+,6725,$'(81&$5,60$GH(GXDUGR%RQQtQSRU'$1721,23e5(=5$0269LFDULR-XGLFLDO&DWHGUiWLFR'HUHFKR&DQyQLFRHQ

8QLYHUVLGDG,OOHV%DOHDUV&RQVLOLDULR0&&GH0DOORUFD

6HxRUDV\6HxRUHV&XUVLOOLVWDVIDPLOLDUHV\VLPSDWL]DQWHVGHO0RYLPLHQWRGH&XUVLOORV

DPLJRVWRGRV

9R\DWUDWDUHQEUHYHSDUODPHQWRVREUHOD+,6725,$'(81&$5,60$DODTXHSLHQVR

VHSRGUtDVXEWLWXODUOLEURUHYHODFLyQ\WHVWLPRQLRGHODTXLQWDHVHQFLDGHO0RYLPLHQWR

GH&XUVLOORVGH&ULVWLDQGDGOLEURGHDOFDQFHTXHMXQWRD6LJQRVGHHVSHUDQ]D\

$SUHQGL]GHFULVWLDQRIRUPDQXQDWULORJtDPDJQtILFDIDVFLQDQWHHVWHODUHQTXH

EULOODFRQOX]SURSLDHOJHQXLQRSHQVDPLHQWRGHOIXQGDGRUVHJODUGHXQPRYLPLHQWR

ODLFDOHQHOVHQRGHOD6DQWD0DGUH,JOHVLD

(VWDPRVHIHFWLYDPHQWHDQWHXQDDXWpQWLFDUHYHODFLyQTXHHVSRUDxDGLGXUD

SURYLGHQFLDOSXHVVDOHHQHOPRPHQWRMXVWRRSRUWXQRHOPiVFRQYHQLHQWHHQOD

+LVWRULDGHODVDOYDFLyQHQODTXHVHLQVHUWDQXHVWUR0RYLPLHQWRHFOHVLDO

/LEURWUDQVPLVRUGHXQPHQVDMHSHFXOLDUTXHQRGHMDDOOHFWRULQGLIHUHQWHTXH

GHVPRQWDSUHMXLFLRV\DFODUDPDOHQWHQGLGRVTXHGHVSLHUWDFUHFLHQWHLQWHUpV\SURGXFH

ODSRVLWLYDVHQVDFLyQGHTXHXQRYDQDYHJDQGRSRUHQWUHSiJLQDVTXHLUUDGLDQSRUWRGRV

VXVSRURVWUDVSDUHQFLD\VLQFHULGDGPDUFKDPRQDWXUDOGHORDXWpQWLFRTXHLQIXQGHOD

FRPSODFHQFLDGHTXHVHYDQGHVFRUULHQGRDQWHWXVRMRVHOYHORGHDOJRHVFRQGLGR

DUFDQRUD\DQRHQODIURQWHUDGHOPLVWHULR

/LEURFRQYHUWLGRHQUHYHODFLyQDWUDYpVGHXQDVHFXHQFLDGHKHFKRVDJXLVDGHRWURV

WDQWRVKLWRVTXHHQPDUFDQODJpQHVLVHOQHUYLRHFOHVLROyJLFR\FULVWRFpQWULFR\HO

GHVDUUROORGHXQDVLGHDVIXHU]DHQFDUQDGDVHQYLYHQFLDVODVIXQGDFLRQDOHVGHO

0RYLPLHQWRHMH\DUPD]yQDODYH]GHVXFDULVPD

,GHDV\FDULVPDTXHFRQHOWLHPSRDOJXQRVLQWHQWDURQWHUJLYHUVDUVXEYHUWLUPDQFLOODU

VHFXHVWUDU\KDVWDSURVWLWXLU\DORVTXHHQRFDVLRQHVFRPRHQODDSDULFLyQGHO

0DQLILHVWRGHKDKDELGRTXHGHFLUFRQODLQFRQWURYHUWLEOHOHJLWLPLGDGGHOD

DXFWRULWDVPX\GLVWLQWDGHODSRWHVWDVGHTXHYHUVDQORVMXULVWDVORTXHXQGtD

2UWHJDDORVGHVYLDFLRQLVWDVGHVXWLHPSR1RHVHVRQRHVHVRSXHVWRTXHHQOD

ILORVRItDSHUHQQHHOVHU\ODYHUGDGVHLGHQWLILFDQ

KRQHVWRSRUGHILQLFLyQGHWDODQWHUHFLRHOHJLGRGH'LRVSDUDHMHUFHUHOPLQLVWHULRGHOD

SURIHFtDHQHOPiVHVWULFWRVHQWLGRWHROyJLFRHPSH]DQGRSRUVXSURSLDWLHUUD&RQOR

tPSURERTXHHVPLVLRQDUHQWUHKHUPDQRVLQFOXtGRVORVGHXQDPLVPDIHVLPSOHPHQWH

KHUHGDGDFXDODWHVWLJXDQOD+LVWRULD6DJUDGD\ODGHOSURSLR-HV~VGH1D]DUHW

0LVLyQSURIpWLFDTXHFRQWUDYLHQWR\PDUHD(GXDUGRQRKDGHMDGRGHOOHYDUDGHODQWH

GHVGHVXVDxRVPR]RVKDVWDORVGHVXYHQHUDEOHDQFLDQLGDGDOPiVSXURHVWLOR

DSRVWyOLFRHOGHORVKRPEUHVWRFDGRVSRUHO(VStULWX6DQWR

(VWDHVSXHVODSULPHUD\SULQFLSDOFRQQRWDFLyQODPiVUHOHYDQWH\PHULWRULDHOSHUILO

TXHPiVGHVWDFDHQWUHORVPXFKRVTXHWLHQHHOOLEURTXHKR\\DTXtPHFDEHHOKRQRUGH

SUHVHQWDU$XQTXHWRGRELHQFRQVLGHUDGRPLVSDODEUDVYDQDVHURFLRVDVLQQHFHVDULDV

WDQWRUHVSHFWRGHHVWHOLEURVLQJXODUTXHVHSUHVHQWDSRUVtPLVPRFRPRGDGRTXLHQHV

VXSUHVWLJLRVRDXWRUWDQFRQRFLGRGHQWUR\IXHUDGHQXHVWUDVIURQWHUDV

3HURKD\PiV$ODFRQVLGHUDFLyQGHOLEURUHYHODFLyQVHXQHHQ+,6725,$'(81

&$5,60$ODGHVHUXQOLEURWHVWLPRQLR1RWDpVWDTXHUHDO]D\FRPSOHWDDODSULPHUD

3XHVUHYHODFLyQ\WHVWLPRQLRVHLQWHUDFFLRQDQIRUPDQGRXQWRGRHQQXHVWURFDVR

WHVWLJRVLQLJXDOQRSXHGHFDOODUSRUPiVWLHPSROOHYiQGRVHDODWXPEDXQDVYHUGDGHV

TXHVRQKLVWRULDGHOD,JOHVLDOD,JOHVLDJUDQGHTXHOODPDUDHOPDORJUDGRWHyORJR

0DQXHO%DX]i\DTXH&XUVLOORVYDPiVDOOiGHODVPDOKDGDGDVLGHDVIXQGDPHQWDOHV

TXHQRVRQVLQRXQDGHJHQHUDFLyQGHODVIXQGDFLRQDOHV

KDFHPiVGHFXDUHQWDDxRVHVHLQVWUXPHQWRDSRVWyOLFRH[LVWH\DSHURODGLILFXOWDGHV

ODGHVLHPSUHORVKHUPDQRVPD\RUHVGHORVKLMRVSUyGLJRVGHKR\WLHQHQODPLVPD

HQYLGLDTXHORVGHD\HU\ORVFULVWLDQRVGHODSULPHUDKRUDSUHILHUHQYHUORV

FLUFXQFLGDGRV\FXPSOLGRUHVILHOHVGHOD/H\DVHQWLUVHTXHOHVDGHODQWDQHQODIHYLYD

HQODHVSHUDQ]DFRQILDGD\HQODFDULGDGVLPSOH\SRUVLPSOHQDWXUDOPHQWHDWUDFWLYD\

FRQWDJLRVD

5HWRPDQGRODFDUWDGLULJLGDDO3&HViUHR(GXDUGROOHJyDUHFULPLQDUOHHQHOSXQWRPiV

FDOLHQWHGHODSROpPLFD/DFRVDPiVOHVLYDTXHVHSRGUtDKDFHUDXQDSHUVRQDHV

SURVWLWXLUVXSHQVDPLHQWR/RVTXHLQLFLDPRVORV&XUVLOORVQRVYHPRVHQHVHWUDQFH

(QRWUDGHGHVHSWLHPEUHGH/RV&XUVLOORVWLHQHQTXHVHUYLUDODPLVPD

ILQDOLGDGTXHUHFODPDVXHVHQFLDHPSOHDUORVSDUDTXHORVPLVPRVGHVLHPSUHVLJDQFRQ

ORPLVPRGHVLHPSUHHVGHVYLUWXDUORV/DUD]yQGHVHUGHOD,JOHVLDQRHVODPLVPD

,JOHVLDVLQRODKXPDQLGDG

FLQFXHQWHQDULRGHOSULPHU&XUVLOORGHOD+LVWRULDSDUDH[FDWHGUDQHJDUODSURFHGHQFLD

XRULJHQHVWULFWDPHQWHVHJODUGH&XUVLOORVGH&ULVWLDQGDGYHUWLHQGRGLFKRFOpULJRDO

SULPHUHQYLWHYLHMDV\HQFRQDGDVSROpPLFDVGHYHLQWHDxRVDWUiVVXUJLGDVGHO

DQiUTXLFRFUHFLPLHQWRGHODVHPLOODTXHFRQIXQGLyIXQGDPHQWDOFRQIXQGDFLRQDOR

VHDORHVS~UHRFRQORJHQXLQR

8QFRQWUDWLHPSRTXHHQWLHQGRIXHSURYLGHQFLDOSDUDTXHHOYHUGDGHURGHSRVLWDULRGHO

FDULVPDVHQWHQFLDUDFRPRWHVWLJR\SURWDJRQLVWDGHSULPHUDKRUDTXHHOSULPHU

FXUVLOORIXHHQ\QRHQ2LJDPRVVXUHIXWDFLyQURWXQGDGLJQDGHXQRUDGRU

SDUODPHQWDULReUDPRVHQWRQFHVVRODPHQWHVHJODUHV\QRVODQ]DPRVDGDUHOSULPHU

FXUVLOORDXQTXHHQODPLVPDFODXVXUDFODUDPHQWHGLMLPRVTXHQRSDUDUtDPRVKDVWDGDU

XQFXUVLOORHQODOXQD

'LJRPiV$OSRFRWLHPSRHVWRHVDOFHOHEUDUVHHQODV,,&RQYHUVDFLRQHVGH&DOD

)LJXHUDVHYROYLHURQDSURGXFLUODVFRQVDELGDVGLVFUHSDQFLDVUHVSHFWRGHODVLGHDV

IXQGDFLRQDOHV\GHOFDULVPDSURFHGHQWHVGHOFRQIXVLRQLVPRFDXVDGRDORVUHIHULGRV

KHUPDQRVGHPiVDOOiGHO$WOiQWLFRDPpQGHRWUDVPL[WLILFDFLRQHVRPDOIRUPDFLRQHV

HQGpPLFDVUHFXUUHQWHVSHULyGLFDPHQWHHQOXJDUHVSUy[LPRVDQXHVWUDVFRVWDV7RGROR

FXDO\HVWRHVORJUDYHFRQDIHFWDFLyQDOVHUPLVPRGHORVYHUGDGHURV&XUVLOORVD

DTXHOORTXHKDFHTXHVHDQORTXHVRQHQRULJHQ\ORTXHKDQGHVHUSRUGHVWLQR

3XHVELHQDGYHUWLGRHOSHUFDQFH(GXDUGRKDLQWHQVLILFDGRVXVGHVYHORVOODPDQGRDOD

XQLGDGFRQFDULGDGSHURVLQFHGHUHQODGHIHQVDGHODYHUGDGSRUPiVTXHpVWDHQOD

IRUPDHGXDUGLDQDGHH[SUHVDUVHQRQHFHVLWDGHIORWDGRUHV8QDGHIHQVDHPSHURVLQ

SHUGHUHOiQLPRVDEHGRUFRPRHVGHTXHODFRQWUDGLFFLyQ\ODSHUVHFXFLyQVRQVHxDVGH

LGHQWLGDGGHWRGRIXQGDGRU\HQVXFDVRSDUWHGHVXODUJRFXUULFXOXPGHDSUHQGL]GH

FULVWLDQRTXHQRUHK~VDJDVWDUVH\GHVJDVWDUVHFRPRHO$SyVWROFRQWHVyQLQJHQLR\

VDFDQGRIXHU]DGHIODTXH]D

KHFKRGH&XUVLOORVHOQRUWHGHVXYLGDGHVXVGHVXVDIDQHV\GHVXVLOXVLRQHVGHTXLHQ

FRQVXGLYLQDLPSDFLHQFLDQRVKDLPSOLFDGRHQODLOXVLRQDQWHDYHQWXUDSRU&ULVWR\SRU

ORVKHUPDQRVDWDQWRVPLOORQHVGHKRPEUHV\GHPXMHUHVHQHOXQLYHUVRPXQGR

6HxRUDV\6HxRUHV

$ODKRUDGHFHUUDUHVWDSUHVHQWDFLyQTXLVLHUDFRPSDUWLUFRQ9GVPLVVHQWLPLHQWRVPLV

YRWRVPLVDXJXULRV

8QVHQWLPLHQWRGHSURIXQGDJUDWLWXGDVXDXWRUSRUHOVHUYLFLRTXHFRQHVWHQXHYR

OLEURYDDSUHVWDUDO0RYLPLHQWRGH&XUVLOORVFRQODVHJXULGDGGHTXHHQSDODEUDVGH

-XDQ3DEOR,,SRUVXPHGLRYDDKDFHUPiVFUHtEOH\YLVLEOHODSUHVHQFLDVDOYDGRUDGHO

6HxRUGLVFXUVRDORV&XUVLOOLVWDVGHGHPD\RGH-XVWDPHQWHFXDQGR&XUVLOORV

YDQKDFLDODPDGXUH]HFOHVLDO'LVFXUVRGHO3DSDDORVSDUWLFLSDQWHVHQXQHQFXHQWUR

SURPRYLGRSRUHO0RYLPLHQWRHOGHPD\RGH

8QVHQWLPLHQWRGHDOHJUtDSRUORTXHVLJQLILFDFRQRFHUODYHUGDGGH&XUVLOORVHQVXV

IXHQWHV8QDYHUGDGTXHOLEHUD

5HJUHVDUDO+RPH

(GLWRULDO'H&RORUHV

&&&34XLOPHV(VWH%XHQRV$LUHV$UJHQWLQD

7HOpIRQR)D[

(PDLOLQIR#HGLWRULDOGHFRORUHVFRPDU