46
6XWDEOHW<DUYLN*R7DEFXHQWDFRQXQPyGXOR%OXHWRRWKLQWHJUDGRTXHSHUPLWHFRQHFWDUVHDSHULIpULFRV
FRPSDWLEOHVFRQODFRQH[LyQ%OXHWRRWKFRPRSRUHMHPSORUDWRQHVWHFODGRVDOWDYRFHV\DXULFXODUHV
'HVOLFHHOERWyQ³2Q2II´³$FWLYDGR'HVDFWLYDGR´GH%OXHWRRWKKDVWD³2Q´³$FWLYDGR´SDUDDFWLYDUOD
FRQH[LyQ%OXHWRRWK
&XDQGRDFWLYHODIXQFLyQHOWDEOHW<DUYLN*R7DEFRPHQ]DUiDEXVFDUDXWRPiWLFDPHQWHGLVSRVLWLYRV
%OXHWRRWKFHUFDQRV$GHPiVWDPELpQSXHGHEXVFDUPDQXDOPHQWHGLVSRVLWLYRV%OXHWRRWKKDFLHQGRFOLF
HQ³6HDUFKIRU'HYLFHV´%XVFDUGLVSRVLWLYRVHQODHVTXLQDVXSHULRUGHUHFKDGHODSDQWDOOD
(VSRVLEOHTXHWHQJDTXHHVWDEOHFHUORVSHULIpULFRVTXHGHVHDFRQHFWDUHQHO³PRGRGHHPSDUHMDPLHQWR´
&RQVXOWHHOPDQXDOGHLQVWUXFFLRQHVGHOGLVSRVLWLYRHQFXHVWLyQSDUDREWHQHUODVLQVWUXFFLRQHV
QHFHVDULDVSDUDKDFHUOR
7RGRVORVGLVSRVLWLYRVGHWHFWDGRVDSDUHFHUiQHQODOLVWD³$YDLODEOH'HYLFHV´'LVSRVLWLYRVGLVSRQLEOHV
+DJDFOLFHQHOGLVSRVLWLYR%OXHWRRWKGHWHFWDGRSDUDHPSDUHMDUVXWDEOHW<DUYLN*R7DEFRQpO
$SDUHFHUiODYHQWDQD³%OXHWRRWKSDLULQJUHTXHVW´6ROLFLWXGGHHPSDUHMDGR%OXHWRRWK
/DPD\RUtDGHGLVSRVLWLYRV%OXHWRRWKUHTXLHUHQXQFyGLJR3,1SDUDHVWDEOHFHUFRQH[LyQ(VWHFyGLJR
VXHOHVHUR&RQVXOWHHOPDQXDOGHLQVWUXFFLRQHVGHOGLVSRVLWLYR%OXHWRRWKSDUDVDEHUVLHO
FyGLJR3,1HVRWUR
&XDQGRKD\DLQWURGXFLGRHOFyGLJR3,1FRUUHFWRSXOVH³2.´$FHSWDU
(OWDEOHW<DUYLN*R7DEFRPHQ]DUiHOSURFHVRGHHPSDUHMDGRFRQVXGLVSRVLWLYR%OXHWRRWK\FXDQGR
WUDQVFXUUDQXQRVVHJXQGRVVHFRPSOHWDUiODFRQH[LyQPRVWUDQGRHOPHQVDMH³&RQQHFWHG´&RQHFWDGR
EDMRHOGLVSRVLWLYR%OXHWRRWKFRUUHVSRQGLHQWHHQODOLVWD³$YDLODEOH'HYLFHV´'LVSRVLWLYRVGLVSRQLEOHV
3XHGHFRQHFWDUYDULRVGLVSRVLWLYRV%OXHWRRWKDO<DUYLN*R7DESDUDXWLOL]DUORVGHIRUPDVLPXOWiQHDSHM
XQUDWyQ\XQWHFODGR
ES
7$%(8.B46*B[PPLQGG