9$5,$%,/,'$''(/$5(/$&,21'%2'42(15,26'( 78&80$1$5*(17,1$ +LGDOJR0DUJDULWDGHO90HRQL*ODG\V6%DUULRQXHYR0DUtD$1DYDUUR*UDFLHOD3D]5XEHQ 'LUHFFLyQ*HQHUDOGH6DQHDPLHQWR$PELHQWDO 6LVWHPD3URYLQFLDOGH6DOXG 3MH'RUUHJR6DQ0LJXHOGH7XFXPiQ )D[ (PDLOKLGDOJRP#XROVLQHFWLVFRPDU 3DODEUDVFODYHV&DOLGDGGHDJXDV5tRV'HPDQGD%LRTXtPLFDGH2[tJHQR'HPDQGD4XtPLFDGH 2[tJHQR &RQJUHVR$UJHQWLQRGH6DQHDPLHQWR\0HGLR$PELHQWH DOGH6HSWLHPEUHGH 5(680(1 /DV DJXDV VXSHUILFLDOHV GH OD FXHQFD PHGLD \ EDMD GHO 5tR 6DOt 3URYLQFLD GH 7XFXPiQ VH FDUDFWHUL]DQ SRU SUHVHQWDU XQ HOHYDGR JUDGR GH FRQWDPLQDFLyQ RUJiQLFD &RQ HO REMHWR GH HYDOXDU OD QDWXUDOH]D GH ORV FRQWDPLQDQWHV RUJiQLFRV H[LVWHQWHV HQ HVWD DJXD VH DQDOL]y OD YDULDFLyQ GH OD UHODFLyQ '%2 '42 LGHQWLILFDGDFRPR5(OHVWXGLRFRQVLGHUyODYDULDFLyQHVSDFLDO\WHPSRUDOGHHVWD UHODFLyQ\VXUHODFLyQFRQSXQWRVGHUHIHUHQFLD6HHQFRQWUyTXHUtRVFRQDJXDVGH EXHQD FDOLGDG SUHVHQWDQ YDORUHV GH 5 PHQRUHV GH /D PD\RUtD GH ORV SXQWRV PXHVWUHDGRVSUHVHQWDQYDORUHVGH5HQWUH\ORFXDOLQGLFDUtDXQDDOWHUDFLyQ GHDJXDVFRQLPSRUWDQWHDSRUWHGHPDWHULDRUJiQLFDQRELRGHJUDGDEOH $%675$&7 6XUIDFH ZDWHU RI WKH 6DOt ULYHU PLGGOH DQG ORZHU GUDLQDJH EDVLQ LQ 7XFXPiQ LV FKDUDFWHUL]HGE\LWVKLJKFRQWHQWRIVROXEOHRUJDQLFPDWWHU,QWKLVZRUNWKHYDULDELOLW\ RI WKH UHODWLRQVKLS '%2'42 5 LV DQDO\]HG ZLWK WKH SXUSRVH RI HYDOXDWLQJ WKH QDWXUHRIVROXEOHRUJDQLFPDWWHU7HPSRUDODQGVSDWLDOYDULDELOLW\RI5DQGLWVUHODWLRQ WRWKHZDWHUTXDOLW\RIWKHUHIHUHQFHVDPSOHSRLQWVDUHFRQVLGHUHG,WZDVIRXQGWKDW ULYHUVZLWKJRRGZDWHUTXDOLW\SUHVHQW5YDOXHVORZHUWKDQ0RVWZDWHUVDPSOHV SUHVHQW 5 YDOXHV EHWZHHQ DQG VXJJHVW DQ LPSRUWDQW FRQWULEXWLRQ RI QRQ ELRGHJUDGDEOHRUJDQLFPDWWHUWR5 ,1752'8&&,Ï1 /D3URYLQFLDGH7XFXPiQHVWiVLWXDGDHQHOQRURHVWHGH$UJHQWLQDHQWUH\6 \HQWUH\:$EDUFDXQDVXSHUILFLHGHNP \SRVHHXQDSREODFLyQGH KDELWDQWHV,1'(&/DSUHFLSLWDFLyQYDUtDHQWUH\PPSRU DxR GLVPLQX\HQGR GHVGH HO RHVWH KDFLD HO HVWH /DV OOXYLDV WLHQHQ XQ UpJLPHQ PRQ]yQLFR FRQFHQWUDGDV HQ HO YHUDQR \ SDUWH GHO RWRxR /RV YHUDQRV VRQ PX\ FDOXURVRV/DWHPSHUDWXUDPHGLDDQXDOYDUtDHQWUH\&*DUFtD HWDO (OUtR6DOtQDFHHQHOUtR7DOD3URYLQFLDGH6DOWDDWUDYLHVDOD3URYLQFLDGH7XFXPiQ GH QRUWH D VXU \ GHVDJXD HQ HO (PEDOVH GHO 5tR +RQGR HO FXDO HVWi VLWXDGR HQ HO &RQJUHVR$UJHQWLQRGH6DQHDPLHQWR\0HGLR$PELHQWH DOGH6HSWLHPEUHGH VXGHVWH GH OD SURYLQFLD GH 7XFXPiQ HQ HO OtPLWH LQWHUSURYLQFLDO FRQ 6DQWLDJR GHO (VWHUR$JXDVDEDMRGHOHPEDOVHFRQWLQ~DFRQHOQRPEUHGH'XOFHHQODVSURYLQFLDV GH6DQWLDJRGHO(VWHUR\&yUGREDKDVWDGHVHPERFDUHQODODJXQDGH0DU&KLTXLWD *DOLQGRHWDO (O HPEDOVH GH 5tR +RQGR RFXSD KHFWiUHDV \ WLHQH XQD FDSDFLGDG GH DOPDFHQDMHGHKP6HXVDFRPRXQDUHVHUYDGHDJXDSRWDEOHSDUDFLXGDGHV GH6DQWLDJRGHO(VWHUR\SDUDULHJR*DOLQGRHW DO $GHPiV KD\ DEXQGDQWH DFWLYLGDGSHVTXHUD\VHORFRQVLGHUDXQDLPSRUWDQWHUHVHUYDHFROyJLFDHQ$UJHQWLQD $PRURVRHWDO /D FXHQFD KLGURJUiILFD GHO UtR 6DOt DEDUFD HO GHO WHUULWRULR GH OD SURYLQFLD GH 7XFXPiQ(VWiFRQVWLWXLGDSRUXQDGHQVDUHGGHGUHQDMHTXHFRQFHQWUDHODJXDGH ODV SUHFLSLWDFLRQHV SURGXFLGDV HQHO IDOGHR RULHQWDO GH ORV FRUGRQHV PRQWDxRVRV XELFDGRV HQ HO RHVWH GH OD SURYLQFLD /RV UtRV SURYHQLHQWHV GH HVWRV FRUGRQHV FRQVWLWX\HQORVWULEXWDULRVGHPD\RULPSRUWDQFLDGHOUtR6DOt (VWDFXHQFDFRQFHQWUD ODDFWLYLGDGHFRQyPLFDSURYLQFLDOGHPDQHUDTXHVXVUHFXUVRVKtGULFRVVXVWHQWDQGH IRUPD GLUHFWD R LQGLUHFWD OD SURGXFFLyQ SURYLQFLDO /RV SULQFLSDOHV XVRV GH OD UHG KLGUROyJLFDVRQHODEDVWHFLPLHQWRGHDJXDSRWDEOHHODJURSHFXDULRHLQGXVWULDO\OD SURGXFFLyQKLGURHOpFWULFD,3'98 (O FDXGDO GH ORV UtRV TXH FRQIRUPDQ HO VLVWHPD GHSHQGH IXQGDPHQWDOPHQWH GHO UpJLPHQ GH SUHFLSLWDFLRQHV /RV FDXGDOHV Pi[LPRV VH UHJLVWUDQ HQ ORV PHVHV GH 1RYLHPEUHD$EULO\ORVPtQLPRVHQORVPHVHVGH0D\RKDVWD2FWXEUH(OSHUtRGR GH PHQRU FDXGDO FRLQFLGH FRQ OD pSRFD GH PD\RU DFWLYLGDG LQGXVWULDO \ FRQ ORV QLYHOHV PiV DOWRV GH YHUWLGR GH HIOXHQWHV LQGXVWULDOHV /D ]DIUD D]XFDUHUD FRPR OD FtWULFD SULQFLSDOHV DFWLYLGDGHV LQGXVWULDOHV SURYLQFLDOHV DSUR[LPDGDPHQWHHQ0D\R\ILQDOL]DQHQ1RYLHPEUH6(0$ FRPLHQ]DQ /RV HVWXGLRV UHDOL]DGRV D OD IHFKD UHIHULGRV D OD FDOLGDG GH ODV DJXDV GHO UtR 6DOt LQGLFDQ XQD VHYHUD FRQWDPLQDFLyQ GH RULJHQ RUJiQLFR IXQGDPHQWDOPHQWH HQ VX FXUVRPHGLRHLQIHULRUFRQXQDUHFXSHUDFLyQHQODFDOLGDGGHODVDJXDVDQWHVGHVX GHVHPERFDGXUDHQHOHPEDOVHGH5tR+RQGRODFXDOHVPiVPDUFDGDHQpSRFDGH OOXYLDV*ULPDOGL0&7\0$6(0$+LGDOJRHWDO 3HUHUDHWDO6HHOLJPDQ)HUQiQGH]7XULHOHWDO 'HELGR D ODV DFWLYLGDGHV KXPDQDV HO UtR 6DOt HVWi PX\ FRQWDPLQDGR 5HFLEH SULQFLSDOPHQWH GHVFDUJDV GH FORDFDOHV \ DJXDV UHVLGXDOHV SURYHQLHQWHV GH ODV &RQJUHVR$UJHQWLQRGH6DQHDPLHQWR\0HGLR$PELHQWH DOGH6HSWLHPEUHGH LQGXVWULDV GH D]~FDU OLPyQ \ SDSHO OR TXH FRQGXFH D XQD FRQFHQWUDFLyQ PX\ DOWD GH PDWHULD RUJiQLFD (VWRV QLYHOHV DOWRV GH PDWHULD RUJiQLFD KDQ VLGR PHGLGRV HQ GLYHUVRVUtRVGH7XFXPiQHQWUHHVWRVHQHOUtR6DOt*DOLQGRHWDO DWUDYpVGH GHWHUPLQDFLRQHVGH'HPDQGD%LRTXtPLFDGH2[tJHQRDFLQFRGtDV'%2 /D'%2 GD LQIRUPDFLyQ DFHUFD GHO FRQWHQLGR GH PDWHULD RUJiQLFD ELRGHJUDGDEOH /D LQIRUPDFLyQDFHUFDGHODSUHVHQFLDGHFRPSXHVWRVRUJiQLFRVQRELRGHJUDGDEOHVHV HVFDVD &KDLOHHW DO DVt FRPR WDPELpQ VX DSRUWH DO FRQWHQLGR GH PDWHULD RUJiQLFD WRWDO (VWD LQIRUPDFLyQ UHVXOWD GH LQWHUpV IXQGDPHQWDOPHQWH FXDQGR VH DQDOL]DODXWLOL]DFLyQGHOUHFXUVRKtGULFR ([LVWHQGRVPpWRGRVSULQFLSDOHVSDUDPHGLUODFDOLGDGGHODJXDGHXQUtRHQFXDQWR DFRQWHQLGRGHPDWHULDRUJiQLFDSUHVHQWHHQHOPLVPROD'HPDQGD%LRTXtPLFDGH 2[tJHQRHQFLQFRGtDV'%2TXHHVXQDPHGLGDGHODFDQWLGDGGHR[tJHQRTXHORV PLFURRUJDQLVPRVQHFHVLWDQSDUDR[LGDUODPDWHULDRUJiQLFDSUHVHQWHHQODPXHVWUD GHDJXD\OD'HPDQGD4XtPLFDGH2[tJHQR'42TXHHVODFDQWLGDGGHR[tJHQR FRQVXPLGDSDUDR[LGDUFRPSOHWDPHQWHODPDWHULDRUJiQLFDSRUPHGLRVGHDJHQWHV TXtPLFRV6DZ\HUHWDO /RVYDORUHVGH'42VHUHODFLRQDQFRQORVGH'%2 HQSURSRUFLRQHVTXHYDUtDQGH DFXHUGR D ORV FRPSRQHQWHV DVRFLDGRV D OD PDWHULD RUJiQLFD HQ GHJUDGDFLyQ (VWD UHODFLyQ HV GH JUDQ LPSRUWDQFLD SDUD GHWHUPLQDU HO WLSR GH FRQWDPLQDFLyQ GH ODV DJXDV \ OD ELRGHJUDGDELOLGDG GH OD PDWHULD FRQWDPLQDQWH 3RU HMHPSOR SDUD DJXDV GRPpVWLFDV OD UHODFLyQ '%2'42 HV D 3DUD DJXDV HVWDELOL]DGDV ELROyJLFDPHQWHODUHODFLyQHVPHQRUTXH5RPHUR5RMDV (OREMHWLYR GHO SUHVHQWH WUDEDMR IXH DQDOL]DU OD YDULDFLyQ GH OD UHODFLyQ '%2 '42 HQ DGHODQWH LGHQWLILFDGD FRPR 5 HQ ORV SULQFLSDOHV UtRV TXH SHUWHQHFHQ D OD FXHQFD PHGLD \ EDMD GHO UtR 6DOt 7RGRV HOORV GHVHPERFDQ HQ HO (PEDOVH GH 5tR +RQGR\FXHQWDQFRQODPD\RUFRQFHQWUDFLyQLQGXVWULDO\SREODFLRQDO 0$7(5,$/(6<0(72'26 6HSUHVHQWDQHQHVWHWUDEDMRORVUHVXOWDGRVREWHQLGRVHQSXQWRVGHPXHVWUHR(Q OD )LJXUD VH REVHUYD OD XELFDFLyQ GH ORV PLVPRV \ HQ OD 7DEOD VH SUHVHQWD VX &RQJUHVR$UJHQWLQRGH6DQHDPLHQWR\0HGLR$PELHQWH DOGH6HSWLHPEUHGH LGHQWLILFDFLyQ\SRVLFLyQ'LH]HVWiQXELFDGRVHQORVSULQFLSDOHVUtRVGHODFXHQFD PHGLD\EDMDGHOUtR6DOtSXQWRVGHPXHVWUHRD(VWHUHOHYDPLHQWRVHUHDOL]y HQHODxRHQORVPHVHVGHDJRVWR\GLFLHPEUHDILQGHDQDOL]DUODVYDULDFLRQHV HVWDFLRQDOHV FRUUHVSRQGLHQWHV D pSRFDV GH VHTXtD \ OOXYLD UHVSHFWLYDPHQWH &LQFR SXQWRV GH PXHVWUHR VH XELFDURQ VREUH HO FDXFH GHO UtR 6DOt SDUD DQDOL]DU OD HYROXFLyQ HVSDFLDO GH 5 SXQWRV GH PXHVWUHR D (O UHOHYDPLHQWR GH HVWRV SXQWRV GH PXHVWUHR VH UHDOL]y HQ DJRVWR GH \ PDU]R GH /RV FLQFR SXQWRVUHVWDQWHVVHVHOHFFLRQDURQFRPRGHUHIHUHQFLDGHFDOLGDGGHDJXDGHUtRVQR FRQWDPLQDGRV \ VH HQFXHQWUDQ GLVWULEXLGRV HQWUH OD FXHQFD DOWD GHO UtR 6DOt \ OD FXHQFDDOWDGHOUtR/XOHVSXQWRVGHPXHVWUHRD(VWHPXHVWUHRVHUHDOL]yHQ $JRVWRGHODxR 6H GHWHUPLQDURQ ORV SDUiPHWURV '%2 '42 R[tJHQR GLVXHOWR QLWUyJHQR WRWDO IyVIRUR WRWDO S+ FRQGXFWLYLGDG WXUELGH] \ FRPSRVLFLyQ LyQLFD PD\RULWDULD /D PHWRGRORJtDXWLOL]DGDIXHODUHFRPHQGDGDSRUPpWRGRVHVWiQGDUHV$3+$(Q HVWH WUDEDMR VH SUHVHQWDQ ORV UHVXOWDGRV FRUUHVSRQGLHQWHV DO DQiOLVLV GH OD YDULDELOLGDGGHODUHODFLyQ%'2'425 5(68/7$'26<',6&86,Ï1 /D7DEODSUHVHQWD ORV YDORUHV GH 5 SDUD ORV SXQWRV FRQVLGHUDGRV GH UHIHUHQFLD (Q HVWRV SXQWRV 5 IXH VLHPSUH LQIHULRU R LJXDO D 6H WUDWD GH DJXDV GH EXHQD FDOLGDGFRQPX\EDMRVFRQWHQLGRVGHPDWHULDRUJiQLFD'%2 PJ/ '42 PJ/ /D)LJXUDPXHVWUDODYDULDFLyQGH5HQpSRFDVGHOOXYLD\VHTXtDHQORVSXQWRVGH PXHVWUHRDFRUUHVSRQGLHQWHVDODFXHQFDPHGLD\EDMDGHOUtR6DOt6HREVHUYD TXH HQ DOJXQRV SXQWRV GH PXHVWUHR ORV YDORUHV GH 5 FRUUHVSRQGLHQWHV D ODV GLIHUHQWHV HVWDFLRQHV GHO DxR QR SUHVHQWDQ FDPELRV DSUHFLDEOHV PLHQWUDV TXH HQ RWURVPXHVWUDQXQDYDULDFLyQPX\PDUFDGD(OPHQRUFDPELRHVWDFLRQDOHQHOYDORU GH5VHREVHUYDHQORVSXQWRV\ORVFXDOHVFRUUHVSRQGHQDSXQWRVGHPXHVWUHR XELFDGRV HQ ]RQDV GRQGH QR VH YHULILFDQ YXHOFRV GH HIOXHQWHV /DV PD\RUHV GLYHUJHQFLDV HVWDFLRQDOHV HQ ORV YDORUHV GH 5 VH REVHUYDQ HQ ORV SXQWRV GH PXHVWUHR \ TXH FRUUHVSRQGHQ D ]RQDV GRQGH VH YHULILFDQ YXHOFRV GH HIOXHQWHV LQGXVWULDOHV \ FORDFDOHV 2WUD REVHUYDFLyQ LQWHUHVDQWH TXH VXUJH GHO &RQJUHVR$UJHQWLQRGH6DQHDPLHQWR\0HGLR$PELHQWH DOGH6HSWLHPEUHGH DQiOLVLVGHHVWD)LJXUDHVTXHORVSXQWRVSDUHVHQJHQHUDOSUHVHQWDQYDORUHVGH5 PD\RUHV TXH HO LPSDU TXH OR SUHFHGH (Q OD )LJXUD SXHGH REVHUYDUVH TXH ORV SXQWRV GH PXHVWUHR SDUHV HVWiQ XELFDGRV VLHPSUH DJXDV DEDMR GHO SXQWR GH PXHVWUHR LPSDU 3RU ~OWLPR FRQ UHVSHFWR D OD )LJXUD VH YH TXH ORV YDORUHV PD\RUHVGH5FRUUHVSRQGHQDODpSRFDGHVHTXtDODFXDOFRLQFLGHFRQHOSHUtRGRGH YXHOFRGHHIOXHQWHVLQGXVWULDOHVFRQPD\RUFRQWHQLGRHQPDWHULDRUJiQLFDLQJHQLRV \FLWUtFRODV /D )LJXUD PXHVWUD OD YDULDFLyQ HVSDFLDO GH 5 HQ HO UtR 6DOt HQ pSRFDV GH VHTXtD DJRVWRGH\OOXYLDPDU]RGH(QORV SXQWRV \ VH REVHUYD XQD YDULDFLyQVLPLODUGH5HQDPEDVHVWDFLRQHVPLHQWUDV TXH HQ ORV SXQWRV UHVWDQWHV XELFDGRVHQODFXHQFDEDMDGHOUtR6DOtVHREVHUYDQYDORUHVPD\RUHVGH5HQpSRFD GHVHTXtD(QODHVWDFLyQGHOOXYLDVORVSULQFLSDOHVDSRUWHVVRQGHRULJHQFORDFDO\ VH YHULILFDQ GHVGH HO SXQWR HQ DGHODQWH (Q pSRFD GH VHTXtD D ORV DSRUWHV FORDFDOHV VH OH VXPDQ ORV LQGXVWULDOHV SURYHQLHQWHV GH FLWUtFRODV H LQJHQLRV ORV FXDOHV FRPR VH PHQFLRQDUD DQWHULRUPHQWH SRVHHQ XQD FDUJD RUJiQLFD PX\ LPSRUWDQWH/DGLIHUHQFLDHQHOFRPSRUWDPLHQWRWHPSRUDOGH5HQWUHHO SXQWR \ ORVSXQWRVDVHSXHGHH[SOLFDUHQEDVHDODGLOXFLyQGHORVDSRUWHVGHOtTXLGRV UHVLGXDOHV XUEDQRV TXH WLHQHQ OXJDU HQ IRUPD FRQWLQXD FREUDQGR PD\RU LPSRUWDQFLDORVLQGXVWULDOHVTXHVHFDUDFWHUL]DQSRUVXHVWDFLRQDOLGDG &21&/86,21 (O DQiOLVLV GH OD YDULDFLyQ HVWDFLRQDO \ HVSDFLDO GH OD 5HODFLyQ '%2 '42 LGHQWLILFDGDFRPR5UHDOL]DGRHQUtRVGHODFXHQFDPHGLD\EDMDGHOUtR6DOtHQOD 3URYGH7XFXPiQHQDJRVWRGH\PDU]RGHLQGLFDTXHUtRVFRQDJXDV GH EXHQD FDOLGDG QR DOWHUDGRV PHGLDQWH DSRUWHV LPSRUWDQWHV GH PDWHULD RUJiQLFD SUHVHQWDQYDORUHVGH5PHQRUHVTXH5tRVDOWHUDGRVFRQLPSRUWDQWHVDSRUWHVGH PDWHULDRUJiQLFD\YDORUHVGH5SUy[LPRVDLQGLFDQXQDVLJQLILFDWLYDFRQWULEXFLyQ GH PDWHULD RUJiQLFD ELRGHJUDGDEOH /D PD\RUtD GH ORV SXQWRV PXHVWUHDGRV SUHVHQWDQYDORUHVGH5HQWUH\(VWRV VXJLHUHQ VHJ~Q OR DQDOL]DGR TXH OD PD\RUtD GH ORV UtRV HVWXGLDGRV SUHVHQWDQ HVWDGRV GH DOWHUDFLyQ GH VXV DJXDV FDUDFWHUL]DGRVSRUFRQWHQLGRVLPSRUWDQWHVGHPDWHULDRUJiQLFDQRELRGHJUDGDEOH $*5$'(&,0,(1726 &RQJUHVR$UJHQWLQRGH6DQHDPLHQWR\0HGLR$PELHQWH DOGH6HSWLHPEUHGH (VWH WUDEDMR VH UHDOL]y GHQWUR GHO PDUFR GHO &RQYHQLR GH &RRSHUDFLyQ ,QWHULQVWLWXFLRQDO 6,3526$)&1817 /RV DXWRUHV DJUDGHFHQ DO *HRO 'LHJR )HUQiQGH] OD HODERUDFLyQ GHO PDSD GH XELFDFLyQ \ D ODV 'UDV 0 % 9HFH \ 0 ( 3HURQGLODUHYLVLyQGHOPDQXVFULWR 5()(5(1&,$6 $PRURVR0&DVWUR*&DUOLQR)5RPHUR1+LOO52OLYHU* 6FUHHQLQJ RI KHDY\ PHWDOWROHUDQW DFWLQRP\FHWHV LVRODWHG IURP WKH 6DOt 5LYHU-*HQ$SSO0LFURELRO $3+$ $::$ :3&) 6WDQGDUG 0HWKRGV IRU WKH ([DPLQDWLRQ RI :DWHUDQG:DVWHZDWHUWK (GLWLRQ86$ &KDLOH$31&5RPHUR0-$PRURVR0GHO9+LGDOJR0&$SHOOD 3UHVHQFLD GH 3ODJXLFLGDV 2UJDQRFORUDGRV HQ HO 5tR 6DOt 7XFXPiQ $UJHQWLQD ;9,,, &RQJUHVR 1DFLRQDO GHO $JXD /DV 7HUPDV GH 5tR +RQGR 6DQWLDJRGHO(VWHUR$UJHQWLQD )HUQiQGH]7XULHO-/&3pUH]0LUDQGD*+$OPDGD0(0HGLQD&$ 5LYLHUH 0 $ *RUGLOOR 6XUIDFH :DWHU 4XDOLW\ IRU WKH 6DOL 5LYHU :DWHUVKHGLQ1:$UHJHQWLQD(QYLURQPHQWDO*HRORJ\ *DOLQGR09HFH03HURQGL00RQVHUUDW$UiR]0*DUFtD0'HO9 +LGDOJR 0$SHOOD 0 %OHVD 0 &KHPLFDO EHKDYLRU RI WKH 6DOt 5LYHU 3URYLQFH RI 7XFXPiQ $UJHQWLQD(QYLURQPHQWDO *HRORJ\ *DUFtD*)HUQiQGH]'+LGDOJR0GHO9%OHVD0$UVHQLFLQ JURXQGZDWHUV RI WKH VRXWKHDVW RI 7XFXPiQ 3URYLQFH $UJHQWLQD *URXQGZDWHU3DVW$FKLHYHPHQWVDQG)XWXUH&KDOOHQJHV6LOLWRHWDOHGV %DONHPD5RWWHUGDP,6%1 *ULPDOGL/9,QFLGHQFLDGHOD,QGXVWULD$]XFDUHUDHQHO8VRGHORV 5HFXUVRV+tGULFRVGH OD 3URYLQFLD GH 7XFXPiQ &RQJUHVR $UJHQWLQR GH 6DQHDPLHQWR7XFXPiQ$UJHQWLQD +LGDOJR0GHO90HRQL*6%\%DUULRQXHYR0$ (VWXGLR GHO 6LVWHPD&DUEyQLFR&DUERQDWRV5tR6DOt7XFXPiQ,9&RQJUHVR(O12$\ VX$PELHQWH&DWDPDUFD$UJHQWLQD +LGDOJR 0 GHO 9 0HRQL 6 %DUULRQXHYR 0 $ 1DYDUUR * 3D] 5 6XEFXHQFD $FRQTXLMD6DOt5tR +RQGR &RPSRUWDPLHQWR 4XtPLFR (VSDFLDO \ 7HPSRUDO 'LUHFFLyQ *HQHUDO GH 6DQHDPLHQWR $PELHQWDO7XFXPiQ$UJHQWLQD,QIRUPH7pFQLFR,QpGLWR ,1'(&,QVWLWXWR1DFLRQDOGH(VWDGtVWLFDV\&HQVRV&HQVR1DFLRQDO GH3REODFLyQ\9LYLHQGD ,3'98 ,QVWLWXWR GH 3ODQHDPLHQWR \ 'HVDUUROOR 8UEDQR 'LUHFWULFHV SDUD OD RUGHQDFLyQ GHO 7HUULWRULR GH OD SURYLQFLD GH 7XFXPiQ )DFXOWDG GH $UTXLWHFWXUD \ 8UEDQLVPR 8QLYHUVLGDG 1DFLRQDO GH 7XFXPiQ SS &RQJUHVR$UJHQWLQRGH6DQHDPLHQWR\0HGLR$PELHQWH DOGH6HSWLHPEUHGH 7XFXPiQ$UJHQWLQD 0&7\0$ 0LQLVWHULR GH &LHQFLD 7HFQRORJtD \ 0HGLR $PELHQWH 5HS~EOLFD GH &XED 6HFUHWDUtD GH 5HFXUVRV 1DWXUDOHV \ $PELHQWH +XPDQR 5HS~EOLFD$UJHQWLQD'LDJQyVWLFRGHOD&RQWDPLQDFLyQGHOD&XHQFD GHO5tR6DOt,QIRUPH7pFQLFR 2UR]FR %DUUHQHW[HD & 3HUH] 6HUUDQR $ *R]iOH] 'HOJDGR 01 5RGUtJXH] 9LGDO ) - $OID\DWH %ODQFR -0 &RQWDPLQDFLyQ $PELHQWDO 8QD 9LVLyQ GHVGH OD 4XtPLFD 7KRPVRQ (GV 3DUDQLQIR 6$ 0DGULG(VSDxD 3HUHUD * - 3HUHUD - + *UDLHE 2 - (YDOXDFLyQ GHO ,PSDFWR $PELHQWDO \ (IHFWR 'HVFRQWDPLQDQWH 6REUH OD &XHQFD GHO 5tR 6DOt'XOFH GHO XVR DJUtFROD HQ )HUWLLUULJDFLyQ GH ORV (IOXHQWHV ,QGXVWULDOHV GH OD &RPSDxtD $]XFDUHUD &RQFHSFLyQ 6$ &XDGHUQRV GH &LHQFLD \ 7HFQRORJtD(GLFLyQ&HQWURGH,QJHQLHUtD$PELHQWDO871)57 5RPHUR 5RMDV - $ &DOLGDG GHO $JXD GD (GLFLyQ $OIDRPHJD 0H[LFR 6DZ\HU &ODLU 1 3HUUL / 0F&DUW\ *HQH ) 3DUNLQ 4XtPLFD SDUD ,QJHQLHUtD$PELHQWDO0F*UDZ+LOO,QFWD(GLFLyQ%RJRWi&RORPELD 6HHOLJPDQ&7(YDOXDFLyQGHOD(VWUXFWXUD\'LQiPLFD)LFROyJLFD HQ HO 5tR 6DOt 7XFXPiQ$UJHQWLQD HQ 5HODFLyQ DO ,PSDFWR GH OD &RQWDPLQDFLyQ $QWURSRJpQLFD 7HVLV 'RFWRUDO )DFXOWDG GH &LHQFLDV 1DWXUDOHVH,0/817 6(0$6HFUHWDUtDGH(VWDGRGH0HGLR$PELHQWH,QIRUPH&XHQFD 6DOt'XOFH5HJLyQ6XSHULRU7XFXPiQ,QIRUPH7pFQLFR &RQJUHVR$UJHQWLQRGH6DQHDPLHQWR\0HGLR$PELHQWH DOGH6HSWLHPEUHGH )LJXUD0DSDGHXELFDFLyQ &RQJUHVR$UJHQWLQRGH6DQHDPLHQWR\0HGLR$PELHQWH DOGH6HSWLHPEUHGH 5 3XQWRVGHP XHVWUHR )LJXUD 9DULDFLyQ GH 5HODFLyQ '%2'42 HQ UtRV GH OD FXHQFD FHQWUDO\VXUGHO6DOti (SRFDGHOOXYLDn(SRFDGHVHTXtD 5 5DJR 5PDU 3XQWRVGH0XHVWUHR )LJXUD9DULDFLyQGH5HODFLyQ'%2'42HQHO5tR6DOti $JRVWR GHn 0DU]RGH &RQJUHVR$UJHQWLQRGH6DQHDPLHQWR\0HGLR$PELHQWH DOGH6HSWLHPEUHGH 7DEOD,GHQWLILFDFLyQ\SRVLFLyQGHSXQWRVGHPXHVWUHR 381726'( 08(675(2 ,'(17,),&$&,Ï1 5tR0DUDSDFUXFHFRQUXWD 5tR0DUDSDFUXFHFRQUXWD 5tR&KLFRFUXFHFRQUXWD 5tR&KLFRFUXFHFRQUXWD 5tR*DVWRQDFUXFHFRQUXWD 5tR*DVWRQDFUXFHFRQUXWD 5tR3XHEOR9LHMRFUXFHFRQUXWD 5tR%DOGHUUDPDFUXFHFRQUXWD 5tR&RORUDGRFUXFHFRQUXWD 5tR&RORUDGRFUXFHFRQUXWD 5tR6DOtFUXFHFRQUXWD 5tR6DOt3XHQWH/XFDV&yUGRED 5tR6DOtFUXFHFRQUXWD 5tR6DOtFUXFHFRQUXWD 5tR6DOt/RV*yPH] 5tR/XOHVFUXFHFRQUXWD 5tR&RORUDGR6LDPEyQ 5tR/DV-XQWDV 5tR/DV7DEODV 5tR6DOt(O%R\HUR 326,&,Ï1 26 26 26 26 26 26 26 26 6 26 26 26 26 26 26 26 26 26 26 26 7DEOD9DORUHVGHOD5HODFLyQ'%2'42HQSXQWRVGHUHIHUHQFLD 381726 ,'(17,),&$&,21 5tR/XOHV 5tR&RORUDGR 5tR/DV-XQWDV 5tR/DV7DEODV 5tR6DOt(O%R\HUR '%2'42 &RQJUHVR$UJHQWLQRGH6DQHDPLHQWR\0HGLR$PELHQWH DOGH6HSWLHPEUHGH