7DODOJLDSRUDWUDSDPLHQWRGHO1HUYLR&DOFiQHR,QWHUQR GLDJQyVWLFR\WUDWDPLHQWRLQWHJUDOGHXQFDVRFOtQLFR +HHO3DLQ'XHWR(QWUDSPHQW1HXURSDWK\RIWKH&DOFDQHDO1HUYH 'LDJQRVLVDQG,QWHJUDO7UDWPHQWRID&DVH5HSRUW (YD0DUtD0$57Ë1(=-,0e1(=-RVp,JQDFLR'Ë$=9(/È=48(= 'LSORPDGRHQ3RGRORJtD\)LVLRWHUDSLD &RUUHVSRQGHQFLD (YD0DUtD0DUWtQH]-LPpQH] 3VR*UHJRULR0DUDxyQ$ 66GHORV5H\HV0DGULG )HFKDGHUHFHSFLyQHQHUR )HFKDGHDFHSWDFLyQPDU]R /RVDXWRUHVGHFODUDQQRWHQHUQLQJ~QWLSRGHLQWHUpVHFRQyPLFRRFRPHUFLDO 5(680(1 (OSRGyORJRVHHQFXHQWUDIUHFXHQWHPHQWHHQVXHMHUFLFLRSURIHVLRQDOFRQSDFLHQWHVFRQGRORUHQHOWDOyQ'HELGRDOD FDQWLGDGGHHVWUXFWXUDVHQOD]RQDVHKDFHQHFHVDULRVHUHVFUXSXORVRHQHOGLDJQyVWLFR(QHVWHDUWtFXORDSR\iQGRQRV HQXQFDVRFOtQLFRDSRUWDPRVHOFRQRFLPLHQWR\SURFHGLPLHQWRQHFHVDULRSDUDGLDJQRVWLFDUODVWDODOJLDVPHFiQLFDV FRQSHUGLGDyQRGHVHQVLELOLGDG 3URSRQHPRVDGHPiVXQPRGHORGHWUDWDPLHQWRFRPSOHWRGHODPLVPDHQHOTXHLQFOXLPRVOD~QLFDWpFQLFDGHWHUDSLD PDQXDOTXHD\XGDDODPHMRUtDGHORVVtQWRPDV\UHJHQHUDFLyQQHUYLRVDODPRYLOL]DFLyQQHXURPHQtQJHD 3DODEUDVFODYH7DODOJLDQHXURSDWtDGHOFDOFiQHRLQWHUQRPRYLOL]DFLyQQHXURPHQt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yQ 7LSR GH GRORU ([SORUDFLyQGHOGRORU7HQGyQGHO7LELDOSRVWHULRU%XUVLWLVVXEFDOFiQHD)DVFLDSODQWDU 0~VFXOR ÀH[RU FRUWR GH ORV GHGRV 0~VFXOR $EGXFWRU GHO +DOOX[ ([SORUDFLyQ GH OD VHQVLELOLGDG 'LDJQRVWLFR GLIHUHQFLDO QHXULWLV &DOFiQHR LQWHUQR 5DGLFXORSDWtD 6 0DQLREUD GHFRPSUHVLyQGHOQHUYLRFDOFiQHRLQWHUQR7HVWGHWHQVLyQGHORVGLIHUHQWHVQHUYLRVTXHVHIRUPDGRV DSDUWLUGH67HVWPXVFXODUSDUDORVP~VFXORVLQHUYDGRVSRU6([SORUDFLyQ%LRPHFiQLFD (QGHVFDUJD(QELSHGHVWDFLyQ([SORUDFLyQGLQiPLFD'LDJQyVWLFR7UDWDPLHQWR3RGRORJtD )tVLFD2UWRSpGLFR0RYLOL]DFLyQ1HXURPHQLQJHD&RQFOXVLRQHV%LEOLRJUDItD 5HYLVWD,QWHUQDFLRQDOGH&LHQFLDV3RGROyJLFDV 9RO1~P ,661 (YD0DUtD0DUWtQH]-LPpQH]-RVp,JQDFLR'tD] 7DODOJLDSRUDWUDSDPLHQWRGHO1HUYLR&DOFiQHR,QWHUQR $1$01(6,6 ([SORUDFLyQGHOGRORU 7RGRV HVWRV VtQWRPDV VRQ IUHFXHQWHV HQ WDODO JLDVGHODUJDHYROXFLyQGHELGRDODFRPSOHML GDGGHHVWUXFWXUDVTXHVHLQWHUUHODFLRQDQHQHO WDOyQ5HFRPHQGDPRVUHDOL]DUXQDH[SORUDFLyQ GHWRGDV\FDGDXQDGHHOODVFRPRPRVWUDPRV DFRQWLQXDFLyQ 0RWLYRGHFRQVXOWD 3DFLHQWH GH VH[R IHPHQLQR FRQ WDODOJLD GH DxRV GH HYROXFLyQ HQ HO SLH L]TXLHUGR )XH GLDJQRVWLFDGDSULPHUDPHQWHGHIDVFLWLVTXHVH WUDWy FRQ $LQHV $QWH OD SHUVLVWHQFLD DFXGH D FRQVXOWDSRUXQGRORUUHVLGXDOTXHOHKDGLDJ QRVWLFDGRRWURSURIHVLRQDOFRPRWHQGLQLWLVGHO P~VFXORWLELDOSRVWHULRUGHOSLHL]TXLHUGR $QWHFHGHQWHV /D SDFLHQWH UHDOL]DED VHQGHULVPR DQWHV GH FRPHQ]DU OD WDODOJLD \ VLHPSUH KDEtD VXIULGR GRORUHQODVSDQWRUULOODV\]RQDLQWHUQDGHORV PXVORVWUDVODVFDPLQDWDV (;3/25$&,21 6HJXLGDPHQWH VH OH UHDOL]D D OD SDFLHQWH XQD H[SORUDFLyQ GH VX WDODOJLD SDUD ORFDOL]DU HV WUXFWXUDDIHFWD\WLSRGHGRORU 7LSRGHGRORU ²6XGRORUVHRULJLQyGHPDQHUDPHFiQLFDDO SULQFLSLRVRORFXDQGRFDPLQDEDPXFKR ²$FWXDOPHQWH\DHVLQÀDPDWRULRSXHVVHOH YDQWD FRQ GRORU SRU ODV PDxDQDV SHUR VLQ DQWHFHGHQWHVGHLQÀDPDFLyQGHODVDUWLFXOD FLRQHVQLSUREOHPDVUHXPiWLFRV ²$GHPiVHVXQGRORUTXHDOJXQDYH]OHGH VSLHUWD SRU OD QRFKH SRU OR TXH HVWH GDWR QRFWXUQRQRVLQGLFDSDUWHGHVXFRPSRQHQWH QHXURJpQLFR (Q ODV VLJXLHQWHV GRV ¿JXUDV OD SDFLHQWH GHV FULEHODV]RQDVGHVXGRORUVLHQGRGHVFULWRGH PD\RULQWHQVLGDGHOGHOD)LJ )LJ 7HQGyQ GHO 7LELDO SRVWHULRU (O PXVFXORWLELDOSRVWHULRUVHRULJLQDHQOD]RQD SUR[LPDOGHODFDUDSRVWHULRUGHODWLELDPHP EUDQDLQWHUyVHD\FDUDPHGLDOGHOSHURQp\VH LQVHUWDHQODWXEHURVLGDGGHOHVFDIRLGHVVXSHU ¿FLHSODQWDUGHODSULPHUDFXxDWDPELpQGHOD VHJXQGD \ WHUFHUD FXxD DVt FRPR HQ OD EDVH GHO ,, \ ,9 PHWDWDUVLDQR 5HDOL]D OD ÀH[LyQ SODQWDUFRQLQYHUVLyQDVtTXHOHSHGLPRVOD FRQWUDFFLyQPXVFXODUHQHVWHVHQWLGRFRQWUDUH VLVWHQFLD\HOHVWLUDPLHQWRHQÀH[LyQSODQWDU\ HYHUVLyQ7UDVHVWDPDQLREUDODSDFLHQWHVHxDOD OD ORFDOL]DFLyQ GHO GRORU HQ HO HVFDIRLGHV \ HO GHOD)LJ %XUVLWLV VXEFDOFiQHD HV IUHFXHQWH OD LQÀDPDFLyQ GH HVWD EXUVD ORFDOL]DGD HQWUH ODKLSRGHUPLV\HOFDOFiQHRIDYRUHFHODDPRU WLJXDFLyQ GH WUDXPDWLVPRV FDtGDV GH WDOyQ y PLFURWDXPDWLVPRV UHSHWLGRV FDUUHUD FRQ PDO FDO]DGRHWFVHSXHGHLQÀDPDU\GROHU(QHVH FDVR VLPSOHPHQWH FRQ SUHVLRQDU HO WDOyQ GRQ GHHVWiODEXUVDVHUHSURGXFHHOGRORU1XHVWUD SDFLHQWHQRSUHVHQWDEDGRORUDOJXQRHQHVWDPD QLREUD\WDPSRFRWHQtDDQWHFHGHQWHVGHFDtGDV QLPLFURWUDXPDWLVPRVGHVGHKDFtDDxRVQR UHDOL]DVHQGHULVPR )LJ 5HYLVWD,QWHUQDFLRQDOGH&LHQFLDV3RGROyJLFDV 9RO1~P 7DODOJLDSRUDWUDSDPLHQWRGHO1HUYLR&DOFiQHR,QWHUQR (YD0DUtD0DUWtQH]-LPpQH]-RVp,JQDFLR'tD] )DVFLD SODQWDU 6H VLW~D GHEDMR GHO WHMLGR FHOXODU VXEFXWiQHR (VWD DSRQHXURVLV VHRULJLQDHQHOFDOFiQHRFRQFUHWDPHQWHHQOD WXEHURVLGDGLQWHUQDTXHVHFRQWLQ~DSRVWHULRU PHQWH FRQ OD IDVFLD VXSHU¿FLDO GHO FXHOOR GHO SLH6HLQVHUWDHQODEDVHGHOD,DOD9IDODQ JHVSUR[LPDOHV6XHOHLQÀDPDUVHGDQGRGRORU HQ HO RULJHQ GH OD WXEHURVLGDG LQWHUQD /D PDQLREUDSDUDVXGLDJQyVWLFRVHUHDOL]DGHOD VLJXLHQWH PDQHUD VH SRQH OD IDVFLD D WHQVLyQ UHDOL]DQGRXQDÀH[LyQGRUVDOGHORVGHGRVTXH KDFHHYLGHQWHODIDVFLDVLDOSDOSDUODUHSURGX FLPRVHOGRORUTXHHOSDFLHQWHVLHQWHHVSRUTXH HVWD LQÀDPDGD 'HEHPRV UHSURGXFLU HO GRORU SRUTXH HQ JHQHUDO HV XQD ]RQD PROHVWD D OD SDOSDFLyQ /D SDFLHQWH FRPHQWD TXH VX GRORU LQLFLDOPHQWHFRPHQ]yHQHVWD]RQDSHURTXH\D QRSUHVHQWDWDQWRGRORU\QRHVVXGRORUDFWXDO FDOFiQHR FRQ DWUR¿D GHO DGGXFWRU GHO 9 GHGR VLJQR GH PDQLIHVWDFLyQ FUyQLFD GH FRPSUH VLyQ GHO QHUYLR DFFHVRULR GHO SODQWDU H[WHUQR yGH%D[WHU3RUORTXHVHUHFRPLHQGDUHD OL]DU XQD H[SORUDFLyQ QHXUROyJLFD HQ WDODOJLDV DXQFXDQGRHQSULQFLSLRQRSUHVHQWHQVtQWRPDV QHXUROyJLFRV /DVQHXURSDWtDVDGTXLULGDVVHSURGXFHQSRU PLFURWUDXPDWLVPRV y WUDXPDV \D VHD LQGXFL GDSRUIXHQWHVHQGyJHQDVRH[yJHQDV&XDQGR ODLQÀDPDFLyQVHLQ¿OWUDHQHOWURQFRGHOQHU YLR\ORVWHMLGRVFLUFXQGDQWHVSRUORJHQHUDOOD FRQWLQXLGDG GHO WURQFR QHUYLRVR VH PDQWLHQH \ HO QHUYLR SUR[LPDO VH SXHGH LQÀDPDU KDVWD HOSXQWRGHODOHVLyQRFRPSUHVLyQ(OGH OD ]RQD SHULQHDO GHO WURQFR QHUYLRVR HVWi IRU PDGRSRUWHMLGRFRQHFWLYR(OWHMLGRFRQHFWLYR LQWUDQHXUDOFXDQGRHVHVWLPXODGRSRUWUDFFLyQ y FRPSUHVLyQ SXHGH SUROLIHUDU \ DIHFWDU D OD FRQWLQXLGDG LQWHUQD GHO WURQFR QHUYLRVR SHUL IpULFR/D¿EURVLVLQWUDQHXUDOUHVXOWDQWHVRORV yHQFLFDWULFHVH[WUDQHXUDOHVUHVXOWDQWHVSXHGH FDXVDUORVVtQWRPDVGHODQHXULWLV/DFRQGXF FLyQ QHUYLRVD VH SXHGH DOWHUDU SRU OD ¿EURVLV LQWUDQHXUDO\ODH[WUDQHXUDOTXHFRPSULPHORV YDVRQHUYRUXPORVYDVRVTXHQXWUHQHOQHUYLR SXGLHQGR LPSHGLU OD UHPLQHUDOL]DFLyQ D[RQDO HQDPERVFDVRV 'HQWUR GH ODV FDXVDV TXH SXHGHQ GDU GRORU HQWDOyQSRUFDXVDQHXUyJHQDQRVHQFRQWUDPRV ² 5DGLFXORSDWtD OHVLyQ D QLYHO OXPEDU SRU DUWULWLV OXPERVDFUD y DOWHUDFLyQ GHO GLVFR LQWHUYHUWHEUDO 0XVFXORÀH[RUFRUWRGHORVGHGRV6X RULJHQ HV FRP~Q D OD IDVFLD SHUR HQ XQ SODQR PiV SURIXQGR SRU OR TXH HQ PXFKRV FDVRV VH SXHGH FRQIXQGLU XQD PLRVLWLV GH HVWH P~VFXOR FRQODIDVFLWLVSODQWDU6HRULJLQDHQHOFDOFiQHR HQVXFyQGLORPHGLDO\VXLQVHUFLyQHVSRUGRV WHQGRQHVHQODEDVHGHFDGDIDODQJHPHGLDGHO DOGHGR3DUDH[SORUDUOROHSHGLUHPRVXQD FRQWUDFFLyQDFWLYDFRQWUDUHVLVWHQFLDSLGLpQGROH TXHÀH[LRQHORVGHGRV\DTXHHOÀH[RUFRUWRHV HOPiVSRWHQWHÀH[RUGHORVGHGRV<OHSUHJXQ WDPRVVLUHSURGXFHHOGRORU(QQXHVWUDSDFLHQWH QRUHSURGXFtDQLQJ~QGRORUQLPROHVWLD 0~VFXOR $EGXFWRU GHO +DOOX[ 6X RULJHQ HVWi VLWXDGR HQ OD WXEHURVLGDG PHGLDO GHO FDOFiQHR \ DSRQHXURVLV SODQWDU PHGLD \ VH LQVHUWD HQ OD EDVH GH OD IDODQJH SUR[LPDO GHO KDOOX[ 3DUD H[SORUDUOR SUHVLRQDPRV VX YLHQWUHPXVFXODU\DVRORDDOSUHVLyQHQDOJX QRVSDFLHQWHVSURGXFHGRORU\OHSHGLPRVTXH PXHYD HO SULPHU GHGR SDUD SURYRFDU VX FRQ WUDFFLyQ(QQXHVWURFDVRFOtQLFRODSDFLHQWHQR UHFRQRFtDWHQHUGRORUDOJXQR ([SORUDFLyQ GH OD VHQVLELOLGDG <D TXH OD SDFLHQWH H[SHULPHQWD GRORU QRFWXUQR \ GHELGRDODODUJDHYROXFLyQGHVXGRORUHLUUD GLDFLyQSUR[LPDOHVUHFRPHQGDEOHUHDOL]DUXQD H[SORUDFLyQGHODVHQVLELOLGDGGHOSLHSDUDYHU VLH[LVWHFRPSURPLVRQHXUDO6HKDFRPSURED GRTXHIDVFLWLVSODQWDUHGDGHOHYDGD\HVSROyQ 5HYLVWD,QWHUQDFLRQDOGH&LHQFLDV3RGROyJLFDV 9RO1~P )LJ (YD0DUtD0DUWtQH]-LPpQH]-RVp,JQDFLR'tD] 7DODOJLDSRUDWUDSDPLHQWRGHO1HUYLR&DOFiQHR,QWHUQR ²6GGH'LVWUR¿D6LPSiWLFR5HÀHMD ²3ROLQHXURSDWtDSHULIpULFD ² 6' GHO 7XQHO 7DUVR SRU FRPSUHVLyQ GHO QHUYLRSODQWDULQWHUQR\H[WHUQRDVXSDVR SRU HO FDQDO FDOFiQHR GHWUiV GHO DEGXFWRU GHOSULPHUGHGR ² 1HXULWLV GHO &DOFDQHR LQWHUQR (O QHUYLR FDOFiQHR LQWHUQR 6 VH GHVSUHQGH GHO QHUYLR WLELDO / 6 FRQ PD\RU IUH FXHQFLD SRU HQFLPD GHO PDOpROR LQWHUQR \ VLJXHHOERUGHLQWHUQRGHOWHQGyQGH$TXL OHV GHVSXpV DWUDYLHVD OD DSRQHXURVLV \ VH GLVWULEX\H HQ OD SLHO HQ OD ]RQD LQWHUQD \ SRVWHULRUGHOWDOyQ\VHGLYLGHHQYDULDVUD PDVWHUPLQDOHV SUHVHQWDUtD VtQWRPDV HQ OD ]RQD LQWHUQD \ H[WHUQDGHODSODQWDGHODQWHSLpDGHPiVGH DOWHUDFLRQHV GH OD PXVFXODWXUD LQWUtQVHFD GHOSLH ²$OSUHVHQWDUGRORUHQOD]RQDLQWHUQDGHOSLH LQGLFD TXH HO QHUYLR FDOFiQHR H[WHUQR QR HVWiDIHFWDGR 6HH[SORUDQFRQXQDOJRGyQODVHQVLELOLGDGWiF WLOyGHWDFWRVXDYHSDUDYHUORVWHUULWRULRVVHQ VLWLYRVDIHFWDGRV\QLYHOGHDIHFWDFLyQ3ULPH UDPHQWHGLFLHQGRDOSDFLHQWHVLQRWDHODOJRGyQ yQRDOSDVDUORSRUGLIHUHQWHVWHUULWRULRVVHQVL WLYRVGHORVQHUYLRVGHODSODQWDGHOSLH$TXt GLVFULPLQDPRVSDUWHLQWHUQD\H[WHUQDGHOWDOyQ SRUVLKXELHUDDOJXQDGLIHUHQFLD3DUWHLQWHUQD\ H[WHUQDGHODQWHSLp\]RQDPHGLD /D SDFLHQWH SDUHFtD WDUGDU PiV HQ UHVSRQ GHUFXDQGRHODOJRGyQSDVDEDSRUHOWDOyQHQVX ]RQDSODQWDUHLQWHUQD3RUHOORHVFRQYHQLHQWH UHDOL]DU XQD VHJXQGD H[SORUDFLyQ SDUD TXH HO SDFLHQWH GLJD VL DO SDVDU GHO PLVPR PRGR HO DOJRGyQSULPHURSRUHOODGRDIHFWR\OXHJRHO FRQWUDODWHUDOSRUODVPLVPDV]RQDVTXHDQWHV 4XHODSDFLHQWHGLJDVLSHUFLEHODPLVPDVHQ VDFLyQHQDPERVODGRV (VWD SDFLHQWH QR VyOR HQ OD SUXHED FRQ HO DOJRGyQFRPHQWDEDQRWDUPHQRVHOWDOyQDIHFWR VLQRTXHDGHPiVDDODSDOSDFLyQGLUHFWDFRQ ODVPDQRVWDPELpQWHQtDPHQRVVHQVLELOLGDG (VWRQRVLQGLFDTXH ² /D SDFLHQWH QR SUHVHQWD 6G GH 'LVWUR¿D 6LPSiWLFR5HÀHMD\DTXHODSDFLHQWHQRSUH VHQWDEDVtQWRPDVWtSLFRVFRPRFLDQRVLVGLV WDO SRU YDVRFRQVWULFFLyQ \ GLVPLQXFLyQ GH ODWHPSHUDWXUDGHODSLHO ² /D SROLQHXURSDWtD SHULIpULFD /D SDFLHQWH QRSUHVHQWDORVDQWHFHGHQWHVQLHQIHUPHGD GHV DVRFLDGDV D HVWD HQIHUPHGDG H[SRVL FLyQDWy[LFRVQRHVGLDEpWLFDQRSUHVHQWD HQIHUPHGDGLQIHFFLRVDyLQÀDPDWRULDUHOD FLRQDGD ²1RSUHVHQWDVtQGURPHGHOW~QHOWDUVDOSXHV 3DUDFRPSUREDUTXHODFDXVDGHOGRORUQRHVD QLYHOUDGLFXODUVHUHDOL]DODVLJXLHQWHH[SORUD FLyQ 'LDJQRVWLFRGLIHUHQFLDOQHXULWLV&DO FiQHRLQWHUQR5DGLFXORSDWtD6 /DVUDtFHVDQWHULRUHVFXDQGRHQWUDQHQHOSOH[R VHVXEGLYLGHQIRUPDQGRDVtYDULRVQHUYLRV\D VXYH]FDGDQHUYLRHVWiIRUPDGRSRUGLIHUHQWHV UDtFHV/DUDt]QHUYLRVD6UHFLEHODVHQVLELOL GDGWiFWLOVXDYHGHOVHJPHQWRyGHUPDWRPDFX WiQHRGHOWDOyQ\ODFDUDH[WHUQDGHOSLH 3DUD GLIHUHQFLDU HO QLYHO GH FRPSUHVLyQ VH UHDOL]DQHVWRVWHVW 0DQLREUD GH FRPSUHVLyQ GHO QHUYLR FDOFiQHR LQWHUQR GXUDQWH PLQXWR TXH SURGXFH XQD FRPSUHVLyQ VREUH SODQWDU LQWHUQRH[WHUQR\QHUYLRFDOFiQHRLQWHUQR< GHVSXpVVHH[SORUDODVHQVLELOLGDG/DSDFLHQWH WHQtDPD\RUSpUGLGDGHVHQVLELOLGDGHQOD]RQD LQWHUQDGHOWDOyQ\HOUHVWRGHODSODQWDGHOSLH WHQtDODVHQVLELOLGDGFRQVHUYDGD 7HVW GH WHQVLyQ GH ORV GLIHUHQWHV QHUYLRVTXHVHIRUPDGRVDSDUWLUGH6 ² 1HUYLR SODQWDU H[WHUQR 6 6H UHDOL]D XQDPDQLREUDGHSXHVWDHQWHQVLyQGHHVWH QHUYLR\YHPRVVLUHSURGXFHWDPELpQHOGR ORU GHO SDFLHQWH 6H FRORFD HO SLH HQ OLJHUD ÀH[LyQGRUVDO\HYHUVLyQFRQXQDJUDQSUR QDFLyQ GHO SLH (Q QXHVWUD SDFLHQWH QR UH SURGXFtDVXVVtQWRPDV ² 1HUYLR FDOFiQHR LQWHUQR 6 VH UHDOL]D XQDPDQLREUDGHSXHVWDHQWHQVLyQGHHVWH QHUYLRUHDOL]DQGRXQDOLJHUDÀH[LyQGRUVDO \ HYHUVLyQ GH WRELOOR FRQ XQD SURQDFLyQ \ DEGXFFLyQGHODQWHSLp\DxDGLHQGRXQPD \RUYDOJRGHWDOyQ(VWDPDQLREUDUHSURGX FtDFRPSOHWDPHQWHHOGRORU 6HDSOLFDUtDSUHVLyQVREUHHOUHFRUULGRGHOFDO FiQHRLQWHUQRGRORURVRVLWXDGRHQHOSXOJDUGH 5HYLVWD,QWHUQDFLRQDOGH&LHQFLDV3RGROyJLFDV 9RO1~P 7DODOJLDSRUDWUDSDPLHQWRGHO1HUYLR&DOFiQHR,QWHUQR (YD0DUtD0DUWtQH]-LPpQH]-RVp,JQDFLR'tD] OD¿JXUDTXHUHSURGXFHHOGRORUGHOSDFLHQWH 'HVSXpVVHUHDOL]DFDGDXQDGHODVPDQLREUDV GHSXHVWDHQWHQVLyQGHFDGDQHUYLR6LDXPHQ WDQ HO GRORU HV SRU QHXULWLV GH HVH QHUYLR /D PDQLREUDGHSXHVWDHQWHQVLyQVHUHDOL]DUtDFRQ ÀH[LyQ\DGGXFFLyQGHFDGHUDFRQURGLOODHVWL UDGD&RPRPXHVWUDOD¿JXUD (Q QXHVWUD SDFLHQWH UHDOL]DPRV DXPHQWDED VXGRORUFODUDPHQWHHQODSXHVWDHQWHQVLyQGHO QHUYLRFDOFiQHRLQWHUQR ²)OH[LyQGRUVDOGHWRELOORFRQURGLOODH[WHQ GLGD GH HQ SLH L]TXLHUGR \ HQ SLH GHUHFKR ²0RYLOLGDGGHODDUWLFXODFLyQPHWDWDUVRID OiQJLFDLQGRORUDSHURFRQJUDQUHVLVWHQFLDD ODÀH[LyQGRUVDOGHOKDOOX[DOVLPXODUODFDU JD3UHVHQWDEDXQiQJXORPHQRUGHJUD GRVGLDJQRVWLFDQGRVXKDOOX[FRPROLPLWXV ² *HQX YDOJR (Q GHVFDUJD GLVWDQFLD HQWUH PDOpRORVLQWHUQRGHWUDYHVHVGHGHGRV ²+LSHUTXHUDWRVLVEDMRVHJXQGDFDEH]DPHWD WDUVDO 7HVW PXVFXODU SDUD ORV P~VFXORV LQHUYDGRVSRU6,QHUYDYDULRVP~VFXORVGH ODSLHUQDHVWDUDt]SHURLQHUYDGHIRUPDSXUD ORVSHURQHRVHYHUVRUHVGHWRELOOR6HOHSLGH TXHKDJDXQDFRQWUDFFLyQFRQWUDUHVLVWHQFLD\ VHFRPSDUDFRQHOPLHPEURFRQWUDODWHUDO /DSDFLHQWHQRSUHVHQWDEDSpUGLGDGHIXHU]D HQHOODGRDIHFWR 7RGDV HVWDV SUXHEDV QRV KDFHQ FRQFOXLU HO GLDJQyVWLFRFRPRXQDWUDSDPLHQWRGHOQHUYLR FDOFiQHR LQWHUQR DVRFLDGR D WHQGLQLWLV GHO 7L ELDO 3RVWHULRU $KRUD LQWHQWDUHPRV GLDJQRVWL FDUODFDXVDGHHVWHDWUDSDPLHQWR ([SORUDFLyQ%LRPHFiQLFD 8QDHYHUVLyQFUyQLFDGHOWDOyQVHUHODFLRQDFRQ GLIHUHQWHVQHXULWLVUDPDVGHOQHUYLR7LELDOSRV WHULRUFRPRHOQHUYLR3ODQWDULQWHUQR\H[WHU QR TXH VH FRPSULPHQ SRU OD FDUD LQWHUQD GH OD IDVFLD GHO PXVFXOR DEGXFWRU GHO KDOOX[ HO QHUYLRSODQWDUH[WHUQR\HOQHUYLRDFFHVRULRGHO QHUYLR SODQWDU H[WHUQR VH SXHGHQ FRPSULPLU WDPELpQHQWUHODIDVFLDSODQWDU\ODPXVFXODWX UDLQWUtQVHFD\HOQHUYLRFDOFiQHRLQWHUQRTXH QRVRFXSDVHSXHGHFRPSULPLUHQWUHODIDVFLD SODQWDU\ODJUDVDSODQWDUSRUHODSR\RSURGXFL GRSRUODHYHUVLyQFRQWLQXDGD 6H OH UHDOL]D XQD H[SORUDFLyQ HQ WUHV DSDU WDGRV (QGHVFDUJD ²8QUDQJRGHPRYLPLHQWRGHO$6$GHGH LQYHUVLyQ\GHHYHUVLyQHQHOSLHL]TXLHU GRGHLQYHUVLyQ\GHHYHUVLyQSDUD HOSLHGHUHFKR ²$XPHQWRGHODVXSLQDFLyQGHODDUWLFXODFLyQ PHGLRWDUVLDQD ² 3ULPHU PHWDWDUVLDQR HQ ÀH[LyQ GRUVDO HQ GHVFDUJD FRQ PXFKD PRYLOLGDG HQ ÀH[LyQ GRUVDO 5HYLVWD,QWHUQDFLRQDOGH&LHQFLDV3RGROyJLFDV 9RO1~P (QELSHGHVWDFLyQ)LJ ²+XHOODGHLVWPRQRUPDOFRQDUFRORQJLWXGL QDOLQWHUQRGHSRFDDOWXUD ²(MHFOtQLFRGHOFDOFiQHRGHGHYDOJRHQ SLHL]TXLHUGR\HQSLHGHUFKR ²(MHGHOWHUFLRGLVWDOGHODWLELDGHYDUR HQSLHL]TXLHUGR\GHYDURHQHOGHUHFKR ²+LSHORUGRVLVOXPEDU\FLIRVLVGRUVDODXPHQ WDGD ² $GHPiV GH HVWDV FDUDFWHUtVWLFDV ELRPHFi QLFDVODSDFLHQWHSUHVHQWDVREUHSHVRIDFWRU TXH VH DVRFLD WDPELpQ DO GRORU FUyQLFR GH WDOyQ ([SORUDFLyQGLQiPLFD 6HODREVHUYDSULPHUDPHQWHDQGDQGRGXUDQWH ODVGLVWLQWDVIDVHVGHODPDUFKD ²(QODIDVHGHFRQWDFWRGHWDOyQSUHVHQWDXQ )LJ (YD0DUtD0DUWtQH]-LPpQH]-RVp,JQDFLR'tD] 7DODOJLDSRUDWUDSDPLHQWRGHO1HUYLR&DOFiQHR,QWHUQR YDURGHWDOyQDXPHQWDGR ² (Q OD IDVH GH DSR\R PHGLR VH SURGXFH XQ DXPHQWRGHODSURQDFLyQGHODDUWLFXODFLyQ PHGLRWDUVLDQD ² (Q IDVH GH GHVSHJXH OD UHDOL]D HQ UROO RXW VLHQGRPiVHYLGHQWHHQSLHL]TXLHUGR GDGTXtPLFDGHORVWHMLGRV\ODSHUPHDELOLGDG GHPHPEUDQDGHODVFpOXODVZFPFRQHO FDEH]DOGHPK]SXOVDGRSRUHOWUD\HFWRGHO QHUYLR FDOFiQHR LQWHUQR < OD PLVPD LQWHQVL GDG\SDUiPHWURVSDURFRQHOFDEH]DOGH0K] SDUDHOWHQGyQGHOP~VFXOR7LELDOSRVWHULRU 0$627(5$3,$ GH OD PXVFXODWXUD LQWUtQ VHFD GH OD SODQWD GHO SLH IDVFLD \ GH OD SDQ WRUULOOD WLELDO SRVWHULRU HVSDFLDOPHQWH SHUR WDPELpQVyOHRJHPHORVÀH[RUGHOSULPHUGHGR \ODUJRFRP~QGHORVGHGRV (OHIHFWRGHOXOWUDVRQLGRDOUHGHGRUGHOQHU YLR\ODPDVRWHUDSLDVHXWLOL]DQGHPDQHUDSUH SDUDWRLDSDUDTXHODPRYLOL]DFLyQQHXURPHQtQ JHD3DUDTXHVHDPiVHIHFWLYDJUDFLDVDODUH ODMDFLyQGHORVWHMLGRVEODQGRVDG\DFHQWHV3RU HOORODPRYLOL]DFLyQVHUHDOL]DHQ~OWLPROXJDU (QUHVXPHQHO¿QDOGHODH[SORUDFLyQQRVLQGL FDTXHODSDFLHQWHSUHVHQWDXQSULPHUPHWDHQ ÀH[LyQGRUVDODVRFLDGRDXQOLJHURDQWHSLpYDUR (OHIHFWR:LQGODVVGHODIDVFLDSODQWDUQRU PDOSURGXFHGXUDQWHHOSHUtRGRGHSURSXOVLyQ TXHODVIXHU]DVGHUHDFFLyQGHOVXHORTXHUHD OL]DQ OD ÀH[LyQ GRUVDO GH ORV GHGRV OD IDVFLD UXHGH VREUH ODV FDEH]DV PHWDWDUVDOHV (VWR DSUR[LPDHODQWHSLp\HOUHWURSLpDXPHQWDQGRHO DUFRORQJLWXGLQDOLQWHUQR(QHOSLHGHQXHVWUD SDFLHQWHFRQXQSULPHUPHWDHQÀH[LyQGRUVDO SURYRFDTXHHODVWUiJDORHVWpHQDGGXFFLyQLQ KLEHODVXSLQDFLyQHQHOSHULRGRGHSURSXOVLyQ VREUHHOHMHREOLFXRGHODDUWLFXODFLyQPHGLRWDU VLDQDHYLWDQGRDVtHO(IHFWR:LQGODVVPHQFLR QDGR\FRQpOODDSUR[LPDFLyQGHODQWHSLp\HO UHWURSLp(ODVWUiJDORHQDGGXFFLyQSURYRFDTXH HOFDOFiQHRHVWpHQYDOJRGHPDQHUDFRQWLQXD WDQWRHQGLQiPLFDFRPRHQHVWiWLFDGDQGRXQ PD\RUDSR\RDOD]RQDLQWHUQDGHOWDOyQGRQGH HVWiVLWXDGRHOQHUYLRFDOFiQHRLQWHUQRTXHGDQ GROXJDUDODFRPSUHVLyQ\HODWUDSDPLHQWRGHO QHUYLRFDOFiQHRLQWHUQR ',$*1Ï67,&2 6H OH GLDJQRVWLFD XQ DWUDSDPLHQWR GHO QHUYLR FDOFiQHRLQWHUQRGHFDXVDPHFiQLFDXQSULPHU PHWDHQÀH[LyQGRUVDO 75$7$0,(172 3RGRORJtD)tVLFD 6HSDXWDQVHVLRQHVDODVHPDQDKDVWDTXHHO QLYHOGHGRORUGLVPLQX\D/DSDFLHQWHFRPHQ]y HO WUDWDPLHQWR HQ FRQ XQ GRORU GH VREUH FXDQGRDSDUHFtD 86(VXQDWHUDSLDGHRQGDVGHDOWDIUHFXHQFLD TXHWLHQHHVSHFLDOD¿QLGDGSRUORVWHQGRQHV\ OLJDPHQWRV(OXOWUDVRQLGRFDOHQWDUiORVWHMLGRV DXPHQWDQGRODWHPSHUDWXUDGHORVPLVPRV\VX PHWDEROLVPR\FLUFXODFLyQ$XPHQWDODDFWLYL 2UWRSpGLFR $ODVHPDQDGHFRPHQ]DUHOWUDWDPLHQWRItVLFR VHOHHQWUHJRHOWUDWDPLHQWRRUWRSpGLFRFRPHQ WDQGR DO SDFLHQWH OR HVHQFLDO GH VX XVR FRQWL QXDGRKDVWDHQODV]DSDWLOODVGHHVWDUSRUFDVD SDUDHYLWDUODFRPSUHVLyQGHOQHUYLR (OWUDWDPLHQWRVHGLULJLyDODFDXVDVHOHDSOL FRXQDODUJRSDUDODSULPHUDFDEH]DPHWDWDUVDO ELODWHUDO\SDUDHYLWDUDXQPiVODHYHUVLyQGHO WDOyQVHOHDSOLFRXQDHOHYDFLyQGHO$/,6HFR ORFyXQDWDORQHUDFRUWDGHPPELODWHUDOSDUD GDU WUDWDPLHQWR RUWRSpGLFR D VX WHQGLQLWLV GHO WLELDOSRVWHULRU)LJ 0RYLOL]DFLyQ1HXURPHQLQJHD (OGHVOL]DPLHQWRGHORVQHUYLRVVREUHORVWHML GRVEODQGRVHVLQHYLWDEOH\VHUHDOL]DFRQWLQXD PHQWH PLHQWUDV QRV PRYHPRV 'H KHFKR PX FKRV HVWLUDPLHQWRV FRQVLGHUDGRV PXVFXODUHV VXSRQHQ XQ GHVOL]DPLHQWR )LJ GHO PLVPR FRPR 5HYLVWD,QWHUQDFLRQDOGH&LHQFLDV3RGROyJLFDV 9RO1~P 7DODOJLDSRUDWUDSDPLHQWRGHO1HUYLR&DOFiQHR,QWHUQR (YD0DUtD0DUWtQH]-LPpQH]-RVp,JQDFLR'tD] SRUHMHPSORDFHUFDUHOSHFKRKDFLDXQDSLHUQD FRQODURGLOODHVWLUDGDVHVXHOHQRWDUGRORUHQHO JHPHOR\WRGDODSLHUQD\QRHVXQHVWLUDPLHQWR GHLVTXLRWLELDOHV 1RVHVDEHH[DFWDPHQWHFXDOHVHOPHFDQLV PRSRUHOTXHODPRYLOL]DFLyQGHOVLVWHPDQHU YLRVRDOLYLDVtQWRPDVGHXQQHUYLRHQFRPSUH VLyQSHURVHSLHQVDTXHODPRYLOL]DFLyQGHEH D\XGDUDODPHFiQLFDYDVFXODUGHORVVLVWHPDV GH DSRUWH D[RQDO ¿EUDV QHUYLRVDV \ WHMLGRV FRQHFWLYRV TXH OR FRPSRQHQ GLVPLQX\HQGR OD ¿EURVLV H[WUDQHXUDO PHMRUDQ OD LUULJDFLyQ DO QHUYLR SRU SDUWH GH ORV YDVR QHUYRUXP (VWR WDPELpQ H[SOLFD SRUTXH HO PRYLPLHQWR DOLYLD D SDFLHQWHV FRQ W~QHO WDUVLDQR <D VH KD GHPRVWUDGR TXH GLVPLQX\H HO GRORU DQWHV TXHRWUDVWHUDSLDVPDQXDOHV\FRQPiVH¿FDFLD HQHOVtQGURPHGHOGRORUFHUYLFREUDTXLDO (OWUDWDPLHQWRGHPRYLOL]DFLyQGHOQHUYLRHV HQ Vt WDPELpQ XQD KHUUDPLHQWD GH GLDJQyVWL FR FRPR \D KHPRV LQGLFDGR /D PDQLREUD GH SXHVWDHQWHQVLyQGHFDGDQHUYLRSXHGHUHSUR GXFLUORVVtQWRPDVGHOSDFLHQWHKDFLpQGRODXQD KHUUDPLHQWDPX\~WLO +D\ GLIHUHQWHV PDQLREUDV GH WUDWDPLHQWR VXSLQR VHGHVWDFLyQ \ GHF~ELWR ODWHUDO SDUD HO PLHPEUR LQIHULRU 1RVRWURV KHPRV HOHJLGR HO GHF~ELWRODWHUDOGH(OHYDFLyQGHOD3LHUQD(VWL UDGD(3(SDUDHVWDSDFLHQWHSRUTXHVXHOHVHU PHMRUWROHUDGR (OSDFLHQWHVHFRORFDHQGHF~ELWRODWHUDOGHO ODGRVDQRHYLWDQGRODH[WHQVLyQGHWURQFR\GHO FXHOOR SXHV GLVPLQX\HQ OD WHQVLyQ QHXUDO TXH EXVFDPRV'HEHQHVWDUHQSRVLFLyQORPDVDOL QHDGDSRVLEOHODHVSDOGD\HOFXHOOR(OWHUDSHX WDFRORFDXQDGHVXVPDQRVHQHOWDOyQ\RWUDHQ HODQWHSLpPLHQWUDVTXHFRQD\XGDGHVXFXHUSR IDYRUHFH OD H[WHQVLyQ GH URGLOOD 3RFR D SRFR HOWHUDSHXWDYDUHDOL]DQGRÀH[LyQGHFDGHUD\ DGGXFFLyQFRQURGLOODHVWLUDGDKDVWDTXHHOSD FLHQWHQRWHODVHQVDFLyQGHLUULWDQWHQHXURSiWL FDSRUODSLHUQD)LJ 8QDYH]FRORFDGRHOPLHPEURHQWHQVLyQVH UHDOL]D OD PRYLOL]DFLyQ GHO QHUYLR VLQ SHUGHU GLFKD WHQVLyQ (O SDFLHQWH DFHUFD VX FDEH]D DO PLHPEURUHDOL]DQGRXQDÀH[LyQ)LJ\GHV SXpVODSDFLHQWHFRORFDODFDEH]DHQVXSRVLFLyQ LQLFLDOPLHQWUDVLQVLVWLPRVHQODHYHUVLyQGHOWD OyQDWUDYpVGHODQWHSLpFRPRHQOD¿JXUD (VWDPRYLOL]DFLyQVHUHSLWHGHYHFHVHQ HOWUDWDPLHQWR 6H OH UHFRPLHQGD UHDOL]DU DXWRSRVWXUDV GH GHVOL]DPLHQWR HQ FDVD WRGRV ORV GtDV WDPELpQ YHFHV7DO\FRPRLQGLFDOD¿JXUD(3( HOHYDFLyQFRQSLHUQDHVWLUDGDVREUHODSDUHG (OPLHPEURDIHFWRVHDSR\DVREUHODSDUHG\VH DGGXFHFRQURGLOODHVWLUDGDKDVWDOOHJDUDQRWDU OD VHQVDFLyQ LUULWDQWH QHXURSiWLFD 'HVGH DKt )LJ 5HYLVWD,QWHUQDFLRQDOGH&LHQFLDV3RGROyJLFDV 9RO1~P (YD0DUtD0DUWtQH]-LPpQH]-RVp,JQDFLR'tD] 7DODOJLDSRUDWUDSDPLHQWRGHO1HUYLR&DOFiQHR,QWHUQR GHEHWUDEDMDUGHODPLVPDPDQHUDSHURHQYH] GHÀH[LRQDUHOWURQFRGHEHEDMDUODEDUELOODKD FLDHOSHFKRVLQOHYDQWDUODFDEH]DGHVSXpVDO UHODMDUODFDEH]DGHEHIRU]DUODHYHUVLyQGHOSLH eVWDWpFQLFDWLHQHPX\SRFDVFRQWUDLQGLFD FLRQHV ²7UDVWRUQRVDJXGRVQHXUROyJLFRVUHFLHQWHVH LQHVWDEOHV ²/HVLRQHVGHODFRODGHFDEDOORSXHVUHTXLH UHQWUDWDPLHQWRTXLU~UJLFR ² 0HGXOD HVSLQDO DGKHULGD D OD GXUDPDGUH 'LVUD¿DGHWLSRFRQJpQLWD ²(QIHUPHGDGHVQHXURORJtDVHQIDVHDFWLYD ²3RUHOORVHKDFHHVSHFLDOPHQWH~WLOHQFRP SUHVLRQHVFRPRODVGHOQHUYLRFDOFiQHRLQ WHUQR/DVSUHFDXFLRQHVDWRPDU\FRPHQWDU FRQHOSDFLHQWHVRQODVVLJXLHQWHV ² (PSHRUDPLHQWR GHO WUDVWRUQR (O SDFLHQWH SXHGH QRWDU OD QRFKH GHVSXpV GH OD VHVLyQ TXHHPSHRUDQVXVVtQWRPDVGHSHQGHGHOD LUULWDFLyQ D OD TXH pVWH VRPHWLGD HO QHUYLR 3HURDODPDxDQDVLJXLHQWH\GtDVSRVWHULR UHVGHEHPHMRUDU ² &RPR DO PRYLOL]DU HO QHUYLR PRYLOL]DPRV WDPELpQORVYDVRVTXHORVDFRPSDxDQ/RV YDVRV VRQ PiV FRPSUHQVLEOHV TXH HO WHMLGR QHUYLRVRSRUORTXHSXHGHQDSDUHFHUHQDO J~QFDVRVtQWRPDVFLUFXODWRULRV ²3HUVRQDVFRQSUREOHPDVJHQHUDOHVGHVDOXG FRPRVLGDGLDEHWHVHVFOHURVLVP~OWLSOHVRQ HMHPSORVGHDOJXQRVWLSRVGHHQIHUPHGDGHV GRQGH VH GHEH DSOLFDU OD WpFQLFD FRQ PiV SUHFDXFLyQSRUVXGHELOLGDGGHOVLVWHPDQHU YLRVR ²<RWURVPiVSURSLDVGHPRYLOL]DFLRQHVGHO PLHPEURVXSHULRULUULWDELOLGDGPDUHRHWF 'HVGHODSULPHUDVHVLyQODSDFLHQWHHPSH]yD QRWDUPHMRUtDDODPDxDQDVLJXLHQWH\HQVXGR ORUQRFWXUQR /DSDFLHQWHHVWXYRUHDOL]DQGRHOWUDWDPLHQ WRGHVFULWRGXUDQWHPHVDSDUWLUGHOFXDOVX SHUFHSFLyQGRORURVDGLVPLQX\yGHXQDXQ DSDUWLUGHHQWRQFHVVHIXHURQHVSDFLDQGR ODVVHVLRQHVDDODVHPDQD\DORVGtDV FDGDVHPDQDV\DOPHV$ORVWUHVPHVHVGH WUDWDPLHQWRVHGLRHODOWDDODSDFLHQWHSRUTXH GHMDURQGHH[LVWLUORVVtQWRPDVWDQWRGHOWDOyQ FRPRORVGHVXWHQGLQLWLV\FRPHQ]yDUHDOL]DU VHQGHULVPRGHPDQHUDSURJUHVLYD &21&/86,21(6 (VWHFDVRFOtQLFRSRQHGHUHOLHYHODLPSRUWDQFLD GHXQEXHQGLDJQyVWLFRHLQFOXVRODLPSRUWDQ FLD GH H[SORUDU GXUDQWH HO WUDWDPLHQWR YDULDV YHFHV SDUD SRGHU FRPSUREDU OD LQWHQVLGDG GH ORVVtQWRPDV\ODSRVLEOHOHVLyQGHiUHDVQXH )LJ 5HYLVWD,QWHUQDFLRQDOGH&LHQFLDV3RGROyJLFDV 9RO1~P 7DODOJLDSRUDWUDSDPLHQWRGHO1HUYLR&DOFiQHR,QWHUQR (YD0DUtD0DUWtQH]-LPpQH]-RVp,JQDFLR'tD] YDV &RPR HVWD SDFLHQWH TXH HQ XQ SULQFLSLR SUHVHQWDEDXQDIDVFLWLVTXHVHUHVROYLy\HYROX FLRQyDXQDQHXULWLV (VLPSRUWDQWHGHVWDFDUWDPELpQFRPRQXH YDVWpFQLFDV\WHUDSLDVPDQXDOHVDEUHQHOFDP SRGHDFWXDFLyQGHOSRGyORJRFRPRODPRYL OL]DFLyQ QHXURPHQtQJHD (VWD WpFQLFD IiFLO \ H¿FD]GHVGHODSULPHUDVHVLyQDSRUWDDOSURFH VRGHFXUDFLyQGHFXDOTXLHUQHXURSDWtDXQDKH UUDPLHQWDLGHDOTXHFRPR\DVDEHPRVH[LVWHQ PX\SRFDVSDUDODUHFXSHUDFLyQGHORVQHUYLRV SHULIpULFRV )LJ )LJ %,/%,2*5$),$ 0LFKDXG 7& )RRW 2UWKRVHV DQG RWKHUV IRUPV RI FRQVHUYDWLYH IRRW FDUH QG HG %DOWLPRUH :LOOLDPVDQG:LONLQV 5RXYLHUH+'HOPDV$$QDWRPLD+XPDQDGHVFULSWLYDWRSRJUi¿FD\IXQFLRQDOVWHG%DUFHORQD 0DVVRQ 0DOD\ '6 0F*ODPU\ (' $GFTXLUHG 1HXURSDWKLHV ,Q %DQNV $6 'RZQH\ 06 0DUWLQ '( 0LOOHU6-0F*ODPU\VFRPSUHKHQVLYHWH[WERRNRIIRRWDQGDQNOHVXUJHU\UGHG3KLODGHOSKLD /LSSLQFRWW:LOOLDPVDQG:LONLQJVS %XWOHU'60RYLOL]DFLyQGHOVLVWHPDQHUYLRVRVWHG%DUFHORQD3DLGRWULYR 1HWWHU),PiJHQHVDQDWyPLFDVGHOGRORUVWHG0DGULG(OVHYLHU 5R[DV 0 3ODQWDU )DVFLLWLV 'LDJQRVLV DQG WHUDSHXWLF FRQVLGHUDWLRQV $OWHUQDWLYH 0HGLFLQH 5HYLHZ &KXQGU8/LHEHVNLPG$6LHGHOPDQQ))RJHO-)UDQNOLQ3%HOWUiQ-3ODQWDUIDVFLLWLVDQGFDOFD HVNLPG$6LHGHOPDQQ))RJHO-)UDQNOLQ3%HOWUiQ-3ODQWDUIDVFLLWLVDQGFDOFD QHDOVSXUIRUPDWLRQDUHDVVRFLDWHGZLWKDEGXFWRUGLJLWLPLQLPLDWURSK\RQ05,RIWKHIRRW6NHOHWDO 5DGLR ,UYLQJ'%&RRN-/<RXQJ0$0HQ]+%2EHVLW\DQGSURQDWHGIRRWW\SHPD\LQFUHDVHWKHULVN RIFKURQLFSODQWDUKHHOSDLQDPDWFKHGFDVHFRQWUROVWXG\%0&0XVFXORVNHOHWDO'LVRUGHUV 0D\ 6WXEHU..ULVWPDQVRQ.&RQVHUYDWLYHWKHUDS\IRUSODQWDUIDVFLLWLVDQDUUDWLYHUHYLHZRIUDQ GRPL]HGFRQWUROOHGWULDOV-&DQ&KLURSU$VVRF 5HYLVWD,QWHUQDFLRQDOGH&LHQFLDV3RGROyJLFDV 9RO1~P (YD0DUtD0DUWtQH]-LPpQH]-RVp,JQDFLR'tD] 7DODOJLDSRUDWUDSDPLHQWRGHO1HUYLR&DOFiQHR,QWHUQR /LDQJ+6WHSKHQVRQ*7KHVHERRNVZHUHQWPDGHIRUZDNLQJ7DUVDOWXQQHO6\QGURPH&0$- <RVKLQRUL7&KLNDUD.6XJLPRWR.<DVKXLWR76XVXPX77DUVDOWXQQHOV\QGURPH7KHMRXUQDO RIERQHDQGMRLQWVXUJHU\(Q9ROE1 $OOLVRQ*71DJ\%1+DOO7$UDQGRPL]HGFOLQLFDOWULDORIPDQXDOWKHUDS\FHUYLFREUDFKLDOSDLQ V\QGURPH$SLORWVWXG\0DQXDO7KHUDS\ 5HYLVWD,QWHUQDFLRQDOGH&LHQFLDV3RGROyJLFDV 9RO1~P