(GXFDFLyQ(GXFDWLRQ /DWRPDGHGHFLVLRQHVHQVDOXG \HOPRGHORFRQFHSWXDOGH2WWDZD 6DUD0HQGR]D3D9LYLDQH-RIUp$E6DQGUD9DOHQ]XHOD6F 5(680(1 2EMHWLYR5HDOL]DUXQDQiOLVLVGHO0RGHORGH7RPDGH'HFLVLRQHV HQ6DOXGGH2WWDZDSODQWHDGRSRUODHQIHUPHUDFDQDGLHQVH$Q QHWWH02¶&RQQRUVFRPRXQDHVWUDWHJLDSDUDUHVROYHUFRQÀLFWRV GHFLVLRQDOHVHQVDOXG6HSODQWHDVXXWLOLGDGHQODLQWHUYHQFLyQTXH KDFH HQIHUPHUtD HQ OD FRPXQLGDG \ OD IDPLOLD 6H FRQFOX\H TXH HOFRQÀLFWRGHFLVLRQDOVXUJHIUHQWHDODWRPDGHGHFLVLRQHV\ORV SURIHVLRQDOHVGHODVDOXGGHEHQDGRSWDUXQUROSURWDJyQLFRHQpO GHVDUUROODQGRKDELOLGDGHVSDUDDSR\DUDVXVSDFLHQWHVRXVXDULRV HQORVFRQÀLFWRVTXHGHEHQHQIUHQWDUWHQLHQGRHO0RGHORGHWRPD GHGHFLVLRQHVGH2WWDZDFRPRXQUHIHUHQFLDO~WLOSDUDD\XGDUOHV HVSHFLDOPHQWH D ODV PXMHUHV D DVXPLU XQ URO PiV DFWLYR HQ ODV GHFLVLRQHVTXHDIHFWDQVXSURSLDVDOXG 3DODEUDVFODYH&RQÀLFWRGHFLVLRQDO WRPDGHGHFLVLRQHVHQVDOXG PDUFRFRQFHSWXDOGH2WWDZD &yPRFLWDUHVWHDUWtFXOR 0HQGR]D 36 -RIUp$9 9DOHQ]XHOD 66 /D WRPD GH GHFLVLRQHV HQ VDOXG \ HO PRGHOR FRQFHSWXDO GH 2WWDZD ,QYHVWHGXFHQIHUP UHHPSOD]DGR SRU XQ SURFHVR HQ GRQGH HOSDFLHQWHGHEHHVFRJHUHQWUHGLIHUHQWHV DOWHUQDWLYDVDQWHVGHRSWDUSRUXQDWHUDSLD GHWHUPLQDGDSRUTXHFDGDSDFLHQWHXVXDULR SRVHH XQD SUREOHPiWLFD SDUWLFXODU FRQ XQD FLUFXQVWDQFLDOLGDG FRQFUHWD TXH OD PHGLFLQDGHEHUHVSHWDU 3HUR DVt FRPR PXFKRV SDFLHQWHV GHVHDQ GHVHPSHxDU XQ SDSHO DFWLYR HQ ODV GHFLVLRQHV GH VX DVLVWHQFLD VDQLWDULD RWURVQRVHFRPSRUWDQGHODPLVPDIRUPD VLWXDFLyQ TXH IDYRUHFH OD H[LVWHQFLD GH PRGHORV GLQiPLFRV GH GHFLVLRQHV TXH UHFRUUHQ JUDGRV GH LQWHUDFFLyQ \ DGDSWDFLyQHQWUHORVSDFLHQWHVXVXDULRV\ORV SURIHVLRQDOHVVHJ~QODVFLUFXQVWDQFLDVHQ VDOXGTXHVHHQIUHQWHQ (OFRQRFLGRPRGHORSDWHUQDOLVWDGH ODVDOXGVLWXDGRHQXQRGHORVH[WUHPRV VXVWHQWDXQDFFLRQDUHQGRQGHHOFOtQLFR WLHQHORVVDEHUHVQHFHVDULRVSDUDHOGLDJ QyVWLFR\ORVDGPLQLVWUDVHJ~QVXMXLFLR PLHQWUDV FUHH SRGHU LQWHUSUHWDU ODV SUH IHUHQFLDV GH VXV SDFLHQWHV (VWH PRGHOR 5HFLELGRGHDJRVWRGH $SUREDGRGHPDU]RGH ,1752'8&&,Ï1 ( Q WLHPSRV TXH +LSyFUDWHV \ *DOHQR HVWDEOHFtDQ ODV SULPHUDVQRUPDWLYDVUHVSHFWRDODUHODFLyQGHORVSDFLHQWHV FRQHOPpGLFRODWRPDGHGHFLVLRQHVUHVSHFWRDODSURSLDVDOXGHUDXQ SURFHVRTXHVHHVWDEOHFtDPiVSRUODFDSDFLGDG\DXWRULGDGGHOSURIHVLRQDO TXHSRUODFDSDFLGDGGHGHFLVLyQTXHSRGtDWHQHUHOSDFLHQWH(VWRKD LGRFDPELDQGR\KR\VHFRQVLGHUDTXHHQHMHUFLFLRGHODDXWRQRPtDGHO SDFLHQWH VH GHEHQ WHQHU HQ FXHQWD VXV YDORUHV GHVHRV \ SUHIHUHQFLDV FRPR HOHPHQWRV GHWHUPLQDQWHV GH ODV GHFLVLRQHV GH VDOXG &DGD YH] PiV ODV GHFLVLRQHV TXH DQWHV HUDQ WRPDGDV XQLODWHUDOPHQWH VH KDQ 8QLYHUVLGDGGH$QWLRTXLD)DFXOWDGGH(QIHUPHUtD D (QIHUPHUD'UDFHQ(QIHUPHUtD3URIHVRUD $VRFLDGD'HSDUWDPHQWRGH(QIHUPHUtD8QL YHUVLGDGGH&RQFHSFLyQ&RQFHSFLyQ&KLOH &RUUHRHOHFWUyQLFRVPHQGR]D#XGHFFO E (QIHUPHUD'UDFHQ(QIHUPHUtD3URIHVRUD $VRFLDGD'HSDUWDPHQWRGH(QIHUPHUtD8QL YHUVLGDGGH&RQFHSFLyQ&RQFHSFLyQ&KLOH &RUUHRHOHFWUyQLFRYMRIUH#XGHFFO F (QIHUPHUD 'UD HQ (QIHUPHUtD 3URIHVRUD $VRFLDGD 'HSDUWDPHQWR GH (QIHUPHUtD 8QLYHUVLGDG GH &RQFHSFLyQ &RQFHSFLyQ &KLOH&RUUHRHOHFWUyQLFRVYDOHQ]X#XGHFFO 'HFLVLRQPDNLQJLQKHDOWKDQGWKH2WWDZD GHFLVLRQVXSSRUWIUDPHZRUN 6DUD0HQGR]D39LYLDQH-RIUp$6DQGUD9DOHQ]XHOD6 RSHUDFXDQGRORVXVXDULRVRSDFLHQWHVQR SDUWLFLSDQGHODWRPDGHGHFLVLRQHVVREUH VXVDOXG(OPRGHORGHGHFLVLyQLQIRUPDGD HQ HO H[WUHPR RSXHVWR RSHUD FXDQGR HO SURIHVLRQDOH[SRQHDOSDFLHQWHODVRSFLR QHVGLDJQyVWLFDV\WHUDSpXWLFDVGLVSRQLEOHV \ VXV SRVLEOHV FXUVRV GH DFFLyQ FRQ ORV UHVXOWDGRV HVSHUDEOHV LQIRUPDFLyQ D OD TXHHOSDFLHQWHLQFRUSRUDVXVH[SHFWDWLYDV YDORUHV\GHFLGHODDOWHUQDWLYDTXHPHMRU VH OH DGDSWD (O PRGHOR GH GHFLVLRQHV FRPSDUWLGDVVHKDLQWURGXFLGR~OWLPDPHQWH FRPRXQDRSFLyQLQWHUPHGLD HQWUH ORV GRV DQWHULRUHV HQ pO OD LQIRUPDFLyQ QR ÀX\H VyORGHXQOXJDUVLQRTXHODVGHFLVLRQHV VHDGRSWDQGHPDQHUDFRQMXQWDXQDYH]TXH HOSDFLHQWHGLVSRQHGHODLQIRUPDFLyQQH FHVDULD$OJXQRVHVWXGLRVUHYHODQTXHHO SURFHVRGHWRPDGHGHFLVLRQHVFRPSDUWLGR HVPiVDFHSWDGRSRUSHUVRQDVMyYHQHV\FRQ PHMRUHVQLYHOHVGHHGXFDFLyQ\DXQTXHVH VLJXHVRVWHQLHQGRTXHPXFKRVSDFLHQWHVQR GHVHDQLQYROXFUDUVHHQpOH[LVWHEDVWDQWH HYLGHQFLDFLHQWt¿FDTXHTXLHUHQHVWDULQIRU PDGRVUHVSHFWRGHOLPSDFWRGHOWUDWDPLHQWR GHVXHQIHUPHGDG $XQTXHODVUHODFLRQHVPpGLFRSDFLHQWH KDQJDQDGRHQPDGXUH]QRHVWiQH[HQWDV GHGL¿FXOWDGHV\DTXHHOSDFLHQWHTXHDKR UDDVXPHXQDUHVSRQVDELOLGDGDQWHVXYLGD \HQIUHQWDGLIHUHQWHVRSFLRQHVUHVSHFWRD VXVDOXGQRVLHPSUHWLHQHDVXDOFDQFHODV HYLGHQFLDVQHFHVDULDVVREUHODVYHQWDMDVR GHVYHQWDMDVGHODVDOWHUQDWLYDVTXHHVWiQ HQMXHJRHQODGHFLVLyQ /DV FDXVDV TXH HQ OD DFWXDOLGDG VH LGHQWLILFDQ FRPR UHVSRQVDEOHV GH OD GH¿FLHQWHWRPDGHGHFLVLRQHVHQVDOXGSRU SDUWHGHORVXVXDULRVSDFLHQWHVVRQ $%675$&7 7KLV DUWLFOH DQDO\VHV WKH 2WWDZD 'HFLVLRQVXSSRUW )UDPHZRUN SURSRQHGE\WKH&DQDGLDQQXUVH$QQHWWH02&RQQRUVWRKHOS VWUDWHJLF GHFLVLRQPDNLQJ LQ +HDOWK DQG LWV XVHIXOQHVV LQ WKH QXUVHVLQWHUYHQWLRQLQWKHIDPLO\DQGWKHFRPPXQLW\ :KHQFRQÀLFWLQJRSLQLRQVKDYHWREHFRQVLGHUHGEHIRUHPDNLQJ D GHFLVLRQ WKH QXUVLQJ SURIHVVLRQDOV VKRXOG DVVXPH D SURWDJR QLVWSDUW7KHUHIRUHWKH\KDYHWRGHYHORSDELOLWLHVWRVXSSRUWWKHLU SDWLHQWV ZKHQ WKH\ IDFH FRQÀLFWV7KH 2WWDZD 'HFLVLRQ 6XSSRUW )UDPHZRUNLVDYHU\XVHIXOUHIHUHQFHWRKHOSSHRSOHHVSHFLDOO\ ZRPHQZKHQWKH\VKRXOGDVVXPHDPRUHDFWLYHSDUWLQGHFLVLRQV WKDWDIIHFWWKHLUKHDOWK .H\:RUGV'HFLVLRQDOFRQÀLFW GHFLVLRQVPDNLQJLQKHDOWK 2WWDZDGHFLVLRQVXSSRUWIUDPHZRUN D (ODFFHVRLQVX¿FLHQWHDLQIRUPDFLyQEDVDGDHQHYLGHQFLDV E /DHVFDVDSDUWLFLSDFLyQHQODVGHFLVLRQHVTXHDIHFWDQVXSURSLDVDOXG RODGHVXIDPLOLD\ F /RVOLPLWDGRVFRQRFLPLHQWRV\KDELOLGDGHVTXHWLHQHQORVSURIHVLRQDOHV GHODVDOXGSDUDDSR\DUODWRPDGHGHFLVLRQHVHQVDOXGGHORVSDFLHQWHV XVXDULRV 0LHQWUDVODFLHQFLDPpGLFDDOFDQ]DVROXFLRQHVVRUSUHQGHQWHV\ORV PHGLRVGHFRPXQLFDFLyQLQIRUPDQFRQVWDQWHPHQWHVREUHODDSDULFLyQ GHQXHYRVGLDJQyVWLFRV\WHUDSLDV\DXQTXHHQODDFWXDOLGDGODVGLIH UHQWHV RUJDQL]DFLRQHV VRFLDOHV KDFHQ HVIXHU]RV SRU HQWUHJDU GLVWLQWDV DOWHUQDWLYDVGHHOHFFLyQORVVLVWHPDVVDQLWDULRVQRRIUHFHQLQIRUPDFLyQ FRPSDUDEOHVREUHODVRSFLRQHVGLVSRQLEOHVDQWHXQGHWHUPLQDGRSUREOHPD GHVDOXGFRPRVLVXDFFLRQDUIXHVHHO~QLFRH[DFWR\DGHFXDGRSDUD WRGRVORVLQGLYLGXRV ([LVWHQ PXFKDV VLWXDFLRQHV FUtWLFDV GH VDOXG TXH REOLJDQ D ORV LQGLYLGXRVDHQIUHQWDUGHFLVLRQHVFRPSOHMDVORVSDFLHQWHVWHUPLQDOHV\ VXVIDPLOLDVSRUHMHPSORDGLDULRVHHQIUHQWDQDRSFLRQHVOtPLWHVTXH HQHOFRQWH[WRGHOWpUPLQRGHXQDYLGDVHYXHOYHQDEUXPDGRUDVIUHQWH DOULHVJRGHVXIULUXQDHQIHUPHGDGFDUGLRYDVFXODUXQSDFLHQWHGLDEpWLFR ,QYHVWLJDFLyQ\(GXFDFLyQHQ(QIHUPHUtD0HGHOOtQ9RO;;,91PDU]RGH (GXFDFLyQ(GXFDWLRQ GHEHGHFLGLUVLWRPDDVSLULQDRQRRIUHQWHDODQHFHVLGDGGHFXLGDGRV PpGLFRV XQD FXLGDGRUD LQIRUPDO VLHPSUH WRPD OD GHFLVLyQ HUUDGD GH SRVWHUJDUVXSURSLDVDOXGSDUDQRGHVFXLGDUDORWUR (VWiFRPSUREDGRTXHHOPD\RUFRQRFLPLHQWRHLQIRUPDFLyQTXH VH SLHQVD GH OD HQIHUPHGDG TXH VH VXIUH R FUHHU HQ ORV EHQH¿FLRV GH XQDGHWHUPLQDGDWHUDSLDKDFHTXHODVSHUVRQDVVHDGKLHUDQDXQSURJUDPD GH UHKDELOLWDFLyQ FXPSODQ FRQ OD WHUDSLD LQGLFDGD SDUD WUDWDU VX HQIHUPHGDGRWRPHQGHFLVLRQHVDGHFXDGDVGHVDOXG $Vt PLVPR VH KD YLVWR TXH XQ JUDQ SRUFHQWDMH GH OD SREODFLyQ VREUHWRGRPXMHUHVVHYHQHQIUHQWDGDVFRQVWDQWHPHQWHDGHFLGLUVREUH WUDWDPLHQWRV TXLU~UJLFRV R GH FRQWURO GH OD QDWDOLGDG \ VXV FRQÀLFWRV GHFLVLRQDOHV DXPHQWDQ FXDQGR SRVHHQ PHQRV LQIRUPDFLyQ GH ODV DOWHUQDWLYDV VRQ GH PD\RU HGDG R QR WLHQHQ D TXLHQ UHFXUULU SDUD TXH DSR\HVXSURFHVR 2¶&RQQRUV-DFREVHQ\6WDFH\GH¿QHQHO³FRQÀLFWRGHFLVLRQDO´ FRPR OD LQFHUWLGXPEUH DFHUFD GH FXiO DOWHUQDWLYD HVFRJHU FXDQGR ODV GLIHUHQWHV DOWHUQDWLYDV VLJQLILFDQ ULHVJRV SpUGLGDV R UHFKD]R D ORV YDORUHV SHUVRQDOHV /D SULPHUD PDQLIHVWDFLyQ GHO FRQÀLFWR GHFLVLRQDO HVODH[SUHVLyQYHUEDOGHODLQFHUWLGXPEUHIUHQWHDXQDGHFLVLyQ\VXV UHVXOWDGRVSRVLEOHV3DUDHVWDVDXWRUDVODVPDQLIHVWDFLRQHVGHFRQÀLFWR YDUtDQHQWUHXQLQGLYLGXR\RWUR\ODVPiVFRPXQHVVRQ ² ,QFHUWLGXPEUHDFHUFDGHODRSFLyQ ² 3UHRFXSDFLyQDFHUFDGHUHVXOWDGRVQRGHVHDGRV ² 9DFLODUHQWUHRSFLRQHV ² 3RVSRQHUODGHFLVLyQ ² &XHVWLRQDUORVYDORUHVSHUVRQDOHVLQYROXFUDGRVHQODGHFLVLyQ ² 3UHRFXSDUVHSRUODGHFLVLyQ ² 0RVWUDUVtQWRPDV\VHxDOHVGHDQJXVWLD\WHQVLyQ /RV IDFWRUHV TXH FRQWULEX\HQ DO FRQÀLFWR GHFLVLRQDO HPHUJHQ GHGRVIXHQWHV ² ² 'HODSURSLDGHFLVLyQFXDQGRVHHQIUHQWDQODVYHQWDMDV\GHVYHQWDMDV GHODDOWHUQDWLYDHOHJLGD 'HIDFWRUHVH[WHUQRVTXHURGHDQXQDGHFLVLyQGLItFLOHQWUHORVTXH VHHQFXHQWUDQ z z z )DOWDGHFRQRFLPLHQWRDFHUFDGHODVRSFLRQHVGLVSRQLEOHV ([SHFWDWLYDVQRUHDOLVWDVDFHUFDGHORVSUREDEOHVUHVXOWDGRVGH ODVGLIHUHQWHVRSFLRQHV 3RFDFODULGDGVREUHHOGHVHRSHUVRQDOGHORVUHVXOWDGRVGHOD DOWHUQDWLYDHOHJLGD z 3HUFHSFLRQHVQRFODUDVGHRWURVLQYROXFUDGRVHQODGHFLVLyQ z 3UHVLyQVRFLDOSDUDHVFRJHUXQDDOWHUQDWLYD z )DOWDGHDSR\RVSHUVRQDOHV z )DOWDGHVHJXULGDGHQVtPLVPR z )DOWDGHUHFXUVRVGHOHQWRUQR 8QLYHUVLGDGGH$QWLRTXLD)DFXOWDGGH(QIHUPHUtD /DVIXHQWHVGHFRQÀLFWRVHPDQHMDQ JHQHUDOPHQWHFRQLQWHUYHQFLRQHVFOtQLFDV TXHSXHGHQVHUGHWUHVWLSRVD&XLGDGR HVWiQGDU/DHOHFFLyQHVWiEDVDGDHQXQD IXHUWH HYLGHQFLD GH OD HIHFWLYLGDG \ GH OD LQWHUYHQFLyQ H[LVWH FRQVHQVR JHQHUDO VREUH VX YDOLGH] SRU HMHPSOR 8VR GH DQWLELyWLFRV DQWH OD LQIHFFLyQ EDFWHULDQD E *XtD (V XQD LQWHUYHQFLyQ DQWH OD FXDO WDQWR HO HTXLSR GH VDOXG FRPR ORV XVXDULRV SXHGHQ WHQHU GXGDV D SHVDU GH TXHODHYLGHQFLDDFHUFDGHVXVUHVXOWDGRVHV FRQRFLGDHMHPSORDXWRH[DPHQGHPDPDV F2SFLRQHV8QDLQWHUYHQFLyQKDWHQLGR UHVXOWDGRV FRQRFLGRV R GHVFRQRFLGRV HMHPSOR XVR GH OD WHUDSLD KRUPRQDO GH UHHPSOD]R 1R VH VDEH TXp GHFLVLRQHV VRQ FRQVLGHUDGDV SRU ORV XVXDULRVSDFLHQWHV FRPRJHQHUDGRUDVGHFRQÀLFWRGHFLVLRQDO SHURHQODDFWXDOLGDGVHKDQLGHQWL¿FDGR VLWXDFLRQHV TXH SXHGHQ GHVHQFDGHQDU FRQÀLFWRVGHFLVLRQDOHV/DWDEODPXHVWUD HMHPSORVGHHOOR (O PRGHOR GH 7RPD GH GHFLVLRQHV HQVDOXGGH2WWDZDSURYHHFRQRFLPLHQ WRV HVSHFt¿FRV UHVSHFWR D ORV SURFHVRV \ FRQÀLFWRV GHFLVLRQDOHV HVWH PRGHOR DSXQWD HVSHFt¿FDPHQWH D HPSRGHUDU \ DSR\DU D ODV SHUVRQDV HQ HO HMHUFLFLR GH VXVGHUHFKRVHQVDOXG 0RGHORGH7RPDGH'HFLVLRQHV HQ6DOXGGH2WWDZD (VWH UHIHUHQFLDO WHyULFR SODQWHDGR SRUODHQIHUPHUDFDQDGLHQVH$QQHWWH0 2¶&RQQRUVIXHFUHDGRSDUDD\XGDUDORV XVXDULRVTXHVHHQIUHQWDQDXQDVLWXDFLyQ TXH OHV VLJQL¿FD XQ FRQÀLFWR GHFLVLRQDO \FRQVLVWHHQDYDORUDUODVQHFHVLGDGHV R GHWHUPLQDQWHV GH ODV GHFLVLRQHV E SURYHHUDSR\RDODWRPDGHGHFLVLRQHV\ FHYDOXDUHOSURFHVRGHWRPDGHGHFLVLyQ \VXVUHVXOWDGRVHVTXHPD(VWHPRGHOR WLHQHODYHQWDMDGHTXHSXHGHDSOLFDUVHDO FRQMXQWRGHSHUVRQDVLQYROXFUDGDVHQHO SURFHVR HV GHFLU DO XVXDULR LQGLYLGXR SDUHMD IDPLOLD \ ORV SURIHVLRQDOHV GH VDOXG /DWRPDGHGHFLVLRQHVHQVDOXG\HOPRGHORFRQFHSWXDOGH2WWDZD 7DEOD 'HFLVLRQHVUHODFLRQDGDVFRQDVSHFWRVPpGLFRV TXLU~UJLFRVRFDPELRVGHHVWLORVGHYLGDTXHSXHGHQFUHDUFRQÀLFWRVGHFLVLRQDOHV 7,32'( '(&,6,Ï1 &$7(*25Ë$6 (-(03/26 3HUVRQDO 0DWULPRQLRVHSDUDFLyQGLYRUFLRSDWHUQLGDGPDWHUQLGDGFRQWUROGHODQDWDOLGDGLQVHPLQDFLyQDUWL¿FLDOFLUFXQFLVLyQODFWDQFLD PDWHUQDRDOLPHQWDFLyQDUWL¿FLDOFXLGDGRGHOQLxRDERUWRFDOLGDGGHYLGDLQVWLWXFLRQDOL]DFLyQSUREOHPDVGHDEXVR GHDOFRKRO\GURJDVUHODFLRQHVLQWHUSHUVRQDOHVVLWXDFLyQGHYLGDGRPpVWLFDWLSRGHSDUWR 7UDEDMR7DUHDV &DPELR GH DFWLYLGDG FDPELR GH FDUUHUDDFWLYLGDG QR VyOR YROYHU D WUDEDMDU UHXELFDFLyQ LQYHUVLyQ GH QHJRFLRV pWLFD SURIHVLRQDOHOHFFLyQGHRFXSDFLyQWUDEDMRE~VTXHGDGHWUDEDMRPDQHMRGH¿QDQ]DV 6LWXDFLRQDO (GXFDFLyQ $GROHVFHQWH (YROXWLYDV (QUHODFLRQ FRQHO WUDWDPLHQWR &DPELRV HQHVWLOR GHYLGD 9ROYHUDODHVFXHODHGXFDFLyQFRQWLQXD 5HVSXHVWDDODSUHVLyQGHSDUHVDFWLYLGDGVH[XDOFRQWUROGHQDWDOLGDGFRQVXPRGHDOFRKROGURJDVVLWXDFLRQHVSHOLJUR VDVLOHJDOHVFRQWLQXDFLyQGHXQDUHODFLyQHVWXGLRVVXSHULRUHVVHOHFFLyQRFDPELRGHFDUUHUDRSFLRQHVHQHPEDUD]RQR GHVHDGR $GXOWRMRYHQ 'HVDItRVHQODFULDQ]DGHORVKLMRVFDPELRGHFDUUHUDYROYHUDWUDEDMDUGHVSXpVGHWHQHUXQKLMRMXELODFLyQVLWXDFLyQGH \GHHGDGPHGLD YLGDGRPpVWLFDHGXFDFLyQGHORVKLMRVFXLGDGRGHRWURVPLHPEURVGHODIDPLOLD $GXOWRPD\RU (VWLORGHYLGDSRVWHULRUDODMXELODFLyQVLWXDFLyQGHYLGDGRPpVWLFDVLVWHPDGHVHJXURGHVDOXG 'LDJQyVWLFR ([iPHQHV ([iPHQHVJHQHUDOHVGHPDWHULDIHFDOSUHQDWDOHVJHQpWLFRVGHFiQFHUSDUDIDPLOLDVGHDOWRULHVJRPDPRJUDItDVSDUD DVLQWRPiWLFDVGHVSXpVGHORVDxRVGHSUyVWDWDGHVSXpVGHORVDxRV 7UDWDPLHQWR PpGLFR 9DFXQDDQWLLQÀXHQ]DWUDWDPLHQWRSDUDGRORUHVGHHVSDOGDSDUWRQDWXUDOPHGLFDFLyQHQHOSDUWRSUHWpUPLQRWUDWDPLHQWR SDUDODKLSHUWHQVLyQDUWHULDOODKLSHUFROHVWHUROHPLDWHUDSLDGHUHHPSOD]RKRUPRQDOPDVWHFWRPtDSUR¿OiFWLFDWUDWDPLHQWR SDUDFiQFHUGHPDPDGHFRORQ\GHSXOPyQJUDGR,9RSFLRQHVGHPDQHMRGHOGRORUTXLPLRWHUDSLDGLiOLVLVWUDQVSODQWHGH PHGXODKLGUDWDFLyQSDUHQWHUDODOLPHQWDFLyQHQWHUDOYHQWLODFLyQPHFiQLFDVXVSHQVLyQGHORVPHGLRVGHDSR\RYLWDORUGHQ GHQRUHVXFLWDFLyQFXLGDGRSVLFROyJLFRFRQVHMHUtDPHGLFDFLyQSDUDGp¿FLWGHDWHQFLyQWUDWDPLHQWRSDUDODGHSUHVLyQ 7UDWDPLHQWR TXLU~UJLFR (OHFFLyQGHOWLSRGHDQHVWHVLDFLUXJtDSOiVWLFDDXWRGRQDFLyQGHVDQJUHH[WLUSDFLyQGHQXHYRWXPRUUHSHWLUHOOXJDUGH LQFLVLyQGHODFHViUHDOXPSHFWRPtDYVPDVWHFWRPtDWUDWDPLHQWRSDUDFiQFHUGHSUyVWDWDKLSHUWUR¿DEHQLJQDGHSUyVWDWD FDWDUDWDHVWUDELVPRFLUXJtDRFXODUFRQOiVHUWUDWDPLHQWRTXLU~UJLFRGHOKDOOX[YDOJXVUHHPSOD]RGHODDUWLFXODFLyQGHOD URGLOODWUDWDPLHQWRSDUDODLQFRQWLQHQFLDODDQJLQDWUDQVSODQWHGHPHGXODDPLJGDOHFWRPtD 1XWULFLyQ 6XSOHPHQWRVPpWRGRVSDUDEDMDUGHSHVR (MHUFLFLR 3ODQGHHMHUFLFLRHMHUFLFLRWHUDSpXWLFR 0DQHMRGHO HVWUpV 0pWRGRVSDUDPDQHMDUHOHVWUpV 8VRGHWDEDFR\ (VWUDWHJLDV SDUD UHGXFLU HO KXPR DPELHQWDO SDUD GHMDU GH IXPDU SDUD GHMDU GH EHEHU DOFRKRO SDUD GHMDU GH FRQVXPLU DOFRKRO GURJDV 8VRGHDUWHIDFWRVTXHD\XGHQDODDGDSWDFLyQ 'yQGHDFXGLU 1DYHJDFLyQ &XiQGRDFXGLU QHFHVLGDGGH DFXGLU &RQTXLpQVROLFL WDUDWHQFLyQ )XHQWH(MHPSORGHGHFLVLRQHVSRWHQFLDOPHQWHGLItFLOHVTXHSXHGHQJHQHUDUFRQÀLFWRGHFLVLRQDO&DUSHQLWRUHYLVDGRSRU2¶&RQQRUV 9DQ*RJK (OGRUPLWRULRGH6DLQW3DXO ÏOHRVREUHOLHQ]R[FP &ROHFFLyQSDUWLFXODU ,QYHVWLJDFLyQ\(GXFDFLyQHQ(QIHUPHUtD0HGHOOtQ9RO ;;,91PDU]RGH (GXFDFLyQ(GXFDWLRQ (VTXHPD0DUFR&RQFHSWXDOGH2WWDZD 9DORUDUODVQHFHVLGDGHV GHWHUPLQDQWHVGHODWRPDGHGHFLVLyQ 3URSRUFLRQDUDSR\RDODWRPDGHGHFLVLRQHV (YDOXDFLyQ 3HUFHSFLRQHVGHODWRPDGHGHFLVLyQ &RQRFLPLHQWR ([SHFWDWLYDV 9DORUHV &RQÀLFWRGHFLVLRQDO (WDSDGHOSURFHVRGHWRPDGHGHFLVLyQ 3HUFHSFLRQHVGHRWURV 3HUFHSFLRQHVGHODVRSLQLRQHV\SUiFWLFDVGHRWURV $SR\R 3UHVLRQHV 5ROHVHQHOSURFHVRGHGHFLVLyQ 5HFXUVRVSDUDWRPDUODGHFLVLyQ 3HUVRQDO ([SHULHQFLDSUHYLD 6HJXULGDGRFRQ¿DQ]DHQVtPLVPDPRWLYDFLyQ +DELOLGDGHVSDUDWRPDUODGHFLVLyQ ([WHUQRV 3URYHHUDFFHVRDODLQIRUPDFLyQ 3URFHVRGHGHFLVLyQ 6LWXDFLyQGHVDOXG 2SFLRQHV 5HVXOWDGRV 2SLQLyQ\HOHFFLyQGHRWURV ,QFUHPHQWRGHOFRQRFLPLHQWR ([SHFWDWLYDVUHDOLVWDV 9DORUHVFODURV $FXHUGRHQWUHYDORUHV\RSFLRQHV ,PSOHPHQWDFLyQGHODGHFLVLyQ 6DWLVIDFFLyQFRQODGHFLVLyQWRPDGD 5HDOLQHDUODVH[SHFWDWLYDVGHORVUHVXOWDGRV &ODUL¿FDU ORV YDORUHV SHUVRQDOHV DFHUFD GH ORV UHVXO WDGRV 3URYHHUJXtDFRQVHMRHQ 3DVRVSDUDWRPDUODGHFLVLyQ &RPXQLFDFLyQFRQRWURV 0DQHMRGHODSUHVLyQDODTXHVHVLHQWHVRPHWLGD $FFHVRDDSR\R\UHFXUVRV 5HVXOWDGRVGHODGHFLVLyQ 3HUVLVWHQFLDGHODRSFLyQ 0HMRUDPLHQWRHQODFDOLGDGGHYLGD 5HGXFFLyQGHHVWUpV 5HGXFFLyQGHODUUHSHQWLPLHQWR 8VRLQIRUPDGRGHORVUHFXUVRV $SR\R LQIRUPDWLYR FRQVHMR HPRFLRQDO LQVWUXPHQWDO ¿QDQFLHUR D\XGD SURIHVLRQDO GH UHGHV VRFLDOHV \ RWURV VHFWRUHV )XHQWH'RFXPHQWR7DOOHU³7RPDGHGHFLVLRQHVHQ6DOXG´DOGH-XOLR(VFXHODGH(QIHUPHUtD3RQWL¿FLD8QLYHUVLGDG&DWyOLFDGH&KLOH 6HJ~QHOHVTXHPDODYDORUDFLyQGHQHFHVLGDGHVHVQHFHVDULDSDUD HQWHQGHUHOFRQWH[WRGHOSURFHVRGHODWRPDGHGHFLVLRQHV\SDUDLGHQWL¿FDU ORVGHWHUPLQDQWHVTXHQRVRQySWLPRV\DTXHFRQHVWDLQIRUPDFLyQSXHGHQ VHOHFFLRQDUVH\OOHYDUVHDFDERODVLQWHUYHQFLRQHVPiVDSURSLDGDV(QHVWD SULPHUDHWDSDGHOPRGHORVHWUDWDGHLGHQWL¿FDUIDFWRUHVTXHSXHGHQVHU QHJDWLYRVSDUDHOSURFHVRGHWRPDGHGHFLVLRQHV\TXHSXHGHQUHVLGLUHQ ODSHUFHSFLyQGHORVSURSLRVXVXDULRVGHODVSHUVRQDVTXHORVURGHDQR HQORVUHFXUVRVSHUVRQDOHV\H[WHUQRVDOSURFHVR /DVHJXQGDHWDSDGHOPRGHORHQIDWL]DHODSR\RTXHVHGHEHEULQGDU HQ OD WRPD GH GHFLVLRQHV \ TXH VXSRQH OD SUHSDUDFLyQ GHO SDFLHQWH \ GHO SURIHVLRQDO SDUD WRPDU OD GHFLVLyQ \ HVWUXFWXUDU XQ VHJXLPLHQWR D ODLQWHUYHQFLyQ(QHVWDHWDSDVHGHEHSODQWHDUFRPRREMHWLYRPHMRUDU HOSURFHVRGHGHFLVLyQDGDSWDQGRHOWLSRGHDSR\RDODVQHFHVLGDGHVGH ORVSDUWLFLSDQWHVORFXDOFRQVLVWHHQDSURYHHULQIRUPDFLyQDFHUFD GH OD VLWXDFLyQ GH VDOXG GHO XVXDULRSDFLHQWH RSFLRQHV \ UHVXOWDGRV E UHDOLQHDPLHQWR GH ODV H[SHFWDWLYDV TXH LQFOX\H OD GHVFULSFLyQ GH ORV UHVXOWDGRV LQFOX\HQGR ODV SUREDELOLGDGHV DVRFLDGDV F FODUL¿FDU ORV YDORUHVGHVFULELHQGRORVUHVXOWDGRVSDUDHYDOXDUORVFRUUHFWDPHQWH\G LQFUHPHQWDUODVKDELOLGDGHVHQHOSURFHVRGHWRPDGHGHFLVLyQRWRUJDQGR JXtD\FRQVHMRHQORVGLIHUHQWHVSDVRVGHODGHOLEHUDFLyQ(ODSR\RGHEH FRQVLGHUDU DGHPiV ODV FDUDFWHUtVWLFDV GH ORV SDUWLFLSDQWHV \D TXH ODV LQWHUYHQFLRQHV WLHQHQ TXH VHU ÀH[LEOHV SDUD DEDUFDU ODV SUHIHUHQFLDV LQGLYLGXDOHVGHSDUWLFLSDFLyQHQODWRPDGHGHFLVLyQ /D~OWLPDHWDSDGHOPRGHORHVGHFLUODHYDOXDFLyQGHODSR\RDOD WRPDGHGHFLVLyQVHSDUDODHYDOXDFLyQGHOSURFHVRGHODHYDOXDFLyQGH ORVUHVXOWDGRVSRUTXHQRVLHPSUHEXHQDVGHFLVLRQHVGDQFRPRSURGXFWR EXHQRVUHVXOWDGRVORVFXDOHVYDQDGHSHQGHUGHORVYDORUHVSHUVRQDOHVGH ORVXVXDULRVSDFLHQWHV(VWHPDUFRFRQFHSWXDOGH¿QHFRPRGHFLVLyQyS 8QLYHUVLGDGGH$QWLRTXLD)DFXOWDGGH(QIHUPHUtD WLPDDTXHOODTXHHVLQIRUPDGDFRQVLVWHQWH FRQORVYDORUHVSHUVRQDOHV\FRQODTXHORV SDUWLFLSDQWHVSXHGHQH[SUHVDUVXVDWLVIDF FLyQ 6H SXHGH GHWHUPLQDU HYDOXDQGR VL ODVLQWHUYHQFLRQHVLQFUHPHQWDURQHOFRQR FLPLHQWR ODV H[SHFWDWLYDV UHDOLVWDV OD FRQFRUGDQFLDHQWUHORVYDORUHVSHUVRQDOHV \ODVRSFLRQHVGLVPLQX\HURQHOFRQÀLFWR GHFLVLRQDO\PHMRUDURQODLPSOHPHQWDFLyQ GHODGHFLVLyQ\ODVDWLVIDFFLyQFRQHOSUR FHVRGHWRPDGHGHFLVLyQ ,QVWUXPHQWRVGHO0RGHOR GH2WWDZD 3DUDPHGLUODLQFHUWLGXPEUHGHORVXVXDULRV SDFLHQWHV \ ORV IDFWRUHV TXH FRQWULEX\HQ D HOOD VH KD GHVDUUROODGR OD ³(VFDOD GH &RQÀLFWR'HFLVLRQDO´TXHSXHGHVHUXVDGD WDQWRSDUDYDORUDUODVQHFHVLGDGHVEiVLFDV FRPRSDUDPRQLWRUHDUHOSURJUHVRGXUDQWH ODLQWHUYHQFLyQ([LVWHQGRVYHUVLRQHVGH HVWH LQVWUXPHQWR XQD ODUJD TXH FRQVLVWH HQ XQD HVFDOD /LNHUW TXH PLGH RSFLRQHV FRQ XQ SXQWDMH GH D VLJQL¿FDQGR HO YDORUHVWDUIXHUWHPHQWHGHDFXHUGR\HO YDORUIXHUWHPHQWHHQGHVDFXHUGRFRQ ODRSFLyQSUHVHQWDGD/RVUHVXOWDGRVYDQ GHVGH &RQÀLFWR 'HFLVLRQDO %DMR D$OWR /DWRPDGHGHFLVLRQHVHQVDOXG\HOPRGHORFRQFHSWXDOGH2WWDZD LQWHUSUHWDQGR ORV SXQWDMHV GH R PHQRU YDORUFRPRSURFHVRGHWRPDGHGHFLVLyQ VLQ GLILFXOWDGHV \ ORV UHVXOWDGRV FRQ YDORUHVPD\RUHVGHFRQXQDGHPRUD HQODWRPDGHGHFLVLRQHV6HGHPRVWUyOD YDOLGH]\FRQ¿DELOLGDGGHHVWHLQVWUXPHQWR HQXQDPXHVWUDGHLQGLYLGXRV\DTXH GLVFULPLQyVLJQL¿FDWLYDPHQWHS HQWUHDTXHOORVXVXDULRVTXHGHPRUDURQR UHWUDVDURQ OD GHFLVLyQ HQ FRPSDUDFLyQ D ORVTXHGHFLGtDQVLQGL¿FXOWDG(OHVWXGLR GHYDOLGH]UHYHOyDGHPiVXQDFRUUHODFLyQ LQYHUVD U S HQWUH ORV YDORUHVGHODHVFDOD\HOFRQRFLPLHQWRGH ODVLWXDFLyQSXHVORVYDORUHVEDMDQGHVSXpV GH TXH ORV XVXDULRV UHFLEHQ LQWHUYHQFLyQ GHDSR\R 6H GHVDUUROOy DGHPiV XQD YHUVLyQ FRUWD GH HVWD HVFDOD SLFWRJUDPD SDUD IDFLOLWDUVXDGPLQLVWUDFLyQHLQWHUSUHWDFLyQ \ UHGXFLU VX FRPSOHMLGDG HPSOHDQGR XQ OHQJXDMHIiFLOVHxDOHVJUi¿FDV\UHVSXHVWDV VLPSOHV ~WLOHV SDUD YDORUDU HO FRQÀLFWR GHFLVLRQDOHQJUDQGHVJUXSRVGHSREODFLyQ (VWDYHUVLyQUHGXFLGDWLHQHODYHQWDMDGH TXHVXVUHVXOWDGRVSXHGHQVHULQWHUSUHWDGRV UiSLGDPHQWH6LVHKDPDUFDGRHOFLUFXOR GH ³6t´ HQ WRGRV ORV tWHPV HO FRQÀLFWR GHFLVLRQDO HV EDMR /D LQFHUWLGXPEUH \ ORV IDFWRUHV TXH FRQWULEX\HQ DO FRQÀLFWR SXHGHQ VHU GHWHFWDGRV FKHTXHDQGR ORV tWHPV TXH KDQ VLGR PDUFDGRV FRQ HO FtUFXOR ³1R´ R ³,QVHJXUR´ 6L VH GHWHFWD XQ FRQÀLFWR GHFLVLRQDO VH SXHGH XWLOL]DU OD YHUVLyQ ODUJD SDUD LGHQWLILFDU PiV GHWDOOHV DFHUFD GHO SUREOHPD \ SODQHDU LQWHUYHQFLRQHVDGHFXDGDV /D*XtDGH2WWDZDHVXQLQVWUXPHQWR TXH SHUPLWH YDORUDU ODV QHFHVLGDGHV \R SODQHDUHODSR\RDODWRPDGHGHFLVLRQHV $TXt VH LQFOX\H XQD SODQLOOD GH EDODQFH GHFLVLRQDO HMHUFLFLRV GH FODUL¿FDFLyQ GH YDORUHV \ OD JXtD GH YDORUDFLyQ \ SODQHD PLHQWRSURSLDPHQWHWDO8WLOL]DQGRODJXtD ORVSURIHVLRQDOHVWUDEDMDQFRQORVXVXDULRV SDUD UHFROHFWDU OD LQIRUPDFLyQ GH¿QLU HO SUREOHPDGHGHFLVLyQLGHQWL¿FDUORVUHVXO WDGRVGHVHDGRVSODQHDUODVLQWHUYHQFLRQHV \HYDOXDUHOSURJUHVR 6X UHFLHQWH DSOLFDFLyQ \ YDOLGDFLyQ HQ OD SREODFLyQ FKLOHQD D WUDYpVGHXQSUR\HFWRGHLQWHUFDPELRGHWUDQVIHUHQFLDWHFQROyJLFDHQWUH &DQDGi \ &KLOH D FDUJR GH SURIHVLRQDOHV GH HQIHUPHUtD KD SHUPLWLGR H[WHQGHUDGLIHUHQWHVUHJLRQHVGH&KLOHGHVGH&DQDGi\(VWDGRV8QLGRV ORV FRQFHSWRV \ KHUUDPLHQWDV GHFLVLRQDOHV TXH HVWH PRGHOR SURSRQH H[SHULHQFLDTXHKDHYLGHQFLDGRXWLOLGDG\DSOLFDELOLGDGVREUHWRGRHQ PXMHUHVTXHYLYHQVLWXDFLRQHVGHSREUH]D &21&/86,21(6 7RGDVODVSHUVRQDVHVWiQREOLJDGDVHQDOJ~QPRPHQWRGHVXYLGDDWRPDU GHFLVLRQHVHQVDOXG\FXDQGRODVDOWHUQDWLYDVQRHVWiQFODUDVVXUJHHO FRQIOLFWRGHFLVLRQDOFRPRXQDVLWXDFLyQGHLQFHUWLGXPEUHHQODTXH HOSDFLHQWHVHGHEDWHHQWUHODGHVLQIRUPDFLyQ\ODIDOWDGHDSR\RSDUDHOHJLU ODRSFLyQDFRUGHFRQVXVYDORUHVSHUVRQDOHV /RVSURIHVLRQDOHVGHODVDOXGGHEHQDGRSWDUXQUROSURWDJyQLFRHQ ORVSURFHVRVGHGHFLVLyQHQVDOXGGHVDUUROODQGRKDELOLGDGHVSDUDDSR\DU DVXVSDFLHQWHVRXVXDULRVHQORVFRQÀLFWRVTXHHOORVGHEHQHQIUHQWDU (Q WLHPSRV HQ TXH ODV GHFLVLRQHV GH VDOXG VH GHVDUUROODQ HQ XQ PRGHORFRPSDUWLGRHQWUHSDFLHQWHV\SURIHVLRQDOHVHO0RGHORGH7RPD GH'HFLVLRQHVGH2WWDZDGHVDUUROODGRSRU2¶&RQQRUVHVXQUHIHUHQWH ~WLOSDUDD\XGDUDODVSHUVRQDVHVSHFLDOPHQWHDODVPXMHUHVDDVXPLUXQ UROPiVDFWLYRHQODVGHFLVLRQHVTXHDIHFWDQVXSURSLDVDOXG\ODGHVXV IDPLOLDVIRFDOL]DQGRHODSR\RGHFLVLRQDOHQVXVSURSLDVQHFHVLGDGHV YDORUHV\SUHIHUHQFLDV (O0RGHORGH2WWDZDUHTXLHUHXQFDPELRHQODVDFWLWXGHV\DSWLWXGHV GH WRGRV ORV DFWRUHV LQYROXFUDGRV SXHV REOLJD D ORV SURIHVLRQDOHV D GLVSRQHUGHWRGDV\ODVPiVDFWXDOHVHYLGHQFLDVFLHQWt¿FDV\DGHVDUUROODU KDELOLGDGHVGHFRPXQLFDFLyQTXHSHUPLWDQXQSURFHVRGHLQWHUDFFLyQ PiVHIHFWLYRFRQORVXVXDULRV$VtPLVPRODVKHUUDPLHQWDVGHYDORUDFLyQGH QHFHVLGDGHV \ SODQHDPLHQWR GH ORV DSR\RV TXH XWLOL]D HVWH PRGHOR GH DWHQFLyQ SHUPLWHQ TXH ODV SHUVRQDV VH LQYROXFUHQ SDUWLFLSDWLYD H LQIRUPDGDPHQWHHQODUHVROXFLyQGHVXVFRQÀLFWRVGHVDOXG )LQDOPHQWHVHHQIDWL]DODXWLOLGDGGHHVWHPRGHOR\VHUHFRPLHQGD VX XWLOL]DFLyQ HQ ODV LQWHUYHQFLRQHV TXH HQIHUPHUtD GHVDUUROOD HQ OD FRPXQLGDG \ ODV IDPLOLDV SXHV SURSRUFLRQD H[SHULHQFLDV TXH HQ XQ FRUWR SOD]R VH WUDGXFHQ HQ XQ PDQHMR DXWyQRPR GH OD VDOXG GH ORV LQGLYLGXRV3DUDHQIHUPHUtDVLJQL¿FDXQDKHUUDPLHQWDH¿FD]TXHSHUPLWH SODQL¿FDUXQFXLGDGRDFRUGHFRQORVYDORUHVGHORVVXMHWRVLQWHUSUHWDU FRQLQVWUXPHQWRVPiVHVSHFt¿FRVODVQHFHVLGDGHVUHDOHVGHODSREODFLyQ \UHVJXDUGDUHOGHUHFKRDGHFLGLUHQVDOXG 5()(5(1&,$6%,%/,2*5È),&$6 &DWDOGL$PDWULDLDQ50/DDXWRQRPtDHQODWRPDGHGHFLVLRQHVPpGLFDV 5HYLVWDGHOD6RFLHGDGGH0HGLFLQD,QWHUQDGH%XHQRV$LUHV>3XEOLFDFLyQ SHULyGLFDHQOtQHD@-XO±6HSW>&LWDGD$JRV@>SDQWD OODV@6HHQFXHQWUDHQKWWSZZZVPLEDRUJDUPHGLQWHUQDYRO KWP ,QYHVWLJDFLyQ\(GXFDFLyQHQ(QIHUPHUtD0HGHOOtQ9RO;;,91PDU]RGH (GXFDFLyQ(GXFDWLRQ 0HQHX5/DSHUVSHFWLYDGHORVSDFLHQWHV*&6>3XEOLFDFLyQ SHULyGLFD HQ OtQHD@ >&LWDGD 1RY @ > SDQWDOODV@6HHQFXHQWUDHQKWWSZZZLLVVHVJFVJHVWLRQ SGI +DOPV03HQTXH6'ROO1%HDKUV0:RPHQDQGFDUGLDF UHKDELOLWDWLRQ5HIHUUDODQGFRPSOLDQFHSDWWHUQV-FDUGLR YDVFQXUV 0HQGR]D36)LJXHURD)0&UHHQFLDVHQVDOXG\DGKHUHQFLD GHSDFLHQWHVKLSHUWHQVRVFRQWURODGRVHQFHQWURVGHVDOXGGH ODFRPXQDGH&RQFHSFLyQ&KLOH&LHQFHQIHUP &KDUOHV & *DIQL$ :KHODQ 7 'HFLVLRQPDNLQJ LQ WKH SK\VLFLDQSDWLHQWHQFRXQWHU5HYLVLWLQJWKHVKDUHGWUHDWPHQW GHFLVLRQPDNLQJ PRGHO 6RF 6FL PHG 2 ¶&RQQRUV $0 6WDFH\ ' 5RYQHU ' +ROPHV 5RYQHU 0 7HWURH - /OHZHOO\Q 7KRPDV + HW DO $\XGDV HQ OD WRPD GH GHFLVLRQHV VREUH WUDWDPLHQWRV R SURFHGLPLHQWRV GLDJQyVWLFRV %LEOLRWHFD &RFKUDQH >3XEOLFDFLyQ SHUtRGLFD HQ OtQHD@ >&LWDGD 2FW @ > SDQWDOODV@ 6H HQFXHQWUD HQ KWWSFRFKUDQHELUHPHEUFRFKUDQH VKRZSKS"GE HVBUHYLHZVPIQ LG B,'B&' (6ODQJ HVGEODQJ HV )URVFK'/.DSODQ506KDUHGGHFLVLRQPDNLQJLQFOLQLFDO PHGLFLQH3DVWUHVHDUFKDQGIXWXUHGLUHFWLRQV$PMSUHY PHG .DVVLHU-3,QFRUSRUDWLQJSDWLHQW¶VSUHIHUHQFHVLQWRPHGLFDO GHFLVLRQV1(QJOMPHG 2¶&RQQRUV$05RVWRP$)LVHW97HWURH-(QWZLVWOH9 /OHZHOO\Q7KRPDV+HWDO'HFLVLRQDLGVIRUSHRSOHIDFLQJ KHDOWKWUHDWPHQWRUVFUHHQLQJGHFLVLRQV6\VWHPDWLFUHYLHZ %0- 2¶&RQQRUV$0'UDNH(5:HOOV*$7XJZHOO3/DXSDFLV $(OPVOLH7$VXUYH\RIWKHGHFLVLRQPDNLQJQHHGVRI&D QDGLDQVIDFHGZLWKFRPSOH[KHDOWKGHFLVLRQV+HDOWKH[SHFW 2¶&RQQRUV$0-DFREVHQ0-6WDFH\'$QHYLGHQFHEDVHG DSSURDFKWRPDQDJLQJZRPHQ¶VGHFLVLRQDOFRQÀLFW-REVWHW J\QHFROQHRQDWDOQXUV 2¶&RQQRUV$0-DFREVHQ0-6WDFH\'$QHYLGHQFHEDVHG DSSURDFKWRPDQDJLQJZRPHQ¶VGHFLVLRQDOFRQÀLFW-REVWHW J\QHFROQHRQDWDOQXUV 0XUUD\0$0LOOHU7)LVHW92¶&RQQRUV$-DFREVHQ0- 'HFLVLRQ VXSSRUW +HOSLQJ SDWLHQWV DQG IDPLOLHV WR ¿QG D EDODQFH DW WKH HQG RI OLIH ,QW - 3DOOLDW 1XUV 2¶&RQQRUV$0-DFREVHQ0-6WDFH\'$QHYLGHQFHEDVHG DSSURDFKWRPDQDJLQJZRPHQ¶VGHFLVLRQDOFRQÀLFW-REVWHW J\QHFROQHRQDWDOQXUV 0RQWRUL90%U\DQW6&2¶&RQQRUV$0-RUJHQVHQ1: :DOVK((6PLWK6$'HFLVLRQDODWWULEXWHVRISDWLHQWVZLWK GLDEHWHV7KH DVSLULQ FKRLFH 'LDEHWHV FDUH &DUSHQLWR /- 'HFLVLRQDO FRQÀLFW (Q 1XUVLQJ GLDJQRVLV $SSOLFDWLRQWRFOLQLFDO3KLODGHOSKLD-%/LSSLQFRWW SS 2¶&RQQRUV$0 (OHFFLRQHV \ GHFLVLRQHV HQ VDOXG 8QD DOLDQ]D HQWUH SURIHVLRQDOHV \ XVXDULRV DSOLFDQGR WUDQVIH UHQFLDWHFQROyJLFD&DQDGLHQVH&KLOHQD6DQWLDJRGH&KLOH 3RQWL¿FLD8QLYHUVLGDG&DWyOLFDGH&KLOHS 6iQFKH]%/DH[SHULHQFLDGHVHUFXLGDGRUDGHXQDSHUVRQD HQ VLWXDFLyQ GH HQIHUPHGDG FUyQLFD ,QYHVW HGXF HQIHUP 0XULOOR6¢4XLpQFXLGDDODFXLGDGRUD"5HSDUWLUHOFXLGDGR SDUDQRGHVFXLGDUQRV0\6>3XEOLFDFLyQSHULyGLFDHQOtQHD@ >&LWDGD$EU@>SDQWDOODV@6HHQFXHQWUD HQKWWSP\VPDWUL]QHWP\VDUWLFXORVDUWKWPO 2¶&RQQRUV$0 9DOLGDWLRQ RI D GHFLVLRQDO FRQÀLFW VFDOH 0HGGHFLVPDN 2¶&RQQRUV$0 9DOLGDWLRQ RI D GHFLVLRQDO FRQÀLFW VFDOH 0HGGHFLVPDN *DUFtD &DOYHQWH 00 /RV FXLGDGRV LQIRUPDOHV GHVGH OD SHUVSHYWLYD IDPLOLDU (Q 3RQFH -$ 0XULHO 5 *yPH] GH 7HUUHURV,6DOXGLQIDQFLDDGROHVFHQFLD\VRFLHGDGHG 6HYLOOD6HFFLyQGH3HGLDWUtD6RFLDO$(3SS 8QLYHUVLGDGGH$QWLRTXLD)DFXOWDGGH(QIHUPHUtD -RIUp$9 0HQGR]D 36 7RPD GH GHFLVLRQHV HQ VDOXG HQ PXMHUHVFXLGDGRUDVLQIRUPDOHV&LHQFHQIHUP