EUGENIO COSERIU Sistema, norma y habla

3267*5$'2(1/,1*hË67,&$  ,QVWLWXWRGHOLWHUDWXUD\FLHQFLDVGHOOHQJXDMH

'DWRVGHOWH[WR 7tWXOR GHO OLEUR

7HRUtD GHO OHQJXDMH \ OLQJtVWLFD JHQHUDO

7tWXOR GHO FDStWXOR

6LVWHPD QRUPD \ KDEOD

$XWRU

(XJHQLR &RVHULX

 $xRGHSXEOLFDFLyQ  $xRGHSXEOLFDFLyQ



&LXGDG

0DGULG

(GLWRULDO

(GLWRULDO *UHGRV

1 GH 3iJLQDV



,QGLFDFLRQHV /RVQ~PHURVSXHVWRVDSLHGHSiJLQDFRUUHVSRQGHQDOQ~PHURGHSiJLQDGHOWH[WRRULJLQDO 'HHVWHPRGRODSDODEUDTXHHVWpVHxDODGDFRQHOSLHGHSiJLQDTXHGLJDSRUHMHPSOR3DJ FRUUHVSRQGHUiDOILQDOGHODSiJLQDGHORULJLQDO

&yPRFLWDUHVWHWH[WR 0DGULG(GLWRULDO*UHGRV &RVHULX(7HRUtDGHOOHQJXDMH\OLQJtVWLFDJHQHUDO 0DGULG(GLWRULDO*UHGRV

6,67(0$1250$<+$%/$

(&RVHULX

,3RVLELOLGDGGHXQDGLVWLQFLyQWULSDUWLWDHQODUHDOLGDGXQLWDULDGHOOHQJXDMH±,, ,QFRKHUHQFLDV\FRQWUDGLFFLRQHVGHORVHQXQFLDGRVDFHUFDGH©OHQJXDª\©KDEODª± ,,, ,,, ,QVX ,QVXIL ILFL FLHQ HQFL FLD D GH OD GLFR GLFRWR WRPt PtD D VDXV VDXVVX VXUH UHDQ DQD D±, ±,9 9 /D LGHD LGHD GH ©QRU ©QRUPD PDª ª HQ OD LQYHVW LQYHVWLJD LJDFLy FLyQ Q HPStUL HPStULFD FD \ HQ OD OLQJ OLQJtVW tVWLFD LFD HVWUXF HVWUXFWXU WXUDO DO9 9 +HFKRV +HFKRV GH ©VLVWH ©VLVWHPDª PDª \ KHFK HFKRV GH ©QRU ©QRUP PDª± ª±9, 9, (VE (VER]R R]R GH XQD WHRU HRUtD FRKHU KHUHQW HQWH GHO GHO KDE DEOD ODUU \ GH VX IRUPDOL]DFLyQ±9,,,PSRUW IRUPDOL]DFLyQ±9,,,PSRUWDQFLD\XWLOLGDGGHODGLVWLQFLy DQFLD\XWLOLGDGGHODGLVWLQFLyQWULSDUWLWD QWULSDUWLWD ,3RVLELOLGDGGHXQDGLVWLQFLyQWULSDUWLWDHQODUHDOLGDGXQLWDULDGHO OHQJXDMH  (QXQD© (QXQD©&RQ &RQIHU IHUHQF HQFLDG LDGHVH HVHPiQ PiQWLF WLFDªU DªUHDO HDOL]D L]DGDHQ GDHQPDU PDU]RG ]RGH HHQ HQ1L] 1L]DS DSRU RU LQLFLDWLYDGH(PLOH%HQYHQLVWH\HQODTXHSDUWLFLSDURQQXHYHOLQJLVWDVGHYDULRV SDtVHVHXURSHRV\GH(VWDGRV8QLGRVORVSURIHVRUHV+Ma+MHPVOHYGH&RSHQKDJXH  \ /RW] GH 1XHYD


3DJGHORULJLQDO $*,;;;9,SS



DQDWRPLFDLQWHUQDGLXQXRPRWDQWRUHDOHHFRPRGRGDGHVFULYHUHPDGLYHUVRGD TXHOORYLYRª 3HUR 3HUR DXQ GXGDQG GXGDQGR R GH OD XWLOLG XWLOLGDG DG GH ODV H[FHVL H[FHVLYDV YDV DEVWUD DEVWUDFF FFLRQ LRQHV HV D ODV TXH OOHJD OOHJD OD HVFX HVFXHOD HOD GDQH GDQHVD VD HO PLVP PLVPR R 'HYR 'HYRWR WR HVER HVER]D ]D HQ VHJX VHJXLG LGD D XQD XQD FRQF FRQFHS HSFL FLyQ yQ QR PHQRVDEVWUDFWDSRUORTXHFRQFLHUQHDOD SDUROH©7XWWDYLDHVFULEHODPLDYHUD  SDUROHVFLVVDDQDORJDPHQWHQHOOH RELH]LRQHVWDQHOODSRVL]LRQHGHOSUREOHPDGHOOD SDUROH GXH VSHFLD VSHFLDOLW OLWj j GL ©IRQLF ©IRQLFDª Dª H ©VHPLF ©VHPLFDª Dª /D SDUROH VL GLVW GLVWLQ LQJX JXH H D PLR PLR DYYL DYYLVR VR GDOO GDOOD D  SDUROHQRQSXzDYHUOHJDPL ODQJXHQRQVRORTXDQWLWDWLYDPHQWHPD ODQJXHQRQVRORTXDQWLWDWLYDPHQWHPDSHUVWUXWWXUD/D SHUVWUXWWXUD/D SDUROH FRQORVFKHPDQpFRQODQRUPDGLXQDOLQJXDSHUFKpQRQqDQFRUDQpVXRQRQp VHJQRQRQVLVDDQFRUDVHVLUHDOL]]HUjLQSDUROHJU VHJQRQRQVLVDDQFRUDVHVLUHDOL]]HUjLQSDUROHJUDPPDWLFDOLSLXW DPPDWLFDOLSLXWWRVWRFKHLQOLQHH WRVWRFKHLQOLQHH FRORULRQRWHPXVLFDOLª$HVWD SDUROH  SDUROHTXHHV\QRHVTXH±SRUQRKDEHUVHWRGDYtD H[SU H[SUHV HVDG DGR± R± HV VyOR VyOR LQWX LQWXLF LFLy LyQ Q R SHQV SHQVDP DPLH LHQW QWR R \ \ SRU SRU OR WDQW WDQWR R QR HV XQ KHFK KHFKR R OLQJ OLQJt tVW VWLF LFR R \ QL VLTX VLTXLH LHUD UD HVWp HVWpWL WLFR FR VLQR VLQR VLPS VLPSOH OHPH PHQW QWH H SVLF SVLFRO ROyJ yJLF LFR R FRPR FRPR SURF SURFHV HVR R DQtPLFRRWDPELpQOyJLFRSRUORTXHDWDxHDVXtQWLPDFRKHUHQFLDRDVXUHODFLyQ FRQXQDUHDOLGDGRGHWRGRVPRGRVHVVyORXQDLQWHQFLyQXQDYLUWXDOLGDGDHVWD  SDUROHGHGLFDUtD'HYRWRVXVHPiQWLFDHQWHQGLGDFRPROLQJtVWLFDGHOKDEOD&RQ HVWD HVWD ~OWLPD ~OWLPD OD VHPiQW VHPiQWLFD LFD VH LGHQW LGHQWLIL LILFDU FDUtD tD D SHVDU SHVDU GH TXH HO KDEOD KDEOD LPSOLF LPSOLFD D VyOR VyOR HO HVWDEO HVWDEOHFL HFLPLH PLHQW QWR R FRQFU FRQFUHWR HWR GH GHWHUP GHWHUPLQD LQDGDV GDV UHODFL UHODFLRQH RQHV V VLJQLI VLJQLILFD LFDWLY WLYDV DV LQGLYL LQGLYLGXD GXDOHV OHV TXH TXH GH XQD XQD PD PDQH QHUD UD JHQH JHQHUD UDO O SUHH SUHH[L [LVW VWHQ HQ HQ OD OHQJ OHQJXD XD HQ OD PHGL PHGLGD GD HQ TXH TXH pVWD pVWD SUHH SUHH[L [LVW VWH H DO KDEO KDEOD D R TXH TXH HQ HOOD HOOD VH YXHO YXHOFD FDQ Q HQ OD PHGL PHGLGD GD HQ TXH TXH OD OHQJ OHQJXD XD VH FRQVWLWX\HVREUHODEDVHGHORVDFWRVFRQFUHWRVGHKDEOD  SDUROHGHYRWLDQDSXHGHVHUGLVWLQWDFXDQWLWDWLYD\HVWUXFWXUDOPHQWHGH 'LFKD SDUROH ODOHQJXDDXQTXHHVWRQRVLJQLILFDTXHORVHDWDPELpQ\QHFHVDULDPHQWHGHVGHHO SXQWRGHYLVWDGHVXtQWLPDQDWXUDOH]DSXHVVLVXH[SUHVLyQHVOLQJtVWLFDDXQOD  SDUROHDVtHQWHQGLGDWHQGUtDLQQHJDEOHVYtQFXORVFRQODODQJXHSHURQRHVpVDOD  SDUROH FRPR FRPR QRVR QRVRWU WURV RV OD KHPR KHPRV V KDVW KDVWD D DKRU DKRUD D HQWH HQWHQG QGLG LGR R 1R HV OD  SDUROH FRPR FRPR LGHQWL LGHQWLGDG GDG GH LQWXLF LQWXLFLyQ LyQ \ H[SUHV H[SUHVLyQ LyQ HV GHFLU GHFLU FRPR FRPR DFWLYL DFWLYLGDG GDG FUHDG FUHDGRUD RUD FRQFU FRQFUHWD HWD FRPRVXPDGHDFWRVOLQJtVWLFRVFRQFUHWRV\VLQGXGDLQpGLWRVHLQGLYLGXDOHVGDGR TXHVRQH[SUHVLyQGH TXHVRQH[SUHVLyQGHLQVW LQVWLWXFL LWXFLRQHVLQpGLW RQHVLQpGLWDVH DVHLQGLY LQGLYLGXDOH LGXDOHVSHURDO VSHURDOPLVP PLVPRWLHPSR RWLHPSR FRQYHQFLRQDOHV\©KHFKRVGHOHQJXDªHMHPSOR \ PRGHORVGHOHQJXDHQFXDQWRVH FUHDQVREUHODEDVHGHDFWRVOLQJtVWLFRVSUHFHGHQWHV\DVXYH]VLUYHQFRPREDVH SDUDDFWRVOLQJtVWLFRVXOWHULRUHVSXHVWRTXHODOHQJXDQRH[LVWHVLQRFRPRVLVWHPD DEVWUDFWRGHDFWRVOLQJtVWLFRVFRPXQHVRFRQFUHWDPHQWHUHJLVWUDGRVRDFXPXODGRV HQODPHPRULDGHORVLQGLYLGXRVKDEODQWHV<QRHVpVDOD SDUROHGH6DXVVXUH\GH +MHOPVOHY\DTXHHQORHVHQFLDOODHVFXHODGH&RSHQKDJXHFRQVHUYDDFHUFDGHHVWH SXQWR SXQWR OD GRFWUL GRFWULQD QD VDXVVX VDXVVXUHD UHDQD QD HPSOHR HPSOHR LQGLYL LQGLYLGXD GXDOO GH OD OHQJXD OHQJXD VLVWH VLVWHPD PD VRFLDO VRFLDO  QHWDPHQWH GLVWLQW LQWD GH HVWD ~OWLPD TXH SHUWHQHFHUtD D OD VRFLHGDG \ QR DO LQGLYL LQGLYLGXR GXR  SHUR SHUR DO PLVPR PLVPR WLHPS WLHPSR R HQ FRQWL FRQWLQXD QXD H tQWLPD tQWLPD UHODFL UHODFLyQ yQ FRQ HOOD HOOD GDGR GDGR TXH TXH VL VL SRU SRU XQ ODGR ODGR HO KDEO KDEOD D HV UHDO UHDOL] L]DF DFLy LyQ Q LQGL LQGLYL YLGX GXDO DO GH OD OHQJ OHQJXD XD SRU SRU HO RWUR RWUR ©QDGDH[LVWHHQODOHQJXDTXHQRKD\DH[LVWLGRDQWHVHQHOKDEODª3RUORWDQWROD REMHFL REMHFLyQGH yQGH 'HYRWR 'HYRWRPiV PiV TXH XQD XQDFUt FUtWLF WLFD DD DODV ODV DEVWUD DEVWUDFFL FFLRQH RQHV VR RD DODWULSD ODWULSDUWL UWLFLy FLyQ QGH GH +MHO +MHOPV PVOH OHY Y HV OD SURS SURSXH XHVW VWD D GH XQD XQD FRQF FRQFHS HSFL FLyQ yQ QHWD QHWDPH PHQW QWH H GLVW GLVWLQ LQWD WD DFHU DFHUFD FD GH OD  SDUROH \ TXH TXH UHFX UHFXHU HUGD GD XQD XQD SRVL SRVLFL FLyQ yQ HQ FLHU FLHUWD WD PDQHU DQHUD D DQiO DQiORJ RJD D VRVW VRVWHQ HQLG LGD D SRU SRU 6HFKHKD\H 



3DJ 3DJ



3HURQRHVQXHVWUDLQWHQFLyQFULWLFDUDTXt\VREUHODEDVHGHXQD~QLFD IUDV IUDVH H DLVO DLVODG DGD D TXH TXH SXHG SXHGH H SUHV SUHVWD WDUV UVH H D YDUL YDULDV DV LQWH LQWHUS USUH UHWD WDFL FLRQ RQHV HV XQD XQD FRQF FRQFHS HSFL FLyQ yQ OLQJtVWLF OLQJtVWLFDFRPROD DFRPROD GH'HYRWR TXHWLHQHLQGXGDEOHP TXHWLHQHLQGXGDEOHPHQWH HQWH VXVVyOLGRVIXQGDPHQWR VXVVyOLGRVIXQGDPHQWRV V WHyULFRV\ WHyULFRV\WDPS WDPSRFRHQWHQG RFRHQWHQGHPRV HPRV GHVDUUROOD GHVDUUROODUSRU USRUQXHVW QXHVWUDSDUWHXQDWHRUtDSHUVRQD UDSDUWHXQDWHRUtDSHUVRQDOO GH OD  SDUROH /R TXH QRV SUHRF HRFXSD HV DYHULJXDU VL GHVGH HO SXQWR GH YLVWD PHWRGR PHWRGROyJ OyJLFR LFR XQD WULSD WULSDUWL UWLFLy FLyQ Q FRPR FRPR OD GH +MHOPV +MHOPVOHY OHY DXQTXH DXQTXH KHFKD KHFKD VREUH VREUH RWUDV RWUDV  EDVHV\HQWpUPLQRVDOJRGLVWLQWRVSXHGHUHVXOWDU~WLOSURYHFKRVD\KDVWDQHFHVDULD  EDVHV\HQWpUPLQRVDOJRGLVWLQWRVSXHGHUHVXOWDU~WLOSURYH FKRVD\KDVWDQHFHVDULD HQ OD OLQ OLQJtVW tVWLF LFD D WHyU WHyULF LFD D \ HQ OD OLQ OLQJtVW tVWLF LFDD KLVWy LVWyUULFD LFD WDQW DQWR VLQ VLQFUyQ FUyQLF LFDD FRPR RPR GLDFUyQLFD(VGHFLUVLSXHGHSRUXQODGRFRQWULEXLUDXQDPD\RUFRPSUHQVLyQGH ODtQWLPDUHDOLGDG\GH ODtQWLPDUHDOLGDG\GHODPRGDOLG ODPRGDOLGDGGH DGGHVHUGHHVDFRPSOHM VHUGHHVDFRPSOHMDDFWLYLGD DDFWLYLGDGKXPDQD GKXPDQDTXH TXH HV HO OHQJX OHQJXDMH DMH \ SRU RWUR RWUR ODGR ODGR KDFHP KDFHPRV RV FRPSU FRPSUHQG HQGHU HU PHMRU PHMRU OD QDWXUD QDWXUDOH] OH]D D GH ORV VLVWHPDVKLVWyULFRFXOWXUDOHVDORVTXHOODPDPRVFRP~QPHQWHOHQJXDV\HOIDFWRU LQWUtQVHFRGHVXGHVDUUROORHOFDPELROLQJtVWLFRHOPHFDQLVPRGHVXSURGXFFLyQ\ GLIXVLyQ$GHODQW GLIXVLyQ$GHODQWDPRV DPRV TXHOD WULSDUWLF WULSDUWLFLyQTXH LyQTXHGHVHDP GHVHDPRV RVSURS SURSRQHU RQHU SRGUtD SRGUtDWDP WDPELpQ ELpQ  LQWHUSUHWDUVHFRPREDVDGDHQXQDHVFLVLyQGHOD©OHQJXDª VDXVVXUHDQDSHURTXH HVWR HVWR QR VHUt VHUtD D QL QHFH QHFHVD VDUL ULR R QL H[DF H[DFWR WR SXHV SXHVWR WR TXH TXH QXHV QXHVWU WUR R FRQF FRQFHS HSWR WR GH OHQJ OHQJXD XD GH QLQJ QLQJXQ XQD D PD PDQH QHUD UD FRLQ FRLQFL FLGH GH FRQ FRQ HO HQXQ HQXQFL FLDG DGR R SRU SRU )HUG )HUGLQ LQDQ DQG G GH 6D 6DXV XVVX VXUH UH \ VXV VXV FRQW FRQWLQ LQXD XDGR GRUH UHV V SDUD SDUD QRVR QRVRWU WURV RV OD ©OHQ ©OHQJX JXDª Dª VH VLW~ VLW~D D HQ XQ PRPH PRPHQW QWR R XOWH XOWHUL ULRU RU DO DQiO DQiOLV LVLV LV GHO GHO OHQJ OHQJXD XDMH MH FRPR RPR IHQ IHQyPHQ yPHQR R FRQF RQFUHWR HWR \ FRUUH RUUHVS VSRQ RQGH GH PiV ELH ELHQ D OD OLQJtVWLFDKLVWyULFDTXHDODWHyULFD 'HYR 'HYRWR WR WLHQ WLHQH H LQGX LQGXGD GDEO EOHP HPHQ HQWH WH UD]yQ D]yQ DO H[SU H[SUHV HVDU DU VXV VXV GXGD GXGDV V DFHU DFHUFD FD GH OD RSRUWXQLGDGGHODVH[FHVLYDVDEVWUDFFLRQHV\HOJHRPHWULVPRDTXHOOHJDQFLHUWRV FXOWR XOWRUUHV GH OD OLQJ OLQJ tVWL tVWLFFD HVW HVWUXFWX XFWXUUDO DO \ HQ SDUWL DUWLFFXODU ODU +MHOP HOPVOHY VOHY  \ \D RWUR RWURV V  OLQJ OLQJL LVW VWDV DV GH WHQG WHQGHQ HQFL FLD D PX\ PX\ GLVW GLVWLQ LQWD WD GH OD GH 'HYR 'HYRWR WR FRPR FRPR $ 0D 0DUW UWLQ LQHW HW  DXQ DXQ UHFRQRFLHQGR OD JHQLDOLGDG GH ODV FRQVWUXFFLRQHV WHyULFDV GHO SURIHVRU GH &RSHQKDJXHKDQVHxDODGRORVULHVJRVTXHLPSOLFDQODUHGXFFLyQGHODOLQJtVWLFDD XQ iOJ iOJHEUD HEUD GH IRUP RUPDV YDF YDFtDV tDV \ HO GHVF GHVFRQ RQRRFLPLH LPLHQW QWRR GH WRGD RGD VXVW VXVWDQ DQFFLD IyQLF yQLFDD 7DPELp 7DPELpQ Q HV YHUGDG YHUGDG TXH OD UHDOLG UHDOLGDG DG GHO OHQJXD OHQJXDMH MH HV PRYLP PRYLPLHQ LHQWR WR HV GHFLU GHFLU TXH HO OHQJXD OHQJXDMH MH HV DFWLYL DFWLYLGDG GDG HV ©SHUS ©SHUSHWX HWXD D FUHDF FUHDFLyQ LyQª ª \ TXH TXH SRU OR WDQWR WDQWR WRGR WRGR VLVWHP VLVWHPD D VLQFUyQLFRVHEDVDHQXQHTXLOLEULRLQHVWDEOHHVQHFHVDULDPHQWHXQDDEVWUDFFLyQ 3HURXQDFRVDHVWHQHUFODUDFRQFLHQFLDGHORVULHVJRVTXHODDEVWUDFFLyQLPSOLFD\ RWUDFRVDHVGXGDUGHVXLQHOXFWDELOLGDGWHyULFDFRPRFRQGLFLyQQHFHVDULDGHWRGR FRQRFL FRQRFLPLH PLHQWR QWR FLHQWt FLHQWtILF ILFR R (Q HIHFW HIHFWR R DXQ FRLQF FRLQFLGL LGLHQG HQGR R SOHQDP SOHQDPHQW HQWH H HQ DGPLWL DGPLWLU U TXH XQDFRQVLGHUDFLyQSXUDPHQWHHVWUXFWXUDOQRVOOHYDDPHQXGROHMRVGHOR©YLYRªGHO OHQJXDMHHVGHFLUGHVXUHDOLGDGFRQFUHWDQRQRVSDUHFHTXHSXHGDGHGXFLUVHGH HOORFRPRFRURODULRODFRQYHQLHQFLDGHUHFKD]DUVLQPiVODDEVWUDFFLyQIXHUDGHOD FXDOQRVXEVLVWHQLQJXQDSRVLELOLGDGGHFRPSUREDUYHUGDGHVJHQHUDOHV\SULQFLSLRV FRQVWDQWHV HQ OD PXOWLSOLFLGDG IUDJPHQWDULHGDG \ KHWHURJHQHLGDG GH OR IHQRPpQLFRHVGHFLUGHFRPSUREDUHQORPDWHULDOGHOOHQJXDMHDTXHOORVDVSHFWRV LGHD LGHDOH OHV V R IRUP IRUPDO DOHV HV TXH TXH FRQV FRQVWL WLWX WX\H \HQ Q HO YHUG YHUGDG DGHU HUR R RE REMH MHWR WR GH OD OLQJ OLQJt tVW VWLF LFD D FRPR FRPR 



3DJ



 $XVXMHWGHV³)RQGHPHQWVGH  $XVXMHW GHV³)RQGHPHQWVGH OD7KpRULHOLQJXLGVWLTXHªGH /RXLV+MHOPVOHY %6/3;/,,SS

  3DJ

FLHQFLDGHODFXOWXUD 4XL]iVHDYHUGDGFRPRREVHUYD'HYRWRTXHHOH[DPHQGHOD HVWUXFWXUDDQDWyPLFDGHOKRPEUHQRVDOHMDGHOFRQRFLPLHQWRGHOKRPEUHYLYRSHUR QRVDOHMDVyORSDUDDFHUFDUQRVPiVHQXQPRPHQWRVXFHVLYR6LQHVHPRPHQWRGH DEVW DE VWUD UDFF FFLy LyQ Q HO FRQR FRQRFL FLP PLHQW LHQWR R GHO GHO PLVP PLVPR R KRPE KRPEUH UH YLYR YLYR QR VHUt VHUtD D FRQR FRQRFL FLPL PLHQ HQWR WR DIHF DIHFWL WLYR YR VLQR VLQR VLPS VLPSOH OH WRPD WRPD GH FRQW FRQWDF DFWR WR R SRU SRU OR PHQR PHQRV V QR VHUt VHUtD D FRQR FRQRFL FLPL PLHQ HQWR WR FRPXQ RPXQLF LFDE DEOH OH  QL FLHQ LHQWtI WtILFR LFR (O SURSL URSLR R ©PRYLP RYLPLH LHQ QWRª GHO GHO OHQJ OHQJX XDMH DMH QR SRGU RGUtD FRPSUH FRPSUHQGH QGHUVH UVH VLQ ODDEV OD DEVWUD WUDFFL FFLyQ yQGH GHXQR XQRV V SULQF SULQFLSL LSLRV RVLGH LGHDOH DOHV V VLQFUy VLQFUyQLF QLFRV RVQR QR HQHO HQ HO VHQWLGRGH©VLPXOWiQHRVªVLQRPiVELHQHQHOGH©IXHUDGHOWLHPSRªTXHSUHVLGHQ HO PRYLPL PRYLPLHQ HQWR WR PLVPR PLVPR FRQVWL FRQVWLWX\ WX\HQG HQGR R VX DVSHFW DVSHFWR R IRUPDO IRUPDO $ QXHVWU QXHVWUR R HQWHQG HQWHQGHU HU OD OLQJ OLQJt tVW VWLF LFD D Pi PiV V TXH TXH RWUD RWUDV V FLHQ FLHQFL FLDV DV SRU SRU OD QDWX QDWXUD UDOH OH]D ]D PLVP PLVPD D GH VX RE REMH MHWR WR GHEH GHEH PRYH PRYHUV UVH H FRQV FRQVWD WDQW QWHP HPHQ HQWH WH HQWU HQWUH H ORV ORV GRV GRV SROR SRORV V RSXH RSXHVW VWRV RV GH OR FRQF FRQFUH UHWR WR \ GH OR DEVW DEVWUD UDFW FWR R VXEL VXELU U GH OD FRPS FRPSUR URED EDFL FLyQ yQ HPSt HPStUL ULFD FD GH ORV ORV IHQy IHQyPH PHQR QRV V FRQF FRQFUH UHWR WRV V D OD DEVW DE VWUD UDFF FFLy LyQ Q GH IRUP IRUPDV DV LGHD LGHDOH OHV V \ VLVW VLVWHP HPiW iWLF LFDV DV \ YROY YROYHU HU OXHJ OXHJR R D ORV ORV IHQy IHQyPH PHQR QRV V  FRQFUHWRVHQULTXHFLGDSRUORV FRQRFLPLHQWRVJHQHUDOHVDGTXLULGRVHQODRSHUDFLyQ DEVWUDFWLY DEVWUDFWLYD/RLPSRUW D/RLPSRUWDQWHHVTXHQRVHFRQIRUP DQWHHVTXHQRVHFRQIRUPHFRQODDEVWUDF HFRQODDEVWUDFFLyQ FLyQ\ \QRVHTXHGH QRVHTXHGH HQHOODSRUTXHODtQWLPDFRPSUHQVLyQGHODUHDOLGDGGHOOHQJXDMHSRGUiDOFDQ]DUVH VyORHQHVHWHUFHUPRPHQWRGHYXHOWDDORFRQFUHWR(OOLQJLVWDVLVHQRVSHUPLWH XQD XQD LPDJ LPDJHQ HQ GHEH GHEH VHU VHU DO PLVP PLVPR R WLHP WLHPSR SR ER ERWi WiQL QLFR FR \ MDUG MDUGLQ LQHU HUR R GHEH GHEH OOHJ OOHJDU DU D OD FRQVWLWXFLyQGHWLSRVDEVWUDFWRVHLGHDOHVGHIORUHVSHURVyORSDUDFXLGDUPHMRUOD  YLGD FDSULFKRVD FRPSOHMD \ FDGD YH] VRUSUHQGHQWH \ QXHYD GH ODV IORUHV YLYDV \ FRQFUHWDVGHVXMDUGtQGHEHVHUERWiQLFRSD FRQFUHWDVGHVXMDUGtQGHEHVHUERWiQLFRSDUDVHUPHMRUMDUGLQ UDVHUPHMRUMDUGLQHUR HUR  <RWURSXQWRIXQGDPHQWDOHVTXHHOERWiQLFRFRP  <RWURSXQWRIXQGDPHQWDOHVTXHHOERWiQLFRFRPSUHQGDTXHORVWLSRVLGHDOHV SUHQGDTXHORVWLSRVLGHDOHV DORVTXHKDOOHJDGRQRWLHQHQH[LVWHQFLDDXWyQRPDHQXQPXQGRDSDUWHQRH[LVWHQ IXHU IXHUD D GH ODV ODV IORU IORUHV HV FRQF RQFUHWD HWDV H LQGH LQGHS SHQGL HQGLHQ HQWWHPHQ HPHQWH WH GH HOOD HOODV V TXH ODV ODV IRUP IRUPDV DV DEVWUD DEVWUDFWD FWDV V UHVXPH UHVXPHQ Q \ JHQHUD JHQHUDOL] OL]DQ DQ OR FRQFU FRQFUHWR HWR SHUR SHUR QR VH OH RSRQHQ RSRQHQ 4XHUH 4XHUHPR PRV V GHFL GHFLU U TXH TXH HV VXPD VXPDP PHQWH HQWH LPSR LPSRUW UWDQ DQWH WH QR FRQV FRQVLG LGHU HUDU DU OD DE DEVW VWUD UDFF FFLy LyQ Q FRP FRPR RWUD RWUD UHDOL HDOLGD GDG G VLQ VLQR VyOR VyOR FRPR RPR XQ DVS DVSHFWR HFWR IRUP RUPDO \ VLVW VLVWHP HPiW iWLF LFRR FRPS RPSURE REDDGR GR SRU QHFHVLGDG QHFHVLGDGHVFLHQWtI HVFLHQWtILFDV LFDV HQORVPLVPRVIHQyPHQRVFRQF HQORVPLVPRVIHQyPHQRVFRQFUHWRV UHWRVFRPRXQDPDQHUD FRPRXQDPDQHUDGH GH HQFDUDUDTXHOODUHDOLGDGFRQFUHWD~Q HQFDUDUDTXHOODUHDOLGDGFRQFUHWD~QLFDHLQGLYLVLEOHTXHHVHOOHQJXDMH+X LFDHLQGLYLVLEOHTXHHVHOOHQJXDMH+XPDQR PDQR &RQFU &RQFUHWD HWDPHQ PHQWH WH H[LVWH H[LVWHQ Q VyOR VyOR DFWRV DFWRV OLQJt OLQJtVWL VWLFRV FRV  6SUHFKDNWH H[LV H[LVWH WH VyOR VyOR HO KDEODU GDV ZLUNOLFKH 6SUHFKHQ GDV *HVSUDFK OD DFWLYLGDG OLQJtVWLFD  6SUHFKWDWLJNHLW XQDDFWLYLGDGTXH XQDDFWLYLGDGTXHHVDOPLVPRWLHPS HVDOPLVPRWLHPSRLQGLYLG RLQGLYLGXDO\VRFLDO XDO\VRFLDOTXHHV TXHHV GH SRU Vt DVLVWH DVLVWHPiW PiWLFD LFD SXHVWR SXHVWR TXH HV SHUSHW SHUSHWXD XD FUHDF FUHDFLyQ LyQ GH H[SUHV H[SUHVLRQ LRQHV HV LQpGLW LQpGLWDV DV FRUU FRUUHV HVSR SRQG QGLH LHQW QWHV HV D LQWX LQWXLF LFLR LRQH QHV V LQpG LQpGLW LWDV DV \ GHQW GHQWUR UR GH OD FXDO FXDO OD GLVW GLVWLQ LQFL FLyQ yQ GH XQ 



2EVHUY 2EVHUYHPR HPRVGH VGH SDVRTXHQR SDVRTXHQR HVWDPR HVWDPRV VGHDFXHU GHDFXHUGRFRQHO GRFRQHO HPSOHR HPSOHR DOJR DOJRGHV GHVSHF SHFWLY WLYR R TXH TXHVHKDFHD VHKDFHD  YHFHVHQ  YHFHV HQ ODOLQJtVWLFD OD OLQJtVWLFDDFWXDO DFWXDOGH GHORV ORV WpUPLQRV©DEVWUDFWRª WpUPLQRV ©DEVWUDFWRª\ \©DEVWUDFFLyQª ©DEVWUDFFLyQªHPSOHR HPSOHR TXHVH TXH VHGHEH GHEHDO DO HUURU HUURU VHPiQW VHPiQWLFR LFR GH FRQVLG FRQVLGHUD HUDU U ©DEVWU ©DEVWUDFW DFWRª Rª FRPR FRPR VLQyQL VLQyQLPR PR GH ©LPDJL ©LPDJLQDG QDGRª Rª ©DUELW ©DUELWUDU UDULRª LRª ©QR GHPRVW GHPRVWUDG UDGR R SRU ORV KHFKRV KHFKRVª ª ©LUUHD ©LUUHDOª Oª ©QR YHUGDG YHUGDGHUR HURª ª ©IDOVR ©IDOVRª ª HWF HWF (YLGH (YLGHQWH QWHPHQ PHQWH WH VL VH GD D ©DEVWUDFWR ©DEVWUDFWRª ªXQ XQ~QLF ~QLFR RVLJQ VLJQLILFD LILFDGRRSRQLpQG GRRSRQLpQGRORH[FOXVLY RORH[FOXVLYDPHQW DPHQWH HD D©FRQF ©FRQFUHWRª UHWRªHO HOWpUPL WpUPLQRQR QRQR SXHGH VLJQLI VLJQLILFD LFDU U ©QR YHUGDG YHUGDGHUR HURª ª R ©PHQRV ©PHQRV YHUGDG YHUGDGHUR HUR TXH OR FRQFUH FRQFUHWRª WRª VLQR VLQR VyOR VyOR ©PiV ©PiV YHUGDG YHUGDGHUR HURª ª OD IUDVH©PiVLJXDODªHV PiV YHUGDGHUDTXHODIUDVHUHODWLYDPHQWHPHQRVDEVWUDFWD©FDEDOORV JHQHUDO  PiV  FDE FDEDOO DOORV RV LJXDO LJXDO D  FDE FDEDOO DOORVª RVª SRUTXH SRUTXH LQGLF LQGLFD D XQD YHUGDG YHUGDG PiV JHQHUDO    3RU 3RU OR WDQW WDQWR R HQ OD OLQJtVWLFDFRPRHQRWURVFDPSRVORVHIHFWLYRVHUURUHVQRORVLPSOLFDODDEVWUDFFLyQGHSRUVtTXH HVRSHUDFLyQFLHQWtILFDLQGLVSHQVDEOHVLQRHOFRQVLGHUDUODVDEVWUDFFLRQHVFRPRUHDOLGDGHVFRQFUHWDV FRPRHQHOFDVRGHODUHFRQVWUXFFLyQGHODVOODPDGDV©8UVSUDFKHQªRLQGHSHQGLHQWHV\VHSDUDGDV GHORV KHFKRV KHFKRV FRQFUH FRQFUHWRV WRV FRPRHQ FRPRHQ HOFDVRGH OD©OH OD ©OHQJX QJXDª Dª HOWUDWDU HOWUDWDU GHDSOLFDUDO GHDSOLFDUDO OHQJX OHQJXDMHPROGH DMHPROGHV V H[WH H[WHUL ULRU RUHV HV QR GHGX GHGXFL FLGR GRV V GH VX UHDO UHDOLG LGDG DG FRQF FRQFUH UHWD WDPH PHQW QWH H FRPS FRPSUR URED EDGD GD FRP FRPR R RFXU RFXUUH UH HQ PXFK PXFKDV DV ©ILORVRItDVGHOOHQJXDMHª\HQODJUDPiWLFDJHQHUDOGHWHQ ©ILORVRItDVGHOOHQJXDMHª\HQ ODJUDPiWLFDJHQHUDOGHWHQGHQFLDORJLFLVWD GHQFLDORJLFLVWD  3DJ

VLVWHPDPiVRPHQRVHVWDEOHQRVLJQLILFDFRPSUREDFLyQGHRWUDUHDOLGDGGLVWLQWD GH ORV ORV DFWR DFWRV V OLQJ OLQJt tVW VWLF LFRV RV VLQR VLQR TXH TXH FRQV FRQVWL WLWX WX\H \H VyOR VyOR XQD XQD QHFH QHFHVD VDUL ULD D DE DEVW VWUD UDFF FFLy LyQ Q FLHQ FLHQWt WtIL ILFD FD HQ YLVW YLVWD D GH XQ HVWX HVWXGL GLR R GHO GHO OHQJ OHQJXD XDMH MH TXH TXH YD\D YD\D Pi PiV V DOOi DOOi GHO GHO UHJL UHJLVW VWUR UR \ DQiOLVLVGHORVDFWRVGHKDEODU\SXHGDFRQVWLWXLUKLVWRULD 7RGRHVWRORYLRPX\ELHQ+XPEROGWDO 7RGRHVWRORYLRPX\ELHQ+XPEROGW DODILU DILUPDUTXHHOOHQJXD PDUTXHHOOHQJXDMHHV MHHVHQpUJHLD 7lW 7lWLJ LJNH NHLW LW DFWL DFWLYL YLGD GDG G \ QR pUJRQ :HUN SURG SURGXF XFWR WR  \ OR YLR YLR WDP WDPELpQ ELpQ HO YLHM YLHMR R +HUP HUPDQQ DQQ 3DX 3DXO ±D SHVDU HVDU GH TXH TXH PXFK XFKRV OR FRQVL RQVLGH GHUUDQ WRGDY RGDYtD tD FRPR RPR ©WtS WtSLFR LFR UHSU UHSUHV HVHQ HQWD WDQW QWH H WHyU WHyULF LFR R GH OD HVFX HVFXHO HOD D QHRJ QHRJUD UDP PiWLF iWLFDª Dª± ± DO GLVW GLVWLQ LQJX JXLU LU HQWU HQWUH H ©ORV ©ORV SURFHVRVUHDOHVGHODYLGDGHOOHQJXDMHª\ODVDEVWUDFFLRQHVTXHVHOODPDQ©OHQJXDVª  1XHVWURSUREOHPDHVSRUFRQVLJXLHQWHWUDWDUGHDYHULJXDUVLVHSXHGHOOHJDU DXQDWULSDUWLFLyQWHyULFDPHQWHDFODUDGRUD\PHWRGROyJLFDPHQWH~WLOSDUWLHQGRGH XQDFRQFHSFLyQPRQLVWDGHOOHQJXDMH\W XQDFRQFHSFLyQPRQLVWDGHOOHQJXDMH\WHQLHQGRDpVWDVLHPSUHSU HQLHQGRDpVWDVLHPSUHSUHVHQWH HVHQWH ,, ,QFR ,QFRKH KHUH UHQF QFLD LDVV \ FRQW FRQWUD UDGL GLFF FFLR LRQH QHV V GH ORV HQX HQXQFLD QFLDGR GRVV DFHUF FHUFD D GH ©OHQJXDª\©KDEODª /DFRQFHSFLyQDODTXHKHPRVOOHJDGRWLHQHDQWHFHGHQWHVHQSULPHUOXJDU HQODVGLILFXOWDGHVTXHVHHQFXHQWUDQHQODGHILQLFLyQGHORVFRQFHSWRVGH©OHQJXDª  \ ©KDEODªLQWURGXFLGRV ©KDEODª LQWURGXFLGRVHQ HQ OD FLHQFLDOLQJtVWLFD FLHQFLD OLQJtVWLFDSRU SRU)HUGLQDQG )HUGLQDQGGH GH 6DXVVXUH \  DFHSWDGRVRUHHODERUDGRVOXHJRSRUWRGDXQDVHULHGHOLQJLVWDVGLVFtSXORVRQRGHO PDHVWU PDHVWUR R JLQHEU JLQHEULQR LQR /D QR FRLQF FRLQFLGH LGHQF QFLD LD H[WHQV H[WHQVLYD LYD FRQQ FRQQRWD RWDWLY WLYD D HQWUH HQWUH ODV PXFKDV PXFKDV GHIL GHILQL QLFL FLRQ RQHV HV TXH TXH VH KDQ KDQ GDGR GDGR GH ORV ORV GRV GRV FRQF FRQFHS HSWR WRV V KD VLGR VLGR VHxD VHxDOD ODGD GD SRU SRU YDUL YDULRV RV DXWRUHVHQWUHRWURVSRU2-HVSHUVHQ\SDUWLFXODUPHQWHSRU$*DUGLQHU 



3DJ

©:LUVLQGELVKHULPPHUGDUDXIDXVJHZHVHQGLHUHDOHQ9RUJDQJHGHV6SUDFKOHEHQV]XHUIDVVHQ

 9RQ$QIDQJDQKDEHQZLUXQVNODUJHPDFKWGDVVZLUGDEHLPLWGHPZDVGLHGHVNULSWLYH*UDPPDWLN  9RQ$QIDQJDQKDEHQZLUXQVNODUJHPDFKWGDVVZLUGDEHLPLWGHPZDVGLHGHVNULSWLYH*UDPPDWLN HLQH6SUDFKHQHQQWPLWGHU HLQH6SUDFKHQHQQWPLWGHU =XVDPPHQIDV =XVDPPHQIDVVXQJ VXQJ GHV8VXHOOHQEHUKDX GHV8VXHOOHQEHUKDXSWJDU SWJDU QLFKW UHFKQHQGUIHQ UHFKQHQGUIHQ DOVHLQHU$EVWUDNWLRQGLHNHLQHUHDOH([LVWHQ]KDWR'LH*HPHLQVSUDFKHLVWQDWUOLFKHUVWUHFKWHLQH  $EVWUDNWLRQ6LHLVWQLFKWHLQ.RPSOH[YRQUHDOHQ7DWVDFKHQUHDOHQ.UDIWHQVRQGHUQQLFKWVDOV HLQH LGHD LGHDOH OH 1RUP 1RUP  GLH DQJ DQJLEW LEW ZLH JHVS JHVSUR URFK FKHHQ ZHUGH HUGHQ Q VROO VROOR R 6LH 6LH YHUKL HUKLLO LOW W VLF VLFK ]X GHU ZLUN LUNOLF OLFKHQ KHQ 6SUHFKWDWLJNHLWHWZDZLHHLQ*HVHW]EXFK]XGHU*HVDPWKHLWGHV5HFKWVOHEHQVLQGHP*HELHWHIU ZHOFKHVGDV5HFKWVEXFKJLOWª3ULQ]LSLHQGHU6SUDFKJHVFKLFKWH6DHG+DOOHS3DXO HPSOHDDTXtHOWpUPLQR©OHQJXDFRP~QªR©JHQHUDOªSHURHYLGHQWHPHQWHORHQXQFLDGRVHDSOLFD DOFRQFHSWRGHOHQJXDHQJHQHUDO\QRVyORHQV DOFRQFHSWRGHOHQJXDHQJHQHUDO\QRVyORHQVHQWLGRQRUPDWLYR HQWLGRQRUPDWLYR &/*@ >&/*@ 3DJ   +XPDQLGDGQDFLyQLQGLYLGX  +XPDQLGDGQDFLyQLQGLYLGXRGHVGHHOSXQWRGH RGHVGHHOSXQWRGH YLVWDOLQJtVWLFR WUDGHVS%XHQRV$LUHV SS\VLJV  ©, KDYH KDYH QRW IRXQG IRXQG LW SRVVLE SRVVLEOH OH WR GHWHU GHWHUPLQ PLQH H KRZ IDU GH 6DXVVX 6DXVVXUH UH ZRXOG ZRXOG KDYH KDYH DJU DJUHHG HHG ZLWK ZLWK WKH GHYHORSPHQWVZKLFKKDYHDULVHQVLQFHKLVGHDWKIURPWKHLPSXOVHJLYHQE\KLP7KDWWKHGLVWLQFWLRQ DVYLHZHGE\0U DVYLHZHGE\0U %DOO\DQG0U+DUROG3DOPH %DOO\DQG0U+DUROG3DOPHUGLIIHUV UGLIIHUVLQ LQVRPHUHVSH VRPHUHVSHFWIURPWKDWHQWHU FWIURPWKDWHQWHUWDLQH WDLQHGE\GH GE\GH 6DXVVXUHLVDSSDUHQWQRUFDQFRQVFLHQWLRXVO\DWWULEXWHWRGH6DXVVXUHDOOWKHFRUROODULHVZKLFK P\VHOIKDYHGUDZQLQP\UHFHQWERRNRQWKH7KHRU\RL6SHHFKDQG/DQJXDJHª7KHGLVWLQFWLRQRL ©6SHHFKDQG©/DQJXDJH ©6SHHFKDQG©/DQJXDJHªHQ ªHQ $WWL GHO,,,&RQJU GHO,,, &RQJUHVVROQWHUQ HVVROQWHUQD]LRQ D]LRQDOHGHL DOHGHL/LQJ /LQJXLVW XLVWL)ORUHQFLD L)ORUHQFLD  SS

(OPLVPR-HVSHUVHQDSHVDUGHVXILUPHFRQFHSFLyQHPStULFD\XQLWDULD GHO GHO OHQ OHQJXDMH XDMH  DO DE DERRUGDU UGDU OD GLVW GLVWLQ LQFL FLyQ yQ DQW DQWHGLF HGLFKD KD GD GH ORV GRV FRQFHSWRV GHILQLFLRQ GHILQLFLRQHVH[SOtFLW HVH[SOtFLWDVH DVH LPSOtFLWD LPSOtFLWDVEDVWDQWH VEDVWDQWH GLYHUJHQW GLYHUJHQWHV/D HV/D ©OHQJXDª ©OHQJXDª ODQJXDJH VHUtDXQD VHUtDXQDHVSH HVSHFLHGHSOXUDOGHOKDEOD©OHQJ FLHGHSOXUDOGHOKDEOD©OHQJXDMHFROHF XDMHFROHFWLYR WLYRªHOFRQFHSW ªHOFRQFHSWRFRP~QTXH RFRP~QTXH VHH[WUDHGHORVOHQJXDMHVLQGLYLGXDOHV\ODOHQJXDGHXQDQDFLyQVHUtD©HOFRQMXQWR GHKiELWRVSRUORV GHKiELWRVSRUORVFXDOH FXDOHVORV VORVPLHP PLHPEURVGHXQDQDFLyQ EURVGHXQDQDFLyQDFRVWXP DFRVWXPEUDQ EUDQD D FRPXQLF FRPXQLFDUVH DUVH  FRQORVGHPiVª (O©KDEODªVSHHFKSRURWURODGR©HQHOVHQWLGRPiVSURSLR\ HVWULFWRªVHUtDHOIXQFLRQDPLHQWROLQJtVWLFRPRPHQWiQHRGHOLQGLYLGXRHQPD\RU RPHQRUFRQIRUPLGDGFRQHOXVROLQJtVWLFR RPHQRUFRQIRUPLGDGFRQHOXVROLQJtVWLFRGHODVSHUVRQDVTXHORURGHDQ GHODVSHUVRQDVTXHORURGHDQSHURHQ XQ VHQW VHQWLG LGR R TXL]i XL]i PHQRV HQRV HVWU HVWULF LFWR WR VH LGHQ LGHQWWLILF LILFDU DUtD tD FRQ FRQ HO OHQ OHQJXDM XDMH LQGL LQGLYYLGXD LGXDO O &RQWHVWDQGRDODFRPXQLFDFLyQGH*DUGLQHUHQHO,,,&RQJUHVR,QWHUQDFLRQDOGHORV /LQJL /LQJLVWD VWDV V -HVSHU -HVSHUVHQ VHQ DFODU DFODUDD TXH VH WUDWD GH OD GLVWLQFLyQ LyQ HQWUH FRQFUHWR \ DEVWUD DEVWUDFWR FWR \ TXH KD\ YDULRV YDULRV JUDGR JUDGRV V GH DEVWUD DEVWUDFF FFLyQ LyQ FRUU FRUUHVS HVSRQG RQGLHQ LHQWHV WHV D ODV YDULDV YDULDV FRPXQLGDGHV FRQVLGHUDGDV SHUR HPSH]DQGR FRQ ORV ORV KiELWRV OLQJtVWLFRV  SDUW SDUWLF LFXO XODU DUHV HV GHO GHO LQGL LQGLYL YLGX GXR R  (O VDELR GDQpV HVWDEOHFH SXHV XQD VHULH GH RSRVLFLRQHV TXH DXQTXH QR FRQWUDGLFWRULDV GH QLQJXQD PDQHUD SXHGHQ FRQV FRQVLG LGHU HUDU DUVH VH FRPR FRPR LGpQ LGpQWL WLFD FDV V  IXQF IXQFLR LRQD QDP PLHQW LHQWR R OLQJ OLQJt tVW VWLF LFR R PRPH PRPHQW QWiQ iQHR HR GHO GHO LQGL LQGLYL YLGX GXR R  XVR XVR OLQJ OLQJt tVW VWLF LFR R GH OD FRPX FRPXQL QLGD GDG G  OHQJ OHQJXD XDMH MH LQGL LQGLYL YLGX GXDO DO  OHQJ OHQJXD XDMH MH FROHFW FROHFWLYR LYR FRQF FRQFHSW HSWR R FRP~Q FRP~Q TXH VH H[WUDH H[WUDH GH ORV OHQJXD OHQJXDMHV MHV LQGLYL LQGLYLGXD GXDOHV OHV  &I &I Pi PiV V DGHODQWH:3RU]LJFRQMXQWRGHKiELWRVOLQJtVWLFRVGHXQLQGLYLGXRFRQMXQWR GHKiELWRVOLQJtVWLFRVGHXQDFRPXQLGDGOHQJXDMHFRQFUHWROHQJXDMHDEVWUDFWR DFW DFWRV RV OLQJ OLQJtV tVWL WLFR FRV V FRQF FRQFUH UHWR WRV V  YDUL YDULRV RV JUDG JUDGRV RV GH DEVW DEVWUD UDFF FFLy LyQ Q TXH TXH FRPS FRPSUH UHQG QGHQ HQ WDPELp WDPELpQ Q HOOHQ HO OHQJXD JXDMH MHLQG LQGLYL LYLGXD GXDO O &RQ HVWD HVWD ~OWLPD ~OWLPD GLVWLQ GLVWLQFLy FLyQ Q YROYHP YROYHPRV RV D ODTXH OD TXH \D  YLPRVHQ +3DXO FIQRWD FI QRWD SHURQR VHKDFHQLQJXQD VH KDFHQLQJXQDGLIHUHQFLDFLyQ GLIHUHQFLDFLyQ HQOD SURSLD UHDOLGDGFRQFUHWDGHOOHQJXDMH /DGLVWLQFLyQHQWUHKDEOD\OHQJXDUHVXOWDSXHVPiVELHQLPSUHFLVD 3HUROD 3HUR OD LPSUHFLVLy LPSUHFLVLyQ Q DXPHQWD DXPHQWDVL VL FRQIURQW FRQIURQWDPRV DPRV ODV YDULDV YDULDV FRQFHSFL FRQFHSFLRQHV RQHV H[SOtFLWD H[SOtFLWD R LPSO LPSOtF tFLW LWDP DPHQ HQWH WH GXDO GXDOLV LVWD WDV V \ HVR HVR D SHVD SHVDU U GHO GHO ULJR ULJRU U FRQ FRQ HO TXH TXH OD GLVW GLVWLQ LQFL FLyQ yQ SXHG SXHGD D HVWDEOHFHUVHHQFDGDFRQFHSFLyQSDUWLFXODU 3DUD+DUROG3DOPHUHO©KDEODªVSHHFKHVHOFRQMXQWRGHDFWLYLGDGHV ItVLFDV\PHQWDOHVLPSOLFDGDVHQHODFWRSRUHOFXDOXQDSHUVRQDFRPXQLFDDRWUD XQ GHWH GHWHUP UPLQ LQDG DGR R FRQF FRQFHS HSWR WR SHQ SHQVD VDPL PLHQ HQWR WR QRFL QRFLyQ yQ R HPRF HPRFLy LyQ Q FI FI OD SULP SULPHU HUD D RSRVLFLyQGH-HVSHUVHQOD©OHQJXDª ODQJXDJHHVHOFRQMXQWRGHFRQYHQFLRQHV DGRSWDGDV\VLVWHPDWL]DGDVSRUXQDPDVDVRFLDOL]DGDGHXVXDULRVGHOKDEODDILQGH DVHJXUDUODLQWHOLJLELOLGDGSDUDWRGRVFIODWHUFHUDRSRVLFLyQGH-HVSHUVHQHO KDEO KDEOD D HV HV XQ MXHJ MXHJR R GH DFWL DFWLYL YLGD GDGH GHV V SHUV SHUVRQ RQDO DOHV HV PLHQ PLHQWU WUDV DV TXH TXH OD OHQJ OHQJXD XD HV HV XQ  FRQMXQWRGHFRQYHQFLRQHVXQDFODYH  



2E&LW SS\VLJV ,ELGSS&I&/*S  ,ELGSS&I&/*S  3DJ 



7DLGHO,,,FRQJUHVVR,QWHUQD]LRQDOH 7DLGHO,,,FRQJUHVVR,QWHUQD]LRQDOHGHL/LQJXLVWL GHL/LQJXLVWLS +3DOPHU 0HPRUDQGRRQ3UREOHPVRI(QJOLVK7HDFKLQJ 7RNLRFLWDGRVHJ~Q-HVSHUVHQ 2E&LW  SS  &I&/*SS  3DJ  &I&/*SS 

  &KDU &KDUOHV OHV %DOO %DOO\  \  LQWHUS LQWHUSUHW UHWD D OD GLVWLQ GLVWLQFLy FLyQ Q VDXVVX VDXVVXUHD UHDQD QD FRPR FRPR RSRVL RSRVLFLy FLyQ Q HQWU HQWUH H DFHU DFHUYR YR OLQJ OLQJt tVW VWLF LFR R VRFL VRFLDO DO OHQJXD \ IXQFLR IXQFLRQD QDPLH PLHQWR QWR OLQJt OLQJtVWL VWLFR FR LQGLYL LQGLYLGXD GXDOO KDEOD\ODDFHSWDIRUPDOPHQWHFRPRWDOOD  SDUROHHV©ODOHQJXDHQDFFLyQOD OHQJXDDFWXDOL]DGDODODQJXHHQpTXLOLEUHHWHQSOHLQIRQFWLRQQHPHQW ª3HURDJUHJD ª3HURDJUHJD D HVD GLVWLQFLyQ XQD QXHYD RSRVLFLyQ FDUDFWHUL]D L]DGRUD GH RUGHQ IXQFLRQDO LQWHOHFWXDODIHFWLYRRYLWDOREMHWLYRVXEMHWLYRODOHQJXDHOVLVWHPDRUJDQL]DGR FRQW FRQWHQ HQGU GUtD tD ORV ORV HOHP HOHPHQ HQWR WRV V WHQG WHQGLH LHQW QWHV HV D OD FRP FRPXQLF XQLFDF DFLy LyQ Q \ FRPS FRPSUH UHQV QVLy LyQ Q GH ORV ORV SHQVDPLHQWRVHOKDEODHQFDPELRVHUtDLQVWUXPHQWRGHODYLGDDIHFWLYDH[SUHVDUtD VHQW VHQWLP LPLH LHQW QWR R \ DFFL DFFLyQ yQ (QWU (QWUH H OHQJ OHQJXD XD \ KDEO KDEOD D KDEU KDEUtD tD XQD XQD RSRV RSRVLF LFLy LyQ Q DFWL DFWLYD YD XQD XQD  YHUGDGHUD OXFKD PHGLDQWH HO OHQJXDMH DIHFWLYR SHQHWUDUtDQ FRQWLQXDPHQWH FRQWLQXDPHQWH HOHPHQWRVQXHYRVHQODOHQJXD &RQ &RQ HVWR HVWR &K &K %DOO %DOO\ \ QR GHYX GHYXHOY HOYH H DO KDEO KDEOD D WRGD WRGD OD LPSR LPSRUW UWDQ DQFL FLD D TXH TXH OH KDEt KDEtD D TXLWDGR6DXVVXUHFRPRSRVLEOHREMHWRGHXQDOLQJtVWLFDOLQJtVWLFDGDGRTXHHO PLVPR PLVPROHQ OHQJXD JXDMH MH DIHFW DIHFWLYR LYR VH HVWXGL HVWXGLDUt DUtD DVHJ VHJ~Q ~Q VX FRQFHS FRQFHSFLy FLyQ Q HQOD HQ OD OHQJXD OHQJXD SRU OD FLHQFLDOODPDGD HVWLOtVWLFDHQRSRVLFLyQFRQODJUDPiWLFDTXHHVWXGLDUtDHODVSHFWR QRUPDOR QRUPDORLQWHO LQWHOHFWXD HFWXDOGH OGHSXUD SXUD FRPXQLFD FRPXQLFDFLyQ FLyQSHURSRUOR SHURSRUOR PHQRVOOHQDHQ PHQRVOOHQDHQSDUW SDUWHHO HHO DELVPRTXHHOPDHVWURKDEtDH[FDYDGRHQWUHOHQJXD\KDEODSXHVWRTXHHQWUHHOODV VHWLHQGHFRQVWDQWHPHQWHHOSXHQWHGHOOHQJXDMHDIHFWLYR<ORTXHSDUDQRVRWURV HVPiVLPSRUWDQWHWUDVODGDGHDOJXQDPDQHUDODRSRVLFLyQDOKDEODUFRQFUHWRHQHO FXDOKDEUtDHOHPHQWRVGHOHQJXD\DOPLVPRWLHP FXDOKDEUtDHOHPHQWRVGHOHQJXD\DOPLVPRWLHPSRHOHPHQWRVGHKDEOD SRHOHPHQWRVGHKDEOD 2WUDLGHDPX\LPSRUWDQWHGH%DOO\SDUDODGLOXFLGDFLyQGHODVXQWRTXHQRV SUHR SUHRFX FXS SD HV OD TXH HQF HQFRQWU RQWUDDPRV LPSO LPSOtF tFLW LWD D HQ GRV GRV SiUU iUUDIRV DIRV VXF VXFHVLY HVLYRV RV GH VX /LQJ /LQJXL XLVW VWLT LTXH XH JpQp JpQpUD UDOH OH HW OLQJ OLQJXL XLVW VWLT LTXH XH IUDQ IUDQoD oDLV LVH H OD OHQJ OHQJXD XD VHUt VHUtD D XQD XQD LQVW LQVWLW LWXF XFLy LyQ Q VRF VRFLDO LDO SHUR HUR WDP DPE ELpQ LpQ \ DO PLVP LVPR WLHP WLHPSR SR VHU VHUtD XQ VLVW VLVWHHPD HQ FLHU LHUWR VHQ VHQWLGR WLGR DXWyQR DXWyQRPR PR  ©OHV ©OHV FKDQJ FKDQJHP HPHQW HQWV V TXRQ TXRQ REVHUY REVHUYH H GDQV GDQV XQ LGLRP LGLRPH H DX FRXUV FRXUV GHV WHPSV WHPSV UpVXO pVXOWH WHQ QW HQ SDUW SDUWLH LH GXQ GXQH H RULH RULHQ QWDWL WDWLRQ RQ QRXY QRXYHHOOH OOH GHV GHV HVSU HVSULW LWV V PDLV OH V\VW V\VWHP HPH H OLQJXL OLQJXLVWL VWLTXH TXH D OXL VHXO VHXO ODQFp ODQFp GDQV GDQV XQH FHUWDL FHUWDLQH QH GLUHFW GLUHFWLRQ LRQ SHXW SHXW VH GpYHOR GpYHORSSH SSHU U GH IDFR IDFRQ Q DXWR DXWRQR QRPH PH HW HW SDU SDU FRQW FRQWUH UHF FRX RXS S PRGp PRGpOH OHU U OD SHQV SHQVpH pH FROO FROOHF HFWL WLYH YH GXQ GXQH H IDJR IDJRQ Q  QRXYHOOHª  'HVWDF 'HVWDFDP DPRV RV ILQDOP ILQDOPHQW HQWH HOD OD PD PDQHU QHUD D FyPR FyPR HOVDE HO VDELR LRJLQ JLQHEU HEULQR LQR YH OD UHODFL UHODFLyQ yQ WHPSRUDOHQWUHORVGRVDVSHFWRVGHOOHQJXDMHODOHQJXDSUHH[LVWHDOKDEODGHVGHHO SXQW SXQWR R GH YLVW YLVWD D HVWi HVWiWL WLFR FR \ HO KDEO KDEOD D SUHF SUHFHG HGH H D OD OHQJ OHQJXD XD GHVG GHVGH H HO SXQW SXQWR R GH YLVW YLVWD D  JHQpWLFR  6HJ~ 6HJ~Q Q SDUH SDUHFH FH %DOO\ %DOO\ VH UHIL UHILHU HUH H D OD JpQH JpQHVL VLV V SULP SULPHU HUD D GHO GHO OHQJ OHQJXD XDMH MH SHUR SHUR OD PLVPD PLVPDFRQ FRQFHS FHSFLy FLyQ Q VHSXH VH SXHGH GHDSO DSOLFD LFDU U D WRGR WRGR DFWR DFWR OLQJ OLQJtVW tVWLFR LFR FRQFU FRQFUHWR HWR GDGR GDGR TXH OD ©OHQJ ©OHQJXDª XDª VH HQJHQG HQJHQGUD UD FRQWLQ FRQWLQXDP XDPHQW HQWH H PHGLDQ PHGLDQWH WH HO KDEODU KDEODU  HO DFWR DFWR OLQJt OLQJtVWL VWLFR FR HV UHDOL]DFLyQGHXQD©OHQJXDªSUHFHGHQWHVLVWHP UHDOL]DFLyQGHXQD©OHQJXDªSUHFHGHQWHVLVWHPDGHORVDFWRVOLQJtVWLFRVDQWHULRU DGHORVDFWRVOLQJtVWLFRVDQWHULRUHV HV WRPDGRVFRPRPRGHOR\HVDOPLVPRWLHPSRHOHPHQ WRPDGRVFRPRPRGHOR\HVDOPLVPRWLHPSRHOHPHQWRGHXQDQXHYD©OHQJXDª WRGHXQDQXHYD©OHQJXDªGH GH XQQXHYRVLVWHPDDOJRGLVWLQWRDFX\DFRQVWLWXFLyQFRQWULEX\H&RORFiQGRQRVHQHO SODQ SODQR R GHO GHO DFWR DFWR OLQJ OLQJt tVW VWLF LFR R WHQH WHQHPR PRV V SRU SRU FRQV FRQVLJ LJXL XLHQ HQWH WH XQD XQD GREO GREOH H SHUV SHUVSH SHFW FWLY LYD D \ 



&+$5/(6%$//< (OOHQJXDMH\ ODYLGDWUDGHVSHG%XHQRV$LUHVSS\VLJV&I DGHPiV  ) GH 6DXVVXUH HW OpWDW DFWXHO GHV pWXGHV OLQJXLVWLTXHV  *LQH *LQHEU EUD D   \ /LQJXLVWLTXH JpQpUDOHHWOLQJXLVWLTXHIUDQUoDLVHHG%HUQD  3DJ   /LQJ*pQ(WOLQJ)U  /LQJ*pQ(WOLQJ)US&I&/*S   /LQJ*pQ(WOLQJ)U  /LQJ*pQ(WOLQJ)US&I&/*S

SRGHPRVGLVWLQJXLUGRV©OHQJXDVªXQDSHUWHQHFLHQWHDOSDVDGRDFHUYROLQJtVWLFR VLVWHPDDQWHULRUODRWUDDOSRUYHQLU©SU VLVWHPDDQWHULRUODRWUDDOSRUYHQLU©SURGXFWRªVLVWHPDQXHYR RGXFWRªVLVWHPDQXHYR  $QiORJDHVODLQWHUSUHWDFLyQGH:DOWHU3RU]LJ TXHWUDGXFHHOWpUPLQR ODQJXH FRQ  6SUDFKEHVLW]  DFH DFHUY UYR R OLQJ OLQJt tVW VWLF LFR R \  SDUROH FRQ *HVSUlFK KDE KDEOD ODU U  FROR FRORTX TXLR LR  UHVH UHVHUY UYDQ DQGR GR HO WpUP WpUPLQ LQRR  6SUDFKH SDUD HO OHQJXDMH HQ JHQHUDO (O *HVSUlFKHVHOKDEODUUHDOFRQFUHWRGDVZLUNOLFKH6SUHFKHQ HO 6SUDFKEHVLW]   6SUDFKEHVLW] XQD XQD VHULHGH VHULHGHLPiJ LPiJHQHVPQHP HQHVPQHPyQLF yQLFDV\ DV\KiELW KiELWRV RVHLQH5HLKHYRQ(ULQQHUXQJVELOGHUQXQG HLQJHEWHQ HLQJHEWHQ *HZRKQKHLWH *HZRKQKHLWHQ Q DFXP FXPXODG XODGRV RV HQ OD FRQF FRQFLLHQFL HQFLDD GHO GHO KDEODQ EODQWH WH  TXH HV FRQGL RQGLFFLyQ LyQ GHO GHO KDE DEOD ODUU 3HUR 3HUR 3RU 3RU]LJ WLHQ WLHQH H XQD YLVL YLVLyQ yQ PiV SUHF SUHFLV LVD D GH OD GRE GREOH SHUVSHFWLYDSRVLEOHGHVGHHOSODQRGHOKDEODUSXHVLQGLFDFODUDPHQWHODSRVLELOLGDG GHFRQVWLWXLUOD©OHQJXDªWDPELpQVREUHODED GHFRQVWLWXLUOD©OHQJXDªWDPELpQVREUHODEDVHGHORVDFWRVOLQJtVWLFRVFRQF VHGHORVDFWRVOLQJtVWLFRVFRQFUHWRV UHWRV 3DUD3RU]LJOD©OHQJXDªGHXQDFRPXQLGDGVHUtDSRUFRQVLJXLHQWHSRUXQ ODGRODVXPDGHORVDFWRVOLQJtVWLFRVFRQFUHWDPHQWHFRPSUREDGRVHQODPLVPD SRU SRU RWUR RWUR ODGR ODGR OD VXPD VXPD GH ORV ORV YDUL YDULRV RV DFHU DFHUYR YRV V OLQJ OLQJt tVW VWLF LFRV RV LQGL LQGLYL YLGX GXDO DOHV HV R PHMR PHMRU U DTXHOODSDUWHTXHHVFRP~QHQHVRVPLVPRVDFHUYRV\TXHFRQVWLWX\HHOIXQGDPHQWR GHODUHFtSURFDFRPSUHQVLyQHQWUHORVKDEODQWHV 7HQHPRVSRUFRQVLJXL 7HQHPRVSRUFRQVLJXLHQWH HQWH WUHV FRQFHSWR FRQFHSWRV VGH©OHQJXD GH©OHQJXDªELHQ ªELHQGLVWL GLVWLQWRV QWRV VXPD VXPDGH GH DFWRV DFWRV OLQJ OLQJtVW tVWLFR LFR V FRQFUH FRQFUHWRV WRV   FRQGLF FRQGLFLyQ LyQ GH WRGR WRGR DFWR DFWR OLQJt OLQJtVWL VWLFR FR  6SUDFKEHVLW]  LQGLYLGXDO  VLVWHPD LVRJOyVLFR TXH UH~QH ORV DVSHFWRV FRPXQHV GH ORV  6SUDFKEHVLW]HLQGLYLGXDOHVGHORVKDEODQWHVGHXQDFRPXQLGDGFI-HVSHUVHQ 2EVHUYHPRVVLQHPEDUJRTXHHOSULPHURGHHVRVFRQFHSWRVSRUORPHQRV HQODHQXQFLDFLyQTXHOHGD HQODHQXQFLDFLyQTXHOHGD3RU] 3RU]LJFRUUH LJFRUUHVSRQ VSRQGHUtD GHUtDVHJ~QRWURVDXWRU VHJ~QRWURVDXWRUHV\ HV\VHJ~Q VHJ~QHO HO   PLVPR)GH6DXVVXUH PiVELHQDO KDEOD$VtSRUHMHPSOR3HQWWLOl FRQVLGHUD FRPR FRPR KDEO KDEOD D  5HGH HO FRQMXQ FRQMXQWR WR DVLVWH DVLVWHPiW PiWLFR LFR GH OR TXH pO OODP OODPD D ©SDOD SDODEU EUDV DV GH SULPHUWLSRªHVGHFLUSDODEUDVFRQFUHWDPHQWHSURQXQFLDGDVRHVFULWDVPLHQWUDV TXHOD OHQJXD6SUDFKH VHUtDOD VHUtDOD FODVHVLQ FODVHVLQ WiFWL WiFWLFDP FDPHQW HQWH HRUG RUGHQD HQDGDGH GDGH HVDV HVDV PLVPD PLVPDV V SDODEUDV FRQFUHWDV XQ VLVWHPD VXSHULQGLYLGXDO GHO FXDO TXHGDUtDQ DXWRPiWLFDPHQWH HOLPLQDGRV WRGRV ORV DVSHFWRV SXUDPHQWH SHUVRQDOHV FRPSUREDEOHVHQHOKDEOD   /D QRFL QRFLyQ yQ GH DFHU DFHUYR YR LGLR LGLRPi PiWL WLFR FR VH SUHV SUHVHQ HQWD WD WDP WDPELpQ ELpQ DXQT DXQTXH XH FRQ FRQ FDUDFWHUtVWLFDVDOJRGLVWLQWDVHQODFRQFHSFLyQGH$ODQ+*DUGLQHU HOHVWXGLRVR TXHGHVSXpVGH3DOPHUDILUPyFRQPD\RUWHQDFLGDGHQHOPXQGRGHKDEODLQJOHVD KDEOD D VSH VSHHF HFK K \ OHQJXD OHQJXD ODQJXD ODQJXDJH JH 6HJ OD GLVW GLVWLQ LQFL FLyQ yQ HQWU HQWUH H KDEO 6HJ~Q *DUGL DUGLQ QHU HU OD RSRVLFLyQIXQGDPHQWDOVHHVWDEOHFHHQWUHODDFWLYLGDG OLQJtVWLFD\XQ OLQJtVWLFD\XQVDEHU TXHHV TXHHV 



 'DV:XQGHUGHV6SUDFKH%HUQDSS\VLJXLHQWHV&I&/* &/*SS :$/7(5325=,* 'DV:XQGHUGHV6SUDFKH 3DJ

 

©$EHUPDQPXVVEHGHQNHQGDVVGLH*HVDPWKHLWGLHVHU*HZRKQKHLWHQMDHUVWGLH9RUDXVVHW]XQJ LVW IU GDV ZLUNOL ZLUNOLFKH FKH 6SUHFK 6SUHFKHQ HQ GDV KHLVVW KHLVVW IU GDV *HVSUD *HVSUDFK FK 'DV *HVSUD *HVSUDFK FK LVW DOV WDWVDF WDWVDFKOL KOLFKH FKHV V  9HUKDOWHQ ]ZLVFKHQ ZLUNOLFKHQ 0HQVFKHQ ]ZHLIHOORV HLQH :LUNOLFKNHLW GLH *HVDUQWKHLW DOOHU *HVSUDFKHLQHLQHUEHVWLPPWHQ6SUDFKHZUGHPDQDOVRZRKODOVGLH:LUNOLFKNHLWGLHVHU6SUDFKH DQVHKHQNRQQHQª2EFLW S S  &I&/* S S  $3HQWLOOl (LQLJH%HPHUNXQJHQEHUGLH8QWHUVFKHLGXQJYRQ6SUDFKHXQG5HGH HQ $FWHVGXTXDWULqPH FRQJUqV,QWHUQDWLRQDOGHOLQJXLVWHV&RSHQKDJXHSS  3DJ   $/$1 *$5'O1(5 7KH7KHRU\RI6SHHFKDQG/DQJXDJH HG2[IRUGSDUWLFXODUPHQWH SS SS    <   < VLJV VLJV  $GHP $GHPiV iV  OD FLWD FLWDGD GD FRPX FRPXQL QLFD FDFL FLyQ yQ 7KH 7KH GLVW GLVWLQ LQFW FWLR LRQ Q RI ©6SH ©6SHHF HFKª Kª DQG DQG ©/DQJXDJHª

DOPLVPRWLHPSRFRQGLF DOPLVPRWLHPSRFRQGLFLyQ\SURGXFW LyQ\SURGXFWRGH RGHHVDDFWLYL HVDDFWLYLGDG GDG0LHQWUDVTXHODOHQJXD HYLGHQWHPHQWHWLHQHFDUiFWHUJHQHU HYLGHQWHPHQWHWLHQHFDUiFWHUJHQHUDO\DEVWUDFWRHOKDEODHVSDUWLFXODU\RFDVLRQ DO\DEVWUDFWRHOKDEODHVSDUWLFXODU\RFDVLRQDO DO HVODSUR\ HVOD SUR\HFFL HFFLyQHQXQD yQHQXQDUHDOL UHDOLGDGGHORV GDGGHORVVLJQ VLJQRVDEVWUDF RVDEVWUDFWRVGHOD WRVGHOD OHQJXDSDODEU OHQJXDSDODEUDV DV (OKDEODHVODDFWLYLGDGGHKDEODUHQJHQHUDOSHURWDPELpQFDGDDFWRSDUWLFXODUGH KDEODU(OFDUiFWHUVRFLDORLQGLYLGXDOQRHVGHSRUVtGHWHUPLQDQWHSXHVHODFWR OLQJ OLQJt tVW VWLF LFR R HV DO PLVP PLVPR R WLHP WLHPSR SR VRFL VRFLDO DO H LQGL LQGLYL YLGX GXDO DO $GHP GHPiV iV OR TXH VH OODP OODPD D   ©OHQJXDMHLQGLYLGXDOªFI-HVSHUVHQQR HVKDEODVLQROHQJXD /DDQWtWHVLVHQWUH OHQJXD \ KDEOD HV SXHV DEVROXWD 6LQ HPEDUJR OHQJXD \ KDEOD VRQ LQWHUGHSHQGLHQWHV\DXQPiVVHKDOODQtQWLPDPHQWHHQWUHPH]FODGDVSRUXQODGR HOKDEOD HV©WKHVROHJHQ HV©WKHVROH JHQHUD HUDWRU WRU RIODQJXDJ RIODQJXDJHª HªSRUHORWURHQWRGRDFWRGHKDEOD LQWH LQWHUY UYLH LHQH QH OD OHQJ OHQJXD XD (Q FDGD DFWR OLQJtVWLFR FRQFUHWR HQ FDGD RUDFLyQ SURQXQFLDGDSDUWLFLSDQ©KHFKRVGHOHQJXDªSDODEUDV\HVTXHPDVJUDPDWLFDOHV  3HU 3HUR FRQ HVWR VWR HO DVSHF VSHFWR WR GH KDE DEOD OD GHO GHO KDE DEOD ODU U FRQF RQFUHWR HWR TXHG TXHGD D UHGXF HGXFLG LGR R D OD HVWU HVWUXF XFWX WXUD UDFL FLyQ yQ GH OD IUDV IUDVH H \ D OD VHOH VHOHFF FFLy LyQ Q GH ORV ORV VLJQ VLJQRV RV SURS SURSRU RUFL FLRQ RQDG DGRV RV SRU SRU OD  IDFWVRI OHQJXD+HQRVDTXtIUHQWHDXQFRQFHSWRPXFKRPiVOLPLWDGRGH©KDEODª IDFWVRI VSHHFKTXH\DQRFRQWLHQHWRGRHOKDEODUVLQRVyORHODVSHFWRRULJLQDOHLQpGLWRGH pVWH LG LGHD UHF UHFKD]DG D]DGDD SRU SRU &K %DOO %DOO\ \ (VWD (VWD GLVW GLVWLQ LQFL FLyQ yQ MXVW MXVWLI LILF LFDU DUtD tD XQD QHWD VHSDUD VHSDUDFLy FLyQ Q HQWUH HQWUH OD PRUIRO PRUIRORJt RJtD D SDODE SDODEUDV UDV \ VXV IRUPD IRUPDV V FDWHJR FDWHJRUtD UtDV V YHUEDO YHUEDOHV HV \ OD VLQWD[LVRUDFLRQHV\VXHVWUXFWXUDIXQFLRQHVVLQWiFWLFDV3HURKDVWDODVIXQFLRQHV 



©6SH ©6SHHF HFK K LV WKXV WKXV D XQLY XQLYHU HUVD VDOO OO\ \ H[HU H[HUWH WHG G DFWL DFWLYL YLW\ W\ KDYL KDYLQJ QJ DW ILUV ILUVW W GHIL GHILQL QLWH WHO\ O\ XWLO XWLOLW LWDUL DULDQ DQ DLPV DLPV ,Q GHVFULELQJWKLVDFWLYLW\ZHVKDOOGLVFRYHUWKDW GHVFULELQJWKLVDFWLYLW\ZHVKDOOGLVFRYHUWKDWLWFRQVLVWVLQWKHDSSOLFDW LWFRQVLVWVLQWKHDSSOLFDWLRQRIDXQLYHUVDOO\SRVVHVVHG LRQRIDXQLYHUVDOO\SRVVHVVHG VFLHQFHQDPHO\WKHVFLHQFHZKLFKZHFDOOODQJXDJHª2EFLWS©/DQJXDJHLVDFROOHFWLYHWHUP DQGHPEUDFHVLQLWVFRPSDVVDOOWKRVHLWHPVRINQRZOHGJHZKLFKHQDEOHDVSHDNHUWRPDNHHIIHFWLYH XVHRIZRUGVLJQVª,ELGS  2EFLW SFIWDPELpQ%DOO\  /LQJJpQHWOLQJIU SDUWLFFDStWXOR,,,SS SFIWDPELpQ%DOO\ /LQJJpQHWOLQJIU  SDUWLFFDStWXOR,,,SS  ©6SHHFKDV,XQGHUVWDQGLWDQGDV,FDQKDUGO\GRXEWWKDWGH6DXVV ©6SHHFKDV,XQGHUVWDQGLW DQGDV,FDQKDUGO\GRXEWWKDWGH6DXVVXUHPXVWKDYHXQGHUVWRRGL XUHPXVWKDYHXQGHUVWRRGLWLV WLV WKHPRPHQWDU\KLVWRULFDOO\XQLTXHDFWLYLW\ZKLFKHPSOR\VZRUGV6SHHFKRFFXUVZKHQDQ\VSHDNHU PDNHVDUHPDUNRUDQ\DXWKRUSHQVDVHQWHQFHª&RPFLWS  2EFLW SS SS  3DJ  ©,PXVWFRQIHVV,IHHOFRQVLGHUDEOHGLIILGHQFHLQDIILUPLQJH[DFWO\ZKDWGH6DXVVXUHGLGRUGLGQRW WKLQNEXWRI WKLQNEXWRIWKLVDWOHDVW,DP WKLVDWOHDVW,DP FHUWDLQQDPHO\ FHUWDLQQDPHO\WKDWKH WKDWKH ZRXOGKDYHUHFRJQL] ZRXOGKDYHUHFRJQL]HGDVJUHDWD HGDVJUHDWD GLIIHUHQFH GLIIHUHQFH  EHWZHHQ DQ LQGLYLGXDOV ©ODQJXDJHª DQG KLV ©VSHHFKª DV KH GLG EHWZHHQ WKH ODQJXDJH RI WKH FRPPXQLW\DQGWKHVSHHFKRIDQ\RILWVLQGLYLGXDOPHPEHUVDOOWKHYDU\LQJFROOHFWLRQVRIOLQJXLVWLF PDWHULDODUH©ODQJXDJHVªQRWVSHHFKLQWKHVHQVHWKDWGH6DXVVXUHPXVWKDYHLQWHQGHGWKHWHUP  $©ODQJXDJHªLVWKH  $©ODQJXDJHª LVWKH VWRFNLQWUDGHRI VWRFNLQWUDGHRI OLQJXLVWLFPDWHULDOZKLFK DQ\RQHSRVVHVVHV ZKHQKHHPEDUNV ZKHQKH HPEDUNV XSRQ©VSHHFKª&RPFLW S S  2EFLW S&I&/*S S&I&/*S  2EFLW S\VLJV S\VLJV  &RPFLW S S  ©:KHQ,VD\WKDWFHUWDLQSKHQRPHQDLQDJLYHQWH[WEHORQJWR©VSHHFKªDQGQRWWR©ODQJXDJHª PHDQWKDWLI\RXVXEWUDFWIURPWKHWH[WDOOWKRVHWUDGLWLRQDOHOHPHQWVZKLFKPXVWEHFDOOHGHOHPHQWV RIODQJXDJHWKHUHUHPDLQVDUHVLGXXPIRUZKLFKWKHVSHDNHUEHDUVWKHHQWLUHUHVSRQVDELOLW\DQGWKLV UHVLGXXPLVZKDWPHDQE\©IDFWVRIVSHHFKª&RPFLW SiJ SiJ  ©$ TXLW TXLWH H LQGL LQGLVS VSXW XWDE DEOH OH IRUP IRUPXO XODW DWLR LRQ Q RI P\ WKHV WKHVLV LV ZRXO ZRXOG G EH WKDW WKDW WKH WKH WHUP WHUPV V RI ODQJ ODQJXD XDJH JH >DTX >DTXt t ODQJXDJH VLJQLILFDHYLGHQWHPHQWHOHQJXDMHHQJHQHUDOQROHQJXD@DQGJUDPPDUZKLFKUHIHUWR IDFWVRI©ODQJXDJHªDUHWKRVHZKLFKDUHFRQFHUQHGZLWKSHUPDQHQWFRQVWLWXWLRQRIZRUGVDQGWKDW WKHWHUPVWKHUHRIZKLFKUHIHUWR©VSHHF WKHWHUPVWKHUHRIZKLFKUHIHUWR©VSHHFKªDUHWKRVHZKLFKDUHFRQFHUQ KªDUHWKRVHZKLFKDUHFRQFHUQHGZLWK HGZLWK DGKRFIXQFWLRQVRI ZRUGVLPSRVHGXSRQWKHPE\WKHFDSQFHRID ZRUGVLPSRVHGXSRQWKHPE\WKHFDSQFHRIDSDUWLFXODUVSHDNHUª,ELG SDUWLFXODUVSHDNHUª,ELG   (OOHQJ\ODYLGDS  3DJ

VLQWiFWLFDVVRQ©WpUPLQRVGHOHQJXDªSRUORPHQRVFRPRHVTXHPDVQRDSOLFDGRV FRPR FRPR ©HVWUX ©HVWUXFW FWXUD XUDVª Vª R PRGHO PRGHORV RV OLQJt OLQJtVWL VWLFRV FRV WRGDYt WRGDYtD D QR YLQFXO YLQFXODGR DGRV V FRQ SDODEU SDODEUDV DV SDUW SDUWLF LFXO XODU DUHV HV  ©LQD ©LQDVP VPXF XFK K DV WKH\ WKH\ DUH DUH WHUP WHUPV V RI XQDS XQDSSO SOLH LHG G VFKH VFKHPD PDWD WD RI OLQJ OLQJXL XLVW VWLF LF SDWWHUQVZKLFKPLJKWEHH[SUHVVHGE\DOJHEUDLF SDWWHUQVZKLFKPLJKWEHH[SUHVVHGE\DOJHEUDLFV\PEROVDQGZKLFKDUHLQODQJXDJ V\PEROVDQGZKLFKDUHLQODQJXDJH H  QRW\HWOLQNHGXSZLWKSDUWLFXODUZRUGVª  (VHYLGHQWHTXHGHVSXpVGHWRGRHVRGHVSXpVGHODFRPSUREDFLyQGHTXHOD ©OHQ ©OHQJX JXDª Dª QR VH HQJH HQJHQG QGUD UD VLQR VLQR SRU SRU HO ©KDE ©KDEOD ODª ª GH TXH TXH HQ HO KDEO KDEODU DU FRH[ FRH[LV LVWH WHQ Q ©KHFKRVGHOHQJXDª\©KHFKRVGHKDEODªGHTXHOD©OHQJXDªSXHGHFRQVLGHUDUVH DEVWUDFWDPHQWHFRPRH[LVWHQWHIXHUDGHOKDEODUHLQGHSHQGLHQWHPHQWHGHOKDEOD SRUORPHQRVGHVGHHOSXQWRGHYLVWDHVWiWLFRPLHQWUDVTXHHOKDEODQRSXHGH SHQV SHQVDDUVH UVH IXHU XHUD GH OD OHQ OHQJXD H LQGH LQGHS SHQGL HQGLHQ HQWWHPHQ HPHQWH WH GH HOOD HOOD  SXHVW XHVWRR TXH pVW pVWD FRQVWLWX\HVXPLVPDIRUPDVX©HVTXHPDªHVHYLGHQWHGHFtDPRVTXH\DQRSXHGH PDQWHQHUV PDQWHQHUVHFRQFRKHUHQ HFRQFRKHUHQFLDOD FLDODGLVWL GLVWLQFLy QFLyQLQLFLDOP QLQLFLDOPHQWHSURS HQWHSURSXHVWD XHVWD SRUHODXWRU3HUR *DUGLQHUDXQOOHYDQGRDVXVH[WUHPDVFRQVHFXHQFLDVODFRQWUDGLFFLyQLPSOtFLWDHQ ODRSR OD RSRVLF VLFLyQ LyQ OHQJXD OHQJXDKD KDEOD EOD QR OOHJD OOHJDD D GHGXFL GHGXFLU U GHHOO GH HOOR R ODV ~QLFD ~QLFDV V FRQFOX FRQFOXVLR VLRQHV QHV TXH QRVSDUHFHQFRKHUHQWHVROD©OHQJXDªHVSXUDDEVWUDFFLyQGHGXFLGD DSRVWHULRUL  GHO GHO KDE DEOD ODUU FRQ FRQFUHW FUHWR R FRP FRPR VLVW VLVWHP HPD D GH ORV ORV HOH HOHPHQWR HQWRV V FRQV FRQVWWDQW DQWHV TXH TXH DKt DKt VH FRPSUXHEDQ\OD~QLFDUHDOLGDGOLQJtVWLFDFRQFUHWDHVHOKDEODUTXHVLVHTXLHUH SXHGHOODPDUVH SXHGHOODPDUVH©KDEODª ©KDEODª R©ODOHQJXDª R©ODOHQJXDªVH VHLGHQW LGHQWLILFD LILFDFRQORV©KHFKRVGHOHQJXDª FRQORV©KHFKRVGHOHQJXDª  IDFWV RI ODQJXDJH KHFK KHFKRV RV OLQJ OLQJt tVW VWLF LFRV RV VLVW VLVWHP HPiW iWLF LFRV RV \ FRQY FRQYHQ HQFL FLRQ RQDO DOHV HV HQ XQD XQD FRPX FRPXQL QLGD GDG G \ HO ©KDE ©KDEOD ODª ª FRQ FRQ ORV ORV ©KHF ©KHFKR KRV V GH KDEO KDEODª Dª  IDFWV RI VSHHFK DVSHFW DVSHFWR R RULJLQ RULJLQDO DO H LQpGLW LQpGLWR R FRPS FRPSURE UREDGR DGR HQ FDGD FDGD DFWR DFWR OLQJt OLQJtVWL VWLFR FR \ HQWRQF HQWRQFHV HV ©OHQJ ©OHQJXDª XDª \ ©KDE ©KDEOD ODª ª VRQ VRQ GRV GRV DVSH DVSHFW FWRV RV TXH TXH VH GLVW GLVWLQ LQJX JXHQ HQ HQ HO KDEO KDEODU DU FRQF FRQFUH UHWR WR   R VL VH FRQV FRQVLG LGHU HUD D OD ©OHQ ©OHQJX JXDª Dª FRPR FRPR DOJR DOJR H[WH H[WHUULRU LRU DO KDEO KDEODU DU WDP WDPSRFR SRFR HO KDEO KDEOD D SXHG SXHGH H LGHQ LGHQWL WLIL ILFD FDUV UVH H FRQ FRQ WRGR WRGR HO KDEO KDEODU DU HQ HQ HO FXDO FXDO VH FRPS FRPSUX UXHE HEDQ DQ WDPE WDPELp LpQ Q KHFK KHFKRV RV GH OHQJXD\KDEUiTXHLGHQWLILFDUODFRQXQVRORDVSHFWRGHOKDEODUHODVSHFWRFRQFUHWR TXHVHGDSRUSULPHUDYH]HQORVDFWRVOLQJtVWLFRVFRQVLGHUDGRV\HOKDEODUVHUtD HQWRQF HQWRQFHV HV FRQYHU FRQYHUJHQ JHQFLD FLD GH XQ ©YLUWX ©YLUWXDO DO FRQFU FRQFUHWL HWL]D ]DGRª GRª OD OHQJXD OHQJXD \ XQ ©FRQF ©FRQFUHW UHWR R  SULPDULRªHOKDEODRPHMRUFRQDOJR H[WHULRUDOKDEODUPLVPRFRQDTXHOIDFWRU SVtTXLFRRLPSXOVRH[SUHVLYRTXHVHHQFXHQWUD\VHFRPELQDFRQODOHQJXDSDUD FRQVWLWXLUHOKDEODU 'HGXFL 'HGXFLPRV PRV VLQ HPEDUJ HPEDUJR R GHO DQiOL DQiOLVLV VLVWDQ WDQ DJXGR DJXGR GH *DUGL *DUGLQHU QHU XQD XQD VHULH VHULH GH LGHD LGHDV V \ FRPS FRPSUR URED EDFL FLRQ RQHV HV TXH TXH FRQV FRQVLG LGHU HUDP DPRV RV VXPD VXPDPH PHQW QWH H FODU FODULI LILF LFDG DGRU RUDV DV SDUD SDUD HO SUREOHPDTXHQRVLQWHUHVDODOHQJXDH[LVWHFRPR©IRUPDªHQHOKDEODUPLVPR ORV©KHFKRVGHOHQJXDªVHFRPSUXHEDQ\VHGLVWLQJXHQFRQFUHWDPHQWHVyORHQHO KDEODUVRQ©KHFKRVGHOHQJXDªQRVyORODVSDODEUDVVLQRWDPELpQODVIXQFLRQHV  \PRGHORV VLQWiFWLFRVFRPR©HVTXHPDV VLQWiFWLFRVFRPR©HVTXHPDVQRDSOLFDGRVª QRDSOLFDGRVª HO HO©OHQJXDMHLQGLYLGXDOª ©OHQJXDMHLQGLYLGXDOª VLVWH VLVWHPD PD GH DFWRV DFWRV OLQJt OLQJtVWL VWLFRV FRV GH XQ LQGLYL LQGLYLGXR GXR  WLHQH WLHQH FDUiFW FDUiFWHU HU GH ©OHQJ ©OHQJXDª XDª   HO KDEODUHVXQDDFWLYLGDGTXHVHIXQGDHQXQVDEHUHVSRVLEOH\MXVWLILFDGRGDUHO QRPE RPEUH GH ©KDE ©KDEOD ODª ª D XQ DVS DVSHFWR FWR SDUW SDUWLF LFXO XODU DU GHO GHO KDE KDEODU ODU  HO ©KDE ©KDEOD ODª ª FRP FRPR ©KDE ©KDEOD ODUª Uª HV HQ DOJX DOJXQD QD PHGL PHGLGD GD ©OHQ ©OHQJX JXDª Dª R VL QR QR QR HV VLTX VLTXLH LHUD UD KDEO KDEODU DU QR HV DFWLYLGDGOLQJtVWLFDSURSLDPHQWHGLFK DFWLYLGDGOLQJtVWLFDSURSLDPHQWHGLFKDVLQRDOJRSUHFHGHQ DVLQRDOJRSUHFHGHQWHDHOOD WHDHOOD 

 

&RPFLW S&I&/*SS S&I&/*SS

3DJ

(QHVWH~OWLPRVHQWLGRVHRULHQWDQFRQSHUIHFWRULJRUOyJLFRHVWXGLRVRV FRPR6HFKHKD\H\%UDQGDO (QHIHFWRVHJ~QREVHUYD6HFKHKD\HVLHOKDEODFRQFUHWDHVUHDOL]DFLyQGHOD ©OHQJXDªHVH[SUHVLyQFRQPHGLRVLGLRPiWLFRVHQWRQFHV\DHVGHDOJXQDPDQHUD ©OHQJXDªGHDTXtODGLVWLQFLyQHQWUHHO©KDEODSURSLDPHQWHGLFKDªPHURLPSXOVR H[SUHVLYR\SRUFRQVLJXLHQWHIHQyPHQR©SUHOLQJtVWLFRªFI'HYRWR\HO©KDEOD RUJD RUJDQL QL]D ]DGD GDª ª HVOD HVODEy EyQ Q LQGL LQGLVS VSHQ HQVD VDEO EOH H HQWU HQWUH H OD OHQJ OHQJXD XD FRPR FRPR VLVWH VLVWHPD PD HVWi HVWiWL WLFR FR \ OD  OHQJXDFRPR©HYROXFLyQª   9LJJR%U¡QGDO  9LJJR %U¡QGDOHQ HQXQD XQDREUD REUDSXEOLFDGD SXEOLFDGDHQ HQ KDEODGHORVGRVDVSHFWRV  EDMRORV  EDMR ORVFXDOHV FXDOHVVH VHSUHVHQWDHO SUHVHQWDHO OHQJXDMH6SURJHWV GREEHOWH0DDGHDWIUHPWUDHGH ©QRUPD PDª ª  1RUP \ ©KDEODª 7DOH R FRQ FRQ RWUR RWURV V WpUP WpUPLQ LQRV RV ©VLV ©VLVWH WHPD PDª ª \  SDD ©QRU ©ULWP ©ULWPRª Rª /DQRUPDR /DQRUPDR HOVLVWHPDGH HOVLVWHPDGH ODOHQJXDVHUtD ODOHQJXDVHUtD GHQDWXUDO GHQDWXUDOH]D H]D VRFLDO VRFLDO HLGH H LGHDOR DOR IRUPDOHOKDEODRULWPRGHODOHQJXDVHUt IRUPDOHOKDEODRULWPRGHODOHQJXDVHUtDLQGLYLG DLQGLYLGXDO\UHDOHVGHFLUIXQF XDO\UHDOHVGHFLUIXQFLRQDO LRQDO 3HUR 3HUR XQRV XQRV DxRV DxRV Pi PiV V WDUG WDUGH H HQ XQ HVWX HVWXGL GLR R SXEO SXEOLF LFDG DGR R SRU SRU SULP SULPHU HUD D YH] YH] HQ   GLVWLQJXHFXDWURFRQFHSWRVHQOXJDUGHORVWUHVVDXVVXUHDQRV ODQJDJH  ODQJXH   SDUROH  HO ©OHQJXDMHª ODQJDJH R IDF IDFXOW XOWDG JHQH HQHUDO GH FUHDU VLJ VLJQRV RV  HO ©KDEODUª SDUROH1%QRVHWUDWDGHODSDUROHKDEODRVHDODDFWLYLGDGGH KDE DEOD ODU U HQ OD FXDO FXDO VH GLVW GLVWLQ LQJJXHQ XHQ  OD ©OHQ OHQJXDª JXDª ODQJXH VLVW VLVWHP HPD D GH VLJQ VLJQRV RV VLPEyOLF OLFRV LQVWLWXFLyQ TXH VH LPSRQH D ORV LQGLYLGXRV \ TXH FRPR LGHDO VLVW VLVWHP HPiW iWLF LFR R HVWi HVWi HQ OD EDVH EDVH GH WRGR WRGR DFWR DFWR GH  SDUROH¶ \HO©KDEODª  \HO©KDEODªGLVFRXUV WRWDOLGDGUtWPLFDRUGHQDGDHQHOWLHPSR\SRUORWDQWRLUUHYHUVLEOHXQFRQMXQWR DVLP DVLPpW pWUULFR LFR FDUDF DUDFWWHUL] HUL]DG DGR R SRU OD ILQ ILQDOLG DOLGDDG D OD TXH WLHQG LHQGH H SRU VX VHQW VHQWLG LGRR X RULHQWDFLyQSRUVXYROXQWDGFRQVWDQWHGHH[SUHVLyQHVGHFLUIXQGDPHQWDOPHQWH XQD LQWHQF LQWHQFLyQ LyQ 'H HVWD HVWD PD PDQHU QHUD D GHVDUU GHVDUUROOD ROODQGR QGR FRQFHS FRQFHSWRV WRV LPSOtF LPSOtFLWR LWRV V HQ 6DXVVX 6DXVVXUH UH %U¡QGDOOOHJDDFRQVLGHUDUOD©OHQJXDªFRPRHQWLGDGSXUDPHQWHDEVWUDFWD©QRUPH VXSp VXSpUL ULHX HXUH UH DX[ DX[ LQGL LQGLYL YLGX GXV V HQVH HQVHPE PEOH OH GH W\SH W\SHV V HVVH HVVHQW QWLH LHOV OV TXH TXH UpDO UpDOLV LVH H OD SDUR SDUROH OH GH IDJRQLQILQLPHQWYDULDEOHª\FX\DHVWUXFWXUDVLVWHPiWLFDHV©XQREMHWDXWRQRPHHW SDU SDU FRQV FRQVpT pTXH XHQW QW  QRQ QRQGp GpUL ULYD YDEO EOH H GHV GHV pOpP pOpPHQ HQWV WV GRQW GRQW HOOH HOOH QHV QHVW W QL ODJ ODJUp UpJD JDW W QL OD  VRPPHª HVFRPRGLUtD+MHOPVOHYQDGDPiVTXH©XQUpVHDXGHIRQFWLRQVª $FRQFHSWRVDQiORJRVOOHJDQLQWHUSUHWDQGRGHVDUUROODQGR\VXSHUDQGR D6DXVVXUHR D6DXVVXUHR WDPELpQSRURWURVFDPLQ WDPELpQSRURWURVFDPLQRVWRGDXQDVHULHGH RVWRGDXQDVHULHGH HVWXGLRVRV HVWXGLRVRV SVLFyORJR SVLFyORJRV V GHO OHQJXDMH FRPR 'HODFURL[ VHJ~Q HO FXDO OD OHQ OHQJXD HV XQ ©HQVHPEOH GH FRQYHQ FRQYHQWLR WLRQV QV OLQJXL OLQJXLVWL VWLTXH TXHV V TXL FRUUHV FRUUHVSRQ SRQG G D XQ QLYHDX QLYHDX GHVSU GHVSULW LW D XQ PRPHQW PRPHQW GX GpYHORSSHPHQWGHOHVSULWHWGHODFLYLOLVDWLRQª©XQHIRUPHLGpDOHTXLVLPSRVHj 



 /HVWURLVOLQJXLVWLTXHVVDXVVXULHQQHV HQ©9R[5RPDQLFDª9  $6(&+(+$<( /HVWURLVOLQJXLVWLTXHVVDXVVXULHQQHV PpWRGRVGH ODOLQJtVWLFD WUDG  9HO HVTXHPDFRUUHJLGRSRU :921:$57%85* :921 :$57%85* 3UREOHPDV\ PpWRGRVGHODOLQJtVWLFD HVS0DGULGS   0RUIRORJLRJ6\QWD[1\H%LGUDJWLO6SURJHWV7KHRUL  7KHRUL &RSHQKDJXH  9%521'$/ 0RUIRORJLRJ6\QWD[1\H%LGUDJWLO6SURJHWV &RSHQKDJXH  3DJ  ©0HGHQV1RUPHQHOOHU6SURJHWV6\VWHPHUVRFLDORJDIUHQWLGHHOHOOHUIRUPHO1DWXUHU7DOHQHOOHU 6SURJHWV5\WKPHLQGLYLGXHORJDIUHHOHOOHUIXQNWLRQHO1DWXUª0LHQWUDVTXHOD QRUPDR VLVWHPDGH OD OHQJXD OHQJXD HVVRF HV VRFLDO LDO \ GHQDW GH QDWXUD XUDOH] OH]D D SXUDPH SXUDPHQWH QWH LGHDO LGHDOR R IRUPDO IRUPDO HO KDEOD R ULWPRGHODOHQJXDHV LQGLYLGXDO\GHQDWXUDOH]DUHDORIXQFLRQDO2EFLW SiJLQD SiJLQD  JDJH HW /RJLT /RJLTXH XH HQ /D *UDQGH *UDQGH (QF\FO (QF\FORSp RSpGLH GLH )UDQoD )UDQoDLVH LVH    9 %51'$/ /DQJDJH   UHSX UHSXEO EO HQ  (VVDLV GH OLQJXLVWLTXH JpQpUDOH  &RSHQK &RSHQKDJX DJXH H   SiJLQD SiJLQDV V   FI SDUWLF SDUWLF HO FDS FDS )RUPHV GX ODQJDJHSS   (VVDLV GH/LQJJpQ /LQJJpQ SS  9%51'$/  9 %51'$/ /LQJXLVWLTXHVWUXFWXUDOH $/UHSXEOHQ (VVDLVGH &I&/*SS  3DJ 

WRXVOHVLQGLYLGXVGXQPrPHJURXSHVRFLDOªR%KOHUODVOHQJXDVVRQ©VLVWHPDV GH IRU IRUPDV OLQ OLQJtVW tVWLF LFDV DVª ª \ pVW pVWDV VRQ VRQ HVSH HVSHFFLHV LHV ©REM ©REMHHWRV WRV GHO GHO WLS WLSR GH ODV ODV LGHD LGHDV V SODWyQLFD SODWyQLFDVª©FODVH Vª©FODVHVGH VGHFODVH FODVHVFRPRORVQ~PHURVª VFRPRORVQ~PHURVª<JORWyORJRVHVWUXFWXUDOLVWDV  \ IXQFLRQDOLVWDV FRPR ORV IRQyORJRV GH OD HVFXHOD GH 3UDJD \ HQ SDUWLFXODU  6SUDFKEHVLW] FDXGDOOLQJtVWLFRH[LVWHQWH 7UXEHW 7UXEHW]NR ]NR\SDUDHO \SDUDHO FXDO FXDOOD OD©OH ©OHQJ QJXDª XDª HV 6SUDFKEHVLW]  FDXGDOOLQJtVWLFRH[LVWHQWH HQODFRQFLHQFLDGHORVKDEODQWHV©/DODQJXHH[LVWHGDQVODFRQVFLHQFHGHWRXVOHV PHPE HPEUHV GH OD FRPP RPPXQDX XQDXWWp OLQ OLQJXLVW XLVWLT LTX XH HQ FDXVH DXVH HW HOOH HOOH HVW HVW OH IRQ IRQGHP GHPHQW HQW GLQQRPEUDEOHVDFWHVGHSDUROHFRQFUHWVª\DOPLVP GLQQRPEUDEOHVDFWHVGHSDUROHFRQFUHWVª\DOPLVPRWLHPSRVLVWHPDDEVWUDF RWLHPSRVLVWHPDDEVWUDFWRGH WRGH IXQFLRQHVRPiVELHQGHQRUPDV\UHJODV©'DQVODODQJXHSDUFRQWUHOHVLJQLILp HVW UHSUpVHQWp SDU GHV UHJOHV DEVWUDLWHV ±V\QWDFWLTX LTXHV SKUDVpRORJ ORJLTXHV PRUSKRORJLTXHVHWOH[LFDOHV±&DUPrPHOHVVLJQLILFWLRQVGHVPRWVWHOOHVTXHOOHV H[LV H[LVWH WHQW QW GDQV GDQV OD ODQJ ODQJXH XH QH VRQW VRQW ULHQ ULHQ GXD GXDWU WUH H TXH TXH GHV GHV UqJO UqJOHV HV DE DEVW VWUD UDLW LWHV HV RX GHV GHV VFKqPHVGHFRQFHSWVª©/DODQJXHFRQVLVWDQWHQUqJOHVRXQRUPHVHOOHHVWSDU RSSR RSSRVLW VLWLR LRQ Q j ODF ODFWH WH GH SDUR SDUROH OH XQ V\VW V\VWqP qPH H RX RX SRXU SRXU PLX[ PLX[ GLUH GLUH XQ HQVH HQVHPE PEOH OH GH SOXVLHXUVV\VWqPHVSDUWLHOVª 3HURHQWRGRVVXEVLVWHH[SOtFLWDRLPSOtFLWDPHQWH ODLGHQWLILFDFLyQHQWUH©VRFLDOª\©VLVWHP ODLGHQWLILFDFLyQHQWUH©VRFLDOª\©VLVWHPiWLFRªHVWUXFWXUD iWLFRªHVWUXFWXUDOIXQFLRQDO OIXQFLRQDO )LQDOPHQWH:YDQ:DUWEXUJTXHHVVHJ~QQRVRWURVXQRGHORVPiV VDXVVXUHDQRVHQWUHORVOLQJLVWDVFRQWHPSRUiQHRVMXVW VDXVVXUHDQRVHQWUHORVOLQJLVWDVFR QWHPSRUiQHRVMXVWDPHQWHSRUKDEHU DPHQWHSRUKDEHUWUDWDGRGH WUDWDGRGH UHVROY UHVROYHU HU FRQFLO FRQFLOLDU LDU \ VXSHUD VXSHUDU U ODV DQWLQR DQWLQRPLD PLDV V GHO PD PDHVW HVWUR UR VLQ GHVYLU GHVYLUWXD WXDUOD UODV V \ HQ SDUWLFXODU OD DQWLQRPLD VLQFURQtDGLDFURQtD SDUD OOHJDU D XQ SRVLWLYR ©HVWUXFWXUDOLVPRKLVWyULFRªRGLDFUyQLFRDVtFRPRSRUKDEHUWUDWDGRGHUHIRUPDU\ KDFHU DFHU SURJ SURJUUHVDU HVDU HO VDXV VDXVVX VXUUHDQ HDQLVP LVPR PHGLD HGLDQ QWH OD VtQW VtQWHV HVLV LV FRQ ODV ODV GRFW RFWULQ ULQDV UHYROX UHYROXFLR FLRQD QDULD ULDV V GH *LOOLp *LOOLpURQ URQ \ 6FKXFK 6FKXFKDUG DUGW W KLVWR KLVWRULD ULD GHO VLVWHP VLVWHPD D  KLVWRU KLVWRULD LD GH ODV SDODEU SDODEUDV DV \ FRQ ORV DVSHFW DVSHFWRV RV Pi PiV V SURILF SURILFXRV XRV GHO LGHDOL LGHDOLVPR VPR OLQJt OLQJtVWL VWLFR FR HO OHQJXD OHQJXDMH MH FRPRLQVWLWXFLyQVRFLDOHOOHQJXDMHFRPRFUHDFLyQLQGLYLGXDOWRGRHVWRFRQXQ p[LWRTXHQRKD\TXLHQQRUHFRQR]FDKDLQWHQWDGRUHVROYHUWDPELpQODDQWLQRPLD IXQG IXQGDP DPHQ HQWD WDO O HQWU HQWUH H ODQJXH \  SDUROH SHUR ORJUDQGR VyOR DFHQWXDU OD LQWHUGHSHQGHQFLDHQWUHORVGRVDVSHFWRVGHOOHQJXDMH/DVFDUDFWHUL]DFLRQHVGHY :DUWEXUJQRVHDOHMDQPXFKRGHODV\DFLWDGDV(OKDEODHVDFWLYLGDGLQGLYLGXDOUHDO HQpUJHLDHPSOHRRFDVLRQDOTXHHOLQGLYLGXRKDFHGHODOHQJXDDSURYHFKDPLHQWR\ XVRLQGLYLGXDOGHO XVRLQGLYLGXDOGHO VLVWHPD\ VLVWHPD\ DOPLVP DO PLVPR RWLHP WLHPSRDFWLYLG SRDFWLYLGDGSVtTXLFR DGSVtTXLFRItVLF ItVLFRILVL RILVLROyJL ROyJLFD FD TXH SHUPLW SHUPLWH H HVH DSURYH DSURYHFK FKDPL DPLHQW HQWRR /D OHQJXD HQ FDPE FDPELR LR HV VRFL VRFLDO DO FRP FRP~Q \ VLVWHPiWLFDHVOHQJXDMHVXSHULQGLYLGXDOVXPDGHWRGDVODVLPiJHQHVGHSDODEUDV  \DVRFLDFLRQHVDOPDFHQDGDVHQWRGRV  \DVRFLDFLRQHV DOPDFHQDGDVHQWRGRV ORVKDEODQWHVHVXQ ORVKDEODQWHV HVXQ©VLVWHPDH[SUHVLYR ©VLVWHPDH[SUHVLYRWRWDO WRWDO  \FRPSDFWRTXHYLYHYLUWXDOPHQWHHQODWRWDOLGDGGHORVLQGLYLGXRVªHV©  \FRPSDFWRTXHYLYHYLUWXDOPHQ WHHQODWRWDOLGDGGHORVLQGLYLGXRVªHV©pUJRQXQD REUDUHDOL]DGDXQELHQHVSLULWXDOTXHWRGRORDEDUFDHQHOFXDOWRGRVORVPLHPEURV GH XQD XQD FRPX FRPXQL QLGD GDG G OLQJ OLQJt tVW VWLF LFD D YLYH YLYHQ Q HVSL HVSLUL ULWX WXDO DOPH PHQW QWHª Hª ©XQ ©XQ RE REMH MHWR WR SXUD SXUDPH PHQW QWH H DQtP DQtPLF LFR RHV HVSL SLUL ULWX WXDO DO LQGH LQGHSH SHQG QGLH LHQW QWH H GH ODV ODV DFWL DFWLYL YLGD GDGH GHV V ItVL ItVLFR FRI ILV LVLR LROy OyJL JLFD FDV V GH ORV ORV yUJDQRVLGLRPiWLFRVª/DOHQJXD©HVWRGRHOVLVWHPDH[SUHVLYRTXHGHQWURGHXQD 



 /HODQJDJHHWODSHQVpH3DUtVSS<&I&/* SS +(15<'(/$&52,; /HODQJDJHHWODSHQVpH SS  6SUDFKWKHRULH'LH'DUVWHOOXQJVIXQNWLyQGHU6SUDFKH FKH ,HQDWUHVS7HRUtD .$5/%h+/(5 6SUDFKWKHRULH'LH'DUVWHOOXQJVIXQNWLyQGHU6SUD GHOOHQJXDMH0DGULGSS  *UXQG]JH GHU 3KRQRORJL 3KRQRORJLHH 3UDJDWUIU 3ULQFLSHV GH 3KRQRORJLH 1 6 758%(7=.2< 758%(7=.2< *UXQG]JH 3DUtVSS  3DJ  :921:$57%85*2EFLW SS\SDUWLFSS SS\SDUWLFSS  &I&/* SS SS 

FRPXQLGDGKXPDQDVLUYHGHPHGLRGHFRPSUHQVLyQªHV©XQSDWULPRQLRVRFLDOR PHMRU PHMRU GLFKR GLFKR XQD IDF IDFXOW XOWDG DG SHFX SHFXOL OLDU DU GH WRGR WRGRV V ORV ORV PLHP PLHPEU EURV RV GH XQD XQD FRPX FRPXQL QLGD GDG G OLQJtVWLFD\FRP~QDWRGRVHOORVª(OKDEODFRUUHVSRQGHUtDDOHVStULWXLQGLYLGXDOOD OHQJXDDOHVStULWXFROHFWLYR /DVFRQWUDGLFFLRQHVtQVLWDVHQHVWDGRFWULQDUHVXOWDQHYLGHQWHVVREUHWRGR HQ OD LGHQW LGHQWLIL LILFDF FDFLyQ LyQ GH FRQFHS FRQFHSWRV WRV WDQ GLVWLQ GLVWLQWRV WRV FRPR FRPR VXPDV VXPDVLVW LVWHPD HPD SDWULP SDWULPRQL RQLR R IDFX IDFXOW OWDG DG < QR SXHG SXHGH H FRQV FRQVLG LGHU HUDU DUVH VH FRPR FRPR FLHQ FLHQWt WtIL ILFD FDP PHQWH HQWH YiOL YiOLGR GR HO UHFX UHFXUU UULU LU D RSRV RSRVLF LFLR LRQH QHV V WDQ WDQ DP DPEL ELJX JXDV DV \ DUEL DUELWU WUDU DULD LDV V FRPR FRPR ©HVS ©HVStU tULW LWX X LQGL LQGLYL YLGX GXDO DOª ª©H ©HVS VStU tULW LWX X FROHF ROHFWL WLYR YRª ª QR PX\ GLVW GLVWLQ LQWD WDV V GH OD YLHM YLHMD D \ GHVH GHVHFK FKDG DGD D RSRV RSRVLF LFLy LyQ Q HQW HQWUH ©DOP ©DOPD D  LQGL LQGLYL YLGX GXDO DOª ª \ ©DOP ©DOPD D FROH FROHFW FWLY LYDª Dª  (QFR (QFRQW QWUD UDPR PRV V VLQ VLQ HPED HPEDUJ UJR R HQ Y :D :DUW UWEX EXUJ UJ DOJXQRV HQXQFLDGRV TXH VHJ~Q QRVRWURV WRFDQ HO SXQWR IXQGDPHQWDO GHO SUREOHPD  ©HO LPSXOVR KDFLD HO KDEOD >HO KDEOD GH 'HYRWR OD © SDUROH SURSLDPHQWH GLFKDª GH 6HFKHKD\H HO GLVFRXUV GH %U¡QGDO@ HV DOJR H[WU H[WUDL DLGL GLRP RPiW iWLF LFRª Rª   ©HO ©HO KDEO KDEOD D VH SURG SURGXF XFH H VHJ~ VHJ~Q Q ODV ODV UHJO UHJODV DV GH OHQJ OHQJXD XDª ª \  OD OHQJXDDSDUHFH  VHFRPSUXHEDFRQFUHWDPHQWHHQHOKDEOD  KDEODU FI*DUGLQHU  5R]DQVyORWDQJHQFLDOPHQWHFRQQXHVWURSUREOHPDSRUTXHSUHVHQWDQ FRQWUD FRQWUDGLF GLFFL FLRQH RQHV V GH RWUD RWUD tQGROH tQGROH ODV GRFWU GRFWULQD LQDV V TXH FRQVLGH FRQVLGHUDQ UDQ TXH D XQ PRQLV PRQLVPR PR WHyU WHyULF LFR R GHEH GHEH QHFH QHFHVD VDUL ULDP DPHQ HQWH WH FRUU FRUUHV HVSR SRQG QGHU HU XQ PRQL PRQLVP VPR R PHWR PHWRGR GROy OyJL JLFR FR \ TXH TXH OD OLQJtVWLF OLQJtVWLFD D FRPR FRPR FLHQFLD FLHQFLD OLQJtVWL OLQJtVWLFD FD KLVWyULF KLVWyULFD D GHEH QHFHVDULD QHFHVDULDPHQ PHQWH WH LGHQWLILF LGHQWLILFDUVH DUVH FRQ FRQ OD OLQJ OLQJt tVW VWLF LFD D FRPR FRPR ILOR ILORVR VRIt ItD D WHR WHRUt UtD D GHO GHO OHQJ OHQJXD XDMH MH  HV GHFL GHFLU U ODV ODV GRFW GRFWUL ULQD QDV V LGHDOLVWDVFRPRODVGH&URFH\9RVVOHUTXHUHFRQRFHQHQHOOHQJX LGHDOLVWDVFRPRODVGH&URFH\9RVVOHU TXHUHFRQRFHQHQHOOHQJXDMHH[FOXVLYDPHQWH DMHH[FOXVLYDPHQWH HODVSHFWRVXEMHWLYRRVHDHODVSHFWRTXHHQWpUPLQRVVDXVVXUHDQRVVHOODPDUtD  SDUROH (VD FRUULH FRUULHQWH QWH LGHDOL LGHDOLVWD VWD WLHQHVXV WLHQHVXV UDtFHV UDtFHV Pi PiV V SURIXQ SURIXQGDV GDV HQ9LFR\ HQ9LFR \OXH OXHJRHQ JRHQ +HUGH HUGHUU \ VXV VXV RUtJ UtJHQHV HQHV WHyU WHyULF LFRV RV PiV UHFLH HFLHQW QWHV HV HQ OD FpOHE pOHEUH UH FDUDF DUDFWWHUL] HUL]DF DFLy LyQ Q  7lWLJNHLW HVGHFLUFRPRDFWLYLGDG KXPEROWLDQDGHOOHQJXDMHFRPR HQpUJHLD R 7lWLJNHLW  HVGHFLUFRPRDFWLYLGDG FUHDGRUDGHOHVStULWX3HUR+XPEROGWQRFD\yQXQFDHQXQVXEMHWLYLVPRDEVROXWR\ QR KX\y X\y OD H[LJ H[LJHHQFLD QFLD GH YHU YHU HQ HO OHQ OHQJXDM JXDMH H XQD XQD ELSR LSRODUL ODULGD GDG G XQ PRYLP RYLPLH LHQ QWR GLDO GLDOpF pFWL WLFR FR HQWU HQWUH H OR VXEM VXEMHW HWLY LYR R \ OR RE REMH MHWL WLYR YR OR LQGL LQGLYL YLGX GXDO DO \ OR LQWH LQWHUL ULQG QGLY LYLG LGXD XDO O R VXSHULQGLYLGXDOHQWUHHQpUJHLD\ pUJRQ$KRUD&URFHSLHQVDSRGHUVXSHUDUHVD ©LQVXI ©LQVXILFL LFLHQ HQFLD FLDª ª GH +XPER +XPEROGW OGW LGHQWL LGHQWLILF ILFDQG DQGR R HO OHQJXD OHQJXDMH MH FRQ OD H[SUHV H[SUHVLyQ LyQ \ SRU FRQVLJXLHQWHFRQODSRHVtD\FRQSHUIHFWDFRKHUHQFLDGHVGHVXSXQWRGHYLVWDOD OLQJ OLQJt tVW VWLF LFD D FRQ FRQ OD HVWp HVWpWL WLFD FD 1RV 1RV HQFR HQFRQW QWUD UDPR PRV V DTXt DTXt FRPR FRPR HQ RWUR RWURV V SXQW SXQWRV RV GH OD GRFW GRFWUL ULQD QD GH &URF &URFH H FRQ FRQ VLPS VLPSOH OHV V FRQY FRQYHQ HQFL FLRQ RQHV HV VHPi VHPiQW QWLF LFDV DV SUHV SUHVHQ HQWD WDGD GDV V FRPR FRPR  YHUGDGHVWHyULFDV  YHUGDGHV WHyULFDVGHPRVWUDGDV GHPRVWUDGDVR R GHPRVWUDEOHVQR GHPRVWUDEOHV QR VHWUDWD VH WUDWDGHO GHO ©OHQJXDMHª\ ©OHQJXDMHª \ GH OD 



3DJ 2E&LW SS &IDHVWHSURSyVLWR2-HVSHUVHQ2E&LW





©6yORDWUDYpVGHOKDEODSRG ©6yORDWUDYpVGHOKDEODSRGHPRVDFH HPRVDFHUFDPR UFDPRVDHOOD>DODOHQJXD@/DOHQJ VDHOOD>DODOHQJXD@/DOHQJXDDSDUHF XDDSDUHFHVLHPSUH HVLHPSUHVyOR VyOR SDUFLDOPHQW SDUFLDOPHQWH H(Q (Q FLHUWR FLHUWR PRGR RFXUUH RFXUUH FRPRVL OD WRWDOLGDG WRWDOLGDG GHOD GH OD OHQJXD OHQJXD HVWXYLHUD HVWXYLHUD FRQVWDQWH FRQVWDQWHPHQWH PHQWH HQYXHOWDHQODRVFXULGDGSHURVHKLFLHUDYLVLEOHRFRQFUHWDDTXHOODSDUWHGpODPLVPDLOXPLQDGDSRU HOKD]GHOX]GHOKDEOD(QHVWHVHQWLGRHVFRPRSXHGHUHVROYHUVHODGLVSDULGDGGHRSLQLRQHVVREUHHO FDUiFWHUFRQFUHWRRDEVWUDFWRGHODOHQJXDª2EFLW SQRWD SQRWD 

3DJ ,GHDOLVPRHUHDOLVPRQHOODVFLHQ]DGHOOLQJXDJJL LHQ]DGHOOLQJXDJJLR R)ORUHQFLDSS *1(1&,21, ,GHDOLVPRHUHDOLVPRQHOODVF

 

 (VWHWLFDFRPH VFLHQ]DGHOOHVSUHVVLRQHH OLQJXLVWLFDJHQHUDOH DHG3DOHUPR %&52&( (VWHWLFDFRPH WUHVSDHG0DGULGSDUWLFFDStWXOR; WUHVSDHG0DGULGSDUWLFFDStWXOR;9,,,SS7DPELp 9,,,SS7DPELpQYDULDVREUDVVXFHVLYDV QYDULDVREUDVVXFHVLYDV

©OLQJtVWLF ©OLQJtVWLFDªFRPRREMHWR DªFRPRREMHWRVVLQRGH VVLQRGH ORTXH&URF ORTXH &URFHOODPD©OHQJXDM HOODPD©OHQJXDMHª\ Hª\©OLQJ ©OLQJtVWLF tVWLFDª Dª /RV /R V GRV GRV WpUP WpUPLQ LQRV RV VRQ VRQ HPSO HPSOHD HDGR GRV V SRU SRU HO ILOy ILOyVR VRIR IR LWDO LWDOLD LDQR QR HQ VHQW VHQWLG LGR R UHVW UHVWUL ULFW FWLY LYR R &URFHQROODPD©OHQJXDMHªVLQR©KHFKRVSUiFWLFRVªR©SXURVRQLGRªORTXHQRHV H[SUHVLyQSRpWLFD\QROODPD©OLQJtVWLFDªVLQR©DFWLYLGDGGLGDVFiOLFDªORTXHQR HV WHRUtD WHRUtD GHO OHQJXD OHQJXDMH MH GH VX ©OHQJ ©OHQJXDM XDMHª Hª HV GHFLU GHFLU HVWpWL HVWpWLFD FD DVt FRPR FRPR HO WpUPLQ WpUPLQR R ©H[SUHVLyQª LQGLFD HQ VXV HQXQFLDGRV OR TXH OODPDUtDPRV PiV ELHQ ©H[W ©H[WHU HULR LRUL UL]D ]DFL FLyQ yQª ª FI FI OD .XQG .XQGJD JDEH EH GH %KO %KOHU HU  R VHD VHD XQD XQD ~QLF ~QLFD D IXQF IXQFLy LyQ Q GH OD H[SU H[SUHV HVLy LyQ Q OLQJ OLQJtV tVWL WLFD FD 6R 6RQ Q pVWD pVWDV V FRQY FRQYHQ HQFL FLRQ RQHV HV VHPi VHPiQW QWLF LFDV DV TXH TXH HQFX HQFXHQ HQWU WUDQ DQ VX DSOLFD DSOLFDELO ELOLGD LGDG G HQ OD LQWHUS LQWHUSUHW UHWDFL DFLyQ yQ \ FRPSUH FRPSUHQVL QVLyQ yQ GHO VLVWHP VLVWHPD D GH &URFH &URFH SHUR SHUR QR IXHUDGHpO  $GHPiV&URFHQRVGLFHTXHODOLQJtVWLFDJHQHUDOVHLGHQWLILFDFRQODHVWpWLFD ©HQ ©HQ OR TXH TXH WLHQ WLHQH H GH UHGX UHGXFL FLEO EOH H D ILOR ILORVR VRIt ItDª Dª \ ©FRP ©FRPR R YHUG YHUGDG DGHU HUD D FLHQ FLHQFL FLDª Dª 3HUR 3HUR ©DVSHFWRGH ©DVSHFWRGHXQDFLHQF XQDFLHQFLDUHGXFLE LDUHGXFLEOHD OHD ILORVRItDª ILORVRItDª ©YHUGDGHUDFLHQFL ©YHUGDGHUDFLHQFLDªHV DªHVXQDQXHYD XQDQXHYD FRQYHQFLyQVHPiQWLFDTXHSXHGHDFHSWDUVHRUHFKD]DUVH)LQDOPHQWHVLVHOODPD ©HVWpW ©HVWpWLFD LFDª ª OD FLHQF FLHQFLD LD GH OD H[SUHV H[SUHVLyQ LyQ GH WRGD WRGD OD H[SUHV H[SUHVLyQ LyQ SRGHP SRGHPRV RV \ GHEHPR GHEHPRV V DFHSWDUTXHVHLGHQWLILFDFRQHOODOD©FLHQFLDGHOOHQJXDMHªGHORTXH&URFHOODPD ©OHQ OHQJXDMHª R PHMRU OR TXH &URFH OODPD ©FLHQFLD GHO OHQJXDMHª SHUR QR QHFHVDULDPHQWHTXHVHLGHQWLILFDFRQODPLVPD©HVWpWLFDªORTXHRWURVaHQSULPHU OXJD OXJDU U ORV ORV OLQJ OLQJL LVW VWDV DV OODP OODPDQ DQ ©OLQ ©OLQJ JtV tVWL WLFD FDª ª (Q HIHF HIHFWR WR HVWD HVWD ~OWL ~OWLPD PD FLHQ FLHQFL FLD D WLHQ WLHQH H DVSHFWRVTXHQRVRQUHGXFLEOHVDILORVRItD(OSUREOHPDPLVPRGHOD©OLQJtVWLFDª VLQDGMHWLYRV¢FyPRVHSUHVHQWDFyPRVHPDQLILHVWDHOOHQJXDMH"HVGLVWLQWRGHO SUREOH SUREOHPD PDGH GHOD OD©OL ©OLQJ QJtV tVWLF WLFD D FRPR FRPR ILORVR ILORVRItD ItDª ª R ©ILORV ©ILORVRIt RItD D GHO OHQJX OHQJXDMH DMHª ª ¢TXp ¢TXpHV HVHO HO OHQJXD OHQJXDMH" MH"  < WRGD WRGD FLHQF FLHQFLD LD WUDED WUDEDMD MD QHFHVD QHFHVDULD ULDPHQ PHQWH WH FRQ JHQHUD JHQHUDOL] OL]DFL DFLRQH RQHV V TXH VRQ  DEVW DEVWUD UDFF FFLR LRQH QHV V ©IRU ©IRUPD PDOL OL]D ]DFL FLRQ RQHV HVª ª 3RU 3RU HVWR HVWR VL &URF &URFH H WLHQ WLHQHH SHU SHUIHF IHFWD UD]y D]yQ DO FROR FRORFD FDUV UVH H FRPR FRPR ILOR ILORVR VRIR IR GHO GHO OHQJ OHQJXD XDMH MH HQ OD UHDO UHDOLG LGDG DG FRQF FRQFUH UHWD WD GH pVWH pVWH TXH TXH HV HO KDEODU    WDP WDPELpQ LpQ WLH WLHQH VXV VXV UD]RQ D]RQHV HV 6D 6DXV XVVX VXUUH DO H[LJ H[LJLU LU TXH TXH HO OLQ OLQJLVW LVWD D FRPR RPR FLHQWtILFRVHFRORTXHHQHOSODQRGHODDEVWUDFFLyQTXHOODPDPRVOHQJXDFRQOR FXDO FXDO QR VH TXLH TXLHUH UH GHFL GHFLU U TXH TXH HO OLQJ OLQJL LVW VWD D GHED GHED LJQR LJQRUD UDU U R SHUG SHUGHU HU GH YLVW YLVWD D HO KDEO KDEODU DU FRQFUHWRVREUHFX\DEDVHKDFHVXVJHQHUDOL]DFLRQHVGHOVLVWHPDOLQJtVWLFRTXH WDPELpQ&URFHYHGHDOJXQDPDQHUDFRPRRSXHVWRDODH[SUHVLyQLQGLYLGXDOSHUR TXH TXH VHJ~ VHJ~Q Q pO pO VHUt VHUtD D ©XQD ©XQD FRQV FRQVWU WUXF XFFL FLyQ yQ HPSt HPStUL ULFD FD VLQ VLQ H[LV H[LVWH WHQF QFLD LD UHDO UHDOª ª &RQ &RQ HVWH HVWH ~OWLPRHQXQFLDGRXQSRFRPRGLILFDGR©XQDDEVWUDFFLyQVLQH[LVWHQFLDFRQFUHWDª SXHGHQHVWDUGHDFXHU SXHGHQHVWDUGHDFXHUGRODPD\RUtD GRODPD\RUtDGH GHORVOLQJL ORVOLQJLVWDV VWDVSHURQLQJXQ SHURQLQJXQRGHHOORVSLHQVD RGHHOORVSLHQVD SRU HOOR HOOR TXLWDU TXLWDU YDORU YDORU D VX LQYHVW LQYHVWLJD LJDFLy FLyQ Q GDGR GDGR TXH MXVWDP MXVWDPHQW HQWH H HVD DEVWUD DEVWUDFFL FFLyQ yQ HV REMHWRGHJUDQSDUWHGHODOLQJtVWLFDGDGRTXHDEVWUDFFLRQHVVHPHMDQWHVVRQWRGDV ODV ODV OODP OODPDG DGDV DV ©LQV ©LQVWL WLWX WXFL FLRQ RQHV HV VRFL VRFLDO DOHV HVª ª \ TXH TXH FRQ FRQ DEVW DEVWUD UDFF FFLR LRQH QHV V GHO GHO PLVP PLVPR R WLSR WLSR WUDEDMDWRGDXQDVHULHGHFLHQFLDVTXHVRQWDOHVMXVWDPHQWHSRUTXHQRVHOLPLWDQD UHJLVWUDU\FODVLILFDUHOPDWHULDOFRQFUHWRTXHVHSUHVHQWDGHPDQHUDLQPHGLDWDDOD FRQVL RQVLGH GHUUDFLy DFLyQ Q (V TXH &URF &URFH H RSR RSRQLpQ QLpQG GRVH RVH MXVW MXVWDP DPHQ HQWWH D OD FRQVL RQVLG GHUD HUDFLyQ LyQ ©PDWHULDOLVWDª GH OD OHQJXD FRPR UHDOLGDG DXWyQRPD FRPR RUJDQLVPR LQGHSH LQGHSHQGL QGLHQW HQWH H GH ORV LQGLYL LQGLYLGXR GXRV V KDEODQ KDEODQWHV WHV KD FDtGR FDtGR HQ OD H[DJHU H[DJHUDFL DFLyQ yQFRQ FRQWUD WUDULD ULD TXHHVODGHFRQVLGHUDUHOOHQJXDMHFRPRIHQyPHQRH[FOXVLYDPHQWHVXEMHWLYR\GH QHJDUWRGDREMHWLYLGDGDODOHQJXDFRPRVLVWHPD3HURREMHWLYLVPRFRPR\DRWURV KDQREVHUYDGRGHQLQJXQDPDQHUDTXLHUHGHFLU©PDWHULDOLVPRªOD©OHQJXDªHVXQ ©REM ©REMHW HWRª Rª LQPD LQPDWH WHUL ULDO DO DEVW DEVWUD UDFW FWR R \ HO ,GHD ,GHDOLV OLVPR PR ILOR ILORVy VyIL ILFR FR SXHG SXHGH H SHUI SHUIHF HFWD WDPH PHQW QWH H 



3DJ

FRQF FRQFLO LOLD LDUV UVH H VLQ VLQ QLQJ QLQJ~Q ~Q FRPS FRPSUR URPL PLVR VR WHyU WHyULF LFR R FRQ FRQ HO RE REMH MHWL WLYL YLVP VPR R \ KDVW KDVWD D FRQ FRQ HO  HVWUXFWXUDOLVPROLQJtVWLFR 4XHG 4XHGDQ DQGR GR HQ HO WHUU WHUUHQ HQR R GH OD ILOR ILORVR VRIt ItD D GHO GHO OHQJ OHQJXD XDMH MH &URF &URFH H QR WXYR WXYR TXH TXH PRGLILFDUVXSRVLFLy PRGLILFDUVXSRVLFLyQSHURVHJXUD QSHURVHJXUDPHQW PHQWHOR HORKDEU KDEUtDKHFKRVLVH tDKHFKRVLVHKXELH KXELHVHRFXSDGR VHRFXSDGRGH GH OLQJtVWLFDKLVWyULFDFRPROHWRFyDVXDPLJR\GLVFtSXORDOHPiQ9RVVOHU(QHIHFWR pVWHSDUWLyHQVXVSULPHUDVREUDVGHXQ  GHXQFURF FURFHDQLV HDQLVPRLQWUDQ PRLQWUDQVLJHQ VLJHQWHSDUDOOHJDU WHSDUDOOHJDU  HQYDULRVHQVD\RVVXFHVLYRV DXQDFRQFHSFLyQPXFKRPiVFRQFLOLDGRUDUHTXHULGD SRUVXPLVPDODERUGHOLQJLVWD(QHOFRPL (QHO FRPLHQ]R HQ]R9RVVOHUFRQV 9RVVOHUFRQVLGHUD LGHUDFRPR~QLFR FRPR~QLFR REMH RE MHWR WR GH OD OLQJ OLQJtV tVWL WLFD FD OD  SDUROH \ SUHF SUHFLV LVDP DPHQ HQWH WH OD  SDUROH SRpW SRpWLF LFD D \ SURS SURSRQ RQH H HVHQ HVHQFL FLDO DOPH PHQW QWH H XQD XQD FRQY FRQYHQ HQFL FLyQ yQ VHPi VHPiQW QWLF LFD D FRPR FRPR ODV ODV GH &URF &URFH H LGHQ LGHQWL WLIL ILFD FDQG QGR R OD FLHQFLDGHOOHQJXDMHFRQODGHOHVWLOROLQJtVWLFDHVWLOtVWLFD\HOLPLQDQGRGHOD OLQJ OLQJt tVW VWLF LFD D R GH OD ©YHU ©YHUGD GDGH GHUD UD OLQJ OLQJtV tVWL WLFD FDª ª  HVWp HVWpWL WLFD FD  WRGD WRGD LQYH LQYHVW VWLJ LJDF DFLy LyQ Q QR QR HVWpWLFDTXHDWULEX\HDOD .XOWXUJHVFKLFKWHDODKLVWRULDGHODFXOWXUD3HURHQOR VXFHVLYROOHJDDXQDVHULHGHRSRVLFLRQHVFRPRDVSHFWRHVWpWLFRRFUHDWLYRDVSHFWR KLVWyULFR KLVWyULFR R HYROXWLYR HYROXWLYR XQLILFDF XQLILFDFLyQG LyQGLIHUH LIHUHQFL QFLDFLyQ DFLyQ LQGLYLGXR LQGLYLGXRDPEL DPELHQWH HQWH OLQJtVWLF OLQJtVWLFR R HWFTXHVRQHQSDUWHUHWRUQRVD+XPEROGW\HQSDUWHFRQFHVLRQHVLQFRQIHVDGDV DOVDXVVXUHDQLVPR\OOHJDKDVWDDGPLWLUOD OHQJXDFRPRSHQVDEOH©LQ DEVWUDFWR FRPR RPR XQ VLVW VLVWHP HPD D GH FRQG FRQGXF XFFL FLRQ RQHV HVª ª \ UHSUH HSUHVH VHQW QWDE DEOH OH FRPR RPR XQD PHGLD HGLDFFLyQ LyQ R  ©PHGLXPHQWUHHOLQGLYLGXR\VXFRPXQLGDGOLQJtVWLFDª 1R GLUtDP GLUtDPRV RV SDUDIU SDUDIUDVH DVHDQG DQGR R XQD H[SUHV H[SUHVLyQ LyQ GH -DEHUJ -DEHUJ TXH TXH HO HO PpUL PpULWR WR GHO GHO LGHD LGHDOL OLVP VPR R HVWi HVWi Pi PiV V ELHQ ELHQ HQ XQ DVSH DVSHFW FWR R QHJD QHJDWL WLYR YR HQ OR TXH TXH KD HOLP HOLPLQ LQDG DGR R GH OD OLQJt OLQJtVWL VWLFD FD TXH HQ HO DVSHFW DVSHFWR R SRVLWL SRVLWLYR YR HQ OR TXH KD DSRUWD DSRUWDGR GR D QXHVWU QXHVWUD D FLHQFL FLHQFLD D SRUT SRUTXH XH DKt DKt HVWi HVWiQ Q SDUD SDUD GHVP GHVPHQ HQWL WLPR PRV V OD UHYD UHYDOR ORUL UL]D ]DFL FLyQ yQ GH OD OHQJX OHQJXD D OLWH OLWHUD UDUL ULD D HO IORUHFLPL IORUHFLPLHQWR HQWRGH GHORVHVWXGLR ORVHVWXGLRVHVWLOtVWL VHVWLOtVWLFRVODVKLVWRU FRVODVKLVWRULDVGHODV LDVGHODVOHQJ OHQJXDVFRQFH XDVFRQFHELGDV ELGDVHQ HQ tQWLPDUHODFLyQFRQODKLVWRULDGHODFXOWXUD\GHOJXVWRSHURLQGXGDEOHPHQWHOD OLQJt OLQJtVWL VWLFD FD LGHDOL LGHDOLVWD VWD KD FRQWUL FRQWULEXL EXLGR GR PX\ SRFR SRFR D OD GLOXFL GLOXFLGDF GDFLyQ LyQ GH ODV UHODFL UHODFLRQH RQHV V HQWUH OHQJXD \ KDEOD TXH QR HV XQ SVHXGRSUREOHPD QL XQ SUREOHPD VLQ LPSR LPSRUW UWDQ DQFL FLD D VLQR VLQR HO SURE SUREOH OHPD PD PLVP PLVPR R GH OD FRQV FRQVWL WLWX WXFL FLyQ yQ GH OD OLQJ OLQJt tVW VWLF LFD D FRPR FRPR FLHQFLDSHUIHFWDPHQWHFRQVFLHQWHGHVXREMHWR 7DPSRF 7DPSRFR R SXHGH SXHGH FRQVLG FRQVLGHUD HUDUVH UVH FRPR FRPR FRQWUL FRQWULEXF EXFLyQ LyQ LPSRU LPSRUWDQ WDQWH WH OD GRFWUL GRFWULQD QD  ©LGH ©LGHDO DOLV LVWL WL]D ]DQW QWHª Hª Pi PiV V ELHQ ELHQ TXH TXH LGHD LGHDOL OLVW VWD D VRVW VRVWHQ HQLG LGD D HQ YDUL YDULDV DV RE REUD UDV V SRU SRU *LXO *LXOLR LR %HUWRQL TXLH TXLHQ Q D OD GLFR GLFRWR WRPt PtD D GH ) GH 6DXV 6DXVVX VXUH UH ODQJDJH  ODQJXH  SDUROH TXLVLHUDRSRQHU TXLVLHUDRSRQHU XQDFRQFHSFLyQ XQDFRQFHSFLyQ DSDUHQWHP DSDUHQWHPHQWH HQWH PRQLVWDGH PRQLVWDGHXQD~QLFDUHDOLGD XQD~QLFDUHDOLGDG GOD OD ©H[SUHVLyQFRQFUHWDªTXHSRGUtDHVWXGLDUVHHQVXWRWDOLGDGSHURWDPELpQHQVX PRPHQWRVXEMHWLYRGHFUHDFLyQRHVWpWLFROODPDGR©OHQJXDMHªOLQJXDJJLRRHQ 



&I*1(1&,21, 2E&LW S 6SUDFKZLVVHQVFKDIW+HLGHOEHUJ\ 6SUDFKHDOV .9266/(5 3RVLWLYLVPXVXQG ,GHDOLVPXVLQ GHU 6SUDFKZLVVHQVFKDIW 6K|SIXQJXQG (QWZLFNOXQJ LELGWU(VSGHDPEDVREUDV LELGWU(VSGHDPEDVREUDV  3RVLWLYLVPRH LGHDOLVPRHQ OD OLQJtVWLFD 0DGULG  5HXQLGRVHQVXPD\RUtDHQ*HVDPPHOWH$XIVlW]H]XU6SUDFKSKLORVRSKLH 0XQLFK  3DJ  &I*1(1&,21, 2E&LW SDVVLP\SDUWLF&DS,9 SDVVLP\SDUWLF&DS,9SS\FD SS\FDStWXOR9SS StWXOR9SS    )LORVRItDGHOOHQJS .9RVVOHU )LORVRItDGHOOHQJ 



&I*1(1&,21,2EFLW S S * %(5721 %(5721, ,  3URJUDPPD GL ILOR ORJLD URPDQ]D FRPH VFLHQ]D LGHDOLVWLFD  *LQH *LQHEU EUD D     %UHYLDULRGL QHROLQJXLVWLFD0RGHQD 3DUWH 3ULQFLSvJHQHUDOL SDUWRFDSV,\SS SDUWRFDSV,\SS  ,QWURGX]LRQHDOODILORORJLD0RGHQD  ,QWURGX]LRQHDOODILORORJLD 0RGHQD &IWDPELpQDUWR /LQJXDJJLRHQOD(QFLFOR  /LQJXDJJLRHQOD(QFLFORSHGLDLWDOLDQD SHGLDLWDOLDQD  ;;,SiJLQDV\VLJV 

VX PRPHQ PRPHQWR WR REMHWL REMHWLYR YR LQVWUX LQVWUXPHQ PHQWDO WDO OODPD OODPDGR GR ©OHQJX ©OHQJXDª Dª OLQJXD (O ©OHQJX ©OHQJXDMH DMHª ª HVWD HVWDUt UtD D HQ OD DFWL DFWLYL YLGD GDG G GHO GHO SHQV SHQVDP DPLH LHQW QWR R VHUt VHUtD D ©HO ©HO PLVP PLVPR R PRPH PRPHQW QWR R HVWp HVWpWL WLFR FR GHO GHO SHQVDPLHQ SHQVDPLHQWRª\VHPDQLIHVW WRª\VHPDQLIHVWDUtD©HQ DUtD©HQHO HODFHQ DFHQWRHQHOWLPEUH WRHQHOWLPEUHHQOD HQODWRQD WRQDOLGDG OLGDG\ \HQHO HQHO FRORU TXH DVXPH HQ FDGD KDEODQWH OD OHQJXDª (O PRPHQWR REMHWLYR VHUtD ©SHQVDPLHQWRSHQVDGRª©ODOHQJXDGHODFXOWXUDODOHQJXDLQVWUXPHQWDOODOHQJXD TXHHVWiDGLVSRVLFLyQGHWRGRV\TXHSXHGHHVWXGLDUVHGHYDULDVPDQHUDVFRPR KHFK HFKR ItVLF tVLFR R FRPR RPR KHFK HFKR VRFL VRFLDDO R FRPR RPR PHGLR HGLR GH FRP FRPXQLF XQLFDDFLyQ FLyQ  HWF HWFª ª /D ©YHU YHUGDGH GDGHUUD OHQ OHQJXDª XDª VHU VHUtD HO ©OHQ ©OHQJJXDM XDMH LQGL LQGLYL YLGX GXDDOª Oª \ OD DE DEVW VWUD UDFF FFLy LyQ Q GH XQD XQD ©OHQJXDªODWLQDRLWDOLDQDHWFVHUtDMXVWLILFDGD\OHJtWLPDGHVGHXQSXQWRGHYLVWD GLGiFWLFRGHVLPSOHRSRUWXQLGDGSUiFWLFDRFRPRGLGDGHPStULFDSHURFRQVWLWXLUtD XQHUURUGHVGHHOSXQWRGHYLVWDFLHQWtILFRHVSHFXODWLYR/DFRQFHSFLyQGH%HUWRQL KDVLGRFULWLFDGDFRPRFRQWUDGLFWRULDSRUHOKHFKRGHQRVHUFURFHDQDRQRVHU HQWHUDPHQWHFURFHDQDSRU%&URFH\FRPRLQFRKHUHQ \FRPRLQFRKHUHQWHGHVGHHOSXQ WHGHVGHHOSXQWRGHYLVWD WRGHYLVWD  OLQJtVWLFRSDUWLFXODUPHQWHSRU*1HQFLRQL (QHIHFWRQRVHORJUDFRPSUHQGHU  ELHQ KDVWD TXp SXQWR HO ©OHQJXDMHª GH %HUWRQL VH LGHQWLILFDUtD FRQ OR TXH VHJ~Q &URFHVHUtDWRGRHOOHQJXDMHKDVWDTXpSXQWRVHWUDWDUt &URFHVHUtDWRGRHOOHQJXDM HKDVWDTXpSXQWRVHWUDWDUtDGHOSHQVDPLHQWRPLVP DGHOSHQVDPLHQWRPLVPRHQ RHQ DFWL DFWLYL YLGD GDG G \ KDVW KDVWD D TXp TXp SXQW SXQWR R VH LGHQ LGHQWL WLIL ILFD FDUt UtD D FRQ FRQ OD  SDUROH GH 6DXVVX VVXUH R FRQ DVSHFW DVSHFWRV RV GH HOOD HOOD WRQR WRQR DFHQW DFHQWR R GHO KDEODQ KDEODQWH WH HWF HWF 3RU RWUD RWUD SDUWH SDUWH VX MXVWLI MXVWLILFD LFDFLy FLyQ Q WHyULF WHyULFD D GH OD ©OHQJ ©OHQJXDª XDª UHVXOW UHVXOWD D LQVDWL LQVDWLVID VIDFWR FWRULD ULD  OD OLQJ OLQJtVW tVWLFD LFD VHUtD VHUtD UHDOPH UHDOPHQW QWH H XQD H[WUDxDFLHQFLDVLVXREMHWRIXHUDSURGXFWRGHXQ©HUURUªFLHQWtILFR$GHPiVHVD ©OHQJXDªWDQSUHFDULDPHQWHFRQ ©OHQJXDªWDQSUHFDULDPHQWHFRQVWLWXLGDVHUtDXQREMHWRGHFLHUWDP VWLWXLGDVHUtDXQREMHWRGHFLHUWDPDQHUDPDWHULDOR DQHUDPDWHULDOR QDWXUDO©OLQJXDQDWXUDOHª\SRGUtDHVWXGLDUVHQDWXUDOtVWLFDPHQWH6LQHPEDUJR QRV SDUHFH TXH KD\ TXH PDQWHQHU GH %HUWRQL OD ,GHD TXH FRQVLGHUDPRV IXQGDPHQWDOHQVXFRQFHSFLyQHVGHFLUTXHODUHDOLGDGSULPDULDGHOOHQJXDMHHVOD H[SUHVLyQFRQFUHWDVREUHODFXDOODFLHQFLDOLQJtVWLFDHVWUXFWXUDVXVLQGLVSHQVDEOHV DEVWUDFFLRQHVSHURHVWRQRVLJQLILFDSDUDQ DEVWUDFFLRQHVSHURHVWRQRVLJQLILFDSDUDQRVRWURVTXHODVPLVPDVDEVWUDF RVRWURVTXHODVPLVPDVDEVWUDFFLRQHVQR FLRQHVQR H[LV H[LVWH WHQ Q HQ OD FRQF FRQFLH LHQF QFLD LD GH ORV ORV KDEO KDEODQ DQWH WHV V FRPR FRPR YLUW YLUWXD XDOL OLGD GDGH GHV V SURQ SURQWD WDV V SDUD SDUD VHU VHU DFWXDOL]DGDV /DV FRQFHS FRQFHSFLR FLRQHV QHV GH &URFH &URFH \ GH %HUWRQ %HUWRQLL KDQ FRQWU FRQWULEX LEXLGR LGR HYLGHQ HYLGHQWHP WHPHQW HQWH H D UHQR UHQRYD YDU U \ YLJR YLJRUL UL]D ]DU U ORV ORV HVWX HVWXGL GLRV RV OLQJ OLQJt tVW VWLF LFRV RV VREU VREUH H WRGR WRGR HQ ,WDO ,WDOLD LD \ KDQ KDQ GHMD GHMDGR GR KXHO KXHOOD ODV V Pi PiV V R PHQR PHQRV V SURI SURIXQ XQGD GDV V HQ ODV ODV DFWL DFWLWX WXGH GHV V WHyU WHyULF LFDV DV GH PXFK PXFKRV RV OLQJ OLQJL LVW VWDV DV LWDOLDQRV<TXL]iODGRFWULQDGH%HUWRQLKD\DVDWLVIHFKRDORVJORWyORJRVPiVTXH OD GH &URF &URFH H \D \D TXH TXH ODV ODV WHRU WHRUtD tDV V PHQRV QRV FRKHU RKHUHQ HQWWHV QR VRQ VRQ VLHP VLHPSU SUH H ODV ODV PHQRV HQRV IUXFWXRVDV3HURHQJHQHUDODPEDVKDQVLGRVXSHUDGDV\DHVWDVXSHUDFLyQQRKD GHMDGRGHFRQWULEXLUHOSDUDQJyQFRQODGRFWULQDVDXVVXUHDQD+R\DXQORVTXHQR VH RFXSDQ HQ SDUWLFXODU GH OLQJtVWLFD WHyULFD \ DFHSWDQ IRUPDOPHQWH HO SHQVDPLHQWRGH%HUWRQL UHFXUUHQWDPELp UHFXUUHQWDPELpQDODX[LOLRGHRWURVSHQ QDODX[LOLRGHRWURVSHQVDGRU VDGRUHV\OOHJDQ HV\OOHJDQ DFRQF D FRQFHELU HELU ODVOHQJXDV FRPR ©LQVWLWXF ©LQVWLWXFLRQHV LRQHV VRFLDOHVªFRPR©VLVWH VRFLDOHVªFRPR©VLVWHPDVGH PDVGHKHFK KHFKRVª RVª 



3DJ



 ,QWURGDODILORO  ,QWURGDODILOROSS\VLJV  /DILORVRItDGHOOLQJXDJJLRHOH VXHFRQGL]LRQLSUHVHQWLLQ,WDOLDHQ³/DFULWLFD´;;;,;\OXHJRHQ  'LVFRUVLGLYDULDILORVRILD  'LVFRUVLGLYDULDILORVRILD,%DULSS  2EFLW SDUWLF&DS,,SS 



3DJ



 9 SRU HM &$5/2 %$77,67, $OOH IRQWL GHO ODWLQR)ORUHQFLDFDStWXORS\VLJV&I WDPELpQ*%277,*/,21, ,OSUREOHPDJORWWRORJLFRQHL VXRLRULHQWDPHQWL %RORJQDVHSGHO

 5HQGLFRQWRGHOOH 6HVVLRQLGHOOD $FFDGHPLDGHOOH 6FLHQ]HGHOOOVWLWXWR GL%RORJQD&ODVVH GL %RORJQD&ODVVH GL6FLHQ]H GL 6FLHQ]H PRUDOL 6HULH,9YRO,;SS 6HULH,9YRO,;SS

FRPR FRPR ©GHW ©GHWHU HUPL PLQD QDFL FLRQ RQHV HV KLVW KLVWyU yULF LFDV DV GHO GHO OHQJ OHQJXD XDMH MHª ª FRQV FRQVLG LGHU HUDQ DQGR GR HO PRPH PRPHQW QWR R HVWpWLFRFRPR©PRPHQWRLQLFLDOªGHODOHQJXD\FRQIRUPiQGRVHFRQVXEUD\DU©OD QHFH QHFHVL VLGD GDG G GH LQWH LQWHJU JUDU DU OD OLQJ OLQJt tVW VWLF LFD D FRQ FRQ XQD XQD VHFF VHFFLy LyQ Q TXH TXH HVWX HVWXGL GLH H HO HOHP HOHPHQ HQWR WR HVWpWLFRªGHOOHQJXDMHFRPR©IDFWRUGHW HVWpWLFRªGHOOHQJXDMHFRPR©IDFWRUGHWHUPLQDQWHGHOGHVDUU HUPLQDQWHGHOGHVDUUROOROLQJtVWLFRª ROOROLQJtVWLFRª (OFRQFHSWRGH©OHQJXDªFRPRGHWHUPLQDFLyQKLVWyULFDGHOOHQJXDMHKD VLGR VLGR GHVDUU GHVDUUROO ROODGR DGR GH PDQHUD PDQHUD DGPLUD DGPLUDEOH EOH D WUDYpV WUDYpV GH YDULDV YDULDV REUDV REUDV \ YDULRV YDULRV FXUVRV FXUVRV  XQLYHU XQLYHUVLW VLWDU DULRV LRV SRU $QWRQL $QWRQLQD QD 3DJOLD 3DJOLDUR UR  TXLH TXLHQ Q SDUW SDUWH H MXVW MXVWDP DPHQ HQWH WH GH OD UHDO UHDOLG LGDG DG FRQFUHWD FRQFUHWD GHOLQGLYLGXR GHOLQGLYLGXRKDEOD KDEODQWH\ QWH\GHOD GHOD FRQVLGHUD FRQVLGHUDFLyQ FLyQ GHOOHQJXDMH GHOOHQJXDMHFRP FRPR RDFWL DFWLYLGDG YLGDG FRJQ FRJQRV RVFL FLWL WLYD YD SDUD SDUD OOHJD OOHJDU U D OD OHQJ OHQJXD XD TXH TXH HV ©SUR ©SUR\H \HFF FFLy LyQ Q RE REMH MHWL WLYD YD \ DO PLVP PLVPR R WLHP WLHPSR SR FRQG FRQGLF LFLy LyQ Q WpFQ WpFQLF LFDª Dª GHO GHO OHQJ OHQJXD XDMH MH DFW DFWLY LYLG LGDG DG OLQJ OLQJt tVW VWLF LFD D /D ©OHQ ©OHQJX JXDª Dª SHUWHQHFHDOLQGLYLGXR\DOPLVPRWLHPSRDVXFRPXQLGDG\HQHOPLVPRLQGLYLGXR VH SUHVHQWD FRPR DOWHULGD LGDG FRPR DOJR TXH SHUWHQHFH WDPELpQ D RWURV HV ©REMHWLYDFLyQFRQFUHWDGHODDFWLYLGDGOLQJtVWLFDGHXQJUXSRKXPDQRHQHOHVSDFLR  \HQHOWLHPSRª 7DPELp 7DPELpQ Q HQ HO WLHPS WLHPSR R SRUTXH SRUTXH OD XQLGDG XQLGDG OLQJt OLQJtVWL VWLFD FDQR QR HV VyOR VyOR VLQFUy VLQFUyQLF QLFD D VLQRWDPELpQGLDFUyQLFDHVFRQWLQXLGDG/DOHQJXDHV©XQDGHODVFRQGLFLRQHVPiV WtSLFDVªGHODVROLGDULGDGGHORVVLVWHPDV©HQORVTXHVHUHDOL]DODYLGDKLVWyULFDGHO JpQHU pQHUR R KXP KXPDQRª DQRª  &RP &RPR XQLG XQLGDG DG OD ©OHQ OHQJXDª XDª HV XQ VLVW VLVWHP HPD D GH HOHP HOHPHHQWRV QWRV \ UHODFLRQHV\FRPRWDOVHRSRQHDRWUDVOHQJXDVSHURGHQWURGHOVLVWHPD©TXHGD DPSOLDOLEHUWDGSDUDODVPDQLIHVWDFLRQHVGHOKDEODªGHODFUHDWLYLGDGLQGLYLGXDO GDGRTXHHOVLVWHPDVyOROLPLWDHODUELWULR)LQDOPHQWHFDGDVLVWHPDSUHVHQWDXQD ILVRQRPtDSDUWLFXODUSRUODGLYHUVLGDGGHOGLVWLQJXLU\ODGLYHUVLGDGGHOFRQRFHU TXH TXH VH PD PDQL QLIL ILHV HVWD WDQ Q HQ ODV ODV OHQJ OHQJXD XDV V HQ HO VLVW VLVWHP HPD D IRQR IRQROy OyJL JLFR FR HQ HO VLJQ VLJQR R Op[L Op[LFR FR \ PRUIROyJL PRUIROyJLFR\ FR\UHVSH UHVSHFWLYD FWLYDPHQW PHQWHHQ HHQHOVLVWHPD HOVLVWHPD VHPiQWLF VHPiQWLFRHQ RHQHOFXDOVH HOFXDOVH UHIOHMDXQD UHIOHMDXQD SDUW SDUWLF LFXO XODU DU FODV FODVLI LILF LFDF DFLy LyQ Q GH OR UHDO UHDO \ XQ JUDG JUDGR R HVSH HVSHFt FtIL ILFR FR GH DE DEVW VWUD UDFF FFLy LyQ Q HQ OD FODVLILFDFLyQPLVPD (VHYLGHQWHTXH3DJOLDURVHDFHUFDDOHVWUXFWXUDOLVPRHQODFRQVLGHUDFLyQGH OD ©OHQJ ©OHQJXDª XDª FRPR FRPR VLVWHPD VLVWHPD REMHWL REMHWLYR YR VyOR VyOR TXH SUR\HF SUR\HFWD WDHVH HVH VLVWHPD VLVWHPD HQOD HQ OD KLVWRU KLVWRULD LD FRPDPDQLIHVWDFLyQGHODXQLGDG\VROLGDULGDGGHXQJUXSRKXPDQR0DV¢HVHVH VLVW VLVWHP HPD D XQ VLVW VLVWHP HPD D FRQF FRQFUH UHWR WR" " ¢ 2 H[LV H[LVWH WH VROR VROR HQ OD FRQF FRQFLH LHQF QFLD LD GH OD VROLG VROLGDU DULG LGDG DG OLQJtVWLF OLQJtVWLFD\HVSLULWXD D\HVSLULWXDOTXHVHFRPSUXH OTXHVHFRPSUXHEDHQORVKDEODQ EDHQORVKDEODQWHV"3XHVHVHYLGHQ WHV"3XHVHVHYLGHQWHTXHHO WHTXHHO VLVWHPDVHFRQFUHWDSDUDHPSOHDUODLPDJHQGHY:DUWEXUJVyORHQ©HOKD]GHOX]ª GHORVDFWRVOLQJtVWLFRV&UHHPRVTXH3DJOLDURQRSRGUtDGHMDUGHDGPLWLUORGDGR TXH SDUDpO SDUDpO HOSURSLRDFWR HOSURSLRDFWR OLQJt OLQJtVWL VWLFRLQGL FRLQGLYLG YLGXDO XDO HVXQDFW HVXQ DFWRQR RQR VyOR VyORGH GHKDEODVLQR WDPELpQGH OHQJXDSRUTXHHOLQGLYLGXRQRVHFRQWUDSRQHDODFROHFWLYLGDGVLQR





&%$77,67,2EFLW OXJFLW OXJFLW  /XQLWDDULRHXURSHD5RPD  $ 3$*/,$52 6RPPDULR GL OLQJXLVWLFDDULRHXURSHD ,5RPD /XQLWDDULRHXURSHD &RUVR GL *ORWWRORJL *ORWWRORJLD D 5RPD  \ SDUWLF SDUWLF &RUVR 5RPD    4XHVWLRQL WHRULFKH FDS FDS ,9 SS   GH GRQGH GRQGH FLWDPRV  ©,QIDW ©,QIDWWL WL QHOOD QHOOD VXD IRUPD] IRUPD]LRQ LRQH H H QHOOD QHOOD VXD VWUXWW VWUXWWXUD XUD OD OLQJXD OLQJXD H SUHFLV SUHFLVDPH DPHQWH QWH ORELH ORELHWWL WWLYD] YD]LRQ LRQH H FRQFUHWDGHOOHIRUPHLQFXLVLHDWWHJJLDWDLDWWLYLWDOLQJXLVWLFDGLXQJUXSSRXPDQRQHOORVSD]LRRQHO WHPSR(VVDHXQDVSHWWRIRUVHLOSLXWLSLFRHGLPSRUWDQWHGLTXHOOXVFLUHGDVpHUHDOL]]DUVLLQIRUPH GXWXUHFKHqDSSDQQDJJLRGHOO¶XRPRSHUODVXDVWHVVDQDWXUDª&RUVRGL*ORWWRO,S  3DJ  &I&/*SS 

TXHHVpOPLVPRFROHFWLYLGDG\OD©OHQJXDUHSUHVHQWDFRQUHVSHFWRDO LQGLYLGXR XQXQLYHUVDOFRQFUHWRKLVWyULFRHQHOTXHpOVHUHDOL]D XQXQLYHUVDOFRQFUHWRKLVWyULFRHQHOTXHpOVHUHDOL]DFRPRKDEODQWHª FRPRKDEODQWHª /DVFRQFHSFLRQHVKDVWDDTXtH[SXHVWDVTXHVRQWRGDVSRVWVDXVVXUHDQDV  \PXFKDVGHHOODV  \PXFKDV GHHOODV GHFODUDGDPHQWH©VDXVVXUHDQDVª GHFODUDGDPHQWH©VDXVVXUHDQDVª\TXH \TXHQRVRQ QRVRQVLTXLHUDWRGDV VLTXLHUDWRGDVODV ODV TXHVHKDQHQXQFLDGRKDVWDODIHFKDSUHVHQWDQFRPRVHKDYLVWRHYLGHQWHV\VHULDV GLYHUJHQFLDVDFHUFDGHODGHILQLFLyQGHORVGRVFRQFHSWRVIXQGDPHQWDOHV OHQJXD\ KDEODVHHVWDEOHFHQHQHOODVWRGDXQDVHULHGHRSRVLFLRQHVFDVLQXQFDHQWpUPLQRV WRWDOPHQWHLGpQWLFRV   ¢$ TXp TXp VH GHEH GHEHQ Q HVDV HVDV GLYH GLYHUJ UJHQ HQFL FLDV DV" " (Q SULP SULPHU HU OXJD OXJDU U VLQ VLQ GXGD GXGD D OD GLYH GLYHUUVLGD VLGDG G GH ORV ORV SXQWR XQWRV V GH YLVW YLVWD D GH ORV ORV SODQ SODQRV RV HQ ORV ORV TXH VH HVWD HVWDEO EOHF HFHQ HQ ODV ODV RSRVLFLRQHV  $OJXQRV HVWXGLRVRV FRQVLGHUDQ HO OHQJXDMH HQ SULPHU WpUPLQR HQ VXV GHWHUP GHWHUPLQD LQDFLR FLRQHV QHV H[WHUQ H[WHUQDV DV HQ VX H[LVWH H[LVWHQFL QFLD D HQHO HQ HO LQGLYL LQGLYLGXR GXR \ HQOD HQ OD FRPXQL FRPXQLGDG GDG \ HVWDEOHFHQSRUFRQVLJXLHQWHRSRVLFLRQHVFRPRDVSHFWRLQGLYLGXDODVSHFWRVRFLDO DFHU DFHUYR YR OLQ OLQJtVW tVWLF LFR R LQGL LQGLYYLGXD LGXDO O  DFHU DFHUYR YR OLQ OLQJtVW tVWLF LFR R VRFL VRFLDDO DFWRV WRV OLQ OLQJtVW tVWLF LFRV RV LQGLYL LQGLYLGXD GXDOHV OHV  XVR OLQJt OLQJtVWL VWLFR FRGH GHOD ODFRP FRPXQL XQLGDG GDG  DFWRV DFWRVLQG LQGLYL LYLGXD GXDOHV OHV  SDWULP SDWULPRQ RQLR LRR R LQVW LQVWLW LWX XFLy FLyQ VRF VRFLDO LDO DFWRV WRV LQG LQGLYLG LYLGXD XDOH OHV V  SURGXF RGXFWWR KLVWy LVWyUULFR LFR FROHF ROHFWL WLYR YR  2WU 2WURV FRQVLGHUDQHOOHQJXDMHGHVGHHOSXQWRGHYLVWDGHVX©FRQIRUPDFLyQª\RSRQHQSRU OR WDQW WDQWR R HO DVSH DVSHFW FWR R RFDV RFDVLR LRQD QDOO DO DVSH DVSHFW FWR R JHQH JHQHUD UDO O OD XQLF XQLFLG LGDG DG D OD UHSH UHSHWL WLFL FLyQ yQ OR DVLV DVLVWH WHPi PiWL WLFR FR D OR VLVW VLVWHP HPiW iWLF LFR R OD UHDO UHDOL] L]DF DFLy LyQ Q DO VLVWH VLVWHPD PD HO LPSX LPSXOV OVR R H[SU H[SUHV HVLY LYR R DO VLVWHPDIXQFLRQDO<RWURVLQWHUSUHWDQODGLVWLQFLyQVDXVVXUHDQDFRPRLGpQWLFDDOD GH +XPEROGW HQpUJHLDpUJRQ 7DWLJNHLW:HUN \ RSRQ SRQHQ HQ SRU SRU FRQVL RQVLJJXLHQ XLHQWH WH  DFWL DFWLYL YLGD GDG G OLQJ OLQJt tVW VWLF LFD D D SURG SURGXF XFWR WR OLQJ OLQJt tVW VWLF LFR R R FRPR FRPR HO UHYp UHYpV V GH OD RSRV RSRVLF LFLy LyQ Q GH +XPE +XPERO ROGW GW  VDEH VDEHU U  DFWL DFWLYL YLGD GDG G DFHU DFHUYR YR OLQJ OLQJt tVW VWLF LFR R  KDEO KDEODU DU DFHU DFHUYR YR OLQJ OLQJt tVW VWLF LFR R   IXQFLRQDPLHQWROLQJtVWLFR LQVWUXPHQWRHPSOHRRPHMRUYHQHO KDEODFRPR XQ HVOD VODEy EyQ Q HQWU HQWUH H GRV GRV ©OHQ OHQJXDVª XDVª FRQ FRQGL GLFFLyQ LyQ SUHY SUHYLLD  DFWLY FWLYLG LGDDG OLQ OLQJtVW tVWLF LFD D  SURG SURGXF XFWR WR  &LHU &LHUWR WRV V HVWX HVWXGL GLRV RVRV RV FRQV FRQVLG LGHU HUDQ DQ TXH TXH VH WUDW WUDWD D GH XQD XQD RSRV RSRVLF LFLy LyQ Q HQWU HQWUH H FRQFUHWR\DEVWUDFWRPDWHULDOIRUPDOUHDOLGHDOHIHFWLYRYLUWXDORSRWHQFLDO RWURVRSRQHQORSVLFRItVLFRDORSXUDPHQWHSVtTXLFRUHDOLGDGSVLFRItVLFDLQGLYLGXDO UHDOLGDGSVtTXLFDVRFLDO\RWURVORVXEMHWLYRDORREMHWLYRODOLEHUWDGDODVUHJODVD ODLPSRVLFLyQVRFLDORKDFLHQGRKLQFDSLpHQIXQFLRQHVSDUWLFXODUHVGHOOHQJXDMHOD H[SU H[SUHV HVLY LYLG LGDG DG D OD FRQY FRQYHQ HQFL FLRQ RQDO DOLG LGDG DG HO DVSH DVSHFW FWR R DIHF DIHFWL WLYR YR \ YROL YROLWL WLYR YR  DVSH DVSHFW FWR R GH FRPXQLFDFLyQ2WUDVGLVFUHSDQFLDVVHGHEHQDTXHORVJUDGRVGHDEVWUDFFLyQTXHVH WRPDQFRPREDVHSDUDGHILQLUOD©OHQJXDªQRVRQLGpQWLFRVSXHVWRTXHVHYDGHVGH HOVLVWHPDGHSDODEUDVFRQFUHWDVGH3HQWWLOlDOD©UHGGHIXQFLRQHVªGH+MHOPVOHY RDTXHVHGHILQHDYHFHVODOHQJXDFRQUHVSHFWRDOKDEOD\RWUDVYHFHVHOKDEODFRQ UHVSHFWRDOD OHQJXD\QRHVpVWDXQDI~WLOFXHVWLyQGHSULRULGDGSXHVWRTXHVREUH WRGRHOFRQFHSWRGHOHQJXDFDPELDQHFHVDULDPHQWHVHJ~QODSHUVSHFWLYDHQODTXH QRVFRORTXHPRVRVHGHEHQDSDUWLFXODUHVFRQYHQFLRQHVVHPiQWLFDVFRPRODVGH LGHQWLILF LGHQWLILFDU DU©DEVW ©DEVWUDFW UDFWRª RªFRQ©LUUHDOª FRQ©LUUHDOª &URFH &URFH%HUWR %HUWRQL QLR R©FRQ ©FRQFUHW FUHWRª RªFRQ©REMHWLY FRQ©REMHWLYRª Rª 



&RUVRGL*ORWWRO,S$HVWDYLVLRQKLVWyULFRVLVWHPiWLFDGHODOHQJXDVHDFHUFDHQORHVHQFLDOODGH(

2WWR 2WWR TXLHQ TXLHQ LQGHSHQGLH LQGHSHQGLHQWHPH QWHPHQWH QWHGH GH)'H )'H 6DXVVXUHGLVWLQJ 6DXVVXUHGLVWLQJXH XH HQHO HQ HOOHQJX OHQJXDMHHO DMHHO DFWROLQJtVWLFR DFWROLQJtVWLFR DOPLVPR DO PLVPR WLHPSRLQGLYLGXDO\VRFLDO\ODOHQJXDSURGXFWRKLVWyULFRFXOWXUDOKLVWRULVFKJHZRUGHQHV.XOWXUSURGXNW &I 7DLFLWS  3DJ   /¶XQLWjDULRHXURSHD  /¶XQLWjDULRHXURSHDFLW6HJ~Q*1HQFLRQL2E&LW S  3DJ

3DW 3DWWL WLDU DUR R $GHP $GHPiV iV SXHG SXHGH H LQWH LQWHUY UYHQ HQLU LU XQD XQD FRQV FRQVLG LGHU HUDF DFLy LyQ Q KLVW KLVWyU yULF LFD D FRPR FRPR OD GH 3DJOLD 3DJOLDUR UR RSXHVW RSXHVWD D D OD FRQFHS FRQFHSFLy FLyQ Q JHQHUD JHQHUDOPH OPHQW QWH H VLQFU VLQFUyQL yQLFD FD GH OD PD PD\RU \RUtD tD GH ORV HVWXGL HVWXGLRVR RVRV V \ ORV YDULRV YDULRV SXQWRV SXQWRV GH YLVWD YLVWD SXHGHQ SXHGHQ LQWHUI LQWHUIHUL HULU U SRU OR FXDO FXDO VH RSRQHQ RSRQHQ KHFK HFKRV QRF RFRUUH RUUHOD ODWWLYRV LYRV SRU SRU HM HM DFWLY FWLYLG LGDDGVL GVLVW VWHP HPDD R SXHGH XHGHQ Q FRPEL RPELQ QDUVH UVH \ DVRFLDUVHHQODFDUDFWHUL]DFLyQGHORVFRQFHSWRVTXHVHSUHWHQGHGHILQLU$VtSRUHM HOFDUiFWHUVRFLDOLQWHUYLHQHHQFDVLWRGDVODVGHILQLFLRQHVSHURPLHQWUDVTXHXQRV SRFRV SRFRV HVWXGL HVWXGLRVR RVRV V HQFXHQ HQFXHQWU WUDQ DQ HVH FDUiFW FDUiFWHU HU VRFLDO VRFLDO HQ HO PLVPR PLVPR LQGLYL LQGLYLGXR GXR \ HQ VXV DFWR DFWRV V -H -HVSHU VSHUVH VHQ Q *DUGL DUGLQ QHU HU 3DJO 3DJOLD LDUUR 2WWR WR RWU RWURV FRQVL RQVLG GHUD HUDQ XQ LQGL LQGLYL YLGX GXR R DEVWUDFWR DVRFLDO RSXHVWR D OD FROHFWLYLGDG \ QR HOHPHQWR GH OD PLVPD \ FRRUGLQDGRFRQHOOD 6H OOHJD GH HVWD PDQHUD D DWULEXLU GLVWLQWDV H[WHQVLRQHV D YHFHV FRQWUDGLFWRULDVDORVGRVFRQFHSWRV(O KDEODHVSDUDDOJXQRVHOLPSXOVRKDFLDOD H[SUHV H[SUHVLyQ LyQ 6HFKH 6HFKHKD\ KD\H H %UQGD %UQGDO O SDUD SDUD RWURV RWURV VH LGHQWL LGHQWLILF ILFD D FRQ HO DFWR DFWR OLQJ OLQJtVW tVWLFR LFR -HV -HVSH SHUV UVHQ HQ  *DUGL DUGLQ QHU HU R FRQ OD SURGXF RGXFFFLyQ LyQ GH HVH HVH DFWR FWR 3DO 3DOP PHU HU %HU %HUWRQL L R FRPSUHQGHWRGRVORVDFWRVOLQJtVWLFRVLQGLYLGXDOHVVREUHWRGRHQFXDQWRYLWDOHV DIHFWL DIHFWLYR YRYRO YROLWL LWLYRV YRV %DOO\ %DOO\  R HQ FXDQWR FXDQWR QR VLVWHPi VLVWHPiWLF WLFRV RV 3HQWW 3HQWWLOl LOl  R HV HO DVSHFW DVSHFWR R PDWHULDO\SVtTXLFRGHHVRVPLVPRVDFWRV\SDUDRWURVWRGDYtDHVORPLVPRTXH DFHUYRRXVROLQJtVWLFRLQGLYLGXDO-HVSHUVHQRVHLGHQWLILFDFRQHODVSHFWRFDGD  YH] QXHYR H LQpGLWR GH ORV DFWRV OLQJtVWLFRV /D OHQJXD SRU RWUR ODGR HV OD FRQGLFLyQTXHKDFHSRVLEOHHOKDEODUHVHO©SURGXFWRªGHOKDEODUFRPRWDORHO PLVP PLVPR R ©SUR ©SURGX GXFW FWRª Rª FRQV FRQVLG LGHU HUDG DGR R VLVW VLVWHP HPiW iWLF LFDP DPHQ HQWH WH  HV SDUD SDUD DOJX DOJXQR QRV V HO DFHU DFHUYR YR OLQJtVWLFRLQGLYLGXDO\SDUDRWURVHOOODPDGRDFHUYROLQJtVWLFRVRFLDOHVHOVLVWHPD DEVW DE VWUD UDFW FWR R TXH TXH JREL JRELHU HUQD QD HO KDEO KDEODU DU R HV OR HVSL HVSLUL ULWX WXDO DO GHO GHO OHQJ OHQJXD XDMH MH RSXH RSXHVW VWR R D OR PDWH PD WHUL ULDO DO OR YLUW YLUWXD XDOO RSXH RSXHVW VWR R D OR FRQF FRQFUH UHWR WR  HV VXPD VXPD R FXDO FXDOTX TXLH LHU U VXPD VXPD GH DFWR DFWRV V OLQJtVWLFRVFI3RU]LJRODVFROHFFLRQHVGHPDWHULDOGHODVTXHKDEOD*DUGLQHUR VLVWHPDGH VLVWHPDGH DFWRVOLQJtVWL DFWRVOLQJtVWLFRVRHO FRVRHO VLVWHPDGH VLVWHPDGHQRUP QRUPDV\ DV\FRQY FRQYHQFLR HQFLRQHVTXHJRELHUQ QHVTXHJRELHUQD D HOKDE HO KDEODU ODU TXH VHDSO VH DSOLFD LFD HQORV DFWRV DFWRV OLQJt OLQJtVWL VWLFRV FRV FRQFU FRQFUHWR HWRV V3RU 3RU ORWDQ OR WDQWR WR OHQJXD OHQJXD \ KDEO KDEOD D DSDU DSDUHF HFHQ HQ FRPR FRPR FRQF FRQFHS HSWR WRV V GH H[WH H[WHQV QVLy LyQ Q YDUL YDULDE DEOH OH  OR TXH TXH HV OHQJ OHQJXD XD HQ XQD XQD FRQFHSFLyQHVKDEODRSRUORPHQRVHVHQSDUWHKDEODHQRWUDVFRQFHSFLRQHV\  YLFHYHUVD \ HQ FDGD XQD GH ODV FRQFHSFLRQHV SDUWLFXODUHV DSDUHFHQ LQHYLWDEOHV LQFRKHUHQFLDVPiVRPHQRVJUDYHV   0LHQ 0LHQWU WUDV DV TXH TXH ODV ODV GLVF GLVFUH UHSD SDQF QFLD LDV V GHSH GHSHQG QGHQ HQ IXQG IXQGDP DPHQ HQWD WDOP OPHQ HQWH WH GH OD GLYHUVLGDGGHORVSXQWRVGHYLVWDDGRSWDGRVODVLQFRKHUHQFLDVVHGHEHQDXQDVHULH GHUD]RQHVPiVtQWLPDV\TXHFRQFLHUQHQSRUXQODGRDOSODQWHDPLHQWR\SRURWUR DOIRQGRPLVPRGHOSUREOHPDHOKHFKRGHTXHODVGLVWLQFLRQHVVHHVWDEOHFHQHQ XQOHQJXDMHDEVWUDFWRDSULRUtVWLFDPHQWHFRQFHELGRFRPRHQWLGDGRUJiQLFDTXHVH PDQL PD QLIH IHVW VWDU DUtD tD HQ YDUL YDULRV RV SODQ SODQRV RV   OD WHQG WHQGHQ HQFL FLD D D FRQV FRQVLG LGHU HUDU DU OD OHQJ OHQJXD XD \ HO KDEO KDEOD D FRPR FRPR GRV GRV UHDO UHDOLG LGDG DGHV HV DXWy DXWyQR QRP PDV DV FRPR FRPR GRV GRV FRPS FRPSRQ RQHQ HQWH WHV V GHO GHO OHQJ OHQJXD XDMH MH   OD LQVX LQVXIL ILFL FLHQ HQFL FLD D PLVP PLVPD D GH OD GLFR GLFRWR WRPt PtD D TXH TXH R QR DJRW DJRWD D OD FRPS FRPSOH OHMD MD UHDO UHDOLG LGDG DG GHO GHO OHQJ OHQJXD XDMH MH R GHEH GHEH QHFH QHFHVD VDUL ULDP DPHQ HQWH WH DXQD DXQDU U DVSH DVSHFW FWRV RV KHWH KHWHUR URJp JpQH QHRV RV EDMR EDMR XQ PLVP PLVPR R UyWX UyWXOR OR   OD LQWH LQWHUI UIHU HUHQ HQFL FLD D HQWU HQWUH H ORV ORV YDUL YDULRV RV SXQW SXQWRV RV GH YLVW YLVWD D FRQ FRQ FRQV FRQVHF HFXH XHQW QWH H RSRVLF RSRVLFLyQ LyQ HVWDEO HVWDEOHFL HFLGD GD HQWUH HQWUH SODQRV SODQRV QRFRU QRFRUUHO UHODWL DWLYRV YRV   HO KHFKR KHFKR GH FRQVL FRQVLGHU GHUDUV DUVH H HTXL HTXLYD YDOH OHQW QWHV HV GHVG GHVGH H HO SXQW SXQWR R GH YLVW YLVWD D GH OD H[WH H[WHQV QVLy LyQ Q FRQF FRQFHS HSWR WRV V FRPR FRPR ©DFH ©DFHUY UYR R 



3DJ 3DJ



OLQJtVWLFRª©DVSHFWRVRFLDOGHOOHQJXDMHª©VLVWHPDª©VLVWHPDIXQFLRQDOªORFXDO QDWXUDOPHQWHFRURODULRGH $KRUDGHODQiOLVLV\GHODFUtWLFDGHODVYDULDVGRFWULQDVH[SXHVWDVKHPRV GHGXFLGRTXH GHGXFLGRTXHGHXQDPDQHUD GHXQDPDQHUD FRQFUHWD FRQFUHWDHO HOOHQJ OHQJXDMHH[LVWH XDMHH[LVWHVyOR VyOR\H[FOXVLYD \H[FOXVLYDPHQW PHQWH H FRPR KDEODU   FRPR FRPR DFWL DFWLYL YLGD GDG G OLQJ OLQJt tVW VWLF LFD D  OHQJXD \ KDEOD QR SXHGHQ VHU UHDOLG UHDOLGDGH DGHV V DXWyQR DXWyQRPDV PDV \ QHWDPH QHWDPHQWH QWH VHSDUD VHSDUDEOH EOHV V GDGR GDGR TXH TXH SRU XQ ODGR ODGR OHQJXDHV SRU RWUR WUR ODGR ODGR  OD OHQJ UHDOL]DFLyQ GH OD OHQJXD \ SRU OHQJXD XD HV FRQG FRQGLFL LFLyQ yQ GHO GHO KDEO KDEOD D VH FRQVWLWX\ FRQVWLWX\HVREUHODEDVHGHO HVREUHODEDVHGHO KDEOD\ KDEOD\VHPDQLILHV VHPDQLILHVWDFRQFU WDFRQFUHWDP HWDPHQWHVyORHQHO HQWHVyORHQHOKDEO KDEOD D  ORV ORV UyWX UyWXOR ORV V ED EDMR MR ORV ORV FXDOH XDOHV V VH GLVW GLVWUULEX\ LEX\HH OD UHDOL HDOLG GDG GHO GHO OHQ OHQJXDM XDMH SXHGH XHGHQ Q PXOWLSOLFD PXOWLSOLFDUVHVHJ~Q UVHVHJ~QORV ORVSXQW SXQWRVGH RVGHYLVWD YLVWD\ \ ORVFULWHULRVDGRSWDG ORVFULWHULRVDGRSWDGRVOD RVODPD\ PD\RUtDGH RUtDGH ODV YHFHV YHFHV ODV RSRVLF RSRVLFLRQ LRQHV HV TXH VH HVWDEO HVWDEOHFH HFHQ Q VROR VROR FRQVWL FRQVWLWX\ WX\HQ HQ FDUDF FDUDFWHU WHUL]D L]DFLR FLRQHV QHV H LQWHUSUHW LQWHUSUHWDFLR DFLRQHV QHV GH XQD RSRVLFLyQ RSRVLFLyQ IXQGDPHQ IXQGDPHQWDO WDO HQWUH HQWUH YLUWXDO  \ UHDO  DEVWUDFWR \ FRQFUHWRVLVWHPDUHDOL]DFLyQORVYDULRVFRQFHSWRVDORVTXHVHGDHOQRPEUH GH OHQJXD OHQJXD ©DFHU ©DFHUYR YR OLQJt OLQJtVWL VWLFRª FRª ©XVR ©XVR OLQJt OLQJtVWL VWLFR FR GH XQD FRPXQL FRPXQLGDG GDGª ª ©VLVWH ©VLVWHPD PD IXQF IXQFLR LRQD QDOª Oª HWF HWF  QR VRQ VRQ HTX HTXLY LYDO DOHQ HQWH WHV V SRUT SRUTXH XH UHSU UHSUHV HVHQ HQWD WDQ Q GLVW GLVWLQ LQWR WRV V WLSR WLSRV V \ GLVWLQWRVJUDGRVGHDEVWUDFFLyQ   &RQV &RQVLG LGHU HUDP DPRV RV SRU SRU OR WDQW WDQWR R TXH TXH XQD XQD GRFW GRFWUL ULQD QD FRKH FRKHUH UHQW QWH H \ UHDO UHDOLV LVWD WD DFHUFDGHODVGLVWLQFLRQHVTXHKDQGHKDFHUVHXQHOOHQJXDMHGHEHUiIXQGDUVHHQORV VLJXLHQWHVSULQFLSLRV  ODV HYHQWX HYHQWXDOH DOHV V GLVWLQ GLVWLQFLR FLRQHV QHV \ RSRVLF RSRVLFLRQ LRQHV HV GHEHQ GHEHQ HVWDEO HVWDEOHFH HFHUVH UVH HQ SULPH SULPHU U OXJDUHQODUHDOLGDGFRQFUHWDGHOOHQJXDMHRVHDHQHOKDEODU OHQJXD DOKDEODU FRPRWDOQRVHOHSXHGHRSRQHUFRPRUHDOLGDGGLVWLQWDOD FRPRWDOQRVHOHSXHGHRSRQHUFRPRUHDOLGDGGLVWLQWDODOHQJXD GDGRTXHpVWDHVWiSUHVHQWHHQHOKDEODUPLVPR\VHPDQLILHVWDFRQFUHWDPHQWHHQ ORV ORV DFWR DFWRV V OLQJ OLQJtV tVWL WLFR FRV V ORV ORV WpUP WpUPLQ LQRV RV FRPR FRPR OHQJ OHQJXD XD \ KDEO KDEOD D QR GHVLJ GHVLJQD QDQ Q VHFF VHFFLR LRQH QHV V DXWy DXWyQR QRPD PDV V \ QL VLTX VLTXLH LHUD UD ©PDQ ©PDQHU HUD D GH SUHV SUHVHQ HQWD WDUV UVH H OD OHQJ OHQJXD XDª ª VLQR VLQR Pi PiV V ELHQ ELHQ GLVW GLVWLQ LQWR WRV V SXQW SXQWRV RV GH YLVW YLVWD D R VHD VHD PD PDQH QHUD UDV V GH HQFD HQFDUD UDU U HO IHQy IHQyPH PHQR QR OLQJ OLQJt tVW VWLF LFR R GLVWLQWRVJUDGRVGHIRUPDOL]DFLyQGHODPLVPD GLVWLQWRVJUDGRVGHIRUPDOL]DFLyQGHODPLVPDUHDOLGDGREMHWLYD UHDOLGDGREMHWLYD  DGRS DGRSWD WDGR GR HO FULW FULWHU HULR LR GH ORV ORV GLVW GLVWLQ LQWR WRV V JUDG JUDGRV RV GH DEVW DEVWUD UDFF FFLy LyQ Q KDEU KDEUi i TXH TXH UHFRQRFHU\QRPEUDUODVGLIHUHQFLDFLRQHVTXHVHGHVWDTXHQVLQWUDWDUGHUHGXFLUODV DORVPROGHVGHODIDPRVDGLFRWRPtD  HO SODQ ODQR HQ HO TXH KD\ KD\ TXH KDFH KDFHU U ODV ODV GLVW GLVWLQ LQFFLRQ LRQHV HV HO SOD SODQR GH OD ©FRQIRUPDFLyQªGHOOHQJXDMHHOSODQRHQHOTXHVHFRQVLGHUDFyPRVHPDQLILHVWD HVH HVH IHQy IHQyPH PHQR QR \ QR HO SODQ SODQR R GH VX HVHQ HVHQFL FLD D GH VX UHDO UHDOLG LGDG DG LQWU LQWUtQ tQVH VHFD FD TXH TXH HV XQ SODQRGH SODQRGHXQLIL XQLILFDF FDFLyQ\VtQWHVL LyQ\VtQWHVLVQRGHGLIHUHQF VQRGHGLIHUHQFLDFLy LDFLyQ\DQiOLVLV Q\DQiOLVLVHO HOSXQW SXQWRGHYLVWDGH RGHYLVWDGH ODV ODV GHWH GHWHUP UPLQ LQDF DFLR LRQH QHV V H[WH H[WHUQ UQDV DV GHO GHO OHQJ OHQJXD XDMH MH VH FRQV FRQVLG LGHU HUDU DUi i HQ VHJX VHJXQG QGR R WpUP WpUPLQ LQR R FRPR FDUDFWHUL]DFLyQ XOWHULRU LRU GH OR HVWDEOHF OHFLGR HQ HO SODQR DQWHGLFKR VH FRQV FRQVLG LGHU HUDU DUi i SDUW SDUWLF LFXO XODU DUPH PHQW QWH H OD GHWH GHWHUP UPLQ LQDF DFLy LyQ Q LQGL LQGLYL YLGX GXR RFFROHF ROHFWL WLYL YLGD GDG G XQR XQR  PXFK PXFKRV RV  \ QR ODV ODV GHWH GHWHUP UPLQ LQDF DFLR LRQH QHV V ItVL ItVLFD FDV V \ SVtT SVtTXL XLFD FDV V HQ HQ FX\R FX\R FDP FDPSR QR VH HVWD HVWDEO EOHF HFHQ HQ UHOD UHODFL FLRQ RQHV HV P~OW P~OWLS LSOH OHV V GHO GHO WLSR WLSR GH ODV ODV TXH TXH QRV QRV LQWH LQWHUH UHVD VDQ Q VLQR VLQR RWUD RWUDV V HVWU HVWULF LFWD WDPH PHQW QWH H ELQD ELQDUL ULDV DV UHOD UHODFL FLRQ RQHV HV JHQH JHQHUD UDOH OHV V GH IRUP IRUPD D \ FRQW FRQWHQ HQLG LGR R VRQL VRQLGR GR  VLJQ VLJQLI LILF LFDG DGR R PD PDWH WHUL ULDO DO  LQPD LQPDWH WHUL ULDO DO DUWL DUWLFX FXOD ODFL FLyQ yQ  LPSX LPSXOV OVR R H[SU H[SUHV HVLY LYR R  SHUR SHUR HO HOHPHQWRVRFLDOVHFRPSUREDUiHQHOPLVPRKDEODULQGLYLGXDODEDQGRQiQGRVHWRGD ILFWLFLDRSRVLFLyQHQWUHXQ©LQGLYLGXRDVRF ILFWLFLDRSRVLFLyQHQWUHXQ©LQGLYLGXRDVRFLDª\XQD©VRFLHGDGH[W LDª\XQD©VRFLHGDGH[WUDLQGLYLGXDOª UDLQGLYLGXDOª 



3DJ

 DOJX DOJXQR QRV V GH ORV ORV FRQF FRQFHS HSWR WRV V FRQ FRQ ORV ORV TXH TXH VH LGHQ LGHQWL WLIL ILFD FD OD ©OHQ ©OHQJX JXDª Dª TXHG TXHGDQ DQ HOLPLQDGRVGHQXHVWUDFRQVLGHUDFLyQSRUORHVWDEOHFLGRHQDVtHOFRQFHSWRGH ©DFHUYROLQJ ©DFHUYROLQJtVWLF tVWLFRªTXHHV RªTXHHVXQFRQFHS XQFRQFHSWRSVLFROy WRSVLFROyJLFR JLFR\ \SRUORWDQWRSHUWH SRUORWDQWRSHUWHQHFH QHFHD D OD SVLFRORJtD SVLFRORJtD GHOOHQJXDMHPiV GHOOHQJXDMHPiVELHQTXHD ELHQTXHDODOLQJtVW ODOLQJtVWLFDSURSLD LFDSURSLDPHQW PHQWHGLFKDSHURDXQ HGLFKDSHURDXQ HQWUHFLHUWRVFRQFHSWRVHIHFWLYDPHQWHOLQJtVWLFRVFRPR©XVROLQJtVWLFRGHXQD FRPXQLGDGª\©VLVWHPDIXQFLRQDªKD\XQDQHWDGLIHUHQFLDGHSODQRDEVWUDFWLYR  MXVWDPHQWHODGLVWLQFLyQTXHHQWHQGHPR  MXVWDPHQWHODGLVWLQFLyQTXHHQWHQGHPRVHVWDEOHFHUHQWUHQR VHVWDEOHFHUHQWUHQRUPD\VLVWHPD UPD\VLVWHPD ,,,,QVXILFLHQFLDGHODGLFRWRPtDVDXVVXUHDQD 8QDVHJXQGDVHULHGHVXJHUHQFLDVDFHUFDGHODSRVLELOLGDG\QHFHVLGDG GH GLVWLQ GLVWLQJXL JXLU U HQWUH HQWUH QRUPD \ VLVWHPD DVt DVt FRPR FRPR DFHU DFHUFD FD GHO GHO OXJD OXJDU U GRQG GRQGH H KD\ KD\ TXH TXH HVWD HVWDEO EOHF HFHU HU OD GLVW GLVWLQ LQFFLyQ LyQ QRV KD OOHJ OOHJDG DGRR GH OD IXH IXHQWH QWH PLVP LVPD GH OD RSRV RSRVLF LFLy LyQ Q IXQG IXQGDP DPHQ HQWD WDOO HQWU HQWUH H OHQJXD \ KDEOD HV GHFLU GHO &XUVR GH 6DXVVXUH (O H[WUDR H[WUDRUGL UGLQD QDULR ULR OLEUR OLEUR SyVWXP SyVWXPR R GHO PDHVWU PDHVWUR R JLQHEU JLQHEULQR LQR FRQWLH FRQWLHQH QH WDPELp WDPELpQ Q EDMR EDMR HVWH HVWH DVSH DVSHFW FWR R SUHF SUHFLR LRVD VDV V LGHD LGHDV V H LQWX LQWXLF LFLR LRQH QHV V VXVF VXVFHS HSWL WLEO EOHV HV GH GHVD GHVDUU UURO ROOR OR HQ HQ VHQW VHQWLG LGR R SRVLWLYRRQHJDWLYRDVtFRPRFRQWLHQHHOHPEULyQ\VHPLOODGHWDQWDVGRFWULQDV\ DFWLWXGHVGHODOLQJtVWL DFWLWXGHVGHODOLQJtVWLFDDFWXD FDDFWXDO(QHIHFWRFRP O(QHIHFWRFRPRVH RVHKDEU KDEUiYLVWRSRUODVQRWDVFDVL iYLVWRSRUODVQRWDVFDVL WRGRVORVHQXQFLDGRVDFHUFDGHOHQJXD\KDEODUHSUHVHQWDQSDUiIUDVLVGHVDUUROORVR LQWH LQWHUUSUHW UHWDFLR DFLRQH QHV V D PHQXG HQXGR R XQLODW LODWHHUDOH UDOHV V GH SXQ SXQWRV GH YLVW YLVWD D VDXV VDXVVX VXUH UHDDQRV RV &RQYLHQHSRUORWDQWRYROYHUDODREUDGH6DXVVXUHSDUDHQFRQWUDUHORULJHQGHODV GLIL GLILFX FXOW OWDG DGHV HV FRQW FRQWUD UDGL GLFF FFLR LRQH QHV V H LQFR LQFRKH KHUH UHQF QFLD LDV V VHxD VHxDOD ODGD GDV V HQ GLFK GLFKRV RV HQXQ HQXQFL FLDG DGRV RV FRPR FRPR WDPELp WDPELpQ Q SDUD SDUD KDOODU KDOODU HYHQWX HYHQWXDOH DOHV V VXJHUH VXJHUHQF QFLDV LDV HQ YLVWD YLVWD GH XQD VROXFL VROXFLyQ yQ PiV DFHSWDEOHGHOSUREOHPD  9DULRV LRV FUtWLFRV HQWUH RWURV 6FKXFKDUGW \ 5RJJHU KDQ VHxDODGR FRQWUDGLF FRQWUDGLFFLRQ FLRQHVLQFRKHUH HVLQFRKHUHQFLD QFLDV VODJX ODJXQDV\ QDV\ SXQWRV SXQWRVRVFXU RVFXURV RVHQOD HQOD PLVPD PLVPDFRQF FRQFHSFLy HSFLyQ Q   GH 6D 6DXV XVVX VXUH UH  $KRUD TXH HQ HO &XUVR KD\D XQD PXOWLWXG GH VXJ VXJHUH HUHQFLD QFLDV V VXVFHSWLEOHVGHGHVDUUROORVFRQWUDGLFWRULRVQRVSDUHFHHYLGHQWH\GHPRVWUDGR3HUR QRQRVDWUH QRQRV DWUHYHUtD YHUtDPRVD PRVDLQIHU LQIHULUGH LUGHHOORXQDIXQGDPH HOORXQDIXQGDPHQWDOLQFRK QWDOLQFRKHUHQ HUHQFLDGH FLDGHODGRFWULQ ODGRFWULQD D VDXVVXUHDQDSXHVWRTXHVLHVYHUGDGTXHDPXFKDVWHVLVGHOPDHVWURJLQHEULQR SXHGHQRSRQHUVHDQWtWHVLVGHGXFLGDVGHVXPLVPDREUDWDPELpQHVYHUGDGTXHD ODV LQWHUSUHWDFLRQHV XQLODWHUDOHV \ FRQWUDGLFWRULDV SXHGHQ RSRQHUVH LQWHUSUHWDFLRQHVFRKHUHQWHVPiVRUJiQLFDV\REMHWLYDPHQWHPiVMXVWLILFDGDVFRPR ORKDGHPRVWUDGR+HQUL)UHLHQVXUHVSXHVWDDFLHUWDVFUtWLFDVGH(%X\VVHQV/R TXH TXH Vt KD\ KD\ TXH TXH DGPL DGPLWL WLU U HV TXH TXH OD FRQF FRQFHS HSFL FLyQ yQ GH 6DXV 6DXVVX VXUH UH RIUH RIUHFH FH GLIL GLILFX FXOW OWDG DGHV HV GH LQWHUSUHWDFLyQTXHSRUODVPLVPDVFRQGLFLRQHVGH©QRWDVGHFODVHªHQODVTXHVH SXEO SXEOLF LFy y VX RE REUD UD  PXFK PXFKRV RV SXQW SXQWRV RV TXHG TXHGDQ DQ HQ HOOD HOOD RVFX RVFXUR URV V R LQVX LQVXIL ILFL FLHQ HQWH WHPH PHQW QWH H HODERUDGRVRQRELHQIXQGDGRVTXHFLHUWDVVROXFLRQHVVHHQFXHQWUDQHQVXOLEUR VyORHVER]DGDVRDSHQDVDOXGLGDV\FLHUWDVGLILFXOWDGHVVHSUHVHQWDQWRGDYtDFRPR QR SHUIHF SHUIHFWD WDPHQ PHQWH WH UHVXHO UHVXHOWDV WDV  TXH TXH HQ PXFKRV PXFKRV DVSHFW DVSHFWRV RV 6DXVVX 6DXVVXUH UH FRPR FRPR SHQVDG SHQVDGRU RU OLJDGRHQSDUWHDODPHQWDOLGDGGHVXpSRFDVHTXHGDHQODPLWDGGHOFDPLQRSRUpO 



&I1(1&,21, 2E&LW SS  \VLJV &I 7DPELp 7DPELpQ. Q. %KOHU %KOHU 2E &LW SS\\VLJV\$ SS\\VLJV\$ 3(17,7/b&RP&LW S  3DJ 

 6DXVVXUHFRQWUH6DXVVXUH" &)6*LQHEUD +(15,)5(, 6DXVVXUHFRQWUH6DXVVXUH"

PLVPRDELHUWR4XL]iMXVWDPHQWHSRUHVWRVHGHVFXEUDHQVXOLEURFRPRREVHUYD %KOHUDOJRQXHYRFDGDYH]TXHVHYXHOYHDFRQVXOWDUOR  ¢&Xi ¢ &XiOOHVOD HVOD RSRVLF RSRVLFLyQ LyQ IXQGDP IXQGDPHQW HQWDOGH DOGH 6DXVVX 6DXVVXUH" UH" (OKDEOD  SDUROHVH LGHQWL LGHQWLILF ILFD D HYLGHQ HYLGHQWHP WHPHQW HQWH H SDUD SDUD pO FRQ OD DFWLY DFWLYLGD LGDG G OLQJt OLQJtVWL VWLFD FD FRQFU FRQFUHWD HWD R SRU OR PHQRV FRQ JUDQ SDUWH GH HOOD HV ©IRQDFLyQª ©HMHFXFLyQ GH ODV LPiJHQHV DF~VWLFDVªPiVD~QWRGDOD©DFWLYLGDGGHOVXMHWRKDEODQWHªHV©ODSDUWHLQGLYLGXDO GHOOHQJXDMHª©ORTXHHVDFFHVRULR\PiVRPHQRVDFFLGHQWDOªXQDUHDOLGDGSVLFR ItVLFDTXHVHRSRQHDODUHDOLGDGSXUDPHQWHSVtTXLFDGHODOHQJXDHV©ODVXPDGH WRGR OR TXH ODV JHQWHV GLFHQª \ FRPSUHQGH ©FRPELQD LQDFLRQHV LQGLYLGXDOHV GHSHQG GHSHQGLHQ LHQWHV WHV GH OD YROXQW YROXQWDG DG GH ORV KDEODQ KDEODQWHV WHVª ª \ ©DFWRV ©DFWRV GH IRQDFL IRQDFLyQ yQ LJXDOP LJXDOPHQW HQWH H  YROXQWDULRVQHFHVDULRV  YROXQWDULRV QHFHVDULRVSDUD SDUDHMHFXWDU HMHFXWDUWDOHV WDOHV FRPELQDFLRQHVª FRPELQDFLRQHVª 1R KD\ HQ HOOD ©QDGD GHFROHFWLYRª©VXVPDQLIHVWDFLRQHVVRQLQGLYLGXDOHV\P GHFROHFWLYRª©VXVPDQLIHVWDFLRQHVVRQLQGLYLGXDOHV\PRPHQWiQHDVª RPHQWiQHDVª  


.%h+/(5 2EFLW S S

 

&/* SS\ SS\

&/*SS &/* S  S  &/*S  &/*S  &/*S  &/*S  &/*S  &/*S 



3DJ &/*S



F 0DV OR LPS LPSRUWD RUWDQ QWH HV HV VRE VREUH WRGR WRGR  TXH TXH HVD HVD UHDOLG DOLGDDG HV XQD XQD UHDOL HDOLG GDG VLVW VLVWHP HPiW iWLF LFD D \ IXQF IXQFLR LRQD QDO O /D OHQJ OHQJXD XD \ HVWR HVWR \D QRV QRV SDUH SDUHFH FH LQGH LQGHSH SHQG QGLH LHQW QWH H GH VX UHDOLG UHDOLGDG DGSVt SVtTXL TXLFD FD\ \ GHVX GH VXGHW GHWHUP HUPLQD LQDFLy FLyQ Q VRFLDO VRFLDO  HVSDU HV SDUD D 6DXVVX 6DXVVXUH UH©XQ ©XQ VLVWHP VLVWHPD D GH VLJQ VLJQRV RV GLVW GLVWLQ LQWR WRV V TXH TXH FRUU FRUUHV HVSR SRQG QGHQ HQ D LGHD LGHDV V GLVW GLVWLQ LQWD WDVª Vª HV XQ ©FyG FyGLJR LJRª XQ VLVWHPDHQHOTXH©VyORHVHVHQFL VLVWHPDHQHOTXH©VyORHVHVHQFLDOODXQLyQGHO DOODXQLyQGHOVHQWLGR VHQWLGR\GH \GHODLPDJ ODLPDJHQDF~VW HQDF~VWLFDª LFDª /D OHQJ OHQJXD XD FRPR FRPR UHDO UHDOLG LGDG DG SVtT SVtTXL XLFD FD HV SDUD SDUD 6DXV 6DXVVX VXUH UH ©XQ ©XQ RE REMH MHWR WR GH QDWX QDWXUD UDOH OH]D ]D  FRQFUHWDª SHURHVH~OWLPRFRQFHSWRHPLQHQWHPHQWHIXQFLRQDOOROOHYDPX\OHMRV GHWRG GH WRGROR ROR TXH SXHGHOODPD SXHGHOODPDUVH UVH FRQFUH FRQFUHWR WR (QHIHFWRDVt (QHIHFWRDVt FRQFHE FRQFHELGD LGD ODOHQJXD ODOHQJXD©HV ©HV XQDIRUPDQRXQDVXVWDQFLDªHVXQ©MXHJRGHRSRVLFLRQHVªOR~QLFRHVHQFLDOHQ HOOD HOOD HV TXH TXH XQ VLJQ VLJQR R QR VH FRQI FRQIXQ XQGD GD FRQ FRQ RWUR RWURVV©HQODOHQJXDQRKD\PiVTXH GLIHUHQFLDVª ©XQ ©XQ VLVW VLVWHP HPD D OLQJ OLQJt tVW VWLF LFR R HV XQD XQD VHUL VHULH H GH GLIH GLIHUH UHQF QFLD LDV V GH VRQL VRQLGR GRV V  FRPELQ FRPELQDGR DGRV V FRQ XQD VHULH VHULHGH GHGLI GLIHUH HUHQFL QFLDV DVGH GHLGH LGHDVª DVª \©HQXQHVWDGRGHOHQJXD  WRGRVHEDVDHQUHODFLRQHVª  (VRV (VRV WUHV WUHV FRQFHS FRQFHSWRV WRV FRUUHV FRUUHVSRQ SRQGLH GLHQWH QWHV V D WUHV WUHV RSRVLF RSRVLFLRQ LRQHV HV UHDOL UHDOLGDG GDG SVLFR SVLFR ItVLFD ItVLFD UHDO UHDOLGDGSVtTXL LGDGSVtTXLFDDVSHFWR FDDVSHFWR LQGLYLGXDO LQGLYLGXDO DVSHFWRVRFLDOFRQFU DVSHFWRVRFLDOFRQFUHWR HWRDEVWU DEVWUDFWR DFWR R UHDOL]DFL UHDOL]DFLyQ yQVLVWHP VLVWHPDFRLQFLG DFRLQFLGHQLQGXGD HQLQGXGDEOHP EOHPHQWH HQWH HQJUDQSDUWH SHUR GHQLQJXQD PDQHUDVRQLGpQWL PDQHUDVRQLGpQWLFRV\VREUHWRGR FRV\VREUHWRGRQRVH QRVHHVWDE HVWDEOHFHQ OHFHQHQ HQHOPLVPR HOPLVPRSODQRVLQRHQ WUHV WUHV SODQRV SODQRV GLVWLQ GLVWLQWRV WRV HVGHF HV GHFLU LU TXH TXH PD PDQLI QLILHV LHVWDQ WDQ ODLQW OD LQWHUI HUIHUH HUHQF QFLD LDGH GHWU WUHV HVSXQ SXQWRV WRV GH  YLVWD(QODGRFWULQD  YLVWD(Q ODGRFWULQDGH6DXVVXUH GH6DXVVXUHHOORVDSDUHFHQHQWUHPH]FODGRVVXV HOORVDSDUHFHQHQWUHPH]FODGRVVXVFRQWRUQRVQR FRQWRUQRVQR DSDU DSDUHF HFHQ HQ GHIL GHILQL QLGR GRV V QL VH HVWD HVWDEO EOHF HFHQ HQ ODV ODV QHFH QHFHVD VDUL ULDV DV GLIH GLIHUH UHQF QFLD LDV V HQWU HQWUH H HOOR HOORV V VLQ VLQ HPEDUJRQRVHWUDWDVHJ~QQRVRWURVGHYHUGDGHU HPEDUJRQRVHWUDWDVHJ~QQRVRWURVGHYHUGDGHUDLQFRKHUHQF DLQFRKHUHQFLDVLQRPiVELHQGH LDVLQRPiVELHQGH LQVXILFLHQWHGHVDUUROORQRVHWUDWDGHYHUGDGHUDVGHILQLFLRQHVVLQRPiVELHQGH WHQW WHQWDW DWLY LYDV DV GH FDUD FDUDFW FWHU HUL] L]DF DFLy LyQ Q GH XQD XQD LQWX LQWXLF LFLy LyQ Q LPSR LPSRUW UWDQ DQWH WH SHUR SHUR WRGD WRGDYt YtD D DOJR DOJR LPSUHFLVD$GHPiVQRVSDUHFHHYLGHQWHTXHVLELHQORVWUHVFRQFHSWRVVHSUHVHQWDQ FRPR FRPR VLPXOW VLPXOWiQH iQHRV RV OD LQFOLQ LQFOLQDFL DFLyQ yQ GH 6DXVVX 6DXVVXUH UH YD GHFLGL GHFLGLGDP GDPHQW HQWH H KDFLD KDFLD HO WHUFHU WHUFHUR R TXH HVHO TXH VHDSOLFD VHDSOLFDHQOD HQOD GLVWLQ GLVWLQFLy FLyQHQWUH QHQWUH OLQJt OLQJtVWL VWLFDLQWH FDLQWHUQ UQD D\ \H[W H[WHUQ HUQDD\HQ JHQHUDOHQODGLVFXVLyQGHORVSUREOHPDVGHODOLQJtVWLFDVLQFUyQLFD   /D LQVXIL LQVXILFLH FLHQF QFLD LD H LPSUHF LPSUHFLVL LVLyQ yQ GH OD GLFRWR GLFRWRPtD PtD VDXVVX VDXVVXUHD UHDQD QD DSDUHF DSDUHFHQ HQ  PiVHYLGHQWHVVLVHOHVDSOLFDHOQXHYRHVTXHPDSURSXHVWRSRU%KOHU 2EVHUYD HVWH HVWH HVWXGL HVWXGLRVR RVR TXH TXH SDUD SDUD TXH DGTXLH DGTXLHUD UDQ Q SUHFLV SUHFLVLyQ LyQ \ IXQGDP IXQGDPHQW HQWR R Pi PiV V VyOLGR VyOLGR ODV GLVWLQFLRQHVHQHOOHQJXDMHGHEHQKDFHUVHGHVGHGRVSXQWRVGHYLVWDGHVGHHO SXQWR SXQWR GH YLVWD YLVWD GH OD UHODFL UHODFLyQ yQ FRQ FRQ HO VXMHWR VXMHWR KDEODQ KDEODQWH WH ,  IHQyP IHQyPHQR HQRV V UHIHUL UHIHULGRV GRV DO VXMHWR,,IHQyPHQRVGHVOLJDGRVGHOVXMHWR\GHVGHHOSXQWRGHYLVWDGHOSODQR GHDEVWUDFFLyQFRQVLGHUDGRDIHQyPHQRVFRQVLGHUDGRVHQXQJUDGRLQIHULRUGH IRUPDOL]D IRUPDOL]DFLyQ FLyQSUiF SUiFWLFD WLFDPHQW PHQWH HIHQy IHQyPHQR PHQRV VFRQF FRQFUHWR UHWRV V\ \E E IHQy IHQyPHQR PHQRV VFRQV FRQVLGHUD LGHUDGRV GRV 



&/*S &/*S  &/*S  &/*S  &/*S  &/*S  &/*S  &/*S  &/*S 



3DJ &/*SS\VLJV  &/*GDSDUWHSS  .%h+/(5 2EFLW SS\VLJV 

HQXQJUDGRVXSHULRUGHIRUPDOL]DFLyQHQWLGDGHVDEVWUDFWDV&RPELQDQGRORVGRV SXQWRV GH YLVWD LQGLYLGXDO  H[WUDLQGLYLGXDO R PHMRU LQWHULQGLYLGXDO R LQWHUVXEMHWLYR FRQFUHWR  DEVWUDFWR VH GLVWLQJXHQ ORV FXDWUR FRQFHSWRV VLJXLHQWHV YHUEDO   6SUHFKKDQGOXQJ TXH  OD DFFLyQ YHUEDO  TXH HV OD DFFL DFFLyQ yQ PLVP PLVPD D GH KDEO KDEODU DU FRQVLGHUDGDHQVt\HQVXPRPHQWRGHSURGXFF FRQVLGHUDGDHQVt\HQVXP RPHQWRGHSURGXFFLyQLQGLYLGXDOFRQF LyQLQGLYLGXDOFRQFUHWR,% UHWR,% HO DFWRYHUEDO   6SUHFKDNW TXHHVODDWULEXFLyQGHXQDVLJQLILFDFLyQDXQ TXHHVODDWULEXFLyQGHXQDVLJQLILFDFLyQDXQ PHGLROLQJtVWLFRLQGLYLGXDOIRUPDOOE  HO  SURGXFWR OLQJtVWLFR  6SUDFKZHUN UHVXO HVXOWWDGR DGR GH OD DFF DFFLyQ LyQ YHU YHUED EDO O FRQVLGHUDGRIXHUDGHVXSURGXFFLyQ\GHVXUHODFLyQFRQODVYLYHQFLDVGHOLQGLYLGXR SURGXFWRULQWHULQGLYLGXDOFRQFUHWR,,D  OD  IRUPD OLQJtVWLFD  6SUDFKJHELOGH  HO PLVP PLVPR R SURG SURGXF XFWR WR FRQV FRQVLG LGHU HUDG DGR R DEVWUDFWDPHQWHFRPR VSHFLHV R©F R ©FODV ODVH HGHFODVH GHFODVHVª Vª HVGHFLU HVGHFLUHQVX HQVX YDORUIXQF YDORUIXQFLRQ LRQDO DO VHSDUDGR GH ODV FLUFXQVWDQFLDV GH OD VLWXDFLyQ YHUEDO FRQFUHWD LQWHULQGLYLGXDOIRUPDO,,E

7HQHPRVSRUFRQVLJXLHQWH GHVGHHOSXQWRGHYLVWDGHODUHODFLyQFRQHOKDEODQWH YHUEDO $IHQyPHQRVXEMHWLYR\  SURGXFWR HQHOSODQRFRQFUHWR DFFLyQ YHUEDO  $IHQyPHQRVXEMHWLYR\ SURGXFWR OLQJtVWLFR 3 IHQyP DFWR YHUEDO  YHUEDO   $  IHQyPHQR HQR LQWHUV LQWHUVXEM XEMHWL HWLYR YR   HQ HO SODQR SODQR IRUPD IRUPDO O DFWR IHQyPHQRVXEMHWLYR\IRUPDOLQJtVWLFD)IHQ IHQyPHQRVXEMHWLYR\IRU PDOLQJtVWLFD)IHQyPHQRLQWHUVXEMH yPHQRLQWHUVXEMHWLYR WLYR GHVGHHOSXQWRGHYLVWDGHOJUDGRGHIRUPDOL]DFLyQHQHOSODQRLQGLYLGXDO DFFLyQYHUEDO IHQyPHQRFRQFUHWR\ IHQyPHQRFRQFUHWR\ DFWRYHUEDO HQWLGDGIRUPDOHQHOSODQR HQWLGDGIRUPDOHQHOSODQR LQWHULQGLYLGXDO  SURGXFWR OLQJtVWLFR IHQ IHQyP yPHQ HQR R FRQF FRQFUH UHWR WR  \  IRUPD OLQJtVWLFD HQWLGDGIRUPDO 2VHDHOVLJXLHQWHHVTXHPD , ,, D $ 3  E )  $ (Q UHDO UHDOLG LGDG DG %KO %KOHU HU QR VXSH VXSHUD UD DT DTXt Xt OD GLFR GLFRWR WRP PtD VDXV VDXVVX VXUH UHDQ DQD D VLQR VLQR TXH TXH  VLPS VLPSOHP OHPHQ HQWH WH OD FRPE FRPELQ LQD D \ HVWR HVWR UHVX UHVXOW OWD D VXPD VXPDPH PHQW QWHH SURY SURYHF HFKR KRVR VR  FRQ FRQ OD RWUD RWUD GLFR GLFRWR WRPt PtD D IDPR IDPRVD VD OD HVWD HVWDEO EOHF HFLG LGD D SRU SRU +XPE +XPERO ROGW GW  HQpUJHLD 7LLWLJNHLW  \ pUJRQ :HUN (QHIHFWRODGLVWLQFLyQIXQGDPHQWDOGH6DXVVXUHVHHVWDEOHFHFRPRYLPRV  IRUPDO LGHDOIXQFLRQDO HUFRQFHSWRGH©OHQJXDªHQWUHFRQFUHWR\DEVWUDFWRR IRUPDO  LGHDOIXQFLRQDO  \ HVWR D SHVDU GH OD DILUPDFLyQVHJ~Q DILUPDFLyQ VHJ~Q OD FXDO WDPELpQOD WDPELpQ OD OHQJXD VHUtD ©FRQFUHWDª SUREDEOHPHQWHWHQGUtDPRVTXHWUDGXFLUFRQ©UHDOª3XHVSDUD6DXVVXUHHVKDEOD  SDUROH WDQ WDQWR OD DFFLy FFLyQ Q LQGL LQGLYL YLGX GXDO DO PRPHQ RPHQWi WiQ QHD  6SUHFKKDQGOXQJ FRPR HO SURGXFWRDVLVWHPiWLFRGHXQDVHULHGHWDOHVDFFLRQHVFIODIyUPXODVDXVVXUHDQDGHO KDEOD ORTXH%KOHUOODPD 6SUDFKZHUNR(VGHFLUTXHOD RSRVLFLyQGH6DXVVXUHVHHVWDEOHFHIXQGDPHQWDOPHQWHHQHOVHQWLGRGHODVHFFLyQ KRUL]RQWDOGHOHVTXHPDGH%KOHU 



3DJ 3DJ  &/*S



/D GLVW GLVWLQ LQFL FLyQ yQ GH +XPE +XPERO ROGW GW VH HVWD HVWDEO EOHF HFH H HQ FDPE FDPELR LR HQWU HQWUH H LQGLYLGXDO  H LQWHULQGLYLGXDO HQWUH HQWUH DFWLYLGDG \ \ SURGXFWR3DUDHOVHUtDHQpUJHLDGLUtDPRVDTXt KDEODORTXH%KOHUOODPD 6SUHFKKDQGOXQJ  6SUHFKKDQGOXQJ \ 6SUHFKDNWRVHUtD pUJRQOHQJXDOR TXH TXH %KO %KOHU HU OODP OODPD D  6SUDFKZHUN \  6SUDFKJHELOGH (V GHFLU TXH OD RSRVLFLyQ KXPEROGWL KXPEROGWLDQDVH DQDVHHVWDE HVWDEOHFH OHFH IXQGDPHQ IXQGDPHQWDOP WDOPHQWH HQWHHQHO HQHOVHQWL VHQWLGRGH GRGHODVHFFLyQ ODVHFFLyQ YHUWLFDO YHUWLFDO  GHOHVTXHPDGH%KOHU /DVGRVRSRVLFLRQHVVHVLW~DQSXHVGHODVLJXLHQWHPDQHUD

%KOHUSDUHFHHQWHQGHUTXHVHJ~Q6DXVVXUHODSDUROHFRUUHVSRQGHUtDVyORD OD DFFLyQYHUEDO FIODLQWHUSUHWDFLyQGH-HVSHUVHQSHURODIyUPXODPLVPDGHOD FIODLQWHUSUHWDFLyQGH-HVSHUVHQSHURODIyUPXODPLVPDGHOD  SDUROHGDGDSRUHOPDHVWURJLQHEULQRLQGLFDTXHHOODFRQWLHQHWDPELpQHO  SURGXFWR OLQJtVWLFR(OHVTXHPDGHODRSRVLFLyQVDXVVXUHDQDGHEHUtDVHUSRUORWDQWRHO VLJXLHQWH

3HUR6DXVVXUHDJUHJDDVXRSRVLFLyQIXQGDPHQWDOFRQFUHWRDEVWUDFWRXQD GLVWLQ GLVWLQFLy FLyQ Q VHFXQG VHFXQGDUL DULD D LQGLYL LQGLYLGXD GXDOO  VRFLDO VRFLDO HV GHFLU GHFLU LQGLYL LQGLYLGXD GXDOO  LQWHUL LQWHULQGL QGLYLG YLGXDO XDO  HOLP HOLPLQ LQDQ DQGR GR GH OD ©OHQ OHQJXDª XDª WRGR RGR OR TXH TXH QR HV ©IRUP IRUPD D OLQ OLQJtV JtVWWLFDª LFDª HQ HQWLG WLGDG DEVW DE VWUD UDFW FWD D IXQF IXQFLR LRQD QDO O LQWH LQWHUV UVXE XEMH MHWL WLYD YD  R VHD VHD WDQW WDQWR R OR TXH TXH HV DFFL DFFLyQ yQ LQGL LQGLYL YLGX GXDO DO FRQF FRQFUH UHWD WD \ PRPH PRPHQW QWiQ iQHD HD DFF DFFLy LyQ Q YHUE YHUEDO DO  \ HO UHVS UHVSHF HFWL WLYR YR UHVX UHVXOW OWDG DGR R DVLV DVLVWH WHQO QOiW iWLF LFR R 



(O KHFKR KHFKR GH TXH %KOHU %KOHU HPSOH HPSOHH H HO SUHILM SUHILMRLG RLGH H 6SUHFK GH GH VSUHFKHQ KDEODU KDEODU  SDUD SDUD ORV WpUPL WpUPLQRV QRV TXH VH UHILHU UHILHUHQ HQ DO DVSHFW DVSHFWR R VXEMHW VXEMHWLYR LYR \ HPSOHH HPSOHH HQ FDPELR FDPELR 6SUDFK 6SUDFKH OHQJXD OHQJXD  SDUD SDUD ORV TXH VH UHILHU UHILHUHQ HQ DO DVSHFWRLQWHUVXEMHWLYRSDUHFHLQGLFDUXQDDF DVSHFWRLQWHUVXEMHWLYRSDUHFHLQGLFDUXQDDFHSWDFLyQLPSOtFLWDGHO HSWDFLyQLPSOtFLWDGHODRSRVLFLyQGH+XPEROGWDSHVD DRSRVLFLyQGH+XPEROGWDSHVDUGHTXHVX UGHTXHVX FRQFHSWRGH FRQFHSWRGH ³OHQJXD´FRLQFLGH6DXVVXU ³OHQJXD´FRLQFLGH6DXVVXUH H VLVWHPDGH VLVWHPDGH IRUPDV IRUPDV OLQJtVWL OLQJtVWLFDV FDV (QWpUP (Q WpUPLQRVVDXVVXUH LQRVVDXVVXUHDQRVKDEUtD DQRVKDEUtD TXHGHFLUPiVELHQ6SUHFKDNW DFWRGHKDEOD\ DFWRGHKDEOD\6SUHFKZHUN SURGXFWRGHKDEOD SURGXFWRGHKDEOD6SUDFKDNW DFWRGHOHQJXD\ DFWRGHOHQJXD\ 6SUDFKJHELOGHIRUPDOLQJtVWLFD  3DJ

SURGX SURGXFWR FWR OLQJt OLQJtVWL VWLFR FR FRPR FRPR OR TXH HV IRUPD IRUPDO O SHUR SHUR DO PLVPR PLVPR WLHPS WLHPSR R VXEMHW VXEMHWLYR LYR  DFWRYHUEDO&RQHVRVXHVTXHPDVHYXHOYH 

3$52/(

 $GHPiV 6DXVVXUH LJQRUD FDVL FRQVWDQWHPHQWH FRQVWDQWHPHQWH OR TXH HQ O DFWLYLGDG OLQJtVWLFDLQGLYLGXDOHVIRUPDODFWRYHUEDORSRQLHQGRSRUORWDQWRDFFLyQYHUEDO SURGXFWROLQJtVWLFRKDEODDVLVWHPDGHIRUPDVOLQJtVWLFDVOHQJXD

 SDUROH )LQDOP )LQDOPHQW HQWH H GHVSXp GHVSXpV V GH GDGD GDGD OD IyUPXO IyUPXOD D GHO KDEOD KDEOD GHMD GHMD GH ODGR ODGR OD SDUROH FRPRSURGXFWROLQJtVWLFR\RSRQHQRUPDOPHQWHODIRUPDOLQJtVWLFD~QLFDPHQWHD OD DFFL DFFLyQ yQ YHUE YHUEDO DO 6X FRQF FRQFHS HSWR WR SRGU SRGUtD tD SRU SRU FRQV FRQVLJ LJXL XLHQ HQWH WH HVTX HVTXHP HPDW DWL] L]DU DUVH VH GH HVWD HVWD PDQHUD





3DJ



 $KRUD HV HYLGHQWH TXH HQ HVWH ~OWLPR HVTXHPD OD GLVWLQFLyQ SXHGH HVWDEOHFHUVHWDQWRHQHOVHQWLGRGHODOtQHDIXQGDPHQWDO$%FRQFUHWRDEVWUDFWR HQpUJHLDpUJRQ FRPRHQHOVHQWLGRGHODOtQHDVHFXQGDULD&'LQGLYLGXDOVRFLDOHQpUJHLDpUJRQ (VR QRV H[SOLF H[SOLFD D SRU TXp TXpHQ HQODFRQF ODFRQFHSF HSFLyQ LyQ VDXVVX VDXVVXUHD UHDQD QD OD©OH OD ©OHQJ QJXDª XDª DSDUHF DSDUHFH H WDQ  GHVOLJ GHVOLJDGD DGD GHO ©KDEO ©KDEODª Dª D SHVDU SHVDUGH GH ODDIL OD DILUP UPDGD DGD LQWHUG LQWHUGHSH HSHQGH QGHQF QFLD LD ODUHODFLyQVH HVWDEOHFHDWUDYpVGHO©DFWRYHUEDOªTXHIDOWDHQHOHVTXHPDFRPRWDPELpQSRU TXp6DXVVXUHLGHQWLILFDORFRQFUHWR\DVLVWHPiWLFRFRQORLQGLYLGXDO\ORIRUPDO\ VLVW VLVWHP HPiW iWLF LFRR FRQ OR VRF VRFLDO LDO \ SRU TXp PXFKR XFKRV V HVW HVWXGLR XGLRVR VRV V KDQ FRQVL RQVLGH GHUUDGR DGR OD RSRVLFLyQVDXVVXUHDQDFRPRLGpQWLFDDODGH+XPEROGWHQUHDOLGDGORHVVyORHQHO VHQWLGRGHODOtQHD&' 



3DJ

 

&/* S S

 $ SHVDU GHWRGR GH WRGROD OD GLVWLQFLyQIXH FRPR HV VDELGRVXPDPHQWH VDELGR VXPDPHQWHIUXFWXRVD IUXFWXRVDVX VXLPSRUWDQFLD LPSRUWDQFLDDXQ DXQ FXDQGR FXDQGR QR WXYLHV WXYLHVH H VyOLGR VyOLGRV V IXQGDP IXQGDPHQW HQWRV RV WHyULF WHyULFRV RV SRGUtD SRGUtD GHPRVW GHPRVWUDU UDUVH VH SUDJPiW SUDJPiWLFD LFDPHQ PHQWH WH SRU OD LPSRUWDQFLDGHORVUHVXOWDGRVDORVTXHKDOOHYDGRHQODFLHQFLDJORWROyJLFD'HXQDPDQHUDJHQHUDO ODGRFWULQDGH6DXVVXUHKDGDGRXQQXHYR\H[WUDRUGLQDULRLPSXOVRDORVHVWXGLRVVLQFUyQLFRV< VREUHVXVDVSHFWRVSDUWLFXODUHVVHKDQIXQGDGRWHQGHQFLDVGHODVPiVYLWDOHVHQODOLQJtVWLFDDFWXDO /DHVFXHODJLQHEULQDSDUWLHQGRGHODGLVWLQFLyQ ODQJXHSDUROHKDGHVDUUROODGRMXVWDPHQWHDTXHOOD OLQJ OLQJt tVW VWLF LFD D GHO GHO KDEO KDEOD D FX\D FX\D FRQV FRQVWL WLWX WXFL FLyQ yQ HO PD PDHV HVWU WUR R KDEt KDEtD D VyOR VyOR LQGL LQGLFD FDGR GR FRPR FRPR SRVL SRVLEO EOH H %DO %DOO\ O\ 6HFKHKD\H)UHL/DHVFXHODGH3DUtVVLJXLHQGRWDPELpQVXJHUHQFLDVDQWHULRUHVSDUWLFXODUPHQWHGH %UpD %UpDO O KD WRPD WRPDGR GR FRPR FRPR EDVH EDVH OD RSRV RSRVLF LFLy LyQ Q LQGL LQGLYL YLGX GXDO DOV VRF RFLD LDO O RFXS RFXSiQ iQGR GRVH VH GH OD OHQJ OHQJXD XD FRPR FRPR LQVW LQVWLW LWXF XFLy LyQ Q VRFL VRFLDO DO 0HL 0HLOO OOHW HW  )LQD )LQDOPH OPHQW QWH H ORV ORV OLQJ OLQJL LVW VWDV DV Pi PiV V HVWU HVWULF LFWD WDPH PHQW QWH H VDXV VDXVVX VXUH UHDQ DQRV RV ORV ORV IRQyORJRVGH3UDJD\ IRQyORJRVGH3UDJD\ ODHVFXHODGH&RSHQKDJXHKDQ ODHVFXHODGH&RSHQKDJXHKDQWRPDG WRPDGRFRPREDVHOD RFRPREDVHOD GLVWLQFLy GLVWLQFLyQIXQGDPHQ QIXQGDPHQWDO WDO HQWUHFRQFUHWR\IRUPDOGHVDUUROODQGRODQXHYDOLQJtVWL HQWUHFRQFUHWR\IRUPDOGH VDUUROODQGRODQXHYDOLQJtVWLFDHVWUXFWXUDO\IXQFLRQ FDHVWUXFWXUDO\IXQFLRQDO(QODIRQRORJtDVH DO(QODIRQRORJtDVH KD UHDO UHDOL] L]DG DGR R DGHP DGHPiV iV  SRU SRU LQWH LQWHUP UPHG HGLR LR GH 1 6 7UXE 7UXEHW HW]N ]NR\ R\  HO HQFX HQFXHQ HQWU WUR R HQWU HQWUH H OD GRFW GRFWUL ULQD QD VDXVVXUHDQD\ODGRFWULQDSVLFRORJLVWDGH-%DXGRXLQGH&RXUWHQD\3HURHVVLQWRPiWLFRSRUORTXH FRQFLHUQHDODYDORUDFLyQGHODYHUGDGHUDRULJLQDOLGDGGH)GH6DXVVXUHTXHQLODHVFXHODGH3UDJD  9LHQDQLODGH&RSHQKDJXHFRQVHUYDQQDGDGHVXSVLFRORJLVPRFRPR  9LHQDQLOD GH&RSHQKDJXHFRQVHUYDQQDGDGHVXSVLFRORJLVPRFRPR QRVHFRQVHUYDHVHDVSHFWRGH %DXG %DXGRX RXLQ LQ GH &RXU &RXUWH WHQD QD\ \ \ TXH TXH SRU SRU OR TXH TXH FRQF FRQFLH LHUQ UQH H D OD RSRV RSRVLF LFLy LyQ Q VRFL VRFLDO DOL LQG QGLY LYLG LGXD XDO O ORV ORV HVWUXFWXUDOLVWDV\IXQFLRQDOLVWDVVHOLPLWDQDFRQVLJQDUODFRPRSULQFLSLRHQODHQXQFLDFLyQGHVXV WHVLVLQLFLDOHVGHGLFiQGRVHOXHJRH WHVLVLQLFLDOHVGHGLFiQGRVHOXHJRHQWHUDPHQWHDLQYHVWL QWHUDPHQWHDLQYHVWLJDUODOHQJXDFRPRVLVWHPD JDUODOHQJXDFRPRVLVWHPD 3RUSDUWHVL FLHUWDVFLHQFLDV FLHUWDVFLHQFLDV OLQJtVWLF OLQJtVWLFDVQR DVQR VHKDQ GHVDUUROODGR GHVDUUROODGR HQOD OLQJtVWL OLQJtVWLFDSRVWVDXVV FDSRVWVDXVVXUHDQ XUHDQD D HVWRQRHVVLQGXGDLQGHSHQGLHQWHGHODVLQVXILFLHQFLDVGHOHVTXHPDGH6DXVVXUH$VtSRUHMHPSOR VLXQDVHPiQWLFDGHOKDEODQRVHKDHVWDEOHFLGRWRGDYtDFRQREMHWR\PpWRGRVOLQJtVWLFRVULJXURVRV HOOR HOOR GHSHQ GHSHQGH GH VHJ~Q VHJ~Q QRVRW QRVRWURV URV GH OD DXVHQF DXVHQFLD LD GHXQD GH XQD WHRUtD WHRUtD RUJiQL RUJiQLFD FD GHO ©DFWR ©DFWRYHU YHUEDO EDOª ª 6RE 6REUH UH HO PLVPRFRQFHSW PLVPRFRQFHSWRGH©DFWRYHUE RGH©DFWRYHUEDOªVHFRQVWL DOªVHFRQVWLWXtDXQD WXtDXQDHVWLOtVW HVWLOtVWLFDFRPRODGH*URHE LFDFRPRODGH*URHEHU\GH9RVVOHUHQ HU\GH9RVVOHUHQ VXV VXV FRPL FRPLHQ HQ]R ]RV V GHGL GHGLFD FDGD GD D GLVW GLVWLQ LQJX JXLU LU OR TXH TXH HQ XQ WH[W WH[WR R HV RULJ RULJLQ LQDO DOLG LGDG DG QRYH QRYHGD GDG G HOHP HOHPHQ HQWR WR  YHUGDGHUDPHQWH LQpGLWR GH OR TXH HV UHSHWLFLyQ XVR OLQJtVWLFR GH OD FRPXQLGDG HWF 1LQJXQD FLHQFLD FLHQFLD HQ FDPELR FDPELR SXHGH SXHGH HVWDEOHFHU HVWDEOHFHUVH VH VREUH HO FRQFHSWR FRQFHSWR GH ©SURGXFWR ©SURGXFWR OLQJtVWL OLQJtVWLFRª FRª FRQVLGHUDG FRQVLGHUDGR R

(O~OWLPRHVTXHPDGHPXHVWUDODFRKHUHQFLDGHODV,GHDVPiVFRQVWDQWHV HQ 6DXVVX 6DXVVXUH UH HYLGHQ HYLGHQWHP WHPHQW HQWH H D OD ODQJXH FRQFH FRQFHELG ELGD D FRPR FRPR HQWLGD HQWLGDG G JHQHUD JHQHUDO O LGHDO LGHDO DEVW DEVWUD UDFW FWD D H[WU H[WUDL DLQG QGLY LYLG LGXD XDO O SXHG SXHGH H RSRQ RSRQpU pUVH VHOH OH GLDP GLDPHW HWUD UDOP OPHQ HQWH WH VyOR VyOR XQD XQD  SDUROH FRQFHELG FRQFHELGD D FRPR PRPHQWi PRPHQWiQHD QHD \ RFDVLRQDO RFDVLRQDO PDWHULDO PDWHULDO FRQFUHWD FRQFUHWD LQGLYLGXDO LQGLYLGXDO 3HUR HO PLVPRHVTXHPDLQGLFDDODYH]ODVIDOODVGHXQDGLFRWRPtDWDQQHWD\UtJLGDTXH TXHGDOHMRVGHDEDUFDU\DJRWDUWRGDODUHDOLGDGGHOOHQJXDMH /DSULPHUDLQVXILFLHQFLDHVWiHQODLGHQWLILFDFLyQLQLFLDOHQWUHLQGLYLGXDO  \ FRQFUHWR VRFLDO \ IRUPDO IXQFLRQDO (Q HIHFWR HO HVTXHPD PiV FRPSOHWR LPDJLQ LPDJLQDGR DGR SRU %KOHU %KOHU SRQH SRQH HQHYLGHQFL HQHYLGHQFLD DTXH TXH ODRSR OD RSRVLF VLFLyQ LyQ QRHV WDQ QHWD QHWDSX SXHVW HVWR R TXH ORV IHQyP IHQyPHQR HQRV V FRQFU FRQFUHWR HWRV V SXHGHQ SXHGHQ FRQVLG FRQVLGHUD HUDUVH UVH FRPR FRPR GHVOLJ GHVOLJDGR DGRV V GHO VXMHWR VXMHWR R LQWH LQWHUUVXE VXEMHW MHWLYRV LYRV  HV GHFLU HFLU  FRPR RPR ©VRF VRFLDOH LDOHVª Vª  HQ OD WHUP HUPLQRO LQRORJ RJtD tD VDX VDXVVXU VVXUHHDQD DQD SURGXFWROLQJtVWLFRDVtFRPRSRURWUDSDUWHORVIHQyPHQRVVXEMHWLYRVSXHGHQ FRQVLGHUDUVHHQXQSODQRVXSHULRUGHIRUPD FRQVLGHUDUVHHQXQSODQRVXSHULRUGHIRUPDOL]DFLyQDFWRVYHUED OL]DFLyQDFWRVYHUEDOHV OHV 3RU 3RU HVR HVR VL VH DILU DILUP PD TXH TXH HV ©OHQ ©OHQJX JXDª Dª OR TXH TXH VH FRQ FRQVLGH VLGHUD UD GHVO GHVOLJ LJDG DGR R GHO GHO VXMH VXMHWR WR KD\ KD\ TXH TXH DGPL DGPLWL WLU U TXH TXH HO ©SUR ©SURGX GXFW FWR R OLQJ OLQJtV tVWL WLFR FRª ª HV WDQ WDQ ©H[W ©H[WUD UDLQ LQGL GLYL YLGX GXDOª DOª FRPR FRPR OD ©IRU ©IRUPD PD OLQJ OLQJt tVW VWLF LFDª Dª (Q HIHF HIHFWR WR       FRQW FRQWLQ LQ~D ~D VLJQ VLJQLI LILF LFDQ DQGR GR DFWR DFWR LQGLYLGXDODFWRLQGLYLGXDODFWRLQGLYLGXDOHVGHFLUTXHQRHVDOJR©PiV  VRFLDOªTXHHOVLPSOHSURGXFWR¶¶¶VyORTXHHQOXJDUGHVHUKHFKRFRQFUHWR  KHFK KHFKR R FRQF FRQFUH UHWR WR  KHFK KHFKR R FRQF FRQFUH UHWR WR HV HV IRUP IRUPD D  IRUP IRUPD D  IRUP IRUPD D R VHD VHD DVSH DVSHFW FWR R FRP~QDVSHFWRFRP~QDVSHFWRFRP~QHVRHVLVRJORVD6HPDQLILHVWDDTXtXQ FRQIOLFWR FRQIOLFWRHQWUHHOSXQWRGHYLVWDVRFL HQWUHHOSXQWRGHYLVWDVRFLDO\HO DO\HOSXQW SXQWRGHYLVWDIRUPDO RGHYLVWDIRUPDOSXHVVLOR SXHVVLORTXHHV TXHHV ©VRFLDOªHV ODQJXHHQWRQFHVHO©SURGXFWROLQJtVWLFRªQRSXHGHFDEHUGHQWURGHOD  SDUROH\VLHQFDPELRHO©SURGXFWROLQJtVWLFRªHV  SDUROHHQWRQFHVpVWDQRVH LGHQ LGHQWL WLIL ILFD FD FRQ FRQ HO DVSH DVSHFW FWR R H[FO H[FOXV XVLY LYDP DPHQ HQWH WH LQGL LQGLYL YLGX GXDO DO GHO GHO OHQJ OHQJXD XDMH MH (Q HIHF HIHFWR WR OD RSRV RSRVLF LFLy LyQ Q HQWU HQWUH H ©SUR ©SURGX GXFW FWR R OLQJ OLQJt tVW VWLF LFRª Rª \ ©IRU ©IRUPD PD OLQJ OLQJt tVW VWLF LFDª Dª QR VH EDVD EDVD HQ OD DQWtWHVLVLQGLYLGXDOVRFLDOVLQRHQODDQWtWHVLVDVLVWHPiWLFRVLVWHPiWLFRFRQFUHWR DEVWUDFWR 3RURWURODGRVL ODQJXHHVORIRUPDOHQWRQFHVQRSXHGHH[FOXLUVHGHHVWH FRQFHSWRHO©DFWRYHUEDOªTXHHVIRUPDOL]DFLyQ FRQFHSWRHO©DFWRYHUEDOªTXHHVIRUPDOL]DFLyQGHODDFFLyQYHUEDOFRQFUHW GHODDFFLyQYHUEDOFRQFUHWD\VLHQ D\VLHQ  SDUROHHQWRQFHVpVWDQRHVtQWHJUDPHQWHFRQFUHWDVLQR FDPSLRHO©DFWRYHUEDOªHV SDUROH TXH FRQWLH FRQWLHQH QHWDP WDPELp ELpQ Q HOHPH HOHPHQWR QWRV V IRUPDO IRUPDOHV HV (V GHFLU GHFLU TXH WHQHPR WHQHPRV V QXHYDP QXHYDPHQW HQWH H HO PLVPRFRQIOLFWRDQWHULRUSRUTXHDTXt6DXVVXUH\DQRKDFHODGLVWLQFLyQVHJ~QOD RSRVLFLyQFRQFUHWRDEVWUDFWRVLQR RSRVLFLyQFRQFUHWRDEVWUDFWRVLQRVHJ~QODRSRVLFLyQLQGLYLGXDOVRFLD VHJ~QODRSRVLFLyQLQGLYLGXDOVRFLDO O 3RU 3RU FRQV FRQVLJ LJXL XLHQ HQWH WH PLHQ PLHQWU WUDV DV TXH TXH FRPR FRPR SXQW SXQWR R GH SDUW SDUWLG LGD D WHQH WHQHPR PRV V HQ ) GH 6DXV 6D XVVX VXUUH XQD XQD RSRVL SRVLFFLyQ LyQ ELOD LODWHUDO HUDO HQW HQWUH FRQF RQFUHW UHWR \ DEVW EVWUDF UDFWR WR DVLV DVLVWWHPiW HPiWLF LFRR \ VLVW VLVWHP HPiW iWLF LFR R PHGL PHGLDQ DQWH WH OD HODE HODERU RUDF DFLy LyQ Q GHO GHO FRQF FRQFHS HSWR WR GH VLVW VLVWHP HPD D VH OOHJ OOHJD D D XQD XQD RSRVLFLyQP~OWLSOHHQWUH©LQGLYLGXDODVLVWHPiWLFRVRF RSRVLFLyQP~OWLSOHHQWUH©LQGLYLGXDODVLVWHPiWLFRVRFLDODVLVWHPiWLFRLQGLYLGXD LDODVLVWHPiWLFRLQGLYLGXDOO IRUPDOª SDUROHSRUXQODGR\©VRFLDOIRUPDOªODQJXHSRUHORWURDXQTXHORV DVSH DVSHFW FWRV RV VRFL VRFLDO DOD DVL VLVW VWHP HPiW iWLF LFR R H LQGL LQGLYL YLGX GXDO DOI IRU RUPD PDO O GH OD  SDUROH TXHGHQ HQ OD SHQXPEUD3HURVL ODQJXHHVVyORORTXHHVVRFLDO\DOPLVPRWLHPSRIRUPDOHOOR TXLHUHGHFLUTXHVHJ~QHOPLVPR6DXVVXUHKD\HQHOOHQJXDMHHOHPHQWRVVRFLDOHV\ HOHPHQ HOHPHQWRV WRV IRUPDO IRUPDOHV HV TXH QR VRQ ODQJXH QR VRQ VRQ VLVW VLVWHP HPD D VLV VLVWH WHPD PD IXQF IXQFLR LRQD QD  (V 

DVLV DVLVWH WHPi PiWL WLFD FDPH PHQW QWH H FX\R FX\R FDPS FDPSR R SHUW SHUWHQ HQHF HFH H Pi PiV V ELHQ ELHQ D OD RSHU RSHUDF DFLy LyQ Q SUHY SUHYLD LD GH UHFR UHFROH OHFF FFLy LyQ Q GH PDWHULDOHV  3DJ  3DJ

GHFLU GHFLUTXH TXH R VHGHV VH GHVHF HFKD KDOD ODRSR RSRVLF VLFLyQ LyQ IXQGDP IXQGDPHQW HQWDO DOHQWUHFRQFUHWR\DEVWUDFWRR KD\TXHDEDQGRQDUODLGHQWLILFDFLyQHQ KD\TXHDEDQGRQDUODLGHQWLILFDFLyQHQWUHVRFLDO\IRUPDO WUHVRFLDO\IRUPDO   /D VHJX VHJXQG QGD D LQVX LQVXIL ILFL FLHQ HQFL FLD D GH OD GLFR GLFRWR WRPt PtD D VDXV VDXVVX VXUH UHDQ DQD D HQ VX IRUP IRUPD D ~OWL ~OWLPD PD HV OD GH VHU VHU GHPD GHPDVL VLDG DGR R UtJ UtJLGD LGD HV GHF GHFLU LU GH LJQR LJQRUD UDU U HO SXQW SXQWR R HQ HO TXH TXH ©OHQJ ©OHQJXDª XDª \ ©KDEO ©KDEODªVH DªVH HQFXHQ HQFXHQWU WUDQ\ DQ\ VHFRP VH FRPELQ ELQDQ DQ HO©DF HO ©DFWRYHUED WRYHUEDOª Oª 3URYLH 3URYLHQHHVR QHHVR GHOKHFKRGHQRKDEHUVHFRORFDGR6DXVVXUHHQHOFDPSRFRQFUHWRGHOOHQJXDMHHVWR HV HV HQ OD SULP SULPHU HUD D VHFF VHFFLy LyQ Q GH OD GLFR GLFRWR WRP PtD GH +XPE +XPERO ROGW GW HQ OD HQpUJHLD R DFWR OLQJtVWLF OLQJtVWLFR(Q R(QHIHF HIHFWRVyORFRORFi WRVyORFRORFiQGRQ QGRQRVHQ RVHQHOSODQRGHODFWROLQJtVW HOSODQRGHODFWROLQJtVWLFRSRGUH LFRSRGUHPRV PRV GLVWLQJXLUORTXHHQHOPLVPRKDEODUHV©DFFLyQYHUEDOªGHORTXHHVHQFDPELR ©DFWRYHUEDOªIRUPDRVHDGHDOJXQDPDQHUD KHFKRGHOHQJXD +DVLGRPpULWRGH *DUG *DUGLQ LQHU HU GHVW GHVWDF DFDU DU MXVW MXVWDP DPHQ HQWH WH TXH TXH HQ HO KDEO KDEODU DU FRQF FRQFUH UHWR WR KD\ KD\ TXH TXH YHU YHU QR VyOR VyOR  IDFWVRIVSHHFK VLQRWDPELpQKHFKRVGHOHQJXD IDFWVRIODQJXDJH  IDFWVRIO DQJXDJH KHFKRVGHKDEOD IDFWVRIVSHHFK KHFKRVTXHSHUWHQHFHQDOVLVWHPDFIWDPELpQ:YDQ:DUWEXUJ%DOO\<*DUGLQHU DGRSWD DGRSWD SUHFL SUHFLVDP VDPHQW HQWH H HO SXQWR SXQWR GH YLVWD YLVWD GHO DFWR DFWR OLQJt OLQJtVWL VWLFR FR /D DEVWUD DEVWUDFF FFLyQ LyQ QRV OOHYDU OOHYDUiVLQGXGD iVLQGXGD DOD ©IRUP ©IRUPD DOLQ OLQJt JtVWL VWLFDª FDª SHUR SHURQRVH QRVHROY ROYLGH LGH TXH HVWDHV HVWDHV HOPLVPR HOPLVPR ©DFWRGHKDEODªGHVOLJDGRGHOVXMHWR<HOKHFKRGHTXH\DDOJXQRVLQWpUSUHWHVGH 6DXVVXUHKD\DQYLVWRHQHOKDEODKDEODUDOJRTXHSHUWHQHFHDODOHQJXDVLVWHPD QRVSDUHFHPX\LPSRUWDQWHSRUTX QRVSDUHFHPX\LPSRUWDQWHSRUTXHFRQVWLWX\HHOWHUUHQ HFRQVWLWX\HHOWHUUHQRHQHOTXHODVFRQFHSFLRQH RHQHOTXHODVFRQFHSFLRQHV V GXDOLVWDV\ODVPRQLVWDVFI-HVSHUVHQVHHQFXHQWUDQ(OSXQWRGHSDUWLGDSDUDXQD FRQF FRQFHS HSFL FLyQ yQ XQLW XQLWDU DULD LD \ FRKH FRKHUH UHQW QWH H GHEH GHEHUi Ui VHU VHU SRU SRU FRQV FRQVLJ LJXL XLHQ HQWH WH HVH HVH DVSH DVSHFW FWR R GH H[LVWWH HQ OD  SDUROH HQ HO DFWR DFWR OLQJ OLQJt tVW VWLF LFR R TXH TXH HV DO PLVP PLVPR R WLHP WLHPSR SR ODQJXH TXH H[LV  6SUHFKKDQGOXQJ\ 6SUHFKDNW   6SUHFKDNW RPHMRU  6SUDFKDNW  RPHMRU 6SUDFKDNW   3RU RWUD SDUWH FRORF ORFiQGRQRV HQ HO FDPSR GHO IHQyPHQR OLQ OLQJtVWLFR LFR FRQVL RQVLGH GHUUDGR DGR LQGH LQGHS SHQGL HQGLHQ HQWWHPHQ HPHQWWH GHO GHO VXMH VXMHWR WR SU SURGXF RGXFWR WR OLQ OLQJtVW tVWLF LFRR  IRUP RUPD OLQJt OLQJtVWL VWLFD FD GHVFXE GHVFXEULU ULUHPR HPRV V TXH KD\ HOHPHQ HOHPHQWRV WRV TXH QR VRQ ~QLFRV X RFDVLRQDOHV VLQR VRFLDOHV HV GHFL GHFLU U QRUPDOHV \ UHSHWLGRV HQ HO KDEO KDEODU DU GH XQD XQD FRPX FRPXQL QLGD GDG G \  TXH VLQHPED VLQ HPEDUJR UJRQR QRSHUW SHUWHQHFH HQHFHQDO QDOVLVWHP VLVWHPDIXQFLRQ DIXQFLRQDOGH DOGHODVIRUPDV ODVIRUPDV OLQJtVWLF OLQJtVWLFDV DV RVHDTXH\DVREUHODEDVHGHOOODPDGR©SURGXFWROLQJtVWLFRªSXHGHHVWDEOHFHUVHXQ VLVWHPDQRUPDOGLVWLQWRGHOVLVWHPDIXQFLRQDOTXHVHHVWDEOHFHHQHOSODQRVXSHULRU GHDEVWUDFFLyQHOGHODV©IRUPDVOLQJtVWLFDVª   (Q WHUF WHUFHU HU OXJD OXJDU U OD GLFR GLFRWR WRPt PtD D VDXV VDXVVX VXUH UHDQ DQD D UHVX UHVXOW OWD D GHPD GHPDVL VLDG DGR R UtJL UtJLGD GD WDP WDPELpQ ELpQ SRU SRU OD FRQF RQFHSFL HSFLyQ yQ GHO GHO LQGL LQGLYYLGXR LGXR TXH TXH WLHQH LHQH 6D 6DXV XVVX VXUH UH XQ LQGL LQGLYL YLG GXR FRPSOH FRPSOHDPH DPHQW QWH H VHSDUD VHSDUDGR GRGH GHOD ODVRF VRFLHG LHGDG DG\ \ TXH QRVHU QR VHUtD tDpO pOPLV PLVPR PR©FR ©FROHF OHFWLY WLYLGD LGDGª Gª  *DUG *DUGLQ LQHU HU -HVS -HVSHU HUVH VHQ Q 2WWR 2WWR 3DJO 3DJOLD LDUR UR  HQ OD  SDUROH LQGL LQGLYL YLGX GXDO DO QR KDEU KDEUtD tD VHJ~ VHJ~Q Q 6DXVVXUHQDGDGH©FROHFWLYRª3HURVLDVtIXHVHVLKXELHVHUHDOPHQWHHVHDELVPR HQWUHVRFLHGDGHLQGLYLGXR¢FyPRSRGUtDVXEVLVWLUDTXHOODtQWLPDLQWHUGHSHQGHQFLD HQWUHODQJXH\ SDUROH  SDUROHTXHHOPLVPR6DXVVXUHUHFRQRFH"¢&yPRSRGUtDVHUUHDOL]DGR SRUHOLQGLYLGXRHOVLVWHPDVRFLDO"6LHQFDPELRHVHYLGHQWHTXHHOVLVWHPDVRFLDOVH UHDOL]DHQODDFWLYLGDGLQGLYLGXDO¢QRKDEUiQDGDVRFLDOQDGDLQWHUVXEMHWLYRHQHVD DFWLYL DFWLYLGDG GDG" " 6DXVVX 6DXVVXUH UH KDFH KDFH XQD GLVWLQ GLVWLQFLy FLyQ Q GHPDVL GHPDVLDGR DGR UtJLGD UtJLGD HQWUH HQWUH ©LQGLY ©LQGLYLGX LGXDOª DOª \ ©VRFLDOªRPHMRUGLFKRLGHQWLILFD©VRFLDOªFRQ©LQWHULQGLYLGXDOª©LQWHUVXEMHWLYRª PLHQWUDVTXHVLVHFRQVLGHUDXQLQGLYLGXRUHDOTXHHVVLHPSUHVRFLDO©VRFLDOªHV XQFRQFHSWRPiVDPSOLR\FRPSUHQ XQFRQFHSWRPiVDPSOLR\FRPSUHQGHWDQWRORLQGLYLGXDOFRP GHWDQWRORLQGLYLGXDOFRPRORLQWHULQGLYLGXDO RORLQWHULQGLYLGXDO 



3DJ 3DJ



+D\TXHFRPSUREDUSXHVORVRFLDOHQORLQGLYLGXDOHQORVDFWRVOLQJtVWLFRV VLVWHPD QRUPDO  QRUPDO  \ VLVWHPD GHO GHO VXMH VXMHWR WR < GDGR GDGR TXH TXH OR VRFL VRFLDO DO HV HV FRPR FRPR \D YLPR YLPRV V VLVWHPD ORV GRVDVSHFWRVSRGUiQFRPS RVSRGUiQFRPSURED UREDUVHHQORV UVHHQORV DFWRVLQGLYLGXD DFWRVLQGLYLGXDOHVDGHPiV OHVDGHPiV  IXQFLRQDO ORVGRVDVSHFW GHODVSHFWRTXHSHUWHQHFHH[FOXVLYDPHQWHDOLQGLYLGXR (VWDREVHUYDFLyQWDPSRFRODKDFH%KOHU(QHIHFWRVHSXHGHDGPLWLU  6SUDFKZHUNO  \ 6SUDFKJHELOGHHVWRGRORTXHVHFRQVLGHUH FRQpOTXH©OHQJXDª 6SUDFKZHUNO  IXHUD IXHUD GHO VXMHWR VXMHWR KDEODQ KDEODQWH WH DXQTXH DXQTXH ORV ©SURGX ©SURGXFWR FWRVª Vª GH SRU Vt UHSUHV UHSUHVHQW HQWDQ DQ VyOR VyOR HO PDWH PD WHUL ULDO DO DVLV DVLVWH WHPi PiWL WLFR FR VREU VREUH H HO FXDO FXDO VH FRQV FRQVWL WLWX WX\H \H OD ©OHQ ©OHQJX JXDª Dª FRPR FRPR QRUP QRUPD D \ VLVW VLVWHP HPD D 3HU 3HUR SRU SRU XQ ODGR ODGR  QR SXHG SXHGH H DFHSW HSWDUVH DUVH TXH VH WUDWH DWH GH IHQy HQyPHQR HQRV  ©H[W ©H[WUD UDLQ LQGL GLYL YLGX GXDO DOHV HVª ª R LQGH LQGHSH SHQG QGLH LHQW QWHV HV GH ORV LQGL LQGLYL YLGX GXRV RV KDEO KDEODQ DQWH WHV V KD\ KD\ TXH TXH UHFR HFRUGDU UGDU TXH HO FRQVL RQVLGH GHUUDGRV DGRV DVt DVt HV XQD XQD FRQ FRQYHQ YHQFLy FLyQ TXH ORV ORV ©SURG SURGX XFWRV FWRVª ª \ ©IRU ©IRUPD PDVª Vª QR H[LV H[LVWH WHQ Q FRPR FRPR WDOH WDOHV V VLQR VLQR TXH TXH VRQ VRQ DE DEVW VWUD UDFF FFLR LRQH QHV V GHO GHO RE REVH VHUUYDGR YDGRU U HODERU HODERUDGD DGDV V VREUH VREUH OD EDVH EDVH GH OD UHDOLGD UHDOLGDG G OLQJt OLQJtVWL VWLFD FD FRQFUH FRQFUHWD WD \ SDUWLF SDUWLFXOD XODUP UPHQW HQWH H VREUHORTXHHQORFRQFUHWRHVUHFUHDFLyQUHSHWLFLyQGHXQPRGHORDQWHULRUTXH FDGD FDGD ©DFF ©DFFLy LyQ Q YHUE YHUEDO DOª ª  6SUHFKKDQGOXQJ HV DO PLVPR WLHPSR  6SUHFKDNW  DF DFWR  YHUEDO \ WDPELpQ 6SUDFKDNW  DFW DFWR R GH OHQJ OHQJXD XD  SXHV SXHVWR WR TXH TXH FRQW FRQWLH LHQH QH XQD XQD ©IRU ©IRUPD PD OLQJtVWLFDªTXHHQHOODVHFRQFUHWDFI:DUWEXUJRVHDTXHHQHODFWROLQJtVWLFR  IDFWVR IODQJXDJH ODQJXDJHHV VHFRPSUXHEDQORVOODPDGRV©KHFKRVGHOHQJXDª*DUGLQHU  IDFWVRI GHFLULVRJORVDVHQWUHHODFWRFRQVLGHUDGR\DFWRVOLQJtVWLFRVDQWHULRUHVGHOPLVPR LQGLYLGXRRGHRWURVLQGLYLGXRVTXHVHKDQWRPDGRFRPRPRGHOR3RURWURODGRQR GHEHROYLGDUVHTXHHQHVRVPRGHORVDQWHULRUHVGHFDGDDFWROLQJtVWLFRQRWRGRHV ©IRUPDOLQJtVWLFDªQRWRGRHVIXQFLyQORVPRGHORVFRQWLHQHQWDPELpQDOJRTXHHV QRUP QRUPDO DO UHSH UHSHWL WLGR GR HQ XQD XQD FRPX FRPXQL QLGD GDG G \ TXH TXH VLQ VLQ HPED HPEDUJ UJR R QR FDEH FDEH GHQW GHQWUR UR GHO GHO UHVSHFWLYRVLVWHPDIXQFLRQDOQRDWDxHDOD©HVWU UHVSHFWLYRVLVWHPDIXQFLRQDOQRDWDxHDOD©HVWUXFWXUDªGHODUHVSHFW XFWXUDªGHODUHVSHFWLYDOHQJXD LYDOHQJXD   $KRUD QRV SUHJXQWDPRV VL WRGR HVWR OR LJQRUy UHDOPH OPHQWH ) GH 6DXV 6D XVVX VXUH UH (V YHUG YHUGDG DG TXH TXH HO &XUVR QR QRV QRV GLFH GLFH QDGD QDGD H[SO H[SOtF tFLW LWR R DO UHVS UHVSHF HFWR WR 6LQ 6LQ HPEDUJR QRV SDUHFH TXH KD\ HQ OD REUD DOJX OJXQRV HQXQFLDGRV VXPDPHQWH VLJQLILFDWLYRVDHVWHSURSyVLWR (QSULPHUOXJDU¢SRUTXpDILUPD6DXVVXUHTXHODOHQJXDHVFRQFUHWDD SHVDUGHGHFLUOXHJRTXHHVXQVLVWHPDGHSXUDVRSRVLFLRQHVIRUPDOHV"¢6HUiHVWH DVHUWRXQVLPSOHHUURUGHH[SUHVLyQRXQD©GHVYLDFLyQIXQHVWDªXQDWDTXHDVX SURSLDWHVLVGHOD© LGHDOLGDG GHOREMHWR GHOREMHWR OHQJXDªFRPROHSDUHFHD%XKOHU"¢2 &XUVRQRGHVDUUROOD" HQFHUUDUiXQDGHHVDVYHUGDGHVVyORDOXGLGDV\TXHHO&XUVR  $EUDPRV QXHYDPHQWH HO &XUVR 6DXV 6DXVVX VXUH UH QRV QRV GLFH GLFH TXH TXH OD OHQJ OHQJXD XD VH SXHG SXHGH H ©ORFDO ©ORFDOL]D L]DU U HQOD HQ OD SRVLFL SRVLFLyQ yQGHW GHWHUP HUPLQD LQDGD GD GHO FLUFXL FLUFXLWR WR>GH >GH XQDFW XQ DFWR R OLQJt OLQJtVWL VWLFR@ FR@ GRQGH GRQGH  XQD XQD LPDJ LPDJHQ HQ DF~V DF~VWL WLFD FD YLHQ YLHQH H D DVRF DVRFLD LDUV UVH H FRQ FRQ XQ FRQF FRQFHS HSWR WRª ª  3HUR 3HUR HVH HVH FLUF LUFXLWR XLWR  SDUROH VLHQGRFLUFXLWRGHXQ FLUFXLWRGHXQDFWR DFWROLQJtVW OLQJtVWLFRGHEH LFRGHEHVHUSDUD6DXVVXU VHUSDUD6DXVVXUHSDUWHGHOD HSDUWHGHOD SDUROH GDGRTXHSDUDpOWRGDOD©HMHFXFLyQªGHODOHQJXDHV SDUROH  SDUROH(QWRQFHVTXLHUHGHFLU TXH TXH OD ©OHQ ©OHQJX JXDª Dª FRPR FRPR RE REMH MHWR WR FRQF FRQFUH UHWR WR VH ©ORF ©ORFDO DOL] L]Dª Dª HQ HO KDEO KDEOD D R VHD VHD TXH TXH VH FRQFUHWDHQHOKDEOD\SRUFRQVLJXLHQW FRQFUHWDHQHOKDEOD\SRUFRQVLJXLHQWHVHFRPSUXHEDHQ HVHFRPSUXHEDHQpVWD pVWD  $GHPiVGLFH 6DXVVXUHTXH ©DOVHSDUDU ODOHQJXD>FRPR OD OHQJXD>FRPRVLVWHPD@GHO VLVWHPD@GHO KDEOD VHVHSDUDDODYH]ORTXHHVVRFLDOGHORTXHHVLQGLYLGXDOORTXHHVHVHQFLDOGH 



3DJ &/*S  .1h+/(5 2E&LW S  &/*S  3DJ 

ORTXHHVDFFHVRULR\PiVRPHQRVDFFLGHQWDOª<OXHJR©1XHVWUDGHILQLFLyQGHOD OHQJXDVXSRQHTXHGHVFDUWDPRVGHHOODWRGRORTXHVHDH[WUDxRDVXRUJDQLVPRDVX VLVWHPDª ¢6LJ ¢6LJQL QLIL ILFD FD HVWR HVWR TXH TXH OR HVHQ HVHQFL FLDO DO VH LGHQ LGHQWL WLIL ILFD FD FRQ FRQ OR VRFL VRFLDO DO" " 1R QRV QRV SDUHFH &UHHPRV PiV ELHQ TXH SDUD 6DXVVXUH ©HVHQ VHQFLDOª VH LGHQWLILFD FRQ ©LQWHUQRª H ©LQWHUQR HV WRGR OR TXH KDFH YDULDU HO VLVWHPD HQ XQ JUDGR FXDOTXLHUDª $KRU $KRUD D DO GLVW GLVWLQ LQJX JXLU LU OD ©OLQ ©OLQJ JtV tVWL WLFD FD H[WH H[WHUQ UQDª Dª GH OD ©OLQ ©OLQJ JtV tVWL WLFD FD  LQWH LQWHUQ UQDª Dª 6DXV 6DXVVX VXUH UH HOLP HOLPLQ LQD D GH pVWD pVWD WRGR WRGR OR TXH TXH HV H[WU H[WUDx DxR R DO VLVW VLVWHP HPDD  R VHD VHD WDPELpQODGHWHUPLQDFLyQVRFLDOHQHIHFWROD©OLQJtVWLFDLQWHUQDªGHEHHVWXGLDUOD OHQJXD OHQJXD HQVt\ HVHYLGHQW HVHYLGHQWH HTXH TXH ORTXHSXHGH HVWXGL HVWXGLDUV DUVH H©HQ ©HQ Vtª HVVyORHO VLVWHP VLVWHPD D IXQFLRQDO \ QR OD QRUPD TXH GHSHQGH GH YDULRV IDFWRUHV RSHUDQWHV HQ OD FRPXQLGDGFRQVLGHUDGD(QRWUROXJDU6DXVVXUHLQGLFDTXHXQDLGHDGHOD©OHQJXDª SXHGHGDUVHGH SXHGHGDUVHGHPDQ PDQHUDEDVWD HUDEDVWDQWHILHOPHGLD QWHILHOPHGLDQWHXQDJUDPi QWHXQDJUDPiWLFD WLFD \XQGLFF \XQ GLFFLRQDU LRQDULR LR  < DTXt HYLGHQWHPHQWH HYLGHQWHPHQWH \D QR VH WUDWD GH OD OHQJXD HQWHQGLGD FRPR ©VLVWHPD OLQJtVWLFRª VLQR GH XQ FRQFHSWR PiV DPSOLR GDGR TXH OD JUDPiWLFD \ HO GLFFLRQDULRQRFRQWLHQHQVyORODVRSRVLFLRQHVVLVWHPiWLFDVGHXQDOHQJXDVLQRWRGR ORTXHHVQRUPDOHQODVH[SUHVLRQHVGHXQDFRPXQLGDG )LQDOPHQWHQRLJQRUD6DXVVXUHODLQGHSHQGHQFLDGHOVLVWHPDFRQUHVSHFWRD OD QRUP QRUPD D ©OD ©OD OHQJ OHQJXD XD HV XQ VLVW VLVWHP HPD D TXH TXH QR FRQR FRQRFH FH Pi PiV V TXH TXH VX RUGH RUGHQ Q SURS SURSLR LR \  SHFXOLDUª 3HURKD\DFHUFDGHHVWHSXQWRXQDDFODUDFLyQWRGDYtDPiVH[SOtFLWD\ VXPD VXPDPH PHQW QWH H VLJQ VLJQLI LILF LFDW DWLY LYD D © © DOJX DOJXQR QRV V >TXH >TXH@ @ VH GDQ GDQ FXHQ FXHQWD WD GH TXH TXH HO VLJQ VLJQR R GHEH GHEH HVWXGLDUVHVRFLDOPHQWHQRUHWLHQHQPiVTXHORVUDVJRVGHODOHQJXDTXHODOLJDQD RWUDVLQVWLWXFLRQHVDTXHOORVTXHGHSHQGHQPiVRPHQRVGHQXHVWUDYROXQWDG\DVt HV FRPR FRPR VH SDVD SDVD WDQJ WDQJHQ HQFL FLDO DOPH PHQW QWH H D OD PHWD PHWD GHVG GHVGHx HxDQ DQGR GR ORV ORV FDUD FDUDFW FWHU HUHV HV TXH TXH QR SHUW SHUWHQ HQHF HFHQ HQ PiV TXH D ORV ORV VLVW VLVWHP HPDDV VHP VHPLROy LROyJJLFRV LFRV HQ JHQHU HQHUDO DO \ D OD OHQ OHQJXD HQ SDUWLFXODU  3XHV HO VLJQR HV DMHQR VLHPSUH HQ FLHUWD PHGLGD D OD YROXQWDG LQGLYLGXDORVRFLDO\HQHVRHVWiVXFDUiFWHUHVHQFLDODXQTXHVHDHOTXHPHQRV HYLGHQWHVHKDJDDSULPHUDYLVWDª>6XEUD\DGRQXHVWUR@

1RV 1RV SDUH SDUHFH FH SXHV SXHV TXH TXH H[LV H[LVWH WH HQ 6D 6DXV XVVX VXUH UH DXQ DXQTX TXH H DSHQ DSHQDV DV DOXG DOXGLG LGD D XQD XQD RSRVLF RSRVLFLyQ LyQ HQWUH HQWUH ORV GRV FRQFHS FRQFHSWRV WRV GH ©OHQJ ©OHQJXDª XDª TXH HQ VX GRFWUL GRFWULQD QD SDUHFH SDUHFHQ Q FDVL FDVL VLHP VLHPSU SUH H LGHQ LGHQWL WLIL ILFD FDUV UVH H OD ©OHQ ©OHQJX JXDª Dª FRPR FRPR ©LQV ©LQVWL WLWX WXFL FLyQ yQ VRFL VRFLDO DOª ª OLJD OLJDGD GD D RWUD RWUDV V LQVWLWXFLRQHVVRFLDOHV\TXHFRQWLHQHWDPELpQHOHPHQWRVQRIXQFLRQDOHVQRUPD\ OD©OHQJXDªFRPRVLVWHPDDEVWUDFWRGHRSRVLF OD©OHQJXDªFRPRVLVWHPDDEVWUDFWRGHRSRVLFLRQHVIXQFLRQDOHV LRQHVIXQFLRQDOHVVLVWHPD 3HU  3HURKD\DOJRPiV RKD\DOJRPiV ¢SRUTXpGLFH ¢SRUTXpGLFH 6DXVVX 6DXVVXUHTXHHO UHTXHHOLQG LQGLYL LYLGXR GXR QRSXHGH QRSXHGH FDPELDUODOHQJXDTXHHOODVHOHLPSRQHSXUDOXHJRDILUPDUTXHVLQHPEDUJROD FDPE FDPELD LD" " ¢6HU ¢6HUi i pVWD pVWD XQD XQD VLPS VLPSOH OH FRQW FRQWUD UDGL GLFF FFLy LyQ Q VLPS VLPSOH OH SDUD SDUDGR GRMD MD R HV TXH TXH HQ OD ©OHQJ ©OHQJXDª XDª HQ VHQWLG VHQWLGR RDP DPSOL SOLRKD\DOJRTXHVH RKD\DOJRTXHVH LPSRQH LPSRQH DOLQGLYLGX DOLQGLYLGXR R\ \DOJ DOJR RTXH TXHHQ HQ FDPELRHVOLEUH"&UHHP FDPELRHVOLEUH"&UHHPRVHQFRQW RVHQFRQWUDUHQ6DXVVX UDUHQ6DXVVXUHODLOXVLyQGHOD UHODLOXVLyQGHODIOH[LE IOH[LELOLGD LOLGDGGHOD GGHOD UHODWLYD OLEHUWDG GHO VLVWHPD YpDVH SRU HMHPSOR OR TXH GLFH GH ODV OH\HV VLQFUyQLFDV FX\R FX\R RUGH RUGHQ Q ©HV ©HV SUHF SUHFDU DULR LR SRUT SRUTXH XH QR HV LPSH LPSHUD UDWL WLYR YRª ª 6L QXHV QXHVWU WUD D 



&/*S &/*S  &/*S  &/*SS  &/*S 



3DJ &/*S  &/*S  &/*SS\VLJV 

LQWHUSUHWDFLyQ HV H[D H[DFWD FWD 6D 6DXV XVVX VXUUH VH KDEUtD EUtD DGHO DGHODQ DQWWDGR DGR HQ HVW HVWH DVSHF VSHFWWR D DTXH DT XHOO OORV RV GH VXV VXV FRQW RQWLQX LQXDGRU DGRUHV HV TXH TXH FRQVL RQVLGH GHUD UDQ Q TXH TXH HO VLVW VLVWHP HPD D VH LPS LPSRQH RQH DO LQGLYLGXRGHXQDPDQHUDUtJLGD\DEVROXWD  $VLPLVPRQRVSDUHFHTXHQRLJQRUD6DXVVXUHHOFRQFHSWRGH©OHQJXDªFRPR VLVW VLVWHP HPD D D SRVW SRVWHU HULR LRUUL GH LVRJ LVRJOR ORVD VDV V RSX RSXHVWR HVWR D OD ©OHQ OHQJXDª XDª FRQVL RQVLGH GHUUDGD DGD FRPR RPR SUHFHGHQWHDOKDEODQRUPDRVLVWHPDGHRSRVLFLRQHVIXQFLRQDOHVYpDQVHDHVWH SURS SURSyV yVLW LWR R ODV ODV SiJL SiJLQ QDV DFHU FHUFD GH GLDO GLDOHF HFWR WRV V \ OHQ OHQJXDV XDV GHVG GHVGH H HO SXQWR XQWR GH YLVWD LVWD  JHRJUiILFR <FRQHVWR\DVHVDOHGHODVLQFURQtDSXUD\VHSXHGHFRQFHELUFRPROR KDFH3DJOLDURXQD©OHQJXDªFRPRHQWLGDGKLVWyULFDREMHWLYDFX\DXQLGDGVHGHILQH SRUGRVGLPHQVLRQHVODHVSDFLDO\ODWHPSRUDO 3DUDDFODUDUPHMRUODQDWXUDOH]DGHODGLVWLQFLyQHQWUH VLVWHPDQRUPDO \ \ VLVWHPD VLVWHPD IXQFLRQDO  IXQFLRQDO  HQ HQ HVWH HVWH VHQW VHQWLG LGR R HPSO HPSOHD HDPR PRV V ORV ORV WpUP WpUPLQ LQRV RV QRUPD \ VLVWHPD SRGH SRGHPR PRV V UHFX UHFXUU UULU LU D OD FpOH FpOHEU EUH H DQDO DQDORJ RJtD tD VDXV VDXVVX VXUH UHDQ DQD D FRQ FRQ HO DMHG DMHGUH UH]] DXQT DXQTXH XH UHILULpQGRQRVDODYHUGDGHUD©JUDPiWLFDªGHOMXHJRHVGHFLUDVXVUHJODV\QRVyOR DO Q~PHUR GH ODV SLH]DV (YLGHQWHPHQWH HQWUH HO ©FyGLJR LJRª GHO MXHJR \ VX UHDO UHDOL] L]DF DFLy LyQ Q HQ HVWH HVWH R DTXH DTXHOO SDUW SDUWLG LGR R SRGH SRGHPR PRV V FRPS FRPSUR URED EDU U FLHU FLHUWR WRV V PRYL PRYLPL PLHQ HQWR WRV V FLHUWRVDVSHFWRVFRQVWDQWHVTXHQRPRGLILFDQODVUHJODVHO©VLVWHPDªSHURTXHVLQ HPED HPEDUJ UJR R FDUD FDUDFW FWHU HUL] L]DQ DQ OD PD PDQH QHUD UD GH MXJD MXJDU U GH XQ LQGL LQGLYL YLGX GXR R R GH XQ JUXS JUXSR R GH LQGLYLGXRVPiVR LQGLYLGXRVPiVRPHQR PHQRVDPSOLRFRQVW VDPSOLRFRQVWLWX\H LWX\HQUDVJRVQRUP QUDVJRVQRUPDOHVGHOD DOHVGHOD UHDOL]DFL UHDOL]DFLyQGHO yQGHO ©FyGLJRªSRUHOLQGLYLGXRRORVLQGLYLGXRVFRQVLGHUDGRV 2WUDDQDORJtDHVODTXHDVHPHMDXQVLVWHPDOLQJtVWLFRDXQWUHQ(VHYLGHQWH TXH TXH ©HO H[S H[SUHVR HVR GH 3DU 3DUtV GH ODV ODV  \ ª ª VL PDQW DQWLHQ LHQH FLHU LHUWDV FDUD DUDFWHU FWHUtV tVWL WLFFDV IXQFLRQDOHVFRPRODGHVDOLUDXQDKRUDGHWHUPLQDGDGHOOHJDUD3DUtVDXQDKRUD GHWHUPLQDGD GHSDUDU HQGHWHUPLQ HQGHWHUPLQDGD DGDV V HVWDFL HVWDFLRQH RQHV V HVVLH HV VLHPSU PSUH H HOPLV HO PLVPR PR WUHQ WUHQ DXQ DXQ FDP FDPELDQ ELDQGR GR HO Q~PH Q~PHUR UR HO RUGH RUGHQ Q OD IRUP IRUPD D \ HO FROR FRORU U GH ORV ORV YDJR YDJRQH QHV V \ ORV ORV  YDJRQHVPLVPRV HOSHUVRQDOHWF HO SHUVRQDOHWF 6LQHPEDUJRORV 6LQ HPEDUJRORV TXHYLDMDQHQ TXH YLDMDQHQ HOH[SUHVRVDEHQ HO H[SUHVRVDEHQ TXH TXH ORV ORV HOHP HOHPHQ HQWR WRV V QRI QRIXQ XQFL FLRQ RQDO DOHV HV QR VRQ VRQ WRGR WRGRV V LQGL LQGLIH IHUH UHQW QWHV HV \ RFDV RFDVLR LRQD QDOH OHV V SRU SRU HMHP HMHPSO SOR R TXH TXH HO WUHQ WUHQ WLHQ WLHQH H VLHP VLHPSU SUH H GLH] GLH] YDJR YDJRQH QHV V TXH TXH ORV ORV YDJR YDJRQH QHV V ' ( $ % VH HQFX HQFXHQ HQWU WUDQ DQ VLHP VLHPSU SUH H HQ HVH HVH RUGH RUGHQ Q TXH TXH HO VHJX VHJXQG QGR R \ HO TXLQ TXLQWR WR YDJy YDJyQ Q FRQW FRQWDQ DQGR GR GHVG GHVGH H OD ORFR ORFRPR PRWR WRUD UD VRQ VRQ VLHP VLHPSU SUH H GH SULP SULPHU HUD D TXH TXH WRGR WRGRV V ORV ORV ViED ViEDGR GRV V FDPE FDPELD LD HO WXUQ WXUQR R GHO GHO SHUV SHUVRQ RQDO DO HWF HWF (V GHFL GHFLU U TXH TXH FRQR FRQRFH FHQ Q WRGD WRGD XQD XQD VHUL VHULH H GH DVSH DVSHFW FWRV RV TXH TXH FDUDFWHUL]DQHOH[SUHVRGH3DUtVDXQQRWHQLHQGRYDORUIXQFLRQDO\HQFRQWUDUtDQ XQWUHQTXHQRORVSUHVHQWDUDDTXtWDPELpQHQWUHHOWUHQDEVWUDFWRFRPR DQRUPDO XQWUHQTXHQRORVSUHVHQWDUDDTXtWDPELpQHQWUHHOWUHQDEVWUDFWRFRPR IXQFLyQ\HOWUHQFRQFUHWRTXHHOVHxRU;KDWRPDGRD\HURWRPDUiPDxDQDVH LQWHUSRQHXQD©UHDOL]DFLyQªQRUPDO \PiVRPHQRVFRQVWDQWHGHOWUHQPLVPR \PiVRPHQRVFRQVWDQWHGHOWUHQPLVPR /DGLV /D GLVWLQ WLQFLy FLyQ Q HQWUH HQWUHDVS DVSHFW HFWR R QRUPDO QRUPDO \ DVSHFW DVSHFWR R IXQFLR IXQFLRQDO QDO SXHGH SXHGHKDF KDFHUV HUVH H FRQ  PD\RUFODULGDGD~QHQODDQDORJtDFRQODOODYHHPSOHDGDSRU0DUWLQHW (QHIHFWR HV YHUGDG TXH HQ XQD VHULH GH OODYHV DOJXQRV DVSHFWRV VRQ IXQFLRQDOHV OHV R ©SHUWLQHQWHVªORVTXHSHUPLWHQDODVOODYHVPLVPDVDEULUGHWHUPLQDGDVSXHUWDV\ ODVFODVLILFDQVHJ~QODVSXHUWDVTXHDEUHQ\RWURVHQFDPELRVRQDFFHVRULRV\©QR 



&/*S 3DJ  &/*SS  &/*S  3DJ  $0$57,1(72HQHVWODSKRQRORJLH"©/LQJXDª,SS 

SHUWLQHQW SHUWLQHQWHVª HVª IRUPD IRUPD GHO DQLOOR DQLOOR PHWDO PHWDO HPSOHDGR HPSOHDGR HWF3HURWDPELpQHVYHUGDG TXHORVDVSHFWRV©QRSHUWLQHQWHVªQRVRQWRGRVLQGLIHUHQWHV\RFDVLRQDOHVDVtSRU HMODVOODYHVWLHQHQQRUPDOPHQWHHODQLOORVHKDFHQQRUPDOPHQWHGHPHWDO\QRGH PDGHUDYLGULRRGLDPDQWHHWF (QWRGDVODVDQDORJtDVDGXFLGDVSXHGHQGLVWLQJXLUVHVLHPSUHWUHVVHULHVGH FDUDFWHUtVWLFDVVHJ~QHOJUDGRGHDEVWUDFFLyQRIRUPDOL]DFLyQODVFDUDFWHUtVWLFDV FRQF FRQFUH UHWD WDV V LQIL LQILQL QLWD WDPH PHQW QWH H YDUL YDULDG DGDV DV \ YDUL YDULDE DEOH OHV V GH ORV ORV RE REMH MHWR WRV V RE REVH VHUY UYDG DGRV RV   ODV ODV  FDUDFWHUtVWLFDV QRUPDOHV FRPXQHV \ PiV R PHQRV FRQVWDQWHV LQG SHQGLHQ LHQWHPHQWH GH OD IXQFLyQ HVSHFtILFD GH ORV REMHWRV SULPHU JUDGR GH DEVWUDFFL DEVWUDFFLyQ yQ  ODV FDUDFWHU FDUDFWHUtVWLF tVWLFDV DV LQGLVSHQVD LQGLVSHQVDEOHV EOHVHV HV GHFLU GHFLU IXQFLRQD IXQFLRQDOHV OHV VHJXQGR VHJXQGR JUDGRGHDEVWUDFFLyQ6HWUDWDGHODPLVPDGLVWLQFLyQTXHSXHGHHVWDEOHFHUVHHQWUH WRGD WRGDV V ODV ODV VHQW VHQWHQ HQFL FLDV DV SDUW SDUWLF LFXO XODU DUHV HV TXH TXH UHSU UHSUHV HVHQ HQWD WDQ Q OD DSOL DSOLFD FDFL FLyQ yQ GH XQD XQD OH\ OH\ HO UHJODPHQWRTXHLQGLFDFyPRODOH\GHEHDSOLFDUVHRPHMRUODDSOLFDFLyQQRUPDO\ KDELWXDOGHODOH\\ODOH\PLVPDFRPRVLVWHPDGHGLVSRVLFLRQHVDEVWUDFWDV   1DWX 1DWXUD UDOP OPHQ HQWH WH QR SUHW SUHWHQ HQGH GHPR PRV V TXH TXH HQ 6DXV 6DXVVX VXUH UH \ HQ OD OLQJ OLQJtV tVWL WLFD FD HVWULF HVWULFWDP WDPHQW HQWH H VDXVVX VDXVVXUHD UHDQD QD VH HQFXH HQFXHQWU QWUH H \D HO FRQFH FRQFHSWR SWR GH QRUPD QRUPD H[SOtF H[SOtFLWD LWDPHQ PHQWH WH RSXHVWRDOFRQFHSWRGHVLVWHPD6yORQRVSDUHFHTXHHOFRQFHSWRGH OHQJXDFRPR VLVWHPDDEVWUDFW VLVWHPDDEVWUDFWRGH RGH RSRVLFLRQ RSRVLFLRQHVIXQFLRQ HVIXQFLRQDOHVLPSOLF DOHVLPSOLFDHO DHOGHVDU GHVDUUROOR UROOR GHOFRQFHSWRGH GHOFRQFHSWRGH QRUPDDEVWUDFFLyQLQWHUPHGLD\TXHHOPLVPR6DXVVXUHSXHGHQHQFRQWUDUVHODV SUHPLVDV SDUD OD HVWUXFWXUDFLyQ GH HVH FRQFHSWR FRPR WDPELpQ QRWDEOHV OHV VXJHUHQFLDVDFHUFDGHVXQDWXUDOH]D

,9/DLGHDGH©QRUPDªHQODLQYHVWLJDFLyQHPStULFD\HQODOLQJtVWLFD HVWUXFWXUDO  3HUR 3HUR HO LPSX LPSXOV OVR R GHFL GHFLVL VLYR YR SDUD SDUD OD FRQV FRQVWL WLWX WXFL FLyQ yQ GH ORV ORV GRV GRV FRQF FRQFHS HSWR WRV V GH QRUPD\ VLVWHPDVXUJHGHODPLVPDLQYHVWLJDFLyQHPStULFDGHOKHFKROLQJtVWLFR\ SDUWLF SDUWLFXOD XODUP UPHQW HQWH H GH ORV DGHODQ DGHODQWRV WRV GH OD IRQROR IRQRORJtD JtD \ HQ JHQHUD JHQHUDO O GH OD OLQJ OLQJtVW tVWLFD LFD HVWUXFWXUDO  
 

 $UW&LWS

3DJ



(&26(5,8 /D OLQJXD GL ,RQ %DUEX HQ $WWL GHO 6RGDOL]LR JORWWRORJLFRPLODQHVH ,0LOiQ SS  3DJ

GLVWLQWDª (V GHFLU GHFLU TXH KDFtDP KDFtDPRV RV DXQTXH DXQTXH HQ WpUPLQ WpUPLQRV RV DOJR DOJR LPSUHF LPSUHFLVR LVRV V VREUH VREUH WRGRSRUORTXHFRQFLHUQHDOOODPDGR©VHQWLGROLQJtVWLFRªTXHFRQVLGHUiEDPRVGH tQGROHFDXVDO\QRFRPRHIHFW tQGROHFDXVDO\QRFRPRHIHFWRGHOVLVWHPD RGHOVLVWHPDODGLVWLQFLy ODGLVWLQFLyQHQWUHVLVWH QHQWUHVLVWHPDIXQFL PDIXQFLRQDO\ RQDO\ FRQY FRQYHQ HQFL FLyQ yQ UHD UHDOL] OL]DF DFLy LyQ Q QRUP QRUPDO DO 3RU 3RU RWUD RWUD SDUW SDUWH H ¢QR ¢QR VRQ VRQ GH HVH HVH PLVP PLVPR R WLSR WLSR OD PD\RUtD GH ODV LQQRYDFLRQHV SRpWLFDV" ¢QR VRQ FDVL VLHPSUH YLRODFLRQHV R DPSOLDFLRQHVGHODQRUPDSHUPLWLGDVSRUHOVLVWHPD"  9HDPRVORTXHVHGHGXFHDHVWHUHVSHFWRGHODVLQYHVWLJDFLRQHVHVWU  9HDPRVORTXHVHGHGXFHDHVWHUHVSHF WRGHODVLQYHVWLJDFLRQHVHVWUXFWXUDOHV XFWXUDOHV %HUWLO0DOPEHUJUHFRUGDQGRXQDGLVFXVLyQGHO&tUFXOR/LQJtVWLFRGH &RSHQKDJXH\XQDLQWHUYHQFLyQGH+MHOPVOHYDFHUFDGHOSUREOHPDGHOVXEVWUDWRVL HOVXEVWUDWRDIHFWDHIHFWLYDPHQWHHO©VLVWHPDªGHXQDOHQJXD©HQHOVHQWLGRHVWULFWR GHWpUPLQRªREVHUYDTXH©HQHOHVSDxROSDUDJXD\RUHVXOWDDOWHUDGDODUHDOL]DFLyQ IRQp IRQpWL WLFD FD PLHQ PLHQWU WUDV DV TXH TXH HO VLVW VLVWHP HPD D IXQF IXQFLR LRQD QDOO TXHG TXHGD D LQWD LQWDFW FWRª Rª (YLGHQ (YLGHQWHP WHPHQW HQWH H 0DOP 0D OPEH EHUJ UJ QR VH UHIL UHILHU HUH H DTXt DTXt D OD UHDO UHDOL] L]DF DFLy LyQ Q IRQp IRQpWL WLFD FD LQGL LQGLYL YLGX GXDO DO \ RFDV RFDVLR LRQD QDO O D ©KHF ©KHFKR KRV V GH KDEO KDEODª Dª QR LQYH LQYHVW VWLJ LJDE DEOH OHV V VLVW VLVWHP HPiW iWLF LFDP DPHQ HQWH WH VLQR VLQR D XQD XQD UHDOL]DFLyQ QRUPDO  TXH FDUDFWHUL]D HO KDEODU GH WRGD XQD UHJLyQ \ HV GLVWLQWD GH ODV UHDOL]DFLRQHVQRUPDOHVGHOPLVPRVLVWHPDHVSDxROHQRWUDVUHJLRQHVSHURTXHVLQ HPEDUJR QR DIHFWDUtD OD HVWUXFWXUD GH OD OHQJXD GHVGH HO SXQWR GH YLVWD IXQFLRQDO 6XJHUHQFLDVPX\LPSRUWDQWHVHQHOPLVPRVHQWLGRVHHQFXHQWUDQHQ  YDULRV OXJDUHV GH ORV  3ULQFLSLRV GH 7UXE 7UXEHW HW]N ]NR\ R\  $Vt $Vt HQ HO FDStW StWXOR XOR DFHU DFHUFFD GH  IRQROR IRQRORJtD JtD \ IRQRHV IRQRHVWLO WLOtVW tVWLFD LFD  VH LQGL LQGLFD FD TXH TXH VH GDQ GDQ HQ ODV ODV OHQJ OHQJXD XDV V UHDO UHDOL] L]DF DFLR LRQH QHV V DF~VWLFDVSDUWLFXODUHVGHFLHUWRVIRQHPDVTXHFDUDFWHUL]DQHOKDEODUGHODVYDULDV JHQHUDFLRQHVRGHORVGRVVH[RVGHFLHUWDVFRPXQLGDGHVSURIHVLRQDOHVRFXOWXUDOHV HYLG HYLGHQ HQWWHPH HPHQWH QWH HVDV HVDV UHDOL HDOL]D ]DFFLRQ LRQHV GLVW GLVWLQ LQWWDV QR LPS LPSOLF OLFDQ GLVW GLVWLQ LQFFLRQ LRQHV HQ ORV ORV UHVS UHVSHF HFWL WLYR YRV V ©VLV ©VLVWH WHPD PDVª Vª OLQJ OLQJt tVW VWLF LFRV RV  VLQ VLQ HPED HPEDUJ UJR R QR VRQ VRQ LQGL LQGLYL YLGX GXDO DOHV HV QR VRQ VRQ PRPHQWiQHDV\RFDVLRQDOHVVLQR QRUPDOHV\ FRQVWDQWHVHQODH[SUHVLyQGHJUXSRV KXPDQRVPiVRPHQRVDPSOLRV(VYHUGDGTXHHQFDVRVFRPRpVRVQRVHWUDWDUtD GHFDUD GH FDUDFWHU FWHUtVWLF tVWLFDV DVHQWH HQWHUDPH UDPHQWHDIXQFLR QWHDIXQFLRQDOHV QDOHVSXHVW SXHVWR RTXHDXQ TXHDXQQR QRWHQL WHQLHQGRIXQFLyQ HQGRIXQFLyQ SURSLD SURSLDPH PHQWH QWH IRQROy IRQROyJLF JLFD D UHSUH UHSUHVHQ VHQWDW WDWLYD LYD  WHQGUt WHQGUtDQ DQ IXQFLy IXQFLyQ Q H[SUH H[SUHVLY VLYD D 3HUR 3HUR ¢TXp ¢TXp GHFLUGHORV©VRQLGRVQRUPDOHVªTXH7UXEHW]NR\ GHFLUGHORV©VRQLGRVQRUP DOHVªTXH7UXEHW]NR\RSRQHGHXQDPDQHUDJ RSRQHGHXQDPDQHUDJHQHUDODORV HQHUDODORV ©VRQ ©VRQLG LGRV RV GH VXVW VXVWLW LWXF XFLy LyQª Qª DGPL DGPLWL WLGR GRV V SRU SRU XQD XQD FRPX FRPXQL QLGD GDG G SDUD SDUD OD UHDO UHDOL] L]DF DFLy LyQ Q GH FLHUWRVIRQHPDV" 0iV 0i V DGHODQ DGHODQWH WH HQHO HQ HOFDS FDStWX tWXOR ORDF DFHUF HUFD D GHO FRQFHS FRQFHSWRGH WRGH IRQHPD IRQHPDGHVSXpVGH KDEHUVHGHILQLGRHOIRQHPDFRPR©VXPDGHODVSDUWLFXODULGDGHVIRQROyJLFDPHQWH SHUWLQHQWHVTXHFRPSRUWDXQDLPDJHQIyQLFDª VHREVHUYDTXHHOPLVPRIRQHPD SXHGHVHUUHDOL]DGRSRUXQDPXOWLWXGGHVRQLGRVTXHVHGHVLJQDQFRQHOQRPEUHGH  YDULDQWHV R YDULDQWHV IRQpWLFDV 6LQ HPEDUJR GH ORV HMHPSORV TXH VH DGXFHQ VH GHVSUHQGHTXHGHQWURGHODLQILQLGDGGHUHDOL]DFLRQHVSRVLEOHVGHXQIRQHPDVH SXHGHGLVWLQJXLUXQQ~PHUROLPLWDGRGHYDULDQWHVWLSRQRUPDOHV\FRQVWDQWHVSRU HMHPSORHQGHWHUPLQDGDVSRVLFLRQHVHQODSDODEUD 

 

&RPFLW

 /¶(VSDJQROGDQVOH1RXYHDX0RQGH RQGHVHS'H6/,,, %0$/0%(5* /¶(VSDJQROGDQVOH1RXYHDX0 VHS'H6/,,,S>@QRW S>@QRWD D  3DJ  16758%(7=.2< 2E&LW SS  2EFLW SS  ,ELGS

3HURHOFDStWXORPiVLPSRUWDQWHSRUTXHDWDxHDOSUREOHPDTXHDTXtQRV LQWHUHVDHVDTXHOHQHOTXHVHWUDWDGHODGLVWLQFLyQHQWUHIRQHPDV\YDULDQWHV(Q HIHF HIHFWR WR 7UXE 7UXEHW HW]N ]NR\ R\ REVHUYD TXH KD\ YDULDQWHV  IDFXOWDWLYDV JHQHUDOHV H LQGLYLGXDOHV\TXHGHpVWDVXQDSXHGHVHUFRQVLGHUDGDFRPRODYDULDQWHQRUPDO  HQXQDOHQJXDDVtSRUHMSDUDHOIRQHPD U ODUHDOL]DFLyQYDULDQWHQRUPDOHQ ODUHDOL]DFLyQYDULDQWHQRUPDOHQ IUDQFpV\DOHPiQHVOD U XYXODUPLHQWUDVTXHHQHVSDxROLWDOLDQRHWFHVQRUPDOOD XYXODUPLHQWUDVTXHHQHVSDxROLWDOLDQRHWFHVQRUPDOOD OLQJXDOiSLFRDOYHRODU2WURWLSRGHYDULDQWHVVRQODVYDULDQWHV FRPELQDWRULDV U OLQJXDOiSLFRDOYHRODU2WURWLSRGHYDULDQWHVVRQODVYDULDQWHV TXH GHSHQ GHSHQGHQ GHQ GHORVIRQ GHORV IRQHPD HPDV V FRQWL FRQWLJXR JXRV VDV DVtHQ tHQ MDSRQp MDSRQpV VHOIRQHP HOIRQHPD DKVHUHDOL]D VLHPSUH FRPR  I  GHODQWH GH X &LHUWDV YDULDQWHV IDFXOWDWLYDV WLHQHQ LQGXGDEOHPHQWHYDORUHVWLOtVWLFR\DOJXQDVGHODVFRPELQDWRU LQGXGDEOHPHQWHYDORUHVWLOtVWLFR\DOJXQDVGHODVFRPELQDWRULDVWHQGUiQODIXQFLyQ LDVWHQGUiQODIXQFLyQ DODTXH7UXEHW].R\OODPDDVRFLDWLYDRDVRFLDWLYDDX[LOLDU HVGHFLUODGHLQGLFDUHO HVGHFLUODGHLQGLFDUHO OtPLWHGHXQDSDODEUDRHOPRUIHPDRIRQHPDFRQWLJXRDVtSRUHMHQULRSODWHQVH OD UHDOL]DF UHDOL]DFLyQ LyQ J GHO GHO IRQH IRQHPD PD J GHVS GHVSXp XpV V GH V LQGLF LQGLFD D HVWH HVWH ~OWLP ~OWLPR R IRQHPD IRQHPD FX\D FX\D UHDOL]DFLyQVHUHGXFHDOPtQLPR6LQHPEDUJRPXFKDVYDULDQWHVVRQVLPSOHPHQWH QRUPDOHVHQODOHQJXDFRQVLGHUDGDDXQVLHQGRWRWDOPHQWHDIXQFLRQDOHV(OPLVPR 7UXEHW 7UXEHW]NR ]NR\ \ HPSOH HPSOHD D YDULDV YDULDV YHFHV YHFHV ORV WpUPLQ WpUPLQRV RV QRUPD \ QRUPDO   HQ OD GLVF GLVFXV XVLy LyQ Q DFHUFDGHODVYDULDQWHV 8QSDVRPiVHQODPLVPDGLUHFFLyQVHKDFHDOFRQVLGHUDUORVFDStWXORVDFHUFD GH OD QHXWUDOL]DFLyQ GH OD RSRVLF RSRVLFLyQ LyQ IRQROy IRQROyJLF JLFD D GLVWLQ GLVWLQWLY WLYDD HV GHFL GHFLU U DFHU DFHUFD FD GHO GHO IHQy IHQyPH PHQR QR SRU SRU HO FXDO FXDO HQ GHWH GHWHUP UPLQ LQDG DGDV DV SRVL SRVLFL FLRQ RQHV HV HQ OD SDOD SDODEU EUD D GRV GRV IRQH IRQHPD PDV V FRUUHO FRUUHODWL DWLYRV YRV GLVWLQ GLVWLQWRV WRV HQ RWUDV RWUDV SRVLFL SRVLFLRQH RQHV V UHVXOW UHVXOWDQ DQ LQWHUF LQWHUFDPE DPELDE LDEOHV OHV VLQ TXH HVR  DOWHUHODVLJQLILFDFLyQ -XVWDPHQWHHQFDVRGHQHXWUDOL]DFLyQVHFRPSUXHEDFRQ WRGDHYLGHQFLDTXHODUHDOL]DFLyQHV ©LQGLIHUHQWHª\ORVIRQHPDVFRUUHODWLYRVVRQ LQWHUFDPELDEOHVVyORGHVGHHOSXQWRGHYLVWDGHO VLVWHPDIXQFLRQDOPLHQWUDVTXH PX\SRFDV YHFHV ODUHDOL]DFLyQ ODUHDOL]DFLyQ HVUHDOPHQWHLQGLIHU HVUHDOPHQWHLQGLIHUHQWH HQWH GHVGH HOSXQWRGHYLVWDGH OD QRUPDGHODOHQJXDPiVD~QODQHXWUDOL]DFLyQH[LVWHMXVWDPHQWHSRUTXHH[LVWH XQDGHWHUPLQDGDUHDOL]DFLyQQRUPDOTXHKDFHTXHXQIRQHPDVHFRQIXQGDFRQVX FRUUHODWLYRRHQFDVRGHFRUUHODFLyQP~OWLSOHFRQYDULRVFRUUHODWLYRVHVGHFLU TXHYXHOYHLQRSHUDQWHXQDRSRVLFLyQIRQROyJLFD$VtSRUHMHPSORHQHOVLVWHPD IRQR IRQROy OyJL JLFR FR UXVR UXVR OD RSRV RSRVLF LFLy LyQ Q GLVW GLVWLQ LQWL WLYD YD HQWU HQWUH H VRQR VRQRUD UDV V \ VRUG VRUGDV DV DSDU DSDUHF HFH H FRPR FRPR QHXWUDOL]DGDHQSRVLFLyQILQDORGHODQWHGHVRUGDSHURODUHDOL]DFLyQGHORVIRQHPDV FRUUHODWL FRUUHODWLYRV YRV LPSOLFDGR LPSOLFDGRV V E SG   W   HWFpWH HWFpWHUD UD  QR HV GH QLQJXQ QLQJXQD D PDQHUD PDQHUD LQGL LQGLIH IHUH UHQW QWH H GHVG GHVGH H HO SXQW SXQWR R GH YLVW YLVWD D GH OD QRUP QRUPD D SXHV SXHVWR WR TXH TXH HOOR HOORV V VH UHDO UHDOL] L]DQ DQ VLHPSUHFRPRVRUGRV 6XEUD\D7UXEHW]NR\TXHODIRQRORJtDFRPRFLHQFLDGHOVLVWHPDOLQJtVWLFRVH RFXSDGH RFXSDGH ORV KHFKRV KHFKRV IyQLFR IyQLFRV V VyOR VyORHQOD HQOD PHGLGD PHGLGD HQTXH FXPSOH FXPSOHQ QXQD XQD GHWHU GHWHUPLQ PLQDGD DGD IXQFLyQHQODOHQJXD SHURHVHYLGHQWHTXHXQDOHQJXDVHFDUDFWHUL]DWDPELpQSRU 

 

2EFLW SS

3DJ

 

2E&LW SS

(Q FDVR FDVRV V GH QHXW QHXWUD UDOL OL]D ]DFL FLyQ yQ OD UHDO UHDOL] L]DF DFLy LyQ Q DF~V DF~VWL WLFD FD \D QR FRUUH FRUUHVS VSRQ RQGH GH XQR XQR GH ORV ORV IRQH IRQHPD PDV V LQWHUFDPEL LQWHUFDPELDEOHV DEOHVVLQR VLQRDXQ DXQ DUFKLIRQHP DUFKLIRQHPDTXH DTXHORVFRPSUHQ ORVFRPSUHQGHD GHD DPERV$Vt DPERV$VtHQHVSDxRO HQHVSDxRO ODRSRVLFLyQ ODRSRVLFLyQ HQWUHU\UUVHQHXWUDOL]DHQSRVLFLyQILQDOSRUORFXDOXQDUHDOL]DFLyQ U R RUU LQGLIHUHQWHGHVGHHO LQGLIHUHQWHGHVGHHO SXQWR SXQWR GH YLVWD YLVWD GHO VLJQLI VLJQLILFD LFDGR GR HQ WDO SRVLFL SRVLFLyQ yQ FRUUHV FRUUHVSRQ SRQGH GH D XQ DUFKLI DUFKLIRQH RQHPD PD $FHUFD $FHUFD GH RWUDV RWUDV QHXWUDOL]DFLRQHVTXHRFXUUHQHQHVSDxROHQSRVLFLyQILQDOY$0$'2$/21628QDOH\IRQROyJLFD GHOHVSDxRO DKRUDHQ(VWXGLRVOLQJtVWLFRV DKRUDHQ(VWXGLRVOLQJtVWLFRV7HPDVHVSDxROHV0DGULGSS  3DJ  S 2EFLW S

KHFK KHFKRV RV IyQL IyQLFR FRV V QR IXQF IXQFLR LRQD QDOH OHV V $O GLVF GLVFXW XWLU LU ORV ORV SULQ SULQFL FLSL SLRV RV GH OD IRQR IRQRPH PHWU WUtD tD GH  =ZLUQHU HOPLVPR7UXEHW]NR\UHFRQRFHODH[LVWHQF HOPLVPR7UXEHW]NR\UHFRQRFHODH[LVWHQFLDGH©QRUPDVGHUHDOL]DF LDGH©QRUPDVGHUHDOL]DFLyQª LyQª SHURLGHQWLILFDQGR©OHQJXDªFRQ©VLVWHP SHURLGHQWLILFDQGR©OHQJXDªFRQ©VLVWHPDIXQFLRQDOª\©UHDOL]DF DIXQFLRQDOª\©UHDOL]DFLyQªFRQ©KDEODª LyQªFRQ©KDEODª DILU DILUPD PD TXH TXH VH WUDW WUDWD D GH QRUP QRUPDV DV GH OD  SDUROH\QRGHOD ODQJXH 0D 0DV V ¢VH ¢VH SXHG SXHGHQ HQ  YHUGDGHUDPHQWH  YHUGDGHUDPHQWH FRQVLGHUDU FRPR KHFKRV GH  SDUROH IHQyPHQRV QRUPDOHV \ FRQVWDQWHVHQXQDOHQJXD" 2EVHUYDDHVWHUHVSHFWR0DUWLQHW TXHODVYDULDQWHVQRSXHGHQGHMDUVH GHODGRHQODGHVFULSFLyQIRQROyJLFDGHXQDOHQJXDFRQORFXDOVHDWULEX\HQDOD ODQJXHHQXQVHQWLGR HQ XQVHQWLGRHYLGHQWH HYLGHQWHPHQW PHQWHPiVDPSOLRTXHHO HPiVDPSOLRTXHHO GH©VLVWHPDIXQFLRQ GH©VLVWHPDIXQFLRQDOª DOª  SDUROH(OPLVPRHVWXGLRVR ODVQRUPDVGHUHDOL]DFLyQTXH7UXEHW]NR\DWULEX\HDOD SDUROH DFHSWDFRQUHWLFHQFLDODRSLQLyQGH7UXE DFHSWDFRQUHWLFHQFLDODRSLQLyQGH7UXEHW]NR\DFHUF HW]NR\DFHUFDGHODIXQFLyQDVRFLDWLYD DGHODIXQFLyQDVRFLDWLYDGHODV GHODV  YDULDQWHVFRPELQDWRULDV  YDULDQWHVFRPELQDWRULDV 6HxDODHQFDPELRFRPRVLJQLILFDWLYDODFRPSUREDFLyQGH%0DOPEHUJGH TXH FLHUWDV YDULDQ LDQWHV FRQVWLWX\HQ UDVJRV FDUDFWHUtVWLFRV GH GHWHUPLQDGDV HVWUXFWXU HVWUXFWXUDV DV OLQJtVWLF OLQJtVWLFDV DV H LQGL LQGLFD FD SRU SRU VX SDUW SDUWH H FRPR FRPR HMHP HMHPSO SOR R OD QRUP QRUPD D GH OD  EUHYHGDG GH ODV YRFDOHV ILQDOHV HQ IUDQFpV TXH HV FDUDFWHUtVWLFD GH OD OHQJXD IUDQFHVDDSHVDUGHQRH[LVWLUHQHOODHQHVHFDVRODRSRVLFLyQIRQROyJLFDGLVWLQWLYD HQWUHYRFDOHVODUJDV\EUHYHV   +MHOPVOHY  DSOL DSOLFD FDQG QGR R XQ PpWRGR WRGR HVWU HVWULF LFWD WDP PHQWH HQWH HVW HVWUXFW UXFWXU XUDO DO \ IXQF IXQFLR LRQD QDOO QR VyOR VyOR DO SODQ SODQR R GH OD H[SU H[SUHV HVLy LyQ Q R IyQL IyQLFR FR VLQR VLQR WDPE WDPELp LpQ Q DO SODQ SODQR R GHO GHO FRQWHQ FRQWHQLGR LGR R VHPiQ VHPiQWLF WLFR R FRPSU FRPSUXHE XHED D HQ ORV GRV SODQRV SODQRV OD H[LVWH H[LVWHQF QFLD LD GH YDULDQ YDULDQWHV WHV OLEUHVRLQGLYLGXDOHVYDULDFLRQHVFIODVYDULDQWHVIDFXOWDWLYDVGHODIRQRORJtD\  YDULDQWHV FRQGLFLRQDOHV R FRPELQDWRULDV YDULHGDGHV < REVHUYD TXH ODV  YDULDFLRQHVSXHGHQ  YDULDFLRQHV SXHGHQHVWXGLDUVH HVWXGLDUVH SRUPHGLRV SRU PHGLRV HVWDGtVWLFRVIRQRPpWULFRV HVWDGtVWLFRV IRQRPpWULFRV(Q (Q ORV GRV SODQRVFRPSUXHEDDGHPiVHOIHQyPHQRDOTXHOODPDVLQFUHWLVPRFRUUHVSRQGLHQWH D OD QHXWUDOL] OL]DFLyQ GH OD IRQRORJtD &DGD YDULDQWH HV UHDOL]DFLyQ GH XQD LQYDULDQWH\HOVLVWHPDOLQJtVWLFRHVMXVWDPHQWHVLVWHPDGLQYDULDQWHV LQYDULDQWHV 6LLGHQWLILFDPRVOD OHQJXDFRQHVWH~OWLPRFRQFHSWRGHEHUHPRVGHFLU QDWXUDOPHQWHTXHODVYDULDQWHVQRSHUWHQHFHQDODOHQJXD3HURVLGDPRVDHVH WpUPLQRHOVHQWLGRTXHWLHQHFRP~QPHQWHHQH[SUHVLRQHVFRPR©OHQJXDHVSDxRODª ©OHQJXDIUDQF ©OHQJXDIUDQFHVDª HVDªKDEUiTXHUHFRQR KDEUiTXHUHFRQRFHUVREU FHUVREUHOD HODEDVHGHODVREVHUYDF EDVHGHODVREVHUYDFLRQHV LRQHVTXH TXH\D \D KLFL KLFLPR PRV V TXH TXH HQ OD ©OHQ ©OHQJX JXDª Dª QR VH FRPS FRPSUX UXHE HEDQ DQ VyOR VyOR LQYD LQYDUL ULDQ DQWH WHV V VLQR VLQR WDPE WDPELp LpQ Q ©WLS WLSRV GH YDULD DULDQ QWHVª WHVª R ©YDU ©YDULD LDQ QWHV WHVWWLSRª LSRª FOD FODVH VHV V GH ODV ODV YDU YDULDQ LDQWHV SXUDP XUDPHQ HQWWH PRPHQW PRPHQWiQH iQHDV DV \ RFDVLR RFDVLRQDO QDOHV HV 1R VyOR VyOR ODV LQYDUL LQYDULDQW DQWHV HV VLQR VLQR WDPELp WDPELpQ Q ODV YDULDQ YDULDQWHV WHV 

 

2EFLW SS SS

 IRQRORJtD\IRQpWLFDQRFRUUHVSRQGHFRQ (OKHFKRGHTXHODRSRVLFLyQGH758%(7=.2<HQWUH IRQRORJtD H[DFWLWXGDODDQWLQRPLDVDXVVXUHDQDODQJXHSDUROHIXHVHxDODGR\DHQHO,,,&RQJUHVRGH&LHQFLDV )RQpWLFDV*DQWHMXOLRGHSDUWLFXODUPHQW )RQpWLFDV*DQWHMXOLRGHSDUWLFXODUPHQWHSRU19$1:,-.\-/ HSRU19$1:,-.\-/$=,&=,86&I19$1 $=,&=,86&I19$1  /DGpOLPLWDWLRQGHVGRPDLQHVGHODSKRQRORJLHHW HODSKRQRORJLHHWGHODSKRQpWLTXH GHODSKRQpWLTXH \-/$=,&=,86'LH :,-. /DGpOLPLWDWLRQGHVGRPDLQHVG 6FKHLGXQJODQJXHSDUROHLQGHU/DXWIRUVFKXQJHQ 3URFHHGLQJVRIWKH7KLUGOQWHUQDWLRQ  3URFHHGLQJVRIWKH7KLUGOQWHUQDWLRQDO DO &RQJUHVV3KRQHWLF6FLHQFHV*DQWHUHVSHFWLYHSS\  3DJ   3KRQRORJ\DV)XQFWLRQDO3KRQHWLFV RQHWLFV/RQGUHVSiJLQDV $0$57,1(7 3KRQRORJ\DV)XQFWLRQDO3K   'LH4XDQWLWlWDOVSKRQHWLVKSKRQ QHWLVKSKRQRORJLVFKHU%H RORJLVFKHU%HJULII   JULII  HQ /XQGV8QLYHUVLWHWV$UVVNU  /XQGV8QLYHUVLWHWV$UVVNULIW  LIW  &I%0$/0%(5* 'LH4XDQWLWlWDOVSKR  /XQG  /+-(/06/(92PNULQJ6SURJWHRULHQV*UXQGODHJJHOVH&RSHQKDJXHSS\VLJV  3RUHMHOIRQHPD QTXHVHUHDOL]DHQHVSDxROFRPRiSL TXHVHUHDOL]DHQHVSDxROFRPRiSLFRDOYHRODUELOD FRDOYHRODUELODELDOODELRGHQWDO ELDOODELRGHQWDOGHQWDOSDODW GHQWDOSDODWDO DO LPSORVLYDYHODUHQHQDQRXQSDGUHQLQIDDQGDDQFKRWDQJRUHVSHFWLYDPHQWH UHVSHFWLYDPHQWH  3DJ

QRUP QRUPDO DOHV HV VH GDQ GDQ HQ Q~PH Q~PHUR UR OLPL OLPLWD WDGR GR HQ FDGD FDGD OHQJ OHQJXD XD \ FDUD FDUDFW FWHU HUL] L]DQ DQ OD OHQJ OHQJXD XD PLVPD(VGHFLUTXHH[LVWHQHQFDGDOHQJXDRSRVLFLRQHVFRQVWDQWHV\SHFXOLDUHV WDQWRHQWUHODVLQYDULDQ WDQWRHQWUHODVLQYDULDQWHVFRPRHQWUHODVYDULDQW WHVFRPRHQWUHODVYDULDQWHVQRUPDOH HVQRUPDOHVFRQOD VFRQOD GLIHUHQFL GLIHUHQFLDGH DGH TXHODVRSRVLFLRQHVHQWUHLQYDULDQWHVVRQIXQFLRQDOHVPLHQWUDVTXHODVRSRVLFLRQHV HQWUHYDULDQWHVQRWLHQHQWDOFDUiFWHUDXQQRVLHQGRQLLQGLIHUHQWHVQLDUELWUDULDV HQ OD OHQJ OHQJXD XD GDGD GDGD 2 VHD VHD TXH TXH H[LV H[LVWH WHQ Q DVSH DVSHFW FWRV RV H[WU H[WUDI DIDQ DQRO ROyJ yJLF LFRV RV \ HQ JHQH JHQHUD UDO O H[WUDHVWU H[WUDHVWUXFWX XFWXUDOHV UDOHVDIXQ DIXQFLRQ FLRQDOHVQR DOHVQR SHUWHQHF SHUWHQHFLHQWH LHQWHV VDO DOVLVWH VLVWHPD\ PD\ TXHVLQ HPEDUJR HPEDUJR QRVHGDQFRPRSXUDPHQWHFDVXDOHVVLQRTXHFDUDFWHUL]DQXQDOHQJXDODOHQJXD HQ HO VHQW VHQWLG LGR R DPSO DPSOLR LR GHO GHO WpUP WpUPLQ LQR R QR HV VyOR VyOR VLVW VLVWHP HPD D IXQF IXQFLR LRQD QDO O VLQR VLQR WDPE WDPELp LpQ Q UHDOL]DFLyQQRUPDO

 $Vt SRU HMHPSOR GHVGH HO SXQWR GH YLVWD GHO VLVWHPD IXQFLRQDO HO IRQHPD LWDO LWDOLD LDQR QR ã    UHS UHSUH UHVH VHQW QWDG DGR R HQ OD JUDI JUDItD tD FRP~ FRP~Q Q SRU SRU VF R VFL  VFHQD VFLDOER VH  IULFDWLYR\ SDODWRDOYHRODU   SDODWRDOYHRODU GDGRTXHQR GHVFULEHVXILFLHQWHPHQWHSRUORVUDVJRVGH IULFDWLYR GDGRTXHQR KD\RWURIRQHPDLWDOLDQRTXHUH~QDWDOHVFDUDFWHUtVWLFDVPLHQWUDVTXHHOKHFKRGH WUDWDUVHGHXQDFRQVRQDQWHVRUGDHVIRQROyJLFDPHQWHQRSHUWLQHQWHSXHVWRTXHQR H[LVWHHQLWDOLDQ H[LVWHHQLWDOLDQROLWHUD ROLWHUDULRXQIRQH ULRXQIRQHPDTXHVHRSRQJ PDTXHVHRSRQJDD DDã SRUODVRODVRQRULGDG SRUODVRODVRQRULGDG 6LQHPEDUJRHVLQGXGDEOHTXHã HQLWDOLDQRHQODOHQJXD HQLWDOLDQRHQODOHQJXDLWDOLDQDOLWHUDULD\ QRVyORHQHVWHRDTXHODFWROLQJtVWLFRFRQFUHWRGHHVWHRDTXHOLQGLYLGXRHVQR VyORIULFDWLYR\SDODWRDOYHRODUVLQRWDPELpQVRUGRSRUVXUHDOL]DFLyQFRQVWDQWH\ TXHDSHVDUGHKDEHUXQOXJDUYDFtRHQHOVLVWHPDHVHIRQHPDQRVHUHDOL]DQXQFD FRPRVXFRUUHODWLYR å   3HUR¢GyQGHKD\TXHFRORFDUHQHOOHQJXDMHHVRVHOHPHQWRVQRUPDOHV\ FRQVWDQWHVHQXQDOHQJXD\VLQHPEDUJR©QRSHUWLQHQWHVªGHVGHHOSXQWRGHYLVWD IXQFLR IXQFLRQDO QDO GDGR GDGR TXH QR SXHGHQ SXHGHQ FODVLI FODVLILFD LFDUVH UVH HQ HO VLVWHPD" 3XHV 3XHV MXVWDP MXVWDPHQW HQWH H HQ DTXHOODRWUDDEVWUDFFLyQDQWHULRUDOVLVWHPDDODTXHKHPRVOODPDGRQRUPD1RV SDUHFHTXHXQDFRQVLGHUDFLyQHVWUXFWXUDOGHOOHQJXDMHQRSXHGHGHMDUGHFRQGXFLUD HVHFRQFHSWR\HOORVLQHOLPLQDUWRWDOPHQWHGHQXHVWURHVWXGLRODVXVWDQFLDIyQLFD (V GHFL GHFLU U TXH TXH VH OOHJ OOHJD D QHFH QHFHVD VDUL ULDP DPHQ HQWH WH D XQD XQD UHIR UHIRUP UPD D GH OD RSRV RSRVLF LFLy LyQ Q ODQJXH   SDUROH FRPR RPR OR HQWU HQWUHY HYp p FRQ VXIL VXILFFLHQ LHQWH FODUL ODULGD GDG G 0DUWL DUWLQ QHW HW ©  LO DXU DXUDLW pWp pWp LQWpUH LQWpUHVVD VVDQW QW GH VLJQDO VLJQDOHU HUHW HW GH GLVFXW GLVFXWHU HU OD WHQWD WHQWDWLY WLYH H GH 0 0D 0DOPE OPEHUJ HUJ GH GLVWLQ GLVWLQJXH JXHU U HQWUHOHVIDLWVH[WUDSKRQRORJLTXHVXQLYHUVHOVHWFHX[TXLFDUDFWpULVHQWXQHODQJXH GRQQ GRQQpH pH &HFL &HFL DXUD DXUDLW LW SX QRXV QRXV DP DPHQ HQHU HU D UHSU UHSUHQ HQGU GUH H OH[ OH[DP DPHQ HQ GHV GHV FKDS FKDSLW LWUH UHV V GHV GHV *UXQG]JH>GH7UXEHW]NR\@FRQVDFUpVDX[YDULDQWHVHWFHOXLGHODTXHVWLRQHQFRUH  IRUW PDO UpVROXH GHV UDSSRUWV GH OD SHUWLQHQFH SKRQRORJLTXH HW GH OD GLVWLQFWLRQ VDXVVXULHQQHIRQGDPHQWDOHHQWUHODQJXHHWSDUROH>6XEUD\DGRQXHVWUR@

3UREDEOHPHQWHGDGRHOVHQWLGRTXHDWULEX\HDOWpUPLQR©OHQJXDª0DUWLQHW  YHUtDODQRUPDFRPRXQDVSHFWRGHODOHQJXDFRRUGLQDGRFRQHOVLVWHPD+DFLDXQD VROXFLyQGLVWLQW VROXFLyQGLVWLQWDSRU DSRUORPHQRVIRUPDOP ORPHQRVIRUPDOPHQWH HQWHQRV QRVLPSX LPSXOVDUt OVDUtDHQ DHQFDP FDPELR%URQG ELR%URQGDO DO FRQ VX FRQFHS FRQFHSWR WR GH ©XVR ©XVR OLQJt OLQJtVWL VWLFRª FRª XVDJH ©$ SURSR SURSRV V GH OD GLVWLQ GLVWLQFWL FWLRQ RQ HQWUH HQWUH ODQJXHHWSDUROHRQVHGHPDQGHVRXYHQWTXHOOHHVWVRXVFHUDSSRUWODSRVLWLRQGH QRWLRQ FRPPH FRPPH HQ TXHOTX TXHOTXH H VRUWH VRUWH LQWHUP LQWHUPpGL pGLDLU DLUH H O8VDJ O8VDJH H 2Q SHXW SHXW DGPHWW DGPHWWUH UH FHWWH FHWWH QRWLRQ  FRQGLWLRQ LRQ GHFRQ GH FRQFH FHYRL YRLU UOX OXVDJ VDJH H FRPPHXQH FRPPHXQH HVSqFH HVSqFH GH HQWUHODQJXH HWSDUROH j FRQGLW QRUPHVHFRQGDLUH  SHUPLVHSDU  SHUPLVH SDUOH OHV\VWqPH V\VWqPHDEVWUDLW  DEVWUDLW HWVXSpULHXUGHODODQJXHVDQV HWVXSpULHXUGHODODQJXHVDQV 



3DJ $0$57,1(72HQHVWOD $0$57,1(72HQHVWODSKRQRORJLH"S SKRQRORJLH"S   3DJ



SRVVLELOLWpSRXUWDQWGHVXSSULPHURXPrPHGHPRGLILHUFHOXLFLª >6XEUD\DGRV QXHVWURV@<HVQDWXUDOTXH%URQGDOOOHJXHDHVDFRQFHSFLyQSXHVSDUDpO©OHQJXDª HVMXVWDPHQWH\VRODPHQWHHOVLVWHPDDEVWUDFWRLGHDO (V GHFL GHFLU U TXH TXH GH FXDO FXDOTX TXLH LHU U PD PDQH QHUD UD \ VL QR VH DWUL DWULEX EX\H \H OD WRWD WRWDOL OLGD GDG G GH OD UHDOL] UHDOL]DF DFLyQ LyQ D OD SDUROHVHOOHJDDXQRGHHVWRVGRVHVTXHPDVVHJ~QVHWRPHHO FRQF FRQFHS HSWR WR GH ©OHQ ©OHQJX JXDª Dª HQ HO VHQW VHQWLG LGR R VDXV VDXVVX VXUH UHDQ DQR R DP DPSO SOLR LR WRG WRGR R OR FRQV FRQVWD WDQW QWH H \ VLVW VLVWHP HPiW iWLF LFRR HQ HO OHQ OHQJXDMH XDMH GH XQD XQD FRPXQ RPXQLG LGDDG G R HQ HO VHQ VHQWLGR WLGR VDX VDXVVXU VVXUHD HDQ QR HVWUHFKRGHVLVWHPDIXQFLRQDO

 


 /LQJ6WUXFWS 9%521'$/ /LQJ6WUXFW 3iJ



(QOHQJXDVFRPRHO (QOHQJXDVFRPRHOHVSDx HVSDxROHOLWDOLDQR ROHOLWDOLDQRHO HOIUDQ IUDQFpVHWF FpVHWFQRVH QRVHHVWDE HVWDEOHFHQLQJ OHFHQLQJXQD XQD RSRV RSRVLF LFLy LyQ QGLV GLVWL WLQ QWLYD LYDGH GHQW QWUURGH RGHO OUUHJLV HJLVWWURGH URGH OD YR] YR] HV GHFLU HFLU TXH TXH QR SXHG SXHGHQ HQ HVWDEO HVWDEOHFH HFHUVH UVH GLVWLQ GLVWLQFLR FLRQHV QHV VLJQLI VLJQLILFD LFDWLY WLYDV DV HQWUH HQWUH SDODEU SDODEUDV DV VyOR VyOR SRU OD DOWXUD DOWXUD PXVLFD PXVLFDOO VLV VLVWH WHPD PD  VLQ VLQ HPED HPEDUJ UJR R ORV ORV OtP OtPLWHV LWHV GHO GHO UHJL UHJLVW VWUR UR QR VRQ VRQ LQGL LQGLIH IHUH UHQW QWHV HV VLQR VLQR DO FRQWUDULRELHQGHWHUPLQDGRV\FDUDFWHUL]DQODLQGLYLGXDOLGDGGHFDGDOHQJXDHO LWDOLDQRWLHQHXQFDPSRGHHQWRQDFLyQGHGRVRFWDYDVHOHVSDxRO©HVXQLGLRPD JUDYHªSUHFLVDPHQWHSRUWHQHUXQFDPSRGHHQWRQDFLyQGHVRODPHQWHXQDRFWDYD QRUP QRUPD D 3RU HVWR HVWR SDUD SDUD ORV RtGRV RtGRV HVSDx HVSDxROHV ROHV ORV LWDOLD LWDOLDQRV QRV ©FDQW ©FDQWDQ DQª ª DO KDEODU KDEODU  HV GHFLUTXHVHVLHQWHQFRPRDQRUPDOHVODVUHDOL]DFLRQHVDF~VWLFDVTXHVXSHUDQORV OtPLWHVGHOFDPSRGHHQWRQDFLyQQRUPDOHQHVSDxRO (OIRQHPD[HQODJUDItDFRUULHQWHMRJGHODQWHGHHLHVXQHOHPHQWRFRP~Q GHOVLVWHPDIRQROyJLFRHVSDxROVLQHPEDUJRXQDIUDVHFRPR$UWDMRWUDMRODYDOLMD DEDMR DED MR SURGXF SURGXFH H XQ H[WUDx H[WUDxR R HIHFW HIHFWR R ©HVWLO ©HVWLOtVW tVWLFR LFRª ª SRUTXH SRUTXH OD IUHFXH IUHFXHQF QFLD LD UHODWL UHODWLYD YD GHO IRQHPD IRQHPD HV PXFKR PXFKR PHQRU PHQRU HQ OD QRUPD QRUPD HVSDxR HVSDxROD OD &RQVLG &RQVLGHUD HUDPR PRV V MXVWDP MXVWDPHQW HQWH H TXH  WRGRORTXHVHUHILHUHDODIUHFXHQFLDGHORVIRQHPDVHQXQDOHQJXD WRGRVORV KHFKRVGHHVWDGtVWLFDIRQROyJLFDFRQFLHUQHQDODQRUPD\QRDOVLVWHPDHQ HIHF HIHFWR WR VH WUDW WUDWD D GH KHFK KHFKRV RV TXH TXH FDUD FDUDFW FWHU HUL] L]DQ DQ XQD XQD OHQJ OHQJXD XD SHUR SHUR QR SHUW SHUWHQ HQHF HFHQ HQ DO FRQMXQWRGHVXVLQWUtQVHFDVRSRVLFLRQHVIXQGDPHQWDOHV (QHVSDxROQRH[LVWHRSRVLFLyQGLVWLQWLYDHQWUHYRFDOHVDELHUWDV\FHUUDGDVFRPR HQLWDOLDQRIUDQF HQLWDOLDQRIUDQFpV pVSRUW SRUWXJXp XJXpV©/DH V©/DHGHOHVSYHUHVIRQpWLFD GHOHVSYHUHVIRQpWLFDPHQW PHQWHWDQDELHUWDR HWDQDELHUWDR SXHGHVHUORFRPRODGHOIUFKDQWDLV\ODHGHOHVSYHVWDQFHUUDGDFRPRODGHOIU FKDQWHUª  SHUR SHUR HVWR HVWR QR WLHQ WLHQH H LPSR LPSRUW UWDQ DQFL FLD D HQ HO VLVW VLVWHP HPD D IRQR IRQROy OyJL JLFR FR HVSD HVSDxR xRO O SRUTXHORV SRUTXHORVGRVVRQLGRV GRVVRQLGRV QRIXQFLRQDQ©FRPR QRIXQFLRQDQ©FRPR YDORUHVGLIHUHQ YDORUHVGLIHUHQWHVª WHVª VRQUHDOL]DFLR VRQUHDOL]DFLRQHV QHV GH XQ ~QLF ~QLFR R IRQH IRQHPD PD H H (VWR (VWR HV SHUI SHUIHF HFWD WDPH PHQW QWH H H[DF H[DFWR WR SRU SRU OR TXH TXH FRQF FRQFLH LHUQ UQH H DO VLVWHPDQRHVDVtHQFDPELRHQODQRUPDSXHVWRTXHODUHDOL]DFLyQQRUPDOHV FHUUDGDHQTXHVR FHUUDGDHQTXHVRFDEH]D FDEH]DVHOORSHURHVDELHUWD VHOORSHURHVDELHUWDHQ HQSDSH SDSHODIHFWR ODIHFWRSHLQHDVtFRPROD SHLQHDVtFRPROD UHDO UHDOL] L]DF DFLy LyQ Q GH OD R R HV FHUU FHUUDG DGD D HQ OODPy OODPy ER ERGD GD HVSR HVSRVD VD \ DELH DELHUW UWD D HQ URVD URVD KRMD KRMD GRJPD GRJPD  HOSUR HO SURQXQ QXQFLD FLDU U>N >N VR@ VR@ >SDSH >SDSHO@ O@ >HVSRV >HVSRVD@ D@ >UURV >UURVD@ D@QRDIHFW QRDIHFWD D HOVLV HO VLVWHP WHPD DSHU SHUR R UHVXOW UHVXOWD D LQVyOL LQVyOLWR WR DQRUP DQRUPDO DO 7HQHPR 7HQHPRV V SRU FRQVLJ FRQVLJXLH XLHQW QWH HXQ XQ~QL ~QLFR FR IRQHP IRQHPD D R HQHO HQ HO VLVW VLVWHP HPD D GRV GRV YDUL YDULDQ DQWH WHV V WtSL WtSLFD FDV V GRV GRV WLSR WLSRV V GH R HQ OD QRUP QRUPD D \ ILQD ILQDOP OPHQ HQWH WH XQD XQD LQILQL LQILQLGDG GDG GH UHDOL UHDOL]DF ]DFLRQ LRQHV HV GLVWLQ GLVWLQWDV WDV YDULD YDULDQWH QWHV V LQGLYL LQGLYLGXD GXDOHV OHV \ RFDVL RFDVLRQD RQDOHV OHV HQ HO KDEODUFRQFUHWRHQORVDFWRVOLQJtVWLFRV





$VtSRUHMHOKHFKRGHTXHHQHVSDxROODYRFDODHVPiVIUHFXHQWHTXHODHUHVSHFWLYDPHQWHSRU\   SRU   PLHQWU PLHQWUDV DV TXH HQ IUDQFp IUDQFpV V H LWDOLD LWDOLDQR QR RFXUUH RFXUUH OR FRQWUD FRQWUDULR ULR &I &I 7 1DYDU 1DYDUUR UR 7RPiV 7RPiV (O DFHQWR DFHQWR FDVWHOODQR0DGULG  3iJ  &I167UXEHW]NR\2EF &I167UXEHW]NR\2EFLWSS LWSS   $$ORQVR$UWFLWS

4,    4 4,, ,, 44,,,                     4 4, ,9 9    4 49 9   4 4, 4,, 44,,, 4,9 49 

6,67(0$1250$+$%/$

(Q HO VLVWHPD R VH RSRQH FRPR XQLGDG IRQROyJLFD GLVWLQWLYD D H L X D GLVWLQJXLHQGRSRUHMHPSORRMRGHDMRSHURQRKD\QLQJXQDGLIHUHQFLDIXQFLRQDO HQWU HQWUH H > @\ @ \>> @ HQ OD QRUP QRUPD D VH DJUH DJUHJD JD OD GLVW GLVWLQ LQFL FLyQ yQ HQWU HQWUH H R DELH DELHUW UWD D \R \ R FHUU FHUUDG DGD D HQWUHODUHDOL]DFLyQQRUPDOGHODRGHURVD\ODUHDOL]DFLyQQRUPDOGHODRGHHVSRVD  \ HQ KDEODU VH RSRQH OD R DELHUWD SURQXQFLDGD HQ HVWH PRPHQWR SRU -XDQ D ODV UHDOL]DFLRQHVGHODPLVPDYDULDQWHQRUPDOSRU3HGUR3DEOR'LHJRHWF\WDPELpQ DODVRDELHUWDVSURQXQFLDGDVHQRWURVPRPHQ DODVRDELHUWDVSURQXQFLDGDVHQRWURVPRPHQWRVSRUHOPLVPR-XDQ WRVSRUHOPLVPR-XDQ (QHVSDxROQRH[LVWHVLQRSDUDUODRSRVLFLyQIRQROyJLFDHQWUHFRQVRQDQWHVLPSOH  \FRQVRQDQWHUHIRU]DGDVLVWHPD  \FRQVRQDQWH UHIRU]DGDVLVWHPDVLQHPEDUJR VLQHPEDUJRFLHUWDVFRQVRQDQWHVVH FLHUWDVFRQVRQDQWHVVH SURQXQFLDQ QRUP QRUPDO DOPH PHQW QWH H FRPR FRPR UHIR UHIRU] U]DG DGDV DV HQ GHWH GHWHUP UPLQ LQDG DGDV DV SRVLF SRVLFLR LRQH QHV V QRU QRUPD PD  $Vt $Vt SRU SRU HMHP HMHPSO SOR R OD DIUL DIULFD FDGD GD   FK FK GHOD GHODQW QWH H GH D R X XQ LWDO LWDOLD LDQR QR DFRV DFRVWX WXPE PEUD UDGR GR D XQ VLVWHPDIRQROyJLFRHQHOTXHH[LVWHGLFKDRSRVLFLyQLQWHUSUHWDUiOD HVSGHFKLYR FRPRLGpQWLFDDODGHOLWDOFLDUOD\ODGHWDFKDFRP FRPRLGpQWLFDDODGHOLWDOF LDUOD\ODGHWDFKDFRPRLGpQWLFDDODGHOLWDOFDFF RLGpQWLFDDODGHOLWDOFDFFLD LD  /D RSRVLF RSRVLFLyQ LyQ IRQROy IRQROyJLF JLFD D HQWUH HQWUH OD YLEUDQ YLEUDQWH WH VLPSOH VLPSOH \ OD YLEUDQ YLEUDQWH WH P~OWLS P~OWLSOH OH UUU UUU H[LV H[LVWH WH HQ HVSD HVSDxR xRO O VyOR VyOR HQ SRVL SRVLFL FLyQ yQ LQWH LQWHUY UYRF RFiO iOLF LFD D SHU SHUR RSH SHUU UUR R FDUR DURFD FDUU UUR R \ VH QHXW QHXWUD UDOL OL]D ]D HQ FDPE FDPELR LR HQ WRGD WRGDV V ODV ODV GHPi GHPiV V SRVL SRVLFL FLRQ RQHV HV HQ ODV ODV TXH TXH ODV ODV UHOD UHODWL WLYD YDV V  YDULDQWHVVRQUHDOL]DFLRQHVGHXQDUFKLIRQHP  YDULDQWHVVRQUHDOL]DFLRQHVGHXQDUFKLIRQHPD$VtSRUHMHPSORHQSRVLF D$VtSRUHMHPSORHQSRVLFLyQLQLFLDO LyQLQLFLDO GHVGHHOSXQWRGHYLVWDGHOVLVWHPD GHVGHHOSXQWRGHYLVWDGHOVLVWHPDLPSRUW LPSRUWDVyORTXHVHWUDWHGHYLEUDQ DVyORTXHVHWUDWHGHYLEUDQWHHVGHFLU WHHVGHFLU TXH QRVHFRQIXQG QRVHFRQIXQGDUDUR DUDUR FRQ SDURUH\ SDURUH\ FRQ OH\ \UXVRFRQ SXVR3HUR SXVR3HUR QRHVpVWDOD VLWX VLWXDF DFLy LyQ Q HQ OD QRUP QRUPD D HQ HIHF HIHFWR WR OD UHDO UHDOL] L]DF DFLy LyQ Q QRUP QRUPDO DO GHO GHO DUFK DUFKLI LIRQ RQHP HPD D HV XQD XQD  YLEUDQWHP~OWLSOHUUHQSRVLFLyQLQLFLDO\GHVSXpVGHOV QHVXQDYLEUDQWHVLPSOH U U GHVS GHVSXp XpV V GH RFOX RFOXVL VLYD YD FUH FUHR R SUHV SUHVD D  \ HV UHDO UHDOPH PHQW QWH H IDFX IDFXOW OWDW DWLY LYD D SHU SHUR R Pi PiV V D PHQXGRVLPSOHVyORHQSRVLFLyQILQDO\GHODQWHGHFRQVRQDQWHSXHUWDYHU3RU 



3DJ

HVR HVR SURQXQ SURQXQFLD FLDQGR QGR UH\ UH\ FRQ YLEUD YLEUDQWH QWH VLPSOH VLPSOH HQOXJ HQ OXJDU DUGH GH P~OWLS P~OWLSOH OH QRVH QR VH DIHFWD DIHFWD HO VLVWHPD OD SDODEUD QR VH FRQIXQGH FRQ RWUD FRPR RFXUULUtD HQ HO FDVR GH SDUUDSDUDQLVHYXHOYHLUUHFRQRFLEOHSHURODUHDOL]DFLyQHVDQRUPDOHQHVSDxRO  $GHPiV OD UHDOL]DFLyQ QRUPDO GH ORV GRV IRQHPDV \ GHO DUFKLIRQHPD HV XQD  YLEUDQWHDOYHRODU\QRXYXODUSRUHMHPSORFRPR  YLEUDQWHDOYHRODU\QRXYXODUSRUHMHPSORFRPRHQIUDQFpV HQIUDQFpV ,GpQ ,GpQWL WLFD FD GHVG GHVGH H HO SXQW SXQWR R GH YLVW YLVWD D GHO GHO VLVW VLVWHP HPD D SHUR SHUR QR HQ WRGR WRGR DVSH DVSHFW FWR R GHVG GHVGH H HO SXQWRGHYLVWDGHODQRUPDHVODVLWXDFLyQGHODRSRVLFLyQYLEUDQWHVLPSOHYLEUDQWH P~OWLSOHRYLEUDQWHDOYHRODUYLEUDQWHXYXODUHQSRUWXJXpV  (O KHFK KHFKR R GH VHU VHU OD V FDVW FDVWHO HOOD ODQD QD GRUV GRUVDO DO R FRUR FRURQD QDOO SHUW SHUWHQ HQHF HFH H D OD QRUP QRUPD D \ QR DO VLVWHPDIXQFLRQDOGHODOHQJXD(QHIHFWRGHVGHHOSXQWRGHYLVWDGHOVLVWHPDHO IRQHPDVSRGUtDUHDOL]DUVHFRPRVVã]SRUTXHQRKD\HQHVSDxROIRQHPDVVVã ] TXH TXH VH OH RSRQ RSRQJD JDQ Q OR OR FXDO FXDO HQ FDPE FDPELR LR QR VHUt VHUtD D SRVL SRVLEO EOH H HQ IUDQ IUDQFp FpV V R LWDO LWDOLD LDQR QR GRQG GRQGH H KD\ KD\ RSRV RSRVLF LFLR LRQH QHV V FRPR FRPR  FKDW FKDWV VD D FDVD FDVDF FDV DVVD VD VDOD VDODV VFL FLDO DOD D HWF HWF  SHUR SHUR WDOH WDOHV V UHDOL] UHDOL]DF DFLRQ LRQHV HV QR VRQ QRUPDO QRUPDOHV HV (Q ULRSOD ULRSODWHQ WHQVH VH QR KDELHQ KDELHQGR GR VLTXLH VLTXLHUD UD XQ IRQHP IRQHPD D   TXH TXH VH OH RSRQ RSRQJD JD V SRGU SRGUtD tD UHDO UHDOL] L]DU DUVH VH FRQ FRQ Pi PiV V GLYH GLYHUV UVLG LGDG DG WRGD WRGDYt YtD D SHUR SHUR ODV ODV  YDULDQWHV QRUPDOHV VRQ OD GHQWDO \ HQ SRVLFLyQ ILQDO \ VREUH WRGR GHODQWH GH FRQVRQDQWHODDVSLUDFLyQKSDVWRSURQSDKWR 'HOPLVPRPRGRHQIUDQFpVUSXHGHUHDOL]DUVHGHYDULDVPDQHUDVGHODYLEUDQWH DOYHRODUGH DOYHRODUGHORVGLDOHFWR ORVGLDOHFWRV VPHUL PHULGLRQ GLRQDOHVKDVWDOD DOHVKDVWDODYLEUD YLEUDQWHXYXODU QWHXYXODU GHOIUDQFpV OLWHUDULR OLWHUDULR GH3DUtV\SXHGHOOHJDUDUHDOL]DUVHLQFOXVLYHFRPR>[@SRUTXHQRKD\XQIRQHPD [TXHVHOHRSRQJDFRPRRFXUUHHQHVSDxRORHQDOHPiQVLQHPEDUJRHQWUH WRGD WRGDV V ODV ODV YDUL YDULDQ DQWH WHV V SRVL SRVLEO EOHV HV OD Pi PiV V QRUP QRUPDO DO \ JHQH JHQHUD UDOO HV OD YLEU YLEUDQ DQWH WH XYXOD XYXODU U (Q SRUWXJ SRUWXJXpV XpV OD V ILQDO ILQDO SRU HIHFWR HIHFWR GH GRV QHXWUD QHXWUDOL] OL]DFL DFLRQH RQHV V VLPXOW VLPXOWiQH iQHDV DV FRQVHU FRQVHUYD YD FRPRUDVJRSHU FRPRUDVJRSHUWLQHQ WLQHQWHVyORHOGHVHUIULFD WHVyORHOGHVHUIULFDWLYD\GHQRVHUQLLQWHU WLYD\GHQRVHUQLLQWHUGHQW GHQWDOQLYHODU DOQLYHODUQL QL ODULQJDOHVGHFLUTXHSXHGHVHUGHQWDORDOYHRODUV]RSDODWRDOYHRODUãå(O VLVW VLVWHP HPD D QR H[LJ H[LJH H PiV TXH TXH HVR HVR R PHMRU HMRU RIUH RIUHFH FH XQD XQD VHUL VHULH H GH SRVL SRVLEL ELOL OLGD GDGH GHV V (Q FDPELRODQRUPD\VHWUDWDGHQRUPDFRPELQDWRULDHVPXFKRPiVLPSHUDWLYD  ODQRUPDGH6DQ3DEORVyORDGPLWHODVUHDOL]DFLRQHVV\]\ODGH5tRã]å\QR FRPR FRPR IDFX IDFXOW OWDW DWLY LYDV DV VLQR VLQR FRPR FRPR RE REOLJ OLJDW DWRU RULD LDV V VHJ~ VHJ~Q Q OD QDWX QDWXUD UDOH OH]D ]D GHO GHO IRQH IRQHPD PD TXH TXH VLJXH$VtTXHHQXQFDVRFRPRRVROKRVODQRUPDGH5tRSRUORTXHFRQFLHUQHDOD V GH RV RV QR VyOR VyOR H[LJ H[LJH H TXH OD UHDOL HDOL]]DFLy DFLyQ Q FRQVW RQVWLW LWX X\D YDUL YDULDDQWH QWH DF~V DF~VWWLFD LFD GH XQ GHWHUPLQDGRDUFKLIRQHPDVLQRWD GHWHUPLQDGRDUFKLIRQHPDVLQRWDPELpQTXHODYDULDQWHVHD PELpQTXHODYDULDQWHVHDGHQWDO\VRQRUD] GHQWDO\VRQRUD] /RVHMHPSORVSXHGHQPXOWLSOLFDUVHLQGHILQLGDPHQWH$VtHQODWtQFOiVLFRKDEtD XQ~QLFRIRQHPDXSHURVXUHDOL]DFLyQQRU XQ~QLFRIRQHPDXSHURVXUHDOL]DFLyQQRUPDOHUDFRQVRQiQW PDOHUDFRQVRQiQWLFDRYRFiOLFDVHJ~Q LFDRYRFiOLFDVHJ~Q ODVSRVLFLRQHVORFXDOOOHYyDVXHVFLVLyQHQGRVIRQHPDVGLVWLQWRVHQHOVLVWHPD IUDQFpVODXGHSXLVVXLWHHVYDULDQWHGHOPLVPRIRQHPDTXHUHDOL]DODXGHSXU pWXGHSHURHQODQRUPDODXGHSXLVVXLWHHVXQDFRQVRQDQWHPLHQWUDVTXHODGH SXUpWXGHHVXQDYRFDO\XQDUHDOL]DFLyQYRFiOLFDGHODXGHSXLVVXLWHUHVXOWDUtD DQRUPDODORVRtGRVGHODPD\R DQRUPDODORVRtGRVGHODPD\RUtDGHORVIUDQF UtDGHORVIUDQFHVHVHQUXV HVHVHQUXVR\HQUXPDQRHOIRQH R\HQUXPDQRHOIRQHPD PD HVHUHDOL]DREOLJDWRULDPHQWHFRPRMHHQGHWHUPLQDGDVSRVLFLRQHVODVHJXQGDO 



3DJ 3DJ



GHOLQJOOLWWOH\ODOGHOIUSHXSOHVRQGLVWLQWDVHQODQRUPDGHODSULPHUDOGHOLWWOH\ GHODOGHODFVLHQGRVRUGDV\QRVRQRUDVPLHQWUDVTXHGHVGHHOSXQWRGHYLVWDGHO VLVWHPDVRQYDULDQWHVGHOPLVPRIRQHPD 3RUORTXHFRQFLHUQHDODGLVWLQFLyQHQWUHQRUPD\VLVWHPDHQHOFDPSRGHOD PRUIR RUIROR ORJt JtDD \ WDP WDPELp ELpQ SDUD DUD DFODU ODUDU HO FDUiF DUiFWWHU VRFL VRFLDDOF OFXOWX XOWXUD UDO O GH OD QRUP RUPD SHQV SHQVDP DPRV RV TXH TXH ODV ODV HYLG HYLGHQ HQFL FLDV DV LQPH LQPHGL GLDW DWDV DV KDEU KDEUi i TXH TXH EXVF EXVFDU DUOD ODV V HQ ORV ORV HUUR HUURUH UHV V GH IOH[LyQ TXH KDFHQ ORV QLxRV R HQ JHQHUDO ODV SHUVRQDV TXH QR FRQRFHQ VXILFL VXILFLHQW HQWHP HPHQW HQWH H OD QRUPD QRUPD (QHIH (Q HIHFWR FWR WDOHV WDOHVHUU HUURUH RUHV V SURFHG SURFHGHQ HQFDV FDVLL VLHPS VLHPSUH UHGH GH XQD DSOL DSOLFD FDFL FLyQ yQ GH ODV ODV RSRV RSRVLF LFLR LRQH QHV V IXQF IXQFLR LRQD QDOH OHV V GHO GHO VLVW VLVWHP HPD D FRQW FRQWUD UDUL ULD D D OD DSOL DSOLFD FDFL FLyQ yQ FRQVDJ FRQVDJUDG UDGD D FRPR FRPR QRUP QRUPDO DO HQ OD UHVSHF UHVSHFWLY WLYD D FRPXQL FRPXQLGDG GDG OLQJt OLQJtVWL VWLFD FD HV GHFLU GHFLU GH OD XWLOL] XWLOL]DFL DFLyQ yQ DQRUP DQRUPDO DO GHPHG GH PHGLRV LRV TXH HO VLVWHP VLVWHPD D SURSR SURSRUFL UFLRQD RQD FRPR FRPR IRUPDV IRUPDV LGHDOH LGHDOHV V  GHVOLJDGDVGHOXVRFRQFUHWRSHURTXHODQRUPDKDILMDGR FRGLILFDGR\FODVLILFDGR HQPROGHVWUDGLFLRQDOHVGHUHDOL]DFLyQ6LXQQLxRLQJOpVGLFHV2[SOR[HVHQ OXJDU GH R[HQ \ XQ QLxR IUDQFpV V FDUQDYDO ± SO FDUQDYDX[ HQ OXJDU GH FDUQ FDUQDY DYDO DOV V HV SRUT SRUTXH XH HO VLVWH VLVWHPD PD FRQW FRQWLH LHQH QH HIHF HIHFWL WLYD YDPH PHQW QWH H FRPR FRPR OHJt OHJtWL WLPD PDV V WDOH WDOHV V RSRV RSRVLF LFLR LRQH QHV V SHUR SHUR HQ OD QRUP QRUPD D HOOD HOODV V QR VH UHDO UHDOL] L]DQ DQ HQ HVWR HVWRV V FDVR FDVRV V VLQR VLQR HQ RWUR RWURV V DVV DVVD DVV VVHV HV FKHY FKHYDO DOF FKH KHYD YDX[ X[  ([LV ([LVWH WH SRU SRU OR WDQW WDQWR R HQ OD PRUI PRUIRO RORJ RJtD tD OD PLVP LVPD RSRVLFLyQ HQ HO SODQR GH OD QRUPD HQWUH ©YDULDQWHV REOLJDWRULDVª TXH \D HQFRQWUDPRVHQODIRQRORJtDGHVGHHOSXQWRGHYLVWDIXQFLRQDOR[HV\R[HQVRQ LQWHUF LQWHUFDPE DPELDE LDEOHV OHV SXHVWR SXHVWR TXH ODV GRV IRUPD IRUPDV V VH HQWLHQ HQWLHQGHQ GHQ FRPR FRPR SOXUDO SOXUDOHV HV SHUR SHUR OD QRUPDDGPLWHVyORR[HQ'HODPLVPDPDQHUDVRQLQWHUFDPELDEOHVHQHOSODQR IXQFLRQDO©HVWHDª\HVWp©DQGpª\DQGXYHHQHOVLVWHPDGHYLUWXDOLGDGHVGHOD OHQJXDHVWHDVHRSRQHDHVWR\FRPRVHDDVR\\DQGpVHRSRQHDDQGDUFRPRFDQWp DFDQWDUSHURODQRUPDHVSDxRODVyORDGPLWHHVWi\DQGXYH  < QXHVWUDV JUDPiWLFDV JUDPiWLFDV ODWLQDV KDEODQ GH VXVWDQWLYRV GH OD D GHFOLQDFLyQ TXH ©DGPLW ©DGPLWHQª HQª HQHODFX HQHO DFXVDW VDWLYR LYR ODGHVLQHQF ODGHVLQHQFLDHPR LDHPR LP \HQ HODEODWLYR HODEODWLYR HR LIHEULV LIHEULV SHOYLV SHOYLV VHFXUL VHFXULV V HWF HWF \ GH RWURV RWURV QRPEU QRPEUHV HV TXH HQ OD GHFOLQ GHFOLQDFL DFLyQ yQ SXHGHQ SXHGHQ VHJXLU VHJXLU HO SDUDGLJPDGHODDGHFOLQDFLyQ\HQJUDQSDUWHWDPELpQHOGHODDFXSUHVVXV IDJXVILFXVODXUXVHWF$KRUDLQGXGDEOHPHQWHKXERXQDpSRFDHQODKLVWRULDGHO VLVWHPDODWLQRHQODTXHFRH[LVWtDQODVSRVLELOLGDGHVUHIHULGDVSHURODQRUPDQXQFD IXH IXH WRWD WRWDOP OPHQ HQWH WH LQGL LQGLIH IHUH UHQW QWH H VLQR VLQR TXH TXH VLHP VLHPSU SUH H SUHI SUHILU LULy Ly XQD XQD X RWUD RWUD GH ODV ODV IRUP IRUPDV DV LQGLFDGDV KXER XQ FRQWLQXR GHVSOD]DPLHQWR GH OD QRUPD HQ IDYRU GH ODV GHVLQHQFLDVHPH\GHOSDUDGLJPDGHODDGHFOLQDF GHVLQHQFLDVHPH\GHOSDUD GLJPDGHODDGHFOLQDFLyQUHVSHFWLYDPHQ LyQUHVSHFWLYDPHQWH WH )HQyPHQRVDQiORJRVSXHGHQREVHUYDUVHHQVXGHYHQLU )HQyPHQRVDQiORJRVSXHGHQREVHUYDUVHHQVXGHYHQLUHQHOUXPDQRDFWXDO(Q HQHOUXPDQRDFWXDO(Q HIHF HIHFWR WR HQ UXP UXPDQR DQR ORV ORV QRPE QRPEUH UHV V GH GRV GRV JpQH JpQHUR URV V PDV PDVFX FXOL OLQR QRV V HQ HO VLQJ VLQJXO XODU DU \ IHPHQLQRVHQHOSOXUDOTXHQRWHUPLQHQHQHRLXSXHGHQWHQHUHOSOXUDOHQH VFDXQVLOODSO VFDXQVLOODSOVFDX VFDXQHR QHRHQXULFHUFLHORSOFHUXUL HQXULFHUFLHORSOFHUXUL*HQHUDO *HQHUDOPHQW PHQWHHWLHQHQH ORVSROLVtODERV\XULORVPRQRVtODERVVLQHPEDUJRPXFKRVQRPEUHVDGPLWHQODV GRVGHVLQHQFLDVFKLEU GRVGHVLQHQFLDVFKLEULWIyVIRUR LWIyVIRUR SOFKLEULWH SOFKLEULWHRFKLEULWX RFKLEULWXULSHUROD ULSHURODQRUP QRUPDQXQFDHV DQXQFDHV LQGLIHUHQWHSUHILULHQGRVLHPSUHXQDGHODVGRVIRUPDV\SDUHFHGHVSOD]DUVHFDGD  YH]PiVHQIDYRUGHODGHVLQHQFLDXUL  YH]PiVHQIDYRUGHODGHVLQHQ FLDXUL 



3DJ 3DJ



8QD VHULH GH GLPLQXWLYRV UXPDQRV SUHVHQWDQ HQ HO VLQJXODU ORV VXILMRV LQWH LQWHUF UFDP DPEL ELDE DEOH OHV V LF LF  R HD HD UvQ UvQGX GXQL QLFF  UvQG UvQGXQ XQHD HD JRO JRORQ RQGU GULQ LQD D IORU IORULF LFLF LF  IORU IORULF LFHD HD IORUHFLWD \ KDFHQ HO SOXUDO UHVSHFWLYDPHQWH HQ LFL LFL R HQ HOH UvQGXQLFL UvQGXQHOHODVGRVRSRVLFLRQHVVRQLQWHUFDPELDEOHVHQHOVLVWHPDSHURODQRUPD SUHI SUHILH LHUH UH LF LF HQ HO VLQJ VLQJXO XODU DU \ HOH HOH HQ HO SOXU SOXUDO DO UvQ UvQGX GXQL QLFF  UvQG UvQGXQ XQHO HOH H IORU IORULF LFLF LF  IORULFHOHSRUORFXDOHVWiVXUJLHQGRHQHOVLVWHPDXQDQXHYDRSRVLFLyQLF HOH SRUFUXFHGHODVGRVSUHFHGHQWHV 3HUR 3HURHOFDVRPiVLQWHU HOFDVRPiVLQWHUHVD HVDQWH QWH HVHO GHORVIHP GHORV IHPHQL HQLQRV QRV HQ  3XH  3XHGHQ GHQpVW pVWRV RV WHQHUHO WHQHUHO SOXUDOHQHVLQPHWDIRQtDFDVDFDVHRHOSOXUDOHQLFRQPHWDIRQtDWDU SDtV W UL UL (QHO VLVWHP VLVWHPD DORV ORV SOXUD SOXUDOHVVRQ OHVVRQ HTXLYD HTXLYDOHQ OHQWHV WHV WDQWR WDQWRTXH TXH SUiFWL SUiFWLFDP FDPHQW HQWH H WRGRV WRGRV ORVQRPEUHVLQGLFDGRV ORVQRPEUHVLQGLFDGRVSRGUtDQWHQHU SRGUtDQWHQHU DPEDVIRUPDVVLQHPEDUJ DPEDVIRUPDVVLQHPEDUJRHQ RHQFDGDFDVR FDGDFDVR OD QRUPD QRUPD SUHILH SUHILHUH UH QHWDP QHWDPHQW HQWH H XQD X RWUD RWUD GH HOODV HOODV FRQ WHQGHQ WHQGHQFLD FLD JHQHU JHQHUDO DO D SUHIHU SUHIHULU LU VHJ~QSDUHFHODVIRUPDVHQLFRQPHWDIRQtDHOSOXUDOQRUP VHJ~QSDUHFHODVIRUPDVHQ LFRQPHWDIRQtDHOSOXUDOQRUPDOGHúFRDO DOGHúFRDO HVFXHODHV DFWXDOPHQWHúFROLSHURODQRUPDDQWHULRUúFRDOHVHFRQVHUYDHQHOQRPEUHGHXQD LQVWLWXFLyQFUHDGDHQHOVLJORSDVDGR&DVDùFRDOHORU 1DWXUDOPHQWHHQHOSDVRGHXQDQRUPDDRWUDKD\XQPRPHQWRHQHOTXHOD QRUP QRUPD D HV LQFL LQFLHU HUWD WD VREU VREUH H WRGR WRGR VL TXHU TXHUHP HPRV RV FRPS FRPSUR URED EDUO UOD D HQ WRGR WRGR XQ LGLR LGLRPD PD  HQ UHDOLGDGKD\YDULDVQRUPDVSDUFLDOHVVRFLDOHVUHJLRQDOHVGDGRTXHODQRUPDSRU VX PLVP PLVPD D tQGR tQGROH OH HV VLHP VLHPSU SUH H PHQR PHQRV V JHQH JHQHUD UDO O TXH TXH HO VLVW VLVWHP HPD D &RQV &RQVLG LGpU pUHV HVH H SRU SRU HMHP HMHPSO SOR R HO FDVR FDVR GHO GHO GDWL GDWLYR YR \ DFXV DFXVDW DWLY LYR R GHO GHO SURQ SURQRP RPEU EUH H SHUV SHUVRQ RQDO DO GH D SHUV SHUVRQ RQD D GRQGHHOVLVWHPDRIUHFHWRGDXQDVHULHGHSRVLELOLGDGHVOHOROHOHOROR OHODODOD(QHO5tRGHOD3ODWDFRQVWLWX\HQQRUPDODVSRVLELOLGDGHV\ UHVSHFWLY UHVSHFWLYDPHQ DPHQWHSDUDHO WHSDUDHOPDVF PDVFXOLQD XOLQD \IHPHQLQR(Q \IHPHQLQR(Q(VSD (VSDxDOD xDODQRUP QRUPDFXOWDHV DFXOWDHV OHOR SDUDORVREMHWRVGHJpQHURPDVFXOLQROHODSDUDHOIHPHQLQR\RVFLODHQWUHOHOR\ OHOHFRQYHQWDMDGHHVWRV~OWLPRVSDUDODVSHUVRQDVPDVFXOLQDVODODHVSRSXODU ORORHVSOHEH\R  3RU OR TXH FRQFLHUQH D OD IRUPDFLyQ GH ODV SDODEUDV D OD GHULYDFLyQ \ FRPSRVLFLy FRPSRVLFLyQODGLVWLQFLy QODGLVWLQFLyQHQWUHQRUP QHQWUHQRUPD\ D\VLVWHP VLVWHPDVH DVHPDQL PDQLILHVWD ILHVWDHQ HQUHODF UHODFLyQFRQODV LyQFRQODV QHFHVLGDG QHFHVLGDGHV HVH[SUH H[SUHVLYDVFRWLGLDQ VLYDVFRWLGLDQDV DVGH GHFXDOT FXDOTXLHUKDEODQW XLHUKDEODQWH H6L 6LFRQV FRQVLGHUi LGHUiUDPR UDPRV VFRP FRPR R LQH[LV LQH[LVWHQ WHQWHV WHV ODV SDODEU SDODEUDV DVTXH TXH QR VHHQF VH HQFXHQ XHQWU WUDQ DQHQ HQHO HO 'LFFLR 'LFFLRQD QDULR ULR GH OD$FD OD $FDGHP GHPLD LD FyGLJR FyGLJRGH GHOD ODQRUP QRUPD DQR QRSRGU SRGUtDPRV tDPRV GHFLU SODQWHRFRQFUHW SODQWHRFRQFUHWDPLHQ DPLHQWRRFXOWDPL WRRFXOWDPLHQWR HQWR VLQ VLQFURQ FURQL] L]DF DFLy LyQ Q VDF VDFDSXQ DSXQWWDV DV SRG SRGUtD UtDPRV HPSOHDU OHDU SDSDO DSDO VyOR VyOR HQ HO VHQ VHQWLGR WLGR GH ©SHUWHQHFLHQWHRUHODWLYRDOSDSDª\QRHQHOGH©SODQWDFLyQGHSDSDVªSRGUtDPRV GHFLU GHFLU SDODWL SDODWL]DU ]DU \ ODELD ODELDOL] OL]DU DU SHUR SHUR QR SDODWL SDODWL]D ]DFLy FLyQ Q \ ODELDO ODELDOL]D L]DFLy FLyQ Q SRGUtD SRGUtDPRV PRV GHFLU GHFLU QDVDOLGDGQDVDOL] QDVDOLGDGQDVDOL]DUQDVDOL]D DUQDVDOL]DFLyQ FLyQSHUR SHUR QRYHODULGDG QRYHODULGDGYHODU YHODUL]DU L]DU YHODUL]DF YHODUL]DFLyQ LyQ 3XHGH VHUTXHYDULDVGHHVWDVSDODEUDVQRH[LVWDQHQODQRUPDSHURH[LVWHQGHDOJXQD PDQHUD PDQHUD HQHO HQ HO VLVWHP VLVWHPD D HQHO HQ HO FRQMXQ FRQMXQWR WR GH HVWUXF HVWUXFWXU WXUDV DV SRVLEL SRVLELOLG OLGDGH DGHV V \ RSRVLF RSRVLFLRQ LRQHV HV IXQFLRQDOHVGHODOHQJXDHVSDxROD(QHOVLVWHPDH[LVWHQFRPRYLUWXDOHVWRGRVORV QRPEUHVSRVLEOHVHQPLHQWR\FLyQGHULYDGRVGHYHUERVWRGRVORVYHUERVSRVLEOHV HQL]DU\ORVDEVWUDFWRVHQLGDGHWFLQGHSHQGLHQWHPHQWHGHVXFRQVDJUDFLyQSRU 



3DJ &I5/DSHVD+LVWRULDGH &I5/DSHVD+LVWRULDGHODOHQJXDHVSD ODOHQJXDHVSDxRODHG0D xRODHG0DGULGVD> GULGVD>@S @S



ODQRUPDHOVLVWHPDHVXQFRQMXQWRGHYtDVFHUUDGDV\YtDVDELHUWDVGHFRRUGLQDGDV SURORQJDEOHV\QRSURORQJDEOHV6RQSURORQJDEOHVODVOtQHDVGHORVYHUERVHQHDU L]DUHFHUSHURQRODVGHORVYHUERVHQHULUVHSXHGHQDPSOLDULQGHILQLGDPHQWH ODVOtQHDVGHORVGHULYDGRVHQFLyQPLHQWRSHURQRODGHORVGHULYDGRVHQLHJR 'H FDUWD FDUWD QR SRGHP SRGHPRV RV GHULYD GHULYDU U XQ DXPHQW DXPHQWDWL DWLYR YR HQ yQ yQ SRUTXH SRUTXH HQFRQW HQFRQWUDP UDPRV RV HO FDPLQRFHUUDGRSRUFDUWyQ\SDUDHOFRQWUDULRGHOWpUPLQRIRQROyJLFRSHUWLQHQWH QRV UHVLVW UHVLVWLPR LPRV V D HPSOHD HPSOHDU U HO SUHILM SUHILMR R QHJDWL QHJDWLYR YR LQ LQ SRUTXH SRUTXH HQFRQW HQFRQWUD UDPRV PRV HO FDPLQR FDPLQR FHUUDGRSRURWURLPSHUWLQHQWHDVtFRPRHQLWDOLDQRORVSXHEORVGHO1RUWHSXHGHQ OODPDUVHQRUGLFLSHURORVGHO6XUQRVHOODPDQVXGLFLSOGHVXGLFLRVXFLRVLQR PHULGLRQDOL3HURVDFDSXQWDVHVSHUIHFWDPHQWHOHJtWLPRGHVGHHOSXQWRGHYLVWDGHO VLVWHPDFIVDFDPXHODVVDFDSHORWDVVDFDERWDVVDFDFRUFKRVHWF\VDFDFODYRVHV ©DPHULFDQLVPRª VyOR SRUTXH HQ HVWH VWH VHQWLGR OD QRUPD HVSDxROD \D WLHQH FRQVDJUDGRHOWpUPLQRGHVFODYDGRU<SDSDOHQHOVHQWLGRGH©SODQWDFLyQGHSDSDVª QRHV©DPHULFDQLVPRªVLQRGHVGHHOSXQWRGHYLVWDGHODQRUPDDFWXDOGH(VSDxD PLHQWUDVTXHGHVGHHOSXQWRGHYLVWDGHOVLVWHPDHVIRUPDFLyQGHORPiVFDVWL]D(Q HIHFWRSDODEUDVSHUIHFWDPHQWHHVSDxRODVVHFUHDQQRVyORHQ(VSDxDVLQRWDPELpQ HQ$PpULFDSRUTXHWDPELpQHQ$PpULFDIXQFLRQDHOVLVWHPDOLQJtVWLFRHVSDxRO\ VLODVSDODEUDVQXHYDVUHSUHVHQWDQUHDOL]DFLRQHVGHSRVLELOLGDGHVGHOVLVWHPDQDGD LPSRUWDTXHKD\DQVXUJLGRHQ0DGULGRHQ0RQWHYLGHR $KR  $KRUD UD WDPELp WDPELpQSRU QSRUORTXHFRQFL ORTXHFRQFLHUQ HUQHD HD ODGHULYDFL ODGHULYDFLyQ yQ ODQRUPD ODQRUPDHVF HVFRJH RJHILM ILMD D\ \ RSRQHODVYDULDQWHV$VtSRUHMSDUDHOIHPHQLQRGHORVQRPEUHVGHDJHQWHHQWRU HOVLVWHPDSURSRUFLRQDODVSRVLELOLGDGHVWRUD\WUL]SHURHQODUHDOL]DFLyQQRUPDO HVRV HVRV PRGH PRGHOR ORV V VH RSRQ RSRQHQ HQ \ VH GLYH GLYHUV UVLI LILF LFDQ DQ  OD QRUP QRUPD D SUHI SUHILH LHUH UH DFWU DFWUL] L] \ GLUH GLUHFW FWRU RUD D UHVHUYDQGRDFWRUDSDUDHOGHUHFKR\GLUHFWUL]SDUDODJHRPHWUtDFRQORFXDOGRV  YDULDQWHV LQWHUFDPELDEOHV LQWHUFDPELDEOHV VH YXHOYHQ XQLGDGHV GLVWLQWDV $Vt WDPELpQ OD QRUPD DGPLWH DGPLWH OD RSRVLF RSRVLFLyQ LyQ PDHVWU PDHVWURP RPDHV DHVWUD WUD SHUR SHUR QR OD RSRVLF RSRVLFLyQ LyQ PLQLVW PLQLVWUR URPLQ PLQLVW LVWUD UD SUHILH SUHILHUH UH R\HQWH R\HQWH D RLGRU RLGRU QDYHJD QDYHJDQWH QWH D QDYHJD QDYHJDGRU GRU  \ OD PLVPD PLVPD QRUPD QRUPD OLPLWD OLPLWDGD GD TXH SHUPLWH HVWXGLDQWHHVWXGLDQWD SUHVLGHQWHSUHVLGHQWD QR DGPLWH QDYHJDQWHQDYHJDQWDQLDPDQWHDPDQWDHVGHFLUTXHUHDOL]DVyORSDUFLDOPHQWHHO VLVWHPD 0iVGLItFLOSDUHFHFRP 0iVGLItFLOSDUHFHFRPSURE SUREDUODGLVWLQF DUODGLVWLQFLyQHQWU LyQHQWUHQRUPD\VLVWHP HQRUPD\VLVWHPDHQHOFDPSR DHQHOFDPSR VLQWiFWLFR6LQHPEDUJRFUHHUQRVTXHSXHGHKDFHUVHSRUTXHQRFRQVLGHUDPRVTXH HVWHFDPSRSHUWHQHFHDO©KDEODªPiVELHQTXHDOD©OHQJXDªFRPRDILUPDQYDULRV DXWRUHV*DUGLQHU%KOHU%U¡QGDO &RPRGHFRVWXPEUHQRVHQFRQWUDP &RPRGHFRVWXPEUHQRVHQFRQWUDPRVDTXtFRQHOGHVDUUROORQXHVWU RVDTXtFRQHOGHVDUUROORQXHVWURHQWHQGHU RHQWHQGHU XQLODWHUDOGHXQDLGHDVDXVVXUHDQD(QHIHFWR6DXVVXUHDILUPDTXHSHUWHQHFHQDO KDEOD KDEOD©OD ©ODV V FRPELQ FRPELQDFL DFLRQ RQHV HVSRU SRU ODV FXDOHV FXDOHV HOVXM HO VXMHWR HWR KDEODQ KDEODQWH WHXWL XWLOL] OL]D D HOFyG HO FyGLJR LJR GHOD GH OD  OHQJXDFRQPLUDVDH[SUHVDUVXSHQVDPLHQWRSHUVRQDOª 





3iJ 3iJ  &/*S 

(QRWUROXJDU6DXVVXUHVHSUHJXQWD©¢KDVWDTXpSXQWRSHUWHQHFHODRUDFLyQDOD OHQJ OHQJXD XD"ª "ª \ DQRW DQRWD D OD LQIL LQILQL QLWD WD YDUL YDULHG HGDG DG GH ODV ODV RUDF RUDFLR LRQH QHV V \ ILQD ILQDOP OPHQ HQWH WH HQ RWUR RWUR FDSt FDStWX WXOR OR FRQW FRQWHV HVWD WD VX SURS SURSLD LD SUHJ SUHJXQ XQWD WD DILU DILUPD PDQG QGR R TXH TXH ©OD ©OD RUDF RUDFLy LyQ Q SHUW SHUWHQ HQHF HFH H DO KDEO KDEOD D QR D OD OHQJ OHQJXD XDª ª (VWD (VWD ~OWL ~OWLPD PD DILU DILUPD PDFL FLyQ yQ VH HQFX HQFXHQ HQWU WUD D UHSH UHSHWL WLGD GD FRPR FRPR GRJP GRJPD D HQ OD OLQJ OLQJt tVW VWLF LFD D SRVW SRVWVD VDXV XVVX VXUH UHDQ DQD D 3HUR 3HUR ¢TXp ¢TXp TXLH TXLHUH UH GHFL GHFLU U HVD HVD IUDV IUDVH H GH 6DXV 6D XVVX VXUH UH" " 6LPS 6LPSOH OHPH PHQW QWH H TXH TXH OD RUDF RUDFLy LyQ Q HV OD XQLG XQLGDG DG GH H[SU H[SUHV HVLy LyQ Q OR FXDO FXDO HV LQQHJDEOH LQQHJDEOH3HURHVWR 3HURHVWRQRVLJQLILFD QRVLJQLILFD TXHQR WHQJD WHQJDHVWU HVWUXFWXU XFWXUD DOLQJ OLQJtVWL tVWLFDGHWHUPLQ FDGHWHUPLQDGD DGD 6L VH TXLHUH TXLHUH VHxDOD VHxDODU U HQ FDPELR FDPELR HO FDUiFW FDUiFWHU HU LQpGLW LQpGLWR R GH WRGD WRGD RUDFLy RUDFLyQ Q \ OD LQILQL LQILQLWD WD  YDULHGDG GH ODV RUDFLRQHV FDEH REVHUYDU TXH ORV HOHPHQWRV GH OD H[SUHVLyQ SDODE SDODEUDV UDV FRQFUH FRQFUHWDV WDV VRQLGR VRQLGRV V TXH FRPSRQ FRPSRQHQ HQ ODV SDODEU SDODEUDV DV VRQ WDQ LQpGLW LQpGLWRV RV HQ HO KDEODUFRQFU KDEODUFRQFUHWRFRPR HWRFRPRODRUDFLyQPLVP ODRUDFLyQPLVPD\TXHOR D\TXHORGHODYDULHGD GHODYDULHGDGGHODVRUDFLRQ GGHODVRUDFLRQHVQR HVQR HV GH SRU Vt XQD FRPSUR FRPSUREDF EDFLyQ LyQ OLQJt OLQJtVWL VWLFD FD VLQR VLQR XQD FRPSUR FRPSUREDF EDFLyQ LyQ DFHUF DFHUFD D GH OD LQILQLWDYDULHG LQILQLWDYDULHGDGGH DGGHORVVHQWLP ORVVHQWLPLHQWR LHQWRV\ V\SHQVD SHQVDPLHQ PLHQWRVKXPDQ WRVKXPDQRVTXHVH RVTXHVH H[SUHVDQHQ H[SUHVDQHQ HOOHQJXDMHODPLVPDREVHUYDFLyQSXHGHKDFHUVHDFHUFDGHORVVRQLGRVDFHUFDGHOD  YDULHGDG GH VLJQLILFDGRV TXH VH DWULEX\HQ D XQ VLJQR HWF 7DPSRFR QRV SDUHFH  YiOLGR HO DUJXPHQWR DUJXPHQWR FRQWUDULR DGXFLGR SRU %U¡QGDO VHJ~Q HO FXDO ORV WLSRV GH RUDF RUDFLy LyQ Q VHUt VHUtDQ DQ JHQH JHQHUD UDOH OHV V \ QR FDUD FDUDFW FWHU HUtVW tVWLF LFRV RV GH HVWD HVWD R GH DTXH DTXHOO OOD D OHQJ OHQJXD XD VH DILU DILUPD PD FRQ FRQ HVWR HVWR VyOR VyOR OD DGPL DGPLUD UDEO EOH H XQLY XQLYHU HUVD VDOL OLGD GDG G \ KRPR KRPRJH JHQH QHLG LGDG DG GHO GHO HVSt HVStUL ULWX WX KXPDQRDXQHQVXLQILQLWDYDULHGDG\PXOWLSOLFLGDG\pVWDQRHVXQDSDUDGRMD(V GHFLUTXHODRUDFLyQHVLQILQLWDPHQWHYDULDEOH\XQLYHUVDOSRUORTXHH[SUHVDSHUR QR QRV SDUHFH TXH OR VHD WDPELpQ LpQ SRU FyPR OR H[SUHVD HQ OR TXH WLHQH GH OLQJ OLQJt tVW VWLF LFR R OD RUDF RUDFLy LyQ Q ©SHU ©SHUWH WHQH QHFH FH D OD OHQJ OHQJXD XDª ª HQ OD PLVP PLVPDD PHGL PHGLGD GD TXH TXH ORV ORV GHPiVKHFKRVGHOOHQJXDMHHVGHFLUSRUVXHVWUXFWXUDLGHDO\SRUODQRUPDGHVX UHDOL]DFLyQ(OPLVPR6DXVVXUHSRURWUDSDUWHFRQVLGHUDTXHODRUDFLyQSHUWHQHFH DOKDEODVyORKDVWDFLHUWRSXQWRSXHVWRTXHHOVLQWDJPDTXHSXHGHVHUSDUWHGH XQDRUDFLyQRWDPELpQXQDRUDFLyQHQWHUDTXHGDGHQWURGHODOHQJXD VHUHDOL]D VHJ~Q ODVUHJODV GHODOHQJ GHOD OHQJXD< XD<*DUG *DUGLQHU LQHUFRPRYLPRVUHFRQ FRPRYLPRVUHFRQRFHTXHODVIXQFLRQH RFHTXHODVIXQFLRQHV V VLQWiFWLF VLQWiFWLFDVVH DVVHHQFX HQFXHQWU HQWUDQHQ DQHQOD©OHQJX OD©OHQJXDªFRPRHVTXHP DªFRPRHVTXHPDVHVWUXF DVHVWUXFWXUD WXUDVPRGHORVQR VPRGHORVQR DSOLFDGRV3HUR¢\ORVGHPiVKHFKRVOLQJtVWLFRVH[LVWHQDFDVRGHRWUDPDQHUDHQHO VLVWHPD"/RVVRQLGRVORVYRFDEORV¢QRH[LVWHQHOORVWDPELpQVyORFRPRHVTXHPDV FRPR FRPR HVWUXF HVWUXFWXU WXUDV DVLGH LGHDOH DOHV VHQ HQHOPLVPR HOPLVPR VLVWHP VLVWHPD D DEVWUD DEVWUDFWR FWR" "¢'H ¢'H TXp PD PDQHU QHUDVL DVL QR FRPRHVWUXFWXUDDVRFLDGD\RSXHVWDDRWUDVHVWUXFWXUDVH[LVWHHQOD©OHQJXDªXQD SDODEUDFRPRODW/XSXV±OXSLOXSROXSXPRFRPRHVSYHRYHPRVYHtD±  YLHQGR"6L OD©OHQJXDªFRPR OD ©OHQJXDªFRPR GLFH*DUGLQHUHV GLFH *DUGLQHUHV XQ©VDEHUªHVWH XQ ©VDEHUªHVWH VDEHUFRPSUHQGH WDPE WDPELp LpQ Q ORV ORV HVTX HVTXHP HPDV DV VLQW VLQWiF iFWL WLFR FRV V TXH TXH D QXHV QXHVWU WUR R HQWH HQWHQG QGHU HU QR VH GLVW GLVWLQ LQJX JXHQ HQ  HVHQ HVHQFL FLDO DOPH PHQW QWH H GH ORV ORV HVTX HVTXHP HPDV DV GH ODV ODV XQLG XQLGDG DGHV HV IyQL IyQLFD FDV V \ VLJQ VLJQLI LILF LFDW DWLY LYDV DV  (Q HIHFWRQRVRWURVSRGHPRVHVWXGLDUHOVLVWHPDGHODVLQWD[LVODWLQD\FRQVWUXLUKR\ IUDVHV IUD VHV ODWLQD ODWLQDV V TXH UHDOLF UHDOLFHQ HQ HVH VLVWHP VLVWHPD D 3RGUi 3RGUi GHFLUV GHFLUVH H TXH OD VLQWD[ VLQWD[LV LV ODWLQD ODWLQD \ OD 



&/*S &/*S  9%U¡QGDO0RUIRORJLRJ6\QWD[S  3iJ  &/*SS  9$0HLOOHW/HFDUDFWqUHFRQFUHWGXPRWHQ/LQJ+LVWRUHW/LQJ*pQ,,3DUtVS\VLJV&I WDPELpQ&K%DOO\/LQJJpQH WDPELpQ&K%DOO\/LQJJpQHWOLQJIU WOLQJIUSS SS  &I &I D HVWH HVWH UHVSHF UHVSHFWR WR HO LQIRUP LQIRUPH H SUHVHQ SUHVHQWDG WDGR R SRU %RKXPL %RKXPLO O 7UQND 7UQND DQWH DQWH HO 9, &RQJUH &RQJUHVR VR ,QWHUQ ,QWHUQDFL DFLRQD RQDO O GH /LQJL /LQJLVWD VWDV V DFHUFD DFHUFD GHO SUREOH SUREOHPD PD GH OD GHILQL GHILQLFLy FLyQ Q GH OD PRUIRO PRUIRORJt RJtD D \ GH OD VLQWD[ VLQWD[LV LV HQ $FWHV $FWHV GX 6L[LqP 6L[LqPH H &RQJUqV,QWHUQDWLRQDOGH/LQJXLVWHV &RQJUqV,QWHUQDWLRQDOGH/LQJXLVWHV5DSSRUWV 5DSSRUWV3DUtVSS 3DUtVSS  

VLQWD[LVGHFXDOTXLHUOHQJXDVHHVWXGLDVREUHODEDVHGHKHFKRVGHKDEODHVGHFLU GHIUDVHVUHDOPHQW GHIUDVHVUHDOPHQWHGRFXPH HGRFXPHQWDG QWDGDV3HURHVWR DV3HURHVWRQRRFXUUHVyORFRQODIUDVH QRRFXUUHVyORFRQODIUDVHWRGRVORV WRGRVORV KHFKRVGHOHQJXDGHEHQKDEHUVLGRDOJXQDYH]KDEOD$VtSRUHMHPSORQRVRWURVQR UHFR UHFRQR QRFH FHPR PRV V SDUD SDUD HO ODWt ODWtQ Q FOiV FOiVLF LFR R XQD XQD IRUP IRUPD D GHH GHH YRFD YRFDWL WLYR YR UHJX UHJXOD ODU U GH GHXV GHXV  VLPSOHPHQWHSRUTXHQRODHQFRQWUDP VLPSOHPHQWHSRUTXHQRODHQFRQWUDPRVGRFXPHQWDGD RVGRFXPHQWDGD  (QWRQFHV¢KDVWDTXpSXQWRODRUDFLyQSHUWHQHFHDOKDEOD"


3RGUtDPRVSRVWXODUODWUDWiQGRVHGHXQDIRUPDSHUIHFWDPHQWHSRVLEOHGHVGHHOSXQWRGHYLVWDGHOVLVWHPD  SHURODOHQJXDQRHVVyORVLVWHPDVLQRWDPELpQQRUPD\  SHURODOHQJXDQR HVVyORVLVWHPDVLQRWDPELpQQRUPD\FXDQGRORHQFRQWUDPRVHQOD FXDQGRORHQFRQWUDPRVHQODQRUPDHOYRFDWLYRGH QRUPDHOYRFDWLYRGH GHXVQRHVGHHVLQRGHXV  &/*SS  3iJ  &I.9RVVOHU)LO &I.9RVVOHU)LORVGHOOHQJXDMH RVGHOOHQJXDMHSS SS  &I-6WHQ]HO)LORVRIt &I-6WHQ]HO)LORVRItDGHOOHQJXDMH DGHOOHQJXDMHWUHVS0D WUHVS0DGULGSS GULGSS\ \

3HUR 3HUR VL HO KDEO KDEODU DU FRQV FRQVLV LVWH WH SUHF SUHFLV LVDP DPHQ HQWH WH HQ HVWD HVWDEO EOHF HFHU HU HVD HVD PLVP PLVPD D UHOD UHODFL FLyQ yQ HV  HYLG HYLGHQ HQWH WH TXH TXH OR TXH TXH QRV QRV SRQH SRQH HQ FRQG FRQGLF LFLy LyQ Q GH KDEO KDEODU DU HO VDEH VDEHU U OLQJ OLQJt tVW VWLF LFR R HO DFHU DFHUYR YR LGLR LGLRPi PiWL WLFR FR GHEH GHEH FRQW FRQWHQ HQHU HU QR VyOR VyOR ORV ORV VLJQ VLJQRV RV DLVOD DLVODGR GRV V FRQ FRQRF RFHU HU WRGR WRGR HO  YRFDEXODULR GH XQD OHQJXD QR VLJQLILFD WRGDYtD FRQRFHU OD OHQJXD PLVPD VLQR WDPE WDPELp LpQ Q OD PD PDQH QHUD UD GH DFWX DFWXDO DOL] L]DU DUOR ORV V \ GH UHOD UHODFL FLRQ RQDU DUOR ORV V HQWU HQWUH H HOOR HOORV V \ FRQ FRQ XQD XQD  VLWXDFLyQ <VLHOVLVWHPDOLQJtVWLFRHVHOVLVWHPDDEVWUDFWRGHODVRSRVLFLRQHV TXHVHHVWDEOHFHQHQHOKDEODUFRQFUHWR\GHODVIXQFLRQHVTXHHOODVFXPSOHQHV HYLG HYLGHQ HQWH WH TXH TXH GHEH GHEH SRVW SRVWXO XODU DUVH VH OD H[LV H[LVWH WHQF QFLD LD HQ HO PLVP PLVPR R GH WRGD WRGDV V ODV ODV IXQF IXQFLR LRQH QHV V OLQJtVWLFDVDODVIXQFLRQHVIRQROyJLFDVRGLVWLQWLYDVTXHLQGLYLGXDOL]DQVHSDUDQ\ GLVWLQJXHQ ORV VLJQRV OD I FXOPLQDWLYD OD I GHOLPLWDWLYD \ OD I GLVWLQWLYD SURSLDPHQWHGLFKDEODVIXQFLRQHVHVWLOtVWLFDVXRULHQWDGRUDVTXHGHWHUPLQDQHO  YDORUHVSHFtILFRGHOVLJQRHQHODFWRYHUEDORULHQWiQGRORKDFLDHOKDEODQWHHOR\HQWH  YDORUHVSHFtILFRGHOVLJQRHQHODFWRYHUEDORULHQW iQGRORKDFLDHOKDEODQWHHOR\HQWH R OD FRVD FRVD I H[SUHV H[SUHVLYD LYD I DSHODW DSHODWLYD LYD I GHtFW GHtFWLFD LFD  F ODV IXQFLR IXQFLRQHV QHV PRUIRO PRUIROyJL yJLFDV FDV HV GHFLUODIXQFLyQFODVLILFDGRUDTXHFODVLILFDHOVLJQRFRPRLQVWUXPHQWRSDUWLFXODUGH FRQRF RQRFLP LPLH LHQ QWR FR FRPR FDWHJ DWHJRRUtD UtD YHU YHUEDO R ©SDUWH DUWH GH OD RUDF RUDFLy LyQ Qª \ OD IXQ IXQFLyQ LyQ DFWXDOL]D DFWXDOL]DGRUD GRUDTXH TXHYXHOY YXHOYHHO HHOVLJQR VLJQRDSWRSDUDXQ DSWRSDUDXQHPSOH HPSOHRFRQFUHW RFRQFUHWRHQ RHQXQDFWRYHUEDO XQDFWRYHUEDO R VHD VHD OR LQWURG LQWURGXFH XFH HQ XQD FDWHJ FDWHJRUt RUtD D JUDP JUDPDWL DWLFDO FDO  JpQHUR JpQHUR Q~PHU Q~PHUR R FDVR FDVR WLHPS WLHPSR R PRGR RGR DVS DVSHFWR HFWR SHU SHUVRQ VRQD HWF HWF  G OD IXQ IXQFLyQ LyQ VLQ VLQWiFW WiFWLF LFDD R UHODFL ODFLRRQDGR QDGRUUD TXH UHODFLRQDORVVLJQRVHQWUHHOORVORVFRQVWLWX\HHQXQLGDGHVH[SUHVLYDV\ORVUHILHUHD XQDVLWXDFLyQHODVIXQFLRQHVVLPEyOLFDVHVGHFLUODIXQFLyQUHSUHVHQWDWLYDTXH SHUWHQHFHLQPHGLDWDPHQWHDOVLJQRFRPRPHGLRFRJQ SHUWHQHFHLQPHGLDWDPHQWHDOVLJQRFRPRPHGLRFRJQRVFLWLYRLQGHSHQGLHQWH RVFLWLYRLQGHSHQGLHQWHPHQWH PHQWH  GH VX DFWXDO DFWXDOL]D L]DFLy FLyQ Q \ GH VXV UHODFL UHODFLRQH RQHV V \ OD IXQFLy IXQFLyQ Q DVRFLD DVRFLDWLY WLYDD  TXH TXH DVRF DVRFLD LD ORV ORV VLJQRV VLJQRV FRPR FRPR IDF IDFWRU WRUHV HV GH FRQRFL FRQRFLPLH PLHQWR QWR SRU VX IRUPD IRUPD R SRU VX FRQWHQ FRQWHQLGR LGR 7RGDV 7RGDV HVWDV IXQFLRQHV IXQFLRQHVVRQ VRQVHPiQ VHPiQWLFDV WLFDVSXHVWRTXHVH SXHVWRTXHVHUHILH UHILHUHQDORV UHQDORVVLJQ VLJQRVOLQJtVW RVOLQJtVWLFRV\D LFRV\D VX HPS HPSOHR OHR \ HQ HVWH HVWH VHQ VHQWLGR LGR FUHHP HHPRV RV KD\ TXH TXH HQWHQ WHQGHU GHU OD IDP DPRV RVDD IUDV IUDVH H GH 6FKXFKDU 6FKXFKDUGWVHJ~QODFXDO©H[LV GWVHJ~QODFXDO©H[LVWHXQDVRODJUDPi WHXQDVRODJUDPiWLFD WLFD\ \VHOODPDVHPiQ VHOODPDVHPiQWLFD WLFDR RPHMR PHMRU U  WRGDYtDFLHQFLDGHODGHVLJQDFLyQª  (QHOFDPSRVLQWiFWLFRODGLVWLQFLyQHQWUHQRUPD\VLVWHPDDSDUHFHHQSULPHU OXJDUFRPRGLVWLQFLyQHQWUHORVWLSRVJHQHUDOHVR©UHJXODUHVªGHFRQVWUXFFLyQ\ODV IyUPXO IyUPXODV DV ILMDV ILMDV GH ODV TXH KDEOD KDEOD 6DXVVX 6DXVVXUH UH PLHQWU PLHQWUDV DV TXH DTXHOO DTXHOORV RV SHUWHQ SHUWHQHFH HFHQ QDO VLVWHPDpVWDVUHSUHVHQWDQUHDOL]DFLRQHVW VLVWHPDpVWDVUHSUHVHQWDQUHDOL]DFLRQHVWUDGLFLRQDOHVGHHVTXHPD UDGLFLRQDOHVGHHVTXHPDVFRQWHQLGRVHQHO VFRQWHQLGRVHQHO VLVWHPDPLVPRHVGHFLUTXHVRQKHFKRVGHQRUPD (Q VHJX VHJXQG QGR R OXJD OXJDU U DTXt DTXt WDPE WDPELp LpQ Q HQWU HQWUH H ODV ODV YDUL YDULDQ DQWH WHV V GH XQ HVTX HVTXHP HPD D VLQW VLQWiF iFWL WLFR FR SHUPLWLGDVSRUHOVLVWHPDXQDSXHGHFRQVLGHUDUVHFRPRODUHDOL]DFLyQQRUPDOHQOD OHQJXD OHQJXD GDGD GDGD PLHQW PLHQWUDV UDV TXH ODV GHPiV GHPiV R VRQ DQRUP DQRUPDOH DOHV V R DGTXLH DGTXLHUHQ UHQ QRUPDO QRUPDOLGD LGDG G VyOR VyOR HQ XQD GHWHUP GHWHUPLQ LQDGD DGD FRQYHQ FRQYHQFLy FLyQ Q HVWLOt HVWLOtVWL VWLFD FD $Vt $Vt SRU HMHPS HMHPSOR OR HQ HVSDxR HVSDxROO HV QRUP QRUPDO DO OD IUDV IUDVH H VH PH KD GDGR GDGR SHUR SHUR QR OR HV OD IUDV IUDVH H PH VH KD GDGR GDGR TXH TXH VLQ VLQ HPEDUJRPDQWLHQHWRGDVODVGLVWLQFLRQHVUHT HPEDUJRPDQWLHQHWRGDVODVGLVWLQFLRQHVUHTXHULGDVSRUHOVLVWHPD\HVHQFDPELR XHULGDVSRUHOVLVWHPD\HVHQFDPELR QRUPDO QRUPDO HQLWDOLDQ HQLWDOLDQR RP PLLVLq VLq GDWR GDWR (QHVSDxRO (QHVSDxRO KD\ TXH GHFLUQRYR\PiVFRPR GHFLUQRYR\PiVFRPR HQ LWDOLDQRQRQYDGRSLPLHQWUDVTXHHQUXPDQRVHGLFHQXPDLPHUJ©QRPiV 



3iJ &I:3RU]LJ2EFL &I:3RU]LJ2EFLWSS WSS  1RVHFRQIXQGDFRQODIDVR 1RVHFRQIXQGDFRQODIDVRFLDWLYDGHODIR FLDWLYDGHODIRQRORJtDTXHHVVyO QRORJtDTXHHVVyORXQDIXQFLyQGLVW RXQDIXQFLyQGLVWLQWLYDVHFXQGDULD LQWLYDVHFXQGDULD  +XJR6FKXFKDUGW%UHYLHU+DO +XJR6FKXFKDUGW%UHYLHU+DOOHS OHS  3iJ 

 YR\ª \ HQ DOHPiQ LFK JHKH QLFKW PHKU ©\R YR\ QR PiVª HV GHFLU TXH DTXt WDPE WDPELp LpQ Q ODV ODV UHDO UHDOL] L]DF DFLR LRQH QHV V QRUP QRUPDO DOHV HV FDUD FDUDFW FWHU HUL] L]DQ DQ XQD XQD OHQJ OHQJXD XD Pi PiV V DOOi DOOi GH ODV ODV RSRV RSRVLF LFLR LRQH QHV V IXQF IXQFLR LRQD QDOH OHV V 'HO 'HO PLVPR LVPR PRGR RGR HV YHUG YHUGDG DG TXH TXH HQ ODWt ODWtQ Q HO VLVW VLVWHP HPD D SHUPLWtD SHUPLWtDSDUDGHFLU©3HGU SDUDGHFLU©3HGURDPDD RDPDD3DEOR 3DEORªFXDOTX ªFXDOTXLHUDGHHVWDVH[SUH LHUDGHHVWDVH[SUHVLRQH VLRQHV3HWUXV V3HWUXV 3DXOXP 3DXOXP DP DPDW DW 3DXOXP 3DXOXP 3HWUXV 3HWUXV DP DPDW DW 3HWUXV 3HWUXV DP DPDW DW 3DXOXP 3DXOXP 3DXOXP 3DXOXP DP DPDW DW 3HWUXV 3HWUXV  $PDW3HWUXV3DXOXP$PDW3DXOXP3HWUXVSHURWDPELpQHV  $PDW3HWUXV3DXOXP$PDW3DXOXP 3HWUXVSHURWDPELpQHVYHUGDGTXHOD YHUGDGTXHODSULPHUD SULPHUD HUDODFRQVWUXFFLyQQRUPDOPLHQWUD HUDODFRQVWUXFFLyQQRUPDOPLHQWUDVTXHODVGHPiVRQRHUDQQRUPDOHVRWHQGU VTXHODVGHPiVRQRHUDQQRUPDOHVRWHQGUtDQ tDQ SDUW SDUWLF LFXO XODU DUHV HV YDOR YDORUH UHV V HVWL HVWLOt OtVW VWLF LFRV RV  HO RUGH RUGHQ Q GH ODV ODV SDOD SDODEU EUDV DV HQ OD IUDV IUDVH H ODWL ODWLQD QD HUD HUD PXFKRPHQRVDUELWUDULR\IDFXOWDW PXFKRPHQRVDUELWUDULR\IDFXOWDWLYRGHORTXHGLFHQQXHVWURVP LYRGHORTXHGLFHQQXHVWURVPDQXDOHV DQXDOHV )LQDOPHQWHWDPELpQHQHOFDPSRVLQWiFWLFRGRVYDULDQWHVLQWHUFDPELDEOHVGHVGHHO SXQWRGH SXQWRGH YLVWD YLVWDGHO GHO VLVWHPD VLVWHPDSXH SXHGHQ GHQ RSRQHU RSRQHUVHHQ VHHQ ODQRUPD$VtSRU ODQRUPD$VtSRU HM HMHOVLVWHP HOVLVWHPD D HVSDxROSHUPLWHHQGHWHUPLQDGRVFDVRVODFRQVWUXFFLyQGHFRPSOHPHQWRREMHWR SHUVRQDOFRQODSUHSRV SHUVRQDOFRQODSUHSRVLFLyQ LFLyQD DRVLQHOODSHURHVHYLGHQW RVLQHOODSHURHVHYLGHQWHTXHHQOD HTXHHQODQRUP QRUPDTXHUHU DTXHUHUD D XQFULDGRVH XQFULDGRVH RSRQHQHWD RSRQHQHWDPHQ PHQWHD WHD TXHUHU TXHUHU XQFULDGR&RPSiUHVHHQHOPLVPR VHQWLGRHO VHQWLGRHO VLJQLILFD VLJQLILFDWLYRHMHPSOR WLYRHMHPSOR IUDQFpVHVWXGLDGR IUDQFpVHVWXGLDGR SRU%DOO\FURLUH HQ'LHXFURLUH HQ'LHXFURLUH  DXGLDEOH    6LQ 6LQ HPED HPEDUJ UJR R ODV ODV GLIL GLILFX FXOW OWDG DGHV HV PD PD\R \RUH UHV V SRU SRU OR TXH TXH FRQF FRQFLH LHUQ UQH H D OD GLVW GLVWLQ LQFL FLyQ yQ HQWUHQRUPD\VLVWHPDVHHQFXHQWUDQHQHOFDPSRGHOOp[LFRSURSLDPHQWHGLFKRHV GHFLUHQHO GHFLUHQHOFDPS FDPSRGRQGHDFW~ RGRQGHDFW~DQODVIXQFLR DQODVIXQFLRQHVDODVTXHOODPDPR QHVDODVTXHOODPDPRVUHSUHVH VUHSUHVHQWDW QWDWLYD\ LYD\ DVRFLDWLYD3HURQRVHWUDWDGHGLILFXOWDGHVLQKHUHQWHVDODGLVWLQFLyQPLVPDVLQRGH GLIL GLILFX FXOW OWDG DGHV HV TXH TXH VH GHEH GHEHQ Q D OD HQRU HQRUPH PH FRPS FRPSOH OHML MLGD GDG G H LQIL LQILQL QLWD WD YDUL YDULHG HGDG DG GH ODV ODV RSRV RSRVLF LFLR LRQH QHV V TXH TXH VH HVWD HVWDEO EOHF HFHQ HQ HQ HVWH HVWH FDPS FDPSR R \ TXH TXH KDFH KDFHQ Q WDQ WDQ DUGX DUGXR R HO HVWX HVWXGL GLR R VLVWHPiWLFRGHOYRFDEXODULRHQHIHFWRDSHVDUGHORVJLJDQWHVFRVHVIXHU]RVTXHVH KDQKHFKRDXQORVJUDQGHVPRQXPHQWRVOH[LFRJUiILFRVQRGHMDQGHVHUHQPi[LPD SDUWH SDUWH VLPSOH VLPSOHV V UHSHUW UHSHUWRUL RULRV RV HQ ORV TXH ODV SDODEU SDODEUDV DV VH FRQVLG FRQVLGHUD HUDQ Q FRPR FRPR HQWLGD HQWLGDGHV GHV DLVODGDV\QRFRPRHOHPHQWRVGHXQVLVWHPDRUJiQLFDPHQWHRSXHVWRV\DVRFLDGRV /DV /D V RSRV RSRVLF LFLR LRQH QHV V IXQG IXQGDP DPHQ HQWD WDOH OHV V SRGU SRGUiQ iQ TXL] TXL]i i GLVW GLVWLQ LQJX JXLU LUVH VH \ UHGX UHGXFL FLUV UVH H DT DTXt Xt WDPE WDPELp LpQ Q D WLSR WLSRV V FRQV FRQVWD WDQW QWHV HV DED DEDQG QGRQ RQiQ iQGR GRVH VH GHVG GHVGH H OXHJ OXHJR R HO DUEL DUELWU WUDU DULR LR RUGH RUGHQ Q DOIDEpWLFRSHURVXQ~PHURUHVXOWDUiVLQGXGDPXFKRPiVHOHYDGRTXHHOGHODV RSRVLFLRQHVFRPSUREDGDVHQHOFDPSRIyQLFRHQODPRUIRORJtDHQODIRUPDFLyQGH ODVSDODEUDV\HQODVLQWD[LV   &UHH &UHHPR PRV V TXH TXH SRU SRU OR TXH TXH FRQF FRQFLH LHUQ UQH H DO Op[L Op[LFR FR FRUU FRUUHV HVSR SRQG QGHQ HQ DO VLVW VLVWHP HPD D OD SDUWLFXODUFODVLILFDFLyQFRQFHSWXDOGHOPXQGRTXHWRGDOHQJXDUHSUHVHQWDIXQFLyQ UHSUHVHQWDWLYD \ OD PDQHUD SHFXOLDU FRQ TXH HVD FODVLILFDFLyQ VH UHDOL]D IRUPDOPHQWHHQFDGDLGLRPDWDQWRHQHOPRP IRUPDOPHQWHHQFDGDLGLRPDWDQWRHQHOPRPHQWRGHODFUHDFLyQGHOVLJQRFRP HQWRGHODFUHDFLyQGHOVLJQRFRPRHQ RHQ VX UHSH UHSHWL WLFL FLyQ yQ IXQ IXQFL FLyQ yQ DVRF DVRFLD LDWL WLYD YD  &RQV &RQVLG LGpU pUHV HVH H SRU SRU HMHP HMHPSO SOR R HO FDVR FDVR GHO GHO SHUV SHUVD D  NKRUG NKRUG Q DO FXDO FXDO FRUUHV FRUUHVSRQ SRQGHQ GHQ HQ HVS HVS GRV GRV YHUE YHUERV RV FRPH FRPHU U \ EHEH EHEHU U \D \D QXHV QXHVWU WUR R FRPHUFRUUHVSR FRPHUFRUUHVSRQGHHQ QGHHQ DOHPiQ DOHPiQHVVHQ HVVHQ \IUHVV \ IUHVVHQHPSOHDGR HQHPSOHDGRV VUHVS UHVSHFWLY HFWLYDPHQ DPHQWHSDUD WHSDUD VHUHVKXPDQRV\SDUDDQLPDOHV\HQWDPDQDFROHQJXDLQGtJHQDGHO%UDVLOMXFXU~  MHPHUt MDQHUt UHVSHFWLYDPHQWH UHVSHFWLYDPHQWH ©FRPHU SDQª ©FRPHU IUXWD R PLHOª ©FRPHU 



3iJ &I.9RVVOHU$OJXQRV &I.9RVVOHU$OJXQRVFDUDFWHUHVGHO FDUDFWHUHVGHODFXOWXUDHVSDxROD DFXOWXUDHVSDxROD%XHQRV$LUHV %XHQRV$LUHVS S  )HVWVFKULIW7DSSROHW%DVL )HVWVFKULIW7DSSROHW%DVLOHDSS OHDSS   3iJ 

FDUQHª R HO FDVR FDVR GHO GHO ODW ODW HVVH HVVH DO FXDO FXDO FRUU FRUUHV HVSR SRQG QGHQ HQ HQ HVSD HVSDxR xROO VHU VHU \ HVWD HVWDU U \ WDPELpQH[LVWL WDPELpQH[LVWLUKDOODU UKDOODUVHKDEHU VHKDEHUVRQpVWDVGLIHUHQ VRQpVWDVGLIHUHQFLDVGHVLVWHPD FLDVGHVLVWHPDGHVGHHO GHVGHHOSXQW SXQWR R GH YLVW YLVWD D GH OD UHSU UHSUHV HVHQ HQWD WDFL FLyQ yQ FRQ FRQ ODV ODV TXH TXH VH HQIU HQIUHQ HQWD WD TXLH TXLHQT QTXL XLHU HUD D TXH TXH KD\D KD\D FRQVXO FRQVXOWDG WDGR R DOJXQD DOJXQD YH] XQ GLFFLR GLFFLRQD QDULR ULR ELOLQ ELOLQJH JH R KD\D KD\D WUDGX WUDGXFLG FLGR R GH XQD OHQJXD OHQJXD D RWUD3RUORTXHDWDxHDODVGLIHUHQFLDVVLVWHPiWLFDVDVRFLDWLYDVREVpUYHVHTXHSDUD ORVODWLQRVHOQRPEUHGHODOXQDOXQDOXFVQDORXFVQDVLJQLILFDEDHQVXRULJHQ ©OD ©OD UHVS UHVSOD ODQG QGHF HFLH LHQW QWHª Hª UHOD UHODFL FLRQ RQiQ iQGR GRVH VH FRQ FRQ OXFH OXFHR R PLHQ PLHQWU WUDV DV TXH TXH SDUD SDUD ORV ORV JULH JULHJR JRV V    VH UHODFLRQDED FRPR SDUD ORV HVODYRV FRQ OD LGHD GH ©PHGLUª HO WLHP WLHPSR SR  R TXH TXH D QRPE QRPEUH UHV V FRPR FRPR LQJ LQJ EDW EDW LW LW SLSL SLSLVW VWUH UHOO OOR R IU IU FKDX FKDXYH YHV VRX RXUL ULV V HVS HVS PXUF PXUFLp LpOD ODJR JR FRUU FRUUHV HVSR SRQG QGHQ HQ DVRF DVRFLD LDFL FLRQ RQHV HV GLVW GLVWLQ LQWD WDV V HQ ORV ORV UHVS UHVSHF HFWL WLYR YRV V LGLR LGLRPD PDV V OR PLVP LVPR SXHG SXHGH H FRPS RPSURED UREDUUVH WDP WDPELpQ LpQ HQ HMHP HMHPS SORV ORV WULYLD LYLDOH OHV V FRPR RPR HO GH HVS HVS VREUHWRGR©VREUHWRGRªFRPRHOLQJRYHUDOODOFXDOWUDGXFHIUHQWHDLWVRSUDELWR ©VREUHYHVWLGRªIUSDUGHVVXV©SRUHQFLPDªRHOGHDJXMHURTXHVHUHODFLRQD FRQDJXMDOR FRQDJXMDORFXDOQRRFXUU FXDOQRRFXUUHFRQIUWURXLWEXFRR HFRQIUWURXLWEXFRRHOGHHVSWHQHGRU HOGHHVSWHQHGRUUHODFLRQ UHODFLRQDGR DGR FRQWHQHUPLHQWUDVTXHLWIRUFKHWWDIUIRXUFKHWWHVHUHODFLRQDQFRQIRUFDIRXUFKH HWF 3RUORTXHFRQFLHUQHDODQRUPDRVHDDODUHDOL]D 3RUORTXHFRQFLHUQHDODQRUPDRVHDDODUHDOL]DFLyQ FLyQQRUPDOGHOVLVWH QRUPDOGHOVLVWHPDVH PDVH FRPSUXHEDTXHDTXtWDPELpQHQWUHODVYDULDQWHVDGPLWLGDVSRUHOVLVWHPDWDQWR GHVGHHOSXQWRGHYLVWDVLJQLILFDWLYRFRPRGHVGHHOSXQWRGHYLVWDIRUPDOXQDVXHOH VHU OD QRUPDO PLHQWUDV TXH ODV ODV GHPiV R UHVXOWDQ DQRUPDOHV R WLHQHQ XQ GHWHUP GHWHUPLQD LQDGRYDORU GRYDORU HVWLOt HVWLOtVWL VWLFR FR $Vt $VtHV HVHYL HYLGHQ GHQWHTXH WHTXHHQFDVRV HQFDVRV GHORV GH ORV PiV FRPXQH FRPXQHV V FRPREUD]RiUEROFDVDPDUXQGHWHUPLQDGRVLJQLILFDGRHV©QXFOHDUªRSULQFLSDO PLHQWUDV TXH TXH ORV ORV GHPi GHPiV V VRQ VRQ ©ODW ©ODWHU HUDO DOHV HVª ª GHQW GHQWUR UR GH OD HVIH HVIHUD UD GH VLJQ VLJQLI LILF LFDG DGRV RV SRVLEO SRVLEOHVGH HVGH HVRV HVRVQRP QRPEUH EUHVFRPR VFRPR WDPELp WDPELpQ QTXH TXHHQW HQWUHSHUU UHSHUUR R\ \FDQ FDQODSULP ODSULPHUD HUD HVOD  YDULDQWHQRUPDO  YDULDQWH QRUPDOHQ HQHVSDxRO HVSDxRO0DV 0DVHO HO KHFKRGH KHFKR GH H[LVWLUORV H[LVWLU ORV VLJQLILFDGRV©ODWHUDOHVª VLJQLILFDGRV ©ODWHUDOHVªR R VHFXQG VHFXQGDUL DULRV RV SHUP SHUPLWL LWLGRV GRV SRU HO VLVWHP VLVWHPD D SHUR SHUR QRFRP QR FRPXQH XQHV V R FRPSOH FRPSOHPHQ PHQWDU WDULRV LRV R ILMDGRVHQGHWHUPLQDGRVHPSOHRVWUDGLFLRQDOHVHQODQRUPDHVPX\LPSRUWDQWH SXHV H[SOLF OLFD HO PHFDQLVPR GH PXFKRV FDPELRV VHPiQWLFRV GDGR TXH  MXVWDPHQWHSRU  MXVWDPHQWH SRU ORV VLJQLILFDGRV©ODWHUDOHVª VLJQLILFDGRV ©ODWHUDOHVªODV ODV HVIHUDV VLJQLILFDWLYDVGH VLJQLILFDWLYDV GH ORV YDULRV VLJ VLJQRV QRV VH HQWU HQWUHF HFUUX]D X]DQ \ VH UHODF HODFLR LRQ QDQ FI FI  SRU HM HM FiQGL iQGLGR GR  EOD EODQ QFR ! VLQ VLQ PDQFK PDQFKD D!V !VLQ LQ FXOSD FXOSD! ! LQRFHQ LQRFHQWH WH SRU OR FXDO FXDO WHQHP WHQHPRV RV FiQGLG FiQGLGR R LQRFH LQRFHQW QWH H SXUR SXUR  LQJHQXR   < WDPELpQ DTXt VH FRPSUXHED OD RSRVLFLyQ HQ OD QRUPD GH YDULDQWHV TXH FRUUHV FRUUHVSRQ SRQGHQ GHQ D XQD ~QLFD ~QLFD LQYDUL LQYDULDQ DQWH WH GHO VLVWHP VLVWHPD D (O HMHPS HMHPSOR OR Pi PiV V FODUR FODUR HQ HVWH HVWH VHQWLGRQRVSDUHFHHOGHORVVLQyQLPRVFX\RHPSOHRQRHVFDVLQXQFDLQGLIHUHQWH HQODQRUPDSRUHOORVHGLFHTXHHQODOHQJXDQRKD\VLQyQLPRVHQHIHFWRWHUFR QRHVORPLVPRTXHREVWLQDGROLJDUQRHVORPLVPRTXHDWDUSHUPDQHFHUQRHV H[DFWDPHQWHTXHGDUWRPRQRWLHQHORVPLVPRVHPSOHRVTXHYROXPHQGHOPLVPR PRGRVH PRGRVH GLFH GLFHSHU SHUUR UR UDVWU UDVWUHUR HUR \QRFDQUDVWU \ QRFDQUDVWUHUR HURPL PLHQW HQWUDV UDV TXH HQOD DVWURQ DVWURQRPt RPtD DVH VH 



&I$3DJOLDUR&RUVR &I$3DJOLDUR&RUVRGLJORWW, GLJORWW,S S 3iJ  &I93LVDQ/(WLPRORJtD &I93LVDQ/(WLPRORJtD0LOiQS 0LOiQS\VLJV \VLJV  (QQXHVWURDQiOLVLVGHODOHQJXDGH,RQ%DUEXFRPFLWLQGLFiEDPRVXQDVHULHGHFDPELRVVHPiQWLFRVGH HVHWLSRUHDOL]DGRVSRUHOSRHWDFDPELRVOHJtWLPRVHLQWHOLJLEOHVGHVGHHOSXQWRGHYLVWDGHOVLVWHPDSHUR LQVyOLWRVGHVGHHOSXQWRGHYLVWDGHODQRUPD 

GLFH GLFH &D &DQ Q PD PD\R \RU U \ QR 3HUU 3HUUR R PD\RU D\RU < HVWD HVWDV V RSRV RSRVLF LFLR LRQH QHV V HQ OD QRUP QRUPD D WDP WDPELpQ ELpQ FDUDFWHUL]DQODVOHQJXDVFRPRPX\ELHQVHSXHGHFRPSUREDUHQODWUDGXFFLyQDVt SRUHMHPSORHVQRWDEOH\PHUHFHUtDXQHVWXGLRSDUWLFXODUHOFDVRGHODVSDUHMDVGH  YHUERVHVSDxROHVGHULYDGRVUHVSHFWLYDPHQWHGHOLQILQLWLYR\GHOVXSLQRODWLQRDORV  YHUERVHVSDxROHVGHULYDGRVUHVSHFWLYDPHQWHGHOLQILQLWLYR\GHOVXSLQRO DWLQRDORV FXDO FXDOHV HV FRUU FRUUHV HVSR SRQG QGH H HQ FDGD FDGD FDVR FDVR XQ ~QLF ~QLFR R YHUE YHUER R HQ IUDQ IUDQFp FpV V \ HQ LWDO LWDOLD LDQR QR FI FI  FRQF FRQFXU XUUL ULU U  FRQF FRQFXU XUVD VDU U GLIH GLIHUL ULUU  GLODWDU WUDQVIHULU ± WUDVODGDU IUHQWH D IU FRQFRXULUGLIIpUHUWUDQVIpUHU FRQFRXULUGLIIpUHUWUDQVIpUHULWFRQFRUUHUH LWFRQFRUUHUHGLIHULUpWUDQVIHU GLIHULUpWUDQVIHULUH LUH  $VLPLVPRHV HYLGHQWHTXH QRWRGDV ODVDVRFLDFLRQHVSRVLEOHV ODV DVRFLDFLRQHVSRVLEOHV HQHO HQ HOVLVWHPD VLVWHPDSRUHO SRUHO  ODGR ODGR GHO GHO FRQW FRQWHQ HQLG LGR R R SRU SRU HO ODGR ODGR GH OD IRUP IRUPD D VH GDQ GDQ WDP WDPELpQ ELpQ HQ OD QRUP QRUPD D FRQVLGpUHVHTXHODODERUFUHDWLYDHQHOOHQJXDMH\HQSDUWLFXODUODODERUSRpWLFD FRQVLV FRQVLVWH WH HQ JUDQ JUDQ SDUWH SDUWH HQ GHVFXE GHVFXEULU ULU FDGD FDGD YH] QXHYDV QXHYDV DVRFLD DVRFLDFLR FLRQHV QHV VLJQLI VLJQLILFD LFDWLY WLYDV DV LPi LPiJH JHQH QHV V R IRUP IRUPDO DOHV HV ULP ULPD D DVRQ DVRQDQ DQFL FLD D DOLW DOLWHU HUDF DFLy LyQ Q DUPR DUPRQt QtD D LPLW LPLWDW DWLY LYD D HWF HWF  SRVLEOHVHQHOVLVWHPDHVGHFLUYLUWXDOPHQWHH[LVWHQWHVSHURLQpGLWDVHQODQRUPD (MHP (MHPSO SORV RV LQWH LQWHUH UHVD VDQ QWHV WHV HQ HVW HVWH VHQ VHQWLGR WLGR VRQ VRQ ORV ORV TXH QRV RIUHF IUHFHHQ ORV ORV WpU WpUPLQRV LQRV FRUUHO FRUUHODWL DWLYRV YRV \ ORV DQWyQL DQWyQLPR PRV V TXH QR WLHQHQ WLHQHQ HQ OD QRUPD QRUPD HPSOHR HPSOHRV V FRUUHO FRUUHODWL DWLYRV YRV R H[DFWDPHQWHFRQWUDULRVFRP H[DFWDPHQWHFRQWUDULRVFRPRORVSRGUtDQWHQHUGHVGHHOSXQW RORVSRGUtDQWHQHUGHVGHHOSXQWRGHYLVWDGHOVLVWHPD RGHYLVWDGHOVLVWHPD DVtXQDSLH]DHQODTXHVHFRPHVHOODPDFRPHGRUSHURXQDSLH]DHQODTXHVHEHEH QRVHOODPDEHEHGRUDRULJHQRVFXURFRUUHVSRQGHQRUPDOPHQWHRULJHQLOXVWUHPiV  ELHQ TXH RULJHQ FODUR ORV FRQWUDULRV QRUPDOHV GH LPSODFDEOH LPSHUWXUEDEOH LPSD LPSDVL VLEO EOH H QR VRQ VRQ SODF SODFDE DEOH OH SHUW SHUWXU XUED EDEO EOH H SDVL SDVLEO EOH H OR FRQW FRQWUD UDUL ULR R GH XQD XQD PXFK PXFKDF DFKD KD LPSR LPSRVL VLEO EOH H QR HV XQD XQD PXFK PXFKDF DFKD KD SRVL SRVLEO EOH H D XQ KRPE KRPEUH UH ELHQ ELHQ QR FRUU FRUUHV HVSR SRQG QGH H XQ KRPEUH KRPEUH PD PDO O\ \ D XQD SUHJX SUHJXQWD QWD FRPR FRPR ©¢9DP ©¢9DPRV" RV"ª ª VHSXH VH SXHGH GHFRQ FRQWHV WHVWDU WDU ©%LHQ ©%LHQª ª Vt Vt SHURQR©0DOªQR  <YLFHYHUVDDOSDQEODQFRVH  <YLFHYHUVDDO SDQEODQFRVHRSRQHHOSDQ RSRQHHOSDQQHJURTXHQR QHJURTXHQRHVQHJUR\ HVQHJUR\DODJXDVDODGD DODJXDVDODGD  HODJXDGXOFHTXHHVVLPSOHPHQWHQRVDODGD 6HWUDWDVLHPSUHGHRSRVLFLRQHVHQ ODQRUPDTXHFDUDFWHUL]DQORVLGLRPDVDORVTXHSHUWHQHFHQDVtQXHVWURYLQRWLQWR HVURMRHQLWDOLDQRYLQRURVVR\QHJURHQVHUYLRFURDW HVURMRHQLWDOLDQRYLQRURVVR\ QHJURHQVHUYLRFURDWDFUQRYLQR DFUQRYLQR +HPRVFRPSUREDGRSXHVTXHHQWRGRVORVFDPSRVHQWRGDVODVIXQFLRQHVTXH VH SXHGHQ SXHGHQ FRQVLG FRQVLGHUD HUDU U HQ HO OHQJX OHQJXDMH DMH HV SRVLE SRVLEOH OH \ QHFHVD QHFHVDULR ULR GLVWLQ GLVWLQJXL JXLU U ORV GRV DVSH DVSHFW FWRV RV GH QRUP QRUPD D \ VLVW VLVWHP HPD D SDUD SDUD XQD XQD FRPS FRPSUH UHQV QVLy LyQ Q Pi PiV V tQWL tQWLPD PD GH ORV ORV KHFK KHFKRV RV OLQJ OLQJt tVW VWLF LFRV RV  R PHMR PHMRU U TXH TXH DO ODGR ODGR GHO GHO VLVW VLVWHP HPD D IXQF IXQFLR LRQD QDO O KD\ KD\ TXH TXH GLVW GLVWLQ LQJX JXLU LU OD UHDOL]DFLyQQRUPDORVHDXQJUDGRLQIHULRUGHDEVWUDFFLyQTXHWDPELpQ UHDOL]DFLyQQRUPDORVHDXQJUDGRLQIHULRUGHDEVWUDFFLyQTXHWDPELpQFDUDFWHUL]D FDUDFWHUL]D ODVOHQJXDV(QHIHFWRVLDOVLVWHPDIRQROyJLFRGHXQDOHQJXDFRUUHVSRQGHJURVVR PRGRORTXH6ZHHWOODPDEDEURDGWUDQVFULSWLRQWUDQVFULSFLyQIRQpWLFDDPSOLDHV LQGXGDEOHTXHpVWDQRDJRWDODGHVFULSFLyQIyQLFDGHODOHQJXDPLVPDTXHSUHVHQWD VLHPS VLHPSUH UH FRPR FRPR FDUDFW FDUDFWHUt HUtVWL VWLFDV FDV JHQHUD JHQHUDOHV OHV \ QR DFFHV DFFHVRU RULDV LDV \ HVSRUi HVSRUiGLF GLFDV DV WDPEL WDPELpQ pQ KHFKRVFRPSUREDEOHVVyORHQXQDQDUURZWUDQVFULSWLRQWUDQVFULSFLyQHVWUHFKD6H REVHUYDDVLPLVPRTXHODVIRUPDVLGHDOHVTXHVHDWULEX\HQDOVLVWHPDVHUHDOL]DQGH ODPLVPDPDQHUDDXQFXDQGRQRWLHQHQYDORUIXQFLRQDODVtSRUHMHQXQDOHQJXD FRPRODODWLQDORVFDVRVGHVLQHQFLDOHVVXEVLVWHQWDPELpQDKtGRQGHODIXQFLyQVH 



3iJ &I&/*SS  &I93LVDQ2EFLW &I93LVDQ2EFLWS S  3iJ 

LQGLFDVXILFLHQWHPHQWHPHGLDQWHSUHSRVLFLRQHVTXHODVYDULDQWHVIDFXOWDWLYDVGH UHDOL]DFLyQ QR VRQ WDOHV GHVGH HO SXQWR GH YLVWD GH OD QRUPD OD FXDO H[LJH LJH UHDOL]DFLRQHVGHWHUPLQDGDVTXHODVYDULDQWHVFRPELQDWRULDVQRUPDOHVDXQHQHO FDPS FDPSR R IyQL IyQLFR FR GRQ GRQGH GH DSDU DSDUHQ HQWH WHPH PHQW QWH H WHQG WHQGUt UtDQ DQ DVSH DVSHFW FWR R GH ©QHF ©QHFHV HVLG LGDG DGª ª ItVL ItVLFD FD X RUJiQLFDGLVWDQPXFKRGHVHULGpQWLFDVHQODVYDULDVOHQJXDV\TXHILQDOPHQWH HQ HO FDPSR FDPSR GH OD QRUP QRUPD D VXUJHQ VXUJHQ RSRVLF RSRVLFLRQ LRQHV HV VHFXQG VHFXQGDU DULDV LDV ©REOLJ ©REOLJDWR DWRULD ULDVª Vª TXH QR FRUU FRUUHV HVSR SRQG QGHQ HQ D RSRV RSRVLF LFLR LRQH QHV V IXQF IXQFLR LRQD QDOH OHV V GHO GHO VLVW VLVWHP HPD D SHUR SHUR TXH TXH VLQ VLQ HPED HPEDUJ UJR R FRQVWLWX\HQUDVJRVJHQHUDOHVHLQGLVSHQVDE FRQVWLWX\HQUDVJRVJHQHUDOHVHLQGLVSHQVDEOHVGHODOHQJXDFRQVLGHUDGD OHVGHODOHQJXDFRQVLGHUDGD /DQRUPDSXHGHFRLQFLG /DQRUPDSXHGHFRLQFLGLUDSDUH LUDSDUHQWHP QWHPHQWHFRQHOVLVWHPD HQWHFRQHOVLVWHPDFXDQGRHOVLVWHPDRIUH FXDQGRHOVLVWHPDRIUHFH FH XQD ~QLFD ~QLFD SRVLEL SRVLELOLG OLGDG DG DVt FRPR FRPR OD UHDOL] UHDOL]DF DFLyQ LyQ LQGLYL LQGLYLGXD GXDOO SXHGH SXHGH FRLQFL FRLQFLGLU GLU FRQ FRQ OD QRUPD QRUPD SHUR SHUR HVWR HVWR QRVLJ QR VLJQLI QLILFD LFD TXH SXHGD SXHGDGHM GHMDUV DUVH H GHGLV GH GLVWLQ WLQJXL JXLU U ORV GRV FRQFH FRQFHSWR SWRV V TXH TXH VH UHIL UHILHU HUHQ HQ D GLVW GLVWLQ LQWR WRV V SODQ SODQRV RV GH DE DEVW VWUD UDFF FFLy LyQ Q 6LQ 6LQ HPED HPEDUJ UJR R OD GLVW GLVWLQ LQFL FLyQ yQ DGTXLHUHHYLGHQFLDVREUHWRGRDKtGRQGHHOVLVWHPDDGPLWHXQDVHULHGHYDULDQWHV GHUHDOL]DFLyQDSDUHQWHPHQWHIDFXOWDWLYDVFRPRHQHOFDVRGHODVYRFDOHVH\RHQ HVSDxROGHOSOXUDOGHORVQRPEUHVIHPHQLQRVHQUXPDQRRGHODUHGXSOLFDFLyQ\ UHSHWLFLyQPHGLDWDIHQyPHQRVTXHWDQWDLPSRUWDQFLDWLHQHQHQODHVWUXFWXUDGHODV OHQJXDVWXUFDV  $FODUDPRVDGHPiVTXHQRVHWUDWDGHODQRUPDHQHO VHQWLGRFRUULHQWHHVWDEOHFLGD  $FODUDPRVDGHPiVTXHQRVHWUDWDGHODQRUPDHQHOVHQWLGRFRUULHQWHHVWDEOHFLGD RLPSXHVWDVHJ~QFULWHULRVGHFRUUHFFLyQ\GHYDORUDFLyQVXEMHWLYDGHORH[SUHVDGR VLQ VLQR GH OD QRUP RUPD RE REMH MHWWLYDP LYDPHQ HQWWH FRPSU RPSURE REDE DEOH OH HQ XQD XQD OHQ OHQJXD XD OD QRUP RUPD TXH TXH VHJXLP VHJXLPRV RV QHFHVD QHFHVDULD ULDPH PHQWH QWH SRU VHU PLHPE PLHPEURV URV GH XQD FRPXQL FRPXQLGDG GDG OLQJt OLQJtVWL VWLFD FD \ QR DTXHOODVHJ~QODFXDOVHUHFRQRFHTXH©KDEODPRVELHQªRGHPDQHUDHMHPSODUHQOD PLVPDFRPXQLGDG$OFRPSUREDUODQRUPDDODTXHQRVUHIHULPRVVHFRPSUXHED FyPRVHGLFH\QRVHLQGLFDFyPRVHGHEHGHFLUORVFRQFHSWRVTXHFRQUHVSHFWRD HOODVHRSRQHQVRQQRUPDO\DQRUPDO\QRFRUUHFWRHLQFRUUHFWR(OKHFKRGHTXH ODVGRVQRUPDVSXHGDQFRLQFLGLUQRQRVLQWHUHVDDTXtFDEHVLQHPEDUJRVHxDODU TXH TXH PXFK PXFKDV DV YHFH YHFHV V QR FRLQ FRLQFL FLGH GHQ Q GDGR GDGR TXH TXH OD ©QRU ©QRUPD PD QRUP QRUPDO DOª ª VH DGHO DGHODQ DQWD WD D OD ©QRUPDFRUUHFWDªHVVLHPSUHDQ ©QRUPDFRUUHFWDªHVVLHPSUHDQWHULRUDVXSURSLDFRGL WHULRUDVXSURSLDFRGLILFDFLyQ ILFDFLyQ  9, (6%2=2 '( 81$ 7(25,$ &2+(5(17( '(/ +$%/$5 < '( 68 )250$/,=$&,Ï1 7UDWDUHPRV 7UDWDUHPRVDKRUDGHFRORFDU DKRUDGHFRORFDUORV ORVFRQF FRQFHSWRV HSWRVTXHKHPRVGLVWLQJ TXHKHPRVGLVWLQJXLGRHQXQDYLVLyQ XLGRHQXQDYLVLyQ FRKHUHQWH\XQLWDULDGHOOHQJXDMHFRP FRKHUHQWH\XQLWDULDGHOOHQJXDMHFRPRDFWLYLGDGFUHDGRU RDFWLYLGDGFUHDGRUD D  (Q HO OHQJ OHQJXD XDMH MH FRPR FRPR DFWL DFWLYL YLGD GDG G LQF LQFOX OX\H \HQG QGR R ORV ORV IDFW IDFWRU RUHV HV TXH TXH OR FRQG FRQGLF LFLR LRQD QDQ Q QHFHVDULDPHQWHSHURH[FOX\HQGRHODVSHFWRSXUDPHQWHItVLFRILVLROyJLFR\SRUHO PRPHQWRWDPELpQODVGHWHUPLQDFLRQHVVRFLDOHVGLVWLQJXLPRVHQSULPHUOXJDU XQDVSHFWRSVtTXLFROHQJXDMHYLUWXDO\XQDVSHFWRSURSLDPHQWHOLQJtVWLFRKDEODU FRQFUHWROHQJXDMHUHDOL]DGR 



3iJ &I-'HQ\6WUXFWXUHGH &I-'HQ\6WUXFWXUHGHODODQJXHWXUTXH ODODQJXHWXUTXH&,/83,; &,/83,;S S  3iJ 

(Q HO DVSH DVSHFW FWR R SVtT SVtTXL XLFR FR DQWH DQWHUL ULRU RU DO DFWR DFWR OLQJ OLQJt tVW VWLF LFR R FRQF FRQFUH UHWD WDPH PHQW QWH H UHJL UHJLVW VWUD UDEO EOH H GLVWLQ GLVWLQJXL JXLPR PRV V HO VDEHU VDEHU TXH HV FRQGLF FRQGLFLyQ LyQ GHO KDEODU KDEODU HV GHFLU GHFLU HO DFHUY DFHUYR R OLQJt OLQJtVWL VWLFR FR 6SUDFKEHVLW]\HOLPSXOVRH[SUHVLYRRVHDODLQWXLFLyQSDUWLFXODUTXHUHTXLHUH H[SUHVLyQFRQFUHWDPDWHULDOFIHOKDEODGH6HFKHKD\H'HYRWR%U¡QGDO'HSRU Vt Vt HVWH HVWH ~OWL ~OWLP PR FRQF FRQFHS HSWR WR QR HV XQ FRQF FRQFHS HSWR WR SURS SURSLD LDPH PHQW QWH H OLQJ OLQJt tVW VWLF LFR R DXQ DXQTX TXH H LQWHUHVHHQODOLQJtVWLFD\DXQTXHSXHGDOOHJDUVHDpOSRUPHGLRGHODOLQJtVWLFD VLQR VLQR SVLFRO SVLFROyJL yJLFR FR  SHUWHQ SHUWHQHFH HFH D ODSVL OD SVLFRO FRORJ RJtD tD \ QRVyO QR VyOR R D ODSVL OD SVLFRO FRORJt RJtD D GHO OHQJXD OHQJXDMH MH VLQ VLQR D OD SVLF VLFRORJ RORJtD tD GH OD H[SU H[SUHV HVLy LyQ Q HQ JHQHU HQHUDO DO  $ OD SVLF VLFRORJ RORJtD tD GHO GHO OHQ OHQJXDMH XDMH SHUWHQHF SHUWHQHFHHQFDPELR HHQFDPELRHO HO6SUD 6SUDFKEHV FKEHVLW]TXHHVVLHPSU LW]TXHHVVLHPSUHLQGLYLGXD HLQGLYLGXDO\ O\VRFLD VRFLDODO ODOPLVP PLVPR R WLHPSRGDGRTXHVHFRQVWLWX\HHQHOLQGLYLGXRVREUHODEDVHGHODPHPRULDGHORV DFWRVOLQJtVWLFRVSRUpOH[SHULPHQWDGRVHQODFRPXQLGDGFRPRKDEODQWH\FRPR R\HQWHSHURTXHSXHGHFRPSUREDUVHHQXQLQGLYLGXR6SUDFKEHVLW]LQGLYLGXDOFI HO  FRQFHSWR GH ©OHQJXDª HQ : 3RU]LJ R HQ XQ JUXSR GH LQGLYLGXRV 6SU 6SUDF DFKE KEHV HVLW LW] ] VRFL VRFLDO DO  (VWH (VWH ~OWL ~OWLPR PR SXHG SXHGH H FRQV FRQVLG LGHU HUDU DUVH VH FRPR FRPR VXPD VXPD GH DFHU DFHUYR YRV V OLQJtVWLFRV LQGLYLGXDOHV R PHMRU FRPR VLVWHPD GH ORV DVSHFWRV FRPXQHV FRPSUREDEOHV HQ WDOHV DFHUYRV FI OD ©OHQJXDª VRFLDO SUHFHGHQWH DO KDEOD LQGL LQGLYL YLGX GXDO DO HQ OD FRQF FRQFHS HSFL FLyQ yQ GH 6D 6DXV XVVX VXUH UH %DOO %DOO\ \ *DUG *DUGLQ LQHU HU 3RU] 3RU]LJ LJ \ WDPE WDPELp LpQ Q -HVSHUVHQ (OKDE (O KDEODU ODU FRQFU FRQFUHWR HWR SXHGH SXHGH D VXYH] VX YH] FRQVLG FRQVLGHU HUDUV DUVH H HQVX HQ VXUHD UHDOLG OLGDG DGLQP LQPHGL HGLDWD DWD FRPR FRPR DFWR DFWR OLQJt OLQJtVWL VWLFR FR R FRPR FRPR VXPD VXPD GH DFWRV DFWRV OLQJt OLQJtVWL VWLFRV FRV UHJLVW UHJLVWUD UDGRV GRV FI FI HO KDEOD KDEOD \ OD OHQJ OHQJXD XD GH 3HQW 3HQWWL WLOl Ol HO KDEO KDEOD D GH IyUP IyUPXO XOD D     ´ ´ GH 6DXV 6DXVVX VXUH UH HO ©SUR ©SURGX GXFW FWR R OLQJ OLQJt tVW VWLF LFRª Rª GH %KO %KOHU HU HO SULP SULPHU HU FRQF FRQFHS HSWR WR GH ©OHQ ©OHQJX JXDª Dª HQ : 3RU] 3RU]LJ LJ  D OD TXH TXH OODPDUHPRVPDWHULDOOLQJtVWLFR6REUHODEDVHGHORVDFWRVOLQJtVWLFRVFRQFUHWRV VH FRQVWL FRQVWLWX\ WX\H H FRPR FRPR DEVWU DEVWUDFF DFFLyQ LyQ FI FI +XPERO +XPEROGW GW 3DXO 3DXO -HVSHU -HVSHUVHQ VHQ &URFH &URFH %HUWRQ %HUWRQL L FRPR VLVW VLVWHHPD GH LVR LVRJORVD ORVDV V DVS DVSHHFWRV FWRV FRPXQ RPXQHV HV FRPS RPSURE REDDGRV GRV HQ ORV ORV DFW DFWRV FRQVLGHUDGRV HO REMHWR LGHDO OHQJXD FRQ UHVSHFWR DO FXDO OD IRUPXODFLyQ FRQFHS FRQFHSWXD WXDOO Pi PiV V FODUD\ FODUD\ FRKHUH FRKHUHQWH QWH HQHVWHVHQ HQHVWH VHQWLG WLGR RKD KD VLGR VLGR GDGD GDGDVHJ VHJ~QQRVRW ~QQRVRWURV URV  SRU9LWWRUH3LVDQL 7HQHPRV3RUFRQVLJXLHQWHHOHVTXHPD /HQJXDMHYLUWXDO/HQJXDMHUHDOL]DGR DVSHFWRSVtTXLFRDVSHFWROLQJtVWLFR 

 $FHUYROLQJVRFLDO  $FHUYROLQJVRFLDO

$FWROLQJtVWLFR

 $FHUYROLQJLQGLYLGXDO  $FHUYROLQJLQGLYLGXDO

0DWHULDOOLQJtVWLFR

,PSXOVRH[SUHVLYR

/HQJXDVLVWHPDGHLVRJORVDV





3iJ &I93LVDQ/DOLQJXDH &I93LVDQ/DOLQJXDHODVXDVWRULD ODVXDVWRULDDKRUDHQ/LQJtVW DKRUDHQ/LQJtVWLFDJHQHUDOHHL LFDJHQHUDOHHLQGHXURSHD0LOiQ QGHXURSHD0LOiQSS SS



(O WpUPLQ WpUPLQR R OHQJXD OHQJXDMH MH QRPEU QRPEUD D SXHV SXHVXQ XQFRQ FRQFHS FHSWR WRTXH TXH SDUD SDUD QRVRWU QRVRWURV RV VH LGHQW LGHQWLIL LILFD FD FRQ HOKDE HO KDEODU ODU FRQFU FRQFUHWR HWR HVGHF HV GHFLU LU FRQ ODDFW OD DFWLYL LYLGDG GDG OLQJt OLQJtVWL VWLFD FD GDGR GDGR TXH HO DVSHFW DVSHFWR R SVtTXLFRTXHDSDUHFHHQHOHVTXHPDQRHVVLQROHQJXDMH©YLUWXDOªRVHDSRUXQ ODGRPHPRULDHVWUDWLILFDGDJHQHUDOL]DGD\IRUPDOL]DGDGHDFWRVOLQJtVWLFRVUHDOHV  \ SRU RWUR ODGR FRQGLFLyQ \ SRVLELOLGDG GH XQ QXHYR KDEODU FRQFUHWR 3HUR QR  YHPRVQLQJ~Q  YHPRV QLQJ~QREVWiFXOR REVWiFXORSDUD SDUDTXH TXH VH HPSOHHOHQJXDMH HPSOHH OHQJXDMHFRPR FRPRWpUPLQR WpUPLQRJHQHUDO JHQHUDOSDUD SDUD LQGL LQGLFD FDU U HO FRQM FRQMXQ XQWR WR GH GH FRQF FRQFHS HSWR WRV V KDEO KDEODU DU DFH DFHUY UYR R OLQJ OLQJt tVW VWLF LFR R OHQJ OHQJXD XD VL VH WLHQ WLHQH H VLHPSUHSUHVHQWHTXHVHWUDWDHQ~OWLPRDQiOLVLVGHOPLVPRIHQyPHQRFRQVLGHUDGR GHVGH WUHV SXQWRV GH YLVWD GLVWLQWRV  HQ VX UHDOLG OLGDG FRQFUHWD  HQ VX   YLUWXDOLGDG \FRPRFRQGLFLyQFRPR©VXEVWUDWRªGHOKDEODUFRQFUHWRFRPR DEVWUDFFLyQTXHVHHVWUXFWXUDVREUHODEDVHGHORVDFWRVOLQJtVWLFRVFRQFUHWRV\TXH ODOHQJXDVHFRPSUXHEDVyORHQHOKDEODU  $KRUD DGRSWDQGR HO SXQWR GH YLVWD GH XQ DFWR OLQJtVWLFR FRQFUHWR SRGHPRV FRQV FRQVLG LGHU HUDU DU XQD XQD OHQJ OHQJXD XD TXH TXH FRP FRPSUHQ SUHQGD GD HQ XQD XQD LVRJ LVRJOR ORVD VD HVH HVH PLVP PLVPR R DFWR DFWR SHUR SHUR WDPELpQXQD©OHQJXDDQWHULRUªVLVWHP WDPELpQXQD©OHQJXDDQWHULRUªVLVWHPDHVWDEOHFLGRHQODPLVP DHVWDEOHFLGRHQODPLVPDFRPXQLGDGVREUH DFRPXQLGDGVREUH OD EDVH EDVH GH ORV ORV DFWR DFWRV V OLQJ OLQJt tVW VWLF LFRV RV SUHF SUHFHG HGHQ HQWH WHV V DO DFWR DFWR DO TXH TXH QRV QRV HQIU HQIUHQ HQWD WDPR PRV V HO VLVWHPDHQHOTXHVHHQFXHQWUDQORVPRGHORVGHHVHPLVPRDFWRRFRQUHVSHFWRDO FXDO FXDO HO DFWR DFWR VH SUHVH SUHVHQWD QWD FRPR FRPR LQQRYD LQQRYDFLy FLyQ Q (VH FRQFHS FRQFHSWR WR GH ©OHQJ ©OHQJXD XD DQWHUL DQWHULRUª RUª HV LPSRUWDQ LPSRUWDQWHSRUTXH WHSRUTXHFRUU FRUUHVSRQ HVSRQGH GHMXVWD MXVWDPHQW PHQWH HD DXQD XQDUHDO UHDOLGDG LGDGKLVWy KLVWyULFDFRQWLQ ULFDFRQWLQXDGD XDGD SRUHOQXHYRDFWRFRQVLGHUDGRDOFXDGURHQHOTXHVHUHD SRUHOQXHYRDFWRFRQVLGHU DGRDOFXDGURHQHOTXHVHUHDOL]DFRPRKDEODUXQ OL]DFRPRKDEODUXQDQXHYD DQXHYD LQWXLFLyQLQGLYLGXDOHLQpGLWDHVXQFRQFHSWROLQJtVWLFRSRUFRQVWLWXLUVHGHVGHXQ SXQW SXQWR R GH YLVW LVWD HVWU HVWULF LFWWDP DPHQ HQWWH OLQ OLQJtVW tVWLF LFRR SHUR HUR SRU SRU VX FRQWH RQWHQ QLGR LGR FRLQ RLQFLGH LGH SUiF SUiFWL WLFD FDPH PHQW QWH H SRU SRU OR PHQR PHQRV V HQ JUDQ JUDQ SDUW SDUWH H HQ HO LQGL LQGLYL YLGX GXR R R HQ HO JUXS JUXSR R GH LQGL LQGLYL YLGX GXRV RV FRQV FRQVLG LGHU HUDG DGRV RV FRQ FRQ HO FRQF FRQFHS HSWR WR SVLF SVLFRO ROyJ yJLF LFR R R VRFL VRFLR RSV SVLF LFRO ROyJ yJLF LFR R GH ©VDE ©VDEHU HUª ª R ©DFH ©DFHUY UYR R OLQJ OLQJt tVW VWLF LFRª Rª $TXt $TXt WDPE WDPELp LpQ Q VH WUDW WUDWD D GH PRGR PRGRV V GLVW GLVWLQ LQWR WRV V GH HQFD HQFDUD UDU U ORV ORV PLVP PLVPRV RV RE REMH MHWR WRV V Pi PiV V ELHQ ELHQ TXH TXH GH RE REMH MHWR WRV V GLVW GLVWLQ LQWR WRV V SRU SRU XQ ODGR ODGR VH HODERU HODERUD D XQD JHQHUD JHQHUDOL] OL]DFL DFLyQVREUH yQVREUH ODEDV OD EDVH H GHIHQ GH IHQyPH yPHQRV QRV FRQFUH FRQFUHWRV WRV  SRU HORWU HO RWUR RVH VH FRQVLGHUDODPLVPDJHQHUDOL]DFLyQFRPRVDEHUGHSRVLWDGRHQODPHPRULDGHXQRR PiVLQGLYLGXRV3HURSRUHVRPLVPRHOFRQFHSWRGH©DFHUYROLQJtVWLFRªUHVXOWD H[WHULRUDODOLQJtVWLFDTXHHVWUXFWXUDVXVDEVWUDFFLRQHVH[FOXVLYDPHQWHVREUHOD  EDVHGHKHFKRVFRQFUHWDPHQWHUHJLVWUDGRV\   EDVHGH KHFKRVFRQFUHWDPHQWHUHJLVWUDGRV\ QRVREUHYLUWXDOLGDGHVRFRQMXQWRV GHUHSUHVHQWDFLRQHVQRLQYHVWLJDEOHVFRQ GHUHSUHVHQWDFLRQHVQRLQYHVWLJDEOHVFRQPHGLRVJORWROyJLFRV PHGLRVJORWROyJLFRV   6R 6REU EUH H OD EDVH EDVH GHO GHO PLVP PLVPR R KDEO KDEODU DU FRQF FRQFUH UHWR WR ~QLF ~QLFD D UHDO UHDOLG LGDG DG LQYH LQYHVW VWLJ LJDE DEOH OH GHO GHO OHQJXD OHQJXDMH MH KDQ GH HODERU HODERUDUV DUVH H VHJ~Q VHJ~Q QRVRWU QRVRWURV RV ORV FRQFHS FRQFHSWRV WRV GH QRUPD QRUPD \ VLVWHPD VLVWHPD PHGLDQWHXQDYLVLyQUHWURVSHFWLYDTXHWHQJDHQFXHQWDODVUHODFLRQHVHQWUHORVDFWRV OLQJtVWLF OLQJtVWLFRVFRQVLGHU RVFRQVLGHUDGRV\VXV DGRV\VXV PRGHORV(QHIHFWRORVDFWRVOLQJtVW PRGHORV(QHIHFWRORVDFWRVOLQJtVWLFRVVRQDFWRV LFRVVRQDFWRV 



3iJ &DEH &DEH VHxDOD VHxDODU U VLQ HPEDUJ HPEDUJR R TXH GLVWLQ GLVWLQFLy FLyQ Q HQWUH HQWUH OHQJX OHQJXD D \ OHQJXD OHQJXDMH MH SXHGH SXHGH KDFHUV KDFHUVH H HQ HVWH HVWH VHQWLG VHQWLGR R HQ HVSDxROFRPRHQIUDQFpVODQJXHODQJDJHHQLWDOLDQROLQJXDOLQJXDJJLR HVSDxROFRPRHQIUDQFpVODQJXHODQJDJHHQLWDO LDQROLQJXDOLQJXDJJLRHQSRUWXJXpVOLQJXDOLQJXDJHP HQSRUWXJXpVOLQJXDOLQJXDJHP  R HQ UXPDQR UXPDQR OLPE OLPE OLPED OLPEDM M SHUR SHUR QR VH SXHGH SXHGH KDFHU KDFHU WDQ QHWDPH QHWDPHQWH QWH HQ LQJOpV LQJOpV R DOHPiQ DOHPiQ GRQGH GRQGH XQ ~QLFR ~QLFR WpUPLQRODQJXDJH6SUDFKHFRUUHVSRQGHD WpUPLQRODQJXDJH6SUDFKHFRUUHVSRQGHDORVGRVFRQFHSWRV ORVGRVFRQFHSWRV  3iJ 

GH FUHDF FUHDFLyQ LyQ LQpGLW LQpGLWD DSRU SRU FRUUHV FRUUHVSRQ SRQGHU GHU D LQWXLF LQWXLFLRQ LRQHV HV LQpGLW LQpGLWDV DV SHUR SHUR VRQ VRQ DO PLVPR PLVPR WLHPS WLHPSR R SRU SRU OD PLVPD PLVPD FRQGLF FRQGLFLyQ LyQ HVHQFL HVHQFLDO DO GHO OHQJXD OHQJXDMH MH TXH HV OD FRPXQL FRPXQLFD FDFLy FLyQ Q DFWR DFWRV V GH UHF UHFUH UHDF DFLy LyQ Q QR VRQ VRQ LQYH LQYHQF QFLR LRQH QHV V H[ QRYR QRYR \ WRWD WRWDOP OPHQ HQWH WH DUEL DUELWU WUDU DULD LDV V GHO GHO LQGLYLGXRKDEODQWHVLQRTXHVHHVWUXFWXUDQVREUHPRGHORVSUHFHGHQWHVDORVTXH ORVQXHYRVDFWRVFRQWLHQHQ\DOPLVPRWLHPSRVXSHUDQ(VGHFLUTXHHOKDEODQWH XWLOL]DSDUDODH[SUHVLyQGHVXVLQWXLFLRQHVLQpGLWDVPRGHORVIRUPDVLGHDOHVTXH HQFX HQFXHQ HQWU WUD D HQ OR TXH TXH OODP OODPDP DPRV RV ©OHQ ©OHQJX JXD D DQWH DQWHUL ULRU RUª ª VLVW VLVWHP HPD D SUHF SUHFHG HGHQ HQWH WH GH DFWR DFWRV V OLQJtVWLFRV2VHDTXHHOLQGLYLGXRFUHDVXH[SUHVLyQHQXQDOHQJXDKDEODXQD OHQJXDUHDOL]D OHQJXDUHDOL]DFRQFUHW FRQFUHWDPHQ DPHQWHHQVX WHHQVXKDEOD KDEODUPROGHVHVWUX UPROGHVHVWUXFWXU FWXUDVGHOD DVGHODOHQJ OHQJXDGHVX XDGHVX FRPXQLGDG (Q XQ SULPHU JUDGR GH IRUPDOL]DFLyQ HVDV HVWUXFWXUDV VRQ VLP VLPSOHP OHPHQWH HQWH QRUP UPDDOHV OHV \ WUD WUDGLFL GLFLRRQDOH QDOHV V HQ OD FRPXQ RPXQLG LGDDG FRQVW QVWLWX\ LWX\HQ HQ OR TXH OODPDPRVQRUPDSHURHQXQSODQRGHDEVWUDFFLyQPiVDOWRVHGHVSUHQGHQGHHOODV PLVP LVPDV XQD XQD VHUL VHULH H GH HOHP HOHPHQ HQWWRV HVHQ HVHQFFLDOH LDOHV V H LQGL LQGLVS VSHQ HQVD VDEEOHV OHV GH RSRV RSRVLLFLR FLRQHV QHV IXQF IXQFLR LRQD QDOH OHV V OR TXH TXH OODPD OODPDPR PRV V VLVW VLVWHP HPD D 3HUR 3HUR QRUP QRUPD D \ VLVW VLVWHP HPD D QR VRQ VRQ FRQF FRQFHS HSWR WRV V DUELWUDUL DUELWUDULRVTXHQRVRWURV RVTXHQRVRWURV DSOLFDPR DSOLFDPRVDO VDO KDEODUVLQRIRUPDVTXHVH KDEODUVLQRIRUPDVTXHVHPDQL PDQLILHVW ILHVWDQHQHO DQHQHO KDEO KDEODU DU PLVP PLVPR R \ HO FDPL FDPLQR QR SDUD SDUD OOHJD OOHJDU U D HOOR HOORV V HV HO FDPL FDPLQR QR TXH TXH SDUW SDUWH H GHO GHO KDEO KDEODU DU FRQFUHWR\SURFHGHSRUPHGLRGHDEVWUDFFLRQHVVXFHVLYDVUHODFLRQDQGRHOKDEODU ORVDFWRVOLQJtVWLFRVFRQFU ORVDFWRVOLQJtVWLFRVFRQFUHWRV HWRV FRQVXVPRGHORVHV GHFLUFRQ GHFLUFRQXQKDEODUDQWHU XQKDEODUDQWHULRU LRU FRQV FRQVWL WLWX WXLG LGR R PHGL PHGLDQ DQWH WH RWUR RWUR SURF SURFHV HVR R GH IRUP IRUPDO DOL] L]DF DFLy LyQ Q HQ VLVW VLVWHP HPD D GH LVRJ LVRJOR ORVD VDV V  9DOHGHFLU  GHFLUTXHHOVLVWHPD TXHHOVLVWHPD\OD \ODQRUP QRUPDQRVRQUHDOLGD DQRVRQUHDOLGDGHVDXWy GHVDXWyQRPD QRPDV\RSXHVWDVDO V\RSXHVWDVDO KDEODU\WDPSRFR©DVSHFWRVGHOKDEODUªTXHHVXQDUHDOLGDGXQLWDULD\KRPRJpQHD VLQRIRUPDVTXHVHFRPSUXHEDQHQHOPLVPRKDEODUDEVWUDFFLRQHVTXHVHHODERUDQ FRQORVPRGHORVTXHHOODXWLOL]D 1XHVWUDFRQFHSF  1XHVWUDFRQFHSFLyQSRGUtDUHSUHVH LyQSRGUtDUHSUHVHQWDU QWDUVHJUiILFDP VHJUiILFDPHQWH HQWH PHGLDQWHHO PHGLDQWHHO VLJXLHQWH VLJXLHQWH HVTXHPD $% +DEODU DE 1RUPD DE

6LVWHPD FG  FG  &' 



3iJ

(O FXDG FXDGUD UDGR GR PD PD\R \RU U $% $%& &' ' UHSU UHSUHV HVHQ HQWD WD HO KDEO KDEODU DU HIHF HIHFWL WLYD YDPH PHQW QWH H FRPS FRPSUR URED EDGR GR ZLUNO ZLUNOLFK LFKHV HV 6SUHFK 6SUHFKHQ HQ *HVSUl *HVSUlFK FK HV GHFLU GHFLU ORV DFWRV DFWRV OLQJt OLQJtVWL VWLFRV FRV FRQFU FRQFUHWD HWDPH PHQWH QWH UHJLVWUDGRVHQHOPRPHQWRPLVPRGHVXSURGXFFLyQ (OFXDGUDGRLQWHUPHGLRDEEGUHSUHVHQWD (OFXDGUDGRLQWHUPHGLRDEEGUHSUHVHQWDHOSULPHUJUDGRGHDEVWU HOSULPHUJUDGRGHDEVWUDFFLyQHVGHFLU DFFLyQHVGHFLU OD QRUP RUPD 6SU 6SUDF DFK KQRUP RUP TXH FRQWLH QWLHQ QH VyOR VyOR OR TXH HQ HO KDEODU EODU FRQF RQFUHWR HWR HV UHSHWL UHSHWLFLy FLyQ Q GH PRGHO PRGHORV RV DQWHUL DQWHULRUH RUHV V 9DOH 9DOH GHFLU GHFLU TXH OD RSHUDF RSHUDFLyQ LyQ DEVWU DEVWUDFW DFWLYD LYD TXH VH  FXPSOHDOSDVDUGH$%&'DDEFGLPSOLFDODHOLPLQDFLyQGHWRGROR TXHHQHO KDEODUHVDVSHFWRWRWDOPHQWHLQpGLWRYDULDQWHLQGLYLGXDORFDVLRQDORPRPHQWiQHD FRQVH RQVHUUYiQ YiQGRVH GRVH VyOR VyOR ORV ORV DVSHF VSHFWWRV FRPXQ RPXQHHV TXH TXH VH FRPSUXH SUXHEEDQ HQ ORV ORV DFWRV WRV OLQJtVWLFRVFRQVLGHUDGRV\HQVXVPRGHORV (O FXDG FXDGUD UDGR GR PHQRU HQRU DE DE F F  G UHSU UHSUHV HVHQ HQWD WD HO VHJX VHJXQG QGR R JUDG JUDGR R GH DE DEVW VWUD UDFF FFLy LyQ Q R IRUPDOL]DFLyQHVGHFLUHOVLVWHPD6SUDFKV\VWHPTXHFRQWLHQHVyORORTXHHQOD QRUPDHVIRUPDLQGLVSHQVDEOHRSRVLFLyQIXQFLRQDOKDELpQGRVHHOLPLQDGRSRUOD QXHYDRSHUDFLyQDEVWUDFWLYDWRGRORTXHHQODQRUPDHVVLPSOHFRVWXPEUHVLPSOH WUDGLFL LFLyQ FRQVWDQWH HOHP OHPHQWR FRP~Q HQ WRGR HO KDEODU ODU GH OD FRPXQLGDG FRQV FRQVLG LGHU HUDG DGD D SHUR SHUR VLQ VLQ YDOR YDORU U IXQF IXQFLR LRQD QDO O R VHD VHD HQ ~OWL ~OWLPR PR DQiO DQiOLV LVLV LV XQD XQD HVSH HVSHFL FLH H GH ©DFRPSDxDPLHQWRªVLHPSUHSU ©DFRPSDxDPLHQWRªVLHPSUHSUHVHQWHHQHOKDEODUSHU HVHQWHHQHOKDEODUSHURLQHVHQFLDOSRUORTXHDWDx RLQHVHQFLDOSRUORTXHDWDxH H D ODV RSRVLF RSRVLFLRQ LRQHV HV VLJQLI VLJQLILFD LFDWLY WLYDV DV IXQGDP IXQGDPHQW HQWDOH DOHV V TXH DVHJXU DVHJXUDQ DQ VX IXQFLR IXQFLRQDP QDPLHQ LHQWR WR FRPR FRPR LQVWUX LQVWUXPHQ PHQWR WR FRJQR FRJQRVFL VFLWLY WLYR R \ GH FRPXQL FRPXQLFDF FDFLyQ LyQ (V GHFLU GHFLU TXH TXH DO SDVDU SDVDU GH OD QRUP QRUPD D DO VLVW VLVWHP HPD D VH HOLP HOLPLQ LQD D WRGR WRGR OR TXH TXH HV ©YDU ©YDULD LDQW QWH H IDFX IDFXOW OWDW DWLY LYDª Dª QRUP QRUPDO DO R ©YDULDQWH FRPELQDWRULDª FRQVHUYiQGRVH VyOR OR TXH HV ©IXQFLRQDOPHQWH SHUWLQHQWHª  $KRUD DO HVWDEOHFHU HO FRQFHSWR GH ©QRUPDª VH HIHFW~D XQD GREOH DEVWUDFFLyQ GDGRTXHSRUXQODGRVHHOLPLQD GDGRTXHSRUXQODGRVHHOLPLQDWRGRORTXHHVSXUDPHQW WRGRORTXHHVSXUDPHQWHVXEMHWL HVXEMHWLYRRULJ YRRULJLQDOL LQDOLGDG GDG H[SUHVLYDGHOLQGLYLGXRHQJHQHUDO\HQHOPRPHQWRFRQVLGHUDGR\SRURWURODGR VH DEVWUD DEVWUDH H XQD QRUPD QRUPD ~QLFD ~QLFD JHQHUD JHQHUDOO HQ OD FRPXQL FRPXQLGDG GDG  HQ UHDOLG UHDOLGDG DG OD QRUPD QRUPD HV  YDULDEOHVHJ~QORV  YDULDEOH VHJ~QORV OtPLWHV\ OtPLWHV \OD ODtQGROH tQGROHGH GHOD ODFRPXQLGDGFRQVLGHUDGD FRPXQLGDGFRQVLGHUDGD $GHPiVVL VH FRQV FRQVLG LGHU HUDQ DQ ORV ORV DFWR DFWRV V OLQJ OLQJtV tVWL WLFR FRV V GH XQ VROR VROR LQGL LQGLYL YLGX GXR R KD\ KD\ TXH TXH LQWU LQWURG RGXF XFLU LU HQ HO HVTXHPD HQWUH ORV ORV OtPLWHV GHO KDEODU \ ORV GH OD QRUPD VRFLDO XQ FDPSR LQWH LQWHUUPHGL HGLR FRUU RUUHVS HVSRQGL RQGLHQ HQWH WH D OD QRUP RUPD LQGL LQGLYL YLG GXDO XDO HV GHF GHFLU LU XQ FDP FDPSR TXH FRPSUHQGDWRGRORTXHHVUHSHWLFLyQHOHPHQWRFRQVWDQWHHQHOKDEODUGHOLQGLYLGXR PLVPRHOLPLQiQ PLVPRHOLPLQiQGRVHVyOROR GRVHVyOROR SXUDPHQW SXUDPHQWHRFDVLRQD HRFDVLRQDOO\ \PRP PRPHQWi HQWiQHROR QHRORTXHKDVWD TXHKDVWD GHVG GHVGH H HO SXQW SXQWR R GH YLVW YLVWD D GHO GHO LQGL LQGLYL YLGX GXR R FRQV FRQVLG LGHU HUDG DGR R HV RULJ RULJLQ LQDO DOLG LGDG DG H[SU H[SUHV HVLY LYD D DEVROXWDHOHPHQWRWRWDOPHQWHLQpGLWR 6LLGHQWLILFDPRVHOKDEODUFRQHOKDEOD5HGHWRGRHOOHQJXDMHFRQVLGHUDGRFRPR DFWLYLGDGFRQFUHWDHVKDEODSHURHQVHQWLGRUHVWULFWLYRSRGHPRVOODPDUKHFKRVGH KDEO KDEOD D OR TXH TXH VH HOLP HOLPLQ LQD D HQ OD DE DEVW VWUD UDFF FFLy LyQ Q TXH TXH VH FXPS FXPSOH OH DO SDVD SDVDU U GH ORV ORV DFWR DFWRV V OLQJtVWLFRVFRQFUHWRVDODQRUPDLQGLYLGXDO\UHVSHFWLYDPHQWHKHFKRVGHQRUPD LQGLYLGXDOKHFKRVGHQRUPDVRFLDOORTXHVHHOLPLQDHQODVGRVIRUPDOL]DFLRQHV VXFHVLYDV 



3iJ 3iJ



&RORFiQGRQRVHQHOSODQRGHORVDFWRVOLQJtVWLFRVFRQFUHWRVSRGHUQRVGHFLU TXH HOKDE HO KDEODU ODU FRQWLH FRQWLHQHWRGRV QHWRGRV HVRV HVRV KHFKRV KHFKRV \DGHPiV \DGHPiVHO HOVLV VLVWHP WHPD DGDG GDGR RTXH TXH QRUP QRUPD D LQGLYLGXDOQRUPDVRFLDO\VLVWHPDQRVRQVLQRGLVWLQWRVJUDGRVGHIRUPDOL]DFLyQGHO KDEODUPLVPRGHOPLVPRPRGR KDEODUPLVPRGHOPLVPRPRGROD ODQRUP QRUPDLQGLYLGXD DLQGLYLGXDOFRQWLHQ OFRQWLHQHOD HODQRUP QRUPDVRFLDO\HO DVRFLDO\HO VLVWHPD\ODQRUPDVRFLDOFRQWLHQHHOVLVWHPD &RORFi &RORFiQGR QGRQRV QRV HQ FDPEL FDPELR R HQ HO SODQR SODQR GHO VLVWHP VLVWHPD D SRGHPR SRGHPRV V FRQVLG FRQVLGHUD HUDU U ODV GRV QRUPDV QRUPDV \ HOKDE HO KDEODU ODU FRQFU FRQFUHWR HWR FRPR FRPR JUDGR JUDGRV V VXFHVL VXFHVLYRV YRV GHUHD GH UHDOL] OL]DFL DFLyQ yQ GHO PLVPR PLVPR (O VLVW VLVWHP HPD D VH SUHV SUHVHQ HQWD WD HQ HIHF HIHFWR WR GHVG GHVGH H HVWH HVWH SXQW SXQWR R GH YLVW YLVWD D FRP FRPR XQD XQD HQWL HQWLGD GDG G DEVWUDFWD©XQDUHGGHIXQFLRQHVªTXHVHUHDOL]DHQIRUPDVVRFLDOHVGHWHUPLQDGDV  \ PiV R PHQRV FRQVWDQWHV ODV FXDOHV FRQVWLWX\HQ XQ VLVWHPD GH UHDOL]DFLRQHV QRUPDOHV WDPELpQ DEVWUDFWR QRUPD TXH D VX YH] VH UHDOL]D HQ QRUPDV LQGLYLGXDOHVDVtFRPRpVWDVVHUHDOL]DQHQODLQILQLWDYDULHGDG\PXOWLSOLFLGDGGHOD DFWLYLGDGOLQJtVWLFDFRQFUHWD<GDGRTXHORVFRQFHSWRVGHQRUPDVRFLDO\QRUPD LQGLYLGXDOQRVRQQHFHVDULDPHQWHVXFHVLYRVHQHIHFWRGHVGHHOFRPLHQ]RSRGHPRV FRQVLG FRQVLGHUD HUDU U DFWRV DFWRV OLQJt OLQJtVWL VWLFRV FRV SHUWHQ SHUWHQHFL HFLHQW HQWHV HV D YDULRV YDULRV LQGLYL LQGLYLGXR GXRV V SRGHPR SRGHPRV V GHFLU GHFLU TXHHOVLVWHPDHVXQFRQMXQWRGHRSRVLFLRQHVIXQFLRQDOHVODQRUPDHVODUHDOL]DFLyQ ©FROHFWLYDªGHOVLVWHPDTXHFRQWLHQHHOVLVWHPDPLVPR\DGHPiVORVHOHPHQWRV IXQFLRQDOPHQWH©QRSHUWLQHQWHVªSHURQRUPDOHVHQHOKDEODUGHXQDFRPXQLGDG HOKDEODURVLVHTXLHUHKDEODHVODUHDOL]DFLyQLQGLYLGXDOFRQFUHWDGHODQRUPD TXHFRQWLHQHODQRUPDPLVPD\DGHPiVODRULJLQDOLGDGH[SUHVLYDGHORVLQGLYLGXRV KDEODQWHV (OVLVWHPDHVVLVWHPDGHSRVLELOLGDGHVGHFRRUGHQDGDVTXHLQGLFDQFDPLQRV DELHUWRV \ FDPLQRV FHUUDGRV SXHGH FRQVLGHUDUVH FRPR FRQMXQWR GH ©LPSRVLFLRQHVªSHURWDPELpQ\TXL]iPHMRUFRPRFRQMXQWRGHOLEHUWDGHVSXHVWR TXH DGPLWH DGPLWH LQILQL LQILQLWDV WDV UHDOL] UHDOL]DFL DFLRQH RQHV V \ VyOR VyOR H[LJH H[LJH TXH QR VH DIHFWH DIHFWHQ Q ODV FRQGLF FRQGLFLRQ LRQHV HV IXQFLRQDOHVGHOLQVWUXPHQWROLQJtVWLFRPiVELHQTXH©LPSHUDWLYDªVXtQGROHHV FRQVXOWLYD6LVHQRVSHUPLWHXQDDQDORJtDGLUtDPRVTXHHOVLVWHPDQRVHLPSRQHDO KDEODQWHPiVGHORTXHODWHOD\ORVFRORUHVVHLPSRQHQDOSLQWRUHOSLQWRUQRSXHGH VDOL VDOLUV UVH H GH OD WHOD WHOD \ QR SXHG SXHGH H HPSO HPSOHD HDU U FROR FRORUH UHV V TXH TXH QR WLHQ WLHQH H SHUR SHUR GHQW GHQWUR UR GH ORV ORV OtPLWHVGHODWHOD\HQHOHPSOHRGHORVFRORUHVTXHSRVHHVXOLEHUWDGH[SUHVLYDHV DEVR DEVROX OXWD WD 3RGU 3RGUtD tDPR PRV V GHFL GHFLU U SXHV SXHV TXH TXH Pi PiV V ELHQ ELHQ TXH TXH LPSR LPSRQH QHUV UVH H DO LQGL LQGLYL YLGX GXR R HO VLVWHPDVH VLVWHPDVH OHRIUHFHSURSRUFLR OHRIUHFHSURSRUFLRQiQ QiQGROHORV GROHORVPHGL PHGLRVSDUDVX RVSDUDVX H[SUHVLyQ H[SUHVLyQ LQpGLWDSHUR LQpGLWDSHUR DOPLVPRWLHPSRFRPSUHQVLEOHSDUDORVTXHXWLOL]DQ DOPLVPRWLHPSRFRPSUHQVLEOHSDUDORVTXHXWLOL]DQHOPLVPRVLVWHPD HOPLVPRVLVWHPD /R TXH TXH HQ UHDO UHDOLG LGDG DG VH LPSR LPSRQH QH DO LQGL LQGLYL YLGX GXR R OLPL OLPLWD WDQG QGR R VX OLEHU OLEHUWD WDG G H[SU H[SUHV HVLY LYD D \ FRPSUL FRPSULPLH PLHQGR QGR ODV SRVLEL SRVLELOLG OLGDGH DGHV V RIUHFL RIUHFLGDV GDV SRU HO VLVWHP VLVWHPD D GHQWUR GHQWUR GHO PD PDUFR UFR ILMDGR ILMDGR SRUODVUHDOL]DFLRQHVWUDGLFLRQDOHVHVODQRUPD/DQRUPDHVHQHIHFWRXQVLVWHPD GHUHDOL]DFLRQHVREOLJDGDVGHLPSRVLFLRQHVVRFLDOHV\FXOWXUDOHV\YDUtDVHJ~QOD FRPX FRPXQL QLGD GDG G 'HQW 'HQWUR UR GH OD PLVP PLVPD D FRPX FRPXQL QLGD GDG G OLQJ OLQJtV tVWL WLFD FD QDFL QDFLRQ RQDO DO \ GHQW GHQWUR UR GHO GHO PLVPR PLVPR VLVWHPD VLVWHPD IXQFLRQDO IXQFLRQDO SXHGHQ SXHGHQ FRPSURED FRPSUREDUVH UVH YDULDV YDULDV QRUPDV QRUPDV OHQJXDMH OHQJXDMH IDPLOLDU IDPLOLDU OHQJXD OHQJXDMH MH SRSXOD SRSXODU U OHQJXD OHQJXD OLWHUD OLWHUDULD ULD OHQJXD OHQJXDMH MH HOHYDG HOHYDGR R OHQJXD OHQJXDMH MH YXOJDU YXOJDU HWFpWH HWFpWHUD UD GLVWLQWDVVREUHWRGRSRUORTXHFRQFLHUQHDOYRFDEXODULRSHURDPHQXGRWDPELpQHQ ODV IRUPDV JUDPDWLFDOHV \ HQ OD SURQXQFLDFLyQ DVt HO VXHFR WLHQH XQD 



3iJ

SURQXQ SURQXQFLD FLDFLy FLyQ Q OLWHUD OLWHUDUL ULD D \ HOHYDG HOHYDGD D \ XQD SURQXQ SURQXQFLD FLDFLy FLyQ Q XVXDO XVXDO \ FRUULH FRUULHQWH QWH  \ HQ HO  PLVP PLVPR R 5tR 5tR GH OD 3ODW 3ODWD D KD\ KD\ WRGD WRGDYt YtD D TXLH TXLHQ Q FRQV FRQVLG LGHU HUD D FRPR FRPR QRUP QRUPDD GHO GHO KDEO KDEODU DU HOHYDGR HOHYDGR GLVFXUVRV GLVFXUVRV VROHPQHV VROHPQHV OHFFLRQHV OHFFLRQHV XQLYHUVLWD XQLYHUVLWDULDV ULDV HWFpWHUD HWFpWHUD  OD SURQXQFL SURQXQFLDFLyQ DFLyQ FDVWHOODQDGHFHFL]OO\ (OVLVW (O VLVWHPD HPD HQFDP HQ FDPELR ELR DXQ FRQVWL FRQVWLWX\ WX\HQG HQGR R ODIRUPD LGHDO LGHDOORJ ORJUDG UDGD DSRU SRU ODDFW OD DFWLYL LYLGDG GDG OLQJt OLQJtVWL VWLFD FD GH XQD FRPXQL FRPXQLGDG GDG D WUDYpV WUDYpV GH VX KLVWRU KLVWRULD LD DSDUHF DSDUHFH H GH FLHUWD FLHUWD PDQHUD PDQHUD FRPR FRPR DXWy DXWyQR QRPR PR FI FI 6DXV 6DXVVX VXUH UH %DOO %DOO\ \ \ VHSD VHSDUD UDGR GR GH VX XVR XVR GDGR GDGR TXH TXH OR TXH TXH VH HPSOHDHQHOKDEODUQRHVSURSLD\GLUHFWDPHQWHHOVLVWHPDVLQRIRUPDVFDGDYH] QXHYDVTXHHQHOVLVWHPDHQFXHQWUDQVyORVXFRQGLFLyQVXPROGHLGHDO /D ODERU ODERU HVSLUL HVSLULWXD WXDOO GHO LQGLYL LQGLYLGXR GXR KDEODQ KDEODQWH WH FRQVLV FRQVLVWH WH MXVWDP MXVWDPHQW HQWH H HQ OD DSOLFD DSOLFDFLy FLyQ Q RULJ RULJLQ LQDO DO GHO GHO VLVW VLVWHP HPD D GHQW GHQWUR UR \ IXHU IXHUD D GH OR SHUP SHUPLW LWLG LGR R SRU SRU OD QRUP QRUPD D \ OD ODER ODERU U HVSLUL HVSLULWXD WXDOO GH XQD FRPXQ FRPXQLGD LGDG G VH PD PDQLI QLILHV LHVWD WD HQ OD QRUPD QRUPD PLVPD PLVPD PLHQWU PLHQWUDV DV TXH HO VLVWHPDHVDOJRFRPRHOOXJDUGRQGHRFXUUHQODQ VLVWHPDHVDOJRFRPRHOOXJDU GRQGHRFXUUHQODQRUPD\HOKDEODUFRQF RUPD\HOKDEODUFRQFUHWR UHWR (QVXDFWLYLGDGOLQJtVWLFDHOLQGLYLGXRFRQRFHRQRFRQRFHODQRUPD\WLHQHPD\RU RPHQRUFRQFLHQFLDGHOVLVWHPD$OQRFRQRFHUODQRUPDVHJXtDSRUHOVLVWHPD SXGLHQGR HVWDU R QR HVWDU GH DFXHUGR FRQ OD QRUPD FUHDFLyQ DQDOyJLFD FRQRF RQRFLp LpQ QGROD GROD  SXHGH XHGH UHS UHSHWLU HWLUOD OD GHQ GHQWUR GH OtP OtPLWHV LWHV PiV R PHQRV HQRV PRGHVW GHVWRRV GH H[SUHVLYLGDGRUHFKD]DUODGHOLEHUDGDPHQWHHLUPiVDOOiGHHOODDSURYHFKDQGRODV SRVLELOLGDGHVTXHOHSRQHDGLVSRVLFLyQHOVLVWHPD/RVJUDQGHVFUHDGRUHVGHOHQJXD FR FRPR 'DQ 'DQWH WH 4XHYHG HYHGR R &HU &HUYDQWH DQWHV V *yQJ yQJRUD RUD 6KDN 6KDNHV HVS SHDU HDUH 3XãN 3XãNLQ LQ  URPS RPSHQ FRQVFLHQWHPHQWHODQRUPDTXHHVDOJRFRPRHO©JXVWRGHODpSRFDªHQHODUWH\ VREUHWRGRXWLOL]DQ\UHDOL]DQHQHOJUDGRPiVDOWRODVSRVLELOLGDGHVGHOVLVWHPDQR HVXQDSDUDGRMDQLXQDIUDVHKHFKDGHFLUTXHXQJUDQSRHWD©KDXWLOL]DGRWRGDVODV SRVL SRVLEL ELOL OLGD GDGH GHV V TXH TXH OH RIUH RIUHFt FtD D OD OHQJ OHQJXD XDª ª (Q HVWH HVWH VHQW VHQWLG LGR R SRGH SRGHPR PRV V UHSH UHSHWL WLU U FRQ FRQ +XPEROGW \ &URFH TXH HQ UHDOLGDG QR DSUHQGHPRV XQD OHQJXD VLQR TXH DSUHQGHPRVDFUHDUHQXQDOHQJXDHVGHFLUTXHDSUHQGHPRVODVQRUPDVTXHJXtDQ OD FUHD FUHDFL FLyQ yQ HQ XQD XQD OHQJ OHQJXD XD DSUH DSUHQG QGHP HPRV RV D FRQR FRQRFH FHU U ODV ODV GLUH GLUHFW FWLY LYDV DV ODV ODV IOHF IOHFKD KDVV LQGL LQGLFD FDGR GRUD UDV V GHO GHO VLVW VLVWHP HPD D \ ORV ORV HOHP HOHPHQ HQWR WRV V TXH TXH HO VLVW VLVWHP HPD D QRV QRV SURS SURSRU RUFL FLRQ RQD D FRPR FRPR PROGHVSDUDQXHVWUDH[SUHVLyQLQpGLWD   (Q OD GLVWL LVWLQ QFLy FLyQ TXH TXH KHPR HPRV HVW HVWDE DEOH OHFFLGR LGR HQWU HQWUH H VLVW VLVWHP HPDD \ QRUP RUPD KHPR HPRV FRQVHUYDGRVLHPSUHODUHODFLyQFRQHOKDEODUFRQFUHWRFRQODVXVWDQFLDIyQLFDGHO OHQJXDMHSUHVHQWHGHDOJXQDPDQHUDKDVWDHQODVIXQFLRQHVPiVLQPHGLDWDPHQWH IRUPD IRUPDOHV OHV FRPR FRPR ODV VLQWiF VLQWiFWLF WLFDV DV (V SRVLEO SRVLEOH H VLQ HPEDUJ HPEDUJR R OOHJDU OOHJDU D XQD DEVWUD DEVWUDFF FFLyQ LyQ PiVDOOiGHOVLVWHPDLJQRUDQGRWRWDOPHQWHODVXVWDQFLDIyQLFDXQDDEVWUDFFLyQDOD TXHSRGUtDPRVOODPDUFRQXQWpUPLQRKMHOPVOHYLDQRHVTXHPDHQHOHVTXHPDQRV TXHGDU TXHGDUtDP tDPRV RV FRQ FRQ ODV IXQFLR IXQFLRQHV QHV SXUDV SXUDV FRQ UHODFL UHODFLRQH RQHV V DOJpEU DOJpEULFD LFDV V GH ©FDQW ©FDQWLGD LGDGHV GHV  YDFtDVª GHVSUHRFXSiQGRQRV GHVSUHRFXSiQGRQRV WRWDOPHQWH GH FyPR HVDV IXQFLRQHV VH H[SUHVDQ IRQHPiWLFD\PRUIHPiWLFDPHQWHHVGHFLUGHORVHOHPHQWRVIyQLFRVTXHODOHQJXD FRQVLGHUDGDXWLOL]DSDUDH[SUHVDUODVRSRVLFLRQHVTXHFRQVWLWX\HQVXVLVWHPD1R LJQR LJQRUD UDPR PRV V OD LPSR LPSRUW UWDQ DQFL FLD D WHyU WHyULF LFD D TXH TXH SXHG SXHGH H WHQH WHQHU U HVH HVH FRQF FRQFHS HSWR WR KDVW KDVWD D SDUD SDUD OD 



3iJ 3iJ



FRPS FRPSUH UHQV QVLy LyQ Q Pi PiV V tQWL tQWLPD PD GH ORV ORV IHQy IHQyPH PHQR QRV V OLQJ OLQJt tVW VWLF LFRV RV JHQH JHQHUUDOHV DOHV 3HUR 3HUR PX\ SUREDEOHP SUREDEOHPHQWH HQWH HVDVLQFURQtDSXUD HVDVLQFURQtDSXUDH HLQWHJ LQWHJUDOQRV UDOQRVOOHYDU OOHYDUtD tDFRPS FRPSOHWDP OHWDPHQWH HQWH IXHUD IXHUDGH GH OD KLVW KLVWRU RULD LD \ FRQ FRQ HVR HVR PLVP PLVPR R IXHU IXHUD D GHO GHO FDPS FDPSR R GHO GHO OHQJ OHQJXD XDMH MH \ GH OD OLQJ OLQJt tVW VWLF LFD D WUDQVIRUPDQGRQXHVWUDLQYHVWLJDFLyQHQHVWXGLRGHOD©PHQWDOLGDGGHORVSXHEORVª GHXQD©IRUPDLQWHULRUªOyJLF GHXQD©IRUPDLQWHULRUªOyJLFDPiVELHQ DPiVELHQTXHJORWRO TXHJORWROyJLF yJLFD/D D/DDEVWU DEVWUDFFL DFFLyQUHVXOWD yQUHVXOWDUtD UtD SUREDE SUREDEOHP OHPHQW HQWH H LQDSOL LQDSOLFDE FDEOH OH HQOD HQ OD OLQJt OLQJtVWL VWLFD FDKLV KLVWyU WyULFD LFD TXH QR SXHGH SXHGHLJQ LJQRUD RUDU U QL OD VXVWDQFLDIyQLFDQLODUHODFLyQHQWUHORVVLJQRVOLQJtVWLFRV\ODVFRVDVGHVLJQDGDV SHUR SHUR WHQG WHQGUt UtD D VLQ VLQ HPED HPEDUJ UJR R XWLO XWLOLG LGDG DG HQ OD OODPD OODPDGD GD ©JUD ©JUDPi PiWL WLFD FD JHQH JHQHUD UDOª Oª \ HQ OD FRPSDUDFLyQHVWUXFWXUDOHQWUHODVOHQJXDVGDGRTXHVXVPROGHVSRGUtDQDSOLFDUVHD PiV GH XQD OHQJXD OHQJXD DVt DVt XQD JUDPi JUDPiWLF WLFD D HVTXHP HVTXHPiWL iWLFD FDK~Q K~QJDU JDUD D FRLQF FRLQFLGL LGLUtD UtD HQJU HQ JUDQ DQ SDUWHFRQXQDJUDPiWLFDHVTXHPiWLFDWXUFD\XQDJUDPiWLFDUXPDQDFRLQFLGLUtDHQ PXFKRVSXQWRVFRQXQDJUDPiWLFDDOEDQHVD 3HURGHMDQGRGHODGRHVWH~OWLPRFRQFHSWRGHHVTXHPD¢FXiOSXHGHVHUDOD OX] GHODV GH ODV GLVWLQ GLVWLQFLR FLRQHV QHV HVWDEO HVWDEOHFL HFLGDV GDV ODVROX OD VROXFLy FLyQ Q GH ODV GLILFX GLILFXOWD OWDGHV GHV TXH LPSOLF LPSOLFD D OD RSRVLFLyQHQWUHOHQJXD\KDEOD"1RVSDUHFHTXHODGLVWLQFLyQHQWUHVLVWHPDQRUPDV  \ KDEODU VROXFLRQD WRWDOPHQWH GLFKDV GLILFXOWDGHV SRQLHQGR GH PDQLILHVWR OD FRQYHQFLRQDOLGDGGHORVFULWHULRVHQORVTXHVHEDVDODPX\ FRQYHQFLRQDOLGDGGHORVFULWHULRVHQORVTXHVHEDVDODPX\GLVFXWLGDRSRVLFLyQ GLVFXWLGDRSRVLFLyQ (QHIHFWRWHQHPRVFXDWURFRQFHS (QHIHFWRWHQHPRVFXDWURFRQFHSWRVIXQGDPHQWDOHV WRVIXQGDPHQWDOHV 6LVWHPD1RUPD1RUPDLQGLYLGXDO+DEODUFRQFUHWR  $ ORV SDVDMHV HQWUH ORV YDULRV SODQRV GH DEVWUDFFLyQ FRUUHVSRQGHQ FRUUHVSRQGHQ DGHPiV WUHV FRQF FRQFHS HSWR WRV V VHFX VHFXQG QGDU DULR LRV V D KHFK KHFKRV RV GH KDEO KDEOD D E KHFK KHFKRV RV GH QRUP QRUPD D LQGL LQGLYL YLGX GXDO DO  F KHFKRVGHQRUPDVRFLDO 3RUFRQVLJXLHQWH 6LODRSRVLFLyQVHHVWDEOHFHHQWUHVLVWHPD\UHDOL]DFLyQODOHQJXDFRPSUHQGHVyOR HO VLVW VLVWHP HPD D \ HO KDEO KDEOD D WRGR WRGRV V ORV ORV GHP GHPiV FRQF FRQFHS HSWR WRV V DE DEDU DUFD FDQG QGR R YDUL YDULRV RV JUDG JUDGRV RV GH DEVWUDFFLyQQRUPDVVRFLDOHVHLQGLYLGXDOHV\HOSODQR DEVWUDFFLyQQRUPDVVRFLDOHVHLQGLYLGXDOHV\HOSODQRFRQFUHWRGHOKDEODU FRQFUHWRGHOKDEODU 6LODRSRVLFLyQVHHVWDEOHFHHQWUHFRQFUHWR\DEVWUDFWRHOKDEODFRLQFLGHFRQHO KDEODU\ODOHQJXDFRPSUHQGHWRGRVORVGHPiVFRQFHSWRVSULQFLSDOHVDEDUFDQGR  YDULRVJUDGRVGHDEVWUDFFLyQ  YDULRVJUDGRV GHDEVWUDFFLyQQRUPDV\ QRUPDV\VLVWHPDTXH VLVWHPDTXHVLQHPEDUJR VLQHPEDUJRVHPDQLILHVWDQ VHPDQLILHVWDQ FRQFUHWDPHQWHHQHOKDEODU  6L OD RSRVLF RSRVLFLyQ LyQ VH HVWDEO HVWDEOHFH HFH HQWUH HQWUH VRFLDO VRFLDO H LQGLYL LQGLYLGXD GXDO O OD OHQJX OHQJXD D FRPSUH FRPSUHQGH QGH HO VLVW VLVWHP HPD D \ OD QRUP QRUPD D \ HO KDEO KDEOD D DEDU DEDUFD FD OD QRUP QRUPD D LQGL LQGLYL YLGX GXDO DO \ HO KDEO KDEODU DU FRQF FRQFUH UHWR WR FRQWHQLHQGRVLQHPEDUJRORVRWURVGRVFRQFHSWRV





3iJ

6LODRSRVLF 6LOD RSRVLFLyQVHHVWDEOHF LyQVHHVWDEOHFHHQWUHQRYHG HHQWUHQRYHGDGXRULJLQDO DGXRULJLQDOLGDGH[SU LGDGH[SUHVLYD\UHSHWL HVLYD\UHSHWLFLyQ FLyQ HOKDEODFRPSUHQGHH[FOXVLYDPHQWHORVKHFKRVGHKDEODD\ODOHQJXDWRGRVORV GHPiVFRQFHSWRVLQFOXVLYHORVDVSHFWRVVLVWHPiWLF GHPiVFRQFHSWRVLQFOXVLYHORVDVSHFWRVVLVWHPiWLFRV\QRUPDOHVGHOKDEODU RV\QRUPDOHVGHOKDEODU  7RGRHVWRVLSRUXQODGRDFODUDODVGLYHUJHQFLDVHQWUHORVYDULRVFRQFHSWRVGH OHQJXDSRUHORWURQRVDFRQV OHQJXDSRUHORWURQRVDFRQVHMDHYLWDU HMDHYLWDURSRUOR RSRUORPHQR PHQRVXVDUFRQFLUFX VXVDUFRQFLUFXQVSHF QVSHFFLyQ FLyQ  HQHOFDPSRGHODQiOLVLVGHOKDEODUXQWpUPLQRWDQDPELJXR\TXHVHSUHVWDDWDQWDV FRQIXV FRQIXVLRQ LRQHV HV (QHIH (Q HIHFW FWR RHO HOFRQ FRQFHS FHSWR WRGH GHOHQ OHQJXD JXD QRHQFXHQWU QRHQFXHQWUD D VXMXV VX MXVWLI WLILFD LFDFLy FLyQ Q HQOD  YLVLyQ UHWURVSHFWLYD GHVGH HO DFWR OLQJtVWLFR \ HQ OD IRUPDOL]DFLyQ ©HQ SURI SURIXQ XQGL GLGD GDGª Gª GH HVH HVH PLVP LVPR DFWR DFWR VLQR VLQR PiV ELHQ ELHQ HQ OD JHQH JHQHUD UDOL OL]D ]DFL FLyQ yQ TXH TXH VH HVWDEOHFH©HQDPSOLWXGªVREUHODEDVHGHXQDVHULHGHDFWRVOLQJtVWLFRVDEDUFDQGR ORVDVSHFWRVFRPXQHVTXHHQHOORVVHFRPSUXHEDQ(QHODQiOLVLVHQSURIXQGLGDGVH GHVW GHVWDF DFD D OR TXH TXH HQ XQ DFWR DFWR OLQJ OLQJt tVW VWLF LFR R HV VyOR VyOR QRUP QRUPDO DO \ OR TXH TXH HV IXQF IXQFLR LRQD QDO O FRQ FRQ UHVSHFWRDVXVPRGHORV UHVSHFWRDVXVPRGHORVHQ HQHOH[DPH HOH[DPHQHQDPSOLWXG QHQDPSOLWXGVH VHFRPS FRPSUXHED UXHEDOR ORTXHHVFRP~Q TXHHVFRP~Q OR TXH HV LVRJORVD HQ XQD VHULH GH DFWRV OLQJtVWLFRV FRQVLGHUDGRV VLQ SUHR SUHRFX FXSD SDUQ UQRV RV DGHP DGHPiV iV GH VL DOJX DOJXQR QRV V GH HOOR HOORV V VRQ VRQ PRGHO RGHORV RV GH RWUR RWURV V (Q RWUR RWURV V WpUP WpUPLQ LQRV RV HO FRQF FRQFHS HSWR WR GH OHQJ OHQJXD XD QR HV DQDO DQDOtW tWLF LFR R VLQR VLQR GHVF GHVFUL ULSW SWLY LYR R \ VLQW VLQWpW pWLF LFR R FRQVWLWX\pQGRVHFRPRVLVWHPDGHDVSHFWRVFRPXQHVVLVWHPDGHLVRJORVDVVREUHOD  EDVHGH ORTXHOODPDPRVPDWHULDOOLQJtVWLFR ORTXH OODPDPRVPDWHULDOOLQJtVWLFRVXPDGH VXPDGHDFWRVOLQJtVWLFRV DFWRVOLQJtVWLFRV3RUHVWR 3RUHVWR GHF GHFtDP tDPRV TXH TXH PiV ELHQ ELHQ TXH TXH D OD OLQ OLQJtVW tVWLF LFD D WHyU WHyULLFD FD HO FRQF RQFHSWR HSWR GH OHQJX HQJXD D FRUUHVSRQGHDODOLQJtVWLFDKLVWyULFDHVHOIXQGDP FRUUHVSRQGHDODOLQJtVWLFDKLVWyULFDHVHOIXQGDPHQWRPLVPRGHpVWD HQWRPLVPRGHpVWD /RVOtPLWHVGHXQDOHQJXDYDUtDQVHJ~QHOPDWHULDOOLQJtVWLFRFRQVLGHUDGRSRUHM VHJ~QODFRPXQLGDGRHOWHUULWRULRDEDUFDGR©OHQJXDGH0RQWHYLGHRª©OHQJXDGHO 5tR 5tR GH OD 3ODW 3ODWDª Dª ©OHQ ©OHQJX JXD D HVSD HVSDxR xROD ODª ª  \ DXQ DXQ DQWH DQWHV V GH OD FRPX FRPXQL QLGD GDG G SRGH SRGHPR PRV V FRQVLGHUDUXQVLVWHPDGHLVRJORVDVFRUUHVSRQGLHQWHDXQVRORLQGLYLGXR©OHQJXDGH &HUY &HUYDQ DQWH WHVª Vª ©OHQ ©OHQJX JXD D GH 5R 5RGy Gyª ª 3HUR 3HUR HO FRQF FRQFHS HSWR WR FRUUL RUULHQ HQWH WH GH OHQJ OHQJXD XD QR VH HVWD HVWDEO EOHF HFH H FRQ FRQ FULW FULWHU HULR LRV V H[FO H[FOXV XVLY LYDP DPHQ HQWH WH OLQJ OLQJtVW tVWLF LFRV RV VLQR VLQR WDPE WDPELp LpQ Q FRQ FRQ FULW FULWHU HULR LRV V   FXOWXUDOHV H[LVWHQFLDGHXQD©OHQJXDFRP~QªR©OLWHUDULDª SRUORFXDOXQD ©OHQJ ©OHQJXDª XDª FRPSUH FRPSUHQGH QGH WRGD WRGD XQD VHULH VHULH GH VLVWHP VLVWHPDV DV PHQRUH PHQRUHV V GLDOH GLDOHFWR FWRV V ©OHQJX ©OHQJXDVª DVª HVSHFL HVSHFLDOH DOHV V VLVWHP VLVWHPDV DV GLVWLQ GLVWLQWRV WRV VRFLDO VRFLDOPHQ PHQWH WH R FXOWXU FXOWXUDOP DOPHQW HQWH H OHQJXD OHQJXD GRFWD GRFWD OHQJXD OHQJXD OLWH OLWHUUDULD DULD  OHQ OHQJXD SRSX RSXODU ODU OHQ OHQJXD IDP IDPLOLD LOLDUU GH OtP OtPLWHV LWHV YDUL YDULDDEOHV EOHV \ D PHQXG HQXGR R  FRQYHQFLRQDOHV    6LQ 6LQ HPED HPEDUJ UJR R ORV ORV FRQF FRQFHS HSWR WRV V GH VLVWH VLVWHPD PD \ QRUP QRUPD D \ HO FRQF FRQFHS HSWR WR GH OHQJ OHQJXD XD DXQT DXQTXH XH HVWU HVWUXF XFWX WXUD UDGR GRV V GH GLVW GLVWLQ LQWD WD PD PDQH QHUD UD QR VRQ VRQ DQWL DQWLWp WpWL WLFR FRV V (Q HIHF HIHFWR WR ORV ORV DVSHFWRVFRPXQHV DVSHFWRVFRPXQHV GHXQDVHULH GHXQD VHULH GHDFWRVOLQJtVWLFRVVRQ GHDFWRVOLQJtVWLFRVVRQQHFH QHFHVDULD VDULDPHQW PHQWH HQRUP QRUPDOHV DOHV  \HQ  \ HQXQ XQSODQR SODQRVXSHULRUGH VXSHULRUGH IRUPDOL]DFLyQ IRUPDOL]DFLyQIXQFLRQDOHVSRGHPRV IXQFLRQDOHVSRGHPRVSRU SRUFRQVLJXLHQWH FRQVLJXLHQWH KDEODU KDEODU GHQRU GH QRUPD PD \ VLVWHP VLVWHPD D UHILUL UHILULpQG pQGRQR RQRV V D XQD OHQJXD OHQJXD VLVWH VLVWHPDGH PDGH LVRJOR LVRJORVDV VDV HQ HQ 



7RGDRSRVLFLyQHQWUHOHQJXD\KDEODTXHQRSHUWHQH]FDDXQRGHHVWRVFXDWURWLSRVRQRDJRWDODUHDOLGDG GHOOHQJXDMHRFRQIXQGHFULWHULRVGLVWLQWRVRWRPDHQFRQVLGHUDFLyQWDPELpQKHFKRVTXHQRSHUWHQHFHQDO OHQJXDMHSURSLDPHQWHGLFKR  3iJ  3iJ  &I93LVDQ,QWURGX]LRQH &I93LVDQ,QWURGX]LRQHDOODOLQJtVWL DOODOLQJtVWLFDLQGHXURSHD FDLQGHXURSHDHG7XUtQ HG7XUtQSS SS  (QHVSDxROHOWpUPLQRLGLRPDQRVSHUPLWLUtDGLVWLQJXLUXQVL (QHVSDxROHOWpUPLQRLGLRPDQRVSHUPL WLUtDGLVWLQJXLUXQVLVWHPDGHLVRJORVDVFXOWXUDO VWHPDGHLVRJORVDVFXOWXUDOPHQWHGHWHUPLQDGR PHQWHGHWHUPLQDGR LQVWUX LQVWUXPHQ PHQWR\ WR\ YHKtFX YHKtFXORGH ORGH ODFXOWXUDGH ODFXOWXUDGH XQR R PiV SXHEOR SXHEORV V LGLR LGLRPDIUDQF PDIUDQFpV pV LGLRPD LGLRPD LWDOLD LWDOLDQR QR HWF HWF GH XQ VLVWHPDGHLVRJORVDVFXDOTXLHUDOH VLVWHPDGHLVRJORVDVFXDOTXLHUDOHQJXD6LQHPEDUJR QJXD6LQHPEDUJRHVWDGLVWLQFLyQ HVWDGLVWLQFLyQQRVHKDFHFRP~QPHQWH QRVHKDFHFRP~QPHQWH

OXJDUGHUHIHULUQRVH[FOXVLYDPHQWHDOKDEODU6yORTXHODOHQJXDVHH[WLHQGHQRVyOR HQODFRPXQLGDG\HQHOHVSDFLRVLQRWDPELpQHQHOWLHPSRVHWUDWDGHXQFRQFHSWR KLVW LVWyULF yULFR R FI FI ©OD OHQ OHQJXD HVSD HVSDxR xROD OD GHVG GHVGHH ORV ORV RUtJ RUtJHQ HQHV HV KDVW DVWD QXHVW XHVWUURV GtDVª tDVª  PLHQ PLHQWU WUDV DV TXH TXH VLVW VLVWHP HPD D \ QRUP QRUPD D VRQ VRQ FRQF FRQFHS HSWR WRV V HVWU HVWUXF XFWX WXUD UDOH OHV V \ SRU SRU HVR HVR PLVP PLVPR R VLQFUyQLFRVDXQTXHSXHGDQFRQVLGHUDUVHGLDFUyQLFDPHQWHHQVXHYROXFLyQTXHHV HOSDVDMHGHXQVLVWHPDDRWURVLVWHPDGHXQDQRUPDDRWUDQRUPDHVGHFLUTXHOD OHQJXDHVFRQWLQXLGDGPLHQWUDVTXHHOVLVWHPD\ODQRUPDVRQHVWDWLFLGDGVHWUDWD GH FRQF RQFHSW HSWRV TXH VH UHILH HILHUUHQ DO ©VHU VHUª \ QR DO ©GHYH GHYHQL QLUUª HQ HQ FDGD FDGD PRPHQ RPHQWWR FRQVLG FRQVLGHUD HUDGRHQ GRHQ ODKLVWRULD ODKLVWRULD GHXQDOHQ GHXQD OHQJXD JXD QRV QRV HQIUHQ HQIUHQWDP WDPRVFRQ RVFRQXQVLVWHP XQVLVWHPD D \XQD \ XQD QRUPDTXHQRVRQORVPLVPRVGHOPRPHQWRDQWHULRU(QHVWHVHQWLGRGHFLPRVTXH VLVWHP VLVWHPD D \QRU \ QRUPDFRUU PDFRUUHVS HVSRQG RQGHQD HQD XQHVWDGR XQHVWDGR GHOHQJXD GHOHQJXDHVGHFLUDXQPRPHQWR TXH TXH VH FROR FRORFD FD IXHU IXHUD D GHO GHO WLHP WLHPSR SR DLVOi DLVOiQG QGRV RVH H PHGL PHGLDQ DQWH WH XQD XQD QHFH QHFHVD VDUL ULD D DXQ DXQTX TXH H GLVFXWLGDDEVWUDFFLyQFLHQWtILFDGHOSHU GLVFXWLGDDEVWUDFFLyQFLHQWtILFDGHOSHUSHWXRPRYLPLHQ SHWXRPRYLPLHQWRGHODOHQJXD WRGHODOHQJXD

 9,,,03257$1&,$<87,/,'$''(/$',67,1&,Ï175,3$57,7$  9,,,03257$1&,$<87,/,'$''(/$',67 ,1&,Ï175,3$57,7$ &UHHPRVTXHWRGRORH[SXHVWRKDVWDDTXtMXVWLILFDVXILFLHQWHPHQWHODLPSRUWDQFLD WHyULFD\PHWRGROyJLFDTXHDWULEXLP WHyULFD\PHWRGROyJLFDTXHDWULEXLPRVDODGLVWLQFLyQHQWUHQ RVDODGLVWLQFLyQHQWUHQRUPD\VLVWHPD RUPD\VLVWHPD (QHIH (Q HIHFWR FWR HVWD HVWD GLVWLQ GLVWLQFLy FLyQ QTX TXH H QRHV QR HVQL QLDU DUELW ELWUDU UDULD LDQL QL FRQYHQ FRQYHQFLR FLRQD QDO OSXH SXHVWR VWR TXH VH PDQLIL PDQLILHVW HVWD D HQ ORV DVSHFW DVSHFWRV RV IRUPDO IRUPDOHV HV GHO SURSLR SURSLR KDEODU KDEODU FRQFUH FRQFUHWR WR QRV SHUPLW SHUPLWH H YHU FODUDPHQWHODDEVROXWDFRQYHQFLRQDOLGDGGHODRSRVLFLyQOHQJXDKDEODQRVKDFHYHU FXiOHV FXiOHV SXHGHQ SXHGHQ VHU ORV FULWH FULWHULR ULRV V FRQVL FRQVLGHU GHUDGR DGRV V DO HVWDEO HVWDEOHFH HFHUVH UVH HVD FRQYHQ FRQYHQFLy FLyQ Q \ DO PLVPRWLHPSRQRVLQGLFDODLPSUHVFLQGLEOHQHFHVLGDGGHGHFODUDUHQFDGDFDVROD FRQYHQFLyQDGRSWDGD (Q VHJ VHJXQGR QGR OXJ OXJDU OD PLVP LVPD GLVWL LVWLQ QFLyQ LyQ QRV QRV OOHY OOHYD D QHFHV HFHVDU DULD LDP PHQWH D VLWX VLWXDU DU HO FRQFHSWRGHOHQJXDHQHOOXJDUTXHOHFRUUHVSRQGHHQODFRQVLGHUDFLyQGHVFULSWLYDH KLVWyULFD\QRDQDOtWLFDHLQWHUSUHWDWLYDGHOOHQJXDMH 3RURWURODGRODGLVWLQFLyQHQWUHQRUPD\VLVWHPDDFODUDPHMRUHOIXQFLRQDPLHQWR GHOOHQJXDMHODDFWLYLGDGOLQJtVWLFDTXHHVDOPLVPRWLHPSRFUHDFLyQ\UHSHWLFLyQ UHFUHDFLyQGHQWURGHOPDUFR\VHJ~QODVFRRUGHQDGDVGHOVLVWHPDIXQFLRQDOHV GHFLU GHFLU GH OR TXH HV LPSUHV LPSUHVFLQ FLQGLE GLEOH OH SDUD SDUD TXH HO OHQJX OHQJXDMH DMH FXPSOD FXPSOD FRQ VX IXQFLy IXQFLyQ Q PRYLPLHQWRREOLJDGR\PRYLPLHQWROLEUHGHQWURGHODVSRVLELOLGDGHVRIUHFLGDVSRU HOVLVWHPD  $VLP $VLPLV LVPR PR OD QRPE QRPEUD UDGD GD GLVW GLVWLQ LQFL FLyQ yQ MXVW MXVWLI LILF LFD D \ DFOD DFODUD UD ORV ORV IXQG IXQGDP DPHQ HQWR WRV V GH ORV ORV  YDULRVDVSHFWRVGHODVYDULDVWHQGHQFLDV\RULHQWDFLRQHVGHODOLQJtVWLFD(QHIHFWR  YDULRVDVSHFWRVGHODVYDULDV WHQGHQFLDV\RULHQWDFLRQHVGHODOLQJtVWLFD(QHIHFWR OD OLQJ OLQJt tVW VWLF LFD D SXHG SXHGH H GHGL GHGLFD FDUV UVH H VREU VREUH H WRGR WRGR DO DQiO DQiOLV LVLV LV GHO GHO KDEO KDEODU DU \ HQWR HQWRQF QFHV HV HV WHRUtD GHO OHQJXD OHQJXDMH MH R OLQJt OLQJtVWL VWLFD FD JHQHUD JHQHUDO O HQ VHQWLG VHQWLGR R HVWULF HVWULFWR WR SXHGH SXHGH RULHQW RULHQWDU DUVH VH KDFLDHOHVWXGLRGHODVOHQJXDV\HQWRQFHVHVOLQJtVWLFDKLVWyULFDHQHOVHQWLGRTXH 



&I&/*SS 3iJ  3iJ 

GD D HVWH HVWH WpUP WpUPLQ LQR R $ 0HLOO 0HLOOHW HW  3RU 3RU RWUD RWUD SDUW SDUWH H DO FRQV FRQVLG LGHU HUDU DU HO OHQJX OHQJXDM DMH H SXHG SXHGH H HVWXGLDU\YDORUDUVREUHWRGRODRULJLQDOLGDGH[SUHVLYDGHOKDEODQWH\HQWRQFHVHV HVWpWLFDSXHGHHVWXGLDUODQRUPDHODVSHFWRTXHHQHOKDEODUHVWUDGLFLyQVRFLDO\ FXOWXUDO\HQWRQFHVHVKLVWRULDGHODFXOWXUDSXHGHHVWXGLDUHOVLVWHPDRDGRSWDU HQSULPHUOXJDUHOSXQWRGHYLVWDGHOVLVWHPD\HQWRQFHVHVJUDPiWLFDSXUD&DGD XQD GHHVD GH HVDV V RULHQW RULHQWDFL DFLRQH RQHV V HV OHJtWL OHJtWLPD PDFRP FRPR R YLVLyQ YLVLyQ SDUFLD SDUFLDO O SHUR SHUR QLQJXQ QLQJXQD D GH HOODV HOODV DJRWDSRUVtVRODHOPXOWLIRUPH\FRPSOHMRIHQyP DJRWDSRUVtVRODHOPXOWLIRUP H\FRPSOHMRIHQyPHQRTXHHVHOOHQJXDMHKXP HQRTXHHVHOOHQJXDMHKXPDQR DQR  $GHPiVODPLVPDGLVWLQFLyQMXVWLILFDODV  $GHPiVODPLVPD GLVWLQFLyQMXVWLILFDODVYDULDVFLHQFLDVOLQJtVWLFDVDWULEX\HQGRD YDULDVFLHQFLDVOLQJtVWLFDVDWULEX\HQGRD FDGDXQDHOOXJDUTXHOHFRUUHVSRQGHHQHOHVWXGLRGHOOHQJXDMH6RQFRQRFLGDVODV GLIL GLILFX FXOW OWDG DGHV HV TXH TXH SUHV SUHVHQ HQWD WD SRU SRU HMHP HMHPSO SOR R OD FRQV FRQVWL WLWX WXFL FLyQ yQ GH OD HVWL HVWLOt OtVW VWLF LFD D GH OD  OHQJXD  DKRU DKRUD D ELHQ ELHQ HVWD HVWD FLHQ FLHQFL FLD D QR SXHG SXHGH H VHU VHU RWUD RWUD FRVD FRVD TXH TXH HO HVWX HVWXGL GLR R GH ODV  YDULDQWHVQRUPDOHVFRQYDORUH[SUHVLYRDIHFWLYRHVWXGLR  YDULDQWHVQRUPDOHVFRQ YDORUH[SUHVLYRDIHFWLYRHVWXGLRGHOD GHOD XWLOL]DFLyQHVWLOtVWLFD QRUPDOGHODVSRVLELOLGDGHVTXHRIUHFHXQVLVWHPDGHDTXHOORVHOHPHQWRVTXHVRQ QRUPDOPHQWHHQODOHQJXDGHXQDFRPXQLGDGSRUWDGRUHVGHXQSDUWLFXODUYDORU H[SUHVLYR HV GHFL GHFLU U XQD XQD FLHQ FLHQFL FLD D GH OD QRUP QRUPD D PLHQ PLHQWU WUDV DV TXH TXH OD HVWL HVWLOt OtVW VWLF LFD D TXH TXH HVWXGLDHOYDORUSDUWLFXODUTXHFXDOTXLHUHOHPHQWRGHODOHQJXDSXHGHDGTXLULUHQ XQWH[WRFRPRRULJLQDOLGDGH[SUHVLYDLQGLYLGXDOHVHVWLOtVWLFDGHOKDEODU (QWUHODV (QWUHODVFLHQ FLHQFLDVTXHVHRFXSDQGHODVSHFW FLDVTXHVHRFXSDQGHODVSHFWRIyQLFRGHOOHQJXD RIyQLFRGHOOHQJXDMHODIRQRORJt MHODIRQRORJtDVLVH DVLVH ODHQWLHQGHFRPRHVWXGLRHVWUXFWXUDO\IXQFLRQDOQRSXHGHVHUFLHQFLDGHODOHQJXD GH WRGD WRGD OD OHQJ OHQJXD XD VLV VLVWH WHPD PD QRU QRUP PD D VLQR VLQR VyOR VyOR GHO GHO VLVW VLVWHP HPD D (V SUHF SUHFLV LVR R SRU SRU FRQVLJXLHQWHGLVWLQJXLUHQHVWHFDPSRXQD FRQVLJXLHQWHGLVWLQJXLUHQHVWHFDPSRXQDFLHQFLDGHODVUHDOL]DFLRQH FLHQFLDGHODVUHDOL]DFLRQHVQRUPDOHVGHO VQRUPDOHVGHO  VLVWHP VLVWHPD D IRQROy IRQROyJLF JLFR R GH XQD OHQJXD OHQJXD  \D UHSU UHSUHV HVHQ HQWD WDGD GD HQ SDUW SDUWH H SRU SRU ORV ORV EXHQ EXHQRV RV PDQXDOHVGH©SURQXQFLDFLyQª8QDFLHQFLDGHHVWHWLSRSRGUtDVHUODIRQRPHWUtDGH =ZLU =Z LUQH QHU U TXH TXH FRPR FRPR WRGR WRGR HVWX HVWXGL GLR R HVWD HVWDGt GtVW VWLF LFR R VH SUHV SUHVHQ HQWD WD HIHF HIHFWL WLYD YDPH PHQW QWH H FRPR FRPR FLHQFLDGHODQRUPD(QFXDQWRDODIRQpWLFDHVWDFLHQFLD\DHVHQWHQGLGDSRUOD PD\RUt PD\RUtD D GHORV GH ORV HVWXGL HVWXGLRVR RVRV V FRPR FRPR HVWXGL HVWXGLR R GHORV GH ORV VRQLGR VRQLGRV V FRQFU FRQFUHWR HWRV VHV HVGHF GHFLU LU FRPR FRPR FLHQFLDGHOKDEODU 3RUORTXHFRQFLHUQHDODJUDPiWLFDSURSLDPHQWHGLFKDODJUDPiWLFDHVWUXFWXUDOHV FLHQFLDGHOVLVWHPDPLHQWUDVTXHODJUDPiWLFDGHVFULSWLYDHVFLHQFLDGHODQRUPD 0iVELHQFRPRFLHQFLDGHOKDEODUVHSUHVHQWDHQFDPELRODOODPDGD©JUDPiWLFDGH ORVHUURUHVªFIOD*UDPPDLUHGHVIDXWHVGH)UHLSDUDHOIUDQFpVRODREUDGHO PLVPR WLSR TXH , ,RUGDQ KD SXEOLFDGR SDUD HO UXPDQR DXQTXH HVWXGLH 



&IDHVWHSURSyVLWR- &IDHVWHSURSyVLWR-0DWWRVR&DPD 0DWWRVR&DPDUDMU&RQWULE UDMU&RQWULEXLomRSDUDXQDHVW XLomRSDUDXQDHVWLOtVWLFDGDOL LOtVWLFDGDOLQJXDSRUWXJXHVD5 QJXDSRUWXJXHVD5tRGH tRGH -DQHLURSDUWLFS  &I%UXQR0LJOLRULQL/L &I%UXQR0LJOLRULQL/LQJXDHFXOWXUD5 QJXDHFXOWXUD5RPDS RPDS  &RPSiUHVHHQHVWHVHQWLGRO &RPSiUHVHHQHVWHVHQWLGRODHVWLOtVWLF DHVWLOtVWLFDGH%DOO\FRQOD DGH%DOO\FRQODGH9RVVOHU GH9RVVOHU  3iJ  3URSRQ 3URSRQGUt GUtDPR DPRV V HO WpUPLQ WpUPLQR R IRQROR IRQRORJtD JtD 3DUD 3DUD OD FLHQFL FLHQFLD D JHQHUD JHQHUDO O GHO DVSHFW DVSHFWR R IyQLFR IyQLFR GH OD OHQJXD OHQJXD VLVW VLVWHPD HPD IXQF IXQFLR LRQD QDO O \ YDUL YDULDQ DQWH WHV V QRUP QRUPDO DOHV HV  IDFX IDFXOW OWDW DWLY LYDV DV R FRPE FRPELQ LQDW DWRU RULD LDV V \ ORV ORV WpUP WpUPLQ LQRV RV IRQH IRQHPi PiWL WLFD FD \ IRQp IRQpPL PLFD FD  UHVSHFWLYDPHQWHSDUDODVFLHQFLDVIyQLFDVGHOVLVWHPD\GHODQRUPD'HWRGRVPRGRVORVWpUPLQRVTXHVH HPSOHHQVHUtDQFRQYHQFLRQDOHVORLPSRUWDQWHHVGLVWLQJXLUHQW HPSOHHQVHUtDQFRQYHQFLRQDOHV ORLPSRUWDQWHHVGLVWLQJXLUHQWUHXQDIRQRORJtDGHOVLVWHPD\XQDIRQRORJt UHXQDIRQRORJtDGHOVLVWHPD\XQDIRQRORJtDGH DGH ODQRUPD  (OHVWXGLRHVWDGtVWLFRHVWXGLRFXDQWLWDWLYRGHODQRUPDDGTXLHUHFDGDYH]PiVLPSRUWDQFLDSXHVODQRUPD UHSUHV UHSUHVHQW HQWD D HO HTXLOL HTXLOLEUL EULR R GH XQ VLVWHP VLVWHPD D HQ XQ PRPHQW PRPHQWR R GDGR GDGR \ ORV FDPELR FDPELRV V FXDQWL FXDQWLWDW WDWLYR LYRV V VXHOH VXHOHQ Q OOHYD OOHYDU U D FDPELR FDPELRV V FXDOL FXDOLWDW WDWLYR LYRV V ORV FDPELR FDPELRV V HQ OD QRUPD QRUPD OOHYDQ OOHYDQ D FDPELR FDPELRV V HQ HO VLVWHP VLVWHPD D &I &I 0 &2+(1 &2+(1 6XU OD VWDWLVWLTXHOLQJXLVWLTXH&,/8 VWDWLVWLTXHOLQJXLVWLTXH&,/83,;Si 3,;SiJLQDV JLQDV

SDUWLFXODUPHQWHDTXHOODVPRGLILFDFLRQ SDUWLFXODUPHQWHDTXHOODVPRGLILFDFLRQHVGHODQRUPDTXHVHHVWiQGLIXQGLHQGR HVGHODQRUPDTXHVHHVWiQGLIXQGLHQGRTXH TXH  \D FRQVWLWX\HQ GH DOJ~Q PRGR ©QRUPD SDUFLDOª < HVWDPRV VHJXURV TXH GLVWLQFLRQHVGHODPLVPDtQGROHSRGUtDQKDFHUVHWDPELpQSRUORTXHFRQFLHUQHDO HVWXGLRGHOOp[LFR 3HURVREUHWRGRODGLVWLQFLyQHQWUHQRUPD\VLVWHPDQRVSDUHFHLPSRUWDQWH SRU OD FODULI FODULILFD LFDFLy FLyQ Q TXH SXHGH SXHGH WUDHU WUDHU HQ OR TXH TXH VH UHIL UHILHU HUH H D OD FRPS FRPSUH UHQV QVLy LyQ Q GHO GHO PHFD PHFDQL QLVP VPR R tQWL tQWLPR PR GH FDPE FDPELR LR OLQJ OLQJt tVW VWLF LFR R (Q HIHF HIHFWR WR KHPR KHPRV V YLVW YLVWR R TXH TXH OR TXH TXH VH LPSRQHDOKDEODQWHQRHVHOVLVWHPDTXH©VHOHRIUHFHªVLQRODQRUPD$KRUDHO KDEODQ KDEODQWH WH WLHQH WLHQH FRQFLH FRQFLHQFL QFLD D GHO VLVWHP VLVWHPD D \ OR XWLOL] XWLOL]D D \ SRU RWUR RWUR ODGR ODGR FRQRFH FRQRFH R QR FRQRF RQRFH H RE REHG HGHF HFH H R QR RE REHG HGHF HFH H OD QRUP RUPD DXQ PDQW DQWHQLp HQLpQ QGRVH GRVH GHQ GHQWUR WUR GH ODV ODV SRVL SRVLEL ELOL OLGD GDGH GHV V GHO GHO VLVW VLVWHP HPD D 3HUR 3HUR OD RULJ RULJLQ LQDO DOLG LGDG DG H[SU H[SUHV HVLY LYD D GHO GHO LQGL LQGLYL YLGX GXR R TXH TXH QR FRQRFHRQR FRQRFHRQRREHGH REHGHFHODQRUPDSXHGH FHODQRUPDSXHGHVHUWRPDGDFRPR VHUWRPDGDFRPRPRGHORSRURWURLQGL PRGHORSRURWURLQGLYLGXR YLGXR SXHGH VHULPLWDGD\ VHULPLWDGD\ YROYHUVHSRUFRQVLJX YROYHUVHSRUFRQVLJXLHQW LHQWHQRUPD HQRUPD (OLQGLYLGXR (OLQGLYLGXRSXHV SXHV FDPELD FDPELD ODQRUPDTXHGDQGRGHQWURGHORVOtPLWHVSHUPLWLGRVSRUHOVLVWHPDSHURODQRUPD UHIO UHIOHM HMD D HO HTXL HTXLOL OLEU EULR LR GHO GHO VLVW VLVWHP HPD D HQ XQ GHWH GHWHUP UPLQ LQDG DGR R PRPH PRPHQW QWR R \ FDPE FDPELD LDQG QGR R OD QRUPDFDPELDHVHHTXLOLEULRKDVWDYROFDUVHWRWDOPHQWHGHXQODGRRGHRWUR'H HVWD HVWD PD PDQHU QHUD D HO LQGLYL LQGLYLGXR GXR KDEODQ KDEODQWH WH DSDUHF DSDUHFH H FRPR FRPR SXQWR SXQWR GH SDUWLG SDUWLGD D WDPELp WDPELpQ Q GHO FDPELRHQHOVLVWHPDTXHHPSLH]DSRUHOGHVFRQRFLPLHQWRRODQRDFHSWDFLyQGHOD QRUPD 2EVHUY 2EVH UYD D 9 3LVD 3LVDQL QL TXH TXH SRU SRU OR TXH TXH FRQF FRQFLH LHUQ UQH H DO FDPE FDPELR LR VHPi VHPiQW QWLF LFR R HV QRUP QRUPD D IXQ IXQGDP GDPHQWD HQWDO O ©TXH TXH HO QXHYR XHYR VLJ VLJQLILF LILFDG DGR R TXH TXH XQD SDOD SDODEU EUD D DVXP DVXPH H KD\D D\D HVW HVWDGR DGR  SUHVHQWHFRPRVHFXQGDULRHQHOHPSOHRSUHFHGHQWHGHODPLVPDSDODEUDª (V GHFL GHFLU U TXH TXH HQ FDGD FDGD PRPH PRPHQW QWR R XQ GHWH GHWHUP UPLQ LQDG DGR R VLJQ VLJQLI LILF LFDG DGR R HV HO QRUP QRUPDO DO \ RWUR RWURV V VLJQLILFD VLJQLILFDGRVVRQ©ODWHUDO GRVVRQ©ODWHUDOHVªODWHQ HVªODWHQWHVSRVLEOH WHVSRVLEOHVGHVGHHO VGHVGHHO SXQWRGH SXQWRGHYLVWDGHOVLVWHPD YLVWDGHOVLVWHPD 3HUR 3HUR OR PLVP PLVPR R RFXU RFXUUH UH FRQ FRQ WRGR WRGRV V ORV ORV GHPi GHPiV V FDPE FDPELR LRV V OLQJ OLQJtV tVWL WLFR FRV V Pi PiV V DOOi DOOi GH OD QRUPDHVWDEOHFLGDH[LVWHQVLHPSUHODVSRVLELOLGDGHVGHOVLVWHPD\HQHVWHVHQWLGR SHQVDPRVKDEUtDTXHLQWHUSUHWDUODGRFWULQDGH0HLOOHWDFHUFDGHODVWHQGHQFLDV ODWHQWHVGHODVOHQJXDV(QFDGDPRPHQWRODQRUPDUHIOHMDXQHTXLOLEULRLQHVWDEOH GHOVLVWHPD  $Vt SRU HMHPSOR HQ ODWtQ FOiVLFR HUD QRUPDO OD GHFOLQDFLyQ GHVLQHQFLDO SHUR HQ PXFKRV PXFKRV FDVRV FDVRV VH HPSOHD HPSOHDEDQ EDQ DGHPi DGHPiV V SUHSRV SUHSRVLFL LFLRQH RQHV V TXH \D GH SRU Vt LQGLFD LQGLFDEDQ EDQ  VXILFLHQWHPHQWHODIXQFLyQ ODQRU OD QRUPD PD VHGHVSOD] VHGHVSOD]yFDGDYH]PiV yFDGDYH]PiV KDFLD KDFLD HOHPSOHR HOHPSOHR GHODVSUH GHODV SUHSRV SRVLFL LFLRQH RQHVKDVWD VKDVWD TXH HOHTXLOLEU HOHTXLOLEULRGHO LRGHOVLV VLVWHP WHPD DVHYROFy VHYROFyTXH TXHGDQ GDQGRGH GRGH OD DQWLJX DQWLJXD D GHFOLQ GHFOLQDFL DFLyQ yQ HQ OD PD\RUt PD\RUtD D GH ODV OHQJXD OHQJXDV V URPDQF URPDQFHV HV DFWXDO DFWXDOHV HV DSHQDV DSHQDV OD RSRV RSRVLF LFLy LyQ Q HQWU HQWUH H VLQJ VLQJXO XODU DU \ SOXU SOXUDO DO 'HO 'HO PLVP LVPR PRGR PRGR ORV ORV VXVW VXVWDQ DQWL WLYR YRV V GH OD D GHF GHFOLQD OLQDFFLyQ LyQ SDVD SDVDUURQ JUD JUDGXDO GXDOP PHQWH D OD D WUL WULEEX \ HVS HVStULW tULWX X VRQ VRQ HQ HVSD VSDxRO xRO HPSUpVWLWRVFXOWRVGHOODWtQSRUTXH\DWHQtDQYDULDVIRUPDVTXHFRLQFLGtDQFRQODV IRUP IRUPDV DV GH HVWD HVWD ~OWL ~OWLPD PD \ FLHU FLHUWR WRV V QRPE QRPEUH UHV V DGPL DGPLWt WtDQ DQ ORV ORV GRV GRV SDUD SDUDGL GLJP JPDV DV  \ ORV ORV QRPEUHVGHODDGHFOLQDFLyQSDVDURQDODDFRQODFXDOWHQtDQYDULRVFDVRVHQ FRP~QRDODDGDGRTXH\DWHQtDQYDULDQWHVSHUWHQHFLHQWHVDHVWDGHFOLQDFLyQHV GHFLUTXHPiVELHQTXHYHUGDGHUR©SDVDMHªKXERVLPSOHPHQWHHOLPLQDFLyQGHODV 



3iJ 93LVDQ/(WLPRORJtDS  3iJ 

IRUPD IRUPDV V GH D FRPR FRPR SLJULW SLJULWLHV LHV OX[XUL OX[XULHV HV DYDULW DYDULWLHV LHV \ FRQVH FRQVHUYD UYDFLy FLyQ Q H[FOXV H[FOXVLYD LYD GH ODV IRUPDVGHDSLJULWLDOX[XULDDYDULWLD /DDSOLFDFLyQGHOVLVWHPD /DDSOLFDFLyQGHOVLVWHPDHQ HQVHQWL VHQWLGRFRQWUD GRFRQWUDULRDOD ULRDODQRU QRUPDVHPDQLILHV PDVHPDQLILHVWDGHOPLVPR WDGHOPLVPR PRGRHQODFUHDFLyQDQDOyJLFD\HQODDSDULFLyQGHXQDIRUPD©DQRUPDOªHQHO FRPLH RPLHQ Q]R R SHUR HUR TXH HQF HQFXHQ XHQWUD WUD VX OXJD OXJDU U HQ OD VLP VLPHWUtD WUtD GHO GHO VLVW VLVWHP HPDD $Vt Vt SRU HMHPS HMHPSOR OR HOHVS HO HVSDxR DxROO ULRSOD ULRSODWHQ WHQVH VHSRV SRVHH HHXQD XQD VHULH VHULHGH GHFRQ FRQVRQ VRQDQW DQWHV HVVRU VRUGDV GDV S WN W N\ \ FRQRFHFRPRHIHFWLYDPHQWHUHDOL]DGDODRSRVLFLyQHQWUHVRUGD\VRQRUDSDUDHVRV IRQ IRQHPD HPDV FDO FDOD DJJDOD DOD WLHQ WLHQWD WDW WLH LHQG QGD D LPSH LPSHOOHLP HLPEH EHOH OH  QR SRVHH RVHH  HQ FDPELR ELR OD FRUUHV FRUUHVSRQ SRQGLH GLHQW QWH H VRUGD VRUGD GH å GH åRUDU åRUDU OORUD OORUDU U HV GHFLU GHFLU HO IRQHPD IRQHPD ã ã (O VLVWHPD VLVWHPD IRQROyJLFRULRSODWHQVHSRVHHSXHVXQD©FDVLOODYDFtDªODFRUUHVSRQGLHQWHDã FDVLOODTXHSRGUiOOHQDUVH\HQHIHFWR\DVHR\HHQFLHUWRVFDVRVãSRUDKRUDFRPR  YDULDQWHGHåSHURHOQXHYRVRQLGR  YDULDQWHGHåSHUR HOQXHYRVRQLGRSRGUtDDGTXLULUFRQHO SRGUtDDGTXLULUFRQHOWLHPSRYDORUGLVWLQWLYR WLHPSRYDORUGLVWLQWLYR  \YROYHUVHXQIRQHPDQXHYR  \YROYHUVHXQIRQHPDQXHYR 'HO 'HO PLVP PLVPR R PRGR PRGR HO FDPE FDPELR LR IRQp IRQpWL WLFR FR HV HV HQ SULP SULPHU HU OXJD OXJDU U GHVS GHVSOD OD]D ]DPL PLHQ HQWR WR GH OD QRUPDKDFLDXQDUHDOL]DF QRUPDKDFLDXQDUHDOL]DFLyQDF~VWL LyQDF~VWLFDGH FDGHXQIRQHP XQIRQHPDDGPLWLGD DDGPLWLGD SRUHOVLVWHPD >M@HV HQ (VSDxD (VSDxD VL VH FRQVLG FRQVLGHUD HUDQ Q FRQMXQ FRQMXQWDP WDPHQW HQWH H ORV YDULRV YDULRV QLYHOH QLYHOHV V GH OD OHQJXD OHQJXD OR FXDOSXHGHVHUGLVFXWL FXDOSXHGHVHUGLVFXWLEOHYDULD EOHYDULDQWHDF~V QWHDF~VWLFD WLFDGH GH OO\>å@HVYDULDQW OO \>å@HVYDULDQWHWDQWRGHM HWDQWRGHM \FRPRGH OOSHURHQHO5tRGHOD3ODWDåVHKDYXHOWRUHDOL]DFLyQQRUPDOGH\  \OOHQWRGRVORVQLYHOHV\VHKDOOHJDGRFRQHVRDODIXVLyQGHORVGRVIRQHPDV  \OOHQWRGRVORVQLYHOHV\VHKDOOHJDGRFRQHVRDODIXVLyQ GHORVGRVIRQHPDV 2EMHWD3LVDQLHQXQDUHVHxDGHORV3ULQFLSLRVGH7UXEHW]NR\ TXHHQHOSDVDMHGH ODWNHNLD ODWNHNLDLWDO LWDO H LGHEHKDEH LGHEHKDEHUKD UKDELGRX ELGRXQWLH QWLHPSRE PSREDVWDQ DVWDQWHODU WHODUJRGX JRGXUDQW UDQWHHOF HHOFXDOVH XDOVH SURQXQFL SURQXQFLDEDWDQ DEDWDQWRNHNL WRNHNLFRPR FRPR H LHQODPLVPDFRPX LHQODPLVPDFRPXQLGDG QLGDGHQODPLVP HQODPLVPDIDPLOL DIDPLOLD D  \KDVWD  \ KDVWDSRU SRUHO HOPLVPR PLVPRKDEODQWH KDEODQWH3HUR 3HURHVWD HVWDREVHUYDFLyQLQGXGDEOHPHQWH REVHUYDFLyQLQGXGDEOHPHQWH H[DFWDQR H[DFWD QR DIHFWDVLQRTXHFRQILUPDODGRFWULQDGH7UXEHW]NR\PLHQWUDVVHSURQXQFLDEDWDQWR NHNLF NHNLFRPR RPR H LHOIRQ LHOIRQHPD HPDUHV UHVSHF SHFWLY WLYRQRH RQRHUDQ UDQL>N@ L>N@QL> QL> @VLQRR @VLQRRWUR WURTXH TXHFRQ FRQWHQ WHQtD tD VyORORVUDVJRVFRPXQHVGHpVWRV\DGPLWtDODVGRVUHDOL]DFLRQHVDF~VWLFDVOXHJROD QRUPDVHGHVSOD]yFDGDYH]PiVKDFLDODUHDOL]DFLyQKDVWDTXHpVWDVHYROYLyOD ~QLFDQRUPDOSHUPLWLHQGRHQWRQFHVODDSDULFLyQGHXQQXHYRIRQHPDNFRQYDORU GLVW GLVWLQ LQWL WLYR YR (Q (Q HVHQ HVHQFL FLD D QR KD\ KD\ XQD XQD JUDQ JUDQ GLIH GLIHUH UHQF QFLD LD HQWU HQWUH H HVWD HVWD LQWH LQWHUS USUH UHWD WDFL FLyQ yQ IRQROyJLFD\ORTXHHOPLVPR3LVDQLDILUPDDFHUFDGHOFDPELRVHPiQWLFRTXHRFXUUH PHGL PHGLDQ DQWH WH GHVS GHVSOD OD]D ]DPL PLHQ HQWR WR GHO GHO FHQW FHQWUR UR GH JUDY JUDYHG HGDG DG GH OD VLJQ VLJQLI LILF LFDF DFLy LyQ Q KDFL KDFLD D XQ ©VLJQLILFDGRVHFXQGDUORª 3RU 3RU RWUD WUD SDUWH DUWH OD RSRV RSRVLF LFLy LyQ Q HQW HQWUH YDUL YDULDQ DQWH WHV V HQ OD QRUP RUPD SXHGH XHGH OOHY OOHYDU DU D XQ GHVGREODPLHQWRIRQHPiWLFRHVGHFLUDXQDRSRVLFLyQHQHOVLVWHPD(VORTXHKD RFXUULGRFRQODXODWLQDUHSUHVHQWDGDHQORVURPDQFHVPRGHUQRVSRUX\Y<SRUOR TXHFRQFLHUQHHQSDUWLFXODUDOHVSDxROHVORTXHKDRFXUULGRFRQODRSRVLFLyQRXH (VWDRSRVLFLyQIXHHQXQWLHPSRVLPSOHPHQWHQRUPDOVLHQGRXHXQDSDUWLFXODU UHDOL]DFL UHDOL]DFLyQGH yQGHFLHU FLHUWDR WDR DFHQWXDGD DFHQWXDGDSHUR SHUR OXHJRSHUGLpQG OXHJRSHUGLpQGRVHOD RVHODGLVWLQ GLVWLQFLyQ FLyQ IRQROyJLF IRQROyJLFD D HQWUHRFHUUDGD\RDELHUWDVHYROYLyVLJQLILFDWLYD\KR\GLVWLQJXHSRUHMIRURGH IXHURFRURGHFXHURERQRGHEXHQR$OPLVPRWLHPSRFRPRFRQWUDSDUWLGDVHYD 



3iJ $*,;;;9SS



SHUGLHQGR SHUGLHQGR OD FRQFLHQF FRQFLHQFLD LD GH OD DOWHUQ DOWHUQDQ DQFLD FLD XHR XHR 6DQWD 6DQWD 7HUHVD 7HUHVD DSOLFD DSOLFDED ED WRGDYt WRGDYtD D  UtJL UtJLGD GDPH PHQW QWH H OD UHJO UHJOD D DQWL DQWLJX JXD D GLFL GLFLHQ HQGR GR IXHQ IXHQWH WH ± IRQW IRQWHF HFLF LFDD  SHUR SHUR KR\ KR\ GHFL GHFLPR PRV V IXHQWHIXHQWHFLWD\VHOOHJDDGHFLUWDPELpQQXHYRQXHYtVLPREXHQREXHQtVLPRHQ OXJDUGHQRYtVLPRERQtVLPR 1DWXUDOPHQWHDOJXQRVGHHVWRVFDPELRVQRVHHQJHQGUDQHQHOVLVWHPDVLQR TXHVRQSURYRFDGRVSRUODLQWURGXFFLyQGHSDODEUDVSHUWHQHFLHQWHVDRWURVLVWHPD H[WUDQMHUDVRVLPSOHPHQWHUHJLRQDOHVTXHWUDQVIRUPDQXQDRSRVLFLyQQRUPDOHQ RSRV RSRVLF LFLy LyQ Q IXQF IXQFLR LRQD QDOO DVt DVt SRU SRU HMHP HMHPSO SOR R OD LQWU LQWURG RGXF XFFL FLyQ yQ GH XQ Q~PH Q~PHUR UR PD PD\R \RU U GH SDODEU SDODEUDVLWDO DVLWDOLDQ LDQDVHQHOULRS DVHQHOULRSODW ODWHQ HQVHSRGU VHSRGUtDGDU tDGDU YDORUIXQ YDORUIXQFLR FLRQDO QDO DODRSRVLFLy DODRSRVLFLyQå Qå\ \  TXH TXH DFWX DFWXDO DOPH PHQW QWH H VRQ VRQ VyOR VyOR YDUL YDULDQ DQWH WHV V GH UHDO UHDOL] L]DF DFLy LyQ Q GHO GHO PLVP PLVPR R IRQH IRQHPD PD  (Q HVWH HVWH VHQWLGRFRQYLHQHUHFRUGDUODGLVWLQFLyQGH6HFKHKD\HHQWUH©FDPELRVRUJiQLFRVª\ ©FDP ©FDPEL ELRV RV FRQW FRQWLQ LQJH JHQF QFLD LDOH OHVª Vª 3HUR 3HUR SRU SRU HO PRGR PRGR FRP FRPR RFXU RFXUUH UHQ Q VL VH H[FO H[FOX\ X\H H HO PRPHQW PRPHQWR R LQLFLD LQLFLDOO GHO SUpVW SUpVWDP DPR R WRGRV WRGRV ORV FDPELR FDPELRV V DSDUHF DSDUHFHQ HQ FRPR FRPR RUJiQL RUJiQLFRV FRV $Vt $Vt SRU SRU HMHP HMHPSO SOR R OD RSRV RSRVLF LFLy LyQ Q VLQJ VLQJXO XODU DUS SOX OXUD UDO O WRWD WRWDOP OPHQ HQWH WH QXHY QXHYD D TXH TXH WHQH WHQHPR PRV V HQ ULRSODWHQVHHQHOFDVRGHFOXFOXEHV6HWUDWDGHXQDSDODEUDH[WUDQMHUDSHQHWUDGD HQHO VLVWHP VLVWHPD DFRQ FRQ VXV IRUPD IRUPDV VRUL RULJLQ JLQDOH DOHV VGHVLQJ GHVLQJXOD XODU\ U\ SOXUDO SOXUDO FOXE FOXE FOXEV FOXEV DKR DKRUD UD FOXEKDEUtDSRGLGRVHJXLUHOFDPLQRGHWLTXHWLTXHVWLFNHWFKHTXHFKHTXHV\ WHQHUXQ WHQHUXQSOXUD SOXUDOFRPRFOXVFO~HVRWDPELp OFRPRFOXVFO~HVRWDPELpQFOXVHVVHJ~ QFOXVHVVHJ~QHOPRGHORGHPDUDYHG QHOPRGHORGHPDUDYHGtV tV HVVHVSHURPLHQWUDVVHGHFtDWRGDYtD FOXEFRPR)UHPGZRUWQHRORJLVPRQR DVLPLO DVLPLODGR DGR  VX SOXUDO SOXUDO VH DVLPL DVLPLOy Oy DO VLVWHP VLVWHPD D HVSDxR HVSDxRO O EDMR EDMR OD IRUPD IRUPD FOXEHV FOXEHV  OXHJR OXHJR  YROYLpQGRVH OD SDODEUD XVXDO VH DVLPLOy WDPELpQ VX VLQJXODU EDMR OD IRUPD FOX \ HVWDIRUPDVHRSXVRDOSOXUDO\DDVLPLODGRFOXEHV(OFDPELRFRQVLVWHMXVWDPHQWH HQHVWDDVRFLDFLyQSHURHOODRFXUULyHQWUHSDODEUDV\DSHUWHQHFLHQWHVDOVLVWHPD/R PLVPR SXHGH FRPSUREDUVH FRQ HO SOXUDO GH yPQLEXV PLHQWUDV VH GLFH yPQL yPQLEX EXV VyP yPQL QLEX EXV V X RPQL RPQLE~ E~V VRP RPQL QLEX EXVH VHV V QR VL DIHF DIHFWD WD HO VLVW VLVWHP HPD D SHUR SHUR HQ HO PRPH RPHQWR QWR HQ TXH TXH OD QRUP RUPD SUHI UHILHUH LHUH XQ HOHP HOHPHQ HQWWR GH FDGD SDUH SDUHMMD yP yPQLEXV LEXV  RPQ RPQLEXV LEXVHV HV  WHQ WHQHPRV HPRV XQ FDP FDPELR ELR HQ HO VLVW VLVWHHPD \ \D VH SUHS UHSDUD DUD HO FDPLQR LQR D  RSRVLFLRQHVFRPRWHVLVWHVLVHVVtQWHVLVVLQWHVLVHV  /RVFDPELRVVHSURGXFHQSDUWLFXODUPHQWHHQORV©SXQWRVGpELOHVªGHOVLVWHPD DKtGRQGHODRSRVLFLyQ QRWLHQHPXFKD LPSRUWDQ LPSRUWDQFLD\ FLD\SXHGH SXHGHSRU SRUFRQV FRQVLJXLH LJXLHQWH QWH VHU 



3iJ &I50HQ^HQGH]3LGDO(OHVWLORGH6DQWD7HUHVDHQ/D/HQJXDGH &I50HQ^HQGH]3LGDO(OHVWLORGH6DQWD7HUHVDHQ/D/HQJXDGH&ULVWyEDO&ROyQ% &ULVWyEDO&ROyQ%XHQRV$LUHV XHQRV$LUHV  SS  'HOPLVPRPRGRODVRSRVLFLRQHVQRUPDOHVD RRDTXHXQWLHPSRHUDQVLPSOHVRSRVLFLRQHVGHYDULDQWHV FRPELQDWRU FRPELQDWRULDV LDV KDQDGTXLULGRHQ KDQDGTXLULGRHQ UXPDQR UXPDQRYDORU YDORU IRQHPiWLF IRQHPiWLFROOHJDQGR ROOHJDQGR DGLVWLQJXLUSDODEUD DGLVWLQJXLUSDODEUDV&I V&I$O*5$8 $O*5$85 5 'HFHúLFXPVHVFKLPEDOLPEDHQ©6WXGLLª,,,SS$VtWDPELpQFKDLVH\FKDLUHIXHURQHQ FLHU FLHUWD WD pSRF pSRFD D HQ IUDQ IUDQFp FpV V YDUL YDULDQ DQWH WHV V QRUP QRUPDO DOHV HV GLD GLDOH OHFW FWDO DOHV HV  PLHQ PLHQWU WUDV DV TXH TXH KR\ KR\ VRQ VRQ SDOD SDODEU EUDV DV GLVW GLVWLQ LQWD WDV V VLJQLILFDQGRUHVSHFWLYDPHQWH©VLOODª\©FiWHGUDª\ODUHDOL]DFLyQGH\FRPRåKDSHUPLWLGRDOULRSODWHQVH XQDRSRVLFLyQVLJQLILFDWLYDHQWUH\HUEDPDWH\KLHUEDSDVWRTXHHQ(VSDxDQRVHPDQLILHVWDVLQRHQOD JUDItD  3iJ   &RPSiUHVHORTXHKDRFXUULGRHQLWDOLDQRFRQORVSOXUDOHVHQVDGRSWDGRVGHOLQJOpV\GHOIUDQFpVpVWRV VLPSOHPHQWHSRUVXJUDItDODVFRPRVLJQRGHSOXUDO VLPSOHPHQWHSRUVXJUDItDODVFRPRVLJQRGHSOXUDOKDVLGRDSOLFDGDWDPEL KDVLGRDSOLFDGDWDPELpQDSDODEUDVTXHHQODOH pQDSDODEUDVTXHHQODOHQJXDGH QJXDGH ODFXDOSURFHGHQQR OD FXDOSURFHGHQQR OD WHQGUtDQ WHQGUtDQ)K )KUHU UHU)KUH )KUHUV4XLVOLQJ UV4XLVOLQJ4XL 4XLVOLQ VOLQJV JVPXJLN PXJLNPXJL PXJLNVFQXWFQXW NVFQXWFQXWVWDQWR VWDQWR TXH KR\VHWUDWDYDGHXQHOHPHQWRIXQFLRQDOTXHSHUWHQHFHDOVLVWHP KR\VHWUDWDYDGHXQHOHPHQWRIXQFL RQDOTXHSHUWHQHFHDOVLVWHPDLWDOLDQRFRPRVLJQRUHVHUYDG DLWDOLDQRFRPRVLJQRUHVHUYDGRDORVSOXUDOHV RDORVSOXUDOHV GHORV)UHPGZ|UWHU 

LJQRUDGDHQHOKDEODU\OXHJRWDPELpQHQODQRUPD(QHVWHVHQWLGRMXVWDPHQWH SDUD SDUD FRPS FRPSUH UHQG QGHU HU \ TXL] TXL]i i SDUD SDUD SUHY SUHYHU HU ORV ORV FDPE FDPELR LRV V KD\ KD\ TXH TXH WHQH WHQHU U HQ FXHQ FXHQWD WD OD LPSRUWDQ LPSRUWDQFLDUHODWLY FLDUHODWLYD DGHODV GHODVRSRVL RSRVLFLRQH FLRQHV VVLVWH VLVWHPiWL PiWLFDVHO FDVHO©UHQ ©UHQGLPLH GLPLHQWRIXQFLR QWRIXQFLRQDOGH QDOGH ODV RSRVLF RSRVLFLRQ LRQHVª HVª FRPR FRPR GLFH GLFH 0D 0DUWL UWLQHW QHW $Vt $Vt SRU SRU HMHP HMHPSO SOR R HV PX\ PX\ GLIt GLItFL FLOO TXH TXH HQ HVSDxROVHOOHJXHDXQDFRQIXVLyQHQWUHO\UGDGRTXHKD\XQJUDQQ~PHURGH SDODEUDVFRPRODQDUDQDTXHVHGLVWLQJXHQSRUHVWDRSRVLFLyQ(QFDPELROD RSRVLFLyQ RSRVLFLyQHQWUHV\ HQWUHV\ ]FHQFHFLHVGHSRFRUHQGLP ]FHQFHFLHVGHSRFRUHQGLPLHQWR LHQWRQRKD\SHOLJU QRKD\SHOLJURGHTXH RGHTXH  VHFRQIXQGDQSDODEUDV FRPRVXHFR\]XHFRTXHGLItFLOPHQWHSXHGHQHQFRQWUDUVH HQHOPLVPRFRQWH[WRQLGHTXHVHYXHOYDQLUUHFRQRFLEOHVSDODEUDVFRPRPRYHGL]R HQIH HQIHUP UPL] L]R R ]XUF ]XUFLU LU FI FI HQ FDPE FDPELR LR ODJR ODJR UD UDJR JR  /R PLVP PLVPR R SXHG SXHGH H GHFL GHFLUV UVH H GH OD RSRVLFLyQOO\TXHIXQFLRQDHQSRFRVFDVRVFRPROODQWR\DQWRKDOODKD\D3HUR XQDYH]SURGXFLGDODFRQIXVLyQHQFDVRVGRQGHHOUHQGLPLHQWRIXQFLRQDOHVQXOR HOODVHH[WLH HOODVH H[WLHQGH\ QGH\DIHF DIHFWDFRPRMXVWDP WDFRPRMXVWDPHQWHKDRFXUULG HQWHKDRFXUULGRHQ RHQULRS ULRSODWHQ ODWHQVHWDPELpQ VHWDPELpQ ORV FDVRV FDVRVGRQ GRQGH GHOD ODRSR RSRVLF VLFLyQ LyQ VHUtD VHUtDQHF QHFHVD HVDULD ULD FRPRFDVD FRPRFDVD  FD]D FD]DFRF FRFHU HU FRVHU FRVHU FLHUYR FLHUYR  VLHUYR VLHUYR 2FXUU 2FXUUH HHQW HQWRQF RQFHV HV TXH QRV HQFRQW HQFRQWUDP UDPRV RVIUH IUHQW QWH H D ODH[L OD H[LJHQ JHQFLD FLD GHHYL GH HYLWDU WDU ODV FRQI FRQIXV XVLR LRQH QHV V R HOLP HOLPLQ LQDQ DQGR GR XQD XQD GH ODV ODV SDOD SDODEU EUDV DV LPSO LPSOLF LFDG DGDV DV \DQ \DQWD WDU U QR VH XVD XVD HQ ULRS ULRSOD ODWH WHQV QVH H \ VLHU VLHUYR YR VH HPSO HPSOHD HD SRFR SRFR  R DFOD DFODUD UDQG QGR R OD GLVW GLVWLQ LQFL FLyQ yQ SRU SRU PHGL PHGLR R GH OD VLQWD[ VLQWD[LV LV GHO FRQWH[ FRQWH[WRFRP WRFRPR RHQHO HQHOFDV FDVR RGHFDVD GHFDVD FD]DXQDMRYHQ FD]DXQDMRYHQ VHFDVD VLQ Pi PiV V PLHQ PLHQWU WUDV DV TXH TXH XQ SXPD SXPD VH FD]D FD]D FRQ FRQ HO IXVL IXVLO O R UHKD UHKDFL FLHQ HQGR GR GH DOJX DOJXQD QD PD PDQH QHUD UD HO VLVWHPDFRPRHQHOFDVRGHFRFHUFRVHUODVDPDVGHFDVDXUXJXD\DVGLFHQHQ HIHFWRFRFLQDUHQOXJDUGHFRFHU\ HIHFWRFRFLQDUHQOXJDUGHFRFHU\KDVWDHOSDQHV©FRFLQDGR KDVWDHOSDQHV©FRFLQDGRª ª  8OWH 8OWHUL ULRU RUHV HV GHVD GHVDUU UURO ROOR ORV V SRGU SRGUiQ iQ GHPR GHPRVW VWUD UDU U GH PD PDQH QHUD UD Pi PiV V FDED FDEDO O FUHH FUHHPR PRV V OD LPSR LPSRUW UWDQ DQFL FLD D \ XWLO XWLOLG LGDG DG GH OD GLVW GLVWLQ LQFL FLyQ yQ HVWD HVWDEO EOHF HFLG LGD D 3RU 3RU OR TXH TXH QRV QRV FRQF FRQFLH LHUQ UQH H SHQV SHQVDDPRV TXH TXH YDUL YDULRV RV SURE SUREOH OHP PDV OLQ OLQJtVW tVWLF LFRV RV GH GLILF LILFX XOWD OWDG XQLY XQLYHU HUVD VDOP OPHQ HQWH WH UHFR UHFRQR QRFL FLGD GD SRGU SRGUtD tDQ Q HQFR HQFRQW QWUD UDU U VROX VROXFL FLyQ yQ D OD OX] OX] GH HVD HVD GLVW GLVWLQ LQFL FLyQ yQ $Vt $Vt TXL] TXL]i i HO DUGXRSUREOHPDGHODVSDUWHVGHODRUDFLyQFRPRMXVWDPHQWHREVHUYDEDHOSURIHVRU /XLV /XLV -XD -XDQ 3LF 3LFFDUGR UGR HQ XQD XQD FRPXQ RPXQLF LFDDFLyQ FLyQ OHtG OHtGDD HQ HO &HQWU HQWURR /LQJ LQJtVWL tVWLFR FR GH  0RQWHYLGHR HQHIHFWRSHQVDPRVTXHWDPELpQSRUORTXHVHUHILHUHDODIXQFLyQ FODVLI FODVLILFD LFDGRU GRUD D SRGUi SRGUi FRPS FRPSURE UREDUV DUVH H TXH VH PD PDQLI QLILHV LHVWD WD FRPR FRPR SRVL SRVLEL ELOL OLGD GDG G HQ HO VLVWHPD FRPR WUDGLFLyQ \ UHDOL]DFLyQ GHWHUPLQDGD HQ OD QRUPD \ FRPR PRYLPLHQWRGLDOpFWLFRHQWUHFUHDFLyQ\UHSHW PRYLPLHQWRGLDOpFWLFRHQWUHFUHDFLyQ\UHSHWLFLyQHQWUHOLEHUWDGHLPSRVLF LFLyQHQWUHOLEHUWDGHLPSRVLFLyQHQHO LyQHQHO   KDEODUFRQFUHWR  



©3DUWRXWR~GDQVOHODQJDJHODFRQIXVLRQQHVWSDV1FUDLQGUHLOSHXWVHSURGXLUHGHVJOLVVHPHQWVTXL PRGLILHQWVLQRQOHWDEOHDXGHVSOLRQpPHVGXPRLQVOHVSRVVLELOLWpVFRPELQDWRLUHVGHFHX[FLª2~HQHVWOD  SKRQRORJLH"S  SKRQRORJLH"S  3iJ  &IVXHVWXGLR(OFRQFHSWRGH &IVXHVWXGLR(OFRQFHSWRGH³SDUWHVGHOD ³SDUWHVGHODRUDFLyQ´0RQWHYLGH RUDFLyQ´0RQWHYLGHRS RS  3iJ  + )5(, )5(, /DQJXH /DQJXH SDUROH SDUROH HW GLIIpU GLIIpUHQF HQFLDW LDWLRQ LRQ VHS VHS GHO -RXUQD -RXUQDO O GH 3V\FKR 3V\FKRORJ ORJLH LH QRUPDO QRUPDOH H HW SDWKRO SDWKRORJL RJLTXH TXH DEULOMXQLRVHxDODODVPLVPDVFRQWUDGLFFLRQHVHQHOGHVDUUROORGHODGRFWULQDVDXVVXUHDQD\GHVWDFDOD H[LVWHQFLDHQpVWDGHGRVFRQFHSWRVGHOHQJXDODOHQJXDFRPRLQVWLWXFLyQVRFLDO\ODOHQJXDFRPRVLVWHPDGH YDORUHV3HURODVROXF YDORUHV3HURODVROXFLyQTXHHOHVWXGL LyQTXHHOHVWXGLRVRJLQHE RVRJLQHEULQRGDGHOSUREO ULQRGDGHOSUREOHPDHVQHWDPH HPDHVQHWDPHQWHGLVWL QWHGLVWLQWDGHODTXHDTXtVH QWDGHODTXHDTXtVH  SURSRQH HQ HIHFWR )UHL FRQVLGHUD ORV GRV FRQFHSWRV VDXVVXUHDQRV GH ODQJXH FRPR FRH[WHQVLYRV \ QR FRQWUDGLFW FRQWUDGLFWRULRV RULRV \ DWULEX\H DWULEX\HODV ODVLQFRK LQFRKHUHQF HUHQFLDV LDVVyOR VyORD D ORVGHVDU ORV GHVDUUROOR UROORV V HVWUXFWXU HVWUXFWXUDOLV DOLVWDV WDVGH GH OD FpOHEUH FpOHEUH DQWLQRPLD DQWLQRPLD /OHJDDHVWDFRQFOXVLyQPHGLDQWHHODQiOLVLV©VXEOLQJtVWLFRªGHODVYDULDQWHVFRPELQDWRULDVREVHUYDQGRTXH HOODV HOODV SHUWHQHFHQ SHUWHQHFHQ D OD ©OHQJXDªSRU ©OHQJXDªSRU FRQWHQHU FRQWHQHU©VXEH ©VXEHOHPHQ OHPHQWRVªGLVWLQWL WRVªGLVWLQWLYRV YRVRSHUD RSHUDQWHVDO QWHVDO PLVPR WLHPSR WLHPSR HQ VX HQWRUQR1RVSDUHFHVLQHPEDUJRTXHWDODQiOLVLVSXHGHDSOLFDUVHVyORDODVYDULDQWHVFRPELQDWRULDVSHURQR

 H[SOLF H[SOLFD D ODV YDULDQ YDULDQWHV WHV IDFXOW IDFXOWDWL DWLYDV YDV QRUPDO QRUPDOHV HV TXH FDUDFW FDUDFWHUL HUL]DQ ]DQ XQD OHQJXD OHQJXD DXQTXH DXQTXH QR WHQJDQ WHQJDQ QLQJ~Q QLQJ~Q YDORU YDORU GLVWLQWLYR  3iJ