Salvador na \"Globalização

EURE ISSN: 0250-7161 [email protected] Pontificia Universidad Católica de Chile Chile

Porto, Edgard; Carvalho, Edmilson Salvador na "Globalização" EURE, vol. XXVII, núm. 80, mayo, 2001, p. 0 Pontificia Universidad Católica de Chile Santiago, Chile

Disponible en: http://www.redalyc.org/articulo.oa?id=19608008

Cómo citar el artículo Número completo Más información del artículo Página de la revista en redalyc.org

Sistema de Información Científica Red de Revistas Científicas de América Latina, el Caribe, España y Portugal Proyecto académico sin fines de lucro, desarrollado bajo la iniciativa de acceso abierto

(85(6DQWLDJR YQ6DQWLDJRPD\R

6DOYDGRUQD*OREDOL]DØÔR (GJDUG3RUWR (GPLOVRQ&DUYDOKR $EVWUDFW

7KHIROORZLQJSDSHUVHWVWKHFLW\RI6DOYDGRU%DKÞD%UD]LO¥VWKLUG PRVWSRSXODWHGFLW\LQFRQWH[WZLWKWKHHIIHFWVRIJOREDOL]DWLRQ %HWZHHQWKHಫVDQGಫV%UD]LOಫVQRUWKHDVWHUQUHJLRQ H[SHULHQFHGIDVWHFRQRPLFJURZWKGXHWRIHGHUDOILQDQFLDODQG ILVFDOLQFHQWLYHV7KLVVXGGHQSURFHVVRFFXUUHGXQHYHQO\DW UHJLRQDODQGFLW\OHYHOVHVSHFLDOO\IRU6DOYDGRUWKDWUHOHDVHG LQWHUQDODUHDVWRH[SDQGDQGGHFHQWUDOL]HLWVHOI+RZHYHUGXULQJ WKHಫVDQGಫ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ëDODFLXGDGGH6DOYDGRU%DKÞDWHUFHUDHQSREODFLäQ GH%UDVLOHQHOFRQWH[WRGHORVLPSDFWRVGHODJOREDOL]DFLäQ 'HVGHODGÚFDGDGHKDVWDODGH6DOYDGRUVHGHVWDFä GHODVGHPÒVFLXGDGHVGHO1RUGHVWHGH%UDVLOH[SHULPHQWDQGRXQ UÒSLGRFUHFLPHQWRJUDFLDVDORVLQFHQWLYRV\VXEVLGLRVILVFDOHV\ ILQDQFLHURVGHOJRELHUQRIHGHUDO(OFUHFLPLHQWRGHOD5HJLäQ\

FLXGDGHVIXHGHVLJXDO\DEUXSWRVREUHWRGR6DOYDGRUTXHDEULä HVSDFLRVLQWHUQRVSDUDH[SDQGLU\GHVFHQWUDOL]DUVH7RGDYÞDD SDUWLUGHORVDâRV\FRQODUHHVWUXWXUDFLäQSURGXFWLYD\HO QHROLEHUDOLVPRTXHGHILQHQORVWHUPLQRVGHODJOREDOL]DFLäQHO SURFHVRVHLQYLUWLä(OHVSDFLRPHWURSROLWDQRVHFRQWUDMR HFRQäPLFD\VRFLDOPHQWHFRQXQDXPHQWRGHVPHVXUDGRGH GHVHPSOHDGRV\VXEHPSUHDGRVLQWHQVLILFDQGRGHHVDIRUPDHO SURFHVRGHVHJUHJDFLäQ\H[FOXVLäQVRFLDO(QFRQWUDSRVLFLäQ DOJXQDVœLVODVGHPRGHUQLGDG¬SDVDURQDFRQHFWDUVHDSDUWLUGH VXVFDGDYH]PÒVUHGXFLGDV\FDGDYH]PÒVULFDVDFWLYLGDGHV HFRQäPLFDVHOWXULVPRDQWHV\HQFLPDGHWRGRDSXQWRV\ HVSDFLRVQDFLRQDOHV\PD\RULWDULDPHQWHLQWHUQDFLRQDOHVPXFKR PÒVGHTXHDHVSDFLRV\IOXMRVLQWHUQRV 3DODEUDVFODYH5HJLäQ0HWURSROLWDQDGH6DOYDGRU([SDQVLäQ XUEDQD6HJUHJDFLäQ\H[FOXVLäQVRFLDO0HWUäSROLV\ JOREDOL]DFLäQ 4XDO6DOYDGRU" 'HTXH6DOYDGRUVHIDOD"3RUTXHSDUDFRPHØDUDFRPSUHHQGHUDQRYDFLGDGH

UHJLÔRFLGDGHRXFLGDGHUHJLÔRID]VHQHFHVVÒULRUHFRUUHUDXPDEUHYHDQÒOLVH DFHUFDGRVPRYLPHQWRVPDLVJHUDLVHPDLVGHFLVLYDPHQWHGHWHUPLQDQWHVSDUD DGHILQLØÔRGHVHXQRYRHOHQFRGHSDSÚLVºSUHFLVRSRLVDERUGDURVJUDQGHV PRYLPHQWRVTXHVHDUWLFXODPQRVSODQRVLQWHUQDFLRQDOHQDFLRQDOHGHTXH PDQHLUDHVWDDUWLFXODØÔRVHFRPSOHWDQDUHJLÔRQHVWDVëOWLPDVGÚFDGDVH FRPSUHHQGHUFRPRRVFLFORVGHGHVHQYROYLPHQWRLQHUHQWHVDWDLVPRYLPHQWRV IL]HUDPOHYDQGRVHHPFRQWDDVSURIXQGDVPXGDQØDVQRVPÚWRGRVH SURFHVVRVGHRUJDQL]DØÔRGRWUDEDOKRHGDSURGXØÔRDFLGDGHSXOVDUHP PRYLPHQWRVLQWHUOLJDGRVGHH[SDQVÔRHUHWUDØÔR2DUFDERXØRLQLFLDOGHVWD DQÒOLVHWHPVHXDFDEDPHQWRWHRULFDPHQWHGHILQLGRQRVVHJXLQWHVWHUPRVR SURFHVVRGHPXQGLDOL]DØÔRGRVIOX[RVHFRQåPLFRVGHXPFDSLWDOLVPR JOREDOL]DGRLVWRÚTXHFRPSOHWDVHXGRPÞQLRPXQGLDOVREUHWRGRVRVGHPDLV PRGRVGHSURGXØÔRWHPSURGX]LGRSURIXQGDVWUDQVIRUPDØæHVQDHVWUXWXUDH QRVSDSÚLVGHFLGDGHVHUHJLæHV

3DVVRVLQLFLDLVGDGLVVROXØÔR

4XDQGRGDHPHUJÛQFLDHGDVLQYHVWLGDVGDLQGXVWULDOL]DØÔRLQFHQWLYDGDHQWUH RVDQRVH6DOYDGRUGLYLGLDFRPYDQWDJHQVFRP5HFLIHHVWHSDSHOGH DUWLFXODØÔRGHDWLYLGDGHVHUHJLæHVGHGHQWURGR1RUGHVWHHGR1RUGHVWHFRP RXWUDVUHJLæHVGRSDÞV3RUWRH&DUYDOKR 2SDSHOGHDUWLFXODØÔRLQWUDH LQWHUUHJLRQDOH[HUFLGRSRU6DOYDGRUHPWRGRRHVWDGRGD%DKLDHQR1RUGHVWH EUDVLOHLURHVWDYDDSRLDGRQDVDWLYLGDGHVLQGXVWULDLVORFDOL]DGDVHPVXDUHJLÔR PHWURSROLWDQDHHPWRGDDHVWUXWXUDWHUFLÒULDHSROÞWLFRDGPLQLVWUDWLYD ORFDOL]DGDQRLQWHULRUGDFLGDGHTXHVHUYLDGHDSRLRDRFRQMXQWRGDHFRQRPLD LQFHQWLYDGDHPWRGRRVHXPRYLPHQWRHHPWRGDVDVVXDVUHODØæHVGHQWURH IRUDGDUHJLÔR±PHGLGDTXHRFLFORGDLQGëVWULDLQFHQWLYDGDSHOD 6XSHULQWHQGÛQFLDGH'HVHQYROYLPHQWRGR1RUGHVWH68'(1( IRLHYHPVHQGR HVYD]LDGRHVWHSDSHOH[HUFLGRSRU6DOYDGRUHHPVHJXQGRSODQRSRU 5HFLIH WDPEÚPWHPVHHVYD]LDGR(VJRWDVHXPFLFORPDVPDOJUDGRQRYDV WHQWDWLYDVQÔRUHQDVFHDLQGDXPFLFORQRYRREVHUYÒYHOQRLPHGLDWRKRUL]RQWH HPSÞULFR 2SDSHOH[HUFLGRSRU6DOYDGRUHVWDYDUHVSDOGDGRSRUXPDHVWUDWÚJLDWUDØDGDH H[HFXWDGDSHOD68'(1(TXHQÔRREVWDQWHWRGDFUÞWLFDTXHOKHSRVVDVHU IHLWDHUDIDFLOPHQWHLGHQWLILFDGDHPVXDILVLRQRPLDDOLÒVVREHMDPHQWHFODUD HQTXDQWRGXURXREYLDPHQWH0DVHVWDHVWUDWÚJLDFRPDHFRQRPLDTXHOKH GDYDVXSRUWHHQWURXHPYLVÞYHOSURFHVVRGHGLVVLSDØÔRFRPDUHWLUDGDD UHWUDØÔRHDGLOXLØÔRGDSUHVHQØDGRJRYHUQRIHGHUDOTXHHUDIHLWDFRP H[FOXVLYLGDGH QR1RUGHVWHEUDVLOHLUR(POXJDUGDTXHODHVWUDWÚJLDDVVLVWHVH KRMHDDØæHVHLQWHUYHQØæHVSDXWDGDVHPSURPRØÔRGHLQFHQWLYRVHVXEVÞGLRV QRVPDUFRVGDFKDPDGDJXHUUDILVFDOHQWUHHVWDGRVHPXQLFÞSLRVHD DXVÛQFLDGHXPDSROÞWLFDLQGXVWULDOQDFLRQDOTXHHQFDL[HQHODDV HVSHFLILFLGDGHVUHJLRQDLV%XVFDVHGDULPSXOVRDRWXULVPRHÑLQGëVWULD FXOWXUDOHPDOJXPDVÒUHDVGHGHWHUPLQDGRVHVWDGRVQRXWUDVDWUDLUFRP HYLGHQWHVPHUFDGRVSROÞWLFRVSHVDGDVSURPRØæHVHGRDØæHVGH ILQDQFLDPHQWRVLQIUDHVWUXWXUDUHQëQFLDVILVFDLVHWFSDUDEDL[DURVFXVWRVGRV QRYRVLQYHVWLPHQWRVHPXQLGDGHVSURGXWRUDVGHEHQVVDOÒULRVFDOØDGRV EHELGDVFRQIHFØæHVHWF HDWÚPRQWDGRUDVGHDXWRPäYHLVSRUÚPGHWRGRV PRGRVHPSUHHQGLPHQWRVHXQLGDGHVQDVXDPDLRULDGLVSHUVRVHPYÒULRV PXQLFÞSLRVVHPDJDUDQWLDRXWURUDH[LVWHQWHGHXPDFRPSDFWDØÔRLQGXVWULDO

TXHSRGHULDHOHYDUDVHFRQRPLDVGHDJORPHUDØÔRHSRUHPHYLGÛQFLDDV HFRQRPLDVGHHVFDOD$ULJRURVLQYHVWLPHQWRVDWÚDJRUDUHDOL]DGRVRX DQXQFLDGRVQÔRGÔRTXDOTXHUJDUDQWLDGHTXHVHHVWÒQROLPLDUGHXPQRYR FLFORSDUDDUHJLÔRRXSDUDTXDOTXHUGHVHXVHVWDGRVQDPDJQLWXGHGDTXHOHV UHDOL]DGRVQDVGÚFDGDVGHHHTXHQRFDVRGD%DKLDUHFRQILJXUDUDP WRGDDUHJLÔRGH6DOYDGRUFRPPDLRUÛQIDVHSDUDDVXDPHWUäSROH 7DLVLQLFLDWLYDVQÔRJDUDQWHPDHPHUJÛQFLDGHXPQRYRFLFORSDUDR1RUGHVWHH D%DKLDHQHPGHILQHPSRULVVRPHVPRXPQRYRSDSHOUHJLRQDOFODUDPHQWH LGHQWLILFÒYHOSDUD6DOYDGRU

3XOVDØÔRSDUDWUDQVIRUPDØÔR 2VPHVPRVFDPLQKRVWÚFQLFRVHVRFLDLV TXHDSDUWLUGDVJUDQGHV DJORPHUDØæHVXUEDQDVLQGXVWULDLVHWHUFLÒULDVLUUDGLDPIOX[RVGH GHVFHQWUDOL]DØÔRHVSDFLDOGHLPSXOVRVHFDSLWDLVQRVPRPHQWRVGHERRP VHUYHPWDPEÚPDXPSURFHVVRDQWLWÚWLFRQRVPRPHQWRVGHUHFHVVÔR FRQVLVWHQWHHPWUD]HUGHYROWDSDUDDVUHIHULGDVFLGDGHVHUHJLæHVGRWDGDVGH HFRQRPLDVGHDJORPHUDØÔRLPSXOVRVHIOX[RVGHFDSLWDLVHGHH[FHGHQWHV JHUDGRVQDVHFRQRPLDVGHFLGDGHVHUHJLæHVSHULIÚULFDVTXHDJRUDYÔR FRQVWLWXLUHIRUWDOHFHURSURFHVVRRSRVWRGHUHFHQWUDOL]DØÔRHUHFRQFHQWUDØÔR ,VVRHTXLYDOHDGL]HUTXHQRVPRPHQWRVGHUHIOX[RFRPRRTXHDWXDOPHQWH DFRQWHFHQR1RUGHVWHEUDVLOHLURRQGH6DOYDGRUHVXDUHJLÔRPHWURSROLWDQD DSDUHFHPFRPRIRUPDGRUDVGRSULQFLSDOFRPSOH[RXUEDQRLQGXVWULDOWHUFLÒULR GRHVWDGRGD%DKLDHGHWRGRR1RUGHVWHEUDVLOHLURDVUHJLæHVPDLVGRWDGDVGH HFRQRPLDVGHDJORPHUDØÔRPLQLPL]DPRVHIHLWRVGDVFULVHVÑVYH]HVGDQGR DWÚSDVVRVDGLDQWHGHH[SDQVÔRHGLIHUHQFLDØÔRGHVXDVHVWUXWXUDVFRPHUFLDLV HSURGXWLYDVÑVH[SHQVDVGRHVYD]LDPHQWRGDVFLGDGHVHUHJLæHVGLWDV SHULIÚULFDVºRTXHFRPFHUWDSURSULHGDGHVHSRGHFKDPDUGHHIHLWR HVSDFLDOGH VXFØÔR (VWHHIHLWRSXGHPRVREVHUYDUHPYÒULDVFLGDGHVHUHJLæHVSRUQäVPHVPRV HVWXGDGDVQRHVWDGRGD%DKLD3RUWRH&DUYDOKRH ,VVR TXHUGL]HUTXHWDLVFLGDGHVHUHJLæHVSDVVDPDIXQFLRQDUFRPRSRWHQFLDGRUHV GDFHQWUDOL]DØÔRGHFDSLWDLVHGHIOX[RVGHFDSLWDOGLQKHLURHGDFRQFHQWUDØÔR GDUHQGD1ÔRÚSRURXWURPRWLYRTXHVäSDUDGDUXPH[HPSORHQWUHPXLWRV RXWURVTXHSRGHULDPVHUDTXLHYRFDGRVDUHGHEDQFÒULDGH6DOYDGRUQXP

HVWDGRFRPSRVWRGHPDLVGHPXQLFÞSLRVFRQFHQWUDPDLVGHGHWRGRV RVGHSäVLWRVEDQFÒULRVIHLWRVHPWRGRRHVWDGR6HOHYDUPRVHPFRQVLGHUDØÔR RIDWRäEYLRGHTXHSDUFHODGHVVHVGHSäVLWRVYDLVHUYLUGHPHLRVGHFRPSUD SDUDRFRQVXPRSRUSDUWHGHVHJPHQWRVGDSRSXODØÔRHQTXDQWRTXHXPD RXWUDSDUFHODYDLWRUQDUVHFDSLWDOGLQKHLURDSWRDHQWUDUHPIXQØÔRYDOHGL]HU DJRUDGLVSRQÞYHOHPXPJUDQGHFHQWURXUEDQRFRPR6DOYDGRUSDUD UHYDORUL]DØÔRGRFDSLWDOQRVHXHVSDØRPHWURSROLWDQRFRQFOXLUHPRVTXHDV FLGDGHVVREUHWXGRDVPHWUäSROHVDRFRQWUÒULRGRTXHQRUPDOPHQWHSHQVDP DOJXQVXUEDQLVWDVHDUTXLWHWRV QÔRVÔRPHUDVMXVWDSRVLØæHVRXDUWLFXODØæHV GHHVSDØRVGHVHQKRVHWUDØDGRVDUTXLWHWåQLFRVHPFLPDGHXPDVRFLDELOLGDGH DEVWUDWDHLGHDOL]DGDPDVSHØDVYLYDVGRWDGDVGHHILFD]HVPHLRVHSDSÚLVQR PHFDQLVPRHPRYLPHQWRGDUHSURGXØÔRGRFDSLWDOHGDHVSHFÞILFDH LQFRQIXQGÞYHOVRFLDELOLGDGHTXHDHODFRUUHVSRQGH $VFLGDGHVVREUHWXGRDVPHWUäSROHVFRQVWLWXHPHORVGHFLVLYRVGRSURFHVVR GHUHSURGXØÔRGRFDSLWDO(VWHÚH[DWDPHQWHRFDVRGH6DOYDGRUHÚGHUHVWR SDUDHVWHILPSUHFÞSXRTXHVHUYHPVXDVLQVWDODØæHVEDQFÒULDVHILQDQFHLUDVHP JHUDOVXDVLQVWDODØæHVFRPHUFLDLV6KRSSLQJ&HQWHUVVXSHUPHUFDGRVHWF  VXDVLQVWDODØæHVWHUFLÒULDVHPJHUDOXQLYHUVLGDGHVLQVWDODØæHVKRVSLWDODUHVH GHHQVLQRFRPSOH[RVGHOD]HUHGHGHVSRUWRVHWF VXDVFRQFHQWUDØæHVGH HTXLSDPHQWRVGHLQIUDHVWUXWXUDHGHFRQVXPRFROHWLYRDHURSRUWRV URGRYLÒULDVSRUWRVHFRPSOH[DVXQLGDGHVSURGXWRUDVGHPHLRVGH FRPXQLFDØÔR79MRUQDLVPÞGLDHPJHUDO HWXGRRPDLVLVVRVHPFRQWDUQR FDVRGH6DOYDGRUFRPRDWUDHQWHHVWRTXHGHEHOH]DVQDWXUDLVHFRQVWUXÞGDV QRVVÚFXORVDQWHULRUHV6ÔRHVVHVPHLRVTXHH[DWDPHQWHRSHUDPRHIHLWR VXFØÔRXPDIRUPDGHUHIRUØRGDWHQGÛQFLDDRPRQRSäOLRWDPEÚPHPWHUPRV HVSDFLDLV1ÔRREVWDQWHRUHIOX[RJHUDOVRIULGRSHOR1RUGHVWHHD%DKLDQD ëOWLPDGÚFDGDVREUHWXGR6DOYDGRUSåGHDWÚSRUFRQWDGHVVHHIHLWRVHJXLUXP UHODWLYRSURFHVVRGHGLIHUHQFLDØÔRXUEDQDVHEHPTXHPXLWRQDWXUDOPHQWH GRWDGRGHFDUDFWHUÞVWLFDVHVSHFLILFDPHQWHVXDVGHPRGRUHVWULWLYRH FDUUHJDQGRWUDØRVGHHORTíHQWHGLIHUHQFLDØÔRVRFLDOFRPRVHUÒYLVWRDGLDQWH

'HWHUPLQDØæHVGRVIOX[RVPXQGLDOL]DGRV $JOREDOL]DØÔRQÔRÚSDUDQäVXPHVWÒJLRLQWHLUDPHQWHQRYRHQHP SRUWDQWRGHVYLQFXODGRGRDQWHULRUHORQJRSURFHVVRGHPXQGLDOL]DØÔRGDV

UHODØæHVIRUPDVHIRUØDVGDSURGXØÔRFDSLWDOLVWDÑHVFDODSODQHWÒULD6HQÔR IRUYLVWDGHVWDPDQHLUDRWHUPRQÔRSDVVDGHXPDIRUPDLGHROäJLFR WHFQRFUÒWLFDTXHDSHQDVHVFRQGHDHVVÛQFLDGDTXHVWÔR(ODÚDXPVä WHPSRFRQWLQXLGDGHHUXSWXUDGHWRGDDHYROXØÔRTXHDSUHFHGHX6HVH GHVHMDFRQWXGRLQVLVWLUQRWHUPRRTXHVHFKDPDDWXDOPHQWHGH JOREDOL]DØÔRVäSRGHVHUHQWHQGLGRFRPRRHVWÒJLRPDLVDYDQØDGRGD PXQGLDOL]DØÔRGDSURGXØÔRHGDFLUFXODØÔRFDSLWDOLVWDVYDOHGL]HUD FRQFOXVÔRDJRUDÑHVFDODHQDWRWDOKRUL]RQWDOL]DØÔRPXQGLDOGDGHILQLWLYD VXSUHPDFLDHGRPLQDØÔRGRPRGRGHSURGXØÔRFDSLWDOLVWDVREUHWRGDVDV GHPDLVIRUPDVUHPDQHVFHQWHVGHSURGXØÔR 'HRXWUDSDUWHHVWHFHUFRTXHFRQVWLWXLXPDXQÞYRFDHLUUHYHUVÞYHOWRWDOLGDGH LQWHUQDFLRQDODFRQWHFHQXPPRPHQWRHPTXHRVIOX[RVHFRQåPLFRV ILQDQFHLURVHRVHPLWLGRVSHORVPHLRVGHFRPXQLFDØÔRVHGHVORFDPDXPD YHORFLGDGHLQXVLWDGDDOJXQVGHOHVQXPDUDSLGH]HTXLYDOHQWHÑSURSDJDØÔRGD OX]2TXHVLJQLILFDGL]HUTXHSDUDDOJXPDVDWLYLGDGHVHFRQåPLFDVFXMRSHVR HVSHFÞILFRFUHVFHUHODWLYDPHQWHQRFRQMXQWRGDHFRQRPLDFDSLWDOLVWDJOREDO VREUHWXGRSDUDDTXHODVTXHVÔRSURGX]LGDVHURWDGDVDWUDYÚVGDPÞGLDFRP GHVWDTXHSDUDRVIOX[RVHDVRSHUDØæHVPHUFDQWLVTXHMÒFLUFXODPDWUDYÚVGD ,QWHUQHW IRUDPHQFXUWDGRVHPJUDQGHPHGLGDVHXVWHPSRVGHSURGXØÔRH FLUFXODØÔRDURWDØÔRGHVHXVFDSLWDLVSRUWDQWR0DU[ ,VVRLPSOLFD DLQGDFRPRGHVGREUDPHQWRTXHFUHVFHQWHVPDVVDVGHFDSLWDLVVHGHVORFDP SDUDDVRSHUDØæHVILQDQFHLUDVHSDUDDPÞGLDQHVWHëOWLPRFDVRFRPVHXV QRYRVSURGXWRVHDYHLFXODØÔRFUHVFHQWHGRSURGXWRFXOWXUDO'HYHVHU VDOLHQWDGRTXHDTXLQÔRHVWÒHPGLVFXVVÔRSDUDRHIHLWRëWLOGHQRVVDDQÒOLVH DTXDOLGDGHHRHIHLWRGRFRQVXPRGHVVHSURGXWRRSURGXWRDXGLRYLVXDOGD WHOLQKDGRSRQWRGHYLVWDKXPDQR-DPHVRQ XPSUREOHPDPDLRUPDV TXHHVFDSDDRVGHVÞJQLRVHVSHFÞILFRVGHVWHSHTXHQRHVWXGR 'HIDWRFRPD HPHUJÛQFLDHDGLIXVÔRGDPÞGLDSRURQGHURWDPUHIHULGRVSURGXWRVQDIRUPD GHYDORUHVPXLWDVIXQØæHVHUHVSHFWLYRVPRPHQWRVGHSURGXØÔRHPRYLPHQWRV FLUFXODWäULRVFRPVHXVUHVSHFWLYRVORFXVVLPSOHVPHQWHGHL[DUDPGHH[LVWLU KDYHQGRVREWDODVSHFWRTXHQÔRÚGHPRGRDOJXPLUUHOHYDQWHQÔRVäXP HQ[XJDPHQWRHPDOJXPDVHVIHUDVGDGLYLVÔRVRFLDOGRWUDEDOKRFRPRGRV HVSDØRVTXHDWDLVHVIHUDVFRUUHVSRQGLDP&RPRHVVHVORFXVVLWXDYDPVHH

DLQGDVHVLWXDPQDVFLGDGHVDQWHVHDFLPDGHWXGRDWDLVPXGDQØDVQRSHUILO GDSURGXØÔRHGDFLUFXODØÔRTXHDGYÛPGDGLIXVÔRGDPÞGLDFRUUHVSRQGHP SURIXQGDVPXGDQØDVQDHVWUXWXUDHVSDFLDOGDVFLGDGHVFRLVDTXHVHUÒYLVWD DLQGDTXHGHPRGRVXPÒULRLQGLFDWLYRHLQLFLDOPDLVQDIUHQWHTXDQGR WUDWDUPRVGDVWUDQVIRUPDØæHVHVSDFLDLVGH6DOYDGRU 8PRXWURDVSHFWRGDJOREDOL]DØÔRRTXDOPXLWRPDLVGRTXHXPPHUR DVSHFWRGHYHVHUYLVWRHFRQVLGHUDGRFRPRXPGHVHXVFRPSRQHQWHVRQWR JHQÚWLFRVÚDVXEVWLWXLØÔRGRVPRGRVHSDGUæHVGHRUJDQL]DØÔRHVWUXWXUDOH IXQFLRQDOGRSURFHVVRGRWUDEDOKRHGDSURGXØÔRLQLFLDGRDSDUWLUGDFULVHGRV DQRVHSRWHQFLDGRQDVGXDVëOWLPDVGÚFDGDV1RVUHIHULPRVÑFULVHH UXSWXUDGRPRGHORIRUGLVWDGHRUJDQL]DØÔRGRWUDEDOKRHGDSURGXØÔRHVXD VXEVWLWXLØÔRSRUWRGDVDVIRUPDVDWXDLVHVWUXWXUDLVHRUJDQL]DWLYDVTXHGÔR FRUSRÑFKDPDGDUHHVWUXWXUDØÔRSURGXWLYDFRPRVUHFXUVRVGDLQIRUPÒWLFDH GDPLFURHOHWUåQLFDGDUREäWLFDGDTXDOLGDGHWRWDOGRMXVWLQWLPHGDUH HQJHQKHULDHPJHUDO$SULQFLSDOFDUDFWHUÞVWLFDGRPRGHORIRUGLVWDHUDD DUWLFXODØÔRGRWUDEDOKRSDUFHODUÑOLQKDGHPRQWDJHPQRODVWURGDUDFLRQDOLGDGH LQLFLDGDSRU7D\ORU7DOPÚWRGRTXHFRQILJXUDYDXPDH[WHQVÔRHXPDYDQØRD SDUWLUGRWD\ORULVPRHGHWRGRRSDGUÔRGHSURGXØÔRIDEULOTXHVXEVWLWXLXD PDQXIDWXUDHDFRRSHUDØÔRVLPSOHVGRVLQÞFLRVGDLQGXVWULDOL]DØÔRFDSLWDOLVWD DPSOLRXDHVFDODGHDJOXWLQDØÔRGRFKDPDGRRSHUÒULRPDVVDFXMD YLVXDOL]DØÔRIRLFDSWDGDFRPJUDQGHDVWëFLDHVHQVLELOLGDGHSRU&KDUOHV &KDSOLQHPVHXPRQXPHQWDO7HPSRV0RGHUQRV 6DOYDGRUGHXLQÞFLRDVXDYXOWRVDH[SDQVÔRPHWURSROLWDQDWDUGLDPHQWHYDOH GL]HUDSDUWLUGDVGÚFDGDVGHHTXDQGRRVLQFHQWLYRVHVXEVÞGLRVILVFDLV HILQDQFHLURVFRQFHGLGRVSHORJRYHUQRIHGHUDODWUDYÚVGD68'(1(HGR%DQFR GR1RUGHVWHGR%UDVLO%1% WURX[HUDPRSDGUÔRGDSURGXØÔRIRUGLVWDSDUDR 1RUGHVWHEUDVLOHLURGDQGROXJDUQHVWDUHJLÔRDLQGDTXHQXPDHVFDODPXLWR PHQRUGRTXHDTXHKDYLDVLGRLPSODQWDGDQR&HQWUR6XO6ÔR3DXOR5LRGH -DQHLURH0LQDV*HUDLVSULQFLSDOPHQWH HPGÚFDGDVDQWHULRUHVD FRQFHQWUDØæHVLQGXVWULDLVFRPRR3ROR3HWURTXÞPLFRGH&DPDØDULR&HQWUR ,QGXVWULDOGH$UDWXR&HQWUR,QGXVWULDOGH6XEDÚD5HILQDULD/DQGXOIR$OYHVD 8VLQD6LGHUëUJLFDGD%DKLDDVDWLYLGDGHVGHH[SORUDØÔRGHSHWUäOHRQR 5HFåQFDYREDLDQRR3RUWRGH$UDWXHQWUHPXLWDVRXWUDVLQVWDODØæHV(PWXGR

LVVRHVWDYDLQFOXÞGRXPUDPRPHWDOPHFÓQLFRTXHIRLSULQFLSLDGRH HYLGHQWHPHQWHWRGRXPWHUFLÒULRLJXDOPHQWHHPSUHJDGRUGHPXLWRV WUDEDOKDGRUHVTXHWHYHGHVHULPSODQWDGRQRLQWHULRUHQDVFHUFDQLDVGH 6DOYDGRUHGHFHQWURVXUEDQRVGRSRUWHGH)HLUDGH6DQWDQDVHJXQGDFLGDGH GRHVWDGRWDPEÚPGRWDGDGHXPFHQWURLQGXVWULDO )RLDFRPELQDØÔRGRPRGHORIRUGLVWDGDLQGëVWULDLQFHQWLYDGDLPSODQWDGDQD 0DFURUUHJLÔRGH6DOYDGRUFRPRWHUFLÒULRGDÞGHGX]LGRLPSODQWDGRGHQWURGD FLGDGHGH6DOYDGRUQRVGRLVFDVRVSRWHQFLDGRVSHORDOWRULWPRGHDWLYLGDGH DOFDQØDGRSHODFRQVWUXØÔRFLYLOTXHDWXRXQDHGLILFDØÔRGHLQVWDODØæHV LQGXVWULDLVHHTXLSDPHQWRVGHLQIUDHVWUXWXUDWUD]HQGRWDPEÚPFRQVLJRD HOHYDØÔRGRQÞYHOGHHPSUHJRQDVGÚFDGDVGHHTXHSURSLFLRXD 6DOYDGRURSXORGHPRGHVWRVPLOKDELWDQWHVGDGÚFDGDGHSDUDRV TXDVHPLOKæHVDOFDQØDGRVHPDSHQDVGXDVGÚFDGDVGHSRLV 7RGDYLDFRPDUHHVWUXWXUDØÔRSURGXWLYDRSUHVVXSRVWRHVWUXWXUDO HRQHR OLEHUDOLVPRRFRUROÒULRSROÞWLFRGRSUHVVXSRVWRHVWUXWXUDO DVIURQWHLUDV HFRQåPLFDVGR%UDVLOHGHRXWURVSDÞVHVHPHUJHQWHV WLYHUDPGHVHUPDLV DEHUWDVGRTXHMÒHVWDYDPÑVPHUFDGRULDVHDRVFDSLWDLVH[WHUQRVDPERV PXLWRPDLVFRPSHWLWLYRVTXHRVQDFLRQDLVTXHDWLQJLUDPHPFKHLRJUDQGHSDUWH GDHFRQRPLDEUDVLOHLUDPRUPHQWHDVGHUHJLæHVFRPRR1RUGHVWHRQGHVH HQFRQWUDD%DKLD VLWXDGDVDJUDQGHVGLVWÓQFLDVGRVSULQFLSDLVFHQWURV FRQVXPLGRUHVGRSDÞVGRVSULQFLSDLVFHQWURVGR0HUFRVXOHTXHDJRUDVHPRV YHOKRVLQFHQWLYRVHVEDUUDPHPSRGHURVDVEDUUHLUDVFRPRRVLPHQVRVFXVWRV GHFLUFXODØÔRHWHPSRVGHURWDØÔRGRFDSLWDOGHYLGRÑVSUHFÒULDVHRQHURVDV FRQGLØæHVGHWUDQVSRUWHVHLQIUDHVWUXWXUDHPJHUDO

(IHLWRVVREUH6DOYDGRU 6HDQWHVQRVWHPSRVGRIRUGLVPRHGRFUHVFLPHQWRHVSDFLDOPHQWH GHVFHQWUDOL]DGRPHVPRHPWHUPRVUHODWLYRVDPDVVDGHVDOÒULRVVXVFLWDYD XPDLQXVLWDGDH[SDQVÔRGHEDLUURVFRPQRYDVPRUDGLDVHP6DOYDGRUWDPEÚP HVWHVEDLUURVQXPDVXFHVVÔRUHJXODUÞVVLPDHQWUDPQXPH[SOÞFLWRSURFHVVRGH GHVJDVWHIÞVLFRVRFLDOHKXPDQR 8PDRXWUDFDUDGHVWDPHVPDHDPSODPHWDPRUIRVHDVHUGHVWDFDGDÚDTXH GL]UHVSHLWRÑHVFDODÑVIRUPDVHÑGLVWULEXLØÔRVäFLRHVSDFLDOGDVDWLYLGDGHV FRPHUFLDLVHWHUFLÒULDVHPJHUDOQDFLGDGHGH6DOYDGRU3RUFRQWDGR

HQ[XJDPHQWRDWUÒVDOXGLGRTXHLPSOLFRXQDUHWUDØÔRGHWRGDVDVGHPDQGDV ORFDLVSRUXQLGDGHVUHVLGHQFLDLVPHUFDGRULDVVHUYLØRVGHVDëGHWUDQVSRUWHV OD]HUHHGXFDØÔRHWF DVXQLGDGHVFRPHUFLDLVHSURGXWRUDVGHVHUYLØRV WHQGHPDXPDFXULRVDIRUPDGHGLVWULEXLØÔRHVSDFLDO&RPHIHLWRSUROLIHUDPRV PÚGLRVHSHTXHQRVVXSHUPHUFDGRVPHUFDGLQKRVH6KRSSLQJ&HQWHUVHP WRGDDFLGDGHHQTXDQWRTXHQRRXWURH[WUHPRVÔRHUJXLGRVRVJUDQGHV VXSHUPHUFDGRVH6KRSSLQJ&HQWHUV(QWUHRVGDSULPHLUDFDPDGDDPDLRULD WHPFXUWDGXUDØÔRGHYLGDVHQGRPXLWRFRPXPHQFRQWUÒORVVHPSUHRSHUDQGR HPUHJLPHGHRFLRVLGDGHHQWUHRVGDVHJXQGDFDPDGDFDPSHLDXPD FHQWUDOL]DØÔRGHFDSLWDLVTXHRVFRORFDTXDVHHPVLWXDØÔRGHPRQRSäOLR VHQGRTXHPHVPRHQWUHHVVHVëOWLPRVVHHQFRQWUDPJUDQGHVXQLGDGHVTXH RSHUDPDSHQDVFRPSDUWHGDFDSDFLGDGHLQVWDODGD1ÔRKÒVHPGëYLGDHP 6DOYDGRUHVSDØRGHUHDOL]DØÔRGHYLGRÑFRQWUDØÔRVRFLDOGDGHPDQGDSDUD WRGDVDVIRUPDVGHHTXLSDPHQWRVIRUQHFHGRUHVGHVHUYLØRVTXHVÔR FRQVWDQWHPHQWHLQDXJXUDGRVQDFLGDGHFRPRXPDIRUPDVXFHGÓQHDGHIRQWH GHUHQGDFRPDTXDOFHUWDVSDUFHODVGDSRSXODØÔRXUEDQDEXVFDPFRPSHQVDU RGHVHPSUHJR2VPDLRUHVHTXLSDPHQWRVFRPHUFLDLVRVJUDQGHV VXSHUPHUFDGRVH6KRSSLQJ&HQWHUVID]HPVXFXPELURVPHQRUHVHRVGRLV VHJPHQWRVMXQWRVJUDQGHVHPHQRUHVHTXLSDPHQWRVGHVWHJÛQHURID]HP VXFXPELURFRPÚUFLRWUDGLFLRQDO1RSULPHLURVHPHVWUHGHFHUFDGH FDGHLDVGHORMDVIRUDPDFRQFRUGDWDRXIHFKDUDPVXDVSRUWDVHVHJXQGR OHYDQWDPHQWRVGD(OHWURVHQWLGDGHTXHUHëQHRVIDEULFDQWHVGHSURGXWRV HOHWURHOHWUåQLFRVLQVWDODGRVQR%UDVLOGHVGHHVVHQëPHURMÒDOFDQØD 6HJXQGRXPDSHVTXLVDGD)XQGDØÔR6HDGHHGR'LHHVHRFRPÚUFLR HOLPLQRXPLOSRVWRVGHWUDEDOKRVHPMXQKRDSHQDVQD*UDQGH6ÔR3DXOR (P6DOYDGRUUHFHQWHPHQWHIHFKDUDPDVSRUWDVRXHVWÔRHPSURFHVVRGH YHQGDRXIXVÔRDOJXQVPDJD]LQHVWUDGLFLRQDLVFRPRD0HVEODFRPFHUFDGH IXQFLRQÒULRVHPWUÛVORMDVD$UDSXÔHD/REUÒVTXHQÔRUHVLVWHPÑ FRPSHWLØÔRGRVKLSHUPHUFDGRVHJUDQGHVUHGHVFRPERDVDëGHILQDQFHLUDH HVSHFLDOL]DGDV 1ÔRÚSRUDFDVRTXHVHWRUHVXUEDQRVLQWHLURVRFXSDGRVSRUJUDQGHV FRQFHQWUDØæHVGHFDVDVGHFRPÚUFLRHVWÔRVHQGROLWHUDOPHQWHGHJUDGDGRV FRPRRFRPÚUFLRGDDQWLJDÒUHDFHQWUDO%DL[DGRV6DSDWHLURVDVDYHQLGDV

6HWHGH6HWHPEUR&DUORV*RPHV-RDQD$QJÚOLFDDVÒUHDVGD&DOØDGDHGR &RPÚUFLRVLWXDGDVQD&LGDGH%DL[DHQWUHPXLWDVRXWUDVHQTXDQWRTXH QRYDVDYHQLGDVRXFRQMXQWRGHDYHQLGDVDYHQLGDV$QWåQLR&DUORV 0DJDOKÔHV3DUDOHOD7DQFUHGR1HYHVHWF DVVXPHPRWRSRGDFRQFHQWUDØÔR HVSDFLDOGRFRPÚUFLRGHSRQWD3DUDVHWHUXPDLGÚLDGDGLPHQVÔRGHVWH SURFHVVRFRQFHQWUDGRUEDVWDOHPEUDUSRUKRUDTXHVäHPGHWHUPLQDGRWUHFKR RQGHVHVLWXDPRV6KRSSLQJV,WDLJDUDH,JXDWHPLTXHUHëQHFHUFDGHPHLD Gë]LDGHUXDVHDYHQLGDVVÔRFROHWDGRVFHUFDGHGHWRGRR,PSRVWRGH &LUFXODØÔRGH0HUFDGRULDVHGH6HUYLØRV,&06 FRPHUFLDODUUHFDGDGRHP WRGRRHVWDGRGD%DKLD 8PWHUFHLURDVSHFWRJHUDOTXHWDPEÚPPHUHFHGHVWDTXHÚRTXHGL]UHVSHLWRÑ GHVWLQDØÔRHÑVIRUPDVTXHWRPDPDVÒUHDVGHKDELWDØÔRGRVGLYHUVRV VHJPHQWRVVRFLDLVDJURVVRPRGRDVFDPDGDVSUROHWÒULDVWDPEÚPDV UHFHQWHPHQWHSUROHWDUL]DGDVHDVGHPÚGLDVHDOWDUHQGDV(QTXDQWRDV SULPHLUDVPDLVQXPHURVDVHHFRQåPLFDHVRFLDOPHQWHFDGDYH]PDLV GHJUDGDGDVHVSLFKDPVHHHPSXUUDPRVOLPLWHVGDFLGDGHIRUØDQGRD FRQXUEDØÔRFRPFLGDGHVSUä[LPDV/DXURGH)UHLWDV6LPæHV)LOKRHWF H RFXSDQGRKDELWDØæHVFRQVWUXÞGDVVHPOLFHQØDRILFLDOLQYDVæHVHQFRVWDVH SDODILWDVRUDQRVHQWLGRGD%5HVWUDGDTXHDWUDYHVVDDÒUHDLQGXVWULDOGD UHJLÔRPHWURSROLWDQDHTXHOLJD6DOYDGRUD)HLUDGH6DQWDQDHDRUHVWRGR SDÞV RUDQXPDÒUHDPDLVFHQWUDOFKDPDGDGH0LRORFRQMXQWRGHEDLUURV SUROHWÒULRVGHQVDPHQWHSRYRDGRVTXHVHORFDOL]DPHQWUHRVGRLVSULQFLSDLV YHWRUHVGHFUHVFLPHQWRRTXHVHJXHD%5HRTXHVHHVWHQGHHP GHPDQGDGD2UOD1RUWH DVVHJXQGDVFDGDYH]PDLVUHVWULWDVHPQëPHURH FDGDYH]PDLVIRUWHVHPWHUPRVHFRQåPLFRVHPIDFHGRSURFHVVRGH FRQFHQWUDØÔRGDUHQGDSURFXUDPHVSDØRVVHJUHJDGRVQRVHQWLGRGD2UOD PDUÞWPDQRUWHRXHPàOKDVGHH[FHOÛQFLDUHVRUWVKRUWRVIORUHVWDLVFRQMXQWRV IHFKDGRVQDVSUR[LPLGDGHVGHSUDLDVGHFLUFXODØÔRSUDWLFDPHQWHSULYDWL]DGD  VXMHLWDVDIRUWHVHVTXHPDVGHVHJXUDQØDIRUPDQGRYHUGDGHLUDVIRUWDOH]DVGH PRUDGLD 6DOYDGRUXPFRQMXQWRGHFLGDGHVHGHUHJLæHV

&HQÒULRVHWHPSRVGLIHUHQWHVHDUWLFXODGRV

(VSDFLDOPHQWHRFRQMXQWRGRVIOX[RVHFRQåPLFRVHVRFLDLVFRPHQWDGRV DQWHULRUPHQWHDUWLFXODUDPVHFRPRDPELHQWHQDWXUDOHFRQVWUXÞGRGH6DOYDGRU GHIRUPDGLIHUHQFLDGDHPFDGDFLFORDSURSULDQGRVHGHHVSDØRVGLVWLQWRVH UHFULDQGRDFRQILJXUDØÔRHVSDFLDOXUEDQDQXPDFRQMXQØÔRGHIDWRUHV FRQVWLWXÞGRVGDLQFRUSRUDØÔRGHQRYDVSDUFHODVWHUULWRULDLVHDRPHVPRWHPSR GDUHGHILQLØÔRGHXVRVHGHRFXSDØæHVGHÒUHDVMÒH[LVWHQWHV ºSRVVÞYHOLGHQWLILFDUWUÛVPRPHQWRVGLVWLQWRVVHTíHQFLDGRVHDUWLFXODGRVTXH PROGDUDPSUDWLFDPHQWHWUÛVFLGDGHVGLIHUHQFLDGDVQDVëOWLPDVWUÛVGÚFDGDV 2SULPHLURPRPHQWRÚFDUDFWHUL]DGRSHODIRUPDØÔRGRSDUTXHLQGXVWULDOQR &HQWUR6XOGRSDÞVTXHGHQWURGDGLYLVÔRQDFLRQDOGHIXQØæHVHVSDFLDLV VXJHULDDR1RUGHVWHEUDVLOHLURHVXDVPHWUäSROHVRSDSHOGHPHUFDGRVGH FRQVXPRGRVVHXVSURGXWRVLQGXVWULDOL]DGRVHDOLPHQWDGRUHVGRVIOX[RVGH PÔRGHREUDSDUDVXDSURGXØÔR 2VHJXQGRPRPHQWRLQLFLDGRQDVGÚFDGDVGHMÒIRLFDUDFWHUL]DGRFRPR DTXHOHQRTXDOKRXYHXPSURFHVVRGHGHVFHQWUDOL]DØÔRGHFDSLWDLVQRVHQWLGR GR1RUGHVWHHHPSDUWLFXODUSDUDD5HJLÔRGH6DOYDGRU1DTXHOHPRPHQWR HVVDPHWUäSROHGHL[RXGHVHUYLUFRPRPHURHQWUHSRVWRFRPHUFLDOSDUDDVVXPLU RSDSHOGHORFXVGHFDSLWDLVFRPSHUILOHSRUWHPRGHUQRV 2WHUFHLURPRPHQWRTXHÚRPDLVLPSRUWDQWHSDUDRQRVVRFDVRGLIHUHGRV GRLVPRPHQWRVDQWHULRUHVHPIXQØÔRGDHVFDODJOREDOTXHDVVXPLUDPRVIOX[RV HFRQåPLFRVHRSDSHOHVWDWDOQDFRQGXØÔRGDVSROÞWLFDVGHGHVHQYROYLPHQWR HFRQåPLFR1HVWHPRPHQWRHQFRQWUDVHXPDFLGDGHFRPRFKDVVLPRQWDGR FRPDVQXFOHDØæHVGHDWLYLGDGHVFRPHUFLDLVHGHVHUYLØRVGHILQLGDVSRU VXEHVSDØRVHVSHFLDOL]DGRVHFRPSOHPHQWDUHVHXPDUHGHYLÒULDHGH HTXLSDPHQWRVFDSD]HVGHDUWLFXODUWRGRVRVVHXVVXEHVSDØRVFRPRWDPEÚPR VHXFRQMXQWRFRPRXWUDVUHJLæHVGR%UDVLOHGHRXWURVSDÞVHV(VWDIDVHVH FDUDFWHUL]DSRUXPDDVVRFLDØÔRGRSURFHVVRGHGHVFHQWUDOL]DØÔRRFRUULGDQD IDVHDQWHULRUDJRUDFRPPHQRUÞPSHWRFRPXPDGHQVDPHQWRGRVQëFOHRVGH DWLYLGDGHVFRPHUFLDLVGHVHUYLØRVHUHVLGHQFLDLVQXPDHVSÚFLHGH HQ[XJDPHQWRHVSDFLDOFRPSRVWRGHSURFHVVRVGHWUDQVIHUÛQFLDVLQWHUQDVHGD LQFRUSRUDØÔRGHQRYRVYDORUHVXUEDQRV$GHQVDPVHDVQXFOHDØæHV UHFHQWHPHQWHGHVFHQWUDOL]DGDVHHVYD]LDPVHFHQWURVKLVWäULFRVHFHQWURV FRPHUFLDLVH[XEHUDQWHVDWÚDSULPHLUDIDVHFRQVWLWXLQGRXPPRYLPHQWRFXMD

SULQFLSDOLGDGHÚDGHXPDWHQGÛQFLDÑTXDOLILFDØÔRPDMHVWRVDGHIOX[RVHGH LQIUDHVWUXWXUDHPHVSDØRVFRPSHWLWLYRVFRQWUDSRQGRVHFRPDTXHGDGDV FRQGLØæHVGHKDELWDELOLGDGHQDPDLRULDGDFLGDGHºRTXHVHSRGHFKDPDUGH UHFRQFHQWUDØÔRGHVFHQWUDOL]DGDÚRTXHSURPRYHDH[SDQVÔRWHUUULWRULDOSDUD DOPHMDUPDLRUHVFRQFHQWUDØæHVSRQWXDLVÚQXPDSDODYUDRSDUDGR[RFULDGR SHORVGLVWLQWRVPHLRVGHFLUFXODØÔRGRVIOX[RVGHPHUFDGRULDVHGHSHVVRDV TXHTXHEUDPHVSDFLDOPHQWHDOJXQVODØRVGHSUR[LPLGDGHHHOHJHP GHWHUPLQDGRVHL[RVTXHFRQFHQWUDPIOX[RVHFRQåPLFRVHVWUXWXUDQWHVWDQWR SDUDLQWHUOLJDUHVSDØRVLQGHSHQGHPHQWHGHOHVHVWDUHPQDPHVPDÒUHD XUEDQDTXDQWRSDUDUHEDL[DUFXVWRVGHSURGXØÔRHGHRSHUDØÔR (PVÞQWHVHSRGHPRVDILUPDUTXHGDFLGDGHGHXPëQLFRFHQWURDWÚRLQÞFLRGD GÚFDGDGHTXHIXQFLRQDYDFRPRFHQWURGHDUWLFXODØÔRFRPHUFLDOHQWUH PHUFDGRULDVSURGX]LGDVHPRXWUDVUHJLæHVGR%UDVLOHGD%DKLDDPHWUäSROH EDLDQDDOFDQØRXRLQÞFLRGRVDQRVFRPXPDRXWUDFRQILJXUDØÔRIÞVLFDYÒULDV FHQWUDOLGDGHVSDUDUHVSRQGHUDVHXQRYRSDSHODJRUDWDPEÚPFRPRORFXVGH SURGXØÔRLQGXVWULDOGHFRUWHHSRUWHPRGHUQR (VVDSDVVDJHPGHXPDFLGDGHTXHPDQWLQKDVXDHVWUXWXUDHVXDIXQØÔRFRP SHTXHQDVDOWHUDØæHVSRUDOJXQVVÚFXORVSDUDXPDRXWUDFLGDGHTXHHUD LQVHULGDWDUGLDPHQWHQRVFLUFXLWRVPDLVHOHYDGRVGHFDSLWDLVQRWDGDPHQWHR LQGXVWULDOHTXHWHYHTXHPRGHUQL]DUWRGRVRVFRPSRQHQWHVGDVXDHVWUXWXUD LQWHUQDUHVXOWDQGRHPXPDRXWUDFLGDGHSRGHVHUPHGLGDFRPDDMXGDGH DOJXQVLQGLFDGRUHV(PDÒUHDFHQWUDOSDUWLFLSDYDFRPTXDVHGR WRWDOGDVYLDJHQVGHWUDQVSRUWHFROHWLYRGHQWURGRPXQLFÞSLRHQTXDQWRHP HVVDSDUWLFLSDØÔRUHGX]LXVHSDUD+RMHVRPHQWHD]RQDGR&DEXODH 3HUQDPEXÚVSDUWLFLSDFRPFHUFDGHGHVVDVYLDJHQVHD3LWXEDFRPPDLV GH6HDQDOLVDUPRVRSHUFHQWXDOGHDUUHFDGDØÔRGH,&06HVWDGXDOD ÒUHDFRUUHVSRQGHQWHD&DOØDGD6DQWR$QWåQLR6ÔR3HGUR1D]DUÚ&DPSR *UDQGHH%DUUDUHSUHVHQWDYDHPHQTXDQWRTXHD]RQDGR ,JXDWHPL3LWXEDDOFDQØDYDDSHQDV(PDWÚRPÛVGHQRYHPEUR  HVWHVYDORUHVSDVVDUDPDVHUGHHUHVSHFWLYDPHQWH $LQGDFRPRVÞQWHVHSRGHPRVGHXPDPDQHLUDPXLWRJHUDOLGHQWLILFDUXPD GLYLVÔRHVSDFLDOTXHGLIHUHDVGXDVFLGDGHVQRVGRLVWHPSRVDQDOLVDGRV6H WRPDUPRVDDORFDØÔRGRFLUFXLWRSULQFLSDOGHFDSLWDLVUHODWLYRVÑÚSRFDGD

PHVPDIRUPDDVQXFOHDØæHVGHDWLYLGDGHVHVWUXWXUDQWHVRVEDLUURV GLIHUHQFLDGRVSRUIDL[DVGHUHQGLPHQWRVRVHVSDØRVWDPEÚPGLIHUHQFLDGRV SHODRIHUWDGHLQIUDHVWUXWXUDHDVWHUUDVGLVSRQÞYHLVSDUDDH[SDQVÔRGHFDGD YHWRUGHFUHVFLPHQWRSRGHPRVGL]HUTXHQDPHWUäSROHGHKRMHSRGHVH LGHQWLILFDUXPDOOLQKDGLYLVäULDFRPSUHHQGLGDHQWUHD2UOD$WOÓQWLFDHRLQWHULRU GDUHJLÔRHQÔRPDLVHQWUHD]RQD1RUWHH6XOGD2UODGD%DÞDGH7RGRVRV 6DQWRVFRPRRFRUULDQDFLGDGHGH6DOYDGRUDWÚPHDGRVGDGÚFDGDGH FRQVWLWXLQGRVHDVVLPGRLVJUDQGHVVXEHVSDØRVDTXLGHQRPLQDGRVGH PDFUR]RQDGD2UOD$WOÓQWLFDHDPDFUR]RQD1RUWH0LRORGDPHWUäSROH0DSD   $PDFUR]RQDGD2UOD$WOÓQWLFDÚIRUPDGDSHODPDLRUFRQFHQWUDØÔRGDV KDELWDØæHVGHUHQGDHOHYDGDVGHQXFOHDØæHVGHDWLYLGDGHVFRPHUFLDLVHGH VHUYLØRVPRGHUQRVGHDSRLRXUEDQRHUHJLRQDOHRQGHIRUDPUHDOL]DGRVPDLRUHV LQYHVWLPHQWRVQDLQIUDHVWUXWXUDGRVHVSDØRVTXDOLILFDQGRRVSDUDDWHQGHUÑV PÞQLPDVFRQGLØæHVGHKDELWDELOLGDGHHSDUDDWHQGHUDRVIOX[RVWXUÞVWLFRV UHJLRQDLVºXPHVSDØRTXHFRQWLQXDDVHUDGHQVDGRHDH[SDQGLUVHQD GLUHØÔRGROLWRUDOFRQVROLGDQGRHDPSOLDQGRRSURFHVVRGHFRQXUEDØÔRFRPRV PXQLFÞSLRVGH/DXURGH)UHLWDVH&DPDØDULDWUDYÚVGD(VWUDGDGR&RFR SULQFLSDOHL[RGHDUWLFXODØÔRHQWUHDPHWUäSROHHR/LWRUDOQRUWHGRHVWDGRXPD GDVUHJLæHVGHPDLRUSHUVSHFWLYDGHDPSOLDØÔRGRVHTXLSDPHQWRVWXUÞVWLFRVGD %DKLD $PDFUR]RQD1RUWH0LRORGLIHUHQWHPHQWHGDDQWHULRUFRQFHQWUDDPDLRULDGD SRSXODØÔRGHUHQGLPHQWRVLQIHULRUHVHUHJLæHVFRPEDL[DTXDOLILFDØÔRGHLQIUD HVWUXWXUDRQGHHVWÔRSUHVHQWHVQëFOHRVGHDWHQGLPHQWRGHVHUYLØRVYROWDGRV SDUDRDSRLRÑVDWLYLGDGHVLQGXVWULDLVHDRFRPÚUFLRDWDFDGLVWDUHJLRQDOH HTXLSDPHQWRVHVWUDWÚJLFRVGHDSRLRDRGHVHQYROYLPHQWRLQGXVWULDOHGH VHUYLØRVGDUHJLÔR3RUWRGH$UDWë'LVWULWR,QGXVWULDO8UEDQR',185%  (VWDØÔRGH7UDWDPHQWRGH5HVÞGXRV6äOLGRVGHDOFDQFHPHWURSROLWDQRHWF 6XDVSHUVSHFWLYDVGHFUHVFLPHQWRSHUPDQHFHPFRPRPHVPRSHUILOHFRP WHQGÛQFLDDFRQVROLGDUXPDFRQXUEDØÔRFRPRPXQLFÞSLRGH6LPæHV)LOKRH FRPR&HQWUR,QGXVWULDOGH$UDWë&,$ DRORQJRGRHL[RGHFLUFXODØÔRGD%5 DFHVVRSULQFLSDOÑPHWUäSROH

(VSDFLDOLGDGH'HVLJXDOGRV)OX[RVPXQGLDOL]DGRVHP 6DOYDGRU $WD[DGHLQFUHPHQWRSRSXODFLRQDOGH6DOYDGRUHQWUHHÚXPDVGDV PDLVEDL[DVGD5HJLÔR0HWURSROLWDQDHQTXDQWRTXHRVPXQLFÞSLRVTXHHVWÔR QRVHXHQWRUQRLPHGLDWRHFRPIRUWHFRQXUEDØÔRFRPVXDÒUHDRTXH GHQRPLQDPRVGH6DOYDGRU$PSOLDGDDSUHVHQWDPDVPDLRUHVWD[DVGH FUHVFLPHQWRQRWDGDPHQWRRPXQLFÞSLRGH/DXURGH)UHLWDVFRP VHJXLGRGH9HUD&UX] &DPDØDUL H6LPæHV)LOKR  (VVHVPXQLFÞSLRVIRUDPRVTXHDSUHVHQWDUDPDXPHQWRVUHODWLYRVQRFRQMXQWR GDSRSXODØÔRUHJLRQDOQRSHUÞRGR&DPDØDUL 'LDV'ಫ²YLOD/DXURGH)UHLWDVFRPPDLRUGHVWDTXH  H9HUD&UX]7DEHOD   7DEHODWD[D]GH&UHVFLPHQWRGRV0XQLFLSLRVGD5HJLÔR0HWURSROLWDQDGH6DOYDGRU 

 )RQWH,%*(&HQVR'HPRJUÒILFRGHH&RQWDJHQGH3RSXODØÔRGH

3RURXWURODGRGHQWURGRPXQLFÞSLRGH6DOYDGRUDVWHQGÛQFLDVGHFUHVFLPHQWR HVSDFLDOGDSRSXODØÔRREHGHFHPDXPSURFHVVRPDLVDYDQØDGRRXVHMDDV ÒUHDVGDSHULIHULDDSUHVHQWDPDVPDLRUHVWD[DVGHFUHVFLPHQWRHQTXDQWRTXH DVÒUHDVFHQWUDLVDSUHVHQWDPWD[DVQHJDWLYDVHVWÔRSHUGHQGRSRSXODØÔR GLIHUHQWHPHQWHGRFRQMXQWRGDFLGDGHTXHDSHVDUGHDSUHVHQWDUDPHQRUWD[D UHJLRQDODLQGDVHVLWXDQXPSDWDPDUGHFUHVFLPHQWR,VVRUHYHODFRPRR SURFHVVRHP6DOYDGRUÚPDLVFRPSOH[RHDYDQØDGRHPUHODØÔRDRVRXWURV PXQLFÞSLRVUD]ÔRSRUTXHVHWUDWDGHXPDTXHVWÔRUHOHYDQWHSDUDXPDDQÒOLVH HVSHFÞILFD $SDUWLUGDVPDQFKDVFHQWUDLVTXHUHSUHVHQWDYDPJUDQGHSDUWHGDFLGDGHGH XPVäFHQWURDWÚRLQÞFLRGDGÚFDGDGHKÒXPDPLJUDØÔRFRQVWDQWHGHVXD

SRSXODØÔRSDUDRXWUDVÒUHDVGDFLGDGH3RURXWURODGRDVÒUHDVFRPIRUWH SUHVHQØDGDDWLYLGDGHUXUDOQHVVHPHVPRSHUÞRGRTXHIRLSDOFRGD GHVFHQWUDOL]DØÔRGDFLGDGHQDVëOWLPDVGXDVGÚFDGDVHVWÔRREWHQGRRV PDLRUHVIOX[RVGHSHVVRDVFRPPDLRUÛQIDVHSDUDRVEDLUURVPDLVSHULIÚULFRV TXHFRUUHVSRQGHPDRVH[WUHPRVGRVGRLVPDLRUHVYHWRUHVGHH[SDQVÔR PXQLFLSDOSDUDDVIDL[DVGHUHQGDPDLVHOHYDGDVHDVLQIHULRUHV,WDSXÔH%5 UHVSHFWLYDPHQWH0DSD  

 (VVDFUHVFHQWHWD[DGHLQFUHPHQWRSRSXODFLRQDOMÒDSUHVHQWDXPTXDGURGH DORFDØÔRRQGHDV]RQDVFRPPDLRUFRQFHQWUDØÔRVHORFDOL]DPQRVEDLUURV GHVFHQWUDOL]DGRVQDVëOWLPDVGXDVGÚFDGDVHQTXDQWRTXHDV]RQDV ORFDOL]DGDVQRDQWLJRFHQWURUHSUHVHQWDPRVPDLVEDL[RVÞQGLFHVGHRFXSDØÔR GHSHVVRDV6HDQDOLVDUPRVDVGHQVLGDGHVGHSHVVRDVSRU]RQDSRGHPRV YHULILFDUTXHDVPDLRUHVWD[DVDLQGDVHHQFRQWUDPORJLFDPHQWHQDV LPHGLDØæHVGDVÒUHDVFHQWUDLVHTXHDVSRWHQFLDOLGDGHVGHFUHVFLPHQWRGDV ]RQDVSHULIÚULFDVDLQGDVÔREDVWDQWHVVLJQLILFDWLYDV 0DVSRGHPRVWDPEÚPREVHUYDUTXHRFUHVFLPHQWRSRSXODFLRQDOQÔRDWHQGHD XPDOäJLFDGHFRQWLQXLGDGHOLQHDUGDRFXSDØÔRGRFHQWURSDUDDSHULIHULDHVLP

PHVPRUHVSHLWDQGRHVVDGLUHØÔRDVWHQGÛQFLDVGHRFXSDØÔRRFRUUHPSRU VDOWRVRQGHDOJXPDV]RQDVSHULIÚULFDVWDQWRWÛPXPDWD[DGHFUHVFLPHQWR TXDQWRXPYROXPHPDLRUGHSRSXODØÔRGRTXHHP]RQDVORFDOL]DGDVQDV LPHGLDØæHVGDDQWLJDÒUHDFHQWUDO (VVHFUHVFLPHQWRSRUVDOWRVSUäSULRGDYDORUDØÔRHVSDFLDOGLIHUHQFLDGDÚ REWLGRSHODFRQMXQØÔRGRGHVORFDPHQWRGDVDWLYLGDGHVFRPHUFLDLVHGH VHUYLØRVGDDPSOLDØÔRGDLQIUDHVWUXWXUDIÞVLFDGDGLVSRQLELOLGDGHGHWHUUDVGH SROÞWLFDVJRYHUQDPHQWDLVGHLQYHVWLPHQWRVSHODVSRVVLELOLGDGHVGHHPSUHJR SHODVSHUVSHFWLYDVHPEXWLGDVQRLPDJLQÒULRGDSRSXODØÔRHSHODVFRQGLØæHV IÞVLFRDPELHQWDLVHFXOWXUDLVºXPPRYLPHQWRFRQMXQWRDUWLFXODGRH GLIHUHQFLDGRSDUDFDGDHVSDØRXUEDQRHQHVWHVSDUDFDGDVHJPHQWRGHUHQGD GDSRSXODØÔR0DSD  

 3RGHPRVFRQVWDWDUTXHDPDLRULDGDVFRQVWUXØæHVHVWÔRVLWXDGDVQD PDFUR]RQDGD2UOD0DUÞWLPDRTXHSHUPLWHLQIHULUDWHQGÛQFLDGHFRQVROLGDØÔR GDVXDRFXSDØÔRSRUIDL[DVGHUHQGDVPDLVHOHYDGDVVHQGRTXHGHQWURGHVWD PDFUR]RQDKÒXPDSUHGRPLQÓQFLDDEVROXWDSDUDDVÒUHDVFRPPDLRUHV

FRQFHQWUDØæHVGHDWLYLGDGHVWHUFLÒULDVHGHPDLRULQFUHPHQWRSRSXODFLRQDO 'XDVÒUHDVPHUHFHPGHVWDTXHHVSHFLDODV]RQDVQRHQWRUQRGR,JXDWHPL SULPHLURIRFRGHGHVFHQWUDOL]DØÔRFRPHUFLDOGDFLGDGHVQRVëOWLPRVDQRVH D]RQDGH,WDSXÔH[WUHPLGDGHGRYHWRUGHFUHVFLPHQWRGD2UODGH6DOYDGRUH TXHDSDUHFHFRPDVPDLVDOWDVWD[DVGHFUHVFLPHQWRSRSXODFLRQDO6RPHQWHR HQWRUQRGD]RQDGR,JXDWHPLFRQFHQWUDFHUFDGHGDÒUHDFRQVWUXÞGDSDUD UHVLGÛQFLDVQDFLGDGHEDVLFDPHQWHYROWDGDVSDUDDWHQGHUÑVPDLVDOWDVIDL[DV GHUHQGDHSDUDFRQVWUXØæHVGHVWLQDGDVDFRPÚUFLRHVHUYLØRVGHSRUWH UHJLRQDOHHPJUDQGHSDUWHÑEDVHGHHGLIÞFLRVPRGHUQRVRX6KRSSLQJV

&HQWHUV&RPXPDLPSRUWÓQFLDPHQRUPDVFRPGHVWDTXHQRUHVWDQWHGD FLGDGHD]RQDGH,WDSXÔGHWÚPDJUDQGHPDLRULDGDVFRQVWUXØæHVGDRUOD PDUÞWLPDGH6DOYDGRUTXHSRUVXDYH]GHWÚPDPDLRUFRQFHQWUDØÔRGH FRQVWUXØæHVGHVWLQDGDVDRVHWRUFRPHUFLDOHGHVHUYLØRVQDFLGDGHDOFDQØDQGR TXDVHHXPDSDUWLFLSDØÔRGHPDLVGHSDUDRVHWRUUHVLGHQFLDO1HVWD ]RQDDPDLRULDGDVKDELWDØæHVGLIHUHQWHPHQWHGDVLPHGLDØæHVGR,JXDWHPL RFRUUHPHPIRUPDGHFRQGRPÞQLRVIHFKDGRVHSURWHJLGRVSRUJXDULWDVGH VHJXUDQØDFRPWRGRVRVHTXLSDPHQWRVGHDSRLRWDOFRPRWDPEÚPYHP DFRQWHFHQGRDRORQJRGRVPXQLFÞSLRVTXHFRQIRUPDPHVVHYHWRUGHH[SDQVÔR HHVWÔRFRQXUEDGRVFRP6DOYDGRUIRUPDQGRDPHWUäSROHºXPYHWRUGH H[SDQVÔRTXHVHGLULJHSDUDDVÒUHDVDPELHQWDOPHQWHPDLVTXDOLILFDGDVGD UHJLÔRTXHSRVVXLDGHPDLVXPDORFDOL]DØÔRSULYLOHJLDGDHPUHODØÔRDRVSäORV LQGXVWULDLVHTXHÚFRQWHPSODGRFRPäWLPDDFHVVLELOLGDGHDRFHQWURFRPHUFLDOH GHVHUYLØRVGR,JXDWHPL'RSRQWRGHYLVWDFRPHUFLDOHGHVHUYLØRVQHVWD UHJLÔRDPDLRULDGDVFRQVWUXØæHVRFRUUHHPIRUPDGH6KRSSLQJ&HQWHUFRP SRUWHGHDWHQGLPHQWRORFDOHGHSDVVDJHPHFRPXPDWHQGÛQFLDDFRQFHQWUDU HTXLSDPHQWRVGHDSRLRÑVDWLYLGDGHVKDELWDFLRQDLVRTXHGÒÑ]RQDXPDFHUWD LQGHSHQGÛQFLDHPUHODØÔRDRXWUDVÒUHDVGDFLGDGH0DSD  

 6HWRPDUPRVRXWURÓQJXORGHDQÒOLVHRXVHMDDDUUHFDGDØÔRGR,&06TXH PHGHEDVLFDPHQWHRFRQVXPRHPTXHSHVHHPDOJXQVFDVRVWDPEÚPPHGLUD SURGXØÔR SRGHPRVLGHQWLILFDUTXHVHJXQGRDDUUHFDGDØÔRGH,&06SRU DWLYLGDGHHFRQåPLFDHQWUHH6DOYDGRUYHPFRQFHQWUDQGRIOX[RVHP UHODØÔRDWRGRRHVWDGRGD%DKLDSDVVDQGRGHXPDUHSUHVHQWDØÔRUHODWLYDGH SDUDGDDUUHFDGDØÔRGR,&06GHSURGXWRVLQGXVWULDOL]DGRVGH SDUDGDDWLYLGDGHFRPHUFLDOHGHSDUDGDV DWLYLGDGHVGHVHUYLØRV,VVRGHPRQVWUDRSURFHVVRGHUHFRQFHQWUDØÔRGHIOX[RV SDUDDPHWUäSROHHVHFRQVLGHUDUPRVDVXDGLVWULEXLØÔRGHQWURGDÒUHDXUEDQD SRGHPRVYHULILFDUTXHHVVHIHQåPHQRWDPEÚPYHPRFRUUHQGRQDGLUHØÔRGDV QXFOHDØæHVGHDWLYLGDGHVWHUFLÒULDVGHVFHQWUDOL]DGDVQDVGXDVëOWLPDV0DSD   

 6HFRQVLGHUDUPRVRFRQMXQWRGDV]RQDVGR,JXDWHPLHGH%URWDVRQGHRV YDORUHVWRPDGRVVHUHIHUHPSULQFLSDOPHQWHÑTXHOHVFRQFHQWUDGRVQRHQWRUQR GRGHQRPLQDGRVXEFHQWURGR,JXDWHPLSRGHPRVYHULILFDUTXHHOHV UHSUHVHQWDPGRWRWDOGR,&06LQGXVWULDOGHWRGRRHVWDGRGD%DKLDHP SDVVDQGRDUHSUHVHQWDUHP(QTXDQWRLVVRQDVDQWLJDVH ëQLFDVFRQFHQWUDØæHVWHUFLÒULDVGDFLGDGHDOÚPGHVHWHUXPDUHSUHVHQWDØÔR SRXFRVLJQLILFDWLYDDLQGDRFRUUHXXPDUHGXØÔRUHODWLYDQRSHUÞRGRFDLQGRGH SDUDHP6ÔR3HGURGHSDUDHP&RQFHLØÔRGD 3UDLDGHSDUDHP6DQWR$QWåQLRHGHSDUDQD &DOØDGD 3RUVHXWXUQRVHFRQVLGHUDUPRVDDUUHFDGDØÔRGH,&06GRVHWRUFRPHUFLDO SRGHPRVYHULILFDUTXHDWHQGÛQFLDWDPEÚPVHDSUHVHQWDGDPHVPDIRUPDTXH SDUDRVHWRULQGXVWULDOVäTXHGHXPDPDQHLUDPDLVVLJQLILFDWLYD2FRUUHXXPD TXHGDUHODWLYDGDSDUWLFLSDØÔRQDFRPHUFLDOL]DØÔRGHPHUFDGRULDVHPWRGDVDV ÒUHDVGRDQWLJRHëQLFRFHQWURGHFRPÚUFLRGDFLGDGHHXPDWHQGÛQFLDFDGD YH]PDLRUGHFUHVFLPHQWRUHODWLYRGDVFRQFHQWUDØæHVFRPHUFLDLVUHFHQWHVGD 2UOD3LWXEDLQFRUSRUDQGRXPDSDUWHGR,JXDWHPLHGD]RQDGH3LUDMÒRQGHIRL

LQVWDODGRR'LVWULWR,QGXVWULDO8UEDQRTXHFRQFHQWUDXPDJUDQGHSDUWHGR FRPÚUFLRDWDFDGLVWDGDFLGDGH$]RQD,JXDWHPL2UODUHSUHVHQWDYDGD DUUHFDGDØÔRGRFRPÚUFLRHPWRGRRHVWDGRHGHWRGDDFLGDGHHP SDVVDQGRSDUDHHPUHVSHFWLYDPHQWH(QTXDQWR LVVRDVFRQFHQWUDØæHVFRPHUFLDLVHGHVHUYLØRVGDDQWLJDÒUHDFHQWUDO &DOØDGD&RQFHLØÔRGD3UDLD6DQWR$QWåQLRH6ÔR3HGURH[SHULPHQWDUDP XPDTXHGDJHQHUDOL]DGDQDVVXDVSDUWLFLSDØæHVFRPRVHXFRQMXQWRFDLQGRGH SDUDHPUHODØÔRDRVHWRUGHQWURGDFLGDGH (QTXDQWRDDUUHFDGDØÔRGDDWLYLGDGHFRPHUFLDOGH6DOYDGRUDSUHVHQWRXXP VXDYHFUHVFLPHQWRGHHPSDUDHP DVDWLYLGDGHV GHVHUYLØRVWLYHUDPXPFUHVFLPHQWRHTXLYDOHQWHÑVDWLYLGDGHVLQGXVWULDLV SDVVDQGRGHHPSDUDHPUHVVDOWDQGRDLQGDPDLVD IRUWHDWUDØÔRGH6DOYDGRUHVXDWHQGÛQFLDGHUHFRQFHQWUDUIOX[RVGLDQWHGH RXWUDVFLGDGHEDLDQDVHDWÚGHRXWUDVUHJLæHVGR1RUGHVWHEUDVLOHLUR'HQWURGD FLGDGHDVDWLYLGDGHVGHVHUYLØRVQÔRWÛPXPFRPSRUWDPHQWRGLIHUHQFLDGRGDV RXWUDVDWLYLGDGHVMÒFRPHQWDGDV7DOFRPQRVRXWUDVFDVRVKRXYHXPD HOHYDØÔRGDSDUWLFLSDØÔRGDVÒUHDVGH%URWDVHGR,JXDWHPL2UODGLDQWHGR WRWDOHVWDGXDOHIUHQWHDRFRQMXQWRGRVHWRUQDFLGDGHFRQWUDXPDTXHGD VLVWHPÒWLFDGDVRXWUDVÒUHDVGDDQWLJDFLGDGH9DOHUHVVDOWDUDWHQGÛQFLDGH FUHVFLPHQWRHOHYDGRGRVVHWRUVHUYLØRVQD]RQDGD,JXDWHPL2UOD0DUÞWLPD TXHFUHVFHXGHSDUDHPUHODØÔRDRVHWRUQDFLGDGHRTXHVH DWULEXLDRIDWRGHTXHHVVHVXEHVSDØRDWUDLRVPDLRUHVHTXLSDPHQWRGRVHWRU GHVHUYLØRVYROWDGRVSDUDRDWHQGLPHQWRDRWXULVPROD]HUHUHFUHDØÔRHPWRGD DVXDERUGDFRPFUHVFLPHQWRVLJQLILFDWLYRGDVDWLYLGDGHVFRPHUFLDLVHGRV IOX[RVSRSXODFLRQDLVQD]RQDGH,WDSXÔ

&RQVROLGDØÔRHTXDOLILFDØÔRGRFKDVVL $LQWHQVLGDGHGRVIOX[RVPXQGLDOL]DGRVGDHFRQRPLDTXHHOHYRXDYHORFLGDGH GDSURGXØÔRGDFLUFXODØÔRHGDGLIXVÔRGDVPHUFDGRULDVYHPH[LJLQGRTXH WDQWRDVDWLYLGDGHVSURGXWLYDVTXDQWRRVHXHVSDØRGHUHDOL]DØÔRDOFDQFHP UDSLGDPHQWHXPJUDXGHFRPSHWLWLYLGDGHPDLRUSDUDDVXDUHSURGXØÔR 3DWURFLQDGRSHORVDYDQØRVWHFQROäJLFRVQRWDGDPHQWHQDÒUHDGDLQIRUPÒWLFD GDUREäWLFDHGRVPHLRVGHFRPXQLFDØÔRKÒXPSURFHVVRLQWHQVRGHPLJUDØÔR HVSDFLDOGDVXQLGDGHVGHSURGXØÔRHGHFRPHUFLDOL]DØÔRRUDFULDQGRQRYRV

HVSDØRVLQIUDHVWUXWXUDGRVTXHFRQVWLWXHPHVWUDWÚJLDVHVSHFLDLVH SRQWXDOL]DGDVSRUVHWUDWDUGHXQLGDGHVTXHFDUHFHPGHQRYRVLQYHVWLPHQWRV GHGHVFHQWUDOL]DØÔRHVSDFLDOSDUDHOHYDUVXDFDSDFLGDGHFRPSHWLWLYDFRP YLVWDVÑDPSOLDØÔRGHVHXVPHUFDGRVRUDUHIOXLQGRSDUDFRQFHQWUDUVHHP HVSDØRVFRPPDLRURIHUWDGHLQIUDHVWUXWXUDWDPEÚPSDUDVHWRUQDUHPPDLV FRPSHWLWLYDVVäTXHQHVWHFDVRSRUPHLRGDUHGXØÔRGRVHXVFXVWRVSDUD DVVHJXUDUDVIDWLDVGRPHUFDGRMÒFRQTXLVWDGDV&RPRHPDPERVRVFDVRV RVHPSUHHQGLPHQWRVGHSRUWHPDLRUHGHPHOKRUTXDOLILFDØÔRVREYDULDGRV DVSHFWRVFRPRYLPRVDQWHULRUPHQWH WHQGHPDDEVRUYHURVIOX[RVGDV XQLGDGHVPHQRUHVQDYHUGDGHRVGRLVFDVRVFDUUHJDPGHQWURGHVLRPHVPR UHVXOWDGRDFRQFHQWUDØÔRHVSDFLDOTXHSRUVXDYH]OHYDQRFåPSXWRJHUDO DRVHXHQ[XJDPHQWR ºRQH[RGHVVHPRYLPHQWRTXHSURPRYHXPDHVSDFLDOL]DØÔRGDFLGDGHGH 6DOYDGRUTXHVHGLIHUHQFLDGDVGXDVIDVHVDQWHULRUHVGDPHWUäSROH$JRUDD FLGDGHWHQGHDTXDOLILFDUDHVWUXWXUDPRQWDGDQDIDVHDQWHULRUDIDVHGD GHVFHQWUDOL]DØÔRRFRUULGDHQWUHPHDGRVGDGÚFDGDGHHTXHFRPSOHWDVHX FKDVVLEÒVLFRQRLQÞFLRGRVDQRV6HPGëYLGDDFLGDGHVHPSUHIRLSDOFRGH IOX[RVLQWHUQDFLRQDOL]DGRVGHÚSRFDVGLVWLQWDVHFRPSHUILVHSRUWHV GLIHUHQFLDGRV,VVRWHYHGHFHUWRPRGRXPDSDUWLFLSDØÔRQDIRUPDØÔRGDVXD HVWUXWXUDXUEDQDHPTXHSHVHDDEVROXWDSUHSRQGHUÓQFLDGDSUHVHQØDGH IOX[RVQDFLRQDLVRXQDFLRQDOL]DGRVQRVHXHVSDØR2FHUWRÚTXHDIRUDDV OLPLWDØæHVWÞSLFDVGHXPDHFRQRPLDJXDUQHFLGDHPFHUWDPHGLGDFRQWURODGD SHORDSDUHOKRHVWDWDORQH[RGRPRYLPHQWRGDHFRQRPLDFDSLWDOLVWD SHUPDQHFHDOWHUDGDVDVVXDVHVFDODVYHORFLGDGHVHDOJXQVSURFHGLPHQWRVGH UHSURGXØÔRRTXHSHUPLWHTXHDQRYDIDVHGRVIOX[RVJOREDOL]DGRVSRVVD HQFRQWUDURVODØRVHVSDFLDLVSUHSDUDGRVQDVIDVHVDQWHULRUHV ºHYLGHQWHTXHRSURFHVVRDLQGDÚUHFHQWHPDVSRURXWURODGRÚPXLWRYHOR] 7DPEÚPÚFHUWRTXHDVLQIRUPDØæHVQÔRHVWÔRVLVWHPDWL]DGDVGHIRUPDD SHUPLWLUPDLRUWUDQVSDUÛQFLDDQDOÞWLFDDRVIDWRVLQYHVWLJDGRVRTXHGLILFXOWDR DSURIXQGDPHQWRGHYÒULRVDVSHFWRVTXHHVWÔRSUHVHQWHVQDQRYDIDVHGH GHVHQYROYLPHQWRGDPHWUäSROH0DVSDUHFHFRUUHWRDILUPDUTXHRTXHKRMH RFRUUHÚXPPRYLPHQWRDFHOHUDGRGDVLQFOLQDØæHVHVSDFLDLVPDQLIHVWDGDVQDV ëOWLPDVGXDVGÚFDGDVVäTXHDJRUDFRPXPDWHQGÛQFLDGXSODDGD

DJXGL]DØÔRGRSURFHVVRGHFHQWUDOL]DØÔRHVSDFLDOGDVDWLYLGDGHVHFRQåPLFDV HVRFLDLVVREUHRVHVSDØRVUHFHQWHPHQWHGHVFHQWUDOL]DGRVH FRQFRPLWDQWHPHQWHXPDWHQGÛQFLDDXPDGHVFHQWUDOL]DØÔRGHDOJXPDV DWLYLGDGHVGHSRUWHVGLIHUHQFLDGRVSDUDIRUDGDPHWUäSROHWDOFRPRYHP RFRUUHQGRHPRXWUDVFLGDGHVGHPDLRUHQYHUJDGXUDHHVWÒJLRPDLVFRPSOH[R GHGHVHQYROYLPHQWR (PVÞQWHVHFRQVWDWDVHTXHKÒXPDIRUWHWHQGÛQFLDGHUHIRUØRQDRFXSDØÔRGH ]RQDVUHFHQWHPHQWHGHVFHQWUDOL]DGDVGDFLGDGHPRUPHQWHQD]RQDGR ,JXDWHPLHQDGLUHØÔRGH,WDSXÔ/DXURGH)UHLWDVHTXHHVVHPRYLPHQWRÚ FRQVWLWXÞGRSHODSUHVHQØDGHHTXLSDPHQWRVGHJUDQGHSRUWHGHFRUWHPRGHUQR HDUWLFXODGRVLQWHUUHJLRQDOPHQWHSRUWDQWRFRPSHWLWLYRVIUHQWHDHTXLSDPHQWRV TXHQÔRUHVLVWHPDRVIOX[RVJOREDOL]DGRV3RUVXDYH]DVKDELWDØæHVHVWÔR FDGDYH]PDLVSURWHJLGDVYHUWLFDOL]DGDVRXQÔRUHXQLGDVHPLOKDV GLIHUHQFLDGDVGDVJUDQGHVPDQFKDVRQGHKDELWDPDVSRSXODØæHVGDVIDL[DVGH UHQGDLQIHULRUHVHFDGDYH]PDLVQXPHURVDV

,QFOXVÔR'LIHUHQFLDGDQD*OREDOL]DØÔR $VDWLYLGDGHVHVHXVHTXLSDPHQWRVGHFRPHUFLDOL]DØÔRTXHHVWÔRVXEPHWLGRV DIOX[RVUHDOL]DGRVHPWHPSRUHDOSRGHPDORFDUVHGLSHUVDPHQWHQDFLGDGHQD EXVFDGHÒUHDVFRPPHQRUFXVWRVGHFLUFXODØÔRSRUH[HPSORQDVÒUHDV UHVLGHQFLDLVSUä[LPDVGRVPDLRUHVFHQWURVFRPHUFLDLVHDWÚQRDQWLJRH GHFDGHQWHFHQWURFRPHUFLDOGDFLGDGH6ÔRDWLYLGDGHVTXHQÔRH[LJHP DFHVVLELOLGDGHIÞVLFDSDUDSHVVRDVRXIOX[RVGHPHUFDGRULDVÑEDVHGHPHLRV GHGHVORFDPHQWRWUDQVSRUWH GHJUDQGHSRUWHºFHUWRWDPEÚPTXHDÒUHDGR DQWLJRFHQWURFRPHUFLDOSRGHUÒYLUDVHUREMHWRGHXPDVXEVWLWXLØÔRGHXVRV SHORFUHVFLPHQWRGHIOX[RVWXUÞVWLFRVHGDVVXDVGHPDQGDVSRUQRYRV HTXLSDPHQWRVGHDSRLRKRWÚLVEDUHVUHVWDXUDQWHVHWFHTXHSRGHP HQFRQWUDUDÞERDVSRVVLELOLGDGHVGHGHVHQYROYLPHQWRQRWDGDPHQWHSHOD SRWHQFLDOLGDGHSDUDH[SORUDØÔRGDVDWLYLGDGHVQÒXWLFDVGD%DÞDGH7RGRVRV 6DQWRV0DVWDPEÚPHVVHVIOX[RVWXUÞVWLFRVWHQGHPDHVSUDLDUVHQDGLUHØÔR GD2UOD1RUWHFRPRMÒYHPRFRUUHQGRKÒYÒULRVDQRVDPSOLDQGRDPHWUäSROH HPIRUPDGHFRQFHQWUDØæHVGHUHVRUWVTXHVHWRUQDPXPDFRQWLQXLGDGHGH HQFODYHVTXHDGHPDLVVHFRQVWLWXHPQXPDJUDQGHFRQFHQWUDØÔRXUEDQD IRUPDGDSHODFRQMXQØÔRGHSDUWHVGHVLJXDLVFRPSOHWDVGHQWURGHVLPHVPDVH

FRPPDLRUFDSDFLGDGHGHDUWLFXODØÔRFRPRXWUDVUHJLæHVGRSODQHWDGRTXH FRPRXWUDVÒUHDVGDSUäSULDPHWUäSROH +ÒPXLWRMÒSDVVRXDÚSRFDHPTXHDVFLGDGHVIXQFLRQDYDP SUHSRQGHUDQWHPHQWHFRPRSäORVXUEDQRVUHJLRQDLVRQGHDVVXDVHVWUXWXUDV IXQFLRQDYDPSDUDDWHQGHUÑVGHPDQGDVGHXPDHFRQRPLDHPTXHRVIOX[RV WHUULWRULDLVPDLVSUä[LPRVVREUHSXMDYDPRVIOX[RVLQWHUUHJLRQDLVHH[LJLDPTXH RFRQMXQWRGDVVXDVSDUWHVIXQFLRQDVVHPGHPDQHLUDFRPSOHPHQWDUH DUWLFXODGD4XDQGRRFRUULDXPFUHVFLPHQWRJUDGDWLYRGDHFRQRPLDTXHOKH GDYDVXVWHQWDØÔRFUHVFLDJUDGDWLYDHKRPRJHQHDPHQWHDFLGDGHHVXDV SDUFHODVUHVSRQGLDPÑDOWXUDºFHUWRTXHVHPSUHRFRUUHXDSUHVHQØDGHIOX[RV LQWHUQDFLRQDLVQDFLGDGHGH6DOYDGRUFRPRHPHVFDODVGLIHUHQFLDGDVHP YÒULDVRXWUDVPHWUäSROHVGRPXQGR3RUÚPKRMHHVVHVIOX[RVDVVXPLUDPXPD HVFDODTXHVXEVWLWXLGHWHUPLQDGDVDUWLFXODØæHVLQWHUQDVGDPHWUäSROHSRU DUWLFXODØÔRGHSDUWHVGHODFRPRXWUDVSDUWHVGRPXQGRDOWHUDQGRRFRQFHLWRGH HVWUXWXUDXUEDQDHORJLFDPHQWHVXDFRQILJXUDØÔRIÞVLFDHPTXHSHVHDLQGD RFRUUHUHPDVGXDVFRLVDVVLPXOWÓQHDHDVVRFLDGDPHQWH$VFLGDGHVWDOFRPR RFRUUHHP6DOYDGRUFRQWLQXDPGHFHUWRPRGRHHPFHUWDPHGLGDDSRODUL]DU IOX[RVGHVXDUHJLÔRHSRULVVRDSHUPDQHFHUHPWDPEÚPHPFHUWDPHGLGD VXERUGLQDGDVDDORFDØÔRHVSDFLDOGHDWLYLGDGHVTXHH[HUFHPHVVHSDSHO 3RUÚPHVVDIXQØÔRIRLDFUHVFLGDGHXPDRXWUDGHPDLRUUHOHYÓQFLDDGH DUWLFXODUIOX[RVGHYÒULDVRUGHQVHFRPYÒULRVRXWURVOXJDUHVGRPXQGR(VVD QRYDIXQØÔRH[LEHXPDQRYDIDFHWDGDVVXDVSDUWHVGDVXDHVSDFLDOLGDGH 6XDVSDUWHVVHXVOXJDUHVHVWÔRVXEPHWLGRVDGHPDQGDVGLIHUHQFLDGDVGH OXJDUHVGLVWLQWRVGRSODQHWDHVHQGRDVVLPSDVVDPDFUHVFHUWDPEÚPGH IRUPDGLIHUHQFLDGDÑPHGLGDTXHVHDOWHUDRPRYLPHQWRJHUDOHQÔRVäRGD HFRQRPLDUHJLRQDO2XVHMDRFHQWURFRPHUFLDOGR,JXDWHPL3LWXEDQÔRVHUYH VäÑFLGDGHGH6DOYDGRUPDVGHIRUPDDUWLFXODGDH[HFXWDVHUYLØRVSDUDWRGR RLQWHULRUGRHVWDGRSDUDRXWURVHVWDGRVHWDPEÚPSDUDRXWURVSDÞVHV (QTXDQWRLVVRRDQWLJR&RPÚUFLRRXUXDGR&RPÚUFLR QÔRFRQWLQXRXD H[SDQGLUVXDFDSDFLGDGHWDOFRPRDFRQWHFLDDWÚRLQÞFLRGRVDQRV$]RQD SRUWXÒULDDJRUDFRPPDLRUÛQIDVHHP$UDWXÚHOHPHQWRHVWUXWXUDQWHSDUDD SURGXØÔRGRVSäORVLQGXVWULDLVGDPDFURUUHJLÔRGH6DOYDGRUPDVWDPEÚPRÚ SDUDRHVFRDPHQWRGDSURGXØÔRGHYÒULDVUHJLæHVGRHVWDGRHDWÚGHRXWUDV

UHJLæHVGRSDÞV23HORXULQKRUHFXSHUDGRDWUDLIOX[RVGHSHVVRDVGDFLGDGH GRSDÞVHGHRXWURVSDÞVHVDVVXPLQGRXPSDSHOTXHH[WUDSRODDVXDDQWLJD IXQØÔRGHXPDVLPSOHVSDUFHODGDÒUHDFHQWUDO+RMHÚXPHQFODYHUHVVDOWDGR HOLEHUWDGRGDDQWLJD²UHD&HQWUDOFXMDFDSDFLGDGHGHJOREDOL]DUVHÚPXLWR LQIHULRUÑGHRXWUDVÒUHDVGDFLGDGHDQÔRVHUTXHYHQKDDDVVXPLUXPD IXQØÔRWXUÞVWLFDHQYROWDQXPDWRWDOLGDGHGHLQYHVWLPHQWRVIHLWRVSDUDHVWH PHVPRILPHPWRGRRYHOKRFHQWURQXPDHVFDODPXLWDVYH]HVPDLRUHPDLV DPSODGRTXHDTXHSRVVXLDWXDOPHQWH ,VWRTXHUGL]HUTXHGHWHUPLQDGDVSDUWHVGDFLGDGHHVWÔRVHGLVWDQFLDQGRGH RXWUDVQRTXHVHUHIHUHDRVHXSDSHOQRSURFHVVRGHPXQGLDOL]DØÔRGRVIOX[RV RTXHIDYRUHFHDXPDTXDOLILFDØÔRGLIHUHQFLDGDGHODV$VSDUWHVPDLVLQVHULGDV QRVQRYRVIOX[RVWHQGHPDPRGHUQL]DUVHFRPPDLRUÞPSHWRHVFDODHUDSLGH] GRTXHDVRXWUDVDHQ[XJDUVHXHVSDØRGHUHDOL]DØÔRDUHODFLRQDUVHFRP PDLRUÛQIDVHHQWUHVLHQRVHXFRQMXQWRFRPRXWUDVSDUWHVGRSODQHWDH WHQGHPILQDOPHQWHDH[LJLUQRYRVLQYHVWLPHQWRVHPLQIUDHVWUXWXUDFRP TXDOLILFDØÔRLQWHUQDHFDSDFLGDGHGHDUWLFXODØÔRFRPDVRXWUDVSDUWHTXH FRQVWLWXHPXPDUHGHHVSDFLDOSURWHJLGDHFRPXPDIOXLGH]DGHTXDGDÑ YHORFLGDGHHÑSUHVWH]DTXHRPRYLPHQWRPXQGLDOH[LJH$VSDUWHVTXHVH GLVWDQFLDPGHVVHSURFHVVRWHQGHPDDJXGL]DUVHXVSUREOHPDVGHLQIUD HVWUXWXUDVHUORFXVGHPRUDGLDGHXPDFUHVFHQWHSRSXODØÔRPDUJLQDOL]DGDGR SURFHVVRWHUFDUÛQFLDGHHTXLSDPHQWRVGHDSRLRGHVHJXUDQØDHWHQGHPD FULDUJXHWRVDUWLFXODGRVQXPDHVFDODLQLFLDOPHQWHORFDOPDVFRPLUUDGLDØæHV LQWHUQDFLRQDLVºH[DWDPHQWHHVWHWUDØRHVSHFÞILFRRTXHFDUDFWHUL]DFRPPDLV ULJRUHSUHFLVÔRDLQFOXVÔRGRSURFHVVRGHJOREDOL]DØÔRQDVQRYDVPHWUäSROHV DH[HPSORGH6DOYDGRU5HIHULPRQRVVäSDUDDUUHPDWDUDRHIHLWRFRQVLVWHQWH QHVVDVPHWUäSROHVGHLQVHULUHPVHQRSURFHVVRDWXDOGHJOREDOL]DØÔRÑFXVWD GHXPDLQFOXVÔRGLUHWDHGLIHUHQFLDGDGHVXDVÒUHDVLQWHUQDVFRPIOX[RV GLUHWDPHQWHDUWLFXODGRVFRPFHQWURVPXQGLDLVGHHPLVVÔRHYLFHYHUVD (VSHFLILFDPHQWHQDFLGDGHGH6DOYDGRUGHQWURGHXPSUD]RYLVÞYHOSRUTXDQWR RVKRUL]RQWHVGHSUHGLØÔRJHUDOIRUDPUHGX]LGRVSHODFRPSOH[LGDGHH YHORFLGDGHGRVDYDQØRVWHFQROäJLFRVQÔRGHYHUÒKDYHUDOWHUDØæHV VLJQLILFDWLYDVGRFKDVVLHVSDFLDOIRUPDGRQDVGXDVëOWLPDVGÚFDGDV0DVVHUÒ GHQWURGHODFRQWXGRH[SDQGLQGRVHSDUDRXWURVPXQLFÞSLRVGD2UOD1RUWHTXH

RFRUUHUÒXPDUHTXDOLILFDØÔRSDUDWRUQDUDOJXPDVGDVVXDVSDUWHVPDLV FRPSHWLWLYDV 3DUDFRQFOXLUOLJDØæHVGHÒUHDVHVSHFÞILFDVGHXPDFLGDGHFRPR6DOYDGRU FRPRXWUDVUHJLæHVGRSDÞVHDWÚGHRXWURVSDÞVHVSRGHWHUDFRQWHFLGRVHPSUH 1DSUäSULD6DOYDGRUVHPSUHIRLHYLGHQWHQRSDVVDGRXPDOLJDØÔRGHVVHWLSR PHGLDGDSHOD]RQDSRUWXÒULDHQWUHDVÒUHDVGR&RPÚUFLRHGR3HORXULQKRFRP ÒUHDVVLWXDGDVQDPHWUäSROHHXURSÚLDDWUDYÚVGHIOX[RVGHFLUFXODØÔRGH PHUFDGRULDVHFDSLWDOGLQKHLURJHUDGRVQDVLQVWÓQFLDVGRFRPÚUFLRGRDØëFDU SRUH[HPSOR2FRUUHTXHWDLVYLQFXODØæHVPHVPRVHQGRFRPRQRFDVR GRPLQDQWHVQRFRQWH[WRGDYLGDHFRQåPLFDGDFLGDGHHUDPOLJDØæHVVHPSUH HVSHFÞILFDVHXQLFHQWUDOL]DGDVDRSDVVRTXHQRFRQWH[WRGHXPDUHDOLGDGH FDSLWDOLVWDFRPSOHWDPHQWHPXQGLDOL]DGDFRPRÚDGHKRMHHVVDVSRQWHVGH FRQWDWRHQWUHÒUHDVGDVPHWUäSROHVPRGHUQDVHÒUHDVGHRXWUDVUHJLæHVHGH RXWURVSDÞVHVVHPXOWLSOLFDPHVHGLIXQGHPVLPXOWDQHDPHQWHQXPDPHVPD FLGDGH,VVRVHGHYHHYLGHQWHPHQWHÑQDWXUDOGLIHUHQFLDØÔRGDSODWDIRUPDGD SURGXØÔRFDSLWDOLVWDFRPELQDGDFRPHILFD]HVHUÒSLGRVPHLRVSRVWRVÑ GLVSRVLØÔRGRPRYLPHQWRFLUFXODWäULRHGLVSRVLØæHVXUEDQDVFRPRIRLDWÚDTXL GHPRQVWUDGR7DPEÚPGHYHVHUUHVVDOWDGRRIDWRGHTXHQÔREDVWDPWDLV OLJDØæHVVHSDUDGDVRXHQWUHFUX]DGDVHQWUHÒUHDVHVSHFÞILFDVGDFLGDGHGH 6DOYDGRUFRPRXWUDVUHJLæHVGRSDÞVRXFRPRXWURVSDÞVHVSDUDGHILQLUXP SDSHOUHJLRQDOSDUDDFLGDGHGRVDOYDGRUDWÚSRUTXHWDLVOLJDØæHV HVWDEHOHFLGDVVHPSUHÑEDVHGHIOX[RVFRPHUFLDLVSRGHPQÔRWHUVXDVRULJHQV HPSURFHVVRVSURGXWLYRVTXHSHUSDVVDPWRGDDUHJLÔR$UHGHILQLØÔRGHXP QRYRSDSHOUHJLRQDOSDUD6DOYDGRUSDVVDSHORDVVHQWDPHQWRGHSUHPLVVDV PDLVFRPSOH[DVHPDLVFRPSOHWDVDVTXDLVDWÚDTXLQÔRQRVSDUHFHYLVÞYHLV (VWDÚHLVVRGHYHVHUIUDQFDPHQWHUHFRQKHFLGRXPDTXHVWÔRQRYDGLIÞFLOGH VHUFRORFDGDPDLVDLQGDGLIÞFLOGHVHUUHVROYLGDHTXHQÔRREVWDQWHVXD SHUWLQÛQFLDDFHUFDGDTXDOHVWDPRVDEVROXWDPHQWHFRQYHQFLGRVHVWÒ WRWDOPHQWHDEHUWDÑLQVSHØÔRWHäULFD

 (VWHDUWLJRÚXPDVÞQWHVHGRWUDEDOKRDSUHVHQWDGRSHORVDXWRUHVQR96HPLQÒULR

,EHURDPHULFDQRGH,QYHVWLJDGRUHVHP*OREDOL]DØÔRH0HWUäSROHUHDOL]DGRQDFLGDGHGH 7ROXFD0Ú[LFRHPVHWHPEURGH 6HFUHWÒULR([HFXWLYRGR,QVWLWXWRGH3HVTXLVDV6RFLDLV(FRQåPLFDVH$PELHQWDLV,Q3(

PDLOHGJDUGSU#VYQFRPEUHHGJDUGSU#KRWPDLOFRP 3HVTXLVDGRUGR,Q3HSURIHVVRUGD8QLYHUVLGDGH&DWäOLFDGH6DOYDGRU%DKLD(

PDLOHGWHFD#XROFRPEU 1HVWHVHQWLGRDFULVHVRIULGDSHODFLGDGHGR5HFLIHÚLQFRPSDUDYHOPHQWHPDLRUGRTXHD

VRIULGDSRU6DOYDGRUDWÚSRUTXHDFULVHHFRQåPLFDVRIULGDSHORHVWDGRGH3HUQDPEXFRQDV GXDVëOWLPDVGÚFDGDVÚPXLWRPDLVJUDYHGRTXHDFULVHVRIULGDSHODHFRQRPLDEDLDQDQR PHVPRLQWHUYDORGHWHPSR FRPFDSLWDLVGHLJXDOFRPSRVLØÔRSHUFHQWXDOFRPLJXDOWD[DGHPDLVYDOLDHPHVPD

MRUQDGDGHWUDEDOKRDVWD[DVGHOXFURGHGRLVFDSLWDLVHVWÔRQDUD]ÔRLQYHUVDGHVHXVWHPSRV GHURWDØÔR 2HIHLWRGLUHWRGRHQFXUWDPHQWRGRWHPSRGHURWDØÔRVREUHDSURGXØÔRGHPDLV YDOLDSRUWDQWRWDPEÚPGHOXFURFRQVLVWHQDPDLRUHILFÒFLDTXHHOHFRQIHUHÑSDUWHYDULÒYHOGR FDSLWDO0DU[  'HYHVHUVDOLHQWDGRSDUDHYLWDUFRQFOXVæHVDSUHVVDGDVTXHDQRVVRMXÞ]RHVWH

GHVORFDPHQWRGHFDSLWDLVSDUDDSURGXØÔRGHSURGXWRVDXGLRYLVXDLVQÔRÚHQHPSRGHVHU XPDEVROXWRDWÚSRUTXHDVQHFHVVLGDGHVFDSLWDOLVWDVGDSURGXØÔRQÔRVHHVJRWDPQHODVH

QHPSRURXWURODGRDVGHFRQVXPRSURGXWLYRRXSHVVRDO'HRXWUDSDUWHWDPEÚPGHYHVHU GHVWDFDGRTXHHVWHQÔRÚRëQLFRHQHPFHUWDPHQWHRSULQFLSDOPRWLYRGRGHVORFDPHQWRGH JUDQGHPDVVDGHFDSLWDOGLQKHLURTXHXPDYH]GHVPRELOL]DGRVGDVRSHUDØæHVSURGXWLYDVÚ GHVYLDGDSDUDRVGRPÞQLRVGDVRSHUDØæHVILQDQFHLUDV 2SHQVDPHQWRJHRJUÒILFRXUEDQÞVWLFRHVRFLROäJLFRYXOJDUTXDQGRIDODGDDWUDØÔRTXHD

FLGDGHH[HUFHVREUHRFDPSRSURFXUDQGRFRPHVWDIäUPXODYD]LDHDEVWUDWDH[SOLFDURV PRYLPHQWRVPLJUDWäULRVGRFDPSRSDUDDFLGDGHMDPDLVVHGHWÛPDH[DPLQDURTXH H[DWDPHQWHRFRUUHQDFLGDGHSDUDTXHHODRXPHOKRUVXDDWLYLGDGHSURGXWLYDFRPVXD RUJDQL]DØÔRGRWUDEDOKRHGDSURGXØÔRHFRQVHTXHQWHPHQWHVXDFDSDFLGDGHGHDEVRUYHU GLUHWDHLQGLUHWDPHQWHSRUWDGRUHVGHIRUØDGHWUDEDOKRSRVVDFRQWDUFRPHVWDTXDVH PLVWLILFDGDHTXDVHVHPSUHPÒJLFDFDSDFLGDGHGHDWUDØÔRDVVLPFRPRVHHODUHVXOWDVVHGH XPDHVSÚFLHGHGHVOXPEUDPHQWRTXHRVKRPHQVGRFDPSRH[SHULPHQWDVVHPGLDQWHGR EULOKRHGRHVSOHQGRUGDVFLGDGHV  (P6DOYDGRUXPDSDUFHODSRQGHUÒYHOHFUHVFHQWHGDSRSXODØÔRXUEDQDTXHVHGHVORFDGRV

ORFDLVGHPRUDGLDHHVWXGRID]WDLVGHVORFDPHQWRVGLÒULRVDSÚ -RUQDO$7$5'(6DOYDGRU%DKLD &XULRVRQRWDUTXHQRVHLRGDFODVVHPÚGLDVREUHWXGRGDDOWDFODVVHPÚGLDRSHUDVHXPD

FHUWDFLUFXODØÔR&HUWRVVHJPHQWRVGHODDQWHVRFXSDGRVSRUSURILVVLRQDLVOLEHUDLVH HPSUHJDGRVEHPUHPXQHUDGRVHPXQLGDGHVGDYHOKDLQGëVWULDLQFHQWLYDGDGR3RORGR&,$ GD3HWUREUDVHWF VÔRKRMHVXEVWLWXÞGRVSHORPHQRVHPSDUWHSRUJHQWHQRYDDUWLVWDV LQWHOHFWXDLVHQRYÚLVHPSUHVÒULRVOLJDGRVÑPÞGLDHTXHH[SORUDPRPDLVQRYRHYLØRVRUDPR LQGXVWULDOGH6DOYDGRURUDPRFXOWXUDOOLJDGRÑFKDPDGD$[ÚPXVLFDRFDUQDYDOHD PDQLIHVWDØæHVVLPLODUHV7DPEÚPHVVHVVHJPHQWRVGHQRYRVULFRVVHJXHPRVSDVVRV HVSDFLDLVGDPDLRUEXUJXHVLDXUEDQDQRVVHXVFRQMXQWRVGHPRUDGLDIHFKDGRVHDOWDPHQWH VHJUHJDGRV ºH[DWDPHQWHQHVWDVFHUFDQLDVRQGHVHHQFRQWUDPRVEDLUURVPDLVSRSXORVRVGH6DOYDGRU

SULQFLSDOPHQWHRVHXVXEëUELRIHUURYLÒULRHPDYDQØDGRHVWDGRGHGHFDGÛQFLDH UHSUHVHQWDQGRFRPVHXVKDELWDQWHVGDGRVGH DÒUHDXUEDQDPDLVSRSXORVD GHWRGDD5HJLÔR0HWURSROLWDQDGH6DOYDGRU6REUHHVWDYDVWDHSRSXORVDÒUHDYHMDPRVRTXH QRVUHYHODXPDSHVTXLVDUHFHQWHYHULILFDVHTXHRQÞYHOGHUHQGDGR6XEëUELRIHUURYLÒULR  ÚPXLWREDL[RVHQGRDIDL[DGHDWÚVDOÒULRVPÞQLPRVHTXLYDOHQWHD86  FRUUHVSRQGHQWHDFHUFDGHGRVFKHIHVGHIDPÞOLDSHOR&HQVRGH 4XDQWRÒ RFXSDØÔRDPDLRUSDUWHGDSRSXODØÔRHQFRQWUDVHLQVHULGDQDHFRQRPLDLQIRUPDO%DFLDGR &REUH$YDOLDØÔR6äFLR$PELHQWDOH3URFHVVR+LVWäULFR3$1*($6DOYDGRUDEULOGH'HYH VHUUHVVDOWDGRTXHQHVWDÒUHDKDELWDYDPFHUFDGHGXDVGÚFDGDVDWUÒVPXLWRVWUDEDOKDGRUHV GDDQWLJD/HVWH%UDVLOHLURIHUURYLD GD3HWUREUÒVGR3ROR3HWURTXÞPLFRGR&HQWUR,QGXVWULDO GH$UDWXHWF &DUWDGR&HQWURGH3URMHWRVH(VWXGRV&3(Q¡6HFUHWDULDGR3ODQHMDPHQWR&LÛQFLDH

7HFQRORJLDGR(VWDGRGD%DKLD2VGDGRVIRUDPREWLGRVQD6XSHULQWHQGÛQFLDGH&RQWUROHH 2UGHQDPHQWRGR8VRGR6RORGR0XQLFÞSLRGR6DOYDGRU68&20 TXHQDSUÒWLFDFRQWUROD

DSHQDVDVFRQVWUXØæHVIRUPDLVGDFLGDGH&RPLVVRGHL[DVHGHFRQVLGHUDUDVFRQVWUXØæHV SRSXODUHVTXHHPWHUPRVTXDQWLWDWLYRVUHSUHVHQWDPRVPDLRUHVYDORUHVHPWHUPRVGHÒUHD FRQVWUXÞGDHP6DOYDGRU(QWUHWDQWRDVFRQVWUXØæHV IRUPDLVVÔRDVPDLVLPSRUWDQWHVGRSRQWR GHYLVWDGRSRUWHGDTXDOLGDGHHSRUWDQWRFRPPDLRUHVSRVVLELOLGDGHVGHUHHVWUXWXUDØÔRGR HVSDØRXUEDQRHPHWURSROLWDQR

%LEOLRJUDIÞD -DPHVRQ)UHGULF 3äV0RUGHUQLVPR$/äJLFD&XOWXUDOGR

&DSLWDOLVPR7DUGLR6ÔR3DXOR(GLWRUD²WLFD 0DU[.DUO 2&DSLWDO6ÔR3DXOR$EULO&XOWXUDO 3RUWR(GJDUG\(GPÞOVRQ&DUYDOKR ([FHUWRGR(VWXGRGH 5HGLPHQVLRQDPHQWRGR&HQWUR8UEDQRGD&LGDGHGH,WDEXQD 3UHIHLWXUD0XQLFLSDOGH,WDEXQD6DOYDGRU%DKLDWUDEDOKRQÔR SXEOLFDGR  BBBBBBBBBBB 0DFURUUHJLÔRGH6DOYDGRU6ÚULH(VWXGRVH

3HVTXLVDV1¡6DOYDGRU6XSHULQWHQGÛQFLDGH(VWXGRV(FRQåPLFRVH 6RFLDLVGD%DKLD6(,  BBBBBBBBBBB $(VSDFLDOL]DØÔRGD(FRQRPLD%DLDQDR0HUFRVXO

H2XWUDV5HJLæHV6ÚULH(VWXGRVH3HVTXLVDVQ¡$%DKLDHR 0HUFRVXO6DOYDGRU6(, BBBBBBBBBBB 5HIHUÛQFLDVSDUDXPD(VWUDWÚJLDGH

'HVHQYROYLPHQWR5HJLÔR6XGRHVWHGD%DKLD9LWäULDGD&RQTXLVWD 8QLYHUVLGDGH(VWDGXDOGR6XGRHVWHGD%DKLD