*RELHUQRGH1LFDUDJXD 0LQLVWHULRGHOD)DPLOLD /RV+RPEUHV\0XMHUHV$GXOWDV0D\RUHV HQ1LFDUDJXD &21)(5(1&,$5(*,21$/,17(5*8%(51$0(17$/62%5((19(-(&,0,(172 6DQWLDJRGH&KLOHDOGH1RYLHPEUHGH /DVLWXDFLyQGHORVPD\RUHV c PLOORQHVGHKDELWDQWHVFRQHGDG SURPHGLRGHDxRV c /RVPD\RUHVGHDxRV UHSUHVHQWDEDQHOGHODSREODFLyQHQ SHUVRQDV\HQDxRV HVWHSRUFHQWDMHKDEUiDXPHQWDGRD c (QHODxRVHUHFRQRFHQ PXMHUHVSRUFDGDKRPEUHVVLHQGR VLPLODUODUHODFLyQSDUDHO c 8QGHORVDGXOWRVPD\RUHVVRQ SUHGRPLQDQWHPHQWHXUEDQRVFRQ UHODFLyQDOWRWDOGHDGXOWRVPD\RUHVGHO SDtV/RVPD\RUHVSRUFHQWDMHVVH ORFDOL]DQHQ0DQDJXD &KLQDQGHJD\/HyQ /DVLWXDFLyQGHORVPD\RUHV c (OHVDQDOIDEHWD\FDUHFHHQXQ GHDOJ~QWLSRGHVHJXURVRFLDO /RVJDVWRVPpGLFRVUHSUHVHQWDQPiV GHOGHVXVJDVWRVDPEXODWRULRV c 'HOWRWDOGH0D\RUHVXQ VLJXHQDFWLYRVHFRQyPLFDPHQWH\ SULQFLSDOPHQWHGHVDUUROODQGR DFWLYLGDGHVSRUFXHQWDSURSLDHQXQ >@ c (OGHOWRWDOGHORVPD\RUHVGH >@ 3HUILO6RFLRGHPRJUiILFRGHODV3HUVRQDV $GXOWDV0D\RUHVHQ1LFDUDJXD,1(& DxRVHVWiQHQODFDWHJRUtDGH ³3REUHV([WUHPRV´HOHQ ³3REUHVQR([WUHPRV´0LHQWUDVTXH ORV³1RSREUHV´UHSUHVHQWDQHO (019 0RGDOLGDGHVGHDWHQFLyQ $f26 $VLORVGHDQFLDQRVSULYDGRV FRQSDUWLFLSDFLyQJXEHUQDPHQWDO DVLJQDFLyQSUHVXSXHVWDULD\DEDVWHFLPLHQWR GHPHGLFDPHQWRV-1$36 $f26 +RJDUHVGH$QFLDQRVJXEHUQDPHQWDOHV FRQDSR\RGHO,QVWLWXWR1LFDUDJHQVHGH 6HJXULGDG6RFLDO\%LHQHVWDUPDQWHQLHQGR VXEYHQFLRQHVDDVLORVSULYDGRV\ DDQFLDQRVGHHVFDVRVUHFXUVRV $f26 3URJUDPDGHOD7HUFHUD(GDG DWUDYpVGHOD5HG7HUULWRULDOGHO )21,) 0LQLVWHULRGHOD)DPLOLD +RJDUHVGH$QFLDQRV\&RPHGRUHV +DFLDGRQGHYDPRV« $GXOWR0D\RULGHQWLILFDGRFRPRJUXSR HQVLWXDFLyQGHYXOQHUDELOLGDGHQHO PDUFRGHODGHOD(5&(53 (Q $WUDYpVGHODUHGWHUULWRULDOGHO 0LQLVWHULRGHOD)DPLOLD ,1,&,$5(026«)DVHSLORWR 3URJUDPD3$,(5&(53 0XQLFLSLRVFRPXQLGDGHV PiVSREUHVGHOSDtV & 6(*8,5(026« $VLVWHQFLDWUDGLFLRQDOHQ+RJDUHV GH$QFLDQRV\&RPHGRUHV EHQHILFLDULRV &DQXDO $WHQFLyQGLUHFWD W &OXEHVGHDGXOWRPD\RUEHQHILFLDULRV 5HGXFLUDEDQGRQR \PDOWUDWRFRQDSR\R GHODIDPLOLD\OD FRPXQLGDG W $VLVWHQFLD\D\XGDGRPLFLOLDU SURPRWRUHVTXHHGXFDQD DGXOWRV\IDPLOLDVHQVXVKRJDUHV *HVWLyQLQWHULQVWLWXFLRQDOSDUDEULQGDUD\XGD WpFQLFD$$GXOWRV0D\RUHV W ,QVWUXPHQWRVPHGLFDPHQWRV\RH[iPHQHV HQFDUiFWHUGHGRQDFLyQRDEDMRFRVWR /LQHDPLHQWRV GH DWHQFLyQ \ SURWHFFLyQ VRFLDO D ORV PD\RUHV HQ ULHVJRVRFLDO ¢4XLpQHVVRQ" $TXHOODVSHUVRQDVTXHVHHQFXHQWUDQHQHVWDGRGHGHWHULRUR\ HQGHVYHQWDMDVRFLDOGHELGRD ' ' ' ' ' ' 3REUH]DPD\RUHVVLQLQJUHVRVRFRQLQJUHVRVLQIHULRUHVD MXELODFLRQHVPtQLPDV )DOWDGHELHQHVPDWHULDOHV &RQSDGHFLPLHQWRVGHHQIHUPHGDGHVFUyQLFDV (QVLWXDFLyQGHDEDQGRQRSRUPDOWUDWRRSRUIDOWDGH UHFXUVRVIDPLOLDUHV &RQGHILFLHQWHQLYHOHGXFDWLYR 3RULQFDSDFLGDGGHSDUWLFLSDUHQODYLGDHFRQyPLFDVRFLDO\ SROtWLFDPDQLIHVWiQGRVHGHHVWDPDQHUDODH[FOXVLyQVRFLDO /LQHDPLHQWRV GH DWHQFLyQ \ SURWHFFLyQ VRFLDO D ORV PD\RUHV HQ ULHVJRVRFLDO 5HFRQRFHPRVHOGHUHFKRGHHVWHVHFWRUGHODSREODFLyQGHWHQHU XQDYHMH]FRQFDOLGDGHQHOPDUFRGHXQDPELHQWHIDPLOLDU\ FRPXQLWDULR c 8QEXHQHQYHMHFLPLHQWRGHSHQGHHQJUDQSDUWHGHODSUHYHQFLyQ GHODVHQIHUPHGDGHV\ODGLVFDSDFLGDGHOPDQWHQLPLHQWRGHXQD DFWLYLGDGItVLFD\GHODVIXQFLRQHVFRJQRVFLWLYDV\ODSDUWLFLSDFLyQ LQWHUUXPSLGDHQDFWLYLGDGHVVRFLDOHV\SURGXFWLYDV c 1RKD\FDUDFWHUtVWLFDV~QLFDVSDUDWRGRVORVPD\RUHVFDGD SHUVRQDHQYHMHFHGHPDQHUDGLIHUHQWH\SRUWDQWRVXV QHFHVLGDGHVGLILHUHQHQWUHVt 0RGHORLQWHJUDGR GHDWHQFLyQ\SURWHFFLyQ &2081,'$' ,QVWLWXFLRQHVS~EOLFDV\SULYDGDV VRFLHGDGFLYLO\RUJDQL]DFLRQHVFRPXQDOHV 3UH YH Q F Ly )$0,/,$ Q $GXOWRV0D\RUHV 6RV W HQ LP $W H yQ L QF 'HVDUUROORGHFDSDFLGDGHV LHQW R 7UDEDMRHQ5HG« c c c 3URPRYHPRVWUDEDMRHQUHGHVGHDSR\RVRFLDOHQHOiPELWR IDPLOLDU\FRPXQLWDULR 8QLPRVHVIXHU]RV\UHFXUVRVHQWUHLQVWLWXFLRQHV\RUJDQLVPRV LQYROXFUDGRVHQODDWHQFLyQGHHVWHJUXSRHWiUHRLQFOX\HQGR RUJDQL]DFLRQHVGHODVRFLHGDGFLYLO 1RVDSR\DPRVHQODFRRSHUDFLyQWpFQLFD\ILQDQFLHUDGH RUJDQLVPRVQRJXEHUQDPHQWDOHVH[WUDQMHURV &RQVROLGDUHO&RQVHMR1DFLRQDOGHO$GXOWR0D\RU« (VXQDRSRUWXQLGDGGHIRUWDOHFHU ODFRRUGLQDFLyQGHORVHVIXHU]RVGHO(VWDGR OD3REODFLyQGH$GXOWRV0D\RUHV\OD6RFLHGDG&LYLO $YDQFHV &UHDFLyQGHO&RQVHMR1DFLRQDOGHO$GXOWR0D\RU PHGLDQWH 'HFUHWR1RDGVFULWRDO 0LQLVWHULRGHOD)DPLOLD0,)$0,/,$ 'LDJQyVWLFRQDFLRQDOVREUH QHFHVLGDGHVGHVHUYLFLRVVRFLDOHV GLULJLGRVDODDWHQFLyQGHSHUVRQDVGH DxRV\PDV 3HUILOVRFLRGHPRJUiILFRGH ODVSHUVRQDVDGXOWDVPD\RUHV 0RGHORLQWHJUDOGHDWHQFLyQFRQXQ HQIRTXHGHSUHYHQFLyQHQHOPDUFR GHODIDPLOLD\ODFRPXQLGDG )RUPDFLyQGHUHFXUVRVKXPDQRVHQ HOFDPSRGHOD*HURQWRORJtD ,QWHUFDPELRVGHH[SHULHQFLDHQWUHORV SDtVHVGHODUHJLyQ 3Uy[LPRVSDVRV« c (ODERUDU OLQHDPLHQWRV GH SROtWLFD GH DWHQFLyQ HVSHFLDO \ SURWHFFLyQ VRFLDO SDUD ODV SHUVRQDV DGXOWDV PD\RUHV HQ VLWXDFLyQ GH YXOQHUDELOLGDG TXH RULHQWHQ OD DSOLFDFLyQ GH PHGLGDVSDUDXQHQYHMHFLPLHQWRGLJQRVHQHOSDtV c )RUWDOHFHUODSDUWLFLSDFLyQGHODGXOWRPD\RUHQODYLGDIDPLOLDU \FRPXQLWDULD c )RUWDOHFHU HO WUDEDMR GH ODV UHGHV GH DSR\R HQ IXQFLyQ GH YDORUDU OD H[SHULHQFLD \ FRQRFLPLHQWR GH ORV PD\RUHV TXH SXHGHQVHUSURYHFKRVDSDUDODVJHQHUDFLRQHVMyYHQHV c 5HYLVDU HVWDEOHFHU \ GLYXOJDU QRUPDWLYDV SDUD OD DWHQFLyQ GH ODV SHUVRQDV DGXOWDV PD\RUHV HQ FHQWURV GH DWHQFLyQ HVSHFLDOHV 3Uy[LPRVSDVRV« c 'LVHxDU\HVWDEOHFHUHOPRGHORGHHYDOXDFLyQGH JHVWLyQ\GHDFUHGLWDFLyQGHORV+RJDUHVGH $GXOWRV c )RUWDOHFHU OD IRUPDFLyQ GH UHFXUVRV WpFQLFRV GHO PLQLVWHULR HQ HO FDPSR GH OD *HURQWRORJtD \ *HULDWUtD c &RQVROLGDUORVVHUYLFLRVVRFLDOHVFRPXQLWDULRV c )RUWDOHFHU HO&RQVHMR1DFLRQDOGH$GXOWR0D\RU *5$&,$6