*21* ,,)HVWLYDOGH6RQLGRVH,QVWUXPHQWRVQRFRQYHQFLRQDOHVGHODV &XHYDVGHO6DOQLWUHGH&ROOEDWy \GH-XOLR ZZZJRQJFDW /DVFXHYDVPiJLFDVGH0RQWVHUUDWDFRJHUiQHO IHVWLYDOGHP~VLFDPiVLQQRYDGRUGHODxR /RVFDQWRVDUPyQLFRV\XQVRUSUHQGHQWHSDVHRPXVLFDOSRUHOLQWHULRU GHODVFXHYDVSURWDJRQL]DUiQ*RQJ )(&+$6<352*5$0$&,Ï1 'RPLQJRGH-8/,2DODVK 1e6725.251%/80&DQWRVDUPyQLFRV 6iEDGR\GRPLQJRGH-8/,2DODVK 3$6(2086,&$/325/$6&8(9$68QFRQFLHUWRHQPRYLPLHQWRFRQ GLYHUVRVDUWLVWDVGRQGHHOS~EOLFRSDUWLFLSDDFWLYDPHQWH ¢48e(6*21*" 8QDSURSXHVWDLQQRYDGRUD *21* HV XQ IHVWLYDO HVSHFLDOL]DGR FRQFHELGR FRPR XQD SODWDIRUPD SDUD GHVFXEULUVRQLGRVHLQVWUXPHQWRVQRFRQYHQFLRQDOHV (OIHVWLYDOSUHVHQWDQXHYDVDYHQWXUDV\H[SHULHQFLDVVRQRUDVTXHQRVSURSRQHQ P~VLFRV GH IRUPDFLyQ SURFHGHQFLD H LQIOXHQFLDV P~OWLSOHV TXH VH LQVSLUDQ WDQWR HQ OD FXOWXUD RULHQWDO FRPR HQ OD RFFLGHQWDO SDUD HODERUDU VX GLVFXUVR (VWRV QXHYRV DUWLVWDV XWLOL]DQ FRPR PHGLR GH H[SUHVLyQ ODV SRVLELOLGDGHV GH LQWUXPHQWRV LQXVXDOHV \ OHQJXDMHV PXVLFDOHV GH FXOWXUDV GLYHUVDV GH WRGRHOPXQGRHOKDQJHODUSDORVFXHQFRVGHFXDU]RHOJRQJHOGLGJHULGRR RORVFDQWRVDUPyQLFRVVRQDOJXQRVGHORVSURWDJRQLVWDVGHXQDRIHUWDDUWtVWLFD LQXVXDO 81$8%,&$&,Ï1(;75$25',1$5,$ /DPRQWDxDGH0RQWVHUUDW /RVFRQFLHUWRVGHO)HVWLYDO*21*VHUHDOL]DQHQODVDODPD\RUGHODV&XHYDV GHO6DOQLWUHGH&ROOEDWyHQSOHQRFRUD]yQGHODPRQWDxDGH0RQWVHUUDW XQHVSDFLRGHJUDQGHVGLPHQVLRQHVGHQRPLQDGR/D&DWHGUDOTXHGHVWDFDSRU XQD DF~VWLFD H[FHOHQWH \ XQ DPELHQWH QDWXUDO PX\ DGHFXDGR D HVWDV VRQRULGDGHV (QHVWDHGLFLyQVHLQFRUSRUDDGHPiVXQDSRVLELOLGDGH[WUDRUGLQDULDGHGHVFXEULU GHIRUPDPX\HVSHFLDOWRGRHOHVSDFLRWUDQVLWDEOHGHODV&XHYDVGHO6DOQLWUHHO HVSHFWDGRU VHUi JXLDGR GXUDQWH PHWURV GH UHFRUULGR GHVFXEULHQGRODVHQWUDxDVGHODPRQWDxDDFRPSDxDGRSRUORVVRQLGRV GHLQVWUXPHQWRVHLQWpUSUHWHVGLYHUVRVTXHLUiQDSDUHFLHQGRDORODUJR GHHVWHSDVHRPXVLFDO 81$(;3(5,(1&,$Ò1,&$ /D SURSXHVWD VXPD XQD RIHUWD PXVLFDO QXHYD \ GLIHUHQWH HQ XQ FRQWH[WR H[WUDRUGLQDULDPHQWHSURSLFLRXQEUHYHSDVHRGHQRFKHSRUODFDUD6XUGH 0RQWVHUUDW FRQ YLVWDV HVSHFWDFXODUHV GH OD FRPDUFD SDUD DGHQWUDUQRV VHJXLGDPHQWH HQ OD SURSLD PRQWDxD \ HQ ORV VRQLGRV GH ORV LQVWUXPHQWRVTXH SURWDJRQL]DQFDGDFRQFLHUWR 352*5$0$'(&21&,(5726 HU&21&,(572 1e6725.251%/80 '20,1*2'(-8/,2$/$6K /RV &DQWRV $UPyQLFRV HV XQD WpFQLFD DQWLJXD TXH FDSDFLWD D XQ FDQWDQWH SDUD SURGXFLU GRV R PiV VRQLGRV VLPXOWiQHRV 'H OD PLVPD PDQHUDTXHODOX]EODQFDVHFRPSRQHSRUXQDPSOLRHVSHFWURGHFRORUHVTXH DSDUHFHQYLVLEOHVFXDQGRODOX]HVUHIOHMDGDSRUXQSULVPDHOVRQLGRWDPELpQ SXHGH GHVFRPSRQHUVH HQ VXV SDUWHV FRQVWLWX\HQWHV ORV DUPyQLFRV 6yOR ORV FDQWDQWHV H[SHUWRV WLHQHQ XQ FRQWURO FRPSOHWR GH HVWRV DUPyQLFRV \ VRQ FDSDFHVGHFUHDUPHORGtDVSRUHQFLPDGHOERUGyQGHVXVSURSLDVYRFHV 3URJUDPDGHOFRQFLHUWR (O'HVSHUWDU/DYR]SULPRUGLDO±XQLVRQR 8QLyQ$UPRQtDHQWUHPDVFXOLQR\IHPHQLQR7LHUUD\&RVPRV 1DFLPLHQWR³DOSULQFLSLRHUDHO9HUER´<LQ\<DQJSDUWLFLSDQHQOD FUHDFLyQ±SURFUHDFLyQ (YROXFLyQ/DVP~OWLSOHVYRFHVGHODYR]VHIXQGHQFRQODVYRFHVGHORV LQVWUXPHQWRV &HOHEUDFLyQ$UPRQtD\DOHJUtDXQEDLOHGHDUPyQLFRVFHOHEUDQGRODYLGD 1pVWRU .RUQEOXP HV QDWXUDO GH 6XGiIULFD \ FRQRFLGR LQWHUQDFLRQDOPHQWH FRPRWHUDSHXWDGHOVRQLGR\FDQWDQWHGHDUPyQLFRV 'HVDUUROODVX IDFHWD GH LQWpUSUHWH FRQ QXPHURVRV FRQFLHUWRV \ VHVLRQHV GRQGH FRPELQD OD YR] FRQ RWURV LQVWUXPHQWRV VLHQGR XQR GH ORV SRFRV RFFLGHQWDOHV TXHGRPLQDODWpFQLFDPRQJROGHµODYR]JUDYH¶R .DUJ\UDD &RPR GRFHQWH GD UHJXODUHPHQWH FRQIHUHQFLDV \ FODVHV VREUH PXVLFRWHUDSLD \ FDQWRV DUPyQLFRV HQ GHSDUWDPHQWRV GH P~VLFD GH XQLYHUVLGDGHV FRQJUHVRV \ RWURVDFRQWHFLPLHQWRV(VDXWRUGHOSULPHUPpWRGRHQOHQJXDFDVWHOODQDSDUDHO FDQWRGHDUPyQLFRV -XQWR D VX HVSRVD 0LFKrOH $YHUDUG HV IXQGDGRU GH OD DVRFLDFLyQ µ7HUDSLD GHO 6RQLGR¶TXHGHVGHVXVHGHGH³/D&~SXOD´HQ$OLFDQWHOOHYDQDFDERXQDLQWHQVD DFWLYLGDGFRQFLHUWRVFXUVRV\FRQIHUHQFLDVVREUHHVWDWHPiWLFD &21&,(572 3$6(2086,&$/325/$6&8(9$6 8QFRQFLHUWR³HQPRYLPLHQWR´GRQGHHOS~EOLFRSDUWLFLSD 6È%$'2\'20,1*2'(-8/,2$/$6K ¢(148e&216,67(" %DMR HO QRPEUH GH SDVHR PXVLFDO VH HVFRQGH XQD SURSXHVWD LQQRYDGRUD GHVFXEULU HO HVSDFLR GH ODV FXHYDV FRQ XQD GLPHQVLyQ DxDGLGD OD P~VLFD (OSDVHRFRQFLHUWRVHH[WLHQGHSRUWRGRHOUHFRUULGRGHODVFXHYDVGHXQRV PHWURV GH ODUJR TXH VH KD GLYLGLGR HQ VHLV HVSDFLRV FDGD XQR FRQ XQ DUWLVWD\XQLQVWUXPHQWRGLIHUHQWH )81&,21$0,(172 (Q OXJDU GH SHUPDQHFHU VHQWDGR HQ XQD VLOOD GXUDQWH WRGR HO FRQFLHUWR HO S~EOLFR VH FRQYLHUWH HQ XQ HVSHFWDGRU DFWLYR TXH LUi GHVFXEULHQGR ORV GLIHUHQWHV HVFHQDULRV GH IRUPDV HVFXOWyULFDV GHO LQWHULRU GH OD PRQWDxD \ TXH VRQRUL]DGRVFREUDUiQXQUHOLHYHPiJLFR\GHOWRGRLQXVXDO $ OD OOHJDGD D FDGD iUHD VHUHPRV UHFLELGRV SRU HO VRQLGR GH XQ LQVWUXPHQWR 3RGUHPRVREVHUYDUODDFWXDFLyQHQGLUHFWRTXHGDQGRDWUDSDGRVGHQWURGHXQD DWPyVIHUDVRQRUDSDUDGLULJLUQRVDFRQWLQXDFLyQDOVLJXLHQWHHVSDFLR /RV DVLVWHQWHV LUiQ HQ JUXSRV GH SHUVRQDV \ DFRPSDxDGRV SRU XQ JXtD KDUiQWRGRHOUHFRUULGRGHLGD\YXHOWDHQXQRVPLQXWRV/RVJUXSRVHVWDUiQ RUJDQL]DGRVSRUFRORUHV\VDOGUiQFRQXQDSHULRGLFLGDGGHPLQXWRV $57,67$6 $UWLVWD $ULDQQD6DYDOO 3HWWHU-RKDQVHQ 5DYLG*ROGVFKPLGW 'DQLHO*UHQ]LQJ &ULVWLQD0RUD 5DYL5DPRQHGD &DUPH8EDFK ,QVWUXPHQWR $USDFDQWR 9LROtQ1RUXHJR±FDQWR +DQJ 'LGJHULGRR &XHQFRVGHFULVWUDOGHFXDU]R *RQJ $USD /$7(55$=$'(/$6&8(9$6 (QSDUDOHORDODRIHUWDPXVLFDOHOIHVWLYDOFRQWDUiWDPELpQFRQXQDHVSHFWDFXODU WHUUD]DHQSOHQDPRQWDxDDOSLHGHODVFXHYDVGRQGHDGHPiVGHGLVIUXWDUGH XQDVYLVWDVTXHOOHJDQKDVWDHOPDUSRGHUGHJXVWDUXQDRIHUWDGHSURGXFWRVGH DOLPHQWDFLyQHFROyJLFRVWpVWDUWDVLQIXVLRQHVHWF\GHFRPHUFLRVROLGDULR(O )HVWLYDO FRQWDUi WDPELpQ FRQ VWDQGV GH SURPRFLyQ WXUtVWLFD \ FXOWXUDO GH OD ]RQD /RVKRUDULRVGHIXQFLRQDPLHQWRGHODWHUUD]DVHUiQGHKDK 0È6,1)250$&,Ï1<9(17$$17,&,3$'$'((175$'$6 ZZZJRQJFDW &217$&72)(67,9$/*21* $VVRFLDFLy'20G¶,QLFLDWLYHV&XOWXUDOV &ROOEDWy%DL[/OREUHJDW 'LUHFFLyQGHO)HVWLYDO$QJHOLQD(VWHYH (PDLOLQIR#JRQJFDW *DELQHWHGH3UHQVD*XVWDYR6iQFKH] 7HO (PDLOSUHPVD#JRQJFDW