5(9,67$',*,7$/'(,&212*5$)Ë$0(',(9$/ 35(6(17$&,Ï1 /D5HYLVWD'LJLWDOGH,FRQRJUDItD0HGLHYDO5',0HVUHVXOWDGRGHODVVXFHVLYDVHGLFLRQHVGHO3UR\HFWR GH,QQRYDFLyQ\0HMRUDGHOD&DOLGDG'RFHQWH8&0%DVHGHGDWRVGLJLWDOGHLFRQRJUDItDPHGLHYDOYLJHQWHDOR ODUJRGHORVFXUVRV\ 5',0HVXQDSXEOLFDFLyQGHGLFDGDDOHVWXGLRGHODLPDJHQPHGLHYDOTXHSUHWHQGHDERUGDUORVSULQFLSDOHV WHPDV GH VX UHSHUWRULR %LEOLD \ DSyFULIRV EHVWLDULR KDJLRJUDItD WHPiWLFD SURIDQD \ FLHQWtILFD LFRQRJUDItD LVOiPLFDHWFFRQHOILQGHSRQHUGHUHOLHYHODULTXH]D\YDULHGDGGHODUWHPHGLHYDO&DGDXQRGHORVDUWtFXORV SXEOLFDGRVSUHVHQWDXQGREOHSHUILOLQYHVWLJDGRU\GRFHQWHDOHQWHQGHUTXHDPEDVIDFHWDVVRQFRPSOHPHQWDULDV HQHOiPELWRGHODSURGXFFLyQFLHQWtILFD 5',0HVXQDSXEOLFDFLyQGLJLWDODGVFULWDDOJUXSRGHLQYHVWLJDFLyQ8&0/DLPDJHQPHGLHYDOHVSDFLR IRUPD \ FRQWHQLGR Q IXQGDGD HQ HO DxR \ GH SHULRGLFLGDG VHPHVWUDO (VWi GLULJLGD D LQYHVWLJDGRUHVGRFHQWHV\DOXPQRVXQLYHUVLWDULRVLQWHUHVDGRVSRUODFXOWXUDYLVXDOPHGLHYDO '$726'(&217$&72 'LUHFFLyQSRVWDO 'HSDUWDPHQWRGH+LVWRULDGHO$UWH, )DFXOWDGGH*HRJUDItDH+LVWRULD 8QLYHUVLGDG&RPSOXWHQVHGH0DGULG &LXGDG8QLYHUVLWDULD F3URIHVRU$UDQJXUHQVQ 0DGULG 7HOpIRQR (PDLOLUJRQ]DO#JKLVXFPHV 3iJLQDZHE KWWSZZZXFPHVFHQWURVZHEVGLQGH[SKS"WS 3UR \HFWRVGH,QQRYDFL)Q'RFHQWHD GRFHQFL DG SKS 'LUHFWRUD 6HFUHWDULR ,UHQH*RQ]iOH]+HUQDQGRLUJRQ]DO#JKLVXFPHV )UDQFLVFRGH$VtV*DUFtD*DUFtDIGDJDUFLD#JKLVXFPHV &RQVHMRHGLWRULDO ,UHQH*RQ]iOH]+HUQDQGR8QLYHUVLGDG&RPSOXWHQVHGH0DGULGLUJRQ]DO#JKLVXFPHV +HOHQD&DUYDMDO*RQ]iOH]8QLYHUVLGDG&RPSOXWHQVHGH0DGULGKFDUYDMDO#JKLVXFPHV 1RHOLD6LOYD6DQWD&UX]8QLYHUVLGDG&RPSOXWHQVHGH0DGULGQVLOYD#JKLVXFPHV )UDQFLVFRGH$VtV*DUFtD*DUFtD8QLYHUVLGDG&RPSOXWHQVHGH0DGULGIGDJDUFLD#JKLVXFPHV &RQVHMRDVHVRU &DUPHQ)UDFFKLD%LUNEHFN&ROOHJH8QLYHUVLW\RI/RQGRQ %RUMD)UDQFR/ORSLV8QLYHUVLWDWGH9DOqQFLD &DWKHULQH1LFRODV8QLYHUVLWp3DXO9DOpU\±0RQWSHOOLHU,,, 0DUWtQ5tRV6DORPD8QLYHUVLGDG1DFLRQDO$XWyQRPDGH0p[LFR $QQH*DEULHOOHGHOD5RFKHOOH$L[0DUVHLOOH8QLYHUVLWp 6DQGUD6iHQ]/ySH]3pUH]&&+6&RQVHMR6XSHULRUGH,QYHVWLJDFLRQHV&LHQWtILFDV0DGULG (QWLGDGHGLWRUD *UXSRGHLQYHVWLJDFLyQ8&0³/DLPDJHQPHGLHYDOHVSDFLRIRUPD\FRQWHQLGR´Q 'HSDUWDPHQWRGH+LVWRULDGHO$UWH,)DFXOWDGGH*HRJUDItDH+LVWRULD 8QLYHUVLGDG&RPSOXWHQVHGH0DGULG &LXGDG8QLYHUVLWDULD F3URIHVRU$UDQJXUHQVQ 0DGULG 7HOpIRQR $\XGDQWHVGHHGLFLyQ\PDTXHWDFLyQ )UDQFLVFRGH$VtV*DUFtD*DUFtD'LDQD/XFtD*yPH]&KDFyQ'LDQD2OLYDUHV0DUWtQH] H,661;(GLFLyQLPSUHVD,661±'HSyVLWROHJDO0 ,PDJHQGHFXELHUWDV*XLOOHUPR,,FRURQDGRSRU&ULVWRFDWHGUDOGH0RQUHDOH,WDOLD>IRWR)FRGH$VtV*DUFtDGLVHxR/XLV/ySH]GHO+LHUUR@ 5(9,67$',*,7$/'( ,&212*5$)Ì$0(',(9$/ H,661; 9ROXPHQ9Q /D9LUJHQGHOD/HFKH 680$5,2 3iJLQDV /DXUD52'5Ë*8(=3(,1$'2 ,JOHVLD\6LQDJRJD )UDQFLVFRGH$VtV*$5&Ë$*$5&Ë$ (OLQIDQWLFLGLR ,UHQH*21=È/(=+(51$1'2 6DQ2ODIUH\GH1RUXHJD +HOHQD&$59$-$/*21=È/(= 6DQWR7RPiV%HFNHW 0DUWD32=$<$*h( /RVVLPLRV 0yQLFD$QQ:$/.(59$',//2 /D9LUJHQGHOD/HFKH/DXUD5RGUtJXH]3HLQDGR /$9,5*(1'(/$/(&+( /DXUD52'5Ë*8(=3(,1$'2 8QLYHUVLGDG&RPSOXWHQVHGH0DGULG 'SWRGH+LVWRULDGHO$UWH,0HGLHYDO OUSHLQDGR#JKLVXFPHV 5HVXPHQ/D9LUJHQGHOD/HFKHHVXQDUHSUHVHQWDFLyQGHOD9LUJHQDPDPDQWDQGRDO1LxR6X RULJHQ IXH PX\ WHPSUDQR \ HQ ORV WH[WRV GH ORV SULPHURV 3DGUHV GH OD ,JOHVLD VH LGHQWLILFD OD PDWHUQLGDG GH OD 9LUJHQ FRQ OD ,JOHVLD \ DVt FRPR &ULVWR IXH HQJHQGUDGR SRU REUD GHO (VStULWX 6DQWRHOQHyILWRDFFHGHSRUHOEDXWLVPRDXQDQXHYDYLGDSRUREUDGHO(VStULWXGH'LRV\0DUtD FRPRPDGUHGHODFDEH]DPtVWLFDGHOD,JOHVLDVHFRQYLHUWHHQPDGUHGHWRGRVORVFULVWLDQRVHV GHFLUHQODSURSLD(FFOHVLD\FRPRPDGUHORVDPDPDQWD\SURSRUFLRQDORVFXLGDGRVQHFHVDULRV FRPRKL]RFRQVXSURSLR+LMR(VWDLGHDHVWiHQUHODFLyQFRQODFRVWXPEUHHQODLJOHVLDSULPLWLYD GH GDU D EHEHU D ORV QHyILWRV OHFKH FRQ PLHO FRPR DOHJRUtD GH VX QXHYR QDFLPLHQWR OOHJDQGR D FRQYHUWLUVHHQXQVtPERORHXFDUtVWLFR 3DODEUDV FODYH 9LUJHQ GH OD /HFKH 9LUJHQ *DODFWRWURIXVD 9LUJR /DFWDQV 9LUJHQ GH OD +XPLOGDG9LUJHQFRQ1LxR $EVWUDFW7KH9LUJLQRIWKH0LONLVDUHSUHVHQWDWLRQRIWKH9LUJLQ0DU\EUHDVWIHHGLQJWKHEDE\ -HVXV7KHRULJLQRIWKLVWKHPHGDWHVEDFNWRHDUO\&KULVWLDQLW\ZKHQWKH)DWKHUVRIWKH&KXUFK LGHQWLILHG WKH PDWHUQLW\ RI WKH 9LUJLQ 0DU\ ZLWK WKH &KXUFK ,Q DGGLWLRQ MXVW OLNH &KULVW ZDV FRQFHLYHGE\WKH+RO\6SLULWWKHQHRSK\WHHQWHUVKLVRUKHUQHZOLIHWKURXJKEDSWLVPE\WKHKDQG RI*RGDQG0DU\DVWKHP\VWLFDOPRWKHURIWKH&KXUFKEHFRPHVWKHPRWKHURIDOO&KULVWLDQV WKDWLVVKHEHFRPHV(FFOHVLD7KHQDVWKHLUPRWKHUVKHEUHDVWIHHGWKHPDQGWDNHFDUHRIWKHPMXVW OLNHVKHGLGZLWKKHURZQ6RQ7KLVLGHDLVUHODWHGWRWKHHDUO\&KULVWLDQFXVWRPRIJLYLQJPLON ZLWKKRQH\WRWKHQHRSK\WHDVDQDOOHJRU\RIWKHLUUHELUWKLQWRWKH&KULVWLDQFKXUFKDFXVWRPWKDW EHFDPHDV\PERORIWKH(XFKDULVW .H\ZRUGV9LUJLQRIWKH0LON9LUJLQ*DODFWRWURIXVD9LUJR/DFWDQV9LUJLQRI+XPLOLW\9LUJLQ DQG&KLOG (678',2,&212*5È),&2 $WULEXWRV\IRUPDVGHUHSUHVHQWDFLyQ /D9LUJHQFRQJHVWRPHODQFyOLFRGHSLHRVHQWDGDHQHVFDEHORWURQRSUHVHQWDVX SHFKRDO1LxRSDUDDPDPDQWDUOR3XHGHQDSDUHFHUHQXQLQWHULRURHQXQH[WHULRUVRORVR DFRPSDxDGRVSRUXQDFRUWHFHOHVWLDOHQODTXHORViQJHOHVSXHGHQDPHQL]DUHOPRPHQWR LQWHUSUHWDQGR P~VLFD 0DUtD FXEUH VX FDEH]D FRQ WRFD R FLxH XQD FRURQD \ HO 1LxR VH UHSUHVHQWDYHVWLGRRFXEULHQGRVXFXHUSRGHVQXGRFRQXQSDxRWUDQVSDUHQWH 08//(5 $ ³8QLWp GH O¶eJOLVH HW GH OD 6DLQWH 9LHUJH FKH] OHV 3qUHV GHV ,9H HW 9H VLqFOHV´ %XOOHWLQGHOD6RFLpWp)UDQoDLVHG¶eWXGHV0DULDOHVYROSS&LWDGRHQ'20(f20$57Ë1(= '(025(17Ë1$VXQFLyQQ 75(160DQXHOSS 5HYLVWD'LJLWDOGH,FRQRJUDItD0HGLHYDOYRO9QSS H,661; /D9LUJHQGHOD/HFKH/DXUD5RGUtJXH]3HLQDGR (Q ODV UHSUHVHQWDFLRQHV PiV DQWLJXDV HO 1LxR FRJH OLWHUDOPHQWH HO SHFKR GH VX 0DGUHFRQVXPDQRSDUDVXFFLRQDUORR(OODVHORRIUHFHDXQTXHVHPXHVWUDFRPSOHWDPHQWH YHVWLGD0iVWDUGHHOVHQRYLUJLQDODSHQDVVHHQWUHYpSRUXQDKHQGLGXUDGHVXYHVWLGR\ HQODVUHSUHVHQWDFLRQHVGHOVLJOR;9OD9LUJHQPXHVWUDVXSHFKRGHIRUPDH[SOtFLWD )XHQWHVHVFULWDV 'LFKRVRHOVHQRTXHWHOOHYy\ORVSHFKRVTXHPDPDVWH/XFDV £'LFKRVRHOVHQRGHODGRQFHOOD£'LFKRVRVWXVSHFKRVRK9LUJHQ+DVDOLPHQWDGROD IORUTXHQXWUHWRGRVORVDOLPHQWRV/LWXUJLDGHODILHVWDEL]DQWLQDGHRFWXEUH\GH GLFLHPEUH $YH0DULDJUDWLDSOHQD'RPLQXVWHFXP%HQHGLFWDWXHQPXOLHULEXVHWEHQHGLFWXV IUXFWXV 9HQWULV WXL -HVXV &KULVWXV )LOLXV 'HL YLYL (W VLQW EHQHGLFWD 8EHUD WXD EHDWD ODFWDYHUXQW TXDH UHJXP UHJHP 'RPLQXP HW 'HXP QRVWUXP VDOXWDFLyQ GHO iQJHO*DEULHOD0DUtDHQHOUH]RGHO$YH0DUtD %HDWD YLVFHUD 0DULDH 9LUJLQLV TXDH SRUWDYHUXQW DHWHUQL 3DWULV )LOLXP HW EHDWD XEHUD TXDHODFWDYHUXQW&KULVWXP 'RPLQXP 4XLKRGLH SURVDOXWH PXQGLGH9LUJLQH QDVFLGLJQDWXVHVW'RPLQLFD,QIUD2FWDYDP1DWLYLWDWLVOHFWLR £2KSURGLJLRPLVWHULRVR8QRHVHO3DGUHGHWRGDVODVFRVDVXQRHVHO9HUERGHWRGDV ODVFRVDV (O(VStULWX6DQWRHVXQRDSHVDU GHHVWDU HQWRGDVSDUWHV\XQDVRODIXH 0DGUH9LUJHQ $ Pt PH JXVWD OODPDUOD ,JOHVLD«(OOD OODPD D VXV KLMLWRV \ ORV QXWUH FRQODOHFKHVDQWDFRQHO9HUERKHFKRQLxR&OHPHQWHGH$OHMDQGUtDVLJORV,,,,, /D 6DQJUH GH OD *UDFLD HV FRPR OD OHFKH TXH EHELHURQ GH PL 9LUJHQ 0DGUH 5HYHODFLRQHVGH6DQWD0DWLOGHGH0DJGHEXUJRVLJOR;,,, )XHQWHVQRHVFULWDV 7RGDV ODV FXOWXUDV GH OD $QWLJHGDG KDFHQ UHIHUHQFLD D XQD GLRVD PDGUH ODFWDQWH GHVGHODVFXOWXUDVPHVRSRWiPLFDVKDVWDODKLQG~(QOD&XHQFDGHO0HGLWHUUiQHRWDQWRHQ (JLSWR FRPR HQ *UHFLD VH DVLJQy DVLPLVPR HVWD IXQFLyQ QXWULFLRQDO D ODV GLRVDV SULQFLSDOHV GH VX SDQWHyQ (Q (JLSWR ,VLV DPDPDQWDED D +RUXV \ HQ OD PLWRORJtD JULHJD +HUDDPDPDQWyD+HUDFOHV\FRQODOHFKHTXHPDQyGHVXSHFKRVHIRUPyOD9tD/iFWHD -XQWR D HVWDV LPiJHQHV DVLPLODGDV SRU HO FULVWLDQLVPR HQ WRUQR D OD +XLGD D (JLSWR VH RULJLQDQUHODWRVSRUSDUWHGHSHUHJULQRVTXHDOXGHQDORVGHVFDQVRVGHOD6DJUDGD)DPLOLD GDQGRRULJHQDODLFRQRJUDItDGHOD9LUJHQGHOD+XPLOGDGTXHVHQWDGDHQHOVXHORSXHGH GDUGHPDPDUDVX+LMR ([WHQVLyQJHRJUiILFD\FURQROyJLFD /D SULPHUD UHSUHVHQWDFLyQ GH OD 9LUJHQ GH OD /HFKH DSDUHFH HQ HO FXEtFXOR GH OD 9HODWLRGHODFDWDFXPEDGH3ULVFLOD5RPDHQHOVLJOR,,GRQGHOD9LUJHQVHQWDGDDFHUFD DO1LxRDVXSHFKR(QHVWDPLVPDFDWDFXPEDKD\RWUDUHSUHVHQWDFLyQGHOD9LUJHQFRQHO 1LxR MXQWR D XQ SURIHWD HQ XQD DFWLWXG VLPLODU (Q HO (JLSWR FRSWR GRQGH HO SDWULDUFD &LULORGH$OHMDQGUtDGHIHQGLyODGLYLQLGDGGH0DUtDJR]yGHJUDQGLIXVLyQSRUODHVWUHFKD 75(160DQXHOSS 5HYLVWD'LJLWDOGH,FRQRJUDItD0HGLHYDOYRO9QSS H,661; /D9LUJHQGHOD/HFKH/DXUD5RGUtJXH]3HLQDGR UHODFLyQ TXH VH HVWDEOHFLy FRQ ,VLV DPDPDQWDGR D +RUXV (UD XQ WHPD TXH LOXVWUDED SOHQDPHQWHHOPLVWHULRGHOD(QFDUQDFLyQ\VHxDODEDODSDUHQWHODFDUQDOGHO+LMRGH'LRV 6HHQFXHQWUDHQSLQWXUDVPXUDOHVGHORVFRQYHQWRVGH%DZLW\6DTTDUDHQPDQXVFULWRV\ SLQWXUDVREUHWDEOD 'HVGH HO PRQDVWHULR SDOHVWLQR GH 6DQ 6DEDV VH GLIXQGLy SRU %L]DQFLR FRQRFLpQGRVHHOWHPDGHOD3DQDJLD*DODNWRWURIXVDHQORVPRQDVWHULRVGHOPRQWH$WKRV \DHQHOVLJOR9,,'HVGH%L]DQFLRHQHOVLJOR;,,HVWHWHPD\DVHKDEtDGLIXQGLGRSRUORV %DOFDQHV \ SRU (XURSD GRQGH DOFDQ]y JUDQ GHVDUUROOR FRLQFLGLHQGR FRQ HO VHQWLGR KXPDQLVWDGHODUWHGHOSHULRGR(QVHIHFKDOD9LUJHQGH%DUORYVNFRQRFLGDWDPELpQ SRU9LUJHQGHO6HQR%LHQDYHQWXUDGRHVWDYDULDQWHUXVDVHDSDUWDGHOQDWXUDOLVPRTXHHVWH WHPDHVWDEDDGTXLULHQGRHQ2FFLGHQWHUHFXSHUDQGRVXVHQWLGRVDJUDGRHLQWHUSUHWiQGRVH HO LFRQR FRPR OD FRPXQLFDFLyQ TXH HO 1LxR 'LRV HVWDEOHFH FRQ OD KXPDQLGDG SRU OD LQWHUPHGLDFLyQGHORVSHFKRVGHVX0DGUH (QODVP~OWLSOHVUHSUHVHQWDFLRQHVGHODpSRFDJyWLFDHQGLVWLQWRVVRSRUWHV\WpFQLFDV 0DUtDVHSUHVHQWDVHQWDGDHQHOVXHORRVREUHXQFRMtQUHVSRQGLHQGRDOWLSRLFRQRJUiILFR GHOD9LUJHQGHOD+XPLOGDGVHQWDGDHQXQWURQRURGHDGDSRUVDQWRV\iQJHOHVGHSLHR HQDOJ~QFDVRDUURGLOODGDPLHQWUDVDOLPHQWDDVX+LMR3XHGHDFRPSDxDUVHSRUHOGRQDQWH SRVWUDGR D VXVSLHVFRPR HVHOFDVRGHOD 9LUJHQGH7REHGGH-DXPH6HUUD0XVHRGHO 3UDGRGRQDFLyQ9iUH])LVDGRQGHVHUHSUHVHQWDD(QULTXH,,7UDVWDPDUD 'XUDQWHORVVLJORV;,,,\;,9IXHXQWHPDLFRQRJUiILFRGLIXQGLGRDPSOLDPHQWHHQ HO DUWH LWDOLDQR GRQGH OD WLSRORJtD GH 0DUtD VH DFHUFD D ORV LFRQRV EL]DQWLQRV YLVWH FRQ W~QLFDURMD \ PDQWRD]XOTXHD PHQXGROH FXEUHOD FDEH]DHO 1LxR WRPDHOSHFKRGHVX 0DGUH TXH VH FRQFLEH FRQ XQ VHQWLGR PiV WHROyJLFR TXH ItVLFR PRVWUDQGR FLHUWR GHVLQWHUpVPLHQWUDVPLUDKDFLDHOHVSHFWDGRU0DUtDSXHGHDSDUHFHUVHQWDGDHQHOVXHORR HQXQWURQRHQXQDFRPSRVLFLyQIRUPDGD~QLFDPHQWHSRUODSDUHMDGLYLQDRDFRPSDxDGRV SRU VDQWRV \ iQJHOHV HQ DFWLWXG GH DGRUDU R LQWHUSUHWDQGR P~VLFD (VWH PRGHOR LFRQRJUiILFRVHGLIXQGLyDWUDYpVGH,WDOLDDOUHVWRGH(XURSDJR]DQGRGHJUDQQRWRULHGDG HQORVGLVWLQWRVUHLQRVKLVSDQRVHQORVVLJORV;,9\;9±VREUHWRGRHQORVWHUULWRULRVGH OD&RURQDGH$UDJyQ±DXQTXH\DHQHOVLJOR;,,,VHGDWDQHMHPSORVVLJQLILFDWLYRVFRPROD PLQLDWXUD TXH LOXVWUD OD FDUWD GH IXQGDFLyQ GH OD &RIUDGtD GH OD 9LUJHQ 0DUtD \ 6DQWR 'RPLQJR HQ 7iUUHJD /pULGD GDWDGD HQ %DUFHORQD $UFKLYR GH OD &RURQD GH $UDJyQ\HOIURQWDOGH%HWHVD%DUFHORQD0XVHR1DFLRQDOGH$UWHGH&DWDOXxD (QWUHORVSULPLWLYRVIODPHQFRVIXHXQWHPDPX\JHQHUDOL]DGRDSRUWDQGRYDULDQWHV LFRQRJUiILFDVFRPROD9LUJHQFRQHOVHQRGHVFXELHUWR\HO1LxRVHQWDGRHQVXUHJD]RGH IUHQWHDOHVSHFWDGRURGiQGROHVRSDVFRPRHQODREUDGH*HUDUG'DYLG%UXVHODV0XVHRV 5HDOHVGH%HOODV$UWHV /¶DUWFRSWHHQeJ\SWHDQVGHFKULVWLDQLVPHS =,%$:,0DKPRXGSS\ 75$',*2$OIUHGRS ,ELG 3XHGHQ YHUVH LPiJHQHV TXH UHVSRQGHQ D HVWRV PRGHORV KWWSGLJLODQGHUOLEHURLWPDGRQQHDOODWWDQWLVHFKWPFRQVXOWDGR LFRQRJUiILFRV HQ 9pDQVH LPiJHQHV HQ KWWSZZZDJXDLQIDQWFRPDUWHKWPYLUJHQQLQRSULVFLODKWP FRQVXOWDGR 75(160DQXHOSS 5HYLVWD'LJLWDOGH,FRQRJUDItD0HGLHYDOYRO9QSS H,661; /D9LUJHQGHOD/HFKH/DXUD5RGUtJXH]3HLQDGR &RQ OD PRUDO LPSXHVWD SRU OD 5HIRUPD &DWyOLFD HVWD LFRQRJUDItD PDULDQD TXH GXUDQWHORVVLJORV;9\;9,VHKDEtDFDUDFWHUL]DGRSRUPRVWUDUGHPDQHUDJHQHURVDORV VHQRVGHOD9LUJHQIXHGHVWHUUDGDGHORVWHPSORVSRUFRQVLGHUDUVHLQFRQYHQLHQWH\SRFR GHFHQWH 6RSRUWHV\WpFQLFDV (VFXOWXUD HQ SLHGUD \ PDGHUD PLQLDWXUD SLQWXUD PXUDO \ VREUH WDEOD VRQ ODV WpFQLFDVGRQGHKDELWXDOPHQWHHQFRQWUDPRVHOWHPDLFRQRJUiILFRGHOD9LUJHQGHOD/HFKH 3UHFHGHQWHVWUDQVIRUPDFLRQHV\SUR\HFFLyQ (O RULJHQ SOiVWLFR GH HVWD LFRQRJUDItD PDULDQD HVWi HQ OD UHSUHVHQWDFLyQ GH ,VLV DPDPDQWDQGRD+RUXV+DUSyFUDWHV,VLVGLYLQLGDGIHPHQLQDGHODYHJHWDFLyQ\SURWHFWRUD GHORVKRPEUHVIUHQWHDODIXHU]DGHORVGLRVHVIXHYHQHUDGDFRQHOQRPEUHGH0DGUHGH 'LRV 0RXW 1HWMHU GHVGH HO ,, PLOHQLR D& \ GHVGH HO VLJOR 9,, D& VH UHSUHVHQWy LFRQRJUiILFDPHQWH FRPR ,VLV /DFWDQV FRQ +RUXV ±VDOYDGRU GH VX SDGUH 2VLULV± VREUH VXV URGLOODV 6X FXOWR VH H[WHQGLy SRU OD &XHQFD GHO 0HGLWHUUiQHR GHVGH HO VLJOR ,9 D& SRU H[SUHVDULGHDVGHVDOYDFLyQ\QRVHH[WLQJXLyKDVWDHODxRG&HQTXHIXHFODXVXUDGRHO WHPSOR GH 3KLODH SRU RUGHQ GH -XVWLQLDQR 'XUDQWH ORV SULPHURV VLJORV GH OD HUD FULVWLDQD FRLQFLGLHQGR FRQ OD H[SDQVLyQ GHO FULVWLDQLVPR VX FXOWR HVWDED PX\ GLIXQGLGR OR TXH IDYRUHFLy TXH OD LFRQRJUDItD GH ,VLV /DFWDQV IXHUD WUDQVIHULGD D 0DULD /DFWDQV \ GHVGH (JLSWRVHWUDQVPLWLyDOPXQGREL]DQWLQR\SRVWHULRUPHQWHDODFULVWLDQGDGRFFLGHQWDO /DVSHUHJULQDFLRQHVD7LHUUD6DQWDGLIXQGLHURQHVWHWHPDIXQGDPHQWDOPHQWHHQORV VDQWXDULRV GRQGH VH UHPHPRUDED HO GHVFDQVR HQ OD +XLGD D (JLSWR GDQGR RULJHQ D OD LFRQRJUDItDGHOD9LUJHQGHOD+XPLOGDG $O VHU XQ WHPD GHULYDGR GHO DUWH EL]DQWLQR OD 9LUJHQ FRQVHUYD GXUDQWH XQ ODUJR SHULRGRGHWLHPSRODFDEH]DFXELHUWDFRQWRFDODFXDOVHYDKDFLHQGRFDGDYH]PiVOLJHUD KDVWDVXSULPLUVH\VXVWLWXLUVHSRUXQDFLQWDRXQDFRURQDTXHODVHxDODFRPRUHLQDGHORV FLHORV < D OD YH] HQ HO DUWH RFFLGHQWDO SXHGH UHODFLRQiUVHOD FRQ OD PXMHU DSRFDOtSWLFD FXDQGRVHPXHVWUDGHSLH\SLVDQGRHOFUHFLHQWHOXQDU 3UHILJXUDV\WHPDVDILQHV <D KHPRV FRPHQWDGR OD DILQLGDG HQWUH OD 9LUJHQ GH OD /HFKH \ OD 9LUJHQ GH OD +XPLOGDGFRPRYDULDQWHVLFRQRJUiILFDV/RPLVPRVHSXHGHGHFLUGHODVUHSUHVHQWDFLRQHV HQODVTXHHO1LxRSRVDODPDQRVREUHHOSHFKRGHVX0DGUHVLPEROL]DQGRVXPDWHUQLGDG GLYLQDGHIRUPDLPSOtFLWD $XQTXH HO WHPD VH GLIXQGLy SRU $PpULFD \ FRQWLQXy HVWDQGR SUHVHQWH HQ OD GHYRFLyQ SRSXODU QR VH FRQVLGHUDGHFRURVDHVWDDFWLWXGHQOD9LUJHQ\OD,JOHVLDVRORSHUPLWHDTXHOODVLPiJHQHVHQODVTXHHO1LxR HVWi PDPDQGR QR HQ ODV TXH MXJXHWHD FRQ HO SHFKR PDWHUQR 0$57Ë1(=%85*26 *$5&Ë$ 3DOPD SS &$118<(5&KULVWLDQS 75(160DQXHOSS ,ELGS ,ELGSS 5HYLVWD'LJLWDOGH,FRQRJUDItD0HGLHYDOYRO9QSS H,661; /D9LUJHQGHOD/HFKH/DXUD5RGUtJXH]3HLQDGR (QUHODFLyQFRQODVYLVLRQHVPtVWLFDVQDFHODLFRQRJUDItDGH0DUtDGDQGRVXOHFKHD ORV VDQWRV TXH VH GLVWLQJXLHURQ SRU VX GHYRFLyQ PDULDQD SDUD UHFRQIRUWDUORV FRQ VX DOLPHQWRPDWHUQDO(VXQWHPDWDUGtRTXHVHGHVDUUROODVREUHWRGRHQWRUQRDODILJXUDGH 6DQ%HUQDUGRDXQTXHHVWHSURGLJLRWDPELpQVHUHSLWLyHQODVYLGDVGH6DQ$JXVWtQ6DQWR 'RPLQJRR6DQ&D\HWDQR (O DOLPHQWR YLUJLQDO WDPELpQ VH GHUUDPD HQWUH ORV GHYRWRV HQ UHSUHVHQWDFLRQHV GRQGH VH SODVPD SOiVWLFDPHQWH XQD GHYRFLyQ SRSXODU PX\ DUUDLJDGD GHVGH ILQDOHV GH OD (GDG 0HGLD VtPEROR GH OD PDWHUQDO PLVHULFRUGLD KDFLD VXV KLMRV TXH QR VH FRQWHQWDQ FRQUHFRJHUHQVXVERFDVODVJRWDVGHOQpFWDUGLYLQR±FRPRSRGHPRVYHUHQODSLQWXUDGH /D 9LUJHQ \ ODV iQLPDV GHO SXUJDWRULR GH 3HGUR 0DFKXFD 0DGULG 0XVHR GHO 3UDGR GRQGHODVDOPDVDEUHQODERFDHQHVSHUDGHODOHFKHUHFRQIRUWDQWH±VLQRTXHDFXGHQFRQ UHFLSLHQWHVDUHFRJHUODFRPRPXHVWUDODWDEODFHQWUDOGHOUHWDEORGHOD9LUJHQGHOD/HFKH GH$QWRQL3HULV9DOHQFLD0XVHRGH%HOODV$UWHV 6HOHFFLyQGHREUDV 9LUJHQFRQ1LxRFIUHVFR5RPD&DWDFXPEDGH3ULVFLODFXEtFXORGHOD9HODWLR 9LUJHQGHODOHFKHHQWUHGRViQJHOHV+DPRXOL)D\XP(JLSWRSHUJDPLQR 1XHYD<RUN7KH3LHUSRQW0RUJDQ/LEUDU\0V0IROY 9LUJHQ GH OD OHFKH &DUWD GH IXQGDFLyQ GH OD &RIUDGtD GH OD 9LUJHQ 0DUtD \ 6DQWR 'RPLQJR GH OD LJOHVLD GH 7iUUHJD /pULGD PLQLDWXUD VREUH SHUJDPLQR %DUFHORQD$&$ )URQWDO GH %HWHVD +XHVFD (VSDxD VHJXQGD PLWDG GHO VLJOR ;,,, HVWXFR \ WHPSOH VREUHWDEOD%DUFHORQD01$& 9LUJHQ GH 0LUDYDOOHV VLJOR ;,,, SLHGUD SROLFURPDGD 6RWR GH $OOHU $VWXULDV (VSDxD(UPLWDGH0LUDYDOOHV %DUWRORPHRGD&DPRJOL9LUJHQGHODKXPLOGDGFWHPSOHVREUHWDEOD3DOHUPR *DOOHULD1D]LRQDOHGHOOD6LFLOLD *KLVVL )UDQFHVFXFFLR 9LUJHQ GH OD +XPLOGDG VHJXQGD PLWDG GHO VLJOR ;,9 WHPSOH VREUHWDEOD5RPD0XVHRV9DWLFDQRV *UHJRULRGL&HFFR9LUJHQGHOD/HFKHSULPHUFXDUWRGHOVLJOR;9WHPSOHVREUHWDEOD 6LHQD,WDOLD0XVHRGHOO¶2SHUDGHO'XRPR $QWRQL3HULV5HWDEORGHOD9LUJHQGHOD/HFKHFWHPSOHVREUHWDEODGHWDOOH 9DOHQFLD0XVHRGH%HOODV$UWHV 5REHUW&DPSLQ9LUJHQFRQ1LxRFyOHRVREUHWDEOD/RQGUHV1DWLRQDO*DOOHU\ 8QRV*R]RVGH%HQLWRGH0RQIRUWGHDODLPDJHQGH1XHVWUD6HxRUDGHOD/HFKHGHOFODXVWURGHO &RQYHQWR GH 3UHGLFDGRUHV GH 9DOHQFLD GLFHQ ³)UDQTXHDVWH OLEHUDO D 'RPLQJR \ D $JXVWLQR \ D %HUQDUGRHOQpFWDUILQRGHWXSHFKRYLUJLQDO´,ELGS ³&XDOTXLHUDGHORVPRUWDOHVTXHHQYXHVWURDPRUVHDOERUR]DFRPRRWUR%HUQDUGRJR]DGHYXHVWUR SHFKR UDXGDOHV VRQ ODV JRWDV YLUJLQDOHV GH WDQ VDJUDGD EHELGD«´ *R]RV GH OD 9LUJHQ GH OD /HFKH ,ELGS 5HYLVWD'LJLWDOGH,FRQRJUDItD0HGLHYDOYRO9QSS H,661; /D9LUJHQGHOD/HFKH/DXUD5RGUtJXH]3HLQDGR -HDQ )RXTXHW 'tSWLFR GH 0HOXQ F yOHR VREUH WDEOD SDQHO GHUHFKR $PEHUHV0XVHR5HDOGH%HOODV$UWHV %DUWRORPp%HUPHMR9LUJHQGHOD/HFKHFyOHRVREUHWDEOD9DOHQFLD0XVHRGH %HOODV$UWHV 3HGUR %HUUXJXHWH 9LUJHQ FRQ HO 1LxR F yOHR VREUH WDEOD GHWDOOH 0DGULG 0XVHR0XQLFLSDO 1LFROiV)DOFy7UtSWLFRGHOD9LUJHQGHODOHFKHFyOHRVREUHWDEOD9DOHQFLD 0XVHRGH%HOODV$UWHV $GULDHQ,VHQEUDQW/D9LUJHQGHOVLWLDOGHPiUPROSULPHUDPLWDGGHOVLJOR;9,yOHR VREUHWDEOD0DGULG0XVHR/i]DUR*DOGLDQR 0DHVWUR GH $VWRUJD 6DJUDGD )DPLOLD FRQ VDQ -XDQLWR F WHPSOH \ yOHR VREUH WDEODGHWDOOH%DUFHORQD01$& %LEOLRJUDItD /¶DUWFRSWHHQeJ\SWHDQVGHFKULVWLDQLVPHFDWiORJRGHODH[SRVLFLyQ3DUtV &DSG¶$GJH,QVWLWXWGX0RQGH$UDEH3DUtV %(/È1.\UD0DGRQQDIURP0HGLHYDOWR0RGHUQ3DUNVWRQH1XHYD<RUN %/$<$ (675$'$ 1XULD 2ULHQWH HQ 2FFLGHQWH DQWLJXRV LFRQRV YDOHQFLDQRV FDWiORJRGHODH[SRVLFLyQ9DOHQFLD)XQGDFLyQ%DQFDMD9DOHQFLD %285*8(73LHUUHGX/¶$UW&RSWH$OELQ0LFKHO3DUtV &$118<(5&KULVWLDQ/¶eJ\SWHFRSWH/HVFKUpWLHQVGX1LO,QVWLWXWGX0RQGH $UDEH±*DOOLPDUG3DUtV '20(f2 0$57Ë1(= '( 025(17Ë1 $VXQFLyQ ³/D SLOD EDXWLVPDO GH VDQ 0DUWtQ GH 8Q[´ &XDGHUQRV GH DUWH H LFRQRJUDItD W ,9 Q SS 'LVSRQLEOH HQ OtQHDKWWSIXHVSFRPUHYLVWDVSDJFDLKWPO )(51È1'(=/$'5('$ &ODUD ,PDJLQHUtD PHGLHYDO PDULDQD *RELHUQR GH 1DYDUUD3DPSORQD *Ï0(= 5$6&Ï1 0i[LPR 7KHRWyNRV 9tUJHQHV PHGLHYDOHV GH OD GLyFHVLV GH /HyQ(GLOHVD/HyQ .$7= 0HOLVVD 5 \ 256, 5REHUW $ 'LYLQH 0LUURUV 7KH 9LUJLQ 0DU\ LQ WKH 9LVXDO$UWV2[IRUG8QLYHUVLW\3UHVV2[IRUG 0DGRQQDV\9tUJHQHV6LJORV;,9;9,&ROHFFLyQGHO0XVHR6DQ3tR9FDWiORJR GHODH[SRVLFLyQ0XVHR6DQ3tR9±)XQGDFLyQ&DMDGHO0HGLWHUUiQHR9DOHQFLD 0$57Ë1(=%85*26*$5&Ë$3DOPDËGRORVHLPiJHQHV/DFRQWURYHUVLDGHO DUWHUHOLJLRVRHQHOVLJOR;9,HVSDxRO8QLYHUVLGDGGH9DOODGROLG9DOODGROLG 0DWHU $PDELOLV FDWiORJR GH OD H[SRVLFLyQ 6HYLOOD&yUGRED 2EUD 6RFLDO\&XOWXUDOGH&DMD6XU&yUGRED 5HYLVWD'LJLWDOGH,FRQRJUDItD0HGLHYDOYRO9QSS H,661; /D9LUJHQGHOD/HFKH/DXUD5RGUtJXH]3HLQDGR 5e$8 /RXLV ,FRQRJUDItD GHO $UWH &ULVWLDQR 7RPR , 9RO ,FRQRJUDItD GH OD %LEOLD1XHYR7HVWDPHQWR(GLFLRQHVGHO6HUEDO%DUFHORQD 75$',*2$OIUHGR,FRQRV\VDQWRVGH2ULHQWH(OHFWD%DUFHORQD 75(160DQXHO0DUtD,FRQRJUDItDGHOD9LUJHQHQHODUWHHVSDxRO3OXV8OWUD 0DGULG :(66(/.ODXV(LQH*UDEVWHOHDXV0HGLQHWHO)DMXP±=XP3UREOHPGHU 0DULD/DFWDQV+XPEROGW8QLYHUVLWlW]X%HUOLQ%HUOtQ =,%$:, 0DKPRXG ,PDJHV GH O¶eJ\SWH FKUpWLHQQH ,FRQRORJLH FRSWH 3LFDUG 3DUtV 5HYLVWD'LJLWDOGH,FRQRJUDItD0HGLHYDOYRO9QSS H,661; /D9LUJHQGHOD/HFKH/DXUD5RGUtJXH]3HLQDGR 9LUJHQFRQ1LxRFIUHVFR5RPD&DWDFXPED 9LUJHQGHODOHFKHHQWUHGRViQJHOHV+DPRXOL GH3ULVFLODFXEtFXORGHOD9HODWLR )D\XP(JLSWRSHUJDPLQR1XHYD <RUN7KH3LHUSRQW0RUJDQ/LEUDU\0V0 KWWSESEORJVSRWFRPOK=7 R7VR3&NW:B,$$$$$$$$$H$ IROY (OY2.F<V0DWHUQLGDGBODB9LUJHQBFRQBHOB1LBRBSLQWXUD KWWSFRUVDLUPRUJDQOLEUDU\RUJLFDLPDJHVPYMSJ BPXUDOBGHBODVBFDWDFXPEDVBGHB3ULVFLODB5RPDBB/DBLFRQRJUDIBDB >FDSWXUD@ LQFOXBDBHVFDVDVBILJXUDVBUHFXUUHQWHVMSJ>FDSWXUD@ )URQWDOGH%HWHVD+XHVFD(VSDxDVHJXQGDPLWDGGHO 9LUJHQGHODOHFKH&DUWDGHIXQGDFLyQ GHOD&RIUDGtDGHOD9LUJHQ0DUtD\ VLJOR;,,,HVWXFR\WHPSOHVREUHWDEOD%DUFHORQD 6DQWR'RPLQJRGHODLJOHVLDGH7iUUHJD 01$& /pULGDPLQLDWXUDVREUH KWWSZZZFDVWLOORGHORDUUHRUJ01$&7DEOD%HWHVD*MSJ >FDSWXUD@ SHUJDPLQR%DUFHORQD$&$ KWWSZZZDUWEUHDVWIHHGLQJFRPUHOLPDJHVLPDJH MSJ>FDSWXUD@ 5HYLVWD'LJLWDOGH,FRQRJUDItD0HGLHYDOYRO9QSS H,661; /D9LUJHQGHOD/HFKH/DXUD5RGUtJXH]3HLQDGR Ÿ 9LUJHQ GH 0LUDYDOOHV VLJOR ;,,, SLHGUD SROLFURPDGD 6RWR $OOHU $VWXULDV (VSDxD GH (UPLWDGH0LUDYDOOHV KWWSSHUVRZDQDGRRHVVRWRGHDOOHUIRWRVYLU JHQPLUDYDOOHVMSJ>FDSWXUD@ Ź %DUWRORPHR GD &DPRJOL 9LUJHQ GH OD KXPLOGDG F WHPSOH VREUH WDEOD 3DOHUPR *DOOHULD1D]LRQDOHGHOOD6LFLOLD KWWSZZZDWODQWHGHOODUWHLWDOLDQDLWDUWZRUN KWPO>FDSWXUD@ Ż*KLVVL)UDQFHVFXFFLR 9LUJHQ GH OD +XPLOGDG VHJXQGDPLWDGGHOVLJOR ;,9 WHPSOH VREUH WDEOD 5RPD 0XVHRV 9DWLFDQRV KWWSZZZ]HQRRUJ.XQVWZHU NHLPDJHV,MEMSJ"Z K YLG >FDSWXUD@ Ź *UHJRULR GL &HFFR 9LUJHQ GH OD /HFKH SULPHU FXDUWR GHO VLJOR ;9WHPSOHVREUHWDEOD 6LHQD ,WDOLD 0XVHR GHOO¶2SHUDGHO'XRPR KWWSGLJLODQGHUOLEHURLWPDGR QQHDOODWWDQWLLPJ*UHJR ULRGL&HFFRMSJ >FDSWXUD@ 5HYLVWD'LJLWDOGH,FRQRJUDItD0HGLHYDOYRO9QSS H,661; /D9LUJHQGHOD/HFKH/DXUD5RGUtJXH]3HLQDGR $QWRQL3HULV5HWDEORGHOD9LUJHQGHOD/HFKH 5REHUW&DPSLQ9LUJHQFRQ1LxRFyOHR FWHPSOHVREUHWDEODGHWDOOH9DOHQFLD VREUHWDEOD/RQGUHV1DWLRQDO*DOOHU\ 0XVHRGH%HOODV$UWHV KWWSVFRPPRQVZLNLPHGLDRUJZLNL)LOH5REHUWB&DPSLQBMSJ >FDSWXUD@ KWWSDUWEUHDVWIHHGLQJFRPUHOLPDJHVLPDJHMSJ >FDSWXUD@ -HDQ)RXTXHW'tSWLFRGH0HOXQFyOHR %DUWRORPp%HUPHMR9LUJHQGHOD/HFKH VREUHWDEODSDQHOGHUHFKR$PEHUHV0XVHR5HDOGH FyOHRVREUHWDEOD9DOHQFLD0XVHRGH %HOODV$UWHV %HOODV$UWHV KWWSFRPPRQVZLNLPHGLDRUJZLNL)LOH-HDQB)RXTXHWBMSJ KWWSFRPPRQVZLNLPHGLDRUJZLNL)LOH%DUWRORP&$ >FDSWXUD@ B%HUPHMRB0DUHBGHB'&$XBGHBODB/OHWB0XVHXBGHB %HOOHVB$UWVBGHB9DO&$QFLDMSJ>FDSWXUD@ 5HYLVWD'LJLWDOGH,FRQRJUDItD0HGLHYDOYRO9QSS H,661; /D9LUJHQGHOD/HFKH/DXUD5RGUtJXH]3HLQDGR 3HGUR%HUUXJXHWH9LUJHQFRQHO1LxRF yOHRVREUHWDEODGHWDOOH0DGULG0XVHR 0XQLFLSDO KWWSESEORJVSRWFRP GLJQGS*<%$7%]]%,$$$$$$$$.4ZN)Y)<4 4V9LUJHQDPDPDQWDQGRMSJ>FDSWXUD@ $GULDHQ,VHQEUDQW/D9LUJHQGHOVLWLDOGH PiUPROSULPHUDPLWDGGHOVLJOR;9,yOHRVREUH WDEOD0DGULG0XVHR/i]DUR*DOGLDQR KWWSFHUHVPFXHVSDJHV9LVRU"$0XVHR 0/*01LQY DFFLRQ >FDSWXUD@ 1LFROiV)DOFy7UtSWLFRGHOD9LUJHQGHODOHFKHF yOHRVREUHWDEOD9DOHQFLD0XVHRGH%HOODV $UWHV KWWSZZZFXOWJYDHVPEDYGDWDMSJ>FDSWXUD@ 0DHVWURGH$VWRUJD6DJUDGD)DPLOLDFRQVDQ -XDQLWRFWHPSOH\yOHRVREUHWDEODGHWDOOH %DUFHORQD01$& KWWSGLJLODQGHUOLEHURLWPDGRQQHDOODWWDQWLLPJ0DHVWURGL $VWRUJDMSJ>FDSWXUD@ 5HYLVWD'LJLWDOGH,FRQRJUDItD0HGLHYDOYRO9QSS H,661; ,JOHVLD\6LQDJRJD)UDQFLVFRGH$VtV*DUFtD*DUFtD ,*/(6,$<6,1$*2*$ )UDQFLVFRGH$VtV*$5&Ë$*$5&Ë$ 8QLYHUVLGDG&RPSOXWHQVHGH0DGULG 'SWRGH+LVWRULDGHO$UWH,0HGLHYDO IGDJDUFLD#JKLVXFPHV 5HVXPHQ/DFRQWUDSRVLFLyQGHOD,JOHVLD\OD6LQDJRJD±XVXDOPHQWHUHSUHVHQWDGDVFRPRILJXUDV IHPHQLQDV±FRQVWLWX\HHOSDUDGLJPDDOHJyULFRPHGLHYDOGHODFRQIURQWDFLyQHQWUHFULVWLDQLVPR\ MXGDtVPR &RQ HVWD SDUHMD VH DOXGH D FRQFHSWRV FRPR OD GXDOLGDG $QWLJXR 7HVWDPHQWR1XHYR 7HVWDPHQWR R HO WULXQIR GH OD IH FULVWLDQD VREUH OD IH PRVDLFD 6LQ HPEDUJR HQ DOJXQRV FDVRV DPEDVILJXUDVVHHQWLHQGHQGHVGHXQDySWLFDFRPSOHPHQWDULDFRPRODDUPRQtD\FRQWLQXLGDGHQWUH ORVGRV7HVWDPHQWRVRHODQWLFLSR\FXPSOLPLHQWRGHODUHYHODFLyQ 3DODEUDV FODYH ,JOHVLD 6LQDJRJD $QWLJXR \ 1XHYR 7HVWDPHQWR -XGDtVPR 3ROpPLFD LQWHUUHOLJLRVD $EVWUDFW 7KH RSSRVLWLRQ EHWZHHQ &KXUFK DQG 6\QDJRJXH ±XVXDOO\ GHSLFWHG DV WZR IHPDOH ILJXUHV±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È),&2 $WULEXWRV\IRUPDGHUHSUHVHQWDFLyQ /D DOHJRUtDGHOD ,JOHVLD\OD6LQDJRJD FRQRFLyIRUPXODFLRQHVGLYHUVDVHQ HODUWH PHGLHYDO/DPiVKDELWXDOIXHODSHUVRQLILFDFLyQEDMRILJXUDVIHPHQLQDVQRUPDOPHQWHHQ SLH TXH SRUWDQ VtPERORV GLVWLQWLYRV GH FDGD FUHGR &DUDFWHUL]DQ D OD ,JOHVLD OD FUX] \ HO FiOL]±FRQHOTXHDPHQXGRUHFRJHODVDQJUHGHOFUXFLILFDGR±HQDOXVLyQDODYLFWRULDGH &ULVWR\DODUHGHQFLyQDWUDYpVGHODHXFDULVWtD/D6LQDJRJDSUHVHQWDKDELWXDOPHQWHODV 7DEODV GH OD /H\ R HQ PHQRU PHGLGD HO UROOR GH OD 7RUDK HO FXFKLOOR ULWXDO GH OD FLUFXQFLVLyQ R HO FDUQHUR GH ORV VDFULILFLRV DEROLGRV $PEDV FRPSDUWHQ XQ DWULEXWR OD FRURQDTXHFDHHQDOJXQDVLPiJHQHVGHOD6LQDJRJDSDUDLQGLFDUVXGHUURWD'HOPLVPR PRGROD6LQDJRJDSUHVHQWDHQXQSULPHUPRPHQWRXQHVWDQGDUWHVLPLODUDOGHOD,JOHVLD SRVWHULRUPHQWHVXVWLWXLGRSRUXQDODQ]DTXHEUDGDLQGLFDWLYDGHODSpUGLGDGHVXUHDOH]D/D 6LQDJRJDTXHGDFHJDGDSRUXQDYHQGDGLVSXHVWDVREUHORVRMRVTXHPDQLILHVWDODFHJXHUD HVSLULWXDO GHO SXHEOR MXGtR SHUVLVWHQWH HQ ORV HUURUHV DO QR UHFRQRFHU OD UHYHODFLyQ GH &ULVWR LPSOtFLWD HQ HO $QWLJXR 7HVWDPHQWR QL DFHSWDU ORV SULQFLSLRV FULVWLDQRV 'LFKD YHQGD HV UHHPSOD]DGD HQ DOJXQDV LPiJHQHV SRU XQD VHUSLHQWH TXH LQFLGH HQ OD FRQQRWDFLyQQHJDWLYDGHODWULEXWR /DFRQWUDSRVLFLyQSXHGHPDQLIHVWDUVHWDPELpQPHGLDQWHODDFWLWXGGHFDGDILJXUD /D,JOHVLDDGRSWDXQDSRVHHUJXLGDTXHFRQWUDVWDFRQODLQFOLQDFLyQHLQFOXVRFDtGDGHOD 5HYLVWD'LJLWDOGH,FRQRJUDItD0HGLHYDOYRO9QSS H,661; ,JOHVLD\6LQDJRJD)UDQFLVFRGH$VtV*DUFtD*DUFtD YHQFLGD 6LQDJRJD +DVWD HO WLSR ItVLFR SXHGH UHIOHMDU WDO DOWHULGDG HVWDEOHFLHQGR XQD GLIHUHQFLD GH HGDG HQWUH XQD \ RWUD ±OD MXYHQWXG GH OD ,JOHVLD IUHQWH D OD YHMH] GH OD 6LQDJRJD± R LQVLVWLHQGR HQ OD VHQVXDOLGDG GH HVWD ~OWLPD FRPR VtQWRPD GH FRUUXSFLyQ PRUDORSXHVWDDODHVSLULWXDOLGDGGHOD,JOHVLD/DLQGXPHQWDULDVXSRQHWDPELpQXQVLJQR GHGLIHUHQFLDFLyQSXHVOD6LQDJRJDSXHGHYHVWLUDWXHQGRVSURSLRVGHOSXHEORMXGtRFRPR HO WRFDGR FyQLFR R FRORUHV GH FRQQRWDFLRQHV QHJDWLYDV DVRFLDGDV DO LPDJLQDULR VHPLWD FRPRHODPDULOOR1RREVWDQWHH[LVWHQLPiJHQHVHQODVTXHOD6LQDJRJDHVUHHPSOD]DGD SRU 0RLVpV R HQFDUQDGD SRU XQ VDFHUGRWH MXGtR IUHQWH D XQ SRQWtILFH TXH UHSUHVHQWD D OD ,JOHVLD (Q HIHFWR QR HV H[WUDxR TXH OD UHSUHVHQWDFLyQ GH FHUHPRQLDV OLW~UJLFDV R GH MHUDUTXtDV HVSHFtILFDV GH FDGD FUHGR VH KDJD SUHVHQWH MXQWR D ODV DOHJRUtDV IHPHQLQDV FLWDGDV (Q DOJXQDV REUDV VH UHFXUUH DO VLPEROLVPR YHJHWDO R DQLPDO SDUD HVWDEOHFHU XQD FRQWUDSRVLFLyQXQiUEROVHFRUHSUHVHQWDDOD6LQDJRJDIUHQWHDRWURTXHGDEXHQRVIUXWRV LPDJHQ GH OD ,JOHVLD $QLPDOHV FRPR HO DVQR VRQ XWLOL]DGRV HQ OD FDUDFWHUL]DFLyQ LFRQRJUiILFDGHOD6LQDJRJDSDUDDOXGLUDODREFHFDFLyQ\WHVWDUXGH]MXGDLFDV )XHQWHVHVFULWDV /RVIXQGDPHQWRVWH[WXDOHVGHDOJXQRV PRWLYRVLFRQRJUiILFRV\GHOD H[pJHVLVTXH FRQWULEX\y D FRQVROLGDU ODV IyUPXODV LFyQLFDV VHxDODGDV VH HQFXHQWUDQ HQ OD %LEOLD (VWD RIUHFH SRU HMHPSOR QXPHURVDV FLWDV UHIHULGDV D OD FHJXHUD REVWLQDFLyQ \ GHUURWD GHO SXHEORMXGtR 0W ³'HMDGORV VRQ FLHJRV TXH JXtDQ D FLHJRV < VL XQ FLHJR JXtD D RWUR FLHJR ORV GRV FDHUiQHQHOKR\R´ 0W 5P³3XHVQRTXLHURTXHLJQRUpLVKHUPDQRVHVWHPLVWHULRQRVHDTXHSUHVXPiLVGHVDELRV HOHQGXUHFLPLHQWRSDUFLDOTXHVREUHYLQRD,VUDHOGXUDUiKDVWDTXHHQWUHODWRWDOLGDGGHORVJHQWLOHV´ &RU³7HQLHQGRSXHVHVWDHVSHUDQ]DKDEODPRVFRQWRGDYDOHQWtD\QRFRPR0RLVpV TXH VH SRQtD XQ YHOR VREUH VX URVWUR SDUD LPSHGLU TXH ORV LVUDHOLWDV YLHUDQ HO ILQ GH OR TXH HUD SDVDMHUR«3HURVHHPERWDURQVXVLQWHOLJHQFLDV(QHIHFWRKDVWDHOGtDGHKR\SHUGXUDHVHPLVPR YHOR HQ OD OHFWXUD GHO $QWLJXR 7HVWDPHQWR (O YHOR QR VH KD OHYDQWDGR SXHV VROR HQ &ULVWR GHVDSDUHFH +DVWD HO GtD GH KR\ VLHPSUH TXH VH OHH D 0RLVpV XQ YHOR HVWi SXHVWR VREUH VXV FRUD]RQHV<FXDQGRVHFRQYLHUWHDO6HxRUVHDUUDQFDHOYHOR´ /P³+DFDtGRODFRURQDGHQXHVWUDFDEH]D£$\GHQRVRWURVTXHKHPRVSHFDGR3RU HVRHVWiGRORULGRQXHVWURFRUD]yQSRUHVRVHQXEODQQXHVWURVRMRV´ $VLPLVPR VH KD UHFRQRFLGR HQ DOJXQRV SDVDMHV EtEOLFRV HO UHIHUHQWH SDUD OD FRQWUDSRVLFLyQHQWUHHOEXHQ\HOPDOiUEROFRPRLPDJHQGHOD,JOHVLD\OD6LQDJRJD 15RZHKDUHSODQWHDGRGLFKDFXHVWLyQDSURSyVLWRGHILJXUDFLRQHVFDWHGUDOLFLDVGHOD6LQDJRJDFRPRODV GH (VWUDVEXUJR R %DPEHUJ FX\D E~VTXHGD GH OD EHOOH]D IHPHQLQD D WUDYpV GH XQD UHQRYDGD FRUSRUHLGDG REHGHFHUtDDSURSyVLWRVGLVWLQWRVGHODFHQVXUDPRUDO52:(1LQD<DHQ/,37216DUDVH FRQVLGHUDEDQ P~OWLSOHV IDFHWDV GH OD ³FDUQDO´ 6LQDJRJD VXSHUDQGR OD WUDGLFLRQDO FRQFHSWXDOL]DFLyQ GH VX LPDJHQHQODKLVWRULRJUDItDGHODUWHJyWLFR 0(//,1.2))5XWKSS\ 8QHMHPSORGHSDUWLFXODULQWHUpVGHQWURGHHVWDFDVXtVWLFDHVODVXVWLWXFLyQGHOD,JOHVLDSRUXQVDFHUGRWH TXHFHOHEUDODHXFDULVWtDHQHOWtPSDQRDOHPiQGH6DQ0DUWtQGH/DQGVKXWUHFLHQWHPHQWHHVWXGLDGR SRU7,00(50$11$FKLP 5HYLVWD'LJLWDOGH,FRQRJUDItD0HGLHYDOYRO9QSS H,661; ,JOHVLD\6LQDJRJD)UDQFLVFRGH$VtV*DUFtD*DUFtD (] ³< WRGRV ORV iUEROHV GHO FDPSR VDEUiQ TXH \R <DKYHK KXPLOOR DO iUERO HOHYDGR \ HOHYRDOiUEROKXPLOGHKDJRVHFDUVHDOiUEROYHUGH\UHYHUGHFHUDOiUEROVHFR´ 0W³<DHVWiHOKDFKDSXHVWDDODUDt]GHORViUEROHV\WRGRiUEROTXHQRGpEXHQIUXWRVHUi FRUWDGR\DUURMDGRDOIXHJR´DQiORJDD/F 0W ³$Vt WRGR iUERO EXHQR GD IUXWRV EXHQRV SHUR HO iUERO PDOR GD IUXWRV PDORV 8Q iUEROEXHQRQRSXHGHSURGXFLUIUXWRVPDORVQLXQiUEROPDORSURGXFLUIUXWRVEXHQRV7RGRiUERO TXH QR GD EXHQ IUXWR HV FRUWDGR \ DUURMDGR DO IXHJR $Vt TXH SRU VXV IUXWRV ORV UHFRQRFHUpLV´ DQiORJDD/F 1XPHURVRVHVFULWRVSDWUtVWLFRVJORVDQHOUHFKD]RGHORVMXGtRVDOEDXWLVPRDWUDYpV GHODILJXUDGHODFHJXHUDFRPR+LODULRGH3RLWLHUVHQVX7UDFWDWXVLQ/;9,,,3VDOPXP 2WURVIUDJPHQWRVHTXLSDUDQDDPEDVILJXUDVFRQPXMHUHV\KHFKRVEtEOLFRV$Vt-XVWLQR HQ VX 'LiORJR FRQ 7ULIyQ UHFXUUH D 5DTXHO \ /tD VtPLO WDPELpQ XWLOL]DGR SRU *UHJRULR 0DJQR\0D[LPLQR6DUD\$JDUIRUPDQRWUDSDUHMDDQWLWpWLFDTXHHQSDODEUDVGH&HViUHR GH$UOHV±HQWUHRWURV±FRQVWLWX\HXQDDOHJRUtDGHOD,JOHVLD\OD6LQDJRJD5DEDQR0DXUR DVLPLOD D 6LQDJRJD FRQ 6XODPLWD R FRQ 1RHPt HQ FRQWUDSRVLFLyQ D 5XWK \ UHFXUUH IUHFXHQWHPHQWHD HVWH WLSRGHDQDORJtDVHQ YDULRVSDVDMHVGHORVOLEURV,,,,,\ ,9GH VX REUD'H8QLYHUVR2WURJUXSRGHWH[WRVFRPSDUDDOD,JOHVLDFRQODEXHQDHVSRVD\DOD 6LQDJRJDFRQODIDOVDSUHWHQGLHQWHGHVSOD]DGDHQODILHVWDQXSFLDODIDYRUGHODYHUGDGHUD FRQVRUWH(VWDPHWiIRUDSDXOLQDGHVDUUROODGDSRU6DQ$JXVWtQHVUHWRPDGDSRU6HGXOLR HQVX&DUPHQ3DVFKDOH&DVLRGRURR6DQ%HUQDUGRTXLHQFDOLILFDDODIDOVDHVSRVDGH FLHJDREVWLQDGD\UHFKD]DGDHStWHWRVTXHODVLPiJHQHVGHVDUUROODQYLVXDOPHQWH 3DUD ORV WH[WRV FLWDGRV D FRQWLQXDFLyQ YHU HVHQFLDOPHQWH 6&+/$8&+ 0DUJDUHW SS %/80(1.5$1=%HUQKDUG)$h-HDQ)UDQoRLVS 3DWURORJLDH&XUVXV&RPSOHWXV6HULHV/DWLQDHQDGHODQWH3/,;FROVVV 0$;,0,127UDFWDWXV9FRQWUD,XG RV3//9,,FROVDWULEXLGRDQWHULRUPHQWHD0i[LPRGH 7XUtQ &(6È5(2'($5/(66HUPR&,9'H&RPSDUDWLRQH(FFOHVLDHHW6\QDJRJDH&RUSXV&KULVWLDQRUXP 6HULHV /DWLQD &,,, H[WLHQGH HVWD FRQIURQWDFLyQWUDGLFLRQDO SRUSDUHMDVD $EHO \ &DtQ ,VDDF HW ,VPDHO -DFRE \ (VD~ 5DTXHO \ /tD (IUDtQ \ 0DQDVpV -RVXp \ 0RLVpV \ D 'DYLG \ 6D~O DVt FRPR D DOJXQRVDFRQWHFLPLHQWRVEtEOLFRVODVVHJXQGDV\SULPHUDV7DEODVGHOD/H\ORVSDVRVGHO-RUGiQ\GHO0DU 5RMRHWF9HU%/80(1.5$1=%HUQKDUGSS 5$%$120$852&RPPHQWDULXPLQ/LEUXP5XWK,,,,93/&9,,,FROV ³8[RUHV DXWHP $EUDKDP GXRUXP WHVWDPHQWRUXP XW VXSUD GL[LPXV JHVWDQW ILJXUDP 4XDUXP XQD KRF HVW 6DUDL OLEHUD (FFOHVLDP VLJQLILFDQV $OWHUD DXWHP KRF HVW $JDU DQFLOOD PDWHU ,VPDHOLV TXL LQWHUSUHWDWXU DXGLWLR 'HL 6\QDJRJDP H[SULPLW´ ³,VWL DXWHP GXR ILOLL 5HEHFF GXRV SRSXORV XW GL[LPXV VLJQLILFDQW 6\QDJRJ HW (FFOHVL ´ ³3HU 5DFKHO TXLSSH TX RYLV 'HL GLFLWXU (FFOHVLD ILJXUDWXU´ ³7KDPDU KDELWXP PXWDW PXWDW HW QRPHQ HW ILW GH 6\QDJRJD (FFOHVLD 7\SXP TXLSSH (FFOHVL JHULW 7KDPDU H[ JHQWLEXV HYRFDW ´ ³'DOLOD 6\QDJRJDP VLJQLILFDW´ ³$QQD (FFOHVL &KULVWL W\SXP WHQHW´ ³,PSLD X[RU -H]DEHO KRF HVW 6\QDJRJD -XG RUXP´ ³,SVD TXRTXH PXOLHU &KDQDQ D (FFOHVL JHQWLXP JHUHEDW ILJXUDP´ ³0DUWKD TX H[FHSLW &KULVWXP LQ GRPR VXD HW PLQLVWUDEDW VLJQLILFDW (FFOHVLDP´³0XOLHU6DPDULWDQDP\VWLFHLQWHOOLJLWXU6\QDJRJD´HWF&IU3/&;,FROV \ $VRFLDFLyQGHLQWHUpVLFRQRJUiILFRGDGRTXHDOJXQDVGHODVLPiJHQHVGHOD,JOHVLD\OD6LQDJRJDDVXPHQ GLFKRVUROHVRVRQGLVSXHVWDVHQSRUWDGDVHQUHODFLyQFRQODSDUiERODGHODVYtUJHQHVQHFLDV\SUXGHQWHV &$6,2'252([SRVLWLRLQ&DQWLFD&DQWLFRUXP9,9,,3//;;FROV 6$1%(51$5'26HUPRQHVLQ&DQWLFD&DQWLFRUXP6HUPR;,9'H(FFOHVLDILGHOLXP&KULVWLDQRUXP HWGH6\QDJRJD,XG RUXPSHUILGRUXP3/&/;;;,,,FROV 5HYLVWD'LJLWDOGH,FRQRJUDItD0HGLHYDOYRO9QSS H,661; ,JOHVLD\6LQDJRJD)UDQFLVFRGH$VtV*DUFtD*DUFtD ,QVSLUiQGRVHHQSDVDMHVEtEOLFRVODH[pJHVLVODWLQDLGHQWLILFyHOiUEROIHFXQGR\HO iUERO HVWpULO HYDQJpOLFRV FRQ OD ,JOHVLD \ OD 6LQDJRJD (O SDUDOHOR IXH GHVDUUROODGR HQWUH RWURV SRU +LODULR GH 3RLWLHUV %HGD 5DEDQR 0DXUR R 5XSHUWR GH 'HXW] )UHQWH D OD DQWtWHVLVHQWUHDPEDVILJXUDVODVJORVDVDO&DQWDUGHORV&DQWDUHVIDYRUHFLHURQXQDYLVLyQ FRPSOHPHQWDULD GH OD ,JOHVLD \ OD 6LQDJRJD FRQ XQD FRQVLGHUDFLyQ IDYRUDEOH KDFLD HVWD ~OWLPDOODPDGDDODFRQYHUVLyQILQDO /DVIXHQWHVSDWUtVWLFDVVRQHOIXQGDPHQWRGHWRGDXQDOLWHUDWXUDGHWRQRSROpPLFR GHO JpQHUR DGYHUVXV LXGDHRV HQFDEH]DGD SRU 6DQ $JXVWtQ \ FXOWLYDGD SRU XQD H[WHQVD QyPLQDGHDXWRUHVGXUDQWHOD(GDG0HGLD3DUWLFXODULQWHUpVUHYLVWHQORVWH[WRVFRQFHELGRV D PRGR GH GLVSXWD 'HVWDFD HQ HVWH VHQWLGR 'H $OWHUFDWLRQH (FFOHVL HW 6\QDJRJ 'LDORJXV VLJOR 9 DWULEXLGR HQ WLHPSRV PHGLHYDOHV D 6DQ $JXVWtQ H LQFRUSRUDGR D OD OLWXUJLDSDVFXDOHQ)UDQFLDHQHOVLJOR,;(VWHRS~VFXORWXYRXQDQRWDEOHLQIOXHQFLDHQHO JpQHUR GH ORV GLiORJRV ILFWLFLRV D OR ODUJR GH WRGR HO SHULRGR PHGLHYDO FRQ VXFHGiQHRV FRPR HO DQyQLPR $OWHUFDWLR $HFOHVLH FRQWUD 6\QDJRJDP GH PHGLDGRV GHO VLJOR ; (VWH WLSR GH REUDV FRQRFLy XQ QRWDEOH IORUHFLPLHQWR HQ ORV VLJORV ;,,;,,, FRLQFLGHQWH FRQ XQRGHORV PRPHQWRV iOJLGRVGHODSODVPDFLyQYLVXDOGHOWHPDLFRQRJUiILFRFRPHQWDGR /D SURSLD QRFLyQ GH GLVSXWD GLDORJDGD VH FRQFUHWy HQ HO iPELWR GH OD LPDJHQ HQ REUDV FRPRODWDEODGH/D)XHQWHGHOD*UDFLDFGHO0XVHRGHO3UDGR 2WUDVIXHQWHV /DOXFKDHQWUHOD,JOHVLD\OD6LQDJRJDHVXQHOHPHQWRSUHVHQWHHQFLHUWRVGUDPDV OLW~UJLFRV$OJXQRVDXWRUHVKDQVHxDODGRODSRVLEOHUHODFLyQGHSLH]DVFRPRHO/XGXVGH $QWLFKULVWRFRQODVUHSUHVHQWDFLRQHVYLVXDOHVGHOD,JOHVLD\OD6LQDJRJD/DVDFRWDFLRQHV UHODWLYDVDODSXHVWDHQHVFHQDGHHVWRVGUDPDVDPHQXGRGHVFULEHQSRUPHQRUL]DGDPHQWH ODDSDULHQFLDGHDPEDVILJXUDVFX\RVDWULEXWRV\DFWLWXGHVFRLQFLGHQHVWUHFKDPHQWHFRQOR UHIOHMDGRHQVXLFRQRJUDItD ([WHQVLyQJHRJUiILFD\FURQROyJLFD (OPDUFRWHPSRUDOHQHOTXHVHGHVDUUROOyODLFRQRJUDItDGHOD,JOHVLD\OD6LQDJRJD VH H[WLHQGH IXQGDPHQWDOPHQWH GHVGH HO VLJOR ,; KDVWD HO VLJOR ;9, (V XQ PRWLYR HVSHFLDOPHQWH IUHFXHQWH HQ OD LFRQRJUDItD PHGLHYDO RFFLGHQWDO DXQTXH QR FDUHFH GH HMHPSORV HQ %L]DQFLR (Q (XURSD )UDQFLD \ HO iPELWR JHUPiQLFR VRQ iUHDV HVSHFLDOPHQWHULFDVHQHMHPSORV/RVUHLQRVKLVSDQRVQRRIUHFHQXQHOHQFRWDQFXDQWLRVR SHVHDODLPSRUWDQFLDGHODVFRPXQLGDGHVMXGtDVHVWDEOHFLGDVHQOD3HQtQVXOD,EpULFD 728%(57+pOqQHS 5HFRJHDOJXQRVWH[WRVDOUHVSHFWR02152((OL]DEHWKSS\ 3/;/,,FROV 8QDDPSOLDUHODFLyQHQ6&+/$8&+0DUJDUHWSS9HUWDPELpQ3)/$80+LUDI /87=*HUKDUG <281*.DUOSS\ .h+1(/%LDQFD %/80(1.5$1=%HUQKDUGD %/80(1.5$1=%HUQKDUG 52'5Ë*8(=%$55$/3DXOLQRSS 5HYLVWD'LJLWDOGH,FRQRJUDItD0HGLHYDOYRO9QSS H,661; ,JOHVLD\6LQDJRJD)UDQFLVFRGH$VtV*DUFtD*DUFtD 6RSRUWHV\WpFQLFDV (O WHPD GH OD FRQWUDSRVLFLyQ HQWUH OD ,JOHVLD \ OD 6LQDJRJD VH HQFXHQWUD HQ OD SUiFWLFDWRWDOLGDGGHODVDUWHVILJXUDWLYDV(QHOiPELWRGHODVDUWHVVXQWXDULDVGHVWDFDVX SUHVHQFLD GHVGH IHFKDV WHPSUDQDV HQ ORV PDUILOHV ELHQ HQ FXELHUWDV GH OLEUR R PiV WDUGtDPHQWHHQODVSURGXFFLRQHVIUDQFHVDVGHOD%DMD(GDG0HGLD6HUHIOHMDWDPELpQHQOD RUIHEUHUtD \ HQ SLH]DV HVPDOWDGDV SHUR HV OD LOXVWUDFLyQ GH PDQXVFULWRV \D GHVGH pSRFD RWRQLDQD HO FDPSR TXH RIUHFH SUREDEOHPHQWH HO PiV YDULDGR UHSHUWRULR GH ORV GLVWLQWRV PRGHORV LFRQRJUiILFRV (VWRV SXHGHQ HQFRQWUDUVH HQ GLYHUVDV REUDV GHVGH FyGLFHV OLW~UJLFRVD%LEOLDVLOXPLQDGDVHO+RUWXV'HOLFLDUXPRODVFRSLDVGHO%UHYLDULG¶$PRU (Q HO DUWH PRQXPHQWDO HO ELQRPLR ,JOHVLD6LQDJRJD REWXYR XQ HVSHFLDO SURWDJRQLVPR HQ OD GHFRUDFLyQ GH SRUWDGDV JyWLFDV HQ )UDQFLD $OHPDQLD H ,QJODWHUUD IODQTXHDQGRODHQWUDGDDOWHPSORDPHQXGRFRPRFRPSOHPHQWRWHPiWLFRGHO-XLFLR)LQDO (QWUH RWURV FDEH FLWDU ORV HMHPSORV FDWHGUDOLFLRV GH &KDUWUHV 5HLPV (VWUDVEXUJR 0DJGHEXUJR%DPEHUJ/LQFROQ0LQGHQ/HyQ)ULEXUJRGH%LVJURYLD:RUPV%p]LHUV\ (UIXUWDORODUJRGHOVLJOR;,,,\SULPHUDVGpFDGDVGHOVLJOR;,97DPELpQVHUHSUHVHQWy SRU ODV PLVPDV IHFKDV HQ RWURV WHPSORV FRPR 6DLQWH0DGHOHLQH GH %HVDQoRQ 1XHVWUD 6HxRUDGH7UpYHULV6DLQW6HXULQGH%XUGHRVRODFDSLOODFDVWUDOGH0DOERUN3RORQLD6X DSDULFLyQ HQ ORV WtPSDQRV HV PHQRV IUHFXHQWH VL ELHQ VH FRQRFHQ HMHPSORV FRPR HO GH 6DLQW*LOOHVGX*DUGRHOSHUGLGRGH6DLQW%HQLJQHGH'LMRQDPERVGHpSRFDURPiQLFD HOGH6DQ3HGURHQ%DG:LPSIHQ$OHPDQLDF\HOWDUGRJyWLFR\DPHQFLRQDGRGH /DQGVKXW 7DPELpQ HV IUHFXHQWH HQ ORV SURJUDPDV GH YLGULHUDV FDWHGUDOHV GH &KDUWUHV \ %RXUJHV6DQWD,VDEHOGH0DUEXUJRHWF\HQODSLQWXUDPXUDO\HQWDEODHVSHFLDOPHQWH HQ OD %DMD (GDG 0HGLD 6LOOHUtDV GH FRUR FRPR ODV FDWHGUDOLFLDV GH 2YLHGR \ /HyQ LQFRUSRUDQVXILJXUDFLyQ(VWDVHUHJLVWUDDVLPLVPRHQORVJUDQGHVUHWDEORVWDUGRJyWLFRV FRPRLOXVWUDHOHMHPSOREXUJDOpVGHORELVSR/XLVGH$FXxDHQVXFDSLOODIXQHUDULD*LOGH 6LORHF 3UHFHGHQWHVWUDQVIRUPDFLRQHV\SUR\HFFLyQ (O SULPHU DUWH GH OD 5RPD FULVWLDQD RIUHFH SUHFHGHQWHV LFRQRJUiILFRV SDUD OD IRUPXODFLyQSRVWHULRUGHOWHPDGHOD,JOHVLD\OD6LQDJRJDSXHV\DHQWRUQRDOVLJOR9VH UHSUHVHQWD D FDGD XQD GH HOODV EDMR ILJXUD IHPHQLQD (Q HO PRVDLFR FRQ LQVFULSFLyQ GHGLFDWRULD GH 6DQWD 6DELQD F GRV PXMHUHV VRQ LGHQWLILFDGDV SRU VHQGDV LQVFULSFLRQHVFRPR(FFOHVLDH[FLUFXPFLVLRQH\(FFOHVLDH[JHQWLEXV8QDLQWHUSUHWDFLyQ VHPHMDQWHKDVLGRSURSXHVWDSDUDODVGRVPDWURQDVTXHFRURQDQD3HGUR\3DEORDDPERV ODGRVGHOD0DLHVWDV'RPLQLHQHOiEVLGHGH6DQWD3XGHQ]LDQDF /DVLPiJHQHVPiVDQWLJXDVGHOD,JOHVLD\OD6LQDJRJDFRPRWDOHVVHHQFXHQWUDQHQ HO DUWH FDUROLQJLR HQ PDUILOHV GH OD HVFXHOD GH 0HW] GH OD VHJXQGD PLWDG GHO VLJOR ,; \ SULQFLSLRV GHO ; (Q OD HERUDULD OD 6LQDJRJD PXHVWUD XQ UHFKD]R GHO GRJPD FULVWLDQR ,OXVWUDDOJXQRVHMHPSORVDVRFLDGRVDGLVWLQWRVWH[WRV92<(5&pFLOH 3DUDXQDQiOLVLVGHORVHMHPSORVJHUPiQLFRVYHUORVHVWXGLRVGH6&,85,(+HOJD\ )(5%(5 6WDQOH\ 1XPHURVRV LQYHVWLJDGRUHV LQFOX\HQ HQWUH HVWDV SULPLFLDV LFRQRJUiILFDV OD FUXFLIL[LyQGHO6DFUDPHQWDULRGH'URJR3DUtV%Q)PVODWIROY6LQHPEDUJRPLHQWUDVTXHOD ILJXUDGH(FFOHVLDUHVXOWDIiFLOPHQWHUHFRQRFLEOHHQODLQLFLDOODKLSRWpWLFD6LQDJRJDHVUHSUHVHQWDGDFRPR 5HYLVWD'LJLWDOGH,FRQRJUDItD0HGLHYDOYRO9QSS H,661; ,JOHVLD\6LQDJRJD)UDQFLVFRGH$VtV*DUFtD*DUFtD GDQGRODHVSDOGDDOFUXFLILFDGRHLQFOXVRDOHMiQGRVHGHpO6LQHPEDUJRHQHVWRVSULPHURV FRPSDVHVOD6LQDJRJDFDUHFHGHVLJQRVRDWULEXWRVSH\RUDWLYRVHVSHFtILFRVPiVDOOiGHOD LQYHUVLyQ GHO HVWDQGDUWH TXH SXHGH REVHUYDUVH HQ DOJXQDV LOXVWUDFLRQHV GH PDQXVFULWRV (YDQJHOLDULRGH6DLQW%HUWLQ6DLQW2PHUF/D,JOHVLD\OD6LQDJRJDVHVLW~DQD PHQXGR HQ XQ SODQR GH LJXDOGDG (Q DOJXQDV GH ODV SULPHUDV LPiJHQHV VRQ ILJXUDV VHGHQWHV PRGHOR TXH SUHVHQWDUi XQD FLHUWD FRQWLQXLGDG HQ VLJORV SRVWHULRUHV VL ELHQ FHGHUiHQQ~PHURDQWHODSRVLFLyQHQSLHPiVKDELWXDO /RV DXWRUHV TXH VH KDQ RFXSDGR HQ SDUWLFXODU GH HVWH WHPD LFRQRJUiILFR KDQ UHFRQRFLGR XQ FDPELR GH VLJQR HQ ODV UHSUHVHQWDFLRQHV HQ HO WUiQVLWR DO VLJOR ;,, FRQVLVWHQWH HQ XQD LQWHQVLILFDFLyQ GH ORV UDVJRV QHJDWLYRV GH OD 6LQDJRJD \ GH VX DQWDJRQLVPRYLVXDOFRQOD,JOHVLD7DOPXWDFLyQKDVLGRUHODFLRQDGDFRQHOFUHFLHQWHFOLPD DQWLVHPLWD JHQHUDGR SRU HO PRYLPLHQWR FUX]DGR \ ODV PHGLGDV LPSXOVDGDV FRQWUD ODV FRPXQLGDGHVMXGtDV$SDUWLUGHOVLJOR;,,OD6LQDJRJDSUHVHQWDORVVtPERORVGHGHUURWD \SHUVLVWHQFLDHQHOHUURUDQWHVHQXQFLDGRVHVWDQGDUWHRODQ]DTXHEUDGRV7DEODVGHOD/H\ LQYHUWLGDVRFD\pQGRVHGHVXVPDQRVLQFOLQDFLyQGHODFDEH]DFDtGDGHODFRURQDYLVLyQ YHODGD PRQWXUD VREUH XQ DVQR HWF (Q RFDVLRQHV OD ILJXUD GHO GHPRQLR LQWHUYLHQH HQ HVWDFDUDFWHUL]DFLyQSH\RUDWLYDFRPRDJHQWHGHODFHJXHUD$OJXQRVPRWLYRVSDUWLFXODUHV VH GHVPDUFDQ GH OD LFRQRJUDItD DOHJyULFD PiV FRP~Q R DSRUWDQ QXHYRV PDWLFHV D ODV SDXWDVGHSUHVHQWDFLyQKDELWXDOHV'HVGHILQDOHVGHOVLJOR;,VHUHSUHVHQWDHQ2FFLGHQWHOD H[SXOVLyQGHOD6LQDJRJDHPSXMDGDSRUXQiQJHO/DLQFLGHQFLDGHHVWDHVFHQDHVPD\RU HQ HO iPELWR LWDOLDQR HVSHFLDOPHQWH HQ HO FtUFXORGH ORV 3LVDQR TXLHQHV OD LQFRUSRUDQ D VXV REUDV 8Q WHPD VHPHMDQWH HV HO GH &ULVWR HOLJLHQGR D OD ,JOHVLD SRU HVSRVD \ UHSXGLDQGR D OD 6LQDJRJD SUHVHQWH HQ DOJXQDV LQLFLDOHV PLQLDGDV (Q RWURV FDVRV OD 6LQDJRJD KX\H HV SHUVHJXLGD H LQFOXVR SLVRWHDGD SRU OD ,JOHVLD OOHJDQGR D YHUVH FRQGXFLGDKDFLDHOLQILHUQR &RQ WRGR FLHUWDV LPiJHQHV VH DOHMDQ GHO HVStULWX GH FRQIURQWDFLyQ TXH WLHQGH D HVWDEOHFHUVHHQWUHDPEDVILJXUDVHLOXVWUDQHQFDPELRXQDUHODFLyQDUPyQLFDHQWpUPLQRV GHFRQFRUGLDWHVWDPHQWRUXP(QHVWHVHQWLGRSXHGHQFRPSDUHFHUODVFRQVDELGDVDOHJRUtDV PDQWHQLHQGR XQ GLiORJR VLQ SRVHV \ DWULEXWRV GHQLJUDQWHV TXH DIHFWHQ D OD 6LQDJRJD LQWHJUDGD HQ XQ RUGHQ FULVWLDQR $Vt RFXUUH HQ DOJXQDV LOXVWUDFLRQHV UHODFLRQDGDV FRQ HO WH[WR GHO &DQWDU GH ORV &DQWDUHV GRQGH VH H[SUHVD HO PXWXR DPRU GH DPEDV D &ULVWR GHVPDUFiQGRVH GH ODV LPiJHQHV GH UHSXGLR TXH WDPELpQ IORUHFLHURQ HQ HVWH FRQWH[WR 2WUDSDUWLFXODULGDGLFRQRJUiILFDVHQVLEOHDOUROOD6LQDJRJDHQODKLVWRULDGHODVDOYDFLyQ UDGLFDHQHOPRWLYRGHOD6LQDJRJDGHVYHODGDVHJ~QHOFXDOODYHQGDTXHFXEUHVXVRMRVHV UHWLUDGD HQ DOXVLyQD VXFRQYHUVLyQ\UHFRQFLOLDFLyQILQDOFRQOD ,JOHVLD\&ULVWR(VWRV ~OWLPRVVRQSUHFLVDPHQWHORVDJHQWHVHQFDUJDGRVGHOLEHUDUVXYLVLyQHQODPD\RUSDUWH XQ DQFLDQR VHGHQWH ÒOWLPDV LQWHUSUHWDFLRQHV SUHILHUHQ LGHQWLILFDUOR FRQ 1LFRGHPR &+$=(//( &HOLD SS 3DUDXQDUHYLVLyQFUtWLFD\XQDUHFRQVLGHUDFLyQ³LQWHJUDGRUD´GHODVLPiJHQHVHQUHODFLyQFRQODVSROtWLFDV TXHDIHFWDEDQDOHVWDWXVGHODSREODFLyQMXGtDGHOVLJOR;,,,HQHOiPELWRIUDQFRDOHPiQYHU52:(1LQD %/80(1.5$1=%HUQKDUGS52'5Ë*8(=%$55$/3DXOLQRS 7+e5(/0DULH/RXLVH92<(5&pFLOHSS 02152((OL]DEHWK )$h-HDQ)UDQoRLVS 5HYLVWD'LJLWDOGH,FRQRJUDItD0HGLHYDOYRO9QSS H,661; ,JOHVLD\6LQDJRJD)UDQFLVFRGH$VtV*DUFtD*DUFtD GHORVFDVRV'LFKDLFRQRJUDItDVHKDOODHVSHFLDOPHQWHH[WHQGLGDHQ,QJODWHUUD\FXHQWD FRQ XQR GH VXV HMHPSORV PiV QRWRULRV HQ XQD GH ODV YLGULHUDV GH 6XJHU HQ 6DLQW'HQLV 3DUtVF /D IyUPXOD YHJHWDO GHO WHPD SUHVHQWD XQR GH VXV SULPHURV HMHPSORV HQ ODV SLQWXUDVPXUDOHVGH6DQW3HUHGH6RUSH/pULGD(VSDxDDPHGLDGRVGHOVLJOR;,,6LELHQ QRREWXYRWDQWDIRUWXQDFRPRHOPRGHORGHODVSHUVRQLILFDFLRQHVIHPHQLQDVIXHHPSOHDGD HQODVFRSLDVGHO/LEHU)ORULGXVGH/DPEHUWRGH6DLQW2PHURHQODSRUWDGDFHQWUDOGHOD IDFKDGD RFFLGHQWDO GH OD FDWHGUDO GH $PLHQV HQ UHODFLyQ FRQ ODV YtUJHQHV QHFLDV \ SUXGHQWHV $ODKRUDGHYDORUDUORVFRQWH[WRVLFRQRJUiILFRVHQORVTXHVHGDODRSRVLFLyQHQWUH ,JOHVLD \ 6LQDJRJD VREUHVDOHQ ORV WHPDV GH OD FUXFLIL[LyQ OD UHSUHVHQWDFLyQ PD\HVWiWLFD GH&ULVWRR'LRV3DGUHHQHVSHFLDOGHVGHHOVLJOR;,,,\HO-XLFLR)LQDO$OFRPSDUHFHU HQODFUXFLIL[LyQIODQTXHDQODILJXUDGH&ULVWR\VRQDFRPSDxDGDVUHVSHFWLYDPHQWHSRUOD 9LUJHQ \ 6DQ -XDQ 6H WUDWD GH XQ PRGHOR LFRQRJUiILFR H[WHQGLGR HQ ,QJODWHUUD ,WDOLD \ VREUH WRGR $OHPDQLD QR DVt HQ )UDQFLD GRQGH HVFDVHD HQ FRPSDUDFLyQ /D 6LQDJRJD SXHGHOOHYDUHQFLHUWRVFDVRVORVLQVWUXPHQWRVGHOD3DVLyQLGHQWLILFDQGRDOSXHEORMXGtR FRPRGHLFLGD\DWDFDULQFOXVRDO$JQXV'HL(QUHODFLyQFRQODFUXFLIL[LyQFDEHFLWDUOD IRUWXQD GH OD SDUHMD ,JOHVLD6LQDJRJD DVRFLDGD D ODV ³FUXFHV YLYLHQWHV´ EDMRPHGLHYDOHV FUXFLIL[LRQHV DOHJyULFDV GRQGH HO WUDYHVDxR KRUL]RQWDO SUR\HFWD H[WUHPLGDGHV KXPDQDV TXHEHQGLFHQ\FRURQDQDOD,JOHVLDPLHQWUDVHMHUFHUDFFLRQHVSXQLWLYDVFRQWUDOD6LQDJRJD ±FRPRUHWLUDUVXFRURQD\DODQFHDUODRDVHVWDUOHXQDSXxDODGD (Q HO iPELWR EL]DQWLQR ODV SULPHUDV UHSUHVHQWDFLRQHV GDWDQ GHO VLJOR ;, \ D GLIHUHQFLDGH2FFLGHQWHDSHQDVPXHVWUDQYDULHGDGRHYROXFLyQ(QHVWHFDVRODVIyUPXODV \ PRWLYRV LFRQRJUiILFRV QR VH YLHURQ DIHFWDGRV SRU ORV FDPELRV HQ ODV UHODFLRQHV HQWUH MXGtRV\FULVWLDQRV\KDQVLGRLQWHUSUHWDGDVGHVGHXQDySWLFDIXQGDPHQWDOPHQWHWHROyJLFD \OLW~UJLFD6HWUDWDGHSHUVRQLILFDFLRQHVIHPHQLQDVOOHYDGDVSRUiQJHOHVHQDVRFLDFLyQ FRQODFUXFLIL[LyQRFRQHOWHPDGHODFRQVDJUDFLyQGHODLJOHVLD (Op[LWRGHODSDUHMD,JOHVLD6LQDJRJDHQODLFRQRJUDItDPHGLHYDOQRWLHQHSDUDOHOR HQOD(GDG0RGHUQDHQFXDQWRDIRUWXQDLFyQLFD6LQHPEDUJRHQGHWHUPLQDGDVREUDVVH UDVWUHD OD YLJHQFLD GH HVTXHPDV SUHYLRV FRQVROLGDGRV %XHQD PXHVWUD GH HOOR VRQ HO UHWDEORGHOD3XULILFDFLyQHQOD&DSLOODGHO&RQGHVWDEOHGHODFDWHGUDOGH%XUJRVUHDOL]DGR SRU 'LHJR GH 6LORH \ )HOLSH %LJDUQ\ F R OD REUD GH DOJXQRV SLQWRUHV GHO &LQTXHFHQWRFRPRHOIHUUDUpV*DURIDORIUHVFRVGH6DQW¶$QGUHDGH)HUUDUD$OHJRUtDGHO $QWLJXR\1XHYR7HVWDPHQWR0XVHRGHO+HUPLWDJHGH6DQ3HWHUVEXUJR %/80(1.5$1=%HUQKDUGS (OHVWXGLRFOiVLFRVREUHODLPDJHQDUEyUHDGHOD,JOHVLD\6LQDJRJDVHGHEHD728%(57+pOqQH %/80(1.5$1=%HUQKDUGDS 6&+,//(5*HUWUXGSS 6REUH OD LFRQRJUDItD GH ODV ³FUXFHV YLYLHQWHV´ \ VXV LPSOLFDFLRQHV SROtWLFRUHOLJLRVDV YHU 7,00(50$11 $FKLP 8QD VHOHFFLyQ GH LPiJHQHV HQ KWWSGRFXPHQWD DNHUPDULDQREORJVSRWFRPHVOLYLQJFURVVKWPO~OWLPRDFFHVR .h+1(/%LDQFDS .$7='DQD( 5HYLVWD'LJLWDOGH,FRQRJUDItD0HGLHYDOYRO9QSS H,661; ,JOHVLD\6LQDJRJD)UDQFLVFRGH$VtV*DUFtD*DUFtD 3UHILJXUDV\WHPDVDILQHV &RPR VH KD VHxDODGR ORV FRPHQWDULVWDV DVLPLODURQ OD ,JOHVLD \ OD 6LQDJRJD D P~OWLSOHV SDUHMDV \ DFRQWHFLPLHQWRV EtEOLFRV YpDVH HO DSDUWDGR ³)XHQWHV HVFULWDV´ DEULHQGR FDPLQR D VX HTXLSDUDFLyQ DOHJyULFD HQ ODV DUWHV YLVXDOHV (Q HVWH VHQWLGR ORV HVSHFLDOLVWDVKDQLQWHUSUHWDGRDODOX]GHGLFKDH[pJHVLVDOJXQDVHVFHQDV&RQFUHWDPHQWH VH KD UHFRQRFLGR HQ GHWHUPLQDGRV SHUVRQDMHV R VtPERORV SUHVHQWHV HQ ODV FUXFLIL[LRQHV XQD PLJUDFLyQ VHPiQWLFD GH ODV ILJXUDV GH OD ,JOHVLD \ OD 6LQDJRJD HQ IXQFLyQ GH OD XELFDFLyQ UHVSHFWR DO FUXFLILFDGR $Vt OD 9LUJHQ /RQJLQRV R HO 6RO UHSUHVHQWDUtDQ D OD ,JOHVLDDODGHUHFKDGH&ULVWRIUHQWHD6DQ-XDQ(VWHIDWyQROD/XQDTXHKDUtDQORSURSLR FRQ OD 6LQDJRJD HQ HO ODGR RSXHVWR 2WUR FDVR \D DOXGLGR DIHFWD QXHYDPHQWH D XQ WHPD QHRWHVWDPHQWDULR OD SDUiEROD GH ODV YtUJHQHV QHFLDV \ SUXGHQWHV FX\D FRPELQDFLyQ ILJXUDWLYDFRQOD,JOHVLD\OD6LQDJRJDUHVXOWDIUHFXHQWH 6HOHFFLyQGHREUDV 0RVDLFRDEVLGDOGHODLJOHVLDGH6DQWD3XGHQ]LDQD5RPD,WDOLDF 0RVDLFRGHGLFDWRULRGHODFRQWUDIDFKDGDGHODLJOHVLDGH6DQWD6DELQD5RPD,WDOLD F &UXFLIL[LyQ GH XQD SODFD GH PDUILO HQ OD FXELHUWD GH XQ HYDQJHOLDULR SURFHGHQWH GH 6DLQW*DOO3DUtV%Q)0V/DWHVFXHODGH0HW]VHJXQGDPLWDGGHOVLJOR,; %LEOLD GH (VWHEDQ GH +DUGLQJ &vWHDX[ )UDQFLD F 'LMRQ %LEOLRWKqTXH 0XQLFLSDOHPVIRO 3LQWXUDV PXUDOHV GH 6DQWD 0DUtD GH 6RUSH /pULGD (VSDxD PHGLDGRV GHO VLJOR ;,, %DUFHORQD01$&LQY &ULVWRHQWUHOD,JOHVLD\OD6LQDJRJD9LGULHUDGHODJLURODGHODEDVtOLFDGH6DLQW'HQLV 3DUtV)UDQFLDF &UX] GH *XQKLOG PDUILO 'LQDPDUFD PHGLDGRV GHO VLJOR ;,, &RSHQKDJXH 1DWLRQDOPXVHHW 7tPSDQR GH OD SRUWDGD VXU GH OD IDFKDGD RFFLGHQWDO GH OD DEDGtD GH 6DLQW*LOOHVGX *DUG)UDQFLDPHGLDGRVGHOVLJOR;,, $UD SRUWiWLO GH 6WDYHORW EURQFH GRUDGR \ HVPDOWH YDOOH GH 0RVD F %UXVHODV 0XVpHGX&LQTXDQWHQDLUH *UHJRULR0DJQR([SRVLWLRLQ&DQWLFD&DQWLFRUXP)UDQFLDVHJXQGD PLWDGGHOVLJOR ;,,7UR\HV%LEOLRWKqTXH0XQLFLSDOHPVIRO &UXFLIL[LyQ GH ODV SLQWXUDV PXUDOHV GH OD 3DQDJLD 0DYULRWLVVD .DVWRULD *UHFLD F 3DUD XQ UHSHUWRULR GH LPiJHQHV HQ WRUQR DO WHPD GH OD ,JOHVLD \ OD 6LQDJRJD SXHGHQ VHU FRQVXOWDGRV WDPELpQ ORV VLWLRV ZHE KWWSFRPPRQVZLNLPHGLDRUJZLNL&DWHJRU\(FFOHVLDBDQGB6\QDJRJD \ KWWSGRFXPHQWDDNHUPDULDQREORJVSRWFRPHFFOHVLDHWV\QDJRJDKWPO~OWLPRDFFHVR 5HYLVWD'LJLWDOGH,FRQRJUDItD0HGLHYDOYRO9QSS H,661; ,JOHVLD\6LQDJRJD)UDQFLVFRGH$VtV*DUFtD*DUFtD &UXFLIL[LyQGHODVSLQWXUDVPXUDOHVGHODLJOHVLDGH6DQWD0DUtDGH6WXGHQLFD6HUELD ILQDOHVGHOVLJOR;,, ÈUEROHVGHOD,JOHVLD\OD6LQDJRJDDOSLHGHODVYtUJHQHVSUXGHQWHV\QHFLDV-DPEDVGH OD 3RUWDGD GHO -XLFLR GH OD IDFKDGD RFFLGHQWDO GH OD FDWHGUDO GH $PLHQV )UDQFLD F )LJXUDV GH OD ,JOHVLD \ OD 6LQDJRJD GH OD SRUWDGD GHO WUDQVHSWR VXU GH OD FDWHGUDO GH (VWUDVEXUJR)UDQFLDF(VWUDVEXUJR0XVpHGHO¶¯XYUH1RWUH'DPH 'HVFHQGLPLHQWR GH OD FUX] PDUILO 3DUtV )UDQFLD F 3DUtV 0XVpH GX /RXYUHLQY2$ *LRYDQQL3LVDQRUHOLYHGHODFUXFLIL[LyQGHOS~OSLWRGH6DQW¶$QGUHDGH3LVWRLD,WDOLD PiUPRO &UXFLIL[LyQ GH ODV SLQWXUDV PXUDOHV GH OD LJOHVLD GH 6DQ )UDQFLVFR GH 3RQLN\ (VORYDTXLD (VFXHODGH-DQ9DQ(\FN/D)XHQWHGHOD*UDFLDF0DGULG0XVHR1DFLRQDO GHO3UDGR 7tPSDQRGHODLJOHVLDGH6DQ0DUWtQGH/DQGVKXW$OHPDQLDF )HOLSH%LJDUQ\ILJXUDVGHOD,JOHVLD\OD6LQDJRJDGHO5HWDEORGHOD3XULILFDFLyQGHOD &DSLOODGHO&RQGHVWDEOHFDWHGUDOGH%XUJRV(VSDxDF %HQYHQXWR 7LVL GD *DURIDOR &UXFLIL[LyQ FRQ ,JOHVLD \ 6LQDJRJD R $OHJRUtD GHO $QWLJXR \ GHO 1XHYR 7HVWDPHQWR SLQWXUD DO IUHVFR GHO UHIHFWRULR GH 6DQW¶$QGUHD GH )HUUDUD,WDOLD)HUUDUD3LQDFRWHFD1D]LRQDOHGL)HUUDUD %LEOLRJUDItD %/80(1.5$1=%HUQKDUG/HVDXWHXUVFKUpWLHQVODWLQVGX0R\HQÆJHVXUOHV MXLIVHWOHMXGDwVPH0RXWRQ&R3DUtV±/D+D\D %/80(1.5$1= %HUQKDUG D ³*pRJUDSKLH KLVWRULTXH G¶XQ WKqPH GH O¶LFRQRJUDSKLH UHOLJLHXVH OHV UpSUHVHQWDWLRQV GH 6\QDJRJD HQ )UDQFH´ (Q *$//$,6 3LHUUH 5,28 <YHV-HDQ HGV 0pODQJHV RIIHUWV j 5HQp &UR]HW j O¶RFFDVLRQ GH VRQ DQQLYHUVDLUH6RFLpWpG¶pWXGHVPpGLpYDOHV3RLWLHUVYRO,,SS %/80(1.5$1= %HUQKDUG E /H MXLI PpGLpYDO DX PLURLU GH O¶DUW FKUpWLHQ eWXGHV$XJXVWLQLHQQHV3DUtV %/80(1.5$1=%HUQKDUG³6\QDJRJDPXWDWLRQVG¶XQPRWLIGHO¶LFRQRJUDSKLH PpGLpYDOH$OOHPDJQHHHVLqFOHV´(Q&$4827$QGUp\RWURVHGV+HOOHQLFD HW-XGDLFD+RPPDJHj9DOHQWLQ1LNLSURZHW]N\3HHWHUV3DUtV±/RYDLQDSS %g0,6&+ )UDQ] ³([HJHWLVFKH :XU]HOQ GHV $QWLMXGDLVPXV LP (FFOHVLD 6\QDJRJD0RWLY´)UHLEXUJHU5XQGEULHIYROQSS &+$=(//( &HOLD ³$Q ([HPSOXP RI +XPLOLW\ 7KH &UXFLIL[LRQ ,PDJH LQ WKH 'URJR 6DFUDPHQWDU\´ (Q 6($56 (OL]DEHWK 7+20$6 7KHOPD . HGV 5HDGLQJ 5HYLVWD'LJLWDOGH,FRQRJUDItD0HGLHYDOYRO9QSS H,661; ,JOHVLD\6LQDJRJD)UDQFLVFRGH$VtV*DUFtD*DUFtD 0HGLHYDO ,PDJHV 7KH $UW +LVWRULDQ DQG WKH 2EMHFW 7KH 8QLYHUVLW\ RI 0LFKLJDQ 3UHVV SS'LVSRQLEOHHQOtQHD*RRJOHOLEURV (':$5'6 /HZLV ³6RPH (QJOLVK ([DPSOHV RI WKH 0HGLDHYDO 5HSUHVHQWDWLRQ RI &KXUFK DQG 6\QDJRJXH´ 7KH -HZLVK +LVWRULFDO 6RFLHW\ RI (QJODQG 7UDQVDFWLRQVYRO;9,,,SS )$h-HDQ)UDQoRLV/¶LPDJHGHV-XLIVGDQVO¶DUWFKUpWLHQPpGLpYDO0DLVRQQHXYH /DURVH3DUtV'LVSRQLEOHHQOtQHD*RRJOHOLEURV )(5%(5 6WDQOH\ ³&UXFLIL[LRQ ,FRQRJUDSK\ LQ D *URXS RI &DUROLQJLDQ ,YRU\ 3ODTXHV´7KH$UW%XOOHWLQYRO;/9,,,QSS )58*21, &KLDUD ³(FFOHVLD DQG 6\QDJRJD´ (Q 675$<(5 -RVHSK 5 HG 'LFWLRQDU\RIWKH0LGGOH$JHV&KDUOHV6FULEQHU¶V6RQV1XHYD<RUNYROSS .$7='DQD(³6OD\LQJ6\QDJRJDLQ(VWHQVH)HUUDUD´(Q7KH-HZLQWKH$UWRI ,WDOLDQ5HQDLVVDQFH8QLYHUVLW\RI3HQQV\OYDQLD3UHVV)LODGHOILDSS\ .h+1(/ %LDQFD ³7KH 3HUVRQLILFDWLRQV RI &KXUFK DQG 6\QDJRJXH LQ %\]DQWLQH$UW7RZDUGVD+LVWRU\RIWKH0RWLI´-HZLVK$UWYROSS /,37216DUD³7KH7HPSOHLV0\%RG\*HQGHU&DUQDOLW\DQG6\QDJRJDLQWKH %LEOH0RUDOLVpH´(Q)52-029,&(YDHG,PDJLQLQJWKH6HOI,PDJLQLQJWKH2WKHU 9LVXDO 5HSUHVHQWDWLRQ DQG -HZLVK&KULVWLDQ '\QDPLFV LQ WKH 0LGGOH $JHV DQG (DUO\ 0RGHUQ3HULRG%ULOO/HLGHQ±%RVWRQ±&RORQLDSS /87=*HUKDUG³'LH'DUVWHOOXQJHQYRQ(FFOHVLDXQG6\QDJRJHXQGGDVJHLVWOLFKH 6SLHOLPVSlWHQ0LWWHODOWHU´3R]QDQVNLH7RZDU]\VWZR3U]\MDFLyO1DXNQSS 0(//,1.2))5XWK2XWFDVWV6LJQVRI2WKHUQHVVLQ1RUWKHUQ(XURSHDQ$UWRI WKH /DWH 0LGGOH $JHV 8QLYHUVLW\ RI &DOLIRUQLD 3UHVV %HUNHOH\±/RV ÈQJHOHV±2[IRUG YRO, 02152((OL]DEHWK³µ)DLUDQG)ULHQGO\6ZHHWDQG%HDXWLIXO¶+RSHVIRU-HZLVK &RQYHUVLRQ LQ 6\QDJRJD¶V 6RQJ RI 6RQJV ,PDJHU\´ (Q 0(5%$&. 0LWFKHOO % HG %H\RQGWKH<HOORZ%DGJH$QWL-XGDLVPDQG$QWLVHPLWLVPLQ0HGLHYDODQG(DUO\0RGHUQ 9LVXDO&XOWXUH%ULOO/HLGHQ±%RVWRQSS 3)/$80 +LUDI 'LH UHOLJL|VH 'LVSXWDWLRQ LQ GHU HXURSlLVFKHQ 'LFKWXQJ GHV 0LWWHODOWHUV,'HUDOOHJRULVFKH6WUHLW]ZLVFKHQ6\QDJRJHXQG.LUFKH2OVFKNL*LQHEUD± )ORUHQFLD 5$''$7= $OIUHG 'LH (QWVWHKXQJ GHV 0RWLYV ³(FFOHVLD XQG 6\QDJRJH´ *HVFKLFKWOLFKH+LQWHUJUQGHXQG'HXWXQJ7HVLVGRFWRUDO%HUOtQ 52'5Ë*8(=%$55$/3DXOLQR/DLPDJHQGHOMXGtRHQOD(VSDxDPHGLHYDO(O FRQIOLFWR HQWUH FULVWLDQLVPR \ MXGDtVPR HQ ODV DUWHV YLVXDOHV JyWLFDV %HOODWHUUD± %DUFHORQD±*LURQD±/OHLGD±7DUUDJRQDHGLWRULDOHVXQLYHUVLWDULDVUHVSHFWLYDV 52:( 1LQD 7KH -HZ WKH &DWKHGUDO DQG WKH 0HGLHYDO &LW\ 6\QDJRJD DQG (FFOHVLDLQWKH7KLUWHHQWK&HQWXU\&DPEULGJH8QLYHUVLW\3UHVV1XHYD<RUN'LVSRQLEOH HQOtQHD*RRJOHOLEURV 5HYLVWD'LJLWDOGH,FRQRJUDItD0HGLHYDOYRO9QSS H,661; ,JOHVLD\6LQDJRJD)UDQFLVFRGH$VtV*DUFtD*DUFtD 6&+,//(5 *HUWUXG ,NRQRJUDSKLH GHU FKULVWOLFKHQ .XQVW W 'LH .LUFKH *WHUVORKHU9HUODJVKDXV*WHUVORKSS 6&+/$8&+ 0DUJDUHW ³7KH $OOHJRU\ RI &KXUFK DQG 6\QDJRJXH´ 6SHFXOXP YROQSS 6&,85,(+HOJD³(FFOHVLDXQG6\QDJRJH%LOGHUYRQ6LQQOLFKNHLWXQG*HZDOWDP GHXWVFKHQ.LUFKHQSRUWDOGHV-DKUKXQGHUWV´(Q/,1'1(5,QHV\RWURVHGV%OLFN :HFKVHO .RQVWUXNWLRQHQ YRQ 0lQQOLFKNHLW XQG :HLEOLFKNHLW LQ .XQVW XQG .XQVWJHVFKLFKWH5HLPHU%HUOtQSS 6&,85,( +HOJD ³(FFOHVLD XQG 6\QDJRJH DQ GHQ 'RPHQ ]X 6WUDVVEXUJ %DPEHUJ 0DJGHEXUJ XQG (UIXUW .|USHUVSUDFKOLFKH :DQGOXQJHQ LP JHVWDOWHULVFKHQ .RQWH[W´:LHQHU-DKUEXFKIU.XQVWJHVFKLFKWHYRO;/9,;/9,,QSS 6(,)(57+ :ROIJDQJ 6 6\QDJRJXH DQG &KXUFK LQ WKH 0LGGOH $JHV 7ZR 6\PEROVLQ/LWHUDWXUHDQG$UW)UHGHULFN8QJDU1XHYD<RUN 7+e5(/ 0DULH/RXLVH ³/¶RULJLQH GX WKqPH GH OD µ6\QDJRJXH UpSXGLpH¶´ 6FULSWRULXPYRO;;9QSS 7,00(50$11 $FKLP ³7KH $YHQJLQJ &UXFLIL[ 6RPH 2EVHUYDWLRQV RQ WKH ,FRQRJUDSK\RIWKH/LYLQJ&URVV´*HVWDYRO;/QSS 7,00(50$11$FKLP³)UDX9HQXVWKH(XFKDULVWDQGWKH-HZVRI/DQGVKXW´ (Q .(66/(5 +HUEHUW / 1,5(1%(5* 'DYLG HGV -XGDLVP DQG &KULVWLDQ $UW $HVWKHWLF$Q[LHWLHVIURPWKH&DWDFRPEVWR&RORQLDOLVP8QLYHUVLW\RI3HQQV\OYDQLD3UHVV )LODGHIOLD±2[IRUGSS 728%(57+pOqQH³8QHIUHVTXHGH6DQ3HGURGH6RUSH&DWDORJQHHWOHWKqPH LFRQRJUDSKLTXH GH O¶$UERU ERQD(FFOHVLD $UERU PDOD6\QDJRJD´ &DKLHUV DUFKpRORJLTXHV ;,; SS 5HLPSUHVR HQ 728%(57 +pOqQH 8Q DUW GLULJp5pIRUPHJUpJRULHQQHHWLFRQRJUDSKLHeGLWLRQVGX&HUI3DUtVSS 92<(5&pFLOH³/¶DOOpJRULHGHOD6\QDJRJXHXQHUHSUpVHQWDWLRQDPELYDOHQWHGX MXGDwVPH´ (Q +(&. &KULVWLDQ HG /¶DOOpJRULH GDQV O¶DUW GX 0R\HQ ÆJH )RUPHV HW IRQFWLRQV+pULWDJHVFUpDWLRQVPXWDWLRQV%UHSROV7XUQKRXWSS <281* .DUO 7KH 'UDPD RI WKH 0HGLDHYDO &KXUFK &ODUHQGRQ 3UHVV 2[IRUG YRO,, 5HYLVWD'LJLWDOGH,FRQRJUDItD0HGLHYDOYRO9QSS H,661; ,JOHVLD\6LQDJRJD)UDQFLVFRGH$VtV*DUFtD*DUFtD 0RVDLFRDEVLGDOGHODLJOHVLDGH6DQWD3XGHQ]LDQD5RPD,WDOLDF KWWSLWZLNLSHGLDRUJZLNL)LOH$SVLVBPRVDLFB6DQWDB3XGHQ]LDQDB5RPHB:-3*>FDSWXUD@ Ÿ 0RVDLFR GHGLFDWRULR GH Ÿ'HWDOOHGHFXELHUWDGH OD FRQWUDIDFKDGD GH OD HYDQJHOLDULR SURFHGHQWH LJOHVLD GH 6DQWD 6DELQD GH 6DLQW*DOO 3DUtV %Q) 0V /DW 5RPD ,WDOLD F HVFXHODGH0HW]VHJXQGD GHWDOOHV PLWDGGHOVLJOR,; KWWSZZZDUWHLWIRWRRULJIG YMSJ>FDSWXUD@ KWWSJDOOLFDEQIIUDUNEW YEUILPDJHU & YDQJ&$OLDLUHODQ J)5>FDSWXUD@ Ź %LEOLD GH (VWHEDQ +DUGLQJ&vWHDX[)UDQFLD F 'LMRQ %LEOLRWKqTXH 0XQLFLSDOH PVIRO KWWSZZZHQOXPLQXUHVFXOWXUHIU :DYHVDYLPDJHHQOXPLQHLUKW,5+ 7BSMSJ >FDSWXUD@ 5HYLVWD'LJLWDOGH,FRQRJUDItD0HGLHYDOYRO9QSS H,661; ,JOHVLD\6LQDJRJD)UDQFLVFRGH$VtV*DUFtD*DUFtD 9LUJHQFRQHO1LxRHQWUHOD ,JOHVLD\OD6LQDJRJDHQIRUPD GHiUERO3LQWXUDVPXUDOHVGH 6DQWD0DUtDGH6RUSH/pULGD (VSDxDPHGLDGRVGHOVLJOR ;,,%DUFHORQD01$&LQY &ULVWRHQWUHOD,JOHVLD\OD6LQDJRJD'HWDOOHGHYLGULHUDGHODJLUROD GHODEDVtOLFDGH6DLQW'HQLV3DUtV)UDQFLDF KWWSDUWPQDFFDWZRDBLPDJHBELJKWPO"L KWWSFRPPRQVZLNLPHGLDRUJZLNL)LOH9LWUDX[B6DLQW'HQLVBBMSJ G >FDSWXUD@ >FDSWXUD@ *UHJRULR0DJQR([SRVLWLRLQ&DQWLFD &DQWLFRUXP)UDQFLDVHJXQGDPLWDG $UDSRUWiWLOGH6WDYHORWYDOOHGH0RVDEURQFHGRUDGR\ GHOVLJOR;,,7UR\HV%LEOLRWKqTXH HVPDOWHFGHWDOOH%UXVHODV0XVpHGX 0XQLFLSDOHPVIRO &LQTXDQWHQDLUH KWWSZZZHQOXPLQXUHVFXOWXUHIU:DYHVDYLPDJ HHQOXPLQHLUKW,5+7BSMSJ KWWSZZZZJDKXDUW]]GHFRJROGFIBMSJ >FDSWXUD@ 5HYLVWD'LJLWDOGH,FRQRJUDItD0HGLHYDOYRO9QSS H,661; >FDSWXUD@ ,JOHVLD\6LQDJRJD)UDQFLVFRGH$VtV*DUFtD*DUFtD ÈUEROHVGHOD,JOHVLD\OD6LQDJRJDDO SLHGHODVYtUJHQHVSUXGHQWHV\QHFLDV -DPEDVGHOD3RUWDGDGHO-XLFLRGHOD IDFKDGDRFFLGHQWDOGHODFDWHGUDOGH $PLHQV)UDQFLDF >)RWRV)FRGH$VtV*DUFtD@ 3LQWXUDV PXUDOHV GH OD LJOHVLD GH 6DQWD 0DUtD GH 6WXGHQLFD 6HUELD ILQDOHV GHO VLJOR ;,, &UXFLIL[LyQ GHWDOOH KWWSZZZPDOHWLFRUJVHUELDQ IUHVFRHVVLQJOH JDOOHU\"RULJLQDO6L]H WUXH >FDSWXUD@ Ÿ)LJXUDVGHOD,JOHVLD\OD6LQDJRJDGHOD SRUWDGD GHO WUDQVHSWR VXU GH OD FDWHGUDO GH (VWUDVEXUJR)UDQFLDF(VWUDVEXUJR 0XVpHGHO¶¯XYUHGH1RWUH'DPH KWWSHQZLNLSHGLDRUJZLNL)LOH6WDWXHVB/& JOLVHBHWB/DB6\QDJRJXHBGHBODB&DWK& $GUDOHBGHB6WUDVERXUJBRULJLQDOBJRWKLTXHBFRQVHUY& $BDXB0XV&$HBGHBO2HXYUHB1RWUH'DPH-3* >FDSWXUD@ Ż'HVFHQGLPLHQWRGHODFUX]PDUILO3DUtV )UDQFLD F 3DUtV 0XVpH GX /RXYUHLQY2$ KWWSZZZH[SRQDXWHFRPPDJD]LQHZS FRQWHQWXSORDGVORXYUHBGHVFHQWHBGHBFURL[MSJ >FDSWXUD@ 5HYLVWD'LJLWDOGH,FRQRJUDItD0HGLHYDOYRO9QSS H,661; ,JOHVLD\6LQDJRJD)UDQFLVFRGH$VtV*DUFtD*DUFtD 3LQWXUDV PXUDOHV GH OD LJOHVLD GH 6DQ )UDQFLVFR HQ 3RQLN\ (VORYDTXLD &UXFLIL[LyQ KWWSZZZDYVWXGLRVNIRWREDQN DSLFWXUHVMSJ >FDSWXUD@ (VFXHODGH-DQ9DQ(\FN/D)XHQWHGHOD*UDFLDF0DGULG0XVHR1DFLRQDOGHO3UDGRGHWDOOH KWWSZZZPXVHRGHOSUDGRHVW\SRWHPSSLFVGFDEEMSJ>FDSWXUD@ 7tPSDQRGHODLJOHVLDGH6DQ0DUWtQGH/DQGVKXW )HOLSH%LJDUQ\ILJXUDVGHOD,JOHVLD\OD $OHPDQLDF 6LQDJRJDGHO5HWDEORGHOD3XULILFDFLyQGH OD&DSLOODGHO&RQGHVWDEOHFDWHGUDOGH KWWSZZZSDQRUDPLRFRPSKRWRBH[SORUHUYLHZ SKRWRSRVLWLRQ ZLW KBSKRWRBLG RUGHU GDWHBGHVFXVHU >FDSWXUD@ 5HYLVWD'LJLWDOGH,FRQRJUDItD0HGLHYDOYRO9QSS H,661; %XUJRV(VSDxDF >)RWRV(OHQD3DXOLQR0RQWHUR@ (OLQIDQWLFLGLR,UHQH*RQ]iOH]+HUQDQGR (/,1)$17,&,',2 ,UHQH*21=È/(=+(51$1'2 8QLYHUVLGDG&RPSOXWHQVHGH0DGULG 'SWRGH+LVWRULDGHO$UWH,0HGLHYDO LUJRQ]DO#JKLVXFPHV 5HVXPHQ&RQHOWpUPLQRLQIDQWLFLGLRVHUHFRJHQWRGRVDTXHOORVFDVRVHQTXHDXQDGXOWRVHOH DFXVDGHKDEHUSODQLILFDGRRUGHQDGRRSURYRFDGRSUHPHGLWDGDPHQWHODPXHUWHGHXQRRYDULRV QLxRV(VWHHVHOFDVRGHOIDUDyQTXHRUGHQDODPXHUWHGHWRGRVORVQLxRVKHEUHRVTXHQD]FDQHQ (JLSWR\GHODTXHVHVDOYD0RLVpVe[RGRVXFHVRTXHVHUHSLWHGHPRGRFDVLLGpQWLFR FRQ+HURGHV\ODPDWDQ]DGHORVLQRFHQWHVGHODTXHVHVDOYD&ULVWR0DWHR(VWDPELpQ HO FDVR GH FLHUWDV PDGUHV TXH WUDV KDEHU GDGR D OX] XQD FULDWXUD IUXWR GH XQD UHODFLyQ VH[XDO FHQVXUDGD VRFLDOPHQWH DUURMDQ D VXV KLMRV SRU XQD OHWULQD WDO FRPR VH QDUUD HQ OD &DQWLJD GH 6DQWD 0DUtD Q~PHUR (V DVLPLVPR OD FRQVHFXHQFLD GHO HQIUHQWDPLHQWR GH OD FRPXQLGDG FULVWLDQD \ MXGtD TXH HVWDOOD HQ YDULRV PRPHQWRV HQ DWDTXHV PRUWDOHV D QLxRV WDO FRPR SRGUtD KDEHUUHFRJLGRLQGLUHFWDPHQWH3HGUR%HUUXJXHWHHQVX$XWRGHIHPRQDVWHULRGRPLQLFRGH6DQWR 7RPiV GH ÈYLOD 1R REVWDQWH HVWD REUD HV XQ WDQWR VLQJXODU SXHVWR TXH VRQ XQRV IDOVRV FRQYHUVRVORVTXHVRQDFXVDGRVGHKDEHUGDGRPXHUWHDXQQLxRFULVWLDQR\HVHVWRORTXHSURYRFD VXSURSLDFRQGHQDDPXHUWHHQODKRJXHUDTXHVHUtDHOWHPDDTXtUHSUHVHQWDGR $VLPLVPRFRQHOWpUPLQRLQIDQWLFLGLRSRGUtDQHQJOREDUVHFLHUWDVPXHUWHVDFFLGHQWDOHVGH FDXVD GHVFRQRFLGD HQ TXH XQ DGXOWR HV VRVSHFKRVR GH KDEHU DFWXDGR GH IRUPD LUUHVSRQVDEOH GHVDWHQGLHQGR ODV UHFRPHQGDFLRQHV PpGLFDV GHO PRPHQWR \ OOHYDQGR DVt DO IDOOHFLPLHQWR GH XQ QLxR (V HO FDVR GH PDGUHV \ QRGUL]DV DFXVDGDV GH DVIL[LDU DFFLGHQWDOPHQWH D VXV FULDWXUDV SRU GRUPLU HQ OD FDPD MXQWR D HOODV OR TXH FRQWUDYLHQH UHFRPHQGDFLRQHV FRPR ODV DWULEXLGDV HQ HO VLJOR;9,,DOPpGLFRGH0RQWSHOOLHU%HUQDUGR*RUGRQLRLQLFLRVGHOVLJOR;,9\TXHFRQVWLWX\H DVLPLVPRHOWUDVIRQGRGHOUHODWRGHOMXLFLRGH6DORPyQ,5H\HV 3DODEUDVFODYH,QIDQWLFLGLR0XHUWHLQIDQWLO$VIL[LDSRUFROHFKR1DFLPLHQWRGH0RLVpV-XLFLR GH6DORPyQ0DWDQ]DGHORVLQRFHQWHV-XGt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tD QXPEHU 0RUHRYHU LQIDQWLFLGH LV DOVR D WUDJLF FRPPRQ SUDFWLFH RI WKH UHOLJLRXV ZDU EHWZHHQ &KULVWLDQDQG-HZLVKFRPPXQLWLHVVHHIRUH[DPSOHWKH$XWRGHIHE\3HGUR%HUUXJXHWHSDLQWHG IRUWKH'RPLQLFDQPRQDVWHU\RI6DLQW7KRPDVLQ$YLOD%HUUXJXHWH¶VSDLQWLQJLVRQHRIWKHPRVW LQWHUHVWLQJRQHDOWKRXJKLWGRHVQRWGHSLFWULWXDOFULPHRI-HZLVKIDFHD&KULVWLDQFKLOGEXWWKH FRQVHTXHQFHRIWKDWPXUGHUWKDWLVWRVD\WKHFRQGHPQDWLRQWREHEXUQHG 1HYHUWKHOHVVWKHQRWLRQRILQIDQWLFLGHFRXOGDOVRFRQFHUQRWKHULQYROXQWDU\GHDWKV,QWKDW FDVH DQG DGXOW LV EHOLHYHG WR KDYH EHHQ LUUHVSRQVLEOH HYHQ WR KDYH LJQRUHG PHGLFDO (O HVWXGLR GHO $XWR GH IH SLQWDGR SRU 3HGUR %HUUXJXHWH SDUD 6DQWR 7RPiV GH ÈYLOD IRUPD SDUWH GH ORV WHPDVTXHVHHVWiQLQYHVWLJDQGRHQHOPDUFRGHOSUR\HFWR,'L+$5WLWXODGR³$UWH\UHIRUPDV UHOLJLRVDVHQOD(VSDxD0HGLHYDO´GLULJLGRSRUHOSURIHVRU-0DUWtQH]GH$JXLUUH$OGD](VWH DUWtFXORFRQVWLWX\HSRUWDQWRXQDSULPHUDDSUR[LPDFLyQDGLFKRREMHWRGHHVWXGLR 5HYLVWD'LJLWDOGH,FRQRJUDItD0HGLHYDOYRO9QSS H,661; (OLQIDQWLFLGLR,UHQH*RQ]iOH]+HUQDQGR UHFRPPHQGDWLRQV ZKDWKDYH OHG WR IDWDO HQG D FKLOG¶V GHDWK 7KLV LV WKHFDVH RIVRPH PRWKHUV DQGQXUVHVDFFXVHGRIKDYLQJVXIIRFDWHGDFKLOGZKLOHWKH\VOHHSWRJHWKHU,WLVZRUWKLQVLVWLQJRQ WKH IDFW WKDW LQ WKH WK FHQWXU\ WKH GRFWRU %HUQDUG *RUGRQ EHJLQQLQJ RI WKH WK FHQWXU\ ZDV EHOLHYHGWRKDYHZULWWHQDJDLQVWFRVOHHSLQJZKLFKZDVWKHPXWXDODFFXVDWLRQPDGHEHWZHHQWZR PRWKHUVLQ6RORPRQWULDO .H\ZRUGV ,QIDQWLFLGH ,QIDQWLOH GHDWK 6XIIRFDWLRQ DQG FRVOHHSLQJ 0RVHV¶ ELUWK 6RORPRQ¶V WULDO0DVVDFUHRILQQRFHQWV-HZV (678',2,&212*5È),&2 $WULEXWRV\IRUPDVGHUHSUHVHQWDFLyQ /DV QRWLFLDV GRFXPHQWDOHV \R ORV UHODWRV OLWHUDULRV UHIHULGRV DO LQIDQWLFLGLR VRQ PX\GLYHUVRVHQFXDQWRDODVILJXUDVTXHLQWHUYLHQHQODVPRWLYDFLRQHVTXHORVSURYRFDQ HOPRGRHQTXHVHGHVDUUROODQ\VXGHVHQODFHILQDO 3RU HVWR PLVPR QR H[LVWH XQD IRUPD ~QLFD GH UHSUHVHQWDU HO LQIDQWLFLGLR $Vt ORV QLxRVDVHVLQDGRVSXHGHQDSDUHFHUDWUDYHVDGRVSRUXQDHVSDGDHPSXMDGRVDXQDKRJXHUDR DUURMDGRVDXQDOHWULQD/DHGDGGHHVWRVYDUtD\ORVKD\GHVGHUHFLpQQDFLGRV\SRUWDQWR FRQ HO FXHUSR IDMDGR SDUD HYLWDU IUDFWXUDV \ JROSHV KDVWD QLxRV GH GRV R WUHV DxRV /DV PDGUHVSXHGHQDSDUHFHUFRPRDXWRUDV\RRFXOWDGRUDVGHOFULPHQDFWXDQGRFRQIULDOGDG FRPR HV HO FDVR GH OD &DQWLJD R GHVHVSHUDGDV \ GROLHQWHV WUDWDQGR GH LPSHGLU XQD EUXWDO PDWDQ]D PHViQGRVH ORV FDEHOORV OORUDQGR UDVJiQGRVH ODV YHVWLGXUDV LQWHUSRQLpQGRVHHQWUHVXVKLMRV\ORVYHUGXJRV/RVSDGUHVQRVXHOHQVHULQFOXLGRVHQHVWH WLSR GH HVFHQDV VDOYR DOJXQDV H[FHSFLRQHV FRPR OD &DQWLJD GRQGH XQ SDGUH MXGtR TXLHUHDVHVLQDUDVXKLMRTXHKDQDFLGRFRQODFDUDYXHOWDKDFLDDWUiVROD&DQWLJDGRQGH RWURSDGUHMXGtRDUURMDDVXKLMRDXQKRUQRDUGLHQGRWUDVKDEHULGRHVWHDFRPXOJDU(Q FDPELRVtVXHOHDSDUHFHUHOTXHRUGHQDODVHQWHQFLDRHOTXHODHMHFXWDRHOTXHODMX]JD RODPXOWLWXGDJROSDGDTXHODFRQWHPSOD 3RURWUDSDUWHSXHGHRFXUULUTXHODREUDGHDUWHQRUHFRMDHOPRPHQWRPLVPRGHOD PXHUWHVLQRVXVFRQVHFXHQFLDVFRPRHVHOFDVRGHODEDQGRQRGH0RLVpVHQXQDFHVWDTXH IORWD HQ HO 1LOR R GH ODV GRV PXMHUHV TXH VH SUHVHQWDQ DQWH 6DORPyQ SDUD TXH LPSDUWD MXVWLFLDDFXViQGRVHPXWXDPHQWHGHKDEHUDVIL[LDGRDVXKLMRPLHQWUDVGRUPtDQ(QHVWRV ~OWLPRV FDVRV QR UHVXOWD WDQ HYLGHQWH UHFRQRFHU TXH HVWDPRV DQWH XQD UHSUHVHQWDFLyQ GH LQIDQWLFLGLR )XHQWHVHVFULWDV &DGD XQR GH ORV FDVRV GH LQIDQWLFLGLR HQXPHUDGRV PiV DUULED VH DSR\D HQ XQDV IXHQWHV HVFULWDV GLIHUHQWHV $Vt ORV LQIDQWLFLGLRV FROHFWLYRV FRQFHELGRV FRPR UHVXOWDGR GHXQDVLWXDFLyQEpOLFDRFRPRFDVWLJRRYHQJDQ]DGHXQJREHUQDQWHKDFLDXQVHFWRUGHOD SREODFLyQWXYLHURQHQODLFRQRJUDItDPHGLHYDOFULVWLDQDXQSHVRLPSRUWDQWH(VWHWLSRGH *21=È/(=+(51$1'2,UHQHSS &DQWLJDVGH6DQWD0DUtDUHDOL]DGDVHQODFRUWHGH$OIRQVR;HO6DELRF³&yGLFH5LFR´5HDO %LEOLRWHFDGHO0RQDVWHULRGH(O(VFRULDO5%0(0V7,(QDGHODQWHVLHPSUHTXHVHPHQFLRQHQODV &DQWLJDVQRVUHIHULUHPRVDHVWHFyGLFH 3DUDPiVGHWDOOHYpDVH*$5&Ë$*$5&Ë$)UDQFLVFRGH$VtV 5HYLVWD'LJLWDOGH,FRQRJUDItD0HGLHYDOYRO9QSS H,661; (OLQIDQWLFLGLR,UHQH*RQ]iOH]+HUQDQGR KHFKRV VH QDUUD SULPHUR HQ HO $QWLJXR 7HVWDPHQWR (O IDUDyQ GH (JLSWR SRU WHPRU DO SRGHUTXHSRGUtDQDOFDQ]DUORVMXGtRVPDQGDDVXVSDUWHUDVTXHFXDQGRODVKHEUHDVWHQJDQ KLMRVYDURQHVORVPDWHQ\FRPRHVWDVQRKDFHQFDVRRUGHQDGHVSXpVTXHORVDUURMHQDO UtRe[RGR ³2UGHQyHOUH\GH(JLSWRDODVSDUWHUDVGHORVKHEUHRVGHODVFXDOHVXQDVHOODPDED6LIUi \ODRWUD)XiGLFLpQGROHV&XDQGRDVLVWiLVDOSDUWRDODVKHEUHDVREVHUYDGHOVH[RVLHV QLxRORPDWiLVVLQLxDTXHYLYD3HURODVSDUWHUDVHUDQWHPHURVDVGH'LRV\QRKDFtDQOR TXHOHVKDEtDPDQGDGRHOUH\GH(JLSWRVLQRTXHGHMDEDQFRQYLGDDORVQLxRV(OUH\GH (JLSWR ODV PDQGy OODPDU \ OHV GLMR ¢3RU TXp KDEpLV KHFKR HVR GH GHMDU FRQ YLGD D ORV QLxRV" < OH GLMHURQ ODV SDUWHUDV DO IDUDyQ (V TXH QR VRQ ODV KHEUHDV FRPR ODV PXMHUHV HJLSFLDV6RQPiVUREXVWDV\DQWHVTXHOOHJXHODSDUWHUD\DKDQSDULGR)DYRUHFLy'LRVD ODVSDUWHUDV\HOSXHEORVHJXtDFUHFLHQGR\PXOWLSOLFiQGRVH3RUKDEHUWHPLGRD'LRVODV SDUWHUDV OHV RWRUJy IRUPDU KRJDU 0DQGy SXHV HO IDUDyQ D WRGR VX SXHEOR TXH IXHUDQ DUURMDGRV DO UtR FXDQWRV QLxRV QDFLHUDQ D ORV KHEUHRV SUHVHUYDQGR VROR D ODV QLxDV´ HGLFLyQGH%$& 'HHVWDPDWDQ]DFROHFWLYDVHVDOYDUi0RLVpVDUURMDGRDO1LORSRUVXPDGUHHQXQD FHVWD\UHFRJLGRSRUODKLMDGHOIDUDyQe[RGR /D VHJXQGD RFDVLyQ HQ TXH VH UHFRJH XQ LQIDQWLFLGLR FROHFWLYR OD KDOODPRV HQ HO 1XHYR7HVWDPHQWRFRQPRWLYRGHODPDWDQ]DGHORVLQRFHQWHVOOHYDGDDFDERSRU+HURGHV DQWHODLQPLQHQWHOOHJDGDGHO0HVtDV0DWHR ³3DUWLGR TXH KXELHURQ HO iQJHO GHO 6HxRU VH DSDUHFLy HQ VXHxRV D -RVp \ OH GLMR /HYiQWDQWHWRPDDOQLxR\DVXPDGUH\KX\HD(JLSWR\HVWDWHDOOtKDVWDTXH\RWHDYLVH SRUTXH+HURGHVYDDEXVFDUDOQLxRSDUDPDWDUOR/HYDQWiQGRVHGHQRFKHWRPyDOQLxR \DODPDGUH\VHUHWLUyKDFLD(JLSWRSHUPDQHFLHQGRDOOtKDVWDODPXHUWHGH+HURGHVDILQ GH TXH VH FXPSOLHUD OR TXH KDEtD SURQXQFLDGR DO 6HxRU SRU VX SURIHWD GLFLHQGR 'H (JLSWR OODPp D PL KLMR (QWRQFHV +HURGHV YLpQGRVH EXUODGR SRU ORV PDJRV VH LUULWy VREUHPDQHUD\PDQGyPDWDUDWRGRVORVQLxRVTXHKDEtDHQ%HOpQ\HQVXVWpUPLQRVGH GRV DxRV SDUD DEDMR VHJ~Q HO WLHPSR TXH FRQ GLOLJHQFLD KDEtD LQTXLULGR GH ORV PDJRV´ HGLFLyQGH%$& 5HVSHFWR D ORV LQIDQWLFLGLRV FRPHWLGRV HQ HO iPELWR GRPpVWLFR TXHGDURQ PX\ ELHQ UHJLVWUDGRV HQ HO ³&yGLFH 5LFR´ GH ODV &DQWLJDV GH 6DQWD 0DUtD %LEOLRWHFD GH (O (VFRULDO 0V 7, UHDOL]DGR SRU LQLFLDWLYD GH $OIRQVR ; HO 6DELR F WDO FRPR HVWXGLy 0DUWtQH] %ODQFR SS (VWH PDQXVFULWR TXH LQWHJUD WH[WR P~VLFDHLPDJHQUHFRJHDOKLORGHORVPLODJURVPDULDQRVXQDFDVXtVWLFDPX\FRPSOHWD GHORVGLVWLQWRVWLSRVGHLQIDQWLFLGLRV$VtSXHVHQHO³&yGLFH5LFR´HQFRQWUDPRVYDULRV HMHPSORVGHHVWDFUXGDUHDOLGDGVRFLDO 6HJXUDPHQWH OD PD\RU \ SULQFLSDO FDXVD GH ORV LQIDQWLFLGLRV YROXQWDULRV HUD OD SREUH]D8QDVHJXQGDFDXVDGHLQIDQWLFLGLRFRQPD\RUUHSHUFXVLyQHQODVREUDVGHDUWH GHEtDVHUHOGHVHRGHRFXOWDUHOUHVXOWDGRGHXQDFRQGXFWDVH[XDOUHSUREDGDVRFLDOPHQWH $VtORVKLMRVGHUHODFLRQHVH[WUDPDWULPRQLDOHVRGHPXMHUHVVROWHUDVRYLXGDVRPRQMDV HUDQHVSHFLDOPHQWHYXOQHUDEOHVVLHQGRVXGHVWLQRPiVKDELWXDOODPXHUWHRHODEDQGRQR (VORTXHVHQDUUDHQOD&DQWLJDXQUHODWRYHUGDGHUDPHQWHVyUGLGRHQTXHXQDPXMHU \D YLXGD PDQWLHQH UHODFLRQHV LQFHVWXRVDV FRQ VX SURSLR KLMR QR GXGDQGR GHVSXpV HQ GHVSUHQGHUVHGHVXKLMRQLHWRDUURMiQGRORSRUHODJXMHURGHXQDOHWULQDVLQDGPLQLVWUDUOH VLTXLHUDHOEDXWLVPR1LQJ~QWLSRGHDWHQXDQWHSXHGHDGXFLUODYLXGDDQWHWDODFWLWXG6LQ HPEDUJRVHDUUHSLHQWH\UH]DDQWHOD9LUJHQTXLHQDFDEDSRUSHUGRQDUOD6LQGXGDWH[WRH )HFKDVDFRWDGDVSRU)(51È1'(=)(51È1'(=/DXUD 5HYLVWD'LJLWDOGH,FRQRJUDItD0HGLHYDOYRO9QSS H,661; (OLQIDQWLFLGLR,UHQH*RQ]iOH]+HUQDQGR LPDJHQFRQVWLWX\HQXQHMHPSORGHODLOLPLWDGDFRPSDVLyQGH0DUtD\DTXHHVWDSHUGRQD QRVRORHOLQFHVWRVLQRWDPELpQHOLQIDQWLFLGLR\ODSULYDFLyQGHEDXWLVPR6HURPSHQODV UHJODV VRFLDOHV QR LPSRQLHQGR QLQJ~Q FDVWLJR D OD PDGUH FRQ HO ~QLFR REMHWLYR GH GHPRVWUDUODLQWHUFHVLyQRPQLSRWHQWHGH0DUtD\ODLPSRUWDQFLDGHODUUHSHQWLPLHQWR 3RU~OWLPRHQHOiPELWRGHOLQIDQWLFLGLRGRPpVWLFRGHEHPRVFRQVLGHUDUORVQLxRV TXH IXHURQ DVHVLQDGRV SRUTXH KDEtDQ QDFLGR FRQ DOJ~Q WLSR GH GLVFDSDFLGDG ItVLFD R SVLFROyJLFD $Vt HQ OD &DQWLJD DSDUHFH XQ MXGtR TXH QR FUHtD HQ HO SRGHU GH 'LRV \ SDUDFDVWLJDUOROHQDFHXQKLMRFRQODFDUDYXHOWDKDFLDDWUiV(QHVWHFDVRHVHOSDGUHHO LQIDQWLFLGDTXHTXLHUHGHVKDFHUVHGHOQLxRSHURXQWDO0HUOtQORLPSLGH\KDFHTXHHOQLxR VDOYDGRVHEDXWLFH (Q FXDQWR D ODV DFXVDFLRQHV GH LQIDQWLFLGLR OLJDGDV DO HQIUHQWDPLHQWR UHOLJLRVR HQWUH MXGtRV \ FULVWLDQRV HVWDV IXHURQ XQ WySLFR KDELWXDO HQ ODV IXHQWHV HVFULWDV EDMRPHGLHYDOHV(QYDULDVRFDVLRQHVORVFULVWLDQRVDFXVDURQDORVMXGtRVGHPDWDUDVXVKLMRV HLQFOXVLYHGHFRPHWHUFUtPHQHVULWXDOHVFXHVWLyQHVWD~OWLPDTXHVHH[SOLFDHQGHWDOOHHQ HODSDUWDGR³RWUDVIXHQWHV´XWLOL]DQGRFRPRHMHPSORHOFDVRGHOVDQWRQLxRGH/D*XDUGLD (QODV&DQWLJDVGH6DQWD0DUtDDSDUHFHXQEXHQHMHPSORGHHVWDWHQVLyQUHOLJLRVD TXHWHUPLQDHQLQIDQWLFLGLR$VtHQOD&DQWLJDXQMXGtRTXHYHDXQQLxRFULVWLDQRFDQWDU DOD9LUJHQ0DUtDOROOHYDDVXFDVD\ORPDWDDQWHODGHVHVSHUDFLyQGHODPDGUHTXHOR EXVFDSRUWRGDVSDUWHV\SLGHD\XGDDOD9LUJHQTXLHQDFDEDSRUUHVXFLWDUOR 6LPLODU HVHOLQWHQWRGHLQIDQWLFLGLRQDUUDGR HQOD&DQWLJD(QHOODHVXQSDGUH MXGtRHOTXHWUDWDGHDVHVLQDUDVXKLMRDUURMiQGRORDXQKRUQRGHVSXpVGHHQWHUDUVHTXHKD LGR D FRPXOJDU SHUR OD GHVHVSHUDFLyQ GH VX PDGUH KDFH TXH OD 9LUJHQ LQWHUFHGD \ TXH FXDQGRDEUDQHOKRUQRHOQLxRHVWpLOHVR(O SURSLRWH[WRVXEUD\DODVFRQH[LRQHVGHHVWH PLODJURFRQ'DQLHODUURMDGRDOIRVRGHORVOHRQHV'DQLHO\'DQLHO VLHQGR WDPELpQ HYLGHQWHV ORV SDUDOHOLVPRV FRQ ORV WUHV KHEUHRV DUURMDGRV DO KRUQR 'DQLHO $O SDUHFHU HVWH PLVPR DUJXPHQWR OR UHFRJH *RQ]DOR GH %HUFHR HQ ORV 0LODJURVGH1XHVWUD6HxRUDVLJOR;,,,HQWpUPLQRVFDVLLGpQWLFRV )LQDOPHQWHKDEUtDTXHPHQFLRQDUODVIXHQWHVGHOLQIDQWLFLGLRDFFLGHQWDO(QWUHORV DFFLGHQWHV HQ OD LQIDQFLD XQR GH ORV TXH VH PHQFLRQD VHJXLGR HQ OD OLWHUDWXUD HV OD VRIRFDFLyQHVGHFLUODPDGUHRODQRGUL]DTXHGXUPLHQGRFDHQLQYROXQWDULDPHQWHVREUHOD FULDWXUDFRQHOGHVHQODFHIDWDOGHFDXVDUVXDVIL[LD(QHIHFWRHOFROHFKRHUDXQDSUiFWLFD KDELWXDO HQ OD (GDG 0HGLD \D TXH IDFLOLWD OD ODFWDQFLD SRU OD QRFKH DXQTXH HQWRQFHV ± FRPRDKRUD±VHUHODFLRQDEDFRQODPXHUWHV~ELWDVREUHWRGRHQORVQLxRVPHQRUHVGHVHLV (O WH[WR tQWHJUR SXHGH OHHUVH HQ KWWSEUDVV\SHUVRQHXIIU3DUW0HG&DQWLJDV&60WH[WFKWPO ~OWLPR DFFHVR (O WH[WR RULJLQDO HVWi GLJLWDOL]DGR HQ KWWSEUDVV\SHUVRQHXIIU3DUW0HG&DQWLJDV&60WH[WFKWPO ~OWLPRDFFHVR (O WH[WR tQWHJUR HVWi HGLWDGR HQ KWWSEUDVV\SHUVRQHXIIU3DUW0HG&DQWLJDV&60WH[WFKWPO ~OWLPR DFFHVR 3DUDPiVGHWDOOHVREUH'DQLHOHQHOIRVRSXHGHYHUVH*$5&Ë$*$5&Ë$)UDQFLVFRGH$VtV (O UHODWR tQWHJUR GH HVWH FDVR GH LQIDQWLFLGLR SXHGH KWWSEUDVV\SHUVRQHXIIU3DUW0HG&DQWLJDV&60WH[WFKWPO~OWLPRDFFHVR OHHUVH HQ 0$57Ë1(= %/$1&2 &DUPHQ 0DUtD S GD OD FLWD H[DFWD GHO PLODJUR *21=$/2 '( %(5&(2 0LODJURV GH 1XHVWUD 6HxRUD HGLFLyQ GH $QWRQLR * 6RODOLQGH (VSDVD&DOSH 0DGULG FDS;9,SS 5HYLVWD'LJLWDOGH,FRQRJUDItD0HGLHYDOYRO9QSS H,661; (OLQIDQWLFLGLR,UHQH*RQ]iOH]+HUQDQGR PHVHV8QRGHORVWH[WRVPiVH[SOtFLWRVDOUHVSHFWRTXHLQFOXVROOHJDDFRQGLFLRQDUOD HOHFFLyQ GH OD QRGUL]D HV XQR DWULEXLGR DO PpGLFR GH 0RQWSHOOLHU %HUQDUGR *RUGRQLR LQLFLRV GHO VLJOR ;,9 SRU $QWRQLR *RQoDOH] GH 5H\HV TXLHQ KL]R XQD FRPSLODFLyQ \ HGLFLyQ GH WH[WRV PpGLFRV HQ SXEOLFDGD EDMR HO WtWXOR 2EUDV GH %HUQDUGR GH *RUGRQLR>@HQTXHVHFRQWLHQHQORV6LHWHOLEURVGHODSUDFWLFDz/LOLRGHODPHGLFLQD ODV 7DEODV GH ORV LQJHQLRV GH FXUDU ODV HQIHUPHGDGHV HO 5HJLPLHQWR GH ODV DJXGDV HO 7UDWDGRGHORVQLxRV\UHJLPLHQWRGHODPD\ORV3URQyVWLFRV(OWH[WRGLFHDVt ³/DGL]LPDTXDUWDFRQGLFLyQTXHJXDUGHHODPDTXHQRWHQJDDOQLxRFRQVLJRDFRVWDGRFHUFD GH VL OR TXDO HV GH PXFKR SHOLJUR PDV HVWp DFRVWDGR HO QLxR HQ OD FXQD SRUTXH j YH]HV DFRQWHFHSHOLJUR\HVFiQGDORSRUTXHTXDQGRHODPDGXHUPHSXHGHSRUFDVRSRQHUHOEUDoR VREUH OD ERFD GHO QLxR R HO SHFKR \ DVVL SXHGH VH DKRJDGR HO LQIDQWH \ SRU HVVR PDQGDPRV\GHIHQGHPRVDODPDTXHQRDFRVWXPEUHDOQLxRDSRQHUORDOODGRFHUFDGHVt SRUTXDQWRTXDQGRORKXYLHUHDVVLDFRVWXPEUHGRQRVHULDOLJHURGHUHPRYHUORGHDTXHOOD FRVWXPEUHVLQJUDQOORURSRUTXHHOQLxRVHGHOH\WDPXFKRHQHOFDORUGHODPDGUHRGHOD DPDVHHPEXHOWRHOQLxRHQSLHOHV\VHDSXHVWRHQODFXQD\ODFDUDVHDFXELHUWDFRQDUFR SXHVWRVREUHHOURVWUR´ (VWHWHPDIXHUHFXUUHQWHQRVRORHQHOWHUUHQRPpGLFRVLQRWDPELpQHQHOUHOLJLRVR 'HKHFKRHVHOPRWLYRDUJXPHQWDOGHO-XLFLRGH6DORPyQ,5H\HV(VWHWH[WRGHO $QWLJXR 7HVWDPHQWR QDUUD FyPR GRV SURVWLWXWDVVH SUHVHQWDURQ DQWH HO UH\ 6DORPyQ \ OH H[SOLFDURQ TXH DPEDV YLYtDQ MXQWDV FRQ VXV UHVSHFWLYRV KLMRV QDFLGRV HQ ODV PLVPDV IHFKDV8QRGHORVQLxRVKDEtDPXHUWRSRUODQRFKH/DVGRVPXMHUHVGLVFXWtDQSRUVDEHU FXiO GH ORV GRV KLMRV KDEtD PXHUWR \ FXiO KDEtD VREUHYLYLGR $PEDV VH DWULEXtDQ OD PDWHUQLGDGGHOQLxRTXHVHJXtDYLYR(QWRQFHVHOUH\6DORPyQPDQGyWUDHUXQDHVSDGD\ SDUWLUDOQLxRVREUHYLYLHQWHSRUODPLWDGGDQGRDFDGDPXMHUVXPLWDG8QDGHODVPXMHUHV OD YHUGDGHUD PDGUH OH GLMR D 6DORPyQ TXH QR KLFLHUD HVR TXH OH GLHUD HO QLxR D OD RWUD PXMHU SHUR TXH OR GHMDUD YLYR 6DORPyQ GiQGRVH FXHQWD GH TXH HOOD HUD OD YHUGDGHUD PDGUHVHORHQWUHJyDHVWDPXMHU 2WUDVIXHQWHV /RVSURFHVRVMXUtGLFRV\ODVSUiFWLFDVUHOLJLRVDVVRQIXHQWHVFODYHSDUDFRPSUHQGHU HOLQIDQWLFLGLRHQWRGDVXGLPHQVLyQ3RUXQODGRODVFRQGHQDVDORVDFXVDGRVGHFRPHWHU LQIDQWLFLGLR QRV LQIRUPDQ GH OD JUDYHGDG GH HVWH GHOLWR (Q HIHFWR HO LQIDQWLFLGLR HUD XQ FULPHQ YLO TXH HQ HO WHUUHQR FLYLO GHEtD VHU FDVWLJDGR FRQ OD SHQD GH PXHUWH \ HQ HO WHUUHQRUHOLJLRVRFRQODSHQLWHQFLDODH[FRPXQLyQWHPSRUDORGHSRUYLGDRGLUHFWDPHQWH $~Q HQ OD DFWXDOLGDG HVWD FXHVWLyQ GHVDWD ODV PiV HQFHQGLGDV SROpPLFDV DXQTXH DXWRUHV FRPR &DUORV *RQ]iOH] GHILHQGHQ HO FROHFKR UHEDWLHQGR FRQ DUJXPHQWRV FLHQWtILFRV WRGRV ORV VXSXHVWRV SHOLJURV DVRFLDGRVDHVWDSUiFWLFD9HU*21=È/(=&DUORV *21d$/(='(5(<(6$QWRQLRS8QDFRSLDGHHVWDHGLFLyQVHFRQVHUYDHQOD%LEOLRWHFD +LVWyULFD0DUTXpVGH9DOGHFLOODGHOD8&0\KDVLGRGLJLWDOL]DGDHQHOSUR\HFWR'LRVFyULGHVGHODSURSLD XQLYHUVLGDG KWWSDOIDPDVLPXFPHVGLRVFRULGHVFRQVXOWDBOLEURDVS"UHI ;LGLRPD ~OWLPR DFFHVR (O WH[WR DWULEXLGR D %HUQDUGR *RUGRQLR IXH UHFRJLGR \ FRPHQWDGR SRU 0$57Ë1(= %/$1&2&DUPHQ0DUtDS (O WH[WR EtEOLFR SXHGH FRQVXOWDUVH HQ ORV VLJXLHQWHV HQODFHV KWWSZZZELEOLDRQOLQHQHWELEOLD"OLYUR YHUVDR FDSLWXOR OHLWXUD%LEOLFD WLSR XOWLPD/HLWXU D ODQJ HV$5SDJBLQL FDE ~OWLPRDFFHVR KWWSZZZELEOLDRQOLQHQHWELEOLD"OLYUR YHUVDR FDSLWXOR OHLWXUD%LEOLFD WLSR XOWLPD/HLWXU D ODQJ HV$5SDJBLQL FDE ~OWLPRDFFHVR 5HYLVWD'LJLWDOGH,FRQRJUDItD0HGLHYDOYRO9QSS H,661; (OLQIDQWLFLGLR,UHQH*RQ]iOH]+HUQDQGR ODFRQGHQDHQHOLQILHUQR&XDQGRHOLQIDQWLFLGLRVHSURGXFtDHQHOiPELWRGRPpVWLFRGH XQD PDGUH KDFLD VX KLMR VROtD WHQHU XQ DJUDYDQWH \D TXH KDELWXDOPHQWH HUD HO PRGR GH HVFRQGHU ODV FRQVHFXHQFLDV GH UHODFLRQHV H[WUDPDWULPRQLDOHV R LOtFLWDV R GH RFXOWDU OD FRQGXFWD VH[XDO GH PXMHUHV VROWHUDV YLXGDV R PRQMDV 3RU OR WDQWR OD PDGUH LQIDQWLFLGD HUDDFXVDGDQRVRORGHDVHVLQDWRVLQRDGHPiVGHKDEHUURWRHOYRWRGHFDVWLGDGRKDEHU FRPHWLGRDGXOWHULRRLQFOXVLYHGHLQFHVWR (QWUHORVSURFHVRVMXGLFLDOHVGHLQWHUpVHVWDUtDWDPELpQHOFDVRGHOVDQWR1LxRGH/D *XDUGLDRFXUULGRHQÈYLODHQ6HWUDWDGHXQMXLFLRDXQRVIDOVRVFRQYHUVRVDFXVDGRV GH KDEHU OOHYDGR D FDER XQ LQIDQWLFLGLR ULWXDO DO DVHVLQDU D XQ QLxR FULVWLDQR (O MXLFLR FXOPLQDFRQHOFXPSOLPLHQWRGHODFRQGHQDGHPRGRTXHORVMXGtRVVRQTXHPDGRVHQOD KRJXHUDGHVDWDQGRHORGLRDQWLVHPLWD(VWRVDFRQWHFLPLHQWRVORVUHFRJHUiGHVSXpV/RSH GH 9HJD DVt TXH WDPELpQ VH SRGUtDQ LQFOXLU HQ HO DSDUWDGR ³IXHQWHV HVFULWDV´ 'LFKR VXFHVRVHUiHODUJXPHQWRGHXQDGHODVWDEODVSLQWDGDVSRU%HUUXJXHWHSDUDHOFRQYHQWRGH 6DQWR7RPiVGHÈYLOD\TXHDQDOL]DUHPRVGHVSXpVHQHODSDUWDGR³H[WHQVLyQJHRJUiILFD\ FURQROyJLFD´ 3RU RWUD SDUWH HO LQIDQWLFLGLR HUD XQ DFWR TXH HQ OD PD\RU SDUWH GH ORV FDVRV SULYDED DO UHFLpQ QDFLGR GHO EDXWLVPR < DTXt HQWUDUtDQ HQ MXHJR ODV SUiFWLFDV UHOLJLRVDV FULVWLDQDV SXHV OD IDOWD GH EDXWLVPR GHMDED D OD FULDWXUD IXHUD GHO FHPHQWHULR H LPSRVLELOLWDGRGHDFFHGHUDODVDOYDFLyQDOILQDOGHORVWLHPSRV3RUHOORODSULYDFLyQGH GLFKR VDFUDPHQWR SRGtD FDPELDU UDGLFDOPHQWH OD SHUFHSFLyQ HQ WRUQR D XQ DERUWR LQYROXQWDULR XQD FHViUHD R LQFOXVLYH XQ DFWR GH LQIDQWLFLGLR (V GHFLU VL XQD PDGUH EDXWL]DED D VX KLMR DQWHV GH DVHVLQDUOR SRGtD XWLOL]DU HVWH DUJXPHQWR SDUD VROLFLWDU XQD UHGXFFLyQGHODSHQDTXHOHLPSRQGUtDODMXVWLFLD ([WHQVLyQJHRJUiILFD\FURQROyJLFD /D %DMD (GDG 0HGLD KLVSDQD IXH HVSHFLDOPHQWH SUROtILFD HQ OD UHSUHVHQWDFLyQ GH ORV LQIDQWLFLGLRV JUDFLDV VREUH WRGR D ODV LPiJHQHV GH ODV &DQWLJDV GH 6DQWD 0DUtD GHO ~OWLPR FXDUWR GHO VLJOR ;,,, TXH UHFRJLHURQ XQ DEDQLFR H[WHQVR GH HVWRV KHFKRV 1R LQVLVWLPRVPiVVREUHHOORVSXHV\DVHPHQFLRQDURQHQHODSDUWDGR³IXHQWHVHVFULWDV´ 3RURWUDSDUWHHOFDVRGHOVDQWR1LxRGH/D*XDUGLDUHIHUHQFLDGRHQHODSDUWDGR ³RWUDV IXHQWHV´ SXGR VHU HO WUDVIRQGR GH XQD LQWHUHVDQWH WDEOD GH 3HGUR %HUUXJXHWH HO $XWR GH IH SUHVLGLGR SRU VDQWR 'RPLQJR GH *X]PiQ UHDOL]DGR HQ OD ~OWLPD GpFDGD GHO VLJOR;9SDUDRUQDUVHJXUDPHQWHODFDSLOODGHOFXDUWRUHDOGH6DQWR7RPiVGHÈYLODKR\ FRQVHUYDGR HQ HO 0XVHR 1DFLRQDO GHO 3UDGR (VWH PRQDVWHULR KDEtD VLGR IXQGDGR SRU HO WHVRUHURGHORV5H\HV&DWyOLFRV)HUQiQ1~xH]GH$UQDOWH\SURPRYLGRWUDVVXSUHPDWXUR IDOOHFLPLHQWR SRU VX YLXGD 0DUtD 'iYLOD \ HO GRPLQLFR 7RPiV GH 7RUTXHPDGD &RQWy DGHPiV FRQ OD SURWHFFLyQ HFRQyPLFD H LGHROyJLFD GH ,VDEHO \ )HUQDQGR /RV UH\HV HQWHQGLHURQ ODV DUWHV ILJXUDWLYDV HQFDUJDGDV SDUD HVWH HGLILFLR FRPR XQD H[WHQVLyQ GH VX LGHDULRUHOLJLRVRSXHVWRTXHPXFKDVGHHOODVLEDQGLULJLGDVDFRQWUDUUHVWDUSRVLEOHVIDOVRV $OJXQRVGHORVSURFHVRVMXUtGLFRVFRQWUDHOLQIDQWLFLGLRTXHVHGHVDUUROODURQHQ)UDQFLDHQWUHORVVLJORV ;,,,\;9IXHURQHVWXGLDGRVSRU%5,66$8'<YHV%HUQDUG(QHOORVVHYHTXHHOFDVWLJRDSOLFDGR HUD OD SHQD GH PXHUWH 2WURV SURFHVRV RFXUULGRV HQ OD %DMD (GDG 0HGLD LQJOHVD IXHURQ HVWXGLDGRV SRU 250(1LFKRODVSSTXLHQWDPELpQDQDOL]yODVSHQLWHQFLDV\FDVWLJRVHQHOSODQRUHOLJLRVR 9HU&$%$//(52(6&$0,//$6RQLDD *21=È/(=+(51$1'2,UHQHSS 5HYLVWD'LJLWDOGH,FRQRJUDItD0HGLHYDOYRO9QSS H,661; El infanticidio Irene González Hernando conversos, reafirmando la Inquisición como institución clave de su política. En este marco es donde se entiende la obra de Berruguete que podría haber unido en un mismo lienzo dos acontecimientos separados en el tiempo, por un lado el juicio a Raimundo de Corsi (celebrado en el siglo XIII) que culmina con el arrepentimiento de Raimundo y el perdón, y por otro lado el juicio a los conversos acusados de haber asesinado al Santo Niño de La Guardia y que culmina con el cumplimiento de la condena (los acusados son quemados en la hoguera). Todo ello aparece presidido por Santo Domingo, aunque la presencia del santo en el caso del juicio a los dos judíos sea totalmente anacrónica. Es una obra de importante valor histórico, que nos muestra cómo los condenados eran obligados a llevar el sambenito (tela en la que estaba inscrito que eran herejes) y la caperuza, reflejo de la realidad social castellana del siglo XV. Por último deberíamos mencionar en este apartado los casos de infanticidio de procedencia bíblica. Las dos escenas veterotestamentarias, es decir Moisés salvado de las aguas tras la orden de infanticidio del faraón y Salomón juzgando a las dos prostitutas que se acusan mutuamente de infanticidio, aparecen con frecuencia en las Biblias ilustradas del Occidente medieval. Por su parte, la matanza de los inocentes tuvo gran éxito en la escultura románica y una importante proyección en las artes visuales del Gótico18. Soportes y técnicas Al ser tan variados los casos de infanticidio narrados en las fuentes medievales, encontramos ejemplos de ello en un abanico relativamente amplio de soportes y técnicas: escultura en piedra (véanse por ejemplo las representaciones románicas de la matanza de los inocentes), miniatura (véanse por ejemplo las Cantigas para los infanticidios domésticos y los motivados por cuestiones religiosas, y Biblias ilustradas para el juicio de Salomón y Moisés salvado de las aguas), pintura sobre tabla (véase por ejemplo el auto de fe de Berruguete), etc. Precedentes, transformaciones y proyección El infanticidio no es una problemática social exclusiva de la Edad Media, sino que excede los límites cronológicos de este período, hallándola en casi cualquier época y lugar, como una realidad sórdida, dura y muchas veces inexplicable, pero que va unida indefectiblemente al ser humano. Sus motivaciones han cambiado a lo largo de la historia (control de natalidad, pobreza extrema, tabúes sociales, discapacidad, odio religioso, guerra, etc.), pero su presencia sobrepasa las artes medievales. Prefiguras y temas afines El infanticidio fue relacionado por los exegetas medievales con el aborto y la contracepción. Así para el hombre medieval las medidas anticonceptivas, el aborto y el infanticidio eran distintos grados de un mismo pecado19, que podía llegar a ser perdonado en 18 Esta iconografía ha sido extensamente analizada por GARCÍA GARCÍA, Francisco de Asís (2011), por lo que remitimos a su artículo. 19 En relación a la comparación entre las medidas anticonceptivas y abortivas, ver McLAREN, Angus (1990): p. 85. Revista Digital de Iconografía Medieval, vol. V, nº 9, 2013, pp. 28-40. e-ISSN: 2254-853X 35 (OLQIDQWLFLGLR,UHQH*RQ]iOH]+HUQDQGR FLUFXQVWDQFLDVH[FHSFLRQDOHV6LQHPEDUJRGHWRGRVHVWRVHOPiVJUDYHHUDHOLQIDQWLFLGLR FX\RFDVWLJRGHEtDVHUODSHQDGHPXHUWHWDOFRPRYLPRVHQHODSDUWDGR³RWUDVIXHQWHV´ 3RU RWUD SDUWH ORV FDVRV GH LQIDQWLFLGLR GH WHPiWLFD DQWLMXGtD YLVWRV HQ HO DUWH HVSDxROGHEHUtDQSRQHUVHHQUHODFLyQFRQRWUDVSLH]DVGHSURSDJDQGDDQWLMXGtDGLIXQGLGDV HQ OD %DMD (GDG 0HGLD KLVSDQD WDQWR HQ OD FRURQD GH &DVWLOOD FRPR HQ OD GH $UDJyQ 9DOJDQ FRPR HMHPSOR ODV ORV UHWDEORV GH 9DOOERQD GH OHV 0RQJHV \ GH 6DQWD 0DUtD GH 6LJHQD SURGXFLGRV HQ OD &RURQD GH $UDJyQ HQ ORV DxRV FHQWUDOHV GHO ;,9 TXH LQFOX\HQ UHSUHVHQWDFLRQHVGHODFRPXQLGDGKHEUHDFRPRSURIDQDGRUDGHODVHVSHFLHVHXFDUtVWLFDV 6HOHFFLyQGHREUDV 0RLVpVVDOYDGRGHODVDJXDV%LEOLD6WDYHORW6WDYHORW%pOJLFD/RQGUHV 7KH%ULWLVK/LEUDU\0V$GG &DQWLJD,,,,GHOSDGUHMXGtRTXHDUURMDDVXKLMRDXQKRUQRDUGLHQGR³&yGLFH5LFR´ GHODV&DQWLJDVGH6DQWD0DUtDF5%0(0V7,IROY &DQWLJD 9, GHO MXGtR TXH PDWD D XQ QLxR FULVWLDQR SRU FDQWDU D OD 9LUJHQ ³&yGLFH 5LFR´GHODV&DQWLJDVGH6DQWD0DUtDF5%0(0V7,IROY &DQWLJD;9,,GHODPDGUHLQFHVWXRVDTXHDUURMDDVXKLMRQLHWRSRUXQUHWUHWH³&yGLFH 5LFR´GHODV&DQWLJDVGH6DQWD0DUtDF5%0(0V7,IROY &DQWLJD&9,,,GHXQSDGUHMXGtRTXHTXLHUHDVHVLQDUDVXKLMRSRUKDEHUQDFLGRFRQOD FDUDYXHOWDKDFLDDWUiV³&yGLFH5LFR´GHODV&DQWLJDVGH6DQWD0DUtDF 5%0(0V7,IROY *LRWWR0DWDQ]DGHORVLQRFHQWHV &DSLOOD6FURYHJQLR GHOD$UHQD 3DGXD ,WDOLDF -XLFLR GH 6DORPyQ *XLDUG GHV 0RXOLQV %LEOH +LVWRULDOH 3DUtV )UDQFLD ~OWLPR FXDUWRGHOVLJOR;,93DUtV%Q)0V)UDQoDLVIROU 3HGUR %HUUXJXHWH $XWR GH IH SUHVLGLGR SRU 6DQWR 'RPLQJR GH *X]PiQ SURFHGHQWH GH OD VDFULVWtD GH 6DQWR 7RPiV GH ÈYLOD 0DGULG 0XVHR 1DFLRQDOGHO3UDGR %LEOLRJUDItD %5,66$8' <YHV%HUQDUG ³/¶LQIDQWLFLGH j OD ILQ GX 0R\HQ ÆJH VHV PRWLYDWLRQV SV\FKRORJLTXHV HW VD UpSUHVVLRQ´ 5HYXH KLVWRULTXH GH GURLW IUDQoDLV HW pWUDQJHUQSS &$%$//(52 (6&$0,//$ 6RQLD D ³(O FDVR GHO 6DQWR 1LxR GH /D *XDUGLD \ VXV HIHFWRV VREUH OD FRQYLYHQFLD HQWUH FXOWXUDV HQ OD FLXGDG GH ÈYLOD´ (Q $5Ë=$*$ %2/80%858 %HDWUL] 62/Ï5=$12 7(/(&+($ -HV~V ÈQJHO FRRUGV /D *21=È/(=+(51$1'2,UHQHS (QHODSDUWDGR³VHOHFFLyQGHREUDV´VHKDRSWDGRSRUXWLOL]DUODQXPHUDFLyQRULJLQDOGHODV&DQWLJDVGH 6DQWD0DUtD\SRUUHPLWLUH[FOXVLYDPHQWHDORVHMHPSORVSURFHGHQWHVGHO&yGLFH5LFRGHOD5HDO%LEOLRWHFD GHO0RQDVWHULRGH(O(VFRULDO5%0( 5HYLVWD'LJLWDOGH,FRQRJUDItD0HGLHYDOYRO9QSS H,661; (OLQIDQWLFLGLR,UHQH*RQ]iOH]+HUQDQGR FRQYLYHQFLDHQODVFLXGDGHVPHGLHYDOHV,QVWLWXWRGH(VWXGLRV5LRMDQRV/RJURxRSS &$%$//(52 (6&$0,//$ 6RQLD E ³/DV VDUJDV GH 3HGUR %HUUXJXHWH HQ HO 0XVHR GHO 3UDGR HVODERQHV GH XQ PHQVDMH LQTXLVLWRULDO´ %ROHWtQ GHO 0XVHR H ,QVWLWXWR ³&DPyQ$]QDU´Q&,SS &$%$//(52(6&$0,//$6RQLDD³)UD\7RPiVGH7RUTXHPDGDLFRQyJUDIR\ SURPRWRU GH ODV DUWHV´ $UFKLYR (VSDxRO GH $UWH YRO /;;;,, Q SS 'LVSRQLEOHHQOtQHD KWWSDUFKLYRHVSDxROGHDUWHUHYLVWDVFVLFHVLQGH[SKSDHDDUWLFOHYLHZ &$%$//(52(6&$0,//$6RQLDE³/RVJHVWRVGHOD,QTXLVLFLyQHO$XWRGH)H GH 3HGUR %HUUXJXHWH´ (Q &RQJUHVR ,QWHUQDFLRQDO ,PDJHQ $SDULHQFLD 0XUFLD (GLWXP0XUFLD'LVSRQLEOHHQOtQHD KWWSFRQJUHVRVXPHVLPDJHQ\DSDULHQFLDLPDJHQ\DSDULHQFLDSDSHUYLHZ &$%$//(52 (6&$0,//$ 6RQLD F ³/RV VDQWRV GRPLQLFRV \ OD SURSDJDQGD LQTXLVLWRULDOHQHOFRQYHQWRGH6DQWR7RPiVGHÈYLOD´$QXDULRGH(VWXGLRV0HGLHYDOHV YROQSS'LVSRQLEOHHQOtQHD KWWSHVWXGLRVPHGLHYDOHVUHYLVWDVFVLFHVLQGH[SKSHVWXGLRVPHGLHYDOHVDUWLFOHYLHZ &$17(5$ 0217(1(*52 (QULTXH ³/D LPDJHQ GHO MXGtR HQ OD (VSDxD PHGLHYDO´ (VSDFLR WLHPSR \ IRUPD 6HULH ,,, +LVWRULD PHGLHYDO Q SS 'LVSRQLEOH HQ OtQHD KWWSHVSDFLRXQHGHVIH]HVHUYSKS"SLG ELEOLXQHG(7)')& )&%(%$'&)'GV,' 'RFXPHQWRSGI '20Ë1*8(= 52'5Ë*8(= $QD ³,PiJHQHV GH OD PXMHU HQ ODV &DQWLJDV GH 6DQWD0DUtD´(Q/DLPDJHQGHODPXMHUHQHODUWHHVSDxRO$FWDVGHODV,,,-RUQDGDVGH LQYHVWLJDFLyQ LQWHUGLVFLSOLQDU RUJDQL]DGDV SRU HO 6HPLQDULR GH (VWXGLRV GH OD 0XMHU GH OD 8QLYHUVLGDG $XWyQRPD GH 0DGULG 0DGULG 8QLYHUVLGDG $XWyQRPD GH 0DGULG 0DGULGSS )(51È1'(=)(51È1'(=/DXUD³µ(VWHOLYURFRP¶DFKHLIH]iRQU¶HiORRU GD YLUJHQ VDQWD PDULD¶(O SUR\HFWR GH ODV&DQWLJDV GH 6DQWD 0DUtDHQ HO PDUFR GHO HVFULWRULR UHJLR (VWDGR GH OD FXHVWLyQ \ QXHYDV UHIOH[LRQHV´ (Q )(51È1'(= )(51È1'(= /DXUD 58,= 628=$ -XDQ &DUORV GLUV \ FRRUGV /DV &DQWLJDV GH 6DQWD 0DUtD 9RO ,, &yGLFH 5LFR 0V 7, 5%0( 7HVWLPRQLR &RPSDxtD (GLWRULDO ± 3DWULPRQLR1DFLRQDO0DGULGSS *$5&Ë$*$5&Ë$)UDQFLVFRGH$VtV³'DQLHOHQHOIRVRGHORVOHRQHV´5HYLVWD 'LJLWDOGH,FRQRJUDItD0HGLHYDOYRO,QSS *$5&Ë$ *$5&Ë$ )UDQFLVFR GH $VtV ³/D PDWDQ]D GH ORV LQRFHQWHV´ 5HYLVWD 'LJLWDOGH,FRQRJUDItD0HGLHYDOYRO,,,QSS *e/,6 -DFTXHV /HV HQIDQWV GHV OLPEHV 0RUWQpV HW SDUHQWV GDQV O¶(XURSH FKUpWLHQQH$XGLEHUW3DUtV *21d$/(= '( 5(<(6 $QWRQLR 2EUDV GH %HUQDUGR GH *RUGRQLR LQVLJQH PDHVWUR\GRFWRUGHPHGLFLQDHQTXHVHFRQWLHQHQORVVLHWHOLEURVGHOD3UiFWLFDR/LOLR GH0HGLFLQDODV7DEODVGHORV,QJHQLRVGHFXUDUODVHQIHUPHGDGHVHO5HJLPLHQWRGHODV 5HYLVWD'LJLWDOGH,FRQRJUDItD0HGLHYDOYRO9QSS H,661; (OLQIDQWLFLGLR,UHQH*RQ]iOH]+HUQDQGR DJXGDV HO 7UDWDGR GH ORV QLxRV \ 5HJLPLHQWR GHO $PD \ ORV 3URQyVWLFRV 7RGR QXHYDPHQWHFRUUHJLGR \DxDGLGDV GRV7DEODVXQDGHORV/LEURV \FDStWXORV \ RWUDGH WRGRORFRQWHQLGRHQGLFKDV2EUDVSDUDODPD\RUIDFLOLGDGGHVXXVR,PSUHVRU)UDQFLVFR 6DFHGyQ0DGULG *21=È/(=&DUORVHG³3RUTXpQRTXLHUHQGRUPLUVRORV´(Q%pVDPH PXFKR&yPRFULDUDWXVKLMRVFRQDPRU3ODQHWD0DGULGSS *21=È/(= +(51$1'2 ,UHQH ³3RVLFLRQHV IHWDOHV DERUWR FHViUHD H LQIDQWLFLGLR 8Q DFHUFDPLHQWR D OD JLQHFRORJtD \ SXHULFXOWXUD KLVSiQLFD D WUDYpV GH WUHV PDQXVFULWRV PHGLHYDOHV´ 0LVFHOiQHD 0HGLHYDO 0XUFLDQD YRO ;;;,,, SS 'LVSRQLEOHHQOtQHDKWWSUHYLVWDVXPHVPLPHPXUDUWLFOHYLHZ *21=È/(= +(51$1'2 ,UHQH ³8QD OHFWXUD PpGLFD GH ODV LPiJHQHV PHGLHYDOHV GHO 1DFLPLHQWR´ (Q *$5&Ë$ *$5&Ë$ )UDQFLVFR GH $VtV *21=È/(= +(51$1'2 ,UHQH 3$8/,12 0217(52 (OHQD HGV 1XHYDV LQYHVWLJDFLRQHV HQ +LVWRULD GHO $UWH YRO H[WUDRUGLQDULR GH $QDOHV GH +LVWRULD GHO $UWH SS 'LVSRQLEOHHQOtQHD KWWSUHYLVWDVXFPHVLQGH[SKS$1+$DUWLFOHYLHZ$1+$$ /$85(17 6\OYLH 1DvWUH DX 0R\HQ ÆJH 'H OD FRQFHSWLRQ j OD QDLVVDQFH OD JURVVHVVHHWO¶DFFRXFKHPHQW;,,;9VLqFOH/H/pRSDUGG¶2U3DUtV 0$57Ë1(= %/$1&2 &DUPHQ 0DUtD (O QLxR HQ OD OLWHUDWXUD PHGLHYDO 3DUD XQD KLVWRULD VRFLDO \ GH ODV PHQWDOLGDGHV GH OD LQIDQFLD 7HVLV 'RFWRUDO 8QLYHUVLGDG &RPSOXWHQVHGH0DGULG 'LVSRQLEOHHQOtQHDKWWSELEOLRWHFDXFPHVWHVLV++SGI 0F/$5(1 $QJXV $ +LVWRU\ RI &RQWUDFHSWLRQ )URP $QWLTXLW\ WR WKH 3UHVHQW 'D\%DVLO%ODFNZHOO&DPEULGJH0$ 0,75((PLOLR-XGDtVPR\&ULVWLDQLVPR5DtFHVGHXQJUDQFRQIOLFWRKLVWyULFR $NDO0DGULG 0216$/92$17Ï1-RVp0DUtD³0HQWDOLGDGDQWLMXGtDHQOD&DVWLOODPHGLHYDO &XOWXUDFOHULFDO\FXOWXUDSRSXODUHQODJHVWDFLyQ\GLIXVLyQGHXQLGHDULRPHGLHYDO´(Q %$5526&DUORVHG;XGHXVH&RQYHUVRVQD+LVWRULD0HQWDOLGDGHVH&XOWXUD$FWDV GR &RQJUHVR ,QWHUQDFLRQDO 5LEDGDYLD /D (GLWRULDO GH /D +LVWRULD 6DQWLDJR GH &RPSRVWHODSS 250( 1LFKRODV 0HGLHYDO &KLOGUHQ <DOH 8QLYHUVLW\ 3UHVV 1HZ +DYHQ ± /RQGUHV 52'5Ë*8(=%$55$/3DXOLQR/DLPDJHQGHOMXGtRHQOD(VSDxDPHGLHYDO(O FRQIOLFWR HQWUH FULVWLDQLVPR \ MXGDtVPR HQ ODV DUWHV YLVXDOHV JyWLFDV %HOODWHUUD± %DUFHORQD±*LURQD±/OHLGD±7DUUDJRQDHGLWRULDOHVXQLYHUVLWDULDVUHVSHFWLYDV 52'5Ë*8(=9(/$6&20DUtD³8QSLQWRUHQODFRUWHGHORV5H\HV&DWyOLFRV 3HGUR%HUUXJXHWHKHUHQFLDIODPHQFDHLQQRYDFLRQHVUHQDFHQWLVWDVHQODV7DEODVGH6DQWR 7RPiVGHÈYLOD0XVHRGHO3UDGR0DGULG´(Q'20Ë1*8(=1$)5Ë$-XDQ&DUORV 3e5(= )(51È1'(=785e*$12 &DUORV FRRUGV ,VDEHO OD &DWyOLFD KRPHQDMH HQ HO9FHQWHQDULRGHVXPXHUWH'\NLQVRQ0DGULGSS 5HYLVWD'LJLWDOGH,FRQRJUDItD0HGLHYDOYRO9QSS H,661; (OLQIDQWLFLGLR,UHQH*RQ]iOH]+HUQDQGR 58%,2 9(/$ $JXVWtQ ³,QIDQFLD \ PDUJLQDFLyQ (Q WRUQR D ODV LQVWLWXFLRQHV WUHFHQWLVWDVYDOHQFLDQDVSDUDHOVRFRUURGHORVKXpUIDQRV´5HYLVWDG¶KLVWRULDPHGLHYDOQ SS'LVSRQLEOHHQOtQHD KWWSFHQWURVXYHVZHEGHSDUWDPHQWRV'GDWDLQIRUPDFLRQ(3')SGI 6$0621 $OH[DQGHU ³$QWL6HPLWLVP &ODVV DQG /RSH GH 9HJD¶V (O QLxR LQRFHQWH GH /D *XDUGLD´ +LVSDQLF 5HVHDUFK -RXUQDO ,EHULDQ DQG /DWLQ $PHULFDQ 6WXGLHVYROQSS 6&+2/=+b16(/ 0LFKDHO ³3URSDJDQGD GH LPiJHQHV DO VHUYLFLR GH OD ,QTXLVLFLyQ(O$XWRGH)HGH3HGUR%HUUXJXHWHHQHOFRQWH[WRGHVXWLHPSR´1RUED$UWH QSS 'LVSRQLEOHHQOtQHDKWWSGLDOQHWXQLULRMDHVVHUYOHWDUWLFXOR"FRGLJR <$5=$/8$&(6-RDTXtQ³8QDLPDJHQGLULJLGDORVUHWDEORVGH6DQWR'RPLQJR GH*X]PiQ\6DQ3HGURGH0iUWLUGH3HGUR%HUUXJXHWH´(Q$/3(566YHWODQD\RWURV +LVWRULDV,QPRUWDOHV*DOD[LD*XWHQEHUJ0DGULGSS 5HYLVWD'LJLWDOGH,FRQRJUDItD0HGLHYDOYRO9QSS H,661; (OLQIDQWLFLGLR,UHQH*RQ]iOH]+HUQDQGR Ÿ0RLVpVVDOYDGRGHODVDJXDV%LEOLD6WDYHORW 6WDYHORW %pOJLFD /RQGUHV 7KH %ULWLVK/LEUDU\0V$GG Ź &DQWLJD ,,,, GHO ³&yGLFH 5LFR´ GH ODV &DQWLJDVGH6DQWD0DUtDF5%0( 0V7,IROY 5HYLVWD'LJLWDOGH,FRQRJUDItD0HGLHYDOYRO9QSS H,661; &DQWLJD9,GHO³&yGLFH 5LFR´ GH ODV &DQWLJDV GH 6DQWD 0DUtD F 5%0( 0V7,IROY (OLQIDQWLFLGLR,UHQH*RQ]iOH]+HUQDQGR 5HYLVWD'LJLWDOGH,FRQRJUDItD0HGLHYDOYRO9QSS H,661; &DQWLJD ;9,, GHO ³&yGLFH 5LFR´ GH ODV &DQWLJDVGH6DQWD0DUtD F 5%0( 0V7,IROY &DQWLJD &9,,, GHO ³&yGLFH 5LFR´ GH ODV &DQWLJDVGH6DQWD0DUtD F 5%0( 0V7,IROY (OLQIDQWLFLGLR,UHQH*RQ]iOH]+HUQDQGR Ÿ -XLFLR GH 6DORPyQ *XLDUG GHV 0RXOLQV %LEOH+LVWRULDOH3DUtV)UDQFLD~OWLPRFXDUWR VLJOR ;,9 3DUtV %Q) 0V )UDQoDLV GHO IROU KWWSYLVXDOLVHXUEQIIU&RQVXOWHU(OHPHQW1XP"2 ,)1 ( -3(*'HE )LQ 3DUDP & >FDSWXUD@ Ź 3HGUR %HUUXJXHWH $XWR GH IH SUHVLGLGR SRU 6DQWR 'RPLQJR GH *X]PiQ 0DGULG0XVHR1DFLRQDOGHO3UDGR KWWSFRPPRQVZLNLPHGLDRUJZLNL)LOH3HGURB%HUUXJXHWHB *LRWWR 0DWDQ]D GH ORV LQRFHQWHV &DSLOOD 6FURYHJQL R GH OD $UHQD 3DGXD ,WDOLD F KWWSXSORDGVZLNLSDLQWLQJV RUJLPDJHVJLRWWRWKH PDVVDFUHRIWKHLQQRFHQWVMSJ >FDSWXUD@ B6DLQWB'RPLQLFB3UHVLGLQJBRYHUBDQB$XWRGD IHBMSJ>FDSWXUD@ 5HYLVWD'LJLWDOGH,FRQRJUDItD0HGLHYDOYRO9QSS H,661; 6DQ2ODIUH\GH1RUXHJD +HOHQD&DUYDMDO*RQ]iOH] 6$12/$)5(<'(1258(*$ +HOHQD&$59$-$/*21=È/(= 8QLYHUVLGDG&RPSOXWHQVHGH0DGULG 'SWRGH+LVWRULDGHO$UWH,0HGLHYDO KFDUYDMDO#JKLVXFPHV 5HVXPHQ6DQ2ODIHVXQUH\VDQWRGHRULJHQQRUXHJRFDQRQL]DGRSRUVXGHIHQVDGHOFULVWLDQLVPR FRPRUHOLJLyQRILFLDOGHVXUHLQR6XFXOWRQDFLGRUiSLGDPHQWHWUDVVXPXHUWHIXHHVSHFLDOPHQWH LQWHQVRHQORV3DtVHV1yUGLFRV\HQ,QJODWHUUDGRQGHD\XGyHQDOUH\(WHOUHGRHO,QGHFLVRHQ OD EDWDOOD FRQWUD ORV GDQHVHV HQ /RQGUHV 6XHOH DSDUHFHU UHSUHVHQWDGR FRPR XQ UH\ JXHUUHUR SRUWDQGR XQ KDFKD \ HQ RFDVLRQHV SLVRWHDQGR XQ GUDJyQ FRQ FDEH]D KXPDQD VtPEROR GHO SDJDQLVPRYHQFLGR 3DODEUDVFODYH2ODIGH1RUXHJD+DJLRJUDItD,FRQRJUDIt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È),&2 2ODI ,, X 2ODI +DUDOGVVRQ IXH XQ MHIH YLNLQJR TXH DFDEy VLHQGR HO SULPHU UH\ FULVWLDQRGH1RUXHJD\HOTXHFRQYLUWLyHO&ULVWLDQLVPRHQODUHOLJLyQRILFLDOGHVXUHLQR 1DFLGRHQHODxRHQ5LQJHULNHHUDKLMRGH+DUDOG*UHQVNH\WDWDUDQLHWRGHOUH\ +DUDOG , GH 1RUXHJD 'HVGH VX DGROHVFHQFLD SDUWLFLSy HQ QXPHURVDV H[SHGLFLRQHV YLNLQJDV TXH VDTXHDURQ ODV FRVWDV HXURSHDV OOHJDQGR HQWUH RWURV OXJDUHV D &DQWHUEXU\ R 6DQWLDJRGH&RPSRVWHOD (QWUH\2ODIHVWXYRHQ1RUPDQGtDHQFDVDGHO'XTXH5LFDUGR,,GRQGH VHFRQYLUWLyDOFULVWLDQLVPR\IXHEDXWL]DGR $ VX YXHOWD D 1RUXHJD GHFLGLy HMHUFHU VXV GHUHFKRV VXFHVRULRV \ XQLILFDU EDMR VX PDQGR HO SDtV TXH VH KDOODED GLYLGR HQWUH FODQHV ORFDOHV \ DFRVDGR SRU 'LQDPDUFD \ 6XHFLD7UDVFDSWXUDU\H[LOLDUD+nNRQ(LULNVVRQHOJREHUQDGRULPSXHVWRSRUHOUH\6YHQG , GH 'LQDPDUFD GHUURWy D ORV QREOHV ORFDOHV \ FDVy FRQ OD SULQFHVD $VWULG GH 6XHFLD DFDEDQGRDVtFRQODVDPHQD]DVH[WHUQDVHLQWHUQDV\FHQWUDOL]DQGRHOSRGHUHQVXSHUVRQD 7UDVVXFRURQDFLyQHQ2ODIIXHSURJUHVLYDPHQWHLPSODQWDQGR\GDQGRIXHU]D DODUHOLJLyQFULVWLDQDTXHDXQTXHLQWURGXFLGDVLJORVDWUiVFRQYLYtDWRGDYtDFRQORVULWRV SDJDQRV 6HJ~Q FXHQWD OD +HLPVNULQJOD R &UyQLFD GH ORV 5H\HV GHO 1RUWH UHGDFWDGD HQ WRUQRDORVPpWRGRVHPSOHDGRVSRU2ODILQFOX\HURQFRQIUHFXHQFLDODYLROHQFLD (QHOUH\&DQXWR,,GH'LQDPDUFDLQYDGLy1RUXHJD\2ODIDEDQGRQDGRSRU XQDSDUWHGHOHMpUFLWRWXYRTXHH[LOLDUVHD.LHY'RVDxRVPiVWDUGHHQUHJUHVy\VH HQIUHQWyDOEDQGRGDQpVPXULHQGRHQODFRQWLHQGD 5HYLVWD'LJLWDOGH,FRQRJUDItD0HGLHYDOYRO9QSS H,661; 6DQ2ODIUH\GH1RUXHJD +HOHQD&DUYDMDO*RQ]iOH] $OJXQRV KLVWRULDGRUHV KDQ TXHULGR YHU HQ HO HFOLSVH GH VRO RFXUULGR D ODV SRFDV KRUDVGHVXPXHUWHDVtFRPRHQODVFXUDFLRQHVPLODJURVDVSRUFRQWDFWRFRQVXVDQJUHXQ LQWHQWRGHVXVELyJUDIRVSRUHVWDEOHFHUXQDVLPLOLWXGFRQODSURSLDPXHUWHGH&ULVWR 6X WXPED SULPLWLYD D RULOODV GHO UtR 1LM IXH SURQWR HVFHQDULR GH VXFHVRV PLODJURVRV \ VROR XQ DxR GHVSXpV GH VX PXHUWH DO HQFRQWUDU HQ VX FXHUSR VLJQRV GH VDQWLGDG 2ODI IXH UiSLGDPHQWH YHQHUDGR FRPR VDQWR SDWUyQ GH 1RUXHJD 6X FXHUSR VH WUDVODGyDODLJOHVLDGH6DQ&OHPHQWHGH1LGDURVDFWXDO7URQGKHLPGRQGHXQVLJORPiV WDUGHVHFRQVWUXLUtDXQDJUDQFDWHGUDOGHGLFDGDDVXPHPRULD/DFDQRQL]DFLyQRILFLDOSRU SDUWHGHOD,JOHVLDWHQGUtDOXJDUHQHODxR 6HJ~Q &DUORV GH $\DOD VX FDQRQL]DFLyQ VHUtD XQD GH ODV SULPHUDV HQ ODV TXH VH VDQWLILFDUtD D XQ KRPEUH GH DUPDV PLHQWUDV TXH 'DZVRQ FRQVLGHUD TXH UHSUHVHQWD OD UHFRQFLOLDFLyQHQWUHODVWUDGLFLRQHVQyUGLFD\FULVWLDQD 6XILHVWDVHFHOHEUDHOGHMXOLR $WULEXWRV\IRUPDVGHUHSUHVHQWDFLyQ 6DQ 2ODI VXHOH DSDUHFHU UHSUHVHQWDGR FRPR XQ KRPEUH PDGXUR FRQ DWULEXWRV UHJLRV DWDYLDGR FRQ ULFDV URSDV \ FRURQDGR (V IUHFXHQWH TXH SRUWH HO RUEH R JOREXV FUXFLJHU FRPR VHxDO GH VX SRGHU WHPSRUDO DO VHUYLFLR GH OD ,JOHVLD (MHPSOR GH HVWD WLSRORJtDVHHQFXHQWUDHQODLJOHVLDVXHFDGHgYHUVHO| 3RUVXDFWLYLGDGJXHUUHUDVXHOHOOHYDUXQDDODEDUGDRXQKDFKDGHGREOHILOR\FRQ IUHFXHQFLD DSDUHFH SLVRWHDQGR XQ GUDJyQ FRQ FDEH]D KXPDQD FRPR VtPEROR GHO SDJDQLVPR YHQFLGR DXQTXH DOJXQRV OR FRQVLGHUDQ LPDJHQ GHO 2ODI SDJDQR &RPR DWULEXWRVSXHGHSRUWDUWDPELpQXQDHVFDODTXHYLRHQVXHxRV\XQDFRSDHQODTXHHODJXD PLODJURVDPHQWH VH WUDQVIRUPy HQ FHUYH]D 8Q EXHQ HMHPSOR GH HVWH WLSR GH UHSUHVHQWDFLyQVRQORVIUHVFRVGHODLJOHVLDVGDQHVDVGH7XVH\+DOGGHILQDOHVGHOVLJOR ;9 $GHPiV GH VX UHSUHVHQWDFLyQ DLVODGD H[LVWHQ WDPELpQ LPiJHQHV GHO VDQWR HQ HVFHQDV QDUUDWLYDV TXH GDQ FXHQWD GH ORV SULQFLSDOHV KHFKRV GH VX YLGD (VSHFLDOPHQWH LQWHUHVDQWHVVRQODVSLQWXUDVGHODLJOHVLDGH'LQJWXQD9lVWPDQODQG6XHFLDUHDOL]DGDVHQ HO VLJOR ;9 GRQGH HO VDQWR DUPDGR FRQ XQ KDFKD \ DFRPSDxDGR GH VXV VROGDGRV VH SUHSDUDSDUDHQIUHQWDUVHDXQJUXSRGHWUROOV(O)ODWH\MDUEyNR&RGH[)ODW|LHQVLVVLJOR ;,9 XQR GH ORV PiV LPSRUWDQWHV PDQXVFULWRV PHGLHYDOHV LVODQGHVHV TXH FRQWLHQH ODV VDJDV GH ORV UH\HV QyUGLFRV UHVXOWD GH JUDQ LQWHUpV SDUD HO FRQRFLPLHQWR GHO FLFOR QDUUDWLYRGH6DQ2ODI 3RUVXSDWURQD]JRHOHVFXGRGH1RUXHJDPXHVWUDVREUHFDPSRGHJXOHVXQOHyQ UDPSDQWHFRURQDGRSRUWDQGRHOKDFKDGH6DQ2ODI 1257+(10$*,//)UDQN$9(6$OLVRQHGVS $<$/$0$57Ë1(=&DUORVGHS '$:621&KULVWRSKHUS 1257+(10$*,//)UDQN$9(6$OLVRQHGVS 5e$8/RXLVS &RQVHUYDGRHQHO,QVWLWXWRÈUQL0DJQ~VVRQGH5HLNLDYLNFRQVLJQDWXUD*N6IRO 5HYLVWD'LJLWDOGH,FRQRJUDItD0HGLHYDOYRO9QSS H,661; 6DQ2ODIUH\GH1RUXHJD +HOHQD&DUYDMDO*RQ]iOH] )XHQWHVHVFULWDV /DVIXHQWHVVREUH6DQ2ODIVRQQXPHURVDV\DTXHLQPHGLDWDPHQWHGHVSXpVGHVX PXHUWHORVUHODWRVVREUHORVPLODJURVUHDOL]DGRVSRUpOVHLQFRUSRUDURQDWH[WRVSRpWLFRV FRPROD*O ORJQVNYLèDSRHPDGH7KyUDULQQ/RIWXQJDUHGDFWDGRHQWRUQRDODxR\ XQRGHORVWHVWLPRQLRVPiVH[WHQVRVVREUHODYLGD\ODVDQWLGDGGH2ODI+DUDOGVVRQ (QODWtQVHUHGDFWyOD3DVVLRHWPLUDFXODEHDWL2ODYLFROHFFLyQGHOH\HQGDVVREUH HOVDQWRUHFRJLGDVSRU(\VWHLQQ(UOHQGVVRQDU]RELVSRGH1LGDURVHQODVHJXQGDPLWDGGHO VLJOR;,,\GHOTXHVHFRQVHUYDXQDLPSRUWDQWHFRSLDGHSULQFLSLRVGHO;,,,HQHO&RUSXV &KULVWL &ROOHJH GH 2[IRUG 'H HVWD FRPSRVLFLyQ VH FRQVHUYD XQD YHUVLyQ PiV UHGXFLGD WDPELpQ UHGDFWDGD SRU (\VWHLQQ (UOHQGVVRQ FRQRFLGD FRPR $FWD VDQFWL 2ODYL UHJLV HW PDUW\ULV (VSHFLDOPHQWHLQWHUHVDQWHVVRQODVOODPDGDV6DJDVUHDOHVELRJUDItDVUHGDFWDGDV HQQRUXHJRHQWUHORVVLJORV;,,\;,9HQWUHODVTXHGHVWDFDOD6DJDGH2ODYHOVDQWRR 6DJD VHSDUDGD GH 6DQ 2ODI FRPSXHVWD SRU HO HVFULWRU LVODQGpV 6QRUUL 6WXUOXVRQ VLJOR ;,,,EDViQGRVHHQFRPSRVLFLRQHVDQWHULRUHVFRPROD6DJDDQWLJXDGH6DQ2ODIILQDOHV GHO VLJOR ;,, \ VREUH WRGR /D +HLPVNULQJOD R &UyQLFD GH ORV 5H\HV GHO 1RUWH (VWD ~OWLPDWDPELpQFRPSXHVWDSRU6QRUUL6WXUOXVRQKDFLDUHFRJHODGLQDVWtDOHJHQGDULD GH ORV UH\HV QRUXHJRV GHVGH HO VLJOR ,; KDVWD ILQDOHV GHO ;,, HPSDUHQWiQGRORV GLUHFWDPHQWHFRQHOGLRV2GtQ /D6DJD0D\RUFRPSXHVWDHQHOVLJOR;9UHFRJH\FRPSOHWDHVWRVWH[WRVPiV DQWLJXRVDOXVLYRVDOUH\2ODI+DUDOGVVRQ 6LUYDFRPRHMHPSORGHHVWHWLSRGHFRPSRVLFLRQHVSRpWLFDVODOODPDGD&DQFLyQGHO PDU WUDQTXLOR FRQWHQLGD GHQWUR GH OD +HLPVNULQJOD \ GHGLFDGD HQ WHRUtD DO XVXUSDGRU GDQpV ±HO UH\ 6ZHLQ KLMR GHO UH\ &DQXWR HO *UDQGH GH 'LQDPDUFD± SHUR HQ UHDOLGDG FRQVDJUDGDDOUH\VDQWR ³$TXt\DFH tQWHJUR\SXUR HOPX\DODEDGRUH\ 0XOWLWXGGHKRPEUHV GRQGH\DFHHO6DQWRUH\ VHDUURGLOODQVXSOLFDQGR FLHJRV\PXGRV YDQEXVFDQGRDOUH\ \DVXFDVDYXHOYHQ FXUDGDODHQIHUPHGDG´ (GLFLyQ GH &ODUHQGRQ 3UHVV 2[IRUG GLJLWDOL]DGD D WH[WR FRPSOHWR \ GLVSRQLEOH HQ OtQHD HQ KWWSDUFKLYHRUJGHWDLOVSDVVLRHWPLUDFXOPHWFJRRJ ([LVWHXQD WUDGXFFLyQ DO LQJOpV GH HGLWDGD SRU &DUO 3KHOSVWHDG 9LNLQJ 6RFLHW\ IRU 1RUWKHUQ 5HVHDUFK /RQGUHV GLVSRQLEOH HQ OtQHD HQ KWWSZZZYVQUZHESXEOLFDWLRQVRUJXN7H[W6HULHV+LVWRULD3DVVLRSGI 3+(/367($'&DUOHGS[[YL -2+16(1 2VFDU $OEHUW +(/*$621 -yQ HGV 6DJD ÏOiIV NRQXQJV KLQV KHOJD 'HQ VWRUHVDJDRP2ODYGHQKHOOLJHHIWLU3HUJDPHQWKnQGVNULIWL.XQJOLJD%LEOLRWHNHWL6WRFNKROPQUWRPHG YDULDQWHUIUDDQGUHKnQGVNULIWHU-DFRE'\EZDG2VOR(GLFLyQGH)HLOEHUJ/DQGPDUNGLJLWDOL]DGD SDUFLDOPHQWHKWWSERRNVJRRJOHHVERRNV"LG X )$PL0F<&YLG 2&/&SJ 3$OSJ 3$T UHGLUBHVF \Y RQHSDJHTI IDOVH '$:621&KULVWRSKHUS 5HYLVWD'LJLWDOGH,FRQRJUDItD0HGLHYDOYRO9QSS H,661; 6DQ2ODIUH\GH1RUXHJD +HOHQD&DUYDMDO*RQ]iOH] 2WUR JUXSR GH HVFULWRV LQWHUHVDQWH SRU OD LQIRUPDFLyQ TXH DSRUWDQ GH OD YLGD GH 2ODI+DUDOGVVRQVRQFUyQLFDVKLVSDQDVFRPRHO&KURQLFRQ/XVLWDQXPHQODVTXHVHQDUUDQ ODV LQFXUVLRQHV YLNLQJDV HQ *DOLFLD HQ FRQFUHWR OD FXDUWD ROHDGD GLULJLGD SRU 2ODI TXH WLHQHOXJDUHQ\DUUDVDODFLXGDGGHO7X\\TXHFRPSOHPHQWDQODVIXHQWHVQyUGLFDV FRPR OD +LVWRULD 1RUZHJLDH R OD 6DJD GH 6QRUUL 6WXUOXVRQ TXH DSRUWDQ HVFDVRV GHWDOOHV VREUHVXVFRUUHUtDV\RPLWHQFDVLVLHPSUHVXVDFWRVGHSLUDWHUtD 2WUDVIXHQWHV (VSUREDEOHTXHHOIRONORUH\ODOLWHUDWXUDRUDOFRQWULEX\HUDQDODGLIXVLyQGHOFXOWR \ODUHSUHVHQWDFLyQGHOVDQWR(QFRQFUHWRH[LVWHQFDQFLRQHVSRSXODUHVLQJOHVDVHQODVTXH PHQFLRQDVXGHVWUXFFLyQGHOSXHQWHGH/RQGUHV 2WUDV OH\HQGDV SRSXODUHV YLQFXODQ OD FRQVWUXFFLyQ GH OD WRUUH GH OD FDWHGUDO GH 7URQGKHLP FRQ 2ODI TXLHQ KDEUtD HQJDxDGR D XQ WUROO SDUD TXH OD OHYDQWDUD D JUDQ YHORFLGDG ([WHQVLyQJHRJUiILFD\FURQROyJLFD /DGHYRFLyQD6DQ2ODIHVHVSHFLDOPHQWHLQWHQVDHQ1RUXHJDGHGRQGHIXHUH\\ OXHJRVDQWRSDWUyQ\SRUFHUFDQtDHQ6XHFLD'LQDPDUFD)LQODQGLD\(VWRQLD(OQ~PHUR GH UHSUHVHQWDFLRQHV FUHFHUi D SDUWLU GHO VLJOR ;,,, FXDQGR VHD HGLILFDGD XQD FDWHGUDO HQ 7URQGKHLP1RUXHJDSDUDDOEHUJDUVXVUHOLTXLDV 3RUVXLQWHUYHQFLyQHQODEDWDOODTXHHQIUHQWyHQD(WHOUHGRHO,QGHFLVRUH\ GH,QJODWHUUDFRQWUDORVGDQHVHVHQ/RQGUHVIXHURQYDULDVODVLJOHVLDVTXHVHOHGHGLFDURQ HQVXHORLQJOpV$SHQDVYHLQWHDxRVGHVSXpVGHVXPXHUWH\DVHFHOHEUDEDHQ,QJODWHUUDVX IHVWLYLGDG /RV PHUFHQDULRV QRUXHJRV GHO HMpUFLWR EL]DQWLQR OOHYDURQ VX FXOWR KDVWD &RQVWDQWLQRSODGRQGHVHOHHULJLHURQGRVLJOHVLDV(QVHPHQFLRQDXQDSLQWXUDFRQ ODLPDJHQGH6DQ2ODIHQODLJOHVLDGHOD1DWLYLGDGGH%HOpQ (Q HO UHVWR GH (XURSD OD GHYRFLyQ D 6DQ 2ODI \ SRU WDQWR VX UHSUHVHQWDFLyQ HV PHQRVKDELWXDO6HJ~Q'DYLG*UHVV6DQ2ODIVHUtDXQRGHORVSRFRVVDQWRVFX\DGHYRFLyQ KDEUtDVREUHYLYLGRDODUHIRUPDSURWHVWDQWHHQ(VFDQGLQDYLD 6RSRUWHV\WpFQLFDV /D UHSUHVHQWDFLyQ GH 6DQ 2ODI KD VLGR IXQGDPHQWDOPHQWH SLFWyULFD HQ VXV GLIHUHQWHVVRSRUWHVGHVGHSLQWXUDPXUDODWDEODVPLQLDWXUDV\YLGULHUDVDXQTXHWDPELpQ VHKDQGDGRUHSUHVHQWDFLRQHVHVFXOWyULFDVGHOVDQWR 6È1&+(=3$5'2-RVp&DUORVSS /RQGRQ%ULGJHLVIDOOLQJGRZQ9(/$6&20DQXHOS ),6.(-RKQS 3+(/367($'&DUOHGS[[YL 5e$8/RXLVS 1257+(10$*,//)UDQN$9(6$OLVRQHGVS *5(66'DYLGS 5HYLVWD'LJLWDOGH,FRQRJUDItD0HGLHYDOYRO9QSS H,661; 6DQ2ODIUH\GH1RUXHJD +HOHQD&DUYDMDO*RQ]iOH] 'HQWUR GH ODV REUDV HVFXOWyULFDV H[LVWH HQ HO 0XVHR +LVWyULFR GH (VWRFROPR +LVWRULVND0XVHHWXQDEXHQDFROHFFLyQGHHMHPSORVGHOWUiQVLWRDOVLJOR;,9UHDOL]DGRV HQPDGHUDSROLFURPDGD\SURFHGHQWHVGHODVLJOHVLDVGH.XOOHUVWDG)U|WXQDR%XQJHTXH PXHVWUDQ D 6DQ 2ODI ELHQ GH SLH R VHQWDGR FRPR UH\ YHQFHGRU FRQ XQD ILJXUD GH XQ VROGDGRDVXVSLHV(QRWURVHMHPSORVFRPRHORULJLQDULRGHODLJOHVLDGHgYHUJUDQ2ODI DSDUHFHFRPR\DVHKDFRPHQWDGRYpDVH³$WULEXWRV\IRUPDVGHUHSUHVHQWDFLyQ´FRQXQ GUDJyQDVXVSLHVVtPERORGHOSDJDQLVPRYHQFLGR 'HQWURGHOJUXSRGHREUDVSLFWyULFDVGHVWDFDHOIURQWDOGH6DQ2ODIUHDOL]DGRHQHO VLJOR;,9\FRQVHUYDGRHQODFDWHGUDOGH1LGDURVDFWXDO7URQGKHLPHULJLGDSDUDJXDUGDU HO FXHUSR GHO VDQWR KDOODGR LQFRUUXSWR WUDV VX PXHUWH (O IURQWDO PXHVWUD HQ HO FHQWUR OD LPDJHQGHOVDQWRFRQVXVDWULEXWRVKDELWXDOHVFRURQDKDFKD\JOREXVFUXFLJHUDVtFRPR XQD VHULH GH HVFHQDV QDUUDWLYDV DOUHGHGRU TXH UHSUHVHQWDQ KHFKRV LPSRUWDQWHV GH OD YLGD GHOVDQWR(QVHQWLGRFRQWUDULRDODVDJXMDVGHOUHORMDSDUHFHHOVXHxRSUHPRQLWRULRHQHO TXHVHOHDQXQFLDEDVXPXHUWHHOUHSDUWRGHSODWDHQWUHORVFDPSHVLQRVDQWHVGHODOXFKD XQD HVFHQD GH EDWDOOD HQ OD TXH HIHFWLYDPHQWH HO UH\ SLHUGH OD YLGD \ HO HQWLHUUR GH VX FXHUSRPDJXOODGR\FRURQDGRSRUORVRELVSRV\UHOLJLRVRV ,QWHUHVDQWHV UHVXOWDQ WDPELpQ ORV PDQXVFULWRV LOXPLQDGRV FRPR HO )ODWH\MDUEyN R &RGH[ )ODW|LHQVLV VLJOR ;,9 FyGLFH LVODQGpV TXH FRQWLHQH ODV VDJDV GH ORV UH\HV QyUGLFRV &RQVHUYDGR HQ HO ,QVWLWXWR ÈUQL 0DJQ~VVRQ GH 5HLNLDYLN DFRPSDxD OD QDUUDFLyQFRQHVFHQDVGHWDOODGDV\YtYLGDVFRPRODGHODPXHUWHGH2ODI,,HQODEDWDOODGH 6WLNOHVWDGTXHDSDUHFHHQHOLQWHULRUGHXQDOHWUDFDSLWDO 3UHFHGHQWHVWUDQVIRUPDFLRQHV\SUR\HFFLyQ $XQTXH QR H[LVWHQ SUHFHGHQWHV HVWULFWRV HQ OD UHSUHVHQWDFLyQ GH 6DQ 2ODI HV LQQHJDEOH TXH FRPR VXFHGH FRQ PXFKRV GH ORV VDQWRV GH FRUWH PLOLWDU VX IRUPD GH UHSUHVHQWDFLyQHVWiYLQFXODGDDODVLPiJHQHVGHOFDEDOOHURVXUJLGDVHQHO2ULHQWHGHOVLJOR 9,,D&TXHFRPRUHSUHVHQWDFLyQGHODOXFKDHQWUHHOELHQ\HOPDOSDVDUiQDOD*UHFLD +HOHQtVWLFD HQ OD ILJXUD GH $OHMDQGUR \ SRVWHULRUPHQWH D OD 5RPD ,PSHULDO SDUD UHSUHVHQWDUHOWULXQIRGHOHPSHUDGRU $GHPiV HQ HO IRONORUH GHO iUHD HVFDQGLQDYD 6DQ 2ODI DGTXLULUtD SRGHUHV \ SUHUURJDWLYDVSURSLDVGHODILJXUDGHOGLRV7KRUDOTXHKDEUtDUHHPSOD]DGRPX\SURQWR FRPR SURWHFWRU GH ORV JUDQMHURV FRQWUD EUXMDV \ VHUHV PiJLFRV DVt FRPR WLSR LGHDO GHO JXHUUHURQyUGLFR 3UHILJXUDV\WHPDVDILQHV $O LJXDO TXH RFXUUH FRQ RWURV VDQWRV PLOLWDUHV OD UHSUHVHQWDFLyQ GH 6DQ 2ODI PRQDUFD FULVWLDQL]DGRU GH 1RUXHJD SXHGH HQWHQGHUVH FRPR LPDJHQ GHO FULVWLDQLVPR PLOLWDQWH\HQ~OWLPRFDVRGHODYLFWRULDGHOELHQVREUHHOPDOLGHDSUHVHQWHHQWRGDVODV PLWRORJtDVDQWLJXDV\HQHOWHPDGHOFDEDOOHURYLFWRULRVRSURSLRGHOPXQGRURPiQLFR ([LVWHIDFVtPLOGLJLWDOHQKWWSZZZDPKLLV:HE9LHZKWPFRQVXOWD 52'5Ë*8(=3(,1$'2/DXUD /(21$5',&ODXGLRGLUS '$:621&KULVWRSKHUS 9pDVH*$5&Ë$*$5&Ë$)UDQFLVFRGH$VtV 5HYLVWD'LJLWDOGH,FRQRJUDItD0HGLHYDOYRO9QSS H,661; 6DQ2ODIUH\GH1RUXHJD +HOHQD&DUYDMDO*RQ]iOH] 6HOHFFLyQGHREUDV (VWDWXDGH6DQ2ODIHQOD&DWHGUDOOXWHUDQDGH1LGDURV7URQGKHLP1RUXHJDVLJORV ;,,,;,9 0XHUWH GH 2ODI ,, HQ OD EDWDOOD GH 6WLNOHVWDG )ODWH\MDUEyN R &RGH[ )ODW|LHQVLV ,VODQGLD VLJOR ;,9 5HLNLDYLN ,VODQGLD ,QVWLWXWR ÈUQL 0DJQ~VVRQ 0V *.6 IROIRO (VFXOWXUD SURFHGHQWH GH OD LJOHVLD GH )U|WXQD 8SSODQG 6XHFLD SULQFLSLRV GHO VLJOR ;,9(VWRFROPR+LVWRULVND0XVHHW 5HWDEOR FRQ HVFHQDV GH OD YLGD GH 6DQ 2ODI F WHPSOH VREUH WDEOD &DWHGUDO OXWHUDQDGH7URQGKHLP1RUXHJD 3LQWXUDVPXUDOHVGHODLJOHVLDGH'LQJWXQD9lVWPDQODQG6XHFLDVLJOR;9 (VWDWXDGH6DQ2ODI¢VLJOR;9,"LJOHVLDGH.RUSR)LQODQGLD %LEOLRJUDItD $/0$=È1 9LFHQWH 6DQ 2ODY 5H\ 3HUSHWXR GH 1RUXHJD ;XQWD GH *DOLFLD &RQVHOOHUtDGH&XOWXUD&RPXQLFDFLyQ6RFLDOH7XULVPR $<$/$ 0$57Ë1(= &DUORV GH ³7ROHUDQFLD \ IXQGDPHQWDOLVPR HQ HO PRYLPLHQWR FUX]DGR HO SUREOHPD GH OD ,JOHVLD \ OD YLROHQFLD´ (Q /25(1=2 3,1$5 )UDQFLVFR -DYLHU HG 7ROHUDQFLD \ IXQGDPHQWDOLVPRV HQ OD KLVWRULD 8QLYHUVLGDG GH 6DODPDQFD6DODPDQFD '$:621 &KULVWRSKHU /D UHOLJLyQ \ HO RULJHQ GH OD FXOWXUD RFFLGHQWDO (QFXHQWUR0DGULG ),6.(-RKQ0\WKVDQGP\WKPDNHUV7KH(FKR/LEUDU\0LGGOHVH[ *$5&Ë$*$5&Ë$)UDQFLVFRGH$VtV³(OFDEDOOHURYLFWRULRVR´5HYLVWD'LJLWDO GH,FRQRJUDItD0HGLHYDOYRO,9QSS /(&287(8; &ODXGH )DQWDVPDV \ DSDUHFLGRV HQ OD (GDG 0HGLD -RVp - GH 2ODxHWD3DOPDGH0DOORUFD /(21$5',&ODXGLRGLU'LFFLRQDULRGHORV6DQWRV6DQ3DEOR0DGULG 1257+(1 0$*,// )UDQN $9(6 $OLVRQ HGV 'LFWLRQDU\ RI :RUOG %LRJUDSK\7KH0LGGOH$JHV5RXWOHGJH1XHYD<RUN 3+(/367($'&DUOHG$KLVWRU\RI1RUZD\DQGWKH3DVVLRQDQGPLUDFOHVRI WKH EOHVVHG ÏOiIU 9LNLQJ 6RFLHW\ IRU 1RUWKHUQ 5HVHDUFK 8QLYHUVLW\ &ROOHJH /RQGRQ /RQGUHV 5e$8/RXLV,FRQRJUDItDGHO$UWH&ULVWLDQR7RPR,,9RO,FRQRJUDItDGHORV VDQWRV*2(GLFLRQHVGHO6HUEDO%DUFHORQD 52'5Ë*8(= 3(,1$'2 /DXUD ³6DQWRV &DEDOOHURV´ 5HYLVWD 'LJLWDO GH ,FRQRJUDItD0HGLHYDOYRO,,QSS 5HYLVWD'LJLWDOGH,FRQRJUDItD0HGLHYDOYRO9QSS H,661; 6DQ2ODIUH\GH1RUXHJD +HOHQD&DUYDMDO*RQ]iOH] 6È1&+(= 3$5'2 -RVp &DUORV ³/RV DWDTXHV YLNLQJRV \ VX LQIOXHQFLD HQ OD *DOLFLDGHORVVLJORV,;;,´ $QXDULR%ULJDQWLQRQ SS 'LVSRQLEOH HQOtQHD KWWSDQXDULREULJDQWLQREHWDQ]RVQHW$E3')B9,.,1*26 (1*$/,&,$SGI 9(/$6&2 0DQXHO 7HUULWRULR YLNLQJR 8Q YLDMH SRU 6XHFLD 'LQDPDUFD 1RUXHJD,VODQGLDODV,VODVEULWiQLFDV\1RUPDQGtD1RZWLOXV0DGULG :(67'DYLG)URP3ODWRWR1$72WKHLGHDRIWKH:HVWDQGLWVRSSRQHQWV)UHH 3UHVV1XHYD<RUN :,6&+(5 (ULND HG +LVWRULD GH OD OLWHUDWXUD ,, (O PXQGR PHGLHYDO $NDO0DGULG 5HYLVWD'LJLWDOGH,FRQRJUDItD0HGLHYDOYRO9QSS H,661; 6DQ2ODIUH\GH1RUXHJD +HOHQD&DUYDMDO*RQ]iOH] Ÿ 0XHUWH GH 2ODI ,, HQ OD EDWDOOD GH 6WLNOHVWDG )ODWH\MDUEyN R &RGH[ )ODW|LHQVLV ,VODQGLD VLJOR ;,9 5HLNLDYLN ,VODQGLD ,QVWLWXWR ÈUQL 0DJQ~VVRQ 0V *.6IROIRO KWWSLPJIRWRGRPUX40MSJ"VL]H O>FDSWXUD@ Ż (VWDWXD GH 6DQ 2ODI HQ OD FDWHGUDO OXWHUDQD GH 7URQGKHLP1RUXHJDVLJORV;,,,;,9 KWWSIDUPVWDWLFIOLFNUFRPBHFEGB]MSJ"]] >FDSWXUD@ 5HYLVWD'LJLWDOGH,FRQRJUDItD0HGLHYDOYRO9QSS H,661; 5HWDEOR FRQ HVFHQDVGHODYLGD GH 6DQ 2ODI F WHPSOH VREUH WDEOD &DWHGUDO OXWHUDQD GH 7URQGKHLP 1RUXHJD KWWSZZZGDQLHOPLWVX LFRPVLWHEXLOGHUFRQWHQW VLWHEXLOGHUSLFWXUHVRODY MSJ >FDSWXUD@ 6DQ2ODIUH\GH1RUXHJD +HOHQD&DUYDMDO*RQ]iOH] (QWLHUURGH6DQ2ODI 5HWDEORFRQHVFHQDVGHODYLGDGH6DQ2ODIFWHPSOHVREUH WDEODGHWDOOH&DWHGUDOOXWHUDQDGH7URQGKHLP1RUXHJD KWWSDLGDWDRYHUEORJFRP[LPDJHVRODIMSJ >FDSWXUD@ 3LQWXUDVPXUDOHVGHODLJOHVLDGH'LQJWXQD9lVWPDQODQG6XHFLD VLJOR;9 KWWSFRPPRQVZLNLPHGLDRUJZLNL)LOH2ODYBGHUB+HLOLJHMSJ>FDSWXUD@ 5HYLVWD'LJLWDOGH,FRQRJUDItD0HGLHYDOYRO9QSS H,661; (VFXOWXUDSURFHGHQWHGHODLJOHVLD GH)U|WXQD8SSODQG6XHFLD SULQFLSLRVGHOVLJOR;,9 (VWRFROPR+LVWRULVND0XVHHW KWWSOKJJSKWFRPO=7*7<BX7N6GXN /1,$$$$$$$$+4+V(BD03H[JV KHODPDSSHQPDUV MSJ>FDSWXUD@ (VWDWXDGH6DQ2ODI¢VLJOR ;9,"LJOHVLDGH.RUSR )LQODQGLD KWWSFRPPRQVZLNLPHGLDRUJZLNL)L OH.RUSRBN\UNDBGHQBBMXQLBB ELOGBMSJ>FDSWXUD@ 6DQWR7RPiV%HFNHW0DUWD3R]D<DJH 6$172720È6%(&.(7 0DUWD32=$<$*h( 8QLYHUVLGDG&RPSOXWHQVHGH0DGULG 'SWRGH+LVWRULDGHO$UWH,0HGLHYDO PDUWDSR]D#JKLVXFPHV 5HVXPHQ&DQFLOOHUGH,QJODWHUUD\$U]RELVSRGH&DQWHUEXU\7RPiV%HFNHWHVDVHVLQDGRHO GH GLFLHPEUH GH HQ HO LQWHULRU GH OD FDWHGUDO FDQWXDULHQVH 7UDV VX FDQRQL]DFLyQ HQ SHURHVSHFLDOPHQWHWUDVODFHUHPRQLDGHSHQLWHQFLDS~EOLFDSURWDJRQL]DGDSRU(QULTXH,,DQWHVX WXPED HO GH MXOLR GH ORV KLMRV GHO UH\ H[WHQGHUiQ LQVWLWXFLRQDOPHQWH VX FXOWR HQ XQ HMHUFLFLR SRU OLPSLDU GH FXOSD OD PHPRULD GHO SDGUH 'H IRUPD SDUDOHOD H LJXDO GH WHPSUDQD DSDUHFHQODVSULPHUDVLPiJHQHVHQODVTXHTXHGDUiQILMDGDVODVFDUDFWHUtVWLFDVIXQGDPHQWDOHVGH VXLFRQRJUDItD 3DODEUDV FODYH 6DQWR 7RPiV %HFNHW R &DQWXDULHQVH (QULTXH ,, +DJLRJUDItD ,FRQRJUDItD &ULVWLDQD $EVWUDFW&KDQFHOORURI(QJODQGDQG$UFKELVKRSRI&DQWHUEXU\7KRPDV%HFNHWZDVPXUGHUHG RQ WKH WK RI 'HFHPEHU LQVLGH KLV RZQ FDWKHGUDO $IWHU KLV FDQRQLVDWLRQ LQ DQG HVSHFLDOO\DIWHUWKHFHUHPRQ\RISXEOLFSHQLWHQFHSHUIRUPHGE\+HQU\,,LQIURQWRIWKHPDUW\U¶V WRPEZKLFKWRRNSODFHRQWKHWKRI-XO\WKHNLQJ¶VVRQVLQVWLWXWLRQDOO\H[WHQGHG7KRPDV %HFNHW¶VFXOWLQRUGHUWRFOHDURIJXLOWWKHLUIDWKHU¶VPHPRU\)XUWKHUPRUHWKHILUVWUHSUHVHQWDWLRQV RIWKHVDLQWLQZKLFKKLVPDLQLFRQRJUDSKLFIHDWXUHVZHUHIL[HGDSSHDUHGVLPXOWDQHRXVO\ZLWKWKH WUDJLFHYHQWVDQGDWDQHTXDOO\HDUO\SHULRG .H\ZRUGV 6DLQW 7KRPDV %HFNHW RU RI &DQWHUEXU\ +HQU\ ,, +DJLRJUDSK\ &KULVWLDQ LFRQRJUDSK\ (678',2,&212*5È),&2 +LMR GH XQ FRPHUFLDQWH GH RULJHQ IUDQFpV 7RPiV %HFNHW GHELy GH QDFHU HQ /RQGUHV KDFLD DXQTXH FXDOTXLHU GDWR VREUH VXV SULPHURV DxRV HV GH RULJHQ LQFLHUWR 3XGR HVWXGLDU 'HUHFKR &DQyQLFR OR TXH OH YDOLy SDUD LPSXOVDU XQD EULOODQWH FDUUHUD HFOHVLiVWLFD HQ OD TXH IXH VXFHVLYDPHQWH VHFUHWDULR GHO DU]RELVSR 7HREDOGR GH &DQWHUEXU\ F DUFHGLDQR GH OD PLVPD VHGH \ ILQDOPHQWH DU]RELVSR GH &DQWHUEXU\ FDUJR TXH RVWHQWy GHVGH VX QRPEUDPLHQWR HO GH MXQLR GH KDVWD VX PXHUWHHOGHGLFLHPEUHGH$xRVDQWHVHQKDEtDVLGRGHVLJQDGR&DQFLOOHU SRUHOUH\(QULTXH,,3ODQWDJHQHW 6X SRVWXUD ILUPH GH GHIHQVD GHO FOHUR LQJOpV \ GH LQGHSHQGHQFLD GH OD VHGH FDQWXDULHQVHIUHQWHDFXDOTXLHULQMHUHQFLDSRUSDUWHGHOSRGHUFLYLOOROOHYDURQDXQIXHUWH HQIUHQWDPLHQWRFRQHOPRQDUFDTXHQRKDFtDVLQRUHSURGXFLUDHVFDODLQVXODUODRSRVLFLyQ HQWUHLPSHULXP\VDFHUGRWLXPHQODTXHHVWDEDQLQPHUVRVSRUORVPLVPRVDxRVHO3DSDGR \HO(PSHUDGRU/RHQFRQDGRGHODVSRVWXUDVDFRQVHMySRUPRWLYRVGHVHJXULGDGODKXLGD GHODU]RELVSRGHORVGRPLQLRV3ODQWDJHQHWLQLFLDQGRDVtXQH[LOLRHQVXHORIUDQFpVTXHVH SURORQJDUtD GHVGH \ KDVWD ILQDOHV GH FXDQGR WUDV XQ DFWR GH UHFRQFLOLDFLyQ HQWUHHOUH\\HODU]RELVSRHVWH~OWLPRYXHOYHDVXVHGH 5HYLVWD'LJLWDOGH,FRQRJUDItD0HGLHYDOYRO9QSS H,661; 6DQWR7RPiV%HFNHW0DUWD3R]D<DJH 3RFRGXUyVXHVWDQFLDDOOtSXHVWRTXHHOGHGLFLHPEUHIXHDVHVLQDGRSRUFXDWUR QREOHVSHUWHQHFLHQWHVDOVpTXLWRUHDOVHJ~QDOJXQRVDXWRUHV5HQDXG)LW]8UVH:LOOLDPGH 7UDF\ +XJXHV GH 0RUHYLOOH \ 5LFKDUG HO %UHWyQ $SHQDV WUHV DxRV GHVSXpV HO GH IHEUHURGHHUDFDQRQL]DGRSRUHOSDSD$OHMDQGUR,,, (QXQLQFHQGLRDVROyODSDUWHHVWHGHODFDWHGUDOGRQGHHVWDEDGHSRVLWDGRHO VHSXOFURGHPiUPROTXHDFRJtDORVUHVWRVGHOPiUWLU3RULQLFLDWLYDGH*XLOOHUPRGH6HQV VHUHFRQVWUX\HWRGDOD]RQDGHODFDEHFHUDOHYDQWiQGRVHHQHOH[WUHPRRULHQWDOOD7ULQLW\ &KDSHOFRQFHELGDGHVGHVXRULJHQFRPRUHOLFDULRPRQXPHQWDOSDUDHOFXHUSRVDQWR7UDV VXFRQFOXVLyQVHSURFHGHUiDODWUDVODWLRVROHPQHHQ$OOtSHUPDQHFHUiKDVWD FXDQGRSRUGHFUHWRGH(QULTXH9,,,VHDGHVWUXLGDVXWXPED\VXVFHQL]DVDUURMDGDVDOUtR $WULEXWRV\IRUPDVGHUHSUHVHQWDFLyQ 6X LFRQRJUDItD QR HV PX\ H[WHQVD 'HVWDFDQ ODV LPiJHQHV DLVODGDV GHO SHUVRQDMH FDUDFWHUL]DGR FRPR RELVSR PRVWUDQGR KDELWXDOPHQWH OD HVSDGD D~Q KHQGLGD HQ OD SDUWH VXSHULRUGHODFDEH]D(QRFDVLRQHVSXHGHHQVHxDUHQODPDQRODSDUWHVXSHULRUGHOFUiQHR TXHOHIXHFHUFHQDGDHQHOSULPHUJROSH6LODUHSUHVHQWDFLyQHVSROtFURPDORQRUPDOHV TXHODFDVXOODVHDGHFRORUURMRUHPHPRUDQGRXQVXFHVRPLODJURVRVHJ~QHOFXDOHVWDOH IXHRWRUJDGDSRUOD9LUJHQSDUDUHYHODUVXFRQGLFLyQGHPiUWLU &XDQGR VH WUDWD GH HVFHQDV HV HO PRPHQWR GH VX DVHVLQDWR HO LQVWDQWH HVFRJLGR %HFNHW MXQWR D XQ DOWDU SURYLVWR SDUD HO ULWR HV JROSHDGR FRQ OD HVSDGD SRU FXDWUR FDEDOOHURV DWDYLDGRV FRQ FRWDV GH PDOOD TXH VH DSUR[LPDQ D pO KDELWXDOPHQWH GHVGH OD L]TXLHUGD 7UDV HO VDQWR QR VXHOH IDOWDU OD LQFOXVLyQ GH OD ILJXUD GH (GZDUG *ULP QRUPDOPHQWHOOHYiQGRVHODPDQRDOKRPEURLQGLFDQGRHOSXQWRHQHOTXHIXHKHULGRSRU GHIHQGHU DO DU]RELVSR (Q RFDVLRQHV MXQWR DO PDUWLULR VH UHSUHVHQWD OD HOHYDFLyQ GH VX DOPDDOFLHORGRQGHHVUHFLELGDSRUOD'H[WHUD'HL $OOtGRQGHHOVRSRUWHSHUPLWHFLFORVPiVDPSOLRVKDELWXDOPHQWHHOSHUJDPLQRROD YLGULHUD VXHOHQ VHU FRPXQHV WDPELpQ ORV HSLVRGLRV HQ ORV TXH HO RELVSR \ HO UH\ FRQYHUVDQVREUHORVDVXQWRVGHOUHLQRRHOPRPHQWRHQHOTXH%HFNHWGXUDQWHVXKXtGDD )UDQFLD HV LQVXOWDGR SRU ORV KDELWDQWHV GH OD ORFDOLGDG GH 5RFKHVWHU TXLHQHV LQFOXVR OOHJDQDFRUWDUODFRODGHVXFDEDOOR )XHQWHVHVFULWDV /D PD\RU SDUWH GH ODV 9LWDH TXH UHODWDQ HO PDUWLULR IXHURQ FRPSXHVWDV LQPHGLDWDPHQWH GHVSXpV GH ORV DFRQWHFLPLHQWRV GH GLFLHPEUH GH SRU DXWRUHV FHUFDQRV DO VDQWR PXFKRV GH HOORV PLHPEURV GH OD PLVPD FRPXQLGDG EHQHGLFWLQD GH &KULVW&KXUFKGHODTXHpOIRUPDEDSDUWH/DVPiVGLYXOJDGDVIXHURQODVGH*XLOOHUPRGH &DQWHUEXU\9LWDHW3DVVLR67KRPDHDXFWRUH:LOOHOPRPRQDFKRFDQWXDULHQVL%HQLWR DEDG GH 3HWHUERURXJK 3DVVLR 6DQFWL 7KRPDH &DQWXDULHQVLV DXFWRUH %HQHGLFWR 3HWULEXUJHQVL DEEDWH $ODQ GH 7HZNHVEXU\ 9LWD 6DQFWL 7KRPDH &DQWXDULHQVLV DUFKLHSLVFRSL HW 0DUW\UXV DXFWRULEXV -RDQQH 6HUHVEHULHQVL HW $ODQR DEEDWH 7HZNHVEHULHQVL R HO SURSLR (GZDUG *ULP XQR GH ORV SHUVRQDMHV FRQVWDQWHV HQ ODV LPiJHQHV GHO DVHVLQDWR 9LWD 6DQFWL 7KRPDH &DQWXDULHQVLV DUFKLHSLVFRSL HW PDUW\ULV DXFWRUH(GZDUG*ULP/DPLVPDSURFHGHQFLDWLHQHHOSULPHUFLFORLFRQRJUiILFRFRQRFLGR HQ PLQLDWXUD LOXPLQDGR HQ HO HVFULWRULR FDQWXDULHQVH GH &KULVW &KXUFK KDFLD (V D WUDYpV GH HVWH FRUSXV GH UHODWRV FRPR VH WUDQVPLWHQ GHWDOOHV FRQVWDQWHV GHVSXpV HQ ODV 5HYLVWD'LJLWDOGH,FRQRJUDItD0HGLHYDOYRO9QSS H,661; 6DQWR7RPiV%HFNHW0DUWD3R]D<DJH UHSUHVHQWDFLRQHV FRPR OD SURWHFFLyQ SUHVWDGD DQWH ORV JROSHV SRU *ULP OR TXH OH FDXVy JUDYHVKHULGDVGHHVSDGDHQXQEUD]R $O PDUJHQ GH HVWRV DXWRUHV EHQHGLFWLQRV VRQ HVSHFLDOPHQWH UHOHYDQWHV ODV 9LWDH HVFULWDVSRUHOFOpULJR+HUEHUWGH%RVKDPDPLJRSHUVRQDOGH%HFNHW\FRPSDxHURVX\RHQ HO H[LOLR JUDQ GHIHQVRU GH OD FDXVD GH VX FDQRQL]DFLyQ DQWH HO SDSD \ OD GHO KXPDQLVWD -RDQ GH 6DOLVEXU\ FRPSXHVWD SRFRV GtDV GHVSXpV GH OD PXHUWH \ HQ OD TXH VH UHFRJHQ GHWDOOHV VLJQLILFDWLYRV FRPR HO KHFKR GH TXH HQ HO SULPHU JROSH ORV YHUGXJRV QR OH FRUWDVHQQDGDPiVTXHOD]RQDVXSHULRUGHOFUiQHRHVSDUFLHQGRFRQVXVHVSDGDVSDUWHGHO FHUHEUR SRU HO SDYLPHQWR (Q HOODV VH UHILHUH TXH HO VDQWR VH HQFRQWUDED HQ HO UHFLQWR FDWHGUDOLFLRMXQWRDOFRVWDGRGHXQRGHORVDOWDUHVSHURQRRILFLDQGRPLVD )XHQWHVQRHVFULWDV (Q OD GLIXVLyQ GH VX LFRQRJUDItD FREUD XQ SDSHO UHOHYDQWH HO IHQyPHQR GH OD SHUHJULQDFLyQ KDVWD VX WXPED IHQyPHQR SRSXODUL]DGR SRU &KDXFHU HQ VXV FpOHEUHV 7KH &DQWHUEXU\7DOHV 9LQFXODGRFRQHVWHSURFHVRDSDUWLUGHDxRGHODWUDVODFLyQGHORVUHVWRVDVX OXJDUGHUHSRVRGHILQLWLYRHQOD7ULQLW\&KDSHOFDQWXDULHQVHORVSHUHJULQRVVROtDQOOHYDU FRPRUHFXHUGRGHOMXELOHRJDQDGRXQDVSHTXHxDVDPSROODVELHQGHPHWDOELHQGHYLGULR TXHFRQWHQtDQXQDVJRWDVGHODVDQJUHGHOPiUWLUGHQRPLQDGDVDJXDGH6DQWR7RPiV\ TXH OOHYDEDQ VXV FDUDV GHFRUDGDV ELHQ FRQ VX HILJLH FRPR RELVSR ELHQ VLPXODQGR OD HVFHQDGHVXPDUWLULR 6HPHMDQWHSDSHOHQODWUDQVPLVLyQGHOWLSRLFRQRJUiILFR ORGHVHPSHxDQORVVHOORV DFXxDGRVSRUORVRELVSRVGH&DQWHUEXU\\DGHVGHODVSRVWULPHUtDVGHOVLJOR;,,FRQORV TXHUHIUHQGDEDQORVGRFXPHQWRVVDOLGRVGHVXFDQFLOOHUtD/DIRUPDRYDODGD\DODUJDGDGH HVWRVHOHPHQWRVFRQGLFLRQyFXULRVDVFRPSRVLFLRQHVSLUDPLGDOHVGHOWHPDGHOPDUWLULR ([WHQVLyQJHRJUiILFD\FURQROyJLFD 3RFRV VDQWRV KDQ WHQLGR XQ GHVDUUROOR WDQ UiSLGR \ H[WHQVR GH VX FXOWR FRPR %HFNHW SHUVRQDMH TXH SRU FLUFXQVWDQFLDV KLVWyULFDV SRVWHULRUHV HQ YDULRV VLJORV D VX PXHUWHVXIULyODSDUDGRMDGHVHUYHQHUDGRHQFDVLFXDOTXLHUSXQWRGHORFFLGHQWHFULVWLDQR VDOYRHQVXSURSLRSDtV $~Q DQWHV GH VHU EHDWLILFDGR VX FXOWR VH H[WLHQGH SRU ,WDOLD SURPRYLGR SHUVRQDOPHQWHSRUHOSDSD$OHMDQGUR,,,(OSRQWtILFHHQYXHOWRHQVXVOXFKDVSHUVRQDOHV FRQ HO (PSHUDGRU )HGHULFR %DUEDUURMD YLR HQ HO PiUWLU LQJOpV XQ pPXOR TXH SHUHFLy GHIHQGLHQGRODVXSUHPDFtDGHOSRGHUHVSLULWXDOIUHQWHDOWHPSRUDO 7DPELpQ)UDQFLDOHUHQGLUiFXOWRGHVGHIHFKDWHPSUDQDSRUODHVSHFLDOYLQFXODFLyQ TXH XQLy DO RELVSR LQJOpV FRQ OD GLyFHVLV GH 6HQV \ OD DEDGtD FLVWHUFLHQVH GH 3RQWLJQ\ OXJDUHQHOTXHHVWXYRUHWLUDGRWUDVVXKXtGDGH,QJODWHUUDHQ 7RGRVHVWRVWHVWLPRQLRVOLWHUDULRVIXHURQUHFRJLGRVHQXQDREUDPRQXPHQWDOHGLWDGDSRU52%(57621 -DPHV &UDLJLH 0DWHULDOV IRU WKH KLVWRU\ RI 7KRPDV %HFNHW DUFKELVKRS RI &DQWHUEXU\ FDQRQL]HGE\3RSH$OH[DQGHU,,,$'/RQGUHVYROV7DQWRHVWDSXEOLFDFLyQFRPRHOGHVJORVH GHODVGLIHUHQWHV9LWDH\3DVVLRGHOVLJOR;,,GHWDOODGDVSRU*8$5',$0LODJURVSS\ VV\HVSHFLDOPHQWHSQ 8QFDWiORJRWDQWRGHHVWRVVHOORVFRPRGHODVDPSROODVHQ*8$5',$0LODJURVS 5HYLVWD'LJLWDOGH,FRQRJUDItD0HGLHYDOYRO9QSS H,661; 6DQWR7RPiV%HFNHW0DUWD3R]D<DJH 7UDV VX FDQRQL]DFLyQ HQ SHUR HVSHFLDOPHQWH WUDV OD FHUHPRQLD GH SHQLWHQFLDS~EOLFDSURWDJRQL]DGDSRU(QULTXH,,DQWHVXWXPEDHOGHMXOLRGHORV KLMRVGHOUH\H[WHQGHUiQLQVWLWXFLRQDOPHQWHVXFXOWRHQXQHMHUFLFLRSRUOLPSLDUGHFXOSDOD PHPRULDGHOSDGUH(VDHVODH[SOLFDFLyQGHODWHPSUDQDSUHVHQFLDGHWHPSORVDGYRFDGRVD %HFNHW \ GH UHSUHVHQWDFLRQHV LFRQRJUiILFDV GH VX PDUWLULR HQ (VSDxD GRQGH /HRQRU GH $TXLWDQLDKDEtDFDVDGRFRQ$OIRQVR9,,,HQHQHO,PSHULRWUDVODERGDGH0DWLOGH FRQ (QULTXH ³HO /HyQ´ HQ \ HQ 6LFLOLD GRQGH RWUD GH ODV KLMDV GHO UH\ (QULTXH -XDQD3ODQWDJHQHWKDEtDFRQWUDtGRPDWULPRQLRHQFRQ*XLOOHUPR,,³HO%XHQR´ /RVHVWUHFKRVYtQFXORVFRPHUFLDOHVHQWUH,QJODWHUUD\(VFDQGLQDYLDGXUDQWHOD(GDG 0HGLDIXHURQODFDXVDGHVXGHYRFLyQHQWHUULWRULRQRUXHJR\VXHFR (Q ,QJODWHUUD OD 5HIRUPD HPSUHQGLGD SRU (QULTXH 9,,, OOHYy D OD FRQGHQD GHO VDQWR QDFLRQDO 6XV UHOLTXLDV IXHURQ UHPRYLGDV GH OD FDWHGUDO GH &DQWHUEXU\ HQ RUGHQiQGRVH TXH ODV FHQL]DV IXHVHQ DUURMDGDV DO 7iPHVLV 6yOR XQ VHQFLOOR WHVWLJR XQD YHOD HQFHQGLGD VREUH HO SDYLPHQWR LQGLFD KR\ HO OXJDU HQ HO TXH GXUDQWH VLJORV HVWXYLHURQVXVUHVWRV 6RSRUWHV\WpFQLFDV /DVDUTXHWDVUHOLFDULRGHFRUDGDVFRQHVPDOWHWUDEDMDGDVHQORVWDOOHUHVIUDQFHVHVGH /LPRJHVDILQDOHVGHOVLJOR;,,\FRPLHQ]RVGHO;,,,FRQVWLWX\HQHOFRUSXVPiVDEXQGDQWH GH UHSUHVHQWDFLRQHV FHQWUDGDV HQ OD PXHUWH \ JORULILFDFLyQ GHO VDQWR -XQWR D HOODV FLFORV PiV DPSOLRV TXH UHFRJHQ P~OWLSOHV HSLVRGLRV GH VX YLGD SROtWLFD \ HFOHVLiVWLFD IXHURQ SODVPDGRV WDQWR HQ PDQXVFULWRV LOXPLQDGRV FRPR HQ YLGULHUDV D OR ODUJR GH WRGR HO SHUtRGRJyWLFR/DSLQWXUDPXUDODOLJXDOTXHDTXHOODRWUDVREUHWDEODROLHQ]RDVtFRPR HVFXOWXUDV PRQXPHQWDOHV IURQWDOHV GH DOWDU FDSLWHOHV« RSWDQ PD\RULWDULDPHQWH \D GHVGH pSRFD URPiQLFD \ HQ OR VXFHVLYR SRU OD UHSUHVHQWDFLyQ ~QLFD GHO PRPHQWR GHO PDUWLULR LQVWDQWH WDPELpQ UHIOHMDGR PHGLDQWH OD WpFQLFD GHO ERUGDGR HQ XQ FRQMXQWR GH PLWUDVHSLVFRSDOHVHQVHGDGDWDGDVKDFLDHOGHIDFWXUDSRVLEOHPHQWHLQVXODU 3UHFHGHQWHVWUDQVIRUPDFLRQHV\SUR\HFFLyQ (VSRVLEOHTXHODHVFHQDPiVUHSHWLGDDORODUJRGHORVVLJORVVHDODGHODVHVLQDWR DQWH XQD PHVD GH DOWDU SURYLVWD GH WRGR HO RUQDWR SURSLR GH OD FHOHEUDFLyQ OLW~UJLFD /DV IXHQWHVFRQWHPSRUiQHDVDORVKHFKRVVLQHPEDUJRGHMDQFODURTXHHODVDOWRDXQTXHVtVH SURGXMR GHQWUR GHO UHFLQWR FDWHGUDOLFLR QR VXFHGLy QXQFD PLHQWUDV HO RELVSR FHOHEUDED PLVD 3DUD 5pDX HVWD PRGLILFDFLyQ GHEH HQWHQGHUVH FRPR XQ LQWHQWR GH DxDGLU GUDPDWLVPR D OD KLVWRULD VLUYLpQGRVH SDUD HOOR GH OD LQWURGXFFLyQ HQ HO GHVDUUROOR GH OD PLVPDGHODLGHDGHVDFULOHJLR 6XYLGDIXHOOHYDGDPDJLVWUDOPHQWHDOFLQHHQSRUHOGLUHFWRUEULWiQLFR3HWHU *OHQYLOOH SURWDJRQL]DQGR HO SDSHO GH $U]RELVSR GH &DQWHUEXU\ 5LFKDUG %XUWRQ \ HO GH (QULTXH,,3HWHU2¶7RROH 3UHILJXUDV\WHPDVDILQHV 'H IRUPD LQPHGLDWD D VX PXHUWH %HFNHW HPSLH]D D VHU FRQVLGHUDGR SRU VXV VHJXLGRUHVFRPRHO~OWLPRGHORVWHVWLJRVTXHKDQGDGRODYLGDSRU&ULVWRSRUORTXHHQ QXPHURVDV RFDVLRQHV VX PDUWLULR DSDUHFHUi DVRFLDGR DO GHO SURWRPiUWLU (VWHEDQ FRPR 5e$8/RXLVS 5HYLVWD'LJLWDOGH,FRQRJUDItD0HGLHYDOYRO9QSS H,661; 6DQWR7RPiV%HFNHW0DUWD3R]D<DJH DTXHOTXHLQLFLyODOLVWDHVRVLQSHUGHUGHYLVWDHOKHFKRGHTXHVXV IHVWLYLGDGHVDSHQDV HVWiQ VHSDUDGDV SRU WUHV GtDV HQ HO FDOHQGDULR GH GLFLHPEUH 6DQ (VWHEDQ \ GHO PLVPR PHV 6DQWR 7RPiV 3RU HOOR QR H[WUDxD TXH ODV UHSUHVHQWDFLRQHV GH DPERV VXSOLFLRV ILJXUHQ FRPR WHPDV FRPSOHPHQWDULRV HQ ODV GHFRUDFLRQHV GH DUTXHWDV HVPDOWDGDVHLQFOXVRGHHOHPHQWRVWH[WLOHVFRPRODVFLWDGDVPLWUDVERUGDGDV $ QLYHO LQGLYLGXDO H[LVWH FLHUWD UHODFLyQ LFyQLFD HQWUH ODV LPiJHQHV GH 6DQWR 7RPiV&DQWXDULHQVH\6DQ3HGUR0iUWLUGH9HURQDGDGDODFLUFXQVWDQFLDGHTXHDPERV VXHOHQHILJLDUVHFRQHO DUPDGHO PDUWLULR D~Q FODYDGD HQ ODSDUWH VXSHULRUGHOFUiQHR(O SULQFLSDO DUJXPHQWR GLVWLQWLYR HQWUH DPERV YLHQH GDGR SRU VX LQGXPHQWDULD KiELWR GRPLQLFR SDUD HO LQTXLVLGRU FDVXOOD ±\ PLWUD QRUPDOPHQWH MXQWR D VXV SLHV SDUD HO RELVSRDVtFRPRSRUHODUPDGDJDRFXFKLOORSDUDHOSULPHUR\HVSDGDSDUDHOVHJXQGR (QHVWHFDVRODSULRULGDGFURQROyJLFDHQWUHODPXHUWHGHOVDQWRLQJOpVUHVSHFWRGH ODGHOLWDOLDQRDSXQWDDXQDFUHDFLyQLQVXODUGHOWLSRLFRQRJUiILFR 3RU OR TXH D HVFHQDV GH JUXSR VH UHILHUH OD SDUWLFXODU GLVSRVLFLyQ TXH DGRSWD HO WUDVODGR GHO DOPD GHO PiUWLU DO FLHOR GHVGH ORV HMHPSORV OHPRVLQRV PiV WHPSUDQRV FRQWHQLGDHQXQOLHQ]RTXHHVHOHYDGRSRUGRViQJHOHVVLWXDGRVHQORVH[WUHPRVSDUHFH WRPDGDGLUHFWDPHQWHGHODVUHSUHVHQWDFLRQHVGHOWHPDGHOD'RUPLFLyQGHOD9LUJHQ 6HOHFFLyQGHREUDV 5HOLFDULR LQJOpV HQ SODWD QLHODGD F 1XHYD <RUN 7KH 0HWURSROLWDQ 0XVHXPRI$UW 6DQWD0DUtDGH7DUUDVD%DUFHORQD(VSDxDSLQWXUDVPXUDOHVGHOD]RQDLQIHULRUGHO iEVLGHILQDOHVGHOVLJOR;,, )URQWDOSpWUHRGHDOWDU,JOHVLDGH6DQ0LJXHOGH$OPD]iQ6RULD(VSDxDILQDOHVGHO VLJOR;,, $UTXHWD UHOLFDULR GH FREUH \ HVPDOWH /LPRJHV )UDQFLD ILQDOHV GHO VLJOR ;,, /RQGUHV7KH%ULWLVK0XVHXP 0RVDLFRGHOiEVLGHGHODFDWHGUDOGH0RQUHDOH6LFLOLD,WDOLDILQDOHVGHOVLJOR;,, 6DQWR 7RPiV %HFNHW HQWUH 6DQ (VWHEDQ \ 6DQ 1LFROiV 3LQWXUDV PXUDOHV GHO PRQDVWHULRGH6XELDFR,WDOLDSULPHUDPLWDGGHOVLJOR;,,, 0LWUDGHVHGDSURFHGHQWHGHODDEDGtDGH6HOLJHQWKDO%DYLHUD$OHPDQLDVLJOR;,,, 0XQLFK%D\HULVFKHV1DWLRQDOPXVHXP 9LGULHUD GH OD YLGD GH 7RPiV %HFNHW FDSLOOD GHO GHDPEXODWRULR GH OD FDWHGUDO GH &KDUWUHV)UDQFLDF 7RPiV %HFNHW \ (QULTXH ,, 3HWHU RI /DQJWRIW &UyQLFD GH ,QJODWHUUD 1RUWH GH ,QJODWHUUDF/RQGUHV7KH%ULWLVK/LEUDU\0V5R\DO$,,IROY (QVHxDGHSHUHJULQRHQHVWDxRFRQUHSUHVHQWDFLyQGHOVHSXOFURGH%HFNHW&DQWHUEXU\ ,QJODWHUUDF1XHYD<RUN7KH0HWURSROLWDQ0XVHXPRI$UW 0DUWLULR GH %HFNHW $ODEDVWUR LQJOpV VHJXQGD PLWDG GHO VLJOR ;9 /RQGUHV 7KH %ULWLVK0XVHXP 5HYLVWD'LJLWDOGH,FRQRJUDItD0HGLHYDOYRO9QSS H,661; 6DQWR7RPiV%HFNHW0DUWD3R]D<DJH %LEOLRJUDItD $8%e3LHUUH7RPiV%HFNHW3DODEUD0DGULG %$&.+286(-DQHW'(+$0(/&KULVWRSKHU7KH%HFNHW/HDYHV7KH%ULWLVK /LEUDU\/RQGUHV %25(1,867DQFUHG6W7KRPDV%HFNHWLQ$UW0HWKXHQ/RQGUHV %25(1,867DQFUHG³6RPH)XUWKHU$VSHFWVRIWKH,FRQRJUDSK\RI6W7KRPDV RI&DQWHUEXU\´$UFKDHRORJLDYRO/;;;,,,SS &$8'5216LPRQH³/HVFKDVVHVGH7KRPDV%HFNHWHQpPDLOGH/LPRJHV´(Q )25(9,//( 5D\PRQGH HG 7KRPDV %HFNHW $FWHV GX FROORTXH LQWHUQDWLRQDO GH 6pGLqUHV%HDXFKHVQH3DUtVSS &$8'521 6LPRQH ³/HV FKkVVHV UHOLTXDLUHV GH 7KRPDV %HFNHW pPDLOOpHV j /LPRJHVOHXUJpRJUDSKLHKLVWRULTXH´%XOOHWLQGHOD6RFLpWp$UFKpRORJLTXHHW+LVWRULTXH GX/LPRXVLQYRO&;;,SS )25(9,//(5D\PRQGH³/DGLIIXVLRQGXFXOWHGH7KRPDV%HFNHWGDQVOD)UDQFH GHO¶2XHVWDYDQWODILQGX;,,HVLqFOH´&DKLHUVGH&LYLOLVDWLRQ0pGLpYDOHYRO;,;SS 'LVSRQLEOHHQOtQHDKWWSZZZSHUVHHIUZHEUHYXHVKRPHSUHVFULSWDUWLFOHFFPHGB BBQXPBBB *$/9È1)5(,/()HUQDQGR³&XOWRHLFRQRJUDItDGH7RPiVGH&DQWHUEXU\HQOD 3HQtQVXOD,EpULFD´(Q(63$f2/%(575È1)UDQFHVFD),7e,//(927 )UDQFHVF HGV +DJLRJUDILD SHQLQVXODU HQ HOV VHJOHV PHGLHYDOV 8QLYHUVLWDW GH /OHLGD /OHLGDSS3DUFLDOPHQWHGLVSRQLEOHHQOtQHD>*RRJOHOLEURV@ *8$5',$0LODJURV³6DQW7RPjV%HFNHWLHOSURJUDPDLFRQRJUjILFGHOHV SLQWXUHVPXUDOVGH6DQWD0DULDGH7HUUDVVD´/RFXV$PRHQXVQSS'LVSRQLEOH HQOtQHDKWWSZZZUDFRFDWLQGH[SKSORFXVDUWLFOHYLHZ)LOH *8(51(6 '( 32176$,170$;(1&( /D YLH GH 6DLQW 7KRPDV %HFNHW 7UDGXFFLyQDOIUDQFpVPRGHUQRGH-HDQ*X\*RXWWHEUR]H\$PEURLVH4XHIIHOHF+RQRUp &KDPSLRQ3DUtV +($51 0LOODUG ) ³&DQWHUEXU\ &DWKHGUDO DQG WKH FXOW RI %HFNHW´ 7KH $UW %XOOHWLQYRO/;;;9,SS 1,/*(18UVXOD³/DµWXQLFHOOD¶GL7RPPDVR%HFNHWLQ60DULD0DJJLRUHD5RPD &XOWRH$UWHLQWRUQRDXQVDQWRSROLWLFR´$UWH0HGLHYDOHVHULH,,DxR,;QSS 5e$8 /RXLV ,FRQRJUDItD GHO $UWH &ULVWLDQR 7RPR ,, 9ROXPHQ 9 ,FRQRJUDItDGHORVVDQWRV3=(GLFLRQHVGHO6HUEDO%DUFHORQDSS 6$17,$*2'(/$925È*,1(UHLPSU/DOH\HQGDGRUDGD7UDGXFFLyQGH -00DFtDV$OLDQ]D(GLWRULDO0DGULGYRO,SS 6/2&80 .D\ %UDLQHUG ³$QJHYLQ 0DUULDJH 'LSORPDF\ DQG WKH (DUO\ 'LVVHPLQDWLRQ RI WKH &XOW RI 7KRPDV %HFNHW´ 0HGLHYDO 3HUVSHFWLYHV YRO SS 5HYLVWD'LJLWDOGH,FRQRJUDItD0HGLHYDOYRO9QSS H,661; 6DQWR7RPiV%HFNHW0DUWD3R]D<DJH 6/2&80.D\%UDLQHUG³7KH0DNLQJ5H0DNLQJDQG8Q0DNLQJRIWKH&XOWRI 6DLQW7KRPDV%HFNHW´+DJLRJUDSKLFDQSS 7KRPDV %HFNHW LQ 9ODDQGHUHQ :DDUKHLG RI /HJHQGH" FDWiORJR GH OD H[SRVLFLyQ .RUWLMN6WHGHOLMNH0XVHD.RUWULMN.RUWULMN 9DOpULH HW 7KRPDV %HFNHW 'H O¶LQIOXHQFH GHV SULQFHV 3ODQWDJHQrW GDQV O¶¯XYUH GH /LPRJHV FDWiORJR GH OD H[SRVLFLyQ /LPRJHV 0XVpH PXQLFLSDO GH O¶eYrFKp/LPRJHV <$5=$/8$&(6-RDTXtQ³$UTXHWDVUHOLFDULRFRQKLVWRULDVGHVDQWRV´(Q'H /LPRJHVD6LORVFDWiORJRGHODH[SRVLFLyQ0DGULG6($&(;SS HVSSS 5HYLVWD'LJLWDOGH,FRQRJUDItD0HGLHYDOYRO9QSS H,661; 6DQWR7RPiV%HFNHW0DUWD3R]D<DJH )URQWDOSpWUHRGHDOWDUGHODLJOHVLDGH6DQ0LJXHOGH 5HOLFDULRLQJOpVHQSODWDQLHODGDF 1XHYD<RUN7KH0HWURSROLWDQ $OPD]iQ6RULD(VSDxDILQDOHVGHOVLJOR;,, 0XVHXPRI$UW KWWSZZZDUTXLYROWDVFRP6RULD$OPD]DQ60LJXHO*MSJ >FDSWXUD@ KWWSZZZPHWPXVHXPRUJWRDKLPDJHVKEKEB MSJ>FDSWXUD@ Ÿ 6DQWD 0DUtD GH 7DUUDVD %DUFHORQD (VSDxD SLQWXUDV PXUDOHV GH OD ]RQD LQIHULRU GHO iEVLGH ILQDOHVGHOVLJOR;,, KWWSZZZVSDLQLQIRH[SR UWVLWHVVSDLQ LQIRYHQRWURV GHVWLQRV*DOHULDBLPDJHQHV BGHVWLQRBWLSRB,,B\B,,,&DWD OXQDBGHVWLQRVBWLSRB,,B\B,,, GBWHUUDVVDBLJOHVWDPDULDBW DMSJ >FDSWXUD@ Ż 0RVDLFR GHO $UTXHWDUHOLFDULRGHFREUH\HVPDOWH/LPRJHV )UDQFLDILQDOHVGHOVLJOR;,,/RQGUHV7KH iEVLGHGHODFDWHGUDO GH0RQUHDOH,WDOLD %ULWLVK0XVHXP ILQDOHVGHOVLJOR;,, KWWSZZZEULWLVKPXVHXPRUJLPDJHVSVBOMSJ >FDSWXUD@ 5HYLVWD'LJLWDOGH,FRQRJUDItD0HGLHYDOYRO9QSS H,661; >)RWR)FRGH$VtV*DUFtD@ 6DQWR7RPiV%HFNHW0DUWD3R]D<DJH ŻŸ 9LGULHUD GH OD YLGD GH 7RPiV %HFNHW FDSLOOD GHO GHDPEXODWRULR GH OD FDWHGUDO GH &KDUWUHV )UDQFLD F GHWDOOH GHO PDUWLULR \ FXHUSRGHOVDQWR KWWSZZZPHGLHYDODUWRUJXN&K DUWUHVBSDJHVMSHJB&KDUWUH VB%D\BB%HFNHWB)XOOMSJ KWWSZZZSDUDGR[SODFHFRP3K RWR3DJHV)UDQFH&KDUWUHV%H FNHWB:LQGRZ,PDJHV*0XUG HU6HSW'(V$5MSJ >FDSWXUDV@ 0LWUDGHVHGDSURFHGHQWHGHODDEDGtDGH6HOLJHQWKDO %DYLHUD$OHPDQLDVLJOR;,,,0XQLFK%D\HULVFKHV 1DWLRQDOPXVHXP KWWSESEORJVSRWFRPB=3L/[29I878:=Z+51],$$$$$$ $$)F4:YV,+L[V,0*B-3* 6DQWR 7RPiV %HFNHW HQWUH 6DQ (VWHEDQ \ 6DQ 1LFROiV 3LQWXUDV PXUDOHV GHO PRQDVWHULR GH 6XELDFR ,WDOLD SULPHUD PLWDG GHO VLJOR;,,, KWWSZZZSDUDGR[SODF HFRP3HUVSHFWLYHV5RP H&HQWUDO, WDO\6XELDFR,PDJHV5 6WHIDQR7RPPDVR 1LFROD%$5MSJ >FDSWXUD@ >FDSWXUD@ 5HYLVWD'LJLWDOGH,FRQRJUDItD0HGLHYDOYRO9QSS H,661; 6DQWR7RPiV%HFNHW0DUWD3R]D<DJH 7RPiV%HFNHW\(QULTXH,, 3HWHURI/DQJWRIW&UyQLFDGH,QJODWHUUD1RUWH GH,QJODWHUUDF/RQGUHV7KH %ULWLVK/LEUDU\0V5R\DO$,,IROY KWWSPROFDWEOXN,OO,PDJHV(NWD&PLG((M SJ>FDSWXUD@ (QVHxDGHSHUHJULQRHQHVWDxRFRQUHSUHVHQWDFLyQ GHOVHSXOFURGH%HFNHW&DQWHUEXU\,QJODWHUUDF 1XHYD<RUN7KH0HWURSROLWDQ0XVHXPRI $UW KWWSLPDJHVPHWPXVHXPRUJ&5',PDJHVPGRULJLQDO'3-3 *>FDSWXUD@ 5HYLVWD'LJLWDOGH,FRQRJUDItD0HGLHYDOYRO9QSS H,661; 0DUWLULRGH%HFNHW $ODEDVWUR LQJOpV VHJXQGD PLWDG GHO VLJOR ;9 /RQGUHV 7KH %ULWLVK 0XVHXP KWWSFRPPRQVZLNLPHGLDRUJZLNL )LOH%ULWPXVEHFNHWDODEDVWHUMSJ >FDSWXUD@ /RVVLPLRV 0yQLFD$QQ:DONHU9DGLOOR /266,0,26 0yQLFD$QQ:$/.(59$',//2 8QLYHUVLW\RI:DWHUORR 'HSDUWPHQWRI)UHQFK6WXGLHV PZDONHU#XZDWHUORRFD 5HVXPHQ/RVVLPLRVVRQORVSDULHQWHVPiVFHUFDQRVDORVVHUHVKXPDQRVHQHOPXQGRDQLPDO6H SDUHFHQ D QRVRWURV DXQ VLHQGR GLIHUHQWHV /D DPELJHGDG H[LVWHQWH HQWUH OD IRUPD \ HO FRPSRUWDPLHQWR GH ORV VLPLRV UHVSHFWR D ORVVHUHV KXPDQRV KL]R TXH HVWRV IXHUDQ XVDGRV FRPR HVSHMR GHO FRPSRUWDPLHQWR SRVLWLYR \R QHJDWLYR GH ORV KRPEUHV HQ UHSUHVHQWDFLRQHV WDQWR OLWHUDULDVFRPRDUWtVWLFDVDORODUJRGHODKLVWRULD/RVVLPLRVSXHGHQDSDUHFHUFRPRHPEOHPDVGH OD XVXUD R OD OXMXULD DXQTXH WDPELpQ FRPR VtPERORV GH HVWDWXV VRFLDO ,QFOXVR FXDQGR VRQ UHSUHVHQWDGRV FRQ UDVJRV SRVLWLYRV FDVL VLHPSUH KD\ XQ HOHPHQWR GH WUDYHVXUD R PDOLFLD HQ OD LPDJHQ$ORODUJRGHOD(GDG0HGLDHOVLPLRIXHUHSUHVHQWDGRDPSOLDPHQWHHQORVPiUJHQHVGHO DUWH PHGLHYDO \D IXHUD HQ GHWHUPLQDGRV FDSLWHOHV GH HGLILFLRV UHOLJLRVRV R HQ ORV PDQXVFULWRV LOXPLQDGRV 6X LPDJHQ \ VLPEROLVPR VXIULHURQ FDPELRV GUiVWLFRV D OR ODUJR GH OD (GDG 0HGLD HVSHFLDOPHQWH GHVSXpV GHO VLJOR ;,, PRPHQWR HQ TXH ORV VLPLRV HPSH]DURQ D IRUPDU SDUWH GHO SDLVDMHXUEDQR 3DODEUDVFODYH6LPLRV0RQRV%HVWLDULR'U{OHULHV([HPSOD)i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{OHULHV([HPSOD)DEOHV/XVW'HYLO6LQV (678',2,&212*5È),&2 $WULEXWRV\IRUPDVGHUHSUHVHQWDFLyQ (OVLPLRVHVXHOHUHSUHVHQWDUFRQHOFXHUSRFXELHUWRGHYHOORQDUL]DFKDWDGD\ERFD H[WUHPDGDPHQWH SURPLQHQWH (Q DOJXQRV HMHPSORV DSDUHFH FRPR VtPEROR GH OD H[WUHPD IHDOGDG\FRPRWDOVHSXHGHOOHJDUDUHSUHVHQWDUFRPRXQVHUKXPDQRGHIRUPH\IHR(Q ORV%HVWLDULRVODKHPEUDVLPLRDSDUHFHMXQWRDVXSURJHQLHSRUQRUPDJHQHUDOJHPHORV XQRFROJDQGRGHVXFXHOOR\HORWURHQEUD]RVSHUVHJXLGRVSRUXQFD]DGRU(QODHVFXOWXUD HO VLPLR VH UHSUHVHQWD DJDFKDGR \ HQFDGHQDGR FRQ XQD VRJD DWDGD DOUHGHGRU GHO FXHOOR VRJD TXH HQ DOJXQDV RFDVLRQHV VRVWLHQH XQ KRPEUH XQ FD]DGRU R XQ GRPDGRUMXJODU &RPRH[FHSFLyQHQOD3XHUWDGHODV3ODWHUtDVGHODFDWHGUDOGH6DQWLDJRGH&RPSRVWHODHO VLPLRDSDUHFHFRQDODVIRUPDQGRSDUWHGHODV7HQWDFLRQHVGH&ULVWR 5HYLVWD'LJLWDOGH,FRQRJUDItD0HGLHYDOYRO9QSS H,661; /RVVLPLRV 0yQLFD$QQ:DONHU9DGLOOR /D PD\RU YDULHGDG LFRQRJUiILFD OD KDOODPRV HQ ORV PiUJHQHV GH ORV PDQXVFULWRV LOXPLQDGRV GRQGH HO VLPLR DSDUHFH ELHQ SDURGLDQGR ODV DFFLRQHV GH ORV VHUHV KXPDQRV PRVWUDQGRWUXFRVDSUHQGLGRVGHORVMXJODUHVELHQIRUPDQGRSDUWHGHODVIiEXODVRWH[WRV PRUDOL]DQWHV R OXFKDQGR FRQWUD DYHV (Q DOJ~Q PDQXVFULWR HV SRVLEOH LQFOXVR KDOODU DO VLPLR MXQWR DO ÈUERO GHO &RQRFLPLHQWR HQ OD HVFHQD GH OD 7HQWDFLyQ GH $GiQ GRQGH UHSUHVHQWDODFDtGDHQGHVJUDFLDGHVXHVSHFLH$SDUWLUGHOVLJOR;,,,DSDUHFHQQXPHURVDV UHSUHVHQWDFLRQHV SLFWyULFDV PX\ UHDOLVWDV GH ORV GLVWLQWRV WLSRV GH VLPLRV UHVSRQGLHQGR PiVDODFXULRVLGDG]RROyJLFDTXHDOFRQWHQLGRPRUDORVLPEyOLFR )XHQWHVHVFULWDV /DV IXHQWHV TXH PHQFLRQDQ ORV VLPLRV HQ OD (GDG 0HGLD VRQ PX\ GLYHUVDV \ QXPHURVDVWDOHVFRPRORVEHVWLDULRVODVIiEXODVRORVH[HPSODVLQHPEDUJRPXFKDVGH ODVDFWLWXGHVLQWHUSUHWDFLRQHV\VLPERORJtDGHOVLPLRWXYLHURQFRPRRULJHQFLHUWDVIXHQWHV FOiVLFDV TXH SDVDUiQ D VHU GHVFULWDV EUHYHPHQWH DQWHV GH HQXPHUDU \ HQ DOJXQRV FDVRV UHVXPLUDOJXQDVGHODVIXHQWHVPHGLHYDOHV )iEXODV GH (VRSR VLJOR 9, D& /RV UHODWRV TXH LQFOX\HQ HO PRQR R VLPLR FRPR XQRGHORVSHUVRQDMHVSULQFLSDOHVVRQ³/D]RUUD\HOPRQRFRURQDGRUH\´³/D]RUUD\ HO PRQR GLVSXWDQGR VX QREOH]D´ ³(O FDPHOOR HO HOHIDQWH \ HO PRQR´ ³/RV PRQRV EDLODULQHV´³(OPRQR\ORVSHVFDGRUHV´³(OPRQR\HOGHOItQ´³/RVPRQRV\ORVGRV YLDMHURV´³(OOREROD]RUUD\HOPRQR´³=HXV\ODPRQDPDGUH´\³/RVPRQRV\VX PDGUH´ (VWDV IiEXODV IRUPDUiQ SDUWH GH XQD WUDGLFLyQ GH KLVWRULDV UHODFLRQDGDV FRQ DQLPDOHV DQWURSRPRUIRV TXH VHUi UHGHVFXELHUWD D OR ODUJR GH OD (GDG 0HGLD HVSHFLDOPHQWH OOHJDGR HO VLJOR ;,, (O PHQVDMH VXE\DFHQWH HQ HVWDV IiEXODV HV OD LQVLVWHQFLD HQ HO VLPLR FRPR XQ DQLPDO IHR HVWXOWR PHQWLURVR \ FRQ DVSLUDFLRQHV GH HPXODU D ORV KRPEUHV /D IiEXOD WLWXODGD ³/RV PRQRV \ VX PDGUH´ VHUi GH HVSHFLDO LQWHUpV HQ HO GHVDUUROOR GHO VLPEROLVPR GHO VLPLR DGHPiV GH WHQHU JUDQ LPSDFWR HQ DXWRUHVSRVWHULRUHVSRUORTXHODWUDQVFULELPRVDFRQWLQXDFLyQ ³/DPRQDPDGUHVHGLFHWLHQHGRVFUtDVHQFDGDSDUWR/DPDGUHDEUD]DDXQD\ODQXWUHFRQ HOPD\RUDIHFWR\FXLGDGRPLHQWUDVTXHRGLD\GHMDGHODGRDODRWUD6XFHGLyXQDYH]TXHOD FUtD PiV DPDGD PXULy VRIRFDGD SRU HO LQPHQVR FDULxR GH OD PDGUH PLHQWUDV TXH OD FUtD GHVSUHFLDGD VH QXWULy \ FUHFLy D SHVDU GH OD QHJOLJHQFLD D OD TXH VH H[SRQtD /DV EXHQDV LQWHQFLRQHVQRVLHPSUHDVHJXUDQHOp[LWR´ (O)LVLyORJR¢VLJOR,,G&"5HFRJHODIiEXODGH(VRSR³/RVPRQRV\VXPDGUH´\ *$5&Ë$*8$/&DUORVHG -$1621+:SS *8*/,(/0, 1LOGD HG 9HU WDPELpQ 5(%2/' %(1721 -DQHWWD SS \ HO SUR\HFWR GH WUDQVFULSFLyQ WUDGXFFLyQ H LPiJHQHV GHO %HVWLDULR GH $EHUGHHQ OOHYDGR D FDER SRU OD 8QLYHUVLGDG GH $EHUGHHQ (VFRFLD 5HLQR 8QLGR FX\R LQYHVWLJDGRU SULQFLSDO HV &ROLQ 0F/DUHQ KWWSZZZDEGQDFXNEHVWLDU\WUDQVODWYKWL DFFHVR /D WUDGXFFLyQ RIUHFLGD HV OD TXH DSDUHFHHQHO%HVWLDULRGH$EHUGHHQ8QLYHUVLGDGGH$EHUGHHQ0VIROVY\U/DWUDQVFULSFLyQ HQODWtQHVODVLJXLHQWH³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tD0HGLHYDOYRO9QSS H,661; /RVVLPLRV 0yQLFD$QQ:DONHU9DGLOOR ODDPSOtDFRQRWURWLSRGHFRPHQWDULRVHQWUHORVTXHGHVWDFDODFRPSDUDFLyQHQWUHHO PRQR\HOGLDEORFRQEDVWDQWHIRUWXQDHQHOPXQGRPHGLHYDO(OWH[WRRULJLQDOHQVX WUDGXFFLyQDOFDVWHOODQRGLFH ³>'HORVVLPLRV@/RVVLPLRVVHOODPDQVLPLHHQODWtQGHELGRDODVLPLOLWXGH[LVWHQWHHQWUHVX PHQWDOLGDG\ODGHORVVHUHVKXPDQRVODFXDOVHVXSRQtDTXHHUDJUDQGH/RVVLPLRVVRQPX\ FRQVFLHQWHVGHORVHOHPHQWRVVHUHJRFLMDQFXDQGRODOXQDHVQXHYD\VHHQWULVWHFHQFXDQGRVH GHVYDQHFH8QDFDUDFWHUtVWLFDGHORVVLPLRVHVTXHFXDQGRXQDPDGUHGDDOX]JHPHORVDPDD XQR\GHVSUHFLDDORWUR6LDOJXQDYH]VXFHGHTXHHOODHVSHUVHJXLGDSRUORVFD]DGRUHVOOHYDD VX JHPHOR DPDGR DQWH HOOD HQ VXV EUD]RV \ HO TXH HOOD GHWHVWD OR GHMD FROJDU VREUH VXV KRPEURV3HURFXDQGRHVWiFDQVDGDGHLUHQSRVLFLyQYHUWLFDOGHOLEHUDGDPHQWHGHMDFDHUDVX JHPHORDPDGR\GHPDODJDQDVDOYDDOTXHHOODRGLD(OVLPLRQRWLHQHFROD(OGLDEORWLHQHOD IRUPDGHXQPRQRFRQXQDFDEH]DSHURFRQODDXVHQFLDGHODFROD$SHVDUGHTXHWRGDVODV SDUWHV GHO PRQR VRQ DVTXHURVDV VXV SDUWHV WUDVHUDV VRQ UHSXJQDQWHV \ VXILFLHQWHPHQWH KRUULEOHV(OGLDEORFRPHQ]yFRPRXQiQJHOHQHOFLHOR3HURHQVXLQWHULRUHUDXQKLSyFULWD\ XQHVWDIDGRU\SHUGLyVXFRODSRUTXHpOPRULUiSRUFRPSOHWRDOILQDODOLJXDOTXHHODSyVWRO GLFH µ(O 6HxRU OR FRQVXPLUi FRQ HO HVStULWX GH VX ERFD¶ 7HVDORQLFHQVHV (O QRPEUH V\PLDHVJULHJR\VLJQLILFDµQDUL]DFKDWDGD¶'HDKtTXHVHOODPHV\PLDDORVVLPLRVSRUTXHVH KDQ FRPSULPLGR ODV IRVDV QDVDOHV \ WLHQHQ XQD FDUD HVSDQWRVD VXV SOLHJXHV YLOPHQWH VH H[SDQGHQ \ FRQWUDHQ FRPR XQ IXHOOH DXQTXH OD FUtD GH FDEUDV WDPELpQ WLHQH XQD QDUL] DFKDWDGD/RVPRQRVOODPDGRVFLUFRSHWLFLWLHQHQFRODV(VWRSRUVtVRORORVGLVWLQJXHGHORV PRQRV TXH VH PHQFLRQDURQ DQWHULRUPHQWH /RV &HQRSKDOL VH FXHQWDQ HQWUH ORV VLPLRV 6H SURGXFHQ HQ JUDQ Q~PHUR HQ DOJXQDV ]RQDV GH (WLRStD 6DOWDQ YLROHQWDPHQWH DQG PXHUGHQ IHUR]PHQWH (OORV QXQFD VRQ WDQ PDQVRV VLQR TXH VX IHURFLGDG VH LQFUHPHQWD /DV HVILQJHV WDPELpQ VH LQFOX\HQ HQWUH ORV VLPLRV 7LHQHQ HO SHOR KLUVXWR HQ VXV EUD]RV \ VRQ IiFLOHV GH HQVHxDUDROYLGDUVXQDWXUDOH]DVDOYDMH´ &D\R -XOLR 6ROLQR &ROOHFWDQHD UHUXP PHPRUDELOLXP VLJOR ,,, G& (Q HVWD ³FROHFFLyQ GH FXULRVLGDGHV´ H[WUHPDGDPHQWH LQIOX\HQWH HQ OD ]RRORJtD PHGLHYDO 6ROLQRGHVFULEHODVFDUDFWHUtVWLFDVGHORVVLPLRVGHODVLJXLHQWHPDQHUDDORVVLPLRVOHV JXVWD LPLWDU D ORV KRPEUHV VH HQFDULxDQ H[FHVLYDPHQWH FRQ VXV KLMRV OOHYDQGR D VX FUtD IDYRULWD HQ EUD]RV DXQTXH OD GHMDQ FDHU FXDQGR WLHQHQ TXH HVFDSDU GH ORV FD]DGRUHV \ GHVFXLGDQGR D OD RWUD FUtD TXH VLQ HPEDUJR VH DIHUUD DO FXHOOR GH VX PDGUH6ROLQRWDPELpQDILUPDTXHORVPRQRVVHUHJRFLMDQFXDQGRODOXQDHVWiOOHQD\ OORUDQFXDQGRVHGHVYDQHFHDXQTXHHVWRVRORVHSXHGHDSOLFDUDOEDEXLQR ,VLGRUR GH 6HYLOOD (W\PRORJLDH /LEHU ;,, 'H DQLPDOLEXV (Q ODV (WLPRORJtDV ,VLGRUR GH 6HYLOOD PHQFLRQD ORV RUtJHQHV JULHJRVGH OD SDODEUD ³VLPLR´ UHODFLRQiQGROD FRQ OD QDUL] IHD \ DFKDWDGD DQWHV GH HQWUDU HQ XQD GLVFXVLyQ VREUH OD IHDOGDGGHORVVLPLRV&XDQGRODSDODEUDSDVDDOODWt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´ -$1621+:SS 7UDQVFULSFLyQ GH 7KH /DWLQ /LEUDU\ UHFXUVR HOHFWUyQLFR KWWSZZZWKHODWLQOLEUDU\FRPLVLGRUHVKWPO DFFHVR ³6LPLDH *UDHFXP QRPHQ HVW LG HVW SUHVVLV QDULEXV XQGH HW VLPLDV GLFLPXV TXRG VXSSUHVVLV QDULEXV VLQW HW IDFLH IRHGD UXJLV WXUSLWHU IROOLFDQWLEXV OLFHW HW FDSHOODUXP VLW SUHVVXP KDEHUH QDVXP $OLL VLPLDV /DWLQR VHUPRQH YRFDWRV XUELWUDQWXU HR TXRG PXOWD LQ HLV VLPLOLWXGR UDWLRQLV KXPDQDH VHQWLWXU VHG IDOVXP HVW +L HOHPHQWRUXPVDJDFHVQRYDOXQDH[XOWDQWPHGLDHWFDYDWULVWDQWXU)HWXVTXRVDPDQWDQWHVHJHVWDQWQHJOHFWLFLUFD PDWUHPKDHUHQW+RUXPJHQHUDTXLQTXHVXQWH[TXLEXVFHUFRSLWKHFLFDXGDVKDEHQWVLPLDHQLPFXPFDXGDHVWTXDP TXLGDPFOXUDPYRFDQW´ 5HYLVWD'LJLWDOGH,FRQRJUDItD0HGLHYDOYRO9QSS H,661; /RVVLPLRV 0yQLFD$QQ:DONHU9DGLOOR PHQFLRQDTXHORVVLPLRVVHUHJRFLMDQFRQODOXQDOOHQD\OORUDQFXDQGRVHGHVYDQHFH VLJXLHQGRD6ROLQR7DPELpQKDFHUHIHUHQFLDDODPDGUHVLPLRTXHWLHQHJHPHORV\TXH OOHYDXQRDOFXHOOR\HORWURHQEUD]RVSDUDFRQFOXLUFRQXQDEUHYHGHVFULSFLyQGHORV FLQFRWLSRVGHVLPLRVTXHH[LVWHQXQRVFRQFROD\RWURVVLQHOOD $QyQLPR(FEDVLFDSWLYLF6HWUDWDGHODIiEXODDQLPDOPiVWHPSUDQDTXHVH FRQRFHGHOD(GDG0HGLD(OWH[WRQDUUDODKLVWRULDGHXQFDUQHURTXHHVDWUDSDGRSRU XQ ORER \ FyPR D WUDYpV GH XQ VXHxR TXH WLHQH HO ORER HO FDUQHUR FRQVLJXH HVFDSDU FXDQGR HO OHyQ UH\ GH ODV EHVWLDV FDH HQIHUPR \ HO ]RUUR RIUHFH FRPR FXUD OD UHFRPHQGDFLyQ GH GHVROODU DO ORER \ SRQHU VX SLHO VREUH HO OHyQ (O WH[WR PHQFLRQD EUHYHPHQWH DO VLPLR VLPLD GHIRUPLV \ DO PRQR FHUXOD FDWWD PDULV FRPR ORV JXDUGLDQHVGHODFDPDGHOUH\OHyQ\GHODOX] %HUQDUGR6LOYHVWUH'H0XQGLXQLYHUVLWDWHVLYH0HJDFRVPXVHW0LFURFRVPXV %HUQDUGR6LOYHVWUHUHGDFWDXQWUDWDGRPL[WRHQSURVD\YHUVRVREUHODIRUPDFLyQGHO PXQGRSRUSDUWHGHODPHQWHGLYLQDDVLVWLGDSRU1DWXUDOH]D\RWUDVILJXUDVPLWROyJLFDV \DOHJyULFDV(QODVHFFLyQGHODFUHDFLyQGHORVDQLPDOHVFRQFOX\H³3URGLWHWLQULVXV KRPLQXPGHIRUPLVLPDJRVLPLDQDWXUDHGHJHQHUDQWLVKRPR´(OPRQRVXUJLyFRPROD LPDJHQLUULVRULD\GHIRUPDGDGHXQKRPEUHXQKRPEUHHQHVWDGRGHGHJHQHUDFLyQ /D KLVWRULD GH 5H\QDUG HO =RUUR /H URPDQ GH 5H\QDUG F /H 5RPDQ GH 5H\QDUGHVXQFRQMXQWRGHSRHPDVHVFULWRVHQIUDQFpV\WUDGXFLGRVDOKRODQGpVLQJOpV \DOHPiQGDWDGRVHQWUHORVVLJORV;,,\;,,,TXHSDURGLDQODpSLFD\ODQRYHODFRUWpV (VWRVSRHPDVHVWiQDPELHQWDGRVHQXQDVRFLHGDGDQLPDOTXHLPLWDDODKXPDQD\VX SULQFLSDO SURWDJRQLVWD HV 5HQDUW R 5H\QDUG HO ]RUUR XQD ILJXUD WUDYLHVD FRPSOHMD \ SROLPRUIDTXHVHHQIUHQWDDVXSHRUHQHPLJRHOORER<VHQJULQHQQXPHURVDVKLVWRULDV (Q HVWH WH[WR HO PRQR MXHJD XQ SDSHO PX\ VHFXQGDULR (V SUHVHQWDGR FRPR XQ WUDPSRVR \ PHQWLURVR TXH VXHOH HVWDU GH ODGR GH 5H\QDUG 'H KHFKR HVWiQ HPSDUHQWDGRV5XNHQDZHXQDPRQDTXHHVODWtDGH5H\QDUGVXHVSRVR0HUW\QHXQ PRQRTXHHVDGHPiVVHFUHWDULRGHORELVSR\&RLQWHULDXVRWURVLPLRTXHHVWDPELpQVX SULPR&RPSDUWHQGHGLYHUVDVPDQHUDVORVWULXQIRVGH5H\QDUGDXQTXHHVODWtDODTXH VHPHQFLRQDFRQPiVIUHFXHQFLD6LQHPEDUJRDSHVDUGHHVWHSDUHQWHVFRORVPRQRV QRDFW~DQGHIRUPDLQGHSHQGLHQWH QLWLHQHQXQSDSHOGHVWDFDGRHQOD PD\RUSDUWHGH ODVDYHQWXUDV +XJRGH6DQ9tFWRU6HUPyQLQpGLWR3DUtV%Q)0V/DWIROUVLJOR;,, ³$ SHVDU GH TXH HO PRQR HV HO DQLPDO PiV YLO VXFLR \ GHWHVWDEOH ORV FOpULJRV JXVWDQ GH PDQWHQHUORV HQ VXV FDVDV SDUD TXH DSDUH]FD HQ VXV YHQWDQDV FRQ HO ILQ GH LPSUHVLRQDU D OD JHQWX]DTXHSDVDSRUGHODQWHGHVXFDVDFRQODJORULDGHVXVSRVHVLRQHV´ -DFTXHV GH 9LWU\ ([HPSOD ;;9 F (Q HVWH VHUPyQ -DFRER GH 9LWU\ LGHQWLILFDDODPDGUHVLPLD\DOJHPHORTXHPiVDPD\OOHYDHQEUD]RVFRQORVUpSURERV -$1621+:S3DUDPiVLQIRUPDFLyQVREUHHVWHWH[WRYHU=,2/.2:6.,-DQ0 -$1621+:S9HUWDPELpQ*,/621eWLHQQH 025/(< +HQU\ HG SS /D WUDGXFFLyQ GH SXHGH FRQVXOWDUVH HQ OtQHD HQ KWWSEHVWLDU\FDHWH[WVPRUOH\PRUOH\KLVWRU\RIUH\QDUGWKHIR[SGI DFFHVR /D REUD RULJLQDO HQ IUDQFpV WDPELpQ VH SXHGH FRQVXOWDU HQ 7KH ,QWHUQHW $UFKLYH KWWSZZZDUFKLYHRUJGHWDLOVOHURPDQGHUHQDUWPDUWJRRJDFFHVR 7UDGXFFLyQDOFDVWHOODQRGHOWH[WRGH-$1621+:SDVXYH]XQDWUDGXFFLyQLQJOHVDGHO RULJLQDOHQODWtQ 5HYLVWD'LJLWDOGH,FRQRJUDItD0HGLHYDOYRO9QSS H,661; /RVVLPLRV 0yQLFD$QQ:DONHU9DGLOOR TXHDPDQHOOXMR\ODULTXH]D\DOJHPHORPiVRGLDGR\TXHFXHOJDGHOFXHOORFRQHO SHVRGHORVSHFDGRV(VHOSHVRGHHVWRVSHFDGRVORVTXHKDUiQTXHODPDGUHVLPLDVHD FDSWXUDGDSRUORVFD]DGRUHVORVFXDOHVVHLGHQWLILFDQHQHVWHVHUPyQFRQORVGHPRQLRV TXHOOHYDQDORVUpSURERVDOLQILHUQR 2WURV DXWRUHV TXH HVFULELHURQ VREUH ORV VLPLRV HQ OD (GDG 0HGLD IXHURQ 3HGUR 'DPLiQ VLJOR;,\ $OH[DQGHU1HFNDPVLJORV;,,;,,,HQWUHRWURV5HVXOWDFRPSOHMR RIUHFHUXQDOLVWDFRPSOHWDGHWRGRVORVWH[WRVTXHPHQFLRQDQDORVVLPLRVSRUORWDQWRVH KDWUDWDGRGHSUHVHQWDUHQHVWDVHFFLyQXQDVHOHFFLyQGHORVPiVLPSRUWDQWHVHLQIOX\HQWHV TXHKLFLHURQTXHHOVLPLRDJOXWLQDUDGLVWLQWRVVLJQLILFDGRVDORODUJRGHOD(GDG0HGLD 2WUDVIXHQWHV /DLFRQRJUDItDGHOVLPLRVHQXWULyQRVyORGHODVIXHQWHVWH[WXDOHVVLQRWDPELpQGH OD REVHUYDFLyQ GH SULPHUD PDQR GH HVSHFtPHQHV TXH HPSH]DURQ D VHU LQWURGXFLGRV HQ (XURSD2FFLGHQWDOFRPRFRQVHFXHQFLDGHODDSHUWXUDGHUXWDVFRPHUFLDOHVFRQHO2ULHQWH 3Uy[LPR (Q OD FXHQFD GHO 0HGLWHUUiQHR HO VLPLR PiV FRP~Q HUD \ VLJXH VLHQGR HO PRQRGH%HUEHUtDRHOPDFDFRGH*LEUDOWDUVLQFROD7DPELpQWHQtDQFRQRFLPLHQWRGHO EDEXLQRGH(JLSWR\GHORVPRQRVFRQFRODDIULFDQRVFRPRORVRQORVFHUFRSLWKHFXV\ORV JXHUH]D DELVLQRV R ORV PDFDFRV \ ORV FRORELQRV GH OD ,QGLD 0XFKDV GH ODV KLVWRULDV VREUH ORV VLPLRV TXH IRUPDEDQ SDUWH GH ODV IiEXODV SURYHQtDQ GH XQD WUDGLFLyQ RUDO DXQTXHHQHOVLJOR;,,VHFRGLILFDURQWRGDVHOODVHQPDQXVFULWRVDORODUJRGHOD(XURSD 2FFLGHQWDO ([WHQVLyQJHRJUiILFD\FURQROyJLFD $ GLIHUHQFLD GH RWURV PRWLYRV LFRQRJUiILFRV HO VLPLR VH SXHGH FRQVLGHUDU XQD ILJXUD XQLYHUVDO HQ HO DUWH GH OD (GDG 0HGLD \ FRPR WDO DSDUHFH UHSUHVHQWDGR HQ QXPHURVDV REUDV GH OD (XURSD 2FFLGHQWDO $ SHVDU GH TXH PXFKDV GH ODV REUDV &5$1(7KRPDV)UHGHULFNHGSQ(OWH[WRFRPSOHWRHQODWtQVHSXHGHGHVFDUJDUGHO VLJXLHQWHUHFXUVRHOHFWUyQLFRGHOD8QLYHUVLGDGGH7RURQWRKWWSDUFKLYHRUJGHWDLOVWKHH[HPSODYLWUXRIW DFFHVR(OWH[WRHQODWtQHVHOVLJXLHQWH³(FFHTXRWPRQVWULVKLLVGLHEXVHFFOHVLD'HLRFFXSDWXUTXRW VRUGLEXVLPSULPDWXUTXRWIHWRULEXVLQILFLWXUXWTXRFXPTXHWHYHUWDVIHWRUHPVHQWLDVVLFXWGLFLWXUGHV\PLDTXHMDFHEDW LQWRUVHURSKDV HWGXPH[SDUWHXQDVHQWLUHWIHWRUHPFRQYHUWHEDWXUDGDOLDPHWQLFKLORPLQXVLQWROOHUDELOHPIHWRUHP VHQWLHEDW ,VWL WDPHQ TXLD IHWLGL VXQW HW LQ IHWRULEXV QXWULWL IHWRUHP VXXP QRQ VHQWLXQW LPPR PRUH SRUFL IHWRUH GHOHFWDQWXU HW FDUQDOHV GHOLFLDV TXDV GLOLJXQW DPSOHFWXQWXU MX[WD LOOXG ³4XL QXWULWL VXQW LQ FURFHLV DPSOH[DWL VXQW VWHUFRUD´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´ ([LVWHXQDEDVHGHGDWRVGLJLWDOOODPDGD7KHVDXUXV([HPSORUXP0HGLL$HYLGRQGHVHSXHGHH[SORUDUOD OLWHUDWXUDUHIHUHQWHDORVH[HPSOD3DUDPiVLQIRUPDFLyQYHUKWWSJDKRPHKHVVIUDFFHVR -$1621 +: SS \ 1R VROR ORV VLPLRV IXHURQ LPSRUWDGRV VLQR TXH HQ GLYHUVDV RFDVLRQHVHUDQ DFRPSDxDGRV SRU HQWUHQDGRUHV RULHQWDOHV 8Q HMHPSORTXH PXHVWUD HVWDSUiFWLFD VH SXHGH REVHUYDUHQXQSDQHOHQUHOLHYHGHODFDWHGUDOGH%D\HX[)UDQFLDGHOVLJOR;,, ,ELGS 'HKHFKRVHWUDWDGHXQPRWLYRH[WHQVDPHQWHXVDGRHQOD$QWLJHGDG$VtGHVWDFDQSRUHMHPSORORVPRQRV D]XOHV TXH VHHQFXHQWUDQ HQ HO 3DODFLR GH .QRVVRV SHUWHQHFLHQWHV D OD FXOWXUD PLQRLFD R ORV PRQRV GH ORV 5HYLVWD'LJLWDOGH,FRQRJUDItD0HGLHYDOYRO9QSS H,661; /RVVLPLRV 0yQLFD$QQ:DONHU9DGLOOR SURGXFLGDVGXUDQWHHOSULPHUDUWHFULVWLDQRKDQGHVDSDUHFLGRVHKDQSRGLGRLGHQWLILFDUGRV TXH SUREDEOHPHQWH WXYLHURQ XQ PRGHOR SDOHRFULVWLDQR OD LOXVWUDFLyQ TXH DFRPSDxD DO 6DOPR GHO 6DOWHULR GH 6WXWWJDUW 6WXWWJDUW :XUWWHPEHUJLVFKH /DQGHVELEOLRWKHN 0V &RGFUHDGRHQHO,PSHULR&DUROLQJLRHQHOVLJOR,;\ODSLODEDXWLVPDOUHDOL]DGDSRUHO 0DHVWUR5REHUWRSDUD6DQ)UHGLDQRGH/XFFD,WDOLDDILQDOHVGHOVLJOR;,,(QDPERV FDVRVHOVLPLRDSDUHFHFRPRVtPERORGHODRVFXULGDGGHO(JLSWRIDUDyQLFR6LJXLHQGRHVWD OtQHDHQOD3XHUWDGHODV3ODWHUtDVHQ6DQWLDJRGH&RPSRVWHODHQ(VSDxDF DSDUHFH XQ PRQR DODGR TXH HVWDUtD DOXGLHQGR DO GLDEOR GHQWUR GH OD HVFHQD GH ODV 7HQWDFLRQHVGH&ULVWR3HURHVWRVQRVRQORV~QLFRVHMHPSORVPHGLHYDOHVHOVLPLRDSDUHFH WDPELpQ HQ HO %HDWR GH 6DLQW6HUYHU 3DUtV %Q) 0V /DW SURFHGHQWH GH XQ VFULSWRULXP IUDQFpV HQWUH HQ ORV H[WUHPRV GHO WDSL] GH %D\HX[ FUHDGR SUREDEOHPHQWHHQ,QJODWHUUDHQHOVLJOR;,HLQFOXVRHQXQDVPLVHULFRUGLDVGHODFDSLOODGH 6DQ-RUJHHQHOFDVWLOORGH:LQGVRUHQ,QJODWHUUDUHDOL]DGDVHQHOVLJOR;9(QHVWRVFDVRV HOVLPLRIRUPDSDUWHGHODVIiEXODVTXHVHUHSUHVHQWDQHQHVWDVREUDV7DPELpQDSDUHFHHQ HOGLQWHOGHOD3XHUWDGHORV/HRQHVGHOD&DWHGUDOGH6DOHUQR,WDOLDGDWDGRKDFLD $OUHGHGRU GHO VLJOR ;,, VH SRSXODUL]DURQ ORV %HVWLDULRV HQ )UDQFLD H ,QJODWHUUD \ FRQ HOORV OD LPDJHQ GH OD PDGUH VLPLR MXQWR D VXV JHPHORV SHUVHJXLGRV SRU HO FD]DGRU (VWD UHSUHVHQWDFLyQ GHO VLPLR FRQ HO FD]DGRU WDPELpQ DSDUHFH HQ XQ FDSLWHO GH 6DLQW 0LFKHOGH&X[DHQ5RVHOOyQ\HQRWURGHODDEDGtDGH0R]DFHQ$XYHUQLD)UDQFLDGHO VLJOR;,,XQDVLPiJHQHVTXHSXHGHQWHQHULQWHUSUHWDFLRQHVPRUDOL]DQWHVFRPRODGHVFULWD SRU-DFRERGH9LWU\YHUODVHFFLyQ³IXHQWHVHVFULWDV´ /DV LPiJHQHV GH ORV VLPLRV DJDFKDGRV \ HQFDGHQDGRV KDFHQ VX DSDULFLyQ SRU SULPHUDYH]HQFDSLWHOHVURPiQLFRVGHOQRUWHGH(VSDxDFRPRORVGH/RDUUHODFDWHGUDO GH-DFD6DQ4XLUFHGH%XUJRV\6LORVRHQ6DLQW*LOOHVGX*DUGHQ)UDQFLDWRGRVHOORV HQWUH ILQDOHV GHO VLJOR ;, \ HO VHJXQGR WHUFLR GHO VLJOR ;,, (VWDV ILJXUDV VXHOHQ LQWHUSUHWDUVHFRPRVtPERORVGHOYLFLRJHQHUDOL]DGRVREUHWRGRDVRFLDGDVFRQODXVXUDROD OXMXULD/DVUHSUHVHQWDFLRQHVGHVLPLRVHQFDGHQDGRVWDPELpQVHKDQLGHQWLILFDGRFRQODV ILJXUDV GH ORV FRQGHQDGRV DO LQILHUQR 8QD HVFHQD DWtSLFD HQ OD HVFXOWXUD HV OD GHO HQWUHQDGRU FRQ URSDMHV RULHQWDOHV DPDHVWUDQGR XQ PRQR HMHPSOR TXH KDOODPRV HQ XQ UHOLHYHGHOVLJOR;,,HQODFDWHGUDOGH%D\HX[$SDUWLUGHOVLJOR;,,,ODPD\RUSDUWHGHODV UHSUHVHQWDFLRQHVGHVLPLRVDSDUHFHQHQORVPiUJHQHVGHORVPDQXVFULWRVHVSHFLDOPHQWHHQ ORV VDOWHULRV OLEURV GH KRUDV \ DOJXQDV %LEOLDV HQWUH ORV VLJORV ;,9 \ ;9, HQ )UDQFLD ,QJODWHUUD H ,WDOLD (Q HVWRV HMHPSORV ORV VLPLRV DSDUHFHQ SDURGLDQGR ODV DFFLRQHV KXPDQDVOXFKDQGRFRQWUDSiMDURVRPRVWUDQGRDOJXQDQRFLyQIROFOyULFDVREUHVXHVSHFLH 6H KD SRVWXODGR TXH HVWDV HVFHQDV PDUJLQDOHV FRQIXVDV \ D YHFHV PRQVWUXRVDV IDYRUHFLHURQ XQ HQIRTXH PiV HVSLULWXDO GH ORV DVXQWRV VDJUDGRV 0HGLDQWH OD SDUWLFLSDFLyQ HQ WRGR WLSR GH FRPSRUWDPLHQWRV UHSUREDEOHV REVFHQRV \ ULGtFXORV GHVWLQDGRVDKDFHUUHtUHVWDVLPiJHQHVVHSUHVWDURQDHQIDWL]DUHOVHQWLGRPRUDOGHOWH[WR DO TXH DFRPSDxDEDQ 6H SXHGH FRQFOXLU SXHV TXH ORV VLPLRV SUREDEOHPHQWH IXHURQ UHSUHVHQWDGRVGHVGHHOSULPHUDUWHFULVWLDQRVLELHQKDVWDHOVLJOR;,,QRSDUHFHKDEHUXQD FODUDFRQVROLGDFLyQGHOWHPD6XSRSXODULGDGOOHJyKDVWDHOVLJOR;9,KDOODQGRHMHPSORV HQWRGRHO2FFLGHQWH(XURSHR PRVDLFRVGHGLFDGRVD2UIHRHQODFDVDURPDQDGH2UIHRHQ0HNQHV(O0HQ]HK0DUUXHFRVVLJOR,,,(VWRV VRQVRORGRVHMHPSORVSHURHVWHPRWLYRVHHQFXHQWUDHQFDVLWRGDVODVFXOWXUDVGHODFXHQFDGHO0HGLWHUUiQHR -$1621+: (VWDVLGHDVDSDUHFHQELHQUHSUHVHQWDGDVHQHOWH[WRGH:,57+-HDQ 5HYLVWD'LJLWDOGH,FRQRJUDItD0HGLHYDOYRO9QSS H,661; /RVVLPLRV 0yQLFD$QQ:DONHU9DGLOOR 6RSRUWHV\WpFQLFDV /RVVLPLRVDSDUHFHQUHSUHVHQWDGRVHQXQDDPSOLDYDULHGDGGHVRSRUWHV\WpFQLFDV (QWUH ORV PiV FRPXQHV VH HQFXHQWUD OD HVFXOWXUD HQ SLHGUD R PDGHUD OD PLQLDWXUD \ OD SLQWXUD 7DPELpQ DSDUHFHQ HQ OD YLGULHUD OD WDSLFHUtD OD RUIHEUHUtD \ HQ RWUDV DUWHV VXQWXDULDV/DJUDQFDQWLGDGGHVRSRUWHV\WpFQLFDVHQODVTXHIXHURQUHSUHVHQWDGRVORV HYLGHQFLDQODJUDQSRSXODULGDGGHHVWHWHPDLFRQRJUiILFR 3UHFHGHQWHVWUDQVIRUPDFLRQHV\SUR\HFFLyQ )XHHQOD$QWLJHGDG&OiVLFDFXDQGRVHIRUMDURQDOJXQDVGHODVSHUFHSFLRQHVPiV FRPXQHVUHVSHFWRDORVVLPLRV'LItFLOPHQWHIXHURQORVJULHJRV\ORVURPDQRVFDSDFHVGH LJQRUDUODVFDUDFWHUtVWLFDVFXDVLKXPDQDVGHORVVLPLRV/DH[SOLFDFLyQPiVOyJLFDDODTXH OOHJDURQ SDUD DFODUDU OD H[LVWHQFLD GH ORV VLPLRV HUD TXH RULJLQDOPHQWH HVWRV KDEtDQ VLGR VHUHVKXPDQRVTXHQRSUHVWDURQDWHQFLyQDDOJ~QPDQGDPLHQWRGLYLQR\HQFDVWLJRSRUVX DUURJDQFLD IXHURQ GHJUDGDGRV KDVWD HO QLYHO LQIUDKXPDQR 6LQ HPEDUJR OD IUDVH TXH PHMRUGHILQHODDFWLWXGFOiVLFDUHVSHFWRDORVVLPLRVHVODGHOSRHWDpSLFR(QQLRFLWDGRHQ 'HQDWXUDGHRUXP,GH&LFHUyQODFXDOGLFHDVt³6LPLDTXDPVLPLOLVWXUSLVVLPD EHVWLD QRELV´ ³/RV PRQRV VRQ XQDV EHVWLDV IHtVLPDV VLPLODUHV D QRVRWURV´ &RPR XQ LQGLJQRDVSLUDQWHDODFRQGLFLyQKXPDQDXQDFDULFDWXUDJURWHVFDGHOKRPEUHHOVLPLRVH FRQYLUWLyHQHOSURWRWLSRGHOHPEDXFDGRUHODGXODGRUHOKLSyFULWDHOFREDUGHDVtFRPRHQ HOSURWRWLSRGHODIHDOGDGItVLFDH[WUHPD(QVX&ROOHFWDQHDUHUXPPHPRUDELOLXP6ROLQR WUDWy GH GHVFULELU DOJXQDV FDUDFWHUtVWLFDV GHO FRPSRUWDPLHQWR GH ORV VLPLRV TXH VHUtDQ SRVWHULRUPHQWH LQFRUSRUDGDV D ODV (WLPRORJtDV GH ,VLGRUR GH 6HYLOOD \ TXH \D KDQ VLGR PHQFLRQDGDVHQODVHFFLyQGH³IXHQWHVHVFULWDV´(QWUHODVPiVLPSRUWDQWHVVHHQFXHQWUDOD GHODPDGUHVLPLDTXHGDDOX]DJHPHORV\ODQDWXUDOH]DLPLWDWLYDGHOVLPLR (VWD DFWLWXG FREUy XQ JLUR PXFKR PiV QHJDWLYR FXDQGR HO VLPLR HQWUy HQ HO GLVFXUVRGHORVHVFULWRUHVSDWUtVWLFRV&RQRFHGRUHVGHOVLJQLILFDGRSH\RUDWLYRGHODSDODEUD ³VLPLR´ ORV DXWRUHV FULVWLDQRV OD XVDURQ SDUD GHVFULELU D WRGRV ORV HQHPLJRV GH &ULVWR HQWUH HOORV ORV SDJDQRV DSyVWDWDV KHUHMHV H LQILHOHV 6LQ HPEDUJR OD LQWHUSUHWDFLyQ PiV SHUMXGLFLDOTXHSDVyDODILORVRItDFULVWLDQDIXHODTXHDSDUHFLyHQHO)LVLyORJR(VWHWH[WR DILUPDTXHHOVLPLRMXQWRFRQHODVQRVDOYDMHUHSUHVHQWDDOGLDEOR/DVVLPLOLWXGHVHQWUHHO VLPLR\HOGLDEORVHDSR\DEDQHQGRVLGHDVSRUXQODGRHQODIDOWDGHFRODGHOVLPLRYLVWD FRPRVtPERORGHVXDUURJDQFLD\SRURWURODGRSRUVXFDUiFWHULPLWDWLYRHTXLSDUDEOHDO 9HUHQODFHGHODSiJLQDZHEGHO0HWURSROLWDQ0XVHXPRI$UWFRQVXOWDGDSDUDDFFHGHUDXQ HMHPSORKWWSZZZPHWPXVHXPRUJ&ROOHFWLRQVVHDUFKWKHFROOHFWLRQV 9HUHQODFHGHODSiJLQDZHEGHO0HWURSROLWDQ0XVHXPRI$UWFRQVXOWDGDSDUDDFFHGHUDXQ HMHPSORKWWSZZZPHWPXVHXPRUJ&ROOHFWLRQVVHDUFKWKHFROOHFWLRQV &DEH PHQFLRQDU EUHYHPHQWH TXH HO HVWXGLR PiV FRPSOHWR OOHYDGR D FDER KDVWD HO PRPHQWR VREUH HO FDPELRVLPEyOLFRGHOVLPLRHQOD(GDG0HGLDHVHOGH-DQVRQHOFXDOVHYDDXVDUFRPRIXHQWHSULQFLSDOHQ HVWDVHFFLyQ-$1621+:SS\ ,ELG S (VWD KLVWRULD WDPELpQ DSDUHFH HQ HO IROFORUH GH RWUDV UHJLRQHV VLHQGR XQ WHVWLPRQLR GH OD SUHYDOHQFLD JHQHUDO GH OD DFWLWXG FOiVLFD VREUH ORV VLPLRV 'H KHFKR H[LVWH XQD YDULDQWH GH OD KLVWRULD GH +pUFXOHV \ ORV &HUFRSHV GRQGH HVWRV ~OWLPRV XQD HVSHFLH GH VHUHV KXPDQRV HQDQRV \ FRQ FROD IXHURQ WUDQVIRUPDGRVHQVLPLRVSRU=HXVGHVSXpVGHTXHKXELHUDQHQJDxDGRD+pUFXOHV ,ELG6HJ~Q-DQVRQHVWDFLWDIXHUHSHWLGDFRQVWDQWHPHQWHGXUDQWHOD(GDG0HGLD /DIDOWDRSpUGLGDGHODFRODGHOVLPLRHVWiUHODFLRQDGDFRQODLGHDGHTXHWRGRVORVDQLPDOHVFUHDGRVSRU 'LRVRULJLQDOPHQWHWHQtDQFROD6RORHOVHUKXPDQRDOGLVSRQHUGHOLEUHDOEHGUtRSXHGHFDUHFHUGHHOOD3RU ORWDQWRODIDOWDGHFRODGHOVLPLRWHQtDTXHVHUXQFDVWLJRGLYLQRSRUTXHUHUSDUHFHUVHDORVKRPEUHV 5HYLVWD'LJLWDOGH,FRQRJUDItD0HGLHYDOYRO9QSS H,661; /RVVLPLRV 0yQLFD$QQ:DONHU9DGLOOR GHPRQLRFRQVXLQFHVDQWHDPELFLyQGHLPLWDUD'LRVOOHJDQGRDVHUFRQRFLGRFRPR6LPLD 'HL(VWDFRQH[LyQHQWUHHOVLPLR\HOGLDEORSXGRWHQHUVXRULJHQHQ(JLSWRWLHUUDTXHHO SXHEORKHEUHRKDEtDFRQRFLGRGXUDQWHVXFDXWLYHULR\GRQGHVHDGRUDEDHQWUHRWURVDORV EDEXLQRV(OEDEXLQRKDEtDVLGRGHLILFDGRHQODILJXUDGH%DELFRQVLGHUDGRFRPRXQRGH ORVGLRVHVGHOLQIUDPXQGR%DELVHFRPtDODVDOPDVGHORVLQMXVWRVGHVSXpVGHTXHHVWRV IXHUDQSHVDGRVHQODEDODQ]DGH0DDWYHUGDGRUGHQ\OXHJRVHODVOOHYDEDDXQODJRGH IXHJR TXH UHSUHVHQWDED OD GHVWUXFFLyQ 6L VH WLHQH HQ FXHQWD OD FRQH[LyQ HQWUH HO EDEXLQRHOLQIUDPXQGR\HOIXHJRQRHVGHH[WUDxDUTXHHQODVREUDVFULVWLDQDVVLPLR\ GHPRQLR IXHVHQ VLQyQLPRV 'H KHFKR HVWD IXH OD RSLQLyQ SUHGRPLQDQWH GH OD ,JOHVLD UHVSHFWRDOVLPLRGXUDQWHWRGDOD(GDG0HGLD (QODVDUWHVHVWDFRQH[LyQVHOOHYy DFDERHQWUHVREUDVTXHSXGLHURQWHQHU FRPR RULJHQ XQ PRGHOR SDOHRFULVWLDQR 3RU XQ ODGR HQ HO 6DOWHULR GH 6WXWWJDUW VLJOR ,; VLJXLHQGR HO 6DOPR HO VLPLR DSDUHFH MXQWR D XQ ViWLUR UHSUHVHQWDQGR ODV IXHU]DV PDOpYRODV GH (JLSWR EORTXHDQGR HO FDPLQR D OD VDOYDFLyQ GH ORV LVUDHOLWDV 'H OD PLVPD PDQHUD HO VLPLRUHSUHVHQWDODWLHUUDGHODRVFXULGDG HQODHVFHQDGH ODKLMDGHO IDUDyQ\ 0RLVpVHQODSLODEDXWLVPDOFUHDGDSRUHO0DHVWUR5REHUWRSDUDODLJOHVLDGH6DQ)UHGLDQR HQ /XFFD ILQDOHV GHO VLJOR ;,, $XQTXH HQ QLQJ~Q RWUR VLWLR VH YD D LGHQWLILFDU DO GHPRQLR FRQ HO VLPLR FRPR HQ OD 3XHUWD GH ODV 3ODWHUtDV GRQGH XQ VLPLR DODGR DSDUHFH FRPRHOPLVPRGHPRQLRHQODHVFHQDGHODV7HQWDFLRQHVGH&ULVWRF 6LQ HPEDUJR D SULQFLSLRV GHO VLJOR ;,, HVWD RSLQLyQ IXH FXHVWLRQDGD FRQ OD LQWURGXFFLyQ GH HVSHFtPHQHV YLYRV GH VLPLRV HQ ODV FLXGDGHV PHGLHYDOHV FRPR FRQVHFXHQFLD GH OD DSHUWXUD GH UXWDV FRPHUFLDOHV FRQ HO 3Uy[LPR 2ULHQWH JUDFLDV D ODV &UX]DGDV /D HTXLSDUDFLyQ HQWUH HO GLDEOR \ HO VLPLR QR VROR VH YLR FXHVWLRQDGD SRU OD SUHVHQFLD ItVLFD GH ORV VLPLRV HQ (XURSD VLQR TXHVH YLR HFOLSVDGD D SULQFLSLRV GH VLJOR ;,,SRUXQDLQWHUSUHWDFLyQPXFKRPiVKXPDQDGHHVWHSULPDWH'HDFXHUGRFRQHVWDQXHYD LQWHUSUHWDFLyQHOVLPLRDSDUHFHFRPRODLPDJHQGHOKRPEUHSHURXQDLPDJHQGHIRUPDGD TXH UHSUHVHQWD D HVWH HQ XQ HVWDGR GH GHJHQHUDFLyQ (O VLPLR HV OD ~OWLPD FULDWXUD HQ OD OLVWD GH %HUQDUGR 6LOYHVWUH HQ VX 'H 0XQGL XQLYHUVLWDWH VLYH 0HJDFRVPXV HW 0LFURFRVPXVUHSUHVHQWDQGRHO~OWLPRHVIXHU]RGH'LRVDQWHVGHODFUHDFLyQGH$GiQ3RU ORWDQWRHOVLPLRVHFRQYLHUWHXQDDGYHUWHQFLD³VLQRVQHJDPRVDDFHSWDUODVDOYDFLyQGH 'LRV \ VLQ MXVWLILFDFLyQ QRV DEDQGRQDPRV D ORV SHFDGRV GH OD FDUQH VL GHMDPRV TXH QXHVWURVLPSXOVRVDQLPDOHVVHOOHYHQORPHMRUGHQRVRWURVHQWRQFHVKDEUHPRVGHVFHQGLGR DOQLYHOGHORVVLPLRVKXPDQRVHQIRUPDSHURULGtFXORV\GHVSUHFLDEOHVHQWRGDVQXHVWUDV DFFLRQHV SRUTXH QRV KDEUHPRV VHSDUDGR GH OD IXHQWH GH OD VDELGXUtD GLYLQD´ $Vt OD WUDQVIRUPDFLyQ VLPEyOLFD GHO PRQR GHELy WHQHU GLVWLQWDV FDXVDV HQWUH HOODV QR VyOR OD OOHJDGD GH HVSHFtPHQHV UHDOHV GH VLPLRV VLQR WDPELpQ HO UHVXUJLU GH OD WUDGLFLyQ GH ODV IiEXODVHOUHQDFLPLHQWRGHOFRQRFLPLHQWRFOiVLFR\HOXVRGHORVH[HPSODSRUODVyUGHQHV PHQGLFDQWHV /DV IiEXODV FRQRFLHURQ XQ QXHYR UHQDFLPLHQWR HQ HO VLJOR ;,, LQVSLUiQGRVH PXFKDV GH HOODV HQ ORV WH[WRV GH (VRSR (Q HVWDV IiEXODV HO PRQR DSDUHFH FRPR XQ -$1621+:S-DQVRQGDXQDH[SOLFDFLyQPX\H[KDXVWLYDGHODVUD]RQHVSRUODVFXDOHVHO VLPLR\HOGLDEORVHDVHPHMDQHQODOLWHUDWXUDFULVWLDQD (VWDREVHUYDFLyQQRODKDFH-DQVRQVLQRTXHODSURSRQJR\R -$1621+:S-DQVRQFLWDD%HUQDUGR6LOYHVWUHHQVXGLVFXVLyQVREUHODWUDQVIRUPDFLyQ GHOVLJQLILFDGRGHOVLPLRHQHOVLJOR;,, 5HYLVWD'LJLWDOGH,FRQRJUDItD0HGLHYDOYRO9QSS H,661; /RVVLPLRV 0yQLFD$QQ:DONHU9DGLOOR HPEDXFDGRU([LVWHQYDULRVHMHPSORVGHHOOR(OSULPHURGHOTXHVHWLHQHFRQVWDQFLDHV OD LPDJHQ GHO VLPLR SLGLHQGR DO OHyQ TXH VH FRQYLHUWD HQ HO UH\ GH ORV DQLPDOHV HQ ORV PiUJHQHVGHO7DSL]GH%D\HX[HQODHVFHQDILQDOHVGHOVLJOR;,7DPELpQHO$OIDGHO %HDWR GH 6DLQW6HUYHU VLJOR ;, FRQWLHQH XQ VLPLR \ XQ ]RUUR IODQTXHDQGR OD SDUWH VXSHULRUGHODOHWUD$VLPLVPRHVPX\SRVLEOHTXHXQRGHORVFDSLWHOHVGH6DQ0DUWtQGH )UyPLVWD VLJOR ;,, HQ TXH VH HQFXHQWUD XQ ]RUUR XQ SiMDUR \ XQ PRQR HVWp WDPELpQ UHODFLRQDGRFRQODVIiEXODV &RQ HO UHQDFLPLHQWR GHO FRQRFLPLHQWR FOiVLFR OOHJy HO )LVLyORJR TXH IXH XVDGR FRPR EDVH GH ORV EHVWLDULRV PHGLHYDOHV DXQTXH DPSOLDQGR HO WH[WR FRQ QXHYDV REVHUYDFLRQHV /D UHIHUHQFLD D ORV VLPLRV HQ HVWRV EHVWLDULRV GHO VLJOR ;,, VH FRPSOHPHQWD FRQ XQ QXHYR JLUR TXH SUHVHQWD DO VLPLR FRPR HO SHFDGRU 2EYLDPHQWH OD KLVWRULDPiVLPSRUWDQWHHVODGHODPDGUHVLPLDTXHOOHYDDODFUtDPiVDPDGDHQEUD]RV\ DODGHVSUHFLDGDFROJDQGRGHOFXHOORORVWUHVSHUVHJXLGRVSRUFD]DGRUHV(VWDKLVWRULDIXH ODPiVUHSUHVHQWDGDHQORVEHVWLDULRVPHGLHYDOHVFRPRORVTXHVHHQFXHQWUDQHQHO0V0 IROYGHOD3LHUSRQW0RUJDQ/LEUDU\\ORVPDQXVFULWRVGHOD%ULWLVK/LEUDU\+DUOH\ IRO U \ 5R\DO ) ;,,, IRO U HQWUH RWURV (VWD KLVWRULD FRQVLGHUDGD UHDO UHHPSOD]yODWHRUtDGHOVLPLRGHPRQLR\FREUyXQDGLPHQVLyQPiVVLPEyOLFDDWUDYpVGH ORVH[HPSOD )XHURQ ODV yUGHQHV PHQGLFDQWHV FRQ HO DUUDQTXH GH OD %DMD (GDG 0HGLD ODV TXH HPSH]DURQ D XVDU H[WHQVDPHQWH ORV H[HPSOD FRPR SDUWH GH VXV VHUPRQHV HV GHFLU HQVHxDQ]DVPRUDOL]DQWHVTXHWHQtDQFRPRSURWDJRQLVWDVDORVDQLPDOHV3URQWRODKLVWRULD GH OD PDGUH VLPLD IXH PRUDOL]DGD SRU XQR GH ORV H[HPSOD GH -DFTXHV GH 9LWU\ \ RWURV PHQGLFDQWHV OD PDGUH VLPLD HUD OD LPDJHQ GHO SHFDGRU FRQ OD FUtD IDYRULWD TXH UHSUHVHQWDEDORVSODFHUHVGHOFXHUSRRODVULTXH]DVPLHQWUDVTXHODFUtDGHVSUHFLDGDDOXGtD HQXQSULPHUPRPHQWRDORVELHQHVGHODOPD\GHVSXpVDOSHVRGHORVSHFDGRVSXHVWRTXH DOILQDOVHUiHVWDFUtDODTXHKDJDTXHODPDGUHVLPLDVHDDWUDSDGDSRUORVFD]DGRUHV/RV FD]DGRUHV D VX YH] SRGtDQ UHSUHVHQWDU VLPEyOLFDPHQWH R ELHQ DO GLDEOR TXH DWUDSD DO SHFDGRU \ VH OR OOHYD DO LQILHUQR R D OD PXHUWH DOJR PX\ DFRUGH FRQ HO FRQFHSWR GH PHPHQWR PRUL GH OD (GDG 0HGLD 0iV DGHODQWH HO VLPLR YD DFDEDU UHSUHVHQWDQGR OD OXMXULDODXVXUDRHOYLFLRJHQHUDOL]DGR $VLPLVPRODUHSUHVHQWDFLyQGHOVLPLRDJDFKDGRHQORVHMHPSORVSHQLQVXODUHVVHKD UHODFLRQDGRQRVyORFRQHOSHQVDPLHQWRFULVWLDQRVLQRWDPELpQFRQODSUHVHQFLDGHDODULIHV PXGpMDUHV(QHVWHFRQWH[WRH[LVWHXQDOtQHDGHLQYHVWLJDFLyQTXHUHODFLRQDHVWDVILJXUDV GHVLPLRVFRQODWUDGLFLyQHVFDWROyJLFDPXVXOPDQDEDVDGDDVXYH]HQODVGHVFULSFLRQHV ,ELGS'HKHFKRODUD]yQGHHVWRHVGREOHQRVRORORVDQWLJXRVGHVSUHFLDEDQDOVLPLRVLQRTXH FXDQGR PHGtDQVXLQWHOLJHQFLDHVWDHUDWDQDOWDHQHOPXQGRDQLPDOTXHHQYH]GHFRPSDUDUODFRQRWURV DQLPDOHVODFRPSDUDEDQFRQODGHORVVHUHVKXPDQRV3RUORWDQWRHQYH]GHVHUHODQLPDOPiVLQWHOLJHQWH VHFRQYLUWLyHQHOPiVHVW~SLGRDOVHUMX]JDGRHQUHODFLyQDODQRUPDKXPDQD\QRDODDQLPDO 0866(7/XFLHQS$OUHGHGRUGHODxRVHQXPHUDURQODVHVFHQDVFRQWLQWDHQODSDUWH SRVWHULRUGHOWDSL](VWDQXPHUDFLyQVHVLJXHXVDQGRFRPRUHIHUHQFLDSDUDLGHQWLILFDUODVGLVWLQWDVHVFHQDV GHOPLVPR ,ELG SS 9HU WDPELpQ 5(%2/' %(1721 -DQHWWD 3DUD PiV LQIRUPDFLyQ YHU 6&+5$'(5-/\*8*/,(/0,1LOGDHG 0866(7/XFLHQSS9HUWDPELpQ:+,7(6(//)UHGHULFN5SDUDXQDGLVFXVLyQ VREUHHOXVRGHODVIiEXODVHQORVH[HPSOD 9HU0217(,5$$5,$6,QpVS 5HYLVWD'LJLWDOGH,FRQRJUDItD0HGLHYDOYRO9QSS H,661; /RVVLPLRV 0yQLFD$QQ:DONHU9DGLOOR GH ORV KDGLFHV WDQWR HQ ODV GH ORV SURSLRV FRQGHQDGRV FRPR HQ ODV GHO GHPRQLR <D IXHUD SRU OD WUDGLFLyQ FULVWLDQD R SRU OD PXVXOPDQD OR FLHUWR HV TXH OD ILJXUD GHO VLPLR DJDFKDGR\DWDGRFRQXQDVRJDDOFXHOORDSDUHFLySRUSULPHUDYH]HQHOQRUWHGH(VSDxD\ OXHJRVHH[WHQGLySRUHOVXUGH)UDQFLD (QWUHORVVLJORV;,,,\;,9HOVLPLRSDUHFHFREUDUXQVLJQLILFDGRDGLFLRQDOFRPR VtPERORGHHVWDWXVVRFLDO3UXHEDGHHOORHVHOVHUPyQGH+XJRGH6DQ9tFWRUPHQFLRQDGR HQ OD VHFFLyQ GH IXHQWHV HVFULWDV (V PiV GHELGR D OD SUHVHQFLD GH ORV VLPLRV HQ ODV FLXGDGHV PHGLHYDOHV \ VXV KDELOLGDGHV PLPpWLFDV HO VLPLR VH LQFOX\y HQ OD PLQLDWXUD PHGLHYDO FRPR HO LPLWDGRU SRU DQWRQRPDVLD GH ODV GLVWLQWDV FODVHV VRFLDOHV (Q ORV PiUJHQHV GH HVWRV OLEURV WDPELpQ VH SXHGH HQFRQWUDU XQ QXHYR LQWHUpV SRU OD YHUDFLGDG ItVLFDGHOVLPLRVLHQGRpVWHUHSUHVHQWDGRGHIRUPDQDWXUDOLVWD(VWDWHQGHQFLDFRQWLQXDUi HQ HO VLJOR ;9 \ ;9, GRQGH HO VLPLR DSDUHFH UHSUHVHQWDGR HQ UHWUDWRV GH GDPDV \ FDEDOOHURVFRPRVtPERORGHHVWDWXVVRFLDO3RURWUDSDUWHHOVLPLRLPLWDGRURVDWtULFRFRQ DVSHFWRKXPDQRDGTXLULyXQDUDLVRQG¶rWUHGLGiFWLFD\JUDFLDVDHOORSXGRVREUHYLYLUDOD VXVWLWXFLyQGHORVPDQXVFULWRVLOXPLQDGRVSRUHOOLEURLPSUHVR 3UHILJXUDV\WHPDVDILQHV (O VLPLR QR IRUPD SDUWH GHO VLVWHPD WLSROyJLFR FULVWLDQR \ SRU OR WDQWR QR WLHQH SUHILJXUDVQLWHPDVDILQHV 6HOHFFLyQGHREUDV )iEXOD GHO VLPLR \ HO OHyQ ERUGH LQIHULRU GH OD HVFHQD GHO 7DSL] GH %D\HX[ ,QJODWHUUDF%D\HX[)UDQFLD0XVpHGHOD7DSLVVHULHGH%D\HX[ $OIDFRQVLPLR\]RUUR%HDWRGH6DLQW6HUYHUDQW3DUtV%Q)0V/DW IROU 6LPLR DODGR HQ ODV 7HQWDFLRQHV GH &ULVWR 7tPSDQR VHSWHQWULRQDO GH OD 3RUWDGD GH 3ODWHUtDVGHODFDWHGUDOGH6DQWLDJRGH&RPSRVWHOD(VSDxDF 6LPLR &DSLWHO GH OD ]RUUD \ HO FXHUYR 6DQ 0DUWtQ GH )UyPLVWD 3DOHQFLD (VSDxD ILQDOHVGHOVLJOR;,RSULPHUFXDUWRGHOVLJOR;,, 6LPLR\DGLHVWUDGRURULHQWDO5HOLHYHGHHQMXWDGHODFDWHGUDOGH%D\HX[)UDQFLDF 6LPLRVHQFXFOLOODVFRQVRJDDOFXHOOR&DSLWHOGHOiEVLGHGHODLJOHVLDGH6DQ4XLUFH %XUJRV(VSDxDSULPHUWHUFLRGHOVLJOR;,, ,ELG SS 3RU XQ ODGR 0RQWHLUD $ULDV GHVWDFD TXH SRGUtD WUDWDUVH GH XQ VtPEROR GH ORV FRQGHQDGRV DO HVWDU GHVQXGRV \ DWDGRV R HQFDGHQDGRV FRQ XQD VRJD DO FXHOOR 3RU RWUR ODGR OD DXWRUD WDPELpQ DOXGH D OD ILJXUD GH ,EOLV OD EHVWLD HQFDGHQDGD HQ HO IRQGR GHO ,QILHUQR TXH VH SUHVHQWD FRPR FRQWUDILJXUDGH'LRV -$1621+:SS/RVVLPLRVWDPELpQDSDUHFHQFRPRP~VLFRVHQODOXFKDFRQWUDODV DYHV\HQODUHSUHVHQWDFLyQGHDOJXQDVIiEXODVHQORVPiUJHQHVGHORVPDQXVFULWRVLOXPLQDGRV 'H KHFKR HVWR WDPELpQ VH SXHGH REVHUYDU HQ OD FDQWLGDG GH YHFHV TXH HO VLPLR DSDUHFH HQ OD FXOWXUD SRSXODU FRPR HQ OD KLVWRULD GHO VLPLR \ HO YHQGHGRU DPEXODQWH 3DUD PiV LQIRUPDFLyQ YHU <281* %RQQLH 5HYLVWD'LJLWDOGH,FRQRJUDItD0HGLHYDOYRO9QSS H,661; /RVVLPLRV 0yQLFD$QQ:DONHU9DGLOOR 0RLVpV\ODKLMDGHO)DUDyQ VLPLRVHQWDGRDO ODGRGHOD KLMD0DHVWUR5REHUWRSLOD EDXWLVPDOGH6DQ)UHGLDQRGH/XFFD,WDOLD~OWLPRFXDUWRGHOVLJOR;,, 6LPLRV\GURPHGDULR)DFKDGDRFFLGHQWDOGH6DLQW*LOOHVGX*DUG)UDQFLDVHJXQGR WHUFLRGHOVLJOR;,, 6LPLRV\DUTXHUR%HVWLDULR:RUNVKRS¢/LQFROQR<RUN",QJODWHUUDF1XHYD <RUN7KH3LHUSRQW0RUJDQ/LEUDU\0V0IROY 6LPLRV\FD]DGRUHV%HVWLDULR¢6DOLVEXU\",QJODWHUUDVHJXQGRFXDUWRGHOVLJOR;,,, /RQGUHV7KH%ULWLVK/LEUDU\0V+DUOH\IROU 6LPLRV \ FD]DGRU %HVWLDULR 5RFKHVWHU 6( GH ,QJODWHUUD F /RQGUHV 7KH %ULWLVK/LEUDU\0V5R\DO);,,,IROU 6LPLRV SDURGLDQGR D OD ,JOHVLD 6DOWHULR *DQWH %pOJLFD F 2[IRUG %RGOHLDQ/LEUDU\0V'RXFHIROY 6LPLRV \ YHQGHGRU DPEXODQWH 9DVR GH SODWD \ HVPDOWH SLQWDGR 3DtVHV %DMRV PHULGLRQDOHV ± %RUJRxD F 1XHYD <RUN 7KH 0HWURSROLWDQ 0XVHXP RI $UWLQY 6LPLRVHQORVWDSLFHVGH³(O*XVWR´³(O7DFWR´³(O2OIDWR´\³(O'HVHR´GHODVHULH GH/D 'DPD\ HO8QLFRUQLR)ODQGHVILQDOHVGHOVLJOR ;93DUtV 0XVpHQDWLRQDOGX 0R\HQÆJH±7KHUPHVGH&OXQ\ %LEOLRJUDItD &5$1( 7KRPDV )UHGHULFN HG 7KH H[HPSOD RU LOOXVWUDWLYH VWRULHV IURP WKH 6HUPRQHV YXOJDUHV RI -DFTXHV GH 9LWU\ ' 1XWW /RQGUHV 'LVSRQLEOH HQ OtQHD KWWSDUFKLYHRUJGHWDLOVWKHH[HPSODYLWUXRIW *$5&Ë$*8$/&DUORVHG/DV)iEXODVGH(VRSR7UDGXFFLyQGH3%iGHQDV GHOD3HxD\-/ySH])DFDO*UHGRV0DGULG *,/621 eWLHQQH ³/D FRVPRJRQLH GH %HUQDUG 6LOYHVWUH´ $UFKLYHV G¶KLVWRLUH GRFWULQDOHHWOLWWpUDLUHGX0R\HQÆJH,,,SS *8*/,(/0,1LOGDHG(O)LVLyORJR%HVWLDULR0HGLHYDO(QHLGD0DGULG -$1621+:$SHVDQG$SH/RUHLQWKH0LGGOH$JHVDQGWKH5HQDLVVDQFH7KH :DUEXUJ,QVWLWXWH8QLYHUVLW\RI/RQGRQ/RQGUHV 0217(,5$ $5,$6 ,QpV /D LQIOXHQFLD LVOiPLFD HQ OD HVFXOWXUD URPiQLFD GH 6RULD8QDYtDSDUDHOHVWXGLRGHODLFRQRJUDItDHQHOURPiQLFRQ~PHURPRQRJUiILFRGH &XDGHUQRVGHDUWHHLFRQRJUDItDW;,9Q 025/(< +HQU\ HG 7KH +LVWRU\ RI 5H\QDUG WKH )R[ :LOOLDP &D[WRQ¶V (QJOLVK7UDQVODWLRQRI*HRUJH5RXWOHGJHDQG6RQV/RQGUHV 0866(7/XFLHQ7KH%D\HX[7DSHVWU\%RG\HOO:RRGEULGJH 5HYLVWD'LJLWDOGH,FRQRJUDItD0HGLHYDOYRO9QSS H,661; /RVVLPLRV 0yQLFD$QQ:DONHU9DGLOOR 2/,9$5(6 0$57Ë1(= 'LDQD ³,FRQRJUDItD GH OD HVFXOWXUD URPiQLFD HQ OD SURYLQFLD GH 6RULD ODV UHSUHVHQWDFLRQHV GH VLPLRV FRPR FDVR GH HVWXGLR´ (VWXGLRV GH 0HGLHYDOLVPR +LVSiQLFR DxR YRO SS 'LVSRQLEOH HQ OtQHD KWWSZZZIILOXDPHVPDVWHUPHGLHYDOHVBKLVSDQLFRVGRZQORDGVHPKSGI 5(%2/' %(1721 -DQHWWD 7KH 0HGLHYDO 0HQDJHULH $QLPDOV LQ $UW LQ WKH 0LGGOH$JHV$EEHYLOOH3UHVV1XHYD<RUN 6&+5$'(5 -/ ³$ 0HGLHYDO %HVWLDU\´ 7KH 0HWURSROLWDQ 0XVHXP RI $UW %XOOHWLQYROQSS :+,7(6(// )UHGHULFN 5 ³)DEOHV LQ 0HGLHYDO ([HPSOD´ 7KH -RXUQDO RI (QJOLVKDQG*HUPDQ3KLORORJ\YROQSS :,57+ -HDQ /HV PDUJHV j GU{OHULHV GHV PDQXVFULWV JRWKLTXHV 'UR]*LQHEUD <281*%RQQLH³7KH0RQNH\VDQGWKH3HGGOHU´7KH0HWURSROLWDQ0XVHXPRI $UW%XOOHWLQYROQSS =,2/.2:6.,-DQ07DONLQJ$QLPDOV0HGLHYDO/DWLQ%HDVW3RHWU\ 8QLYHUVLW\RI3HQQV\OYDQLD3KLODGHOSKLD 5HYLVWD'LJLWDOGH,FRQRJUDItD0HGLHYDOYRO9QSS H,661; /RVVLPLRV 0yQLFD$QQ:DONHU9DGLOOR Ÿ$OIDFRQVLPLR\]RUUR%HDWRGH6DLQW6HUYHUDQW 3DUtV%Q)0V/DWIROU KWWSYLVXDOLVHXUEQIIU&RQVXOWHU(OHPHQW1XP"2 ,)1 ( -3(*'HE )LQ 3DUDP &>FDSWXUD@ Ź6LPLRDODGRHQODV7HQWDFLRQHVGH&ULVWR7tPSDQR VHSWHQWULRQDOGHOD3RUWDGDGH3ODWHUtDVGHODFDWHGUDO GH6DQWLDJRGH&RPSRVWHOD(VSDxDF >)RWR)FRGH$VtV*DUFtD@ Ż 6LPLR &DSLWHO GH OD ]RUUD \ HO FXHUYR 6DQ 0DUWtQ GH )UyPLVWD 3DOHQFLD(VSDxD ILQDOHV GHO VLJOR ;, R SULPHU FXDUWR GHOVLJOR;,, >)RWR )FR GH $VtV *DUFtD@ Ź 6LPLRV HQ FXFOLOODV FRQ VRJD DO FXHOOR &DSLWHO GHO iEVLGH GH OD LJOHVLD GH 6DQ 4XLUFH %XUJRV (VSDxD SULPHU WHUFLRGHOVLJOR;,, >)RWR )FR GH $VtV *DUFtD@ 5HYLVWD'LJLWDOGH,FRQRJUDItD0HGLHYDOYRO9QSS H,661; /RVVLPLRV 0yQLFD$QQ:DONHU9DGLOOR Ż 6LPLR \ DGLHVWUDGRU RULHQWDO 5HOLHYH GH GH OD HQMXWD FDWHGUDO GH %D\HX[ )UDQFLDF KWWSIDUPVWDWLFIOLFNUFR PBGHDH GB]MSJ >FDSWXUD@ Ź 0RLVpV \ OD KLMD GHO )DUDyQ VLPLR VHQWDGR DO ODGR GH OD KLMD 0DHVWUR 5REHUWR SLOD EDXWLVPDO GH 6DQ )UHGLDQR GH /XFFD ,WDOLD ~OWLPR FXDUWRGHOVLJOR;,, KWWSZZZGXHSDVVLQHOPL VWHURFRPBERUGHUVSDUWMS J>FDSWXUD@ Ÿ 6LPLRV \ GURPHGDULR )DFKDGD RFFLGHQWDO GH 6DLQW *LOOHVGX*DUG )UDQFLD VHJXQGRWHUFLRGHOVLJOR;,, KWWSXSORDGZLNLPHGLDRUJZLNLSHGLDFRP PRQVWKXPEH6DLQW*LOOHVB6W *LOOHVB3RUWDOB.DPHOB-3*S[ 6DLQW*LOOHVB6W *LOOHVB3RUWDOB.DPHOB-3*>FDSWXUD @ Ź 6LPLRV \ DUTXHUR %HVWLDULR :RUNVKRS ¢/LQFROQ R <RUN" ,QJODWHUUD F 1XHYD <RUN 7KH 3LHUSRQW 0RUJDQ /LEUDU\0V0IROY KWWSFRUVDLUPRUJDQOLEUDU\RUJLFDLPDJHV PYDMSJ>FDSWXUD@ 5HYLVWD'LJLWDOGH,FRQRJUDItD0HGLHYDOYRO9QSS H,661; /RVVLPLRV 0yQLFD$QQ:DONHU9DGLOOR 6LPLRV\FD]DGRU%HVWLDULR5RFKHVWHU6( 6LPLRV\FD]DGRUHV%HVWLDULR¢6DOLVEXU\",QJODWHUUD VHJXQGRFXDUWRGHOVLJOR;,,,/RQGUHV7KH%ULWLVK GH,QJODWHUUDF/RQGUHV7KH%ULWLVK /LEUDU\0V+DUOH\IROU /LEUDU\0V5R\DO);,,,IROU KWWSPROFDWEOXN,OO,PDJHV(NWD&ELJ((EMSJ KWWSPROFDWEOXN,OO,PDJHV(NWD&ELJ(( >FDSWXUD@ DMSJ>FDSWXUD@ 6LPLRVSDURGLDQGRDOD,JOHVLD6DOWHULR*DQWH 6LPLRV\YHQGHGRUDPEXODQWH9DVRGHSODWD\ HVPDOWHSLQWDGR3DtVHV%DMRVPHULGLRQDOHV± %pOJLFDF2[IRUG%RGOHLDQ /LEUDU\0V'RXFHIROY %RUJRxDF1XHYD<RUN7KH 0HWURSROLWDQ0XVHXPRI$UWLQY KWWSERGOH\ERGOH\R[DFXNOXQDVHUYOHWGHWDLO2'/RG Oaaaa"TYT ZVZKDW06'RXFHOF KWWSLPDJHVPHWPXVHXPRUJ&5',PDJHVFOZHEODUJHFGL 2'/RGOaa2'/RGOaa2'/RGOaa2'/RGOaa2 GMSJ>FDSWXUD@ '/RGOaa2'/RGOaa2'/RGOaa2'/RGOaaPL WUV >FDSWXUD@ 'HWDOOHVGHVLPLRVHQORVWDSLFHVGH ³(O*XVWR´L]TXLHUGD\³(O7DFWR´ GHUHFKDGHODVHULHGH/D'DPD\HO 8QLFRUQLR)ODQGHVILQDOHVGHOVLJOR ;93DUtV0XVpHQDWLRQDOGX0R\HQ ÆJH±7KHUPHVGH&OXQ\ KWWSESEORJVSRWFRPBW'J'FPF.0QJ784P :\(<+J,$$$$$$$$&-4<,WP4\0NV VLQJHMSJ KWWSZZZSDQRUDPDGHODUWFRPVLWHVGHIDXOWILOHV GDPHDODOLFRUQHKMSJ >FDSWXUDV@ 5HYLVWD'LJLWDOGH,FRQRJUDItD0HGLHYDOYRO9QSS H,661; 1250$6'(38%/,&$&,Ï1 6L GHVHD KDFHUQRV OOHJDU VX WUDEDMR SDUD SXEOLFDFLyQ HQ OD UHYLVWD GHEH HQYLDUOR SRU HPDLO D OD GLUHFFLyQLUJRQ]DO#JKLVXFPHV/RVWH[WRVVHUHPLWLUiQHQFDVWHOODQRLQJOpVRIUDQFpVHQIRUPDWR:RUG\ ODVLOXVWUDFLRQHVHQXQIRUPDWRGHXVRKDELWXDO-3**,)7,))%03MXQWRDXQOLVWDGRTXHFRQWHQJDOD LQIRUPDFLyQGHVWLQDGDDOSLHGHIRWRJDUDQWL]DQGRODFRUUHFWDLGHQWLILFDFLyQGHFDGDLPDJHQ/RVWUDEDMRV KDQGHVHURULJLQDOHV\DMXVWDUVHDODVQRUPDVGHSXEOLFDFLyQGHODUHYLVWDWDQWRHQVXH[WHQVLyQFRPRHQORV EORTXHV GH FRQWHQLGR \ ORV UHTXHULPLHQWRV IRUPDOHV /RV DXWRUHV VHUiQ ORV ~QLFRV UHVSRQVDEOHV GHO FRQWHQLGRGHVXVDUWtFXORV (O FRQVHMRHGLWRULDOH[DPLQDUi ODSURSXHVWD \ OD UHPLWLUi D SDUHV FLHJRV SDUD VX UHYLVLyQ 8QD YH] UHYLVDGRSRUORVSDUHVVHHQYLDUiDODXWRUODVREVHUYDFLRQHVGHORVHYDOXDGRUHV\VHOHLQGLFDUiVLHODUWtFXOR KDVLGRDSUREDGRSDUDVXSXEOLFDFLyQ6LODSXEOLFDFLyQHVWiFRQGLFLRQDGDDODLQWURGXFFLyQGHFDPELRVVH OH LQGLFDUi DO DXWRU TXp PRGLILFDFLRQHV VRQ QHFHVDULDV \ XQD YH] UHDOL]DGDV HVWDV VH OH DGMXQWDUiQ ODV SUXHEDVGHLPSUHQWDGHILQLWLYDV /RV Q~PHURV GH OD UHYLVWD VRQ VHPHVWUDOHV SXEOLFiQGRVH HQ MXQLR \ GLFLHPEUH GH FDGD DxR /D HGLFLyQLPSUHVDWLHQHFRPR,661\FRPRQ~PHURGHGHSyVLWROHJDO0/DHGLFLyQ HOHFWUyQLFDWLHQHFRPRH,661; (6758&785$'(/2625,*,1$/(6 &DGDDUWtFXORWHQGUiXQDH[WHQVLyQPi[LPDGHSDODEUDVQRWDVLQFOXLGDV\FRQWHQGUiDOLQLFLR 5HVXPHQEUHYHVtQWHVLVGHORVDFRQWHFLPLHQWRV\SHUVRQDMHVTXHLQWHUYLHQHQHQODLFRQRJUDItDDQDOL]DGDRGHORV FRQWHQLGRVVLPEyOLFRVSUHVHQWHVHQXQDILJXUDVHxDODQGRODVSRVLEOHVGLYHUJHQFLDVHQIXQFLyQGHODVIXHQWHV 3DODEUDVFODYHHQXPHUDFLyQGHWpUPLQRVTXHVLUYDQFRPRPRWRUGHE~VTXHGD $EVWUDFW\.H\ZRUGVFRUUHVSRQGLHQWHVHQLQJOpV $ FRQWLQXDFLyQ VH GHVDUUROODUi HO FXHUSR GHO DUWtFXOR (VWH SRGUi VHU SXEOLFDGR HQ XQD GH ODV GRV VHFFLRQHVGHODUHYLVWD (VWXGLRV LFRQRJUiILFRV GH FDUiFWHU PRQRJUiILFR FRQ FDUiFWHU JHQHUDO VH DQDOL]DUi XQ WHPD R VtPEROR FRQ UHSUHVHQWDFLyQPHGLHYDO\DVHDGHFDUiFWHUEtEOLFRDSyFULIRPLWROyJLFRFLHQWtILFRHWF (VWXGLRV LFRQRJUiILFRV GH FDUiFWHU WUDQVYHUVDO GH PDQHUD PiV HVSHFtILFD VH DQDOL]DUi SXQWXDOPHQWH XQD R YDULDVREUDVLQWHUUHODFLRQDGDVWHPiWLFDPHQWH (QIXQFLyQGHODVHFFLyQGHODUHYLVWDDODTXHYD\DGHVWLQDGDHOFXHUSRGHODUWtFXORWHQGUiXQDHVWUXFWXUD GLIHUHQWH /RV(678',26'(&$5È&7(50212*5È),&2FRQWHQGUiQORVVLJXLHQWHVFDPSRV $WULEXWRV\IRUPDVGHUHSUHVHQWDFLyQGHVFULSFLyQGHODIRUPXODFLyQLFRQRJUiILFDTXHSUHVHQWDHOWHPDRILJXUD HVWXGLDGDPHGLDQWHHODQiOLVLVGHORVSULQFLSDOHVSURWDJRQLVWDV\FRPSRQHQWHVTXHORKDFHQUHFRQRFLEOH )XHQWHV HVFULWDV HQXPHUDFLyQ \EUHYH FRPHQWDULRGH ODV IXHQWHV OLWHUDULDV \GRFXPHQWDOHV LQGLFDQGR HQ OD PHGLGDGHORSRVLEOHDXWRUWtWXORDxROXJDUFDStWXOR\RSiJLQDV 2WUDV IXHQWHV HQXPHUDFLyQ \ EUHYH GHVFULSFLyQ GH OD LQIOXHQFLD GH IXHQWHV RUDOHV \ GH OD OLWXUJLD HQ OD HODERUDFLyQGHOWHPDLFRQRJUiILFR ([WHQVLyQ JHRJUiILFD \ FURQROyJLFD LQGLFDFLyQ GH OD FURQRORJtD \ ODV iUHDV JHRJUiILFDV HQ TXH VH KDQ HQFRQWUDGRHMHPSORVGHOWHPDHVWXGLDGR 6RSRUWHV \ WpFQLFDV LQGLFDFLyQ GH ORV VRSRUWHV \ WpFQLFDV TXH VH KDQ XWLOL]DGR HQ HO PXQGR PHGLHYDO SDUD SODVPDUODLFRQRJUDItDDQDOL]DGD 3UHFHGHQWHVWUDQVIRUPDFLRQHV\SUR\HFFLyQGHVFULSFLyQHQHOFDVRGHKDEHUORVGHORVDQWHFHGHQWHVGHOWHPD HQ OD $QWLJHGDG GH ODV WUDQVIRUPDFLRQHV \ UHHODERUDFLRQHV GHO PLVPR GXUDQWH OD (GDG 0HGLD \ GH VX SUR\HFFLyQHQOD(GDG0RGHUQD\&RQWHPSRUiQHD 3UHILJXUDV\WHPDVDILQHVHQXPHUDFLyQGHWHPDVSUy[LPRVHQFXDQWRDLQWHQFLyQILQDOLGDG\FRQWHQLGR(QHO FDVRGHORVWHPDVGHO$QWLJXR7HVWDPHQWRVHHVSHFLILFDUiDGHPiVVLVRQSUHILJXUDVGHDFRQWHFLPLHQWRV\R QRFLRQHVSUHVHQWHVHQHO1XHYR7HVWDPHQWR 6HOHFFLyQGHREUDVPHQFLyQGHREUDVDUWtVWLFDVHQUHODFLyQFURQROyJLFDTXHLOXVWUHQODLQIRUPDFLyQUHFRJLGD HQHODUWtFXORLQGLFDQGRWtWXORDXWRUXELFDFLyQWpFQLFD\FURQRORJtD %LEOLRJUDItDHQXPHUDFLyQGHODELEOLRJUDItDSHUWLQHQWHHVSHFLDOL]DGD\DFWXDOL]DGDHQWRUQRDOWHPDHVWXGLDGR /RV (678',26 '( &$5È&7(5 75$169(56$/ GLYLGLUiQ ORV FRQWHQLGRV HQ DTXHOORV HStJUDIHV TXH FRQVLGHUHQ RSRUWXQRVDXQTXHLQFOX\HQGRDOILQDOGRVDSDUWDGRVGHGLFDGRVDVHOHFFLyQGHREUDVUHOHYDQWHVPHQFLRQDGDVHQ HOWH[WR\ELEOLRJUDItDHVSHFLDOL]DGD 5()(5(1&,$6%,%/,2*5È),&$6 (O DSDUDWR FUtWLFR VH SUHVHQWDUi HQ IRUPD GH QRWDV DEUHYLDGDV D SLH GH SiJLQD \ ELEOLRJUDItD ILQDO GHVDUUROODGD/DVFLWDVVHDMXVWDUiQDODVLJXLHQWHQRUPD 127$6$/3,( &RQFDUiFWHUJHQHUDOVHFLWDUiDEUHYLDGDPHQWH$3(//,'261RPEUHFRPSOHWRDxRSiJLQDV (M%$6&+(7-pU{PHSS /DVREUDVOLWHUDULDVPHGLHYDOHVVHDFRJHUiQDODVUHIHUHQFLDVDEUHYLDGDVGHXVRFRP~QSUHFHGLGDVGHOQRPEUH GHODXWRU\GHOWtWXORGHODREUD (M6$1,6,'252(WLPRORJtDV,,HQWHQGLpQGRVHOLEUR,,FDStWXORVHFFLyQ (Q HO FDVR GH XWLOL]DU HGLFLRQHV PRGHUQDV GH ODV PLVPDV VH VHJXLUi HO IRUPDWR LQGLFDGR HQ OD QRUPD DQWHFHGHQWH /RVWH[WRVEtEOLFRVVHUiQFLWDGRVGHOVLJXLHQWHPRGR e[RGR$SRFDOLSVLV (ODXWRUSXHGHRSWDUSRUUHFXUULUDODVDEUHYLDWXUDVFRQYHQFLRQDOHVGHORVOLEURV([$S %,%/,2*5$)Ë$),1$/ 0RQRJUDItDV\REUDVFROHFWLYDV $3(//,'261RPEUHFRPSOHWRDxR7tWXOR(GLWRULDOOXJDUGHHGLFLyQ>YROWRPR@ 'HH[LVWLUYDULRVDXWRUHVFDGDQRPEUH\DSHOOLGRVVHVHSDUDUiQSRUSXQWR\FRPD (M%$51$<6\OYLH/HFLHOVXUODWHUUH/HVDSSDULWLRQVGHOD9LHUJHDX0R\HQÆJHeGLWLRQV GX&HUI3DUtV 6L VH WUDWD GH XQD REUD FROHFWLYD FLWDGD HQ VX LQWHJULGDG VH LQGLFDUi ³HGGLUFRRUG´ HQWUH HO QRPEUH GHO FRPSLODGRU\HODxRGHHGLFLyQ (M &$55(52 (GXDUGR 5,&2 'DQLHO HGV &DWHGUDO \ FLXGDG PHGLHYDO HQ OD 3HQtQVXOD ,EpULFD1DXVtFDl0XUFLD $UWtFXORVGHUHYLVWDV $3(//,'261RPEUHFRPSOHWRDxR³7tWXOR´5HYLVWDYROWRPRQSiJLQDV (M<$5=$/8$&(6-RDTXtQ³,FRQRJUDItDGHOD&UXFLIL[LyQHQODPLQLDWXUDHVSDxRODVLJORV ;DO;,,´$UFKLYR(VSDxROGH$UWHW;/9,,QSS &DStWXORVGHOLEURVFRQWULEXFLRQHVHQDFWDVGHFRQJUHVRV $3(//,'261RPEUHFRPSOHWRDxR³7tWXOR´(Q$3(//,'261RPEUHFRPSOHWRHGGLUFRRUG 7tWXORGHOOLEURRYROXPHQGHDFWDV(GLWRULDO/XJDUGHHGLFLyQ>YROWRPR@SiJLQDV (M .(1$$1.('$5 1XULWK ³7KH ,PSDFW RI (OHDQRU RI $TXLWDLQH RQ WKH 9LVXDO $UWV LQ )UDQFH´(Q$85(//0DUWLQGLU&XOWXUH3ROLWLTXHGHV3ODQWDJHQrW8QLYHUVLWpGH3RLWLHUV± &HQWUHG¶eWXGHV6XSpULHXUHVGH&LYLOLVDWLRQ0pGLHYDOH3RLWLHUVSS 6L HO DXWRU GHO FDStWXOR FRLQFLGH FRQ HO DXWRU GHO OLEUR QR VH UHLWHUD HO QRPEUH GiQGRVH SRU VREUHHQWHQGLGR (M 6$8(5/$1'(5 :LOOLEDOG ³hEHU GLH .RPSRVLWLRQ GHV :HOWJHULFKWV7\PSDQRQV LQ $XWXQ´ (Q 5RPDQHVTXH $UW 3UREOHPV DQG 0RQXPHQWV 7KH 3LQGDU 3UHVV /RQGUHV YRO , SS &DWiORJRVGHH[SRVLFLRQHV 7tWXORDxRFDWiORJRGHODH[SRVLFLyQ/XJDUDxR(GLWRULDO/XJDUGHHGLFLyQ (M7KH<HDU$&HQWHQQLDO([KLELWLRQDW7KH0HWURSROLWDQ0XVHXPRI$UWFDWiORJRGHOD H[SRVLFLyQ1XHYD<RUN7KH0HWURSROLWDQ0XVHXPRI$UW1XHYD<RUN (QHOFDVRGHFLWDUXQDFRQWULEXFLyQFRQFUHWDGHQWURGHXQFDWiORJRSURFHGHUVHJ~QODQRUPDSUHFHGHQWH LQFOX\HQGRORVGDWRVSUHFLVRVGHODH[SRVLFLyQGHDFXHUGRDODSUHVHQWHQRUPD (M&8$'5$'20DUWD³9tUJHQHVDEULGHUDV´(Q0DUDYLOODVGHOD(VSDxD0HGLHYDO7HVRUR VDJUDGR\PRQDUTXtDFDWiORJRGHODH[SRVLFLyQ/HyQ-XQWDGH&DVWLOOD\/HyQYRO ,SS 7HVLVGRFWRUDOHV\PHPRULDVGHLQYHVWLJDFLyQLQpGLWDV $3(//,'26 1RPEUH FRPSOHWR DxR 7tWXOR 7HVLV GRFWRUDOPHPRULD GH LQYHVWLJDFLyQ LQpGLWD 8QLYHUVLGDGFHQWURGHLQYHVWLJDFLyQ (M3e5(=+,*8(5$0DUtD7HUHVD(VFXOWXUDJyWLFDWROHGDQD/DFDWHGUDOGH7ROHGRVLJORV ;,,,;,97HVLVGRFWRUDOLQpGLWD8QLYHUVLGDG&RPSOXWHQVHGH0DGULG (GLFLRQHVGHIXHQWHV\REUDVOLWHUDULDV 120%5(<$3(//,'26DxR7tWXOR(GLFLyQGH$3(//,'261RPEUHDxRGHODHGLFLyQPRGHUQD 7tWXORGHODHGLFLyQ(GLWRULDO/XJDUGHHGLFLyQ>YROXPHQWRPR@ (M -2+$11(6 *(5621 2SHUD 2PQLD (GLFLyQ GH '8 3,1 /RXLV (OOLHV -RKDQQHV*HUVRQ2SHUD2PQLD*HRUJH2OPV9HUODJ+LOGHVKHLPYRO,,, 6LQRVHSXGLHVHSUHFLVDUODIHFKDH[DFWDGHODIXHQWHRULJLQDOVHLQGLFDUiHOVLJOR\VLWDPSRFRIXHVH SRVLEOHLQGLFDUHVWRVHGHMDUiHQEODQFRLQGLFDQGRDOILQDOODIHFKDGHODHGLFLyQPRGHUQD 5HFXUVRV\HGLFLRQHVGLJLWDOHV 6HLQGLFDUiODGLUHFFLyQZHE\ODIHFKDGHFRQVXOWDHQWUHFRUFKHWHV (M 5,&&,21, 6WHIDQR ³eSLFRQRJUDSKLH GH O¶DUW URPDQ HQ )UDQFH HW HQ ,WDOLH %RXUJRJQH/DWLXP /¶DUW PpGLpYDO HQ WDQW TXH GLVFRXUV YLVXHO HW OD QDLVVDQFH G¶XQ QRXYHDX ODQJDJH´ %XOOHWLQ GX &HQWUH G¶eWXGHV 0pGLpYDOHV G¶$X[HUUH Q >KWWSFHPUHYXHVRUJLQGH[KWPO&RQVXOWDGH@ ,/8675$&,21(6 &DGD DUWtFXOR LQFRUSRUDUi FRPR DQH[RXQD VHOHFFLyQ GH LPiJHQHV UHSUHVHQWDWLYD GHO DUFR FURQROyJLFR \ JHRJUiILFRFXELHUWRSRUHOWHPDHVWXGLDGR6HSUHVWDUiDWHQFLyQDODVYDULDQWHVLFRQRJUiILFDVGHVFULWDVDORODUJR GHO WH[WR /DV LPiJHQHV LQFOXLGDV VHUiQ IRWRJUDItDV OLEUHV GH GHUHFKRV UHDOL]DGDV SRU VXV DXWRUHV R UHSURGXFFLRQHVGHLPiJHQHV\DSXEOLFDGDVFX\DIXHQWHRULJLQDOVHUiGHELGDPHQWHFLWDGDLQGLFDQGRORVGDWRVGHOD REUD\ODSiJLQDFRUUHVSRQGLHQWH(QHOFDVRGHLPiJHQHVWRPDGDVGH,QWHUQHWVHHVSHFLILFDUiODGLUHFFLyQZHE\ ODIHFKDGHFDSWXUD &LWDVGH5',0 6LFLWDPDWHULDOSXEOLFDGRHQHVWDUHYLVWDSXHGHUHIHUHQFLDUORGHOVLJXLHQWHPRGR$3(//,'261RPEUH ³7tWXOR´5HYLVWD'LJLWDOGH,FRQRJUDItD0HGLHYDOYROQDxRSS«IHFKDGHFRQVXOWD