>?B=1D9F9414 I3E<DEB1 IMPRENTA NACIONAL D E C O L O M B I A República de Colombia ',$5,22),&,$/ Fundado el 30 de abril de 1864 gggY]`bU^dQW_fS_ Año CXLVII No. 48.135 Edición de 36 páginas • Bogotá, D. C., martes, 19 de julio de 2011 • /LEHUWDG\2UGHQ I S S N 0122-2112 @?45B@Ì2<93?B1=1<579C<1D9F1 /(<'( MXOLR SRUODFXDOVHH[SLGHHOUpJLPHQGHUHVSRQVDELOLGDGDGPLQLVWUDWLYDSRUSpUGLGDRGDxRGHELHQHVGHSURSLHGDG RDOVHUYLFLRGHO0LQLVWHULRGH'HIHQVD1DFLRQDOVXVHQWLGDGHVDGVFULWDVRYLQFXODGDVROD)XHU]D3~EOLFD (O&RQJUHVRGH&RORPELD '(&5(7$ $UWtFXOR 'LJQLGDG KXPDQD 4XLHQ LQWHUYHQJD HQ OD DFWXDFLyQ DGPLQLVWUDWLYDVHUiWUDWDGRFRQHOUHVSHWRGHELGRDODGLJQLGDGLQKHUHQWH DOVHUKXPDQR $UWtFXOR/HJDOLGDG(OSHUVRQDOGHVWLQDWDULRGHHVWDOH\VHUiLQ YHVWLJDGR\GHFODUDGRUHVSRQVDEOHDGPLQLVWUDWLYDPHQWHGHFRQIRUPL GDGFRQODVGLVSRVLFLRQHV\SURFHGLPLHQWRVHVWDEOHFLGRVHQODSUHVHQWH QRUPDWLYLGDG $UWtFXOR3UHVXQFLyQGHLQRFHQFLD/RVGHVWLQDWDULRVGHHVWDOH\VH SUHVXPHQLQRFHQWHVPLHQWUDVQRVHGHFODUHVXUHVSRQVDELOLGDGHQIDOOR HMHFXWRULDGR7RGDGXGDUD]RQDEOHVHUHVROYHUiDIDYRUGHOLQYHVWLJDGR FXDQGRQRKD\DPRGRGHHOLPLQDUOD $UWtFXOR -HUDUTXtD /D DFWXDFLyQ DGPLQLVWUDWLYD VHUi HMHUFLGD VLHPSUHSRUXQVXSHULRUHQQLYHOJUDGRRDQWLJHGDGDOSURFHVDGR $UWtFXOR'HELGRSURFHVR(OGHVWLQDWDULRGHODDFWXDFLyQDGPL QLVWUDWLYDVHUiSURFHVDGRFRQIRUPHDODVOH\HVVXVWDQWLYDV\SURFHVDOHV SUHH[LVWHQWHV DO DFWR TXH VH OH DWULEX\D DQWH IXQFLRQDULR FRPSHWHQWH SUHYLDPHQWH HVWDEOHFLGR \ REVHUYDQGR OD SOHQLWXG GH ODV IRUPDV GHO SURFHGLPLHQWRUHJXODGRHQOD&RQVWLWXFLyQ3ROtWLFD\HQHVWDOH\ $UWtFXOR)LUPH]DGHODGHFLVLyQDGPLQLVWUDWLYD(OIDOORDGPLQLV WUDWLYRTXHGDUiHQ¿UPHFXDQGR &XDQGRFRQWUDHOORVQRSURFHGDQLQJ~QUHFXUVR &XDQGRORVUHFXUVRVLQWHUSXHVWRVVHKD\DQGHFLGLGR &XDQGRQRVHLQWHUSRQJDQUHFXUVRVRFXDQGRVHUHQXQFLHH[SUH VDPHQWHDHOORV $UWtFXOR&HOHULGDGGHOSURFHVR(OIXQFLRQDULRFRPSHWHQWHLPSXO VDUiR¿FLRVDPHQWHODDFWXDFLyQDGPLQLVWUDWLYD\FXPSOLUiHVWULFWDPHQWH ORVWpUPLQRVSUHYLVWRVHQHVWDOH\ $UWtFXOR&XOSDELOLGDG(QPDWHULDDGPLQLVWUDWLYDTXHGDSURVFULWD WRGDIRUPDGHUHVSRQVDELOLGDGREMHWLYD\VRORVHUiSRVLEOHDWULEXLUODD WtWXORGHGRORRFXOSD $UWtFXOR3URSRUFLRQDOLGDG&XDQGRVHDWULEX\DUHVSRQVDELOLGDG DGPLQLVWUDWLYDDORVGHVWLQDWDULRVGHHVWDOH\HOPRQWRDSDJDUGHEHFR UUHVSRQGHUDOYDORUGHOELHQRGHOGDxRFDXVDGRDOPRPHQWRGHSUHVHQWDUVH HOKHFKRGHQRVHUSRVLEOHVXUHSRVLFLyQRUHSDUDFLyQ $UWtFXOR,QWHJUDFLyQQRUPDWLYD(QODDSOLFDFLyQGHODSUHVHQWH OH\SUHYDOHFHUiQORVSULQFLSLRV\QRUPDVUHFWRUDVFRQWHQLGRVHQHVWDOH\ \HQOD&RQVWLWXFLyQ3ROtWLFD(QORQRSUHYLVWRVHDSOLFDUiQHQVXRUGHQ ODVGLVSRVLFLRQHVGHO&yGLJR&RQWHQFLRVR$GPLQLVWUDWLYRHO&yGLJRGH 3URFHGLPLHQWR&LYLO\HO&yGLJR3HQDO0LOLWDUHQFXDQWRVHDQFRPSDWL EOHVFRQODQDWXUDOH]DGHORVLQIRUPDWLYRVDGPLQLVWUDWLYRV $UWtFXOR'HUHFKRGHGHIHQVD'XUDQWHODDFWXDFLyQDGPLQLVWUDWLYD HOLQYHVWLJDGRWLHQHGHUHFKRDODGHIHQVDPDWHULDO\DODGHVLJQDFLyQGH XQ GHIHQVRU VL OR FRQVLGHUD QHFHVDULR &XDQGR VHD GHFODUDGR SHUVRQD DXVHQWHGHEHUiHVWDUUHSUHVHQWDGRSRUXQGHIHQVRUGHR¿FLRTXHSRGUi VHUXQHVWXGLDQWHGHFRQVXOWRULRMXUtGLFRGHELGDPHQWHDFUHGLWDGR /,%52,, 3$57(6867$17,9$ 7Ë78/2, È0%,72'($3/,&$&,Ï1<'(67,1$7$5,26 $UWtFXORÈPELWRGHDSOLFDFLyQ/DVGLVSRVLFLRQHVFRQWHQLGDVHQOD SUHVHQWHOH\VHDSOLFDUiQDVXVGHVWLQDWDULRVFXDQGRGHQOXJDUDODSpUGLGD RGDxRGHELHQHVGHSURSLHGDGRDOVHUYLFLRGHO0LQLVWHULRGH'HIHQVD 1DFLRQDOVXVHQWLGDGHVDGVFULWDVRYLQFXODGDVROD)XHU]D3~EOLFD $UWtFXOR'HVWLQDWDULRV6RQGHVWLQDWDULRVODVSHUVRQDVQDWXUDOHVTXH SUHVWHQVXVVHUYLFLRVHQHO0LQLVWHULRGH'HIHQVD1DFLRQDOVXVHQWLGDGHV DGVFULWDVRYLQFXODGDVROD)XHU]D3~EOLFDORVDOXPQRVGHODVHVFXHODV GHIRUPDFLyQ\TXLHQHVSUHVWHQVHUYLFLRPLOLWDUREOLJDWRULRHQOD)XHU]D 3~EOLFDDXQTXHFRQSRVWHULRULGDGVHKD\DQUHWLUDGR 7DPELpQVHDSOLFDUiDODVSHUVRQDVQDWXUDOHVFRQWUDWDGDVFRPRWUDED MDGRUR¿FLDOSRUSUHVWDFLyQGHVHUYLFLRVXRWUDPRGDOLGDG / ,&,7$&,21(6 (O ',$5,22),&,$/ ,QIRUPDDODV(QWLGDGHV2¿FLDOHVTXHVHUHFLEHQVXVyUGHQHV GHSXEOLFDFLyQFRQGRV GtDVKiELOHVGHDQWLFLSDFLyQ 9HDËQGLFHGH/LFLWDFLRQHVHQOD~OWLPDSiJLQD ' , $ 5 , 2 2 ),&,$/ 4 9 1 B 9 ? ?69391< 5d]SPS^T["STPQaX[ST '%# ?^aT[?aTbXST]cT=Q^eU\=ebY\\_D_b_ CPaXUP_^bcP[aTSdRXSP=^$% 38A42C>A0)=1BÅ19C125<B5CDB5@?3?BB51 <8=8BC4A8>34;8=C4A8>AH349DBC8280 9=@B5>D1>139?>1<453?<?=291 =1BÅ19C125<B5CDB5@?3?BB51 6TaT]cT6T]TaP[ 2PaaTaP%%=^!#(0e4b_TaP]iP0e%'1^V^cu322^[^\QXP 2^]\dcPS^a)?1G#$&' T\PX[)S_bbUc`_^TU^SYQ0Y]`bU^dQW_fS_ (OSHUVRQDOTXHSUHVWHHOVHUYLFLRPLOLWDUREOLJDWRULRHQODV)XHU]DV 0LOLWDUHVRHQOD3ROLFtD1DFLRQDOVHUiVXMHWRGHODDFWXDFLyQDGPLQLV WUDWLYDDXQTXH\DQRVHHQFXHQWUHSUHVWDQGRGLFKRVHUYLFLR 7Ë78/2,, '(/$5(63216$%,/,'$' $UWtFXOR,QGLYLGXDOL]DFLyQGHODUHVSRQVDELOLGDG/RVGHVWLQDWDULRV UHVSRQGHQHQGLQHURRHQHVSHFLH &XDQGRODUHVSRQVDELOLGDGVHDHQHVSHFLHVHHVWDEOHFHUiFRQEDVHHQ ORVWpUPLQRVFRQVDJUDGRVHQHODUWtFXORGHODSUHVHQWHFRGL¿FDFLyQ SRUODSpUGLGDRGDxRTXHFDXVHQDORVELHQHVVHHQFXHQWUHQRQREDMR VXFXVWRGLD $UWtFXOR 5HVSRQVDELOLGDG SRU RUGHQ FRQWUDULD D GHUHFKR /RV GDxRVRSpUGLGDVTXH UHVXOWHQGH RUGHQ FRQWUDULDD GHUHFKRDFDUUHDQ LJXDOUHVSRQVDELOLGDGDGPLQLVWUDWLYDSDUDTXLHQODLPSDUWLy $UWtFXOR (OHPHQWRV GH OD UHVSRQVDELOLGDG DGPLQLVWUDWLYD /D UHVSRQVDELOLGDGDGPLQLVWUDWLYDVHHVWUXFWXUDFXDQGRVHFRQ¿JXUDQFRQ FRPLWDQWHPHQWHORVVLJXLHQWHVHOHPHQWRV 8QDFRQGXFWDGHVSOHJDGDSRUHOGHVWLQDWDULRGHODSUHVHQWHOH\TXH FUHDXQULHVJRMXUtGLFDPHQWHGHVDSUREDGRRSRQHHQSHOLJURORVELHQHV SURWHJLGRVHQODSUHVHQWHOH\ 8QGDxRDQWLMXUtGLFRRSpUGLGDSURGXFLGRVDORVPLVPRV /DFRQFUHFLyQGHGLFKRULHVJRRSXHVWDHQSHOLJURHQXQUHVXOWDGR 3DUiJUDIR(OJUDGRGHFXOSDDSDUWLUGHOFXDOVHSRGUiHVWDEOHFHUOD UHVSRQVDELOLGDGDGPLQLVWUDWLYDVHUiHOGHFXOSDOHYH $UWtFXOR&DXVDOHVH[RQHUDWLYDVGHODUHVSRQVDELOLGDG6RQFDXVDOHV H[RQHUDWLYDVGHODUHVSRQVDELOLGDGDGPLQLVWUDWLYD /DIXHU]DPD\RURFDVRIRUWXLWR (OKHFKRGHXQWHUFHUR (OGHWHULRURQDWXUDOXVRQRUPDO\OHJtWLPRGHOELHQ $UWtFXOR5HVSRQVDELOLGDGFRQMXQWD6LHOGDxRRODSpUGLGDIXHUHQ SURGXFLGRVSRUGRVRPiVGHVWLQDWDULRVGHODSUHVHQWHOH\UHVSRQGHUiQ FRQMXQWDPHQWH 'H OD PLVPD IRUPD OR KDUi TXLHQ GHWHUPLQH D RWUR D FRPHWHUOR 7Ë78/2,,, &203(7(1&,$ $UWtFXOR)DFWRUHVTXHGHWHUPLQDQODFRPSHWHQFLD/DFRPSHWHQFLD SDUDIDOODUVHGHWHUPLQDUiWHQLHQGRHQFXHQWDODFXDQWtDGHOGDxRRODSpU GLGD\ODXQLGDGRGHSHQGHQFLDGRQGHVHHQFXHQWUHHQLQYHQWDULRHOELHQ &XDQGRHOELHQQRVHHQFXHQWUHHQLQYHQWDULRVSHURHVWpDOVHUYLFLRGHO 0LQLVWHULRGH'HIHQVD1DFLRQDOVXVHQWLGDGHVDGVFULWDVRYLQFXODGDVR OD)XHU]D3~EOLFDFRQRFHUi\IDOODUiODDXWRULGDGDGPLQLVWUDWLYDFRPSH WHQWHGHODXQLGDGTXHWHQJDODDGPLQLVWUDFLyQFXVWRGLDRXVRGHOELHQ $UWtFXOR&RPSHWHQFLDDSUHYHQFLyQ/DDXWRULGDGFRQDWULEXFLRQHV DGPLQLVWUDWLYDVGHOOXJDUGRQGHVHSUHVHQWHODSpUGLGDRGDxRGHOELHQ RUGHQDUiODLQYHVWLJDFLyQFRUUHVSRQGLHQWH\UHPLWLUiODVGLOLJHQFLDVSUDF WLFDGDVGHQWURGHORVTXLQFH GtDVVLJXLHQWHVSDUDTXHHOIXQFLRQDULR FRPSHWHQWHFRQWLQ~HFRQHOWUiPLWH (GLFLyQ 0DUWHVGHMXOLRGH $UWtFXOR&RPSHWHQFLDSRUODFXDQWtD'HWHUPtQHQVHODVVLJXLHQWHV DXWRULGDGHVSDUDIDOODUORVSURFHVRVDGPLQLVWUDWLYRV ,QIHULRUDGRV VPOPY (QHO0LQLVWHULRGH'HIHQVD1DFLRQDOHQODVHQWLGDGHVDGVFULWDV R YLQFXODGDV DO 0LQLVWHULR GH 'HIHQVD 1DFLRQDO HQ OD 'LUHFFLyQ *HQHUDO0DUtWLPDHQHO&RPDQGR*HQHUDOGHODV)XHU]DV0LOLWDUHV HQORV&RPDQGRVGH)XHU]DHQODV8QLGDGHV0LOLWDUHV\HQOD3ROL FtD1DFLRQDOFRQRFHUiQ\IDOODUiQHQ~QLFDLQVWDQFLDHO-HIHGHOD UHVSHFWLYD GHSHQGHQFLD DGPLQLVWUDWLYD PLOLWDU R SROLFLDO GRQGH VH HQFXHQWUHHQLQYHQWDULRHOELHQ 'HKDVWDVPOPY (QHO0LQLVWHULRGH'HIHQVD1DFLRQDO (QSULPHUDLQVWDQFLDIDOODUiHO'LUHFWRU$GPLQLVWUDWLYRRVXHTXLYDOHQWH \HQVHJXQGDLQVWDQFLDHO6HFUHWDULR*HQHUDORVXHTXLYDOHQWH (QODVHQWLGDGHVDGVFULWDVRYLQFXODGDVDO0LQLVWHULRGH'HIHQVD 1DFLRQDO (QSULPHUDLQVWDQFLDIDOODUiHO6XEJHUHQWHHO6XEGLUHFWRUUHVSHFWLYR 6HFUHWDULR*HQHUDORVXVHTXLYDOHQWHV(QWRGRFDVRFRQRFHUiHQSULPHUD LQVWDQFLDHOIXQFLRQDULRLQPHGLDWDPHQWHVXEDOWHUQRGHO'LUHFWRU*HUHQWH RVXHTXLYDOHQWHHQOtQHDMHUiUTXLFDXRUJDQL]DFLRQDO (QVHJXQGDLQVWDQFLDHO'LUHFWRUHO*HUHQWHRVXHTXLYDOHQWH (QOD'LUHFFLyQ*HQHUDO0DUtWLPD 'LPDU (QSULPHUDLQVWDQFLDIDOODUiHO2¿FLDOHQVHUYLFLRDFWLYRTXHVHGHV HPSHxHFRPR&DSLWiQGH3XHUWR6XEGLUHFWRUGHOD'LUHFFLyQ*HQHUDO 0DUtWLPD 'LUHFWRU GH &HQWUR GH ,QYHVWLJDFLRQHV 2FHDQRJUi¿FDV H +LGURJUi¿FDV &RPDQGDQWH GH 8QLGDG 2FHDQRJUi¿FD +LGURJUi¿FD %DOL]DGRUD5HVSRQVDEOHGH6HxDOL]DFLyQ0DUtWLPD\ORV&RRUGLQDGRUHV GH*UXSRRTXLHQHVKDJDQVXVYHFHV (QVHJXQGDLQVWDQFLDIDOODUiHO2¿FLDOHQVHUYLFLRDFWLYRTXHOHVLJD HQDQWLJHGDGDO'LUHFWRU*HQHUDO0DUtWLPR &RPDQGR*HQHUDOGHODV)XHU]DV0LOLWDUHV (QSULPHUDLQVWDQFLDIDOODUiQHOD\XGDQWH*HQHUDOGHO&RPDQGR*H QHUDOGHODV)XHU]DV0LOLWDUHV\HO6XEGLUHFWRUGHOD(VFXHOD6XSHULRU GH*XHUUD (QVHJXQGDLQVWDQFLDHO-HIH(VWDGR0D\RU&RQMXQWRGHODV)XHU]DV 0LOLWDUHV &RPDQGRVGH)XHU]D (MpUFLWR1DFLRQDO (QODV'LUHFFLRQHV\GHPiVFRPSRQHQWHVRUJiQLFRVGHODV-HIDWXUDV GHO&XDUWHO*HQHUDOGHO&RPDQGRGHO(MpUFLWRIDOODUiHQSULPHUDLQVWDQFLD HO'LUHFWRU&RPDQGDQWHRVXHTXLYDOHQWH(QVHJXQGDLQVWDQFLDIDOODUi HO-HIHGHODUHVSHFWLYD-HIDWXUD (QODVGHPiVGHSHQGHQFLDVRUJiQLFDVGHO&XDUWHO*HQHUDOGHO&R PDQGRGHO(MpUFLWRIDOODUiHQSULPHUDLQVWDQFLDHO$\XGDQWH*HQHUDOGHO &RPDQGRGHO(MpUFLWR(QVHJXQGDLQVWDQFLDHO6HJXQGR&RPDQGDQWH GHO(MpUFLWR (QODV=RQDVGH5HFOXWDPLHQWRIDOODUiHQSULPHUDLQVWDQFLDHO&RPDQ GDQWHGHOD=RQD(QVHJXQGDLQVWDQFLDHO'LUHFWRUGH5HFOXWDPLHQWR\ &RQWURO5HVHUYDV 8QLGDGHV0LOLWDUHV (QODV8QLGDGHVRSHUDWLYDVPD\RUHVRVXHTXLYDOHQWHIDOODUiHQSUL PHUDLQVWDQFLDHO-HIHGH(VWDGR0D\RU(QVHJXQGDLQVWDQFLDHO6HJXQGR &RPDQGDQWHGHO(MpUFLWR (QODV8QLGDGHVRSHUDWLYDVPHQRUHVWiFWLFDV\WpFQLFDVGHO(MpUFLWR 1DFLRQDO R VXV HTXLYDOHQWHV IDOODUi HQ SULPHUD LQVWDQFLD HO 6HJXQGR &RPDQGDQWH(MHFXWLYRRVXHTXLYDOHQWH(QVHJXQGDLQVWDQFLDIDOODUi HO6HJXQGR&RPDQGDQWHGHOD8QLGDGRUJiQLFDVXSHULRU (QODV(VFXHODVH,QVWLWXWRVGHIRUPDFLyQGHR¿FLDOHVVXER¿FLDOHV\ VROGDGRVSURIHVLRQDOHVIDOODUiHQSULPHUDLQVWDQFLDHO6XEGLUHFWRURVX HTXLYDOHQWH(QVHJXQGDLQVWDQFLDIDOODUiHO'LUHFWRURVXHTXLYDOHQWH 8QLGDGHV0LOLWDUHVVLQ6HJXQGR&RPDQGDQWH(MHFXWLYRRVXVHTXL YDOHQWHV (GLFLyQ 0DUWHVGHMXOLRGH ' , $ 5 , 2 2 ) , & , $ / (QODV8QLGDGHVTXHQRWLHQHQ6HJXQGR&RPDQGDQWHRVXVHTXLYD OHQWHVIDOODUiHQSULPHUDLQVWDQFLDHO6HJXQGR&RPDQGDQWHGHOD8QLGDG 0LOLWDUGHODFXDOGHSHQGDQDGPLQLVWUDWLYDPHQWH (QVHJXQGDLQVWDQFLDIDOODUiHO6HJXQGR&RPDQGDQWHGHOD8QLGDG RUJiQLFDVXSHULRUGHTXLHQIDOOyHQSULPHUDLQVWDQFLD $UPDGD1DFLRQDO (QODVGHSHQGHQFLDVGHOFXDUWHOJHQHUDOIDOODUiHQSULPHUDLQVWDQFLD HO$\XGDQWH*HQHUDOGHO&RPDQGR\HQVHJXQGDLQVWDQFLDHO6HJXQGR &RPDQGDQWH (QOD'LUHFFLyQGH6DQLGDG1DYDOHQSULPHUDLQVWDQFLDHO6XEGLUHFWRU RTXLHQKDJDVXVYHFHV\HQVHJXQGDHO'LUHFWRU(QHO&RPDQGRGH,Q IDQWHUtDGH0DULQDIDOODUiHQSULPHUDLQVWDQFLDHO-HIHGH(VWDGR0D\RU \HQVHJXQGDHO&RPDQGDQWHGH,QIDQWHUtDGH0DULQD 8QLGDGHV0LOLWDUHV (QWRGDVODV8QLGDGHVRSHUDWLYDVPD\RUHVPHQRUHVXQLGDGHVWiFWLFDV \WpFQLFDVGHOD$UPDGD1DFLRQDOODV(VFXHODVH,QVWLWXWRVGHIRUPDFLyQ GHR¿FLDOHVVXER¿FLDOHVH,QIDQWHVGH0DULQDIDOODUiHQSULPHUDLQVWDQFLD HO6HJXQGR&RPDQGDQWH6XEGLUHFWRURVXHTXLYDOHQWH (QVHJXQGDLQVWDQFLDIDOODUiHO&RPDQGDQWH'LUHFWRURVXHTXLYDOHQWH /RVSURFHVRVSRUKHFKRVRFXUULGRVHQORVHVWDEOHFLPLHQWRVGH6DQLGDG 0LOLWDUVHUiQFRQRFLGRVHQSULPHUDLQVWDQFLDSRUHOUHVSHFWLYR'LUHFWRURVX HTXLYDOHQWH\HQVHJXQGDSRUHO6XEGLUHFWRUGH6DQLGDGRVXHTXLYDOHQWH 8QLGDGHV 0LOLWDUHV VLQ 6HJXQGR &RPDQGDQWH 6XEGLUHFWRU R VXV HTXLYDOHQWHV (Q ODV 8QLGDGHV TXH QR WLHQHQ 6HJXQGR &RPDQGDQWH 6XEGLUHFWRU RVXHTXLYDOHQWHHQOD$UPDGD1DFLRQDOIDOODUiHQSULPHUDLQVWDQFLDHO &RPDQGDQWHGHOD8QLGDG0LOLWDU\HQVHJXQGDLQVWDQFLDHO6HJXQGR &RPDQGDQWH-HIHGH(VWDGR0D\RURVLPLODUGHODUHVSHFWLYD8QLGDG GHODFXDOGHSHQGDQDGPLQLVWUDWLYDPHQWH )XHU]D$pUHD (QODVGHSHQGHQFLDVGHOFXDUWHOJHQHUDOIDOODUiHQSULPHUDLQVWDQFLD HO$\XGDQWH*HQHUDOGHO&RPDQGR\HQVHJXQGDLQVWDQFLDHO6HJXQGR &RPDQGDQWHGHOD)XHU]D 8QLGDGHV0LOLWDUHV (QORV&RPDQGRV$pUHRV*UXSRV$pUHRV(VFXHOD0LOLWDUGH$YLDFLyQ ,QVWLWXWR0LOLWDU$HURQiXWLFR\(VFXHODGH6XER¿FLDOHVIDOODUiHQSULPHUD LQVWDQFLDHO6HJXQGR&RPDQGDQWHR6XEGLUHFWRUVHJ~QFRUUHVSRQGD (QVHJXQGDLQVWDQFLDIDOODUiHO&RPDQGDQWH'LUHFWRURVXHTXLYDOHQWH 3ROLFtD1DFLRQDO (QSULPHUDLQVWDQFLDIDOODUiHQVXUHVSHFWLYDMXULVGLFFLyQ /RV'LUHFWRUHVGHOD'LUHFFLyQ*HQHUDO /RV&RPDQGDQWHVGH=RQD /RV'LUHFWRUHVR-HIHVGH2UJDQLVPRVR(QWLGDGHVGHOD$GPLQLVWUD FLyQ3~EOLFDFXDQGRHVWRVFDUJRVVHDQGHVHPSHxDGRVSRUPLHPEURVGH OD,QVWLWXFLyQ\OHVHDQDVLJQDGRVELHQHVGHODPLVPD /RV6XEFRPDQGDQWHVGH3ROLFtD0HWURSROLWDQD\GH'HSDUWDPHQWR GH3ROLFtD /RV -HIHV GH ÈUHD$GPLQLVWUDWLYD GH ODV (VFXHODV GH )RUPDFLyQ\ (VSHFLDOL]DFLyQHQODUHVSHFWLYD(VFXHOD (QVHJXQGDLQVWDQFLDIDOODUiQ (O6XEGLUHFWRU*HQHUDOSDUDORVIDOORVSURIHULGRVSRUORV'LUHF WRUHVGHOD'LUHFFLyQ*HQHUDO\'LUHFWRUHVR-HIHVGH2UJDQLVPRVR (QWLGDGHV GH OD$GPLQLVWUDFLyQ 3~EOLFD FXDQGR HVWRV FDUJRV VHDQ GHVHPSHxDGRV SRU PLHPEURV GH OD ,QVWLWXFLyQ \ OH VHDQ DVLJQDGRV ELHQHVGHODPLVPD 'LUHFWRUHV GH OD 'LUHFFLyQ *HQHUDO SDUD ORV IDOORV SURIHULGRV SRU &RPDQGDQWHVGH=RQD &RPDQGDQWHVGH3ROLFtD0HWURSROLWDQD\'HSDUWDPHQWRVGH3ROLFtD SDUDORVIDOORVSURIHULGRVSRUHOUHVSHFWLYR6XEFRPDQGDQWH 'LUHFWRUHVGH(VFXHODGH)RUPDFLyQR(VSHFLDOL]DFLyQSDUDORVIDOORV SURIHULGRVSRUHOUHVSHFWLYR-HIHGHOÈUHD$GPLQLVWUDWLYD 6XSHULRUD\KDVWDVPOPY (QHO0LQLVWHULRGH'HIHQVD1DFLRQDO (QSULPHUDLQVWDQFLDIDOODUiHO'LUHFWRU$GPLQLVWUDWLYRRVXHTXLYDOHQWH \HQVHJXQGDLQVWDQFLDHO6HFUHWDULR*HQHUDORVXHTXLYDOHQWH (QODVHQWLGDGHVDGVFULWDVRYLQFXODGDVDO0LQLVWHULRGH'HIHQVD 1DFLRQDO (QSULPHUDLQVWDQFLDIDOODUi(O6XEJHUHQWHHO6XEGLUHFWRUUHVSHFWLYR 6HFUHWDULR*HQHUDORVXVHTXLYDOHQWHV(QWRGRFDVRFRQRFHUiHQSULPHUD LQVWDQFLDHOIXQFLRQDULRLQPHGLDWDPHQWHVXEDOWHUQRGHO'LUHFWRU*HUHQWH RVXHTXLYDOHQWHHQOtQHD-HUiUTXLFDXRUJDQL]DFLRQDO (QVHJXQGDLQVWDQFLD(O'LUHFWRUHO*HUHQWHRVXHTXLYDOHQWH (Q'LPDU (QSULPHUDLQVWDQFLDIDOODUiHO2¿FLDOHQVHUYLFLRDFWLYRTXHOHVLJD HQDQWLJHGDGDO'LUHFWRU*HQHUDO0DUtWLPR\HQVHJXQGDLQVWDQFLDHO 'LUHFWRU*HQHUDO0DUtWLPR (QHO&RPDQGR*HQHUDOGHODV)XHU]DV0LOLWDUHV (QSULPHUDLQVWDQFLDIDOODUiHO'LUHFWRU$GPLQLVWUDWLYR\)LQDQFLHUR \HO'LUHFWRUGHOD(VFXHOD6XSHULRUGH*XHUUD (QVHJXQGDLQVWDQFLDHO-HIH(VWDGR0D\RU&RQMXQWRGHO&RPDQGR *HQHUDOGHODV)XHU]DV0LOLWDUHV &RPDQGRVGH)XHU]D (MpUFLWR1DFLRQDO (QODV-HIDWXUDV\GHPiVGHSHQGHQFLDVRUJiQLFDVGHHVWDVHQHO&XDUWHO *HQHUDOGHO(MpUFLWRIDOODUiHQSULPHUDLQVWDQFLDHO-HIHGHOD-HIDWXUD(Q VHJXQGDLQVWDQFLDIDOODUiHO6HJXQGR&RPDQGDQWHGHO(MpUFLWR (QODVGHPiVGHSHQGHQFLDVRUJiQLFDVGHO&XDUWHO*HQHUDOGHO(MpUFLWR IDOODUiHQSULPHUDLQVWDQFLDHO6HJXQGR&RPDQGDQWHGHOD)XHU]D(Q VHJXQGDLQVWDQFLDHO&RPDQGDQWHGHO(MpUFLWR (QOD'LUHFFLyQGH5HFOXWDPLHQWR\&RQWURO5HVHUYDV\VXVGHSHQGHQ FLDVRUJiQLFDVIDOODUiHQSULPHUDLQVWDQFLDHO'LUHFWRUGH5HFOXWDPLHQWR (QVHJXQGDLQVWDQFLDHO-HIHGHOD-HIDWXUDGH5HFOXWDPLHQWR 8QLGDGHV0LOLWDUHV (Q ODV 8QLGDGHV 2SHUDWLYDV 0D\RUHV R VX HTXLYDOHQWH IDOODUi HQ SULPHUD LQVWDQFLD HO &RPDQGDQWH (Q VHJXQGD LQVWDQFLD HO 6HJXQGR &RPDQGDQWHGHO(MpUFLWR (QODV8QLGDGHV2SHUDWLYDV0HQRUHV7iFWLFD\7pFQLFDVGHO(MpUFLWR RVXVHTXLYDOHQWHVIDOODUiHQSULPHUDLQVWDQFLDHO&RPDQGDQWH'LUHFWRU R VX HTXLYDOHQWH (Q 6HJXQGD ,QVWDQFLD IDOODUi HO &RPDQGDQWH -HIH 'LUHFWRURVXHTXLYDOHQWHGHOD8QLGDGRUJiQLFDVXSHULRU (QODV(VFXHODVH,QVWLWXWRVGHIRUPDFLyQGHR¿FLDOHVVXER¿FLDOHV \VROGDGRVSURIHVLRQDOHVIDOODUiQHQSULPHUDLQVWDQFLDHO'LUHFWRURVX HTXLYDOHQWH(QVHJXQGDLQVWDQFLDIDOODUiHO-HIHGHOD-HIDWXUDGH(GX FDFLyQ\'RFWULQD 8QLGDGHV0LOLWDUHVVLQ6HJXQGR&RPDQGDQWHRVXVHTXLYDOHQWHV (QODV8QLGDGHVTXHQRWLHQHQ6HJXQGR&RPDQGDQWHRVXHTXLYDOHQWH IDOODUiHQSULPHUDLQVWDQFLDHO6HJXQGR&RPDQGDQWHGHOD8QLGDG2SHUD WLYD0HQRU(QVHJXQGDLQVWDQFLDHO-HIHGH(VWDGR0D\RUGHOD8QLGDG 2SHUDWLYD0D\RURVXHTXLYDOHQWHGHTXLHQIDOOyHQSULPHUDLQVWDQFLD $UPDGD1DFLRQDO (QODVGHSHQGHQFLDVGHOFXDUWHOJHQHUDOGHOD$UPDGD1DFLRQDOFRQR FHUi\IDOODUiHQSULPHUDLQVWDQFLDHO6HJXQGR&RPDQGDQWHGHOD)XHU]D \HQVHJXQGDLQVWDQFLDHO&RPDQGDQWHGHODPLVPD 8QLGDGHV0LOLWDUHV (QWRGDVODV8QLGDGHVRSHUDWLYDVPD\RUHVPHQRUHVXQLGDGHVWiFWLFDV \WpFQLFDVGHOD$UPDGD1DFLRQDOODV(VFXHODVH,QVWLWXWRVGHIRUPDFLyQ GHR¿FLDOHVVXER¿FLDOHVH,QIDQWHVGH0DULQDIDOODUiHQSULPHUDLQVWDQFLD HO&RPDQGDQWH'LUHFWRURVXVHTXLYDOHQWHV (QVHJXQGDLQVWDQFLDIDOODUiHO6HJXQGR&RPDQGDQWH-HIHGH(VWDGR 0D\RU6XEGLUHFWRURVXHTXLYDOHQWHGHOD8QLGDG0LOLWDULQPHGLDWDPHQWH VXSHULRU ' , $ 5 , 2 2 ),&,$/ )XHU]D$pUHD (QODVGHSHQGHQFLDVGHOFXDUWHOJHQHUDOGHOD)XHU]D$pUHDFRQRFHUi \IDOODUiHQSULPHUDLQVWDQFLDHO6HJXQGR&RPDQGDQWHGHODIXHU]D\HQ VHJXQGDLQVWDQFLDHO&RPDQGDQWHGHODPLVPD 8QLGDGHV0LOLWDUHV (QORV&RPDQGRV$pUHRV*UXSRV$pUHRV(VFXHOD0LOLWDUGH$YLDFLyQ ,QVWLWXWR0LOLWDU$HURQiXWLFR\(VFXHODGH6XER¿FLDOHVIDOODUiHQSULPHUD LQVWDQFLDHO&RPDQGDQWHR'LUHFWRUVHJ~QFRUUHVSRQGD (QVHJXQGDLQVWDQFLDIDOODUiQHO6HJXQGR&RPDQGDQWH\-HIHGH(V WDGR0D\RU$pUHR 3ROLFtD1DFLRQDO (QSULPHUDLQVWDQFLDIDOODUiQ (O6XEGLUHFWRU*HQHUDOSDUDORVELHQHVDVLJQDGRVDOD'LUHFFLyQ*HQHUDO 6XEGLUHFFLyQ*HQHUDO,QVSHFFLyQ*HQHUDO'LUHFFLRQHVGHOD'LUHFFLyQ *HQHUDO\DODV'LUHFFLRQHVR-HIDWXUDVGH2UJDQLVPRVR(QWLGDGHVGH OD$GPLQLVWUDFLyQ3~EOLFDFXDQGRHVWRVFDUJRVVHDQGHVHPSHxDGRVSRU PLHPEURVGHOD,QVWLWXFLyQ\OHVHDQDVLJQDGRVELHQHVGHODPLVPD &RPDQGDQWHVGH3ROLFtD0HWURSROLWDQDR'HSDUWDPHQWRVGH3ROLFtD HQVX-XULVGLFFLyQ 'LUHFWRUHV(VFXHODGH)RUPDFLyQR(VSHFLDOL]DFLyQHQVXUHVSHFWLYD (VFXHOD (QVHJXQGD,QVWDQFLDIDOODUiQ (O'LUHFWRU*HQHUDOSDUDORVIDOORVSURIHULGRVSRUHO6XEGLUHFWRU*HQHUDO (O'LUHFWRUGH6HJXULGDG&LXGDGDQDSDUDORVIDOORVSURIHULGRVSRU ORV&RPDQGDQWHVGH3ROLFtD0HWURSROLWDQDR'HSDUWDPHQWRVGH3ROLFtD (O'LUHFWRU1DFLRQDOGH(VFXHODVSDUDORVIDOORVSURIHULGRVSRUORV 'LUHFWRUHVGH(VFXHODGH)RUPDFLyQ\(VSHFLDOL]DFLyQ 6XSHULRUDVPOPY (QHO0LQLVWHULRGH'HIHQVD1DFLRQDO (QSULPHUDLQVWDQFLDIDOODUiHO'LUHFWRU$GPLQLVWUDWLYRRVXHTXLYD OHQWH\HQVHJXQGDLQVWDQFLDHO6HFUHWDULR*HQHUDORVXHTXLYDOHQWHHQ OtQHDMHUiUTXLFDXRUJDQL]DFLRQDO (QODVHQWLGDGHVDGVFULWDVRYLQFXODGDVDO0LQLVWHULRGH'HIHQVD 1DFLRQDO (Q~QLFDLQVWDQFLDIDOODUiHO*HUHQWH*HQHUDO'LUHFWRURVXHTXLYDOHQWH (Q'LPDU (QSULPHUDLQVWDQFLDIDOODUiHO'LUHFWRU*HQHUDO0DUtWLPR\HQVHJXQGD LQVWDQFLDHO9LFHPLQLVWURSDUDOD*HVWLyQ,QVWLWXFLRQDORVXHTXLYDOHQWH VLHPSUH\FXDQGRVHDPLOLWDUHQVHUYLFLRDFWLYRHQFDVRFRQWUDULRFRQR FHUi\IDOODUiHO-HIHGH(VWDGR0D\RU&RQMXQWRGHODV)XHU]DV0LOLWDUHV (QHO&RPDQGR*HQHUDOGHODV)XHU]DV0LOLWDUHV (QSULPHUDLQVWDQFLDIDOODUiHO-HIH(VWDGR0D\RU&RQMXQWR)XHU]DV 0LOLWDUHV\HQVHJXQGDLQVWDQFLDHO&RPDQGDQWH*HQHUDO)XHU]DV0LOLWDUHV (QORV&RPDQGRVGH)XHU]D (QSULPHUDLQVWDQFLDIDOODUiHO&RPDQGDQWHGH)XHU]D\HQVHJXQGD LQVWDQFLDHO&RPDQGDQWH*HQHUDO)XHU]DV0LOLWDUHV 3ROLFtD1DFLRQDO (Q SULPHUD ,QVWDQFLD IDOODUi HO 6XEGLUHFWRU *HQHUDO \ HQ 6HJXQGD ,QVWDQFLDHO'LUHFWRU*HQHUDO $UWtFXOR&DVRVHVSHFt¿FRVHQHO0LQLVWHULRGH'HIHQVD1DFLRQDO &XDQGRVHWUDWHGHR¿FLDOHVTXHSUHVWHQVXVVHUYLFLRVHQDOJXQDGHODV GHSHQGHQFLDVDGPLQLVWUDWLYDVGHO0LQLVWHULRGH'HIHQVDXRUJDQLVPRV DGVFULWRVRYLQFXODGRVDOPLVPRIDOODUiHQSULPHUDLQVWDQFLDHO6HJXQGR &RPDQGDQWHGHODUHVSHFWLYD)XHU]DRHO6XEGLUHFWRU*HQHUDOGHOD3ROLFtD 1DFLRQDO(QVHJXQGDLQVWDQFLDIDOODUiHO&RPDQGDQWHGHODUHVSHFWLYD )XHU]DRHO'LUHFWRU*HQHUDOGHOD3ROLFtD1DFLRQDO 6LVHWUDWDGHPLHPEURVGHO1LYHO(MHFXWLYRVXER¿FLDOHVDJHQWHV\ VROGDGRVSURIHVLRQDOHVHQORVFDVRVDQRWDGRVIDOODUiHQSULPHUDLQVWDQ FLDHO$\XGDQWH*HQHUDOGHOFXDUWHOJHQHUDOGHODUHVSHFWLYD)XHU]DRHO 6XEVHFUHWDULRGHOD3ROLFtD1DFLRQDO/DVHJXQGDLQVWDQFLDHVWDUiDFDUJR (GLFLyQ 0DUWHVGHMXOLRGH GHORV6HJXQGRV&RPDQGDQWHVGH)XHU]DRHO6XEGLUHFWRU*HQHUDOGHOD 3ROLFtD1DFLRQDO &XDQGRODQRYHGDGVHSUHVHQWHHQELHQHVDVLJQDGRVDORV9LFHPLQLVWURV \R6HFUHWDULR*HQHUDOGHO0LQLVWHULRGH'HIHQVD1DFLRQDOIDOODUiHQ ~QLFDLQVWDQFLDHO0LQLVWURGH'HIHQVD &XDQGRODQRYHGDGVHSUHVHQWHHQELHQHVDVLJQDGRVDO0LQLVWURGH 'HIHQVD1DFLRQDOIDOODUiHQ~QLFDLQVWDQFLDHOVHxRU3UHVLGHQWHGHOD 5HS~EOLFD $UWtFXOR&DVRVHVSHFt¿FRVHQHO&RPDQGR*HQHUDOODV)XHU]DV 0LOLWDUHV\OD3ROLFtD1DFLRQDO&XDQGRHOLQYHVWLJDGRIXHUHHO6HJXQGR &RPDQGDQWHGH)XHU]DRHO6XEGLUHFWRU*HQHUDOGHOD3ROLFtDFRQRFHUi HQSULPHUDLQVWDQFLDHO&RPDQGDQWHGH)XHU]DRHO'LUHFWRU*HQHUDOGHOD 3ROLFtDODDSHODFLyQFRUUHVSRQGHUiDO-HIHGH(VWDGR0D\RU&RQMXQWRGH ODV)XHU]DV0LOLWDUHVR0LQLVWURGH'HIHQVD1DFLRQDOUHVSHFWLYDPHQWH (Q OR DWLQHQWH D ORV &RPDQGDQWHV GH )XHU]D FRQRFHUi HQ SULPHUD LQVWDQFLDHO&RPDQGDQWH*HQHUDOGHODV)XHU]DV0LOLWDUHV\ODDSHODFLyQ FRUUHVSRQGHUiDO0LQLVWURGH'HIHQVD1DFLRQDO &XDQGRORVLQYHVWLJDGRVVHDQHO&RPDQGDQWH*HQHUDOGHODV)XHU]DV 0LOLWDUHVRHO'LUHFWRU*HQHUDOGHOD3ROLFtD1DFLRQDOHOFRPSHWHQWH SDUDFRQRFHUHQ~QLFDLQVWDQFLDVHUiHO0LQLVWURGH'HIHQVD1DFLRQDO $UWtFXOR(QOD'LUHFFLyQ*HQHUDO0DUtWLPD&XDQGRHO&DSLWiQGH 3XHUWR6XEGLUHFWRU'LUHFWRUGH&HQWURGH,QYHVWLJDFLRQHV2FHDQRJUi¿FDV H+LGURJUi¿FDV&RPDQGDQWHGH8QLGDG2FHDQRJUi¿FD+LGURJUi¿FD %DOL]DGRUDUHVSRQVDEOHGH6HxDOL]DFLyQ0DUtWLPD\&RRUGLQDGRUGH*UX SRVHDXQ6XER¿FLDORXQ&LYLOIDOODUiHQSULPHUDLQVWDQFLDHO2¿FLDOHQ VHUYLFLRDFWLYREDMRFX\DGHSHQGHQFLDRFRQWUROVHHQFXHQWUHOD8QLGDG (QVHJXQGDLQVWDQFLDIDOODUiHO2¿FLDOHQVHUYLFLRDFWLYRTXHOHVLJD HQDQWLJHGDGDO'LUHFWRU*HQHUDO0DUtWLPR (QORVFDVRVQRSUHYLVWRVIDOODUiHQSULPHUDLQVWDQFLDHO2¿FLDOHQ VHUYLFLRDFWLYRTXHOHVLJDHQDQWLJHGDGDO'LUHFWRU*HQHUDO0DUtWLPR (QVHJXQGDLQVWDQFLDIDOODUiHO'LUHFWRU*HQHUDO0DUtWLPR $UWtFXOR(QORVFDVRVQRSUHYLVWRVHQODV)XHU]DV0LOLWDUHV\OD 3ROLFtD1DFLRQDO6HUiQFRPSHWHQWHVHQSULPHUDLQVWDQFLDHO6HJXQGR &RPDQGDQWHGHODUHVSHFWLYDIXHU]D\HO6XEGLUHFWRU*HQHUDOGHOD3ROLFtD 1DFLRQDO(Q6HJXQGD,QVWDQFLDVHUiQFRPSHWHQWHVHO&RPDQGDQWHGHOD IXHU]D\HO'LUHFWRU*HQHUDOGHOD3ROLFtD1DFLRQDO (QHO&RPDQGR*HQHUDOGHODV)XHU]DV0LOLWDUDVHO-HIHGH(VWDGR 0D\RU&RQMXQWRHQSULPHUDLQVWDQFLD\HO&RPDQGDQWH*HQHUDOHQVH JXQGDLQVWDQFLD $UWtFXOR&DPELRVGHHVWUXFWXUDRUJiQLFDHQHO0LQLVWHULRGH'H IHQVD1DFLRQDO&XDQGRVHSURGX]FDQFDPELRVTXHYDUtHQODHVWUXFWXUD RUJiQLFDGHO0LQLVWHULRGH'HIHQVD1DFLRQDOHO0LQLVWURGH'HIHQVD PHGLDQWH DFWR DGPLQLVWUDWLYR GHWHUPLQDUi ODV HTXLYDOHQFLDV GH ODV DXWRULGDGHVTXHFRQWLQXDUiQHMHUFLHQGRODFRPSHWHQFLDDGPLQLVWUDWLYD $UWtFXOR&ROLVLyQGHFRPSHWHQFLDV(OIXQFLRQDULRTXHVHFRQVL GHUHLQFRPSHWHQWHSDUDFRQRFHU\IDOODUXQLQIRUPDWLYRDGPLQLVWUDWLYR GHEHUiH[SUHVDUORUHPLWLpQGRORHQHOHVWDGRHQTXHVHHQFXHQWUHGHQWUR GHORVFLQFR GtDVVLJXLHQWHVDTXLHQGHFRQIRUPLGDGFRQORGLVSXHVWR HQHVWDOH\WHQJDDWULEXLGDODFRPSHWHQFLD 6LHOIXQFLRQDULRDTXLHQVHUHPLWHODDFWXDFLyQDFHSWDODFRPSHWHQ FLDDYRFDUiHOFRQRFLPLHQWRGHODVXQWRHQFDVRFRQWUDULRORUHPLWLUiDO VXSHULRUFRP~QLQPHGLDWRFRQDWULEXFLyQDGPLQLVWUDWLYDTXLHQUHVROYHUi HOFRQÀLFWR&RQWUDHVWDGHFLVLyQQRSURFHGHUHFXUVRDOJXQR (VWHPLVPRSURFHGLPLHQWRVHDSOLFDUiFXDQGRH[LVWDQGRV RPiV IXQFLRQDULRVTXHVHFRQVLGHUHQFRPSHWHQWHV (O IXQFLRQDULR GH LQIHULRU QLYHO QR SRGUi SURPRYHU FRQÀLFWR GH FRPSHWHQFLDDOVXSHULRUSHURSRGUiH[SRQHUODVUD]RQHVTXHOHDVLVWHQ \HVWHUHVROYHUiGHSODQR 7Ë78/2,9 ,03(',0(1726<5(&86$&,21(6 $UWtFXOR&DXVDOHVGHLPSHGLPHQWR\UHFXVDFLyQ6RQFDXVDOHVGH LPSHGLPHQWR\UHFXVDFLyQSDUDORVIXQFLRQDULRVGHLQVWUXFFLyQ\VXSHULRU (GLFLyQ 0DUWHVGHMXOLRGH ' , $ 5 , 2 2 ) , & , $ / FRPSHWHQWHDGHPiVGHODGHVHUPHQRVDQWLJXRTXHpORORVLQYHVWLJDGRV ODVVHxDODGDVHQHO&yGLJRGH3URFHGLPLHQWR&LYLO 3DUiJUDIR/RVSHULWRVQRVHUiQUHFXVDGRVQLSRGUiQGHFODUDUVHLPSH GLGRVHQUD]yQGHVXJUDGR\DQWLJHGDG $UWtFXOR 3URFHGLPLHQWR HQ FDVR GH LPSHGLPHQWR \ UHFXVDFLyQ (Q FDVR GH SODQWHDUVH LPSHGLPHQWR R VHU UHFXVDGR HO IXQFLRQDULR GH LQVWUXFFLyQUHPLWLUiHOSURFHVRDTXLHQORGHVLJQySDUDTXHUHVXHOYD 6LHVHOIDOODGRUTXLHQSURSRQHHOLPSHGLPHQWRRHVUHFXVDGRUHVROYHUi VXVXSHULRUHQOtQHDMHUiUTXLFDFRQDWULEXFLRQHVDGPLQLVWUDWLYDV 3DUDORVHYHQWRVVHxDODGRVVHGHEHIXQGDPHQWDUODFDXVDOH[LVWHQWH DSRUWDQGRODVSUXHEDVSHUWLQHQWHVVLHOFDVRORDPHULWDSDUDTXHVHGHFLGD GHSODQRSRUHOFRPSHWHQWHGHQWURGHORVWUHV GtDVKiELOHVVLJXLHQWHV TXLHQVXVWLWXLUiDOIXQFLRQDULRLPSHGLGRRUHFXVDGR $UWtFXOR,PSURFHGHQFLDGHLPSHGLPHQWR\UHFXVDFLyQ1RHVWiQ LPSHGLGRVQLSXHGHQVHUUHFXVDGRVTXLHQHVGHEDQGHFLGLUHOLPSHGLPHQWR RODUHFXVDFLyQ 7Ë78/29 35(&,2 $UWtFXOR3UHFLR6HHQWLHQGHSRUSUHFLRHOYDORUTXHGHEHUiVXIUD JDUVHSRUHOELHQSHUGLGRRGDxDGRHOFXDOSRGUiHVWDEOHFHUVHDWUDYpV GHODVOLVWDVJHQHUDOHV 3DUiJUDIR&XDQGRHOYDORUGHOELHQSHUGLGRQRDSDUH]FDUHODFLRQDGR HQODVOLVWDVJHQHUDOHVGHSUHFLRVH[LVWHQWHVHQFDGD)XHU]DR(QWLGDG VHHVWDEOHFHUiPHGLDQWHHOSURPHGLRGHGRV FRWL]DFLRQHVREWHQLGDV HQHOFRPHUFLR 6LQRIXHUHSRVLEOHREWHQHUORGHHVWDIRUPDVH¿MDUiPHGLDQWHGLFWDPHQ SHULFLDOHPLWLGRSRUXQH[SHUWRHQODPDWHULD,JXDOPHQWHHOYDORUGHOGDxR VHSRGUiREWHQHUDWUDYpVGHFRWL]DFLRQHV\HOGLFWDPHQFRUUHVSRQGLHQWH 3DUiJUDIR(OSUHFLRGHODVDUPDVUHSXHVWRVDFFHVRULRVPXQLFLRQHV H[SORVLYRV\GHPiVHOHPHQWRVGHXVRSULYDWLYRGHOD)XHU]D3~EOLFDVHUi ¿MDGRSRUHO&RPDQGDQWH*HQHUDOGHODV)XHU]DV0LOLWDUHV $UWtFXOR 5HSRVLFLyQ (V OD HQWUHJD GH XQ ELHQ GH VLPLODUHV R VXSHULRUHV FDUDFWHUtVWLFDV DO TXH SUHVHQWy OD QRYHGDG SDUD UHSRQHU HO HOHPHQWRSHUGLGRRGDxDGRSUHYLRGLFWDPHQSHULFLDO /DUHSRVLFLyQHQQLQJ~QFDVRVHDXWRUL]DSDUDDUPDVVXVUHSXHVWRV DFFHVRULRVPXQLFLRQHVH[SORVLYRV\WRGRVDTXHOORVELHQHVTXHVHHQ FXHQWUHQIXHUDGHOFRPHUFLR $UWtFXOR $XWRULGDGHV TXH ¿MDQ ORV SUHFLRV &RUUHVSRQGH D ODV VLJXLHQWHVDXWRULGDGHVHQFDGDXQDGHODVUHVSHFWLYDV)XHU]DVRGHSHQ GHQFLDV¿MDUORVSUHFLRVSDUDHIHFWRVGHGHVFXHQWRVSDJRVRUHSRVLFLRQHV SRUSpUGLGDVRGDxRVGHORVELHQHVDTXHDOXGHHVWDOH\ 0LQLVWURGH'HIHQVD1DFLRQDO6HFUHWDULR*HQHUDOGHHVWH0LQLVWHULR *HUHQWHVR'LUHFWRUHVGH(QWLGDGHVGHVFHQWUDOL]DGDVDGVFULWDVRYLQFXODGDV DO0LQLVWHULRGH'HIHQVD&RPDQGDQWH*HQHUDOGHODV)XHU]DV0LOLWDUHV &RPDQGDQWHVGH)XHU]D\'LUHFWRU*HQHUDOGHOD3ROLFtD1DFLRQDO 7Ë78/29, %,(1(6 $UWtFXOR&RQFHSWR3DUDORVHIHFWRVGHODSUHVHQWHOH\VHHQWHQGHUi FRPRELHQWRGDFRVDPDWHULDORLQPDWHULDOGHSURSLHGDGRDOVHUYLFLRGH ODV(QWLGDGHVVXMHWDVDOiPELWRGHDSOLFDFLyQGHODSUHVHQWHOH\ $UWtFXOR$SOLFDFLyQ/DSUHVHQWHOH\VHDSOLFDUiHQWRGRVORVFDVRV GHSpUGLGDVRGDxRVGHORVELHQHVVHxDODGRVHQHODUWtFXORDQWHULRU /RVKHFKRVJHQHUDGRUHVGHUHVSRQVDELOLGDGDGPLQLVWUDWLYDRFXUULGRV FRQDQWHULRULGDGDODHQWUDGDHQYLJHQFLDGHODSUHVHQWHOH\VHUiQLQYHVWL JDGRV\IDOODGRVGHFRQIRUPLGDGFRQODVGLVSRVLFLRQHVFRQWHQLGDVHQHVWD $UWtFXOR&XLGDGRVFRQHOPDWHULDO/RVELHQHVDTXHVHUH¿HUH ODSUHVHQWHOH\UHTXLHUHQSUHIHUHQFLDODWHQFLyQHQWRGRVORVQLYHOHVGH PDQGRD¿QGHPDQWHQHUORVHQODVPHMRUHVFRQGLFLRQHVGHHPSOHRSDUD DVHJXUDUVXH¿FLHQWHXVRDGPLQLVWUDFLyQFXVWRGLDRWUDQVSRUWH /DFXVWRGLDFXLGDGR\PHGLGDVGHVHJXULGDGTXHVHGHEHQDGRSWDU FRQORVELHQHVHVUHVSRQVDELOLGDGGHTXLHQORVKDUHFLEREDMRFXDOTXLHU FLUFXQVWDQFLD $UWtFXOR5HFLER\HQWUHJDGHELHQHV/RVELHQHVDTXHVHUH¿HUH ODSUHVHQWHOH\GHEHUiQHQWUHJDUVH\UHFLELUVHIRUPDOPHQWHDWUDYpVGH GRFXPHQWRVHVFULWRVHQORVTXHFRQVWHQVXVFDUDFWHUtVWLFDV\ODVQRYH GDGHVTXHSUHVHQWDQORVFXDOHVGHEHUiQVHU¿UPDGRVSRUTXLHQHQWUHJD \UHFLEHFRPRSRUHOLQWHUYHQWRUVLORKXELHUH 3DUiJUDIR&XDQGRSRUVLWXDFLRQHVGHDOWHUDFLyQGHORUGHQS~EOLFR XUJHQFLDRLQPLQHQWHSHOLJURQRVHDSRVLEOHUHDOL]DUODHQWUHJDRUHFHSFLyQ IRUPDOGHORVELHQHVVHGLVSRQGUiGHPHGLRVDOWHUQRVTXHSHUPLWDQLGHQ WL¿FDUODVSHUVRQDVUHVSRQVDEOHV\ORVELHQHVTXHVHDVLJQDQRHQWUHJDQ SURYLVLRQDOPHQWH /,%52,,, $&78$&,Ï1$'0,1,675$7,9$ 7Ë78/2, 5(*/$6'(/$$&78$&,Ï1 &$3Ë78/2, 'LVSRVLFLRQHVJHQHUDOHV $UWtFXOR$FWXDFLyQDGPLQLVWUDWLYD/DDFWXDFLyQDGPLQLVWUDWLYD HVODIDFXOWDGTXHWLHQHHO(VWDGRSDUDLQLFLDUDGHODQWDU\WHUPLQDUODV LQYHVWLJDFLRQHVHQFDPLQDGDVDTXHHO0LQLVWHULRGH'HIHQVD1DFLRQDO VXV HQWLGDGHV DGVFULWDV R YLQFXODGDV R OD )XHU]D 3~EOLFD SUHVHUYH HO SDWULPRQLR H LPSLGD TXH HVWH VXIUD GHWULPHQWR SRU SpUGLGDV R GDxRV FDXVDGRVDVXVELHQHVGHSURSLHGDGRDOVHUYLFLRGHOPLVPRDVtFRPR GHODVHJXULGDG\ODFRQYLYHQFLDSDUDJDUDQWL]DUHOFXPSOLPLHQWRGHORV ¿QHV\IXQFLRQHVGHO(VWDGR /DDFWXDFLyQDGPLQLVWUDWLYDFXPSOHHVHQFLDOPHQWH¿QHVUHVDUFLWRULRV GHJDUDQWtD\SURWHFFLyQDORVELHQHVTXHDFXDOTXLHUWtWXORVHHQFXHQWUHQ EDMRODUHVSRQVDELOLGDGSHUPDQHQWHRWUDQVLWRULDGHORVGHVWLQDWDULRVGH HVWDOH\ /DDFWXDFLyQDGPLQLVWUDWLYDHVDXWyQRPDHLQGHSHQGLHQWHGHODVGHPiV TXHSXHGDQJHQHUDUVHRGHULYDUVHGHORVKHFKRVRGHODVFRQGXFWDVTXH VHLQYHVWLJDQ $UWtFXOR'HEHUGHLQIRUPDU/RVGHVWLQDWDULRVGHODSUHVHQWHOH\TXH WHQJDQFRQRFLPLHQWRGHODSpUGLGDRGDxRGHORVELHQHVDTXHVHUH¿HUH HVWDOH\HVWiQREOLJDGRVDLQIRUPDUHQIRUPDLQPHGLDWDGHWDOKHFKRD VXVVXSHULRUHV/DRPLVLyQDFDUUHDUiUHVSRQVDELOLGDGGLVFLSOLQDULD $UWtFXOR,QLFLDFLyQGHOSURFHVR(OSURFHVRDGPLQLVWUDWLYRSRGUi LQLFLDUVHGHR¿FLRSRUTXHMDLQIRUPHRFXDOTXLHURWURPHGLRTXHLQGLTXH XQGDxRSDWULPRQLDODELHQHVGHTXHWUDWDHVWDOH\ $UWtFXOR 8QLGDG SURFHVDO 3RU FDGD KHFKR JHQHUDGRU GH UHV SRQVDELOLGDGDGPLQLVWUDWLYDVHDGHODQWDUiXQDVRODDFWXDFLyQSURFHVDO FXDOTXLHUD VHD HO Q~PHUR GH LPSOLFDGRV VL VH HVWXYLHUD DGHODQWDQGR PiVGHXQDDFWXDFLyQSRUHOPLVPRDVXQWRVHGLVSRQGUiPHGLDQWHDXWR GHWUiPLWHODDJUHJDFLyQGHODVGLOLJHQFLDVDDTXHOODVTXHVHHQFXHQWUHQ PiVDGHODQWDGDV $UWtFXOR$YHULJXDFLyQSUHYLD(QFDVRGHGXGDVREUHODH[LVWHQFLD GHSpUGLGDRGDxRVHRUGHQDUiQGLOLJHQFLDVSUHYLDVSRUXQWpUPLQRPi[L PRGHGRV PHVHVDOFDERGHOFXDOVRODPHQWHSURFHGHUiHODUFKLYRGH ODVPLVPDVRODDSHUWXUDGHOSURFHVRDGPLQLVWUDWLYR (ODXWRTXHGDLQLFLRDODDYHULJXDFLyQSUHYLDGHEHUiVHUFRPXQLFDGR HQFDVRGHLGHQWL¿FDUVHDODSHUVRQDSUHVXQWDPHQWHUHVSRQVDEOH $UWtFXOR$XWRGHDUFKLYR+DEUiOXJDUDSURIHULUDXWRGHDUFKLYR HQGHVDUUROORGHODVGLOLJHQFLDVSUHYLDVFXDQGRVHSUXHEHTXHODSpUGLGD RGDxRQRH[LVWLyVHDFUHGLWHHOUHVDUFLPLHQWRSOHQRGHOSHUMXLFLRRVH GHPXHVWUHTXHODDFWXDFLyQQRSRGtDLQLFLDUVHRSURVHJXLUVH &$3Ë78/2,, $WULEXFLRQHVGHORVIXQFLRQDULRV $UWtFXOR )XQFLRQDULR GH LQVWUXFFLyQ 3RGUiQ VHU GHVLJQDGRV FRPRWDOHVORVR¿FLDOHV\ORVVXER¿FLDOHVHQVHUYLFLRDFWLYRDSDUWLU GHOJUDGRGH6DUJHQWR3ULPHURRVXHTXLYDOHQWHHQODVGHPiV)XHU]DV \HQOD3ROLFtD1DFLRQDOVLHPSUH\FXDQGRVHDQPiVDQWLJXRVTXHHO LQYHVWLJDGR ' , $ 5 , 2 2 ),&,$/ 3DUDHOFDVRGHO0LQLVWHULRGH'HIHQVD\VXVHQWLGDGHVDGVFULWDVR YLQFXODGDV SRGUiQ VHU GHVLJQDGRV FRPR WDOHV ORV QR XQLIRUPDGRV GH PD\RUQLYHOMHUiUTXLFRTXHHOLQYHVWLJDGR (OFDUJRGH)XQFLRQDULRGH,QVWUXFFLyQHVGHIRU]RVDDFHSWDFLyQVDOYR ODVH[FHSFLRQHVOHJDOHV $UWtFXOR)XQFLRQHV\GHEHUHV6RQIXQFLRQHV\GHEHUHVGHOIXQ FLRQDULRGHLQVWUXFFLyQODVVLJXLHQWHV 3UDFWLFDU ODV SUXHEDV RUGHQDGDV SRU OD DXWRULGDG DGPLQLVWUDWLYD FRPSHWHQWHWHQGLHQWHVDORJUDUHOHVFODUHFLPLHQWRGHORVKHFKRV 2EUDUGHIRUPDLPSDUFLDO 5HVSHWDUORVGHUHFKRV\JDUDQWtDVGHORVVXMHWRVSURFHVDOHV 'DULPSXOVRDODDFWXDFLyQUHVROYLHQGRODVVROLFLWXGHVSUHVHQWDGDV SRUORVVXMHWRVSURFHVDOHVVDOYRQXOLGDGHVFHVDFLyQGHSURFHGLPLHQWR SUHVFULSFLyQ\GHQHJDFLyQGHSUXHEDV 'DUHVWULFWRFXPSOLPLHQWRDORVWpUPLQRVSURFHVDOHV ,QIRUPDUPHQVXDOPHQWHDO)DOODGRUGH,QVWDQFLDHODYDQFHGHOD LQYHVWLJDFLyQ 6ROLFLWDUFXDQGRORUHTXLHUDDVHVRUtDMXUtGLFDSDUDHOSHUIHFFLRQD PLHQWRGHODLQYHVWLJDFLyQ *XDUGDUODGHELGDUHVHUYDVXPDULDO (MHUFHUODFXVWRGLD\FXLGDGRGHOH[SHGLHQWH (QWUHJDUHOH[SHGLHQWHXQDYH]YHQFLGRHOWpUPLQRFRQFHGLGRSRUHO )DOODGRUGH,QVWDQFLDVLHPSUH\FXDQGRVHKD\DQHYDFXDGRODVSUXHEDVRU GHQDGDVRHQVXGHIHFWRVROLFLWDUSUyUURJDSDUDODUHDOL]DFLyQGHODVPLVPDV 'LVSRQHUODSUiFWLFDGHSUXHEDVTXHGHEDQDGHODQWDUVHIXHUDGH VXVHGH 'HVLJQDU6HFUHWDULRVLORFRQVLGHUDSHUWLQHQWH $UWtFXOR6HFUHWDULR3RGUiQVHUGHVLJQDGRVORVR¿FLDOHVPLHPEURV GHO1LYHO(MHFXWLYRVXER¿FLDOHV\SHUVRQDOFLYLOHQVHUYLFLRDFWLYRGHO 0LQLVWHULRGH'HIHQVD1DFLRQDOVXVHQWLGDGHVDGVFULWDVRYLQFXODGDVR OD)XHU]D3~EOLFD (OFDUJRGHVHFUHWDULRHVGHIRU]RVDDFHSWDFLyQVDOYRODVH[FHSFLRQHV OHJDOHV $UWtFXOR)XQFLRQHV\GHEHUHV6RQIXQFLRQHV\GHEHUHVGHO6H FUHWDULRODVVLJXLHQWHV $VLVWLUDO)XQFLRQDULRGH,QVWUXFFLyQHQODVGLIHUHQWHVGLOLJHQFLDV UHDOL]DGDVGHQWURGHODLQYHVWLJDFLyQDGPLQLVWUDWLYD )ROLDU\RUJDQL]DUHQIRUPDFURQROyJLFD\FRQVHFXWLYDHOH[SHGLHQWH *XDUGDUODGHELGDUHVHUYDVXPDULDO (MHUFHUODFXVWRGLD\FXLGDGRGHOH[SHGLHQWH /HJDMDU HQ FXDGHUQRV VHSDUDGRV OD GRFXPHQWDFLyQ GH FDUiFWHU UHVHUYDGR 5HDOL]DUODVFLWDFLRQHVFRPXQLFDFLRQHVFRQVWDQFLDV\QRWL¿FDFLR QHVTXHVHUHTXLHUDQ ([SHGLUODVFRSLDVGHOH[SHGLHQWHTXHKD\DQVLGRDXWRUL]DGDV )DFLOLWDUHODFFHVRGHOH[SHGLHQWHDORVVXMHWRVSURFHVDOHVFXDQGR DVtORUHTXLHUDQ 0DQWHQHUHOFXDGHUQRGHFRSLDVFRQHOPLVPRFRQWHQLGR\IROLRV GHORULJLQDO $UWtFXOR$VHVRUMXUtGLFR/DVIXQFLRQHVGHODVHVRUMXUtGLFRVRQ ODVVLJXLHQWHV %ULQGDUDVHVRUtDHQWRGDVODVHWDSDVGHOSURFHVRDGPLQLVWUDWLYR 'DUHVWULFWRFXPSOLPLHQWRDORVWpUPLQRVGHLQVWUXFFLyQ 9HODUSRUHOFXPSOLPLHQWRGHORVWpUPLQRVGHLQVWUXFFLyQ &RQWURODUTXHVHOOHYHQGHPDQHUDDGHFXDGDORVOLEURVUDGLFDGRUHV REDVHVGHGDWRVDFWXDOL]DGRV 9HUL¿FDUHODGHFXDGRDUFKLYRGHORVH[SHGLHQWHV $UWtFXOR ,QWHUYLQLHQWHV HQ HO SURFHVR DGPLQLVWUDWLYR 3RGUiQ LQWHUYHQLU HQ OD DFWXDFLyQ DGPLQLVWUDWLYD FRPR VXMHWRV SURFHVDOHV HO LQYHVWLJDGR\VXGHIHQVRU (GLFLyQ 0DUWHVGHMXOLRGH (OLQIRUPDQWH\TXHMRVRQRWLHQHQODFDOLGDGGHVXMHWRSURFHVDOVX DFWXDFLyQVHOLPLWDDSUHVHQWDU\DPSOLDUHOLQIRUPHRODTXHMDFRQHO GHEHUGHDSRUWDUODVSUXHEDVTXHWHQJDHQVXSRGHU $UWtFXOR'HUHFKRVGHORVVXMHWRVSURFHVDOHV/RVVXMHWRVSURFHVDOHV WLHQHQORVVLJXLHQWHVGHUHFKRV &RQRFHUGHODLQYHVWLJDFLyQ 'HVLJQDUDSRGHUDGRDVXFDUJRVLORFRQVLGHUDQHFHVDULR 6ROLFLWDUDSRUWDU\FRQWURYHUWLUSUXHEDVHLQWHUYHQLUHQODSUiFWLFD GHODVPLVPDV ,PSXJQDUODVGHFLVLRQHVPHGLDQWHORVUHFXUVRVGHOH\ 5HQGLUGHVFDUJRVOLEUHGHMXUDPHQWR\DSUHPLRRVROLFLWDUH[SUH VDPHQWHVHURtGRHQH[SRVLFLyQGHGHVFDUJRV 3UHVHQWDUODVVROLFLWXGHVTXHFRQVLGHUHQQHFHVDULDVHQHMHUFLFLRGHO GHUHFKRDODGHIHQVD 2EWHQHUFRSLDVGHOH[SHGLHQWHVDOYRORVGRFXPHQWRVTXHWHQJDQ FDUiFWHUUHVHUYDGRFRQIRUPHDOD&RQVWLWXFLyQRDODOH\RKDJDQUHODFLyQ DODGHIHQVDRVHJXULGDGQDFLRQDO 3UHVHQWDUDOHJDWRVGHFRQFOXVLyQ $UWtFXOR &DOLGDG GH LQYHVWLJDGR /D FDOLGDG GH LQYHVWLJDGR VH DGTXLHUHDSDUWLUGHODQRWL¿FDFLyQGHODXWRGHDSHUWXUDGHLQYHVWLJDFLyQ RGHOTXHRUGHQHVXYLQFXODFLyQ (OIXQFLRQDULRHQFDUJDGRGHODLQYHVWLJDFLyQQRWL¿FDUiGHPDQHUD SHUVRQDOODGHFLVLyQGHDSHUWXUDDOLQYHVWLJDGRSDUDORFXDOVHSURFHGHUi GHODVLJXLHQWHPDQHUD 6LHOLQYHVWLJDGRVHHQFXHQWUDHQODPLVPDFLXGDGGHODXQLGDGPLOLWDU RSROLFLDOVHGHEHUiHQYLDUFLWDFLyQSDUDTXHFRPSDUH]FDDOGHVSDFKR (QFDVRFRQWUDULRVHSURFHGHUiDHQYLDUGHVSDFKRFRPLVRULR 'HQRVHUSRVLEOHODQRWL¿FDFLyQSHUVRQDOVHOHGHVLJQDUiGHIHQVRU GHR¿FLRFDUJRTXHSRGUiUHFDHUHQHVWXGLDQWHVGHFRQVXOWRULRMXUtGLFR FRQTXLHQHVVHVHJXLUiODDFWXDFLyQ 1RWL¿FDGRGHODDSHUWXUDGHOSURFHVRDGPLQLVWUDWLYRHOLQYHVWLJDGR RVXGHIHQVRUWHQGUiQODREOLJDFLyQSURFHVDOGHVHxDODUODGLUHFFLyQHQ ODFXDOUHFLELUiQODVFRPXQLFDFLRQHV\GHLQIRUPDUFXDOTXLHUFDPELR GHHOOD $UWtFXOR'HIHQVRU(QORVSURFHVRVDGPLQLVWUDWLYRVWDPELpQSRGUiQ HMHUFHUFRPRGHIHQVRUHVORVHVWXGLDQWHVGH&RQVXOWRULR-XUtGLFR&RPR VXMHWRSURFHVDOHOGHIHQVRUWLHQHODVPLVPDVIDFXOWDGHVGHOLQYHVWLJDGRHQ FDVRGHSUHVHQWDUVHFULWHULRVFRQWUDGLFWRULRVSUHYDOHFHUiHOGHOGHIHQVRU &$3Ë78/2,,, 5HTXLVLWRVGHODDFWXDFLyQ $UWtFXOR5HTXLVLWRVIRUPDOHVGHODDFWXDFLyQ/DDFWXDFLyQDGPLQLV WUDWLYDGHEHFRQVLJQDUVHSRUHVFULWRHQLGLRPDFDVWHOODQR\HQGXSOLFDGR (OUHFXUVRGHDSHODFLyQVHVXUWLUiVREUHHORULJLQDOGHOSURFHVRFXDO TXLHUDTXHVHDHOHIHFWRHQTXHVHFRQFHGD /DLQYHVWLJDFLyQFRQWLQXDUiFRQODVFRSLDV\VLHPSUHKDEUiXQFXD GHUQRHQHOGHVSDFKR 3DUDORVHIHFWRVDQWHULRUHVWRGRVORVGRFXPHQWRVVHVROLFLWDUiQRDSRU WDUiQSRUGXSOLFDGR&XDQGRHQODDFWXDFLyQREUHQGRFXPHQWRVRULJLQDOHV R~QLFRVVHIRWRFRSLDUiQHLQFRUSRUDUiQDOFXDGHUQRGHFRSLDV (O 6HFUHWDULR HVWi REOLJDGR D PDQWHQHU GHELGDPHQWH VHSDUDGRV \ IROLDGRVORVFXDGHUQRVGHOSURFHVR\HQQLQJ~QPRPHQWRVHUHPLWLUiQ FRQMXQWDPHQWH 3RU6HFUHWDUtDVHGHMDUiFRSLDGHODVGLOLJHQFLDVVXUWLGDVHQHORWUR FXDGHUQR $UWtFXOR5HVHUYD(VWiQVRPHWLGDVDUHVHUYDODVDYHULJXDFLRQHV SUHYLDV\ODVLQYHVWLJDFLRQHVDGPLQLVWUDWLYDV/RVIDOORVVRQS~EOLFRV $UWtFXOR$YLVRDRWUDVDXWRULGDGHV6LFRQRFDVLyQGHODGHODQ WDPLHQWRGHOSURFHVRGHUHVSRQVDELOLGDGDGPLQLVWUDWLYDGHTXHWUDWDOD SUHVHQWHOH\VHDGYLHUWDODSUHVXQWDFRPLVLyQGHFRQGXFWDVSXQLEOHV\R IDOWDVGLVFLSOLQDULDVHOIXQFLRQDULRFRPSHWHQWHGHEHUiGDUDYLVRHQIRUPD LQPHGLDWDDODVDXWRULGDGHVFRUUHVSRQGLHQWHV (GLFLyQ 0DUWHVGHMXOLRGH ' , $ 5 , 2 2 ) , & , $ / &$3Ë78/2,9 1RWL¿FDFLRQHV $UWtFXOR)RUPDVGHQRWL¿FDFLyQ/DQRWL¿FDFLyQGHODVGHFLVLRQHV TXHVHSUR¿HUHQGHQWURGHODVLQYHVWLJDFLRQHVDGPLQLVWUDWLYDVSXHGHVHU SHUVRQDOSRUHGLFWRSRUDYLVRSRUHVWDGR\SRUFRQGXFWDFRQFOX\HQWH 6LHOGHIHQVRURHOLQYHVWLJDGRGHVHDQVHUQRWL¿FDGRVSRUPHGLRVGH FRPXQLFDFLyQHOHFWUyQLFRVDVtORKDUiQVDEHU $UWtFXOR1RWL¿FDFLyQSHUVRQDOSRUHGLFWRRSRUDYLVR/DVQRWL ¿FDFLRQHVSHUVRQDOSRUHGLFWRRSRUDYLVRVHUHDOL]DUiQHQODIRUPD\ WpUPLQRVTXHORHVWDEOHFHHO&yGLJR&RQWHQFLRVR$GPLQLVWUDWLYRSDUD ORVDFWRVDGPLQLVWUDWLYRVSDUWLFXODUHV\FRQFUHWRV 6HQRWL¿FDUiQSHUVRQDOPHQWHODVVLJXLHQWHVDFWXDFLRQHVHODXWRGH DSHUWXUD GH LQYHVWLJDFLyQ R HO TXH RUGHQH OD YLQFXODFLyQ HO DXWR TXH GHQLHJDWRWDORSDUFLDOPHQWHODVSUXHEDVVROLFLWDGDV\ORVIDOORV (QFDVRGHQRSRGHUVHHIHFWXDUODQRWL¿FDFLyQSHUVRQDOSURFHGHUiOD QRWL¿FDFLyQSRUHGLFWRRSRUDYLVRVHJ~QVHDHOFDVR $UWtFXOR1RWL¿FDFLyQSRUPHGLRVGHFRPXQLFDFLyQHOHFWUyQLFRV /DVGHFLVLRQHVTXHGHEDQQRWL¿FDUVHSHUVRQDOPHQWHSRGUiQVHUHQYLDGDV DOQ~PHURGHID[RDODGLUHFFLyQGHFRUUHRHOHFWUyQLFRGHOLQYHVWLJDGR RGHVXGHIHQVRUVLSUHYLDPHQWH\SRUHVFULWRKXELHUHQPDQLIHVWDGRVHU QRWL¿FDGRVGHHVWDPDQHUD/DQRWL¿FDFLyQVHHQWHQGHUiVXUWLGDHQOD IHFKDTXHDSDUH]FDHQHOUHSRUWHGHOID[RHQTXHHOFRUUHRHOHFWUyQLFR VHDHQYLDGR/DUHVSHFWLYDFRQVWDQFLDVHUiDQH[DGDDOH[SHGLHQWH $UWtFXOR1RWL¿FDFLyQSRUFRQGXFWDFRQFOX\HQWH&XDQGRVHKXELHUH RPLWLGRODQRWL¿FDFLyQDODSHUVRQDDTXLHQGHELyKDFHUVHVHHQWHQGHUi FXPSOLGDSDUDWRGRVORVHIHFWRVVLKXELHUHLQWHUSXHVWRUHFXUVRFRQWUDOD UHVSHFWLYDSURYLGHQFLDRDFWXDGRHQGLOLJHQFLDRWUiPLWHDTXHVHUH¿HUH ODGHFLVLyQQRQRWL¿FDGD &XDQGRORVVXMHWRVSURFHVDOHVKD\DQVROLFLWDGRIRWRFRSLDURUHYLVDUHO H[SHGLHQWH\HOFRPSHWHQWHDXWRULFHVHHQWHQGHUiQQRWL¿FDGRVGHWRGDV ODVSURYLGHQFLDVTXHDSDUH]FDQHQpO\TXHSRUFXDOTXLHUFLUFXQVWDQFLD QROHKD\DQVLGRQRWL¿FDGDVGHVGHFXDQGRGHYXHOYDQHOFXDGHUQRFR UUHVSRQGLHQWHRUHFLEDQODVFRSLDV $UWtFXOR&RPLVLyQSDUDQRWL¿FDU6LODQRWL¿FDFLyQSHUVRQDOGHEH UHDOL]DUVH HQ XQLGDG GLIHUHQWH D OD GHO FRPSHWHQWH VH FRPLVLRQDUi DO &RPDQGDQWHGHOD8QLGDGGHOOXJDUGRQGHVHHQFXHQWUHHOLQYHVWLJDGR UHPLWLpQGROHFRSLDGHODGHFLVLyQ\GHOH[SHGLHQWHVLIXHUHHOFDVRSDUD TXHODVXUWDHQHOWpUPLQRGHGLH] GtDVKiELOHVDSDUWLUGHVXUHFLER &$3Ë78/29 5HFXUVRV $UWtFXOR&ODVHVGHUHFXUVRV\VXVIRUPDOLGDGHV&RQWUDODVGHFL VLRQHVDGPLQLVWUDWLYDVSURFHGHQORVUHFXUVRVGHUHSRVLFLyQDSHODFLyQ\ TXHMDORVFXDOHVVHLQWHUSRQGUiQSRUHVFULWRDQWHODDXWRULGDGTXHSUR¿ULy ODSURYLGHQFLDHQHOPRPHQWRGHODQRWL¿FDFLyQRGHQWURGHORVWpUPLQRV HVWDEOHFLGRVHQODSUHVHQWHOH\ &RQWUDODVDFWXDFLRQHVGHVLPSOHWUiPLWHQRSURFHGHUHFXUVRDOJXQR $UWtFXOR 5HTXLVLWRV JHQHUDOHV /RV UHFXUVRV GHEHUiQ VHU LQWHU SXHVWRVSRUHVFULWRGHQWURGHOSOD]RHVWDEOHFLGRSHUVRQDOPHQWHSRUHO LQYHVWLJDGRRVXGHIHQVRULQGLFDQGRHOQRPEUHGHOUHFXUUHQWHVXVWHQWDQGR FRQFUHWDPHQWHORVPRWLYRVGHLQFRQIRUPLGDG\ODSUHWHQVLyQ$VtPLVPR GHEHUiUHODFLRQDUODVSUXHEDVTXHSUHWHQGHKDFHUYDOHU 3RGUiGHVLVWLUVHGHORVUHFXUVRVDQWHVTXHHOIXQFLRQDULRFRPSHWHQWH ORVGHFLGD $UWtFXOR2SRUWXQLGDGSDUDLQWHUSRQHUORV/RVUHFXUVRVGHUHSRVL FLyQ\DSHODFLyQSRGUiQLQWHUSRQHUVH\VXVWHQWDUVHGHQWURGHORVFLQFR GtDVVLJXLHQWHVDODGLOLJHQFLDGHQRWL¿FDFLyQGHODGHFLVLyQDGPLQLVWUDWLYD /DVSURYLGHQFLDVTXHGDUiQHMHFXWRULDGDVFLQFR GtDVGHVSXpVGHOD ~OWLPDQRWL¿FDFLyQVLFRQWUDHOODVQRSURFHGHRQRVHLQWHUSRQHUHFXUVR $UWtFXOR5HSRVLFLyQ(OUHFXUVRGHUHSRVLFLyQSURFHGHUiFRQWUD HOIDOORGH~QLFDLQVWDQFLDSDUDTXHVHDFODUHPRGL¿TXHRUHYRTXHDVt FRPRFRQWUDHODXWRTXHGLVSRQHHOFLHUUHGHODLQYHVWLJDFLyQ\ORVGHPiV H[SUHVDPHQWHVHxDODGRVHQHVWDOH\ (ODXWRTXHGHFLGHODUHSRVLFLyQQRHVVXVFHSWLEOHGHQLQJ~QUHFXUVR VDOYRTXHFRQWHQJDDVSHFWRVQXHYRVRQRGHFLGLGRV $UWtFXOR$SHODFLyQ3URFHGHFRQWUDORVIDOORVGHSULPHUDLQVWDQFLD FRQWUDHODXWRTXHQLHJDODSUiFWLFDGHSUXHEDV\ORVGHPiVH[SUHVDPHQWH VHxDODGRVHQHVWDOH\ 6HFRQFHGHUiHQHOHIHFWRVXVSHQVLYRODGHFLVLyQGHOIDOORGHSULPHUD LQVWDQFLD\ODTXHQLHJDWRWDOPHQWHODSUiFWLFDGHSUXHEDVHQHOHIHFWR GHYROXWLYRFXDQGRODQHJDWLYDGHODSUiFWLFDGHSUXHEDVHVSDUFLDO $UWtFXOR5HFXUVRGHTXHMD(OUHFXUVRGHTXHMDSURFHGHFRQWUDOD GHFLVLyQTXHUHFKD]DRQLHJXHHOUHFXUVRGHDSHODFLyQ $UWtFXOR 7UiPLWH GHO UHFXUVR GH TXHMD 'HQWUR GHO WpUPLQR GH HMHFXWRULDGHODGHFLVLyQTXHQLHJDHOUHFXUVRGHDSHODFLyQVHSRGUiLQ WHUSRQHU\VXVWHQWDUHOUHFXUVRGHTXHMD6LQRVHKLFLHUHRSRUWXQDPHQWH VHUHFKD]DUi 'HQWURGHORVGRV GtDVVLJXLHQWHVDOYHQFLPLHQWRGHOWpUPLQRDQWH ULRUHOIXQFLRQDULRFRPSHWHQWHHQYLDUiDOIDOODGRUGHVHJXQGDLQVWDQFLD ODVFRSLDVSHUWLQHQWHVSDUDTXHGHFLGDHOUHFXUVRGHQWURGHOWpUPLQRGH FLQFR GtDVVXEVLJXLHQWHV (OFRVWRGHODVFRSLDVHVWDUiDFDUJRGHOLPSXJQDQWH 6LTXLHQFRQRFHGHOUHFXUVRGHTXHMDQHFHVLWDUHFRSLDGHRWUDVDFWXD FLRQHVSURFHVDOHVRUGHQDUiDOFRPSHWHQWHTXHODVUHPLWDHQHOWpUPLQR GHGRV GtDV6LGHFLGHTXHHOUHFXUVRGHEHFRQFHGHUVHORKDUiHQHO HIHFWRTXHFRUUHVSRQGD $UWtFXOR(MHFXWRULDGHODVGHFLVLRQHV/DVGHFLVLRQHVDGPLQLVWUDWL YDVTXHGDQHMHFXWRULDGDVFLQFR GtDVGHVSXpVGHOD~OWLPDQRWL¿FDFLyQ FXDQGRFDUHFHQGHUHFXUVRVRKDQYHQFLGRORVWpUPLQRVVLQKDEHUVHLQWHU SXHVWRORVUHFXUVRVTXHIXHUHQSURFHGHQWHVRFXDQGRTXHGDHMHFXWRULDGD ODSURYLGHQFLDTXHUHVXHOYHORVLQWHUSXHVWRV 1RREVWDQWHHQFDVRHQTXHVHSLGDDFODUDFLyQRFRPSOHPHQWDFLyQ GHXQDSURYLGHQFLDVX¿UPH]DVRORVHSURGXFLUiXQDYH]HMHFXWRULDGD ODTXHODUHVXHOYH $UWtFXOR'HVLVWLPLHQWRGHORVUHFXUVRV4XLHQKXELHUHLQWHUSXHVWR XQUHFXUVRSRGUiGHVLVWLUGHOPLVPRDQWHVTXHHOIXQFLRQDULRFRPSHWHQWH ORGHFLGD $UWtFXOR*UDGRGHFRQVXOWD6HHVWDEOHFHHOJUDGRGHFRQVXOWDHQ GHIHQVDGHOLQWHUpVS~EOLFRGHORUGHQDPLHQWRMXUtGLFR\GHORVGHUHFKRV \JDUDQWtDVIXQGDPHQWDOHV $UWtFXOR)DOORVFRQVXOWDEOHV6RQFRQVXOWDEOHVORVIDOORVDEVROX WRULRV\ORVTXHGLVSRQJDQODFHVDFLyQGHSURFHGLPLHQWR $UWtFXOR7UiPLWHGHODFRQVXOWD3DUDHIHFWRVGHODFRQVXOWDHO IXQFLRQDULRTXHKD\DSURIHULGRODGHFLVLyQGHEHUiHQYLDUHOH[SHGLHQWH GHQWURGHORVFLQFR GtDVVLJXLHQWHVDVXVXSHULRU 'HQWURGHODHMHFXWRULDGHORVIDOORVFRQVXOWDEOHVHOLQYHVWLJDGRSRGUi VROLFLWDUPHGLDQWHSHWLFLyQGHELGDPHQWHIXQGDPHQWDGDVXFRQ¿UPDFLyQ 4XLHQUHVXHOYHODFRQVXOWDSRGUiUHYLVDUODDFWXDFLyQ\PRGL¿FDUOD GHFLVLyQVLQOtPLWHDOJXQR &$3Ë78/29, 5HYRFDWRULDGLUHFWD $UWtFXOR3URFHGHQFLD3DUDORVHIHFWRVGHODUHYRFDWRULDGLUHFWDVH GDUiDSOLFDFLyQDORSUHYLVWRHQHO&yGLJR&RQWHQFLRVR$GPLQLVWUDWLYR REVHUYDQGRODVUHJODVGHFRPSHWHQFLDHVWDEOHFLGDVHQHVWDOH\ 7Ë78/2,, 0(',26352%$725,26 &$3Ë78/2, 'LVSRVLFLRQHVJHQHUDOHV $UWtFXOR1HFHVLGDGGHODSUXHED7RGDGHFLVLyQLQWHUORFXWRULD\ ORVIDOORVGHEHQIXQGDUVHHQSUXHEDVOHJDOPHQWHSUDFWLFDGDVDOOHJDGDV RDSRUWDGDVDOPLVPR 6HUiQDGPLVLEOHVHQHOSURFHGLPLHQWRFRQWHPSODGRHQODSUHVHQWHOH\ HQFXDQWRUHVXOWHQFRPSDWLEOHVFRQHVWDORVFRQWHPSODGRVHQHO&yGLJR &RQWHQFLRVR$GPLQLVWUDWLYRHQORUHODFLRQDGRFRQORVSULQFLSLRVGHOD SUXHEDVXDGPLVLELOLGDGIRUPDGHSUiFWLFD\FULWHULRVGHYDORUDFLyQ ' , $ 5 , 2 2 ),&,$/ $UWtFXOR&DUJDGHODSUXHED(VREOLJDFLyQGHO(VWDGRDWUDYpV GHODVDXWRULGDGHVFRPSHWHQWHVGHPRVWUDUORVHOHPHQWRVGHODUHVSRQ VDELOLGDGDGPLQLVWUDWLYD $UWtFXOR/LEHUWDGGHSUXHEDV/DGHPRVWUDFLyQGHOKHFKRLQYHV WLJDGRDVtFRPRODUHVSRQVDELOLGDGGHOSURFHVDGRSRGUiQGHPRVWUDUVH FRQFXDOTXLHUDGHORVPHGLRVGHSUXHEDSUHYLVWRVHQHO&yGLJRGH3UR FHGLPLHQWR&LYLOFRQH[FHSFLyQGHODYLVLWDHVSHFLDO\GHOSHULWDMHTXH VHUHJXODQHQODSUHVHQWHOH\ &$3Ë78/2,, 0HGLRVHVSHFLDOHVGHSUXHED $UWtFXOR9LVLWDVHVSHFLDOHV(QODSUiFWLFDGHYLVLWDVHVSHFLDOHVHO FRPSHWHQWH\RHOIXQFLRQDULRGHLQVWUXFFLyQSURFHGHUiQDH[DPLQDU\ UHFRQRFHUORVGRFXPHQWRVKHFKRV\GHPiVFLUFXQVWDQFLDVUHODFLRQDGDV FRQHOREMHWRGHODGLOLJHQFLD\VLPXOWiQHDPHQWHLUiH[WHQGLHQGRODFRUUHV SRQGLHQWHDFWDHQODFXDODQRWDUiSRUPHQRUL]DGDPHQWHORVGRFXPHQWRV KHFKRVRFLUFXQVWDQFLDVH[DPLQDGRV\ODVPDQLIHVWDFLRQHVTXHEDMROD JUDYHGDGGHOMXUDPHQWRKDJDQVREUHHOORVODVSHUVRQDVTXHLQWHUYHQJDQ HQODGLOLJHQFLD&XDQGRORHVWLPHQHFHVDULRVROLFLWDUiFRSLDVGHGRFX PHQWRVSDUDLQFRUSRUDUORVDODLQYHVWLJDFLyQ $UWtFXOR3HULWDMH/DSHULWDFLyQHVSURFHGHQWHSDUDYHUL¿FDUKHFKRV TXHLQWHUHVHQDOSURFHVR\UHTXLHUDQHVSHFLDOHVFRQRFLPLHQWRVFLHQWt¿FRV \WpFQLFRV&XDQGRVHWUDWHGHGDxRVHOYDORUGHODVUHSDUDFLRQHVGHORV UHSXHVWRV\GHVXVDFFHVRULRVVHSRGUi¿MDUDWUDYpVGHSHULWDFLyQ /DDXWRULGDGDGPLQLVWUDWLYDSRGUiGHFUHWDUGHR¿FLRRDSHWLFLyQGH ORVVXMHWRVSURFHVDOHVGLFWiPHQHVFRQFHSWRVHLQIRUPHVWpFQLFRVFLHQWt ¿FRVRDUWtVWLFRVTXHVHUiQUHQGLGRVSRUSHUVRQDORUJiQLFRGHODV)XHU]DV 0LOLWDUHVOD3ROLFtD-XGLFLDOGHO,QVWLWXWR1DFLRQDOGH0HGLFLQD/HJDO\ &LHQFLDV)RUHQVHV\HQJHQHUDOSRUVHUYLGRUHVS~EOLFRVRSDUWLFXODUHV TXHSRVHDQFRQRFLPLHQWR\H[SHULHQFLDHQORVWHPDVREMHWRGHSUXHED /RV FRQFHSWRV H LQIRUPHV GHEHUiQ VHU PRWLYDGRV \ UHQGLUVH EDMR MXUDPHQWRTXHVHHQWHQGHUiSUHVWDGRSRUHOVRORKHFKRGHOD¿UPD\VH SRQGUiQHQFRQRFLPLHQWRGHODVSDUWHVSRUHOWpUPLQRGHWUHV GtDV SDUDTXHSXHGDQSHGLUTXHVHFRPSOHPHQWHQRDFODUHQ 6REUHXQPLVPRSXQWRQRVHSRGUiGHFUHWDUHQHOFXUVRGHOSURFHVR VLQRXQGLFWDPHQSHULFLDOVDOYRTXHVHSUHVHQWHREMHFLyQDOPLVPR &XDQGRHOIDOODGRUGHLQVWDQFLDDQWHVGHSURIHULUHODXWRGHFLHUUHGH LQYHVWLJDFLyQ FRQVLGHUH TXH FRQ HO GLFWDPHQ FRQFHSWR R LQIRUPH QR VHSXHGHWRPDUXQDGHFLVLyQGHIRQGRRUGHQDUiGHR¿FLRODSUiFWLFDX REWHQFLyQGHRWURFRQGLVWLQWRH[SHUWRTXHVHUiLQREMHWDEOHSHURVHGDUi WUDVODGRSDUDTXHORVVXMHWRVSURFHVDOHVSXHGDQSHGLUTXHVHFRPSOHPHQWH RDFODUH\VHUHVROYHUiGHSODQRGHQWURGHORVFLQFR GtDVVLJXLHQWHV $UWtFXOR3HULWR(VXQDX[LOLDUGHODLQYHVWLJDFLyQDGPLQLVWUDWLYD TXHVHGHVLJQDSRUVXVFRQRFLPLHQWRVWpFQLFRVFLHQWt¿FRVDUWtVWLFRVX RWURVFDPSRVGHOVDEHUSDUDDSR\DUODODERUGHLQVWUXFFLyQHQHOHVFODUH FLPLHQWRGHORVKHFKRV\SXHGHVHUQRPEUDGRSRUODDXWRULGDGFRPSHWHQWH RHOIXQFLRQDULRGHLQVWUXFFLyQ &XDQGRQRVHDSRVLEOHXWLOL]DUHOVHUYLFLRGHSHULWRVGHOVHFWRUGHIHQVD VHSRGUiGHVLJQDUDH[SHUWRVGH3ROLFtDMXGLFLDOGHO&XHUSR7pFQLFRGH OD3ROLFtD-XGLFLDO0HGLFLQD/HJDO&XHUSR7pFQLFRGH,QYHVWLJDFLyQ GHOD)LVFDOtD*HQHUDOGHOD1DFLyQ\GHPiVIXQFLRQDULRVGHOD$GPL QLVWUDFLyQ3~EOLFD (O FDUJR GH SHULWR HV GH IRU]RVD DFHSWDFLyQ VDOYR ODV H[FHSFLRQHV OHJDOHV\VyORVHGHVLJQDUiXQR SRUFDGDPDWHULDVHJ~QVHDHOFDVR VLQLPSRUWDUODFXDQWtDGHOSURFHVR (OGLFWDPHQYHUVDUiVREUHVXHVSHFLDOLGDG\QRSRGUiHPLWLUMXLFLRV HQDVSHFWRVGHUHVSRQVDELOLGDG $UWtFXOR'HEHUHVGHOSHULWR6RQGHEHUHVGHOSHULWRORVVLJXLHQWHV 5HQGLUHOGLFWDPHQGHQWURGHORVWpUPLQRVVHxDODGRVSRUHOIXQFLR QDULRTXHORGHVLJQy 2EUDUGHIRUPDLPSDUFLDO *XDUGDUODUHVSHFWLYDUHVHUYDVXPDULDO (MHUFHUODFXVWRGLDHLQWHJULGDGGHOH[SHGLHQWH $FODUDUFRPSOHWDURDPSOLDUHOGLFWDPHQFXDQGRVHDUHTXHULGRSRU HOIXQFLRQDULRFRPSHWHQWH (GLFLyQ 0DUWHVGHMXOLRGH $UWtFXOR,PSHGLPHQWRV\UHFXVDFLRQHV6DOYRSRUHOJUDGRROD DQWLJHGDGORVSHULWRVHVWiQLPSHGLGRV\VRQUHFXVDEOHVSRUODVPLVPDV FDXVDOHVTXHORVIDOODGRUHVGHLQVWDQFLD\IXQFLRQDULRVGHLQVWUXFFLyQ GHELHQGRUHVROYHUDPEDVVLWXDFLRQHVHOIDOODGRUFRPSHWHQWH $UWtFXOR3URFHGLPLHQWRHQFDVRGHLPSHGLPHQWR\UHFXVDFLyQ(O SHULWRHQTXLHQFRQFXUUDDOJXQDFDXVDOGHLPSHGLPHQWRGHEHUiPDQLIHVWDUOR DQWHVGHVXSRVHVLyQ\HOIDOODGRUGHLQVWDQFLDSURFHGHUiDUHHPSOD]DUOR 'HQWUR GH ORV WUHV GtDV KiELOHV VLJXLHQWHV D OD QRWL¿FDFLyQ GHO DXWRTXHGHVLJQHHOSHULWRORVVXMHWRVSURFHVDOHVSRGUiQUHFXVDUORSRU HVFULWRGHELGDPHQWHIXQGDPHQWDGRHQHOTXHVHDSRUWHQODVSUXHEDVTXH FRQVLGHUHQSHUWLQHQWHV\RVROLFLWHQODVTXHFUHDQQHFHVDULDV 1RWL¿FDGRHOSHULWRGHODUHFXVDFLyQPHGLDQWHHVFULWRPRWLYDGRLQIRU PDUiVLODDFHSWDRQR(QFDVRTXHODDFHSWHVHGHVLJQDUiDTXLHQGHED UHHPSOD]DUOR(QFDVRFRQWUDULRVHGHFUHWDUiQODVSUXHEDVVROLFLWDGDV\ ODVTXHGHR¿FLRRUGHQHHOFRPSHWHQWHTXLHQGHFLGLUiGHSODQRGHQWUR GHORVGLH] GtDVVLJXLHQWHVDOGHFUHWRGHSUXHEDV 6LHODQWHULRUWpUPLQRKXELHVHYHQFLGRRIXHUHLQVX¿FLHQWHHOIXQ FLRQDULRFRPSHWHQWHFRQFHGHUiXQRDGLFLRQDOTXHQRSRGUiH[FHGHUGHO LQLFLDO\UHVROYHUiODUHFXVDFLyQ $UWtFXOR 'HFUHWR GH OD SUXHED \ SRVHVLyQ GH ORV SHULWRV 3DUD HOGHFUHWRGHODSUXHED\ODSRVHVLyQGHORVSHULWRVVHREVHUYDUiQODV VLJXLHQWHVUHJODV (OIXQFLRQDULRFRPSHWHQWHGHWHUPLQDUiORVSXQWRVTXHKDQGHVHU REMHWRGHOPLVPR(QGLFKRDXWRKDUiODGHVLJQDFLyQGHOSHULWR\¿MDUi GtD\KRUDSDUDTXHWRPHSRVHVLyQ6LHOGLFWDPHQQRIXHUHFRQFXUUHQWH FRQXQDLQVSHFFLyQMXGLFLDOHQHODFWRGHVXSRVHVLyQHOSHULWR¿MDUiIHFKD \KRUDSDUDLQLFLDUHOH[SHUWLFLRVROLFLWDGR\ODDXWRULGDGFRPSHWHQWHOH VHxDODUiWpUPLQRSDUDUHQGLUHOGLFWDPHQ 6LHOFRPSHWHQWHRHOIXQFLRQDULRGHLQVWUXFFLyQXWLOL]DQORVVHUYLFLRV GHHQWLGDGHVRGHSHQGHQFLDVR¿FLDOHVSDUDSHULWDFLRQHVTXHYHUVHQVREUH PDWHULDVSURSLDVGHODDFWLYLGDGGHDTXHOODVFRQWDO¿QODVGHFUHWDUi\ RUGHQDUiOLEUDUHOR¿FLRUHVSHFWLYRSDUDTXHHO'LUHFWRUGHODVPLVPDV GHVLJQHHOIXQFLRQDULRLGyQHRTXHGHEDUHQGLUHOUHVSHFWLYRGLFWDPHQ GHORFXDOVHGHMDUiFRQVWDQFLDHVFULWD7DOIXQFLRQDULRGHEHUiUHQGLUHO GLFWDPHQHQHOWpUPLQRTXHHOIDOODGRUOHHVWDEOH]FDHOFXDOVHFRQVLGHUDUi UHQGLGREDMRODJUDYHGDGGHOMXUDPHQWRSRUHOVRORKHFKRGHOD¿UPD\ VHUHPLWLUiSRUFRQGXFWRGHO'LUHFWRUGHODPLVPDHQWLGDG (OSHULWRDOSRVHVLRQDUVHGHEHUiH[SUHVDUEDMRMXUDPHQWRTXHQRVH HQFXHQWUDLPSHGLGRSURPHWHUiGHVHPSHxDUELHQ\¿HOPHQWHORVGHEHUHV GHVXFDUJR(OIXQFLRQDULRFRPSHWHQWHSRGUiGLVSRQHUTXHODGLOLJHQFLD GHSRVHVLyQWHQJDOXJDUDQWHFRPLVLRQDGR 'HVGHODQRWL¿FDFLyQGHODXWRTXHGHFUHWHHOSHULWDMHKDVWDODGLOL JHQFLDGHSRVHVLyQGHORVSHULWRV\GXUDQWHHVWDODVSDUWHVSRGUiQSHGLU TXHHOGLFWDPHQVHH[WLHQGDDRWURVSXQWRVUHODFLRQDGRVFRQODVFXHVWLRQHV VREUHODVFXDOHVVHGHFUHWy\HOIXQFLRQDULRFRPSHWHQWHORRUGHQDUiGH SODQRVLORFRQVLGHUDSURFHGHQWHSRUDXWRTXHQRWHQGUiUHFXUVRDOJXQR (QODGLOLJHQFLDGHSRVHVLyQSRGUiHOSHULWRVROLFLWDUTXHVHDPSOtH HOWpUPLQRSDUDUHQGLUHOGLFWDPHQ $UWtFXOR3UiFWLFDGHODSUXHED(QODSUiFWLFDGHODSHULWDFLyQVH SURFHGHUiDVt &XDQGRODSHULWDFLyQFRQFXUUDFRQLQVSHFFLyQMXGLFLDODPEDVVH LQLFLDUiQVLPXOWiQHDPHQWH (OSHULWRH[DPLQDUiORVELHQHVRFRVDVREMHWRGHOGLFWDPHQ\UHDOL ]DUiSHUVRQDOPHQWHORVH[SHULPHQWRVHLQYHVWLJDFLRQHVTXHFRQVLGHUHQ QHFHVDULRVVLQSHUMXLFLRGHTXHSXHGDXWLOL]DUDX[LOLDUHVRVROLFLWDUSRUVX FXHQWDHOFRQFXUVRGHRWURVWpFQLFRVEDMRVXGLUHFFLyQ\UHVSRQVDELOLGDG HQWRGRFDVRH[SRQGUiVXFRQFHSWRVREUHORVSXQWRVPDWHULDGHOGLFWDPHQ &XDQGRHQHOFXUVRGHVXLQYHVWLJDFLyQHOSHULWRUHFLEDLQIRUPDFLyQ GHWHUFHURVTXHFRQVLGHUH~WLOHVSDUDHOGLFWDPHQORKDUiFRQVWDUHQHVWH \VLHOIXQFLRQDULRFRPSHWHQWHHVWLPDQHFHVDULRUHFLELUORVWHVWLPRQLRV GHDTXHOORVORGLVSRQGUiDVtDWUDYpVGHSURYLGHQFLDPRWLYDGD (OSHULWRSRGUiSRUXQDVRODYH]SHGLUSUyUURJDGHOWpUPLQRSDUD UHQGLUHOGLFWDPHQ (GLFLyQ 0DUWHVGHMXOLRGH ' , $ 5 , 2 2 ) , & , $ / (OGLFWDPHQGHEHVHUFODURSUHFLVR\GHWDOODGRHQpOVHH[SOLFDUiQ ORVH[iPHQHVH[SHULPHQWRVHLQYHVWLJDFLRQHVHIHFWXDGDVORPLVPRTXH ORVIXQGDPHQWRVWpFQLFRVFLHQWt¿FRVRDUWtVWLFRVGHODVFRQFOXVLRQHV7UD WiQGRVHGHDYDO~RVHVWRVVHGHWHUPLQDUiQGHIRUPDQXPpULFDHLQFOXLUiQ HOYDORUGHODPDQRGHREUDVLHVHOFDVR $UWtFXOR&RQWUDGLFFLyQGHOGLFWDPHQ3DUDODFRQWUDGLFFLyQGHOD SHULFLDVHSURFHGHUiDVt 'HOGLFWDPHQVHFRUUHUiWUDVODGRDORVVXMHWRVSURFHVDOHVSRUWUHV GtDVGXUDQWHORVFXDOHVSRGUiQREMHWDUORSRUHUURUJUDYHRSHGLUTXH VHFRPSOHPHQWHRDFODUH(QFDVRTXHDTXHOORVHMHUFLWHQHVWRVGHUHFKRV HOIXQFLRQDULRLQVWUXFWRUUHPLWLUiHOH[SHGLHQWHDOIDOODGRU (QHOHVFULWRGHREMHFLyQVHSUHFLVDUiHOHUURU\VHSHGLUiQODVSUXHEDV SDUDGHPRVWUDUOR(OIDOODGRUGHFUHWDUiODVTXHFRQVLGHUHQHFHVDULDVSDUD UHVROYHUOR\VHFRQFHGHUiXQWpUPLQRGHGLH] GtDVSDUDSUDFWLFDUODV (OIDOODGRUWHQGUiFLQFR GtDVSDUDGHFLGLUODREMHFLyQHQFDVRGH SURVSHUDUGHFUHWDUiGHR¿FLRXQQXHYRGLFWDPHQFRQRWURSHULWRTXHVHUi LQREMHWDEOHSHURVHGDUiWUDVODGRSDUDTXHORVVXMHWRVSURFHVDOHVSXHGDQ SHGLUTXHVHFRPSOHPHQWHRDFODUH\VHUHVROYHUiGHSODQRGHQWURGHORV FLQFR GtDVVLJXLHQWHV(QFDVRGHFRQFHGHUVHVHFRUUHUiWUDVODGRDO SHULWRSRUHOWpUPLQRGHKDVWDGLH] GtDVFRQFHSWRTXHVHQRWL¿FDUi DORVVXMHWRVSURFHVDOHVFRQWUDHOFXDOQRSURFHGHUiVROLFLWXGDOJXQD $QWH OD QHJDFLyQ GH OD REMHFLyQ LQLFLDO OD GHFLVLyQ VHUi REMHWR GH UHFXUVRGHDSHODFLyQHQHOHIHFWRGLIHULGR (QHOHYHQWRTXHVHVROLFLWHFRPSOHPHQWDFLyQRDFODUDFLyQDOGLFWD PHQLQLFLDOVLORFRQVLGHUDSURFHGHQWHHOIDOODGRUDFFHGHUiDODVROLFLWXG \¿MDUiDOSHULWRXQWpUPLQRSUXGHQFLDOSDUDHOORTXHQRSRGUiH[FHGHU GHGLH] GtDV 'HODDFODUDFLyQRFRPSOHPHQWDFLyQDOGLFWDPHQLQLFLDOVHGDUi WUDVODGR D ORV VXMHWRV SURFHVDOHV SRU WUHV GtDV GXUDQWH ORV FXDOHV SRGUiQREMHWDUHOGLFWDPHQSRUHUURUJUDYHTXHKD\DVLGRGHWHUPLQDQWH GHODVFRQFOXVLRQHVDTXHKXELHUHOOHJDGRHOSHULWRRSRUTXHHOHUURUVH KD\DRULJLQDGRHQHVWDVSDUDORFXDOVHSURFHGHUiGHFRQIRUPLGDGFRQ HOQXPHUDOGHHVWHDUWtFXORUHVSHFWRDOWUiPLWHGHODREMHFLyQ 6LGXUDQWHHOWUDVODGRVHSLGHFRPSOHPHQWDFLyQRDFODUDFLyQGHO GLFWDPHQLQLFLDO\DGHPiVVHOHREMHWDQRVHGDUiWUiPLWHDODREMHFLyQ VLQRGHVSXpVGHSURGXFLGDVDTXHOODVVLIXHUHQRUGHQDGDV $UWtFXOR$FODUDFLyQ\FRPSOHPHQWDFLyQGHOGLFWDPHQSRULQLFLD WLYDGHOIDOODGRUGHLQVWDQFLD(QHOHYHQWRGHQRFRQWDUFRQHOHPHQWRV SUREDWRULRVVX¿FLHQWHVTXHSHUPLWDQGHFLGLUGHIRQGR\DOQRKDEHUVH SUHVHQWDGRVROLFLWXGHVGHREMHFLyQDFODUDFLyQRFRPSOHPHQWDFLyQSRU SDUWHGHORVVXMHWRVSURFHVDOHVHQFXDOTXLHUPRPHQWR\KDVWDDQWHVGHO DXWRGHFLHUUHGHODLQYHVWLJDFLyQHOIDOODGRUGHLQVWDQFLDSRGUiRUGHQDU DOSHULWRTXHDFODUHRFRPSOHPHQWHHOGLFWDPHQSDUDORFXDOOH¿MDUiXQ WpUPLQRQRPD\RUGHGLH] GtDV(QORSHUWLQHQWHVHVXUWLUiHOWUiPLWH VHxDODGRHQHODUWtFXORDQWHULRU $UWtFXOR $SUHFLDFLyQ GHO GLFWDPHQ$O DSUHFLDU HO GLFWDPHQVH WHQGUiHQFXHQWDORSUHFHSWXDGRHQHOQXPHUDOGHODUWtFXOR\ORV GHPiVHOHPHQWRVSUREDWRULRVTXHREUHQHQHOSURFHVR 6LVHKXELHUHSUDFWLFDGRXQVHJXQGRGLFWDPHQHVWHQRVXVWLWXLUiDO SULPHURSHURVHHVWLPDUiFRQMXQWDPHQWHFRQpOH[FHSWRFXDQGRSURVSHUH REMHFLyQSRUHUURUJUDYH $UWtFXOR'HEHUGHFRODERUDFLyQGHORVVHUYLGRUHVS~EOLFRV/RV VHUYLGRUHVS~EOLFRVWLHQHQHOGHEHUGHFRODERUDUFRQORVSHULWRVGHIDFL OLWDUOHVORVGDWRVODVFRVDV\HODFFHVRDORVOXJDUHVTXHHOORVFRQVLGHUHQ QHFHVDULRVSDUDHOGHVHPSHxRGHVXFDUJRVLDOJXQRQRORKLFLHUHVHKDUi FRQVWDUDVtHQHOGLFWDPHQ\HOIDOODGRUGHLQVWDQFLDSRGUiVROLFLWDUODV DFFLRQHVGLVFLSOLQDULDVSHUWLQHQWHV 7Ë78/2,,, $&78$&,Ï1352&(6$/ &$3Ë78/2, 1XOLGDGHV $UWtFXOR&DXVDOHVGHQXOLGDG&RQVWLWX\HQFDXVDOHVGHQXOLGDG ODVVLJXLHQWHV /DIDOWDGHFRPSHWHQFLDGHOIXQFLRQDULRSDUDIDOODU /DYLRODFLyQGHOGHUHFKRGHGHIHQVD /D FRPSUREDGD H[LVWHQFLD GH LUUHJXODULGDGHV VXVWDQFLDOHV TXH DIHFWHQHOGHELGRSURFHVR /DYLRODFLyQDOSULQFLSLRGHMHUDUTXtD 3DUiJUDIR/DQXOLGDGVHUiGHFODUDGDSRUHOIDOODGRUFRPSHWHQWH\QR SURFHGHUiSRUFDXVDOHVGLVWLQWDVGHODVSUHYLVWDVHQHVWHDUWtFXOR $UWtFXOR 6DQHDPLHQWR GH QXOLGDGHV (Q FXDOTXLHU HVWDGR GH OD DFWXDFLyQHQTXHHOIXQFLRQDULRFRPSHWHQWHDGYLHUWDTXHH[LVWHDOJXQD GHODVFDXVDOHVSUHYLVWDVHQHODUWtFXORDQWHULRUGHFODUDUiODQXOLGDGWRWDO RSDUFLDOGHORDFWXDGRGHVGHHOPRPHQWRHQTXHVHSUHVHQWyODFDXVDO \RUGHQDUiTXHVHUHSRQJDODDFWXDFLyQTXHGHSHQGDGHODFWRGHFODUDGR QXORSDUDTXHVHVXEVDQHORDIHFWDGR/DVSUXHEDVSUDFWLFDGDVOHJDOPHQWH FRQVHUYDUiQVXSOHQDYDOLGH] 3DUiJUDIR(QHOHYHQWRTXHODLUUHJXODULGDGVHDLQYRFDGDSRUODV SDUWHV R GHWHFWDGD SRU HO IXQFLRQDULR GH LQVWUXFFLyQ GHEHUi SURFHGHU LQPHGLDWDPHQWHDUHPLWLUHOH[SHGLHQWHDOIDOODGRUFRUUHVSRQGLHQWHSDUD ORGHVXFRPSHWHQFLD 3DUiJUDIR/DQXOLGDGVHFRQVLGHUDUiVDQHDGDFXDQGRDSHVDUGHO YLFLRHODFWRSURFHVDOFXPSOLyVX¿QDOLGDG\QRVHYLROyHOGHUHFKRGH GHIHQVD $UWtFXOR 7pUPLQR SDUD SURSRQHU QXOLGDGHV /DV FDXVDOHV GH QXOLGDGSRGUiQSURSRQHUVHKDVWDDQWHVGHSURIHULUVHHOIDOORGH¿QLWLYR /DVROLFLWXGGHEHUiSUHFLVDUODFDXVDOLQYRFDGDODVUD]RQHVHQTXHVH IXQGD\QRVHSRGUiIRUPXODUQXHYDSHWLFLyQGHQXOLGDGVLQRSRUFDXVDO GLIHUHQWHRSRUKHFKRVSRVWHULRUHV(OIDOODGRUFRPSHWHQWHUHVROYHUiOD VROLFLWXGGHODQXOLGDGDPiVWDUGDUGHQWURGHORVFLQFR GtDVVLJXLHQWHV DODIHFKDGHVXUHFLERFRQH[FHSFLyQGHODVSURSXHVWDVHQORVDOHJDWRV GHFRQFOXVLyQ\GXUDQWHHOGHVDUUROORGHODVHJXQGDLQVWDQFLDTXHVHUiQ UHVXHOWDVFRQORVIDOORVFRUUHVSRQGLHQWHV &RQWUDHODXWRTXHUHVXHOYDODVQXOLGDGHVSURFHGHUiQORVUHFXUVRVGH UHSRVLFLyQ\DSHODFLyQVDOYRHQHOSURFHVRGH~QLFDLQVWDQFLDTXHVyOR SURFHGHUHSRVLFLyQ &$3Ë78/2,, &DGXFLGDG\SUHVFULSFLyQ $UWtFXOR&DGXFLGDG\SUHVFULSFLyQ/DDFWXDFLyQDGPLQLVWUDWLYD FDGXFDUiVLWUDQVFXUULGRVFLQFR DxRVGHVGHODRFXUUHQFLDGHOKHFKR JHQHUDGRUGHOGDxRDOSDWULPRQLRS~EOLFRQRVHKDSURIHULGRDXWRGH DSHUWXUD GHO SURFHVR GH UHVSRQVDELOLGDG DGPLQLVWUDWLYD (VWH WpUPLQR HPSH]DUiDFRQWDUVHSDUDORVKHFKRVRDFWRVLQVWDQWiQHRVGHVGHHOGtD GHVXUHDOL]DFLyQ\SDUDORVFRPSOHMRVGHWUDFWRVXFHVLYRGHFDUiFWHU SHUPDQHQWHRFRQWLQXDGRGHVGHHO~OWLPRKHFKRRDFWR /D UHVSRQVDELOLGDG DGPLQLVWUDWLYD SUHVFULELUi HQ FLQFR DxRV FRQWDGRVDSDUWLUGHODXWRGHDSHUWXUDGHOSURFHVRGHUHVSRQVDELOLGDG DGPLQLVWUDWLYDVLGHQWURGHGLFKRWpUPLQRQRVHKDGLFWDGRSURYLGHQFLD HQ¿UPHTXHODGHFODUH $UWtFXOR3UHVFULSFLyQGHYDULDVDFFLRQHV&XDQGRIXHUHQYDULDV ODVDFFLRQHVLQYHVWLJDGDVHQXQVRORSURFHVRODSUHVFULSFLyQVHFXPSOH LQGHSHQGLHQWHPHQWHSDUDFDGDXQDGHHOODV &$3Ë78/2,,, 3URFHGLPLHQWRDEUHYLDGR $UWtFXOR3URFHGLPLHQWR DEUHYLDGR&XDQGRODFXDQWtD GHO ELHQ SHUGLGRRGHOGDxRWHQJDXQYDORULQIHULRUDGRV VDODULRVPtQLPRV OHJDOHVPHQVXDOHVYLJHQWHV VPOPY HOFRPSHWHQWHDGHODQWDUiHOVLJXLHQ WH SURFHGLPLHQWR HVFXFKDUi DO SUHVXQWR UHVSRQVDEOH HQ GLOLJHQFLD GH GHVFDUJRVGLVSRQGUi\UHFDXGDUiGHQWURGHOWpUPLQRGHFLQFR GtDV KiELOHVPiVHOWpUPLQRGHODGLVWDQFLDVLIXHUHQHFHVDULRODVSUXHEDVD TXHKD\DOXJDU\SURIHULUiIDOORHVFULWR\PRWLYDGRGH~QLFDLQVWDQFLD GHQWURGHORVWUHV GtDVKiELOHVVLJXLHQWHVFRQWUDHOFXDOVRODPHQWH SURFHGHUiUHFXUVRGHUHSRVLFLyQ/DQRWL¿FDFLyQVHKDUiDFRUGHFRQOR GLVSXHVWRHQODSUHVHQWHOH\ ' , $ 5 , 2 2 ),&,$/ &$3Ë78/2,9 3URFHGLPLHQWRRUGLQDULR $UWtFXOR3URFHGLPLHQWRRUGLQDULR&XDQGRODFXDQWtDGHODSpU GLGDRGHOGDxRGHXQELHQGHSURSLHGDGRDOVHUYLFLRGHO0LQLVWHULRGH 'HIHQVD1DFLRQDOVXVHQWLGDGHVDGVFULWDVRYLQFXODGDVROD)XHU]D3~ EOLFDWHQJDXQYDORULJXDORVXSHULRUDGRV VDODULRVPtQLPRVOHJDOHV PHQVXDOHVYLJHQWHVVHDGHODQWDUiODLQYHVWLJDFLyQDGPLQLVWUDWLYDSRUHO SURFHGLPLHQWRRUGLQDULR $UWtFXOR$SHUWXUDGHLQYHVWLJDFLyQ5HFLELGRHOLQIRUPHRFRQRFLGD ODQRWLFLDGHODSpUGLGDRGDxRGHXQELHQGHSURSLHGDGRDOVHUYLFLRGHO 0LQLVWHULRGH'HIHQVD1DFLRQDOVXVHQWLGDGHVDGVFULWDVRYLQFXODGDVR OD)XHU]D3~EOLFDODDXWRULGDGDGPLQLVWUDWLYDSURFHGHUiGHR¿FLRRD VROLFLWXGGHSDUWHDRUGHQDUODDSHUWXUDGHODLQYHVWLJDFLyQDGPLQLVWUDWLYD $UWtFXOR$XWRGHDSHUWXUD(ODXWRTXHRUGHQDDEULULQYHVWLJDFLyQ DGPLQLVWUDWLYDGHEHFRQWHQHUHQWUHRWURVORVVLJXLHQWHVUHTXLVLWRV 5HODFLRQDUHQIRUPDVXFLQWDORVKHFKRV ,GHQWL¿FDUDOSUHVXQWRDXWRURDXWRUHVVLHOLQIRUPHRODVSUXHEDV H[LVWHQWHVORSHUPLWHQ 2UGHQDUODSUiFWLFDGHSUXHEDV $OOHJDUODFDOLGDGGHOLQYHVWLJDGR $SRUWDUHOGRFXPHQWRTXHLQGLYLGXDOLFHHOIXQFLRQDULRTXHWHQtD EDMRVXUHVSRQVDELOLGDGFXVWRGLDRXVyHOELHQ 1RPEUDUIXQFLRQDULRGHLQVWUXFFLyQVLORFRQVLGHUDSHUWLQHQWH ,QIRUPDUDODGHSHQGHQFLDHQFDUJDGDGHOOHYDUHOUHJLVWURGHODV LQYHVWLJDFLRQHV 1RWL¿FDUDOLQFXOSDGRODDSHUWXUDGHLQYHVWLJDFLyQ\ORVGHUHFKRV TXHOHDVLVWHQ 3DUiJUDIR&XDQGRVHHVWDEOH]FDSOHQDPHQWHTXHHOKHFKRLQIRUPDGRQR KDJHQHUDGRSpUGLGDRGDxRGHELHQHVRTXHGHKDEHUVHSUHVHQWDGRSURYLHQH GHOGHWHULRURQDWXUDOGHOXVRQRUPDOROHJtWLPRGHOELHQRTXHODDFWXDFLyQ QRSXHGDLQLFLDUVHRSURVHJXLUVHHOIXQFLRQDULRFRPSHWHQWHFRQDWULEXFLRQHV DGPLQLVWUDWLYDVHVWDEOHFLGDVHQODSUHVHQWHOH\GHSODQRVHLQKLELUiGHDEULU LQYHVWLJDFLyQ\RUGHQDUiORQHFHVDULRSDUDVXEDMDRUHSDUDFLyQDVtFRPROD DFWXDOL]DFLyQGHORVUHJLVWURVHLQYHQWDULRVFRUUHVSRQGLHQWHV $UWtFXOR 1RPEUDPLHQWR GH 6HFUHWDULR (O )XQFLRQDULR GH ,QV WUXFFLyQSRGUiGHVLJQDUXQVHFUHWDULRSDUDTXHDFW~HHQODLQYHVWLJDFLyQ TXLHQWRPDUiSRVHVLyQGHOFDUJR $UWtFXOR7pUPLQRSDUDODLQVWUXFFLyQ(OWpUPLQRGHLQVWUXFFLyQGH ODLQYHVWLJDFLyQDGPLQLVWUDWLYDVHUiGHVHLV PHVHVVLHVXQVRORLQYHV WLJDGR\GHGRFH PHVHVVLVRQGRVRPiV5HFLELGRHOH[SHGLHQWHHO IDOODGRUGHSULPHUDLQVWDQFLDSURFHGHDVXHVWXGLRGHQWURGHORVTXLQFH GtDVKiELOHVVLJXLHQWHV6LODLQYHVWLJDFLyQQRVHHQFXHQWUDSHUIHFFLRQDGDOD UHJUHVDUiDOLQVWUXFWRUSDUDVXUWLUODVGLOLJHQFLDVIDOWDQWHV5HDOL]DGDVHVWDV RQRKDELHQGRGLOLJHQFLDVSRUSUDFWLFDUGLFWDXQDXWRGHFODUDQGRFHUUDGD ODLQYHVWLJDFLyQ\FRUUHUiWUDVODGRSDUDDOHJDWRVGHFRQFOXVLyQORVFXDOHV GHEHUiQVHUSUHVHQWDGRVGHQWURGHORVFLQFR GtDVKiELOHVVLJXLHQWHV $UWtFXOR6XVSHQVLyQGHWpUPLQRV/RVWpUPLQRVSUHYLVWRVHQOD SUHVHQWHOH\VHVXVSHQGHUiQHQORVHYHQWRVGHIXHU]DPD\RURFDVRIRU WXLWRRSRUHOWUiPLWHGHXQDGHFODUDFLyQGHLPSHGLPHQWRRUHFXVDFLyQ (QWDOHVFDVRVWDQWRODVXVSHQVLyQFRPRODUHDQXGDFLyQGHORVWpUPLQRV VHRUGHQDUiSRUHOFRPSHWHQWHPHGLDQWHDXWRGHWUiPLWHTXHVHQRWL¿FDUi SRUHVWDGRDOGtDVLJXLHQWH\FRQWUDHOFXDOQRSURFHGHUHFXUVRDOJXQR $UWtFXOR)DOORGHSULPHUDLQVWDQFLD9HQFLGRHOWpUPLQRGHWUDV ODGRSDUDDOHJDUGHFRQFOXVLyQHOIDOODGRUGHSULPHUDLQVWDQFLDHQWUDUi DSURIHULUIDOORGHQWURGHORVWUHLQWD GtDVKiELOHVVLJXLHQWHV(QFDVR GHTXHORVLQYHVWLJDGRVVHDQGRVRPiVHOWpUPLQRVHDPSOLDUiSRUWUHLQWD GtDVKiELOHV $UWtFXOR5HFXUVRV&RQWUDHOIDOORGHSULPHUDLQVWDQFLDSURFHGH HOUHFXUVRGHDSHODFLyQ &$3Ë78/29 &HVDFLyQGHSURFHGLPLHQWR $UWtFXOR &HVDFLyQ GH SURFHGLPLHQWR (Q FXDOTXLHU PRPHQWR GHODLQYHVWLJDFLyQTXHDSDUH]FDSOHQDPHQWHFRPSUREDGRTXHHOKHFKR (GLFLyQ 0DUWHVGHMXOLRGH LQYHVWLJDGRQRKDH[LVWLGRTXHHOLQYHVWLJDGRQRHVHODXWRUTXHODLQ YHVWLJDFLyQQRSXHGDSURVHJXLUVHRQRKD\PpULWRSDUDFRQWLQXDUFRQOD PLVPDHOIXQFLRQDULRFRQDWULEXFLyQDGPLQLVWUDWLYDSURFHGHUiDGHFUHWDU PHGLDQWHGHFLVLyQPRWLYDGDODFHVDFLyQGHOSURFHGLPLHQWR &$3Ë78/29, )DOORGHSULPHUDLQVWDQFLD $UWtFXOR7pUPLQRSDUDIDOODU9HQFLGRHOWpUPLQRSDUDSUHVHQWDU DOHJDWRVGHFRQFOXVLyQHOIXQFLRQDULRFRPSHWHQWHSURIHULUiGHFLVLyQGH IRQGRGHQWURGHOWpUPLQRGHWUHLQWD GtDV(QFDVRGHTXHORVLQFXO SDGRVVHDQGRV RPiVHOWpUPLQRVHDPSOLDUiHQWUHLQWD GtDVPiV $UWtFXOR5HTXLVLWRVGHOIDOOR(OIDOORGHEHVHUPRWLYDGR\FRQ WHQGUi /DLGHQWLGDGGHOLQYHVWLJDGR /DLGHQWLGDG\FDOLGDGGHOELHQ 5HVXPHQGHORVKHFKRV $QiOLVLV\YDORUDFLyQMXUtGLFDSUREDWRULD $QiOLVLVGHORVHOHPHQWRVGHODUHVSRQVDELOLGDGDGPLQLVWUDWLYD 9DORUDFLyQGHORVDOHJDWRVGHFRQFOXVLyQ /DVUD]RQHVGHODGHFODUDWRULDGHUHVSRQVDELOLGDGDGPLQLVWUDWLYDR GHODH[RQHUDFLyQ /DGHFLVLyQGHFODUDWLYDGHUHVSRQVDELOLGDGRGHH[RQHUDFLyQ 3DUiJUDIR6LIXHUHQYDULRVORVLQYHVWLJDGRVORVDQiOLVLVFRUUHVSRQ GLHQWHVDORVQXPHUDOHV\VHUHDOL]DUiQSRUVHSDUDGR &$3Ë78/29,, )DOORGHVHJXQGDLQVWDQFLD $UWtFXOR 6HJXQGD LQVWDQFLD /D DXWRULGDG FRPSHWHQWH GHEHUi GHFLGLUODDSHODFLyQRFRQVXOWDGHQWURGHORVWUHLQWD GtDVVLJXLHQWHVD ODIHFKDHQTXHKXELHUDUHFLELGRHOH[SHGLHQWH(QFDVRGHTXHORVLQYHV WLJDGRVVHDQGRV RPiVHOWpUPLQRVHDPSOLDUiWUHLQWD GtDVPiV 6LORFRQVLGHUDQHFHVDULRGHFUHWDUiSUXHEDVGHR¿FLRODVFXDOHVGH EHUiQVHUSUDFWLFDGDVGHQWURGHORVTXLQFH GtDVVLJXLHQWHVHQFX\R FDVRHOWpUPLQRSDUDSURIHULUHOIDOORVHDPSOLDUiHQODIRUPDLQGLFDGD HQHOLQFLVRDQWHULRU 3DUiJUDIR(OUHFXUVRGHDSHODFLyQRWRUJDFRPSHWHQFLDDOIXQFLRQDULR GHVHJXQGDLQVWDQFLDSDUDUHYLVDU~QLFDPHQWHORVDVSHFWRVLPSXJQDGRV \DTXHOORVRWURVTXHUHVXOWHQLQHVFLQGLEOHPHQWHYLQFXODGRVDOREMHWRGH LPSXJQDFLyQ 7Ë78/2,9 ',6326,&,21(6&203/(0(17$5,$6 &$3Ë78/2, 'HVFXHQWR $UWtFXOR3URFHGHQFLD(OYDORUGHORVGDxRVRSpUGLGDVTXHDG PLQLVWUDWLYDPHQWHVHGHFODUHQDFDUJRGHOLQYHVWLJDGRVHUiQGHVFRQWDGRV GH VX VXHOGR EiVLFR R SUHVWDFLRQHV FRQIRUPH DO IDOOR DGPLQLVWUDWLYR SURIHULGRSRUHOIXQFLRQDULRFRPSHWHQWH /RV YDORUHV GHVFRQWDGRV D ORV IXQFLRQDULRV UHVSRQVDEOHV GHEHUiQ LQJUHVDUDODVFXHQWDVGHIRQGRVHVSHFLDOHVGHOD8QLGDGDODFXDOSHU WHQH]FDHOELHQ $UWtFXOR3URFHGLPLHQWR8QDYH]HMHFXWRULDGRHOIDOOR\VLHVWH GDOXJDUDGHVFXHQWRHO&RPDQGDQWHR-HIHGHODXQLGDGXRUJDQLVPR GHVFHQWUDOL]DGRGRQGHVHSURGXMRHOGDxRRSpUGLGDDGHODQWDUiHOWUiPLWH SDUDVXHMHFXFLyQDVt (ODERUDFLyQ \ HQYtR GH OD VROLFLWXG GH GHVFXHQWR D OD R¿FLQD R GHSHQGHQFLD HQFDUJDGD GH HMHFXWDUOR DQH[DQGR FRSLD GHO IDOOR \ VX FRQVWDQFLDGHHMHFXWRULD /RVGHVFXHQWRVDTXHKD\DOXJDUSRUUHVSRQVDELOLGDGDGPLQLVWUDWLYD GHEHQKDFHUVHSRUFXRWDVPHQVXDOHVVLQTXHHVWRVVREUHSDVHQXQDTXLQWD SDUWHGHOVXHOGREiVLFRPHQVXDO /RVYDORUHVGHVFRQWDGRVDORVIXQFLRQDULRVUHVSRQVDEOHVGHEHUiQ LQJUHVDUDODVFXHQWDVGH)RQGRV(VSHFLDOHVGHOD8QLGDGDODFXDOSHU WHQH]FDHOELHQ (GLFLyQ 0DUWHVGHMXOLRGH ' , $ 5 , 2 2 ) , & , $ / &XDQGRODUHVSRQVDELOLGDGGHOGDxRRSpUGLGDUHFDLJDHQTXLHQHV SUHVWHQVHUYLFLRPLOLWDUVHSURFHGHUiDHMHFXWDUODVSyOL]DVGHVHJXURVVL ODVKXELHUHRDOFREURPHGLDQWHMXULVGLFFLyQFRDFWLYD &XDQGR VH WUDWH GH SHUVRQDO GHVYLQFXODGR \ QR VHD SRVLEOH HO GHVFXHQWR GHO VXHOGR EiVLFR R SUHVWDFLRQHV HO FREUR VH UHDOL]DUi SRU MXULVGLFFLyQFRDFWLYD &$3Ë78/2,, %DMDVGHPDWHULDO $UWtFXOR&RPSHWHQFLD&XDQGRVHWUDWHGHSpUGLGDVXQDYH] SURIHULGRHOIDOORGH¿QLWLYRHO0LQLVWURGH'HIHQVD1DFLRQDOHO-HIH GH (VWDGR 0D\RU &RQMXQWR HO 6HJXQGR &RPDQGDQWH GH OD )XHU]D UHVSHFWLYDHO'LUHFWRU$GPLQLVWUDWLYR\)LQDQFLHURGHOD3ROLFtD1D FLRQDORTXLHQKDJDVXVYHFHVRHO*HUHQWHR'LUHFWRUHQORVLQVWLWXWRV GHVFHQWUDOL]DGRVRDTXLHQHVWRVGHOHJXHQRUGHQDUiQODEDMDGHOELHQ PRWLYRGHODLQYHVWLJDFLyQ\ODDFWXDOL]DFLyQGHODLQIRUPDFLyQFRQ WHQLGDHQORVUHJLVWURVItVLFRVPDJQpWLFRVRGHRWUDtQGROH6LIXHUHHO FDVRWDPELpQVHGLVSRQGUiGDUGHDOWD¿VFDOPHQWHXQELHQSDUDUHSRQHU HOSHUGLGRRLQVHUYLEOH (QQLQJ~QFDVRVHDXWRUL]DODUHSRVLFLyQHQORUHIHUHQWHDDUPDPHQ WRPXQLFLRQHV\GHPiVELHQHVTXHVHHQFXHQWUHQIXHUDGHOFRPHUFLR (OHOHPHQWRTXHVXVWLWX\DDRWURGHEHUiVHUGHODVPLVPDVRVXSHULRUHV FDUDFWHUtVWLFDV &$3Ë78/2,,, )RQGRGH*DUDQWtD $UWtFXOR/LTXLGDFLyQ)RQGRGH*DUDQWtD(O'LUHFWRU$GPLQLVWUD WLYR)LQDQFLHURR-HIH/RJtVWLFDRTXLHQKDJDVXVYHFHVHQODVXQLGDGHV HMHFXWRUDVGHO0LQLVWHULRGH'HIHQVD1DFLRQDOVXVXQLGDGHVDGVFULWDV \YLQFXODGDVHLQVWLWXWRVGHVFHQWUDOL]DGRVRUGHQDUiQODOLTXLGDFLyQGHO )RQGRGH*DUDQWtDGHTXHWUDWDEDHOQXPHUDOGHODUWtFXORGHO'H FUHWRGH\ODGHYROXFLyQGHORVGLQHURVDTXLHQHVORVKD\DQ DSRUWDGRVLQRIXHUHSRVLEOHHVWDEOHFHUODLGHQWLGDGGHORVLQWHUHVDGRV SUHYLRHODJRWDPLHQWRGHORVPHFDQLVPRVSDUDLGHQWL¿FDUORV\XELFDUORV VHLQFRUSRUDUiQDOSUHVXSXHVWRGHDFXHUGRFRQODQRUPDWLYLGDGYLJHQWH &$3Ë78/2,9 6HJXURV $UWtFXOR6HJXURV&XDQGRODDXWRULGDGFRPSHWHQWHDGYLHUWDTXH UHVSHFWRGHOELHQPDWHULDGHLQYHVWLJDFLyQKDRSHUDGRHOSDJRWRWDOR UHSRVLFLyQ SRU XQR GH ODV PLVPDV R VXSHULRUHV FDUDFWHUtVWLFDV \ FRQ GLFLRQHVSRUSDUWHGHODDVHJXUDGRUDGDUiSRUWHUPLQDGDODDFWXDFLyQ DGPLQLVWUDWLYD 6LODUHVSHFWLYDSyOL]DQRDPSDUDHOVLQLHVWURRODWRWDOLGDGGHOPLVPR GHEHUiDGHODQWDUVHODDFWXDFLyQDGPLQLVWUDWLYDFRUUHVSRQGLHQWH 7Ë78/29 9,*(1&,$ $UWtFXOR9LJHQFLD/DSUHVHQWHOH\UHJLUiDSDUWLUGHODIHFKDGH VXSURPXOJDFLyQ\GHURJDODVGLVSRVLFLRQHVTXHOHVHDQFRQWUDULDV (O3UHVLGHQWHGHOKRQRUDEOH6HQDGRGHOD5HS~EOLFD $UPDQGR%HQHGHWWL9LOODQHGD (O6HFUHWDULR*HQHUDOGHOKRQRUDEOH6HQDGRGHOD5HS~EOLFD (PLOLR5DPyQ2WHUR'DMXG (O3UHVLGHQWHGHODKRQRUDEOH&iPDUDGH5HSUHVHQWDQWHV &DUORV$OEHUWR=XOXDJD'tD] (O6HFUHWDULR*HQHUDOGHODKRQRUDEOH&iPDUDGH5HSUHVHQWDQWHV -HV~V$OIRQVR5RGUtJXH]&DPDUJR 5(3Ò%/,&$'(&2/20%,$±*2%,(5121$&,21$/ 3XEOtTXHVH\F~PSODVH 'DGDHQ%RJRWi'&DGHMXOLRGH -8$10$18(/6$1726&$/'(5Ï1 (O0LQLVWURGH'HIHQVD1DFLRQDO 5RGULJR5LYHUD6DOD]DU @B5C945>39145<1B5@Ì2<931 '(&5(726 '(&5(721Ò0(52'( MXOLR SRUHOFXDOVHRUGHQDODSXEOLFDFLyQGHO3UR\HFWRGH$FWR/HJLVODWLYRQ~PHURGH &iPDUDGH6HQDGR³SRUHOFXDOVHUHIRUPDHOQXPHUDOGHODUWtFX ORHODUWtFXOR\HOQXPHUDOGHODUWtFXORGHOD&RQVWLWXFLyQ3ROtWLFD´ 3ULPHUD9XHOWD (O3UHVLGHQWHGHOD5HS~EOLFDGH&RORPELDHQFXPSOLPLHQWRGHORGLVSXHVWRSRU HODUWtFXORGHOD&RQVWLWXFLyQ3ROtWLFD\ &216,'(5$1'2 4XHHOKRQRUDEOH&RQJUHVRGHOD5HS~EOLFDUHPLWLyDOD3UHVLGHQFLDGHOD5HS~EOLFD SDUDHOWUiPLWHSHUWLQHQWHHO3UR\HFWRGH$FWR/HJLVODWLYRQ~PHURGH&iPDUD GH6HQDGR³SRUHOFXDOVHUHIRUPDHOQXPHUDOGHODUWtFXORHODUWtFXOR \HOQXPHUDOGHODUWtFXORGHOD&RQVWLWXFLyQ3ROtWLFD´ 3ULPHUD9XHOWD 4XHFRQR¿FLRGHIHFKDGHGHDEULOGHGLULJLGRDO3UHVLGHQWHGHOD&iPDUDGH 5HSUHVHQWDQWHVORV5HSUHVHQWDQWHVDOD&iPDUD&DUORV$UWXUR&RUUHD0RMLFD*XVWDYR +HUQiQ3XHQWHV'tD]&DPLOR$QGUpV$EULO-DLPHV0LJXHO*yPH]0DUWtQH]&DUORV *HUPiQ1DYDV7DOHUR+HUQDQGR$OIRQVR3UDGD*LO5XEpQ'DUtR5RGUtJXH]*yQJRUD -XDQ&DUORV6DOD]DU8ULEH*HUPiQ9DUyQ&RWULQR\-RUJH(QULTXH5R]R5RGUtJXH] SUHVHQWDQDQWHOD6HFUHWDULD*HQHUDOGHOD&iPDUDGH5HSUHVHQWDQWHVHQVXFRQGLFLyQ GHDXWRUHVHO3UR\HFWRGH$FWR/HJLVODWLYR³SRUHOFXDOVHUHIRUPDHODUWtFXORGH OD&RQVWLWXFLyQ3ROtWLFD´TXHGDQGRUDGLFDGRFRQHOQ~PHURFRQVXFRUUHVSRQGLHQWH H[SRVLFLyQGHPRWLYRVFRQIRUPHDORHVWDEOHFLGRHQHODUWtFXORGHOD/H\GH FRQHO¿QGHLQLFLDUVXWUiPLWHOHJLVODWLYRFRQVWLWXFLRQDO 4XHHO6HFUHWDULR*HQHUDOGHODKRQRUDEOH&iPDUDGH5HSUHVHQWDQWHVFRQIHFKD GHDEULOGHSDVDDO'HVSDFKRGHOVHxRU3UHVLGHQWHGHOD&iPDUDGH5HSUHVHQWDQWHV HO3UR\HFWRGH$FWR/HJLVODWLYRQ~PHURGH&iPDUD³SRUHOFXDOVHUHIRUPD HODUWtFXORGHOD&RQVWLWXFLyQ3ROtWLFD´\DVXYH]OD3UHVLGHQFLDGHOD&iPDUDGH 5HSUHVHQWDQWHVUHSDUWHDOD&RPLVLyQ3ULPHUD&RQVWLWXFLRQDO3HUPDQHQWHHQYLiQGRVH FRSLDGHOPLVPRDOD,PSUHQWD1DFLRQDOSDUDVXSXEOLFDFLyQGHDFXHUGRFRQHODUWtFXOR GHOD/H\GHTXHGDQGRSXEOLFDGRHQOD*DFHWDGHO&RQJUHVRQ~PHUR GHOGHDEULOGH 4XHHOGHDEULOGHOD0HVD'LUHFWLYDGHOD&RPLVLyQ3ULPHUD&RQVWLWXFLRQDO 3HUPDQHQWHGHVLJQDFRPRSRQHQWHVSDUDSULPHUGHEDWHDORV5HSUHVHQWDQWHV*XVWDYR 3XHQWHV\&DUORV&RUUHD &RRUGLQDGRUHV &DPLOR$EULO0LJXHO*yPH]5XEpQ'D UtR5RGUtJXH]-XDQ&DUORV6DOD]DU*HUPiQ9DUyQ-RUJH(5R]R$OIRQVR3UDGD\ *HUPiQ1DYDV7DOHUR 4XHHOGHPD\RGHHO3UHVLGHQWHGHOD&RPLVLyQ3ULPHUD&RQVWLWXFLRQDO 3HUPDQHQWHGHOD&iPDUDGH5HSUHVHQWDQWHVUHFLEHHOLQIRUPHGHSRQHQFLDSDUDSULPHU GHEDWHHO3UR\HFWRGH$FWR/HJLVODWLYRQ~PHURGH&iPDUD³SRUHOFXDOVH UHIRUPDHODUWtFXORGHOD&RQVWLWXFLyQ3ROtWLFD´TXHGDQGRVXSXEOLFDFLyQHQOD *DFHWDGHO&RQJUHVRQ~PHURGHOGHPD\RGHDQXQFLDGRSDUDGLVFXVLyQ\ YRWDFLyQHOGtDGHPD\RGHVHJ~QFRQVWDHQHO$FWDQ~PHURGHHVDPLVPD IHFKD 4XHHOGHPD\RGHFRPLHQ]DODGLVFXVLyQ\YRWDFLyQGHO3UR\HFWRGH$FWR /HJLVODWLYRQ~PHURGH&iPDUD³SRUHOFXDOVHUHIRUPDHODUWtFXORGHOD &RQVWLWXFLyQ3ROtWLFD´6HVRPHWHDFRQVLGHUDFLyQ\YRWDFLyQODSURSRVLFLyQFRQTXH WHUPLQDHOLQIRUPHGHSRQHQFLDVLHQGRDSUREDGRSRUXQDQLPLGDG3RVWHULRUPHQWHOD 3UHVLGHQFLDFRQFHGHHOXVRGHODSDODEUDDO9LFHPLQLVWURGH-XVWLFLDTXLHQGHMDYHU ODLPSRUWDQFLDSDUDHO*RELHUQRGHOSUR\HFWR\KDFHXQDEUHYHH[SOLFDFLyQ/D3UHVL GHQFLDFRQFHGHODSDODEUDDXQRGHORV5HSUHVHQWDQWHVTXLHQPDQL¿HVWDVHGHEHKDFHU XQDPRGL¿FDFLyQDORVDUWtFXORV\GHOD&RQVWLWXFLyQ\DGHPiVSUHVHQWDXQD SURSRVLFLyQVXVWLWXWLYDDODUWtFXORGHODSRQHQFLD/D3UHVLGHQFLDVRPHWHDFRQVLGH UDFLyQ\YRWDFLyQGHODUWLFXODGRGHOSUR\HFWR DUWtFXORV ORVFXDOHVVRQDSUREDGRV/D 3UHVLGHQFLDVRPHWHDFRQVLGHUDFLyQ\YRWDFLyQHOQXHYRWtWXOR³SRUODFXDOVHUHIRUPD OD&RQVWLWXFLyQ3ROtWLFD´VLHQGRDSUREDGRSRUXQDQLPLGDG6HVRPHWHDFRQVLGHUD FLyQ\YRWDFLyQSDUDTXHHVWHSUR\HFWRWHQJDXQVHJXQGRGHEDWHORTXHVHDSUXHED SRUXQDQLPLGDG6HJXLGDPHQWHVHQRPEUDQ3RQHQWHVDORV5HSUHVHQWDQWHV*XVWDYR 3XHQWHV\&DUORV&RUUHDFRPR&RRUGLQDGRUHV&DPLOR$EULO0LJXHO*yPH]5XEpQ 'DUtR5RGUtJXH]-XDQ&DUORV6DOD]DU*HUPiQ9DUyQ-RUJH(5R]R$OIRQVR3UDGD *HUPiQ1DYDV7DOHUR\&DUORV(GZDUG2VRULR$JXLDU 4XHHOGHPD\RGHVHUHFLEHODSRQHQFLDSDUDVHJXQGRGHEDWH\SOLHJRGH PRGL¿FDFLRQHVGHO3UR\HFWRGH$FWR/HJLVODWLYRQ~PHURGH&iPDUD³SRU ODFXDOVHUHIRUPDOD&RQVWLWXFLyQ3ROtWLFD´ 4XHOD6HFUHWDUtD*HQHUDOGHOD&iPDUDGH5HSUHVHQWDQWHVHOGtDGHPD\RGH UHFLEHSDUDVXUHVSHFWLYDSXEOLFDFLyQHQOD*DFHWDGHO&RQJUHVRQ~PHURGHO PLpUFROHVGHPD\RGHHOLQIRUPHGHSRQHQFLDSDUDVHJXQGRGHEDWHDO3UR\HFWR GH$FWR/HJLVODWLYRQ~PHURGH&iPDUD,JXDOPHQWHHQODPLVPD*DFHWDVH SXEOLFDHOSOLHJRGHPRGL¿FDFLRQHVDO3UR\HFWRGH$FWR/HJLVODWLYRQ~PHURGH &iPDUDSRUHOFXDOVHUHIRUPDHOQXPHUDOGHODUWtFXORHODUWtFXOR\HO (GLFLyQ 0DUWHVGHMXOLRGH ' , $ 5 , 2 2 ),&,$/ QXPHUDOGHODUWtFXORGHOD&RQVWLWXFLyQ3ROtWLFDORPLVPRTXHHOWH[WRDSUREDGR HQOD&RPLVLyQ3ULPHUDGHODKRQRUDEOH&iPDUDGH5HSUHVHQWDQWHVGHO3UR\HFWRGH$FWR OHJLVODWLYRQ~PHURGH&iPDUDSRUHOFXDOVHUHIRUPDOD&RQVWLWXFLyQ3ROtWLFD 4XH OD 6HFUHWDUtD *HQHUDO HQ 6XVWDQFLDFLyQ GH SRQHQFLD GH VHJXQGR GHEDWH GH IHFKDGHPD\RGHLQIRUPDTXHHQ6HVLyQ3OHQDULDGHODKRQRUDEOH&iPDUD GH5HSUHVHQWDQWHVIXHDSUREDGRHQVHJXQGRGHEDWHHOWH[WRGH¿QLWLYRVLQPRGL¿FD FLRQHVGHO3UR\HFWRGH$FWR/HJLVODWLYRQ~PHURGH&iPDUD³SRUHOFXDOVH UHIRUPDHOQXPHUDOGHODUWtFXORHODUWtFXOR\HOQXPHUDOGHODUWtFXOR GHOD&RQVWLWXFLyQ3ROtWLFD´/RDQWHULRUGHFRQIRUPLGDGFRQHODUWtFXORGHO$FWR /HJLVODWLYRQ~PHURGHVHJ~QFRQVWDHQHO$FWDGH6HVLyQ3OHQDULDQ~PHUR GHPD\RGHSUHYLRVXDQXQFLRHQGtDGHPD\RGHORVFRUULHQWHVVHJ~Q $FWDGH6HVLyQ3OHQDULDQ~PHUR(OWH[WRGH¿QLWLYRGH3OHQDULDHQ&iPDUDTXHGy SXEOLFDGRHQOD*DFHWDGHO&RQJUHVRQ~PHURGHOYLHUQHVGHPD\RGH 4XHFRQIHFKDGHPD\RGHHO3UHVLGHQWHGHOD&iPDUDGH5HSUHVHQWDQWHV GHFRQIRUPLGDGFRQHODUWtFXORGHOD/H\GHUHPLWHHO([SHGLHQWHGHO 3UR\HFWRGH$FWR/HJLVODWLYRQ~PHURGH&iPDUD³SRUHOFXDOVHUHIRUPD HOQXPHUDOGHODUWtFXORHODUWtFXOR\HOQXPHUDOGHODUWtFXORGHOD &RQVWLWXFLyQ3ROtWLFD´ 4XHOD-HIH6HFFLyQGH/H\HVGHO6HQDGRGHOD5HS~EOLFDHQ6XVWDQFLDFLyQGH 7UiQVLWRD6HQDGRGHOD5HS~EOLFDFRQIHFKDGHPD\RGHUHFLEHGHOD&iPDUD GH5HSUHVHQWDQWHVHOH[SHGLHQWHGHO3UR\HFWRGH$FWR/HJLVODWLYRQ~PHURGH &iPDUDGH6HQDGR³SRUHOFXDOVHUHIRUPDHOQXPHUDOGHODUWtFXORHO DUWtFXOR\HOQXPHUDOGHODUWtFXORGHOD&RQVWLWXFLyQ3ROtWLFD´ 4XHHOGHPD\RGHOD&RPLVLyQ3ULPHUD&RQVWLWXFLRQDO3HUPDQHQWHGHO 6HQDGRGHOD5HS~EOLFDUHFLEHHOH[SHGLHQWHGHO3UR\HFWRGH$FWR/HJLVODWLYRQ~PHUR GH6HQDGRGH&iPDUD³SRUHOFXDOVHUHIRUPDHOQXPHUDOGHO DUWtFXORHODUWtFXOR\HOQXPHUDOGHODUWtFXORGHOD&RQVWLWXFLyQ3ROtWLFD´ 4XHHOGHPD\RGHOD&RPLVLyQ3ULPHUD&RQVWLWXFLRQDO3HUPDQHQWHGHO 6HQDGRGHOD5HS~EOLFDOD0HVD'LUHFWLYDFRPRFRQVWDHQHO$FWD0'GHVLJQD FRPRSRQHQWHVGHHVWHSUR\HFWRDORV6HQDGRUHV-RUJH(GXDUGR/RQGRxR &RRUGLQD GRU 5REHUWR*HUOpLQ(FKHYHUUtD-HV~V,JQDFLR*DUFtD9DOHQFLD&DUORV(QULTXH6RWR -DUDPLOOR+HPHO+XUWDGR$QJXOR/XLV&DUORV$YHOODQHGD7DUD]RQDFRQFLQFR GtDV GHWpUPLQRSDUDUHQGLUHOFRUUHVSRQGLHQWHLQIRUPH 4XHHOGHPD\RGHOD&RPLVLyQ3ULPHUD&RQVWLWXFLRQDO3HUPDQHQWHGHO 6HQDGR GH OD 5HS~EOLFD UHFLEH XQ GRFXPHQWR GH SDUWH GHO 6HFUHWDULR *HQHUDO GHO 6HQDGRGHOD5HS~EOLFDGRQGHUHPLWHXQLPSHGLPHQWRQHJDGRHOGHPD\RGH HQ6HVLyQ3OHQDULDGHOD&iPDUDGH5HSUHVHQWDQWHVGRQGHVHGLVFXWLyHVWDLQLFLDWLYD 4XHHOGHPD\RGHOD6HFUHWDUtDGHOD&RPLVLyQ3ULPHUD&RQVWLWXFLRQDO 3HUPDQHQWHGHO6HQDGRUHFLEHSRQHQFLDSDUDSULPHUGHEDWHGHHVWDLQLFLDWLYDVXVFULWD SRUWRGRVORVSRQHQWHV(VWDSRQHQFLDVHHQYtDD/H\HVGH6HQDGRSDUDVXSXEOLFDFLyQ HQOD*DFHWDGHO&RQJUHVRQ~PHURGHOPDUWHVGHPD\RGH 4XHHOGHMXQLRGHOD6HFUHWDUtDGHOD&RPLVLyQ3ULPHUD&RQVWLWXFLRQDO 3HUPDQHQWHGHO6HQDGRDFRUGHDODUWtFXORGHO$FWR/HJLVODWLYRGH\SRU LQVWUXFFLRQHV GH OD 3UHVLGHQFLD OD 6HFUHWDUtD LQIRUPD TXH HQ OD SUy[LPD VHVLyQ VH GLVFXWLUi\YRWDUiHVWDLQLFLDWLYDSDUDSULPHUGHEDWH 4XHHOGHMXQLRGHVHGDOHFWXUDSRU6HFUHWDUtDGHOD&RPLVLyQ3ULPHUD&RQVWL WXFLRQDO3HUPDQHQWHGHO6HQDGRODSURSRVLFLyQFRQTXHWHUPLQDHOLQIRUPHGHSRQHQFLD VXVFULWRSRUODWRWDOLGDGGHORVSRQHQWHV\PHGLDQWHYRWDFLyQQRPLQDOHVDSUREDGRHO WtWXOR\VXUHVSHFWLYRWUiQVLWRDOD3OHQDULDGHO6HQDGR6HJXLGDPHQWHOD3UHVLGHQFLD GHVLJQDFRPRSRQHQWHVSDUDVHJXQGRGHEDWHDORV6HQDGRUHV-RUJH(GXDUGR/RQGRxR 8OORD &RRUGLQDGRU 5REHUWR*HUOpLQ(FKHYHUUtD-HV~V,JQDFLR*DUFtD9DOHQFLD&DUORV (QULTXH6RWR-DUDPLOOR+HPHO+XUWDGR$QJXOR\/XLV&DUORV$YHOODQHGD7DUD]RQD FRQFLQFR GtDVGHWpUPLQRSDUDUHQGLUHOFRUUHVSRQGLHQWHLQIRUPH 4XHHOGHMXQLRGHOD6HFUHWDUtDGHOD&RPLVLyQ3ULPHUD&RQVWLWXFLRQDO 3HUPDQHQWHUHFLEHSRQHQFLDSDUDVHJXQGRGHEDWHGHO3UR\HFWRGH$FWR/HJLVODWLYR Q~PHURGH6HQDGRGH&iPDUDSUHYLDDXWRUL]DFLyQGHOD3UHVLGHQFLD \6HFUHWDUtDGHOD&RPLVLyQVHHQYtDDOD6HFFLyQGH/H\HVGH6HQDGRSDUDVXUHVSHFWLYD SXEOLFDFLyQHQOD*DFHWDGHO&RQJUHVRQ~PHURGHOPLpUFROHVGHMXQLRGH 4XHFRQR¿FLRGHIHFKDGHMXQLRGHHO3UHVLGHQWHGHO6HQDGRGHOD5HS~EOLFD UHPLWHDO3UHVLGHQWHGHOD&iPDUDGH5HSUHVHQWDQWHVHOH[SHGLHQWHGHO3UR\HFWRGH$FWR /HJLVODWLYRQ~PHURGH6HQDGRGH&iPDUD³SRUHOFXDOVHUHIRUPD HOQXPHUDOGHODUWtFXORHODUWtFXOR\HOQXPHUDOGHODUWtFXORGHOD&RQV WLWXFLyQ3ROtWLFD´GRQGHLQIRUPDTXHHQ6HVLyQ3OHQDULDGHO6HQDGRGHOD5HS~EOLFDIXH DSUREDGRHOGtDGHMXQLRGHFRQHO¿QGHTXHHOFLWDGRSUR\HFWRVLJDVXFXUVR OHJDO\UHJODPHQWDULR'LFKRSUR\HFWRTXHGySXEOLFDGRHQOD*DFHWDGHO&RQJUHVRQ~PHUR GHOGtDPDUWHVGHMXQLRGH 4XHHQ6XVWDQFLDFLyQGHOD&RPLVLyQ$FFLGHQWDOGH0HGLDFLyQGHOD6HFUHWDUtD*H QHUDOGHOD&iPDUDGH5HSUHVHQWDQWHVLQIRUPDTXHHQ6HVLyQ3OHQDULDGHODKRQRUDEOH &iPDUDGH5HSUHVHQWDQWHVGHIHFKDGHMXQLRGHIXHFRQVLGHUDGR\DSUREDGR HOLQIRUPHGHOD&RPLVLyQ$FFLGHQWDOGH0HGLDFLyQHO3UR\HFWRGH$FWR/HJLVODWLYR Q~PHURGH&iPDUDGH6HQDGR³SRUHOFXDOVHUHIRUPDHOQXPHUDO GHODUWtFXORHODUWtFXOR\HOQXPHUDOGHODUWtFXORGHOD&RQVWLWXFLyQ 3ROtWLFD´ 3ULPHUD9XHOWD /R DQWHULRU VHJ~Q FRQVWD HQ HO$FWD GH 6HVLyQ 3OHQDULD Q~PHURGHMXQLRGHSUHYLRVXDQXQFLRHOGtDGHMXQLRGHVHJ~Q $FWDGH6HVLyQSOHQDULDQ~PHUR 4XHHQPpULWRGHORH[SXHVWR '(&5(7$ $UWtFXOR2UGpQHVHODSXEOLFDFLyQGHO7H[WR'H¿QLWLYRGHO3UR\HFWRGH$FWR /HJLVODWLYRQ~PHURGH&iPDUDGH6HQDGR³SRUHOFXDOVHUHIRU PDHOQXPHUDOGHODUWtFXORHODUWtFXOR\HOQXPHUDOGHODUWtFXORGHOD &RQVWLWXFLyQ3ROtWLFD´ 3ULPHUD9XHOWD HOFXDOTXHGDUiDVt $&72/(*,6/$7,921Ò0(52 3ULPHUD9XHOWD SRUHOFXDOVHUHIRUPDHOQXPHUDOGHODUWtFXORHODUWtFXOR \HOQXPHUDOGHODUWtFXORGHOD&RQVWLWXFLyQ3ROtWLFD (O&RQJUHVRGH&RORPELD '(&5(7$ $UWtFXOR(OQXPHUDOGHODUWtFXORGHOD&RQVWLWXFLyQ3ROtWLFDTXHGDUiDVt « -X]JDUSUHYLDDFXVDFLyQGHO)LVFDO*HQHUDOGHOD1DFLyQGHO9LFH¿VFDO*HQHUDO GHOD1DFLyQRGHVXVGHOHJDGRVGHODXQLGDGGH¿VFDOtDVDQWHOD&RUWH6XSUHPDGH -XVWLFLDDORV0LQLVWURVGHO'HVSDFKRDO3URFXUDGRU*HQHUDODO'HIHQVRUGHO3XHEOR DORV$JHQWHVGHO0LQLVWHULR3~EOLFRDQWHOD&RUWHDQWHHO&RQVHMRGH(VWDGR\DQWH ORV7ULEXQDOHVDORV'LUHFWRUHVGHORV'HSDUWDPHQWRV$GPLQLVWUDWLYRVDO&RQWUDORU *HQHUDOGHOD5HS~EOLFDDORV(PEDMDGRUHV\MHIHGHPLVLyQGLSORPiWLFDRFRQVXODUD ORV*REHUQDGRUHVDORV0DJLVWUDGRVGH7ULEXQDOHV\DORV*HQHUDOHV\$OPLUDQWHVGH OD)XHU]D3~EOLFDSRUORVKHFKRVSXQLEOHVTXHVHOHVLPSXWHQ $UWtFXOR(ODUWtFXORGHOD&RQVWLWXFLyQ3ROtWLFDWHQGUiXQSDUiJUDIRGHO VLJXLHQWHWHQRU 3DUiJUDIR$WHQGLHQGRODQDWXUDOH]DGHOELHQMXUtGLFR\ODPHQRUOHVLYLGDGGH ODFRQGXFWDSXQLEOHHOOHJLVODGRUSRGUiDVLJQDUOHHOHMHUFLFLRGHODDFFLyQSHQDODOD YtFWLPDRDRWUDVDXWRULGDGHVGLVWLQWDVDOD)LVFDOtD*HQHUDOGHOD1DFLyQ(QWRGRFDVR OD)LVFDOtD*HQHUDOGHOD1DFLyQSRGUiDFWXDUHQIRUPDSUHIHUHQWH $UWtFXOR(OQXPHUDOGHODUWtFXORGHOD&RQVWLWXFLyQ3ROtWLFDTXHGDUiDVt ,QYHVWLJDU\DFXVDUVLKXELHUHOXJDUGLUHFWDPHQWHRSRUFRQGXFWRGHO9LFH¿VFDO *HQHUDOGHOD1DFLyQRGHVXVGHOHJDGRVGHODXQLGDGGH¿VFDOtDVDQWHOD&RUWH6XSUHPD GH-XVWLFLDDORVDOWRVVHUYLGRUHVTXHJRFHQGHIXHUR&RQVWLWXFLRQDOFRQODVH[FHSFLRQHV SUHYLVWDVHQOD&RQVWLWXFLyQ $UWtFXOR(OSUHVHQWHDFWROHJLVODWLYRULJHDSDUWLUGHODIHFKDGHVXSURPXOJDFLyQ (O3UHVLGHQWHGHOKRQRUDEOH6HQDGRGHOD5HS~EOLFD $UPDQGR%HQHGHWWL9LOODQHGD (O6HFUHWDULR*HQHUDOGHOKRQRUDEOH6HQDGRGHOD5HS~EOLFD (PLOLR5DPyQ2WHUR'DMXG (O3UHVLGHQWHGHODKRQRUDEOH&iPDUDGH5HSUHVHQWDQWHV &DUORV$OEHUWR=XOXDJD'tD] (O6HFUHWDULR*HQHUDOGHODKRQRUDEOH&iPDUDGH5HSUHVHQWDQWHV -HV~V$OIRQVR5RGUtJXH]&DPDUJR $UWtFXOR(OSUHVHQWHGHFUHWRULJHDSDUWLUGHODIHFKDGHVXSXEOLFDFLyQ 3XEOtTXHVH 'DGRHQ%RJRWi'&DGHMXOLRGH -8$10$18(/6$1726&$/'(5Ï1 (O0LQLVWURGHO,QWHULRU\GH-XVWLFLD *HUPiQ9DUJDV/OHUDV =9>9CD5B9?45B5<139?>5C5HD5B9?B5C '(&5(726 '(&5(721Ò0(52'( MXOLR SRUHOFXDOVHDXWRUL]DHOLQJUHVRGHORVYLVLWDQWHVWXULVWDVPH[LFDQRVD&RORPELD FRQHOGRFXPHQWRQDFLRQDOGHLGHQWLGDGHQWUHMXOLR\DJRVWRGH (O3UHVLGHQWHGHOD5HS~EOLFDGH&RORPELDHQHMHUFLFLRGHVXVIDFXOWDGHVFRQVWL WXFLRQDOHV\OHJDOHVHQHVSHFLDOODVFRQIHULGDVHQHOQXPHUDOGHODUWtFXORGHOD &RQVWLWXFLyQ3ROtWLFD\HO'HFUHWRGH &216,'(5$1'2 4XHHODUWtFXORGHO'HFUHWRGHVHxDODTXHODSHUVRQDTXHSUHWHQGD LQJUHVDUDOWHUULWRULRQDFLRQDOGHEHUiSUHVHQWDUVHDQWHODDXWRULGDGPLJUDWRULDFRQVX SDVDSRUWHYLJHQWHGRFXPHQWRGHYLDMHRGHLGHQWLGDGVHJ~QHOFDVR\FRQODYLVD FRUUHVSRQGLHQWHFXDQGRVHDH[LJLEOH 4XHHOPLVPRDUWtFXORVHxDODTXHORVH[WUDQMHURVTXHSUHWHQGDQLQJUHVDUDOWHUULWRULR QDFLRQDOHQFDOLGDGGHYLVLWDQWHVGHEHUiQSUHVHQWDUVHDQWHODDXWRULGDGPLJUDWRULDFRQ ORVUHTXLVLWRVHVWDEOHFLGRVHQHOLQFLVRDQWHULRU\HOWLTXHWHGHVDOLGDGHOSDtV 4XHGHDFXHUGRDODUWtFXORGHOD&RQVWLWXFLyQ3ROtWLFDGH&RORPELDODSROtWLFD H[WHULRUGH&RORPELDVHRULHQWDUiKDFLDODLQWHJUDFLyQODWLQRDPHULFDQD\GHO&DULEH 4XH HQ PDWHULD PLJUDWRULD VDOYR OD H[FHSFLyQ GH H[LJHQFLD GH YLVDGR SDUD HO LQJUHVRD&RORPELDFRPRWXULVWDVDORVFLXGDGDQRVPH[LFDQRVQRH[LVWHDODIHFKD XQ LQVWUXPHQWR ELODWHUDO TXH SHUPLWD FRPR VXFHGH FRQ ORV WXULVWDV GH ORV SDtVHV (GLFLyQ 0DUWHVGHMXOLRGH ' , $ 5 , 2 2 ) , & , $ / PLHPEURVGHOD&$1\GH0HUFRVXULQJUHVDUD&RORPELD~QLFDPHQWHSUHVHQWDQGR HOGRFXPHQWRQDFLRQDOGHLGHQWLGDG 4XHHQDUDVGHODUHDOL]DFLyQHQ&RORPELDGHO0XQGLDOGH)XWERO6XEGHOD),)$ HQHOFXDOODVHOHFFLyQGHIXWEROPDVFXOLQRGH0p[LFRVHHQFXHQWUDFODVL¿FDGDVHKDFH QHFHVDULRIDFLOLWDUHOLQJUHVRGHORVWXULVWDVGH0p[LFRGXUDQWHGLFKRFHUWDPHQSDUD ORFXDOVHOHVH[RQHUDUDGXUDQWHHOWLHPSRGHGXUDFLyQGHOHYHQWRGHODSUHVHQWDFLyQ GHOSDVDSRUWH 4XHHQYLUWXGGHORDQWHULRU '(&5(7$ $UWtFXOR/RVYLVLWDQWHVWXULVWDVGHQDFLRQDOLGDGPH[LFDQDTXHLQJUHVHQD&RORPELD HQWUHHOGHMXOLRGH\HOGHDJRVWRGHSRGUiQKDFHUORSUHVHQWDQGRDQWH ODDXWRULGDGPLJUDWRULDVXGRFXPHQWRQDFLRQDOGHLGHQWLGDGHOWLTXHWHGHVDOLGDGHO WHUULWRULRFRORPELDQR\GLOLJHQFLDQGRODWDUMHWDPLJUDWRULDGLVSXHVWDSDUDHVWRVHIHFWRV &RPRFRQVHFXHQFLDGHORDQWHULRUODSUHVHQWDFLyQGHOSDVDSRUWHSDUDORVYLVL WDQWHVWXULVWDVGHQDFLRQDOLGDGPH[LFDQDGXUDQWHHOSHUtRGRDUULEDLQGLFDGRVHUiXQ UHTXLVLWRRSWDWLYR $UWtFXOR(OSUHVHQWHGHFUHWRULJHDSDUWLUGHODIHFKDGHVXSXEOLFDFLyQ\PRGL¿FD WUDQVLWRULDPHQWHHODUWtFXORGHO'HFUHWRGH\ODVGHPiVQRUPDVVREUHOD PDWHULDGHQWURGHVXHVWULFWRiPELWRGHDSOLFDFLyQHVGHFLU~QLFDPHQWHSDUDYLVLWDQWHV WXULVWDVGHQDFLRQDOLGDGPH[LFDQDTXHLQJUHVHQD&RORPELDHQWUHHOGHMXOLRGH \HOGHDJRVWRGH 3XEOtTXHVHFRPXQtTXHVH\F~PSODVH 'DGRHQ%RJRWi'&DGHMXOLRGH -8$10$18(/6$1726&$/'(5Ï1 (O9LFHPLQLVWUDGH5HODFLRQHV([WHULRUHVHQFDUJDGDGHODVIXQFLRQHVGHO'HVSDFKR GHOD0LQLVWUDGH5HODFLRQHV([WHULRUHV 0yQLFD/DQ]HWWD0XWLV (O'LUHFWRUGHO'HSDUWDPHQWR$GPLQLVWUDWLYRGH6HJXULGDG )HOLSH0XxR]*yPH] 5(62/8&,21(6(-(&87,9$6 5(62/8&,Ï1(-(&87,9$1Ò0(52'( MXOLR SRUPHGLRGHODFXDOVHGLVSRQHHOUHFRQRFLPLHQWRGHXQ&yQVXO+RQRUDULR (O3UHVLGHQWHGHOD5HS~EOLFDGH&RORPELDHQXVRGHODVIDFXOWDGHVFRQVWLWXFLR QDOHV\OHJDOHV\HQHVSHFLDOODVTXHOHFRQ¿HUHQHOQXPHUDOGHODUWtFXORGHOD &RQVWLWXFLyQ3ROtWLFD\OD/H\GHTXHDSUREyOD&RQYHQFLyQGH9LHQDVREUH 5HODFLRQHV&RQVXODUHVGH 5(68(/9( $UWtFXOR9LVWDVODVFRUUHVSRQGLHQWHV/HWUDV3DWHQWHVGH3URYLVLyQUHFRQyFHVH DOVHxRU6HUJLR(VSLQRVD3RVDGDFRPR&yQVXO+RQRUDULRGH)LQODQGLDHQODFLXGDG GH%DUUDQTXLOOD $UWtFXOR/DSUHVHQWHUHVROXFLyQHMHFXWLYDULJHDSDUWLUGHODIHFKDGHVXH[SHGLFLyQ 3XEOtTXHVHFRPXQtTXHVH\F~PSODVH 'DGDHQ%RJRWi'&DGHMXOLRGH -8$10$18(/6$1726&$/'(5Ï1 /D0LQLVWUDGH5HODFLRQHV([WHULRUHV 0DUtDÈQJHOD+ROJXtQ&XpOODU =9>9CD5B9?4581395>41 I3Br49D?@Ì2<93? '(&5(726 '(&5(721Ò0(52'( MXOLR SRUHOFXDOVHDGLFLRQDHO3UHVXSXHVWR*HQHUDOGHOD1DFLyQSDUDODYLJHQFLD¿VFDO GH\VHHIHFW~DODFRUUHVSRQGLHQWHOLTXLGDFLyQ (O3UHVLGHQWHGHOD5HS~EOLFDGH&RORPELDHQXVRGHODVIDFXOWDGHVFRQVWLWXFLRQDOHV \OHJDOHVHQHVSHFLDOODTXHOHFRQ¿HUHHODUWtFXOR\GHO(VWDWXWR2UJiQLFRGHO 3UHVXSXHVWR\ &216,'(5$1'2 4XHHO&RQJUHVRGHOD5HS~EOLFDGHFRQIRUPLGDGFRQHODUWtFXORGHOD&RQV WLWXFLyQ3ROtWLFDH[SLGLyOD/H\GHSRUODFXDOVHGHFUHWDHO3UHVXSXHVWR *HQHUDOGHOD1DFLyQSDUDODYLJHQFLD¿VFDOGHHOFXDOVHOLTXLGyPHGLDQWHHO 'HFUHWRGH 4XH HO DUWtFXOR GH OD &RQVWLWXFLyQ 3ROtWLFD OH RWRUJD D OD/H\ 2UJiQLFD GHO 3UHVXSXHVWR OD IDFXOWDG GH UHJXODU OR FRQFHUQLHQWH D OD SURJUDPDFLyQ DSUREDFLyQ PRGL¿FDFLyQ\HMHFXFLyQGHO3UHVXSXHVWR*HQHUDOGHOD1DFLyQ 4XHHO*RELHUQRGHOD5HS~EOLFDGH&RORPELDDWUDYpVGHO&RQYHQLRGH&RQFHVLyQ GH6XEYHQFLyQGH&RRSHUDFLyQ,QWHUQDFLRQDO([SHGLHQWHQ~PHUR GHOGHQRYLHPEUHGHFHOHEUDGRHQWUHOD$JHQFLD(VSDxRODGH&RRSHUDFLyQ ,QWHUQDFLRQDOSDUDHO'HVDUUROOR$(&,'\HO0LQLVWHULRGHO,QWHULRU\GH-XVWLFLDUHFL ELyODVXPDGH¼(XURVSDUDHO3URJUDPDGH-XVWLFLD\'HUHFKRV+XPDQRVHQ &RORPELD)DVHUHFXUVRVGHGRQDFLyQTXHVHUHTXLHUHQDGLFLRQDUDO3UHVXSXHVWRGH ,QYHUVLyQGHO0LQLVWHULRGHO,QWHULRU\GH-XVWLFLDDWUDYpVGHOSUR\HFWR³'LDJQyVWLFR \'LVHxRGHO&HQWURGH(VWXGLRV-XUtGLFRV1DFLRQDO´ 4XHGHFRQIRUPLGDGFRQHODUWtFXORGHO(VWDWXWR2UJiQLFRGHO3UHVXSXHVWR*H QHUDOGHOD1DFLyQORVUHFXUVRVGHDVLVWHQFLD\FRRSHUDFLyQLQWHUQDFLRQDOGHFDUiFWHU QR UHHPEROVDEOHV KDFHQ SDUWH GHO 3UHVXSXHVWR GH 5HQWDV GHO 3UHVXSXHVWR *HQHUDO GHOD1DFLyQ\VHLQFRUSRUDQDOPLVPRFRPRGRQDFLRQHVGHFDSLWDOPHGLDQWHGHFUHWR GHO*RELHUQRSUHYLDFHUWL¿FDFLyQGHVXUHFDXGRH[SHGLGRSRUHOyUJDQRUHFHSWRU6X HMHFXFLyQVHUHDOL]DUiGHFRQIRUPLGDGFRQORHVWLSXODGRHQORVFRQYHQLRVRDFXHUGRV LQWHUQDFLRQDOHVTXHORVRULJLQHQ\HVWDUiQVRPHWLGRVDODYLJLODQFLDGHOD&RQWUDORUtD *HQHUDOGHOD5HS~EOLFD 4XHHODUWtFXORGHO(VWDWXWR2UJiQLFRGHO3UHVXSXHVWRIDFXOWDDO*RELHUQRSDUD GLFWDUHO'HFUHWRGHOLTXLGDFLyQGHO3UHVXSXHVWR*HQHUDOGHOD1DFLyQ 4XHHOFLWDGRDUWtFXORSUHYpTXHHOGHFUHWRVHDFRPSDxDUiFRQXQDQH[RTXHWHQGUi HOGHWDOOHGHOJDVWR 4XHHO0LQLVWHULRGHO,QWHULRU\GH-XVWLFLDFRQ2¿FLRQ~PHUR2), 2$3GHOGHMXQLRGHVROLFLWDODLQFRUSRUDFLyQGHORVUHFXUVRVGRQDGRV SRUOD$JHQFLD(VSDxRODGH&RRSHUDFLyQ,QWHUQDFLRQDOSDUDHO'HVDUUROOR$(&,' HQYLUWXGGHO&RQYHQLRGH&RQFHVLyQGH6XEYHQFLyQGH&RRSHUDFLyQ,QWHUQDFLRQDO FHOHEUDGRHQWUHHO0LQLVWHULRGHO,QWHULRU\GH-XVWLFLD\HVD$JHQFLDSRUYDORUGH 4XHHO&RRUGLQDGRUGHO*UXSRGH*HVWLyQ)LQDQFLHUD\&RQWDEOHGHO0LQLVWHULRGHO ,QWHULRU\GH-XVWLFLDPHGLDQWHFRPXQLFDFLyQGHOGHMXOLRGHFHUWL¿FyODH[LVWHQFLD GHTXLQLHQWRVVHWHQWD\WUHVPLOORQHVQRYHFLHQWRVQRYHQWD\QXHYHPLORFKRFLHQWRVSHVRV PRQHGDFRUULHQWHSURYHQLHQWHVGHORVUHFXUVRVGHO&RQYHQLRQ~PHUR FHOHEUDGRHQWUHOD$JHQFLD(VSDxRODGH&RRSHUDFLyQ,QWHUQDFLRQDO SDUDHO'HVDUUROOR$(&,'\HO0LQLVWHULRGHO,QWHULRU\GH-XVWLFLD 4XHPHGLDQWH2¿FLR',)3GHOGHMXQLRGHHO'HSDUWDPHQWR 1DFLRQDOGH3ODQHDFLyQFRQFHSW~DIDYRUDEOHPHQWHVREUHODDGLFLyQGHTXLQLHQWRVVHWHQWD \WUHVPLOORQHVQRYHFLHQWRVQRYHQWD\QXHYHPLORFKRFLHQWRVSHVRV PRQHGDFRUULHQWHDO3UHVXSXHVWRGH*DVWRVGH,QYHUVLyQGHO0LQLVWHULRGHO,QWHULRU \GH-XVWLFLD '(&5(7$ $UWtFXOR$GLFLyQDO3UHVXSXHVWRGH5HQWDV\5HFXUVRVGH&DSLWDO$GLFLyQDVH HO3UHVXSXHVWRGH5HQWDV\5HFXUVRVGH&DSLWDOGHO3UHVXSXHVWR*HQHUDOGHOD1DFLyQ SDUDODYLJHQFLD¿VFDOGHHQODVXPDGHTXLQLHQWRVVHWHQWD\WUHVPLOORQHVQRYH FLHQWRVQRYHQWD\QXHYHPLORFKRFLHQWRVSHVRV PRQHGDFRUULHQWH VHJ~QHOVLJXLHQWHGHWDOOH 5(17$6'(/35(6838(672*(1(5$/'(/$1$&,Ï1 ,,1*5(626'(/35(6838(6721$&,21$/ 5(&85626'(&$3,7$/'(/$1$&,Ï1 $UWtFXOR$GLFLyQDO3UHVXSXHVWRGH*DVWRVR/H\GH$SURSLDFLRQHV$GLFLyQDVH HO3UHVXSXHVWRGH*DVWRVR/H\GH$SURSLDFLRQHVGHO3UHVXSXHVWR*HQHUDOGHOD1D FLyQSDUDODYLJHQFLD¿VFDOGHOGHHQHURDOGHGLFLHPEUHGHHQODVXPDGH TXLQLHQWRVVHWHQWD\WUHVPLOORQHVQRYHFLHQWRVQRYHQWD\QXHYHPLORFKRFLHQWRVSHVRV PRQHGDFRUULHQWHVHJ~QHOVLJXLHQWHGHWDOOH $',&,21(635(6838(672*(1(5$/'(/$1$&,Ï1 &21&(372 $3257( 5(&85626 1$&,21$/ 3523,26 6(&&,Ï1 0,1,67(5,2'(/,17(5,25<'(-867,&,$ &35(6838(672'(,19(56,Ï1 727$/35(6838(6726(&&,Ï1 727$/ $UWtFXOR /LTXLGDFLyQ GH OD DGLFLyQ GHO 3UHVXSXHVWR GH 5HQWDV \ 5HFXU VRV GH &DSLWDO $GLFLyQDVH HO 3UHVXSXHVWR GH 5HQWDV \ 5HFXUVRV GH &DSLWDO GHO 3UHVXSXHVWR*HQHUDOGHOD1DFLyQSDUDODYLJHQFLD¿VFDOGHOGHHQHURDOGH GLFLHPEUHGHHQODVXPDGHTXLQLHQWRVVHWHQWD\WUHVPLOORQHVQRYHFLHQWRV QRYHQWD\QXHYHPLORFKRFLHQWRVSHVRV PRQHGDFRUULHQWHVHJ~Q HOVLJXLHQWHGHWDOOH 5(17$6'(/35(6838(672*(1(5$/'(/$1$&,Ï1 ,,1*5(626'(/35(6838(6721$&,21$/ 5(&85626'(&$3,7$/'(/$1$&,21 $UWtFXOR/LTXLGDFLyQGHODDGLFLyQGHO3UHVXSXHVWRGH*DVWRVR/H\GH$SURSLD FLRQHV$GLFLyQDVHHO3UHVXSXHVWRGH*DVWRVR/H\GH$SURSLDFLRQHVGHO3UHVXSXHVWR (GLFLyQ 0DUWHVGHMXOLRGH ' , $ 5 , 2 2 ),&,$/ *HQHUDOGHOD1DFLyQSDUDODYLJHQFLDILVFDOGHOGHHQHURDOGHGLFLHPEUH GHHQODVXPDGHTXLQLHQWRVVHWHQWD\WUHVPLOORQHVQRYHFLHQWRVQRYHQWD \ QXHYH PLO RFKRFLHQWRV SHVRV PRQHGD FRUULHQWH VHJ~Q HO VLJXLHQWHGHWDOOH $',&,21(635(6838(672*(1(5$/'(/$1$&,Ï1 &21&(372 $3257( 5(&85626 1$&,21$/ 3523,26 6(&&,Ï1 0,1,67(5,2'(/,17(5,25<'(-867,&,$ &35(6838(672'(,19(56,Ï1 727$/ $UWtFXOR(OSUHVHQWHGHFUHWRVHDFRPSDxDGHXQDQH[RTXHFRQWLHQHHOGHWDOOH GHOJDVWR$UWtFXOR9LJHQFLD(OSUHVHQWHGHFUHWRULJHDSDUWLUGHODIHFKDGHVX SXEOLFDFLyQ 3XEOtTXHVH\F~PSODVH 'DGRHQ%RJRWi'&DGHMXOLRGH -8$10$18(/6$1726&$/'(5Ï1 0LQLVWHULRGH+DFLHQGD\&UpGLWR3~EOLFR (O0LQLVWURGH+DFLHQGD\&UpGLWR3~EOLFR -XDQ&DUORV(FKHYHUU\*DU]yQ '(7$//('(/$&20326,&,Ï1'(/35(6838(672'(5(17$6 &21&(372 727$/ 5(17$6'(/35(6838(672*(1(5$/'(/$1$&,Ï1 ,,1*5(626'(/35(6838(6721$&,21$/ 5(&85626'(&$3,7$/'(/$1$&,Ï1 275265(&85626'(&$3,7$/ 727$/35(6838(672'(5(17$6<5(&85626'(&$3,7$/ $',&,21(635(6838(672*(1(5$/'(/$1$&,Ï1 &WD 6XEF 2EMJ 2UG 5HF 3URJ 6XES 3UR\ 6SU\ &RQFHSWR $SRUWH 1DFLRQDO 5HFXUVRV 3URSLRV 7RWDO 6(&&,Ï1 0,1,67(5,2'(/,17(5,25<'(-867,&,$ 4XHHQGHVDUUROORGHODDXWRUL]DFLyQFRQIHULGDSRUODUHVROXFLyQPHQFLRQDGDHQHO SULPHUFRQVLGHUDQGROD1DFLyQ±0LQLVWHULRGH+DFLHQGD\&UpGLWR3~EOLFR\HO'H SDUWDPHQWR1DFLRQDOGH3ODQHDFLyQJHVWLRQyODFRQWUDWDFLyQGHXQHPSUpVWLWRH[WHUQR FRQHO%DQFR,QWHUDPHULFDQRGH'HVDUUROOR %,' SRUODVXPDGHWUHVFLHQWRVPLOORQHV GHGyODUHVGHORV(VWDGRV8QLGRVGH$PpULFD 86 4XHGHFRQIRUPLGDGFRQORHVWDEOHFLGRHQHODUWtFXORGHOD/H\GH OD&RPLVLyQLQWHUSDUODPHQWDULDGH&UpGLWR3~EOLFRHQVHVLyQGHOGHMXQLRGH HPLWLyFRQFHSWRGH¿QLWLYRIDYRUDEOHSDUDTXHOD1DFLyQ±0LQLVWHULRGH+DFLHQGD\ &UpGLWR3~EOLFR\HO'HSDUWDPHQWR1DFLRQDOGH3ODQHDFLyQFRQWUDWHQXQHPSUpVWLWR H[WHUQRFRQHO%DQFR,QWHUDPHULFDQRGH'HVDUUROOR %,' KDVWDSRUWUHVFLHQWRVPLOOR QHVGHGyODUHVGHORV(VWDGRV8QLGRVGH$PpULFD 86 RVXHTXLYDOHQWH HQRWUDVPRQHGDVSDUDHO3URJUDPDGH$SR\RDOD3ROtWLFDGH/RJtVWLFDFRQGHVWLQR DO¿QDQFLDPLHQWRGHDSURSLDFLRQHVSUHVXSXHVWDOHVSULRULWDULDVGHO*RELHUQR1DFLRQDO VHJ~QFRQVWDHQFHUWL¿FDFLyQGHOGHMXQLRGHVXVFULWDSRUOD6HFUHWDULD7pFQLFD GHGLFKD&RPLVLyQ 4XHHOOLWHUDO E GHODUWtFXORGHO'HFUHWRGHHVWDEOHFHTXHODFHOHEUD FLyQGHORVFRQWUDWRVGHHPSUpVWLWRH[WHUQRDQRPEUHGHOD1DFLyQUHTXLHUHDXWRUL]DFLyQ SDUDVXVFULELUORVFRQWUDWRVLPSDUWLGDSRUHO0LQLVWHULRGH+DFLHQGD\&UpGLWR3~EOLFR FRQEDVHHQODPLQXWDGH¿QLWLYDGHORVPLVPRV 4XHOD'LUHFFLyQ*HQHUDOGH&UpGLWR3~EOLFR\7HVRUR1DFLRQDOGHO0LQLVWHULRGH +DFLHQGD\&UpGLWR3~EOLFRPHGLDQWHR¿FLRFRQQ~PHURGHUDGLFDFLyQ GHIHFKDGHMXQLRGHDSUREyHOWH[WRGHODPLQXWDGHOFRQWUDWRGH$SR\RDOD 3ROtWLFDGH/RJtVWLFDDFHOHEUDUVHHQWUHOD5HS~EOLFDGH&RORPELD\HO%DQFR,QWHUD PHULFDQRGH'HVDUUROOR %,' SRUODVXPDGHWUHVFLHQWRVPLOORQHVGHGyODUHVGHORV (VWDGRV8QLGRVGH$PpULFD 86 5(68(/9( $UWtFXOR$XWRUL]DFLyQFHOHEUDFLyQHPSUpVWLWRH[WHUQR$XWRUL]DUDOD1DFLyQ± 0LQLVWHULRGH+DFLHQGD\&UpGLWR3~EOLFR\DO'HSDUWDPHQWR1DFLRQDOGH3ODQHDFLyQ SDUDFHOHEUDUHOHPSUpVWLWRH[WHUQR³3URJUDPDGH$SR\RDOD3ROtWLFDGH/RJtVWLFD´ FRQHO%DQFR,QWHUDPHULFDQRGH'HVDUUROOR %,' SRUODVXPDGHWUHVFLHQWRVPLOORQHV GHGyODUHV 86 GHVWLQDGRDOD¿QDQFLDFLyQGHODVDSURSLDFLRQHVSUHVX SXHVWDOHVSULRULWDULDVGHO*RELHUQR1DFLRQDO $UWtFXOR 7pUPLQRV \ &RQGLFLRQHV )LQDQFLHUDV /RV WpUPLQRV ¿QDQFLHURV GHO HPSUpVWLWRH[WHUQRDORVFXDOHVGHEHUiVXMHWDUVHODFRQWUDWDFLyQDXWRUL]DGDHQHODUWtFXOR SULPHURGHODSUHVHQWH5HVROXFLyQVRQORVVLJXLHQWHV 727$/35(6838(672 &,19(56,Ï1 81,'$' *(67,Ï1*(1(5$/ 3OD]R7RWDO9HLQWH DxRV ,19(67,*$&,Ï1 %È6,&$ $3/,&$'$ < (678',26 3HUtRGRGH*UDFLD&LQFR DxRV ,17(568%6(&725,$/-867,&,$ ',$*1Ï67,&2<',6(f2'(/&(1752'( (678',26-85Ë',&261$&,21$/ '21$&,21(6 7DVDGH,QWHUpV)DFLOLGDG8QLPRQHWDULDFRQWDVDGHLQWHUpVEDVDGDHQ/,%25 PHVHV &RPLVLyQGH,QVSHFFLyQ\9LJLODQFLD+DVWDHOXQRSRUFLHQWR GHOPRQWR GHO)LQDQFLDPLHQWR &RPLVLyQGH&UpGLWR+DVWDHOFHURSXQWRVHWHQWD\FLQFRSRUFLHQWR VREUH VDOGRVQRGHVHPEROVDGRV 5(62/8&,21(6 5(62/8&,Ï11Ò0(52'( MXOLR SRUODFXDOVHDXWRUL]DDOD1DFLyQ±0LQLVWHULRGH+DFLHQGD\&UpGLWR3~EOLFR\DO 'HSDUWDPHQWR1DFLRQDOGH3ODQHDFLyQSDUDFHOHEUDUXQHPSUpVWLWRH[WHUQRFRQHO %DQFR,QWHUDPHULFDQRGH'HVDUUROOR±%,'±KDVWDSRUODVXPDGHWUHVFLHQWRVPLOORQHV GHGyODUHVGHORV(VWDGRV8QLGRVGH$PpULFD 86 RVXHTXLYDOHQWHHQ RWUDVPRQHGDV (O0LQLVWURGH+DFLHQGD\&UpGLWR3~EOLFRHQXVRGHVXVIDFXOWDGHVOHJDOHVHQ HVSHFLDOGHODVTXHOHFRQ¿HUHQHOSDUiJUDIRGHODUWtFXORGHOD/H\GH HOOLWHUDO E GHODUWtFXORGHO'HFUHWR5HJODPHQWDULRGHOD/H\GH \OD/H\GH\ &216,'(5$1'2 4XHPHGLDQWH5HVROXFLyQQ~PHURGHOGHPD\RGHVHDXWRUL]yDOD1D FLyQSDUDJHVWLRQDUHPSUpVWLWRVH[WHUQRVGHOLEUHGHVWLQDFLyQFRQ(QWLGDGHV)LQDQFLHUDV ,QWHUQDFLRQDOHV2UJDQLVPRV0XOWLODWHUDOHV(QWLGDGHVGH)RPHQWR\R*RELHUQRVKDVWD SRUODVXPDGHPLOTXLQLHQWRVPLOORQHVGHGyODUHVGHORV(VWDGRV8QLGRVGH$PpULFD 86 RVXHTXLYDOHQWHHQRWUDVPRQHGDV 4XHHQGHVDUUROORGHODDXWRUL]DFLyQFRQIHULGDSRUOD5HVROXFLyQPHQFLRQDGDHQ HOFRQVLGHUDQGRDQWHULRUOD1DFLyQ±0LQLVWHULRGH+DFLHQGD\&UpGLWR3~EOLFR\HO 'HSDUWDPHQWR1DFLRQDOGH3ODQHDFLyQFRQWUDWyODVXPDGHFLHQPLOORQHVGHGyODUHV GHORV(VWDGRV8QLGRVGH$PpULFD 86 TXHGDQGRXQFXSRGLVSRQLEOH SDUDJHVWLRQDUGHPLOFXDWURFLHQWRVPLOORQHVGHGyODUHVGHORV(VWDGRV8QLGRVGH $PpULFD 86 $UWtFXOR2WURVWpUPLQRV\&RQGLFLRQHV)LQDQFLHUDV/RVGHPiVWpUPLQRV\ FRQGLFLRQHVDODVFXDOHVVHGHEHUiVXMHWDUODFRQWUDWDFLyQDXWRUL]DGDSRUORVDUWtFXORV \GHODSUHVHQWHUHVROXFLyQVHUiQORVFRQWHPSODGRVHQODPLQXWDGHFRQWUDWRGH SUpVWDPRGH¿QLWLYDDSUREDGDSRUOD'LUHFFLyQ*HQHUDOGH&UpGLWR3~EOLFR\7HVRUR 1DFLRQDO GHO 0LQLVWHULR GH +DFLHQGD \ &UpGLWR 3~EOLFR PHGLDQWH R¿FLR Q~PHUR UDGLFDGRHOGHMXQLRGH $UWtFXOR,QFOXVLyQHQOD%DVHGH'DWRV\5HSRUWH(VWDRSHUDFLyQGHEHUiLQ FOXLUVHHQOD%DVHÒQLFDGH'DWRVGHOD'LUHFFLyQ*HQHUDOGH&UpGLWR3~EOLFR\7HVRUR 1DFLRQDOGHO0LQLVWHULRGH+DFLHQGD\&UpGLWR3~EOLFRFRQIRUPHDORGLVSXHVWRHQHO DUWtFXORGHOD/H\GHOGHQRYLHPEUHGH $UWtFXOR$SOLFDFLyQGHRWUDVQRUPDV/DSUHVHQWHDXWRUL]DFLyQQRH[LPHDOD 1DFLyQ±0LQLVWHULRGH+DFLHQGD\&UpGLWR3~EOLFR\DO'HSDUWDPHQWR1DFLRQDOGH 3ODQHDFLyQ '13 GHOFXPSOLPLHQWRGHODVGHPiVQRUPDVGHFXDOTXLHUQDWXUDOH]DTXH OHVHDQDSOLFDEOHVHQHVSHFLDOGHOD5HVROXFLyQ([WHUQDQ~PHURGHGHOD-XQWD 'LUHFWLYDGHO%DQFRGHOD5HS~EOLFD\GHPiVQRUPDVTXHODDGLFLRQHQPRGL¿TXHQR GHURJXHQ $UWtFXOR9LJHQFLD/DSUHVHQWHUHVROXFLyQULJHDSDUWLUGHODIHFKDGHVXSXEOLFDFLyQ HQHO'LDULR2¿FLDOUHTXLVLWRTXHVHHQWLHQGHFXPSOLGRFRQODRUGHQLPSDUWLGDSRUHO 'LUHFWRU*HQHUDOGH&UpGLWR3~EOLFR\7HVRUR1DFLRQDOGHO0LQLVWHULRGH+DFLHQGD\ &UpGLWR3~EOLFRVHJ~QORGLVSXHVWRSRUHODUWtFXORGHOD/H\GH 3XEOtTXHVHFRPXQtTXHVH\F~PSODVH 'DGDHQ%RJRWi'&DGHMXOLRGH (O0LQLVWURGH+DFLHQGD\&UpGLWR3~EOLFR -XDQ&DUORV(FKHYHUU\*DU]yQ &) (GLFLyQ 0DUWHVGHMXOLRGH ' , $ 5 , 2 2 ) , & , $ / 5(62/8&,Ï11Ò0(52'( MXOLR SRUODFXDOVHFRUULJHQXQRVUHFXUVRV\VXVFRUUHVSRQGLHQWHVFyGLJRV HQHODQH[RGHOGHFUHWRGHOLTXLGDFLyQGHO3UHVXSXHVWR*HQHUDOGHOD1DFLyQ SDUDODYLJHQFLD¿VFDOGH (O'LUHFWRU*HQHUDOGHO3UHVXSXHVWR3~EOLFR1DFLRQDO ( HQXVRGHVXVIDFXOWDGHV OHJDOHVHQHVSHFLDOODVTXHOHFRQ¿HUHHODUWtFXORGHO'HFUHWRGH\ &216,'(5$1'2 4XHHO3UHVLGHQWHGHOD5HS~EOLFDGH&RORPELDHQHMHUFLFLRGHODVIDFXOWDGHVFRQV WLWXFLRQDOHV\OHJDOHVH[SLGLyHO'HFUHWRGHOGHGLFLHPEUHGH³SRUHO FXDOVHOLTXLGDHO3UHVXSXHVWR*HQHUDOGHOD1DFLyQSDUDODYLJHQFLD¿VFDOGHVH GHWDOODQODVDSURSLDFLRQHV\VHFODVL¿FDQ\GH¿QHQORVJDVWRV´ 4XHGHFRQIRUPLGDGFRQHODUWtFXORGHO'HFUHWRGHORVUHFXUVRV\VXV FRUUHVSRQGLHQWHVFyGLJRVGHLGHQWL¿FDFLyQTXHDSDUHFHQFRQORVFODVL¿FDGRUHVHQHO 'HFUHWRGH/LTXLGDFLyQ\VXVDQH[RVVRQGHFDUiFWHUHVWULFWDPHQWHLQIRUPDWLYRSRU ORWDQWROD'LUHFFLyQ*HQHUDOGHO3UHVXSXHVWR1DFLRQDOGHO0LQLVWHULRGH+DFLHQGD\ &UpGLWR3~EOLFRSRGUiFRUUHJLGRVVLHPSUHTXHQRVHDIHFWHHOSUHVXSXHVWRGHLQJUHVRV 4XHVHUHTXLHUHSUHFLVDUHOFyGLJRGHXQDIXHQWHGH¿QDQFLDFLyQHQHO3UHVXSXHVWR GH*DVWRVGH,QYHUVLyQGHO0LQLVWHULRGH$PELHQWH9LYLHQGD\'HVDUUROOR7HUULWRULDO TXHQRDIHFWDHOSUHVXSXHVWRGHLQJUHVRV\VREUHHOFXDOHO'HSDUWDPHQWR1DFLRQDOGH 3ODQHDFLyQ\OD'LUHFFLyQ*HQHUDOGH&UpGLWR3~EOLFR\7HVRUR1DFLRQDOFRQFHSWXDURQ IDYRUDEOHPHQWHVREUHHVWDRSHUDFLyQHQVXVFRPXQLFDFLRQHV',)3GHO GHPD\RGH\GHOGHMXQLRGHUHVSHFWLYDPHQWH 4XHSDUDODFRUUHFWDHMHFXFLyQVHKDFHLQGLVSHQVDEOHHIHFWXDUODVFRUUHFFLRQHVGH UHFXUVRVQHFHVDULDVHQFRQFRUGDQFLDFRQODVQRUPDVFLWDGDV 5(68(/9( $UWtFXOR&DPELRGH5HFXUVR(IHFWXDUODVVLJXLHQWHVFRUUHFFLRQHVDORVUHFXUVRV \VXVFRUUHVSRQGLHQWHVFyGLJRVGHLGHQWL¿FDFLyQTXHDSDUHFHQFRQFDUiFWHULQIRUPDWLYR HQHODQH[RGHOGHFUHWRGHOLTXLGDFLyQGHO3UHVXSXHVWR*HQHUDOGHOD1DFLyQSDUDOD YLJHQFLD¿VFDOGH 6(&&,Ï1 0,1,67(5,2'($0%,(17(9,9,(1'$<'(6$552//27(55,725,$/ 81,'$' *(67,Ï1*(1(5$/ 352*5$0$ 68%352*5$0$ 352<(&72 $'0,1,675$&,Ï1 &21752/ < 25*$1,=$&,Ï1 ,167,78&,21$/3$5$$32<2$/$$'0,1,675$&,Ï1 '(/(67$'2 ,17(568%6(&725,$/0(',2$0%,(17( ,03/(0(17$&,Ï1 '( 352*5$0$ '( $&&,Ï1 $0%,(17$/ 3$5$ (/ '(6$552//2 '( /$ 32/Ë7,&$ $0%,(17$/(1&2/20%,$35(9,2&21&(372'13 'LFH =9>9CD5B9?45<1@B?D5339É>C?391< &2167$1&,$'('(3Ï6,72&$0%,2-817$6',5(&7,9$6 'LUHFFLyQ7HUULWRULDOGH&XQGLQDPDUFD ,QVSHFWRU*UXSRGH$WHQFLyQDO&LXGDGDQR\7UiPLWHV 1~PHUR-' &,8'$' %2*27È )(&+$ 25*$1,=$&,Ï16,1',&$/ *5$'2 &/$6,),&$&,Ï1 120%5( 3(5621(5Ë$-85Ë',&$2 5(*,67526,1',&$/ '20,&,/,235,1&,3$/ &$0%,26 -817$35,1&,3$/ 68%',5(&7,9$6(&&,21$/ &20,7e6(&&,21$/ ,17(*5$17(6 120%5( 0,*8(/$)(/,&,$12 3('52È/9$5(= -8/,2&+,1&+,//$ -8$1&$5/2672/26$ 5,72$&È5'(1$6 /8&$63,('5$ -$,52'848( e'*$5&257e6 '$1,(/*87,e55(= +(155<(63,1(/'Ë$= '' 00 $$ +25$ SP 6LQGLFDWR ; IHGHUDFLyQ &RQIHGHUDFLyQ ,QGXVWULD ; 5DPDRDFWLYLGDG %DVH 2¿FLRV9DULRV 6,1',&$72'(75$%$-$'25(6'(/$,1'8675,$'(/75$163257('( &2/20%,$³6,1',75$&´ )(&+$ '' 00 $f2 %2*27È'&&81',1$0$5&$ 727$/ 3$5&,$/ ; '2&80(172'( ,'(17,'$' &$5*2 35(6,'(17( 9,&(35(6,'(17( 6(&5(7$5,2*(1(5$/ 7(625(52 ),6&$/ 6(&5(7$5Ë$25*$1,=$&,Ï1 6(&5(7$5Ë$'(('8&$&,Ï1<3523$*$1'$ 6(&5(7$5Ë$'('(3257(6 6(&5(7$5Ë$'('(5(&+26+80$126 6(&5(7$5Ë$'(6(*85,'$'62&,$/ '(326,7$17( 120%5( '2&80(172'(,'(17,'$' 0,*8(/È1*(/)(/,&,$12 5(48,6,726 $UWtFXORLQFLVR'HFUHWRGH &$5*2 35(6,'(17( ,PSUHQWD1DFLRQDOGH&RORPELD5HFLER9,,9DORU =9>9CD5B9?45=9>1CI5>5B7Å1 5(62/8&,21(6 5(&8562 5(&8562 35e67$026'(67,1$&,Ï1(63(&Ë),&$ 'HEHGHFLU 5(&85626'(/&5e',72(;7(512 35(9,$$8725,=$&,Ï1 5(62/8&,Ï11Ò0(52'( $UWtFXOR9LJHQFLD\GHURJDWRULD/DSUHVHQWHUHVROXFLyQULJHDSDUWLUGHODIHFKD GHVXSXEOLFDFLyQ 3XEOtTXHVHFRPXQtTXHVH\F~PSODVH 'DGDHQ%RJRWi'&DGHMXOLRGH (O'LUHFWRU*HQHUDOGHO3UHVXSXHVWR3~EOLFR1DFLRQDO ( -RVp0DXULFLR&XHVWDV*yPH] &) Código de Procedimiento Administrativo y de lo Contencioso Administrativo /H\GH / G YDORU MXOLR SRUODFXDOVHGHFODUDHOFHVHGHO5DFLRQDPLHQWR3URJUDPDGRGH*DV1DWXUDOGHFOD UDGRPHGLDQWHOD5HVROXFLyQGH (O0LQLVWURGH0LQDV\(QHUJtDHQHMHUFLFLRGHVXVIDFXOWDGHVOHJDOHVHQHVSHFLDO ODVFRQIHULGDVSRUHODUWtFXORGHO'HFUHWRGHPRGL¿FDGRSRUHODUWtFXOR GHO'HFUHWRGH\ &216,'(5$1'2 4XHHO0LQLVWHULRGH0LQDV\(QHUJtDPHGLDQWH5HVROXFLyQGHOGHDEULO GHGHFODUyHOLQLFLRGHXQ5DFLRQDPLHQWR3URJUDPDGRGH*DV1DWXUDOHQHOQRGR &XVLDQD\HQWRGRVORVSXQWRVGHHQWUDGD\WRGRVORVSXQWRVGHVDOLGDGHO6LVWHPD1D FLRQDOGH7UDQVSRUWHGHO,QWHULRUGHOSDtVDSDUWLUGHODVKRUDVGHOGHDEULOGH H[FHSWXDQGRORV3XQWRVGH(QWUDGD\6DOLGDGHOJDVRGXFWR&XVLDQD$SLD\8VPH 4XHPHGLDQWH5HVROXFLyQGHOGHDEULOGHVHGHFODUyHOFLHUUH SDUFLDOGHO5DFLRQDPLHQWR3URJUDPDGRGH*DV1DWXUDOGHFODUDGRPHGLDQWH5HVROXFLyQ GHOGHDEULOGHH[FHSWRHOWUDPR0DULTXLWD±1HLYDWHQLHQGRHQFXHQWD TXHHOJDVRGXFWR6DQWD5LWD±&LW\*DWH6DOGDxDTXHFRQHFWDORVFDPSRVGH'RQ3HGUR \0RQVHUUDWHDO6LVWHPD1DFLRQDOGH7UDQVSRUWHFRQWLQXDEDLQGLVSRQLEOH\QRVHWHQtD FHUWH]DUHVSHFWRGHODIHFKDHQTXHVHSXGLHUDUHVWDEOHFHUHOVXPLQLVWURGHJDVQDWXUDO GHVGHGLFKRVFDPSRV 4XHHQFRPXQLFDFLyQFRQUDGLFDGRQ~PHURGHOGHMXOLRGHOD HPSUHVD+RFRO6$LQIRUPyDOD'LUHFFLyQGH*DVGHO0LQLVWHULRGH0LQDV\(QHUJtD OD¿QDOL]DFLyQGHOPDQWHQLPLHQWRHQOD(VWDFLyQ6DQWD5LWD\HOUHLQLFLRGHSURGXFFLyQ GHJDVGHORVFDPSRVSURGXFWRUHV'RQ3HGUR\0RQVHUUDWH 4XHGHDFXHUGRFRQODLQIRUPDFLyQVXPLQLVWUDGDSRU+RFRO6$HO&RQVHMR1DFLRQDO GH2SHUDFLyQGH*DVPHGLDQWHFRPXQLFDFLyQFRQUDGLFDGRQ~PHURGHO GHMXOLRGHUHFRPHQGyDO0LQLVWHULRGH0LQDV\(QHUJtDOHYDQWDUHOHYHQWRGH 5DFLRQDPLHQWR3URJUDPDGRGHFODUDGRPHGLDQWHOD5HVROXFLyQGHOGHDEULO GH (GLFLyQ 0DUWHVGHMXOLRGH ' , $ 5 , 2 2 ),&,$/ 4XHDODIHFKDVHHQFXHQWUDQVXSHUDGDVODVFRQGLFLRQHVTXHGLHURQRULJHQDO5D FLRQDPLHQWR3URJUDPDGRGH*DV1DWXUDOGHFODUDGRPHGLDQWHOD5HVROXFLyQ GH 4XHHO0LQLVWHULRGH0LQDV\(QHUJtDHQYLUWXGGHORDQWHULRU 5(68(/9( $UWtFXOR'HFODUDUDSDUWLUGHOGtDGHMXOLRGHDODVKRUDVHOFHVH GHO5DFLRQDPLHQWR3URJUDPDGRGH*DV1DWXUDOHQHOLQWHULRUGHOSDtVGHFODUDGRPH GLDQWH5HVROXFLyQGHOGHDEULOGH $UWtFXOR/DSUHVHQWHUHVROXFLyQULJHDSDUWLUGHVXSXEOLFDFLyQHQHO'LDULR2¿FLDO 3XEOtTXHVH\F~PSODVH 'DGDHQ%RJRWi'&DGHMXOLRGH (O0LQLVWURGH0LQDV\(QHUJtD &DUORV5RGDGR1RULHJD &) =9>9CD5B9?451=295>D5F9F95>41 I45C1BB?<<?D5BB9D?B91< '(&5(726 '(&5(721Ò0(52'( MXOLR SRUHOFXDOVHPRGL¿FDHO'HFUHWRGH (O3UHVLGHQWHGHOD5HS~EOLFDGH&RORPELDHQXVRGHVXVIDFXOWDGHVFRQVWLWXFLRQDOHV \OHJDOHVHQHVSHFLDOODVFRQIHULGDVHQHOQXPHUDOGHODUWtFXORGHOD&RQVWLWXFLyQ 3ROtWLFD\HQGHVDUUROORGHOD/H\GHHQUHODFLyQFRQHO6XEVLGLR)DPLOLDUGH 9LYLHQGDGH,QWHUpV6RFLDO &216,'(5$1'2 4XHHO*RELHUQR1DFLRQDOGHEHGLULJLU\HMHFXWDUODSROtWLFDHQPDWHULDGHYLYLHQGD GLULJLGDFRQPLUDVDODJHQHUDFLyQGHXQLGDGHVKDELWDFLRQDOHVTXHSHUPLWDQVROXFLRQDUHO Gp¿FLWFXDQWLWDWLYR\FXDOLWDWLYRGHYLYLHQGDSDUDODSREODFLyQFRORPELDQDFRQPHQRUHV LQJUHVRV\PD\RUHVFRQGLFLRQHVGHYXOQHUDELOLGDGHQHVSHFLDODTXHOODQRYLQFXODGDDO VLVWHPDIRUPDOGHOWUDEDMR 4XH SDUD XQD HIHFWLYD XWLOL]DFLyQ GH ORV VXEVLGLRV GH YLYLHQGDGH LQWHUpV VRFLDO TXHHO)RQGR1DFLRQDOGH9LYLHQGDDVLJQDDORVKRJDUHVHO'HFUHWRGH HVWDEOHFLyXQDHVWUXFWXUDGHDVLJQDFLyQGHOVXEVLGLRHQODTXHODSRVWXODFLyQSRUSDUWH GHORVKRJDUHVVHHIHFW~DSDUDODDGTXLVLFLyQGHXQDXQLGDGKDELWDFLRQDOHQXQSODQGH YLYLHQGDHVSHFt¿FRDOTXHSUHYLDPHQWHHOFLWDGR)RQGROHKDGH¿QLGRXQRVFXSRVTXH H[FOXVLYDPHQWHLQGLFDQHOQ~PHURPi[LPRGHVXEVLGLRVGHORVTXHSRGUiVHUUHFHSWRU HOSODQGHOFDVRFRQFDUJRDORVUHFXUVRVGHO3UHVXSXHVWR1DFLRQDO\GHQWURGHORV GHQRPLQDGRV³&RQFXUVRVGH(VIXHU]R7HUULWRULDO1DFLRQDO´\³&RQFXUVRVGH(VIXHU]R 7HUULWRULDO'HSDUWDPHQWDO´ 4XHHOSDUiJUDIRGHODUWtFXORGHO'HFUHWRGHHVWDEOHFHTXHORV SODQHVGHYLYLHQGDTXHUHVXOWHQFDOL¿FDGRVFRQIRUPHDOSURFHVRHVWDEOHFLGRHQHOFLWD GRDUWtFXORVHUiQLQFRUSRUDGRVHQHO%DQFRGH3UR\HFWRV+DELWDFLRQDOHV\HVWDUiQ GLVSRQLEOHVHQWRGRPRPHQWRSDUDTXHHO)RQGR1DFLRQDOGH9LYLHQGDRODHQWLGDG TXHKDJDVXVYHFHVORVXWLOLFHGHQWURGHOSURFHVRGHGLVWULEXFLyQGH5HFXUVRVGHORV &RQFXUVRVGH(VIXHU]R7HUULWRULDO1DFLRQDOR'HSDUWDPHQWDO 4XHFRQHO¿QGHJDUDQWL]DUTXHHO%DQFRGH3UR\HFWRV+DELWDFLRQDOHVVHFRQVWLWX\D HQXQLQYHQWDULRHIHFWLYRGHSODQHVGHYLYLHQGDDORVTXHSXHGDQGHVWLQDUVHVXEVLGLRV IDPLOLDUHV GH YLYLHQGD SRU SDUWH GHO )RQGR 1DFLRQDO GH 9LYLHQGD )RQYLYLHQGD HV QHFHVDULRHVWDEOHFHUXQHVTXHPDGHXVRSUHIHUHQWHGHGLFKRVSODQHVGHYLYLHQGDHQ ORVSURFHVRVGHGH¿QLFLyQGHORVFXSRVHQORV&RQFXUVRVGH(VIXHU]R7HUULWRULDO\'H SDUWDPHQWDOTXHOHVSHUPLWDQVHUUHFHSWRUHVGHORVUHFXUVRVGHVWLQDGRVDODDVLJQDFLyQ GHVXEVLGLRVIDPLOLDUHVGHYLYLHQGDDORVKRJDUHVTXHVHSRVWXOHQSDUDVXXWLOL]DFLyQ HQGLFKRVSUR\HFWRV 4XHHQPpULWRGHORH[SXHVWR '(&5(7$ $UWtFXOR0RGL¿FDUHOSDUiJUDIRGHODUWtFXORGHO'HFUHWRGH HOFXDOTXHGDUiDVt 3DUiJUDIR8QDYH]TXHHOSODQGHYLYLHQGDUHFLEDVXFDOL¿FDFLyQVHUiLQFRUSR UDGRHQHO%DQFRGH3UR\HFWRV+DELWDFLRQDOHVGHOD(QWLGDG(YDOXDGRUDHOFXDOHVWDUi GLVSRQLEOHHQWRGRPRPHQWRSDUDTXHHO)RQGR1DFLRQDOGH9LYLHQGDRODHQWLGDGTXH KDJDVXVYHFHVORXWLOLFHGHQWURGHORVSURFHVRVGHGH¿QLFLyQGHFXSRVSDUDORVSODQHV GHYLYLHQGDTXHVHSUHVHQWHQSDUDORV&RQFXUVRVGH(VIXHU]R7HUULWRULDO1DFLRQDOR 'HSDUWDPHQWDO /RVSODQHVGHYLYLHQGDLQFRUSRUDGRVFRQIRUPHDORDTXtSUHYLVWRTXHQRKXELHUHQ VLGREHQH¿FLDGRVFRQORVFXSRVPi[LPRVGHTXHWUDWDHODUWtFXORGHOSUHVHQWH GHFUHWR SRGUiQ VHU XWLOL]DGRV FRQ SUHIHUHQFLD SDUD GH¿QLFLRQHV SRVWHULRUHV GH FXSRVTXHUHDOLFHHO)RQGR1DFLRQDOGH9LYLHQGDRODHQWLGDGTXHKDJDVXVYHFHV SDUDORV&RQFXUVRVGH(VIXHU]R7HUULWRULDO1DFLRQDOR'HSDUWDPHQWDOWRGRHOORHQ ORVWpUPLQRV\FRQGLFLRQHVTXHHVWDEOH]FDHO0LQLVWHULRGH$PELHQWH9LYLHQGD\ 'HVDUUROOR7HUULWRULDOPHGLDQWHUHVROXFLyQ $UWtFXOR0RGL¿FDUHODUWtFXORGHO'HFUHWRGHHOFXDOTXHGDUiDVt $UWtFXOR2UGHQDPLHQWRGHORVSODQHVGHVROXFLRQHVGHYLYLHQGD&RQEDVHHQ ORVUHVXOWDGRVGHODFDOL¿FDFLyQHO)RQGR1DFLRQDOGH9LYLHQGDRODHQWLGDGTXHKDJD VXVYHFHVRUGHQDUiVHFXHQFLDOPHQWHORVSODQHVGHYLYLHQGDVHJ~QHOFRQFXUVRDOTXH FRUUHVSRQGDQKDVWDFRPSOHWDUXQQ~PHURGHXQLGDGHVHTXLYDOHQWHDOPRQWRGHORV UHFXUVRVGLVSRQLEOHV'HHVWDIRUPDODFDQWLGDGGHXQLGDGHVKDELWDFLRQDOHVGHGLFKRV SODQHVGHWHUPLQDUiHOFXSRRQ~PHURPi[LPRGHVXEVLGLRVTXHFRQSRVWHULRULGDG\ FRQIRUPHDORGLVSXHVWRHQHOSUHVHQWHGHFUHWRSRGUiQDVLJQDUVHSDUDORVKRJDUHVTXH VHSRVWXOHQSDUDFDGDXQRGHHOORV(QHOFDVRGHO&RQFXUVRGH(VIXHU]R7HUULWRULDO 'HSDUWDPHQWDOHORUGHQVHFXHQFLDOVHHVWDEOHFHUiHQWUHORVSODQHVGHYLYLHQGDGHFDGD GHSDUWDPHQWR 6HUiQEHQH¿FLDULRVSUHIHUHQFLDOHVGHORVFXSRVGHUHFXUVRVGHVWLQDGRVSDUDORV&RQ FXUVRVGH(VIXHU]R7HUULWRULDO1DFLRQDOR'HSDUWDPHQWDOORVSODQHVGHVROXFLRQHVGH YLYLHQGDTXHFRUUHVSRQGDQDPDFURSUR\HFWRVDGRSWDGRVSRUHO0LQLVWHULRGH$PELHQWH 9LYLHQGD\'HVDUUROOR7HUULWRULDOFRQIRUPHODQRUPDWLYLGDGYLJHQWH $UWtFXOR9LJHQFLD(OSUHVHQWHGHFUHWRULJHDSDUWLUGHODIHFKDGHVXSXEOLFDFLyQ 3XEOtTXHVH\F~PSODVH 'DGRHQ%RJRWi'&DGHMXOLRGH -8$10$18(/6$1726&$/'(5Ï1 /D0LQLVWUDGH$PELHQWH9LYLHQGD\'HVDUUROOR7HUULWRULDO %HDWUL]8ULEH%RWHUR =9>9CD5B9?45D53>?<?7Å1C45<1 9>6?B=139É>I<1C3?=E>93139?>5C 5(62/8&,21(6 5(62/8&,Ï11Ò0(52'( MXOLR SRUODFXDOVHDSUXHEDXQDHPLVLyQSRVWDO (O0LQLVWURGH7HFQRORJtDVGHOD,QIRUPDFLyQ\ODV&RPXQLFDFLRQHVHQHMHUFLFLR GHVXVIDFXOWDGHVOHJDOHV\HQHVSHFLDOGHODVTXHOHFRQ¿HUHOD/H\GH\ HO'HFUHWRGH\ &216,'(5$1'2 4XHHOQXPHUDOGHODUWtFXORGHOD/H\GHDVLJQDFRPRIXQ FLyQGHO0LQLVWHULRGH7HFQRORJtDVGHOD,QIRUPDFLyQ\ODV&RPXQLFDFLRQHVOD GHGHILQLUODVSROtWLFDV\HMHUFHUODJHVWLyQSODQHDFLyQ\DGPLQLVWUDFLyQGHORV VHUYLFLRVSRVWDOHV 4XHHVSUHUURJDWLYDH[FOXVLYDGHOJRELHUQRGH&RORPELDFRPR(VWDGRPLHPEURGH OD8QLyQ3RVWDO8QLYHUVDOODSURGXFFLyQGHVHOORVSRVWDOHVRHVWDPSLOODVHQHOWHUULWRULR QDFLRQDO 4XHPHGLDQWH'HFUHWRGHVHUHRUJDQL]yHOFRQVHMR)LODWpOLFRFRPR yUJDQRDVHVRUGHO0LQLVWHULRDVLJQiQGRVHOHODIXQFLyQGHSURSRQHUSROtWLFDV¿ODWpOLFDV \OLQHDPLHQWRVTXHSHUPLWDQODDSUREDFLyQGHODSURJUDPDFLyQDQXDOGHHPLVLRQHV SRVWDOHV 4XH HVWH DxR OD 3ROLFtD 1DFLRQDO FRQPHPRUD ORV FLQFXHQWD DxRV GH OD (VFXHOD1DFLRQDOGH&DUDELQHURV$OIRQVR/ySH]3XPDUHMRODFXDOIXHFUHDGDHQ HODxRGH 4XHORVFDUDELQHURVSUHVWDQXQH[FHSFLRQDOVHUYLFLRHQHOSDtVFRQpQIDVLVHQORV GHSDUWDPHQWRVGH&XQGLQDPDUFD0HWD9DXSpV$UDXFD&DVDQDUH\9LFKDGD 4XHXQRGHORVSULQFLSDOHVSURSyVLWRVGHOD(VFXHOD1DFLRQDOGH&DUDELQHURV$OIRQVR /ySH]3XPDUHMRHVLPSOHPHQWDUXQSURJUDPDTXHSHUPLWDPHMRUDUODHVSHFLDOLGDGGHO FDUDELQHUREXVFDQGRVROXFLRQDUORVSUREOHPDVGHVHJXULGDGHQHOiUHDUXUDO 4XHHO&RQVHMR)LODWpOLFRGHDFXHUGRFRQORGLVSXHVWRHQHOQXPHUDODUWtFXOR GHO'HFUHWRGHHQVHVLyQGHOGHDEULOGHH[DPLQy\FRQFHSWXy IDYRUDEOHPHQWHVREUHXQDHPLVLyQSRVWDOHQFRQPHPRUDFLyQGHORVFLQFXHQWD DxRVGHOD(VFXHOD1DFLRQDOGH&DUDELQHURV$OIRQVR/ySH]3XPDUHMR´ 5(68(/9( $UWtFXOR$SUREDUXQDHPLVLyQSRVWDOHQFRQPHPRUDFLyQGHORVFLQFXHQWD DxRVGHOD(VFXHOD1DFLRQDOGH&DUDELQHURV$OIRQVR/ySH]3XPDUHMR $UWtFXOR2UGpQHVHD6HUYLFLRV3RVWDOHV1DFLRQDOHV6$ODSURGXFFLyQ\SXHVWD HQFLUFXODFLyQGHODHPLVLyQSRVWDODODTXHVHUH¿HUHHODUWtFXORDQWHULRU $UWtFXOR/DSUHVHQWHUHVROXFLyQULJHDSDUWLUGHOPRPHQWRGHVXSXEOLFDFLyQ 3XEOtTXHVHFRPXQtTXHVH\F~PSODVH 'DGDHQ%RJRWi'&DGHMXOLRGH (O0LQLVWURGH7HFQRORJtDVGHOD,QIRUPDFLyQ\ODV&RPXQLFDFLRQHV 'LHJR0RODQR9HJD &) (GLFLyQ 0DUWHVGHMXOLRGH ' , $ 5 , 2 2 ) , & , $ / 5(62/8&,Ï11Ò0(52'( MXOLR SRUODFXDOVHDSUXHEDXQDHPLVLyQSRVWDO (O0LQLVWURGH7HFQRORJtDVGHOD,QIRUPDFLyQ\ODV&RPXQLFDFLRQHVHQHMHUFLFLR GHVXVIDFXOWDGHVOHJDOHV\HQHVSHFLDOGHODVTXHOHFRQ¿HUHOD/H\GH\ HO'HFUHWRGH\ &216,'(5$1'2 4XHHOQXPHUDOGHODUWtFXORGHOD/H\GHDVLJQDFRPRIXQFLyQGHO 0LQLVWHULRGH7HFQRORJtDVGHOD,QIRUPDFLyQ\ODV&RPXQLFDFLRQHVODGHGH¿QLUODV SROtWLFDV\HMHUFHUODJHVWLyQSODQHDFLyQ\DGPLQLVWUDFLyQGHORVVHUYLFLRVSRVWDOHV 4XHHVSUHUURJDWLYDH[FOXVLYDGHOJRELHUQRGH&RORPELDFRPR(VWDGRPLHPEUR GHOD8QLyQ3RVWDO8QLYHUVDOODSURGXFFLyQGHVHOORVSRVWDOHVRHVWDPSLOODVHQHO WHUULWRULRQDFLRQDO 4XHPHGLDQWH'HFUHWRGHVHUHRUJDQL]yHOFRQVHMR)LODWpOLFRFRPRyUJDQR DVHVRUGHO0LQLVWHULRDVLJQiQGRVHOHODIXQFLyQGHSURSRQHUSROtWLFDV¿ODWpOLFDV\OLQHD PLHQWRVTXHSHUPLWDQODDSUREDFLyQGHODSURJUDPDFLyQDQXDOGHHPLVLRQHVSRVWDOHV (OGHSDUWDPHQWR1RUWHGH6DQWDQGHUIXHFUHDGRHQHVXQDLPSRUWDQWH]RQD KLVWyULFDGHOSDtV\GHELGRDVXVUHFXUVRVQDWXUDOHVVXXELFDFLyQJHRJUi¿FDDVtFRPR ODSXMDQ]D\WDOHQWRGHVXJHQWHHVXQLPSRUWDQWHSRORFRPHUFLDOGHOSDtV 4XHHO&RQVHMR)LODWpOLFRGHDFXHUGRFRQORGLVSXHVWRHQHOQXPHUDODUWtFXOR GHO'HFUHWRGHHQVHVLyQGHOGHDEULOGHH[DPLQy\FRQFHSWXy IDYRUDEOHPHQWHVREUHXQDHPLVLyQSRVWDOGHQRPLQDGD³'HSDUWDPHQWRVGH&RORPELD 1RUWHGH6DQWDQGHU 5(68(/9( $UWtFXOR$SUREDUXQDHPLVLyQSRVWDOGHQRPLQDGD³'HSDUWDPHQWRVGH&RORPELD 1RUWHGH6DQWDQGHU $UWtFXOR2UGpQHVHD6HUYLFLRV3RVWDOHV1DFLRQDOHV6$ODSURGXFFLyQ\SXHVWD HQFLUFXODFLyQGHODHPLVLyQSRVWDODODTXHVHUH¿HUHHODUWtFXORDQWHULRU $UWtFXOR/DSUHVHQWHUHVROXFLyQULJHDSDUWLUGHOPRPHQWRGHVXSXEOLFDFLyQ 3XEOtTXHVHFRPXQtTXHVH\F~PSODVH 'DGDHQ%RJRWi'&DGHMXOLRGH (O0LQLVWURGH7HFQRORJtDVGHOD,QIRUPDFLyQ\ODV&RPXQLFDFLRQHV 'LHJR0RODQR9HJD &) =9>9CD5B9?45DB1>C@?BD5 5(62/8&,21(6 5(62/8&,Ï11Ò0(52'( MXOLR SRUODFXDOVHRUGHQDODDSHUWXUDGHOSURFHVRGH6HOHFFLyQ$EUHYLDGDGH0HQRU&XDQWtD $,±GHVHGHVLJQDHO&RPLWp+DELOLWDGRU-XUtGLFRVHFRQ¿UPDQORV&RPLWpV +DELOLWDGRU)LQDQFLHUR\7pFQLFR\(YDOXDGRU7pFQLFR (O6HFUHWDULR*HQHUDOGHO0LQLVWHULRGH7UDQVSRUWHHQHMHUFLFLRGHODVIDFXOWDGHV FRQVWLWXFLRQDOHV\OHJDOHVHQHVSHFLDOGHODVDWULEXLGDVSRUORVQXPHUDOHV\GHO DUWtFXORHOQXPHUDOGHODUWtFXORGHOD/H\GHHODUWtFXORGHO'HFUHWR GHDVtFRPROD5HVROXFLyQQ~PHURGHOGHVHSWLHPEUHGH DGLFLRQDGDSRUOD5HVROXFLyQQ~PHURGH\ &216,'(5$1'2 4XHHODUWtFXORGHOD/H\GHGHWHUPLQDODFRPSHWHQFLDSDUDRUGHQDU\ GLULJLUODFHOHEUDFLyQGHOLFLWDFLRQHVSDUDHVFRJHUFRQWUDWLVWDV\FHOHEUDUFRQWUDWRVHQ HOMHIHRUHSUHVHQWDQWHGHODUHVSHFWLYDHQWLGDG 4XHHODUWtFXORGHO'HFUHWRGHHVWDEOHFH³/D(QWLGDGPHGLDQWHDFWR DGPLQLVWUDWLYRGHFDUiFWHUJHQHUDORUGHQDUiGHPDQHUDPRWLYDGDODDSHUWXUDGHOSUR FHVRGHVHOHFFLyQTXHVHGHVDUUROOHDWUDYpVGHOLFLWDFLyQS~EOLFDVHOHFFLyQDEUHYLDGD \FRQFXUVRGHPpULWRV ´ 4XHHQYLUWXGGHOD5HVROXFLyQQ~PHURGHOGHVHSWLHPEUHGHDGL FLRQDGDSRUOD5HVROXFLyQQ~PHURGHHOVHxRU0LQLVWURGH7UDQVSRUWH GHOHJy HQ HO 6HFUHWDULR *HQHUDO OD FRPSHWHQFLD SDUD OD UHDOL]DFLyQ GH OLFLWDFLRQHV FRQFXUVRV\FRQYRFDWRULDVS~EOLFDV\ODDGMXGLFDFLyQSDUDODFHOHEUDFLyQGHFRQWUDWRV FRQIRUPDOLGDGHVSOHQDVVLQOtPLWHGHFXDQWtD\ODGHORVFRQWUDWRVVLQIRUPDOLGDGHV SOHQDVUHTXHULGRVSDUDHOFXPSOLPLHQWRGHODPLVLyQLQVWLWXFLRQDO 4XHHODUWtFXORGHODFLWDGDUHVROXFLyQFRPSUHQGHODIDFXOWDGGHDGHODQWDUWR GRVORVWUiPLWHV\H[SHGLUWRGRVORVDFWRVDGPLQLVWUDWLYRVTXHVHDQQHFHVDULRVSDUDOD DFWLYLGDGFRQWUDFWXDO 4XHHODUWtFXORGHOD&RQVWLWXFLyQ3ROtWLFDGH&RORPELDHVWDEOHFHTXHVRQ ¿QHVHVHQFLDOHVGHO(VWDGRVHUYLUDODFRPXQLGDGSURPRYHUODSURVSHULGDGJHQHUDO \JDUDQWL]DUODHIHFWLYLGDGGHORVSULQFLSLRVGHUHFKRV\GHEHUHVFRQVDJUDGRVHQOD &RQVWLWXFLyQ HQWUHRWURV 4XHGHQWURGHODVKHUUDPLHQWDVWHFQROyJLFDVGHO0LQLVWHULRGH7UDQVSRUWHUHVXOWD LQGLVSHQVDEOHFRQWDUFRQXQVHUYLFLRGHFRUUHRHOHFWUyQLFREDMRXQDWHFQRORJtD\ YHUVLyQDFWXDOL]DGDHQDOWDGLVSRQLELOLGDGJDUDQWL]DQGRQLYHOHVGHVHJXULGDG\GH JHRUUHGXQGDQFLDSDUDODDGHFXDGDSUHVWDFLyQGHOVHUYLFLRSRUORDQWHULRUVHKDFH QHFHVDULRFRQWUDWDUHO6HUYLFLRGH&RUUHR(OHFWUyQLFRHQOD1XEHSDUDHO0L QLVWHULRGH7UDQVSRUWH0HGLDQWHOD,PSOHPHQWDFLyQGHXQD6ROXFLyQ,QWHJUDO GH0HQVDMHUtD(OHFWUyQLFDSRU6XVFULSFLyQ 4XH SUHYLDPHQWH VH KD DQDOL]DGR OD FRQYHQLHQFLD \ MXVWL¿FDFLyQ SDUD FRQWUDWDU HVWHVHUYLFLR\VHHQFXHQWUDGHELGDPHQWHHODERUDGRHOSOLHJRGHFRQGLFLRQHVDTXH KDFHUHODFLyQHODUWtFXORQXPHUDOGHOD/H\GHHQFRQFRUGDQFLDFRQOR GLVSXHVWRSRUHODUWtFXORGHOD/H\GH\ORVDUWtFXORV\GHO'HFUHWR GHHOFXDOIXHDGHODQWDGRSRUOD6HFUHWDUtD*HQHUDODWUDYpVGHO*UXSRGH ,QIRUPiWLFDGHO0LQLVWHULRGH7UDQVSRUWH 4XHHQFXPSOLPLHQWRDORGLVSXHVWRSRUHODUWtFXORGHO'HFUHWRGHORV DUWtFXORV\GHOD/H\GHVHSXEOLFyHQHO3RUWDOÒQLFRGH&RQWUDWDFLyQ HODYLVRGHFRQYRFDWRULDORVHVWXGLRV\GRFXPHQWRVSUHYLRV\HOSUR\HFWRGHSOLHJRGH FRQGLFLRQHVGHVGHHOGHMXQLR\KDVWDHOGHMXOLRGH 4XHGHQWURGHOSOD]RSUHYLVWRSDUDSUHVHQWDUREVHUYDFLRQHVDO3UR\HFWRGH3OLHJR GH&RQGLFLRQHVVHUHFLELHURQREVHUYDFLRQHVSRUSDUWHGHODVHPSUHVDV,75(+$\*6( \GHODSHUVRQDQDWXUDO<XUL6DFULVWiQODVFXDOHVIXHURQSXEOLFDGDVFRQVXUHVSHFWLYD UHVSXHVWDHQHO3RUWDOÒQLFRGH&RQWUDWDFLyQ 4XHGHDFXHUGRFRQHOFHUWL¿FDGRGHGLVSRQLELOLGDGSUHVXSXHVWDOQ~PHURGHO GHMXQLRGHH[LVWHQORVUHFXUVRVSDUDHOSURFHVRGH6HOHFFLyQ$EUHYLDGDGH0HQRU &XDQWtDQ~PHUR$,GHSRUXQYDORUGHGRVFLHQWRVWUHFHPLOORQHVFXDWUR FLHQWRVFXDUHQWD\VLHWHPLOQRYHFLHQWRVSHVRVPRQHGDFRUULHQWH PFWHLQFOXLGR,9$ 4XHHO'HFUHWRQ~PHURGHHQVXDUWtFXORSDUiJUDIRGHWHUPLQDOD FRQIRUPDFLyQGHXQ&RPLWp$VHVRUTXHGHEHUiUHDOL]DUODHYDOXDFLyQGHODVSURSXHVWDV GHPDQHUDREMHWLYDFLxpQGRVHH[FOXVLYDPHQWHDODVUHJODVFRQWHQLGDVHQHOSOLHJRGH FRQGLFLRQHV 4XHGHFRQIRUPLGDGFRQHOQXPHUDOGHO3OLHJRGH&RQGLFLRQHVGHOD6HOHFFLyQ $EUHYLDGDGH0HQRU&XDQWtDQ~PHUR$,GHVHKDFHQHFHVDULRFRQIRUPDU HO&RPLWpKDELOLWDGRU-XUtGLFR\FRQ¿UPDUORV&RPLWpV+DELOLWDGRU)LQDQFLHUR\7pF QLFRTXLHQHVGHEHUiQYHUL¿FDUORVUHTXLVLWRVKDELOLWDQWHVHVWDEOHFLGRVHQHOSOLHJRGH FRQGLFLRQHV 4XHPHGLDQWHHOSUHVHQWHDFWRDGPLQLVWUDWLYRVHDGRSWDHOSOLHJRGHFRQGLFLRQHV SDUDOD6HOHFFLyQ$EUHYLDGDGH0HQRU&XDQWtDQ~PHUR$,GH\VHGHVLJQDHO &RPLWp+DELOLWDGRU-XUtGLFR\VHFRQ¿UPDQORV&RPLWpV+DELOLWDGRU)LQDQFLHUR\7pF QLFR\(YDOXDGRU7pFQLFRHOFXDOIRUPDSDUWHLQWHJUDOGHODSUHVHQWHUHVROXFLyQ\TXH VHSXEOLFDUiFRPRSOLHJRGH¿QLWLYRGHVGHHOGHMXOLR\KDVWDHOGHDJRVWRGH 4XHHQPpULWRGHORH[SXHVWRHVWH'HVSDFKR 5(68(/9( $UWtFXOR 2UGHQDU OD DSHUWXUD GHO SURFHVR GH 6HOHFFLyQ$EUHYLDGD GH 0HQRU &XDQWtDQ~PHUR$,GHFX\RREMHWRHV³6HUYLFLRGH&RUUHR(OHFWUyQLFR HQ/D1XEHSDUDHO0LQLVWHULRGH7UDQVSRUWH0HGLDQWH/D,PSOHPHQWDFLyQGH XQD6ROXFLyQ,QWHJUDOGH0HQVDMHUtD(OHFWUyQLFDSRU6XVFULSFLyQ´\GHVLJQDUHO &RPLWp+DELOLWDGRU-XUtGLFR\&RQ¿UPDUORV&RPLWpV+DELOLWDGRU)LQDQFLHUR\7pFQLFR \(YDOXDGRU7pFQLFR $UWtFXOR(OSURFHVRGHVHOHFFLyQTXHVHDGHODQWDUiVHUiDWUDYpVGHODPRGDOLGDG GH6HOHFFLyQ$EUHYLDGDGH0HQRU&XDQWtD $UWtFXOR (O FURQRJUDPD GH OD 6HOHFFLyQ$EUHYLDGD Q~PHUR$, GH VHUiHOVLJXLHQWH $&7,9,'$' 3XEOLFDFLyQ$YLVRGH&RQYRFDWRULD 3XEOLFDFLyQGH3UR\HFWRGH3OLHJRGHFRQGLFLRQHV (VWXGLRV\GRFXPHQWRVSUHYLRV 2EVHUYDFLRQHVDO3UR\HFWRGH3OLHJRGHFRQGLFLRQHVSRU SDUWHGHORVSURSRQHQWHV (ODERUDFLyQGHODV5HVSXHVWDVDODVREVHUYDFLRQHVDO 3UR\HFWRGH3OLHJRGH&RQGLFLRQHV 3XEOLFDFLyQUHVSXHVWDVDODVREVHUYDFLRQHVDO3UR\HFWRGH 3OLHJRGH&RQGLFLRQHV 5HVROXFLyQGHDSHUWXUD 3XEOLFDFLyQSOLHJRGHFRQGLFLRQHVGH¿QLWLYR 0DQLIHVWDFLyQGHLQWHUpVHQSDUWLFLSDUHQHOSURFHVR $XGLHQFLDGHVRUWHRHQFDVRTXHORVLQWHUHVDGRVHQ SDUWLFLSDUVHDQVXSHULRUHVDGLH] $SHUWXUDGHOSURFHVRHLQLFLRSOD]RSDUDSUHVHQWDU SURSXHVWDV &RQVXOWDGH3OLHJR'H¿QLWLYR 2EVHUYDFLRQHVDO3OLHJRGHFRQGLFLRQHV 5HVSXHVWDDODV2EVHUYDFLRQHVGHO3OLHJRGH&RQGLFLRQHV 0RGL¿FDFLyQDO3OLHJRGH&RQGLFLRQHV DGHQGDV )(&+$,1,&,$/ '(-81,2'( )(&+$),1$/ '(-81,2'( '(-8/,2'( '(-81,2'( '(-8/,2'( '(-8/,2'( '(-8/,2'( '(-8/,2'( '(-8/,2'( '($*2672'( '(-8/,2'( '(-8/,2'( '(-8/,2'( '(-8/,2'( '(-8/,2 '(-8/,2'( '(-8/,2'( '($*2672'( '($*2672'( (GLFLyQ 0DUWHVGHMXOLRGH ' , $ 5 , 2 2 ),&,$/ $&7,9,'$' &LHUUHGHOSURFHVRGHVHOHFFLyQDEUHYLDGD3UHVHQWDFLyQ GHOVREUH1~PHUR±SURSXHVWDJHQHUDO\VREUHQ~PHUR ±2IHUWD(FRQyPLFD +DELOLWDFLyQMXUtGLFD\WpFQLFD\(YDOXDFLyQWpFQLFD ,QIRUPHGHHYDOXDFLyQHQ6HFUHWDUtD*HQHUDO 2EVHUYDFLRQHVGHORVSURSRQHQWHVDOLQIRUPHGH HYDOXDFLyQ )(&+$,1,&,$/ )(&+$),1$/ '($*2672 '( +RUD D P *5832 ,1)250È7,&$ 2I 0LQLVWHULR GH 7UDQVSRUWH $YHQLGD(OGRUDGR±&$1 '($*2672'( '($*2672'( '($*2672'( '($*2672'( '($*2672'( '($*2672'( '($*2672'(+RUDDP*5832 5HVSXHVWDDODVREVHUYDFLRQHVGHO,QIRUPHGHHYDOXDFLyQ\ ,1)250È7,&$ 2I 0LQLVWHULR GH 7UDQVSRUWH DSHUWXUDVREUHQ~PHUR $YHQLGD(OGRUDGR±&$1 $GMXGLFDFLyQ '($*2672'( $UWtFXOR/RVLQWHUHVDGRVSRGUiQFRQVXOWDUHOSOLHJRGHFRQGLFLRQHVHQHO3RUWDO ÒQLFRGH&RQWUDWDFLyQZZZFRQWUDWRVJRYFRDSDUWLUGHOGHMXOLRGH 'HLJXDOPDQHUDHOSOLHJRGHFRQGLFLRQHVHVWDUiDGLVSRVLFLyQGHORVLQWHUHVDGRV HQHO(GL¿FLRGHO0LQLVWHULRGH7UDQVSRUWH$YHQLGD(OGRUDGR±&$1±*UXSRGH,Q IRUPiWLFD2¿FLQDGHODFLXGDGGH%RJRWi'& $UWtFXOR&RQYRFDUDODV9HHGXUtDV&LXGDGDQDVSDUDTXHSXHGDQGHVDUUROODUVX DFWLYLGDG GXUDQWH ODV HWDSDV SUHFRQWUDFWXDO FRQWUDFWXDO \ SRVFRQWUDFWXDO GHO SUHVHQWH SURFHVRGHVHOHFFLyQ $UWtFXOR'HVLJQDUFRPRLQWHJUDQWHVGHO&RPLWp+DELOLWDGRU-XUtGLFR\FRQ¿UPDU FRPRLQWHJUDQWHVGHO&RPLWp+DELOLWDGRU)LQDQFLHUR\7pFQLFR\(YDOXDGRU7pFQLFR GHODVSURSXHVWDVSUHVHQWDGDVHQHOSURFHVRGH6HOHFFLyQ$EUHYLDGDGH0HQRU&XDQWtD Q~PHUR$,GH\ODHYDOXDFLyQGHORVIDFWRUHVGHSRQGHUDFLyQHVWDEOHFLGRV HQHOSOLHJRGHFRQGLFLRQHVDORVVLJXLHQWHVIXQFLRQDULRV +$%,/,7$&,Ï1-85Ë',&$ 1D]O\'HOJDGR9LOODPLO ,VDEHO&ULVWLQD9DUJDV6LQLVWHUUD )ORU0DULQD%XVWRV&KLOD +$%,/,7$&,Ï1),1$1&,(5$ 'RORUHV&HFLOLD0iUTXH] $UPDQGR0LHU *XLOOHUPR0XULOOR +$%,/,7$&,Ï1<(9$/8$&,Ï17e&1,&$ )DELROD&DPSR3HUGRPR -D]PLQD7HUHVD%D\RQD$OED %HDWUL](OHQD-XUDGR)OyUH] $UWtFXOR/RV&RPLWpV+DELOLWDGRU-XUtGLFR)LQDQFLHUR\7pFQLFR\(YDOXDGRU 7pFQLFRUHDOL]DUiQODVKDELOLWDFLRQHV\HYDOXDFLRQHVGHODVSURSXHVWDVTXHVHSUHVHQWHQ DOD6HOHFFLyQ$EUHYLDGDGH0HQRU&XDQWtDQ~PHUR$,GHGHO\KDVWDHO GHDJRVWRGH $UWtFXOR/DSUHVHQWHUHVROXFLyQULJHDSDUWLUGHODIHFKDGHVXSXEOLFDFLyQ 3XEOtTXHVH\F~PSODVH 'DGDHQ%RJRWi'&DGHMXOLRGH $OHMDQGUR0D\D0DUWtQH] &) =9>9CD5B9?453E<DEB1 5(62/8&,21(6 5(62/8&,Ï11Ò0(52'( MXOLR SRUODFXDOVHDFRJHHODFWDGHVHOHFFLyQGHMXUDGRVSDUDODFRQYRFDWRULDGHOFDStWXOR GH$UWHV%HFDVSDUDODLQYHVWLJDFLyQPRQRJUi¿FDVREUHDUWLVWDVFRORPELDQRV\VH¿MD HOUHFRQRFLPLHQWRSRUORVVHUYLFLRVSUHVWDGRV /D0LQLVWUDGH&XOWXUDHQHMHUFLFLRGHVXVIDFXOWDGHVFRQVWLWXFLRQDOHV\OHJDOHV\ HQHVSHFLDOODVFRQIHULGDVHQOD/H\GH\ &216,'(5$1'2 4XHPHGLDQWH5HVROXFLyQQ~PHURGHOGHIHEUHURGHVHRUGHQyOD DSHUWXUDGHODV&RQYRFDWRULDVGH(VWtPXORVGHO0LQLVWHULRGH&XOWXUD\VHHVWD EOHFLyTXHORVUHTXLVLWRVJHQHUDOHV\EDVHVHVSHFt¿FDVGHSDUWLFLSDFLyQGHFDGDXQDGH ODVFRQYRFDWRULDVVHUtDQODVHVWDEOHFLGDVHQHO)ROOHWRLPSUHVRGHQRPLQDGR³&RQYR FDWRULDVGH(VWtPXORV´ 4XHHQORVUHTXLVLWRVJHQHUDOHVGHSDUWLFLSDFLyQHQHODSDUWH³3URFHVRGH6HOHFFLyQ \(YDOXDFLyQ´HQHOWtWXOR³'HO-XUDGR´VHGHWHUPLQyTXH³(O0LQLVWHULRGH&XOWXUD VHOHFFLRQDUiMXUDGRVH[SHUWRVPHGLDQWHDFWRDGPLQLVWUDWLYRTXLHQHVVHUiQORVHQFDUJD GRVGHUHDOL]DUODHYDOXDFLyQGHODVREUDV\ORVSUR\HFWRVUHFLELGRV&RQDQWHODFLyQDOD GHOLEHUDFLyQGHORVMXUDGRVVHDEUHLQYLWDFLyQS~EOLFDRGLUHFWDSDUDTXHTXLHQDSOLTXH DVHUMXUDGRLQVFULEDVXKRMDGHYLGDHQHO6,1,&3DUDUHFLELUODVKRMDVGHYLGDVHWHQGUi HQFXHQWDSDUDODHVFRJHQFLDIDFWRUHVFRPRHOQLYHOGHIRUPDFLyQDFDGpPLFDODWUD\HF WRULDHLGRQHLGDGGHOMXUDGRHQVXiUHD´/RVWpUPLQRVGHODLQYLWDFLyQVHHQFXHQWUDQHQ ODSiJLQDZHEGHO0LQLVWHULRGH&XOWXUDZZZPLQFXOWXUDJRYFR/RVFRPSURPLVRV\ UHVSRQVDELOLGDGHVTXHGHEHQDVXPLUODVSHUVRQDVVHOHFFLRQDGDVFRPRMXUDGRVTXHGDUiQ HVWLSXODGRVHQODUHVROXFLyQGHGHVLJQDFLyQ 4XHHQODFLXGDGGH%RJRWiDORVWUHFH GtDVGHOPHVGHMXQLRGHVHUH XQLHURQ.DWKHULQH(VODYD2WiORUD&RRUGLQDGRUD3URJUDPD1DFLRQDOGH(VWtPXORV )UDQF\0RUDOHV$FRVWD$VHVRUDGHO3URJUDPD1DFLRQDOGH(VWtPXORV-DLPH&HUyQ\ 1DWDOLD6FKRQZDOGGHOD'LUHFFLyQGH$UWHVFRQHO¿QGHVHOHFFLRQDUDORVMXUDGRVGH ODFRQYRFDWRULD³%HFDVSDUDODLQYHVWLJDFLyQPRQRJUi¿FDVREUHDUWLVWDVFRORPELDQRV´ \¿MDUHOSDJRGHVXVKRQRUDULRVSUHYLDHYDOXDFLyQGHODVKRMDVGHYLGDUHJLVWUDGDVHQ ODEDVHGHGDWRVGHO6,1,&GHDFXHUGRFRQODLQYLWDFLyQS~EOLFDDELHUWDPHGLDQWHOD 5HVROXFLyQGHOGHDEULOGH 4XHFRPRFRQVHFXHQFLDGHODPHQFLRQDGDUHXQLyQVHH[SLGLyHO$FWDGHO&RPLWp GH6HOHFFLyQGH-XUDGRVGHMXQLRWUHFH GHHQYLUWXGGHODFXDOVHHVFRJLy FRPRMXUDGRVDODVVLJXLHQWHVSHUVRQDV &RQYRFDWRULD ÈUHD 1RPEUHV ', 9tFWRU 0DQXHO 5RGUtJXH] && %HFDV SDUD OD LQYHV 6DUPLHQWR WLJDFLyQ PRQRJUi¿FD $UWHV 0DQXHO.DOPDQRYLW] && VREUH DUWLVWDV FRORP 9LVXDOHV *RQ]iOH] ELDQRV -XDQ)HUQDQGR0HMtD'tD] && &LXGDG 3DJR )RUPD GHSDJR %RJRWi 8Q VRORSDJR %RJRWi 8Q VRORSDJR %RJRWi 8Q VRORSDJR 4XHORVJDVWRVTXHGHPDQGHHOFXPSOLPLHQWRGHODSUHVHQWHUHVROXFLyQVHFDQFHODUiQ FRQFDUJRDO&HUWL¿FDGRGH'LVSRQLELOLGDG3UHVXSXHVWDOQ~PHURGH\FRQ FDUJRDO&RQWUDWRGHOPLVPRDxR (QPpULWRGHORH[SXHVWR 5(68(/9( $UWtFXOR$FRJHUHO$FWDGHO&RPLWpGH6HOHFFLyQGH-XUDGRVGHIHFKDWUHFH GHMXQLRGHHQFRQVHFXHQFLDGHVLJQDUFRPRMXUDGRVGHODFRQYRFDWRULD³%HFDV SDUDODLQYHVWLJDFLyQPRQRJUi¿FDVREUHDUWLVWDVFRORPELDQRV´\¿MDUHOYDORUGHORV KRQRUDULRVSRUORVVHUYLFLRVSUHVWDGRVDODVVLJXLHQWHVSHUVRQDV &RQYRFDWRULD ÈUHD 1RPEUHV 9tFWRU0DQXHO5RGUtJXH] %HFDVSDUDODLQYHV 6DUPLHQWR WLJDFLyQPRQRJUi¿FD $UWHV 0DQXHO.DOPDQRYLW] VREUHDUWLVWDVFRORP 9LVXDOHV *RQ]iOH] ELDQRV -XDQ)HUQDQGR0HMtD'tD] ', &LXGDG 3DJR )RUPD GHSDJR && %RJRWi 8Q VRORSDJR && %RJRWi 8Q VRORSDJR && %RJRWi 8Q VRORSDJR $UWtFXOR(OUHFRQRFLPLHQWRSDUDORVMXUDGRVVHUiSDJDGRXQDYH]¿QDOL]DGDOD GHOLEHUDFLyQ\VXVFULWDHODFWDGHJDQDGRUHVGHODFRQYRFDWRULDHQXQVRORSDJR $UWtFXOR(OYDORUUHFRQRFLGRDORVMXUDGRVVHUiDVXPLGRFRQHOSUHVXSXHVWR GHO0LQLVWHULRGH&XOWXUDHOFXDOVHHQFXHQWUDDPSDUDGRFRQHO&HUWL¿FDGRGH'LV SRQLELOLGDG3UHVXSXHVWDOQ~PHURGH\FRQFDUJRDO&RQWUDWRGHO PLVPRDxR $UWtFXOR2UGHQDUHOVXPLQLVWURGHWLTXHWHVDpUHRVRWHUUHVWUHVLGD\UHJUHVR DORMDPLHQWR\DOLPHQWDFLyQSDUDORVMXUDGRVTXHDVtORUHTXLHUDQFRQHO¿QGHTXHDVLV WDQDODVGHOLEHUDFLRQHVHQODFLXGDGGH%RJRWi'&FRQFDUJRDO&RQWUDWRQ~PHUR GH $UWtFXOR(OUHFRQRFLPLHQWRSDUDORVMXUDGRVGHODFRQYRFDWRULDHVWDUiVXMHWR DO HQYtR GH ORV VLJXLHQWHV GRFXPHQWRV DO 3URJUDPD 1DFLRQDO GH (VWtPXORV FRSLD GHO587FHUWL¿FDFLyQEDQFDULDIRUPDWRGHUDGLFDFLyQDWHUFHURV¿UPDGRIDFWXUD HQ FDVR GH SHUWHQHFHU DO UpJLPHQ FRP~Q \ SODQLOOD GH SDJR GHVHJXULGDG VRFLDO FRUUHVSRQGLHQWHDOPHVHQHOTXHVHWUDPLWHHOSDJRSODQLOODV¿UPDGDVGHFDGDXQR GHORVSUR\HFWRVHYDOXDGRVDOLJXDOTXHOD¿UPDGHODFWDFRUUHVSRQGLHQWHDODGHOL EHUDFLyQSDUDODTXHIXHFRQYRFDGRLQIRUPDFLyQUHTXHULGDSDUDUHDOL]DUHOUHJLVWUR SUHVXSXHVWDOGHOFRPSURPLVR $UWtFXOR/RVFRPSURPLVRVTXHGHEHQDVXPLUORVMXUDGRVVHOHFFLRQDGRVVRQ /HHUGHWHQLGDPHQWHODVEDVHVGHODFRQYRFDWRULDGHODFXDOVRQMXUDGRVODVFXDOHV VHUiQHQWUHJDGDVSRUHO3URJUDPD1DFLRQDOGH(VWtPXORV /HHU\HYDOXDUSUHYLDPHQWHDODGHOLEHUDFLyQODVREUDVRSUR\HFWRVGHODFRQYR FDWRULDRODVFRQYRFDWRULDVSDUDODFXDOIXHURQVHOHFFLRQDGRVFRPRMXUDGRV 3DUDODHYDOXDFLyQGHODVREUDVRSUR\HFWRVGHEHUiQWHQHUHQFXHQWDORVFULWHULRV GHHYDOXDFLyQHVWDEOHFLGRVSDUDFDGDFRQYRFDWRULD 'LOLJHQFLDU\¿UPDUXQDSODQLOODGHHYDOXDFLyQSRUFDGDREUDRSUR\HFWRUHFLELGR HPLWLHQGRXQFRQFHSWRWpFQLFRTXHH[SUHVHVXYDORUDFLyQ 3UHVHOHFFLRQDU\OOHYDUDODGHOLEHUDFLyQ¿QDODUHDOL]DUVHHQ%RJRWiODVREUDVR SUR\HFWRVTXHSUHVHQWDUiDVXSDUHYDOXDGRU $VLVWLU D OD GHOLEHUDFLyQ HQ HO OXJDU IHFKD \ KRUD LQGLFDGRV SRU HO 3URJUDPD 1DFLRQDOGH(VWtPXORV (ODERUDUVXVWHQWDU\¿UPDUHO$FWDGH*DQDGRUHVGHODFRQYRFDWRULDTXHHYDOXDURQ /RVMXUDGRVUHVLGDQRQRHQODFLXGDGGH%RJRWiGHEHUiQGHYROYHUDO3URJUDPD 1DFLRQDOGH(VWtPXORVWRGRHOPDWHULDOUHFLELGRFRQHOSURSyVLWRGHTXHHVWHHIHFW~H ODUHVSHFWLYDGHYROXFLyQDORVSDUWLFLSDQWHVTXHORVROLFLWHQ 0DQWHQHUODFRQ¿GHQFLDOLGDGUHVSHFWRGHOSURFHVR\ORVUHVXOWDGRVGHOPLVPR (GLFLyQ 0DUWHVGHMXOLRGH ' , $ 5 , 2 2 ) , & , $ / $UWtFXOR/RVMXUDGRVGHEHUiQUHDOL]DUODVDFWLYLGDGHVLQKHUHQWHVDODVIXQFLRQHVD HOORVDVLJQDGDV\VHUHJLUiQSRUORHVWDEOHFLGRHQODV³&RQYRFDWRULDVGH(VWtPXORV´ $UWtFXOR/DSUHVHQWHUHVROXFLyQULJHDSDUWLUGHODIHFKDGHVXSXEOLFDFLyQ 3XEOtTXHVHFRPXQtTXHVH\F~PSODVH 'DGDHQ%RJRWi'&DGHMXOLRGH /D0LQLVWUDGH&XOWXUD 0DULDQD*DUFpV&yUGRED &) 45@1BD1=5>D?14=9>9CDB1D9F? 45<16E>39É>@Ì2<931 5(62/8&,21(6 5(62/8&,Ï11Ò0(52'( MXOLR SRUODFXDOVHDXWRUL]DD&HUWpFQLFD6$6SDUDKDFHUXVRGHO6HOOR2¿FLDOGH*HVWLyQ GHOD&DOLGDG17&*36HFWRU3~EOLFRHQHO(VWDGR&RORPELDQR /D'LUHFWRUDGHO'HSDUWDPHQWR$GPLQLVWUDWLYRGH/D)XQFLyQ3~EOLFDHQHMHUFLFLR GHODVIDFXOWDGHVOHJDOHVHQHVSHFLDOODVFRQIHULGDVSRUOD/H\GH\HO'HFUHWR GH\ &216,'(5$1'2 4XHHODUWtFXORGHO'HFUHWRGHHVWDEOHFHTXHODVHQWLGDGHV\DJHQWHV REOLJDGRVGHTXHWUDWDHODUWtFXORGHOD/H\GHTXHGHVHHQFHUWL¿FDUVX 6LVWHPDGH*HVWLyQGHOD&DOLGDGEDMRODQRUPD17&*3GHEHUiQUHDOL]DUORDQWH XQRUJDQLVPRGHFHUWL¿FDFLyQGH6LVWHPDVGH*HVWLyQGH&DOLGDGDFUHGLWDGREDMRGLFKD QRUPDSRUOD6XSHULQWHQGHQFLDGH,QGXVWULD\&RPHUFLR 4XH&(57e&1,&$6$6HQIHFKDGHGLFLHPEUHGHFRQUDGLFDGRLQWHUQR VROLFLWyVXDFUHGLWDFLyQDQWHOD6XSHULQWHQGHQFLDGHLQGXVWULD\&RPHUFLR SDUDVXRUJDQLVPRGHFHUWL¿FDFLyQGHVLVWHPDVGHJHVWLyQGHODFDOLGDG 4XHSDUDODIHFKDHQTXH&(57e&1,&$6$6VROLFLWyDOD6XSHULQWHQGHQFLDGH ,QGXVWULD\&RPHUFLRODDFUHGLWDFLyQSDUDODFHUWL¿FDFLyQGHVLVWHPDVGHJHVWLyQGHOD FDOLGDGOD6XSHULQWHQGHQFLDGH,QGXVWULD\&RPHUFLRFRQWLQXDEDHMHUFLHQGRIXQFLRQHV GHHQWLGDGDFUHGLWDGRUDGHFRQIRUPLGDGFRQHOUpJLPHQGHWUDQVLFLyQHVWDEOHFLGRHQ HOQXPHUDOGHODUWtFXORGHO'HFUHWRGHHOFXDOHVWDEOHFH³/D6XSHULQ WHQGHQFLDGH,QGXVWULD\&RPHUFLRUHFLELUiVROLFLWXGHVGHDFUHGLWDFLyQGHRUJDQLVPR GHFHUWL¿FDFLyQGHSURGXFWR\GHVLVWHPDVGHJHVWLyQKDVWDHOGHGLFLHPEUHGH \DGHODQWDUiORVFRUUHVSRQGLHQWHVSURFHVRVKDVWDHORWRUJDPLHQWRGHODDFUHGLWDFLyQR VXDUFKLYR´ 4XHPHGLDQWH5HVROXFLyQQ~PHURGHOGHGLFLHPEUHGHSRUODFXDO VHGHFLGHVREUHODDFUHGLWDFLyQGHXQRUJDQLVPRGHFHUWL¿FDFLyQ´OD6XSHULQWHQGHQFLD GH,QGXVWULD\&RPHUFLRFRQFHGLyODDFUHGLWDFLyQDORUJDQLVPRGHFHUWL¿FDFLyQGHVLVWH PDVGHJHVWLyQGHODFDOLGDGGHODVRFLHGDG&(57,),&$&,21(67e&1,&$6/7'$ &(57e&1,&$EDMRHOVLJXLHQWHDOFDQFH&HUWL¿FDFLyQGHVLVWHPDVGH*HVWLyQGHOD &DOLGDGSDUDOD5DPD(MHFXWLYDGHO3RGHU3~EOLFR\RWUDV(QWLGDGHVSUHVWDGRUDVGH VHUYLFLRVEDMROD17&*3 4XHHOLQFLVRGHODUWtFXORGHO'HFUHWRGHHVWDEOHFHTXHORVFHUWL¿FDGRV HPLWLGRVSRUODVHQWLGDGHVDFUHGLWDGDVGHEHUiQKDFHUUHIHUHQFLDH[SUHVDDOD1RUPD 7pFQLFDGH&DOLGDGHQOD*HVWLyQ3~EOLFD17&*3PHGLDQWHHOXVRGHOORJRWLSR TXHGLVHxHSDUDHOHIHFWRHO'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLyQ3~EOLFD 4XHPHGLDQWH'HFUHWRGHVHDGRSWyODDFWXDOL]DFLyQGHOD1RUPD7pFQLFD GH&DOLGDGHQOD*HVWLyQ3~EOLFD17&*39HUVLyQ 4XHPHGLDQWHOD5HVROXFLyQQ~PHURGHOGHMXOLRGHHO'HSDUWDPHQWR $GPLQLVWUDWLYRGHOD)XQFLyQ3~EOLFDUHJODPHQWyHOXVRGHO6HOOR2¿FLDOGH*HVWLyQ GHOD&DOLGDG17&*3HQHO(VWDGR&RORPELDQR 4XHPHGLDQWHFRPXQLFDFLyQGHIHFKDGHPD\RGH&(57e&1,&$6$6 VROtFLWDDXWRUL]DFLyQSDUDKDFHUXVRGHO6HOOR2¿FLDOGH*HVWLyQGHOD&DOLGDG17&*3 6HFWRU3~EOLFRHQHO(VWDGR&RORPELDQRSDUDORFXDODFUHGLWDORVUHTXLVLWRV VHxDODGRVHQOD5HVROXFLyQQ~PHURGHOGHMXOLRGH 5(68(/9( $UWtFXOR$XWRUL]DFLyQ$XWRUtFHVHD&(57e&1,&$6$6HQWLGDGDFUHGLWDGD SRUOD6XSHULQWHQGHQFLDGH,QGXVWULD\&RPHUFLRFRPRRUJDQLVPRGHFHUWL¿FDFLyQGH FRQIRUPLGDGFRQHOUpJLPHQGHWUDQVLFLyQDQWHVFLWDGRSDUDTXHXVHHO6HOOR2¿FLDOGH *HVWLyQGHOD&DOLGDG17&*36HFWRU3~EOLFRHQHO(VWDGR&RORPELDQR $UWtFXOR3XEOLFDFLyQ&(57e&1,&$6$6GHEHUiSXEOLFDUHQHO'LDULR 2¿FLDOHOFRQWHQLGRGHODSUHVHQWHUHVROXFLyQGHQWURGHORVFLQFR GtDVVLJXLHQWHV DO UHFLER GHO FRPXQLFDGR GHO SUHVHQWH DFWR DGPLQLVWUDWLYR FRSLD GH OD SXEOLFDFLyQ GHEHUiKDFHUVHOOHJDUDOD'LUHFFLyQGH&RQWURO,QWHUQR\5DFLRQDOL]DFLyQGH7UiPLWHV GHO'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLyQ3~EOLFD $UWtFXOR9LJHQFLD/DSUHVHQWHUHVROXFLyQULJHDSDUWLUGHODIHFKDGHVXSXEOLFDFLyQ 3XEOtTXHVHFRPXQtTXHVH\F~PSODVH 'DGDHQ%RJRWi'&DGHMXOLRGH /D'LUHFWRUD (OL]DEHWK5RGUtJXH]7D\ORU ,PSUHQWD1DFLRQDOGH&RORPELD5HFLER9,,9DORU CE@5B9>D5>45>391C Ce`UbY^dU^TU^SYQTU9^TecdbYQi3_]UbSY_ 5(62/8&,21(6 5(62/8&,Ï11Ò0(52'( MXOLR SRUODFXDOVHGHOHJDQXQDVIXQFLRQHV (O6XSHULQWHQGHQWHGH,QGXVWULD\&RPHUFLRHQHMHUFLFLRGHVXVIDFXOWDGHVOHJDOHV \HQHVSHFLDOGHODVFRQIHULGDVSRUHO'HFUHWRGHOGHVHSWLHPEUHGHPR GL¿FDGRSRUHO'HFUHWRGHHO&yGLJR&RQWHQFLRVR$GPLQLVWUDWLYRDUWtFXORV \HO&yGLJRGH3URFHGLPLHQWR&LYLODUWtFXOR\OD/H\GH 5(68(/9( $UWtFXOR'HOHJDUHQHOGRFWRU:LOOLDP$QWRQLR%XUJRV'XUDQJRLGHQWL¿FDGRFRQ ODFpGXODGHFLXGDGDQtDGH%RJRWi\7DUMHWD3URIHVLRQDOQ~PHURGH &RQVHMR6XSHULRUGHOD-XGLFDWXUDTXLHQGHVHPSHxDODVIXQFLRQHVGH-HIHGHOD2¿FLQD $VHVRUD-XUtGLFDGHOD6XSHULQWHQGHQFLDGH,QGXVWULD\&RPHUFLRGHDFXHUGRFRQOD 5HVROXFLyQGHOGHHQHURGH\$FWDGH3RVHVLyQGHOGHHQHURGH HOHMHUFLFLRDFWLYRRSDVLYRGHODUHSUHVHQWDFLyQMXGLFLDOGHOD6XSHULQWHQGHQFLD GH,QGXVWULD\&RPHUFLRHQWRGDFODVHGHSURFHVRVMXGLFLDOHVRSROLFLYRVDVtFRPRGH ODUHSUHVHQWDFLyQH[WUDSURFHVDOGHODPLVPDHQWHQGLGDVLHPSUHODGHOHJDFLyQFRQODV IDFXOWDGHVSDUDFRQFLOLDUGHDFXHUGRFRQODVQRUPDVTXHUHJXOHQODFRQFLOLDFLyQ 3DUDWDOHIHFWRHO-HIHGHOD2¿FLQD$VHVRUD-XUtGLFDSRGUi D 1RWL¿FDUVHSHUVRQDOPHQWHGHODVGHFLVLRQHVRDFWXDFLRQHVSURIHULGDVGHQWURGH ORVSURFHVRVMXGLFLDOHV\DFFLRQHVFRQVWLWXFLRQDOHVTXHVHDGHODQWHQFRQWUDOD6XSHULQ WHQGHQFLDGH,QGXVWULD\&RPHUFLR E 3URPRYHUORVSURFHVRVMXGLFLDOHV\DFFLRQHVFRQVWLWXFLRQDOHVHQTXHWHQJDLQWHUpV OD6XSHULQWHQGHQFLDGH,QGXVWULD\&RPHUFLR\DFWXDUHQHOORV F ,QWHUSRQHUORVUHFXUVRVRUGLQDULRV\H[WUDRUGLQDULRVSURFHGHQWHVFRQWUDODVSUR YLGHQFLDVGLFWDGDVHQORVSURFHVRVDQWHVPHQFLRQDGRV G &RQIHULUSRGHUDORVDERJDGRVGHSODQWD\FRQWUDWLVWDVGHOD6XSHULQWHQGHQFLD SDUDTXHUHSUHVHQWHQDOD6XSHULQWHQGHQFLDGH,QGXVWULD\&RPHUFLRHQORVSURFHVRVD TXHVHUH¿HUHHOSUHVHQWHDUWtFXOR\HQODVGLOLJHQFLDVMXGLFLDOHV\SUHMXGLFLDOHV $UWtFXOR/DSUHVHQWHUHVROXFLyQULJHDSDUWLUGHODIHFKDGHVXH[SHGLFLyQ 3XEOtTXHVH\F~PSODVH 'DGDHQ%RJRWi'&DGHMXOLRGH (O6XSHULQWHQGHQWHGH,QGXVWULD\&RPHUFLR -RVp0LJXHOGHOD&DOOH5HVWUHSR &) Ce`UbY^dU^TU^SYQTU>_dQbYQT_iBUWYcdb_ $8726 $8721Ò0(52'( MXQLR SRUPHGLRGHOFXDOVHLQLFLDXQDDFWXDFLyQDGPLQLVWUDWLYDDORVIROLRVGHPDWUtFXODV LQPRELOLDULDV ([SHGLHQWHQ~PHUR$$ (O5HJLVWUDGRU ( GH,QVWUXPHQWRV3~EOLFRVGH6RJDPRVRHQHMHUFLFLRGHVXVID FXOWDGHVOHJDOHV\HQHVSHFLDOGHODVFRQIHULGDVSRUHO'HFUHWRGH'HFUHWROH\ GH\DUWtFXOR'HFUHWRGHOGHIHEUHURGH\ &216,'(5$1'248( &RQPRWLYRGHOGHUHFKRGHSHWLFLyQSUHVHQWDGRSRUHOVHxRU'DLUR)HUQH\$OEDUUDFtQ FRQUDGLFDFLyQQ~PHUR(5VHSXGRFRQVWDWDUTXHHOSUHGLRLGHQWL¿FDGR FRQHOIROLRGHPDWUtFXODLQPRELOLDULDSUHVHQWDYDULDVLQFRQVLVWHQFLDV (O DUWtFXOR GHO 'HFUHWR GH HVWDEOHFH HO PRGR GH DEULU \ OOHYDU OD PDWUtFXODVHDMXVWDUiDORGLVSXHVWRHQHVWDRUGHQDFLyQGHPDQHUDTXHDTXHOODH[KLED HQ WRGR PRPHQWR HO HVWDGR MXUtGLFR GHO UHVSHFWLYR ELHQ \ GH ORV KHFKRV H[SXHVWRV ' , $ 5 , 2 2 ),&,$/ DQWHULRUPHQWHHVWD2¿FLQDHYLGHQFLDODQHFHVLGDGGHLQLFLDUODFRUUHVSRQGLHQWH$FWXD FLyQ$GPLQLVWUDWLYD DUWtFXORGHO&&$ WHQGLHQWHDGHPRVWUDUODYHUGDGHUD\UHDO VLWXDFLyQMXUtGLFDGHOSUHGLRDQWHULRUPHQWHLGHQWL¿FDGRVLJXLHQGRHOSURFHGLPLHQWRTXH VHxDODHO&yGLJR&RQWHQFLRVR$GPLQLVWUDWLYRSDUDODVVROLFLWXGHVGHORVSDUWLFXODUHV (QYLUWXGGHORDQWHULRUHVWH'HVSDFKR ',6321( $UWtFXOR ,QLFLDU DFWXDFLyQ DGPLQLVWUDWLYD WHQGLHQWH D HVWDEOHFHU OD YHUGDGHUD VLWXDFLyQMXUtGLFDGHORVIROLRVGHPDWUtFXODLQPRELOLDULD $UWtFXOR1RWL¿FDUHOFRQWHQLGRGHHVWH$XWRD$QD%HOpQ&DPDFKRGH&DPDFKR (VWHEDQ&DPDFKR&DPDFKR(XPHOLQD$OEDUUD*RQ]iOH]6XVDQD$OEDUUDFtQ*RQ]i OH],VDDF$OEDUUDFtQ*RQ]iOH])UDQFLVFR$OEDUUDFtQ*RQ]iOH]6DOYDGRU$OEDUUDFtQ 0DUtDGH-HV~V$OEDUUDFtQ$XURUD$OEDUUDFtQ&OHPHQFLD5LQFyQ9LXGDGH$OEDUUDFtQ &DUORV&ULVWDQFKR $UWtFXOR 6L QR IXHUH SRVLEOH OD QRWL¿FDFLyQ SHUVRQDO GH ORV WHUFHURV V~UWDVH HOODPHGLDQWHSXEOLFDFLyQGHHVWDSURYLGHQFLDSRUHGLFWRHOFXDOVH¿MDUiHQXQOXJDU S~EOLFRGHODR¿FLQD 6HFFLyQGHFDMD SRUWpUPLQRGHGtDVRHQXQ'LDULRGH&LU FXODFLyQ1DFLRQDORHQHO'LDULR2¿FLDODFDUJRGHODSDUWHVROLFLWDQWH DUWtFXOR\ GHO&&$ $UWtFXOR&RPXQLFDUHOFRQWHQLGRGHHVWH$XWRDOD'LYLVLyQ2SHUDWLYDGHHVWD 2¿FLQDFRQHO¿QGHTXHWRGDVROLFLWXGGHH[SHGLFLyQGHFHUWL¿FDGRVLQVFULSFLyQGH GRFXPHQWRVRFXDOTXLHURWUDSHWLFLyQVHDQHQYLDGRVDOD'LYLVLyQ-XUtGLFDSDUDHYLWDU TXHHVWD2¿FLQDWRPHGHFLVLRQHVFRQWUDULDV $UWtFXOR)RUPDUHOH[SHGLHQWHFRUUHVSRQGLHQWHGHELGDPHQWHIROLDGR DUWtFXOR &yGLJR&RQWHQFLRVR$GPLQLVWUDWLYR $UWtFXOR(VWDSURYLGHQFLDULJHDSDUWLUGHVXH[SHGLFLyQ 1RWLItTXHVHFRPXQtTXHVH\F~PSODVH 'DGRHQ6RJDPRVRDORVGLH] GtDVGHOPHVGHMXQLRGHOGRVPLORQFH (O5HJLVWUDGRU ( ÏVFDU'DQLOR&DOL[WR1RVVD ,PSUHQWD1DFLRQDOGH&RORPELD5HFLER9,,9DORU E>94145C14=9>9CDB1D9F1C5C@5391<5C 3_]YcY^TUBUWe\QSY^TU3_]e^YSQSY_^Uc 5(62/8&,21(6 5(62/8&,Ï11Ò0(52'( MXOLR SRUPHGLRGHODFXDOVHGH¿QHQORVSDUiPHWURV\VH¿MDQLQGLFDGRUHV\PHWDVGHFDOLGDG SDUDORVVHUYLFLRVSRVWDOHVGLIHUHQWHVDORVFRPSUHQGLGRVGHQWURGHO6HUYLFLR3RVWDO 8QLYHUVDO\VHHVWDEOHFHHOPRGHOR~QLFRSDUDODVSUXHEDVGHHQWUHJD /D &RPLVLyQ GH 5HJXODFLyQ GH &RPXQLFDFLRQHV HQ HMHUFLFLR GH ODV IDFXOWDGHV FRQIHULGDVHQORVDUWtFXORV\QXPHUDOHV\GHOD/H\GH\ &216,'(5$1'2 4XHOD/H\GHHVWDEOHFHHOUpJLPHQJHQHUDOGHSUHVWDFLyQGHORVVHUYLFLRV SRVWDOHV\GHWHUPLQDODVFRPSHWHQFLDVGHODVHQWLGDGHVHQFDUJDGDVGHODUHJXODFLyQHO FRQWURO\ODYLJLODQFLDGHGLFKRVVHUYLFLRVLQFOXLGDVODVGHOD&RPLVLyQGH5HJXODFLyQ GH&RPXQLFDFLRQHV±&5& 4XHHODUWtFXORGHOD/H\GHVHxDODTXHORVVHUYLFLRVSRVWDOHVVRQ FRQVLGHUDGRVXQVHUYLFLRS~EOLFRHQORVWpUPLQRVGHODUWtFXORGHOD&RQVWLWXFLyQ 3ROtWLFD\SUHYpTXHVXSUHVWDFLyQHVWDUiVRPHWLGDDODUHJXODFLyQYLJLODQFLD\FRQWURO GHO(VWDGRFRQVXMHFLyQDORVSULQFLSLRVGHFDOLGDGH¿FLHQFLD\XQLYHUVDOLGDG 4XHODFLWDGD/H\GHHVWDEOHFHTXHODLQWHUYHQFLyQGHO(VWDGRHQORV VHUYLFLRVSRVWDOHVUHVSRQGHHQWUHRWURVDORVVLJXLHQWHVREMHWLYRV L $VHJXUDUODSUHV WDFLyQH¿FLHQWHySWLPD\RSRUWXQDGHORVVHUYLFLRVSRVWDOHV LL DVHJXUDUTXHODVWDULIDV SHUPLWDQUHFXSHUDUORVFRVWRVH¿FLHQWHVGHSUHVWDFLyQGHOVHUYLFLR\TXHUHÀHMHQORV GLVWLQWRVQLYHOHVGHFDOLGDGRIUHFLGRVSRUORVRSHUDGRUHVSRVWDOHV LLL SURPRYHUODOLEUH FRPSHWHQFLD\HYLWDUORVDEXVRVGHSRVLFLyQGRPLQDQWH\ODVSUiFWLFDVUHVWULFWLYDVGHOD FRPSHWHQFLD\ LY HVWLPXODUDORVRSHUDGRUHVDLQFRUSRUDUORVDYDQFHVWHFQROyJLFRV HQODSUHVWDFLyQGHORVVHUYLFLRVSRVWDOHV 4XHHODUWtFXORGHOD/H\GHHVWDEOHFHTXHOD&5&³HVOD$XWRULGDG FRPSHWHQWHSDUDUHJXODUHOUpJLPHQGHWDULIDV\ORVQLYHOHVGHFDOLGDGGHORV6HUYLFLRV 3RVWDOHVGLVWLQWRVDDTXHOORVSHUWHQHFLHQWHVDO6HUYLFLR3RVWDO8QLYHUVDO´ 4XHHQFRQFRUGDQFLDFRQORDQWHULRUHOQXPHUDOGHODUWtFXORGHOD/H\GH HVWDEOHFHTXHOD&5&WLHQHODIXQFLyQGHH[SHGLUWRGDODUHJXODFLyQGHFDUiFWHU JHQHUDO\SDUWLFXODUHQODVPDWHULDVUHODFLRQDGDVHQWUHRWURVDVSHFWRVFRQORVSDUiPHWURV GHFDOLGDGGHORVVHUYLFLRVSRVWDOHV 4XHHOQXPHUDOGHODQRUPDDQWHVFLWDGDVHxDODTXHOD&5&WLHQHODIXQFLyQGH ¿MDULQGLFDGRUHV\PHWDVGHFDOLGDG\H¿FLHQFLDGHORVVHUYLFLRVSRVWDOHVGLIHUHQWHVD (GLFLyQ 0DUWHVGHMXOLRGH ORVFRPSUHQGLGRVGHQWURGHO6HUYLFLR3RVWDO8QLYHUVDOHLPSRQHUtQGLFHVGHFDOLGDG FREHUWXUD\H¿FLHQFLDDXQRRYDULRVRSHUDGRUHVSDUDGHWHUPLQDGRVVHUYLFLRV 4XHVHJ~QHOQXPHUDOGHHVWDPLVPDQRUPDOHFRUUHVSRQGHDOD&5&HVWDEOHFHUHO PRGHOR~QLFRSDUDODVSUXHEDVGHHQWUHJDFRQORVPRWLYRVGHGHYROXFLyQGHDFXHUGRFRQ QRUPDVLQWHUQDFLRQDOHVIXQFLyQTXHOHIXHDVLJQDGDSDUDWRGRVORVVHUYLFLRVSRVWDOHV 4XHODIDFXOWDGDVLJQDGDDOD&5&GHHVWDEOHFHUHOPRGHOR~QLFRGHODVSUXHEDV GHHQWUHJDFRUUHVSRQGHDXQDVSHFWRDVRFLDGRDODFDOLGDGGHORVVHUYLFLRVSRVWDOHV HVSHFLDOPHQWHHQORUHODWLYRDODFRQ¿DELOLGDGGHORVPLVPRVHQWHQGLGDHVWD~OWLPD FRPRODHQWUHJDHIHFWLYDDORVXVXDULRVGHVWLQDWDULRVGHWRGRVORVREMHWRVHQEXHQHVWDGR 4XHOD&5&HVWiIDFXOWDGDSDUDGHWHUPLQDUHOPRGHOR~QLFRSDUDODVSUXHEDVGH HQWUHJDHQWHQGLGRHVWHFRPRHOSXQWRGHUHIHUHQFLDTXHVHUHSURGXFLUiFRQFDUDFWHUtVWL FDV\HOHPHQWRVHVSHFt¿FRVTXHVHUiQDMXVWDGRVDODVSDUWLFXODULGDGHVGHFDGDVHUYLFLR SRVWDO\FX\DIXQFLyQVHUiFRPSUREDUODHQWUHJDHIHFWLYDGHORVREMHWRVSRVWDOHVHQYLDGRV DWUDYpVGHODVUHGHVSRVWDOHVGHORVGLIHUHQWHVVHUYLFLRV$VLPLVPRORVPRWLYRVGH GHYROXFLyQVHHVWDEOHFHQGHDFXHUGRFRQQRUPDVLQWHUQDFLRQDOHVVHJ~QORSUHYLVWRHQ HOQXPHUDOGHODUWtFXORGHOD/H\GH 4XHHODUWtFXORGHOD/H\GHHVWDEOHFHTXHODVHPSUHVDVTXHSUHVWHQ VHUYLFLRVSRVWDOHVDODIHFKDGHHQWUDGDGHODPLVPDSRGUiQPDQWHQHUVXVFRQFHVLRQHV \OLFHQFLDVKDVWDSRUHOWpUPLQRGHORVPLVPRVEDMRODQRUPDWLYLGDGOHJDOYLJHQWH HQHOPRPHQWRGHVXH[SHGLFLyQ\FRQHIHFWRVVyORSDUDHVDVKDELOLWDFLRQHV\TXH FXPSOLGRHOWpUPLQR¿MDGRSDUDODVPLVPDVVHOHVDSOLFDUiHOUpJLPHQSUHYLVWRHQ ODFLWDGDOH\ 4XHHQORVWpUPLQRVGHODUWtFXORGHOD/H\GHHOPHUFDGRGHORV VHUYLFLRVSRVWDOHVVHHQFXHQWUDFRPSXHVWRSRUORVFRQFHVLRQDULRVROLFHQFLDWDULRVGH ORVVHUYLFLRVSRVWDOHVGHVHUYLFLRVGHFRUUHRV\GHPHQVDMHUtDHVSHFLDOL]DGDKDELOLWDGRV EDMRHOUpJLPHQGHOD/H\GH\HO'HFUHWRGH\DVXYH]SRUORV RSHUDGRUHVGHVHUYLFLRVSRVWDOHVKDELOLWDGRVTXHRIUHFHQDOS~EOLFRHQJHQHUDOORVVHU YLFLRVSRVWDOHVGH L FRUUHR LL GHSDJR\ LLL GHPHQVDMHUtDH[SUHVDGHFRQIRUPLGDG FRQOD/H\GH/RDQWHULRUHQOtQHDFRQORVHxDODGRSRUHO0LQLVWHULRGH 7HFQRORJtDVGHOD,QIRUPDFLyQ\ODV&RPXQLFDFLRQHVHQWLGDGFRPSHWHQWHHQPDWHULD GHKDELOLWDFLyQSDUDODSUHVWDFLyQGHVHUYLFLRVSRVWDOHVDVtFRPRUHVSHFWRGHOD¿MDFLyQ GHODVSROtWLFDVSDUDHOVHFWRUSRVWDOHQHOSDtV 4XHHOSDUiJUDIRGHODUWtFXORGHO'HFUHWRGHHVWDEOHFHODVFDUDFWHUtV WLFDVHQODVTXHRSHUDHOVHUYLFLRGHPHQVDMHUtDHVSHFLDOL]DGD'HIRUPDHVSHFt¿FD HQFXDQWRDODVFRQGLFLRQHVHQPDWHULDGHWLHPSRVGHHQWUHJDHOOLWHUDOH GHOFLWDGR SDUiJUDIRHVWDEOHFHTXHORVPLVPRVQRVHUiQVXSHULRUHVDYHLQWLFXDWUR KRUDVHQ VHUYLFLRXUEDQRFXDUHQWD\RFKR KRUDVHQVHUYLFLRQDFLRQDODFXDOTXLHUOXJDUGHO SDtV\QRYHQWD\VHLV KRUDVHQVHUYLFLRLQWHUQDFLRQDO 4XHHOQXPHUDOGHODUWtFXORGHOD/H\GHHVWDEOHFHODVFDUDFWHUtV WLFDVPtQLPDVGHOVHUYLFLRGH0HQVDMHUtD([SUHVD 4XHHO0DQXDOGH&RUUHVSRQGHQFLDGHOD8QLyQ3RVWDO8QLYHUVDO±838±HVWDEOHFH HOPRGHOR~QLFRGHSUXHEDGHHQWUHJDSDUDORVVHUYLFLRVGHFRUUHRDVtFRPRHOIRUPDWR GHORVPRWLYRVGHGHYROXFLyQSDUDHVWRVVHUYLFLRV 4XHOD&5&UHDOL]yGHVGHHODxRHVWXGLRV\DQiOLVLVGHH[SHULHQFLDVLQWHUQD FLRQDOHVHQPDWHULDGHFDOLGDGSRVWDOREVHUYDQGRODVPHMRUHVSUiFWLFDVWDQWRGHRUJD QL]DFLRQHVFRPRGHSDtVHV\FRQFOX\HQGRTXHGHQWURGHORVSULQFLSDOHVSDUiPHWURV GHFDOLGDGTXHGHEHQVHUWHQLGRVHQFXHQWDSDUDODSUHVWDFLyQGHVHUYLFLRVSRVWDOHVVH HQFXHQWUDQORVUHODWLYRVDYHORFLGDG\FRQ¿DELOLGDG 4XHOD&5&SXEOLFySDUDFRPHQWDULRVGHOVHFWRUHOGHVHSWLHPEUHGHOD SURSXHVWD UHJXODWRULD SDUD OD GH¿QLFLyQ GH ORV SDUiPHWURV LQGLFDGRUHV \ PHWDV GH FDOLGDG PtQLPRV TXH GHEHQ FXPSOLU ORV RSHUDGRUHV GH VHUYLFLRV SRVWDOHV VREUH OD FXDOVHUHFLELHURQFRPHQWDULRVSRUSDUWHGHGLIHUHQWHVDJHQWHVGHOVHFWRUKDVWDHO GHRFWXEUHGH 4XHDSDUWLUGHORVFRPHQWDULRVUHFLELGRVDODSURSXHVWDUHJXODWRULDSXEOLFDGDHQ VHSWLHPEUHGHOD&5&HVWLPyQHFHVDULDODHVWUXFWXUDFLyQGHXQDQXHYDSURSXHVWD UHJXODWRULDODFXDODWLHQGHWDPELpQRWURVDVSHFWRV\HQSDUWLFXODUORGLVSXHVWRHQHO &RQFHSWRQ~PHURGHOGHRFWXEUHGHGHOD2¿FLQD$VHVRUD-XUtGLFD GHO0LQLVWHULRGH7HFQRORJtDVGHOD,QIRUPDFLyQ\ODV&RPXQLFDFLRQHVHQHOFXDOVH PDQL¿HVWDTXHVLELHQHOVHUYLFLRGHPHQVDMHUtDHVSHFLDOL]DGD\HOVHUYLFLRGHPHQVDMH UtDH[SUHVDFRPSDUWHQDOJXQDVFDUDFWHUtVWLFDVFRPRUHJLVWURLQGLYLGXDOGHFDGDHQYtR UHFROHFFLyQDGRPLFLOLR\FXUVRGHHQYtRRWUDVFRPRHOUDVWUHRWLHPSRVGHHQWUHJD\ SHVRGHOHQYtRLPSOLFDQYLVLEOHVGLIHUHQFLDVUD]yQSRUODFXDOEDMRHOPDUFRQRUPDWLYR DFWXDOQRVHLQWHUSUHWDQFRPRXQPLVPRVHUYLFLR 4XHHQHMHUFLFLRGHODVFRPSHWHQFLDVRWRUJDGDVSRUOD/H\GHOD&5& HVWDEOHFHUiSDUiPHWURVLQGLFDGRUHV\PHWDVGHFDOLGDGSDUDORVVHUYLFLRVSRVWDOHVGL IHUHQWHVDORVFRPSUHQGLGRVHQHO6HUYLFLR3RVWDO8QLYHUVDOHVSHFt¿FDPHQWHSDUDORV VHUYLFLRVGH0HQVDMHUtD([SUHVD\3RVWDOHVGH3DJRDVtFRPRHOPRGHOR~QLFRGHODV SUXHEDVGHHQWUHJDSDUDORVVHUYLFLRVTXHORUHTXLHUDQ 4XHDOFRQVWLWXLUVHODSUHVHQWHUHJXODFLyQFRPRSXQWRGHSDUWLGDHQPDWHULDGHFDOLGDG SDUDORVVHUYLFLRVSRVWDOHVOD&5&HVWDEOHFHUiPHWDVGHFRUWRSOD]RSDUDHOSHUtRGR /RDQWHULRUVLQSHUMXLFLRTXHHQFXDOTXLHUPRPHQWROD&RPLVLyQPRGL¿TXH ODVPLVPDVHQUD]yQDOPRQLWRUHRUHJXODWRULRTXHVHGHVDUUROOHVREUHHOPHUFDGRSRVWDO 4XHOD&RPLVLyQGH5HJXODFLyQGH&RPXQLFDFLRQHVSXEOLFyHOGHDEULOGHXQD QXHYDSURSXHVWDUHJXODWRULDSDUDODGH¿QLFLyQGHORVSDUiPHWURVLQGLFDGRUHV\PHWDVGH (GLFLyQ 0DUWHVGHMXOLRGH ' , $ 5 , 2 2 ) , & , $ / FDOLGDGPtQLPRVTXHGHEHQFXPSOLUORVRSHUDGRUHVGHVHUYLFLRVSRVWDOHVVREUHODFXDO VHUHFLELHURQFRPHQWDULRVSRUSDUWHGHGLIHUHQWHVDJHQWHVKDVWDHOGHDEULOGH 4XHXQDYH]DQDOL]DGDVODVFRQGLFLRQHVEDMRODVFXDOHVORVRSHUDGRUHVSRVWDOHV KDELOLWDGRVFRQHOUpJLPHQDQWHULRUDODH[SHGLFLyQGHOD/H\GHSUHVWDQ VXVVHUYLFLRVOD&RPLVLyQGH5HJXODFLyQGH&RPXQLFDFLRQHVFRQVLGHUDTXHORVSD UiPHWURVPHWDVHLQGLFDGRUHVGHFDOLGDGDSOLFDEOHVDORVPLVPRV\HVWDEOHFLGRVHQHO DUWtFXORGHO'HFUHWRGHVHHQWLHQGHQSRUXQDSDUWHFRPRFRQGLFLRQHV LQKHUHQWHVDGLFKRUpJLPHQMXUtGLFRSUHYLVWRFRQDQWHULRULGDGDODPHQFLRQDGDOH\\ DODYH]FRPRFULWHULRVDMXVWDGRVDODUHDOLGDGGHODVFRQGLFLRQHVDFWXDOHVGHOVHFWRU UD]yQSRUODFXDOQR¿MDUiSDUiPHWURVLQGLFDGRUHVQLPHWDVGHFDOLGDGSDUDGLFKRV RSHUDGRUHVSRVWDOHV 4XHHVWD&RPLVLyQXQDYH]HIHFWXDGRHOFXHVWLRQDULRH[SHGLGRSRUOD6XSHULQWHQ GHQFLDGH,QGXVWULD\&RPHUFLRPHGLDQWH5HVROXFLyQQ~PHURGHOGHDJRVWR GHSDUDYHUL¿FDUVLODVGLVSRVLFLRQHVFRQWHPSODGDVHQHOSUHVHQWHDFWRDGPLQLV WUDWLYRUHVWULQJHQLQGHELGDPHQWHODFRPSHWHQFLDHQFRQWUyTXHWRGDVODVUHVSXHVWDVD ODVSUHJXQWDVIXHURQQHJDWLYDV(QFRQVHFXHQFLDGHFRQIRUPLGDGFRQHODUWtFXOR GHODFLWDGDUHVROXFLyQHQFRQFRUGDQFLDFRQHODUWtFXORGHO'HFUHWRGH QRIXHQHFHVDULRVRPHWHUDFRQVLGHUDFLyQGHOD6,&HOSUHVHQWHSUR\HFWRUHJXODWRULR 4XHGHDFXHUGRFRQORSUHYLVWRHQHODUWtFXORGHO'HFUHWRGHHOSUR \HFWRUHJXODWRULRSDUDODGH¿QLFLyQGHORVSDUiPHWURVLQGLFDGRUHV\PHWDVGHFDOLGDG PtQLPRVFRQTXHGHEHQFXPSOLUORVRSHUDGRUHVGHVHUYLFLRVSRVWDOHVKDVXUWLGRHO SURFHVRGHSXEOLFLGDGUHVSHFWLYRJDUDQWL]DQGRDVtODSDUWLFLSDFLyQGHWRGRVORVDJHQWHV LQWHUHVDGRVHQHOPLVPR 4XHXQDYH]¿QDOL]DGRHOSOD]RGH¿QLGRSRUOD&5&SDUDUHFLELUFRPHQWDULRVGH ORVGLIHUHQWHVDJHQWHVGHOVHFWRUVHHODERUyHOGRFXPHQWRTXHFRQWLHQHODVUD]RQHV SRUODVFXDOHVVHDFHSWDQRUHFKD]DQORVSODQWHDPLHQWRVH[SXHVWRVHOFXDOIXHSXHVWR DFRQVLGHUDFLyQGHO&RPLWpGH&RPLVLRQDGRVVHJ~QFRQVWDHQODV$FWDVQ~PHURV \GHO\GHMXQLRGHUHVSHFWLYDPHQWH\SRVWHULRUPHQWHSUHVHQWDGRDORV PLHPEURVGHOD6HVLyQGH&RPLVLyQHOGHMXQLRVHJ~QFRQVWDHQ$FWDQ~PHUR 4XHHQYLUWXGGHORH[SXHVWR 5(68(/9( 7Ë78/2, ',6326,&,21(6*(1(5$/(6 $UWtFXORÈPELWR\REMHWRGHDSOLFDFLyQ/DSUHVHQWHUHVROXFLyQWLHQHSRUREMHWR GH¿QLUORVSDUiPHWURV¿MDUORVLQGLFDGRUHV\ODVPHWDVGHFDOLGDGTXHGHEHQFXPSOLU ORVRSHUDGRUHVGHVHUYLFLRVSRVWDOHVGH0HQVDMHUtD([SUHVD\6HUYLFLRV3RVWDOHVGH 3DJRTXHSUHVWHQHOVHUYLFLRGHJLURVQDFLRQDOHVGLVWLQWRVDDTXHOORVSHUWHQHFLHQWHVDO 6HUYLFLR3RVWDO8QLYHUVDODVtFRPRHOPRGHOR~QLFRSDUDODVSUXHEDVGHHQWUHJDSDUD ORVVHUYLFLRVSRVWDOHVTXHDVtORUHTXLHUDQ /DVGLVSRVLFLRQHVFRQWHQLGDVHQODSUHVHQWHUHVROXFLyQUHIHUHQWHVDOPRGHOR~QLFR GHSUXHEDVGHHQWUHJD\DORVPRWLYRVGHGHYROXFLyQVHUiQDSOLFDEOHVDORVVHUYLFLRV GH&RUUHR0HQVDMHUtD([SUHVD\6HUYLFLRV3RVWDOHVGH3DJRGHFRQIRUPLGDGFRQODV GH¿QLFLRQHVFRQWHQLGDVHQHODUWtFXORGHOD/H\GH 3DUiJUDIR/DVGLVSRVLFLRQHVFRQWHQLGDVHQODSUHVHQWHUHVROXFLyQUHVSHFWRGHOVHU YLFLRGHPHQVDMHUtDH[SUHVDHQHOiPELWRLQWHUQDFLRQDOQRVHUiQDSOLFDEOHVDO2SHUDGRU 3RVWDO2¿FLDO3DUDHOHIHFWRVHUHJLUiQSRUORGLVSXHVWRSRUOD8QLyQ3RVWDO8QLYHUVDO ±838±DWUDYpVGHOD&RRSHUDWLYD(06 $UWtFXOR'H¿QLFLRQHV3DUDHIHFWRVGHODLQWHUSUHWDFLyQ\DSOLFDFLyQGHODSUHVHQWH 5HVROXFLyQ\VLQSHUMXLFLRGHODVGH¿QLFLRQHVHVWDEOHFLGDVHQOD/H\GHVH DGRSWDQODVVLJXLHQWHVGH¿QLFLRQHV ÈPELWR/RFDO/DHQWUHJDGHOREMHWRSRVWDOVHUHDOL]DHQHOPLVPRPXQLFLSLRR GHQWURGHOiUHDPHWURSROLWDQDHQODFXDOIXHDGPLWLGRGLFKRREMHWRSRUHORSHUDGRUSRVWDO RVHJ~QODVSROtWLFDVFRPHUFLDOHV\RSHUDWLYDVHVWDEOHFLGDVSRUFDGDRSHUDGRUSRVWDO ÈPELWR1DFLRQDO/DHQWUHJDGHOREMHWRSRVWDOVHUHDOL]DHQPXQLFLSLRRHQ HOiUHDPHWURSROLWDQDGLIHUHQWHDDTXpOODHQODFXDOIXHDGPLWLGRGLFKRREMHWRSRUHO RSHUDGRUSRVWDORVHJ~QODVSROtWLFDVFRPHUFLDOHV\RSHUDWLYDVHVWDEOHFLGDVSRUFDGD RSHUDGRUSRVWDO ÈPELWR,QWHUQDFLRQDOVDOLHQWH(VODDGPLVLyQGHOREMHWRSRVWDOHQ&RORPELD SDUDVHUHQWUHJDGRHQHOH[WUDQMHUR ÈPELWRLQWHUQDFLRQDOHQWUDQWH2EMHWRSRVWDODGPLWLGRHQHOH[WUDQMHURSDUD VHUHQWUHJDGRHQ&RORPELD *XtD6HDGRSWDODGH¿QLFLyQHVWDEOHFLGDHQHODUWtFXORGHOD5HVROXFLyQ &5&GH³SRUODFXDOVHH[SLGHHO5pJLPHQGH3URWHFFLyQGHORV'HUHFKRV GHORV8VXDULRVGHORV6HUYLFLRV3RVWDOHV´ 2EMHWRHQYLDGR2EMHWRSRVWDOLPSXHVWRSRUXQXVXDULRUHPLWHQWH\DGPLWLGR SRUHORSHUDGRUGHVHUYLFLRVSRVWDOHVFRQHO¿QGHTXHVHDWUDQVSRUWDGRFODVL¿FDGR \HQWUHJDGRDXQXVXDULRGHVWLQDWDULRDWUDYpVGHODVUHGHVSRVWDOHVGLVSXHVWDVSRU HORSHUDGRUSDUDHOOR 2EMHWRHQWUHJDGRHQEXHQHVWDGR2EMHWRSRVWDOHQWUHJDGRDOXVXDULRGHVWL QDWDULRFRQVLJQDGRHQODJXtDRSUXHEDGHDGPLVLyQRDODSHUVRQDDXWRUL]DGDSRUHO UHPLWHQWHHQODVPLVPDVFRQGLFLRQHVHQODVFXDOHVIXHDGPLWLGRSRUHORSHUDGRUSRVWDO RTXHIXHGHYXHOWRDOXVXDULRUHPLWHQWHHQODVPLVPDVFRQGLFLRQHVHQODVFXDOHVIXH DGPLWLGRSRUHORSHUDGRUSRVWDOFRQIRUPHDORVPRWLYRVGHGHYROXFLyQHVWDEOHFLGRV HQODSUHVHQWHUHVROXFLyQ 6HHQWHQGHUiDXWRUL]DGDSRUHOUHPLWHQWHSDUDUHFLELUHOREMHWRSRVWDOWRGDSHUVRQD PD\RUGHDxRVTXHVHHQFXHQWUHHQHOGRPLFLOLRGHOXVXDULRGHVWLQDWDULRVDOYRTXH HOXVXDULRUHPLWHQWHGHPDQHUDH[SUHVDLQGLTXHORFRQWUDULR 6RQREMHWRVSRVWDOHVHQWUHJDGRVHQEXHQHVWDGRORVVLJXLHQWHV /RV REMHWRV SRVWDOHV QR DYHULDGRV 6H HQWHQGHUi TXH XQ REMHWR SRVWDO QR HVWi DYHULDGRFXDQGRQRSUHVHQWHGDxR /RVREMHWRVSRVWDOHVGHYXHOWRVDOUHPLWHQWHHQODVPLVPDVFRQGLFLRQHVHQODV FXDOHVIXHUHFLELGRSRUHORSHUDGRUSRVWDO\FRQIRUPHDORVPRWLYRVGHGHYROXFLyQ HVWDEOHFLGRVHQODSUHVHQWHUHVROXFLyQ 3UXHEDGHDGPLVLyQ6HDGRSWDODGH¿QLFLyQHVWDEOHFLGDHQHODUWtFXORGH OD5HVROXFLyQ&5&GH³SRUODFXDOVHH[SLGHHO5pJLPHQGH3URWHFFLyQGH ORV'HUHFKRVGHORV8VXDULRVGHORV6HUYLFLRV3RVWDOHV´ 3UXHEDGHHQWUHJD6HDGRSWDODGH¿QLFLyQHVWDEOHFLGDHQHODUWtFXORGHOD 5HVROXFLyQ&5&GH³SRUODFXDOVHH[SLGHHO5pJLPHQGH3URWHFFLyQGH ORV'HUHFKRVGHORV8VXDULRVGHORV6HUYLFLRV3RVWDOHV´ 7LHPSRGHHQWUHJD 'Q &RUUHVSRQGHDOWLHPSRWUDQVFXUULGRHQWUHODIHFKD GHLPSRVLFLyQ ' GHXQREMHWRSRVWDOSRUSDUWHGHOXVXDULRUHPLWHQWH\ODIHFKDGH HQWUHJDDOXVXDULRGHVWLQDWDULR Q SRUSDUWHGHORSHUDGRUSRVWDOPHGLGRHQKRUDVKDVWD HOSULPHULQWHQWRGHHQWUHJD 3DUiJUDIR/DVGH¿QLFLRQHVHVWDEOHFLGDVHQORVQXPHUDOHV\VHUH¿HUHQ ~QLFDPHQWHDOiPELWR\REMHWRGHDSOLFDFLyQGHODUWtFXORGHODSUHVHQWHUHVROXFLyQ $UWtFXOR3DUiPHWURVLQGLFDGRUHV\PHWDVGHFDOLGDG/RVSDUiPHWURVFRQIRUPH DORVFXDOHVVHHYDOXDUiODFDOLGDGGHORVVHUYLFLRVSRVWDOHVDORVTXHKDFHUHIHUHQFLDHO DUWtFXORGHODSUHVHQWHUHVROXFLyQ\VREUHORVFXDOHVVH¿MDUiQLQGLFDGRUHV\PHWDV VRQL YHORFLGDG\LL FRQ¿DELOLGDG /DYHORFLGDGGHOVHUYLFLRGHPHQVDMHUtDH[SUHVDVHUH¿HUHDOWLHPSRPHGLRGH HQWUHJDGHOREMHWRSRVWDO\VHPHGLUiDWUDYpVGHOLQGLFDGRUGHSRUFHQWDMHGHREMHWRV HQWUHJDGRVGHQWURGHXQWLHPSRGHHQWUHJD /DYHORFLGDGGHOVHUYLFLRSRVWDOGHSDJRVHUH¿HUHDODGLVSRQLELOLGDGGHOJLUR DIDYRUGHOXVXDULRGHVWLQDWDULR\VHPHGLUiDWUDYpVGHOLQGLFDGRUGHSRUFHQWDMHGH GLVSRQLELOLGDGGHJLURVQDFLRQDOHVHQGtDVKiELOHV /DFRQ¿DELOLGDGGHOVHUYLFLRGHPHQVDMHUtDH[SUHVDVHUH¿HUHDODHQWUHJDHIHF WLYDGHWRGRVORVREMHWRVSRVWDOHVHQEXHQHVWDGR\VHPHGLUiDWUDYpVGHOLQGLFDGRU HVWDEOHFLGRSDUDWDO¿Q /DFRQ¿DELOLGDGGHOVHUYLFLRSRVWDOGHSDJRVHUH¿HUHDOHVWDEOHFLPLHQWRGHODV GLVSRVLFLRQHVUHODWLYDVDODSUXHEDGHDGPLVLyQSUXHEDGHHQWUHJDHQWUHJD\UDVWUHR GHOJLURSRVWDO 7Ë78/2,, ',6326,&,21(6$3/,&$%/(6$/23(5$'253267$/2),&,$/ $UWtFXOR 0RGHOR ~QLFR GH SUXHED GH HQWUHJD SDUD ORV VHUYLFLRV SRVWDOHV GH FRUUHR\JLURVSRVWDOHVLQWHUQDFLRQDOHV(QORVVHUYLFLRVGHFRUUHR\JLURVSRVWDOHV LQWHUQDFLRQDOHVTXHFRQIRUPHDODV$FWDVGHOD8QLyQ3RVWDO8QLYHUVDO±838±RD ODGH¿QLFLyQPLVPDGHOVHUYLFLRVHUHTXLHUDGHSUXHEDGHHQWUHJDHORSHUDGRUSRVWDO R¿FLDORFRQFHVLRQDULRGHFRUUHRGHEHUiXWLOL]DUFRPRPRGHORV~QLFRVGHSUXHEDGH HQWUHJDORVHVWDEOHFLGRVHQORV0DQXDOHVGH&RUUHVSRQGHQFLD\6HUYLFLRV3RVWDOHVGH 3DJRYLJHQWHVGHOD8QLyQ3RVWDO8QLYHUVDO±838±RDTXHOORVTXHORVPRGL¿TXHQ DGLFLRQHQRVXVWLWX\DQ $UWtFXOR0RWLYRVGHGHYROXFLyQSDUDORVVHUYLFLRVSRVWDOHVGHFRUUHR\JLURV SRVWDOHVLQWHUQDFLRQDOHV(ORSHUDGRUSRVWDOR¿FLDORFRQFHVLRQDULRGHFRUUHRTXHSUHVWH ORVVHUYLFLRVSRVWDOHVGHFRUUHR\JLURVSRVWDOHVLQWHUQDFLRQDOHVGHEHUiXWLOL]DUORVIRU PDWRVGHORVPRWLYRVGHGHYROXFLyQHVWDEOHFLGRVHQORV0DQXDOHVGH&RUUHVSRQGHQFLD \6HUYLFLRV3RVWDOHVGH3DJRYLJHQWHVGHOD8QLyQ3RVWDO8QLYHUVDO±838±RDTXHOORV TXHORVPRGL¿TXHQDGLFLRQHQRVXVWLWX\DQ 7Ë78/2,,, ',6326,&,21(6$3/,&$%/(6$/2623(5$'25(6 '(0(16$-(5Ë$(;35(6$ $UWtFXOR7LHPSRGHHQWUHJDSDUDHOVHUYLFLRGHPHQVDMHUtDH[SUHVD(OWLHPSR GHHQWUHJD 'Q GH¿QLGRHQHOQXPHUDOGHODUWtFXORGHODSUHVHQWHUHVROXFLyQ VHGLVFULPLQDSRUFDGDXQRGHORViPELWRVORFDOQDFLRQDOHLQWHUQDFLRQDOVDOLHQWH/RV REMHWRVSRVWDOHVTXHVHDQLPSXHVWRVHQKRUDVHQODVTXHHORSHUDGRUQRWHQJDGLVSR QLELOLGDGSDUDODGLVWULEXFLyQGHORVPLVPRVVHWHQGUiQFRPRDGPLWLGRVDODSULPHUD KRUDGHOVLJXLHQWHKRUDULRGHDWHQFLyQDOXVXDULRSUHYLVWRSRUHORSHUDGRU'HLJXDO PDQHUDORVREMHWRVTXHVHDQDGPLWLGRVFRQSRVWHULRULGDGDOD~OWLPDKRUDSUHYLVWDSDUD ODUHFROHFFLyQHQXQDGHWHUPLQDGDR¿FLQDRSXQWRGHDWHQFLyQGHORSHUDGRUSRVWDOVH WHQGUiQFRPRLPSXHVWRVDODSULPHUDKRUDGHOVLJXLHQWHKRUDULRGHDWHQFLyQDOXVXDULR SUHYLVWRSRUHORSHUDGRU /DVPHWDVHQFXDQWRDOSRUFHQWDMHPtQLPRGHREMHWRVHQWUHJDGRVHQHOWLHPSRGH HQWUHJD SDUD ORV HQYtRV LQGLYLGXDOHV VH HVWDEOHFHQ D FRQWLQXDFLyQ SDUD HO SHUtRGR GLVFULPLQDGRVSRUFDGDXQRGHORViPELWRVORFDOQDFLRQDOHLQWHUQDFLRQDO VDOLHQWHDVt ' , $ 5 , 2 2 ),&,$/ ÈPELWR /RFDO 1DFLRQDO ,QWHUQDFLRQDOVDOLHQWH ,QGLFDGRU 0HWD 'KUV 'KUV 'KUV 3DUiJUDIR/RVSDUiPHWURVGHFDOLGDGHVWDEOHFLGRVHQHOFXDGURDQWHULRUVRQPH WDVGHFDOLGDGSURPHGLRSDUDHOWRWDOGHORVHQYtRV3RGUiQH[LVWLUFDVRVHQORVFXDOHV HOWLHPSRGHHQWUHJDGHORVHQYtRVVXSHUHRVHDLQIHULRUDORVWLHPSRVHVWDEOHFLGRVHQ ODVPHWDVGHFDOLGDG6LQHPEDUJRHOSURPHGLRSDUDHOWRWDOGHODVHQWUHJDVVHGHEH DMXVWDUDORVSRUFHQWDMHVGHFXPSOLPLHQWRHVWDEOHFLGRV(QWRGRFDVRHORSHUDGRUSRVWDO GH0HQVDMHUtD([SUHVDHVWDUiHQODREOLJDFLyQGHFXPSOLUFRQORVWLHPSRVGHHQWUHJD HVWLSXODGRVHQVXVRIHUWDVFRPHUFLDOHVDORVXVXDULRV 3DUiJUDIR/RVWLHPSRVGHHQWUHJDDSOLFDQLQGHSHQGLHQWHPHQWHGHOSXQWRSDFWDGR RDFRUGDGRSDUDODHQWUHJDGHOREMHWRSRVWDODOXVXDULRGHVWLQDWDULR 3DUiJUDIR/RVRSHUDGRUHVSRVWDOHVTXHSUHVWHQHOVHUYLFLRGHPHQVDMHUtDH[SUHVD HQHOiPELWRLQWHUQDFLRQDOHQWUDQWHFRQVLGHUDUiQODLPSRVLFLyQGHOREMHWRSRVWDOXQD YH] ¿QDOL]DGDV ODV DFWLYLGDGHV DGXDQHUDV D FDUJR GH OD DXWRULGDG FRUUHVSRQGLHQWH /RVWLHPSRVGHHQWUHJD\ODVFRUUHVSRQGLHQWHVPHWDVHQODVFXDOHVVHGHEHQHQWUHJDU ORVREMHWRVSRVWDOHVDORVXVXDULRVGHVWLQDWDULRVFRUUHVSRQGHUiQDORViPELWRVORFDOR QDFLRQDOVHJ~QVHDHOPXQLFLSLRGHHQWUDGDGHOREMHWRSRVWDODOSDtV\HOPXQLFLSLRGH GHVWLQRGHOPLVPR 3DUiJUDIR 3DUD ORV FDVRV HQ ORV FXDOHV ORV XVXDULRV UHPLWHQWHV VROLFLWHQ OD UHFROHFFLyQDGRPLFLOLRGHOREMHWRSRVWDOVHJ~QORHVWLSXODGRHQHODUWtFXORGHOD SUHVHQWHUHVROXFLyQHQFRQFRUGDQFLDFRQORSUHYLVWRHQHOOLWHUDOE GHODUWtFXORGH OD/H\GHHOWLHPSRGHHQWUHJDDSOLFDEOHDOVHUYLFLRGH0HQVDMHUtD([SUHVD VHFXHQWDDSDUWLUGHGLFKDUHFROHFFLyQSRUSDUWHGHORSHUDGRUSRVWDO 3DUiJUDIR/RVWLHPSRVGHHQWUHJDDSOLFDEOHVDOVHUYLFLRGH0HQVDMHUtD([SUHVD TXHWHQJDFRPR¿QODGLVWULEXFLyQGHREMHWRVSRVWDOHVPDVLYRVFRUUHVSRQGHQDDTXHOORV TXHVLUYLHURQGHEDVHSDUDHOFiOFXORGHODWDULIDPtQLPDGHTXHWUDWDOD5HVROXFLyQ &5&GH(QWRGRFDVRHVWRVWLHPSRVGHHQWUHJDGHEHUiQFRQWDUVHGHVGH HOPRPHQWRHQHOFXDOHOREMHWRSRVWDOKDVLGRDGPLWLGRSRUHORSHUDGRUSRVWDOHQVX IRUPDGH¿QLWLYD $UWtFXOR&RQ¿DELOLGDGSDUDHOVHUYLFLRGHPHQVDMHUtDH[SUHVD/DFRQ¿DELOLGDG SDUDHOVHUYLFLRGH0HQVDMHUtD([SUHVDVHPLGHDWUDYpVGHOSDUiPHWURHVWDEOHFLGRHQ HOQXPHUDOGHODUWtFXORGHODSUHVHQWHUHVROXFLyQ /RVHQYtRVSRVWDOHVVHSUHVXPHQHQWUHJDGRVSRUHOXVXDULRUHPLWHQWHHQEXHQHVWDGR VDOYRFXDQGRHORSHUDGRUSRVWDOSXHGDFRQVWDWDUTXHQRORHVWiQHQHOPRPHQWRGHOD DGPLVLyQGHOREMHWRSRVWDO/RDQWHULRUVLQSHUMXLFLRGHODLQYLRODELOLGDGGHODFRUUHV SRQGHQFLDSUHYLVWDHQORVDUWtFXORVGHOD/H\GH\GHOD5HVROXFLyQ &5&GH (QHOHYHQWRHQTXHRSHUDGRUSRVWDOVRVSHFKHTXHHOHQYtRFRQWLHQHREMHWRVSRVWDOHV SURKLELGRVGHEHUiREVHUYDUHOWUDWDPLHQWRSUHYLVWRHQHODUWtFXORGHOD5HVROXFLyQ &5&GHSDUDHVWRVFDVRV /RVRSHUDGRUHVGHO6HUYLFLRGH0HQVDMHUtD([SUHVDSUHVWDUiQHOVHUYLFLRFRQHO FXPSOLPLHQWRGHOSRUFHQWDMHGHREMHWRVSRVWDOHVHQWUHJDGRVHQEXHQHVWDGRTXHVHHVWD EOHFHDFRQWLQXDFLyQSDUDHOSHUtRGRVHJ~QHOWLSRGHVHUYLFLRGHPHQVDMHUtD H[SUHVDGLVFULPLQDQGRHQWUHHQYtRVLQGLYLGXDOHV\HQYtRVPDVLYRVDVt 7LSRGHVHUYLFLR ,QGLFDGRU0HWD (QYtRVLQGLYLGXDOHV GHREMHWRVHQWUHJDGRVHQEXHQHVWDGR (QYtRVPDVLYRV GHREMHWRVHQWUHJDGRVHQEXHQHVWDGR 3DUiJUDIR(OSRUFHQWDMHGHREMHWRVSRVWDOHVHQWUHJDGRVHQEXHQHVWDGRVHGH WHUPLQDUiGHODVLJXLHQWHIRUPD GHREMHWRV HQWUHJDGRVHQ EXHQHVWDGR 1GHREMHWRVSRVWDOHVHQWUHJDGRVHQEXHQHVWDGR 1REMHWRVSRVWDOHVHQYLDGRV ± 1REMHWRVSRVWDOHVSHUGLGRV H[SROLDGRVRDYHULDGRVSRUIXHU]DPD\RURFDVRIRUWXLWR 3DUiJUDIR3DUDHOFiOFXORGHOSRUFHQWDMHGHREMHWRVSRVWDOHVHQWUHJDGRVHQEXHQ HVWDGRVHH[FOXLUiQORVREMHWRVSRVWDOHVGHOiPELWRLQWHUQDFLRQDOHQWUDQWH\VDOLHQWH $UWtFXOR*XtD\PRGHOR~QLFRGHSUXHEDGHHQWUHJDSDUDHOVHUYLFLRGHPHQVD MHUtDH[SUHVD(QORVHQYtRVLQGLYLGXDOHVDOPRPHQWRGHODDGPLVLyQGHOREMHWRSRVWDO ORVRSHUDGRUHVGH0HQVDMHUtD([SUHVDGHEHUiQH[SHGLU\GLOLJHQFLDUXQDJXtDTXHVHUi HQWUHJDGDDOXVXDULRUHPLWHQWH\FX\DFRSLDFXUVDUiDGKHULGDDOREMHWRSRVWDOHQWRGR PRPHQWR /DJXtDTXHGHEHQH[SHGLUORVRSHUDGRUHVGH0HQVDMHUtD([SUHVDGHEHFRQWHQHU FRPRPtQLPRODVLJXLHQWHLQIRUPDFLyQ 'DWRVGHOUHPLWHQWHQRPEUHRUD]yQVRFLDO1,7RGRFXPHQWRGHLGHQWL¿FDFLyQ WDUMHWDGHLGHQWLGDGFpGXODGHFLXGDGDQtDFpGXODGHH[WUDQMHUtDRSDVDSRUWH GLUHFFLyQ Q~PHURGHWHOpIRQRFLXGDGGHRULJHQ\SDtV 'DWRVGHOGHVWLQDWDULRQRPEUHRUD]yQVRFLDOGLUHFFLyQQ~PHURGHWHOpIRQR FLXGDGGHGHVWLQR\SDtV &yGLJR3RVWDOGHOOXJDUGHHQWUHJDGHOREMHWRSRVWDO 'HVFULSFLyQGHOFRQWHQLGRGHOHQYtR )HFKD\KRUDGHDGPLVLyQGHOREMHWRSRVWDO (GLFLyQ 0DUWHVGHMXOLRGH 3HVRUHDOGHOHQYtR 9DORUGHOVHUYLFLR 9DORUDVHJXUDGRGHOHQYtRFXDQGRDHOORKXELHUHOXJDU ,GHQWL¿FDGRU~QLFRGHOHQYtR &yGLJRGHEDUUDVXRWURPHFDQLVPRGHWHFQRORJtDHTXLYDOHQWHRVXSHULRUSDUD HOUDVWUHRGHORVHQYtRV 'DWRVGHORSHUDGRUSRVWDO5D]yQVRFLDO1,7GLUHFFLyQ\VLJQRGLVWLQWLYR ORJR FXDQGRDHVWR~OWLPRKXELHUHOXJDU ,QIRUPDFLyQSDUDUDVWUHRSiJLQDZHE\Q~PHURGHWHOpIRQRSDUDTXHHOXVXDULR FRQVXOWHHOHVWDGRGHOHQYtR ,QIRUPDFLyQGHORVPHFDQLVPRVGLVSXHVWRVSDUDODSUHVHQWDFLyQGHSHWLFLRQHV TXHMDV \ UHFXUVRV Q~PHUR GH WHOpIRQR FRUUHR HOHFWUyQLFR SiJLQD ZHE R¿FLQDV GH DWHQFLyQHWF 'tDHQHOFXDOVHWLHQHSURJUDPDGDODHQWUHJDDOXVXDULRGHVWLQDWDULR /DSUXHEDGHHQWUHJDSDUDHOVHUYLFLRGH0HQVDMHUtD([SUHVDGHEHUiFRQWHQHUFRPR PtQLPRODVLJXLHQWHLQIRUPDFLyQUHODWLYDDOREMHWRSRVWDO 1RPEUHOHJLEOH\GRFXPHQWRGHLGHQWL¿FDFLyQ WDUMHWDGHLGHQWLGDGFpGXODGH FLXGDGDQtDFpGXODGHH[WUDQMHUtDRSDVDSRUWH GHODSHUVRQDTXHUHFLEHHOREMHWRSRVWDO HQODGLUHFFLyQGHOGHVWLQDWDULR (VSDFLRSDUDREVHUYDFLRQHVGHTXLHQUHFLEHHOREMHWRSRVWDO )HFKD\KRUDGHHQWUHJDHQODGLUHFFLyQGHOXVXDULRGHVWLQDWDULR ,QWHQWRVGHHQWUHJDFRQLQFOXVLyQGHODIHFKD\KRUD 0RWLYRVGHGHYROXFLyQFXDQGRQRVHSXHGHUHDOL]DUODHQWUHJD )HFKDHQODFXDOVHGHYXHOYHDOXVXDULRUHPLWHQWHHOREMHWRSRVWDOFXDQGRHVWHQR KDSRGLGRVHUHQWUHJDGRDOXVXDULRGHVWLQDWDULR /RV2SHUDGRUHVGH0HQVDMHUtD([SUHVDH[SHGLUiQODFDQWLGDGGHFRSLDVWDQWRGH ODJXtDFRPRGHODSUXHEDGHHQWUHJDTXHFRQVLGHUHQQHFHVDULDVSDUDODSUHVWDFLyQGHO VHUYLFLRVLQSHUMXLFLRGHOFXPSOLPLHQWRGHODVGHPiVGLVSRVLFLRQHVUHODWLYDVWDQWRD ODJXtDFRPRDODSUXHEDGHHQWUHJDFRQWHQLGDVHQOD5HVROXFLyQ&5&GH (ORSHUDGRUGHEHUiLPSOHPHQWDUORVPHFDQLVPRVQHFHVDULRVSDUDVXPLQLVWUDUHQ FXDOTXLHUPRPHQWRXQDFRSLDGHODJXtDDUHTXHULPLHQWRGHORVXVXDULRVUHPLWHQWHV FRPR GHVWLQDWDULRV R GH ODV DXWRULGDGHV FRPSHWHQWHV ELHQ VHD D WUDYpV GH PHGLRV HOHFWUyQLFRVRItVLFRV (QHOFDVRGHODSUHVWDFLyQGHOVHUYLFLRGHPHQVDMHUtDH[SUHVDGHiPELWRLQWHUQDFLRQDO VDOLHQWHODSUXHEDGHHQWUHJDSDUDHOXVXDULRUHPLWHQWHSRGUiHVWDUDVXGLVSRVLFLyQHQ ODSiJLQDZHEGHORSHUDGRU 6LQSHUMXLFLRGHODH[SHGLFLyQGHODSUXHEDGHHQWUHJDTXHGHEHKDFHUHORSHUDGRU GHOVHUYLFLRGHPHQVDMHUtDH[SUHVDDOXVXDULRGHVWLQDWDULRHORSHUDGRUGHEHUiFRQVHUYDU XQDFRSLDGHODSUXHEDGHHQWUHJD/RVSOD]RVPi[LPRVSDUDTXHODVSUXHEDVGHHQWUHJD HVWpQGLVSRQLEOHVSDUDFRQVXOWDHQODSiJLQD:HERSRUPHGLRVHOHFWUyQLFRVDGRSWDGRV SRUHORSHUDGRUVRQ 8Q GtDKiELOGHVSXpVGHODHQWUHJDSDUDiPELWRORFDO 'RV GtDVKiELOHVGHVSXpVGHODHQWUHJDSDUDiPELWRQDFLRQDO &XDWUR GtDVKiELOHVGHVSXpVGHODHQWUHJDSDUDiPELWRLQWHUQDFLRQDOVDOLHQWH 3DUiJUDIR(QODSUHVWDFLyQGHOVHUYLFLRGHPHQVDMHUtDH[SUHVDGHiPELWRLQWHUQD FLRQDOVDOLHQWHHOFDPSRFRUUHVSRQGLHQWHDOFyGLJRSRVWDOVHGHEHUiGLOLJHQFLDUVLHPSUH \FXDQGRHVWpLPSOHPHQWDGRHQHOSDtVGHGHVWLQRHQFDVRFRQWUDULRHORSHUDGRUSRVWDO GHEHUiGHMDUFRQVWDQFLDHQODJXtDGHWDOVLWXDFLyQ 3DUiJUDIR6LHOXVXDULRUHPLWHQWHGHOREMHWRSRVWDOGHVFRQRFHDOJ~QGDWRGHO XVXDULRGHVWLQDWDULRGHEHUiGHMDUFRQVWDQFLDGHHOOR\HQHVHFDVRQRVHUiQHFHVDULR GLOLJHQFLDUORVFDPSRVGHODJXtDDORVTXHKD\DOXJDU 3DUiJUDIR/RVRSHUDGRUHVSRVWDOHVTXHSUHVWHQHOVHUYLFLRGHPHQVDMHUtDH[SUHVD HQHOiPELWRLQWHUQDFLRQDOHQWUDQWHXQDYH]¿QDOL]DGDVODVDFWLYLGDGHVDGXDQHUDVD FDUJRGHODDXWRULGDGFRUUHVSRQGLHQWHGHEHQJDUDQWL]DUTXHXQDJXtDHVWpDGKHULGDDO REMHWRSRVWDOODFXDOSXHGHVHUODPLVPDJXtDGHRULJHQ\GHEHUiQH[SHGLUXQDSUXHED GHHQWUHJDDOXVXDULRGHVWLQDWDULR 3DUiJUDIR&XDQGRHOVHUYLFLRGH0HQVDMHUtD([SUHVDWHQJDFRPR¿QODGLVWUL EXFLyQGHREMHWRVSRVWDOHVPDVLYRVORVRSHUDGRUHVGLOLJHQFLDUiQ\H[SHGLUiQXQDJXtD TXHFXUVDUiDGKHULGDDFDGDXQRGHORVREMHWRVSRVWDOHVHQWRGRPRPHQWR\HQODFXDO FRQVWDUiQDOPHQRVORVVLJXLHQWHVGDWRV ,GHQWL¿FDFLyQGHOXVXDULRUHPLWHQWHQRPEUHRUD]yQVRFLDO1,7RGRFXPHQWR GHLGHQWL¿FDFLyQ ,GHQWL¿FDFLyQGHOXVXDULRGHVWLQDWDULRQRPEUHRUD]yQVRFLDO\GLUHFFLyQ )HFKD\KRUDGHODDGPLVLyQGHOREMHWRSRVWDO 'HVFULSFLyQGHOFRQWHQLGRGHOHQYtRSRVWDO 3HVRUHDOGHOHQYtRH[SUHVDGRHQJUDPRV ,GHQWL¿FDGRU~QLFRGHHQYtR &yGLJRGHEDUUDVXRWURPHFDQLVPRGHWHFQRORJtDHTXLYDOHQWHRVXSHULRUSDUD HOUDVWUHRGHORVHQYtRV 7DULIDFREUDGDDOXVXDULRUHPLWHQWH (GLFLyQ 0DUWHVGHMXOLRGH ' , $ 5 , 2 2 ) , & , $ / ,GHQWL¿FDFLyQGHORSHUDGRUSRVWDO1RPEUH\RORJRWLSRFXDQGRHVWHDSOLTXH ,QIRUPDFLyQSDUDUDVWUHRSiJLQDZHE\Q~PHURGHWHOpIRQRGHORSHUDGRUSDUDTXH HOUHPLWHQWHFRQVXOWHHOHVWDGRGHVXHQYtR 3DUiJUDIR&XDQGRHOVHUYLFLRGH0HQVDMHUtD([SUHVDWHQJDFRPR¿QODGLVWULEX FLyQGHREMHWRVSRVWDOHVPDVLYRVORVRSHUDGRUHVGLOLJHQFLDUiQ\H[SHGLUiQXQDSUXHED GHHQWUHJDHQODFXDOFRQVWDUiQDOPHQRVORVVLJXLHQWHVGDWRVUHODWLYRVDOREMHWRSRVWDO )HFKD\KRUDGHHQWUHJD 1RPEUHGHTXLHQUHFLEH 0RWLYRVGHGHYROXFLyQ )HFKDGHOLQWHQWRGHHQWUHJD $UWtFXOR0RWLYRVGHGHYROXFLyQGHORVREMHWRVSRVWDOHVSDUDORVVHUYLFLRVGH PHQVDMHUtDH[SUHVD/RVRSHUDGRUHVGHORVVHUYLFLRVSRVWDOHVGH0HQVDMHUtD([SUHVD GHEHUiQUHJLVWUDUHQODSUXHEDGHHQWUHJDGHTXHWUDWDHODUWtFXORGHODSUHVHQWHUHVR OXFLyQHOPRWLYRGHODGHYROXFLyQSRUHOFXDOQRIXHSRVLEOHHQWUHJDUHOREMHWRSRVWDO DOXVXDULRGHVWLQDWDULR\SURFHGHUiQDVXGHYROXFLyQVLQFRVWRDOJXQRSDUDHOXVXDULR UHPLWHQWHGHFRQIRUPLGDGFRQORSUHYLVWRHQHODUWtFXORGHOD/H\GH 6HWHQGUiQFRPRPRWLYRVGHGHYROXFLyQORVVLJXLHQWHV 'HVFRQRFLGR&RUUHVSRQGHDDTXHOODVVLWXDFLRQHVHQODVFXDOHVODSHUVRQDTXH VH HQFXHQWUD HQ OD GLUHFFLyQ UHJLVWUDGD HQ OD JXtD PDQL¿HVWD QR FRQRFHU DO XVXDULR GHVWLQDWDULR 5HKXVDGR&RUUHVSRQGHDODVLWXDFLyQHQODTXHHOXVXDULRGHVWLQDWDULRUHFKD]D RVHQLHJDDUHFLELUHOREMHWRSRVWDO 1RUHVLGH&RUUHVSRQGHDDTXHOODVLWXDFLyQHQODFXDOODSHUVRQDTXHVHHQFXHQWUD HQODGLUHFFLyQUHJLVWUDGDHQODJXtDPDQL¿HVWDTXHHOXVXDULRGHVWLQDWDULR\DQRUHVLGH HQHVHOXJDURFXDQGRHOXVXDULRGHVWLQDWDULRKDIDOOHFLGR 1RUHFODPDGR&RUUHVSRQGHDORVFDVRVHQORVFXDOHVXQDYH]VXUWLGRHOWUiPLWH SUHYLVWRHQHODUWtFXORGHODSUHVHQWHUHVROXFLyQ\SDVDGRVORVWpUPLQRVDOOtHVWDEOHFLGRV HOREMHWRSRVWDOQRHVUHFODPDGRSRUHOXVXDULRGHVWLQDWDULRHQODR¿FLQDGHORSHUDGRU 'LUHFFLyQHUUDGD&RUUHVSRQGHDORVHYHQWRVHQORVFXDOHVODGLUHFFLyQVXPL QLVWUDGDHQODJXtDSRUHOXVXDULRUHPLWHQWHFDUHFHGHDOJ~QHOHPHQWRTXHSHUPLWDVX LGHQWL¿FDFLyQLQHTXtYRFDRQRH[LVWD 2WURV&RUUHVSRQGHDDTXHOODVVLWXDFLRQHVTXHLPSLGHQTXHHOREMHWRSRVWDO VHDHQWUHJDGRDOGHVWLQDWDULRUHJLVWUDGRHQODJXtDSRUIXHU]DPD\RUFDVRIRUWXLWRX RWURVHYHQWRVTXHFRQVLGHUHQHFHVDULRHORSHUDGRUVLHPSUHHVSHFL¿FDQGRODUHVSHFWLYD GHVFULSFLyQ $UWtFXOR,QWHQWRVGHHQWUHJD(QHOHYHQWRHQTXHHORSHUDGRUGHO6HUYLFLRGH 0HQVDMHUtD([SUHVDSURFHGDDHIHFWXDUODHQWUHJDGHOREMHWRSRVWDOHQHOGRPLFLOLRGHO XVXDULRGHVWLQDWDULRFRQVLJQDGRHQODJXtD\HVWHQRHQFXHQWUDDQDGLHGHEHUiH[SHGLU XQGRFXPHQWRSRUPHGLRVItVLFRVRHOHFWUyQLFRVHQHOTXHLQIRUPHTXHWXYROXJDUXQ LQWHQWRGHHQWUHJDGHGLFKRREMHWR 'LFKRGRFXPHQWRGHEHUiFRQWHQHUSRUORPHQRVODVLJXLHQWHLQIRUPDFLyQ 1RPEUHGHORSHUDGRUSRVWDOTXHHVWiDFDUJRGHODSUHVWDFLyQGHOVHUYLFLR 1RPEUHGHOXVXDULRUHPLWHQWH 1~PHURGHODJXtD )HFKD\KRUDGHOLQWHQWRGHHQWUHJD )HFKD\KRUDGHOSUy[LPRLQWHQWRGHHQWUHJD GHVHUSRVLEOH 'LUHFFLyQQ~PHURGHWHOpIRQR\KRUDULRGHDWHQFLyQGHODR¿FLQDGRQGHVHHQ FXHQWUDDGLVSRVLFLyQGHOXVXDULRGHVWLQDWDULRHOREMHWRSRVWDO )HFKDKDVWDODFXDOVHFRQVHUYDUiHOREMHWRSRVWDOHQODR¿FLQDLQGLFDGD (OGRFXPHQWRDTXHVHUH¿HUHHOSUHVHQWHDUWtFXORUHODWLYRDORVLQWHQWRVGHHQWUHJD GHORVREMHWRVSRVWDOHVQRWHQGUiTXHH[SHGLUVH\GLOLJHQFLDUVHHQORVHYHQWRVHQTXHDO SULPHULQWHQWRGHHQWUHJDVHFRQ¿JXUHDOJXQRGHORVPRWLYRVGHGHYROXFLyQHVWDEOHFLGRV HQORVQXPHUDOHVRGHODUWtFXORGHODSUHVHQWHUHVROXFLyQ /RVRSHUDGRUHVGHVHUYLFLRVSRVWDOHVGH0HQVDMHUtD([SUHVDGHEHQHIHFWXDUDOPHQRV GRV LQWHQWRVGHHQWUHJDHQWUHORVFXDOHVQRGHEHWUDQVFXUULUXQWLHPSRVXSHULRUD XQ GtDKiELO6LGHVSXpVGHGRV LQWHQWRVQRVHORJUDOOHYDUDFDERODHQWUHJDGHO REMHWRSRVWDOVHGHEHGHMDUXQVHJXQGRDYLVRLQIRUPDQGRDOXVXDULRGHVWLQDWDULRTXH SXHGHUHFRJHUHOREMHWRHQXQDGHWHUPLQDGDR¿FLQDGHDWHQFLyQDOXVXDULRLQGLFDQGR DGHPiVODIHFKDOtPLWHGHUHWLURODFXDOVHUiGHWUHLQWD GtDVFDOHQGDULRDSDUWLUGH ODIHFKDGHO~OWLPRLQWHQWRGHHQWUHJD 6LHOREMHWRSRVWDOQRHVUHFODPDGRSRUHOXVXDULRGHVWLQDWDULRHQGLFKRSOD]RHVWHVH FRQVLGHUDUiFRPRQRGLVWULEXLEOHFDVRHQORFXDOVHGHEHGDUDSOLFDFLyQDORGLVSXHVWR HQHODUWtFXORGHODSUHVHQWHUHVROXFLyQ6LQSHUMXLFLRGHORDQWHULRUORVRSHUDGRUHVGH 0HQVDMHUtD([SUHVDSRGUiQHIHFWXDUORVLQWHQWRVGHHQWUHJDTXHFRQVLGHUHQQHFHVDULRV KDVWDORJUDUODHQWUHJDGHOREMHWRSRVWDODOXVXDULRGHVWLQDWDULRUHJLVWUDGRHQODJXtD SDUDORFXDOGHEHUiH[SHGLUXQGRFXPHQWRSRUPHGLRVItVLFRVRHOHFWUyQLFRVHQHOTXH LQIRUPHTXHWXYROXJDUXQLQWHQWRGHHQWUHJD /RVLQWHQWRVGHHQWUHJDGHEHQTXHGDUUHJLVWUDGRVHQODLQIRUPDFLyQPDWHULDGHUDVWUHR TXHGHEHHVWDUGLVSRQLEOHHQODSiJLQDZHEGHORSHUDGRU\HQODSUXHEDGHHQWUHJDGH TXHWUDWDQORVDUWtFXORV\GHODSUHVHQWHUHVROXFLyQUHVSHFWLYDPHQWH 3DUiJUDIR/DVGLVSRVLFLRQHVGHOSUHVHQWHDUWtFXORQRVHVHUiQDSOLFDEOHVDORV HQYtRVSRVWDOHVFRUUHVSRQGLHQWHVDOiPELWRLQWHUQDFLRQDOVDOLHQWH 3DUiJUDIR/RVRSHUDGRUHVSRVWDOHVTXHSUHVWHQHOVHUYLFLRGH0HQVDMHUtD([SUHVD HQHOiPELWRLQWHUQDFLRQDOHQWUDQWHXQDYH]¿QDOL]DGDVODVDFWLYLGDGHVDGXDQHUDVDFDUJR GHODDXWRULGDGFRUUHVSRQGLHQWHGHEHQFXPSOLUODVGLVSRVLFLRQHVGHOSUHVHQWHDUWtFXOR 3DUiJUDIR&XDQGRHOVHUYLFLRGH0HQVDMHUtD([SUHVDWHQJDFRPR¿QODGLVWULEXFLyQ GHREMHWRVSRVWDOHVPDVLYRVHORSHUDGRUSRVWDOFRPRPtQLPRGHEHUiHIHFWXDUXQ LQWHQWRGHHQWUHJD(QWRGRFDVRHORSHUDGRUGHEHUiGHMDUHQHOGRPLFLOLRGHOXVXDULR GHVWLQDWDULRHOGRFXPHQWRHQHOFXDOVHLQIRUPDTXHWXYROXJDUGLFKRLQWHQWRGHHQWUHJD $UWtFXOR5DVWUHRHQHOVHUYLFLRSRVWDOGHPHQVDMHUtDH[SUHVD/RVRSHUDGRUHVGH 0HQVDMHUtD([SUHVDGHEHQFRQWDUFRQXQVLVWHPDGHUDVWUHRHOHFWUyQLFRTXHSHUPLWDOD OHFWXUDGHOFyGLJRGHEDUUDVRXQDWHFQRORJtDHTXLYDOHQWHRVXSHULRUSDUDWDOHVHIHFWRV /RVRSHUDGRUHVGHEHUiQUHJLVWUDUHQVXVLVWHPDGHUDVWUHRHOHFWUyQLFRODRFXUUHQFLDGH SRUORPHQRVORVVLJXLHQWHVHYHQWRV $GPLVLyQHQHOSXQWRGHUHFHSFLyQUHFROHFFLyQHQHOGRPLFLOLRGHOXVXDULRUHPLWHQWH /OHJDGDDOSXQWRGHUHFHSFLyQHQHOFDVRGHUHFROHFFLyQDGRPLFLOLR 6DOLGDGHOSXQWRGHUHFHSFLyQ 5HDOL]DFLyQGHOWUiPLWHDGXDQHURHQHOFDVRGHHQYtRVLQWHUQDFLRQDOHVVDOLHQWHV 6HGHEHUiUHJLVWUDUODHQWUDGD\ODVDOLGDGHOVLWLRHQGRQGHVHUHDOLFHGLFKRWUiPLWH /OHJDGDDODR¿FLQDGHGLVWULEXFLyQ ,QWHQWRVIDOOLGRVGHHQWUHJDGHOREMHWRSRVWDO (QWUHJD¿QDODOXVXDULRGHVWLQDWDULR (VWRVUHJLVWURVVHFRQVHUYDUiQHQIRUPDHOHFWUyQLFDFRQLQGLFDFLyQGHOLGHQWL¿FDGRU ~QLFRGHOHQYtR\GHOFyGLJRGHEDUUDVXRWURPHFDQLVPRGHWHFQRORJtDHTXLYDOHQWH RVXSHULRU(ORSHUDGRUGHEHUiPDQWHQHUHQVXSiJLQDZHE\GLVSRQLEOHGHPDQHUD SHUPDQHQWHWDQWRSDUDHOXVXDULRUHPLWHQWHFRPRGHVWLQDWDULRHOUDVWUHRHOHFWUyQLFR GHORVDFRQWHFLPLHQWRVDQWHULRUPHQWHPHQFLRQDGRVFRQODLGHQWL¿FDFLyQGHODR¿FLQD GHDGPLVLyQHOPXQLFLSLRRSDtVGHGHVWLQR\ODIHFKD\KRUDGHODFRQWHFLPLHQWRGH PDQHUDDFWXDOL]DGD /DLQIRUPDFLyQHQODSiJLQDZHEGHEHUiUHÀHMDUORVHYHQWRVGHSpUGLGDRDYHUtDGHO REMHWRSRVWDOHVSHFL¿FDUORVPRWLYRVSRUORVFXDOHVXQREMHWRHVQRGLVWULEXLEOH\ORV PRWLYRVGHFDVRIRUWXLWRRIXHU]DPD\RUSRUORVFXDOHVQRVHFXPSOLUiFRQHOWLHPSR GHHQWUHJD(ODFFHVRDGLFKDLQIRUPDFLyQVHUiSRVLEOHDWUDYpVGHOLGHQWL¿FDGRU~QLFR GHOHQYtR /RVRSHUDGRUHVSRVWDOHVTXHSUHVWHQHOVHUYLFLRGHPHQVDMHUtDH[SUHVDHQHOiP ELWRLQWHUQDFLRQDOHQWUDQWHXQDYH]¿QDOL]DGDVODVDFWLYLGDGHVDGXDQHUDVDFDUJRGH ODDXWRULGDGFRUUHVSRQGLHQWHGHEHQFXPSOLUODVGLVSRVLFLRQHVGHOSUHVHQWHDUWtFXOR 5HVSHFWRDORVHYHQWRVGHUDVWUHRHORSHUDGRUSRVWDOGHEHUiUHJLVWUDUODRFXUUHQFLDGH SRUORPHQRVORVVLJXLHQWHVL ¿QDOL]DFLyQGHORVWUiPLWHVDGXDQHURVQDFLRQDOHVLL OOHJDGDDODR¿FLQDGHGLVWULEXFLyQLLL LQWHQWRVIDOOLGRVGHHQWUHJDGHOREMHWRSRVWDO\ LY HQWUHJD¿QDODOXVXDULRGHVWLQDWDULR (QORVHQYtRVGHOVHUYLFLRGHPHQVDMHUtDH[SUHVDLQWHUQDFLRQDOVDOLHQWHORVRSH UDGRUHVGHEHUiQUHJLVWUDUORVFDVRVHQTXHXQHQYtRSRVWDOVXFRQWHQLGRRSDUWHGHVX FRQWHQLGRKDVLGRLQFDXWDGRRUHWHQLGRSRUODUHVSHFWLYDDXWRULGDGDGXDQHUDRSRUOD HQWLGDGTXHKDJDVXVYHFHVRSRUFXDOTXLHURWURRUJDQLVPRJXEHUQDPHQWDODVtFRPR ORVPRWLYRVGHODUHWHQFLyQ /DLQIRUPDFLyQDTXHVHUH¿HUHHOSUHVHQWHDUWtFXORGHEHUiSHUPDQHFHUGLVSRQLEOH HQODSiJLQDZHEGHORSHUDGRUFRPRPtQLPRGXUDQWHWUHV PHVHVFRQWDGRVDSDUWLU GHOPRPHQWRHQTXHHORSHUDGRUDGPLWLyHOFRUUHVSRQGLHQWHREMHWRSRVWDO 6LQSHUMXLFLRGHOFXPSOLPLHQWRGHORDQWHULRUHQORVHYHQWRVHQORVFXDOHVVHSUH VHQWHQVROLFLWXGHVGHORVXVXDULRVHQDTXHOORVFDVRVHQORVFXDOHVSRUDOJ~QPRWLYRQR H[LVWDQLQJ~QUHJLVWURHOHFWUyQLFRGHOUDVWUHRGHOREMHWRSRVWDORQRH[LVWDDOJ~QUHJLVWUR HOHFWUyQLFRTXHLPSLGDODGHWHUPLQDFLyQLQHTXtYRFDGHOREMHWRSRVWDOORVRSHUDGRUHV GHEHUiQGDUUHVSXHVWDHQXQSOD]RQRVXSHULRUDGRV GtDVKiELOHVGHVSXpVGHUHDOL]DGD GLFKDVROLFLWXG\GHEHUiQH[SUHVDUHOOXJDUGRQGHVHHQFXHQWUDHOHQYtR 3DUiJUDIR&XDQGRHOVHUYLFLRGH0HQVDMHUtD([SUHVDFRQWUDWDGRWHQJDFRPR¿Q ODGLVWULEXFLyQGHREMHWRVSRVWDOHVPDVLYRVODVSDUWHVSRGUiQQHJRFLDUOLEUHPHQWHORV HYHQWRVTXHVHUiQREMHWRGHUDVWUHRORVFXDOHVGHEHUiQDOPHQRVLQFOXLUORVVLJXLHQWHV L GHSyVLWRHQHOSXQWRGHUHFHSFLyQUHFROHFFLyQHQHOGRPLFLOLRLL OOHJDGDDOSXQWR GHUHFHSFLyQHQHOFDVRGHUHFROHFFLyQDGRPLFLOLRLLL LQWHQWRIDOOLGRGHHQWUHJD\LY HQWUHJD¿QDO $QWHODIDOWDGHDFXHUGRHQWUHODVSDUWHVGLFKRUDVWUHRGHEHUiKDFHUVHUHVSHFWRGH ORVFXDWUR HYHQWRVDORVTXHVHUH¿HUHHOSUHVHQWHSDUiJUDIR $UWtFXOR5HFROHFFLyQDGRPLFLOLR'HFRQIRUPLGDGFRQORSUHYLVWRHQHOOLWHUDO E GHOQXPHUDOGHODUWtFXORGHOD/H\GHORVRSHUDGRUHVTXHSUHVWDQHO VHUYLFLRSRVWDOGH0HQVDMHUtD([SUHVDGHEHUiQRIUHFHUDVROLFLWXGGHOXVXDULRUHPLWHQWH HOVHUYLFLRGHUHFROHFFLyQDGRPLFLOLRGHREMHWRVSRVWDOHV 3DUDHIHFWRVGHORDQWHULRUORVRSHUDGRUHVGHEHUiQKDELOLWDUXQQ~PHURGHWHOpIRQR SiJLQDZHERFRUUHRHOHFWUyQLFRFRQHO¿QGHTXHORVXVXDULRVGHHVWHVHUYLFLRSXHGDQ SURJUDPDUHOVHUYLFLRGHUHFROHFFLyQVHJ~QODIHFKD\KRUDGHVXFRQYHQLHQFLDHQ FRQFRUGDQFLDFRQORGLVSXHVWRHQHODUWtFXORGHOD5HVROXFLyQ&5&GH (OWpUPLQRPi[LPRSDUDODUHFROHFFLyQDGRPLFLOLRHQODViUHDVPHWURSROLWDQDV\ FLXGDGHVFDSLWDOHVGHGHSDUWDPHQWRQRGHEHVHUVXSHULRUDXQ GtDKiELOFRQWDGR ' , $ 5 , 2 2 ),&,$/ DSDUWLUGHODIHFKDHQODFXDOHOXVXDULRVROLFLWyHOVHUYLFLR3DUDHOUHVWRGH]RQDV JHRJUi¿FDVHOWLHPSRPi[LPRSDUDODUHFROHFFLyQDGRPLFLOLRQRGHEHVHUVXSHULRUD GRV GtDVKiELOHV (QWRGRFDVRORVRSHUDGRUHVGH0HQVDMHUtD([SUHVDGHEHUiQUHFRJHUORVREMHWRV SRVWDOHVHQHOGRPLFLOLRVROLFLWDGRSRUHOFOLHQWH\FXPSOLUWRGDV\FDGDXQDGHODV GHPiVREOLJDFLRQHVHVWLSXODGDVHQODSUHVHQWHUHVROXFLyQ 3DUiJUDIR(OQ~PHURGHWHOpIRQRODSiJLQDZHE\HOFRUUHRHOHFWUyQLFRSRGUiQVHU ORVPLVPRVGLVSXHVWRVSDUDHOUDVWUHRHQFRQFRUGDQFLDFRQORGLVSXHVWRHQHODUWtFXOR GHOD5HVROXFLyQ&5&GH $UWtFXOR3pUGLGDGHOREMHWRSRVWDO7DQSURQWRFRPRXQRSHUDGRUGHOVHUYLFLR GH0HQVDMHUtD([SUHVDQRWHODSpUGLGDGHOREMHWRSRVWDOGHEHUiUHJLVWUDUHOHYHQWRHQ HOVLVWHPDGHUDVWUHR\FRQWDFWDUSRUHOPHGLRPiVH[SHGLWRSRVLEOHDOXVXDULRUHPL WHQWHFRQHO¿QGHLQIRUPDUOHWDOVLWXDFLyQSDUDTXHHVWHSXHGDLQLFLDUORVUHVSHFWLYRV WUiPLWHVGHUHFODPDFLyQ\RLQGHPQL]DFLyQHVWDEOHFLGRVHQHODUWtFXORGHOD/H\ GHHQFRQFRUGDQFLDFRQHODUWtFXORGHOD5HVROXFLyQ&5&GH $UWtFXOR$YHUtDGHOREMHWRSRVWDO&XDQGRHORSHUDGRUGH0HQVDMHUtD([SUHVD DGYLHUWD XQD DYHUtD HQ HO REMHWR SRVWDO GHEHUi HIHFWXDU GH LQPHGLDWR OD HYDOXDFLyQ FRUUHVSRQGLHQWHFRQHO¿QGHGHWHUPLQDUVLHOGDxRDIHFWDDOHPEDODMHRDVXFRQWHQLGR 8QDYH]YDOLGDGRORDQWHULRUGHEHUiSURFHGHUGHODVLJXLHQWHIRUPD 6LODDYHUtDVHSURGXFH~QLFDPHQWHHQHOHPEDODMHHORSHUDGRUSRGUiUHSDUDU\ HQFDPLQDUHOHQYtRSDUDVXGLVWULEXFLyQFRQODREVHUYDQFLDGHOSULQFLSLRGHLQYLRODEL OLGDGGHODFRUUHVSRQGHQFLD/DDYHUtDHQHOHPEDODMH\ODVPHGLGDVDGRSWDGDVGHEHQ VHU UHJLVWUDGDV HQ OD SiJLQD ZHE FRPR SDUWH GH OD LQIRUPDFLyQ PDWHULDGHOUDVWUHR /RV RSHUDGRUHV GH 0HQVDMHUtD ([SUHVD GHEHUiQ FRPXQLFDU GH LQPHGLDWR DO XVXDULR UHPLWHQWHDWUDYpVGHOPHGLRPiVH[SHGLWRSRVLEOHODDYHUtDGHWHFWDGDHQHOHPEDODMH \ODVPHGLGDVDGRSWDGDV 6L OD DYHUtD DIHFWD HO FRQWHQLGR PLVPR GHO REMHWR SRVWDO ORV RSHUDGRUHV GH 0HQVDMHUtD ([SUHVD GHEHUiQ UHJLVWUDU HO HYHQWR HQ OD SiJLQD ZHE FRPR SDUWH GH OD LQIRUPDFLyQ PDWHULD GHO UDVWUHR$GLFLRQDOPHQWH GHEHUiQ FRPXQLFDU GH LQPHGLDWR DOUHPLWHQWHDWUDYpVGHOPHGLRPiVH[SHGLWRSRVLEOHODDYHUtDGHOREMHWRFRQHO¿Q GHTXHHVWHLPSDUWDODVLQVWUXFFLRQHVGHOFDVRSDUDGLVSRQHUGHOREMHWRHQHOHVWDGR HQTXHVHHQFXHQWUH\SXHGDLQLFLDUORVSURFHVRVGHUHFODPDFLyQ\RLQGHPQL]DFLyQ HVWDEOHFLGRVHQHODUWtFXORGHOD/H\GHHQFRQFRUGDQFLDFRQHODUWtFXOR GHOD5HVROXFLyQ&5&GH 3DUiJUDIR3DUDHOVHUYLFLRGH0HQVDMHUtD([SUHVDTXHWHQJDFRPR¿QODGLVWULEXFLyQ GHREMHWRVSRVWDOHVPDVLYRVHOUHPLWHQWH\HORSHUDGRUSRGUiQQHJRFLDUOLEUHPHQWHHO SURFHGLPLHQWRDVHJXLUHQFDVRGHDYHUtDGHDOJXQRGHORVREMHWRVSRVWDOHVVLQSHUMXLFLR GHOWUiPLWHGHUHFODPDFLyQ\RLQGHPQL]DFLyQTXHOHDVLVWHDORVXVXDULRVHVWDEOHFLGR HQHODUWtFXORGHOD/H\GH 7Ë78/2,9 ',6326,&,21(6$3/,&$%/(6$/2623(5$'25(6 '(*,5261$&,21$/(6 $UWtFXOR 7LHPSR GH GLVSRQLELOLGDG SDUD HO VHUYLFLR GH JLURV QDFLRQDOHV 'H FRQIRUPLGDGFRQORSUHYLVWRHQHOQXPHUDOGHODUWtFXORGHODSUHVHQWHUHVROXFLyQ ORVRSHUDGRUHVGH6HUYLFLRV3RVWDOHVGH3DJRTXHSUHVWHQHOVHUYLFLRGHJLURVQDFLRQDOHV GHEHUiQSHUPLWLUDOXVXDULRGHVWLQDWDULRODGLVSRQLELOLGDGGHOJLURTXHKDLPSXHVWRDVX QRPEUHHOXVXDULRUHPLWHQWHGHQWURGHOGtDKiELOVLJXLHQWHDVXDGPLVLyQHQDOPHQRV HOGHORVJLURVUHFLELGRV (QORVGHPiVFDVRVHOJLURGHEHUiHVWDUGLVSRQLEOHDPiVWDUGDUGHQWURGHORVGRV GtDVKiELOHVVLJXLHQWHVFRQWDGRVDSDUWLUGHOGtDHQTXHORKD\DUHFLELGRGHOUHPLWHQWH $UWtFXOR3UXHEDGHDGPLVLyQSDUDHOVHUYLFLRGHJLURVQDFLRQDOHV'HFRQIRU PLGDGFRQORSUHYLVWRHQHOQXPHUDOGHODUWtFXORGHODSUHVHQWHUHVROXFLyQORV RSHUDGRUHVGHVHUYLFLRV3RVWDOHVGH3DJRTXHSUHVWHQHOVHUYLFLRGHJLURVQDFLRQDOHV DOPRPHQWRGHODUHFHSFLyQGHOJLURGHEHUiQGLOLJHQFLDU\H[SHGLUXQDSUXHEDGHDG PLVLyQSRUPHGLRVItVLFRVRHOHFWUyQLFRVODFXDOFRQWHQGUiFRPRPtQLPRODVLJXLHQWH LQIRUPDFLyQ ,QIRUPDFLyQGHORSHUDGRU1RPEUHSiJLQDZHEQ~PHURGHWHOpIRQR\HOORJRWLSR GHPLVPDVyORFXDQGRHVWHDSOLTXH ,GHQWL¿FDGRU~QLFRGHOJLUR ,QIRUPDFLyQGHOXVXDULRUHPLWHQWH1RPEUHQ~PHURGHGRFXPHQWRGHLGHQWL¿ FDFLyQ WDUMHWDGHLGHQWLGDGFpGXODGHFLXGDGDQtDFpGXODGHH[WUDQMHUtDRSDVDSRUWH \Q~PHURGHWHOpIRQR ,QIRUPDFLyQGHOXVXDULRGHVWLQDWDULR1RPEUHQ~PHURGHGRFXPHQWRGHLGHQWL ¿FDFLyQ WDUMHWDGHLGHQWLGDGFpGXODGHFLXGDGDQtDFpGXODGHH[WUDQMHUtDRSDVDSRUWH \Q~PHURGHWHOpIRQR ,GHQWL¿FDFLyQGHODR¿FLQDGHORSHUDGRUGRQGHHVDGPLWLGRHOJLUR ,GHQWL¿FDFLyQGHODR¿FLQDGHORSHUDGRUDODFXDOHVWiGLULJLGRHOJLUR )HFKD\KRUDGHDGPLVLyQ 0RQWRGHOJLURVLQLQFOXLUHOYDORUGHOVHUYLFLR 9DORUGHOVHUYLFLR 6LQSHUMXLFLRGHODLQFOXVLyQGHODLQIRUPDFLyQUHODWLYDDODLGHQWL¿FDFLyQGHODR¿FLQD GHORSHUDGRUDODFXDOHVWiGLULJLGRHOJLURHORSHUDGRUGH6HUYLFLRV3RVWDOHVGH3DJR (GLFLyQ 0DUWHVGHMXOLRGH SRGUiLQGLFDUOHVDORVXVXDULRVTXHHOJLURSRVWDOSRGUiVHUUHFODPDGRHQFXDOTXLHUDGH VXVR¿FLQDVGHDWHQFLyQHQFDVRTXHSUHVWHGLFKRVHUYLFLR /RVRSHUDGRUHVGH6HUYLFLRV3RVWDOHVGH3DJRTXHSUHVWHQHOVHUYLFLRGHJLURVQD FLRQDOHVGHEHUiQH[SHGLU\HQWUHJDUXQDFRSLDGHODSUXHEDGHDGPLVLyQDVXVXVXDULRV UHPLWHQWHV/DFRSLDGHODSUXHEDGHDGPLVLyQSXHGHVHUHOHFWUyQLFDSDUDHORSHUDGRU SRVWDO (ORSHUDGRULPSOHPHQWDUiORVPHFDQLVPRVQHFHVDULRVSDUDTXHHQORVFDVRVGHVROL FLWXGHVGHFRSLDGHODSUXHEDGHDGPLVLyQSRUUHTXHULPLHQWRGHOUHPLWHQWHGHVWLQDWDULR RGHODVDXWRULGDGHVFRPSHWHQWHVHVWDVHDVXPLQLVWUDGDHQFXDOTXLHUPRPHQWRELHQ VHDDWUDYpVGHPHGLRVHOHFWUyQLFRVRItVLFRV 3DUiJUDIR6LHOXVXDULRUHPLWHQWHGHOJLURSRVWDOGHVFRQRFHDOJ~QGDWRGHOXVXDULR GHVWLQDWDULRGHEHUiGHMDUFRQVWDQFLDGHHOOR\HQHVHFDVRQRVHUiQHFHVDULRGLOLJHQFLDU HOFDPSRGHODSUXHEDGHDGPLVLyQDTXHKD\DOXJDU $UWtFXOR0RGHOR~QLFRGHSUXHEDGHHQWUHJDSDUDHOVHUYLFLRGHJLURVQDFLRQDOHV /RVRSHUDGRUHVGH6HUYLFLRV3RVWDOHVGH3DJRTXHSUHVWHQHOVHUYLFLRGHJLURVQDFLRQDOHV HQWUHJDUiQDOXVXDULRGHVWLQDWDULRHOJLURSRVWDOSUHYLDYHUL¿FDFLyQGHORVGRFXPHQWRV GHLGHQWL¿FDFLyQ WDUMHWDGHLGHQWLGDGFpGXODGHFLXGDGDQtDFpGXODGHH[WUDQMHUtDR SDVDSRUWH RGHFXDOTXLHURWURPHGLRTXHSHUPLWDJDUDQWL]DUODLGHQWLGDGGHOPLVPR /RV RSHUDGRUHV GH 6HUYLFLRV 3RVWDOHV GH 3DJR TXH SUHVWHQ HO VHUYLFLR GH JLURV QDFLRQDOHVGHEHUiQH[SHGLUDORVXVXDULRVGHVWLQDWDULRVXQDSUXHEDGHHQWUHJDODFXDO GHEHUiFRQWHQHUFRPRPtQLPRODVLJXLHQWHLQIRUPDFLyQ 1RPEUH\Q~PHURGHOGRFXPHQWRGHLGHQWL¿FDFLyQGHOXVXDULRGHVWLQDWDULR 1RPEUH\Q~PHURGHOGRFXPHQWRGHLGHQWL¿FDFLyQGHOXVXDULRUHPLWHQWH )HFKD\KRUDGHHQWUHJDGHOJLURSRVWDO ,GHQWL¿FDGRU~QLFRGHOJLUR 0RQWRHQYLDGRSRUHOXVXDULRUHPLWHQWH 0RQWRUHFLELGRSRUHOXVXDULRGHVWLQDWDULR 0RWLYRVGHGHYROXFLyQGHOJLURSRVWDO (ORSHUDGRUGH6HUYLFLRV3RVWDOHVGH3DJRTXHSUHVWHHOVHUYLFLRGHJLURVSRVWDOHV QDFLRQDOHVGHEHUiFRQVHUYDUXQDFRSLDGHODSUXHEDGHHQWUHJDELHQVHDGHIRUPDItVLFD RHOHFWUyQLFDHLPSOHPHQWDUiORVPHFDQLVPRVQHFHVDULRVSDUDTXHHQXQSOD]RQRVX SHULRUDXQ GtDKiELOGHVSXpVGHODHQWUHJDODFRSLDGHGLFKRGRFXPHQWRSXHGDVHU FRQVXOWDGDDWUDYpVGHVXSiJLQDZHERVXPLQLVWUDGDWDQWRDOXVXDULRUHPLWHQWHFRPR DOXVXDULRGHVWLQDWDULRSRUPHGLRVHOHFWUyQLFRV $UHTXHULPLHQWRGHORVXVXDULRVUHPLWHQWHVFRPRGHVWLQDWDULRVRGHODVDXWRULGDGHV FRPSHWHQWHVHORSHUDGRUGHEHUiVXPLQLVWUDUXQDFRSLDHOHFWUyQLFDRItVLFDGHODSUXHED GHHQWUHJDHQFXDOTXLHUPRPHQWR $UWtFXOR0RWLYRVGHGHYROXFLyQSDUDHOVHUYLFLRGHJLURVSRVWDOHVQDFLRQDOHV /RVRSHUDGRUHVGH6HUYLFLRV3RVWDOHVGH3DJRTXHSUHVWHQHOVHUYLFLRGHJLURVQDFLRQDOHV GHEHUiQUHJLVWUDUHQODSUXHEDGHHQWUHJDHOPRWLYRGHGHYROXFLyQSRUHOFXDOQRIXH SRVLEOHHQWUHJDUHOJLURDOXVXDULRGHVWLQDWDULRUHJLVWUDGRHQODSUXHEDGHDGPLVLyQ\ SURFHGHUiQDVXGHYROXFLyQVLQFRVWRDOJXQRSDUDHOXVXDULRUHPLWHQWHGHFRQIRUPLGDG FRQORSUHYLVWRHQHODUWtFXORGHOD/H\GH 6HWHQGUiQFRPRPRWLYRVGHGHYROXFLyQORVVLJXLHQWHV 'HVFRQRFLGR&RUUHVSRQGHDDTXHOODVVLWXDFLRQHVHQODVFXDOHVODSHUVRQDTXH VHHQFXHQWUDHQHOQ~PHURWHOHIyQLFRUHJLVWUDGRHQODSUXHEDGHDGPLVLyQPDQL¿HVWD QRFRQRFHUDOGHVWLQDWDULR 5HKXVDGR&RUUHVSRQGHDODVLWXDFLyQHQODFXDOHOXVXDULRGHVWLQDWDULRUHFKD]D RVHQLHJDDUHFLELUHOJLUR 1RUHVLGHQRFRUUHVSRQGH&RUUHVSRQGHDDTXHOHYHQWRHQHOTXHODSHUVRQD TXHVHHQFXHQWUDHQHOQ~PHURWHOHIyQLFRUHJLVWUDGRHQODSUXHEDGHDGPLVLyQPDQL¿HVWD TXHHOXVXDULRGHVWLQDWDULR\DQRUHVLGHHQHVHOXJDURFXDQGRHVWH~OWLPRKDIDOOHFLGR 1RUHFODPDGR(VWDVLWXDFLyQVHGDFXDQGRXQDYH]VXUWLGRHOWUiPLWHSUHYLVWR HQHODUWtFXORGHODSUHVHQWHUHVROXFLyQ\WUDQVFXUULGRVORVWpUPLQRVDOOtHVWDEOHFLGRV HOJLURSRVWDOQRHVUHFODPDGRSRUHOXVXDULRGHVWLQDWDULRHQODVR¿FLQDVGHORSHUDGRU SRVWDOGHSDJR 1~PHURGHWHOpIRQRHUUDGR(QHVWHFDVRHOQ~PHURWHOHIyQLFRVXPLQLVWUDGR SRUHOXVXDULRUHPLWHQWHHQODSUXHEDGHDGPLVLyQFDUHFHRFRQWLHQHDOJ~QHOHPHQWR DGLFLRQDOTXHSHUPLWDVXLGHQWL¿FDFLyQLQHTXtYRFD 2WURV&RUUHVSRQGHDDTXHOODVVLWXDFLRQHVTXHLPSLGHQTXHHOJLURSRVWDOVHD HQWUHJDGRDOGHVWLQDWDULRUHJLVWUDGRHQODSUXHEDGHDGPLVLyQSRUIXHU]DPD\RURFDVR IRUWXLWRXRWURVHYHQWRVTXHFRQVLGHUHQHFHVDULRHORSHUDGRUVLHPSUHHVSHFL¿FDQGROD UHVSHFWLYDGHVFULSFLyQ $UWtFXOR(QWUHJDGHORVJLURVSRVWDOHVQDFLRQDOHV/RVRSHUDGRUHVGHJLURVSRVWDOHV QDFLRQDOHVSRGUiQRIUHFHUDVXVXVXDULRVHIHFWXDUODHQWUHJDGHOJLURHQVXGRPLFLOLR 6RODPHQWHHQDTXHOORVFDVRVHQTXHHORSHUDGRUUHDOLFHODHQWUHJDGHOJLURSRVWDO HQVXVR¿FLQDVGHDWHQFLyQ\HVWHQRVHDUHFODPDGRSRUHOXVXDULRGHVWLQDWDULRGHQWUR GHORVWUHV GtDVKiELOHVVLJXLHQWHVDODIHFKDDSDUWLUGHOFXDOHVWiGLVSRQLEOHGHEH UiFRQWDFWDUDOXVXDULRGHVWLQDWDULRUHJLVWUDGRHQODSUXHEDGHDGPLVLyQFRQHO¿QGH FRPXQLFDUOHTXHSXHGHSURFHGHUFRQHOUHWLURGHOPLVPR (GLFLyQ 0DUWHVGHMXOLRGH ' , $ 5 , 2 2 ) , & , $ / $FRUGHFRQORDQWHULRUVHOHGHEHUiLQIRUPDUDOXVXDULRGHVWLQDWDULRHOQRPEUHGHO XVXDULRUHPLWHQWHODGLUHFFLyQGHODR¿FLQDHQODFXDOVHOHKDUiODHQWUHJDGHOJLUR\ ODIHFKDOtPLWHGHODGLVSRQLELOLGDGGHOPLVPR /DIHFKDOtPLWHGHUHWLURGHOJLURSRUSDUWHGHOXVXDULRGHVWLQDWDULRVHUiGHWUHLQWD GtDVFDOHQGDULRFRQWDGRVDSDUWLUGHODIHFKDGHVGHGHODFXDOHOJLURHVWiGLVSR QLEOH6LHOJLURQRHVUHWLUDGRHQHVHSOD]RHVWHVHFRQVLGHUDUiFRPRQRGLVWULEXLEOH \GHEHUiVHUSXHVWRDGLVSRVLFLyQGHOXVXDULRUHPLWHQWHKDVWDSRUXQWpUPLQRGHWUHV PHVHVGHVGHODIHFKDGHLPSRVLFLyQGHOJLURYHQFLGRVORVFXDOHVVLQTXHKD\D VLGRUHFODPDGRVHDSOLFDUiHODUWtFXORGHOD/H\GHUHIHUHQWHDREMHWRV GHFODUDGRVHQUH]DJR $UWtFXOR5DVWUHRHQORVVHUYLFLRVGHJLURVQDFLRQDOHV/RVRSHUDGRUHVGH 6HUYLFLRV 3RVWDOHV GH 3DJR TXH SUHVWHQ HO VHUYLFLR GH JLURV QDFLRQDOHV GHEHUiQ UHJLVWUDUHOHFWUyQLFDPHQWH\PDQWHQHUHQVXSiJLQDZHE\SHUPDQHQWHPHQWHGLV SRQLEOHSDUDHOXVXDULR\GHPDQHUDDFWXDOL]DGDODGLVSRQLELOLGDGGHOJLURDIDYRU GHOGHVWLQDWDULR 3DUDHIHFWRVGHORDQWHULRUGHEHUiQLPSOHPHQWDUODVGHELGDVPHGLGDVGHVHJXULGDG \FRQ¿GHQFLDOLGDGSDUDDFFHGHUDGLFKDLQIRUPDFLyQSRUSDUWHGHORVXVXDULRVUHPLWHQWH \GHVWLQDWDULRGHOJLURSRVWDO (OUHJLVWURHQODSiJLQDZHEGHORSHUDGRUGHEHUiGDUFXHQWDGHODR¿FLQDHQODFXDO HOJLURSRGUiVHUUHFODPDGR(ODFFHVRDGLFKDLQIRUPDFLyQVHUiSRVLEOH~QLFDPHQWHD WUDYpVGHOLGHQWL¿FDGRU~QLFRGHOHQYtRTXHOHVHUiHQWUHJDGRDOXVXDULRUHPLWHQWHGHO JLURSRVWDO /DLQIRUPDFLyQDTXHVHUH¿HUHHOSUHVHQWHDUWtFXORGHEHUiSHUPDQHFHUGLVSRQLEOH HQODSiJLQDZHEGHORSHUDGRUPtQLPRGXUDQWHWUHV PHVHVFRQWDGRVDSDUWLUGHOD IHFKDHQTXHHORSHUDGRUGH6HUYLFLRV3RVWDOHVGH3DJRUHFLELyHOFRUUHVSRQGLHQWHJLUR $UWtFXOR,QWHJULGDGGHOJLUR(OPRQWRHQWUHJDGRSRUHOXVXDULRUHPLWHQWHDO RSHUDGRUGH6HUYLFLRV3RVWDOHVGH3DJRGHEHUiFRQVWDUHQODSUXHEDGHDGPLVLyQ\VHUi HOPLVPRTXHVHGHEHHQWUHJDUDOGHVWLQDWDULR 7Ë78/29 ',6326,&,21(6&2081(6$/2623(5$'25(6'(0(16$-(5Ë$(; 35(6$<*,5263267$/(61$&,21$/(6 $UWtFXOR2EMHWRVQRGLVWULEXLEOHV/RVREMHWRVSRVWDOHVVHUiQFRQVLGHUDGRVQR GLVWULEXLEOHVHQODVFLUFXQVWDQFLDVGHVFULWDVHQHOSUHVHQWHDUWtFXOR )UHQWHDODDFWLYLGDGSURSLDGHOVHUYLFLRSRVWDOGH0HQVDMHUtD([SUHVDVHFRQVLGHUD TXHXQREMHWRSRVWDOQRHVGLVWULEXLEOHFXDQGR D 'HVSXpVGHGRV LQWHQWRVIDOOLGRVGHHQWUHJDGHOFRUUHVSRQGLHQWHREMHWRSRVWDO VHFRQ¿JXUHHOPRWLYRGHGHYROXFLyQHVWDEOHFLGRHQHOQXPHUDOGHODUWtFXORGH ODSUHVHQWHUHVROXFLyQ E $OSULPHULQWHQWRGHHQWUHJDVHFRQ¿JXUHDOJXQRGHORVPRWLYRVGHGHYROXFLyQ HVWDEOHFLGRVHQORVQXPHUDOHVRGHODUWtFXORGHODSUHVHQWH UHVROXFLyQ /RVREMHWRVSRVWDOHVTXHFXUVHQSRUODVUHGHVGHORVRSHUDGRUHVTXHSUHVWHQORV VHUYLFLRVGH0HQVDMHUtD([SUHVDTXHWHQJDQFRPR¿QODGLVWULEXFLyQGHREMHWRVSRVWDOHV PDVLYRVVHUiQFRQVLGHUDGRVQRGLVWULEXLEOHVGHVSXpVGHOSULPHULQWHQWRIDOOLGRGHHQWUHJD (QFXDQWRDODSUHVWDFLyQGHORVVHUYLFLRVSRVWDOHVGHSDJRTXHSUHVWHQHOVHUYLFLR GHJLURVQDFLRQDOHVVHFRQVLGHUDTXHXQJLURHVQRGLVWULEXLEOHFXDQGR F (OJLURQRVHDUHWLUDGRSRUHOXVXDULRGHVWLQDWDULRGHQWURGHORVSOD]RVHVWDEOHFLGRV HQHODUWtFXORGHODSUHVHQWHUHVROXFLyQ G 6HFRQ¿JXUHDOJXQRGHORVPRWLYRVGHGHYROXFLyQHVWDEOHFLGRVHQORVQXPHUDOHV RGHODUWtFXORGHODSUHVHQWHUHVROXFLyQ $UWtFXOR7UDWDPLHQWRGHORVREMHWRVQRGLVWULEXLEOHV8QDYH]XQREMHWRSRVWDO VHDFRQVLGHUDGRQRGLVWULEXLEOHHORSHUDGRUGHEHUiUHDOL]DUODVVLJXLHQWHVDFWLYLGDGHV ,QIRUPDUDOXVXDULRUHPLWHQWHODFRQ¿JXUDFLyQGHOREMHWRSRVWDOFRPRQRGLVWUL EXLEOHDVtFRPRODVUD]RQHVGHGLFKDFRQ¿JXUDFLyQ 3URFHGHUDODGHYROXFLyQDOXVXDULRUHPLWHQWHGHQWURGHORVGLH] GtDVFDOHQGDULR VLJXLHQWHVDODFRQ¿JXUDFLyQGHOREMHWRSRVWDOFRPRQRGLVWULEXLEOH 6ROLFLWDU DO XVXDULR UHPLWHQWH OD UHFROHFFLyQ GHO REMHWR QR GLVWULEXLEOH HQ HO SXQWRGHUHFHSFLyQRULJLQDOGHOREMHWRSRVWDORKDFHUHQWUHJDHQHOGRPLFLOLRGHO UHPLWHQWHSUHYLDVROLFLWXGGHHVWH~OWLPRFDVRHQHOFXDOVHFDXVDUiHOSDJRGHOD WDULIDTXHFRUUHVSRQGD 6LHOXVXDULRUHPLWHQWHQRDWLHQGHODVROLFLWXGGHUHFROHFFLyQGHOREMHWRSRVWDO GHFODUDGRFRPRQRGLVWULEXLEOH\XQDYH]WUDQVFXUULGRVWUHV PHVHVDSDUWLUGHOD IHFKDGHLPSRVLFLyQGHOPLVPRHVWHVHFRQVLGHUDUiHQUH]DJRGHFRQIRUPLGDGFRQOR SUHYLVWRHQHODUWtFXORGHOD/H\GH 3DUiJUDIR/RVRSHUDGRUHVSRVWDOHVTXHSUHVWHQHOVHUYLFLRGH0HQVDMHUtD([SUHVD HQHOiPELWRLQWHUQDFLRQDOHQWUDQWHHQFDVRGHFRQVLGHUDUTXHXQREMHWRVHFRQ¿JXUD FRPRQRGLVWULEXLEOHGHEHUiQUHJUHVDUHOREMHWRSRVWDODOXVXDULRUHPLWHQWHHQHOSDtV FRUUHVSRQGLHQWHVHJ~QVXVPHMRUHVSUiFWLFDVHPSUHVDULDOHV 3DUiJUDIR(OWUDWDPLHQWRGHORVREMHWRVQRGLVWULEXLEOHVSDUDORVHQYtRVGH0HQ VDMHUtD([SUHVDTXHWHQJDFRPR¿QODGLVWULEXFLyQGHREMHWRVSRVWDOHVPDVLYRVSRGUi VHUQHJRFLDGROLEUHPHQWHSRUODVSDUWHV\DIDOWDGHDFXHUGRDOUHVSHFWRVHDSOLFDUiOR GLVSXHVWRSDUDHOVHUYLFLRGH0HQVDMHUtD([SUHVDHQJHQHUDO(QWRGRFDVRSDVDGRVWUHV PHVHVDSDUWLUGHODIHFKDGHLPSRVLFLyQGHOREMHWRSRVWDOVLHOPLVPRQRKDVLGR UHWLUDGRSRUHOUHPLWHQWHVHUiFRQVLGHUDGRHQUH]DJRGHFRQIRUPLGDGFRQORSUHYLVWR HQHODUWtFXORGHOD/H\GH 7Ë78/29, ',6326,&,21(6),1$/(6 $UWtFXOR 'HEHU GH LQIRUPDFLyQ 3UHYLD FHOHEUDFLyQ GHO FRQWUDWR \ HQ WRGR PRPHQWRGXUDQWHVXHMHFXFLyQORVRSHUDGRUHVSRVWDOHVVXPLQLVWUDUiQDORVXVXDULRV LQIRUPDFLyQFODUDYHUD]VX¿FLHQWHSUHFLVDFRPSOHWDRSRUWXQD\JUDWXLWDDFHUFDGH ODVFDUDFWHUtVWLFDVGHOVHUYLFLRRIUHFLGRVXVFRQGLFLRQHVGHSUHVWDFLyQKDFLHQGRUHIH UHQFLDHVSHFt¿FDDODVFRQGLFLRQHVGHFDOLGDGHQTXHHVWHVHUiVXPLQLVWUDGRODVFXDOHV HQWRGRFDVRGHEHUiQLQFOXLUODVFRQGLFLRQHVHVWDEOHFLGDVHQODUHJXODFLyQODVPHWDV GHORVLQGLFDGRUHVGHFDOLGDGLPSXHVWDVSRUOD&5&DVtFRPRHOFXPSOLPLHQWRGHODV PLVPDVHQFRQFRUGDQFLDFRQORHVWDEOHFLGRHQHODUWtFXORGHOD5HVROXFLyQ&5& GHHQSDUWLFXODUODVTXHVHUH¿HUHQDORVWLHPSRVGHHQWUHJD $UWtFXOR6DQFLRQHV(OLQFXPSOLPLHQWRGHORHVWDEOHFLGRHQHOSUHVHQWHUpJLPHQVH FRQVLGHUDUiXQDYLRODFLyQDOUpJLPHQGHORVVHUYLFLRVSRVWDOHV\DFDUUHDUiODVVDQFLRQHV FRQWHPSODGDVSRUODOH\ODVFXDOHVGHEHUiQVHULPSXHVWDVSRUOD6XSHULQWHQGHQFLDGH ,QGXVWULD\&RPHUFLRHQHMHUFLFLRGHVXFRPSHWHQFLDGHSURWHFFLyQGHORVGHUHFKRVGH ORVXVXDULRVGHORVVHUYLFLRVSRVWDOHV\SRUHO0LQLVWHULRGH7HFQRORJtDVGHOD,QIRU PDFLyQ\ODV&RPXQLFDFLRQHVHQORVHYHQWRVUHODFLRQDGRVFRQODYLRODFLyQDOUpJLPHQ GHORVVHUYLFLRVSRVWDOHVVHJ~QFRUUHVSRQGD $UWtFXOR9LJLODQFLD\FRQWURO'HDFXHUGRFRQORHVWDEOHFLGRHQHOQXPHUDOGHO DUWtFXORGHOD/H\GHODYHUL¿FDFLyQGHOFXPSOLPLHQWRGHODVGLVSRVLFLRQHV HVWDEOHFLGDVHQODSUHVHQWHUHVROXFLyQVHUiUHDOL]DGDSRUHO0LQLVWHULRGH7HFQRORJtDV GHOD,QIRUPDFLyQ\ODV&RPXQLFDFLRQHVHQHMHUFLFLRGHVXVIDFXOWDGHVOHJDOHV (OFXPSOLPLHQWRGHORVSDUiPHWURVODPHGLFLyQGHORVLQGLFDGRUHVGHFDOLGDG\ORV UHSRUWHVGHLQIRUPDFLyQGHTXHWUDWDODSUHVHQWHUHVROXFLyQGHEHQVHUFHUWL¿FDGRVSRUHO UHSUHVHQWDQWHOHJDOGHORSHUDGRUSRVWDO\GHEHUiQVHUDYDODGRVDWUDYpVGHPHFDQLVPRVGH YHUL¿FDFLyQWpFQLFDLQWHUQRV\RH[WHUQRVTXHFXHQWHQFRQDXWRQRPtDHLQGHSHQGHQFLD GHODJHVWLyQRSHUDWLYDGHODVIXHQWHVGHLQIRUPDFLyQGHOSURFHVRGHPHGLFLyQ\GHORV UHVXOWDGRVVLQSHUMXLFLRGHODVSUXHEDVTXHVREUHHOFXPSOLPLHQWRGHHVWRVUHTXLVLWRV HIHFW~HHO0LQLVWHULR $UWtFXOR7UDQVLWRULR/RVRSHUDGRUHVTXHSUHVWHQVHUYLFLRVSRVWDOHVKDELOLWDGRV FRQHOUpJLPHQDQWHULRUGHFRQIRUPLGDGFRQORGLVSXHVWRHQHODUWtFXORGHOD/H\ GHGHEHUiQGDUSOHQRFXPSOLPLHQWRDORGLVSXHVWRHQVXVFRQFHVLRQHV\ OLFHQFLDVKDVWDHOWpUPLQRGHGXUDFLyQ\RYLJHQFLDGHODVPLVPDV $UWtFXOR0RGL¿FDUHO$QH[RGHOD5HVROXFLyQ&5&GHHOFXDO TXHGDUiGHODVLJXLHQWHPDQHUD $1(;2 &$/(1'$5,2'(5(3257(6 7ySLFR $QH[R ,QJUHVRV $QH[R 7Ui¿FR $QH[R 7DULIDV )RUPDWR 3HULRGLFLGDG ,QJUHVRVSRUVHUYLFLRVGH PHQVDMHUtD ,QJUHVRV SRU VHUYLFLR GH FRUUHR ,QJUHVRV SRU VHUYLFLRV 7ULPHVWUDO SRVWDOHVGHSDJR\VHUYLFLRV ¿QDQFLHURVGHFRUUHRV ,QJUHVRV SRU LQWHUFRQH[LyQ (QYtRV GH ORV VHUYLFLRV GHPHQVDMHUtD (QYtRV GH VHUYLFLR GH FRUUHR (QYtRV GH VHUYLFLRV 7ULPHVWUDO SRVWDOHVGHSDJR\VHUYLFLRV ¿QDQFLHURVGHFRUUHRV (QYtRV UHFLELGRV SRU LQWHUFRQH[LyQ 7DULID SDUD ORV VHUYLFLRV GH PHQVDMHUtD H[SUHVD 7ULPHVWUDO PDVLYD $FXHUGRV GH PHQVDMHUtD H[SUHVD PDVLYD \ GH (YHQWXDO LQWHUFRQH[LyQ 'LVFULPLQDFLyQ ,QIRUPDFLyQ GHODLQIRUPDFLyQ DUHSRUWDU 0HQVXDO 0HQVXDO 7ULPHVWUDO 1R$SOLFD (QHUR )HEUHUR 0DU]R $EULO 0D\R -XQLR -XOLR $JRVWR 6HSWLHPEUH 2FWXEUH 1RYLHPEUH 'LFLHPEUH (QHUR )HEUHUR 0DU]R $EULO 0D\R -XQLR -XOLR $JRVWR 6HSWLHPEUH 2FWXEUH 1RYLHPEUH 'LFLHPEUH (QHURD PDU]R $EULOD MXQLR -XOLRD VHSWLHPEUH 2FWXEUHD GLFLHPEUH 1R$SOLFD )HFKDPi[LPD GHHQWUHJD DOD&5& GHDEULO GHMXOLR GHRFWXEUH GHHQHURGHO DxRVLJXLHQWH GHDEULO GHMXOLR GHRFWXEUH GHHQHURGHO DxRVLJXLHQWH GHDEULO GHMXOLR GHRFWXEUH GHHQHURGHO DxRVLJXLHQWH GtDVKiELOHV GHVSXpVGHO HYHQWR (GLFLyQ 0DUWHVGHMXOLRGH ' , $ 5 , 2 2 ),&,$/ 7ySLFR )RUPDWR $QH[R 3URWHFFLyQGH 345 6ROLFLWXGHV ORVXVXDULRV GHVHUYLFLRV ,QGHPQL]DFLRQHV SRVWDOHV 3HULRGLFLGDG GH 7ULPHVWUDO 3XQWRV GH DWHQFLyQ DO $QH[R S~EOLFR $QXDO ,QIUDHVWUXFWXUD &HQWURVGHFODVL¿FDFLyQ $QH[R 1~PHURGHHPSOHDGRV $QXDO 3HUVRQDO $QH[R 7DULIDV $QH[R &DOLGDGGHO VHUYLFLR 7DULID SDUD ORV VHUYLFLRV GHPHQVDMHUtDHVSHFLDOL]DGD 7ULPHVWUDO PDVLYD $FXHUGRV GH PHQVDMHUtD HVSHFLDOL]DGD PDVLYD \ GH (YHQWXDO ,QWHUFRQH[LyQ 3RUFHQWDMH GH REMHWRV SRVWDOHV HQWUHJDGRV HQ WLHPSR GH HQWUHJD 0HQVDMHUtD([SUHVD 3RUFHQWDMH GH GLVSRQLELOLGDG GH JLURV 7ULPHVWUDO QDFLRQDOHV 6HUYLFLRV SRVWDOHVGHSDJRQDFLRQDOHV 3RUFHQWDMH GH REMHWRV HQWUHJDGRV HQ EXHQ HVWDGR 0HQVDMHUtD([SUHVD 'LVFULPLQDFLyQ ,QIRUPDFLyQ GHODLQIRUPDFLyQ DUHSRUWDU 7ULPHVWUDO 1R$SOLFD 1R$SOLFD 7ULPHVWUDO (QHURD PDU]R $EULOD MXQLR -XOLRD VHSWLHPEUH 2FWXEUHD GLFLHPEUH )HFKDPi[LPD GHHQWUHJD DOD&5& GHDEULO GHMXOLR GHRFWXEUH GHHQHURGHO DxRVLJXLHQWH $GH GLFLHPEUH GHHQHURGH FDGDDxR $GH GLFLHPEUH (QHURD PDU]R $EULOD MXQLR -XOLRD VHSWLHPEUH 2FWXEUHD GLFLHPEUH GHHQHURGH FDGDDxR GHDEULO GHMXOLR GHRFWXEUH GHHQHURGHO DxRVLJXLHQWH GtDVKiELOHV GHVSXpVGHO HYHQWR 1RDSOLFD 1RDSOLFD 7ULPHVWUDO (QHURD GHDEULO PDU]R $EULOD GHMXOLR MXQLR -XOLRD GHRFWXEUH VHSWLHPEUH 2FWXEUHD GLFLHPEUH GHHQHURGHO DxRVLJXLHQWH $UWtFXOR$GLFLRQDUXQ$QH[RDOD5HVROXFLyQ&5&GHHOFXDOTXHGDUi GHODVLJXLHQWHPDQHUD ³$1(;2 &$/,'$''(/6(59,&,2 )RUPDWR3RUFHQWDMHGHREMHWRVSRVWDOHVHQWUHJDGRVHQWLHPSR GHHQWUHJD0HQVDMHUtD([SUHVD 7LSRGHHQYtR ÈPELWR (QYtRV LQGLYLGXDOHV (QYtRV PDVLYRV 'HQYtRVHQWUHJDGRVDPiVWDUGDUKRUDVGHVSXpVGHVXLPSRVLFLyQHQOD UHGSRVWDO 'HQYtRVHQWUHJDGRVDPiVWDUGDUKRUDVGHVSXpVGHVXLPSRVLFLyQHQOD UHGSRVWDO 'HQYtRVHQWUHJDGRVDPiVWDUGDUKRUDVGHVSXpVGHVXLPSRVLFLyQHQOD UHGSRVWDO 'HQYtRVHQWUHJDGRVDPiVWDUGDUKRUDVGHVSXpVGHVXLPSRVLFLyQHQOD UHGSRVWDO 'HQYtRVHQWUHJDGRVDPiVWDUGDUKRUDVGHVSXpVGHVXLPSRVLFLyQHQOD UHGSRVWDO 'HQYtRVHQWUHJDGRVDPiVWDUGDUKRUDVGHVSXpVGHVXLPSRVLFLyQHQOD UHGSRVWDO '!HQYtRVHQWUHJDGRVHQPiVGHKRUDVGHVSXpVGHVXLPSRVLFLyQHQOD UHGSRVWDO )RUPDWR3RUFHQWDMHGHGLVSRQLELOLGDGGHJLURVQDFLRQDOHV 6HUYLFLRVSRVWDOHVGHSDJRQDFLRQDOHV 3RUFHQWDMHGHREMHWRVSRVWDOHVHQWUHJDGRVHQWLHPSRGHHQWUHJD ' ' ' ' ' ' ' '! /RFDO 1DFLRQDO ,QWHUQDFLRQDO VDOLHQWH /RFDO 1DFLRQDO 7LSRGHHQYtR (QYtRVLQGLYLGXDOHV FXDQGR VH WUDWD GH XQ REMHWR SRVWDO TXHVH HQWUHJD D XQ RSHUDGRUSRVWDOSDUDVHUUHSDUWLGRKDFLDXQ~QLFRGHVWLQDWDULR (QYtRVPDVLYRVFXDQGRVHWUDWDGHXQQ~PHURSOXUDOGHREMHWRVSRVWDOHVHQWUH JDGRVSRUXQPLVPRUHPLWHQWHDXQRSHUDGRUSRVWDOFRQHO¿QGHTXHVHDQGLVWULEXLGRV DXQQ~PHURSOXUDOGHGHVWLQDWDULRV ÈPELWR /RFDO/DHQWUHJDGHOREMHWRSRVWDOVHUHDOL]DHQHOPLVPRPXQLFLSLRPXQLFLSLRV DG\DFHQWHVRiUHDVPHWURSROLWDQDVHQHOFXDOIXHUHFLELGRSRUHORSHUDGRUSRVWDOR VHJ~QODVSROtWLFDVFRPHUFLDOHV\RSHUDWLYDVHVWDEOHFLGDVSRUFDGDRSHUDGRUSRVWDO 1DFLRQDO/DHQWUHJDGHOREMHWRSRVWDOVHUHDOL]DHQPXQLFLSLRRiUHDPHWURSROLWDQD GLIHUHQWHDDTXHOODHQODFXDOIXHUHFLELGRSRUHORSHUDGRUSRVWDORVHJ~QODVSROtWLFDV FRPHUFLDOHV\RSHUDWLYDVHVWDEOHFLGDVSRUFDGDRSHUDGRUSRVWDO ,QWHUQDFLRQDOVDOLHQWH(OREMHWRSRVWDOHVUHFLELGRHQ&RORPELD\GHEHVHUHQ WUHJDGRHQHOH[WUDQMHUR 3RUFHQWDMHGHREMHWRVSRVWDOHVLQGLFDUHOSRUFHQWDMHGHREMHWRVSRVWDOHVTXH IXHURQHQWUHJDGRVGHQWURGHXQOtPLWHGHWHUPLQDGRGHKRUDVHVGHFLUFDQWLGDGHQ'Q GRQGH'UHSUHVHQWDODIHFKDGHHQWUHJDGHOREMHWRSRVWDOSRUSDUWHGHOXVXDULRTXH HQYtD\ Q HOQ~PHURGHKRUDVTXHWUDQVFXUUHQHQWUHHVDIHFKD\ODIHFKDGHHQWUHJD DOGHVWLQDWDULR1RLQFOX\HORVREMHWRVSRVWDOHVWUDPLWDGRVSRUDFFHVR\XVRGHODUHG DRWURVRSHUDGRUHVSRVWDOHV 'HQYtRVHQWUHJDGRVDPiVWDUGDUKRUDVGHVSXpVGHVXLPSRVLFLyQHQOD UHGSRVWDO ' 3RUFHQWDMHGH'LVSRQLELOLGDGGH*LURV1DFLRQDOHV ' ' ' ' '! 3RUFHQWDMHGH*LURV1DFLRQDOHVLQGLFDUHOSRUFHQWDMHGHJLURVQDFLRQDOHVTXH HVWXYLHURQGLVSRQLEOHVSDUDVHUHQWUHJDGRVDVXGHVWLQDWDULRGHQWURGHXQOtPLWHGH WHUPLQDGRGHGtDVKiELOHVGHVSXpVVHULPSXHVWRVSRUHOUHPLWHQWHHVGHFLUFDQWLGDG HQ'QGRQGH'UHSUHVHQWDODIHFKDGHHQWUHJDGHOJLURSRUSDUWHGHOXVXDULRTXH HQYtD\ Q HOQ~PHURGHGtDVKiELOHVTXHWUDQVFXUUHQHQWUHHVDIHFKD\ODIHFKDHQTXH HOJLURVHHQFXHQWUDGLVSRQLEOHSDUDVHUHQWUHJDGRDOGHVWLQDWDULR 'JLURVTXHHVWXYLHURQGLVSRQLEOHVSDUDVHUHQWUHJDGRVHQHOPLVPRGtDKiELO GHVXLPSRVLFLyQHQODUHGSRVWDO 'JLURVTXHHVWXYLHURQGLVSRQLEOHVSDUDVHUHQWUHJDGRVGtDKiELOGHVSXpV GHVXLPSRVLFLyQHQODUHGSRVWDO 'JLURVTXHHVWXYLHURQGLVSRQLEOHVSDUDVHUHQWUHJDGRVGtDVKiELOHVGHVSXpV GHVXLPSRVLFLyQHQODUHGSRVWDO 'JLURVTXHHVWXYLHURQGLVSRQLEOHVSDUDVHUHQWUHJDGRVGtDVKiELOHVGHVSXpV GHVXLPSRVLFLyQHQODUHGSRVWDO 'JLURVTXHHVWXYLHURQGLVSRQLEOHVSDUDVHUHQWUHJDGRVGtDVKiELOHVGHVSXpV GHVXLPSRVLFLyQHQODUHGSRVWDO '!JLURVTXHHVWXYLHURQGLVSRQLEOHVSDUDVHUHQWUHJDGRVHQPiVGHGtDV KiELOHVGHVSXpVGHVXLPSRVLFLyQHQODUHGSRVWDO )RUPDWR 3RUFHQWDMHGHREMHWRVHQWUHJDGRVHQEXHQHVWDGR0HQVDMHUtD([SUHVD 7LSRGHHQYtR ÈPELWR (QYtRV LQGLYLGXDOHV (QYtRV PDVLYRV 1R REMHWRV SRVWDOHV SHUGLGRV H[SROLDGRV 1R GH REMHWRV 1R GH REMHWRV R DYHULDGRV SRU SRVWDOHV HQWUHJDGRV SRVWDOHVHQYLDGRV IXHU]D PD\RU R FDVR HQEXHQHVWDGR IRUWXLWR /RFDO 1DFLRQDO /RFDO 1DFLRQDO 7LSRGHHQYtR (QYtRV LQGLYLGXDOHV FXDQGR VH WUDWD GH XQ REMHWR SRVWDO TXHVHHQWUHJDDXQ RSHUDGRUSRVWDOSDUDVHUUHSDUWLGRKDFLDXQ~QLFRGHVWLQDWDULR (QYtRVPDVLYRVFXDQGRVHWUDWDGHXQQ~PHURSOXUDOGHREMHWRVSRVWDOHVHQWUH JDGRVSRUXQPLVPRUHPLWHQWHDXQRSHUDGRUSRVWDOFRQHO¿QGHTXHVHDQGLVWULEXLGRV DXQQ~PHURSOXUDOGHGHVWLQDWDULRV ÈPELWR /RFDO /D HQWUHJD GHO REMHWR SRVWDO VH UHDOL]D HQ HO PLVPR PXQLFLSLR PXQLFLSLRV DG\DFHQWHV R iUHDV PHWURSROLWDQDV HQ HO FXDO IXH UHFLELGR SRU HO RSHUDGRUSRVWDORVHJ~QODVSROtWLFDVFRPHUFLDOHV\RSHUDWLYDVHVWDEOHFLGDVSRU FDGDRSHUDGRUSRVWDO 1DFLRQDO/DHQWUHJDGHOREMHWRSRVWDOVHUHDOL]DHQPXQLFLSLRRiUHDPHWURSROLWDQD GLIHUHQWHDDTXHOODHQODFXDOIXHUHFLELGRSRUHORSHUDGRUSRVWDORVHJ~QODVSROtWLFDV FRPHUFLDOHV\RSHUDWLYDVHVWDEOHFLGDVSRUFDGDRSHUDGRUSRVWDO 1~PHURGHREMHWRVSRVWDOHVHQWUHJDGRVHQEXHQHVWDGR&RUUHVSRQGHDODGH¿ QLFLyQGHOQXPHUDOGHODUWtFXORGHODSUHVHQWHUHVROXFLyQ 1~PHURGHREMHWRVSRVWDOHVHQYLDGRV&RUUHVSRQGHDODGH¿QLFLyQGHOQXPHUDO GHODUWtFXORGHODSUHVHQWHUHVROXFLyQ 1~PHURREMHWRVSRVWDOHVSHUGLGRVH[SROLDGRVRDYHULDGRVSRUIXHU]DPD\RUR FDVRIRUWXLWR (GLFLyQ 0DUWHVGHMXOLRGH ' , $ 5 , 2 2 ) , & , $ / $UWtFXOR7LHPSRGHLPSOHPHQWDFLyQ/DVREOLJDFLRQHVDFDUJRGHORVRSHUDGRUHV GHVHUYLFLRVSRVWDOHVHVWDEOHFLGDVHQODSUHVHQWHUHVROXFLyQGHEHUiQLPSOHPHQWDUVH DSDUWLUGHOGHHQHURGHVLQSHUMXLFLRGHOFXPSOLPLHQWRGHODVGLVSRVLFLRQHV SUHYLVWDVHQOD/H\GH $UWtFXOR9LJHQFLD\GHURJDWRULDV/DSUHVHQWHUHVROXFLyQULJHDSDUWLUGHODIHFKD GHVXSXEOLFDFLyQHQHO'LDULR2¿FLDO\GHURJDODVGLVSRVLFLRQHVTXHOHVHDQFRQWUDULDV 3XEOtTXHVH\F~PSODVH 'DGDHQ%RJRWi'&DGHMXOLRGH (O3UHVLGHQWH 'LHJR0RODQR9HJD (O'LUHFWRU(MHFXWLYR &ULVWKLDQ/L]FDQR2UWL] &) 5(62/8&,Ï11Ò0(52'( MXOLR SRUODFXDOVHHVWDEOHFHXQYDORUWRSHGHUHPXQHUDFLyQGHODLQVWDODFLyQHVHQFLDOGH IDFWXUDFLyQGLVWULEXFLyQ\UHFDXGRVHGH¿QHXQYDORUWRSHGHUHPXQHUDFLyQGHOD LQVWDODFLyQ HVHQFLDO GH IDFWXUDFLyQ GLVWULEXFLyQ \ UHFDXGR \ JHVWLyQ RSHUDWLYD GH UHFODPRVFXDQGRVHSUHVWDQHVWRVVHUYLFLRVGHPDQHUDFRQMXQWD\VHHVWDEOHFHQRWUDV GLVSRVLFLRQHV /D &RPLVLyQ GH 5HJXODFLyQ GH &RPXQLFDFLRQHV HQ HMHUFLFLR GH VXV IDFXOWDGHV OHJDOHVHVSHFLDOPHQWHODVFRQWHQLGDVHQHODUWtFXORQXPHUDOHV\GHOD/H\ GH\ &216,'(5$1'2 4XH OD &RPLVLyQ GH 5HJXODFLyQ GH &RPXQLFDFLRQHV GH FRQIRUPLGDG FRQ OR HVWDEOHFLGRHQHOQXPHUDOGHODUWtFXORGHOD/H\GHHVODDXWRULGDG FRPSHWHQWHSDUD³H[SHGLUWRGDODUHJXODFLyQGHFDUiFWHUJHQHUDO\SDUWLFXODUHQODV PDWHULDVUHODFLRQDGDVFRQHOUpJLPHQGHFRPSHWHQFLDORVDVSHFWRVWpFQLFRV\HFRQyPL FRVUHODFLRQDGRVFRQODREOLJDFLyQGHLQWHUFRQH[LyQ\HODFFHVR\XVRGHLQVWDODFLRQHV HVHQFLDOHVUHFXUVRVItVLFRV\VRSRUWHVOyJLFRVQHFHVDULRVSDUDODLQWHUFRQH[LyQDVt FRPRODUHPXQHUDFLyQSRUHODFFHVR\XVRGHUHGHVHLQIUDHVWUXFWXUDSUHFLRVPD\R ULVWDVODVFRQGLFLRQHVGHIDFWXUDFLyQ\UHFDXGRHOUpJLPHQGHDFFHVR\XVRGHUHGHV ORVSDUiPHWURVGHFDOLGDGGHORVVHUYLFLRVORVFULWHULRVGHH¿FLHQFLDGHOVHFWRU\OD PHGLFLyQGHLQGLFDGRUHVVHFWRULDOHVSDUDDYDQ]DUHQODVRFLHGDGGHODLQIRUPDFLyQ \HQPDWHULDGHVROXFLyQGHFRQWURYHUVLDVHQWUHORVSURYHHGRUHVGHUHGHV\VHUYLFLRV GHFRPXQLFDFLRQHV´ 6)7 4XHFRQIRUPHORGLVSXHVWRHQHOQXPHUDOGHODUWtFXORGHOD/H\GH FRUUHVSRQGH D OD &5& ³GH¿QLU ODV FRQGLFLRQHV HQ ODV FXDOHV SRGUiQ VHU XWLOL]DGDV LQIUDHVWUXFWXUDV\UHGHVGHRWURVVHUYLFLRVHQODSUHVWDFLyQGHVHUYLFLRVGHWHOHFRPX QLFDFLRQHVEDMRXQHVTXHPDGHFRVWRVH¿FLHQWHV´ 4XHVHJ~QORHVWDEOHFLGRHQHODUWtFXORGHOD/H\GHHO(VWDGRGHEH IRPHQWDUHOXVRH¿FLHQWHGHODLQIUDHVWUXFWXUDSDUDODSURYLVLyQGHUHGHVGHWHOHFRPX QLFDFLRQHV\ORVVHUYLFLRVTXHVREUHHOODVVHSXHGDQSUHVWDU\SURPRYHUiHOySWLPR DSURYHFKDPLHQWRGHORVUHFXUVRVHVFDVRVFRQHOiQLPRGHJHQHUDUFRPSHWHQFLDFDOLGDG \H¿FLHQFLDHQEHQH¿FLRGHORVXVXDULRV 4XHGHFRQIRUPLGDGFRQHODUWtFXORQXPHUDOGHOD/H\GHHVIXQFLyQ GHOD&5&GH¿QLUODVLQVWDODFLRQHVHVHQFLDOHV 4XHGHDFXHUGRFRQOD'HFLVLyQGHGHOD&RPXQLGDG$QGLQDODVLQVWDOD FLRQHVHVHQFLDOHVVRQDTXHOODVVXPLQLVWUDGDVH[FOXVLYDPHQWHRGHPDQHUDSUHGRPLQDQWH SRUXQVyORSURYHHGRURSRUXQQ~PHUROLPLWDGRGHSURYHHGRUHV\FX\DVXVWLWXFLyQ FRQPLUDVDOVXPLQLVWURGHXQVHUYLFLRQRVHDIDFWLEOHHQORHFRQyPLFRRHQORWpFQLFR GH¿QLFLyQTXHJXDUGDUHODFLyQFRQORH[SXHVWRHQOD5HVROXFLyQ&57GH 4XHHODUWtFXORGHOD5HVROXFLyQGHGHOD&RPXQLGDG$QGLQDHVWDEOHFH XQOLVWDGRGHLQVWDODFLRQHVHVHQFLDOHVSDUDHIHFWRVGHODLQWHUFRQH[LyQGHQWURGHORV FXDOHVVHHQFXHQWUDOD³IDFWXUDFLyQ\UHFDXGDFLyQDVtFRPRWRGDDTXHOODLQIRUPDFLyQ QHFHVDULDSDUDSRGHUIDFWXUDU\FREUDUDORVXVXDULRV´ 4XHODFLWDGDRWRUJDDODVDXWRULGDGHVGHWHOHFRPXQLFDFLRQHVFRPSHWHQWHVODID FXOWDGGHLQFOXLUQXHYRVHOHPHQWRVHQODOLVWDGHLQVWDODFLRQHVFRQVLGHUDGDVHVHQFLDOHV 4XHOD5HVROXFLyQ&57GHHQVXDUWtFXORHVWDEOHFHODREOLJDFLyQ GHSRQHUDGLVSRVLFLyQGHRWURVSURYHHGRUHVGHUHGHV\VHUYLFLRVGHWHOHFRPXQLFDFLRQHV TXHDVtORVROLFLWHQDWtWXORGHDUUHQGDPLHQWRODVLQVWDODFLRQHVHVHQFLDOHVGH¿QLGDV SRUOD&RPLVLyQSDUDIDFLOLWDUODLQWHUFRQH[LyQVLHQGRXQDGHHOODVODLQVWDODFLyQGH IDFWXUDFLyQGLVWULEXFLyQ\UHFDXGR 4XHHODUWtFXORDQWHVUHIHUHQFLDGRFRQWHPSODTXHODUHPXQHUDFLyQGHODVLQVWDODFLR QHVHVHQFLDOHVLQFOXLGDODGHIDFWXUDFLyQGLVWULEXFLyQ\UHFDXGRVHGHEHHVWDEOHFHUGH FRQIRUPLGDGFRQHOFULWHULRGHFRVWRVH¿FLHQWHV 4XHOD&5&H[SLGLyHOGHMXOLRGHOD5HVROXFLyQGH³SRUODFXDO VHHVWDEOHFHODPHWRGRORJtDSDUDODGH¿QLFLyQGHODVFRQGLFLRQHVGHUHPXQHUDFLyQGH ODLQVWDODFLyQHVHQFLDOGHIDFWXUDFLyQGLVWULEXFLyQ\UHFDXGRDVtFRPRGHODJHVWLyQ RSHUDWLYDGHUHFODPRV\VHHVWDEOHFHQRWUDVGLVSRVLFLRQHV´GLULJLGDDHVWDEOHFHUXQD PHWRGRORJtD GH DXWRLPSXWDFLyQ EDVDGD HQ FULWHULRV REMHWLYRV \ QR GLVFULPLQDWRULRV HQODFXDOORVSURYHHGRUHVGHUHGHV\VHUYLFLRVIDFWXUDGRUHVHVWXYLHUDQHQODOLEHUWDG GHFRQVLJQDUORVFRVWRVLQFUHPHQWDOHVHQORVTXHLQFXUUtDQSRUSURYHHUODLQVWDODFLyQ HVHQFLDOGHIDFWXUDFLyQGLVWULEXFLyQ\UHFDXGRDVtFRPRHOVHUYLFLRDGLFLRQDOGHJHVWLyQ RSHUDWLYDGHUHFODPRVDWHUFHURVSURYHHGRUHVGLYLGLHQGRGLFKRVFRVWRVGHPDQHUD SRQGHUDGDHQWUHORVGLIHUHQWHVSURYHHGRUHVVROLFLWDQWHVGHPDQHUDTXHVHJDUDQWL]DUD TXHOD¿MDFLyQGHORVYDORUHVSRUIDFWXUD\UHFODPRIXHUDQUD]RQDEOHV\¿MDGRVFRQ FULWHULRVREMHWLYRVWDQWRSDUDORVSUHVWDGRUHVGHUHGHV\VHUYLFLRVIDFWXUDGRUHVFRPR SDUDORVVROLFLWDQWHV 4XHHQGHVDUUROORGHORVUHVSHFWLYRVHVWXGLRVTXHJHQHUDURQODH[SHGLFLyQGHOD 5HVROXFLyQ &5& GH OD &RPLVLyQ GH¿QLy TXH OD LQVWDODFLyQ HVHQFLDO GH IDFWXUDFLyQGLVWULEXFLyQ\UHFDXGRFRQWHPSODORVSURFHVRVGHIDFWXUDFLyQLPSUHVLyQ GLVWULEXFLyQ\UHFDXGRGHODVIDFWXUDV\TXHDVXYH]HOVHUYLFLRDGLFLRQDOGHJHVWLyQ RSHUDWLYDGHUHFODPRVVHHQWLHQGHFRPRHOSURFHVRPHGLDQWHHOFXDOXQSURYHHGRUGH UHGHV\VHUYLFLRVGDVROXFLyQDXQDPDQLIHVWDFLyQGHOXVXDULRRVXVFULSWRUHQODFXDO LQGLFDQRHVWDUGHDFXHUGRFRQORVFRQFHSWRVUHJLVWUDGRVHQODIDFWXUDTXHKDUHFLELGR 4XHSDUDHIHFWRVGHDSOLFDUODPHWRGRORJtDHVWDEOHFLGDHQOD5HVROXFLyQ&5& GHHODUWtFXORGHODPLVPDUHVROXFLyQHVWDEOHFLyTXHHOGHDJRVWRGHORV SURYHHGRUHVGHUHGHV\VHUYLFLRVGHWHOHFRPXQLFDFLRQHVTXHWXYLHUDQ2%,DSUREDGDVR SHQGLHQWHVGHDSUREDFLyQSRUSDUWHGHOD&5&GHEtDQDMXVWDUORVYDORUHVGHSUHVWDFLyQ GHODLQVWDODFLyQHVHQFLDOGHIDFWXUDFLyQGLVWULEXFLyQ\UHFDXGRDVtFRPRGHOVHUYLFLR DGLFLRQDOGHJHVWLyQRSHUDWLYDGHUHFODPRVGHFRQIRUPLGDGFRQORHVWDEOHFLGRHQHO UHSRUWHGHLQIRUPDFLyQGHODUWtFXORGHODPLVPDUHVROXFLyQSOD]RTXHIXHDPSOLDGR PHGLDQWHOD5HVROXFLyQ&5&GHKDVWDHOGHVHSWLHPEUHGH 4XHXQDYH]UHFLELGRVORVUHSRUWHVTXHSDUDSUREDFLyQGHOD2%,UHDOL]DQORVGLVWLQWRV SURYHHGRUHVGHUHGHV\VHUYLFLRVDOD&5&VHHQFRQWUyTXHODUHPXQHUDFLyQTXHORV SURYHHGRUHVIDFWXUDGRUHVDVSLUDEDQREWHQHUSRUODLQVWDODFLyQHVHQFLDOGHIDFWXUDFLyQ GLVWULEXFLyQ\UHFDXGR\SRUHOVHUYLFLRDGLFLRQDOGHJHVWLyQRSHUDWLYDGHUHFODPRV YDULDEDHQWUHORV\ORV\TXHODPHGLDGHORVYDORUHVREWHQLGRVVHDSDU WDEDVXVWDQFLDOPHQWHGHODPHGLDGHORVYDORUHV¿MDGRVHQORVGLIHUHQWHVFRQWUDWRVGH LQWHUFRQH[LyQUHJLVWUDGRVSRUORVSURYHHGRUHVHQHO6,867 4XHWHQLHQGRHQFXHQWDORDQWHULRUOD&5&LQIRUPyDORVSURYHHGRUHVGHUHGHV\ VHUYLFLRVGHWHOHFRPXQLFDFLRQHVTXHWXYLHUDQ2%,DSUREDGDVRSHQGLHQWHVGHDSUREDFLyQ SRUSDUWHGHOD&5&VREUHHOLQLFLRGHOPRQLWRUHRDOTXHKDFHUHIHUHQFLDHODUWtFXOR GHOD5HVROXFLyQ&5&GHVROLFLWDQGRODVPHPRULDVGHFiOFXORPHGLDQWH ODVFXDOHVORVSURYHHGRUHVIDFWXUDGRUHVREWXYLHURQORVFRVWRVUHSRUWDGRVDOD&5& 4XHGHGLFKDODERUGHPRQLWRUHRVHFRUURERUyTXHVHVLJXLHURQSUHVHQWDQGRODV GLIHUHQFLDVDGXFLGDVFRQDQWHODFLyQGHODDSOLFDFLyQGHODKHUUDPLHQWDHVWDEOHFLGDHQOD 5HVROXFLyQ&5&GH\TXHODVDVLPHWUtDVGHLQIRUPDFLyQFRQWLQXDURQVLHQGR HOHYDGDV\HQFRQVHFXHQFLDVHHYLGHQFLyODQHFHVLGDGGHDYDQ]DUHQODHVWUXFWXUDFLyQ GH XQD PHGLGD UHJXODWRULD HQ DUDV GH FRUUHJLU OD DVLPHWUtD LGHQWL¿FDGD D WUDYpV GH RWURWLSRGHLQVWUXPHQWRUHJXODWRULRGLIHUHQWHDODDXWRLPSXWDFLyQEDVDGDHQFULWHULRV REMHWLYRV\QRGLVFULPLQDWRULRVSDUDHIHFWRVGHHVWDEOHFHUODUHPXQHUDFLyQGHODLQV WDODFLyQHVHQFLDOGHIDFWXUDFLyQGLVWULEXFLyQ\UHFDXGRKDFLHQGRXVRGHSDUiPHWURV GHH¿FLHQFLDHQSURFXUDGHODFRPSHWHQFLDGHOEHQH¿FLRGHOVHFWRU\DQWHWRGRGHORV XVXDULRVGHORVVHUYLFLRVGHWHOHFRPXQLFDFLRQHV 4XHFRQEDVHHQODDQWHULRUHYLGHQFLDOD&5&GHVDUUROOyXQHVWXGLRHQHOTXHKL]R XVRGHODLQIRUPDFLyQUHSRUWDGDSRUORVSURYHHGRUHVGHUHGHV\VHUYLFLRVGHWHOHFR PXQLFDFLRQHVHQYLUWXGGHOUHSRUWHGHLQIRUPDFLyQHVWDEOHFLGRSRUHODUWtFXORGHOD 5HVROXFLyQ&5&GHDVtFRPRFRQODLQIRUPDFLyQUHFDXGDGDHQODHWDSDGH PRQLWRUHRHVWDEOHFLGDHQHODUWtFXORGHODPLVPDUHVROXFLyQ 4XHGDGDVODVGLIHUHQFLDVREVHUYDGDVHQODLQIRUPDFLyQUHSRUWDGDVHYLRODQHFHVLGDG GHDSOLFDULQLFLDOPHQWHLQGLFDGRUHVGHFDSLWDFLyQSDUDKRPRJHQL]DUODLQIRUPDFLyQ\ UHGXFLUORVFRH¿FLHQWHVGHYDULDFLyQGHODVGLVWLQWDVREVHUYDFLRQHV\SRVWHULRUPHQWH DQDOL]DUORVFRH¿FLHQWHVGHFRUUHODFLyQGHODVYDULDEOHVSDUDLGHQWL¿FDUSRVLEOHVHFRQRPtDV GHHVFDOD)LQDOPHQWHVHOOHYyDFDERXQSURFHGLPLHQWRGHLQIHUHQFLDHVWDGtVWLFDTXH SHUPLWLyLGHQWL¿FDUXQJUXSRGHHVWLPDGRUHVFRQVLVWHQWHV\H¿FLHQWHVFRQHOSURSyVLWR GHHVWLPDUXQDUHODFLyQHFRQRPpWULFDHVWDEOH\DVtGHWHUPLQDUXQYDORUGHH¿FLHQFLD SDUDODUHPXQHUDFLyQGHODLQVWDODFLyQHVHQFLDOGHIDFWXUDFLyQGLVWULEXFLyQ\UHFDXGR\ ODXWLOLGDGUD]RQDEOHDSDUWLUGHODLQIRUPDFLyQUHSRUWDGDSRUORVGLVWLQWRVSURYHHGRUHV 4XHGHDFXHUGRDORVHVWXGLRVUHDOL]DGRVOD&5&KDFRQVLGHUDGRQHFHVDULRDOHMDUVH GHO HVTXHPD GH DXWRLPSXWDFLyQ EDVDGD HQ FULWHULRV REMHWLYRV \ QR GLVFULPLQDWRULRV FRQWHPSODGRHQOD5HVROXFLyQ&5&GH\DYDQ]DUHQODHVWUXFWXUDFLyQGHXQ WRSHUHJXODWRULRSDUDODUHPXQHUDFLyQGHODLQVWDODFLyQHVHQFLDOGHIDFWXUDFLyQGLVWUL EXFLyQ\UHFDXGR\HQODHVWUXFWXUDFLyQGHRWURWRSHUHJXODWRULRSDUDODUHPXQHUDFLyQ GHODLQVWDODFLyQHVHQFLDOGHIDFWXUDFLyQGLVWULEXFLyQ\UHFDXGR\JHVWLyQRSHUDWLYD GHUHFODPRVFXDQGRVHSUHVWDQORVVHUYLFLRVGHPDQHUDFRQMXQWDYDORUHVHVWRVTXHVH HQWLHQGHWHQGUiQDSOLFDFLyQUHVSHFWRGHODV2IHUWDV%iVLFDVGH,QWHUFRQH[LyQ 4XHWHQLHQGRHQFXHQWDTXHODSUHVHQWHPHGLGDUHJXODWRULDGHURJDHQWRGDVVXV SDUWHVOD5HVROXFLyQ&5&GHOD&5&FRQVLGHUDQHFHVDULRGH¿QLUODLQVWD ODFLyQHVHQFLDOGHIDFWXUDFLyQGLVWULEXFLyQ\UHFDXGRDVtFRPRHOVHUYLFLRDGLFLRQDO GHJHVWLyQRSHUDWLYDGHUHFODPRV 4XHHQFXPSOLPLHQWRGHORGLVSXHVWRHQHO'HFUHWRGHHOGHPD\R GHOD&5&SXEOLFySDUDGLVFXVLyQUHYLVLyQ\GHEDWHFRQHOVHFWRUHO'RFXPHQWR /RVQ~PHURVGHUDGLFDFLyQLQWHUQRVPHGLDQWHORVFXDOHVIXHURQUHPLWLGDVODVFRPXQLFDFLRQHVGHLQLFLR GHODHWDSDGHPRQLWRUHRIXHURQ\ ' , $ 5 , 2 2 ),&,$/ 5HJXODWRULR³5HPXQHUDFLyQGHODLQVWDODFLyQHVHQFLDOGHIDFWXUDFLyQGLVWULEXFLyQ\ UHFDXGR´MXQWRFRQHOSUR\HFWRGHUHVROXFLyQFRUUHVSRQGLHQWH 4XHGHQWURGHOSURFHVRGHGLVFXVLyQVHFWRULDO$YDQWHO&RORPELD0yYLO&RPFHO 81(\VXV¿OLDOHV (GDWHO±(PSUHVDGH7HOHFRPXQLFDFLRQHVGH3HUHLUD±(30%RJR Wi (PSUHVDGH7HOHFRPXQLFDFLRQHVGH%RJRWi7HOHEXFDUDPDQJD7HOHIyQLFD7HOPH[ 7HOHFRPXQLFDFLRQHV\7UDQVWHOUHPLWLHURQFRPHQWDULRVDODSURSXHVWDSXEOLFDGDGHQWUR GHOWpUPLQR¿MDGRSDUDWDOHVHIHFWRV 4XHODSURSXHVWDUHJXODWRULDSXEOLFDGDHOGHPD\RSDUDGLVFXVLyQGHOVHFWRUFRQ WHQtDPHGLGDVUHODFLRQDGDV~QLFDPHQWHUHVSHFWRGHOYDORUWRSHSDUDODUHPXQHUDFLyQ GHODLQVWDODFLyQHVHQFLDOGHIDFWXUDFLyQGLVWULEXFLyQ\UHFDXGR 4XHGDGRVORVGLIHUHQWHVFRPHQWDULRVUHFLELGRVSRUHOVHFWRUUHIHUHQWHVDODQHFHVLGDG GHLQFOXLUHOVHUYLFLRDGLFLRQDOGHJHVWLyQRSHUDWLYDGHUHFODPRVHQDUDVGHPLQLPL]DU EDUUHUDVGHHQWUDGDDOPHUFDGR\SURSHQGHUSRUXQDVDQDFRPSHWHQFLD\EDMRHOHQWHQGLGR GHTXHORVSURYHHGRUHVRIUHFHQFRP~QPHQWHYDORUHVLQWHJUDOHVSDUDODUHPXQHUDFLyQ GHODLQVWDODFLyQHVHQFLDOGHIDFWXUDFLyQGLVWULEXFLyQ\UHFDXGR\HOVHUYLFLRDGLFLRQDO GHJHVWLyQRSHUDWLYDGHUHFODPRVOD&5&FRQVLGHUDQHFHVDULRLQFOXLUXQWRSHSDUDOD UHPXQHUDFLyQFRQMXQWDGHORVVHUYLFLRVHQFRPHQWR 4XHHQFXPSOLPLHQWRGHORHVWDEOHFLGRHQHODUWtFXORGHO'HFUHWRGH \HODUWtFXORGHOD5HVROXFLyQ6,&GHOD&5&SXVRHQFRQRFLPLHQWR GHOD6XSHULQWHQGHQFLDGH,QGXVWULD\&RPHUFLRPHGLDQWHFRPXQLFDFLyQGH5DGLFDGR ,QWHUQR HO SUR\HFWR UHJXODWRULR SXEOLFDGR SDUD FRPHQWDULRV GHO VHFWRU SDUDTXHHQHOHYHQWRGHFRQVLGHUDUORSHUWLQHQWHOD6XSHULQWHQGHQFLDGH,QGXVWULD\ &RPHUFLRVHSURQXQFLDUDDOUHVSHFWR 4XHHQFXPSOLPLHQWRGHO'HFUHWRGHOD&5&DQDOL]y\UHYLVyFDGDXQR GHORVFRPHQWDULRVSUHVHQWDGRVDVXFRQVLGHUDFLyQDORVFXDOHVVHGLRUHVSXHVWDHQHO ³'RFXPHQWRGHUHVSXHVWDDFRPHQWDULRVDOSUR\HFWR³5HPXQHUDFLyQGHODLQVWDODFLyQ HVHQFLDOGHIDFWXUDFLyQGLVWULEXFLyQ\UHFDXGR´HOFXDOIXHHODERUDGR\SRVWHULRUPHQWH DSUREDGRSRUHO&RPLWpGH&RPLVLRQDGRVGHOD&5&WDOFRPRFRQVWDHQHO$FWDQ~PHUR GHOGHMXQLRGH\SUHVHQWDGRSRVWHULRUPHQWHDORVPLHPEURVGHOD6HVLyQ GH&RPLVLyQHOGHMXQLRGHWDO\FRPRFRQVWDHQHO$FWD (QYLUWXGGHORH[SXHVWR 5(68(/9( $UWtFXOR 'H¿QLFLRQHV 3DUD ORV HIHFWRV SUHYLVWRV HQ OD SUHVHQWH UHVROXFLyQ GHEHUiQWHQHUVHHQFXHQWDODVVLJXLHQWHVGH¿QLFLRQHV )DFWXUDFLyQGLVWULEXFLyQ\UHFDXGR,QVWDODFLyQHVHQFLDOTXHVHFRPSRQHGH XQFRQMXQWRGHSURFHVRVTXHFRPSUHQGHQODFRQVROLGDFLyQGHODLQIRUPDFLyQJHQHUDGD SRUODPHGLFLyQWDUL¿FDFLyQ\ODYHUL¿FDFLyQGHODFRQVLVWHQFLDGHORVUHJLVWURVSDUD ODSRVWHULRUJHQHUDFLyQLPSUHVLyQ\DOLVWDPLHQWRGHODVIDFWXUDVDVtFRPRWDPELpQ HOUHSDUWRGHODVPLVPDV\ODUHFROHFFLyQGHORVGLQHURVSDJDGRVSRUORVXVXDULRVD ORVSURYHHGRUHVGHUHGHV\VHUYLFLRVDWUDYpVGHGLIHUHQWHVPHGLRV\DVHDQHQWLGDGHV EDQFDULDVXRWURVPHGLRVGHUHFDXGR *HVWLyQRSHUDWLYDGHUHFODPRV6HUYLFLRDGLFLRQDOPHGLDQWHHOFXDOXQSURYHHGRU GHUHGHV\VHUYLFLRVGDVROXFLyQDXQDPDQLIHVWDFLyQGHOXVXDULRRVXVFULSWRUHQODFXDO LQGLFDQRHVWDUGHDFXHUGRFRQORVFRQFHSWRVUHJLVWUDGRVHQODIDFWXUDTXHKDUHFLELGR $UWtFXOR'HWHUPLQDFLyQGHORVWRSHVUHJXODWRULRVSDUDOD2%,/RVSURYHHGRUHV GHUHGHV\VHUYLFLRVGHWHOHFRPXQLFDFLRQHVTXHSURYHDQDWHUFHURVODLQVWDODFLyQHVHQFLDO GHIDFWXUDFLyQGLVWULEXFLyQ\UHFDXGRDVtFRPRHOVHUYLFLRDGLFLRQDOGHJHVWLyQRSHUDWLYD GHUHFODPRVGHEHUiQHVWDEOHFHUHQVX2IHUWD%iVLFDGH,QWHUFRQH[LyQ 2%, ORVYDORUHV DVRFLDGRVDVXUHPXQHUDFLyQWHQLHQGRHQFRQVLGHUDFLyQFULWHULRVGHFRVWRVH¿FLHQWHV (QQLQJ~QFDVRHOYDORUGHUHPXQHUDFLyQDVRFLDGRDODLQVWDODFLyQHVHQFLDOGHIDF WXUDFLyQGLVWULEXFLyQ\UHFDXGRSRGUiVHUVXSHULRUDVHLVFLHQWRVRFKHQWD\FLQFRSHVRV FRQVHWHQWD\VHLVFHQWDYRV SRUIDFWXUDSUHFLRTXHLQFOX\HODUHPXQHUDFLyQ GHWDOLQVWDODFLyQHVHQFLDODVtFRPRVXUHVSHFWLYDXWLOLGDG\HO,9$ (QDTXHOORVFDVRVHQORVTXHVH¿MHXQYDORUGHUHPXQHUDFLyQFRQMXQWRSDUDOD LQVWDODFLyQHVHQFLDOGHIDFWXUDFLyQGLVWULEXFLyQUHFDXGR\SDUDHOVHUYLFLRGHJHVWLyQ RSHUDWLYDGHUHFODPRVGLFKRYDORUQRSRGUiVHUVXSHULRUDRFKRFLHQWRVWUHFHSHVRVFRQ FLQFXHQWD\GRVFHQWDYRV SRUIDFWXUDSUHFLRTXHLQFOX\HODUHPXQHUDFLyQ GHODLQVWDODFLyQHVHQFLDO\HOVHUYLFLRDGLFLRQDOPHQFLRQDGRVDVtFRPRVXUHVSHFWLYD XWLOLGDG\HO,9$ /RVYDORUHVHVWDEOHFLGRVHQHOSUHVHQWHDUWtFXORSRGUiQVHUDFWXDOL]DGRVDQXDOPHQWH KDFLHQGRXVRGHO,$7DSDUWLUGHOGHHQHURGH 3DUiJUDIR/RVYDORUHVDORVTXHKDFHUHIHUHQFLDHOSUHVHQWHDUWtFXORGHEHUiQ DSOLFDUVHDSDUWLUGHODIHFKDGHHQWUDGDHQYLJHQFLDGHODSUHVHQWHUHVROXFLyQHQDTXH OODV2IHUWDV%iVLFDVGH,QWHUFRQH[LyQTXHDWDOIHFKDFRQWHQJDQXQYDORUVXSHULRUDO SUHYLVWRHQHVWDUHVROXFLyQ 3DUiJUDIR/RVYDORUHVDORVTXHKDFHUHIHUHQFLDHOSUHVHQWHDUWtFXORGHEHUiQ DSOLFDUVHDSDUWLUGHODIHFKDGHHQWUDGDHQYLJHQFLDGHODSUHVHQWHUHVROXFLyQHQDTXH OODVUHODFLRQHVGHLQWHUFRQH[LyQHQODVTXHODVSDUWHVKD\DQDFRUGDGRGLUHFWDPHQWHXQ YDORUVXSHULRUDOSUHYLVWRHQHVWDUHVROXFLyQ $UWtFXOR0RQLWRUHR/D&5&SRGUiUHYLVDUORVYDORUHVFRUUHVSRQGLHQWHVDOD UHPXQHUDFLyQ GH OD LQVWDODFLyQ HVHQFLDO GH IDFWXUDFLyQ GLVWULEXFLyQ \ UHFDXGR DVt FRPRGHOVHUYLFLRDGLFLRQDOGHJHVWLyQRSHUDWLYDGHUHFODPRVUHSRUWDGRVHQODV2IHUWDV %iVLFDVGH,QWHUFRQH[LyQRHQORVFRQWUDWRVGHDFFHVRXVRHLQWHUFRQH[LyQGHR¿FLR RDVROLFLWXGGHSDUWH (GLFLyQ 0DUWHVGHMXOLRGH $UWtFXOR5HSRUWHGHLQIRUPDFLyQ$GLFLRQDUXQSDUiJUDIRDODUWtFXORGH OD5HVROXFLyQ&57GHHOFXDOTXHGDUiDVt ³3DUiJUDIR/RVSURYHHGRUHVGHUHGHV\VHUYLFLRVGHWHOHFRPXQLFDFLRQHVTXH SURYHHQODLQVWDODFLyQHVHQFLDOGHIDFWXUDFLyQGLVWULEXFLyQ\UHFDXGRGHPDQHUDLQGLYL GXDORGHPDQHUDFRQMXQWDFRQHOVHUYLFLRDGLFLRQDOGHJHVWLyQRSHUDWLYDGHUHFODPRVHQ FDVRGHTXHDFXHUGHQGLUHFWDPHQWHYDORUHVLQIHULRUHVDORVGLVSXHVWRVUHJXODWRULDPHQWH SDUDWDOHVHIHFWRVGHEHUiQUHJLVWUDUGLFKDLQIRUPDFLyQHQHO6,867GHQWURGHORVGLH] GtDVKiELOHVVLJXLHQWHVDODVXVFULSFLyQGHODFXHUGR´ $UWtFXOR5HSRUWHGHLQIRUPDFLyQ0RGL¿FDUHO)RUPDWRGHO$QH[R1GHOD 5HVROXFLyQ&57GHHOFXDOTXHGDUiDVt )RUPDWR &RQWUDWRGHLQWHUFRQH[LyQ $,QIRUPDFLyQJHQHUDOGHOFRQWUDWR 6ROLFLWDQWH,QWHUFRQHFWDQWH&RUUHVSRQGHDORVSURYHHGRUHVVROLFLWDQWHHLQWHU FRQHFWDQWHTXHVXVFULELHURQHOFRQWUDWRGHLQWHUFRQH[LyQ 2EMHWRGHOFRQWUDWR%UHYHUHVXPHQGHOREMHWRGHOFRQWUDWR )HFKDGH¿UPDGHOFRQWUDWR(VSHFL¿FDUODIHFKDHQTXHVH¿UPyHOFRQWUDWR 'XUDFLyQGHOFRQWUDWR,QJUHVDUODGXUDFLyQDFRUGDGDGHOFRQWUDWRHQPHVHVR HQDxRV 1~PHURGHOFRQWUDWR&RUUHVSRQGHDOQ~PHURGHFRQWUDWR 2EVHUYDFLRQHV(QFDVRGHFRQVLGHUDUVHQHFHVDULRVHSXHGHQLQFOXLUODVREVHU YDFLRQHVUHOHYDQWHVVREUHHOFRQWUDWR $GMXQWDUDUFKLYR$UFKLYRDGMXQWRFRQODWRWDOLGDGGHOWH[WRGHOFRQWUDWR(Q FDVRGHWHQHUP~OWLSOHVDUFKLYRVGHEHDGMXQWDUXQ~QLFRDUFKLYRHQIRUPDWRFRPSULPLGR %&DUJRVGHDFFHVR 5HGHV LQWHUFRQHFWDGDV 6ROLFLWDQWH,QWHUFRQHFWDQWH 6H GHEHQ HVSHFL¿FDU ODVUHODFLRQHVGHLQWHUFRQH[LyQHVWDEOHFLGDVHQHOFRQWUDWR/DVRSFLRQHVGHUHGHVVRQ /2&$/ /2&$/(;7(1','$ /$5*$',67$1&,$,17(51$&,21$/ /$5*$',67$1&,$1$&,21$/ 7(/()21Ë$0Ï9,/585$/705 70& 3&6 6(59,&,2648(87,/,=$16,67(0$6'($&&(627521&$/,=$'2 6(59,&,2648(87,/,=$16,67(0$6'(5$',20(16$-(6 3257$'25 9$/25$*5(*$'2 7LSRGHFDUJRGHDFFHVR2EVHUYDFLRQHV6HGHEHHVSHFL¿FDUHOWLSRGHFDUJR GHDFFHVRSDFWDGRSRUFDGDUHODFLyQGHLQWHUFRQH[LyQ/DVRSFLRQHVVRQ 3RUPLQXWRUHDO 3RU( 2WUR (Q FDVR GH VHOHFFLRQDU RWUR VH GHEH HVSHFL¿FDU HQ HO FDPSR REVHUYDFLRQHV OD GHVFULSFLyQGHOFDUJRGHDFFHVR 9DORUGHOFDUJRGHDFFHVR&RUUHVSRQGHDOYDORUGHFDUJRGHDFFHVRHQSHVRV FRORPELDQRVSDFWDGRSRUUHODFLyQGHLQWHUFRQH[LyQ 5HPXQHUDFLyQ&RUUHVSRQGHDODIRUPDFRPRVHUHDOL]DHOSDJRGHORVFDUJRV GHDFFHVR/DVRSFLRQHVVRQ 6ROLFLWDQWHSDJDDLQWHUFRQHFWDQWH ,QWHUFRQHFWDQWHSDJDDVROLFLWDQWH &)DFWXUDFLyQGLVWULEXFLyQ\UHFDXGR /RV SURYHHGRUHV GH UHGHV \ VHUYLFLRV GH WHOHFRPXQLFDFLRQHV TXH SURYHHQ OD LQVWDODFLyQ HVHQFLDO GH IDFWXUDFLyQ GLVWULEXFLyQ \ UHFDXGR GH PDQHUD LQGLYLGXDO R GHPDQHUDFRQMXQWDFRQHOVHUYLFLRDGLFLRQDOGHJHVWLyQRSHUDWLYDGHUHFODPRVTXH DFXHUGHQGLUHFWDPHQWHYDORUHVLQIHULRUHVDORVGLVSXHVWRVUHJXODWRULDPHQWHSDUDWDOHV HIHFWRVGHEHUiQGLOLJHQFLDUHOVLJXLHQWHIRUPXODULRGHQWURGHORVGLH] GtDVKiELOHV VLJXLHQWHVDODVXVFULSFLyQGHODFXHUGR (GLFLyQ 0DUWHVGHMXOLRGH ' , $ 5 , 2 2 ) , & , $ / 5HPXQHUDFLyQ 5HPXQHUDFLyQSRU SRUIDFWXUDFLyQ IDFWXUDFLyQ GLVWULEXFLyQ\ GLVWULEXFLyQUHFDXGR\ UHFDXGR DWHQFLyQGHUHFODPRV 1 2EVHUYDFLRQHV 5HPXQHUDFLyQ SRU IDFWXUDFLyQ GLVWULEXFLyQ \ UHFDXGR (VSHFL¿FDU OD UH PXQHUDFLyQTXHHOSURYHHGRUGHODLQVWDODFLyQHVHQFLDOGHIDFWXUDFLyQGLVWULEXFLyQ\ UHFDXGRFREUDDOVROLFLWDQWHHQHOFRQWUDWRHQFDVRGHTXHHOPLVPRHVWpHVSHFL¿FDGR GHPDQHUDLQGLYLGXDO 5HPXQHUDFLyQSRUIDFWXUDFLyQGLVWULEXFLyQUHFDXGR\JHVWLyQRSHUDWLYD GHUHFODPRV(VSHFL¿FDUODUHPXQHUDFLyQTXHHOSURYHHGRUGHODLQVWDODFLyQHVHQFLDO GH IDFWXUDFLyQ GLVWULEXFLyQ \ UHFDXGR DVt FRPR GHO VHUYLFLR DGLFLRQDO GH JHVWLyQ RSHUDWLYDGHUHFODPRVFREUDDOVROLFLWDQWHHQHOFRQWUDWRHQFDVRGHTXHHOPLVPRHVWp HVSHFL¿FDGRGHPDQHUDFRQMXQWD 2EVHUYDFLRQHV(QFDVRGHFRQVLGHUDUVHQHFHVDULRVHSXHGHQLQFOXLUODVREVHU YDFLRQHVUHOHYDQWHV $UWtFXOR9LJHQFLDV\GHURJDWRULDV/DVGLVSRVLFLRQHVFRQWHQLGDVHQODSUHVHQWH UHVROXFLyQULJHQDSDUWLUGHODIHFKDGHVXSXEOLFDFLyQHQHO'LDULR2¿FLDO\GHURJD HQWRGDVVXVSDUWHVOD5HVROXFLyQ&5&GH\GHPiVGLVSRVLFLRQHVTXHOH VHDQFRQWUDULDV 3XEOtTXHVH\F~PSODVH 'DGDHQ%RJRWi'&DGHMXOLRGH (O3UHVLGHQWH 'LHJR0RODQR9HJD (O'LUHFWRU(MHFXWLYR &ULVWKLDQ/L]FDQR2UWL] &) 5(62/8&,Ï11Ò0(52'( MXOLR SRUODFXDOVHPRGL¿FDOD5HVROXFLyQ&5&GH /D &RPLVLyQ GH 5HJXODFLyQ GH &RPXQLFDFLRQHV HQ HMHUFLFLR GH VXV IDFXOWDGHV OHJDOHVHVSHFLDOPHQWHODVFRQIHULGDVSRUOD/H\GH\ &216,'(5$1'2 4XHPHGLDQWH5HVROXFLyQGHOD&RPLVLyQGH5HJXODFLyQGH&RPXQL FDFLRQHVSUHFLVyDOJXQDVGLVSRVLFLRQHVUHJXODWRULDVVREUHHO5HSRUWHGH,QIRUPDFLyQ GHORVDFWXDOHVSUHVWDGRUHVGHORVVHUYLFLRVGH73%&\705HQSDUWLFXODUFRQRFDVLyQ GHODSURPXOJDFLyQGHOD/H\GH 4XHHQHOSDUiJUDIRGHODUWtFXORGHOD5HVROXFLyQ&5&GHVHHV WDEOHFLyTXHHOUHSRUWHGHODLQIRUPDFLyQFRUUHVSRQGLHQWHDOWHUFHUWULPHVWUHGHODxR GHEHUtDHIHFWXDUVHDPiVWDUGDUHOGHGLFLHPEUHGH\TXHHOUHSRUWHGH ODLQIRUPDFLyQUHODWLYDDOFXDUWRWULPHVWUHGHODxRGHEHUiHIHFWXDUVHDPiVWDUGDU HOGHHQHURGH 4XHPHGLDQWH5HVROXFLyQ&5&GHVHPRGL¿FyHOSDUiJUDIRGHODUWtFXOR GHOD5HVROXFLyQ&5&GHHQHOVHQWLGRGHDPSOLDUHOSOD]RKDVWDHOGH IHEUHURGHSDUDUHSRUWDUODLQIRUPDFLyQFRUUHVSRQGLHQWHDOFXDUWRWULPHVWUHGH 4XHPHGLDQWH5HVROXFLyQ&5&GHVHPRGL¿FyHOSDUiJUDIRGHODUWtFXOR GHOD5HVROXFLyQ&5&GHHQHOVHQWLGRGHHVWDEOHFHUTXHHOUHSRUWHGHOD LQIRUPDFLyQFRUUHVSRQGLHQWHDOSULPHUWULPHVWUHGHODxRGHEHUiHIHFWXDUVHDPiV WDUGDUHOGHPD\RGH\DGHPiVTXHHOUHSRUWHGHODLQIRUPDFLyQUHODWLYDDO VHJXQGRWULPHVWUHGHODxRGHEHUiHIHFWXDUVHDPiVWDUGDUHOGHDJRVWRGH 4XHPHGLDQWH5HVROXFLyQ&5&GHVHPRGL¿FyHOSDUiJUDIRGHODUWtFXOR GHOD5HVROXFLyQ&5&GHHQHOVHQWLGRGHHVWDEOHFHUTXHHOUHSRUWHGHOD LQIRUPDFLyQFRUUHVSRQGLHQWHDOWHUFHUWULPHVWUHGHODxRGHEHUiHIHFWXDUVHDPiV WDUGDUHOGHQRYLHPEUHGH\DGHPiVTXHHOUHSRUWHGHODLQIRUPDFLyQUHODWLYD DOFXDUWRWULPHVWUHGHODxRGHEHUiHIHFWXDUVHDPiVWDUGDUHOGHIHEUHURGH 4XHPHGLDQWH5HVROXFLyQ&5&GHVHPRGL¿FyHOSDUiJUDIRGHODUWtFXOR GHOD5HVROXFLyQ&5&GHHQHOVHQWLGRGHHVWDEOHFHUTXHHOUHSRUWHGHOD LQIRUPDFLyQFRUUHVSRQGLHQWHDOSULPHUWULPHVWUHGHODxRGHEHUiHIHFWXDUVHDPiV WDUGDUHOGHPD\RGH\DGHPiVTXHHOUHSRUWHGHODLQIRUPDFLyQUHODWLYDDO VHJXQGRWULPHVWUHGHODxRGHEHUiHIHFWXDUVHDPiVWDUGDUHOGHDJRVWRGH 4XHHOSDUiJUDIRGHODUWtFXORGHOD/H\GHGLVSRQHTXHHO0L QLVWHULRGH7HFQRORJtDVGHOD,QIRUPDFLyQ\ODV&RPXQLFDFLRQHVFUHDUiXQ6LVWHPDGH ,QIRUPDFLyQ,QWHJUDOFRQORVGDWRVYDULDEOHVHLQGLFDGRUHVUHOHYDQWHVVREUHHOVHFWRU GHODV7,&TXHIDFLOLWHOD¿MDFLyQGHPHWDVHVWUDWHJLDVSURJUDPDV\SUR\HFWRVSDUD VXGHVDUUROOR 4XHDWHQGLHQGRSRUXQDSDUWHDODFWXDOGHVDUUROORGHOSURFHVRGHWUDQVLFLyQHLP SOHPHQWDFLyQGHO6LVWHPDGH,QIRUPDFLyQ,QWHJUDOHOFXDOQRKDHQWUDGRHQRSHUDFLyQ DODIHFKD\WHQLHQGRHQFXHQWDODLPSRUWDQFLDTXHUHYLVWHODLQIRUPDFLyQHQUHODFLyQ FRQHOFDEDOFXPSOLPLHQWRGHODVIXQFLRQHVUHJXODWRULDVTXHOHKDQVLGRFRQIHULGDV OHJDOPHQWHDOD&5&HVSHFLDOPHQWHDWUDYpVGHOD/H\GHHVWD&RPLVLyQ LGHQWL¿FyODQHFHVLGDGGHHVWDEOHFHUODREOLJDFLyQGHUHSRUWHGHLQIRUPDFLyQTXHWLHQHQ ORVSURYHHGRUHVGHVHUYLFLRVGH73%&\705DQWHOD&5&HQUHODFLyQFRQODLQIRUPD FLyQGHOVHJXQGRVHPHVWUHGHODxRDVtFRPRSUHFLVDUORVSOD]RVTXHWLHQHQGLFKRV SURYHHGRUHVSDUDGDUFXPSOLPLHQWRGHHOORDGLFLRQDQGRSDUDWDOHIHFWRXQLQFLVRDO SDUiJUDIRGHODUWtFXORHQFRPHQWR 4XHDGLFLRQDOPHQWHDORDQWHULRUUHVXOWDQHFHVDULRHOLPLQDUGHOQXPHUDOGHO$QH[R GHOD5HVROXFLyQ&5&GHORVUHSRUWHVFRUUHVSRQGLHQWHVD³1LYHOGHVD WLVIDFFLyQGHOXVXDULRUHVLGHQFLDO´³1LYHOGHVDWLVIDFFLyQGHOXVXDULRFRUSRUDWLYR´ \³5HVXOWDGRVGHOQLYHOGHVDWLVIDFFLyQGHOXVXDULR´GHELGRDTXHHVWDLQIRUPDFLyQ\D QRGHEHVHUPHGLGDSRUORVSURYHHGRUHVGHUHGHV\VHUYLFLRV 4XHFRQIRUPHDOSDUiJUDIRGHODUWtFXORGHO'HFUHWRGH\HODUWtFXOR GHOD5HVROXFLyQ&57GHQRHVQHFHVDULDODSXEOLFDFLyQGHOSUHVHQWHDFWR DGPLQLVWUDWLYRFRPRTXLHUDTXHVHWUDWDGHXQDFWRGHFDUiFWHUJHQHUDOFX\R~QLFRRE MHWLYRHVSUHFLVDUHOWpUPLQRSDUDHOFXPSOLPLHQWRGHWUiPLWHVSUHYLVWRVHQREOLJDFLRQHV UHJXODWRULDVTXHGHEHQFXPSOLUVHDWUDYpVGHO6LVWHPDGH,QIRUPDFLyQ8QL¿FDGRGHO 6HFWRUGHODV7HOHFRPXQLFDFLRQHV 6,867 4XH WHQLHQGR HQ FXHQWD OR DQWHULRU SDUD OD H[SHGLFLyQ GHO SUHVHQWH DFWR QR HV DSOLFDEOHODREOLJDFLyQGHSXEOLFDFLyQSUHYLDHVWDEOHFLGDHQHODUWtFXORGHO'HFUHWR GH (QYLUWXGGHORH[SXHVWR 5(68(/9( $UWtFXOR0RGL¿FDUHOSDUiJUDIRGHODUWtFXORGHOD5HVROXFLyQ&5&GH HOFXDOTXHGDUiDVt ³3DUiJUDIR(OUHSRUWHGHODLQIRUPDFLyQFRUUHVSRQGLHQWHDOWHUFHUWULPHVWUHGHO DxRGHEHUiHIHFWXDUVHDPiVWDUGDUHOGHGLFLHPEUHGH3RUVXSDUWHHO UHSRUWHGHODLQIRUPDFLyQUHODWLYDDOFXDUWRWULPHVWUHGHODxRGHEHUiHIHFWXDUVH DPiVWDUGDUHOGHIHEUHURGH (OUHSRUWHGHODLQIRUPDFLyQFRUUHVSRQGLHQWHDOSULPHUWULPHVWUHGHODxR GHEHUiHIHFWXDUVHDPiVWDUGDUHOGHPD\RGH3RUVXSDUWHHOUHSRUWHGH ODLQIRUPDFLyQUHODWLYDDOVHJXQGRWULPHVWUHGHODxRGHEHUiHIHFWXDUVHDPiV WDUGDUHOGHDJRVWRGH (O UHSRUWH GH OD LQIRUPDFLyQ FRUUHVSRQGLHQWH DO WHUFHU WULPHVWUH GHO DxR GHEHUiHIHFWXDUVHDPiVWDUGDUHOGHQRYLHPEUHGH3RUVXSDUWHHOUHSRUWH GHODLQIRUPDFLyQUHODWLYDDOFXDUWRWULPHVWUHGHODxRGHEHUiHIHFWXDUVHDPiV WDUGDUHOGHIHEUHURGH (OUHSRUWHGHODLQIRUPDFLyQFRUUHVSRQGLHQWHDOSULPHUWULPHVWUHGHODxR GHEHUiHIHFWXDUVHDPiVWDUGDUHOGHPD\RGH3RUVXSDUWHHOUHSRUWHGHOD LQIRUPDFLyQUHODWLYDDOVHJXQGRWULPHVWUHGHODxRGHEHUiHIHFWXDUVHDPiVWDUGDU HOGHDJRVWRGH (O UHSRUWH GH OD LQIRUPDFLyQ FRUUHVSRQGLHQWH DO WHUFHU WULPHVWUH GHO DxR GHEHUiHIHFWXDUVHDPiVWDUGDUHOGHQRYLHPEUHGH3RUVXSDUWHHOUHSRUWH GHODLQIRUPDFLyQUHODWLYDDOFXDUWRWULPHVWUHGHODxRGHEHUiHIHFWXDUVHDPiV WDUGDUHOGHIHEUHURGH´ $UWtFXOR0RGL¿FDUHOQXPHUDOGHO$QH[RGHOD5HVROXFLyQ&5&GH HOFXDOTXHGDUiGHODVLJXLHQWHPDQHUD ³,QIRUPDFLyQTXHGHEHVHUUHPLWLGDHQPHGLRPDJQpWLFR (QFRQVRQDQFLDFRQODVREOLJDFLRQHVTXHSDUDWDOHVHIHFWRVGLVSRQJDODUHJXOD FLyQODVLJXLHQWHLQIRUPDFLyQGHEHVHUUHPLWLGDDOD&5&HQPHGLRPDJQpWLFR &'R '9' XWLOL]DQGRODPLVPDHVWUXFWXUDHVSHFL¿FDGDHQORVIRUPDWRVHVWDEOHFLGRVHQODV 5HVROXFLRQHV\GHOD6XSHULQWHQGHQFLDGH6HUYLFLRV 3~EOLFRV'RPLFLOLDULRVWDOFRPRVHGHVFULEHDFRQWLQXDFLyQ )RUPDWR)DFWXUDFLyQFRPHUFLDO )RUPDWR/tQHDVHQVHUYLFLR\WUi¿FRSRUHVWUDWRSRU PXQLFLSLR )RUPDWR7HOpIRQRVS~EOLFRVSRUPXQLFLSLR )RUPDWR7Ui¿FR73%&/( 5HVROXFLyQ663' )RUPDWR7Ui¿FR73%&ODUJDGLVWDQFLDQDFLRQDO GHO )RUPDWR7Ui¿FR73%&ODUJDGLVWDQFLDLQWHUQDFLRQDO VDOLHQWH )RUPDWR7Ui¿FR73%&ODUJDGLVWDQFLDLQWHUQDFLRQDO HQWUDQWH )RUPDWR,QJUHVRV73%&ODUJDGLVWDQFLD )RUPDWR$5HFODPDFLRQHV 5HVROXFLyQ663' )RUPDWR % ,QIRUPDFLyQ GH SHWLFLRQHV TXH QR GHO FRQVWLWX\HQXQDUHFODPDFLyQ 127$/RVIRUPDWRVGHODVUHVROXFLRQHVTXHQRHVWiQUHODFLRQDGRVHQHOFXDGUR DQWHULRUQRGHEHUiQVHUHQYLDGRV´ $UWtFXOR(QHOHYHQWRHQTXHHQWUHHQRSHUDFLyQHO6LVWHPDGH,QIRUPDFLyQ,Q WHJUDOGHO0LQLVWHULRGH7HFQRORJtDVGHOD,QIRUPDFLyQ\ODV&RPXQLFDFLRQHVDQWHVGHO YHQFLPLHQWRGHORVSOD]RVHVWDEOHFLGRVSDUDORVUHSRUWHVFRQWHQLGRVHQOD5HVROXFLyQ &5&GHHVWRVGHEHUiQDGDSWDUVHDODVIRUPDVGHFDSWXUDGHLQIRUPDFLyQ TXHVHGLVSRQJDQHQGLFKRVLVWHPD (GLFLyQ 0DUWHVGHMXOLRGH ' , $ 5 , 2 2 ),&,$/ $UWtFXOR9LJHQFLD/DSUHVHQWHUHVROXFLyQULJHDSDUWLUGHODIHFKDGHVXSXEOL FDFLyQHQHO'LDULR2¿FLDO\VyORPRGL¿FDHQORSHUWLQHQWHHOSDUiJUDIRGHODUWtFXOR \HOQXPHUDOGHO$QH[RGHOD5HVROXFLyQ&5&GH 3XEOtTXHVH\F~PSODVH 'DGDHQ%RJRWi'&DGHMXOLRGH (O3UHVLGHQWH 'LHJR0RODQR9HJD (O'LUHFWRU(MHFXWLYR &ULVWKLDQ/L]FDQR2UWL] &) 5CD12<539=95>D?C@Ì2<93?C 6_^T_TU@QcYf_C_SYQ\TU6Ubb_SQbbY\Uc >QSY_^Q\UcTU3_\_]RYQ 5(62/8&,21(6 3/$=2 0È;,02 3$5$ 62/,&, 78' '( GH-XQLR $&/$5$&,21(6 3/$=2 0È;,02 3$5$ (;3(',5 GH-XQLR $'(1'$6 &,(55( (175(*$ 5(48,6,726 GH-XQLRDODVSP +$%,/,7$17(6<2)(57$(&21Ï0,&$ 9(5,),&$&,Ï1 5(48,6,726 \GH-XQLR +$%,/,7$17(6 ( ,1)250(6 '( (9$/8$&,Ï1 38%/,&$&,Ï1 5(68/7$'2 < 3/$=2 GH-XQLR 3$5$ 48( 68%6$1(1 62 3(1$ '( 5(&+$=2 '(),1,7,92 < &$57$ 5(48,5,(1'248(68%6$1(1 75$6/$'2,1)250(6'((9$/8$&,Ï1 GH -XQLR \ GH -XOLR $8',(1&,$ '( /$1&(6 2 68%$67$ GH-XOLRSP ,19(56$35(6(1&,$/<$'-8',&$&,Ï1 5(62/8&,Ï11Ò0(52'( MXQLR SRUPHGLRGHODFXDOVHRUGHQDODDSHUWXUDGHODVHOHFFLyQDEUHYLDGDPHGLDQWH VXEDVWDLQYHUVDQ~PHURGH (O'LUHFWRU*HQHUDOGHO)RQGRGH3DVLYR6RFLDOGH)HUURFDUULOHV1DFLRQDOHVGH&R ORPELDHQHMHUFLFLRGHVXVIDFXOWDGHVOHJDOHV\HQHVSHFLDOODVTXHFRQ¿HUHHODUWtFXOR GHO'HFUHWRGH\ &216,'(5$1'2 4XHHO)RQGRGH3DVLYR6RFLDOGH)HUURFDUULOHV1DFLRQDOHVGH&RORPELDVHHQ FXHQWUDDGHODQWDQGRORVWUiPLWHVSDUDLQLFLDUHOSURFHVRGHVHOHFFLyQSDUDFRQWUDWDUOD SUHVWDFLyQGHORVVHUYLFLRVGHVDOXGYLJHQFLD\VHKDFHQHFHVDULRSXEOLFDUXQDYLVR GHODVHOHFFLyQHQXQSHULyGLFRGHDPSOLDFLUFXODFLyQQDFLRQDO 4XHHQFRQVLGHUDFLyQFRQORDQWHULRUHOÈUHD$VHVRUD-XUtGLFDGHOD(QWLGDGSURFHGLy DLQLFLDUHOSURFHVRGHVHOHFFLyQSDUDHOFXPSOLPLHQWRGHOUHTXHULPLHQWRFRQWUDFWXDO 4XHGHDFXHUGRFRQHODUWtFXORQXPHUDO/LWHUDOD GHOD/H\GH\ DUWtFXORGHO'HFUHWRGHHOSURFHVRGHVHOHFFLyQGHOFRQWUDWLVWDVHGHEH UHDOL]DUSRUODPRGDOLGDGGH6HOHFFLyQ$EUHYLDGDPHGLDQWH6XEDVWD,QYHUVD 4XHHOSUHVXSXHVWRDVLJQDGRSDUDHOSUHVHQWHSURFHVRQRH[FHGHHOGHODPHQRU FXDQWtDGHOD(QWLGDG(O&RQVHMRGH(VWDGRVXVSHQGLySURYLVLRQDOPHQWHORVHIHFWRV GHORVDUWtFXORV\GHO'HFUHWRGHPHGLDQWH3URYLGHQFLDGHPDU]R GH5DG &RQ¿UPDGRSRUOD6DOD3OHQDGHOD6HFFLyQ 7HUFHUD6DODGHOR&RQWHQFLRVR$GPLQLVWUDWLYRGHO&RQVHMRGH(VWDGRPHGLDQWHDXWR QRWL¿FDGRIHEUHURGHHQFRQVHFXHQFLDVHGHEHKDFHUXVRGHODVPRGDOLGDGHV GHVHOHFFLyQHVWDEOHFLGDVHQOD/H\GH\HQHO'HFUHWRGHFRQ ODVQRUPDVTXHORVDGLFLRQHQPRGL¿TXHQRGHURJXHQDSOLFDQGRODVUHJODVHVSHFLDOHV SDUDHVWDFRQWUDWDFLyQ 4XHSDUDDWHQGHUHOJDVWROD(QWLGDGFXHQWDFRQUHFXUVRVGHODYLJHQFLD¿VFDOGH SDUDORFXDOOD6XEGLUHFFLyQ)LQDQFLHUDKDH[SHGLGRHO&HUWL¿FDGRGH'LVSRQL ELOLGDG3UHVXSXHVWDO1RGHPDU]RGH (QPpULWRGHODVDQWHULRUHVFRQVLGHUDFLRQHV 5(68(/9( $UWtFXOR2UGHQDUODDSHUWXUDGHOSURFHVRGHVHOHFFLyQGHQRPLQDGR6HOHFFLyQ $EUHYLDGD PHGLDQWH VXEDVWD LQYHUVD Q~PHUR GH GH FRQIRUPLGDG FRQ HO SURFHGLPLHQWRSUHYLVWRHQHO'HFUHWRGHHVSHFLDOPHQWHORVHxDODGRHQVXV DUWtFXORV\VLJXLHQWHVVXEVHFFLyQVHFFLyQGHOFDStWXOR,,GHOWtWXOR,,GHHVWH FX\RREMHWRHV&RQWUDWDUODSUHVWDFLyQGHOVHUYLFLRGHSXEOLFDFLyQGHXQ DYLVRHQ XQSHULyGLFRGHDPSOLDFLUFXODFLyQQDFLRQDO (OFURQRJUDPDGHOSURFHVRHVHOVLJXLHQWH $&7,9,'$'<+25$ )(&+$3/$1($'$ 38%/,&$&,Ï1 '( $9,62 (678',26 GH-XQLRDOGH-XQLR 35(9,26 38%/,&$&,Ï1 352<(&72 '( 3/,(*2 < 2%6(59$&,21(6 $/ 352<(&72'(3/,(*2 5(638(67$6$/$62%6(59$&,21(6 GH-XQLR 38%/,&$&,Ï1 6(&233È*,1$ :(% '(/)21'2 6(&233È*,1$ :(% '(/ )21'2< &$57$ $/262)(5(17(6 5(62/8&,Ï1'($3(5785$ GH-XQLR 6(&233È*,1$ :(% '(/)21'2 3/,(*26'(),1,7,926 GH-XQLR 6(&233È*,1$ :(% '(/)21'2 $3(5785$3$5$/$35(6(17$&,Ï1'( GH-XQLRDODVDP 6(&233È*,1$ :(% 2)(57$6 '(/)21'2 686&5,3&,Ï1'(&2175$72 6(&233È*,1$ :(% '(/)21'2 6(&233È*,1$ :(% '(/)21'2 /DGLOLJHQFLDGHOFLHUUHVH OOHYDUi D FDER HQ OD 6DOD GH -XQWDV VHJXQGR SLVR 2¿FLQD )RQGR GH 3DVLYR 6RFLDO GH )HUURFDUULOHV 1DFLRQDOHVGH&RORPELD (GL¿FLR (VWDFLyQ GH OD 6DEDQD&UDO1R 6(&233È*,1$ :(% '(/)21'2 /D DXGLHQFLD VH OOHYDUi D FDER HQ HO DXGLWRULR SULPHU SLVR (GL¿FLR (VWDFLyQ GH OD 6DEDQD &UD1R)RQGR GH 3DVLYR 6RFLDO GH )HUURFDUULOHV 1DFLRQDOHV GH&RORPELD GH-XOLR $UWtFXOR(OFURQRJUDPDGHODVHOHFFLyQDEUHYLDGDPHGLDQWH6XEDVWD,QYHUVD Q~PHURGHSRGUiVHUPRGL¿FDGRPHGLDQWHDGHQGD $UWtFXOR/DIHFKD\KRUDGHDSHUWXUDSDUDHOLQLFLRGHUHFHSFLyQGHRIHUWDVVHUi HOGtDGHMXQLRGHDODVDPHQOD6HFUHWDUtD*HQHUDOGHO)RQGRXELFDGD HQODFDOOH1GHODFLXGDGGH%RJRWi'& $UWtFXOR/DIHFKDGHFLHUUHSDUDODUHFHSFLyQGHODVRIHUWDVVHUiHOGtDGH MXQLRGHDODVSPHQOD6HFUHWDUtD*HQHUDOGHO)RQGRHQODFDOOH1R GHOD&LXGDGGH%RJRWi'& $UWtFXOR(O3OLHJRGH&RQGLFLRQHVORVHVWXGLRV\GRFXPHQWRVSUHYLRV\GHPiV GRFXPHQWRVGHOSURFHVRSRGUiQVHUFRQVXOWDGRVHQOD6HFUHWDUtD*HQHUDOGHOD(QWLGDG HQODFDOOH1RGH%RJRWiHQODSiJLQDZHEGHOD(QWLGDGZZZISVJRYFR\ HQHO6(&23ZZZFRQWUDWRVJRYFR $UWtFXOR'HFRQIRUPLGDGFRQORHVWDEOHFLGRHQHODUWtFXORSDUiJUDIRGHO 'HFUHWRGHSDUDODHYDOXDFLyQGHODVSURSXHVWDVOD(QWLGDGGHVLJQDFRPR &RPLWpHYDOXDGRUDORVVLJXLHQWHVIXQFLRQDULRVD &RRUGLQDGRU*HVWLyQ%LHQHV&RP SUDV\6HUYLFLRV$GPLQLVWUDWLYRVE -HIHGHOD2¿FLQD$VHVRUD-XUtGLFDF 6XEGLUHFWRU )LQDQFLHUR $UWtFXOR(OSUHVXSXHVWRR¿FLDOFRQTXHFXHQWDOD(QWLGDGSDUDHVWHSURFHVRGH FRQWUDWDFLyQHVODVXPDGHWUHVPLOORQHVVHWHFLHQWRVVHVHQWD\FLQFRPLOFXDWURFLHQWRV SHVRV0/ ,QFOXLGR,9$ $UWtFXOR6HFRQYRFDDODVYHHGXUtDVFLXGDGDQDVHVWDEOHFLGDVGHFRQIRUPLGDGFRQ ODOH\DGHVDUUROODUVXDFWLYLGDGGXUDQWHODHWDSDSUHFRQWUDFWXDOFRQWUDFWXDOSRVFRQWUDF WXDOGHHVWHSURFHVRKDFLHQGRUHFRPHQGDFLRQHVHVFULWDV\RSRUWXQDVDQWHOD(QWLGDG GHFRQIRUPLGDGFRQORHVWDEOHFLGRHQOD/H\GH\QRUPDVFRQFRUGDQWHV 3XEOtTXHVHFRPXQtTXHVH\F~PSODVH (O'LUHFWRU*HQHUDO -DLPH/XLV/DFRXWXUH3HxDOR]D ,PSUHQWD1DFLRQDOGH&RORPELD5HFLER9,,9DORU 5(62/8&,Ï11Ò0(52'( MXQLR SRUPHGLRGHODFXDOVHRUGHQDODDSHUWXUDGHODVHOHFFLyQDEUHYLDGDGHPHQRU FXDQWtDQ~PHURGH (O'LUHFWRU*HQHUDOGHO)RQGRGH3DVLYR6RFLDOGH)HUURFDUULOHV1DFLRQDOHVGH&R ORPELDHQHMHUFLFLRGHVXVIDFXOWDGHVOHJDOHV\HQHVSHFLDOODVTXHFRQ¿HUHHODUWtFXOR GHO'HFUHWRGH\ &216,'(5$1'2 4XHHOGRFWRU/XLV$OEHUWR6HJXUD%HFHUUD&RRUGLQDGRU*HVWLyQ%LHQHV&RPSUDV \6HUYLFLRV$GPLQLVWUDWLYRVVROLFLWDVHDGHODQWHHOUHVSHFWLYRSURFHVRGHVHOHFFLyQ SDUDODDGTXLVLFLyQGHXQ YHKtFXORDXWRPRWRUSDUDHO)RQGRGH3DVLYR6RFLDOGH )HUURFDUULOHV1DFLRQDOHVGH&RORPELD 4XHGHDFXHUGRFRQHODUWtFXORGHO'HFUHWRGHVHGHWHUPLQyFRPR PRGDOLGDGGHVHOHFFLyQSDUDOOHYDUDFDERHVWDHOSURFHGLPLHQWRGHVHOHFFLyQDEUHYLDGD GHPHQRUFXDQWtDFRQIRUPHORGLVSXHVWRHQHODUWtFXORGHO'HFUHWRGH (GLFLyQ 0DUWHVGHMXOLRGH ' , $ 5 , 2 2 ) , & , $ / 4XHGHFRQIRUPLGDGFRQORSUHYLVWRHQHO'HFUHWRQ~PHURGHVHDJRWy SUHYLDPHQWHODHWDSDGHFRQYRFDWRULDOLPLWDGDD0,3<0(6 4XHWUDQVFXUULGRHOWpUPLQRFRPSUHQGLGRHQWUHHODOGHMXQLRGHQLQJXQD 0LS\PHVSUHVHQWyLQWHUpVHQSDUWLFLSDUPRWLYRSRUHOFXDOHOSURFHVRGH6HOHFFLyQ $EUHYLDGDQ~PHURGHTXHGDDELHUWRVLQOLPLWDFLyQD0LS\PHV\FRQWLQXDUi ODVHSDWDVSUHYLVWDVHQHOFURQRJUDPDFRUUHVSRQGLHQWH 4XHSDUDDWHQGHUHOJDVWRODHQWLGDGFXHQWDFRQUHFXUVRVGHODYLJHQFLD¿VFDOGHO SDUDORFXDOOD6XEGLUHFFLyQ)LQDQFLHUDKDH[SHGLGRORV&HUWL¿FDGRVGH'LVSR QLELOLGDG3UHVXSXHVWDO1RVGH\OGH (QPpULWRGHODVDQWHULRUHVFRQVLGHUDFLRQHV 5(68(/9( $UWtFXOR 2UGHQDU OD DSHUWXUD GHO SURFHVR GH 6HOHFFLyQ$EUHYLDGD GH 0HQRU &XDQWtDQ~PHURGHPHGLDQWHHOSURFHGLPLHQWRSUHYLVWRHQHODUWtFXORGHO 'HFUHWRGH\GHPiVGLVSRVLFLRQHVFRQFRUGDQWHVFX\RREMHWRHVODFRPSUD GHXQYHKtFXORDXWRPRWRUWLSRFDPLRQHWD~OWLPRPRGHORSDUDHO)RQGRGH3DVLYR6RFLDO GH)HUURFDUULOHV1DFLRQDOHVGH&RORPELD (O&URQRJUDPDGHOSURFHVRHVHOVLJXLHQWH $&7,9,'$'<+25$ )(&+$3/$1($'$ 38%/,&$&,Ï1 38%/,&$&,Ï1 '( $9,62 '( GHMXQLRDOMXQLR 6 ( & 2 3 3 È * , 1 $ &2192&$725,$ /,0,7$'$ $ :(%'(/)21'2 0,3<0(6 (678',26 35(9,26 352<(&72 '( 3/,(*2 < 0$1,)(67$&,Ï1 '( ,17(5e6 (1 3$57,&,3$5'(0,3<0(6 0$1,)(67$&,Ï1 '( ,17(5e6 (1 GHMXQLRDOMXQLR 'HEHUiQ SUHVHQWDUVH 3$57,&8/$5'(0,3<0(6 HQ PHGLR ItVLFR \ UDGLFDUOR HQ OD R¿FLQD GH FRUUHVSRQGHQFLD GH ODHQWLGDG 2%6(59$&,21(6 $/ 352<(&72 '( GHMXQLRDOMXQLR 'HEHUiQ HQYLDUVH D 3/,(*2 MXULGLFD#ISVJRYFR 5(638(67$6$/$62%6(59$&,21(6 GHMXQLR 6 ( & 2 3 3 È * , 1 $ :(% '(/ )21'2 < &$57$ $ /26 2)(5(17(6 9(5,),&$&,Ï1 '( 5(48,6,726 GHMXQLR 0Ë1,026'(/$60,3<0(6 $YLVR PRGL¿FDQGR \ DMXVWDQGR GHMXQLR FURQRJUDPD H LQYLWDFLyQ VL QR OOHJDURQ PtQLPRWUHV0,3<0(6 5(62/8&,Ï1'($3(5785$ GHMXQLR 6 ( & 2 3 3 È * , 1 $ :(%'(/)21'2 3/,(*26'(),1,7,926 GHMXQLR 6 ( & 2 3 3 È * , 1 $ :(%'(/)21'2 $3(5785$ GH MXQLR D ODV 6HFUHWDUtD *HQHUDO GHO DP )RQGR XELFDGD HQ OD FDOOH 1 GH FLXGDGGH%RJRWi 6257(2 MXQLRDODVDP VLHPSUH TXH SUHVHQWH LQWHUpV PiV GH GLH] SURSRQHQWHV 3/$=23$5$(;3(',5$'(1'$6 GHMXQLR &,(55( (175(*$ 5(48,6,726 GH MXQLR D ODV 6HFUHWDUtD *HQHUDO GHO +$%,/,7$17(6 < 2)(57$ (&2 SP )RQGR XELFDGD HQ OD 1Ï0,&$ FDOOH 1 GH FLXGDGGH%RJRWi 9(5,),&$&,Ï1 5(48,6,726 GHMXQLR\ +$%,/,7$17(6 GHMXOLR 6(&233È*,1$ 38%/,&$&,Ï15(68/7$'2<3/$=2 GHMXOLR :(%'(/)21'2 3$5$ 48( 68%6$1(1 62 3(1$ '( 5(&+$=2 '(),1,7,92 < &$57$ 5(48,5,(1'248(68%6$1(1 3/$=2 3$5$ (175(*$ '( GHMXOLR $&/$5$&,21(6 ,1)250( '( (9$/8$&,Ï1 (1 \GHMXOLR 6(&5(7$5Ë$ *(1(5$/ < 6(&23 < :(% < 35(6(17$&,Ï1 '( 2%6(59$&,21(6$/$(9$/8$&,Ï1 5(62/8&,Ï1'($'-8',&$&,Ï1 GHMXOLR 686&5,3&,Ï1'(&2175$72 GHMXOLR 6 ( & 2 3 3 È * , 1 $ :(%'(/)21'2 $UWtFXOR/DIHFKD\KRUDGHDSHUWXUDSDUDHOLQLFLRGHUHFHSFLyQGHRIHUWDVVHUi HOGtDYHLQWH GHMXQLRGHDODVDPHQOD6HFUHWDUtD*HQHUDOGHO)RQGR XELFDGDHQODFDOOHQ~PHURGHODFLXGDGGH%RJRWi'& $UWtFXOR/DIHFKDGHFLHUUHSDUDODUHFHSFLyQGHODVRIHUWDVVHUiHOGtDYHLQWLFXDWUR GHMXQLRGHDODVSPHQOD6HFUHWDUtD*HQHUDOGHO)RQGRHQODFDOOH 1RGHOD&LXGDGGH%RJRWi'& $UWtFXOR/RVRIHUHQWHVGHEHUiQFRQVWLWXLUXQDJDUDQWtDGH6HULHGDGGHOD2IHUWD SRUHOGHOYDORUGHODPLVPDGHFRQIRUPLGDGFRQHOSOLHJRGHFRQGLFLRQHV\OR HVWDEOHFLGRHQHODUWtFXORGHOD/H\GH\ORV'HFUHWRVGH GH3RGUiQSDUWLFLSDUODVSHUVRQDVQDWXUDOHV\MXUtGLFDVTXHQRVHHQFXHQWUHQ LQFXUVDVHQFDXVDOHVGHLQKDELOLGDGHLQFRPSDWLELOLGDGSDUDFRQWUDWDUFRQOD(QWLGDG GHDFXHUGRFRQODOH\ $UWtFXOR(O3OLHJRGH&RQGLFLRQHVORVHVWXGLRVSUHYLRV\GHPiVGRFXPHQWRV GHOSURFHVRSRGUiQVHUFRQVXOWDGRVHQOD6HFUHWDUtD*HQHUDOGHOD(QWLGDGHQODFDOOH 1GH%RJRWiHQODSiJLQDZHEGHODHQWLGDGZZZISVJRYFR\HQHO6(&23 ZZZFRQWUDWRVJRYFR $UWtFXOR'HFRQIRUPLGDGFRQORHVWDEOHFLGRHQHODUWtFXORSDUiJUDIRGHO 'HFUHWRGHSDUDODHYDOXDFLyQGHODVSURSXHVWDVOD(QWLGDGGHVLJQDFRPR &RPLWp$VHVRUDORVPLHPEURVGHO&RPLWpGH&RQWUDWDFLyQGHODHQWLGDG\HO&RRUGL QDGRUGH*HVWLyQ%LHQHV&RPSUDV\6HUYLFLRV$GPLQLVWUDWLYRV $UWtFXOR(OSUHVXSXHVWRR¿FLDOFRQTXHFXHQWDODHQWLGDGSDUDHVWHSURFHVRGH FRQWUDWDFLyQHVSRUODVXPDGHVHWHQWDPLOORQHVGHSHVRV 0FWHLQFOXLGR,9$ $UWtFXOR6HFRQYRFDDODVYHHGXUtDVFLXGDGDQDVHVWDEOHFLGDVGHFRQIRUPLGDG FRQ OD OH\ D GHVDUUROODU VX DFWLYLGDG GXUDQWH OD HWDSD SUHFRQWUDFWXDO FRQWUDFWXDO \ SRVFRQWUDFWXDOGHHVWHSURFHVRKDFLHQGRUHFRPHQGDFLRQHVHVFULWDV\RSRUWXQDVDQWH/D (QWLGDGGHFRQIRUPLGDGFRQORHVWDEOHFLGRHQOD/H\GH\QRUPDVFRQFRUGDQWH $UWtFXOR&XDOTXLHUWLSRGHPRGL¿FDFLyQDOFURQRJUDPDVHHIHFWXDUiPHGLDQWH DGHQGD (OSUHVHQWH$FWRDGPLQLVWUDWLYRVHVXVFULEHHQODFLXGDGGH9DOOHGXSDUDORVGLHFLVLHWH GtDVGHOPHVGHMXQLRGHGRVPLORQFH 3XEOtTXHVHFRPXQtTXHVH\F~PSODVH (O'LUHFWRU*HQHUDO -DLPH/XLV/DFRXWXUH3HxDOR]D ,PSUHQWD1DFLRQDOGH&RORPELD5HFLER9,,9DORU F1B9?C CUSbUdQbQTU3e\debQBUSbUQSY^i4U`_bdU 5(62/8&,21(6 5(62/8&,Ï11Ò0(52'( PDU]R SRUODFXDOVHLQVFULEH\DSUXHEDXQDUHIRUPDWRWDODORVHVWDWXWRV GHOD$VRFLDFLyQ6FRXWVGH&RORPELD /D'LUHFWRUDGH5HJXODFLyQ\&RQWUROGHOD6HFUHWDUtD'LVWULWDOGH&XOWXUDHQXVR GHODVDWULEXFLRQHVFRQIHULGDVSRUHOOLWHUDOL GHODUWtFXORGHO'HFUHWR'LVWULWDO GHHQFRQFRUGDQFLDFRQORSUHFHSWXDGRHQOD5HVROXFLyQGHOGHPD\RGH H[SHGLGDSRUOD6HFUHWDUtD'LVWULWDOGH&XOWXUD5HFUHDFLyQ\'HSRUWHGHFRQIRU PLGDGFRQHO'HFUHWR'LVWULWDOGH\ &216,'(5$1'2 4XH HO 3UHVLGHQWH GH OD 5HS~EOLFD GH &RORPELD HQ HMHUFLFLR GH VXV IDFXOWDGHV &RQVWLWXFLRQDOHV\HQSDUWLFXODUSRUORSUHFHSWXDGRHQHODUWtFXORGHO'HFUHWR1D FLRQDOGHGHOHJyHQHO$OFDOGH0D\RUGHODFLXGDGHOUHFRQRFLPLHQWRGHOD SHUVRQHUtDMXUtGLFDGHODVHQWLGDGHVVLQiQLPRGHOXFURGHO'LVWULWR&DSLWDODVtFRPR WRGRVORVWUiPLWHVGHULYDGRVGHODPLVPD 4XHGHFRQIRUPLGDGFRQORSUHFHSWXDGRHQHODUWtFXORGHO'HFUHWR1DFLRQDO GHODVVROLFLWXGHVGHDSUREDFLyQGHUHIRUPDVHVWDWXWDULDVGHODVHQWLGDGHVGHSRU WLYDVVLQiQLPRGHOXFURGHEHUiQGLULJLUVHDO$OFDOGH0D\RUGH%RJRWi\VHVRPHWHUiQ DODVPLVPDVIRUPDOLGDGHVHVWDEOHFLGDVSDUDHOUHFRQRFLPLHQWRGHSHUVRQHUtDMXUtGLFD 4XHHODUWtFXORGHO'HFUHWR'LVWULWDOGHHVWDEOHFHORVUHTXLVLWRVTXH GHEHQFXPSOLUODVHQWLGDGHVVLQiQLPRGHOXFURGHO'LVWULWR&DSLWDOSDUDOOHYDUDFDER XQDUHIRUPDHVWDWXWDULD 4XHPHGLDQWHHVFULWRUDGLFDGRHQHVWD6HFUHWDUtDHOGtDGHVHSWLHPEUHGH EDMR HO Q~PHUR HO 5HSUHVHQWDQWH /HJDO GH OD$VRFLDFLyQ 6FRXWV GH&RORPELDDOOHJyGRFXPHQWDFLyQUHODFLRQDGDFRQODUHIRUPDGHHVWDWXWRVGHGLFKD HQWLGDGDGRSWDGDHQUHXQLyQGH$VDPEOHD6FRXW1DFLRQDOFHOHEUDGDORVGtDV\ GHPDU]RGH 4XHOD6XEGLUHFFLyQGH5HJXODFLyQ\3HUVRQDV-XUtGLFDVGHOD6HFUHWDUtDGH&XOWXUD 5HFUHDFLyQ\'HSRUWHPHGLDQWH2¿FLRGHIHFKDGHVHSWLHPEUH GHLQIRUPyDO5HSUHVHQWDQWH/HJDOGHOD$VRFLDFLyQ6FRXWVGH&RORPELDTXHGH DFXHUGRDORHVWDEOHFLGRSRUHODUWtFXORGHO'HFUHWR'LVWULWDOGHHQFRQ FRUGDQFLDFRQHODUWtFXORGHO'HFUHWRGHDHIHFWRGHLQVFULELU\DSUREDUOD UHIRUPDHVWDWXWDULDHQFXHVWLyQGHEtDVROLFLWDUDOD'LUHFFLyQGH,QVSHFFLyQ\9LJLODQFLD GHOD6HFUHWDUtDGH(GXFDFLyQ'LVWULWDOFRQFHSWRSUHYLRIDYRUDEOHDGLFKDUHIRUPD 4XH HO UHSUHVHQWDQWH OHJDO GH OD$VRFLDFLyQ 6FRXWV GH &RORPELD HO GtD GH VHSWLHPEUHGHPHGLDQWHR¿FLRUDGLFDGRFRQHOQ~PHUR(UHPLWLy DO'LUHFWRUGH,QVSHFFLyQ\9LJLODQFLDGHOD6HFUHWDUtDGH(GXFDFLyQ'LVWULWDOORVGR (GLFLyQ 0DUWHVGHMXOLRGH ' , $ 5 , 2 2 ),&,$/ FXPHQWRVTXHDFUHGLWDQODUHIRUPDHVWDWXWDULDOOHYDGDDFDERFRQHO¿QGHTXHHPLWD FRQFHSWRSUHYLRIDYRUDEOH 4XHHO'LUHFWRUGH,QVSHFFLyQ\9LJLODQFLDGHOD6HFUHWDUtD'LVWULWDOGH(GXFDFLyQ HQHMHUFLFLRGHODVDWULEXFLRQHVOHJDOHVFRQIHULGDVSRUHO'HFUHWR1DFLRQDOGH HQFRQFRUGDQFLDFRQHO'HFUHWR'LVWULWDOGHOGHIHEUHURGHPHGLDQWHR¿ FLRUDGLFDGRHQHVWD6HFUHWDUtDFRQHOQ~PHURGHGHQRYLHPEUHGH HPLWHFRQFHSWRIDYRUDEOHDODUHIRUPDGHHVWDWXWRVGHODHQWLGDGGHSRUWLYDVLQ iQLPRGHOXFURGHQRPLQDGD$VRFLDFLyQ6FRXWVGH&RORPELDDOOHJDQGRSDUDWDO¿Q SUR\HFWRGHHVWDWXWRVSUHVHQWDGRVDORVPLHPEURVGHOD$VDPEOHD6FRXW1DFLRQDOSDUD VXGLVFXVLyQ\DSUREDFLyQGXUDQWHODUHXQLyQGH$VDPEOHD6FRXW1DFLRQDOOOHYDGDD FDERORVGtDV\GHPDU]RGHFRSLDGHODFWDGHGLFKDUHXQLyQ\HMHPSODUGH HVWDWXWRVDSUREDGRVHQODPLVPDVXVFULWRVSRUHO-HIH6FRXW1DFLRQDOHO3UHVLGHQWH\HO 6HFUHWDULRGHO&RQVHMR6FRXW1DFLRQDO\HO3UHVLGHQWHGHOD&RPLVLyQ/HJDO\(VWDWXWRV 4XHPHGLDQWHR¿FLRGHGHQRYLHPEUHGHOD6XEGLUHFFLyQ GH5HJXODFLyQ\3HUVRQDV-XUtGLFDVGHOD6HFUHWDUtDGH&XOWXUD5HFUHDFLyQ\'HSRUWH UHTXLULyDOD$VRFLDFLyQ6FRXWVGH&RORPELDFRSLDGHODFRQYRFDWRULDDODUHXQLyQGH $VDPEOHD6FRXW1DFLRQDOFHOHEUDGDORVGtDV\GHPDU]RGH\FHUWL¿FDFLyQ GHOQ~PHURWRWDOGHPLHPEURVTXHFRPSRQHQODDVDPEOHDGHORUJDQLVPRUHFUHDWLYR D¿QGHYHUL¿FDUODYLDELOLGDGGHODUHIRUPDGHHVWDWXWRVDGRSWDGDHQGLFKDUHXQLyQ 4XHHQUHVSXHVWDDORUHTXHULGRSRUOD6XEGLUHFFLyQGH5HJXODFLyQ\3HUVRQDV-XUt GLFDVHQR¿FLRGHGHQRYLHPEUHGHHO5HSUHVHQWDQWH/HJDO GHOD$VRFLDFLyQ6FRXWVGH&RORPELDPHGLDQWHHVFULWRDOOHJDGRDHVWD6HFUHWDUtDHOGtD GHHQHURGH\UDGLFDGRFRQHOQ~PHURDSRUWyFHUWL¿FDFLyQ GHO³«Q~PHURWRWDOGH0LHPEURVGHOD$VDPEOHD6FRXW1DFLRQDOFRQGHUHFKRDYR] \YRWRGHODUHXQLyQRUGLQDULDFLWDGDHQODFLXGDGGH3RSD\iQGXUDQWHORVGtDVPDU]R \GH´\DFWDDFODUDWRULDVXVFULWDSRUHO3UHVLGHQWHGHODUHIHULGDUHXQLyQHQ ODFXDOVHPDQL¿HVWD³TXHGHDFXHUGRFRQODGLVFXVLyQTXHVHSUHVHQWyDOLQWHULRUGH ODDVDPEOHDHQPHQFLyQODPD\DGDGHORVDVDPEOHtVWDVDSUREDURQHOWH[WRGHODUWtFXOR /D~QLFDGLVFUHSDQFLDVHUH¿HUHDOQXPHUDOHOFXDOTXHGDUiVXVSHQGLGR\VH VRPHWHUiDFRQVLGHUDFLyQHQODUHXQLyQRUGLQDULDGHOD$VDPEOHD6FRXW1DFLRQDOTXH WHQGUiOXJDUHQHOPHVGH0DU]RGHHQODFLXGDGGH1HLYD´ 4XHHQDWHQFLyQDORVGRFXPHQWRVDOOHJDGRVSRUHO5HSUHVHQWDQWH/HJDOGHOD$VR FLDFLyQ6FRXWVGH&RORPELDHOGtDGHHQHURGHPHGLDQWHHVFULWRUDGLFDGRFRQ HOQ~PHUROD6XEGLUHFFLyQGH5HJXODFLyQ\3HUVRQDV-XUtGLFDVFRQ 2¿FLRGHGHIHEUHURGHUHLWHUyODVROLFLWXGGHDOOHJDUFRSLDGH ODFRQYRFDWRULDDODUHXQLyQGHOD$VDPEOHD6FRXW1DFLRQDOGHPDU]R\GH ³DHIHFWRGHYHUL¿FDUTXHVHKD\DKHFKRHQGHELGDIRUPD\FRQODVIRUPDOLGDGHV TXHHVWDEOHFHQORVHVWDWXWRVGH$VRFLDFLyQ´WRGDYH]TXHGLFKRGRFXPHQWRQRIXH DQH[DGRDOUHIHULGRHVFULWRGHGHHQHURGH 4XHPHGLDQWHHVFULWRUDGLFDGRHQHVWD6HFUHWDUtDHOGtDGHIHEUHURGHFRQHO Q~PHURHO5HSUHVHQWDQWH/HJDOGHOD$VRFLDFLyQ6FRXWVGH&RORPELD DOOHJyFRSLDGHOD5HVROXFLyQ&61Q~PHURGHIHEUHURGH³PHGLDQWH ODFXDOHO&RQVHMR6FRXW1DFLRQDOFRQYRFyDOD;/9,,$VDPEOHD6FRXW1DFLRQDOTXH WXYROXJDUHQOD&LXGDGGH3RSD\iQGXUDQWHORVGtDV\GHPDU]RGH´ 4XH OD 'LUHFWRUD GH 5HJXODFLyQ \ &RQWURO GH OD 6HFUHWDUtD 'LVWULWDO GH &XOWXUD 5HFUHDFLyQ\'HSRUWHHQXVRGHODVIDFXOWDGHVFRQIHULGDVHQHO'HFUHWRGH\ OD5HVROXFLyQGHSURFHGHDHIHFWXDUHOHVWXGLRGHODVROLFLWXGGHDSUREDFLyQ GHUHIRUPDHVWDWXWDULDSUHVHQWDGDSRUOD$VRFLDFLyQ6FRXWVGH&RORPELDHQFRQWUDQGR 4XHPHGLDQWH5HVROXFLyQQ~PHURGHGHDJRVWRGHSURIHULGDSRUHO 0LQLVWHULRGH*RELHUQR\SXEOLFDGDHQHO'LDULR2¿FLDOQ~PHURGHGHDJRVWR GHVHRWRUJyUHFRQRFLPLHQWRGHSHUVRQHUtDMXUtGLFDDODHQWLGDG([SORUDGRUHV &RORPELDQRV %R\6FRXWVGH&RORPELD KR\$VRFLDFLyQ6FRXWVGH&RORPELD 4XHPHGLDQWH5HVROXFLyQQ~PHURGHGHPDU]RGHSURIHULGDSRU HO'LUHFWRU*HQHUDOGHO,QVWLWXWR&RORPELDQRGHO'HSRUWH &ROGHSRUWHV VHUHQRYySRU DxRVHO5HFRQRFLPLHQWR2¿FLDODOD$VRFLDFLyQ6FRXWVGH&RORPELD 4XHPHGLDQWH5HVROXFLyQ&61Q~PHURGHGHIHEUHURGHVXVFULWDSRU HO3UHVLGHQWH\HO6HFUHWDULRGHO&RQVHMR6FRXW1DFLRQDOVHFRQYRFyDVXVD¿OLDGRVD UHXQLyQGH$VDPEOHD1DFLRQDOGHOD$VRFLDFLyQ6FRXWVGH&RORPELDDFHOHEUDUVHORV GtDV\GHPDU]RGH 4XHORVGtDV\GHPDU]RGHVHOOHYyDFDERUHXQLyQGH$VDPEOHD6FRXW 1DFLRQDOGHOD$VRFLDFLyQ6FRXWVGH&RORPELDODFXDOTXHGyFRQVLJQDGDHQDFWDGH ODPLVPDIHFKD 4XHUHYLVDGDODFRSLDGHO$FWDGH$VDPEOHD6FRXW1DFLRQDOGHOD$VRFLDFLyQ6FRXWV GH&RORPELDGH\GHPDU]RGHVXVFULWDSRUTXLHQHVIXQJLHURQFRPR3UH VLGHQWH9LFHSUHVLGHQWH\6HFUHWDULDGHODPLVPDHQODFXDOVHDSUREyODUHIRUPDGH ORVHVWDWXWRVGHOUHIHULGRRUJDQLVPRUHFUHDWLYRVHKDSRGLGRHVWDEOHFHUTXHODPLVPD FRQWyFRQHOTXyUXPUHTXHULGRSDUDODGLVFXVLyQ\DSUREDFLyQGHUHIRUPDHVWDWXWDULD WRGDYH]TXHGHXQWRWDOGHPLHPEURVGHOD$VRFLDFLyQFRQGHUHFKRDYR]\YRWR VHFRQVWDWyODSUHVHQFLDGHDVDPEOHtVWDVHVGHFLUPiVGHOVHWHQWDSRUFLHQWR GHTXyUXPUHTXHULGRWDO\FRPRVHH[LJHSRUHODUWtFXORGHORVHVWDWXWRVYLJHQWHV GHOD$VRFLDFLyQ\FRPRVHHVWDEOHFHHQODUHIHULGD$FWD 4XHODHQWLGDGUHFUHDWLYDVLQiQLPRGHOXFURSHUWHQHFLHQWHDO6LVWHPD1DFLRQDOGHO 'HSRUWHGHQRPLQDGD$VRFLDFLyQ6FRXWVGH&RORPELDPHGLDQWHUHXQLyQGH$VDPEOHD 6FRXW1DFLRQDOFHOHEUDGDORVGtDV\GHPDU]RGHGLVFXWLy\DSUREyOD UHIRUPDWRWDOGHVXVHVWDWXWRVDGRSWDQGRHQGLFKDUHXQLyQXQRVQXHYRVHVWDWXWRVTXH FRQVWDQGHXQSUHiPEXORWtWXORVWtWXORGHGLVSRVLFLRQHVWUDQVLWRULDV\DUWtFXORV 4XHGHOHVWXGLRGHORVGRFXPHQWRVHQFRPHQWRVHHVWDEOHFHTXHOD$VRFLDFLyQ6FRXWV GH&RORPELDHVXQDHQWLGDGVLQiQLPRGHOXFURGHGHUHFKRSULYDGRGHXWLOLGDGFRP~Q GHQDFLRQDOLGDGFRORPELDQD\VXGRPLFLOLRSULQFLSDOHVHO'LVWULWR&DSLWDOGH%RJRWi 3RUORDQWHULRUVHHYLGHQFLDTXHHOREMHWRGHODUHIRUPDVXEH[DPLQHQRHVFRQWUDULR DODPRUDODORUGHQS~EOLFRDODVEXHQDVFRVWXPEUHVQLDODVOH\HVYLJHQWHVFXPSOLHQGR DVtFRQWRGRVORVUHTXLVLWRVGHRUGHQIiFWLFR\MXUtGLFRTXHHORUGHQDPLHQWRMXUtGLFR H[LJHSRUORFXDOHVSURFHGHQWHDSUREDUODUHIRUPDHVWDWXWDULDDODHQWLGDGVROLFLWDQWH GHDFXHUGRDORGLVSXHVWRHQHODUWtFXORGHO&yGLJR&LYLO\GHFRQIRUPLGDGFRQ ORVSUHFHSWRVOHJDOHVH[SXHVWRVHQHO'HFUHWRGH\GHPiVQRUPDVTXHOH VRQFRQFRUGDQWHV 3RUODVUD]RQHVH[SXHVWDV 5(68(/9( $UWtFXOR,QVFULELU\DSUREDUORVHVWDWXWRVGHOD$VRFLDFLyQ6FRXWVGH&RORPELD DGRSWDGRVHQUHXQLyQGH$VDPEOHD6FRXW1DFLRQDOFHOHEUDGDORVGtDV\GHPDU]R GH\TXHFRQVWDQGHXQSUHiPEXORWtWXORVWtWXORGHGLVSRVLFLRQHVWUDQVLWRULDV \DUWtFXORV $UWtFXOR1RWL¿FDUHOFRQWHQLGRGHODSUHVHQWHUHVROXFLyQDO5HSUHVHQWDQWH/HJDO GHOD$VRFLDFLyQ6FRXWVGH&RORPELD $UWtFXOR'HFRQIRUPLGDGFRQORSUHFHSWXDGRHQHODUWtFXORGHO&yGLJR&RQ WHQFLRVR$GPLQLVWUDWLYRFRQWUDODSUHVHQWHUHVROXFLyQSURFHGHHOUHFXUVRGHUHSRVLFLyQ DQWHOD'LUHFWRUDGH5HJXODFLyQ\&RQWURO\HOUHFXUVRGHDSHODFLyQDQWHOD6HFUHWDUtD 'LVWULWDOGH&XOWXUD5HFUHDFLyQ\'HSRUWH $UWtFXOR2UGHQDUODSXEOLFDFLyQGHODSUHVHQWHUHVROXFLyQHQXQGLDULRGHDPSOLD FLUFXODFLyQDFRVWDGHOD$VRFLDFLyQ6FRXWVGH&RORPELD\DOOHJDUXQHMHPSODUDOD 6XEGLUHFFLyQGH5HJXODFLyQ\3HUVRQDV-XUtGLFDVGHOD6HFUHWDUtD'LVWULWDOGH&XOWXUD 5HFUHDFLyQ\'HSRUWH $UWtFXOR/DSUHVHQWHUHVROXFLyQULJHDSDUWLUGHVXHMHFXWRULD 1RWLItTXHVHSXEOtTXHVH\F~PSODVH 'DGDHQ%RJRWi'&DGHPDU]RGH $GULDQD+XUWDGR5LYDV 'LUHFWRUDGH5HJXODFLyQ\&RQWURO ,PSUHQWD1DFLRQDOGH&RORPELD5HFLER9,,9DORU 4U`QbdQ]U^d_TU2_iQSv =e^YSY`Y_TU=_dQfYdQ 4Uc`QSX_1\SQ\TQ 5(62/8&,21(6 5(62/8&,Ï11Ò0(52'( MXOLR SRUPHGLRGHODFXDOVHRUGHQD3XEOLFDUHQHO'LDULR2¿FLDOXQDFWRDGPLQLVWUDWLYR PHGLDQWHHOFXDOVHIRUPDOL]yODWLWXODULGDGGHXQSUHGLRUXUDOXELFDGRGHQWURGHOD MXULVGLFFLyQGHO0XQLFLSLRGH0RWDYLWD %R\DFi \TXHYHQtDVLHQGRSRVHtGRSRUHVWH (QWH7HUULWRULDO (O$OFDOGH0XQLFLSDOGH0RWDYLWD %R\DFi HQXVRGHVXVDWULEXFLRQHVFRQVWLWXFLR QDOHVOHJDOHV\HQHVSHFLDOODVFRQIHULGDVHQHODUWtFXORGHO'HFUHWRGH\ &216,'(5$1'2 4XHSRUPHGLRGHOD5HVROXFLyQQ~PHURGHIHFKDGHMXQLRGHVH IRUPDOL]y HO SUHGLR UXUDO GRQGH VH HQFXHQWUDQ FRQVWUXLGDV \ HQ IXQFLRQDPLHQWR ODV LQVWDODFLRQHVGHOD(VFXHOD3ULPDULDGHODYHUHGDGH5LVWi 4XHVHJ~QHOFRQWH[WRGHODUWtFXORSDUiJUDIRGHODVXSUDGLFKDUHVROXFLyQ \GDQGRFXPSOLPLHQWRDORQRUPDGRHQHODUWtFXORGHO'HFUHWRGHVH RUGHQySXEOLFDUHOPHQFLRQDGRDFWRDGPLQLVWUDWLYRHQHO'LDULR2¿FLDOTXHSDUDHVWRV WUiPLWHVWLHQHOD,PSUHQWD1DFLRQDO 4XHFRQVHFXHQWHPHQWHVHKDFHQHFHVDULRGDUFXPSOLPLHQWRDORRUGHQDGRHQ OD5HVROXFLyQDQWHVHQXQFLDGD (QPpULWRGHORH[SXHVWR 5(68(/9( $UWtFXOR3XEOLFDFLyQ2UGHQDUSXEOLFDUHODFWRDGPLQLVWUDWLYRUHIHULGRHQHO QXPHUDOXQR GHORVFRQVLGHUDQGRVFRQIRUPHDORHVWDEOHFLGRHQHODUWtFXORGHO 'HFUHWRGH\HQFRQVHFXHQFLDLQVpUWHVHODSDUWHFRQVLGHUDWLYD\UHVROXWLYD HQODSUHVHQWHUHVROXFLyQGHDFXHUGRDOVLJXLHQWHFRQWH[WR\WpUPLQRV 3DUiJUDIR5HVROXFLyQQ~PHURGH GHMXQLR (GLFLyQ 0DUWHVGHMXOLRGH ' , $ 5 , 2 2 ) , & , $ / 3RUPHGLRGHODFXDOVH)RUPDOL]DODWLWXODULGDGGHODSURSLHGDGGHXQ%LHQ,QPXHEOH 5XUDOTXHKDYHQLGRVLHQGRSRVHtGRSRUHO0XQLFLSLRGH0RWDYLWD %R\DFi (O$OFDOGH0XQLFLSDOGH0RWDYLWD %R\DFi HQXVRGHVXVIDFXOWDGHVDWULEXFLRQHV FRQVWLWXFLRQDOHV\OHJDOHVHVSHFLDOPHQWHODVFRQIHULGDVSRUHO'HFUHWRGHOGH MXOLRGHSRUPHGLRGHOFXDOVHUHJODPHQWDOD/H\GH\ &216,'(5$1'2 4XHPHGLDQWH5HVROXFLyQQ~PHURGHOGHPD\RGHVHLQLFLyHOWUiPLWH DGPLQLVWUDWLYRHVWDEOHFLGRHQHO'HFUHWRGHMXOLRGHFRQHOREMHWLYRGH IRUPDOL]DUHOWtWXORGHSURSLHGDGGHXQ%LHQ,QPXHEOHTXHKDYHQLGRVLHQGRSRVHtGR SRUHO0XQLFLSLRGH0RWDYLWD %R\DFi &$5$&7(5Ë67,&$6'(/35(',2 6HWUDWDGHXQSUHGLRXELFDGRHQOD=RQD5XUDOGHO0XQLFLSLRGH0RWDYLWD %R\D Fi PiVSUHFLVDPHQWHHQODYHUHGDGH5LVWiSRVHHXQiUHDWRWDOGHXQPLOVHWHFLHQWRV PHWURV PHWURVFXDGUDGRV\HQFX\RVWHUUHQRV\FRQVWUXFFLRQHVHIHFWXDGDVHQ GLIHUHQWHVDGPLQLVWUDFLRQHVPXQLFLSDOHVKDYHQLGRIXQFLRQDQGROD(VFXHOD3ULPDULD GHODYHUHGDGH5LVWi&RQVWUXFFLRQHVTXHHQORTXHUHVSHFWDVRQHQODGULOOR\FHPHQWR FRQWHQWLYDVGH8QD FDSLOODFRQVDOyQVXEWHUUiQHRVHLV VDORQHVGHFODVHXQD VDODGHSURIHVRUHVXQ VDOyQP~OWLSOHXQD FRFLQDFRPHGRUXQD EDWHUtDGH EDxRV\XQD FDQFKDP~OWLSOHGHSRUWLYDSLVRVHQFHPHQWR\EDOGRVtQFXELHUWRVX WHFKRFRQWHMDGHHWHUQLWGRWDGDGHVHUYLFLRVS~EOLFRVGHHQHUJtDDFXHGXFWR\DOFDQ WDULOODGRFRQODVVLJXLHQWHVFDUDFWHUtVWLFDV &pGXOD&DWDVWUDO ,QVWLWXFLRQHVTXHIXQFLRQDQ 8ELFDFLyQ ÈUHD 7LHPSRGH2FXSDFLyQ /,1'(526 1RUWH 2ULHQWH 6XU 2FFLGHQWH (VFXHOD 3ULPDULD DGVFULWD DO ,QVWLWXWR $JURSHFXDULR 6DQWD &UX]GH0RWDYLWD±6HGH5LVWi YHUHGD5LVWi-XULVGLFFLyQ0XQLFLSDOGH0RWDYLWD %R\DFi PHWURVFXDGUDGRV 0iVGHFXDUHQWD DxRV (O SUHGLR DQWHV GHVFULWR VH HQFXHQWUD GHOLPLWDGR SRU ORV VLJXLHQWHVOLQGHURV 'HOSXQWRDOSXQWRHQORQJLWXGGHPFRQSUHGLRVGH $OYDUDGR-RVp$QGUpV 'HOSXQWRDOSXQWRHQORQJLWXGGHPFRQSUHGLRVGH +HUHGHURVGH0DUtD,QpV/ySH] 'HOSXQWRDOSXQWRHQORQJLWXGGHPFRQSUHGLRVGH -RVp$QWRQLR$OYDUDGRFDUUHWHUDYHUHGDODOPHGLR 'HO SXQWR DO SXQWR SXQWR GH SDUWLGD HQ ORQJLWXG GH PFRQSUHGLRVGH$OYDUDGR-RVp$QGUpV\HQFLHUUD 75$',&,Ï1 'HODVSUXHEDVUHFDXGDGDVDOLQWHULRUGHOSURFHVRDTXtUHIHULGRWDOHVFRPROD¿FKD WpFQLFD SUHGLDO YLVLWD GH LQVSHFFLyQ RFXODU HIHFWXDGD SRU HO ,QJHQLHUR &LYLO eGJDU 'DQLHO/DJRV$PD\DFHUWL¿FDFLyQH[SHGLGDSRUOD7HVRUHUtDD0XQLFLSDOGH0RWDYLWD FHUWL¿FDFLyQGHOD6HFUHWDUtDGH3ODQHDFLyQGH0RWDYLWD\FHUWL¿FDFLyQH[SHGLGDSRUHO 5HJLVWUDGRUGH,QVWUXPHQWRV3~EOLFRVGH7XQMDVHH[WUDFWDTXHHOLQPXHEOHKDYHQLGR VLHQGRSRVHtGRVLQWLWXODFLyQDOJXQDSRUSDUWHGHO0XQLFLSLRGH0RWDYLWD %R\DFi GHVGHKDFHPiVGHFXDUHQWD DxRVORTXHQRVOOHYDDFRQFOXLUTXHHO~QLFRGRFX PHQWRTXHDFUHGLWDODSURSLHGDGGHO0XQLFLSLRHVOD&pGXOD&DWDVWUDO\ODSRVHVLyQTXH VLHPSUHKDWHQLGRHO0XQLFLSLRGHOVXSUDGLFKRSUHGLRUXUDO 4XHOXHJRGHHIHFWXDGDVODVQRWL¿FDFLRQHV\SXEOLFDFLyQ SiJGH$VXQWRV /HJDOHV-XGLFLDOHVGHOSHULyGLFR³/D5HS~EOLFD´MXHYHVGHPD\RGH HVWD EOHFLGDHQHODUWtFXOROLWHUDOD LQFLVRGHO'HFUHWRGH\DJRWDGDFDGD XQDGHODVHWDSDVGHOSURFHGLPLHQWRGHLQLFLRGHDSHUWXUDSDUDVXIRUPDOL]DFLyQGHOD PHQFLRQDGDWLWXODULGDGGHOELHQLQPXHEOHHQFRPHQWR\HQYLUWXGDTXHGHQWURGHSHUtRGR SUREDWRULR\GHDOHJDFLRQHVQRVHSUHVHQWDURQLQWHUHVDGRVDHMHUFHUGHUHFKRVDGTXLULGRV VREUHHOELHQTXHGDHQ¿UPH\GHELGDPHQWHHMHFXWRULDGRGLFKRDFWRDGPLQLVWUDWLYR 4XHWDOFRPRVHSXHGHFROHJLUDOQRDSDUHFHUWtWXORDOJXQRGHSURSLHGDGGHO ELHQLQPXHEOHDQWHVGHVFULWRFRQVHFXHQWHPHQWHHVGHEHUGHO0XQLFLSLRGH0RWDYLWD IRUPDOL]DUPHGLDQWHHOSUHVHQWHDFWRDGPLQLVWUDWLYRODWLWXODULGDGGHOPLVPRHQFDEH]D GHHVWH(QWH7HUULWRULDOFRPRSRVHHGRU\RFXSDQWH\GHLJXDOPDQHUDRUGHQDUVXLQV FULSFLyQHQHO)ROLRGH5HJLVWURGH,QVWUXPHQWRV3~EOLFRVGHODFRUUHVSRQGLHQWH2¿FLQD 4XHSDUDHOFDVRTXHQRVRFXSDVHFXPSOHQORVSUHVXSXHVWRVHVWDEOHFLGRVHQHO 'HFUHWR,EtGHPSDUDGHFODUDUSURFHGHQWHODIRUPDOL]DFLyQGHO7tWXORGHSURSLHGDGGHO %LHQ,QPXHEOH5XUDODOTXHVHKDKHFKRDOXVLyQHQORVFRQVLGHUDQGRVTXHSUHFHGHQ 4XHHQPpULWRGHORDQWHULRUPHQWHH[SXHVWR 5(68(/9( $UWtFXOR)RUPDOL]DFLyQGHOWtWXORGHSURSLHGDG'HFODUDUFRPRGHSURSLHGDG GHO0XQLFLSLRGH0RWDYLWD %R\DFi FRQ1,7Q~PHURHO%LHQ,QPXHEOH HQXQFLDGRHQHOQXPHUDOGHODSDUWHFRQVLGHUDWLYDGHOSUHVHQWHDFWRDGPLQLVWUDWLYR \TXHVHGHWDOODDFRQWLQXDFLyQ &$5$&7(5Ë67,&$6'(/35(',2 6HWUDWDGHXQSUHGLRXELFDGRHQOD=RQD5XUDOGHO0XQLFLSLRGH0RWDYLWD %R\D Fi PiVSUHFLVDPHQWHHQODYHUHGDGH5LVWiSRVHHXQiUHDWRWDOGHXQPLOVHWHFLHQWRV PHWURV PHWURVFXDGUDGRV\HQFX\RVWHUUHQRV\FRQVWUXFFLRQHVHIHFWXDGDVHQ GLIHUHQWHVDGPLQLVWUDFLRQHVPXQLFLSDOHVKDYHQLGRIXQFLRQDQGROD(VFXHOD3ULPDULD GHODYHUHGDGH5LVWi&RQVWUXFFLRQHVTXHHQORTXHUHVSHFWDVRQHQODGULOOR\FHPHQWR FRQWHQWLYDVGH8QD FDSLOODFRQVDOyQVXEWHUUiQHRVHLV VDORQHVGHFODVHXQD VDODGHSURIHVRUHVXQ VDOyQP~OWLSOHXQD FRFLQDFRPHGRUXQD EDWHUtDGH EDxRV\XQD FDQFKDP~OWLSOHGHSRUWLYDSLVRVHQFHPHQWR\EDOGRVtQFXELHUWRVX WHFKRFRQWHMDGHHWHUQLWGRWDGDGHVHUYLFLRVS~EOLFRVGHHQHUJtDDFXHGXFWR\DOFDQ WDULOODGRFRQODVVLJXLHQWHVFDUDFWHUtVWLFDV &pGXOD&DWDVWUDO ,QVWLWXFLRQHVTXHIXQFLRQDQ 8ELFDFLyQ ÈUHD 7LHPSRGH2FXSDFLyQ /,1'(526 1RUWH 2ULHQWH 6XU 2FFLGHQWH (VFXHOD 3ULPDULD DGVFULWD DO ,QVWLWXWR $JURSHFXDULR 6DQWD &UX]GH0RWDYLWD±6HGH5LVWi YHUHGD5LVWi-XULVGLFFLyQ0XQLFLSDOGH0RWDYLWD %R\DFi PHWURVFXDGUDGRV 0iVGHFXDUHQWD DxRV (O SUHGLR DQWHV GHVFULWR VH HQFXHQWUD GHOLPLWDGR SRU ORV VLJXLHQWHVOLQGHURV 'HOSXQWRDOSXQWRHQORQJLWXGGHPFRQSUHGLRVGH $OYDUDGR-RVp$QGUpV 'HOSXQWRDOSXQWRHQORQJLWXGGHPFRQSUHGLRVGH +HUHGHURVGH0DUtD,QpV/ySH] 'HOSXQWRDOSXQWRHQORQJLWXGGHPFRQSUHGLRVGH -RVp$QWRQLR$OYDUDGRFDUUHWHUDYHUHGDODOPHGLR 'HOSXQWRDOSXQWR SXQWRGHSDUWLGD HQORQJLWXGGHP FRQSUHGLRVGH$OYDUDGR-RVp$QGUpV\HQFLHUUD $UWtFXOR1RWL¿FDFLyQ(OSUHVHQWHDFWRDGPLQLVWUDWLYRVHQRWL¿FDUiFRQIRUPHDOR HVWDEOHFLGRHQHODUWtFXORHQFRQFRUGDQFLDFRQHODUWtFXORGHO&yGLJR&RQWHQFLRVR $GPLQLVWUDWLYRSDUDORFXDOVHRUGHQDUi¿MDUODPLVPDHQODFDUWHOHUDGHOD6HFUHWDUtD GHOD$OFDOGtDGHO0XQLFLSLRSRUHOWpUPLQRGHWUHV GtDV 3DUiJUDIR(Q¿UPHODQRWL¿FDFLyQDTXHVHKDKHFKRUHIHUHQFLDHQHODUWtFXOR DQWHULRUVHRUGHQDSXEOLFDUODSUHVHQWHUHVROXFLyQGHQWURGHORVWUHV GtDVVLJXLHQWHV HQHO'LDULR2¿FLDO 3DUiJUDIR$JRWDGDODHWDSDDQWHULRUVHUHPLWLUiHVWHDFWRDGPLQLVWUDWLYRDOD 2¿FLQDGH,QVWUXPHQWRV3~EOLFRVGHODFLXGDGGH7XQMD %R\DFi FRQHOREMHWLYRGH TXHSUHYLDDVLJQDFLyQGH0DWUtFXOD,QPRELOLDULDVHLQVFULEDHQHOUHVSHFWLYR)ROLRGH 0DWUtFXODV,QPRELOLDULDV &RPXQtTXHVHSXEOtTXHVH\F~PSODVH 'DGD HQ HO GHVSDFKR GHO VHxRU$OFDOGH 0XQLFLSDO GH 0RWDYLWD %R\DFi D ORV YHLQWLWUpV GtDVGHOPHVGHMXQLRGHGRVPLORQFH \VH¿UPDSRUTXLHQWLHQH FRPSHWHQFLDSDUDHOOR (O$OFDOGH0XQLFLSDO 2UODQGR6XiUH]4XLQWHUR $UWtFXOR3DJRGHWDULIDV&RPRHIHFWRVGHORDQWHULRUFDQFpOHVHODWDULIDDVLJ QDGDSRUOD,PSUHQWD1DFLRQDO $UWtFXOR9LJHQFLD/DSUHVHQWHSURYLGHQFLDULJHDSDUWLUGHODIHFKDGHVXH[SH GLFLyQ\GHURJDWRGDVODVQRUPDVTXHOHVHDQFRQWUDULDV 3XEOtTXHVHUHPtWDVH\F~PSODVH 'DGDHQHOGHVSDFKRGHOVHxRU$OFDOGH0XQLFLSDOGH0RWDYLWD %R\DFi DORVRFKR GtDVGHOPHVGHMXOLRGHGRVPLORQFH \VH¿UPDSRUTXLHQWLHQHFRPSH WHQFLDSDUDHOOR (O$OFDOGH0XQLFLSDO0RWDYLWD %R\DFi 2UODQGR6XiUH]4XLQWHUR ,PSUHQWD1DFLRQDOGH&RORPELD5HFLER'DYLYLHQGD9,,9DORU CUSbUdQbQTU5TeSQSY^TU\TU`QbdQ]U^d_ TU3e^TY^Q]QbSQ (',&726 (O VXVFULWR 3URIHVLRQDO (VSHFLDOL]DGR GH OD 'LUHFFLyQ GH 3HUVRQDO GH (VWDEOHFL PLHQWRV(GXFDWLYRVGHOD6HFUHWDUtDGH(GXFDFLyQGHO'HSDUWDPHQWRGH&XQGLQDPDUFD &,7$<(03/$=$ $WRGDVODVSHUVRQDVTXHVHFUHDQFRQGHUHFKRDUHFODPDUSUHVWDFLRQHVVRFLDOHV\ HFRQyPLFDVGHODGRFHQWH0DULHOD*RQ]iOH]GH*yPH]TXLHQVHLGHQWL¿FDEDFRQOD FpGXODGHFLXGDGDQtDQ~PHURGH%RJRWi'&TXHSUHVWDEDVXVVHUYLFLRV DOGHSDUWDPHQWRGH&XQGLQDPDUFD\TXHGHMyGHH[LVWLUHOGtDGHPDU]RGH 6HKDSUHVHQWDGRDUHFODPDUHOVHxRU-RUJH,YiQ*yPH]'tD]TXHVHLGHQWL¿FDFRQ ODFpGXODGHFLXGDGDQtDQ~PHURGH%DUUDQTXLOODHQFDOLGDGGHFyQ\XJHGH ODHGXFDGRUDIDOOHFLGD 'DGRHQ%RJRWi'&DGHMXOLRGH -RUJH0LUDQGD*RQ]iOH] 6HJXQGRDYLVR ,PSUHQWD1DFLRQDOGH&RORPELD5HFLER9,,9DORU ' , $ 5 , 2 2 ),&,$/ CUSbUdQbQTU8QSYU^TQTU\4U`QbdQ]U^d_ TU3e^TY^Q]QbSQ (',&726(03/$=$725,26 /D 'LUHFWRUD GH 3HQVLRQHV GH OD 6HFUHWDUtD GH +DFLHQGD GHO 'HSDUWDPHQWR GH &XQGLQDPDUFD +$&(6$%(5 4XHHOGtDGHMXQLRGHIDOOHFLyHOVHxRU5RGULJRGH-HV~V2VSLQD0XULOOR TXLHQVHLGHQWL¿FDEDFRQFpGXODGHFLXGDGDQtDQ~PHURSHQVLRQDGRGHOGHSDU WDPHQWRGH&XQGLQDPDUFD\DUHFODPDUHOUHFRQRFLPLHQWR\SDJRGHOD3HQVLyQGH 6REUHYLYLHQWHVVHSUHVHQWyODVHxRUD0DUtD2WLOLD+HUQiQGH]GH2VSLQDLGHQWL¿FDGD FRQODFpGXODGHFLXGDGDQtDQ~PHURHQFDOLGDGGHFyQ\XJHGHOSHQVLRQDGR 4XHHOREMHWRGHHVWDSXEOLFDFLyQHVDYLVDUDODVSHUVRQDVTXHFUHDQWHQHULJXDOR PHMRUGHUHFKRTXLHQHVGHEHQPDQLIHVWDUORPHGLDQWHHVFULWRUDGLFDGRHQHVWD'HSHQ GHQFLDGHQWURGHORVWUHLQWD GtDVVLJXLHQWHVDODSXEOLFDFLyQGHOSUHVHQWH(GLFWR (PSOD]DWRULRGHFRQIRUPLGDGFRQORHVWDEOHFLGRHQHODUWtFXORGHOD/H\GH PRGL¿FDGRSRUOD/H\GH /D'LUHFWRUDGH3HQVLRQHV & $QD)UDQFLVFD/LQDUHV*yPH] ,PSUHQWD1DFLRQDOGH&RORPELD5HFLER9,,9DORU 6_^T_>QSY_^Q\TU@bUcdQSY_^UcC_SYQ\UcTU\=QWYcdUbY_ ?VYSY^QTU@bUcdQSY_^UcC_SYQ\UcTU2_W_dv (',&726(03/$=$725,26 (O)RQGR1DFLRQDOGH3UHVWDFLRQHV6RFLDOHVGHO0DJLVWHULR $9,6$48( &DUORV ,VDXUR 6XiUH] 0DWHXV LGHQWL¿FDGR FRQ FpGXOD GH FLXGDGDQtD Q~PHUR GH7XQMD%R\DFiHQFDOLGDGGHFyQ\XJH6DQGUD0LOHQD6XiUH]7DPD\R LGHQWL¿FDGDFRQFpGXODGHFLXGDGDQtDQ~PHURGH%RJRWi\:LOOLDP$QGUpV 6XiUH]7DPD\RLGHQWL¿FDGRFRQFHGXODGHFLXGDGDQtDQ~PHURGH%R JRWiHQFDOLGDGGHKLMRKDQVROLFLWDGRDODR¿FLQDUHJLRQDOGHO)RQGR3UHVWDFLRQDOGH %RJRWiPHGLDQWHUDGLFDGR(GHOGHMXQLRGHHOUHFRQRFLPLHQWR VXVWLWXFLyQ\SDJRGHODVSUHVWDFLRQHVVRFLRHFRQyPLFDVTXHSXHGDQFRUUHVSRQGHUDOD VHxRUD*LOPD,PHOGD7DPD\RGH6XiUH]LGHQWL¿FDGDFRQFpGXODGHFLXGDGDQtDQ~PHUR THSG IDOOHFLGDHOGtDGHDEULOGH7RGDSHUVRQDTXHVHFUHDFRQ LJXDORPHMRUGHUHFKRGHEHUiKDFHUORYDOHUDQWHHO)RQGRGH3UHVWDFLRQHV6RFLDOHVGHO 0DJLVWHULRGH%RJRWi'&GHQWURGHORVWUHLQWD \TXLQFH GtDVVLJXLHQWHVDOD SXEOLFDFLyQGHOSULPHU\VHJXQGRDYLVRUHVSHFWLYDPHQWH (O)RQGR3UHVWDFLRQHVGHO0DJLVWHULR $OH[DQGUD9LORULD&iUGHQDV ,PSUHQWD1DFLRQDOGH&RORPELD5HFLER9,,9DORU 5DGLFDGR6 $9,626-8',&,$/(6 /D6HFUHWDULDGHO-X]JDGR6HJXQGRGH)DPLOLDGH%RJRWi'& (03/$=$ $OVHxRU(VQHLGHU0RUHQR$JXLODUSDUDTXHGHQWURGHOWpUPLQRGHYHLQWH GtDV GH¿MDFLyQGHOSUHVHQWH(GLFWR\FLQFR GtDVPiVFRPSDUH]FDDHVWHMX]JDGRSRUVtR SRUPHGLRGHDSRGHUDGRDUHFLELUQRWL¿FDFLyQSHUVRQDOGHODXWRGHIHFKDYHLQWLFLQFR GHHQHURGHGRVPLORQFH SURIHULGRGHQWURGHOSURFHVRGHPXHUWHSUHVXQWDSRU GHVDSDUHFLPLHQWRGHOVHxRU(VQHLGHU0RUHQR$JXLODUTXHLQVWDXUyPHGLDQWH DSRGHUDGRMXGLFLDOODVHxRUD,VPHQLD$JXLODULJXDOPHQWHVHSUHYLHQHDTXLHQHVWHQJDQ QRWLFLDVGHOVHxRU(VQHLGHU0RUHQR$JXLODUSDUDTXHOHFRPXQLTXHQDO-X]JDGRXELFDGR HQOD&DOOH13LVRGHFX\DGHPDQGDVHGHVSUHQGHHOVLJXLHQWHH[WUDFWR ³(OVHxRU(VQHLGHU0RUHQR$JXLODUQDFLyHQODFLXGDGGH%RJRWiHOGtDGH GLFLHPEUHGH\HVKLMRGHOVHxRU7RPiV0RUHQR\GHODVHxRUD,VPHQLD$JXLODU (VQHLGHU0RUHQR$JXLODUHQORV~OWLPRVYHLQWH DxRVGHYLGD¿MyVXGR PLFLOLRHQODFLXGDGGH%RJRWiVRORKDELHQGRWHQLGRGRV DxRVGHHVWHWLHPSRXQD UHVLGHQFLDWHPSRUDOHQODFLXGDGGH0DGULG(VSDxDKHFKRTXHRFXUULyHQWUHORVDxRV GHD7RGRHOUHVWDQWHWLHPSRFRPRVHKDGLFKRVXGRPLFLOLRSHUPDQHQWH\ ~QLFRGHQHJRFLRV\UHVLGHQFLDIXHODFLXGDGGH%RJRWi 2FXUUHTXHHOGtDGHVHSWLHPEUHGHHOVHxRU(VQHLGHU0RUHQR$JXLODU GHVDSDUHFLy FXDQGR VH HQFRQWUDED HQ HVWD FLXGDG HQ HO VHFWRU QRUWH GH OD FLXGDG KDFLHQGRDOJXQRVQHJRFLRVGHVXDFWLYLGDGFRPHUFLDOFRQVLVWHQWHHQFRPSUDYHQWDGH (GLFLyQ 0DUWHVGHMXOLRGH YHKtFXORVDXWRPRWRUHV\FRPHUFLDOL]DFLyQGHJDQDGRYDFXQRVLQTXHKDVWDODIHFKDVH WHQJDQRWLFLDVGHVXSDUDGHURSRUSDUWHGHODIDPLOLD 6HJ~QODLQIRUPDFLyQREWHQLGDSRUPLPDQGDQWHODVHxRUD,VPHQLD$JXLODUVHSXGR HVWDEOHFHUTXHHOVHxRU(VQHLGHU0RUHQR$JXLODUGHVDSDUHFLySUHVXQWDPHQWHDFDXVDGH XQVHFXHVWURH[WRUVLYRVLWXDFLyQTXHVHSXVRHQFRQRFLPLHQWRGHOD)LVFDOtD*HQHUDOGH OD1DFLyQTXLHQDWUDYpVGHOD8QLGDG6HJXQGDGH6HFXHVWUR\([WRUVLyQ³*$8/$´ DGHODQWyODVLQYHVWLJDFLRQHVGHULJRUVLQKDEHUVHREWHQLGRKDVWDODIHFKDDOJ~QLQIRUPH RUHVXOWDGRSRVLWLYRGHVXSDUDGHURSHUVRQDVTXHSXGLHURQKDEHUHMHFXWDGRHVWHUHDWR 0LPDQGDQWH,VPHQLD$JXLODUFRQVLGHUDTXHVXKLMR(VQHLGHU0RUHQR$JXLODU SXGLHVHKDEHUIDOOHFLGRSXHVpOSUHVHQWDEDSDUDHOPRPHQWRHQTXHGHVDSDUHFLyOLPLWD FLRQHVItVLFDV\DTXHHUDPLQXVYiOLGRFRQLPSHGLPHQWRSDUDFDPLQDUWHQtDODFHUDFLRQHV HQVXFXHUSR HQHOVHFWRUGHOFR[LV SRUUD]yQGHSHUPDQHFHUWRGRHOWLHPSRVHQWDGRHQ VLOODGHUXHGDVVHHQFRQWUDEDFRQPHGLFDPHQWRVGHORVHVSHFLDOLVWDVHQVDOXG\GHEtD HVWDUHQFRQWLQXRVWUDWDPLHQWRVFLUFXQVWDQFLDVTXHKDFtDQTXHVXFXLGDGRSHUVRQDO\ FRQWUROPpGLFRIXHUDQSHUPDQHQWHVH[WUHPRVORVTXHIRU]RVDPHQWHQRVHOHSUDFWLFDURQ GHVGHVXGHVDSDUHFLPLHQWR\SUHVXQWRVHFXHVWURH[WRUVLYR /DVHxRUD,VPHQLD$JXLODUDVtFRPRVXVIDPLOLDUHVGXUDQWHHVWRVWUHV DxRV VLJXLHQWHV KDQ DGHODQWDGR QR VRODPHQWH D WUDYpV GH ODV DXWRULGDGHV DYHULJXDFLRQHV FRQHO¿QGHSRGHUHVWDEOHFHUDOJ~QSRVLEOHSDUDGHURGH(VQHLGHUEXVFDQGRDOJXQD LQIRUPDFLyQSRULQWHUPHGLRGHDPLJRVFOLHQWHVRSHUVRQDVTXHORFRQRFtDQFRQHO¿Q GHVDEHUVLHQDOJ~QWLHPSRGHVGHHOGHVHSWLHPEUHGHKDVWDKR\ORKDQYLVWR KDQVDELGRGHpOVLQHQFRQWUDUQLQJXQDUHVSXHVWDSRVLWLYD /DVHxRUD,VPHQLD$JXLODUDGHODQWyDQWHHO-X]JDGR3ULPHURGH)DPLOLDGH%RJR WiSURFHVRGHMXULVGLFFLyQYROXQWDULDGHGHFODUDFLyQGHPHUDDXVHQFLDKDELHQGRVLGR GHVLJQDGDFRPRUHSUHVHQWDQWH FXUDGRUD GHORVELHQHVGHVXKLMR 0LPDQGDQWHVXIDPLOLDVXVDPLJRV\FRQRFLGRVLJQRUDQHOSDUDGHURGH(VQHLGHU 0RUHQR$JXLODUHQUD]yQDTXHFRPRVHGLMR\DKDQUHDOL]DGRWRGDVODVDYHULJXDFLRQHV QHFHVDULDVSRUSDUWHGHHOORVFRQUHVXOWDGRVQHJDWLYRVVHKLFLHURQSRUSDUWHGHODVDX WRULGDGHVGHLQYHVWLJDFLRQHVFRUUHVSRQGLHQWHVFRQUHVXOWDGRVQHJDWLYRV\GHVGHHOGtD GHVHSWLHPEUHGHKDVWDKR\\DKDQWUDQVFXUULGRWUHVDxRVVLQWHQHUVHGXUDQWH HVWHWLHPSRQLQJXQDQRWLFLD´ 6HDGYLHUWHDOHPSOD]DGRTXHVLQRFRPSDUHFHHQHOWpUPLQRLQGLFDGRVHSURFHGHUiD QRPEUDUOH&XUDGRUDGOtWHPDTXLHQVHOHQRWL¿FDUiODGHPDQGD\VHSURVHJXLUiHOSURFHVR 3DUDGDUFXPSOLPLHQWRDORSUHYLVWRHQHOQXPHUDOGHODUWtFXORGHO&yGLJR &LYLOHQFRQFRUGDQFLDFRQORVDUWtFXORV\GHO&yGLJRGH3URFHGLPLHQWR&LYLO VH¿MDHOSUHVHQWHHGLFWRHQODFDUWHOHUDGHOMX]JDGRSRUHOWpUPLQRGHOH\\VHH[SLGHQ FRSLDVGHOPLVPRSDUDVXSXEOLFDFLyQKR\GHMXOLRGH /D6HFUHWDULD 6DQGUD3DWULFLD3HUGRPR*DOLQGR ,PSUHQWD1DFLRQDOGH&RORPELD5HFLER9,,9DORU (O-X]JDGR3URPLVFXRGH)DPLOLDGH&iTXH]D &XQGLQDPDUFD &,7$<(03/$=$ $ODGHVDSDUHFLGD/X]$OLQD+XpUIDQR+XpUIDQRSDUDTXHFRPSDUH]FDDOSURFHVR GH'HFODUDFLyQGH0XHUWH3UHVXQWDSRU'HVDSDUHFLPLHQWRQ~PHUR ,QVWDXUDGDSRUHOVHxRU0DUWtQ$ORQVR+XpUIDQR+XpUIDQRGHPDQGD DGPLWLGDSRUPHGLRGHDXWRIHFKDGRHOWUHV GHPD\RGHODxRHQFXUVRSUHYLQLHQGR DTXLHQHVWHQJDQQRWLFLDVGHVXSDUDGHURSDUDTXHODVFRPXQLTXHQDO-X]JDGR 6HOHDGYLHUWHDODHPSOD]DGDTXHVLQRFRPSDUHFHHQHOWpUPLQROHJDOGHOHPSOD ]DPLHQWRVHOHGHVLJQDUiFXUDGRUDGOtWHPFRQTXLHQVHSURVHJXLUiHOSURFHVRKDVWD VXWHUPLQDFLyQ /DGHPDQGDLQVWDXUDGDVHH[WUDFWDDVt ³/RVVHxRUHV-RVH(IUDtQ+XpUIDQR\0DUtD-RVH¿QD+XpUIDQRHOSULPHUR\D IDOOHFLGRODVHJXQGDD~QYLYHIXHURQFyQ\XJHV\WXYLHURQORVVLJXLHQWHVKLMRV0DUtD (OLVD$QD&HFLOLD0DUtD(XJHQLD0DUFR$QWRQLR$XUHOLR$GiQ/XLV$OIUHGR0DUWtQ $ORQVR\ODGHVDSDUHFLGD/X]$OLQD+XpUIDQR+XpUIDQR /D VHxRUD /X]$OLQD +XpUIDQR +XpUIDQR WXYR VX GRPLFLOLR HQ OD YHUHGD /D &DOGHUDGHOPXQLFLSLRGH&KLSDTXHKDVWDHOGHMXQLRGHIHFKDHQODFXDOVH GHVDSDUHFLyGH¿QLWLYDPHQWH 'HVGHHVWHIHFKDKDVWDKR\KDQWUDQVFXUULGRWUHLQWD DxRV\DSHVDUGHODV FRQVWDQWHVGLOLJHQFLDVLQYHVWLJDWLYDVQRKDVLGRSRVLEOHREWHQHULQIRUPDFLyQVREUHVX SDUDGHUR (OWLHPSRGHVXGHVDSDUHFLPLHQWRODVHxRUD/X]$OLQD+XpUIDQR+XpUIDQRQR GHMyELHQPXHEOHRLQPXHEOHDOJXQR 6HHQFXHQWUDQFXPSOLGRVORVSOD]RV\FLUFXQVWDQFLDVH[LJLGDVSRUOH\SDUDOD GHFODUDFLyQGHPXHUWHSUHVXQWDSRUFDXVDGHGHVDSDUHFLPLHQWRGHODVHxRUD/X]$OLQD +XpUIDQR+XpUIDQR (OVHxRU0DUWtQ$ORQVR+XpUIDQR+XpUIDQRHVKHUPDQROHJtWLPRGHODVHxRUD /X]$OLQD+XpUIDQR+XpUIDQRSDUDORFXDODGMXQWRSUREDWRULDPHQWHVXUHJLVWURFLYLO /DVHxRUD/X]$OLQD+XpUIDQR+XpUIDQRKDVWDHOGtDGHOGHVDSDUHFLPLHQWRHUD VROWHUD\FDUHFtDGHDVFHQGLHQWHV\GHVFHQGLHQWHVOHJtWLPRVWLHQHQGHUHFKRDVROLFLWDU ODGHFODUDFLyQMXGLFLDOGHPXHUWHSUHVXQWDSRUGHVDSDUHFLPLHQWRGHVXKHUPDQR´ (GLFLyQ 0DUWHVGHMXOLRGH ' , $ 5 , 2 2 ) , & , $ / 3(7,&,21(6 4XHVHGHFODUHODPXHUWHSUHVXQWDSRUFDXVDGHGHVDSDUHFLPLHQWRGHODVHxRUD /X]$OLQD+XpUIDQR+XpUIDQRSHUVRQDPD\RUGHHGDG\YHFLQDTXHIXHGHODYHUHGD /D&DOGHUDGHOPXQLFLSLRGH&KLSDTXH&XQGLQDPDUFDOXJDU~OWLPRGHVXGRPLFLOLR 4XHVHVHxDOHFRPRIHFKDSUHVXQWDGHODFRQWHFLPLHQWRGHGLFKDPXHUWHHOGtD GHMXQLRGH 4XHVHLQIRUPHDOFRUUHVSRQGLHQWHIXQFLRQDULRHQFDUJDGRGHOUHJLVWURFLYLOOD SDUWHUHVSHFWLYDGHODVHQWHQFLDDHIHFWRGHTXHVHH[WLHQGDHOUHJLVWURGHGHIXQFLyQ 4XHVHRUGHQHODSXEOLFDFLyQGHOHQFDEH]DPLHQWR\SDUWHUHVROXWLYDGHODVHQ WHQFLDHQSHULyGLFRGHDPSOLDFLUFXODFLyQDQLYHOQDFLRQDO\HQUDGLRORFDOFRQIRUPH DODUWGHO&3& 4XHVHDXWRULFHDORVLQWHUHVDGRVSDUDSURPRYHUODOLTXLGDFLyQGHODKHUHQFLDGH ODFDXVDQWHHQSURFHVRVHSDUDGR\XQDYH]HIHFWXDGDVODVSXEOLFDFLRQHVGHODVHQWHQFLD 3DUDORVHIHFWRVSUHYLVWRVHQORVDUWtFXORV\GHO&GH3&LYLO\QXPHUDO GHO&yGLJR&LYLOVH¿MDHOSUHVHQWH(GLFWRHQOXJDUS~EOLFR\YLVLEOHGHODVHFUHWDUtD GHO-X]JDGRSRUHOWpUPLQRGHOH\\VHH[SLGHQODVFRSLDVGHOPLVPRSDUDVXSXEOLFDFLyQ HQXQGLDULRGHDPSOLDFLUFXODFLyQTXHVHHGLWHHQODFDSLWDOGHOD5HS~EOLFD (O6LJOR /D5HS~EOLFDR(O7LHPSR DOLJXDOTXHHQHO'LDULR2¿FLDO\HQODHPLVRUDORFDO/D 9R]GH&iTXH]DSRUWUHV YHFHVSRUORVPHQRVGHELHQGRFRUUHUPiVGHFXDWUR PHVHVHQWUHFDGDGRVSXEOLFDFLRQHV6H¿MDVLHQGRODKRUDGHODVRFKRGHODPDxDQD DP GHKR\GRFH GHPD\RGHODxRGRVPLORQFH (O6HFUHWDULR ( -XDQ+HUQiQ4XHYHGR$FRVWD ,PSUHQWD1DFLRQDOGH&RORPELD5HFLER9,,9DORU (O6HFUHWDULRGHO-X]JDGR1RYHQRGH)DPLOLDGH%RJRWi'& $9,6$ 4XH GHQWUR GHO SURFHVR GH -XULVGLFFLyQ9ROXQWDULD,QWHUGLFFLyQ-XGLFLDOQ~PHUR VHGLFWyVHQWHQFLDHORFKR GHMXQLRGHGRVPLORQFH VHGHFODUyHQ,QWHUGLFFLyQ0HQWDO$EVROXWDD&DUORV$QGUpV0DUWtQH]/HPHV GHVLJQiQGRVHOHFRPR*XDUGDGRUDDODVHxRUD0HU\3DWULFLD0DUWtQH]/HVPHVTXLHQ WHQGUiDFDUJRHOFXLGDGRGHOPLVPR\ODDGPLQLVWUDFLyQGHORVELHQHV /DVSXEOLFDFLRQHVGHULJRUGHEHUiQHIHFWXDUVHDWUDYpVGHORVGLDULRV(O7LHPSR/D 5HS~EOLFD(O1XHYR6LJORR(O(VSHFWDGRU'HFRQIRUPLGDGFRQORHVWDEOHFLGRHQHO QXPHUDOGHODUWtFXORPRGL¿FDGRDUWtFXOR/H\GHVH¿MDHOSUHVHQWH DYLVRHQOXJDUYLVLEOHGHODVHFUHWDUtDGHOMX]JDGRSRUWpUPLQRHVWDEOHFLGR\VHH[SLGHQ FRSLDVSDUDVXFRUUHVSRQGLHQWHSXEOLFDFLyQKR\GHMXOLRGH /D6HFUHWDULD /LQD0DJDOO\9HJD&iUGHQDV ,PSUHQWD1DFLRQDOGH&RORPELD5HFLER%DQFR'DYLYLHQGD9,, 9DORU /D6HFUHWDULDGHO-X]JDGR6HJXQGRGH)DPLOLDGH9LOODYLFHQFLR 0HWD +$&(6$%(5 4XHGHQWURGHOSURFHVRGH0XHUWH3UHVXQWDSRU'HVDSDUHFLPLHQWRGHOVHxRU&DUORV $OH[iQGHU/XHQJDV%DUUHUDSURPRYLGRSRUODVHxRUD$VWULG-RKDQD+HUQiQGH]'XDUWH VHGLFWyODVLJXLHQWHVHQWHQFLD ³-X]JDGR6HJXQGRGH)DPLOLD9LOODYLFHQFLR'LHFLVLHWHGHMXQLRGHGRVPLORQFH SRUORH[SXHVWRHO-X]JDGR6HJXQGRGH)DPLOLDGH9LOODYLFHQFLR 0HWD DGPLQLVWUDQGR -XVWLFLDHQQRPEUHGHOD5HS~EOLFDGH&RORPELD\SRUDXWRULGDGGHODOH\ 5(68(/9( 3ULPHUR 'HFODUDU OD 0XHUWH 3UHVXQWD SRU 'HVDSDUHFLPLHQWR GHO VHxRU &DUORV $OH[iQGHU/XHQJDV%DUUHUDLGHQWL¿FDGRFRQODFpGXODGHFLXGDGDQtDQ~PHUR H[SHGLGDHQ+DWR&RUR]DO & TXLHQWXYRFRPR~OWLPRGRPLFLOLRHVWHPXQLFLSLR\VX GHVDSDULFLyQRFXUULyHOGtDRQFH GHMXQLRGHGRVPLOXQR IHFKDGHVGHOD FXDOQRVHWLHQHQRWLFLDDOJXQDGHVXSDUDGHUR 6HJXQGR)LMDUFRPRIHFKDGHODPXHUWHGHOVHxRU&DUORV$OH[iQGHU/XHQJDV%DUUHUD HOGtDGLH] GHMXQLRGHGRVPLOWUHV 7HUFHUR7UDQVFUtEDVHORDTXtUHVXHOWRDOVHxRU1RWDULR3ULPHURGHHVWDFLXGDGSDUD TXHH[WLHQGDHOUHJLVWURFLYLOGH&DUORV$OH[iQGHU/XHQJDV%DUUHUD2ItFLHVH &XDUWR2UGHQDUODSXEOLFDFLyQGHHVWDVHQWHQFLDHQHO'LDULR2¿FLDO 4XLQWR1RVHHQYtDHQFRQVXOWDHVWHIDOORSRUORDQWHVH[SXHVWR 6H[WR1RWLItTXHVHHVWDSURYLGHQFLDDODVHxRUD3URFXUDGRUDGH)DPLOLD 1RWLItTXHVH (O-XH]3HGUR0DQXHO$UGLOD$U]´ 3DUDORVHIHFWRVLQGLFDGRVHQHOQXPHUDOGHODUWtFXORGHO&3&HQFRQFRUGDQ FLDFRQHODUWtFXORLEtGHPVH¿MDHOSUHVHQWH(GLFWRHQOXJDUS~EOLFR\YLVLEOHGH ODVHFUHWDUtDGHO-X]JDGRSRUHOWpUPLQROHJDO\VHHQWUHJDQFRSLDVSDUDVXSXEOLFDFLyQ HQHOSHULyGLFRR¿FLDO\XQDHPLVRUDORFDOKR\GHMXOLRVLHQGRODVDP (O6HFUHWDULR +HULEHUWR/DJXQD$FXxD ,PSUHQWD1DFLRQDOGH&RORPELD5HFLER%DQFR'DYLYLHQGD9,, 9DORU (O-X]JDGR&XDUWRGH)DPLOLDGH&DOL 9DOOH +$&(6$%(5 4XHHQHOSURFHVRGH,QWHUGLFFLyQDGHODQWDGRSRU-DYLHU3DUUDVHGLFWyODVHQWHQFLD Q~PHURGHIHFKDGHMXOLRGHTXHHQVXSDUWHUHVROXWLYDGLFH 'HFODUDUODLQWHUGLFFLyQMXGLFLDOLQGH¿QLGDSRUFDXVDGHGHPHQFLDD-DLUR9DOHQ FLD3DUUDPD\RUGHHGDGQDFLGRHOGHGLFLHPEUHGHHQHOPXQLFLSLRGH7XOXi UHJLVWUDGRHQOD1RWDUtD6HJXQGDGH7XOXiKLMRGH+RUDFLR9DOHQFLD\7XOLD3DUUDGH FRQIRUPLGDGFRQODVFRQVLGHUDFLRQHVSUHYLVWDVHQODSDUWHPRWLYDGHOSUHVHQWHIDOOR 'HFODUDUFRPRFRQVHFXHQFLDGHOSXQWRDQWHULRUTXH-DLUR9DOHQFLD3DUUDQRWLHQH ODOLEUHDGPLQLVWUDFLyQGHVXVELHQHV 'HVLJQDUD7XOLD3DUUDLGHQWL¿FDGDFRQODFpGXODGHFLXGDQtDQ~PHUR GH7XOXiFRPR&XUDGRUDOHJtWLPD\HQIRUPDLQGH¿QLGDGHOGHFODUDGRLQWHUGLFWRD TXLHQVHOHFRQ¿DUiHOFXLGDGRSHUVRQDOLQPHGLDWR\ODDGPLQLVWUDFLyQGHORVELHQHV TXHWHQJDROOHJDUHDWHQHUHOLQWHUGLFWRSRUORWDQWRTXHGDFRPRVXUHSUHVHQWDQWHOHJDO 'HVLJQDU DO VHxRU -DYLHU 3DUUD LGHQWL¿FDGR FRQ FpGXOD GH FLXGDGDQtD Q~PHUR GH7XOXiFRPRFXUDGRUVXVWLWXWRTXLHQGHEHSUHVWDUFDXFLyQHQFXDQWtDGHXQ VDODULRPtQLPRPHQVXDOOHJDOYLJHQWHTXLHQHQVXPRPHQWRGHEHUiHODERUDUXQLQYHQWD ULRVROHPQHGHELHQHVGHOLQFDSD]HQODIRUPD\WpUPLQRVHVWDEOHFLGRVSDUDODSULQFLSDO 3XEOLFDUODSUHVHQWHGHFODUDWRULDHQXQGLDULRGHDPSOLDFLUFXODFLyQQDFLRQDO (O WLHPSRR/D5HS~EOLFD \HQHO'LDULR2¿FLDOGHODQDFLyQ QXPHUDODUWtFXORGHO &yGLJRGH3URFHGLPLHQWR&LYLO (QVXRSRUWXQLGDGGLVFLpUQDVHOHHOFDUJRDOGHVLJQDGR FXUDGRUVLQQHFHVLGDGGHSRVHVLyQIDFXOWiQGRORVSDUDTXHORHMHU]DQHQIRUPDYiOLGD KDFLpQGROHVHQWUHJDGHODVFRSLDVSDUDWDO¿Q 'HQWUR GH ORV QRYHQWD GtDV VXEVLJXLHQWHV DO GLVFHUQLPLHQWR GHO FDUJR SURFHGDODFXUDGRUD7XOLD3DUUDDHODERUDULQYHQWDULRVROHPQHGHELHQHVGHOLQFDSD] VLQSHUMXLFLRGHVHUDXWRUL]DGDVXVXVWLWXFLyQSRUDSXQWHSULYDGRVLVHSUREDUHTXHORV ELHQHVVRQGHPDVLDGRH[LJXRVFRQIRUPHDO$UWGHO&yGLJR&LYLO ([RQHUDUDODFXUDGRUDGHSUHVWDUODFDXFLyQH[LJLGDSRUOD/H\SRUORH[SXHVWR HQODSDUWHPRWLYDGHODSUHVHQWHSURYLGHQFLD $UWtFXORGHO&yGLJR&LYLO 2UGpQHVHLQVFULELUODSUHVHQWHGHFLVLyQHQHO5HJLVWURGHQDFLPLHQWRGHO,QWHUGLFWR FRQ¿QHVGHLQIRUPDFLyQFRPSOHPHQWDULD\HQHOOLEURGHYDULRVGHODGHSHQGHQFLD ORFDOGHOD5HJLVWUDGXUtD1DFLRQDOGHO(VWDGR&LYLOTXHHVHHQWHGHVLJQHDOHIHFWR5H JLVWUDGXUtD(VSHFLDO$X[LOLDUR0XQLFLSDODFRUGHFRQORHVWDEOHFLGRHQHODUWtFXOR GHOD/H\GHOGHMXOLRGH VLHQGRHVWD~OWLPDIRUPDOLGDGODTXHSHUIHFFLRQD HOUHJLVWUR ([StGDQVHODVFRSLDVSHUWLQHQWHVSDUDWDOHIHFWR &RQVXOWDU FRQ HO VXSHULRU OD SUHVHQWH VHQWHQFLD DUWtFXOR GHO &yGLJR GH 3URFHGLPLHQWR&LYLO 1RWLItTXHVHODSUHVHQWHGHFLVLyQGHDFXHUGRDODUWtFXORGHO&yGLJRGH3UR FHGLPLHQWR&LYLO&ySLHVH\QRWLItTXHVH /D-XH] )GR 0DUtD&HFLOLD*RQ]iOH]+ROJXtQ (OIDOODGRUGHVHJXQGDLQVWDQFLDGHYXHOYHSURFHVRSRUFXDQWRQRKD\OXJDUDUHDOL]DU ODFRQVXOWDFRQIRUPHDOD/H\GH (Q FRQVHFXHQFLD \ SDUD LQIRUPDU DO S~EOLFR HO FRQWHQLGR GHO DQWHULRU IDOOR FRQ UHODFLyQDOGHFUHWRGH,QWHUGLFFLyQGH-DLUR9DOHQFLD3DUUDVH¿MDHOSUHVHQWHDYLVRHQ OXJDUYLVLEOHGHODVHFUHWDUtDGHOMX]JDGR\VHGDFRSLDDOLQWHUHVDGRSDUDVXSXEOLFDFLyQ HQXQSHULyGLFRGHDPSOLDFLUFXODFLyQQDFLRQDO(O7LHPSR/D5HS~EOLFD\HQHO'LDULR 2¿FLDOGHODQDFLyQ QXPHUDODUWtFXORGHO&yGLJRGH3URFHGLPLHQWR&LYLO 6H¿MDVLHQGRODVRFKRGHODPDxDQD DP GHKR\GHQRYLHPEUHGH /D6HFUHWDULD ( 0DUtD<HVLQLU5DPtUH]%HGR\D ,PSUHQWD1DFLRQDOGH&RORPELD5HFLER%DQFR'DYLYLHQGD9,, 9DORU /DVXVFULWD6HFUHWDULDGHO-X]JDGR7HUFHURGH)DPLOLDGH$UPHQLD 4XLQGtR $9,6$ $OS~EOLFRHQJHQHUDOTXHHVWHMX]JDGRDFWXDQGRGHQWURGHOSURFHVRGH-XULVGLFFLyQ 9ROXQWDULDGH,QWHUGLFFLyQGH3HUVRQDFRQ'LVFDSDFLGDG0HQWDO$EVROXWDSURPRYLGRSRU ODVHxRUD/LFLGLDGH-HV~V9pOH]GH*RQ]iOH]LGHQWL¿FDGDFRQOD&pGXODGH&LXGDGDQtD Q~PHURHQUHODFLyQFRQHOVHxRU&DUORV-DLU/ySH]5XELDQRLGHQWL¿FDGRFRQ OD&pGXODGH&LXGDGDQtDQ~PHURPHGLDQWHDXWRGHIHFKDGHHQHURGHGRV PLOGLH] GHFUHWyODLQWHUGLFFLyQSURYLVRULDGHOVHxRU&DUORV-DLU/ySH]5XELDQR GHVLJQDQGRFRPRFXUDGRUDSURYLVRULDDODVHxRUD/LFLGLDGH-HV~V9pOH]GH*RQ]iOH] &RPRFRQVHFXHQFLDGHORDQWHULRUVHRUGHQyLQVHUWDUHVWHDYLVRHQHO'LDULR2¿FLDO \HQXQGLDULRGHDPSOLDFLUFXODFLyQQDFLRQDO(OWLHPSRR/D5HS~EOLFDHQFXPSOL PLHQWRGHORGLVSXHVWRHQHODUWtFXORQXPHUDOGHO&yGLJRGH3URFHGLPLHQWR&LYLO ' , $ 5 , 2 2 ),&,$/ FRSLDVGHORVPLVPRVVHHQWUHJDUiQDODLQWHUHVDGDSDUDWDO¿QHLJXDOPHQWHSDUD¿MDU HQWUHV OXJDUHVGHDPSOLDFRQFXUUHQFLDS~EOLFDGHODFLXGDG )HFKDGH¿MDFLyQVHLV GHMXOLRGHGRVPLORQFH DODVRFKRGHODPDxDQD DP (O6HFUHWDULR -XDQ&DUORV6iQFKH]5RGUtJXH] 3URFHVR1R ,PSUHQWD 1DFLRQDO GH &RORPELD 5HFLER %DQFR$JUDULR GH &RORPELD 9,,9DORU /DVXVFULWD6HFUHWDULDGHO-X]JDGR6HJXQGRGH)DPLOLDGH%RJRWi'& 127,),&$$/3Ò%/,&2 4XH PHGLDQWH VHQWHQFLD GH IHFKD YHLQWH GH PD\R GH GRV PLO RQFH SURIHULGDGHQWURGHOSURFHVRSUHVXQFLyQGHPXHUWHSRUGHVDSDUHFLPLHQWRGH -XDQ)UDQFLVFR*X]PiQ0XxR]VHGLFWyVHQWHQFLDTXHHQVXIHFKD\SDUWHSHUWLQHQWH GLFH-X]JDGR6HJXQGRGH)DPLOLD%RJRWi'&YHLQWH GHPD\RGHGRVPLORQFH (QPpULWRGHORDQWHULRUPHQWHH[SXHVWRHO-X]JDGR6HJXQGRGH)DPLOLDGH %RJRWi'&DGPLQLVWUDQGRMXVWLFLDHQQRPEUHGHOD5HS~EOLFD\SRUDXWRULGDGGHODOH\ 5(68(/9( 3ULPHUR'HFODUDUSUHVXQWDPHQWHPXHUWRSRUGHVDSDUHFLPLHQWRD-XDQ)UDQFLVFR*X]PiQ 0XxR]TXLHQVHLGHQWL¿FDEDFRQODFpGXODGHFLXGDGDQtDQ~PHURGH%RJRWi 6HJXQGR)LMDUFRQIRUPHORHVWDEOHFHHOQXPHUDOGHODUWtFXORGHO&yGLJR&LYLO HOWUHLQWD GHVHSWLHPEUHGHGRVPLOWUHV FRPRIHFKDHQTXHRFXUULyODPXHUWH SUHVXQWDGH-XDQ)UDQFLVFR*X]PiQ0XxR] 7HUFHUR2UGHQDUTXHVHFRPXQLTXHORUHVXHOWRHQHVWDVHQWHQFLDDOIXQFLRQDULR HQFDUJDGRGHOUHJLVWURFLYLOFRQHOREMHWRGHTXHVHH[WLHQGDHOUHVSHFWLYRUHJLVWUR FLYLOGHGHIXQFLyQ &XDUWR2UGHQDUODSXEOLFDFLyQGHHVWDVHQWHQFLDGHDFXHUGRDORGLVSXHVWRHQHO DUWtFXORGHO&3&3DUDORV¿QHVUHVSHFWLYRVH[StGDQVHDFRVWDGHOLQWHUHVDGRODV FRSLDVTXHVHUHTXLHUDQ1RWLItTXHVH/D-XH] )GR 0DUtD+HOHQD3ULHWRGH*DUFtD 3DUDGDUFXPSOLPLHQWRDORRUGHQDGRHQHODUWtFXORGHO&3&VH¿MDHOSUHVHQWH DYLVRHQOD6HFUHWDUtDGHO-X]JDGRH[SLGLHQGRFRSLDVSDUDODVUHVSHFWLYDVSXEOLFDFLRQHV DODKRUDGHODVDPGHKR\GHMXOLRGH /D6HFUHWDULD 6DQGUD3DWULFLD3HUGRPR*DOLQGR &2167$1&,$'('(6),-$&,Ï1 /XHJRGHKDEHUSHUPDQHFLGR¿MDGRHQOD6HFUHWDUtDGHO-X]JDGRSRUHOWpUPLQRDQWHV VHxDODGRVHGHV¿MDHOSUHVHQWHHGLFWRVLHQGRODVSPGHKR\« /D6HFUHWDULD 6DQGUD3DWULFLD3HUGRPR*DOLQGR ,PSUHQWD1DFLRQDOGH&RORPELD5HFLER9,,9DORU 3?>D5>94? 3iJ 32'(53Ò%/,&25$0$/(*,6/$7,9$ /H\GHSRUODFXDOVHH[SLGHHOUpJLPHQGHUHVSRQVDELOLGDGDGPLQLVWUDWLYDSRU SpUGLGDRGDxRGHELHQHVGHSURSLHGDGRDOVHUYLFLRGHO0LQLVWHULRGH'HIHQVD1DFLRQDO VXVHQWLGDGHVDGVFULWDVRYLQFXODGDVROD)XHU]D3~EOLFD 35(6,'(1&,$'(/$5(3Ò%/,&$ 'HFUHWR Q~PHUR GH SRU HO FXDO VH RUGHQD OD SXEOLFDFLyQ GHO 3UR\HFWR GH $FWR/HJLVODWLYRQ~PHURGH&iPDUDGH6HQDGR³SRUHOFXDOVH UHIRUPDHOQXPHUDOGHODUWtFXORHODUWtFXOR\HOQXPHUDOGHODUWtFXOR GHOD&RQVWLWXFLyQ3ROtWLFD´ 3ULPHUD9XHOWD 0,1,67(5,2'(5(/$&,21(6(;7(5,25(6 'HFUHWRQ~PHURGHSRUHOFXDOVHDXWRUL]DHOLQJUHVRGHORVYLVLWDQWHVWXULV WDV PH[LFDQRV D &RORPELD FRQ HO GRFXPHQWR QDFLRQDO GH LGHQWLGDG HQWUH MXOLR \ DJRVWRGH 5HVROXFLyQHMHFXWLYDQ~PHURGHSRUPHGLRGHODFXDOVHGLVSRQHHOUHFRQRFLPLHQWR GHXQ&yQVXO+RQRUDULR 0,1,67(5,2'(+$&,(1'$<&5e',723Ò%/,&2 'HFUHWRQ~PHURGHSRUHOFXDOVHDGLFLRQDHO3UHVXSXHVWR*HQHUDOGHOD1DFLyQSDUD ODYLJHQFLD¿VFDOGH\VHHIHFW~DODFRUUHVSRQGLHQWHOLTXLGDFLyQ 5HVROXFLyQ Q~PHUR GH SRU OD FXDO VH DXWRUL]D D OD 1DFLyQ ± 0LQLVWHULR GH +DFLHQGD \ &UpGLWR 3~EOLFR \ DO 'HSDUWDPHQWR 1DFLRQDO GH 3ODQHDFLyQ SDUD FHOHEUDU XQ HPSUpVWLWR H[WHUQR FRQ HO %DQFR ,QWHUDPHULFDQR GH 'HVDUUROOR ± %,' ± KDVWDSRUODVXPDGHWUHVFLHQWRVPLOORQHVGHGyODUHVGHORV(VWDGRV8QLGRVGH$PpULFD 86 RVXHTXLYDOHQWHHQRWUDVPRQHGDV 5HVROXFLyQ Q~PHUR GH SRU OD FXDO VH FRUULJHQ XQRV UHFXUVRV \ VXV FRUUHV SRQGLHQWHV FyGLJRV HQ HO DQH[R GHO GHFUHWR GH OLTXLGDFLyQ GHO 3UHVXSXHVWR *HQHUDO GHOD1DFLyQSDUDODYLJHQFLD¿VFDOGH 0,1,67(5,2'(/$3527(&&,Ï162&,$/ &RQVWDQFLDGH'HSyVLWR&DPELR-XQWDV'LUHFWLYDV 'LUHFFLyQ7HUULWRULDOGH&XQGLQDPDUFD ,QVSHFWRU*UXSRGH$WHQFLyQDO&LXGDGDQR\7UiPLWHVQ~PHUR-' 0,1,67(5,2'(0,1$6<(1(5*Ë$ 5HVROXFLyQ Q~PHUR GH SRU OD FXDO VH GHFODUD HO FHVH GHO 5DFLRQDPLHQWR 3URJUDPDGRGH*DV1DWXUDOGHFODUDGRPHGLDQWHOD5HVROXFLyQGH (GLFLyQ 0DUWHVGHMXOLRGH 3iJ 0,1,67(5,2'($0%,(17(9,9,(1'$ <'(6$552//27(55,725,$/ 'HFUHWRQ~PHURGHSRUHOFXDOVHPRGL¿FDHO'HFUHWRGH 0,1,67(5,2'(7(&12/2*Ë$6'(/$,1)250$&,Ï1 </$6&2081,&$&,21(6 5HVROXFLyQQ~PHURGHSRUODFXDOVHDSUXHEDXQDHPLVLyQSRVWDO 5HVROXFLyQQ~PHURGHSRUODFXDOVHDSUXHEDXQDHPLVLyQSRVWDO 0,1,67(5,2'(75$163257( 5HVROXFLyQ Q~PHUR GH SRU OD FXDO VH RUGHQD OD DSHUWXUD GHO SURFH VR GH 6HOHFFLyQ $EUHYLDGD GH 0HQRU &XDQWtD $, ± GH VH GHVLJQD HO &RPLWp +DELOLWDGRU -XUtGLFR VH FRQ¿UPDQ ORV &RPLWpV +DELOLWDGRU )LQDQFLHUR \ 7pFQLFR\(YDOXDGRU7pFQLFR 0,1,67(5,2'(&8/785$ 5HVROXFLyQQ~PHURGHSRUODFXDOVHDFRJHHODFWDGHVHOHFFLyQGHMXUDGRVSDUDOD FRQYRFDWRULDGHOFDStWXORGH$UWHV%HFDVSDUDODLQYHVWLJDFLyQPRQRJUi¿FDVREUHDUWLVWDV FRORPELDQRV\VH¿MDHOUHFRQRFLPLHQWRSRUORVVHUYLFLRVSUHVWDGRV '(3$57$0(172$'0,1,675$7,92 '(/$)81&,Ï13Ò%/,&$ 5HVROXFLyQ Q~PHUR GH SRU OD FXDO VH DXWRUL]D D &HUWpFQLFD 6$ SDUD KDFHU XVR GHO 6HOOR 2¿FLDO GH *HVWLyQ GH OD &DOLGDG 17&*3 6HFWRU 3~EOLFR HQHO(VWDGR&RORPELDQR 683(5,17(1'(1&,$6 6XSHULQWHQGHQFLDGH,QGXVWULD\&RPHUFLR 5HVROXFLyQQ~PHURGHSRUODFXDOVHGHOHJDQXQDVIXQFLRQHV 6XSHULQWHQGHQFLDGH1RWDULDGR\5HJLVWUR $XWRQ~PHURGHSRUPHGLRGHOFXDOVHLQLFLDXQDDFWXDFLyQDGPLQLVWUDWLYDDORV IROLRVGHPDWUtFXODVLQPRELOLDULDV 81,'$'(6$'0,1,675$7,9$6(63(&,$/(6 &RPLVLyQGH5HJXODFLyQGH&RPXQLFDFLRQHV 5HVROXFLyQ Q~PHUR GH SRU PHGLR GH OD FXDO VH GH¿QHQ ORV SDUiPHWURV \ VH ¿MDQ LQGLFDGRUHV \ PHWDV GH FDOLGDG SDUD ORV VHUYLFLRV SRVWDOHV GLIHUHQWHV D ORV FRPSUHQGLGRV GHQWUR GHO 6HUYLFLR 3RVWDO 8QLYHUVDO \ VH HVWDEOHFH HO PRGHOR ~QLFRSDUDODVSUXHEDVGHHQWUHJD 5HVROXFLyQ Q~PHUR GH SRU OD FXDO VH HVWDEOHFH XQ YDORU WRSH GH UHPX QHUDFLyQ GH OD LQVWDODFLyQ HVHQFLDO GH IDFWXUDFLyQ GLVWULEXFLyQ \ UHFDXGR VH GH¿QHXQYDORUWRSHGHUHPXQHUDFLyQGHODLQVWDODFLyQHVHQFLDOGHIDFWXUDFLyQGLVWUL EXFLyQ \ UHFDXGR \ JHVWLyQ RSHUDWLYD GH UHFODPRV FXDQGR VH SUHVWDQ HVWRV VHUYLFLRV GHPDQHUDFRQMXQWD\VHHVWDEOHFHQRWUDVGLVSRVLFLRQHV 5HVROXFLyQ Q~PHUR GH SRU OD FXDO VH PRGL¿FD OD 5HVROXFLyQ &5& GH (67$%/(&,0,(17263Ò%/,&26 )RQGRGH3DVLYR6RFLDOGH)HUURFDUULOHV 1DFLRQDOHVGH&RORPELD 5HVROXFLyQ Q~PHUR GH SRU PHGLR GH OD FXDO VH RUGHQD OD DSHUWXUD GH OD VHOHFFLyQDEUHYLDGDPHGLDQWHVXEDVWDLQYHUVDQ~PHURGH 5HVROXFLyQ Q~PHUR GH SRU PHGLR GH OD FXDO VH RUGHQD OD DSHUWXUD GH OD VHOHFFLyQDEUHYLDGDGHPHQRUFXDQWtDQ~PHURGH 9$5,26 6HFUHWDUtDGH&XOWXUD5HFUHDFLyQ\'HSRUWH 5HVROXFLyQ Q~PHUR GH SRU OD FXDO VH LQVFULEH \ DSUXHED XQD UHIRUPD WRWDO DORVHVWDWXWRVGHOD$VRFLDFLyQ6FRXWVGH&RORPELD 'HSDUWDPHQWRGH%R\DFi 0XQLFLSLRGH0RWDYLWD 'HVSDFKR$OFDOGtD 5HVROXFLyQ Q~PHUR GH SRU PHGLR GH OD FXDO VH RUGHQD 3XEOLFDU HQ HO 'LDULR 2¿FLDO XQ DFWR DGPLQLVWUDWLYR PHGLDQWH HO FXDO VH IRUPDOL]y OD WLWXODULGDG GH XQ SUHGLR UXUDO XELFDGR GHQWUR GH OD MXULVGLFFLyQ GHO 0XQLFLSLR GH 0RWDYLWD %R\DFi \TXHYHQtDVLHQGRSRVHtGRSRUHVWH(QWH7HUULWRULDO 6HFUHWDUtDGH(GXFDFLyQGHOGHSDUWDPHQWRGH&XQGLQDPDUFD (O VXVFULWR 3URIHVLRQDO (VSHFLDOL]DGR GH OD 'LUHFFLyQ GH 3HUVRQDO GH (VWDEOHFLPLHQWRV (GXFDWLYRVGHOD6HFUHWDUtDGH(GXFDFLyQGHO'HSDUWDPHQWRGH&XQGLQDPDUFDFLWD\ HPSOD]DDWRGDVODVSHUVRQDVTXHVHFUHDQFRQGHUHFKRDUHFODPDUSUHVWDFLRQHVVRFLDOHV \HFRQyPLFDVGHODGRFHQWH0DULHOD*RQ]iOH]GH*yPH] 6HFUHWDUtDGH+DFLHQGDGHO'HSDUWDPHQWRGH&XQGLQDPDUFD /D 'LUHFWRUD GH 3HQVLRQHV GH OD 6HFUHWDUtD GH +DFLHQGD GHO 'HSDUWDPHQWR GH &XQGL QDPDUFD KDFH VDEHU TXH IDOOHFLy 5RGULJR GH -HV~V 2VSLQD 0XULOOR \ D UHFODPDU HO UHFRQRFLPLHQWR \ SDJR GH OD 3HQVLyQ GH 6REUHYLYLHQWHV VH SUHVHQWy 0DUtD 2WLOLD +HUQiQGH]GH2VSLQD )RQGR1DFLRQDOGH3UHVWDFLRQHV6RFLDOHVGHO0DJLVWHULR 2¿FLQDGH3UHVWDFLRQHV6RFLDOHVGH%RJRWi (O )RQGR 1DFLRQDO GH 3UHVWDFLRQHV 6RFLDOHV GHO 0DJLVWHULR DYLVD TXH &DUORV ,VDXUR 6XiUH]0DWHXV6DQGUD0LOHQD6XiUH]7DPD\R\:LOOLDP$QGUpV6XiUH]7DPD\RKDQ VROLFLWDGRHOUHFRQRFLPLHQWRVXVWLWXFLyQ\SDJRGHODVSUHVWDFLRQHVVRFLRHFRQyPLFDV TXHSXHGDQFRUUHVSRQGHUD*LOPD,PHOGD7DPD\RGH6XiUH] $YLVRVMXGLFLDOHV /D6HFUHWDULDGHO-X]JDGR6HJXQGRGH)DPLOLDGH%RJRWi'&HPSOD]DD(VQHLGHU0RUHQR $JXLODU (O -X]JDGR 3URPLVFXR GH )DPLOLD GH &iTXH]D &XQGLQDPDUFD FLWD \ HPSOD]D D OD GHVDSDUHFLGD/X]$OLQD+XpUIDQR+XpUIDQR (O 6HFUHWDULR GHO -X]JDGR 1RYHQR GH )DPLOLD GH %RJRWi '& DYLVD TXH VH GHFODUy HQ LQWHUGLFFLyQD&DUORV$QGUpV0DUWtQH]/HPHV /D 6HFUHWDULD GHO -X]JDGR 6HJXQGR GH )DPLOLD GH 9LOODYLFHQFLR 0HWD KDFH VD EHU TXH VH GHFODUy OD PXHUWH SUHVXQWD SRU GHVDSDUHFLPLHQWR GH &DUORV $OH[iQGHU /XHQJDV%DUUHUD (O -X]JDGR &XDUWR GH )DPLOLD GH &DOL 9DOOH KDFH VDEHU TXH VH GHFODUy OD LQWHUGLFFLyQMXGLFLDOLQGH¿QLGDGH-DLUR9DOHQFLD3DUUD /D 6HFUHWDULD GHO -X]JDGR7HUFHUR GH )DPLOLD GH$UPHQLD 4XLQGtR DYLVD GHO SURFHVR GHMXULVGLFFLyQYROXQWDULDGH&DUORV-DLU/ySH]5XELDQR /D 6HFUHWDULD GHO -X]JDGR 6HJXQGR GH )DPLOLD GH %RJRWi ' & QRWL¿FD DO S~EOLFR TXH VH GHFODUy SUHVXQWDPHQWH PXHUWR SRU GHVDSDUHFLPLHQWR GH -XDQ )UDQFLVFR *X]PiQ0XxR] ,035(17$1$&,21$/'(&2/20%,$