'(3$57$0(172'((67$'67,&$(,2*5$'2(1&,(1&,$6$0%,(17$/(6

(67$'67,&$

3UREOHPDV)XQGDPHQWRVGH3UREDELOLGDG(MHUFLFLR &RQVLGHUDQGR HO H[SHULPHQWR GH ODQ]DU XQD PRQHGD HTXLOLEUDGD HVWDEOHFHU HOiOJHEUD GH VXFHVRV IRUPDGD SRU ODV SDUWHV GHO HVSDFLR PXHVWUDO \ FDOFXODU OD SUREDELOLGDG GHREWHQHUFDUDFXDQGRUHDOL]DPRVXQODQ]DPLHQWR(MHUFLFLR6LVHUHDOL]DQODQ]DPLHQWRVGHXQDPRQHGDHTXLOLEUDGD&DOFXODUODVSUREDELOLGDGHVGH

2EWHQHUXQDFDUD 1RREWHQHUQLQJXQDFDUD 2EWHQHUDOPHQRVXQDFDUD 2EWHQHUFUXFHV

(MHUFLFLR(QHOODQ]DPLHQWRGHXQGDGRSHUIHFWRWRGDVODVFDUDVWLHQHQODPLVPDSRVLELOLGDGGHVDOLUHQFDGDODQ]DPLHQWR

&DOFXODUODSUREDELOLGDGGHREWHQHUXQ &DOFXODUODSUREDELOLGDGGHREWHQHUXQRXQ &DOFXODUODSUREDELOLGDGGHREWHQHUXQUHVXOWDGRSDU &DOFXODUODSUREDELOLGDGGHREWHQHUXQPHQRURLJXDOTXH &DOFXODUODSUREDELOLGDGGHREWHQHUXQUHVXOWDGRVXSHULRUD &DOFXODUODSUREDELOLGDGGHREWHQHUXQUHVXOWDGRSDU\QRPD\RUD &DOFXODUODSUREDELOLGDGGHREWHQHUXQUHVXOWDGRSDURLQIHULRURLJXDOD

6ROXFLRQHV8WLOL]DUHPRVODUHJODGH/DSODFHHQODREWHQFLyQGHORVUHVXOWDGRVGHHVWHHMHUFLFLRGDGRTXHVHWUDWDGHXQH[SHULPHQWRDOHDWRULRFRQXQLYHUVRILQLWR\HOHPHQWRVHTXLSUREDEOHV

6XFHVR$ REWHQHUXQ ^`3$

6XFHVR% REWHQHUXQRXQ ^` ^`8^`3% 2EVHUYDUTXHSRGUtDREWHQHUVHXVDQGR3^`3^`

6XFHVR& REWHQHUXQUHVXOWDGRSDU ^` ^`8^`8^`3&

6XFHVR' REWHQHUXQUHVXOWDGRPHQRURLJXDOTXH ^`3' 2EVHUYDUTXHSRGUtDREWHQHUVHXVDQGRTXH' %

6XFHVR( REWHQHUXQUHVXOWDGRPD\RUTXH ^`HVGHFLU( %3( 'HOPLVPRPRGRSRGUtDREWHQHUVHXVDQGRTXH( ' D 3( 3'

6XFHVR) REWHQHUXQUHVXOWDGRSDU\QRPD\RUD ^`3) 2EVHUYDUTXHHVWHVXFHVRHVODLQWHUVHFFLyQGH&\') &'

(OVXFHVRREWHQHUXQUHVXOWDGRSDURLQIHULRURLJXDODHVODXQLyQGHORVVXFHVRV&\'&8' ^`3&8' 2EVHUYDUTXHGHODSDUWDGRDQWHULRUWHQHPRVHOVXFHVRLQWHUVHFFLyQGH&\'SRU ORTXHWDPELpQSXHGHREWHQHUVHPHGLDQWHODSURSLHGDG

3&8' 3&3'3&'

(MHUFLFLR6HUHDOL]DQODQ]DPLHQWRVGHXQGDGR&DOFXODUODVVLJXLHQWHVSUREDELOLGDGHV /RVUHVXOWDGRVGHORVGRVSULPHURVODQ]DPLHQWRVVHDQ\FRQVHFXWLYDPHQWH /RVUHVXOWDGRVGHORVGRVSULPHURVODQ]DPLHQWRVVHDQ\LQGLVWLQWDPHQWH 2EWHQHUH[DFWDPHQWHXQ\XQHQDOJXQRGHORVODQ]DPLHQWRV (OVXFHVR$HVWiFRQVWLWXLGRSRUWRGRVORVODQ]DPLHQWRVSRVLEOHVHQORVTXHHOUHVXOWDGRHV

GH OD IRUPD [\ \ HO VXFHVR % SRU WRGRV ORV GH OD IRUPD [\ &DOFXODU ODSUREDELOLGDG3$8%

6ROXFLRQHV

2EVHUYDU TXH FDGD UHVXOWDGR GHO H[SHULPHQWR HVWi IRUPDGR SRU FXDWUR FRPSRQHQWHVRUGHQDGDVXQDSRUFDGDODQ]DPLHQWR$VtDOHVSHFLILFDUVyORORVGRVSULPHURVHOVXFHVRSHUPLWHFXDOTXLHUYDORUSRVLEOHSDUDHOWHUFHU\FXDUWRODQ]DPLHQWRHVGHFLU$ ^[\[\FXDOTXLHUYDORUGHOGDGR`

3[\ FDVRVIDYRUDEOHVFDVRVSRVLEOHV

3[\8[\ 3[\3[\ SXHVVRQVXFHVRVGLVMXQWRV

6L TXHUHPRV VyOR XQ \ VyOR XQ HQ HO UHVXOWDGR GH ORV FXDWUR ODQ]DPLHQWRV SULPHURYDPRVDYHUGHFXDQWDVPDQHUDVSRGHPRVFRORFDUHO\HOHQHOUHVXOWDGR3DUDHOORYDPRVDYHUFyPRFRORFDUSULPHURHO\OXHJRFRORFDGRpVWHFRORFDUHO3DUD

HOKD\VLWLRVFXDOTXLHUDGHORVFXDWURODQ]DPLHQWRV\SDUDHOTXHGDUiQVLWLRVGDQGRXQWRWDO GH SRVLELOLGDGHV &RPR HO SDSHO GHO \ HO VH SXHGHQ LQWHUFDPELDU GDQGR OXJDU DUHVXOWDGRVGLIHUHQWHVHQWRWDOKDEUiUHVXOWDGRVGLIHUHQWHVHQORVTXHKD\XQ\XQ

(QORVGRVODQ]DPLHQWRVUHVWDQWHVSXHGHREWHQHUVHFXDOTXLHUUHVXOWDGRHQWUHODVFDUDV

\SRUWDQWRVHUiQHQWRWDO UHVXOWDGRV$VtHQWRWDOWHQGUHPRV[ UHVXOWDGRVIDYRUDEOHV(QWRQFHVODSUREDELOLGDGSHGLGD

HV3$

6L $ ^[\ [\ ` \ % ^[\ [\ ` HQWRQFHV $% \ SRUWDQWRODSUREDELOLGDGGHODXQLyQHV

3$8% 3$3% (MHUFLFLR(OVXFHVRVHJXURHVWiIRUPDGRSRUODVOHWUDVDEFG\H$SDUWLUGHHVWDVVHYDQDIRUPDUDJUXSDPLHQWRVGHOHWUDVFRPREDGDORVTXHGHQRPLQDUHPRVSDODEUDVGHOHWUDV

&DOFXODUODSUREDELOLGDGGHTXHXQDSDODEUDFRQWHQJDODOHWUDDH[DFWDPHQWHYH] &DOFXODUODSUREDELOLGDGGHTXHXQDSDODEUDFRQWHQJDODOHWUDEDOPHQRVXQDYH] &DOFXODUODSUREDELOLGDGGHTXHXQDSDODEUDQRFRQWHQJDODOHWUDE &DOFXODUODSUREDELOLGDGGHTXHXQDSDODEUDWHQJDWRGDVVXVOHWUDVLJXDOHV &DOFXODUODSUREDELOLGDGGHTXHXQDSDODEUDWHQJDWRGDVVXVOHWUDVGLVWLQWDV &DOFXODUODSUREDELOLGDGGHTXHXQDSDODEUDWHQJDODIRUPD[FG\FXDQGR[H\QRSXHGHQ

VHULJXDOHVQLDFQLDG &DOFXODUODSUREDELOLGDGGHTXHXQDSDODEUDWHQJDODIRUPD[FG\ (OVXFHVR$HVWiFRQVWLWXLGRSRUWRGDVODVSDODEUDVGHOHWUDVTXHQRFRQWLHQHQODOHWUDD

\HOVXFHVR%SRUODVTXHQRFRQWLHQHQODOHWUDE&DOFXODUODSUREDELOLGDG3$8%(MHUFLFLR(QXQDXUQDKD\ERODVEODQFDV\QHJUDV

&XiOHVODSUREDELOLGDGGHTXHDOH[WUDHUXQDERODDOD]DUVHDEODQFD" &XiOHVODSUREDELOLGDGGHTXHQRVHDEODQFD" &XiOHVODSUREDELOLGDGGHTXHVHDQHJUD" &XiOHVODSUREDELOLGDGGHTXHVHDURMD" &XiOHVODSUREDELOLGDGGHTXHVHDEODQFDRQHJUD"

(MHUFLFLR(QXQDXUQDKD\ERODVEODQFDV\ERODVQHJUDV'HODPLVPDVHUHDOL]DQH[WUDFFLRQHVcon reem

plazamiento

&XiOHVODSUREDELOLGDGGHREWHQHUHOUHVXOWDGREEQ"&XiOHVODSUREDELOLGDGGHREWHQHUFXDOTXLHUUHVXOWDGRGLVWLQWRGHODQWHULRU"&XiOHVODSUREDELOLGDGGHREWHQHUXQRGHORVSRVLEOHVUHVXOWDGRVEE["&XiOHVODSUREDELOLGDGGHREWHQHUERODEODQFDDOPHQRV"&XiOHVODSUREDELOLGDGGHREWHQHUERODVQHJUDVFRPRPi[LPR"&XiOHVODSUREDELOLGDGGHREWHQHUXQUHVXOWDGRGHODIRUPDE[QGRQGH[SXHGHVHUER

Q"&XiOHVODSUREDELOLGDGGHREWHQHUERODEODQFDFRPRPi[LPR\ERODQHJUDFRPR

PtQLPR"&DOFXODUODSUREDELOLGDG3$8%VLHQGRORVVXFHVRV$\%

$ ^EE[[ DRQ`% ^QQ\\ DRQ`(MHUFLFLR(QXQDXUQDKD\ERODVEODQFDV\ERODVQHJUDV'HODPLVPDVHUHDOL]DQH[WUDFFLRQHVsin reem

plazamiento

&XiOHVODSUREDELOLGDGGHREWHQHUHOUHVXOWDGRQQE"&XiOHVODSUREDELOLGDGGHREWHQHUFXDOTXLHUUHVXOWDGRGLVWLQWRGHODQWHULRU"&XiOHVODSUREDELOLGDGGHREWHQHUXQRGHORVSRVLEOHVUHVXOWDGRVQQ["&XiOHVODSUREDELOLGDGGHREWHQHUERODEODQFDDOPHQRV"&XiOHVODSUREDELOLGDGGHREWHQHUERODVQHJUDVFRPRPi[LPR"&XiOHVODSUREDELOLGDGGHREWHQHUXQUHVXOWDGRGHODIRUPDE[QGRQGH[SXHGHVHUER

Q"&XiOHVODSUREDELOLGDGGHREWHQHUERODEODQFDFRPRPi[LPR\ERODQHJUDFRPR

PtQLPR"&DOFXODUODSUREDELOLGDG3$8%VLHQGRORVVXFHVRV$\%

$ ^EE[[ DRQ`% ^QQ\\ DRQ`(MHUFLFLR$GLIHUHQFLDGHOGDGRKRQHVWRFRQHOTXHKHPRVWUDEDMDGRHQORVSUREOHPDV\HQHVWHSUREOHPDWUDWDUHPRVFRQXQGDGRWUXFDGRXQGDGRHQHOTXHODVGLVWLQWDVFDUDVWLHQHQGLVWLQWDVSRVLELOLGDGHVGHVDOLUHQFDGDODQ]DPLHQWR8QFDVRGHHVWHWLSRGHGDGRVHVDTXpOHQHOTXHODSUREDELOLGDGGHFDGDFDUDHVSURSRUFLRQDODOQ~PHURGHGLFKDFDUDVL$

N HVHOVXFHVRREWHQHUODFDUDNHQWRQFHV3$

N WNGRQGHWHVXQQ~PHURFDUDFWHUtVWLFRGHODIRUPDHQTXHVHKDWUXFDGRHOGDGR

&DOFXODUHOYDORUGHOQ~PHURW&DOFXODUODSUREDELOLGDGGHGHREWHQHUXQ&DOFXODUODSUREDELOLGDGGHREWHQHUXQRXQ&DOFXODUODSUREDELOLGDGGHREWHQHUXQRXQyXQ&DOFXODUODSUREDELOLGDGGHREWHQHUXQUHVXOWDGRSDU&DOFXODUODSUREDELOLGDGGHREWHQHUXQUHVXOWDGRLPSDU&DOFXODUODSUREDELOLGDGGHQRREWHQHUQLQJXQRGHORVUHVXOWDGRVGHODSDUWDGRDQWHULRU

(MHUFLFLR3DUDDQDOL]DUODVFRQVHFXHQFLDVTXHWLHQHQGHWHUPLQDGRVKiELWRVGHORVFRQGXFWRUHVHQHOQ~PHURGHPXHUWHVSRUDFFLGHQWHVGHWUiILFRVHKDFRQVLGHUDGRFRPRVXFHVRVHJXURHOIRUPDGRSRUWRGRVORVFRQGXFWRUHV\FRPRVXFHVRVGHHVWXGLRORVVLJXLHQWHV$ ^FRQGXFLUVLQFLQWXUyQ`\% ^FRQGXFLUFRQXQtQGLFHGHDOFRKROHQVDQJUHPD\RUGH`6DELHQGRTXHODVSUREDELOLGDGHVGHORVVXFHVRV$%\$%VRQ3$ 3% \3$% UHVSHFWLYDPHQWHUHVSRQGHUDODVVLJXLHQWHVFXHVWLRQHV

'LEXMDUHQXQJUiILFRORVVXFHVRV$%$%

\HOVXFHVRVHJXUR&DOFXODUODVSUREDELOLGDGHV3$

\3%

&DOFXODU3$8%4XpFDUDFWHUtVWLFDVWLHQHQORVFRQGXFWRUHVGHOVXFHVR$8%"&DOFXODUODVSUREDELOLGDGHV3$%\3%$&DOFXODU3$8%XWLOL]DQGRORVUHVXOWDGRVGHODSDUWDGRDQWHULRU'LEXMDUHQXQJUiILFRORVVXFHVRV$%%$\$%4XpFDUDFWHUtVWLFDVWLHQHQORVFRQGXFWRUHVGHORVVXFHVRV$%\%$4XpVXFHVRVFRPSRQHQHOiOJHEUDHQJHQGUDGDSRUORVVXFHVRV$\%"

(MHUFLFLR3DUDDPSOLDUHOFDPSRGHHVWXGLRGHOH[SHULPHQWRDQWHULRUVHKDGHFLGLGRLQFOXLUHOVXFHVR& ^WHQHUyPiVDxRV`$GHPiVGHODVSUREDELOLGDGHVGDGDVRFDOFXODGDVHQVHFRQRFHQODVQXHYDVSUREDELOLGDGHV3& 3$& 3%& \3$%&

&DOFXODUODVSUREDELOLGDGHV3$8%8&3$8%\3%&

4XpFDUDFWHUtVWLFDVWLHQHQORVFRQGXFWRUHVTXHHVWiQHQFDGDXQRGHORVVXFHVRV$8 %

\%& "&DOFXODUODSUREDELOLGDGGH$%8&&DOFXODUODSUREDELOLGDGGH$8%&4XpFDUDFWHUtVWLFDVWLHQHQORVFRQGXFWRUHVTXHHVWiQHQFDGDXQRGHORVVXFHVRVGHORV

DSDUWDGRV\(MHUFLFLR(QXQDFLXGDGVHFRQVLGHUDTXHHODLUHHVWiHQXQPRPHQWRGDGRFXDQGRORVQLYHOHVGHDPRQtDFRR62

VXSHUDQGHWHUPLQDGRVOtPLWHV'HQRPLQDUHPRVSRU$\%ORVVXFHVRV$ ^HOQLYHOGHDPRQtDFRVXSHUDVXOtPLWH`\% ^HOQLYHOGH62

VXSHUDVXOtPLWH6HFRQRFHQODVVLJXLHQWHVSUREDELOLGDGHV3$ 3% \3$%

&DOFXODUODSUREDELOLGDGGHTXHHODLUHHVWpFRQWDPLQDGR'LEXMDUHQXQJUiILFRHOVXFHVR$8 %

&DOFXODUODSUREDELOLGDG3$8 %

4XpFDUDFWHUtVWLFDVWLHQHHODLUHFXDQGRVHUHDOL]DHOVXFHVR$8%

"'LEXMDUHQXQJUiILFRHOVXFHVR%$&DOFXODUODSUREDELOLGDG3%$4XpFDUDFWHUtVWLFDVWLHQHHODLUHFXDQGRVHUHDOL]DHOVXFHVR%$"&DOFXODUODSUREDELOLGDG3$%3%$4XpLQWHUSUHWDFLyQSXHGHGDUVHDODSUREDELOLGDGDQWHULRU"

(MHUFLFLR3DUDSURIXQGL]DUHQHOFRQRFLPLHQWRGHODFRQWDPLQDFLyQGHODLUHGHODVFLXGDGHVDORVVXFHVRV$\%GHOSUREOHPDVHKDDJUHJDGRFRPRWHUFHUHOHPHQWRFRQWDPLQDQWHHOTXHHOQLYHOGH&2

VXSHUHXGHWHUPLQDGROtPLWH$VRFLDGRDHVWHQXHYRIDFWRUVHFRQVLGHUDHOVXFHVR& ^HOQLYHOGH&2

VXSHUDVXOtPLWH`$GHPiVGHODVSUREDELOLGDGHVGDGDVRFDOFXODGDVGHOSUREOHPDDQWHULRUVHFRQRFHQODVQXHYDVSUREDELOLGDGHV3& 3$& 3%& \3$%&

&DOFXODUODSUREDELOLGDGGHTXHHODLUHQRHVWpFRQWDPLQDGR&DOFXODUODSUREDELOLGDGGHOVXFHVR$8%&4XpFDUDFWHUtVWLFDVWLHQHHODLUHFXDQGRVHUHDOL]DHOVXFHVR$8%&"&DOFXODUODSUREDELOLGDGGHOVXFHVR$8%&&DOFXODUODSUREDELOLGDGGHOVXFHVR$%8&

(MHUFLFLR'HGRVVXFHVRV$\%VHFRQRFHQODVVLJXLHQWHVSUREDELOLGDGHV3$ 3% \3$%

&DOFXODUODSUREDELOLGDG3%$&DOFXODUODSUREDELOLGDGGHOVXFHVR$FRQGLFLRQDGRSRUHOVXFHVR%&DOFXODUODVSUREDELOLGDGHV3$%

\3%$

4XpUHODFLRQHVH[LVWHQHQWUHODVSUREDELOLGDGHVFDOFXODGDV"6RQLQGHSHQGLHQWHVORVVXFHVRV$\%"

6ROXFLRQHV3%$ 3$%3$

,JXDOTXHHQHODSDUWDGRDQWHULRU3$% 3$%3%

(QSHULPHUOXJDUREVHUYDUTXH$VHSXHGHH[SUHVDUFRPRXQLyQGHVXFHVRVGLVMXQWRV

$ $%8$ \SRUWDQWR3$ 3$3$%$Vt3$ 3$ 3

$QiORJDPHQWH3% 3 %3

3%$3 SRUORTXH%$\ VRQVXFHVRVFRPSOHPHQWDULRV/RPLVPRFRQ$% \ %

3$% 3$3% SRUORTXHQRVRQLQGHSHQGLHQWHV(MHUFLFLR'RVVXFHVRVLQFRPSDWLEOHV$\%WLHQHQODVSUREDELOLGDGHVUHVSHFWLYDVGH\GHUHDOL]DUVH

&DOFXODUODVSUREDELOLGDGHVGHORVVXFHVRV$8%\GH$%6RQLQGHSHQGLHQWHV$\%"&DOFXODUODVSUREDELOLGDGHVGHORVVXFHVRV$%

\%$

6RQLQGHSHQGLHQWHV$\ %"

6RQLQGHSHQGLHQWHV%\$"

6ROXFLRQHV&DOFXODUODVSUREDELOLGDGHVGHORVVXFHVRV$8%\GH$%

(QSULPHUOXJDUREVHUYDPRVTXHQRVLQGLFDQTXHORVVXFHVRV$\%VRQLQFRPSDWLEOHVHVWRHVTXHQRSXHGHRFXUULUTXHHOUHVXOWDGRGHODH[SHULPHQWDFLyQXREVHUYDFLyQSHUWHQH]FDDDPERVVXFHVRVDODYH]$% \SRUFRQVLJXLHQWH3$% 3

$SDUWLUGHHVWHYDORUODSUREDELOLGDGGHOVXFHVRXQLyQHVGHFLUGHTXHHOUHVXOWDGRGHOH[SHULPHQWRXREVHUYDFLyQHVWpHQDOJXQRGHORVGRVVXFHVRV$R%HTXLYDOHDTXHHVWHHQDOJXQRGHORVGRV\DTXHHVLPSRVLEOHGHTXHSHUWHQH]FDDDPERVDOPLVPRWLHPSRHVGHFLU

3$8% 3$3% ORTXHLQGLFDTXHODXQLyQHVHOVXFHVRVHJXURWRGRUHVXOWDGRSRVLEOHHVWiHQDOJXQRGHORVGRVVXFHVRV$R%

6RQLQGHSHQGLHQWHV$\%"3DUDDQDOL]DUODLQGHSHQGHQFLDGHORVGRVVXFHVRVSRGHPRVXWLOL]DUODGHILQLFLyQGHO

FRQFHSWRGHLQGHSHQGHQFLDHVGHFLUHOVXFHVR$HVLQGHSHQGLHQWHGHO%VLQRWLHQHUHODFLyQDOJXQDFRQODRFXUUHQFLDGHOPLVPRHVWRHVTXHODSUREDELOLGDGGHRFXUUHQFLDGH$QRVHYHDIHFWDGDSRUTXHKD\DRFXUULGRRQR%3$% 3$3DUDHOORREVHUYDPRVTXH3$ \3$% 3$%3%

(YLGHQWHPHQWHODSUREDELOLGDGGHRFXUUHQFLDGH$HVWiDIHFWDGDSRUODGH%SRUORTXHQRVRQLQGHSHQGLHQWHVKD\GHSHQGHQFLDHQWUHHOORV

&DOFXODUODSUREDELOLGDGGHOVXFHVR$%

3DUDGHWHUPLQDUHVWDSUREDELOLGDGREVHUYDPRVTXH % %WRGRVORVUHVXOWDGRVTXHQR

HVWiQHQ%$Vt3 % 3% 3$\$\%VRQLQFRPSDWLEOHVSRUORTXH%

$'HHVWDIRUPD

3$ % 3$$ 3$$3$

GDGRTXHXWLOL]DUODLQIRUPDFLyQDSULRULGHTXHHOUHVXOWDGRHVWiHQ$KDFHVHJXURTXHODRFXUUHQFLDGH$HQODH[SHULPHQWDFLyQXREVHUYDFLyQ

6RQLQGHSHQGLHQWHV$\ %"

$SDUWLUGHODSDUWDGRDQWHULRUHVFODURTXHQRVRQLQGHSHQGLHQWHV\DTXH% $SRUORTXH

3$ % 3$

(QFXDOTXLHUFDVRWDPELpQVHSXHGHREWHQHUSRUHODSDUWDGR\DTXHVLIXHVHQ

LQGHSHQGLHQWHV$\ %WDPELpQWHQGUtDQTXHVHUOR$\%\\DKHPRVYLVWRHQTXHQRORVRQ

(MHUFLFLR/DXQLyQGHORVVXFHVRVLQGHSHQGLHQWHV$\%WLHQHXQDSUREDELOLGDG\ODVSUREDELOLGDGHVGHFDGDXQRGHHOORVVRQ\UHVSHFWLYDPHQWH

&DOFXODUODSUREDELOLGDGGHODLQWHUVHFFLyQGHDPERVVXFHVRV6RQLQFRPSDWLEOHVODVSDUHMDVGHVXFHVRVGHFDGDXQDGHODVSDUHMDV$\%$\%

$\

%"6ROXFLRQHV

3DUDFDOFXODUODSUREDELOLGDGGHODLQWHUVHFFLyQGHDPERVVXFHVRVWHQHPRVTXH3$8% HVODSUREDELOLGDGGHRFXUUHQFLDGHTXHXQUHVXOWDGRHVWpHQDOJXQRGHORVGRVVXFHVRV$R%RHQDPERVDODYH]GDGRTXH

3$8% 3$3%3$%3RUORTXH

3$% 3$3%3$8%

(YLGHQWHPHQWHSRUHODSDUWDGRWHQHPRVTXH$\%QRVRQLQFRPSDWLEOHV\DTXH3$% \VLIXHVHQLQFRPSDWLEOHVHQWRQFHV$% \HOYDFtRWLHQHSUREDELOLGDGQXOD$VLPLVPRSDUDYHUODLQFRPSDWLELOLGDGGH$\%

WHQHPRVTXHODLQWHUVHFFLyQGHDPERVHVWiGHWHUPLQDGDSRUODRFXUUHQFLDGHXQUHVXOWDGRTXHSHUWHQHFHDDPERVVXFHVRVDODYH]HVGHFLUTXHHVWiHQ$\QRHQ%SRUORTXHSRGtDPRVUHSUHVHQWDUHOWRWDOGH$FRPRODSDUWHGH$TXHWDPELpQHVWiHQ%XQLGDGHIRUPDH[FOX\HQWHDODSDUWHGH$TXHQRHVWiHQ%

3$ 3$%3$ %

'HGRQGHVHGHGXFHTXH3$ %

3$3$%

(MHUFLFLR(QXQDXUQDKD\ERODVEODQFDV\ERODVQHJUDV/RVVXFHVRVH[WUDHUERODEODQFD\H[WUDHUERODQHJUDVHGHQRPLQDQ%\1UHVSHFWLYDPHQWH'HGLFKDXUQDVHUHDOL]DQGRVH[WUDFFLRQHVsin reem

plazamiento

&DOFXODUODSUREDELOLGDGGHREWHQHUXQDERODQHJUDHQODVHJXQGDH[WUDFFLyQVLHQODSULPHUDVHREWXYRXQDERODEODQFD

&DOFXODUODSUREDELOLGDGGHREWHQHUXQDERODQHJUDHQODVHJXQGDH[WUDFFLyQ(MHUFLFLR(QXQDXUQDKD\ERODVEODQFDV\ERODVQHJUDV\HQRWUDXUQDKD\ERODVEODQFDV\ERODVQHJUDV/RVVXFHVRVH[WUDHUERODEODQFD\H[WUDHUERODQHJUDVHGHQRPLQDQ%\1UHVSHFWLYDPHQWH6HHOLJHXQDXUQDDOD]DU\GHGLFKDXUQDVHH[WUDHXQDERODDOD]DU

&DOFXODUODSUREDELOLGDGGHTXHODERODREWHQLGDVHDEODQFD&DOFXODUODSUREDELOLGDGGHTXHODERODREWHQLGDVHDQHJUD6LODERODH[WUDtGDHVEODQFDGHTXpXUQDSURFHGHPiVSUREDEOHPHQWH"

6ROXFLRQHV6LHQGR8

\8 ORVVXFHVRVREWHQHUODSULPHUDXUQD\REWHQHUODVHJXQGDXUQD

UHVSHFWLYDPHQWHODVSUREDELOLGDGHVGHFDGDXQRGHHOORVVRQLJXDOHV38

38

/DVSUREDELOLGDGHV3%8 \3%8

VHREWLHQHQSRUPHGLRGHODUHJODGH/DSODFH3%8

\3%8 (QWRQFHVXWLOL]DQGRODIyUPXODGHODSUREDELOLGDGWRWDOUHVXOWD

3% 3%8 38

3%8 38

6XVWLWX\HQGRHQHOUD]RQDPLHQWRGHODSDUWDGRDQWHULRU1SRU%REWHQHPRV

318 \318

8WLOL]DQGRGHQXHYRODIyUPXODGHODSUREDELOLGDGWRWDOUHVXOWDODSUREDELOLGDG31 318

38 318

38

8WLOL]DUHPRVODIyUPXODGH%D\HVSDUDFDOFXODUODVSUREDELOLGDGHV38

%\38 %

UHFXUULHQGRDDOJXQRVGHORVUHVXOWDGRVGHORVDSDUWDGRV\

P

BU

PU

PU

BP

B

P

BU

PU

PU

BP

B

REWHQLHQGRTXH38 %!38

%SRUORTXHHVPiVSUREDEOHTXHODERODVHDGHODXUQD(MHUFLFLR 6HGLVSRQHGHXUQDVFRQWHQLHQGRERODVEODQFDV\QHJUDVHQGLVWLQWDSURSRUFLyQ'HQRPLQDQGRSRU8

8 8

8 \8

DHVWDVVXVFRPSRVLFLRQHVUHVSHFWLYDVVRQEQEQEQEQ

6HHOLJHXQDXUQDDOD]DU\VLQGHWHUPLQDUVXFRPSRVLFLyQVHH[WUDHXQDERODGHODPLVPD/DERODREWHQLGDHVEODQFD&XiOHVODXUQDGHSURFHGHQFLDFRQPi[LPDSUREDELOLGDG"

6LHOHJLPRVXQDXUQDDOD]DU\GHHVWDH[WUDHPRVXQDERODDOD]DUFXiOHVODSUREDELOLGDGGHOVXFHVR% ^H[WUDHUXQDERODEODQFD`"

6HHOLJHXQDXUQDDOD]DU\VLQGHWHUPLQDUVXFRPSRVLFLyQVHH[WUDHQFRQUHHPSOD]DPLHQWRGRVERODVGHODPLVPD/DSULPHUDERODREWHQLGDHVEODQFD\ODVHJXQGDQHJUD&XiOHVODXUQDGHSURFHGHQFLDFRQPi[LPDSUREDELOLGDG"

6LHOHJLPRVXQDXUQDDOD]DU\GHHVWDUHDOL]DPRVGRVH[WUDFFLRQHVDOD]DUFRQUHHPSOD]DPLHQWRFXiOHVODSUREDELOLGDGGHOVXFHVR+ ^ODSULPHUDERODH[WUDtGDHVEODQFD\ODVHJXQGDERODH[WUDtGDHVQHJUD`"

6RQLQGHSHQGLHQWHVORVVXFHVRV%\+"6HHOLJHXQDXUQDDOD]DU\VLQGHWHUPLQDUVXFRPSRVLFLyQVHH[WUDHQVLQ

UHHPSOD]DPLHQWRGRVERODVGHODPLVPD/DSULPHUDERODREWHQLGDHVEODQFD\ODVHJXQGDQHJUD&XiOHVODXUQDGHSURFHGHQFLDFRQPi[LPDSUREDELOLGDG"

(MHUFLFLR6XSRQJDPRVTXHGLVSRQHPRVGHGLVWLQWRQ~PHURGHFDGDXQDGHODVXUQDVGHOSUREOHPDDQWHULRU(QFRQFUHWRGLVSRQHPRVGHXUQDVGHOWLSR8

GHOWLSR8 GHOWLSR8

GHOWLSR8

\GHOWLSR8

6LHOHJLPRVXQDXUQDDOD]DU\GHHVWDH[WUDHPRVXQDERODDOD]DUFXiOHVODSUREDELOLGDGGHOVXFHVR% ^H[WUDHUXQDERODEODQFD`"

6LHOHJLPRVXQDXUQDDOD]DU\GHHVWDUHDOL]DPRVGRVH[WUDFFLRQHVDOD]DUFRQUHHPSOD]DPLHQWRFXiOHVODSUREDELOLGDGGHOVXFHVR+ ^ODSULPHUDERODH[WUDtGDHVEODQFD\ODVHJXQGDERODH[WUDtGDHVQHJUD`"

6RQLQGHSHQGLHQWHVORVVXFHVRV%\+"(MHUFLFLR(QXQDDVLJQDWXUDFXDOTXLHUD;GHGH&LHQFLDV$PELHQWDOHVODFDUJDGRFHQWHGHFDGDDOXPQRHVGHKRUDVVHPDQDOHVHQWUHSUHVHQFLDOHV\QRSUHVHQFLDOHVGHVHiQGRVHFDOFXODUODSUREDELOLGDGGHDSUREDUODDVLJQDWXUDHQIXQFLyQGHOWUDEDMRUHDOL]DGR'HQRPLQDQGRSRU%HOVXFHVRIRUPDGRSRUWRGRVORVDOXPQRVTXHWUDEDMDQRPiVKRUDV\SRU$HOVXFHVRDOXPQRVTXHDSUXHEDQVHFRQRFHQODVVLJXLHQWHVSUREDELOLGDGHV3$ 3% \3$%

&DOFXODUODSUREDELOLGDGGHTXHDSUXHEHXQDOXPQRTXHWUDEDMDPHQRVGHKRUDVVHPDQDOHV

&DOFXODUODSUREDELOLGDGGHTXHXQDOXPQRTXHKDVXVSHQGLGRKD\DWUDEDMDGRPiVGHKRUDVVHPDQDOHV

&DOFXODUTXHSUREDELOLGDGGHDSUREDUWLHQHXQDOXPQRHOHJLGRDOD]DU6RQLQGHSHQGLHQWHVORVVXFHVRV$\%"

(MHUFLFLR(QUHODFLyQDORVSUREOHPDVVREUHORVDFFLGHQWHVGHWUiILFRHMHUFLFLRV\FRQVLGHUDPRVDKRUDHOVXFHVR0FRQVWLWXLGRSRUWRGRVORVPXHUWRVHQDFFLGHQWHGHWUiILFR6HFRQRFHQORVVLJXLHQWHVGDWRVUHODWLYRVDIDOOHFLPLHQWRV

xQROOHYDEDQHOFLQWXUyQGHVHJXULGDG

xH[FHGtDQORVOtPLWHVGHDOFRKROHQVDQJUH

xWHQtDQPHQRVGHDxRV

xQROOHYDEDQHOFLQWXUyQGHVHJXULGDG\H[FHGtDQORVOtPLWHVGHDOFRKROHQVDQJUH

xQROOHYDEDQHOFLQWXUyQGHVHJXULGDG\HUDQPHQRUHVGHDxRV

xH[FHGtDQORVOtPLWHVGHDOFRKROHQVDQJUH\HUDQPHQRUHVGHDxRV

xQROOHYDEDQHOFLQWXUyQGHVHJXULGDGH[FHGtDQORVOtPLWHVGHDOFRKROHQVDQJUH\HUDQPHQRUHVGHDxRV

&DOFXODUODVSUREDELOLGDGHVGHOVXFHVR0HQFDGDXQDGHODVFRQGLFLRQHVHVSHFLILFDGDVPiVDEDMRVREUHODVFDUDFWHUtVWLFDVGHOFRQGXFWRU

1ROOHYDHOFLQWXUyQGHVHJXULGDG6REUHSDVDORVOtPLWHVGHDOFRKROHQVDQJUH/OHYDHOFLQWXUyQGHVHJXULGDG\WLHQHPHQRVGHDxRV/OHYDHOFLQWXUyQGHVHJXULGDGRWLHQHPHQRVGHDxRV1ROOHYDHOFLQWXUyQGHVHJXULGDGVREUHSDVDORVOtPLWHVGHDOFRKROHQVDQJUH\WLHQHR

PiVDxRV