35272&2/26 35(+263,7$/$5,26 'U9tFWRU5RGUtJXH] ,1752'8&&,Ï1 (OSURSyVLWRGHHVWHPDQXDOHVHOGHGHVFULELUSURWRFRORVGHWUDWDPLHQWRV PpGLFRVDQLYHOSUHKRVSLWDODULRFRQODILQDOLGDGGHXQLILFDUFULWHULRV\FRQGXFWDV HQ HVWD iUHD GH OD 0HGLFLQD GH (PHUJHQFLD \ SURYHHU DVt GH XQ PDWHULDO GLGiFWLFR TXH VLUYD GH JXtD D QXHVWURV 7pFQLFRV HQ (PHUJHQFLDV 0pGLFDV 7(0 (VWHPDQXDOSUHVHQWDSURWRFRORVTXHHVWiQGLYLGLGRVHQGRVVHFFLRQHV 7pFQLFDVGH6RSRUWH%iVLFR\$YDQ]DGR 7HUDSpXWLFDVSRVLEOHVVLHPSUHEDMRFRQWUROPpGLFR /RV SULPHURV DX[LOLRV SDUD HO PDQWHQLPLHQWR GH OD YLGD FRQVLVWH HQ PHGLGDV EiVLFDV VLQ XWLOL]DFLyQ GH HTXLSR VX REMHWLYR HV OD R[LJHQDFLyQ GH XUJHQFLD \ FRQVWD GH ORV SDVRV $ FRQWURO GH OD YtD DpUHD % VRSRUWH UHVSLUDWRULR \ & VRSRUWH FLUFXODWRULR (O VRSRUWH DYDQ]DGR FRQVLVWH HQ OD UHVWDXUDFLyQ GH OD FLUFXODFLyQ \ HVWDELOL]DFLyQ GHO VLVWHPD FDUGLRSXOPRQDU D WUDYpVGHORVSDVRV' GURJDV\OtTXLGRVDGPLQLVWUDGRVSRUYtDLQWUDYHQRVD( HOHFWURFDUGLRJUDPD\) WUDWDPLHQWRGHODILEULODFLyQ 352&(',0,(1726 $ WRGR SDFLHQWH VH OH GHEH UHDOL]DU XQD HYDOXDFLyQ SULPDULD \ XQD HYDOXDFLyQVHFXQGDULD /DHYDOXDFLyQSULPDULD LQFOX\H 9tD$pUHD$VHJ~UHODFRQODWpFQLFDDSURSLDGD\SURWHMDVLPXOWiQHDPHQWH ODFROXPQDFHUYLFDO 5HVSLUDFLyQ ([SRQJD HO WyUD[ VL HV SRVLEOH \ REVHUYH HO WLSR \ IUHFXHQFLDUHVSLUDWRULD &LUFXODFLyQ &RQWUROHODVKHPRUUDJLDV3DOSHORVSXOVRVHYDO~HVXIRUPD \ IUHFXHQFLD DGHPiV GHO OOHQDGR FDSLODU 6L HYLGHQFLD VLJQRV GH VKRFN FRPLHQFHHOWUDWDPLHQWRGHDFXHUGRDOSURWRFRORFRUUHVSRQGLHQWH &RQFLHQFLD (YDO~H HO QLYHO GH FRQFLHQFLD FRQ OD HVFDOD GH *ODVJRZ 7RGDV ODV OHVLRQHV TXH FRPSURPHWDQ OD YLGD GHEHQ VHU WUDWDGDV GXUDQWH OD HYDOXDFLyQSULPDULD /DHYDOXDFLyQVHFXQGDULD LQFOX\HHOH[DPHQItVLFRGHOSDFLHQWH\GHEH LQFOXLUODKLVWRULDFOtQLFD($DQWHFHGHQWHVSHUVRQDOHVGHLPSRUWDQFLDDVtFRPR WUDWDPLHQWRPpGLFRTXHUHFLEHHOSDFLHQWHHQIRUPDFUyQLFD (OVRSRUWHEiVLFRGHYLGDQRGHEHVHULQWHUUXPSLGRSRUPiVGHFLQFR VHJXQGRVDPHQRVTXHVHDHVWULFWDPHQWHQHFHVDULRPRYHUDOSDFLHQWHHVFDOHUD DUULED R DEDMR GH LJXDO IRUPD DO LQWXEDU R GHVILEULODU QR GHEH LQWHUUXPSLUVH HO VRSRUWHGHYLGDDYDQ]DGRSRUPiVGHWUHLQWDVHJXQGRV 7RGRSDFLHQWHTXHUHTXLHUDPRQLWRUHRFDUGtDFRpVWHGHEHVHUUHJLVWUDGR HQXQDWLUDGHSDSHOGH(&*SRUXQ WLHPSR GH VHLV VHJXQGRV /DV WLUDV GH UHJLVWURV GH (&* DGLFLRQDOHV GH VHLV VHJXQGRV VRQ WDPELpQ UHTXHULGRV DQWHV \ GHVSXpV GH OD DGPLQLVWUDFLyQ GH PHGLFDPHQWRV R GHVILEULODFLyQ \ GHVSXpVGHFXDOTXLHUFDPELRHQHOULWPR /RVVLJQRVYLWDOHVGHEHQREWHQHUVH\UHJLVWUDUVHFDGDYHLQWHPLQXWRV HQ SDFLHQWHV HVWDEOHV \ FDGD FLQFR PLQXWRV R PHQRV HQ SDFLHQWHV LQHVWDEOHV D WRGRV ORV SDFLHQWHV VH OHV GHEH HYDOXDU \ UHJLVWUDU ORV VLJQRV YLWDOHVSRUORPHQRVXQDYH]HQIRUPDLQGLVSHQVDEOH &21752/0(',&2 7RGRV ORV DVSHFWRV GH OD RUJDQL]DFLyQ \ SURYLVLyQ GHO VLVWHPD GH (PHUJHQFLDV0pGLFDVLQFOX\HHOVRSRUWHEiVLFR\DYDQ]DGRGHYLGDDOLJXDOTXH OD SDUWLFLSDFLyQ DFWLYD GH ORV PpGLFRV \ WpFQLFRV HQ HPHUJHQFLDV PpGLFDV (O FRQWURO PpGLFR FRQVWD GH WUHV FRPSRQHQWHV FDGD XQR LQWHUUHODFLRQDGR SDUD FRQIRUPDUHOFRQWUROPpGLFRFHQWUDOL]DGR(VWRVWUHVFRPSRQHQWHVVRQ 3URVSHFWLYR 'HVDUUROORGHORVSURWRFRORV ,QWHUPHGLR 7UDQVPLVLyQ%LRPpGLFD 5HWURVSHFWLYR&DOLGDGGHODDWHQFLyQPpGLFDSUHKRVSLWDODULD HYDOXDFLyQGHORVSURWRFRORV\GHOVLVWHPDGHHPHUJHQFLDPpGLFD &2081,&$&,21(6 (OLQWHUFDPELRGHLQIRUPDFLyQHQWUHHO7(0 \HOFRQWUROPpGLFRYLHQHD VHUHOFRPSRQHQWHPiVLPSRUWDQWHGHOVLVWHPD\WLHQHGRVIXQFLRQHVSULPDULDV 'DULQIRUPDFLyQGHOSDFLHQWH 'DUyUGHQHVPpGLFDVDO7(0HQUHODFLyQDOSDFLHQWH /DFRPXQLFDFLyQGHEHVHUEUHYHFRPHQ]DQGRFRQHOVH[RGHOSDFLHQWH HGDGFRQGLFLyQFOtQLFDFUtWLFRHVWDEOHHWFVLJQRVYLWDOHVWUDWDPLHQWRLQLFLDGR \UHVSXHVWDDOPLVPR 'U9tFWRU5RGUtJXH] *8Ë$'(7(5$3,$(1'29(126$ (OXVRGHODYtDHQGRYHQRVD(9HQHO iUHD SUHKRVSLWDODULD FXPSOH GRV IXQFLRQHV (VWDEOHFHXQDUXWDSDUDOD DGPLQLVWUDFLyQGHPHGLFDPHQWRV 5HSRQHUOtTXLGRVSHUGLGRV (/(&&,Ï1*(1(5$/'(62/8&,21(6 3DURFDUGLRUHVSLUDWRULRRSUREOHPDVPpGLFRV*OXFRVDDO 7UDXPDWLVPRRSHUGLGDGHOtTXLGRV5LQJHU/DFWDWRy)LVLROyJLFD 6KRFNFXDOTXLHUDPHQRVHOFDUGLRJpQLFR5LQJHU/DFWDWR (/(&&,Ï1'(/$$*8-$ 3DURFDUGLRUHVSLUDWRULRRSUREOHPDVPpGLFRVFiQXODVy 7UDXPDWLVPRRVKRFNKLSRYROpPLFRFiQXODy 6KRFNRWURVFiQXODy (O VLWLR GH HOHFFLyQ SDUD HO DFFHVR YHQRVR VRQ ODV YHQDV DQWHFXELWDOHV /D YHQLSXQWXUD GHEH UHDOL]DUVH HQ GRV PLQXWRV \ QR H[FHGHU GH FXDWUR PLQXWRV $7(1&,Ï1(1(/6,7,2'(/$(0(5*(1&,$ /DDWHQFLyQGHOSDFLHQWHHQHOOXJDUGHODHPHUJHQFLDHVUHVSRQVDELOLGDG GHO 7(0 FDSDFLWDGR HQ GDU DWHQFLyQ SUHKRVSLWDODULD HVWDELOL]DFLyQ GHO SDFLHQWH\WUDVODGRGHOPLVPREDMRFRQWUROPpGLFRDOFHQWURDVLVWHQFLDO (QFDVRGHTXHGXUDQWHODDWHQFLyQGHXQSDFLHQWHVHSUHVHQWHDOVLWLRHO PpGLFRWUDWDQWHGHOPLVPR\DVXPDODUHVSRQVDELOLGDGGHOFDVRGHEHUHDOL]DUVH GHLQPHGLDWRFRPXQLFDFLyQFRQHOFRQWUROPpGLFRSDUDVXQRWLILFDFLyQ\OLEUDUGH UHVSRQVDELOLGDGHVDTXLHQHVHVWpQDFWXDQGRHQODDWHQFLyQGHOSDFLHQWH 6L GXUDQWH XQ SURFHGLPLHQWR LQWHUYLHQH XQ PpGLFR \ QR H[LVWH FRPXQLFDFLyQSUHYLDFRQFRQWUROPpGLFRHO7(0GHEHVHJXLUHOSURWRFRORGH WUDWDPLHQWR SHUR FXDQGR H[LVWH FRPXQLFDFLyQ FRQ HO FRQWURO PpGLFR GHEH UHDOL]DUVHODPLVPDSDUDFRPXQLFDUDOPpGLFRLQWHUYHQFLRQLVWD 'U9tFWRU5RGUtJXH] (0(5*(1&,$&$5',29$6&8/$5 $OJRULWPR8QLYHUVDOSDUDOD$WHQFLyQ GH3DFLHQWHV$GXOWRV (YDOXH GHO 3DFLHQWH 'HWUDWDPLHQWR 2 VHU 5HVSLUD &RORTXHHQSRVLFLyQ 2 DGHFXDGDVLQRKD\ GH '2/25725È&,&2 3DFLHQWH $FWLYHHOVLVWHPDPpGLFRGH 3UHSDUHHOPRQLWRU (YDOXHODUHVSLUDFLyQDEUDODYtD I Dp 1RUHVSLUD 'HGRVYHQWLODFLRQHV (YDOXHOD y 1RWLHQH 3 O 7LHQH &RPLHQFH 2[LJHQR 9tD,9 0RQLWRU 6LJQRV +LVWRULDFOtQLFD (&* ¢'HVHQFDGHQDQWH " +LSRWHQVLyQ6KRF (GHPD3XOPRQDU 9HDHODOJRULWPR &DUGLRSDWLD,VTXHPLFD 9HDHODOJRULWPR $UULWPLD 7DTXLDUULWPLDV 9HDHO FRUUHVSRQGLHQWHD 6HREVHUYDILEULODFLyQ RWDTXLFDUGLDYHQWULFXODU HQHOPRQLWRU 1R ,QWXEDFLyQ &RQILUPHFRORFDFLyQ 'HWUHPLQHULWPRFDUGLDFR\ 6L $FWLYLGDGHOHFWULFDVLQ 9HDHODOJRULWPR )979 9HDHODOJRULWPR GLHQWH 6L ¢$FWLYLGDG O SUHVHQWH L " $VLVWROLD 9HDHODOJRULWPR 1R %UDGLDUULWPLDV 9HDHO FRUUHVSRQGLHQWHD 'U9tFWRU5RGUtJXH] 6RVSHFKDGHRULJHQFDUGtDFR &RORTXHDOSDFLHQWHHQSRVLFLyQFyPRGDJHQHUDOPHQWHVHPLVHQWDGD $GPLQLVWUHR[LJHQRSRUELJRWHQDVDOGHDOWVPLQDOWVPLQVLSUHVHQWD (3%2& 2EWHQJD(QIHUPHGDG$FWXDO\HYDOXDFLyQGHOSDFLHQWH 0RQLWRUL]DUHOULWPRFDUGtDFR\UHJtVWUHORHQWLUDGHSDSHOSRUVHJXQGRV $GPLQLVWUH ,VRUGLO PJ 6/ VL OD HYDOXDFLyQ VXJLHUH GRORU GH RULJHQ FDUGtDFR\VLOD3$6HVPD\RURLJXDODPP+JSXHGHUHSHWLUVHSRUGRV YHFHVHQLQWHUYDORVGHFLQFRPLQXWRV &RORTXHVROXFLyQJOXFRVDGDDOYtD(9 5HDOLFHFRQWDFWRFRQFRQWUROPpGLFR ¢6RVSHFKDGH ,0 " (YDOXH $%& 6LJQRVYLWDOHVFRORTXH PRQLWRUGHSUHVLyQDUWHULDO DXWRPDWLFR\R[LPHWURGHSXOVR $GPLQLVWUHR[LJHQRDOWVPLQ 7RPHYtDSHULIpULFD (&* 'HWHUPLQHVLHOSDFLHQWHHV HOHJLEOHSDUDWHUDSLDWURPEROLWLFD 5[GHWyUD[ 5XWLQDGHODERUDWRULR\ HOHFWUROLWRVHQ]LPDVFDUGLDFDV SUXHEDVGHFRDJXODFLyQ (OLQWHUYDORGHWLHPSR SDUDODDGPLQLVWUDFLyQ GHWHUDSLDWURPEROtWLFD HVGHPLQGHVGH HODUULERGHOSDFLHQWH DODHPHUJHQFLD 6LKD\HYLGHQFLDGHWURPERVLV FRURQDULDFRQVLGHUHDOJXQRVGH ORVVLJXLHQWHVWUDWDPLHQWRV 2[LJHQR DOWVPLQ 1LWURJOLFHULQD VOSDVWDRHQVSUD\ VLSUHVLyQDUWHULDOVLVWROLFD!PPKJ 0RUILQD ,9 $VSLULQD 2' $JHQWHWURPEROtWLFR 1LWURJOLFHULQD ,9OLPLWHGHFDLGDGH SUHVLyQDUWHULDOHQSDFLHQWHV QRUPRWHQVRVGHFDLGDVLHV KLSHUWHQVRQXQFDGHEHFDHUSRU GHEDMRGHPPKJODSUHVLyQVLVWROLFD +HSDULQD ,9 %HWDEORTXHDGRUHV 6XOIDWRGH0DJQHVLR ,9 'U9tFWRU5RGUtJXH] 3RVLEOHVPHGLGDVWHUDSpXWLFDVUHDOL]DEOHVSRUFRQWUROPpGLFR 0RUILQDDPJ(9OHQWRPRQLWRUL]DUODSUHVLyQDUWHULDO 6L HO SXOVR HV PD\RU GH DGPLQLVWUH OLGRFDLQD PJ.J (9 OHQWDPHQWHSXHGHDGPLQLVWUDUVHPJ,0 /LGRFDLQDHQLQIXVLyQGH DPJPLQ 5($1,0$&,21&$5',238/021$5 623257(%È6,&2 9HULILFDU3DUR&DUGLRUHVSLUDWRULR $EULUYtDDpUHD &RPHQ]DUYHQWLODFLyQDYHQWLODFLRQHV 9HULILFDUSXOVR &RPHQ]DUFRPSUHVLRQHVWRUiFLFDVFRPSUHVLRQHVSRUPLQXWR UHVFDWDGRU FRPSUHVLRQHV[UHVSLUDFLRQHV UHVFDWDGRUHV FRPSUHVLRQHV[UHVSLUDFLyQ $55,70,$6&$5',$&$6 1RWD 'HWHUPLQH HSLVRGLRV GH PDUHRV GHVPD\RV R SDOSLWDFLRQHV 7RPH QRWD GH WRGRV ORV PHGLFDPHQWRV TXH LQJLHUH HO SDFLHQWH %XVTXH FXLGDGRVDPHQWH VLJQRVGHSREUHSHUIXVLyQ $OWHUDFLyQGHODFRQFLHQFLD 3LHOIUtDVXGRURVDSiOLGD 3$6PHQRUGHPP+J 3XOVRUiSLGRPD\RUGHROHQWRPHQRUGH 7RGDODWHUDSLDGHEHVHUDFRPSDxDGDSRUUHJLVWURHQSDSHOGH(&*SUH\ SRVWWHUDSLD 35272&2/2 $GPLQLVWUH R[tJHQR SRU ELJRWH QDVDO GH D OWVPLQ D OWVPLQ VL SUHVHQWD(3%2& 0RQLWRUL]DUULWPRFDUGtDFR\UHJLVWUDUORHQWLUDGHSDSHOSRUVHLVVHJXQGRV 3HUPHDELOLFHXQDYtDYHQRVDSHULIpULFD\FRORTXHVROXFLyQJOXFRVDGDDO 7UDWHODVDUULWPLDVGHDFXHUGRDOSURWRFRORHVSHFLILFR 5HDOLFHFRPXQLFDFLyQFRQFRQWUROPpGLFR &2175$&&,21(69(175,&8/$5(635(0$785$6 (YDO~HODQHFHVLGDGGHWHUDSLDVXSUHVLYD D5HYLVHFDXVDVGHVHQFDGHQDQWHV\WUiWHODV E&RQVLGHUHLQWR[LFDFLyQGLJLWiOLFD F&RQVLGHUHEUDGLFDUGLD G&RQVLGHUHQLYHOHVGHSRWDVLR H&RQVLGHUHDEXVRGHGURJDV (OWUDWDPLHQWRHVWiLQGLFDGRVL 6LVRQPD\RUHVGHFLQFRSRUPLQXWR 'U9tFWRU5RGUtJXH] ([WUDVtVWROHVPXOWLIRFDOHV 'XSOHWDV )HQyPHQRGH5VREUH7 (VWDDVRFLDGRFRQGRORUWRUiFLFR /LGRFDLQD PJNJ (9 OHQWR KDVWD PJ FF DO VL VH VXSULPH PJPLQHQLQIXVLyQFRQWLQXD 5HDOLFHFRQWDFWRFRQFRQWUROPpGLFR 3RVLEOHVWHUDSpXWLFDVUHDOL]DEOHVSRUFRQWUROPpGLFR $XPHQWDUHOIOXMRGHR[tJHQRDOWVPLQSRUPDVFDUD 5HSHWLUOLGRFDLQDPJNJFDGDDPLQXWRVKDVWDPJNJ $OJRULWPRSDUDOD%UDGLFDUGLD 5HDOLFHHO$%& $VHJXUHODYtDDpUHD $GPLQLVWUHR[LJHQR 7RPHYtDSHULIpULFD &RORTXHPRQLWRUFDUGLDFRR[LPHWURGHSXOVRPRQLWRUGH3$FRQWLQXR (YDOXHORVVLJQRVYLWDOHV 5HDOLFHHOHFWURFDUGLRJUDPD 7RPH5[GH7RUD[ %UDGLFDUGLDDEVROXWD ODWLGRVPLQR UHODWLYD ¢6HULRVVLJQRV\VtQWRPDV" 1R 6L ¢%ORTXHR$9WLSR,,GH VHJXQGRJUDGRR EORTXHR$9GHWHUFHU JUDGR" 1R 2EVHUYDFLyQ 6HFXHQFLDDVHJXLU $WURSLQDPJ 0DUFDSDVRWUDQVFXWiQHRVLHVWDGLVSRQLEOH 'RSDPLQD P JNJPLQ $GUHQDOLQD PJPLQ ,VSURWHUHQRO 6L 3UHSDUHSDUDPDUFDSDVRWUDQVYHQRVR 8VHPDUFDSDVRWUDQVFXWiQHR 'U9tFWRU5RGUtJXH] %XVTXHVLJQRVGHSREUHSHUIXVLyQ 6LKD\EXHQDSHUIXVLyQWUDVODGHDOSDFLHQWHVLQWUDWDPLHQWR 6L KD\ SREUH SHUIXVLyQ 3$6 PHQRU GH PP+J DJLWDFLyQ FRQIXVLyQDGPLQLVWUDU$WURSLQDPJ(9OHQWR 5HHYDOXDUVLJQRVYLWDOHVHVWDGRPHQWDO\ULWPRFDUGtDFR 3RVLEOHVPHGLGDVWHUDSpXWLFDVUHDOL]DEOHVSRUFRQWUROPpGLFR 5HSHWLU $WURSLQD PJ (9 OHQWR KDVWD FRPSOHWDU XQ Pi[LPR GH PJ 'RSDPLQD DPSROOD HQ PO GH VROXFLyQ GRVLILFDU JRWHR KDVWD REWHQHU3$6PD\RUGHPP+J 7DTXLFDUGLD (YDO~HHOULWPRFDUGtDFRFRPSOHMRVDQJRVWRVRDQFKRV (YDO~HHOHVWDGRGHSHUIXVLyQ 6L HO SDFLHQWH HVWi KHPRGLQiPLFDPHQWH HVWDEOH 3$6 PD\RU GH PP+JWUDVOiGHORDOFHQWURDVLVWHQFLDO 6L HO SDFLHQWH HVWi LQHVWDEOH KHPRGLQiPLFDPHQWH KLSRWHQVR SHUIXVLyQ WLVXODU GLVPLQXLGD \R FRQ GRORU SUHFRUGLDO R LQVXILFLHQFLD FDUGtDFD FRQJHVWLYDUHDOLFHPDQLREUDVGH5&3 5HDOLFHFRQWDFWRFRQFRQWUROPpGLFR +HPRGLQiPLFDPHQWH LQHVWDEOH FRQVLGHUDU VHGDFLyQ FDUGLRYHUVLyQ FRPHQ]DQGRFRQD-RXOHV 1RKD\FDPELRVFDUGLRYHUVLyQFRQ-RXOHV 1RKD\FDPELRVFDUGLRYHUVLyQFRQ-RXOHV 1RWD 3DFLHQWH VLQ SXOVR \ FRQ WDTXLFDUGLD YHQWULFXODU GHEH VHU WUDWDGR VHJ~Q SURWRFRORGH),%5,/$&,Ï19(175,&8/$5 3RVLEOHVPHGLGDVWHUDSpXWLFDVUHDOL]DEOHVSRUFRQWUROPpGLFR 3DFLHQWHKHPRGLQiPLFDPHQWHHVWDEOHPDQLREUDVYiJDOHV 3HUPHDELOLFH XQD YtD YHQRVD SHULIpULFD \ DGPLQLVWUH VROXFLyQ JOXFRVDGDDO /LGRFDLQD PJ.J FDGD RFKR PLQXWRV KDVWD XQ Pi[LPR GH PJ.J 'U9tFWRU5RGUtJXH] (YDOXHYtDDpUHDUHVSLUDFLyQ\ FLUFXODFLyQ $VHJXUHODYtDDpUHD $GPLQLVWUH R[LJHQR 7RPHYtDYHQRVDSHULIpULFD &RORTXHPRQLWRU FDUGLDFRR[LPHWURGH SXOVR PRQLWRUSUHVLyQDUWHULDO (YDOXHVLJQRVYLWDOHV (&* 5[GHWyUD[ 5HYLVHKLVWRULDFOtQLFD ,QHUVWDEOH 1Ry/LPLWH )LEULODFLyQ$XULFXODU )OXWWHU$XULFXODU 7DTXLFDUGLD 6XSUDYHQWULFXODU 0DQLREUDV 9DJDOHV &RQVLGHUH %HWDEORTXHDGRUHV 9HUDSDPLO 'LJR[LQD 3URFDLQDPLGD 'LOWLD]HP 4XLQLGLQD 6L ¢&RPSOHMR $QFKR" 7DTXLFDUGLDGH &RPSOHMRDQFKR /LGRFDLQD PJNJ,9EROR &DGDPLQ /LGRFDLQD PJNJ,9EROR KDVWDXQPD[LPRGHPJNJ (VWUHFKR ¢3UHVLyQ$UWHULDO" 1RUPDOR(OHYDGD 9HUDSDPLO PJ,9 PLQ 9HUDSDPLO PJ,9 &RQVLGHUH 'LJR[LQD %HWDEORTXHDGRUHV 'LOWLD]HP 6LHOULWPRYHQWULFXODU! ODWLGRVPLQ 3UHSDUHVHSDUDFDUGLRYHUVLyQ LQPHGLDWD 3XHGHGDUVHXQFKDQFHFRQ PHGLFDPHQWRV EDVDGRVHQ HOWLSRGHDUULWPLD &DUGLRYHUVLyQ LQPHGLDWDVLVHQHFHVLWDXQD IUHFXHQFLDFDUGLDFD ODWLGRVPLQ 7DTXLFDUGLD 9HQWULFXODU /LGRFDLQD PJNJ,9EROR &DGDPLQ /LGRFDLQD PJNJ,9EROR KDVWDXQPD[LPRGHPJNJ $QFKR /LGRFDLQD PJNJ,9EROR 3URFDLQDPLGD PJPLQKDVWD XQPD[LPRGHPJNJ %DMDRLQHVWDEOH &DUGLRYHUVLyQHOHFWULFD 9HUDOJRULWPRFRUUHVSRQGLHQWH 3URFDLQDPLGD PJPLQKDVWD XQPD[LPRGHPJNJ %UHWLOLR PJNJSRUPLQ GRVLVPD[LPDGHPJNJ SRUKRUDV &RQGLFLyQLQHVWDEOHGHEHHVWDUHQUHODFLyQDODWDTXLFDUGLD VLJQRV\VLQWRPDVSXHGHQLQFOXLUGRORUWRUDFLFRGLILFXOWDG SDUDUHVSLUDUGLVPLQXFLyQGHOQLYHOGHFRQFLHQFLDKLSRWHQ VLyQVKRFNLQVXILFLHQFLDFDUGLDFDLQIDUWRDJXGRGHOPLR FDUGLR 3UHVLyQGHOVHQRFDURWLGHRHVWDFRQWUDLQGLFDGRHQSDFLHQWHV FRQVRSORFDURWLGHRHYLWHLQPHUVLyQHQDJXDKHODGDDSD FLHQWHVFRQFDUGLRSDWLDLVTXHPLFD 6LKD\FHUWH]DTXHODWDTXLFDUGLDGHFRPSOHMRDQFKRHVVX SUDYHQWULFXODU\ODSUHVLyQDUWHULDOHVWDQRUPDORHOHYDGDOD VHFXHQFLDSXHGHLQFOXLU9HUDSDPLO 'U9tFWRU5RGUtJXH] $OJRULWPRSDUDOD)LEULODFLyQ\7DTXLFDUGLD 9HQWULFXODUVLQ3XOVR $%& 5HDOLFH5&3KDVWD REWHQHUGHVILEULODGRU ,GHQWLILTXHHOULWPR HQHOPRQLWRU)979 'HVILEULOHKDVWDYHFHV VHJXLGDVGHVHUQHFHVDULR VLSHUVLVWHOD)979 --- ¢5LWPRGHVSXHVGH ORVWUHVVKRFNV" )979SHUVLVWHQWH RUHFXUUHQWH &RQWLQXH5&3 ,QWXEHGHLQPHGLDWR 7RPHYtDSHULIpULFD $GUHQDOLQD PJ,9HQEROR UHSHWLUFDGDPLQ 'HVILEULOH GHVSXHVGHFDGD GRVLVGHPHGLFDFLyQ SDWURQPHGLFDPHQWR VKRFNPHGLFDPHQWR VKRFN 5HWRUQRDOD FLUFXODFLyQ HVSRQWDQHD $FWLYLGDG(OHFWULFD VLQ3XOVR 9HDHODOJRULWPRFRUUHVSRQGLHQWH (YDOXHVLJQRVYLWDOHV $VHJXUHODYtDDpUHD 'HVRSRUWHYHQWLODWRULR $GPLQLVWUHPHGLFDPHQWRV SDUDPDQWHQHUSUHVLyQ DUWHULDOIUHFXHQFLD\ULWPR FDUGLDFR /LGRFDLQDPJNJ,9HQ ERORVHJXLGRSRULQIXVLyQ GHPJPLQ /LGRFDLQDPJNJ,9HQEROR UHSHWLUHQPLQKDVWDXQ Pi[LPRGHPJNJ $VLVWROLD 9HDHODOJRULWPRFRUUHVSRQGLHQWH 'HVILEULOH %UHWLOLRPJNJ,9HQEROR UHSHWLUHQPLQDPJNJ KDVWDXQWRWDOGHPJNJ 'HVILEULOH &RQVLGHUHHOXVRGH 6XOIDWRGH0DJQHVLR JP,9HQEROR 3URFDLQDPLGD PJPLQ,9HQERORKDVWD XQWRWDOGHPJNJ %LFDUERQDWRGH6RGLR P(TNJ,9HQEROR 'HVILEULOH - FRQWLQXH5&3 'U9tFWRU5RGUtJXH] $OJRULWPRSDUDOD$VLVWROLD &RQWLQXH5&3 ,QWXEHGHLQPHGLDWR 7RPpYtDSHULIpULFD &RQILUPHODDVLVWROLD HQPiVGHXQDGHULYDFLyQ &RQVLGHUHSRVLEOHVFDXVDV +LSR[LD +LSHUNDOHPLD +LSRNDOHPLD $FLGRVLVSUHH[LVWHQWH 6REUHGRVLVGHPHGLFDPHQWRV +LSRWHUPLD &RQVLGHUHGHLQPHGLDWR PDUFDSDVRVWUDQVFXWDQHR &RQVLGHUHWHUPLQDFLyQGHORVHVIXHU]RV VLHOSDFLHQWHSHUVLVWHHQDVLVWROLDXRWUR ULWPRDJRQLFRD~QGHVSXpVGHXQDLQWXEDFLyQ H[LWRVDLQLFLDGRORVPHGLFDPHQWRV\QR VHHYLGHQFLDFDXVDUHYHUVLEOH&RQVLGHUHHO LQWHUYDORGHWLHPSRGHFRPLHQ]RGHOSDUR FDUGLDFR $GUHQDOLQDPJ,9HQEROR UHSHWLUFDGDPLQ $WURSLQDPJ,9HQEROR UHSHWLUFDGDPLQ KDVWDXQWRWDOGHPJNJ &RQVLGHUHWHUPLQDFLyQ GHORVHVIXHU]RV 1RWD 0RQLWRUL]DU HO ULWPR YHULILFDUOR HQ GRV GHULYDFLRQHV VL GXGD HQWUH ILEULODFLyQ YHQWULFXODU \ DVLVWROLD WUiWHOD GH DFXHUGR DO SURWRFROR GH ILEULODFLyQ YHQWULFXODU &RPLHQFHPDQLREUDVGH5&3 3HUPHDELOLFHYtDYHQRVDSHULIpULFD\DGPLQLVWUHVROXFLyQJOXFRVDGDDO $GUHQDOLQD D PJ GLOXLGR HQ FF GH VROXFLyQ YtD (9 UHSHWLU FDGDPLQXWRV $VHJXUHYtDDpUHDLQWXEHGHVHUSRVLEOH $WURSLQDPJ(9UHSHWLUXQDYH]PiVDORVFLQFRPLQXWRV 3RVLEOHVPHGLGDVWHUDSpXWLFDVUHDOL]DEOHVSRUFRQWUROPpGLFR &RQVLGHUHHOXVRGH%LFDUERQDWR &RQVLGHUHHOXVRGHXQ0DUFDSDVR([WHUQR 'U9tFWRU5RGUtJXH] $OJRULWPRSDUDOD$FWLYLGDG(OHFWULFD VLQ3XOVR ,QFOX\H 'LVRFLDFLyQHOHFWURPHFDQLFD 3VHXGRGLVRFLDFLyQHOHFWURPHFDQLFD 5LWPRGHHVFDSHLGLRYHQWULFXODU 5LWPRGHHVFDSHYHQWULFXODU 5LWPREUDGLDVLVWROLFR 5LWPRLGLRYHQWULFXODUSRVWGHVILEULODFLyQ &RQWLQXH5&3 ,QWXEHGHLQPHGLDWR 7RPHYtDSHULIpULFD (YDOXHHVOIOXMRVDQJXLQHRXVDQGRGRSSOHU &RQVLGHUHSRVLEOHVFDXVDV HQWUHSDUHQWHVLVSRVLEOHVWHUDSLDV\WUDWDPLHQWRV>@ +LSRYROHPLD>LQIXVLyQGHYROXPHQ@ +LSR[LD>YHQWLODFLyQ@ 7DSRQDPLHQWRSHULFDUGLFR>SHULFDUGLRFHQWHVLV@ 1HXPRWyUD[DWHQVLyQ>GHVFRPSUHVLyQ@ +LSRWHUPLD (PEROLVPRSXOPRQDUPDVLYR>FLUXJLDWURPEROLWLFRV@ 6REUHGRVLVGHPHGLFDPHQWRVFRPRDQWLGHSUHVLYRV WULFLFOLFRVGLJLWDOLFRVEHWDEORTXHDGRUHVEORTXHDQWHV GHORVFDQDOHVGHFDOFLR +LSHUNDOHPLD $FLGRVLV ,QIDUWRPDVLYRFDUGLDFR $GUHQDOLQD PJ,9HQEROR UHSHWLUFDGDPLQ 6LODEUDGLFDUGLDHVDEVROXWD ODWLGRVPLQRUHODWLYD DGPLQLVWUH DWURSLQD PJ,9 5HSLWDFDGDPLQKDVWD XQWRWDOGHPJNJ 'U9tFWRU5RGUtJXH] &RQWLQ~HFRQPDQLREUDVGH5&3 3HUPHDELOLFHYtDYHQRVDSHULIpULFD\DGPLQLVWUHVROXFLyQJOXFRVDGDDO $GUHQDOLQDDPJGLOXLGRHQFFGHVROXFLyQ\DGPLQtVWUHORSRU YtD(9UHSHWLUFDGDFLQFRPLQXWRV $VHJXUDUODYtDDpUHDLQWXEDUGHVHUSRVLEOH +DFHUFRQWDFWRFRQFRQWUROPpGLFR &5,6,6+,3(57(16,9$ /DVFULVLVKLSHUWHQVLYDVGHEHQVHUUHFRQRFLGDV\WUDWDGDVUiSLGDPHQWH\D TXHUHSUHVHQWDQXQDVHULDDPHQD]DSDUDHOIXQFLRQDPLHQWRGHyUJDQRV\SDUDOD YLGD/DSRVLELOLGDGGHTXHHQXQSDFLHQWHRFXUUDXQDHPHUJHQFLDKLSHUWHQVLYD GHSHQGH HQ JUDQ PHGLGD GHO JUDGR \ GH OD UDSLGH] FRQ TXH VH SURGXFH OD HOHYDFLyQ GH OD WHQVLyQ DUWHULDO $VFHQVRV PDUFDGRV GH OD SUHVLyQ DUWHULDO GLDVWROLFD SXHGHQ HVWDU SUHVHQWHV SRU ODUJRV SHUtRGRV GH WLHPSR HQ SDFLHQWHV DVLQWRPiWLFRV VLQ HYLGHQFLDV GH XQ GDxR VHYHUR GH ORV yUJDQRV EODQFRV R GH XQDDPHQD]DLQPHGLDWDSDUDODYLGDGHOSDFLHQWH '(),1,&,Ï1 /D KLSHUWHQVLyQ DUWHULDO 6H GHILQH FRPR XQD SUHVLyQ DUWHULDO VLVWyOLFD GH PP+JRPD\RUXQDSUHVLyQDUWHULDOGLDVWyOLFDGHPP+JRPD\RURHVWDU WRPDQGRIiUPDFRVDQWLKLSHUWHQVLYRV &ULVLV +LSHUWHQVLYD 6H GHILQH FRPR OD HOHYDFLyQ EUXVFD GH OD SUHVLyQ DUWHULDO OD JUDYHGDG GH OD FULVLV KLSHUWHQVLYD VH FRUUHODFLRQD QR VROR FRQ ORV QLYHOHV DEVROXWRV GH SUHVLyQ DUWHULDO VLQR FRQ OD YHORFLGDG GH LQVWDXUDFLyQ \D TXH ORV PHFDQLVPR DXWRUUHJXODGRUHV QR GLVSRQHQ HQ HVWRV FDVRV GH WLHPSR VXILFLHQWHSDUDODDGDSWDFLyQ &/$6,),&$&,Ï1 'HVGH HO SXQWR GH YLVWD SUiFWLFR \ SDUD WUDWDU GH HVWDEOHFHU ODV SULRULGDGHVWHUDSpXWLFDVODVFULVLVKLSHUWHQVLYDVSXHGHQVHUFODVLILFDGDVHQGRV JUDQGHVJUXSRV 8UJHQFLDV+LSHUWHQVLYDV,QFOX\HHOHYDFLRQHVGHOD3$VLQGDxRVREUH ORVyUJDQRVEODQFRFRQSRFRULHVJRGHFRPSOLFDFLRQHVLQPHGLDWDV\XQUHODWLYR EXHQSURQyVWLFR(OSDFLHQWHSXHGHSUHVHQWDUDOJXQRVVtQWRPDVFRPRFHIDOHD YLVLyQERUURVDSDOSLWDFLRQHVRGHELOLGDG (PHUJHQFLDV +LSHUWHQVLYDV ,QFOX\H HOHYDFLRQHV GH OD 3$ FRQ HYLGHQFLD GH GDxR VHYHUR VREUH yUJDQRV EODQFR SURJUHVLYR \ GH UHFLHQWH DSDULFLyQ DVRFLDGD D FLHUWDV FRQGLFLRQHV FOtQLFDV $&9 +HPRUUDJLD 6XEDUDFQRLGHD (QFHIDORSDWLD +LSHUWHQVLYD 'LVHFFLyQ $yUWLFD $JXGD +LSHUWHQVLyQ LQGXFLGD SRU HO HPEDUD]R 3UHHFODPVLD (FODPVLD RWUDV HWF 6RQGHSHRUSURQyVWLFRHQUHODFLyQDODXUJHQFLDKLSHUWHQVLYD 'U9tFWRU5RGUtJXH] 75$7$0,(172'(/$6&5,6,6+,3(57(16,9$6 (Q HO PDQHMR GH ODV FULVLV KLSHUWHQVLYDV GHEHQ VHJXLUVH XQD VHULH GH SDVRV 7RGRVORVSDFLHQWHVFRQHPHUJHQFLDVKLSHUWHQVLYDVGHEHQVHUKRVSLWDOL]DGRV SUHIHULEOHPHQWH HQ XQD XQLGDG GH FXLGDGRV LQWHQVLYRV /RV SDFLHQWHV FRQ XUJHQFLDVKLSHUWHQVLYDVSXHGHQ VHU WUDWDGRV HQ HO VHUYLFLR GH HPHUJHQFLD \ QR QHFHVDULDPHQWHDPHULWDQKRVSLWDOL]DFLyQ /RV SDFLHQWHV GHEHUiQ VHU HYDOXDGRV UiSLGDPHQWH D WUDYpV GH OD KLVWRULD FOtQLFD \ HO H[DPHQ ItVLFR SRQLHQGR HVSHFLDO pQIDVLV HQ GHWHUPLQDU OD GXUDFLyQ GH OD +7$ HO JUDGR GH FRQWURO UHFLHQWH \ OD XWLOL]DFLyQ SUHYLD GH UHJtPHQHV PHGLFDPHQWRVRV R OD SUHVHQFLD GH HQIHUPHGDGHV FRQFXUUHQWHV /RV HVWXGLRV SDUDFOtQLFRVQRGHEHQUHWDUGDUHOFRPLHQ]RGHODWHUDSpXWLFDTXHGHEHLQLFLDUVH LQPHGLDWDPHQWHGHVSXpVGHLGHQWLILFDUODSUHVHQFLDGHODFULVLVKLSHUWHQVLYD 6HOHFFLRQDUXQUpJLPHQDQWLKLSHUWHQVLYRDSURSLDGR/DVGURJDVLGHDOHVSDUD WUDWDUODVFULVLVKLSHUWHQVLYDVGHEHQUHXQLUODVVLJXLHQWHVSURSLHGDGHV D&RPLHQ]RLQPHGLDWRGHDFFLyQPLQXWRV E 5HGXFLU VXDYHPHQWH OD SUHVLyQ DUWHULDO HQ IRUPD SUHGHFLEOH \ IiFLOPHQWHWLWXODEOH F(VWDUOLEUHVGHHIHFWRVDGYHUVRVTXHSXGLHUDQH[DFHUEDUOD FRQGLFLyQ HQWUDWDPLHQWRRHQPDVFDUDUVHFXHODVRFRPSOLFDFLRQHV G 8QD YH] HVWDELOL]DGR HO SDFLHQWH GHEH LQLFLDUVH XQ UpJLPHQ DQWLKLSHUWHQVLYR FUyQLFR TXH YD D PRGLILFDUVH JUDGXDOPHQWH \ GHEH VHU LQGLYLGXDOL]DGRVHJ~QODVFDUDFWHUtVWLFDVGHOSDFLHQWH '52*$6$86$5(185*(1&,$6+,3(57(16,9$6 1LIHGLSLQD$GDODW/DQLIHGLSLQDHVHILFD]SDUDUHGXFLUOD3$\ KD VLGR H[WHQVDPHQWH HVWXGLDGD HQ HO WUDWDPLHQWR GH XUJHQFLDV \ HPHUJHQFLDV KLSHUWHQVLYDV$GPLQLVWUDGDSRUYtDRUDOVXEOLQJXDORUHFWDOSURGXFHXQDUiSLGD SUHGHFLEOH\FRQVLVWHQWHUHGXFFLyQGH3$FRQSRFRVHIHFWRVDGYHUVRV\XQD GXUDFLyQGHKRUDV/DSRVLELOLGDGGHSUHGHFLUXQDUHGXFFLyQGHOHQOD 3$FRQ XQD GRVLV GH PJ VXEOLQJXDO OD FRORFDQ FRPR XQ PHGLFDPHQWR ~WLO HQHOWUDWDPLHQWRGHODVFULVLVKLSHUWHQVLYDV /D QLIHGLSLQD HV XVXDOPHQWH XVDGDDGPLQLVWUDGDSRUYtDVXEOLQJXDOPJFRQLQLFLRGHVXDFFLyQDORV PLQ\XQHIHFWRPi[LPRHQPLQ/DGXUDFLyQWRWDOHVGHKRUDV \ QR HV DIHFWDGD SRU OD YtD GH DGPLQLVWUDFLyQ (QWUH VXV HIHFWRV DGYHUVRV WHQHPRV FHIDOHD SDOSLWDFLRQHV HQURMHFLPLHQWR IDFLDO KLSRWHQVLyQ GHELOLGDG \ VHTXHGDGGHPXFRVDV &DSWRSULO &DSRWHQ (V XQ LQKLELGRU FRPSHWLWLYR GH OD HQ]LPD FRQYHUWLGRUD GH DQJLRWHQVLQD +D VLGR XWLOL]DGR H[LWRVDPHQWH HQ HO WUDWDPLHQWR GHFULVLVKLSHUWHQVLYDVSRUYtDRUDO\VXEOLQJXDO/DGRVLVSRUYtDRUDORVXEOLQJXDO LQLFLDOHVGHPJFRQXQDGXUDFLyQGHVXHIHFWRGHKRUDV 'U9tFWRU5RGUtJXH] (0(5*(1&,$65(63,5$725,$6 $60$ 1RWD 2EWHQJDXQDOLVWDGHWRGRVORVPHGLFDPHQWRVTXHXVDHOSDFLHQWH 2EWHQJDODVLJXLHQWHLQIRUPDFLyQ $QWHFHGHQWHVGHHQIHUPHGDGHVFDUGtDFDV (GDGPD\RUGHDxRV 3XOVRPD\RUGHRPD\RUGHHQSDFLHQWHVSHGLiWULFRV $EXVRGHLQKDODGRUHV (PEDUD]R (OXVRGH$GUHQDOLQDSXHGHHVWDUFRQWUDLQGLFDGR 2[tJHQRGHDOWVPLQSRUELJRWHQDVDORDOWVPLQSRUPiVFDUD &RORTXH DO SDFLHQWH HQ SRVLFLyQ FyPRGD VHPLVHQWDGD FRQ ORV PLHPEURVLQIHULRUHVFROJDQGR 0RQLWRUL]DUHOULWPRFDUGtDFR 3RVLEOHVPHGLGDVWHUDSpXWLFDVUHDOL]DEOHVSRUFRQWUROPpGLFR 1HEXOL]DUFRQ)HQRWHURO6(*$02/DPSROOD $GUHQDOLQD D PJ 6& (Q SDFLHQWHV SHGLiWULFRV PJNJ 6& $GPLQLVWUDUVROXFLyQJOXFRVDGDDODFFKRUD 3XHGHUHSHWLUVHGRVLVGH$GUHQDOLQDDORVPLQXWRV (3%2& 2[tJHQRGHDOWVPLQSRUELJRWHQDVDO &RORFDUDOSDFLHQWHHQSRVLFLyQVHPLVHQWDGD 0RQLWRUL]DUHOULWPRFDUGtDFR 3RVLEOHVPHGLGDVWHUDSpXWLFDVUHDOL]DEOHVSRUFRQWUROPpGLFR $GPLQLVWUDUVROXFLyQJOXFRVDGDDOYtD(9 1HEXOL]DUFRQ)HQRWHURO6(*$02/DPSROOD ('(0$38/021$5 &RORTXHDOSDFLHQWHHQSRVLFLyQVHPLVHQWDGD 2[tJHQR GH D OWVPLQ VL HVWi HQ PDODV FRQGLFLRQHV YHQWLODU FRQ SUHVLyQSRVLWLYD 0RQLWRULDUULWPRFDUGtDFR $GPLQLVWUHVROXFLyQJOXFRVDGDDOFRPRPDQWHQLPLHQWR ,VRUGLOPJ6/FRQWUDLQGLFDGRVLHOSDFLHQWHHVWiKLSRWHQVRSXHGH UHSHWLUVHSRUGRVYHFHVHQLQWHUYDORVGHFLQFRPLQXWRV $GPLQLVWUHDPSROODVGH/DVL[(9 7UDVODGHGHLQPHGLDWRDOSDFLHQWHDXQFHQWURDVLVWHQFLDO 'U9tFWRU5RGUtJXH] 5HDOLFHFRQWDFWRFRQFRQWUROPpGLFR 3RVLEOHVPHGLGDVWHUDSpXWLFDVUHDOL]DEOHVSRUFRQWUROPpGLFR )XURVHPLGD/DVL[GHDPJ(9 0RUILQDD PJOHQWR(9VLSUHVLyQDUWHULDOVLVWROLFD!PP+J &RQVLGHUDU XVR GH 'RSDPLQD VL 7$ PP+J FRPHQ]DQGR FRQ GRVLVPLFURJUDPRV.JPLQ ,1+$/$&,Ï1'(*$6(6 1RWD $O UHVFDWDU DO OHVLRQDGR XWLOLFH SURWHFFLyQ UHVSLUDWRULD HTXLSRV DXWRFRQWHQLGRV &XEUDWRGDVODViUHDVGHVFXELHUWDVGHVXSLHO ,QYHVWLJXHHOSRVLEOHPDWHULDOWy[LFR $OHMHGHOVLWLRDOOHVLRQDGR\OOpYHORDXQDPELHQWHDELHUWR\VHJXUR 3URWHMD\PDQWHQJDYtDDpUHDSHUPHDEOH ,QLFLDUUHDQLPDFLyQFDUGLRSXOPRQDUGHVHUQHFHVDULR 3HUPHDELOLFH YtD YHQRVD FRQ FiQXOD \ DGPLQLVWUH VROXFLyQ GH 5LQJHU/DFWDWRVHJ~QFRQWUROPpGLFR 0RQLWRUL]DUHOULWPRFDUGtDFR &RORTXHDOSDFLHQWHHQGHF~ELWRODWHUDOL]TXLHUGRVLHVWiLQFRQVFLHQWH &RORTXHDOSDFLHQWHHQSRVLFLyQVHPLVHQWDGDVLHVWiFRQVFLHQWH 7UDVODGHDXQFHQWURDVLVWHQFLDODGHFXDGR 5HDOLFHFRQWDFWRFRQFRQWUROPpGLFR (0(5*(1&,$61(852/Ï*,&$6 6263(&+$'($&9 1RWD (OWUDWDPLHQWRSUHKRVSLWDODULRHVWiGHVWLQDGRSULPDULDPHQWHDPHMRUDUHO IOXMRVDQJXtQHR\ODR[LJHQDFLyQFHUHEUDO 7RPH VLJQRV YLWDOHV \ PDQWHQJD DO SDFLHQWH HQ GHF~ELWR GRUVDO D PHQRV TXH SUHVHQWH PDUFDGD KLSHUWHQVLyQ DUWHULDO HQ GLFKR FDVR HO SDFLHQWH GHEHHVWDUHQSRVLFLyQVHPLVHQWDGD $VHJXUH OD YtD DpUHD \ DGPLQLVWUH R[tJHQR SRU PDVFDULOOD D OWV SRU PLQXWRVDOLWURVSRUPLQXWRVLHOSDFLHQWHSUHVHQWD(3%2& 0RQLWRUL]DUHOULWPRFDUGtDFR 7RPHYtDSHULIpULFD\DGPLQLVWUHVROXFLyQJOXFRVDGDDODJRWDV [ 3URWHMDHORORVPLHPEURVSDUpWLFR 5HDOLFHFRQWDFWRFRQFRQWUROPpGLFR 'U9tFWRU5RGUtJXH] &20$ 1RWD (YDO~H FXLGDGRVDPHQWH OD YtD DpUHD %XVTXH VLJQRV GH WUDXPDWLVPR KLSRJOLFHPLDDEXVRGHGURJDV%XVTXHDOUHGHGRUGHOSDFLHQWHUHVWRGHStOGRUDV IUDVFRVRLQ\HFWDGRUDV2EWHQJDKLVWRULDVLHVSRVLEOH 3URWHMD\PDQWHQJDVHJXUDODYtDDpUHD 2[tJHQRGHDOWVPLQ &RORTXH DO SDFLHQWH HQ SRVLFLyQ GH FRPD VL VH VRVSHFKD GH WUDXPDWLVPRFRORTXHFROODUtQFHUYLFDO\WUDVODGHHQFDPLOODUtJLGDWDEODHVSLQDO 7RPHVLJQRVYLWDOHV 3HUPHDELOLFHXQDYtDYHQRVDSHULIpULFDFRQFiQXODy \ WRPH PXHVWUDGHVDQJUH $GPLQLVWUHVROXFLyQJOXFRVDGDDOPO 6LQRKD\UHVSXHVWDDGPLQLVWUH1$5&$0 PJ(9OHQWRVWDW 5HDOLFHFRQWDFWRFRQFRQWUROPpGLFR 3RVLEOHVPHGLGDVWHUDSpXWLFDVUHDOL]DEOHVSRUFRQWUROPpGLFR 6ROXFLyQJOXFRVDGDDOPOYtD(9 5HSHWLU 1$5&$0 PJ HQ LQWHUYDORV GH D PLQ HQ WUHV RSRUWXQLGDGHV &2198/6,21(6 1RWD 5HWLUH ORV PDWHULDOHV SHOLJURVRV OHMRV GHO SDFLHQWH /DV FRQYXOVLRQHV SXHGHQ VHU FDXVDGDV SRU SDUR FDUGtDFR HYDO~H FXLGDGRVDPHQWH DO SDFLHQWH 6LHPSUH EXVTXH OD SUHVHQFLD GH SXOVR 1R WUDWH GH FRORFDU D OD IXHU]D QDGD HQWUHORVGLHQWHVGHOSDFLHQWHGXUDQWHODFRQYXOVLyQ $VHJXUHODYtDDpUHDDGPLQLVWUHR[tJHQRGHDOWVPLQ $VSLUHJOHUDVVLHVQHFHVDULR 5HJLVWUHORVVLJQRVYLWDOHV 6L SHUVLVWH DFWLYLGDG FRQYXOVLYD R HQ HVWDGR SRVWLFWDO SRU WLHPSR SURORQJDGR SHUPHDELOLFH XQD YtD YHQRVD SHULIpULFD \ DGPLQLVWUH VROXFLyQ JOXFRVDGDDORORTXHLQGLTXHFRQWUROPpGLFR 0RQLWRUL]DUHOULWPRFDUGtDFR 7UDVODGHDOSDFLHQWHHQGHF~ELWRODWHUDOL]TXLHUGR 3RVLEOHVPHGLGDVWHUDSpXWLFDVUHDOL]DEOHVSRUFRQWUROPpGLFR 6L QR HV SRVLEOH REWHQHU KLVWRULD DGPLQLVWUH VROXFLyQ JOXFRVDGD DO FF(9 6L SHUVLVWH DFWLYLGDG FRQYXOVLYD DGPLQLVWUH ',$=(3$0 D PJ (9VLQH[FHGHUVHGHPJ.JVLQGLOXLU ',)(1,/+,'$172,1$ (3$0,1 D PJ.J (9 VLQ GLOXLU OHQWDPHQWH 'U9tFWRU5RGUtJXH] (0(5*(1&,$6(1'2&5,1$6 &(72$&,'26,6',$%e7,&$ 2EWHQJD DQWHFHGHQWHV 8OWLPD LQJHVWD GH DOLPHQWRV ~OWLPD GRVLV GH LQVXOLQDRKLSRJOLFHPLDQWHRUDOLQJHVWDGHDOFRKROILHEUH 3URWHMD\PDQWHQJDYtDDpUHDSHUPHDEOH 2[tJHQRK~PHGRDUD]yQGHDOWVPLQ 3HUPHDELOLFH YtD YHQRVD SHULIpULFD \ DGPLQLVWUH VROXFLyQ ILVLROyJLFD DJRWHRUiSLGR &RORTXHDOSDFLHQWHHQSRVLFLyQGHFRPDSRVLFLyQSURQD 7UDVODGHGHLQPHGLDWRDOFHQWURDVLVWHQFLDODGHFXDGR 5HDOLFHFRQWDFWRFRQFRQWUROPpGLFR +,32*/,&(0,$ 1RWD 2LJD DO SDFLHQWH JHQHUDOPHQWH VL HV GLDEpWLFR VDEH OR TXH QHFHVLWD /D KLSRJOLFHPLD VH SXHGH SUHVHQWDU FRQ FRQYXOVLRQHV FRPD WUDVWRUQRV GH FRQGXFWDFRQIXVLyQ (YDO~H\DVHJXUHODYtDDpUHDYHQWLODFLyQ\FLUFXODFLyQ 7RPHORVVLJQRVYLWDOHV $GPLQLVWUHXQDSUHSDUDFLyQD]XFDUDGDVLHOSDFLHQWHHVWiFRQVFLHQWH 3HUPHDELOLFH XQD YtD YHQRVD SHULIpULFD \ DGPLQLVWUH VROXFLyQ JOXFRVDGDDO 6L HO SDFLHQWH VH HQFXHQWUD LQFRQVFLHQWH R VHPLLQFRQVFLHQWH DGPLQLVWUH'H[WURVDDOFF(9 5HDOLFHFRQWDFWRFRQFRQWUROPpGLFR (0(5*(1&,$62%67e75,&$6 3$572 0DGUH 'HWHUPLQH (GDG )HFKDGH~OWLPDUHJOD (GDGJHVWDFLRQDO (PEDUD]RVLPSOHRP~OWLSOH 1~PHURGHHPEDUD]R /XJDUGRQGHVHFRQWUROD 3UHVHQFLDGHFRQWUDFFLRQHVXWHULQDVVDQJUDPLHQWRSpUGLGDGHOtTXLGR DPQLyWLFRSpUGLGDGHWDSyQPXFRVR 6LODPDGUHQRWLHQHFRQWUDFFLRQHVRQRHVWiVDQJUDQGRWUDVOiGHODHQ GHF~ELWRODWHUDOL]TXLHUGRDOFHQWURPDWHUQRPiVFHUFDQRRGRQGHVHFRQWURODOD PLVPD 6LHOSDUWRHVLQPLQHQWHSUHSiUHVHSDUDDWHQGHUOR 'U9tFWRU5RGUtJXH] 7UDVODGHLQPHGLDWDPHQWHVL /DPDGUHSUHVHQWDFRQYXOVLRQHVRKHPRUUDJLDVHYHUD 6LHOSDUWRWLHQHXQDSUHVHQWDFLyQGLVWyFLFD 6LHOVDQJUDPLHQWRHVPRGHUDGRDVHYHUR $GPLQLVWUHR[tJHQRGHDOWVPLQ $GPLQLVWUH VROXFLyQ )LVLROyJLFD R 5LQJHU /DFWDWR VHJ~Q FRQWURO PpGLFR 3DUWR(XWRFLFR 6RVWHQJDODFDEH]DGHOUHFLpQQDFLGR $SOLTXHWUDFFLyQKDFLDDEDMRKDVWDTXHDSDUH]FDHOKRPEUR /XHJRDSOLTXHWUDFFLyQKDFLDDUULEDKDVWDODDSDULFLyQGHORWURKRPEUR 'HVSXpVTXHODH[SXOVLyQVHDFRPSOHWDDVSLUHODERFD\ODQDUL]GHO UHFLpQQDFLGR 3LQFHHOFRUGyQXPELOLFDOFRORTXHODSULPHUDSLQ]DDFP\ODRWUD SLQ]DDFPOXHJRFRUWHHOFRUGyQHQWUHODVGRVSLQ]DV 3DUWR'LVWRFLFR 3UHVHQWDFLyQ3RGiOLFD 3UHSDUHDODPDGUHHQODIRUPDXVXDO 'HMHTXHORVPLHPEURVLQIHULRUHV\WURQFRVDOJDQHVSRQWiQHDPHQWH 6RVWHQJD HO FXHUSR GHO UHFLpQ QDFLGR FRQ OD SDOPD GH OD PDQR SHUPLWLHQGRTXHODH[SXOVLyQVHDPiVHVSRQWiQHD 6LODFDEH]DQRHVH[SXOVDGDHQWUHVPLQXWRVFRORTXHVXPDQRHQ ODYDJLQD\FRQVXVGHGRVIRUPHXQD9VREUHODQDUL]GHOUHFLpQQDFLGR (PSXMHODSDUHGGHODYDJLQDGHODFDUDGHOUHFLpQQDFLGR 6L OD H[SXOVLyQ QR VH UHDOL]D HQ WUHV PLQXWRV GHVSXpV GH KDEHU HVWDEOHFLGRODYtDDpUHDGHOUHFLpQQDFLGRUHDOLFHHOWUDVODGRLQPHGLDWDPHQWH 3URFLGHQFLDGHOFRUGyQXPELOLFDO &RORTXHDODPDGUHHQSRVLFLyQJHQXSHFWXUDORHOHYHODVFDGHUDVFRQ DOPRKDGDV $GPLQLVWUHR[tJHQRSRUFiQXODQDVDOGHDOWVPLQ &RQ OD PDQR HQJXDQWDGD HPSXMH OD FDEH]D GHO UHFLpQ QDFLGR GH PDQHUDGHOLFDGDGHQWURGHODYDJLQDVLQWRFDUHOFRUGyQXPELOLFDO 5HDOLFH HO WUDVODGR PDQWHQLHQGR OD FDEH]D GHO UHFLpQ QDFLGR GHQWUR GHODYDJLQD 'HVSUHQGLPLHQWR3UHPDWXURGH3ODFHQWD3ODFHQWD3UHYLD5XSWXUD8WHULQD &RORTXHDODSDFLHQWHHQGHF~ELWRODWHUDOL]TXLHUGR 'U9tFWRU5RGUtJXH] $GPLQLVWUHR[tJHQRGHDOWVPLQSRUPiVFDUD 5HDOLFHFRQWDFWRFRQFRQWUROPpGLFRSDUDODFRORFDFLyQGHO0$67 \R ODWRPDGHXQDVHJXQGDYtD(9 5HFLpQ1DFLGR 5HDOLFHODDVSLUDFLyQGHODQDUL]\GHODERFD )URWHYLJRURVDPHQWHODHVSDOGDGHOUHFLpQQDFLGR 6L QR SUHVHQWD UHVSLUDFLyQ HVSRQWiQHD YHULILTXH HO $%& H LQLFLH OD UHVXFLWDFLyQGHOSDFLHQWH 6LUHVSLUDHVSRQWiQHDPHQWHUHDOLFHHO7HVWGH$3*$5 0DQWHQJDWLELRDOUHFLpQQDFLGR $OXPEUDPLHQWR 'HMHTXHODH[SXOVLyQGHODSODFHQWDVHDHVSRQWiQHD 6LODSODFHQWDQRHVH[SXOVDGDGpPDVDMHVDOIRQGRXWHULQR 8QDYH]H[SXOVDGDODSODFHQWDFROyTXHODHQEROVDSOiVWLFD 0DQWHQJDWLELDDODPDGUH 6LVHSUHVHQWDKHPRUUDJLDSURIXVD 5HDOLFHFRQWDFWRFRQFRQWUROPpGLFR (OHYHORVPLHPEURVLQIHULRUHVGHODPDGUH $GPLQLVWUHR[tJHQRGHDOWVPLQ 8VHHO0$67 VLKD\KLSRYROHPLDVHYHUD 5HDOLFHHOWUDVODGRGHODSDFLHQWH (0(5*(1&,$648,5Ò5*,&$6 32/,75$80$7,=$'26 &RQVLGHUDFLRQHV*HQHUDOHV 7RGRV ORV 3ROLWUDXPDWL]DGRV VH FRQVLGHUDQ TXH SUHVHQWDQ OHVLyQ GH FROXPQDFHUYLFDOKDVWDTXHVHGHPXHVWUHORFRQWUDULRSRUUDGLRORJtD (O PDQWHQLPLHQWR LQLFLDO GH OD YtD DpUHD VH UHDOL]D PHGLDQWH OD VXE OXMDFLyQGHODPDQGtEXOD 6LXQSDFLHQWHFRQWUDXPDWLVPRGHFUiQHRHVWiHQVKRFNEXVTXHRWUDV FDXVDV\DTXHSUREDEOHPHQWHQRVHDSRUHOWUDXPDGHFUiQHR 7UDWH SULPHUR ODV OHVLRQHV TXH SRQHQ HQ SHOLJUR OD YLGD ODV OHVLRQHV PHQRUHVSXHGHQHVSHUDU (OXVRGHVLVWHPDV GHHVFDODVHYDOXDWLYDVFRPRODHVFDODGH*ODVJRZ\ HO 7UDXPD 6FRUH VRQ ~WLOHV FRPR OHQJXDMH FRP~Q DGHPiV GH VHUYLU FRPR WULDJH (O 0$67 SDQWDOyQ DQWLVKRFN SXHGH VHU XVDGR FRPR IpUXOD HQ ODV IUDFWXUDV GH PLHPEURV LQIHULRUHV (Q HO VKRFN KLSRYROpPLFR VHYHUR HO SDQWDOyQ 'U9tFWRU5RGUtJXH] SXHGH \ GHEH VHU XVDGR SHUR VRODPHQWH GHEH VHU LQVXIODGR EDMR FRQWURO PpGLFR (YDO~H OD VHJXULGDG GHO VLWLR GHO DFFLGHQWH LQYHVWLJXH HO PHFDQLVPR GHSURGXFFLyQGHOPLVPR &RORTXHHOFROODUtQFHUYLFDODVHJXUHODYtDDpUHD\ DGPLQLVWUHR[tJHQR DO (YDO~HHOWyUD[GHOSDFLHQWHYHQWLODFLyQIUHFXHQFLDUHVSLUDWRULD\WUDWH ODVOHVLRQHVTXHSRQJDHQSHOLJURODYLGDGHOSDFLHQWH (YDO~HHOHVWDGRFLUFXODWRULRFRQWUROHKHPRUUDJLDV (YDO~HHOQLYHOGHFRQFLHQFLD\HOHVWDGRQHXUROyJLFR 5HJLVWUHORVVLJQRVYLWDOHVFDGDFLQFRPLQXWRVRPHQRVODSUHVLyQ DUWHULDOSXHGHVHUHVWLPDGDXVDQGRODVLJXLHQWHJXtD 3XOVR5DGLDOSUHVHQWHSUHVLyQDUWHULDOVLVWyOLFDPD\RURLJXDOD PP+J 3XOVR)HPRUDOSUHVHQWHSUHVLyQDUWHULDOVLVWyOLFDPD\RURLJXDOD PP+J 3XOVR&DURWtGHRSUHVHQWHSUHVLyQDUWHULDOVLVWyOLFDPD\RURLJXDO DPP+J 3HUPHDELOLFH XQD YtD YHQRVD SHULIpULFD FRQ FiQXOD y \ DGPLQLVWUH VROXFLyQ )LVLROyJLFD R 5LQJHU /DFWDWR D JRWHR UiSLGR WUDWDQGR GH PDQWHQHUODSUHVLyQDUWHULDOVLVWyOLFDHQPP+JRVHJ~QFRQWUROPpGLFR 0RQLWRUL]DUHOULWPRFDUGtDFR 5HDOLFHFRQWDFWRFRQFRQWUROPpGLFR 3RVLEOHVPHGLGDVWHUDSpXWLFDVUHDOL]DEOHVSRUFRQWUROPpGLFR 3HUPHDELOL]DUGRVYtDVYHQRVDVSHULIpULFDV 75$80$7,602&5È1(2(1&()È/,&2<'(&2/801$&(59,&$/ &RORTXHFROODUtQFHUYLFDO\DVHJXUHXQDYtDDpUHDDGPLQLVWUHR[tJHQR DOSRUPiVFDUD 6LHOSDFLHQWHQRYHQWLODHVSRQWiQHDPHQWHUHDOLFHYHQWLODFLyQDVLVWLGD PRGHUDGDKLSHUYHQWLODFLyQUHVSPLQ (YDO~H HO HVWDGR FLUFXODWRULR GHWHQJD ODV KHPRUUDJLDV FXEUD ODV KHULGDVFRQFRPSUHVDVHVWpULOHV 3HUPHDELOLFH XQD YtD YHQRVD SHULIpULFD FRQ FiQXOD y DGPLQLVWUHVROXFLyQ)LVLROyJLFDRGH5LQJHU/DFWDWRVHJ~QFRQWUROPpGLFR (YDO~HHOQLYHOGHFRQFLHQFLD\GHOHVWDGRQHXUROyJLFR 5HJLVWUHORVVLJQRVYLWDOHVFDGDFLQFRPLQXWRVRPHQRV %XVTXHRWURVVLJQRVGHWUDXPDWLVPRVHQHOSDFLHQWH &RORTXHDOSDFLHQWH VREUHXQDWDEODHVSLQDOSDUDVXWUDVODGR 5HDOLFHFRQWDFWRFRQFRQWUROPpGLFR 'U9tFWRU5RGUtJXH] 6+2&. 7LSRV D0pGLFR +LSRYROpPLFR FHWRDFLGRVLV GLDEpWLFD KHPRUUDJLD LQWHUQD R H[WHUQD &DUGLRJpQLFR WDSRQDPLHQWR FDUGtDFR QHXPRWyUD[ D WHQVLyQ LQVXILFLHQFLDFDUGtDFDFRQJHVWLYDHPEROLVPRSXOPRQDU &DXVDVPL[WDVVHSVLVVREUHGRVLVGHGURJDVDQDILOD[LD E7UDXPiWLFR 3HQHWUDQWHVRQR $VHJXUH OD YtD DpUHD DGPLQLVWUH R[tJHQR SRU PiVFDUD R FiQXODQDVDO &RQWUROHKHPRUUDJLDV 0DQWHQHUODWHPSHUDWXUDFRUSRUDO 5HJLVWUHORVVLJQRVYLWDOHVFDGDFLQFRPLQXWRVRPHQRV 3HUPHDELOLFH XQD YtD YHQRVD SHULIpULFD FRQ FiQXOD y \ DGPLQLVWUHVROXFLyQ)LVLROyJLFDR5LQJHU/DFWDWRDJRWHRUiSLGR 5HDOLFHFRQWDFWRFRQFRQWUROPpGLFR 48(0$'85$6 5HWLUHDOSDFLHQWHGHOiUHDGHSHOLJURKDFLDXQOXJDUVHJXUR $VHJXUHYtDDpUHD $GPLQLVWUHR[tJHQRGHDOWVPLQSRUELJRWHQDVDODDOWRIOXMRRGH D OWVPLQ SRU PiVFDUD VL KD\ HYLGHQFLD GH OHVLyQ GH YtD UHVSLUDWRULD R LQKDODFLyQGHKXPR 3HUPHDELOLFH XQD YtD SHULIpULFD FRQ FiQXOD y \ DGPLQLVWUH VROXFLyQ)LVLROyJLFDR5LQJHU/DFWDWRVLOD TXHPDGXUD HV PD\RU GHO GH OD VXSHUILFLHFRUSRUDO &RQWUROHKHPRUUDJLDVYLVLEOHV 1RUHPXHYDODURSDSHJDGDDODVXSHUILFLHTXHPDGDUHPXHYDDQLOORV EUD]DOHWHV EXVTXH TXHPDGXUDV FLUFXQIHUHQFLDOHV EXVTXH SXOVRV GtVWDOHV 1R XVHKLHOR $SOLTXHFRPSUHVDVHVWpULOHVK~PHGDVRJDVDVHVWpULOHVKXPHGHFLGDV FRQVROXFLyQ)LVLROyJLFDHQODV]RQDVTXHPDGDV $4XHPDGXUDV4XtPLFDV &RQR]FDFXiOHVHOTXtPLFRLQYROXFUDGRDQWHVGHDWHQGHUDOSDFLHQWH\ HVWDEOH]FDFRQWDFWRFRQFRQWUROPpGLFR 8VHDGHFXDGDSURWHFFLyQSHUVRQDO 5HJODVJHQHUDOHV 'U9tFWRU5RGUtJXH] )(12/,UULJXHHOiUHDDIHFWDGDFRQDOFRKROOXHJRODYHFRQDJXD DEXQGDQWHPHQWH È&,'2 68/)Ò5,&2 ,UULJXH FRQ DJXD SDUD QHXWUDOL]DU HO iFLGR OXHJRODYHFRQDJXD\MDEyQHOiUHDDIHFWDGD Ï5*$12)26)25$'2/DYDUFRQDEXQGDQWHDJXD\MDEyQ 0(7$/(6 62',2 6L QR KD\ DJXD GLVSRQLEOH FXEUD HO iUHD DIHFWDGDFRQDFHLWH &$/ 'HVQXGH DO SDFLHQWH TXLWH WRGR HO SROYR \ EixHOR FRQ DEXQGDQWHDJXD 6LHODJHQWHHVGHVFRQRFLGRREWHQJDXQDPXHVWUDGHVHUSRVLEOH %4XHPDGXUDV(OpFWULFDV $VHJ~UHVHGHTXH ODFRUULHQWHHOpFWULFDKDVLGRGHVFRQHFWDGD (YDO~H DO SDFLHQWH EXVTXH KHULGDV GH HQWUDGD \ VDOLGD GHO KD] HOpFWULFR 0RQLWRUL]DUHOULWPRFDUGtDFR 7RPHORVVLJQRVYLWDOHV\HYDO~HSRVLEOHVWUDXPDWLVPRVDVRFLDGRV 3RVLEOHVPHGLGDVWHUDSpXWLFDVUHDOL]DEOHVSRUFRQWUROPpGLFR &RQVLGHUDUOD DGPLQLVWUDFLyQ GH DQDOJpVLFRV SDUD GLVPLQXLU HO GRORU \ DQVLHGDG &RQVLGHUDU/LGRFDLQDDOHQERORGHFF(9VWDWVLKD\DOWHUDFLyQ GHOULWPRFDUGtDFR &$6,$+2*$'2 1R HQWUH DO DJXD D UHVFDWDU D OD YtFWLPD VL 8G QR VDEH QDGDU R QR VDEHFRPRUHVFiWDOD $VHJXUHODYtDDpUHD\FRPLHQFHDGDUYHQWLODFLyQDVLVWLGDD~QDQWHV GH TXH OD YtFWLPD VHD UHWLUDGD GHO DJXD H LQPRYLOLFH OD FROXPQD FHUYLFDO FRQ FROODUtQ 'HWHUPLQH HYDO~H VL HO SDFLHQWH WLHQH SXOVR VL QR KD\ SXOVR LQLFLH FRPSUHVLyQFDUGtDFDH[WHUQD\DGPLQLVWUHR[tJHQRDODSUHVLyQSRVLWLYD 7RPH YtD SHULIpULFD \ DGPLQLVWUH VROXFLyQ )LVLROyJLFD R GH 5LQJHU /DFWDWR 0RQLWRUL]DUHOULWPRFDUGtDFR 6LKD\SDURFDUGLRUHVSLUDWRULRWUiWHORVHJ~QSURWRFRORGH5&3 7UDVODGHDOSDFLHQWHDODEUHYHGDGDXQFHQWURKRVSLWDODULR 5HDOLFHFRQWDFWRFRQFRQWUROPpGLFR 3RVLEOHVPHGLGDVWHUDSpXWLFDVUHDOL]DEOHVSRUFRQWUROPpGLFR &RQVLGHUDUHOXVR GH%LFDUERQDWRPJ.J(9 'U9tFWRU5RGUtJXH] 75$80$2%67e75,&2 $VHJXUHODYtDDpUHD\DGPLQLVWUHR[tJHQRDOSRUPiVFDUD &RORTXH OD SDFLHQWH HQ GHF~ELWR ODWHUDO L]TXLHUGR VL QR HV SRVLEOH OHYDQWHODFDGHUDGHUHFKD 7RPH YtD SHULIpULFD YHQRVD FRQ FiQXOD y \ DGPLQLVWUH VROXFLyQGH5LQJHU/DFWDWRDJRWHRUiSLGR 7UDWHGHHYDOXDUHOIRFRIHWDO 7UDVODGHGHLQPHGLDWRDFHQWURDVLVWHQFLDO 5HDOLFHFRQWDFWRFRQFRQWUROPpGLFR 3RVLEOHVPHGLGDVWHUDSpXWLFDVUHDOL]DEOHVSRUFRQWUROPpGLFR &RQVLGHUHHOXVRGHO0$67 (19(1(1$0,(172<62%5('26,6 &RQWDPLQDFLyQ([WHUQD 3URWHMDDOSHUVRQDOPpGLFR\SDUDPpGLFR 5HWtUHOHODURSDFRQWDPLQDGDDOSDFLHQWH /DYHODSLHO\RMRVFRQWDPLQDGRVFRQDEXQGDQWHDJXD ,QJHVWLyQ 1RLQGX]FDHOYyPLWRHQSDFLHQWHVTXH ,QJLULyiFLGRViOFDOLVQLWUDWRGHSODWDHVWULFQLQDKLGURFDUEXURV 3HUVRQDV LQFRQVFLHQWHV FRQYXOVLRQDQGR R TXH QR SUHVHQWHQ UHIOHMRQDXVHRVR 1RWUDWHGHQHXWUDOL]DUiFLGRVFRQiOFDOLVRYLFHYHUVD 6LHOSDFLHQWHWLHQHXQDSREUHUHVSXHVWDRUHVSLUDFLyQGHSULPLGD (YDO~HDOSDFLHQWH\UHDOLFHDO$%& 2[tJHQRGHDOWVPLQ 3HUPHDELOLFH XQD YtD YHQRVD SHULIpULFD \ DGPLQLVWUH VROXFLyQ )LVLROyJLFDR5LQJHU/DFWDWR 0RQLWRUL]DUHOULWPRFDUGtDFR 5HJLVWUHORVVLJQRVYLWDOHV 5HDOLFHFRQWDFWRFRQFRQWUROPpGLFR 3RVLEOHVPHGLGDVWHUDSpXWLFDVUHDOL]DEOHVSRUFRQWUROPpGLFR $GPLQLVWUH1DUFDP PJ(9SXHGHUHSHWLUVHFDGDDPLQXWRVVL QRKD\PHMRUtDKDVWDXQPi[LPRGHPJ $GPLQLVWUDUVROXFLyQJOXFRVDGDDOFF(9 $GPLQLVWUDUMDUDEHGH,SHFDFXDQDFFHQDGXOWRVFFHQQLxRV 'U9tFWRU5RGUtJXH] (0321=2f$0,(172325$1,0$/(6(,16(&726 (0321=2f$0,(1722),',&2 1RWD 1RDGPLQLVWUHDOFRKROUHWLUHDQLOORVSXOVHUDVXRWURTXHFDXVHSUHVLyQ /RFDOLFHGHVHUSRVLEOHPDUFDVGHFROPLOORV &DOPHDOSDFLHQWH 0DQWHQHUORHQUHSRVR 'HWHUPLQH\UHJLVWUHORVVLJQRVYLWDOHV 0DQWHQJDYtDDpUHDSHUPHDEOH 7RPH YtD SHULIpULFD \ DGPLQLVWUH VROXFLyQ GH 5LQJHU /DFWDWR y )LVLROyJLFDDJRWHRGHPDQWHQLPLHQWR 5HDOLFHOLPSLH]DORFDO $GPLQLVWUHDQDOJpVLFRQRQDUFyWLFR 1RXWLOL]DUWRUQLTXHWH 1RUHDOL]DULQFLVLRQHVHQODSLHO &RORFDUODH[WUHPLGDGDIHFWDGDHQJUDGRV 5HDOLFHFRQWDFWRFRQFRQWUROPpGLFR 7UDVODGHDOSDFLHQWHDOFHQWURDVLVWHQFLDOPiVFHUFDQR 'H VHU SRVLEOH OOHYH FRQ HO SDFLHQWH OD VHUSLHQWH FDXVDQWH GHO DFFLGHQWH $3,602 1RWD 6L HO SDFLHQWH SUHVHQWD UHDFFLyQ DQDILOiFWLFD YHU VHFFLyQ GH 5($&&,Ï1 $/e5*,&$6,67(0,&$ &DOPHDOSDFLHQWH 'HWHUPLQH\UHJLVWUHORVVLJQRVYLWDOHV 0DQWHQJDYtDDpUHDSHUPHDEOH 7RPH YtD SHULIpULFD \ DGPLQLVWUH VROXFLyQ GH 5LQJHU /DFWDWR R )LVLROyJLFDDJRWHRGHPDQWHQLPLHQWR 1RLQWHQWHH[WUDHUHODJXLMyQFRQSLQ]DV 5DVSHOLJHUDPHQWHODSLHOFRQODKRMD GH XQ FXFKLOOR R XQD QDYDMD HO ERUGHGHXQDWLMHUDRFRQODKRMDGHXQELVWXUtSDUDH[WUDHUHODJXLMyQ $SOLTXHKLHORORFDO 7UDVODGHDOSDFLHQWHDFHQWURDVLVWHQFLDO 3RVLEOHVPHGLGDVWHUDSpXWLFDVUHDOL]DEOHVSRUFRQWUROPpGLFR $GUHQDOLQD D PJ VXEFXWiQHR VWDW HQ HO QLxR OD GRVLV HV GH PJ.JVXEFXWiQHRVWDWQRH[FHGHUGHFF +LGURFRUWLVRQDPJ.J(9VWDW $QWLKLVWDPtQLFRDPSROOD,0VWDW 'U9tFWRU5RGUtJXH] (6&253,21,602 &DOPHDOSDFLHQWH 0DQWHQHUORHQUHSRVR 'HWHUPLQH\UHJLVWUHORVVLJQRVYLWDOHV 3URWHMD\PDQWHQJDODYtDDpUHDSHUPHDEOH $SOLTXHKLHORORFDORFRPSUHVDIUtD 3HUPHDELOLFHYtDYHQRVDSHULIpULFDFRORTXHVROXFLyQGH5LQJHU/DFWDWR R)LVLROyJLFDDJRWHRGHPDQWHQLPLHQWR 7UDVODGDUDOSDFLHQWHDFHQWURDVLVWHQFLDODGHFXDGR 5($&&,21(6$/e5*,&$6 1RWD 5HDFFLyQORFDO(ULWHPD(GHPDORFDO 5HDFFLyQ6LVWHPLFD(GHPDHQFDUDOHQJXDRMRVDGHPiVGHPiFXODV\ SiSXODVJHQHUDOL]DGDV 5($&&,Ï1/2&$/ (YDOXDUDOSDFLHQWH\GHWHUPLQDUODFDXVDGHODUHDFFLyQ 5($&&,Ï16,67(0,&$ (YDOXDUDOSDFLHQWH\GHWHUPLQDUODFDXVDGHODUHDFFLyQ 0DQWHQJDODYtDDpUHD\DGPLQLVWUHR[tJHQRDOSRUPiVFDUD &RORTXHDOSDFLHQWHHQSRVLFLyQVXSLQD 3HUPHDELOLFH XQD YtD SHULIpULFD FRQ FiQXOD y \ DGPLQLVWUH VROXFLyQ)LVLROyJLFDR5LQJHU/DFWDWRFFKRUDPDFURJRWDVSRUPLQXWR 0RQLWRUL]DUHOULWPRFDUGtDFR &DOPHDOSDFLHQWH 7UDVODGHDOSDFLHQWHDODEUHYHGDG 3RVLEOHVPHGLGDVWHUDSpXWLFDVUHDOL]DEOHVSRUFRQWUROPpGLFR $GUHQDOLQD D PJ 6& VWDW HQ HO SDFLHQWH SHGLiWULFR PJ.J6&QRH[FHGHUGHFF +LGURFRUWLVRQD6ROXFRUWHIPJ.JVWDW'H[DPHWDVRQD'HFDGURQ DPSROOD(9VWDW'RVLVHQSHGLDWUtDGHDFXHUGRDODHGDG\FULWHULRPpGLFR $QWLKLVWDPtQLFRDPSROOD,0VWDW 5()(5(1&,$6 6DIDU 3 %LUFKHU 1* 5HDQLPDFLyQ &DUGLRSXOPRQDU \ &HUHEUDO 3ROLWUDXPDWL]DGR7HUFHUD(GLFLyQ,QWHUDPHULFDQD 'U9tFWRU5RGUt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tFWRU5RGUtJXH] /XLV &HEDOORV * 0LULDP 3LFKDUGR 4XHPDGXUDV 0HGLFLQD GH (PHUJHQFLD 3UHKRVSLWDODULD &DUDFDV (GLWRU )XQGDFLyQ 3RVWJUDGR GH 0HGLFLQD GH (PHUJHQFLD /DZUHQFH-*X]]DUGL&KHPLFDOLQMXULHVWRVNLQ3HWHU5RVHQHG(PHUJHQF\ 0HGLFLQH FRQFHSWV DQG FOLQLFDO SUDFWLFH 7KH &9 0RVE\ &RPSDQ\ 6HFRQG (GLWLRQ 5LFKDUG).XQNOH(OHFWULFDOLQMXULHV3HWHU5RVHQHG(PHUJHQF\0HGLFLQH FRQFHSWVDQGFOLQLFDOSUDFWLFH7KH&90RVE\&RPSDQ\6HFRQGHGLWLRQ - 6WHSKHQ +XII &RPD 3HWHU 5RVHQ HG (PHUJHQF\ 0HGLFH FRQFHSWV DQG FOLQLFDOSUDFWLFH7KH&90RVE\&RPSDQ\6HFRQGHGLWLRQ *HUDUGR )UDQFR -RVp *RQ]iOH] &LVQHURV 3DUWR GH (PHUJHQFLD -RVp *RQ]iOH] &LVQHURV 0HGLFLQD GH (PHUJHQFLD 3UHKRVSLWDODULD &DUDFDV (GLWRU )XQGDFLyQ3RVWJUDGRGH0HGLFLQDGH(PHUJHQFLD 7KRPDV : *UDEHU 'LDEHWHV 3HWHU 5RVHQ HG (PHUJHQF\ 0HGLFLQH FRQFHSWVDQGFOLQLFDOSUDFWLFH7KH&90RVE\&RPSDQ\6HFRQGHGLWLRQ )'UDQN / 0DQQL[ +HPRUUKDJLF VKRFN 3HWHU 5RVHQ HG (PHUJHQF\ 0HGLFLQH FRQFHSWV DQG FOLQLFDO SUDFWLFH 7KH &9 0RVE\ &RPSDQ\ 6HFRQG HGLWLRQ 5REHUW + +D\DVKL (PHUJHQF\ &DUH RI WKH 3UHJQDQW :RPDQ :LOOLDP /DPVEDFN HG (PHUJHQF\ 0HGLFLQH 7KH (VVHQWLDO 8SGDWH :% 6DXQGHUV &RPSDQ\ 1RUPDQ 'LQHUPDQ -DPHV $ +XEHU ,QKDODWLyQ ,QMXU\ 3HWHU 5RVHQ HG (PHUJHQF\0HGLFLQHFRQFHSWVDQGFOLQLFDOSUDFWLFH7KH&90RVE\&RPSDQ\ 6HFRQGHGLWLRQ -RVp *RQ]iOH] &LVQHURV5DIDHO 2ULKXHOD 0RUGHGXUDV \ (PSRQ]RxDPLHQWR $QLPDO -RVp *RQ]iOH] &LVQHURV 0HGLFLQD GH (PHUJHQFLD 3UHKRVSLWDODULD &DUDFDV(GLWRU)XQGDFLyQ3RVWJUDGRGH0HGLFLQDGH(PHUJHQFLD (GZDUG - 2WWHQ 9HQRPRXV DQLPDO LQMXULHV 3HWHU 5RVHQ HG (PHUJHQF\ 0HGLFLQH FRQFHSWV DQG FOLQLFDO SUDFWLFH 7KH &9 0RVE\ &RPSDQ\ 6HFRQG HGLWLRQ 'U9tFWRU5RGUtJXH] 7HUHVD 0HGLQD (PSRQ]RxDPLHQWR 2ItGLFR 7HVLV +RVSLWDO 0LJXHO 3pUH] &DUUHxR ,966 3RVWJUDGR GH 0HGLFLQD GH (PHUJHQFLD 'LFLHPEUH GH &DUDFDV 'U9tFWRU5RGUtJXH] Ë1',&( ,1752'8&&,Ï1 352&(',0,(1726 &21752/0(',&2 &2081,&$&,21(6 7(5$3,$(1'29(126$ 62/8&,21(6 &$/,%5(6'($*8-$6 $7(1&,Ï1(1(/6,7,2'(/$(0(5*(1&,$ (0(5*(1&,$&$5',29$6&8/$5 'RORU7RUiFLFRVRVSHFKDGHRULJHQFDUGtDFR 5&36RSRUWH%iVLFR $UULWPLDV&DUGtDFDV &RQWUDFFLRQHV9HQWULFXODUHV3UHPDWXUDV %UDGLFDUGLD 7DTXLFDUGLD 7DTXLFDUGLD9HQWULFXODU6RVWHQLGDSDFLHQWHHVWDEOH 7DTXLFDUGLD9HQWULFXODU6RVWHQLGDSDFLHQWHLQHVWDEOH )LEULODFLyQ9HQWULFXODU $VLVWROLD 'LVRFLDFLyQ(OHFWURPHFiQLFD &ULVLV+LSHUWHQVLYDV (0(5*(1&,$65(63,5$725,$6 $VPD (3%2& (GHPD3XOPRQDU ,QKDODFLyQGH*DVHV (0(5*(1&,$61(852/Ï*,&$6 6RVSHFKDGH$&9 &RPD &RQYXOVLRQHV (0(5*(1&,$6(1'2&5,1$6 &HWRDFLGRVLV'LDEpWLFD +LSRJOLFHPLD (0(5*(1&,$62%67e75,&$6 3DUWR 3DUWR(XWyFLFR 3DUWR'LVWyFLFR 3URFLGHQFLDGH&RUGyQ '333ODFHQWD3UHYLD5XSWXUD8WHULQD 5HFLpQ1DFLGR $OXPEUDPLHQWR 3iJLQD 'U9tFWRU5RGUtJXH] (0(5*(1&,$648,5Ò5*,&$6 3ROLWUDXPDWL]DGRV 7UDXPDWLVPR&UiQHRHQFHIiOLFR\&ROXPQD&HUYLFDO 6KRFN 4XHPDGXUDV 4XHPDGXUDV4XtPLFDV 4XHPDGXUDV(OpFWULFDV &DVL $KRJDGR 7UDXPD2EVWpWULFR (19(1(1$0,(172<62%5('26,6 (0321=2f$0,(172325$1,0$/(6(,16(&726 (PSRQ]RxDPLHQWR2ItGLFR $SLVPR (VFRUSLRQLVPR 5($&&,21(6$/e5*,&$6 5HDFFLyQ/RFDO 5HDFFLyQ6LVWpPLFD 5()(5(1&,$6 'U9tFWRU5RGUtJXH]