! )LJXUD(VWXGLDQWHVHQIDHQDVGHOLPSLH]DHQ&HUUR/DV&DxDVSRVWLQFHQGLRDEULO +,3Ð7(6,6 &DVD)(1,;HVXQSURFHVRGHGLVHxRTXHUHVSRQGHDQWHODHPHU JHQFLDGHVGHHOPRPHQWRHQTXHRFXUUHXQDFDWiVWURIHRGHVDVWUH QDWXUDOLQFOX\HQGRHVWUDWHJLDVTXHFRQVLGHUDQHOXVRHÀFLHQWHGH ODHQHUJtDSDUDDVHJXUDUODFDOLGDGGHYLGDFRPRXQIDFWRUFODYHHQ XQDUHFRQVWUXFFLyQVRVWHQLEOHHVWDVHVWUDWHJLDVQRVHFRQVLGHUDQ DFWXDOPHQWHHQODSROtWLFDQDFLRQDOGHSRVWFDWiVWURIH/RVIDFWRUHV GHVRVWHQLELOLGDGFRQVLGHUDQDVSHFWRVHVSHFtÀFRVORFDOHVGHODSUR EOHPiWLFDPHGLRDPELHQWDOFXOWXUDO\JHRJUiÀFD\WDPELpQFRQVL GHUDQVROXFLRQHVDFFHVLEOHV\YLDEOHVSDUDHOVHFWRUPiVYXOQHUDEOH GHODVRFLHGDGFKLOHQD3RUORWDQWRHOREMHWLYRGHHVWDSURSXHVWD HV 'LVHxDU YLYLHQGDV GH HPHUJHQFLD TXH RIUH]FDQ XQD UHVSXHVWD UiSLGD\GHEXHQDFDOLGDGSDUDODVIDPLOLDVYtFWLPDVGHXQGHVDVWUH VHQWDQGRODVEDVHVSDUDODYLYLHQGDVRVWHQLEOH\SHUPDQHQWH 'H HVWD IRUPD ORV FRQFHSWRV DUTXLWHFWyQLFRV \ XUEDQRV TXH GDQ IRUPDDODSURSXHVWDWDQWRDQLYHOLQGLYLGXDO\FROHFWLYRVRQ0RGX ODULGDGSURJUHVLYLGDGÁH[LELOLGDG\DFFHVLELOLGDG ! )LJXUD3URJUHVLYLGDG/DSURJUHVLyQGHOD&DVD)(1,;SHUPLWHTXHHO 6XUYLYDO0RGXOHFRPRXQLGDGVHDSDUWHGHODFDVDÀQDO(VWDOyJLFDJUDGXDO \HYROXWLYDHVDVXPLGDSRUODHVWUDWHJLDGHGLVHxRXUEDQR ! )LJXUD0RGXODULGDG&DVD)(1,;VHGHVDUUROODDSDUWLUGHXQPyGXOR EiVLFRGHVXSHUYLYHQFLD606XUYLYDO0RGXOHDXQD9LOOD(FROyJLFD(VWH PyGXORHVUHXWLOL]DGR\SHUGXUDHQODVWUHVHWDSDVGHXQDFDWiVWURIHHPHU JHQFLDDOLYLR\UHFRQVWUXFFLyQ ! )LJXUD)OH[LELOLGDG&DVD)(1,;WLHQHODFDSDFLGDGGHDGDSWDUVH DGLIHUHQWHVODWLWXGHV\FOLPDVGDGDVODVFDUDFWHUtVWLFDVJHRJUiÀFDV\OD GLYHUVLGDGGHFOLPDVTXH&KLOHSRVHHGHQRUWHDVXU &DVD)(1,;&DVD)RU(PHUJHQF\SRVW1DWXUDO,PSDFWH;WUHPH 8QDYLYLHQGDSDUDODHPHUJHQFLD!1LQD+RUPD]iEDO3DEOR 6LOOV$QGUHD3LQR$OHMDQGUD&DUUDVFR6HEDVWLiQ5RMDV&DUROL QD6HS~OYHGD 5HYLVWD0iUJHQHV19RO!'LFLHPEUH! )DFXOWDGGH$UTXLWHFWXUD!8QLYHUVLGDGGH9DOSDUDtVR ! )LJXUD0yGXOR0HFiQLFR00(VWHHVHOVHJXQGRPyGXORTXHVH FRQVWUXLUi\TXHVHGHEHDGMXQWDUDOD0yGXOR6XSHUYLYHQFLDFRPRXQD SURJUHVLyQGXUDQWHHOSHUtRGRGH$OLYLR6HFRPSRQHGHORVVHUYLFLRV\XQ Q~FOHRWpFQLFR,QFOX\HODVLQVWDODFLRQHVGHEDxR\FRFLQD ! )LJXUD$VHTXLEOH&DVD)(1,;HVXQDYLYLHQGDDVHTXLEOHGHEDMRV FRVWRV&DGDXQLGDGSXHGHVHUDGTXLULGDDWUDYpVGHVXEVLGLRVHQIRUPD SURJUHVLYDSDUDDERUGDUHOFRVWRWRWDOGHODFDVD 352*5$0$$548,7(&7Ð1,&2 3DUDODFRPSHWHQFLD6RODU'HFDWKORQ(XURSH6'()UDQFLD HO(TXLSR&DVD)(1,;SURSXVRXQDFDVDPRGXODUÁH[LEOH\DGDS WDEOHTXHSHUPLWDJHQHUDUXQSURFHVRGHUHFRQVWUXFFLyQGHIRUPD LQFUHPHQWDO\VRVWHQLEOH(OSUR\HFWRHVWiSHQVDGR\GLVHxDGRSDUD DOFDQ]DUXQySWLPRGHVHPSHxRGHODYLYLHQGDHQHOFOLPDGH9HU VDOOHV (O SURJUDPD DUTXLWHFWyQLFR VH EDVD HQ HO FRQFHSWR FHQWUDO GH OD &DVD)(1,;TXHDGRSWDXQHQIRTXHSURJUHVLYRSDUDODVWUHVHWDSDV GHXQDFDWiVWURIH³(PHUJHQFLD$OLYLR\5HFRQVWUXFFLyQ³SHQVDQ GRVLHPSUHHQODVRVWHQLELOLGDG6HXWLOL]DXQGLVHxRVRODUSDVLYRD SDUWLUGHXQDJDOHUtDVRODUTXHDFW~DFRPRHOPRWRUHQHUJpWLFRGH ODFDVD\HVHOHOHPHQWRDUTXLWHFWyQLFRFODYHTXHSHUPLWHODDUWLFX ODFLyQGHORVGLIHUHQWHVPyGXORV\HVSDFLRVGHODFDVD ! )LJXUD0yGXOR([SDQVLyQ/0(VWHHVHOPyGXORTXHGHFUHFLPLHQWR GHODYLYLHQGDSDUDFXEULUPiVDOOiTXHODVQHFHVLGDGHVEiVLFDVGXUDQWHHO SHUtRGRGHUHFRQVWUXFFLyQGHHVWDIRUPDODVXPDGHORVPyGXORVVHWUDQV IRUPDHQXQKRJDUGHÀQLWLYR2IUHFHDORVXVXDULRVODSRVLELOLGDGGHDPSOLDU VXVQXHYRVKRJDUHV(VHO~OWLPRPyGXORTXHVHDxDGHD&DVD)(1,;\ORV XVXDULRVSXHGHQDxDGLUHOQ~PHURGHXQLGDGHVTXHSXHGHQSDJDU &DVD)(1,;HVXQGLVHxRPRGXODUHQHOTXHFDGDPyGXORGHP VHSXHGHHQVDPEODU\VXPDUDODQWHULRUSURJUHVLYDPHQWHGXUDQWH HOSHUtRGRSRVWGHVDVWUHDOFDQ]DQGRXQDYLYLHQGDGHXQDVXSHUÀ FLHWRWDOGHPFRQSRVLELOLGDGGHVHJXLUDPSOLiQGRVHVHJ~QOD GHPDQGD\SRVLELOLGDGHVHFRQyPLFDVGHORVXVXDULRV /260Ð'8/2648(&21)250$1&$6$)(1,; ! )LJXUD0yGXOR6XSHUYLYHQFLD60(VWDHVODUHVSXHVWDLQLFLDOUiSLGD SDUDHOSHUtRGRGH(PHUJHQFLDLQPHGLDWDPHQWHGHVSXpVGHXQDFDWiVWURIH 6XREMHWLYRSULQFLSDOHVSURSRUFLRQDUUHIXJLRVHJXULGDG\XQDVROXFLyQGH FDOLGDGSDUDODIDPLOLDDIHFWDGDSRUODFDWiVWURIH !5HYLVWD0iUJHQHV19RO!'LFLHPEUH D )DFXOWDGGH$UTXLWHFWXUD!8QLYHUVLGDGGH9DOSDUDtVR ! )LJXUD*DOHUtD6RODU66(VWHHVHOPyGXORFOLPiWLFR/DHVWUDWHJLD GHGLVHxRVRODUSDVLYRSHUPLWHODUHJXODFLyQGHOFOLPDLQWHULRUPHGLDQWHOD DUWLFXODFLyQGHHVWHHVSDFLRLQWHUPHGLRHQWUHORVPyGXORV\HOFOLPDH[WH ULRUSURSRUFLRQDQGRYHQWLODFLyQQDWXUDOVRPEUDSURWHFFLyQVRODU\DKRUUR GHHQHUJtD&UHFHFRQODFRQGLFLyQGHFDGDPyGXOR\HVXQHVSDFLRPX\ ÁH[LEOHHQORTXHUHVSHFWDDVXXVRGHQWURGHOSURJUDPDDUTXLWHFWyQLFR !,661HOHFWUyQLFR !,661LPSUHVR /$',0(16,Ð1*(2*5É),&$ 7($0)(1,;&+,/( &KLOHWLHQHWLSRVGHFOLPDVGLIHUHQWHVVHJ~QHOPDSDGHOD1RU 6XDSRUWHIXHFRQVWUXLUODSURSXHVWDFRQFHSWXDOGLVHxRDUTXLWHFWy PD&KLOHQD1&K\HOSDtVVHH[WLHQGHGHVGHODODWLWXG6 \ 6 8Q GH OD SREODFLyQ FKLOHQD VH HQFXHQWUD HQ iUHDV QLFR\XUEDQRGHOSUR\HFWR8QDGHODViUHDVIXHUWHVGHOD87)60 UHÀHUHDODLQYHVWLJDFLyQHQDUTXLWHFWXUDELRFOLPiWLFD\FRQVWUXFFLyQ GRQGHODUDGLDFLyQVRODUHVPiVGHN:KDxR%XVWDPDQWH VLVPRUHVLVWHQWH(OGLVHxRGHOD&DVD)(1,;VHGHVDUUROOyHQ&KLOH 3DUDKDFHUIUHQWHDHVWDGLYHUVLGDGFOLPiWLFD\DSURYHFKDU ODIDYRUDEOHUDGLDFLyQVRODUODLGHDFRQFHSWXDOGH&DVD)(1,;HV FRQODSDUWLFLSDFLyQGHHVWXGLDQWHV\SURIHVRUHVGHOHTXLSRIUDQFpV (Q9DOSDUDtVRVHFRQVWUX\y&DVD)(1,;SDUDVHUWHVWHDGRHQ VLPLODUDXQHVTXHOHWRRHVWUXFWXUDEDVHFX\RGLVHxRHVWUXFWXUDO EDVHDODVH[LJHQFLDVGHOD5HJODPHQWDFLyQ7pUPLFDSDUD&KLOH LQQRYDGRUIXHGHVDUUROODGRSRUORVHVWXGLDQWHV$HVWDHVWUXFWXUD EDVH VH DGRVDQ \ FRQÀJXUDQ ORV GLIHUHQWHV FRPSRQHQWHV ORV UH 7($0)(1,;)5$1&,$ TXHULPLHQWRV \ JXVWRV GH ORV XVXDULRV 7RGRV ORV FRPSRQHQWHV D HQVDPEODUUHVSRQGHQDODVGHPDQGDVGHODVGLIHUHQWHVODWLWXGHV\ SDUDORVSDWURQHVGHDXWRFRQVWUXFFLyQ 6267(1,%,/,'$''(&$6$)(1,; 3DUDHQVHxDUDOS~EOLFRHQJHQHUDOVREUHWHPDVGHVRVWHQLELOLGDG TXHYDQPiVDOOiGHOUHFLFODMHODHÀFLHQFLDHQHUJpWLFD\HOORJURGH XQDEDMDKXHOODGHFDUERQRSDUDXQGLVHxRHÀFLHQWHVRFLDO\HQHU JpWLFDPHQWH&DVD)(1,;SURSRQHFHQWUDUVHSULQFLSDOPHQWHHQDV SHFWRVVRFLRFXOWXUDOHV\ODFDOLGDGGHYLGDSURSLRVGHFDGD]RQD FOLPiWLFDGRQGHVHHULMD(QHVWHFDVRORVDVSHFWRVGHVRVWHQLELOL GDGVHFHQWUDQHQHOXVRGHODWHFQRORJtD\ODSODQLÀFDFLyQXUEDQD SDUDPHMRUDU\YDORUL]DUXQVDEHUKDFHULQWXLWLYRGHXQDSREODFLyQ ORFDOSDUWLFXODU/DHOHFFLyQGHOVLWLRODOLEHUWDGItVLFDGHOKRPEUH VHPDQLÀHVWDVLQGXGDHQVXFDSDFLGDGGHHOHJLUHOOXJDUGHODWLH UUDGRQGHTXLHUHYLYLU/DJHQWHDFW~DFRQVWUX\H\VHDGDSWDDWUD YpVGHODDXWRFRQVWUXFFLyQDODVGLIHUHQWHVODWLWXGHV\FRQGLFLRQHV WRSRJUiÀFDVDSOLFDQGRXQFRQRFLPLHQWRLQWXLWLYREiVLFR\VLPSOH 1LODVSULYDFLRQHVQLHOSHOLJURGLVXDGLUiDOKRPEUHGHODVHOHFFLyQ GHXQSXQWR>@SDUDHVWDEOHFHUVHVXKRJDU5XGRIVN\(VWH UHFRQRFLPLHQWRGHODLGRQHLGDGGHODIRUPDHQFyPRVHOOHYDQD FDER ORV DVHQWDPLHQWRV LQIRUPDOHV \ OD DXWRFRQVWUXFFLyQ HV Ei VLFR \ WLHQH PXFKDV YLUWXGHV VLQ HPEDUJR WDPELpQ VH UHFRQRFH HQ HOOR SUHFDULHGDG \ SRFD VRVWHQLELOLGDG (VWH IXH HO FDVR HO GHDEULOGHFXDQGRXQLQFHQGLRDUUDVyFRQYDULRVFHUURVGH 9DOSDUDtVRGXUDQWHWUHVGtDVPiVGHYLYLHQGDVIXHURQGHV WUXLGDV\VREUHPLOSHUVRQDV³GHODSREODFLyQGH9DOSDUDtVR ,09³VHTXHGDURQVLQKRJDU 7($0)(1,; (OWHDP&DVD)(1,;HVXQHTXLSRELQDFLRQDOLQWHJUDGRSRUHVWXGLDQ WHV \ SURIHVRUHV GH OD 8QLYHUVLGDG 7pFQLFD )HGHULFR 6DQWD 0DUtD 87)609DOSDUDtVR&KLOH\GHO,QVWLWXWR8QLYHUVLWDULR7HFQROyJLFR ,878QLYHUVLWpGH/D5RFKHOOH)UDQFLD/DSURSXHVWDKDVLGRGLVH xDGDSDUDKDFHUIUHQWHDODVFLUFXQVWDQFLDV\QHFHVLGDGHVGH&KLOH VLQHPEDUJRHOWUDQVSRUWHGHODFDVDGHVGH&KLOHD)UDQFLDVXSRQH XQDFDQWLGDGVLJQLÀFDWLYDHQODVHPLVLRQHVGH&2\HQFRVWRVSRU ORWDQWRHOHTXLSRUHDOL]yXQ´SURWRWLSRµHQ&KLOH\XQD´UpSOLFDµHQ )UDQFLDSDUDVHUORPiVFRKHUHQWHSRVLEOHFRQORVSULQFLSLRVSODQ WHDGRV'HHVWHPRGRHOHTXLSR&DVD)(1,;XWLOL]DODLGHDFRQFHS WXDOFRP~QGHFUHDUXQDYLYLHQGDGHHPHUJHQFLDSDUDXQDUHFRQV WUXFFLyQVRVWHQLEOHHQUHVSXHVWDDOFRQWH[WRFKLOHQRGHFRQVWDQWHV FDWiVWURIHVGRQGHODFRODERUDFLyQGHFDGDLQVWLWXFLyQVHEDVDHQHO GHVDUUROORGHOSUR\HFWRGHVGHVXH[SHUWLFLD/DYLYLHQGDSUHVHQWDGD HQ HO 6'( IXH FRQVWUXLGD HQ /D 5RFKHOOH \ VXSHGLWDGD D OD QRUPDWLYDIUDQFHVD\DODVH[LJHQFLDVGHODFRPSHWHQFLD &DVD)(1,;&DVD)RU(PHUJHQF\SRVW1DWXUDO,PSDFWH;WUHPH 8QDYLYLHQGDSDUDODHPHUJHQFLD!1LQD+RUPD]iEDO3DEOR 6LOOV$QGUHD3LQR$OHMDQGUD&DUUDVFR6HEDVWLiQ5RMDV&DUROL QD6HS~OYHGD 6XDSRUWHIXHGHÀQLUORVDVSHFWRVWHFQROyJLFRV\FRQVWUXFWLYRVGH ODUpSOLFDGHXQD&DVD)(1,;GHP8QRGHORVSXQWRVIXHUWHV GHO,87HVVXLQYHVWLJDFLyQ\WUDEDMRFRQHVWUXFWXUDV\FRQVWUXFFLyQ HQ PDGHUD (O ,87 WUDEDMD GH OD PDQR FRQ OD LQGXVWULD PDGHUHUD ORFDOUHDOL]DQGRLQYHVWLJDFLRQHV\DOLDQ]DVHQWRUQRDODFRQVWUXF FLyQVRVWHQLEOHTXHGHEHQUHVSRQGHUDORVHVWiQGDUHVGHHÀFLHQFLD HQHUJpWLFDVHVWDEOHFLGRVHQODV,QLFLDWLYDV(XURSHDV/DUpSOLFDGH OD&DVD)(1,;TXHIXHFRQVWUXLGDHQ/D5RFKHOOHVHGHVDUPyVH WUDVODGy\VHUHDUPyHQ9HUVDOOHVSDUDODFRPSHWHQFLDLQWHUQDFLR QDO6'( &$6$)(1,;(148e(67$026 3RVWHULRUPHQWHDODSDUWLFLSDFLyQHQHOFRQFXUVRLQWHUQDFLRQDO6'( HOREMHWLYRGHO7HDP)(1,;KDVLGRFRQWLQXDUFRQHOSURFHVR GHDMXVWHGH&DVD)(1,;DODUHDOLGDGXUEDQDGHODFLXGDGGH9DO SDUDtVRHVSRUHOOR\HQYLVWDGHOSURSyVLWRLQLFLDOGH&DVD)(1,; GH VHU XQD YLYLHQGD SDUD OD HPHUJHQFLD KR\ QXHVWUR GHVDItR HV GLVHxDUYLYLHQGDVSDUDODVIDPLOLDVYtFWLPDVGHOLQFHQGLRGHDEULO GH\FRQVXEVLGLRKDELWDFLRQDO 3DUDHOORFRQWDPRVFRQHOSDWURFLQLRGHOD87)60\HODXVSLFLRGH HPSUHVDV SULYDGDV '(&(81,&. 9(QHUJtD 92/&$1 62',0$& TXLHQHVPHGLDQWHGRQDFLRQHVHQPDWHULDOHVQRVSHUPLWLUiQFRQV WUXLUXQDYLYLHQGDHQXQFHUURGH9DOSDUDtVRODFXDOFXPSOLUiDOWRV HVWiQGDUHVGHKDELWDELOLGDG\GHHÀFLHQFLDHQHUJpWLFD 3DUDORJUDUHVWHREMHWLYRFRQVLGHUDPRVLQPLQHQWHODLQFOXVLyQGH ODVIDPLOLDVGDPQLÀFDGDVHQHOSURFHVRGHGLVHxRGHODYLYLHQGD\ SDUD HOOR UHDOL]DPRV XQ WDOOHU SDUWLFLSDWLYR GRQGH VH LQYLWy D VHU SDUWHGHHVWDH[SHULHQFLDDFXDWURIDPLOLDVGHORVFHUURV/DV&DxDV (O/LWUH\/D&UX]7DOOHUHQHOFXDODFDGDIDPLOLDVHOHHQWUHJyOD SRVLELOLGDGGHGLVHxDUVXSURSLDYLYLHQGDDSDUWLUGHPyGXORVGH PKDELWDEOHVFDGDXQRFRQXQWRWDOGHP 7$//(5'(',6(f23$57,&,3$7,92 ',6(f$78&$6$)(1,; (OREMHWLYRJHQHUDOGHOWDOOHUIXHGLVHxDUHQFRQMXQWRIDPLOLDVGDP QLÀFDGDVHOSUR\HFWRGHDUTXLWHFWXUDSDUDODUHFRQVWUXFFLyQGHVXV YLYLHQGDVPHGLDQWHHOPRGHORLQWHUDFWLYRGHGLVHxRPRGXODU&DVD )(1,;HOFXDOSHUPLWHGLVHxDUXQDYLYLHQGDXQLIDPLOLDUDSDUWLUGH ORVPyGXORV6000/066FRQVLGHUDQGRODVQHFHVLGDGHVHVSD FLDOHV\ODVH[SHFWDWLYDVHVWpWLFDVGHODVIDPLOLDV /R PiV LPSRUWDQWH D VHxDODU HV TXH HV OD IDPLOLD OD TXH GHFLGH FRPRGHEHQDJHQFLDUVHORVPyGXORVHQYLUWXGGHOHVSDFLRGLVSRQL EOHHQVXVWHUUHQRV\HQUHODFLyQDVXVQHFHVLGDGHVUHTXHULPLHQ WRV\H[SHFWDWLYDV3DUDWDOHIHFWRVHGHÀQLyTXHODVYLYLHQGDVSX GLHUDQVHUDVHTXLEOHVPHGLDQWHHOVXEVLGLRGHUHFRQVWUXFFLyQ3RU ORWDQWRODUHVWULFFLyQGHORVPyGXORVREHGHFHDODOLPLWDFLyQGHO YDORUGHOVXEVLGLRDOTXHODVIDPLOLDVGDPQLÀFDGDVSXHGHQRSWDUHO 5HYLVWD0iUJHQHV19RO!'LFLHPEUH! )DFXOWDGGH$UTXLWHFWXUD!8QLYHUVLGDGGH9DOSDUDtVR FXDODVFLHQGHDODVXPDGH8)&RQVLGHUD8)SDUDUHWLUR GHHVFRPEURV8)SDUDREUDVGHPLWLJDFLyQ8)SDUDOD FRQVWUXFFLyQGHODYLYLHQGD\8)SDUDDVLVWHQFLDWpFQLFD ',1É0,&$'(75$%$-2 $O LQLFLR GHO WDOOHU VH OHV GLR OD ELHQYHQLGD D ODV IDPLOLDV \ VH OHV SUHVHQWyXQYLGHRGHPLQXWRVGHGXUDFLyQHOFXDOH[SOLFDTXpHV &DVD)(1,;\FyPRVHFRQVWUX\HFRQHOREMHWLYRGHTXHODVIDPLOLDV SXGLHUDQIDPLOLDUL]DUVHFRQHOSUR\HFWR3UR\HFWRTXHQRSRVHHXQD IRUPDHVWiQGDUVLQRTXHVHDGDSWD\WUDQVIRUPDHQYLUWXGGHORV UHTXHULPLHQWRVGHFDGDIDPLOLD3DUDHOORVHWUDEDMyFRQPDWHULDO GLGiFWLFRSODQRVPDTXHWDVGLEXMRV\DHVFDODORTXHSHU PLWLyDODVIDPLOLDVHQWHQGHUODOyJLFDGHXQSUR\HFWRPRGXODU ! )LJXUD)RWRJUDItDDpUHDSURWRWLSR&DVD)(1,;)UDQFLDHQ6'( 3ULPHUDHWDSDUHFRQRFLPLHQWRGHOORWH $FDGDXQDGHODVIDPLOLDVVHOHHQWUHJyXQSODQRGHVXORWHHVSH FLÀFDQGR DFFHVRV GHVOLQGHV \ GLPHQVLRQHV JHQHUDOHV SDUD TXH HOORVSXGLHUDQFRQFHELUVXVWHUUHQRVRORWHVDHVFDOD6REUH HVWH SODQR ODV IDPLOLDV WUD]DURQ SXQWRV GH UHIHUHQFLDV WHUULWRULD OHV UHOHYDQWHV YLVWDV DVROHDPLHQWR YHFLQRV DFFHVRV HWF < DO PLVPRWLHPSRGLEXMDURQVXYLYLHQGDDQWHULRU/RFXDOQRVSHUPLWLy YLVXDOL]DUGHIRUPDUiSLGDODGLVWULEXFLyQSUHYLDTXHSRVHtDQODVYL YLHQGDV\ORVUHTXHULPLHQWRVEiVLFRVHQFXDQWRDWDPDxR\FDELGD TXHSRVHtDFDGDIDPLOLD(QHVWDHWDSDVHUHFRQRFHODWRSRJUDItD GHOWHUUHQR\VHGHOLPLWDHOVLWLRFDGDIDPLOLDPDUFyFRQXQSOXPyQ GHFRORUHOSROtJRQRGHVXWHUUHQR< VLWXyWRGRVORVHOHPHQWRV\ OXJDUHVTXHH[LVWtDQHQHOOXJDUSDWLRVERUGHVEDUDQGDViUEROHV SODQWDVHWF ! )LJXUD)RWRJUDItDLQWHULRUSURWRWLSR&DVD)(1,;)UDQFLDHQ6'( 6HJXQGDHWDSDHVSDFLDOLGDG\SRVLELOLGDGHVGHOORWH 3DUDHVWDVHJXQGDHWDSDVHXWLOL]DURQSODQRV\PDTXHWDVGHFDGD PyGXOR\GHRWURVHOHPHQWRVPRGXODUHVSXHUWDVYHQWDQDVPXH EOHV\VDQLWDULRV(OWUDEDMRFRQVLVWLyEiVLFDPHQWHHQVLWXDUHQHO ORWHODSURSXHVWDIDPLOLDUGH&DVD)(1,;FRQVLGHUDQGRSDUDHOORHO HVSDFLRGLVSRQLEOHSRUFDGDIDPLOLD1GHLQWHJUDQWHVSRUIDPLOLD \ 1 Pi[LPR GH PyGXORV D XWLOL]DU (Q HVWD RFDVLyQ FDGD IDPLOLD FRQWyFRQXQWRWDOGHPyGXORVXWLOL]DQGRFDGDXQRGHHVWRV PyGXORVHQFXDOTXLHUDGHVXVYHUVLRQHVGLVSRQLEOHVPyGXORFRP SOHWRóPyGXORRôPyGXOR6LQUHVWULFFLRQHVGHFRPELQDWRULDV \FRQODSRVLELOLGDGGHHYDOXDUXQVHJXQGRSLVR 3DUD HVWR HO SURFHVR VH GLYLGLy HQ WUHV VXEHWDSDV SULPHUR FDGD IDPLOLDXQDYH]TXHWRPyODGHFLVLyQGHFRPRGLVSRQHUODFDVDHQ HOORWHVHSHJDURQHQHOSODQRGHOORWHORVSODQRVGHORVPyGXORV GLVWULEXLGRVVHJ~QJXVWRV\UHTXHULPLHQWRVGHFDGDIDPLOLD ! )LJXUD)RWRJUDItDH[WHULRUSURWRWLSR&DVD)(1,;&KLOH ! )LJXUD)RWRJUDItDLQWHULRUSURWRWLSR&DVD)(1,;&KLOH !5HYLVWD0iUJHQHV19RO!'LFLHPEUHD )DFXOWDGGH$UTXLWHFWXUD!8QLYHUVLGDGGH9DOSDUDtVR /XHJR GH WHQHU OD SURSXHVWD DUTXLWHFWyQLFD \D GHÀQLGD VREUH HO SODQRGHOORWHVHVREUHSXVRODPDTXHWDGHFDGDPRGXORVHJ~QFR UUHVSRQGLHUD(VWRIDFLOLWyODFRPSUHQVLyQHVSDFLDOGHODSURSXHVWD \D\XGyDODVIDPLOLDVDLPDJLQDUVHGHFyPRVHYHUtDODFDVD\FyPR TXHGDUtDVLWXDGDHQHOWHUUHQR )LQDOPHQWHFRQODPDTXHWDYROXPpWULFD\DLQVWDODGDVREUHHOORWH ODVIDPLOLDVFRPHQ]DURQHOSURFHVRGHFRPSRVLFLyQGHODIDFKDGD HQYLUWXGGHORVUHTXHULPLHQWRVEiVLFRVGHDVROHDPLHQWRYLVWDV\ UHODFLyQFRQHOHQWRUQRLQPHGLDWR3DUDHOORVHLQVWDODURQ\SHJD URQ VREUH ORV SDUDPHQWRV YHUWLFDOHV GH ODV PDTXHWDV YHQWDQDV SXHUWDV\VHDGMXQWDURQWHUUD]DVEDOFRQHVVHJ~QODGLVWULEXFLyQ UHTXHULGDSRUORVXVXDULRV\VHJ~QODVRULHQWDFLRQHVySWLPDV3DUD ÀQDOL]DULQVWDODURQORVPXHEOHVDOLQWHULRUGHODPDTXHWDSDUDYL VXDOL]DUVXFDELGD !,661HOHFWUyQLFR !,661LPSUHVR ! )LJXUD7DOOHUGHGLVHxRSDUWLFLSDWLYR&DVD)(1,;RFWXEUH ! )LJXUD7DOOHUGHGLVHxRSDUWLFLSDWLYR&DVD)(1,;RFWXEUH ! )LJXUD7DOOHUGHGLVHxRSDUWLFLSDWLYR&DVD)(1,;RFWXEUH ! )LJXUD'LVFXVLyQGHODSURSXHVWD)DPLOLD+XHUWD&DUYDMDO ! )LJXUD'LVFXVLyQGHODSURSXHVWD)DPLOLD0LUDQGD6RWR 7HUFHUDHWDSDFXHVWLRQDPLHQWRVDOSUR\HFWR\FRQVXOWDV 'HEHPRVDFRWDUTXHDOWDOOHUDFXGLyODWRWDOLGDGGHORVLQWHJUDQWHV GHFDGDXQDGHODVIDPLOLDVXQWRWDOGHSHUVRQDVORTXHSURSL FLyXQWUDEDMR\XQDGLVFXVLyQGLQiPLFDDOLQWHULRUGHODVIDPLOLDV \HQWUHHOODV ! )LJXUD7DOOHUGHGLVHxRSDUWLFLSDWLYR&DVD)(1,;RFWXEUH &DVD)(1,;&DVD)RU(PHUJHQF\SRVW1DWXUDO,PSDFWH;WUHPH 8QDYLYLHQGDSDUDODHPHUJHQFLD!1LQD+RUPD]iEDO3DEOR 6LOOV$QGUHD3LQR$OHMDQGUD&DUUDVFR6HEDVWLiQ5RMDV&DUROL QD6HS~OYHGD (VSRUHOORTXHHQOD~OWLPDHWDSDGHOWUDEDMRVHJHQHUyXQDURQGD GHFRQVXOWDV\SURSXHVWDVSRUSDUWHGHODVIDPLOLDVVREUHWRGRHQ IRFDGDVDFODULÀFDUDVSHFWRVWpFQLFRVUHODFLRQDGRVFRQODHVWpWLFD GHODVFDVDV\FRQODIRUPDGHFRQVWUXFFLyQ&DGDXQDGHODVSUR SXHVWDVIXHURQUHJLVWUDGDVSRUORVSURIHVLRQDOHVDFDUJRGHOWDOOHU SDUDVXHYROXFLyQSRVWHULRU 5HYLVWD0iUJHQHV19RO!'LFLHPEUH! )DFXOWDGGH$UTXLWHFWXUD!8QLYHUVLGDGGH9DOSDUDtVR 35,0(5$&$6$)(1,;(19$/3$5$Ì62&$6$)(1,; +8(57$&$59$-$/&(552/$6&$f$6 /XHJRGHODSDUWLFLSDFLyQHQORVWDOOHUHVVHHOLJLyXQDGHHQWUHODV FXDWURIDPLOLDVSDUWLFLSDQWHVSDUDSRGHUFRQFUHWDUODFRQVWUXFFLyQ GHVXYLYLHQGDODIDPLOLDEHQHÀFLDGDIXHODIDPLOLD+XHUWD&DUYD MDO D TXLHQHV GHVGH XQ LQLFLR OHV PRWLYy OD LGHD GH YLYLU HQ XQD FDVDFRQODVFDUDFWHUtVWLFDVGHPRGXODULGDG\GHHÀFLHQFLDHQHU JpWLFD TXH SRVHH &DVD )(1,; +R\ QRV HQFRQWUDPRV LQLFLDQGR OD FRQVWUXFFLyQGHODYLYLHQGD OD FXDOWHQGUiXQ WRWDO GHP ÀQDQFLDGRVHQSDUWHFRQHO6XEVLGLR+DELWDFLRQDOGHODPRGDOLGDG &RQVWUXFFLyQHQVLWLRSURSLRFRQSDJRSRVWHULRU\HQSDUWHFRQODV GRQDFLRQHVHQPDWHULDOHVGHFRQVWUXFFLyQUHDOL]DGDVSRUODVHP SUHVDVDXVSLFLDGRUDV ! )LJXUD3UHVHQWDFLyQGHODSURSXHVWD)DPLOLD+XHUWD&DUYDMDO ! )LJXUD(VSDFLDOLGDGGHODSURSXHVWD)DPLOLD0LUDQGD6RWR ! )LJXUD3UHVHQWDFLyQGHODSURSXHVWD)DPLOLD0LUDQGD6RWR ! )LJXUD(VSDFLDOLGDGGHODSURSXHVWD)DPLOLD+XHUWD&DUYDMDO !5HYLVWD0iUJHQHV19RO!'LFLHPEUHD )DFXOWDGGH$UTXLWHFWXUD!8QLYHUVLGDGGH9DOSDUDtVR ! )LJXUD&XDWURSURSXHVWDVXQDSRUFDGDIDPLOLDDVLVWHQWHDOWDOOHU 'LVHxDWX&DVD)(1,; !,661HOHFWUyQLFR !,661LPSUHVR ! )LJXUD3ODQWDGHHPSOD]DPLHQWR\DUTXLWHFWXUD&DVD)(1,;+XHUWD&DUYDMDO ! )LJXUD(OHYDFLRQHV\FRUWH&DVD)(1,;+XHUWD&DUYDMDO &DVD)(1,;&DVD)RU(PHUJHQF\SRVW1DWXUDO,PSDFWH;WUHPH 8QDYLYLHQGDSDUDODHPHUJHQFLD!1LQD+RUPD]iEDO3DEOR 6LOOV$QGUHD3LQR$OHMDQGUD&DUUDVFR6HEDVWLiQ5RMDV&DUROL QD6HS~OYHGD 5HYLVWD0iUJHQHV19RO!'LFLHPEUH! )DFXOWDGGH$UTXLWHFWXUD!8QLYHUVLGDGGH9DOSDUDtVR