¢<HO&RPEXVWLEOH1XFOHDU$JRWDGR" 3RU5REHUW$OYDUH] /DVSODQWDVGHHQHUJtDQXFOHDUSRGUtDQWHQHUVXHVODEyQPiVGpELOHQODVSLVFLQDVGH FRPEXVWLEOHDJRWDGR/RVUHDFWRUHVVHHQFXHQWUDQGHQWURGHFRQWHQHGRUHVGHDFHURURGHDGRVGH HVWUXFWXUDVSHVDGDV\HGLILFLRVGHFRQWHQFLyQSHURODVSLVFLQDVGHFRPEXVWLEOHDJRWDGRVH HQFXHQWUDQHQHGLILFLRVPXFKRPiVYXOQHUDEOHV +DVWDKDFHSRFRODVSUHRFXSDFLRQHVGHSRVLEOHVDWDTXHVFRQWUD SODQWDVQXFOHDUHVFRPHUFLDOHVVHFHQWUDEDQSULQFLSDOPHQWHHQOD YXOQHUDELOLGDGGHORVHGLILFLRVGHFRQWHQFLyQGHORVUHDFWRUHV 3HURODVSODQWDVGHHQHUJtD QXFOHDUSRGUtDQWHQHUXQHVODEyQPiVGpELO VXVSLVFLQDVGH FRPEXVWLEOHDJRWDGR/RVUHDFWRUHVVHHQFXHQWUDQGHQWURGH FRQWHQHGRUHVGHDFHURURGHDGRVGHHVWUXFWXUDVSHVDGDV\ HGLILFLRVGHFRQWHQFLyQGLFH*RUGRQ7KRPSVRQFLHQWtILFRHQ MHIHGHO,QVWLWXWRSDUD(VWXGLRVVREUH5HFXUVRV\6HJXULGDG /DVSLVFLQDVGHFRPEXVWLEOHDJRWDGRTXHFRQWLHQHQDOJXQDVGH ODVFRQFHQWUDFLRQHVGHUDGLRDFWLYLGDGPiVDOWDVGHOSODQHWD SRGUtDQLQFHQGLDUVH\VHHQFXHQWUDQHQHGLILFLRVPXFKRPiV YXOQHUDEOHV $OJXQRVIXQFLRQDULRVS~EOLFRVFRPSDUWHQODSUHRFXSDFLyQGH 7KRPSVRQ$PtQRPHSUHRFXSDWDQWRHOQ~FOHRPHSUHRFXSDODSLVFLQDGHFRPEXVWLEOHJDVWDGROHGLMRHO JREHUQDGRUGH9HUPRQW+RZDUG'HDQDO1HZ<RUN7LPHVGHQRYLHPEUH%iVLFDPHQWHQRKD\ SURWHFFLyQDOOt /DVSLVFLQDVTXHVRQWtSLFDPHQWHFXHQFDVUHFWDQJXODUHVRHQIRUPDGH/GHXQRVPHWURVGHSURIXQGLGDG FRQPXURVGHFRQFUHWRUHIRU]DGRGHDPGH DQFKRTXHWLHQHQXQUHYHVWLPLHQWRGHDFHURLQR[LGDEOH /DVFXHQFDVVLQUHYHVWLPLHQWRGHDFHURVRQPiVVXVFHSWLEOHVDODVJULHWDV\ODFRUURVLyQ/DPD\RUSDUWHGH ODVFXHQFDVGHFRPEXVWLEOHDJRWDGRGHORVUHDFWRUHVGHDJXDHQHEXOOLFLyQVHHQFXHQWUDGHQWURGHORV HGLILFLRVGHORVUHDFWRUHVDYDULRVSLVRVVREUHHOQLYHOGHOVXHOR/DVSLVFLQDVGHORVUHDFWRUHVGHDJXDD SUHVLyQTXHFRQVWLWX\HQFHUFDGHODVGRVWHUFHUDVSDUWHVGHWRGDVODVSLVFLQDVHVWiQSDUFLDORWRWDOPHQWH HQWHUUDGDVDOJXQDVYHFHVVREUH W~QHOHVRFXDUWRVVXEWHUUiQHRV )XHJR\DJXD 'XUDQWHORV~OWLPRVDxRV7KRPSVRQTXHHVItVLFRHLQJHQLHURKDWUDEDMDGRHQQRPEUHGHJUXSRVGH FLXGDGDQRV\GHJRELHUQRVHVWDWDOHV\ORFDOHVSDUDFRQYHQFHUDODVDXWRULGDGHVUHJXODGRUDVHQPDWHULD QXFOHDUGH((88\(XURSDGHTXHODVSLVFLQDVGHFRPEXVWLEOHDJRWDGRUHSUHVHQWDQXQJUDYHULHVJR(O ULHVJRPiVJUDYHGLFHHVODSpUGLGDGHODJXDGHODSLVFLQDTXHHQIUtD\HQYXHOYHDORVFRQMXQWRVGH FRPEXVWLEOHDJRWDGRTXHVRQDOWDPHQWHUDGLRDFWLYRV8QDSpUGLGDGHDJXDSRGUtDH[SRQHUHOFRPEXVWLEOH DJRWDGRORTXHSURYRFDUtDXQLQFHQGLRFDWDVWUyILFRGHFRQVHFXHQFLDVSRWHQFLDOPHQWHPiVGHVRODGRUDVTXH ODVTXHFDXVDUtDODIXVLyQGHXQUHDFWRU/DPD\RUtDGHORVUHDFWRUHVHQ(VWDGRV8QLGRVDOPDFHQDVX FRPEXVWLEOHDJRWDGRHQSLVFLQDVGHDOWDGHQVLGDG6LHVHFRPEXVWLEOHTXHGDUDH[SXHVWRDODLUH\DOYDSRUHO UHYHVWLPLHQWRGHFLUFRQLRUHDFFLRQDUtDGHPDQHUDH[RWpUPLFD\VHLQFHQGLDUtDDFHUFDGHJUDGRV FHQWtJUDGRV(VSUREDEOHTXHHOHGLILFLRGHODVSLVFLQDVGHFRPEXVWLEOHQRUHVLVWLHUD\HOLQFHQGLRVH H[WHQGLHUDDODVSLVFLQDVFHUFDQDV/D&RPLVLyQ5HJXODGRUDHQ0DWHULD1XFOHDU15&DGPLWHTXHXQLQFHQGLR GHHVWHWLSRQRSRGUtDVHUH[WLQJXLGR\SRGUtDDUGHUIXULRVDPHQWHGXUDQWHYDULRVGtDV (QSURPHGLRODVSLVFLQDVGHFRPEXVWLEOHDJRWDGRFRQWLHQHQGHFLQFRDGLH]YHFHVPiVUDGLRDFWLYLGDGGHJUDQ ORQJHYLGDGTXHHOQ~FOHRGHXQUHDFWRU/RTXHUHVXOWDSDUWLFXODUPHQWHSUHRFXSDQWHHVODJUDQFDQWLGDGGH FHVLRSUHVHQWHHQODVSLVFLQDVGHFRPEXVWLEOH\D TXHFRQWLHQHQGHDPLOORQHVGHFXULHVGHHVWH SHOLJURVRLVyWRSR&RQXQDYLGDPHGLDGHDxRVHOFHVLRHPLWHUDGLDFLyQDOWDPHQWHSHQHWUDQWH\HV DEVRUELGRHQODFDGHQDDOLPHQWLFLDFRPRVLIXHUDSRWDVLR6HJ~QOD15&KDVWDXQGHOFHVLRGHXQD SLVFLQDVHOLEHUDUtDDODPELHQWHHQXQLQFHQGLR (QFRPSDUDFLyQHODFFLGHQWHGHHQ&KHUQRE\OOLEHUyHQODDWPyVIHUDDSUR[LPDGDPHQWHHOGHORV VHLVPLOORQHVGHFXULHVGHFHVLRTXHWHQtDHOQ~FOHRGHOUHDFWRUORTXHRFDVLRQyXQQ~PHUR PDVLYRGH H[SRVLFLRQHVUDGLRDFWLYDVIXHUDGHOVLWLR8QDVRODSLVFLQDGHFRPEXVWLEOHDJRWDGRFRQWLHQHPiVFHVLR TXHHOTXHIXHGHSRVLWDGRSRUWRGRVORVHQVD\RVDWPRVIpULFRVGHDUPDVQXFOHDUHVHQHO+HPLVIHULR1RUWH 6LXQLQFHQGLRHVWDOODUDHQODSLVFLQDGHFRPEXVWLEOHDJRWDGRGHOD8QLGDGGHO5HDFWRU0LOOVWRQHHQ &RQQHFWLFXWSURGXFLUtDXQDH[SRVLFLyQDODUDGLDFLyQWUHVYHFHVPD\RUTXHODQDWXUDO(VWHQLYHOGHUDGLDFLyQ SURYRFDUtDODSXHVWDHQYLJRUGHODPHGLGDGHHYDFXDFLyQGHOD15&\SRGUtDGHMDULQKDELWDEOHVFHUFDGH NPFXDGUDGRVGHWLHUUDVHJ~Q7KRPSVRQ&RPRHOHVWDGRGH&RQQHFWLFXWWLHQHXQDH[WHQVLyQGH VyORXQRVNPFXDGUDGRVXQDFFLGHQWHHQ0LOOVWRQHSRGUtDDIHFWDUVHYHUDPHQWHD/RQJ,VODQGH LQFOXVRDODFLXGDGGH1XHYD<RUN 8QLQIRUPHTXHHODERUyHO/DERUDWRULR1DFLRQDOGH%URRNKDYHQSDUDOD15&HQWDPELpQHQFRQWUyTXHXQ LQFHQGLRJUDYHHQXQDSLVFLQDSRGUtDGHMDULQKDELWDEOHVXQRVNPFXDGUDGRVFDXVDUKDVWD PXHUWHVGHFiQFHU\FRVWDU86PLO PLOORQHVHQGDxRV(OHVWXGLRGH%URRNKDYHQXWLOL]yXQHVWiQGDUGH LQKDELWDELOLGDGGLIHUHQWHDOGH7KRPSVRQ$XQTXHODVHVWLPDFLRQHVYDUtDQHOXVRGHXQSRFRGH LPDJLQDFLyQGLFH7KRPSVRQPXHVWUDTXHXQLQFHQGLRHQXQDSLVFLQDVHUtDXQGHVDVWUHUHJLRQDO\QDFLRQDO GHSURSRUFLRQHVKLVWyULFDV 9DULRVDFRQWHFLPLHQWRVSRGUtDQRFDVLRQDUXQDSpUGLGDGHDJXD GHXQDSLVFLQDLQFOX\HQGRIXJDVHYDSRUDFLyQVLIRQDPLHQWR ERPEHRHOLPSDFWRGHXQDDHURQDYHWHPEORUHVODFDtGD DFFLGHQWDORLQWHQFLRQDOGHXQFRIUHGHWUDQVSRUWHGH FRPEXVWLEOHODDYHUtDGHXQUHDFWRURXQDH[SORVLyQGHQWURR IXHUDGHOHGLILFLRGHODVSLVFLQDV/RVIXQFLRQDULRVGHODLQGXVWULD VRVWLHQHQTXHHOSHUVRQDOWHQGUtDWLHPSRVXILFLHQWHSDUDDFWLYDU XQVLVWHPDGHHQIULDPLHQWRDOWHUQDWLYRDQWHVGHTXHHO FRPEXVWLEOHDJRWDGRVHLQFHQGLDUD3HURVLHOQLYHOGHODJXD EDMDUDKDVWDVyORDSUR[LPDGDPHQWHXQPHWURSRUHQFLPDGHO FRPEXVWLEOHDJRWDGRODVGRVLVGHUDGLDFLyQHQHOHGLILFLRGHODV SLVFLQDVVHUtDQOHWDOHV $~QQRVHKDQIRUPDOL]DGR \PXFKRPHQRVSUREDGRORV SURFHGLPLHQWRVTXHORVUHVSRQVDEOHVGHOPDQHMRGHO FRPEXVWLEOHQHFHVLWDQVHJXLUSDUDUHFRQRFHUSUREOHPDVUHSDUDUHTXLSRIXHUWHPHQWHGDxDGR\UHTXHULU UHFXUVRVGHIXHUDGHOVLWLR3HURVLODVRSHUDFLRQHVUXWLQDULDVVLUYHQGHLQGLFDFLyQQRWRGRVORVUHDFWRUHV SDVDUtDQODSUXHEDVHJ~QDGPLWHODSURSLD15&ORVDXPHQWRVVLJQLILFDWLYRVHQODWHPSHUDWXUDGHODV SLVFLQDVGHFRPEXVWLEOHKDQSDVDGRGHVDSHUFLELGRVGXUDQWHGtDV 9LHMDSROtWLFDSUREOHPDVPiVYLHMRV &RQHOSDVRGHORVDxRVODSHUVLVWHQFLDGH7KRPSVRQKDYDOLGRODSHQD\DTXHOD15&DUHJDxDGLHQWHVKD KHFKRLPSRUWDQWHVFRQFHVLRQHV'XUDQWHDxRVOD15&GLRSRUVHQWDGRTXHHOFRPEXVWLEOHDJRWDGR HQYHMHFLGRTXHVHKDPDQWHQLGRYDULRVDxRVSDUDTXHORVLVyWRSRVUDGLRDFWLYRVVHGHJUDGHQFRUUtDXQULHVJR PtQLPRGHLQFHQGLDUVH3HURHQXQHVWXGLRUHDOL]DGRHQRFWXEUHGHVREUHORVULHVJRVGHOFRPEXVWLEOH DJRWDGRHQHPSOD]DPLHQWRVGRQGHORVUHDFWRUHVKDEtDQVLGRGDGRVGHEDMDOD15&DGPLWLyTXHOD SRVLELOLGDGGHXQLQFHQGLRGHFLUFRQLRQRSXHGHGHVFDUWDUVHQLVLTXLHUDPXFKRVDxRVGHVSXpVGHODFODXVXUD GHILQLWLYDGHXQUHDFWRU 'HKHFKRHOHTXLSRTXHVHLQVWDODSDUDKDFHUVHJXUDVODVSLVFLQDVGHDOWDGHQVLGDGDXPHQWDHOULHVJRGH LQFHQGLRGHPDQHUDSDUWLFXODUHQHOFDVRGHOFRPEXVWLEOHDJRWDGRHQYHMHFLGR(QODVSLVFLQDVGHDOWD GHQVLGDGGHORVUHDFWRUHVGHDJXDDSUHVLyQORVFRQMXQWRVFRPEXVWLEOHVVHFRORFDQDXQDGLVWDQFLD DSUR[LPDGDGHHQWUH\FPHQWUHVtGLVWDQFLDOLJHUDPHQWHPD\RUTXHODTXHWLHQHQGHQWURGHXQ UHDFWRU3DUDFRPSHQVDUHOPD\RUULHVJRGHFULWLFLGDGODVSLVFLQDVKDQVLGRUHFRQYHUWLGDVFRQPHMRUHV FRQWUROHVTXtPLFRVGHODJXD\SDQHOHVDEVRUEHQWHVGHQHXWURQHVHQWUHORVFRQMXQWRV/RVGLVSRVLWLYRV DGLFLRQDOHVUHVWULQJHQODFLUFXODFLyQGHO DJXD\HODLUHORFXDOFUHDYXOQHUDELOLGDGDIDOODVVLVWpPLFDV6LHO HTXLSRVHGHVSORPDUDRVXIULHUDXQDDYHUtDFRPRSRGUtDVXFHGHUSRUHMHPSORGXUDQWHXQDWDTXHWHUURULVWD VHREVWUXLUtDHOIOXMRGHDLUH\DJXDDORVFRQMXQWRVFRPEXVWLEOHVH[SXHVWRVORTXHSURYRFDUtDXQLQFHQGLR VHJ~QHOLQIRUPHGHOD15&(OFDORUFRQYHUWLUtDHODJXDUHVWDQWHHQYDSRUHOFXDOLQWHUDFWXDUtDFRQHO FLUFRQLRHPSHRUDQGRHOSUREOHPDDOSURGXFLUKLGUyJHQRLQIODPDEOH\H[SORVLYR3RUFRQVLJXLHQWHOD15& FRQFOX\yTXHQRHVIDFWLEOHVLQQXPHURVDVUHVWULFFLRQHVGHILQLUXQQLYHOJHQpULFRGHFDORUSURGXFLGRSRUOD GHJUDGDFLyQGHFRPEXVWLEOHQLSRUORWDQWRHOWLHPSRGHGHVLQWHJUDFLyQPDVDOOiGHOFXDOXQLQFHQGLRFRQ FLUFRQLRQRHVSRVLEOHItVLFDPHQWH 4XL]iODDGPLVLyQPiVLPSRUWDQWHIXHODTXHVHKL]RHQMXQLRGHFXDQGRHOSHUVRQDOGHOD15&UHSRUWy TXHODVDPHQD]DVWHUURULVWDVFRQWUDODVSLVFLQDVGHFRPEXVWLEOHDJRWDGRVRQFUHtEOHV\QRSXHGHQ GHVFDUWDUVH+DVWDKDFHSRFRHOSHUVRQDOGHOD15&FUHtDTXHODDPHQD]DEiVLFDGHGLVHxR>HVGHFLUOD PD\RUDPHQD]DSRVLEOHTXHGHEHFRQVLGHUDUVHHQODFRQVWUXFFLyQGHXQDSODQWD@GHXQVDERWDMHUDGLROyJLFR QRSRGUtDFDXVDUXQLQFHQGLRGHFLUFRQLR6LQHPEDUJR>ODVSROtWLFDVGHVHJXULGDGGHOD15&FRQUHODFLyQDO DOPDFHQDPLHQWRGHFRPEXVWLEOHDJRWDGR@QRFRUURERUDQODDVHYHUDFLyQGHXQSHOLJURPHQRUSDUDODVDOXG\ VHJXULGDGS~EOLFDVGDGDVODVSRVLEOHVFRQVHFXHQFLDVGHXQVDERWDMH $SHVDUGHVXUHFRQRFLPLHQWRGHORVSHOLJURVGHODVSLVFLQDVGHFRPEXVWLEOHDJRWDGRODFDSDFLGDGGHOD15& SDUDDGDSWDUVHDXQPXQGRPXFKRPiVSHOLJURVRHVWiD~QSRUYHUVH'HVSXpVGHORVDWHQWDGRVGHOGH VHSWLHPEUHOD15&WDUGyGtDVHQDGPLWLUTXHODVSODQWDVQXFOHDUHVQRIXHURQGLVHxDGDVSDUDUHVLVWLUHO LPSDFWRGHXQDYLyQ FRPHUFLDO$XQTXHHVWDGHFODUDFLyQUHFLELyXQDDPSOLDFREHUWXUDGHORVPHGLRVOD15& QRHVWDEDKDFLHQGRPiVTXHUHLWHUDUORVUHVXOWDGRVGHXQDYLHMDSROtWLFD (QOD-XQWDGH6HJXULGDG$WyPLFD\/LFHQFLDVGHOD15&UHVROYLyTXHORVSURSLHWDULRVGHORVUHDFWRUHV QRHVWiQREOLJDGRVDGLVHxDU>VXVLQVWDODFLRQHV@SDUDUHVLVWLUDFRQWHFLPLHQWRVFRPRHOLPSDFWRGHXQ DYLyQJUDQGHHQSLFDGD/RVUHDFWRUHVQRSRGUtDQSURWHJHUVHHIHFWLYDPHQWH FRQWUDWDOHVDWDTXHVVLQTXHVH OHVWUDQVIRUPDUDHQIRUWDOH]DVYLUWXDOPHQWHLQH[SXJQDEOHVDXQFRVWRPXFKRPiVHOHYDGR(VWHSXQWRGH YLVWDHVDSR\DGRSRURWUDSROtWLFDGHOD15&TXHWDPELpQGDWDGHPXFKRWLHPSR\TXHH[FOX\HOD FRQVLGHUDFLyQGHSRVLEOHVDFWRVWHUURULVWDVHQODVGLOLJHQFLDVUHODWLYDVDORWRUJDPLHQWRGHOLFHQFLDV'HELGRD TXHORVDFWRVWHUURULVWDVVRQLPSUHGHFLEOHV UD]RQDOD15& VRQDMHQRVDORVUHTXHULPLHQWRVGHVHJXULGDG ,QFUHtEOHPHQWHDOGtDVLJXLHQWHGHORVDWHQWDGRVGHOGHVHSWLHPEUHOD15&UHVROYLyTXHODV SUHRFXSDFLRQHVVREUHHO WHUURULVPRH[SUHVDGDVSRUODDJUXSDFLyQ*HRUJLDQV$JDLQVW1XFOHDU(QHUJ\*$1( FRQUHODFLyQDODPH]FODGHSOXWRQLRHQHOFRPEXVWLEOHQXFOHDUGHODSODQWDGHO'HSDUWDPHQWRGH(QHUJtDHQ 6DYDQQDK5LYHUFDUHFtDQGHIXQGDPHQWRSRUTXH*$1(QRKDGHPRVWUDGRTXHORVDFWRVWHUURULVWDVHVWpQ GHQWURGHOiPELWRGHORVDFRQWHFLPLHQWRVUD]RQDEOHPHQWHSUHYLVLEOHV 6HHPSLH]DDDJRWDUHOHVSDFLR /D15&HVWiUHYLVDQGRDFWXDOPHQWHVXVSROtWLFDVGHVHJXULGDGGHVGHDUULEDKDVWDDEDMR\HVWiWUDEDMDQGR ODVKRUDVGHOGtDSDUDDVHJXUDUODSURWHFFLyQGHODVSODQWDVQXFOHDUHV\ODVLQVWDODFLRQHVGHFRPEXVWLEOH QXFOHDUVHJ~QOHGLMRXQSRUWDYR]GHOD15&9LFWRU'ULFNVDO:DVKLQJWRQ3RVWHOSULPHURGHQRYLHPEUH 7RGRHVWiVREUHODPHVD4XLVLHUDGHFLUOHTXHWRGRYDDHVWDUELHQSHURQRORSXHGRKDFHU ¢6HUiVXILFLHQWHWHQHUPiVUHMDVJXDUGLDV\SLVWRODV"8QDVWRQHODGDVGHFRPEXVWLEOHQXFOHDUDJRWDGR HVWiQDOPDFHQDGDVHQODVSLVFLQDVGHHPSOD]DPLHQWRVGHUHDFWRUHVWDQWRHQRSHUDFLyQFRPR FODXVXUDGRVHQWRGR(VWDGRV8QLGRVFRQPiVGHPLOORQHVGHFXULHVGHUDGLRDFWLYLGDGGHJUDQ ORQJHYLGDG(O'HSDUWDPHQWRGH(QHUJtDHVWLPDTXHGXUDQWHORVSUy[LPRVDxRVVHUHTXHULUiHVSDFLRGH DOPDFHQDPLHQWRSDUDXQDFDQWLGDGDGLFLRQDOGHWRQHODGDVGHFRPEXVWLEOHDJRWDGR /RVSURSLHWDULRVGHODVSODQWDV\DHVWiQUHDOL]DQGRWUDEDMRGHFDELOGHRSDUDTXHVHDPSOtHHOHVSDFLR3RU HMHPSORODSODQWD0LOOVWRQHHQ&RQQHFWLFXWWLHQHFRQMXQWRVFRPEXVWLEOHVHQODSLVFLQDGHOD8QLGDG GHOUHDFWRU3HUR HOSURSLHWDULRGH0LOOVWRQHOD'RPLQLRQ1XFOHDU&RQQHFWLFXW,QFHVWiVROLFLWDQGRSHUPLVR GHOD15&SDUDDPSOLDUODSLVFLQDSDUDTXHWHQJDFDSDFLGDGSDUDFRQMXQWRV /DVSLVFLQDVGHFRPEXVWLEOHJDVWDGRIXHURQGLVHxDGDVSDUDTXHIXHUDQWHPSRUDOHV \SDUDTXHDOPDFHQDUDQ VyORXQDSHTXHxDIUDFFLyQGHODFDQWLGDGGHFRPEXVWLEOHTXHDFWXDOPHQWHWLHQHQ1LOD$(&>&RPLVLyQGH (QHUJtD$WyPLFDDKRUD'HSDUWDPHQWRGH(QHUJtD@QLORVRUJDQLVPRVRSHUDGRUHVSUHYLHURQODQHFHVLGDGGH DOPDFHQDUHQORVVLWLRVGH RSHUDFLyQJUDQGHVFDQWLGDGHVGHFRPEXVWLEOHDJRWDGRGLMRODHPSUHVD SURSLHWDULDGH0LOOVWRQHHQRFWXEUHGHODxRSDVDGR(OSURFHVDPLHQWRFRPHUFLDOHQJUDQHVFDODQXQFDVH FRQFUHWyHQ((88&RPRFRQVHFXHQFLDODVSODQWDVQXFOHDUHVHQRSHUDFLyQHVWDEDQREOLJDGDVDPDQHMDU FDQWLGDGHVFDGDYH]PD\RUHVGHFRPEXVWLEOHLUUDGLDGR(VWRKDSDVDGRDVHUXQDUHDOLGDGSDUDODV SODQWDVQXFOHDUHV /DSROtWLFDGHOD15&TXHSHUPLWHXQDDPSOLDFLyQGHODOPDFHQDPLHQWRHQODVSLVFLQDVVHEDVDHQODKLSyWHVLV GHTXHDOJ~QGtDHOJRELHUQRGHVHFKDUiSHUPDQHQWHPHQWHWRGRHOFRPEXVWLEOHDJRWDGRHQFRQIRUPLGDGFRQ ORUHTXHULGRSRUOD/H\GH3ROtWLFDVGH'HVHFKRV1XFOHDUHVTXHGDWDGH3HURHO'HSDUWDPHQWRGH (QHUJtDQRDFHSWDUiODFXVWRGLDGHFRPEXVWLEOHDJRWDGRVLQRKDVWDSRUORPHQRVVLHVTXHORDFHSWD DOJ~QGtD$XQVLHO 'HSDUWDPHQWRGH(QHUJtD\ODDGPLQLVWUDFLyQ%XVKORJUDQVXSHUDUODIRUPLGDEOH RSRVLFLyQDODDSHUWXUDGHXQGHSyVLWRSURSXHVWRSDUD<XFD0RXQWDLQHQ1HYDGDHOWUDQVSRUWHGHYDULRV PLOHVGHHPEDUTXHVGHUHVLGXRVDOWDPHQWHUDGLRDFWLYRVSRGUtDHQWUDxDUXQULHVJRFRQVLGHUDEOH 6ROXFLRQHVDOSUREOHPDGHODOPDFHQDPLHQWR $ODOX]GHODDGPLVLyQGHOD15&DFHUFDGHODVYXOQHUDELOLGDGHVGHOFRPEXVWLEOHDJRWDGRSDUHFHTXHVHUtD PiVIiFLOFDXVDUXQDFFLGHQWHHQXQDSLVFLQDGHFRPEXVWLEOHDJRWDGRTXHURPSHUP~OWLSOHVFRIUHVGH FRQFUHWR\DFHURUHIRU]DGRSDUDDOPDFHQDPLHQWRHQVHFR\OLEHUDUORVFRQWHQLGRVUDGLRDFWLYRV(OXVRGH FRIUHV\RWUDVDOWHUQDWLYDVGHDOPDFHQDPLHQWRUHGXFLUtDHQRUPHPHQWHRLQFOXVRHOLPLQDUtDORVULHVJRVGHXQ LQFHQGLRHQXQDSLVFLQD8QSXxDGRGHSURSLHWDULRVGHUHDFWRUHVKDFRORFDGRVyORHOFXDWURSRUFLHQWRGHO WRWDOGHFRPEXVWLEOHDJRWDGRGHOSDtVHQDOPDFHQDPLHQWRHQVHFR +R\HQGtDODSUHVLyQTXHVLHQWHQORVSURSLHWDULRVGHORVUHDFWRUHVGHELGRDODGHVUHJXODFLyQGHODLQGXVWULD HOpFWULFDPLQDORVHVIXHU]RVDIDYRUGHODVHJXULGDGQXFOHDU6HJ~QXQLQIRUPHVREUHODGHVUHJXODFLyQGHORV VHUYLFLRVS~EOLFRV\ODHQHUJtDQXFOHDUUHDOL]DGRSRUOD1XNHP&RUSRUDWLRQ(QHVWDHUDGHGHVUHJXODFLyQQR KDEUiQLQJ~QFRQMXQWRGHFOLHQWHVFDXWLYRVTXHVXIUDJXHFRVWRVGHRSHUDFLyQDQWLHFRQyPLFRVRDGLFLRQHV PDVLYDVGHFDSLWDO'HELGRDODGHVUHJXODFLyQORVSURSLHWDULRVGHPXFKRVUHDFWRUHVVRQFRPSDxtDVGH UHVSRQVDELOLGDGOLPLWDGDFRQSRFDVRQLQJXQDUHVHUYDVGHHIHFWLYR1RH[LVWHQLQJ~QLQFHQWLYRILQDQFLHUR SDUDTXHWUDVODGHQORVGHVHFKRVDDOPDFHQDPLHQWRHQVHFRPiVVHJXUR 2WURVSDtVHVHVWiQWRPDQGRPX\HQVHULRODVYXOQHUDELOLGDGHVGHOFRPEXVWLEOHDJRWDGR$OHPDQLDHVWi EXVFDQGRODPDQHUDGHSURWHJHUPHMRUHQUHFLSLHQWHVD~QPiVUREXVWRVGHDOPDFHQDPLHQWRHQVHFRVX FRPEXVWLEOHDJRWDGR)UDQFLDKDLQVWDODGRPLVLOHVDQWLDpUHRVDOUHGHGRUGHVXVSLVFLQDVGHFRPEXVWLEOH DJRWDGRHQODVLQVWDODFLRQHVGHUHSURFHVDPLHQWRGH/D +DJXHGRQGHVHHQFXHQWUDQDOPDFHQDGRVXQRV PLOORQHVGHFXULHVGHFHVLR/RTXH(VWDGRV8QLGRVKDUiSDUDSURWHJHUDOS~EOLFRGHHVWDJUDYH YXOQHUDELOLGDGQXFOHDUHVWiD~QSRUYHUVH /DHOLPLQDFLyQSHUPDQHQWHGHOFRPEXVWLEOHDJRWDGRGHORVUHDFWRUHVFRPHUFLDOHVSDUHFHDKRUDXQD DEVWUDFFLyQPD\RUTXHXQJROSHWHUURULVWDFRQWUDXQDSODQWDQXFOHDU$VHJXUDUODSURWHFFLyQGHOFRPEXVWLEOH DJRWDGRTXHVHHQFXHQWUDHQODVSLVFLQDVDFDVLVXFDSDFLGDGGHEHUtDVHUXQDSULRULGDGGHVHJXULGDGS~EOLFD GHOPiVDOWRQLYHO6LORVDFRQWHFLPLHQWRVGHOGHVHSWLHPEUHQRVKDQHQVHxDGRDOJRHVTXHODJXHUUD FRQWUDHOWHUURULVPRVHUiXQDOXFKDLPSUHGHFLEOH(OFRVWRGHHOLPLQDUODVYXOQHUDELOLGDGHVQXFOHDUHVGH (VWDGRV8QLGRVSXHGHVHUDOWRSHURHOSUHFLRGHKDFHUGHPDVLDGRSRFRHVLQFDOFXODEOH (FR3RUWDOQHW 5REHUW$OYDUH] ([DVHVRUHQMHIHVREUHSROtWLFDVGHO'HSDUWDPHQWRGH(QHUJtD \DFWXDOPHQWHDFDGpPLFRGHDOWRQLYHOGHO,QVWLWXWHIRU3ROLF\6WXGLHV