/26(63(-26'(/$/0$3$,6$-($/(0É1(1(/ 520$17,&,602 086(21$&,21$/'(/520$17,&,602 GH'LFLHPEUHGH²GH0DU]RGH (O 0LQLVWHULR GH (GXFDFLyQ &XOWXUD \ 'HSRUWH SUHVHQWD HQ HO 0XVHR GHO 5RPDQWLFLVPR OD H[SRVLFLyQ /RV HVSHMRV GHO DOPD 3DLVDMH DOHPiQ HQ HO 5RPDQWLFLVPR FRQ OD TXH VH TXLHUH UHQGLU KRPHQDMH D ORV RUtJHQHV GHO PRYLPLHQWRURPiQWLFR /D PXHVWUD VH FRPSRQH GH XQD VHOHFFLyQ GH YHLQWH GLEXMRV \ DFXDUHODV GH ORV UHSUHVHQWDQWHVPiVGHVWDFDGRVGHO5RPDQWLFLVPRHQ$OHPDQLDHQWUHORVTXHVH HQFXHQWUDQ &DVSDU 'DYLG )ULHGULFK &DUO *XVWDY &DUXV R $GROI YRQ 0HQ]HO &RQ HOODHO0XVHRGHO5RPDQWLFLVPRSURSRQHXQSDVHRSRUHOSDLVDMHDOHPiQGHOVLJOR ;,; D WUDYpV GH OD PLUDGD GH XQRV DUWLVWDV TXH KLFLHURQ GHO SDLVDMH XQ ³HVSHMR GHODOPD´ 7RGDV ODV REUDV SURFHGHQ GHO 0XVHXP .XQVSDODVW GH 'VVHOGRUI TXH FXVWRGLD XQD LPSRUWDQWH FROHFFLyQ GH REUD JUiILFD GH ORV SULQFLSDOHV SLQWRUHV URPiQWLFRV DOHPDQHV (UQVW)HUGLQDQG2HKPH0RQWtFXORGHWLHUUD /DH[SRVLFLyQ /DH[SRVLFLyQ/RVHVSHMRVGHODOPD3DLVDMHDOHPiQHQHO5RPDQWLFLVPRWRPD FRPR SXQWR GH SDUWLGD GRV LGHDV IXQGDPHQWDOHV ORV WHUULWRULRV TXH KR\ FRPSRQHQ OD DFWXDO $OHPDQLD FRPR FXQD GHO PRYLPLHQWR URPiQWLFR \ HO JpQHURGHOSDLVDMHFRPRHOJUDQDEDQGHUDGRGHpVWH\HOPHMRUWUDGXFWRUGH ODVHQVLELOLGDGURPiQWLFD 8QD GH ODV SULQFLSDOHV QRYHGDGHV TXH WUDH FRQVLJR HO 5RPDQWLFLVPR HV TXH SRU SULPHUD YH] VH OH RWRUJD DO SDLVDMH SURWDJRQLVPR FRPR JpQHUR DUWtVWLFR HQ Vt PLVPR (V FRQVLGHUDGR SRU ILQ WHPD GH OD REUD GH DUWH VLQ OD QHFHVLGDG GH VHUYLU FRPR PDUFR R DFRPSDxDPLHQWRGHRWURVDVXQWRVQDUUDWLYRV (O WULXQIR GH OD VXEMHWLYLGDG \ GH OD OLEHUWDG FUHDGRUD WDQ YLQFXODGD DO SHQVDPLHQWR URPiQWLFR KDFH TXH HO SDLVDMH HVWp VXMHWR DO HVWDGR DQtPLFR \ D OD H[SUHVLyQ GH ORV VHQWLPLHQWRV \ OD HVSLULWXDOLGDG GHO DUWLVWD TXH VH VLHQWH LQVLJQLILFDQWH DQWH OD JUDQGLRVLGDGGHODQDWXUDOH]D (OLVH&RQFRUGLD&UROD9LVWDVREUHHO(OEDDWUDYpVGH YHQWDQDGHODUXLQDGH6FKUHFNHQVWHLQ 'HODPLVPDPDQHUDWDPELpQTXHGDSDWHQWHHQODH[SRVLFLyQFyPRHODUWLVWD URPiQWLFRHQFXHQWUDHQHOGLEXMRHOPHMRUYHKtFXORSDUDH[SUHVDUVXDUWHFRQ WRGDOLEHUWDGIUHQWHDOOHQJXDMHPiVRILFLDOGHODSLQWXUD6HGDHQHVWDpSRFD XQ H[WUDRUGLQDULR GHVDUUROOR GH OD WpFQLFD GHO GLEXMR TXH OOHJD YDORUDUVH WDPELpQFRPRREUDGHDUWHHQVtPLVPDPiVDOOiGHVXFRQVLGHUDFLyQFRPR GLVFLSOLQDDX[LOLDURSUHSDUDWRULDVHJ~QODHQVHxDQ]DDFDGpPLFDWUDGLFLRQDO $SXHVWDSRUORFRQWHPSRUiQHRHQXQPXVHRGHOVLJOR;,; &RQ OD LGHD GH DFHUFDU XQ PXVHR \ XQDV FROHFFLRQHV GHO VLJOR ;,; DO S~EOLFR DFWXDO HQ HVWD H[SRVLFLyQ VH DSXHVWD SRU OD LQWHJUDFLyQ GH ODV QXHYDV WHFQRORJtDV\GHODUWHFRQWHPSRUiQHR &RPRLQLFLDWLYDQRYHGRVDHO0XVHRGHO5RPDQWLFLVPRKDFUHDGRXQDOLVWDGH UHSURGXFFLyQ HQ 6327,)< TXH HO S~EOLFR SRGUi GHVFDUJDU HQ VX VPDUWSKRQH ,QFOX\H SLH]DV PXVLFDOHV DOHPDQDV VHOHFFLRQDGDV SRU 3DEOR 7ROHGR YLROLQLVWD UHVLGHQWH GHO 0XVHR TXH SURSRQH XQ ³SDVHR´ VHQVRULDO \ HVWpWLFRSRUXQDpSRFD\XQOXJDUFRQFUHWRVGHORVTXHVXUJLHURQFUHDFLRQHV DUWtVWLFDVFRPRODVTXHDTXtVHH[SRQHQ 3DUDHOPRQWDMHH[SRVLWLYRVHKDOOHYDGRDFDERXQDDFFLyQGHKDSSHQLQJ TXH EXVFD DFHUFDU HO DUWH FRQWHPSRUiQHR DO 0XVHR GHO 5RPDQWLFLVPR HVWDEOHFLHQGRXQGLiORJRHQWUHODVREUDVH[SXHVWDV\ODDFWXDOLGDG 6LJXLHQGR ODV WHRUtDV GHO KLVWRULDGRU GHO DUWH 5REHUW 5RVHPEOXP TXH VHxDOD OD YLJHQFLD GH OD SLQWXUD URPiQWLFD GH SDLVDMH \ OD YLQFXOD DO RULJHQ GH OD DEVWUDFFLyQ \ WRPDQGR FRPR SXQWR GH SDUWLGD ODV WpFQLFDV GHO DUWLVWD FRQFHSWXDO 6RO /HZLWW ±FRQ VXV PRQXPHQWDOHV FRPSRVLFLRQHV PXUDOHV HODERUDGDVGHIRUPDFROHFWLYD\DSDUWLUGHXQDVVLPSOHVLQVWUXFFLRQHVGDGDV SRU HO DUWLVWD FRQ PRWLYR GH HVWD H[SRVLFLyQ VH KD UHDOL]DGR OD DFFLyQ GHQRPLQDGD³',1'DV,VW1RUP´±³(VODQRUPD´ (VWDLQQRYDGRUDDFWXDFLyQLGHDGD\FRRUGLQDGDSRUORVDUWLVWDV6HUJLR0DUWtQ %ODV \ *DEULHO &DUUDVFDO $JXLUUH \ HMHFXWDGD SRU XQ JUXSR GH FRODERUDGRUHV YROXQWDULRVFRQVLVWHHQODHMHFXFLyQXQPXUDOFROHFWLYRVREUHODVSDUHGHVGH OD VDOD GHO PXVHR TXH DFRJH OD H[SRVLFLyQ D EDVH GH OtQHDV YHUWLFDOHV TXH HYRFDQODVILODVGHiUEROHVGHXQERVTXHDOHPiQ (O 0XVHR TXLHUH DJUDGHFHU OD SDUWLFLSDFLyQ GH HVWH HTXLSR GH YROXQWDULRV HVWXGLDQWHVGH%HOODV$UWHV\$UTXLWHFWXUDVLQFX\D LQHVWLPDEOHFRODERUDFLyQ QRVHKDEUtDSRGLGRPDWHULDOL]DUODLGHD 6X HMHFXFLyQ VH KD JUDEDGR HQ YtGHR \ VH GLIXQGLUi D WUDYpV GH GLYHUVRV FDQDOHV (O0XVHXP.XQVWSDODVWGH'VVHOGRUI (O 0XVHXP .XQVWSDODVW QDFH HQ VHSWLHPEUH GH GH OD IXVLyQ GHO .XQVWPXVHXP 0XVHR GH $UWH FX\DV FROHFFLRQHV WLHQHQ VX RULJHQ D SULQFLSLRVGHOVLJOR;9,,,\GHO.XQVWSDODVW3DODFLRGH$UWHGHODFLXGDGGH 'VVHOGRUIFRQVWUXLGRDSULQFLSLRVGHOVLJOR;; /RVIRQGRVGHO0XVHRLQFOX\HQPiVGHSLQWXUDVHVFXOWXUDVGLEXMRV HVWDPSDVIRWRJUDItDV\REMHWRVGHDUWHVGHFRUDWLYDV 6XFROHFFLyQGHHVWDPSDV\GLEXMRVHVHVSHFLDOPHQWHVLJQLILFDWLYD LQWHJUDGD SRU DOUHGHGRU GH IRQGRV TXH GDWDQ GHVGH HO VLJOR ;9 KDVWD HO ;;, ,QFOX\HREUDVGHHVSHFLDOUHOHYDQFLDSURFHGHQWHVGHGLVWLQWDVpSRFDVFRPRHO 5HQDFLPLHQWRHO%DUURFRRHO([SUHVLRQLVPRDOHPiQMXQWRDXQDLPSRUWDQWH FROHFFLyQ GH GLEXMR GHO VLJOR ;,; FRQ UHSUHVHQWDQWHV GH OD HVFXHOD GH 'VVHOGRUI\GHRWURVFHQWURVDUWtVWLFRVFRPR'UHVGH0XQLFKR%HUOtQ\REUDV GHORVDUWLVWDVDOHPDQHVPiVGHVWDFDGRVGHHVWDFHQWXULD $QGUHDV$FKHQEDFK(UPLWD /DVREUDV\ORVDUWLVWDV /DH[SRVLFLyQHVWiFRPSXHVWDGHYHLQWHREUDVTXHUHSUHVHQWDQDRWURVWDQWRV DXWRUHV 6RQ YDULRV ORV FHQWURV R HVFXHODV DUWtVWLFDV TXH VH HQFXHQWUDQ UHSUHVHQWDGDV /D VHxD GH LGHQWLGDG GH OD HVFXHOD GH 0XQLFK HQ SULPHU OXJDU HV OD JUDQ LPSRUWDQFLDFRQFHGLGDDOFRORU DOFDQ]DQGR XQ QRWDEOH GHVDUUROOR OD WpFQLFD GH OD DFXDUHOD FRQ EHOORV \ GHOLFDGRV SDLVDMHV GH DUWLVWDV FRPR -RKDQQ *HRUJ YRQ 'LOOLV R :LOOKHOP $OH[DQGHU YRQ .REHOO TXH FRPHQ]DURQ D SUDFWLFDU OD SLQWXUD DO DLUH OLEUH HQ FRQWDFWR FRQ OD QDWXUDOH]D DOJR VLQJXODU HQ OD pSRFD -RKDQQ*HRUJYRQ'LOOLV9LVWDVREUH$GROIVHFNHQHO5KHLQJDX (QODHVFXHODGH'UHVGHSRUHOFRQWUDULR VH DSUHFLD XQD WHQGHQFLD KDFLD ODV WLQWDV PRQRFURPDV HQ XQD LQWHUSUHWDFLyQ PiV VLPEyOLFD\HVSLULWXDOGHODQDWXUDOH]D 6X Pi[LPR UHSUHVHQWDQWH FRQ HO TXH VH FRQVDJUD GH PDQHUD GHILQLWLYD HO SDLVDMH URPiQWLFR HV XQR GH ORV DUWLVWDV PiV FRQRFLGRV GH HVWD VHOHFFLyQ &DVSDU 'DYLG )ULHGULFK (QWUH VXV VHJXLGRUHV GHVWDFD OD ILJXUD GH &DUO *XVWDY &DUXV TXH IXH XQR GH ORV SULQFLSDOHV WHyULFRV GHO JpQHUR GHO SDLVDMH &DVSDU'DYLG)ULHGULFK&DVDVGHODEUDQ]D DORVSLHVGHXQPRQWH (OWHUFHUFHQWURLPSRUWDQWHHVODHVFXHODGH%HUOtQFX\DILJXUDPiVGHVWDFDGD HV &DUO %OHFKHQ 8QR GH ORV HVFHQDULRV SUHGLOHFWRV HV OD UXLQD JyWLFD TXH VH FRQYLHUWH HQ HPEOHPD GHO PRYLPLHQWR URPiQWLFR VH FRQVLGHUDED TXH HO HVWLOR JyWLFRKDEtDVXUJLGRHQWHUULWRULRDOHPiQ\HVWRPDGRSRUHVWRFRPRVtPERORGH UHDILUPDFLyQQDFLRQDODOPLVPRWLHPSRODUXLQDVLPEROL]DHOSDVRGHOWLHPSR\OD IXJDFLGDGGHpVWH &DUO%OHFKHQ,JOHVLDJyWLFDHQUXLQDV 3RU ~OWLPR HQ OD HVFXHOD GH 'VVHOGRUI ORV DUWLVWDV PiV UHSUHVHQWDWLYRV VRQ &DUO )ULHGULFK /HVVLQJ \ ORV KHUPDQRV $QGUHDV \ 2VZDOG $FKHQEDFK HQ FX\DVREUDVVHLQWHJUDORQDUUDWLYRFRQODQDWXUDOH]D 2VZDOG$FKHQEDFK3DLVDMHLWDOLDQR $GHPiVGHOUHFRUULGRJHRJUiILFRDWUDYpVGHODVGLVWLQWDVHVFXHODVSUHVHQWHV VHUHIOHMDWDPELpQHQODH[SRVLFLyQXQUHFRUULGRFURQROyJLFRDORODUJRGHWRGR HOVLJOR;,;GHVGHDUWLVWDVD~QGHQWURGHODWUDGLFLyQDUWtVWLFDGHOVLJOR;9,,, KDFLDXQDPLUDGDPiVREMHWLYD\UHDOLVWD(QODHVFXHODGH'UHVGHHOWUiQVLWR ORPDUFD$GULDQ/XGZLJ5LFKWHUTXHUHDOL]DHVFHQDVGHJpQHURLQVSLUDGDVHQ FXHQWRV \ FDQFLRQHV SRSXODUHV JHUPDQDV XQ PXQGR PiJLFR \ IDQWiVWLFR WDPELpQPX\GHOJXVWRURPiQWLFR 6LQ ROYLGDU WDPSRFR TXH PXFKRV SLQWRUHV DOHPDQHV YLDMDURQ D ,WDOLD SDUD FRPSOHWDU VX IRUPDFLyQ DUWtVWLFD FRPR HUD KDELWXDO HQ OD pSRFD GHMiQGRVH LQIOXLU SRU OD YLVLyQ GHO SDLVDMH LWDOLDQR FRPR VH REVHUYD HQ DOJXQD GH ODV REUDVH[SXHVWDV 6H FLHUUD HVWH UHFRUULGR FRQ XQR GH ORV JUDQGHV SLQWRUHV HXURSHRV GHO VLJOR ;,; $GROI YRQ0HQ]HO \D HQ SOHQR 5HDOLVPR \ DQWLFLSDQGR HO LPSUHVLRQLVPR SLFWyULFRSRVWHULRU $GROSK)ULHGULFK(UGPDQQYRQ0HQ]HO3DUHGFRQULFRSRUWDO )LFKDWpFQLFDGHODH[SRVLFLyQ 2UJDQL]DQ 0LQLVWHULRGH(GXFDFLyQ&XOWXUD\'HSRUWH 6XEGLUHFFLyQ*HQHUDOGH3URPRFLyQGHODV%HOODV$UWHV 0XVHR1DFLRQDOGHO5RPDQWLFLVPR 0XVHR.XQVWSDODVWGH'VVHOGRUI &RQODFRODERUDFLyQGH $VRFLDFLyQGH$PLJRVGHO0XVHR5RPiQWLFR )XQGDFLyQ$[D *RHWKH,QVWLWXW0DGULG 7HOHIyQLFD &RPLVDULDGR*XQGD/X\NHQ\$VXQFLyQ&DUGRQD6XDQ]HV &RRUGLQDFLyQ$UDQW[D&KDPRUUR0DODJyQ/DXUD*RQ]iOH]9LGDOHV&ODXGLD *XWEHUOHW=LHEXUJ\9DQHVVD6HHEHUJDSR\R *HVWLyQ6DQGUD%DGHOW,QJH0DUX\DPD'RURWKHD1XWWH,VDEHO4XLQWDQD -LPpQH] &RRSHUDFLyQ 5HJLQD $EHOV (UZLQ 0LFKDORZVNL %HUWUDP 5XW] \ 9DQHVVD 6HHEHUJ &RQVHUYDFLyQ&HQWURGHFRQVHUYDFLyQGHODFLXGDGGH'VVHOGRUI 6FKHQNXQJ+HQNHO5RVDULR*yPH]9tUVHGD\$QMD3HWHU 'LVHxRJUiILFR\GHPRQWDMH*DEULHO&DUUDVFDO$JXLUUH\6HUJLR0DUWtQ %ODV 0RQWDMH&XELF ,OXPLQDFLyQ,QWHUYHQWR 7UDQVSRUWH\HPEDODMH6HUYLFLR0yYLO 6HJXUR$[D$UW &DWiORJR (GLWD 6(&5(7$5Ë$*(1(5$/7e&1,&$ 6XEGLUHFFLyQ*HQHUDOGH3URPRFLyQGHODV%HOODV$UWHV 0LQLVWHULRGH(GXFDFLyQ&XOWXUD\'HSRUWH 'LUHFFLyQ$VXQFLyQ&DUGRQD6XDQ]HV &RRUGLQDFLyQ0-HV~V&DEUHUD%UDYR $XWRUHVGHORVDUWtFXORV$VXQFLyQ&DUGRQD*XQGD/X\NHQ $XWRUHVGHODVILFKDV*XQGD/X\NHQ 7UDGXFFLyQ-DYLHU6iQFKH]$UMRQD 5HYLVLyQ0-HV~V&DEUHUD%UDYRHVSDxRO$VXQFLyQ&DUGRQD6XDQ]HV HVSDxRO$QQH0DULH.DWLQVDOHPiQ 'LVHxR\PDTXHWDFLyQ*DEULHO&DUUDVFDO$JXLUUH6HUJLR0DUWtQ%ODV )RWRJUDItD+RUVW.ROEHUJ0XVHR.XQVW3DODVWGH'VVHOGRUI 3URJUDPDGHDFWLYLGDGHV &RQ PRWLYR GH HVWD H[SRVLFLyQ HO 0XVHR KD SURJUDPDGR XQD YDULDGD RIHUWD GH DFWLYLGDGHV SDUDOHODV GXUDQWH ORV PHVHV GH HQHUR IHEUHUR \ PDU]R 3DUD SRGHUSDUWLFLSDUHQODVPLVPDVVHUiQHFHVDULDODUHVHUYDSUHYLD 9,6,7$*8,$'$$/$(;326,&,Ï1$'8/726 7RGRVORVYLHUQHVGHHQHURIHEUHUR\PDU]RK (O 0XVHR RIUHFH YLVLWDV JXLDGDV VHPDQDOHV D OD H[SRVLFLyQ HQ ODV TXH HO S~EOLFR SRGUi FRQRFHU GH FHUFD HVWH JpQHUR SLFWyULFR WDQ FDUDFWHUtVWLFR GHO VLJOR ;,; DVt FRPR ORV LQWHJUDQWHV GH ODV GLIHUHQWHV HVFXHODV URPiQWLFDV DOHPDQDV 9,6,7$32(0,=$'$³815(&,7$/'(',%8-26´$'8/726 (QHUR-±K )HEUHUR-\-±K 0DU]R-±K (Q HVWD DFWLYLGDG FRPELQDUHPRV GLEXMR SRHVtD \ VREUH WRGR PXFKR DUWH DGHPiV GH FRQRFHU ODV REUDV \ ORV DUWLVWDV TXH IRUPDQ SDUWH GH HVWD H[FHSFLRQDOH[SRVLFLyQOHHUHPRVXQDVHOHFFLyQGHSRHPDVGHO5RPDQWLFLVPR DOHPiQ YHUGDGHURV HVSHMRV GHO DOPD TXH UHIOHMDQ HO HVWDGR GH iQLPR GHO DUWLVWDDOLJXDOTXHORVGHOLFDGRVSDLVDMHVTXHFRPSRQHQODPXHVWUD 7$//(5'(',%8-2³813$,6$-(3$5$7,´$'8/726 (QHUR'±K )HEUHUR6\6±K 0DU]R'±K (Q³8QSDLVDMHSDUDWL´HOS~EOLFRUHDOL]DUiXQSHTXHxRUHFRUULGRSRUQXHVWUD H[SRVLFLyQ WHPSRUDO FRQ HVSHFLDO DWHQFLyQ D OD WpFQLFD GHO GLEXMR \ OD DFXDUHOD SUHVHQWHV HQ WRGDV ODV REUDV GH OD PXHVWUD $ FRQWLQXDFLyQ \ JXLDGRV SRU XQ HVSHFLDOLVWD FRQRFHUiQ QRFLRQHV EiVLFDV \ SURFHGLPLHQWRV VHQFLOORV GH GLEXMR SDUD SRGHU LQLFLDUVH HQ HVWD WpFQLFD \ UHDOL]DU XQD SHTXHxD REUD 1R HV QHFHVDULR WHQHU FRQRFLPLHQWRV SUHYLRV GH GLEXMR SDUD DSXQWDUVHDHVWDDFWLYLGDGVRODPHQWHLOXVLyQ\JDQDVGHGLVIUXWDU\DSUHQGHU 7$//(5,1)$17,/³3(48(f260$(67526'(/3$,6$-(´DxRV (QHUR6\6±K )HEUHUR'\'±K 0DU]R6\6±K ¢3RUTXpHQHVWDREUDDSDUHFHQXQVHxRU\XQDVHxRUDTXHVHOODPDQ7ULVWiQ H ,VROGD" ¢< HQ HVWH RWUR XQD DEDGtD HQ UXLQDV" (Q HVWH WDOOHU ORV QLxRV SRGUiQ FRQRFHU OD LPSRUWDQFLD GHO GLEXMR SDUD ORV URPiQWLFRV DOHPDQHV \ FRQYHUWLUVHDGHPiVHQSHTXHxRVSDLVDMLVWDVDWUDYpVGHODUHDOL]DFLyQGHVX SURSLDSLQWXUDHQ'XQDREUDHQODTXHSODVPDUVXVJXVWRV\SUHIHUHQFLDV DOLJXDOTXHORVDUWLVWDVGHQXHVWUDH[SRVLFLyQ ,QIRUPDFLyQSUiFWLFD 0XVHRGHO5RPDQWLFLVPR &6DQ0DWHR 0DGULG 7HOpIRQR 7HOpIRQRGHUHVHUYDSDUDDFWLYLGDGHV :HEKWWSPXVHRURPDQWLFLVPRPFXHV +RUDULR 'HPDUWHVDViEDGRGHKDK 'RPLQJRV\IHVWLYRVGHKDK &HUUDGRWRGRVORVOXQHVHO\GHGLFLHPEUH\HO\GHHQHUR 7UDQVSRUWH $XWREXVHV±/tQHDV\ 0HWUR±/tQHDV\$ORQVR0DUWtQH]\/tQHDV\7ULEXQDO (175$'$*5$78,7$$/$(;326,&,Ï17(0325$/ &RQWDFWRPXVHR 3UHQVD5HEHFD%HQLWRSUHQVDURPDQWLFLVPR#PHFGHV 'LIXVLyQ0DUtD-HV~V&DEUHUDGLIXVLyQURPDQWLFLVPR#PHFGHV &RQWDFWR3URPRFLyQGHO$UWH &RQFKLWD6iQFKH]\0D\*DxiQ SURPRFLRQ$UWH#PHFGHV 2UJDQL]D &RODERUD