/$$0$=21,$)5(17($/&$0%,2&/,0É7,&2

1LFROiV&DVWDxR$UEROHGD
=RQDDOHGDxDDFRPXQLGDGtQGLJHQD$OWRULR1HJUR*XDLQLD1LFRODV&DVWDxR

5(680(1

/ D $PD]RQLD HV HO VLVWHPD ERVFRVR PiV JUDQ

GH GHO PXQGR \ FRQWLHQH DSUR[LPDGDPHQWH
3HWDJUDPRVGH&DUERQRORTXHHTXLYDOHD
DSUR[LPDGDPHQWHGpFDGDVGHHPLVLRQHVGH'Ly[LGR
GH&DUERQRLQGXFLGDVSRUHOKRPEUH$OPDFHQDUHVWD
GHFDGHVRIKXPDQHPLVVLRQVRI&27RVWRUDJHWKLV
KXJHDPRXQWRI&DUERQLQYROYHVWKDWDQ\IRUHVWUHDF
WLRQLQIURQWRIDWPRVSKHULFFKDQJHVZLOOEHYHU\LQ
IOXHQWLDORQWKHJOREDOFOLPDWH7KHUHLVDODUJHDPRXQW
RIVFLHQWLILFLQIRUPDWLRQDERXWWKHFOLPDWHFKDQJHDQG
LQPHQVD FDQWLGDG GH &DUERQR LPSOLFD TXH FXDOTXLHU WKHGLIIHUHQWSRVVLEOHUHDFWLRQVRIWKH$PD]RQIRUHVW
UHDFFLyQGHOERVTXHIUHQWHDORVFDPELRVGHODDWPyV 7KHUHKDVEHHQDQLQFUHDVHLQFOLPDWHPRGHOLQJWKDW
IHUDVHDPX\LQIOX\HQWHHQHOFOLPDGHWRGRHOSODQHWD SUHGLFWVWKHIXWXUHFRQGLWLRQVRIWKHWURSLFDOIRUHVWV
([LVWHXQDJUDQFDQWLGDGGHLQIRUPDFLyQFLHQWtILFDVR 7KLVSDSHUSUHVHQWVDFRPPHQWHGUHYLHZRIWKHUH
EUHHOFDPELRFOLPiWLFR\ODVGLIHUHQWHVUHDFFLRQHVGHO FHQW OLWHUDWXUH DERXW WKH ELRSK\VLFDO FRQGLWLRQV RI
ERVTXHDPD]yQLFRFRPRWDPELpQXQDFUHFLHQWHOtQHD WKH$PD]RQIRUHVWXQGHUFOLPDWHFKDQJHDQGSUHVHQWV
GHPRGHODFLyQTXHSUHGLFHQODVFRQGLFLRQHVIXWXUDVGH WKH&RORPELDQ$PD]RQFRQGLWLRQVLQWKLVVFHQDULR
ORVERVTXHVWURSLFDOHV(OSUHVHQWHDUWtFXORUHDOL]DXQD
UHYLVLyQFRPHQWDGDGHODOLWHUDWXUDPiVUHFLHQWH\UHOH .(<:25'6
YDQWHVREUHODVFRQGLFLRQHVELRItVLFDVGHOERVTXHDPD
]yQLFRIUHQWHDOFDPELRFOLPiWLFR\SUHVHQWDODVFRQ $PD]RQFOLPDWHFKDQJHIRUHVWJUHHQKRXVHJDVHV
GLFLRQHVGHOD$PD]RQLDFRORPELDQDHQHVHHVFHQDULR
,1752'8&&,Ð1
3$/$%5$6&/$9( ¢&XiOVHUiHOIXWXURGHODVHOYDDPD]yQLFDFRQHODX
PHQWR GHVPHGLGR GH JDVHV HIHFWR LQYHUQDGHUR HQ OD
$PD]RQLDFDPELRFOLPiWLFRERVTXHJDVHVGHHIHFWR DWPyVIHUD"(VWDHVXQDSUHJXQWDFX\DUHVSXHVWDWLHQH
LQYHUQDGHUR LPSOLFDFLRQHVSDUDODFRQVHUYDFLyQGHFHUFDGHPLO
GH HVSHFLHV GH SODQWDV  HVSHFLHV GH PDPtIHURV
$%675$&7 GHHVSHFLHVGHDYHVSXHEORVLQGtJHQDV\SDUD
HOFOLPDGHWRGRHOSODQHWD3180$27&$
7KHDPD]RQEDVLQKDVWKHELJJHVWIRUHVWLQWKHZRUOG /RVERVTXHVDPD]yQLFRVHVWiQVRPHWLGRVDGLIHUHQWHV
,WFRQWDLQVDURXQG3J&DUERQ,WPHDQVDERXW WLSRVGHSUHVLRQHVHQODUHJLyQODGHPDQGDGHUHFXU

,QYHVWLJDGRU,QVWLWXWR6LQFKLQFDVWDxR#VLQFKLRUJFR
/$$0$=21Ì$)5(17($/&$0%,2&/,0É7,&2

VRV FRPR OHxD DOLPHQWRV FDFHUtD PLQHUtD PDGHUD JHQHUDQGRXQDUiSLGDPRGLILFDFLyQGHODVFRQGLFLR

HQWUHRWURVHVWiHQDXPHQWR3180$27&$ QHV QDWXUDOHV HQ WRGR HO SODQHWD &KULVWHQVHQ HW DO
3RURWURODGRHQORV~OWLPRVDxRVKDQDXPHQWDGRORV D(VWDDFXPXODFLyQGH*(,PRGLILFDODVFRQ
LQFHQGLRV TXH GHYDVWDQ JUDQGHV H[WHQVLRQHV GH ERV GLFLRQHVFOLPiWLFDVTXHDVXYH]PRGLILFDQODVFRQGL
TXHQDWXUDO%HWWVHWDO$OODGHIRUHVWD FLRQHVGHYLGDTXHKR\FRQRFHPRV/RVFDPELRVHQHO
FLyQDFXPXODGDHQOD$PD]RQLDHUDGH.P FOLPDGHODUHJLyQ$PD]yQLFDQRVRORKDQJHQHUDGR
TXHHTXLYDOHDXQDUHGXFFLyQGHOGHODFREHUWXUD XQDGHJUDGDFLyQGHODVGLQiPLFDVQDWXUDOHVHQODUH
QDWXUDO 3180$27&$  \ VH HVWLPD TXH ORV JLyQ 3KLOOLSV HW DO  WDPELpQ HVWiQ SRQLHQGR
SODQHVGHH[SDQVLyQGHODLQIUDHVWUXFWXUDHQODUHJLyQ HQULHVJRHOHTXLOLEULRFOLPiWLFRGHOSODQHWD(OHQRU
SRGUtDQUHGXFLUODFREHUWXUDHQXQGHOiUHDRUL PHYROXPHQGH&DUERQRDOPDFHQDGRHQORVERVTXHV
JLQDOSDUDHO6RDUHVHWDO DPD]yQLFRV LPSOLFD TXH FXDOTXLHU UHDFFLyQ GHO VLV
WHPD ERVFRVR PiV JUDQGH GHO SODQHWD IUHQWH D ORV
(ODXPHQWRGHODGHPDQGDDJURLQGXVWULDOVR\D\ELR FDPELRVDPELHQWDOHVVHDPX\LQIOX\HQWHHQHOFOLPD
FRPEXVWLEOHVHODXPHQWRGHLQFHQGLRVODGHIRUHVWD JOREDO (O ERVTXH DPD]yQLFR FRQWLHQH DSUR[LPDGD
FLyQSDUDJDQDGHUtD\ODWDODVHOHFWLYDGHHVSHFLHVWLHQHQ PHQWH3HWDJUDPRV3HWDJUDPR 3J JUD
LPSDFWRLQPHGLDWRVREUHODFREHUWXUDERVFRVD1HSV PRV GH &DUERQR \ FHUFD GH  3J &DUERQR VL VH
WDGHWDO6XPDGRDHVWRVIDFWRUHVH[LVWHRWUD WLHQHHQFXHQWDHO&DUERQRDOPDFHQDGRHQVXVVXHORV
SUHVLyQDJUDQHVFDODTXHHVPiVVXWLOSHURTXHSXHGH 0DOKL 3KLOOLSV(VWDFDQWLGDGGH&DUERQR
WHQHULPSOLFDFLRQHVPD\RUHVHOFDPELRFOLPiWLFR HTXLYDOH DSUR[LPDGDPHQWH D  GpFDGDV GH HPLVLR
QHVGH'Ly[LGRGH&DUERQRLQGXFLGDVSRUHOKRPEUH
'HELGR D OD DFWLYLGDG KXPDQD OD DFXPXODFLyQ GH &DQDGHOOHWDO(VDVtFRPRHQODEDODQ]DGH
*DVHV(IHFWR,QYHUQDGHUR*(,HQODDWPyVIHUDHVWi &DUERQRHOERVTXHDPD]yQLFRHVXQIDFWRUTXHSXH

6DQWDFODUD$PD]RQDV$XJXVWR0D]RUUD

 5(9,67$&2/20%,$$0$=Ð1,&$
GHOOHJDUDHTXLOLEUDURGHVHTXLOLEUDUODVFRQGLFLRQHV OLWHUDWXUDFLHQWtILFDPiVUHFLHQWHVREUHODVDOWHUDFLRQHV
YLWDOHVGHODWLHUUD DFWXDOHV\SUHGLFFLRQHVIXWXUDVGHOFRPSRQHQWHELR
ItVLFRGHOERVTXHDPD]yQLFR&DEHUHVDOWDUTXHH[LVWH
/DV SHUVSHFWLYDV GHO FDPELR FOLPiWLFR QR VRQ QDGD LJXDOPHQWHXQLQPHQVRGHEDWHpWLFRVRFLDO\HFRQy
DOHQWDGRUDV(QHOHO*UXSR,QWHUJXEHUQDPHQWDO PLFR VREUH ODV LPSOLFDFLRQHV GHO &DPELR &OLPiWLFR
GH ([SHUWRV VREUH &DPELR &OLPiWLFR ,3&& SRU VXV HQOD$PD]RQLDYJ3DUU\HWDO0F0LFKDHOHW
VLJODVHQLQJOpVSUHVHQWyXQDVHULHGHSRVLEOHVHVFHQD DO$OYHV%R\G%URQGL]LR 0R
ULRVTXHFRQWHPSODEDQFDQWLGDGHVGLIHUHQWHVGHHPL UDQ(EHOLQJ <DVXp6DZ\HUHO
VLRQHVGH*(,\VXVSRVLEOHVLPSOLFDFLRQHV'RVDxRV FXDOHVWDQH[WHQVRFRPRUHOHYDQWH\UHTXLHUHGHXQD
PiV WDUGH OD $OLDQ]D ,QWHUQDFLRQDO GH 8QLYHUVLGDGHV DPSOLDUHYLVLyQTXHQRVHWUDWDHQHOSUHVHQWHDUWtFXOR
GH ,QYHVWLJDFLyQ ,QWHUQDWLRQDO $OOLDQFH RI 5HVHDUFK 8QL
YHUVLWLHVUHDOL]DURQDLQLFLRVGHOHQ'LQDPDUFDHO
&RQJUHVR,QWHUQDFLRQDO&DPELR&OLPiWLFR5LHVJRVJORED &$86$6'(/&$0%,2&/,0É7,&2
OHVUHWRV\GHFLVLRQHVHOFXDOSURGXMRXQFRPSHQGLRGH
VHLVPHQVDMHVFODYHVTXHSUHWHQGHQDFWXDOL]DUODFRP (OOODPDGRHIHFWRLQYHUQDGHURKDSHUPLWLGRODVFRQGL
SUHQVLyQGHODVDIHFWDFLRQHVTXHSURGXFHHOFDPELRFOL FLRQHVSDUDTXHVHGHVDUUROOHODYLGDHQHOSODQHWD/D
PiWLFR8QRGHORVPHQVDMHVPiVLPSRUWDQWHVDQLYHO UDGLDFLyQTXHUHFLELPRVGHOVROVHSHUGHUtDGHQRVHU
ELRItVLFRHVTXHODVHPLVLRQHVGH*(,\ODVYDULDEOHVFOL SRUODVSDUWtFXODVGHFLHUWRVFRPSXHVWRVTXtPLFRVTXH
PiWLFDVWHPSHUDWXUDPHGLDVXSHUILFLDOQLYHOGHOPDU HMHUFHQ XQ IHQyPHQR QDWXUDO GH DEVRUEHU \ UHPLWLU
WHPSHUDWXUDGHORVRFpDQRVH[WHQVLyQGHORVRFpDQRV FLHUWDVRQGDVTXHPDQWLHQHQHOFDORUSURYHQLHQWHGHO
iUWLFRVDFLGLILFDFLyQGHORVRFpDQRV\HYHQWRVFOLPiWL VRO/DJUDQPD\RUtDGHORVOODPDGRV*DVHVGH(IHFWR
FRV H[WUHPRV HVWiQ VXSHUDQGR ORV SHRUHV HVFHQDULRV ,QYHUQDGHUR*(,VRQSURGXFWRVQDWXUDOHVGHUHDF
SURSXHVWRVSRUHO,3&&HQHO(VWRVLJQLILFDTXH FLRQHVFRPRODUHVSLUDFLyQGHDQLPDOHV\SODQWDVOD
HVWDPRVYLYLHQGRLPSDFWRVPiVDJUHVLYRVTXHORVSUR GHVFRPSRVLFLyQGHODPDWHULDRUJiQLFDODFRPEXVWLyQ
QRVWLFDGRVKDFHSRFRVDxRV$GHPiVORVVHLVPHQVDMHV \SURFHVRVTXtPLFRVQDWXUDOHVHQHOVXHOR\ODDWPyV
UHFDOFDQHQWUHRWURVWHPDVTXHDXQTXHQRKD\DXQD IHUDHQWUHRWUDV(O2]RQR\VXVSUHFXUVRUHVHOYDSRU
GLVPLQXFLyQ GH ODV HPLVLRQHV PXFKDV WHQGHQFLDV VH GHDJXDHO'Ly[LGRGH&DUERQR\HO0HWDQRVRQDOJX
DFHOHUDUiQORTXHJHQHUDUtDXQLQFUHPHQWRHQHOULHV QRVGHORV*(,TXHVHHQFXHQWUDQHQODQDWXUDOH]DHQ
JRGHFDPELRVFOLPiWLFRVDEUXSWRVRLUUHYHUVLEOHVDORV FLHUWDVSURSRUFLRQHVLQGHSHQGLHQWHGHODLQFLGHQFLD
FXDOHVWDQWRODKXPDQLGDGFRPRODQDWXUDOH]DVRQDOWD GHOKRPEUH
PHQWHYXOQHUDEOHV5LFKDUGVRQHWDO
'HELGRDODDFWLYLGDGKXPDQDODH[FHVLYDFRQFHQWUD
(Q PDU]R GH  VH UHDOL]y HQ OD 8QLYHUVLGDG GH FLyQHQODDWPyVIHUDGHORV*(,)LJXUDKDJHQHUD
2[IRUG HO WDOOHU LQWHUQDFLRQDO WLWXODGR ´&DPELR FOL GRXQFDOHQWDPLHQWRLQXVXDOTXHDVXYH]GHVHQFDGH
PiWLFR\HOGHVWLQRGHOD$PD]RQLDµ(VWHWDOOHUWXYR QDXQDVHULHGHUHDFFLRQHVFOLPiWLFDVTXHUHSHUFXWHQ
FRPRREMHWLYRSULQFLSDOFRQGHQVDUGHVGHGLIHUHQWHV HQFDGDIUDFFLyQGHOSODQHWD(OFRQVXPRGHFRPEXV
SHUVSHFWLYDVGHODFLHQFLDHOGHEDWHGHO&DPELR&OL WLEOHVIyVLOHVFRPRHOFDUEyQHOJDVQDWXUDOHOSHWUyOHR
PiWLFRHQODUHJLyQ$PD]yQLFD3URGXFWRGHHVWHWDOOHU \VXVGHULYDGRVJDVROLQDJDVSURSDQRDFHLWHV\JUDVDV
ODUHYLVWD3KLORVRSKLFDO7UDQVDFWLRQVRI7KH5R\DO6RFLHW\% GHPRWRUEUHDDVIDOWR\P~OWLSOHVSHWURTXtPLFRVSDUD
SXEOLFyDUWtFXORVRULJLQDOHVTXHVRQXQSUHFHGHQWH SURGXFLUSOiVWLFRV\GLVROYHQWHVHQWUHRWURVODSURGXF
~QLFRGHLQIRUPDFLyQVREUHORVFDPELRVHQODDWPyV FLyQ GH FHPHQWR \ OD WDOD \ OD TXHPD GH ORV ERVTXHV
IHUD \ VXV LPSOLFDFLRQHV VREUH OD UHJLyQ $PD]yQLFD JHQHUDQ HPLVLRQHV LQPHQVDV GH 'Ly[LGR GH &DUERQR
$GHPiVGHHVWDLQIRUPDFLyQHQORV~OWLPRVDxRVVH &2/DHODERUDFLyQGHIHUWLOL]DQWHVTXtPLFRVODID
KDQ SXEOLFDGR QXPHURVDV FRQWULEXFLRQHV FLHQWtILFDV EULFDFLyQGHQ\ORQ\ODH[WUDFFLyQGHFRPEXVWLEOHVIyVL
VREUHHOWHPDHQUHYLVWDVGHDOWRQLYHOFLHQWtILFRFRPR OHVHQWUHRWURVSURGXFHQFDQWLGDGHVLQPHQVDVGHÐ[L
6FLHQFH1DWXUH-RXUQDORI&OLPDWHHQWUHRWUDV(OSUH GR1LWURVR12$VXYH]HOSURFHVRGHH[WUDFFLyQ\
VHQWHDUWtFXORSUHVHQWDXQDUHYLVLyQFRPHQWDGDGHOD FRPEXVWLyQGHORVFRPEXVWLEOHVIyVLOHVORVEDVXUHURV\

5(9,67$&2/20%,$$0$=Ð1,&$ 
/$$0$=21Ì$)5(17($/&$0%,2&/,0É7,&2

),*85$,1&5(0(172(1*$6(6()(&72,19(51$'(52720$'2'(,3&&&8$5725(3257(*5832'(75$%$-2,%$6()Ì6,&$'(/$&,(1&,$

HOH[FUHPHQWRGHORVUXPLDQWHVHQWUHRWURVSURGXFHQ VHUHIOHMDSULQFLSDOPHQWHHQHYHQWRVGHOOXYLDVLQWHQ
HQRUPHVFDQWLGDGHVGH0HWDQR&+7RGRVHVWRVJD VRVRVHTXtDVSURORQJDGDV)LQDOPHQWHHODXPHQWRHQ
VHVVRQTXtPLFDPHQWHHVWDEOHVSRUORTXHSXHGHQOOHJDU ODVFRQFHQWUDFLRQHVDWPRVIpULFDVJHQHUDXQDDFLGLILFD
DSHUVLVWLUHQHODPELHQWHGXUDQWHVLJORVGHPRGRTXH FLyQGHORVRFpDQRVFRQHIHFWRVGUiVWLFRVSDUDODYLGD
VXSUHVHQFLDLQIOXHQFLDHOFOLPDDPX\ODUJRSOD]R6R DFXiWLFD+RHJK*XOGEHUJ
ORPRQHWDO
/$$0$=21,$$&78$/<(/&/,0$
/RV*(,GHSURGXFFLyQQHWDPHQWHDQWUySLFDVRQSULQ
FLSDOPHQWHWRGRVORVFORURIOXRURFDUERQDGRVTXHIXH $WUDYpVGHVXVKRMDVORViUEROHVUHDOL]DQXQLQWHUFDP
URQPX\SRSXODUHVHQODLQGXVWULDGHORVUHIULJHUDQWHV ELR JDVHRVR TXH GH GtD FDSWXUD 'Ly[LGR GH &DUER
DHURVROHV\HQODWUDQVPLVLyQHOpFWULFDGHDOWRYROWDMH QR&2\OLEHUDYDSRUGHDJXD\2[tJHQR2\HQ
$IRUWXQDGDPHQWH KR\ HQ GtD JUDFLDV DO 3URWRFROR GH ODQRFKHFDSWXUD2 \OLEHUD&2 (OEDODQFHWRWDOGH
0RQWUHDOKDQVLGRSURKLELGRVDOJXQRVHQXQJUDQQ~ HVWHLQWHUFDPELRHVODFDSWXUDGH&2\ODOLEHUDFLyQ
PHURGHSDtVHV6LQHPEDUJRGHELGRDTXHWDPELpQWLH GH2\YDSRUGHDJXDORFXDOLPSOLFDTXHORVERV
QHQXQDYLGD~WLOPX\ODUJDVXSUHVHQFLDHQODDWPyVIHUD TXHVDFXPXODQ&DUERQR HQVXVWHMLGRV3URGXFWRGH
DIHFWDUiKDVWDHOFOLPDGHOSUy[LPRPLOHQLR(OFDOHQWD ORVFDPELRVDWPRVIpULFRVUHFLHQWHVVHKDHQFRQWUDGR
PLHQWRDWPRVIpULFRTXHJHQHUDQORV*(,GHVHQFDGHQD TXHHQORVERVTXHVDPD]yQLFRVODVGLQiPLFDVVRQPiV
HOGHUUHWLPLHQWRGHODVIRUPDFLRQHVGHKLHORHQHOSOD YHORFHVORFXDOVHYHUHIOHMDGRHQXQDPD\RUPRUWD
QHWD]RQDVSRODUHVQHYDGRV\XQFDOHQWDPLHQWRGH OLGDG\XQFUHFLPLHQWRPiVDFHOHUDGR3KLOOLSVHWDO
ORVRFpDQRV\HOGHUUHWLPLHQWRGHORVQHYDGRVOLPLWD (QHOEDODQFHILQDOHOFUHFLPLHQWRH[FHGHOD
HODFFHVRGHODJXDSRWDEOHDXQJUDQQ~PHURGHSHU PRUWDOLGDG OR TXH KDFH GH ORV ERVTXHV DPD]yQLFRV
VRQDVTXHYLYHQHQODVFDGHQDVPRQWDxRVDV$VXYH] XQVXPLGHURGH&DUERQR/HZLVHWDO3KLOOLSVHW
HOLQFUHPHQWRHQODVWHPSHUDWXUDVRFHiQLFDVPRGLILFD DO6HKDHVWLPDGRTXHORVERVTXHVDPD]yQLFRV
ORVSDWURQHVGHSUHFLSLWDFLyQHQWRGRHOSODQHWDTXH HVWiQDOPDFHQDQGRFHUFDGH“3HWDJUDPRV
GH&DUERQRDODxR3KLOOLSVHWDO6LQHPEDU

 5(9,67$&2/20%,$$0$=Ð1,&$
JRHOFDPELRGHOXVRGHOVXHORHQOD$PD]RQLDHVWi EUHQPiVIXHU]D\ORVGHVWUR]RVVHDQPD\RUHV'X
PRGLILFDQGRHVWDVFLIUDV$OHOLPLQDUORViUEROHVTXH UDQWHODVpSRFDVVHFDVHQOD$PD]RQLDVHKDXELFDGR
DFXPXODQ&2QRVyORVHLQWHUUXPSHHOSURFHVRGH DOIXHJRFRPRXQRGHORVDJHQWHVPiVLPSRUWDQWHV
ILMDFLyQGH&DUERQRVLQRTXHHO&DUERQRDFXPXODGR HQ OD SpUGLGD GH OD FREHUWXUD QDWXUDO 0DUHQJR HW
VHOLEHUDQXHYDPHQWHDODDWPyVIHUDHQORVSURFHVRVGH DOD/RVHIHFWRVDODUJRSOD]RGHORVLQFHQ
GHVFRPSRVLFLyQRTXHPDGHODPDGHUDTXHHVWDEDHQ GLRV KDQ VLGR SRFR H[SORUDGRV QR VyOR VH KD HQ
SLH3RURWUDSDUWHVHKDGHPRVWUDGRTXHODGHIRUHV FRQWUDGR TXH OD PRUWDOLGDG GH iUEROHV GHVSXpV GH
WDFLyQJHQHUDUHDFFLRQHVHQFDGHQDFRPRHODXPHQWR ORVIXHJRVHVPX\DOWDDIHFWDQGRSULQFLSDOPHQWHODV
GHODLQFLGHQFLDGHLQFHQGLRV$UDJmRHWDO6H FODVHVPHQRUHV\PD\RUHVHQODSREODFLyQGHiUER
HVSHUDTXHORVJUDQGHVFDPELRVHQODFREHUWXUDQDWX OHVVLQRTXHODVHVSHFLHVTXHFUHFHQGHVSXpVGHODV
UDOGHOD$PD]RQLDJHQHUHQXQDPRGLILFDFLyQHQHOFOL TXHPDVVRQGHXQDGHQVLGDGGHODPDGHUDPXFKR
PDORFDO%HWWVHWDOSDUDGDUXQHVWLPDWLYROD PHQRU%DUORZ 3HUHVORFXDOGLVPLQXLUtD
GHIRUHVWDFLyQ\ORVLQFHQGLRVHQOD$PD]RQLDEUDVLOHUD OD WDVD GH DFXPXODFLyQ GH &DUERQR HQ ORV QXHYRV
JHQHUDQDOJRPiVGHOGHODSURGXFFLyQGH*(, ERVTXHVTXHFUHFHQGHVSXpVGHOIXHJR)LQDOPHQWH
GHO%UDVLOTXHVHHQFXHQWUDHQWUHORVSULPHURVSUR VHKDSURSXHVWRTXHORVLQFHQGLRVHODXPHQWRHQOD
GXFWRUHVGH*(,HQHOPXQGR0DUHQJRHWDOD PRUWDOLGDGGHiUEROHV\ODDFWLYLGDGKXPDQDVRQIDF
WRUHVTXHH[DFHUEDUtDQODGLVPLQXFLyQGHODVOOXYLDV
/DFXDOLGDGGHVXPLGHURGH&DUERQRGHORVERVTXHV DHVFDODORFDO1HSVWDGHWDOFRQYLUWLpQGRVH
DPD]yQLFRVQRVyORVHPRGLILFDSRUHOFDPELRGHOD HQXQDFDGHQDGHHYHQWRVTXHVHH[DFHUEDQXQRVD
FREHUWXUDQDWXUDOWDPELpQVHKDYLVWRPRGLILFDGDSRU RWURVVLHPSUHHQGHWULPHQWRGHODFREHUWXUDQDWX
ODV FRQGLFLRQHV FOLPiWLFDV HQ OD UHJLyQ 'XUDQWH HO UDOGHOERVTXH
VHSUHVHQWyHQOD$PD]RQLDXQDGHODVVHTXtDV
PiVGUiVWLFDVGHORV~OWLPRVDxRV0DUHQJRHWDO (QPXFKDViUHDVGH$PpULFDGHO6XUODIUHFXHQFLDGH
DEpVWHIHQyPHQRFOLPiWLFRJHQHUyXQDHQRU HYHQWRVGHSUHFLSLWDFLyQH[WUHPDKDDXPHQWDGRFRQ
PHPRUWDOLGDGGHiUEROHV\XQHVWDQFDPLHQWRHQVX VLVWHQWHPHQWHFRQHOFDOHQWDPLHQWRGXUDQWHORV~OWL
FUHFLPLHQWR HQ OD FXDO OD $PD]RQLD OLEHUy &DUERQR PRVDxRV&KULVWHQVHQHWDOD6RORPRQHW
HQYH]GHILMDUORHQVXVERVTXHV3KLOOLSVHWDO DO0DUHQJRHWDO3RURWURODGRHQOD
(VWDVLWXDFLyQLPSOLFDJUDYHVFRQVLGHUDFLRQHVVREUHHO UHJLyQDPD]yQLFDVHKDUHJLVWUDGRXQDWHQGHQFLDKDFLD
SDSHOGHVXPLGHURGH&DUERQRGHORVERVTXHVDPD HODXPHQWRHQODWHPSHUDWXUD0DOKL :ULJKW
]yQLFRV \D TXH ODV VHTXtDV HQ OD UHJLyQ DPD]yQLFD /DIUHFXHQFLDGHGtDVIUtRVQRFKHVIUtDV\KHODGDVKD
WLHQGHQD DXPHQWDU /L HW DO 0DUHQJRHW DO GLVPLQXLGRPLHQWUDVTXHORVGtDV\QRFKHVFDOXURVRV\
\PXFKRVGHORVPRGHORVSUHGLFWLYRVSUHVHQWDQ ODVRODVGHFDORUVHKDQYXHOWRPiVIUHFXHQWHV9LQFHQW
FRPRPX\SUREDEOHHVWHGHVRODGRUSDQRUDPD+XQ HWDO&DHVDUHWDO7HEDOGLHWDO
WLQJIRUGHWDO(VWRLPSOLFDUtDTXHDOFRQWUDULR (QFXDQWRDODSUHFLSLWDFLyQHQODUHJLyQDPD]yQLFD
GHDOPDFHQDU&DUERQRHOERVTXHDPD]yQLFRSRGUtD ORV FDPELRV QR SUHVHQWDQ XQD WHQGHQFLD WDQ FODUD
FRQYHUWLUVHHQHPLVRUGH&2$OVLPXODUFRQGLFLRQHV PHQWHGLVWLQJXLEOH\HVXQSXQWRPX\GHEDWLGRHQOD
GHVHTXtDVHKDGHPRVWUDGRFyPRODSURGXFFLyQGHO DFWXDOLGDG6HKDUHSRUWDGRTXHODSUHFLSLWDFLyQHQOD
ERVTXHHQWpUPLQRVGHFUHFLPLHQWRGHVFLHQGHSRU UHJLyQHVWiGHWHUPLQDGDSRUOD2VFLODFLyQ0HULGLRQDO
ODIDOWDGHOOXYLDVFRPRWDPELpQLQFLGHHQODPRUWD GH(O1LxR(162HQHO3DFtILFR\SRUODVYDULDFLRQHV
OLGDGGHORViUEROHVORFXDOJHQHUDXQDUHGXFFLyQGH HQODWHPSHUDWXUDVXSHUILFLDOGHO$WOiQWLFRWURSLFDO/L
ODELRPDVDSRUHQFLPDGHOVXHORGHDSUR[LPDGDPHQWH HWDO0DUHQJRHWDODE*UDQSDUWHGHO
0HJDJUDPRVSRUKHFWiUHD0HJDJUDPR XQPL UpJLPHQGHSUHFLSLWDFLyQHQOD$PD]RQLDVHFDUDFWHUL
OOyQGHJUDPRVHQHOSULPHUDxRGHVHTXtD%UDQGR ]DSRUOOXYLDVHVWDFLRQDOHVGRPLQDGDVSRUPLJUDFLRQHV
HWDO GH´EDQGDVµGHLQWHQVDOOXYLDHQGLUHFFLyQQRUWHVXU
DOLPHQWDGDV SRU YLHQWRV K~PHGRV 0DUHQJR 
&RPRXQHIHFWRFRODWHUDOODVHTXtDSURORQJDGDJH VLQHPEDUJRD~QQRKD\XQFRQVHQVRVREUHORVSDWUR
QHUDFRQGLFLRQHVySWLPDVSDUDTXHORVLQFHQGLRVFR QHVGHSUHFLSLWDFLyQHQODUHJLyQ

5(9,67$&2/20%,$$0$=Ð1,&$ 
/$$0$=21Ì$)5(17($/&$0%,2&/,0É7,&2

3RUVXVHIHFWRVGUiVWLFRVORVHYHQWRVGHVHTXtDSUR GDQ VHU LPSOHPHQWDGDV R GHVDUUROODGDV 3DUU\ HW DO

ORQJDGD KDQ WHQLGR HVSHFLDO DWHQFLyQ ORV FXDOHV JH \DTXHH[LVWHQFRQGLFLRQHVORFDOHV\UHJLRQDOHV
QHUDOPHQWHKDQRFXUULGRHQDxRVGH(O1LxR SURSLDVTXHVRQYLWDOHVSDUDSRGHUUHVSRQGHUDODVQH
\\KDQDIHFWDGRSULQFLSDOPHQWHODUH FHVLGDGHVGHDGDSWDFLyQ\PLWLJDFLyQ
JLyQQRURULHQWDOGHOD$PD]RQLD/LHWDO*RRG
HWDO0DUHQJRHWDODE0DUHQJRHWDO /DUHODFLyQHQWUHHODXPHQWRGHODVWHPSHUDWXUDVGHOD
6LQHPEDUJRODVHTXtDGHOTXHREOLJyDO VXSHUILFLHRFHiQLFD\ORVFDPELRVHQODSUHFLSLWDFLyQ
JRELHUQREUDVLOHURDGHFODUDUHOHVWDGRGHHPHUJHQFLD UHJLRQDOQRHVGHOWRGRFODUDHQODUHJLyQDPD]yQLFD
QRIXHSURYRFDGDSRUXQHYHQWRGH(O1LxRVLQRSRUHO /DHYDOXDFLyQGHORVHVFHQDULRVIXWXURVVREUHHOFOLPD
FDOHQWDPLHQWRDQRUPDOGHODVXSHUILFLHGHO$WOiQWLFR SUHVHQWDQXQDDPSOLDGLYHUJHQFLDHQWUHORVUHJLVWURV
QRUWURSLFDO 0DUHQJR HW DO E /D VHTXtD GHO GHODDPSOLWXGGHO(162\ODUHVSXHVWDGHOFOLPDHQ
GHVHQFDGHQyGDxRVLUUHYHUVLEOHVHQORVERVTXHV ODUHJLyQ&KULVWHQVHQHWDOE(QXQDHYDOXD
SRUHMHPSORHOQ~PHURDFXPXODWLYRGHLQFHQGLRVVH FLyQ GH RQFH PRGHORV FOLPiWLFRV SDUD OD $PD]RQLD
LQFUHPHQWyHQXQUHVSHFWRDODPHGLDUHSRUWDGD VH HQFRQWUy TXH FLQFR GH HOORV SUR\HFWDQ XQ LQFUH
HQWUH\0DUHQJRHWDOD\ODVWDVDV PHQWRHQODSUHFLSLWDFLyQDQXDOWUHVSUR\HFWDQXQD
GHPRUWDOLGDGGHORViUEROHVVHHOHYDURQFRQVLGHUDEOH GLVPLQXFLyQHQODSUHFLSLWDFLyQDQXDO\ORVRWURVWUHV
PHQWH3KLOOLSVHWDO SUR\HFWDQFDPELRVPX\SRFRVLJQLILFDWLYRVHQODSUH
FLSLWDFLyQGHOD$PD]RQLD/LHWDO
/$5(92/8&,Ð1'(/2602'(/26
0DUHQJR\FRODERUDGRUHVXVDURQXQPRGHOR
0$7(0É7,&26
UHJLRQDO SDUD 6XUDPpULFD TXH VH EDVD SULQFLSDOPHQ
(QWHQGHUHOGHVWLQRGHOERVTXHDPD]yQLFRHQHOVLJOR WHHQDFRQWHFLPLHQWRVDSHTXHxDHVFDODGHWLHPSR\
;;,IUHQWHDOLQFUHPHQWRGHODFRQFHQWUDFLyQGH&2 SUR\HFWDQTXHORVGtDVFRQJUDQSUHFLSLWDFLyQLQFUH
HQODDWPyVIHUDHOFDPELRGHOXVRGHOVXHORODLQFLGHQ PHQWDUiQHQOD$PD]RQLDRFFLGHQWDOODUHJLyQQRUWH
FLDGHLQFHQGLRV\ODWDODVHOHFWLYDFRQVWLWX\HXQHVIXHU GH3HU~\(FXDGRU\ODUHJLyQPiVVXURULHQWDOGH6X
]RFLHQWtILFRLQWHUQDFLRQDOGHJUDQHQYHUJDGXUD0D\OH UDPpULFDSRUHOFRQWUDULRSUR\HFWDQXQDWHQGHQFLDD
3RZHU/DFRPSOHMLGDGGHIDFWRUHVTXHDIHF ODVHTXtDVHQHOQRUWHGH6XUDPpULFD\ODUHJLyQPiV
WDQHOFOLPDHQODUHJLyQDPD]yQLFD\ORVHIHFWRVVREUH RULHQWDOGHOD$PD]RQLDQRUGHVWHEUDVLOHUR
ORVERTXHVKDUHTXHULGRGHOXVRGHPRGHORVPDWHPi
WLFRV TXH SHUPLWHQ LQIHULU \ SUHGHFLU ODV YDULDFLRQHV 3RU RWUR ODGR XQR GH ORV PRGHORV PiV DODUPLVWDV
H[WUHPDVHQHOIXWXURDGLIHUHQWHVHVFDODVGHWLHPSR SUHGLFH HO PDUFKLWDPLHQWR D JUDQ HVFDOD GHO ERVTXH
/RVPRGHORVPDWHPiWLFRVKDQWHQLGRJUDQGHVDYDQFHV DPD]yQLFR&R[HWDO%HWWVHWDO
JUDFLDV D ODV FDSDFLGDGHV FRPSXWDFLRQDOHV DOFDQ]DGDV +DUULVHWDOpVWHPRGHORSURSRQHTXH
HQODDFWXDOLGDG0DUHQJRHWDO/DPRGHODFLyQ HQODVSUy[LPDVGpFDGDVHOERVTXHDPD]yQLFRVXIULUi
QXPpULFD GHO FOLPD GHO JORER WHUUiTXHR \ VX SRVLEOH VHTXtDVPiVLQWHQVDVTXHUHGXQGDUiQHQXQDWUDQV
UHVSXHVWD DQWH ORV HIHFWRV GH OD DFXPXODFLyQ GH *(, IRUPDFLyQDJUDQHVFDODGHOERVTXH$OJXQRVDXWRUHV
SHUPLWHSULRUL]DUUHJLRQHVJHRJUiILFDVDFFLRQHVGHPL VXJLHUHQTXHHOERVTXHVHWUDQVIRUPDUiHQXQDHVSH
WLJDFLyQ\DFFLRQHVGHDGDSWDFLyQKDFLDHOIXWXUR6LQ FLH GH ´VDEDQDµ 2\DPD  1REUH  6DOD]DU HW
HPEDUJRODQHFHVLGDGGHJHQHUDUGHWDOOHVPiVILQRVHQ DO  VLQ HPEDUJR HVWH WpUPLQR KD VLGR PX\
OD VLPXODFLyQ GH OD YDULDELOLGDG FOLPDWROyJLFD VyOR VH FXHVWLRQDGR\HOWpUPLQRGH´PDUFKLWDPLHQWRµUHIOHMD
FRQVLJXHQEDMRHOGHVDUUROORGH0RGHORV5HJLRQDOHVVR PHMRUHOSURFHVRTXHSUHGLFHHOPRGHOR%HWWVHWDO
EUHHO&OLPDTXHWLHQHQHQFXHQWDFDUDFWHUtVWLFDVORFD &R[HWDO$XQTXHHQODUHJLyQDPD]y
OHVLPSRUWDQWHVFRPRODRURJUDItDODYHJHWDFLyQ\RWUDV QLFDVHSUHVHQWDQYDULDFLRQHVGHSUHFLSLWDFLyQLQWHU
YDULDEOHVLQWHUQDVGHODFRQIRUPDFLyQGHOFOLPDDQLYHO QDVVHKDSURSXHVWRTXHODUHGXFFLyQGHODVOOXYLDVQR
UHJLRQDO+D\TXHWHQHUHQFXHQWDTXHVLQSUR\HFFLR HVSURGXFWRGHGLFKDYDULDELOLGDGVLQRSURGXFWRGHOD
QHVUHJLRQDOHVDSURSLDGDVVREUHHOFDPELRGHOFOLPDHV LQIOXHQFLDDQWURSRJpQLFDGDGDSRUODDFXPXODFLyQGH
PX\GLVFXWLEOHTXHODVHVWUDWHJLDVGHDGDSWDFLyQSXH *(,/LHWDO

 5(9,67$&2/20%,$$0$=Ð1,&$
(QODUHDFFLyQGHOERVTXHDORVFDPELRVFOLPiWLFRVLQ HVFDOD \ UHFDOFD VREUH OD YXOQHUDELOLGDG GHO ERVTXH
WHUYLHQHQXQDVHULHGHYDULDEOHVTXHPRGLILFDQODVSUH $PD]yQLFR IUHQWH DO FDPELR FOLPiWLFR +XQWLQJIRUG
GLFFLRQHVGHORVGLIHUHQWHVPRGHORV(QODE~VTXHGD HWDO
GHXQDYDORUDFLyQPiVUHDOGHODVUHVSXHVWDVGHOERVTXH
DORVFDPELRVFOLPiWLFRV\GHXQPRGHORPiVUREXVWR (VLPSRUWDQWHUHFDOFDUTXHODJUDQPD\RUtDGHPR
+XQWLQJIRUG\FRODERUDGRUHVLQFRUSRUDURQXQ GHORV QR LQFRUSRUDQ OD UHODFLyQ HQWUH ORV FDPELRV
PRGHORGHGHPRJUDItDHFRVLVWpPLFDGHVDUUROODGRSRU FOLPiWLFRV OD GHIRUHVWDFLyQ OD WUDQVIRUPDFLyQ SRU
0RRUFURIW\FRODERUDGRUHVHQGRQGHFRPEL ORVLQFHQGLRVQLODLQIOXHQFLDFUHFLHQWHGHODLQGXV
QDURQ YDULDEOHV HFROyJLFDV D SDUWLU GH GDWRV GH FDP WULDHQODUHJLyQ$OWHQHUHQFXHQWDYDULDEOHVFRPR
SRSURYHQLHQWHVGHODUHJLyQDPD]yQLFDODVYDULDEOHV ODWDVDGHGHIRUHVWDFLyQODWDODVHOHFWLYDGHPDGHUDV
WHQLGDV HQ FXHQWD IXHURQ (O iUHD IROLDU /D WDVD \ODVFRQGLFLRQHVGHHPLVLRQHVGHJDVHVHIHFWRLQYHU
GHPRUWDOLGDGGHORViUEROHV/DGHQVLGDGGHODPDGHUD QDGHURFRPRVHKDQYHQLGRSUHVHQWDQGR1HSVWDG\
GHELGRDTXHQRHQWRGDVODVPDGHUDVVHDFXPXODOD FRODERUDGRUHVVXJLHUHQTXHSDUDHOVH
PLVPDFDQWLGDGGH&DUERQRODYDULDFLyQGHODGHQVL KDEUi SHUGLGR HO  GHO ERVTXH GH OD $PD]RQLD
GDGGHODPDGHUDWHQGUiXQDYDULDFLyQHQODFDQWLGDG OR FXDO VLJQLILFD TXH HQWUH  \  3HWDJUDPRV GH
GH&DUERQRVHFXHVWUDGR/DYLGD~WLOGHODVKRMDV &DUERQR VHUtDQ OLEHUDGRV D OD DWPyVIHUD HQ PHQRV
(OSDWUyQGHGLVWULEXFLyQGHOFDUERQRDOLQWHULRUGHORViUEROHV GHWUHVGpFDGDV
UDtFHVWURQFRRUDPDV/DHVWUDWLILFDFLyQGHOERVTXH
/DJUDQFRPSOHMLGDGGHOERVTXHDPD]yQLFRJHQHUDXQD 2WUDIRUPDGHHQWHQGHU\SUHGHFLUODVUHDFFLRQHVGHO
HVWUXFWXUDYHUWLFDOGDGDSRUODYDULDFLyQHQODDOWXUDGH ERVTXHIUHQWHDORVFDPELRVDWPRVIpULFRVHVHVWXGLDU
ORVGLIHUHQWHViUEROHV/DVKRMDVPiVDOWDV\HQJHQHUDO ODV FRQGLFLRQHV SDVDGDV GHO ERVTXH $O HVWXGLDU ODV
HO HVWUDWR PiV DOWR GHO ERVTXH GRVHO UHFLEHQ OD OX] YDULDFLRQHV HQ HO FOLPD GHO +RORFHQR HQWUH  \
VRODUGLUHFWDPHQWH\DEVRUEHQSDUWHGHHOODGHMDQGR DxRVDQWHVGHOSUHVHQWHODVSUHGLFFLRQHVWLHQ
SDVDUXQDIUDFFLyQGHODOX]OH\GH%HHUODVP~OWLSOHV GHQDYDULDU$SDUWLUGHHYDOXDFLRQHVGHOSROHQDQWL
´FDSDVµ SHUPLWHQ TXH OOHJXH VyOR XQD SHTXHxD IUDF JXR 0D\OH  3RZHU  VXJLHUHQ TXH HO ERVTXH
FLyQGHOX]DORVHVWUDWRVLQIHULRUHVGHOERVTXHVVRWR DPD]yQLFRKDVREUHYLYLGRDFRQGLFLRQHVGHVHTXtD\
ERVTXH(VWDFDUDFWHUtVWLFDLQFLGHHQDFXPXODFLyQGHO SHUWXUEDFLRQHV KDFH PLOHV GH DxRV \ WLHQH XQD JUDQ
&DUERQR\DTXHODOX]LQFLGHQWHVREUHFDGDKRMDHVXQ FDSDFLGDGGHUHVSRQGHUDQWHHYHQWRVH[WUHPRVORTXH
IDFWRUGHWHUPLQDQWHSDUDHOSURFHVRGHPHWDEROLVPR FRQWUDGLFHHQFLHUWDPHGLGDODKLSyWHVLVGHOPDUFKLWD
GHO&DUERQR/DGLQiPLFDQDWXUDOGHODYHJHWDFLyQ7H PLHQWRDJUDQHVFDODGHODUHJLyQDPD]yQLFD6LQHP
QLHQGRHQFXHQWDTXHHOERVTXHDPD]yQLFRHVPX\GL EDUJRKD\TXHWHQHUHQFXHQWDTXHDGLIHUHQFLDGHODV
QiPLFRHQGRQGHHOQDFLPLHQWR\ODPXHUWHGHiUEROHV FRQGLFLRQHVGHOSDVDGRHQHOSUHVHQWHHOERVTXHVH
VRQVXFHVRVFRPXQHVTXHDOWHUDQODHVWUXFWXUDGHOERV HQIUHQWDDGHPiVDXQDFRPELQDFLyQGHVIDYRUDEOHGH
TXHDPD]yQLFRODFDtGDGHXQiUEROFRQIUHFXHQFLDJH VHTXtDV DOWDV WDVDV GH GHIRUHVWDFLyQ FUHFLHQWH LQFL
QHUDXQDUHDFFLyQHQFDGHQDGHYDULRVPiVTXHDVXYH] GHQFLDGHLQFHQGLRV\ODWDODVHOHFWLYDGHHVSHFLHVHQ
FUHDQXQDGLVFRQWLQXLGDGHQHOERVTXHFRQRFLGRFRPR WUHODVPiVLPSRUWDQWHV&RFKUDQH /DXUDQFH
´FODURµ(OPRGHORWRPDHQFXHQWDODUHSUHVHQWDFLyQ 6DZ\HU1HSVWDGHWDO
GH ODV FDtGDV QDWXUDOHV GH iUEROHV DVt FRPR IDFWRUHV
GHPRJUiILFRVFRPRHOWDPDxR\ODHGDGGHORViUEROHV $XQTXHODVVHTXtDVGHOERVTXH$PD]yQLFRQRVRQFR
/RVWLSRVIXQFLRQDOHVGHSODQWDV(QWUHODVSODQWDVWUR PXQHVHQWRGRVORVPRGHORVGHFLUFXODFLyQDWPRVIpUL
SLFDOHVH[LVWHQYDULDFLRQHVILVLROyJLFDVTXHLQFLGHQHQ FDSURSXHVWRVWDOFRPRORHVWDEOHFHHO&XDUWR5HSRUWH
ODFDSWDFLyQGHO&2GHODDWPyVIHUDSODQWDV&& GH(YDOXDFLyQGHO3DQHO,QWHUJXEHUQDPHQWDOGH([SHU
TXHUHSHUFXWHHQYHORFLGDGHVGLIHUHQFLDOHVHQODDFX WRVVREUHHO&DPELR&OLPiWLFR,3&&&KULVWHQVHQHW
PXODFLyQGHO&DUERQR(OFUHFLPLHQWRGHORViUEROHV DODODVSUHGLFFLRQHVPiVDODUPDQWHVGHEHQVHU
WHQLGDV HQ FXHQWD GHELGR D OD LQPHQVD LPSRUWDQFLD
$OLQFRUSRUDUODYDULDFLyQGHHVWRVIDFWRUHVpVWHPR TXHWHQGUtDXQHYHQWXDOPDUFKLWDPLHQWRDJUDQHVFDOD
GHOR SUHGLFH LJXDOPHQWH XQ PDUFKLWDPLHQWR D JUDQ VREUHHOFOLPDGHOSODQHWD+DUULVHWDO

5(9,67$&2/20%,$$0$=Ð1,&$ 
/$$0$=21Ì$)5(17($/&$0%,2&/,0É7,&2

8QR GH ORV SXQWRV PiV UHOHYDQWHV HQ HO GHVDUUROOR (VWHKHFKRJHQHUDXQDUHGXFFLyQGHODFDSDFLGDGGH
GH OD HODERUDFLyQ GH ORV PRGHORV PDWHPiWLFRV HV OD SUHGHFLUODVYDULDFLRQHVFOLPiWLFDVHQODUHJLyQ\SRU
UHGXFFLyQGHORVIDFWRUHVGHLQFHUWLGXPEUH'HELGR HQGHXQDGLILFXOWDGSDUDHVWDEOHFHUHVWUDWHJLDVGHPL
DODGLILFXOWDGGHLQFOXLUYDULDEOHVLPSRUWDQWHVFRPR WLJDFLyQ\DGDSWDFLyQIUHQWHDORVHYHQWXDOHVFDPELRV
ODFRPSHWHQFLDHQWUHHVSHFLHVODVSUHGLFFLRQHVGHODV
YDULDFLRQHVGHWHPSHUDWXUDVXSHUILFLDOGHORVRFpDQRV /$$0$=21,$&2/20%,$1$<686
HOUHHPSOD]RGHHVSHFLHVHQWUHRWUDVVHJHQHUDFLHUWR
5(726
JUDGRGHLQFHUWLGXPEUHHQODVSUHGLFFLRQHVODVFXDOHV
GLILFXOWDQHOHQWHQGLPLHQWR\FXDQWLILFDFLyQGHODVYD )UHQWHDODVSUR\HFFLRQHVGHOIXWXURGHODUHJLyQ$PD
ULDFLRQHVHQODVSUHFLSLWDFLRQHVVREUHHOERVTXHDPD ]yQLFDHQJHQHUDOOD$PD]RQLDFRORPELDQDVHHQFXHQ
]yQLFR+DUULVHWDO WUDHQXQDVLWXDFLyQSULYLOHJLDGD3RUXQODGRODUHJLyQ
QRURFFLGHQWDOGHOD$PD]RQLDSUHVHQWDFRQGLFLRQHV
)LQDOPHQWHXQHOHPHQWRFUXFLDOSDUDODIXWXUDPR FOLPDWROyJLFDVGHDOWDVSUHFLSLWDFLRQHVDQXDOHV\EDMD
GHODFLyQ GHO FOLPD HV OD FDOLGDG \ FDQWLGDG GH GDWRV HVWDFLRQDOLGDG )LJXUD  ODV FXDOHV JHQHUDQ FLHUWD
FOLPiWLFRVHQOD$PD]RQLDTXHSHUPLWDQDMXVWDU\YD HVWDELOLGDGIUHQWHDORVHYHQWRVH[WUHPRVTXHVHKDQ
OLGDUODVSUR\HFFLRQHV\VLPXODFLRQHVUHJLRQDOHV/D GHVFULWRSDUDODUHJLyQDGLIHUHQFLDGHOVXURULHQWHGH
PHQWDEOHPHQWHHQPXFKRVSDtVHVFRPR&RORPELDOD ODUHJLyQDPD]yQLFDTXHSUHVHQWDIHQyPHQRVFOLPiWL
FDQWLGDG\GLVSRQLELOLGDGGHORVGDWRVFOLPiWLFRVSDUD FRVPiVHVWDFLRQDOHV
OD UHJLyQ DPD]yQLFD HV PX\ HVFDVD 3RYHGD 

),*85$3520(',2'(/$35(&,3,7$&,Ð1(1/$e32&$0É66(&$720$'2'(0$</( 32:(5

 5(9,67$&2/20%,$$0$=Ð1,&$
),*85$5(6*8$5'26,1'Ì*(1$6<É5($63527(*,'$6)8(17(6,*$&&$572*5$)Ì$2),&,$/'(&2/20%,$,*$&0$3$'(5(6*8$5'26,1'Ì*(1$6'(&2/20%,$1$6$

6750'(06,1&+,/Ì0,7($0$=21,$&2/20%,$1$8$(63116311&225'(1$'$6*(2*5É),&$6'$780:*6

3RURWURODGRHQ&RORPELDHODYDQFHGHFDUUHWHUDVOD /RV WUDEDMRV GH 6RDUHV \ FRODERUDGRUHV  \ GH

LPSOHPHQWDFLyQGHLQGXVWULDVPDGHUHUDVDJUDQHVFD 1HSVWDG\FRODERUDGRUHVSUR\HFWDQTXH&R
OD OD JDQDGHUtD H[WHQVLYD \ ORV PDFURFXOWLYRV FRPR ORPELD SUHVHQWDUi XQD EXHQD FREHUWXUD GH ERVTXH
ODVR\DHVWiQFRQFHQWUDGRVSULQFLSDOPHQWHHQODVUH DPD]yQLFRHQHODxR)LJXUD6LQHPEDUJR
JLRQHV GH )ORUHQFLD \ 6DQ -RVp GH *XDYLDUH OR TXH HVWHSULYLOHJLRHVXQDLQPHQVDUHVSRQVDELOLGDG\DTXH
SHUPLWHTXHD~QH[LVWDQH[WHQVDViUHDVFRQFREHUWXUD SRVHHPRV VHJ~Q ODV SUHGLFFLRQHV XQR GH ORV SR
QDWXUDOHQHOUHVWRGHOD$PD]RQLDFRORPELDQD$GH FRV ERVTXHV TXH TXHGDUiQ HQ HO SODQHWD HQ HO IXWX
PiVH[LVWHXQVLVWHPDGHiUHDVSURWHJLGDVLPSRUWDQWH URSUy[LPRDxRV'HOEXHQPDQHMRTXHVH
\ XQ Q~PHUR FRQVLGHUDEOH GH UHVJXDUGRV LQGtJHQDV OHGpDHVWDVH[WHQVLRQHVGHERVTXHVGHSHQGHUiTXH
TXHDVHJXUDQHQXQDDOWDSURSRUFLyQODSURWHFFLyQ WHQJDPRVDQWHQRVRWURVXQRGHORVSRFRVUHIXJLRVGH
GHDOUHGHGRUGHOPLOORQHVGHKHFWiUHDVGHOERVTXH ELRGLYHUVLGDGGHODVSUy[LPDVGpFDGDV6LWHQHPRVHQ
DPD]yQLFR)LJXUD FXHQWDTXHODVHVWUDWHJLDVGHFRQVHUYDFLyQDJUDQHV

5(9,67$&2/20%,$$0$=Ð1,&$ 
/$$0$=21Ì$)5(17($/&$0%,2&/,0É7,&2

%RVTXH 6LQERVTXH %RVTXHVHFRFRQGLFLRQHVQRUPDOHV %RVTXHVHFRUHGXFFLyQGH

OOXYLDV
%RVTXHGHIRUHVWDGR %RVTXHFRQH[WUDFFLyQGHPDGHUD %RVTXHVHFRFRQH[WUDFFLyQGHPDGHUD

),*85$35(',&&,Ð1'(/$&2%(5785$'(/$$0$=21,$$/&20%,1$1'2$80(172'(*(,(1/$$70Ð6)(5$<'()25(67$&,Ð1720$'2'(1(367$'<&2/$%25$'25(6

),*85$Ì1',&('(&$0%,2&/,0É7,&2720$'2'(%$(77,*(7$/

 5(9,67$&2/20%,$$0$=Ð1,&$
FDODD\XGDQDPLWLJDUHOFDPELRFOLPiWLFR.LOOHHQ  PiVSRQGHUHODSHUVSHFWLYDGHTXLHQHVKDQKDELWDGR
6ROyU]DQRVHUHTXLHUHDPSOLDUODViUHDVSURWH HOERVTXHSRUPLOHVGHDxRVORVTXHDSRUWDUiQPHQRV
JLGDVHQUHJLRQHVHVWUDWpJLFDVGHOD$PD]RQLDFRORP DOFDPELRFOLPiWLFR\TXLHQHVVXIULUiQFRQPiVLQFOH
ELDQD PHQFLDVXVGHVDIRUWXQDGRVHIHFWRV

&RPRVHKDH[SXHVWRODPD\RUtDGHORVPRGHORVLQ /DVSUHGLFFLRQHV´IDYRUDEOHVµSDUDDPSOLDV]RQDVGH
GLFDQ TXH OD VXVFHSWLELOLGDG GH ORV ERVTXHV DPD]y OD$PD]RQLDFRORPELDQDORVRQHQUHODFLyQFRQRWUDV
QLFRV IUHQWH DO FDPELR FOLPiWLFR HV DOWD $XQTXH VH UHJLRQHVDPD]yQLFDVHQGRQGHVHSUHGLFHQFDPELRV
HVWLPDTXHODUHJLyQQRURFFLGHQWDO&RORPELDWHQ HQ OD SUHFLSLWDFLyQ PX\ GUiVWLFRV \ HQ GRQGH ORV
GUiPD\RUHVWDELOLGDGHOÌQGLFHGH&DPELR&OLPiWLFR SURFHVRVGHWUDQVIRUPDFLyQGHODFREHUWXUDQDWXUDO
GHVDUUROODGR SRU %DHWWLJ \ FRODERUDGRUHV  DO VRQDJUDQHVFDOD(VWRQRTXLHUHGHFLUTXHODUHJLyQ
SRQGHUDU QXHYH LQGLFDGRUHV FOLPiWLFRV HYHQWRV H[ DPD]yQLFD FRORPELDQD QR VH YHUi DIHFWDGD SRU ORV
WUHPRVGHWHPSHUDWXUD\SUHFLSLWDFLyQSUHVHQWDDOD FDPELRVHQHOFOLPDVLQRTXHVHSUHGLFHTXHVHUiQ
$PD]RQLD FRORPELDQD FRPR XQD GH ODV UHJLRQHV HQ PHQRUHV )LQDOPHQWH KD\ TXH WHQHU HQ FXHQWD TXH
GRQGH HO &DPELR &OLPiWLFR SRGUtD VHU PiV LQWHQVR OD DXVHQFLD GH SUR\HFFLRQHV UREXVWDV D QLYHO UHJLR
FRQHYHQWRVGUiVWLFRVHQODSUHFLSLWDFLyQ\ODWHPSH QDOJHQHUDTXHODVDFFLRQHVOOHJXHQGHVSXpVGHTXH
UDWXUD)LJXUD RFXUUDDOJ~QHYHQWRGHVDVWURVR\SRUHOORHVLPSRU
WDQWHDXQDUHVIXHU]RVDHVFDODUHJLRQDOSDUDJHQHUDU
3DUD&RORPELDODGHIRUHVWDFLyQHYLWDGD&DQR HVWUDWHJLDVGHPLWLJDFLyQGHOFDPELRFOLPiWLFRHQOD
HV XQD RSFLyQ TXH GHEH VHU FRQVLGHUDGD VHULDPHQWH $PD]RQLDFRORPELDQD
HQODUHJLyQDPD]yQLFD\DTXHODGHIRUHVWDFLyQDJUDQ
HVFDODHVWiUHVWULQJLGDD]RQDVSXQWXDOHV\VHUHTXLHUH $*5$'(&,0,(1726
GHRWUDVHVWUDWHJLDVJOREDOHVTXHDVHJXUHQODFRQVHU
YDFLyQGHODVJUDQGHVH[WHQVLRQHVGHERVTXHQDWXUDO $ 2VFDU /DYHUGH \ 'DLURQ &iUGHQDV SRU OD OHFWXUD
TXHFRQVHUYDHOSDtV3RURWURODGRVHUHTXLHUHHVWD FUtWLFDGHOPDQXVFULWRD6RQLD6XDSRUODHODERUDFLyQ
EOHFHUHVWUDWHJLDVGHGHVDUUROORTXHWHQJDQXQDYLVLyQ GHORVPDSDVD1HOVRQ6DOLQDVSRUHODSR\RHQODDG
D ODUJR SOD]R GRQGH VH FRQVLGHUH DO FDPELR JOREDO TXLVLFLyQGHODOLWHUDWXUDD'DLURQ&iUGHQDV0LVDHO
3RYHGDFRPRHOHMHSULQFLSDOSDUDODWRPDGH 5RGUtJXH]2VFDU/DYHUGH\3DROD-LPpQH]SRUPRWL
GHFLVLRQHVSROtWLFDVHFRQyPLFDV\VRFLDOHV\TXHDGH YDUHVWHPDQXVFULWR

=RQDGHIRUHVWDGD3XWXPD\R-DLPH1DYDUUR

5(9,67$&2/20%,$$0$=Ð1,&$ 
/$$0$=21Ì$)5(17($/&$0%,2&/,0É7,&2

%,%/,2*5$)Ì$
$OYHV'67DNLQJWKLQJVSXEOLFDFRQWULEXWLRQWRDGGUHVV $5LQNH$6DUUDQG3:KHWWRQD5HJLRQDO&OLPDWH
KXPDQGLPHQVLRQVRIHQYLURQPHQWDOFKDQJH3KLO7UDQV 3URMHFWLRQV,Q&OLPDWH&KDQJH7KH3K\VLFDO6FLHQ
56RF% FH%DVLV&RQWULEXWLRQRI:RUNLQJ*URXS,WRWKH)RXUWK
$UDJmR/(2&<0DOKL1%DUELHU$/LPD<6KLPDEXNX $VVHVVPHQW5HSRUWRIWKH,QWHUJRYHUQPHQWDO3DQHORQ&OL
UR/$QGHUVRQ 66DDWFKL,QWHUDFWLRQVEHWZHHQ PDWH&KDQJH6RORPRQ6'4LQ00DQQLQJ=&KHQ
UDLQIDOOGHIRUHVWDWLRQDQGILUHVGXULQJUHFHQW\HDUVLQWKH 00DUTXLV.%$YHU\W07LJQRUDQG+/0LOOHUHGV
%UD]LOLDQ$PD]RQLD3KLO7UDQV56RF% &DPEULGJH8QLYHUVLW\3UHVV&DPEULGJH8QLWHG.LQJGRP
%DHWWLJ0%0:LOG '0,PERGHQ$FOLPDWHFKDQ DQG1HZ<RUN1<86$
JH LQGH[ :KHUH FOLPDWH FKDQJH PD\ EH PRVW SURPL &KULVWHQVHQ-+75&DUWHU05XPPXNDLQHQ*$PDQDWLGLV
QHQW LQ WKH VW FHQWXU\ *HRSK 5HV /HW  / E(YDOXDWLQJWKH3HUIRUPDQFHDQG8WLOLW\RI5HJLRQDO
GRL*/ &OLPDWH0RGHOVWKH358'(1&(3URMHFW&OLPDWLF&KDQ
%DUORZ- &$3HUHV)LUHPHGLDWHGGLHEDFNDQGFRP JH²
SRVLWLRQDOFDVFDGHLQDQ$PD]RQLDQIRUHVW3KLO7UDQV5 &RFKUDQH0$ :)/DXUDQFH6\QHUJLVPVDPRQJ)LUH
6RF% /DQG 8VH DQG &OLPDWH &KDQJH LQ WKH $PD]RQ $PELR
%HWWV5$30&R[ 0&ROOLQV7KHUROHRIHFRV\V 
WHP²DWPRVSKHUH LQWHUDFWLRQV LQ VLPXODWHG $PD]RQLDQ &R[305$%HWWV&'-RQHV6$6SDOO ,-7RWWHU
SUHFLSLWDWLRQGHFUHDVHDQGIRUHVWGLHEDFNXQGHUJOREDOFOL GHOO$FFHOHUDWLRQRIJOREDOZDUPLQJGXHWRFDUERQ
PDWHZDUPLQJ7KHRU$SSO&OLPDWRO F\FOHIHHGEDFNVLQDFRXSOHGFOLPDWHPRGHO1DWXUH
%HWWV506DQGHUVRQ 6:RRGZDUG(IIHFWVRIODUJH ²
VFDOH$PD]RQIRUHVWGHJUDGDWLRQRQFOLPDWHDQGDLUTXDOLW\ &R[ 30 33 +DUULV & +XQWLQJIRUG 5$ %HWWV 0 &ROOLQV
WKURXJK IOX[HV RI FDUERQ GLR[LGH ZDWHU HQHUJ\ PLQHUDO &'-RQHV7(-XSS-$0DUHQJR &$1REUH
GXVWDQGLVRSUHQH3KLO7UDQV56RF% ,QFUHDVLQJ ULVN RI $PD]RQLDQ GURXJKW GXH WR GHFUHDVLQJ
%R\G (  1DYLJDWLQJ $PD]RQLD XQGHU XQFHUWDLQW\ SDVW DHURVROSROOXWLRQ1DWXUH
SUHVHQWDQGIXWXUHHQYLURQPHQWDOJRYHUQDQFH3KLO7UDQV *RRG 3 -$ /RZH 0 &ROOLQV  : 0RXIRXPD2NLD 
56RF% $QREMHFWLYHWURSLFDO$WODQWLFVHDVXUIDFHWHPSHUDWXUHJUD
%UDQGR30'&1HSVWDG($'DYLGVRQ6(7UXPERUH' GLHQW LQGH[ IRU VWXGLHV RI VRXWK $PD]RQ GU\VHDVRQ FOL
5D\  3 &DPDUJR  'URXJKW HIIHFWV RQ OLWWHU IDOO PDWH YDULDELOLW\ DQG FKDQJH 3KLO 7UDQV 5 6RF % 
ZRRGSURGXFWLRQDQGEHORZJURXQGFDUERQF\FOLQJLQDQ 
$PD]RQIRUHVWUHVXOWVRIDWKURXJKIDOOUHGXFWLRQH[SHUL (EHOLQJ- 0<DVXp*HQHUDWLQJFDUERQILQDQFHWKURXJK
PHQW3KLO7UDQV56RF% DYRLGHG GHIRUHVWDWLRQ DQG LWV SRWHQWLDO WR FUHDWH FOLPD
%URQGL]LR(6 ()0RUDQ+XPDQGLPHQVLRQVRIFOLPD WLFFRQVHUYDWLRQDQGKXPDQGHYHORSPHQWEHQHILWV3KLO
WHFKDQJHWKHYXOQHUDELOLW\RIVPDOOIDUPHUVLQWKH$PD 7UDQV56RF%
]RQ3KLO7UDQV56RF% +DUULV 33 & +XQWLQJIRUG  30 &R[  $PD]RQ %DVLQ
&DHVDU - / $OH[DQGHU 5 9RVH  /DUJHVFDOH FKDQJHV LQ FOLPDWHXQGHUJOREDOZDUPLQJWKHUROHRIWKHVHDVXUIDFH
REVHUYHG GDLO\ PD[LPXP DQG PLQLPXP WHPSHUDWX WHPSHUDWXUH3KLO7UDQV56RF%
UHV FUHDWLRQ DQG DQDO\VLV RI D QHZ JULGGHG GDWD VHW -R +XQWLQJIRUG&5$)LVKHU/0HUFDGR%%%%RRWK66LWFK
XUQDO RI *HRSK\VLFDO 5HVHDUFK  ' '2, 33 +DUULV 30 &R[ &' -RQHV  5$ %HWWV < 0DOKL
-' *5+DUULV0&ROOLQV 30RRUFURIW7RZDUGV
&DQDGHOO-*&/H4XpUp055DXSDFK&%)LHOG(7%XL TXDQWLI\LQJ XQFHUWDLQW\ LQ SUHGLFWLRQV RI $PD]RQ ¶GLH
WHQKXLV3&LDLV7-&RQZD\13*LOOHWW5$+RXJKWRQ EDFN·3KLO7UDQV56RF%
*0DUODQG&RQWULEXWLRQVWRDFFHOHUDWLQJDWPRV +RHJK*XOGEHUJ23-0XPE\$-+RRWHQ566WHQHFN
SKHULF&2JURZWKIURPHFRQRPLFDFWLYLW\FDUERQLQWHQ 3*UHHQILHOG(*RPH]&'+DUYHOO3)6DOH$-(G
VLW\DQGHIILFLHQF\RIQDWXUDOVLQNV3URF1DWO$FDG6FL ZDUGV.&DOGHLUD1.QRZOWRQ&0(DNLQ5,JOHVLDV
 3ULHWR 1 0XWKLJD 5 + %UDGEXU\ $ 'XEL 0 ( +D
&DQR&*/DHFRQRPtDGHOFDPELRFOLPiWLFR\ODRSFLyQ W]LRORV&RUDO5HHIV8QGHU5DSLG&OLPDWH&KDQJHDQG
$PD]yQLFD5HYLVWD&RORPELD$PD]yQLFD 2FHDQ$FLGLILFDWLRQ6FLHQFH9RO²
&KULVWHQVHQ -+ % +HZLWVRQ $ %XVXLRF $ &KHQ ; *DR .LOOHHQ7- /$6ROyU]DQR&RQVHUYDWLRQVWUDWHJLHVWR
,+HOG5-RQHV5..ROOL:7.ZRQ5/DSULVH9 PLWLJDWHLPSDFWVIURPFOLPDWHFKDQJHLQ$PD]RQLD3KLO
0DJDxD5XHGD/0HDUQV&*0HQpQGH]-5lLVlQHQ 7UDQV56RF%

 5(9,67$&2/20%,$$0$=Ð1,&$
/HZLV6/2/3KLOOLSV75%DNHU-/OR\G<0DOKL6$OPHL 2\DPD0' &$1REUH$QHZFOLPDWHYHJHWDWLRQ
GD1+LJXFKL:)/DXUDQFH'$1HLOO-106LOYD- HTXLOLEULXP VWDWH IRU 7URSLFDO 6RXWK $PHULFD *HRSK\V
7HUERUJK$7RUUHV59iVTXH]6%URZQ-&KDYH& 5HV/HWWGRL*/
.XHEOHU31~xH] %9LQFHWL&RQFHUWHGFKDQJHV 3DUU\ 0/ 2) &DQ]LDQL -3 3DOXWLNRI 3- YDQ GHU /LQGHQ
LQWURSLFDOIRUHVWVWUXFWXUHDQGG\QDPLFVHYLGHQFHIURP DQG &( +DQVRQ HGV  &OLPDWH &KDQJH 
6RXWK$PHULFDQORQJWHUPSORWV3KLO7UDQV56RF ,PSDFWV $GDSWDWLRQ DQG 9XOQHUDELOLW\ &RQWULEXWLRQ RI
%² :RUNLQJ*URXS,,WRWKH)RXUWK$VVHVVPHQW5HSRUWRIWKH
/L:5)X5('LFNLQVRQ5DLQIDOODQGLWVVHDVRQDOLW\ ,QWHUJRYHUQPHQWDO3DQHORQ&OLPDWH&KDQJH&DPEULGJH
RYHU WKH $PD]RQ LQ WKH VW FHQWXU\ DV DVVHVVHG E\ WKH 8QLYHUVLW\3UHVV&DPEULGJH8.
FRXSOHGPRGHOVIRUWKH,3&&$5-RXUQDORI*HRSK\VLFDO 3KLOOLSV2/6//HZLV75%DNHU.-&KDR 1+LJXFKL
5HVHDUFK''2,-' 7KHFKDQJLQJ$PD]RQIRUHVW3KLO7UDQV56RF%
/L : 5 )X 5, 1HJUyQ-XiUH]  . )HUQDQGHV  2E 
VHUYHGFKDQJHRIWKHVWDQGDUGL]HGSUHFLSLWDWLRQLQGH[LWV 3KLOOLSV2//($UDJmR6//HZLV-%)LVKHU-/OR\G*
SRWHQWLDOFDXVHDQGLPSOLFDWLRQVWRIXWXUHFOLPDWHFKDQJH /ySH]*RQ]iOH] < 0DOKL $ 0RQWHDJXGR - 3HDFRFN
LQWKH$PD]RQUHJLRQ3KLO7UDQV56RF% &$4XHVDGD*9DQGHU+HLMGHQ6$OPHLGD,$PDUDO
 /$UUR\R*$\PDUG75%DNHU2%iQNL/%ODQF'
0DOKL< 3KLOOLSV2/7URSLFDOIRUHVWVDQGJOREDODW %RQDO3%UDQGR-&KDYH$&$OYHVGH2OLYHLUD1'
PRVSKHULF FKDQJH D V\QWKHVLV 3KLO 7UDQV 5 6RF % &DUGR]R&,&]LPF]LN75)HOGSDXVFK0$)UHLWDV(
² *ORRU1+LJXFKL(-LPpQH]*/OR\G30HLU&0HQ
0DOKL< -:ULJKW6SDWLDOSDWWHUQVDQGUHFHQWWUHQGV GR]D$0RUHO'$1HLOO'1HSVWDG63DWLxR0&
LQWKHFOLPDWHRIWURSLFDOUDLQIRUHVWUHJLRQV3KLO7UDQV5 3HxXHOD $ 3ULHWR ) 5DPtUH] 0 6FKZDU] - 6LOYD 0
6RF/RQG% 6LOYHLUD$67KRPDV+WHU6WHHJH-6WURSS59iVTXH]
0DUHQJR - $  ,QWHUGHFDGDO YDULDELOLW\ DQG WUHQGV RI UD 3=HOD]RZVNL($OYDUH]6$QGHOPDQ$$QGUDGH.-
LQIDOODFURVVWKH$PD]RQEDVLQ7KHRUHW$SSO&OLPDWRO &KDR7(UZLQ$'L)LRUH(+RQRULR+.HHOLQJ7-
² .LOOHHQ:)/DXUDQFH$3HxD1&$3LWPDQ31~xH]
0DUHQJR -$ &$1REUH - 7RPDVHOOD 0) &DUGRVR  0' +5DPtUH]$QJXOR$5XGDV56DODPmR16LOYD-7HU
2\DPD D +\GURFOLPDWLF DQG HFRORJLFDO EHKDYLRXU ERUJK$7RUUHV/H]DPD'URXJKW6HQVLWLYLW\RIWKH
RIWKHGURXJKWRI$PD]RQLDLQ3KLO7UDQV56RF% $PD]RQ5DLQIRUHVW6FLHQFH
 3180$27&$  3HUVSHFWLYDV GHO PHGLR DPELHQWH HQ OD
0DUHQJR-$&$1REUH-7RPDVHOOD0'2\DPD*6GH $PD]RQLD²*HR$PD]RQtD3URJUDPDGHODV1DFLRQHV8QL
2OLYHLUD 5 GH 2OLYHLUD + &DPDUJR /0 $OYHV  ,) GDVSDUDHO0HGLR$PELHQWH3180$2UJDQL]DFLyQGHO
%URZQE7KHGURXJKWRI$PD]RQLDLQ-&OLP 7UDWDGRGH&RRSHUDFLyQ$PD]yQLFD27&$\HO&HQWUR
² GH ,QYHVWLJDFLyQ GH OD 8QLYHUVLGDG GHO 3DFtILFR &,83
0DUHQJR - $ 5 -RQHV / $OYHV 0 9DOYHUGH  )XWX /LPD
UH FKDQJH RI WHPSHUDWXUH DQG SUHFLSLWDWLRQ H[WUHPHV LQ 3RYHGD*,PSDFWRVGHOFDPELRJOREDO\ODQHFHVLGDGGH
6RXWK$PHULFDDVGHULYHGIURPWKH35(&,6UHJLRQDOFOL XQD(FR(FRQRPtD(FRQRPtD&RORPELDQD
PDWHPRGHOLQJV\VWHP,QWHUQDWLRQDO-RXUQDORI&OLPDWR 5LFKDUGVRQ.:6WHIIHQ+-6FKHOOQKXEHU-$OFDPR7%DU
ORJ\,QSUHVV NHU'0.DPPHQ5/HHPDQV'/LYHUPDQ00XQD
0D\OH )(  0- 3RZHU  ,PSDFW RI D GULHU (DUO\0LG VLQJKH%2VPDQ(ODVKD16WHUQ2: YHU6\Q
+RORFHQHFOLPDWHXSRQ$PD]RQLDQIRUHVW3KLO7UDQV5 WKHVLV5HSRUW&OLPDWH&KDQJH*OREDO5LVNV&KDOOHQJHV 
6RF% 'HFLVLRQV,QWHUQDWLRQDO$OOLDQFHRI5HVHDUFK8QLYHUVLWLHV
0RRUFURIW35+XUWW*& 3DFDOD6:$PHWKRGIRU &RSHQKDJHQ
VFDOLQJ YHJHWDWLRQ G\QDPLFV WKH HFRV\VWHP GHPRJUDSK\ 6DOD]DU / ) & $ 1REUH  0 ' 2\DPD  &OLPDWH
PRGHO('(FRO0RQRJU² FKDQJH FRQVHTXHQFHV RQ WKH ELRPH GLVWULEXWLRQ LQ WUR
0F0LFKDHO$-5:RRGUXII 6+DOHV&OLPDWHFKDQJH SLFDO 6RXWK $PHULFD *HRSK\V 5HV /HWW  /
DQG KXPDQ KHDOWK SUHVHQW DQG IXWXUH ULVNV 7KH /DQFHW GRL*/
 6DZ\HU'&OLPDWHFKDQJHELRIXHOVDQGHFRVRFLDOLPSDFWV
1HSVWDG'&&06WLFNOHU%6RDUHV )0HUU\,Q LQWKH%UD]LOLDQ$PD]RQDQG&HUUDGR3KLO7UDQV56RF
WHUDFWLRQV DPRQJ $PD]RQ ODQG XVH IRUHVWV DQG FOLPDWH %
SURVSHFWVIRUDQHDUWHUPIRUHVWWLSSLQJSRLQW3KLO7UDQV 6RDUHV)%6'&1HSVWDG/0&XUUDQ*&&HUTXHLUD5$
56RF% *DUFLD&$5DPRV(9ROO$0F'RQDOG3/HIHEYUH 3

5(9,67$&2/20%,$$0$=Ð1,&$ 
/$$0$=21Ì$)5(17($/&$0%,2&/,0É7,&2

6FKOHVLQJHU0RGHOOLQJFRQVHUYDWLRQLQWKH$PD]RQ 8QLYHUVLW\3UHVV&DPEULGJH5HLQR8QLGR\1XHYD<RUN
EDVLQ1DWXUH 1<(VWDGRV8QLGRV
6RORPRQ6'4LQ00DQQLQJ5%$OOH\7%HUQWVHQ1/ 7HEDOGL&.+D\KRH-$UEODVWHU*0HHKO*RLQJWRWKH
%LQGRII=&KHQ$&KLGWKDLVRQJ-0*UHJRU\*&+H H[WUHPHVDQLQWHUFRPSDULVRQRIPRGHOVLPXODWHGKLVWRUL
JHUO0+HLPDQQ%+HZLWVRQ%-+RVNLQV)-RRV- FDODQGIXWXUHFKDQJHVLQH[WUHPHHYHQWV&OLPDWLF&KDQJH
-RX]HO9.DWWVRY8/RKPDQQ70DWVXQR00ROLQD1 ²
1LFKROOV-2YHUSHFN*5DJD95DPDVZDP\-5HQ0 9LQFHQW/$7&3HWHUVRQ95%DUURV0%0DULQR05XV
5XVWLFXFFL56RPHUYLOOH7)6WRFNHU3:KHWWRQ5$ WLFXFFL * &DUUDVFR ( 5DPLUH] /0 $OYHV 7 $PEUL
:RRGDQG':UDWW5HVXPHQ7pFQLFR(Q&DP ]]L0$%HUODWR$0*ULPP-$0DUHQJR/0ROLRQ
ELRV&OLPiWLFRV%DVH)tVLFDGHOD&LHQFLD$SRUWHV ')0RQFXQLOO(5HEHOOR<07$QXQFLDomR-4XLQWD
GHO*UXSRGH7UDEDMR,DO&XDUWR,QIRUPHGH(YDOXDFLyQ QD-/6DQWRV-%DH]*&RURQHO-*DUFLD,7UHEHMR
GHO3DQHO,QWHUJXEHUQDPHQWDOVREUH&DPELRV&OLPiWLFRV 0 %LGHJDLQ 05 +D\ORFN ' .DURO\  2EVHUYHG
6RORPRQ6'4LQ00DQQLQJ=&KHQ00DUTXLV WUHQGVLQLQGLFHVRIGDLO\WHPSHUDWXUHH[WUHPHVLQ6RXWK
.%$YHU\W07LJQRUDQG+/0LOOHUHGV&DPEULGJH $PHULFD²-RXUQDORI&OLPDWH²

 5(9,67$&2/20%,$$0$=Ð1,&$