%2/(7Ë12),&,$/'(/3$5/$0(172'($1'$/8&Ë$ 1~P ,;/(*,6/$785$ GHMXOLRGH 5e*,0(1,17(5,25 1250$6 $($1RUPDVUHODWLYDVDOGHUHFKRGHDFFHVRDODLQIRUPDFLyQHQHO3DUODPHQWRGH$QGDOXFtD 6HVLyQGHOD0HVDGHO3DUODPHQWRGHGHMXQLRGH 2UGHQGHSXEOLFDFLyQGHGHMXQLRGH (Q(VSDxDQRKDH[LVWLGRKDVWDKDFHELHQSRFRXQDOH\HVSHFt¿FD TXHUHJXOHHOGHUHFKRGHDFFHVRD ODLQIRUPDFLyQS~EOLFD(QHO'HUHFKRHVSDxROODWUDQVSDUHQFLDVHFRQ¿JXUDEDFRPRSULQFLSLRGHDFWXDFLyQ GHODVDGPLQLVWUDFLRQHVS~EOLFDVDUWtFXORGHOD/H\GH5pJLPHQ-XUtGLFRGHODV$GPLQLVWUDFLRQHV 3~EOLFDV\GHO3URFHGLPLHQWR$GPLQLVWUDWLYR&RP~Q(VWRVLJQL¿FDTXHVyORVHUHFRJtD\OLPLWDGRDO3RGHU (MHFXWLYRHOGHUHFKRGHDFFHVRGHORVFLXGDGDQRVDORVDUFKLYRV\UHJLVWURVDGPLQLVWUDWLYRVDUWtFXORE &(FRQFUHWDGRSRUORVDUWtFXORV\GHOD/H\TXHHO5HDO'HFUHWROLPLWDEDD~QPiV DOUHVWULQJLUGLFKRDFFHVRVyORDODVSHUVRQDVTXHDFUHGLWHQXQLQWHUpVSHUVRQDO\GLUHFWRHQHODVXQWRPDUFR QRUPDWLYR D WRGDV OXFHV LQVX¿FLHQWH VREUH WRGR HQ HO iPELWR GH ORV SRGHUHV OHJLVODWLYR \ MXGLFLDO TXH HQ OtQHDFRQODWHQGHQFLDPiVJHQHUDOL]DGDHQHO'HUHFKR&RPSDUDGRUHJXODQODPDWHULDGHIRUPDDXWyQRPD RGHPRGRPX\UHVWULFWLYR 6LQHPEDUJRHOWUDWDPLHQWRTXHHVWDPDWHULDYHQtDUHFLELHQGRHQHOiPELWRLQWHUQDFLRQDOHVELHQGLVWLQWR 6H FXHQWD GHVGH FRQ XQD GHFODUDFLyQ FRQMXQWD GH OD 218 OD 2(&( \ OD 2($ HQ OD TXH VH D¿UPD OD DFFHVLELOLGDGDWRGDODLQIRUPDFLyQVXMHWDVRODPHQWHDXQVLVWHPDUHVWULQJLGRGHH[FHSFLRQHV\RWURWDQWR RFXUUH HQ HO iPELWR GH OD 8QLyQ (XURSHD GRQGH WDQWR HO 7UDWDGR GH /LVERD FRPR OD &DUWD GH 'HUHFKRV )XQGDPHQWDOHVGHOD8QLyQ(XURSHDDUWtFXORUHFRQRFHQHOGHUHFKRGHDFFHVRDODLQIRUPDFLyQ(QHVWH VHQWLGRXQSDVRLPSRUWDQWHORVXSXVRODDSUREDFLyQGHO5HJODPHQWR&(GHO3DUODPHQWR(XUR SHR\GHO&RQVHMRGHGHPD\RGHUHODWLYRDODFFHVRGHOS~EOLFRDORVGRFXPHQWRVGHO3DUODPHQWR (XURSHRGHO&RQVHMR\GHOD&RPLVLyQ /D/H\GHGHGLFLHPEUHGH7UDQVSDUHQFLD$FFHVRDOD,QIRUPDFLyQ3~EOLFD\%XHQ*RELHUQR VLJXHODSRVLFLyQDFWXDOPHQWHGRPLQDQWHHQHO'HUHFKRHVSDxROGHFRQVLGHUDUHOGHUHFKRDODLQIRUPDFLyQ FRPRXQSULQFLSLRUHJXODGRUHQHOPDUFRGHOD$GPLQLVWUDFLyQS~EOLFD([SUHVDPHQWHVHxDODTXHUHVXOWDGH DSOLFDFLyQ DO 3RGHU /HJLVODWLYR H LQVWLWXFLRQHV DXWRQyPLFDV DQiORJDV HQ UHODFLyQ VyOR FRQ VXV DFWLYLGDGHV VXMHWDVD'HUHFKR$GPLQLVWUDWLYRDUWtFXORI (QODPLVPDOtQHDOD/H\GH7UDQVSDUHQFLD3~EOLFDGH$QGDOXFtDDSUREDGDSRUHO3OHQRGHOD&iPDUD HOGtDGHMXQLRGHFRQWHPSODHQVXDUWtFXORTXHHO3DUODPHQWRGH$QGDOXFtDHVWDUiVXMHWRDOD OHJLVODFLyQEiVLFDGHO(VWDGRHQODPDWHULD\DODVGLVSRVLFLRQHVGHHVWDOH\HQORTXHDIHFWDDOHMHUFLFLRGH VXVIXQFLRQHVGHFDUiFWHUDGPLQLVWUDWLYRVLQSHUMXLFLRGHORTXHHVWDEOH]FDHQHMHUFLFLRGHODDXWRQRPtDTXH OHJDUDQWL]DHODUWtFXORGHO(VWDWXWRGH$XWRQRPtDSDUD$QGDOXFtD 3iJ %2/(7Ë12),&,$/'(/3$5/$0(172'($1'$/8&Ë$ 1~P ,;/(*,6/$785$ GHMXOLRGH (O3DUODPHQWRGH$QGDOXFtDFRQVLGHUDTXHHOGHUHFKRDODLQIRUPDFLyQSDUODPHQWDULD\VLQJXODUPHQWHHO GHUHFKRGHDFFHVRDODPLVPDGHORVPHGLRVGHFRPXQLFDFLyQVRFLDOSUHYLVWRHQHODUWtFXORGHVX5HJOD PHQWRGHEHVHULQWHUSUHWDGRFRPRGHUHFKRDFRQRFHUHQVXVHQWLGRPiVDPSOLRUHVSHWDQGRHORUGHQDPLHQWR MXUtGLFRH[LVWHQWHSHUREDMRODSUHVXQFLyQGHTXHWRGDODLQIRUPDFLyQHVDFFHVLEOH\VRPHWLGRVRODPHQWHD XQVLVWHPDUHVWULQJLGRGHH[FHSFLRQHV6HFXPSOHDVtODREOLJDFLyQGHVHJXLUSURPRYLHQGRHVWDFXOWXUDGH WUDQVSDUHQFLDDVXPLGDHQOD'HFODUDFLyQ,QVWLWXFLRQDOGH$GKHVLyQGHO3DUODPHQWRGH$QGDOXFtDDOD'HFOD UDFLyQVREUH7UDQVSDUHQFLD3DUODPHQWDULDVHVLyQSOHQDULDFHOHEUDGDORVGtDV\GHGLFLHPEUHGH 3RUFXDQWRDQWHFHGHOD0HVDHQVXVHVLyQGHOGHMXQLRGH +$$&25'$'2 $SUREDUODVVLJXLHQWHVQRUPDVUHODWLYDVDOGHUHFKRGHDFFHVRDODLQIRUPDFLyQHQHO3DUODPHQWRGH$QGDOXFtD $UWtFXOR2EMHWR (VWHDFXHUGRWLHQHFRPRREMHWRODUHJXODFLyQGHOGHUHFKRGHDFFHVRDODLQIRUPDFLyQHQHO3DUODPHQWR GH$QGDOXFtDHQORTXHVHUH¿HUHDWHPDVUHODWLYRVDODVSROtWLFDVDFFLRQHV\GHFLVLRQHVTXHVHDQFRPSH WHQFLDGHHVWD&iPDUD $HIHFWRVGHHVWHDFXHUGRVHHQWLHQGHSRUGRFXPHQWRQRHOVRSRUWHHQTXHVHHQFXHQWUDODLQIRUPD FLyQVLQRVXFRQWHQLGRPLVPR $UWtFXOR%HQH¿FLDULRV 7RGDSHUVRQDItVLFDRMXUtGLFDTXHUHVLGDRWHQJDVXGRPLFLOLRVRFLDOHQ$QGDOXFtDWHQJDRQRXQLQWHUpV OHJtWLPRTXHMXVWL¿TXHHODFFHVRDVtFRPRFXDOTXLHUPHGLRGHFRPXQLFDFLyQVRFLDOHVWpRQRDFUHGLWDGRHQ OD&iPDUDWLHQHQGHUHFKRDDFFHGHUDODLQIRUPDFLyQSDUODPHQWDULD $UWtFXOR([FHSFLRQHV (O3DUODPHQWRGH$QGDOXFtDGHQHJDUiHODFFHVRDODLQIRUPDFLyQFXDQGRDVtORSUHYHDHO5HJODPHQWR GHOD&iPDUD\HQSDUWLFXODUDODVVHVLRQHVTXHWHQJDQHOFDUiFWHUGHVHFUHWDV 3RGUiVHUGHQHJDGDLQIRUPDFLyQRHODFFHVRDXQGRFXPHQWRFXDQGRVXSXEOLFLGDGDIHFWHDORVGHUH FKRVIXQGDPHQWDOHV\OLEHUWDGHVS~EOLFDVGHGHWHUPLQDGDVSHUVRQDVVLQFRQWDUSDUDHOORFRQKDELOLWDFLyQ H[SUHVDSRUXQDQRUPDFRQUDQJRGHOH\RFXDQGRVXGLYXOJDFLyQUHVXOWHFRQWUDULDDORSUHYLVWRHQOD/H\ 2UJiQLFDGHGHGLFLHPEUHGHSURWHFFLyQGHGDWRVGHFDUiFWHUSHUVRQDO $VLPLVPR VH GHQHJDUi HO DFFHVR D XQ GRFXPHQWR TXH FRQWHQJD RSLQLRQHV SDUD XVR LQWHUQR HQ HO PDUFRGHGHOLEHUDFLRQHVSURGXFLGDVHQODVVHVLRQHVGHORVyUJDQRVSDUODPHQWDULRV (QORVFDVRVHQTXHODDSOLFDFLyQGHDOJXQDGHODVH[FHSFLRQHVDQWHVVHxDODGDVQRDIHFWHDODWRWDOLGDG GHODLQIRUPDFLyQVHFRQFHGHUiHODFFHVRSDUFLDOSUHYLDRPLVLyQGHODLQIRUPDFLyQDIHFWDGDVDOYRTXHGH HOORUHVXOWHXQDLQIRUPDFLyQGLVWRUVLRQDGDRTXHFDUH]FDGHVHQWLGR 3iJ %2/(7Ë12),&,$/'(/3$5/$0(172'($1'$/8&Ë$ 1~P ,;/(*,6/$785$ GHMXOLRGH $UWtFXOR3URFHGLPLHQWR (OHMHUFLFLRGHOGHUHFKRGHDFFHVRVHLQLFLDUiFRQODSUHVHQWDFLyQGHODFRUUHVSRQGLHQWHVROLFLWXGTXH GHEHUiHVWDUGLULJLGDDOD6HFUHWDUtD*HQHUDOGHO3DUODPHQWRGH$QGDOXFtD /DVVROLFLWXGHVSRGUiQIRUPXODUVHHQFXDOTXLHUIRUPDHVFULWDLQFOXLGRHOIRUPDWRHOHFWUyQLFRVHFUHWDULD JHQHUDO#SDUODPHQWRGHDQGDOXFLDHV\GHPDQHUDORVX¿FLHQWHPHQWHSUHFLVDTXHSHUPLWDWHQHUFRQVWDQFLDGH D /DLGHQWLGDGGHODSHUVRQDVROLFLWDQWH E /DLQIRUPDFLyQTXHVHVROLFLWD F 8QDGLUHFFLyQGHFRQWDFWRSUHIHUHQWHPHQWHHOHFWUyQLFDDHIHFWRVGHFRPXQLFDFLRQHV /DVVROLFLWXGHVVHWUDPLWDUiQ\UHVROYHUiQSRUOD6HFUHWDUtD*HQHUDOFRQSURQWLWXG\HQWRGRFDVROD LQIRUPDFLyQ VROLFLWDGD GHEHUi IDFLOLWDUVH HQ HO SOD]R Pi[LPR GH YHLQWH GtDV KiELOHV SURUURJDEOHV SRU LJXDO SHUtRGRHQHOFDVRGHTXHHOYROXPHQRODFRPSOHMLGDGGHODLQIRUPDFLyQVROLFLWDGDORUHTXLHUD'LFKDDPSOLD FLyQVHUiQRWL¿FDGDDODSHUVRQDVROLFLWDQWH 6L HO 3DUODPHQWR \D KD GLYXOJDGR OD LQIRUPDFLyQ R HO GRFXPHQWR \ HVWRV VRQ GH IiFLO DFFHVR SRGUi FXPSOLU VX REOLJDFLyQ GH IDFLOLWDU HO FRUUHVSRQGLHQWH DFFHVR LQIRUPDQGR D OD SHUVRQD VROLFLWDQWH VREUH OD IRUPDGHREWHQHUORV (O*DELQHWHGH3UHQVDVLQQHFHVLGDGGHFXPSOLUORVUHTXLVLWRVIRUPDOHVDQWHVFLWDGRVSRGUiIDFLOLWDUD ORVPHGLRVGHFRPXQLFDFLyQVRFLDOODLQIRUPDFLyQSXQWXDOTXHSUHFLVHQVREUHODVDFWLYLGDGHVGHORVGLVWLQWRV yUJDQRVGHO3DUODPHQWRDVHJXUDQGRTXHWHQJDQSOHQRDFFHVRDOPLVPRDVXVUHXQLRQHVDVXVQRUPDWLYDV \TXHSXHGDQVHJXLUHOSURFHVRSDUODPHQWDULRHQFXDOTXLHUDGHVXVHWDSDV 6HYLOODGHMXQLRGH (O/HWUDGR0D\RUGHO3DUODPHQWRGH$QGDOXFtD -RVp$QWRQLR9tERUDV-LPpQH] 3iJ %2/(7Ë12),&,$/'(/3$5/$0(172'($1'$/8&Ë$ 1~P ,;/(*,6/$785$ GHMXOLRGH 5e*,0(1,17(5,25 1250$6 $($$FXHUGRGHOD0HVDSRUHOTXHVHHVWDEOHFHODFRPSRVLFLyQGHOD&RPLVLyQGHO$U FKLYRGHO3DUODPHQWRGH$QGDOXFtD 6HVLyQGHOD0HVDGHO3DUODPHQWRGHGHMXQLRGH 2UGHQGHSXEOLFDFLyQGHGHMXQLRGH /DGLVSRVLFLyQWUDQVLWRULDSULPHUDGHO5HJODPHQWRGHO$UFKLYRGHO3DUODPHQWRGH$QGDOXFtD%23$GHGH IHEUHURGHHVWDEOHFHTXHOD&RPLVLyQGHO$UFKLYRSUHYLVWDHQORVDUWtFXORV\VLJXLHQWHVGHOUHIHULGR 5HJODPHQWRVHFRQVWLWXLUiHQHOSOD]RGHVHLVPHVHVGHVGHVXHQWUDGDHQYLJRU 6LHQGR QHFHVDULD OD DGRSFLyQ GH GHWHUPLQDGRV DFXHUGRV HQ HO KRUL]RQWH GH OD SXHVWD HQ PDUFKD GHO JHVWRUGHO$UFKLYR\ODSURJUHVLYDLPSODQWDFLyQGHKHUUDPLHQWDV\UHFXUVRVSDUDODJHVWLyQGRFXPHQWDOGH ODLQVWLWXFLyQ\QRFRQVLGHUDQGRQHFHVDULRDJRWDUHOSOD]RHVWDEOHFLGRSDUDVXFRQVWLWXFLyQFRQIRUPHDOR HVWDEOHFLGRHQHODUWtFXORGHOFLWDGR5HJODPHQWROD0HVDGHO3DUODPHQWR +$$&25'$'2 35,0(52'HVLJQDUFRPRPLHPEURVSHUPDQHQWHVGHOD&RPLVLyQGHO$UFKLYRGHO3DUODPHQWRGH$QGDOXFtD DODVVLJXLHQWHVSHUVRQDV 3UHVLGHQWD ,OPD6UD6HFUHWDULD7HUFHUDGHOD0HVDGHO3DUODPHQWR'xD5HPHGLRV0DUWHO*yPH] 9RFDOHV (OMHIHRMHIDGHO6HUYLFLRGH*HVWLyQ3DUODPHQWDULD (OMHIHRMHIDGHO6HUYLFLRGH'RFXPHQWDFLyQ\$UFKLYR /DSHUVRQDUHVSRQVDEOHGHODGRFXPHQWDFLyQTXHVHKDGHHVWXGLDUHQFDGDFDVR (OMHIHRMHIDGHOD8QLGDGGH$UFKLYRTXHDFWXDUiDGHPiVFRPRVHFUHWDULRRVHFUHWDULD 6(*81'2(VWDEOHFHUFRPRSOD]RSDUDODFRQVWLWXFLyQGHOD&RPLVLyQTXLQFHGtDVKiELOHVDFRQWDUGHVGH HOGtDVLJXLHQWHDODSXEOLFDFLyQHQHO%23$GHHVWHDFXHUGR 7(5&(52 &RQIRUPH D OR HVWDEOHFLGR HQ HO DUWtFXOR GHO 5HJODPHQWR GHO $UFKLYR GHO 3DUODPHQWR GH $QGDOXFtDVHDXWRUL]DDOD&RPLVLyQSDUDFRQYRFDUDVXVVHVLRQHVDSHUVRQDVHVSHFLDOL]DGDVHQDOJXQDV GHODVPDWHULDVGH¿QLGDVHQHORUGHQGHOGtDFRQ¿QHVLQIRUPDWLYRV &8$5721RWL¿FDUHOSUHVHQWHDFXHUGRDODVSHUVRQDVGHVLJQDGDVSDUDVXFRQRFLPLHQWR\HIHFWRVRSRUWXQRV 6HYLOODGHMXQLRGH (O/HWUDGR0D\RUGHO3DUODPHQWRGH$QGDOXFtD -RVp$QWRQLR9tERUDV-LPpQH] 3iJ