Download presentation
1 -

x0003Qx0003ODx0003SDVDGDx0003x0005x0027pFDGDx0003GHOx0003HUHEURx0005x0


x0003x0013x001bx0010x0013x0014x0010x0013x0017x0011x0003FHSWDGRx001dx0003x0014x0015x0010x0014x0014x0010x0013x00173RUx0003WDQWRx000fx0003ODx0003SUREDELOLGDGx0003GHx0003GHPRVWUDUx0003HFDFLDx0003FXDQGRx00

oryan's Recent Documents

Recommended Practices for AntiRetaliation ProgramsHow to Use These Re
Recommended Practices for AntiRetaliation ProgramsHow to Use These Re

1The core recommendations presented in this document were recommended unanimously by the Secretary of Labor146s Whistleblower Protection Advisory Committee wwwwhistleblowersgov 800 321-OSHA 6742OSHA 3

published 0K
United States Court of Appeals for the Federal CircuitJOE A LYNCHClaim
United States Court of Appeals for the Federal CircuitJOE A LYNCHClaim

Case 20-2067 Document 47 Page 1 Filed 06/03/2021LYNCHv MCDONOUGH2Office of General CounselUnited StatesDepartment of Veterans Affairs Washington DC ELANIE OSTWICK Orrick Herrington Sutcl

published 0K
University of Washington Abstract Examining Childrens Historical Think
University of Washington Abstract Examining Childrens Historical Think

Running head EXAMINING CHILDRENS HISTORICAL THINKING Acknowledgements The most rewarding part of writing this thesis was meeting and working with some truly inspiring EXAMINING CHILDRENS HISTORICAL T

published 0K
nrnrnnnrrnnnnnrr rn rrnr
published 0K
Product Monograph Page 1 of 38
Product Monograph Page 1 of 38

PRODUCT MONORAP NC/UDN PATENT MEDCATON NFORMATON REB/O/Ouspatercept for LnMectLon 25 mJ / vLaOx000f x001a5 mJ / vLaO OopKLOLed poZder for soOutLon for subcutaneous LnMectLon CeOJene ncx000f a BrLstoO

published 0K
FromtheJamesLindLibraryQualifyingandquantifyingmedicaluncertaintyin10t
FromtheJamesLindLibraryQualifyingandquantifyingmedicaluncertaintyin10t

TheRoyalSocietyofMedicine2013Reprintsandpermissionssagepubcouk/journalsPermissionsnavJournaloftheRoyalSocietyofMedicine1069370150372DOI101177/0141076813496515 at The Royal Society of Medicine Library

published 0K
ContentslistsavailableatPsychiatryResearchjournalhomepagewwwelsevierco
ContentslistsavailableatPsychiatryResearchjournalhomepagewwwelsevierco

TimetothinkSubjectivesleepqualitytraitanxietyanduniversitystartRayNorburySimonEvansDepartmentofPsychologyUniversityofRoehamptonLondonUKSW154JDCorrespondingauthorE-mailaddressRNorburycultiesfallingasle

published 0K
The spaces for alternative ways of thinking remain narrow and the path
The spaces for alternative ways of thinking remain narrow and the path

151 How does contemporary armed conflict in South Asia blur the boundary between local and global What implications does this have for women Why and how are womens lived experience different in the

published 0K
Download Section

Download - The PPT/PDF document "" is the property of its rightful owner. Permission is granted to download and print the materials on this web site for personal, non-commercial use only, and to display it on your personal computer provided you do not modify the materials and that you retain all copyright notices contained in the materials. By downloading content from our website, you accept the terms of this agreement.






Document on Subject : "x0003Qx0003ODx0003SDVDGDx0003x0005x0027pFDGDx0003GHOx0003HUHEURx0005x0"— Transcript:

1 (QODSDVDGD�
(QODSDVDGD'pFDGDGHO&HUHEURVHKDQVRPHWLGRDHQVD\RFOtQLFRGLVWLQWRVIiUPDFRVQHXURSURWHFWRUHVIUHQWHDOWUDXPDWLVPRFUDQHRHQFHIiOLFRJUDYH 7&(* VLQTXHQLQJXQRGHHOORVKD\DPHMRUDGRGHPDQHUDVLJQL¿FDWLYDHOSURQyVWLFR¿QDOGHHVWRVSDFLHQWHV/DH¿FDFLDQHXURSURWHFWRUDGHHVWDVVXVWDQFLDVFRQ¿UPDGDHQORVPRGHORVDQLPDOHVQRKDSRGLGRWUDVODGDUVHDO $FHSWDGR 3RUWDQWRODSUREDELOLGDGGHGHPRVWUDUH¿FDFLDFXDQGRXQIiUPDFRVHGLULMDKDFLDYDULRVGHHVWRVPHFDQLVPRVVLPXOWiQHDPHQWHVHDPD\RUTXHFXDQGRHOWUDWDPLHQWRWHQJDFRPRREMHWRXQ~QLFRPHFDQLVPR2WURVSRUFRQWUDFUHHQTXHFXDQGRVHGHVDUUROODQHQVD\RVFOtQLFRVKDGHLGHQWL¿FDUVHHOPHFDQLVPR¿VLRSDWROyJLFRFRQFUHWRVREUHHOTXHVHTXLHUHDFWXDUFX\RHIHFWRLQGHSHQGLHQWH\VLJQL¿FDWLYRDODKRUDGHHPSHRUDUHOSURQyVWLFRGHEHVHUELHQFRQRFLGRSDUDSRVWHULRUPHQWHHQFRQWUDUXQDWHUDSLDHVSHFt¿FDIUHQWHDGLFKRPHFDQLVPRHQXQDPXHVWUDDGHFXDGDGHVXMHWRV\/RVPHFDQLVPRV¿VLRSDWROyJLFRVGHO7&(*SULQFLSDOHVREMHWLYRVGHORVGLVWLQWRVHQVD\RVFOtQLFRVVHGHVFUL$SUR[LPDGDPHQWHHOGHORVSDFLHQWHVTXHIDOOHFHQWUDVXQ7&(*PXHVWUDQVLJQRVGHLVTXHPLDFHUHEUDOHQORVH[iPHQHVKLVWRSDWROyJLFRV$OUHGHGRUGHXQWHUFLRGHORVSDFLHQWHVFRQ7&(*VRSRUWDQXQSHUtRGRPX\SUHFR] SULPHUDVKRUDVWUDVHOWUDXPDWLVPR GHLPSRUWDQWHGLVPLQXFLyQGHOÀXMRVDQJXtQHRFHUHEUDO )6& SURFHVRLVTXpPLFRTXHRULJLQDHQWUDGDGHFDOFLRDOLQWHULRUGHODVFpOXODVLQDFWLYDQGRHQ]LPDV\PHFDQLVPRVFHOXODUHVSURWHFWRUHVDVtFRPRLQLFLRGHOPHWDEROLVPRDQDHURELRJHQHUDFLyQGHODFWDWRHKLQFKD]yQFHOXODU HGHPDFLWRWy[LFR 7RGRVHVWRVSURFHVRVFRQGXFHQDHOHYDFLyQGHOD3,&ODFXDODVXYH]KDFHGLVPLQXLUQXHYDPHQWHHO)6&FHUUDQGRGHHVWDPDQHUDHOFtUFXORYLFLRVR3RURWURODGRODVTXLQLQDVIRUPDGDVHQHOWHMLGRFHUHEUDOGDxDGRWDPELpQVHKDQYLVWRLQYROXFUDGDVHQODDOWHUDFLyQGHODPLFURFLUFXODFLyQHO'HKHFKRVHKDGHPRVWUDGRHQH[SHULPHQWDFLyQDQLPDOTXHVXLQKLELFLyQ DQWDJRQLVWDVGHODEUDGLTXLQLQD UHGXFH$OUHGHGRUGHOGHORVSDFLHQWHVTXHIDOOHFHQWUDVXQ7&(*SUHVHQWDQKDOOD]JRVKLVWRSDWROyJLFRVFRPSDWLEOHVFRQ/$'6LQHPEDUJRHVWXGLRVDFWXDOHVHPSOHDQGRDQiOLVLVLQPXQRKLVWRTXtPLFRVFRQȕDPLORLGHGHPXHVWUDQTXHOD/$'SXHGHHVWDUSUHVHQWHHQPiVGHOGHORVSDFLHQWHVFRQ7&(*5HFLHQWHPHQWHVHKDGHVFXELHUWRTXHGDxDGRVWUDVXQ7&(*DEULHQGRGHHVWDIRUPDODSRVLELOLGDGGHUHYHUWLUXQSURFHVRTXHVHFUHtDFRPSOHWDGRHQPLOLVHJXQGRVWUDVHOLPSDFWR\SRUWDQWRLUUHYHUVLEOH3RUHVWDUD]yQVHHVWiQGHVDUUROODQGRWHUDSLDVFRPRODFLFORVSRULQDHVSHFt¿FDPHQWHGLULJLGDVFRQWUDHVWDOHVLyQD[RQDO(VFRQRFLGRTXHHO)6&SXHGHFDHUSRUGHEDMRGHORVQLYHOHVGHLVTXHPLDHQODVUHJLRQHVSHULIpULFDVDODVFRQWXVLRQHV\KHPDWRPDVSRVWUDXPiWLFRV$VXYH]HVWDV]RQDVH[SHULPHQWDQDXPHQWRGHODVGHPDQGDVPHWDEyOLFDV\FRQVHFXHQWHPHQWHPD\RUXWLOL]DFLyQGHJOXFRVDTXHGHQRVHUDGHFXDGDPHQWHFRUUHJLGDVSURYRFDUiQKLQFKD]yQGHORVDVWURFLWRVSHULOHVLRQDOHV1XHYDPHQWHHVWHIHQyPHQRDFDEDUiRULJLQDQGRHOHYDFLyQGHOD3,&\pVWDQXHYDUHGXFFLyQHQHO)6&FHUUDQGRDVtHOFtUFXORYLFLRVR'LYHUVRVURGHDHVWDVOHVLRQHVIRFDOHVHOFXDOSURGXFHGHVSRODUL]DFLyQGHODVPHPEUDQDVFHOXODUHVHQWUDGDGHVRGLR\FDOFLRDOLQWHULRUFHOXODUFRQVDOLGDGHSRWDVLRVZHOOLQJDVWURFLWDULRDXPHQWRGH3,&\FRQVHFXHQWHPHQWHPD\RUUHGXFFLyQGH5HVXPHQGHORVHQVD\RVFOtQLFRVUHFLHQWHVHQHO7&(*(OHQVD\RFOtQLFRVHGH¿QHFRPRDTXHOHMHUFLFLRFLHQWt¿FRTXHWUDWDGHDYHULJXDUODH¿FDFLDGHDJHQWHVVLVWHPDVUHJtPHQHVRSURFHGLPLHQWRVGHVGHXQSXQWRGHYLVWDSUHYHQWLYRGLDJQyVWLFRRWHUDSpXWLFR3RGHPRVGLIHUHQFLDU)DVH,GHWHUPLQDQHOPHFDQLVPRGHDFFLyQODVHJXULGDGGHOIiUPDFR\VXVPiUJHQHVGHGRVL¿FDFLyQ6HUHDOL]DQSRUODLQGXVWULDIDUPDFpXWLFDHQYROXQWDULRVVDQRV)DVH,,SURSRUFLRQDQHVWLPDFLyQLQLFLDOGHODH¿FDFLD\DMXVWHGHODGRVLVDHPSOHDU6HXWLOL]DQSDUDGHWHUPLQDUVLPHUHFHODSHQDVRPHWHUDOIiUPDFRHQFXHVWLyQDODIDVH,,,3UHFLVDQGLVHxRHVWDGtVWLFR\XQWDPDxRPXHVWUDOKDELWXDOPHQWHPHQRUD)DVH,,,WUDWDQGHGHPRVWUDUTXHHOQXHYRIiUPDFRHVPHMRUTXHHOHPSOHDGRKDVWDHQWRQFHVRTXHHOSODFHER7DPELpQGHWHUPLQDQVHJXULGDG\GRVL¿FDFLyQ(VOD~OWLPDIDVHHQHOSURFHVRGHDSUREDFLyQ�

2 3;GHORVIiUPDFRVS
3;GHORVIiUPDFRVSRUODVDXWRULGDGHVVDQLWDULD� 5;态က)DVH,9VRQHVWXGLRVSRVWPDUNHWLQJUHDOL]DGRVWUDVODDFHSWDFLyQGHOIiUPDFR(QODSDVDGD'pFDGDGHO&HUHEURVHKDQHYDOXDGRPHGLDQWHHQVD\RVFOtQLFRVIDVH,,,IUHQWHDO7&(*WDQWRSURFHGLPLHQWRVWHUDSpXWLFRVFRPRIiUPDFRVQHXURSURWHFWRUHVTXHDFW~DQVREUHORVPHFDQLVPRV¿VLRSDWROyJLFRVTXHKHPRVGHVFULWRHQXQWUDEDMRDQWHULRU 1HXURFLUXJtD VLQTXHQLQJXQRGHHOORVKD\DFRQVHJXLGRGHPRVWUDUH¿FDFLD(QWUHORVSULPHURVFDEHFLWDUODHOPDQLWROORVEDUELW~ULFRV\ODKLSRSHURQRVRWURVFHQWUDUHPRVQXHVWUDUHYLVLyQHQORVVLJXLHQWHVFXDWURWLSRVGHIiUPDFRVQHXURSURWHFWRUHV 7DEOD (QXQHQVD\RFOtQLFRFRQSDFLHQWHVTXHVXIULHURQ7&(*VHLQYHVWLJyHOEHQH¿FLRGHODWULDPFLQRORQDIUHQWHDSODFHERHQODVSULPHUDVKRUDVWUDVHOWUDXPDWLVPR$XQTXHHOJUXSRGHODWULDPFLQRORQDUHJLVWUyXQDPRUWDOLGDGPHQRU\XQSURQyVWLFRPHMRUODGLIHUHQFLDQRIXHVLJQL¿FDWLYD(QXQVXEJUXSRGHSDFLHQWHVFRQOHVLyQIRFDOGHQWURGHHVWHPLVPRHQVD\RFOtQLFRVHGHPRVWUyXQHIHFWRHVWDGtVWLFDPHQWHVLJQL¿FDWLYRGHODWULDPFLQRORQDSHURVLQVX¿FLHQWH¿UPH]DFRPRSDUDWRPDUGHFLVLRQHVFOtQLFDVEDVDGDVHQHVWHKDOOD]JR3RUWDQWRQRH[LVWHFODUDLQGLFDFLyQSDUDHOXVRGHHVWRVIiUPDFRVHQHOWUDXPDWLVPRFUDQHRHQFHIiOLFR 7&( HQJHQHUDOQLHQHO7&(*HQSDUWLFXODU6LQHPEDUJRXQPHWDDQiOLVLVGHORVUHVXOWDGRVGHWRGRVORVHQVD\RVFOtQLFRVUHODFLRQDGRVFRQHOXVRGHORVFRUWLFRLGHVKDPRVWUDGRTXHHVWRVDJHQWHVSRGUtDQUHGXFLUODPRUWDOLGDGGHO7&(GHFXDOTXLHUJUDGRVHUtDQHFHVDULRUHDOL]DUXQHQVD\RFOtQLFRFRQXQRVSDFLHQWHV'LFKRHVWXGLRTXHVHFRQRFHFRPR&5$6+WULDO FRUWLFRVWHURLGVDIWHUVLJQL¿FDQWKHDGLQMXU\ VHLQLFLyHQ0DU]RGHO\HVHQODDFWXDOLGDGHOHQVD\RFOtQLFRVREUH7&(TXHPiVVXMHWRVKDFRQVHJXLGRLQFOXLU HQSRFRPiVGHXQDxR\DWHQtDSDFLHQWHVVLELHQVyORXQGHHOORVHUDQ7&(*V $QWDJRQLVWDVGHOFDOFLR(OQLPRGLSLQRSUHYLHQH\UHGXFHHOGDxRLVTXpPLFRHQSDFLHQWHVFRQKHPRUUDJLDVXEDUDFQRLGHDHVSRQWiQHD\VXH¿FDFLDKDVLGRHVWXGLDGDHQYDULRVHQVD\RVFOtQLFRVUHODFLRQDGRVFRQHO7&((QHOSULPHURGHHOORV +HDG,QMXU\7ULDO +,7 , GHOJUXSRFRRSHUDWLYREULWiQLFR¿QODQGpVVHHVWXGLDURQSDFLHQWHVFRQ7&(*HQFRQWUDQGRXQGHPHMRUtDDORVVHLVPHVHVHQDTXpOORVTXHKDEtDQUHFLELGRQLPRGLSLQRIUHQWHDOJUXSRSODFHERSHURODGLIHUHQFLDQRDOFDQ]yVLJQL¿FDFLyQHVWDGtVWLFD(QHO+,7,,GHOJUXSRHXURSHRVHHVWXGLDURQSDFLHQWHVFRQ7&(*SHURHOQLPRGLSLQRWDPSRFRGHPRVWUyEHQH¿FLRVLJQL¿FDWLYRVLQHPEDUJRHQXQVXEJUXSRGHSDFLHQWHVFRQKHPRUUDJLDVXEDUDFQRLGHDWUDXPiWLFD +6$W GHQWURGHHVWHPLVPRHQVD\RODPRUWDOLGDG\HOSURQyVWLFRGHVIDYRUDEOHIXHURQVLJQL¿FDWLYDPHQWHPHQRUHVHQHOJUXSRTXHUHFLELyQLPRGLSLQR(QHO+,7,,,VHHVWXGLDURQSDFLHQWHVFRQ7&(\HYLGHQFLDGH+6$WHQODWRPRJUDItDFRPSXWDUL]DGD 7& FUDQHDOHQFRQWUDQGRXQDUHGXFFLyQVLJQL¿FDWLYDHQHOSURQyVWLFRGHVIDYRUDEOHGHODOHQHOJUXSRWUDWDGRFRQQLPRGLSLQRQRREVWDQWHHOGHORVSDFLHQWHVGHHVWHHVWXGLRWHQtDQXQ7&(OHYH\QRSXGRFRQ¿UPDUVHODSUHVHQFLDGHKHPRUUDJLDVXEDUDFQRLGHDHQHOGHORVFDVRVFXDQGRODV7&VFUDQHDOHVIXHURQUHYLVDGRVSRUXQFRPLWpGHH[SHUWRVSRUORTXHHOXVRGHHVWHIiUPDFRHQOD+6$WQRKDOOHJDGRDJHQHUDOL]DUVH8QDQiOLVLVFRPELQDGRGHORVGDWRVGHO+,7,,,\,,,UHFRJLyXQWRWDOGHSDFLHQWHVFRQ+6$WGHPRVWUDQGREHQH¿FLRVLJQL¿FDWLYRHQHOXVRGHOQLPRGLSLQR DXPHQWRGHOSURQyVWLFRIDYRUDEOHFDWHJRUtDVGHEXHQDUHFXSHUDFLyQ %5 HLQFDSDFLGDGPRGHUDGD ,0 HQOD*ODVJRZ2XWFRPH6FDOH *26 GHXQDXQ 6LQHPEDUJRHVWHHVWXGLRQRHVWiH[HQWRGHHUURUHVPHWRGROyJLFRVGHVGHHOSXQWRGHYLVWDHVWDGtVWLFR SREODFLRQHV\FULWHULRVGHLQFOXVLyQGLIHUHQWHVHQFDGDXQRGHORVHQVD\RVHLQFOXVLyQGHOVXEJUXSRTXHKDVHUYLGRSDUDJHQHUDUODKLSyWHVLVHQHODQiOLVLV¿QDO \DGHPiVVXVUHVXOWDGRVQRKDQSRGLGRFRQ¿UPDUVHHQHVWXGLRVVLPLODUHV(O+,7,9WDPSRFRKDGHPRVWUDGRHIHFWREHQH¿FLRVRGHOQLPRGLSLQRHQOD+6$WDXQTXHVXVUHVXOWD(OWLULOD]DGHVXQDPLQRHVWHURLGHTXHLQKLEH&#x

3 0003;ODSHUR[LGDFLyQOLStG
0003;ODSHUR[LGDFLyQOLStGLFDXQRGHORVPHFDQLVPRVTXHIRUPDQSDUWHGHOGDxRWHUFLDULRHQHO7&(*(VWHIiUPDFRKDVLGRHVWXGLDGRHQGRVHQVD\RVFOtQLFRVGHSDFLHQWHVFRQ7&(*RWUDXPDWLVPRFUDQHRHQFHIiOLFRPRGHUDGR 7&(0 (OHVWXGLRQRUWHDPHULFDQRVHVXVSHQGLyWUDVLQFOXLUXQWRWDOGHVXMHWRVGHVSXpVGHHQFRQWUDUXQDPRUWDOLGDGVLJQL¿FDWLYDPHQWHPD\RUHQHOJUXSRTXHUHFLELyWLULOD]DG(QHOHVWXGLRHXURSHRDXVWUDOLDQRODH¿FDFLDGHWLULOD]DGVHHYDOXyHQSDFLHQWHVVLQKDOODUHIHFWRVLJQL¿FDWLYRHQHOVXEJUXSRGHSDFLHQWHVYDURQHVFRQ+6$WGHQWURGHHVWHPLVPRHQVD\RFOtQLFRHOWLULOD]DGGHPRVWUyUHGXFFLyQGHODPRUWDOLGDGIUHQWHDOSODFHERFRQVLJQL¿FDFLyQHVWDGtVWLFD6LQHPEDUJRQLHVWHHVWXGLRQLHOQRUWHDPHULFDQRHVWDEDQELHQEDODQFHDGRVFRQUHVSHFWRDGHWHUPLQDGDVYDULDEOHVSURQyVWLFDV IUHFXHQFLDGHKLSRWHQVLyQHKLSR[LDSUHYLDVDOWUDWDPLHQWRHLQFLGHQFLDGHKHPDWRPDHSLGXUDO IDYRUH2WURVHFXHVWUDGRUGHUDGLFDOHVOLEUHV SRO\HWK\OHQHJO\FROFRQMXJDWHGERYLQHVXSHUR[LGHGLVPXWDVH 3(*62' SHJRUJRWHLQ IXHHYDOXDGRHQSDFLHQWHVFRQ7&(*PHGLDQWHHQVD\RFOtQLFR6HHQFRQWUyXQLQFUHPHQWRGHOGHSURQyVWLFRIDYRUDEOHHQHOJUXSRWUDWDGRFRQHVWHIiUPDFRUHVSHFWRDOJUXSRSODFHERSHURVLQDOFDQ$QWDJRQLVWDVGHORVUHFHSWRUHVGHJOXWDPDWR1PHWLO'LYHUVRVDPLQRiFLGRVH[FLWDGRUHVSULQFLSDOPHQWHJOXWDPDWRVHOLEHUDQDOHVSDFLRH[WUDFHOXODUFHUHEUDOWUDVXQ7&(*GHWDOPDQHUDTXHDPD\RUJUDYHGDGGHpVWHQLYHOHVPiVHOHYDGRVGHWRGRVHOORVHQHOOtTXLGRFHIDORUUDTXtGHR\ROyJLFRHQHOWUDXPDWLVPRFUDQHRHQFHIiOLFRJUDYH SHRUSURQyVWLFR$SDUWLUGHGLYHUVRVHVWXGLRVH[SHULPHQWDOHVVHVDEHTXHORVDQWDJRQLVWDVGHORVUHFHSWRUHVGH10'$SXHGHQLPSHGLUHOGDxRRULJLQDGRSRUHVWRVDPLQRiFLGRV&RQHVWH¿QVHHYDOXyODXWLOLGDGGHOVHOIRWHOXQDQWDJRQLVWD10'$FRPSHWLWLYRPHGLDQWHGRVHQVD\RVFOtQLFRVTXHWUDWDURQGHUHFRJHUXQWRWDOGHSDFLHQWHVFRQ7&(*HQFDGDHVWXGLRSDUDGHWHFWDUXQDGLIHUHQFLDHQHOSURQyVWLFRIDYRUDEOHGHO$PERVIXHURQVXVSHQGLGRVWUDVFRPSUREDUTXHHQRWURVGRVHQVD\RVFOtQLFRVTXHVHHVWDEDQUHDOL]DQGRSDUDOHODPHQWHFRQHVWHPLVPRIiUPDFRIUHQWHDOLFWXVFHUHEUDOKDEtDPiVPXHUWHV\VXFHVRVDGYHUVRVHQHOJUXSRGHWUDWDPLHQWR$GHPiVDXQTXHORVHQVD\RVFOtQLFRVVHKXELHUDQFRPSOHWDGRSUREDEOHPHQWHQRKXELHUDVLGRSRVLEOHGHPRVWUDUEHQH¿FLR\DTXHWUDVDQDOL]DUXQWRWDOGHSDFLHQWHVHQWUHDPERVHVWXGLRVHOSURQyVWLFRIDYRUDEOHIXHPD\RUHQHOJUXSRSODFHERTXHHQ(QVHLQLFLyXQHQVD\RFOtQLFRFRQDSWLJDQHO &HUHVWDW XQDQWDJRQLVWD10'$QRFRPSHWLWLYRTXHLQWHQWyUHFRJHUXQWRWDOGHSDFLHQWHVFRQ7&(*SDUDGHWHFWDUGLRVHVXVSHQGLyHQWUDVDQDOL]DUORVSULPHURVVXMHWRV\HQFRQWUDUXQDGLIHUHQFLDVHJ~QOD*26DORVWUHV$QiOLVLVGHOIUDFDVRGHORVHQVD\RVFOtQLFRVHQHO6RQUHTXLVLWRVLPSUHVFLQGLEOHVSDUDUHDOL]DUXQHQVD\RFOtQLFRTXHHOHVWXGLRVHDSURVSHFWLYRVHUHDOLFHHQpODOJ~QWLSRGHLQWHUYHQFLyQHVWpFRUUHFWDPHQWHGLVHxDGRVXVGDWRVVHDQDOLFHQDGHFXDGDPHQWH\VHDFDSD]GHVXSHUDUXQFRQWUROGHFDOLGDG'HEHUtDOOHYDUVHDFDER~QLFDPHQWHHQDTXHOORVFHQWURVGRQGHODLQFOXVLyQGHSDFLHQWHVHOVHJXLPLHQWRGHORVPLVPRV\HOPDQHMRGHORVGDWRVIXHUDHVFUXSXORVR$TXHOORVVXMHWRVFX\RVHJXLPLHQWRQRHVWpFRPSOHWDPHQWHDVHJXUDGR H[WUDQMHURVVXMHWRVVLQKRJDU QRGHEHUtDQLQFOXLUVHHQORVHQVD\RVFOtQLFRV\DTXHVXSpUGLGDSXHGHVHVJDUHOHVWXGLR\UHVXOWDHFRQyPL1RWRGRVORVIiUPDFRVSRWHQFLDOPHQWHEHQH¿FLRVRVHQHO7&(*SXHGHQVRPHWHUVHDHQVD\RFOtQLFRKDELGDFXHQWDGHOHOHYDGRFRVWHGHORVPLVPRVSULQFLSDOPHQWHFXDQGRVRQPXOWLFpQWULFRV$XQTXHHQODPD\RUtDGHORVHQVD\RVFOtQLFRVUHDOL]DGRVKDVWDDKRUDHOIiUPDFRSDUHFHVXSHULRUDOSODFHERODGLIHUHQFLDQRDOFDQ]DVLJQL¿FDFLyQHVWDGtVWLFD6XVWDQFLDVFRPRORVDQWDJRQLVWDVGHOFDOFLRORVOD]DURLGHVFRPSHWLWLYRVGHORVUHFHSWRUHVGHJOXWDPDWRKDQGHPRVWUDGRH¿FDFLDQHXURSURWHFWRUDHQPRGHORVH[SHULPHQWDOHVSHURHVWRVUHVXOWDGRVQRKDQSRGLGRFRUURERUDUVHHQHOFDPSRFOtQLFRFUHDQGRJUDQGHFHSFLyQHQODFRPXQLGDG4XL]iVDOJXQRVGHHOORVQRVHDQUHDOPHQWH~WLOHVHQHO7&(*1RREVWDQWHFDUDFWHUtVWLFDVHVSHFt¿FDVGHODVSREODFLRQHVHVWXGLDGDVRSUREOHPDVHQHOSURSLRGLVHxRGHORVHQVD\RVFOtQLFRVSRGUtDQKDEHUFRQWULEXLGRDHVWRVUHVXOWDGRVGHVDOHQWDGRUHVTXHDFRQWLQXDFLyQ�

4 3;SDVDPRVD
3;SDVDPRVD$VSHFWRVIDUPDFROyJLFRV3DUDTXHXQIiUPDFRPXHVWUHHIHFWLYLGDGHQXQHQVD\RFOtQLFRGHEHQFXPSOLUVHORVVLJXLHQWHVUHTXLVLWRVHVHQFLDOHVD VXH¿FDFLDKDVLGRGHPRVWUDGDSUHYLDPHQWHHQPRGHORVDQLPDOHVE VXVHJXULGDG\WROHUDELOLGDGVHKDQFRQVWDWDGRHQSDFLHQWHVFRQ7&(F HOPHFDQLVPROHVLRQDOVREUHHOTXHWLHQHHIHFWRRFXUUHHQODSREODFLyQHQODTXHVHHVWiUHDOL]DQGRHOHVWXGLRG DOFDQ]DQLYHOHVSODVPiWLFRVWHUDSpXWLFRV\DGHFXDGDFRQFHQWUDFLyQHQHOWHMLGRFHUHEUDOLQFOXVRHQSHUtRGRVGH)6&GLVPLQXLGRH HVDFWLYRHQHOSUHFLVRPRPHQWRTXHVHSURGXFHHOPHFDQLVPROHVLRQDO\I ODHVFDODSURQyVWLFDHPSOHDGDSDUDGHWHFWDUVXHIHFWREHQH¿FLRVRSRVHHVX¿FLHQWHVHQVLELOLGDG$ODKRUDGHTXHVHWUDWDGHGHPRVWUDUTXHDTXpOHVPHMRUTXHHOSODFHERWRGDVVXVFDUDFWHUtVWLFDVIDUPDFROyJLFDVGHEHUtDQKDEHUVLGRFRPSOHWDPHQWHFODUL¿FDGDVHQODVGRVIDVHVSUHYLDV'HHVWDIRUPDORVHVWXGLRVHQIDVH,,,TXHGDUtDQKHFKRVD8QRGHORVSUREOHPDVGHORVPRGHORVDQLPDOHVHVWULEDHQTXHKDELWXDOPHQWHVHFHQWUDQHQXQDVSHFWR¿VLRSDWROyJLFRFRQFUHWRROYLGDQGRTXHHQHO7&(FRQFXUUHQP~OWLSOHVPHFDQLVPRVOHVLRQDOHVTXHLQWHUDFFLRQDQHQWUHHOORV3RUWDQWRVHUtDQQHFHVDULRVYDULRVPRGHORVSDUDDSUR[LPDUVHDODUHDOLGDGFOtQLFDGHOSDFLHQWH3HVHDHVWR\HQDUDVGHODVHQFLOOH]VHGLVHxDQHQVD\RVFOtQLFRVFRQIiUPDFRVGLULJLGRVDPHFDQLVPRV¿VLRSDWROyJLFRVFRQFUHWRVRDORPiVDXQQ~PHUROLPLWDGRFRPRHOQLPRGLSLQRGHWDOPDQHUDTXHVHDSRVLEOHUHGXFLUHOQ~PHURGHVXMHWRVQHFHVDULRSDUDGHPRVWUDUXQHIHFWREHQH¿FLRVR\SRUHQGHHOGHORVH[SXHVWRVDHIHFWRVLQGHVHDEOHV2WUDFXHVWLyQGLJQDGHPHQFLyQHVTXHODPD\RUtDGHORVHVWXGLRVFRQDQLPDOHVVHKDQRFXSDGRPiVGHO7&(0TXHGHO7&(*\QRKDQWHQLGRHQFXHQWDFXHVWLRQHVWDQLPSRUWDQWHVFRPRORVLQVXOWRVVHFXQGDULRV KLSRWHQVLyQHKLSR[LD RODSUHVHQFLDGHOHVLRQHVH[WUDFUDQHDOHVDVRFLDGDVWDQIUHFXHQWHVHQHO7&(*GHORVKXPDQRVDPpQGHTXHLVTXHPLD\/$'VHDQSUREDEOHPHQWHODVFDUDFWHUtVWLFDVIXQGDPHQWDOHVTXHGLIHUHQFLDQHO7&(*GHO7&(09DULRVHQVD\RVFOtQLFRVVREUH7&(*VHGHVDUUROODURQDSDUWLUGHXQDPtQLPDHYLGHQFLDGHH¿FDFLDHQORVPRGHORVDQLPDOHVVLQOOHJDUDGHPRVWUDUTXHHOPHFDQLVPRFRQWUDHOTXHDFWXDEDHOIiUPDFRRFXUULHUDUHDOPHQWHHQHOKXPDQR7DOHVHOFDVRGHOWLULOD]DG\GHO3(*62'TXHVHGLVHxDURQVLQYHUL¿FDUTXHORVUDGLFDOHVOLEUHVVHOLEHUDUDQHQHOFHUHEURWUDXPDWL]DGRGHOKRPEUH&LUFXQVWDQFLDSDUHFLGDROyJLFRHQHOWUDXPDWLVPRFUDQHRHQFHIiOLFRJUDYH VXFHGLyFRQORVDPLQRiFLGRVH[FLWDGRUHVSULQFLSDOPHQWHJOXWDPDWRFX\DQHXURWR[LFLGDGRFXUUHIXQGDPHQWDOPHQWHHQSDFLHQWHVFRQFRQWXVLRQHVIRFDOHVKHPDWRPDVVXEGXUDOHVDJXGRV\IHQyPHQRVLVTXpPLFRVVHFXQGDULRV\UDUDYH]HQSDFLHQWHVVLQGDxRHVWUXFWXUDO6LQHPEDUJRHOGHORVSDFLHQWHVHQORVHQVD\RVFOtQLFRVGHOVHOIRWHOQRSUHVHQWyQLQJXQDOHVLyQIRFDO'HLJXDOPRGRODLVTXHPLDGLIXVDHVPiVIUHFXHQWHTXHODIRFDOHQHO7&(*\VLQHPEDUJRIiUPDFRVFRPRORVPLVPRVDQWDJRQLVWDVGHORVUHFHSWRUHVGHJOXWDPDWR10'$VyORWLHQHQXWLOLGDGHQODLVTXHPLDIRFDO)LQDOPHQWHSHVHDTXHSRVLEOHPHQWHOD/$'VHDHOPHFDQLVPR¿VLRSDWROyJLFRTXHPiVLQFDSDFLGDGFDXVDHQWUHORVVXSHUYLYLHQWHVGHO7&(*ORVWUDEDMRVVREUHHVWDHQWLGDGVHKDQFHQWUDGRKDVWDODIHFKDPiVHQHO(QGLYHUVRVHQVD\RVFOtQLFRVQRVHKDGHPRVWUDGREHQH¿FLRGHOIiUPDFRSRUODLQDGHFXDGDSHQHWUDFLyQGHOPLVPRHQHOFHUHEURGHWDOPDQHUDTXHSRUHMHPSORVyORWUDVODUHDOL]DFLyQGHORVHQVD\RVGHOWLULOD]DG\GHO3(*62'VHVXSRTXHODVFRQFHQWUDFLRQHVPD\RUHVGHHVWRVIiUPDFRVVHDOFDQ]DQHQODPLFURFLUFXODFLyQFHUHEUDO\TXHHVFDVDPHQWHSHQHWUDQHQHOFHUHEURGDxDGR(VWHKHFKRH[SOLFDUtDHOEHQH¿FLRTXHPRVWUyHOWLULOD]DGHQXQVXEJUXSRGHSDFLHQWHVYDURQHVFRQ+6$W$GHPiVORVQLYHOHVSODVPiWLFRVGHWLULOD]DGIXHURQPHQRUHVHQPXMHUHVTXHHQKRPEUHVLQFOXVRDYHFHVSRUGHEDMRGHOXPEUDOWHUDSpXWLFR\VXDFODUDPLHQWRDSUR[LPDGDPHQWHXQPD\RUHQODVSULPHUDVTXHHQORVVHJXQGRV3RUWDQWRODGRVL¿FDFLyQHQODVPXMHQRVHUHSDUyHVTXHHOPHWDEROLVPRGHOWLULOD]DGDXPHQWDHQDTXHOORVSDFLHQWHVTXHUHFLEHQIHQLWRtQDIiUPDFRFRQIUHFXHQFLDHPSOHDGRFRPRSUR¿OD[LVGHODVFULVLVFRQYXOVLYDVHQHO7&(*/RVHVWXGLRVFRQDQLPDOHVKDQKHFKRKLQFDSLpHQODLPSRUWDQFLDGHXQDGRVL¿FDFLyQFRUUHFWDGHOIiUPDFR(QHOORVVHDGPLQLVWUDODGRVLVSRUSHVRFRUSRUDODGLIHUHQFLDGHP

5 XFKRVHQVD\RVFOtQLFRV�
XFKRVHQVD\RVFOtQLFRVHQKXPDQRVHQORVTXHODGRVL¿FDFLyQHVODPLVPDSDUDWRGRVORVSDFLHQWHV$XQDVtHQDPERVFDVRVVHSRGUtDLQFXUULUHQLQIUDGRVL¿FDFLyQHVSHFLDOPHQWHHQIiUPDFRVFX\RPHFDQLVPRGHDFFLyQHVHODQWDJRQLVPRFRPSHWLWLYRGHWDOIRUPDTXHKR\VHVDEHSRUHMHPSORTXHODVFRQFHQWUDFLRQHVFHUHEUDOHVGHJOXWDPDWRHQSDFLHQWHVFRQ7&(*OOHJDQDORVPLFURPRO/\ODVGHVHOIRWHOHQFRQGLFLRQHVQRUPDOHVVRQGHDSUR[LPDGDPHQWHPLFURPRO/ HWUDXPDWL]DGRGHELGRDODUHGXFFLyQGHOÀXMRVDQJXtQHRORFDO FLIUDVFODUDPHQWHLQVX¿FLHQWHVSDUDXQDQWDJRQLVWDFRPSHWLWLYRGHOUHFHSWRUGH10'$FRPRpVWH(QHVWHFRQWH[WRHVHVSHFLDOPHQWH~WLOODPLFURGLiOLVLVFHUHEUDOTXHSHUPLWHGHIRUPDLQGLYLGXDOL]DGDPHGLUODFRQFHQWUDFLyQGHOIiUPDFRHQHOFHUHEURKXPDQRWUDXPDWL]DGRHYDOXDUVXHIHFWRSDUDFDOFXODUDVtODGRVLVDSURSLDGD ODOODPDGDGRVLVVHJ~QHOHIHFWRHQODTXHSRUHMHPSORVHPLGHODFRQFHQWUDFLyQGHJOXWDPDWRFHUHEUDOWUDVUHFLELUHOIiUPDFR\GHVSXpVVHDMXVWDODGRVLVGHpVWH GHWHUPLQDUODGHQRPLQDGDYHQWDQDWHUDSpXWLFD\REWHQHUVXEVWUDWRVGHOPHWDEROLVPRFHUHEUDOSDUDLQIHULUSRVLEOHVPHFDQLVPRV/DGHWHUPLQDFLyQGHOPRPHQWRDSURSLDGRSDUDUHDOL]DUODLQWHUYHQFLyQWHUDSpXWLFDRYHQWDQDWHUDSpXWLFDHVGHFUXFLDOLPSRUWDQFLDSDUDTXHHOIiUPDFRSXHGDGHPRVWUDUEHQH¿FLRHQORVHQVD\RVFOtQLFRVGHWDOPDQHUDTXHODWDUGHRGXUDQWHXQSHUtRGRGHWLHPSRLQDGHFXDGRSRGUtDLQYDOLGDUHOHVWXGLR$GHPiVSDUDXQPLVPRPHFDQLVPR¿VLRSDWROyJLFRODVYHQWDQDVWHUDSpXWLFDVHQDQLPDOHVSXHGHQGLIHULUGHODVGHORVKXPDQRV\DXQTXHVHFUHHTXHVRQPD\RUHVHQHVWRV~OWLPRVQRH[LVWHDEVROXWDHYLGHQFLD/RVHVWXGLRVHQDQLPDOHVKDQGHPRVWUDGRTXHODPHGLFDFLyQGHEHDGPLQLVWUDUVHORDQWHVSRVLEOHWUDVHOWUDXPDWLVPR\DTXHJHQHUDOPHQWHGHVSXpVGHODSULPHUDKRUDGHVDSDUHFHHOHIHFWRGHODPLVPD6LQHPEDUJRHQORVSULQFLSDOHVHQVD\RVFOtQLFRVVHKDXWLOL]DGRKDELWXDOPHQWHXQDYHQWDQDGHKRUDV 3(*62'VHOIRWHO&HUHVWDW RVFLODQGRRFDVLRQDOPHQWHHQWUHODV FRUWLFRLGHVWLULOD]DG \ODVKRUDV QLPRGLSLQR 8QDGHODVUD]RQHVTXHREOLJDDYHQWDQDVWDQDPSOLDVUDGLFDHQODREOLJDWRULHGDGGHREWHQHUHOFRQVHQWLPLHQWRLQIRUPDGRGHORVIDPLOLDUHVGHOSDFLHQWH3RUHVWHPRWLYRORLGHDOVHUtDXWLOL]DUPHGLFDFLRQHVTXHFDUHFLHQGRGHHIHFWRVVHFXQGDULRVFRPRHO3(*62'SXGLHUDQDGPLQLVWUDUVHHQHOPLVPROXJDUGHODFFLGHQWHREYLDQGRDVtODQHFHVLGDGGHGLFKRFRQVHQWLPLHQWR'HKHFKRODQXHYDOHJLVODFLyQHVSDxRODVREUHHQVD\RVFOtQLFRVUHFLHQWHPHQWHDSUREDGDVRVOD\DODREOLJDWRULHGDGGHO3HVHDFULWHULRVHVWULFWRVGHLQFOXVLyQ\H[FOXVLyQORVSDFLHQWHVTXHKDQIRUPDGRSDUWHGHFDGDXQRGHORVHQVD\RVFOtQLFRVVREUH7&(*SUHVHQWDQGLIHUHQFLDVHQVXHVWDGRFOtQLFR\HQHOWLSRGHOHVLRQHVTXHSRUWDQFDUHFLHQGRSRUWDQWRGHKRPRJHQHLGDG3DUDDPRUWLJXDUHVWHIHQyPHQRVHXWLOL]DODUDQGRPL]DFLyQTXHFRQVLVWHHQGLVWULEXLUHVWRVDVSHFWRVSRULJXDOHQWUHDPERVJUXSRVGHWUDWDPLHQWR IiUPDFR\SODFHER ,QFOXVRFRQWDPDxRVPXHVWUDOHVHQWRUQRDySDFLHQWHVFRQVLGHUDGRVPiVTXHVX¿FLHQWHVSDUDXQHQVD\RFOtQLFRHQHO7&(*SXHGHQDSDUHFHULPSRUWDQWHVGHVHTXLOLEULRVHQWUHDPERVJUXSRVFRPRRFXUULyHQORVHQVD\RVGHOWLULOD]DG(VWRVGHVHTXLOLEULRVSXHGHQUHGXFLUVHHVWUDWL¿FDQGRDORVSDFLHQWHVSRUGHWHUPLQDGDVYDULDEOHVHVGHFLUDMXVWDQGRSRUVXVLQGLFDGRUHVSURQyVWLFRVSULQFLSDOPHQWHHGDGSXQWXDFLyQHQOD*ODVJRZ&RPD6FDOH *&6 UHDFWLYLGDGSXSLODUSUHVHQFLDGHKLSRWHQVLyQ\RKLSR[LD\KDOOD]JRVHQOD7&FUDQHDO3RUWDQWRUHVXOWDUtD~WLOGLULJLUORVHQVD\RVFOtQLFRVDSDFLHQWHV KRPRJpQHRVHVGHFLUFRQXQHVWDGRFOtQLFR\XQDVOHVLRQHVHQOD7&FUDQHDOVLPLODUHV7DQWRODHVWUDWL¿FDFLyQSUHYLDDODUDQGRPL]DFLyQFRPRHOXVRGHDTXpOODSDUDFRUUHJLUGHVHTXLOLEULRVHQWUHJUXSRVUDQGRPL]DGRVPHGLDQWHHODQiOLVLVHVWDGtVWLFRPXOWLYDULDEOHPLWLJDQORVSUREOHPDVGHKHWHURJHQHLGDGUHGXFHQODLQÀXHQFLDSURQyVWLFDLQLFLDO\PHMRUDQHOSRGHUHVWDGtVWLFRGHOHVWXGLRDVSHFWRpVWHSDUWLFXODUPHQWH~WLOGDGRTXHSRUUD]RQHVHFRQyPLFDVHOQ~PHURGHSDFLHQWHVTXHXQRSXHGHKDELWXDOPHQWHFRQWHP7DPDxRPXHVWUDO(OREMHWLYRSULQFLSDOHQODPD\RUSDUWHGHORVHQVD\RVFOtQLFRVVREUH7&(*KDVLGRGHWHFWDUGHXQDXQGHPHMRUtDHQHOSURQyVWLFRIDYRUDEOH FDWHJRUtDVGH%5H,0HQOD*26 DORVVHLVPHVHVGHOWUDXPDWLVPR3DUDXQREMHWLYRGH

6 HVWDVFDUDFWHUtVWLFDV�
HVWDVFDUDFWHUtVWLFDVVHHVWLPDTXHHOWDPDxRPXHVWUDOWRWDOUHTXHULGRHVGHSDFLHQWHV GRVJUXSRVGHVXMHWRV SDUDXQSRGHUHVWDGtVWLFR VXSRQHUTXHHOWUDWDPLHQWRHVH¿FD]FXDQGRORHV GHO\XQQLYHOGHVLJQL¿FDFLyQGHO6LHOIiUPDFRIXHUDHIHFWLYRVyORHQGHWHUPLQDGRVWLSRVGHWUDXPDWLVPRVHQFRQWUDUXQDPHMRUtDJOREDOGHOUHVXOWDUtDWRGDYtDPiVGL¿FLO'LYHUVRVHVWXGLRVGHUHYLVLyQKDQFRQ¿UPDGRTXHKDVWD¿QDOHVGHVHKDEtDQSXEOLFDGRXQRVHQVD\RVFOtQLFRVUDQGRPL]DGRV\FRQWURODGRVVREUHHOWUDWDPLHQWRRODUHKDELOLWDFLyQGHSDFLHQWHVFRQ7&(1LQJXQRWHQtDVX¿FLHQWHWDPDxRPXHVWUDOSDUDGHWHFWDU¿DEOHPHQWHXQDUHGXFFLyQHQHOULHVJRGHPXHUWHRLQFDSDFLGDGGHO\VyORXQHUDQVX¿FLHQWHPHQWHJUDQGHVSDUDGHWHFWDUXQDUHGXFFLyQGHODVXPLHQGRXQHUURUDOID VXSRQHUTXHHOWUDWDPLHQWRHVH¿FD]FXDQGRQRORHV GHOXQSRGHUGHO HTXLYDOHQWHDXQGHHUURUEHWDVXSRQHUTXHHOWUDWDPLHQWRQRHVH¿FD]FXDQGRORHV \XQDSUHYDOHQFLDHQHOJUXSRFRQWUROGHO6LODSUHYDOHQFLDKXELHUDVLGRPD\RUODGL¿FXOWDGSDUDGHWHFWDUXQDUHGXFFLyQHQHOULHVJRGHPXHUWHRLQFDSDFLGDGSDUDHVRVWDPDxRVPXHVWUDOHVWDPELpQKDEUtDDXPHQWDGR3RUWDQWRODJUDQPD\RUtDGHXQWDPDxRPXHVWUDODGHFXDGR\SUREDEOHPHQWHQRKD\DQHVWDGRELHQGLVHxDGRV%DMRHVWDWHVLWXUDKDDSDUHFLGRODFRUULHQWHGHORVOODPDGRVOXPSHUVRGHIHQVRUHVGHORV'DGRTXHHO7&(*HVXQDHQWLGDGPX\IUHFXHQWHVLVHHQFRQWUDUDXQWUDWDPLHQWRTXHUHGXMHUDODPRUELPRUWDOLGDGDXQTXHIXHUDHQXQSRUFHQWDMHSHTXHxRHOQ~PHURGHSDFLHQWHVTXHSRGUtDREWHQHUEHQH¿FLRVHUtDPX\HOHYDGR3DUDGHWHFWDUHVWRVHIHFWRVPRGHUDGRVGHOWUDWDPLHQWRHVQHFHVDULRHYLWDUORVHUURUHVDOHDWRULRVJHQHUDOPHQWHFRQPXHVWUDVVX¿FLHQWHPHQWHJUDQGHV\ORVVLVWHPiWLFRVRVHVJRVPHGLDQWHXQGLVHxRDGHFXDGR3RUWDQWRDXPHQWDUVXVWDQFLDOPHQWHHOQ~PHURGHSDFLHQWHVHVWXGLDGRVWLHQHSRUREMHWRLQFUHPHQWDUHOSRGHUQHFHVDULRSDUDGHWHFWDUGLIHUHQFLDVTXHSDVDUtDQGHVDSHUFLELGDVFRQPXHVWUDVPiVSHTXHxDVSHURGLFKDHVWUDWHJLDWLHQHXQDFODUDOLPLWDFLyQHFRQyPLFD8QDGHODVPDQHUDVGHVRVOD\DUHVWDGL¿FXOWDGFRQVLVWHHQUHVWULQJLUODUHFRJLGDGHGDWRVDODVYDULDEOHV(OSUREOHPDHVGHWDOHQYHUJDGXUDTXHDXQVXPDQGRWRGRVORVSDUWLFLSDQWHVGHORVHQVD\RVFOtQLFRVGHXQPLVPRIiUPDFRRWHUDSLDUHDOL]DGRVKDVWDDKRUDHQHO7&(*QRVHDOFDQ]DUtDXQWDPDxRPXHVWUDOVX¿FLHQWH'HKHFKRHOQ~PHURWRWDOGHSDUWLFLSDQWHVUDQGRPL]DGRVHQWRGRVORVHQVD\RVFOtQLFRVGLVSRQLEOHVVREUH7&( VXMHWRV HVQRWDEOHPHQWHLQIHULRUDOQ~PHURGHVXMHWRVLQYROXFUDGRVHQDOJXQRVHQVD\RVFOtQLFRVVREUHFDUGLRSDWtDLVTXpPLFDRLFWXVFHUHEUDO$GHPiVODVDVLJQDFLRQHVHFRQyPLFDVGHORVGLYHUVRVRUJDQLVPRVS~EOLFRV\SULYDGRVSDUDHQVD\RVFOtQLFRVVREUH7&(*VRQPHQRUHVTXHODVGHVWLQDGDVDORV(QORVHQVD\RVFOtQLFRVUHDOL]DGRVKDVWDHOPRPHQWRVHKDQLQFOXLGRSDFLHQWHVFRQSRFDVSUREDELOLGDGHVGHVREUHYLYLUDSULRULMXQWRFRQRWURVTXHPX\SRVLEOHPHQWHDOFDQFHQXQSURQyVWLFRIDYRUDEOH(QDPERVVXEJUXSRVHVGLItFLOTXHXQIiUPDFRGHPXHVWUHEHQH¿FLRFOtQLFRUHOHYDQWH3RUHOORSDUHFHIXQGDPHQWDORSWLPL]DUHOWLSR\Q~PHURGHSDFLHQWHVTXHVHLQFOX\DQHQIXWXURVHVWXGLRVVHOHFFLRQDQGRVXEJUXSRVGHLQGLYLGXRVFRQXQSURQyVWLFRLQWHUPHGLRHVGHFLUDTXpOORVTXHSRVLEOHPHQWHVREUHYLYDQFRQLQFDSDFLGDG SRUHMHPSORHQWUHHO\HOORVTXHDOEHUJXHQJUDQGHVSRVLELOLGDGHVGHIDOOHFHURSRUFRQWUDGHWHQHUXQSURQyVWLFRIDYRUDEOH SDFLHQWHVFRQSUREDELOLGDGGHXQSURQyVWLFRIDYRUDEOHPHQRUDORPD\RUDOUHVSHFWLYDPHQWH 'HHVWDPDQHUDSDUDHOPLVPRSRGHUHVWDGtVWLFRVHUtDSRVLEOHUHGXFLUHOWDPDxRDMXVWDUSRUGLYHUVRVLQGLFDGRUHVSURQyVWLFRVGHWDOPDQHUDTXHDGHPiVGHUHGXFLUHOWDPDxRPXHVWUDODXPHQWDUDHOSRGHUHVWDGtVWLFRDOHYLWDUODKHWHURJHQHLGDG3RUWDQWRORVHQVD\RVFOtQLFRVGHEHUtDQGLULJLUVHKDFLDXQDSREODFLyQGHULHVJRLQWHUPHGLRVLVHSUHWHQGHHQFRQWUDUXQEHQH¿FLRGHORELHQEXVFDUXQHIHFWRPiVPRGHVWRHQWUHHO\HOVLVHYDDPDQHMDUODSREODFLyQJOREDO(VWDSROtWLFDGHHQVD\RVFOtQLFRVGLULJLGRVHVODGHIHQGLGDSRUORVOODPDGRVGLYLGHUVFRQWUDULRVDORVPHJDHQVD\RVGHORVTXH8QDSRWHQFLDOGHVYHQWDMDGHHVWHHVTXHPDGHWUDEDMRHVWULEDHQTXHOR

7 VUHVXOWDGRVGHOHQ
VUHVXOWDGRVGHOHQVD\RVyORVHUtDQDSOLFDEOHVDXQDVXESREODFLyQFRQFUHWDGHSDFLHQWHVOLPLWDQGRDVtHOXVRGHODPHGLFDFLyQFRQHOFRQVLJXLHQWHGHVDJUDGRGHODVFRPSDxtDVIDUPDFpXWLFDV6LQHPEDUJRSDUHFHROyJLFRHQHOWUDXPDWLVPRFUDQHRHQFHIiOLFRJUDYH OyJLFRWUDWDUSULPHURGHGHPRVWUDUH¿FDFLDHQORVSDFLHQWHVFRQPD\RUSRWHQFLDOGHEHQH¿FLR\GHVSXpVDPSOLDUODV(OREMHWLYR¿QDOHQWRGRVORVHQVD\RVFOtQLFRVUHFLHQWHVVREUH7&(*KDVLGRGHWHUPLQDUHOSURQyVWLFRDOPHQRVDORVVHLVPHVHVGHOWUDXPDWLVPRPHGLDQWHOD*26GLFRWRPL]DGDHQIDYRUDEOH %5,0 \GHVIDYRUDEOH LQFDSDFLGDGJUDYH ,* HVWDGRYHJHWDWLYR (9 H[LWXV (; $ORVWUHVIRUPDGH-GDGRTXHODPD\RUtDGHORVSDFLHQWHVTXHIDOOHFHQORKDFHQSUHFR]PHQWH(QWUHORVVHLV\ORVGRFHPHVHVHVWDGLVWULEXFLyQYDFDPELDQGRDXQDIRUPDGH8\DTXHORVVXMHWRVTXHQRKDQIDOOHFLGRH[SHULPHQWDQXQDPHMRUtDSURJUHVLYDPRGL¿FDQGRVXFODVL¿FDFLyQHQOD*26PLHQWUDVTXHHOQ~PHURGHIDOOHFLGRVSUiFWLFDPHQWHQRYDUtD(VWDGLVWULEXFLyQFDUDFWHUtVWLFDGHOSURQyVWLFRHQHO7&(*FRQIRUPDGH8H[SOLFDODGLFRWRPtDLQKHUHQWHGHOD*26HQODTXHDSUR[LPDGDPHQWHGHODOGHORVSDFLHQWHVPXHUHQ\GHODODOFDQ]DQODVFDWHJRUtDVGH%5R,0FRQXQDSURSRUFLyQSRUWDQWRGHSURQyVWLFRIDYRUDEOHVLPLODUDOGHVIDYRUDEOHDH[SHQVDVGHOEDMRSRUFHQWDMHGHSDFLHQWHVHQODVFDWHJRUtDVGH,*R(9(QHIHFWRHQWUHORVSDFLHQWHVTXHVREUHYLYHQXQDOWRQ~PHURDOFDQ]DXQSURQyVWLFRIDYRUDEOH5HVXOWDUiGLItFLOSRUWDQWRFRQVHJXLUXQDPHMRUtDHQHOSURQyVWLFRIDYRUDEOHGHODFRVWDGHODVFDWHJRUtDVGHVXSHUYLYLHQWHVVLQKDFHUGHVFHQGHUODPRUWDOLGDGDXQTXHXQDUHGXFFLyQGHpVWDVLQPHMRUDHQODFDOLGDGGHYLGDWDPSRFRVHUtDDFHSWDEOH'HKHFKRORVWUDEDMRVSXEOLFDGRVLQGLFDQTXHFXDQGRUHGXFHODPRUWDOLGDG\DXPHQWDHOSURQyVWLFRIDYRUDEOHHQ'LYHUVRVDQiOLVLVHVWDGtVWLFRVGHPXHVWUDQTXHLQFOXVRFDPELRVVXVWDQFLDOHVHQODGLVWULEXFLyQGHOSURQyVWLFRFRPRODPHMRUtDGHpVWHKDVWDHQXQGHSDFLHQWHVSRUXQDXPHQWRHQHOSURQyVWLFRIDYRUDEOHGHO(OHIHFWRGHGHVSOD]DUSDFLHQWHVHQWUHFDWHJRUtDVGHSHQGHGHODGLVWULEXFLyQSURQyVWLFDLQLFLDOGHWDOPDQHUDTXHVHUiPiVPDUFDGRVLODSREODFLyQWLHQHXQSURQyVWLFRDSULRULPiVGHVIDYRUDEOH'HLJXDOIRUPDVHUiPiVIiFLOGHPRVWUDUH¿FDFLDGHOIiUPDFRHYDOXDGRVLODGLVWULEXFLyQGHOSURQyVWLFRHQHOHVWDGtVWLFRVKDQFRQFOXLGRTXHORVDQiOLVLVGLFRWyPLFRV PXHUWRYLYRGHVIDYRUDEOHIDYRUDEOH UHÀHMDQORVHIHFWRVGHOIiUPDFRDHVWXGLRVyORVLpVWRVVRQPDUFDGRVSRUTXHVLVRQVXWLOHVSUREDEOHPHQWHVHGHWHFWHQPHMRURUGLQDOHV %5!,0!,*!(9!(; 3RUHVWDUD]yQXQHIHFWRFOtQLFDPHQWHUHOHYDQWHDXQHVWDQGRSUHVHQWHSXHGH/DHVFDODSURQyVWLFDPiVXWLOL]DGDFRPRREMHWLYR¿QDOHQORVHQVD\RVFOtQLFRVVREUH7&(*HVFRPR\DVHKDPHQFLRQDGROD*266XDOWDYDOLGH]\¿DELOLGDGVXFDSDFLGDGSDUDGLVFULPLQDUHQWUHJUXSRVTXHVRQKRPRJpQHRVGHVGHHOSXQWRGHYLVWDFOtQLFR\VRFLDO\VXEXHQDFRUUHODFLyQFRQODVSUXHEDVQHXURSVLFROyJLFDVKDQKHFKRGHHOODXQDHVFDOD'DGRTXHSRVLEOHPHQWHQRWRGRVORVSDFLHQWHVLQFOXLGRVHQODFDWHJRUtDGH,*WHQJDQXQSURQyVWLFRGHVIDYRUDEOH\TXHSRURWURODGRGHWHUPLQDGRVSDFLHQWHVHQODVFDWHJRUtDVGH(9R,0GHELHUDQLQFOXLUVHHQODGH,*DXPHQWDQGRDVtHOWDPDxRGHHVWHJUXSRLQWHUPHGLR\DSODQDQGRODGLVWULEXFLyQHQ8DOJXQRVDXWRUHVFUHHQTXHVHUtDSUHIHULEOHXWLOL]DUOD*26DPSOLDGD RFKRFDWHJRUtDVSURGXFWRGHODVXEGLYLVLyQHQGRVGHODVFDWHJRUtDVGH%5,0H,* DOD*26DXQTXHOD¿DELOLGDGLQWHUREVHUYDGRUVHDPHQRUFRQDTXpOOD3RURWURODGRORVSRUFHQWDMHVGHPRUWDOLGDGDLVODGRVUHVXOWDQHVSHFLDOPHQWH~WLOHVFRPRLQGLFDGRUSURQyVWLFRSUHFR]GHODH¿FDFLDGHORVIiUPDFRVHQORVHQVD\RVFOtQLFRVVREUH7&(*\DTXHVXGHWHUPLQDFLyQHVVHQFLOODODPD\RUSDUWHGHODPRUWDOLGDGRFXUUHGHVHJXLPLHQWRVSURORQJDGRV HQWUHHO\HOGHORVSDFLHQWHVTXHIDOOHFHQWUDVXQ7&(*ORKDFHQHQODVSULPHUDVyKRUDV \ODVFLIUDVGHPRUWDOLGDG6HKDQFRQVLGHUDGRRWURVLQGLFDGRUHVFRPRREMHWLYR¿QDODPHGLUHQORVHQVD\RVFOtQLFRVVREUH7&(*HQVXVWLWXFLyQGHOD*26GLFRWRPL]DGDDXQTXHHVWiSRUGHPRVWUDUVLUHDOPHQWHVRQFDSDFHVGH�

8 003;UHHPSOD]DUDODV�
003;UHHPSOD]DUDODVHVFDODVSURQyVWLFDVFRQYHQFLRQDOHV(QWUHHOORVGHVWDFDQOD3,&ODVDWXUDFLyQ\XJXODUGHR[tJHQR\PiVUHFLHQWHPHQWHHOOODPDGRQHXURGHWHULRUR(VWH~OWLPRKDVLGRGH¿QLGRSRUODRFXUUHQFLDGHXQRRPiVGHORVVLJXLHQWHVVXSXHVWRVGLVPLQXFLyQGHGRVRPiVSXQWRVHQODUHVSXHVWDPRWRUDGHOD*&6QXHYDSpUGLGDGHUHDFWLYLGDGSXSLODUQXHYDDVLPHWUtDSXSLODUPD\RURLJXDODPPRGHWHULRURQHXUROyJLFRTXHUHTXLHUDLQWHUYHQFLyQPpGLFDRTXLU~UJLFDLQPHGLDWD$TXHOORVSDFLHQWHVTXHSUHVHQWDURQXQRRPiVHSLVRGLRVGHQHXURGHWHULRURWXYLHURQVLJQL¿FDWLYDPHQWHPD\RUPRUELPRUWDOLGDG FLQFRYHFHVPiVSUREDELOLGDGGHPRULU\PHQRVGHODPLWDGGHSUREDELOLGDGGHWHQHUXQSURQyVWLFRIDYRUDEOH TXHORVTXHQRVXIULHURQQLQJXQRGHHVWRVHSLVRGLRVVHJ~QSXGRH[WUDHUVHGHOHVWXGLRLQWHUQDFLRQDOGHOVHOIRWHO3RVLEOHPHQWHXQDUHGXFFLyQGHHVWHQHXURGHWHULRURGHOVHDHTXLSDUDEOHDXQDPHMRUtDVLJQL¿FDWLYDHQHOSURQyVWLFRGHORVSDFLHQWHVDORVVHLVPHVHV6LHVWDIXHUWHFRUUHODFLyQHQWUHQHXURGHWHULRUR\*26DORVVHLVPHVHVSXGLHUDYHUL¿FDUVHSURVSHFWLYDPHQWHHQXQHQVD\RFOtQLFRFRQp[LWRQRVHUtDQHFHVDULRHVSHUDUXQODSVRWDQGLODWDGRHQIXWXURVHQVD\RVSDUDVDEHUVLHOIiUPDFRHVH¿FD]RQR6LQHPEDUJRIDFWRUHVVLVWpPLFRVFRPROD¿HEUHSXHGHQFRQWULEXLUDXQGHWHULRURQHXUROyJLFRWUDQVLWRULR TXHHQPDVFDUHQHOSRWHQFLDOHIHFWRGHOIiUPDFR$GHPiVHIHFWRVVHFXQGDULRVGHODPHGLFDFLyQSRGUtDQLQWHUSUHWDUVHHUUyQHDPHQWHFRPRHSLVRGLRVGHQHXURGHWHULRUR3RUWDQWRHOXVRGHHVWHLQGLFDGRUHVWiFRQGLFLRQDGRDODVHGDFLyQ\SDUiOLVLVGHOSDFLHQWH\DPERVQHXURGHWHULRUR\PHMRUtDGHOSURQyVWLFRJUDFLDVDOIiUPDFRSXHGHQFRH[LVWL� 5;倀$WHQRUGHORVEXHQRVUHVXOWDGRVREWHQLGRVDODKRUDGHPDQHMDUORVSDFLHQWHVFRQ7&(*HQODVXQLGDGHVGHQHXURWUDXPDDFWXDOHVFRPRORGHPXHVWUDHOKHFKRGHTXHODPRUELPRUWDOLGDGHQORVHQVD\RVFOtQLFRVIXHUDPHQRUIiUPDFRVLQYHVWLJDGRVKD\DVLGRPRGHVWR3DUDGyMLFDPHQWHDPHMRUUHVXOWDGRGHOWUDWDPLHQWRFRQYHQFLRQDOPiVGLItFLOVHUiGHPRVWUDUEHQH¿FLRGHXQQXHYRIiUPDFRWUDWDPLHQWRHVWiQGDUPD\RUULHVJRGHLQVXOWRVVHFXQGDULRV\PiVSUREDELOLGDGGHTXHHOQXHYRIiUPDFRGHPXHVWUHH¿FDFLD3DUDHYLWDUpVWRORVFHQWURVSDUWLFLSDQWHVHQORVHQVD\RVFOtQLFRVGHEHQPDQHMDUXQSURWRFRORGHWUDWDPLHQWRVLPLODU/DDXVHQFLDGHVLJQL¿FDFLyQHVWDGtVWLFDHQXQHQVD\RFOtQLFRQRVXSRQHTXHHOIiUPDFRFDUH]FDGH¿QLWLYDPHQWHGHXWLOLGDGVLQRVLPSOHPHQWHTXHQRVHKDSRGLGRGHPRVWUDUODKLSyWHVLVKDELWXDOHVGHFLUXQDPHMRUtDHQHOSURQyVWLFRIDYRUDEOHGHODPXHVWUDHVWXGLDGDGHOXVDQGROD*26GLFRWRPL]DGD3RVLEOHPHQWHDOJXQRVGHHVWRVIiUPDFRVVHDQEHQH¿FLRVRVDXQTXHQRHQXQDPHGLGDWDQJUDQGHFRPRODLQLFLDOPHQWHKLSRWHWL]DGD/DGHFLVLyQGHSDUDOL]DUXQHQVD\RFOtQLFRVLQOOHJDUDFRQRFHUVLUHDOPHQWHHOIiUPDFRWLHQHDOJ~QHIHFWRHQODSREODFLyQJOREDORHQVXEJUXSRVHVSHFt¿FRVUHVSRQGHHQPXFKDVRFDVLRQHVPiVDLQWHUHVHVHFRQyPLFRVGHODVFRPSDxtDVIDUPDFpXWLFDVTXHDPRWLYDFLRQHVFLHQWt¿FDVKD\DVLGRSRVLEOHGHPRVWUDUH¿FDFLDHQQLQJ~QHQVD\RFOtQLFRVREUH7&(*KDVWDODIHFKDODUHDOL]DFLyQGHpVWRVKDFRQWULEXLGRLQGXGDEOHPHQWHDXQPD\RUFRQRFLPLHQWRGHO(VVDELGRTXHORVGDxRVFHUHEUDOHVVHFXQGDULR\WHUFLDULRUHVSRQVDEOHVSULQFLSDOHVGHOPDOSURQyVWLFRWUDVXQ7&(*SXHGHQWUDWDUVHIDUPDFROyJLFDPHQWH6LQHPEDUJRQLQJXQDGHODVVXVWDQFLDVQHXURSURWHFWRUDVGLULJLGDVH[SUHVDPHQWHIUHQWHDHVWRVWLSRVGHGDxRFHUHEUDO\HYDOXDGDVPHGLDQWHHQVD\RFOtQLFRIDVH,,,KDFRQVHJXLGRGHPRVWUDUH¿FDFLDKDVWDODIHFKDFRQODVFRQVHFXHQFLDVTXHpVWRDFDUUHD&RQREMHWRGHOOHYDUDFDERXQDHVWUDWHJLD\RVFOtQLFRVREYLDQGRSRVLEOHVHUURUHVDKRUDFRQRFLGRV\UHVXPLGRVHQHVWHWUDEDMRVHFUHDURQHQHOSDVDGRGRVRUJDQL]DFLRQHVVLQiQLPRGHOXFUROD$PHULFDQ&RQVRUWLXP $%,& \OD C(XURSHDQ%UDLQ,QMXU\&RQVRUWLXP (%,& (O¿QSULPRUGLDOGHDPEDVQRHVRWURTXHFRRUGLQDUORVIXWXURVHQVD\RVFOtQLFRVSDUDPHMRUDUHOSURQyVWLFR¿QDOGHORVSDFLHQWHVFRQ7&(*(VWHWUDEDMRKDVLGR¿QDQFLDGRHQVXPD\RUSDUWHSRUODEHFD),6FRQFHGLGDDO3URI'U5DPLUR'tH]$OGHUVRQ35REHUWV,&RUWLFRVWHURLGVIRUDFXWHWUDXPDWLFEUDLQLQMXU\&RFKUDQH'DWDEDVH6\VW5HY  $OYHV:0(LVHQEHUJ+0+HDGLQMXU\WULDOVSDVWDQGSUHVHQW(Q1DUD\DQ5.:LOEHUJHU-(3RYOLVKRFN-7 HGV 1HXURWUDXPD1HZ { "@context": "http://schema.org", "@type": "ImageObject", "contentUrl": "https://www.docslides.com/slides/871507/INF003_UHHPSOD_DU__x0003_D__x0003_ODV__x000", "description": "003_UHHPSOD_DU__x0003_D__x0003_ODV__x0003_HVFDODV__x0003_SURQyVWLFDV__x0003_FRQYHQFLRQDOHV__x0011___x0003__QWUH__x0003_H", "width": "1240" }

9 #x0011;&
#x0011;$QDQGD$0RUULV*)-XXO10DUVKDOO6%0DUVKDOO/)7KHIUHTXHQF\DQWHFHGHQWHYHQWVDQGFDXVDOUHODWLRQVKLSVRIQHXURORJLFZRUVHQLQJIROORZLQJVHYHUHKHDGLQMXU\([HFXWLYH&RPPLWWHHRIWKHLQWHUQDWLRQDO6HOIRWHO7ULDO$FWD1HXURFKLU6XSSO :LHQ $QyQLPR$PXOWLFHQWHUWULDORIWKHHI¿FDF\RIQLPRGLSLQHRQRXWFRPHDIWHUVHYHUHKHDGLQMXU\7KH(XURSHDQ6WXG\*URXSRQ1LPRGLSLQHLQ6HYHUH+HDG,QMXU\-1HXURVXUJ%DLOH\,%HOO$*UD\-HWDO$WULDORIWKHHIIHRIQLPRGLSLQHRQRXWFRPHDIWHUKHDGLQMXU\$FWD1HXURFKLU :LHQ %ROODQG.6RRUL\DUDFKFKL05:KLWHKHDG-6DPSOHVL]HUHYLHZLQDKHDGLQMXU\WULDOZLWKRUGHUHGFDWHJR%URZQ-,%DNHU$-.RQDVLHZLF]6-0RXOWRQ5-&OLQLFDOVLJQL¿FDQFHRI&6)JOXWDPDWHFRQFHQWUDWLRQVIROORZLQJVHYHUHWUDXPDWLFEUDLQLQMXU\LQKXPDQV-%XOORFN05/\HWK%*0XL]HODDU-3&XUUHQWVWDWXVRIQHXURSURWHFWLRQWULDOVIRUWUDXPDWLFEUDLQLQMXU\OHVRQVIURPDQLPDOPRGHOVDQGFOLQLFDOVWXGLHV1HXURVXUJHU\%XOORFN5([SHULPHQWDOGUXJWKHUDSLHVIRUKHDGLQMXU\(Q1DUD\DQ:LOEHUJHU3RYOLVKRFN HGV 1HXURWUDXPD1HZ { "@context": "http://schema.org", "@type": "ImageObject", "contentUrl": "https://www.docslides.com/slides/871507/NAN_x0011___x0003___x001c___x0017___x001a__", "description": "_x0011___x0003___x001c___x0017___x001a___x0010___x0003___x0016___x0011___x0003__QDQGD__x000f___x0003____x0011___x000f___", "width": "1240" }

10 LQWUDXPDWLFEUDLQ
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{ "@context": "http://schema.org", "@type": "ImageObject", "contentUrl": "https://www.docslides.com/slides/871507/NANLQ__x0003_WUDXPDWLF__x0003_EUDLQ__x0003_", "description": "LQ__x0003_WUDXPDWLF__x0003_EUDLQ__x0003_LQMXU___x0003_RXWFRPH__x0003_VWXGLHV__x0003_EHFDXVH__x0003_RI__x0003_ORVV__x0003", "width": "1240" }

11 003;LQMXU\WULDOV
003;LQMXU\WULDOV(Q1DUD\DQ:LOEHUJHU3RYOLVKRFN HGV 1HXURWUDXPD1HZ { "@context": "http://schema.org", "@type": "ImageObject", "contentUrl": "https://www.docslides.com/slides/871507/INF003_LQMXU___x0003_WULDOV__x0011___x0003_", "description": "003_LQMXU___x0003_WULDOV__x0011___x0003__Q__x0003_1DUD_DQ__x000f___x0003__LOEHUJHU__x000f___x0003_3RYOLVKRFN__x000f___x0", "width": "1240" }