Emergencias

(PHUJHQ JHQFFLDV

Z Z Z  HP HU JHQFL DV HV YJ Z Z Z  HP HU JHQFL DV HV RU J -RVp5DPyQ$JXLODU 0iODJD(VSDxD 

3URWRFRORV&OtQLFRVGHO6HUYLFLRGH0HGLFLQD,QWHUQD GHO&RPSOHMR+RVSLWDODULRGH$OEDFHWH 6HJXQGD(GLFLyQ

(GLWRUHV-DYLHU6ROHUD $QWRQLR$ODPLOOR )HUQDQGR0DWHRV ,JQDFLR+HUPLGD

(QHUR



3UHIDFLR  -DYLHU6ROHUD6DQWRV  ,QVXILFLHQFLDFDUGtDFDDJXGD\FUyQLFD  /RXUGHV6iH]&DUORV/DIXHQWH%HDWUL]9LOD  7UDWDPLHQWRGHODILEULODFLyQDXULFXODUFUyQLFD  $OEHUWR*DWR&DUORV/DIXHQWH   &DUGLRSDWtDLVTXpPLFDDQJRUSHFWRULV  0LJXHO$QJHO%DUED0DQXHO$JXLOHUD\$PDOLD1DYDUUR   &DUGLRSDWtDLVTXpPLFDLQIDUWRDJXGRGHPLRFDUGLR  0DQXHO$JXLOHUD0LJXHO$QJHO%DUED\$PDOLD1DYDUUR   'LDJQyVWLFR\WUDWDPLHQWRGHODHQGRFDUGLWLVLQIHFFLRVD(,   9LUWXGHV0DUWt)HUQDQGR0DWHRV   6tQFRSH  3HGUR)HUUHUDV  (QIHUPHGDGSXOPRQDUREVWUXFWLYDFUyQLFD(32&   )HUQDQGR0XxR],JQDFLR+HUPLGD5DLPXQGR7LUDGR   7UDWDPLHQWRGHODDJXGL]DFLyQJUDYHGHODVPD$*$   -HV~V0DUWtQH] 0RUDWDOOD   (VWXGLRGHORVGHUUDPHVSOHXUDOHV   9LYHV0DQXHO&OtQLFD5HFROHWDV   0DQHMRGHODKHPRSWLVLVHQHOKRVSLWDO  $QD1~xH]0DQXHO+DUR-HV~V-LPpQH]0DQXHO9L]FD\D  (QIHUPHGDGWURPERHPEyOLFD   0DLFDV00DVHJRVD$$ODPLOOR$+DUR09HJD(-XOLi(/L]iQ0   1HXPRQtDDGTXLULGDHQODFRPXQLGDGGLDJQyVWLFR\WUDWDPLHQWR   )UDQFLVFR0HGUDQR   1HXWURSHQLDIHEULO  -RVH-DYLHU%ODQFK&DUPHQ$ORQVR5DLPXQGR7LUDGR5&DUORV-DUD   )LHEUHGHRULJHQGHVFRQRFLGR)2'   -RVp$QWRQLR6iH]%DUFHORQD(OLVD0DUWtQH]   7UDWDPLHQWRDQWLUUHWURYLUDOHQODLQIHFFLyQSRUHOYLUXVGHODLQPXQRGHILFLHQFLDKXPDQD $UULED--0DUWtQH]$OIDUR(0DWHRV)   'LDJQyVWLFR\WUDWDPLHQWRGHODPHQLQJLWLVDJXGD  (*yPH] 0HULQR-XOLDQ6ROLV-DYLHU6ROHUD)HUQDQGR0DWHRV   0DQHMRGHODLQIHFFLRQXULQDULD  -RVp-DYLHU%ODQFK  3URWRFRORGHDGHQRSDWtDV   )UDQFLVR0HGUDQR-XDQ&DUORV6HJXUD(OR\&DPLQR   0DQHMRGHODVKHPRUUDJLDVGLJHVWLYDVDOWDV  $QJHO)HUQiQGH]0DU9LFHQWH   3DQFUHDWLWLVDJXGD3$   

-XDQ0D\RU   7UDWDPLHQWRGHOD+HSDWLWLV&UyQLFDSRU9LUXV  -DYLHU6ROHUD(OLVD0DUWtQH]$OIDUR   'LDUUHDDJXGD\FUyQLFD   /RXUGHV6iH]  6RSRUWH1XWULFLRQDO  5DLPXQGR7LUDGR   &HWRDFLGRVLVGLDEpWLFD\VtQGURPHKLSHUJOXFpPLFRKLSHURVPRODUQRFHWyVLFR  -XDQ&DUORV6HJXUD$QJHO)HUQiQGH])~QH]$QWRQLR+HUQiQGH]  (TXLOLEULRKLGURHOHFWUROtWLFR   0DUtD0HOHUR  )UDFDVRUHQDODJXGR)5$   0DU&DUPRQD   (SLOHSVLD'LDJQyVWLFR\WUDWDPLHQWR  0DQXHO=RULWD   7UDWDPLHQWRGHOLFWXV  3HGUR9LOODQXHYD  'HOLULXPHQHODQFLDQRGLDJQyVWLFR\PDQHMR  /XLV5RPHUR&DUPHQ/XHQJR3HGUR$EL]DQGD  $QHPLDV  0DUtD0HOHUR  &RQWUROGHVtQWRPDVHQPHGLFLQDSDOLDWLYD  %HDWUL]9LOD0HL]RVR&ULVWLQD1HULQ6iQFKH] 



$JUDGHFLPLHQWRDO'U(OR\&DPLQR&DOGHUyQ 'HGLFDPRVHVWDVHJXQGDHGLFLyQGHORV 3URWRFRORV&OtQLFRVGHO6HUYLFLRGH0HGLFLQD,QWHUQD GHO &RPSOHMR+RVSLWDODULRGH$OEDFHWHDO'U'RQ(OR\&DPLQR&DOGHUyQ(O'U&DPLQRHVHO PLHPEUR HQ DFWLYR PiV DQWLJXR GHO 6HUYLFLR GH 0HGLFLQD ,QWHUQD \ XQR GH VXV PLHPEURV IXQGDGRUHV $ OR ODUJR GH VXV ~OWLPRV  DxRV KD UHDOL]DGR XQ HVIXHU]R FDSLWDO SDUD TXH OD FDOLGDG DVLVWHQFLDO \ HO UHQGLPLHQWR GH HVWH 6HUYLFLR VHD GH ORV PHMRUHV GHO SDtV 9DOJD HVWH EUHYHFRPHQWDULRFRPRPXHVWUDGHSURIXQGRDJUDGHFLPLHQWRGHWRGRVORVPLHPEURVGHO6HUYLFLR

1RWD /D PHGLFLQD HV XQD FLHQFLD VRPHWLGD D XQ FDPELR FRQVWDQWH $ PHGLGD TXH OD LQYHVWLJDFLyQ \ OD H[SHULHQFLD FOtQLFD DPSOtDQ QXHVWURV FRQRFLPLHQWRV VRQ QHFHVDULRV FDPELRVHQORVWUDWDPLHQWRV\ODIDUPDFRWHUDSLD/RVDXWRUHVGHHVWDREUDKDQFRQWUDVWDGR VXV UHVXOWDGRV FRQ IXHQWHV FRQVLGHUDGDV GH FRQILDQ]D HQ XQ HVIXHU]R SRU SURSRUFLRQDU LQIRUPDFLyQFRPSOHWD\JHQHUDOGHDFXHUGRFRQORVFULWHULRVDFHSWDGRVHQHOPRPHQWRGHOD SXEOLFDFLyQ6LQHPEDUJRGHELGRDODSRVLELOLGDGGHTXHH[LVWDQHUURUHVRVHSURGX]FDQ FDPELRV HQ ODV FLHQFLDV PpGLFDV ORV DXWRUHV GH HVWD REUD QR SXHGHQ JDUDQWL]DU TXH OD LQIRUPDFLyQ FRQWHQLGD HQ OD PLVPD VHD H[DFWD \ FRPSOHWD HQWRGRV ORV DVSHFWRVQL VRQ UHVSRQVDEOHVGHORVHUURUHVXRPLVLRQHVQLGHORVUHVXOWDGRVGHULYDGRVGHOHPSOHRGHGLFKD LQIRUPDFLyQ 3RU HOOR VH UHFRPLHQGD DORV OHFWRUHV TXH FRQWUDVWHQGLFKDLQIRUPDFLyQFRQ RWUDVIXHQWHV(QSDUWLFXODUVHDFRQVHMDUHYLVDUHOSURVSHFWRLQIRUPDWLYRTXHDFRPSDxDD FDGDPHGLFDPHQWRTXHYD\DDDGPLQLVWUDUVHSDUDDVHJXUDUTXHODLQIRUPDFLyQFRQWHQLGD HQ HVWH OLEUR HV FRUUHFWD \ GH TXH QR VH KDQ SURGXFLGR PRGLILFDFLRQHV HQ OD GRVLV UHFRPHQGDGDRHQODVFRQWUDLQGLFDFLRQHVSDUDODDGPLQLVWUDFLyQ

/RV DXWRUHV DJUDGHFHQ D +2(&+67 VX FRODERUDFLyQ HQ OD SXEOLFDFLyQ GH HVWDREUD 

3UHIDFLR -DYLHU6ROHUD6DQWRV

1RVHQFRQWUDPRVHQXQDpSRFDGHFDPELRGHOVLVWHPDVDQLWDULR/DFDOLGDGFRQWHQFLyQGH FRVWHV\VDWLVIDFFLyQGHORVSDFLHQWHVVRQPHWDVTXHGHEHPRVWHQHUSUHVHQWHHQQXHVWURTXH KDFHU FOtQLFR GLDULR /D SXEOLFDFLyQ GH JXtDV R SURWRFRORV FOtQLFRV SRU PXOWLWXG GH VRFLHGDGHV FLHQWtILFDV KRVSLWDOHV JUXSRV GH PpGLFRV H LQFOXVR SRU ORV UHVSRQVDEOHV GH ORV VHUYLFLRV GH VDOXGSUHWHQGHQHYLWDUODYDULDELOLGDGQRMXVWLILFDGDGHODSUiFWLFDFOtQLFDDVHJXUDQGRHVWiQGDUHV GHFDOLGDGHQODDWHQFLyQGHORVSDFLHQWHV\HYLWDQGRFRVWHVLQQHFHVDULRV /DVJXtDVGHSUiFWLFDFOtQLFDVHKDQGHILQLGRFRPRQRUPDVGHVDUUROODGDVVLVWHPiWLFDPHQWH ODVFXDOHV DVLVWHQDORVFOtQLFRV\DORVSDFLHQWHVHQODWRPDGHGHFLVLRQHVDFHUFDGHOWUDWDPLHQWR DSURSLDGRHQFRQGLFLRQHVHVSHFtILFDV/DVJXtDVGHSUiFWLFDFOtQLFDVHGHEHQHQWHQGHUFRPRVX QRPEUH LQGLFD FRPR JXtDV \ QR FRPR LQVWUXFFLRQHV R FRPDQGRV 6RQ XQD D\XGD SHUR QR SXHGHQVXVWLWXLUHOMXLFLRFOtQLFR (VWH SHTXHxR OLEUR HV XQ HVER]R GH ORV IXWXURV SURWRFRORV R JXtDV GH SUiFWLFD FOtQLFD GHO 6HUYLFLRGH0,GHO&+$(QpOVHUHFRJHQGHIRUPDVLVWHPiWLFDODVSDXWDVDFWXDOHVGHOPDQHMR GLDJQyVWLFR\WHUDSpXWLFRGHSUREOHPDVIUHFXHQWHV6XHQIRTXHHVIXQGDPHQWDOPHQWHSUiFWLFR\ SDUWHQGHODH[SHULHQFLDGHQXHVWURKRVSLWDOHQORVWHPDVVHOHFFLRQDGRV (VWDVJXtDVGHSUiFWLFDFOtQLFDVRQHOSURGXFWRGHXQHVIXHU]RFROHFWLYRGHO6HUYLFLRGH0,\ GH RWURV 6HUYLFLRV GHO iUHD 0HGLFD 'LJHVWLYR &DUGLRORJtD 8UJHQFLDV e  /RV DXWRUHV KDQ UHDOL]DGRXQDH[FHOHQWHODERUGHVtQWHVLVTXHUHFRJHODVVXJHUHQFLDVSODQWHDGDVHQGLIHUHQWHV VHVLRQHV GH WUDEDMR +HPRV LQWHQWDGR TXH OD ILORVRItD GH WUDEDMR HQ OD HODERUDFLyQ GH HVWDV JXtDV LQFOX\D HO DERUGDMH PXOWLGLVFLSOLQDULR \ OD FRQVHFXFLyQ GH OD Pi[LPD ILDELOLGDG DSOLFDELOLGDG FOtQLFD IOH[LELOLGDG \ FODULGDG GH ORV WHPDV 1R REVWDQWH OD FDOLGDG \ XWLOLGDG GH HVWDV JXtDV GHEH FRQWUDVWDUVH HQ OD SUiFWLFD GLDULD \ VXV GHILFLHQFLDV X RPLVLRQHV GHEHQ UHIOHMDUVHHQSUy[LPDVHGLFLRQHV /D PHGLFLQD HV XQD FLHQFLD HQ FRQWLQXR FDPELR \ OD DFWXDOL]DFLyQ GH HVWDV JXtDV SDUD LQFRUSRUDUWRGDVODVQRYHGDGHVUHOHYDQWHVHQHOGLDJQyVWLFR\WUDWDPLHQWRGHQXHVWURVSDFLHQWHV HVREOLJDGD(VWHHVXQUHWRLPSRUWDQWHTXHPHUHFHHOHVIXHU]RGHWRGRV -DYLHU6ROHUD-HIHGH6HUYLFLRGH0, &RPSOHMR+RVSLWDODULRGH$OEDFHWH 1RWDDODVHJXQGDHGLFLyQ (QHVWDHGLFLyQUHDOL]DGDPHVHVGHVSXpVGHODSULPHUDVHKDQLQFRUSRUDGRQXHYRV WHPDV \VHKDQDFWXDOL]DGRDOJXQRVGHORVSUHYLRV$JUDGHFHPRVDORVDXWRUHV\DORVPpGLFRVGHORV 6HUYLFLRV GH 0HGLFLQD ,QWHUQD &DUGLRORJtD 'LJHVWLYR 8&, \ 8UJHQFLDV VXV DSRUWDFLRQHV R FRPHQWDULRVFUtWLFRV



,QVXILFLHQFLDFDUGtDFDDJXGD\FUyQLFD /RXUGHV6iH]&DUORV/DIXHQWH%HDWUL]9LOD

&RQFHSWRV ,QVXILFLHQFLDFDUGtDFD,& 6tQGURPHFDUDFWHUL]DGRSRUODSUHVHQFLDGHVtQWRPDV\VLJQRV GH KLSHUWHQVLyQ YHQRVD SXOPRQDU \R VLVWpPLFD R GH JDVWR FDUGtDFR EDMR DWULEXLEOHV D OD GLVIXQFLyQ PHFiQLFD GHO FRUD]yQ 7DPELpQ SRU OD REVWUXFFLyQ PHFiQLFD DO IOXMR HVWHQRVLV YDOYXODUHV PLRFDUGLRSDWtD KLSHUWUyILFD REVWUXFWLYD PL[RPD HWF  (O IUDFDVR GH ORV PHFDQLVPRV GH FRPSHQVDFLyQ FDUGtDFRV \ HVSHFLDOPHQWH GH ORV H[WUDFDUGtDFRV VLVWHPD UHQLQDDQJLRWHQVLQDDOGRVWHURQD \ WRQR VLPSiWLFR  FRQWULEX\HQ D OD SHUSHWXDFLyQ \ HPSHRUDPLHQWRGHOD,& 'LVIXQFLyQYHQWULFXODUVLVWyOLFD'HELGDDODSpUGLGDGHIXHU]DFRQWUiFWLOGHOPLRFDUGLR6H FDUDFWHUL]DSRUGLODWDFLyQYHQWULFXODU\GHWHULRURGHODIUDFFLyQGHH\HFFLyQ)( JHQHUDOPHQWH LQIHULRUDO 'LVIXQFLyQ YHQWULFXODU GLDVWyOLFD 'HELGD D XQD GLILFXOWDG SDUD OD UHODMDFLyQ R OD GLVWHQVLELOLGDGYHQWULFXODUPDQWHQLHQGRXQD)(QRUPDO ,&DJXGD3UHVHQWDFLyQUiSLGD6XHOHHTXLYDOHUDOHGHPDDJXGRGHOSXOPyQ($3  ,&FUyQLFDHVWDELOLGDGFOtQLFDGHOD,&LQGHSHQGLHQWHPHQWHGHVXVHYHULGDG ,& GH SUHGRPLQLR L]TXLHUGR DTXHOOD HQ OD TXH SUHGRPLQDQ ORV VLJQRV \ VtQWRPDV GH FRQJHVWLyQYHQRVDSXOPRQDUGLVQHDRUWRSQHD'31HVWHUWRUHVFUHSLWDQWHV ,& GH SUHGRPLQLR GHUHFKR 3UHGRPLQDQ ORV VLJQRV \ VtQWRPDV GH FRQJHVWLyQ YHQRVD LQJXUJLWDFLyQ\XJXODUKHSDWRPHJDOLDHGHPDVSHULIpULFRV (GHPD DJXGR GH SXOPyQ 6LWXDFLyQ FOtQLFD JUDYH FDUDFWHUL]DGD SRU HGHPD DOYHRODU SURYRFDGRSRUXQDGLVIXQFLyQYHQWULFXODUDJXGDRSRUXQDGHVFRPSHQVDFLyQDJXGDGHXQD,& FUyQLFD 6KRFN FDUGLRJpQLFR 'LVIXQFLyQ R ,& DJXGD FRQ FDtGD GHO JDVWR FDUGtDFR \ GH OD WHQVLyQ DUWHULDO 7$ PiVDOOiGHORVOtPLWHVFRPSDWLEOHVFRQXQDQRUPDOSHUIXVLyQWLVXODUSHULIpULFD 6LWXDFLyQFOtQLFDJUDYH 'LDJQyVWLFR /DHYDOXDFLyQLQLFLDOGHOSDFLHQWHFRQVRVSHFKDGH,&FRPSUHQGH

$ (VWDEOHFHU FRQ VHJXULGDG HO GLDJQyVWLFR GH ,& TXH VH EDVD HQ OD DQDPQHVLV OD H[SORUDFLyQ ItVLFD UDGLRJUDItD VLPSOH GH WyUD[ (&* DQDOtWLFD KHPRJUDPD FRDJXODFLyQ XUHDFUHDWLQLQDHQ]LPDVPLRFiUGLFDVLRQHVVLVWHPiWLFRGHRULQD\KRUPRQDVWLURLGHDV VL ILEULODFLyQDXULFXODURLQVXILFLHQFLDFDUGtDFDLQH[SOLFDEOH  \HFRFDUGLRJUDPD(OGLDJQyVWLFR EDVDGR~QLFDPHQWHHQFULWHULRVFOtQLFRVWLHQHXQJUDQSRUFHQWDMHGHHUURUHVIDOVRVSRVLWLYRV VREUH WRGR HQ ODV PXMHUHV DQFLDQRV \ HQ REHVRV HQ ORV TXH OD GLVQHD VXHOH WHQHU RWUR RULJHQ JHQHUDOPHQWH UHVSLUDWRULR 3RU HOOR OD 6RFLHGDG (XURSHD GH &DUGLRORJtD KD DGRSWDGRXQRVFULWHULRVGLDJQyVWLFRVTXHVHUHIOHMDQHQODWDEODVLJXLHQWH 

7DEOD,&ULWHULRVGHOD6RFLHGDG(XURSHDGH&DUGLRORJtDSDUDHOGLDJQyVWLFRGH ODLQVXILFLHQFLDFDUGtDFD 'LDJQyVWLFRSURYLVLRQDODHVSHUDGHFRQILUPDFLyQHFRFDUGLRJUiILFD  +LVWRULDGHGLVQHDIDWLJD\RHGHPDVPDOHRODUHVHQUHSRVRRDOHVIXHU]R 6LJQRVGHKLSHUWHQVLyQYHQRVDSXOPRQDU (VWHUWRUHV FUHSLWDQWHV ELEDVDOHV HQ PiV GH XQ WHUFLR GH ORV FDPSRV SXOPRQDUHV\R 6LJQRVGHFRQJHVWLyQYHQRVDSXOPRQDUHQOD5[GHWyUD[ 6LJQRVGHKLSHUWHQVLyQYHQRVDVLVWpPLFD ,QJXUJLWDFLyQ\XJXODU +HSDWRPHJDOLD (GHPDVHQPLHPEURVLQIHULRUHVDVFLWLV (YLGHQFLD GH FDUGLRSDWtD FDXVDO REVWUXFWLYD \R GH VLJQRV GH GLVIXQFLyQ YHQWULFXODU 6LVWyOLFD FDUGLRPHJDOLD ULWPR GH JDORSH SRU ž UXLGR WDTXLFDUGLD SHUVLVWHQWH 'LDVWyOLFD ULWPR GH JDORSH SRU FXDUWR UXLGR RQGD YHQRVD ³D´ SURPLQHQWHHQDXVHQFLDGHFDUGLRPHJDOLD 6H UHIXHU]D VL VH H[FOX\HQ RWUDV FDXVDV GH GLVQHD IDWLJD R HGHPDV FRPR /D JUDYHGDG GHOD ,& VH H[SUHVD HQ WpUPLQRV GH FDSDFLGDGIXQFLRQDOGHORVSDFLHQWHV6H FODVLILFD HQ  JUDGRVVHJ~Q OD DSUHFLDFLyQVXEMHWLYDGHOPpGLFRDSDUWLUGHODDQDPQHVLV\ VHJ~QORVFULWHULRVGHOD1PJLQK@ 9DORUDFLyQGHODUHVSXHVWDDOWUDWDPLHQWR , 7UDQVFXUULGRVPLQGHVSXpVGHOWUDWDPLHQWRVHYXHOYHDYDORUDUDOSDFLHQWH

6LHO)(0!GHOWHyULFR\QRKD\VLJQRVFOtQLFRVGHJUDYHGDG 6HPDQWHQGUiDOSDFLHQWHHQREVHUYDFLyQGXUDQWHXQSHULRGRDSUR[LPDGRGHPLQ$O ILQDO GH HVWH SHULRGR VL QR H[LVWH HPSHRUDPLHQWR FOtQLFR \ HO )(0 VLJXH VLHQGR VXSHULRUDOHOSDFLHQWHSXHGHVHU\DLQJUHVDGRHQSODQWD(QFDVRTXHH[LVWLHVHQ DQRPDOtDVHQOD*$VHUHDOL]DUiXQDVHJXQGDH[WUDFFLyQSDUDFRPSUREDUVXPHMRUtD\ HO WUDWDPLHQWR GXUDQWH ODV SULPHUDV  KRUDV FRQVLVWLUi HQ EHWD DGUHQpUJLFRV QHEXOL]DGRVPJK FRUWLFRLGHVVLVWpPLFRVPHWLOSUHGQLVRORQDPJ.JGtDR HTXLYDOHQWHV \2[tJHQRVLSUHFLVDUD

6LHO)(0QRPHMRUDRHVLQIHULRUDO 6HDGPLQLVWUDUiQXHYDPHQWHXQDVHJXQGDGRVLVGHEHWDDGUHQpUJLFRVQHEXOL]DGRV\ VH DxDGH EURPXUR GH LSUDWURSLR HQ HO FDVR GH TXH QR VH KD\D DGPLQLVWUDGR SUHYLDPHQWH ,,  $ ORV  PLQ GH OD VHJXQGD GRVLV GH EHWD DGUHQpUJLFRV YXHOYH D YDORUDUVH DO SDFLHQWH UHDOL]DQGRXQDVHJXQGD*$\PHGLHQGRHO)(0

6LHO)(0KDHPSHRUDGRRHVLQIHULRUDO (V FRQYHQLHQWH TXH HO SDFLHQWH VHD LQJUHVDGR HQ OD XQLGDG GH FXLGDGRV LQWHQVLYRV 8&, 

6LHO)(0KDPHMRUDGRSHURD~QVHPDQWLHQHHQYDORUHVGH 6HDGPLQLVWUDUiXQDWHUFHUDGRVLVGHEHWD DGUHQpUJLFRV ,,, 1XHYDPHQWHVHYDORUDUiDOSDFLHQWHWUDQVFXUULGRVRWURVPLQ\

6LHPSHRUDVHWUDVODGDUiDOD8&,PLHQWUDVTXH

6LSHUPDQHFHLJXDORPHMRUDVHLQJUHVDUiHQSODQWDFRQHOVLJXLHQWHWUDWDPLHQWRGXUDQWHODV SULPHUDV  K EHWDDGUHQpUJLFRV QHEXOL]DGRV  PJK  FRUWLFRLGHV VLWpPLFRV PHWLO SUHGQLVRORQD  PJ.JGtD R HTXLYDOHQWHV  EURPXUR GH LSUDWURSLR  LQK K  \ R[LJHQR VL SUHFLVDUD 9HQWLODFLyQPHFiQLFD ,QGLFDFLRQHVDEVROXWDV 'LVPLQXFLyQGHOQLYHOGHFRQFLHQFLD )DWLJDPXVFXODUSURJUHVLYD 3DUDGD FDUGLRUUHVSLUDWRULD ,QGLFDFLyQUHODWLYD 5HVSXHVWDLQDGHFXDGDDOWUDWDPLHQWRFRPSUREDGRIXQFLRQDOPHQWH

&ULWHULRVGHKRVSLWDOL]DFLyQ )(0RVLJQRVGHULHVJRYLWDOLQPLQHQWHGHVSXpVGHODDGPLQLVWUDFLyQLQLFLDOGHEHWD DGUHQpUJLFRVQHEXOL]DGRV 

3HUVLVWHQFLDGHREVWUXFFLyQYHQWLODWRULD)(0 RUHVSXHVWDFOtQLFDLQDGHFXDGDSHVHD WUDWDPLHQWR 3DFLHQWHV FRQ IDFWRUHV GHULHVJRGHDVPDIDWDOH[DFHUEDFLyQUHFLHQWHQ~PHURHOHYDGRGH H[DFHUEDFLRQHVHQHO~OWLPRDxRLQJUHVRSUHYLRHQ8&,XWLOL]DFLyQGHFRUWLFRLGHVRUDOHVHQHO PRPHQWRGHODFULVLVGXUDFLyQGHORVVtQWRPDVPiVGHXQDVHPDQDRPHQRVGHKRUDV\ SUREOHPDVSVLFRVRFLDOHVSDUDODFXPSOLPHQWDFLyQGHOWUDWDPLHQWRHQODVKRUDVVLJXLHQWHV 1LYHOGHFRQFLHQFLD 6LJQRVYLWDOHV &LDQRVLV &DSDFLGDGGHKDEODU 7yUD[VLOHQWH

)(0

,QWXEDFLyQ\ YHQWLODFLyQPHFiQLFD

5LHVJRYLWDO LQPLQHQWH

0HGLFLyQGHOIOXMRHVSLUDWRULRPi[LPR )(0

2[tJHQRDDOWDVFRQFHQWUDFLRQHV

%DGUHQ LQKDODGRV %DGUHQLQK &RUWLFRLGHVVLVWpPLFRV PLQ )(0

)(0 %DGUHQpUJLFRVLQKDODGRV &RUWLFRLGHVVLVWpPLFRV

*DVHVDUWHULDOHV

PLQ

PLQ

)(0 %$GUHQ )(0 )(0! )(0! $/7$ 5[WyUD[ %LQKDODGRVD *DVRPHWUtDDUWHULDO GHPDQGD %$GUHQpUJLFRV &RUWLFRLGHVLQK %URPXUR,SUDWURSLR !PJ $/7$ )(0 )(0! %DGUHQLQKD ,1*5(62 $/7$ GHPDQGD %$GUHQpUJLFRV %LQKDGHPDQGD &RUWLFRLGHVLQK &RUWLFRLGHV &RUWLQK!PJ VLVWpPLFRV &RUWRUDOHV

%DGUHQ %URPXURLSDWURSLR

PLQ

)(0 *DVHVDUWHULDOHV

)(0 8&,

)(0! ,1*5(62 %DGUHQpUJLFRV &RUWLFRLGHVVLVWpPLFRV

%DGUHQ

)LJXUDWUDWDPLHQWRGHO DVPD DJXGR HQHO KRVSLWDOQRUPDWLYD6(3$5 1RHVWiQUHFRPHQGDGRVHQJHQHUDO

0HWLO[DQWLQDV 7HRILOLQD DPLQRILOLQD QR SHUHFHQ SURSRUFLRQDU EHQHILFLRV DGLFLRQDOHV D OD WHUDSLDRSWLPDGHORVEHWDDGUHQpUJLFRVLQKDODGRV\VLQHPEDUJRSXHGHQDXPHQWDUORV 

HIHFWRV DGYHUVRV )DQWD HW DO  5RVVLQJ HW DO  0XUSK\ HW DO  5RULJR DQG 5RGULJR&ROHULGJHHWDO $QWLELyWLFRVVLQRVHVRVSHFKDLQIHFFLyQGHOWUDFWRUHVSLUDWRULR +LGUDWDFLyQDJUHVLYDDGPLQLVWUDFLyQRUDORLYGHJUDQGHVFDQWLGDGHVGHYROXPHQ )LVLRWHUDSLD UHVSLUDWRULD 1R HV EHQHILFLRVD HQ HVWRV PRPHQWRV XD TXH SXHGHQ SURGXFLU PD\RUGLILFXOWDGUHVSLUDWRULDDOSDFLHQWH 0XFROtWLFRVHMDFHWLOFLVWHLQD,RGXURSRWiVLFR\DTXHSXHGHQHPSHRUDUODWRVRODREVWUXFFLyQ GHODYtDDpUHD 6HGDFLyQ (Q OD DJXGL]DFLyQ VHYHUD QR HVWiQ UHFRPHQGDGRV ORV DQVLROtWLFRV \ ODV GURJDV KLSQyWLFDVSRUVXHIHFWRGHGHSUHVLyQVREUHHOFHQWURUHVSLUDWRULR

 &RQVHMRVDODOWD 'DUVLHPSUHHOWUDWDPLHQWRSRUHVFULWR 5HPLWLUVLHPSUHDPpGLFRGHDWHQFLyQSULPDULDHVSHFLDOLVWDSDUDVHJXLPLHQWRHQODVVLJXLHQWHV KRUDV &RPSUREDUODVWpFQLFDVGHLQKDODFLyQ\HOHPSOHRGHOPHGLGRUGHO)(0 $YHULJXDU VL FRQRFH ODV PDQLIHVWDFLRQHV GH HPSHRUDPLHQWR GHO DVPD \ ORV IDFWRUHV GHVHQFDGHQDQWHVGDQGRFRQVHMRVSDUDHYLWDUORV

%LEOLRJUDItD 'H'LHJR$$JXGL]DFLyQJUDYHGHODVPD$VPDORHVHQFLDO 'H'LHJR$&DVDQ3'XFH)*DOGL]-%/ySH]$0DQUHVD)HWDO5HFRPHQGDFLRQHVSDUD HOWUDWDPLHQWRGHODDJXGL]DFLyQDVPiWLFD$UFK%URQFRQHXPRO6XSSO  6(3$5 $UHDVGHWUDEDMR $VPD 1RUPDWLYDVREUHGLDJQy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%ULHQ 5* +DUPDQ ( HW DO'RHV DPLQRSK\OOLQH EHQHILW DGXOWVDGPLWWHGWR WKH KRVSLWDOIRUDQDFXWHH[DFHUEDWLRQRIDVWKPD"$QQ,QWHUQ0HG 'L*LXOLR*$.HUFVPDU&0.UXJ6($OSHUW6(0DU[&0+RVSLWDOWUHDWPHQWRIDVWKPDODFN RI EHQHILW IURP WKHRSK\OOLQH JLYHQ LQ DGGLWLRQ WR QHEXOL]HG DOEXWHURO DQG LQWUDYHQRXVO\ DGPLQLVWHUHGFRUWLFRVWHURLG-3HGULDWU 



(VWXGLRGHORVGHUUDPHVSOHXUDOHV 0DQXHO9LYHV&OtQLFD5HFROHWDV 'HILQLFLyQ

$QWHXQHQIHUPRFRQGHUUDPHSOHXUDO'3 HOSULPHUSDVRGHEHVHUGLVFHUQLUVLVHWUDWDGHXQ WUDVXGDGR R GH XQ H[XGDGR SDUDOR FXDOORVFULWHULRV GH/LJKW FRQWLQ~DQVLHQGROD³UHJODGH RUR´ 8Q OtTXLGR SOHXUDO /3  VHUi XQ H[XGDGR VL FXPSOH DO PHQRV XQR GH ORV VLJXLHQWHV FULWHULRV (OFRFLHQWHHQWUHHOYDORUGHODVSURWHtQDVHQ/3\VXYDORUHQVXHURHVPD\RUGH (OFRFLHQWHHQWUHODODFWDWRGHVKLGURJHQDVD/'+ SOHXUDO\OD/'+VpULFDHVPD\RUGH (OYDORUDEVROXWRGH/'+SOHXUDOHVPD\RUGHGHOOtPLWHVXSHULRUGHODQRUPDOLGDGHQHO VXHUR 6LQRFXPSOHQLQJXQRGHORVFULWHULRVVHFODVLILFDUiFRPRWUDVXGDGR6LHOSDFLHQWHWLHQHXQ H[XGDGRGHEHQFRQVLGHUDUVHRWUDVFDUDFWHUtVWLFDVGHOOtTXLGRSOHXUDOFRPRVXDVSHFWRUHFXHQWR \IyUPXODOHXFRFLWDULDQLYHOHVGHJOXFRVD\DPLODVDFLWRORJtD\FXOWLYR (QOD)LJXUDVHSURSRQHXQDOJRULWPRGLDJQyVWLFRGHOGHUUDPHSOHXUDO 'LDJQyVWLFR7DEOD,  /D GHVFULSFLyQGHOOtTXLGRSOHXUDO GHEHLQFOXLUVXRORU8QRORUS~WULGRLQGLFDLQIHFFLyQSRU DQDHURELRV\XQRORUDDPRQLDFRVXJLHUHXULQRWyUD[6LHOOtTXLGRHVLQWHQVDPHQWHKHPiWLFRKD\ TXH PHGLU VX KHPDWRFULWR SXHV YDORUHV VXSHULRUHV DO  GHO GH VDQJUH SHULIpULFD VRQ GLDJQyVWLFRVGHKHPRWyUD[ \REOLJDQDFRORFDULQPHGLDWDPHQWHXQWXERGHGUHQDMHSOHXUDO6LHV WXUELR GHEH FHQWULIXJDUVH OD SHUVLVWHQFLD GH ODWXUELGH] RULHQWD KDFLDODSUHVHQFLDGHQLYHOHV HOHYDGRVGHOtSLGRVSRUXQTXLORWyUD[RXQSVHXGRTXLORWyUD[PLHQWUDVTXHXQVREUHQDGDQWHFODUR LQGLFD TXH OD WXUELGH] HVWi RFDVLRQDGD SRU XQ JUDQ Q~PHUR GHFpOXODV R GH GHWULWRV FHOXODUHV FRPRRFXUUHHQORVHPSLHPDV

6LHQHOUHFXHQWRGLIHUHQFLDOGHOHXFRFLWRVSUHGRPLQDQORV SROLPRUIRQXFOHDUHVHOSDFLHQWH WLHQHXQDSDWRORJtDSOHXUDODJXGD 6LKD\XQLQILOWUDGRSXOPRQDUSHQVDUHQ '3SDUDQHXPyQLFR 7URPERHPEROLDSXOPRQDU7(3 &DUFLQRPDEURQTXLDO /DDXVHQFLDGHLQILOWUDGRSXOPRQDUDPSOtDODVSRVLELOLGDGHVGLDJQyVWLFDV\REOLJDDKDFHUXQ HVWXGLRDEGRPLQDOGHLPDJHQHFRJUDItDR7&  7(3 ,QIHFFLyQYLUDO (QIHUPHGDGJDVWURLQWHVWLQDO $VEHVWRVLV 1HRSODVLD 7XEHUFXORVLVSOHXUDODJXGD 

8Q SUHGRPLQLRGHFpOXODVPRQRQXFOHDGDV LQGLFDXQSURFHVRFUyQLFR &iQFHU 7XEHUFXORVLV 7(3 ,QIHFFLyQEDFWHULDQDFUyQLFD 6LORVFXOWLYRVODSUXHEDGHODWXEHUFXOLQDODVFLWRORJtDVGH/3\ODJDPPDJUDItDGH94QR FRQGXFHQ DOGLDJQyVWLFRKDEUiTXHUHFXUULUDSUXHEDVLQYDVLYDVFRPRODELRSVLDSOHXUDOOD EURQFRVFRSLDRODWRUDFRVFRSLD

/DPD\RUSDUWHGHORVSDFLHQWHVFRQPiVGHXQGHHRVLQyILORV HQ/3KDQWHQLGRDLUHR VDQJUH HQ OD FDYLGDG SOHXUDO SHM GHVSXpV GH XQD FLUXJtD WRUiFLFD  VL QR HV DVt KD\ TXH FRQVLGHUDU 5HDFFLyQ PHGLFDPHQWRVD QLWURIXUDQWRtQD GDQWUROHQR PHWLVHUJLGD EURPRFULSWLQD SURFDUED]LQDDPLRGDURQD 3DUDJRQLPLDVLV 6tQGURPHGH&KXUJ6WUDXVV 6LQHPEDUJRHQODPD\RUtDGHORV'3HRVLQRItOLFRVQRVHOOHJDUiDQLQJ~QGLDJQyVWLFR

8QQLYHOGHJOXFRVD SOHXUDOPJGOUHGXFHODVSRVLELOLGDGHVGLDJQyVWLFDVDVLHWH '3SDUDQHXPyQLFR 1HRSODVLD 7XEHUFXORVLV $UWULWLVUHXPDWRLGH$5 +HPRWyUD[ 3DUDJRQLPLDVLV 6tQGURPHGH&KXUJ6WUDXVV

8QDDPLODVD SOHXUDOHOHYDGDLQGLFDWUHVGLDJQyVWLFRV (QIHUPHGDGSDQFUHiWLFDDJXGDRFUyQLFD 5XSWXUDHVRIiJLFD (QIHUPHGDGPDOLJQD /DDPLODVDHVGHRULJHQSDQFUHiWLFRHQHOSULPHUFDVR\VDOLYDOHQORVGRVUHVWDQWHV (QFDVRVFRQFUHWRVUHVXOWDQ~WLOHVSDUDHOGLDJQyVWLFRGLIHUHQFLDORWUDVSUXHEDVHQHO/3 /D GHWHUPLQDFLyQ GH DGHQRVLQD GHVDPLQDVD $'$ HV UHQWDEOH SDUD HVWDEOHFHU HO GLDJQyVWLFRGHWXEHUFXORVLVSOHXUDO 6L VH VRVSHFKD TXLORWyUD[ R SVHXGRTXLORWyUD[ GHEHUi PHGLUVH HO QLYHO GHFROHVWHURO \ GH WULJOLFpULGRV HQOtTXLGRSOHXUDO\EXVFDUFULVWDOHVGHFROHVWHUROHQHOVHGLPHQWRGHOOtTXLGR 7DQWRXQWtWXORSOHXUDOGHDQWLFXHUSRVDQWLQXFOHDUHV$1$ LJXDORVXSHULRUDFRPRXQ FRFLHQWHGH$1$HQSOHXUDUHVSHFWRDOWtWXORH[LVWHQWHHQVXHURVXSHULRUDVRQPX\VXJHVWLYRV GHSOHXULWLVO~SLFDHVSHFLDOPHQWHVLHOSDWUyQGHLQPXQRIOXRUHVFHQFLDHVKRPRJpQHR /RV WHVWV GH LQPXQRKLVWRTXtPLFD FRQ DQWLFXHUSRV PRQRFORQDOHV \ OD FLWRPHWUtD GH IOXMR UHVXOWDQPX\~WLOHVSDUDHVWDEOHFHUHOGLDJQyVWLFRGH'3PDOLJQR 

'HVSXpVGHDJRWDGDVWRGDVHVWDVSUXHEDVDOJXQRVSDFLHQWHVFRQWLQ~DQVLQXQGLDJQyVWLFR\ HV HQWRQFHV FXDQGR GHEHQ WHQHUVH HQ FXHQWD FDXVDV LQXVXDOHV GH '3 FRPR DVEHVWRVLV PHVRWHOLRPD VtQGURPH GH 'UHVVOHU XUHPLD VtQGURPH GH ODV XxDV DPDULOODV \ VtQGURPH GH SXOPyQDWUDSDGR$XQDVtKDVWDXQ GHORVSDFLHQWHVFRQXQH[XGDGRSOHXUDOTXHGDQ VLQ XQ GLDJQyVWLFR HWLROyJLFR /D PD\RU SDUWH GH HOORV VH UHVROYHUiQ HVSRQWiQHDPHQWH \ SUREDEOHPHQWHFRUUHVSRQGDQDSURFHVRVYLUDOHVDXWROLPLWDGRVHQORVUHVWDQWHVHOGLDJQyVWLFR SXHGHVHUHYLGHQWHDFRUWRSOD]RJHQHUDOPHQWHHQUHODFLyQFRQXQDQHRSODVLDPDOLJQD

0DQHMRGHXQGHUUDPHSOHXUDOSDUDQHXPyQLFR7DEOD,,  8Q GHUUDPH SOHXUDO SDUDQHXPyQLFR '33 HV DTXpO TXH VH DVRFLD FRQ XQD QHXPRQtD EDFWHULDQDXQDEVFHVRSXOPRQDUREURQTXLHFWDVLDV6LHQODUDGLRJUDItDHQGHF~ELWRODWHUDOWLHQH PiVGHPPGHHVSHVRUHVLPSUHVFLQGLEOHUHDOL]DUXQDWRUDFRFHQWHVLVXUJHQWH SDUDGHFLGLU ODLQVHUFLyQGHXQWXERGHGUHQDMH8OWLPDPHQWHVHKDSURSXHVWRTXHHVWDWRUDFRFHQWHVLVLQLFLDO VHDWHUDSpXWLFDH[WUDHUWRGRHO/3SRVLEOHVLQH[FHGHUGHDOLWURVSDUDHYLWDUXQHGHPD SXOPRQDUH[YDFXR VLQRVHUHDFXPXODHO/3QRKD\TXHSUHRFXSDUVHPiVGHO'3DGHPiVOD UDGLRJUDItDSRVWHYDFXDFLyQD\XGDUiDLGHQWLILFDUODSUHVHQFLDGHORFXODFLRQHV(O/3VHUHPLWLUi DOODERUDWRULRWUDQVSRUWDGDFRQKLHOR\HQMHULQJDKHSDULQL]DGD SDUDWLQFLyQGH*UDP\FXOWLYR UHFXHQWR \ IyUPXOD OHXFRFLWDULD SDUD H[FOXLU RWURV GLDJQyVWLFRV  \ GHWHUPLQDFLyQ GH JOXFRVD /'+\S+6LQRVHDtVODQEDFWHULDV\HO/3WLHQHS+!¶ JOXFRVD!PJGO\/'+8O VH WUDWD GH XQ'33 QR FRPSOLFDGR \QRKD\TXHUHSHWLUODWRUDFRFHQWHVLVVDOYRTXHHO'33 UHFXUUD UiSLGDPHQWH R HO SDFLHQWH SHUPDQH]FD VpSWLFR D SHVDU GHO WUDWDPLHQWR DQWLELyWLFR FRUUHFWR6LVHLGHQWLILFDQEDFWHULDVSRUWLQFLyQRFXOWLYRRHO/3WLHQHS+¶HQDXVHQFLDGH DFLGRVLV HQ VXHUR  \R JOXFRVD   PJGO R  GH OD VpULFD  HVWDPRV DQWH XQ '33 FRPSOLFDGR \ HO SDFLHQWH UHTXLHUH OD LQVHUFLyQ GH XQ WXER GH GUHQDMH SOHXUDO VLHQGR SUREDEOHPHQWH VXILFLHQWH SDUD HOOR XQ FDWpWHU GH SHTXHxR FDOLEUH  )  LQWURGXFLGR EDMR FRQWURO UDGLROyJLFR HFRJUDItD R 7&  OD LUULJDFLyQ IUHFXHQWH GHO WXER FRQ VROXFLyQ VDOLQD \ HO HPSOHR GHILEULQROtWLFRV UHGXFHQODV SRVLELOLGDGHV GH TXH VH REVWUX\D 6L HO /3HVSXVIUDQFR HVWDPRV DQWH XQHPSLHPD \ VH GHEH GUHQDU FRQ XQ FDWpWHU GH FDOLEUHJUXHVR) /RV '33ERUGHUOLQH WLHQHQS+HQWUH¶\¶\R/'+!8OFRQJOXFRVD!PJGO\UHTXLHUHQ REVHUYDFLyQFRQWRUDFRFHQWHVLVGLDJQyVWLFDVUHSHWLGDV3RUORJHQHUDOHOWXERGHGUHQDMHQRVH TXLWDKDVWDTXHHOGpELWRHVLQIHULRUDPOKRUDV\HOOtTXLGRSOHXUDOWLHQHXQFRORUDPDULOOR FODUR(QORVSDFLHQWHVFRQ'33ORFXODGR VHGHEHQHQVD\DUDJHQWHVILEULQROtWLFRVDWUDYpVGHO WXERGHWRUDFRVWRPtDHVWUHSWRTXLQDVD 8R8URTXLQDVD8GLOXLGDVHQPO GH VXHUR ILVLROyJLFR   YHFHV DO GtD GXUDQWH  GtDV VL OD SOHXURILEULQROLVLV IUDFDVD HO SURFHGLPLHQWRGHHOHFFLyQHVODWRUDFRVFRSLDHQXQLQWHQWRGHURPSHUODVDGKHUHQFLDVSOHXUDOHV \FRQODRSFLyQGHWUDQVIRUPDUODHQXQDWRUDFRWRPtDDELHUWDVLHO'33HVWiHQIDVHRUJDQL]DWLYD /D WRUDFRWRPtD FRQ GHFRUWLFDFLyQ HQ ODV SULPHUDV VHPDQDV VH UHVHUYD SDUD FRQWURODU XQD VHSVLVSOHXUDOHQODTXHKDQIUDFDVDGRODVPHGLGDVDQWHULRUHVVyORVHHPSOHDUiSDUDVROXFLRQDU XQHQJURVDPLHQWRSOHXUDOVLGHVSXpVGHPHVHVODSOHXUDFRQWLQ~DVXILFLHQWHPHQWHHQJURVDGD FRPRSDUDOLPLWDUGHIRUPDVLJQLILFDWLYDODFDSDFLGDGIXQFLRQDOSXOPRQDUGHOSDFLHQWH 

725$&2&(17(6,6',$*1Ï67,&$ ¢&803/($/*812'(/266,*8,(17(6" &RFLHQWHSURWHtQDV/3VXHUR!¶ &RFLHQWHGH/3+/3VXHUR!¶ /'+HQ/3!HOOtPLWHVXSHULRUQRUPDOHQVXHUR (;8'$'2 &RQWLQXDUSURFHGLPLHQWRVGLDJQyVWLFRV S+JOXFRVDDPLODVD\$'$HQ/3 &LWRORJtDGH/3 5HFXHQWH\IyUPXODOHXFRFLWDULD &XOWLYRV\WLQFLyQGH*UDPGH/3

$0,/$6$(/(9$'$ &RQVLGHUDU 5RWXUDHVRIiJLFD '3GHRULJHQSDQFUHiWLFR 3 */8&26$0*'/ &RQVLGHUDU '3PDOLJQR '3SDUDQHXPyQLFR 7XEHUFXORVLV V $'$!8,/\HGDGdDxRV 7UDWDUFRPR'3WXEHUFXORVRVLVHKDQ H[FOXLGRRWUDVFDXVDV

75$68'$'2 7UDWDUODFDXVD 12',$*1Ï67,&2 $1$+HSDWRORJ\@\ODUHVSXHVWDYLUROyJLFDELRTXtPLFDHKLVWROyJLFDVHPDQWLHQHHQ HOGHORVSDFLHQWHVHQVHJXLPLHQWRDODUJRSOD]R>$,0@ /DQRQHJDWLYL]DFLyQGHO51$GHO9+&FDUJDYLUDO GHVSXpVGH VHPDQDVGHWUDWDPLHQWR RVHPDQDVGHWHUDSLDFRPELQDGDHVXQSUHGLFWRUGHQRUHVSXHVWDDOWUDWDPLHQWRDODUJRSOD]R \VHKD XWLOL]DGRFRPRXQDUHJODSDUDVXVSHQGHUHOPLVPR6LQHPEDUJRHQDXVHQFLDGHXQD HUUDGLFDFLyQFRPSOHWDGHO9+&VHSXHGHREVHUYDUXQDPHMRUtDKLVWROyJLFD\XQHQOHQWHFLPLHQWR GH OD SURJUHVLyQ GH OD ILEURVLV SRU OR TXH QR VH SXHGH GHVFDUWDU XQ HIHFWR EHQHILFLRVR GH FRQWLQXDUHOWUDWDPLHQWRHQHVWDVVLWXDFLRQHV 7DVDV GH UHVSXHVWD PHQRUHV DO WUDWDPLHQWR FRQD,)1   VH KDQ HQFRQWUDGR HQ SDFLHQWHVFRQWtWXORVGH51$9+&HOHYDGRV !0FRSLDVP/ \JHQRWLSRHOPiVIUHFXHQWHHQ (VSDxD 6LQHPEDUJRHOWUDWDPLHQWRQRGHEHUtDQRLQGLFDUVHSRUHVWRVGDWRV/RVIDFWRUHVGH EXHQDUHVSXHVWDVHUHIOHMDQHQODWDEOD 7UDWDPLHQWRGHORV)DOORV7HUDSpXWLFRV\5HFDtGDV (Q ORV SDFLHQWHV TXH QR UHVSRQGHQ DO ILQDO GH WUDWDPLHQWR ORV UHWUDWDPLHQWRV FRQ GRVLV HVWiQGDUHV GH D,)1 VRQ UDUDPHQWH HIHFWLYRV /RV SDFLHQWHV TXH WLHQHQ QLYHOHV SHUVLVWHQWHPHQWHDQRUPDOHVGH*37\51$GHO9+&GHWHFWDEOHHQHOVXHURGHVSXpVGH PHVHV GHWUDWDPLHQWRFRQD,)1HVLPSUREDEOHTXHUHVSRQGDQDOWUDWDPLHQWR\SXHGHYDORUDVHMXQWR FRQHOSDFLHQWH ODVXVSHQVLyQGHOPLVPR(VWDVSHUVRQDVGHEHQVHUFDQGLGDWRVSDUDHQWUDUHQ HQVD\RVFOtQLFRVGHWUDWDPLHQWRVDOWHUQDWLYRV (QORVSDFLHQWHVWUDWDGRVFRQPRQRWHUDSLDFRQD,)1TXHDOFDQ]DQXQ51$9+&QHJDWLYR DOILQDOL]DUHOWUDWDPLHQWRSHURTXHUHFDHQSRVWHULRUPHQWHHOWUDWDPLHQWRFRPELQDGRFRQD,)1 5%9GXUDQWHVHPDQDVRHOWUDWDPLHQWRFRQ,)1DOIDFRQHQXQDGRVLVGH—JYHFHVHQ VHPDQD GXUDQWH  PHVHV FRQVLJXH UHVSXHVWDV VRVWHQLGDV HQWUH HO  \  UHVSHFWLYDPHQWH>1(QJO-0HG +HSDWRORJ\@(OWUDWDPLHQWR GHORVQRUHVSRQGHGRUHVIDOORVWHUDSpXWLFRVDOILQDOGHOWUDWDPLHQWRFRQ,)1 FRQHVWDVSDXWDV RIUHFHXQDWDVDGHUHVSXHVWDVVLPLODUHVPX\EDMDV 

7UDWDPLHQWRFRQDOID,QWHUIHUyQD D,)1 \ULEDYLULQD5%9  /DFRPELQDFLyQGHOD,)1EDODGRVLVKDELWXDO08GYHFHVVHPDQD \ULEDYLULQD PJ HQ NJ \  PJ HQtNJ  SRU YtD RUDO GXUDQWH  PHVHV KD PHMRUDGROD WDVD GH UHVSXHVWDYLUROyJLFDVRVWHQLGDWDQWRHQSDFLHQWHVµQDLYH¶>1(-0 @FRPRHQORV TXHKDQVLGRSUHYLDPHQWHWUDWDGRVD,)1>1(-0 @ (QWUH ORV SDFLHQWHV TXH QR KDQ VLGR WUDWDGRV SUHYLDPHQWH>1(-0  @ HO WUDWDPLHQWRFRPELQDGRGXUDQWHRVHPDQDVSURGXFHXQDUHVSXHVWDYLUROyJLFDVRVWHQLGDHQ HO\UHVSHFWLYDPHQWHSHURHQORVSDFLHQWHVFRQJHQRWLSRODUHVSXHVWDHVPHQRU FRQV\FRQVIUHQWHD\FRQPRQRWHUDSLDFRQD,)1 /RVJHQRWLSRV\ 

WLHQHQUHVSXHVWDVVRVWHQLGDVGHODOLQGHSHQGLHQWHGHTXHODWHUDSLDFRPELQDGDHVGH R PHVHV3RUWDQWRSDUDXQSDFLHQWHTXHQRWHQJDHOJHQRWLSRVHSUHILHUHXQDSDXWDPiV FRUWDVHPDQDV /DVPXMHUHVORVPHQRUHVGHDxRV\DTXHOORVFRQFDUJDVYLUDOHVPHQRUHV GH0GHFRSLDVP/VRQPiVSUREDEOHVTXHUHVSRQGDQDOWUDWDPLHQWRFRPELQDGR 7DEOD  &RPSDUDFLyQ GH ORV HIHFWRV DGYHUVRV DVRFLDGRV FRQ HO WUDWDPLHQWR FRPELQDGRGH,)1D DE\ULEDYLULQDIUHQWHDODPRQRWHUDSLDFRQ,)1DE (IHFWRDGYHUVR

5HWLUDGDGHO7UDWDPLHQWRSRUFXDOTXLHUHIHFWR 5HGXFFLyQGHGRVLVSRUDQHPLD 5HGXFFLyQGHGRVLVSRURWURVPRWLYRV 6tQWRPDVJULSDOHV &HIDOHD )DWLJD 0DOHVWDU 0LDOJLDV $UWUDOJLDV 'RORUHVP~VFXORHVTXHOpWLFRV )LHEUH 6tQWRPDV*DVWURLQWHVWLQDOHV $QRUH[LD 'LVSHSVLD 9yPLWRV 1DXVHDV 'LDUUHD 'RORUDEGRPLQDO 6tQWRPDVSVLTXLiWULFRV $QVLHGDG 'HWHULRURHQODFDSDFLGDGGHFRQFHQWUDFLyQ 'HSUHVLyQ /DELOLGDG HPRFLRQDO ,QVRPQLR ,UULWDELOLGDG 6tQWRPDVGHOWUDFWRUHVSLUDWRULR 7RV 'LVQHD )DULQJLWLV 6LQXVLWLV 6tQWRPDVGHUPDWROyJLFRV $ORSHFLD 3UXULWR 5DVK 3LHOVHFD ,QIODPDFLyQHQHOVLWLRGHLQ\HFFLyQ

,)1D DE V   

,)1D DEULEDYLULQDV

     

     

      

         

    



         

              

6RORVHLQFOX\HQVtQWRPDVTXHDSDUHFHQDOPHQRVHQHO1(-0 /D5%9VHGLVPLQX\y DPJGVL+EHQWUH\JUG/\VHVXVSHQGLyVL+EJUG/

(O HIHFWR VHFXQGDULR PiV IUHFXHQWH GH OD ULEDYLULQD HV OD DQHPLD KHPROtWLFD DXQTXH HV LQIUHFXHQWH TXH VHD WDQ LQWHQVD FRPR SDUD SUHFLVDU OD GLVFRQWLQXDFLyQ GHO WUDWDPLHQWR (VWH HIHFWRDGYHUVRQRSXHGHSUHGHFLUVHQLSUHYHQLUVHHQXQSDFLHQWHGDGR$GHPiVVXWHUDWRJHQLD\ PXWDJHQLDSXHGHQSHUVLVWLUPHVHVGHVSXpVGHILQDOL]DUHOWUDWDPLHQWRSRUORTXHGHEHXWLOL]DUVH FRQSUHFDXFLyQHQPXMHUHVHQHGDGIpUWLO(ODEDQGRQRGHOWUDWDPLHQWRSRUHIHFWRVVHFXQGDULRV VHSURGXFHHQXQIUHQWHDOGHORVSDFLHQWHVTXHUHFLEHQPRQRWHUDSLDFRQ,)1>1(-0 @/DGLVFRQWLQXDFLyQGHOWUDWDPLHQWRFRPELQDGRD,)1ULEDYLULQD PHQRVGH VHPDQDVQRGLVPLQX\HODWDVDGHUHVSXHVWDV (OFRVWHGHODULEDYLULQDHVPX\HOHYDGRDSWDVGtD  7DEOD  )DFWRUHV SUHGLFWRUHV GH XQD UHVSXHVWD PDQWHQLGD DO WUDWDPLHQWR FRQ ,)1 D HQ SDFLHQWHVFRQLQIHFFLyQFUyQLFDSRU9+& 'XUDFLyQFRUWDGHODLQIHFFLyQFUyQLFD 3DFLHQWHVMyYHQHVDxRV 0XMHUHV $/7DQRUPDO $XVHQFLDGHFLUURVLV GHUHVSXHVWDYHUVXVHQFLUUyWLFRV  %DMRQLYHOGH51$9+& *HQRWLSRGLVWLQWRDOE %DMDFRQFHQWUDFLyQGHKLHUURKHSiWLFR 1HJDWLYL]DFLyQGH51$9+&GHVSXpVGHVHPDQDVGHWUDWDPLHQWR

,,&DQGLGDWRVSDUDHO7UDWDPLHQWRFRQ+HSDWLWLV%\' /RV FDQGLGDWRVSDUDHOWUDWDPLHQWRLQFOX\HQSDFLHQWHVVHURSRVLWLYRVSDUDHO$J+%V\'1$ 9+%\TXHWLHQHQHOHYDFLyQGH*37!PHVHV>1(-0@/DPD\RUtDWLHQHQHO $J+%HSRVLWLYR DXQTXHDOJXQRVWLHQHQXQDPXWDFLyQHQODUHJLyQGHOSUHFRUHGHO9+%SRUOR TXHQRVHVLQWHWL]DHO$J+%H(VWRVSDFLHQWHVVRQ$J+%H\'1$9+%SRVLWLYRV/DXWLOLGDGGHOD ELRSVLD KHSiWLFD HQ HO PDQHMR GH HVWRV SDFLHQWHV QR KD VLGR YDORUDGD HQ HVWXGLRV GH FRVWH HIHFWLYLGDG/RVSDFLHQWHVFRQLFWHULFLDDVFLWLVHQFHIDORSDWtDKHSiWLFDRKLVWRULDGHVDQJUDGRSRU YDULFHVHVRIiJLFDVGHEHUtDQUHPLWLUVHSDUDWUDQVSODQWHKHSiWLFR/D+&SRU9+'VHLGHQWLILFDSRU ODSUHVHQFLDGH$F9+'\R51$9+'HQSDFLHQWHVLQIHFWDGRVSRUHO9+%

$7UDWDPLHQWRGHOD+HSDWLWLV% (OWUDWDPLHQWRFRQ,)1DOIDE08GLDULDV R08YHFHVSRUVHPDQDGXUDQWHD PHVHV KD FRQVHJXLGR XQ DFODUDPLHQWR GHO YLUXV QR SRU 3&5  XQD SpUGLGD GHO $J+%H QRUPDOL]DFLyQGHODELRTXtPLFDUHVROXFLyQ\PHMRUtDKLVWROyJLFDHQHOGHORVFDVRV\VH FRQVLGHUD FRVWH HIHFWLYR /D VHURFRQYHUVLyQ GHO $J+%H \ HO DFODUDPLHQWR GHO '1$9+% SRU SUXHEDVPiVVHQVLEOHV3&5 SXHGHGHPRUDUVHGXUDQWHYDULRVPHVHVGHVSXpVGHFRPSOHWDUHO 

WUDWDPLHQWR(OHYDFLyQWUDQVLWRULDGHODVWUDQVDPLQDVDVSXHGHSUHVHQWDUVHKDVWDHQHOGH DTXHOORV TXH UHVSRQGHQ GXUDQWH HO WUDWDPLHQWR /RV IDFWRUHV GH EXHQD R PDOD UHVSXHVWD VH UHIOHMDQHQODWDEOD

/D UHGXFFLyQ GH OD GRVLV SXHGH VHU QHFHVDULD SDUD HO FRQWURO GH ORV HIHFWRV VHFXQGDULRV KDVWDHQHOGHORVSDFLHQWHVWUDWDGRV/DWDVDGHUHVSXHVWDHQORVSDFLHQWHVFLUUyWLFRVHV FRPSDUDEOH FRQ OD GH ORV SDFLHQWHV QR FLUUyWLFRV \ VH KD PDQWHQLGR GXUDQWH DO PHQRV XQD GpFDGD/DHVSHFWDQFLDGHYLGD\ODVXSHUYLYHQFLDOLEUHGHFRPSOLFDFLRQHVHVVLJQLILFDWLYDPHQWH PiVODUJDHQSDFLHQWHVTXHOOHJDQDQHJDWLYL]DUHO$J+%H>1(-0@ 8QD QXHYD RSFLyQ WHUDSpXWLFD HV OD DGPLQLVWUDFLyQ RUDO GHODPLYXGLQD LQKLELGRU GH OD WUDQVFULSWDVDLQYHUVDDQiORJRGHODGHR[LFLWRVLQD GDGRDXQDGRVLVGHPJG6HWROHUDELHQ HQ SDFLHQWHV FRQ KHSDWLWLV FUyQLFD SRU 9+% FXDQGR VH DGPLQLVWUD GXUDQWH  DxR >1(-0 @/D*37VHQRUPDOL]DHQHOGHORVSDFLHQWHV\ODDFWLYLGDGQHFURLQIODPDWRULD \ODSURJUHVLyQGHODILEURVLVVHUHGXFHHQHOKtJDGR6HREVHUYDXQDSpUGLGDGHO'1$9+%\XQD VHURFRQYHUVLyQ$J+%HHQXQDPLQRUtDGHORVSDFLHQWHV 1R VH FRQRFH OD GXUDFLyQ ySWLPD GHO WUDWDPLHQWR FRQ ODPLYXGLQD SHURVH SXHGH LQWHQWDU VXVSHQGHUODGHVSXpVGHDxRVLHOSDFLHQWHHV$J+%H \$F+%H \KD\XQDQHJDWLYL]DFLyQ GHO'1$9+%HQHOVHJXLPLHQWR/DODPLYXGLQDQRVXSULPHODPpGXODyVHD\UDUDPHQWHLQGXFH DXPHQWR GH OD *37 GXUDQWH HO WUDWDPLHQWR $SUR[LPDGDPHQWH XQ  D XQ  GHVDUUROODQ PXWDQWHVGHO9+%YDULDQWHV1DDFWXDO 1DGHVHDGR [DJXDWRWDO@ DJXDWRWDO 6LHQGRHODJXD WRWDO [SHVRFRUSRUDO

6H UHFRPLHQGD WUDWDPLHQWR FRQ VXHUR VDOLQR    VL OD QDWUHPLD HV PHQRU GH  P(TO VLJXLHQGRODSDXWDGHVFULWDDQWHULRUPHQWHHQOD&$'6LODQDWUHPLDHVPD\RUGH P(TOVH UHDOL]DUiWUDWDPLHQWRFRQVXHURVDOLQRKLSRWyQLFR KDVWDTXHODQDWUHPLDVHDLQWHULRUD LQFRUSRUiQGRQRVHQHVHPRPHQWRDODSDXWDDQWHULRU6HUHFRPLHQGDQRDGPLQLVWUDUPiV GHOGHOSHVRFRUSRUDOHQODVSULPHUDVKRUDV 8QDYH]TXHHOQLYHOGHJOXFHPLDGHVFLHQGHSRUGHEDMRGH PJGOVHFRPLHQ]DLQIXVLyQGH JOXFRVDGRDODXQULWPRGHPOKUHVWDQGRHVWHYROXPHQDOVDOLQR

(QFXDQWRDODLQVXOLQRWHUDSLD VHXWLOL]DUiODSDXWDGHVFULWDHQOD&$'DXQTXHKD\TXHWHQHU HQ FXHQWD TXH OD UHKLGUDWDFLyQ SRU VL PLVPD  SXHGH UHGXFLU OD JOXFHPLD HQWUH  HQ  KRUDVSRUORTXHODVGRVLVGHLQVXOLQDXWLOL]DGDVSXHGHQVHUPHQRUHV 1RHVDFRQVHMDEOHLQLFLDUWUDWDPLHQWRFRQVXSOHPHQWRVGHSRWDVLR KDVWDFRQRFHUVXVFLIUDVHQ VXHUR (O GpILFLW WRWDO GH HVWH LRQ SXHGH VHU DXQ PD\RU TXH HQ OD &$' /RV VXSOHPHQWRV GH SRWDVLRVHDGPLQLVWUDUDQHQIRUPDGHFORUXURSRWiVLFRHQIXQFLyQGHVXVQLYHOHVSODVPiWLFRVVL HV!P(TOQRDGPLQLVWUDUSHURPHGLUDODKRUDHQWUHP(TOP(TOHQWUH P(TOP(TO\P(TOP(TO (QHVWHJUXSRGHSDFLHQWHVHVWiLQGLFDGDODSURILOD[LVWURPERHPEyOLFDFRQKHSDULQDGHEDMR SHVRPROHFXODUVHJ~QSURWRFRORHVWDEOHFLGR

 /D WUDQVLFLyQ DO WUDWDPLHQWR GHILQLWLYR VH UHDOL]D GH IRUPDVLPLODU DOD&$'DXQTXHHQHVWH FDVRWUDVODUHFXSHUDFLyQORVSDFLHQWHVVRQWUDQVIHULGRVDLQVXOLQDVXEFXWiQHDKDELWXDOPHQWH 8,NJGHLQVXOLQD13+HQGHVD\XQR\HQFHQDPDQWHQLHQGRHVWHWUDWDPLHQWR PHVHVKDVWDHYDOXDUDPEXODWRULDPHQWHHOWUDWDPLHQWRFRQKLSRJOXFHPLDQWHVRUDOHV %LEOLRJUDItD



 'LH] -- &HWRDFLGRVLV GLDEpWLFD \ VLWXDFLRQHV GLDEpWLFDV KLSHURVPRODUHV QR FHWyVLFDV 0HGLFLQH0DGULG    )LJXHUROD''LDEHWHV0HOOLWXV(G%DUFHORQD0DVVRQ6DOYDW  *yPH]%DODJXHU00RULOODV&&RPDGLDEpWLFRKLSHURVPRODU(QGRFULQRORJtD   6SHUVWHLQ0''LDEHWLF NHWRDFLGRVLVDQG K\SHURVPRODU FRPD (QGRFULQRO 0HWDE&OLQ1RUWK $P  *HQXWK60'LDEHWLFNHWRDFLGRVLVDQGK\SHUJO\FHPLFK\SHURVPRODUFRPD(Q:DUGLQ&: HG&XUUHQW7KHUDS\LQ(QGRFULQRORJ\DQG0HWDEROLVPWK HG6W/RXLV0RVE\&RPS\PJDPSROOD PJ@

%(1=2',$&(3,1$6 'HXVRSDUDFRQWURODUGHIRUPDLQPHGLDWDODDJLWDFLyQDQVLHGDGRSDUDDVHJXUDUHOVXHxR(V HOIiUPDFRGHHOHFFLyQHQORVFDVRVGHGHSULYDFLyQGHVHGDQWHVKLSQiWLFRV\DOFRKRO\VRQ~WLOHV FRPRDG\XYDQWHVGHORVQHXUROpSWLFRV 'HHOHFFLyQODVGHYLGDPHGLDFRUWD/RUDFHSDP2UILGDO PJ (QGHPHQFLDVSXHGHKDEHUUHVSXHVWDVSDUDGyMLFDV\DXPHQWDUHOGHOLULXP (O0LGD]RODP'RUPLFXP WLHQHXQDYLGDPHGLDFRUWDVHKDQXVDGREDMRFRQWUROHVWULFWRSHUR VLQ HPEDUJR VH KDQ DVRFLDGR FRQ XQ DOWR ULHVJR GH GHSULYDFLyQ FXDQGR VH VXVSHQGH \ FRQ DJLWDFLyQ SDUDGyMLFD FXDQGR VH XVD HQ SDFLHQWHV FRQ GHSULYDFLyQ SRU VHGDQWHVKLSQyWLFRV 

DGHPiV SURGXFHPHWDEROLWRV DFWLYRV TXH SXHGHQ DFXPXODUVH HQ SDFLHQWHV FRQ KHSDWRSDWtD \ FDXVDU WR[LFLGDG3HUPLWHODDGPLQLVWUDFLyQLYSHURKD\TXHWHQHUHQFXHQWDHOHIHFWRGHSUHVRU GHO61&

&/20(7,$=2/'LVWUDQHXULQH  8VRHQGHOLULXPSRUGHSULYDFLyQGHDOFRKRO'LVWUDQHXULQHVROXFLyQLQ\HFWDEOHDOPO &RPHQ]DUFRQPJPLQJRWDVPLQXWR KDVWDFRQVHJXLUXQVXHxRVXSHUILFLDOODGRVLV GHPDQWHQLPLHQWRYDUtDGHPJPLQJRWDVPLQ  7DPELpQWLHQHHIHFWRKLSQyWLFRSDUDDVHJXUDUHOVXHxR 27526 8VRPiVOLPLWDGR\SXQWXDOSDUDFRQWUROGHGHWHUPLQDGRVVtQWRPDV  75$=2'21$*ROSHWHRVRDODULGRV  ),6267,*0,1$8VROLPLWDGRHQGHOLULXPSRUDQWLFROLQpUJLFRV  &$5%$0$&(3,1$$JUHVLyQRKLSHUDFWLYLGDGVLDOWHUDFLRQHV((*  1$5&Ï7,&26%(7$%/248($17(61RFODURHIHFWREHQHILFLRVR  7,$0,1$LP LYHQGHSULYDFLyQHWtOLFDSDUDSUHYHQLU6tQGURPHGH.RUVDNRII

%,%/,2*5$)Ì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



$QHPLDV 0DUtD0HOHUR

$'HILQLFLyQ'LVPLQXFLyQGHODPDVDGHKHPDWtHVFLUFXODQWHV+E+WFRPXMHUHV +E+WFR  % &DXVDV $QRPDOtDV KHUHGLWDULDV R DGTXLULGDV GH ORV KHPDWtHV R VXV SUHFXUVRUHV R FRQVHFXHQFLDGHSDWRORJtDVVXE\DFHQWHV p SURGXFFLyQDQHPLDDSOiVLFDDQHPLDIHUURSpQLFDWDODVHPLDV6tQGURPHVPLHORGLVSOiVLFRV $QHPLD VLGHUREOiVWLFD $QHPLDV PHJDOREOiVWLFDV $QHPLD GH OD LQVXILFLHQFLD UHQDO $QHPLDVGHHQIHUPHGDGFUyQLFD\WWRFRQ$=7RTXLPLRWHUiSLFR n SpUGLGDRGHVWUXFFLyQ +HPRUUDJLD +HPyOLVLV +HUHGLWDULD +HPRJORELQRSDWtDV $OWHUDFLRQHVGHODPHPEUDQD (Q]LPRSDWtDV $GTXLULGD $XWRLQPXQHV 3RUIiUPDFRV 0LFURDQJLRSiWLFD 7UDXPiWLFD +HPRJORELQXULDSDUR[tVWLFDQRFWXUQD & &OtQLFD 9DULDEOH GHSHQGLHQGR GHO JUDGR \ UDSLGH] GH LQVWDXUDFLyQ VLJQRV \ VtQWRPDV VHFXQGDULRV D KLSR[LD WLVXODU IDWLJDELOLGDG DVWHQLD FHIDOHD SDOLGH] VtQFRSH WDTXLFDUGLD  \ VLJQRV\VtQWRPDVSURSLRVGHODSDWRORJtDVXE\DFHQWH '$SUR[LPDFLyQGLDJQyVWLFD +LVWRULDDQWHFHGHQWHVSHUVRQDOHVH[SRVLFLyQDIiUPDFRV\DQWHFHGHQWHVIDPLOLDUHV ([SORUDFLyQItVLFD 6LJQRVGHKHPRUUDJLD %~VTXHGDGHDGHQRSDWtDVPHJDOLDVLFWHULFLDGRORUyVHRVtQWRPDVQHXUROyJLFRV +DFHUVLHPSUHWDFWRUHFWDO /DERUDWRULR +HPRJUDPD+E+WFR+&0&+&09&0SRUIURWLV 5HWLFXORFLWRVDEVROXWRV[KHPDWtHV ! KLSHUSUROLIHUDWLYD ËQGLFHGHUHWLFXORFLWRV$EVROXWR[+HPDWRFULWRSDFLHQWH+HPDWRFULWRQRUPDO ! n SURGXFFLyQ





 p SURGXFFLyQ (7UDWDPLHQWR (WLROyJLFRVLHPSUH 6LQWRPiWLFR WUDQVIXVLyQ VyOR HQ FDVRV LQGLFDGRV /D GHFLVLyQ VREUH HO WUDWDPLHQWR WUDQVIXVLRQDOGHEHVHULQGLYLGXDOL]DGR1RREVWDQWHFRPRLQGLFDGRUHVRULHQWDWLYRVSRGHPRV HVWDEOHFHUORVVLJXLHQWHVFULWHULRV +E 1RSUHFLVDWUDWDPLHQWR +E  9DORUDU OD VLWXDFLyQ FOtQLFD 6LHPSUH UHDOL]DU HVWXGLRV GLDJQyVWLFRV DQWHV GH WUDQVIXQGLU +E,QGLFDFLyQGHWUDQVIXVLyQVDOYRH[FHSFLRQHV

$1(0,$)(5523e1,&$ $ &DXVDV ODVPiVIUHFXHQWHV %DMDLQJHVWD $XPHQWRGHGHPDQGD 3pUGLGDV 'LJHVWLYDVREUHWRGRYDURQHV  *HQLWRXULQDULDVVREUHWRGRPXMHUHVPHWURUUDJLD !POFLFORR!WDPSRQHVFLFOR  2WUDVKHPyOLVLVLQWUDYDVFXODU+31SUyWHVLVHQGRYDVFXODUHV 'LVPLQXFLyQGHDEVRUFLyQLQWHVWLQDOHQWHURSDWtDV %&/Ì1,&$ 'DWRVFRPXQHVDWRGDVODVDQHPLDV 'DWRVGHODHQIHUPHGDGVXE\DFHQWH 6G3OXPPHU9LQVRQTXHLOLWLVDQJXODUGLVIDJLDSRUPHPEUDQDHVRIiJLFDJORVLWLV 5DURFRLQROLTXLD\SLFD &',$*1Ð67,&2 +HPRJUDPD /HXFRFLWRVQRUPDOHVREDMRV 3ODTXHWDVDXPHQWDGDV 9&0\&+&0EDMRVVL+EJUG/  5HWLFXORFLWRVQRUPDOHVREDMRV )URWLVPLFURFLWRVLVHKLSRFURPtD %LRTXtPLFDKLHUUREDMRIHUULWLQDEDMD\WUDQVIHUULQDDOWD %XVFDUVLHPSUHODFDXVD '75$7$0,(172 (WLROyJLFR 6LQWRPiWLFR 9LDRUDOVXOIDWRIHUURVR)HURJUDGXPHW£ PJKRUDVKRUDDQWHVGHODVFRPLGDV  6LLQWROHUDQFLDSUREDUDGLVPLQXLUODGRVLVRFRLQFLGLUODPHGLFDFLyQFRQODVFRPLGDV 

9tD SDUHQWHUDO VL FRQWUDLQGLFDGD OD RUDO SUHVHQFLD GH PDODEVRUFLyQ R LQWROHUDQFLD QR FRQWURODGD+LHUURGH[WUDQRGRVLV+EQRUPDO± +ESDFLHQWH [SHVR[PJ IUDFFLRQDGRHQYDULDVGRVLVLQWUDPXVFXODUHVGLDULDVRLYHQEROR (IHFWRVVHFXQGDULRV$UWUDOJLDVTXHUHVSRQGHQDDFHWDPLQRIHQUHDFFLyQ DQDILOiFWLFD 7UDQVIXVLyQVyORHQKHPRUUDJLDDJXGDJUDYHRFLUXJtDXUJHQWHHQSDFLHQWHVFRQDQHPLD FUyQLFD\VtQWRPDVFDUGLDFRV

6LHQVHPDQDVQRVHFRUULJHODDQHPLD $VHJXUDUFXPSOLPLHQWRGHOWUDWDPLHQWR %XVFDURWUDVFDXVDVGHDQHPLDPLFURFtWLFD %XVFDUGpILFLWGH%IyOLFRRSURFHVRFUyQLFR 'XUDFLyQGHOWUDWDPLHQWRDOPHQRVPHVHVWUDVODUHFXSHUDFLyQGHODDQHPLDSDUDUHSRQHU ORVGHSyVLWRV

$1(0,$0(*$/2%/É67,&$

'pILFLWGH% $&DXVDV %DMDLQJHVWDYHJHWDULDQRV  $XPHQWRGHORVUHTXHULPLHQWRV 'LVPLQXFLyQGHODDEVRUFLyQ $QHPLDSHUQLFLRVD *DVWUHFWRPtD 6G=ROOLQJHU(OOLVRQ 6tQGURPHGHDVDFLHJD 6SUXH 2WUDVSDQFUHDWLWLVFUyQLFDIiUPDFRVFROFKLFLQD DOFRKROLVPR 'pILFLWKHUHGLWDULRGHWUDQVFREDODPLQD %&OtQLFD 6LJQRV\VtQWRPDVFRPXQHVDODDQHPLD 'HJHQHUDFLyQVXEDJXGDGHOVLVWHPDQHUYLRVRFHQWUDO 1HXULWLVSHULIpULFD 'HJHQHUDFLyQGHFRUGRQHVSRVWHULRUHV\ODWHUDOHVGHODPpGXODHVSLQDO $OWHUDFLRQHVFHUHEUDOHV &'LDJQyVWLFR )URWLVn 9&0KLSHUVHJPHQWDFLyQGHORVQHXWUyILORV 5HWLFXORFLWRVEDMRV /HXFR\WURPERSHQLDOHYHV %LRTXtPLFD 

KLHUURELOLUUXELQD\/'+DOWDV %EDMD IyOLFREDMR  7HVWGH6FKLOOLQJDQWLFXHUSRVDQWLFpOXODVSDULHWDOHV\DQWLIDFWRULQWUtQVHFR '7UDWDPLHQWR 2SWRYLWH%JDPPDVLPDOGtDGXUDQWHVHPDQDSRVWHULRUPHQWHJDPPDV LPDODVHPDQDGXUDQWHXQPHVRKDVWDQRUPDOL]DFLyQGHODKHPRJRELQD \GHVSXpV JDPPDVLPDOPHVGHSRUYLGD 6LKD\DOWHUDFLRQHVQHXUROyJLFDVJDPPDVFDGDVHPDQDVGXUDQWHPHVHV (IHFWRVVHFXQGDULRVKLSHUXULFHPLDKLSRSRWDVHPLD 'pILFLWGHiFLGRIyOLFR $&DXVDV %DMDLQJHVWDDQFLDQRVKHPRGLiOLVLVDOFRKROLFRV  $XPHQWRGHORVUHTXHULPLHQWRV $OWHUDFLRQHVGHODDEVRUFLyQ (QIHUPHGDGHVGHO\H\XQR $OFRKRO )iUPDFRVGLIHQLOKLGDQWRtQDDQWLFRQFHSWLYRVRUDOHV\WXEHUFXORVWiWLFRV (UURUHVFRQJpQLWRVGHOPHWDEROLVPR )iUPDFRVPHWURWUH[DWHPHUFDSWRSXULQDKLGUR[LXUHD$=7$FLFORYLU %'LDJQyVWLFR ,JXDOTXHHQHOGpILFLWGH% p ÈFLGRIyOLFR &7UDWDPLHQWR $FLGRIyOLFRPJGtDYtDRUDO 6LHPSUHKDFHUSURILOD[LVHQHPEDUD]RDOFRKROLVPRKHPRGLiOLVLV\KHPyOLVLVFRQPJGGH iFLGRIyOLFR (QJHQHUDOVHGHEHHYLWDUWUDQVIXQGLUHQODVDQHPLDVPHJDOREOiVWLFDVVREUHWRGRHQ ODSHUQLFLRVD SRUDOWRULHVJRGHHGHPDSXOPRQDU $1(0,$'((1)(50('$'&5Ð1,&$ $&DXVDV (QIHUPHGDGHV LQIODPDWRULDV DUWULWLV UHXPDWRLGH OXSXV HULWHPDWRVR VLVWpPLFR VDUFRLGRVLV (QIHUPHGDGHVLQIHFFLRVDVWXEHUFXORVLVSLHORQHIULWLVPLRFDUGLWLVRVWHRPLHOLWLV 1HRSODVLDVOLQIRPDV\FDUFLQRPDV %0HFDQLVPRGHDFFLyQ 0XOWLIDFWRULDO'LVPLQXFLyQGHODYLGDPHGLDGHORVKHPDWtHVIDOORHQODHULWURSR\HVLV\EDMD ELRGLVSRQLELOLGDGGHOKLHUUREORTXHDGRSRUHOVLVWHPDPRQRQXFOHDUIDJRFtWLFR 7RGRHOORVHFXQGDULRDOHIHFWRGHODLQWHUOHXNLQD,VHJUHJDGDSRUPRQRFLWRV\PDFUyIDJRV DFWLYDGRVFUyQLFDPHQWH 

&'LDJQyVWLFR +HPRJUDPDDQHPLDPRGHUDGDJUG/ FRQUHWLFXORFLWRVQRUPDOHVREDMRV %LRTXtPLFDKLHUURWUDQVIHUULQD\VDWXUDFLyQGHWUDQVIHUULQDEDMRVIHUULWLQDHOHYDGD 0pGXODyVHDDXPHQWRGHORVGHSyVLWRVGHKLHUUR\VLEHUREODVWRVEDMRV (ULWURSR\HWLQDQRUPDOEDMDFRQUHVSHFWRDOJUDGRGHDQHPLD '7UDWDPLHQWR &DXVDO (QDOJXQRVFDVRV'DQD]ROPJKRUDVYRR (ULWURSR\HWLQD  XQLGDGHV.J WUHV YHFHVDODVHPDQD

(QRFDVLRQHVVHDVRFLDIHUURSHQLDHQSDFLHQWHVFRQDQHPLDSRUHQIHUPHGDGFUyQLFD(Q SDFLHQWHVFRQHQIHUPHGDGHVLQIODPDWRULDVODIHUULWLQDFRPRUHDFWDQWHGHIDVHDJXGDPRGLILFD ORV FULWHULRV KDELWXDOHV HQ HO GLDJQyVWLFR GH IHUURSHQLD GH PRGR TXH HO SDFLHQWH SXHGH WHQHU QLYHOHVIDOVDPHQWHHOHYDGRVGHIHUULWLQD\WHQHUIHUURSHQLD(QHVWRVFDVRVGHEHFRUUHJLUVHHO QLYHO GH IHUULWLQD HQ EDVH D OD YHORFLGDG GH VHGLPHQWDFLyQ JOREXODU X RWURV SDUiPHWURV GH DFWLYLGDG GHO SURFHVR LQIODPDWRULR 'H IRUPD JHQHUDOQR REVWDQWH VH KD HVWLPDGR TXH HQ XQ SDFLHQWH FRQ HQIHUPHGDG FUyQLFD XQD IHUULWLQD PHQRU GH  QJPO LPSOLFDIHUURSHQLD HQ FDVRGHDUWULWLVUHXPDWRLGH 275$6$1(0,$6 1HIURSDWtD $0HFDQLVPR 0XOWLIDFWRULDO 'pILFLWGHHULWURSR\HWLQD 8UHPLDUHGXFHODYLGDPHGLDGHORVKHPDWtHV $OWHUDFLyQSODTXHWDUTXHFRQGLFLRQDKHPRUUDJLDV +HPRGLiOLVLVGpILFLWGHiFLGRIyOLFR\KHPRGLOXFLyQ %'LDJQyVWLFR +HPRJUDPDDQHPLDQRUPRFUyPLFDFRQUHWLFXORFLWRVEDMRV p +LHUUR\WUDQVIHUULQD &7UDWDPLHQWR (ULWURSR\HWLQD8.JWUHVYHFHVHQVHPDQDVXEFXWiQHDRLYVLKHPRGLiOLVLV WDPELpQ FRUULJHHOWLHPSRGHKHPRUUDJLD +LHUURVLH[LVWHQSpUGLGDV $FLGRIyOLFRVLHPSUH 2WUDV $$OFRKROLVPR\KHSDWRSDWtDV 0HFDQLVPRPXOWLIDFWRULDO 6HFDUDFWHUL]DSRU PDFURFLWRVLV (OWUDWDPLHQWRYDGLULJLGRDODHQIHUPHGDGGHEDVH 

%(QIHUPHGDGHVHQGRFULQDV +LSRWLURLGLVPRHKLSRSLWXLWDULVPR 0HFDQLVPRIDOWDHULWURSR\HWLQD 6HDVRFLDDDQHPLDSHUQLFLRVD\IHUURSHQLDVHFXQGDULDDDFORUKLGULD &1HRSODVLDV 0HFDQLVPRPXOWLIDFWRULDOHQI&UyQLFDSpUGLGDVPLHORSWLVLVVGPLHORGLVSOiVLFR ',QYDVLyQPHGXODU &DXVDV (QIHUPHGDGHVKLVWLRFLWDULDV (QIHUPHGDGHVGHGHSyVLWR 1HRSODVLDVKHPDWROyJLFDV 0HWiVWDVLVGHFDUFLQRPDV\VDUFRPDV ,QIHFFLRQHVWXEHUFXORVLVPLOLDUKLVWRSODVPRVLVPXFRUPLFRVLV 'LDJQyVWLFR +HPRJUDPDSDQFLWRSHQLD )URWLVGDFULRFLWRV\OHXFRHULWUREODVWRVLV 0pGXODyVHDDVSLUDGRVHFR $1(0,$6+(02/Ì7,&$6 &ODVLILFDFLyQ $&RQJpQLWDV $$OWHUDFLRQHVGHPHPEUDQDKHPyOLVLVH[WUDYDVFXODU\HQPpGXODyVHD  7LSRVHVIHURFLWRVLVHOLSWRFLWRVLVSLURSRLTXLORFLWRVLVHVWRPDWRFLWRVLV /DERUDWRULRHOHYDFLyQGHELOLUUXELQDDXPHQWRGHUHWLFXORFLWRVXURELOLQyJHQRHQRULQD 7UDWDPLHQWR (VSOHQHFWRPtD VL DQHPLD QR FRPSHQVDGD QR DQWHV  DxRV \ SUHYLD YDFXQDFLyQDQWLQHXPRFyFLFD  $FLGRIyOLFRPJGGHSRUYLGD $'pILFLWVHQ]LPiWLFRV 3LUXYDWRTXLQDVD $QHPLDKHPROtWLFDQRHVIHURFtWLFD +HPyOLVLVFUyQLFD 'LDJQyVWLFRSRUDQiOLVLVHQ]LPiWLFRFXDOLWDWLYR 7UDWDPLHQWRiFLGRIyOLFRHVSOHQHFWRPtD" *3'+ &ULVLVKHPROtWLFDVFRQLQJHVWDGHKDEDVIDYLVPR RIiUPDFRVR[LGDQWHV *OXWDWLRQUHGXFWDVD $+HPRJORELQRSDWtDV DWDODVHPLD 7LSRV 3RUWDGRUDVLQWRPiWLFRDDDB  

5DVJRWDODVpPLFRDDBB  0LFURFLWRVLVOHYHp +E$ +E+E D BB B  (VSOHQRPHJDOLDn ELOLUUXELQDGLDJQyVWLFRSRUHOHFWURIRUHVLV +LGURSVIHWDOLVBBBB EWDODVHPLDV  0LQRUKHWHURFLJRWRV  $VLQWRPiWLFRV 0LFURFLWRVLVHKLSRFURPtD n +E$ 1RGDUKLHUURQLWUDWDU  0D\RUKRPRFLJRWRV  $QHPLDKLSRFURPD VHYHUD +HSDWRHVSOHQRPHJDOLD $OWHUDFLRQHVyVHDV 6REUHFDUJDGHKLHUUR n +E$\nn +E) 7UDWDPLHQWR 7UDQVIXVLRQHV+E!  (VSOHQHFWRPLDVLKLSHUHVSOHQLVPR 4XHODQWHVGHKLHUUR DF$VFyUELFR 702  ,QWHUPHGLD $QHPLDPRGHUDGDJUG/  7UDWDPLHQWRWUDQVIXVLyQVLSUHFLVD  2WUDV +E6DQHPLDGHFpOXODVIDOFLIRUPHV  +E&+E( +HPRJORELQDVLQHVWDEOHV %$GTXLULGDV %+31KHPRJORELQXULDSDUR[tVWLFDQRFWXUQD 'HIHFWR DGTXLULGR GH PHPEUDQD DXPHQWR VHQVLELOLGDG D KHPyOLVLV SRU FRPSOHPHQWR  &OtQLFD $QWHFHGHQWHVGHDQHPLDDSOiVLFDFRQPXFKDIUHFXHQFLD +HPyOLVLVFUyQLFD\DJXGDLQWHUPLWHQWH &RPSOLFDFLRQHV 7URPERVLV +HPRUUDJLDV 

'pILFLWGHKLHUUR )UDFDVRUHQDODJXGR /0$ 'LDJQyVWLFR +HPRJUDPDOHXFR\WURPERSHQLD %LRTXtPLFDn /'+ELOLUUXELQDLQGLUHFWD+EOLEUHSODVPDpKDSWRJORELQD 2ULQD+HPRJORELQDOLEUHKHPRVLGHULQXULD 7HVWGH+DP\VXFURVD 7UDWDPLHQWR 7UDQVIXVLyQVLKHPyOLVLVVHYHUDKHPDWtHVODYDGRV  $QGUyJHQRV (VWHURLGHViFLGRIyOLFRDQWLFRDJXODFLyQVLIHQyPHQRVWURPEyWLFRV 702 %'DxRPHFiQLFR 0DUFKD\HMHUFLFLRH[WHQXDQWH 9DOYXORSDWtDVSUyWHVLVHQGRYDVFXODUHV

%,%/,2*5$)Ë$ 0HGLFLQD,QWHUQD)DUUHUDV5R]PDQ(G 3ULQFLSOHVRI,QWHUQDO0HGLFLQH+DUULVRQ¶V(G (O0DQXDO:DVKLQJWRQHGLFLyQ 5HDVRQLQJDQGGHFLVLRQPDNLQJLQKHPDWRORJ\



&RQWUROGHVtQWRPDVHQPHGLFLQDSDOLDWLYD %HDWUL]9LOD0HL]RVR&ULVWLQD1HULQ6iQFKH]  '2/25



1223,2,'(6 r &RDQDOJpVLFRV



23,2,'(6'e%,/(6 r 12RSLRLGHV r &RDQDOJpVLFRV



23,2'(6327(17(6 r 12RSLRLGHV r &RDQDOJpVLFRV

$WHQFLyQDODIDPLOLDVRSRUWHHPRFLRQDO&RPXQLFDFLyQ (VFDOHUD$QDOJpVLFDGHOD206PRGLILFDGD*yPH]6DQFKR D 3ULPHUHVFDOyQDQDOJpVLFRVSHULIpULFRVQRRSLRLGHV

$$6 'RORUGHLQWHQVLGDGOHYHPRGHUDGD 0X\HIHFWLYRHQGRORUHVyVHRV 'RVLVPi[LPDJUK ,1