_/XQHVGH0D\RGH_ &,(1&,$ $&$'(0,$'(&,(1&,$6'(025(/26$& /D&LHQFLDGHVGH0RUHORVSDUDHOPXQGR ¢&RPHQWDULRV\VXJHUHQFLDV"¢3UHJXQWDV VREUHWHPDVFLHQWtÀFRV"&217É&7$126 HGDFPRU#LEWXQDPP[ 7RGRVORVDUWtFXORVSXEOLFDGRVHQHVWDVHFFLyQGH/D8QLyQGH0RUHORVKDQVLGRUHYLVDGRV\DSUREDGRVSRUHOFRPLWpHGLWRULDOGHOD$FDGHPLDGH&LHQFLDVGH0RUHORV $&FX\RVLQWHJUDQWHVVRQ'U(QULTXH*DOLQGR)HQWDQHV&RRUGLQDGRU'U(GPXQGR&DOYD'U+HUQiQ/DUUDOGH'U6HUJLR&XHYDV\'U*DEULHO,WXUULDJD *HQHVJHQRPDV\PHWDJHQRPDVGH0HQGHO D9HQWHU (QULTXH0HULQR ,QVWLWXWRGH%LRWHFQRORJtD 81$0&DPSXV0RUHORV 0LHPEURGHOD$FDGHPLDGH &LHQFLDVGH0RUHORV$& ) UHFXHQWHPHQWH VH UHODFLRQD DOJHQRPDFRQ´HOOLEURGHOD YLGDµ(VWDDQDORJtDVHGHEH DTXHDPERVSXHGHQVHUOHtGRVVH FXHQFLDOPHQWH GH SULQFLSLR D ÀQ XQDOHWUDWUDVRWUD\SRUTXHHQHO JHQRPD VH HQFXHQWUD OD LQIRUPD FLyQQHFHVDULDSDUDKDFHUGHFDGD RUJDQLVPRXQVHUYLYR(ODOIDEHWR FRQ TXH HVWi HVFULWR HVWH OLEUR HV H[WUHPDGDPHQWH VHQFLOOR &RQVWD GHWDQVRORFXDWURFDUDFWHUHVDORV TXHVHOHVKDQDVLJQDGRODVOHWUDV $ & * 7 SRU HO QRPEUH GH ODV EDVHV QLWURJHQDGDV D ODV TXH KD FHQUHIHUHQFLD$GHQLQD&LWRVLQD *XDQLQD \ 7LPLQD 'LFKDV EDVHV VRQSDUWHGHORVQXFOHyWLGRVTXHD VXYH]FRQVWLWX\HQXQWLSRGHPROp FXODDODTXHOODPDPRV'1$SRU VXVVLJODVHQLQJOHV'HR[\ULERQX FOHLF$FLG+DVWDODIHFKDKHPRV OHtGR HQ VX WRWDOLGDG PiV GH XQ PLOODUGHJHQRPDVGHRUJDQLVPRV GLIHUHQWHVGHVGHORVPiVVHQFLOORV FRPRHOGHODVEDFWHULDVKDVWDORV PiV FRPSOHMRV LQFOX\HQGR DO KX PDQR ¢4Xp WDQ ELHQ HQWHQGHPRV OR TXH KHPRVOHtGRHQORVJHQRPDV"¢4Xp WDQFRPSOHMRKDUHVXOWDGRHOFRQ WHQLGR GHO OLEUR \ FXiOHV VRQ ORV HOHPHQWRV FRQFHSWXDOHV TXH KH PRVGHVDUUROODGRSDUDVXDQiOLVLV" $XQTXH FXDOTXLHU UHFRSLODFLyQ KLVWyULFDVHHQIUHQWDFRQHOSUREOH PD GH ´¢GRQGH HPSH]DU OD FUyQL FD"µQRKD\GXGDGHTXHXQDGHODV SLHGUDVDQJXODUHVHQQXHVWURFRQR FLPLHQWRIXHHOWUDEDMRGH*UHJRU 0HQGHOTXLHQHQHODERUyODV SULPHUDV EDVHV PDWHPiWLFDV SDUD OD GHVFULSFLyQ GH ORV SURFHVRV GH OD KHUHQFLD \ OD SUHGLFFLyQ GH ODV FDUDFWHUtVWLFDV REVHUYDEOHV GH XQ RUJDQLVPRIHQRWLSRDSDUWLUGHOR TXH OODPy HOHPHQWRV GH LQIRUPD FLyQ KHUHGLWDULD JHQRWLSR 8QDV GpFDGDVPiVWDUGH:DOWHU6XWWRQ GHPRVWUyTXHORVHOHPHQWRVGHLQ IRUPDFLyQ KHUHGLWDULRV GHVFULWRV SRU 0HQGHO VH HQFRQWUDEDQ HQ HO LQWHULRUGHWRGDVODVFpOXODV\TXH SUHVHQWDEDQHVWUXFWXUDVDODUJDGDV DODVTXHOODPy´FURPRVRPDVµ'H PDQHUDDQiORJDDORVGLVWLQWRVFD StWXORVTXHFRQWLHQHXQOLEURHOJH QRPDGHXQRUJDQLVPRWLHQHGHVGH XQR KDVWD YDULRV FUR PRVRPDV3RFRVDxRV GHVSXpV :LOKHOP -RKDQQVHQ DFXxDUtD HOQRPEUHGH´JHQHVµ SDUD OD XQLGDG GH LQ IRUPDFLyQ KHUHGLWDULD FRQWHQLGD HQ ORV FUR PRVRPDV 6L ELHQ HUD FODUR TXH ORV JHQHV FRQWHQLGRV HQ ORV FURPRVRPDV FRGLÀFDEDQ SDUD OD LQIRUPDFLyQ JHQpWLFD GH ORV RUJDQLVPRV D~QTXHGDEDQSRUUH VROYHU YDULDV LQWHUUR (-(03/265(35(6(17$7,926'((678',260(7$*(1Ð0,&26/DVQXHYDVPHWRGRORJtDVGH VHFXHQFLDFLyQGHO'1$KDQSHUPLWLGRTXHDFWXDOPHQWHSXHGDQVHUVHFXHQFLDGRVVLPXOWiQHDPHQWH ORVJHQRPDVGHPLOHVGHGLIHUHQWHVRUJDQLVPRVGHQWURGHVXHQWRUQRQDWXUDO(VWHQXHYRWLSRGH VHFXHQFLDFLyQGHPHWDJHQRPDVSHUPLWHH[WHQGHUQXHVWURFRQRFLPLHQWRJHQpWLFR\PHWDEyOLFRGH RUJDQLVPRVTXHQRSXHGHQVHUFXOWLYDGRVHQHOODERUDWRULRSDUDVXFDUDFWHUL]DFLyQD0XHVWUDV UHFROHFWDGDVHQUHVSLUDGHURVKLGURWpUPLFRVHQODVSURIXQGLGDGHVGHXQYROFiQHQHO2FpDQR3DFtÀFR(VWH HFRVLVWHPDVHHQFXHQWUDHQWUHORVDPELHQWHVPiVH[WUHPRVGHOD7LHUUDE%LRSHOtFXODTXHFUHFHVREUHHO DJXDDFLGLÀFDGDSRUHVFXUULPLHQWRGHXQDPLQDGHKLHUURDEDQGRQDGD(ODPELHQWHKRVWLOGHHVWHHQWRUQR KDFHTXHODGLYHUVLGDGEDFWHULDQDVHDPX\UHGXFLGDG&RPXQLGDGEDFWHULDQDGHVXHORKLSHUVDOLQRHQ *XHUUHUR1HJUR&RPRSXHGHREVHUYDUVHHQODIRWRJUDItDODGLYHUVLGDGPLFURELDQDYDUtDLPSRUWDQWHPHQWH FRQODSURIXQGLGDGGHODPXHVWUDDQDOL]DGDH&RPXQLGDGHVPLFURELDQDVGHDJXDVSURIXQGDVGHOPDU(Q HVWHWLSRGHHFRVLVWHPDVYLYHQRUJDQLVPRVUHVSRQVDEOHVGHOUHFLFODPLHQWRGHOFDUERQRQLWUyJHQR\D]XIUH TXHD\XGDQDPDQWHQHUODYLGDHQOD7LHUUDH&RPXQLGDGPLFURELDQDGHODERFD(QHOODSXHGHQYLYLUPiV GHHVSHFLHVGLIHUHQWHVGHEDFWHULDV(QPXFKRVFDVRVORVRUJDQLVPRVTXHYLYHQHQHVWHHFRVLVWHPD VRQUHVSRQVDEOHVGHOHVWDGRGHVDOXGGHOLQGLYLGXR JDQWHV ¢FyPR SXHGH VHU XWLOL]DGD HVWD LQ IRUPDFLyQ SDUD FRGL ÀFDU PDFURPROpFXODV PiV FRPSOHMDV FRPR VRQ ODV SURWHtQDV" /DV DSRUWDFLRQHV FRQFHS WXDOHV GH GLYHUVDV LQ YHVWLJDFLRQHV UHDOL]D GDVGXUDQWHODVHJXQGD PLWDG GH OD GpFDGD GH ORV FLQFXHQWD \ SULQ FLSLRV GH ORV VHVHQWD SHUPLWLHURQ D )UDQFLV &ULFN IRUPXODU HO OOD PDGR GRJPD FHQWUDO GHOD%LRORJtD0ROHFX ODUHQGRQGHVHH[SOLFD TXH HO '1$ SXHGH GL ULJLU VX SURSLD VtQWHVLV HQXQSURFHVROODPDGR UHSOLFDFLyQ \ TXH HQ XQ SDVR SRVWHULRU OOD PDGR WUDQVFULSFLyQ HO '1$ WDPELpQ VLUYH FRPR PROGH SDUD OD VtQWHVLV GHO 51$ RWUR iFLGR QXFOHLFR VLPLODU DO'1$)LQDOPHQWHOD LQIRUPDFLyQ FRQWHQLGD HQ HO 51$ SRGUtD VHU HPSOHDGD SDUD GLULJLU ODVtQWHVLVGHODVSURWHt QDV HQ XQ SURFHVR OOD PDGRWUDGXFFLyQ /DVSURWHtQDVVRQFRP SRQHQWHV HVHQFLDOHV GH FXDOTXLHU VHU YLYR \ HVWiQ IRUPDGDV SRU GLIHUHQWHV WLSRV GH DPLQRiFLGRV +R\ HQ GtD VDEHPRV TXH OD FRPSRVLFLyQ \ RUGHQ VHFXHQFLDO GH ORV DPL QRiFLGRVGHWHUPLQDQOD HVWUXFWXUD\IXQFLyQGH /XQHVGH0D\RGH_/$81,Ð1'(025(/26_ $&$'(0,$'(&,(1&,$6'(025(/26$& ODVPLVPDVTXHDVXYH]HVWiQSUHGHÀQLGDV SRUODVHFXHQFLDQXFOHRWtGLFDGHO'1$3RU ORDQWHULRUXQDGHODVSULPHUDVLQIHUHQFLDV GHO DQiOLVLV GHODVHFXHQFLDGHXQ JHQRPD FRQVLVWLy HQ GHWHUPLQDU HO SRVLEOH FRQMXQ WRGHSURWHtQDVTXHWHQGUtDHORUJDQLVPRHQ FXHVWLyQ 'H DKt HO LQWHUpV TXH VH WLHQH HQ VHFXHQFLDUHOPD\RUQ~PHURGHJHQRPDVGH ODPDQHUDPiVFRPSOHWDLQFOX\HQGRHOQXHV WURHOJHQRPDKXPDQR 0XFKRVHKDKDEODGRVREUHHOSUR\HFWRGH VHFXHQFLDFLyQGHOJHQRPDKXPDQR6XUHD OL]DFLyQ KD UHTXHULGR OD FRODERUDFLyQ GH YDULRV FHQWURV FLHQWtÀFRV LQWHUQDFLRQDOHV &DEUtD SUHJXQWDUQRV VL QXHVWUR LQWHUpV DQ WURSRFpQWULFR KD WHQLGR HO IUXWR HVSHUDGR &RQODHVSHUDQ]DGHTXHODGHWHUPLQDFLyQ GHHVWHJHQRPDD\XGHDODLPSOHPHQWDFLyQ GH QXHYDV WHUDSLDV JpQLFDV \ D OD UHDOL]D FLyQGHOGLDJQyVWLFRPROHFXODUGHGLYHUVDV HQIHUPHGDGHVKHUHGLWDULDVODLQGXVWULDJH QyPLFDPXQGLDOKDLQYHUWLGRPiVGHPLO PLOORQHVGHGyODUHVHQODLQYHVWLJDFLyQGHO JHQRPD KXPDQR 3DUDGyMLFDPHQWH PHQRV GHFLQFRSRUFLHQWRGHORVWUHVPLOPLOORQHV GHEDVHVGHOJHQRPDKXPDQRFRGLÀFDSDUD JHQHV(OUHVWRGHODVHFXHQFLDFRQWLHQHXQ Q~PHURLQHVSHUDGDPHQWHDOWRGHVHFXHQFLDV UHSHWLGDVTXHGLÀFXOWDQODODERUGHLGHQWLÀ FDFLyQ GH UHJLRQHV TXH FRQWLHQHQ JHQHV \ HQFRQVHFXHQFLDUHGXFHODXWLOLGDGGHODVH FXHQFLDFLyQGHQXHVWURJHQRPD (V LPSRUWDQWH FRQVLGHUDU TXH WDQWR HQ HO JHQRPDKXPDQRFRPRHQHOGHRWURVRUJD QLVPRVVXSHULRUHVORVJHQHVWUDQVFULWRVHQ PROpFXODV GH 51$ SXHGHQ VHU HGLWDGRV \ SURFHVDGRVPHGLDQWHODHOLPLQDFLyQGHUH JLRQHV OODPDGDV LQWURQHV /RV IUDJPHQWRV UHVWDQWHVRH[RQHVVRQXQLGRVSDUDGDUOX JDUD51$VPDGXURV'HSHQGLHQGRGHHVWH SURFHVR GH HGLFLyQ XQ PLVPR JHQ SXHGH GDURULJHQDGLIHUHQWHVYDULDQWHVGH51$V TXHXQDYH]WUDGXFLGRVGDUiQRULJHQDVXV FRUUHVSRQGLHQWHV SURWHtQDV 6H HVWLPD TXH FHUFDGHSRUFLHQWRGHORVJHQHVHQHOKX PDQRVRQSURFHVDGRVGHHVWDPDQHUD\TXH HQ SURPHGLR GDQ RULJHQ D WUDQVFULWRV GLVWLQWRV SRU JHQH 'HWHUPLQDU FRUUHFWD PHQWHORVVLWLRVGHFRUWHGHLQWURQHVDSDUWLU GHODQiOLVLVGHODVVHFXHQFLDVQXFOHRWtGLFDV HVSRUWDQWRGHJUDQLPSRUWDQFLD\FRQV WLWX\HXQJUDQUHWRGHQWURGHOFDPSRGHOD %LRLQIRUPiWLFDFRPRGHOD%LRORJtD0ROH FXODUH[SHULPHQWDO (QDGLFLyQDODVHFXHQFLDFLyQLQGLYLGXDOGH JHQRPDVHVSHFtÀFRVORVDYDQFHVHQODVWHF QRORJtDVGHVHFXHQFLDFLyQKDQKHFKRSRVLEOH TXHDSULQFLSLRVGHQXHVWUDGpFDGDVHUHDOLFH XQQXHYRWLSRGHVHFXHQFLDFLyQODVHFXHQ FLDFLyQGHPHWDJHQRPDV(QHVWHFDVRORV PLFURRUJDQLVPRVFX\RJHQRPD'1$VHUi VHFXHQFLDGRQRUHTXLHUHQGHVHUDLVODGRVGH PDQHUD LQGLYLGXDO VLQR TXH PXHVWUDV GH '1$ GH PLOHV GH HOORV SXHGHQ VHU REWH QLGDVGLUHFWDPHQWHGHVXHQWRUQRQDWXUDO\ VHFXHQFLDGDVVLPXOWiQHDPHQWH8QRGHORV SULPHURVHFRVLVWHPDVVHFXHQFLDGRVGHPD QHUDPDVLYDIXHHOGHORVPLFURRUJDQLVPRV TXHYLYHQHQHO0DUGHORV6DUJD]RVXQDUH 3DUDDFWLYLGDGHVUHFLHQWHVGHOD $FDGHPLD\DUWtFXORVDQWHULRUHV SXHGHFRQVXOWDUZZZDFPRURUJ P[ JLyQGHORFpDQR$WOiQWLFRVHSWHQWULRQDOTXH VHFDUDFWHUL]DSRUVXVDJXDVWUDQTXLODV\OD DEXQGDQFLDGHSODQFWRQ\DOJDV'HDFXHUGR FRQHOUHVSRQVDEOHSULQFLSDOGHHVWHSUR\HFWR \WDPELpQGLUHFWRUGHO3UR\HFWRGHO*HQRPD +XPDQR&UDLJ9HQWHUSXHGHH[LVWLUPD\RU LQIRUPDFLyQJHQpWLFDHQHOFRQMXQWRGHRUJD QLVPRVTXHYLYHQHQXQOLWURGHDJXDGHPDU TXHODH[LVWHQWHHQHOJHQRPDKXPDQR¢4Xp SRGHPRV DSUHQGHU GH XQ SUR\HFWR PHWDJH QyPLFRFRPRHODQWHULRUPHQWHPHQFLRQDGR" 6LQGXGDDOJXQDODSURPHVDGHHVWHWLSRGH SUR\HFWRV SDUD OD FRPXQLGDG FLHQWtÀFD HV OD FDUDFWHUL]DFLyQ GH JHQHV FRQ ORV TXH VH JHQHUHQ QXHYDV PROpFXODV TXH SXHGDQ VHU XWLOL]DGDVHQODHODERUDFLyQGHIiUPDFRVRWL SRVQRYHGRVRVGHFRPSXHVWRVLQGXVWULDOHVR ELHQODLGHQWLÀFDFLyQGHQXHYDVYtDVPHWDEy OLFDVDSDUWLUGHODVFXDOHVVHSXHGDUHDOL]DU ODFRQYHUVLyQGHODOX]VRODUHQHQHUJtD 6L ELHQ HVWH VLJOR KD VLGR XQD pSRFD FDUDF WHUL]DGDSRUJUDQGHVFDPELRVFLHQWtÀFRWHF QROyJLFRVTXHKDQGDGRRULJHQDODVHFXHQ FLDFLyQPDVLYDGHJHQRPDV\PHWDJHQRPDV HVIiFLOVXSRQHUTXHSURQWRVHUHPRVWHVWLJRV GHQXHYRV\D~QPiVDVRPEURVRVFDPELRVHQ ODVOODPDGDV&LHQFLDV*HQyPLFDV