&8562 %$6,&2 (.* ËQGLFH x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x *HQHUDOLGDGHV$OJRVREUHHOHFWURILVLRORJtD *HQHUDOLGDGHV$OJRVREUHDQDWRPtD *HQHUDOLGDGHV$OJRVREUHYHFWRUHV 6HFXHQFLDGHODDFWLYDFLyQYHQWULFXODU 2QGDVVHJPHQWRVHLQWHUYDORV 'HULYDFLRQHVGHODVH[WUHPLGDGHV &RQH[LyQHTXLYRFDGDGHODVGHULYDFLRQHVGHODVH[WUHPLGDGHV 'HULYDFLRQHVSUHFRUGLDOHV &RUUHODFLyQDQDWyPLFDGHODVGHULYDFLRQHVSUHFRUGLDOHV 5RWDFLRQHVVREUHHOHMHORQJLWXGLQDO Æ456&RQVWUXFFLyQGHOVLVWHPDKH[D[LDO Æ456&iOFXORGHOHMH Æ456GHD(MHPSORV Æ456GHDHMHLQGHILQLGR(MHPSORV &UHFLPLHQWRVDXULFXODUHV &UHFLPLHQWRDXULFXODUGHUHFKR &UHFLPLHQWRDXULFXODUL]TXLHUGR 3VHXGR3SXOPRQDOH %ORTXHRLQWHUDXULFXODU +LSHUWURILDYHQWULFXODUL]TXLHUGD &ULWHULRVEiVLFRV &ULWHULRVGHYROWDMH\GHSXQWXDFLyQ $OWHUDFLRQHVGHODRQGD7\GHOVHJPHQWR67 3DWURQHVGHVREUHFDUJD +D\TXHUHFRUGDUTXH 'LODWDFLyQHKLSHUWURILDYHQWULFXODUL]TXLHUGD +LSHUWURILDYHQWULFXODUGHUHFKD 0RUIRORJtDGHOFRPSOHMR456HQ9 $OWHUDFLyQGHODRQGD7\GHOVHJPHQWR67 &RUSXOPRQDOHDJXGR &RUSXOPRQDOHFUyQLFR %ORTXHRGHUDPDL]TXLHUGD %ORTXHRLQFRPSOHWRGHUDPDL]TXLHUGD18(9$6,0È*(1(6 %ORTXHRGHUDPDGHUHFKD %ORTXHRVIDVFLFXODUHV +HPLEORTXHRDQWHULRU +HPLEORTXHRSRVWHULRU %5'++EORTXHRVIDVFLFXODUHV %ORTXHRWULIDVFLFXODU %ORTXHRGHUDPDELODWHUDO %ORTXHRGHUDPDHKLSHUWURILDYHQWULFXODU %5,++H+9,R+9' %5'++H+9' %5'++H+9, +%$H+9, 'HIHFWRVLQHVSHFtILFRVGHODFRQGXFFLyQLQWUDYHQWULFXODU 6tQGURPHVGHSUHH[FLWDFLyQ 6tQGURPHGH:ROII3DUNLQVRQ:KLWH 7LSR$ x x x x x x x x x x x x x x x x x x x x x x 7LSR% 7LSR& +D\TXHUHFRUGDUTXH 35FRUWR ,VTXHPLD ,VTXHPLDVXEHSLFiUGLFD ,VTXHPLDVXEHQGRFiUGLFD /HVLyQ /HVLyQVXEHSLFiUGLFD /HVLyQVXEHQGRFiUGLFD ,QIDUWRDJXGR ,QIDUWRFUyQLFR ,QIDUWRDJXGR\LQIDUWRDQWLJXR $QHXULVPDYHQWULFXODU ,QIDUWR\EORTXHRGHUDPD18(9$,0$*(11HFURVLV\%5'+++%$ %ORTXHRSHULLQIDUWR 6LWXDFLRQHVTXHVLPXODQXQDLVTXHPLDPLRFiUGLFD 3HULFDUGLWLVDJXGD18(92 ,PSUHJQDFLyQGLJLWiOLFD 5HSRODUL]DFLyQSUHFR] 6LWXDFLRQHVTXHVLPXODQXQDQHFURVLVPLRFiUGLFDRTXHSURYRFDQTXHVHUHDOLFH GLFKRGLDJQyVWLFR 4QRSDWROyJLFD *HQHU HQHUDOLOLGDGH GDGHVV$ $OJJRGHHO RGHH OHFWURILVLRORJÞ RJÞD /DHVWLPXODFLäQGHXQDFÚOXODPXVFXODUDXPHQWDODSHUPHDELOLGDG GHVXPHPEUDQDSURGXFLHQGRXQDVHULHGHFDPELRVLäQLFRVD WUDYÚVGHODPLVPD(OUHJLVWURGHHVWHIHQäPHQRVHFRUUHVSRQGH SRWWHQ HQFFLDOOGHD GHDFF FFLLäQ FRQXQDFXUYDTXHVHGHQRPLQDSR WUDQV DQVPHPEUDQD 3$7\TXHFRQVWDGHODVVLJXLHQWHVSDUWHV\ IDVHV 'HVSRODUL]DFLäQDFWLYDFLäQRIDVH(QWUDGDVëELWDGH&D\ 1DDOLQWHULRUGHODFÚOXOD 5HSRODUL]DFLäQUHFXSHUDFLäQ )DVHHLQLFLRGHODIDVH3HUVLVWHODHQWUDGDGH&D\1D \VHLQLFLDODVDOLGDG.DOH[WHULRUGHODFÚOXOD )LQDOGHODIDVH\IDVH/DVDOLGDGH.HVPÒ[LPD6HLQLFLD HOUHVWDEOHFLPLHQWRGHOHTXLOLEULRLäQLFRLQLFLDO )DVH6HUHVWDEOHFHHOHTXLOLEULRLäQLFRLQLFLDOPHGLDQWHXQ PHFDQLVPR GHWUDQVSRUWHDFWLYR 3RGHPRVGHILQLUGRV]RQDVGHVGHXQSXQWRGH YLVWDHOÚFWULFRHOVXEHSLFDUGLR\HOVXEHQGRFDUGLR$PEDVHVWÒQ VHSDUDGDVSRUORTXHVHGHQRPLQDHQGRFDUGLRHOÚFWULFR /D]RQDVXEHQGRFÒUGLFDHVODSULPHUDTXHVHGHVSRODUL]D\OD ëOWLPDTXHVHUHSRODUL]D\GHHVWDPDQHUDHO3$7GHO VXEHQGRFDUGLRVHLQLFLDDQWHV\ILQDOL]DPÒVWDUGHTXHHO3$7GHO VXEHQGRFDUGLR (O( O(& ** GH GHVVXSH XSHUUILFLHH HHV VOODDU UHVXOWDQW DQWHGH ODV VGR GRVF VFX XUYDV *HQHU HQHUDOLOLGDGH GDGHVV $ $OJJRGHDQDW RGHDQD WRPÞD 6LVWHPDH DHVVSH SHFFÞI ÞILLFRGH RGHFFRQGX RQGXFF FFLLäQ QäGXOOR RVVLQX QXVVDO \ (OLPSXOVRHOÚFWULFRVHLQLFLDKDELWXDOPHQWHHQHOQäGX VHSURSDJDD WUDYÚVGHODVYÞDVGHFRQGXFFLäQLQWHUDXULFXODUHV QRGRDXUULFXORYHQ HQWWULFXODU$OOÞVH KDFLDDPEDVDXUÞFXODV\KDFLDHOQRGRDX SURGXFHXQHQOHQWHFLPLHQWRGHODYHORFLGDGGHFRQGXFFLäQGHO KD] ]GH GH+ +LV \VXVUUDPDV VGH GHUUHFKDH LPSXOVRºVWHFRQWLQëDSRUHOKD L]TX TXLLHUGD KDVWDOOHJDUDWUDYÚVGHODUUHGGH HGGH3 3XUNLQMHDDPERV YHQWUÞFXORV *HQHU HQHUDOLOLGDGH GDGHVV $ $OJJRV R VRE REUUH HYYHFWRUHV (OFLFORFDUGÞDFRSXHGHUHSUHVHQWDUVHGHIRUPDVLPSOHFRQORV VLJXLHQWHVYYHFWRUHV TXHDSDUHFHQGHIRUPDVXFHVLYDHQHOWLHPSR 8QYHFWRUTXHFRUUHVSRQGHODDFWLYDFLäQDXULFXODU$ 8QYHFWRUTXHFRUUHVSRQGHDODDFWLYDFLäQVHSWDO\TXHWLHQHXQD GLUHFFLäQSULQFLSDOGHL]TXLHUGDDGHUHFKD 8QYHFWRUTXHLQLFLDOPHQWHFRUUHVSRQGHDODDFWLYDFLäQ FRLQFLGHQWHGHORVGRVYHQWUÞFXORV\SRVWHULRUPHQWHDODDFWLYDFLäQ GHODVUHJLRQHVFHQWUDO\DSLFDOGHOYHQWUÞFXORL]TXLHUGR\D HVWDQGRHOYHQWUÞFXORGHUHFKRGHVSRODUL]DGR 8QYHFWRUTXHFRUUHVSRQGHODDFWLYDFLäQEDVDO\SRVWHULRUGHO YHQWUÞFXORL]TXLHUGR\GHOVHSWR 8QYHFWRUQRUHSUHVHQWDGRTXHFRUUHVSRQGHDODUHSRODUL]DFLäQ YHQWULFXODU 6HFXHQ XHQFFLDGH DGHOODDDF D FWLYDFLääQY Q YHQ HQWWULFXODU $FWLYDFLäQY äQYHQ HQWWULFXOD UU /DDFWLYDFLäQLQLFLDOGHORVYHQWUÞFXORVWLHQHOXJDUDQLYHOGHO WDELTXHLQWHUYHQWULFXODU\VHSURGXFHGHL]TXLHUGDDGHUHFKDDFWR VHJXLGRVHDFWLYDODUHJLäQDQWHULRUGHOWDELTXH\ODPD\RUSDUWH GHDPERVYHQWUÞFXORV/DVUHJLRQHVSRVWHUREDVDOHVL]TXLHUGDVHO FRQRGHODDUWHULDSXOPRQDU\ODSDUWHPÒVDOWDGHOWDELTXH LQWHUYHQWULFXODUVRQODVëOWLPDVUHJLRQHVHQDFWLYDUVH &DGDXQDGHHVWDV]RQDVWLHQHVXFRUUHVSRQGHQFLDHQHO(&* 2QGD QGDVVV VHJ HJP PHQ HQWWR VVH HLLQWHUYDORV RQGDVVXQRVVVHJ HJP PHQ HQWWRV \XQRV (OUHJLVWUR(&*PXHVWUDXQDVRQGD LQWHUYDORV RQGD3 3 TXHFRUUHVSRQGHDODDFWLYDFLäQDXULFXODU\WLHQHXQD /DRQGD GXUDFLäQVHJ\XQDDOWXUDPP R35 TXHLQFOX\HHOWLHPSRGHFRQGXFFLäQ (OLLQWHUYDOR3 LQWUDDXULFXODUDXULFXORYHQWULFXODU\GHOVLVWHPD+LV3XUNLQMH7LHQH XQDGXUDFLäQTXHYDUÞDGHDVHJ R4 456 TXHFRUUHVSRQGHDODGHVSRODUL]DFLäQ (OFFRPSOHMR YHQWULFXODU\WLHQHXQDGXUDFLäQVHJ \SXHGHSUHVHQWDUGLYHUVDVPRUIRORJÞDVºVWDVVHSXHGHQ RQGD4 4DOD GHVFULELUOODPDQGRDODSULPHUDRQGDQHJDWLYDRQGD RQGD5 5 \DODRQGDQHJDWLYDTXHODVLJD SULPHUDRQGDSRVLWLYD RQGD RQGD6 RQGD 66HXWLOL]DQPD\ëVFXODVRPLQëVFXODVHQIXQFLäQGHO WDPDâRGHGLFKDVRQGDV6LVHUHJLVWUDQGRVRQGD5R6VHXWLOL]D HODSäVWURIHSDUDGLIHUHQFLDUODVOODPÒQGRODV5 R6 &XDQGRVH R4 46 UHJLVWUDXQDVRODRQGDQHJDWLYDVHGHQRPLQDFFRPSOHMR 2WURSDUÒPHWURTXHVHPLGHDODQDOL]DUHO456HVHOWWLHPSRGH DSDUULFLäQGH DSD äQGHOODGH DGHIIOH[LääQL Q LQWULQVHFRLGH GHTXHHVHOTXHWUDQVFXUUH GHVGHHOLQLFLRGHO456KDVWDHOPRPHQWRHQTXHODRQGD5 FDPELDGHGLUHFFLäQ7LHQHXQDGXUDFLäQQRUPDOVHJ(VWH SDUÒPHWURVHXWLOL]DHQHOGLDJQäVWLFRGHODKLSHUWURILDYHQWULFXODU L]TXLHUGDHQODGLODWDFLäQYHQWULFXODUL]TXLHUGD\HQHO KHPLEORTXHRDQWHULRU HJP PHQ HQWWR6 R67 TXHUHIOHMDODIDVHGHOSRWHQFLDOGHDFFLäQ (OVVHJ WUDQVPHPEUDQD6HLQLFLDDOILQDOL]DUHO456HOSXQWRGHXQLäQ SXQWWR R--\WHUPLQDHQ GHOVHJPHQWR67FRQHO456GHGHQRPLQDSXQ HOLQLFLRGHODRQGD71RUPDOPHQWHHVLVRHOÚFWULFRHVGHFLUTXH HVWÒDOPLVPRQLYHOTXHODOÞQHDGHEDVHGHO(&* RQGD7 7 TXHFRUUHVSRQGHDDUHSRODUL]DFLäQYHQWULFXODU /DRQGD (VWDRQGDVXHOHVHUSRVLWLYDHQODPD\RUÞDGHODVGHULYDFLRQHV DXQTXHSXHGHVHUQHJDWLYDHQDOJXQDGHULYDFLäQ/DVPÒV KDELWXDOHVVRQ9D9/\',,, VLQTXHHVWRWHQJDXQVLJQLILFDGR SDWROäJLFR7DPSRFRHVSDWROäJLFRHOUHJLVWURGH7FRQPRUIRORJÞD ELPRGDOTXHHQORVQLâRVSXHGHVHUEDVWDQWHPDUFDGD6HVXHOH UHJLVWUDUHQODFDUDDQWHULRUGHD9\QRWLHQHQLQJëQ VLJQLILFDGRSDWROäJLFR RQGD8 8TXHVHUHJLVWUDGHVSXÚVGHODRQGD7\TXHVXHOHVHU /DRQGD SRVLWLYD\DYHFHVEDVWDQWHFRQVSLFXDVLQTXHHVWRWHQJDXQ VLJQLILFDGRSDWROäJLFR $YHFHVHOVHJXQGRFRPSRQHQWHGHXQRQGD7ELPRGDOSXHGHVHU FRQIXQGLGRFRQXQDRQGD86REUHWRGRVLHVWDPRVUHJLVWUDQGRXQ VRORFDQDODODYH]/DFRPSDUDFLäQFRQRWUDGHULYDFLäQQRV D\XGDUÒDLGHQWLILFDUODVRQGDV(VWRVHUÒPX\IÒFLOVLSRGHPRV UHJLVWUDUPÒVGHXQFDQDODOPLVPRWLHPSR R47 TXHLQFOX\HODDFWLYDFLäQ\ODUHFXSHUDFLäQ (OLLQWHUYDOR4 YHQWULFXODU6HPLGHGHVGHHOLQLFLRGHO456KDVWDHOILQDOGHOD7 6XGXUDFLäQGHSHQGHGHODIUHFXHQFLDFDUGÞDFD\VXHOHVHU VHJ 'HULYDFLRQH RQHV VGH GHOODV VH H[WUHPLGDGH GDGHVV 'HULYDFLRQH RQHV VE ELSRO SRODUHV ',',,L',,,UHJLVWUDQODVGLIHUHQFLDVGHSRWHQFLDOHQWUHOD H[WUHPLGDGVXSHULRUL]TXLHUGD/$\ODH[WUHPLGDGVXSHULRU GHUHFKD5$ODH[WUHPLGDGLQIHULRUL]TXLHUGD/)\ODH[WUHPLGDG VXSHULRUGHUHFKD5$\ODH[WUHPLGDGLQIHULRUL]TXLHUGD/)\OD H[WUHPLGDGVXSHULRUL]TXLHUGD/$UHVSHFWLYDPHQWH 'HULYDFLRQH RQHV VP PRQRSR RQRSROODUHV 6HREWLHQHQFRQHFWDQGRODVWUHVH[WUHPLGDGHVDXQSXQWR GHQRPLQDGRFHQWUDOWHUPLQDOTXHDHIHFWRVSUÒFWLFRVVH FRQVLGHUDTXHWLHQHXQSRWHQFLDOFHUR\VLUYHFRPRHOHFWURGR LQGLIHUHQWHRGHUHIHUHQFLD(VWRSHUPLWHTXHDOFRORFDUHO HOHFWURGRH[SORUDGRUHQODH[WUHPLGDGVXSHULRUGHUHFKDOD H[WUHPLGDGVXSHULRUL]TXLHUGDRODH[WUHPLGDGLQIHULRUL]TXLHUGD VHSXHGDQUHJLVWUDUORVSRWHQFLDOHVHOÚFWULFRVHQGLFKD H[WUHPLGDG/DOHWUD9LGHQWLILFDDODGHULYDFLäQPRQSRODU\ODV OHWUDV5/\)DODVH[WUHPLGDGHVUHVSHFWLYDV6LVH GHVFRQHFWDGHODFHQWUDOWHUPLQDOODH[WUHPLGDGHQODTXHHVWDPRV UHDOL]DQGRHOUHJLVWURVHREWLHQHXQDXPHQWRGHODDPSOLWXG\SRU HVWHPRWLYRVHGHQRPLQDDHVWDVGHULYDFLRQHVD95D9/\D9) &RQH RQH[[LääQHTXL QHTX LYRFDGDGH DGDGHOODV VGH GHUULYDFLRQH RQHV VGH GHOODV V H[WUHPLGDGH GDGHVV /DLQYHUVLäQHQODFRQH[LäQGHORVHOHFWURGRVGHOEUD]RL]TXLHUGR \GHOEUD]RGHUHFKRGDOXJDUDTXHHQ',\D9/VHREVHUYHXQD LPDJHQHQHVSHMRGHODPRUIRORJÞDQRUPDOGHO4563456L7 QHJDWLYDV8QHIHFWRVLPLODUVHREWLHQHDOFRQHFWDUHUUäQHDPHQWH ORVRWURVHOHFWURGRV (QHOSULPHUFDVRHOHOHFWURGRGHEUD]RL]TXLHUGRVHKDFRQHFWDGR DOGHOEUD]RGHUHFKR\YLFHYHUVD(QHOVHJXQGRFDVRHOHOHFWURGR GHODSLHUQDL]TXLHUGDVHKDFRQHFWDGRDOGHOEUD]RGHUHFKR\ YLFHYHUVD 8QDVLWXDFLäQTXHQRVSXHGHKDFHUFUHHUTXHKHPRVUHDOL]DGR XQDFRQH[LäQHUUäQHDGHORVHOHFWURGRVGHODVH[WUHPLGDGHVHVOD GH[WURFDUGLD1RVGDUHPRVFXHQWDGHHOORDOUHDOL]DUOD H[SORUDFLäQ\DOYHUOD5;GHWäUD[/RFRQILUPDUHPRVDOUHJLVWUDU HO(&*FRQORVHOHFWURGRVFRORFDGRVGHIRUPDTXHSUHVHQWHQXQD FRUUHODFLäQDQDWäPLFDFRUUHFWD 'HULYDFLRQH RQHV VGH GHOO3 3ODDQR+ QR +RUL]RQ RQWWD OOGH GHUULYDFLRQH RQHV V SUHFRUGLDOHV ºVWDVVRQODVGHULYDFLRQHVTXHVHFRORFDQGHIRUPDHUUäQHDFRQ 3DUDQR DQRFFRPHWHUH UHUUR UURUHV\D V\DVÞ ÞRE REWWHQH HQHU UWWUD]DGR GRV V PÒVIUHFXHQFLD3 YÒOLOLGR GRVVKD KD\ \TXH TXHOORFDOLOL]]DU UH OO² H ²QJX QJXOORGH/RXL RGH/RXLV HOTXHIRUPDHO PDQXEULRHVWHUQDOFRQHOFXHUSRGHOHVWHUQäQSDOSDQGRDO $FWR RVVHJX HJXLLGR GR \V \VLLHPSUHSD HSDOOSDQGR SDQGR OORFDOLOL]]DUHPRVH VH OO SDFLHQWH$ VHJXQGRH HJXQGRHVVSD SDFFLR RLLQWHUFRVWDOL OL]]TX TXLLHUGR GRTXHHVHOSULPHUHVSDFLR LQWHUFRVWDOTXHVHHQFXHQWUDSRUGHEDMRGHO²QJXORGH/RXLV 6HJXLUHPRVSDOSDQGR\ORFDOL]DUHPRVHO«HVSDFLRLQWHUFRVWDO L]TXLHUGR HQHOOER ERUUGHH GHHVVWHUQD QDOOGH GHOO ««H HVSD SDFFLRL RLQWHUFRVWDOL OL]]TX TXLLHUGR \HQH FRORFDUHPRV9 V9 GH GHVVSXÚ SXÚVF VFR RORFDUHPRV9 V9HQH HQHOOER ERUUGHH GHHVVWHUQD QDOO GHOO GH ««H HVSD SDFFLRL RLQWHUFRVWDOOGH GHUUHFKR KR 9 9V VH HFFRORFD DWDPELÚQ SDOOSDQGR SD SDQGRHQH HQHOO ««H HVSD SDFFLRRL LQWHUFRVWDOL] OL]TX TXLLHUGRHQ GRHQOOD DOOÞQHD PHGL HGLRFODYLFXODU 8 8QD QDYYH]F ]FR RORFDGR9 DGR9 VVLWXD XDUUHPRV9 V9HQH HQHOOSXQ SXQWWR HTXLLGLVWDQW HTX DQWHHQW HHQWUH9 H9\ \9 9 9 9V VH HVVLWëDHQ ëDHQOOD DOOÞQHDD QHDD[[LOLOD DU UDQ DQWWHULRU DOOP PLVPRQ RQLLYHOOTXH TXH9 9 \ \9 9HQ HQOOD DOOÞQHD QHDP PHGL HGLRD[ RD[LOLOD DU UD OOP D PLVPRQ RQLLYHO TXH9 TXH 9 &RUU UUH HODFäQDQD LäQDQDWWäPLFDGH DGHOODV VGH GHUULYDFLRQH RQHV V SUHFRUGLDOHV /DVGHULYDFLRQHVSUHFRUGLDOHVXQLSRODUHVGHOSODQRKRUL]RQWDO9 D9UHJLVWUDQWRGRVORVVXFHVRVGHOFLFORFDUGÞDFRGHVGHXQ SXQWRGHYLVWDGHFDGDXQDGHODVGHULYDFLRQHV$VÞGHELGRDOD SUR[LPLGDGGHXQHOHFWURGRSUHFRUGLDODXQDGHWHUPLQDGD]RQD FDUGÞDFDORVSRWHQFLDOHVHOÚFWULFRVTXHVHJHQHUHQHQHO PLRFDUGLRVXE\DFHQWHHVWDUÒQDXPHQWDGRVPLHQWUDVTXH DTXHOORVSRWHQFLDOHVTXHVHRULJLQHQHQ]RQDVPÒVGLVWDOHVVHUÒQ GHPHQRUPDJQLWXG $OGHVSOD]DUHOHOHFWURGRGHODSRVLFLäQ9DODSRVLFLäQ9ORV FRPSOHMRVHSLFÒUGLFRVGHOYHQWUÞFXORGHUHFKR9\9VH WUDQVIRUPDQSURJUHVLYDPHQWHHQFRPSOHMRVHSLFÒUGLFRVGHO YHQWUÞFXORL]TXLHUGR9\9OD]RQDGHWUDQVLFLäQVHUHJLVWUDHQ 9\9 (VL VLPSUHVF VFLLQG QGLLEOHHV VLWXD XDU UOORV VH HOHFWURGR RGRV VGH GHIIRUPDSU DSUHFLVD DVVHJëQ HJëQOODV LQG QGLLFDFLRQH RQHV VDQD DQDWWäPLFDV VLLQG QGLLFDGD DGDV VHQ HQOODSÒJ DSÒJLLQDDQ QDDQWWHULRU UH U HFRUGH GHP PRV VTXHKD TXHKD\ \TXHSD TXHSDOOSD SDU UD OOR D ROODSD DSDFFLHQ HQWWH ( (VWRQR RQRV V SHUUPLWLUÒ SH ÒUUHDOL HDOL]]DU UXQD XQDLLQWHUSUHWDFLääQHO QH OHFWURFDUGLRJ RJUUÒILDFD VVLQ HUUR UURUHV TXHD TXHDYYHFHV VSXHGHQ SXHGHQVVHU UJ JUDYHV 5RWDFLRQHVV RQHVVRE REUUHH HHOOH HHMHOORQJ RQJLLWXGL XGLQDO QDO 3DUDGHILQLUHVWHWLSRGHURWDFLäQFRQWHPSODUHPRVHOFRUD]äQ GHVGHVXFDUDLQIHULRUFRPRVLOR REVHUYÒUDPRVGHVGHXQSXQWR VLWXDGRSRUGHEDMRGHOGLDIUDJPDGHVGHORVSLHV 5RWDFäQHQH LäQHQHOOVVHQ HQWWLGRGH GRGHOODV VDJX DJXMMDVGH VGHOOUUHORMU MUR RWDFLäQKRU äQKRUDULD (QHVWHFDVRHOYHQWUÞFXORGHUHFKRHVWÒHQXQDSRVLFLäQPÒV DQWHULRUGHORKDELWXDOGHVSOD]ÒQGRVHOD]RQDGHWUDQVLFLäQKDFLD ODL]TXLHUGD6HSXHGHQUHJLVWUDUPRUIRORJÞDVYHQWULFXODUHV GHUHFKDVHQSUHFRUGLDOHVL]TXLHUGDVHVGHFLUFRPSOHMRV56 KDVWD9 5RWDFäQHQH LäQHQHOOVVHQ HQWWLGRRSXH GRRSXHVVWRD RDOODV VDJX DJXMMDVGH VGHOOUUHORMU MUR RWDFLäQ DQWWLKR DQ KRUUDULD (QHVWHFDVRHOYHQWUÞFXORL]TXLHUGRHVWÒHQFDUDGRFRQODV SUHFRUGLDOHVLQWHUPHGLDVHLQFOXVRFRQODVGHUHFKDV'HELGRD HVWRSRGHPRVUHJLVWUDUFRPSOHMRVHSLFÒUGLFRVL]TXLHUGRVGHVGH 9 ³456& &RQ RQVVWUXFF FFLLäQGHO äQGHOVVLVWHPDKH DKH[[D[LDO (OFÒOFXORGHOHMHGHOFRPSOHMR456³456VHUHDOL]DVREUHXQ VLVWHPDKH[D[LDOºVWHORREWHQGUHPRVGHVSOD]DQGRORVHMHGHODV GHULYDFLRQHVELSRODUHVDOFHQWURGHOWULÒQJXORTXHIRUPDEDQ SUHYLDPHQWHGRQGHWHäULFDPHQWHHVWÒVLWXDGRHOFRUD]äQ 'HVSXÚVXQLUHPRVODVGHULYDFLRQHVXQLSRODUHVFRQHVWHFHQWUR LPDJLQDULR\SURORQJDUHPRVHVWDOÞQHD 8QLHQGRHVWRGRVVLVWHPDVUHIUHQFLDOHVFRQVWUXLUHPRVHOOODPDGR 6LVWHPD+H[D[LDOGH%DLOH\VREUHHOTXHVLWXDUHPRVHOHMHGHO 456TXHGHWHUPLQDFXDOHVODGLUHFFLäQSULQFLSDOTXHWRPDOD DFWLYDFLäQHOÚFWULFDGHOFRUD]äQH[SUHVÒQGRORGHXQDIRUPD VLPSOH ³456& &ÒOFXORRGHO GH OH HMH ([LVWHQGLYHUVRVPÚWRGRVSDUDFDOFXODUHOHMHGHOFRPSOHMR456 VREUHXQVLVWHPDKH[D[LDO(OTXHSURSRQJRVäORXWLOL]DGRV SDUÒPHWURVTXL]ÒVWUHV 3ULPHURKD\TXH ORFDOL]DUFXDOHVODGHULYDFLäQGHOSODQRIURQWDO TXHUHJLVWUDXQFRPSOHMR456LVRHOÚFWULFRHVGHFLUXQFRPSOHMR FRQXQDRQGDSRVLWLYD\XQDRQGDQHJDWLYD RYLFHYHUVD GH PDJQLWXGHVVLPLODUHV(VWDGHULYDFLäQQRVGLUÒFXDOHVVX SHUSHQGLFXODU\VREUH ÚVWDHVWDUÒVLWXDGRHOYHFWRUTXHUHSUHVHQWD ODGLUHFFLäQSULQFLSDOGHODDFWLYDFLäQYHQWULFXODU3DUDVDEHUKDFLD FXDOGHODVGRVSRVLEOHVGLUHFFLRQHVVHGLULJHHVWHYHFWRU PLUDUHPRVVLHVWDGHULYDFLäQUHJLVWUDXQDRQGD SUHGRPLQDQWHPHQWHSRVLWLYDRQHJDWLYD6LHVSRVLWLYDHOYHFWRUVH GLULJHKDFLDHOOD\VLHVQHJDWLYDVHDOHMD 3UREDEOHPHQWHQRKDEUÚLVHQWHQGLGRQDGDHQWUHRWUDVFRVDV SRUTXHQRORVHH[SOLFDUPX\ELHQ6LHVDVÞPLUDGORVVLJXLHQWHV JUÒILFRVSDUDKDFHUORPÒVFRPSUHQVLEOHKHGHVFRPSXHVWRHO SURFHVRHQGRVVHFXHQFLDV 6HWUDWDGHXQÆ456GH/DGHULYDFLyQTXHUHJLVWUDXQFRPSOHMR LVRGLIiVLFRHVD9/\SRUORWDQWRHOYHFWRUTXHUHSUHVHQWDODGLUHFFLyQ SULQFLSDOGHODDFWLYDFLyQYHQWULFXODU Æ456VHHQFXHQWUDVREUHOD SHUSHQGLFXODUDD9/TXHHV',,8QDYH]KHPRVOOHJDGRDHVWHSXQWR VyORWHQHPRVGRVSRVLELOLGDGHVR'DGRTXH',,UHJLVWUDXQD RQGDSUHGRPLQDQWHPHQWHSRVLWLYDWRWDOPHQWHSRVLWLYDHQHVWHFDVRHO YHFWRUHVWDHQFDUDQGRD',,\SRUORWDQWRHOYDORUGHOÆ456HVGH 9HDPRVRWURHMHPSOR 6HWUDWDGHXQÆ456GH/DGHULYDFLyQTXHUHJLVWUDXQFRPSOHMR LVRGLIiVLFRHVD9)\SRUORWDQWRHOYHFWRUTXHUHSUHVHQWDODGLUHFFLyQ SULQFLSDOGHODDFWLYDFLyQYHQWULFXODU Æ456VHHQFXHQWUDVREUHOD SHUSHQGLFXODUDD9)TXHHV',8QDYH]KHPRVOOHJDGRDHVWHSXQWRVyOR WHQHPRVGRVSRVLELOLGDGHVR'DGRTXH',UHJLVWUDXQDRQGD SUHGRPLQDQWHPHQWHSRVLWLYDWRWDOPHQWHSRVLWLYDHQHVWHFDVRHOYHFWRU HVWDHQFDUDQGRD',\SRUORWDQWRHOYDORUGHOÆ456HVGH (QODVLJXLHQWHSÒJLQDSRGUÚLVYHUXQRVFXDQWRVHMHPSORVUHDOHV ³456 6GH GH ¡ ¡D D ¡¡ Æ456GH Æ456GH Æ456GH /DGHULYDFLyQTXH UHJLVWUDXQFRPSOHMR 456LVRGLIiVLFRHV D9/6X SHUSHQGLFXODUVHVLW~D VREUH',,(VWD GHULYDFLyQUHJLVWUDXQ FRPSOHMR456 SUHGRPLQDQWHPHQWH QHJDWLYRSRUORWDQWR HOÆ456HQHVWHFDVR HVGH /DGHULYDFLyQTXH UHJLVWUDXQFRPSOHMR 456LVRGLIiVLFRHV ',6XSHUSHQGLFXODU VHVLW~DVREUHD9) (VWDGHULYDFLyQ UHJLVWUDXQFRPSOHMR 456 SUHGRPLQDQWHPHQWH QHJDWLYRSRUORWDQWR HOÆ456HQHVWHFDVR HVGH /DGHULYDFLyQTXH UHJLVWUDXQFRPSOHMR 456LVRGLIiVLFRHV D956X SHUSHQGLFXODUVHVLW~D VREUH',,,(VWD GHULYDFLyQUHJLVWUDXQ FRPSOHMR456 SUHGRPLQDQWHPHQWH QHJDWLYRSRUORWDQWR HOÆ456HQHVWHFDVR HVGH Æ456GH Æ456GH Æ456GH /DGHULYDFLyQTXH UHJLVWUDXQFRPSOHMR 456LVRGLIiVLFRHV ',,6XSHUSHQGLFXODU VHVLW~DVREUHD9/ (VWDGHULYDFLyQ UHJLVWUDXQFRPSOHMR 456 SUHGRPLQDQWHPHQWH SRVLWLYRSRUORWDQWR HOÆ456HQHVWHFDVR HVGH /DGHULYDFLyQTXH UHJLVWUDXQFRPSOHMR 456LVRGLIiVLFRHV D9)6XSHUSHQGLFXODU VHVLW~DVREUH',(VWD GHULYDFLyQUHJLVWUDXQ FRPSOHMR456 SUHGRPLQDQWHPHQWH SRVLWLYRSRUORWDQWR HOÆ456HQHVWHFDVR HVGH /DGHULYDFLyQTXH UHJLVWUDXQFRPSOHMR 456LVRGLIiVLFRHV ',,,6XSHUSHQGLFXODU VHVLW~DVREUHD95 (VWDGHULYDFLyQ UHJLVWUDXQFRPSOHMR 456 SUHGRPLQDQWHPHQWH QHJDWLYRSRUORWDQWR HOÆ456HQHVWHFDVR HVGH ³456GH 6GH DH DHMMHHL LQGH QGHIILQLGR Æ456GH Æ456GH Æ456GH Æ456GH /DGHULYDFLyQTXH UHJLVWUDXQFRPSOHMR 456LVRGLIiVLFRHV D9/6XSHUSHQGLFXODU VHVLW~DVREUH',, (VWDGHULYDFLyQ UHJLVWUDXQFRPSOHMR 456 SUHGRPLQDQWHPHQWH SRVLWLYRSRUORWDQWR HOÆ456HQ HVWHFDVR HVGH /DGHULYDFLyQTXH UHJLVWUDXQFRPSOHMR 456LVRGLIiVLFRHV', 6XSHUSHQGLFXODUVH VLW~DVREUHD9)(VWD GHULYDFLyQUHJLVWUDXQ FRPSOHMR456 SUHGRPLQDQWHPHQWH SRVLWLYRSRUORWDQWR HOÆ456HQHVWHFDVR HVGH /DGHULYDFLyQTXH UHJLVWUDXQFRPSOHMR 456LVRGLIiVLFRHV D956XSHUSHQGLFXODU VHVLW~DVREUH',,, (VWDGHULYDFLyQ UHJLVWUDXQFRPSOHMR 456 SUHGRPLQDQWHPHQWH SRVLWLYRSRUORWDQWR HOÆ456HQHVWHFDVR HVGH /DGHULYDFLyQTXH UHJLVWUDXQFRPSOHMR 456LVRGLIiVLFRHV ',,6XSHUSHQGLFXODU VHVLW~DVREUHD9/ (VWDGHULYDFLyQ UHJLVWUDXQFRPSOHMR 456 SUHGRPLQDQWHPHQWH QHJDWLYRSRUORWDQWR HOÆ456HQHVWHFDVR HVGH (VWHFDVRQRSXHGH FRQIXQGLUVHFRQXQD FRQH[LyQHTXLYRFDGD GHODVGHULYDFLRQHVGH ODVH[WUHPLGDGHVGDGR TXHQLOD3QLOD7 SUHVHQWDQXQDLPDJHQ HQHVSHMR Æ456LQGHILQLGR (QHVWHFDVR WRGRVORV FRPSOHMRVVRQ LVRGLIiVLFRV\QR SRGHPRVFDOFXODUHO HMH'HKHFKRHOHMHHV SHUSHQGLFXODUDOSODQR IURQWDO &UHFLPLHQ HQWWRV V$ $XULFXODUHV /DRQGD3SUHVHQWDXQDSRUFLäQLQLFLDOTXHFRUUHVSRQGHDOD DFWLYDFLäQGHODDXUÞFXODGHUHFKDXQDSRUFLäQPHGLDTXH FRUUHVSRQGHDODDFWLYDFLäQGHDPEDVDXUÞFXODV\XQDSRUFLäQ ILQDOTXHFRUUHVSRQGHDODDFWLYDFLäQGHODDXUÞFXODL]TXLHUGD$VÞ XQDDOWHUDFLäQGHODDXUÞFXODGHUHFKDDIHFWDUÒDODPRUIRORJÞDGH ODVSRUFLRQHVLQLFLDO\PHGLDQDGHODRQGD3UHJLVWUÒQGRVH3 SXQWLDJXGDV3RURWURODGRXQDDOWHUDFLäQGHODDXUÞFXODL]TXLHUGD DIHFWDUÒDODVSRUFLRQHVPHGLD\ILQDOGHODRQGD3UHJLVWUÒQGRVH 3PHOODGDVFRQXQDGXUDFLäQDXPHQWDGD +DEUÒTXHWHQHUHQFXHQWDTXHDXQTXHODVDQRUPDOLGDGHV DXULFXODUHVVXHOHQLPSOLFDUXQDGLODWDFLäQRXQKLSHUWURILDORV FDPELRVHQODPRUIRORJÞDGHOD3WDPELÚQSXHGHQUHIOHMDUFDPELRV GHSUHVLäQYROXPHQ\FRQGXFFLäQLQWUDDXULFXODU &UHFLPLHQ HQWWRDX RDXUULFXOD UUGH GHUUHFKR D9) 2QGD3DOWD\SXQWLDJXGDHQ',,',,,\ /DRQGD3HQ9\HQ9SXHGHVHUSRVLWLYD\ WHQHUXQDDPSOLWXGDXPHQWDGD ³3GH¡RVXSHULRU (QSU QSUHVHQ HQFFLDGH) DGH)LEULOLOD DFLäQ$ äQ$XULFXODU 5HJLVWURGHFRPSOHMRV45RT5HQ9 VHJXLGRVGHXQDSURJUHVLäQGHODDPSOLWXGGHODRQGD5GHVGH9 R9KDVWD9 'LIHUHQFLDGHYROWDMHGHO456HQWUH9\98QD UHODFLäQ!DVRFLDGDDXQYROWDMHGHO456HQ9PPHVPX\ HVSHFÞILFDSHURSRFRVHQVLEOH +D\ \TXH TXHUUHFRUGD GDU UTXH TXH (OUHJLVWURGHFRPSOHMRV45RT5HVPXFKR PÒVHYLGHQWHVLORSRGHPRVFRPSDUDUFRQRWUR(&*WDOFRPRVH REVHUYDHQHVWHFDVRGHHVWHQRVLVPLWUDOJUDYHDQWHV\GHVSXÚV GHODLPSODQWDFLäQGHXQDSUäWHVLVPLWUDO 1RKD\TXHFRQIXQGLUORFRQXQD4GHQHFURVLV &UHFLPLHQ HQWWRDX RDXUULFXOD UULL]TX TXLLHUGR 2QGD3PHOODGDFRQXQDGXUDFLäQ!GHVHJOD SURORQJDFLäQGHODPLVPDRFXUUHDH[SHQVDVGHOLQWHUYDOR35TXH HVFRUWRRHVWÒDXVHQWH 2QGD3HQ9FRQXQFRPSRQHQWHQHJDWLYRGHVHJ GHGXUDFLäQ\P9GHSURIXQGLGDG (QSU QSUHVHQ HQFFLDGH) DGH)LEULOLOD DFLäQ$ äQ$XULFXODU 6HSXHGHVRVSHFKDUXQFUHFLPLHQWR DXULFXODUL]TXLHUGRFXDQGRVHHYLGHQFLDQRQGDVGHILEULODFLäQ JUXHVDVHVSHFLDOPHQWHHQ9 +D\ \TXH TXHUUHFRUGD GDU UTXH TXH VHYXHOYHQILQDV &RQHOWLHPSRODVRQGDVGHILEULODFLäQ 1RKD\TXHFRQIXQGLUODVFRQHO UHJLVWURGHODVFRQWUDFFLRQHVPXVFXODUHVGHXQDSHUVRQDFRQ 3DUNLQVRQ(QHVWHFDVRHQD9)VHDSUHFLDQODVRQGDV3TXH HVWÒQHQPDVFDUDGDVHQ',, 3VHXGR HXGR3 3SX SXOOPRQD RQDOOH (OSDWUäQGHFUHFLPLHQWRDXULFXODUGHUHFKR HQDXVHQFLDGHGLODWDFLäQDXULFXODUGHUHFKDVHGHQRPLQDSVHXGR 3SXOPRQDOH6HKDHYLGHQFLDGRDVRFLDGRFRQSDWRORJÞD YHQWULFXODUL]TXLHUGD \GHIRUPDPHQRVIUHFXHQWHHQDXVHQFLDGH HQIHUPHGDGFDUGÞDFD (VWRHVWÒIXQGDPHQWDGRHQODREVHUYDFLäQGHTXHHOGDâRGHOD DXUÞFXODL]TXLHUGDDXPHQWDHOYHFWRUDXULFXODUGHUHFKR\TXHHO GDâRGH ODDXUÞFXODGHUHFKDVLPXODXQFUHFLPLHQWRDXULFXODU L]TXLHUGR 3DFLHQWHFRQ(32&GXUDQWH\GHVSXÚVGHXQD UHDJXGL]DFLäQ6HSXHGHDSUHFLDUODDSDULFLäQGHXQDPRUIRORJÞD GHODRQGD3FRPSDWLEOHFRQFUHFLPLHQWRDXULFXODUL]TXLHUGR %ORTXHR RTXHRLLQWHUDX DXUULFXODU 2QGD3!VHJJHQHUDOPHQWHELPRGDOTXHSXHGHVHU ODFDXVDSULQFLSDOGHODPRUIRORJÞDGHODRQGD3TXHVHYHHQHO FUHFLPLHQWRDXULFXODUL]TXLHUGR +LSHU SHUWURILDD9 9HQ HQWWULFXOD UULL]TX TXLLHUGD &ULWHULRV VEÒ EÒVVLFRV $XPHQWRGHOYROWDMHGHODVGHULYDFLRQHVL]TXLHUGDV 'HVSOD]DPLHQWRJUDGXDOGHORVVHJPHQWR67\GHODRQGD 7HQGLUHFFLäQRSXHVWDDO456 3DWUäQU6HQ9\9FRQRQGDV6SURIXQGDVHQGLFKDV GHULYDFLRQHV (QRFDVLRQHVODRQGD5SXHGHHVWDUDXVHQWH'LFKD DXVHQFLDSXHGHVHULQWHUSUHWDGDGHIRUPDHUUäQHDFRPRXQD QHFURVLVDQWHURVHSWDO (OGLDJQäVWLFRGH+9,HQHODGXOWRHVWDUHIRU]DGRSRUHO UHJLVWURGHXQDGHIOH[LäQLQWULQVHFRLGHUHWDUGDGDHQ9R9! VHJ 'HIOH[LäQ äQLLQWULQVHFRGHR LGHRLLQWUÞQVHFD (OWLHPSRGHDSDULFLäQGHODGHIOH[LäQLQWULQVHFRLGHRLQWUÞQVHFD HVHOTXHWUDQVFXUUHGHVGHHOLQLFLRGHO456KDVWDHOPRPHQWRHQ HOTXHODRQGD5FDPELDGHGLUHFFLäQ +LSHU SHUWURILDD9 9HQ HQWWULFXOD UULL]TX TXLLHUGD &ULWHULRV VGH GHYYROWDMHGH HGHOO4 45 6 5HQ',6HQ',,,!P95HQD9/!P95HQD9)! P96HQ9!P95HQ9R9!P95HQ9R96 HQ9!P9 6LVWHPDGHSXQ DGHSXQWWXDF XDFLäQ 2QGDV5R6HQODVGHULYDFLRQHVGHODVH[WUHPLGDGHV!P9R 6HQ9R9!P9R5HQ9R9!P9 SXQWRV &DPELRVHQHOVHJPHQWR67FRQRVLQGLJLWDO RSXQWRV UHVSHFWLYDPHQWH &UHFLPLHQWRDXULFXODUL]T SXQWRV'HVYLDFLäQGHO³456D¡ RPÒV SXQWRV 'XUDFLäQGHO456!VHJLGHIOH[LäQLQWULQVHFRLGH5SHDN WLPHHQ9\9!VHJ SXQWRSRUFDGDXQRGHHOORV /D+9,HVSUREDEOHFRQSXQWRV\HVWÒSUHVHQWHFRQSXQWRVR PÒV +LSHU SHUWURILDD9 9HQ HQWWULFXOD UU,,]TX TXLLHUGD $OWHUDFLRQHV RQHVGH GHOOVVHJP HJPHQ HQWWR6 R67\ 7\GH GHOODRQGD DRQGD7 7 /DGLUHFFLäQGHOVHJPHQWR67\GHODRQGD7HVOD FRQWUDULDGHODGHO456/DRQGD7VXHOHVHUQHJDWLYD\ DVLPÚWULFDVLHQGRODUDPDDVFHQGHQWHHVFDUSDGDFRQXQD LQVFULSFLäQWHUPLQDOSRVLWLYDGHIRUPDRFDVLRQDO /DLQYHUVLäQGH ODRQGD7HQ9!PP\ FRQGLFKRVFDPELRVPÒVHYLGHQWHVHQ9TXHHQ9UHIXHU]DQHO GLDJQäVWLFRGH+9, \D\XGDQDGLIHUHQFLDUODGHODHQIHUPHGDG DUWHULDOFRURQDULDHQDXVHQFLDGHORVFULWHULRVGHYROWDMHGHOD+9, 6HSXHGHQUHJLVWUDURQGDV7QHJDWLYDV PX\SURIXQGDVHQODPLRFDUGLRSDWÞDKLSHUWUäILFDFRQDIHFWDFLäQ IXQGDPHQWDOPHQWHDSLFDO +LSHU SHUWURILDD9 9HQ HQWWULFXOD UU,,]TX TXLLHUGD 6REU REUHFDUJDGL JDGLDVWäOLOLFFD /DPRUIRORJÞDGHODVREUHFDUJDGLDVWäOLFDVHFDUDFWHUL]D SRUODSUHVHQFLDGHXQDRQGD4SURPLQHQWHHQODVGHULYDFLRQHV TXHHQFDUDQODFDUDL]TXLHUGDGHOVHSWXP \UHFLSURFDPHQWHRQGDV5SURPLQHQWHVHQODV GHULYDFLRQHVTXHHQFDUDQODFDUDGHUHFKDGHOVHSWXP 7DPELÚQVHSXHGHQHYLGHQFLDURQGDV4PX\ HYLGHQWHVHQODPLRFDUGLRSDWÞDKLSHUWUäILFDREVWUXFWLYD 6REU REUHFDUJDV JDVLVWäOLOLFFD /DPRUIRORJÞDGHODVREUHFDUJDVLVWäOLFDRGHSUHVLäQVH FDUDFWHUL]DSRUODSUHVHQFLDGHRQGDV5DOWDV\FDPELRVHQOD RQGD7\HQHOVHJPHQWR67HQODVGHULYDFLRQHVSUHFRUGLDOHV L]TXLHUGDV +9,+ ,+D\TXH \TXHUUHFRUGD GDU UTXH TXH (OPHFDQLVPRSRUHOFXDODXPHQWDHOYROWDMHQRHVWÒELHQGHILQLGR GDGRTXHLQWHUYLHQHQDGHPÒVGHODPDVDPXVFXODURWURV IDFWRUHVFRPRHOYROXPHQVDQJXÞQHRLQWUDFDYLWDULRODSUR[LPLGDG GHODSDUHGWRUÒFLFDODVSURSLHGDGHVFRQGXFWRUDVGHORVäUJDQRV LQWUDWRUÒFLFRVODSRVLFLäQGHOFRUD]äQGHQWURGHOWäUD[ODV SUHVLRQHVLQWUDYHQWULFXODUHV\WUDQVPXUDOHV\TXL]ÒVODLQVFULSFLäQ VLQRSRVLFLäQGHXQDSDUWHGHO456GHELGDDODDFWLYDFLäQ UHWDUGDGD <D < DVÞSRG ÞSRGUUHPRVY VYH UUFFDVRVFRQ H VFRQ DJHQH[[DJH DJHUUDGD GHKLSHUWURILDYHQWULFXODUL]TXLHUGDTXHQR 8QDLLPDJHQH VHFRUUHVSRQGHFRQODKLSHUWURILDUHDOFRPRHVHOFDVRGHHVWD SDFLHQWHKLSHUWHQVDTXHWDQVäORSHVDED.J DJHQSRFFRH RHYYLGHQ GHQWWH GHKLSHUWURILDYHQWULFXODUL]TXLHUGDD 8QDLLPDJHQSR SHVDUGHODH[LVWHQFLDGHXQDKLSHUWURILDLPSRUWDQWHWDOFRPRVH SXHGHYHUHQHVWRVGRVFDVRV8QDLQVXILFLHQFLDDäUWLFDJUDYHHQ HOSULPHUR \XQDPLRFDUGLRSDWÞDKLSHUWUäILFDREVWUXFWLYDHQHOVHJXQGR 'LOLOD DWDFLäQH+ äQH+LSHU SHUWURILDD9 9HQ HQWWULFXOD UU,,]TX TXLLHUGD (QSUHVHQFLDGHRQGDV5TXHSUHVHQWHQFULWHULRVGHYROWDMHGH +9,ORVVLJXLHQWHVKDOOD]JRVVXJLHUHQODH[LVWHQFLDGHGLODWDFLäQ YHQWULFXODUL]TXLHUGD 5HQ9!D5HQ9 7UDQVLFLäQEUXVFDHQSODQRKRUL]RQWDOGHVGHXQFRPSOHMRFRQ XQDRQGD6SURIXQGDDRWURFRQXQDRQGD5DOWDHQOD VLJXLHQWH GHULYDFLäQKDFLDODL]TXLHUGD (YLGHQFLDGHTXHHQ(&*VXFHVLYRVGLVPLQX\HODDOWXUDGHOD RQGD5HQODVSUHFRUGLDOHVL]TXLHUGDVDPHGLGDTXHORVRWURV VLJQRVGHKLSHUWURILDVHKDFHQPÒVHYLGHQWHVFRPRSRUHMHPSOR ORVFDPELRVHQHOVHJPHQWR67\HQODRQGD7 &RPSOHMRV456FRQXQWLHPSRGHDSDULFLäQGHODGHIOH[LäQ LQWULQVHFRLGH7',!VHJ 3DFLHQWHFRQXQDPLRFDUGLRSDWÞDGLODWDGDFRQLQVXILFLHQFLD PLWUDO TXHHQHUDJUDYH(Q)LEULODFLäQ$XULFXODU +LSHU SHUWURILDD9 9HQ HQWWULFXOD UU' 'HUHFKD %DVÒQGRQR ÒQGRQRV VHQ HQOOD DP PRUIRORJ RJÞÞDGH DGHOO4 45 66HQ HQ9 9 6HSXHGHQGHILQLUWUHVJUXSRV 2QGD5GRPLQDQWHT5U5UV5 &RPSOHMR565V5VU &RPSOHMRU6RUV5 (QHODGXOWRFRQ+9'DGTXLULGDORVFDPELRVPÒVFRPXQHV VRQODGHVYLDFLäQGHOHMHDODGHUHFKD\XQDUHODFLäQ56HQ9 !FRQXQDRQGD5!P9 $OWHUDFLRQHV RQHVGH GHOODDRQGD RQGD7 7\ \GH GHOOVVHJ HJP PHQ HQWWR R6 67 7HQ HQOODD +' 6HSXHGHUHJLVWUDUXQDGHSUHVLäQGHOVHJPHQWR67\XQD LQYHUVLäQGHODRQGD7HQODVSUHFRUGLDOHVGHUHFKDV&XDQGR HVWRVIQäPHQRVVRQ VLJQLILFDWLYRVVXHOHQVHULQGLFDWLYRVGH+9' PRGUDGDRJUDYH (PEROL EROLVVPRSX RSXOOPRQD RQDU UDJXGR DJXGRFRUUSX SXOOPRQD RQDOOHDJXGR HDJXGR /RVFDPELRVFOÒVLFRVFRQSDWUäQ647%5'++GHVYLDFLäQ GHOHMHODGHUHFKD\3SXOPRQDOHVäORVHYHQHQXQGHORV SDFLHQWHV/RPÒV KDELWXDOHVUHJLVWUDUFDPELRVLQHVSHFÞILFRVGH ODUHSRODUL]DFLäQ/DFRPSDUDFLäQFRQXQ(&*SUHYLRHVPX\ëWLO (OVHJXQGR(&*VHUHJLVWUäPHVHVGHVSXÚVGHKDEHUVXIULGRXQ WURPERHPEROLVPRSXOPRQDUPëOWLSOH6HDSUHFLDODDSDULFLäQGHO SDWUäQ647HVGHFLUODDSDULFLäQGHXQD6HQ',\XQDT\ XQD7QHJDWLYDHQ',,,\VLJQRVGH+9'TXHHOSDFLHQWHQR SUHVHQWDEDSUHYLDPHQWH (32 (3 2&\F &\FR UUSX R SXOOPRQD RQDOOH HFFUäQ äQLLFR ³3GH¡\HOUHJLVWURGHXQDRQGD3SXOPRQDOH 'HVYLDFLäQGHO³456DODGHUHFKD\URWDFLäQKRUDULD GHIRUPDRFDVLRQDO 8QSDWUäQ666SXHGHHVWDUSUHVHQWH /DDPSOLWXGGHODRQGD5HVWÒGLVPLQXLGDHQ9\HQ 9P9 YROWDMHVHQHOSODQRIURQWDO 6HSXHGHQREVHUYDUEDMRV &XDQGRODURWDFLäQKRUDULDHVVLJQLILFDWLYDOD DXVHQFLDGHODRQGD5HQODVGHULYDFLRQHVSUHFRUGLDOHVGHUHFKDV VLPXODXQLQIDUWRGHPLRFDUGLRDQWHULRUGDGRTXHVHUHJLVWUDQ FRPSOHMRV46 3XHGHQDSDUHFHURQGDV5DOWDVHQ9\HQ9FXDQGRVHSURGXFH XQDSURJUHVLäQKDFLDODKLSHUWHQVLäQDUWHULDOSXOPRQDU+7$3\OD +9' %ORTXHRGH RTXHRGH5 5DPD D,,]TX TXLLHUGD (O456HVWÒSURORQJDGR\PLGHGHDVHJ (Q',\HQ9VHHYLGHQFLDODSÚUGLGDGHODRQGD4VHSWDO\VH UHJLVWUDXQDRQGD5GHQWDGDFRQXQDPXHVFDHQODUDPD DVFHQGHQWH(VWRUHIOHMDODDFWLYDFLäQPLRFÒUGLFDGHGHUHFKDD L]TXLHUGD(QD9)VHUHJLVWUDXQDRQGDUVHJXLGDGHXQDRQGD 6TXHUHIOHMDQUHVSHFWLYDPHQWHODDFWLYDFLäQVHSWDOLQLFLDO GLULJLGDLQIHULRUPHQWH\HOYHFWRUILQDOGLULJLGRKDFLDDUULED/D GLUHFFLäQGHOYHFWRUGHOVHJPHQWR67\GHODRQGD7HVODRSXHVWD DODGHO45667LQIUDGHVQLYHODGR\7QHJDWLYDHQ',D9/\9\ HOFRQWUDULRHQ99\9 (Q9VHSXHGHUHJLVWUDUXQFRPSOHMRU6R46 HQIXQFLäQGHVLODDFWLYDFLäQLQLFLDOVHRULHQWDDQWHULRUR SRVWHULRUPHQWH (O³456VXHOHVHUQRUPDORGLULJLGRKDFLDODL]TXLHUGD /DGHVYLDFLäQGHOHMHDODGHUHFKDTXHQRVXHOHVXSHUDUORV¡ R¡RULJLQDXQDPRUIRORJÞDDWÞSLFDGH%5,++ %ORRTXHRL TXHR LQFRPSOHWRGH RGHUUDPD DLL]TX TXLLHUGD ,PSOLFDXQUHWUDVRGHODFRQGXFFLäQHQODUDPDL]TXLHUGDFRQ UHVSHWRDODGHUHFKDFRQXQDDFWLYDFLäQVHSWDOLQLFLDOGH'D,\ ODSÚUGLGDGHODRQGD4VHSWDOHQWRGRVORVFDVRV$OFRQWUDULR TXHHQHO%5,++ODUDPDL]TXLHUGDFRQWULEX\HILQDOPHQWHDOD DFWLYDFLäQGHOVHSWXP\GHODSDUHGYHQWULFXODU /DGLIHUHQFLDSULQFLSDOFRQHO%5,++\DFHHQODGXUDFLyQGHOFRPSOHMR 456HOFRPSOHMRFRUUHVSRQGHDXQ%5,++\HOU\UFRPSOHMRV FRUUHVSRQGHQDXQ%,5,++ (QODVLJXLHQWHLPDJHQDPSOLDGDSDUDVXPHMRUYLVXDOL]DFLäQVH DSUHFLDFRPRODDSDULFLäQGHXQ%,5,++VDOYDGHWDTXLFDUGLD DXULFXODU U«\«FRPSOHMRVSURYRFDODSÚUGLGDGHODT VHSWDO /RVKDOOD]JRVPÒVKDELWXDOHVVRQ 456GHDVHJFRQSÚUGLGDGHODRQGD4VHSWDO PXHVFDV \PX\DPHQXGR456FRQYROWDMHVDOWRV %ORRTXHRGH5 TXHRGH 5DPD D' 'HUHFKD (QHO%5'++HOVHSWXPVHDFWLYDGHIRUPDQRUPDOHVGHFLUGH,D '/DSURORQJDFLäQGHO456HVGHELGDSULQFLSDOPHQWHDOD DFWLYDFLäQUHWUDVDGDGHOVHSWXP\GHODSDUHGYHQWULFXODUGHUHFKD /RVFDPELRVFDUDFWHUÞVWLFRVGHO%5'++VHUHJLVWUDQHQ9 /DDFWLYDFLäQVHSWDOLQLFLDORULJLQD HQ9XQDRQGD5TXHVHVLJXH GHXQDRQGD6TXHUHIOHMDODDFWLYDFLäQYHQWULFXODUL]TXLHUGD\SRU XQDRQGD5 GHELGDDODGHVSRODUL]DFLäQGHOYHQWUÞFXORGHUHFKRGH L]TXLHUGDDGHUHFKD\KDFLDDUULED/DVGHULYDFLRQHVTXHHQFDUDQ ODFDUDL]TXLHUGDGHOVHSWXPHVGHFLU',D9/L9VXHOHQ UHJLVWUDUXQDRQGD4TXHVHVLJXHGHXQDRQGD5GHGXUDFLäQ QRUPDO\XQDRQGD6UHODWLYDPHQWHSURIXQGD(VWDXOWLPDUHIOHMDOD DFWLYDFLäQUHWDUGDGDGHOYHQWUÞFXORGHUHFKR/DRQGD7HV QHJDWLYDHQ9\RFDVLRQDOPHQWHHQ9/DSURIXQGLGDGGHOD RQGD6HQ9GHSHQGHGHXQDRULHQWDFLäQSRVWHULRURDQWHULRUGHO YHFWRUTXHUHSUHVHQWDODDFWLYDFLäQYHQWULFXODUL]TXLHUGD (QHOSULPHUFDVRXQD RQGD6SURPLQHQWHVHSDUDODRQGD5 GHODRQGD5 (QHOVHJXQGRFDVRODRQGD6SXHGHVHU SRFRSURIXQGDVHUWDQVäORXQDPXHVFDRHVWDUDXVHQWH $GLIHUHQFLDGHO%5,++ HO%5'++QRHQPDVFDUDXQLQIDUWRGH PLRFDUGLRQLODLVTXHPLDPLRFÒUGLFD +HPLEORTXHR$ RTXHR$QWHULRU /DGXUDFLäQGHO456HVVHJ LQLFLDO 'LUHJLVWUDXQDRQGD5GRPLQDQWHFRQRVLQRQGD4 ',,',,,LD9)UHJLVWUDQXQDRQGD5TXHVH VLJXHGHXQDRQGD6SURIXQGDVLHQGR6,,,!6,,\5,,!5,,, (QD95VHUHJLVWUDXQDRQGD5WHUPLQDO (O³456YDULDGH¡D¡ (QHOSODQRKRUL]RQWDOOD]RQDGHWUDQVLFLäQ VXHOHHVWDU GHVSOD]DGDKDFLDODL]TXLHUGDUHJLVWUÒQGRVHHQ9\9XQDRQGD 5 GHDPSOLWXGGLVPLQXLGD\XQDRQGD6SURIXQGD (OWLHPSRGHDSDULFLäQGHODGHIOH[LäQLQWULQVHFRLGH 7',HQ97',HQD9/FRQXQ7',HQD9/!PVJ +D\TXHWHQHUHQFXHQWDTXHGHELGRDODRULHQWDFLäQ GHOYHFWRULQLFLDOODVSUHFRUGLDOHVGHUHFKDV\PHGLDVSXHGHQ UHJLVWUDUXQDRQGD4LQLFLDOTXHVHSXHGHLQWHUSUHWDUGHIRUPD HUUäQHDFRPRXQ,0DQWHURVHSWDO +HPLEORTXHR3 RTXHR3RVWHULRU 6HWUDWDGHXQKDOOD]JRSRFRIUHFXHQWHLQHVSHFÞILFRTXHVHSXHGH YHUHQSHUVRQDVDVWÚQLFDVHQIHUPRVFRQHQILVHPD+9'\HQ HO LQIDUWRODWHUDOH[WHQVR3DUDUHDOL]DUHVWHGLDJQäVWLFRFRQ VHJXULGDGKD\TXHWHQHUXQ(&*SUHYLRQRUPDO /DGXUDFLäQGHO456VHJ(1',\D9/VHUHJLVWUDXQD RQGD5SHTXHâDTXHVHVLJXHGHXQDRQGD6SURIXQGD(Q',, ',,,\D9)VHUHJLVWUDXQDRQGD4HVWUHFKDVHJ/D5,,,! 5,,(O³456YDULDGH¡D¡\DYHFHVGH¡D¡ %5'++ 5'++ % %ORTXHR RTXHRV VIIDVF VFLLFXODUHV %5'++ 5'+++%$ (VODFRPELQDFLäQPÒVFRPëQ/DDFWLYDFLäQGXUDQWHORVSULPHURV VHJGHWHUPLQDHO+%$ %5'++ 5'+++%3 (VXQDFRPELQDFLäQUDUD/RVVHJLQLFLDOHVGHILQHQHOHMH\ HO+%3 %ORRTXHR7 TXHR 7ULIDVF VFLLFXODU 6 6ÞQGU QGURPHGH HGH5 5RVHQEDXP HQEDXP (OEORTXHRGHODUDPDGHUHFKD\GHDPEDVGLYLVLRQHVGHODUDPD L]TXLHUGDEORTXHRWULIDVFLFXODUSXHGHRFXUULUHQSUHVHQFLDGH %5'++FRQ+%$R+%3DOWHUQDQWHV(VWDVLWXDFLäQGHGHQRPLQD 6ÞQGURPHGH5RVHQEDXP MXOLR HQHUR (QHOSULPHU(&*HVWDSDFLHQWHSUHVHQWDXQ%5'+++%$\HQ HOVHJXQGRXQ%5'+++%3+R\HQGÞDHVWDVLWXDFLäQHV LQGLFDWLYDGHLPSODQWDFLäQGHPDUFDSDVRV %ORTXHRGH RTXHRGH5 5DPD D% %LOD LODWHUDO 'HEHPRVFRQVLGHUDUHVWHGLDJQäVWLFRFXDQGRHQFRQWUHPRVXQ %5'++RXQ%5,++DOWHUQDQWHV7DOFRPRKDEÚLVYLVWRHQOD SÒJLQDDQWHULRUHQHVWDVVLWXDFLRQHVWDPELÚQKDEUÞDTXH LPSODQWDUXQPDUFDSDVRV &XDOTXLHURWUDFRPELQDFLäQGHORVUHWUDVRVGHFRQGXFFLäQQR SXHGHVHUGLIHUHQFLDGDGHOEORTXHRHQHO1$9$VÞHOEORTXHR VLPXOWÒQHRGHODVGRVUDPDVGDOXJDUDXQ%$9FRPSOHWR ,JXDOPHQWHXQUHWUDVRRXQEORTXHRLQWHUPLWHQWHGHXQDUDPD MXQWRFRQXQEORTXHRFRPSOHWRHQODFRQWUDODWHUDOSXHGH PDQLIHVWDUVHFRPRXQ%5FRQXQ35SURORQJDGRRFRPRXQ%$9 LQWHUPLWHQWH(QSUHVHQFLDGHXQ%5ODDSDULFLäQGHXQ%$9 GHELGRDXQGHIHFWRGHODFRQGXFFLäQGHODUDPDFRQWUDODWHUDOQR SXHGHGLIHUHQFLDUVHGHEORTXHRGHO1$9 3DFLHQWHFRQ%5'++\35SURORQJDGR %ORTXHR RTXHRV VGH GH5 5DPD D + +LSHU SHUWURILDD9 9HQ HQWWULFXODU (OGLDJQäVWLFRGHKLSHUWURILDYHQWULFXODUHQSUHVHQFLDGH%5HV GLIÞFLODXQTXHQRLPSRVLEOHGHELGRDOKHFKRGHTXHXQSDUWHGHOD DFWLYDFLäQFDUGÞDFDVHUHDOL]DUÒVLQRSRVLFLäQGXUDQWHXQSHULRGR GHWLHPSRGDQGROXJDUDFDPELRVGHYROWDMHTXHHQJDâDQ %5++ ,++ + +9, ,R R+ +9 ' (O%5,++LPSOLFDXQGLDJQäVWLFRGH+9,\GH+9'SUÒFWLFDPHQWH LPSRVLEOH(QSUHVHQFLDGHHVWDDOWHUDFLäQQRVHSXHGHKDEODUGH RWUDFRVDTXHGH%5,++/DVRVSHFKDGH+9ODUHDOL]DUHPRVSRU ODSDWRORJÞDGHOSDFLHQWH\ODFRQILUPDFLäQSRUHOUHJLVWUR HFRFDUGLRJUÒILFR %5'++\ 5'++\+ +9 ' 6HKDVXJHULGRTXHHQHO%5'++XQDRQGD5 !DP9 LQGLFDODSUHVHQFLD GHXQD+9'DVRFLDGD$SHVDUGHHVWRHQXQ SUHRSHUDWRULRVHSXHGHUHJLVWUDUXQ456QRUPDOHQ9\ HQFRQWUDUHQHOSRVWRSHUDWRULRHOFULWHULRDQWHVPHQFLRQDGR(VWR LQGLFDTXHHVWHFULWHULRQRVLHPSUHHVYÒOLGR7DPELÚQSRGHPRV HQFRQWUDURQGDV5DOWDVHQ9HQHQIHUPRVFRQWDQVäOR%5'++ \VLQHYLGHQFLDGH+9' HMHPSORVFRQ VFRQ+ +9 ' (32&PX\JUDYH &,$23LQWHUYHQLGDFRQ9'GLODWDGR HMHPSORVVL VVLQQ+ +9 ' 3DFLHQWHGHDxRVDSDUHQWHPHQWHVDQR 3DFLHQWHFRQ+7$ %5'++ 5'++\ \+ +9 , 3RGHPRVVRVSHFKDUODSUHVHQFLDGH+9,FXDQGRHQFRQWUDPRV ³456!¡ 5HQD9/!PP 3HQ9FRQXQFRPSRQHQWHWHUPLQDO!VHJGHGXUDFLäQL! PPGHSURIXQGLGDG%%')+L+9( 3XQWXDFLäQGH 5RPKLOW(VWHVSRVLWLYD 5HQ9!PP 5HQ',!PP 6HQ95HQ9!PP 3DFLHQWHGHDxRVFRQ'/$RH,0PRGHUDGDV %$ + %$\ \+ +9 , /DVXPDGHOD6HQ',,,FRQODPÒ[LPD56HQFXDOTXLHU GHULYDFLäQ!PPHVLQGLFDWLYDGH+9,HQSUHVHQFLDGH+%$ 'HIHFWRV V,,QH QHVVSH SHFFÞI ÞILLFRV VGH GHOODD& &RQGX RQGXFF FFLLääQ Q ,QWUDYHQ HQWWULFXODU (OFRPSOHMR456SXHGHHVWDUSURORQJDGRGHIRUPDDQRUPDOSHUR VLQODPRUIRORJÞDFDUDFWHUÞVWLFDGHO%5'++RGHO%5,++ 6HDVHPHMDDO%5,++RDO%5,++FRQXQDGHVYLDFLäQGHO³456 KDFLDODL]TXLHUGD(VWDFRPELQDFLäQVXJLHUHXQ+%$FRQXQ UHWUDVRGHODFRQGXFFLäQSHULIÚULFD/DSUHVHQFLDGHXQDRQGD4 QRUPDOSULQFLSDOPHQWHHQ',\HQ9UHIXHU]DODLGHDTXHHO UHWUDVRSHULIÚULFRVHDDFDXVDGHODSURORQJDFLäQGHO456 $XQTXHHVWHWLSRGHSURORQJDFLäQLQHVSHFÞILFDSXHGHVHUGHELGDD ODDFFLäQGHDOJXQRVIÒUPDFRVRDWUDVWRUQRVHOHFWUROÞWLFRVOD FDXVDPÒVFRPëQHVODHQIHUPHGDGFDUGÞDFD 3DFLHQWHDIHFWRGHPLRFDUGLRSDWtDGLODWDGDGHSUREDEOHRULJHQLVTXpPLFR FRQLQVXILFLHQFLDPLWUDOJUDYH(QHOVHJXQGR(&*VHSUHFLDXQ HQVDQFKDPLHQWRGHO456PVJ\XQDGHVYLDFLyQGHOÆ456KDFLDOD L]TXLHUGD 3DFLHQWHFRQPLRFDUGLRSDWtDGLODWDGD\',&,(Q', \9VHUHJLVWUDXQD RQGDTLQGLFDWLYDGHDFWLYDFLyQVHSWDOQRUPDOGHL]TXLHUGDDGHUHFKD 6ÞQG QGUURPHGH HGH: :ROII II3DUNLQVRQ RQ:KLWH (VXQVÞQGURPHHOHFWURFDUGLRJUÒILFRFDUDFWHUL]DGRSRUXQ LQWHUYDOR35FRUWRVHJXQFRPSOHMR456SURORQJDGR! VHJXQDRQGDG \FRPRQRUPDXQLQWHUYDOR3-QRUPDO &DVLVLHPSUHH[LVWHQFDPELRVVHFXQGDULRVGHOVHJPHQWR67\GH ODRQGD7DVÞFRPRXQFLHUWRDXPHQWRGHORVYROWDMHVGHO456 :3:LQWHUPLWHQWHTXHSHUPLWHYHUODGLIHUHQFLDHQWUHHO456QRUPDO\ HOTXHSUHVHQWDXQDSUHH[FLWDFLyQ /DRQGDG \HODXPHQWRGHODDPSOLWXGGHO456VHSURGXFHD FRVWDGHOVHJPHQWR35SHURVLQYDULDFLRQHVHQHOLQWHUYDOR3- 6GGH: GGH:3: :WWLSR SR$ $ 'HIOH[LäQLQLFLDOSRVLWLYDSURPLQHQWHHQ9\9456SRVLWLYRHQ 9\9/DRQGDG UHIOHMDODDFWLYDFLäQWHPSUDQDGHOYHQWUÞFXOR L]TXLHUGRSRVWHULRU 6GGH: GGH:3: :WWLSR SR% % 'HIOH[LäQLQLFLDOQHJDWLYDSUHGRPLQDQWHHQ9\946HQ9\ 9\5HQ9\9/DRQGDG UHIOHMDODDFWLYDFLäQWHPSUDQDGHO YHQWUÞFXORGHUHFKRDQWHURVXSHULRU 6GGH: GGH:3: :WWLSR SR& & 2QGDG QHJDWLYDHQODVGHULYDFLRQHVODWHUDOHVL]TXLHUGDV4HQ9 \9 'HVJUDFLDGDPHQWHQRKHSRGLGRHQFRQWUDUXQHMHPSORGHHVWH WLSR /DSUHVHQFLDGHPÒVGHXQSDWUäQHQXQPLVPRSDFLHQWHVXJLHUH ODH[LVWHQFLDGHYDULDVYÞDVGHFRQGXFFLäQDFFHVRULDV 6GGH GGH: :3: + +D\TXH \TXHUUHFRUGD GDU UTXH TXH (O:3:SXHGHVLPXODUXQLQIDUWRGHPLRFDUGLR 0LVPRFDVRFRQ\VLQSUHH[FLWDFLyQ RSXHGHHQPDVFDUDUOR 1HFURVLVLQIHULRU\DQWHULRUTXHTXHGDHQPDVFDUDGDSRUODDSDULFLyQGH XQDSUHH[FLWDFLyQ (O%5'++%5,++\OD+9'VHSXHGHQFRQIXQGLUFRQXQ:3: %5,++TXHVLPXODXQ:3: 35 5FFRUWR 6HFRQVLGHUDXQDYDULDQWHGHO:3:ODSUHVHQFLDGHXQ35FRUWR DFRPSDâDGRGH7369 ,VTXH TXHP PLDDV VXEHS XEHSLLFÒUGLFD 5HJLVWURGHRQGDV7QHJDWLYDVGHORFDOL]DFLäQVHSWDODQWHULRU LQIHULRU\ODWHUDO\VXVFRPELQDFLRQHVDQWHURVHSWDOODWHURLQIHULRU HWF (MHPSORGHLVTXHPLDVXEHSLFiUGLFDHQHVWHFDVRDQWHURODWHUDOHLQIHULRU $YHFHVODPRUIRORJÞDGHODRQGD7QHJDWLYDHVPXFKRPÒVVXWLO 3DFLHQWHFRQLVTXHPLDVXEHSLFiUGLFDDQWHURVHSWDODODxRVXIULyXQ,$0 DQWHULRU ,VTXH TXHP PLDDV VXEHQGRF XEHQGRFÒUGLFD 5HJLVWURGHRQGDV7DOWDV\SXQWLDJXGDVGHORFDOL]DFLäQ SULQFLSDOPHQWHDQWHULRU (QHVWRVFDVRVHVPX\ëWLOSRGHUUHDOL]DUXQDFRPSDUDFLäQFRQ RWUR(&* PLVPRSDFLHQWHTXHHQHMHPSORDQWHULRU /HVVLäQV /H äQVXEHS XEHSLLFÒUGLFD 5HJLVWURGHXQVHJPHQWR67VXSUDGHVQLYHODGRTXHSXHGHWHQHU XQDORFDOL]DFLäQDQWHULRULQIHULRU\ODWHUDO\VXVFRPELQDFLRQHV DQWHURODWHUDOODWHURLQIHULRUHWF /HVLyQVXEHSLFiUGLFDLQIHULRU\VXEHQGRFiUGLFDDQWHURODWHUDO /HVVLäQ /H äQVVXEHQGRF XEHQGRFÒUGLFD 5HJLVWURGHXQVHJPHQWR67LQIUDGHVQLYHODGRTXHSXHGHWHQHU XQDORFDOL]DFLäQDQWHULRULQIHULRU\ODWHUDO\VXVFRPELQDFLRQHV DQWHURVHSWDOODWHURLQIHULRUHWF /HVLyQVXEHQGRFiUGLFDLQIHULRU\DQWHURODWHUDO ,QIDUWR R$ $JXGR $OSULQFLSLRGHOLQIDUWRODRQGD7SXHGHHVWDUSURORQJDGD DXPHQWDGDGHPDJQLWXG\VHUSRVLWLYDRQHJDWLYD(VWRVHVLJXH GHXQDHOHYDFLäQGHOVHJPHQWR67HQODVGHULYDFLRQHVTXH HQFDUDQHOÒUHDGDâDGDSXGLHQGRDSUHFLDUVHXQDGHSUHVLäQ UHFÞSURFDHQODVGHULYDFLRQHVRSXHVWDV/DRQGD7SRVLWLYDSXHGH SUHVHQWDUXQDQHJDWLYLGDGILQDODXQTXHHOVHJPHQWR67HVWÚ VXSUDGHVQLYHODGR/DRQGD4SXHGHUHJLVWUDUVHHQHOSULPHU(&* RQRDSDUHFHUKDVWDTXHKD\DQSDVDGRXQDVKRUDV\TXL]ÒVGÞDV ,QIDUWRDJXGRGHPLRFDUGLRDQWHULRU &XDQGRHOVHJPHQWR67YXHOYHDODOÞQHDGHEDVHODVRQGDV7 GHYLHQHQQHJDWLYDV\VLPÚWULFDV(OWLHPSRGHDSDULFLäQ\OD PDJQLWXGGHHVWRVFDPELRVYDUÞDGHXQHQIHUPRDRWUR 0LVPRFDVR (QPXFKRVFDVRVORëQLFRTXHSHUVLVWHILQDOPHQWHHVODSUHVHQFLD GHRQGDV4VLQDOWHUDFLRQHVGHODUHSRODUL]DFLäQ 0LVPRFDVR 2WURHMHPSORGHLQIDUWRHQHVWHFDVRVXEDJXGRTXHDIHFWDHOÒUHD DQWHURVHSWDO/DRQGD7SUHVHQWDXQDQHJDWLYLGDGILQDODOPLVPR WLHPSRTXHHOVHJPHQWR67DëQHVWÒVXSUDGHVQLYHODGR ,QIDUWR R& &UäQL äQLFR %DVÒQGRQRVHQHOUHJLVWURGHXQDRQGD4XQLQIDUWRVHSXHGH FRQVLGHUDU 6HSWDO4HQ9\9 $QWHULRU4HQ9\9 $QWHURVHSWDO4GH9D9 /DWHUDO4HQ',D9/\9 $QWHURVHSWDO\ODWHUDO/DVXPDGHORVGRVDQWHULRUHV $QWHURODWHUDO4HQ',D9/\GH9D9 $QWHULRUH[WHQVR4HQFDVLWRGRHOSODQRKRUL]RQWDO\HQ',\ D9/ /DWHUDODOWR4HQ',\D9/ ,QIHULRU4HQ',,',,,\D9) $QWHURLQIHULRURDSLFDO4HQ',,',,,\D9/\HQXQDRPÒV GHULYDFLRQHVGH9D9 $QWHULRUH[WHQVRHLQIHULRU/DVXPDGHORVGRVFDVRV 3RVWHULRU5HQ9R9 3RVWHURLQIHULRU5HQ9R9\4HQ',,',,,\D9) 3RVWHURLQIHULRU\ODWHUDO5HQ9R9\4HQ',,',,,D9)',\ D9/ (MHPSORV 1HFURVLVDQWHURVHSWDO 1HFURVLVDQWHURODWHUDO 1HFURVLVLQIHULRU 1HFURVLVLQIHURGRUVDO\ODWHUDO ,QIDUWR R$ $JXGR JXGR ,,QIDUWR R$ $QWLJXR 3DFLHQWHFRQXQDQHFURVLVDQWHULRUDQWLJXDTXHVXIUHXQQXHYR LQIDUWRFRQODH[WHQVLäQGHOLQIDUWRDQWHULRU\ODDSDULFLäQGHXQ LQIDUWRLQIHULRU(QHVWHFDVRDXQTXHORVFDPELRVSDUHFHQ PÞQLPRVWXYLHURQXQDJUDQLPSRUWDQFLDGDGRTXHODSDFLHQWH PXULäDORVSRFRGÞDVGHOVHJXQGRHSLVRGLR 1HFURVLVDQWHULRUDQWLJXD 1XHYRLQIDUWRFRQODDSDULFLyQGHXQLQIDUWRDQWHULRUH[WHQVRH LQIHULRU $QHX QHXUULVPD D9 9HQ HQWWULFXODU /DSUHVHQFLDHQHO(&*GHXQDHOHYDFLäQSHUVLVWHQWHGHO VHJPHQWR67HQXQD]RQDLQIDUWDGDKDVLGRFRQVLGHUDGDGH IRUPDFOÒVLFDFRPRFRUUHVSRQGLHQWHDODH[LVWHQFLDGHXQ DQHXULVPD(QUHDOLGDGHVLQGLFDWLYRGHLQIDUWRH[WHQVRSHURQR LPSOLFDQHFHVDULDPHQWHODH[LVWHQFLDGHXQDQHXULVPD6X GLDJQäVWLFRVHUHDOL]DSUHIHUHQWHPHQWHFRQRWUDVWÚFQLFDVQR LQYDVLYDVFRPRODHFRFDUGLRJUDIÞDRODYHQWULFXORJUDIÞDLVRWäSLFD 1HFURVLVDQWHURVHSWDOFRQDQHXULVPDDQWHULRU /DSUHVHQFLDGHXQ%5'++QRHQPDVFDUDODHOHYDFLyQGHOVHJPHQWR67 ,QIDUWR R\ \% %ORRTXHRGH5 TXHRGH 5DPD %5'++ 'DGRTXHODDFWLYDFLäQVHSWDOLQLFLDOHVQRUPDOHVGHFLUGH L]TXLHUGDDGHUHFKDHO%5'++DOFRQWUDULRTXHHO%5,++QR HQPDFDUDXQLQIDUWRGHPLRFDUGLR 1HFURVLVDQWHURVHSWDO\ODWHUDOFRQ%5'++ 1HFURVLVSRVWHURLQIHULRU\ODWHUDOFRQ%5'++ %5'++ 5'+++ +%$ (VWDVLWXDFLäQWDPSRFRHQPDVFDUDODSUHVHQFLDGHXQLQIDUWRGH PLRFDUGLR 1HFURVLVDQWHULRUH[WHQVDFRQ%5'++\+%$ %ORRTXHR3 TXHR 3HULLQ LLQIDUWR 6HWDUDWDGHXQDDQRUPDOLGDGHVSHFÞILFDGHODFRQGXFFLäQGHELGD DOLQIDUWRGHPLRFDUGLR (QODVGHULYDFLRQHVGHODVH[WUHPLGDGHVVHUHJLVWUDQRQGDV4GH VHJ\FRPSOHMRV456FRQXQFRPSRQHQWHWHUPLQDO SURORQJDGR\HQOHQWHFLGRTXHHQFDUDODQHFURVLV 3XHGHD\XGDUDGLDJQRVWLFDUXQLQIDUWRLQIHULRUFXDQGRORV FDPELRVFDUDFWHUÞVWLFRV\DQRVRQHYLGHQWHV /DSUHVHQFLDGHXQDDFWLYDFLäQWHUPLQDOUHWDUGDGDTXHHQFDUD',, ',,,RD9)\XQDRQGDILQDOQHJDWLYDHQ',9L9 VLJQRVGH EORTXHRSHULLQIDUWR UHIXHU]DQHOGLDJQäVWLFRGHLQIDUWRGH PLRFDUGLRLQIHULRU 6LWXD XDFFLRQHV RQHVTXH TXH6 6LPXDQ ODQ,,VTXH TXHP PLDD0 0LRFÒUGLFD $SDUWHGHODFDUGLRSDWÞDLVTXÚPLFDH[LVWHQQXPHURVDVFDXVDTXH SXHGHQSURYRFDUFDPELRVHQHOVHJPHQWR67\HQODRQGD7/DV PÒVKDELWXDOHVVRQODVVLJXLHQWHV )LVLROäJ äJLLFDV 3RVLFLäQGHOFXHUSRWHPSHUDWXUDKLSHUYHQWLODFLäQ DQVLHGDGDOLPHQWRVJOXFRVDWDTXLFDUGLDLQIOXHQFLDV QHXURJÚQLFDVHQWUHQDPLHQWRIÞVLFR )DUPDFROäJ äJLLFDV'LJLWDOIÒUPDFRVDQWLDUUÞWPLFRVLSVLFRWURSRV IHQRWLD]LQDVWULFÞFOLFRVOLWLR $OWHUDFLRQH RQHV VH H[WUDFDUGÞDFDV$QRUPDOLGDGHVHOHFWUROÞWLFDV DFFLGHQWHVFHUHEURYDVFXODUHVVKRFNDQHPLDUHDFFLRQHV DOÚUJLFDVLQIHFFLRQHVDOWHUDFLRQHVHQGRFULQROäJLFDVDOWHUDFLRQHV DEGRPLQDOHVDJXGDVHPEROLVPRSXOPRQDU (QIHUPHGDGHV HGDGHVP PLRFÒUGLFDV VS SULPDULDV 0LRFDUGLRSDWÞDFRQJHVWLYD PLRFDUGLRSDWÞDKLSHUWUäILFDFDUGLRPLRSDWÞDSRVWSDUWRPLRFDUGLWLV (QIHUPHGDGHV HGDGHVP PLRFÒUGLFDVV VVH HFXQGD XQGDUULDV $PLORLGRVLV KHPRFURPDWRVLVQHRSODVLDVVDUFRLGRVLVHQIHUPHGDGHVGHO WHMLGRFRQHFWLYRDOWHUDFLRQHVQHXURPXVFXODUHV 8QFDPELRDLVODGRGHODRQGD7GHEHVHULQWHUSUHWDGRFRQ SUHFDXFLäQ\VLHPSUHFRUUHODFLRQDGRFRQODFOÞQLFD\ORVGDWRVGHO ODERUDWRULR/DLQWHUSUHWDFLäQHUUäQHDGHOVLJQLILFDGRGHXQDRQGD HQIIHUPHGDG 7DQRUPDOHVODFDXVDPÒVFRPëQGHODHQ HOHFWURFDUGLRJ RJUUÒILDFD \\DWURJÚQ RJÚQLLFD ,QWHQWDULGHQWLILFDUODHWLRORJÞDGHXQVHJPHQWR67\RXQDRQGD7 DQRUPDOHVVLQWHQHUHQFXHQWDODFOÞQLFD\ORVGDWRVGHOODERUDWRULR VXHOHVHUXQIUDFDVR 5HJLVWUR(&*GXUDQWHXQDJDVWULWLVDJXGDHQXQDSDFLHQWHGDxRVVLQ FRURQDULRSDWtDODJDPPDJUDItDFRQWDOLRQRPRVWUyQLQJ~QVLJQRGH LVTXHPLD 6HYHQLPiJHQHVVLPLODUHVHQORVDFFLGHQWHVFHUHEURYDVFXODUHV 3HULFDUGLWLV V$ $JXGD /DSHULFDUGLWLVDJXGDSXHGHRFDVLRQDUFDPELRVHQHOVHJPHQWR 67\HQODRQGD7TXHSXHGHQVLPXODULVTXHPLD\OHVLäQ PLRFÒUGLFD/DHYROXFLäQHOHFWURFDUGLRJUÒILFD\ODFRUUHODFLäQFRQ ODFOÞQLFD\ODH[SORUDFLäQDXVFXOWDFLäQGHXQ URFHSHULFÒUGLFR QRVGDUÒHOGLDJQäVWLFR (OHYDFLyQGHOVHJPHQWR67GH9D9FRQFRQFDYLGDGKDFLDDUULED\ 7QHJDWLYDVHQ9\9HQXQDSDFLHQWHGHDxRVFRQSHULFDUGLWLV DJXGD 5HJLVWURGHRQGDV7QHJDWLYDVHQXQSDFLHQWHGHDxRVFRQSHULFDUGLWLV DJXGD ,PSUHJQDF HJQDFLäQ äQ' 'LJLWÒOLF OLFD /DDFFLäQGHODGLJLWDOSURYRFDXQDGLVPLQXFLäQGHODDPSOLWXGGH ODRQGD7\XQDLQIUDGHVQLYHOODFLäQ\XQDFRUWDPLHQWRGHO VHJPHQWR67FRQODDSDULFLäQRFDVLRQDOGHXQDRQGD8(VWD HQFFXEH XEHWWD\D PRUIRORJÞDGHOVHJPHQWR67VHGHQRPLQDHQ PHQXGRHVGLIÞFLOGLIHUHQFLDUODGHXQDGHSUHVLäQGHOVHJPHQWR67 GHELGDDRWUDVFDXVDV 5HSR HSROODUL]DFLääQ3 Q 3UHFR] (VWDHOHYDFLäQGHOVHJPHQWR67TXHVHLQLFLDGHVGHHOSXQWR- TXHWLHQHXQDFRQFDYLGDGKDFLD DUULED\TXHVHDFRPSDâDGH RQGDV7DOWDV\DVLPÚWULFDVVHVXHOHYHUVREUHWRGRHQSHUVRQDV YDJRWäQLFDVRGHSRUWLVWDV7DPELÚQVHSXHGHUHJLVWUDUHQHVWRV FDVRVXQDPXHVFDHQODUDPDDVFHQGHQWHGHODRQGD5 6LWXD XDFFLRQHV RQHVTXH TXHVVLPXODQ DQ1 1HFURVVLV0 0LRFÒUGLFD (OFUHFLPLHQWRDXULFXODUGHUHFKRSXHGHRFDVLRQDURQGDV4 HQ9 (QOD+9,ODDXVHQFLDGHXQDRQGDUHQODV SUHFRUGLDOHVGHUHFKDVSXHGHVXJHULUXQLQIDUWRDQWHURVHSWDO /DVRQGDV4VRQ IUHFXHQWHVHQODPLRFDUGLRSDWÞDKLSHUWUäILFD\SXHGHQ VLPXODUXQ LQIDUWR /DSUHVHQFLDGHRQGDV4WDPELÚQSXHGHHVWDU DVRFLDGDFRQOD(32&SXGLHQGRYHUVHLPÒJHQHVTXHVLPXODQXQ LQIDUWRDQWHURVHSWDO (QHO%5,++ODVIXHU]DVLQLFLDOHV VHGLULJHQGHGHUHFKDDL]TXLHUGD\KDFLDDUULEDRKDFLDDEDMR &XDQGRODVIXHU]DVLQIHULRUHVGRPLQDQVHSXHGHUHJLVWUDUXQ FRPSOHMR456HQODVSUHFRUGLDOHVGHUHFKDV6LHOYHFWRULQLFLDOVH RULHQWDKDFLDODL]TXLHUGD\KDFLDDUULEDVHSXHGHQUHJLVWUDU FRPSOHMRV46HQODVGHULYDFLRQHVLQIHULRUHV (QHO+%$KD\TXHWHQHUHQFXHQWDTXHGHELGRDD RULHQWDFLäQGHOYHFWRULQLFLDOODVSUHFRUGLDOHVGHUHFKDV\ PHGLDQDVSXHGHQUHJLVWUDUXQDRQGD4LQLFLDOTXHVHSXHGH LQWHUSUHWDUGHIRUPDHUUäQHDFRPRXQLQIDUWRGHPLRFDUGLR DQWHURVHSWDO /DVRQGDV4QRLQIDUWRVRQIUHFXHQWHVHQHO :3:6XHOHQVLPXODUXQLQIDUWRLQIHULRUDXQTXHWDPELÚQVH SXHGHQSUHVHQWDUFRPRXQLQIDUWRDQWHULRURODWHUDO 4QRSD 4 QRSDWWROäJ äJLLFD (QVLWXDFLRQHVQRUPDOHVWDPELÚQVHSXHGHQUHJLVWUDURQGDV4TXHWLHQHQXQD DPSOLWXGVHJTXHHQDOJXQRVFDVRVSXHGHQVHUSURIXQGDV\RQGDV5 DOWDVHQ9\9VLQTXHHVWRVKDOOD]JRVLPSOLTXHQODSUHVHQFLDGHQHFURVLV PLRFÒUGLFD 1LxRGHDxRVVLQQLQJ~QWLSRGHSDWRORJtD +RPEUHGHDxRVVLQIDFWRUHVGHULHVJRDVLQWRPiWLFR\FRQXQ(FR 'RSSOHUQRUPDO 8Q Q( (&* *DSD DSDUUHQW HQWHPHQ HQWWHDQRU HDQRUPDO HQDX HQDXVVHQF HQFLDDGH GH HYLGHQF GHQFLD DFFOÞQLFDGHHQ DGHHQIIHUPHGDG HGDGFFDUGÞDFDDHQJHQW HQJHQ WHM HMRYHQ HQ GHEHVVHUH GHEH UHYDOXDGRGHI XDGRGHIRUPD DP PX\ \S SUHFLVDGDGRTXH DGDGRTXHOOD SUHYDOHQF HQFLDDGHHQI GHHQ IHUPHGDG HGDGFFDUGÞDFDDHQHV HQH VWD DVVLWXDF XDFLäQH äQHV V EDMMD\ ED D\OODV VS SUREDELOL REDELOLGDGH GDGHV VGHTXHH GHTXHHOOWWU D]DGR DGRVVHDXQ HDXQIIDOVR SRVVLWLYR SR RVVRQD RQDOOWDV