/ySH])ORUHV$,

&RUUHD0HGLQD$
0DHVWUtD HQ 5HKDELOLWDFLyQ 2UDO  (VSHFLDOLVWD HQ
5HKDELOLWDFLyQ2UDO'RFHQWHGH3UHJUDGR\SRVW
JUDGR8QLYHUVLGDG&LHQWtILFDGHO6XU
3 K '  0 D W H U L D O H V  ' H Q W D O H V   0 J   & O t Q L F D 
2GRQWROyJLFD (VSHFLDOLVWD HQ 2GRQWRORJtD
5HVWDXUDGRUD \ (VWpWLFD 'RFHQWH GH 3RVW JUDGR
8QLYHUVLGDG&LHQWtILFDGHO6XU

(9$/8$&,Ð1 '(/ *5$'2 '( &219(56,Ð1 '(

&(0(1726 5(6,12626 )272$&7,9$'26 $
75$9e6'(81',6&2'(',6,/,&$72'(/,7,2
3&46.&/

0#+&5*70
&M
PCKFUJWP
EF
FTUF
FTUVEJP
GVF
DPNQBSBS
FM
HSBEP
EF
DPOWFSTJÓO
($

EF
DVBUSP
DFNFOUPT
SFTJOPTPT

GPUPBDUJWBEPT
B
USBWÊT
EF
VO
EJTDP
EF
EJTJMJDBUP
EF
MJUJP
NFEJEP
FO
EPT
UJFNQPT
JOJDJBM
Z
B
MBT

IPSBT
."5&3*"-&4
:

.­50%04
4F
DPOGFDDJPOBSPO
DJODP
FTQFDÎNFOFT
QBSB
DBEB
DFNFOUP
FWBMVBEP

3FMZ95.
7FOFFS
39

$IPJDF5.


$)

/9
/FYVT5.
-JHIU
DVSF
/9

Z
"MMDFN
7FOFFS
"$

MPT
RVF
GVFSPO
BOBMJ[BEPT
DPO
FM
&TQFDUSPTDPQJP
JOGSBSSPKP

'5*3
'PVSJFS
5SBOTNJTTJPO
*OGSBSFE
4QFDUSPTDPQZ

QBSB
FWBMVBS
FM
($

JOJDJBM

Z
MVFHP
BMNBDFOBEPT
EVSBOUF

IPSBT
B

ž
$
SFBMJ[ÃOEPTF
VOB
TFHVOEB
NFEJEB
5PEPT
MPT
DFNFOUPT
FWBMVBEPT
GVFSPO
GPUPBDUJWBEPT
B
USBWÊT
EF
VO
EJTDP
EF

EJTJMJDBUP
EF
MJUJP
EF

NN
EF
HSPTPS

-PT
SFTVMUBEPT
TF
BOBMJ[BSPO
B
USBWÊT
EFM
UFTU
EF
"/07"
EF
VO
GBDUPS
Z
FM
EF

DPNQBSBDJPOFT
NÙMUJQMFT
EF
5VLFZ
3&46-5"%04
4F
PCUVWJFSPO
MPT
TJHVJFOUFT
SFTVMUBEPT
UBOUP
QBSB
FM
($
JOJDJBM
Z
B

MBT

IPSBT
39

HSVQP
DPOUSPM


™

Z

™

$)


™


Z

™

/9


™


Z

™

"$
 
™

Z
 
™

4F
FODPOUSBSPO
EJGFSFODJBT
FTUBEÎTUJDBNFOUF
TJHOJGJDBUJWBT
FOUSF
MPT

HSVQPT
JOEFQFOEJFOUFT
Z
SFMBDJPOBEPT
$0/$-64*¶/
&M
DFNFOUP
SFTJOPTP
"MMDFN
7FOFFS
QSFTFOUB
VO
NFKPS
($

DPNQBSBEP
DPO
MBT
PUSBT
NBSDBT
5PEPT
MPT
DFNFOUPT
BVNFOUBSPO
TV
($
TJHOJGJDBUJWBNFOUF
B
MBT

IPSBT

1"-"#3"4
$-"7&
#JPNBUFSJBMFT
QPMJNFSJ[BDJÓO
DFNFOUPT
EF
SFTJOB
DFNFOUBDJÓO

"44&44.&/5
0'
5)&
%&(3&&
0'
$0/7&34*0/
0'
%&/5"-
3&4*/
$&.&/54
1)050"$5*7"5&%

5)306()
"
-*5)*6.
%*4*-*$"5&
%*4,

"#453"$5

0#+&$5*7&
5IF
BJN
PG
UIJT
TUVEZ
XBT
UP
DPNQBSF
UIF
EFHSFF
PG
DPOWFSTJPO
%$

PG
GPVS
EFOUBM
SFTJO

DFNFOUT

QIPUPBDUJWBUFE
UISPVHI
B
MJUIJVN
EJTJMJDBUF
EJTL
NFBTVSFE
JO
UXP
TUBHFT
JOJUJBM
BOE

IPVST
."5&3*"-4
"/%

.&5)0%4
'JWF
FTQFDJNFOT
GPS
FBDI
SFTJO
DFNFOU
3FMZ95.
7FOOFS
39

$IPJDF5.

$)

/9
/FYVT5.
-JHIU
DVSF

/9

BOE
"MMDFN
7FOFFS
"$

XFSF
GBCSJDBUFE
XIJDI
XFSF
BOBMZ[FE
CZ
JOGSBSFE
TQFDUSPTDPQZ
'5*3
'PVSJFS
5SBOTNJTTJPO

*OGSBSFE
TQFDUSPTDPQZ

UP
BTTFTT
UIF
JOJUJBM
%$
BOE
UIFO
TUPSFE
GPS

IPVST
BU

ž
$
QFSGPSNJOH
B
TFDPOE
NFBTVSFNFOU
"MM

DFNFOUT
XFSF
QIPUPBDUJWBUFE
UISPVHI
B

NN
UIJDL
MJUIJVN
EJTJMJDBUF
EJTL
"/07"
BOE
5VLFZhT
NVMUJQMF
DPNQBSJTPO

TUBUJTUJDBM
UFTU
XBT
QFSGPSNFE
3&46-54
5IF
GPMMPXJOH
SFTVMUT
XFSF
PCUBJOFE
GPS
CPUI
UIF
JOJUJBM
%$
BOE

IPVST
3FMZ9

7FOFFS
DPOUSPM
HSPVQ


™

Z

™

$IPJDF



™


Z

™

/9


™

Z


™

"MMDFN
7FOFFS
 
™

Z
 
™

4UBUJTUJDBMMZ
TJHOJGJDBOU
EJGGFSFODFT
XFSF
GPVOE
CFUXFFO
HSPVQT

JOEFQFOEFOU
BOE
DPOOFDUFE
$0/$-64*0/
5IF
SFTJO
DFNFOU
"MMDFN
7FOFFS
IBT
B
CFUUFS
%$
DPNQBSFE
UP
PUIFS
CSBOET

"MM
DFNFOUT
JODSFBTFE
UIFJS
%$
TJHOJGJDBOUMZ
BU

IPVST

,&:803%4
#JPNBUFSJBMT
QPMZNFSJ[BUJPO
SFTJO
DFNFOUT
DFNFOUBUJPO


8QLYHUVLGDG&LHQWtILFDGHO6XU
,1752'8&&,Ï1
/DWHQGHQFLDDXWLOL]DUFHPHQWDFLyQDGKHVLYDHQ
UHKDELOLWDFLyQ RUDO VH KD LQFUHPHQWDGR FRQ HO
GHVDUUROORGHQXHYRVFHPHQWRVUHVLQRVRV /RV
WUDWDPLHQWRV DGKHVLYRV LQYROXFUDQ HO XVR GH
pVWRV ELRPDWHULDOHV TXH GHEHQ SUHVHQWDU
SURSLHGDGHV LGHDOHV SDUD SHUPLWLU OD
SHUPDQHQFLDGHODVUHVWDXUDFLRQHVHQODFDYLGDG
RUDOJDUDQWL]DQGRHOp[LWRDODUJRSOD]RGHORV
WUDWDPLHQWRV HV LPSRUWDQWH HQWRQFHV FRQRFHU
HVWDV SURSLHGDGHV SDUD SRGHU HYDOXDU
FUtWLFDPHQWH HO FRPSRUWDPLHQWR GH ORV
ELRPDWHULDOHV 'LFKDV  SURSLHGDGHV HVWiQ
5HY&LHQW2GRQWRO
XQ JUDQ SRUFHQWDMH GH GHQWLQD GRQGH FREUD
PXFKDLPSRUWDQFLDODDGHFXDGDSROLPHUL]DFLyQ
\DTXHVHFRQRFHORVHIHFWRVFLWRWy[LFRVGHORV
PRQyPHURVUHVLQRVRVVREUHODSXOSDGHQWDO\XQ
DOWR*&LQGLFDPHQRVFDQWLGDGGHPRQyPHURV
OLEUHV
'LYHUVDV LQYHVWLJDFLRQHV FRQ UHVSHFWR D HVWD
SURSLHGDG VH KDQ UHDOL]DGR HQ ORV FHPHQWRV
UHVLQRVRV IRWRDFWLYDGRV D WUDYpV GH GLVFRV
FHUiPLFRVGHGLYHUVRVJURVRUHVHVDVtTXHHQHO
&DOJDUR\FROHYDOXDURQHOHIHFWRGHOD
IRWRDFWLYDFLyQDWUDYpVGHGLIHUHQWHVGLVFRVGH
F H U i P L F D  H Q  H O  * &   5 H O \ [  9H Q H H U 
GLUHFWDPHQWH UHODFLRQDGDV FRQ OD
SROLPHUL]DFLyQGHORVFHPHQWRVUHVLQRVRV
(O*&TXHHVHOSRUFHQWDMHGHHQODFHVGREOHVGH
FDUERQR FRQYHUWLGRV D HQODFHV VLPSOHV SDUD
IRUPDUXQDFDGHQDSROLPpULFDHVHOPRGRItVLFR
GH PHGLU \ GHWHUPLQDU OD FDOLGDG GHO FHPHQWR

UHVLQRVR  \D TXH XQ PD\RU *& VXSRQH XQD
IRWRSROLPHUL]DEOH \ 9DULROLQN ,, GXDO /RV
FHPHQWRV IXHURQ IRWRDFWLYDGRV D WUDYpV GH
GLVFRVGHGLIHUHQWHVFHUiPLFDVFRQJURVRUHVGH
 PP \  PP /RV UHVXOWDGRV IXHURQ
DQDOL]DGRV FRQ HO WHVW GH $129$ \ HO GH
FRPSDUDFLRQHV P~OWLSOHV GH 7XFNH\
HQFRQWUiQGRVH GLIHUHQFLDV HVWDGtVWLFDPHQWH
VLJQLILFDWLYDV(OFHPHQWRIRWRDFWLYDGRPRVWUy
PHMRU SROLPHUL]DFLyQ \ PHMRUHV SURSLHGDGHV DOWRVYDORUHVGH*&FRPSDUDGRFRQHO
PHFiQLFDVySWLFDV\ELROyJLFDV/DVFRURQDV
WRWDOPHQWHFHUiPLFDVGHSHQGLHQGRGHVXWUDQV
OXFLGH]SXHGHQVHUDGKHULGDVDOVXVWUDWRGHQWDO
FRQFHPHQWRVUHVLQRVRVGHIRWRSROLPHUL]DFLyQ
ORVTXHKDQSUHVHQWDGRORVPHMRUHVYDORUHVGH
*&\DTXHHOJURVRU\WUDQVOXFLGH]GHpVWDV
UHVWDXUDFLRQHVSHUPLWHQHOSDVRGHODOX]KDVWDHO
FHPHQWR SURSLFLDQGR XQD SROLPHUL]DFLyQ
DGHFXDGD LPSRUWDQWHSDUDUHGXFLUHOULHVJRGH
GHDFWLYDFLyQGXDO6HFRQFOX\yTXHODV
SURSLHGDGHVItVLFDV\PHFiQLFDVGHORVFHPHQWRV
UHVLQRVRVSXHGHQYHUVHDIHFWDGDVSRUHOJURVRU\
OD PLFURHVWUXFWXUD GHO PDWHULDO FHUiPLFR
LQWHUSXHVWRGXUDQWHODIRWRDFWLYDFLyQ
3RU RWUR ODGR HQ HO  5XQDFOHVV \ FRO
HYDOXDURQ HO *& GHO FHPHQWR UHVLQRVR 5HO\[
9HQHHUIRWRSROLPHUL]DGRDWUDYpVGHFDULOODVGH
GLIHUHQWHV WLSRV GH FHUiPLFD  \ FRQ GLIHUHQWHV
GHVFHPHQWDFLyQ GH ODV PLVPDV  6LQ
HPEDUJRH[LVWHQGLYHUVDVPDUFDVGHpVWHWLSRGH
FHPHQWRUHVLQRVRLQGLFDGDVSDUDODDGKHVLyQGH
UHVWDXUDFLRQHV OLEUHV GH PHWDO \ D~Q VH
GHVFRQRFH FXiO GH HOODV WLHQH XQD PHMRU
SROLPHUL]DFLyQ TXH GHSHQGHUi SULQFLSDOPHQWH
JURVRUHVPPPPPP\PP/RV
UHVXOWDGRVIXHURQDQDOL]DGRVPHGLDQWHHOWHVWGH
$129$ \ HO GH FRPSDUDFLRQHV P~OWLSOHV GH
7X F N H \  6 H  R E V H U Y D U R Q  G L I H U H Q F L D V 
VLJQLILFDWLYDVHQWUHORVJUXSRV(OPD\RUYDORU
IXHSDUDODFHUiPLFD,36,Q/LQHSROLPHUL]DGDD
GH VX FRPSRVLFLyQ TXtPLFD DGHPiV GH RWURV
IDFWRUHV H[WHUQRV FRPR SRU HMHPSOR OD
LQWHQVLGDG GH OD IXHWH GH OX] \ WLHPSR GH
LUUDGLDFLyQ
/DHYDOXDFLyQGHO*&GHHVWRVFHPHQWRVDWUDYpV
GHO HVSHFWURVFRSLR GH WUDQVPLVLyQ LQIUDUURMD

WUDYpV GH XQ JURVRU GH  PP  6H
FRQFOX\H TXH HO JUDGR GH FRQYHUVLyQ SDUD HO
FHPHQWRIRWRSROLPHUL]DEOHHYDOXDGRGHSHQGHUi
GHOWLSRGHFHUiPLFDHPSOHDGD\GHOJURVRUGHOD
PLVPD
(OREMHWLYRGHODLQYHVWLJDFLyQIXHFRPSDUDUHO
)7,5  SRGUi GHWHUPLQDU TXp FHPHQWR
UHVLQRVRSUHVHQWDUtDPHMRUHVSURSLHGDGHVHQOD

FHPHQWDFLyQGHFRURQDVWRWDOPHQWHFHUiPLFDV 
FX\RVXVWUDWRGHDGKHVLyQHVWiFRQIRUPDGRSRU
*&GHFXDWURFHPHQWRVUHVLQRVRVIRWRDFWLYDGRV
DWUDYpVGHXQGLVFRGHGLVLOLFDWRGHOLWLRGH
PP GH JURVRU PHGLGR HQ GRV LQWHUYDORV GH
WLHPSR/DKLSyWHVLVGHGLIHUHQFLDSODQWHDTXHHO

 8QLYHUVLGDG&LHQWtILFDGHO6XU 5HY&LHQW2GRQWRO
$57Ë&8/225,*,1$/

*&GHORVFHPHQWRVUHVLQRVRVIRWRDFWLYDGRVD 6HSURFHGLyDXQDVHJXQGDOHFWXUDSDUDPHGLUHO
WUDYpVGHXQGLVFRGHGLVLOLFDWRGHOLWLRGHPP HVSHFWUR GH OX] TXH DWUDYLHVD HO FHPHQWR \D
GHJURVRU5HO\[9HQHHU&KRLFH1;1H[XV SROLPHUL]DGR 3 (O SRUFHQWDMH GH JUDGR GH
/LJKWFXUH\$OOFHP9HQHHUHVGLIHUHQWHVLHQGR
HOGHPD\RUYDORUHOFHPHQWR$OOFHP9HQHHU
FRQYHUVLyQ LQLFLDO *& , IXH FDOFXODGR

PHGLDQWH OD VLJXLHQWH IyUPXOD  /XHJR ORV
HVSHFtPHQHV IXHURQ DOPDFHQDGRV D ƒ& HQ

FDORU VHFR SRU  KRUDV  \ VH UHDOL]y XQD
0$7(5,$/(6<0e72'26 VHJXQGD OHFWXUD GHO HVSHFWUR GH OX] 3

H[SHULPHQWDOLQYLWURVHFRQWyFRQXQJUXSRGH DSOLFDUODIyUPXOD
HVWXGLR FRQIRUPDGR SRU   HVSHFtPHQHV
GLVWULEXLGRVHQJUXSRVQ VHJ~QODPDUFDGH
 
REWHQLpQGRVH HO SRUFHQWDMH GH JUDGR GH
(O GLVHxR GH LQYHVWLJDFLyQ IXH GH WLSR FRQYHUVLyQ D ODV  *& + KRUDV OXHJR GH

*&,  3 [

FHPHQWR 5HO\;70 9HQHHU 5; JUXSR 63
FRQWURO &KRLFH70  &+ 1; 1H[XV70 (OHVWXGLRIXHFHJDGR\DTXHHOH[DPLQDGRUTXH
/LJKW &XUH 1; \ $OOFHP 9HQHHU $& PDQLSXOy HO )7,5 GHVFRQRFtD HO JUXSR DO TXH
IRWRDFWLYDGRVDWUDYpVGHXQGLVFRGHGLVLOLFDWR SHUWHQHFtDHOHVSHFLPHQHYDOXDGR
GHOLWLRPDUFDH0D[+7,YRFODU9LYDGHQWGH 3ODQGHDQiOLVLV6HHYDOXyODYDULDEOHJUDGRGH
PP GH GLiPHWUR \  PP GH HVSHVRU  /DV FRQYHUVLyQ HQFDGDJUXSRGHHVWXGLR3DUDOD
FDUDFWHUtVWLFDV GH ORV PDWHULDOHV XWLOL]DGRV  VH HVWDGtVWLFD LQIHUHQFLDO VH XWLOL]y OD SUXHED
PXHVWUDQHQOD7DEOD(OWDPDxRPXHVWUDOVH $129$ \ GH FRPSDUDFLRQHV P~OWLSOHV GH
REWXYRPHGLDQWHODIyUPXODSDUDFRPSDUDUGRV 7XNH\ SDUD ODV PXHVWUDV LQGHSHQGLHQWHV \ OD
SURPHGLRV D WUDYpV GHO SURJUDPD HVWDGtVWLFR SUXHED7GH6WXGHQWSDUDODVPXHVWUDVSDUHDGDV
),67(55$ 7RGR VH UHDOL]y PHGLDQWH HO SURJUDPD
HVWDGtVWLFR6366YHUVLyQ&KLFDJR,OOLQRLV
/RVFULWHULRVGHLQFOXVLyQTXHGHEtDQFXPSOLUORV FRQXQQLYHOGHVLJQLILFDQFLDGHS
HVSHFtPHQHV IXHURQ %ORTXHV GH FHPHQWR
UHVLQRVR GH IRWRDFWLYDFLyQ SROLPHUL]DGRV D
WUDYpVGHXQGLVFRGHGLVLOLFDWRGHOLWLRGHPP 5(68/7$'26
GHGLiPHWUR\PPGHJURVRUGXUDQWHVHJ (O DQiOLVLV ELYDULDGR SDUD HO *& LQLFLDO HQ
FRQODVPHGLGDVGHPPGHGLiPHWUR\PPGH SRUFHQWDMHVHPXHVWUDHQODWDEOD\JUiILFR(Q
HVSHVRUGHDFXHUGRDODPDWUL]6HH[FOX\HURQ HOJUXSRFRQWURO5;VHHQFRQWUyHOPHQRUYDORU
EORTXHVIUDFWXUDGRV\RFRQEXUEXMDVYLVLEOHV “PLHQWUDVTXHHQHOJUXSR$&VH
3DUD OD FRQIHFFLyQ GH ORV HVSHFtPHQHV VH HQFRQWUyHOPD\RUYDORUGH*&“
REWXYLHURQPDWULFHVGHVLOLFRQDGHPPGH /DV GLIHUHQFLDV IXHURQ HVWDGtVWLFDPHQWH
HVSHVRUFRQXQRULILFLRFHQWUDOGHPPGLiPHWUR VLJQLILFDWLYDVS
TXH VH FRORFy HQWUH GRV OiPLQDV GH YLGULR GH /RV UHVXOWDGRV SDUD HO *& D ODV  KRUDV VH
DFXHUGR DO SURWRFROR GHO GHSDUWDPHQWR GH PXHVWUDQHQODWDEOD\JUiILFR6HHQFRQWUDURQ
ELRPDWHULDOHV\ELRORJtDRUDOGHOD)DFXOWDGGH GLIHUHQFLDV HVWDGtVWLFDPHQWH VLJQLILFDWLYDV HQWUH

2GRQWRORJtDGHOD8QLYHUVLGDGGH6DR3DXOR  ORVJUXSRVH[FHSWRHQWUH&+\$&S 
\ VH SURFHGLy D OD OHFWXUD LQLFLDO D WUDYpV GHO  $ODQiOLVLVGHO*&HQLQWHUYDORVGHWLHPSRLQLFLDO
)7,59HUWH[  %UXNHU 2SWLF *HUPDQ\ SDUD \KRUDVVHPXHVWUDHQODWDEOD6HHQFRQWUy
PHGLUHOHVSHFWURGHOX]TXHDWUDYLHVDHOFHPHQWR GLIHUHQFLDV HVWDGtVWLFDPHQWH VLJQLILFDWLYDV HQWUH
HQHVWDGRPRQRPpULFR)LJXUDV\HVGHFLU DPERVLQWHUYDORVGHWLHPSRHQWRGRVORVJUXSRV
VLQ SROLPHUL]DU 63 /XHJR VH SURFHGLy D OD S
SROLPHUL]DFLyQ GHO FHPHQWR GXUDQWH 
VHJXQGRV FRQ OD OiPSDUD /(' (OLSDU 0 *&  3 [
(63( FRQ XQD LQWHQVLGDG GH  P:FP 63
LQWHUSRQLHQGR HO GLVFR GH GLVLOLFDWR GH OLWLR
VHJ~QHOJUXSRDOTXHSHUWHQHFtDHOHVSHFtPHQ


8QLYHUVLGDG&LHQWtILFDGHO6XU 5HY&LHQW2GRQWRO

7DEOD&RPSRVLFLyQPDQLSXODFLyQ\ORWHGHORVPDWHULDOHVXWLOL]DGRV

0DWHULDO  &RPSRVLFLyQ 0DQLSXODFLyQ 1URGH/RWH

 
&HPHQWR 0DWUL]%LV*0$7(*'0$
'LUHFWRGHOD
UHVLQRVR UHOOHQRLQRUJiQLFR=U26L2 1
MHULQJDDOD
5HO\;70 9HQQHU HQSHVRHQYROXPHQ
  WDPDxRGHSDUWtFXOD—P PDWUL]
0(63( 
 
&HPHQWR
0DWUL]%LV*0$UHOOHQR 'LUHFWRGHOD
UHVLQRVR 
LQRUJiQLFR6L2 6U2HQ MHULQJDDOD
&KRLFH70  

SHVRWDPDxRGHSDUWtFXOD—P PDWUL]
%,6&2    
&HPHQWR 
UHVLQRVR 0DWUL]%LV*0$0$UHOOHQR
'LUHFWRGHOD
1;701H[XV  LQRUJiQLFR$O 26L2 HQ 
MHULQJDDOD
/LJKWFXUH YROXPHQWDPDxRGHSDUWtFXOD 
—P PDWUL]
.(55 
&25325$7,21  
&HPHQWR  0DWUL]%LV*0$'0$UHOOHQR 'LUHFWRGHOD
UHVLQRVR 
LQRUJiQLFR%D$O6L6L2  MHULQJDDOD
$OOFHP9HQHHU
 HQSHVR PDWUL] 
)*0 

&HUiPLFDDEDVH  

GHGLGLOLFDWRGH
!6L2/L2.232
OLWLR,36HPD[ (QODERUDWRULR 1
=U2=Q2$O 20J2/D2 \
3UHVV+7$ LQ\HFFLyQ
SLJPHQWRV
,92&/$5  
9,9$'(17  


)LJXUD(VSHFtPHQFRORFDGRHQHOSRUWD )LJXUD(VSHFWURVGHDEVRUEDQFLDGHORV
PDWUL]GHO)7,5 FHPHQWRVHYDOXDGRV


 8QLYHUVLGDG&LHQWtILFDGHO6XU 5HY&LHQW2GRQWRO

7DEOD(YDOXDFLyQGHOSRUFHQWDMHGHJUDGRGHFRQYHUVLyQLQLFLDO
$57Ë&8/225,*,1$/

GHDFXHUGRDODPDUFDGHFHPHQWR


0DUFDGH
Q [ '( 0LQ 0D[ 6 S S
&HPHQWR
5;       HQWUH\
&+       HQWUH\
 HQWUH\
1;      
 HQWUH\
$&       HQWUH\

S$QRYDGHXQ)DFWRUS3UXHED+6'GH7XNH\

*UiILFR
*UDGRGHFRQYHUVLyQLQLFLDOGHORVFHPHQWRVUHVLQRVRVHYDOXDGRV

$
ϳϰй

ϳϮй %
%
ϳϬй


ϲϴй &





ϲϲй

ϲϰй

ϲϮй
ZĞůLJysĞŶĞĞƌ ŚŽŝĐĞϮ EĞdžƵƐϯ ůůĞŵsĞŶĞĞƌ

/HWUDVGLIHUHQWHV'LIHUHQFLDVHVWDGtVWLFDPHQWHVLJQLILFDWLYDVS


7DEOD(YDOXDFLyQGHOSRUFHQWDMHGHJUDGRGHFRQYHUVLyQDODVKRUDVGHDFXHUGRDOD
PDUFDGHFHPHQWR
 
0DUFDGH
Q [ '( 0LQ 0D[ 6 S S
&HPHQWR
5;       HQWUH\\
&+       \
 HQWUH\
1;      
$&       HQWUH\

$QRYDGHXQIDFWRUS3UXHED+6'GH7XNH\


8QLYHUVLGDG&LHQWtILFDGHO6XU 5HY&LHQW2GRQWRO

*UiILFR
*UDGRGHFRQYHUVLyQDODVKRUDVGHORVFHPHQWRVUHVLQRVRVHYDOXDGRV

ϵϬй
$ $
ϴϱй %

ϴϬй &





ϳϱй


ϳϬй

ϲϱй

ϲϬй
ZĞůLJysĞŶĞĞƌ ŚŽŝĐĞϮ EĞdžƵƐϯ ůůĞŵsĞŶĞĞƌ

/HWUDVGLIHUHQWHV'LIHUHQFLDVHVWDGtVWLFDPHQWHVLJQLILFDWLYDVS

7DEOD&RPSDUDFLyQGHORVJUDGRVGHFRQYHUVLyQGHORVFXDWURDJHQWHVFHPHQWDQWHVDO
LQLFLR\DODVKRUDV

'LIHUHQFLD
*& *& ,QWHUYDORGH
*UXSR GH S 
,QLFLDO KRUDV FRQILDQ]D
SURPHGLRV
   
5;      
&+      
1;      
$&      


3UXHED7GH6WXGHQWSDUDPXHVWUDVSDUHDGDV

',6&86,Ï1
/DV SURSLHGDGHV ItVLFDV PHFiQLFDV TXtPLFDV \
ELROyJLFDVGHORVFHPHQWRVUHVLQRVRVFRQWULEX\HQ
DVXFRPSRUWDPLHQWRFOtQLFRSRUORTXHVHKDQ
UHDOL]DGRGLYHUVRVHVWXGLRVDHVWHQLYHOLQFOXVLYH
ORV FHPHQWRV UHVLQRVRV GXDOHV PLHQWUDV TXH
DOJXQRV FHPHQWRV IRWRDFWLYDEOHV QR KDQ VLGR
DPSOLDPHQWHHYDOXDGRV([LVWHQHVWXGLRVSUHYLRV
TXHHYDO~DQDOJXQDVSURSLHGDGHVGHORVFHPHQWRV

LQFOXLGRVHQHOSUHVHQWHHVWXGLRV VLQHPEDUJR
QRVHKDQHQFRQWUDGRHVWXGLRVUHOHYDQWHVHQFXDQWR
WUDWDQGRGHVLPXODUGLIHUHQWHVVLWXDFLRQHVFOtQLFDV DOFHPHQWR$OO&HP9HQHHU)*0$&SRUORTXH
 
 6LQ HPEDUJR HO JUDGR GH FRQYHUVLyQ VHFRQVLGHUyLPSRUWDQWHLQFOXLUORHQHOHVWXGLR
SURSLHGDG TXtPLFD DVRFLDGD D RWUDV SURSLHGDGHV /RVYDORUHVDOWRVGH*&GHXQFHPHQWRUHVLQRVRVH

LPSRUWDQWHV  TXH YDUtD FRQ HO SDVR GHO WUDGXFLUtDQHQXQDPHMRUFRPSDWLELOLGDGELROyJLFD
WLHPSRVHKDHYDOXDGRFRQPD\RUIUHFXHQFLDHQ FRQ HO FRPSOHMR GHQWLQRSXOSDU SRUTXH VL HO


 8QLYHUVLGDG&LHQWtILFDGHO6XU
$57Ë&8/225,*,1$/
SRUFHQWDMHGHJUDGRGHFRQYHUVLyQ HVPD\RUOD
FLWR[LFLGDG GHO PDWHULDO GLVPLQXLUtD PX\
UHOHYDQWH FXDQGR VH WUDEDMDQ FRURQDV FRPSOHWDV
FRQ WDOODGRV PD\RUHV D  PP (Q HO SUHVHQWH
HVWXGLRVHXWLOL]yXQJURVRUGHGLVFRGHPP
SDUD VLPXODU XQD VLWXDFLyQ FOtQLFD GH FRURQD
FRPSOHWDOLEUHGHPHWDO
1R VH KDQ HQFRQWUDGR HVWXGLRV UHOHYDQWHV TXH
5HY&LHQW2GRQWRO
HVWXGLRV VH KDQ HQFRQWUDGR VREUH JUDGR GH
FRQYHUVLyQGHFHPHQWRVUHVLQRVRVIRWRDFWLYDEOHV\
PiV D~Q GH ORV HYDOXDGRV HQ OD SUHVHQWH
LQYHVWLJDFLyQ  6LQ HPEDUJR HQ WRGRV VH KD
HYDOXDGR HVWD SURSLHGDG TXtPLFD GH PDQHUD
VLPLODUHQFXDQWRDODIDEULFDFLyQGHHVSHFtPHQHV
\HQWRGRVVHKDXWLOL]DGRHO)7,5(VDVtTXHHQHO

 &DOJDUR \ FRO  HYDOXDURQ HO HIHFWR GH OD
IRWRDFWLYDFLyQ D WUDYpV GH GLIHUHQWHV GLVFRV GH
LQYROXFUHQ ODV SURSLHGDGHV GHO FHPHQWR$& VLQ FHUiPLFDHQHOJUDGRGHFRQYHUVLyQ*&\GXUH]D
HPEDUJR HQ OD SUHVHQWH LQYHVWLJDFLyQ VXV .QRRS.+1GHGRVFHPHQWRVUHVLQRVRV5HO\[
UHVXOWDGRV HQ FXDQWR D JUDGR GH FRQYHUVLyQ VRQ 9HQHHU\9DULROLQN,,GXDOLQWHUSRQLHQGRGLVFRV
ySWLPRV&XDQGRVHUHILHUHDXQDUHVWDXUDFLyQGH GHFHUiPLFDGHGLVLOLFDWRGHOLWLRHQWUHHOORVHO+7
 PP GH HVSHVRU JHQHUDOPHQWH \D VH KD GHPPVLPLODUDOSUHVHQWHHVWXGLR'HOPLVPR
H[SXHVWR DO FRPSOHMR GHQWLQRSXOSDU HQ OD PRGRODHYDOXDFLyQGHO*&IXHDWUDYpVGH)7,5
SUHSDUDFLyQ FDYLWDULD 8WLOL]DU HQWRQFHV XQ (OSRUFHQWDMHGH*&REWHQLGRIXHPHQRU
FHPHQWR FRQ XQ DOWR JUDGR GH FRQYHUVLyQ VHUtD DOREWHQLGRHQODSUHVHQWHLQYHVWLJDFLyQ
LQGLVSHQVDEOHGHELGRDODFRQRFLGDWR[LFLGDGGH (VWDGLIHUHQFLDDXQTXHPtQLPDSRGUtDGHEHUVHD
ORV PRQyPHURV UHVLQRVRV   /RV YDORUHV TXH OD SRWHQFLD GH OD OiPSDUD XWLOL]DGD 
HQFRQWUDGRVHQHOFHPHQWR&KRLFH70 WDPELpQ PZFP IXH PHQRU D OD TXH VH XWLOL]y HQ HO
IXHURQDOWRVDXQTXHPHQRUHVTXH$& SUHVHQWHHVWXGLRPZFP\HOWLHPSRGH
7RGRV ORV HVSHFtPHQHV PRVWUDURQ YDULDFLRQHV LUUDGLDQFLD WDPELpQ IXH PHQRU  VHJXQGRV
IDYRUDEOHV HQ VX JUDGR GH FRQYHUVLyQ D ODV  FRPSDUDGR FRQ HO WLHPSR XWLOL]DGR HQ pVWD
KRUDV 6H FRUURERUD HQWRQFHV OR TXH GLFH OD LQYHVWLJDFLyQTXHIXHGHVHJXQGRV
OLWHUDWXUD VREUH OD YDULDFLyQ GHO JUDGR GH
FRQYHUVLyQ HQ HO WLHPSR DXPHQWD HQ WRGRV ORV 5XQQDFOHV\FROHQHOHYDOXDURQDOFHPHQWR

FDVRV 6LQHPEDUJRHVLPSRUWDQWHFRQVLGHUDUFXiO 5HO\[ 9HQHHU XWLOL]DQGR GLIHUHQWHV JURVRUHV GH
GH ORV GRV LQWHUYDORV VHUtD FOtQLFDPHQWH PiV FHUiPLFD GH GLVLOLFDWR GH OLWLR +7 \
VLJQLILFDWLYR6LELHQHVFLHUWRWRGRVORVFHPHQWRV SURFHGLPLHQWRV  VLPLODUHV D ORV XWLOL]DGRV HQ OD
HYDOXDGRV HQ ORV FXDWUR JUXSRV DXPHQWDURQ VX SUHVHQWH LQYHVWLJDFLyQ /D LQWHUSRVLFLyQ GH XQ
JUDGR GH FRQYHUVLyQ D ODV  KRUDV SHUR XQD GLVFRGHPPREWXYLHURQXQ*&GHD
UHVWDXUDFLyQ UHFLpQ FHPHQWDGD \D HV VRPHWLGD D GLIHUHQFLDGHODSUHVHQWHLQYHVWLJDFLyQTXHREWXYR
DOJXQRVIDFWRUHVTXHLQIOXLUtDQHQHOSURQyVWLFRGH (VWDVGLIHUHQFLDVPiVPDUFDGDVSRGUtDQ
ODPLVPD8QRGHHOORVHVODVDOLYD8QFHPHQWR GHEHUVH D OD SRWHQFLD XWLOL]DGD HQ HVD
FRQXQJUDGRGHFRQYHUVLyQEDMRSXHGHWRUQDUVH LQYHVWLJDFLyQ (OORV XWLOL]DURQ  PZFP
PiV VROXEOH \ FRQWULEXLUtD D XQD SpUGLGD GHO PLHQWUDV TXH HQ HVWH HVWXGLR VH XWLOL]y 
VHOODGR PDUJLQDO 3RU RWUR ODGR WDPELpQ HV PZFP
VRPHWLGR DO DFDEDGR \ SXOLGR OXHJR GH OD $SHVDUGHODVGLIHUHQFLDVHQFRQWUDGDVHQODVRWUDV
FHPHQWDFLyQ \ VL VH WUDWD GH XQD UHVWDXUDFLyQ LQYHVWLJDFLRQHV FRQ UHVSHFWR D 5HO\[9HQHHU VH
SRVWHULRUVHVRPHWHDODMXVWHRFOXVDOQHFHVDULRHQ SXHGHGHFLUTXHORVUHVXOWDGRVVRQPX\VLPLODUHV
DOJXQRV FDVRV \ D ODV FDUJDV RFOXVDOHV FDVL 6LQ HPEDUJR QR VH SXHGH GHFLU OR PLVPR DO
LQPHGLDWDPHQWHGHVSXpVGHODFHPHQWDFLyQ6LVH FRQWUDVWDUORVUHVXOWDGRVGHHVWDLQYHVWLJDFLyQFRQ
ODGH&KR\FROTXLHQHVHQHOHYDOXDURQHO
REVHUYD GHVGH pVWH SXQWR GH YLVWD HO JUDGR GH
FRQYHUVLyQLQLFLDOHVPiVLPSRUWDQWHTXHHOGHODV *& GHO FHPHQWR 1H[XV  HQ VXV YHUVLRQHV
IRWRDFWLYDGR \ GXDO (QFRQWUDURQ YDORUHV EDMRV
 KRUDV \D TXH VHUi HO TXH DIURQWH GH PDQHUD
LQPHGLDWDWRGRVHVWRVIDFWRUHVPHQFLRQDGRV$XQ SDUDHO*&GHpVWHFHPHQWRTXHQRVHDSUR[LPDQD
DVtHODXPHQWRGHOJUDGRGHFRQYHUVLyQDODV ORVUHVXOWDGRVHQFRQWUDGRVHQHOSUHVHQWHHVWXGLR
KRUDVQRGHMDGHVHUUHOHYDQWH $SHVDUGHTXHORVJURVRUHVGHFHUiPLFDXWLOL]DGRV
SRUHOORVIXHOLJHUDPHQWHPHQRUDOTXHVHXWLOL]yHQ
/RV ~OWLPRV HVWXGLRV VREUH JUDGR GH FRQYHUVLyQ HVWDLQYHVWLJDFLyQORVYDORUHVSDUDHO*&DODV
FRPSDUDQ EiVLFDPHQWH FHPHQWRV GXDOHV 3RFRV KRUDVIXHPHQRU8WLOL]DURQXQGLVFRGHPP\


8QLYHUVLGDG&LHQWtILFDGHO6XU 5HY&LHQW2GRQWRO

REWXYLHURQ YDORUHV GH  /RV UHVXOWDGRV 3RQWD *URVVD 8QLYHUVLGDGH (VWDGXDO GH 3RQWD
HQFRQWUDGRVHQHVDLQYHVWLJDFLyQSDUDHVHFHPHQWR *URVVD
VRQ PXFKR PHQRUHV D ORV GHO SUHVHQWH HVWXGLR  .XPEXORJOX 2 /DVVLOD9- 8VHU$9DOOLWWX 3. $
6WXG\ RI WKH 3K\VLFDO DQG &KHPLFDO 3URSHUWLHV RI
FX\RVYDORUHVFRUUHVSRQGHQDPiVGHOGREOH(VWR )RXU 5HVLQ &RPSRVLWH /XWLQJ &HPHQWV ,QW -
SRGUtDGHEHUVHDTXHVyORXWLOL]DURQVHJXQGRV 3URVWKRGRQW
GHIRWRDWLYDFLyQXQSRFRPiVGHORTXHLQGLFDHO  5XQQDFOHV 3 &RUUHU *0 )LOKR )% *RQ]DJD &&
IDEULFDQWH\DGHPiVHOFRORUGHOGLVFRIXHGLIHUHQWH )XUXVH$<'HJUHHRIFRQYHUVLRQRIDUHVLQFHPHQW
,36HPD[3UHVV/7 OLJKWFXUHG WKURXJK FHUDPLF YHQHHUV RI GLIIHUHQW
WKLFNQHVVHVDQGW\SHV%UD]'HQW-
 1RURQKD-'%UDQGmR13RVNXV/7*XLPDUmHV-*
7HQLHQGRHQFXHQWDODVOLPLWDFLRQHVGHOSUHVHQWH
'D 6LOYD ( $ FULWLFDO DQDO\VLV RI WKH GHJUHH RI
HVWXGLR VH SXHGH FRQFOXLU TXH ORV UHVXOWDGRV FRQYHUVLRQRIUHVLQEDVHGOXWLQJFHPHQWV-$SSO2UDO
REWHQLGRVUHFKD]DQODKLSyWHVLVQXOD 6FL
 &DOJDUR3$0)XUXVH$<&RUUHU*02PDJKL%3
*RQ]DJD && ,QIOXHQFH RI WKH LQWHUSRVLWLRQ RI
&21&/86,21(6 FHUDPLFVSDFHUVRQWKHGHJUHHRIFRQYHUVLRQDQGWKH
KDUGQHVVRIUHVLQFHPHQWV%UD]2UDO5HV6HS
'H DFXHUGR D ORV UHVXOWDGRV GH OD SUHVHQWH 2FW
LQYHVWLJDFLyQ VH FRQFOX\H TXH HO FHPHQWR  .KHUDLI$4DVLP65DPDNULVKQDLDK55HKPDQ,
(IIHFWRIGLIIHUHQWEHYHUDJHVRQWKHFRORUVWDELOLW\DQG
UHVLQRVR $OO&HP 9HQHHU )*0 SUHVHQWDUtD XQ GHJUHH RI FRQYHUVLRQ RI QDQR DQG PLFURK\EULG
PHMRU FRPSRUWDPLHQWR ItVLFR PHFiQLFR \
ELROyJLFR FRPSDUDGR FRQ ORV RWURV FHPHQWRV
HVWXGLDGRVSRUSUHVHQWDUPD\RUHVYDORUHVGH*&
DO VHU IRWRDFWLYDGR D WUDYpV GH XQ GLVFR GH
GLVLOLFDWRGHOLWLRGHPPGHJURVRU3RURWUR
ODGRHOFHPHQWRUHVLQRVR5HO\;709HQHHU0
(63( SUHVHQWDUtD HO FRPSRUWDPLHQWR FOtQLFR
PHQRVLGHDO\DTXHORVYDORUHVGH*&HQFRQWUDGRV
IXHURQ ORV PHQRUHV FRPSDUDGRV FRQ ORV
UHVXOWDGRV REWHQLGRV SDUD ORV RWURV JUXSRV GH
HVWXGLR6LQHPEDUJRVHHQFXHQWUDQGHQWURGHORV
YDORUHVPtQLPRVSHUPLWLGRV
FRPSRVLWHV'HQW0DWHU-±
 +HUYiV*DUFtD $ 0DUWtQH]/R]DQR 0$ &DEDQHV
9LOD-%DUMDX(VFULEDQR$)RV*DOYH3&RPSRVLWH
UHVLQV $ UHYLHZ RI WKH PDWHULDOV DQG FOLQLFDO
LQGLFDWLRQV 0HG 2UDO 3DWRO 2UDO &LU %XFDO 

 %UDJD 55 &HVDU 3) *RQ]DJD && 0HFKDQLFDO
SURSHUWLHVRIUHVLQFHPHQWVZLWKGLIIHUHQWDFWLYDWLRQ
PRGHV-2UDO5HKDE
 %UDQGW :& 6FKQHLGHU /)- )UROOLQL ( &RUUHU
6REULQKR / 6LQKRUHWL 0$& (IIHFW RI GLIIHUHQW
SKRWRLQLWLDWRUV DQG OLJKW FXULQJ XQLWV RQ GHJUHH RI
FRQYHUVLRQRIFRPSRVLWHV%UD]2UDO5HV-XO
6HS
&KR6+/RSH]$%HU]LQV':3UDVDG6$KQ.:
(IIHFWRIGLIIHUHQWWKLFNQHVVHVRISUHVVDEOHFHUDPLF
$*5$'(&,0,(1726 YHQHHUV RQ SRO\PHUL]DWLRQ RI OLJKWFXUHG DQG GXDO
FXUHG UHVLQ FHPHQWV - &RQWHPS 'HQW 3UDFW 1RY
$JUDGHFHPRV GH PDQHUD HVSHFLDO DO SURIHVRU
5REHUWR %UDJD MHIH GHO GHSDUWDPHQWR GH
ELRPDWHULDOHV \ ELRORJtD RUDO GH OD IDFXOWDG GH
RGRQWRORJtDGHOD8QLYHUVLGDGGH6DR3DXORSRUOD
D\XGD SUHVWDGD DO SHUPLWLUQRV GHVLQWHUHVD
GDPHQWHHOXVRGHORVDPELHQWHVGHVXODERUDWRULR

 *DOYmR 05 &DOGDV 6*)5 %DJQDWR 96 5DVWHOOL
$1' 'H $QGUDGH 0) (YDOXDWLRQ RI GHJUHH RI
FRQYHUVLRQ DQG KDUGQHVV RI GHQWDO FRPSRVLWHV
SKRWRDFWLYHG ZKLW GLIIHUHQW OLJKW JXLGH WLSV (XU -
'HQW-DQ
 0HQGHV / 0DWRV , 0LUDQGD 0 %HQ]L 0 'XDO
&XULQJ 6HOI$GKHVLYH 5HVLQ &HPHQW ,QIOXHQFH RI
WKH 3RO\PHUL]DWLRQ 0RGHV RQ WKH 'HJUHH RI
&RQYHUVLRQDQG0LFURKDUGQHVV0DWHULDOV5HVHDUFK
5()(5(1&,$6 %,%/,2
*5È),&$6
 $EDWH 3) =DKUD 91 0DFFKL 5/ (IIHFW RI
SKRWRSRO\PHUL]DWLRQ YDULDEOHV RQ FRPSRVLWH
KDUGQHVV-3URVWKHW'HQW
 6DNDPRWR$,QIOXrQFLDGHGLIHUHQWHVWUDQVOXFLGH]GDV
FHUkPLFDVVREUHRJUDXGHFRQYHUVmRHPLFURGXUH]D

)OXU\ 6 /XVVL $ +LFNHO 5 ,OLH 1 /LJKW FXULQJ
WKURXJK JODVV FHUDPLFV ZLWK D VHFRQG DQG WKLUG
JHQHUDWLRQ/('FXULQJXQLWHIIHFWRIFXULQJPRGHRQ
WKHGHJUHHRIFRQYHUVLRQRIGXDOFXULQJUHVLQFHPHQWV
&OLQ2UDO,QYHVW
 'H 6RX]D * %UDJD 55 &HVDU 3) /RSHV *&
&RUUHODWLRQEHWZHHQFOLQLFDOSHUIRUPDQFHDQGGHJUHH
GH XP FLPHQWR UHVLQRVR GXDO WHVLV GH PDHVWUtD RIFRQYHUVLRQRIUHVLQFHPHQWVDOLWHUDWXUHUHYLHZ-


 8QLYHUVLGDG&LHQWtILFDGHO6XU 5HY&LHQW2GRQWRO
$57Ë&8/225,*,1$/

$SSO2UDO6FL  *DMHZVNL 9(6 3IHLIHU &6 )UyHV6DOJDGR 15*

$UVODQ0'HPLU1ùHQJQ$%R]NXUW6%+DNNL %RDUR /&& %UDJD 55 0RQRPHUV XVHG LQ UHVLQ
66&\WRWR[LFLW\HYDOXDWLRQRIOXWLQJUHVLQFHPHQWVRQ FRPSRVLWHV GHJUHH RI FRQYHUVLRQ PHFKDQLFDO
ERYLQH GHQWDO SXOSGHULYHG FHOOV E'3&V E\ UHDO SURSHUWLHVDQGZDWHUVRUSWLRQVROXELOLW\%UD]'HQW-
WLPHFHOODQDO\VLV'HQW0DWHU-
&KHQ56/LXwZ&&7VHQJ:<+RQJ&<+VLHK&&
-HQJ-+7KHHIIHFWRIFXULQJOLJKWLQWHQVLW\RQWKH
F\WRWR[LFLW\ RI D GHQWLQERQGLQJ DJHQW 2SHU 'HQW


)DULDH6LOYD$/3LYD(/LPD*6%RDUR/&%UDJD
550DUWLQV/50(IIHFWRILQPHGLDWHDQGGHOD\HG
OLJKW DFWLYDWLRQ RQ WKH PHFDQLFDO SURSHUWLHV DQG
GHJUHHRIFRQYHUVLRQLQGXDOFXUHGUHVLQFHPHQWV-
 0RUJDQ /)6$ 7HL[HLUD .,5 9DVFRQFHOORV :$ 2UDO6FL
$OEXTXHUTXH 5& &RUWpV 0( &RUUHODWLRQ EHWZHHQ $]DU05%DJKHUL5%XUURZ0)(IIHFWRIVWRUDJH
WKHF\WRWR[LFLW\RIVHOIHWFKLQJUHVLQFHPHQWVDQGWKH PHGLD DQG WLPH RQ WKH IUDFWXUH WRXJKQHVV RI UHVLQ
GHJUHHRIFRQYHUVLyQ,QG-'HQW5HV

%HJXP=&KKHGD36KUXWKL&66RQLND5(IIHFWRI
FHUDPLF WKLFNQHVV DQG DJHQW VKDGH RQ WKH FRORU
PDVNLQJ DELOLW\ RI ODPLQDWH YHQHHUV - ,QGLDQ
EDVHGOXWLQJFHPHQWV$XVW'HQW-
 %DKDUL 0 2VNRHH 66 .LP\DL 6 0RKDPPDGL 1
.KRVURVKDKL (6 (IIHFW RI OLJKW LQWHQVLW\ RQ WKH
GHJUHHRIFRQYHUVLRQRIGXDOFXUHGUHVLQFHPHQWDW
GLIIHUHQWGHSWKVZLWKWKHXVHRIWUDQVOXFHQWILEHUSRVW
3URVWKRGRQW6RF'HF -'HQW
 $JXLDU 75 )UDQFHVFDQWRQLR 0' $UUDLV &$* 0HúH$%XUURZ0)7\DV0-6RUSWLRQDQGVROXELOLW\
DPEURVDQR*0%'DYDQ]R&*LDQQLQL0,QIOXHQFH RIOXWLQJFHPHQWVLQGLIIHUHQWVVROXWLRQV'HQW0DWHU
RIFXULQJPRGHDQGWLPHRQGHJUHHRIFRQYHUVLyQRI -
RQH FRQYHQWLRQDO DQG WZR VHOIDGKHVLYH UHVLQ
FHPHQWV2SGHQW

5HFLELGR $XWRUSULQFLSDO$QD,VDEHO/ySH])ORUHV
$FHSWDGR &RUUHVSRQGHQFLDGUDORS]#JPDLOFRP