'(*5$'$&,Ï1'(32/,(67,5(12<32/,3523,/(12

&210,&5225*$1,6026'(9(50,&203267

0$5Ë$6,/9,$$/2162$%(/5,&$5'2/2=$12±
6(5*,220$50$'5(*$/('8$5'2'$5Ë29,/7(±
$'5,$1$0$5*$5,7$$3$=$±-$,0(,60$(/6$5$9,$
)$&8/7$''(,1*(1,(5Ë$3/$17$3,/272±81,91$&'(-8-8<
$9'$60$57,$5(1$(,7$/,$6$16$/9$'25'(-8-8<
7(/)$;
(0$,/PVDORQVR#ILXQMXHGXDU

&855,&8/80$%5(9,$'2'(/26$8725(6

0DUtD6LOYLD$/2162
,QJHQLHUD4XtPLFD81-X-XMX\$UJHQWLQD'RFWRUDGD HQ OD8QLYHUVLWp GHV 6FLHQFHV HW 7HFKQLTXHV
GX/DQJXHGRF0RQWSHOOLHU)UDQFLD3URIHVRUD$GMXQWD\'LUHFWRUDGH3UR\HFWRVGHLQYHVWLJDFLyQVREUH
'HVFRQWDPLQDFLyQHQOD8QLYHUVLGDG1DFLRQDOGH-XMX\

$EHO5LFDUGR/2=$12
(VWXGLDQWH~OWLPRDxRGHODFDUUHUDGH,QJHQLHUtD4XtPLFD\GHODFDUUHUDGH,QJHQLHUtD,QIRUPiWLFDGH
OD )DFXOWDG GH ,QJHQLHUtD GH OD 81-X  &RODERUy FRPR EHFDULR DGVFULSWR HQ HO SUR\HFWR GH
LQYHVWLJDFLyQ³'HVFRQWDPLQDFLyQGHOOL[LYLDGRGHXQUHOOHQRVDQLWDULR´

6HUJLR2PDU0$'5(*$/
,QJHQLHUR4XtPLFR\DOXPQRGHODFDUUHUDGH,QJHQLHUtD,QIRUPiWLFDGHOD)DFXOWDGGH,QJHQLHUtDGHOD
81-X%HFDULRDGVFULSWRGHOSUR\HFWRGHLQYHVWLJDFLyQ³%LRGHJUDGDFLyQGHSOiVWLFRV´

(GXDUGR'DUtR9,/7(
(VWXGLDQWH~OWLPRDxRGHODFDUUHUDGH,QJHQLHUtD4XtPLFDGHOD)DFXOWDGGH,QJHQLHUtDGHOD81-X
)XH EHFDULR DGVFULSWR GH ORV SUR\HFWRV GH LQYHVWLJDFLyQ ³'HVFRQWDPLQDFLyQ GHO OL[LYLDGR GH XQ UHOOHQR
VDQLWDULR´\³%LRGHJUDGDFLyQGHSOiVWLFRV´

$GULDQD0DUJDULWD$3$=$
,QJHQLHUD 4XtPLFD GRFHQWH H LQYHVWLJDGRUD GH OD )DFXOWDG GH ,QJHQLHUtD GH OD 81-X  )XH EHFDULD
DGVFULSWDGHOSUR\HFWR³%LRGHJUDGDFLyQGHSOiVWLFRV´

-DLPH,VPDHO6$5$9,$
,QJHQLHUR4XtPLFR\DOXPQRGHODFDUUHUDGH,QJHQLHUtD,QIRUPiWLFDGHOD)DFXOWDGGH,QJHQLHUtDGHOD
81-X%HFDULRDGVFULSWRGHOSUR\HFWRGHLQYHVWLJDFLyQ³%LRGHJUDGDFLyQGHSOiVWLFRV´

3$/$%5$6&/$9( SOiVWLFRV±SROLHVWLUHQR±SROLSURSLOHQR±ELRGHJUDGDFLyQ±UHVLGXRV
 5(680(1

(VWHWUDEDMRIXHUHDOL]DGR SDUD GHWHUPLQDUVL ORVPLFURRUJDQLVPRVFRQWHQLGRVHQKXPXVGHORPEUL] GH

WLHUUD VHUYLUtDQ SDUD OD ELRGHJUDGDFLyQ GH SROLHVWLUHQR \ GH SROLSURSLOHQR FRQ PLUDV D HPSOHDU ORV
PLFURRUJDQLVPRVDLVODGRVHQXQ WUDWDPLHQWRDJUDQHVFDOD6HHYDOXyODSpUGLGDGHSHVRHQHOWLHPSR
GHPXHVWUDVGHSROLHVWLUHQR \ SROLHVWLUHQR H[SDQGLGR \ GH SROLSURSLOHQR EROVDV GH ILGHRV \ EDQGHMDV
FRORFDGDV \D VHD VREUH OD VXSHUILFLH R HQWHUUDGDV D GRV SURIXQGLGDGHV GLIHUHQWHV HQ UHFLSLHQWHV
FRQWHQLHQGR YHUPLFRPSRVW 6H SUHVHQWDQ YDORUHV GH YHORFLGDG DEVROXWD \ HVSHFtILFD GH GHJUDGDFLyQ
SDUDFDGDFDVR'HDOJXQDVELRSHOtFXODVVXSHUILFLDOHVVHDLVODURQ3VHXGRPRQDV

,1752'8&&,Ï1

(OSROLHVWLUHQR36\HOSROLSURSLOHQR33VRQGRVGHORVPDWHULDOHVSOiVWLFRVXVXDOPHQWHSUHVHQWHVHQ

ORV UHVLGXRV VyOLGRV GRPLFLOLDULRV \D TXH HVWRV SROtPHURV VH HPSOHDQ SDUD OD IDEULFDFLyQ GH HQYDVHV
GHVFDUWDEOHV GH DOLPHQWRV YDVRV EDQGHMDV EROVDV HWF 3ODVWLYLGD $UJHQWLQD   6L ELHQ OD
FRPSRVLFLyQ GH ORV UHVLGXRV GH XQD SREODFLyQ GHWHUPLQDGD GHSHQGH GH FDUDFWHUtVWLFDV WDOHV FRPR VX
QLYHO VRFLRHFRQyPLFR SRU OR TXH VH HQFXHQWUDQ YDULDFLRQHV GH XQD D RWUD FLXGDG \ HQWUH GLIHUHQWHV
]RQDV GH XQD PLVPD FLXGDG $ORQVR HW DO  &RPLVLyQ WpFQLFD 3ODVWLYLGD  SXHGH
PHQFLRQDUVHDPRGRGHHMHPSORTXHSDUD66GH-XMX\HOSROLHVWLUHQRUHSUHVHQWDHQWUH\HQ
SHVR HQWUH   \   HQ YROXPHQ GH ORV UHVLGXRV SOiVWLFRV GRPLFLOLDULRV HQ WDQWR HO SROLSURSLOHQR
FRQVWLWX\HHQWUH\HQSHVRHQWUH\HQYROXPHQGHHVWRVUHVLGXRV$ORQVRHWDO


8QDGHODVSRVLEOHVYtDVGHPLQLPL]DFLyQGHHVWRVSOiVWLFRV\DVHDDQWHVRGHVSXpVGHVXGLVSRVLFLyQ
HQ UHOOHQRV VDQLWDULRV FRQVLVWLUtD HQ UHFXUULU D OD ELRGHJUDGDFLyQ GH HVWRV UHVLGXRV &DUUDVFR 
&RPLVLyQWpFQLFD3ODVWLYLGD0RUWRQ\6XUPDQ(VWDVROXFLyQVHUtDDSOLFDEOHHQORVFDVRV
HQTXHQRVHKD\DSUHYLVWRHODSURYHFKDPLHQWRGHORVUHVLGXRVSOiVWLFRVSRUUHFLFODMHXRWURSURFHVR\
FRQWULEXLUtD LJXDOPHQWH DUHGXFLUHOYROXPHQWRWDOGHUHVLGXRVVyOLGRVGLVSXHVWRVOR TXH DXPHQWDUtD OD
YLGD~WLOGHOUHOOHQRVDQLWDULRHQGRQGHVHGLVSRQHQORVPLVPRV$ORQVRHWDO

(VWH WUDEDMR IXH UHDOL]DGR FRQ HO ILQ GH GHWHUPLQDU VL ORV PLFURRUJDQLVPRV FRQWHQLGRV HQ XQ
YHUPLFRPSRVW³FRPSRVW´R³KXPXV´GHODFUtDGHORPEULFHVGHWLHUUDSRGUtDQVHUYLUSDUDODGHJUDGDFLyQ
GH SROLHVWLUHQR \ GH SROLSURSLOHQR  'H VHU DVt VH SRGUtD UHFXUULU D XQ DLVODPLHQWR \ UHSURGXFFLyQ GH
HVWRVPLFURRUJDQLVPRVSDUDHPSOHDUORVHQXQWUDWDPLHQWRGHUHVLGXRVGHSROLHVWLUHQR\SROLSURSLOHQRD
JUDQHVFDOD

0$7(5,$/(6<0e72'26

/RVHVWXGLRVFX\RVUHVXOWDGRVVHSUHVHQWDQDTXtFRQVLVWLHURQHQFRORFDUUHFWiQJXORVGHFP[FP
GHODGRFRUWDGRVGHGLIHUHQWHVREMHWRVGHVFDUWDEOHVGHSROLHVWLUHQRYDVRVGHSROLHVWLUHQRH[SDQGLGR
EDQGHMDV\GHSROLSURSLOHQREROVDVGHILGHRV\EDQGHMDVHQFRQWDFWRFRQYHUPLFRPSRVWFRPRIXHQWH
GHPLFURRUJDQLVPRVSDUDXQDSRVLEOHELRGHJUDGDFLyQGXUDQWHPHVHV\DXQDWHPSHUDWXUDSURPHGLR
GH  ž&  (Q FDGD XQR GH ORV FDVRV XQD GH ODV PXHVWUDV IXH FRORFDGD VREUH OD VXSHUILFLH GHO SRWH
UHVSHFWLYR FRQWHQLHQGR HO YHUPLFRPSRVW QLYHO , HQ WDQWR ODV RWUDV PXHVWUDV IXHURQ HQWHUUDGDV D GRV
SURIXQGLGDGHVGLIHUHQWHVFPQLYHO,,\FPQLYHO,,,

3DUDFXDQWLILFDUODELRGHJUDGDFLyQVHHYDOXyODSpUGLGDGHSHVRGHFDGDPXHVWUDGHELGRDORFXDOODV
PXHVWUDVVHSHVDURQDQWHVGHXELFDUODVHQORVSRWHVUHVSHFWLYRV\OXHJRGHORVPHVHVGHLQFXEDFLyQ
(VWD~OWLPDSHVDGDVHKL]ROXHJRGHVRPHWHUDFDGDPXHVWUDDOVLJXLHQWHWUDWDPLHQWRFHSLOODGRVXDYH\
ODYDGRFRQXQDVROXFLyQDFXRVD SDUD HOLPLQDUUHVWRVGHFRPSRVW \ GHPLFURRUJDQLVPRVSRVLEOHPHQWH
DGKHULGRV OXHJR HOLPLQDFLyQ GH VXVWDQFLDV JUDVDV FRQ HWDQRO \ ILQDOPHQWH VHFDGR KDVWD SHVR
FRQVWDQWH3DUDSHVDUVHHPSOHyXQDEDODQ]DDQDOtWLFDFRQSUHFLVLyQGHFHQWpVLPDGHPLOLJUDPR

(OKXPXVGHORPEUL]SURYLQRGHODSURGXFFLyQGH(LVHQLDIRHWLGD $UQDXHWDOVREUHHVWLpUFROGH

SROORFRQUHVWRVGHFRVHFKDGHPDt]WRGRHVWRVRPHWLGRDFRPSRVWDMHSUHYLR6XFRPSRVLFLyQVHKDOOD
HQOD7DEOD
 7DEOD&RPSRVLFLyQGHOYHUPLFRPSRVWHPSOHDGR$UQDXHWDO

0$7(5,$25*È1,&$ 1,75Ï*(12 327$6,2 )Ï6)252

   

6HDQDOL]yODSUHVHQFLDGH3VHXGRPRQDVHQODELRSHOtFXODTXHKXELHUDHVWDGRDGKHULGDDFDGDPXHVWUD
GHORVGLIHUHQWHVSOiVWLFRV6HHPSOHyFRPRLQyFXORODVROXFLyQDFXRVDFRQODTXHVHKDEtDQODYDGR\
UHPRMDGR ODV PXHVWUDV \ TXH FRQWHQtD   GH SHSWRQD   GH 7ZHHQ \ ORV SRVLEOHV
PLFURRUJDQLVPRV\VHUHDOL]DURQVLHPEUDVVXSHUILFLDOHVFRQHVSiWXODGH'ULJDOVN\VREUHORVVLJXLHQWHV
PHGLRV $JDU % GH .LQJ $JDU 3 SDUD 3VHXGRPRQDV \ $JDU &HWULPLGD  6H REVHUYy HO DVSHFWR \
FRORUDFLyQ GH ODV FRORQLDV \ PHGLR GH FXOWLYR \ OD IOXRUHVFHQFLD LQFOX\HQGR HO XVR GH OiPSDUD 89
(VWRVHQVD\RVVHFRPSOHPHQWDURQFRQFRORUDFLyQGH*UDP\SUXHEDGH2[LGDVD

5(68/7$'26

/RV UHVXOWDGRV GH OD SpUGLGD GH SHVR GH ODV PXHVWUDV GH SOiVWLFRV VH HQFXHQWUDQ HQ OD 7DEOD  /D
YHORFLGDG GH GHJUDGDFLyQ GHEH VHU LQWHUSUHWDGD FRPR XQ SURPHGLR SDUD HO SHUtRGR HVWXGLDGR \D TXH
HVWDYHORFLGDGQRVHUtDQHFHVDULDPHQWHFRQVWDQWHHQHOWLHPSRWDOFRPRHVWHPLVPRJUXSRGHWUDEDMR
HQFRQWUySDUDRWURVSOiVWLFRV$ORQVRHWDO

7DEOD5HVXOWDGRVGHSHVDGDVGHODVPXHVWUDV

08(675$ 1,9(/ 3e5','$ 9(/2&,'$''(*5$'$&,Ï1

(17(55$0,(172
'(3(62>PJ@ $%62/87$ (63(&Ë),&$
>PJPHV@ >SHVRPHV@

,   

33
,,   
EROVDILGHRV
,,,   

,   

33
,,   
EDQGHMD
,,,   

,   

36 ,,   

,,,   

,   

36
,,   
H[SDQGLGR
,,,   
/DFRORUDFLyQGH*UDPGLRFRPRUHVXOWDGREDFLORV*UDPQHJDWLYR/RVUHVXOWDGRVGHIOXRUHVFHQFLDHQ
$JDU%GH.LQJHQ$JDU3SDUD3VHXGRPRQDV \HQ$JDU&HWULPLGDVRQORVLQGLFDGRVHQOD7DEODHQ
GRQGH VH HQFXHQWUDQ WDPELpQ ORV UHVXOWDGRV GH OD SUXHED GH 2[LGDVD KHFKD VREUH ODV FRORQLDV TXH
GLHURQIOXRUHVFHQFLDHQ&HWULPLGD
 7DEOD)OXRUHVFHQFLDGHFRORQLDV

08(675$ 1,9(/ )/825(6&(1&,$ 2;,'$6$

.LQJ% $JDU3 &HWULPLGD
(17(55$0,(172

,   
33 ,,   
EROVDILGHRV
,,,   
,    
33 ,,   
EDQGHMD
,,,   
,    

36 ,,   
,,,   
,   
36 ,,   
H[SDQGLGR
,,,   

3RURWUDSDUWHGLHURQSRVLWLYDODSUXHEDGHR[LGDVDFRORQLDVDPDULOODVQRIOXRUHVFHQWHVTXHFUHFLHURQ
HQXQFDVRVREUH$JDU3SDUDXQDPXHVWUDGHEROVDGHILGHRVGHSROLSURSLOHQRGHOQLYHO,\HQRWURFDVR
VREUH$JDU%GHNLQJFRQELRSHOtFXODSURYHQLHQWH GHXQDPXHVWUDGH SROLHVWLUHQRH[SDQGLGRHQWHUUDGD
HQHOQLYHO,,

',6&86,Ï1<&21&/86,21(6

 (Q HO YHUPLFRPSRVW HPSOHDGR H[LVWH XQD SREODFLyQ PLFURELDQD FDSD] GH GHJUDGDU WRGRV ORV
SOiVWLFRV HVWXGLDGRV DXQTXH D YHORFLGDGHV GLIHUHQWHV HQ ODV FRQGLFLRQHV GH HVWRV HQVD\RV  /RV
PLFURRUJDQLVPRV FRQWHQLGRV HQ HO YHUPLFRPSRVW SXGLHURQ HQ VX FRQMXQWR \ HQ ODV FRQGLFLRQHV
DSOLFDGDVGHJUDGDUDXQDYHORFLGDGDEVROXWDPXFKRPD\RUODVPXHVWUDVGHSROLHVWLUHQRH[SDQGLGR
FRQUHVSHFWRDODVGHPiVPXHVWUDVGHSROLHVWLUHQR\GHSROLSURSLOHQR6LQHPEDUJRDOH[SUHVDUOD
YHORFLGDG FRQ UHVSHFWR DO SHVR LQLFLDO GH FDGD PXHVWUD YHORFLGDG ³HVSHFtILFD´ VH HQFXHQWUDQ
YDORUHVPiVSUy[LPRVHQWUHODVPXHVWUDVGHSROLHVWLUHQRH[SDQGLGR \ ODVGHSROLSURSLOHQRHVWR VH
GHEHDTXH HVWDIRUPDGHH[SUHVDUODYHORFLGDGTXHSHUPLWHWHQHUXQD LGHDGHOWLHPSRQHFHVDULR
SDUDODGHJUDGDFLyQGHFDGDPXHVWUDWLHQHHQFXHQWDWDQWRHOHVSHVRUFRPRHOSHVRHVSHFtILFRGH
FDGDPXHVWUDORVTXHIXHURQGLIHUHQWHVSDUDODVGLIHUHQWHVPXHVWUDVHQVD\DGDV

 ([FHSWR SDUD ODV PXHVWUDV GH EDQGHMDV GH SROLSURSLOHQR VH HQFRQWUy TXH OD DFWLYLGDG GH OD
SREODFLyQPLFURELDQDGHOFRPSRVWPHMRUDFRQODSURIXQGLGDGGHOHQWHUUDPLHQWRORTXHSRGUtDHVWDU
UHODFLRQDGR FRQ PLFURRUJDQLVPRV TXH DFW~DQ VyOR HQ ODV FRQGLFLRQHV SRU HMHPSOR FRQFHQWUDFLyQ
GHR[tJHQRGHOQLYHO,,,RTXHORKDFHQPHMRUHQODVFRQGLFLRQHVGHHVHQLYHO

 $SDUWLUGHORVYDORUHVGHYHORFLGDGHVSHFtILFD\VXSRQLHQGRTXHpVWDVHPDQWXYLHUDFRQVWDQWHHQHO
WLHPSR VH QHFHVLWDUtDQ GH PDQWHQHUVH ODV FRQGLFLRQHV GH HVWRV HQVD\RV HQWUH  DxRV \ 
DxRVSDUDGHJUDGDUODWRWDOLGDGGHOSROLSURSLOHQRHQVXIRUPDGHSHOtFXODVSDUDEROVDVGHILGHRVR
VLPLODUHV\GHOSROLHVWLUHQRH[SDQGLGRFRQHVSHVRUHVVLPLODUHVDORVGHODVEDQGHMDVHVWXGLDGDV
HQWDQWRVHUHTXHULUtDQDOJRPiVGHDxRVSDUDGHJUDGDUFRPSOHWDPHQWHHOHPHQWRVGHHVSHVRU
VLPLODUDOGHODVEDQGHMDVGHSROLSURSLOHQR\HQWUHDxRV \ DxRV SDUD ODELRGHJUDGDFLyQ
FRPSOHWDGHREMHWRVGHSROLHVWLUHQRGHHVSHVRUVLPLODUDOGHORVYDVRVGHVFDUWDEOHVXVDGRVHQHVWRV
HQVD\RV&RPRHVWRVWLHPSRVVRQH[WUHPDGDPHQWHODUJRVORTXHVHHVWiUHDOL]DQGRHQXQDQXHYD
HWDSDGHHVWRVHVWXGLRVHVHODLVODPLHQWRGHORVGLIHUHQWHVPLFURRUJDQLVPRVGHOYHUPLFRPSRVWTXH
KXELHURQ SRGLGR GHJUDGDU ODV GLIHUHQWHV PXHVWUDV GH SROLSURSLOHQR \ GH SROLHVWLUHQR GH PRGR GH
 VRPHWHU PXHVWUDV VLPLODUHV D ELRGHJUDGDFLyQ FRQ FDGD XQR GH ORV PLFURRUJDQLVPRV DLVODGRV D
GLIHUHQWHV FRQGLFLRQHV RSHUDWLYDV HVSHUiQGRVH DOFDQ]DU GH HVWD PDQHUD WLHPSRV GH GHJUDGDFLyQ
DFHSWDEOHV TXH SHUPLWDQ DSOLFDU OD ELRGHJUDGDFLyQ D HVFDOD UHDO XWLOL]DQGR ORV PLFURRUJDQLVPRV
VHOHFFLRQDGRVHQODVFRQFHQWUDFLRQHV\FRQGLFLRQHVDSURSLDGDV
 (QWUH ORVPLFURRUJDQLVPRVTXHSRGUtDQKDEHU RFDVLRQDGR OD SpUGLGD GH SHVR GH ODV PXHVWUDV SRU
ELRGHJUDGDFLyQ WDQWR SDUD ODV PXHVWUDV VXSHUILFLDOHV GH EDQGHMDV GH SROLSURSLOHQR FRPR SDUD ODV
PXHVWUDV GH SROLHVWLUHQR VH HQFXHQWUDQ EDFWHULDV GHO JpQHUR 3VHXGRPRQDV SUREDEOHPHQWH
DHUXJLQRVD(VWHPLFURRUJDQLVPRIXHSDUWLFXODUPHQWHHO KDOODGR SDUD ODVPXHVWUDVGHSROLHVWLUHQR
QRH[SDQGLGR\GHEDQGHMDVGHSROLSURSLOHQRFRORFDGDVHQDPERVFDVRVHQODVXSHUILFLHQLYHO,GH
ORVSRWHVUHVSHFWLYRV6LQHPEDUJRWDQWRODSpUGLGDGHSHVRFRPRODVYHORFLGDGHVGHGHJUDGDFLyQ
DEVROXWD \ HVSHFtILFD IXHURQ PDUFDGDPHQWH GLIHUHQWHV SDUD HVWDV GRV PXHVWUDV OR TXH SRGUtD
GHEHUVH D GLIHUHQFLDV HQ OD FRPSRVLFLyQ GHO FRQVRUFLR PLFURELDQR GH FDGD ELRSHOtFXOD \R D
GLIHUHQFLDV HQ OD FRQFHQWUDFLyQ GH FDGD HVSHFLH PLFURELDQD GHJUDGDGRUD  2WURV DXWRUHV DLVODURQ
WDPELpQ EDFWHULDV GHO JpQHUR 3VHXGRPRQDV GH ELRSHOtFXODV TXH KDEtDQ FUHFLGR VREUH SOiVWLFRV
GLIHUHQWHVDORVGHOHVWXGLRSUHVHQWDGRDTXt (V HO FDVR GH +RVQL \ *D\ODUGH  WUDEDMDURQ D
DOUHGHGRUGHž&FRQSROLHWLOHQRGHEDMDGHQVLGDGVLQ\FRQDOPLGyQ\GH&DFFLDULHWDO
TXLHQHV DLVODURQ D SDUWLU GH XQ FRSROtPHUR GH SROLHWLOHQR FRQ DOPLGyQ \ D  ž& FXDWUR
FRPXQLGDGHVEDFWHULDQDVDOJXQRVGHFX\RVPLHPEURVIXHURQEDFWHULDVGHOJpQHUR3VHXGRPRQDV

$*5$'(&,0,(172

/RVHQVD\RVPLFURELROyJLFRVIXHURQUHDOL]DGRVFRQHODVHVRUDPLHQWRGHOD'UD/HRQRU&DUULOOR \ GH OD
%LRTXtPLFD6DUD%DUEHULV

5()(5(1&,$6

$ORQVR 06 /R]DQR $5 $SD]D $0 \ 9LOWH ('  3URGXFFLyQ GH UHVLGXRV SOiVWLFRV HQ
GLIHUHQWHV]RQDVGH6DQ6DOYDGRUGH-XMX\$YDQFHVHQ(QHUJtDV5HQRYDEOHV\0HGLR$PELHQWH


$ORQVR 06 9LOWH (' $SD]D $0 \ /R]DQR $5  5HVLGXRV SOiVWLFRV GH -XMX\
&DUDFWHUL]DFLyQHQSHVRV\YRO~PHQHV$YDQFHVHQ(QHUJtDV5HQRYDEOHV\0HGLR$PELHQWH


$ORQVR 06 9LOWH (' 0DGUHJDO 62 6DUDYLD -, $SD]D $0 \ /R]DQR $5 
%LRGHJUDGDFLyQGHSROLHWLOHQRGHDOWD\GHEDMDGHQVLGDGDGLIHUHQWHVFRQGLFLRQHVRSHUDWLYDV7UDEDMRV
SUHVHQWDGRVHQHO;;,9&RQJUHVRGH$6$'(60HQGR]D$UJHQWLQDDOGHRFWXEUHFR

$UQDX ( 6DPPiQ 1 \ /XQD 3L]DUUR 3  /LEUR GH UHV~PHQHV GH WUDEDMRV OLEUHV GH ODV GDV
-RUQDGDV ,QWHUQDFLRQDOHV GH DOLPHQWRV GH RULJHQ DJURSHFXDULR 0HQGR]D $UJHQWLQD  DO  GH
VHSWLHPEUHS

&DFFLDUL , 4XDWULQL 3 =LUOHWWD * 0LQFLRQH ( 9LQFLJXHUUD 9 /XSDWWHOOL 3 \ *LRYDQQR]]L
6HUPDQQL * ,VRWDFWLFSRO\SURS\OHQHELRGHJUDGDWLRQE\DPLFURELDOFRPPXQLW\3K\FLVRFKHPLFDO
FKDUDFWHUL]DWLRQRIPHWDEROLWHVSURGXFHG$SSOLHGDQG(QYLURQPHQWDO0LFURELRORJ\

&DUUDVFR )  5HVLGXRV SOiVWLFRV UHFLFODMH \ PHGLR DPELHQWH ,QJHQLHUtD 4XtPLFD 0D\R 


&RPLVLyQ WpFQLFD 3ODVWLYLGD  0DQXDO GH YDORUL]DFLyQ GH ORV UHVLGXRV SOiVWLFRV HGLW ),30$ \
3/$67,9,'$$5*(17,1$%XHQRV$LUHV$UJHQWLQDSS

+RVQL $0 \ *D\ODUGH &  ,VRODPHQWR H FDUDFWHUL]DoDR GH RUJDQLVPRV GHJUDGDGRUHV GH
SOiVWLFR$QDOHVGHOž6LPSyVLR/DWLQRDPHULFDQRGH%LRGHWHULRUDoDR&DPSRVGR-RUGDR63%UDVLO
GHDJRVWRDOGHVHSWLHPEUH

0RUWRQ /+* \ 6XUPDQ 6%  7KH LQYROYHPHQW RI ELRILOPV LQ ELRGHWHULRUDWLRQ SURFHVVHV (Q
/DEV %LRGHJUDGDWLRQ DQG ELRGHWHULRUDWLRQ LQ ODWLQ $PHULFD HGLW && *D\ODUGH (/ 6DFFRO GH 6i \
30*D\ODUGH3RUWR$OHJUH%UDVLO

3ODVWLYLGD$UJHQWLQD (FRSODVWSS