0lohqduld - Escuela de Enfermería y Salud Pública

Anuncio
$PDQHUDGHHGLWRULDO
(
QHVWDFXDUWDHGLFLyQ0LOHQDULDVHGLYHUVLILFD
$OUHSDVDUHORULJHQGHORVDQWLELyWLFRVQRVUHFXHUGD
TXHHQODFLHQFLDQRH[LVWHQKpURHVVROLWDULRVTXHFDGD
GHVFXEULPLHQWR FRQOOHYD WUDEDMR GXUR \ HQ HTXLSR
0XHVWUDTXHODLQFOXVLyQGHSURJUDPDVGHDWHQFLyQ
SULPDULDVRQXUJHQWHVHQQXHVWURSDtVSDUDDWHQGHU
UHWRVDQWLJXRVFRPRODVSDUDVLWRVLV\PRGHUQRVFRPR
ODVDIHFWDFLRQHVUHODFLRQDGDVDOFDPELRFOLPiWLFRHO
DXPHQWR GH QHRSODVLDV R HO XVR LQGLVFULPLQDGR GH
SHVWLFLGDVDOWLHPSRTXHQRVKDFHYHUFRPRDOJXQDV
LQWHUYHQFLRQHVGHVDOXGS~EOLFDSXHGHQFRQYHUWLUVHHQ
SURWRFRORVGHODDYDULFLD
3HURWDPELpQQRVKDFHSUHJXQWDUQRV¢\DKRUD
TXp VLJXH" HYDO~D OD SHUWLQHQFLD GH QXHVWURV
SURJUDPDVHGXFDWLYRVUHYLVDDVSHFWRVELRpWLFRVDQLYHO
FOtQLFR \ FRQ UHVSHFWR D QXHVWUD LQWHUDFFLyQ FRQ ORV
DQLPDOHV 5HFRUGDPRV TXH ORV GHVDSDUHFLGRV QRV
IDOWDQDWRGRVYLDMDPRVDRWURVWLHPSRVFXDQGRORV
SROtWLFRVHUDQGHVDUUDSDGRVSHURSDWULRWDV\KDVWDORV
JHQHUDOHV SRHWDV \ GH OD PDQR GH ORV YHUVRV TXH
QXHVWURVMyYHQHVUHFHWDQSDUDHODOPDLPDJLQDPRVD
OD PH[LFDQD %DURQLD EUDYLFRUQLV HQ VX YXHOR GH
VHWHQWDPLOORQHVGHDxRV
(VSHUDPRVTXHHVWHQ~PHURVHDGHVXDJUDGR
1XHVWUD3RUWDGD
%DURQLDEUHYLFRUQLVPDULSRVD0LOHQDULD
(O PH[LFDQR ÐVFDU 'RUDGR \ HO IUDQFpV /XF /HJDO GHVFXEULHURQ HQ OD ]RQD
PRQWDxRVDGHORVHVWDGRVGH0RUHORV\*XHUUHURORTXHSDUHFHVHUODPDULSRVD
PiVDQWLJXDGHOPXQGRTXHVREUHYLYLyDODHUDJODFLDUSHURTXHHQIUHQWDXQ
JUDYHULHVJRSDUDVXVXSHUYLYHQFLD/DPDULSRVD%DURQLDEUHYLFRUQLVQRH[LVWHHQ
QLQJ~Q RWUR SDtV GHO PXQGR \ KDFH PLOORQHV GH DxRV TXH YLYLy FRQ ORV
GLQRVDXULRV(QHOHVWXGLRORVLQYHVWLJDGRUHVLGHQWLILFDURQTXHODHVSHFLHHVWi
HQULHVJRGHGHVDSDUHFHUSRUODFRQWDPLQDFLyQSULQFLSDOPHQWHHQODDJULFXOWXUD
0iV LQIRUPDFLyQ HQ KWWSZZZSURFHVRFRPP["S ',5(&725$
0$ '( /$/8=6É1&+(=3/$=$
',5(&725$ )81'$'25$
0$7(5(6$0$/'21$'2*8,=$
(',725
/8,6)(51$1'2257(*$9$5(/$
&20,7e(',725,$/
* $%5,(/$ % $55$*É1 &
É /9$52 5 2'5Ì*8(= % $55Ð1 $ 0$/,$ É 9,/$ 6 ,/9$ 4 8(7=$/&Ð$7/ + (51É1'(= & (59$17(6 0 ,*8(/ $ 1*(/ 3 5$'2 % 2&$1(*5$ 0 $ 7 (5(6$ 0 $/'21$'2 * 8,=$
+ e&725 $ $521 5 Ì26 0 (1'2=$ -()$'(&,5&8/$&,Ð1
(5,.$*21=É/(=&$1&,12
',$*5$0$&,Ð1<',6(f2
-(6Ó6025$/(63e5(=-26e$1721,2+8(57$(63,12
5HYLVWD0LOHQDULD&LHQFLD\$UWHHVHOyUJDQRGH
GLIXVLyQFXOWXUDOGHOD(VFXHODGH(QIHUPHUtD\
6DOXG3~EOLFDGHOD8061+(OFRQWHQLGRGH
ORVWUDEDMRVSXEOLFDGRVHVUHVSRQVDELOLGDGGHVXV
UHVSHFWLYRV DXWRUHV SRU OR TXH QR UHIOHMDQ
QHFHVDULDPHQWH HO SXQWR GH YLVWD GH QXHVWUD
&DVD GH (VWXGLRV /D UHSURGXFFLyQ SDUFLDO R
WRWDO GHO FRQWHQLGR SRU FXDOTXLHU PHGLR
UHTXLHUHODDXWRUL]DFLyQH[SUHVDGHORVHGLWRUHV
0LOHQDULD&LHQFLD\$UWHHVXQDDYHQWXUDHGLWRULDO
GHWRGRVSRUHVRWHLQYLWDPRVDTXHQRVKDJDV
OOHJDUWXVFRPHQWDULRVDODGLUHFFLyQHOHFWUyQLFD
PLOHQDULDXPVQK#JPDLOFRP H[SUHVD WXV
RSLQLRQHVHLQWHUHVHVSDUDKDFHUPiVYLYDHVWD
SXEOLFDFLyQ
*HUWUXGLV%RFDQHJUD&RO&XDXKWpPRF
&30RUHOLD0LFKRDFiQ0p[LFR
7HOV\
ÌQGLFH
ůͨƉƌŽƚŽĐŽůŽͩĚĞůĂĂǀĂƌŝĐŝĂ
ůͨƉƌŽƚŽĐŽůŽͩĚĞůĂĂǀĂƌŝĐŝĂ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϯ
ĞŶŝƚŽdĂŝďŽ
>ĂWĞŶŝĐŝůŝŶĂ͘hŶĚĞƐĐƵďƌŝŵŝĞŶƚŽ
ĐŽůĞĐƚŝǀŽĞŶĠƉŽĐĂĚĞŐƵĞƌƌĂ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϰ
ZŽƐĞŶĚĂŐƵŝůĂƌŐƵŝůĂƌ
^Z/K^/^͕ 'K,>D/Ed/K^/^
KDjEEEh^dZKD/K ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϴ
DĂƌşĂ:ŽƐĠDĂƌƚşŶĞnj'ĂůůĂƌĚŽ
>ŽƐƉĞƐƚŝĐŝĚĂƐǀƵĞůǀĞŶŵĄƐĂŐƌĞƐŝǀĂƐ
ĂĂůŐƵŶĂƐŚŽƌŵŝŐĂƐ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϭϭ
>ƵŝƐ&ĞƌŶĂŶĚŽKƌƚĞŐĂsĂƌĞůĂ
ZĞƉĞƌĐƵƐŝŽŶĞƐĚĞůĐĂŵďŝŽĐůŝŵĄƚŝĐŽ
ƐŽďƌĞůŽƐŽƌŐĂŶŝƐŵŽƐLJůĂƐĂůƵĚƉƷďůŝĐĂ ͘͘͘͘͘͘͘ ϭϯ
ƌĂƐƚŽ,ĞƌŶĄŶĚĞnjĂůĚĞƌſŶ
ůĚĞƐƉĞƌĚŝĐŝŽĚĞĂůŝŵĞŶƚŽƐĞƐĐĂƌŽ
LJĚĂŹĂĂůĂŵďŝĞŶƚĞ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϭϲ
ĂƌůĂůŵĞŝĚĂ
ƐƉĞĐƚŽƐ ĞƉŝĚĞŵŝŽůſŐŝĐŽƐ ĞƚŝŽůſŐŝĐŽƐ
LJƉƌŽŶſƐƚŝĐŽƐĞŶĐĄŶĐĞƌ͕ĚĞĐĂǀŝĚĂĚŽƌĂů͕
ĐĂďĞnjĂLJĐƵĞůůŽ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϭϳ
ĂďĂůůĞƌŽůĂŶĐŽ͕ĞĚĞŹŽZĂLJĂLJdĂƉŝĂZƵşnj
>ĂĠƚŝĐĂŵĠĚŝĐĂĞŶůĂƉƌĄĐƚŝĐĂƉĞĚŝĄƚƌŝĐĂ
ĚƵƌĂŶƚĞĞůsŝƌƌĞŝŶĂƚŽ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ Ϯϭ
:ŽƌŐĞWĂŶƚŽũĂ'ƵƚŝĠƌƌĞnj
ƐƚƵĚŝŽĚĞWĞƌƚŝŶĞŶĐŝĂĚĞůĂ
>ŝĐĞŶĐŝĂƚƵƌĂĞŶ^ĂůƵĚWƷďůŝĐĂ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ Ϯϰ
W>h/dK^KEK͕DZE
Eh^dZK Z^WdK ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ Ϯϲ
>ƵĐşĂ^ĂŶƚŝ累ĞnjDŽŶĚƌĂŐſŶ
͎z,KZYh^/'h͍ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ Ϯϵ
dĂŶŝĂ&ŝŐƵĞƌŽĂDĠŶĚĞnj
ůĨƌĞĚŽƵŐğƐLJĞůŽůĞŐŝŽĚĞ^ĂŶEŝĐŽůĄƐ ͘͘͘ ϯϬ
>ƵĐŝŽZĂŶŐĞů,ĞƌŶĄŶĚĞnj
>ŽƐŚŝŶĂĐĂƚĞƐ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϯϯ
ŶŐĞů͘ZŽŵĞƌŽ
ƐƉŝƌŝŶĂƐƉĂƌĂĞůĂůŵĂ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϯϲ
>ĂƉŽĞƐşĂĞƐƐĂůƵĚ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϯϵ
:ƵĂŶDĂŶƵĞů'ŝů
>ŽƐĚĞƐĂƉĂƌĞĐŝĚŽƐŶŽƐĨĂůƚĂŶĂƚŽĚŽƐ ͘͘͘͘͘͘͘͘͘͘͘ ϰϬ
DĂƌĚŽŶŝŽĂƌďĂůůŽ
WƌĞŵŝŽ ĞƌǀĂŶƚĞƐ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϰϭ
ZƵŵďŽĂůĂZĞĂĐƌĞĚŝƚĂĐŝſŶĚĞů
ƉƌŽŐƌĂŵĂĚĞŶĨĞƌŵĞƌşĂ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϰϮ
'ůŽƌŝĂĚĞůĂƌŵĞŶ,ĞƌŶĄŶĚĞnj'ŽŶnjĄůĞnj
7
ĞŶŝƚŽ dĂŝďŽ
ŽĚŽƐƐĂďĞŵŽƐƋƵĞĞůƐŝƐƚĞŵĂĚĞƐĂůƵĚƉƷďůŝĐŽĞŶŶƵĞƐƚƌŽƉĂşƐĞƐƵŶ
ǀĞƌĚĂĚĞƌŽĚĞƐĂƐƚƌĞ͘zĂƉĞƐĂƌĚĞĞůůŽ͕ĐŽŶŐĂŶĐŚŝƚŽƐ͕ƌĞŵĞĚŽƐ͕ŵĞƌĐĂĚŽŶĞŐƌŽ
ĚĞ ŵĞĚŝĐĂŵĞŶƚŽƐ͕ ĞŶ ŽĐĂƐŝŽŶĞƐ ŚĂƌƚĂ ŝŵĂŐŝŶĂĐŝſŶ LJ ƐŝŶ ĚƵĚĂ ůĂ ŚĞƌŽŝĐĂ
ĂĐƚŝƚƵĚĚĞƵŶŵŽŶƚſŶĚĞŵĠĚŝĐŽƐ͕ĞŶĨĞƌŵĞƌĂƐLJĞŶĨĞƌŵĞƌŽƐ͕ŵŽŶƚŽŶĞƐĚĞ
ŵĞdžŝĐĂŶŽƐ ƐŽŶ ƐĂůǀĂĚŽƐ ĚŝĂƌŝĂŵĞŶƚĞ ŐƌĂĐŝĂƐ Ă ǀĂůŝĞŶƚĞƐ ĞƐĨƵĞƌnjŽƐ͘ Eŝ ƋƵĞ
ĚĞĐŝƌ ĚĞ ƉĂĐŝĞŶƚĞƐ ;ŶƵŶĐĂ ŵĞũŽƌ ĞŵƉůĞĂĚŽ Ğů ƚĠƌŵŝŶŽͿ LJ ĨĂŵŝůŝĂƌĞƐ ƋƵĞ
ĂŐƵĂŶƚĂŶ ĞƐƚŽŝĐĂ LJ ďƌĂǀĂŵĞŶƚĞ ĚĞƐƉƌĞĐŝŽƐ ďƵƌŽĐƌĄƚŝĐŽƐ͕ ĚĞƐĂďĂƐƚŽƐ ĚĞ
ŝŶƐƵŵŽƐ LJ ŵĞĚŝĐŝŶĂƐ͕ ŝŶĨƌĂĞƐƚƌƵĐƚƵƌĂƐ ĐŽŵƉůĞƚĂŵĞŶƚĞ ͨŝŶĨƌĂͩ LJ ĂĐƚŝƚƵĚĞƐ
ƚĞƌƌŝďůĞƐ ĚĞ ͨƐĞƌǀŝĚŽƌĞƐ ƉƷďůŝĐŽƐͩ ƋƵĞ ĞƐƚĄŶ Ăůůş ƉĂƌĂ ƐĞƌǀŝƌůĞƐ͕ Ŷŝ ŵĄƐ Ŷŝ
ŵĞŶŽƐ͕LJƋƵĞĞŶƌĞĂůŝĚĂĚŶŝůĞƐƐŝƌǀĞŶŶŝƐŝƌǀĞŶƉĂƌĂŶĂĚĂ͘
zƐŝŶĞŵďĂƌŐŽĞƐĞƐŝƐƚĞŵĂĐŽƌƌƵƉƚŽ͕ĂŶƋƵŝůŽƐĂĚŽ͕ǀŝĞũŽ͕ĚƌĂŵĄƚŝĐŽ͕ƐĞ
ͨŵƵĞǀĞͩƐŽƐƚĞŶŝĚŽƉŽƌŚŝůŝƚŽƐŝŶǀŝƐŝďůĞƐLJƐŝŶĨƵŶĐŝŽŶĂƌ͕ĨƵŶĐŝŽŶĂ͕ĐŽŵŽƵŶĂ
ƚĞƌƌŝďůĞLJĐƌƵĞůƉĂƌĂĚŽũĂ͘
ƵŶŽƐLJŽƚƌŽƐ;ůŽƐƋƵĞŚĂĐĞŶƐƵƚƌĂďĂũŽLJůŽƐƋƵĞƚŝĞŶĞŶĞůŵĂůŐƵƐƚŽĚĞ
ĞŶĨĞƌŵĂƌƐĞĞŶƵŶƉĂşƐƋƵĞŶŽĞƐƚĄƉƌĞƉĂƌĂĚŽƉĂƌĂĞůůŽͿůĞƐŵĂŶĚŽŵŝĂďƌĂnjŽ
LJĞůĚĞƐĞŽĨĞƌǀŝĞŶƚĞ͕ƵƌŐĞŶƚĞ͕ĚĞƋƵĞůĂƐĐŽƐĂƐĐĂŵďŝĞŶ͘
dŽĚŽĞƐƚŽǀŝĞŶĞĂĐƵĞŶƚŽƉŽƌƋƵĞƋƵŝĞƌŽƌĞĨĞƌŝƌŵĞŚŽLJĂůƌĞǀĞƌƐŽĚĞůĂ
ŵŽŶĞĚĂ͘ >Ă ŵĞĚŝĐŝŶĂ ƉƌŝǀĂĚĂ͘ z ŶŽ ĞƐĐƌŝďŝƌĠ ƵŶ ůŝďƌŽ ;ƋƵĞ ĂŵĞƌŝƚĂƌşĂ ƐŝŶ
ĚƵĚĂͿƐŽďƌĞĞůƚĞŵĂ͕LJĐŽŶƚĂƌĠƚĂŶƐſůŽƵŶƉĞƋƵĞŹŽĞũĞŵƉůŽĚĞůŐƌĂĚŽĚĞ
ĂǀĂƌŝĐŝĂLJŵĞnjƋƵŝŶĚĂĚƋƵĞŚĞǀŝƐƚŽĞŶůĂƐƷůƚŝŵĂƐŚŽƌĂƐ͘
WŽƌŵŽƚŝǀŽƐƋƵĞŶŽǀŝĞŶĞŶĂĐƵĞŶƚŽ͕ƚƵǀĞƋƵĞŝƌĂů,ŽƐƉŝƚĂůŶŐĞůĞƐĚĞů
WĞĚƌĞŐĂů;LJĚĞƵŶĂǀĞnjůĞƐĚŝŐŽƋƵĞƚŽĚŽƐĞƐƚĂŵŽƐƉĞƌĨĞĐƚĂŵĞŶƚĞďŝĞŶͿ͕LJ
ĂƉƌŽǀĞĐŚĠƉĂƌĂĞĐŚĂƌƵŶŽũŽĂůƌĞĚĞĚŽƌ͘
ƉĂƌƚŝƌĚĞůĂĞƉŝĚĞŵŝĂĚĞŝŶĨůƵĞŶnjĂƋƵĞƐĞǀŝǀŝſŚĂĐĞƵŶƉĂƌĚĞĂŹŽƐĞŶ
DĠdžŝĐŽ͕ƵŶŶƵĞǀŽƉƌŽƚŽĐŽůŽŚŝŐŝĠŶŝĐŽƐĞƐŝŐƵĞĞŶůŽƐŚŽƐƉŝƚĂůĞƐ͘ĂĚĂǀĞnj
ƋƵĞƵŶĂĞŶĨĞƌŵĞƌĂĞŶƚƌĂĂůĂŚĂďŝƚĂĐŝſŶĚĞůƉĂĐŝĞŶƚĞ͕ĂŶƚĞƐĚĞŚĂĐĞƌŶĂĚĂ͕
/$3(1,&,/,1$
8QGHVFXEULPLHQWRFROHFWLYR
HQpSRFDGHJXHUUD
5RVHQGD $JXLODU $JXLODU
3URIHVRUD,QYHVWLJDGRUDGHOD)DFXOWDGGH%LRORJtD8061+
/
DKLVWRULDGHODSHQLFLOLQDKD
DWUDtGR VLHPSUH OD DWHQFLyQ 3RVHH
QXPHURVDVDULVWDVTXHKDQSHUPLWLGRVH
HVFULEDQOLEURV\DUWtFXORVTXHSODVPDQ
WDQWR ODV IDFHWDV FLHQWtILFDV \
ELRWHFQROyJLFDV GHO GHVFXEULPLHQWR
FRPRORVLQWHUHVHVSROtWLFRV\KXPDQRV
HQXQDpSRFDGHJXHUUD
([LVWHQ PXFKRV FLHQWtILFRV
LQYROXFUDGRVHQHOGHVFXEULPLHQWRGHOD
SHQLFLOLQD SHUR FXDWUR GH HOORV VRQ
IXQGDPHQWDOHV +RZDUG )ORUH\
1RUPDQ +HDWOH\ (UQVW &KDLQ \
$OH[DQGHU)OHPLQJ*HQHUDOPHQWHVROR
HODSHOOLGRGHpVWH~OWLPRHPHUJHFXDQGR
VH KDEOD GHO GHVFXEULPLHQWR \ QR VH
PHQFLRQDQLQJ~QRWUR3HURHQUHDOLGDG
OD XWLOL]DFLyQ GH HVWH DQWLELyWLFR HQ
EHQHILFLR GH PLOORQHV GH SHUVRQDV IXH
SRVLEOH JUDFLDV DO WUDEDMR GH )ORUH\
+HDWOH\\&KDLQ)LJ
(OSUHVHQWHDUWtFXORUHVHxDDOJXQRV
DFRQWHFLPLHQWRV TXH SHUPLWHQ
FRPSUHQGHUODWUDVFHQGHQFLDGHOWUDEDMR
FROHFWLYRGHHVWRVFLHQWtILFRV\\DTXHD
1RUPDQ+HDWOH\VHOHH[FOX\yGHOSUHPLR
1REHO HVWH DUWtFXOR EXVFD WDPELpQ
UHVDOWDU\UHFRQRFHUODHVSOpQGLGDODERU
TXH pO UHDOL]y +HQU \ +DUULV KD
UHVXPLGRHVWHKHFKRHQODVLJXLHQWHIUDVH
ǀĞnjƋƵĞLJŽĞŶƚƌĂďĂŽƐĂůşĂĚĞůĂŚĂďŝƚĂĐŝſŶ͕
ĂďƐŽůƵƚĂŵĞŶƚĞ ĐŽŶƐĐŝĞŶƚĞ ĚĞ ŵŝƐ ĂĐƚŽƐ͕
ůĞĚĂďĂƵŶƉĂƌĚĞůůĞŐƵĞƐĂůĂďŽƚĞůůŝƚĂLJ
ŵĞůŝŵƉŝĂďĂĐŽŶĨƌƵŝĐŝſŶ͕ŽůŝĠŶĚŽŵĞůƵĞŐŽ
ůĂƐ ŵĂŶŽƐ ůŝďƌĞƐ ĚĞ ŐĠƌŵĞŶĞƐ͕ LJ ĂƐş͕ ƐŝŶ
ŵŝĞĚŽ͕ ƐĂďşĂ ƋƵĞ ƉŽĚşĂ ĞƐƚƌĞĐŚĂƌůĂƐ Ă
ĂŵŝŐŽƐLJĐŽŶŽĐŝĚŽƐƐŝŶƚƌĂŶƐŵŝƚŝƌŶŝŶŐƵŶĂ
ĐůĂƐĞĚĞŵĂů͘
WĞƌŽůůĞŐſůĂŚŽƌĂĚĞƉĂŐĂƌůĂĐƵĞŶƚĂ͘
z ƌĞƐƵůƚſ ƋƵĞ Ğů ĨĂŵŽƐŽ ƉƌŽĚƵĐƚŽ
ŵĂƚĂŐĠƌŵĞŶĞƐ;ǀŝůĂůĐŽŚŽůƐſůŝĚŽͿ͕LJĂĐŽŶ
/s͕ĐŽƐƚĂďĂůĂĨƌŝŽůĞƌĂĚĞ͋ϰϴϭ͘ϮϯƉĞƐŽƐ͊
^ş͕ƋƵĞƌŝĚŽƐ͕hdZK/EdK^K,Edz
hEW^K^KEs/Ed/dZ^EdsK^͘
^ş ůĂ ŚĂĐĞƐ ĚĞ ũĂŵſŶ ;ĐŽŵŽ Ğů ĐĂƐŽ
ƐŝŶůƵŐĂƌĂĚƵĚĂƐĂŵĞƌŝƚĂƌşĂͿĞƐƉƌŽďĂďůĞ
ƋƵĞƚƵƉĂĐŝĞŶƚĞƐĞĐŽŶǀŝĞƌƚĂĞŶƌĞŚĠŶ͕LJ
ƋƵĞĚĞƐĞĐƵĞƐƚƌĂĚŽ͘
Ɛş ƋƵĞ ƉĂŐĂƐ͕ ƉŽƌƋƵĞ ƉŽƌ
ƐƵƉƵĞƐƚşƐŝŵŽ͕ĞůƐĞŐƵƌŽŵĠĚŝĐŽŶŽĐƵďƌĞ
ƐĞŵĞũĂŶƚĞƐ ũŽƚĞƌşĂƐ͘ /ŶĐůƵƐŽ ŵĞ ŝŵĂŐŝŶŽ
Ăů ƌĞƉƌĞƐĞŶƚĂŶƚĞ ĚĞ ƵŶĂ ĂƐĞŐƵƌĂĚŽƌĂ
ĚŝĐŝĞŶĚŽ ĐŽŶ ĐĂƌŝŹŽ͗ ͎EŽ ƐĂďşĂ ƋƵĞ Ğů
ũĂďſŶLJĞůĂŐƵĂƚŝĞŶĞŶĞůŵŝƐŵŽĞĨĞĐƚŽ͍
ů ƐĂůŝƌ ĚĞů ŶŐĞůĞƐ ƉĂƐĠ Ă ĚŽƐ
ĨĂƌŵĂĐŝĂƐ͘ ^ĂŶ WĂďůŽ LJ ƵŶĂ ĚĞ ůĂƐ ĚĞů
ŚŽƌƌŽ͘ z Ğů ůşƋƵŝĚŽ ŵĄŐŝĐŽ ŶŽ ĐƵĞƐƚĂ
ĂƌƌŝďĂĚĞϰϱƉĞƐŽƐ͘
Ɛş ƋƵĞ ůŽƐ ƐĞŹŽƌĞƐ ĚĞů ŶŐĞůĞƐ ĚĞů
WĞĚƌĞŐĂů ;ďƵĞŶ ŚŽƐƉŝƚĂů LJ ƉĠƐŝŵŽ ŚŽƚĞů͕
ĐŽŵŽĚŝĐĞƵŶĂŵŝŐŽŵĠĚŝĐŽͿƐĞĞŵďŽůƐĂŶ
ĐŽŶĐĂĚĂŝŶĐĂƵƚŽƋƵĞĂďƌĞĞůŐĞů͕ŵĄƐĚĞů
ϵϬϬйĚĞƵƚŝůŝĚĂĚŶĞƚĂ;LJĂĐŽŶ/s͕ŶŽƐĞ
ĂƐƵƐƚĞŶͿ͘
DĞƉĂƌĞĐĞďŽĐŚŽƌŶŽƐŽ͘ůƉƌŽƚŽĐŽůŽ
ĚĞŚŝŐŝĞŶĞƐĞĐŽŶǀŝƌƚŝſĞŶĞůƉƌŽƚŽĐŽůŽĚĞ
ůĂĂǀĂƌŝĐŝĂ͘
^Ġ ƋƵĞ ůŽƐ ĚƵĞŹŽƐ ĚĞů ŚŽƐƉŝƚĂů ƐŽŶ
ŵƵLJĚĞǀŽƚŽƐ͋͘EŽƐĂďĞŶƋƵĞůĂĂǀĂƌŝĐŝĂĞƐ
ƵŶƉĞĐĂĚŽĐĂƉŝƚĂů͕ĐŽŹŽ͎͊YƵĠƐĞƉƵĞĚĞŶ
ŝƌĂůŝŶĨŝĞƌŶŽ͍
͎EŽƉŽĚƌşĂŶůŽƐƐĞŹŽƌĞƐĚĞWZK&K
ĚĂƌƐĞ ƵŶĂ ǀƵĞůƚĂ͍ ^ƵƉŽŶŐŽ͕ ƋƵŝĞƌŽ
ƐƵƉŽŶĞƌƋƵĞĚĞďĞƐĞƌƵŶĚĞůŝƚŽ͘
^ş ĂůŐƵŶŽ ĐĂĞ ƉŽƌ Ğů ŵƵůƚŝĐŝƚĂĚŽ
ŶŽƐŽĐŽŵŝŽ͕ůůĞǀĞƐƵŐĞů͘ŝŶǀŝƚĞ͘
WŽƌ ĐƵƌŝŽƐŝĚĂĚ͕ ůůĂŵĠ Ăů ƌĞƐƚĂƵƌĂŶƚĞ
ĚĞůůƵŐĂƌLJƉƌĞŐƵŶƚĠƉŽƌƐƵǀŝŶŽŵĄƐĐĂƌŽ͘
z ŵŝůŝůŝƚƌŽ Ă ŵŝůŝůŝƚƌŽ͕ ĞƐ ďĂƐƚĂŶƚĞ ŵĄƐ
ďĂƌĂƚŽƋƵĞĞůƉŝŶĐŚĞŐĞů͘
zŽ͕ĂƉĂƌƚŝƌĚĞĞƐƚĞŵŽŵĞŶƚŽ͕ĐŽŵŽ
WŽŶĐŝŽWŝůĂƚŽƐ͕ŶŽŵĄƐŵĞůĂǀŽůĂƐŵĂŶŽƐ͘
ůͨƉƌŽƚŽĐŽůŽͩ͘͘͘
ƌŽĐşĂƐƵƐŵĂŶŽƐĐŽŶĞůŐĞůĚĞĂůĐŽŚŽůƋƵĞ
Ăůůş ƐĞ ĞŶĐƵĞŶƚƌĂ͘ z Ăů ƐĂůŝƌ͕ ƌĞƉŝƚĞ Ğů
ƉƌŽĐĞƐŽ͘ DĞ ƉĂƌĞĐĞ ďŝĞŶ͖ ŵƵĐŚĂƐ
ŝŶĨĞĐĐŝŽŶĞƐͨŚŽƐƉŝƚĂůĂƌŝĂƐͩƐƵĐĞĚĞŶƉŽƌůĂ
ǀşĂĚĞĞƐŽƐĐŽŶƚĂĐƚŽƐLJƉƌĞǀĞŶŝƌůŽĞƐƵŶĂ
ĚŝƐĐŝƉůŝŶĂƐĂŶĂLJƋƵĞƐĞĚĞďĞƌşĂƐĞŐƵŝƌĂů
ƉŝĞĚĞůĂůĞƚƌĂ͘
ŶƚĞƐ͕
͎ƌĞĐƵĞƌĚĂŶ͍͕
ŚĂďşĂ
ĚŝƐƉĞŶƐĂƌŝŽƐĚĞĞƐĞŐĞůĚĞĂůĐŽŚŽůĞŶůĂƐ
ƉĂƌĞĚĞƐLJĐƵĂůƋƵŝĞƌĂƉŽĚşĂƵƚŝůŝnjĂƌůŽƐƐŝŶ
ĐŽƐƚŽĂůŐƵŶŽ͘zĂŶŽ͘ĞƐĂƉĂƌĞĐŝĞƌŽŶ
ĞƐĐƵďƌŝĞƌŽŶƋƵĞĞƐƵŶŶĞŐŽĐŝŽ͘hŶŽ
ƋƵĞĚĂũƵŐŽƐŽƐĚŝǀŝĚĞŶĚŽƐ͘
ŚŽƌĂ͕ ĞŶƚƌĂƐ Ă ůĂ ŚĂďŝƚĂĐŝſŶ LJ ŚĂLJ
ƵŶĂĚĞĞƐĂƐďŽƚĞůůĂƐĚĞŐĞůĚĞϮϱϬŵůũƵŶƚŽ
ĂůĂƚĞůĞǀŝƐŝſŶ͕ĐĞƌƌĂĚĂ͘džŐĞƌŵĂŶƚŝƐĠƉƚŝĐŽ
ƉĂƌĂ ŵĂŶŽƐ͘ z ůĂ ĂďƌĞƐ͕ ƐŝŶ ĚƵĚĂƌůŽ͘
͎ƵĄŶƚŽƉƵĞĚĞĐŽƐƚĂƌ͍
ƐďĂƌĂƚŽLJƉƵĞĚĞĂůĂůĂƌŐĂƉƌĞǀĞŶŝƌ
ŵƵĐŚŽƐƉƌŽďůĞŵĂƐ͘
ƐşƋƵĞůŽĂďƌĞƐ͕ƐŝŶĚƵĚĂƌůŽ;ŝŶƐŝƐƚŽͿ͘
zĐĂĞƐĞŶůĂƚƌĂŵƉĂĐŽŵŽĂĚŽůĞƐĐĞŶƚĞƋƵĞ
ĂďƌĞƵŶƉĂƌĚĞĐŚĞůĂƐĚĞƵŶƐĞƌǀŝďĂƌĞŶ
ƵŶ ŚŽƚĞů ĚĞ ůƵũŽ LJ ƋƵĞ ĐĂƐŝ ƐĞ ĚĞƐŵĂLJĂ
ĐƵĂŶĚŽ ƉĂŐĂ ůĂ ĐƵĞŶƚĂ͕ Ž ĐƵĂŶĚŽ ƐƵƐ
ƉĂƉĄƐƉĂŐĂŶůĂĐƵĞŶƚĂ͘
dŽĚŽƐ ƵƐĂďĂŶ Ğů ĨĂŵŽƐŽ ŐĞů ĞŶ Ğů
ŚŽƐƉŝƚĂů͘/ŶĐůƵƐŽĐŽŶƐŝŶŐƵůĂƌĂůĞŐƌşĂ͘ĂĚĂ
0LOHQDULD
ŝƐƉŽŶŝďůĞ ĞŶ͗ ŚƚƚƉƐ͗ͬͬǁǁǁ͘ĨĂĐĞŬ͘ĐŽŵͬ
ďƚĂŝďŽ͍ĨƌĞĨсƚƐ
+RZDUG)ORUH\
1RUPDQ+HDWOH\
(UQVW &KDLQ
©6LQ)OHPLQJQRKDEUtD&KDLQR)ORUH\VLQ
&KDLQQRKDEUtD)ORUH\VLQ)ORUH\QRKDEUtD
+HDWOH\\VLQ+HDWOH\QRKDEUtDSHQLFLOLQDª
GHWHUPLQDUTXHHOSULQFLSLRDQWLEDFWHULDO
VH HQFRQWUDED HQ HO OtTXLGR GRQGH VH
KDEtDFXOWLYDGRDOKRQJRDOSURGXFWRGH
OD ILOWUDFLyQ GH HVH PHGLR OR OODPy
SHQLFLOLQD $GHPiV HVWDEOHFLy TXH HO
ILOWUDGRLQKLEtDVHOHFWLYDPHQWHDDOJXQDV
EDFWHULDV\DRWUDVQR+DUH
SRU HOOR GH LPSUREDEOH YDORU SDUD OD
PHGLFLQD)ORUH\
)LJ
/DSULPHUDPLWDGGHOVLJORSDVDGR
IXH XQD pSRFD HQ OD TXH ORV GRFWRUHV
WHQtDQHVFDVRVPHGLFDPHQWRVSDUDWUDWDU
HQIHUPHGDGHV LQIHFFLRVDV FRPR OD
QHXPRQtD OD VtILOLV ODV VHSWLFHPLDV HQ
UHFLpQQDFLGRV\GRQGHODVKHULGDVHQOD
SLHO SRGtDQ LQLFLDU EDFWHULHPLDV TXH
VREUHOOHYDUtDQDXQDDPSXWDFLyQRDOD
PXHUWH (UUHFDOGH 7RGG /RVDYDQFHVTXLPLRWHUDSpXWLFRVDFWXDOHV
QRVKDFHQFUHHUTXHODVLQIHFFLRQHVVRQ
DVXQWRVPX\PDQHMDEOHVHVLPSHQVDEOH
SDUD QRVRWURV DGTXLULU XQD VHSWLFHPLD
SRU OD KHULGD GH OD HVSLQD GH XQD
URVD«SHURQRVLHPSUHIXHDVt
/RV LQYHVWLJDGRUHV &UDGGRN \
5LGOH\TXLHQHVWDPELpQWUDEDMDEDQHQ6W
0DU\LQWHQWDURQREWHQHUXQH[WUDFWRGHO
FDOGR GH 3HQLFLOOLXP SHUR QR OHV IXH
SRVLEOH FRQFHQWUDUOR GHELGR D TXH OD
VXVWDQFLD HUD H[WUHPDGDPHQWH OiELO
*DUURG 'H HVWD IRUPD ORV
WUDEDMRV GH )OHPLQJ FRQFOXtDQ TXH OD
SHQLFLOLQDHUDXQDVXVWDQFLDLQHVWDEOH\
(V LQGXGDEOH TXH )OHPLQJ UHDOL]y
XQKDOOD]JRPX\VLJQLILFDWLYRSHURFRPR
©TXLHQYHEULOODURURHQHODJXDSHURHV
LQFDSD]GHREWHQHUHOPHWDO©/D[
QR FRQFUHWy HO FRQRFLPLHQWR HQ XQD
H[SHULHQFLDFLHQWtILFDGHXWLOLGDG
8QDGpFDGDGHVSXpVXQHTXLSRGH
FLHQWtILFRV GH 2[IRUG HQFDEH]DGR SRU
+RZDUG )ORUH\ OOHYy D FDER HO SDVR
WUDVFHQGHQWDOSDUDTXHODSHQLFLOLQDIXHUD
HO SULPHU DQWLELyWLFR GH DOWR tQGLFH GH
LPSDFWRHQHOPXQGR)ORUH\HUD-HIHGHO
'HSDUWDPHQWR GH 3DWRORJtD GH 'XQQ
3DUD VH VDEtD TXH ORV
PLFURRUJDQLVPRV HUDQ UHVSRQVDEOHV GH
PXFKDV HQIHUPHGDGHV KXPDQDV \ GH
DQLPDOHV 4XHGDED FODUR TXH ODV
EDFWHULDVMXJDEDQXQSDSHOGHWHUPLQDQWH
HQODYLGDKXPDQD\HQODPXHUWH
0XFKDVLQYHVWLJDFLRQHVVHGLULJtDQ
DFXUDUGLYHUVRVSDGHFLPLHQWRVFRPROD
GH$OH[DQGHU)OHPLQJTXLHQHQHQ
HO +RVSLWDO 6W 0DU \ GH /RQGUHV
HVWXGLDED HVWDILORFRFRV FDXVDQWHV GH
HQIHUPHGDGHV LQIHFFLRVDV 3HUR XQD
FRQWDPLQDFLyQDFFLGHQWDOFRQHOKRQJR
3HQLFLOOLXP QRQDWXP OR OOHYy D OD
REVHUYDFLyQGHTXHDOJXQDVXVWDQFLDHUD
H[FUHWDGDSRUHOKRQJRSURGXFLHQGROLVLV
EDFWHULDQD)LJ$QWHHOKDOOD]JRKL]R
H[SHULPHQWRV TXH SHUPLWLHURQ
)LJ 3ODFD H[SHULPHQWDO GH )OHPLQJ
0LOHQDULD
&KDLQ\$EUDKDP(QGRVDxRV
KDEtDQDFXPXODGRXQDSHTXHxDFDQWLGDG
GH SHQLFLOLQD FRQ EDMD SXUH]D SHUR
HVWDEOH-RNOLN/DH[WUDFFLyQVH
ORJUyJUDFLDVDODSDUDWRDFRQWUDFRUULHQWH
TXH LQYHQWy +HDWOH\ /DV SUXHEDV TXH
GHPRVWUDEDQODLQKLELFLyQEDFWHULDQDHQ
FDMDV 3HWUL IXHURQ GHVDUUROODGDV SRU OD
WpFQLFDGHFLOLQGURHQSODFDTXHWDPELpQ
GLVHxy+HDWOH\\TXHFRQWLQXyXViQGRVH
SRUPXFKRWLHPSR
$OLQLFLDUODVSUXHEDVELROyJLFDVHQ
UDWRQHV VH GHPRVWUy TXH OD VXVWDQFLD
WHQtDXQDH[FHSFLRQDOHIHFWLYLGDG\TXH
VRUSUHQGHQWHPHQWH DOWDV GRVLV GHO
SURGXFWR QR SURGXFtDQ HIHFWRV Wy[LFRV
DSUHFLDEOHV )ORUH\ )ORUH\ QRWy
DGHPiVTXHODRULQDGHORVDQLPDOHVTXH
UHFLEtDQ OD SHQLFLOLQD VH WRUQDED FDIp
FODUD \ SXGR LGHQWLILFDU TXH
SUREDEOHPHQWH KDVWD XQ GH
SHQLFLOLQD LQ\HFWDGD GH IRUPD
LQWUDYHQRVDSRGtDVHUUHFXSHUDGDSRUOD
RULQD*URVVPDQ
)LJ (TXLSR LPSURYLVDGR SDUD SULPHUDV IHUPHQWDFLRQHV FRQ 3 QRQDWXP HQ 2[IRUG
6FKRROHQOD8QLYHUVLGDGGH2[IRUGGHVGH
7HQtD GHQWUR GH VX HTXLSR GH
WUDEDMR D (UQVW %RULV &KDLQ XQ
ELRTXtPLFRDOHPiQDOWDPHQWHFDOLILFDGR
\ D 1RUPDQ *HRUJH +HDWOH\ XQ
FLHQWtILFR LQJOpV VREUHVDOLHQWH SRU VX
GHVWUH]D H LQJHQLR SDUD OOHYDU D FDER
H[SHULPHQWRV
(QHQYtVSHUDVGHOD6HJXQGD
*XHUUD0XQGLDO)ORUH\GHFLGLyLQLFLDU
GRVLQYHVWLJDFLRQHVVLPXOWiQHDVDORJUDU
OD SXULILFDFLyQ \ FDUDFWHUL]DFLyQ GH ODV
SURSLHGDGHV GH OD SHQLFLOLQD \ E
GHPRVWUDU VX HIHFWR TXLPLRWHUDSpXWLFR
)ORUH\
(OSUHVXSXHVWRHUDPLQ~VFXOR\HOOR
VH DJXGL]y FXDQGR HQ HO 5HLQR
8QLGRGHFODUyODJXHUUDDORVDOHPDQHV
/D HVWUHFKH] HFRQyPLFD KL]R TXH
+HDWOH\UHFLFODUDPDWHULDOHVKRVSLWDODULRV
FRPR IUDVFRV ODWDV \ FyPRGRV SDUD
XVDUORVFRPRUHFLSLHQWHVGHFXOWLYRSDUD
3HQLFLOOLXP $XQDGR D HOOR HVWDEDQ HO
WRTXH GH TXHGD TXH ORV REOLJDED D
WUDEDMDUMRUQDGDVGLItFLOHV\ODREOLJDFLyQ
GHFDYDU\PDQWHQHUWULQFKHUDVDWUiVGH
'XQQ6FKRRO 3DUD SRGHU FRQWLQXDU FRQ
ODV LQYHVWLJDFLRQHV +HDWOH\ \ RWURV
FRODERUDGRUHV GHEtDQ SDUWLFLSDU FRQ HO
SDtV HQ DFWLYLGDGHV KRVSLWDODULDV WDOHV
FRPR REWHQHU VDQJUH GH GRQDGRUHV R
DSR\DU TXLU~UJLFDPHQWH $GHPiV
FRQVFLHQWHVGHODHQRUPHSRVLELOLGDGGH
TXH ORV QD]LV LQYDGLHUDQ HO SDtV
DFRUGDURQ GHVWUXLU VX WUDEDMR DQWHV GH
TXH FD\HUD HQ PDQRV HQHPLJDV $QWHV
GHEHUtDQIURWDUODVHVSRUDVGH3HQLFLOOLXP
QRQDWXPHQVXVURSDVSDUDHQXQIXWXUR
UHFXSHUDUODFHSD/D[<DXQTXH
ORV ERPEDUGHRV DpUHRV QR OOHJDURQ D
2[IRUG PDQWHQGUtDQ HQ HO IXWXUR HVWD
DFFLyQFRPRXQDPHGLGDGHSUHFDXFLyQ
3HVHDODVFRQGLFLRQHVDGYHUVDVTXH
HQIUHQWDEDQ ORJUDURQ GHVDUUROODU XQD
PHWRGRORJtD SDUD OD H[WUDFFLyQ GHO
DQWLELyWLFR \ ORJUDURQ FRQRFHU VXV
FDUDFWHUtVWLFDV ILVLFRTXtPLFDV )LJ 0LOHQDULD
$O UHDOL]DU ODV SUXHEDV FOtQLFDV HQ
SDFLHQWHV KXPDQRV FRPSUREDURQ HO
QRWDEOH HIHFWR DQWLPLFURELDQR FRPR
DJHQWH TXLPLRWHUDSpXWLFR &RQ HOOR
KDEtDQ FDPELDGR HO HVWDWXV GH OD
SHQLFLOLQDGHVHUODFXULRVLGDGFLHQWtILFD
GH )OHPLQJ D FRQYHUWLUVH HQ XQ
PHGLFDPHQWRTXHSRGtDVDOYDUODYLGDGH
ORVPLOHVGHKHULGRVHQODVILODVDOLDGDV
(O HTXLSR DKRUD HQIUHQWDED RWUR
UHWR SURGXFLU HQ FDQWLGDG VXILFLHQWH OD
VXVWDQFLD +DVWD HVH PRPHQWR PiV
SHQLFLOLQD SRGtD VHU UHFXSHUDGD GH OD
RULQD TXH OD REWHQLGD SRU FXOWLYR GH
3HQLFLOOLXP(QWRQFHV)ORUH\FRQYLUWLyHO
'HSDUWDPHQWR GH 3DWRORJtD HQ XQD
IiEULFD (Q XQ SULQFLSLR OD HVSRVD GH
)ORUH\WHQtDHOWUDEDMRGHUHFROHFWDUWRGDV
ODV PDxDQDV HQ ORV KRVSLWDOHV OD RULQD
GHYDULRVHQIHUPRVDORVTXHVHOHVHVWDED
VXPLQLVWUDQGRSHQLFLOLQDFRQREMHWRGH
VHU SXULILFDGD \ UHDGPLQLVWUDGD /D[
3RVWHULRUPHQWH+HDWOH\D\XGDGR
SRUODV3HQLFLOOLQ*LUOVORJUyHVWDEOHFHUXQ
SURFHVR GH IHUPHQWDFLyQ HQ UHFLSLHQWHVDSLODEOHVGHFHUiPLFD)LJ
1RREVWDQWH)ORUH\UHFRQRFLyTXH
HQ ,QJODWHUUD QR H[LVWtDQ ODV
FLUFXQVWDQFLDV QL ILQDQFLDPLHQWR SDUD
ORJUDU SURGXFLU D JUDQ HVFDOD HO
DQWLELyWLFR GHELGR D TXH OD LQGXVWULD
TXtPLFD HUD DEVRUELGD SRU RWUDV
QHFHVLGDGHVGHODJXHUUD$VtTXHHQ
YLDMyFRQ+HDWOH\D(VWDGRV8QLGRVSDUD
EXVFDU XQD HPSUHVD IDUPDFpXWLFD TXH
ILQDQFLDUDHOSUR\HFWR7HPLHQGRTXHORV
FXOWLYRV TXH SRUWDEDQ IXHUDQ
LQWHUFHSWDGRV SRU ORV DOHPDQHV HQ VX
YLDMH WUDVDWOiQWLFR HQ HVWD RFDVLyQ VL
HVSDUFLHURQSRUVXVURSDVODVHVSRUDVGH
3HQLFLOOLXP
(Q ORV (VWDGRV 8QLGRV HO
/DERUDWRULR GH ,QYHVWLJDFLyQ 5HJLRQDO
155/XELFDGRHQ3HRULD,OOLQRLVTXH
FRQWDEDFRQH[SHUWRVHQIHUPHQWDFLRQHV
LQGXVWULDOHV \ PHMRU WHFQRORJtD ORJUy
SURGXFLU HQ JUDQGHV FDQWLGDGHV OD
VXVWDQFLDFRQODDVHVRUtDGH+HDWOH\3DUD
HQ155/VHJHQHUDURQPLOORQHVGH
XQLGDGHV GH DQWLELyWLFR SDUD ODV WURSDV
DOLDGDV*URVVPDQ
'HVGH HQWRQFHV OD SHQLFLOLQD KD
PHMRUDGR OD FDOLGDG GH YLGD KXPDQD
([LVWHODFUHHQFLDGHTXH)OHPLQJIXHHO
KpURHGHOGHVFXEULPLHQWRSRUTXHFXDQGR
ODSUHQVDEXVFyPiVLQIRUPDFLyQ)ORUH\
ODHYLWyGHELGRDVXFDUiFWHUSRFRVRFLDO
PLHQWUDVTXH)OHPLQJWXYRDSHUWXUDDOD
SXEOLFLGDG 7DPELpQ LQIOX\y TXH HO
S~EOLFR FRPSUHQGtD PHMRU HO
H[SHULPHQWR GHGXFWLYR \ VHQFLOOR GH
)OHPLQJTXHORVWHFQLFLVPRVGHOJUXSR
GH2[IRUG+R
(Q REWXYLHURQ HO 3UHPLR
1REHO HQ 0HGLFLQD )OHPLQJ )ORUH\ \
&KDLQ +HDWOH\ XQ KRPEUH
H[WUHPDGDPHQWHPRGHVWR\FRQXQJUDQ
VHQWLGR GH D\XGD VRFLDO QXQFD IXH
FRQVLGHUDGR SDUD GLFKR JDODUGyQ
+DPLOWRQ0LOOHU 9DOJD HVWH
WUDEDMRSDUDUHFRQRFHUVXJUDQODERU
(Q HO PXQGR UHDO QR KD\ KpURHV
VROLWDULRVH[LVWHQHTXLSRVGHWUDEDMRTXH
FRQ DVWXFLD SDFLHQFLD GHGLFDFLyQ
LQJHQLR\GHVWUH]DVFLHQWtILFDVREWLHQHQ
JUDQGHVORJURV<VLODFLHQFLDIXHVHXQ
JUDQ URPSHFDEH]DV TXH UHTXLHUH GHO
WUDEDMR GH PXFKRV SDUD VHU DUPDGD
HQWRQFHV +RZDUG )ORUH\ 1RUPDQ
+HDWOH\ \ (UQVW &KDLQ FRORFDURQ
HQRUPHVHLQYDOXDEOHVSLH]DVGHHVDVTXH
KDFHQ JUDQGHV DSRUWDFLRQHV D OD
KXPDQLGDG
%LEOLRJUDItD
&KDLQ(\(3$EUDKDP3XULILFDWLRQDQG
VRPH3K\VLFDODQG&KHPLFDO3URSHUWLHVRI 3HQLFLOOLQ
7KH%ULWLVK-RXUQDORI ([SHULPHQWDO3DWKRORJ\
9RO;;,,,
(UUHFDOGH -2 8VR GH $QWLPLFURELDQRV HQ
$QLPDOHV GH &RQVXPR 2UJDQL]DFLyQ GH ODV
1DFLRQHV 8QLGDV SDUD OD $JULFXOWXUD \
$OLPHQWDFLyQ 5RPD )$2
)ORUH\ + : 3HQLFLOOLQ $ 6XUYH\ %ULWLVK
0HGLFDO-RXUQDO *DUURG/3$OH[DQGHU)OHPLQJ$GHGLFDWLRQ
RQWKHWKDQQLYHUVDU\RI WKHGLVFRYHU\RI SHQLFLOOLQ
%U-([S3DWKRO²
*URVVPDQ&07KH)LUVW8VHRI 3HQLFLOOLQ
LQWKH8QLWHG6WDWHV$QQDOVRI ,QWHUQDO0HGLFLQH
+DPLOWRQ0LOOHU-07$SSUHFLDWLRQ'U
1RUPDQ +HDWOH\ -RXUQDO RI $QWLPLFURELDO
&KHPRWKHUDS\ ²
+DUH 5 1HZ /LJWK RQ WKH +LVWRU \ RI
3HQLFLOOLQ0HGLFDO+LVWRU\
+DUULV + +RZDUG )ORUH\ DQG WKH
'HYHORSPHQW RI 3HQLFLOOLQ 1RWHV 5HF 5 6RF
/RQG
-RNOLN :. 7KH 6WRU\ RI 3HQLFLOOLQ WKH
YLHZ IURP 2[IRUG LQ WKH (DUO\ V 7KH
)$6(%-RXUQDO
/D[(ULF7KHPROGLQ'U)ORUH\VFRDWWKH
VWRU\ RI WKH SHQLFLOOLQ PLUDFOH 1HZ <RUN 2ZO
%RRNV
7RGG 50 6HSWLFDHPLD RI WKH 1HZERUQ
$UFKLYHVRI 'LVHDVHLQ&KLOKRRG
)XHQWHV (OHFWUyQLFDV &RQVXOWDGDV
+R'$OH[DQGHU)OHPLQJ&LHQFLD0LWRV
+LVWRULDV H )DFWRV FRQVXOWD VHSWLHPEUH 'LVSRQLEOH HQ KWWSZZZWLPHFRP
WLPHWLPHVFLHQWLVWSURILOHIOHPLQJKWPO
6XFHVRU GH )ORUH\ HQ OD 6LU :LOOLDP 'XQQ
6FKRRORI 3DWKRORJ\HQ2[IRUG
(VQRPEUDGR7KH0LFUR0DVWHU/D[
0XMHUHVTXHSUHSDUDEDQORV
FXOWLYRVGH3HQLFLOOLXPHQ'XQQ6FKRRO
)LJ3HQLFLOOLQ*LUOVHQ2[IRUG
0LOHQDULD
^Z/K^/^͕'K,>D/Ed/K^/^
KDjEEEh^dZKD/K
DĂƌşĂ:ŽƐĠDĂƌƚşŶĞnj'ĂůůĂƌĚŽ
&ĂĐƵůƚĂĚĚĞŝĞŶĐŝĂƐYƵşŵŝĐŽŝŽůſŐŝĐĂƐ
hŶŝǀĞƌƐŝĚĂĚƵƚſŶŽŵĂĚĞ^ŝŶĂůŽĂ
ĞůŝŵŝŶĂĚŽ ũƵŶƚŽ ĐŽŶ ůĂ ŵĂƚĞƌŝĂ ĨĞĐĂů
;'ĂdžŝŽůĂĞƚĂů͕ϮϬϬϲͿ͘
>ŽƐ ĨĂĐƚŽƌĞƐ ĚĞ ƌŝĞƐŐŽ ƌĞůĂĐŝŽŶĂĚŽƐ
ĐŽŶůĂƚƌĂŶƐŵŝƐŝſŶĚĞůŽƐŚƵĞǀŽƐĚĞƐĐĂƌŝƐ
ůƵŵďƌŝĐŽŝĚĞƐƐĞĂƐŽĐŝĂŶŶŽƌŵĂůŵĞŶƚĞĂůĂ
ŝŶŐĞƐƚŝſŶ ĂĐĐŝĚĞŶƚĂů ĚĞ ƚŝĞƌƌĂ͖ ƐŝŶ
ĞŵďĂƌŐŽ͕ůĂŝŶŐĞƐƚŝſŶĚĞůŝďĞƌĂĚĂĚĞƚŝĞƌƌĂ
LJ ůĂ ŝŶŐĞƐƚŝſŶ ĚĞ ǀĞƌĚƵƌĂƐ͕ ůĞŐƵŵďƌĞƐ LJ
ĨƌƵƚĂƐ ĐŽŶƚĂŵŝŶĂĚĂƐ ƐŽŶ ƚĂŵďŝĠŶ
ŝŵƉŽƌƚĂŶƚĞƐ͘ >Ă ŝŶŐĞƐƚŝſŶ ĐŽŶ ƵŶ ĨŝŶ
ĚĞƚĞƌŵŝŶĂĚŽĚĞƚŝĞƌƌĂ͕ĚĞŶŽŵŝŶĂĚĂ͚ƉŝĐĂ͕͛
ĞƐƵŶĨĂĐƚŽƌĚĞƌŝĞƐŐŽĞŶŶŝŹŽƐ͕ĂƐşĐŽŵŽ
ĞŶ ŵƵũĞƌĞƐ ŐĞƐƚĂŶƚĞƐ LJ ůĂĐƚĂŶƚĞƐ ĚĞ
ĂůŐƵŶĂƐ ƉŽďůĂĐŝŽŶĞƐ ;&ŝŐƵƌĂ ϭͿ ;DĂƌŝůLJŶ͕
ϮϬϬϴͿ͘
&ŝŐƵƌĂϭ͘&ĂĐƚŽƌĚĞƌŝĞƐŐŽƉĂƌĂůĂƚƌĂŶƐŵŝƐŝſŶĚĞŚƵĞǀŽƐĚĞƐĐĂƌŝƐůƵŵďƌŝĐŽŝĚĞƐ
'
ĞďŝĚŽĂůĂĨĂůƚĂĚĞŚŝŐŝĞŶĞ͕ĂůĂ
ĐŽŶƚĂŵŝŶĂĐŝſŶĞŶĞůĂŵďŝĞŶƚĞ͕ĞŶƚƌĞŽƚƌŽƐ
ĨĂĐƚŽƌĞƐ͕ŚŽLJĞŶĚşĂƐĞĞƐƚĄƉƌĞƐĞŶƚĂŶĚŽ
ŵĂLJŽƌ ŝŶĐŝĚĞŶĐŝĂ ĚĞ ĞŶĨĞƌŵĞĚĂĚĞƐ
ĐĂƵƐĂĚĂƐ ƉŽƌ ƉĂƌĄƐŝƚŽƐ͕ ƋƵĞ ƐŽŶ
ŽƌŐĂŶŝƐŵŽƐ ƋƵĞ ƉĂƐĂŶ ƵŶĂ ƉĂƌƚĞ Ž ůĂ
ƚŽƚĂůŝĚĂĚĚĞƐƵĞdžŝƐƚĞŶĐŝĂ͕ĞŶĞůŝŶƚĞƌŝŽƌŽ
ĞdžƚĞƌŝŽƌĚĞŽƚƌŽƐĞƌǀŝǀŽ͕ĂĞdžƉĞŶƐĂƐĚĞů
ĐƵĂů ƐĞ ŶƵƚƌĞŶ ĐĂƵƐĄŶĚŽůĞ ĚĂŹŽ͘ ŶƚƌĞ
ĞůůŽƐ ĞƐƚĄŶ ůŽƐ ŐĞŽŚĞůŵŝŶƚŽƐ ƋƵĞ ƐŽŶ
ŐƵƐĂŶŽƐŽůŽŵďƌŝĐĞƐ͕ůŽƐĐƵĂůĞƐůĞĐĂƵƐĂŶ
ĚĂŹŽƐĂůŝŶƚĞƐƚŝŶŽĚĞůƐĞƌŚƵŵĂŶŽLJƚŝĞŶĞŶ
ĞŶ ĐŽŵƷŶ ůĂ ŶĞĐĞƐŝĚĂĚ ĚĞ ĐƵŵƉůŝƌ ƵŶĂ
ĞƚĂƉĂ ĚĞ ƐƵ ǀŝĚĂ ĞŶ Ğů ƐƵĞůŽ͘ Ğ ůĂƐ
ŐĞŽŚĞůŵŝƚŝŽƐŝƐ͕ ĂƐĐĂƌŝŽƐŝƐ ĞƐ ůĂ ŵĄƐ
ĨƌĞĐƵĞŶƚĞĞŶŶƵĞƐƚƌŽŵĞĚŝŽ͘
>Ă ĂƐĐĂƌŝŽƐŝƐ ĞƐ ƵŶĂ ƉĂƌĂƐŝƚŽƐŝƐ ƋƵĞ
ƐĞ ĂĚƋƵŝĞƌĞ ŵĞĚŝĂŶƚĞ ůĂ ŝŶŐĞƐƚŝſŶ ĚĞ ůĂ
ĨŽƌŵĂŝŶĨĞĐƚĂŶƚĞ;ŚƵĞǀŽůĂƌǀĂĚŽͿ͕ƋƵĞŚĂ
ŵĂĚƵƌĂĚŽ ĞŶ Ğů ƐƵĞůŽ͕ ĚĞ ĂŚş ƋƵĞ ƐĞ
ĐĂƚĂůŽŐƵĞ Ă ĞƐƚĂ ƉĂƌĂƐŝƚŽƐŝƐ ĐŽŵŽ ƵŶĂ
ĞĚĂĨŽŚĞůŵŝŶƚŝŽƐŝƐ Ž ŐĞŽŚĞůŵŝŶƚŝŽƐŝƐ͕
ƐĞŐƷŶ ƐƵ ĚĞĨŝŶŝĐŝſŶ ƉŽƌ ůĂ KƌŐĂŶŝnjĂĐŝſŶ
DƵŶĚŝĂů ĚĞ ůĂ ^ĂůƵĚ ĚĞ ŚĞůŵŝŶƚŝŽƐŝƐ
ƚƌĂŶƐŵŝƚŝĚĂƐƉŽƌĞůƐƵĞůŽ͘
ů ĂŐĞŶƚĞ ĞƚŝŽůſŐŝĐŽ ;ƐĐĂƌŝƐ
ůƵŵďƌŝĐŽŝĚĞƐͿĞƐƵŶŶĞŵĂƚŽĚŽĐŽŵƷŶĞŶ
ĞůŚŽŵďƌĞĂůƋƵĞůĞĐĂƵƐĂƉƌŝŶĐŝƉĂůŵĞŶƚĞ
ƉƌŽďůĞŵĂƐ ŝŶƚĞƐƚŝŶĂůĞƐ LJ ƉƵůŵŽŶĂƌĞƐ͘
ƐĐĂƌŝƐůƵŵďƌŝĐŽŝĚĞƐĞƐĞůŶĞŵĂƚŽĚŽŵĄƐ
ŐƌĂŶĚĞƋƵĞƉĂƌĂƐŝƚĂĞůƚƵďŽĚŝŐĞƐƚŝǀŽĚĞů
ŚŽŵďƌĞLJƐĞŐƵƌĂŵĞŶƚĞĨƵĞĐŽŶŽĐŝĚŽƉŽƌ
Ġů ĚĞƐĚĞ ŚĂĐĞ ŵƵĐŚŽƐ ƐŝŐůŽƐ͕ LJĂ ƋƵĞ ƐƵ
ƚĂŵĂŹŽŶŽƉƵĚŽƉĂƐĂƌŝŶĂĚǀĞƌƚŝĚŽĂůƐĞƌ
0LOHQDULD
ů ĐŽŶũƵŶƚŽ ĚĞ ĨĂĐƚŽƌĞƐ ƉƌĞĚŝĐƚŝǀŽƐ
ĂŵďŝĞŶƚĂůĞƐ͕ ƐŽĐŝĂůĞƐ LJ ĐŽŶĚƵĐƚƵĂůĞƐ ĚĞů
ĂƵŵĞŶƚŽĚĞĐĂƐŽƐĚĞĂƐĐĂƌŝŽƐŝƐŶŽƐŝĞŵƉƌĞ
ĞƐ ƵŶŝĨŽƌŵĞ ĞŶ ƚŽĚŽƐ ůŽƐ ĞƐƚƵĚŝŽƐ͕ ƐŝŶŽ
ƋƵĞ ƐĞ ĚĞƐĐƌŝďĞ ĨƌĞĐƵĞŶƚĞŵĞŶƚĞ
ŚĂĐŝŶĂŵŝĞŶƚŽ͕ĞĚƵĐĂĐŝſŶĚĞĨŝĐŝĞŶƚĞĚĞůĂƐ
ŵĂĚƌĞƐ͕ ĚĞĨĞĐĂĐŝſŶ Ăů ƌĂƐ ĚĞů ƐƵĞůŽ͕
ƐƵŵŝŶŝƐƚƌŽŝŶĂĚĞĐƵĂĚŽĚĞĂŐƵĂ͕ƉŽďƌĞnjĂ͕
ĞƐƚĂĚŽ ŶƵƚƌŝĐŝŽŶĂů ĐĂƌĞŶĐŝĂů͕ ƵƐŽ ĚĞ
ďŝŽƐſůŝĚŽƐ ŚƵŵĂŶŽƐ ƉĂƌĂ ĨĞƌƚŝůŝnjĂŶƚĞƐ LJ
ƌŝĞŐŽƐ͕ŐĞŽĨĂŐŝĂ͕ŽŵŝƐŝſŶĚĞůůĂǀĂĚŽĚĞůĂƐ
ŵĂŶŽƐĂŶƚĞƐĚĞĐŽŵĞƌ͕ƉŽƐĞƐŝſŶĚĞĐĞƌĚŽƐ
Ž ĐƌşĂ ĚĞ ŐĂŶĂĚŽ͕ ĞŶ ĨƵŶĐŝſŶ ĚĞ ůĂ
ƉŽďůĂĐŝſŶƋƵĞƐĞĞƐƚĠĐŽŶƐŝĚĞƌĂŶĚŽ;ŶŝŹŽƐ
ƉƌĞĞƐĐŽůĂƌĞƐ͕ ŶŝŹŽƐ ĞƐĐŽůĂƌĞƐ͕ ŵƵũĞƌĞƐ
ĞŵŝŐƌĂŶƚĞƐ͕ ǀĞŶĚĞĚŽƌĞƐ ĂŵďƵůĂŶƚĞƐ͕
ĐŽŵƵŶŝĚĂĚĞƐĞŶƚĞƌĂƐͿ;DĂƌŝůLJŶ͕ϮϬϬϴͿ͘
>Ă ŚĞŵďƌĂ ĚĞ ƐĐĂƌŝƐ ůƵŵďƌŝĐŽŝĚĞƐ
ŵŝĚĞ ĚĞ ϮϬͲϯϱ Đŵ LJ Ğů ŵĂĐŚŽ ϭϱͲϯϬ Đŵ
ĐŽŶƵŶĚŝĄŵĞƚƌŽĚĞĂƉƌŽdžŝŵĂĚĂŵĞŶƚĞϰ
ŵŵ͘ƐĐŝůşŶĚƌŝĐŽĐŽŶƵŶĞdžƚƌĞŵŽƉŽƐƚĞƌŝŽƌ
ƉƵŶƚŝĂŐƵĚŽ LJ ƵŶŽ ĂŶƚĞƌŝŽƌ ƌŽŵŽ͘ >ŽƐ
ĐŽƌĚŽŶĞƐ ůĂƚĞƌĂůĞƐ ƐŽŶ ŵƵLJ ĂƉĂƌĞŶƚĞƐ LJ
ƚŝĞŶĞŶ Ğů ĂƐƉĞĐƚŽ ĚĞ ĞƐƚƌşĂƐ ĚĞ ĐŽůŽƌ
ďůĂŶƋƵĞĐŝŶŽ
ƋƵĞ
ƌĞĐŽƌƌĞŶ
&ŝŐƵƌĂϮ͘DĂĐŚŽLJŚĞŵďƌĂĚĞƐĐĂƌŝƐůƵŵďƌŝĐŽŝĚĞƐ
ůŽŶŐŝƚƵĚŝŶĂůŵĞŶƚĞƚŽĚŽĞůĐƵĞƌƉŽĚĞĞƐƚĞ
ŶĞŵĂƚŽĚŽ;&ŝŐƵƌĂϮͿ;dĂLJ͕ϮϬϬϮͿ͘
>ĂĐĂďĞnjĂĞƐƚĄƉƌŽǀŝƐƚĂĚĞƚƌĞƐůĂďŝŽƐ
ďŝĞŶĚŝĨĞƌĞŶĐŝĂĚŽƐƋƵĞƉŽƐĞĞŶĚŝŵŝŶƵƚŽƐ
ĚŝĞŶƚĞƐ Ž ĚĞŶƚşĐƵůĂƐ͘ ĂĚĂ ůĂďŝŽ ƚŝĞŶĞ
ƉĞƋƵĞŹĂƐ ƉĂƉŝůĂƐ ŐĞŵĞůĂƐ ĞŶ ůŽƐ ďŽƌĚĞƐ
ůĂƚĞƌĂůĞƐ͕LJůŽĐĂůŝnjĂĚĂĞŶĞůĐĞŶƚƌŽĞdžŝƐƚĞ
ƵŶĂ ƉĞƋƵĞŹĂ ĐĂǀŝĚĂĚ ďƵĐĂů ĚĞ ĨŽƌŵĂ
ƚƌŝĂŶŐƵůĂƌƋƵĞĐŽŶƚŝŶƷĂĐŽŶĞůĞƐſĨĂŐŽĞ
ŝŶƚĞƐƚŝŶŽƚƵďƵůĂƌ͕ƚĞƌŵŝŶĂŶĚŽĞŶůĂĐůŽĂĐĂ
ƐĞdžƵĂů ĞŶ Ğů ŵĂĐŚŽ LJ ĞŶ Ğů ĂŶŽ ĞŶ ůĂ
ŚĞŵďƌĂ͘ŶĞůŵĂĐŚŽ͕ĞůĞdžƚƌĞŵŽƉŽƐƚĞƌŝŽƌ
ĞƐƚĄĐƵƌǀĂĚŽŚĂĐŝĂůĂƉŽƐŝĐŝſŶǀĞŶƚƌĂů;dĂLJ͕
ϮϬϬϮͿ͘
>ĂƐĚŝĨĞƌĞŶƚĞƐƉƌĞƐĞŶƚĂĐŝŽŶĞƐĐůşŶŝĐĂƐ
ƌĞƐƵůƚĂŶĚĞůĂŵŝŐƌĂĐŝſŶƉƵůŵŽŶĂƌ;ůĂƌǀĂƐͿ͕
ŽďƐƚƌƵĐĐŝſŶ ŝŶƚĞƐƚŝŶĂů LJ ŵŝŐƌĂĐŝſŶ Ă ůŽƐ
ĐŽŶĚƵĐƚŽƐ ďŝůŝĂƌĞƐ ;ŐƵƐĂŶŽƐ ĂĚƵůƚŽƐͿ͕
ĚŽŶĚĞƉƵĞĚĞŶƉƌŽǀŽĐĂƌƵŶĐƵĂĚƌŽĐůşŶŝĐŽ
ĚĞ ĚŽůŽƌ ĂďĚŽŵŝŶĂů ŝŶƚĞƌŵŝƚĞŶƚĞ ĞŶ Ğů
ĐƵĂĚƌĂŶƚĞ ƐƵƉĞƌŝŽƌ ĚĞƌĞĐŚŽ͕ ĨŝĞďƌĞ͕
ĂƐƉĞĐƚŽ ƚſdžŝĐŽ͕ ŽďƐƚƌƵĐĐŝſŶ ďŝůŝĂƌ͕
ĐŽůĂŶŐŝƚŝƐ͕ ĨŽƌŵĂĐŝſŶ ĚĞ ĂďƐĐĞƐŽƐ͕
ĨĂĐŝůŝƚĂŶĚŽ ůĂ ĨŽƌŵĂĐŝſŶ ĚĞ ĐĄůĐƵůŽƐ
;ZŽĚƌşŐƵĞnj͕ϮϬϬϯͿ͘
>ĂƐ ŵĂŶŝĨĞƐƚĂĐŝŽŶĞƐ ĐůşŶŝĐĂƐ ŵĄƐ
ĨƌĞĐƵĞŶƚĞƐ ĐĂƵƐĂĚĂƐ ƉŽƌ ĞƐƚŽƐ ƉĂƌĄƐŝƚŽƐ
ƐŽŶ͗ ĚŝĂƌƌĞĂ͕ ĚŽůŽƌ ĂďĚŽŵŝŶĂů͕
ĞƐƚƌĞŹŝŵŝĞŶƚŽ͕ ŶĄƵƐĞĂ͕ ǀſŵŝƚŽ͕ ƉƌƵƌŝƚŽ
ĂŶĂů͕ ĚŝƐƚĞŶƐŝſŶ ĂďĚŽŵŝŶĂů͕ ĐĞĨĂůĞĂ͕
ŚŝƉŽƌĞdžŝĂ͕ĂŶŽƌĞdžŝĂ͕ŵĞƚĞŽƌŝƐŵŽ͕ĂŶĞŵŝĂ͕
ĂƐƚĞŶŝĂ LJ ĂĚŝŶĂŵŝĂ͘ Ŷ ĐĂƐŽƐ ƌĂƌŽƐ
ŚĞƉĂƚŽŵĞŐĂůŝĂLJƐşŶĚƌŽŵĞĚĞ>ƂĞĨĨůĞƌ͘Ŷ
ĐĂƐŽƐ ĐŽŵƉůŝĐĂĚŽƐ ƐĞ ƉƵĞĚĞ ŽďƐĞƌǀĂƌ
ŵĞůĞŶĂLJĞdžƉƵůƐŝſŶĚĞŚĞůŵŝŶƚŽƐƉŽƌĂŶŽ
ĞŝŶĐůƵƐŽƉŽƌŶĂƌŝnj;ZŽĚƌşŐƵĞnj͕ϮϬϬϯͿ͘
ƉĂşƐ͘ŚŝůĞ͕ĐŽŶƵŶŶƷŵĞƌŽĚĞŝŶĨĞĐƚĂĚŽƐ
ĞƐƚƵĚŝĂĚŽƐ ĞŶ ϰϮϯ Ϯϳϵ͕ ŵƵĞƐƚƌĂ
ĐůĂƌĂŵĞŶƚĞ ůĂ ƌĞůĂĐŝſŶ ƋƵĞ ĞdžŝƐƚĞ ĐŽŶ Ğů
ĂŵďŝĞŶƚĞLJĞůĐůŝŵĂ͘ŶĞůƐƵƌĚĞůƉĂşƐůĂ
ƉƌĞǀĂůĞŶĐŝĂĚĞĂƐĐĂƌŝŽƐŝƐƐŽďƌĞƉĂƐĂĞůϮϬй
Ğ ŝŶĐůƵƐŽ ůĂ ŝŶĨĞĐĐŝſŶ ŚĂ ƐŽďƌĞƉĂƐĂĚŽ Ğů
ϱϬй;ŽƌƚĞnjĞƚĂů͕ϭϵϵϲͿ͘
>Ă ĂƐĐĂƌŝŽƐŝƐ ĞŶ ŶŝŹŽƐ ƉƌŽĚƵĐĞ ƵŶĂ
ĚŝƐŵŝŶƵĐŝſŶĚĞůĂĂďƐŽƌĐŝſŶĚĞƉƌŽĚƵĐƚŽƐ
ŶŝƚƌŽŐĞŶĂĚŽƐ͕ůşƉŝĚŽƐLJͲdžŝůŽƐĂ͕ƋƵĞũƵŶƚŽ
ĂƵŶĂĚŝƐŵŝŶƵĐŝſŶĚĞůĂĂĐƚŝǀŝĚĂĚůĂĐƚĂƐĂ
ĚĞů ƌŝďĞƚĞ ŝŶƚĞƐƚŝŶĂů͕ ĐŽŶĚƵĐĞ Ă ƵŶĂ
ĚŝƐŵŝŶƵĐŝſŶ ĚĞ ůĂ ƚĂƐĂ ĚĞ ĐƌĞĐŝŵŝĞŶƚŽ LJ
ĚĞƐĂƌƌŽůůŽ ĚĞů ƐŝƐƚĞŵĂ ŶĞƌǀŝŽƐŽ ĐĞŶƚƌĂů
;dŽƌƌĞƐĞƚĂů͕ϭϵϵϵͿ͘
^Ğ ƌĞĂůŝnjſ ƵŶ ĞƐƚƵĚŝŽ ĞŶ ƵďĂ ƉĂƌĂ
ĐŽŶŽĐĞƌ ůĂ ƐŝƚƵĂĐŝſŶ ĚĞ ůŽƐ ƉĂƚſŐĞŶŽƐ
ŝŶƚĞƐƚŝŶĂůĞƐ ĞŶ ϲϵ ŶŝŹŽƐ ĚĞ ĞĚĂĚ ĞƐĐŽůĂƌ
;ϱͲϭϯ ĂŹŽƐͿ͕ ůĂ ƉŽďůĂĐŝſŶ ĚĞ ĚŝĐŚĂ
ĐŽŵƵŶŝĚĂĚĂƌƌŽũſƵŶƌĞƐƵůƚĂĚŽĚĞϰϭ͘ϵй
ĚĞ ŝŶĨĞĐĐŝſŶ ƉŽƌ ƐĐĂƌŝƐ ůƵŵďƌŝĐŽŝĚĞƐ
;ĂďĂůůĞƌŽĞƚĂů͕ϮϬϭϭͿ͘
ŶDĠdžŝĐŽƐĞĞƐƚŝŵĂƋƵĞĞůϯϯйĚĞůĂ
ƉŽďůĂĐŝſŶĞƐƚĄƉĂƌĂƐŝƚĂĚĂ͕ĂƷŶĐƵĂŶĚŽĂů
ƉĂƌĞĐĞƌ ƐŽůŽ Ğů ϲй ĚĞ ůŽƐ ŝŶĨĞĐƚĂĚŽƐ
ƉƌĞƐĞŶƚĂƉĂƌĂƐŝƚŽƐŝƐŵĂƐŝǀĂ͕ŽĐƵƉĂŶĚŽĂƐş
ƵŶŽĚĞůŽƐƉƌŝŵĞƌŽƐůƵŐĂƌĞƐĐŽŵŽĐĂƵƐĂ
ĚĞ ŵŽƌďŝůŝĚĂĚ LJ ŵŽƌƚĂůŝĚĂĚ ĞŶ ŶŝŹŽƐ
ŵĞŶŽƌĞƐ ĚĞ ϱ ĂŹŽƐ͘ Ŷ Ğů /ŶƐƚŝƚƵƚŽ
DĞdžŝĐĂŶŽ ĚĞů ^ĞŐƵƌŽ ^ŽĐŝĂů ;/D^^Ϳ ůĂƐ
ŚĞůŵŝŶƚŝĂƐŝƐĐŽŶƐƚŝƚƵLJĞŶůĂƐĞdžƚĂĐĂƵƐĂĚĞ
ĚĞŵĂŶĚĂĚĞĐŽŶƐƵůƚĂ͕LJĞŶĞůŐƌƵƉŽĚĞϭ
ĂϭϱĂŹŽƐĞƐĞůƚĞƌĐĞƌŵŽƚŝǀŽĚĞĐŽŶƐƵůƚĂ
;ĂďĂůůĞƌŽĞƚĂů͕ϮϬϭϭͿ͘
>Ă ĂƐĐĂƌŝŽƐŝƐ ĂĨĞĐƚĂ Ăů Ϯϱй ĚĞ ůĂ
ƉŽďůĂĐŝſŶŵƵŶĚŝĂů͕ĞŶƌĞŐŝŽŶĞƐĚŽŶĚĞůŽƐ
ĐůŝŵĂƐĨĂǀŽƌĞĐĞŶĞůĚĞƐĂƌƌŽůůŽĚĞƐĐĂƌŝƐ
ůƵŵďƌŝĐŽŝĚĞƐ͕ĐŽŵŽĞŶůĂŵĂLJŽƌşĂĚĞůŽƐ
ƉĂşƐĞƐĚĞĞŶƚƌŽLJ^ƵĚĂŵĠƌŝĐĂ͕ĚŽŶĚĞůĂ
ƉƌĞǀĂůĞŶĐŝĂ ĂůĐĂŶnjĂ ƵŶ ϱϬ й ĐŽŵŽ
ƉƌŽŵĞĚŝŽ;DĂŵĂŶŝĞƚĂů͕ϮϬϬϵͿ͘
Ŷ^ƵĚĂŵĠƌŝĐĂƐĞĞƐƚŝŵĂƋƵĞŚĂLJŵĄƐ
ĚĞ ϭϬϬ ŵŝůůŽŶĞƐ ĚĞ ƉĞƌƐŽŶĂƐ ŝŶĨĞĐƚĂĚĂƐ
ƉŽƌ ƐĐĂƌŝƐ ůƵŵďƌŝĐŽŝĚĞƐ͘ ƌĂƐŝů ŵƵĞƐƚƌĂ
ĂůƚĂƐ ƚĂƐĂƐ ĚĞ ŝŶĨĞĐĐŝſŶ ĞŶ ƚŽĚŽ ƐƵ
ƚĞƌƌŝƚŽƌŝŽ͕ ĞƐƉĞĐŝĂůŵĞŶƚĞ ĞŶ ůĂ ƌĞŐŝſŶ
ŵĂnjſŶŝĐĂ ĚŽŶĚĞ ƐĞ ŚĂŶ ŽďƐĞƌǀĂĚŽ
ĨƌĞĐƵĞŶĐŝĂƐĚĞůϲϱͲϳϵй͕ůĂƐŵĄƐĂůƚĂƐĚĞů
0LOHQDULD
^ĞŐƷŶ ĚĂƚŽƐ ĚĞ ůĂ ^ŝƐƚĞŵĂ EĂĐŝŽŶĂů
ĚĞ s ŝŐŝůĂŶĐŝĂ ƉŝĚĞŵŝŽůſŐŝĐĂ͕ ĞŶ Ğů
ƉĞƌŝŽĚŽ ĚĞ ϭϵϵϬ Ă ϮϬϭϬ ĞŶ DĠdžŝĐŽ͕ ƐĞ
ŽďƐĞƌǀĂƌŽŶƵŶƚŽƚĂůĚĞϯϭŵŝůůŽŶĞƐϯϴŵŝů
ƌĞĐƵƌƌĞŶĐŝĂ ĞŶ ůĂƐ njŽŶĂƐ ƌƵƌĂůĞƐ LJ ĚĞ
ĞƐĐĂƐŽƐƌĞĐƵƌƐŽƐĞĐŽŶſŵŝĐŽƐ͘WŽƌĞƐƚĂ
ƌĂnjſŶĞƐƉĞƌƚŝŶĞŶƚĞĐŽŶŽĐĞƌƐŽďƌĞĞƐƚĂ
ƉĂƌĂƐŝƚŽƐŝƐLJƌĞĂůŝnjĂƌŝŶǀĞƐƚŝŐĂĐŝŽŶĞƐĚĞ
ĚŝĐŚĂ ƉĂƚŽůŽŐşĂ ƋƵĞ ĐŽŶƚƌŝďƵLJĂŶ Ă ůĂ
ĚŝƐŵŝŶƵĐŝſŶ ĚĞ ůĂ ŚĞůŵŝŶƚŝĂƐŝƐ LJ ĂƐş
ƉƌŽƉŽŶĞƌŵĞĚŝĚĂƐĚĞŚŝŐŝĞŶĞ͕ŚĄďŝƚŽƐ
ĂůŝŵĞŶƚŝĐŝŽƐLJĐŽŶĚŝĐŝŽŶĞƐĚĞǀŝǀŝĞŶĚĂ͘
ŝďůŝŽŐƌĂĨşĂ
ϭ͘ ĂďĂůůĞƌŽ ͕ Ğƚ Ăů͘ ƐĐĂƌŝƐ ůƵŵďƌŝĐŽŝĚĞƐ ĞŶ
Ğů ĐŽƌĂnjſŶ ĚĞ ƵŶĂ ŐĞƐƚĂŶƚĞ͘ ZĞǀŝƐƚĂ ƵďĂŶĂ
ĚĞKďƐƚĞƚƌŝĐŝĂLJ'ŝŶĞĐŽůŽŐşĂϮϬϭϭ͖ϯϳ;ϮͿ͗ϮϰϯͲ
ϮϱϬ͘
Ϯ͘ŽƌƚĞnjDD͕DĂƌşŶDZ͘ƐĐĂƌŝƐůƵŵďƌŝĐŽŝĚĞƐ͘
DĞŵŽƌŝĂ ĚĞů ^ĞƌǀŝĐŝŽ ^ŽĐŝĂů hŶŝĚŝƐĐŝƉůŝŶĂƌŝŽ
ϭϵϵϲ͘ &ĂĐƵůƚĂĚ ĚĞ ŝĞŶĐŝĂƐ YƵşŵŝĐŽ
ŝŽůſŐŝĐĂƐ͕hŶŝǀĞƌƐŝĚĂĚƵƚſŶŽŵĂĚĞ^ŝŶĂůŽĂ͘
ϯ͘ 'ĂdžŝŽůĂ ,͕ ZƵŝnj '>͘ ƐĐĂƌŝƐ ůƵŵďƌŝĐŽŝĚĞƐ͘
DĞŵŽƌŝĂ ĚĞů ^ĞƌǀŝĐŝŽ ^ŽĐŝĂů hŶŝƉƌŽĨĞƐŝŽŶĂů
ϮϬϬϲ͘ &ĂĐƵůƚĂĚ ĚĞ ŝĞŶĐŝĂƐ YƵşŵŝĐŽ
ŝŽůſŐŝĐĂƐ͕hŶŝǀĞƌƐŝĚĂĚƵƚſŶŽŵĂĚĞ^ŝŶĂůŽĂ͘
ϰ͘DĂŵĂŶŝ͕͘ĞƚĂů͘dƌĂďĂũŽĚĞ/ŶǀĞƐƚŝŐĂĐŝſŶ͗
WƌĞǀĂůĞŶĐŝĂĚĞƐĐĂƌŝŽƐŝƐĞŶŶŝŹŽƐĚĞϯĂϭϭ
ĂŹŽƐ ĚĞ ĞĚĂĚ ĞŶ ůĂ ƵŶŝĚĂĚ ĞĚƵĐĂƚŝǀĂ ĚĞ ůĂ
ĐŽůŽŶŝĂ >ŝŶĂƌĞƐ ĚĞ ĞƌŵĞũŽ dĂƌŝũĂ ĚĞ ũƵůŝŽͲ
ƐĞƉƚŝĞŵďƌĞĚĞůϮϬϬϵ͘hŶŝǀĞƌƐŝĚĂĚƵƚſŶŽŵĂ
ͨ:ƵĂŶDŝƐĂĞů^ĂƌĂĐŚŽ͕ͩ&ĂĐƵůƚĂĚĚĞŝĞŶĐŝĂƐ
ĚĞůĂ^ĂůƵĚ͘ŽůŝǀŝĂ͖ϮϬϬϵ͘
&ŝŐƵƌĂϯ͘ŽŵƉŽƌƚĂŵŝĞŶƚŽĚĞůĂƐĐĂƌŝŽƐŝƐĞŶƉŽďůĂĐŝſŶŵĞŶŽƌĚĞϭϱĂŹŽƐĚĞĞĚĂĚƉŽƌŶƚŝĚĂĚ
&ĞĚĞƌĂƚŝǀĂ͕ϭϵϵϬLJϮϬϭϬ;DŽŶƚŽLJĂ͕ϮϬϭϭͿ͘
ϴϯϳ ĐĂƐŽƐ ĚĞ ĂƐĐĂƌŝŽƐŝƐ͕ ĞŶƚĞƌŽďŝŽƐŝƐ͕
ĂŵĞďŝŽƐŝƐŝŶƚĞƐƚŝŶĂůLJŐŝĂƌĚŝŽƐŝƐ͕ƐŝĞŶĚŽůĂƐ
ƉĂƌĂƐŝƚŽƐŝƐŝŶƚĞƐƚŝŶĂůĞƐŵĄƐĨƌĞĐƵĞŶƚĞƐĞŶ
ůĂƉŽďůĂĐŝſŶŵĞŶŽƌĚĞϭϱĂŹŽƐĚĞĞĚĂĚ͘
ůƚŽƚĂůĚĞůŽƐƌĞŐŝƐƚƌŽƐƉŽƌĂƐĐĂƌŝŽƐŝƐĞŶůĂ
ƉŽďůĂĐŝſŶ ŐĞŶĞƌĂů ĨƵĞ ĚĞ ϲ ŵŝůůŽŶĞƐ ϲϬϭ
ŵŝůϱϵϬ͘ŶŵĞŶŽƌĞƐĚĞϭϱĂŹŽƐĚĞĞĚĂĚ
ůĂƐ ŝŶĨĞĐĐŝŽŶĞƐ ĚĞ ƉƌŝŵĞƌĂ ǀĞnj ƉŽƌ ĞƐƚĞ
ƉĂƌĄƐŝƚŽ͕ĨƵĞƌŽŶĚĞϰŵŝůůŽŶĞƐϴϱϬŵŝůϲϭϮ
ĐĂƐŽƐ ;ϲϰ͘ϮйͿ͘ Ɛ ĚĞĐŝƌ͕ ĞŶ ůĂ ƉŽďůĂĐŝſŶ
ŵĞŶŽƌ ĚĞ ϭϱ ĂŹŽƐ ĞŶ ŵĂLJŽƌ ƉƌŽƉŽƌĐŝſŶ
ƐĞƉƌĞƐĞŶƚſĞƐƚĂĞŶĨĞƌŵĞĚĂĚƉĂƌĂƐŝƚĂƌŝĂ͘
Ŷ ŐĞŶĞƌĂů͕ ĞŶ Ğů ƷůƚŝŵŽ ĂŹŽ ƐĞ ŽďƐĞƌǀſ
ƵŶĂ ĚŝƐŵŝŶƵĐŝſŶ ĚĞ ĐĂƐŽƐ ƌĞƉŽƌƚĂĚŽƐ͘
WĂƌĂ Ğů ϮϬϭϬ ĚĞ ĂĐƵĞƌĚŽ Ă ůĂƐ
ƉƌŽƉŽƌĐŝŽŶĞƐ͕ Ğů ŐƌƵƉŽ ĞƚĂƌŝŽ ƋƵĞ ĨƵĞ
ĐůşŶŝĐĂŵĞŶƚĞƌĞƉŽƌƚĂĚŽĐŽŶĂƐĐĂƌŝŽƐŝƐĐŽŶ
ŵĂLJŽƌĨƌĞĐƵĞŶĐŝĂĨƵĞĞůĚĞϭĂϰĂŹŽƐĚĞ
ĞĚĂĚĐŽŶϰϭ͘ϰй͖ƐĞŐƵŝĚŽĚĞϱĂϵĐŽŶƵŶ
ϯϬ͘Ϭ й͖ ƉŽƐƚĞƌŝŽƌŵĞŶƚĞ ĚĞ ϭϬ Ă ϭϰ
;Ϯϱ͘ϱйͿ͖LJůŽƐŵĞŶŽƌĞƐĚĞϭĂŹŽĐŽŶϯ͘ϭй
;&ŝŐƵƌĂϯͿ;DŽŶƚŽLJĂ͕ϮϬϭϭͿ͘
>Ă ĂƐĐĂƌŝŽƐŝƐ ĞƐ ƉŽƌ ƚĂŶƚŽ͕ ƵŶĂ
ĞŶĨĞƌŵĞĚĂĚ ƉĂƌĂƐŝƚĂƌŝĂ ƋƵĞ ĂĨĞĐƚĂ
ƉƌŝŶĐŝƉĂůŵĞŶƚĞ Ă ŶŝŹŽƐ͕ ĐŽŶ ŵĂLJŽƌ
0LOHQDULD
ϱ͘ DĂƌŝůLJŶ ^͕ Ğƚ Ăů͘ ƐĐĂƌŝƐ ůƵŵďƌŝĐŽŝĚĞƐ͗ hŶĂ
ƌĞǀŝƐŝſŶĚĞƐƵĞƉŝĚĞŵŝŽůŽŐşĂLJƐƵƌĞůĂĐŝſŶĐŽŶ
ŽƚƌĂƐ ŝŶĨĞĐĐŝŽŶĞƐ͘ ZĞǀŝƐƚĂ ŶŶ EĞƐƚůĠ ϮϬϬϴ͖
ϲϲ͗ϳʹϮϮ͘
ϲ͘DŽŶƚŽLJĂEz͘ƐĐĂƌŝŽƐŝƐĞŶƉŽďůĂĐŝſŶŵĞŶŽƌ
ĚĞ ϭϱ ĂŹŽƐ ĚĞ ĞĚĂĚ ĞŶ DĠdžŝĐŽ ϭϵϵϵͲϮϬϭϬ͘
sŝŐŝůĂŶĐŝĂƉŝĚĞŵŝŽůſŐŝĐĂϮϬϭϭ͖Ϯϴ;ϭϰͿ͗ϭͲϱ͘
ϳ͘ZŽĚƌşŐƵĞnj'>͘ƉŝĚĞŵŝŽůŽŐşĂĚĞůĂƉĂƌĂƐŝƚŽƐŝƐ
ŝŶƚĞƐƚŝŶĂů ĞŶ DĠdžŝĐŽ͘ s ŝŐŝůĂŶĐŝĂ
ƉŝĚĞŵŝŽůſŐŝĐĂ^ĞŵĂŶĂϮϬ͕ϮϬϬϯ͖ϭͲϯ͘
ϴ͘ dĂLJ :͕͘ sĞůĂnjĐŽ K͘ WĂƌĂƐŝƚŽůŽŐşĂ DĠĚŝĐĂ͘ ϳĂ
ĚŝĐŝſŶ͘ DĠdžŝĐŽ͗ DĠŶĚĞnj ĞĚŝƚŽƌŝĂůĞƐ͕ ϮϬϬϮ͖
WĄŐƐ͘ ϯϬϵͲϯϮϬ͘
ϵ͘dŽƌƌĞƐZ͕ĞƚĂů͘WƌĞǀĂůĞŶĐŝĂĚĞĂƐĐĂƌŝĂƐŝƐĞŶ
ƉĂĐŝĞŶƚĞƐƉĞĚŝĄƚƌŝĐŽƐĚĞůŵĞĚŝŽŶŽƐŽĐŽŵŝĂů
ƉƷďůŝĐŽ LJ ƉƌŝǀĂĚŽ͘ 'ĂĐ DĠĚ ĂƌĂĐĂƐ
ϭϵϵϵ͖ϭϬϳ;ϮͿ͗ϮϭϮͲϮϭϴ͘
/RVSHVWLFLGDVYXHOYHQ
PiVDJUHVLYDV
DDOJXQDVKRUPLJDV
/XLV)HUQDQGR2UWHJD 9DUHOD
3URIHVRUH,QYHVWLJDGRUGHOD(VFXHODGH
(QIHUPHUtD\6DOXG3~EOLFD8061+
8
QD LQYHVWLJDFLyQ UHFLHQWH
OOHYDGDDFDERHQOD8QLYHUVLGDG9LFWRULD
GH OD FLXGDG GH :HOOLQJWRQ HQ 1XHYD
=HODQGLDREVHUYyTXHDOJXQRVSHVWLFLGDV
GH XVR FRP~Q YXHOYHQ D XQD HVSHFLH
LQYDVLYDGHKRUPLJDVPiVDJUHVLYD
\ FRPSOLFDQ OD VXSHUYLYHQFLD GH
RWUD HVSHFLH QDWLYD $O PLVPR
WLHPSR OD HVSHFLH GH KRUPLJDV
QDWLYDVUHVXOWDPHQRVDJUHVLYDWUDV
OD H[SRVLFLyQ D ORV PLVPRV
FRPSXHVWRV%DUELHULHWDO
Q~PHUR GH DEHMDV \ RWURV LQVHFWRV
SROLQL]DGRUHV (VWRV TXtPLFRV VRQ
XVXDOPHQWH URFLDGRV HQ ODV UDtFHV \ VH
HVSDUFHQSRUWRGDODSODQWDDIHFWDQGRD
ORVLQVHFWRVTXHVHDOLPHQWDQGHHOOD/D
FRPLVLyQ HXURSHD UHFLHQWHPHQWH
LPSXVR UHVWULFFLRQHV DO XVR GH ORV
/D ,QYHVWLJDFLyQ GH 5DIDHO
%DUELHUL\ORV3URIHVRUHV3KLO/HVWHU
\ .HQ 5\DQ GH OD HVFXHOD GH
&LHQFLDV %LROyJLFDV GH OD
8QLYHUVLGDG9LFWRULDHVODSULPHUD
HQ HO PXQGR HQ GHPRVWUDU HO
LPSDFWR TXH ORV SHVWLFLGDV
QHRQLFRWLQRLGHVSXHGHQWHQHUHQOD
GLQiPLFD GH ODV FRPXQLGDGHV GH
LQVHFWRV \ HQ HO ORJUR GH XQD
LQYDVLyQ98:
QHRQLFRWLQRLGHV
WLDPHWR[DP
LPLGDFORSULG \ FORWLDQLGLQD SRU DxRV
$%&HV
(VWRVFRPSXHVWRVTXtPLFRVUHVXOWDQ
QHXURWy[LFRV \D TXH SXHGHQ DIHFWDU GH
PDQHUD GLUHFWD DO VLVWHPD QHUYLRVR
FHQWUDO\SHULIpULFRDOLQWHUDFWXDUFRQORV
UHFHSWRUHV GHO QHXURWUDQVPLVRU
DFHWLOFROLQD%URZQHWDO/RV
QHRQLFRWLQRLGHV DOWHUDQ IXQFLRQHV
FRJQLWLYDV GH ORV LQVHFWRV VX
FDSDFLGDG SDUD LQWHUSUHWDU VHxDOHV
GHOPHGLRH[WHUQR\GHDSUHQGL]DMH
ROIDWRULR SXHGHQ YHUVH GLVPLQXLGDV
R LQFOXVR SHUGHUVH SRU FRPSOHWR
:LOOLDPVRP\:ULJKW
(O HVWXGLR H[DPLQy D OD
+RUPLJD LQYDVLYD $UJHQWLQD
/LQHSLWKHPD KXPLOH TXH HVWi ELHQ
HVWDEOHFLGDHQ1XHYD=HODQGLD\D
OD QDWLYD +RUPLJD GHO 6XU
0RQRPRULXP DQWDUFWLFXP ODV GRV
HVSHFLHV FRQ KiELWDW \ FRVWXPEUHV
DOLPHQWLFLDV VLPLODUHV /D KRUPLJD
$UJHQWLQD HV FRQRFLGD SRU VHU XQ
LQVHFWRLQYDVRUHQH[WUHPRDJUHVLYR
HQ WRGR HO PXQGR D GHFLU GHO 'U
/HVWHU(VHO*HQJLV.KDQGHOPXQGR
GH ODV KRUPLJDV \ VH YXHOYH PXFKR
PiVDJUHVLYDWUDVODH[SRVLFLyQDORV
SHVWLFLGDV98:
/RV
QHRQLFRWLQRLGHV
VXVWDQFLDVGHULYDGDVGHODQLFRWLQD
VRQ LQVHFWLFLGDV GH DPSOLD
GLVWULEXFLyQ DFWXDOPHQWH \ KDQ
VLGR DVRFLDGRV DO GHVFHQVR GHO
0LOHQDULD
SREODFLRQHV HQ ODV FRPXQLGDGHV GH
HVWRVLQVHFWRV
1RV IDOWD PXFKD LQYHVWLJDFLyQ
EiVLFD SDUD VDEHU HO RULJHQ GH HVWDV
PRGLILFDFLRQHV FRQGXFWXDOHV \ VL VH
SXHGHQSUHVHQWDUHQRWUDVHVSHFLHVXQD
SDUWH GH Pt SLGH QR VDWDQL]DU D HVWRV
FRPSXHVWRV KDVWD TXH VH REWHQJDQ
HYLGHQFLDV H[SHULPHQWDOHV FRQFUHWDV D
OD RWUD OH UHVXHQD HO GHVDIRUWXQDGR
HVORJDQ GH XQD GH HVWDV HPSUHVDV ©VL
PDWDFXFDUDFKDVTXHQRPDWDUiª
%LEOLRJUDItD
(Op[LWRGHXQDHVSHFLHLQYDVLYDHVWi
GHWHUPLQDGR IUHFXHQWHPHQWH SRU VX
FRQGXFWD DJUHVLYD \ VX FDSDFLGDG SDUD
GHVSOD]DU D OD FRPXQLGDG QDWLYD
PDQLSXODQGR VXV IXHQWHV GH
DOLPHQWDFLyQ %DUELHUL GLMR TXH HO
DXPHQWR GH OD DJUHVLyQ GHVSOHJDGD SRU
ODKRUPLJD$UJHQWLQDIXHVLJQLILFDWLYRDO
HQIUHQWDUDVXVFRPSHWLGRUHVQDWLYRVSRU
OD FRPLGD 98: /DV KRUPLJDV
QDWLYDVIXHURQFODUDPHQWHPHQRVFDSDFHV
GH PDQWHQHUVH SRU Vt PLVPDV DO VHU
FRQWDPLQDGDV SRU FRQFHQWUDFLRQHV VXE
OHWDOHVGHORVSHVWLFLGDV
(Q ORV KiELWDWV GRQGH ODV HVSHFLHV
ORFDOHV VH KDQ H[SXHVWR SUHYLDPHQWH D
QHRQLFRWLQRLGHVODVKRUPLJDV$UJHQWLQDV
SDUHFHQWHQHUPD\RUHVRSRUWXQLGDGHVGH
PRQRSROL]DU ODV IXHQWHV GH DOLPHQWRV \
HOHYDUVXWDVDGHVREUHYLYHQFLD
/D SULQFLSDO RSRVLFLyQ D OD
SURKLELFLyQ HXURSHD KD YHQLGR GH ODV
HPSUHVDV SURGXFWRUDV GH HVWRV
LQVHFWLFLGDVSULQFLSDOPHQWHORVFRORVRV
DJURTXtPLFRV %D\HU \ 6\QJHQWD ODV
FXDOHVLQGLFDQTXHODSURKLELFLyQSUHYLD
HQ )UDQFLD ,WDOLD \ $OHPDQLD QR KD
PRGLILFDGR OD OHWDOLGDG GH LQVHFWRV
EHQpILFRV ($ /RV HIHFWRV HQ
KXPDQRV GH ORV QHRQLFRWLQRLGHV KDQ
UHSRUWDGR HVFDVD OHWDOLGDG LQFOXVR D
FRQFHQWUDFLRQHV HOHYDGDV IDOODV
UHVSLUDWRULDV\HOHYDGDVHGDFLyQVRQORV
HYHQWRV DGYHUVRV PiV FRP~QPHQWH
UHSRUWDGRV0RKDPHGHWDO6LQ
HPEDUJRODVSRVLEOHVDIHFWDFLRQHVWUDVOD
H[SRVLFLyQ FUyQLFD GH HVWRV
DJURTXtPLFRV
QR
KDQ
VLGR
VXILFLHQWHPHQWHHVWXGLDGDV
(Q JHQHUDO D GHFLU GH ORV
LQYHVWLJDGRUHV VXV UHVXOWDGRV SURYHHQ
HYLGHQFLD GH TXH OD H[SRVLFLyQ D
FRQFHQWUDFLRQHV VXEOHWDOHV D HVWRV
SHVWLFLGDV SRGUtD WHQHU XQ HIHFWR
LPSRUWDQWH HQ OD GLQiPLFD GH ODV
0LOHQDULD
$%&HV&LHQFLD(XURSDSURKLEHSHVWLFLGDVTXH
PDWDQDODVDEHMDV
'LVSRQLEOH HQ KWWSZZZDEFHVFLHQFLD
DEFLHXURSDSURKLEHSHVWLFLGDV
PDWDQKWPO
%DUELHUL 5) /HVWHU 3- 0LOOHU $6 5\DQ .* $
QHXURWR[LF SHVWLFLGH FKDQJHV WKH RXWFRPH RI
DJJUHVVLYH LQWHUDFWLRQV EHWZHHQ QDWLYH DQG
LQYDVLYH DQWV 3URF 5 6RF % KWWSG[GRLRUJUVSE
%URZQ/$,KDUD0%XFNLQJKDP6'0DWVXGD
. 6DWHOOH '% 1HRQLFRWLQLGHV LQVHFWLFLGHV
GLVSOD\ SDUWLDO DQG VXSHUDJRQLVW DFWLRQV RQ
QDWLYH LQVHFW QLFRWLQLF DFHW\OFKROLQH UHFHSWRUV
-1HXURFKHPGRL
- ;
($(FRORJLVWDVHQDFFLyQ/RVQHRQLFRWLQRLGHV
GLYLGHQ (XURSD GH PDU]R GHO 'LVSRQLEOH HQ
K W W S Z Z Z H F R O R J L V W D V H Q D F F L R Q R U J DUWLFOHKWPO
0RKDPHG ) *DZDUDPPDQD , 5REHUWVRQ 7$
5REHUWV 06 3DODQJDVLQJKH & HW DO $FXWH+XPDQ6HOI3RLVRQLQJZLWK,PLGDFORSULG
&RPSRXQG$1HRQLFRWLQRLG,QVHFWLFLGH3/R6
21(
H
GRL
MRXUQDOSRQH
ƉƌŽƉſƐŝƚŽĚĞĚĞƐĂƐƚƌĞƐŶĂƚƵƌĂůĞƐ
ZĞƉĞƌĐƵƐŝŽŶĞƐĚĞůĐĂŵďŝŽĐůŝŵĄƚŝĐŽ
ƐŽďƌĞ ůŽƐ ŽƌŐĂŶŝƐŵŽƐ LJ ůĂ ƐĂůƵĚ
ƉƷďůŝĐĂ
ƌĂƐƚŽ,ĞƌŶĄŶĚĞnjĂůĚĞƌſŶ
>ĂďŽƌĂƚŽƌŝŽĚĞĐŽůŽŐşĂ'ĞŶĠƚŝĐĂLJDŽůĞĐƵůĂƌ͕
/K ;hEDͿ
&ŝŐƵƌĂϭ͘DĂƉĂĚĞĞĨĞĐƚŽƐĚĞůĐĂůĞŶƚĂŵŝĞŶƚŽŐůŽďĂů͘DŽĚŝĨŝĐĂĚŽĚĞŚƚƚƉ͗ͬͬĞŶǀŝƌŽŶŵĞŶƚ͘ŶĂƚŝŽŶĂůŐĞŽŐƌĂƉŚŝĐ͘ĐŽŵͬĞŶǀŝƌŽŶŵĞŶƚͬŐůŽďĂůͲǁĂƌŵŝŶŐͬŐǁͲŝŵƉĂĐƚƐͲŝŶƚĞƌĂĐƚŝǀĞͬ
(
ů ĐůŝŵĂ ĚĞ ůĂ ƚŝĞƌƌĂ ƐĞ ŚĂ
ĐĂůĞŶƚĂĚŽĂƉƌŽdžŝŵĂĚĂŵĞŶƚĞϬ͘ϲΣĞŶůŽƐ
ƷůƚŝŵŽƐϭϬϬĂŹŽƐ;tĂůƚŚĞƌĞƚĂů͘ϮϬϬϳͿLJ
ƐĞĞƐƉĞƌĂƋƵĞƐĞƉƵĞĚĂŶŝŶĐƌĞŵĞŶƚĂƌĞŶ
ƵŶĨƵƚƵƌŽĚĞϮ͘ϳͲϭϭΣĞŶůŽƐƉƌſdžŝŵŽƐϭϬϬ
ĂŹŽƐ;,ĞďĞƌƚ͕ϭϵϵϵͿ͘ůĂĐĞůĞƌĂĚŽĐĂŵďŝŽ
ĐůŝŵĄƚŝĐŽ ĞƐ ĐĂƵƐĂĚŽ ƉŽƌ ĞŵŝƐŝŽŶĞƐ
ůůĂŵĂĚĂƐ ŐĂƐĞƐ ĚĞ ĞĨĞĐƚŽ ŝŶǀĞƌŶĂĚĞƌŽ
;ŵĞƚĂŶŽ͕ ĐůŽƌŽĨůƵŽƌŽĐĂƌďŽŶŽƐ LJ ſdžŝĚŽ
ŶŝƚƌŽƐŽͿĞŶƚƌĞůŽƐĐƵĂůĞƐĞůͨũĞĨĞͩĞƐĞůKϮ
;DĐŽŶĂůĚLJDĂƌƚŝŶ͕ϮϬϬϬͿ͘^ƵƐƉƌŽďĂďůĞƐ
ĞĨĞĐƚŽƐ ƐĞ ĞŶĐƵĞŶƚƌĂŶ ƌĞƐƵŵŝĚŽƐ ĞŶ ůĂ
ĨŝŐƵƌĂϭ͘
>ĂƐ ĐŽŶƐĞĐƵĞŶĐŝĂƐ ƐŽďƌĞ ƐŝƐƚĞŵĂƐ
ďŝŽůſŐŝĐŽƐ ƐŽŶ͗ ;ϭͿ͗ Ğů ĂƵŵĞŶƚŽ ĚĞ ůĂ
ĐŽŶĐĞŶƚƌĂĐŝſŶ ĚĞ K Ϯ LJ ƚĞŵƉĞƌĂƚƵƌĂ
ĂĨĞĐƚĂ ůĂƐ ƚĂƐĂƐ ŵĞƚĂďſůŝĐĂƐ LJ ĚĞ
ĚĞƐĂƌƌŽůůŽ͖;ϮͿĐĂŵďŝŽƐĞŶůĂĨĞŶŽůŽŐşĂ;Ğů
ƚŝĞŵƉŽ ĚĞ ĂĐƚŝǀŝĚĂĚĞƐ ĞƐƚĂĐŝŽŶĂůĞƐ ĚĞ
ƉůĂŶƚĂƐ LJ ĂŶŝŵĂůĞƐͿ͖ ;ϯͿ ĂĚĂƉƚĂĐŝſŶ͕ ƐĞ
ƉƵĞĚĞ ĂůƚĞƌĂƌ Ğů ďĂůĂŶĐĞ ĐŽŵƉĞƚŝƚŝǀŽ LJ
ŽƚƌĂƐ ŝŶƚĞƌĂĐĐŝŽŶĞƐ ĐŽŶ ĐŽŶƐĞĐƵĞŶĐŝĂƐ
ƐŽďƌĞůĂĂďƵŶĚĂŶĐŝĂůŽĐĂůLJůŽƐƌĂŶŐŽƐĚĞ
ĚŝƐƚƌŝďƵĐŝſŶ ŐĞŽŐƌĄĨŝĐŽƐ ;,ƵŐĞƐ͕ ϮϬϬϬ͖
tĂůƚŚĞƌĞƚĂů͘ϮϬϬϮͿ͘
ZĞƐƵůƚĂŝŶŶĞŐĂďůĞƋƵĞůĂƚĞŵƉĞƌĂƚƵƌĂ
ĞũĞƌĐĞ ƵŶ ƉĂƉĞů ŝŵƉŽƌƚĂŶƚĞ ƐŽďƌĞ ůŽƐ
ƐŝƐƚĞŵĂƐǀŝǀŽƐLJƋƵĞĞůĐĂŵďŝŽĐůŝŵĄƚŝĐŽ
ƉƵĞĚĞƚĞŶĞƌĞĨĞĐƚŽƐĚŝƌĞĐƚŽƐŽŝŶĚŝƌĞĐƚŽƐ
ĂĨĞĐƚĂŶĚŽ ůĂ ƐĂůƵĚ Ă ƚƌĂǀĠƐ ĚĞ ŵƷůƚŝƉůĞƐ
ǀşĂƐ͕ Ğů ĚĞƐĂĨşŽ ƉĂƌĂ ůŽƐ ĐŝĞŶƚşĨŝĐŽƐ ĞƐ
ĚĞƚĞƌŵŝŶĂƌ ůĂ ƐĞǀĞƌŝĚĂĚ LJ ĚŝƌĞĐĐŝſŶ ĚĞ
ĞƐŽƐĞĨĞĐƚŽƐ;DĂƌƚĞŶƐ͕ϭϵϵϵͿ͘
0LOHQDULD
ŽŶƐĞĐƵĞŶĐŝĂƐ ĚĞů ĐĂŵďŝŽ ĐůŝŵĄƚŝĐŽ
ƐŽďƌĞůĂƐĂůƵĚƉƷďůŝĐĂ͘
^Ğ ĚĞƐĐƌŝďĞŶ Ă ĐŽŶƚŝŶƵĂĐŝſŶ ƐŽůŽ
ĂůŐƵŶĂƐĚĞůĂƐĐŽŶƐĞĐƵĞŶĐŝĂƐĚĞůĐĂŵďŝŽ
ĐůŝŵĄƚŝĐŽ ƐŽďƌĞ ůĂ ƐĂůƵĚ ƉƷďůŝĐĂ ŵĄƐ
ĨƌĞĐƵĞŶƚĞŵĞŶƚĞ ƌĞƉŽƌƚĂĚĂƐ ĞŶ ůĂ
ůŝƚĞƌĂƚƵƌĂ;&ŝŐƵƌĂϮͿ͘
ůĐĂŵďŝŽĐůŝŵĄƚŝĐŽĨĂǀŽƌĞĐĞƋƵĞůŽƐ
ĨĞŶſŵĞŶŽƐ ŵĞƚĞŽƌŽůſŐŝĐŽƐ ƐĞ ǀƵĞůǀĂŶ
ŵĄƐ ĞdžƚƌĞŵŽƐ͕ ĐŽŶ Ğů ĂƵŵĞŶƚŽ ĚĞ
ƚĞŵƉĞƌĂƚƵƌĂƐĞŚĂĐĞŶŵĄƐĨƌĞĐƵĞŶƚĞƐůĂƐ
ŽŶĚĂƐ ĚĞ ĐĂůŽƌ ƋƵĞ ĨĂǀŽƌĞĐĞŶ ůĂ
ƐĞŶƐŝďŝůŝĚĂĚ ĚĞ ůŽƐ ĂƐŵĄƚŝĐŽƐ Ă ƐƵ
ĐŽŶĚŝĐŝſŶ ;DĂƌƚĞŶƐ͕ ϭϵϵϵͿ͘ KƚƌĂ ƚşƉŝĐĂ
ĐŽŶƐĞĐƵĞŶĐŝĂ ĚĞů ĞƐƚƌĠƐ ƉŽƌ ĐĂůŽƌ ĞƐ ůĂ
ŝŶƐŽůĂĐŝſŶ͘ŽŶĞůĐĂůĞŶƚĂŵŝĞŶƚŽŐůŽďĂůƐĞ
ŚĂŶ ƌĞƉŽƌƚĂĚŽ ŵĄƐ ŵƵĞƌƚĞƐ ƉŽƌ
ŚŝƉĞƌƚĞƌŵŝĂ ;W^Z ZĞƉŽƌƚƐ ^ƚĂĨĨ͕ ϮϬϬϬͿ LJ
ƵŶĂ ĚŝƐŵŝŶƵĐŝſŶ ĚĞ ůĂƐ ŵƵĞƌƚĞƐ ƉŽƌ
ŚŝƉŽƚĞƌŵŝĂ͘>ŽƐĞĨĞĐƚŽƐĚĞůĐĂůŽƌƐŽďƌĞůĂ
ƐĂůƵĚĞŶĄƌĞĂƐƵƌďĂŶĂƐƐĞǀĞŶĂƵŵĞŶƚĂĚŽƐ
ƉŽƌƵŶĨĞŶſŵĞŶŽĐŽŶŽĐŝĚŽĐŽŵŽͨŝƐůĂƐĚĞ
ĐĂůŽƌͩ;:ĂƵƌĞŐƵŝĞƚĂů͘ϭϵϵϮͿ͕ůĂƐǀŝĐƚŝŵĂƐ
ƐŽŶ ƵƐƵĂůŵĞŶƚĞ ĂŶĐŝĂŶŽƐ͕ ŶŝŹŽƐ LJ
ƉĞƌƐŽŶĂƐ ĐŽŶ ĚĞƐĞƋƵŝůŝďƌŝŽ ĞůĞĐƚƌŽůşƚŝĐŽ͘
/ŶĚŝǀŝĚƵŽƐĐŽŶĞŶĨĞƌŵĞĚĂĚĞƐƌĞƐƉŝƌĂƚŽƌŝĂƐ
ƐŽŶƉƌŽďĂďůĞŵĞŶƚĞůŽƐŵĄƐĂĨĞĐƚĂĚŽƐƉŽƌ
ĞůŝŶĐƌĞŵĞŶƚŽĚĞĞƐƚƌĠƐĐĂůŽƌşĨŝĐŽ͕ĂƐşĐŽŵŽ
ůĂ ŵŽƌƚĂůŝĚĂĚ ĚĞďŝĚĂ Ăů ŝŶĐƌĞŵĞŶƚŽ ĚĞ
ĞŶĨĞƌŵĞĚĂĚĞƐ ƌĞƐƉŝƌĂƚŽƌŝĂƐ ĐŽŶ
ƚĞŵƉĞƌĂƚƵƌĂƐĞůĞǀĂĚĂƐƉƌĞƐƵŵŝďůĞŵĞŶƚĞ
ĚĞďŝĚĂƐ Ă ĞĨĞĐƚŽƐ ĐŽŵďŝŶĂĚŽƐ ĚĞ ůĂ
ĞŶĨĞƌŵĞĚĂĚ LJ ƚĞŵƉĞƌĂƚƵƌĂ ƐŽďƌĞ Ğů
ƐŝƐƚĞŵĂĐŝƌĐƵůĂƚŽƌŝŽ;>ŽŶŐƐƚƌĞƚŚ͕ϭϵϵϵͿ͘
WŽƌ ŽƚƌŽ ůĂĚŽ͕ ŝŶǀŝĞƌŶŽƐ ŵĄƐ ƚŝďŝŽƐ
ƉŽĚƌşĂŶĨĂǀŽƌĞĐĞƌƵŶĂŵĞũŽƌŽƉŽƌƚƵŶŝĚĂĚ
ĚĞƐŽďƌĞǀŝǀĞŶĐŝĂƉĂƌĂůŽƐŐƌƵƉŽƐĚĞƌŝĞƐŐŽ͕
ĐŽŵŽůŽƐĂŶĐŝĂŶŽƐ͕ĚƵƌĂŶƚĞůŽƐŵĞƐĞƐŵĄƐ
ĨƌşŽƐ͘
>ĂƐ ĞŶĨĞƌŵĞĚĂĚĞƐ ŝŶĨĞĐĐŝŽƐĂƐ ƐŽŶ
ĞŶƚŝĚĂĚĞƐ ŐůŽďĂůĞƐ ƋƵĞ ĚĞƉĞŶĚĞŶ
ĚŝŶĄŵŝĐĂŵĞŶƚĞĚĞůĂŝŶƚĞƌĂĐĐŝſŶĞŶƚƌĞůĂ
ƉŽďůĂĐŝſŶLJĞůĐůŝŵĂƌĞŐŝŽŶĂůĞdžŝƐƚĞŶƚĞ͕ƉŽƌ
ůŽ ƚĂŶƚŽ Ğů ĐĂůĞŶƚĂŵŝĞŶƚŽ ŐůŽďĂů ƉŽĚƌşĂ
ĐĂŵďŝĂƌ Ğů ĞƐƉĞĐƚƌŽ ĚĞ ĞŶĨĞƌŵĞĚĂĚĞƐ
ŝŶĨĞĐĐŝŽƐĂƐLJůĂŽĐƵƌƌĞŶĐŝĂĚĞůĂƐŵŝƐŵĂƐ͕
ĚĞƐĚĞůĂŵƵĞƌƚĞŶĞŐƌĂĞŶĞůƐŝŐůŽy/sĞŶ
ƵƌŽƉĂŚĂƐƚĂůŽƐƚŝĞŵƉŽƐŵŽĚĞƌŶŽƐĚĞůĂ
ĚŝƐƉĞƌƐŝſŶĚĞůďŽůĂĞŶĨƌŝĐĂ͕ĞůĐſůĞƌĂĞŶ
^ƵĚĂŵĠƌŝĐĂLJůĂĞŶĨĞƌŵĞĚĂĚĚĞůŝŵŽĞŶ
h ƐŽŶ ĂĨĞĐƚĂĚĂƐ ƉŽƌ ĐĂŵďŝŽƐ ĞŶ ůĂ
ƚĞŵƉĞƌĂƚƵƌĂ͕ ƉƌĞĐŝƉŝƚĂĐŝſŶ͕ ŝŶƐŽůĂĐŝſŶ LJ
ĐŽƌƌŝĞŶƚĞƐŽĐĞĄŶŝĐĂƐ͘>ĂŝŶƚĞƌĂĐĐŝſŶĞŶƚƌĞ
ĞƐŽƐ ĨĂĐƚŽƌĞƐ ĞŶ ĐŽŵďŝŶĂĐŝſŶ ĐŽŶ ŽƚƌĂƐ
ǀĂƌŝĂďůĞƐ ŶŽ ĐůŝŵĄƚŝĐĂƐ ĚĞƚĞƌŵŝŶĂŶ Ğů
ƚŝĞŵƉŽ ĚĞ ďƌŽƚĞ ĚĞ ĞŶĨĞƌŵĞĚĂĚĞƐ
ŝŶĨĞĐĐŝŽƐĂƐ;DĂƌƚĞŶƐ͕ϭϵϵϵͿ͘
ůŐƵŶŽƐ ĞĨĞĐƚŽƐ ƐŽďƌĞ ůĂ ƐĂůƵĚ
ƉƵĞĚĞŶ ƌĞƐƵůƚĂƌ ĚĞ ĐĂŵďŝŽƐ ŝŶĚŝƌĞĐƚŽƐ
ƐŽďƌĞ ůŽƐ ĞĐŽƐŝƐƚĞŵĂƐ͘ WŽƌ ĞũĞŵƉůŽ͕
ĐŽŶĚŝĐŝŽŶĞƐ ĐůŝŵĄƚŝĐĂƐ ĂůƚĞƌĂĚĂƐ ƉƵĞĚĞŶ
ŵŽĚŝĨŝĐĂƌĞůŚĄďŝƚĂƚĚĞůŽƐǀĞĐƚŽƌĞƐĐŽŵŽ
ůŽƐ ŵŽƐƋƵŝƚŽƐ Ž ƌĂƚĂƐ LJ ĂĨĞĐƚĂƌ ůŽƐ
ƉĂƌĄƐŝƚŽƐ ƋƵĞ ĞůůŽƐ ƚƌĂŶƐƉŽƌƚĂŶ
;'ƌŝŵƐƚĂŶĚ͕ ϭϵϴϯ͖ ,ĂŝůĞ LJ tĞůĚŚĂƐƐ͕
ϭϵϳϳͿ͘ ů ĐĂŵďŝŽ ĞŶ ůĂ ĂďƵŶĚĂŶĐŝĂ LJ
ĚŝƐƚƌŝďƵĐŝſŶŐĞŽŐƌĄĨŝĐĂĚĞůŽƐŚŽƐƉĞĚĞƌŽƐ
LJƉĂƌĄƐŝƚŽƐƉƵĞĚĞŵŽĚŝĨŝĐĂƌůĂŽĐƵƌƌĞŶĐŝĂ
ĞƐƚĂĐŝŽŶĂů ĚĞ ŵƵĐŚĂƐ ĞŶĨĞƌŵĞĚĂĚĞƐ
ŝŶĨĞĐĐŝŽƐĂƐ LJ ŽĐĂƐŝŽŶĂƌ ƋƵĞ ĞůůĂƐ ƐĞ
ĚŝƐƉĞƌƐĞŶ͘
>ŽƐ ǀĞĐƚŽƌĞƐ ĚĞ ĞŶĨĞƌŵĞĚĂĚĞƐ ŵĄƐ
ĐŽŵƵŶĞƐ ƐŽŶ ůŽƐ ĂƌƚƌſƉŽĚŽƐ͕ ƋƵĞ ƐŽŶ
ŚĞƚĞƌŽƚĞƌŵŽƐ ͨĚĞ ƐĂŶŐƌĞ ĨƌşĂ͕ͩ ƐƵ
ƚĞŵƉĞƌĂƚƵƌĂ ŝŶƚĞƌŶĂ ĞƐƚĄ ĨƵĞƌƚĞŵĞŶƚĞ
ĂĨĞĐƚĂĚĂƉŽƌůĂƚĞŵƉĞƌĂƚƵƌĂĚĞůĂŵďŝĞŶƚĞ͘
ůĐĂŵďŝŽĐůŝŵĄƚŝĐŽƉƵĞĚĞŝŶĐŝĚŝƌƐŽďƌĞĞů
ƚĂŵĂŹŽ ĚĞ ůĂ ƉŽďůĂĐŝſŶ ĚĞ ǀĞĐƚŽƌĞƐ͘
DĂůĂƌŝĂ͕ĚĞŶŐƵĞ͕ƉĞƐƚĞLJǀŝƌƵƐƋƵĞĐĂƵƐĂŶ
ƐşŶĚƌŽŵĞƐ ĞŶĐĞĨĄůŝĐŽƐ ĞƐƚĄŶ ĞŶƚƌĞ ůĂƐ
ƉƌŝŶĐŝƉĂůĞƐ ĞŶĨĞƌŵĞĚĂĚĞƐ ƚƌĂŶƐŵŝƚŝĚĂƐ
ƉŽƌ ǀĞĐƚŽƌĞƐ ;>ŽŶŐƐƚƌĞŚƚ LJ tŝƐĞŵĂŶ͕
ϭϵϴϵͿ͘ĞŶƚƌŽĚĞĞƐƚĂƐĞŶĨĞƌŵĞĚĂĚĞƐ͕ůĂ
ŵĂůĂƌŝĂŚĂƌĞĐŝďŝĚŽƵŶĂŶŽƚĂďůĞĂƚĞŶĐŝſŶ
ĞŶůŽƐƷůƚŝŵŽƐϭϬĂŹŽƐLJĞƐŵŽƚŝǀŽĚĞƵŶ
ŝŶƚĞŶƐŽ ĚĞďĂƚĞ ĚĞďŝĚŽ Ă ƋƵĞ ƐƵ
ƚƌĂŶƐŵŝƐŝſŶĞƐƚĂŝŶĨůƵĞŶĐŝĂĚĂƉŽƌĞůĐůŝŵĂ
;&ŝŐƵƌĂ ϯͿ͘ ůĂƌĂŵĞŶƚĞ ůĂ ƚƌĂŶƐŵŝƐŝſŶ ĚĞ
ůĂŵĂůĂƌŝĂŶŽŽĐƵƌƌĞĞŶĐůŝŵĂƐĚŽŶĚĞůŽƐ
ŵŽƐƋƵŝƚŽƐŶŽƐŽďƌĞǀŝǀĞŶ͘>ĂƉƌŽŐƌĞƐŝſŶ
ĞŶ Ğů ĂŐƵĂ ĚĞ ĞƐƚĂĚŝŽƐ ĚĞ ĚĞƐĂƌƌŽůůŽ ĚĞů
ǀĞĐƚŽƌ ƐĞ ĂĐĞůĞƌĂ ďĂũŽ ĐŽŶĚŝĐŝŽŶĞƐ ĚĞ
ŝŶĐƌĞŵĞŶƚŽ ĚĞ ůĂ ƚĞŵƉĞƌĂƚƵƌĂ͕ ĂƐş Ğů
ĐĂůĞŶƚĂŵŝĞŶƚŽ ŐůŽďĂů ƉƌŽǀĞĞ ůĂƐ
ĐŽŶĚŝĐŝŽŶĞƐƉƌŽƉŝĐŝĂƐƉĂƌĂůĂĚŝƐƉĞƌƐŝſŶĚĞ
ůĂŵĂůĂƌŝĂĞŶƌĞŐŝŽŶĞƐĚŽŶĚĞƉŽƌƐƵĐůŝŵĂ͕
Ğů ŵŽƐƋƵŝƚŽ ƚƌĂŶƐŵŝƐŽƌ ŶŽ ƐĞ ƌĞƉƌŽĚƵĐĞ
;<ŚĂƐŶŝƐLJEĞƚƚůĞŵĂŶ͕ϮϬϬϱͿ͘
ů
ĐĂůĞŶƚĂŵŝĞŶƚŽ
ŐůŽďĂů
ƉƌŽďĂďůĞŵĞŶƚĞ ƚĞŶŐĂ ŝŵƉĂĐƚŽƐ ƐŽďƌĞ
ďŽƐƋƵĞƐ͕ ƚŝĞƌƌĂƐ ĚĞ ĐƵůƚŝǀŽ LJ ŚƵŵĞĚĂůĞƐ
ƋƵĞ ƌĞƐƵůƚĞŶ ĞŶ ĐĂŵďŝŽƐ ĚĞ ůĂ
ďŝŽĚŝǀĞƌƐŝĚĂĚ ĂĨĞĐƚĂŶĚŽ ĐƵĂŶƚŝƚĂƚŝǀĂ Ž
ĐƵĂůŝƚĂƚŝǀĂŵĞŶƚĞ ůĂƐ ĐŽŶĐĞŶƚƌĂĐŝŽŶĞƐ ĚĞ
ĂůĠƌŐĞŶŽƐ͕ĐŽŵŽŵŽŚŽƐLJƉŽůĞŶ͕ĞƐƚŽĂƐƵ
ǀĞnj ƉƵĞĚĞ ƉĞƌŵŝƚŝƌ ĐĂŵďŝŽƐ ĞŶ ůĂ
ƉƌĞǀĂůĞŶĐŝĂ Ž ŝŶƚĞŶƐŝĚĂĚ ĚĞ ĂƐŵĂ LJ ĞŶ
ĞƉŝƐŽĚŝŽƐĚĞĨŝĞďƌĞĚĞŚĞŶŽĞŶŝŶĚŝǀŝĚƵŽƐ
ƐĞŶƐŝďůĞƐ;>ŽŶŐƐƚƌĞƚŚ͕ϭϵϵϭͿ͘
ůŝŵƉĂĐƚŽĚĞůĂĞůĞǀĂĚĂƚĞŵƉĞƌĂƚƵƌĂ
ĐŽƌƉŽƌĂůƐŽďƌĞůĂĨĞƌƚŝůŝĚĂĚ;DŝĞƵƐƐĞƚĞƚĂů͘
ϭϵϴϳͿ LJ Ğů ĚĞƐĂƌƌŽůůŽ ĚĞ ŶĞŽŶĂƚŽƐ
;ĚǁĂƌĚƐ͕ ϭϵϴϲͿ ƐĞ ĞŶĐƵĞŶƚƌĂ ďŝĞŶ
ƌĞĐŽŶŽĐŝĚĂ͖ ƐŝŶ ĞŵďĂƌŐŽ ŚĂLJ ƉŽĐĂ
ŝŶĨŽƌŵĂĐŝſŶ ĞŶ ůĂ ůŝƚĞƌĂƚƵƌĂ ƋƵĞ ŝŶĚŝƋƵĞ
ƋƵĞƚĂůĞĨĞĐƚŽƉƵĞĚĂĞƐƚĂƌĂƐŽĐŝĂĚŽĐŽŶůĂ
ĞůĞǀĂĐŝſŶ ĚĞ ůĂ ƚĞŵƉĞƌĂƚƵƌĂ ĂŵďŝĞŶƚĂů͘
ůŐƵŶŽƐ ƌĞƉŽƌƚĞƐ ŝŶĚŝĐĂŶ ƵŶ ŝŶĐƌĞŵĞŶƚŽ
ĞƐƚĂĐŝŽŶĂů ĞŶ ůĂ ŵŽƌƚĂůŝĚĂĚ ƉĞƌŝŶĂƚĂů
;ĚǁĂƌĚƐ͕ ϭϵϴϲͿ LJ ĞŶ ůŽƐ ŶĂĐŝŵŝĞŶƚŽƐ
ƉƌĞƚĞƌŵŝŶŽ;ŽŽƉĞƌƐƚŽĐŬLJtŽůĨ͕ϭϵϴϲͿ͘
&ŝŐƵƌĂϮ͘/ŵƉĂĐƚŽƐĚĞůĐĂŵďŝŽĐůŝŵĄƚŝĐŽƐŽďƌĞůĂƐĂůƵĚƉƷďůŝĐĂ͘>ŽŶŐŚƐƚƌĞŚƚ;ϭϵϵϭͿ͘
0LOHQDULD
>Ă ƉŽďůĂĐŝſŶ ŵƵŶĚŝĂů ŚĂ ĐƌĞĐŝĚŽ
ĞdžƉŽŶĞŶĐŝĂůŵĞŶƚĞ͕ ƐĞ ĞƐƚŝŵĂ ƋƵĞ
ĂůĐĂŶnjĂƌĄĚĞϴͲϭϬŵŝůŵŝůůŽŶĞƐƉĂƌĂĞůĂŹŽ
ϮϭϱϬ ;Ğ>ĂĐƌŽŝdž͕ ϮϬϬϬͿ͘ >ĂƐ ĄƌĞĂƐ ŵĄƐ
ĂĨĞĐƚĂĚĂƐ ƉŽƌ ůĂ ƐŽďƌĞƉŽďůĂĐŝſŶ ƐŽŶ
ĨƌŝĐĂ͕ƐŝĂLJ>ĂƚŝŶŽĂŵĠƌŝĐĂ͘ĐƚƵĂůŵĞŶƚĞ͕
ϴϬϬ ŵŝůůŽŶĞƐ ĚĞ ƉĞƌƐŽŶĂƐ ĂůƌĞĚĞĚŽƌ ĚĞů
ŵƵŶĚŽ ƐĞ ĞŶĐƵĞŶƚƌĂŶ ĚĞƐŶƵƚƌŝĚĂƐ͘
'ĞŶĞƌĂƌ ĂůŝŵĞŶƚŽ ƉĂƌĂ ůĂ ĐƌĞĐŝĞŶƚĞ
ƉŽďůĂĐŝſŶ ŵƵŶĚŝĂů ƉŽƌ ŵĞĚŝŽ ĚĞ ůĂ
&ŝŐƵƌĂϯ͘ŶŽƉŚĞůĞƐ͕ĞůŵŽƐƋƵŝƚŽĚĞůĂŵĂůĂƌŝĂ͘ŚƚƚƉ͗ͬͬŚĞŵŝƐĨĞƌŝŽnjĞƌŽ͘ĐŽŵͬϮϬϭϮͬϬϰͬϮϱͬĚŝĂͲŵƵŶĚŝĂůͲĚĞͲůĂͲŵĂůĂƌŝĂͲϮϬϭϮͲ
ŵĂŶƚĞŶĞƌͲůŽƐͲůŽŐƌŽƐͲƐĂůǀĂƌͲǀŝĚĂƐͲŝŶǀĞƌƚŝƌͲĞŶͲŵĂůĂƌŝĂͬ
ĂŐƌŝĐƵůƚƵƌĂͲŐĂŶĂĚĞƌşĂ
ƚƌĂĚŝĐŝŽŶĂů
ŝŶĐƌĞŵĞŶƚĂĞůKϮĚĞůĂĂƚŵſƐĨĞƌĂĚĞďŝĚŽ
Ă ůĂ ƉĞƌĚŝĚĂ ĚĞ ĐŽďĞƌƚƵƌĂ ǀĞŐĞƚĂů LJ Ă ůĂ
ƐşŶƚĞƐŝƐĚĞĂŐƌŽƋƵşŵŝĐŽƐ;ŽŶŽŚŽĞ͕ϮϬϬϯͿ͘
ůŝŶĐƌĞŵĞŶƚŽĚĞKϮƉƵĞĚĞƐĞƌďĞŶĠĨŝĐŽ
ƉĂƌĂ Ğů ĐƌĞĐŝŵŝĞŶƚŽ ĚĞ ůĂƐ ƉůĂŶƚĂƐ͕ ƐŝŶ
ĞŵďĂƌŐŽ ƵŶĂ ĐŽŵďŝŶĂĐŝſŶ ĚĞ ĂůƚĂƐ
ƚĞŵƉĞƌĂƚƵƌĂƐ ĐŽŶ ďĂũĂ ƉƌĞĐŝƉŝƚĂĐŝſŶ
ƉƵĞĚĞĂĨĞĐƚĂƌůĂƉƌŽĚƵĐĐŝſŶ͘ůĚĞƐĂďĂƐƚŽ
ĚĞ ĂůŝŵĞŶƚŽƐ ĂĨĞĐƚĂ ůĂ ƐĂůƵĚ ĚĞ ŵĂŶĞƌĂ
ĚŝƌĞĐƚĂƉ͘Ğũ͘>ĂĂŶĞŵŝĂƉŽƌĚĞĨŝĐŝĞŶĐŝĂĚĞ
ŚŝĞƌƌŽ͕ŽŝŶĚŝƌĞĐƚĂŵĞŶƚĞĚĞďŝĚŽĂƋƵĞůĂ
ĚĞƐŶƵƚƌŝĐŝſŶ ŚĂĐĞ ǀƵůŶĞƌĂďůĞƐ Ă ůĂ
ƉĞƌƐŽŶĂƐ Ă ĂĚƋƵŝƌŝƌ ĞŶĨĞƌŵĞĚĂĚĞƐ͘
ĚŝĐŝŽŶĂůŵĞŶƚĞ͕ ůĂƐ ĂĐƚŝǀŝĚĂĚĞƐ
ĂŐƌŽƉĞĐƵĂƌŝĂƐ ŝŶĐƌĞŵĞŶƚĂŶ Ğů ƌŝĞƐŐŽ ĚĞ
ĞdžƚŝŶĐŝſŶĚĞůĂƐĞƐƉĞĐŝĞƐĐŽŶůĂƉĞƌĚŝĚĂĚĞ
ůĂ ĨĂƌŵĂĐŽƉĞĂ ŶĂƚƵƌĂů ƉŽƚĞŶĐŝĂůŵĞŶƚĞ
ǀĂůŝŽƐĂ͘DĄƐĚĞůĂŵŝƚĂĚĚĞůĂƐϭϱϬĚƌŽŐĂƐ
ŵĄƐ ƌĞĐĞƚĂĚĂƐ ĐŽŶƚŝĞŶĞŶ ƵŶ ĐŽŵƉƵĞƐƚŽ
ĂĐƚŝǀŽĚĞƌŝǀĂĚŽŽŵŽĚĞůĂĚŽĚĞƉƌŽĚƵĐƚŽƐ
ŶĂƚƵƌĂůĞƐ ;Ɖ͘ Ğũ͕͘ ĚŝŐŽdžŝŶĂ͕ ǀŝŶĐƌŝƐƚŝŶĂ͕
ĂƐƉŝƌŝŶĂ͕ƉĂĐůŝƚĂdžĞůLJĂŐĞŶƚĞƐƉĂƌĂůŝnjĂŶƚĞƐ
;'ƌŝĨŽLJZŽƐĞŶƚŚĂů͕ϭϵϵϳͿ͘
ůĂŐƵĂĞƐƵŶĂŶĞĐĞƐŝĚĂĚďĄƐŝĐĂLJƐƵ
ĚŝƐƉŽŶŝďŝůŝĚĂĚĞƐĚĞƐƵŵĂŝŵƉŽƌƚĂŶĐŝĂ͕ĞƐ
ůĂ ƐƵƐƚĂŶĐŝĂ ƉƌŝŶĐŝƉĂů ƵƚŝůŝnjĂĚĂ ƉĂƌĂ
ĐŽĐŝŶĂƌ͕ ĚŝƐŽůǀĞƌ LJ ƉĂƌĂ Ğů ĐŽŶƐƵŵŽ
ŶŽƌŵĂů͘ ^Ğ ƉƌŽŶŽƐƚŝĐĂŶ ĐĂŵďŝŽƐ ĞŶ ůĂ
ĐĂŶƚŝĚĂĚ ĚĞ ƉƌĞĐŝƉŝƚĂĐŝſŶ ĚĞƌŝǀĂĚŽƐ ĚĞů
ĐĂŵďŝŽĐůŝŵĄƚŝĐŽ͘DƵĐŚŽƐŽƌŐĂŶŝƐŵŽƐƋƵĞ
ĐĂƵƐĂŶĞŶĨĞƌŵĞĚĂĚĞƐƌĞƋƵŝĞƌĞŶĂŐƵĂƉĂƌĂ
ƐƵ ƐŽďƌĞǀŝǀĞŶĐŝĂ͕ ĂůƚĂƐ ƚĞŵƉĞƌĂƚƵƌĂƐ
ƉƵĞĚĞŶ ŝŶĐƌĞŵĞŶƚĂƌ ůĂ ŽƉŽƌƚƵŶŝĚĂĚ ĚĞ
ƐŽďƌĞǀŝǀĞŶĐŝĂĚĞďĂĐƚĞƌŝĂƐ;^ĂůŵŽŶĞůůĂ LJ
^ŚŝŐĞůůĂͿ͕ ǀŝƌƵƐ ;ƌŽƚĂǀŝƌƵƐͿ LJ ƉƌŽƚŽnjŽĂƌŝŽƐ
;ƌLJƉƚŽƐƉŽƌŝĚŝƵŵ LJ 'ŝĂƌĚŝĂͿ͘ ^ŝ
ĐŽŶƐŝĚĞƌĂŵŽƐ ƵŶ ĞƐĐĞŶĂƌŝŽ ĐŽŶ ĂŐƵĂ
ĐŽŶƚĂŵŝŶĂĚĂ͕ ĂůƚĂƐ ƚĞŵƉĞƌĂƚƵƌĂƐ Ğ
ŝŶƵŶĚĂĐŝŽŶĞƐ͕ Ğů ŝŵƉĂĐƚŽ ƐŽďƌĞ ůĂƐ
ĞŶĨĞƌŵĞĚĂĚĞƐ ĚŝĂƌƌĞŝĐĂƐ ƉƵĞĚĞ ƐĞƌ
ƐŝŐŶŝĨŝĐĂƚŝǀĂ͕ƐŝĞŶĚŽůŽƐƉĂşƐĞƐƉŽďƌĞƐůŽƐ
ŵĄƐǀƵůŶĞƌĂďůĞƐ;WĂƚnjĞƚĂů͘ϭϵϵϲͿ͘
ŽŶĐůƵƐŝſŶ͘
džŝƐƚĞŶ ƐƵĨŝĐŝĞŶƚĞƐ ĞǀŝĚĞŶĐŝĂƐ ƉĂƌĂ
ĐŽŶƐŝĚĞƌĂƌ ƋƵĞ Ğů ĂƵŵĞŶƚŽ ĚĞ
ƚĞŵƉĞƌĂƚƵƌĂĞŶůĂƚŝĞƌƌĂĞƐƚĄĂůƚĞƌĂŶĚŽĞů
ĐůŝŵĂLJƋƵĞĞƐƚĞĐĂŵďŝŽƉƵĞĚĞŽĐĂƐŝŽŶĂƌ
ƉƌŽďůĞŵĂƐ ĚĞ ƐĂůƵĚ ƉƷďůŝĐĂ͘ ^ŽŶ
ŶĞĐĞƐĂƌŝĂƐ ĂĐĐŝŽŶĞƐ ƉĂƌĂ ĚŝƐŵŝŶƵŝƌ Ğů
ĐĂůĞŶƚĂŵŝĞŶƚŽĚĞůĂƚŝĞƌƌĂĂŶŝǀĞůŐůŽďĂů͕
ŶĂĐŝŽŶĂůLJůŽĐĂů͕ƵŶƉĂƐŽŝŵƉŽƌƚĂŶƚĞĞƐůĂ
ĂĚŚĞƐŝſŶ Ăů ƉƌŽƚŽĐŽůŽ ĚĞ <ŝŽƚŽ͘ DĠdžŝĐŽ
ĚĞďĞ ĚĞ ƉƌŽƉŽŶĞƌ LJ ĞũĞĐƵƚĂƌ ƉůĂŶĞƐ ĚĞ
ĂĐĐŝſŶ ƉĂƌĂ ĂĨƌŽŶƚĂƌ ůŽƐ ƉƌŽďůĞŵĂƐ ĚĞ
ƐĂůƵĚĞŝŶĨĞĐĐŝŽŶĞƐƌĞůĂĐŝŽŶĂĚĂƐĂůĐĂŵďŝŽ
ĐůŝŵĄƚŝĐŽ͕ ůĂ ĐŽŽƉĞƌĂĐŝſŶ ĞŶƚƌĞ ŶĂĐŝŽŶĞƐ
ĞƐŝŶĚŝƐƉĞŶƐĂďůĞƉĂƌĂƋƵĞůŽƐƉůĂŶĞƐƐĞĂŶ
ĞĨĞĐƚŝǀŽƐͨ͘>ĂƐĂůƵĚŚƵŵĂŶĂĞƐƵŶƌĞĨůĞũŽ
ĚĞůĂƐĂůƵĚĚĞůĂƚŝĞƌƌĂ͕ͩ,ĞƌĄĐůŝƚŽ͘
0LOHQDULD
ŝďůŝŽŐƌĂĨşĂ
ŽŽƉĞƌƐƚŽĐŬ͕D͘ΘtŽůĨ͕Z͘͘;ϭϵϴϲͿ͘^ĞĂƐŽŶĂůŝƚLJŽĨ
ƉƌĞƚĞƌŵďŝƌƚŚŝŶƚŚĞĐŽůůĂďŽƌĂƚŝǀĞƉĞƌŝŶĂƚĂůƉƌŽũĞĐƚ͗
ĚĞŵŽŐƌĂƉŚŝĐ ĨĂĐƚŽƌƐ͘ ŵĞƌŝĐĂŶ :ŽƵƌŶĂů ŽĨ
ƉŝĚĞŵŝŽůŽŐLJ͘ ϭϮϰ͗ ϮϯϰͲϮϰϭ͘
Ğ>ĂĐƌŽŝdž͕D͘;ϮϬϬϬͿ͘WůĂŶĞƚĞĂƌƚŚ͘ůƵĞ͘ϯ͗ϲϱ͘ϲϵ͘
ŽŶŽŚŽĞ͕ D͘ ;ϮϬϬϯͿ͘ ĂƵƐĞƐ ĂŶĚ ŚĞĂůƚ
ĐŽŶƐĞƋƵĞŶĐĞƐŽĨĞŶǀŝƌŽŶŵĞŶƚĂůĚĞŐƌĂĚĂƚŝŽŶĂŶĚ
ƐŽĐŝĂů ŝŶũƵƐƚŝĐŝĞ͘ ^ŽĐŝĂů ^ĐŝĞŶĐĞ Θ DĞĚŝĐŝŶĞ͘ ϱϲ͗
ϱϳϯͲϱϴϳ͘
ĚǁĂƌĚƐ͕D͘:͘;ϭϵϴϲͿ͘,LJƉĞƌƚŚĞƌŵŝĂĂƐĂƚĞƌĂƚŽŐĞŶ͗
ĂƌĞǀŝĞǁŽĨĞdžƉĞƌŝŵĞŶƚĂůƐƚƵĚŝĞƐĂŶĚƚŚĞŝƌĐůŝŶŝĐĂů
ƐŝŐŶŝĨŝĐĂŶĐĞ͘ dĞƌĂƚŽŐĞŶĞƐŝƐ͕ ĂƌĐŝŶŽŐĞŶĞƐŝƐ ĂŶĚ
DƵƚĂŐĞŶĞƐŝƐ͘ϲ͗ϱϲϯͲϱϴϮ͘
'ƌŝĨŽ͕&͘ΘZŽƐĞŶƚŚĂů͕:͘;ĞĚƐͿ͘ϭϵϵϳ͘ŝŽĚŝǀĞƌƐŝƚLJĂŶĚ
ŚƵŵĂŶŚĞĂůƚŚ͘tŚĂƐŝŶŐƚŽŶŐ͕͗͘/ƐůĂŶĚWƌĞƐƐ͘
'ƌŝŵƐƚĂĚ͕W͘Z͘;ϭϵϴϯͿ͘DŽƐƋƵŝƚŽĞƐĂŶĚƚŚĞŝŶĐŝĚĞŶĐĞ
ŽĨ ĞŶĐĞƉŚĂůŝƚŝƐ͘ ĚǀĂŶĐĞƐ ŝŶ sŝƌƵƐ ZĞƐĞĂƌĐŚ͘ Ϯϴ͗
ϯϱϴͲϰϯϴ͘
,ĂŝůĞ͕ ͘ '͘ Θ tĞůĚŚĂƐƐ͕ ͘ t͘ ;ϭϵϳϳͿ͘ ŽŵƉƵƚĞƌ
ƐŝŵƵůĂƚŝŽŶ ŽĨ ŵŽƐƋƵŝƚŽ ƉŽƉƵůĂƚŝŽŶƐ ;ŶŽƉŚĞůĞƐ
ĂůďŝŵĂŶƵƐͿ ĨŽƌ ĐŽŵƉĂƌŝŶŐ ƚŚĞ ĞĨĨĞĐƚŝǀĞŶĞƐƐ ŽĨ
ĐŽŶƚƌŽů ƚĞĐŚŶŝƋƵĞƐ͘ :ŽƵƌŶĂů ŽĨ DĞĚŝĐĂů
ŶƚŽŵŽůŽŐLJ͘ ϭϯ͗ϱϯϯͲϱϲϳ͘
,ĞďĞƌƚ͕ ,͘ :͘ ;ϭϵϵϵͿ͘ WŽůůƵƚŝŽŶ ĂĚĚƐ ƚŽ ŐůŽďĂů
ǁĂƌŵŝŶŐ͘ƐƐŽĐŝĂƚĞĚWƌĞƐƐ͕KĐƚŽďĞƌϮϱ͘hZ>͗ŚƚƚƉ͗ͬ
ͬǁǁǁ͘ŶĐĂƌ͘ƵĐĂƌ͘ĞĚƵ
,ƵŐĞƐ͕>͘;ϮϬϬϬͿ͘ŝŽůŽŐŝĐĂůĐŽŶƐĞƋƵĞŶĐĞƐŽĨŐůŽďĂů
ǁĂƌŵŝŶŐ͗ŝƐƚŚĞƐŝŐŶĂůĂůƌĞĂĚLJ͘dƌĞŶĚƐŝŶĐŽůŽŐLJ
dƌĞŶĚƐĂŶĚǀŽůƵƚŝŽŶ͘ϭϱ͘ϱϲͲϲϭ
:ĂƵƌĞŐƵŝ͕͕͘'ŽĚŝŶĞƐ͕>͘ΘƌƵnj͕&͘;ϭϵϵϮͿ͘ƐƉĞĐƚƐ
ŽĨ ŚĞĂƚͲŝƐůĂŶĚ ĚĞǀĞůŽƉŵĞŶƚ ŝŶ 'ƵĂĚĂůĂũĂƌĂ͕
DĞdžŝĐŽ͘ƚŵŽƐƉŚĞƌŝĐŶǀŝƌŽŶŵĞŶƚ͘ϭϲϮ͗ϯϵϭͲϯϵϲ͘
<ŚĂƐŶŝƐ͕ ͘ ͘ Θ EĞƚƚůĞŵĂŶ͕ D͘ ͘ ;ϮϬϬϱͿ͘ 'ůŽďĂů
ǁĂƌŵŝŶŐ ĂŶĚ ŝŶĨĞĐƚŝŽƵƐ ĚŝƐĞĂƐĞ͘ ƌĐŚŝǀĞƐ ŽĨ
DĞĚŝĐĂůZĞƐĞĂƌĐŚ͘ϯϲ͗ϲϴϵͲϲϵϲ͘
>ŽŶŐƐƚƌĞƚŚ͕ :͘ ;ϭϵϵϭͿ͘ ŶƚŝĐŝƉĂƚĞĚ ƉƵďůŝĐ ŚĞĂůƚ
ĐŽŶƐĞƋƵĞŶĐĞƐ ŽĨ ŐůŽďĂů ĐůŝŵĂƚĞ ĐŚĂŶŐĞ͘
ŶǀŝƌŽŶŵĞŶƚĂů,ĞĂůƚWĞƌƐƉĞĐƚŝǀĞƐ͘ϵϲ͗ϭϯϵͲϭϰϰ͘
>ŽŶŐƐƚƌĞƚŚ͕:͘;ϭϵϵϵͿ͘WƵďůŝĐŚĞĂůƚŚĐŽŶƐĞƋƵĞŶĐĞƐŽĨ
ŐůŽďĂů ĐůŝŵĂƚĞ ĐŚĂŶŐĞ ŝŶ ƚŚĞ hŶŝƚĞĚ ^ƚĂƚĞƐͲƐŽŵĞ
ƌĞŐŝŽŶƐ ŵĂLJ ƐƵĨĨĞƌ ĚŝƐƉƌŽƉŽƌƚŝŽŶĂƚĞůLJ͘
ŶǀŝƌŽŶŵĞŶƚĂů ,ĞĂůƚŚ WĞƌƐƉĞĐƚŝǀĞƐ ϭϬϳ ;ϭͿ͗ ϭϲϵͲ
ϭϳϵ
>ŽŶŐƐƚƌĞƚŚ͕:͘͘ΘtŝƐĞŵĂŶ͕:͘;ϭϵϴϵͿ͘dŚĞƉŽƚĞŶƚŝĂů
ŝŵƉĂĐƚƐŽĨĐůŝŵĂƚĞĐŚĂŶŐĞŽŶƉĂƚƚĞƌŶƐŽĨŝŶĨĞĐƚŝŽƵƐ
ĚŝƐĞĂƐĞ ŝŶ ƚŚĞ hŶŝƚĞĚ ^ƚĂƚĞƐ͘ Ŷ͗ dŚĞ WŽƚĞŶƚŝĂů
ĨĨĞĐƚƐ ŽĨ 'ůŽďĂů ůŝŵĂƚĞ ŚĂŶŐĞ ŽŶ ƚŚĞ hŶŝƚĞĚ
^ƚĂƚĞƐ͘ WͲϮϯϬͲϬϱͲϴϵͲϬϱϳ͘ KĨĨŝĐĞ ŽĨ WŽůŝĐLJ͕
WůĂŶŶŝŶŐ ĂŶĚ ǀĂůƵĂƚŝŽŶ͕ h͘ ^͘ ŶǀŝƌŽŶŵĞŶƚĂů
WƌŽƚĞĐƚŝŽŶŐĞŶĐLJ͕tĂƐŚŝŶŐƚŽŶ͘͘WƉϯͲϰϭ͘
DĂƌƚĞŶƐ͕W͘;ϭϵϵϵͿ͘,ŽǁǁŝůůĐůŝŵĂƚĞĐŚĂŶŐĞĂĨĨĞĐƚ
ŚƵŵĂŶŚĞĂůƚŚ͍ŵĞƌŝĐĂŶ^ĐŝĞŶƚŝƐƚ͘ϴϳ͗ϱϯϰͲϱϰϭ͘
DĐŽŶĂůĚ͕<͘:͘ΘDĂƌƚŝŶ͕'͘W͘;ϮϬϬϬͿ͘dƌĂŶƐŝƚŝŽŶƚŽ
&ͲĨƌĞĞ ŵĞƚĞƌĞĚ ĚŽƐĞ ŝŶŚĂůĞƌƐͲŝŶƚŽ ƚŚĞ ŶĞǁ
ŵŝůůĞŶŶŝƵŵ͘ /ŶƚĞƌŶĂƚŝŽŶĂů :ŽƵƌŶĂů ŽĨ
WŚĂƌŵĂĐĞƵƚŝĐƐ͘ ϮϬϭ͗ ϴϵͲϭϬϳ͘
DŝĞƵƐƐĞƚ͕ Z͕͘ ƵũĂŶ͕ >͕͘ DŽŶĚŝŶĂƚ͕ ͕͘ DĂŶƐĂƚ͕ ͕͘
WŽŶƚŽŶŶŝĞƌ͕&͘Θ'ƌĂŶĚũĞĂŶ͕,͘;ϭϵϴϳͿ͘ƐƐŽĐŝĂƚŝŽŶ
ŽĨ ƐĐƌŽƚĂů ŚLJƉĞƌƚŚĞƌŵŝĂ ǁŝƚŚ ŝŵƉĂŝƌĞĚ
ƐƉĞƌŵĂƚŽŐĞŶĞƐŝƐ ŝŶ ŝŶĨĞƌƚŝůĞ ŵĞŶ͘ &ĞƌƚŝůŝƚLJ ĂŶĚ
^ƚĞƌŝůŝƚLJ͘ϲ͗ϭϬϬϲͲϭϬϭϭ͘
WĂƚnj͕:͕͘͘ƉƐƚĞŝŶ͕W͘Z͕͘dŚŽŵĂƐ͕͕͘͘ƵƌŬĞ͕͘Θ
ĂůďƵƐ͕ :͘ D͘ ;ϭϵϵϲͿ͘ 'ůŽďĂů ĐůŝŵĂƚĞ ĐŚĂŶŐĞ ĂŶĚ
ĞŵĞƌŐŝŶŐ ŝŶĨĞĐƚŝŽƵƐ ĚŝƐĞĂƐĞƐ͘ dŚĞ :ŽƵƌŶĂů ŽĨ ƚŚĞ
ŵĞƌŝĐĂŶDĞĚŝĐĂůƐƐŽĐŝĂƚŝŽŶ͘Ϯϳϱ͗ϮϭϳͲϮϮϯ͘
W^ZZĞƉŽƌƚƐ^ƚĂĨĨ͘;ϮϬϬϬͿ͘ĞĂƚŚďLJĚĞŐƌĞĞƐĚƌŝǀĞƐ
ĐůŝŵĂƚĞĐŚĂŶŐĞĞĚƵĐĂƚŝŽŶ͘ϭϴ͗ϳ͘
tĂůƚŚĞƌ͕ 'ͲZ͘ WŽƐƚ͕ ͕͘ DĞŶnjĞů͕ ͕͘ WĂƌŵĞƐĂŶ͕ ͕͘
ĞĞďĞĞ͕d͘:͕͘͘&ƌŽŵĞŶƚŝŶ͕:ͲD͕͘,ŽĞŐŚͲ'ƵůĚďĞƌŐ͕
K͘ Θ ĂŝƌůĞŝŶ͕ &͘ ;ϮϬϬϮͿ͘ ĐŽůŽŐŝĐĂů ƌĞƐƉŽŶƐĞƐ ƚŽ
ƌĞĐĞŶƚĐůŝŵĂƚĞĐŚĂŶŐĞ͘EĂƚƵƌĞ͘ϰϭϲ͗ϯϴϵͲϯϵϱ͘
TXH ORV SURGXFWRUHV GLVWULEXLGRUHV \
FRQVXPLGRUHV UHGX]FDQ UHXWLOLFHQ \
UHFLFOHQORVH[FHGHQWHVGHDOLPHQWRV
(OGHVSHUGLFLRGHDOLPHQWRV
HVFDUR\GDxDDODPELHQWH
&DUOD $OPHLGD
6FLHQFH 'HYHORSPHQW 1HWZRUN DPpULFD ODWLQD $
OD OLVWD GH IDFWRUHV TXH
FRQWULEX\HQHOFDPELRFOLPiWLFRKD\TXH
VXPDU XQR LQVRVSHFKDGR ORV
GHVSHUGLFLRVGHDOLPHQWRV
6HJ~QXQLQIRUPHGHOD)$2GH
VHSWLHPEUH OD FRPLGD SURGXFLGD \ QR
FRQVXPLGD UHSUHVHQWD PLOORQHV GH
WRQHODGDV GH OD HPLVLyQ DQXDO GH JDVHV
GH HIHFWR LQYHUQDGHUR 6ROR ((88 \
&KLQDHPLWHQPiVTXHHVRDODxR
/D)$2HVWLPDHQJLJDWRQHODGDV
OD PDVD GH GHVSHUGLFLRV HV GHFLU FHUFD
GH XQ WHUFLR GH WRGRV ORV DOLPHQWRV
SURGXFLGRV DQXDOPHQWH HQ HO PXQGR\
VXFRVWRERUGHDORV86PLOPLOORQHV
/RV DOLPHQWRV GHVHFKDGRV
FRQWULEX\HQ DO GHVSLOIDUUR GH DOLPHQWRV
NLOyPHWURVF~ELFRVGHDJXDVROR
PHQRV GHO YROXPHQ WRWDO TXH LQXQGD
DQXDOPHQWH OD OODQXUD GHO UtR
$PD]RQDV \ FDVL PLOORQHV GH
KHFWiUHDVGHWLHUUDSRUFLHQWRGHOD
VXSHUILFLHDJUtFRODJOREDO
(O XVR LQWHQVLYR GH OD WLHUUD \ OD
GHIRUHVWDFLyQSDUDODH[SDQVLyQDJUtFROD
VRQ VHJ~Q HO LQIRUPH OD SULQFLSDO
DPHQD]D SDUD ODELRGLYHUVLGDG 3RU OR
WDQWR OD H[SORWDFLyQ LQQHFHVDULD GH
UHFXUVRV WDPELpQ DIHFWD D OD
VXSHUYLYHQFLDGHODVHVSHFLHV
3DUD 1DGLD 6FLDODEED GHO
'HSDUWDPHQWRGH*HVWLyQGH5HFXUVRV
1DWXUDOHV\0HGLR$PELHQWHGHOD)$2
HOPHQVDMHGHOLQIRUPHHVFODUR©'HMDU
TXHORVSURGXFWRVGHODQDWXUDOH]D\GHO
HVIXHU]R KXPDQR YD\DQ D OD EDVXUD HV
VLPSOHPHQWHDQWLpWLFRHQXQPXQGRGH
HVFDVH]GHUHFXUVRVQDWXUDOHVKDPEUH\
DXVWHULGDGª
$JUHJD TXH ORV WRPDGRUHV GH
GHFLVLRQHV GHEHQ FUHDU LQFHQWLYRV SDUD
0LOHQDULD
©'HMDU TXH ORV SURGXFWRV GH OD
QDWXUDOH]D \ GHO HVIXHU]R KXPDQR
YD\DQ D OD EDVXUD HV VLPSOHPHQWH
DQWLpWLFRHQXQPXQGRGHHVFDVH]ª
1DGLD6FLDODEED
$FFLRQHV HQ HVRV WUHV QLYHOHV VH
GHWDOODQ HQ XQ ¶NLW GH KHUUDPLHQWDV·
SUHSDUDGR SRU OD )$2 SDUD D\XGDU D
VROXFLRQDUHOSUREOHPD
3DUDRULHQWDUDORVDGPLQLVWUDGRUHV
TXHGHVHHQLQYHUWLUHQODOXFKDFRQWUDORV
GHVSHUGLFLRV HO HVWXGLR GHVWDFD OD
FRQWULEXFLyQGHFDGDUHJLyQ\VXFXOWXUD
GH GHVHFKR DJUtFROD 'HVWDFDQ ORV
FHUHDOHV HQ $VLD OD FDUQH HQ UHJLRQHV
GHVDUUROODGDV \ $PpULFD /DWLQD ODV
IUXWDVHQ$VLD$PpULFD/DWLQD\(XURSD
\ODVOHJXPEUHVHQ$VLDLQGXVWULDOL]DGD
VXUGH(XURSD\6XGHVWHDVLiWLFR
(O DJUyQRPR 5XEHQV 2QRIUH
1RGDULH[JHUHQWHGH5HFXUVRV*HQpWLFRV
9HJHWDOHVGHO0LQLVWHULRGHO$PELHQWHGH
%UDVLO FXHVWLRQD TXH HO LQIRUPH DVRFLH
HOSUREOHPDGHORVGHVSHUGLFLRVFRQHOGHO
KDPEUH
3DUDpODPERVVRQFRQVHFXHQFLDGH
OD OyJLFD FRPHUFLDO TXH LPSXOVD OD
SURGXFFLyQ PXQGLDO GH DOLPHQWRV ©/D
FRPLGD QR HV PiV FRPLGD HV XQD
PHUFDQFtD\VXSURGXFFLyQVLJXHODOH\
GH OD RIHUWD \ OD GHPDQGD HVWH HV HO
SUREOHPDªDILUPD
(Q WDQWR 6FLDODEED DGPLWH TXH
UHGXFLUORVGHVSHUGLFLRVHVVRORSDUWHGH
OD VROXFLyQ ©/D SUHJXQWD FODYH HV VL OD
JHQWHWLHQHRQRDFFHVRDORVDOLPHQWRV
TXH VH SURGXFHQ R D ORV UHFXUVRV
QHFHVDULRVSDUDSURGXFLUORVªVHxDOD
(O LQIRUPH HV SDUWH GHO SUR\HFWR
¶+XHOOD GH ORV 'HVSHUGLFLRV GH
$OLPHQWRV·GHOD)$2
'LVSRQLEOH HQ KWWSZZZVFLGHYQHWDPHULFD
ODWLQDPHGLRDPELHQWHQRWLFLDVHOGHVSHUGLFLR
GHDOLPHQWRVHVFDUR\GDDDODPELHQWHKWPO
ƐƉĞĐƚŽƐĞƉŝĚĞŵŝŽůſŐŝĐŽƐ
ĞƚŝŽůſŐŝĐŽƐLJƉƌŽŶſƐƚŝĐŽƐĞŶĐĄŶĐĞƌ͕ĚĞ
ĐĂǀŝĚĂĚŽƌĂů͕ĐĂďĞnjĂLJĐƵĞůůŽ
͘͘^ŝůǀŝĂĂďĂůůĞƌŽůĂŶĐŽ
WƌŽĨ͘ĚĞĂƐŝŐŶĂƚƵƌĂ&ĂĐ͘ĚĞKĚŽŶƚŽůŽŐŝĂh͘D͘^͘E͘,͘
D͘W͘ůĞũĂŶĚƌŽĞĚĞŹŽZĂLJĂ
WƌŽĨ͘Ğ/Ŷǀ͘ƐŽĐŝĂĚŽĚĞd͘͘&͘͘D͘LJͬ͘KĚŽŶƚŽůŽŐŝĂ
͘D&͘DŝŐƵĞůdĂƉŝĂZƵşnj
ŝƌĞĐƚŽƌĚĞůĂ&ĂĐ͘ĚĞKĚŽŶƚŽůŽŐŝĂh͘D͘^͘E͘,͘
Z/EKDW/ZDK/
(
ůĐĄŶĐĞƌĚĞĐĂďĞnjĂLJĐƵĞůůŽ;Ϳ
ŝŶĐůƵLJĞĞůĐĄŶĐĞƌĚĞůƚƌĂĐƚŽĂĞƌŽĚŝŐĞƐƚŝǀŽ
ƐƵƉĞƌŝŽƌ ;ŝŶĐůƵLJĞŶĚŽ ůĂ ĐĂǀŝĚĂĚ ŽƌĂů͕ ůĂ
ŶĂƐŽĨĂƌŝŶŐĞ͕ůĂŽƌŽĨĂƌŝŶŐĞ͕ůĂŚŝƉŽĨĂƌŝŶŐĞ
LJ ůĂ ůĂƌŝŶŐĞͿ͕ ůŽƐ ƐĞŶŽƐ ƉĂƌĂŶĂƐĂůĞƐ LJ ůĂƐ
ŐůĄŶĚƵůĂƐ ƐĂůŝǀĂůĞƐ ;DĞŚĂŶŶĂ ,͘ Ğƚ Ăů͕͘
ϮϬϭϭͿ ĞŶ ŶƵĞƐƚƌŽ ƉĂşƐ ůĂƐ ŵĂůŝŐŶŝĚĂĚĞƐ
ƵďŝĐĂĚĂƐ ĞŶ ĐĂďĞnjĂ LJ ĐƵĞůůŽ ƌĞƉƌĞƐĞŶƚĂŶ
Ğůϭϳ͘ϲйĚĞůĂƚŽƚĂůŝĚĂĚ;ϭϬϴ͕ϬϲϰͿĚĞůĂƐ
ŶĞŽƉůĂƐŝĂƐŵĂůŝŐŶĂƐƌĞƉŽƌƚĂĚĂƐĂůƌĞŐŝƐƚƌŽ
ŚŝƐƚŽƉĂƚŽůſŐŝĐŽ ĚĞ ůĂƐ ŶĞŽƉůĂƐŝĂƐ ĞŶ
DĠdžŝĐŽ;Z,EDͿĞŶĞůĂŹŽϮϬϬϮ͘
ůĂƐ ŐůĄŶĚƵůĂƐ ƐĂůŝǀĂůĞƐ ĐŽŶ ϭ͘ϴй LJ ůŽƐ
ƚƵŵŽƌĞƐŵĂůŝŐŶŽƐĚĞůŽũŽLJƐƵƐĂŶĞdžŽƐĐŽŶ
ϭ͘ϳй ;ƚĂŵƉŽĐŽ ƐĞƌĄŶ ƚƌĂƚĂĚŽƐ ĞŶ ĞƐƚĞ
ĂƌƚşĐƵůŽͿ;dŝƌĂĚŽ>ĂƵƌĂĞƚĂů͕͘ϮϬϬϳͿ͘
ĐŽŶƚŝŶƵĂĐŝſŶ ŵĞŶĐŝŽŶĂƌĞŵŽƐ
ĂƐƉĞĐƚŽƐ ĞƉŝĚĞŵŝŽůſŐŝĐŽƐ ĞƚŝŽůſŐŝĐŽƐ LJ
ƉƌŽŶſƐƚŝĐŽƐ ĚĞ ĐĂƐŝ ƚŽĚŽƐ ůŽƐ ƚŝƉŽƐ ĚĞ
ĐĄŶĐĞƌ ĚĞ ƵŶĂ ŵĂŶĞƌĂ ŝŶĚŝǀŝĚƵĂů ĞŶ ůĂƐ
ƌĞŐŝŽŶĞƐĚĞĐĂďĞnjĂ͕ĐƵĞůůŽLJĐĂǀŝĚĂĚŽƌĂů͘
Ğ ĞƐƚĂƐ ŶĞŽƉůĂƐŝĂƐ͕ Ğů ŐƌƵƉŽ ŵĄƐ
ŝŵƉŽƌƚĂŶƚĞ ƉŽƌ ƐƵ ĨƌĞĐƵĞŶĐŝĂ ůŽ
ĐŽŶƐƚŝƚƵLJĞŶ ůŽƐ ĐĂƌĐŝŶŽŵĂƐ ŶŽ
ŵĞůĂŶŽĐŝƚŝĐŽƐ ĚĞ ůĂ ƉŝĞů ĐŽŶ ϲϮй͘ ů
ƐĞŐƵŶĚŽŐƌƵƉŽůĂƐŶĞŽƉůĂƐŝĂƐŵĂůŝŐŶĂƐĚĞ
ǀşĂƐ ĂĞƌŽĚŝŐĞƐƚŝǀĂƐ ƐƵƉĞƌŝŽƌĞƐ ƋƵĞ
ƌĞƉƌĞƐĞŶƚĂŶĞůϭϮй͘>ŽƐƐŝƚŝŽƐĞƐƉĞĐşĨŝĐŽƐ
ƐĞ ĚŝƐƚƌŝďƵLJĞŶ ĚĞ ůĂ ƐŝŐƵŝĞŶƚĞ ĨŽƌŵĂ ͗
ĐĄŶĐĞƌůĂƌşŶŐĞŽϰϮй͖ĐĄŶĐĞƌďƵĐĂůϯϳй͖
ĐĄŶĐĞƌ ĚĞ ĨŽƐĂƐ ŶĂƐĂůĞƐ LJ ƐĞŶŽƐ ƉĂƌĂ
ŶĂƐĂůĞƐϵй͖ĐĄŶĐĞƌĚĞůĂďƵĐŽĨĂƌşŶŐĞϲй͖
ĐĄŶĐĞƌĚĞůĂŶĂƐŽĨĂƌŝŶŐĞϯйLJĞůĐĄŶĐĞƌĚĞ
ůĂŚŝƉŽĨĂƌŝŶŐĞƚĂŵďŝĠŶĐŽŶƵŶϯй͘
ů ƚĞƌĐĞƌ ŐƌƵƉŽ ůŽ ĐŽŶƐƚŝƚƵLJĞŶ ůĂƐ
ŶĞŽƉůĂƐŝĂƐŵĂůŝŐŶĂƐĚĞůĂŐůĄŶĚƵůĂƚŝƌŽŝĚĞƐ
ĐŽŶ Ğů ϭϬй͘ KƚƌĂƐ ŶĞŽƉůĂƐŝĂƐ ŵĞŶŽƐ
ĨƌĞĐƵĞŶƚĞƐƐŽŶůŽƐƚƵŵŽƌĞƐĐĞƌĞďƌĂůĞƐ;ŶŽ
ƐĞƌĄŶƚƌĂƚĂĚŽƐĞŶĞƐƚĞĂƌƚşĐƵůŽͿĐŽŶϳ͘ϱй͖
ůŽƐŵĞůĂŶŽŵĂƐĐŽŶϱй͖ůŽƐĐĂƌĐŝŶŽŵĂƐĚĞ
0LOHQDULD
^ĞŽƌŝŐŝŶĂĞŶĞůĞƉŝƚĞůŝŽŵƵĐŽƐŽ͘Ɛ
ůĂŶĞŽƉůĂƐŝĂŵĄƐĨƌĞĐƵĞŶƚĞĞŶůĂĐĂǀŝĚĂĚ
ŽƌĂů͕ƐƵŝŶĐŝĚĞŶĐŝĂĞƐŵĄƐĂůƚĂĞŶĞůƐĞdžŽ
ŵĂƐĐƵůŝŶŽ ;Ϯ͗ϭ ƌĞƐƉĞĐƚŽ Ă ůĂƐ ŵƵũĞƌĞƐͿ LJ
ĂƵŵĞŶƚĂĐŽŶůĂĞĚĂĚ;ƉƌŝŶĐŝƉĂůŵĞŶƚĞĞŶ
ŵĂLJŽƌĞƐĚĞϰϬĂŹŽƐͿ;>ĞǀŝƐŽŶĂǀŝĚ͘Ğƚ
Ăů͕͘ϮϬϬϵͿůŽƐĨĂĐƚŽƌĞƐƉƌĞĚŝƐƉŽŶĞŶƚĞƐŵĄƐ
ŝŵƉŽƌƚĂŶƚĞƐ ƐŽŶ Ğů ƚĂďĂĐŽ LJ Ğů ĂůĐŽŚŽů͕
ŝƌƌŝƚĂĐŝſŶĐƌſŶŝĐĂ;ƉŝĞnjĂƐĚĞŶƚĂƌŝĂƐĞŶŵĂů
ĞƐƚĂĚŽͿ͕ ƚƌĂƐƚŽƌŶŽƐ ŶƵƚƌŝĐŝŽŶĂůĞƐ ;ĚĠĨŝĐŝƚ
ĚĞ ǀŝƚĂŵŝŶĂ LJ ŚŝĞƌƌŽͿ ŝŶĨůĂŵĂƚŽƌŝŽ Ğ
ŝŶĨĞĐĐŝŽƐŽƐ;ƐşĨŝůŝƐ͕ŚĞƌƉĞƐ͕ƉĂƉŝůŽŵĂǀŝƌƵƐ
LJ ĐĂŶĚŝĚŝĂƐŝƐͿ ;'ĂƌĐŝĂ ůƉşnjĂƌ ĞĂƚƌŝnj Ğƚ
Ăů͕͘ϮϬϬϲͿĂƐşĐŽŵŽ͕ĞŶũƵĂŐƵĞƐďƵĐĂůĞƐĐŽŶ
ĂůĐŽŚŽů;&ƵĞŶƚĞƐzƵŶĞƐĠƐĂƌĞƚĂů͕͘ϮϬϬϵͿ͕
Ğů ĂŶƚĞĐĞĚĞŶƚĞ ĨĂŵŝůŝĂƌ ĚĞ ĞŶ ƵŶ
ĨĂŵŝůŝĂƌ ĚĞ ƉƌŝŵĞƌ ŐƌĂĚŽ͕ ůŽƐ
ƉŽůŝŵŽƌĨŝƐŵŽƐŐĞŶĠƚŝĐŽƐĞŶůŽƐŐĞŶĞƐƋƵĞ
ĐŽĚŝĨŝĐĂŶůĂƐĞŶnjŝŵĂƐƋƵĞŝŶƚĞƌǀŝĞŶĞŶĞŶ
ĞůŵĞƚĂďŽůŝƐŵŽĚĞůƚĂďĂĐŽLJĞůĂůĐŽŚŽů͕ƉŽƌ
ĞũĞŵƉůŽƵŶDĞƚĂͲĂŶĄůŝƐŝƐĚĞϯϬĞƐƚƵĚŝŽƐ
ŵŽƐƚƌĂƌŽŶ ƋƵĞ ƵŶ ƉŽůŝŵŽƌĨŝƐŵŽ ĞŶ Ğů
'^dDϭ ͕ ƋƵĞ ĐŽĚŝĨŝĐĂ ƵŶĂ ƉƌŽƚĞşŶĂ
ŝŵƉůŝĐĂĚĂ ĞŶ Ğů ŵĞƚĂďŽůŝƐŵŽ ĚĞ ůŽƐ
džĞŶŽďŝŽƚŝĐŽƐ ;ŐůƵƚĂƚŝſŶ͕ ^ ƚƌĂŶƐĨĞƌĂƐĂͿ
;DĞŚĂŶŶĂ ,͘ Ğƚ Ăů͕͘ϮϬϭϭͿ͕ĐŽŵŝĚĂƐ ŵƵLJ
ĐĂůŝĞŶƚĞƐ ƉŝĐĂŶƚĞƐ LJ ĐŽŶĚŝŵĞŶƚĂĚĂƐ
;'ŽŶnjĄůĞƐZĂŵŽƐZŽƐĂDĂƌşĂĞƚĂů͕͘ϮϬϭϬͿ
ŚĂďŝƚŽ ĚĞ ĨƵŵĂƌ ƉŝƉĂ͕ ŵĂƐƚŝĐĂƌ ďĞƚĞů
;<ƵŵĂƌsŝŶĂLJĞƚĂů͕͘ϮϬϭϬͿ
>ŽƐ ƐŝƚŝŽƐ ŵĄƐ ĨƌĞĐƵĞŶƚĞƐ ĚĞ
ƉƌĞƐĞŶƚĂĐŝſŶ ƐŽŶ͗ Ğů ƉŝƐŽ ĚĞ ůĂ ďŽĐĂ͕
ƐƵƉĞƌĨŝĐŝĞ ǀĞŶƚƌĂů LJ ůĂƚĞƌĂů ĚĞ ůĂ ůĞŶŐƵĂ
;&ƵĞŶƚĞƐ zƵŶĞƐ ĠƐĂƌ Ğƚ Ăů͕͘ϮϬϬϵͿ͕ ƐƵƌĐŽ
ĂůǀĞŽůŽŐŝŶŐŝǀĂů͕ƉĂůĂĚĂƌďůĂŶĚŽũƵŶƚŽĐŽŶ
ůŽƐ ƉŝůĂƌĞƐ ĂŵŝŐĚĂůŝŶŽƐ͘ ů ĐĂƌĐŝŶŽŵĂ
ĞƉŝĚĞƌŵŽŝĚĞ ŝŶǀĂĚĞ ĚŝƌĞĐƚĂŵĞŶƚĞ
ĞƐƚƌƵĐƚƵƌĂƐ ƉƌſdžŝŵĂƐ LJ ƉƵĞĚĞ ůůĞŐĂƌ Ă
ĞŵďŽůŝnjĂƌ ǀĂƐŽƐ ůŝŶĨĄƚŝĐŽƐ LJ ƐĂŶŐƵşŶĞŽƐ
ĚĂŶĚŽŵĞƚĄƐƚĂƐŝƐŐĂŶŐůŝŽŶĂƌĞƐ;ϱϬйͿLJĂ
ĚŝƐƚĂŶĐŝĂ;ϳĂϭϮйͿƐŽďƌĞƚŽĚŽĂƉƵůŵſŶĞ
ŚşŐĂĚŽ͘ ů ƚƌĂƚĂŵŝĞŶƚŽ ĞƐ ƋƵŝƌƷƌŐŝĐŽ͘ >Ă
ƌĂĚŝŽƚĞƌĂƉŝĂ LJ ůĂ ƋƵŝŵŝŽƚĞƌĂƉŝĂ ƐŽŶ
ƚĠĐŶŝĐĂƐĐŽŵƉůĞŵĞŶƚĂƌŝĂƐLJͬŽƐƵƐƚŝƚƵƚŝǀĂƐ
ĚĞůĂĐŝƌƵŐşĂ͘>ĂƐƵƉĞƌǀŝǀĞŶĐŝĂŐůŽďĂůĂůŽƐ
ϱ ĂŹŽƐ ŽƐĐŝůĂ ĚĞů ϯϬ Ăů ϴϬ й ĚĞ ĂĐƵĞƌĚŽ
ĐŽŶĞůĞƐƚĂĚŝŽ;ĞŶƚĞŶŽ͘ĞƚĂů͕͘ϮϬϭϬͿ͘
D>EKDKZ>
Ɛ ƵŶ ƚƵŵŽƌ ŽƌŝŐŝŶĂĚŽ ĚĞ ůĂƐ
ŵĞůĂŶŽĐŝƚŽƐĚĞůĂĐĂƉĂďĂƐĂůĚĞůĂŵƵĐŽƐĂ
ŽƌĂů͘ƐƵŶĂĞŶƚŝĚĂĚŝŶĨƌĞĐƵĞŶƚĞ;Ϭ͘ϰĂůϰй
ĚĞůŽƐƚƵŵŽƌĞƐŽƌĂůĞƐƉƌŝŵĂƌŝŽƐLJϬ͘Ϯʹϴй
ĚĞ ƚŽĚŽƐ ůŽƐ ŵĞůĂŶŽŵĂƐ ŵĂůŝŐŶŽƐͿ ůĂ
ŵĂLJŽƌ ƉĂƌƚĞ ĚĞ ůŽƐ ƋƵĞ ĂƉĂƌĞĐĞŶ ĞŶ ůĂ
ďŽĐĂƐŽŶŶĞŽƉůĂƐŝĂƐŵĞƚĄƐƚĂƐŝĐĂƐƐĞǀĞĐŽŶ
ŵĂLJŽƌĨƌĞĐƵĞŶĐŝĂĞŶŚŽŵďƌĞĞŶƚƌĞůĂϰƚĂ
LJ ϲƚĂ ĚĠĐĂĚĂ ĚĞ ůĂ ǀŝĚĂ͘ ƉĂƌĞĐĞŶ ĐŽŶ
ŵĂLJŽƌ ĨƌĞĐƵĞŶĐŝĂ ĞŶ Ğů ƉĂůĂĚĂƌ ;ϱϳй ĚĞ
ĞůůŽƐĞŶĞůƉĂůĂĚĂƌĚƵƌŽͿϮϲйĞŶĞůƌĞďŽƌĚĞ
ĂůǀĞŽůĂƌ;ƉƌŝŶĐŝƉĂůŵĞŶƚĞĞŶĐşĂĚĞůŵĂdžŝůĂƌ
ƐƵƉĞƌŝŽƌͿLJϴйĞŶƉĂůĂĚĂƌďůĂŶĚŽ͘ƐŵĄƐ
ĨƌĞĐƵĞŶƚĞ ĚĞ ŽďƐĞƌǀĂƌ ĞŶ ĐůŝŵĂ
ŵĞƌŝĚŝŽŶĂůĞƐ͕ ƉƵĞĚĞŶ ĚĞƌŝǀĂƌ ĚĞ ƉůĂĐĂƐ
ŵĞůĂŶŽƚŝĐĂƐ ƌĂĐŝĂůĞƐ Ž ĚĞ ŶĞǀŽƐ
ƉƌĞĞdžŝƐƚĞŶƚĞƐ͕ ůĂ ŝƌƌŝƚĂĐŝſŶ ĐƌſŶŝĐĂ͕ Ğů
ƚƌĂƵŵĂ ŽĐůƵƐĂů ;ĚĞŶƚĂĚƵƌĂƐ ŵĂů
ĂĚĂƉƚĂĚĂƐͿLJůĂŝƌƌŝƚĂĐŝſŶƋƵşŵŝĐĂ;ŶƵĞnjĚĞ
ďĞƚĞů͕ ƚĂďĂĐŽ͕ ĐŚŝŵŽ͕ ĞƚĐ͘Ϳ͘ >ŽƐ ĞƐƚƵĚŝŽƐ
ƋƵĞƚƌĂƚĂŶĚĞǀŝŶĐƵůĂƌĂůĂĞdžƉŽƐŝĐŝſŶƐŽůĂƌ
ŶŽŚĂŶĚĂĚŽƌĞƐƵůƚĂĚŽƐĐŽŶĐůƵLJĞŶƚĞƐ͘
ů ŵĞůĂŶŽŵĂ ŽƌĂů ƚŝĞŶĚĞ Ă ŝŶǀĂĚŝƌ
ůŽĐĂůŵĞŶƚĞ ůŽƐ ƚĞũŝĚŽƐ ŵĄƐ ƌĄƉŝĚĂŵĞŶƚĞ
ƋƵĞŽƚƌŽƐƚƵŵŽƌĞƐŵĂůŝŐŶŽƐĚĞůĂĐĂǀŝĚĂĚ
ďƵĐĂů LJ Ă ƉƌŽĚƵĐŝƌ ŵĞƚĄƐƚĂƐŝƐ Ă njŽŶĂƐ
ĚŝƐƚĂŶƚĞƐĐŽŵŽĞůĐĞƌĞďƌŽ͕ƉƵůŵŽŶĞƐLJůĂ
ƌĞŐŝſŶĂďĚŽŵŝŶĂů͘ůŵĂŶĞũŽĞƐĂŐƌĞƐŝǀŽ
ĞŶĞƚĂƉĂƐƚĞŵƉƌĂŶĂƐ͗ĐŝƌƵŐşĂƌĂĚŝĐĂůĞƐƚĂ
ƉƵĞĚĞ ƐĞƌ ĐŽŵďŝŶĂĚĂ ĐŽŶ ƌĂĚŝŽƚĞƌĂƉŝĂ LJ
ƋƵŝŵŝŽƚĞƌĂƉŝĂ ĂƵŶ ĐƵĂŶĚŽ ƐƵ ƵƐŽ ĞƐ
ĐŽŶƚƌŽǀĞƌƐŝĂů LJ ƚĂŵďŝĠŶ ĐŽŶ
ŝŶŵƵŶŽƚĞƌĂƉŝĂ͘ůDKĐŽŶƐƚŝƚƵLJĞƵŶŽĚĞ
ůŽƐƚƵŵŽƌĞƐĚĞŵĂLJŽƌŵŽƌƚĂůŝĚĂĚĚĞŶƚƌŽ
ĚĞ ůĂƐ ŶĞŽƉůĂƐŝĂƐ ŚƵŵĂŶĂƐ LJ ĚĞ ƉĞŽƌ
ƉƌŽŶſƐƚŝĐŽ͘^ƵƉĞƌǀŝǀĞŶĐŝĂ͗ϳĂůϮϬйĂůŽƐ
ϱ ĂŹŽƐ Ğů ƉƌŽŶſƐƚŝĐŽ ĞƐ ĞƐƉĞĐŝĂůŵĞŶƚĞ
ĂĚǀĞƌƐŽƐŝĞdžŝƐƚĞĐŽŵƉƌŽŵŝƐŽſƐĞŽŽŚĂLJ
ŵĞƚĄƐƚĂƐŝƐ Ăů ŵŽŵĞŶƚŽ ĚĞů ĚŝĄŐŶŽƐƚŝĐŽ͕
ŐůĂŶŐůŝŽ ĐĞŶƚŝŶĞůĂ ƉŽƐŝƚŝǀŽ͕ ƌĞĐŝĚŝǀĂ͕
ƚŝĞŵƉŽĚĞĞǀŽůƵĐŝſŶƉƌŽůŽŶŐĂĚŽŽůĞƐŝſŶ
ĚĞŐƌĂŶƚĂŵĂŹŽ͘
EKW>^/^>^'>Eh>^
^>/s>^DEKZ^
ů ĐĂƌĐŝŶŽŵĂ ĂĚĞŶŽƋƵŝƐƚŝĐŽ LJ Ğů
ĂĚĞŶŽĐĂƌĐŝŶŽŵĂ ƐŽŶ ůĂƐ ŶĞŽƉůĂƐŝĂƐ
ŵĂůŝŐŶĂƐ ŵĄƐ ĨƌĞĐƵĞŶƚĞƐ͘ ^ŽŶ ŵĄƐ
ĐŽŵƵŶĞƐ ĞŶ ŵƵũĞƌĞƐ͘ >Ă ŵĂLJŽƌşĂ ĚĞ ůŽƐ
ƉĂĐŝĞŶƚĞƐ ƐŽŶ ŵĂLJŽƌĞƐ ĚĞ ϰϬ ĂŹŽƐ͘ >ŽƐ
ƐŝƚŝŽƐ ĚĞ ƉƌĞĚŝůĞĐĐŝſŶ ƐŽŶ ĂƋƵĞůůŽƐ ƋƵĞ
ƉƌĞƐĞŶƚĂŶ ĂůƚĂ ĐŽŶĐĞŶƚƌĂĐŝſŶ ĚĞ
ŐůĄŶĚƵůĂƐĐŽŵŽĞůƉĂůĂĚĂƌ͕ůĂŵƵĐŽƐĂ
ůĂďŝĂů LJ ďƵĐĂů͕ ůĂƐ ƌĞŐŝŽŶĞƐ
ƌĞƚƌŽŵŽůĂƌĞƐ͕ Ğů ƉŝƐŽ ĚĞ ůĂ ďŽĐĂ LJ ůĂ
ďĂƐĞ ĚĞ ůĂ ůĞŶŐƵĂ ĞŶ ĞƐĞ ŽƌĚĞŶ ĚĞ
ĨƌĞĐƵĞŶĐŝĂ;ĞŶƚĞŶŽ͘ĞƚĂů͕͘ϮϬϭϬͿ͘
>ŽƐ ĐĂƌĐŝŶŽŵĂƐ ĂĚĞŶŽƋƵŝƐƚŝĐŽƐ
ƌĞƉƌĞƐĞŶƚĂŶĞůϱйĚĞůŽƐƚƵŵŽƌĞƐĚĞ
ůĂƐŐůĄŶĚƵůĂƐƐĂůŝǀĂůĞƐƉƌŝŶĐŝƉĂůĞƐLJĞů
ϮϬйĚĞůĂƐŐůĄŶĚƵůĂƐƐĞĐƵŶĚĂƌŝĂƐ;ŶŽ
ƐŽůŽƐĞĚĞƐĂƌƌŽůůĂŶĞŶůĂĐĂǀŝĚĂĚŽƌĂů͕
ƐŝŶŽƚĂŵďŝĠŶĂƉĂƌƚŝƌĚĞůĂƐŐůĄŶĚƵůĂƐ
ůĂŐƌŝŵĂůĞƐ͕ ůĂ ŶĂƐŽĨĂƌŝŶŐĞ͕ ůĂ ĐĂǀŝĚĂĚ
ŶĂƐĂů͕ůŽƐƐĞŶŽƐƉĂƌĂŶĂƐĂůĞƐLJůĂƐǀşĂƐ
ƌĞƐƉŝƌĂƚŽƌŝĂƐ ŝŶĨĞƌŝŽƌĞƐͿ͘ Ɛ ƉƌŽďĂďůĞ
ƋƵĞ ĚĞƌŝǀĞŶ ĚĞ ĐĠůƵůĂƐ ƋƵĞ ƐĞ
ĞŶĐƵĞŶƚƌĂŶ ĞŶ ĚŝĨĞƌĞŶĐŝĂĐŝſŶ ƉĂƌĂ
ĐŽŶƐƚŝƚƵŝƌ ĐŽŶĚƵĐƚŽƐ ŝŶƚĞƌĐĂůĂĚŽƐ LJ
ŵŝŽĞƉŝƚĞůŝŽ ;ZĞŐĞnjŝ :ŽƐĞƉŚ Ă͘ Ğƚ
Ăů͕͘ϮϬϬϲͿ
͘ƐƚĂƐ
ŶĞŽƉůĂƐŝĂƐ
ŵĞƚĂƐƚĂƚŝnjĂŶ ŚĂĐŝĂ ůŽƐ ŐĂŶŐůŝŽƐ
ůŝŶĨĄƚŝĐŽƐĞŶƵŶϭϬĂϭϱй͘>ĂƚĂƐĂĚĞ
ƐƵƉĞƌǀŝǀĞŶĐŝĂ ƐĞ ĞŶĐƵĞŶƚƌĂ ĞŶ ƚŽƌŶŽ
ĂůϵϬйůŽƐϱĂŹŽƐLJĚĞůϲϬйĂůŽƐϮϬ
ĂŹŽƐ;<ƵŵĂƌsŝŶĂLJĞƚĂů͕͘ϮϬϭϬͿ͘
0LOHQDULD
KdZK^dhDKZ^>
D^EYh/DKZ>
ƐƚŽƐ ƚƵŵŽƌĞƐ ŵĂůŝŐŶŽƐ ƐĞ
ĚĞƐĂƌƌŽůůĂŶĞŶůŽƐŵƷƐĐƵůŽƐLJŚƵĞƐŽƐ͘Ŷ
ĐĂďĞnjĂ LJ ĐƵĞůůŽ ĂůĐĂŶnjĂŶ Ğů ϭй ĚĞ ƚŽĚŽƐ
ůŽƐƚƵŵŽƌĞƐŵĂůŝŐŶŽƐ͘
Ͳ&ŝďƌŽƐĂƌĐŽŵĂ͗ ĞƐ ŵĄƐ ĐŽŵƷŶ ĞŶ
ŚŽŵďƌĞƐƋƵĞĞŶŵƵũĞƌĞƐ͕ĞŶƚƌĞůĂϯǐLJϱǐ
ĚĠĐĂĚĂƐ ĚĞ ůĂ ǀŝĚĂ LJ ƐĞ ĚĞƐĂƌƌŽůůĂŶ Ă
ĞdžƉĞŶƐĂƐ ĚĞ ƉĞƌŝŽƐƚŝŽ͕ ƉĞƌŝŽĚŽŶƚŽ͕
ĐŝĐĂƚƌŝĐĞƐ ĂŶƚŝŐƵĂƐ Ž ĞŶ njŽŶĂƐ ƋƵĞ ŚĂŶ
ƌĞĐŝďŝĚŽƚƌĂƚĂŵŝĞŶƚŽĚĞƌĂĚŝĂĐŝŽŶĞƐ
ͲZĂďĚŽŵŝŽƐĂƌĐŽŵĂ͗ ƚƵŵŽƌ ƋƵĞ ƐĞ
ŽƌŝŐŝŶĂ ĞŶ Ğů ŵƵƐĐƵůŽ ĞƐƚƌŝĂĚŽ ŵĄƐ
ĨƌĞĐƵĞŶƚĞĞŶŶŝŹŽƐ;ĞůϳϱйƐĞƉƌĞƐĞŶƚĂŶ
ĞŶ ůĂ ƉƌŝŵĞƌĂ ĚĠĐĂĚĂ ĚĞ ůĂ ǀŝĚĂͿ LJ
ĂĚŽůĞƐĐĞŶƚĞƐ͘ >Ă ůĞŶŐƵĂ ĞƐ Ğů ĂƐŝĞŶƚŽ
ƉƌŝŶĐŝƉĂů ĚĞďŝĚŽ Ă ƐƵ ƌĂƉŝĚĞnj ĚĞ
ĐƌĞĐŝŵŝĞŶƚŽ Ğ ŝŶǀĂƐŝſŶ ůŽĐĂů ůĂ ĐŝƌƵŐşĂ
ĂĐƚƵĂůŵĞŶƚĞ ƐĞ ĂƐŽĐŝĂ Ă ƌĂĚŝĂĐŝŽŶĞƐ LJ Ă
ƋƵŝŵŝŽƚĞƌĂƉŝĂ͕ ƋƵĞ ŚĂ ŵĞũŽƌĂĚŽ Ğů
ƉƌŽŵĞĚŝŽĚĞƐŽďƌĞǀŝĚĂ͕ĂůĐĂŶnjĂŶĚŽĞůϱϬй
ĞŶůĂĂĐƚƵĂůŝĚĂĚ
ͲKƐƚĞŽƐĂƌĐŽŵĂƐLJĐŽŶĚƌŽƐĂƌĐŽŵĂƐ͗ůĂ
ŵĂŶĚşďƵůĂ LJ Ğů ŵĂdžŝůĂƌ ƐƵƉĞƌŝŽƌ ƐŽŶ ůŽƐ
ŚƵĞƐŽƐŵĄƐĂĨĞĐƚĂĚŽƐ͕ĞůĐŽŶĚƌŽƐĂƌĐŽŵĂ
ĞƐƵŶĂŶĞŽƉůĂƐŝĂƐŵĂůŝŐŶĂŵĄƐĐŽŵƷŶĞŶ
ŚŽŵďƌĞƐĞŶƚƌĞůŽƐϯϬLJϲϬĂŹŽƐĚĞĞĚĂĚ͘
Ͳů ŽƐƚĞŽƐĂƌĐŽŵĂ ĞƐ ƵŶĂ ŶĞŽƉůĂƐŝĂ
ŵĂůŝŐŶĂƋƵĞĂĨĞĐƚĂŵĄƐĂůŽƐǀĂƌŽŶĞƐLJƋƵĞ
ŽĐƵƌƌĞĞŶƚƌĞůŽƐϭϬLJϮϬĂŹŽƐĚĞĞĚĂĚ͘^Ƶ
ƌĂƉŝĚĞnj ĚĞ ĐƌĞĐŝŵŝĞŶƚŽ͕ ƐƵ ĂŐƌĞƐŝǀŝĚĂĚ LJ
ƉŽďƌĞ ƌĞƐƉƵĞƐƚĂ Ă ůĂƐ ƌĂĚŝĂĐŝŽŶĞƐ
ĚĞƚĞƌŵŝŶĂŶƋƵĞůĂƐŽďƌĞǀŝĚĂĂůĐĂŶĐĞƐŽůŽ
Ğů ϭϬ Ž ϭϱй͘ ů ƚƌĂƚĂŵŝĞŶƚŽ
ƋƵŝŵŝŽƚĞƌĂƉĠƵƚŝĐŽ͕ ĂĐŽŵƉĂŹĂĚŽ Ă ǀĞĐĞƐ
ĚĞ ƌĂĚŝŽƚĞƌĂƉŝĂ͕ ŚĂ ĚĞƚĞƌŵŝŶĂĚŽ ƵŶĂ
ŵĞũŽƌƐŽďƌĞǀŝĚĂƋƵĞĂůĐĂŶnjĂĞůϰϬй
dhDKZ^Dd^d^/K^
Es/h>
^ĞĐŽŶƐŝĚĞƌĂƋƵĞĞůϭйĚĞƚŽĚĂƐůĂƐ
ůĞƐŝŽŶĞƐŵĂůŝŐŶĂƐĚĞůĂĐĂǀŝĚĂĚďƵĐĂůƐŽŶ
ŵĞƚĄƐƚĂƐŝƐ ƉƌŽǀĞŶŝĞŶƚĞƐ ĚĞ ƚƵŵŽƌĞƐ
ƉƌŝŵĂƌŝŽƐĂůĞũĂĚŽƐ͘
Ŷ ůĂ ŵĂLJŽƌşĂ ĚĞ ůŽƐ ĐĂƐŽƐ͕ ůĂƐ
ŵĞƚĄƐƚĂƐŝƐĂƐŝĞŶƚĂŶĞŶĞůŵĂdžŝůĂƌŝŶĨĞƌŝŽƌ
ĞŶƵŶϵϬйLJƐŽůŽĞŶƵŶϭϬйĞŶůŽƐƚĞũŝĚŽƐ
ďůĂŶĚŽƐ͕ƐŝĞŶĚŽůĂůĞŶŐƵĂ͕ĞŶĐşĂLJĐĂƌƌŝůůŽ
ůŽƐƌĞĐĞƉƚŽƌĞƐŵĄƐĐŽŵƵŶĞƐ͘>ŽƐſƌŐĂŶŽƐ
ŵĞƚĂƐƚĂƚŝnjĂŶƚĞƐ ƐŽŶ ůĂ ŵĂŵĂ͕ ƚŝƌŽŝĚĞƐ͕
ƌŝŹŽŶĞƐ͕ ƉƵůŵŽŶĞƐ LJ ůŽƐ ĂƉĂƌĂƚŽƐ
ŐĞŶŝƚŽƵƌŝŶĂƌŝŽƐLJŐĂƐƚƌŽŝŶƚĞƐƚŝŶĂů;ĞŶƚĞŶŽ
͘ĞƚĂů͕͘ϮϬϬϲͿ
dhDKZ^KKEdK'E/K^D>/'EK^
>ŽƐ ƚƵŵŽƌĞƐ ŽĚŽŶƚŽŐĠŶŝĐŽƐ
ĐŽŶƐƚŝƚƵLJĞŶ ƵŶ ŐƌƵƉŽ ŚĞƚĞƌŽŐĠŶĞŽ ĚĞ
ůĞƐŝŽŶĞƐ ƉŽĐŽ ĨƌĞĐƵĞŶƚĞƐ͕ LJĂ ƋƵĞ
ƌĞƉƌĞƐĞŶƚĂŶ ŵĞŶŽƐ ĚĞů ϰй ĚĞ ƚŽĚŽƐ ůŽƐ
ĞƐƉĞĐşŵĞŶĞƐ ĚĞ ůĂ ƌĞŐŝſŶ ďƵĐĂů LJ
ŵĂdžŝůŽĨĂĐŝĂů͘>ĂƐŶĞŽƉůĂƐŝĂƐŵĂůŝŐŶĂƐĂƐƵ
ǀĞnj͕ĐŽŶƐƚŝƚƵLJĞŶƵŶƉŽƌĐĞŶƚĂũĞŵşŶŝŵŽĚĞ
ĞƐƚŽƐ͕ LJĂ ƋƵĞ ĞŶ ůĂƐ ĚŝǀĞƌƐĂƐ ƐĞƌŝĞƐ
ƉƵďůŝĐĂĚĂƐĂŶŝǀĞůŵƵŶĚŝĂůƐƵĨƌĞĐƵĞŶĐŝĂ
ǀĂƌşĂĞŶƚƌĞϬLJϲ͘ϭйLJƉƵĞĚĞŶƚĞŶĞƌŽƌŝŐĞŶ
ŵĞƐĞŶƋƵŝŵĂƚŽƐŽŽŵŝdžƚŽ͕ĐŽŶƵŶŵĂƌĐĂĚŽ
ƉƌĞĚŽŵŝŶŝŽĚĞĐĂƌĐŝŶŽŵĂƐƐŽďƌĞůĂƐŽƚƌĂƐ
ĞƐƚŝƌƉĞƐŚŝƐƚŽůſŐŝĐĂƐ͘
Ğ ĂĐƵĞƌĚŽ ĐŽŶ ůĂ ŵĄƐ ƌĞĐŝĞŶƚĞ
ĐůĂƐŝĨŝĐĂĐŝſŶ ŝŶƚĞƌŶĂĐŝŽŶĂů ĚĞ ƚƵŵŽƌĞƐ
ŽĚŽŶƚŽŐĠŶŝĐŽƐĚĞůĂKD^͘>ŽƐĐĂƌĐŝŶŽŵĂƐ
ŽĚŽŶƚŽŐĠŶŝĐŽƐ ƐŽŶ ůĞƐŝŽŶĞƐ ƋƵĞ ƉƵĞĚĞŶ
ĚĞƐĂƌƌŽůůĂƌƐĞƉŽƌƚƌĂŶƐĨŽƌŵĂĐŝſŶŵĂůŝŐŶĂ
ĚĞ ƵŶ ĂŵĞůŽďůĂƐƚŽŵĂ͕ ŽƌŝŐŝŶĂƌƐĞ
ĚŝƌĞĐƚĂŵĞŶƚĞĂƉĂƌƚŝƌĚĞƌĞƐƚŽƐĚĞĞƉŝƚĞůŝŽ
ŽĚŽŶƚŽŐĠŶŝĐŽ ĚĞƐƉƵĠƐ ĚĞ ƋƵĞ ƐĞ ŚĂ
ĐŽŵƉůĞƚĂĚŽ ůĂ ĨŽƌŵĂĐŝſŶ ĚĞŶƚĂƌŝĂ͕
ĚĞƐĂƌƌŽůůĂƌƐĞƉŽƌƚƌĂŶƐĨŽƌŵĂĐŝſŶŵĂůŝŐŶĂ
ĚĞů ƌĞǀĞƐƚŝŵŝĞŶƚŽ ĞƉŝƚĞůŝĂů ĚĞ ƋƵŝƐƚĞƐ
ŽĚŽŶƚŽŐĠŶŝĐŽƐ͕ŽƐƵƌŐŝƌĐŽŵŽƵŶĂǀĂƌŝĞĚĂĚ
ŵĂůŝŐŶĂĚĞŽƚƌŽƐƚƵŵŽƌĞƐĞƉŝƚĞůŝĂůĞƐ͘WŽƌ
ƐƵ ƉĂƌƚĞ͕ ůŽƐ ƐĂƌĐŽŵĂƐ ŽĚŽŶƚŽŐĠŶŝĐŽƐ ƐĞ
ĐůĂƐŝĨŝĐĂŶ ĞŶ ϯ ƚŝƉŽƐ͗ ĨŝďƌŽƐĂƌĐŽŵĂ
ĂŵĞůŽďůĂƐƚŝĐŽ;ǀĂƌŝĞĚĂĚŵĂůŝŐŶĂĚĞůĨŝďƌŽŵĂ
ĂŵĞůŽďůĂƐƚŝĐŽͿ ĨŝďƌŽĚĞŶƚŝŶŽƐĂƌĐŽŵĂ LJ
ŽĚŽŶƚŽƐĂƌĐŽŵĂ ĂŵĞůŽďůĄƐƚŝĐŽ ;ǀĂƌŝĂŶƚĞƐ
ŵĂůŝŐŶĂƐ ĚĞů ĨŝďƌŽͲĚĞŶƚŝŶŽŵĂ LJ ĨŝďƌŽͲ
ŽĚŽŶƚŽŵĂĂŵĞůŽďůĂƐƚŝĐŽƐƌĞƐƉĞĐƚŝǀĂŵĞŶƚĞͿ͘
džŝƐƚĞŶ ĂƐŝ ŵŝƐŵŽ Ğů ĐĂƌƐŝŶŽƐĂƌĐŽŵĂ
ŽĚŽŶƚŽŐĠŶŝĐŽ͕ĞŶƚŝĚĂĚƐƵŵĂŵĞŶƚĞƌĂƌĂĞŶ
ĚŽŶĚĞ ůŽƐ ĐŽŵƉŽŶĞŶƚĞƐ ĞƉŝƚĞůŝĂůĞƐ LJ
ŵĞƐĞŶƋƵŝŵĂƚŽƐŽŵƵĞƐƚƌĂŶƌĂƐŐŽƐŚŝƐƚŽůſŐŝĐŽƐ
ĚĞŵĂůŝŐŶŝĚĂĚ͘
>Ă ĞƚŝŽƉĂƚŽŐĞŶŝĂ ĚĞ ůŽƐ ƚƵŵŽƌĞƐ
ŽĚŽŶƚŽŐĠŶŝĐŽƐ ĞƐ ŚĂƐƚĂ ĂŚŽƌĂ
ĚĞƐĐŽŶŽĐŝĚĂ͘ Ŷ ůĂ ŵĂLJŽƌşĂ ĚĞ ƐĞƌŝĞƐ
ƉƵďůŝĐĂĚĂƐ ůŽƐ ĐĂƌĐŝŶŽŵĂƐ ŽĚŽŶƚŽŐĠŶŝĐŽƐ
ĨƵĞƌŽŶ ŵƵĐŚŽ ŵĄƐ ĨƌĞĐƵĞŶƚĞƐ ƋƵĞ ůŽƐ
ƐĂƌĐŽŵĂƐ͘
Ğ ĂĐƵĞƌĚŽ ĐŽŶ ůĂ ƌĞǀŝƐŝſŶ ĚĞ ůĂ
ůŝƚĞƌĂƚƵƌĂ͕ ůĂ ŵĂLJŽƌşĂ ŚĂŶ ŽĐƵƌƌŝĚŽ ĞŶ
ŵƵũĞƌĞƐĐŽŶƌĂŶŐŽĚĞĞĚĂĚĚĞϭϳĂϴϵĂŹŽƐ
0LOHQDULD
ĐŽŶ ƉƌŽŵĞĚŝŽ ĚĞ ϱϲ͘ϱ͘ >Ă ŵĂŶĚşďƵůĂ ƐĞ
ŚĂ ǀŝƐƚŽ ĂĨĞĐƚĂĚĂ ĞŶ ϴϮ͘ϯй LJ Ğů ŵĂdžŝůĂƌ
ĞŶ ϭϳ͘ϲй͘ Ɛ ŝŶƚĞƌĞƐĂŶƚĞ ŶŽƚĂƌ ƋƵĞ ůĂ
ŵĂLJŽƌşĂĚĞůĞƐŝŽŶĞƐƐĞŚĂŶƉƌĞƐĞŶƚĂĚŽĞŶ
ůĂ ƌĞŐŝſŶ ĂŶƚĞƌŝŽƌ Ăů ƉƌŝŵĞƌ ŵŽůĂƌ͘
;DŽƐƋƵĞĚĂdĂLJůŽƌĚĂůďĞƌƚŽĞƚĂů͕͘ϮϬϬϯͿ
EKW>^/^D>/'E^>
s/E^>z^EK^WZE^>^
DĄƐĚĞůĂŵŝƚĂĚĚĞůŽƐĐĂŶĐĞƌĞƐĚĞ
ůĂ ĐĂǀŝĚĂĚ ŶĂƐĂů LJ ůŽƐ ƐĞŶŽƐ ƉĂƌĂŶĂƐĂůĞƐ
ƐĞŽƌŝŐŝŶĂŶĞŶĞůĂŶƚƌŽĚĞůƐĞŶŽŵĂdžŝůĂƌ͕
ƵŶĂ ƚĞƌĐĞƌĂ ƉĂƌƚĞ ĚĞŶƚƌŽ ĚĞ ůĂ ĐĂǀŝĚĂĚ
ŶĂƐĂů͕ĞůϭϬйĞŶůŽƐƐĞŶŽƐĞƚŵŽŝĚĂůĞƐLJĞů
ϭй ĞŶ ůŽƐ ƐĞŶŽƐ ĞƐĨĞŶŽŝĚĂů LJ ĨƌŽŶƚĂů͘
ůƌĞĚĞĚŽƌ ĚĞů ϭϱй ĐŽƌƌĞƐƉŽŶĚĞŶ Ă
ĂĚĞŶŽĐĂƌĐŝŶŽŵĂƐ Ž ďŝĞŶ ĐĂƌĐŝŶŽŵĂƐ
ŝŶĚŝĨĞƌĞŶĐŝĂĚŽƐ͘ sĂƌŝŽƐ ƋƵşŵŝĐŽƐ
ŝŶĚƵƐƚƌŝĂůĞƐƉƵĞĚĞŶŝŶĚƵĐŝƌĐĄŶĐĞƌŶĂƐĂů
ŽĚĞůŽƐƐĞŶŽƐƉĂƌĂŶĂƐĂůĞƐĐŽŵŽŶşƋƵĞů͕
ĐƌŽŵŽ LJ ůŽƐ ŚŝĚƌŽĐĂƌďƵƌŽƐ ĂƌŽŵĄƚŝĐŽƐ͕
ĄŵďŝƚŽƐůĂďŽƌĂůĞƐĐŽŵŽůĂĐĂƌƉŝŶƚĞƌşĂĞŶ
ůĂŝŶĚƵƐƚƌŝĂĚĞůŵƵĞďůĞ͕ĞůƵƐŽĚĞĂĐĞŝƚĞƐ
ƉĂƌĂ ĐŽƌƚĞ LJ ůĂƐ ŝŶĚƵƐƚƌŝĂƐ ƚĞdžƚŝůĞƐ ƋƵĞ
ƚƌĂďĂũĂŶ Ğů ĐƵĞƌŽ͘ >ŽƐ ƚƌĂďĂũĂĚŽƌĞƐ ĚĞů
ŶşƋƵĞůƚŝĞŶĚĞŶĂĚĞƐĂƌƌŽůůĂƌĐĂƌĐŝŶŽŵĂĚĞ
ĐĠůƵůĂƐĞƐĐĂŵŽƐĂƐ͕ĞŶƐƵŵĂLJŽƌşĂĂƉĂƌƚŝƌ
ĚĞůĐŽƌŶĞƚĞŵĞĚŝŽ͕ůĂŵĂLJŽƌƉĂƌƚĞĚĞůĂƐ
ŽƚƌĂƐ ĞdžƉŽƐŝĐŝŽŶĞƐ ƉƵĞĚĞŶ ŐĞŶĞƌĂƌ
ĂĚĞŶŽĐĂƌĐŝŶŽŵĂƐ LJ ĂĨĞĐƚĂŶ ĚĞ ŵĂŶĞƌĂ
ƉƌŝŵŽƌĚŝĂů Ă ůŽƐ ƐĞŶŽƐ ŵĂdžŝůĂƌĞƐ LJ
ĞƚŵŽŝĚĂůĞƐ͕ƐŽŶŵƵĐŚŽŵĄƐĐŽŵƵŶĞƐĞŶ
ǀĂƌŽŶĞƐLJƐĞƉƌŽĚƵĐĞŶĚĞƐƉƵĠƐĚĞůŽƐϱϬ
ĂŹŽƐ͘;ZƵďŝŶZĂƉŚĂĞůĞƚĂů͕͘ϮϬϭϮͿ
EhZK>^dKDK>&dKZ/KK
^d^/KEhZK>^dKD
WƌĞĚŽŵŝŶĂĞŶǀĂƌŽŶĞƐĐŽŶƵŶƌĂŶŐŽ
ĚĞ ĞĚĂĚ ĂŵƉůŝŽ ƋƵĞ ǀĂ ĚĞ ůĂ ϯǐ Ă ůĂ ϵǐ
ĚĠĐĂĚĂ ĚĞ ůĂ ǀŝĚĂ͘ >Ă ƉĞƌĐĞƉĐŝſŶ
ĐƌĂŶĞŽĐĞĨĂĐŝĂůĂƵŶĂĚĂĂůĂƋƵŝŵŝŽƚĞƌĂƉŝĂ͕
ůĂ ƌĂĚŝŽƚĞƌĂƉŝĂ Ž ĂŵďĂƐ ƉƵĞĚĞ ƉĞƌŵŝƚŝƌ
ƵŶĂƐƵƉĞƌǀŝǀĞŶĐŝĂĂϱĂŹŽƐĚĞůϴϱй͘
>/E&KDE'/KEdZ/Kd/WK
E^>>h>^dz>/E&K/dK^
/dK>/d/K^EdhZ>^
;EdZ/KZDEd'ZEh>KD>d>
>>/ED/Ϳ
^ĞĐŽƌƌĞůĂĐŝŽŶĂĐŽŶůĂŝŶĨĞĐĐŝſŶƉŽƌ
ǀŝƌƵƐĚĞƉŝƐƚĞŝŶͲďĂƌƌ͘
Z/EKD^>h>^^DK^^
hK&Z/E'K^
ƐĞƐƚĂĚŽƐƵŶŝĚŽƐĂůƌĞĚĞĚŽƌĚĞůϴϬй
ĚĞ ĞƐƚŽƐ ƐĞ ƌĞůĂĐŝŽŶĂŶ ĐŽŶ ƚŝƉŽƐ ĚĞ ĂůƚŽ
ƌŝĞƐŐŽ ĚĞ sW,͘ Ğ ůŽƐ ŵĄƐ ĚĞ ϭϬϬ
ŐĞŶŽƚŝƉŽƐ ĚĞů ƉĂƉŝůŽŵĂǀŝƌƵƐ ŚƵŵĂŶŽ ƐĞ
ŚĂŶ ĞŶĐŽŶƚƌĂĚŽ ϭϲ ĞŶ ůĞƐŝŽŶĞƐ ďƵĐĂůĞƐ
;ϭ͕Ϯ͕ϯ͕ϰ͕ϲ͕ϳ͕ϭϬ͕ϭϭ͕ϭϯ͕ϭϲ͕ϭϴ͕ϯϭ͕ϯϮ͕ϯϯ͕ϯϱLJ
ϱϳͿĞůϭϯLJϯϮƐŽŶĞdžĐůƵƐŝǀŽƐĚĞůĂĐĂǀŝĚĂĚ
ŽƌĂů;ŽůŽŐŶĂͲDŽůŝŶĂZŽŶĞůů͘ĞƚĂů͕͘ϮϬϬϲͿ
E/EKD^E^K&Z1E'K
ƐŵƵLJĨƌĞĐƵĞŶƚĞĞŶĂůŐƵŶĂƐƌĞŐŝŽŶĞƐ
ĚĞ ĄĨƌŝĐĂ͕ ĞŶ Ğů ƐƵƌĞƐƚĞ ĚĞ ƐşĂ͕ ŚŝŶĂ͕
,ŽŶŐ <ŽŶŐ͘ ŶƚƌĞ ůŽƐ ĨĂĐƚŽƌĞƐ
ƉƌĞĚŝƐƉŽŶĞŶƚĞƐĞƐƚĄŶůĂƐŝŶĨĞĐĐŝŽŶĞƐƉŽƌ
ǀŝƌƵƐ ĚĞ ĞƉŝƐƚĞŝŶͲďĂƌƌ͕ ƐƵĐĞƉƚŝďŝůŝĚĂĚ
ŐĞŶĠƚŝĐĂ ;ĚĞ ůĞƐŝŽŶĞƐ ĐƌŽŵŽƐſŵŝĐĂƐ ĞŶ
ĚŝƐƚŝŶƚĂƐƌĞŐŝŽŶĞƐ;ϯƉ͕ϵƉ͕ϭϰƋͿ͘ŶĐƵĂŶƚŽ
ƐƵƉƌŽŶſƐƚŝĐŽĞƐƌĂĚŝŽƐĞŶƐŝďůĞLJĐĂƐŝƚŽĚŽƐ
ůŽƐƉĂĐŝĞŶƚĞƐƐŽďƌĞǀŝǀĞŶϱĂŹŽƐŽŵĄƐ͘
>/E&KD^>E/>>Kt>zZ
ƐƚŽƐ ĞŶ ƐƵ ŵĂLJŽƌşĂ ƐŽŶ ƚƵŵŽƌĞƐ
ĚŝĨƵƐŽƐĚĞĐĠůƵůĂƐ͘ĐŽŶƐƚŝƚƵLJĞŶŚĂƐƚĂƵŶ
ϱйĚĞůŽƐĐĂŶĐĞƌĞƐĚĞĐĂďĞnjĂLJĐƵĞůůŽ͘Ŷ
ĐƵĂŶƚŽ Ă ƐƵ ĨƌĞĐƵĞŶĐŝĂ ůĂƐ ĂŵşŐĚĂůĂƐ
ƉĂůĂƚŝŶĂƐŽĐƵƉĂŶĞůƉƌŝŵĞƌůƵŐĂƌƐĞŐƵŝĚĂƐ
ĚĞ ůĂ ŶĂƐŽĨĂƌŝŶŐĞ LJ ůĂ ďĂƐĞ ĚĞ ůĂ ůĞŶŐƵĂ
;<ƵŵĂƌsŝŶĂLJĞƚĂů͕͘ϮϬϭϬͿ͘
EKW>^/^D>/'E^>>Z/E'
ů ĐĄŶĐĞƌ ĚĞ ůĂƌŝŶŐĞ ĞƐ Ğů ŵĄƐ
ĨƌĞĐƵĞŶƚĞ ĞŶ ŽƚŽƌƌŝŶŽůĂƌŝŶŐŽůŽŐşĂ͕ ĐĂƐŝ
ƚŽĚŽƐ ƐŽŶ ĐĂƌĐŝŶŽŵĂƐ ĚĞ ĐĠůƵůĂƐ
ĞƐĐĂŵŽƐĂƐ;ϵϴйͿLJĞůƐĞdžŽŵĂƐĐƵůŝŶŽĞƐĞů
ŵĄƐĂĨĞĐƚĂĚŽ͘ƐŵĄƐĨƌĞĐƵĞŶƚĞĞŶƚƌĞůŽƐ
ϱϬLJϳϬĂŹŽƐ͘>ŽƐĨĂĐƚŽƌĞƐĚĞƌŝĞƐŐŽŵĄƐ
ŝŵƉŽƌƚĂŶƚĞƐ ƐŽŶ͗ Ğů ƚĂďĂĐŽ͕ ƐĞŐƵŝĚŽ ƉŽƌ
Ğů ĂůĐŽŚŽů͕ ŵĂůĂ ŚŝŐŝĞŶĞ ďƵĐĂů͕ ĨĂĐƚŽƌĞƐ
ŽĐƵƉĂĐŝŽŶĂůĞƐ ;ĐŽŵŽ ĞdžƉŽƐŝĐŝſŶ Ă ƉŽůǀŽ
ĚĞĐĞŵĞŶƚŽƐ͕ĂƐďĞƐƚŽƐ͕ŵĂĚĞƌĂ͕ŶşƋƵĞů͕ůĂ
ƉŽƐƚͲƌĂĚŝĂĐŝſŶĚĞĐĂďĞnjĂLJĐƵĞůůŽĚƵƌĂŶƚĞ
ƵŶ ůĂƉƐŽ ŚĂƐƚĂ ĚĞ ϰϬ ĂŹŽƐ ͿǀŝƌŽƐŝƐ ;sW,
ϭϲLJϭϴͿ͕ƉƌŽĐĞƐŽƐŝŶĨůĂŵĂƚŽƌŝŽƐĐƌſŶŝĐŽƐ͕
ĚĞĨŝĐŝĞŶĐŝĂƐ ŶƵƚƌŝĐŝŽŶĂůĞƐ ;ǀŝƚĂŵŝŶĂ ͕
ďĞƚĂĐĂƌŽƚĞŶŽƐͿ;/ZW͕ϮϬϭϮͿ͘
ůƚƌĂƚĂŵŝĞŶƚŽƐĞďĂƐĂĞŶůĂĐŝƌƵŐşĂ͕
ƌĂĚŝŽƚĞƌĂƉŝĂ
LJ
ƋƵŝŵŝŽƚĞƌĂƉŝĂ͘
jůƚŝŵĂŵĞŶƚĞ ƐĞ ĂŐƌĞŐſ ůĂ ĐŝƌƵŐşĂ
ŵşŶŝŵĂŵĞŶƚĞ ŝŶǀĂƐŝǀĂ ĐŽŶ ůĄƐĞƌ LJ
ƌĂĚŝŽĨƌĞĐƵĞŶĐŝĂ ŝŶƚĞƌƐƚŝĐŝĂů ůŽ ĐƵĂů ŚĂ
ŵĞũŽƌĂĚŽ ůĂ ĐĂůŝĚĂĚ ĚĞ ǀŝĚĂ ĚĞ ĞƐƚŽƐ
ƉĂĐŝĞŶƚĞƐ;WĂƌĠůĂƵĚŝĂ͘ĞƚĂů͕͘ϮϬϬϵͿ
Z/EKD^d/ZK/K^
^ŽŶ ƌĞůĂƚŝǀĂŵĞŶƚĞ ŝŶĨƌĞĐƵĞŶƚĞƐ ƉŽƌ
ĞũĞŵƉůŽĞŶ͘͘h͘hƌĞƉƌĞƐĞŶƚĂŶĂůƌĞĚĞĚŽƌ
ĚĞů ϭ ʹ ϭ͘ϱй ĚĞ ƚŽĚŽƐ ůŽƐ ĐĂŶĐĞƌĞƐ LJ
ƉƌŽĚƵĐĞŶĞůϬ͘ϰйĚĞƚŽĚĂƐůĂƐŵƵĞƌƚĞƐƉŽƌ
ĐĄŶĐĞƌ͘ >Ă ŵĂLJŽƌ ƉĂƌƚĞ ĚĞ ĐĂƐŽƐ ƐĞ
ƉƌĞƐĞŶƚĂŶĞŶƚƌĞůĂϯǐLJϳǐĚĠĐĂĚĂĚĞůĂǀŝĚĂ
LJĂĨĞĐƚĂŶĂůĂƐŵƵũĞƌĞƐĐŽŶƵŶĂĨƌĞĐƵĞŶĐŝĂ
Ϯ͘ϱǀĞĐĞƐŵĂLJŽƌƋƵĞĂůŽƐǀĂƌŽŶĞƐ͘
ŶƚƌĞůŽƐĨĂĐƚŽƌĞƐĞƚŝŽůſŐŝĐŽƐƐĞŚĂŶ
ŝĚĞŶƚŝĨŝĐĂĚŽŝŶŐĞƐƚĂƐĚĞĚŽƐŝƐŝŶĂĚĞĐƵĂĚĂƐ
ĚĞLJŽĚŽ͕ƌĂĚŝĂĐŝŽŶĞƐƐĞŚĂŶĚĞŵŽƐƚƌĂĚŽ
ƋƵĞ ůĂƐ ƌĂĚŝĂĐŝŽŶĞƐ Ă ĚŽƐŝƐ ďĂũĂƐ
ƉƌĞĚŝƐƉŽŶĞŶ Ăů ĚĞƐĂƌƌŽůůŽ ĚĞ ƵŶĂ
ŶĞŽƉůĂƐŝĂƚŝƌŽŝĚĞĂ͕ƐŝĞŶĚŽůĂĚŽƐŝƐſƉƚŝŵĂ
ƉĂƌĂƐƵĂƉĂƌŝĐŝſŶĞŶƚƌĞůŽƐϱϬϬLJϮϬϬϬĐ'z͘
ůƌŝĞƐŐŽĚŝƐŵŝŶƵLJĞƐŝůĂĚŽƐŝƐĞƐƐƵƉĞƌŝŽƌ
Ă ůŽƐ ϮϬϬϬ Đ'z ƉŽƌ ůĂ ĚĞƐƚƌƵĐĐŝſŶ ĚĞů
ƚĞũŝĚŽŐůĂŶĚƵůĂƌ͘ůůĂƉƐŽƉƌŽŵĞĚŝŽĞŶƚƌĞ
ůĂŝƌƌĂĚĂĐŝŽŶLJůĂĂƉĂƌŝĐŝſŶĚĞĐĂƌĐŝŶŽŵĂƐ
ƚŝƌŽŝĚĞŽ ĞƐ ĚĞ ϴ͘ ϳ ĂŹŽƐ͘ ;ŽŵŝŶŐƵĞnj
WŝŽƌŶŽZĂƷůĞƚĂů͕͘ϮϬϭϮ͖ZƵďŝŶZĂƉŚĂĞůĞƚ
Ăů͕͘ϮϬϭϮͿ͘ >ŽƐ ƐƵďƚŝƉŽƐ ƉƌŝŶĐŝƉĂůĞƐ ĚĞ
ĐĂƌĐŝŶŽŵĂƐ ĚĞ ƚŝƌŽŝĚĞƐ LJ ƐƵƐ ĨƌĞĐƵĞŶĐŝĂƐ
ƌĞůĂƚŝǀĂƐƐŽŶ͗
ΎĐĂƌĐŝŶŽŵĂ ƉĂƉŝůĂƌ ;ŵĄƐ ĚĞů ϴϱй
ĐĂƐŽƐͿΎĐĂƌĐŝŶŽŵĂĨŽůŝĐƵůĂƌ;ϱͲϭϱйĚĞůŽƐ
ĐĂƐŽƐͿΎĐĂƌĐŝŶŽŵĂƐ
ĂŶĂƉůĂƐŝĐŽ
;ŝŶĚŝĨĞƌĞŶĐŝĂĚŽͿ ;ŵĞŶŽƐ ĚĞ ϱй
ĐĂƐŽƐͿΎĐĂƌĐŝŶŽŵĂƐŵĞĚƵůĂƌ;ϱйĐĂƐŽƐͿ
KE>h^/KE^
ŽŵŽƐĞŚĂĚĞŵŽƐƚƌĂĚŽůĂŵĂLJŽƌşĂ
ĚĞ ůĂƐ ŶĞŽƉůĂƐŝĂƐ ĚĞ ĐĂďĞnjĂ LJ ĚĞ ĐƵĞůůŽ
ƉƌĞĚŽŵŝŶĂŶ ĞŶ ŝŶĚŝǀŝĚƵŽƐ ĚĞů ƐĞdžŽ
ŵĂƐĐƵůŝŶŽLJƐŽŶĚĞďŝĚŽƐĂǀĂƌŝŽƐĨĂĐƚŽƌĞƐ
ƋƵĞƉŽĚƌşĂŶƐĞƌŵŽĚŝĨŝĐĂďůĞƐƉŽƌĞůŵŝƐŵŽ
ƉĂĐŝĞŶƚĞ͕ ƚĂůĞƐ ĐŽŵŽ Ğů ƚĂďĂƋƵŝƐŵŽ͕ Ğů
ĂůĐŽŚŽůŝƐŵŽ ĂƐş ĐŽŵŽ ůĂƐ ǀŝƌŽƐŝƐ͕
ĂĚƋƵŝƌŝĚŽƐƉŽƌĂůŐƵŶŽƐŚĄďŝƚŽƐĚĞǀŝĚĂ͘
0LOHQDULD
ŝďůŝŽŐƌĂĨŝĂ
ϭ͘ͲŽůŽŶŐĂͲDŽůŝŶĂZŽŶĞůů͕͘ĂƐƚĂŹĞĚĂͲĂƐƚĂŶĞŝƌĂ
ZĂƷů ͕͘ DŽůŝŶĂ &ƌĞĐŚĞƌŽ͕ WĠƌĞnj ZŽĚƌŝŐƵĞnj͘ sŝƌƵƐ
ĚĞůƉĂƉŝůŽŵĂŚƵŵĂŶŽLJƐƵĂƐŽĐŝĂĐŝſŶĐŽŶĐĄŶĐĞƌ
ďƵĐĂů͘ ZĞǀ͘ DĞĚ͘/ŶƐƚ͘ DĞdž͘ ^ĞŐƵƌŽ
ƐŽĐŝĂů͘ϮϬϬϲ͖ϰϰ;ϮͿ͗ϭϰϳͲϭϱϯ͘
Ϯ͘ͲĞŶƚĞŶŽ͕͘ĂŶŝĞůŽ͕͘Z͘ĂŵƉĂŶĂ͕KƌŽnjĐŽDĂ͘
dƵŵŽƌĞƐ ŵĂůŝŐŶŽƐ ĚĞ ďŽĐĂ͘ DĞĚ ƵƚĂŶ >Ăƚ
ŵ͘ϮϬϭϬ͖ϯϴ;ϲͿ͗ϮϮϭͲϮϮϴ
ϯ͘ͲŽŵŝƐŝſŶ /ŶƚĞƌŶĂĐŝŽŶĂů ĚĞ WƌŽƚĞĐĐŝſŶ
ZĂĚŝŽůſŐŝĐĂ;/ZWͿ͘>ĂZĂĚŝĂĐŝſŶLJĞůƉĂĐŝĞŶƚĞ͕ƵŶĂ
ŐƵşĂ ƉĂƌĂ ŵĠĚŝĐŽƐ͘ ũƵŶŝŽ ϮϬϬϮ͘ŝƐƉŽŶŝďůĞ ĞŶ Ğů
ƐŝƚŝŽǁĞďĚĞůĂ/ZW͘
ϰ͘ͲŽŵşŶŐƵĞnjƉŝŽƌŶŽZĂƷů͘ůƉƌŽƚĞĐƚŽƌĚĞƚŝƌŽŝĚĞƐ͘
ƐƵŝŵƉŽƌƚĂŶĐŝĂĞŶƚŽŵŽŐƌĂĨşĂĂdžŝĂůĐŽŵƉƵƚĂƌŝnjĂĚĂ͘
ZĂĚŝŽĚŝĂŐŶŽƐƚŝĐŽLJZĂĚŝŽƚĞƌĂƉŝĂ͘ϮϬϭϮ͘
ϱ͘Ͳ&ƵĞŶƚĞƐ zƵŶĞƐ ĠƐĂƌ͕ ůǀĂƌĂĚŽ ^ƵĂƌĞnj ZĂƋƵĞů͕
ůĚĂƉĞĂƌƌŝŽƐĞĂƚƌŝnj͘ĂƌĐŝŶŽŵĂƉŝĚĞƌŵŽŝĚĞĚĞ
>ĞŶŐƵĂĐŽŶĚŝĂŐŶŽƐƚŝĐŽƚĂƌĚŝŽ͘WƌĞƐĞŶƚĂĐŝŽŶĚĞƵŶ
ĐĂƐŽĐůşŶŝĐŽ͘ƐŽĐŝĂĐŝŽŶDĞdžŝĐĂŶĂĚĞŝƌƵŐŝĂƵĐĂů
LJ DĂdžŝůŽĨĂĐŝĂů͘ϮϬϬϵ͖ϱ;ϮͿ͗ϳϵͲϴϮ͘
ϲ͘Ͳ'ĂƌĐŝĂ ůƉşnjĂƌ ĞĂƚƌŝnj͕ 'ƵĞƌƌĂ ůĨŽŶƐŽ ƌƚƵƌŽ͕
ĞŶĞƚZŽĚƌşŐƵĞnjDŝŬŚĂşů͘ƵĐĐŽͲĚĞŶƚĂůŚĞĂůƚƐƚĂƚĞ
ŝŶ ƚŚĞ ĂŐĞĚ͘ ZĞǀŝƐƚĂ ůĞĐƚƌŽŶŝĐĂ ĚĞ ůĂƐ ĐŝĞŶĐŝĂƐ
ŵĞĚŝĐĂƐĞŶŝĞŶĨƵĞŐŽƐ͘ϮϬϬϲ͖ϰ;ϮͿ͗ϯϬͲϯϰ͘
ϳ͘Ͳ'ŽŶnjĄůĞƐ ZĂŵŽƐ ZŽƐĂ DĂƌşĂ͕ ,ĞƌƌĞƌĂ >ſƉĞnj /ƐŝƐ
ĄƌďĂƌĂ͕ KƐŽƌŝŽ EƷŹĞnj DĂƌŝƚnjĂ͕ DĂĚƌĂnjŽ KƌĚĂnj
ĞLJƐŝ͘>ĞĂĚŝŶŐKƌĂů>ĞƐŝŽŶƐĂŶĚZŝƐŬĨĂĐƚŽƌƐƉƌĞƐĞŶƚ
ŝŶĂƉŽƉƵůĂƚŝŽŶĂŐĞĚŽǀĞƌϲϬLJĞĂƌƐ͘ZĞǀŝƐƚĂƵďĂŶĂ
ĚĞ ƐƚŽŵĂƚŽůŽŐşĂ ͘ϮϬϭϬ͖ϰϳ;ϭͿ͘
ϴ͘Ͳ>ĞǀŝƐŽŶ ĂǀŝĚ ͕͘ ZĞŝĚ ZƵďŝŶ͕ Ƶƌƚ ůĂŝƐƚĂƌ ͕͘
,ĂƌƌŝƐŽŶ ĂǀŝĚ :͕͘ &ůĞŵŝŶŐ ^ƚĞǁĂƌƚ͘ WĂƚŽůŽŐşĂ ĚĞ
DƵŝƌ͘ϭϰĂ͘Ě͘ŚŝŶĂ͘DĐ'ƌĂǁ,ŝůů͖ϮϬϬϵ͘W͘ϮϮϳͲϮϮϴ͘
ϵ͘ͲDĞŚĂŶŶĂ ,͕͘ WĂůĞƌŝ s͕͘tĞƐƚ ͘D͘>͕͘ EƵƚƚŝŶŐ ͘
ƉŝĚĞŵŝŽůŽŐşĂ͕WƌĞƐĞŶƚĂĐŝſŶLJWƌĞǀĞŶĐŝſŶĄŶĐĞƌ
ĚĞĂďĞnjĂLJƵĞůůŽ͘ZĞǀŝƐƚĂ/ŶƚƌĂŵĞĚ͘ϮϬϭϭ
ϭϬ͘ͲDŽŶƚĞƌŽ ^ĂŶĚƌĂ͕ ZĞLJĞƐ DĂƌŝŽ͕ ŝĨƵĞŶƚĞƐ :ƵůŝŽ͘
ŽŵƉůŝĐĂĐŝŽŶĞƐ ŽƌĂůĞƐ ĚĞů ƚƌĂƚĂŵŝĞŶƚŽ ŶŽ
ƋƵŝƌƷƌŐŝĐŽĚĞůĐĄŶĐĞƌĚĞĐĂďĞnjĂLJĐƵĞůůŽ͘ZĞǀŝƐƚĂ
ĞŶƚĂů ĚĞ ŚŝůĞ͘ϮϬϬϮ͖ϵϯ;ϯͿ͗ϭϮͲϭϲ
ϭϭ͘ͲDŽƐƋƵĞĚĂ dĂLJůŽƌ ĚĂůďĞƌƚŽ͕ DĞŶĞƐĞƐ 'ĂƌĐşĂ
ďĞůĂƌĚŽ͕ZƵşnj'ŽĚŽLJ>ƵnjDĂƌşĂ͕^ƵĄƌĞnjZŽĂDĂ͘
Ğ ůŽƐ ŶŐĞůĞƐ ͕>ƵŶĂ Kƌƚŝnj <ƵĂƵŚLJĂŵĂ͘ dƵŵŽƌĞƐ
ŽĚŽŶƚŽŐĠŶŝĐŽƐDĂůŝŐŶŽƐ͘ƐƚƵĚŝŽƌĞƚƌŽƐƉĞĐƚŝǀŽLJ
ĐŽůĂďŽƌĂƚŝǀŽ ĚĞ ϳ ĐĂƐŽƐ ͘DĞĚŝĐŝŶĂ KƌĂů
͘ϮϬϬϯ͖ϴ͗ϭϭϬͲϮϭ͘
ϭϮ͘ͲWĂƌĞůĂƵĚŝĂŶĚƌĞĂ͕WĂƌĞ<ĂƌŝŶĂůŝnjĂďĞƚŚ͕ZŽĂ
^ĂŶĂďƌŝĂ ĞĂƚƌŝnj sĂŶĞƐĂ͕ dĂŐůĞ :ƵĂŶ &ƌĂŶĐŝƐĐŽ͕
ŚĂŵŽƌƌŽ ƌŵĂŶĚŽ WĞĚƌŽ͘ ĄŶĐĞƌ ĚĞ >ĂƌŝŶŐĞ͗
ZĞǀŝƐŝſŶ͘ ZĞǀŝƐƚĂ ĚĞ WŽƐŐƌĂĚŽ ĚĞ ůĂ ĄƚĞĚƌĂ ĚĞ
DĠĚŝĐŝŶĂ͘ϮϬϬϵ͖ϭϵϮ͗ϭϳͲϮϭ͘
ϭϯ͘ͲZĞŐĞnjŝ :ŽƐĞƉŚ ͕͘ ^ĐŝƵďďĂ :ĂŵĞƐ :͘ WĂƚŽůŽŐşĂ
ƵĐĂů ϯǐ ĞĚ͘ DĠdžŝĐŽ͘ DĐŐƌĂǁͲ,ŝůů
/ŶƚĞƌĂŵĞƌŝĐĂŶĂ͖ϮϬϬϲ ͘W͘ ϮϱϴͲϮϲϮ͘
ϭϰ͘ͲZƵďŝŶ ZĂƉŚĂĞů͕ ^ƚƌĂLJĞƌ ĂǀŝĚ ^͘ WĂƚŽůŽŐşĂ
&ƵŶĚĂŵĞŶƚŽƐůŝŶŝĐŽƉĂƚŽůſŐŝĐŽƐĞŶDĞĚŝĐŝŶĂ͘ϯǐ
ĞĚ͘ ŚŝŶĂ >ŝƉƉŝŶĐŽƚƚ tŝůůŝĂŵ Θ tŝůŬŝŶƐ͖ ϮϬϭϮ͘ W͘
ϭϭϳϰͲϭϭϳϳ͘
ϭϱ͘ͲdŝƌĂĚŽ>ĂƵƌĂ'ƌĂŶĂĚŽƐDĂƌƚŝŶ͘ƉŝĚĞŵŝŽůŽŐŝĂLJ
ƚŝŽůŽŐşĂ ĚĞů ĄŶĐĞƌ ĚĞ ĂďĞnjĂ LJ ƵĞůůŽ͘
ĂŶĐĞƌŽůŽŐşĂ͘ϮϬϬϳ͖ Ϯ͗ ϵͲϭϳ͘
ϭϲ͘Ͳ<ƵŵĂƌ sŝŶĂLJ͕ ďďĂƐ ďƵů <͕͘ &ĂƵƐƚŽ EĞůƐŽŶ͕
ƐƚĞƌũŽŶ͘WĂƚŽůŽŐşĂƐƚƌƵĐƚƵƌĂůLJ&ƵŶĐŝŽŶĂůϴǐĞĚ͘
ƐƉĂŹĂ͘ůƐĞǀŝĞƌ^ĂƵŶĚĞƌƐ͖ϮϬϭϬƉ͘ϳϰϱͲϳϰϵ͘
/DpWLFDPpGLFDHQOD
SUiFWLFDSHGLiWULFDGXUDQWH
HO9LUUHLQDWR
'U-RUJH3DQWRMD*XWLpUUH]
3HGLDWUD1HRQDWyORJR+RVSLWDO,QIDQWLOGH0RUHOLD©(YD6iPDQRGH/ySH]0DWHRVª
/DpWLFDGHODLJOHVLDHQODFRORQLD
IXH
FRPR
OD
GH
5RPD
$ULVWRWpOLFRWRPLVWDEDVDGDHQODTXHHO
ILQGHOKRPEUHFRPRGHFtDQ$ULVWyWHOHV
6DQWR 7RPiV GH $TXLQR \ OXHJR OD
LJOHVLDTXHODIHOLFLGDGSOHQDHV'LRVSRU
ORWDQWRHOILQ~OWLPRGHOKRPEUHHUDOD
XQLyQFRQ'LRV\ODJORULILFDFLyQHQWRGRV
VXVDFWRV
7H[WR GH 7KRPDV %HDXFKDPS \ -DPHV &KLOGUHVV
GRQGH VH HVWDEOHFHQ ORV SULQFLSLRV IXQGDPHQWDOHV
GH OD pWLFD ELRPpGLFD
%
,2e7,&$ HV OD SDUWH GH OD
ILORVRItDTXHVRPHWHDMXLFLRDFFLRQHVGHO
iPELWR GH OD VDOXG SDUD OOHJDU D XQD
FRQFOXVLyQ PiV DFHUWDGD DQWH XQ
FRQIOLFWRUHODFLRQDGRFRQODPLVPD
/D pWLFD PpGLFD SUDFWLFDGD HQ OD
DFWXDOLGDG D SDUWLU GH ORV PRYLPLHQWRV
OLEHUWDULRVHVWDEDVDGDHQEXHQDPHGLGD
SRUOD&DUWD0DJQD
(Q ODV XQLGDGHV GH FXLGDGRV
LQWHQVLYRV QHRQDWDOHV FRPR HQ RWUDV
XQLGDGHVHQFDUJDGDVGHODVDOXGVHGHEHQ
GH WHQHU HQ FXDQWD FLHUWRV SRVWXODGRV
FRPRVRQSUHVHUYDUODVDOXG\GLVPLQXLU
OD PRUELOLGDG DOLYLDU HO GRORU \ HO
VXIULPLHQWRV VH GHEHQ LQFOXLU YDORUHV
PRUDOHV \ PpGLFRV ORV FXDOHV QRV
SHUPLWDQWRPDUODVGHFLVLRQHVDGHFXDGDV
DIDYRUGHQXHVWURVSDFLHQWHV
35,1&,3,26'(%,2e7,&$
/D LJOHVLD FDWyOLFD IXH XQ EDOXDUWH
pWLFRSDUDHOPpGLFR\DTXHQRUPDEDHO
OHJDGRKLSRFUiWLFR\PRUDOGHODLJOHVLD
7KRPDV %HDXFKDPS \ -DPHV
&KLOGUHVV SURSXVLHURQ FXDWUR UHJODV \
FXDWURSULQFLSLRV
/D QRUPD pWLFD GHO SURWRPHGLFDWR
HQ(VSDxD\ODFRORQLDDWHQGLyODPRUDO
OR WpFQLFR \ OR DGPLQLVWUDWLYR SRU RWUD
SDUWHODE~VTXHGDGHQXHYRVKRUL]RQWHV
FLHQWtILFRVGHODpSRFDYLQRDFRPSDxDGD
GH GLOHPDV PRUDOHV GH GLItFLO VROXFLyQ
GDGDVODVJUDQGHVGLIHUHQFLDVFXOWXUDOHV
UHOLJLRVDV \ D[LROyJLFDV GH (XURSD \ OD
1XHYD(VSDxD
/RV FXDWUR SULQFLSLRV VRQ
DXWRQRPtD
EHQHILFHQFLD
QR
PDOHILFHQFLD\MXVWLFLDPLHQWUDVTXHODV
FXDWURUHJODVVRQSULYDFLGDGYHUDFLGDG
FRQILGHQFLDOLGDG\ILGHOLGDG
(O SULQFLSLR GH DXWRQRPtD VH EDVD
HQHOGHUHFKRDODDXWRGHWHUPLQDFLyQTXH
QR VH DSOLFD GLUHFWDPHQWH D ORV UHFLpQ
0LOHQDULD
QDFLGRVSXHVUHTXLHUHQFRQVHQWLPLHQWR
SRUSRGHUGRQGHODUHVSRQVDELOLGDGUHFDH
VREUH ORV SDGUHV R WHUFHUDV SHUVRQDV
LQFOXLGRVORVPpGLFRVDVHVRUHVOHJDOHVR
FRPLWpVGHELRpWLFDKRVSLWDODULD
(OSULQFLSLRGHEHQHILFHQFLD HO FXDO
SUHWHQGH DOLYLDU D RWURV EXVFDQGR VX
EHQHILFLRRKDFHUOHHOELHQ
(OSULQFLSLRGHODQRPDOHILFHQFLDVH
UHILHUHDPLQLPL]DUORVGDxRVRORVHIHFWRV
VHFXQGDULRV QRQ QRFHUH ODWtQ QR
OHVLRQDU R KDFHU GDxR GXUDQWH ORV
SURFHGLPLHQWRV GLDJQyVWLFRV \
WHUDSpXWLFRV
(OSULQFLSLRGHMXVWLFLDVHUHILHUHD
TXHWRGRVORVSDFLHQWHVUHFLEDQHOPLVPR
WUDWR\TXHORVEHQHILFLRVGLDJQyVWLFRV\
WHUDSpXWLFRV VHDQ SRU LJXDO GHVGH HVWD
ySWLFD PHUHFH HO PLVPR WUDWR XQ QLxR
QRUPDO TXH XQR FRQ GLVFDSDFLGDG OD
UHJOD GH OD SULYDFLGDG REOLJD D ORV
PpGLFRV\DOSHUVRQDOGHVDOXGDJXDUGDU
HO VHFUHWR SURIHVLRQDO OD SULYDFLGDG HQ
ODUHODFLyQPpGLFRSDFLHQWH\VHUJDUDQWH
GH OD FRQILGHQFLDOLGDG HO GHUHFKR GH
FRQILDUDVSHFWRVSULYDGRVFRQVXPpGLFR
RVHDDFRQILDUVXVDVSHFWRVSHUVRQDOHV
/DUHJODGHODYHUDFLGDGLPSRQHDO
SDFLHQWH\DOPpGLFRDGHFLUVLHPSUHOD
YHUGDGWHQLHQGRHQFXHQWDTXHVHGHEH
EXVFDU HO PRPHQWR OXJDU IRUPD \
FLUFXQVWDQFLDV LGHDOHV SDUD SRGHU
FRPSDUWLULQIRUPDFLyQHQHOFDVRGHOD
1HRQDWRORJtD HO WUDWR HV HVSHFLDOPHQWH
FRQORVSDGUHV
/DUHJODGHODILGHOLGDGVHUHILHUHD
TXHGHEHPRVGHFRQILDUHQHOSDFLHQWH
HQ UHODFLyQ D TXH YD D VHJXLU ODV
UHFRPHQGDFLRQHV\GHLJXDOIRUPDTXH
HO SDFLHQWH FRQItH HQ HO PpGLFR HQ
FXDQWR D TXH HVWH UHDOL]y XQ EXHQ
GLDJQyVWLFR\SRUORWDQWRUHFRPHQGy
XQ WUDWDPLHQWR DGHFXDGR \ D OD SDU
PDQWHQHUXQYtQFXORGHDPLVWDGTXH
VH VDOYDJXDUGH HVWH VLQ FDHU HQ
H[DJHUDFLRQHVTXHSXHGDQHQWRUSHFHU
XQDDGHFXDGDWRPDGHGHFLVLRQHV
LQYHUVLyQ GH UHFXUVRV PHMRUHV
UHVXOWDGRVHQODVXSHUYLYHQFLD&DEH
PHQFLRQDUTXHDPD\RUVXSHUYLYHQFLD
DXPHQWD WDPELpQ HO Q~PHUR GH
QHRQDWRVFRQVHFXHODV
(OWpUPLQRGH%,2e7,&$HVPiV
DPSOLR TXH HO GH e7,&$ 0e',&$
SRU OR WDQWR OD ELRpWLFD EXVFD
GHWHUPLQDU HO FXUVR GH DFFLyQ
PRUDOPHQWH PiV GHVHDEOH HQ ORV
FXLGDGRV GH OD VDOXG DQWH ORV
FRQIOLFWRVGHORVYDORUHVTXHSXGLHUDQ
VXUJLUGHELGRDODVGLIHUHQWHVRSFLRQHV
WHUDSpXWLFDVFXDQGRQRKD\FRQIOLFWR
HQWUH ORV YDORUHV \ ORV SULQFLSLRV HO
FRQIOLFWRPRUDOQRH[LVWHVRORFXDQGR
OD FRPSHWHQFLD HQWUH HVWRV YDORUHV \
ORVSULQFLSLRVQRSXHGDQVDWLVIDFHUVH
HV FXDQGR VH SUHVHQWD XQ GLOHPD
e7,&2
(VWDPRVKDFLHQGRORFRUUHFWRD
HVWRVQHRQDWRV"
&RPR YHUiQ OD 1HRQDWRORJtD
WLHQH XQ JUDQ UHWR pWLFR SDUD ORV
PpGLFRV SDGUHV H LQVWLWXFLRQHV GH
VDOXGS~EOLFDV\SULYDGDV
3XHGRRGHERKDFHUDOJRPiV"
$9$1&(65,(6*26<
'(&,6,21(6
9DQ 5HKVVOQHU 3RWWHU SXEOLFy
©%ULGJHWRWKHIXWXUHªHQ
/D ELRpWLFD QDFH FRPR XQD
QHFHVLGDG\FRPRXQDUHDFFLyQSRUXQ
ODGR OD GHVWUXFFLyQ DFWXDO GH QXHVWUR
HQWRUQRHFROyJLFRDPELHQWDO\DQLPDO
SRURWURODGRHQHOUHQJOyQGHODPHGLFLQD
HO
LPSUHVLRQDQWH
GHVDUUROOR
ELRWHFQROyJLFRIDUPDFpXWLFR OR TXH KD
GHULYDGR HQ OD GHSHQGHQFLD GH OD
WHFQRORJtDSRUSDUWHGHOPpGLFRDXQDGR
D OD VRFLDOL]DFLyQ GH OD PHGLFLQD TXH
FLHUWDPHQWH KDQ FRQWULEXLGR D PHMRUDU
ODV FRQGLFLRQHV GH VDOXG GH ORV JUXSRV
PiV
YXOQHUDEOHV
SHUR
TXH
ODPHQWDEOHPHQWHWDPELpQKDQSHUPLWLGR
OD GHVKXPDQL]DFLyQ GH OD PHGLFLQD
DFWXDO
DFWXDOPHQWH VH FXHQWD FRQ P~OWLSOHV
LQVWLWXFLRQHV DOUHGHGRU GH PXQGR
LQFOXLGRQXHVWURSDtV
(8GH1RUWHDPpULFDHQODVHJXQGD
PLWDGGHOVLJOR;;9DQ5HKVVOQHU3RWWHU
SXEOLFy ©%ULGJH WR WKH IXWXUHª HQ KHFKR TXH PDUFy HO QDFLPLHQWR GH OD
%,2e7,&$
$FWXDOPHQWH ODV 8&,1 8QLGDGHV
GH&XLGDGRV,QWHQVLYRV1HRQDWDOHVKDQ
SHUPLWLGRLQFUHPHQWDUODVXSHUYLYHQFLD
GH QHRQDWRV H[WUHPDGDPHQWH
SUHPDWXURVJDVtFRPRGHDTXHOORV
GH WpUPLQR FRQ DOJXQD PDOIRUPDFLyQ
FRQJpQLWD
(QORVDxRVVHWHQWDVOD8QLYHUVLGDG
GH *HRUJHWRZQ HQ :DVKLQJWRQ HQ ORV
RFKHQWDV HQ HO FHQWUR GH %RUJLD GH
(VSDxD \ HO FHQWUR GH 0DLQHWWL HQ
$UJHQWLQD IXHURQ ODV SULQFLSDOHV
LQVWLWXFLRQHV GHGLFDGDV D OD ELRpWLFD
/DpWLFDPpGLFDDFWXDOLQFRUSRUDGD
D OD ELRpWLFD QDFLy HQ HO FRQWH[WR
FLHQWtILFR HQ XQ PDUFR VHFXODU QR
UHOLJLRVRFRQODLQWHQVLyQGHKXPDQL]DU
DODFLHQFLD\WHFQRORJtDGiQGROHVXUHDO
LPSRUWDQFLDDOSDFLHQWHFRPRSHUVRQD
FRQ HIHFWRV SUiFWLFRV HQ OD WRPD GH
GHFLVLRQHV KDFH DSHQDV XQ VLJOR D ORV
SUHPDWXURVVRORVHOHVSRGtDRIHUWDUXQ
SRFR GH FDORU \ DOLPHQWDFLyQ FRQ OD
FRQVHFXHQWH SRFD HVSHUDQ]D GH
VREUHYLGD
(QXQSDtVFRPRHOQXHVWURVHGHEH
VHU FDXWHORVR FRQ OD DVLJQDFLyQ GH
UHFXUVRV\DTXHVHKDYLVWRTXHQRH[LVWH
XQD UHODFLyQ GLUHFWD HQWUH PD\RU
0LOHQDULD
/26 $9$1&(6 /DV
LQFXEDGRUDV OD R[LJHQRWHUDSLD OD
DPQLRFHQWHVLV \ WUDQVIXVLRQHV ORV
YHQWLODGRUHV OD DOLPHQWDFLyQ
SDUHQWHUDO
HO
XOWUDVRQLGR
WUDQVIRQWDQHODU HO VXUIDFWDQWH
H[yJHQRORVDQWLELyWLFRVGHWHUFHUD\
FXDUWD JHQHUDFLyQ ORV FXDOHV
GHVDIRUWXQDGDPHQWHQRKDQHYLWDGRODV
LQIHFFLRQHV QRVRFRPLDOHV VLQR TXH HQ
DOJXQRVFDVRVODVKDQIRPHQWDGR
/26
5,(6*26
/RV
SURFHGLPLHQWRVSDUDPDQWHQHUFRQYLGD
DORVUHFLpQQDFLGRVVHKLFLHURQFDGDYH]
PiV LQWHQVLYRV \ ULHVJRVRV GDQGR D OD
SRVWUHFRQXQHQVDxDPLHQWRWHUDSpXWLFR
',67$1$6,$
/$6'(&,6,21(6ORVFXLGDGRV
GHO UHFLpQ QDFLGR UHTXLHUHQ GH
FRQILDELOLGDG \ GHEHQ VHU SURWHJLGRV
FRQWUDGHFLVLRQHVTXHYD\DQHQSHUMXLFLR
GHVXELHQHVWDULPSOHPHQWDQGRFyGLJRV
FRQWUD HO DEXVR \ OD QHJOLJHQFLD OD
SURWHFFLyQ GH ORV QLxRV FRQWUD SRVLEOHV
GDxRV HV OD FRQVLJQD GH OD ELRpWLFD DVt
FRPRGHODMXULVSUXGHQFLD
'HEHPRV GH SXJQDU SRU OD
IRUPDFLyQ\IXQFLRQDOLGDGGHORVFRPLWpV
GHELRpWLFDHQODVLQVWLWXFLRQHVGHVDOXG
ORTXHYHQGUiDIRUWDOHFHUHOWUDEDMRGHO
HTXLSRPpGLFR\FRDG\XYDUDHQODWRPD
GHGHFLVLRQHVPpGLFDVGLItFLOHVWRGRHOOR
UHGXQGDQGR HQ EHQHILFLR GH ORV UHFLpQ
QDFLGRV
'HEHPRV WHQHU SUHVHQWH TXH HO
UHFLpQ QDFLGR HV XQD SHUVRQD FRQ
GHUHFKRV
HVSHFtILFRV
TXH
GHVDIRUWXQDGDPHQWHQRSXHGHUHFODPDU
\ H[LJLU GH ORV PLVPRV SRU UD]RQHV
REYLDV SRU OR WDQWR ORV LQYLWR D TXH
FRQR]FDQODGHFODUDFLyQGHORVGHUHFKRV
GH ORV UHFLpQ QDFLGRV FRQ VXV SRVWXODGRV
3RU ~OWLPR HO KHFKR GH TXH HO
QHRQDWRYD\DDPRULU\SRUORWDQWRVHOH
UHWLUHQ UHFXUVRV WHUDSpXWLFRV QR GHEH
FRQIXQGLUVH FRQ OD HXWDQDVLD DFWLYD R
SDVLYD VLQR VDEHU TXH VH WUDWD GH
25727$1$6,$ HV GHFLU UHFRQRFHU
DFHSWDU OD UHDOLGDG GH OD PXHUWH \ QR
KDFHU QL PiV QL PHQRV GH OR TXH HO
SDFLHQWHQHFHVLWHHQVXPRPHQWR
&2167,78&,Ð1'(/&20,7e
'(%,2e7,&$+263,7$/$5,$
'HQWURGHODGHILQLFLyQGHXQ&%+
HV HO VHU XQ JUXSR GH SHUVRQDV
UHFRQRFLGDVDQLYHOORFDOTXHWLHQHXQD
EDVHRSWDWLYD\TXHPHGLDDVHVRUDDSR\D
\ UHFRPLHQGD VREUH SUREOHPDV pWLFRV
UHODFLRQDGRV FRQ ODV DFWLYLGDGHV GH OD
SURSLDLQVWLWXFLyQ
(O FRPLWp QHFHVLWD GHO
UHFRQRFLPLHQWR GHO KRVSLWDO GHEHUi
FXPSOLUFRQORVUHTXLVLWRVHVWLSXODGRVSRU
OD LQVWLWXFLyQ SDUD IXQFLRQDU \ GH HVD
PDQHUD SRGHU LPSDFWDU HQ HO WUDEDMR
GLDULRKRVSLWDODULR
/RV PLHPEURV GHEHUiQ WUDEDMDU
OLEUHPHQWHVLQSUHVLyQSDUDLQJUHVDU\
SDUD GHMDU GH WUDEDMDU OR KDUiQ GH OD
PLVPD IRUPD HV GHFLU WLHQHQ XQD EDVH
RSWDWLYD QR GHEHQ GH UHFLELU
UHPXQHUDFLyQ HFRQyPLFD QL FXUULFXODU
SDUDHYLWDUFRQIOLFWRGHLQWHUHVHV
/RV &%+ GHEHQ VHJXLU ORV
OLQHDPLHQWRVTXHPDUTXHQODLQVWLWXFLyQ
DILQGHUHFLELUHOUHFRQRFLPLHQWR\WHQHU
OD FDSDFLGDG GH LQIOXLU UHDOPHQWH HQ HO
GHVHPSHxR GH ODV DFWLYLGDGHV
DVLVWHQFLDOHV HGXFDWLYDV \ GH
LQYHVWLJDFLyQTXHUHDOLFHHOKRVSLWDO
&RQVWLWXFLyQGHOFRPLWpGHEHHVWDU
FRQIRUPDGRSRUODVVLJXLHQWHVSHUVRQDV
6H GHEHQ LQWHJUDU FRPLWpV GH ELRpWLFD KRVSLWDODULD
DOPHQRVGRVPXMHUHV\GRVKRPEUHVGRV
PpGLFRV XQD WUDEDMDGRUD VRFLDO XQ
UHSUHVHQWDQWH GH ORV SDFLHQWHV R GH OD
VRFLHGDGXQUHSUHVHQWDQWHUHOLJLRVRXQ
UHSUHVHQWDQWHDMHQRDODLQVWLWXFLyQ\XQ
DERJDGR HQ WRWDO SXHGHQ VHU GH SHUVRQDV
GHLQYHVWLJDFLyQ\HQFRQIOLFWRVIDPLOLD
PpGLFRHQVLHVWDVVRQODVIXQFLRQHVGHO
&%+
&$5$&7(5Ì67,&$6'(/26
,17(*5$17(6'(/&20,7e'(
%,2e7,&$ +263,7$/$5,$
3RVHHU FRQRFLPLHQWRV GH pWLFD \
ELRpWLFDVHQVLELOLGDGVHQWLGRKXPDQLVWD
LPSDUFLDOLGDGVHQVDWH]\FRQVLVWHQFLD
027,926 '( &2168/7$ $/
&20,7e
'(
%,2e7,&$
+263,7$/$5,$
,QLFLR R VXVSHQVLyQ GH OD DWHQFLyQ
HQQHRQDWRVPLQ~VFXORVRPDOIRUPDGRV
FRPD SURORQJDGR R GDWRV GH PXHUWH
FHUHEUDODVSHFWRVpWLFRVGHORVPDQXDOHV
GHQRUPDV\SURFHGLPLHQWRVGHOVHUYLFLR
SDUWLFLSDFLyQGHQHRQDWRVHQSUR\HFWRV
0LOHQDULD
%LEOLRJUDItD
$JXLUUHJDV +* 3ULQFLSLRV pWLFRV GH OD
SUiFWLFD PpGLFD &LU
*DUFtD $ORQVR / SULQFLSLRV PRUDOHV GH OD
ELRpWLFDUHYLVWD&21$0('
'U /XLV +HUQiQGH] $UULDJD \ FROV 3$&
1HRQDWRORJtD ELRpWLFD QHRQDWDO OLEUR
SiJLQDVD
'U 3DGUyQ 3X\RX \ &ROV +LVWRULD GH OD
SHGLDWUtDHQ0p[LFR
/
ĂůŝĐĞŶĐŝĂƚƵƌĂĞŶ^ĂůƵĚWƷďůŝĐĂ
ĨŽƌŵĂ ƉĂƌƚĞ ĚĞ ůĂ ŽĨĞƌƚĂ ĞĚƵĐĂƚŝǀĂ ĚĞ ůĂ
hŶŝǀĞƌƐŝĚĂĚDŝĐŚŽĂĐĂŶĂĚĞ^ĂŶEŝĐŽůĄƐĚĞ
,ŝĚĂůŐŽ LJ ĐŽŶƐƚŝƚƵLJĞ ƵŶŽ ĚĞ ůŽƐ ĚŽƐ
ƉƌŽŐƌĂŵĂƐ ƋƵĞ ƐĞ ŽĨƌĞĐĞŶ ĞŶ ůĂ ƐĐƵĞůĂ
ĚĞ ŶĨĞƌŵĞƌşĂ LJ ^ĂůƵĚ WƷďůŝĐĂ͘ Ɛ ƵŶ
ƉƌŽLJĞĐƚŽ ĂƉƌŽďĂĚŽ ƉŽƌ Ğů ,͘ ŽŶƐĞũŽ
hŶŝǀĞƌƐŝƚĂƌŝŽĞůϯĚĞŽĐƚƵďƌĞĚĞϮϬϬϳ͘
ƐƚƵĚŝŽĚĞWĞƌƚŝŶĞŶĐŝĂĚĞůĂ
>ŝĐĞŶĐŝĂƚƵƌĂĞŶ^ĂůƵĚWƷďůŝĐĂ
^ĞŐƷŶůĂĞĐůĂƌĂĐŝſŶDƵŶĚŝĂůƐŽďƌĞ
ůĂĚƵĐĂĐŝſŶ^ƵƉĞƌŝŽƌĞŶĞůƐŝŐůŽyy/ĚĞůĂ
hE^K͕ ůĂ ƉĞƌƚŝŶĞŶĐŝĂ ĚĞ ůĂ ĞĚƵĐĂĐŝſŶ
ƐƵƉĞƌŝŽƌĚĞďĞĞǀĂůƵĂƌƐĞĞŶĨƵŶĐŝſŶĚĞůĂ
ĂĚĞĐƵĂĐŝſŶĞŶƚƌĞůŽƋƵĞůĂƐŽĐŝĞĚĂĚĞƐƉĞƌĂ
ĚĞůĂƐŝŶƐƚŝƚƵĐŝŽŶĞƐLJůŽƋƵĞĠƐƚĂƐŚĂĐĞŶ͘
>ŽƐ ĞƐƚƵĚŝŽƐ ĚĞ ƉĞƌƚŝŶĞŶĐŝĂ LJ
ĨĂĐƚŝďŝůŝĚĂĚ ƐŽŶ ƵŶĂ ŚĞƌƌĂŵŝĞŶƚĂ
ƉƌŝŵŽƌĚŝĂůƉĂƌĂ͕ĂƉĂƌƚŝƌĚĞůĂŶĄůŝƐŝƐĚĞůĂ
ƐŝƚƵĂĐŝſŶ ĂĐƚƵĂů͕ ůĂƐ ŶĞĐĞƐŝĚĂĚĞƐ ĚĞů
ĞŶƚŽƌŶŽLJĚĞůŵĞƌĐĂĚŽůĂďŽƌĂů͖ƉĂƌĂƉŽĚĞƌ
ũƵƐƚŝĨŝĐĂƌ ůĂ ĞdžŝƐƚĞŶĐŝĂ ĚĞ ůŽƐ ƉƌŽŐƌĂŵĂƐ
ĞĚƵĐĂƚŝǀŽƐ ĐŽŵŽ ĨƵĞŶƚĞƐ ĨŽƌŵĂĚŽƌĂƐ ĚĞ
ƉƌŽĨĞƐŝŽŶŝƐƚĂƐƉƌĞƉĂƌĂĚŽƐƉĂƌĂĞŶĨƌĞŶƚĂƌ
ůĂƌĞĂůŝĚĂĚĞdžŝƐƚĞŶƚĞĞŶĞůƐƚĂĚŽLJĞůWĂşƐ͕
ƋƵĞƐĞĐŽŶǀŝĞƌƚĂŶĞŶĂŐĞŶƚĞƐŐĞŶĞƌĂĚŽƌĞƐ
ĚĞ ĐĂŵďŝŽƐ ƉŽƐŝƚŝǀŽƐ ƋƵĞ ĞƐƚŝŵƵůĞŶ Ğů
ĚĞƐĂƌƌŽůůŽĚĞůĂĞĐŽŶŽŵşĂLJůĂƐŽĐŝĞĚĂĚ͘
>Ă ŽŵŝƐŝſŶ ĚĞ WůĂŶĞĂĐŝſŶ
hŶŝǀĞƌƐŝƚĂƌŝĂ ĚĞ ůĂ hD^E, ĞŶ ĐŽŶũƵŶƚŽ
ĐŽŶƵŶĂĐŽŵŝƐŝſŶŝŶƚĞƌŶĂĚĞůĂƐĐƵĞůĂĚĞ
ŶĨĞƌŵĞƌşĂLJ^ĂůƵĚWƷďůŝĐĂ͕ůůĞǀĂƌŽŶĂĐĂďŽ
ƵŶĞƐƚƵĚŝŽĚĞůWƌŽŐƌĂŵĂĚƵĐĂƚŝǀŽĚĞůĂ
>ŝĐĞŶĐŝĂƚƵƌĂ ĞŶ ^ĂůƵĚ ƉƷďůŝĐĂ͕ ƋƵĞ
ƌĞĐŝĞŶƚĞŵĞŶƚĞƐĞŚĂƉƵďůŝĐĂĚŽLJĚĞůƋƵĞ
ƐĞƌĞƐĂůƚĂŶůŽƐƐŝŐƵŝĞŶƚĞƐĂƐƉĞĐƚŽƐ͗
>ĂŵĞƚŽĚŽůŽŐşĂĞŵƉůĞĂĚĂƉĂƌĂĞƐƚĞ
ĞƐƚƵĚŝŽ͕ ƚŽŵĂ ĂƐƉĞĐƚŽƐ ĚĞ ůĂ 'ƵşĂ
ŵĞƚŽĚŽůſŐŝĐĂ ƉĂƌĂ ůĂ ĞůĂďŽƌĂĐŝſŶ ĚĞ
ƉƌŽƉƵĞƐƚĂƐ ĐƵƌƌŝĐƵůĂƌĞƐ ĚĞ ĞĚƵĐĂĐŝſŶ
ƐƵƉĞƌŝŽƌĚĞůĂŽŵŝƐŝſŶƉĂƌĂůĂWůĂŶĞĂĐŝſŶ
ĚĞ ůĂ ĚƵĐĂĐŝſŶ ^ƵƉĞƌŝŽƌ ĞŶ DŝĐŚŽĂĐĄŶ
;KW^Ϳ͘
>Ă ŽŵŝƐŝſŶ ĚĞ WůĂŶĞĂĐŝſŶ
hŶŝǀĞƌƐŝƚĂƌŝĂLJůĂƐĐƵĞůĂĚĞŶĨĞƌŵĞƌşĂLJ
^ĂůƵĚ WƷďůŝĐĂ ŽƌŐĂŶŝnjĂƌŽŶ Ğů ͨ&ŽƌŽ ĚĞ
ŽŶƐƵůƚĂƉĂƌĂĞůƐƚƵĚŝŽĚĞWĞƌƚŝŶĞŶĐŝĂĚĞ
ůĂ>ŝĐĞŶĐŝĂƚƵƌĂĞŶ^ĂůƵĚWƷďůŝĐĂͩĞůĚşĂϭϱ
ĚĞŵĂƌnjŽĚĞϮϬϭϯ͕ĐŽŶůĂƉĂƌƚŝĐŝƉĂĐŝſŶĚĞů
ĞƐƚƵĚŝĂŶƚĂĚŽ ĞŶ ůĂ ƌĞĂůŝnjĂĐŝſŶ ĚĞ ůĂƐ
ĞŶĐƵĞƐƚĂƐ Ă ůŽƐ ĚĞƉĂƌƚĂŵĞŶƚŽƐ ĚĞ
^ĞůĞĐĐŝſŶLJZĞĐůƵƚĂŵŝĞŶƚŽĚĞWĞƌƐŽŶĂůĞŶ
ůĂƐ /ŶƐƚŝƚƵĐŝŽŶĞƐ ĚŽŶĚĞ ƉƌĞƐƚĂďĂŶ ƐƵƐ
ƐĞƌǀŝĐŝŽƐŽĐŝĂů͘
ZĞƐƵůƚĂĚŽƐƌĞůĞǀĂŶƚĞƐ͗
ĂďĞ ŵĞŶĐŝŽŶĂƌ ƋƵĞ ĂƵŶƋƵĞ ůĂ
ůŝĐĞŶĐŝĂƚƵƌĂ ƐĞĂ ƉĂƌƚĞ ĚĞ ŝĞŶĐŝĂƐ ĚĞ ůĂ
^ĂůƵĚ͕ ůŽƐ ƐĞƌǀŝĐŝŽƐ ƋƵĞ ďƌŝŶĚĂ ƵŶ
^ĂůƵďƌŝƐƚĂƉƵĞĚĞŶƐĞƌĞŵƉůĞĂĚŽƐƚĂŶƚŽĞŶ
ƐĞĐƚŽƌĞƐĚĞŐŽďŝĞƌŶŽĐŽŵŽĚĞĞĚƵĐĂĐŝſŶ
Ğ ŝŶǀĞƐƚŝŐĂĐŝſŶ͘ ů ϵϲй ĚĞ ůŽƐ
ĞŵƉůĞĂĚŽƌĞƐ ĞŶĐƵĞƐƚĂĚŽƐ ĞdžƉƌĞƐĂ ƋƵĞ
ĞdžŝƐƚĞƵŶĄƌĞĂŝĚſŶĞĂĞŶƐƵĞŵƉƌĞƐĂƉĂƌĂ
ůĞƐƚƵĚŝŽƐĞƉůĂŶƚĞſĐŽŶĞůŽďũĞƚŝǀŽ
ĚĞ ƉƌŽƉŽƌĐŝŽŶĂƌ ŝŶĨŽƌŵĂĐŝſŶ ŽƉŽƌƚƵŶĂ LJ
ƉƌĞĐŝƐĂƐŽďƌĞůĂƉĞƌƚŝŶĞŶĐŝĂĚĞůWƌŽŐƌĂŵĂ
ĞĚƵĐĂƚŝǀŽ ĚĞ ůĂ >ŝĐĞŶĐŝĂƚƵƌĂ ĞŶ ^ĂůƵĚ
WƷďůŝĐĂ͕ ƉĂƌĂ ĨƵŶĚĂŵĞŶƚĂƌ ůĂƐ
ŽƌŝĞŶƚĂĐŝŽŶĞƐ ĚĞ ůĂƌŐŽ ƉůĂnjŽ ĚĞ ůĂ
ĚĞƉĞŶĚĞŶĐŝĂ ĞŶ ĐƵĂŶƚŽ Ă ƐƵƐ ŵĞƚĂƐ LJ
ŶĞĐĞƐŝĚĂĚĞƐƐŽĐŝĂůĞƐ͘
0LOHQDULD
ůĂƐĂĐƚŝǀŝĚĂĚĞƐĚĞƵŶůŝĐĞŶĐŝĂĚŽĞŶ^ĂůƵĚ
WƷďůŝĐĂ͘
dƌĂƐ ŽďƐĞƌǀĂƌ ƐƵ ĚĞƐĞŵƉĞŹŽ ĞŶ Ğů
ƐĞƌǀŝĐŝŽƐŽĐŝĂů͕ůŽƐĞŵƉůĞĂĚŽƌĞƐŵƵĞƐƚƌĂŶ
ƵŶĂ ĂůƚĂ ĚŝƐƉŽƐŝĐŝſŶ Ă ĐŽŶƚƌĂƚĂƌ
>ŝĐĞŶĐŝĂĚŽƐĞŶ^ĂůƵĚWƷďůŝĐĂĚĞůĂhD^E,͘
Ŷ ƐƵ ŵĂLJŽƌşĂ͕ ĚĞƐƚĂĐĂƌŽŶ ĐŽŵŽ
ƐĂƚŝƐĨĞĐŚŽƐĐŽŶĞůŶŝǀĞůƉƌŽĨĞƐŝŽŶĂůLJĠƚŝĐŽ
ĚĞů ĞŐƌĞƐĂĚŽ LJ ůĂ ĐĂƉĂĐŝĚĂĚ ƉĂƌĂ
ŽŶĐůƵƐŝŽŶĞƐ͗
>Ă ƉĞƌƚŝŶĞŶĐŝĂ ĚĞů ƉƌŽŐƌĂŵĂ
ĞĚƵĐĂƚŝǀŽĚĞ>ŝĐĞŶĐŝĂƚƵƌĂĞŶ^ĂůƵĚWƷďůŝĐĂ
ĚĞůĂƐĐƵĞůĂĞŶŶĨĞƌŵĞƌşĂLJ^ĂůƵĚWƷďůŝĐĂ
ƉƵĞĚĞƌĞĂĨŝƌŵĂƌƐĞĚĞƐĚĞǀĂƌŝŽƐĂƐƉĞĐƚŽƐ͗
ƌĞƐƉŽŶĚĞƌ Ă ƉƌŽďůĞŵĂƐ ĚĞů ƚƌĂďĂũŽ ĚĞ
ŵĂŶĞƌĂ ĂĚĞĐƵĂĚĂ͘ DŝĞŶƚƌĂƐ ƋƵĞ Ğů
ĂƐƉĞĐƚŽ ƋƵĞ ĐĂůŝĨŝĐĂƌŽŶ ĐŽŶ ŵĂLJŽƌ
ŝŶƐĂƚŝƐĨĂĐĐŝſŶĨƵĞĞůŶŝǀĞůĚĞƉƌĞƉĂƌĂĐŝſŶ
ĂĐĂĚĠŵŝĐĂ͘ƐƚŽŶŽƋƵŝĞƌĞĚĞĐŝƌƋƵĞƐĞĂ
ƵŶĂ ĚĞďŝůŝĚĂĚ ĐƌşƚŝĐĂ LJĂ ƋƵĞ ƐſůŽ Ğů ϭϴй
ĚĞ ůŽƐ ĞŶĐƵĞƐƚĂĚŽƐ ůŽ ŵĂŶŝĨĞƐƚſ͕ ƉĞƌŽ Ɛş
ƋƵĞĞƐƵŶĂƐƉĞĐƚŽĂŵĞũŽƌĂƌ͘
Ğ ĂĐƵĞƌĚŽ Ă ůŽƐ ĞŵƉůĞĂĚŽƌĞƐ͕ Ğů
ĞŐƌĞƐĂĚŽ ƐĞ ĚĞƐĞŵƉĞŹĂ ĂůƚĂŵĞŶƚĞ ĞŶ
ĨƵŶĐŝŽŶĞƐ ĚĞ ƉƌŽŵŽĐŝſŶ Ă ůĂ ƐĂůƵĚ LJ ĞŶ
ĞĚƵĐĂĐŝſŶ ƉƷďůŝĐĂ͘ DŝĞŶƚƌĂƐ ƋƵĞ ĞŶ
/ŶǀĞƐƚŝŐĂĐŝſŶ ĞŶ ^ĂůƵĚ LJ 'ĞƐƚŝſŶ
/ŶƐƚŝƚƵĐŝŽŶĂůƉĂƌĂůĂƉůŝĐĂĐŝſŶĚĞWŽůşƚŝĐĂƐ
ĞŶ ^ĂůƵĚ ŶŽ ŵƵĞƐƚƌĂ ƵŶ ĚĞƐĞŵƉĞŹŽ
ĨĂǀŽƌĂďůĞ͘
>ŽƐ ƌĞƐƵůƚĂĚŽƐ ĞdžƉƌĞƐĂŶ ƋƵĞ ůĂƐ
ĞŵƉƌĞƐĂƐŽŝŶƐƚŝƚƵĐŝŽŶĞƐĐŽŶƐŝĚĞƌĂŶƋƵĞ
ůŽƐ ĞŐƌĞƐĂĚŽƐ ƚŝĞŶĞŶ ƵŶ ŝŵƉĂĐƚŽ ŵƵLJ
ĂĚĞĐƵĂĚŽ ĞŶ ůĂƐ ĄƌĞĂƐ ĚĞ ^ĂůƵĚ
ŽŵƵŶŝƚĂƌŝĂ ;ϲϭйͿ͕ ^ĂůƵĚ &ĂŵŝůŝĂƌ LJ
EƵƚƌŝĐŝſŶ ;ĂŵďĂƐ ϱϳйͿ͘ DŝĞŶƚƌĂƐ ƋƵĞ
ĐŽŶƐŝĚĞƌĂŶ ƋƵĞ Ğů ĚĞƐĞŵƉĞŹŽ ĚĞů
ĞŐƌĞƐĂĚŽ ŚĂ ƚĞŶŝĚŽ ƵŶ ďĂũŽ ŝŵƉĂĐƚŽ Ž
ƉŽĐŽĂĚĞĐƵĂĚŽĞŶĞůĄƌĞĂĚĞŝŽĞƐƚĂĚşƐƚŝĐĂ
ƉƌŝŶĐŝƉĂůŵĞŶƚĞ ;ϮϯйͿ͕ ƐĞŐƵŝĚŽ ƉŽƌ
WŽůşƚŝĐĂƐ ĚĞ WůĂŶŝĨŝĐĂĐŝſŶ͕ WŽůşƚŝĐĂƐ
^ĂŶŝƚĂƌŝĂƐLJƉŝĚĞŵŝŽůŽŐşĂ;ϮϬйĐĂĚĂƵŶĂͿ͘
ƐƚŽŶŽƐŝŐŶŝĨŝĐĂƋƵĞĞůĞŐƌĞƐĂĚŽŶŽĞƐƚĠ
ƉƌĞƉĂƌĂĚŽ ĞŶ ĚŝĐŚĂƐ ĄƌĞĂƐ͕ ƐŝŶŽ ƋƵĞ ůĂƐ
ĞŵƉƌĞƐĂƐ ƌĞƋƵŝĞƌĞŶ ƋƵĞ Ğů ĞŐƌĞƐĂĚŽ
ĂƚŝĞŶĚĂĐŽŶŵĂLJŽƌĠŶĨĂƐŝƐĚŝĐŚĂƐĄƌĞĂƐ͘
>ŽƐĐƵĂƚƌŽĐƵƌƐŽƐLJƚĂůůĞƌĞƐƐƵŐĞƌŝĚŽƐ
ĨƵĞƌŽŶ ĐŽŶƐŝĚĞƌĂĚŽƐ ĐŽŵŽĞƐĞŶĐŝĂůĞƐ ĞŶ
ƐƵ ŵĂLJŽƌşĂ͘ ^ŝŶ ĞŵďĂƌŐŽ͕ ƐſůŽ Ğů ϳϭй
ĐŽŶƐŝĚĞƌſƋƵĞĞůƚĂůůĞƌĚĞůŝĚĞƌĂnjŐŽĐŽŵŽ
ĞƐĞŶĐŝĂů LJ ĨƵĞ Ğů ĐƵƌƐŽ ƋƵĞ ŵĄƐ
ĐŽŶƐŝĚĞƌĂƌŽŶ ĐŽŵŽ ƉŽĐŽ ƌĞůĞǀĂŶƚĞ ;ϳйͿ͘
DŝĞŶƚƌĂƐ ƋƵĞ Ğů ĐƵƌƐŽ ĚĞ ƐĂŶĞĂŵŝĞŶƚŽ
ĂŵďŝĞŶƚĂů ĨƵĞ ĐŽŶƐŝĚĞƌĂĚŽ ĞƐĞŶĐŝĂů ƉŽƌ
ŵĂLJŽƌşĂ;ϵϯйͿƐŽďƌĞůŽƐŽƚƌŽƐĐƵƌƐŽƐ͘
0LOHQDULD
ϭ͘ ů ƉĞƌĨŝů ĚĞů ƐĂůƵďƌŝƐƚĂ ĞƐƚĄ
ĚŝƐĞŹĂĚŽĐŽŶĐŽŶŽĐŝŵŝĞŶƚŽƐ͕ŚĂďŝůŝĚĂĚĞƐ͕
ĚĞƐƚƌĞnjĂƐ͕ ĐŽŵƉĞƚĞŶĐŝĂƐ͕ ĂĐƚŝƚƵĚĞƐ LJ
ǀĂůŽƌĞƐƋƵĞƌĞƋƵŝĞƌĞŶůĂƐůŽĐĂůŝĚĂĚĞƐĚĞů
ĞƐƚĂĚŽLJĞůƉĂşƐĞŶĚŽŶĚĞĞƐƚĄŝĚĞŶƚŝĨŝĐĂĚĂ
ůĂŵĂLJŽƌƉƌŽďůĞŵĄƚŝĐĂĚĞƐĂůƵĚ͘^ĞĚĞďĞ
ĂƵƐƉŝĐŝĂƌ Ğů ĨŽƌƚĂůĞĐŝŵŝĞŶƚŽ ĚĞ ůĂ ƉůĂŶƚĂ
ĂĐĂĚĠŵŝĐĂ͕ ůŽƐ ĞƐƉĂĐŝŽƐ LJ ƐĞƌǀŝĐŝŽƐ ƉĂƌĂ
ĨĂǀŽƌĞĐĞƌůĂĨŽƌŵĂĐŝſŶĚĞůŽƐ>ŝĐĞŶĐŝĂĚŽƐ
ĞŶ^ĂůƵĚWƷďůŝĐĂ͘
Ϯ͘ ů ĚŝĂŐŶſƐƚŝĐŽ LJ ĂŶĄůŝƐŝƐ ĚĞ ƐĂůƵĚ
ƋƵĞ ƐĞ ƌĞĂůŝnjſ ĚĞů ĞƐƚĂĚŽ ĚĞ DŝĐŚŽĂĐĄŶ
ũƵƐƚŝĨŝĐĂ ƉůĞŶĂŵĞŶƚĞ ůĂ ŶĞĐĞƐŝĚĂĚ ĚĞ
ƐĂůƵďƌŝƐƚĂƐ ĐĂƉĂĐŝƚĂĚŽƐ ƉĂƌĂ ƌĞĂůŝnjĂƌ
ĂĐĐŝŽŶĞƐƚĞŶĚŝĞŶƚĞƐĂƐƵƉĞƌĂƌůĂƉŽďƌĞnjĂ
LJůĂĞdžĐůƵƐŝſŶƐŽĐŝĂůĞŶĞůƚĞŵĂĚĞƐĂůƵĚ
ĂĚĞŵĄƐ ĚĞ ŐĞŶĞƌĂƌ ƉƌŽĐĞƐŽƐ ĚĞ
/ŶǀĞƐƚŝŐĂĐŝſŶ͕ƐŽďƌĞƚŽĚŽĞŶƉŽďůĂĐŝŽŶĞƐ
ƉĞƋƵĞŹĂƐ ĐŽŶ ƉŽĐŽ ĂĐĐĞƐŽ Ă ƌĞĐƵƌƐŽƐ LJ
ƐĞƌǀŝĐŝŽƐ͘
ϯ͘ ĞƐĚĞ Ğů ƉƵŶƚŽ ĚĞ ǀŝƐƚĂ ĚĞ ůĂ
ĂƚĞŶĐŝſŶĂůĂĚĞŵĂŶĚĂĞĚƵĐĂƚŝǀĂLJĚĞůĂƐ
ĞdžƉĞĐƚĂƚŝǀĂƐ ĚĞ ůŽƐ ĂƐƉŝƌĂŶƚĞƐ͕ ĞƐƚĄ
ĚĞŵŽƐƚƌĂĚŽ ƋƵĞ Ğů ƉƌŽŐƌĂŵĂ ĞĚƵĐĂƚŝǀŽ
ĂƚŝĞŶĚĞ ĐĂĚĂ ǀĞnj Ă ƵŶĂ ŵĂLJŽƌ ĚĞŵĂŶĚĂ
ĚĞĂƐƉŝƌĂŶƚĞƐĂĞƐƚƵĚŝĂƌĞƐƚĂůŝĐĞŶĐŝĂƚƵƌĂ͘
ƐŝŵƉŽƌƚĂŶƚĞƉƌŽŵŽǀĞƌůĂĂƉĞƌƚƵƌĂLJĞů
ĐŽŶŽĐŝŵŝĞŶƚŽĚĞůƚƌĂďĂũŽĚĞůƐĂůƵďƌŝƐƚĂĂ
ƐĞĐƚŽƌĞƐĚŝƐƚŝŶƚŽƐĂ/ŶƐƚŝƚƵĐŝŽŶĞƐĚĞƐĂůƵĚ͘
dŽŵĂĚŽ ĚĞ͗ hD^E,͘ ŽŵŝƐŝſŶ ĚĞ WůĂŶĞĂĐŝſŶ
hŶŝǀĞƌƐŝƚĂƌŝĂ͘ ƐƚƵĚŝŽ ĚĞ ƉĞƌƚŝŶĞŶĐŝĂ ĚĞ ůĂ
>ŝĐĞŶĐŝĂƚƵƌĂĞŶ^ĂůƵĚWƷďůŝĐĂhD^E,͘ϮϬϭϯ͘
3(/8',726212
0(5(&(118(6752
5(63(72
7
0& /XFtD 6DQWLEixH] 0RQGUDJyQ
3URIHVRUDGHOD/LFHQFLDWXUDHQ6DOXG3~EOLFD
RGRV ORV GtDV DO VRQDU HO
GHVSHUWDGRU OR VHJXQGR TXH HVFXFKR
GHVSXpVGHOPHORGLRVRULLLLLQJ6RQORV
ODGULGRVHIXVLYRV\PX\LQVLVWHQWHVGHPLV
SHUULWRV TXH PH HVSHUDQ HPRFLRQDGRV
UHFRUGiQGRPHTXH\DHVXQQXHYRGtD\
KD\TXHOHYDQWDUVH0HGLULMRKDFLDHOORV
0HUHFLEHQFRQWDQWRFDULxR\HPSLH]DQ
FRQOOHQDUPHGHEHVRVKDFLpQGRPHVHQWLU
KDODJDGD(VWXGLRVGHPXHVWUDQTXHHVWR
QR HV FRLQFLGHQFLD \ TXH PDVFRWDV
FRPR ORV SHUURV KDFHQ TXH QXHVWUR
FXHUSRDODFDULFLDUORVOLEHUHHQGRUILQDV
/DV FXDOHV VRQ RSLRLGHV HQGyJHQRV
SURGXFLGRVHQHOFHUHEUR)XH6RORPRQ
6Q\GHU HQ TXLpQ ODV EDXWL]y FRQ
GLFKR QRPEUH ORV HIHFWRV GH pVWDV VRQ
UHGXFLUHOHVWUpVUHGXFLUODGHSUHVLyQGD
VHQVDFLyQ GH ELHQHVWDU SURGXFLU
DQDOJHVLD \ XQ HIHFWR VHGDQWH $WZHOO
(QWRQFHVVLDFDULFLRDPLSHUUR
WDQWRpOFRPR\RQRVVHQWLUHPRVJHQLDO
SRUTXHDPERVOLEHUDUHPRVHQGRUILQDV
DVt FRPR WDPELpQ R[LWRFLQDV ©OD
KRUPRQDGHODPRUª%ODQFR)LJ
9HR FRPR GHVD\XQDQ IHOLFHV VXV
FURTXHWDV RSWp SRU HOODV SRU VHU XQ
DOLPHQWR EDODQFHDGR FXDQGR VH PH
YLHQHDODPHQWHTXHWHQJRTXHLUPHD
FRUUHWHDUODFKXOHWD«
6HTXHGDQHQODFDVDPLVSHOXGLWRV
HQFHUUDGRV 6RQDUi PDO SHUR VHUi OR
LGHDO TXH GHMDUORV VRORV HQ OD FDOOH
SRQLHQGR HQ SHOLJUR VX YLGD
3UHFLVDPHQWHFDPLQDQGRSRUODFDOOH
YROWHRVLQTXHUHU\YHRHQODDYHQLGD
XQFXHUSHFLWRWHQGLGRGHXQSHUULWRTXH
QRFRUULyFRQODPLVPDVXHUWH\\DFH
\DPXHUWRSRUTXHQRHVWXYRVXGXHxR
SDUDFXLGDUOR\SUHYHQLUORGHHVHWULVWH
GHVHQODFH6HPHKDFHWUL]DVHOFRUD]yQ
XQQXGRHQODJDUJDQWD1RHQFXHQWUR
)LJ $PERV OLEHUDQ HQGRUILQDV H[LWRFLQDV
H[SOLFDFLyQ GHO SRUTXp SDVD HVWR WRGRV
ORVGtDV7DQWDFUXHOGDG\VREUHWRGRHQ
ORV VHUHV YLYRV PiV LQGHIHQVRV TXH VRQ
ORV DQLPDOHV 7DQWR SHUURV JDWRV
KXURQHVSHFHVFKDQJRVFX\RVWRUWXJDV
HWF 0LOHV GH DQLPDOHV HVWiQ SDVDQGR
WRGRVORVGtDVHQFDGDVHJXQGRSRUXQ
SUREOHPD GH PDOWUDWR $OJXQRV YLYHQ
YLYHQPX\ELHQRWURV\DQRYLYHQ\RWURV
WLHQHQXQDYLGDFRQWDQWRVXIULPLHQWRTXH
ODPXHUWHVHUiVXPHMRURSFLyQ%ODQFR
HOORVVLQWHQHUPXFKDVYHFHVODpWLFDGH
QR KDFHUORV VXIULU« 6LQ GXGD VRQ
DFWLYLGDGHV PX\ LPSRUWDQWHV SDUD OD
IRUPDFLyQSURIHVLRQDOSHUR\DHQHVWRV
WLHPSRV GHEHUtDQ GH LQQRYDUVH HVWDV
SUiFWLFDV \D VHD FRQ VLPXODFLRQHV HQ
FRPSXWDGRUD PDQLTXtHV HWF \ DVt
VXSOLUHOVXIULPLHQWRTXHOHVSURSLFLDPRV
D VHUHV LQRFHQWHV 6LQ LPSRUWDU OD
HVSHFLHGHDQLPDOQRPHUHFHQYLYLUHQ
XQ ODERUDWRULR VXIULU \ PRULU HQ pO
%XVWDPDQWH'tH]
&LWDUp D FRQWLQXDFLyQ DOJXQRV
HYHQWRV FDUDFWHUtVWLFRV HQ GRQGH VH
SUHVHQWD PDOWUDWR D ORV DQLPDOHV \ TXH
SRGHPRVD\XGDUDHYLWDUORV
3HURQRVyORVXIUHQORVDQLPDOHVHQ
ORV ODERUDWRULR WDPELpQ VXIUHQ SRUTXH
QRV VLUYHQ GH DOLPHQWR ¢6HUtD PXFKR
SHGLUTXHQRVROYLGHPRVGHFHOHEUDUOD
QDYLGDGFHQDQGRSDYR\ODVERGDVGHO
SROORFRQPROH"¢4XpWDOXQDSDHOODVLQ
PDULVFRVXQPROHVLQSROORXQFRFNWHO
VLQFDPDURQHVRXQD©SDSDVLQFiWVXSª"
/RGHSDSDVLQFiWVXSVyORORHVFULEt
SRUTXHVXHQDELHQ6LQHPEDUJRVHUtD
XQD RSFLyQ RSWDU SRU SODWLOORV VLQ
GHULYDGRV GH DQLPDOHV DUUR] FRQ
SOiWDQRKDPEXUJXHVDGHVR\DFHYLFKH
GHMtFDPDWDFRVGHIULMROHVHVSDJXHWL
FRQFKDPSLxRQHVHQVDODGDFRQQXHFHV
\SDVDVHWF¢4XLpQGLMR\R"6RQDUi
UDUR SHUR HVWDUtD ELHQ SHQVDUOR
PHGLWDUOR WHQHU FDOPD \ WRPDU
FRQFLHQFLD \ SRU TXp QR"
',60,18,5 OD FDQWLGDG GH LQJHVWD
GLDULD GH DOLPHQWRV GHULYDGRV GH ORV
DQLPDOHV/DVIUXWDVYHUGXUDVFHUHDOHV
VRQ XQD RSFLyQ EDMD HQ JUDVDV
VDWXUDGDV\FROHVWHUROTXHDXQTXHQR
VXSOH D ODV SURWHtQDV FRPSOHWDV TXH
SRVHHQORVSURGXFWRVDQLPDOHVQXWUHQ
\ FXPSOHQ FRQ OD PD\RUtD GH ORV
DPLQRiFLGRVUHTXHULGRV5HFXHUGDTXH
VL FRPHV FDUQH HOORV HVWiQ GDQGR VX
YLGDSRUWL«ORHVFULERGHHVWDIRUPD
,QLFLDPRVFRQODVHVFXHODVGRQGHVH
VLJXHQ XWLOL]DQGR D ORV DQLPDOHV SDUD
OOHYDUORV DO ODERUDWRULR \ SUDFWLFDU HQ
0LOHQDULD
SDUDHYLWDUGHFLUORGHIRUPDPiVFUXHO
&DGD WUR]R GH FDUQH FRQWULEX\H D TXH
VLJDQ ORV OXJDUHV GRQGH VH PDOWUDWDQ \
PDWDQDQLPDOHVSDUDTXHDSDUH]FDQHQ
QXHVWUDPHVD3(7$/DWLQR
8QDFRVDHVFRPHUORV\WDPELpQHV
WHUULEOH XVDUORV GH DUWtFXOR GH OXMR
$XQTXHVLHPSUHKDQH[LVWLGRDODYHQWD
DEULJRV GH SLHO DGRUQRV GH PDUILO
EURFKDVSDUDPDTXLOODU]DSDWRVGHSLHO
GH FRFRGULOREXIDQGDV GH SLHO GH IRFD
HWF/RTXHGHVLOXVLRQDHVTXHODJHQWH
ORVFRPSUDVLQSHQVDUTXHVHSURSLFLDOD
FD]DLOHJDOGHHVWRVDQLPDOHVSDUDVHJXLU
FRQ OD IiEULFD GH SLHOHV /RV DQLPDOHV
QR ROYLGHPRV TXH IXHURQ FD]DGRV \
VDFULILFDGRV 6L IXHUD TXH ORV DQLPDOHV
GRQDQHQIRUPDYROXQWDULDVXSLHO«SHUR
VDEHPRV PX\ ELHQ TXH QR HV DVt
3HQVHPRVTXHHVWRVDQLPDOHVQRWLHQHQ
ODFXOSDVHUWDQ©JXDSRVª\TXHUHUORVSDUD
DGRUQDUQRV FRQ HOORV /RV DQLPDOHV
QDFLHURQSDUDYLYLUQRSDUDVHUDEULJRV
ILJ
< QR QRV ROYLGHPRV GH ORV
HVSHFWiFXORV ]RROyJLFRV GRQGH OD
GLYHUVLyQ HV D FRVWD GHO VXIULPLHQWR GH
ORVVHUHVLQGHIHQVRVHVGLItFLOGHFRQFHELU
0iVVLQHPEDUJRH[LVWHQ/RVDQLPDOHV
VXIUHQDOHVWDUORVDGLHVWUDQGRSDUDSRGHU
FXPSOLU FRQ XQ DFWR FLUFHQVH PLHQWUDV
QRVRWURV ERWDQHDPRV \ DSODXGLPRV
GHVGHODFRPRGLGDGGHQXHVWURDVLHQWR
)LJ 6H YHQGHQ FRPR MXJXHWHV
< D ORV WRURV VH OHV VDFULILFD HQ YLGD
PLHQWUDV QRVRWURV VyOR GHFLPRV
22222/(£ /XFKDU FRQWUD HVWRV
OXJDUHV VH KD YLVWR TXH QR HV SRVLEOH
PLHQWUDVKD\DQLQWHUHVHVPRQHWDULRVGH
SRUPHGLR<DQRLQFOX\RHQHOWHPDODV
SHOHDVGHJDOORVSHOHDVGHSHUURV\DTXH
QR VRQ GLJQRV GH PHQFLRQDU DTXt OD
PDVDFUHQRHVOHJDOQLHVWiHQPDVFDUDGD
¢3HURSRUTXpDVLVWLU"
)LQDOPHQWHDORVDQLPDOHVVHOHVYH
\WUDWDFRPRPHUFDQFtD6HXWLOL]DQSDUD
UHSURGXFLUORV HQ FULDGHURV GH PDQHUD
GHVFRQWURODGD FRQ WDO GH JDQDU GLQHUR
7DPELpQVHYHQGHQHVSHFLHVTXHQRVRQ
DSWDVSDUDYLYLUHQFDVDV\TXHKDVWDHVWiQ
)LJ (O GLQHUR QR GD SHUPLVR GH PDWDU DQLPDOHV SDUD YHVWLUQRV 8VD LPLWDFLRQHV
0LOHQDULD
)LJ (V PX\ FRP~Q TXH ORV SHUURV FXDQGR
FUHFHQ VH OHV DEDQGRQH
HQ SHOLJUR GH H[WLQFLyQ 'H KHFKR VH
YHQGHQ PDVFRWDV FRPR VL IXHUDQ
PXxHFRV GH SHOXFKH )LJ /RV
FRPHUFLDQWHVQRVHTXHMDQFXPSOHQFRQ
VXREMHWLYR\DTXHDOSDVDUORVQLxRVYHQ
DORVDQLPDOLWRVVHHQFDULxDQOORUDQ\
VH ORV FRPSUDQ /RV QLxRV MXUDQ \
SHUMXUDQ TXH ORV YDQ D FXLGDU HOORV
PLVPRVSHURVLHPSUHWHUPLQDQORVSDSiV
SRU FXLGDU D ODV PDVFRWDV SHUR OR TXH
QR HV YiOLGR HV TXH WHUPLQHQ SRU
DEDQGRQDUORV)LJ&RQHVWRTXHGD
FODURTXHHVXQFRPSURPLVRHOWHQHUXQD
PDVFRWD HQ FDVD 7HQHU XQD PDVFRWD
WLHQH PXFKRV EHQHILFLRV SHUR WDPELpQ
LPSOLFD LQYHUWLU WLHPSR GLQHUR \
HVIXHU]RVDOLUDSDVHDUFRQpOORVJDVWRV
GH XQ YHWHULQDULR SRU VL VH OOHJDUD D
HQIHUPDU YDFXQDUOR EDxDUOR DVHDUOR
WHQHUOR HQ XQ OXJDU DGHFXDGR GDUOH HO
DOLPHQWR DGHFXDGR GDUOH DJXD IUHVFD
WRGRV ORV GtDV HWF (VWR HV VL QR
TXHUHPRVHVWHWLSRGHFRPSURPLVRVHV
GH VDELRV PDQWHQHUVH DO PDUJHQ \ QR
FRPSUDUQLDGRSWDUDXQTXHOHOORUHQ(Q
HVWHFDVRORVPXxHFRVGHSHOXFKHVHUtDQ
ODPHMRURSFLyQ/RQGRQ
6L REVHUYDPRV SRFRV DQLPDOHV
GRPpVWLFRVFRPRORVJDWRVVRQPDVFRWDV
TXHJR]DQGHYLYLUHQODFDOOH\GRUPLU
HQVXKRJDU(OSUREOHPDHVTXHQRWRGRV
ORV DQLPDOHV VRQ DVt /RV SHUURV VRQ
DQLPDOHVTXHUHTXLHUHQDVXGXHxRSDUD
TXHORPDQWHQJDUHFRJLGRHQFDVDTXH
OR FXLGH \ TXH OR VDTXH D SDVHDU FRQ
FDGHQD SRUTXH VL QR WLHQGHQ D VDOLU
FRUULHQGR\QRPHGLUODVFRQVHFXHQFLDV
0XFKRV SDVHRV FRQ SHUURV TXH QR VRQ
FRQGXFLGRV FRQ FRUUHDV WHUPLQDQ HQ
DWURSHOODPLHQWRV R H[WUDYLDGRV +DVWD
SXHGHQPRUGHUDODJHQWH7RGRVHSRGUtD
HYLWDU VL ORV PDQWHQHPRV HQ FDVD \ ORV
VDFDPRVDSDVHDUFRQFRUUHD7RPHPRV
HQFXHQWDTXHVRQVHUHVYLYRVTXHVLHQWHQ
SHURTXHQRSLHQVDQHQORTXHKDFHQ\
GHSHQGHGHQRVRWURVSURWHJHUORV
£3RUFLHUWRPHXQtDODFDPSDxDGH
HVWHULOL]DFLyQGHSHUURV\JDWRV£KDFHVHLV
PHVHV HVWHULOLFp D PL SHUULWR &KDUO\
WRPDQGR HQ FXHQWD TXH HQWUH PiV
SHTXHxRV GH HGDG VH HVWHULOLFHQ HO
SHULRGRGHUHFXSHUDFLyQVHUiPiVFRUWR
\IiFLO/RPLPpFRPRDPLSDFLHQWLWR
HQ HVWDGR GH UHFXSHUDFLyQ GHVSXpV GH
XQDFLUXJtDGHXQDKRUD&RPR~QLFRV
FXLGDGRVWXYRTXHXVDUFROODUtQGXUDQWH
XQDVHPDQDSDUDQRDEULUVHODKHULGD\
DGPLQLVWUDUOH HO DQWLELyWLFR SDUD HYLWDU
LQIHFFLRQHVILJ$FWXDOPHQWH&KDUO\
\D WLHQH PiV GH XQ DxR GH HGDG HVWi
KHFKRWRGRXQJDOiQ\\DGHKHFKRPH
JULWDQHQODFDOOH©VXHJUDªODVSHUULWDV
TXHORYHQGHVGHOHMRV<RFHORVDORDOHMR
GH ODV ©ODJDUWRQDV TXH OR TXLHUHQ
DWUDSDUª3HURILQDOPHQWHHVWRQRIXHOR
TXH PH KL]R TXH OR HVWHULOL]DUD 6L
KDFHPRV XVR GH ODV HVWDGtVWLFDV ORV
DQLPDOHV FRPR ORV SHUURV \ JDWRV VH
HVWiQ UHSURGXFLHQGR GH IRUPD WDQ
DODUPDQWH TXH XQD JUDQ SDUWH GH ODV
FUtDVVHJXUDPHQWHWHUPLQDUiQHQODFDOOH
+DVWD OD LQVWLWXFLyQ HQFDUJDGD GH
(Q PHPRULD GH 'ROO\ DQJHOLWD SHOXGD TXH DOHJUy OD YLGD GH XQD IDPLOLD HQ OD WLHUUD
SURWHJHUDORVDQLPDOHVDQLYHOPXQGLDO
VHKDYLVWRHQODQHFHVLGDGGHSUDFWLFDU
ODHXWDQDVLDGHELGRDTXHQRVHGDDEDVWR
FRQ OD JUDQ FDQWLGDG GH DQLPDOHV TXH
WLHQHHQVXVDOEHUJXHV3RUHVRPHXQR
D OD HVWHULOL]DFLyQ R UHSURGXFFLyQ
UHVSRQVDEOHGHORVDQLPDOHV&RQVWDQFH
(Q 0LFKRDFiQ FRPR HQ WRGR HO
PXQGRH[LVWHQOH\HVGHSURWHFFLyQSDUD
ORV DQLPDOHV (VWD IXH SXEOLFDGD HQ OD
6HFFLyQ 6HJXQGD GHO 3HULyGLFR 2ILFLDO
HO GtD GH MXOLR GH /DPHQWDEOHPHQWHVHOHVFRQVLGHUyFRPR
REMHWRV\DSDUWHQRVHUHVSHWDQ&UHRTXH
HOJRELHUQRHVSHUDXQDPDQLIHVWDFLyQSRU
SDUWHGHORVDQLPDOHVSDUDKDFHUYDOHUVXV
GHUHFKRV \ ORJUDU VX UHVSHWR 32(0
(O ~QLFR SHFDGR TXH WLHQHQ ORV
DQLPDOHVHVTXHVRQDPLJRVGHORVVHUHV
KXPDQRV\VXYLGDGHSHQGHGHHOORVSHUR
\DVHYLRTXHORVVHUHVKXPDQRVQRKDQ
GHPRVWUDGRVHUDPLJRVGHORVDQLPDOHV
(VWXGLRV KHFKRV SRU SURIHVLRQDOHV
GH VDOXG PHQWDO 3(7$/DWLQR LQGLFDQTXHODVSHUVRQDVTXHPXHVWUDQ
GHVFRQVLGHUDFLyQKDFLDHOVXIULPLHQWR\
PXHUWHGHORVDQLPDOHVSXHGHQSODQWHDU
VHU XQ VHULR ULHVJR SDUD WRGRV ORV
DQLPDOHVLQFOX\HQGRORVVHUHVKXPDQRV
FRQTXLHQHVHVWpQHQFRQWDFWR
)LJ&KDUO\GHVSXpVGHVXFLUXJtDGH
HVWHULOL]DFLyQ
(OORVQRSLGHQTXHORVTXHUDPRVQL
TXHORVDPHPRVQLTXHOHVGHPRVXQD
YLGDGHUH\HV3HOXGRVRQRORVDQLPDOHV
0LOHQDULD
VyORQHFHVLWDQQXHVWURUHVSHWR\TXHORV
FXLGHPRV GHO PDOWUDWR TXH RWURV OHV
SURSRUFLRQDQ
%LEOLRJUDItD
$WZHOO %LDQFD /DV HQGRUILQDV FDULFLDV WH GD OD
YLGD 6RFLHGDG (VSDxROD GH 1DWXURSDWtD \
%LRWHUDSLD 'LVSRQLEOH HQ
%LDQFDDWZHOOFRP5HFXSHUDGRHO$JRVWRGH
GH KWWSELDQFDDWZHOOFRPHQGRUILQDV
FDULFLDVWHGDODYLGD
%ODQFR 6 $&(5&$ '( 12627526 5HVSHWR
DQLPDEORJVSRWHOGH$*2672GHGH
KWWSZZZDGDWXPFRP
%ODQFR6QHXURWUDQVPLVRUHV\KRUPRQDV
LPSOLFDGDV )DYRFDQUHVSHWRDQLPDOEORJVSRW
2EWHQLGR
GH
KWWSIDYRFDQ
UHVSHWRDQLPDOEORJVSRWP[
QHXURWUDQVPLVRUHV\KRUPRQDVLPSOLFDGDVKWPO
%XVWDPDQWH 'tH] < PDQHUDV GH
GHIHQGHU D ORV DQLPDOHV 'LVSRQLEOH HQ
3HWDODWLQRFRP 2EWHQLGR GH KWWS
ZZZSHWDODWLQRFRPDFWLRQDOHUWVPDQHUDV
GHGHIHQGHUDORVDQLPDOHVXVDGRVFRPR
FRPLGD
&RQVWDQFH 0 (VWHULOL]DU DQLPDOHV GH
FRPSDxtD'LVSRQLEOHHQ3HWDODWLQR2EWHQLGRGH
K W W S Z Z Z S H W D O D W L Q R F R P I H D W X U H V FRQVWDQFHPDULHHVWHULOL]DUDQLPDOHV
FRPSDQLD
/RQGRQ - HKRZHQHVSDQROFRP 2EWHQLGR
GH KWWSZZZHKRZHQHVSDQROFRPYHQWDMDV
GHVYHQWDMDVSHUURPDVFRWDLQIRB
32(0 3HULyGLFR RILFLDO GHO (VWDGR GH
0LFKRDFiQ/H\GH3URWHFFLyQSDUDORVDQLPDOHV
GHO(VWDGRGH0LFKRDFiQGH2FDPSR-XQLRGH
3(7$/$7,123HWLFLyQ (60 GH
6(37,0%5( GH 'LVSRQLEOH HQ
3HWDODWLQRFRP 5HFXSHUDGR HO GH 2&78%5(
GHGHKWWSZZZSHWDODWLQRFRPDFWLRQ
DOHUWVSLGHOHDODHVFXHODVXSHULRUGHPHGLFLQD
G H P H[ L F R T X H I L Q D O L F H F R Q O R V F U X H O H V H[SHULPHQWRVHQSHUURV
͎z,KZYh^/'h͍
dĂŶŝĂ&ŝŐƵĞƌŽĂDĠŶĚĞnj
WĂƐĂŶƚĞĚĞ>ŝĐĞŶĐŝĂƚƵƌĂĞŶ^ĂůƵĚWƷďůŝĐĂ
ĚĞƐĚĞůĂĞdžƉĞƌŝĞŶĐŝĂƉƌŽƉŝĂ͘
DŝƐŵĂ ƋƵĞ ŵĞ ŚĂĐĞ ĞƐĐƌŝďŝƌ LJ
ŚĂĐĞƌ ůůĞŐĂƌ Ă ƚƵƐ ŵĂŶŽƐ ĞƐƚĞ ƚĞdžƚŽ
ĐŽŶ ůĂ ĞƐƉĞƌĂŶnjĂ ĚĞ ƉŽĚĞƌ ƌĞƐƉŽŶĚĞƌ
ĂƵŶƋƵĞ ƐĞĂ Ă ƵŶ ƐŽſůŽ ĞƐƚƵĚŝĂŶƚĞ ůĂ
ŝŶƚĞƌƌŽŐĂŶƚĞ ƋƵĞ ŚĂ ĚĞ ƐƵƌŐŝƌ ĂŶƚĞ Ğů
ŝŶŵŝŶĞŶƚĞĞŐƌĞƐŽ͎͗ĂŚŽƌĂƋƵĠƐŝŐƵĞ͍
7
ŽĚŽĞƐƚƵĚŝĂŶƚĞƐĂďĞůŽĚŝĨşĐŝůƋƵĞ
ĞƐ ůůĞǀĂƌ ƵŶĂ ǀŝĚĂ ĚĞ ƵŶŝǀĞƌƐŝƚĂƌŝŽ͗ ŵĂů
ĚŽƌŵŝƌ͕ ŵĂů ĐŽŵĞƌ͕ ŚŽƌĂƐ LJ ŚŽƌĂƐ ĚĞ
ĞƐƚƵĚŝŽ͕ƚƌĂďĂũŽƐ͕ƚĂƌĞĂƐ͕ůĞĐƚƵƌĂƐƋƵĞŶŽ
ƚŝĞŶĞŶĨŝŶ͖ƉĞƌŽĞůŝŵƉƵůƐŽĚĞůůĞŐĂƌĂƐĞƌ
ͨĂůŐƵŝĞŶ ĞŶ ůĂ ǀŝĚĂͩ ĨŽƌƚĂůĞĐĞ Ğů ĞƐƉşƌŝƚƵ
ĐŽŶƐƚĂŶƚĞŵĞŶƚĞ͘
dĞŚĂƐƉƵĞƐƚŽĂƉĞŶƐĂƌ͕͎ƋƵĠĞƐůŽƋƵĞ
ƐŝŐƵĞ ĐƵĂŶĚŽ ĞƐƚĞ ĐŝĐůŽ ĚĞ ƚƵ ǀŝĚĂ ŚĂLJĂ
ƚĞƌŵŝŶĂĚŽ͍
>Ă>ŝĐĞŶĐŝĂƚƵƌĂĞŶ^ĂůƵĚWƷďůŝĐĂ͕LJůĂ
ĂƌƌĞƌĂ ĞŶ ŶĨĞƌŵĞƌşĂ dĠĐŶŝĐĂ ƚŝĞŶĞŶ ůĂ
ĞŶŽƌŵĞ ǀĞŶƚĂũĂ ĚĞ ƐĞƌ ƐƵŵĂŵĞŶƚĞ
ƉƌĄĐƚŝĐĂƐ͕ůŽƋƵĞŶŽƐĚĂůĂŽƉŽƌƚƵŶŝĚĂĚĚĞ
ƉƌŽďĂƌ Ğů ƐĂďŽƌ ĚĞ ůĂ ͨƌĞĂůŝĚĂĚ ĨƵƚƵƌĂ͕ͩ
ĞŵƉĂƉĄŶĚŽŶŽƐĚĞǀĂůŝŽƐŽƐĐŽŶŽĐŝŵŝĞŶƚŽƐ
ƋƵĞŵĄƐƚĂƌĚĞŚĂďƌĞŵŽƐĚĞĂƉůŝĐĂƌ͘
/ŶĚĞƉĞŶĚŝĞŶƚĞŵĞŶƚĞ ĚĞ ůĂ ĐĂƌƌĞƌĂ
ƋƵĞ ĞƐƚĠƐ ĐƵƌƐĂŶĚŽ͕ ƚĂƌĚĞ Ž ƚĞŵƉƌĂŶŽ
ƚĞŶĚƌĄƐƋƵĞĂĨƌŽŶƚĂƌƚĞĂůĂǀŝĚĂĐŽŵŽƵŶ
ƉƌŽĨĞƐŝŽŶĂů͕ ĚŽŶĚĞ ĞŶ ĐƵĂůƋƵŝĞƌ ĄƌĞĂ ĞŶ
ƋƵĞƚĞĚĞƐĞŵƉĞŹĞƐ͕ŚĂƐĚĞĚĂƌůŽŵĞũŽƌ
ĚĞ ƚŝ͕ ĚĞŵŽƐƚƌĂƌ LJ ĂƉůŝĐĂƌ ƚƵƐ
ĐŽŶŽĐŝŵŝĞŶƚŽƐ ĞŶ ůĂ ǀĞƌĚĂĚĞƌĂ ƉƌĄĐƚŝĐĂ͘
&ŽƌŵĂƌƉĂƌƚĞĚĞƵŶĂŝŶƐƚŝƚƵĐŝſŶĚĞƐĂůƵĚ͕
ĞĚƵĐĂƚŝǀĂ Ž ŐƵďĞƌŶĂŵĞŶƚĂů͕ ĞŶƚƌĞ ŽƚƌĂƐ͕
ĞdžŝŐĞůĂŵĂĚƵƌĞnjŶĞĐĞƐĂƌŝĂƉĂƌĂŽĐƵƉĂƌƵŶ
ƉƵĞƐƚŽ͕ ƉŽƌ ƉĞƋƵĞŹŽ ƋƵĞ ƐĞĂ͕ LJ ĐƵŵƉůŝƌ
ĐŽŶůĂƐĨƵŶĐŝŽŶĞƐLJŽďũĞƚŝǀŽƐƋƵĞĞůŵŝƐŵŽ
ĚĞŵĂŶĚĞ͘ ͎ſŵŽ ĂĨƌŽŶƚĂƌ ůŽ ƋƵĞ ǀŝĞŶĞ
ĚĞƐƉƵĠƐĚĞůĞŐƌĞƐŽ͍DŝƌĞƐƉƵĞƐƚĂĂĞƐƚĂ
ŝŶƚĞƌƌŽŐĂŶƚĞůĂƌĞƐƵŵŝƌĠĞŶĚŽƐƐĞŶĐŝůůĂƐ
ƉĞƌŽ ŐƌĂŶĚĞƐ ƉĂůĂďƌĂƐ͗ ^'hZ/ LJ
,hD/>͘ŶƚĞůŽƐƌĞƚŽƐƋƵĞƚĞĚĞƉĂƌĞŶ
ƚƵƐ ŶƵĞǀĂƐ ĂĐƚŝǀŝĚĂĚĞƐ͘ >Ă ƐĞŐƵƌŝĚĂĚ ƚĞ
ƐĞƌĄƷƚŝůĐƵĂŶĚŽĚƵĚĞƐĚĞƚƵƐĐĂƉĂĐŝĚĂĚĞƐ͕
ĐƵĂŶĚŽ ĐƌĞĂƐ ƋƵĞ ůĂƐ ƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞƐ
ŽƚŽƌŐĂĚĂƐ ƐŽŶ ĚĞŵĂƐŝĂĚŽ ƉĂƌĂ ƚŝ͕ ƉĂƌĂ
ů ĐŽŶĐůƵŝƌ ƚƵƐ ĞƐƚƵĚŝŽƐ ĞƐ ƉƌĞĐŝƐŽ
ƌĞĂůŝnjĂƌĞůƐĞƌǀŝĐŝŽƐŽĐŝĂů͕ĚŽŶĚĞŶŽƐĞƌĄƐ
ŵĄƐƚƌĂƚĂĚŽĐŽŵŽĞƐƚƵĚŝĂŶƚĞLJŚĂďƌĄƐĚĞ
ĂƐƵŵŝƌ ŶƵŵĞƌŽƐĂƐ ƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞƐ LJ
ĂĚĞŵĄƐĂĐƚƵĂƌĐŽŵŽƚŽĚŽƵŶƉƌŽĨĞƐŝŽŶĂů͗
ƐĞƌƉƵŶƚƵĂů͕ĐƵŵƉůŝĚŽ͕ĂŵĂďůĞ͕ĚĞŵŽƐƚƌĂƌ
Ă ĐĂĚĂ ƉĂƐŽ ůĂ ĐĂůŝĚĂĚ ĚĞ ĨŽƌŵĂĐŝſŶ
ĂĚƋƵŝƌŝĚĂĞŶůŽƐĂŹŽƐĚĞĞƐƚƵĚŝŽ͎͘WĂƌĞĐĞ
ĨĄĐŝů͍͋WƵĞƐŶŽůŽĞƐ͕͊ĂƋƵşƚĞĚĂƌĄƐĐƵĞŶƚĂ
ĚĞůŽǀĂůŝŽƐĂƐƋƵĞĨƵĞƌŽŶĐĂĚĂƵŶĂĚĞůĂƐ
ƉĂůĂďƌĂƐƋƵĞƚƵƐƉƌŽĨĞƐŽƌĞƐƚĞĞŶƚƌĞŐĂƌŽŶ
ĐŽŵŽĐŽŶŽĐŝŵŝĞŶƚŽƐ͘
EŽƉƵĞĚŽŚĂďůĂƌĚĞŵĂŶĞƌĂŐĞŶĞƌĂů
ƉƵĞƐƐĞƌşĂĐĂĞƌĞŶƵŶĞƌƌŽƌ͕ĂƐşƋƵĞŚĂďůŽ
0LOHQDULD
ŚĂĐĞƌƚĞŶŽƚĂƌƋƵĞƚƵƚƌĂďĂũŽĂƵŶĐƵĂŶĚŽ
ŶŽƌĞĐŝďĂƐĐƌĞĚŝďŝůŝĚĂĚŶŝƌĞƐƉĞƚŽ͕ƉŽƌƚĂƌƚĞ
ĚĞĂƋƵĞůůŽƐƋƵŝĞŶĞĂŚĂŶŽůǀŝĚĂĚŽƋƵĞƵŶ
̺à ƚĂŵďŝĠŶ ĨƵĞƌŽŶ ĞƐƚƵĚŝĂŶƚĞ͕ Ž ĚĞ
ĂƋƵĞůůŽƐƉĂƌĂůŽƐƋƵĞůĂƉĂůĂďƌĂĞŵƉĂƚşĂ
ŶŽ ƚŝĞŶĞ ŶŝŶŐƵŶ ƐŝŐŶŝĨŝĐĂĚŽ ĂƉůŝĐĂďůĞ͘ >Ă
ŚƵŵŝůĚĂĚƚĞƐĞƌǀŝƌĄĐƵĂŶĚŽƚĞĚĞƐĐƵĞŶƚĂ
ƋƵĞƉƵĞĚĞƐŚĂĐĞƌŵĄƐĚĞůŽƋƵĞƐĞƐƵƉŽŶĞ
ƋƵĞ ĚĞďĞƌşĂƐ ŚĂĐĞƌ͕ ƚĂŵďŝĠŶ ƉĂƌĂ
ƐŽƐƚĞŶĞƌƚĞ Ă ůĂ ŚŽƌĂ ĚĞ ƉĞĚŝƌ ĂLJƵĚĂ Ž
ĐŽŶƐĞũŽƐƉĂƌĂŵĞũŽƌĂƌLJƐĞŐƵŝƌĐƌĞĐŝĞŶĚŽ͕
ĂƐş ĐŽŵŽ ƉĂƌĂ ŵŽƐƚƌĂƌ ƌĞƐƉĞƚŽ͕ LJ ĚĂƌ ůŽ
ŵĞũŽƌĚĞƚŝĂĂƋƵĞůůŽƐƋƵĞĚĞĂůŐƵŶĂĨŽƌŵĂ
ƚĞŶĞĐĞƐŝƚĞŶ͘
ƐůŽŵĞũŽƌƋƵĞƉƵĞĚŽĚĞĐŝƌĚĞƐĚĞůĂ
ĞdžƉĞƌŝĞŶĐŝĂƋƵĞŵĞĞƐƚĄƚŽĐĂŶĚŽǀŝǀŝƌĞŶ
ĞƐƚĞƉƌŽĐĞƐŽ͖ƉŽƌƋƵĞĂƵŶƋƵĞƋƵŝƐŝĠƌĂŵŽƐ͕
ŶŽ ĞdžŝƐƚĞ ƵŶ ŵĂŶƵĂů ƋƵĞ ĞdžƉůŝƋƵĞ Ğů ƚĂŶ
ĚŝĨĞƌĞŶƚĞ ŵƵŶĚŽ Ăů ƋƵĞ ĞƐƚĄƐ ƉŽƌ
ĞŶĨƌĞŶƚĂƌƚĞ͕ ŵƵŶĚŽ ƋƵĞ ĞƐƚĄ ůůĞŶŽ ĚĞ
ĞdžƉĞƌŝĞŶĐŝĂƐ ďƵĞŶĂƐ LJ ŵĂůĂƐ͕ ůůĞŶŽ ĚĞ
ĚƵĚĂƐ͕ ĚĞ ĂƉƌĞŶĚŝnjĂũĞ͕ ĚĞ ĞƌƌŽƌĞƐ LJ
ĂĐŝĞƌƚŽƐ͘dĂůǀĞnjĞŶƚƌĞƚŽĚŽĞƐƚŽ͕ůŽŵĞũŽƌ
Ă ůŽ ƋƵĞ ƚĞ ĞŶĨƌĞŶƚĂƌĄƐ͕ ĞƐ Ăů ŝŶŵĞŶƐŽ
ĂƉƌĞŶĚŝnjĂũĞƋƵĞĞƐƚĄƐƉŽƌĂĚƋƵŝƌŝƌLJĚĂƌƚĞ
ĐƵĞŶƚĂƋƵĞƚƵĞƐĨƵĞƌnjŽŚĂǀĂůŝĚŽůĂƉĞŶĂ͘
DŝƐŵĞũŽƌĞƐĚĞƐĞŽƐĚĞĠdžŝƚŽ͘
(
ůŝŵƉƵůƐŽĚĂĚŽĂůĂĐŝĞŶĐŝĂ
ĞŶDĠdžŝĐŽĂƉĂƌƚŝƌĚĞϭϴϲϳƉŽƌůĂ
ŐĞŶĞƌĂĐŝſŶƉŽƐŝƚŝǀŝƐƚĂĨƵĞĚĞƐƵŵĂ
ŝŵƉŽƌƚĂŶĐŝĂ͘ ^ƵƐ ĐŽŶƚƌŝďƵĐŝŽŶĞƐ
ĨƵĞƌŽŶĞŶƚĂůŐƌĂĚŽƋƵĞĐŽŶĞůůĂƐĞ
ŝŶŝĐŝſĞŶƌĞĂůŝĚĂĚ͕ĞůĚĞƐĂƌƌŽůůŽĚĞ
ůĂ ĐŝĞŶĐŝĂ ĞŶ ŶƵĞƐƚƌŽ ƉĂşƐ͘
/ŵƉŽƌƚĂƌŽŶ ŝŶƐƚƌƵŵĞŶƚŽƐ ĚĞ
ŵĞĚŝĐŝſŶ LJ ĞdžƉĞƌŝŵĞŶƚĂĐŝſŶ ĐŽŶ
ůŽƐ ĐƵĂůĞƐ ĐƌĞĂƌŽŶ ůĂďŽƌĂƚŽƌŝŽƐ
ƉĞƌƐŽŶĂůĞƐ Ğ ŝŶƐƚŝƚƵĐŝŽŶĂůĞƐ͖ ƐƵƐ
ƚƌĂďĂũŽƐ ĚĞ ŝŶǀĞƐƚŝŐĂĐŝſŶ ĚĞũĂƌŽŶ
ĂƚƌĄƐůĂƐƉƌĞŽĐƵƉĂĐŝŽŶĞƐƌĞůŝŐŝŽƐŽͲ
ŵĞƚĂĨşƐŝĐĂƐ͕ƐƵƉĞƌĂŶĚŽĂƐş͕ƵŶĂĚĞ
ůĂƐ ŵĄƐ ƐĞƌŝĂƐ ďĂƌƌĞƌĂƐ ĚĞ ĞƐƚĂ
ĂĐƚŝǀŝĚĂĚ͖LJƐĞĚŝĞƌŽŶĂůĂƚĂƌĞĂĚĞ
ĚŝĨƵŶĚŝƌ
ƐƵƐ
ƌĞƐƵůƚĂĚŽƐ͘
ƐƉĞĐŝĂůŵĞŶƚĞ͕ ĚĞƐƉƵĠƐ ĚĞ ϭϴϲϳ
ůĂƐ ƐŽĐŝĞĚĂĚĞƐ ĐŝĞŶƚşĨŝĐĂƐ ƐĞ
ŵƵůƚŝƉůŝĐĂƌŽŶ͕ ĂƐş ĐŽŵŽ ƐƵƐ
ſƌŐĂŶŽƐ
ĚĞ
ĚŝǀƵůŐĂĐŝſŶ͘
WƌĞĐŝƐĂŵĞŶƚĞĞŶƌĞǀŝƐƚĂƐĐŽŵŽ>Ă
EĂƚƵƌĂůĞnjĂ ƐĞ ƉƵĞĚĞ ĂĚǀĞƌƚŝƌ ĞƐĞ
ŐƌĂŶ ƉĂƐŽ ƋƵĞ ĚŝŽ ůĂ ĐŝĞŶĐŝĂ
ŵĞdžŝĐĂŶĂĞŶĞƐƚĂĠƉŽĐĂ;dƌĂďƵůƐĞ͕
ϭϵϴϱ͖ϭϯͿ͘ŶĨŝŶ͕ĞůǀŽůƵŵĞŶĚĞůŽƐ
ƚƌĂďĂũŽƐĞƐĐƌŝƚŽƐLJůĂŐƌĂŶĐĂŶƚŝĚĂĚ
ĚĞ ŝŶƐƚŝƚƵĐŝŽŶĞƐ LJ ƐŽĐŝĞĚĂĚĞƐ
ĐŝĞŶƚşĨŝĐĂƐĨƵŶĚĂĚĂƐƉŽƌĞƐƚĞŐƌƵƉŽ
ĚĞĚĞƐƚĂĐĂĚŽƐƉĞƌƐŽŶĂũĞƐ͕ƉƌƵĞďĂ
ĚĞ ĂůŐƷŶ ŵŽĚŽ Ğů ƉƌŽŐƌĞƐŽ
ĂůĐĂŶnjĂĚŽ ƉŽƌ ůĂ ĐŝĞŶĐŝĂ ŶĂĐŝŽŶĂů
ĞŶĞůƷůƚŝŵŽƚĞƌĐŝŽĚĞůƐŝŐůŽy/y;Ğ
'ŽƌƚĂƌŝ͕ϭϵϳϵ͖ϯϭϲͿ͘
ĚĞ ƐƵƐ ĐŽůĞĐĐŝŽŶĞƐ ĐŝĞŶƚşĨŝĐĂƐ
ƉĂƐĂƌŽŶ Ă ƐĞƌ ƉĂƚƌŝŵŽŶŝŽ ĚĞ
ĂƋƵĠů͕ ĂŚŽƌĂ ƚƌĂŶƐĨŽƌŵĂĚŽ ĞŶ ůĂ
hŶŝǀĞƌƐŝĚĂĚ ĚĞ 'ƵĂŶĂũƵĂƚŽ͘ ƐƚĂ
ŶƵĞǀĂ ĞƚĂƉĂ ĚŝŽ ůƵŐĂƌ Ă ƵŶ
ĂŵďŝĞŶƚĞ ŵĄƐ ƉƌŽƉŝĐŝŽ ƉĂƌĂ ůŽƐ
ĂĨĂŶĞƐ ĐŝĞŶƚşĨŝĐŽƐ ĚĞ ƵŐğƐ͕
ŵŝƐŵŽƋƵĞƐĞĂĨŝĂŶnjſďĂũŽůĂͨƉĂnj
ƉŽƌĨŝƌŝĂŶĂ͕ͩĚĂŶĚŽĂƐşƐƵƐŵĞũŽƌĞƐ
ĨƌƵƚŽƐ͘
ůĨƌĞĚŽƵŐğƐLJĞů
ŽůĞŐŝŽĚĞ^ĂŶ
EŝĐŽůĄƐ
ůĨƌĞĚŽ ƵŐğƐ ŚĂďşĂ ŶĂĐŝĚŽ
ĞŶ DŽŶƚƉĞůůŝĞƌ͕ ,ĞƌĂƵůƚ͕ &ƌĂŶĐŝĂ͕
ĞůϭϱĚĞĂďƌŝůĚĞϭϴϮϲ͘ƐƚĂĐŝƵĚĂĚ
ĂůďĞƌŐĂďĂ ůĂ hŶŝǀĞƌƐŝĚĂĚ ĚĞů
ŵŝƐŵŽŶŽŵďƌĞĨƵŶĚĂĚĂĞŶϭϮϴϵ͕
ƵŶĂ ĚĞ ůĂƐ ŵĄƐ ĂŶƚŝŐƵĂƐ LJ
ƉƌĞƐƚŝŐŝĂĚĂƐ ĚĞ ƵƌŽƉĂ͕ ůĂ ĐƵĂů
ƚƵǀŽ ĞŶƚƌĞ ƐƵƐ ĂůƵŵŶŽƐ
ĚĞƐƚĂĐĂĚŽƐ ĞŶ Ğů ƚĞƌƌĞŶŽ ĚĞ ůŽƐ
ĞƐƚƵĚŝŽƐ ŶĂƚƵƌĂůŝƐƚĂƐ Ă ĨŝŐƵƌĂƐ
ĐŽŵŽƌŶĂƵůĚsŝůůĞŶĞƵǀĞLJ'ƵLJĚĞ
ŚĂƵůůŝĂĐ͘ŶĞƐƚĂŵŝƐŵĂĐĂƐĂĚĞ
ĞƐƚƵĚŝŽƐƵŐğƐŝŶŝĐŝſƐƵĐĂƌƌĞƌĂĚĞ
ŵĠĚŝĐŽ ƋƵĞ ĐŽŶĐůƵLJſ ĞŶ ůĂ
hŶŝǀĞƌƐŝĚĂĚĚĞWĂƌşƐ͕ŽďƚĞŶŝĞŶĚŽ
ĞůĚŽĐƚŽƌĂĚŽĞŶDĞĚŝĐŝŶĂĞůϮϴĚĞ
ĨĞďƌĞƌŽ ĚĞ ϭϴϱϮ͕ ĐŽŶ ůĂ ƚĞƐŝƐ͗
^ŽďƌĞ ůĂ ƉŽƐŝďŝůŝĚĂĚ ĚĞ
ƚƌĂŶƐŵŝƐŝſŶ ĚĞ ůĂ ƐşĨŝůŝƐ ƉŽƌ ůĂƐ
ŶŽĚƌŝnjĂƐ;ĞůƚƌĄŶ͕ϭϵϵϬ͖ϵͿ͘
,ĞƌĞĚĞƌŽ LJ ĐŽŶƚŝŶƵĂĚŽƌ ĚĞ
ƵŶĂƚƌĂĚŝĐŝſŶĨĂŵŝůŝĂƌĐŝĞŶƚşĨŝĐĂ;ƐƵ
ƉĂĚƌĞ ĨƵĞ ƵŶ ĞŵŝŶĞŶƚĞ ŵĠĚŝĐŽͿ͕
ůĨƌĞĚŽ ƵŐğƐ ĨƵĞ ŝŶĨůƵĞŶĐŝĂĚŽ
ƌ͘>ƵĐŝŽZĂŶŐĞů,ĞƌŶĄŶĚĞnj
ƉŽƌ ůĂƐ ŝŶǀĞƐƚŝŐĂĐŝŽŶĞƐ ĚĞ :ĞĂŶ
WƌŽĨĞƐŽƌĞ/ŶǀĞƐƚŝŐĂĚŽƌĚĞůŽůĞŐŝŽĚĞ^ĂŶEŝĐŽůĄƐ
ĂƉƚŝƐƚĞ ĚĞ DŽŶĞƚ͕ ĂďĂůůĞƌŽ ĚĞ
LJĚĞůĂ&ĂĐƵůƚĂĚĚĞ,ŝƐƚŽƌŝĂĚĞůĂhD^E,͘
ĞƐƚĂŐĞŶĞƌĂĐŝſŶƉĞƌƚĞŶĞĐŝſ
>ĂŵĂƌĐŬ͕ ƋƵŝĞŶ ŚĂďşĂ ĞdžƉƵĞƐƚŽ
ůĨƌĞĚŽƵŐƵƐƚĞĞůƐĞƐĐĂƵƚnjƵŐğƐ͕
ƵŶĂƚĞŽƌşĂƐŽďƌĞĞůƚƌĂŶƐĨŽƌŵŝƐŵŽ͕
ƋƵŝĞŶ ůůĞŐſ Ă ŶƵĞƐƚƌŽ ƉĂşƐ ĞŶ ŵĂLJŽ ĚĞ ůŽƐ ĐŽŵŝĞŶnjŽƐ ĚĞ ƵŶĂ ŶƵĞǀĂ ĞƚĂƉĂ ĞŶ ůĂ ƵŶĂĚĞůĂƐƉƌŝŵĞƌĂƐƚĞŽƌşĂƐĚĞůĂĞǀŽůƵĐŝſŶ
ϭϴϱϯ͘ ƌĂŶ ƚŝĞŵƉŽƐ ĚŝĨşĐŝůĞƐ͕ ĐĂſƚŝĐŽƐ͕ ŚŝƐƚŽƌŝĂ ĚĞ ŶƵĞƐƚƌŽ ƉĂşƐ͕ ůĂ ĚĞů DĠdžŝĐŽ ďĂƐĂĚĂĞŶůĂĂĚĂƉƚĂĐŝſŶ͖ƉŽƌĞůŶĂƚƵƌĂůŝƐƚĂ
ƚŝĞŵƉŽƐ ŵĂƌĐĂĚŽƐ ƉŽƌ ůĂ ŐƵĞƌƌĂ Đŝǀŝů ŵŽĚĞƌŶŽ͕ŝŶŝĐŝĂĚĂĐŽŶůĂƌĞƐƚĂƵƌĂĐŝſŶĚĞ 'ĞŽƌŐĞƐƵǀŝĞƌ͕ĨƵŶĚĂĚŽƌĚĞůĂĂŶĂƚŽŵşĂ
ĚŽŶĚĞĐŽŶƐĞƌǀĂĚŽƌĞƐLJůŝďĞƌĂůĞƐĂƚƌĂǀĠƐ ůĂ ZĞƉƷďůŝĐĂ͘ Ŷ ϭϴϲϳ ĞŶ 'ƵĂŶĂũƵĂƚŽ͕ ĐŽŵƉĂƌĂĚĂ LJ ĚĞ ůĂ ƉĂůĞŽŶƚŽůŽŐşĂ͕ ĐƵLJĂ
ĚĞ ůĂƐ ĂƌŵĂƐ ďƵƐĐĂďĂŶ Ěŝƌŝŵŝƌ ƐƵƐ ƐŝĞŶĚŽŐŽďĞƌŶĂĚŽƌ ĚĞů ĞƐƚĂĚŽ Ğů ŐĞŶĞƌĂů ĐůĂƐŝĨŝĐĂĐŝſŶ ĚĞů ƌĞŝŶŽ ĂŶŝŵĂů͕ ĞůĂďŽƌĂĚĂ
ĚŝĨĞƌĞŶĐŝĂƐƉĂƌĂŝŵƉŽŶĞƌƐƵƉƌŽLJĞĐƚŽĚĞ &ůŽƌĞŶĐŝŽŶƚŝůůſŶ͕ĐŽŵĞŶnjſƵŶĂĠƉŽĐĂĚĞ ĞŶϭϴϭϳƐĞŵĂŶƚƵǀŽĞŶůĂŚŝƐƚŽƌŝĂŶĂƚƵƌĂů
ŶĂĐŝſŶ͘'ƵĞƌƌĂĐŝǀŝůĂůĂĐƵĂůůĞƐĞŐƵŝƌşĂůĂ ĚĞƐĂƌƌŽůůŽŵĂƚĞƌŝĂůƋƵĞĚŝŽůƵŐĂƌĂƐƵǀĞnj ĚĞ &ƌĂŶĐŝĂ LJ 'ƌĂŶ ƌĞƚĂŹĂ ŚĂƐƚĂ ůĂ
ŝŶƚĞƌǀĞŶĐŝſŶĨƌĂŶĐĞƐĂ͕LJƐŝŶĞŵďĂƌŐŽ͕ďĂũŽ ĂůĚĞƐĞŶǀŽůǀŝŵŝĞŶƚŽĐƵůƚƵƌĂůĞŶůĂĞŶƚŝĚĂĚ͘ ƉƵďůŝĐĂĐŝſŶ ĞŶ ϭϴϱϵ ĚĞ ů ŽƌŝŐĞŶ ĚĞ ůĂƐ
ĞƐƚĂƐ ĐŽŶĚŝĐŝŽŶĞƐ ƐŽĐŝŽƉŽůşƚŝĐĂƐ ƋƵĞ ^Ğ ĨƵŶĚſ Ğů ŽůĞŐŝŽ ĚĞů ƐƚĂĚŽ ĞŶ ϭϴϳϬ͕ ĞƐƉĞĐŝĞƐĚĞŚĂƌůĞƐĂƌǁŝŶ͖ĂƐşĐŽŵŽƉŽƌ
ŚĂĐşĂŶ ĚŝĨşĐŝůĞƐ ůĂƐ ƚĂƌĞĂƐ ĐŝĞŶƚşĨŝĐĂƐ͕ ƐŽďƌĞ ůĂ ďĂƐĞ ĚĞů ĂŶƚŝŐƵŽ ŽůĞŐŝŽ ĚĞ ůĂ ůĂƵĚĞĞƌŶĂƌĚ͕ĨƵŶĚĂĚŽƌĚĞůĂŵĞĚŝĐŝŶĂ
ĐŽŵĞŶnjſĂƚƌĂďĂũĂƌĞŶDĠdžŝĐŽ͕ƌĂĚŝĐĂŶĚŽ WƵƌşƐŝŵĂ ŽŶĐĞƉĐŝſŶ͕ ĞƐƚŽ ĐŽŵŽ ĞĨĞĐƚŽ ĞdžƉĞƌŝŵĞŶƚĂů͕ ĂƵƚŽƌ ĚĞ ůĂ ŽďƌĂ
ƐƵĐĞƐŝǀĂŵĞŶƚĞ ĞŶ ůĂ ĐĂƉŝƚĂů ĚĞ ůĂ ŝŶŵĞĚŝĂƚŽ ĚĞů ĞƐƚĂďůĞĐŝŵŝĞŶƚŽ ĚĞ ůĂ /ŶƚƌŽĚƵĐĐŝſŶ
Ă
ůĂ
ŵĞĚŝĐŝŶĂ
ZĞƉƷďůŝĐĂ͕ ĞŶ ůĂƐ ĐŝƵĚĂĚĞƐ ĚĞ sĞƌĂĐƌƵnj͕ ĞĚƵĐĂĐŝſŶůĂŝĐĂĚĞĐƌĞƚĂĚĂƉŽƌůĂƐ>ĞLJĞƐĚĞ ĐŽŵƉĂƌĂĚĂ;:ĄƵƌĞŐƵŝ͕ϭϵϵϬ͖ϮϯͿ͘
'ƵĂŶĂũƵĂƚŽ͕'ƵĂĚĂůĂũĂƌĂLJ^ŝůĂŽ͘
ZĞĨŽƌŵĂ ;ƌƵnj͕ ϭϵϵϬ͖ ϵϯͿ͕ ƉůĂŶƚĞů ĐŽŶ Ğů
ĐƵĂů͕ ƵŐğƐ ĞƐƚĂďůĞĐŝſ ƵŶĂ ƌĞůĂĐŝſŶ
ĞĞƐƚĂĨŽƌŵĂ͕ĚĞƐĚĞϭϴϰϵ͕ƵŐğƐĨƵĞ
ƉĂƌƚŝƌĚĞϭϴϲϰƵŐğƐƐĞĞƐƚĂďůĞĐŝſ ĂĨĞĐƚŝǀĂŵƵLJĞƐƚƌĞĐŚĂƋƵĞŚĂĐŽŶƚŝŶƵĂĚŽ ĂĐĞƉƚĂĚŽ ĐŽŵŽ ŵŝĞŵďƌŽ ĚĞ ůĂ ^ŽĐŝĞĚĂĚ
ĞŶ'ƵĂŶĂũƵĂƚŽ͘ŶĞƐƚĂĐŝƵĚĂĚůĞƚŽĐſǀŝǀŝƌ ĂƷŶĚĞƐƉƵĠƐĚĞƐƵŵƵĞƌƚĞ͕LJĂƋƵĞǀĂƌŝĂƐ ĚĞ DĞĚŝĐŝŶĂ LJ ŝƌƵպà ƉƌĄĐƚŝĐĂƐ ĚĞ
0LOHQDULD
DŽŶƚƉĞůůŝĞƌ͕LJĞŶϭϴϱϬ͕ĚŽƐĂŹŽƐĂŶƚĞƐĚĞ
ƋƵĞ ƚĞƌŵŝŶĂƌĂ ƐƵ ĐĂƌƌĞƌĂ ĚĞ ŵĠĚŝĐŽ͕
ƐŝĞŶĚŽŵŝĞŵďƌŽĚĞůĂ^ŽĐŝĞĚĂĚĚĞŝŽůŽŐşĂ
ĞŶ WĂƌşƐ LJĂ ŚĂďşĂ ƉƵďůŝĐĂĚŽ ǀĂƌŝŽƐ
ƚƌĂďĂũŽƐ͕ ĞŶƚƌĞ ĞůůŽƐ ƵŶŽ ƐŽďƌĞ Ğů dƌŝƚſŶ
ƐƉĞƌ͕ ƵƌŽĚĞůŽ ŚĂƐƚĂ ĞŶƚŽŶĐĞƐ
ĚĞƐĐŽŶŽĐŝĚŽ;:ĄƵƌĞŐƵŝ͕ϭϵϵϬ͖ϮϯͿ͘
ƵŐğƐ ŚĂďşĂ ůĞşĚŽ ůĂƐ ŽďƌĂƐ ĚĞ
&ƌĂŶĐŝƐĐŽyĂǀŝĞƌůĂǀŝũĞƌŽ͕ĚĞůĞũĂŶĚƌŽĚĞ
,ƵŵďŽůĚƚLJƚĂŵďŝĠŶŚĂďşĂŽşĚŽŚĂďůĂƌĚĞ
:ŽƐĠ DĂƌŝĂŶŽ DŽĐŝŹŽ ;ŝŶƚĞŐƌĂŶƚĞ ĚĞ ůĂ
ĞdžƉĞĚŝĐŝſŶĐŝĞŶƚşĨŝĐĂŽƌĚĞŶĂĚĂƉŽƌĂƌůŽƐ
///ĂĨŝŶĞƐĚĞůƐŝŐůŽys///ĂůĂEƵĞǀĂƐƉĂŹĂ͕
ĚŝƌŝŐŝĚĂƉŽƌDĂƌƚşŶ^ĞƐƐĠͿ͕ůŽĐƵĂůĚĞƐƉĞƌƚſ
ĞŶĠůůĂĐƵƌŝŽƐŝĚĂĚƉŽƌĞƐƚƵĚŝĂƌůĂƐĞƐƉĞĐŝĞƐ
ĚĞ ůĂ ĨůŽƌĂ LJ ĨĂƵŶĂ ŵĞdžŝĐĂŶĂƐ ;:ĄƵƌĞŐƵŝ͕
ϭϵϵϬ͖ϮϯͿ͘
ů ĐŽŶĐůƵŝƌ ƐƵ ĐĂƌƌĞƌĂ ĐŽŶƚƌĂũŽ
ŵĂƚƌŝŵŽŶŝŽLJĞŶŵĂLJŽĚĞϭϴϱϯƐĞƚƌĂƐůĂĚſ
ĐŽŶƐƵĞƐƉŽƐĂĂDĠdžŝĐŽ͕ŝŶƐƚĂůĄŶĚŽƐĞĞŶ
ůĂĐĂƉŝƚĂů͕ĞŶĚŽŶĚĞƉĂƌĂƉŽĚĞƌĞũĞƌĐĞƌƐƵ
ƉƌŽĨĞƐŝſŶĨƵĞŶĞĐĞƐĂƌŝŽƋƵĞƐƵƐƚĞŶƚĂƌĂƵŶ
ĞdžĂŵĞŶ ƉƷďůŝĐŽ ƚĞſƌŝĐŽͲƉƌĄĐƚŝĐŽ͕ ƐŝĞŶĚŽ
ĂƉƌŽďĂĚŽĞŶĨŽƌŵĂƵŶĄŶŝŵĞƉŽƌĞůũƵƌĂĚŽ͘
WŽƐƚĞƌŝŽƌŵĞŶƚĞƌĂĚŝĐſĞŶǀĂƌŝĂƐĐŝƵĚĂĚĞƐ
ĚĞůŝŶƚĞƌŝŽƌĚĞůƉĂşƐ͗ĞŶ'ƵĂŶĂũƵĂƚŽĚŽŶĚĞ
ƐĞ ĚĞƐĞŵƉĞŹſ ĐŽŵŽ sŽĐĂů ĚĞ ůĂ :ƵŶƚĂ
^ƵƉĞƌŝŽƌ ĚĞ ĞŶĞĨŝĐĞŶĐŝĂ LJ ^ĂŶŝĚĂĚ͕
ĐƵĂŶĚŽ ĞƌĂ ŐŽďĞƌŶĂĚŽƌ ŝŶƚĞƌŝŶŽ ĚĞů
ĞƐƚĂĚŽ Ğů ŐĞŶĞƌĂů DĂŶƵĞů ŽďůĂĚŽ͖ ĞŶ
^ŝůĂŽĨƵĞŵĠĚŝĐŽĚĞĐĄƌĐĞůĞƐLJĞŶĐĂƌŐĂĚŽ
ĚĞůĂǀĂĐƵŶĂĐŝſŶ͖LJĞŶ'ƵĂĚĂůĂũĂƌĂĚŽŶĚĞ
ƚƵǀŽ Ă ƐƵ ĐĂƌŐŽ ůĂ WƌĞƐŝĚĞŶĐŝĂ ĚĞ ůĂ
^ŽĐŝĞĚĂĚ &ŝůĂŶƚƌſƉŝĐĂ džƚƌĂŶũĞƌĂ LJ ƐŽĐŝŽ
ĐŽƌƌĞƐƉŽŶƐĂůĚĞůĂ^ŽĐŝĞĚĂĚ:ĂůŝƐĐŝĞŶƐĞĚĞ
ĞůůĂƐ ƌƚĞƐ͖ŚĂƐƚĂ ƋƵĞ Ĩŝũſ ƐƵ ƌĞƐŝĚĞŶĐŝĂ
ĚĞĨŝŶŝƚŝǀĂ ĞŶ ůĂ ĐŝƵĚĂĚ ĚĞ 'ƵĂŶĂũƵĂƚŽ
;:ĄƵƌĞŐƵŝ͕ϭϵϵϬ͖ϮϴͿ͕ĨĂŵŽƐĂĞŶĞůŵƵŶĚŽ
ĞŶƚĞƌŽ ƉŽƌ ƐƵ ƉƌŽĚƵĐĐŝſŶ ĚĞ ŵĞƚĂůĞƐ
ƉƌĞĐŝŽƐŽƐ͕ƉĂƌƚŝĐƵůĂƌŵĞŶƚĞĚĞƉůĂƚĂ͘
ƉƌĞƉĂƌĂĚŽƌ LJ ƉƌŽĨĞƐŽƌ ĚĞ ŶĂƚŽŵşĂ Ğ
,ŝƐƚŽůŽŐşĂ ĞŶ Ğů ŽůĞŐŝŽ WƌŝŵŝƚŝǀŽ LJ
EĂĐŝŽŶĂů ĚĞ ^ĂŶ EŝĐŽůĄƐ ĚĞ ,ŝĚĂůŐŽ͖
ƚĂŵďŝĠŶ ĐŽůĂďŽƌſ ĐŽŵŽ :ĞĨĞ ĚĞů
ĞƉĂƌƚĂŵĞŶƚŽ ĚĞ ,ŝƐƚŽƌŝĂ EĂƚƵƌĂů͖ LJ͕ Ă
ƉĂƌƚŝƌĚĞϭϴϵϮƐĞŚŝnjŽĐĂƌŐŽĚĞůĂĚŝƌĞĐĐŝſŶ
ĚĞůDƵƐĞŽDŝĐŚŽĂĐĂŶŽŚĂƐƚĂƐƵŵƵĞƌƚĞ͕
ŽĐƵƌƌŝĚĂ ĞŶ ϭϴϵϱ;^ĄŶĐŚĞnj LJ DŝũĂŶŐŽƐ͕
ϭϵϵϲͿ͘
Ŷ 'ƵĂŶĂũƵĂƚŽ͕ Ă ƉĂƌƚŝƌ ĚĞ ϭϴϲϰ͕
ŶƵĞƐƚƌŽ ƉĞƌƐŽŶĂũĞ͕ ƐĞ ŚŝnjŽ ƐŽĐŝŽ
ĐŽƌƌĞƐƉŽŶƐĂůĚĞůĂ^ŽĐŝĞĚĂĚDĞdžŝĐĂŶĂĚĞ
'ĞŽŐƌĂĨşĂLJƐƚĂĚşƐƚŝĐĂ͖ĞŶϭϴϲϱŝŶƚĞŐƌſůĂ
:ƵŶƚĂĞƉĂƌƚĂŵĞŶƚĂůĚĞdžƉŽƐŝĐŝŽŶĞƐ͖ĞŶ
ϭϴϲϲ ĨƵĞ ĚŝƌĞĐƚŽƌ ŐĞŶĞƌĂů LJ ŵĠĚŝĐŽ
ĐŝƌƵũĂŶŽĚĞů,ŽƐƉŝƚĂůĚĞĞůĠŶ͖LJĞŶϭϴϳϬ
ŵĠĚŝĐŽĚĞůĂŵŝŶĂĚĞ^ĂŶ:ƵĂŶĚĞůĂƐZĂLJĂƐ
;:ĄƵƌĞŐƵŝ͕ϭϵϵϬ͖ϮϴͿ͘
WĂƌĂůĞůĂŵĞŶƚĞĂůĂůĂďŽƌĐŝĞŶƚşĨŝĐĂLJ
ůĂƉƌĄĐƚŝĐĂĚĞƐƵƉƌŽĨĞƐŝſŶŵĠĚŝĐĂ͕ƵŐğƐ
ĚĞƐĂƌƌŽůůſ ĐŽŶ ƉƌŽĨƵŶĚĂ ǀŽĐĂĐŝſŶ͕ ƵŶĂ
ůĂďŽƌĚŽĐĞŶƚĞĞŶĞůŽůĞŐŝŽĚĞůƐƚĂĚŽLJ
ĞŶůĂƐĐƵĞůĂĚĞDĞĚŝĐŝŶĂĚĞ'ƵĂŶĂũƵĂƚŽ͘
ů ƉĞƌĨŝů ĂĐĂĚĠŵŝĐŽ ĚĞ ƵŐğƐ ĞŶĐĂũĂďĂ
ƉĞƌĨĞĐƚĂŵĞŶƚĞĞŶůĂƌĞĨŽƌŵĂĞĚƵĐĂƚŝǀĂĚĞů
ŐŽďŝĞƌŶŽůŝďĞƌĂůĚĞ:ƵĄƌĞnj͘'ĂďŝŶŽĂƌƌĞĚĂ
ĐŽŵŽ ŝƌĞĐƚŽƌ ĚĞ ůĂ ƐĐƵĞůĂ EĂĐŝŽŶĂů
WƌĞƉĂƌĂƚŽƌŝĂĨŽƌŵƵůſƵŶƉůĂŶĚĞĞƐƚƵĚŝŽƐ
ĚĞ ŝŶƐƉŝƌĂĐŝſŶ ƉŽƐŝƚŝǀŝƐƚĂ͕ ŝŶƚƌŽĚƵĐŝĞŶĚŽ
ŵĂƚĞƌŝĂƐ ĚĞ ůĂƐ ĐŝĞŶĐŝĂƐ ŶĂƚƵƌĂůĞƐ
;ĂƌƌĞĚĂ͕ϭϵϰϭͿ͘ŶĞůŽůĞŐŝŽĚĞůƐƚĂĚŽ
Ɛ ŝŵƉŽƌƚĂŶƚĞ ŵĞŶĐŝŽŶĂƌ ƋƵĞ Ğů
ŚĞƌŵĂŶŽŵĞŶŽƌĚĞůĨƌĞĚŽƵŐğƐ͕ƵŐĞŶĞ
ZŽŵĂŝŶĞůƐĞƐĐĂƵƚnjƵŐğƐ͕ ƚĂŵďŝĠŶ ƐĞ
ƌĂĚŝĐſ ĞŶ DĠdžŝĐŽ͘ EĂĐŝĚŽ ĞŶ ϭϴϯϯ͕ ƐĞ
ĚŽĐƚŽƌſĞŶDĞĚŝĐŝŶĂĞŶůĂhŶŝǀĞƌƐŝĚĂĚĚĞ
WĂƌşƐĐŽŶůĂƚĞƐŝƐ͗ >ĂƐĂůƚƵƌĂƐĚĞDĠdžŝĐŽ͕
ƚĞŵĂ ƋƵĞ ƐĞŐƵƌĂŵĞŶƚĞ ůĞ ƐƵŐŝƌŝſ ƐƵ
ŚĞƌŵĂŶŽ͕ƉŽƌůŽƋƵĞƉƵĞĚĞĂĨŝƌŵĂƌƐĞƋƵĞ
ďĂũŽ ůĂ ŝŶĨůƵĞŶĐŝĂ ĚĞ ůĨƌĞĚŽ͕ ƵŐĞŶŝŽ
ĚĞĐŝĚŝſ ƚƌĂƐůĂĚĂƌƐĞ Ă DĠdžŝĐŽ ĞŶ ϭϴϲϱ͕
ĞƐƚĂďůĞĐŝĠŶĚŽƐĞ ƚĞŵƉŽƌĂůŵĞŶƚĞ ĞŶ
'ƵĂŶĂũƵĂƚŽ͕>ĞſŶLJ^ŝůĂŽ͕ƉĂƌĂĨŝŶĂůŵĞŶƚĞ
ĨŝũĂƌ ƐƵ ƌĞƐŝĚĞŶĐŝĂ ĞŶ DŽƌĞůŝĂ͕ ĞŶ ĚŽŶĚĞ
ĂƉĂƌƚĞ ĚĞ ĞũĞƌĐĞƌ ƐƵ ƉƌŽĨĞƐŝſŶ͕ ĨƵĞ
ĚĞ'ƵĂŶĂũƵĂƚŽƐĞĐƌĞĂƌŽŶůĂƐĚĞŚŝƐƚŽƌŝĂ
ŶĂƚƵƌĂů͕njŽŽůŽŐşĂLJďŽƚĄŶŝĐĂ͕ƋƵĞƋƵĞĚĂƌŽŶ
ĂĐĂƌŐŽĚĞƵŐğƐ;:ĄƵƌĞŐƵŝ͕ϭϵϵϬ͖ϯϬͲϯϭͿ͖
ŵŝĞŶƚƌĂƐ ƋƵĞ ĞŶ ůĂ ƐĐƵĞůĂ ĚĞ DĞĚŝĐŝŶĂ
ƐĞŚŝnjŽĐĂƌŐŽĚĞůĂĐĄƚĞĚƌĂĚĞ,ŝƐƚŽůŽŐşĂ
;ĞůƚƌĄŶ͕ϭϵϵϬ͖ϭϮͿ͘
ƌĂşnjĚĞƐƵĂĐƚŝǀŝĚĂĚĚŽĐĞŶƚĞ͕ƵŐğƐ
ŝŶŝĐŝſ ůĂ ĨŽƌŵĂĐŝſŶ ĚĞ ƵŶ ŐĂďŝŶĞƚĞ ĚĞ
,ŝƐƚŽƌŝĂEĂƚƵƌĂůĞŶĞůŽůĞŐŝŽĚĞůƐƚĂĚŽ
ĚĞ'ƵĂŶĂũƵĂƚŽĐŽŶĞůƉƌŽƉſƐŝƚŽĚĞŚĂĐĞƌ
ŵĄƐĚŝĚĄĐƚŝĐĂƐƐƵƐĐĄƚĞĚƌĂƐ͘/ŐƵĂůŵĞŶƚĞĂů
ŝŵƉĂƌƚŝƌƐƵĐůĂƐĞĚĞnjŽŽůŽŐşĂƐĞĞŶĐŽŶƚƌſ
ĐŽŶůĂĨĂůƚĂĚĞƚĞdžƚŽƐƐŽďƌĞůĂŵĂƚĞƌŝĂ͕ƉŽƌ
ůŽƋƵĞƐĞĂďŽĐſĂƐƵďƐĂŶĂƌĞƐĂĐĂƌĞŶĐŝĂ͕
ĞĚŝƚĄŶĚŽƐĞ ƉŽƌ ƉĂƌƚĞ ĚĞů ŐŽďŝĞƌŶŽ ĚĞ
'ƵĂŶĂũƵĂƚŽ ĞŶ Ğů ĂŹŽ ĚĞ ϭϴϳϴ ƐƵ ůŝďƌŽ
WƌŽŐƌĂŵĂƉĂƌĂƵŶĐƵƌƐŽĚĞŽŽůŽŐşĂ͖ĞŶ
ϭϴϴϰ ůĂ ^ĞĐƌĞƚĂƌşĂ ĚĞ ŐƌŝĐƵůƚƵƌĂ LJ
&ŽŵĞŶƚŽƉƵďůŝĐſĞŶůĂĐŝƵĚĂĚĚĞDĠdžŝĐŽ
ůĞŵĞŶƚŽƐ ĚĞ ŽŽůŽŐşĂ͖ LJ͕ >Ă ĨůŽƌĂ LJ ůĂ
ĨĂƵŶĂĚĞůƐƚĂĚŽĚĞ'ƵĂŶĂũƵĂƚŽ͕ŝŵƉƌĞƐŽ
ŝŐƵĂůŵĞŶƚĞ ƉŽƌ Ğů ŐŽďŝĞƌŶŽ ĚĞ ĚŝĐŚĂ
ĞŶƚŝĚĂĚ ĞŶ ϭϵϮϰ͖ ƚŽĚŽƐ ĞůůŽƐ ĨƵĞƌŽŶ
ƵƚŝůŝnjĂĚŽƐĐŽŵŽůŝďƌŽƐĚĞƚĞdžƚŽĞŶǀĂƌŝĂƐ
ŝŶƐƚŝƚƵĐŝŽŶĞƐĞĚƵĐĂƚŝǀĂƐĚĞůƉĂşƐ;:ĄƵƌĞŐƵŝ͕
ϭϵϵϬ͖ϯϯͲϯϰͿ͕ĞŶƚƌĞĞůůĂƐĞŶĞůŽůĞŐŝŽĚĞ
^ĂŶEŝĐŽůĄƐĐŽŵŽƉƵĞĚĞĐŽŶƐƚĂƚĂƌƐĞĞŶĞů
ĨŽŶĚŽĂŶƚŝŐƵŽĚĞƐƵďŝďůŝŽƚĞĐĂ͘
Ŷ ĐƵĂŶƚŽ Ă ƐƵƐ ŝŶǀĞƐƚŝŐĂĐŝŽŶĞƐ
ĐŝĞŶƚşĨŝĐĂƐ͕ƵŐğƐ ĞƐĐƌŝďŝſŵĄƐĚĞĐŝĞŶƚŽ
ĐŝŶĐƵĞŶƚĂĂƌƚşĐƵůŽƐƋƵĞĨƵĞƌŽŶƉƵďůŝĐĂĚŽƐ
ĞŶ ĚŝǀĞƌƐĂƐ ƌĞǀŝƐƚĂƐ ŶĂĐŝŽŶĂůĞƐ LJ
ĞdžƚƌĂŶũĞƌĂƐ͘WƌŝŶĐŝƉĂůŵĞŶƚĞƉƵďůŝĐſĞŶ>Ă
EĂƚƵƌĂůĞnjĂ͕ ĞĚŝƚĂĚĂ ƉŽƌ ůĂ ^ŽĐŝĞĚĂĚ
DĞdžŝĐĂŶĂĚĞ,ŝƐƚŽƌŝĂEĂƚƵƌĂů͕ĞŶůĂƌĞǀŝƐƚĂ
ĚĞůĂ^ŽĐŝĞĚĂĚŝĞŶƚşĨŝĐĂͨŶƚŽŶŝŽůnjĂƚĞͩ
LJ ĞŶ Ğů ŽůĞƚşŶ ĚĞ ůĂ ^ŽĐŝĞĚĂĚ DĞdžŝĐĂŶĂ
ĚĞ 'ĞŽŐƌĂĨşĂ LJ ƐƚĂĚşƐƚŝĐĂ͘ ĞƐƚĂĐĂŶ ĞŶ
ĞůůĂƐůĂƐŝŶǀĞƐƚŝŐĂĐŝŽŶĞƐƐŽďƌĞnjŽŽůŽŐşĂLJ
ĞŶ ĞƐƉĞĐŝĂů ůĂƐ ƌĞĂůŝnjĂĚĂƐ ƐŽďƌĞ
ŚĞƌƉĞƚŽůŽŐşĂ ;:ĄƵƌĞŐƵŝ͕ ϭϵϵϬ͖ ϯϴͿ͘ Ğ
ŚĞĐŚŽ͕ ƵŐğƐ ĨƵĞ Ğů ƉƌŝŵĞƌŽ ĞŶ ŶƵĞƐƚƌŽ
ƉĂşƐĞŶƌĞĂůŝnjĂƌĞƐƚƵĚŝŽƐƐŽďƌĞĞƐƚĂƌĂŵĂ͕
ƐĞŶƚĂŶĚŽ ůĂƐ ďĂƐĞƐ ƉĂƌĂ ůĂ ĐůĂƐŝĨŝĐĂĐŝſŶ
ƐŝƐƚĞŵĄƚŝĐĂĚĞůŽƐƌĞƉƚŝůĞƐLJďĂƚƌĂĐŝŽƐ͘WĂƌĂ
ĞƐƚŽƚƵǀŽĐŽŵŽĂŶƚĞĐĞĚĞŶƚĞůŽƐĞƐƚƵĚŝŽƐ
ŚĞĐŚŽƐ ƉŽƌ tŝĞŐŵĂŶ͕ ƵŵĠƌŝů͕ ŽĐŽƵƌƚ͕
ŽƉĞLJŽƵůĂŶŐĞƌ;ƌƵnj͕ϭϵϵϬ͖ϵϱͿ͘
WƵďůŝĐſ ŶŽǀĞŶƚĂ LJ ĐƵĂƚƌŽ ĂƌƚşĐƵůŽƐ
ƐŽďƌĞŚĞƌƉĞƚŽůŽŐşĂ͕ƚƌĞŝŶƚĂLJŽĐŚŽĚĞĞůůŽƐ
ĞŶ>ĂEĂƚƵƌĂůĞnjĂ͕LJŽĐŚŽĞŶůĂƐDĞŵŽƌŝĂƐ
LJ ZĞǀŝƐƚĂ ĚĞ ůĂ ^ŽĐŝĞĚĂĚ ŝĞŶƚşĨŝĐĂ
ͨŶƚŽŶŝŽ ůnjĂƚĞ͖ͩ ŵŝĞŶƚƌĂƐ ůŽƐ ŽƚƌŽƐ
ĐƵĂƌĞŶƚĂ LJ ŽĐŚŽ ƐĞ ƌĞƉĂƌƚŝĞƌŽŶ ĞŶƚƌĞ
0LOHQDULD
ŽĐĂƐŝŽŶſ ŽƚƌĂ ŐƌĂŶ ƚƌŝƐƚĞnjĂ͕ ƐŝŶ ĞŵďĂƌŐŽ
ĐŽŶƚŝŶƵſ ĞŶ ƉůĞŶĂ ĂĐƚŝǀŝĚĂĚ ĐŝĞŶƚşĨŝĐĂ͗
ŵĂŶƚĞŶşĂ ƌĞůĂĐŝŽŶĞƐ ĐŽŶ ŝŶƐƚŝƚƵĐŝŽŶĞƐ LJ
ƐŽĐŝĞĚĂĚĞƐ ĚĞ ǀĂƌŝĂƐ ƉĂƌƚĞƐ ĚĞů ŵƵŶĚŽ͕
ĐŽŵŽĞůĞƉĂƌƚĂŵĞŶƚŽĚĞŐƌŝĐƵůƚƵƌĂĚĞ
ůŽƐ ƐƚĂĚŽƐ hŶŝĚŽƐ ĚĞ EŽƌƚĞĂŵĠƌŝĐĂ LJ ůĂ
^ŽĐŝĞĚĂĚ EĂĐŝŽŶĂů ĚĞ ĐůŝŵĂƚĂĐŝſŶ ĚĞ
&ƌĂŶĐŝĂ;ƋƵĞĞŶϭϴϵϳůŽŶŽŵďƌſŵŝĞŵďƌŽ
ŚŽŶŽƌĂƌŝŽͿ͕ĐŽŶůĂhŶŝǀĞƌƐŝĚĂĚĚĞEĂŶĐLJ͕
ůĂ &ĂĐƵůƚĂĚ ĚĞ DĞĚŝĐŝŶĂ ĚĞ >ŝůůĞ͕ Ğů
/ŶƐƚŝƚƵƚŽ WĂƐƚĞƵƌ ĚĞ WĂƌşƐ͕ ůĂ ^ŽĐŝĞĚĂĚ
ŝĞŶƚşĨŝĐĂĚĞŚŝůĞ͕ĞůDƵƐĞŽƚŶŽŐƌĄĨŝĐŽ
ĚĞ WĂƌşƐ͕ Ğů EĂĐŝŽŶĂů DƵƐĞƵŵ ĚĞ
tĂƐŚŝŶŐƚŽŶ LJ ůĂ ŽŵŝƐŝſŶ ^ĐŝĞŶƚŝĨŝƋƵĞ͕
>ŝƚƚĞƌĂŝƌĞ Ğƚ ƌƚŝƐƚŝƋƵĞ ĚƵ DĞdžŝƋƵĞ
;:ĄƵƌĞŐƵŝ͕ϭϵϵϬ͖ϲϭͿ͘
ĚŝĞĐŝŶƵĞǀĞ ƌĞǀŝƐƚĂƐ ĞƐƉĞĐŝĂůŝnjĂĚĂƐ ĞŶ
DĠdžŝĐŽLJĞůĞdžƚƌĂŶũĞƌŽ;ƌƵnj͕ϭϵϵϬ͖ϵϱͿ͘
ŵĂŶĞƌĂ ĚĞ ƉƌĞƉĂƌĂƌůĂƐ ;:ĄƵƌĞŐƵŝ͕ ϭϵϵϬ͖
ϱϴͿ͘
ƵŐğƐ ĞƐƚĄ ĐŽŶƐŝĚĞƌĂĚŽ ĐŽŵŽ
ƉŝŽŶĞƌŽĚĞůĂƐŝƐƚĞŵĂƚŝnjĂĐŝſŶĐŝĞŶƚşĨŝĐĂĚĞ
ůĂnjŽŽůŽŐşĂLJŚĞƌƉĞƚŽůŽŐşĂĞŶDĠdžŝĐŽ͘^Ğ
ŽĐƵƉſĚĞůĂĚĞƐĐƌŝƉĐŝſŶĚĞƚƌĞŝŶƚĂLJƐŝĞƚĞ
ŶƵĞǀĂƐ ĞƐƉĞĐŝĞƐ ĂŶŝŵĂůĞƐ ƋƵĞ ůůĞǀĂŶ Ğů
ŶŽŵďƌĞ ĚĞ Ġů ĐŽŵŽ ƐƵ ĐůĂƐŝĨŝĐĂĚŽƌ ;Ŷ
ϭϴϳϬĞŶ>ĂEĂƚƵƌĂůĞnjĂƉƵďůŝĐſƵŶĂƌƚşĐƵůŽ
ƌĞůĂƚŝǀŽĂƵŶĂŶƵĞǀĂĞƐƉĞĐŝĞĚĞĂũŽůŽƚĞĞŶ
Ğů>ĂŐŽĚĞWĄƚnjĐƵĂƌŽ͕ŵŝƐŵĂƋƵĞƌĞŐŝƐƚƌſ
ĐŽŵŽ ^ŝĚĞƌŽŶƵŵŝĞƌĞůůŝůĨƌ͘ ƵŐ͕͘
ĐŽŶŽĐŝĚŽǀƵůŐĂƌŵĞŶƚĞĐŽŵŽĐŚŽƋƵĞĚĞ
ĂŐƵĂ͕ ^ĄŶĐŚĞnjLJ DŝũĂŶŐŽƐ͕ ϭϵϵϲ͖ ϰϰͿ͖
ƚĂŵďŝĠŶ ĐůĂƐŝĨŝĐſ ůĂ ĨůŽƌĂ ĚĞů ĞƐƚĂĚŽ ĚĞ
'ƵĂŶĂũƵĂƚŽĞŶƐĞƚĞŶƚĂLJƐĞŝƐĨĂŵŝůŝĂƐLJůĂ
ĨĂƵŶĂ ĞŶ ƚƌĞŝŶƚĂ LJ ƚƌĞƐ͖ ƌĞĂůŝnjſ ƵŶ
ͨĐĂƚĄůŽŐŽ ĚĞ ĂŶŝŵĂůĞƐ ǀĞƌƚĞďƌĂĚŽƐ
ŽďƐĞƌǀĂĚŽƐ ĞŶ ůĂ ZĞƉƷďůŝĐĂ DĞdžŝĐĂŶĂ͕ͩ
ƉƵďůŝĐĂĚŽ ĞŶ >Ă EĂƚƵƌĂůĞnjĂ͘ WĂƌĂ ůĂ
ĞůĂďŽƌĂĐŝſŶĚĞĞƐƚĞƚƌĂďĂũŽĐŽŶƚſĐŽŶůĂ
ĐŽůĂďŽƌĂĐŝſŶ ĚĞů ƌĞĐŽŶŽĐŝĚŽ ŽƌŶŝƚſůŽŐŽ
ĨƌĂŶĐĠƐ:ƵůŝŽsĞƌƌĞĂƵdž;:ĄƵƌĞŐƵŝ͕ϭϵϵϬ͖ϯϯͿ͘
WŽƌ ŽƚƌŽ ůĂĚŽ͕ ůĂ ƚƌĂĚŝĐŝſŶ
ĚĞĐŝŵŽŶſŶŝĐĂ ĚĞ ŚĂĐĞƌ ƵŶ ƌĞŐŝƐƚƌŽ
ŝůƵƐƚƌĂĚŽ ĚĞů ŽďũĞƚŽ ĚĞ ĞƐƚƵĚŝŽ ĞŶ ůĂƐ
ĐŝĞŶĐŝĂƐŶĂƚƵƌĂůĞƐLJĂƉůŝĐĂĚĂƐ͕ĂŶƚĞůĂĨĂůƚĂ
ĚĞ ŽƚƌŽƐ ƌĞĐƵƌƐŽƐ ƚĠĐŶŝĐŽƐ ĐŽŵŽ ůĂ
ĨŽƚŽŐƌĂĨşĂ͕ ĚĞƐĂƌƌŽůůſ ĞŶ ůŽƐ ƐĂďŝŽƐ
ŶĂƚƵƌĂůŝƐƚĂƐ ĐŽŵŽ ƵŐğƐ͕ ƵŶĂ ŚĂďŝůŝĚĂĚ
ĂƌƚşƐƚŝĐĂƋƵĞƉŽƌŽƚƌŽůĂĚŽŚĂďşĂŚĞƌĞĚĂĚŽ
ĚĞ ƐƵ ƉĂĚƌĞ͘ >ĂƐ ĂĐƵĂƌĞůĂƐ ƋƵĞ ĞůĂďŽƌſ͕
ŝůƵƐƚƌĂƌŽŶƐƵƐĂƌƚşĐƵůŽƐĚĞŝŶǀĞƐƚŝŐĂĐŝſŶLJ
ŵƵĐŚĂƐ ĚĞ ĞůůĂƐ ĨƵĞƌŽŶ ĞŶǀŝĂĚĂƐ Ă
ŝŶƐƚŝƚƵĐŝŽŶĞƐ ĞdžƚƌĂŶũĞƌĂƐ͖ ƐŝŶ ĞŵďĂƌŐŽ͕
ĞŶƚƌĞ ϭϴϰϳ LJ ϭϵϬϲ ƵŐğƐ ŝŶƚĞŐƌſ ǀĂƌŝĂƐ
ĐŽůĞĐĐŝŽŶĞƐ͕ ůĂ ŵĄƐ ŶƵŵĞƌŽƐĂ ĞƐƚĄ
ĐŽŵƉƵĞƐƚĂ ƉŽƌ ƚƌĞƐĐŝĞŶƚĂƐ ĐŝŶĐƵĞŶƚĂ
ůĄŵŝŶĂƐ Ă ĐŽůŽƌ͕ ŵŝƐŵĂ ƋƵĞ ĂĐƚƵĂůŵĞŶƚĞ
ĨŽƌŵĂ ƉĂƌƚĞ ĚĞů ƉĂƚƌŝŵŽŶŝŽ ĚĞ ůĂ
hŶŝǀĞƌƐŝĚĂĚ ĚĞ 'ƵĂŶĂũƵĂƚŽ ;:ĄƵƌĞŐƵŝ͕
ϭϵϵϬ͖ϲϴͿ͘
>ŽƐĞƐƚƵĚŝŽƐĐŝĞŶƚşĨŝĐŽƐĚĞƵŐğƐƐĞ
ŽƌŝĞŶƚĂƌŽŶƚĂŵďŝĠŶŚĂĐŝĂĞůƚĞƌƌĞŶŽƐŽĐŝĂů͘
ŽŵŽ ŵŝĞŵďƌŽ ĚĞ ůĂ ŽŵŝƐŝſŶ ĚĞ
WĂƌĂƐŝƚŽůŽŐşĂ ŐƌşĐŽůĂ ƐĞ ŽĐƵƉſ ĚĞ ůĂ
ĐŽŶƐĞƌǀĂĐŝſŶ ĚĞ ůŽƐ ďŽƐƋƵĞƐ LJ ĚĞ ůĂ
ƉƌŽƚĞĐĐŝſŶĚĞůĂƐĂǀĞƐƐŝůǀĞƐƚƌĞƐďĞŶĠĨŝĐĂƐ
ƉĂƌĂ ůĂ ĂŐƌŝĐƵůƚƵƌĂ͘ ďŽƌĚſ ƚĞŵĂƐ ĚĞ ůĂ
ƌŽŵĂƚŽůŽŐşĂ ĂŶŝŵĂů͕ ƉƵďůŝĐĂŶĚŽ ƵŶ
ůŝƐƚĂĚŽĐŽŶĞůƐĂďŽƌLJůĂĐĂůŝĚĂĚĚĞůĂĐĂƌŶĞ
ĚĞ ǀĂƌŝĂƐ ĞƐƉĞĐŝĞƐ͗ ŵĂŵşĨĞƌŽƐ͕ ĂǀĞƐ͕
ƌĞƉƚŝůĞƐ͕ďĂƚƌĂĐŝŽƐ͕ĐƌƵƐƚĄĐĞŽƐLJŵŽůƵƐĐŽƐ
Ğ ŝŶĐůƵƐŝǀĞ ĞŶ ĂůŐƵŶŽƐ ĐĂƐŽƐ ĂŶŽƚſ ůĂ
dŽĚĂƐ ůĂƐ ĂĐƵĂƌĞůĂƐ LJ ĚŝďƵũŽƐ
ĞůĂďŽƌĂĚŽƐ ƉŽƌ ƵŐğƐ ĐŽŶ Ğů ƉƌŽƉſƐŝƚŽ
ƉƌŝŵŽƌĚŝĂů ĚĞ ĞƐƚƵĚŝĂƌ ůĂƐ ĐŝĞŶĐŝĂƐ ĚĞ ůĂ
ŶĂƚƵƌĂůĞnjĂ͕ ƐŽŶ ǀĞƌĚĂĚĞƌĂƐ ŽďƌĂƐ
ĂƌƚşƐƚŝĐĂƐ͕ ƉŽƌ ĞůůŽ͕ ĚĞƐĚĞ ϭϴϲϬ ĨƵĞ
ŶŽŵďƌĂĚŽ ĐŽƌƌĞƐƉŽŶƐĂů ĚĞ ůĂ ^ŽĐŝĞĚĂĚ
:ĂůŝƐĐŝĞŶƐĞĚĞĞůůĂƐƌƚĞƐ;:ĄƵƌĞŐƵŝ͕ϭϵϵϬ͖
ϲϴͿ͘
ů ϯ ĚĞ ŵĂLJŽ ĚĞ ϭϴϴϲ ŵƵƌŝſ ůĂ
ĐŽŶƐŽƌƚĞĚĞƵŐğƐ͕ĚŽŹĂDĂƌşĂ>ƵŝƐĂ&ƌĞLJ͕
Ă ůĂ ĞĚĂĚ ĚĞ ƐĞƐĞŶƚĂ LJ ŶƵĞǀĞ ĂŹŽƐ͕
ƐŝŐŶŝĨŝĐĂŶĚŽ ƵŶĂ ŐƌĂŶ ƉĠƌĚŝĚĂ ƉĂƌĂ Ġů͕ LJ
ĞŶ ϭϴϵϲ ůĂ ŵƵĞƌƚĞ ĚĞ ƐƵ ŚĞƌŵĂŶŽ ůĞ
0LOHQDULD
ƐƚĞŐƌĂŶĐŝĞŶƚşĨŝĐŽĨƵĞŚŽŶƌĂĚŽĐŽŶ
ůĂƐWĂůŵĂƐĐĂĚĠŵŝĐĂƐĚĞ&ƌĂŶĐŝĂ͕>ĂƌƵnj
ĚĞ ůĂ >ĞŐŝſŶ ĚĞ ,ŽŶŽƌ͕ ĐŽŵŽ ŵŝĞŵďƌŽ
ŚŽŶŽƌĂƌŝŽ ĚĞ ƐŽĐŝĞĚĂĚĞƐ ĐŝĞŶƚşĨŝĐĂƐ ĚĞ
ǀĂƌŝĂƐ ƉĂƌƚĞƐ ĚĞů ŵƵŶĚŽ LJ ĐŽŵŽ ĚĞĐĂŶŽ
ĚĞůŽůĞŐŝŽĚĞůƐƚĂĚŽĚĞ'ƵĂŶĂũƵĂƚŽ͖Ğů
ŐŽďŝĞƌŶŽ ĨƌĂŶĐĠƐ ůŽ ĚŝƐƚŝŶŐƵŝſ ĞŶ ϭϴϴϱ
ĚĞƐŝŐŶĄŶĚŽůŽ ſŶƐƵů ĚĞ &ƌĂŶĐŝĂ ĞŶ
'ƵĂŶĂũƵĂƚŽ ;:ĄƵƌĞŐƵŝ͕ ϭϵϵϬ͖ ϱϵͿ͖LJ Ğů
ŽůĞŐŝŽ WƌŝŵŝƚŝǀŽ LJ EĂĐŝŽŶĂů ĚĞ ^ĂŶ
EŝĐŽůĄƐ ĚĞ ,ŝĚĂůŐŽ ƚĂŵďŝĠŶ ůŽ ƌĞĐŽŶŽĐĞ
ĐŽŵŽƵŶŽĚĞůŽƐŵĄƐĂůƚŽƐĞdžƉŽŶĞŶƚĞƐĚĞ
ůĂƐ ĐŝĞŶĐŝĂƐ ŶĂƚƵƌĂůĞƐ ĚĞů ƐŝŐůŽ y/y ĞŶ
ŶƵĞƐƚƌŽƉĂşƐLJĞŶĞůŵƵŶĚŽ͘ŶƐƵŚŽŶŽƌ͕
ƵŶĂĚĞůĂƐĂƵůĂƐĚĞůƉůĂŶƚĞů͕ƵďŝĐĂĚĂĞŶůĂ
ƉůĂŶƚĂ ďĂũĂ ĚĞů ƐĞŐƵŶĚŽ ƉĂƚŝŽ͕ ůůĞǀĂ ƐƵ
ŶŽŵďƌĞ͘
ƵŐğƐŵƵƌŝſĂůŽƐŽĐŚĞŶƚĂLJĐƵĂƚƌŽ
ĂŹŽƐ ĚĞ ĞĚĂĚ ĞŶ ůĂ ŵĂĚƌƵŐĂĚĂ ĚĞů ϳ ĚĞ
ĞŶĞƌŽ ĚĞ ϭϵϭϬ ;:ĄƵƌĞŐƵŝ͕ ϭϵϵϬ͖ ϱϵͿ͕
ĐĞƌƌĂŶĚŽĐŽŶƐƵŵƵĞƌƚĞƵŶĂĠƉŽĐĂĞŶůĂ
ŚŝƐƚŽƌŝĂĚĞůĂĐŝĞŶĐŝĂĞŶDĠdžŝĐŽĂůĂĐƵĂů
ĠůĐŽŶƚƌŝďƵLJſĞŶĨŽƌŵĂĚĞƐƚĂĐĂĚĂ͘
ŝďůŝŽŐƌĂĨşĂ
ĂƌƌĞĚĂ͕'ĂďŝŶŽ;ϭϵϰϭͿ͘ƐƚƵĚŝŽƐ͘DĠdžŝĐŽ͕hED͘
ĞůƚƌĄŶ͕ ŶƌŝƋƵĞ͕ƵƌŽƌĂ :ĄƵƌĞŐƵŝ LJ ZĂĨĂĞů ƌƵnj
;ϭϵϵϬͿ͘ůĨƌĞĚŽƵŐğƐ͘'ƵĂŶĂũƵĂƚŽ͕'ŽďŝĞƌŶŽĚĞů
ƐƚĂĚŽĚĞ'ƵĂŶĂũƵĂƚŽ͘
Ğ 'ŽƌƚĂƌŝ͕ ůŝ ;ϭϵϳϵͿ͘>Ă ĐŝĞŶĐŝĂ ĞŶ ůĂ ,ŝƐƚŽƌŝĂ ĚĞ
DĠdžŝĐŽ͘DĠdžŝĐŽ͕ 'ƌŝũĂůďŽ͘
^ĄŶĐŚĞnjşĂnj͕'ĞƌĂƌĚŽLJĚƵĂƌĚŽEŽŵĞůşDŝũĂŶŐŽƐ
şĂnj;ϭϵϵϲͿ͘>ĂƐĐŽŶƚƌŝďƵĐŝŽŶĞƐŵŝĐŚŽĂĐĂŶĂƐĂůĂ
ĐŝĞŶĐŝĂŵĞdžŝĐĂŶĂĚĞůƐŝŐůŽy/y͘DŽƌĞůŝĂ͕hD^E,͘
dƌĂďƵůƐĞ͕ ůşĂƐ ;ϭϵϴϱͿ͘,ŝƐƚŽƌŝĂ ĚĞ ůĂ ĐŝĞŶĐŝĂ ĞŶ
DĠdžŝĐŽ͘DĠdžŝĐŽ͕ KEzdͬ&͘͘͘
/RV&KLQDFDWHV
*HQHUDOHVSRHWDVGHVDUUDSDGRVYDOLHQWHV
\YHUGDGHURVSDWULRWDV
ÉQJHO=5RPHUR
/
RV QXHYRV WLHPSRV \ ODV
WUDQVIRUPDFLRQHVTXHVXIUHGtDDGtD
HVWHPtWLFRHLQTXHEUDQWDEOHSDtVQRV
OOHYDQDXQDFRQVWDQWHOXFKDVRFLDOH
LQVXUJHQFLD TXH WLHQH FRPR ~QLFR
REMHWLYRKDFHUGHpVWHXQOXJDUPiV
MXVWRSDUDYLYLUGRQGHH[LVWDOLEHUWDG
YHUGDGHUD \ QR WDQ VyOR ODV
WHOHQRYHODV PRQWDGDV HQ DQXQFLRV
SXEOLFLWDULRV
OXFKDV VRFLDOHV TXH QRV GHYROYLy DO
SDtV HQWHUR GH PDQRV GH
LPSHULDOLVWDV LQYDVRUHV
3RU OR TXH KR\ HV QHFHVDULR
UHYLYLU QXHVWUD KLVWRULD \ FRQ HOOR
SHUVRQDMHV SDUD TXH QR VH TXHGHQ
ROYLGDGRV HQ HO QRPEUH GH FDOOHV
WULVWHV R WUDV OD VRPEUD GH DOJ~Q
PRQXPHQWR HQ FXDOTXLHU SOD]D
UHYLYDPRV XQD GH ODV PiV JUDQGHV
&RQ OD OH\HQGD GH ,JQDFLR
=DUDJR]D GHVYDQHFLpQGRVH HQ HO
DPELHQWH WUDV OD SULPHU EDWDOOD GH
3XHEOD ORV IUDQFHVHV ORJUDURQ
LUUXPSLU HQ HVWD FLXGDG HQ PLHQWUDVWDQWRHQODFDSLWDOGHOSDtV
%HQLWR 3DEOR -XiUH] *DUFtD
SUHSDUDEDHODEDQGRQRGHODFLXGDG
GH 0p[LFR SDUD PDQWHQHU YLYD OD
UHS~EOLFD
(OYLDMHFRPHQ]DEDOOHYDQGRWDQ
VyOR XQDV FXDQWDV FDUUHWHODV \ XQD
PLQ~VFXOD HVFROWD D VX VHUYLFLR HO
HMpUFLWRVHHQFRQWUDEDSHUGLGRHQHO
OLPER VXV JHQHUDOHV HUDQ VLPSOHV
HVWDWXDVGHVDOTXHGDEDQyUGHQHVD
VROGDGRVLQH[LVWHQWHVHOHTXLSDMHVH
UHGXFtDDSHUWHQHQFLDVSHUVRQDOHV\
DOWHVRURPiVSUHFLDGRTXHWLHQHXQD
QDFLyQ©VXKLVWRULDªFRQWHQLGDHQHO
DUFKLYRKLVWyULFR
0LHQWUDVORVWUDLGRUHVEURWDEDQ
GH HQWUH ODV DOFDQWDULOODV VH
FRQVROLGDEDXQSDVTXtQOLWHUDULRTXH
FHQWUDED VX FUtWLFD KDFLD ORV
LPSHULDOLVWDV SRU PHGLR GH QRWLFLDV
GH FRPEDWHV YHUVRV VDWtULFRV
DSyFULIRV EXUODV FDUWDV MRFRVDV \
VDLQHWHV 6X QRPEUH ©OD &KLQDFDª
QRPEUH GHVFHQGLHQWH GH FKLQDFDWH
0LOHQDULD
8Q UDQFKHURWH TXH VH
FDUDFWHUL]DED SRU VHU
KRPEUH EUDJDGR \ SRU
WHQHU SRU GHFLUOR DVt XQ
SRFR DXPHQWDGD OD
GLPHQVLyQ GH VXV RUHMDV
OODPDGR
0DULDQR
(VFREHGRFRPDQGDEDXQD
SDUWLGD GH FKLQDFRV HQ HO
QRUWHGHOSDtV
(QWUHORVWHUULWRULRVGH
0LFKRDFiQ \ HO HVWDGR GH
0p[LFR
HPSUHQGtD
DFFLRQHVPLOLWDUHVHOSRHWD
/D &KLQDFD VH SXEOLFDED GRV YHFHV SRU VHPDQD YDOtD XQ RFWDYR GH UHDO VH YHQGtDQ HQ OD OLEUHUtD GH -RVp
HVFULWRU GUDPDWXUJR
0DUtD $JXLODU HQ OD FDOOH GH 6DQWR 'RPLQJR \ VH OHtD D YR] HQ FXHOOR HQ ODV HVTXLQDV
JHQHUDO \ JREHUQDGRU
SREUHSDULD7DPELpQOODPDGRDVtHO
(Q HO QRUWH \ FHQWUR GHO SDtV FRQVWLWXFLRQDOGHOHVWDGRGH0p[LFR
JUXSRGHIXVLOHURVGH+HUPHQHJLOGR UHVXFLWDEDQGHWUiVGHXQDSROYDUHGD \D LQYDGLGR SRU ORV IUDQFHVHV
*DOHDQD \ ORV ODQFHURV GH /HDQGUR GHWLHUUD\FHQL]DSHTXHxRVJUXSRV 9LFHQWH5LYD3DODFLRTXLHQUHFKD]y
9DOOH (VWH SHULyGLFR HVWDED DUPDGRV IRUPDGRV SULQFLSDOPHQWH XQSXHVWREXURFUiWLFRHQHOJDELQHWH
HQFDEH]DGR SRU HVFULWRUHV SRHWDV \ SRUJHQWHKXPLOGHVLQXQLIRUPH\VLQ MXDULVWD\RSWySRUWRPDUODVDUPDV
GUDPDWXUJRVTXHUHVLVWLUtDQHVWRLFRV FRQRFLPLHQWR PLOLWDU DOJXQR HVWH VLQJXODU SHUVRQDMH OR PLVPR
XQ QXHYR LQWHQWR GH FRQTXLVWD GH TXLHQHVFRPEDWLUtDQFDUDDFDUDDORV HVFULEtD YHUVRV TXH SUHSDUDED OD
0p[LFR +RPEUHV FRPR *XLOOHUPR LPSHULDOLVWDV /RV ©FKLQDFRVª FDPSDxD SDUD GHUURFDU D ORV
3ULHWR3HGUR6DQWDFLOLD-RVp0DUtD YHQGUtDQDGDUXQYXHOFRDODKLVWRULD GUDJRQHVGHORV]XDYRV
,JOHVLDV $OIUHGR &KDYHUR
0DQXHO$OWDPLUDQR9LFHQWH
5LYD 3DODFLR \ XQR GH ORV
RUDGRUHVPiVGHVWDFDGRVGH
OD KLVWRULD GH HVWH SDtV
FRQRFLGR
FRPR
©HO
1LJURPDQWHª GH QRPEUH
,JQDFLR 5DPtUH] *DOHDQD
0LHQWUDV-XiUH]VLWXDED
ODFDSLWDOGHOSDtVHQ6DQ/XLV
3RWRVt \ WUDWDED GH
UHFRQVWUXLU HO HMpUFLWR GH
RULHQWHHOGH-XOLRGH
XQ WDO 0D[LPLOLDQR GH
+DEVEXUJRWRPDEDODFRURQD
GHO QXHYR LPSHULR (VWH
KHFKR PDUFDED HO LQLFLR GH
XQDOXFKDTXHWHQGUtDFRPR
REMHWLYR ~QLFR UHFXSHUDU HO
SDtVGHVGHVXVHQWUDxDV
&DUUXDMH GH %HQLWR -XiUH] TXH VLUYLy GH RILFLQD FHQWUDO GHO 3RGHU (MHFXWLYR PLHQWUDV OD FDUUHWHOD
VLJXLHUD URGDQGR HQ WHUULWRULR QDFLRQDO OD 5HS~EOLFD VHJXLUtD YLYtD
0LOHQDULD
(QRWUDUHJLyQGHOSDtVVHXQtDD
ODUHVLVWHQFLDXQRD[DTXHxRTXHDxRV
PiVWDUGHHQFDEH]DUtDXQDGLFWDGXUD
QRVUHIHULPRVDOVHxRU3RUILULR'tD]
TXH DQWHV GH FRQYHUWLUVH DO ODGR
RVFXURGHODIXHU]DSXVRVXJUDQLWR
GHDUHQDSDUDGHUURFDUD'RQ0D[L
SDUDORVtQWLPRV7DLER,,
*XLOOHUPR
3ULHWR
XQ
DSDVLRQDGR GH ODV OHWUDV \ OD
JDVWURQRPtD SHULRGLVWD FURQLVWD
IXQFLRQDULRLQTXHEUDQWDEOH\DPLJR
ILHOTXHVHPDQWXYRDOODGRGH-XiUH]
FXDQGR OD UHS~EOLFD VH WDPEDOHDED
+RPEUH GH JUDQ YHUGDG TXH XQ GH VHSWLHPEUH GHVGH XQD YHQWDQD
GHWUiV GH XQD SHTXHxD PHVD
DFRPRGDGDFRPRDWULOFRQOiJULPDV
D SXQWR GH HVFDSDU GH VXV RMRV
SURQXQFLy HVWDV SDODEUDV TXH
TXHGDUtDQ JUDEDGDV SDUD OD
SRVWHULGDG ©/D SDWULD HV VHQWLUQRV
GXHxRV GH QXHVWUR FLHOR \ QXHVWURV
FDPSRV GH QXHVWUDV PRQWDxDV \
QXHVWURVODJRVHVQXHVWUDDVLPLODFLyQ
FRQ HO DLUH \ FRQ ORV OXFHURV \D
QXHVWURV HV TXH OD WLHUUD QRV GXHOH
FRPRFDUQH\TXHHOVROQRVDOXPEUD
FRPRVLWUDMHUDHQVXVUD\RVQXHVWURV
QRPEUHV \ HO GH QXHVWURV SDGUHV
GHFLUSDWULDHVGHFLUDPRU\VHQWLUHO
EHVRGHQXHVWURVKLMRV<HVDPDGUH
VXIUH \ QRV OODPD SDUD TXH OD
OLEHUWHPRV GH OD LQIDPLD \ GH ORV
XOWUDMHV GH H[WUDQMHURV \ WUDLGRUHVª
0RQVLYiLV 7UDVDFRUUDODUD'RQ%HQLWRHQ
ORV ~OWLPRV PHWURV GHO WHUULWRULR
QDFLRQDOORVIUDQFHVHVUHWURFHGLHURQ
SRFR D SRFR JUDFLDV D OD DFFLyQ GH
ORVJUXSRVGHJXHUULOODVGHFKLQDFRV
UHFXSHUDQGR LQLFLDOPHQWH ORV
WHUULWRULRVGH&KLKXDKXD\'XUDQJR
/RV LPSHULDOLVWDV VH UHSOHJDURQ
KDFLDHOVXUTXHGiQGROHVFRPR~QLFR
WHUULWRULR FRQTXLVWDGR OD FLXGDG GH
0p[LFR 9HUDFUX] 3XHEOD \
4XHUpWDUR
3LQWXUD GHO IXVLODPLHQWR GH 0D[LPLOLDQR GH +DEVEXUJR UHDOL]DGD SRU (GRXDUG 0DQHW HQ 0D[LPLOLDQR DEDQGRQD OD
FDSLWDO HO GH IHEUHUR GH UXPERDOTXHVHUtDVXGHVWLQRILQDO
HO FHUUR GH ODV FDPSDQDV 7UDV XQD
EDWDOODDWUR]ODPDGUXJDGDGHOGH
PD\RVHWRPDSUHVRDOHPSHUDGRU
GtDVPiVWDUGHHVOOHYDGRDMXLFLR\
VHQWHQFLDGRDPXHUWHFRQGRVGHVXV
RILFLDOHV(O~OWLPRUHFXHUGRTXHVH
OOHYDUD0D[LPLOLDQRGHHVWHSDtVVRQ
XQRV FXDQWRV OLEURV HQWUHJDGRV SRU
5LYD3DODFLRHQFDQMHSRUVXVLOODGH
PRQWDU7DLER,,
&RQ OD UHS~EOLFD WULXQIDQWH
SURFHGHQWH GH OD FXHYD GHO WDEDFR
XELFDGD HQ OD SREODFLyQ GHO
©*DWXxRª UHEDXWL]DGD FRPR
FRQJUHJDFLyQ+LGDOJRHQ&RDKXLOD
OOHJD D ODV DIXHUDV GH 3DODFLR
1DFLRQDO -XDQ GH OD &UX] %RUUHJR
SDUD HQWUHJDU SHUVRQDOPHQWH D
-XiUH] HO DUFKLYR KLVWyULFR GH OD
QDFLyQ TXH D VX SDVR SRU DTXHO
HVWDGR OR KDEtD GHMDGR EDMR VX
FXVWRGLD
0LOHQDULD
+R\ GHEHPRV HVWDU VHJXURV GH
TXHODIXHQWHLQDJRWDEOHGHOSRGHUHV
HOSXHEORUHIOHMDGDHQODUHYROXFLyQ
TXHQDFHGtDDGtDHQODVFDOOHVFRQ
OD FUtWLFD DO PDO JRELHUQR \
HPSUHQGLHQGR DFFLRQHV TXH
GLJQLILTXHQ ORV YHUGDGHURV LGHDOHV
SRUORVTXHKDQOXFKDGRKRPEUHV\
PXMHUHVDORODUJRGHODKLVWRULDSDUD
IRUMDU XQD SDWULD GRQGH VH WHQJD
FRPR EDQGHUD OD YHUGDG \ GHMDQGR
DWUiV HO RSRUWXQLVPR SLQFKH \ OD
LPSXQLGDG
%LEOLRJUDItD
*DOHDQD3©/DFKLQDFDª3HULyGLFRODMRUQDGD
GHPD\RGHOS'LVSRQLEOHHQKWWS
Z Z Z M R U Q D G D X Q D P P [ VRFLHGDGQVRF
0RQVLYiLV & $ XVWHGHV OHV FRQVWD DQWRORJtD GH OD
FUyQLFDGH0p[LFR(GLWRULDO(UD
7DLER ,, 3, /D OHMDQtD GHO WHVRUR (GLWRULDO
3ODQHWD 0HSHUGt
$VSLULQDV
SDUDHODOPD
0HSHUGt«
HQWUHORVUHFXHUGRV
HQWUHHOSUHVHQWH\HOSDVDGR
HQWUHHO©SXGRVHUª\HO©KXELHUDª
'HVDPRU
0HSHUGtHQWUHHO©QRSDVy\QRSDVDUiª
PHSHUGtFXDQGRWHVDTXpGHOIRQGR
GHOED~OGHORVROYLGRV
\GHVFXEUtTXHD~QQRWHKDVLGR
0HSHUGtFXDQGRODREVHVLyQ
WUDVSDVyORVVXHxRV
FXDQGRDOSODQWDUURVDV
FUHFLHURQDxRUDQ]DV
$OVHQWLUPHHQVROHGDG
OHSUHJXQWDEDDPLDOPD
¢SRUTXpJULWDED
\\RQRODHVFXFKDED"
0HSHUGtSRUTXHPHSHUGt
HQHOLQVWDQWHHQTXHWHRt
FXDQGRWHVHQWt
FXDQGRGLMHVt
6HKDFtDFDGDYH]PiVSURIXQGDPLWULVWH]D
LPDJLQiQGRWHOHMRV
PLHQWUDVVHOOHQDEDGHJROSHVPLFRUD]yQ«
TXHVHGHVJDUUDEDHQFDGDSDOSLWDU
0HSHUGtFXDQGR
MXQWRDODVLOXVLRQHV
FUHFLHURQHVSHUDQ]DV
\GHVXMXJRKLFHDJXD
5HFRUGDQGRFXDQGRWHYLODSULPHUDYH]
FRQODDQJXVWLDGHQRVDEHUGHWL
HOYHQHQRGHPLSLHOFUHFtDFRPRHVSXPD
ORVJXVDQRVGHOD\HUPHFDUFRPtDQ
)XLVWHPtR\WHEHEt
FDOPDEDVPLVDQVLDV
VDFLDEDVPLVHG
1RPHUHFRQRFtIUHQWHDOHVSHMR
HOGRORUVHLUUDGLDEDHQFDGDJHVWR
HVDQRFKHDEUtORVRMRV\HQWHQGt
TXHKDEtDOOHJDGRODKRUDGHGHMDUWHSDUWLU
0HSHUGtFXDQGROOHJDVWH
FXDQGRWHPDUFKDVWH
FXDQGRUHJUHVDVWH
)XLVWHDPRUTXHQRSURVSHUy
GRQGHIXLVRORFRQVXHOR
QRIXLFDSD]GHGHVSHUWDUWXFRUD]yQ
HVPHMRUGHFLUWHDGLyV
0HSHUGtFXDQGRVLQWL
PHVHQWtLQFRPSOHWD
PHVHQWtPRULU
7KDOLD-DQHWWHH,VUDHO 9HJD0DUHV
7KDOLD -DQHWWH 9HJD 0DUHV
0LOHQDULD
<PLVURVDVQR
TXLHUHQYLYLU
&DQWRDXQDGLRVDPLQHUDO
$:HQG\*XHUUD
3RHWLVDDTXtVLKD\PDSDVQRKD\PHWUR
+HDTXtHOPHWURGH0RUHOLD:HQG\*XHUUD
FRQVXVFDUULOHVGHSODWDGRQGHOOXHYD
HQODHVWDFLyQUHVXHOWDHQSULPDYHUD
XQRVHEDMDGRQGHTXLHUD\FRPRSXHGD
FRPRHQODJXHUUDODJUDQFDQWHUD
GHORVSRHWDVTXHKDFHQSRHPDV
DODFHJXHUDGHDOJXQDVEHVWLDV
6R\XQDGHHOODVSHURDPLPRGREDMRPLVOHPDV
6HDEUHQODVSXHUWDVHQWUDVSRUHOODV
OXHJRODVVDFDVDGDUXQEDLOHSRUODVHVWHODV
GHORVFDPLRQHV\IXPRQHWDV
GLH]PLOUDELHWDVQRWHGHWHQJDV
EDMRXQDHVWUHOODUHVXOWDTXHpVWDV
GHYRUDQVROHVFRQRVLQQRPEUHVHQODVKRJXHUDV
9HVODVYHQWDQDVSXHVQRVRQQXHYDV
SHURDOJRWLHQHQTXHVLWHDFHUFDV
YHUiVWXQRPEUHHQFDGDXQDGHHOODV
FRPRXQDHVWUHOODHQHOFLHORDELHUWRFXDQGR0RUHOLD
VXHxDGHVSLHUWDFRQWXEDQGHUD
¢&RPRTXHRQGHD"
7DPELpQPLWLHUUD
SRUODVHVWUHOODV
)UDQFLVFR &KiYH] +HUUHUD
0LOHQDULD
3DUDVLHPSUH
4XRWKWKHUDYHQ©1HYHUPRUHª($3RH
$\TXHOHVGLHURQPDWDQJD
TXHOHVOH\HURQORVVDOPRV
FRQXQD%LEOLD9DTXHUD
OXHJRVRQDURQGLVSDURV
³1DGLHFRQWHVWDSDORPD
ORVWLUDURQHQODDFHUD
QDGLHHVFXFKDUiPLOODQWR
PiVFHUFDQDDOFDPSDQDULR
6DQ)UDQFLVFRGHODURVD
\VRQDURQODVFDPSDQDV
YHQ\RF~OWDPHHQWXVEUD]RV
SHURQDGLHDOOtUH]DED
HQWUHWXVYHQDVGHVHGD
\HQYHQpQDPHORVODELRV
/DV+HUPDQDVGHO5RVDULR
/RVGHMDURQHQODDFHUD
OORUDURQSRUWDQWRVDxRV
¢TXLpQPHUHFHWDOHVWUDWRV"
HQODVVRPEUDVGHODDOFRED
9HQ\HQFXpUDPHODVSHQDV
PiVFHUFDQDDOFDPSRVDQWR
TXHPHWLHQHQHQHOFODXVWUR
GRQGHHOIUtRGHXQDORVD
GRQGHODSHQDPHHPDQD
UHFRUGDEDORVGLVSDURV
SRUODVDVWDVGHXQYHQDGR
UHFRUGDEDDODVRWDQD
GHVGHORVSRURVGHODOPD
TXHERUUDURQORVJXVDQRV
'RQGHOHVGLHURQPDWDQJD
3RUODVQRFKHVXQDUDQD
KR\UHVXHQDQORVGLVSDURV
GDEDVDOWRVSRUHOSDVWR
\ORVVDOWRVGHODUDQD
PLHQWUDVHOIDUROGRUPtD
GHOURFtRSRUHOSDVWR
HQODSLODGHORVEDxRV
\UHSLFDQODVFDPSDQDV
\XQUHQDFXDMRGHKLHOR
\ODVDVWDVGHOYHQDGR
VHHVFXUUtDGHXQDHVWDWXLOOD
HQORVOODQWRVGHXQDGDPD
GHXQDFROXPQDGHPiUPRO
TXHPXULy\PXHUHHQVXFODXVWUR
GRQGHXQDSDORPDSLQWD
OHUH]DEDDOGLRVGHOOODQWR
)UDQFLVFR &KiYH] +HUUHUD
0LOHQDULD
>ĂƉŽĞƐşĂĞƐƐĂůƵĚ
¢
>ĞĞƐƉŽĞƐşĂ͍͎dĞŐƵƐƚĂ͍͎dĞǀĂŶ
ůŽƐ ĂƵƚŽƌĞƐ ĐůĄƐŝĐŽƐ͍ Ŷ ƌĞƐƵŵĞŶ͕ ͎ƚĞ
ĐƵŝĚĂƐ ĞƐĞ ĐƵĞƌƉŽ ůŽnjĂŶŽ͍ ^ş͕ ŚĂƐ ůĞşĚŽ
ďŝĞŶ͎͘dĞůŽĐƵŝĚĂƐ͍^ĞĂĐĂďĂĚĞĐŽŶĨŝƌŵĂƌ
ĂůŐŽ ƋƵĞ ƚŽĚŽƐ ŝŶƚƵşĂŵŽƐ ĐƵĂŶĚŽ ĐĂĚĂ
ŶŽĐŚĞ ŶŽƐ şďĂŵŽƐ Ă ĚŽƌŵŝƌ͗ ůĂ ƉŽĞƐşĂ
ĐůĄƐŝĐĂĞƐƉĂƌĂĞůĐĞƌĞďƌŽůŽƋƵĞĞůďşĨŝĚƵƐ
ĂĐƚŝǀŽƉĂƌĂůĂƐĂƌƚĞƌŝĂƐ͘>ĂhŶŝǀĞƌƐŝĚĂĚĚĞ
>ŝǀĞƌƉŽŽůĞƐƚĄĂƉƵŶƚŽĚĞƉƌĞƐĞŶƚĂƌĞŶƵŶĂ
ĐŽŶĨĞƌĞŶĐŝĂ ůŽƐ ƌĞƐƵůƚĂĚŽƐ ĚĞ ƵŶ
ĐŽŶĐŝĞŶnjƵĚŽ͕ ĂŵďŝĐŝŽƐŽ LJ ĂŶŚĞůĂĚŽ
ĞƐƚƵĚŝŽƐŽďƌĞĞůŝŵƉĂĐƚŽĚĞůĂůĞĐƚƵƌĂĚĞ
ƉŽĞƐşĂĐůĄƐŝĐĂĞŶŶƵĞƐƚƌŽĐĞƌĞďƌŽ͘ůĂŝůLJ
dĞůĞŐƌĂƉŚ ŶŽƐ ŚĂ ĂĚĞůĂŶƚĂĚŽĂůŐƵŶŽƐĚĞ
ůŽƐ ĚĞƚĂůůĞƐ ĚĞů ƚƌĂďĂũŽ LJ ĚĞ ƐƵƐ
ĐŽŶĐůƵƐŝŽŶĞƐ͕ ĂƐş ƋƵĞ ĞƐƚŽ ĞƐ ůŽ ƋƵĞ
ƉŽĚĞŵŽƐĚĞĐŝƌƉŽƌĂŚŽƌĂ͗
WƌŝŵĞƌŽ͗ ƉĂƌĂ ŚĂĐĞƌ ƵŶ ƚƌĂďĂũŽ ĚĞ
ĞƐƚĂŶĂƚƵƌĂůĞnjĂƐĞŶĞĐĞƐŝƚĂŶĂƵƚŽƌŝĚĂĚĞƐ
ǀĞƌƐĂĚĂƐĞŶĐŝĞŶĐŝĂ͕ůŝƚĞƌĂƚƵƌĂLJƉƐŝĐŽůŽŐşĂ͕
LJƋƵĞĨůƵLJĂĞŶĂƌŵŽŶşĂ͕ĐſŵŽŶŽ͕ĞůƉŽĚĞƌ
ĚĞůĐŽŶŽĐŝŵŝĞŶƚŽ͖ƐĞŐƵŶĚŽ͗ƐŽŶƚƌĞŝŶƚĂůŽƐ
ǀŽůƵŶƚĂƌŝŽƐ ƋƵĞ ƐĞ ŚĂŶ ƐŽŵĞƚŝĚŽ Ăů
ĞdžƉĞƌŝŵĞŶƚŽ ƉŝƐĐŽͲĐŝĞŶƚşĨŝĐŽͲůŝƚĞƌĂƌŝŽ͖
ƚĞƌĐĞƌŽ͗ ĂůŐƵŶŽƐ ĚĞ ůŽƐ ĂƵƚŽƌĞƐ ůĞşĚŽƐ
ĨƵĞƌŽŶ WŚŝůŝƉ >ĂƌŬŝŶ͕ :ŽŚŶ ŽŶŶĞ͕ ,ĞŶƌLJ
sĂƵŐŚĂŶ LJ ůŝnjĂďĞƚŚ ĂƌƌĞƚƚ ƌŽǁŶŝŶŐ͖ LJ
ĐƵĂƌƚŽ͗ ůĂ ĐŽŶĐůƵƐŝſŶ ƉĂƌĞĐĞ ƐĞƌ
ĚĞŵŽůĞĚŽƌĂ͘ ƵĂŶĚŽ ƐĞ ĚĂ ůĞĐƚƵƌĂ Ă
ƉŽĞŵĂƐ ĞŶ ůŽƐ ƋƵĞ ĂƉĂƌĞĐĞŶ ƉĂůĂďƌĂƐ
ŝŶƵƐƵĂůĞƐ Ž ƉŽƐĞĞŶ ƵŶĂ ƐŝŶƚĂdžŝƐ ŵĄƐ
ĐŽŵƉůĞũĂ͕ĐŽŵŽŽĐƵƌƌĞĞŶŵƵĐŚŽƐĚĞůŽƐ
ƚĞdžƚŽƐĐůĄƐŝĐŽƐ͕ĞůŚĞŵŝƐĨĞƌŝŽĚĞƌĞĐŚŽĚĞů
ĐĞƌĞďƌŽ ƐĞ ĂĐƚŝǀĂ ŵƵLJ ĞƐƉĞĐŝĂůŵĞŶƚĞ LJ
ĐŽŶƚƌŝďƵLJĞ Ă ƌĞĨůĞdžŝŽŶĂƌ ƐŽďƌĞ ŶƵĞƐƚƌĂƐ
ƉƌŽƉŝĂƐ ǀŝǀĞŶĐŝĂƐ LJ Ă ĞŶƚĞŶĚĞƌůĂƐ ĚĞƐĚĞ
ŽƚƌĂƉĞƌƐƉĞĐƚŝǀĂ͘
^ĞŐƷŶĞůƌĞƐƉŽŶƐĂďůĞĚĞƉƌĞƐĞŶƚĂƌĞů
ĞƐƚƵĚŝŽ͕ůĂƉŽĞƐşĂĐůĄƐŝĐĂͨĞƐŵĄƐƷƚŝůƋƵĞ
ůŽƐůŝďƌŽƐĚĞĂƵƚŽĂLJƵĚĂͩ͘ZĞƉŝƚŽ͗ůĂƉŽĞƐşĂ
ĐůĄƐŝĐĂ ĞƐ ŵĄƐ Ʒƚŝů ƋƵĞ ůŽƐ ůŝďƌŽƐ ĚĞ
0LOHQDULD
:ƵĂŶDĂŶƵĞů'ŝů
ĂƵƚŽĂLJƵĚĂ͘zĂĐůĂƌĂƋƵĞͨŶŽĞƐƐŽůŽƵŶĂ
ĐƵĞƐƚŝſŶĚĞĞƐƚŝůŽ͘>ĂĚĞƐĐƌŝƉĐŝſŶƉƌŽĨƵŶĚĂ
ĚĞ ĞdžƉĞƌŝĞŶĐŝĂƐ ĂŹĂĚĞ ĞůĞŵĞŶƚŽƐ
ĞŵŽĐŝŽŶĂůĞƐLJďŝŽŐƌĄĨŝĐŽƐĂůĐŽŶŽĐŝŵŝĞŶƚŽ
ĐŽŐŶŝƚŝǀŽ ƋƵĞ LJĂ ƉŽƐĞĞŵŽƐ ĞŶ ŶƵĞƐƚƌŽƐ
ƌĞĐƵĞƌĚŽƐͩ͘
ů ƉĂƌĞĐĞƌ͕ ůŽƐ ƌĞƐƵůƚĂĚŽƐ ŽďƚĞŶŝĚŽƐ
ŚĂŶ ŵŽƚŝǀĂĚŽ Ă ĞƐƚŽƐ ĐŝĞŶƚşĨŝĐŽƐ͕
ƉƐŝĐſůŽŐŽƐ LJ ĞdžƉĞƌƚŽƐ ĞŶ ůŝƚĞƌĂƚƵƌĂ͕ LJ
ƚŝĞŶĞŶ ƉĞŶƐĂĚŽ ĂŚŽŶĚĂƌ ĂƷŶ ŵĄƐ ĞŶ Ğů
ĂƐƵŶƚŽ͘ >ĞƐ ŝŶƚĞƌĞƐĂ ĚĞƐĞŶƚƌĂŹĂƌ ƋƵĠ
ĞĨĞĐƚŽƐŚĂŶƉŽĚŝĚŽƚĞŶĞƌůĂƐƌĞǀŝƐŝŽŶĞƐĚĞ
ůŽƐĐůĄƐŝĐŽƐĚĞůĂůŝƚĞƌĂƚƵƌĂĞŶůĂĂĐƚŝǀŝĚĂĚ
ĐĞƌĞďƌĂů͘ƵŶĂƐş͕ĂƉĞƐĂƌĚĞůŽƐĂůƵĚĂďůĞ
ĚĞů ĂƐƵŶƚŽ͕ ŶĂĚŝĞ ŚĂ ŚĂďůĂĚŽ ƚŽĚĂǀşĂ ĚĞ
ƋƵĞĞůŵĠĚŝĐŽĚĞĐĂďĞĐĞƌĂƉƵĞĚĂƌĞĐĞƚĂƌ
ůĂůĞĐƚƵƌĂĚĞ:ŽŚŶŽŶŶĞŽWŚŝůŝƉ>ĂƌŬŝŶ͘
dĂŵƉŽĐŽƐŝůĂ^ĞŐƵƌŝĚĂĚ^ŽĐŝĂůĐƵďƌŝƌşĂůŽƐ
ĐŽƐƚĞƐ͘
ŝƐƉŽŶŝďůĞ ĞŶ͗ ŚƚƚƉ͗ͬͬǁǁǁ͘ĞůĚŝĂƌŝŽ͘ĞƐͬ<ĂĨŬĂͬ
ĂůŵĂĐĞŶͬƉŽĞƐŝĂͲƐĂůƵĚͺϬͺϵϬϵϵϭϭϰϭ͘Śƚŵů
>ŽƐĚĞƐĂƉĂƌĞĐŝĚŽƐŶŽƐĨĂůƚĂŶĂƚŽĚŽƐ
DĂƌĚŽŶŝŽ ĂƌďĂůůŽ
DĂƌĚŽŶŝŽ ĂƌďĂůůŽ ĞƐ Ğů ƉƌŝŵĞƌ
ĐŽŶĚƵĐƚŽƌ ŝŶĚşŐĞŶĂ ĚĞ ůĂ
ƚĞůĞǀŝƐŝſŶ ŵĞdžŝĐĂŶĂ͕ ĚĞĚŝĐĂĚŽ Ă
ĐŽŶƚĂƌĞůĚşĂĂĚşĂĚĞůŽƐƉƵĞďůŽƐ
ŝŶĚşŐĞŶĂƐ͘ ŶĐĂďĞnjĂ ůĂ ƐĞƌŝĞ Ğ
ƌĂşnjůƵŶĂƋƵĞƉƌŽĚƵĐĞLJƚƌĂŶƐŵŝƚĞ
ĂŶĂůϮϮ͘^ƵƐĞĐĐŝſŶ>ĂƐWůƵŵĂƐ
ĚĞůĂ^ĞƌƉŝĞŶƚĞ͕ƋƵĞƐĞĞĚŝƚĂĞŶůĂ
ƌĞǀŝƐƚĂ DYhŝ^ LJ ƐĞ ƚƌĂŶƐŵŝƚĞ
ĞŶ Ğů ƉƌŽŐƌĂŵĂ ƌĂĚŝŽĨſŶŝĐŽ ĚĞ
ĂƌŵĞŶ ƌŝƐƚĞŐƵŝ͕ ƌĞĐŝĞŶƚĞŵĞŶƚĞ
ƐĞ ŚĂ ĐŽŶǀĞƌƚŝĚŽ ĞŶ ƵŶ ĞdžŝƚŽƐŽ
ůŝďƌŽĞĚŝƚĂĚŽƉŽƌŵŽĐŚůŝďƌŽƐ͘
7
ͨ
ĞŶşĂůŽƐƉŝĞƐĚĞƉĄũĂƌŽLJůĂƐŐĂŶĂƐ
ĚĞǀŽůĂƌ͘dŽŵſĐŝĞůŽLJĐĂŵŝŶſĐĂŵŝŶŽ͘>ŽƐ
ĞĐŽƐ ƐĞ ƋƵĞĚĂƌŽŶ͕ ƉĂƐĂƌŽŶ ůŽƐ ĂŹŽƐ͘ ^Ğ
ƋƵĞĚĂƌŽŶ ůĂƐ ŵĂŵĄƐ LJ ůŽƐ ƉĂƉĄƐ͕ ůŽƐ
ŚĞƌŵĂŶŽƐ͘ >ŽƐ ŚŝũŽƐ͘ >ĂƐ ƌĞĐĄŵĂƌĂƐ͕ ůŽƐ
ĐƵĂƌƚŽƐ ƐŝŐƵĞŶ ĂŚş͕ ŝŶƚĂĐƚŽƐ͘ >Ă ƌŽƉĂ
ĐŽůŐĂĚĂ ĞdžƚƌĂŹĂŶĚŽ ůŽƐ ĐƵĞƌƉŽƐ ƋƵĞ
ĂďƌŝŐĂďĂŶ͕ ƋƵĞ ĂďƌŝŐĂƌŽŶ ĂůŐƷŶ ƚŝĞŵƉŽ͘
^ŝŐƵĞŶĂŚş͕ĐŽŶĞƐƉĞƌĂŶnjĂ͘dĞŶşĂŶůŽƐƉŝĞƐ
ĚĞƉĄũĂƌŽLJůĂŶĞĐĞƐŝĚĂĚĚĞǀŽůĂƌ͙ĞůďƵƌƌŽ
ĞƐďƵƌƌŽLJĞŶŵĂLJŽďĂũĂĂƚŽŵĂƌĂŐƵĂ͕LJ
ďĂũĂƌŽŶŽƐƵďŝĞƌŽŶ͘sŽůĂƌŽŶ͘dƵǀŝĞƌŽŶƐĞĚ
LJŶĞĐĞƐŝĚĂĚ͘
YƵŝĞƌŽ ĚĞĚŝĐĂƌ ĞƐƚĂ ĐŽůĂďŽƌĂĐŝſŶ Ă
ůĂƐŵĂĚƌĞƐĚĞůŽƐĚĞƐĂƉĂƌĞĐŝĚŽƐ͘ůĂƐƋƵĞ
ďƵƐĐĂŶ ǀŝǀŽƐ͕ ŶŽ ŵƵĞƌƚŽƐ͘ ůĂƐ ƋƵĞ
ďƵƐĐĂŶ ůĂƐ ƌŝƐĂƐ ĚĞ ůŽƐ ĞdžƚƌĂǀŝĂĚŽƐ͕ ŶŽ
ŚƵĞƐŽƐĞŶůĂĨŽƐĂĐŽŵƷŶ͘ůĂƐƋƵĞďƵƐĐĂŶ
ĂƐƵƐŚŝũŽƐ͕ŚŝũŽƐƚĂŵďŝĠŶĚĞůƐĞdžĞŶŝŽĚĞ
ůĂ ƐŽďĞƌďŝĂ LJ Ğů ŚŽƌƌŽƌ ƋƵĞ ĞƐƚĄ ƉŽƌ
ƚĞƌŵŝŶĂƌ͘WŽƌĨŽƌƚƵŶĂ͕ƉŽƌĚŝŽƐ͘
ŶƚĞ ůĂ ŝŶĚŽůĞŶĐŝĂ͕ ůĂ ĞƐƉĞƌĂŶnjĂ ƐĞ
ĐŽŶƐƚƌƵLJĞĐŽŶůŽƐƉŝĞƐ͕ĐĂŵŝŶĂŶĚŽ͖ĐŽŶůĂ
ďŽĐĂ͕ ŐƌŝƚĂŶĚŽ LJ ƉƌĞŐƵŶƚĂŶĚŽ LJ
ĞdžŝŐŝĞŶĚŽ͙ ƚŽĚĂƐ ĞůůĂƐ ƋƵŝĞƌŽ ĚĞĚŝĐĂƌ
ĞƐƚĂĐŽůĂďŽƌĂĐŝſŶ͘EŽŽůǀŝĚĂƌŶŝƵŶŽƐſůŽ
ĚĞ ůŽƐ ŶŽŵďƌĞƐ͘ >ŽƐ ĚĞƐĂƉĂƌĞĐŝĚŽƐ ŶŽƐ
ŚĂĐĞŶ ĨĂůƚĂ Ă ƚŽĚŽƐ͗ ůĂƐ ŵĂŵĄƐ LJ ůŽƐ
ƉĂƉĄƐ͕ ůŽƐ ŚĞƌŵĂŶŽƐ͘ ůŽƐ ŚŝũŽƐ͘ ůĂƐ
ƌĞĐĄŵĂƌĂƐ͕ůŽƐĐƵĂƌƚŽƐƐŝŐƵĞŶĂŚş͕ŝŶƚĂĐƚŽƐ͘
>Ă ƌŽƉĂ ĐŽůŐĂĚĂ ĞdžƚƌĂŹĂŶĚŽ ůŽƐ ĐƵĞƌƉŽƐ
ƋƵĞ ĂďƌŝŐĂďĂŶ͕ ƋƵĞ ĂďƌŝŐĂƌŽŶ ĂůŐƷŶ
ƚŝĞŵƉŽ͘^ŝŐƵĞŶĂŚş͕ĐŽŶĞƐƉĞƌĂŶnjĂ͘
YƵŝĞƌŽ ĚĞĚŝĐĂƌ ĞƐƚĂ ĐŽůĂďŽƌĂĐŝſŶ Ă
ůŽƐĚĞƐĂƉĂƌĞĐŝĚŽƐ͘ƐƵƐŵĂĚƌĞƐ͘ĞůůĂƐLJ
ĂƵƐƚĞĚůĞƐƚĞŶŐŽƵŶĂĐŽŶĨĞƐŝſŶƋƵĞŶŽƐ
ŚĞƌŵĂŶĂ͘DĄƐĂĚĞůĂŶƚĞĚĞǀĞůĂƌĠůĂƌĂnjſŶ
ĚĞŵŝƐƉĂůĂďƌĂƐLJŵŝƐŽůŝĚĂƌŝĚĂĚ͘
^ĞŐƷŶ Ğů /ŶƐƚŝƚƵƚŽ EĂĐŝŽŶĂů ĚĞ
ƐƚĂĚşƐƚŝĐĂ͕ 'ĞŽŐƌĂĨşĂ Ğ /ŶĨŽƌŵĄƚŝĐĂ͕ ŚĂLJ
ϵϲŵŝůŚŽŵŝĐŝĚŝŽƐĚŽĐƵŵĞŶƚĂĚŽƐĚĞϮϬϬϳ
ĂϮϬϭϭ͘ƐƚŽƐĐƵĂƚƌŽĂŹŽƐĨƵĞƌŽŶ͕ƐŝŶĚƵĚĂ͕
ĚĞ ůŽƐ ŵĄƐ ƐĂŶŐƌŝĞŶƚŽƐ ƋƵĞ ŚĂ ǀŝǀŝĚŽ
DĠdžŝĐŽ͘ůƐĞdžĞŶŝŽĚĞ&ĞůŝƉĞĐĂůĚĞƌſŶƐĞƌĄ͕
ĞŶƚƌĞŽƚƌĂƐĐŽƐĂƐ͕ƌĞĐŽƌĚĂĚŽƉŽƌĞƐŽ͘WŽƌ
ůĂ ƐĂŶŐƌĞ LJ ƉŽƌ ƵŶĂ ůƵĐŚĂ ŝŶĨƌƵĐƚƵŽƐĂ
ĐŽŶƚƌĂĞůŶĂƌĐŽƚƌĄĨŝĐŽ͘WŽƌůĂŵĞĐŚĂĐŽƌƚĂ
LJƉŽƌƋƵĞĂůŽƐŵĞĐĂŶŝƐŵŽƐĚĞůĂǀĂĚŽĚĞ
ĚŝŶĞƌŽƐĞůĞƐƚŽĐſƉŽĐŽŽŶĂĚĂ͘>ĂŵƵĞƌƚĞ
ůůĞŐſ ŚĂƐƚĂ ƐƵ ĐşƌĐƵůŽ ĐĞƌĐĂŶŽ͗ ĚŽƐ
ƐĞĐƌĞƚĂƌŝŽƐ ĚĞ 'ŽďĞƌŶĂĐŝſŶ ŵƵĞƌƚŽƐ͕ LJ
ĚĂĚŽ Ğů ĐŽŶƚĞdžƚŽ ŶĂĐŝŽŶĂů͕ ĞƐƚĂƐ ĚŽƐ
ŵƵĞƌƚĞƐ ĚŝĞƌŽŶ ŵƵĐŚŽ Ăů ŝŵĂŐŝŶĂƌŝŽ
0LOHQDULD
ĐŽůĞĐƚŝǀŽ͘ĞůĚŽůŽƌ͕ĞŶĐĂŵďŝŽ͕ĞƐƌĞĂů͘^Ğ
ĂĐƵŵƵůĂ͘
ŝǀĞƌƐŽƐ ƚĂŶĂƚſůŽŐŽƐ͕ Ă ĚĞĐŝƌ ĚĞ
DĂƌĐĞůĂdƵƌĂƚŝĞŶƐƵůŝďƌŽ&ƵĞŐŽĐƌƵnjĂĚŽ͕
ĚŝĐĞŶ ƋƵĞ ĐĂĚĂ ŵƵĞƌƚĞ ǀŝŽůĞŶƚĂ ĞƐ
ĂĐŽŵƉĂŹĂĚĂƉŽƌϮϬϬƉĞƌƐŽŶĂƐĞŶĚƵĞůŽ͘
^ŝƵƐƚĞĚ͕ŽLJŽ͕ŽĞůĚĞũƵŶƚŽ͕ŵƵůƚŝƉůŝĐĂŵŽƐ
ϵϲŵŝůŵƵĞƌƚŽƐƉŽƌϮϬϬƉĞƌƐŽŶĂƐĞŶĚƵĞůŽ͕
ĞůƌĞƐƵůƚĂĚŽĞƐĂƚƌŽnj͘ůĚŽůŽƌƐĞĂĐƵŵƵůĂ͗
ϭϵŵŝůůŽŶĞƐϮϬϬŵŝůƉĞƌƐŽŶĂƐƋƵĞƐĞĞƐƚĄŶ
ĚŽůŝĞŶĚŽ ƐŽŶ Ğů ƌĞƐƵůƚĂĚŽ ĚĞ ĞƐƚĂ
ŵĂƚĞŵĄƚŝĐĂ ĨƷŶĞďƌĞ͘ Ɛ ĐĂƐŝ ůĂ ƚŽƚĂůŝĚĂĚ
ĚĞ ŚĂďŝƚĂŶƚĞƐ ĚĞ ůĂ ŝƵĚĂĚ ĚĞ DĠdžŝĐŽ͘
WĞƌŵĂŶĞĐĞƌ ĐĂůůĂĚŽ ŶŽ ĞƐ ůŽ ŶƵĞƐƚƌŽ͘
ZŽŵƉĞƌĞůƐŝůĞŶĐŝŽƐĞŚĂĐĞŶĞĐĞƐĂƌŝŽ͘YƵĞ
ǀĞŶŐĂĞůŐƌŝƚŽƋƵĞƐĞŶŽƐŚĂĂƚŽƌĂĚŽĞŶĞů
ƉĞƐĐƵĞnjŽ͘
zĂůĂƐƵŵĂĚĞŵƵĞƌƚŽƐ͕ĂŐƌĞŐƵĞŵŽƐ
ůĂ ĐŝĨƌĂ ĚĞ ůŽƐ ĚĞƐĂƉĂƌĞĐŝĚŽƐ͙ ĚĞ ůĂƐ
ŵĂŵĄƐ LJ ůŽƐ ƉĂƉĄƐ͕ ůŽƐ ŚĞƌŵĂŶŽƐ͕ ůŽƐ
ŚŝũŽƐ͖ĚĞůĂƐƌĞĐĄŵĂƌĂƐ͕ĚĞůŽƐĐƵĂƌƚŽƐƋƵĞ
ƐŝŐƵĞŶ ĂŚş͕ ŝŶƚĂĐƚŽƐ͘ Ğ ůĂ ƌŽƉĂ ĐŽůŐĂĚĂ
ĞdžƚƌĂŹĂŶĚŽ ůŽƐ ĐƵĞƌƉŽƐ ƋƵĞ ĂďƌŝŐĂďĂŶ͕
ƋƵĞ ĂďƌŝŐĂƌŽŶ ĂůŐƷŶ ƚŝĞŵƉŽ͘ Ğ ůĂ
ĞƐƉĞƌĂŶnjĂ͘
YƵŝĞƌŽ ĚĞĚŝĐĂƌ ĞƐƚĂ ĐŽůĂďŽƌĂĐŝſŶ Ă
ůŽƐĚĞƐĂƉĂƌĞĐŝĚŽƐ͘ƐƵƐŵĂĚƌĞƐ͘ĞůůĂƐLJ
ĂƵƐƚĞĚůĞƐƚĞŶŐŽƵŶĂĐŽŶĨĞƐŝſŶƋƵĞŶŽƐ
ŚĞƌŵĂŶĂ͘ ĞƐƉƵĠƐ ĚĞ ĂŹŽƐ ůĂ
ŝŶĐŽŵŽĚŝĚĂĚǀƵĞůǀĞ͗
,ĂĐĞϭϱĂŹŽƐ͕ZŽƐĂƵƌĂsĞƌĂ͕ŶĄŚƵĂƚů
ǀĞƌĂĐƌƵnjĂŶĂ͕ůůĞŐſĂůĂďŽƌĂƌĂůƐƚĂĚŽĚĞ
DĠdžŝĐŽ͘hŶĐƵĂƌƚŽĂůƋƵŝůĂĚŽĞŶƚŝnjĂƉĄŶ
LJ ůĂ ǀĞŶƚĂ ĚĞ ƉĂůĞƚĂƐ ĞŶ EĂƵĐĂůƉĂŶ ůĞ
ĞƐƉĞƌĂďĂ Ă ĞůůĂ LJ Ă ƵŶĂ ĂŵŝŐĂ ĞŶ ƵŶĂ
ƚŝĞŶĚĂ͘hŶĚşĂƐĂůŝſĂƚƌĂďĂũĂƌLJ͕ƐĞƐƵƉŽŶĞ͕
ŶŽ ůůĞŐſ Ŷŝ Ă ůĂďŽƌĂƌ Ŷŝ Ăů ĐƵĂƌƚŽ ƋƵĞ
ĐŽŵƉĂƌƚşĂ͖ƐƵĂŵŝŐĂƐĞĂƐƵƐƚſLJƐĞƌĞŐƌĞƐſ
Ă důĂĐŽůƵůĂ͕ ĐŚŝĐŽŶƚĞƉĞĐ͕ sĞƌĂĐƌƵnj͕ ĚĞ
ĚŽŶĚĞ ƐŽŶ ŽƌŝŐŝŶĂƌŝĂƐ͕ LJ ĚĞƐĚĞ ĞŶƚŽŶĐĞƐ
ŶŽƐĞƐƵƉŽŵĄƐĚĞĞůůĂ͘,ŽLJZŽƐĂƵƌĂsĞƌĂ
ƚĞŶĚƌşĂ ϯϯ ĂŹŽƐ͘ ,ŽLJ ZŽƐĂƵƌĂ sĞƌĂ
ĂƌďĂůůŽ͕ ŵŝ ƐŽďƌŝŶĂ͕ ƚŝĞŶĞ ϯϯ ĂŹŽƐ͕
ƉŽƌƋƵĞůĂĞƐƉĞƌĂŶnjĂƐĞĐŽŶƐƚƌƵLJĞLJƉŽƌƋƵĞ
ĞũĞŵƉůŽƐĂƐĞŐƵŝƌŚĂLJǀĂƌŝŽƐ͖ĚĞƐĚĞĂƋƵş
ƚĞ ĚĞĐŝŵŽƐ ƋƵĞ ƚĞ ƐĞŐƵŝŵŽƐ ĞƐƉĞƌĂŶĚŽ͕
ƋƵĞƚĞƐĞŐƵŝŵŽƐďƵƐĐĂŶĚŽ͘ZŽƐĂƵƌĂsĞƌĂ
ĂƌďĂůůŽĞƐƚƵŶŽŵďƌĞ͘
YƵŝĞƌŽ ĚĞĚŝĐĂƌ ĞƐƚĂ ĐŽůĂďŽƌĂĐŝſŶ Ă
ůŽƐĚĞƐĂƉĂƌĞĐŝĚŽƐ͘ƐƵƐŵĂĚƌĞƐ͘ĞůůĂƐLJ
Ă ƵƐƚĞĚ ůĞƐ ŚĞ ŚĞĐŚŽ ƵŶĂ ĐŽŶĨĞƐŝſŶ ƋƵĞ
ŶŽƐ ŚĞƌŵĂŶĂ͘ >ŽƐ ĚĞƐĂƉĂƌĞĐŝĚŽƐ ŶŽƐ
ĨĂůƚĂŶĂƚŽĚŽƐ͘ůĂƐŵƵũĞƌĞƐƋƵĞƉĞƌĚŝĞƌŽŶ
ĂƐƵƐŚŝũŽƐ͕ĂůŽƐŚŝũŽƐ͕ŚĞƌŵĂŶŽƐ͕ƉĂĚƌĞƐ͕
ƉƌŝŵŽƐ͕ĂŵŝŐŽƐ͕ǀĞĐŝŶŽƐ͕ĂŵŽƌĞƐ͘ĞĞƐƚĞ
ůĂĚŽ ŶŽ ŚĂLJ ŽůǀŝĚŽ͘ ^Ğ ůĞƐ ĞƐƉĞƌĂ͘ ^Ğ ůĞƐ
ĞƐƉĞƌĂ͙
(
ŶƚĞ ůĂ ŝŶĚŽůĞŶĐŝĂ͕ ůĂ ĞƐƉĞƌĂŶnjĂ ƐĞ
ĐŽŶƐƚƌƵLJĞĐŽŶůŽƐƉŝĞƐ͕ĐĂŵŝŶĂŶĚŽ͖ĐŽŶůĂ
ďŽĐĂ͕ŐƌŝƚĂŶĚŽLJƉƌĞŐƵŶƚĂŶĚŽLJĞdžŝŐŝĞŶĚŽ͘
EŽ ŽůǀŝĚĂƌ Ŷŝ ƵŶŽ ƐſůŽ ĚĞ ůŽƐ
ŶŽŵďƌĞƐ͘ >ŽƐ ĚĞƐĂƉĂƌĞĐŝĚŽƐ ŶŽƐ ŚĂĐĞŶ
ĨĂůƚĂĂƚŽĚŽƐ͗
dĞŶşĂ ůŽƐ ƉŝĞƐ ĚĞ ƉĄũĂƌŽ LJ ůĂƐ ŐĂŶĂƐ
ĚĞǀŽůĂƌ͘dŽŵſĐŝĞůŽLJĐĂŵŝŶſĐĂŵŝŶŽ͘>ŽƐ
ĞĐŽƐ ƐĞ ƋƵĞĚĂƌŽŶ͕ ƉĂƐĂƌŽŶ ůŽƐ ĂŹŽƐ͘ ^Ğ
ƋƵĞĚĂƌŽŶ ůĂƐ ŵĂŵĄƐ LJ ůŽƐ ƉĂƉĄƐ͕ ůŽƐ
ŚĞƌŵĂŶŽƐ͘>ŽƐŚŝũŽƐ͙
důĂnjĐĂŵĂƚŝŵŝĂŬͩ͘
ŝƐƉŽŶŝďůĞ ĞŶ͗ ŚƚƚƉ͗ͬͬǁǁǁ͘ŵͲdž͘ĐŽŵ͘ŵdžͬdžŵůͬƉĚĨͬ
Ϯϵϱͬϱϳ͘ƉĚĨ
3UHPLR&HUYDQWHV
OHQD 3RQLDWRZVND JDQy
UHFLHQWHPHQWH HO 3UHPLR &HUYDQWHV HO
Pi[LPRJDODUGyQSDUDORVHVFULWRUHVHQ
HVSDxROHOTXLQWRSDUDXQPH[LFDQR\HO
SULPHURSDUDXQDPH[LFDQD(VODFXDUWD
HVFULWRUDJDODUGRQDGDHQDxRV$QWHV
OR KDEtDQ JDQDGR ODV HVSDxRODV 0DUtD
=DPEUDQR\$QD0DUtD0DWXWH
\ODFXEDQD'XOFH0DUtD/R\QD]
(QVD\LVWD\HVFULWRUDFRPHQ]yD
WUDEDMDUHQHOSHULyGLFR([FpOVLRUHQ
©$PtORTXHPHJXVWDHVFRQWDUFRVDVª
UHFRUGDED KDFH XQDV VHPDQDV 6H
FRQYLUWLyHQXQDHQWUHYLVWDGRUDFXULRVD
\ FHUWHUD (QWUHYLVWy D 'LHJR 5LYHUD D
5XOIR D 3D] 6X OLEUR PiV FpOHEUH /D
QRFKHGH7ODWHOROFRHVXQFUXGRWHVWLPRQLR
GHODUHSUHVLyQFRQWUDHVWXGLDQWHVHOGH
RFWXEUHGHXQDIHFKDJUDEDGDFRQ
VDQJUHHQODKLVWRULDPH[LFDQD©'HEHUtD
FRQPHPRUDUVHRILFLDOPHQWHXQDIHFKD
GHOXWRQDFLRQDOª
£)HOLFLGDGHV(OHQLWD
0LOHQDULD
KWWSFXOWXUDHOSDLVFRPFXOWXUD
DFWXDOLGDG
BKWPO
5XPERDOD5HDFUHGLWDFLyQ
GHOSURJUDPDGH(QIHUPHUtD
0WUD*ORULDGHO&DUPHQ+HUQiQGH]*RQ]iOH]
3URIHVRUDGH7LHPSR&RPSOHWR
(YDOXDGRUD ([WHUQD GHO &20$&(
/
RVEHQHILFLRVTXHREWLHQHTXH
XQSURJUDPDHGXFDWLYRGHHQIHUPHUtDVHD
DFUHGLWDGR VRQ 5HFRQRFHU TXH HV GH
FDOLGDG\SURSLFLDUODPHMRUDFRQWLQXD
SHUWLQHQFLD VRFLDO \ DFDGpPLFD
FRDG\XYDUDODPHMRUDGHODIRUPDFLyQ
GHORVUHFXUVRVKXPDQRVHQHQIHUPHUtD
LQIRUPDU D OD VRFLHGDG GH PDQHUD
FRQILDEOH YDOLGD VREUH OD FDOLGDG GHO
SURJUDPDGHHQIHUPHUtD
/DVHWDSDVVRQODVVLJXLHQWHV
3ULPHUDHWDSD$XWRHYDOXDFLyQ6H
LQLFLD D SDUWLUTXHHO5HFWRUR'LUHFWRU
GHODLQVWLWXFLyQVROLFLWDIRUPDOPHQWHSRU
HVFULWROD5HDFUHGLWDFLyQDOD3UHVLGHQWD
GHO&20$&(TXLHQFRQWHVWDLQGLFDQGR
ODVFRQGLFLRQHV\UHTXHULPLHQWRVSDUDHO
GHVDUUROORGHOSURFHVR
&RQVLVWHHQLQWHJUDUODVHYLGHQFLDV
GHFDGDXQDGHODVFDWHJRUtDVDHYDOXDU
VHQVLELOL]DFLyQ\GLIXVLyQGHOSURFHVRGH
DFUHGLWDFLyQDODFRPXQLGDGGHODHVFXHOD
GH OD FDUUHUD GH HQIHUPHUtD \ GH OD
XQLYHUVLGDG
8QD YH] TXH VH FXPSOH FRQ ODV
FRQGLFLRQHV UHTXHULGDV VH HQYtD HO
LQVWUXPHQWR GH DFUHGLWDFLyQ GHO
SURJUDPD GH (QIHUPHUtD GHO 1LYHO
7pFQLFRGHPRGDOLGDGHVFRODUL]DGDSDUD
VXDXWRHYDOXDFLyQGRQGHHVWiQODVQXHYH
FDWHJRUtDV GH DQiOLVLV \ ORV LQGLFDGRUHV
FRUUHVSRQGLHQWHV GHO 61$( \ ORV
SDUiPHWURVDFXPSOLU
8QD YH] TXH VH FXPSOH FRQ WRGRV
ORVLQGLFDGRUHV\VXVHYLGHQFLDVVHHQYtD
D OD SUHVLGHQWD GHO &20$&( OD FXDO
QRPEUDSDUHVH[WHUQRVTXHYHULILTXHQODV
HYLGHQFLDVVXILFLHQWHVGHFDGDFDWHJRUtD
LQGLFDGRU\SDUiPHWUR
6HJXQGD HWDSD 9LVLWD GH
9HULILFDFLyQ(QHVWDHWDSDOD'LUHFWRUD
FRQ OD 3UHVLGHQWD GH &20$&(
SURJUDPDQODYLVLWDSRUWUHVHYDOXDGRUDV
H[WHUQDV GHO &20$&( OD GXUDFLyQ GH
ODYLVLWDHVGHGRVGtDVGXUDQWHORVFXDOHV
VH UHYLVDUD HO FXPSOLPLHQWR GH FDGD
LQGLFDGRU GHO LQVWU XPHQWR GH
DXWRHYDOXDFLyQ ORV HYDOXDGRUHV VRQ GH
GLIHUHQWHVHVWDGRVGHO3DtV
7HUFHUDHWDSD'LFWDPHQ$OUHFLELU
ORV GRFXPHQWRV GH OD YLVLWD GH
YHULILFDFLyQVHUH~QHQRPLHPEURV
0LOHQDULD
GHO&RQVHMR'LUHFWLYRGH&20$&(SDUD
UHDOL]DU HO 'LFWDPHQ FRUUHVSRQGLHQWH
TXHHVHQYLDGRDO5HFWRUGHOD,QVWLWXFLyQ
HQODVWUHVVHPDQDVSRVWHULRUHVDODYLVLWD
&XDUWD HWDSD 3ODQ GH 0HMRUD
&RQWLQXD /D LQVWLWXFLyQ HYDOXDGD
GHEHUi SUHVHQWDU D OD 3UHVLGHQWD GH
&20$&( pVWH SODQ EDViQGRVH HQ ODV
UHFRPHQGDFLRQHV TXH SUHVHQWH HO
GLFWDPHQ \ RWURV HOHPHQWRV TXH OD
8QLYHUVLGDG WHQJD SUR\HFWDGRV HQ OD
IHFKDTXHORHVWDEOH]FDHOGLFWDPHQ
/DVRFLHGDGPH[LFDQDUHTXLHUHTXH
ORV SURJUDPDV DFDGpPLFRV TXH VH
LPSDUWHQHQLQVWLWXFLRQHVGHHGXFDFLyQ
FXHQWHQFRQHOUHFRQRFLPLHQWRGHFDOLGDG
GH XQ RUJDQLVPR DFUHGLWDGRU TXH
JDUDQWLFH TXH HVWD RUJDQL]DFLyQ FXHQWD
FRQ VLVWHPDV PHFDQLVPRV FRQILDEOHV
YDOLGRV TXH GDQ OHJLWLPLGDG GH TXH VH
FXPSOHQ FRQ ORV FULWHULRV HGXFDWLYRV GH
FDOLGDG HVWDEOHFLGRV QDFLRQDOPHQWH SDUD
FDGDXQDGHODVGLVFLSOLQDV
(V LPSRUWDQWH PHQFLRQDU TXH OD
GLVFLSOLQDGHHQIHUPHUtDHVXQDGHODV
SURIHVLRQHVLQFOXLGDVHQHO7UDWDGRGH/LEUH
&RPHUFLRGH$PpULFDGHO1RUWH$QWHHVWD
SHUVSHFWLYD GH OLEUH LQWHUFDPELR GH
VHUYLFLRV SURIHVLRQDOHV HGXFDWLYRV \ GH
DWHQFLyQGHHQIHUPHUtDVHKDGHULYDGROD
QHFHVLGDG GH FRQVWUXLU ORV SURFHVRV GH
DFUHGLWDFLyQ \ FHUWLILFDFLyQ DVt FRPR
SURFHGLPLHQWRV H LQIUDHVWUXFWXUD SDUD
HOHYDU OD FDOLGDG GH OD HGXFDFLyQ \ GH OD
SUiFWLFD SURIHVLRQDO GH WDO IRUPD TXH HQ
XQ SOD]R UHODWLYDPHQWH FRUWR ODV
LQVWLWXFLRQHV IRUPDGRUDV GH UHFXUVRV
KXPDQRGHHQIHUPHUtD\VXVHJUHVDGRVVH
HQFXHQWUHQHQFRQGLFLRQHVGHFRPSHWLUFRQ
VXVKRPyORJRVGHRWURVSDtVHV
7RGR SURFHVR GH DFUHGLWDFLyQ WLHQH
XQDGXUDFLyQGHFLQFRDxRVSRUORTXHOD
(VFXHODGH(QIHUPHUtD\6DOXG3~EOLFDSDUD
MXOLRGHOFXPSOHFRQHOWLHPSRGHTXH
HO 3URJUDPD (GXFDWLYR GH OD &DUUHUD GH
(QIHUPHUtD 1LYHO 7pFQLFR VHD 5H
DFUHGLWDGRSRUORTXHVHQRPEUyXQHTXLSR
GHWUDEDMRSDUDUHDOL]DUWRGRHVWHSURFHVR
TXHLPSOLFDXQDUHVSRQVDELOLGDGGHLQWHJUDU
HJUHVDGDV GH OD FDUUHUD GH (QIHUPHUtD DO
PHUFDGR ODERUDO FRQ HOHYDGR QLYHO
HGXFDWLYR
¢4XpHVODDFUHGLWDFLyQ"6HHQWLHQGH
SRU DFUHGLWDFLyQ (O UHFRQRFLPLHQWR
S~EOLFR GH TXH VH RWRUJD D XQ
3URJUDPD(GXFDWLYRSRUXQRUJDQLVPR
QR JXEHUQDPHQWDO UHFRQRFLGR SRU HO
&RQVHMR SDUD OD $FUHGLWDFLyQ GH OD
(GXFDFLyQ6XSHULRU&23$(6
¢4XHVHHYDO~D"1XHYHFDWHJRUtDV
\ LQGLFDGRUHV FRQWHQLGDV HQ HO
LQVWUXPHQWRGH$XWRHYDOXDFLyQ
, 3HUVRQDO $FDGpPLFR TXH
FRUUHVSRQGHQ D ORV LQGLFDGRUHV GHO DO
,,(VWXGLDQWHVLQGLFDGRUHVGHO
DO
0LOHQDULD
,,,3ODQGHHVWXGLRVLQGLFDGRUHVGHO
DO
,9 (YDOXDFLyQ GHO $SUHQGL]DMH
LQGLFDGRUHVGHODO
9 )RUPDFLyQ ,QWHJUDO LQGLFDGRUHV
GHODO
9, 6HU YLFLRV GH $SR\R SDUD HO
DSUHQGL]DMHLQGLFDGRUHVGHODO
9,, 9LQFXODFLyQ ([WHQVLyQ
LQGLFDGRUHVGHODO
9,,,,QIUDHVWUXFWXUD\(TXLSDPLHQWR
LQGLFDGRUHVGHODO
,;*HVWLyQ$FDGpPLFD\)LQDQFLHUD
LQGLFDGRUHVGHODO
Descargar