1HJRFLDFLyQVDODULDOHQFDtGD GHOFUHFLPLHQWR\DMXVWHGHO PHUFDGRGHWUDEDMR (F0DUtD1RHO6DQJXLQHWWL9H]]RVR *HUHQWH*HQHUDO $VRFLDFLyQ&XOWLYDGRUHVGH$UUR] /RVQ~PHURVHVWiQFDGDYH]PiVDMXVWDGRV/DFDtGDHQHOFUHFLPLHQWRODVSHUVLVWHQWHVSUHVLRQHVGHODLQIODFLyQ\ORVUH FLHQWHVGDWRVHQHOPHUFDGRGHWUDEDMRPDUFDQXQDQXHYDUHDOLGDGHFRQyPLFDGHOSDtV'HVGHHOJRELHUQRVHLQVLVWHFRQ ODDXVWHULGDG\FDXWHODHOPHQRUQLYHOGHLQYHUVLRQHV\VHILMDQQXHYDVSDXWDVSDUDODQHJRFLDFLyQVDODULDOTXHPDUFDQXQ FDPELRFRQORVGRVTXLQTXHQLRVDQWHULRUHV /LQHDPLHQWRVGHO3RGHU(MHFXWLYRSDUDOD VH[WD5RQGDGH&RQVHMRGH6DODULR /DSURSXHVWDGHOLQHDPLHQWRVSDUDODVH[WDURQGDGH&RQVHMRVGH6DODULRVVHSURSRQHQDWHQGHUHQIRUPDSULRULWDULD HTXLOLEUDGD\EDODQFHDGDORVVLJXLHQWHVREMHWLYRVSULRULWDULRV O 3URPRYHUDXPHQWRVVDODULDOHVGLIHUHQFLDOHVDWHQGLHQGRODVLWXDFLyQGHORVWUDEDMDGRUHVFRQLQJUHVRVPiVVXPHUJL GRV O 0DQWHQHUHOHYDGRVQLYHOHVGHHPSOHRFRPSDWLELOL]DUHOFUHFLPLHQWRGHOVDODULRUHDOFRQODQHFHVLGDGGHFRQWLQXDU FUHDQGRSXHVWRVGHWUDEDMR O 3URWHJHUODVPHMRUDVVDODULDOHVREWHQLGDVHQORV~OWLPRVDxRVDVHJXUDQGRHOPDQWHQLPLHQWRGHORVQLYHOHVGH VDODULRUHDO 7DPELpQUHVXOWDQHFHVDULRFRQWHPSODURWURVREMHWLYRVUHOHYDQWHV O $WHQGHUHOGLOHPDVDODULR²FRPSHWLWLYLGDGHQORVVHFWRUHVH[SRUWDGRUHV O &RQWHPSODUKHWHURJHQHLGDGHQWUHVHFWRUHV O (QHOPDUFRGHOD&XOWXUDGHO7UDEDMRSDUDHO'HVDUUROORSURPRYHUODQHJRFLDFLyQHQPHMRUDGHODVFRQGLFLRQHVGH WUDEDMR\FDOLGDGGHHPSOHRODFDSDFLWDFLyQGHWUDEDMDGRUHV\HPSUHVDULRV\HOVLVWHPDQDFLRQDOGHFXLGDGRV 18(9$63$87$63$5$/$1(*2&,$&,Ð1 &2/(&7,9$'(6'((/*2%,(512 /DVSDXWDVDQXQFLDGDVVHEDVDQHQDMXVWHVGLIHUHQFLDOHVDWHQ GLHQGRODVLWXDFLyQGHORVWUDEDMDGRUHVGHPHQRUHVLQJUHVRV \TXHVHEXVFDFRPSDWLELOL]DUHOFUHFLPLHQWRGHOVDODULRUHDO FRQODQHFHVLGDGGHFXLGDUORVQLYHOHVGHHPSOHRODVPHMR UDVGHORVLQJUHVRVDOFDQ]DGDVHQORV~OWLPRVDxRV\ODFRP SHWLWLYLGDG GH ORV VHFWRUHV H[SRUWDGRUHV (Q FRQFUHWR VH GLHURQFULWHULRVGHDMXVWHVQRPLQDOHVTXHSUHYpQDXPHQWRV VDODULDOHVPRGHUDGRVHQXQDFODUDVHxDOGHFRQWHPSODUORV UHFODPRV\DGYHUWHQFLDVGHODVSULQFLSDOHVJUHPLDOHVHPSUH VDULDOHVGHOSDtV/RVFRUUHFWLYRVSRULQIODFLyQREVHUYDGDVH DSOLFDUiQ²VLVRQQHFHVDULRV²DOILQDOL]DUHOVHJXQGRDxRGH ORVFRQYHQLRVDWUHVDxRV\RWURDOILQDOL]DUHOWHUFHUR(Q 6(7,(0%5( WDQWRSDUDDTXHOORVFRQYHQLRVDGRVDxRV²TXHFRPHQ]DUi D QHJRFLDUVH HQ ² VH SODQWHy LQVWUXPHQWDU XQ ~QLFR FRUUHFWLYR DO ILQDOL]DU HO FRQYHQLR HQ FDVR TXH OD LQIODFLyQ REVHUYDGDHVWpSRUHQFLPDGHODXPHQWRGHVDODULRQRPLQDO TXHSHUFLELyFDGDWUDEDMDGRU /26&216(-26'(6$/$5,26</$(92/8&,Ð1 '(/26,1',&$'25(66$/$5,$/(6 $SDUWLUGHODUHLQVWDODFLyQGHODQHJRFLDFLyQFROHFWLYDHQHO iPELWRGHORV&RQVHMRVGH6DODULRVHQFXDQGRDVXPLy OD SULPHUD 3UHVLGHQFLD HO 'U 7DEDUp 9i]TXH] FRQ HO &U 'DQLOR $VWRUL FRPR PLQLVWUR GH (FRQRPtD HO VDODULR UHDO GHOVHFWRUSULYDGRDEDQGRQyODFDtGDTXHVHYHQtDSURGX FLHQGRGHVGHHODxR\FRPHQ]yDFUHFHUDWDVDVTXH DOFDQ]DURQPi[LPRVKLVWyULFRVHQORV~OWLPRVGLH]DxRV/D QHJRFLDFLyQFROHFWLYDHVXQIDFWRUSDUDODVXEDVDODULDOSHUR QRHVHO~QLFR $GHPiVGHOUHVXUJLPLHQWRGHODQHJRFLDFLyQWULSDUWLWDHO GLQDPLVPRGHODDFWLYLGDGHFRQyPLFDGHOSDtV\ORVQLYHOHV PtQLPRV GH GHVHPSOHR D QLYHO KLVWyULFR IXHURQ ORV IDFWR UHVGHWHUPLQDQWHVGHOLPSXOVRGHOVDODULRUHDOHQHOSHUtRGR FRQVLGHUDGR(QHOSURPHGLRGHODxRPyYLODDEULO²PHGL FLyQTXHUHSUHVHQWDPHMRUODHYROXFLyQWHQGHQFLDO²HOVD ODULRGHORVWUDEDMDGRUHVSULYDGRVXUXJXD\RVGHVFRQWDQGR ORVHIHFWRVGHODLQIODFLyQDXPHQWyWUHVGpFLPDVGHSXQWRV SRUFHQWXDOHV SRU HQFLPD GH OD PHGLD GH ORV ~OWLPRV GLH] DxRVORTXHUHSUHVHQWyXQLQFUHPHQWRGHLQWHUDQXDO VHJ~QORV~OWLPRVGDWRVGHOGLYXOJDGRVSRUHO,QVWLWXWR1D FLRQDOGH(VWDGtVWLFD,1($~QDVtHQHODQiOLVLVGHFRUWR SOD]RHQDEULO\PDU]RKXERXQFDtGDHQHODXPHQWRORVVD ODULRVUHDOHVGHORVWUDEDMDGRUHVGHOVHFWRUSULYDGRFRQXQ LQFUHPHQWRGH\UHVSHFWRDLJXDOPHVGHODxR DQWHULRUUHVSHFWLYDPHQWH$QLYHOGHOGHVHPSOHRHVWH KDFDPELDGRUHVSHFWRDODxRDQWHULRU/XHJRGHOOHJDUDPt QLPRVKLVWyULFRVODWDVDGHGHVHPSOHRYLHQHHQDXPHQWR 3RUHMHPSORHQHOPHVGHDEULOGHOFRUULHQWHOOHJRD HOPD\RUQLYHOHQVHLVDxRVGHMDQGRDWUiVORVPtQLPRVKLV WyULFRVORTXHSUHVLRQDDODEDMDDOVDODULRUHDOGHELGRDXQD PD\RURIHUWDGHHPSOHRHQHOPHUFDGRODERUDO/DFDtGDGHO HPSOHRVHYLHQHGDQGRHQGLIHUHQWHVVHFWRUHV (92/8&,Ð1'(/26,1',&$'25(6'( 5()(5(1&,$(1(/Ô/7,02$f2 (O ÌQGLFH 0HGLR GH 6DODULRV ,06 FRQ EDVH -XOLR TXHHODERUDHO,QVWLWXWR1DFLRQDOGH(VWDGtVWLFDV,1( DXPHQWy HQ -XOLR GH \ VX Q~PHUR tQGLFH VH ILMyHQ/DYDULDFLyQDQXDODFXPXODGDIXHGH \ HQ ORV ~OWLPRV GRFH PHVHV GH (O ÌQGLFH 0HGLR GH6DODULRV1RPLQDOHV,061FRQEDVH-XOLR DXPHQWyHQ-XOLRGH\VXQ~PHURtQGLFHVHILMy HQ/DYDULDFLyQDQXDODFXPXODGDIXHGH\HQ ORV~OWLPRVGRFHPHVHVGH 3DUD HO PHV GH DJRVWR HO YDORU GHO tQGLFH VH ILMy HQ ORTXHUHSUHVHQWDXQDXPHQWRGHHQUHOD FLyQDOPHVDQWHULRU/DVYDULDFLRQHVDFXPXODGDVVRQ \HQHODxR\HQORV~OWLPRVPHVHVUHVSHFWLYD PHQWH /D YDULDFLyQ HQ HO GHO ÌQGLFH GH 6DODULR 5HDO IXH GH PLHQWUDVTXHHODxRKDEtDVLGRGHFRQ VLGHUDQGRORV~OWLPRVPHVHVORTXHPXHVWUDXQDEDMDHQ ODWHQGHQFLDGHHVWHLQGLFDGRU(/,65VXUJHGHGHIODFWDUHO ,06SRUHO,3&HVGHFLUPLGHODHYROXFLyQGHORVVDODULRV UHDOHV\VHREWLHQHDSDUWLUGHODGLYLVLyQHQWUHHO,06SRU ,3& ÌQGLFH0HGLRGH6DODULRV ,QGLFH*HQHUDO\9DULDFLyQPHQVXDODFXPXODGDGHODxR\~OWLPRVGRFHPHVHV %DVH-XOLR $xR 0HV 1~PHUR 9DULDFLRQHV $FXPDxR $FXPPHVHV 0$< -81 -8/ ÌQGLFH 0HQVXDO ÌQGLFHGH3UHFLRVGHO&RQVXPR IXHQWH,1( ,QGLFH*HQHUDO\9DULDFLyQPHQVXDODFXPXODGDGHODxR\~OWLPRVGRFHPHVHV $xR 0HV -81 -8/ $*2 6(7,(0%5( %DVH'LFLHPEUH 1~PHUR 9DULDFLRQHV $FXPDxR $FXPPHVHV ÌQGLFH 0HQVXDO IXHQWH,1( 6(7,(0%5(