021,725(2'(/26%2648(6'(/$ $0$=21,$&2/20%,$1$ 8ULHO*RQ]DOR0XUFLD*DUFtD-XDQ0DQXHO5RGULJXH]5RQGyQ +HQU\2PDU&DVWHOODQRV4XLUR] )RUPDFLyQURFRVDGHOHVFXGR*XD\DQpV8ULHO0XUFLD 5(680(1 / D$PD]RQLDFRORPELDQDFXEUHNP\ FHUFDGHOWLHQHFREHUWXUDGHERVTXHVQD WXUDOHVVLQHPEDUJRHQDOJXQRVVHFWRUHVH[LV WHQSURFHVRVGHLQWHUYHQFLyQTXHORVSRQHQHQULHVJR FRPR FRQVHFXHQFLD GH ORV SURFHVRV GH RFXSDFLyQ SUDGHUL]DFLyQ\DXPHQWRGHFXOWLYRVGHXVRLOtFLWR (VWH DUWLFXOR HYLGHQFLD UHVXOWDGRV GHO SURFHVR HP SUHQGLGRSRUHO,QVWLWXWR6LQFKL*UXSR*,$=7HQ FRODERUDFLyQFRQ,GHDP,*$&8$(6311&RUPD FDUHQD\GHPiVHQWLGDGHVTXHFRQIRUPDQHO6LVWHPD GH,QIRUPDFLyQ$PELHQWDO7HUULWRULDOGHOD$PD]RQLD &RORPELDQD6,$7$&SDUDFRQVROLGDUXQSURFHVRGH PRQLWRUHR DPELHQWDO HQ HO FRPSRQHQWH FREHUWXUDV WHUUHVWUHV$FWXDOPHQWHVHWLHQHLQIRUPDFLyQGHWLSRV GHFREHUWXUDVXH[WHQVLyQ\XELFDFLyQGHODxR \ HVWi JHQHUiQGRVH HVWD LQIRUPDFLyQ GHO DxR SDUDGHWHUPLQDUFDPELRV /DPHWRGRORJtDGHPDSHRGHFREHUWXUDVDSOLFDGDHV &RULQH/DQG&RYHUDMXVWDGDSDUD&RORPELDHQULTXH FLGD GHO SURFHVR DPD]yQLFR FRQ FREHUWXUDV SURSLDV GHHVWDUHJLyQ6HXVDQLPiJHQHVVDWHOLWDOHV/DQGVDW\ &EHUVGHOLEUHDFFHVRJHRUUHIHUHQFLDGDVSRUHO,*$& LQWHUSUHWDGDV YLVXDOPHQWH DSOLFDQGR OD OH\HQGD QD FLRQDO DFRUGDGD LQWHULQVWLWXFLRQDOPHQWH FRQ DSR\R GHKHUUDPLHQWDV6,*\YHULILFDFLyQGHFDPSR&RPR UHVXOWDGR DFWXDO VH WLHQH HO PDSD GH FREHUWXUDV WH UUHVWUHV LQFOX\HQGR QDWXUDOHV \ DQWUySLFDV HVFDOD GHO SHULRGR pVWD LQIRUPDFLyQ VH WRPDFRPROtQHDEDVHGHOPRQLWRUHR $SDUWLUGHORVGDWRVGHOPDSDGHFREHUWXUDVVHGHWHU PLQyTXHORVERVTXHVQDWXUDOHVFXEUtDQHOGH WRGDOD$PD]RQLD\ODViUHDVGHIRUHVWDGDVDVFHQGtDQ DNP(QFXDQWRDORVERVTXHVIUDJPHQWDGRV VXPDEDQNPGHORVFXDOHVODPD\RUVXSHUILFLH ODWHQtDHOGHSDUWDPHQWRGHO*XDYLDUH $FWXDOPHQWHVHHVWiJHQHUDQGRLQIRUPDFLyQGHOSH ULRGR TXH HVWDUi GLVSRQLEOH HQ HO SULPHU VH PHVWUHGHODOLJXDOTXHORVGDWRVGHGHIRUHVWD FLyQSUDGHUL]DFLyQ\GHPiVFDPELRVGHWHFWDGRV(VWH PDSHR VH UHDOL]DUi FDGD DxRV \ VHUi IXQGDPHQWDO SDUD REWHQHU \ GLIXQGLU OD LQIRUPDFLyQ SDUD DSR\DU OD WRPD GH GHFLVLRQHV TXH DIHFWHQ OD $PD]RQLD HQ GLIHUHQWHViPELWRVHLQVWDQFLDV ,QYHVWLJDGRU,QVWLWXWR6LQFKL/LGHU*UXSRGH*HVWLyQGH,QIRUPDFLyQ$PELHQWDO\=RQLILFDFLyQGHO7HUULWRULR$PD]RQLD &RORPELDQD*,$=7&RRUGLQDGRUGHO6,$7$&\GHO/DERUDWRULRGH6,*\65 ,QYHVWLJDGRU,QVWLWXWR6LQFKL0DQHMRGHLQIRUPDFLyQJHRUUHIHUHQFLDGDGHO/DERUDWRULRGH6,*\65 ,QYHVWLJDGRU,QVWLWXWR6LQFKL,QWpUSUHWHFREHUWXUDV/DERUDWRULRGH6,*\65 021,725(2'(/26%2648(6'(/$$0$=21,$&2/20%,$1$ 3$/$%5$6&/$9(6 &REHUWXUDGHODWLHUUDERVTXHVGHIRUHVWDFLyQSUDGH UL]DFLyQDPD]RQLDFRORPELDQDPRQLWRUHRDPELHQWDO $%675$&7 7KH &RORPELDQ $PD]RQ FRYHUV NP DQG QHDUO\RILWLVFRYHUHGE\QDWXUDOIRUHVWQHYHUWKH OHVVLQVRPHVHFWRUVWKHUHDUHLQWHUYHQWLRQSURFHVVHV VXFKDVRFFXSDWLRQPHDGRZLQJDQGLOOLFLWSODQWVFXO WLYDWLRQZKLFKHQGDQJHUWKHIRUHVW 7KLVDUWLFOHVKRZVUHVXOWVIURPWKHSURFHVVHVLQLWLDWHG E\ ,QVWLWXWR 6LQFKL *,$7= LQ FROODERUDWLRQ ZLWK ,GHDP ,*$& 3DUTXHV 1DWXUDOHV &RUPDFDUHQD DQG RWKHUDJHQFLHVZKLFKPDNHXSWKH6,$7$&6LVWHPD GH,QIRUPDFLyQ$PELHQWDO7HUULWRULDOGHOD$PD]RQLD &RORPELDQDLQRUGHUWRFRQVROLGDWHDQHQYLURQPHQ WDOPRQLWRULQJSURFHVVDORQJWKHWHUULWRULDOFRYHULQJ H[WHQVLRQDQGORFDWLRQLQDQGZHDUHJDWKHULQJ LQIRUPDWLRQFROOHFWHGLQLQRUGHUWRREVHUYHWKH FKDQJHV 7KH FRYHULQJ PDSSLQJ PHWKRG XVHG LV &RULQH /DQG &RYHUDGMXVWHGWR&RORPELDDQGHQULFKHGE\WKH$PD ]RQ SURFHVV ZLWK DGHTXDWH FRYHULQJ IRU WKLV UHJLRQ )UHHDFFHVVVDWHOOLWHLPDJHV/DQGVDWDQG&EHUVDUHXVHG JHRUHIHUUHGE\,*$&YLVXDOO\LQWHUSUHWHGXVLQJQD WLRQDOUHDGLQJLQWHUQDWLRQDODGRSWHGZKLWVXSSRUWIURP 6,*WRROVDQGILHOGYHULILFDWLRQ$VDUHVXOWDWSUHVHQW ZHKDYHWKHODQGFRYHULQJPDSZKLFKLQFOXGHVQDWXUDO DQGDQWURSLFVFDOH\HDUDQGWKLVLQ IRUPDWLRQLVWDNLQJDVWKHPRQLWRULQJEDVLV )URPWKHGDWDRIWKHFRYHULQJPDSLWZDVGHWHUPLQHG WKDWQDWXUDOIRUHVWFRYHUHGRIWKHZKROH$PD]RQ UHJLRQDQGGHIRUHVWHGDUHDVZHQWXSWRNP$V IDUDVIUDJPHQWHGZRRGVWKHVHDGGHGXSWRNP RIZKLFKWKHELJJHVWDUHDEHORQJHGWR*XDYLDUH $W SUHVHQW ZH DUH JDWKHULQJ LQIRUPDWLRQ RI ZKLFK ZLOO EH DYDLODEOH GXULQJ WKH ILUVW VHPHVWHU RI DVZHOODVGHIRUHVWDWLRQGDWDPHDGRZLQJDQG RWKHU GHWHFWHG FKDQJHV 7KLV PDSSLQJ ZLOO EH GRQH HYHU\ILYH\HDUVDQGZLOOEHIXQGDPHQWDOLQRUGHUWR REWDLQ DQG JLYH LQIRUPDWLRQ DLPHG DW WKH WDNLQJ RI GHFLVLRQVZKLFKZLOODIIHFWWKH$PD]RQUHJLRQLQGLI IHUHQWDVSHFWVDQGLQVWDQFHV .(<:25'6 /DQGFRYHUDJHIRUHVWVGHIRUHVWDWLRQHQYLURQPHQWDO PRQLWRULQJFRORPELDQDPD]RQ ,1752'8&&,Ð1 (Q OD $PD]RQLD FRORPELDQD FRQ XQD VXSHUILFLH GH NPORVERVTXHVQDWLYRVVRQODFXELHUWDYH JHWDOPiVLPSRUWDQWHTXHVLUYHGHHVFXGRSURWHFWRU GHVXHORV\GHPiVHOHPHQWRVQDWXUDOHVGHORVHFRVLV WHPDVDPD]yQLFRVSDUDHODxRUHSUHVHQWDEDQHO GHWRGDODUHJLyQHQODFXDOVRORHOHYLGHQ FLDEDSURFHVRVGHGHIRUHVWDFLyQ 3DUDKDFHUPRQLWRUHRDOHVWDGRGHORVERVTXHVDPD]y QLFRV\HQJHQHUDOGHWRGDVODVFREHUWXUDVTXHFXEUHQ OD$PD]RQLDHO,QVWLWXWR6LQFKLOOHYDJHQHUDQGRLQIRU PDFLyQSRUPiVGHDxRVHQGLIHUHQWHVLQLFLDWLYDV 6LQFKL0XUFLD*80XUFLD*8 HWDODE &iUGHQDVHWDO$XQDGRDHVWRRWUDVHQWLGDGHV KDQUHDOL]DGRWUDEDMRVUHODFLRQDGRVFRQHVWHWHPDGHV GHKDFHPiVGHDxRV,GHDP,GHDPHWDO ,*$& ,*$& HW DO &(*$ (WWHU (WWHUHWDO$QGUDGH\(WWHU (O6LQFKLHQORV~OWLPRVDxRVYLHQHWUDEDMDQGRHQOD IRUPXODFLyQGHXQFRQMXQWRGHLQGLFDGRUHVDPELHQ WDOHVTXHSHUPLWDQHYLGHQFLDUHOHVWDGRGHODPELHQWH FRPR SDUWH GH XQ SURJUDPD UHJLRQDO GH PRQLWRUHR DPELHQWDO/ySH]HWDOHOFXDOFRQWULEX\HDORV SURFHVRVQDFLRQDOHV,GHDPHWDO 8QRGHORVFRPSRQHQWHVLQFOXLGRVHQHVWDVLQLFLDWLYDV VRQODVFREHUWXUDVGHODWLHUUDWHQLHQGRHQFXHQWDTXH VRQLQGLFDGRUGHORVSURFHVRVGHWUDQVIRUPDFLyQTXH DIHFWDHOWHUULWRULRSULQFLSDOPHQWHHQORUHODFLRQDGR FRQGHIRUHVWDFLyQGHORVERVTXHV0XUFLD 'XUDQWHORVGRV~OWLPRVDxRVVHKDGDGRLQLFLRDXQ SURFHVRQDFLRQDOSDUDREWHQHULQIRUPDFLyQVREUHODV 5(9,67$&2/20%,$$0$=Ð1,&$ FREHUWXUDV GH OD WLHUUD VLJXLHQGR XQD PLVPD PHWR GROyJLFDDSDUWLUGHODSURSXHVWD&RULQH/DQG&RYHU DGDSWDGD D ODV FRQGLFLRQHV GHO SDtV OD FXDO KD VLGR FRQFHUWDGDGHPDQHUDLQWHULQVWLWXFLRQDO,GHDPHWDO HQSUHQVD8QSULPHUWUDEDMRVHUHDOL]yHQODFXHQ FD GH ORV UtRV 0DJGDOHQD \ &DXFD SURGXFLHQGR HO PDSDGHFREHUWXUDVGHODxRDHVFDOD ,GHDP,JDF&RUPDJGDOHQD 3DUD OD $PD]RQLD HO ,QVWLWXWR 6LQFKL KD HPSUHQGL GRXQSURFHVR SDUD REWHQHUODLQIRUPDFLyQHVSDFLDO GH PDQHUD PXOWLWHPSRUDO FDGD FLQFR DxRV D HVFDOD GHORVERVTXHV\GHPiVFREHUWXUDVWHUUHV WUHVFRPRSDUWHGHXQVLVWHPDGHPRQLWRUHRGHOHVWD GR\FDPELRVGHODVPLVPDV &RQORVGDWRVGHODxRPiVORVTXH\DVHWLHQHQ GHOVHWHQGUiQGRVPRPHQWRVGHDQiOLVLVSHUPL WLHQGRGHWHUPLQDUORVFDPELRVHQFDGDXQDGHODVFR EHUWXUDVSULQFLSDOPHQWHODGHIRUHVWDFLyQGHERVTXHV \HOLQFUHPHQWRGHORVSDVWL]DOHV6HWLHQHSUHYLVWRTXH SDUDHOSULPHUVHPHVWUHGHODxRVHGLYXOJDUDQ HVWRVUHVXOWDGRV3RUDKRUDHVGHOLQWHUpVLQVWLWXFLRQDO \ GHO JUXSR WpFQLFR SDUWLFLSDQWH GDU D FRQRFHU ORV UHVXOWDGRVREWHQLGRVGHOSHULRGRKDFLHQGRHV SHFLDOpQIDVLVHQHVWHDUWtFXORVREUHORVERVTXHVODV iUHDVGHIRUHVWDGDV\ORVERVTXHVIUDJPHQWDGRV /DVDFWXDOHVFREHUWXUDVYHJHWDOHVQDWXUDOHVTXHFXEUHQ OD $PD]RQLD FRORPELDQD GHEHQ FRQVHUYDUVH GH WDO PDQHUD TXH VLJDQ FXPSOLHQGR FRQ VXV IXQFLRQHV GH =RQDGHLQXQGDFLyQ5tR$PD]RQDV8ULHO0XUFLD 3DUD ODV FREHUWXUDV GHO DxR HO ,QVWLWXWR 6LQFKL SURGXMRODLQIRUPDFLyQHQXQFRQVXVSURSLRV SUHVXSXHVWRV\SDUDHOUHVWDQWHVHVXVFULELyXQ FRQYHQLRHQWUH6LQFKL,GHDP,JDF\8QLGDGGH3DU TXHV(O,'($0EULQGRDSR\RILQDQFLHUROD8QLGDG GH3DUTXHVSURG~MRGDWRVGHODVXEUHJLyQGHOWUDSH FLR DPD]yQLFR \ HO ,*$& DSRUWy OD EDVH FDUWRJUiIL FD\HOVRSRUWHWpFQLFR\ORJtVWLFRSDUDOD JHRUUHIHUHQFLDFLyQGHODVLPiJHQHVVDWHOLWDOHV (QODDFWXDOLGDGHO,QVWLWXWR6LQFKLHVWiSURGXFLHQGR ODLQIRUPDFLyQFRUUHVSRQGLHQWHDODxRVREUHHO GHODUHJLyQHQHVWHFDVRHODUUHJORLQVWLWXFLRQDO LQFOX\HDOD8QLGDGGH3DUTXHVTXHUHWRPyODPLVPD ]RQDLQWHUSUHWDGDGHOSHULRGRDO,*$&TXHKD GDGR VRSRUWH WpFQLFR \ ORJtVWLFR SDUD TXH HO 6LQFKL JHRUUHIHUHQFLHODVLPiJHQHVVDWHOLWDOHV\D&RUPDFDUH QDTXHILQDQFLDSDUWHGHODSURGXFFLyQGHGDWRVSDUD HOiUHDDPD]yQLFDGHVXMXULVGLFFLyQ 5(9,67$&2/20%,$$0$=Ð1,&$ 021,725(2'(/26%2648(6'(/$$0$=21,$&2/20%,$1$ SURWHFFLyQGHORVHOHPHQWRVHFROyJLFRVGHODUHJLyQ\ VLUYLHQGRFRPRIXHQWHGHUHFXUVRVSDUDODSREODFLyQ ORFDO\QDFLRQDO 0$7(5,$/(6<0e72'26 /$$0$=21,$&2/20%,$1$ (VWDHVXQDGHODVFLQFRUHJLRQHVQDWXUDOHVGH&RORP ELDTXHFRQIRUPDQHOWHUULWRULRQDFLRQDOFRQWLQHQWDO VHORFDOL]DHQHOVXURULHQWHGHOSDtV\VXSULQFLSDOFD UDFWHUtVWLFD REHGHFH D ORV DPSOLRV HVSDFLRV TXH DXQ FRQVHUYDQ HFRVLVWHPDV QDWXUDOHV GH ERVTXHV K~PH GRVSULQFLSDOPHQWH\DODSUHVHQFLDGHPDVGHHW QLDVGHORVSXHEORVLQGtJHQDVTXHKDQYLYLGR\YLYHQ DXQ HQ OD UHJLyQ (V LJXDOPHQWH LPSRUWDQWH UHVDOWDU ORVHVIXHU]RVUHDOL]DGRVSRUHO(VWDGRFRORPELDQRHQ HOSURFHVRGHJHVWLyQDPELHQWDOTXHSHUPLWHKR\GtD FRQWDUFRQFHUFDGHOGHHVWHWHUULWRULRHQiUHDV SURWHJLGDV\FHUFDGHOHQWHUULWRULRVLQGtJHQDV /D $PD]RQLD FRORPELDQD WDO FRPR VH FRQFLEH HQ HO SDtV LQWHJUD HQ VXV OtPLWHV DVSHFWRV GH FXHQFD KL GURJUiILFD FRPR WDPELpQ DVSHFWRV ELRJHRJUiILFRV \ DVSHFWRV GH GLYLVLyQ SROtWLFRDGPLQLVWUDWLYDHQWRWDO RFXSDNP)LJXUD6XGHOLPLWDFLyQHQHO 2FFLGHQWHREHGHFHDORVOLPLWHVGHGLYLVRULDGHDJXDV HQODSDUWHDOWDGHODFRUGLOOHUDRULHQWDOGHORVDQGHV FRORPELDQRV DO 1RUWH FRUUHVSRQGH FRQ OD ]RQD GH FREHUWXUDV SUHGRPLQDQWHV GH ERVTXHV TXH OLPLWDQ FRQODVVDEDQDVQDWXUDOHVGHOD2ULQRTXLD\DO6XU\ 2ULHQWHFRUUHVSRQGHFRQORVOLPLWHVLQWHUQDFLRQDOHV GH&RORPELDFRQ(FXDGRU3HU~%UDVLO\9HQH]XHOD GHPDQHUDSDUFLDO\FRUUHJLPLHQWRVGHSDUWDPHQ WDOHVWRGRVLQFOXLGRVGHPDQHUDWRWDOHQODUHJLyQ /D RUJDQL]DFLyQ MXUtGLFD GHO WHUULWRULR HQWHQGL GD FRPR XQD DSUR[LPDFLyQ QRUPDWLYD GH RUGHQD PLHQWR HYLGHQFLD OR VLJXLHQWH 5HVJXDUGRV LQGtJH QDV iUHDV SURWHJLGDV 3DUTXHV QDFLRQDOHV QDWXUDOHV \ 5HVHUYDV QDFLRQDOHV QDWXUDOHV H[LVWHXQDGREOHDVLJQDFLyQHQWUHÉUHDSURWHJLGD\ UHVJXDUGRTXHDVFLHQGHDODXQDVtHOiUHDWRWDO TXH HVWi EDMR DOJXQD GH ODV GRV ILJXUDV DVFLHQGH DO GHOWRWDOGHODUHJLyQ5DLVJ(OUHV WDQWHHVWiHQUHVHUYDIRUHVWDO\iUHDVSDUDXVR SULYDGRLQGLYLGXDO )8(17(6'(,1)250$&,Ð1 6H KD HPSOHDGR XQ FRQMXQWR GH LPiJHQHV VDWHOLWD OHVGHVGHODVWRPDGDVHQHOSHULRGRDO\ WHQLHQGR FRPR FHQWUR WHPSRUDO HO DxR HQWUH ORV SURJUDPDV VDWHOLWDOHV GH ORV FXDOHV VH REWXYLHURQ LPiJHQHVVRQ/DQGVDWFRQVXVGLVWLQWRVVHQVRUHV70 ),*85$$0$=21,$&2/20%,$1$ (QFXDQWRDODGLYLVLyQSROtWLFRDGPLQLVWUDWLYDFXEUHOD SDUWHVXUGHOGHSDUWDPHQWRGHO9LFKDGDHOVXURULHQ WHGHO0HWDWRGRHOWHUULWRULRGHORVGHSDUWDPHQWRV GH *XDLQtD *XDYLDUH 9DXSpV $PD]RQDV 3XWXPD\R \&DTXHWiOD%RWD&DXFDQDHQHOGHSDUWDPHQWRGHO &DXFD\ODVYHUWLHQWHVDPD]yQLFDVGH1DULxRODSDUWH DOWDGHORVUtRV*XDPXp]6XFLR6DQ0LJXHO\$JXDUL FR/RVPXQLFLSLRV\FRUUHJLPLHQWRVGHSDUWDPHQWD OHVVRQHQWRWDOGHORVFXDOHVFRUUHVSRQGHQD PXQLFLSLRVWRWDOPHQWHLQFOXLGRVHQODUHJLyQ\ 'LYLVLyQ SROtWLFD DGPLQLVWUDWLYD WUDQVLWRULD YLJHQWH HQ OD UHJLyQSHURTXHQRKDFHSDUWHGHODVHQWLGDGHVWHUULWRULDOHV DSUREDGDVFRQVWLWXFLRQDOPHQWHHQHOSDtV )XHQWH,QVWLWXWR6LQFKL 5(9,67$&2/20%,$$0$=Ð1,&$ \(70HQODWDEODVHSUHVHQWDODUHODFLyQGHHV FHQDV HPSOHDGDV SDUD HVWH WUDEDMR ODV FXDOHV VH RE WXYLHURQGHOSRUWDO*OREDO/DQG&RYHU)DFLOLW\GHOD 8QLYHUVLGDGGH0DU\ODQGKWWSZZZODQGFRYHURUJ LQGH[VKWPO \ GHO VHUYLFLR JHROyJLFR GH ORV (VWDGRV 8QLGRVGH1RUWHDPpULFDKWWSJORYLVXVJVJRY $OJXQDVHVFHQDVTXHQRHVWDEDQGLVSRQLEOHVHQOD8QL YHUVLGDGGH0DU\ODQGVHREWXYLHURQGHO6LVWHPD,Q WHJUDGRGH0RQLWRUHRGH&XOWLYRV,OtFLWRV&,06,GH ODVQDFLRQHVXQLGDGHVVHXVDURQSULQFLSDOPHQWHSDUD UHFXSHUDULQIRUPDFLyQGHiUHDVFXELHUWDVSRUQXEHV 7DEOD 2WUR DSR\R LPSRUWDQWH SDUD UHDOL]DU OD GHOLPLWDFLyQ GHODVFREHUWXUDVIXHURQODVLPiJHQHVGHOPRGHORGH HOHYDFLyQ6570SRUVXVVLJODVHQLQJOHV6KXWWOH5D GDU7RSRJUDSK\0LVVLRQVREUHWRGRSDUDODViUHDVGH UHOLHYHSURQXQFLDGRRHQODViUHDVFLUFXQGDQWHVDORV UtRV(OVHUYLFLRRIUHFLGRSRU*RRJOH(DUWKFRQVXV LPiJHQHVGHDOWDUHVROXFLyQIXHDSR\RSDUDODYHULIL FDFLyQGHODLQIRUPDFLyQLQWHUSUHWDGD /DFDUWRJUDItDEDVHDHVFDODHPSOHDGDSDUD DSR\DUODGHOLPLWDFLyQGHODVFODVHVGHFREHUWXUDVIXH SURSRUFLRQDGD SRU HO ,QVWLWXWR *HRJUiILFR $JXVWtQ &RGD]]L,*$& 7$%/$/,67$'2'(,0É*(1(6/$1'6$7 3$7+52: 6$7e/,7( 6(1625 )(&+$ /$1'6$7 (70 /$1'6$7 (70 /$1'6$7 (70 /$1'6$7 (70 /$1'6$7 (70 /$1'6$7 (70 /$1'6$7 (70 /$1'6$7 (70 /$1'6$7 (70 /$1'6$7 (70 /$1'6$7 (70 /$1'6$7 (70 /$1'6$7 (70 /$1'6$7 (70 /$1'6$7 (70 /$1'6$7 (70 /$1'6$7 (70 /$1'6$7 (70 /$1'6$7 (70 /$1'6$7 (70 /$1'6$7 (70 /$1'6$7 (70 /$1'6$7 (70 /$1'6$7 (70 /$1'6$7 (70 /$1'6$7 (70 5(9,67$&2/20%,$$0$=Ð1,&$ 021,725(2'(/26%2648(6'(/$$0$=21,$&2/20%,$1$ 7$%/$/,67$'2'(,0É*(1(6352325&,21$'$6325(/6,0&, 3$7+52: )(&+$ %/6$ %/6$ %/6$ %/6$ %/6$ %/6$ %/6$ &RPRSDUWHGHOSURFHVRGHYHULILFDFLyQGHODVFODVLIL FDFLRQHVVHHIHFWXDURQYDULDVVDOLGDVGHFDPSRXQD HQ VHFWRU GH 3XHUWR /HJXt]DPR RWUD HQ OD ]RQD GHO GHSDUWDPHQWRGHO&DTXHWiWDPELpQVHUHDOL]DURQWUHV VREUHYXHORVEDMRVGHVGH6DQ-RVpGHO*XDYLDUHKDFLDHO 2ULHQWH\VXURULHQWHWDPELpQVHDFRJLyODLQIRUPD FLyQTXHVHWLHQHHQHO+HUEDULR$PD]yQLFR&RORP ELDQR &2$+ FRPR SDUWH GH ORV WUDEDMRV GH FDPSR TXHVHUHDOL]DQSDUDORVLQYHQWDULRVIORUtVWLFRV /(<(1'$'(/0$3$'(&2%(5785$6 3DUDSURGXFLUORVGDWRVGHFREHUWXUDVVHDSOLFyODPH WRGRORJtD&RULQH/DQG&RYHUDMXVWDGDD&RORPELDFRPR UHVXOWDGRGHXQWUDEDMRLQWHULQVWLWXFLRQDOGXUDQWHWRGR HODxR,'($0HWDO(OiUHDPtQLPDFDU WRJUDILDGDGHOPDSDGHFREHUWXUDVDHVFDOD IXH GH KHFWiUHDV SDUD FREHUWXUDV GLVWLQWDV D ODV XUEDQDV\GHKHFWiUHDVSDUDHVWDV/DPHWRGRORJtD SUHYpXQDDSUR[LPDFLyQILVRQyPLFDGHODVFREHUWXUDV GHVWDFDQGRODGHQVLGDG\DOWXUDVSULQFLSDOPHQWH /DOH\HQGDHVHVWUXFWXUDGD\FRQWHPSODORVWUHVSUL PHURV QLYHOHV TXH GHEHQ UHVSHWDUVH D QLYHO LQWHUQD FLRQDOFRQORVFXDOHVVHSUHYpQPLUDGDVJOREDOHVVREUH HVWDLQIRUPDFLyQ\SDUDORVGHPiVQLYHOHVGHPD\RU GHWDOOH VH KDQ UHDOL]DGR ORV DMXVWHV SHUWLQHQWHV SDUD HYLGHQFLDU OD GLYHUVLGDG GH FREHUWXUDV H[LVWHQWHV HQ &RORPELDFDGDQLYHODVXPHXQFyGLJRQXPpULFR\XQ QRPEUHGHODFREHUWXUD (QHOSULPHUQLYHOHVWiQORV7HUULWRULRVDUWLILFLDOL]DGRV 7HUULWRULRVDJUtFRODVORV%RVTXHV\iUHDVVH PLQDWXUDOHVÉUHDVK~PHGDV\6XSHUILFLHVGH DJXDV &Ð',*2 3DUDHOVHJXQGRQLYHOVHKDQLQFOXLGR=RQDVXUEDQL ]DGDV=RQDVLQGXVWULDOHVRFRPHUFLDOHV\UHGHV GHFRPXQLFDFLyQ=RQDVGHH[WUDFFLyQPLQHUD \ HVFRPEUHUDV ]RQDV YHUGHV DUWLILFLDOL]DGDV QR DJUtFRODV &XOWLYRV WUDQVLWRULRV &XOWLYRV SHUPDQHQWHV3DVWRVÉUHDVDJUtFRODVKH WHURJpQHDV%RVTXHÉUHDVFRQYHJHWDFLyQ KHUEiFHDRDUEXVWLYDÉUHDVDELHUWDVVLQRFRQ SRFD YHJHWDFLyQ ÉUHDV K~PHGDV FRQWLQHQWDOHV ÉUHDVK~PHGDVFRVWHUDV$JXDVFRQWLQHQ WDOHV \ $JXDV PDUtWLPDV SDUD ORV GHPiV QLYHOHVVHSXHGHUHYLVDUHQHO$QH[R /D DSOLFDFLyQ GH OD OH\HQGD SDUD OD $PD]RQLD HQ HO SHULRGR SHUPLWLy LGHQWLILFDU GHOLPLWDU \ FOD VLILFDUWLSRVGLVWLQWRVGHFREHUWXUDVODVFXDOHVVH SUHVHQWDQDFRQWLQXDFLyQVLJXLHQGRHOPLVPRRUGHQ MHUiUTXLFRGHODOH\HQGDQDFLRQDOKDFLHQGRXQDEUH YHGHVFULSFLyQSDUDHQWHQGHUPHMRUHVWRVUHVXOWDGRV 7DEOD 1R VH FODVLILFDQ iUHDV HQ FXOWLYRV GH FRFD GHELGR D TXH ODHVFDODGHLQWHUSUHWDFLyQQR SHU PLWHGLVFULPLQDUHVWHWLSRGHFREHUWXUDVKDFLHQGRLQ WHUSUHWDFLyQYLVXDOGHODVLPiJHQHV\WDPELpQSRUTXH HOREMHWLYRGHHVWHWUDEDMRQRSUHYpKDFHUpQIDVLVVREUH HVWHWLSRGHFREHUWXUDV (Q FXDQWR D ODV GHILQLFLRQHV GH ODV FODVHV GH FREHU WXUDV VH WLHQHQ ODV PiV UHOHYDQWHV WRPiQGRODV GH OD OH\HQGDQDFLRQDO,'($0HWDO %RVTXH GHQVR &REHUWXUD FRQVWLWXLGD SRU XQD FR PXQLGDGYHJHWDOGRPLQDGDSRUHOHPHQWRVWtSLFDPHQWH 5(9,67$&2/20%,$$0$=Ð1,&$ 7$%/$/(<(1'$'(/0$3$'(&2%(5785$6'($0$=21,$&2/20%,$1$ &Ð',*2 1RPEUHGHODFREHUWXUD 7HMLGRXUEDQRFRQWLQXR 7HMLGRXUEDQRGLVFRQWLQXR $HURSXHUWRV 3DVWRVOLPSLRV 3DVWRVHQPDOH]DGRV 0RVDLFRGHFXOWLYRV 0RVDLFRGHSDVWRV\FXOWLYRV 0RVDLFRGHFXOWLYRVSDVWRV\HVSDFLRVQDWXUDOHV 0RVDLFRGHSDVWRVFRQHVSDFLRVQDWXUDOHV %RVTXH'HQVR$OWRGH7LHUUD)LUPH %RVTXH'HQVR$OWR,QXQGDEOH+HWHURJpQHR 3DOPDU %RVTXH'HQVR%DMRGH7LHUUD)LUPH %RVTXH'HQVR%DMR,QXQGDEOH %RVTXH)UDJPHQWDGRFRQSDVWRV\FXOWLYRV %RVTXH)UDJPHQWDGRFRQ9HJHWDFLyQ6HFXQGDULD %RVTXHGHJDOHUtD\ULSDULR +HUED]DOGHQVRGHWLHUUDILUPHQRDUERODGR +HUED]DOGHQVRGHWLHUUDILUPHDUERODGR +HUED]DOGHQVRGHWLHUUDILUPHFRQDUEXVWRV +HUED]DOGHQVRLQXQGDEOHQRDUERODGR +HUED]DOGHQVRLQXQGDEOHDUERODGR +HUED]DODELHUWRDUHQRVR +HUED]DODELHUWRURFRVR $UEXVWDO'HQVR $UEXVWDO$ELHUWRPHVyILOR 9HJHWDFLyQVHFXQGDULDRHQWUDQVLFLyQ =RQDVDUHQRVDVQDWXUDOHV $IORUDPLHQWRVURFRVRV 7LHUUDVGHVQXGDV\GHJUDGDGDV =RQDVTXHPDGDV =RQDV3DQWDQRVDV 9HJHWDFLyQDFXiWLFDVREUHFXHUSRVGHDJXD 5tRVP /DJXQDVODJRV\FLpQDJDVQDWXUDOHV 6LQ,QIRUPDFLyQ 5(9,67$&2/20%,$$0$=Ð1,&$ 021,725(2'(/26%2648(6'(/$$0$=21,$&2/20%,$1$ DUEyUHRVORVFXDOHVIRUPDQXQHVWUDWRGHFRSDVGRVHO PiVRPHQRVFRQWLQXRFX\DiUHDGHFREHUWXUDDUEyUHD UHSUHVHQWDPiVGHOGHOiUHDWRWDOGHODXQLGDG\ FRQDOWXUDGHOGRVHOVXSHULRUDPHWURV(VWDVIRUPD FLRQHVYHJHWDOHVQRKDQVLGRLQWHUYHQLGDVRVXLQWHU YHQFLyQKDVLGRVHOHFWLYD\QRKDDOWHUDGRVXHVWUXFWXUD RULJLQDO\ODVFDUDFWHUtVWLFDVIXQFLRQDOHV,JDF (QHVWDFREHUWXUDVHLQFOX\HQODVSDOPDVQDWXUDOHV6H H[FHSW~DQ GH HVWD XQLGDG ORV ERVTXHV IUDJPHQWDGRV ORVFXDOHVVHFODVLILFDQHQODXQLGDGUHVSHFWLYD (VWDFODVHVHVXEGLYLGHHQDOWRREDMRVLODDOWXUDYDSRU HQFLPDGHORVPRHQWUH\PUHVSHFWLYDPHQWH /DVLJXLHQWHVXEGLYLVLyQREHGHFHDVXORFDOL]DFLyQVL HVWDHQ]RQDLQXQGDEOHRHQWLHUUDILUPH3DUDHOFDVR GHERVTXHGHQVRDOWRLQXQGDEOHVHVXEGLYLGHSDUDHYL GHQFLDUORVSDOPDUHV %RVTXHIUDJPHQWDGR&RPSUHQGHORVWHUULWRULRV FXELHUWRV SRU ERVTXHV QDWXUDOHV GHQVRV R DELHUWRV FX\DFRQWLQXLGDGKRUL]RQWDOHVWiDIHFWDGDSRUODLQ FOXVLyQ GH RWURV WLSRV GH FREHUWXUDV FRPR SDVWR FXOWLYRVRYHJHWDFLyQHQWUDQVLFLyQODVFXDOHVGHEHQ UHSUHVHQWDUHQWUHHO\HOGHOiUHDGHODXQL GDGGHERVTXHQDWXUDO/DGLVWDQFLDHQWUHIUDJPHQ WRVGHLQWHUYHQFLyQQRGHEHVHUPD\RUDPH WURV 6H VXEGLYLGH GHSHQGLHQGR VL OD SHUWXUEDFLyQ VHSUHVHQWDSRUSDVWRV\FXOWLYRVRSRUYHJHWDFLyQ VHFXQGDULD %RVTXHGHJDOHUtDRULSiULR6HUHILHUHDODVFREHU WXUDVFRQVWLWXLGDVSRUYHJHWDFLyQDUEyUHDXELFDGDHQ ODVPiUJHQHVGHFXUVRVGHDJXDSHUPDQHQWHVRWHP SRUDOHV (VWH WLSR GH FREHUWXUD HVWi OLPLWDGD SRU VX DPSOLWXG\DTXHERUGHDORVFXUVRVGHDJXD\ORVGUH QDMHVQDWXUDOHV&XDQGRODSUHVHQFLDGHHVWDVIUDQMDV GHERVTXHVRFXUUHHQUHJLRQHVGHVDEDQDVVHFRQRFH FRPRERVTXHGHJDOHUtDRFDxDGDVODVRWUDVIUDQMDVGH ERVTXHHQFXUVRVGHDJXDGH]RQDVDQGLQDVVRQFRQR FLGDVFRPRERVTXHULSDULR $UEXVWDO&REHUWXUDFRQVWLWXLGDSRUXQDFRPXQLGDG YHJHWDO GRPLQDGD SRU HOHPHQWRV WtSLFDPHQWH DUEXV WLYRVORVFXDOHVIRUPDQXQGRVHOLUUHJXODUSHURTXH SXHGH SUHVHQWDU HOHPHQWRV DUEyUHRV GLVSHUVRV FX\D FXELHUWDUHSUHVHQWDPiVGHOGHOiUHDWRWDOGHOD XQLGDG(VWDIRUPDFLyQYHJHWDOQRKDVLGRLQWHUYHQLGD R VX LQWHUYHQFLyQ KD VLGR VHOHFWLYD \ QR KD DOWHUDGR VXHVWUXFWXUDRULJLQDO\VXVFDUDFWHUtVWLFDVIXQFLRQDOHV 2UDP8QDUEXVWRHVXQDSODQWDSHUHQQHFRQ HVWUXFWXUDGHWDOOROHxRVRFRQXQDDOWXUDHQWUH\ PIXHUWHPHQWHUDPLILFDGRHQODEDVH\VLQXQDFRSD GHILQLGD)$2 +HUED]DO &REHUWXUD FRQVWLWXLGD SRU XQD FRPXQL GDGYHJHWDOGRPLQDGDSRUHOHPHQWRVWtSLFDPHQWHKHU EiFHRV GHVDUUROODGRV HQ IRUPD QDWXUDO HQ GLIHUHQWHV GHQVLGDGHV\VXVWUDWRVORVFXDOHVIRUPDQXQDFREHU WXUD GHQVD ! GH RFXSDFLyQ R DELHUWD GH RFXSDFLyQ (VWDV IRUPDFLRQHV YHJHWDOHV QR KDQVLGRLQWHUYHQLGDVRVXLQWHUYHQFLyQKDVLGRVHOHF WLYD\QRKDDOWHUDGRVXHVWUXFWXUDRULJLQDO\ODVFDUDF WHUtVWLFDVIXQFLRQDOHV,JDF 3DVWL]DO 6RQ HVSDFLRV FXELHUWRV FRQ HVSHFLHV GH SRUWH KHUEiFHR GH FRPSRVLFLyQ IORUtVWLFD GRPLQDGD SULQFLSDOPHQWHSRUJUDPtQHDVGHODIDPLOLD3RDFHDH GHGLFDGDVDSDVWRUHRSHUPDQHQWH\TXHWLHQHQSUDF WLFDVFXOWXUDOHVUHJXODUPHQWH 352&(',0,(1726$3/,&$'26 ',675,%8&,Ð1'(É5($6'(75$%$-2 /D SURGXFFLyQ GH OD LQIRUPDFLyQ HVWXYR D FDUJR GHO ,QVWLWXWR6LQFKLHQXQGHOWRWDOGHODUHJLyQ\HO UHVWDQWHIXHUHDOL]DGRSRUOD8QLGDGGH3DUTXHV 1DFLRQDOHV 8$(6311 (O ,'($0 PHGLDQWH FRQYH QLRGHFRRSHUDFLyQ6LQFKL,GHDP,*$&+XPEROGW 8QLGDGGH3DUTXHVKL]RXQDSR\RILQDQFLHURSDUDOD SURGXFFLyQ GH LQIRUPDFLyQ GHO VHFWRU RULHQWDO GH OD $PD]RQLDHVWDGLVWULEXFLyQVHSXHGHYHUHQOD)LJXUD 2%7(1&,Ð1<35(3$5$&,Ð1'( ,0É*(1(6 7RGDVODVLPiJHQHVIXHURQDSRUWDGDVSRUHO,QVWLWXWR 6LQFKL \ HO ,QVWLWXWR ,*$& UHDOL]y HO SURFHVR GH RU WRUHFWLILFDFLyQ $ ODV LPiJHQHV JHRUUHIHUHQFLDGDV VH OHVDSOLFDURQSUHSURFHVDPLHQWRVFRPRUHDOFHVILOWURV PHMRUDPLHQWRV UDGLRPpWULFRV \ HVSHFWUDOHV FRUWHV \ PRVDLFRVFRQHOILQGHVXPLQLVWUDULPiJHQHVGHDOWD FDOLGDGDORVLQWpUSUHWHV 5(9,67$&2/20%,$$0$=Ð1,&$ ),*85$0$3$'(',675,%8&,Ð1'(,17(535(7$&,Ð1325(17,'$' )XHQWHHODERUDFLyQSURSLD (6758&785$&,Ð1'(/$%$6('( '$726 ,17(535(7$&,Ð1<',*,7$/,=$&,Ð1'( &2%(5785$6 3DUDODJHVWLyQGHORVGDWRVFRQVXVUHVSHFWLYDVYHUVLR QHVSURGXFWRVILQDOHV\RWUDVFDSDVEDVH\WHPiWLFDVGH VRSRUWHVHHVWUXFWXUyXQDEDVHGHGDWRVJHRJUiILFRV $UF*LV FRQ VXV UHVSHFWLYRV FRPSRQHQWHV OD WDEODGHDWULEXWRVHVWiFRPSXHVWDSRUFXDWURFDPSRV &2',*2&RGLILFDFLyQFRUUHVSRQGLHQWHDODFODVHWH PiWLFDHQODOH\HQGDGHOPDSDGHFREHUWXUD ,16802,PDJHQIXHQWHFRQODFXDOVHUHDOL]yODLQ WHUSUHWDFLyQFRQVXSDWKURZ\IHFKDFRUUHVSRQGLHQWH $32<2KDFHUHIHUHQFLDDORVWLSRVGHGDWRVDX[LOLDUHV XWLOL]DGRVSDUDODLQWHUSUHWDFLyQ &21),$%,/,'$'*UDGRGHFRQILDELOLGDGGHOSROt JRQRLQWHUSUHWDGRGRQGHVRQGXGDVHQODLQWHU SUHWDFLyQ\VRQGXGDVHQODLQWHUSUHWDFLyQ\TXH QHFHVDULDPHQWHQHFHVLWDQYHULILFDFLyQ /DPHWRGRORJtD&RULQH/DQG&RYHUSUHYpTXHODLQ WHUSUHWDFLyQ GHEH UHDOL]DUVH GH PDQHUD YLVXDO VREUH SDQWDOODWRPDQGRFRPRUHIHUHQFLDODLPDJHQVDWHOLWDO 3DUDJDUDQWL]DULQIRUPDFLyQGHDOWDFDOLGDGVHFRQIRU PyXQJUXSRGHLQWHUSUHWHVFRQH[SHULHQFLDHQHVWH SURFHGLPLHQWRTXHVHVXVWHQWDHQODWpFQLFDGHQRPLQD 3,$23KRWR,QWHUSUpWDWLRQ$VVLVWpHSDU2UGLQDWHXU SRUVXVVLJODVHQIUDQFpV 5(9,67$&2/20%,$$0$=Ð1,&$ (VWHSURFHGLPLHQWRFRQVLVWHHQLQWHUSUHWDUGLJLWDOL]DU \FDSWXUDUODVFREHUWXUDVGHIRUPDYLVXDOVREUHSDQ WDOODDSR\DGRVHQDOJXQDVRFDVLRQHVFRQLQIRUPDFLyQ DGLFLRQDOGHIRWRJUDItDVDpUHDVLPiJHQHVGHDOWDUHVR OXFLyQHQ*RRJOH(DUWKLQYHQWDULRV\HVWXGLRVIORUtV WLFRVHODERUDGRVSRUHO6,1&+,\YLVLWDVGHFDPSR 021,725(2'(/26%2648(6'(/$$0$=21,$&2/20%,$1$ )XHURQ XWLOL]DGDV UHJODV HVSHFtILFDV SDUD JHQHUDOL]D FLyQ GH XQLGDGHV WHPiWLFDV VHJ~Q FULWHULRV HVWDEOH FLGRVSDUDORFXDOVHXVDURQKHUUDPLHQWDVEiVLFDVGHO VRIWZDUH$UF*,6FRPR&UHDWH1HZ)HDWXUH$X WRFRPSOHWH3RO\JRQ&XW3RO\JRQ)HDWXUHHQDOJX QDVRFDVLRQHVVHHPSOHDURQRWUDVKHUUDPLHQWDVFRPR ,/:,6\*HRPiWLFD 9(5,),&$&,Ð1(1&$032 6HHIHFWXDURQYDULDVVDOLGDVGHFDPSRSRUWLHUUD\VR EUHYXHORVGHODVFXDOHVVHKLFLHURQREVHUYDFLRQHVHQ WHUUHQRUHJLVWURVIRWRJUiILFRV\YLGHRVHVWRVVHUHOD FLRQDURQFRQODVUHVSHFWLYDVFRRUGHQDGDVJHRJUiILFDV (OPD\RUHVIXHU]RGHYHULILFDFLyQHQWHUUHQRVHKL]R VREUHDTXHOODVFODVHVGHFREHUWXUDVTXHQRWHQtDQVXIL FLHQWHLQIRUPDFLyQVHFXQGDULDSDUDVXFRUURERUDFLyQ (OSURFHGLPLHQWRFRQVLVWLyHQXELFDUSUHYLDDODVD OLGDODVXQLGDGHVDYHULILFDUOOHJDUKDVWDHOODV\ORFD OL]DUVLWLRVUHSUHVHQWDWLYRVGHODFREHUWXUDHQGRQGH VHKDFLDODYHULILFDFLyQGHOWLSRGHFREHUWXUDDOWXUD GHQVLGDGFRQGLFLRQHVGHGUHQDMH &21752/'(&$/,'$' 3RULQLFLDWLYDGHO,QVWLWXWR6,1&+,VHGLVHxDURQYD ULRV SURWRFRORV SDUD HO FRQWURO GH FDOLGDG WHPiWLFR JHRPpWULFR \ GH HPSDOPHV FRQ HO ILQ GH JDUDQWL]DU ODFDOLGDGGHODLQIRUPDFLyQWDQWRGHSUHFLVLyQFRPR GHH[DFWLWXG'XUDQWHFDGDIDVHGHOSURFHVRVHKL]RXQ FRQWUROGHODFDOLGDGGHVGHODJHRUUHIHUHQFLDFLyQGH LPiJHQHVKDVWDODREWHQFLyQGHOPDSDILQDO 3DUD FRQWURODU ORV SURFHVRV GH GLJLWDOL]DFLyQ \ FODVLIL FDFLyQ GH ODV FREHUWXUDV VH DSOLFR XQ SURFHGLPLHQWR TXHYHULILFDEDODLQWHUSUHWDFLyQLQLFLDOHVWRVHKL]RFRQ PXHVWUHRDOHDWRULRDSDUWLUGHXQGHWHUPLQDGRQXEHGH SXQWRVVREUHOD]RQDLQWHUSUHWDGDHOH[SHUWRHQFRQWURO GH FDOLGDG YHULILFDED TXH OD LQWHUSUHWDFLyQ FXPSOLHUD ORV HVWiQGDUHV DFRUGDGRV GH SUHFLVLyQ \ H[DFWLWXG WH PiWLFDVLODLQWHUSUHWDFLyQSDVDEDHVWHILOWURVHKDFtD XQFRQWUROGHLQWHUSUHWDFLyQGHOGHODVOtQHDV\ HWLTXHWDV PHGLDQWH YHULILFDFLyQ YLVXDO SROtJRQR D SR OtJRQR LGHQWLILFDQGR \ VLVWHPDWL]DQGR PHGLDQWH XQD FDSDGHGDWRVHQODEDVHGHGDWRVJHRJUiILFRVORVDMXVWHV UHTXHULGRVORVFXDOHVVHGHYROYtDQDOLQWpUSUHWHSDUDORV FDPELRVQHFHVDULRVKHFKRVHVWRVODLQWHUSUHWDFLyQHUD VRPHWLGDDXQVHJXQGRFRQWUROSRUSDUWHGHOJUXSRGH FRQWUROGHFDOLGDGKDVWDTXHVHDSUREDED (ORWURFRQWUROVHDSOLFySDUDODHODERUDFLyQGHHP SDOPHVHQWUHEORTXHVGHiUHDVLQWHUSUHWDGDV\SDUDORV PRVDLFRVGHOPDSDILQDO(VWHFRQVLVWLyHQYHULILFDUOD H[DFWLWXGWHPiWLFDHQWUHEORTXHVDHPSDOPDULGHQWL ILFDQGRPHGLDQWHXQDVHULHGHSXQWRVILMRVHQFDGD EORTXH ORV WLSRV GH FREHUWXUD DQWHV \ GHVSXpV GHO SURFHVRGHHPSDOPHFRQHOILQGHDVHJXUDUODLQWHJUL GDGGHODLQIRUPDFLyQRULJLQDO /D~OWLPDIDVHGHOFRQWUROGHFDOLGDGVHDSOLFyVREUHHO PDSDFRPSOHWRGHWRGDOD$PD]RQLDHVWRVHKL]RPH GLDQWH XQD VHULH GH FRQVXOWDV JHRJUiILFDV SDUD XELFDU WLSRVGHFREHUWXUDVTXHVHDQWHPDQRVHFRQRFHVXXEL FDFLyQJHRJUiILFDLGHQWLILFDQGRGHHVWDPDQHUDODSUH VHQFLDGHFREHUWXUDVXELFDGDVIXHUDGHVXFRQWH[WRUHDO 2%7(1&,Ð1'('$726<(67$'Ì67,&$6 8QDYH]JHQHUDGDODYHUVLyQGHODFDSDGHGDWRV FXPSOLHQGRFRQWRGRVORVSURFHVRVGHFDOLGDG\FRQ HO DSR\R GH ODV KHUUDPLHQWDV 6,* VH DSOLFDURQ XQD VHULHGHDQiOLVLVHVSDFLDOHVWLSRFUXFHGHPDSDVSDUD REWHQHUODLQIRUPDFLyQGHORVWLSRVGHFREHUWXUDVFRQ VXVUHVSHFWLYDVHVWDGtVWLFDVGHiUHDQXPHURGHSROtJR QRV\XELFDFLyQJHRJUiILFD (VWRVDQiOLVLVSHUPLWLHURQREWHQHUGDWRVGHFDGDFR EHUWXUDFRQUHIHUHQFLDDWRGDOD$PD]RQLDFRORPELD QDRGHWHUPLQDUODViUHDVGHDOJXQDVFREHUWXUDVFRPR ERVTXHVERVTXHVIUDJPHQWDGRVSDVWRVYHJHWDFLyQVH FXQGDULD]RQDVGHIRUHVWDGDVHWFFRQUHIHUHQFLDDORV JUDQGHVSDLVDMHVGHSODQLFLHRPRQWDxDRFRQUHODFLyQ DORVGHSDUWDPHQWRVTXHFRQIRUPDQODUHJLyQ 7RGRHVWRKDVLGRSRVLEOHFRPRIUXWRGHOWUDEDMRGH XQ HTXLSR WpFQLFR FRQ DPSOLD H[SHULHQFLD HQ OD LQ WHUSUHWDFLyQ FODVLILFDFLyQ \ PDQHMR GH LPiJHQHV GH VHQVRUHVUHPRWRVSDUDREWHQHULQIRUPDFLyQGHFREHU WXUDVGHODWLHUUD 5(68/7$'26<',6&86,Ð1 8QR GH ORV SULQFLSDOHV UHVXOWDGRV DOFDQ]DGRV HV HO PDSDGHFREHUWXUDVGHODWLHUUDGHWRGDODDPD]RQLD 5(9,67$&2/20%,$$0$=Ð1,&$ FRORPELDQDDHVFDODGHODxR)LJXUD (VWHSURGXFWRDHVDHVFDODHVXQRGHORVSRFRVPD SDVWHPiWLFDVTXHVHKDQJHQHUDGRGHWRGDOD$PD]R QLDGHVSXpVGHOWUDEDMRGH3URUUDGDP,*$& 8QDSULPHUDDSUR[LPDFLyQDODVFREHUWXUDVGHODUH JLyQ HYLGHQFLD TXH ORV ERVTXHV QDWXUDOHV FXEUtDQ HO .P HO ERVTXH IUDJPHQWDGR HUD HO .P ORV DUEXVWDOHV FXEUtDQ HO.PODViUHDVFXELHUWDVFRQKHU ED]DOHVQDWXUDOHVHUDQHO.PFRQ YHJHWDFLyQ VHFXQGDULD HVWDED HO .PDODJUXSDUODV]RQDVTXHSUHVHQWDEDQXQFRP ELQDFLyQ GH YDULDV FREHUWXUDV FRPR SDVWRV FXOWLYRV \ HVSDFLRV QDWXUDOHV HVWiQ UHSUHVHQWDEDQ HO .PHQFXDQWRDODVFREHUWXUDVGHRULJHQ DQWUySLFRFRPRORVSDVWRVPDQHMDGRVODUHJLyQWHQtD HO .P HQ FXDQWR D YHJHWDFLyQ VREUH FXHUSRV GH DJXD R HQ ]RQDV SDQWDQRVDV KDEtD HO.PORVFXHUSRVGHDJXDWDQWR ORVOHQWLFRVFRPRORVORWLFRVUHSUHVHQWDEDQHO .PODViUHDVVLQYHJHWDFLyQ\DVHDSRUTXH HUDQDUHQDOHVRiUHDVGHJUDGDGDVVRORUHSUHVHQWDEDQHO .PORVFHQWURVXUEDQRVRFXSDEDQ HO.P\ILQDOPHQWHTXHGyXQ .PVLQLQIRUPDFLyQFRPRFRQVHFXHQFLD GHODSUHVHQFLDGHQXEHVHQODVLPiJHQHV ',675,%8&,Ð1'(/$6&2%(5785$6 (VWD DSUR[LPDFLyQ SDUD ORFDOL]DU JHRJUiILFDPHQWH ODV FREHUWXUDV VH KDFH WHQLHQGR WUHV FULWHULRV HO SULPHUR SDUD WRGD OD $PD]RQLD HO VHJXQGR FULWHULR DSOLFD XQD VXEGLYLVLyQGHODUHJLyQHQGRVJUDQGHVSDLVDMHVODOOD QXUD R SODQLFLH \ OD SDUWH GH PRQWDxD TXH LQFOX\H OD ]RQD XELFDGD SRU HQFLPD GH ORV PHWURV VREUH HO ),*85$0$3$'(&2%(5785$6'(/$7,(55$'(/$$0$=21,$&2/20%,$1$ )XHQWHHODERUDFLyQSURSLD 5(9,67$&2/20%,$$0$=Ð1,&$ 021,725(2'(/26%2648(6'(/$$0$=21,$&2/20%,$1$ 7$%/$7,326'(&2%(5785$6'(/$$0$=21,$6(*Ô1*5$1'(63$,6$-(6 &Ð',*2 1RPEUHGHODFREHUWXUD ÉUHD.P /ODQXUD 0RQWDxD 727$/ 7HMLGRXUEDQRFRQWLQXR 7HMLGRXUEDQRGLVFRQWLQXR $HURSXHUWRV 3DVWRVOLPSLRV 3DVWRVHQPDOH]DGRV 0RVDLFRGHFXOWLYRV 0RVDLFRGHSDVWRV\FXOWLYRV 0RVDLFRGHFXOWLYRVSDVWRV\HVSDFLRVQDWXUDOHV 0RVDLFRGHSDVWRVFRQHVSDFLRVQDWXUDOHV %RVTXH'HQVR$OWRGH7LHUUD)LUPH %RVTXH'HQVR$OWR,QXQGDEOH+HWHURJpQHR 3DOPDU %RVTXH'HQVR%DMRGH7LHUUD)LUPH %RVTXH'HQVR%DMR,QXQGDEOH %RVTXH)UDJPHQWDGRFRQSDVWRV\FXOWLYRV %RVTXH)UDJPHQWDGRFRQ9HJHWDFLyQ6HFXQGDULD %RVTXHGHJDOHUtD\ULSDULR +HUED]DOGHQVRGHWLHUUDILUPHQRDUERODGR +HUED]DOGHQVRGHWLHUUDILUPHDUERODGR +HUED]DOGHQVRGHWLHUUDILUPHFRQDUEXVWRV +HUED]DOGHQVRLQXQGDEOHQRDUERODGR +HUED]DOGHQVRLQXQGDEOHDUERODGR +HUED]DODELHUWRDUHQRVR +HUED]DODELHUWRURFRVR $UEXVWDO'HQVR $UEXVWDO$ELHUWRPHVyILOR 9HJHWDFLyQVHFXQGDULDRHQWUDQVLFLyQ =RQDVDUHQRVDVQDWXUDOHV $IORUDPLHQWRVURFRVRV 7LHUUDVGHVQXGDV\GHJUDGDGDV =RQDVTXHPDGDV =RQDV3DQWDQRVDV 9HJHWDFLyQDFXiWLFDVREUHFXHUSRVGHDJXD 5tRVP /DJXQDVODJRV\FLpQDJDVQDWXUDOHV 6LQ,QIRUPDFLyQ 727$/(6 )XHQWHHODERUDFLyQSURSLD 5(9,67$&2/20%,$$0$=Ð1,&$ QLYHOGHOPDUKDVWDODGLYLVRULDGHDJXDVHQODFRUGLOOHUD RULHQWDOGHORV$QGHVFRORPELDQRV\HOWHUFHURSRUGH SDUWDPHQWRV(QSULPHUOXJDUVHKDFHXQDGLVWULEXFLyQ GH ODV FREHUWXUDV HQ WRGD OD UHJLyQ GLVWULEX\pQGRODV SRU JUDQGHV SDtVHV OXHJR VH KDFH XQ DQiOLVLV SDUD ORV ERVTXHVIUDJPHQWDGRVODViUHDVGHIRUHVWDGDVORVSDVWRV SODQWDGRV\ILQDOPHQWHSDUDODYHJHWDFLyQVHFXQGDULD /DVFREHUWXUDVQDWXUDOHVTXHLQFOX\HQORVERVTXHVORV KHUED]DOHV\DUEXVWDOHVVXPDQHOGHODUHJLyQ PLHQWUDVTXHODViUHDVGHIRUHVWDGDVOOHJDEDQDO (QODWDEODVHHYLGHQFLDQODVFLIUDVSDUDFDGDXQDGH ODV FREHUWXUDV GLVWULEXLGDV HQ FDGD JUDQ SDLVDMH \ HO WRWDOGHODUHJLyQ /RVERVTXHVLQXQGDEOHVLQFOXLGRVORVSDOPDUHV\ORV ERVTXHVEDMRVHVWiQHQWHUDPHQWHHQODSODQLFLHROOD QXUD PLHQWUDV TXH ORV KHUED]DOHV HVWiQ GLVWULEXLGRV HQORVGRVJUDQGHVSDLVDMHVFRQHOHQODOODQX UD\HOHQOD]RQDPRQWDxRVDHQHVWHFDVRVH HQWLHQGHTXHHVHSRUFHQWDMHHQPRQWDxDFRUUHVSRQ GHFRQODViUHDVGHSiUDPRV$OJRLQWHUHVDQWHTXHVH GHWHFWyHVTXHHOGHODViUHDVVLQLQIRUPDFLyQ HVWiQHQHOiUHDPRQWDxRVDGHELGRDODFRQWLQXDSUH VHQFLDGHQXEHVHQODV]RQDVDOWDVGHODPRQWDxD %2648()5$*0(17$'2 (OiUHDGHHVWDFODVHIXHGHNPLQFOX\HODV iUHDVGHERVTXHIUDJPHQWDGRSRUSDVWRV\FXOWLYRVFRQ NP\HOIUDJPHQWDGRSRUYHJHWDFLyQVHFXQ GDULDFRQXQiUHDGHNP&XDQGRVHGHWHU PLQDODGLVWULEXFLyQSRUSDLVDMHVVHHQFXHQWUDTXHHQ ODSODQLFLHKDEtDNPGHORVFXDOHVHO VHGHEtDQDSDVWRV\FXOWLYRVPLHQWUDVTXHHOUHVWDQWH HUDSRUYHJHWDFLyQVHFXQGDULDHQODPRQWDxD KDEtDXQWRWDOGHNPFRQHOSRUIUDJ PHQWDFLyQGHELGDDSDVWRV\FXOWLYRV\HOSRU YHJHWDFLyQVHFXQGDULD 7RPDQGR FRPR UHIHUHQFLD ORV GDWRV SUHVHQWDGRV HQ OD )LJXUD \ OD WDEOD VH HYLGHQFLD TXH HO GHSDU WDPHQWR FRQ PD\RU iUHD GH ERVTXH IUDJPHQWDGR HV *XDYLDUHFRQHOGHOWRWDONPVHJXLGR SRUORVGHSDUWDPHQWRVGH&DTXHWiNP0HWD NP \ 3XWXPD\R NP HVWD VLWXDFLyQ HYL GHQFLD SURFHVRV DFWLYRV GH LQWHUYHQFLyQ VREUH iUHDV QXHYDV GH ERVTXH /RV GHSDUWDPHQWRV FRQ PHQRUHV iUHDV GH ERVTXH IUDJPHQWDGR VRQ 1DULxR 9LFKDGD $PD]RQDV *XDLQtD 9DXSpV \ &DXFD FRQ PHQRV GH NPFDGDXQR ),*85$',675,%8&,Ð1'(%2648()5$*0(17$'2 )XHQWHHODERUDFLyQSURSLD 5(9,67$&2/20%,$$0$=Ð1,&$ 021,725(2'(/26%2648(6'(/$$0$=21,$&2/20%,$1$ 7$%/$É5($6'(%2648()5$*0(17$'2325'(3$57$0(172 %RVTXHIUDJPHQWDGR '(3$57$0(172 3RUSDVWRV\FXOWLYRV .P $PD]RQDV 3RUYHJHWDFLyQVHFXQGDULD .P 68%727$/ .P &DXFD *XDLQtD *XDYLDUH 0HWD 9DXSpV 9LFKDGD 727$/ &DTXHWi 1DULxR 3XWXPD\R )XHQWHHODERUDFLyQSURSLD É5($6'()25(67$'$6 (QWRWDOSDUDHODxRVHGHWHFWDURQNP GHIRUHVWDGRVUHSUHVHQWDQHOGHOD$PD]RQLDHO FRQFHSWRGHiUHDGHIRUHVWDGDVHDVXPHFRPRDTXHOODV ]RQDVTXHSDUDHVHPRPHQWRHVWDEDQHQSDVWL]DOHVYH JHWDFLyQVHFXQGDULDGHRULJHQDQWUySLFRHQHVWHFDVR VHH[FHSW~DQODVFODVLILFDGDVFRPRFKDJUDVGHYLHQWR \ODVRFDVLRQDGDVSRUGLQiPLFDVIOXYLDOHVWDPELpQVH LQFOX\HQORVPRVDLFRVFRQSUHGRPLQLRGHFREHUWXUDV GHRULJHQDQWUySLFRFRPRSDVWRVRFXOWLYRV)LJXUD (O iUHD GHIRUHVWDGD VH GLVWULEX\H HQ OODQXUD NP\HQ0RQWDxDNP&RQ UHVSHFWR WRGD OD UHJLyQ HVWDV FLIUDV UHSUHVHQWDQ HO \UHVSHFWLYDPHQWH/DViUHDVGHIRUHVWDGDV DOLQWHULRUGHFDGDJUDQSDLVDMHUHSUHVHQWDQHQODOOD QXUD HO \ HQ OD 0RQWDxD HO HVWR LQGLFD TXHHOSURFHVRGHGHIRUHVWDFLyQHVPiVLQWHQVRHQODV iUHDVPRQWDxRVDV7DEOD &XDQGRVHKDFHXQDDSUR[LPDFLyQGHHVWDVFLIUDVSRU GHSDUWDPHQWRDSDUWLUGHODVHYLGHQFLDVGHOD)LJXUD VHHQFXHQWUDTXH&DTXHWiSUHVHQWDODPD\RUVXSHU ILFLH GHIRUHVWDGD NP HQ WpUPLQRV FRQ FUHWRV SHUR TXH 3XWXPD\R HYLGHQFLD OD PD\RU SUR SRUFLyQGHVXWHUULWRULRDIHFWDGRSRUGHIRUHVWDFLyQ VHJXLGRSRU&DTXHWi\0HWD 3$6726 /DVXSHUILFLHWRWDOHQSDVWRVSDUDHOSHULRGRIXH GHNPGHORVFXDOHVHQODFODVHSDVWRVOLP SLRVKDEtDNPHQSDVWRVHQPDOH]DGRV NPWDPELpQVHLQFOX\HQHQHVWDFDWHJRUtDGHSDVWL]D OHVDTXHOODViUHDVTXHVHFODVLILFDURQFRPRPRVDLFRV HVWRHV]RQDVTXHHYLGHQFLDQODSUHVHQFLDGHSDVWRV HQDVRFLRFRQRWUDVFREHUWXUDVFRPRFXOWLYRV\HVSD FLRVQDWXUDOHV\DVHDQERVTXHVDUEXVWDOHVKHUED]DOHV FXHUSRVGHDJXDHQWUHRWURVHOiUHDGHHVWDFODVHGH PRVDLFRVVXPyNP)LJXUD &XDQGRVHREVHUYDQORVGDWRVGHODWDEODVHGHWHFWD TXHHOSDLVDMHHQGRQGHSUHGRPLQDQORVSDVWRV\ODV XQLGDGHVFRPSOHMDVFRQSUHGRPLQLRGHHVWRVHVODOOD QXUDFRQHOPLHQWUDVTXHHQODPRQWDxDVROR KDEtDHO /RVGHSDUWDPHQWRVFRQPD\RUHVH[WHQVLRQHVGHSDVWL ]DOHVVRQ&DTXHWiFRQPiVGHOGHOWRWDOVHJXLGR 5(9,67$&2/20%,$$0$=Ð1,&$ ),*85$É5($'()25(67$'$(1/$$0$=21,$&2/20%,$1$$/ )XHQWHHODERUDFLyQSURSLD 7$%/$É5($'()25(67$'$325'(3$57$0(172<3$,6$-( ÉUHDGHIRUHVWDGD 'HSDUWDPHQWR /ODQXUD .P 0RQWDxD .P 727$/'()25(67$'2 .P &DXFD *XDLQtD $PD]RQDV &DTXHWi *XDYLDUH 0HWD 3XWXPD\R 9DXSpV 9LFKDGD 727$/ 1DULxR )XHQWHHODERUDFLyQSURSLD 5(9,67$&2/20%,$$0$=Ð1,&$ 021,725(2'(/26%2648(6'(/$$0$=21,$&2/20%,$1$ ),*85$',675,%8&,Ð1'(É5($'()25(67$'$325'(3$57$0(172 )XHQWHHODERUDFLyQSURSLD ),*85$É5($'(3$6726<026$,&26&213$6726 ! " ! " )XHQWHHODERUDFLyQSURSLD SRU0HWD\3XWXPD\RFRQSRUFHQWDMHVPX\VLPLODUHV 7DEOD 9(*(7$&,Ð16(&81'$5,$2(1 75$16,&,Ð1 6H GHWHFWDURQ NP EDMR HVWD GH FODVH GH FREHUWXUDTXHLQFOX\HODViUHDVTXHKDQVLGRGHIR UHVWDGDV\HVWiQHQSURFHVRVGHVXFHVLyQWDPELpQVH LQFOX\HQODV]RQDVTXHKDQVXIULGRSpUGLGDGHERV TXHV D FDXVD GH ORV YLHQWRV TXH JHQHUDQ ODV GHQR PLQDGDVFKDJUDVGHYLHQWR\ODViUHDVTXHHVWiQHQ SURFHVR GH VXFHVLyQ D SDUWLU GH OD FROPDWDFLyQ GH FXHUSRVGHDJXD\VXFRUUHVSRQGLHQWHJHQHUDFLyQGH YHJHWDFLyQ /DLPSRUWDQFLDGHHVWDFREHUWXUDUDGLFDHQTXHFR UUHVSRQGHDORVHVWDGRVWUDQVLFLRQDOHVGHWUDQVIRUPD FLyQGHORVHFRVLVWHPDVDPD]yQLFRV\DVHDHVWDQDWX 5(9,67$&2/20%,$$0$=Ð1,&$ 7$%/$É5($(13$6726',675,%8,'263253$,6$-( 'LVWULEXFLyQSRUSDLVDMHGHSDVWRV\PRVDLFRVGHSDVWRVFRQRWUDVFREHUWXUDVNP 3$,6$-( 3DVWR OLPSLR 3DVWR HQPDOH]DGR 0RVDLFRGH SDVWRV\FXOWLYRV 0RVDLFRGHFXO WLYRVSDVWRV\HV SDFLRVQDWXUDOHV 0RVDLFRGHSDVWRV FRQHVSDFLRV QDWXUDOHV 727$/ /ODQXUD 0RQWDxD 727$/ )XHQWHHODERUDFLyQSURSLD 7$%/$3$6726',675,%8,'26325'(3$57$0(1726 'LVWULEXFLyQSRUGHSDUWDPHQWRVGHSDVWRV\PRVDLFRVGHSDVWRVFRQRWUDVFREHUWXUDVNP 'HSDUWDPHQWR $PD]RQDV &DTXHWi &DXFD *XDLQtD 3DVWR OLPSLR 3DVWR HQPDOH]DGR 0RVDLFR GHSDVWRV \FXOWLYRV 0RVDLFRGH FXOWLYRVSDVWRV\ HVSDFLRVQDWXUDOHV 0RVDLFRGHSDV WRVFRQHVSDFLRV QDWXUDOHV 68%727$/ *XDYLDUH 0HWD 1DULxR 9DXSpV 9LFKDGD 727$/ 3XWXPD\R )XHQWHHODERUDFLyQSURSLD UDORDQWUySLFD/RFDOPHQWHVHGHQRPLQDQUDVWURMRVR FDxHURV\FXDQGRVXFDXVDHVLQWHUYHQFLyQDQWUySLFD FDVL VLHPSUH HVWiQ ORFDOL]DGRV HQ ORV HVSDFLRV LQWHU PHGLRVHQWUHORVSDVWRV\ORVERVTXHV3DUHFLHUDTXH VLUYHQGHHVFXGRVSURWHFWRUHVGHORVERVTXHVQDWLYRV FRQWUDORVHPEDWHVGHODRFXSDFLyQVLQHPEDUJRVLQR VHKDFHXQDDGHFXDGDJHVWLyQSDUDTXHHVWDVFREHUWX UDVVHPDQHMHQGHVGHRWUDSHUVSHFWLYDQRLPSRUWDUD VXSUHVHQFLDVLHPSUHSHUGHUiQIUHQWHDODVDFFLRQHV KXPDQDVGHDPSOLDUODViUHDVGHODVILQFDVFRQHO~QL FRILQGHLQFUHPHQWDUORVSDVWL]DOHVTXHVRSRUWDQXQD OiQJXLGDJDQDGHUtDSRFRSURGXFWLYD 8QD SULPHUD HYDOXDFLyQ SHUPLWLy GLIHUHQFLDU NP FRPR ]RQDV GHIRUHVWDGDV SRU FDXVDV DQWUySLFDV 5(9,67$&2/20%,$$0$=Ð1,&$ NPSRULQIOXHQFLDGHOYLHQWR\ORVUHVWDQWHV NPHQiUHDVGHDQWLJXRVFXHUSRVGHDJXD7DEOD &XDQGR VH HYDO~D OD GLVWULEXFLyQ GH HVWD FREHUWXUD HQORVGRVJUDQGHVSDLVDMHVVHGHWHFWDTXHHQOODQXUD KDEtD NP PLHQWUDV TXH HQ PRQWDxD VROR NP 7DEOD (Q HO PLVPR VHQWLGR HQ OD OODQXUDHOPD\RUSRUFHQWDMHGHHVWDFREHUWXUDHUDOD GHRULJHQDQWUySLFRFRQNPSDUDHOFDVRGH PRQWDxD VROR VH HYLGHQFLR OD GH RULJHQ DQWUySLFR $OJRLQWHUHVDQWHTXHVHHVSHUDED\TXHIXHFRUURER UDGRFRQORVGDWRVDOFDQ]DGRVIXHTXHODViUHDVFRQ YHJHWDFLyQVHFXQGDULDRULJLQDGDSRUODDFFLyQGHORV YLHQWRVVRORHVWiQSUHVHQWHVHQODV]RQDVSODQDVGH ODOODQXUD 021,725(2'(/26%2648(6'(/$$0$=21,$&2/20%,$1$ /RVGHSDUWDPHQWRVFRQPD\RUSURSRUFLyQGHYHJHWD FLyQVHFXQGDULDVRQHQRUGHQGHVFHQGHQWH&DTXHWi 3XWXPD\R0HWD\*XDYLDUH&XDQGRVHKDFHHVWHPLV PRDQiOLVLVSRURULJHQ\GHSDUWDPHQWRVHHQFXHQWUD TXHSDUDODViUHDVSURYHQLHQWHVGHGHIRUHVWDFLyQDQ WUySLFDHVWRVGHSDUWDPHQWRVFRQVHUYDQVXLPSRUWDQ FLDHQODVPLVPDVSURSRUFLRQHVPLHQWUDVTXHSDUDODV iUHDVSURYHQLHQWHVGHDFFLyQHyOLFDORVGHSDUWDPHQWRV FRQPD\RUHVVXSHUILFLHVVRQ*XDYLDUH&DTXHWi$PD ]RQDV\9DXSpV7DEOD OHV\HOWHUULWRULRRSDUDORVSURFHVRVGHLQYHVWLJDFLyQ DPELHQWDOHQOD$PD]RQLD &21&/86,21(6 /DPHWRGRORJtDOH\HQGD\EDVHGHGDWRVJHRUUHIHUHQ FLDGDHPSOHDGDVSDUDJHQHUDUODLQIRUPDFLyQSHUPL WHQKDFHUPHGLFLRQHVSHULyGLFDV\VLVWHPiWLFDV\VRQ HOHPHQWRVEiVLFRVGHXQSURFHVRGHPRQLWRUHRGHORV ERVTXHV\GHPiVFREHUWXUDV (V SRVLEOH FRQVROLGDU XQ SURFHVR GH PRQLWRUHR GH FREHUWXUDVGHODWLHUUDVREUHODEDVHGHXQWUDEDMRFR ODERUDWLYRHQWUHODVHQWLGDGHVGHO6,1$UHJLRQDOHQHO PDUFRGHLQLFLDWLYDVFRPRODGHO6LVWHPDGH,QIRUPD FLyQ$PELHQWDO7HUULWRULDOGHOD$PD]RQLD&RORPELD QD6,$7$&HQGRQGHHOLQVWLWXWR6LQFKLHVWiFRRUGL QDQGRODVDFFLRQHV\\DVHWLHQHXQDLQIRUPDFLyQGH OtQHDEDVHGHODxR (O PDSD GH FREHUWXUDV GH OD WLHUUD D OD HVFDOD GH UHSUHVHQWDXQDIXHQWHGHLQIRUPDFLyQTXH GHEHVHUYLUSDUDDSR\DUODVDFFLRQHVGHWRPDGHGHFL VLRQHVODJHVWLyQDPELHQWDOVREUHORVUHFXUVRVQDWXUD 7$%/$9(*(7$&,Ð16(&81'$5,$3253$,6$-(6 'LVWULEXFLyQSRUSDLVDMHGH9HJHWDFLyQVHFXQGDULDVHJ~QRULJHQ 3$,6$-( $QWUySLFR +tGULFR NP 9LHQWR NP 727$/ NP /ODQXUD 0RQWDxD 727$/ NP )XHQWHHODERUDFLyQSURSLD 7$%/$9(*(7$&,Ð16(&81'$5,$325'(3$57$0(1726 'LVWULEXFLyQSRUGHSDUWDPHQWRGH9HJHWDFLyQVHFXQGDULDVHJ~QRULJHQ '(3$57$0(172 $QWUySLFR .P $PD]RQDV +tGULFR .P (yOLFR .P 68%727$/ .P &DXFD *XDLQtD *XDYLDUH &DTXHWi 0HWD 1DULxR 9DXSpV 9LFKDGD 727$/ 3XWXPD\R )XHQWHHODERUDFLyQSURSLD 5(9,67$&2/20%,$$0$=Ð1,&$ &DXFHDEDQGRQiGR5tR$WDEDSR*XDLQLD8ULHO0XUFLD 6HGHWHFWyXQDPSOLRQ~PHURGHFREHUWXUDVSDUDHO SHULRGRHQWRWDOIXHURQFODVLILFDGDVFODVHV (QWRWDOHOGHODUHJLyQSUHVHQWDEDFREHUWXUDV QDWXUDOHV TXH LQFOX\HQ ERVTXHV KHUED]DOHV FXHUSRV GHDJXDHQWUHRWUDV /RVERVTXHVQDWXUDOHVLQFOXLGRVORVGHWLHUUDILUPH\ORV LQXQGDEOHVRFXSDQHOGHWRGDOD$PD]RQLD/RV SDVWRVFXEUtDQXQiUHDTXHUHSUHVHQWDEDHO\ODV iUHDVGHPRVDLFRVFRQSUHVHQFLDGHSDVWRVHUDGH (OWRWDOGHIRUHVWDGRDVFHQGtDDNP\ DXQFXDQGRODPD\RUVXSHUILFLHVHSUHVHQWDHQODOOD QXUD HO SRUFHQWDMH GHO SDLVDMH GH PRQWDxD DIHFWDGR SRUHVWHIHQyPHQRHVVXSHULRU /RV ERVTXHV IUDJPHQWDGRV WHQtDQ XQD VXSHUILFLH GH NP\HUD*XDYLDUHHOGHSDUWDPHQWRFRQPD\RU H[WHQVLyQGHHVWDFREHUWXUDFRQHOVHJXLGR GH&DTXHWiFRQHO 7HQLHQGRHQFXHQWDTXHSDUDKDFHUPRQLWRUHRVHSUH FLVDQGDWRVGHYDULRVPRPHQWRVHVWHWUDEDMRHVODSUL PHUDPHGLFLyQUHDOL]DGD\VHWRPDFRPRODOtQHDEDVH GHUHIHUHQFLDGHGLFKRSURFHVR(QHVWHVHQWLGRDFWXDO PHQWHHO6LQFKLHVWiSURGXFLHQGRODLQIRUPDFLyQGHO PRPHQWRDFWXDOHQHOGHODUHJLyQHQDVR FLRFRQOD8QLGDGGH3DUTXHVTXHODSURGXFHVREUHXQ GHOWHUULWRULR\HODSR\RGHO,*$&\&RUPDFDUHQD /DJHVWLyQGHORVGDWRVLQIRUPDFLyQ\SURGXFWRVGH LQIRUPDFLyQTXHVHJHQHUDQVRQODEDVHGHOPRQL 5(9,67$&2/20%,$$0$=Ð1,&$ WRULR TXH SHUPLWH DSUR[LPDFLRQHV VLVWHPiWLFDV GHO HVWDGR\GLQiPLFDVGHODVFREHUWXUDVSDUDORFXDOVH KDFRQVROLGDGRXQDEDVHGHGDWRVJHRUUHIHUHQFLDGD TXHSHUPLWHKDFHUPDQHMRGHHVWDLQIRUPDFLyQGH PDQHUD PXOWLWHPSRUDO (VWD EDVH GH LQIRUPDFLyQ HVIXQGDPHQWDOSDUDKDFHUODFXVWRGLDGHORVGDWRV IXQFLyQTXHDVXPHHO,QVWLWXWR6LQFKLSDUDWRGDOD $PD]RQLD $*5$'(&,0,(1726 (VSHFLDOPHQWHDO%RWiQLFR'DLURQ&DUGHQDVGLUHFWRUGHO+HU EDULR$PD]yQLFRFRORPELDQRSRUVXDSR\R\WRGDODLQIRUPD FLyQGHFDPSRD)HUQDQGR6DOD]DU1pVWRU0DUWtQH]$QGUHV )HOLSH *DUFLD -XDQ 3DEOR /DWRUUH SRU OD JHVWLyQ WpFQLFD \ DGPLQLVWUDWLYD,JXDOPHQWHDWRGRVORVLQWpUSUHWHVTXHSUR GXMHURQODLQIRUPDFLyQDOSHUVRQDOTXHSRVLELOLWyORVWUDEDMRV GHFDPSR(VSHFLDOPHQFLyQDWRGRVORVSURIHVLRQDOHVTXHQRV DFRPSDxDURQGXUDQWHODVWDQWDVUHXQLRQHVGHOFRPLWpWpFQLFR GHOPDSDGHFREHUWXUDV\TXHQRVDSR\DURQHQODUHVROXFLyQ GHODVGXGDVHLQFHUWLGXPEUHV 3DUD ODV HQWLGDGHV TXH KDQ DSR\DGR HVWH WUDEDMR HQ HVWDIDVHGHODxRFRPRHO,*$&SRULQWHUSUH WDFLyQ SUHOLPLQDU VHFWRU SLHGHPRQWH &DTXHWi \ 3X WXPD\RJHRUUHIHUHQFLDFLyQGHLPiJHQHV\FDUWRJUDItD EDVH$O6,0&,SRUDOJXQDVLPiJHQHV\GDWRVGHiUHDV FXOWLYDGDVHQFRFDDO,'($0SRUHOFRILQDQFLDPLHQ WRSDUDSURGXFLUODLQIRUPDFLyQGHOVHFWRURULHQWDO\ ILQDOPHQWH DO 6,1&+, UHSUHVHQWDGR HQ VX SHUVRQDO DGPLQLVWUDWLYR\WpFQLFR 021,725(2'(/26%2648(6'(/$$0$=21,$&2/20%,$1$ %,%/,2*5$)Ì$ $QGUDGH$\(WWHU$/HYDQWDPLHQWRHFROyJLFRGHOiUHDGH FRORQL]DFLyQGHO6DQ-RVpGHO*XDYLDUH3UR\HFWR'$,1&2 &$6$0&RUSRUDFLyQ$UDUDFXDUD&2$LQpGLWR%RJRWi &iUGHQDV'/ySH]5$FRVWD/=RQLILFDFLyQIRUHVWDOGH 7DUDSDFi,QVWLWXWR$PD]yQLFRGH,QYHVWLJDFLRQHV&LHQWtIL FDV6,1&+,%RJRWi &(*$$PD]RQLD&RORPELDQDGLYHUVLGDG\&RQIOLFWR&R PLVLyQ 1DFLRQDO GH ,QYHVWLJDFLRQHV $PD]yQLFDV &21,$ &2/&,(1&,$6&HQWURGH(VWXGLRV*DQDGHURV\$JUtFR ODV&(*$%RJRWiS (WWHU$&DUDFWHUL]DFLyQHFROyJLFDJHQHUDO\GHODLQWHUYHQ FLyQ KXPDQD HQ OD $PD]RQLD FRORPELDQD (Q $QGUDGH *+XUWDGR$7RUUHV5$PD]RQLD&RORPELDQD'LYHU VLGDG \ &RQIOLFWR &RPLVLyQ 1DFLRQDO GH ,QYHVWLJDFLRQHV $PD]yQLFDV&21,$&2/&,(1&,$6&HQWURGH(VWXGLRV *DQDGHURV\$JUtFRODV&(*$%RJRWiS (WWHU$3XLQDZDL\1XNDN&DUDFWHUL]DFLyQ(FROyJLFD*H QHUDOGHGRV5HVHUYDV1DFLRQDOHV1DWXUDOHVGHOD$PD]RQLD &RORPELDQD,'($'( (WWHU$$QGUDGHÉ\0DUWtQH]-/HYDQWDPLHQWRHFR OyJLFR JHQHUDO GHO EDMR UtR *XD\DEHUR /D 0DFDUHQD(O 5DXGDO 3UR\HFWR '$,1&2&$6$0 &RU SRUDFLyQ$UDUDFXDUDLQpGLWR%RJRWi )$26LWXDFLyQGHORVERVTXHVGHOPXQGR2UJDQL ]DFLyQGH/DV1DFLRQHV8QLGDVSDUDOD$JULFXOWXUD\OD$OL PHQWDFLyQ5RPDS *XWLpUUH])6DOD]DU&$FRVWD/3HUILOHVXUEDQRVHQOD $PD]RQLDFRORPELDQDXQHQIRTXHSDUDHOGHVDUUROORVRV WHQLEOH3UR\HFWR&ROFLHQFLDV,QVWLWXWR$PD]yQLFRGH,Q YHVWLJDFLRQHV&LHQWtILFDV6,1&+,%RJRWi ,'($0,*$&6,1&+,81,'$''(3$548(6+80%2/ '7,19(0$5(QSUHQVD/H\HQGDGHOPDSDGHFREHUWX UDVDHVFDOD'RFXPHQWRWpFQLFR&RQYHQLR GH%RJRWi ,'($0,*$&\&250$*'$/(1$0DSDGHFREHUWXUD GHODWLHUUD&XHQFD0DJGDOHQD&DXFD0HWRGRORJtD&RULQH /DQG&RYHUDGDSWDGDSDUD&RORPELDDHVFDOD ,QVWLWXWRGH+LGURORJtD0HWHRURORJtD\(VWXGLRV$PELHQ WDOHV,QVWLWXWR*HRJUiILFR$JXVWtQ&RGD]]L\&RUSRUDFLyQ $XWyQRPD5HJLRQDOGHO5tR*UDQGHGH/D0DJGDOHQD%R JRWi'&S ,'($0,*$&,$Y+,QYHPDU,6LQFKLH,,$3(FRVLVWHPDV FRQWLQHQWDOHVFRVWHURV\PDULQRVGH&RORPELD,QVWLWXWRGH +LGURORJtD0HWHRURORJtD\(VWXGLRV$PELHQWDOHV,QVWLWXWR *HRJUiILFR $JXVWtQ &RGD]]L ,QVWLWXWR GH ,QYHVWLJDFLyQ GH 5HFXUVRV %LROyJLFRV $OH[DQGHU YRQ +XPEROGW ,QVWLWXWR GH,QYHVWLJDFLRQHV$PELHQWDOHVGHO3DFtILFR-KRQYRQ1HX PDQQ,QVWLWXWRGH,QYHVWLJDFLRQHV0DULQDV\&RVWHUDV-RVp %HQLWR9LYHV'H$QGUpLVH,QVWLWXWR$PD]yQLFRGH,QYHVWLJD FLRQHV&LHQWtILFDV6LQFKL%RJRWi'&SKRMDV FDUWRJUiILFDV ,'($06,1&+,,$Y+,,$3,19(0$56LVWHPDGHLQ IRUPDFLyQDPELHQWDOGH&RORPELD²6,$&7RPRV\ &RQFHSWRVGHILQLFLRQHVHLQVWUXPHQWRVGHODLQIRUPDFLyQ DPELHQWDOGH&RORPELD%RJRWiS ,'($00HPRULDWpFQLFDPDSDGHFREHUWXUDVYHJHWDOHV XVR \ RFXSDFLyQ GHO WHUULWRULR ,QVWLWXWR GH +LGURORJtD0HWHRURORJtD\(VWXGLRV$PELHQWDOHV,'($0 %RJRWiS ,*$&$VSHFWRVDPELHQWDOHVSDUDHORUGHQDPLHQWRWHUUL WRULDOGHORFFLGHQWHGHOGHSDUWDPHQWRGHO&DTXHWi,QYHV WLJDFLRQHVSDUDOD$PD]RQLD,13$,,QVWLWXWR*HRJUiILFR $JXVWtQ &RGD]]L ,*$& \ )XQGDFLyQ 7URSHQERV 6DQWD IH GH%RJRWi ,*$&3UR\HFWR5DGDUJUDPpWULFRGHO$PD]RQDV&RORP ELD/D$PD]RQLDFRORPELDQD\VXVUHFXUVRV3525$'$0 9ROV ILJXUDV IRWRJUDItDV \ PDSDV HVFDOD ,QVWLWXWR*HRJUiILFR$JXVWtQ&RGD]]L,*$&%RJRWi ,*$&$VSHFWRVDPELHQWDOHVSDUDHORUGHQDPLHQWRWHUUL WRULDOGHOPXQLFLSLRGH0LW~GHSDUWDPHQWRGHO9DXSpV ,QVWLWXWR*HRJUiILFR$JXVWtQ&RGD]]L,*$&6XEGLUHFFLyQ GH$JURORJtD%RJRWiWRPRVSS ,*$&=RQLILFDFLyQ$PELHQWDOSDUDHOSODQPRGHORFRORP EREUDVLOHUR(MH$SDSRULV7DEDWLQJD3$7,QVWLWXWR*HR JUiILFR$JXVWtQ&RGD]]L,*$&%RJRWiS ,*$&3UR\HFWR2ULQRTXLD$PD]RQLD25$03DLVDMHV)L VLRJUiILFRV GH 2ULQRTXLD$PD]RQLD &RORPELD ,QVWLWXWR *HRJUiILFR$JXVWtQ&RGD]]L%RJRWi ,*$&$VSHFWRV$PELHQWDOHVSDUDHORUGHQDPLHQWR7HUUL WRULDO GHO 7UDSHFLR $PD]yQLFR ,13$ ,,, ,QVWLWXWR *HR JUiILFR$JXVWtQ&RGD]]L,*$&6XEGLUHFFLyQGH$JURORJtD %RJRWi&' ,*$&,1'(5(1$&21,) %RVTXHV GH &RORPELD 0H PRULDH[SOLFDWLYD%RJRWi /ySH] HW DO /LQHDPLHQWRV FRQFHSWXDOHV \ PHWRGROyJLFRV GHO 6LVWHPD GH ,QGLFDGRUHV $PELHQWDOHV $PD]RQLD HQ HO PDUFR GHO 3URJUDPD 5HJLRQDO GH 0RQLWRUHR $PELHQWDO ,QVWLWXWR $PD]yQLFR GH ,QYHVWLJDFLRQHV &LHQWtILFDV 6,1 &+,%RJRWiSS 0XUFLD*8*(GLWRU'LVHxRGHODOtQHDEDVHGHLQIRU PDFLyQDPELHQWDOVREUHORVUHFXUVRVQDWXUDOHV\HOPHGLR DPELHQWHHQOD$PD]RQLDFRORPELDQDEDVHVFRQFHSWXDOHV \ PHWRGROyJLFDV ,QVWLWXWR $PD]yQLFR GH ,QYHVWLJDFLRQHV &LHQWtILFDV6,1&+,%RJRWiSS 0XUFLD*8*=RQLILFDFLyQ\FDUDFWHUL]DFLyQHFROyJLFDGH VHLVYHUHGDVGHOGHSDUWDPHQWRGHO0HWD,QVWLWXWR$PD]y QLFRGH,QYHVWLJDFLRQHV&LHQWtILFDV6,1&+,\&RUSRUDFLyQ &250$&$5(1$%RJRWiS,QIRUPHWpFQLFR 5(9,67$&2/20%,$$0$=Ð1,&$ WHUULWRULDO&RQYHQLR,QVWLWXWR6,1&+,*REHUQDFLyQGHO *XDYLDUH%RJRWiS,QIRUPHWpFQLFR 0XUFLD85LFDXUWH/0HQGR]D<0D]RUUD$/ySH]5 &iUGHQDV'=XELHWD06DOD]DU&$FRVWD/0DUWt QH] - 0DFUR]RQLILFDFLyQ DPELHQWDO GH OD FXHQFD GHO 5tR 3XWXPD\R iUHD FRORPELDQD (Q 0DFUR]RQLILFD FLyQ(FROyJLFD(FRQyPLFD3ODQ&ROXPER3HUXDQRSDUDHO GHVDUUROORLQWHJUDOGHODFXHQFDGHO5tR3XWXPD\R6DQWDIH GH%RJRWi,QVWLWXWR$PD]yQLFRGH,QYHVWLJDFLRQHV&LHQ WtILFDV 6LQFKL ,QVWLWXWR 1DFLRQDO GH 'HVDUUROOR ,1$'( &,',2($S 0XUFLD85LFDXUWH/0HQGR]D<0D]RUUD$/ySH]5 &iUGHQDV ' =XELHWD 0 6DOD]DU & $FRVWD / 0DU WLQH]-2FDPSR5&RPSDWLELOL]DFLyQGHOD]R QLILFDFLyQ HFROyJLFD HFRQyPLFD 3ODQ &RORPER3HUXDQR SDUDHOGHVDUUROORLQWHJUDOGHODFXHQFDGHOUtR3XWXPD\R 6DQWDIHGH%RJRWi,QVWLWXWR$PD]yQLFRGH,QYHVWLJDFLRQHV &LHQWtILFDV6,1&+,,QVWLWXWR1DFLRQDOGH'HVDUUROOR,1 $'(&,',2($S 5DLVJ0DSDGHÉUHDVSURWHJLGDV\WLHUUDVLQGtJHQDV5HG $PD]yQLFDGH,QIRUPDFLRQHV6RFLRDPELHQWDOHV*HRUUHIH UHQFLDGDV 6,1&+,%DODQFHDQXDOVREUHHOHVWDGRGHORVHFRVLVWHPDV \HODPELHQWHGHOD$PD]RQLDFRORPELDQD,QVWLWXWR $PD]yQLFRGH,QYHVWLJDFLRQHV&LHQWtILFDV6,1&+,SS 6,1&+,3UR\HFWR6LVWHPDGH,QIRUPDFLyQ$PELHQWDO7H UULWRULDO GH OD $PD]RQLD FRORPELDQD 6,$7$& ,QVWLWXWR $PD]yQLFRGH,QYHVWLJDFLRQHV&LHQWtILFDV6,1&+,%RJRWi 6,1&+,,QYHQWDULR\WLSLILFDFLyQGHKXPHGDOHVHQHOGH SDUWDPHQWRGHO&DTXHWi,QVWLWXWR$PD]yQLFRGH,QYHVWL JDFLRQHV&LHQWtILFDV6,1&+,%RJRWi,QIRUPHWpFQLFR '$1((VWDGtVWLFDVGHOFHQVRZZZGDQHJRYFR FRQVXOWDGDHOGHIHEUHURGH 6LVWHPD GH ,QIRUPDFLyQ $PELHQWDO 7HUULWRULDO GH OD $PD]RQLD &RORPELDQD 6,$7$& 6LQFKL KWWSVLDWDFVLDF QHWFR &DPELRGHFREHUWXUDVERVTXHVEDMRV*XDLQtD8ULHO0XUFLD 0XUFLD*8*$QiOLVLVGHORVSURFHVRVGHGHIRUHVWDFLyQ\ SUDGHUL]DFLyQHQODV]RQDVGHFRORQL]DFLyQGHOD$PD]RQLD FRORPELDQD(VWXGLRGHFDVRGHSDUWDPHQWRGHO*XDYLDUH SHULRGR3RQWLILFLD8QLYHUVLGDG-DYHULDQD7H VLVGHJUDGR06F%RJRWiS 0XUFLD82FDPSR5&iUGHQDV'0DUtQ&&DUGRQD* &DVWUR:D=RQLILFDFLyQ\FDUDFWHUL]DFLyQHFROyJLFD GHVHLVYHUHGDVGHOGHSDUWDPHQWRGHO0HWD,QVWLWXWR$PD ]yQLFRGH,QYHVWLJDFLRQHV&LHQWtILFDV6,1&+,\&RUSRUD FLyQ&250$&$5(1$%RJRWiS,QIRUPHWpFQLFR 0XUFLD89LOOD/$0DUWtQH]-5HQGyQ0/DUD/5D PtUH]-&DVWUR:0HQGR]D'E3URSXHVWDGH ]RQLILFDFLyQ DPELHQWDOSDUDRFXSDFLyQ \ XVRGHO WHUULWR ULRÉUHDSDUDXVR\RFXSDFLyQKXPDQDVRVWHQLEOHGHILQL GDHQHOSODQGHRUGHQDPLHQWRGHOWHUULWRULR\GHVDUUROOR DOWHUQDWLYRGHOLQWHUIOXYLRGHORVUtRV/RVDGD\*XD\DEHUR $6&$/*,QVWLWXWR$PD]yQLFRGH,QYHVWLJDFLRQHV&LHQ WtILFDV6,1&+,%RJRWiS,QIRUPHWpFQLFR\PDSDV 0XUFLD 8 0DUtQ & $ORQVR - 6DOD]DU & *XWLpUUH] ) 'RPtQJXH] & 7UXMLOOR ) $UJHOOHV - 5HQGyQ0 2FDPSR5&DVWUR:'LVHxRGHODOtQHDEDVH GHLQIRUPDFLyQDPELHQWDOVREUHORVUHFXUVRVQDWXUDOHV \HOPHGLRDPELHQWHHQOD$PD]RQLDFRORPELDQD%R JRWi ,QVWLWXWR $PD]yQLFR GH ,QYHVWLJDFLRQHV &LHQWtILFDV 6,1&+,S 0XUFLD 8 0RQWHV - &DQR $ =RQLILFDFLyQ HFROyJLFD GHOD]RQDSLORWR/D&KRUUHUD3UR\HFWR'LVHxRHLPSOH PHQWDFLyQ GH XQ VLVWHPD GH LQGLFDGRUHV GH VHJXLPLHQWR GHODSROtWLFDGHELRGLYHUVLGDGHQOD$PD]RQLDFRORPELDQD +80%2/'7 6,1&+, '13 8($6331 &'$ &25 0$&$5(1$ &2532$0$=21,$ %RJRWi S ,QIRU PHWpFQLFR 0XUFLD82FDPSR5$UJHOOHV-6DOD]DU&&iUGHQDV' /ySH]59DUJDV**LUDOGR%3ODQGHRUGHQD PLHQWR WHUULWRULDO 'HSDUWDPHQWR GHO *XDYLDUH $QiOLVLV 5(9,67$&2/20%,$$0$=Ð1,&$ 021,725(2'(/26%2648(6'(/$$0$=21,$&2/20%,$1$ 1LYHO 1LYHO 1LYHO 1LYHO 1LYHO =RQDVLQGXVWULDOHVRFRPHUFLDOHV\UHGHVGH FRPXQLFDFLyQ =RQDVGHH[WUDFFLyQPLQHUDV\HVFRPEUHUDV =RQDVYHUGHVDUWLILFLDOL]DGDVQR DJUtFRODV 7(55,725,26$57,),&,$/,=$'26 =RQDV XUEDQL]DGDV 1LYHO $1(;2/(<(1'$0$3$'(&2%(5785$6'(/$7,(55$ 7HMLGRXUEDQR FRQWLQXR 7HMLGRXUEDQR GLVFRQWLQXR =RQDVLQGXVWULDOHV =RQDVFRPHUFLDOHV 5HGYLDO\WHUULWRULRVDVRFLDGRV =RQDVSRUWXDULDVIOXYLDOHV =RQDVSRUWXDULDVPDUtWLPDV $HURSXHUWRFRQLQIUDHVWUXFWXUD DVRFLDGD $HURSXHUWRVLQLQIUDHVWUXFWXUD DVRFLDGD 2WUDVH[SORWDFLRQHVPLQHUDV ([SORWDFLyQGHKLGURFDUEXURV ([SORWDFLyQGHFDUEyQ ([SORWDFLyQGHRUR ([SORWDFLyQGHPDWHULDOHVGH FRQVWUXFFLyQ 2WURVVLWLRVGHGLVSRVLFLyQGH UHVLGXRVDFLHORDELHUWR (VFRPEUHUDV 9HUWHGHURV 5HOOHQRVDQLWDULR 2WUDV]RQDVYHUGHVXUEDQDV 3DUTXHVFHPHQWHULR -DUGLQHVERWiQLFRV =RROyJLFRV 3DUTXHVXUEDQRV 5RQGDVGHFXHUSRVGHDJXDGH ]RQDVXUEDQDV ÉUHDVFXOWXUDOHV ÉUHDVGHSRUWLYDV ÉUHDVWXUtVWLFDV =RQDVLQGXVWULDOHVR FRPHUFLDOHV 5HGYLDOIHUURYLDULDV 5HGIHUURYLDULD\WHUUHQRV \WHUUHQRVDVRFLDGRV DVRFLDGRV =RQDVSRUWXDULDV $HURSXHUWRV 2EUDVKLGUiXOLFDV =RQDVGHH[WUDFFLyQ PLQHUD ([SORWDFLyQGHVDO =RQDGHGLVSRVLFLyQ GHUHVLGXRV =RQDVYHUGHV XUEDQDV ,QVWDODFLRQHVUH FUHDWLYDV 5(9,67$&2/20%,$$0$=Ð1,&$ &XOWLYRVWUDQVLWRULRV 1LYHO $UUR] 0Dt] 6RUJR &HEDGD 7ULJR $OJRGyQ $MRQMROt )UtMRO 6R\D 0DQt &HEROOD =DQDKRULD 5HPRODFKD 3DSD <XFD 2WURVFXOWLYRVSHUPDQHQWHV KHUEiFHRV &DxDGHD]~FDU &DxDSDQHOHUD 3OiWDQR\EDQDQR 7DEDFR 3DSD\D $PDSROD 2WURVFXOWLYRVSHUPDQHQWHV DUEXVWLYRV &DIpFRQ VRPEUtR &DIpGHOLEUH H[SRVLFLyQ &DFDR &RFD 9LxHGRV 2WURVFXOWLYRVSHUPDQHQWHV DUEyUHRV 3DOPDGHDFHLWH &tWULFRV 0DQJR &XOWLYRVDJURIRUHV WDOHV 3DVWRV\iUEROHVSODQWDGRV &XOWLYRV\iUEROHVSODQWDGRV &XOWLYRVFRQILQDGRV 2OHDJLQRVDV\OHJX PLQRVDV +RUWDOL]DV 7XEpUFXORV &DxD &XOWLYRVSHUPDQHQ WHVKHUEiFHRV &XOWLYRVSHUPDQHQWHV 1LYHO &HUHDOHV 7(55,725,26$*5Ì&2/$6 1LYHO 1LYHO 1LYHO 1LYHO 2WURVFXOWLYRVWUDQ VLWRULRV &XOWLYRVSHUPDQHQ WHVDUEXVWLYRV &XOWLYRVSHUPDQHQ WHVDUEyUHRV 5(9,67$&2/20%,$$0$=Ð1,&$ &DIp 1LYHO 1LYHO 1LYHO 1LYHO 1LYHO ÉUHDVDJUtFRODVKHWHURJpQHDV 3DVWRV 1LYHO 021,725(2'(/26%2648(6'(/$$0$=21,$&2/20%,$1$ 3DVWRVOLPSLRV 3DVWRVDUERODGRV 3DVWRVHQPDOH ]DGRV 0RVDLFRGH FXOWLYRV 0RVDLFRGHSDV WRV\FXOWLYRV 0RVDLFRGHFXO WLYRVSDVWRV\HVSDFLRV QDWXUDOHV 0RVDLFRGH SDVWRVFRQHVSDFLRV QDWXUDOHV 0RVDLFRGH FXOWLYRVFRQHVSDFLRV QDWXUDOHV %RVTXH'HQ VR$OWRGH7LHUUD)LUPH %RVTXH'HQVR$OWR %RVTXH'HQVR %RVTXH'HQVR $OWR,QXQGDEOH %RVTXH 'HQVR$OWR,QXQGD EOH+HWHURJpQHR 0DQJODU 3DOPDU %2648(6<$5($66(0,1$785$/(6 %RVTXH'HQVR%DMR %RVTXH $ELHUWR$OWRGH7LHUUD )LUPH %RVTXH $ELHUWR$OWR,QXQGDEOH %RVTXH $ELHUWR%DMRGH7LHUUD )LUPH %RVTXH$ELHUWR %DMR,QXQGDEOH %RVTXH)UDJPHQWDGRFRQ SDVWRV\FXOWLYRV %RVTXH)UDJPHQWDGRFRQ 9HJHWDFLyQ6HFXQGDULD 3ODQWDFLyQGH&RQtIHUDV 3ODQWDFLyQGH/DWLIROLDGDV %RVTXH$ELHUWR %RVTXH$ELHUWR%DMR %RVTXHV %RVTXH'HQ VR%DMR,QXQGDEOH %RVTXH$ELHUWR$OWR %RVTXHIUDJPHQWDGR %RVTXHGHJDOHUtD \ULSDULR 3ODQWDFLyQIRUHVWDO %RVTXH'HQ VR%DMRGH7LHUUD)LUPH 5(9,67$&2/20%,$$0$=Ð1,&$ 1LYHO 1LYHO 1LYHO 1LYHO 1LYHO 1LYHO +HUED]DO GHQVRGHWLHUUDILUPH QRDUERODGR +HUED]DOGHQVR GHWLHUUDILUPH +HUED]DO GHQVRGHWLHUUDILUPH FRQDUEXVWRV +HUED]DOGHQVR +HUED]DO +HUED]DO GHQVRLQXQGDEOHQR DUERODGR +HUED]DO GHQVRLQXQGDEOH DUERODGR $UUDFDFKDO +HUED]DODELHUWR $UEXVWDO'HQVR $UEXVWDO$ELHUWR +HUED]DO DELHUWRURFRVR $UEXVWDO$ELHUWR HVFOHUyILOR 9HJHWDFLyQVHFXQGDULDDOWD 9HJHWDFLyQVHFXQGDULDEDMD 3OD\DV $UHQDOHV &DPSRVGHGXQDV $IORUDPLHQWRV URFRVRV 7LHUUDVGHVQXGDV \GHJUDGDGDV =RQDVTXHPDGDV =RQDVJODFLDUHV\ QLYDOHV =RQDV*ODFLDUHV =RQDV1LYDOHV =RQDV3DQWDQRVDV 7XUEHUDV 9HJHWDFLyQDFXiWLFD VREUHFXHUSRVGHDJXD 3DQWDQRVFRVWHURV 6DOLWUDO 3OD\RQHVGHEDMDPDU ÉUHDVDELHUWDVVLQRFRQSRFD YHJHWDFLyQ $UEXVWDO $ELHUWRPHVyILOR ÉUHDVK~PH GDVFRQWLQHQWDOHV $UEXVWDO +HUED]DO DELHUWRDUHQRVR ÉUHDVK~ PHGDVFRVWHUDV ÉUHDVDELHUWDVVLQRFRQSRFDYHJHWDFLyQ +HUED]DOGHQVR LQXQGDEOH $5($6+80('$6 +HUED]DO GHQVRGHWLHUUDILUPH DUERODGR 9HJHWDFLyQVHFXQ GDULDRHQWUDQVLFLyQ =RQDVDUHQRVDV QDWXUDOHV 5(9,67$&2/20%,$$0$=Ð1,&$ 1LYHO 1LYHO 1LYHO 1LYHO 1LYHO $JXDVFRQWLQHQWDOHV $JXDV PDUtWLPDV 683(5),&,(6'($*8$ 1LYHO 021,725(2'(/26%2648(6'(/$$0$=21,$&2/20%,$1$ 5tRVP /DJXQDVODJRV\ FLpQDJDVQDWXUDOHV &DQDOHV (PEDOVHV &XHUSRVGHDJXD DUWLILFLDOHV /DJXQDVGHR[LGDFLyQ (VWDQTXHVSDUDDFXLFXOWXUD FRQWLQHQWDO /DJXQDVFRVWHUDV 0DUHV\RFpDQRV (VWDQTXHVSDUD DFXLFXOWXUDPDULQD %RVTXHVGH]RQDPRQWDxRVD&DTXHWi8ULHO0XUFLD )XHQWH,GHDPHWDOHQSUHQVD 5(9,67$&2/20%,$$0$=Ð1,&$