQXQFDPSRPDJQpWLFRTXHJHQHUD FDORUHQPHWDOHVIHUURVRVTXHVHHQFXHQWUDQPX\FHUFD/D VXSHUILFLHGHFRFFLyQGHYLGULRQRVHFDOLHQWDGLUHFWDPHQWH\D /RV HOHPHQWRV GH FRFFLyQ SRU LQGXFFLyQ SXHGHQ SDUHFHU IUtRVFXDQGRHVWiQHQFHQGLGRV21\GHVSXpVGHKDEHUVLGR TXHQR HVXQPHWDOIHUURVRSHURHOYLGULRSXHGHFDOHQWDUVH DSDJDGRV2))/DVXSHUILFLHGHYLGULRSXHGHHVWDU&$/,(17( SRU HVWDU HQ FRQWDFWR FRQ HO UHFLSLHQWH GH FRFFLyQ /DV GHELGRDFDORUUHVLGXDOWUDQVIHULGRGHOUHFLSLHQWHGHFRFFLyQ\ ERELQDV GH OD VXSHUILFLH GH LQGXFFLyQ VRQ PiV HILFLHQWHV SXHGHQSURYRFDUVHTXHPDGXUDV \ VH FDOLHQWDQ FRQ PiV UDSLGH] TXH ODV FRFLQDV HOpFWULFDV RDJDVFRQVXSHUILFLHVGHFRFFLyQFRQYHQFLRQDOHV 127248(5(&,3,(17(6'(&2&&,Ï1&$/,(17(6GLUHFWDPHQWH FRQVXVPDQRV6LHPSUHXVHJXDQWHVGHFRFLQDRDJDUUDGHUDV SDUDSURWHJHUODVPDQRVGHTXHPDGXUDV 35(&$8&,Ï1 12'(6/,&(UHFLSLHQWHVGHFRFFLyQDWUDYpVGHODVXSHUILFLHGH ODHVWXID+DFHUORSXHGHGDxDUSHUPDQHQWHPHQWHODDSDULHQFLD GHODHVWXIDGHFHUiPLFD 5,(6*2'(,1&(1',21XQFDSLHUGDGHYLVWDODFRFLQDFXDQGRODHVWXIDHVWpHQ ODVFRQILJXUDFLRQHVPHGLRRDOWR0DQWHQJDORVtWHPVLQIODPDEOHVDOHMDGRVGHOD HVWXID$SDJXHWRGRVORVFRQWUROHVFXDQGRILQDOLFHODFRFFLyQ6LQRVHVLJXHQ HVWDVLQVWUXFFLRQHVVHSRGUiSURGXFLULQFHQGLRVOHVLRQHVJUDYHVRODPXHUWH (VSRVLEOHTXHODVIXQFLRQHV\DSDULHQFLDVYDUtHQFRQUHODFLyQDVXPRGHORDORODUJRGHOPDQXDO $'9(57(1&,=$ &RQILJXUDFLRQHVGHFRFFLyQGHODVXQLGDGHVGHVXSHUILFLH (O QLYHO GH HQHUJtD FRQ XQD IUDFFLyQ LQGLFD OD FRQILJXUDFLyQ DGLFLRQDO GH PHGLR SDVR 8VWHG SXHGHRtUFKDVTXLGRVTXHLQGLFDQ TXH HO FRQWURO HVWi PDQWHQLHQGR VXFRQILJXUDFLyQGHVHDGD /DHVWXIDRIUHFHQLYHOHVGHHQHUJtD /RV QLYHOHV GH HQHUJtD YDQ GHVGH ´/2µ EDMD KDVWD´+,µDOWDHQSUHFLVRVDXPHQWRVGHPHGLR SDVR3RUHMHPSOR/\KDVWD+ 6HUHFRPLHQGDHOQLYHOGHHQHUJtDGH´/µ OD FRQILJXUDFLyQ PiV EDMD SDUD ´PDQWHQHU FDOLHQWHµ (O QLYHO GH HQHUJtD DXPHQWD GH D PHGLR QLYHO FRQFDGDWRTXH 8QLGDGGHVXSHUILFLH~QLFD³&RQILJXUDFLRQHVGHFRFFLyQ 3DUDHQFHQGHUXQDXQLGDGGHVXSHUILFLH~QLFD 3UHVLRQHHOERWyQ212))HQFHQGLGR DSDJDGROXHJRSUHVLRQHHOERWyQ² 8WLOLFHHOERWyQ²SDUDHOHJLUOD FRQILJXUDFLyQGHHQHUJtDGHVHDGD 3DUDDSDJDUXQDXQLGDGGHVXSHUILFLH ~QLFDSUHVLRQHHOERWyQ212)) HQFHQGLGRDSDJDGRGHQXHYR 3DUDXWLOL]DUODFDUDFWHUtVWLFD´0HOWµGHUUHWLU 3UHVLRQHHOERWyQ212))HQFHQGLGRDSDJDGR OXHJRSUHVLRQH0(/7GHUUHWLU(OHOHPHQWR DXWRPiWLFDPHQWHTXHGDUiHQXQDFRQILJXUDFLyQ SUHGHWHUPLQDGD 3DUD XVDU OD IXQFLyQ 3RZHU %RLO +HUYLU FRQ (OHFWULFLGDG 3UHVLRQH OD WHFOD 212)) (QFHQGHU$SDJDU OXHJRSUHVLRQH3RZHU%RLO+HUYLUFRQ(OHFWULFLGDG (OHOHPHQWRVHFRQILJXUDUiGHIRUPDDXWRPiWLFD HQXQDFRQILJXUDFLyQSUHGHWHUPLQDGD 3DUDXWLOL]DUODFDUDFWHUtVWLFD´6LPPHUµIXHJR OHQWR 3UHVLRQHHOERWyQ212))HQFHQGLGR DSDJDGROXHJRSUHVLRQH6,00(5IXHJROHQWR (OHOHPHQWRDXWRPiWLFDPHQWHTXHGDUiHQ XQDFRQILJXUDFLyQSUHGHWHUPLQDGD$MXVWH XWLOL]DQGRHOERWyQ²SDUDVXELUREDMDUHO QLYHOGHIXHJROHQWR *($SSOLDQFHVFRP $'9(57(1&,$ 5,(6*2'(,172;,&$&,Ï1$/,0(17$5,$3RUGHEDMRGHORV)&SXHGH SURGXFLUVHFUHFLPLHQWRGHEDFWHULDVHQORVDOLPHQWRV 6LHPSUHHPSLHFHFRQDOLPHQWRVFDOLHQWHV1RXWLOLFHFRQILJXUDFLRQHV GHPDQWHQHUFDOLHQWHSDUDFDOHQWDUDOLPHQWRVIUtRV 1RFDOLHQWHDOLPHQWRVSRUPiVGHKRUDV 1RVHJXLUHVWDVLQVWUXFFLRQHVSXHGHSURYRFDUHQIHUPHGDGHVWUDQVPLWLGDVSRU ORVDOLPHQWRV &yPRXVDUOD]RQDGHFDOHQWDPLHQWR WARMING ZONE SELECT ON OFF /D=21$'(&$/(17$0,(172VHHQFXHQWUD HQODSDUWHWUDVHUDFHQWUDOGHODVXSHUILFLHGH YLGULR 3DUDXWLOL]DUOD=21$'(&$/(17$0,(172 3UHVLRQHODWHFOD:$50,1*=21(21 2))]RQDGHFDOHQWDPLHQWRHQFHQGLGR DSDJDGR 3DUDVHOHFFLRQDUODFRQILJXUDFLyQGH FRQWUROGHVHDGDSUHVLRQHHOERWyQ6(/(&7 VHOHFFLRQDUXQDYH]SDUDEDMD/GRV YHFHVSDUDPHGLD0RWUHVYHFHVSDUD DOWD+ 3DUDDSDJDUOD=21$'(&$/(17$0,(172 3UHVLRQHODWHFOD:$50,1*=21(212)) ]RQDGHFDOHQWDPLHQWRHQFHQGLGRDSDJDGR 3DUDPHMRUHVUHVXOWDGRVWRGRV ORVDOLPHQWRVGHOD=21$'(&$/(17$0,(172 GHEHQFXEULUVHFRQ XQDWDSDRFRQSDSHOGHDOXPLQLR 6LHPSUHXWLOLFHDJDUUDGHUDVRJXDQWHVGH FRFLQDFXDQGRTXLWHDOLPHQWRVGHOD=21$ '(&$/(17$0,(172\DTXHORVUHFLSLHQWHV HVWDUiQFDOLHQWHV 1RXWLOLFHHQYROWRULRVSOiVWLFRVSDUDFXEULU DOLPHQWRV(OSOiVWLFRSXHGHGHUUHWLUVHHQOD VXSHUILFLH\VHUiPX\GLItFLOOLPSLDUOR 8WLOLFHVyORUHFLSLHQWHVGHFRFLQD UHFRPHQGDGRVSDUDFRFFLyQVREUHHVWXIDV 8VRGHXQLGDGHVGHODVXSHUILFLH 3DUD0RGHORVFRQ6XSHUILFLHGH&RFFLyQGH9LGULR 1XQFDFRFLQHGLUHFWDPHQWHVREUHHO YLGULR6LHPSUHXWLOLFHUHFLSLHQWHVGH FRFFLyQ 6LHPSUHFRORTXHHOUHFLSLHQWHHQHO FHQWURGHODXQLGDGGHVXSHUILFLH VREUHODTXHHVWiFRFLQDQGR /D VXSHUILFLH GH FRFFLyQ GH YLGULR FXHQWD FRQ XQLGDGHV GH FDOHQWDPLHQWR GHEDMR GH XQD VXSHUILFLHGHYLGULRSDUHMD 127$ 8Q OLJHUR RORU HV QRUPDO FXDQGR XQD HVWXID QXHYD VH XWLOL]D SRU SULPHUD YH] (V SURYRFDGR SRU HO FDOHQWDPLHQWR GH SLH]DV QXHYDV\PDWHULDOHVDLVODQWHV\GHVDSDUHFHUiHQ 1RGHVOLFHORVUHFLSLHQWHVGHFRFFLyQDWUDYpVGHOFRQWURO SRFRWLHPSR \ODVXSHUILFLHGHODHVWXIDSRUTXHSXHGHUD\DUHOYLGULR /D XQLGDG VXSHUILFLDO SRGUi LQLFLDU XQ FLFOR (OYLGULRHVUHVLVWHQWHDORVUD\RQHVSHURQRDSUXHEDGH ORVPLVPRV GH HQFHQGLGR \ DSDJDGR SDUD PDQWHQHU VX FRQILJXUDFLyQGHFRQWUROVHOHFFLRQDGD (O XVR GH OLPSLDGRU GH YHQWDQDV SXHGH GHMDU XQD SHOtFXOD LULGLVFHQWH VREUH OD HVWXID (V VHJXUR FRORFDU XWHQVLOLRV FDOLHQWHV HQ OD VXSHUILFLH GH YLGULR LQFOXVR FXDQGR OD HVWXID /DFUHPDOLPSLDGRUDTXLWDUiHVWDGHFRORUDFLyQ HVWpIUtD 1R DOPDFHQH HOHPHQWRV SHVDGRV VREUH 1RFRORTXHQDGDVREUHODXQLGDGGHVXSHUILFLH OD HVWXID 6L FDHQ VREUH OD HVWXID SRGUtDQ KDVWDTXHVHKD\DHQIULDGRSRUFRPSOHWR SURYRFDUGDxRV /DV PDQFKDV GH DJXD GHSyVLWRV PLQHUDOHV 1R XWLOLFH OD VXSHUILFLH FRPR XQD WDEOD SDUD FRUWDU SXHGHQ TXLWDUVH XWLOL]DQGR FUHPD OLPSLDGRUD RYLQDJUHEODQFRVLQGLOXLU ¢4XpFODVHGHUHFLSLHQWHVGHEHXVDUVH" 8WLOLFHUHFLSLHQWHVGH EDVHSODQD 8WLOLFHXQDSODQFKD 8WLOLFHXQZRNGHEDVHSODQD 'HEHQXWLOL]DUVHUHFLSLHQWHVIHUURVRVFXDQGRVH XVHQODVERELQDVGHLQGXFFLyQGHHVWDFRFLQD /D ]RQD GH FDOHQWDPLHQWR QR HV XQD ERELQD GHLQGXFFLyQ\IXQFLRQDFRQFXDOTXLHUFODVHGH UHFLSLHQWH GH FRFFLyQ 8VWHG SXHGH YHULILFDU VL VX UHFLSLHQWH HV IHUURVR VL XQ LPiQ VH DGKLHUH D pO /RV UHFLSLHQWHV GH FRFFLyQ GH FDOLGDG FRQ EDVHV SHVDGDV KHFKDV GH KLHUUR IXQGLGR DFHURLQR[LGDEOHPDJQpWLFR\DFHURHVPDOWDGR IXQFLRQDQ PHMRU 3DUD PHMRUHV UHVXOWDGRV XWLOLFH UHFLSLHQWHV FRQ EDVHV SODQDV /RV ZRNV TXH QR SRVHHQ EDVHV SODQDV HQ FRQWDFWR FRQ OD VXSHUILFLH GH YLGULR QR IXQFLRQDQ $OJXQRV UHFLSLHQWHV HVWiQ IDEULFDGRV HVSHFLDOPHQWH SDUDFRFFLyQSRULQGXFFLyQ &RORTXH VyOR ROODV VHFDV VREUH ORV HOHPHQWRV VXSHUILFLDOHV 1R FRORTXH WDSDV VREUH ORV HOHPHQWRV VXSHUILFLDOHV SDUWLFXODUPHQWH WDSDVPRMDGDV(VSRVLEOHTXHODVROODV\WDSDV PRMDGDVVHDGKLHUDQDODVXSHUILFLHFXDQGRVH HQIUtHQ &yPRVHOHFFLRQDUWLSRVGHXWHQVLOLRVSDUD PRGHORVGHHVWXIDGHYLGULRUDGLDQWH *($SSOLDQFHVFRP 7DPDxR\IRUPDGHORVUHFLSLHQWHV 5HFLSLHQWH GHµ GHGLiPHWUR PtQLPR 5HFLSLHQWH GHµ GHGLiPHWUR PtQLPR 5HFLSLHQWH GHµ GHGLiPHWUR PtQLPR 5HFLSLHQWH GHµ GHGLiPHWUR PtQLPR 8WLOLFHHOUHFLSLHQWHGHWDPDxR PtQLPRLOXVWUDGRSDUDFDGD HOHPHQWRGHFRFFLyQ /DV ERELQDV GH LQGXFFLyQ UHTXLHUHQ XQ WDPDxR PtQLPR GH UHFLSLHQWH SDUD TXH HO HOHPHQWR VH HQFLHQGD3DUDTXHODERELQDGHLQGXFFLyQSXHGD GHWHUPLQDU FRUUHFWDPHQWH VL HO UHFLSLHQWH HV OR VXILFLHQWHPHQWH JUDQGH UHVXOWD LPSRUWDQWH TXH HO UHFLSLHQWH VH FHQWUH GHQWUR GH ORV JUiILFRV FLUFXODUHV PDUFDGRV HQ OD VXSHUILFLH GH FRFFLyQ GH YLGULR (O WDPDxR PtQLPR GH UHFLSLHQWH TXH IXQFLRQDUi HQ FDGD ERELQD GH LQGXFFLyQ VH LQGLFD D OD L]TXLHUGD /RV UHFLSLHQWHV QR IHUURVRV \ GHPDVLDGR SHTXHxRV QR SHUPLWLUiQ HO DFFLRQDPLHQWR GH OD ERELQD GH LQGXFFLyQ \ OD SDQWDOOD GHO QLYHO GH HQHUJtD GH OD XELFDFLyQ GH HVD ERELQD GHVWHOODUi GXUDQWH VHJXQGRV \OXHJRVHDSDJDUi6LXQUHFLSLHQWHVHUHWLUDGH ODERELQDGHLQGXFFLyQSRUPiVGHVHJXQGRV OD HQHUJtD VH GHVDFWLYDUi 3XHGHQ XWLOL]DUVH UHFLSLHQWHV FXDGUDGRV DXQTXH IXQFLRQDQ PHMRU ORVUHGRQGRVTXHVHDMXVWDQDORVWDPDxRVGHODV ERELQDVGHLQGXFFLyQ/RVUHFLSLHQWHVGHFRFFLyQ GH PD\RU WDPDxR TXH ORV JUiILFRV GH YLGULR GH OD HVWXID IXQFLRQDUiQ 3DUD PHMRUHV UHVXOWDGRV DMXVWHHOWDPDxRGHOUHFLSLHQWHFRQORVJUiILFRVGH WDPDxRPiVFHUFDQRTXHVHHQFXHQWUDQVREUHOD VXSHUILFLHGHFRFFLyQGHYLGULR ´5XLGRVµ GH ORV UHFLSLHQWHV GH FRFFLyQ 8Q ]XPELGR EDMR HV QRUPDO FXDQGR VH XWLOL]DQ ERELQDV GH LQGXFFLyQ HVSHFLDOPHQWH HQ FRQILJXUDFLRQHV GH HQHUJtD PD\RUHV /RV UHFLSLHQWHVSHVDGRVGHKLHUURIXQGLGRHVPDOWDGR SURGXFHQ PHQRV UXLGR TXH ORV UHFLSLHQWHV GH DFHUROLYLDQR/DFDQWLGDGGHFRQWHQLGRGHQWUR GH ORV UHFLSLHQWHV WDPELpQ SXHGH PRGLILFDU HO QLYHO GH UXLGR /RV UHFLSLHQWHV TXH FXEUHQ SRU FRPSOHWR HO JUiILFR GHO YLGULR SURGXFHQ PHQRV UXLGR (O DJXD TXH TXHGD DWUDSDGD GHEDMR GH ORV UHFLSLHQWHV SXHGH KHUYLU OR TXH SXHGHSURYRFDUTXHORVUHFLSLHQWHVYLEUHQRVH GHVOLFHQ VREUH OD VXSHUILFLH GH YLGULR $ ILQ GH UHGXFLU HO UXLGR PXHYD ODV ROODV VXDYHPHQWH \RFDPELHORVQLYHOHVGHSRWHQFLD &RUULHQWH&RPSDUWLGD 3DUDHOQLYHOGHFRUULHQWH+DOWDVLXQDXQLGDG VXSHUILFLDO HVWi DFWLYDGD SRU XQ SHUtRGR GH WLHPSR SURORQJDGR R VL P~OWLSOHV XQLGDGHV VXSHUILFLDOHV HVWiQ DFWLYDGDV HV SRVLEOH TXH KD\DXQDUHGXFFLyQGHFRUULHQWHHQODXQLGDG VXSHUILFLDO 8VRGHORVFRQWUROHVGHOKRUQR (VSRVLEOHTXHODVIXQFLRQHV\DSDULHQFLDVYDUtHQFRQUHODFLyQDVXPRGHORDORODUJRGHOPDQXDO 7HFOD$VDU$OWR%DMR 3UHVLRQHSDUDVHOHFFLRQDUODIXQFLyQDVDU/HD ODVHFFLyQ&yPR&RQILJXUDUHO+RUQRSDUD$VDU 7HFODGH+RUQHDGR 3UHVLRQHSDUDVHOHFFLRQDUODIXQFLyQKRUQHDU/HD ODVHFFLyQ&yPR&RQILJXUDUHO+RUQRSDUD+RUQHDU 7HFODGH&RFFLyQSRU&RQYHFFLyQ 8VHXQYHQWLODGRUSDUDKDFHUFLUFXODUDLUHHQHO KRUQR/HDODVHFFLyQVREUH8VRGHOKRUQRSRU FRQYHFFLyQ 7HFOD:$50&DOHQWDU 7HFODV7,0(5212))(QFHQGHU$SDJDU 7HPSRUL]DGRU 3UHVLRQHSDUDFRQILJXUDUHOWHPSRUL]DGRU GHODFRFLQD&RQVXOWHODVHFFLyQGH8VRGHO 7HPSRUL]DGRUGHOD&RFLQD 7HFOD&22.7,0(7HPSRUL]DGRUGHO &RFFLyQ 3UHVLRQHHVWDWHFOD\OXHJRSUHVLRQHODVWHFODV QXPpULFDVSDUDFRQILJXUDUODFDQWLGDGGHWLHPSR GXUDQWHHOFXDOGHVHHTXHVXFRPLGDVHFRFLQH(O KRUQRVHDSDJDUiFXDQGRHOWLHPSRGHFRFFLyQ VHKD\DWHUPLQDGR 3UHVLRQHSDUDPDQWHQHUFDOLHQWHVODVFRPLGDV \DFRFLQDGDV/HDODVHFFLyQ&yPR&RQILJXUDUHO +RUQRSDUD&DOHQWDU /X]GHO+RUQR(QFHQGLGD$SDJDGD 7HFOD6/2:&22.&RFFLyQ/HQWD 7HFOD%RUUDU$SDJDU 3UHVLRQHSDUDODUJDVKRUDVGHFRFFLyQVLQVX SUHVHQFLD/HDODVHFFLyQ&yPR&RQILJXUDUHO +RUQRSDUDXQD&RFFLyQ/HQWD 7HFOD352%(6RQGD 3UHVLRQHDOXVDUODVRQGDSDUDFRFLQDUGHIRUPD DXWRPiWLFDHQODWHPSHUDWXUDGHFRPLGDLQWHUQD GHVHDGD&RQVXOWHODVHFFLyQ8VRGHOD6RQGD 7HFOD6(/)&/($1$XWR/LPSLH]D 3UHVLRQHODDXWROLPSLH]DGHOKRUQR&RQVXOWHOD VHFFLyQ8VRGHO+RUQRFRQ$XWR/LPSLH]D 7HFOD67($0&/($1/LPSLH]DDO9DSRU 3UHVLRQHHVWDWHFODSDUDXQDOLPSLH]DIiFLOGH VXFLHGDGOHYHGHODFDYLGDGGHOKRUQRRODSXHUWD &RQVXOWHODVHFFLyQ8VRGH/LPSLH]DDO9DSRU 7HFODGH7LHPSRGH&RFFLyQ 3UHVLRQHSDUDFDQFHODU72'$6ODVRSHUDFLRQHV GHOKRUQRH[FHSWRHOUHORM\HOWHPSRUL]DGRU 7HFODGH3UXHEDHQDOJXQRVPRGHORV 3UHVLRQHSDUDVHOHFFLRQDUXQDPELHQWHFiOLGR TXHVHD~WLOSDUDODHOHYDFLyQGHSURGXFWRV IHUPHQWDGRVDEDVHGHOHYDGXUD 7HFOD29(1/,*+7/X]GHO+RUQR 3UHVLRQHSDUDHQFHQGHURDSDJDUODVOXFHVGHO KRUQR 7RXFKWKLVSDGWRVHWWKHRYHQWRVWDUW DXWRPDWLFDOO\DWDWLPH\RXVHW 127$$OFRQILJXUDUORVWLHPSRVVyORVHUHDOL]DQ DMXVWHVGHKRUDV\PLQXWRV(OWLHPSRPtQLPRTXH VHSXHGHFRQILJXUDUHVGHXQPLQXWR (OUHORMVHGHEHUiFRQILJXUDUHQODKRUDFRUUHFWD GHOGtDSDUDTXHODVIXQFLRQHVDXWRPiWLFDVGHO WHPSRUL]DGRUGHOKRUQRIXQFLRQHQGHIRUPD DGHFXDGD/DKRUDGHOGtDQRVHSXHGHFDPELDU GXUDQWHXQKRUQHDGRSRUWLHPSRRHOFLFORGH OLPSLH]DDXWRPiWLFD &RQVXOWHODVHFFLyQ3DUDFRQILJXUDUHOUHORM 6LVXKRUQRIXHFRQILJXUDGRSDUDXQ IXQFLRQDPLHQWRSRUWLHPSR\VHSURGXFH XQFRUWHGHFRUULHQWHHOUHORM\ODVIXQFLRQHV SURJUDPDGDVVHUiQUHLQLFLDGDV/DKRUDGHOGtD WLWLODUiHQODSDQWDOODFXDQGRKD\DKDELGRXQ FRUWHGHFRUULHQWH 7HFODGHO&$-Ï1&$/(17$'25 (OFDMyQFDOHQWDGRUPDQWHQGUiODVFRPLGDV FDOLHQWHV\FRFLQDGDVHQODWHPSHUDWXUDSDUD VHUYLU6LHPSUHFRPLHQFHFRQFRPLGDFDOLHQWH &RQVXOWHODVHFFLyQGH8VRGHOFDMyQFDOHQWDGRU %/248(2'(/&21752/ /DVWHFODVGHFRQWUROVHSRGUiQEORTXHDUGH PRGRTXHQRVHSXHGDQDFWLYDUVLVHSUHVLRQHV &RQVXOWHODVHFFLyQ&yPR%ORTXHDUORV &RQWUROHV 8VRGHOUHORMWHPSRUL]DGRUGHODFRFLQD \EORTXHRGHOFRQWURO 3DUD&RQILJXUDUHO5HORM (OUHORMVHGHEHUiFRQILJXUDUHQODKRUDFRUUHFWD GHOGtDSDUDTXHODVIXQFLRQHV'HOD\6WDUW,QLFLR 'HPRUDGR IXQFLRQHQ GH IRUPD DGHFXDGD /D KRUDGHOGtDQRVHSXHGHFDPELDUGXUDQWHXQD FRFFLyQ GHPRUDGD R GXUDQWH HO FLFOR GH DXWR OLPSLH]D 3UHVLRQHODWHFOD&ORFN5HORM 3UHVLRQHODVWHFODVQXPpULFDVKDVWDTXHOD KRUD FRUUHFWD GHO GtD DSDUH]FD HQ OD SDQWDOOD 6L ODV WHFODV QXPpULFDV QR VH WRFDQGHQWURGHXQPLQXWROXHJRGHKDEHU WRFDGR OD WHFOD &/2&. 5HORM OD SDQWDOOD *($SSOLDQFHVFRP YXHOYH D OD FRQILJXUDFLyQ RULJLQDO 6L HVWR VXFHGH SUHVLRQH OD WHFOD &/2&. 5HORM \ YXHOYDDLQJUHVDUODKRUDGHOGtD 3UHVLRQHODWHFOD6WDUW,QLFLDUKDVWDTXHOD KRUDGHOGtDDSDUH]FDHQODSDQWDOOD(VWR LQJUHVDODKRUDHLQLFLDHOUHORM 3DUDFRQWURODUODKRUDGHOGtDFXDQGRODSDQWDOOD PXHVWUD RWUD LQIRUPDFLyQ VLPSOHPHQWH SUHVLRQHODWHFOD&/2&.5HORM/DKRUDGHOGtD DSDUHFH KDVWD TXH RWUD WHFOD HV SUHVLRQDGD 3DUD FDPELDU HO IRUPDWR GH OD KRUD R DSDJDU ODSDQWDOODGHOUHORMFRQVXOWHODVHFFLyQ6SHFLDO )HDWXUHV)XQFLRQHV(VSHFLDOHV 3DUD3URJUDPDUHO&RQWDGRUGH7LHPSR (O7HPSRUL]DGRUGHOD&RFLQDFXHQWD HQKRUDV\PLQXWRV (O7HPSRUL]DGRUGHOD&RFLQDQR FRQWURODODVRSHUDFLRQHVGHOKRUQR/D FRQILJXUDFLyQPi[LPDGHO7HPSRUL]DGRU GHOD&RFLQDHVGHKRUDV\PLQXWRV 3UHVLRQHODWHFOD7,0(5217HPSRUL]DGRU (QFHQGLGR 3UHVLRQHODVWHFODVQXPpULFDVKDVWDTXHOD FDQWLGDGGHWLHPSRTXHGHVHDDSDUH]FDHQ ODSDQWDOOD3RUHMHPSORSDUDSURJUDPDU KRUDV \ PLQXWRV WRTXH \ HQ HVH RUGHQ6LFRPHWHXQHUURUSUHVLRQHODWHFOD 7,0(5 2)) 7HPSRUL]DGRU $SDJDGR \ YXHOYDDFRPHQ]DU 3UHVLRQHODWHFOD67$57,QLFLDU /XHJR GH SUHVLRQDU OD WHFOD 67$57 ,QLFLDU 6(7 &RQILJXUDFLyQ GHVDSDUHFH HVWR OH LQGLFD TXH HO WLHPSR HVWi HQ FXHQWD UHJUHVLYD DXQTXH OD SDQWDOOD QR FDPELD KDVWD TXH KD\D SDVDGR XQ PLQXWR /RV VHJXQGRV QR VH PRVWUDUiQ HQ OD SDQWDOODKDVWDTXHVHUHDOLFHODFXHQWDUHJUHVLYD GHO~OWLPRPLQXWR &XDQGRHOFRQWDGRUGHODFRFLQDOOHJXHDHO FRQWUROKDUiSLWLGRVDJXGRVVHJXLGRVGHXQ SLWLGR DJXGR FDGD VHJXQGRV KDVWD TXH VH SUHVLRQH WHFOD 7,0(5 2)) 7HPSRUL]DGRU $SDJDGR (O WRQR GH VHJXQGRV VH SXHGH FDQFHODU VLJXLHQGRORVSDVRVHQODVHFFLyQGHFRQWUROGH IXQFLRQHV (VSHFLDOHV GH VX KRUQR HQ 7RQHV DW WKH (QG RI D 7LPHG &\FOH 7RQRV DO )LQDO GH XQ &LFORSRU7LHPSR 3DUD5HLQLFLDUHO7HPSRUL]DGRUGHOD&RFLQD 6LODSDQWDOODD~QPXHVWUDHOWLHPSRUHVWDQWHOD SXHGHFDPELDUSUHVLRQDQGRODWHFOD7,0(521 7HPSRUL]DGRU(QFHQGLGR\OXHJRSUHVLRQDQGR ODV WHFODV QXPpULFDV KDVWD TXH HO WLHPSR TXH GHVHDDSDUH]FDHQODSDQWDOOD 6L HO WLHPSR UHVWDQWH QR VH HQFXHQWUD HQ OD SDQWDOOD UHORM LQLFLR GHPRUDGR R WLHPSR GH FRFFLyQ DSDUHFHQ HQ OD SDQWDOOD UHFXHUGH HO WLHPSRUHVWDQWHSUHVLRQDQGRODWHFOD7,0(521 7HPSRUL]DGRU(QFHQGLGR\OXHJRSUHVLRQDQGR ODV WHFODV QXPpULFDV SDUD LQJUHVDU HO QXHYR WLHPSRTXHGHVHH 3DUD&DQFHODUHO7HPSRUL]DGRUGHOD&RFLQD 3UHVLRQHODWHFOD7,0(52))7HPSRUL]DGRU $SDJDGR &yPR%ORTXHDUORV&RQWUROHV &RQWURO /RFNRXW %ORTXHR GHO &RQWURO OH &XDQGRHVWDIXQFLyQHVWpHQFHQGLGDODVWHFODV SHUPLWLUi EORTXHDU ODV WHFODV WiFWLOHV GH PRGR WiFWLOHVQRUHVSRQGHUiQH[FHSWRODWHFOD&OHDU TXHQRVHSXHGDQDFWLYDUDOVHUWRFDGDV 2II%RUUDU$SDJDU 3DUDEORTXHDUGHVEORTXHDUORVFRQWUROHV 0DQWHQJD SUHVLRQDGD OD WHFOD &RQWURO /RFNRXW %ORTXHR GHO &RQWURO SRU VHJXQGRV/DSDQWDOODGHOKRUQRPRVWUDUi ´/RF2Q/RF´%ORTXHR(QFHQGLGR 3DUD GHVEORTXHDU HO FRQWURO PDQWHQJD SUHVLRQDGDODWHFOD&RQWURO/RFNRXW%ORTXHR GHO &RQWURO SRU VHJXQGRV /D SDQWDOOD GHO KRUQR PRVWUDUi ´/RF 2)) /RF´ %ORTXHR $SDJDGR &yPRXVDUHOKRUQR 3DUDHYLWDUSRVLEOHVTXHPDGXUDVFRORTXHODVEDQGHMDVHQODSRVLFLyQGHVHDGDDQWHVGHHQFHQGHUHOKRUQR $QWHVGHFRPHQ]DU« /DFDQWLGDGGHSRVLFLRQHV GHODEDQGHMDSXHGHYDULDUHQ UHODFLyQDOPRGHOR /DVEDQGHMDVWLHQHQWRSHVGHPRGRTXHFXDQGR VH ODV FRORFD FRUUHFWDPHQWH HQ ORV VRSRUWHV VHGHWHQGUiQDQWHVGHVDOLUVHGHOWRGR\QRVH YROFDUiQ &XDQGRFRORTXHRTXLWHUHFLSLHQWHVGHFRFFLyQ WLUHGHODEDQGHMDKDVWDTXHVHGHWHQJD (Q DOJXQRV PRGHORV HO HOHPHQWR FDOHQWDGRU SDUDKRUQHDGRVHHQFXHQWUDGHEDMRGHOSLVRGHO KRUQR 1XQFD FRORTXH XWHQVLOLRV GH FRFLQD SLHGUDVSDUDSL]]DQLRWURVDUWtFXORVHQHOSLVR GHOKRUQR 3DUDTXLWDUXQDEDQGHMDWLUHGHHOODLQFOLQHHO H[WUHPRIURQWDOKDFLDDUULED\ViTXHOD 3DUD YROYHU D FRORFDUOD GHSRVLWH HO H[WUHPR GH OD EDQGHMD WRSHV GH GHWHQFLyQ VREUH HO VRSRUWHLQFOLQHHOIUHQWHKDFLDDUULED\SUHVLRQH ODEDQGHMDKDFLDDGHQWUR 35(&$8&,Ï1 &XDQGRXWLOLFHODEDQGHMDHQODSRVLFLyQPiVEDMD $ QHFHVLWDUi WHQHU FXLGDGR FXDQGR OD TXLWH 5HFRPHQGDPRV TXH GHVOLFH OD EDQGHMD YDULDV SXOJDGDV\OXHJRXWLOL]DQGRGRVDJDUUDGHUDVOD TXLWHVRVWHQLHQGRGHDPERVODGRV/DEDQGHMDVH HQFXHQWUD PX\ DEDMR \ XVWHG SXHGH TXHPDUVH VL FRORFD OD PDQR HQ OD PLWDG GH OD EDQGHMD \ WLUD KDFLD DIXHUD 7HQJD PXFKR FXLGDGR GH QR TXHPDUVHODPDQRFRQODSXHUWDFXDQGRXWLOLFH ODEDQGHMDHQODSRVLFLyQPiVEDMD$ 1XQFDFRORTXHXWHQVLOLRVGH FRFLQDSLHGUDVSDUDSL]]DQLRWURV DUWtFXORVHQHOSLVRGHOKRUQR 3DUULOODGHH[WHQVLyQ 3RVLFLyQGH DSHUWXUDWRWDO 5LHOIURQWDO VXSHULRU &XDQGR FRORTXH R TXLWH UHFLSLHQWHV 3DUDYROYHUDFRORFDUODSDUULOOD GH FRFFLyQ VLHPSUH WLUH GH OD SDUULOOD KDFLD 7RPHILUPHPHQWHDPERVODGRVGHODUPD]yQ DIXHUD GHVGH HO ULHO IURQWDO VXSHULRU KDVWD GHODSDUULOOD\ODSDUULOODGHVOL]DEOH DOFDQ]DUODSRVLFLyQGHDSHUWXUDWRWDO &RORTXHHOH[WUHPRFXUYRGHOHVWDQWHHQOD 1R H[WLHQGD OD SDUULOOD UiSLGDPHQWH /RV DOLPHQWRV SXHGHQ GHVOL]DUVH GHVGH HO IUHQWH SRVLFLyQ GHVHDGD LQFOLQH HO IUHQWH KDFLD GHODSDUULOOD DUULED\SUHVLRQHODSDUULOODKDFLDDGHQWUR 3DUDTXLWDUODSDUULOOD $VHJ~UHVHGHLQWURGXFLUODSDUULOODKDVWDHO IRQGRGHOKRUQRGHPRGRTXHODVSDOHWDV ODWHUDOHV GHO DUPD]yQ GH OD SDUULOOD VH GHVHQJDQFKHQGHODFDYLGDG 'HVOLFH OD SDUULOOD KDFLD XVWHG KDVWD TXH OOHJXH DO WRSH SRVLFLyQ GHWHQLGD GHO VRSRUWHGHODSDUULOOD ,QFOLQH HO H[WUHPR IURQWDO KDFLD DUULED \ TXtWHOR *UDVSKHUH 127$ &XDQGR PDQLSXOH OD SDUULOOD GH H[WHQVLyQQRSHUPLWDTXHODSRUFLyQGHVOL]DEOH VHDEUD(VWRSXHGHGDxDUORVGHVOL]DGRUHV 35(&$8&,Ï1 1XQFDXWLOLFHODSDUULOODFXDQGRVXDUPD]yQ QRVHHQFXHQWUDFRPSOHWDPHQWHLQWURGXFLGR HQHOKRUQR\WUDEDGRHQVXSRVLFLyQ &XDQGRODSDUULOODVHHQFXHQWUDELHQLQVWDODGD \WUDEDGDHQVXOXJDUODVSDOHWDVODWHUDOHVGH EORTXHRGHODUPD]yQGHODSDUULOODVHWUDEDUiQ HQ VX OXJDU HQ ORV VRSRUWHV GHO KRUQR 6L ODV SDOHWDVODWHUDOHVQRVHWUDEDURQHQVXSRVLFLyQ UHSLWDORVSDVRVDQWHULRUHV\YHULILTXHTXHODV SDOHWDVODWHUDOHVVHKD\DQOLPSLDGR\OXEULFDGR FRUUHFWDPHQWH9HU3DUULOODGHH[WHQVLyQHQOD VHFFLyQ&XLGDGR\OLPSLH]D *($SSOLDQFHVFRP 3DSHOGHDOXPLQLR 1R XVH SDSHO GH DOXPLQLR SDUD FXEULU HO IRQGR GHO KRUQR(ODOXPLQLRDWUDSDUiHOFDORUHQODSDUWHLQIHULRU \ DOWHUDUi HO IXQFLRQDPLHQWR GHO KRUQR (O DOXPLQLR VH SXHGH GHUUHWLU \ GDxDU GH IRUPD SHUPDQHQWH HO IRQGRGHOKRUQR&XDOTXLHUGDxRSRUXVRLQDGHFXDGR GHO DOXPLQLR QR HVWDUi FXELHUWR SRU OD JDUDQWtD GHO SURGXFWR (O DOXPLQLR VH SXHGH XVDU SDUD UHWHQHU GHUUDPHV FRORFDQGR XQD KRMD HQ HO HVWDQWH LQIHULRU YDULDV SXOJDGDVSRUGHEDMRGHODFRPLGD1RXVHPiVDOXPLQLR TXHHOQHFHVDULR\QXQFDFXEUDWRWDOPHQWHXQHVWDQWH GHOKRUQRFRQSDSHOGHDOXPLQLR0DQWHQJDHODOXPLQLR SRUORPHQRVDXQDSXOJDGD\PHGLDGHODVSDUHGHVGHO KRUQRSDUDHYLWDUXQDPDODFLUFXODFLyQGHOFDORU 3UHFDOHQWDPLHQWR\FRORFDFLyQGHUHFLSLHQWH 3DUDHYLWDUSRVLEOHVTXHPDGXUDVFRORTXHODV EDQGHMDVHQODSRVLFLyQGHVHDGDDQWHVGHHQFHQGHU HOKRUQR 3UHFDOLHQWHGHOKRUQRVLDVtORLQGLFDODUHFHWD(O SUHFDOHQWDPLHQWRHVQHFHVDULRSDUDREWHQHUEXHQRV UHVXOWDGRVFXDQGRKRUQHHSDVWHOHVJDOOHWDVSDVWHOLWRV \SDQHV 6LYDDKRUQHDUFXDWURFDSDVGHSDVWHODOPLVPRWLHPSR FRORTXHGRVFDSDVHQODEDQGHMD&\GRVFDSDVHQOD EDQGHMD('LVWULEX\DORVUHFLSLHQWHVGHPRGRTXHQR TXHGHQGLUHFWDPHQWHXQRHQFLPDGHORWUR6LXVDUiHO HVWDQWHH[WHQVLEOHFRORTXHHOPLVPRHQODSRVLFLyQ& /RVUHVXOWDGRVGHOKRUQHDGRVHUiQPHMRUHVVLOD FRPLGDVHHQFXHQWUDHQHOFHQWURWDQWRFRPRVHD SRVLEOH6LQHPEDUJRHOUHQGLPLHQWRFRQFLHUWDV FRPLGDVVHSXHGHPHMRUDUVLVHKRUQHDHQXQD SRVLFLyQVXSHULRURLQIHULRUGHOHVWDQWH 3RU HMHPSOR HO SDVWHO GH iQJHO GHEHUtD VHU KRUQHDGRHQHOHVWDQWHXELFDGRPiVDEDMR6LJDODV UHFRPHQGDFLRQHV GH OD UHFHWD \ ODV LQVWUXFFLRQHV GHOSDTXHWHVREUHODXELFDFLyQGHODVEDQGHMDVSDUD FRPLGDV SUH HPSDTXHWDGDV \ FRQJHODGDV $MXVWH OD SRVLFLyQ GHO HVWDQWH SDUD DMXVWDU ORV UHVXOWDGRV 3RU HMHPSOR VL HQFXHQWUD TXH ODV VXSHUILFLHV GH ODV JDOOHWDV SDQHFLOORV R WRUWDV WDUGDQ PiV GH OR GHVHDGR HQ KRUQHDUVH OD SUy[LPD YH] LQWHQWH XVDU XQ HVWDQWH XELFDGR HQ XQD SRVLFLyQ VXSHULRU /DV EDQGHMDV QR GHEHQ WRFDUVH PXWXDPHQWH QL WRFDU ODV SDUHGHV GHO KRUQR $O KRUQHDU HQ HVWDQWHV P~OWLSOHV HVFDORQH ODV EDQGHMDV GH PRGR TXH XQD QRVHHQFXHQWUHGLUHFWDPHQWHHQFLPDGHODRWUD'HMH DSUR[LPDGDPHQWHµHQWUHODVEDQGHMDV\GHVGHODV SDUWHVIURQWDOWUDVHUD\ODWHUDOHVGHODVSDUHGHVGHO KRUQR&RQVXOWHODVHFFLyQ´FRFFLyQSRUFRQYHFFLyQµ SDUD REWHQHU LQIRUPDFLyQ VREUH OD XELFDFLyQ GH EDQGHMDVSDUDHOKRUQHDGRGHHVWDQWHVP~OWLSOHV &yPRFRQILJXUDUHOKRUQRSDUDKRUQHDGRRURVWL]DGR 3UHVLRQHHOERWyQ%$.(KRUQHDU 3UHVLRQH ODV DOPRKDGLOODV QXPpULFDV KDVWD TXH DSDUH]FDODWHPSHUDWXUDGHVHDGD 3UHVLRQHHOERWyQ67$57LQLFLDU (O KRUQR VH LQLFLDUi DXWRPiWLFDPHQWH /D SDQWDOOD PRVWUDUi 3U( PLHQWUDV UHDOL]D HO SUHFDOHQWDPLHQWR &XDQGRHOKRUQRDOFDQ]DODWHPSHUDWXUDVHOHFFLRQDGD HO FRQWURO GHO KRUQR HPLWLUi YDULRV SLWLGRV \ OD SDQWDOOD PRVWUDUiODWHPSHUDWXUDGHOKRUQR 127$ 8VWHG HVFXFKDUi HO YHQWLODGRU GH FRQYHFFLyQ HQ DOJXQRV PRGHORV PLHQWUDV HO KRUQR UHDOL]D HO SUHFDOHQWDPLHQWR (O YHQWLODGRU VH GHWHQGUi FXDQGR HOKRUQRVHKD\DSUHFDOHQWDGR\ODSDQWDOODPRVWUDUi OD WHPSHUDWXUD FRQILJXUDGD (VWR HV QRUPDO 3DUD FDPELDU OD WHPSHUDWXUD GHO KRUQR GXUDQWH HO FLFOR %$.( KRUQHDUSUHVLRQHHOERWyQ%$.(\OXHJRODVDOPRKDGLOODV QXPpULFDVSDUDFRQILJXUDUODQXHYDWHPSHUDWXUD 9HULILTXHHOQLYHOGHFRFFLyQGHORVDOLPHQWRVFXDQGR KD\D DOFDQ]DGR HO WLHPSR PtQLPR LQGLFDGR HQ OD UHFHWD&RFtQHORVPiVVLIXHVHQHFHVDULR 3UHVLRQH HO ERWyQ &/($52)) ERUUDUDSDJDGR FXDQGRVHKD\DILQDOL]DGRHOKRUQHDGR\OXHJRTXLWH ORVDOLPHQWRVGHOKRUQR *XtDSDUDGRUDU &DUQHV %LIH &HUGR &RUGHUR /DV DYHV UHOOHQDV JHQHUDOPHQWH UHTXLHUHQWLHPSRDGLFLRQDOGHGRUDGR &XEUDODVSDWDV\SHFKXJDFRQSDSHO GH DOXPLQLR SDUD HYLWDU GRUDGRV H[FHVLYRV \ UHVHFDPLHQWR GH OD SLHO &RQWUROH OD WHPSHUDWXUD GHO UHOOHQR FRQ XQ WHUPyPHWUR SDUD DVHJXUDU TXHKD\DDOFDQ]DGRXQDWHPSHUDWXUD PtQLPDGH) $YH 7HPSHUDWXUD 7HPSHUDWXUD GHO+RUQR ,QWHULRU Û) ) $VDGRGH&RVWLOODDOE 'HVKXHVDGD\&RQ+XHVRV -XJRVR $3XQWR ) Û) $VDGRGH&RVWLOODDOE -XJRVR ) Û) 'HVKXHVDGD\&RQ+XHVRV -XJRVR ) Û) &RQ+XHVRVD/EV $3XQWR ) Û) &RQ+XHVRVD/EV $3XQWR ) Û) 'HVKXHVDGDDOE $3XQWR ) Û) 3ROOR(QWHURDOE ) Û) 3DYR(QWHUR 6LQ5HOOHQRDOE 6LQ5HOOHQRDOE ) ) 3HFKXJDGH3DYRDOE ) Û) Û) Û) &yPRXVDUHOKRUQR &yPRFRQILJXUDUHOKRUQRSDUDDVDU 6XKRUQRFXHQWDFRQGRVFRQILJXUDFLRQHVSDUD DVDU8VH+,%URLO$VDGR$/72SDUDFRUWHVPiV ILQRVGHFDUQHRDYHGRQGHVHGHVHHXQGRUDGR LQWHQVR GH OD VXSHUILFLH 8VH /2 %URLO $VDGR %$-2 SDUD FRFLQDU FRUWHV PiV JUXHVRV GH FDUQHHQIRUPDFRPSOHWDVLQGRUDUHQH[FHVR 'HMHODSXHUWDDELHUWDHQODSRVLFLyQ GHGHWHQFLyQGHDVDGR/DSXHUWD TXHGDDELHUWD\D~QDVtVH PDQWLHQHODWHPSHUDWXUDDGHFXDGD HQHOKRUQR &RORTXHODFDUQHRSHVFDGRVREUHXQD DVDGHUDGHQWURGHXQDUHMLOODGLVHxDGD SDUDDVDU 6LJDODVSRVLFLRQHVGHODVEDQGHMDV VXJHULGDVHQOD*XtDGHDVDGR 3UHVLRQHHOERWyQ%52,/+,/2DVDUDOWR EDMRXQDYH]SDUDFRQILJXUDU+,%URLO DVDUDOWR 3DUDFDPELDUD/2%URLODVDUEDMR SUHVLRQHHOERWyQ%52,/+,/2DVDUDOWR EDMRGHQXHYR 3UHVLRQHHOERWyQ67$57LQLFLDU &XDQGRKD\DILQDOL]DGRGHDVDUSUHVLRQH HOERWyQ&/($52))ERUUDUDSDJDGR *XtDGHDVDGR (O WDPDxR SHVR JURVRU WHPSHUDWXUD LQLFLDO \ HO SXQWR GH FRFFLyQ SUHIHULGR DIHFWDUiQ ORV WLHPSRV GH DVDGR(VWDJXtDHVWiEDVDGD HQ FDUQHV D WHPSHUDWXUD GH UHIULJHUDGRU & RPR SURWHFFLyQ FRQWUD HQIHUPHGDGHV WUDQVPLWLGDV D WUDYpV GH OD FRPLGD DVHJ~UHVH GH TXH ODV WHPSHUDWXUDV GH ORV SURGXFWRVFRQFDUQH\DYHDOFDQFHQ R VXSHUHQ ODV WHPSHUDWXUDV PtQLPDVGHVHJXULGDGDOLPHQWDULD UHFRPHQGDGDV SRU 86'$ 3DUD PiV LQIRUPDFLyQ YLVLWH ZZZ LVLWGRQH\HWJRY R OODPH D OD OtQHD JUDWXLWDGHFDUQHV\DYHVGH86'$ DO 3UHFDOLHQWHODDVDGHUDGXUDQWHPLQXWRVSDUDPHMRUDUHOGHVHPSHxR $OLPHQWR &DUQHGHUHV 1LYHO GHFRFFLyQ -XJRVR 7HUPLQR0HGLR &RFLGR 7LSRRJURVRU 3RVLFLyQ GHODEDQGHMD &RPHQWDULRV )LOHWHV² (R)ORVDOLPHQWRV (VGLItFLOFRFLQDUILOHWHVGHPHQRV *URVRUGHµFP GHEHQHVWDUµDµ GHODµFPGHJURVRU\TXH >FPDFP@GHO TXHGHQMXJRVRV6HFRFLQDQ HOHPHQWRGHDVDGR SRUFRPSOHWRDQWHVGHGRUDUVH FRFLQDQSRUFRPSOHWR )LOHWHV² (ORVDOLPHQWRVGHEHQ 3DUDHYLWDUTXHODFDUQD µDµFPD HVWDUGHµDµ VHHQURVTXHFRUWHODJUDVDDVH FPGHJURVRU >FPDFP@GHO HQURVTXHLQWHUYDORVGHµFP HOHPHQWRGHDVDGR )LOHWHV² 'R(ORVDOLPHQWRV µDµFPD GHEHQHVWDUGHµDµ FPGHJURVRUR >FPDFP@GHO SDWWLHVGHFDUQHSLFDGD HOHPHQWRGHDVDGR 3ROOR 3HFKXJDVLQKXHVR 3HFKXJDFRQKXHVR &ORVDOLPHQWRVGHEHQ HVWDUGHµDµ >FPDFP@GHO HOHPHQWRGHDVDGR &ORVDOLPHQWRVGHEHQ HVWDUGHµDµ >FPDFP@GHO HOHPHQWRGHDVDGR $VDUVREUHHOODGRGHODSLHO SULPHUR )LOHWHVGH SHVFDGR µDµFPD FPGHJURVRU 'R(ORVDOLPHQWRV GHEHQHVWDUµDµ >FPDFP@GHO HOHPHQWRGHDVDGR 0DQLSXOH\JLUHFRQ PXFKRFXLGDGR &KXOHWDV GHFHUGR &RFLGR µFP GHJURVRU 'ORVDOLPHQWRVGHEHQ HVWDUGHµDµ >FPDFP@GHO HOHPHQWRGHDVDGR 3DUDHYLWDUTXHODFDUQD VHHQURVTXHFRUWH ODJUDVDDLQWHUYDORV GHµFP 8WLOLFHODSRVLFLyQGHEDQGHMD$SDUDHOKRUQRPiVSHTXHxRFRQSRVLFLyQGHEDQGHMDV £$MXVWHHOWHUPRVWDWRGHOKRUQRXVWHGPLVPR *($SSOLDQFHVFRP (VSRVLEOHTXHVXQXHYRKRUQRFRFLQHGHPDQHUDGLIHUHQWHDODTXHXVWHGVHHQFXHQWUDDFRVWXPEUDGR8WLOtFHORGXUDQWH DOJXQDVVHPDQDVSDUDIDPLOLDUL]DUVHFRQVXVIXQFLRQHV6LOXHJRGHHVWHSHUtRGRFRQVLGHUDTXHODWHPSHUDWXUDGHOKRUQRHV GHPDVLDGREDMDRGHPDVLDGRDOWDXVWHGSXHGHUHJXODUHOWHUPRVWDWR 1RXWLOLFHWHUPyPHWURVFRPRORVTXHVHYHQGHQHQODVWLHQGDVSDUDYHULILFDUODFRQILJXUDFLyQGHWHPSHUDWXUDGHOKRUQR (VRVWHUPyPHWURVSXHGHQYDULDUHQWUH²JUDGRV 127$ (VWH DMXVWH VyOR DIHFWD ODV WHPSHUDWXUDV GH KRUQHDGR \ URVWL]DGR QR DIHFWD ODV WHPSHUDWXUDV GH DVDGR R GHDXWROLPSLH]D &yPRDMXVWDUHOWHUPRVWDWR 3UHVLRQH ORV ERWRQHV %52,/ +,/2 DVDU DOWREDMR\%$.(KRUQHDUDOPLVPRWLHPSR KDVWDTXHHQODSDQWDOODSXHGDYHUVH6) 3UHVLRQH OD WHFOD %$.( +RUQHDU (Q OD SDQWDOODVHPXHVWUDXQQ~PHUR +RUQRV'REOHV3DUDDMXVWDUHOWHUPRVWDWR GHOKRUQRVXSHULRUSUHVLRQHODWHFOD%$.( +RUQHDUGHOKRUQRVXSHULRU3DUDDMXVWDUHO WHUPRVWDWR GHO KRUQR LQIHULRU SUHVLRQH OD WHFOD%$.(+RUQHDUGHOKRUQRLQIHULRU /DWHPSHUDWXUDGHOKRUQRSXHGHVXELUVHHQ ) & R EDMDUVH HQ ) & 3UHVLRQHODVDOPRKDGLOODVQXPpULFDVGHOD PLVPDPDQHUDHQTXHODVOHH3RUHMHPSOR SDUD FDPELDU OD WHPSHUDWXUD GHO KRUQR )&SUHVLRQH\ 3UHVLRQH OD WHFOD %$.( +RUQHDU QXHYDPHQWH SDUD DOWHUQDU HQWUH LQFUHPHQWDU \ UHGXFLU OD WHPSHUDWXUD GHO KRUQR &XDQGRKD\DILQDOL]DGRHODMXVWHSUHVLRQHHO ERWyQ67$57LQLFLDUSDUDYROYHUDODSDQWDOOD GH OD KRUD 8WLOLFH HO KRUQR GH OD PDQHUD QRUPDO £(OWLSRGHPDUJDULQDXWLOL]DGRPRGLILFDHOKRUQHDGR /DPD\RUtDGHODVUHFHWDVGHKRUQHDGRLQFOX\HQSURGXFWRVGHDOWRFRQWHQLGRJUDVRWDOHVFRPRODPDQWHFDRODPDUJDULQD GHJUDVD6LVHUHGXFHHOFRQWHQLGRGHJUDVDHOUHVXOWDGRILQDOSXHGHVHUGLIHUHQWHDOHVSHUDGR 6LVHXWLOL]DQSURGXFWRVGHEDMRFRQWHQLGRJUDVRHQWRUWDVSDVWHOHVPDVDVJDOOHWDVRGXOFHVODUHFHWDSXHGHIUDFDVDU$ PHQRUFRQWHQLGRJUDVRPD\RUHVGLIHUHQFLDVHQHOUHVXOWDGRILQDO /DVQRUPDVIHGHUDOHVH[LJHQTXHORVSURGXFWRVFRQGHQRPLQDFLyQGH´PDUJDULQDµWHQJDQXQFRQWHQLGRJUDVRGHDOPHQRV HQUHODFLyQDOSHVR/RVSURGXFWRVGHEDMRFRQWHQLGRJUDVRFRQWLHQHQPHQRVJUDVD\PiVDJXD(OHOHYDGRFRQWHQLGRGHKXPHGDG GHHVWRVSURGXFWRVDIHFWDODWH[WXUD\HOVDERUGHORVDOLPHQWRVKRUQHDGRV3DUDREWHQHUORVPHMRUHVUHVXOWDGRVFRQVXVUHFHWDV WUDGLFLRQDOHVIDYRULWDVXWLOLFHPDUJDULQDXRWURVSURGXFWRVFRQXQFRQWHQLGRGHSRUORPHQRVGHDFHLWHYHJHWDO &yPRXVDUHOKRUQRGHFRQYHFFLyQ )XQFLRQDPLHQWRGHOYHQWLODGRUGHFRQYHFFLyQ (Q XQ KRUQR GH FRQYHFFLyQ XQ YHQWLODGRU KDFH FLUFXODU DLUH FDOLHQWH VREUH SRU GHEDMR \ DOUHGHGRUGHORVDOLPHQWRV (VWD FLUFXODFLyQ GH DLUH FDOLHQWH VH GLVWULEX\H GH PDQHUD SDUHMD D WUDYpV GH OD FDYLGDG GHO KRUQR&RPRUHVXOWDGRORVDOLPHQWRVVHFRFLQDQ \GRUDQHQIRUPDSDUHMDDPHQXGRHQPHQRV WLHPSR (O KRUQR FXHQWD FRQ OD IXQFLyQ GH FRQYHUVLyQ $XWR 5HFLSH70 (VWD IXQFLyQ UHGXFH GH IRUPD DXWRPiWLFD ODV WHPSHUDWXUDV GH KRUQHDGR FRQILJXUDGDV HQ DSUR[LPDGDPHQWH HQ HO PRGRGHFRFFLyQSRUFRQYHFFLyQ/DFRPLGDVH KRUQHDHQODPLVPDFDQWLGDGGHWLHPSRHQXQD FRQILJXUDFLyQGHWHPSHUDWXUDLQIHULRU 127$(Q DOJXQRV PRGHORV HO YHQWLODGRU IXH GLVHxDGRSDUDJLUDUHQDPEDVGLUHFFLRQHVFRQ XQDSDXVDLQWHUPHGLD(VWRHVQRUPDO (O YHQWLODGRU GH FRQYHFFLyQ VH DSDJD FXDQGR VHDEUHODSXHUWDGHKRUQR12'(-(ODSXHUWD DELHUWDGXUDQWHSHUtRGRVSURORQJDGRVPLHQWUDV XWLOL]DODFRFFLyQSRUFRQYHFFLyQ\DTXHSXHGH DFRUWDU OD YLGD ~WLO GHO HOHPHQWR FDOHQWDGRU GH FRQYHFFLyQ &RFFLyQSRUFRQYHFFLyQHQDOJXQRVPRGHORV (O KRUQR GH FRQYHFFLyQ YLHQH FRQ XQ PRGR GH FRFFLyQ SRU FRQYHFFLyQ \ SXHGH XWLOL]DUVH SDUD KRUQHDGR SRU FRQYHFFLyQ GH EDQGHMD X KRUQHDGRSRUFRQYHFFLyQFRQEDQGHMDVP~OWLSOHV +RUQHDGRSRUFRQYHFFLyQFRQEDQGHMDVP~OWLSOHV 3RVLFLyQGHEDQGHMDVP~OWLSOHV 'HELGR D TXH HO DLUH FDOLHQWH FLUFXOD HQ IRUPD SDUHMD HQ WRGR HO KRUQR ORV DOLPHQWRV SXHGHQ KRUQHDUVH FRQ H[FHOHQWHV UHVXOWDGRV XVDQGR EDQGHMDVP~OWLSOHV (O KRUQHDGR FRQ EDQGHMDV P~OWLSOHV SXHGH LQFUHPHQWDU XQ SRFR ORV WLHPSRV GH FRFFLyQ GH DOJXQRV DOLPHQWRV SHUR HO UHVXOWDGR WRWDO HV HO DKRUUR GH WLHPSR /DV JDOOHWDV PXIILQV EL]FRFKRV \ RWURV SDQHV UiSLGRV ORJUDQ UHVXOWDGRV PX\ EXHQRV FRQ HO KRUQHDGR FRQ EDQGHMDVP~OWLSOHV &XDQGRKRUQHHFRQEDQGHMDVFRORTXHHVWDQWH H[WHQVLEOHHQODVHJXQGD%SRVLFLyQRWUDHQOD FXDUWD ' SRVLFLyQ \ OD WHUFHUD HQ OD VH[WD ) SRVLFLyQ 3DUD KRUQHDGR FRQ GRV EDQGHMDV FRORTXH HVWDQWHH[WHQVLEOHXQDHQODVHJXQGD%SRVLFLyQ &RORTXHODRWUDEDQGHMDHQODTXLWD(SRVLFLyQ 6L KRUQHDUi FXDWUR FDSDV DO PLVPR WLHPSR FRQVXOWHODVHFFLyQ8ELFDFLyQGHOD%DQGHMDHQ HO+RUQR3DQ3ODFHPHQWLQWKH2YHQ +RUQHDGRSRUFRQYHFFLyQFRQEDQGHMDHQDOJXQRVPRGHORV &XDQGRUHDOLFHXQKRUQHDGRSRUFRQYHFFLyQ FRQVyOREDQGHMDFRORTXHORVDOLPHQWRVHQHO FHQWURGHOKRUQR &yPRFRQILJXUDUHOKRUQRSDUDKRUQHDGRSRUFRQYHFFLyQ 3UHVLRQH OD WHFOD &219(&7,21 &22. &RFFLyQSRU&RQYHFFLyQSDUDXWLOL]DUHVWD IXQFLyQ 3UHVLRQH ODV DOPRKDGLOODV QXPpULFDV SDUD FRQILJXUDUODWHPSHUDWXUDGHOKRUQR 3UHVLRQHHOERWyQ67$57LQLFLDU 127$6LOD)XQFLyQGH&RQYHUVLyQ$XWR5HFLSH VH HQFXHQWUD DFWLYDGD DXWRPiWLFDPHQWH UHGXFLUiODWHPSHUDWXUDGHKRUQHDGRUHJXODUHQ DSUR[LPDGDPHQWH ) KDVWD OD WHPSHUDWXUD GH FRQYHFFLyQ DSURSLDGD HQ HO PRGR GH KRUQHDGRSRUFRQYHFFLyQ/HD&RQYHUVLyQFRQ $XWR 5HFLSH HQ OD VHFFLyQ GH &DUDFWHUtVWLFDV (VSHFLDOHV 3DUDFDPELDUODWHPSHUDWXUDGHOKRUQRSUHVLRQH HO ERWyQ &219(&7,21 &22. \ OXHJR ODV DOPRKDGLOODVQXPpULFDVSDUDFRQILJXUDUODQXHYD WHPSHUDWXUD &XDQGR HO KRUQR FRPLHQ]D D FDOHQWDU SRGUi YHUVH OD WHPSHUDWXUD FDPELDQWH FRPHQ]DQGR D ) & &XDQGR HO KRUQR DOFDQ]D OD WHPSHUDWXUDFRQILJXUDGDVRQDUiQSLWLGRV 3UHVLRQH HO ERWyQ &/($52)) ERUUDU DSDJDGRFXDQGRKD\DILQDOL]DGR 0LHQWUDV FRFLQH SRU FRQYHFFLyQ VH RLUi XQ YHQWLODGRU (O YHQWLODGRU VH GHWHQGUi FXDQGR VHDEUDODSXHUWDSHURHOFDORUQRVHDSDJDUi 'XUDQWH HO KRUQHDGR SXHGHQ HVFXFKDUVH FKDVTXLGRV SURYHQLHQWHV GHO KRUQR (VWR HV QRUPDO *($SSOLDQFHVFRP 5HFLSLHQWHVSDUDFRFFLyQSRUFRQYHFFLyQ &XDQGRKRUQHHJDOOHWDVREWHQGUi PHMRUHVUHVXOWDGRVVLXVDXQD SODQFKDSODQDSDUDJDOOHWDVHQ OXJDUGHXQUHFLSLHQWHGHODGRV EDMRV $QWHVGHXWLOL]DUHOKRUQRGHFRQYHFFLyQYHULILTXH TXHVXVHOHPHQWRVGHFRFFLyQGHMHQHVSDFLR VXILFLHQWHSDUDODFLUFXODFLyQGHDLUHHQHOKRUQR 6LYDDKRUQHDUFRQYDULRVUHFLSLHQWHVGHMHXQ HVSDFLRHQWUHHOORV$GHPiVDVHJ~UHVHGHTXH ORVUHFLSLHQWHVQRVHWRTXHQHQWUHVtRWRTXHQODV SDUHGHVGHOKRUQR 3DSHO\SOiVWLFR /RVUHFLSLHQWHVGHSDSHO\SOiVWLFRUHVLVWHQWHV DOFDORUUHFRPHQGDGRVSDUDXWLOL]DUHQ KRUQHDGRQRUPDOWDPELpQSXHGHQXWLOL]DUVH SDUDKRUQHDGRSRUFRQYHFFLyQSHURQRGHEHQ XWLOL]DUVHDWHPSHUDWXUDVPiVHOHYDGDVTXHOD WHPSHUDWXUDUHFRPHQGDGDSRUHOIDEULFDQWH GHORVHOHPHQWRVGHFRFFLyQ7DPELpQSXHGHQ XWLOL]DUVHHOHPHQWRVGHFRFFLyQSOiVWLFRV UHVLVWHQWHVDWHPSHUDWXUDVGH)& 0HWDO\YLGULR &XDOTXLHUWLSRGHUHFLSLHQWHGHFRFFLyQIXQFLRQD HQVXKRUQRGHFRQYHFFLyQVLQHPEDUJR ORVUHFLSLHQWHVGHPHWDOVHFDOLHQWDQPiV UiSLGDPHQWH\VHUHFRPLHQGDQSDUDKRUQHDGR SRUFRQYHFFLyQ /DVEDQGHMDVRVFXUDVRFRQDFDEDGRPDWH KRUQHDQDOLPHQWRVPiVUiSLGRTXHODV EULOODQWHV /RVUHFLSLHQWHVGHYLGULRRFHUiPLFDFRFLQDQ PiVGHVSDFLR 3DUDUHFHWDVFRPRSROORKRUQHDGRXWLOLFHXQ UHFLSLHQWHFRQODGRVEDMRV(ODLUHFDOLHQWHQRSXHGH FLUFXODUELHQDOUHGHGRUGHORVDOLPHQWRVHQXQ UHFLSLHQWHGHODGRVDOWRV 8VH EDQGHMDV FRQ ODWHUDOHV EDMRV R VLQ ORV PLVPRV DO KRUQHDU HQ HO PRGR GH FRFFLyQ SRUFRQYHFFLyQ(ODLUHQRSXHGHFLUFXODUELHQ DOUHGHGRU GH OD FRPLGD HQ XQD EDQGHMD FRQ ODWHUDOHV DOWRV $O FRFLQDU JDOOHWDV REWHQGUi PHMRUHV UHVXOWDGRV VL XVD XQD EDQGHMD SODQD SDUDJDOOHWDVHQOXJDUGHXQDFRQORVODWHUDOHV EDMRV &yPRXVDUODVRQGD (QPXFKRVDOLPHQWRVHVSHFLDOPHQWHDVDGRV\FDUQHVGHDYHODWHPSHUDWXUDLQWHUQDGHORVDOLPHQWRVHVODPHMRUSUXHEDSDUDYHULILFDU HOJUDGRGHFRFFLyQ0HGLDQWHODVRQGDGHWHPSHUDWXUDVHHYLWDWHQHUTXHDGLYLQDUHOJUDGRGHFRFFLyQ\VHORJUDHOSXQWRGHFRFFLyQ H[DFWR &DEOH (QFKXIH 35(&$8&,Ï1 3DUDHYLWDUTXHPDGXUDVQRGHVHQFKXIHODVRQGDGH ODERFDGHVDOLGDGHOKRUQRKDVWDTXHpVWHVHKD\D HQIULDGR (OXVRGHVRQGDVGLVWLQWDVDODVSURYLVWDVFRQHVWH SURGXFWRSXHGHSURYRFDUOHVGDxRVDODVPLVPDVRDO FRQWUROGHOKRUQR /DVRQGDGHWHPSHUDWXUDFXHQWD FRQXQDVRQGDVLPLODUDXQSLQFKR HQXQH[WUHPR\XQHQFKXIHHQHO RWURH[WUHPRTXHVHLQWURGXFHHQ ODERFDGHVDOLGDGHOKRUQR 8WLOLFHODVPDQLMDVGHODVRQGD\HOHQFKXIHFXDQGR ODVLQWURGX]FD\TXLWHGHORVDOLPHQWRV\GHODERFD GHVDOLGD 3DUDHYLWDUGDxRVDODVRQGDQRXWLOLFHSLQ]DVSDUD WLUDUGHOFDEOHFXDQGRORTXLWH 3DUDQRURPSHUODVRQGDYHULILTXHTXHORV DOLPHQWRVHVWpQWRWDOPHQWHGHVFRQJHODGRVDQWHV GHLQWURGXFLUOD 'HVSXpVGHSUHSDUDUODFDUQH\FRORFDUODHQXQ SRVDIXHQWHVRVREUHODUHMLOODGHODDVDGHUDVLJD HVWDVLQVWUXFFLRQHVSDUDXQDFRORFDFLyQDGHFXDGD GHODVRQGD ,QWURGX]FDODVRQGDFRPSOHWDPHQWHHQODFDUQH1R GHEHWRFDUKXHVRJUDVDRFDUWtODJR 127$1RLQVHUWDUSRUFRPSOHWRODVRQGDGHQWURGH ODFDUQHSXHGHSURYRFDUXQSREUHGHVHPSHxRGH FRFFLyQSRUTXHODVRQGDGHWHFWDUiHODLUHGHOKRUQR\ QRODWHPSHUDWXUDGHORVDOLPHQWRV 0DQLMDV 6RQGD /HD\TXLWHODHWLTXHWD 1XQFDGHMHODVRQGDGHQWURGHOKRUQRGXUDQWHXQ FLFORGHDXWROLPSLH]DRGHDVDGR 1RJXDUGHODVRQGDGHQWURGHOKRUQR 3DUD GRUDU VLQ KXHVRV LQVHUWH OD VRQGD HQ OD SDUWH PiV JUXHVD GHO GRUDGR 3DUD MDPyQ R FRUGHUR FRQ KXHVRLQWURGX]FDODVRQGDHQHOFHQWURGHOP~VFXOR JUDQGHPiVEDMR ,QWURGX]FDODVRQGDHQHOFHQWURGHSODWRVWDOHVFRPR SDQGHFDUQHRHVWRIDGRV ,QVHUWHODVRQGDHQODSDUWHPiVJUXHVDGHODSHFKXJD GH XQ SDYR R SROOR HQWHURV 1R WRGDV ODV SDUWHV GHQWUR GH OD FDUQH VH FRFLQDQ DO PLVPR ULWPR (V UHFRPHQGDEOH FRQWURODU OD WHPSHUDWXUD HQ RWUDV XELFDFLRQHV FRQ HO WHUPyPHWUR SDUD FDUQH XQD YH] TXH OD FRFFLyQ VH GHWXYR D ILQ GH DVHJXUDU TXH VH KD\DQDOFDQ]DGRWHPSHUDWXUDVVHJXUDVHQWRGDVODV SDUWHVGHODFDUQH3RUHMHPSORDOFRFLQDUXQSROORR SDYR XELTXH OD VRQGD HQ OD SHFKXJD SHUR WDPELpQ FRQWUROHODWHPSHUDWXUDGHODSDWD\HOPXVORFRQXQ WHUPyPHWURSDUDFDUQHFXDQGRODWHPSHUDWXUDGHOD VRQGDKD\DVLGRDOFDQ]DGD 127$ 1R VH SRGUiQ XWLOL]DU ODV FRQILJXUDFLRQHV GH DXWROLPSLH]DQLGHDVDGRVLODVRQGDGHWHPSHUDWXUD VHHQFXHQWUDHQFKXIDGD &yPRFRQILJXUDUHOKRUQRSDUDKRUQHDGRURVWL]DGRFXDQGRXVDODVRQGD HQDOJXQRVPRGHORV ,QWURGX]FDODVRQGDSRUFRPSOHWRHQORVDOLPHQWRV (QFKXIH OD VRQGD GHQWUR GH OD ERFD GH VDOLGD GHO KRUQR 9HULILTXH TXH HVWp LQWURGXFLGD KDVWD HO IRQGR &LHUUHODSXHUWDGHOKRUQR9HULILTXHTXHHOFDEOHGHOD VRQGDQRWRTXHHOHOHPHQWRDVDGRU 3UHVLRQHHOERWyQ352%(VRQGD/DSDQWDOODPRVWUDUi ´6HW3UREH7HPSµ7HPSHUDWXUDGHOD6RQGD 3UHVLRQHODVDOPRKDGLOODVQXPpULFDVSDUDFRQILJXUDUOD WHPSHUDWXUDLQWHUQDGHVHDGDGHORVDOLPHQWRVRGHOD FDUQH /D WHPSHUDWXUD LQWHUQD Pi[LPD D OD TXH SXHGHQFRQILJXUDUVHORVDOLPHQWRVHV)& OR 3UHVLRQHODWHFOD67$57,QLFLDU 3UHVLRQH OD WHFOD %$.( +RUQHDU R &219(&7,21 &RQYHFFLyQ 3UHVLRQHODVDOPRKDGLOODVQXPpULFDVSDUDFRQILJXUDUOD WHPSHUDWXUDGHVHDGDGHOKRUQR 3UHVLRQHHOERWyQ67$57LQLFLDU /D SDQWDOOD PRVWUDUi 352%( VL OD VRQGD VH HQFXHQWUD HQFKXIDGD GHQWUR GH OD ERFD GH VDOLGD \ XVWHG QR KD FRQILJXUDGR XQD WHPSHUDWXUD GH VRQGD \ SUHVLRQDGR HO ERWyQ67$57LQLFLDU 3UHVLRQHODWHFOD352%(6RQGDSDUDUHFRUGDUODWHPSHUDWXUD GH OD VRQGD R OD WHFOD %$.( +RUQHDU R &219(&7,21 &RQYHFFLyQSDUDUHFRUGDUODWHPSHUDWXUDGHOKRUQR3DUD OD WHPSHUDWXUD GH OD VRQGD OXHJR GH TXH OD WHPSHUDWXUD LQWHUQDGHODFRPLGDDOFDQFHORV)ORVFDPELRVGHOD WHPSHUDWXUDLQWHUQDDSDUHFHUiQHQODSDQWDOOD &XDQGR OD WHPSHUDWXUD LQWHUQD GH ORV DOLPHQWRV DOFDQ]DODFLIUDTXHXVWHGKDFRQILJXUDGRODVRQGD\HO KRUQRVHDSDJDQ\ORVFRQWUROHVGHOKRUQRFRPLHQ]DQ DGHVWHOODU3DUDGHWHQHUHOGHVWHOORSUHVLRQHHOERWyQ &/($52)) ERUUDUDSDJDGR 8WLOLFH JXDQWHV GH FRFLQDSDUDTXLWDUODVRQGDGHORVDOLPHQWRV1RXWLOLFH SLQ]DVSDUDTXLWDUODSRUTXHSRGUtDQGDxDUOD 6L OD VRQGD VH TXLWD GHO KRUQR PLHQWUDV VH HVWDED FRFLQDQGR HO KRUQR VH DSDJDUi DXWRPiWLFDPHQWH GHVSXpVGHXQPLQXWR 3DUD FDPELDU OD WHPSHUDWXUD GHO KRUQR GXUDQWH HO FLFOR GHKRUQHDGRURVWL]DGRSUHVLRQHHOERWyQ%$.(KRUQHDU R &219(&7,21 FRQYHFFLyQ \ OXHJR ODV DOPRKDGLOODV QXPpULFDVSDUDFRQILJXUDUODQXHYDWHPSHUDWXUD 3XHGH XWLOL]DU HO WHPSRUL]DGRU GH FRFLQD DXQTXH QR SXHGHQXVDUVHRSHUDFLRQHVGHOKRUQRFRQWHPSRUL]DGRU PLHQWUDVVHXWLOLFHODVRQGD 3DUD FRQRFHU ODV WHPSHUDWXUDV LQWHUQDV GH ODV FDUQHV \ SDUD REWHQHU PiV LQIRUPDFLyQ VREUH FyPR SURWHJHUVH FRQWUDHQIHUPHGDGHVSURGXFLGDVSRUODFRPLGDFRQVXOWH ODVHFFLyQ+RUQHDGR\$VDGR%DNLQJDQG5RDVWLQJ &yPRXWLOL]DUODVFDUDFWHUtVWLFDVGHKRUQHDGR \URVWL]DGRFRQWHPSRUL]DGRU *($SSOLDQFHVFRP 127$/RVDOLPHQWRVTXHVHHFKDQDSHUGHUFRQIDFLOLGDG³FRPROHFKHKXHYRVSHVFDGRUHOOHQRVFDUQHGHDYH\FHUGR³QRGHEHQ GHMDUVHUHSRVDUSRUPiVGHKRUDDQWHV\GHVSXpVGHODFRFFLyQ/DWHPSHUDWXUDDPELHQWHSURPXHYHHOFUHFLPLHQWRGHEDFWHULDV GDxLQDV9HULILTXHTXHODOX]GHOKRUQRHVWpDSDJDGDSRUTXHHOFDORUSURYHQLHQWHGHODERPELOODSXHGHDFHOHUDUHOFUHFLPLHQWRGH EDFWHULDV &yPRFRQILJXUDUXQLQLFLRLQPHGLDWR\XQDSDJDGRDXWRPiWLFR OR (O KRUQR VH HQFLHQGH LQPHGLDWDPHQWH \ FRFLQD ORV DOLPHQWRV GXUDQWH XQ SHUtRGR GH WLHPSR VHOHFFLRQDGR $O ILQDOL]DU HO WLHPSR GH FRFFLyQHOKRUQRVHDSDJDDXWRPiWLFDPHQWH 3UHVLRQH HO ERWyQ &219(&7,21 &22. +RUQHDGRSRU&RQYHFFLyQ 3UHVLRQHHOERWyQ67$57LQLFLDU 127$ 6L VX UHFHWD UHTXLHUH SUHFDOHQWDPLHQWR SXHGH QHFHVLWDU DJUHJDU WLHPSR DGLFLRQDO DOWLHPSRGHFRFFLyQ 3UHVLRQH ODV DOPRKDGLOODV QXPpULFDV SDUD FRQILJXUDUHOWLHPSRGHFRFFLyQGHVHDGR(O WLHPSRGHFRFFLyQPtQLPRTXHXVWHGSXHGH FRQILJXUDUHVPLQXWR /D WHPSHUDWXUD GHO KRUQR TXH KD FRQILJXUDGR \ HO WLHPSR GH FRFFLyQ LQJUHVDGRDSDUHFHUiQHQODSDQWDOOD 6L IXHUD QHFHVDULR SUHVLRQH HO ERWyQ &/($52))ERUUDUDSDJDGRSDUDERUUDU ODSDQWDOOD4XLWHORVDOLPHQWRVGHOKRUQR 5HFXHUGH DXQTXH HO KRUQR VH DSDJD DXWRPiWLFDPHQWH ORV DOLPHQWRV TXH VH GHMHQ HQ HO KRUQR VHJXLUiQ FRFLQiQGRVH GHVSXpVGHDSDJDGRHOPLVPR (OKRUQRHVWDUiHQODSRVLFLyQ21(QFHQGLGR\HQ ODSDQWDOODDSDUHFHUiHOFRQWHRGHODFRFFLyQ\HO FDPELRGHWHPSHUDWXUDDSDUWLUGHORV)/D SDQWDOOD GH WHPSHUDWXUD FRPHQ]DUi D FDPELDU 3UHVLRQH ODV DOPRKDGLOODV QXPpULFDV SDUD XQDYH]TXHODWHPSHUDWXUDGHOKRUQRDOFDQFHORV FRQILJXUDU OD WHPSHUDWXUD GHVHDGD GHO )&XDQGRHOKRUQRDOFDQFHODWHPSHUDWXUD TXHSURJUDPyVRQDUiQSLWLGRVFRUWRV KRUQR (O KRUQR FRQWLQXDUi FRFLQDQGR GXUDQWH OD 3UHVLRQHODWHFOD67$57,QLFLDU FDQWLGDG GH WLHPSR FRQILJXUDGD \ OXHJR GH 3UHVLRQH HO ERWyQ &22. 7,0( WLHPSR GH DSDJDUiGHIRUPDDXWRPiWLFD FRFFLyQ &yPRFRQILJXUDUXQLQLFLRUHWDUGDGR\XQDSDJDGRDXWRPiWLFR OR (OKRUQRVHHQFHQGHUiHQHOKRUDULRTXHXVWHG KD\DFRQILJXUDGRFRFLQDUiDOLPHQWRVGXUDQWH XQ SHUtRGR GH WLHPSR HVSHFtILFR \ OXHJR VH DSDJDUiDXWRPiWLFDPHQWH $VHJ~UHVH GH TXH HO UHORM PXHVWUH OD KRUD FRUUHFWD 3UHVLRQH OD WHFOD '(/$< 67$57 ,QLFLR 5HWUDVDGR 3UHVLRQH ODV DOPRKDGLOODV QXPpULFDV SDUDFRQILJXUDUODWHPSHUDWXUDGHVHDGD GHOKRUQR 3UHVLRQHODWHFOD67$57,QLFLDU 3UHVLRQH OD WHFOD &219(&7,21 &22. +RUQHDGRSRU&RQYHFFLyQXRWUDIXQFLyQ GHFRFFLyQGHVHDGD 7RTXH ORV ODV WHFODV QXPpULFDV SDUD SURJUDPDU OD WHPSHUDWXUD GHO KRUQR GHVHDGD 3UHVLRQHODWHFOD67$57,QLFLDU 3UHVLRQHODWHFOD&22.7,0(7HPSRUL]DGRU GH&RFFLyQ 127$6LVXUHFHWDUHTXLHUHSUHFDOHQWDPLHQWR SXHGH QHFHVLWDU DJUHJDU WLHPSR DGLFLRQDO DO WLHPSRGHFRFFLyQ 3UHVLRQHODVDOPRKDGLOODVQXPpULFDVSDUD FRQILJXUDUHOWLHPSRGHFRFFLyQGHVHDGR (O WLHPSR GH FRFFLyQ PtQLPR TXH XVWHG SXHGHFRQILJXUDUHVPLQXWR /D WHPSHUDWXUD GHO KRUQR TXH KD FRQILJXUDGR \ HO WLHPSR GH FRFFLyQ LQJUHVDGRDSDUHFHUiQHQODSDQWDOOD 3UHVLRQHHOERWyQ67$57LQLFLDU 127$ 6L GHVHD YHULILFDU ORV KRUDULRV TXH KD FRQILJXUDGR SUHVLRQH HO ERWyQ '(/$< 67$57 LQLFLR UHWDUGDGR SDUD FRQWURODU OD KRUD GH LQLFLR FRQILJXUDGD R SUHVLRQH HO ERWyQ &22. 7,0( WLHPSR GH FRFFLyQ SDUD YHULILFDU OD H[WHQVLyQGHFRFFLyQTXHKDFRQILJXUDGR &XDQGR HO KRUQR VH HQFLHQGH 21 HQ HO KRUDULR TXH KD FRQILJXUDGR OD SDQWDOOD PRVWUDUi OD FXHQWD UHJUHVLYD GHO WLHPSR GH FRFFLyQ\ODQXHYDWHPSHUDWXUDFRPHQ]DQGR HQ ) & /D SDQWDOOD GH WHPSHUDWXUD FRPHQ]DUiDFDPELDUFXDQGRODWHPSHUDWXUD GHO KRUQR OOHJXH D ORV ) >&@ &XDQGR HOKRUQRDOFDQ]DODWHPSHUDWXUDFRQILJXUDGD VRQDUiQSLWLGRV (O KRUQR VHJXLUi FRFLQDQGR GXUDQWH XQ SHUtRGR GH WLHPSR GHWHUPLQDGR \ OXHJR VH DSDJDUiDXWRPiWLFDPHQWH 6L IXHUD QHFHVDULR SUHVLRQH HO ERWyQ &/($52)) ERUUDUDSDJDGR SDUD ERUUDUODSDQWDOOD4XLWHORVDOLPHQWRVGHO KRUQR 5HFXHUGH DXQTXH HO KRUQR VH DSDJD DXWRPiWLFDPHQWH ORV DOLPHQWRV TXH VH GHMHQ HQ HO KRUQR VHJXLUiQ FRFLQiQGRVH GHVSXpV GH DSDJDGR HO PLVPR 8VRGHODVIXQFLRQHVGHFRFFLyQOHQWD\FDOHQWDU $'9(57(1&,$ 5,(6*2 '( ,172;,&$&,Ï1 $/,0(17$5,$ 3RU GHEDMR GH ORV ) & SXHGH SURGXFLUVH FUHFLPLHQWRGHEDFWHULDVHQORVDOLPHQWRV 6LHPSUH HPSLHFH FRQ DOLPHQWRV FDOLHQWHV 1R XWLOLFH FRQILJXUDFLRQHV GH PDQWHQHU FDOLHQWH SDUDFDOHQWDUDOLPHQWRVIUtRV 1RFDOLHQWHDOLPHQWRVSRUPiVGHKRUDV 1RVHJXLUHVWDVLQVWUXFFLRQHVSXHGHSURYRFDUHQIHUPHGDGHVWUDQVPLWLGDVSRUORVDOLPHQWRV &RQILJXUDFLyQGHO+RUQRSDUDXQD&RFFLyQ/HQWD /D FRFFLyQ OHQWD HVWi GLVHxDGD SDUD SHUtRGRV SURORQJDGRVGHFRFFLyQVLQDWHQFLyQ 3UHVLRQHHOERWyQ6/2:&22.FRFFLyQOHQWD /D SDQWDOOD PRVWUDUi 3RXOWU\ $YH 3DUD FDPELDU D 0HDWV &DUQHV SUHVLRQH OD WHFOD 6/2: &22. &RFFLyQ /HQWD QXHYDPHQWH 3DUDXQDFRQILJXUDFLyQFRUUHFWDSUHVLRQHOD *XtDGH&RFFLyQ/HQWD8VH0HDWV&DUQHVVL QRHVWiVHJXURGHTXpFRQILJXUDFLyQXVDU *XtDGHFRFFLyQOHQWD $OLPHQWR &DUQHGHUHV $VDGRGHFXDUWR GHODQWHUR &RVWLOODV &DUQHGHDYH 3ROORHQWHUR 7UR]RVGHSROOR &HUGR $VDGRGHSDOHWD VLQKXHVR &KXOHWDVGHFHUGR HVWLORGHFDPSR &KXOHWDVGHFHUGR 6RSD 6RSDGHFDUQH YHJHWDO &KLOH &DQWLGDG ²øOEV ²NJ ø²OEV ²NJ OEVNJ WUR]RV DSUR[OEV >NJ@ ²OEV ²NJ ø²OEV ²NJ ²OEV ²NJ FXDUWRV GHJDOyQ OLWHUV FXDUWRV GHJDOyQ OLWHUV 3UHVLRQH ODV DOPRKDGLOODV QXPpULFDV SDUD FRQILJXUDU HO WLHPSR GH FRFFLyQ GHVHDGR (O WLHPSRGHFRFFLyQGHEHVHUGHSRUORPHQRV KRUDV KDVWD XQ Pi[LPR KRUDV PLQXWRV 3UHVLRQHHOERWyQ67$57LQLFLDU 127$6LRFXUUHXQFRUWHGHHQHUJtDGXUDQWHOD FRFFLyQOHQWDODFRFLQDVHDSDJDUi (OSURJUDPDGHFRFFLyQOHQWDXWLOL]DXQDVHULHFRPSOHMD 3RVLFLyQ &RQILJ GHOD GHORV EDQGHMD DOLPHQWRV & &DUQHV & &DUQHV & &DUQH GHDYH & &DUQH GHDYH & &DUQHV & &DUQHV & &DUQHV & &DUQHV & &DUQHV 7LHPSR +RUDV +,DOWD ²KUV /2EDMD ²KUV +,DOWD ²KUV /2EDMD ²KUV +,DOWD ²KUV /2EDMD ²KUV +,DOWD ²KUV /2EDMD ²KUV &RPHQWDULRV $JUHJXHWD]DGHOtTXLGR &RORTXHODVFRVWLOODVHQ XQDVRODFDSD $JUHJXHWD]DGHOtTXLGR 0HMRUFRORTXHEDMRXQDVDOVD SDUDTXHQRVHVHTXH +,DOWD ²KUV /2EDMD ²KUV +,DOWD ²KUV /2EDMD ²KUV +,DOWD ²KUV /2EDMD ²KUV $JUHJXH²WD]DGHOtTXLGR +,DOWD ²KUV /2EDMD ²KUV +,DOWD ²KUV /2EDMD ²KUV $VHJ~UHVHGHTXHORVWUR]RV GHFDUQHHVWpQVXPHUJLGRV &RORTXHODVFRVWLOODVHQ XQDVRODFDSD &RORTXHODVFKXOHWDVHQ XQDVRODFDSD 6XPHUMDORVIULMROHVSDUDTXH QRVHVHTXHQ GH FLFORV GH WHPSHUDWXUD SDUD REWHQHU ORV PHMRUHV UHVXOWDGRV 3RU HVWD UD]yQ VH UHFRPLHQGD TXH HO SURJUDPDGHFRFFLyQOHQWDIXQFLRQHVLQFDQFHODFLRQHV QL UHLQLFLDFLRQHV 6L VH UHLQLFLD OD FDUDFWHUtVWLFD GH FRFFLyQOHQWDPLHQWUDVVHHQFXHQWUDHQSURJUHVROD FDUQHSXHGHFRFLQDUVHGHPiV 3DUDFDUQHMXJRVD\WLHUQDHOLMDFRUWHVGHFDUQHFRPR DVDGR GH FXDUWR GHODQWHUR R XQ DVDGR GH SDOHWD VLQ KXHVR /RV FRUWHV GH FDUQH PiV PDJURV FRPR HO FXDUWR WUDVHUR VXSHULRU VRQ PiV VHFRV \ SXHGHQ QHFHVLWDUOtTXLGRDGLFLRQDO 8WLOLFH VyOR SODWRV GH YLGULR R FHUiPLFD /DV ROODV \ VDUWHQHV GH PHWDO WLHQGHQ D WUDQVIHULU HO FDORU D ORV DOLPHQWRVGHPDVLDGRUiSLGR $MXVWH OD FDQWLGDG GH DOLPHQWRV DO WDPDxR GHO UHFLSLHQWH /OHQH HO UHFLSLHQWH KDVWD ô SDUD PHMRUHV UHVXOWDGRV 8QD ROOD PX\ JUDQGH GHMD HVFDSDU HO YDSRUORTXHVHFDORVDOLPHQWRV 6LHPSUH FXEUD OD ROOD FRQ XQD WDSD R FRQ SDSHO GH DOXPLQLR 3XHGH XVDUVH XQD JDPD PiV DPSOLD GH UHFHWDV FRQ OD FDUDFWHUtVWLFD GH FRFFLyQ OHQWD 3DUD PHMRUHV UHVXOWDGRV GHEHQ UHDOL]DUVH DOJXQRV DMXVWHV 3DUD UHFHWDV GH WDPDxRV PiV SHTXHxRV FRPLHQFH D FRQWURODU HQ HO WLHPSR PtQLPR 3DUD UHFHWDV PiV JUDQGHVRFXDQGRGREOHODVFDQWLGDGHVGHODVUHFHWDV ORV DOLPHQWRV SXHGHQ FRFLQDUVH SRU SHUtRGRV PiV SURORQJDGRV &XDQGR OD FDUDFWHUtVWLFD GH FRFFLyQ OHQWD ILQDOL]D HO KRUQR FDPELD DXWRPiWLFDPHQWH HO PRGR ´ZDUPµ PDQWHQHUFDOLHQWH6LVHGHVHDWLHPSRDGLFLRQDOSDUD FRFFLyQOHQWDHVWHPRGRGHPDQWHQHUFDOLHQWHSXHGH XWLOL]DUVHSDUDREWHQHUWLHPSRH[WUD &yPRFRQILJXUDUHOKRUQRSDUDPDQWHQHUFDOLHQWH /D IXQFLyQ :$50 &DOHQWDU PDQWLHQH FDOLHQWHV ODVFRPLGDVFRFLQDGDV (VWDIXQFLyQQRIXHGLVHxDGDSDUDYROYHUDFDOHQWDU FRPLGDIUtD 3DUDXVDUODIXQFLyQ:$50&DOHQWDUSUHVLRQHODWHFOD :$50&DOHQWDU\OXHJRODWHFOD67$57,QLFLDU 3DUD XWLOL]DU OD FDUDFWHUtVWLFD :$50 FDOLHQWH GHVSXpVGHKRUQHDGRSRUWHPSRUL]DGRUVLJDHVWRV SDVRV 3UHVLRQHHOPRGRKRUQHDU 3UHVLRQH ODV DOPRKDGLOODV QXPpULFDV SDUD FRQILJXUDUODWHPSHUDWXUDGHOKRUQR 3UHVLRQH HO ERWyQ &22. 7,0( WLHPSR GH FRFFLyQ 3UHVLRQH ODV DOPRKDGLOODV QXPpULFDV SDUD FRQILJXUDUHOWLHPSRGHFRFFLyQGHVHDGR 3UHVLRQHHOERWyQ:$50FDOLHQWH 3UHVLRQHHOERWyQ67$57LQLFLDU 127$ /RV UHFLSLHQWHV R WDSDV GH SOiVWLFR R HQYROWRULRV SOiVWLFRV VH GHUUHWLUiQ VL VH ORV FRORFD GHQWUR GHO KRUQR (V SRVLEOH TXH QR SXHGD TXLWDU HO SOiVWLFR GHUUHWLGR \ HVWR QR HVWi FXELHUWR SRU OD JDUDQWtD &yPRXVDUHOFDMyQFDOHQWDGRU $'9(57(1&,$ *($SSOLDQFHVFRP 5,(6*2 '( ,172;,&$&,Ï1 $/,0(17$5,$ 3RU GHEDMR GH ORV ) & SXHGH SURGXFLUVH FUHFLPLHQWRGHEDFWHULDVHQORVDOLPHQWRV 6LHPSUH HPSLHFH FRQ DOLPHQWRV FDOLHQWHV 1R XWLOLFH FRQILJXUDFLRQHV GH PDQWHQHU FDOLHQWHSDUDFDOHQWDUDOLPHQWRVIUtRV 1RFDOLHQWHDOLPHQWRVSRUPiVGHKRUDV 1RVHJXLUHVWDVLQVWUXFFLRQHVSXHGHSURYRFDUHQIHUPHGDGHVWUDQVPLWLGDVSRUORVDOLPHQWRV (OFDMyQFDOHQWDGRUPDQWHQGUiDOLPHQWRVFDOLHQWHV\FRFLGRVDXQDWHPSHUDWXUDGHVHUYLFLR6LHPSUHHPSLHFHFRQDOLPHQWRVFDOLHQWHV1ROR XVHSDUDFDOHQWDUDOLPHQWRVIUtRVFRQH[FHSFLyQGHVHFDUJDOOHWDVSDSLWDV\FHUHDO &yPRXVDUHOFDMyQFDOHQWDGRU 3UHVLRQH OD WHFOD :$50,1* '5$:(5 21 2)) (QFHQGLGR $SDJDGR GHO &DMyQ &DOHQWDGRU´6HW :DUPLQJ 'UDZHUµ &RQILJXUDFLyQ GHO &DMyQ &DOHQWDGRU FRPLHQ]D D WLWLODU 3UHVLRQH OD WHFOD GH :$50,1* '5$:(5 6(77,1* &RQILJXUDFLyQ GHO&DMyQ&DOHQWDGRUSDUDFRQILJXUDUHOPLVPRHQ &XDQGRXVHHOFDMyQFDOHQWDGRU ´+,µ$OWR´67'µR´/2µ 3DUD FDQFHODU SUHVLRQH HO ERWyQ :$50,1* '5$:(5FDMyQFDOHQWDGRU 127$ 3UHVLRQDU HO ERWyQ &/($52)) ERUUDU DSDJDGRQRDSDJDHOFDMyQFDOHQWDGRU (OFDMyQFDOHQWDGRUPDQWHQGUiDOLPHQWRVFDOLHQWHV \ FRFLGRV D XQD WHPSHUDWXUD GH VHUYLFLR 6LHPSUH HPSLHFH FRQ DOLPHQWRV FDOLHQWHV 1R OR XVH SDUD FDOHQWDU DOLPHQWRV IUtRV FRQ H[FHSFLyQ GH VHFDU JDOOHWDVSDSLWDV\FHUHDO 1R UHFXEUD HO FDMyQ FDOHQWDGRU R UHFLSLHQWH GH FRFFLyQ FRQ SDSHO PHWiOLFR (O SDSHO PHWiOLFR HV XQH[FHOHQWHDLVODQWHGHFDORU\DWUDSDUiHOFDORU GHEDMRGHpO(VWRDOWHUDUiHOGHVHPSHxRGHOFDMyQ \SRGUtDGDxDUHODFDEDGRLQWHULRU 3HUPLWD TXH HO FDMyQ FDOHQWDGRU VH SUHFDOLHQWH GXUDQWHDSUR[LPDGDPHQWHPLQXWRV 1RFRORTXHOtTXLGRRDJXDHQHOFDMyQFDOHQWDGRU 7RGRVORVDOLPHQWRVTXHVHFRORTXHQHQHOFDMyQ FDOHQWDGRUGHEHQFXEULUVHFRQXQDWDSDRSDSHO PHWiOLFR &XDQGR FDOLHQWH SDVWHOLWRV \ SDQHV OD WDSD GHEH FRQWDU FRQ XQD YHQWLODFLyQ SDUD SHUPLWLUODVDOLGDGHKXPHGDG /RVDOLPHQWRVGHEHQPDQWHQHUVHHQVXUHFLSLHQWH FDOLHQWH R WUDVSDVDUVH D XQ SODWR GH VHUYLFLR UHVLVWHQWHDOFDORU 127$ /RV UHFLSLHQWHV SOiVWLFRV R ORV HQYROWRULRV SOiVWLFRVVHGHUULWHQVLHQWUDQHQFRQWDFWRGLUHFWRFRQ HOFDMyQUHFLSLHQWHGHFRFFLyQRXWHQVLOLRFDOLHQWH(O SOiVWLFRGHUUHWLGRQRSXHGHUHPRYHUVH\HVWRQRVH HQFXHQWUDFXELHUWRSRUODJDUDQWtD 4XLWH ODV FXFKDUDV GH VHUYLFLR HWF DQWHV GH FRORFDUUHFLSLHQWHVHQHOFDMyQFDOHQWDGRU 7DEODGHVHOHFFLyQGHWHPSHUDWXUD 3DUDYROYHUFUXMLHQWHVSURGXFWRVQR IUHVFRV 3DUDPDQWHQHUFDOLHQWHVGLIHUHQWHVWLSRVGHDOLPHQWRV HVWDEOH]FD HO FRQWURO FRQ OD FRQILJXUDFLyQ PiV HOHYDGD /DWHPSHUDWXUDWLSRFDQWLGDGGHDOLPHQWRV\HO WLHPSRHQTXHVHPDQWHQJDQGHQWURGHOKRUQR DIHFWDQODFDOLGDGGHORVDOLPHQWRV $O DEULU HO FDMyQ HQ IRUPD UHLWHUDGD HO DLUH FDOLHQWHVHHVFDSDUi\ORVDOLPHQWRVVHHQIULDUiQ &RQ JUDQGHV FDUJDV SXHGH VHU QHFHVDULR XWLOL]DU XQD FRQILJXUDFLyQ GHO FDMyQ FDOHQWDGRU PiVHOHYDGD\FXEULUDOJXQRVGHORVDOLPHQWRV FRFLGRV 1 RXWLOLFHUHFLSLHQWHVRHQYROWRULRVSOiVWLFRV 7LSRGHDOLPHQWR &KLOH (VWRIDGR 3DSDVDOKRUQR 3L]]D 7RWRSRV :DIOHV &RQILJXUDFLyQ GHFRQWURO +, 0(' +, 0(' /2 /2 &RORTXHORVDOLPHQWRVHQSODWRVREDQGHMDVGH ODGRVEDMRV 3UHFDOLHQWHHQODFRQILJXUDFLyQ/2 'HVSXpV GH PLQXWRV YHULILTXH VL HVWiQ FUXMLHQWHV$JUHJXHWLHPSRVLIXHVHQHFHVDULR 3DUDFDOHQWDUWD]RQHV\SODWRVGH VHUYLFLR 35(&$8&,Ï1 /RVSODWRVHVWDUiQFDOLHQWHV8WLOLFHDJDUUDGHUDV RJXDQWHVFXDQGRTXLWHSODWRVFDOLHQWHV 3DUD FDOHQWDU WD]RQHV \ SODWRV GH VHUYLFLR FRQILJXUHHOFRQWUROHQ/2 8WLOLFHVyORUHFLSLHQWHVUHVLVWHQWHVDOFDORU 6L GHVHD FDOHQWDU SRUFHODQD ILQD FRQVXOWH DO IDEULFDQWH GH OD YDMLOOD VREUH VX WROHUDQFLD Pi[LPDDOFDORU 8VWHGSXHGHFDOHQWDUSODWRVGHVHUYLFLRYDFtRV PLHQWUDVSUHFDOLHQWDHOFDMyQ 8VRGHODIXQFLyQGHDXWROLPSLH]D $QWHVGHXQFLFORGH$XWR/LPSLH]D $'9(57(1&,$ 3(/,*52'(,1&(1',2/LPSLHODJUDVD\ODVXFLHGDG UHEHOGHGHOSLVRGHOKRUQRDQWHVGHODDXWROLPSLH]D 1RKDFHUORSXHGHSURYRFDUXQLQFHQGLRHQHOKRUQR /LPSLHFRQXQSDxRORVGHVHFKRV UHEHOGHVDFXPXODGRVHQHOSLVRGHO KRUQR 5HFRPHQGDPRVYHQWLODUVXFRFLQDFRQXQDYHQWDQD DELHUWDRXWLOL]DQGRXQYHQWLODGRURFDPSDQDGXUDQWH HOSULPHUFLFORGHDXWROLPSLH]D 4XLWHODDVDGHUDUHMLOODVRQGDWRGRVORVUHFLSLHQWHV GHFRFFLyQ\FXDOTXLHUWUR]RGHSDSHOGHDOXPLQLRGHO KRUQR 127$6 6L HO KRUQR VH HQFXHQWUD HTXLSDGR FRQ SDUULOODV SDUD KRUQR EULOORVDV \ GH FRORU SODWHDGR VH UHFRPLHQGDUHWLUDUODVPLVPDVDQWHVGHFRPHQ]DU FRQHOFLFORGHDXWROLPSLH]D3RGUiQSHUPDQHFHU HQHOKRUQRGXUDQWHHOFLFORGHDXWROLPSLH]DSHUR VH RVFXUHFHUiQ SHUGHUiQ VX OXVWUH \ VHUi GLItFLO GHVOL]DUODV 6LVXKRUQRHVWiHTXLSDGRFRQEDQGHMDVUHYHVWLGDV GHSRUFHODQDJULVSXHGHQGHMDUVHGHQWURGHOKRUQR GXUDQWHHOFLFORGHDXWROLPSLH]D /DVXFLHGDGXELFDGDHQHOPDUFRIURQWDOGHODFRFLQD \ IXHUD GH OD MXQWD GH OD SXHUWD GHEHUi OLPSLDUVH D PDQR /LPSLH HVWDV iUHDV FRQ DJXD FDOLHQWH HVSRQMLOODV GH ODQD GH DFHUR HPEHELGDV HQ MDEyQ R OLPSLDGRUHV WDOHV FRPR 6RIW 6FUXE (QMXDJXH ELHQ FRQDJXDOLPSLD\VHTXH 1R OLPSLH OD MXQWD (O PDWHULDO GH ILEUD GH YLGULR GH ODMXQWDGHODSXHUWDGHOKRUQRQRUHVLVWHSURGXFWRV DEUDVLYRV (V HVHQFLDO TXH OD MXQWD VH PDQWHQJD LQWDFWD 6L XVWHG QRWD TXH HVWi GHVJDVWDGD UHHPSOiFHOD 9HULILTXHTXHODWDSDGHODERPELOODGHOX]GHOKRUQR HVWpHQVXOXJDU\TXHODOX]GHOKRUQRHVWpDSDJDGD ,03257$17( /DV HPDQDFLRQHV SURGXFLGDV SRU HO FLFOR GH DXWROLPSLH]D GH FXDOTXLHU KRUQR DIHFWDQ OD VDOXG GH DOJXQDV DYHV GH PDQHUD QRWRULD 3URFXUH OOHYDUVXVDYHVDRWUDKDELWDFLyQELHQYHQWLODGD /DV XQLGDGHV GH VXSHUILFLH VH GHVDFWLYDQ DXWRPiWLFDPHQWHGXUDQWHHOFLFORGHDXWROLPSLH]D &yPRFRQILJXUDUHOKRUQRSDUDXQDDXWROLPSLH]D /DV SXHUWDV GHO KRUQR GHEH HVWDU FHUUDGDV \ WRGRV ORVFRQWUROHVGHEHQHVWDUFRUUHFWDPHQWHFRQILJXUDGRV SDUDTXHHOFLFORIXQFLRQHHQIRUPDDGHFXDGD 3UHVLRQHHOERWyQ6(/)&/($1DXWROLPSLH]D 6H UHFRPLHQGD XQ FLFOR GH KRUDV SDUD OLPSLDU GHUUDPHV SHTXHxRV \ FRQWHQLGRV 6H UHFRPLHQGD XQ FLFOR GH DXWROLPSLH]D GH KRUDVSDUDXQKRUQRPiVVXFLR /DV SXHUWDV GHO KRUQR VXSHULRU H LQIHULRU VH EORTXHDQ DXWRPiWLFDPHQWH /RV HOHPHQWRV GH OD HVWXIDWDPELpQVHEORTXHDQGXUDQWHODOLPSLH]D/D SDQWDOODPRVWUDUiHOWLHPSRGHOLPSLH]DUHVWDQWH 1RSRGUiQDEULUVHODVSXHUWDVGHOKRUQRRXWLOL]DU OD HVWXID KDVWD TXH OD WHPSHUDWXUD GHVFLHQGD SRU GHEDMR GH OD WHPSHUDWXUD GH EORTXHR \ VH DSDJXH/2&.(''225 SXHUWDEORTXHDGDGH ODSDQWDOODGHFRQWURO 6L QHFHVLWD XQ FLFOR GLIHUHQWH GH R KRUDV /DSDODEUD/2&.(''2253XHUWD%ORTXHDGD WLWLODUi\HOSLWLGRVRQDUiVLFRQILJXUyHOFLFOR XWLOLFH ODV DOPRKDGLOODV QXPpULFDV H LQJUHVH HO GHOLPSLH]D\ROYLGyFHUUDUODSXHUWDGHOKRUQR WLHPSRGHOLPSLH]DGHVHDGR (OWLHPSRGHOLPSLH]DSXHGHFRQILJXUDUVHHQWUH 3DUDGHWHQHUHOFLFORGHOLPSLH]DSUHVLRQHHOERWyQ &/($52)) ERUUDUDSDJDGR &XDQGR VH DSDJD KRUDV\KRUDVGHDFXHUGRFRQHOJUDGRGH /2&.(''225 SXHUWD EORTXHDGD LQGLFDQGR VXFLHGDGGHOKRUQR TXH OD WHPSHUDWXUD GH ORV KRUQRV KD GHVFHQGLGR 3UHVLRQHHOERWyQ67$57LQLFLDU SRU GHEDMR GH OD WHPSHUDWXUD GH EORTXHR XVWHG SRGUiDEULUODVSXHUWDV *($SSOLDQFHVFRP /DVSXHUWDVGHOKRUQRGHEHHVWDUFHUUDGDV\WRGRVORVFRQWUROHVGHEHQHVWDUFRUUHFWDPHQWHFRQILJXUDGRVSDUDTXHHOFLFOR IXQFLRQHHQIRUPDDGHFXDGD &yPRFRQILJXUDUXQLQLFLRUHWDUGDGRGHOLPSLH]D 3UHVLRQH HO ERWyQ '(/$< 67$57 LQLFLR /DSXHUWDGHOKRUQRVHFLHUUDDXWRPiWLFDPHQWH 1R SRGUiQ DEULUVH ODV SXHUWDV GHO KRUQR R UHWDUGDGR XWLOL]DUVH OD HVWXID KDVWD TXH OD WHPSHUDWXUD 0HGLDQWH ODV DOPRKDGLOODV QXPpULFDV GHVFLHQGD SRU GHEDMR GH OD WHPSHUDWXUD GH LQJUHVHODKRUDHQTXHGHVHDLQLFLDUHOFLFOR EORTXHR\VHDSDJXH/2&.(''225 SXHUWD GHOLPSLH]D EORTXHDGDGHODSDQWDOODGHFRQWURO 3UHVLRQHHOERWyQ67$57LQLFLDU 3UHVLRQH HO ERWyQ 6(/) &/($1 DXWR OLPSLH]D 0HGLDQWH ODV DOPRKDGLOODV QXPpULFDV LQJUHVHODKRUDHQTXHGHVHDLQLFLDUHOFLFOR GHOLPSLH]D (OWLHPSRGHOLPSLH]DSXHGHFRQILJXUDUVHHQWUH KRUDV\KRUDVGHDFXHUGRFRQHOJUDGRGH VXFLHGDGGHOKRUQR 3UHVLRQHHOERWyQ67$57LQLFLDU 'HVSXpVGHXQFLFORGHOLPSLH]D (VSRVLEOHTXHREVHUYHDOJXQDVFHQL]DVEODQFDVHQ HOKRUQR/tPSLHODVFRQXQSDxRK~PHGRGHVSXpVGH TXHHOKRUQRVHHQIUtH 6LODVPDQFKDVEODQFDVSHUPDQHFHQUHPXpYDODV FRQXQHVWURSDMRGHDFHUROOHQRGHMDEyQ\HQMXDJXH JHQHURVDPHQWHFRQXQDPH]FODGHYLQDJUH\DJXD (VWRVGHSyVLWRVVRQXVXDOPHQWHUHVLGXRVGHVDOTXH HOFLFORGHOLPSLH]DQRSXHGHHOLPLQDU 6LHOKRUQRQRTXHGDOLPSLRGHVSXpVGHXQFLFORGH OLPSLH]DUHSLWDHOFLFOR 8VWHGQRSXHGHFRQILJXUDUHOKRUQRSDUDFRFFLyQ KDVWDTXHHOKRUQRHVWpORVXILFLHQWHPHQWHIUtR FRPRSDUDTXHODSXHUWDVHGHVEORTXHH 0LHQWUDVHOKRUQRHVWpHQDXWROLPSLH]DXVWHG SXHGHSUHVLRQDUHOERWyQ5(/2-SDUDPRVWUDU HQSDQWDOODODKRUDGHOGtD3DUDYROYHUDOD FXHQWDUHJUHVLYDGHOLPSLH]DSUHVLRQHHOERWyQ $872/,03,(=$ 3DUULOODVHVWiQGDU 6LUHVXOWDGLItFLOGHVOL]DUODVSDVHDFHLWHGHFRFFLyQ FRQXQSDxRHQVXVFRVWDGRVODWHUDOHV\HQORV VRSRUWHVGHODVSDUULOODVGHOKRUQR 3DUULOODGHH[WHQVLyQ 6LGHVOL]DUODPLVPDUHVXOWDGLItFLOYHU3DUULOODGH H[WHQVLyQHQODVHFFLyQ&XLGDGR\OLPSLH]D1R URFtHODSDUULOODGHH[WHQVLyQFRQSXOYHUL]DGRUSDUD FRFFLyQXRWURVOXEULFDQWHVHQVSUD\ 6LUHVXOWDGLItFLOTXLWDUODRFRORFDUODSDVHDFHLWH GHFRFFLyQFRQXQSDxRHQORVVRSRUWHVGHODV SDUULOODVGHOKRUQR1RSDVHDFHLWHGHFRFFLyQHQORV GHVOL]DGRUHV 127$/XHJRGHOSULPHUFLFORGHOLPSLH]DDXWRPiWLFD ODVVXSHUILFLHVGHDFHURLQR[LGDEOHJULVFDPELDUiQGH FRORUHQORVHVWDQWHVH[WHQVLEOHVHVPDOWDGRV(VWRHV QRUPDO1RVHUHFRPLHQGDODOLPSLH]DDXWRPiWLFD GHHVWDQWHVH[WHQVLEOHVGHQtTXHO\DTXHWRGRHO HVWDQWHSHUGHUiFRORUGHELGRDODVWHPSHUDWXUDVGHOD OLPSLH]DDXWRPiWLFD 8VRGHOD/LPSLH]DDO9DSRUHQDOJXQRVPRGHORV 'XUDQWHHOFLFORGH OLPSLH]DDOYDSRU HOIRQGRGHOKRUQR VHYXHOYHORVXILFLHQWHPHQWHFDOLHQWHFRPRSDUD RFDVLRQDUTXHPDGXUDV(VSHUHKDVWDTXHHOFLFORHVWp WHUPLQDGRPLQXWRVDQWHVGHOLPSLDUODVVXSHUILFLHV LQWHULRUHVGHOKRUQR6LHVWRQRVHFXPSOHVHSRGUi VXIULUTXHPDGXUDV 35(&$8&,Ï1 (OFLFOR6WHDP&OHDQ/LPSLH]DDO9DSRUIDFLOLWDODOLPSLH]D GHVXFLHGDGOHYHGHOLQWHULRUGHOKRUQRGHSRUFHODQDGH OLPSLH]DHVWiQGDU /DFRFLQDHVWDUiDWHPSHUDWXUDDPELHQWHDQWHVGHFRPHQ]DU HOFLFOR6WHDP&OHDQ/LPSLH]DDO9DSRU6LHOKRUQRHVWi GHPDVLDGRFDOLHQWHHQODSDQWDOODVHREVHUYDUi´FDOLHQWHµ\ HOFLFORQRVHDFWLYDUiKDVWDTXHHOKRUQRVHHQIUtH (OFLFOR6WHDP&OHDQ/LPSLH]DDO9DSRUIXQFLRQDPHMRUHQ QXHYRVGHUUDPHVRVXFLHGDGHV/DFRPLGDTXHPDGDHVPiV GLItFLOGHHOLPLQDU 3DUD&RPHQ]DUHO&LFORGH/LPSLH]DDO9DSRU 5HWLUH ORV HVWDQWHV \ DFFHVRULRV GH OD FDYLGDGGHOKRUQR1RFRORTXHXWHQVLOLRVX RWURVDUWtFXORVHQHOKRUQRGXUDQWHHO&LFOR GH/LPSLH]DDO9DSRU 9LHUWDRQ]DVGHDJXDHQHOSLVR GHOKRUQR 'HMH OD SXHUWD DELHUWD SDUD TXH VH VHTXH FRQHODLUH 9LHUWDWD]DR]GHDJXDDWHPSHUDWXUD 127$6,03257$17(6 DPELHQWH HQ HO iUHD LQWHUPHGLD GHO IRQGR GHO KRUQR 1R DJUHJXH VROXFLRQHV GH 6LXQFLFORGHOLPSLH]DDOYDSRUHVLQLFLDGRVLQ DJXD SUHVLRQH OD WHFOD &OHDU 2II %RUUDU OLPSLH]DQLTXtPLFRVGHQLQJ~QWLSRDODJXD $SDJDU SDUD ILQDOL]DU GLFKR FLFOR (VSHUH D 6yOR DJUHJXH DJXD DO XVDU HO FLFOR 6WHDP TXHODFRFLQDUHDOLFHODFRFFLyQDWHPSHUDWXUD &OHDQ /LPSLH]D DO 9DSRU 6yOR DJUHJXH DPELHQWH DQWHV GH YHUWHU DJXD HQ HO DJXD DJXD DO XVDU HO FLFOR 6HOI&OHDQ $XWR LQWHUPHGLDHLQLFLDURWURFLFORGHYDSRU /LPSLH]D 1R DEUD OD SXHUWD GXUDQWH HO FLFOR 6WHDP &LHUUHODSXHUWD &OHDQ/LPSLH]DDO9DSRU8QSLWLGRGHHUURU VRQDUiDODEULUODSXHUWD 3UHVLRQHODWHFOD6WHDP&OHDQ/LPSLH]DDO 3UHVLRQHODWHFOD&OHDU2II%RUUDU$SDJDU 9DSRUOXHJRSUHVLRQH6WDUW,QLFLDU HQFXDOTXLHUPRPHQWRSDUDILQDOL]DUHOFLFOR /D SXHUWD GHO KRUQR VH FLHUUD 6L SHUPDQHFHQ GHSyVLWRV PLQHUDOHV HQ HO DXWRPiWLFDPHQWH 8Q FLFOR GH PLQXWRV IRQGR GHO KRUQR OXHJR GH OD OLPSLH]D XVH FRPHQ]DUi OD FXHQWD UHJUHVLYD HQ OD XQDWHODRHVSRQMDPRMDGDHQYLQDJUHSDUD SDQWDOOD1RVHUiSRVLEOHDEULUODSXHUWDGHO HOLPLQDU KRUQRKDVWDTXHHOFLFORILQDOLFHRKDVWDTXH XVWHG SUHVLRQH OD WHFOD&OHDU 2II %RUUDU (VSRVLEOHTXHJRWHHDOJRGHDJXDGHVGHOD SDUWHLQIHULRUGHODSXHUWDGHOKRUQR6LHVWR $SDJDU\TXHODSXHUWDVHGHVEORTXHH VXFHGHOLPSLHODPLVPDDOILQDOL]DUHOFLFOR &XDQGR HO FLFOR 6WHDP &OHDQ /LPSLH]D DO /D MXQWD GH OD SXHUWD SRGUi HVWDU PRMDGD FXDQGR HO FLFOR 6WHDP &OHDQ /LPSLH]D DO 9DSRU HVWp FRPSOHWR OD SXHUWD GH 9DSRU ILQDOLFH (VWR HV QRUPDO 1R OLPSLH OD GHVEORTXHDUi HO FRQWURO GHO KRUQR HPLWLUi MXQWD XQ SLWLGR \ OD OX] GH /LPSLH]D DO 9DSRU WLWLODUi3UHVLRQHODWHFOD&OHDU2II%RUUDU 6L D~Q SHUPDQHFH VXFLHGDG OXHJR GH OD $SDJDU\DEUDODSXHUWD OLPSLH]D GHO KRUQR FRQVXOWH OD VHFFLyQ GH &XLGDGR\OLPSLH]DGHODFRFLQDHQHO0DQXDO (O IRQGR GHO KRUQR \ HO DJXD UHVWDQWH D~Q GHO 3URSLHWDULR SDUD DFFHGHU D RSFLRQHV HVWDUiQPX\FDOLHQWHVDOILQDOGHOFLFOR(VWR DGLFLRQDOHV HVQRUPDO 5HWLUHODVXFLHGDGIUHJDQGRFRQXQFHSLOORR DOPRKDGLOOD GH Q\ORQ 6H SRGUi XVDU XQD DOPRKDGLOODGHHVWURSDMRFRQMDEyQVyORHQ HOLQWHULRUGHOKRUQRGHSRUFHODQD(OXVRGH DOPRKDGLOODVDEUDVLYDVUD\DUiHOYLGULRGHOD SXHUWD1ROLPSLHODVXFLHGDGQLHODJXDGH ODMXQWDGHODSXHUWD 5HWLUHHODJXDUHVWDQWHFRQXQDHVSRQMDR WHODVHFD &DUDFWHUtVWLFDVHVSHFLDOHVGHORVFRQWUROHVGHOKRUQR *($SSOLDQFHVFRP /RVQXHYRVFRQWUROHVFRQERWRQHVGHWRTXHFXHQWDQFRQFDUDFWHUtVWLFDVDGLFLRQDOHV/DVVLJXLHQWHVVRQODVFDUDFWHUtVWLFDV \ OD PDQHUD HQ TXH XVWHG SXHGH DFWLYDUODV /RV PRGRV GH FDUDFWHUtVWLFDV HVSHFLDOHV VyOR SXHGHQ DFWLYDUVH PLHQWUDV OD SDQWDOODPXHVWUDODKRUD6HFRQVHUYDQHQODPHPRULDGHORVFRQWUROHVKDVWDTXHVHUHSLWDQORVSDVRV3DUDLQJUHVDUXQD FDUDFWHUtVWLFDHVSHFLDOHQXQRGHORVGRVKRUQRVXVWHGGHEHSULPHURSUHVLRQDUORVERWRQHV%52,/+,/2DVDUDOWREDMR\ %$.(KRUQHDUGHOKRUQRVXSHULRUDOPLVPRWLHPSR/RVERWRQHV%52,/+,/2DVDUDOWREDMR\%$.(KRUQHDUGHOKRUQR LQIHULRUQRDFWLYDQFDUDFWHUtVWLFDVHVSHFLDOHV&XDQGRODSDQWDOODPXHVWUDVXRSFLyQSUHVLRQHHOERWyQ67$57LQLFLDU 6HOHFFLyQGHWHPSHUDWXUDHQ)DKUHQKHLWR&HOVLXV 6XFRQWUROGHKRUQRHVWiFRQILJXUDGRSDUDXWLOL]DU ODVVHOHFFLRQHVGHWHPSHUDWXUD)DKUHQKHLWSHUR SXHGHPRGLILFDUVHSDUDXVDUVHOHFFLRQHVHQ &HOVLXV 3UHVLRQHORVERWRQHV%52,/+,/2DVDUDOWR EDMR\%$.(KRUQHDUGHOKRUQRVXSHULRUDO PLVPRWLHPSRKDVWDTXHHQODSDQWDOOD SXHGDYHUVH6) 3UHVLRQHORVERWRQHV&22.7,0(WLHPSRGH FRFFLyQ\%52,/+,/2DVDUDOWREDMRDO PLVPRWLHPSR(QODSDQWDOODSRGUiYHUVH) )DKUHQKHLW 3UHVLRQHORVERWRQHV&22.7,0(WLHPSRGH FRFFLyQ\%52,/+,/2DVDUDOWREDMRGH QXHYRDOPLVPRWLHPSR(QODSDQWDOODSRGUi YHUVH&&HOVLXV 3UHVLRQHHOERWyQ67$57LQLFLDU 6HxDOHVVRQRUDVDOILQDOL]DUXQFLFORFRQWHPSRUL]DGRU $OILQDOL]DUXQFLFORFRQWHPSRUL]DGRUVHHVFXFKDQ SLWLGRVFRUWRVVHJXLGRVSRUXQSLWLGRFDGD VHJXQGRVKDVWDTXHVHSUHVLRQHHOERWyQ&/($5 2))ERUUDUDSDJDGR(VWHSLWLGRFRQWLQXRGH VHJXQGRVSXHGHFDQFHODUVH 3DUDFDQFHODUHOSLWLGRFRQWLQXRGHVHJXQGRV 3UHVLRQHORVERWRQHV%52,/+,/2DVDUDOWR EDMR\%$.(KRUQHDUGHOKRUQRVXSHULRUDO PLVPRWLHPSRKDVWDTXHHQODSDQWDOOD SXHGDYHUVH6) 3UHVLRQHHOERWyQ%52,/DVDU/DSDQWDOOD PXHVWUD&217,%((3SLWLGRFRQWLQXR 3UHVLRQHHOERWyQ%52,/DVDUGHQXHYR/D SDQWDOODPXHVWUD6,1*/(%((3SLWLGR~QLFR (VWRFDQFHODHOSLWLGRFDGDVHJXQGRV 3UHVLRQHHOERWyQ67$57LQLFLDU 9ROXPHQGHOWRQR (VWDFDUDFWHUtVWLFDSHUPLWHUHJXODUHOYROXPHQGH ORVWRQRVSDUDORJUDUXQYROXPHQPiVDFHSWDEOH ([LVWHQWUHVQLYHOHVGHYROXPHQGLIHUHQWHV 3UHVLRQH ORV ERWRQHV %52,/ +,/2 DVDU DOWREDMR \ %$.( KRUQHDU GHO KRUQR VXSHULRUDOPLVPRWLHPSRKDVWDTXHHQOD SDQWDOODSXHGDYHUVH6) 3UHVLRQH HO ERWyQ &22. 7,0( WLHPSR GH FRFFLyQ (Q OD SDQWDOOD SRGUi YHUVH 67' %((3 3,7,'2 67' (VWH HV HO QLYHO GH YROXPHQPHGLR 7RXFK WKH &22. 7,0( SDG DJDLQ 7KLV FKDQJHV WKH YROXPH OHYHO HDFK WLPH WKH SDG LV WRXFKHG DQG D WRQH ZLOO VRXQG WR SURYLGH DQ LQGLFDWLRQ RI WKH YROXPH OHYHO &KRRVH WKH GHVLUHG VRXQG OHYHO /2 %((3 67'%((3+,%((3RU2)) 3UHVLRQH HO ERWyQ 67$57 LQLFLDU SDUD DFWLYDUHOQLYHOHOHJLGR &DUDFWHUtVWLFDVHVSHFLDOHVGHORVFRQWUROHVGHOKRUQR KRUDVKRUDVREORTXHRGHOUHORM 6XVFRQWUROHVHVWiQFRQILJXUDGRVSDUDXVDUXQ UHORMGHKRUDV 6L SUHILHUH WHQHU XQ UHORM GH HVWLOR PLOLWDU GH KRUDVRDQXODUODYLVXDOL]DFLyQGHOUHORMVLJDORV VLJXLHQWHVSDVRV 3UHVLRQH ORV ERWRQHV %52,/ +,/2 DVDU DOWREDMR \ %$.( KRUQHDU GHO KRUQR VXSHULRUDOPLVPRWLHPSRKDVWDTXHHQOD SDQWDOODSXHGDYHUVH6) 3UHVLRQHHOERWyQ&/2&.UHORMXQDYH](Q ODSDQWDOODSRGUiYHUVHKU6LHVWDHVOD RSFLyQTXHGHVHDSUHVLRQHHOERWyQ67$57 LQLFLDU 3UHVLRQH HO ERWyQ &/2&. UHORM GH QXHYR SDUD FDPELDUDOUHORMHVWLORPLOLWDUGHKRUDV(QOD SDQWDOODSRGUiYHUVHKU6LHVWDHVODRSFLyQ TXHGHVHDSUHVLRQHHOERWyQ67$57LQLFLDU 3UHVLRQH HO ERWyQ &/2&. UHORM GH QXHYR SDUD DQXODU OD YLVXDOL]DFLyQ GHO UHORM (Q OD SDQWDOOD SRGUiYHUVH2))DSDJDGR6LHVWDHVODRSFLyQ TXHGHVHDSUHVLRQHHOERWyQ67$57LQLFLDU 127$ 6L HO UHORM VH HQFXHQWUD HQ HO PRGR VLQ YLVXDOL]DFLyQ XVWHG QR SRGUi XWLOL]DU OD IXQFLyQ GHLQLFLRUHWDUGDGR &RQYHUVLyQ$XWRPiWLFDGH5HFHWDV $OXVDUHOKRUQHDGRSRUFRQYHFFLyQOD IXQFLyQGH&RQYHUVLyQ$XWR5HFLSHSRGUi DXWRPiWLFDPHQWHFRQYHUWLUWHPSHUDWXUDVGH KRUQHDGRUHJXODULQJUHVDGDVDWHPSHUDWXUDV GHKRUQHDGRSRUFRQYHFFLyQ/DSDQWDOODQR PRVWUDUiODWHPSHUDWXUDFRQYHUWLGD6LHPSUH PRVWUDUiODWHPSHUDWXUDLQJUHVDGD 3 UHVLRQHODWHFOD&219(&7,21&22. &RFFLyQSRU&RQYHFFLyQKDVWDTXHOD SDQWDOODPXHVWUH&2121&RQYHUVLyQ (QFHQGLGDR&212))&RQYHUVLyQ $SDJDGDVHJ~QVHGHVHH 3UHVLRQHHOERWyQ67$57LQLFLDU 3DUDDFWLYDURGHVDFWLYDUODIXQFLyQ 3UHVLRQHORVERWRQHV%$.(KRUQHDU\ %52,/+,/2DVDUDOWREDMRGHOKRUQR VXSHULRUDOPLVPRWLHPSRKDVWDTXHHQOD SDQWDOODSXHGDYHUVH6) $SDJDGROXHJRGHKRUDV &RQ HVWD RSFLyQ HQ FDVR GH GHMDUVH HO KRUQR HQFHQGLGR DFFLGHQWDOPHQWH HO FRQWURO OR DSDJD HQ IRUPD DXWRPiWLFD OXHJR GH KRUDV GXUDQWH IXQFLRQHV GH KRUQHDGR R GHVSXpV GH KRUDV GXUDQWHODIXQFLyQGHDVDGR 6LGHVHDDSDJDU2))HVWDIXQFLyQVLJDORVSDVRV VLJXLHQWHV 3UHVLRQHORVERWRQHV%52,/+,/2DVDUDOWR EDMR \ %$.( KRUQHDU GHO KRUQR VXSHULRU DO PLVPRWLHPSRKDVWDTXHHQODSDQWDOODSXHGD YHUVH6) 3UHVLRQH HO ERWyQ '(/$< 67$57 LQLFLR UHWDUGDGR KDVWD TXH DSDUH]FD QR VKGQ QR DSDJDGRHQODSDQWDOOD 3UHVLRQHHOERWyQ67$57LQLFLDUSDUDDFWLYDU OD FDUDFWHUtVWLFD GH QR DSDJDGR \ GHMDU HO FRQWURO FRQILJXUDGR HQ HVWH PRGR GH FDUDFWHUtVWLFDVHVSHFLDOHV &yPRXVDUODIXQFLyQ6DEEDWKKRUQRVVXSHULRUHLQIHULRU 'LVHxDGDSDUDXWLOL]DUVHGXUDQWHHO6DEEDWKXRWUDV)LHVWDV-XGtDVHQDOJXQRVPRGHORV *($SSOLDQFHVFRP /DIXQFLyQ6DEEDWKVRODPHQWHSXHGHXWLOL]DUVHSDUDKRUQHDUURVWL]DU1RHVSRVLEOHXWLOL]DUODSDUDFRQYHFFLyQDVDGRDXWROLPSLH]DRFRFFLyQFRQ LQLFLRUHWDUGDGR 127$/DOX]LQWHULRUGHOKRUQRVHHQFLHQGHDXWRPiWLFDPHQWHHQDOJXQRVPRGHORVFXDQGRVHDEUHODSXHUWD\VHDSDJDFXDQGRVHODFLHUUD3XHGH TXLWDUVHODERPELOODGHOX]9HUODVHFFLyQGH5HHPSOD]RGHERPELOODGHOX](QORVPRGHORVFRQLQWHUUXSWRUGHOX]HQHOSDQHOGHFRQWUROODOX]GHO KRUQRSXHGHHQFHQGHUVH\GHMDUVHDVt &XDQGRODSDQWDOODPXHVWUD HOKRUQRHVWiFRQILJXUDGRSDUD 6DEEDWK&XDQGRODSDQWDOOD PXHVWUDHOKRUQRHVWi KRUQHDQGRURVWL]DQGR $VHJ~UHVHGHTXHHOUHORMPXHVWUHODKRUDFRUUHFWD\TXH HOKRUQRHVWpDSDJDGR 3UHVLRQH\VRVWHQJDORVERWRQHV%52,/+,/2 DVDUDOWREDMR\%$.(KRUQHDUDOPLVPRWLHPSR KDVWDTXHHQODSDQWDOODSXHGDYHUVH6) 127$6LHQODSDQWDOODDSDUHFHQ%DNHKRUQHDUR %URLODVDUORVERWRQHV%52,/+,/2DVDUDOWR EDMR\%$.(KRUQHDUQRVHSUHVLRQDURQDOPLVPR WLHPSR3UHVLRQHHOERWyQ&/($52))ERUUDU DSDJDGR\FRPLHQFHGHQXHYR 3UHVLRQHHOERWyQ'(/$<67$57LQLFLRUHWDUGDGR KDVWDTXHDSDUH]FD6$EE$W+HQODSDQWDOOD 3UHVLRQHHOERWyQ67$57LQLFLDU\DSDUHFHUiHQ ODSDQWDOOD(OKRUQRVHHQFXHQWUDDKRUDHQHO PRGR6DEiWLFR 3UHVLRQHHOERWyQ%$.(KRUQHDU1RVHGDUiXQD VHxDO 0HGLDQWHODVDOPRKDGLOODVQXPpULFDVLQJUHVHOD WHPSHUDWXUDGHVHDGDHQWUH)&\) &1RVHGDUiQLQJXQDVHxDORWHPSHUDWXUD 1RKD\XQDWHPSHUDWXUDSUHGHWHUPLQDGD 3UHVLRQHHOERWyQ67$57LQLFLDUHQHOKRUQR FRUUHVSRQGLHQWH 'HVSXpVGHXQSHUtRGRDOHDWRULRGH DSUR[LPDGDPHQWHVHJXQGRVDPLQXWR DSDUHFHUiHQODSDQWDOODLQGLFDQGRTXHHOKRUQR HVWiKRUQHDQGRURVWL]DQGR6LQRDSDUHFHHQ ODSDQWDOODFRPLHQFHGHQXHYRHQHOSDVR 3DUDDMXVWDUODWHPSHUDWXUDGHOKRUQRSUHVLRQHHOERWyQ %$.(KRUQHDULQJUHVHODQXHYDWHPSHUDWXUDXVDQGR ODVDOPRKDGLOODVQXPpULFDV\SUHVLRQHHOERWyQ67$57 LQLFLDU 127$/RVERWRQHV&/($52))ERUUDUDSDJDGR\ &22.7,0(WLHPSRGHFRFFLyQVHHQFXHQWUDQDFWLYRV GXUDQWHODIXQFLyQ6DEEDWK &yPRGHVDFWLYDUODIXQFLyQ6DEEDWK 3UHVLRQHHOERWyQ&/($52))ERUUDUDSDJDGR 6LHOKRUQRHVWiFRFLQDQGRHVSHUHXQSHUtRGR DOHDWRULRGHDSUR[LPDGDPHQWHVHJXQGRVD PLQXWRKDVWDTXHVyORDSDUH]FDHQODSDQWDOOD 3UHVLRQH\VRVWHQJDORVERWRQHV%52,/+,/2 DVDUDOWREDMR\%$.(KRUQHDUDOPLVPRWLHPSR KDVWDTXHHQODSDQWDOODSXHGDYHUVH6) 3UHVLRQHHOERWyQ'(/$<67$57LQLFLRUHWDUGDGR KDVWDTXHVKGQRQRVKGQDSDUH]FDQHQOD SDQWDOOD (OLMDVKGQLQGLFDQGRTXHHOKRUQRVHDSDJDUi DXWRPiWLFDPHQWHGHVSXpVGHKRUDVRQR VKGQLQGLFDQGRTXHHOKRUQRQRVHDSDJDUi DXWRPiWLFDPHQWHGHVSXpVGHKRUDV 3UHVLRQH67$57LQLFLDUFXDQGRODRSFLyQGHVHDGD DSDUHFHHQODSDQWDOODVKGQRQRVKGQ 127$(QFDVRGHFRUWHGHHQHUJtDFRQODIXQFLyQ GH6DEEDWKDFWLYDGDGLFKDIXQFLyQVHDSDJDUi DXWRPiWLFDPHQWHD~QFXDQGRYXHOYDODHQHUJtD(O FRQWUROGHOKRUQRGHEHYROYHUDFRQILJXUDUVH$OJXQRV PRGHORVFRQWLQXDUiQHOPRGR6DEEDWKVLQHPEDUJRVL VHDEUHODSXHUWDVHDFWLYDUiODOX]GHOKRUQR &yPRSRQHUVHSDUDFRFFLyQFDOFXODGD 127$(VWHSURFHGLPLHQWRGHEHOOHYDUVHD FDER$17(6GHTXHFRPLHQFHHO6DEEDWKSDUD SRGHUXWLOL]DUODFDUDFWHUtVWLFDGHKRUQHDGRFRQ WHPSRUL]DGRUGXUDQWHHO6DEEDWKODXQLGDG12GHEH FRORFDUVHHQHOPRGR6DEEDWKGXUDQWHXQKRUQHDGR FRQWHPSRUL]DGRU 3UHVLRQH\VRVWHQJDORVERWRQHV%52,/+,/2 DVDUDOWREDMR\%$.(KRUQHDUDOPLVPR WLHPSRKDVWDTXHHQODSDQWDOODSXHGDYHUVH6) 3UHVLRQHHOERWyQ67$57LQLFLDUSDUDJXDUGDU ORVFDPELRV 127$6LHQODSDQWDOODDSDUHFHQ%DNH KRUQHDUR%URLODVDUORVERWRQHV%52,/+,/2 DVDUDOWREDMR\%$.(KRUQHDUQRVH SUHVLRQDURQDOPLVPRWLHPSR3UHVLRQHHOERWyQ &/($52))ERUUDUDSDJDGR\FRPLHQFHGH QXHYR 3UHVLRQH&22.7,0(WLHPSRGHFRFFLyQSDUD HOKRUQRFRUUHVSRQGLHQWH 3UHVLRQHHOERWyQ%52,/+,/2DVDUDOWREDMR SDUDFDPELDUODFRQILJXUDFLyQGHOSLWLGRDE((3 ODFRQILJXUDFLyQSUHGHWHUPLQDGDHVSLWLGR FRQWLQXRTXHVHYLVXDOL]DHQODSDQWDOODFRPR &RQE((3 3UHVLRQHHOERWyQ67$57LQLFLDU 3UHVLRQHHOERWyQ%$.(KRUQHDU 3 UHVLRQHODVDOPRKDGLOODVQXPpULFDVSDUD FRQILJXUDUODWHPSHUDWXUDGHVHDGD 3UHVLRQHHOERWyQ67$57LQLFLDUHQHOKRUQR FRUUHVSRQGLHQWH 3UHVLRQHODVDOPRKDGLOODVQXPpULFDVSDUD FRQILJXUDUHOWLHPSRGHVHDGRGHFRFFLyQHQWUH PLQXWR\KRUDV\PLQXWRV &XLGDGR\OLPSLH]DGHODFRFLQD $VHJ~UHVHGHTXHWRGRVORVFRQWUROHVHVWpQDSDJDGRV\TXHODVVXSHUILFLHVHVWpQIUtDVDQWHVGHOLPSLDUFXDOTXLHUSDUWHGHODFRFLQD $'9(57(1&,$ 6LVHTXLWDODFRFLQDSDUDHIHFWXDUXQDOLPSLH]DUHSDUDFLRQHVR FXDOTXLHURWUDUD]yQYHULILTXHTXHHOGLVSRVLWLYRDQWLYROFDGXUDVVH FRORTXHGHPDQHUDDGHFXDGDFXDQGRYXHOYDDLQVWDODUVHODFRFLQD 6LQRWRPDHVWDSUHFDXFLyQODFRFLQDSXHGHYROFDUVH\SURYRFDU OHVLRQHV &yPRTXLWDUHOHQYROWRULRGHSURWHFFLyQ\ODFLQWDGHHPEDODMH &RQFXLGDGRWRPHXQDSXQWDGHOHQYROWRULRGH SURWHFFLyQFRQVXVGHGRV\OHQWDPHQWHTXtWHORGHOD VXSHUILFLHGHODSDUDWR1RXVHHOHPHQWRVILORVRVSDUD TXLWDUHOHQYROWRULR4XLWHWRGRHOHQYROWRULRDQWHVGH XVDUHODSDUDWRSRUSULPHUDYH] 3DUDDVHJXUDUVHGHQRGDxDUHODFDEDGRGHOSURGXFWR ODPHMRUIRUPDGHTXLWDUHOSHJDPHQWRGHODFLQWDGH HPSDTXHGHORVDSDUDWRVQXHYRVFRQVLVWHHQDSOLFDU GHWHUJHQWHSDUDYDMLOODVOtTXLGR$SOLTXHFRQXQSDxR VXDYH\GHMHUHPRMDU 127$'HEHUHWLUDUVHHODGKHVLYRGHWRGDVODVSDUWHV6L VHFDOLHQWDVHUiLPSRVLEOHGHTXLWDU 3DQHOGHFRQWURO 6LDVtORGHVHDSXHGHGHVDFWLYDUORVERWRQHVGHWRTXH DQWHVGHODOLPSLH]D 9HUODLQIRUPDFLyQVREUH%ORTXHRGHFRQWUROHVHQOD VHFFLyQ&yPRXVDUHOUHORMHOWHPSRUL]DGRU\HOEORTXHR GHFRQWUROHVGHHVWHPDQXDO /LPSLHORVGHUUDPHVFRQXQSDxRK~PHGR 7DPELpQSXHGHXWLOL]DUXQOLPSLDGRUGHYLGULRV 4XLWHVXFLHGDGHVPiVUHEHOGHVFRQDJXDWLELD MDERQRVD1RXWLOLFHDEUDVLYRVGHQLQJXQDFODVH 9XHOYDDDFWLYDUORVERWRQHVGHWRTXHGHVSXpVGHOD OLPSLH]D 6XSHUILFLHVSLQWDGDV /DVVXSHUILFLHVSLQWDGDVLQFOX\HQORVODGRVGHODFRFLQD \ODSXHUWDODSDUWHVXSHULRUGHOSDQHOGHFRQWURO\HO IUHQWHGHOFDMyQ/tPSLHODVFRQMDEyQ\DJXDRFRQXQD VROXFLyQGHDJXD\YLQDJUH 1RXWLOLFHOLPSLDGRUHVGHKRUQRFRPHUFLDOHVSROYRV OLPSLDGRUHVHVSRQMLOODVGHDFHURRDEUDVLYRVSRWHQWHV VREUHFXDOTXLHUVXSHUILFLHSLQWDGD 6XSHUILFLHVGHDFHURLQR[LGDEOHHQDOJXQRVPRGHORV 1RXWLOLFHDOPRKDGLOODVGHDFHURSRUTXHUD\DQ ODVXSHUILFLH 3DUDOLPSLDUODVXSHUILFLHGHDFHURLQR[LGDEOH XWLOLFHDJXDWLELDMDERQRVDRXQOLPSLDGRUR OXVWUDGRUGHDFHURLQR[LGDEOH6LHPSUHOLPSLH ODVXSHUILFLHHQGLUHFFLyQGHODYHWD6LJDODV LQVWUXFFLRQHVGHOSURGXFWRSDUDOLPSLDUOD VXSHUILFLHGHDFHURLQR[LGDEOH 3DUDFRQVXOWDUVREUHODFRPSUDGHOLPSLDGRUHV ROXVWUDGRUHVGHDSDUDWRVGHDFHURLQR[LGDEOHR SDUDHQFRQWUDUODXELFDFLyQGHOGLVWULEXLGRUPiV FHUFDQRDVXGRPLFLOLROODPHDQXHVWURQ~PHUR JUDWXLWR &HQWURQDFLRQDOGHUHSXHVWRV *($SSOLDQFHVFRP (VWXIDGHHVPDOWHGHSRUFHODQDHQDOJXQRVPRGHORV (ODFDEDGRGHHVPDOWHGHSRUFHODQDHVUHVLVWHQWH SHURSXHGHURPSHUVHVLVHXWLOL]DLQFRUUHFWDPHQWH (VWHDFDEDGRHVUHVLVWHQWHDOiFLGR6LQHPEDUJR QRGHEHSHUPLWLUVHTXHDOJXQRVDOLPHQWRViFLGRV TXHVHGHUUDPDQFRPRMXJRVGHIUXWDWRPDWHR YLQDJUHSHUPDQH]FDQHQHODFDEDGR 6LVHGHUUDPDQiFLGRVHQODHVWXIDPLHQWUDVHVWi FDOLHQWH XWLOLFH XQD WRDOOD GH SDSHO R XQ SDxR VHFRV SDUD OLPSLDUOR HQ HO PRPHQWR &XDQGR OD VXSHUILFLH VH KD\D HQIULDGR OLPSLH FRQ DJXD MDERQRVD(QMXDJXHELHQ (QHOFDVRGHRWURVGHUUDPHVFRPRVDOSLFDGXUDV GHJUDVDHWFOLPSLHFRQDJXDMDERQRVDRSROYRV OLPSLDGRUHVFXDQGRODVXSHUILFLHVHKD\DHQIULDGR (QMXDJXHELHQ3XODFRQXQSDxRVHFR *($SSOLDQFHVFRP $'9(57(1&,$ 35(&$8&,Ï1 5HFHSWiFXOR 3RUWDOiPSDUD %RPELOOD GH* /HQJHWD &XELHUWDGHYLGULR HQDOJXQDVPRGHORV 5HFHSWiFXOR 3RUWDOiPSDUD %RPELOOD GH* /HQJHWD &XELHUWDGHYLGULR 3(/,*52'('(6&$5*$(/e&75,&$248(0$'85$6$QWHVGHUHHPSOD]DUODERPELOOD GHOKRUQRGHVFRQHFWHODDOLPHQWDFLyQGHHQHUJtDDOKRUQRGHVGHHOSDQHOSULQFLSDO GHIXVLEOHVRGHOLQWHUUXSWRUGHFLUFXLWRV1RKDFHUORSXHGHSURYRFDUXQDGHVFDUJD HOpFWULFDRXQDTXHPDGXUD 3(/,*52'(48(0$'85$6/DWDSDGHYLGULR\ODOiPSDUDGHOX]VHGHEHUiQUHWLUDUFXDQGR HVWpQIUtDV7RFDUHOYLGULRFDOLHQWHVLQSURWHFFLyQHQODVPDQRVRFRQXQWUDSRK~PHGR SXHGHRFDVLRQDUTXHPDGXUDV 5HHPSOD]RGHODERPELOODGHOKRUQR 3DUDUHWLUDU *LUHODFXELHUWDGHYLGULRHQVHQWLGRFRQWUDULR DODVPDQHFLOODVGHOUHORMGHYXHOWDKDVWD TXHODVOHQJHWDVGHODFXELHUWDGHYLGULR OLEHUHQORVVXUFRVGHOSRUWDOiPSDUDV &RORFDUVHJXDQWHVGHOiWH[SXHGHEULQGDU XQPHMRUDJDUUH 8WLOL]DQGRJXDQWHVRXQSDxRVHFRUHPXHYD ODERPELOODMDOiQGRODHQOtQHDUHFWD 3DUDUHHPSOD]DU 8WLOLFHXQDQXHYDERPELOODKDOyJHQDGH YROWLRVQRH[FHGDYDWLRV 5HHPSODFHODOiPSDUDGHOX]FRQHOPLVPR WLSRGHOiPSDUDTXHVHUHWLUy(QVXPRGHOR FRUUHVSRQGHUiXQRGHORVGRVWLSRVTXH ILJXUDQDODL]TXLHUGD3DUDGHWHUPLQDUFXiO HVODOiPSDUDFRUUHFWDFRQWUROHODV WHUPLQDOHVGHODOiPSDUD/DVOiPSDUDVFRQ WHUPLQDOHVFRQFODYLMDVUHFWDVVRQOiPSDUDV GH*/DVOiPSDUDVFRQWHUPLQDOHVFRQ FODYLMDVFRQFXUYDVVRQOiPSDUDVGH*1R ODVLQWHUFDPELH$VHJ~UHVHDOUHHPSOD]DUOD OiPSDUDTXHVHDGHYROWVRYROWV 12GHYROWV 8WLOL]DQGRJXDQWHVRXQSDxRVHFRUHPXHYD ODERPELOODGHVXSDTXHWH1RWRTXHOD ERPELOODFRQORVGHGRVGHVQXGRV(ODFHLWH SDUDSLHOGDxDUiODOiPSDUD\DFRUWDUiVX WLHPSRGHGXUDFLyQ HQDOJXQDVPRGHORV 5HFHSWiFXOR 8VH JXDQWHV RXQ SDxR (PSXMHODERPELOODHQOtQHDUHFWDGHQWURGHO UHFHSWiFXORKDVWDHOWRSH &RORTXHODVOHQJHWDVGHODFXELHUWDGH YLGULRGHQWURGHORVVXUFRVGHO SRUWDOiPSDUDV*LUHODFXELHUWDGHYLGULRHQ VHQWLGRGHODVPDQHFLOODVGHOUHORMGH YXHOWD 3DUDXQDPHMRULOXPLQDFLyQGHQWURGHO KRUQROLPSLHIUHFXHQWHPHQWHODFXELHUWD GHYLGULRXWLOL]DQGRXQSDxRK~PHGR(VWR GHEHUtDKDFHUVHFXDQGRHOKRUQRHVWi FRPSOHWDPHQWHIUtR &RQHFWHQXHYDPHQWHHOVXPLQLVWURHOpFWULFR DOKRUQR 5HHPSOD]RGHODERPELOODGHOKRUQR 9HULILTXHTXHODWDSDGHODOiPSDUD\OD ERPELOODVHKD\DQHQIULDGRSRUFRPSOHWR 3DUDTXLWDUODWDSD +DJDJLUDUODOHQWHHQóGHYXHOWDHQ VHQWLGRDQWLKRUDULRSDUDTXLWDUOD 3DUDYROYHUDFRORFDUODWDSD $OLQHHODVOHQJHWDVGHODOHQWHIUHQWHDODV OHQJHWDVGHODFDUFDVD\JLUHHQVHQWLGR KRUDULRSDUDWUDEDU 1RTXLWHQLQJ~QWRUQLOORSDUDVDFDUODWDSD &RORTXHXQDERPELOODGHYDWLRVRXQD ERPELOODKDOyJHQDGHGRVHVSLJDVVHJ~Q FRUUHVSRQGD &XLGDGR\OLPSLH]DGHODFRFLQD &yPROLPSLDUODSXHUWDGHOKRUQR 3DUDOLPSLDUODSDUWHLQWHUQDGHODSXHUWD 'HELGRDTXHHOiUHDTXHVHHQFXHQWUDGHQWURGH ODMXQWDVHOLPSLDGXUDQWHHOFLFORGHDXWROLPSLH]D QRHVQHFHVDULROLPSLDUODDPDQR /DMXQWDHVWiGLVHxDGDFRQXQHVSDFLR HQODSDUWHLQIHULRUSDUDSHUPLWLUXQD DGHFXDGDFLUFXODFLyQGHDLUH 1RIURWHROLPSLHODMXQWDGHODSXHUWD SRUTXHWLHQHXQDUHVLVWHQFLDPX\EDMD DODDEUDVLyQ 6LVHDGYLHUWHTXHODMXQWDHVWi GHVJDVWDGDUDtGDRGDxDGDRVLVH KDGHVSOD]DGRGHVXOXJDUVHODGHEH UHHPSOD]DU (OiUHDTXHVHHQFXHQWUDIXHUDGHODMXQWD\HO EXUOHWHGHODSXHUWDSXHGHQOLPSLDUVHFRQXQD HVSRQMLOODSOiVWLFDFRQMDEyQDJXDFDOLHQWH\ GHWHUJHQWH(QMXDJXHELHQFRQXQDVROXFLyQGH DJXD\YLQDJUH 3DUDOLPSLDUODSDUWHH[WHUQDGHODSXHUWD 8WLOLFHMDEyQ\DJXDSDUDOLPSLDUFXLGDGRVDPHQWH ODSDUWHVXSHULRUORVODGRV\HOIUHQWHGHODSXHUWD GHOKRUQR(QMXDJXHELHQ7DPELpQHVSRVLEOH XWLOL]DUXQOLPSLDGRUGHYLGULRVSDUDOLPSLDUODSDUWH H[WHULRUGHODSXHUWD1RSHUPLWDTXHFDLJDDJXD VREUHODVDEHUWXUDVGHYHQWLODFLyQ 6LTXHGDDOJXQDPDQFKDSHUVLVWHQWHHQODVHFFLyQ GHYHQWLODFLyQGHODSXHUWDXWLOLFHXQOLPSLDGRU DEUDVLYRVXDYH\XQDHVSRQMDSDUDREWHQHUORV PHMRUHVUHVXOWDGRV /DVVDOSLFDGXUDVGHVDOVDVMXJRVGHIUXWDVVDOVDV GHWRPDWH\MXJRVGHDOLPHQWRVTXHFRQWLHQHQ iFLGRVSXHGHQGHFRORUDUODVXSHUILFLHSRUORTXH VHGHEHHQMXDJDUORVGHLQPHGLDWR&XDQGROD VXSHUILFLHHVWpIUtDOLPSLH\HQMXDJXH 1RXWLOLFHOLPSLDGRUHVSDUDKRUQRVSROYRV OLPSLDGRUHVRDEUDVLYRVSRWHQWHVHQODSDUWH H[WHUQDGHODSXHUWD 3XHUWDGHOKRUQRGHVPRQWDEOHHQDOJXQRVPRGHORV /DSXHUWDHVPX\SHVDGD7HQJDFXLGDGRDOTXLWDU\ OHYDQWDUODSXHUWD 1ROHYDQWHODSXHUWDGHODPDQLMD 3DUDTXLWDUODSXHUWD 5DQXUD 7UDEDGH ODELVDJUD 7LUHODVWUDEDVGHODELVDJUDKDFLD DEDMRSDUDGHVWUDEDU $EUDODSXHUWDSRUFRPSOHWR 3UHVLRQHODVWUDEDVGHODELVDJUDKDFLDDEDMRHQ GLUHFFLyQGHOPDUFRGHODSXHUWDKDVWD GHVWUDEDUODV3XHGHQHFHVLWDUVHXQDKHUUDPLHQWD FRPRXQGHVWRUQLOODGRUSODQRSHTXHxR 7RPHFRQILUPH]DDPERVODGRVGHODSXHUWDGHOD SDUWHVXSHULRU &LHUUHODSXHUWDKDVWDODSRVLFLyQGHUHPRFLyQGH SXHUWDTXHHVDPLWDGGHFDPLQRHQWUHOD SRVLFLyQGHDVDGR\ODSXHUWDFHUUDGD /HYDQWHODSXHUWDKDVWDTXHHOEUD]RGHOD ELVDJUDKD\DVDOLGRGHODUDQXUD 3DUDYROYHUDFRORFDUODSXHUWD 7RPHFRQILUPH]DDPERVODGRVGHODSXHUWDGHOD SDUWHVXSHULRU 3RVLFLyQGHUHPRFLyQ &RQODSXHUWDHQ ([WUHPR %UD]RGH HOPLVPRiQJXOR LQIHULRUGH ODELVDJUD GHODSRVLFLyQGH ODUDQXUD UHPRFLyQ LQWURGX]FD ODPXHVFDGHOEUD]R GHODELVDJUDGHQWUR 0XHVFD GHOH[WUHPRLQIHULRUGHOD UDQXUDGHODELVDJUD/D UDQXUDGHOEUD]RGHOD ELVDJUDGHEH HVWDUELHQFRORFDGDHQODSDUWHLQIHULRUGHOD UDQXUD $EUDODSXHUWDSRUFRPSOHWR6LODSXHUWDQRVH DEUHSRUFRPSOHWRODPXHVFDQRHVWiELHQ FRORFDGDHQHOH[WUHPRLQIHULRUGHODUDQXUD 3UHVLRQHODVWUDEDVGHODELVDJUDKDFLDDUULED FRQWUDHOPDUFRIURQWDOGHODFDYLGDGGHOKRUQR KDVWDDOFDQ]DUODSRVLFLyQGHEORTXHR 7UDEDGH ODELVDJUD %UD]RGH ODELVDJUD 3UHVLRQHODVWUDEDVGHODELVDJUD KDFLDDUULEDSDUDEORTXHDU &LHUUHODSXHUWDGHOKRUQR %DQGHMDSODQD 0DQLMDV 3DUDKRUQRVGREOHVXVHODSDULOODFRQ ODVGRVPDQLMDVIURQWDOHVHQHOKRUQR VXSHULRU %DQGHMDVGHOKRUQR 7RGDVODVEDQGHMDVGHOKRUQRSXHGHQOLPSLDUVHD PDQRFRQXQOLPSLDGRUDEUDVLYRRXQDHVSRQMLOODGH DFHUR'HVSXpVGHOLPSLDUHQMXDJXHODVEDQGHMDV FRQ DJXD OLPSLD \ VpTXHODV FRQ XQ SDxR OLPSLR /DVEDQGHMDVUHYHVWLGDVGHSRUFHODQDJULVSXHGHQ SHUPDQHFHUHQHOKRUQRGXUDQWHHOFLFORGHDXWR OLPSLH]D VLQ VXIULU GDxRV /DV EDQGHMDV GHO KRUQR GHQtTXHOSXHGHQSHUPDQHFHUHQHOKRUQRGXUDQWH HOFLFORGHDXWROLPSLH]DSHURSHUGHUiQHOOXVWUH\ UHVXOWDUiGLItFLOGHVOL]DUODV6HUiQHFHVDULRHQJUDVDU WRGRVORVH[WUHPRVGHODVEDQGHMDVFRQXQDFDSD GH DFHLWH YHJHWDO VXDYH GHVSXpV GH OLPSLDUODV D PDQRRHQHOKRUQR(VWRD\XGDUiDPDQWHQHUHO IiFLOGHVOL]DPLHQWRGHODVEDQGHMDV 3DUDKRUQRVGREOHVXVHODSDULOODVLQ ODVGRVPDQLMDVIURQWDOHVHQHOKRUQR LQIHULRU 3DUULOODGHH[WHQVLyQ /DVSDUULOODVGHH[WHQVLyQVHSRGUiQOLPSLDUDPDQR FRQ XQ OLPSLDGRU DEUDVLYR R HVWURSDMR 'XUDQWH OD OLPSLH]D HYLWH TXH LQJUHVH DJXD R OLPSLDGRU HQ ODV EDUUDVGHVOL]DQWHVGHH[WHQVLyQDORVFRVWDGRVGHOD SDUULOOD 127$1RODODYHHQHOODYDYDMLOODV 6LUHVXOWDGLItFLOGHVOL]DUODSDUULOODRVLUHVXOWDGLItFLO DFFLRQDU OD SDOHWD GHEH OXEULFDUVH OD SDUULOOD XWLOL]DQGR HO OXEULFDQWH GH JUDILWR HQYLDGR FRQ VX KRUQR3DUDVROLFLWDUOXEULFDQWHGHJUDILWRDGLFLRQDO OODPH D QXHVWUR FHQWUR QDFLRQDO GH UHSXHVWRV DO FRQODUHIHUHQFLD:%7 6L UHWLUDU R UHHPSOD]DU OD SDUULOOD UHVXOWD GLItFLO OLPSLH OLJHUDPHQWH ORV VRSRUWHV GH OD SDUULOOD FRQ DFHLWHGHFRFLQD1RSDVHDFHLWHGHFRFFLyQHQORV GHVOL]DGRUHV 3DUDOXEULFDUORVGHVOL]DGRUHV 127$ 1R URFtH OD SDUULOOD GH H[WHQVLyQ FRQ SXOYHUL]DGRU SDUD FRFFLyQ X RWURV OXEULFDQWHV HQ VSUD\ 4XLWH OD SDUULOOD GHO KRUQR 9HU 3DUULOOD GH H[WHQVLyQHQODVHFFLyQ8VRGHOKRUQR ([WLHQGD SRU FRPSOHWR OD SDUULOOD VREUH XQD PHVD R PRVWUDGRU GH HQFLPHUD 3XHGH FRORFDUVHSDSHOGHGLDULRGHEDMRGHODSDUULOOD SDUDXQDOLPSLH]DVHQFLOOD $EUD \ FLHUUH OD JXtD YDULDV YHFHV SDUD GLVWULEXLUHOOXEULFDQWH 6LKD\UHVLGXRVHQODVJXtDVGHGHVOL]DPLHQWR OtPSLHODV FRQ XQD WRDOOD GH SDSHO 127$7RGRHOOXEULFDQWHGHJUDILWRHOLPLQDGR GXUDQWHODOLPSLH]DGHEHYROYHUDFRORFDUVH VHHVWHSVWKURXJK 9XHOYD D FRORFDU OD WDSD GHO OXEULFDQWH \ DJtWHOR QXHYDPHQWH 'p YXHOWD OD SDUULOOD \ UHSLWDORVSDVRV\ &LHUUHODSDUULOODJLUHODSDUULOODGHMDQGRHOODGR GHUHFKRKDFLDDUULED\FROyTXHODHQHOKRUQR 9HU3DUULOODGHH[WHQVLyQHQODVHFFLyQ8VRGHO KRUQR 3DUDOXEULFDUODSDOHWD $JLWHHOOXEULFDQWH\DSOLTXHHOPLVPRDODVSDUWHV PyYLOHVGHORVPHFDQLVPRVGHODVSDOHWDVFRPRVH PXHVWUD $JLWHHOOXEULFDQWHGHJUDILWRDQWHVGHDEULUOR &RPHQ]DQGR FRQ HO PHFDQLVPR GH GHVOL]DPLHQWRL]TXLHUGRGHODSDUULOODFRORTXH FXDWURJRWDVGHOXEULFDQWHVREUHODVGRV JXtDV WUDVHUDV FHUFDQDV D ORV FRMLQHWHV GH DSR\R 5HSLWDHQHOPHFDQLVPRGHOODGRGHUHFKRGHOD JXtD /DGRL]TXLHUGR *XtDODGRGHUHFKRDUULED /DGRGHUHFKR *XtDODGRGHUHFKRDUULED &XLGDGR\OLPSLH]DGHODFRFLQD (OHPHQWRVFDOHQWDGRUHVGHOKRUQR 1ROLPSLHHOHOHPHQWRSDUDKRUQHDURHOHOHPHQWR 3DUDOLPSLDUHOSLVRGHOKRUQRHOHYHVXDYHPHQWH SDUDDVDU/DVVXFLHGDGHVVHTXHPDUiQFXDQGR HO HOHPHQWR D KRUQHDU (Q DOJXQRV PRGHORV VHFDOLHQWHQORVHOHPHQWRV HO HOHPHQWR D KRUQHDU QR HVWi H[SXHVWR \ VH HQFXHQWUDGHEDMRGHOSLVRGHOVXHOR/LPSLHFRQ DJXDFDOLHQWH\MDEyQ /LPSLHFRQXQSDxRORVGHVHFKRV UHEHOGHVDFXPXODGRVHQHOSLVRGHO KRUQR 9HQWLODFLyQGHOKRUQRHQHVWXIDVGHYLGULR 7RGRV ORV PRGHORV FXHQWDQ FRQ XQD YHQWLODFLyQ SDUD KRUQR XELFDGD GHWUiV GH OD XQLGDG VXSHUILFLDO WUDVHUD GHUHFKD(QKRUQRVGREOHVKD\XQDYHQWLODFLyQGHKRUQR DGLFLRQDO SDUD HO KRUQR VXSHULRU GHWUiV GH OD XQLGDG VXSHUILFLDOWUDVHUDL]TXLHUGD (VWD iUHD SXHGH FDOHQWDUVH GXUDQWH HO XVR GHO KRUQR (V QRUPDO TXH VDOJD YDSRU GH OD YHQWLODFLyQ \ SXHGH MXQWDUVH KXPHGDG GHEDMR GH OD PLVPD FXDQGRHOKRUQRHVWiHQXVR /D YHQWLODFLyQ HV LPSRUWDQWH SDUD ORJUDU XQD DGHFXDGDFLUFXODFLyQGHDLUH1XQFDEORTXHHHVWD YHQWLODFLyQ 5HPRFLyQGHOFDMyQGHDOPDFHQDPLHQWR 5LHO *XtDGHWRSH 3DUDTXLWDUHOFDMyQ 7LUHGHOFDMyQKDFLDIXHUDKDVWDTXHVH GHWHQJD /HYDQWHHOIUHQWHGHOFDMyQKDVWDTXHODV WUDEDVVDOJDQGHODVJXtDV 5HWLUHHOFDMyQ 3DUDYROYHUDFRORFDUHOFDMyQ &RORTXHORVULHOHVGHOFDMyQHQODVJXtDV (PSXMHHOFDMyQKDVWDTXHVHGHWHQJD /HYDQWHHOIUHQWHGHOFDMyQ\HPSXMHKDVWD TXHODVWUDEDVVXSHUHQODVJXtDV %DMHHOIUHQWHGHOFDMyQ\HPSXMHKDFLDDEDMR KDVWDTXHFLHUUH &DMyQFDOHQWDGRUGHVPRQWDEOH2OODGHO&DMyQ 1XQFD FRORTXH XWLOLFH R OLPSLH PHGLDQWH OD FDUDFWHUtVWLFD GH DXWROLPSLH]D HO UHFLSLHQWH GHOFDMyQHQHOKRUQRVXSHULRU (O FDMyQ FDOHQWDGRU FXHQWDQ FRQ XQ UHFLSLHQWH GHVPRQWDEOH SDUD XQD OLPSLH]D IiFLO /LPSLH FRQ DJXD MDERQRVD FDOLHQWH \ XQDHVSRQMDRUHSDVDGRU6HTXHFRQXQSDxR VXDYH\OLPSLR9XHOYDDFRORFDUHOUHFLSLHQWH HQ HO FDMyQ FDOHQWDGRU R HO FDMyQ GHO KRUQR LQIHULRU 127$ 'HMH TXH HO FDMyQ FDOHQWDGRU VH HQIUtHQ DQWHVGHTXLWDUHOUHFLSLHQWH 127$/LPSLHORVGHUUDPHVUiSLGDPHQWHGHVSXpV GHFDGDXVR 127$(QORVPRGHORVFRQFDMyQFDOHQWDGRU HOpFWULFRDQWHVGHUHDOL]DUFXDOTXLHUFODVH GHDMXVWHOLPSLH]DRUHSDUDFLyQGHVFRQHFWH ODFRQH[LyQHOpFWULFDGHODFRFLQDGHVGHHO SDQHOGHGLVWULEXFLyQGRPpVWLFRTXLWDQGR HOIXVLEOHRGHVFRQHFWDQGRHOLQWHUUXSWRU GHFLUFXLWRV9HULILTXHTXHHOHOHPHQWR FDOHQWDGRUGHOFDMyQHVWpIUtR &yPROLPSLDUODHVWXIDGHYLGULR *($SSOLDQFHVFRP /LPSLH]DQRUPDOGHXVRGLDULR 6Ï/2XWLOLFHHOOLPSLDGRUGHHVWXIDVFHUiPLFDV &(5$0$ %5<7( HQ OD HVWXID GH YLGULR 2WUDV FUHPDVSXHGHQQRVHUWDQHIHFWLYDV 3DUD PDQWHQHU \ SURWHJHU OD VXSHUILFLH GH VX HVWXIDGHYLGULRVLJDHVWRVSDVRV /LPSLHODHVWXIDGHVSXpV GHFDGDGHUUDPH8WLOLFH HOOLPSLDGRUGHHVWXIDV FHUiPLFDV&(5$0$%5<7( $QWHV GH XVDU OD HVWXID SRU SULPHUD YH] OtPSLHOD FRQ HO OLPSLDGRU GH HVWXIDV FHUiPLFDV&(5$0$%5<7((VWRD\XGDD SURWHJHUODHVWXID\KDFHODOLPSLH]DPiV VHQFLOOD $JLWH ELHQ OD FUHPD GH OLPSLH]D $SOLTXH XQDV JRWDV GHO OLPSLDGRU GH HVWXIDV FHUiPLFDV&(5$0$%5<7(GLUHFWDPHQWH VREUHODHVWXID 8WLOLFH XQD WRDOOD GH SDSHO R XQ SDxR GH OLPSLH]D &(5$0$ %5<7( SDUD HVWXIDV FHUiPLFDV SDUD OLPSLDU WRGD OD VXSHUILFLH GHODHVWXID 8VHXQSDxRVHFRRXQDWRDOODGHSDSHO SDUDTXLWDUORVUHVWRVGHOOLPSLDGRU1R KDFHIDOWDHQMXDJDU (O XVR GLDULR GHO OLPSLDGRU GH HVWXIDV FHUiPLFDV&(5$0$%5<7(D\XGDUiDTXH 127$ (V PX\ LPSRUWDQWH TXH 12 &$/,(17( ODHVWXIDTXHGHFRPRQXHYD OD HVWXID KDVWD TXH OD KD\D OLPSLDGR SRU FRPSOHWR 5HVLGXRVSHJDGRV 127$8VWHGSXHGH'$³$5ODVXSHUILFLHGH YLGULRVLXWLOL]DHVSRQMLOODVTXHQRVHDQODV UHFRPHQGDGDV 'HMHHQIULDUODHVWXID 8WLOLFHXQSDxRGHOLPSLH]D&(5$0$ %5<7(SDUDHVWXIDVFHUiPLFDV &RORTXHXQDVJRWDVGHOOLPSLDGRUGH HVWXIDVFHUiPLFDV&(5$0$%5<7( VREUHWRGDHOiUHDGHUHVLGXRVSHJDGRV 8WLOL]DQGRHOSDxRGHOLPSLH]D&(5$0$ %5<7(SDUDHVWXIDVFHUiPLFDVLQFOXLGR IURWHHOiUHDVXFLDDSOLFDQGRSUHVLyQ VHJ~QVHDQHFHVDULR 6LTXHGDQUHVWRVUHSLWDORVSDVRV LQGLFDGRVFRQDQWHULRULGDG 3DUDSURWHFFLyQDGLFLRQDOGHVSXpVGH KDEHUTXLWDGRWRGRVORVUHVWRVSXOD WRGDODVXSHUILFLHFRQOLPSLDGRUGH HVWXIDVFHUiPLFDV&(5$0$%5<7(\ XQDWRDOOD GHSDSHO 5HVLGXRVSHJDGRVUHEHOGHV 'HMHHQIULDUODHVWXID (OUDVSDGRUGHHVWXIDVFHUiPLFDV &(5$0$%5<7(\WRGRVORV LQVXPRVUHFRPHQGDGRVVH HQFXHQWUDQGLVSRQLEOHVHQ QXHVWUR&HQWURGH5HSXHVWRV 9HULQVWUXFFLRQHVEDMRODVHFFLyQ ´3DUDVROLFLWDUUHSXHVWRVµHQOD SiJLQDVLJXLHQWH 127$1RXWLOLFHKRMDVGHVDILODGDV RGDxDGDV 8WLOLFH HO UDVSDGRU GH ILOR ~QLFR D XQ iQJXOR DSUR[LPDGR GH GHJUHHV FRQWUDODVXSHUILFLHGHOYLGULR\UDVSHOD VXFLHGDG 3XHGH VHU QHFHVDULR DSOLFDU SUHVLyQ DO UDVSDGRU SDUD TXLWDU OD VXFLHGDG 'HVSXpVGHXWLOL]DUHOUDVSDGRUFRORTXH XQDV JRWDV GH OLPSLDGRU GH HVWXIDV FHUiPLFDV &(5$0$ %5<7( VREUH WRGD HOiUHDGHVXFLHGDGTXHPDGD8WLOLFHHO SDxR GH OLPSLH]D &(5$0$ %5<7( SDUD TXLWDUODVXFLHGDGUHVWDQWH 3DUD SURWHFFLyQ DGLFLRQDO GHVSXpV GH KDEHU TXLWDGR WRGRV ORV UHVWRV SXOD WRGD OD VXSHUILFLH FRQ OLPSLDGRU GH HVWXIDV FHUiPLFDV &(5$0$ %5<7( \ XQDWRDOODGHSDSHO &yPROLPSLDUODHVWXIDGHYLGULR 0DUFDVGHPHWDO\UD\RQHV 7HQJD FXLGDGR GH QR GHVOL]DU ROODV \ VDUWHQHV D WUDYpV GH VX HVWXID 'HMDUi PDUFDVGHPHWDOVREUHODVXSHUILFLHGHOD HVWXID (VWDV PDUFDV SXHGHQ TXLWDUVH XWLOL]DQGR OLPSLDGRU GH HVWXIDV FHUiPLFDV &(5$0$ %5<7( FRQ HO SDxR GH OLPSLH]D &(5$0$ %5<7(SDUDHVWXIDVFHUiPLFDV 6LVHSHUPLWHTXHROODVFRQXQDFDSDILQD GH DOXPLQLR R FREUH KLHUYDQ HQ VHFR OD FDSDSXHGHGHMDUXQDGHFRORUDFLyQQHJUD HQODHVWXID (VWR GHEH TXLWDUVH GH LQPHGLDWR DQWHV GH FDOHQWDU GH QXHYR R OD GHFRORUDFLyQ SXHGHOOHJDUDVHUSHUPDQHQWH 127$ 9HULILTXH FRQ GHWHQLPLHQWR TXH OD EDVH GH ODV ROODV QR VHD iVSHUD SDUD QR UD\DU OD HVWXID 6HOODGRGHODHVWXID 3DUDOLPSLDUHOVHOODGRGHODHVWXIDDOUHGHGRUGH ORVERUGHVGHYLGULRFRORTXHXQSDxRK~PHGR VREUHORVPLVPRVGXUDQWHXQRVPLQXWRV\OXHJR OLPSLHFRQOLPSLDGRUHVQRDEUDVLYRV 6XSHUILFLHGHYLGULRSRVLELOLGDGHVGHGDxRSHUPDQHQWH /RVGHUUDPHVD]XFDUDGRV FRPRJHODWLQDVGXOFH FDUDPHORMDUDEHVRSOiVWLFRV GHUUHWLGRVSXHGHQPDUFDU ODVXSHUILFLHGHODHVWXIDQR FXELHUWRSRUODJDUDQWtDD PHQRVTXHHOGHUUDPHVH TXLWHPLHQWUDVHVWiFDOLHQWH 'HEHWHQHUVHPXFKRFXLGDGR DOUHPRYHUVXVWDQFLDV FDOLHQWHV $VHJ~UHVHGHXWLOL]DUXQ UDVSDGRUQXHYR\DILODGR 1RXWLOLFHKRMDVGHVDILODGDVR GDxDGDV 'DxRVSRUGHUUDPHVD]XFDUDGRV\SOiVWLFRGHUUHWLGR $ SDJXH WRGDV ODV XQLGDGHV GH VXSHUILFLH 4XLWHODVROODVFDOLHQWHV 8WLOL]DQGR XQ JXDQWH GH FRFLQD D8VHXQUDVSDGRUGHILOR~QLFRUDVSDGRU SDUD HVWXIDV FHUiPLFDV &(5$0$ %5<7(SDUDGHVSOD]DUHOGHUUDPHDXQ iUHDIUtDGHODHVWXID 1RXVHODVXQLGDGHVGHVXSHUILFLHGHQXHYR KDVWD TXH WRGRV ORV UHVWRV VH KD\DQ HOLPLQDGRSRUFRPSOHWR 127$ 6L OD VXSHUILFLH GH YLGULR \D KD VXIULGR PDUFDV R KHQGLGXUDV HO YLGULR GH OD HVWXID GHEHUiFDPELDUVH(QHVHFDVRVHUiQHFHVDULDOD DWHQFLyQGHXQWpFQLFR E4XLWHHOGHUUDPHFRQWRDOODVGHSDSHO &XDOTXLHU GHUUDPH UHVWDQWH GHEH GHMDUVH KDVWDTXHODVXSHUILFLHGHODHVWXIDVHKD\D HQIULDGR 3DUDVROLFLWDUUHSXHVWRV 3DUDVROLFLWDUHOOLPSLDGRUGHHVWXIDV FHUiPLFDV&(5$0$%5<7(\HOUDVSDGRUGH HVWXIDVOODPHDQXHVWURQ~PHURJUDWXLWR &HQWURQDFLRQDOGHSLH]DV /LPSLDGRUGHHVWXIDVFHUiPLFDV&(5$0$ %5<7( :;; 5DVSDGRUGHHVWXIDVFHUiPLFDV &(5$0$%5<7( :;; .LW :;;*&6 (ONLWLQFOX\HFUHPDUDVSDGRUSDUDHVWXIDV\OD DOPRKDGLOOD 3DxRVGHOLPSLH]D&(5$0$%5<7(SDUD HVWXIDVFHUiPLFDV :;; $QWHVGHOODPDUDOVHUYLFLRWpFQLFR« *($SSOLDQFHVFRP &RQVHMRVSDUDLGHQWLILFDFLyQ\VROXFLyQGHSUREOHPDV £$KRUUHWLHPSR\GLQHUR/HDODVWDEODVGHODVVLJXLHQWHV SiJLQDV\TXL]iVQRQHFHVLWHOODPDUDOVHUYLFLRWpFQLFR 3UREOHPD &DXVDVSRVLEOHV /DVXQLGDGHVGH VXSHUILFLHQRIXQFLRQDQ ELHQRGHVWHOOD ODFRQILJXUDFLyQ GHHQHUJtD 6HHVWiQXWLOL]DQGRUHFLSLHQWHV 5HFLSLHQWHLQFRUUHFWR8VHXQLPiQSDUDYHULILFDUTXHHOUHFLSLHQWH GHFRFFLyQLQDGHFXDGRV VHDFRPSDWLEOHFRQODLQGXFFLyQ8VHXQUHFLSLHQWHSODQRFRQFDSDFLGDG GHLQGXFFLyQTXHFXPSODFRQHOWDPDxRPtQLPRSDUDHOHOHPHQWR TXHVHHVWiXVDQGR9HUODVHFFLyQ7DPDxR\IRUPDGHORVUHFLSLHQWHV (OUHFLSLHQWHHVPX\SHTXHxR (OWDPDxRGHOUHFLSLHQWHHVPHQRUDOWDPDxRPtQLPRSDUDHO HOHPHQWR9HUODVHFFLyQ7DPDxR\IRUPDGHORVUHFLSLHQWHV 8VHHOHOHPHQWRPiVSHTXHxR (OUHFLSLHQWHQRHVWiELHQFRORFDGR &HQWUHHOUHFLSLHQWHHQOD]RQDGHFRFFLyQ (OFRQWUROGHODHVWXIDHVWi 9HULILTXHTXHHOFRQWUROHVWpELHQFRQILJXUDGR PDOFRQILJXUDGR 3UHVLRQH21(QFHQGHU\OXHJRR /DFRQILJXUDFLyQGHOD XQLGDGGHVXSHUILFLH FDPELyRVHDSDJy GHUHSHQWH 5D\RQHVSXHGHQSDUHFHU FRPRURWXUDVHQOD VXSHUILFLHGHYLGULR GHODHVWXID /DEDQGHMDQRHVWiQHQFRQWDFWR /DEDQGHMDGHEHVHUSODQD FRPSOHWRFRQODVXSHUILFLHGHYLGULR 7HPSHUDWXUDHOHYDGDGH 3HUPLWDTXHHOYHQWLODGRULQWHUQRHQIUtHODHVWXID ODHVWXID &RQWUROHVLODEDQGHMDVHVHFyKDVWDTXHGDUVLQDJXD 6HHVWiQXVDQGRUHFLSLHQWHV 3DUDHYLWDUUD\RQHVXVHORVSURFHGLPLHQWRVGHOLPSLH]D FRQEDVHViVSHUDVRKD\ UHFRPHQGDGRV9HULILTXHTXHODVEDVHVGHORVUHFLSLHQWHV SDUWtFXODVJUXHVDVVDORDUHQD HVWpQOLPSLDVDQWHVGHOXVR\XWLOLFHUHFLSLHQWHVFRQEDVHV HQWUHHOUHFLSLHQWH\ODVXSHUILFLH OLVDV GHODHVWXID 6HKDGHVOL]DGRXQUHFLSLHQWHD WUDYpVGHODVXSHUILFLHGHODHVWXID ÈUHDVGHGHFRORUDFLyQ HQODHVWXID 1RVHOLPSLDURQORVGHUUDPHV GHDOLPHQWRVDQWHVGHOXVR VLJXLHQWH 6XSHUILFLHFDOLHQWHHQ XQPRGHORFRQXQDHVWXID GHFRORUFODUR (VWRHVQRUPDO/DVXSHUILFLHSXHGHSDUHFHUGHFRORUDGD FXDQGRHVWiFDOLHQWH(VWRHVWHPSRUDO\GHVDSDUHFHUi DPHGLGDTXHVHHQIUtDHOYLGULR 3OiVWLFRGHUUHWLGR VREUHODVXSHUILFLH /DHVWXIDFDOLHQWHHQWUy HQFRQWDFWRFRQSOiVWLFR FRORFDGRVREUHODPLVPD 9HUODVHFFLyQ6XSHUILFLHGHYLGULRSRVLELOLGDGHVGHGDxR SHUPDQHQWHHQODVHFFLyQ&yPROLPSLDUODHVWXID GHYLGULR 6HHVWiQXVDQGRPpWRGRV GHOLPSLH]DLQFRUUHFWRV 4XpKDFHU /RVUD\RQHVQRSXHGHQUHPRYHUVH/RVUD\RQHVPiVSHTXHxRV VHYROYHUiQPHQRVYLVLEOHVFRPRUHVXOWDGRGHODOLPSLH]D 9HUODVHFFLyQ&yPROLPSLDUODHVWXIDGHYLGULR 0DUFDVRKHQGLGXUDV 6HKDGHUUDPDGRXQDPH]FOD /ODPHDXQWpFQLFRFDOLILFDGRSDUDHOUHHPSOD]R HQODHVWXID D]XFDUDGDFDOLHQWHHQODHVWXID /DOX]GHOKRUQR QRIXQFLRQD /DERPELOODGHOX]HVWiIORMD $MXVWHRFDPELHODERPELOOD (OKRUQRQRIXQFLRQD (OHQFKXIHGHODFRFLQD QRHVWiLQWURGXFLGRGHOWRGR HQHOWRPDFRUULHQWH (OIXVLEOHSXHGHKDEHUVH TXHPDGRRHOLQWHUUXSWRUGH FLUFXLWRVSXHGHKDEHUVDOWDGR /RVFRQWUROHVGHOKRUQRHVWiQ PDOFRQILJXUDGRV (OKRUQRHVWiPX\FDOLHQWH 9HULILTXHTXHHOHQFKXIHHOpFWULFRHVWpFRQHFWDGR DXQWRPDFRUULHQWHFRQWHQVLyQ\DGHFXDGDFRQH[LyQ DWLHUUD &DPELHHOIXVLEOHRYXHOYDDFRQILJXUDUHOLQWHUUXSWRU GHFLUFXLWRV 9HUODVHFFLyQ&yPRXVDUHOKRUQR 'HMHTXHHOKRUQRVHHQIUtHSRUGHEDMR GHODWHPSHUDWXUDGHEORTXHR $QWHVGHOODPDUDOVHUYLFLRWpFQLFR« &RQVHMRVSDUDLGHQWLILFDFLyQ\VROXFLyQGHSUREOHPDV 3UREOHPD &DXVDVSRVLEOHV /RVDOLPHQWRVQR VHKRUQHDQRURVWL]DQ FRUUHFWDPHQWH /RVFRQWUROHVGHOKRUQRHVWiQ 9HUODVHFFLyQ&yPRXVDUHOKRUQR PDOFRQILJXUDGRV /DSRVLFLyQGHODEDQGHMDHV LQFRUUHFWDRQRHVWiQLYHODGD 6HHVWiQXWLOL]DQGRUHFLSLHQWHV 9HUODVHFFLyQ&yPRXVDUHOKRUQR GHFRFFLyQLQFRUUHFWRVR GHWDPDxRLQDSURSLDGR (OWHUPRVWDWRGHOKRUQRGHEH 9HUODVHFFLyQ$MXVWHHOWHUPRVWDWRGHOKRUQRXVWHG DMXVWDUVH PLVPR /RVDOLPHQWRVQR VHDVDQGHPDQHUD DGHFXDGD /RVFRQWUROHVGHOKRUQRHVWiQ $VHJ~UHVHGHSUHVLRQDUHOERWyQ%52,/+,/2 PDOFRQILJXUDGRV DVDUDOWDEDMD 6HHVWiXVDQGRXQDSRVLFLyQ GHEDQGHMDLQDGHFXDGD 9HUOD*XtDGHDVDGR /RVUHFLSLHQWHVQRVRQ DGHFXDGRVSDUDDVDU 3DUDPHMRUHVUHVXOWDGRVXWLOLFHXQUHFLSLHQWHGLVHxDGR SDUDDVDGR /DVRQGDHVWiHQFKXIDGD GHQWURGHODVDOLGDGHOKRUQR HQDOJXQRVPRGHORV 'HVHQFKXIH\TXLWHODVRQGDGHOKRUQR (QDOJXQDVUHJLRQHVODHQHUJtD 3UHFDOLHQWHHOHOHPHQWRSDUDDVDUGXUDQWHPLQXWRV YROWDMHSXHGHVHUEDMD $VHSRUHOSHUtRGRGHWLHPSRPiVSURORQJDGRTXH VHUHFRPLHQGHHQOD*XtDGHDVDGR 4XpKDFHU 9HUODVHFFLyQ&yPRXVDUHOKRUQR /DWHPSHUDWXUD (OWHUPRVWDWRGHOKRUQRGHEH 9HUODVHFFLyQ$MXVWHHOWHUPRVWDWRGHOKRUQRXVWHG GHOKRUQRHVPX\DOWD DMXVWDUVH PLVPR RPX\EDMD (OFDMyQGH DOPDFHQDPLHQWR HVWiWRUFLGR (OVRSRUWHGHFDMyQWUDVHUR 9XHOYDDFRORFDUHOFDMyQ9HUODVLQVWUXFFLRQHVGH VHHQFXHQWUDVREUHHOULHO 5HPRFLyQGHOFDMyQGHDOPDFHQDPLHQWRHQODVHFFLyQ GHODJXtD &XLGDGR\OLPSLH]DGHODFRFLQD 9HULILTXHTXHHOFDMyQHVWpELHQFRORFDGRVLVHORTXLWD (OFDMyQGH DOPDFHQDPLHQWR QRFLHUUD (OFDEOHGHHQHUJtDSXHGH HVWDUREVWUX\HQGRHOFDMyQ HQODSDUWHWUDVHUDLQIHULRU GHODFRFLQD &DPELHODXELFDFLyQGHOFDMyQ\GHOFDEOHGHHQHUJtD 9HUODVLQVWUXFFLRQHVGH5HPRFLyQGHOFDMyQGH DOPDFHQDPLHQWRHQODVHFFLyQ&XLGDGR\OLPSLH]D GHODFRFLQD (OVRSRUWHGHFDMyQWUDVHUR 9XHOYDDFRORFDUHOFDMyQ9HUODVLQVWUXFFLRQHVGH VHHQFXHQWUDVREUHHOULHO 5HPRFLyQGHOFDMyQGHDOPDFHQDPLHQWRHQODVHFFLyQ GHODJXtD &XLGDGR\OLPSLH]DGHODFRFLQD /DSXHUWDGHOKRUQR DOLQHDGD /DSXHUWDQRHVWiELHQ 'DGRTXHODSXHUWDGHOKRUQRHVGHVPRQWDEOHDYHFHVHVWiWRUFLGD VHGHVHTXLOLEUDGXUDQWHODLQVWDODFLyQ 3DUDHQGHUH]DUODSXHUWDSUHVLRQHKDFLDDEDMRVREUHODHVTXLQD VXSHULRU 3UREOHPD *($SSOLDQFHVFRP &DXVDVSRVLEOHV 4XpKDFHU (OUHORM\HOWHPSRUL]DGRU (OHQFKXIHGHODFRFLQDQRHVWi 9HULILTXHTXHHOHQFKXIHHOpFWULFRHVWpFRQHFWDGRDXQ QRIXQFLRQDQ LQWURGXFLGRGHOWRGRHQHOWRPDFRUULHQWH WRPDFRUULHQWHFRQWHQVLyQ\DGHFXDGDFRQH[LyQDWLHUUD (OIXVLEOHSXHGHKDEHUVH &DPELHHOIXVLEOHRYXHOYDDFRQILJXUDUHOLQWHUUXSWRU TXHPDGRRHOLQWHUUXSWRU GHFLUFXLWRV GHFLUFXLWRVSXHGHKDEHUVDOWDGR /RVFRQWUROHVGHOKRUQRHVWiQ PDOFRQILJXUDGRV 9HUODVHFFLyQ&yPRXVDUHOWHPSRUL]DGRUGHFRFLQD (OKRUQRQRUHDOL]D ODDXWROLPSLH]D /DWHPSHUDWXUDGHOKRUQRHVWi PX\HOHYDGDSDUDFRQILJXUDU ODIXQFLyQGHDXWROLPSLH]D 'HMHTXHODFRFLQDVHHQIUtH\YXHOYDDFRQILJXUDU ORVFRQWUROHV /RVFRQWUROHVGHOKRUQRHVWiQ PDOFRQILJXUDGRV 9HUODVHFFLyQ8VRGHOKRUQRFRQDXWROLPSLH]D /DVRQGDHVWiHQFKXIDGD 4XLWHODVRQGDGHOKRUQR GHQWURGHODERFDGHVDOLGD GHOKRUQRHQDOJXQRVPRGHORV 5XLGRGH´FUXMLGRVµ R´FKDVTXLGRVµ (VHOVRQLGRGHOPHWDO FDOHQWiQGRVH\HQIULiQGRVH GXUDQWHODVIXQFLRQHV GHFRFFLyQ\OLPSLH]D (VWRHVQRUPDO +XPRH[FHVLYR HQHOKRUQRGXUDQWH FLFORGHOLPSLH]D 6XFLHGDGH[FHVLYD 3UHVLRQHHOERWyQ&/($52))ERUUDUDSDJDGR $EUDODVYHQWDQDVSDUDTXHVDOJDHOKXPR(VSHUHHO KDVWDTXHVHDSDJXH/2&.(''225 'HVSXpVGHTXH VHHQIUtHHOKRUQROLPSLHHOH[FHVRGHVXFLHGDG\YXHOYDD FRQILJXUDUHOFLFORGHOLPSLH]D /DSXHUWDGHOKRUQR QRVHDEUHGHVSXpVGHO XQFLFORGHOLPSLH]D (OKRUQRHVWiPX\FDOLHQWH 'HMHTXHHOKRUQRVHHQIUtHSRUGHEDMR GHODWHPSHUDWXUDGHEORTXHR (OKRUQRQRHVWiOLPSLR GHVSXpVGHXQFLFOR GHOLPSLH]D /RVFRQWUROHVGHOKRUQRQRHVWiQ 9HUODVHFFLyQ8VRGHOKRUQRFRQDXWROLPSLH]D FRQILJXUDGRVFRUUHFWDPHQWH (OKRUQRHVWDEDPX\VXFLR /LPSLHORVGHUUDPHVPiVUHEHOGHVDQWHVGHLQLFLDUHOFLFOR GHOLPSLH]D/RVKRUQRVPX\VXFLRVSXHGHQQHFHVLWDUXQD QXHYDDXWROLPSLH]DRXQDOLPSLH]DPiVSURORQJDGD /DOX]GHEORTXHR ´/2&.('µGHVWHOOD HQODSDQWDOOD GHOKRUQR 6HKDVHOHFFLRQDGRHOFLFOR GHDXWROLPSLH]DSHUR ODSXHUWDQRHVWiFHUUDGD &LHUUHODSXHUWDGHOKRUQR /DOX]GHEORTXHR ´/2&.('µHVWi HQFHQGLGDFXDQGR GHVHDFRFLQDU /DSXHUWDGHOKRUQR HVWiEORTXHDGDSRUTXH ODWHPSHUDWXUDGHQWUR GHOPLVPRQRKDGHVFHQGLGR GHEDMRGHODWHPSHUDWXUD GHEORTXHR 3UHVLRQHHOERWyQ&/($52))ERUUDUDSDJDGR 'HMHHQIULDUHOKRUQR ´)³µ\XQQ~PHUR ROHWUDGHVWHOODQ HQODSDQWDOOD +D\XQFyGLJRGHHUURU GHIXQFLyQ 'HVHQFKXIHHOKRUQRSRUORPHQRVVHJXQGRV\OXHJR YXHOYDDHQFKXIDUOR6LHOFyGLJRGHHUURUGHIXQFLyQ VHUHSLWHOODPHDOVHUYLFLRWpFQLFR $QWHVGHOODPDUDOVHUYLFLRWpFQLFR« &RQVHMRVSDUDLGHQWLILFDFLyQ\VROXFLyQGHSUREOHPDV 3UREOHPD &DXVDVSRVLEOHV (OFRQWUROHPLWHXQD VHxDOGHVSXpVGHLQJUHVDU XQWLHPSRGHFRFFLyQ RGHLQLFLR /DSDQWDOODTXHGD HQEODQFR /DSDQWDOODGHVWHOOD /DSDQWDOODQR PXHVWUD´6)µ $SDUHFH´3UREHµ VRQGDHQODSDQWDOOD DOJXQRVPRGHORV &RUWHGHHQHUJtD HOUHORMGHVWHOOD (PLVLyQGHYDSRU GHVGHODYHQWLODFLyQ 8QRORUD´TXHPDGRµ R´DFHLWRVRµVDOH GHODYHQWLODFLyQ 2ORUSHQHWUDQWH 6HR\HXQYHQWLODGRU HQDOJXQRVPRGHORV (OKRUQRRODSODFD GHFRFFLyQQR SHUPDQHFHUiQ FRQILJXUDGRV 2OYLGyLQJUHVDU 3UHVLRQHHOERWyQ%$.(KRUQHDU\ODWHPSHUDWXUD XQWHPSHUDWXUDGHKRUQHDGR GHVHDGDRHOERWyQ6(/)&/($1DXWROLPSLH]D RXQKRUDULRGHOLPSLH]D \HOWLHPSRGHOLPSLH]DGHVHDGR 4XpKDFHU (OIXVLEOHSXHGHKDEHUVHTXHPDGR &DPELHHOIXVLEOHRYXHOYDDFRQILJXUDUHOLQWHUUXSWRU RHOLQWHUUXSWRUGHFLUFXLWRV GHFLUFXLWRV SXHGHKDEHUVDOWDGR (OUHORMVHHQFXHQWUDHQ 9HUODVHFFLyQGH&DUDFWHUtVWLFDVHVSHFLDOHVGH HOPRGRVLQYLVXDOL]DFLyQ ORVFRQWUROHVGHOKRUQR &RUWHGHHQHUJtD 5HFRQILJXUHHOUHORM /RVERWRQHVGHFRQWUROGHOKRUQR /RVERWRQHV%52,/+,/2DVDUDOWREDMR\%$.( QRVHSUHVLRQDURQFRUUHFWDPHQWH KRUQHDUGHEHQSUHVLRQDUVHDOPLVPRWLHPSR \VRVWHQHUVHGXUDQWHVHJXQGRV (VWROHUHFXHUGDGHLQJUHVDU ,QJUHVHXQDWHPSHUDWXUDGHVRQGD XQDWHPSHUDWXUDGHVRQGD GHVSXpVGHHQFKXIDUOD &RUWHGHHQHUJtDRVXELGD 5HFRQILJXUHHOUHORM6LHOKRUQRHVWDEDHQXVRXVWHG GHWHQVLyQ GHEHUHFRQILJXUDUORSUHVLRQDQGRHOERWyQ&/($52)) ERUUDUDSDJDGRFRQILJXUDQGRHOUHORM\ UHFRQILJXUDQGRFXDOTXLHUIXQFLyQGHFRFFLyQ &XDQGRVHXWLOL]DQORVKRUQRV (VWRHVQRUPDO HVQRUPDOYHUXQDHPLVLyQGHYDSRU GHODYHQWLODFLyQGHOKRUQR$PHGLGD TXHHOQ~PHURGHEDQGHMDVR ODFDQWLGDGGHDOLPHQWRVDFRFLQDU VHLQFUHPHQWDODFDQWLGDGGHYDSRU YLVLEOHVHHOHYDUi (VWRHVQRUPDOHQXQKRUQR 3DUDDFHOHUDUHOSURFHVRFRQILJXUHXQFLFORGH QXHYR\GHVDSDUHFHFRQ DXWROLPSLH]DGXUDQWHXQPtQLPRGHKRUDV9HU HOWLHPSR 9HUODVHFFLyQ8VRGHOKRUQRFRQDXWROLPSLH]D /DVSULPHUDVYHFHVTXH (VWRHVWHPSRUDO VHXWLOL]DHOKRUQRHVQRUPDO VHQWLUXQRORUSURYHQLHQWH GHODLVODQWHTXHUHFXEUH ODSDUWHLQWHUQDGHOKRUQR 8QYHQWLODGRUGHFRQYHFFLyQ (VWRHVQRUPDO3DUDSRWHQFLDUDOPi[LPRXQDFRFFLyQ SXHGHHQFHQGHUVH\DSDJDUVH SDUHMDHOYHQWLODGRUHVWiGLVHxDGRSDUDJLUDUHQDPEDV DXWRPiWLFDPHQWH GLUHFFLRQHVFRQXQDSDXVDHQWUHHOODV (OYHQWLODGRUGHFRQYHFFLyQIXQFLRQDGXUDQWHHO SUHFDOHQWDPLHQWRGHOFLFORGHKRUQHDGR(OYHQWLODGRU VHDSDJDUiGHVSXpVGHTXHHOKRUQRKD\DDOFDQ]DGR ODWHPSHUDWXUDFRQILJXUDGD(VWRHVQRUPDO 8QYHQWLODGRUGHUHIULJHUDFLyQ (VWRHVQRUPDO6HHQFHQGHUi\DSDJDUiXQYHQWLODGRU SXHGHHQFHQGHUVH\DSDJDUVH GHUHIULJHUDFLyQSDUDHQIULDUODVSLH]DVLQWHUQDV3XHGH DXWRPiWLFDPHQWH IXQFLRQDUD~QGHVSXpVGHTXHHOKRUQRVHKD\D DSDJDGR (UURUGHIXQFLyQ 'HVFRQHFWHWRWDOPHQWHODFRUULHQWHGHODFRFLQD GXUDQWHSRUORPHQRVPLQXWRV\OXHJRYXHOYDDFRQHFWDU ODPLVPD6LHVWRVHUHSLWHOODPHDOVHUYLFLRWpFQLFR 3UREOHPD *($SSOLDQFHVFRP &DXVDVSRVLEOHV 4XpKDFHU 5HVXOWDGLItFLOGHVOL]DU /DVSDUULOODVGHFRORU $SOLTXHXQDSHTXHxDFDQWLGDGGHDFHLWHYHJHWDOHQ ODVEDQGHMDVGHOKRUQR SODWHDGREULOODQWHVHOLPSLDURQ XQDWRDOODGHSDSHO\IURWHORVERUGHVGHODVEDQGHMDV HQXQFLFORGHDXWROLPSLH]D GHOKRUQR1RURFtHFRQ3DPXRWUROXEULFDQWHHQVSUD\ (OFDMyQQRVHGHVOL]D ELHQRKD\TXHWLUDU GHpO (OFDMyQQRHVWiELHQ DOLQHDGR ([WLHQGDHOFDMyQSRUFRPSOHWR\SUHVLyQHORKDVWD HOIRQGR9HUODVHFFLyQ&XLGDGR\OLPSLH]DGHODFRFLQD (OFDMyQHVWiPX\FDUJDGR 5HGX]FDHOSHVR5HGLVWULEX\DHOFRQWHQLGRGHOFDMyQ RODFDUJDQRHVWiHTXLOLEUDGD 1RIXQFLRQDQHOFDMyQ (OIXVLEOHSXHGHKDEHUVH &DPELHHOIXVLEOHRYXHOYDDFRQILJXUDUHOLQWHUUXSWRU FDOHQWDGRU TXHPDGRRHOLQWHUUXSWRUGH GHFLUFXLWRV FLUFXLWRVSXHGHKDEHUVDOWDGR /RVFRQWUROHVHVWiQPDO FRQILJXUDGRV 9HUODVHFFLyQ&yPRXVDUHOFDMyQFDOHQWDGRU &RQGHQVDFLyQH[FHVLYD /tTXLGRHQHOFDMyQ HQHOFDMyQ $OLPHQWRVVLQFXEULU 4XLWHHOOtTXLGR 5HGX]FDODFRQILJXUDFLyQGHODWHPSHUDWXUD /DFRQILJXUDFLyQGH WHPSHUDWXUDHVWiPX\DOWD &XEUDORVDOLPHQWRVFRQXQDWDSDRFRQSDSHO GHDOXPLQLR /RVDOLPHQWRVVHVHFDQ /DKXPHGDGVHHVFDSD HQHOFDMyQFDOHQWDGRU &XEUDORVDOLPHQWRVFRQXQDWDSDRFRQSDSHO GHDOXPLQLR 3UHVLRQHHOFDMyQKDFLDDGHQWURKDVWDTXHHOVXMHWDGRU HQJDQFKH (OFDMyQQRHVWiWRWDOPHQWH FHUUDGR 1RWDV $FFHVRULRV *($SSOLDQFHVFRP ¢'HVHDDOJRPiV"1RWRGRVORVDFFHVRULRVVHHQFXHQWUDQGLVSRQLEOHVSDUDWRGRV ORVPRGHORV 8VWHGSXHGHHQFRQWUDUHVWRVDFFHVRULRV\PXFKRVPiVHQ*($SSOLDQFH3DUWVFRPROODPHDO HQKRUDULRGHWUDEDMRQRUPDO7HQJDOLVWRHOQ~PHURGHPRGHOR 5HMLOODV &DEH]DOHVRWDSDVGH TXHPDGRUHVGHVXSHUILFLH 3HULOODV (OHPHQWRVGHVXSHUILFLH\ EDQGHMDVFROHFWRUDV R %DQGHMDVGHOKRUQR (OHPHQWRVGHOKRUQR %RPELOODVGHOX] 3DUULOODGHH[WHQVLyQ 6LVXPRGHORLQFOX\HXQDSDUULOODGHH[WHQVLyQSXHGHLQFUHPHQWDUODIXQFLRQDOLGDGGHVXDOFDQFHDODGTXLULUSDUULOODVGHH[WHQVLyQDGLFLRQDOHV9LVLWHZZZJHDSSOLDQFHSDUWV FRPROODPHDO\RUGHQHODSLH]DQ~PHUR:%76HGHEHWHQHUHQFXHQWDTXHODVSDUULOODVGHH[WHQVLyQQRFRUUHVSRQGHQDWRGRVORVWLSRVGHPRGHORV £3UXHEHHVWRVRWURVH[FHOHQWHVSURGXFWRVSDUDTXHVXFRFLQDVHYHDHVWXSHQGD &HUDPD%U\WH.LW GHOLPSLH]D GHDQDIHV YLWURFHUiPLFRV ,QFOX\HOLPSLDGRU UDVTXHWD\SDxR :;;*&6 &HUDPD%U\WH 5HWRFDU6SUD\ :;; STAINESS STEEL WIPES &LWUXVKLQH 7RDOOLWDVSDUD SXOLUDUWHIDFWRV GHDFHUR LQR[LGDEOH &HUDPD%U\WH /LPSLDGRU GHDUWHIDFWRV GHDFHUR LQR[LGDEOH :;; 30; £$SURYHFKHDOPi[LPRVXEDQGHMDSDUDDVDU1RSDUDXVDUFRQPRGHORVGHFDMyQDVDGRU £8WLOLFHVXEDQGHMD\WDSDGHUHMLOODSDUDDVDUKDPEXUJXHVDVIUXWRVGHPDUILOHWHVYHJHWDOHVSDQFHWD FRVWLOODV\PXFKRPiV/DEDQGHMDLQIHULRUUHWLHQHHOH[FHVRGHJUDVDV\DFHLWHV 3LH]D*(JHQXLQD )iFLOGHOLPSLDU *DUDQWtDGHXQDxR £2IHUWDGHWLHPSROLPLWDGR£(QYtRVLQFDUJR &XDQGRVROLFLWHODEDQGHMDSDUDDVDUGHQWURGHORVGtDVGHKDEHUDGTXLULGRVXSURGXFWRGHFRFLQD*( 1GHSLH]D 'LPHQVLRQHV 3HTXHxD :%; µ$[µ$[µ3 *UDQGH :%; µ$[µ$[µ3 ([WUDJUDQGH :%; µ$[µ$[µ3 /DEDQGHMDSDUDDVDUJUDQGHHVWiQGDUQRHQWUDHQFRFLQDVGHSXOJDGDV /DEDQGHMDH[WUDJUDQGHQRHQWUDHQKRUQRVGHSDUHGHVGHSXOJDGDVHPSRWUDGDVGHSXOJDGDVRFRFLQDVGHSXOJDGDV /ODPHDORXWLOLFHHVWHIRUPXODULRSDUDHQYLDUVXVROLFLWXGSRUFRUUHR *(3DUWV32%R[0HPSKLV71 BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB )RUPXODULRGHVROLFLWXGGHODEDQGHMDSDUDDVDU &DQWLGDG BBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBB 1~PHURGHSLH]DBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 1~PHURGHPRGHORBBBBBBBBBBBB 1~PHURGHVHULH BBBBBBBBBBBBBBBB 0DUFDBBBBBBBBBBBBBB )HFKDGHFRPSUDBBBBBBBBB 1RPEUH BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB $SHOOLGRBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 'LUHFFLyQ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB &LXGDG BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB (VWDGRBBBBBBBBBB &yGLJR3RVWDOBBBBBBBBBBBBBBBBBBBBBBBBB 7HOpIRQRBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB &RUUHRHOHFWUyQLFRBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB &KHFN BBBBBB *LURSRVWDOBBBBBB 3DUDFRQVXOWDUVREUHORVSUHFLRVDFWXDOHVOODPHDO7RGDVODVyUGHQHVFRQWDUMHWDGHFUpGLWRVHGHEHUiQUHDOL]DU HQIRUPDWHOHIyQLFD 1RWDV *DUDQWtDGHFRFLQDHOpFWULFDGH*( 7RGRVORVVHUYLFLRVWpFQLFRVGHJDUDQWtDVRQRWRUJDGRVSRUQXHVWURV &HQWURVGH6HUYLFLRGH)iEULFDRXQWpFQLFRDXWRUL]DGRSRU &XVWRPHU&DUH3DUDSURJUDPDUHOVHUYLFLRWpFQLFRYLVtWHQRVRQOLQH HQ*($SSOLDQFHVFRPROODPHDO*(&$5(6 7HQJDHOQ~PHURGHVHULH\GHPRGHORDPDQRFXDQGROODPHSDUD VROLFLWDUXQVHUYLFLRWpFQLFR *($SSOLDQFHVFRP $EURFKHVXUHFLERDTXt 6HQHFHVLWDXQDSUXHED GHODIHFKDGHFRPSUDRULJLQDOSDUD REWHQHUVHUYLFLRWpFQLFRFXELHUWRSRU ODJDUDQWtD 3RUHOSHUtRGRGH *(RWRUJDUi 8QDxR 'HVGHODIHFKDGH FRPSUDRULJLQDO 3DUDORV0RGHORV3URILOH &LQFR$xRV 'HVGHODIHFKD GHODFRPSUDRULJLQDO &XDOTXLHUSLH]DGHODFRFLQDTXHIDOOHGHELGRDXQGHIHFWRGHORVPDWHULDOHVRPDQRGHREUD 'XUDQWHHVWDJDUDQWtDOLPLWDGDGHXQDxR*(WDPELpQRIUHFHHQIRUPDJUDWXLWDODPDQRGH REUD\WUDEDMRVHQHOKRJDUSDUDUHHPSOD]DUODSLH]DGHIHFWXRVD 3DUDORV0RGHORV3URILOH (OUHHPSOD]RGHXQDHVWXIDGHYLGULRVLVHDJULHWDGHELGRDXQFKRTXHWpUPLFR RVLHOSDWUyQVHGHVJDVWD (OUHHPSOD]RGHODXQLGDGGHODVXSHUILFLHUDGLDQWHVLVHTXHPDUD 'XUDQWHHVWDJDUDQWtDOLPLWDGDDGLFLRQDOGHFXDWURDxRVXVWHGVHUiUHVSRQVDEOHSRU SRUFXDOTXLHUWUDEDMRRUHSDUDFLyQHQHOKRJDU *(QRFXEULUi 9LVLWDVDVXKRJDUSDUDHQVHxDUOHDXVDUHOSURGXFWR ,QVWDODFLyQHQWUHJDRPDQWHQLPLHQWRLQDGHFXDGRV 5HHPSOD]R GH IXVLEOHV GRPpVWLFRV R OD UHFRQILJXUDFLyQ GH LQWHUUXSWRUHVGHFLUFXLWR 'DxRV DO SURGXFWR SURYRFDGRV SRU DFFLGHQWHV LQFHQGLRV 'DxRRIDOODVGHOSURGXFWRHQFDVRGHDEXVRXVRLQDGHFXDGR LQXQGDFLRQHVRIXHU]DPD\RU XVRSDUDRWURVSURSyVLWRVTXHQRVHDQHODGHFXDGRRXVR FRPHUFLDO 'DxRV LQFLGHQWDOHV R UHVXOWDQWHV SURYRFDGRV SRU SRVLEOHV GHIHFWRVHQHVWHDUWHIDFWR 'DxRV D OD HVWXID GH YLGULR SURYRFDGRV SRU HO XVR GH OLPSLDGRUHVGLVWLQWRVGHODVFUHPDV\SDxRVUHFRPHQGDGRV 'DxRVSURYRFDGRVGHVSXpVGHODHQWUHJD 'DxRV D OD HVWXID GH YLGULR SURYRFDGRV SRU GHUUDPHV 8Q SURGXFWR QR DFFHVLEOH SDUD SUHVWDU HO VHUYLFLR WpFQLFR HQGXUHFLGRVGHPDWHULDOHVD]XFDUDGRVRSOiVWLFRGHUUHWLGR VROLFLWDGR TXH QR VH OLPSLDURQ GH DFXHUGR FRQ ODV LQVWUXFFLRQHV GHO 0DQXDOGHO3URSLHWDULR (;&/86,Ï1'(*$5$17Ë$6,03/Ë&,7$6³6X~QLFR\H[FOXVLYRUHFXUVRHVODUHSDUDFLyQGHOSURGXFWRFRPRVHHVWDEOHFHHQOD SUHVHQWH*DUDQWtD/LPLWDGD/DVJDUDQWtDVLPSOtFLWDVLQFOX\HQGRJDUDQWtDVGHFRPHUFLDELOLGDG\DSWLWXGSDUDXQREMHWLYR SDUWLFXODUVHHQFXHQWUDQOLPLWDGDVDXQDxRRDOSHUtRGRPiVFRUWRSHUPLWLGRSRUODOH\ (VWD JDUDQWtD VH H[WLHQGH DO FRPSUDGRU RULJLQDO \ FXDOTXLHU GXHxR SRVWHULRU SDUD SURGXFWRV DGTXLULGRV SDUD XVR GRPpVWLFRGHQWURGHORV((886LHOSURGXFWRVHHQFXHQWUDHQXQDUHJLyQGRQGHQRKD\6HUYLFLR7pFQLFRDXWRUL]DGR GH*(XVWHGVHUiUHVSRQVDEOHGHOFRVWRGHOYLDMHRXVWHGSXHGHWHQHUTXHOOHYDUHOSURGXFWRDXQ6HUYLFLR7pFQLFR $XWRUL]DGRGH*(SDUDHIHFWXDUODUHSDUDFLyQ(Q$ODVNDODJDUDQWtDH[FOX\HHOFRVWRGHHQYtRRYLVLWDVSDUDHIHFWXDU DUUHJORVHQVXKRJDU $OJXQRVHVWDGRVQRSHUPLWHQODH[FOXVLyQROLPLWDFLyQGHGDxRVLQFLGHQWDOHVRUHVXOWDQWHV(VWDJDUDQWtDOHRWRUJD GHUHFKRVOHJDOHVHVSHFtILFRV\XVWHGSXHGHFRQWDUFRQRWURVGHUHFKRVTXHSXHGHQYDULDUGHHVWDGRDHVWDGR3DUD FRQRFHUVXVGHUHFKRVOHJDOHVFRQVXOWHDVXRILFLQDGHOFRQVXPLGRUORFDORHVWDWDORDO)LVFDO*HQHUDOGHVXHVWDGR *DUDQWH*HQHUDO(OHFWULF&RPSDQ\/RXLVYLOOH.< $SR\RDOFOLHQWH 3iJLQD:HEGH*($SSOLDQFHV *($SSOLDQFHVFRP ¢7LHQH DOJXQD SUHJXQWD VREUH VX HOHFWURGRPpVWLFR" £3UXHEH OD SiJLQD :HE GH *( $SSOLDQFHV KRUDV DO GtD FXDOTXLHU GtD GHO DxR 3DUD PD\RU FRQYHQLHQFLD \ VHUYLFLR PiV UiSLGR \D SXHGH GHVFDUJDU ORV 0DQXDOHV GH ORV 3URSLHWDULRVSHGLUSLH]DVRLQFOXVRKDFHUXQDFLWDHQOtQHDSDUDTXHYHQJDQDUHDOL]DUXQDUHSDUDFLyQ 6ROLFLWHXQDUHSDUDFLyQ *($SSOLDQFHVFRP (OVHUYLFLRGHH[SHUWRV*(HVWiDWDQVyORXQSDVRGHVXSXHUWD£(QWUHHQOtQHD\VROLFLWHVXUHSDUDFLyQFXDQGROH YHQJDFXDOTXLHUGtDGHODxR2OODPHDO*(&$5(6GXUDQWHKRUDVQRUPDOHVGHRILFLQD 5HDO/LIH'HVLJQ6WXGLR(VWXGLRGHGLVHxRSDUDODYLGDUHDO *($SSOLDQFHVFRP *(DSR\DHOFRQFHSWRGH'LVHxR8QLYHUVDO³SURGXFWRVVHUYLFLRV\DPELHQWHVTXHSXHGHQXVDUJHQWHGHWRGDVODV HGDGHVWDPDxRV\FDSDFLGDGHV5HFRQRFHPRVODQHFHVLGDGGHGLVHxDUSDUDXQDJUDQJDPDGHKDELOLGDGHV\ GLILFXOWDGHVItVLFDV\PHQWDOHV3DUDPiVGHWDOOHVFREUHODVDSOLFDFLRQHVGH*('LVHxR8QLYHUVDOLQFOX\HQGRLGHDV GHGLVHxRSDUDODFRFLQDSDUDSHUVRQDVFRQGLVFDSDFLGDGHVPLUHQXHVWUDSiJLQD:HEKR\PLVPR3DUDSHUVRQDV FRQGLILFXOWDGHVDXGLWLYDVIDYRUGHOODPDUDO7''*($& *DUDQWtDVDPSOLDGDV *($SSOLDQFHVFRP &RPSUHXQDJDUDQWtDDPSOLDGD\REWHQJDGHWDOOHVVREUHGHVFXHQWRVHVSHFLDOHVGLVSRQLEOHVPLHQWUDVVXJDUDQWtD HVWi D~Q DFWLYD 3XHGH FRPSUDUOD HQ OtQHD HQ FXDOTXLHU PRPHQWR R OODPDU DO GXUDQWH KRUDV QRUPDOHVGHRILFLQD*(&RQVXPHU+RPH6HUYLFHVHVWDUiD~QDKtFXDQGRVXJDUDQWtDWHUPLQH 3LH]DV\DFFHVRULRV *($SSOLDQFH3DUWVFRP $TXHOORVLQGLYLGXRVFRQODFDOLILFDFLyQQHFHVDULDSDUDUHSDUDUVXVSURSLRVHOHFWURGRPpVWLFRVSXHGHQSHGLUTXH VHOHVPDQGHQODVSLH]DVRDFFHVRULRVGLUHFWDPHQWHDVXVKRJDUHVDFHSWDPRVODVWDUMHWDV9,6$0DVWHU&DUG\ 'LVFRYHU+DJDVXSHGLGRHQOtQHDKR\KRUDVFDGDGtDROODPDUSRUWHOpIRQRDOGXUDQWHKRUDV QRUPDOHVGHRILFLQD /DVLQVWUXFFLRQHVGHVFULWDVHQHVWHPDQXDOFXEUHQORVSURFHGLPLHQWRVDVHJXLUSRUFXDOTXLHUXVXDULR&XDOTXLHU RWUDUHSDUDFLyQGHEHUtDSRUUHJODJHQHUDOUHIHULUVHDSHUVRQDOFDOLILFDGRDXWRUL]DGR'HEHHMHUFHUVHSUHFDXFLyQ \DTXHODVUHSDUDFLRQHVLQFRUUHFWDVSXHGHQFDXVDUFRQGLFLRQHVGHIXQFLRQDPLHQWRLQVHJXUDV 3yQJDVHHQFRQWDFWRFRQQRVRWURV *($SSOLDQFHVFRP 6LQRHVWiVDWLVIHFKRFRQHOVHUYLFLRTXHUHFLEHGH*(SyQJDVHHQFRQWDFWRFRQQRVRWURVHQQXHVWUDSiJLQD :HELQGLFDQGRWRGRVORVGHWDOOHVDVtFRPRVXQ~PHURGHWHOpIRQRRHVFUtEDQRVD *HQHUDO0DQDJHU&XVWRPHU5HODWLRQV *($SSOLDQFHV$SSOLDQFH3DUN /RXLVYLOOH.< 5HJLVWUHVXHOHFWURGRPpVWLFR *($SSOLDQFHVFRP £5HJLVWUH VX QXHYR HOHFWURGRPpVWLFR HQ OtQHD³FXDQGR XVWHG SUHILHUD (O UHJLVWUDU VX SURGXFWR D WLHPSR OH SURSRUFLRQDUiVLVXUJLHUDODQHFHVLGDGXQDPHMRUFRPXQLFDFLyQ\XQVHUYLFLRPiVUiSLGREDMRORVWpUPLQRVGH VXJDUDQWtD7DPELpQSXHGHHQYLDUVXWDUMHWDGHUHJLVWURSUHLPSUHVDTXHVHLQFOX\HHQHOPDWHULDOGHHPEDODMH