3/$1'($&&,Ï1&20(5&,$/'(217,1<(17 ),&+$'($1¤/,6,685%$12y&20(5&,$/ =21$$&78$&,¶1(63(&,),&$ ¤PELWR =$( 6XSHUILFLHP =$(0DUWÐQH]9DOOV'RVGH0D\R'DQLHO*LO &DOOHV3OD]DV &DOOHVTXH FRQIRUPDQHO ÄPELWRGH DFWXDFLÖQ 7RWDO /RFDOL]DFLÖQ F0ÝVLFR0DUWÐQH]9DOOV F'RVGH0D\R $YGD'DQLHO*LO F/(UHWD F-RVÌ6LPÖ0DUÐQ F3LQWRU-RVHS6HJUHOOHV &HQWUR&RPHUFLDO(O7HOHU 1FRPHUFLRV 6XSYHQWDP 6%$ 3/$1'($&&,Ï1&20(5&,$/'(217,1<(17 =$(0DUWÐQH]9DOOV'RVGH0D\R'DQLHO*LO 'LDJQÖVWLFR (O GHVDUUROOR GHO FDVFR XUEDQR QR KD VDELGR LQWHJUDU ODV SUHH[LVWHQFLDV RURJUÄILFDV GHO OXJDU FRQ ODV GLIHUHQWHV IDVHV GH FUHFLPLHQWR RULJLQDQGR XQ FUHFLPLHQWR GHVHTXLOLEUDGR \ XQ WUD]DGR FRQ QXPHURVRV SXQWRV GH IUDFWXUDHQODWUDPDXUEDQD 8QR GH HVWRV SXQWRV GH UXSWXUD OR FRQIRUPD HO WUD]DGR YLDULR GH OD FDOOH 'RVGH0D\RDORODUJRGHWRGDVXORQJLWXG (VWD VLWXDFLÖQ FREUD HVSHFLDO LPSRUWDQFLD UHVSHFWR D OD DFWLYLGDG FRPHUFLDOHQVXWUDPRLQLFLDOGRQGHODSUR[LPLGDGIÐVLFDH[LVWHQWHHQWUHHO WHMLGRXUEDQRGHOEDUULRGH6DQW-RVHSTXHFRQFHQWUDODPD\RUSDUWHGH ODDFWLYLGDGFRPHUFLDOGHOPXQLFLSLR\HOWHMLGRKLVWÖULFRGHOEDUULRGH6DQW )UDQFHVF QR VXSRQH XQDV FRQGLFLRQHV DGHFXDGDV GH DFFHVLELOLGDG H LQWHJUDFLÖQ FRQILJXUÄQGRVH FRPR XQD OÐQHD GH UXSWXUD HQWUH DPERV WHMLGRV 6HKDGHILQLGRXQD]RQDGHDFWXDFLÖQHVSHFÐILFDFX\RVOÐPLWHVORIRUPDQ ODVFDOOHV0ÝVLF0DUWÐQH]9DOOV'RVGH0D\R\OD$YHQLGDGH'DQLHO*LO (Q ÌO VH LQFOX\H HO &HQWUR &RPHUFLDO (O 7HOHU GH SUÖ[LPD LQDXJXUDFLÖQ \ ODVFDOOHV-RVHS6HJUHOOHV/(UHWD\-RVÌ6LPÖ0DUÐQ (O FRQMXQWR GH FDOOHV \ HVSDFLRV XUEDQRV FRQIRUPDQ XQ ÄUHD GH FRQFHQWUDFLÖQ FRPHUFLDO D OD TXH VL VXPDPRV OD RIHUWD GH RFLR \ FRPHUFLR GHO FHQWUR FRPHUFLDO SXHGH OOHJDU D FRQILJXUDU XQD ]RQD XUEDQDGHDWUDFFLÖQFRPDUFDO /D LPSODQWDFLÖQ GHO && (O 7HOHU GHEH VXSRQHU XQ LPSDFWR XUEDQÐVWLFR SRVLWLYR HQ HO FRQMXQWR GH OD FLXGDG QR VROR GHVGH XQ SXQWR GH YLVWD FRPHUFLDO VLQR WDPELÌQ GH PHMRUD GHO HVSDFLR XUEDQR 6H KD GH DSURYHFKDU VX XELFDFLÖQ GHQWUR GHO WHMLGR XUEDQR \ HVSHFLDOPHQWH VX SUR[LPLGDG WDQWR DO ÄUHD FRPHUFLDO WUDGLFLRQDO GHO EDUULR GH 6DQW -RVHS FRPRDODFDOOH0D\RUFRQODVGLIHUHQWHVSRVLELOLGDGHVTXHSDUDFDGDXQR UHSUHVHQWDQQRVLQUHIOH[LRQDUVREUHORVSRVLEOHVLPSDFWRVQHJDWLYRVVLQR VHOOHYDQDFDERDFWXDFLRQHVGHPHMRUD 8QDPHMRUDSXHVHQODVFDUDFWHUÐVWLFDVGHOSDLVDMHXUEDQRGHODVFDOOHV FRPHUFLDOHV FRQFHQWUDGD LQLFLDOPHQWH HQ DTXHOODV SUÖ[LPDV DO FHQWUR FRPHUFLDO ODV GHILQLGDV HQ OD =$( LQFLGLUÄQ SRVLWLYDPHQWH HQ HO UHVWR GH 3/$1'($&&,Ï1&20(5&,$/'(217,1<(17 HMHV FRPHUFLDOHV 3RU RWUR ODGR OD PHMRUD HQ ODV FRQGLFLRQHV GH DFFHVLELOLGDG GHO FRQMXQWR GH FDOOHV GHO HQWRUQR DOJXQDV FRQ FLHUWD SHQGLHQWHTXHGLILFXOWDQHOWUÄQVLWRGHODGRWDFLÖQGHPRELOLDULRXUEDQR \ XQD DGHFXDGD VHÔDOL]DFLÖQ XUEDQD \ FRPHUFLDO D\XGDUDQ D LQWHJUDU ODV GRVWHMLGRVDQWHVGHVFULWRV 3/$1'($&&,Ï1&20(5&,$/'(217,1<(17 =$(0DUWÐQH]9DOOV'RVGH0D\R'DQLHO*LO 5HSRUWDMHIRWRJUÄILFR 3/$1'($&&,Ï1&20(5&,$/'(217,1<(17 =$(0DUWÐQH]9DOOV'RVGH0D\R'DQLHO*LO 3URSXHVWDGHDFWXDFLÖQ 2EMHWLYR /DVDFWXDFLRQHVSURSXHVWDVTXHVHFRQWHPSODQHQODDFWXDFLÖQHVSHFÐILFD GHOÄPELWRWLHQHQSRUREMHWLYR • &RQVROLGDU HO EDUULR GH 6DQW -RVHS FRPR ÄUHD FRPHUFLDO • 0HMRUDU OD LQWHUFRQH[LÖQ HQWUH HO WHMLGR XUEDQR GHO &HQWUR+LVWÖULFR\HOEDUULRGH6DQW-RVHS /D FRQVHFXFLÖQ GH DPERV REMHWLYRV VH KD GH DSR\DU D VX YH] HQ OD GHILQLFLÖQ GH XQDV OÐQHDV HVWUDWHJLDV D VHJXLU UHIHULGDV D GLIHUHQWHV ÄPELWRVGHDFWXDFLÖQ(VWDVVRQ 3XHVWD HQ YDORU \ SURPRFLÖQ WXUÐVWLFD GHO (MH 0RQXPHQWDO GH OD FDOOH 0D\RU HQ HO &HQWUR +LVWÖULFR FRPR PRWRU JHQHUDGRU GH DWUDFFLÖQ \ DFWLYLGDG FRPSOHPHQWDULD 3RWHQFLDU OD UHFXSHUDFLÖQ SDUD HO XVR XUEDQR GH ORV PÄUJHQHV GHO UÐR &ODULDQR FRQFHQWUDQGR DFWXDFLRQHV HQ ODV SUR[LPLGDGHV GHO &HQWUR +LVWÖULFR SDUD PHMRUDU VX SHUPHDELOLGDGFRQÌVWH\HOUHVWRGHODFLXGDG 0HMRUD GHO HVSDFLR IÐVLFR GH ORV SULQFLSDOHV HMHV FRPHUFLDOHV HQ HO EDUULR GH 6DQW -RVHS 0ÝVLF 0DUWÐQH] 9DOOV\$YGDGH'DQLHO*LO 3/$1'($&&,Ï1&20(5&,$/'(217,1<(17 3URSXHVWDV 3XHVWDHQYDORU\SURPRFLÖQWXUÐVWLFDGHO(MH0RQXPHQWDOGHODFDOOH 0D\RUHQHO&HQWUR+LVWÖULFR 6HSURSRQHQODVVLJXLHQWHVDFWXDFLRQHV &RPSOHWDUODUHXUEDQL]DFLÖQGHODFDOOH0D\RU ([WHQGHUHVWDDFWXDFLÖQDODV3OD]DVGHOD&RQFHSFLÖ\ 0D\RU &RQYHUVLÖQHQFDOOHVSHDWRQDOHVRGHFRH[LVWHQFLDVXV FDOOHVWUDQVYHUVDOHV (VWXGLRGH'HWDOOHSDUDODFRQVWUXFFLÖQGHXQ DSDUFDPLHQWRGLVXDVRULRHQOD3OD]DGHOD&RQFHSFLÖ\RWUR HQHOPDUJHQGHOUÐR 0HMRUDGHORVVHUYLFLRVGHPRELOLDULRXUEDQR 0HMRUDGHODVHÔDOL]DFLÖQXUEDQD\FRPHUFLDO $\XGDVSDUDODPRGHUQL]DFLÖQGHHVWDEOHFLPLHQWRV FRPHUFLDOHV 3RWHQFLDUODUHFXSHUDFLÖQSDUDHOXVRXUEDQRGHORVPÄUJHQHVGHOUÐR &ODULDQR &UHDFLÖQGHLWLQHUDULRVSHDWRQDOHV &UHDFLÖQGHQXHYRVDFFHVRVSHDWRQDOHVDORVPÄUJHQHV GHOUÐR 3RWHQFLDFLÖQ GH XQ UHFRUULGR ORQJLWXGLQDO D OR ODUJR GHO UÐR &UHDFLÖQ GH XQD UHG GH HVSDFLRV XUEDQRV \ GRWDFLRQHV HQORVPÄUJHQHVGHUÐR 0HMRUD GHO HVSDFLR IÐVLFR GH ORV SULQFLSDOHV HMHV FRPHUFLDOHV HQ HO EDUULRGH6DQW-RVHS0ÝVLF0DUWÐQH]9DOOV\$YGDGH'DQLHO*LO &RQYHUVLÖQ GH OD FDOOH 0DUWÐQH] 9DOOV HQ XQ HMH GH FRH[LVWHQFLD &RPSOHWDUHXUEDQL]DFLÖQGHOD$YHQLGD'DQLHO*LO 3/$1'($&&,Ï1&20(5&,$/'(217,1<(17 ,QWHJUDFLÖQFRQRWUDVSURSXHVWDV • /ÐQHD GH $FWXDFLÖQ 0HMRUD GH OD DPELHQWDFLÖQ XUEDQD HQ ORV SULQFLSDOHVHMHVFRPHUFLDOHVGHODFLXGDG • /ÐQHD GH $FWXDFLÖQ (ODERUDFLÖQ GH XQ 3ODQ GH 0RYLOLGDG \ 7UDQVSRUWH6RVWHQLEOHSDUDODPHMRUDGHODDFFHVLELOLGDGXUEDQD 3/$1'($&&,Ï1&20(5&,$/'(217,1<(17