$=3,/&8(7$ 1$9$552 0DUWtQ GH 75$&7$'2 '( /$6 5(17$6 '( /26 %(1(),&,26 (&&/(6,$67,&26 SDUD 6DEHU HQ TXH VH KDQ GH JDVWDU \ D TXLHQ VH KDQGHGDU\GH[DU)XQGDGRHQHOFDSILQDO [YL TXHVW L &RPSXHVWR SRUHO 'RFWRU ,RDQ GH %DUUHUD &RLPEUD HG [ K II K 3HUJDPLQR PRGHUQR )DOWDQ K GD WDEOD $OJXQDV DQWLJXDV KXHOODV GH DJXD /D SULPHUD HGLFLyQ HV GH 9DOODGROLG 3DODX &&3% ¼ $*5('$6RU0DUtDGH-HV~VGH9,'$ '( /$ 9,5*(1 0$5Ë$ VHJ~Q OD YHUVLyQ GH &RQ XQ SUyORJR GH ( 3DUGR %D]iQ 0RQWDQHU\6LPyQ%DUFHORQD[ SS K /iPLQDV H LOXVWUDFLRQHV HQWUH WH[WR +RODQGHVDSHUJDPLQRHVWDPSDGD%XHQHMHPSODU ¼ $PDGLV'XTXH\0HULQR'HPHWULR(/ $5*80(172 '( $0$',6 '( *$8/$ %LEOLRWHFD 8QLYHUVDO &ROHFFLyQ GH ORV 0HMRUHV $XWRUHV $QWLJXRV \ 0RGHUQRV /;;,, 0DGULG [SS+RODQGHVDWHOD&XELHUWDV PXGDV%XHQHMHPSODU ¼ $=3,/&8(7$ 1$9$552 0DUWtQ GH 0$18$/ '( &21)(6625(6 &ODXGLR %RUQDW %DUFHORQD [ SS 3HUJDPLQRPRGHUQR)DOWDQKGHSUHOLPLQDUHV\ ODV SULPH UDV SS GHO WH[WR (O DXWRU QDFLy HQ %DUDVRDLQ 1DYDUUD HQ \ GHVSXpV GH HVWXGLDU HQ $OFDOi IXH FDWHGUiWLFR HQ 6DODPDQFD \ UHFWRU HQ &RLPEUD $FRPSDxy D %DUWRORPp GH &DUUDQ]D D 5RPD SDUD DSR\DUOH HQ VX GHIHQVD FRQWUDOD,QTXLVLFLyQ\DOOtPXULyHQ3DODX ¼ $=3,/&8(7$ 1$9$552 0DUWtQ GH &20(17$5,2 5(62/8725,2 '( 8685$6VREUHHO&DSLGHOD4XHVWLyQLLLGH OD[LLLLFDXVDFRPSXHVWRSRUHO'RFWRU&RQ RWURV TXDWUR FRPHQWDULRV VREUH HO SULQFLSLR GHO &DS ILQ GH XVXU < HO &DSLW ILQ GH 6\PRQtD < HO &DSLW 1RQ LQIHUHQGD [[LLL TXHVW LLL < HO FDSLW ILQ [LLL TXHVWL ILQDO )UDQFLVFR )HUQiQGH] GH &yUGRED 9DOODGROLG [ SS K 3HUJDPLQR QXHYR $OJXQDV PDQFKDV DQWLJXDV SHUR EXHQ HMHPSODU /D SULPHUD HG HV GH 3DODX QRWD (VWD HG QR HVWi HQ HO &&3% QL HQ OD %1( ¼ $=3,/&8(7$ 1$9$552 0DUWtQ GH &$3,78/2 9(<17( < 2&+2 GH ODV $GGLFLRQHV GHO 0DQXDO GH &RQIHVVRUHV GHO 'RFWRU 0DUWLQ GH $]SLOFXHWD DxDGLGR SRU HO PLVPR DXWRU &RQ VX 7DEOD $GULDQ *KHPDUW 9DOODGROLG HG [ K II K 3HUJDPLQR QXHYR $OJXQDV PDQFKDV DQWLJXDV SHUREXHQHMHPSODU(QKXERHVWDHGLFLyQ\ RWUD GH =DUDJR]D GH HVWD DGLFLyQ DO 0DQXDO 3DODX&&3% ¼ $=3,/&8(7$ 1$9$552 0DUWtQ GH 5(3(5725,2 *(1(5$/ \ 0X\ &RSLRVR GHO 0DQXDO GH &RQIHVVRUHV GH ORV &LQFR &RPHQWDULRV SDUD VX 'HFODUDFLyQ &{SXHVWRV (Q OD TXDO F VLJQLILFD FDStWXOR Q Q~PHUR VL 9DOODGROLG " [ KRMDV VLQ QXPHUDU 3HUJDPLQR QXHYR $OJXQDV PDQFKDV DQWLJXDV SHUR EXHQ HMHPSODU 3DODX &&3% ¼ %,%/,$ 6$&5$ 9XOJDWDH (GLWLRQLV 6L[WL 9 3RQWLILFLV 0D[ -XVVX 5HFRJQLWD HW &OHPHQWLV 9,,, $XFWRULWDWH HGLWD 9HUVLFXOLV 'LVWLQFWD HW DG VLQJXOD FDSLWD DUJXPHQWLV DXFWD LQGLFHTXH (SLVWRORUXP (YDQJHOLRUXPQHFQRQ%LEOLFRORFXSOHWDWD 6XPSWLEXV 7RUQDHVLRUXP &RORQLDH VD >@ [ [[LL SS K SS 3OHQD SLHO GH pSRFD FRQ QHUYLRV WHMXHOR \ GRUDGRV 3HTXHxD UHSDUDFLyQ HQ HO ORPR $OJXQDV SLFDGXUDV GH SROLOOD \D WUDWDGD SULQFLSDOPHQWH HQ HO PDUJHQ $OJXQD PDQFKD DQWLJXDGHKXPHGDG3RUWDGDDWLQWDV6HJ~QHO :RUOG&DW HO DxR GH SXEOLFDFLyQ HV GH ¼ &DOGHUyQ 5tRV \ 5tRV $QJHO %,2*5$)Ë$ '(/ &e/(%5( 32(7$ '5$0È7,&2 ' 3('52 &$/'(5Ï1 '( /$ %$5&$ SRU 7LSRJUDItD % 5XHGD 7RUUHODYHJD HG [ SS $PSOLR iUERO JHQHDOyJLFR GHVSOHJDEOH +RODQGHVDWHOD6HOORGHDQWSURS)UHVQHGRGH OD&DO]DGDHQODSRUWDGD(ODXWRUHVHOFpOHEUH +LGDOJR GH 3URDxR $XWRU GH YDULRVHVWXGLRVKLVWyULFRV\QRYHODVDWRUPHQWDGR SRUODVRUGHUD\HQFHUUDGRHQVXPHGLHYDO7RUUH GH 3URDxR 5tRV \ 5tRV UHSUHVHQWD XQ WLSR GH 4XLMRWH FiQWDEUR GHO ;,; %XHQ HMHPSODU HQ JHQHUDO 5DUR 3DODX 1R HQ OD %1( ¼ %2&&$&,2 &8(1726 '( %2&&$&,27UDGXFLGRVSRU*DUFtD5DPyQ ,OXVWUDFLRQHV GH -RKDQQRW 1DQWHXLO 6WDDO *LUDUGHW HWF >MXQWR FRQ@ &8(1726 (6&2*,'26 '( /$ )217$,1( *DUQLHU 3DULV[YROVGH[LSSK\ K SS SS 3URIXVDPHQWH LOXV FRQ OiPLQDV \ YLxHWDV 7HOD HGLWRULDO URMD HVWDPSDGD HQGRUDGR\QHJUR/LJHURVURFHVHQORVH[WUHPRV GH ORV ORPRV SHUR EXHQRV HMHPSODUHV (O 'HFDPHUyQ VDOLy HQ FDVWHOODQR HQ HGLFLRQHV HQWUH \ SHUR GHVSXpV ULJXURVDPHQWH SURKLELGR SRU OD ,QTXLVLFLyQ \D QR KXER PiV HGLFLRQHV HQ FDVL DxRV (VWD EHOOD HG HV OD VHJXQGDHGLFLyQPRGHUQD ¼ &(/$'$ 'LHJR GH 53 'LGDFL GH &HODGD 0RQWHODGHQVLV H 6RFLHWDWH ,HVX ,8',7+,//8675,63HUSHWXR&RPPHQWDULR /LWWHUDOL HW 0RUDO 3KLOOLSSH %RUGH /\RQ [KSSK3HUJDPLQRGH pSRFD D OD URPDQD FRQ QHUYLRV GRUDGRV \ WHMXHOR +HUPRVD SRUWDGD LPSUHVD D GRV WLQWDV FRQ HPEOHPD [LORJUiILFR 3DODX QRWD 'LHJR GH &HODGD QDFLy HQ 0RQGpMDU *XDGDODMDUDHQIXHSURIHVRUGHWHRORJtD\ GHVSXpVUHFWRUGHO&ROHJLRGH$OFDOiGH+HQDUHV \ GHO &ROHJLR ,PSHULDO GH 0DGULG $GHPiV GH -XGLWK SXEOLFy FRPHQWDULRV VREUH 7REtDV (VWKHU 5XWK \ 'DQLHO 0X\ EXHQ HMHPSODU ¼ &$'$/62-RVp2%5$6(6&2*,'$6 FRQ XQD $GYHUWHQFLD 3UHOLPLQDU %LEOLRWHFD &OiVLFD (VSDxROD %DUFHORQD [ SS7HODHVWDPSDGDHGLWRULDO%XHQHMHPSODU ([OLEULV VHOOR GHO KLVWRULDGRU VDQWDQGHULQR -XOLiQ)UHVQHGRGHOD&DO]DGD ¼ &$/'(5Ï1 '( /$ %$5&$ 3HGUR &20(',$6 '( &ROHFFLyQ PiV FRPSOHWD TXHWRGDVODVDQWHULRUHV+HFKDHLOXVWUDGDSRU 'RQ -XDQ (XJHQLR +DUW]HQEXVFK %LEOLRWHFD GH $XWRUHV (VSDxROHV 0 5LYDGHQH\UD 0DGULG HG [ YROV GH O[[YL SS KK SS K KSS K\ K SS K +RODQGHVD SLHO $OJXQDV KXHOODV GH y[LGR SHUREXHQRVHMHPSODUHV ¼ &(59$17(6 6$$9('5$ 0LJXHO GH (/ ,1*(1,262 +,'$/*2 '21 48,-27( '(/$0$1&+$&RPSXHVWRSRU6RFLHGDG (GLWRULDO /D 0DUDYLOOD ,PS 1DUFLVR 5DPtUH] %DUFHORQD /LEUHUtD (VSDxROD 0DGULG [YSSKOiPLQDVJUDEDGDVHQ PDGHUD VREUH GLEXMRV GH =DU]D \ &DSX] +RODQGHVDSLHO3XQWDVJDVWDGDVKXHOODVGHy[LGR 3DODX 5LXV (GLFLyQ HVPHUDGDPHQWH LPSUHVD FRQ WLSRV ERQLWRV HQ SDSHO EDVWDQWH EXHQR ¼ ,GHP(/,1*(1,262+,'$/*2'21 48,-27( '( /$ 0$1&+$ &RPSXHVWR SRU'LEXMRVGH*XVWDYR'RUp*UDEDGRVSRU + 3LVDQ ,PSUHQWD \ /LEUHUtD 5HOLJLRVD \ &LHQWtILFD GHO +HUHGHUR GH ' 3DEOR 5LHUD %DUFHORQD[YROVGHK[LY SS\KYSSKSS\OiPLQDV +RODQGHVD SLHO HGLWRULDO HVWDPSDGD HQ RUR OiPLQDV\XQDKRMDGHWH[WRHQIDFVtPLO$OJXQDV KXHOODV GH y[LGR SHUR EXHQRV HMHPSODUHV /D SULPHUDHGLFLyQGHO4XLMRWHHQFDVWHOODQRFRQODV FRQRFLGtVLPDV LOXVWUDFLRQHV GH 'RUp HPSH]y D VDOLU HQ SHUR TXHGy LQWHUUXPSLGD OD SXEOLFDFLyQDODPLWDGGHOSULPHUWRPR&RQWLQXy OD HGLFLyQ OD FDVD 5LHUD HQ GH IRUPD TXH HVWD TXH RIUHFHPRV HV OD SULPHUD HGLFLyQ FRPSOHWD5LXV3DODX ¼ ,GHP(/,1*(1,262+,'$/*2'21 48,-27( '( /$ 0$1&+$ &RPSXHVWR SRU(GLFLyQDQRWDGDSRU'RQ1LFROiV'tD] GH %HQMXPHD H LOXVWUDGD SRU 'RQ 5LFDUGR %DODFD 0RQWDQHU \ 6LPyQ %DUFHORQD [YROVGHKO[[LLSSK\KLL SS FURPROLWRJUDItDV (QFXDGHUQDFLyQ HGLWRULDO HQ SOHQR SHUJDPLQR HVWDPSDGR HQ FRORUHV SRU 0LUDOOHV (VWXFKHV HGLWRULDOHV 0DJQtILFRVHMHPSODUHV ¼ &(59$17(6 6$$9('5$ 0LJXHO GH (O ,QJHQLRVR +LGDOJR 'RQ 4XLMRWH GH OD 0DQFKDSRU%LEOLRWHFD$PHQDH,QVWUXFWLYD %DUFHORQD [ YROV GH [[LL SS \ [ SS ,OXV FRQ YLxHWDV GH 7RQ\ -RKDQQRW HQWUH WH[WR \ OiPLQDV HQ QHJUR 7HOD HGLWRULDO HVWDPSDGD HQ QHJUR \ GRUDGR 0X\ EXHQRVHMHPSODUHV3DODX¼ &(59$17(6 6$$9('5$ 0LJXHO GH (/ ,1*(1,262 +,'$/*2 '21 48,-27( '( /$ 0$1&+$ &RPSXHVWR SRU %LEOLRWHFD GH 3XEOLFDFLRQHV 0LFURVFySLFDV 7LS &RPDV +HUPDQRV =DUDJR]D [ WRPRVHQYROVGH[[YLLSS\[L SS )URQWLV HQ FDGD WRPR OiPLQDV 7HOD HGLWRULDO HVWDPSDGD *XDUGD QXHYD HQ HO YRO IDOWD OD SRUWDGLOOD GHO HU WRPR 3XQWDV OLJHUDPHQWH JROSHDGDV 3RU OR GHPiV EXHQRV HMHPSODUHV3DODX5LXV ¼ &(59$17(6 6$$9('5$ 0LJXHO GH (/,1*(1,262+,'$/*2'2148,-27( '(/$0$1&+$&RPSXHVWRSRU/XMRVD HG FRQ XQ SURHPLR GH ' -RVp 0 $VHQVLR ,OXVWUDFLRQHV HQ FURPROLWRJUDItD GH ' -RVp 0RUHQR &DUERQHUR \ ' /DXUHDQR %DUUDX &DEHFHUDV H LQLFLDOHV SROLFURPDGRV GH GLIHUHQWHV DUWLVWDV MXQWR FRQ &(59$17(6 < 686 2%5$6 $UWtFXORV SRU -RVp 0 $VHQVLR FRQ XQ SUyORJR GHO 'U 7KHEXVVHP )6HL[(G%DUFHORQD[ YROVGHO[[[YLLLSS[[LLLSS\[ SS /iPLQDV FURPROLWRJUDILDGDV +RODQGHVD SLHOHVWDPSDGD+HUPRVDHGLFLyQVREUHWRGRSRU ODVYLxHWDVHLQLFLDOHVFRQVXVGRUDGRV\FRORUHV YLYRV 0X\ EXHQRV HMHPSODUHV 3DODX ¼ &(59$17(6 6$$9('5$ 0LJXHO GH (/ ,1*(1,262 +,'$/*2 '21 48,-27( '( /$ 0$1&+$ 8QD 3HVHWD HQ WRGD (VSDxD /XtV 7DVVR %DUFHORQD VD [SS 5~VWLFD 7H[WR DFROXPQDV 3DODXQRWD ¼ &(59$17(6 6$$9('5$ 0LJXHO GH (/,1*(1,262+,'$/*2'2148,;27( '( /$ 0$1&+$ &RPSXHVWR SRU $xR 7 ,, (Q 0DGULG SRU ,YDQ GH OD &XHVWD (G IDFVtPLO SRU 0RQWDQHU \ 6LPyQ (GLWRUHV%DUFHORQDHG[YROVGH K I K \ K I K +RODQGHVD SLHO HVWDPSDGD HQ VHFR 0X\ EXHQRV HMHPSODUHV 3DODX ¼ &(59$17(6 0LJXHO GH (/ ,1*(1,262 +,'$/*2 '21 48,-27( '( /$ 0$1&+$ (GLFLyQ )DFVtPLOH GH OD LPSUHVD HQ 0DGULG HQHO DxR 7 ,, SRU -XDQ GH OD &XHVWD (QFLFORSHGLD /LWHUDULD7RPRV9,, \9,,, /LEUHUtD&LHQWtILFR /LWHUDULD%DUFHORQD[YROVGH KIROLRVQXPHUDGRVKGHWH[WRHtQGLFH VLQ QXPHUDU K \ K IROLRV K +RODQGHVD WHOD HGLWRULDO %XHQRV HMHPSODUHV 3DODX ¼ &(59$17(6 6$$9('5$ 0LJXHO GH (/ ,1*(1,262 +,'$/*2 '21 48,-27( '( /$ 0$1&+$ &RPSXHVWR SRU 'LEXMRV GH *XVWDYR 'RUp *UDEDGRV SRU + 3LVDQ - 3pUH]GHO+R\R0DGULG[SS K LOXV 7HOD HGLWRULDO 0X\ EXHQ HMHPSODU ¼ &(59$17(6 6$$9('5$ 0LJXHO GH 7+( +,6725< $1' $'9(1785(6 2) 7+( 5(12:1(' '21 48,;27( 7UDQVODWHG IURP WKH 6SDQLVK RI 7R ZKLFK LV SUHIL[HG VRPH DFFRXQW RI WKH DXWKRU V OLIH E\ 76PROOHWW7KHVHFRQGHGLWLRQFRUUHFWHG7 2VERUQH /RQGRQ [ YROVGH K[OSSOiPVKSSOiPVK SSOiPV\KSSOiPV3OHQDSLHOGH pSRFD FRQ WHMXHORV /RPR QXHYR HQ HO 7 , /LJHURVURFHVHQODVELVDJUDV\SXQWDVSHURPX\ EXHQRVHMHPSODUHVHQJHQHUDO/RVOiPLQDVVRQ *91HLVWDSUqV)+D\PDQ(VWDHVODHGGH OD WUDGXFFLyQ GHO QRYHOLVWD EULWiQLFR 7RELDV 6PROOHWW OD VLHQGR GH 5LXV 3DODX ¼ &(59$17(6 6$$9('5$ 0LJXHO GH 7+( +,6725< $1' $'9(1785(6 2) 7+( 5(12:1(' '21 48,;27( 7UDQVODWHGIURPWKH6SDQLVKRI7RZKLFKLV 3UHIL[HG VRPH $FFRXQW RI WKH $XWKRU V /LIH E\ 'U 6PROOHWW ,Q ILYH YROXPHV &RRNH V (GLWLRQ/RQGRQVD[YROVGH K [[LY SS K YLLL SS K IURQWLV JUDEDGR OiPV SS IURQWLV JUDEDGR OiPV SS IURQWLV JUDEDGR OiPV SS IURQWLVJUDEDGROiPVSSIURQWLVJUDEDGR OiPV,OXVFRQOiPLQDVJUDEDGDVFRQIHFKD GH \ +RODQGHVD SLHO FRQ WHMXHORV \ SXQWDV GH SHUJDPLQR 5LXV KDEOD GH ODV EHOODV \ ILQtVLPDV OiPLQDV SHUR FRQVLGHUD OD WLSRJUDItDGHPHGLDQDHMHFXFLyQ3DODX %XHQRVHMHPSODUHV ¼ &HUYDQWHV +,6725,$ 'Ï0,1, 48,-27, 0$1&+(*8, 7UDGXFWD LQ /DWLQHP 0DFDUUyQLFXP SHU ,JQDWLXP &DOYXP&XUDP0LVDHHW2OLDHFXPSUyORJR 0DQROL / $QD\D (GLWLR QRYD FDVWLJDWD HW DODUJDWD -XOLL &RVDQR 0DGULG [ SS 9LxHWDV 5~VWLFD 3UHFLXP XQLXV OLEUL 3UR DPLJXLV 3HVHWDV 3UR HQHPLJXLV SHVHWDV 8Q SDU GH IDOWDV PHQRUHV HQ HO ORPR SHUR EXHQ HMHPSODU 3DODX ¼ &(59$17(6 0LJXHO GH 129(/$6 (-(03/$5(6 %LEOLRWHFD &OiVLFD (VSDxROD %DUFHORQD[YROVGH SSK\ SS K 7HOD HVWDPSDGD HGLWRULDO %XHQRV HMHPSODUHV ([OLEULV VHOOR GHO KLVWRULDGRU VDQWDQGHULQR -XOLiQ )UHVQHGR GH OD &DO]DGD ¼ &(59$17(6 0LJXHO GH (/ /,&(1&,$'2 9,'5,(5$ ,OXVWUDFLRQHV GH .ORQJ &ROHFFLyQ .ORQJ )HUQDQGR )p 0DGULG [SSK+RODQGHVDWHOD%XHQ HMHPSODU ¼ &(59$17(6 6$$9('5$ 0LJXHO GH 5,1&21(7( < &257$',//2 1RYHOD SRU &tUFXORGH%HOODV$UWHV,PSGH$GH$QJHO $OFR\ 0DGULG [ K SS K LPSUHVDVSRU XQDFDUD OiPLQDV XQD HQ FRORU LQLFLDOHV RUODV HWF GH $VSLD]X 3HQDJRV (VWHYH %RWH\ HWF +RODQGHVD WHOD HGLWRULDO %HOOD \ FXLGDGD HGLFLyQ 5tR \ 5LFR $GPLUDEOHPHQWH LPSUHVD HQ SDSHO VXSHULRU 0X\EXHQHMHPSODU ¼ &HUYDQWHV %2//(77,12 GL 7RSRJUDILDH6WDWLVWLFDGHO&RPXQHGL1DSROL $QQR;;;9,,11iSROHV[ [[[L[SS0X\LOXV&DPLVDVRULJLQDOHVORPR UHSDUDGR $UWtFXOR GH %HQHGHWWR &URFH 0LFKHOH &HUYDQWHVD1DSROLQHO ¼ &HUYDQWHV )RURQGD 0LJXHO GH &(59$17(6 9,$-(52 &RQ XQ SUyORJR GH 'RQ&D\HWDQR5RVHOO\XQPDSDFRQORVYLDMHV GH &HUYDQWHV )RUWDQHW 0DGULG HG [ SS 0DSD GHVSOHJDEOH 5~VWLFD SHTXHxRV DJXMHURV HQ ODV ~OWLPDV KRMDV SHUR EXHQ HMHPSODU 'HGLFDWRULD DXWyJUDID D -XOLiQ )UHVQHGRGHOD&DO]DGD ¼ &HUYDQWLQD >*DWHOO \ &DUQLFHU 3HGUR@ +,6725,$ '(/ 0È6 )$0262 (6&8'(52 6$1&+2 3$1=$ GHVGH OD *ORULRVD0XHUWHGH'4XL[RWHGHOD0DQFKD KDVWD HO 8OWLPR 'tD \ 3RVWUHUD +RUD GH VX 9LGD 3DUWH 6HJXQGD ,PS GH 9LOODSDQGR 0DGULGHG[KSS3DVWD FDVWHOODQD GH pSRFD %XHQ HMHPSODU 3DODX &&3%; 5LXV ,, FODUDPHQWHQRFRQRFHODSULPHUDSDUWHSXEOLFDGD HQ(ODXWRUIXHFLUXMDQRGHOD PDULQDDQWHV GH OLWHUDWR \ IXH DXWRU DGHPiVGH YDULDV REUDV FHUYDQWLQDV GH XQ SHULyGLFR JDGLWDQR\0RGRGH3UHVHUYDUVHGHORV5D\RVD ODV 3HUVRQDV 6L HQ XQD WURQDGD VHUi PiV FRQYHQLHQWH DEULU SXHUWDV \ YHQWDQDV R OR FRQWUDULR5DUR ¼ &HUYDQWHV +HQULFK 0DQXHO ,&212*5$)Ë$ '( /$6 (',&,21(6 '(/ 48,-27( GH 0LJXHO GH &HUYDQWHV 6DDYHGUD 5HSURGXFFLyQ HQ )DFVtPLO GH (GLFLRQHV FRQQRWDVELEOLRJUiILFDVWRPDGDVGLUHFWDPHQWH GH ORV UHVSHFWLYRV HMHPSODUHV GHO DxR DO 5HXQLGR \ RUGHQDGR SRU 3UHFHGLGR SRUXQKRPHQDMHD&HUYDQWHVSRUORVHGLWRUHV 3UyORJRSRU-*LYDQHOJpQHVLVGHO4XLMRWHSRU 0DUWtQH] 5XL] $]RUtQ +HQULFK \ &tD %DUFHORQD HG [ YROV GH O[Y SS K SS \ K SS +RODQGHVD SHUJDPLQR HGLWRULDO FRQ WHMXHORV $OJXQDVSRFDVKXHOODVGHy[LGRXQDVIDOWDVHQORV WHMXHORV GHO 7 , ORPR GHO 7 ,,, UHSDUDGR SHUR PX\EXHQRVHMHPSODUHVGHHVWDLPSRUWDQWH\UDUD REUD ¼ &HUYDQWLQD 0HQpQGH] 3LGDO 5DPyQ 'LU +LVWRULD GH (VSDxD 7RPR ;;9, (O 6LJORGHO4XLMRWH9RO,5HOLJLyQ )LORVRItD &LHQFLD SRU 0HOTXtDGHV $QGUpV &DUORV 9DOYHUGH -RVp 0 /ySH] 3LxHUR -XDQ ,JQDFLR *XWLpUUH] 1LHWR -RVp 0 -RYHU =DPRUD 0 9LFWRULD /ySH]&RUGyQ \ -RVp &HSHGD$GiQ3UyORJRSRU-RVp&HSHGD$GiQ 9RO ,, /DV /HWUDV /DV $UWHV SRU 5DPyQ 0HQpQGH] 3LGDO 0DUWtQ GH 5LTXHU -RVp 0 'tH] %RUTXH 0 GHO 3LODU 3DORPR $QWRQL &RPDV 3XMRO 3LODU 9i]TXH] &XHVWD $QWRQLR %RQHW &RUUHD $OIRQVR (PLOLR 3pUH] 6iQFKH] \ )UDQFLVFR -RVp /HyQ 7HOOR (VSDVD &DOSH 0DGULG HG [ YROV GH [OYLLLSS\SS3URIXVDPHQWHLOXV7HOD HGLWRULDO 0X\ EXHQRV HMHPSODUHV ¼ &HUYDQWHV 1DYDUUR \ /HGHVPD )UDQFLVFR (/ ,1*(1,262 +,'$/*2 0,*8(/ '( &(59$17(6 6$$9('5$ 6XFHVRVGHVX9LGD&RQWDGDVSRU,PSUHQWD $OHPDQD 0DGULG HG [ K SS K 5~VWLFD %XHQ HMHPSODU ¼ &HUYDQWHV 1RJDOHV -RVp +20(1$-( $/ *(1,2 ,10257$/ '(/ (;&(/62 $8725 '(/ 48,-27( \ D OD 6XEOLPH *UDQGH]D GHO +DEOD \ GHO &DUiFWHU 1DFLRQDOHV /DV 7UHV &RVDV GHO 7tR -XDQ SRU 0DWHX 0DGULG HG [ SSK5~VWLFD+XHOODVGHy[LGR¼ &HUYDQWHV 2UUHJR 9LFXxD (XJHQLR +,6725,$ '(/ ,1*(1,262 +,'$/*2 '21 0,*8(/ '( &(59$17(6 &RPSXHVWR SRU 'LULJLGDD 'RQ 4XLMRWH GH OD0DQFKD&DEDOOHURGHOD7ULVWH)LJXUD\GH ORV /HRQHV 3UtQFLSH GH ORV +LGDOJRV GHO 0XQGR *UDQ 6HxRU GH ORV 3XHEORV +LVSDQR DPHULFDQRV 3URHPLR GH 5 'iYLOD 6LOYD $JXLODU 0DGULG HG [ SS 5~VWLFD $OJXQDV KXHOODV GH y[LGR HQ ODV SULPHUDVKRMDV ¼ &HUYDQWHV 2UWHJR )HOLFLDQR /$ 5(67$85$&,Ï1 '(/ 48,-27( (VWXGLR &RPSDUDWLYR GH YDULDV HGLFLRQHV \ VXV UHVSHFWLYDV QRWDV FRQ XQ HMHPSODU GH OD GH TXH FRQWLHQH DQRWDFLRQHV DFRWDFLRQHV \ FXHUSR GH OD LPSUHVLyQ SRU 7LS/LW 6HL[ %DUFHORQD HQ OD SRUWDGD 3DOHQFLD VD HG[YLLLSSKGHIDFVtPLOSS +RODQGHVD SLHO HVWDPSDGD 0X\ EXHQ HMHPSODU \ HGLFLyQ XQLIRUPH FRQ OD HG GH $VHQVLR GHO 4XLMRWH YHU Q 3DODX ¼ &HUYDQWHV 6HUtV +RPHUR 62%5( 81$ 18(9$ 9$5,('$' '( /$ (',&,Ï1 35Ë1&,3('(/ 48,-27( 6HSGHO%XOOHWLQ +LVSDQLTXH 'LMRQ [SS 5~VWLFD 'HGLFDWRULD DXWyJUDID D -XOLiQ )UHVQHGR GH OD &DO]DGD%XHQHMHPSODU ¼ &+$<725+-7+(7528%$'2856 2)'$17(%HLQJD6HOHFWLRQIURPWKH:RUNV RIWKH3URYHQoDO3RHWV4XRWHGE\'DQWHZLWK LQWURGXFWLRQ QRWHV FRQFLVH JUDPPDU DQG *ORVVDU\ &ODUHQGRQ 3UHVV 2[IRUG HG [ [[[YL SS 7HOD 'HGLFDWRULD DXWyJUDID D -XOLiQ )UHVQHGR GH OD &DO]DGD ¼ &+$<725+-7+(7528%$'2856 $1'(1*/$1'8QLYHUVLW\3UHVV&DPEULGJH HG [ YL SS K SS 7HOD HGLWRULDO'HGLFDWRULDDXWyJUDIDD-XOLiQ)UHVQHGR GHOD&DO]DGD ¼ &+$<725+-'5$0$7,&7+(25< ,1 63$,1 ([WUDFWV IURP /LWHUDWXUH EHIRUH DQG GXULQJ WKH *ROGHQ $JH 8QLYHUVLW\ 3UHVV &DPEULGJH HG [ SS 7HOD HGLWRULDO%XHQHMHPSODU ¼ &ROyQ &5,67Ï%$/ &2/Ï1 &DUWDV TXH (VFULELy VREUH HO 'HVFXEULPLHQWR GH $PpULFD\ 7HVWDPHQWR TXH +L]R D VX 0XHUWH %LEOLRWHFD 8QLYHUVDO &ROHFFLyQ GH ORV 0HMRUHV $XWRUHV $QWLJXRV \ 0RGHUQR /;9,, 0DGULG [SS+RODQGHVDWHOD&XELHUWDV PXGDV%XHQHMHPSODU ¼ &5Ï1,&$ '(/ 2%,632 '21 3(/$<2(GLFLyQSUHSDUDGDSRU%6iQFKH] $ORQVR -XQWD SDUD $PSOLDFLyQ GH (VWXGLRV 0DGULG HG [ SS K 5~VWLFD 0X\ EXHQ HMHPSODU 6XEUD\DGRV D OiSL] GH -XOLiQ)UHVQHGRGHOD&DO]DGD¼ (;,0(12 $EDWH $QWRQLR '(/ 25,*(1 < 5(*/$6 '( /$ 0Ò6,&$ FRQ OD +LVWRULD GH VX 3URJUHVR 'HFDGHQFLD \ 5HVWDXUDFLyQ 2EUD HVFULWD HQ LWDOLDQR SRU HO $EDWH $QWRQLR ([LPHQR \ WUDGXFLGD DO FDVWHOODQR SRU ' )UDQFLVFR $QWRQLR *XWLpUUH] ,PSUHQWD5HDO0DGULGHG [ YROV GH SS K SS OiPLQDV GH K SS OiPLQDVKSSK OiP7H[WRLOXVWUDGRFRQKHUPRVDV\JUDFLRVDV YLxHWDV 3OHQD SLHO FRQ WHMXHORV \ GRUDGRV 7RPRV\DIHFWDGRVSRUSROLOOD\DWUDWDGDHO SULQFLSDOPHQWH GH IRUPD PDUJLQDO HO UHDOPHQWH HVWi PX\ DIHFWDGR 3DODX ¼ (63,1(/ 9LFHQWH 9,'$ '(/ (6&8'(52 0$5&26 '( 2%5(*Ï1 SRU HO0DHVWUR,OXVWUDFLyQGH-RVp/XLV3HOOLFHU %LEOLRWHFD $UWH \ /HWUDV &DVD (G 0DXFFL %DUFHORQD[K[[[LLSSK 0X\ LOXV 7HOD HGLWRULDO HVWDPSDGD &RUWHV SLQWDGRV $OJXQD KXHOOD GH y[LGR &XELHUWDV PX\ OLPSLDV \ IUHVFDV ([OLEULV VHOOR \ ILUPD GH-XOLiQ)UHVQHGRGHOD&DO]DGD¼ &ROyQ 7RUUH \ GHO &HUGR -RVp GH OD %($75,= (15Ë48(= '( +$5$1$ < &5,67Ï%$/&2/Ï1(VWXGLR\GRFXPHQWRV GH 3UyORJR SRU -RVp 0DUtD 2WV &DSGHTXL &tD ,EHUR$PHULFDQD GH 3XEOLFDFLRQHV 0DGULG HG [ SS K )DFVtPLOHV GH ORV GRFXPHQWRV 5~VWLFD ,QWRQVR 0X\ EXHQ HMHPSODU ¼ )HLMyR 0RUD\WD 0LJXHO (/ 3$'5( )(<-Ï2 \ VXV 2EUDV 6HPSHUH \ &LD HQ OD FXELHUWD3URPHWHR9DOHQFLDVDDSUR[ HG [ SS K 5~VWLFD $OJXQDV KXHOODVGHy[LGRSHUREXHQHMHPSODU¼ )(<-Ï2 )U %HQLWR *HUyQ\PR 7($752 &5Ë7,&2 81,9(56$/ 'LVFXUVRV 9DULRV HQ WRGR *pQHUR GH 0DWHULDV SDUD 'HVHQJDxRGH(UURUHV&RPXQHV7RPRV,\,, -RDTXtQ,EDUUD7RPR,,,3DQWDOHyQ$]QDU7RPR ,9 %ODV 5RPiQ 7 9, \ 9,, $QGUpV 2UWHJD 7 9,,,3HGUR0DUtQ0DGULG[ 7 , /iPLQD K O[[[LL SS 7 ,, [[[LL SS7,,,OYLSSOiPLQD7,9[O SS 7 9 [OYLLL SS OiPLQD 7 9, [OYLLL SS 7 9,, [OLY SS XQ SOLHJR YLHQHUHSHWLGR79,,,OYLSS3OHQDSDVWD FDVWHOODQD GH pSRFD 3LFDGXUDV RFDVLRQDOHV GH SROLOOD \D WUDWDGD HQ ORV WRPRV , ,, ,,, ,9 9 3RU OR GHPiV EXHQRV HMHPSODUHV 3DODX QRWD ¼ )(51È1'(= '( $9(//$1('$ $ORQVR (/ ,1*(1,262 +,'$/*2 ' 48,-27( '( /$ 0$1&+$ %LEOLRWHFD &OiVLFD (VSDxROD %DUFHORQD [ SS K 7HOD HVWDPSDGD HGLWRULDO %XHQ HMHPSODU FDMR DQWHULRU UHIRU]DGR ([OLEULV VHOOR\ILUPDGH)UHVQHGR ¼ )(51È1'(='(025$7Ë1/HDQGUR GH&20(',$6(6&2*,'$6FRQHOGLVFXUVR SUHOLPLQDU GHO PLVPR DXWRU \ XQSUyORJR GH -RVp <[DUW /D &RPHGLD 1XHYD (O 6t GH ODV 1LxDV /D (VFXHOD GH 0DULGRV (O 0pGLFR D 3DORV %LEOLRWHFD &OiVLFD (VSDxROD %DUFHORQD [ SS K 7HOD HVWDPSDGD HGLWRULDO %XHQ HMHPSODU )LUPD \ VHOOR GH )UHVQHGR ¼ )(<-Ï2<0217(1(*52)U%HQLWR *HUyQ\PR &$57$6 (58',7$6 < &85,26$6 HQ TXH SRU OD PD\RU SDUWH VH FRQWLQ~DHOGHVLJQLRGHO7+($752&5Ë7,&2 81,9(56$/ ,PSXJQDQGR R UHGXFLHQGR D GXGRVDV YDULDV RSLQLRQHV FRPXQHV ,PSUHQWD 5HDOGHOD*D]HWD0DGULG[ 7,[[[YLSS7,,[[[LLSS7,,, OYLSS7,9[OSS79[YLSS 3OHQD SDVWD FDVWHOODQD GH pSRFD 3LFDGXUDV GH SROLOOD \D WUDWDGD SULQFLSDOPHQWH PDUJLQDOHV SHURTXHVHDGHQWUDQHQHOWH[WRHQHO7,93DODX ¼ *DUFtD \ %DUEDUtQ (XJHQLR 3526$ < 9(562 7UR]RV (VFRJLGRV GH ORV PiV QRWDEOHV HVFULWRUHV FDVWHOODQRV RUGHQDGRV H LOXVWUDGRV FRQ XQD LQWURGXFFLyQ KLVWyULFD ELRJUDItDV \ Pi[LPDV VDFDGDV GH VXV REUDV SRU3HUODGR3iH]\&tD0DGULGHG [SS7HODHGLWRULDOHVWDPSDGD8QRV DXWRUHV GHVGH )UD\ /XLV GH *UDQDGD KDVWD 3pUH]*DOGyV%XHQHMHPSODU ¼ *yQJRUD $UWLJDV 0LJXHO '21 /8,6 '( *Ï1*25$ < $5*27( %LRJUDItD \ (VWXGLR &UtWLFR 5HYLVWD GH $UFKLYRV 0DGULG HG [ K SS K )URQWLV 5~VWLFD 0DQFKDV HQ ODV FXELHUWDV 'HGLFDWRULD DXWyJUDIDD)UHVQHGRGHOD&DO]DGD¼ (O *UHFR *XGLRO -RVp '20e1,.26 7+(272.Ï328/26 (/ *5(&2 (GV 3ROtJUDID %DUFHORQD HG [ SS K 3URIXVDPHQWH LOXVWUDGR *XDIOH[ FRQ VREUHFXELHUWD 0X\ EXHQ HMHPSODU ¼ +,6725,$ 6,/(16( (GLFLyQ SUHSDUDGD SRU )UDQFLVFR 6DQWRV &RFR -XQWD SDUD$PSOLDFLyQGH(VWXGLRV0DGULGHG [ [OL[ SS K 5~VWLFD ,QWURGXFFLyQ FUtWLFD\WH[WRHQODWtQ ¼ +LVWRULD 6LOHQVH *yPH]0RUHQR 0 ,QWURGXFFLyQ D OD +,6725,$ 6,/(16( FRQ YHUVLyQ FDVWHOODQD GH OD PLVPD \ GH OD &5Ï1,&$ '( 6$03,52 -XQWD SDUD $PSOLDFLyQ GH (VWXGLRV 0DGULG HG [ SS K 5~VWLFD 3HTXHxD UHSDUDFLyQ HQ HO ORPR SHUR EXHQ HMHPSODU $SXQWHV D OiSL] GHOKLVWRULDGRUVDQWDQGHULQR-XOLiQ)UHVQHGRGHOD &DO]DGD ¼ +25$7,861LFRODL3HURWWL/LEHOOXVQR ,QIUXJLIHU GH 0HWULV 2GHUXP +RUDWLDQDUXP >MXQWR FRQ@ 4 +RUDWLL )ODFFL (SLVWRODUXP /LEHU 3ULPXV 6HFXQGXV $SXG 6LPRQHP &ROLQDHXP 3DULV [ II II 3HUJDPLQR PRGHUQR 5HSDUDFLRQHV HQ XQD HVTXLQD GH OD SRUWDGD IDOWD XQD SDUWH GHO I $LLFRQODYLGDGH+RUDFLRSRU3HWUXV&XLQLWXV )ORUHQWLQXV DOJXQDV ILQDV SLFDGXUDV HQ ODV ~OWLPDVIIHOVHJXQGROLEURFDUHQWHGHSRUWDGD (QFRQWUDPRV XQ HMHPSODU LQFRPSOHWR II VRODPHQWH HQ OD %1 GH 3DUtV QLQJXQR HQ HO &&3% ¼ +20(5, ,/,$'26 /LEHU 3ULPXV 6HFXQGXV7HUWLXVFXPLQWHUSUHWDWLRQHODWLQD 4XDUWXV 6HSWLPXV 1RQXV ([ 2IILFLQD 7\SRJUDSKLFD $GDPL 6DUWRULL 'DYLG 6DUWRULXV ,QJROGVWDG >MXQWR FRQ@ >7tWXORJULHJR@$5,672/(/,6'(025,%86 $' 1,&20$&+80 /LEUL 'HFHP &XP YDULLVOHFWLRQLEXVUHFHQVDGLHFWLV3HWUXV+RUVW &RORQLDH $JJULSLQDH [ +RPHURK SS K SS K K SS $ULVWyWHOHV K II SRU HUURU GH SDJLQDFLyQ PDUFD K EO 3HUJDPLQR UtJLGRGHpSRFD'RQGHVHXQHQORVGRVWtWXORVGH HVWH YROXPHQ VH KD GHVFRVLGR SHUR SRU OR GHPiV XQ H[FHOHQWH HMHPSODU FRQMXQWR GH HVWRV GRVWH[WRVFOiVLFRVGHODOLWHUDWXUDJULHJD7H[WRV HQJULHJRFRQWUDGXFFLyQDOODWtQHQSDUDOHORHQ ORV OLEURV \ GH OD ,OLDGD DPSOLRV HPEOHPDVGHORVLPSUHVRUHV ¼ +2-('$3DGUH0DHVWUR)UD\'LHJRGH /$ &5,67,$'$ GHO &RQ XQ SUyORJR GH ' 0DQXHO 0LOi \ )RQWDQHOV UHYLVDGD SRU HO 5 )UD\ 0DQXHO 5LEp 6RFLHGDG (GLWRULDO /D 0DUDYLOOD %DUFHORQD [ SS &DUWXOLQDHVWDPSDGDGHpSRFD3RHWDGRPLQLFDQR QDFLGR HQ 6HYLOOD HQ 6H WUDVODGD D 3HU~ GRQGH HV QRPEUDGR 5HJHQWH GH ORV (VWXGLRV GH /LPD \ PXHUH HQ +XiQDFR GH ORV &DEDOOHURV 3HU~HQ/DSULPHUDHGHVGH\HVWD SDUHFH VHU OD VHJXQGD SXEOLFDFLyQ GHO SRHPD FRPSOHWR3DODX ¼ +XLFL $ /$6 &5Ï1,&$6 /$7,1$6 '( /$ 5(&2148,67$ (VWXGLRV SUiFWLFRV GH /DWtQ 0HGLRHYDO +LMRV GH ) 9LYHV 0RUD 9DOHQFLDHG[YROVGHSS\ SS &DUWXOLQD HGLWRULDO 'HIHFWRV PHQRUHV HQ DPERVORPRVtQGLFHPDQXVFULWRHQHO7,DSXQWH DOiSL]HQODJXDUGDGHO 7 ,,EXHQRVHMHPSODUHV HQ JHQHUDO 'H OD ELEOLRWHFD GH )UHVQHGR GH OD &DO]DGD ,PSRUWDQWH UHFRSLODFLyQ ¼ +857$'2 '( 0(1'2=$ 'LHJR /$ 9,'$ '( /$=$5,//2 '( 7250(6 \ VXV )RUWXQDV\$GYHUVLGDGHV%LEOLRWHFD8QLYHUVDO &ROHFFLyQ GH ORV 0HMRUHV $XWRUHV $QWLJXRV \ 0RGHUQRV/;;,;0DGULG[SS +RODQGHVDWHOD&XELHUWDVPXGDV%XHQHMHPSODU ¼ ,1%*(%,52/ $YHQ &HEURO /$ )8(17('(/$9,'$7UDGXFLGDHQHO6LJOR ;,,SRU-XDQ+LVSDQR\'RPLQJR*RQ]iOH]GHO ÈUDEH DO /DWtQ \ DKRUD SRU SULPHUD YH] DO &DVWHOODQR SRU )HGHULFR GH &DVWUR \ )HUQiQGH] 7UDWDGR , \ ,, % 5RGUtJXH] 6HUUD0DGULGVDDSUR[HG[ SSK5~VWLFD/RPRDPDUURQDGRSHUREXHQ HMHPSODULQWRQVR ¼ ,6/$ -RVp )UDQFLVFR GH &$57$6 )$0,/,$5(6 < (6&2*,'$6 GHO 3DGUH HVFULWDVDVX+HUPDQD'RxD0DUtD)UDQFLVFD GHOD,VOD\/RVDGD\DVX&XxDGR'RQ1LFROiV GH$\DODGHVGHD%LEOLRWHFD&OiVLFD (VSDxROD %DUFHORQD [ SS 7HOD HVWDPSDGD HGLWRULDO %XHQ HMHPSODU ([ OLEULVVHOORGH)UHVQHGR ¼ -29(//$126 (/ '(/,1&8(17( +215$'2 \ 2WUDV 2EUDV %LEOLRWHFD 8QLYHUVDO &ROHFFLyQ GH ORV 0HMRUHV $XWRUHV $QWLJXRV \ 0RGHUQRV /;, 0DGULG [ SS K +RODQGHVD WHOD &XELHUWDV PXGDV%XHQHMHPSODU ¼ -29(//$126 *DVSDU 0HOFKRU GH 2%5$6 (6&2*,'$6 FRQ XQD DGYHUWHQFLD SUHOLPLQDU 7RPR , %LEOLRWHFD &OiVLFD (VSDxROD%DUFHORQD[SS7HOD HVWDPSDGD HGLWRULDO 7RPR , VRODPHQWH ¼ -29(//$126 *DVSDU 0HOFKRU GH ',$5,26 0HPRULDV ,QWLPDV 3XEOtFDORVHO,QVWLWXWRGH-RYHOODQRVGH*LMyQ 6XFHVRUHV GH +HUQDQGR 0DGULG HG [ [[LLL SS K 5HWUDWR 5~VWLFD FXELHUWDVUHIRU]DGDVFRQDOJXQDIDOWD$SXQWHVD OiSL] GH )UHVQHGR GH OD &DO]DGD ¼ -RYHOODQRV*RQ]iOH]%ODQFR(GPXQGR -29(//$126 6X 9LGD \ VX 2EUD ,PS $UWtVWLFD(VSDxROD0DGULGHG[ SS K /iPLQDV 5~VWLFD 3HTXHxD UHSDUDFLyQHQODHVTXLQDGHODVSULPHUDVKRMDV SHUREXHQHMHPSODU ¼ /D]DULOOR /$ 9,'$ '( /$=$5,//2 '( 7250(6 (GLWHG E\ +- &KD\WRU 8QLYHUVLW\ 3UHVV 0DQFKHVWHU HG [ SS 7HOD HGLWRULDO $OJXQRV SRFRV DSXQWHV D OiSL] GH )UHVQHGR GH OD &DO]DGD 'HGLFDWRULDDXWyJUDID%XHQHMHPSODU¼ /(Ï1 )UD\ /XLV GH /$ 3(5)(&7$ &$6$'$ (GLFLyQ LOXVWUDGD 0RQWDQHU \ 6LPyQ %DUFHORQD [ SS K /iPLQDV H LOXVWUDFLRQHV HQWUH WH[WR +RODQGHVD SHUJDPLQRHVWDPSDGD'LVHxRGHODVFXELHUWDVGH $ GH 5LTXHU \ - 7HUVRO (QFXDGHUQDFLyQ GH + 0LUDOOHV0X\EXHQHMHPSODU ¼ /LWHUDWXUD &OiVLFD )UDQFHVD - /$ )217$,1( 2HXYUHV )DEOHV HW &RPpGLHV 02/,Ê5( 2HXYUHV &RPSOqWHV - 5$&,1( 7KpDWUH &RPSOHW 3 &251(,//( 7KpDWUH &RPSOHW 92/7$,5( 7KpDWUH /DSODFH 6iQFKH] HW &LH 3DULV [ WRPRV /D )RQWDLQH K SS OiPV K 0ROLqUHYROVGHKYLLLSSOiPVK SS OiPV 5DFLQH K YLL SS K OiPV &RUQHLOOH YROV GH YLLL SS K OiPV K SS K OiPV K SS K OiPV 9ROWDLUH SS OiPV /iPLQDV JUDEDGDV DO DFHUR DSUqV %D\DUG *HIIUR\ HWF \ FRORUHDGDVDPDQR+RODQGHVDSLHOFRQQHUYLRV\ GRUDGRV FRUWHV GRUDGRV VHSDUDGRUHV GH VHGD $OJXQDV SRFDV KXHOODV GH y[LGR XQD DQWLJXD PDQFKD HQ XQD FXELHUWD +HUPRVR FRQMXQWR EHOODPHQWHHQFXDGHUQDGRFRQODVREUDVGHFLQFR GH ORV SULQFLSDOHV DXWRUHV FOiVLFRV IUDQFHVHV ¼ /Ï3(= '( *Ï0$5$ )UDQFLVFR &2148,67$ '( 0e;,&2 %LEOLRWHFD &OiVLFD(VSDxROD%DUFHORQD[ YROVGHSSK\SSK7HODHVWDPSDGD HGLWRULDO +XHOODV GH y[LGR HQ ODV JXDUGDV SHUR EXHQRV HMHPSODUHV &OpULJR GH *yPDUD 6RULD ¼ /Ï3(= '( /$ +8(57$ -RVHSK (;$0(1 '( /$ 326,%,/,'$' '( )L[DU OD 6LJQLILFDFLyQ GH ORV 6,1Ï1,026 GH OD /HQJXD &DVWHOODQD ,PS GH ,JQDFLR $OEHUWL 9LHQD[[LLSSK3LHOGH pSRFD $EXQGDQWHV SLFDGXUDV GH SROLOOD PiUJHQHV GHWHULRUDGRV HQ ODV SULPHUDV KRMDV 3DODX ¼ 0DUFKHQD 0RQWHVTXLHX &$57$6 3(56$6 7UDGXFLGDV SRU - 0DUFKHQD &DOOHMD 0DGULG HG [ SS K7HODHGLWRULDOHVWDPSDGDFRQVREUHFXELHUWD /D HG GH OD WUDGXFFLyQ GHO UHYROXFLRQDULR $EDWH 0DUFKHQD HV GH 1vPHV %XHQ HMHPSODU ¼ 0LFy -RVp 0DUtD \ -DLPH 6DOHV 3$5$Ë62 &(55$'2 3RHVtD HQ /HQJXD 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HVWDPSDGD HGLWRULDO /RV DXWRUHV VRQ $QWRQLR (QUtTXH] *yPH] )UDQFLVFR 1DYDUUHWH \ 5LEHUD VX QRYHOD FRUWD HVWi HVFULWD VLQ HO XVR GH OD $ DQWLFLSDQGR DVt SRU DxRV DO JUDQ QRYHOLVWD IUDQFpV*HRUJHV3HUHFTXLHQFRQVLJXLySUHVFLQGLU GHOD ( £WDUHDQDGDIiFLOHQIUDQFpV'LHJRGH $JUHGD \ 9DUJDV -XDQ 3pUH] GH 0RQWDOYiQ $QGUpV GH 3UDGR =D\DV \ 6RWRPD\RU \ &DVWLOOR 6ROyU]DQR %XHQ HMHPSODU ([OLEULV VHOOR GH )UHVQHGRGHOD&DO]DGD ¼ >3HUGLJRQ@ /(6 &+$16216 '( 3(5',*21(GLWpHVSDU+-&KD\WRU/LE $QFLHQQH +RQRUp &KDPSLRQ 3DULV [ SS K 5~VWLFD (O DXWRU WURYDGRU SURYHQoDO GHO V ;,,, IXH SURWHJLGR GH 3HGUR ,, HQ VX FRUWH GH &DWDOXxD \ $UDJyQ /RPR UHIRU]DGR 'HGLFDWRULD DXWyJUDID GH &KD\WRU ¼ >3HUGLJRQ@ 2WUR HMHPSODU VLQ GHGLFDU ¼ 48(9('2 /26 68(f26 /LEUR GH 7RGDV ODV &RVDV \ 2WUDV 0XFKR 0iV 3RHVtDV 9DULDV %LEOLRWHFD $PHQD H ,QVWUXFWLYD %DUFHORQD [ SS K ,OXVWUDFLRQHV HQWUH WH[WR 7HOD HGLWRULDO HVWDPSDGD &DMRV UHIRU]DGRV DOJXQRV SXQWRV GH y[LGRVXHOWRVSHUREXHQHMHPSODU ¼ 58,= '( $/$5&Ï1 -XDQ &20(',$6 (6&2*,'$6 7RPR , /RV 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9$/'(/20$5 -XDQ &$9$//(52 9(1785262 FRQ VXV ([WUDxDV $YHQWXUDV \ 3URGLJLRVRV 7UDQFHV $GYHUVRV \ 3UyVSHURV +LVWRULD YHUGDGHUD YHUVR \ SURVD DGPLUDEOH \ JXVWRVD SRU 6HJXQGD \ ~OWLPD SDUWH &ROHFFLyQ GH /LEURV 3LFDUHVFRV 5RGUtJXH] 6HUUD 0DGULG [SS+RODQGHVDWHOD%XHQHMHPSODU )DOWD OD SULPHUD SDUWH (VWD HV OD SULPHUD SXEOLFDFLyQGHXQPV,QpGLWRHVFULWRHQ(O DXWRU VH SUHVHQWD FRPR FOpULJR FRUGREpV ¼ 9HJD /RSH GH /23( &$53,2 /RSH )pOL[ GH 3(5,%Èf(= \ HO &RPHQGDGRU GH 2FDxD 7UDJLFRPHGLD )DPRVD GH 3XEOtFDOD $GROIR %RQLOOD \ 6DQ 0DUWtQ &OiVLFRV GH OD /LWHUDWXUD (VSDxROD 5XL] +HUPDQRV 0DGULG [ [[[YLLL SS K 7HOD HGLWRULDO HVWDPSDGD 7H[WR HQPDUFDGR HQ URMR +HUPRVDHGLFLyQGHEROVLOORTXHFRPELQDHOULJRU HGLWRULDO FRQ XQ GLVHxR DWUDFWLYR FXLGDGD WLSRJUDItD \ XQD HQFXDGHUQDFLyQ GXUDGHUD %XHQ HMHPSODU ¼ ;LPpQH] GH (PE~Q \ 9DO 7RPiV /(1*8$ (63$f2/$ (1 68 6,*/2 '( 252 &DPELRV QRWDEOHV TXH KD WHQLGR &DUDFWHUHV SULQFLSDOHV TXH OH GLVWLQJXHQ GH FRPR DKRUD FRP~QPHQWH VH XVD &HFLOLR *DVFD =DUDJR]D HG [ SS K5~VWLFD/RPRUHIRU]DGR ¼ /LEURV \ /LWHUDWXUD GHO 6LJOR ;,; $GHOLQH - 92&$%8/$5,2 '( 7e50,126 '( $57( (VFULWR HQ IUDQFpV SRU 7UDGXFLGR DXPHQWDGR FRQPiV GH YRFHV\DQRWDGRSRU-RVp5DPyQ0pOLGD/D ,OXVWUDFLyQ (VSDxROD 0DGULG HG [ SS ,OXVWUDFLRQHV HQWUH WH[WR 7HOD HGLWRULDO HVWDPSDGD 0X\ EXHQ HMHPSODU ¼ È/%80 32e7,&2 &ROHFFLyQ GH &RPSRVLFLRQHV ,QpGLWDV GH ORV PiV 1RWDEOHV (VFULWRUHV GH (VSDxD LOXVWUDGDV FRQ PDJQtILFRV JUDEDGRV 5HJDOR D ORV VHxRUHV VXVFULWRUHV D /D ,OXVWUDFLyQ ,EpULFD (VW (G GH 5DPyQ 0ROLQDV %DUFHORQD HG [ SS 3URIXVDPHQWH LOXV FRQ JUDEDGRV D OD PDGHUD &XELHUWDV SURYLVLRQDOHV 3RHVtDVGH6DOYDGRU5XHGD0DQXHO5HLQD6RItD &DVDQRYD 9tFWRU %DODJXHU &DPSRDPRU HWF ¼ È/%80 32e7,&2 &ROHFFLyQ GH &RPSRVLFLRQHV ,QpGLWDV GH ORV PiV 1RWDEOHV (VFULWRUHV GH (VSDxD LOXVWUDGDV FRQ PDJQtILFRV JUDEDGRV 5HJDOR D ORV VHxRUHV VXVFULWRUHV D /D ,OXVWUDFLyQ ,EpULFD (VW (G GH 5DPyQ 0ROLQDV %DUFHORQD HG [ SS 3URIXVDPHQWH LOXV FRQ JUDEDGRVDODPDGHUD3DUDHQFXDGHUQDU3RHVtDV GH 6DOYDGRU 5XHGD 0DQXHO 5HLQD (FKHJDUD\ 9LWDO$]D%ODQFDGHORV5tRVHWF¼ $5&+,92 (63$f2/ '( $57( < $548(2/2*Ë$ 3XEOLFDFLyQ FXDWULPHVWUDO GH ODV 6HFFLRQHV GH $UTXHRORJtD\GH $UWH GHO &HQWUR GH (VWXGLRV +LVWyULFRV 'LUHFWRUHV 0 *yPH]0RUHQR\(7RUPR\0RQ]y1~PHURV tQGLFHV -XQWD SDUD $PSOLDFLyQ GH (VWXGLRV H ,QYHVWLJDFLRQHV &LHQWtILFDV %ODVV 0DGULG [ Q~PHURV HQ YROV0X\LOXVFRQOiPLQDVIRWRJUiILFDVGLEXMRV HQWUH WH[WR SODQRV HWF &DPLVDV RULJLQDOHV &RQWULEXFLRQHV GH *yPH] 0RUHQR 6iQFKH] &DQWyQ 5LFDUGR GH 2UXHWD -RVp 0RUHQR 9LOOD 7RUUHV%DOEiV*DOOHJR%XUtQHWF$OJXQRVORPRV UHIRU]DGRVFRQFHORSHURPX\EXHQRVHMHPSODUHV ¼ %$55(5$&D\HWDQR$OEHUWRGHOD(/ &$&+(7(52 '(/ %86&$3,e 3UyORJR GH )UDQFLVFR 5RGUtJXH] 0DUtQ %LEOLRWHFD 0HQpQGH] 3HOD\R 6DQWDQGHU HG [ SS K 5~VWLFD 6REUH OD REUD VXSXHVWDPHQWH HVFULWD SRU0LJXHO GH &HUYDQWHV IDOVLILFDFLyQ GH $GROIR GH &DVWUR SXEOLFDGD RULJLQDOPHQWH HQ %XHQ HMHPSODU 'H OD ELEOLRWHFD GH )UHVQHGR GH OD &DO]DGD FRQ VX ILUPD ¼ %$55(5$&D\HWDQR$OEHUWRGHOD(/ &$&+(7(52 '(/ %86&$3,e 3UyORJR GH )UDQFLVFR 5RGUtJXH] 0DUtQ 6RFLHGDG 0HQpQGH] 3HOD\R 6DQWDQGHU VD DSUR[ HG [ SS K 5~VWLFD $OJXQDV KXHOODVGHy[LGR ¼ %HUPHMR,OGHIRQVR$QWRQLR+,6725,$ '( /$ ,17(5,1,'$' < *8(55$ &,9,/ '( (63$f$ GHVGH SRU7RPRV , \ ,, 5/DEDMRV0DGULGHG[[O SS K OiPLQDV \ K SS K OiPLQDV+RODQGHVDSLHO3ROLOODPDUJLQDOHQODV ~OWLPDVSSGHO7,,(QWRWDOVHSXEOLFDURQ WRPRV ¼ %HUPHMR ,OGHIRQVR $QWRQLR &21)/,&726<75,%8/$&,21(6'(/$ &203$fË$ '( -(6Ò6 GHVGH VX)XQGDFLyQ KDVWD 1XHVWURV 'tDV $JXVWtQ -XEHUD 0DGULG HG[YROVGH[YSSK \ SS 5~VWLFD +XHOODV RVFXUDV TXH FUX]DQ ODV FXELHUWDV ORPRV DPDUURQDGRV SHUR EXHQRVHMHPSODUHV ¼ $52/$6 ->XDQ@ 32(6Ë$6 &$%$//(5(6&$6 < 25,(17$/(6 GH /LEUHUtDGH3DVFXDO$JXLODU9DOHQFLDHG [SS5HWUDWR5~VWLFD/RPRUR]DGR DOJXQDVIDOWDVHQODFXESRVWHULRUGHGLFDWRULDGHO FRVWXPEULVWD FXEDQR &DUORV 1RUHxD D )UHVQHGR GHOD&DO]DGD ¼ %,2*5$)Ë$ &217(0325È1($ 81,9(56$/ \ &ROHFFLyQ GH 5HWUDWRV GH 7RGRV ORV 3HUVRQDMHV &pOHEUHV GH 1XHVWURV 'tDV %RL[ 0DGULG HG [ YROV GHKSS K K SS K SS UHWUDWRV OLWRJUDILDGRV 3HUJDPLQR GH pSRFDDODURPDQDFRQQHUYLRVGRUDGRV\WHMXHOR EUHYHV ELRJUDItDV GH ORV SHUVRQDMHV PiV GHVWDFDGRVGHODSULPHUDPLWDGGHOV;,;WDQWR HVSDxROHV FRPR H[WUDQMHURV -RVp %RQDSDUWH 'RQ &DUORV 0DUtD ,VLGUR GH %RUEyQ 'LHJR GH /HyQHO*HQHUDO6HUUDQR/DPHQQDLV6LU5REHUW 3HHOVLQUHWUDWR0HWWHUQLFKVLQUHWUDWR*HRUJH 6DQG (VSDUWHUR 3DODX VRODPHQWH FLWD UHWUDWRV\ODREUDHQYROV<DTXHODSDJLQDFLyQ QR HV VHJXLGD \ QLQJXQD GH ODV IXHQWHV ELEOLRJUiILFDV GD SDJLQDFLyQ £PHQXGD FDWDORJDFLyQQRHQFRQWUDPRVQLQJXQDIRUPDGH YHULILFDU GHILQLWLYDPHQWH TXH QXHVWUR HMHPSODU HVWp FRPSOHWR 6LQ HPEDUJR HO QXHVWUR FRQWLHQH PiVOiPLQDVTXHORVTXHVHFLWDQ\DFDEDFRQXQ GHILQLWLYR ),1 HQHO7,,,3LFDGXUDVDQWLJXDVGH SROLOOD\DWUDWDGDHQHO7,3RUORGHPiVEXHQRV HMHPSODUHV5DUR ¼ &$032$025 ' 5DPyQ GH 2%5$6 &203/(7$6 GH ,OXVWUDGDV FRQ JUDEDGRV LQWHUFDODGRV HQ HO WH[WR GH - /XtV 3HOOLFHU \ -(6DOD0RQWDQHU\6LPyQ%DUFHORQD HG [ K SS 0X\ LOXV +RODQGHVD WHOD HGLWRULDO HVWDPSDGD +HUPRVD GHFRUDFLyQ SLFWyULFDHQODSODQDDQWHULRU+XHOODVWHQXHVGH y[LGR HQ DOJXQDV SRFDV KRMDV SHUR PX\ EXHQ HMHPSODU ,QFOX\H QXPHURVDV REUDV LQpGLWDV ¼ &$67(/$5 (PLOLR /$ 586,$ &217(0325È1($ %RFHWRV +LVWyULFRV 2ILFLQDV GH OD ,OXVWUDFLyQ (VSDxROD 0DGULG HG [ SS K 5~VWLFD /RPRUHIRU]DGRDOJXQDVIDOWDVHQODVFXELHUWDV ,QWHULRUHVOLPSLRV ¼ &$67(/$5 (PLOLR 1(5Ï1 (VWXGLR +LVWyULFR (GLFLyQ LOXVWUDGD 0RQWDQHU \ 6LPyQ%DUFHORQDHG[ YROV GH SS K SS K \ SS K ,OXVFRQYLxHWDV\ OiPLQDVHQQHJURIURQWLVHQ FRORU HQ FDGD YRO +RODQGHVD SHUJDPLQR HGLWRULDO FXE DQWHULRU LOXVWUDGD %XHQRV HMHPSODUHV ¼ &RORPD /XLV )UD\ &DQGLO (PLOLR %REDGLOOD (/ 3 &2/20$ < /$ $5,672&5$&,$ &UtWLFDV ,QVWDQWiQHDV , 6XF GH 5LYDGHQH\UD 0DGULG HG [SS5~VWLFD(VWHHVXQRGHYDULRV OLEURV \ IROOHWRV TXH VH SXEOLFDQ HQ HO DxR GHVSXpV GH OD VDOLGD GH 3HTXHxHFHV 5HVXOWD FXULRVRTXHXQOLEURWDQSRSXODU\WDQSROpPLFR HQVXPRPHQWRVHKD\DFRQVLJQDGRDOWUDVWHURGH ODKLVWRULDOLWHUDULD&XULRVDPHQWHDSHVDUGHVXV MHVXLWLVPRV \ HVQRELVPRV HV XQ OLEUR DOWDPHQWH OHtEOH \ FRQWLHQH HQ &XUULWD $OERUQR] XQR GH ORV JUDQGHV SHUVRQDMHV GH OD QRYHOD HVSDxROD ¼ &HMDGRU \ )UDXFD -XOLR (O /HQJXDMH 6XV WUDQVIRUPDFLRQHV VX HVWUXFWXUD VX XQLGDG VX RULJHQ VX UD]yQ GH VHU HVWXGLDGRV SRU PHGLR GH OD FRPSDUDFLyQ GH ODV OHQJXDV 7RPR , ,PS /D 0LQHUYD 6DODPDQFD HG [ SS 5~VWLFD 7RPR , VRODPHQWH (Q WRWDO VH SXEOLFDURQ WRPRV HQ 6DODPDQFD%LOEDR \ HQ0DGULGHQHOFXUVRGH DxRV 5DUR )DOWD XQ WUR]R GH ORPR SHUR EXHQ HMHPSODU ¼ &58= 5DPyQ GH OD 6$,1(7(6 ,OXVWUDFLyQGH-RVp/OREHUD%LEOLRWHFD$UWH\ /HWUDV (G&DVD0DXFFL %DUFHORQDVD DSUR[ [YROVGHK[OLYSSK \ SS K 3URIXVDPHQWH LOXV FRQ YLxHWDV \ GLEXMRV D WRGD SODQD 7HOD HGLWRULDO HVWDPSDGD FRUWHVSLQWDGRV3UyORJRGH-RVp)HOLX\&RGLQD $OJXQDKXHOODGHy[LGRSHUREXHQRVHMHPSODUHV FRQORVFRORUHV\GRUDGRVGHODVFXELHUWDVIUHVFRV \YLYRV ¼ &HMDGRU \ )UDXFD -XOLR /26 *e50(1(6 '(/ /(1*8$-( (VWXGLR )LVLROyJLFR \ 3VLFROyJLFR GH ODV 9RFHV GHO /HQJXDMH FRPR %DVH SDUD OD ,QYHVWLJDFLyQ GH VXV 2UtJHQHV 6RFLHGDG %LOEDtQD GH $UWHV *UiILFDV %LOEDR HG [ SS LOXV XQ HVWDGR GHVSOHJDEOH 5~VWLFD $OJXQRV SRFRV PDUFDV PDUJLQDOHV GH )UHVQGR GH OD &DO]DGD ¼ &/$5Ë1 /$6 '26 &$6$6 1RYHOD %LEOLRWHFD 0LJQRQ % 5RGUtJXH] 6HUUD 0DGULG HG [ SS K ,OXV +RODQGHVD WHOD QR FRQVHUYD FXEV RULJLQDOHV /RPR PXGR %XHQHMHPSODU ¼ ',&(17$ -RDTXtQ (/ 68,&,',2 '( :(57+(5 'UDPD HQ FXDWUR DFWRV \ HQ YHUVR -RVp 5RGUtJXH] 0DGULG HG [ SS K &XELHUWDV SURYLVLRQDOHV &DULxRVD GHGLFDWRULD DXWyJUDID (VWD HV OD SULPHUD REUD GHO SUROtILFR GUDPDWXUJR PDGULOHxR ¼ ',&(17$ -RDTXtQ /$ 0(-25 /(< 'UDPD HQ WUHV DFWRV \ HQ YHUVR -RVp 5RGUtJXH] 0DGULG HG [ SS &XELHUWDV SURYLVLRQDOHV 'HGLFDWRULD DXWyJUDID ¼ ',&(17$ -RDTXtQ (/ '848( '( *$1'Ë$ 'UDPD OtULFR HQ WUHV DFWRV \ XQ HStORJR HQ YHUVR 0~VLFD GH ORV PDHVWURV $QWRQLR /ODQRV \ 5XSHUWR &KDSt -RVp 5RGUtJXH] 0DGULG HG [ SS K&XELHUWDVSURYLVLRQDOHV ¼ 8QDOiPLQDHQHOFDGDWRPRSRUWDGDVLOXVWUDGDV 3OHQD SLHO GH pSRFD FRQ WHMXHOR 3ROLOOD \D WUDWDGDSULQFLSDOPHQWHPDUJLQDOHQHO7,,TXH VH DGHQWUD HQ HO WH[WR HQ XQD VHFFLyQ GHO OLEUR /DHGFLWDGDSRU3DODXFRUUHVSRQGHHQ HODxRSHURQRHQODSDJLQDFLyQ ¼ -219($8; -XOLR +,6725,$ '( &8$752 2%5(526 ,1*/(6(6 9HUVLyQ OLEUH GH 3DWULFLR 3pUH] &XHYDV \ -XOLiQ )UHVQHGR ,PS GH /D 9R] 0RQWDxHVD 6DQWDQGHU HG [ SS +RODQGHVD SLHO /RV REUHURV VRQ ORV LQYHQWRUHV H LQJHQLHURV +HQU\ 0DXGVOD\ *HRUJH 6WHYHQVRQ:LOOLDP)DLUEDLUQ\-DPHV1D\VPLWK (Q UHDOLGDG HO QRPEUH GHO DXWRU IUDQFpV QR HV -XOLRQL-XOHVVLQR(PLOH\VXREUDSXEOLFDGD HQ HV XQD YHUVLyQ GH OD REUD GH 6DPXHO 6PLOHV VREUH LQJHQLHURV EULWiQLFRV -XOLiQ )UHVQHGRGH&DO]DGDGHFX\DELEOLRWHFDSURFHGH HVWH WRPR MXJy XQ SDSHO LPSRUWDQWH HQ HO UHJHQHUDFLRQLVPR HQ &DQWDEULD 1R KHPRV HQFRQWUDGR QLQJXQD UHIHUHQFLD D HVWD REUD QL HQ 3DODX QL HQ QLQJ~Q FDWiORJR ELEOLRWHFDULR HQ OD UHG ¼ ',&(17$ -RDTXtQ -8$1 -26e 'UDPD HQ WUHV DFWRV \ HQ SURVD -RVp 5RGUtJXH] 0DGULG HG [ SS K&XELHUWDVSURYLVLRQDOHV ¼ (63521&('$ 2%5$6 32e7,&$6 GH (63521&('$ 3UHFHGLGDV GH OD %LRJUDItD GHO $XWRU %LEOLRWHFD 6DOYDWHOOD %DUFHORQD HG [ SS 7HOD HGLWRULDO HVWDPSDGD%XHQHMHPSODU ¼ )HUQiQ &DEDOOHUR (3,672/$5,2 '( )(51È1 &$%$//(52 8QD &ROHFFLyQ GH &DUWDV,QpGLWDVGHOD1RYHOLVWD3XEOLFDGDSRU $OEHUWR /ySH] $UJHOOR FRQ SUyORJR \ QRWDV GHO PLVPR DXWRU 6RFLHGDG GH 0HQpQGH] \ 3HOD\R6XFGH-XDQ*LOL%DUFHORQDHG [SSK5~VWLFD'HGLFDWRULDDXWyJUDID GHOHGLWRUD)UHVQHGRGHOD&DO]DGD ¼ )HUQiQGH]GHORV5tRV$QJHO(678',2 +,67Ï5,&2'(/$6/8&+$632/Ë7,&$6 HQ OD (VSDxD GHO 6LJOR ;,; 6HJXQGD HGLFLyQ UHIXQGLGD\FRQVLGHUDEOHPHQWHDXPHQWDGDFRQ YLVWDV GH VLWLRV HGLILFLRV \ PRQXPHQWRV KLVWyULFRV HVFHQDV PHPRUDEOHV UHWUDWRV IDFVtPLOHV \ DXWyJUDIRV GH KRPEUHV SROtWLFRV HVFULWRUHV JXHUULOOHURV (QJOLVK \ *UDV 0DGULG[YROVGH[LSS\ SS K OiPLQDV FRPSOHWR +RODQGHVD SLHO%XHQRVHMHPSODUHV ¼ ,5(/$1' :+ /$ $%$'(6$ R /DV ,QWULJDV ,QTXLVLWRULDOHV /LEUHUtD GH 6DXUL %DUFHORQDHG[SS\SS /$)217$,1( $XJXVWR $1,7$ < (/ 3Ë&$52 GH 2SLQLyQ ,PS GH &DEUHUL]R 9DOHQFLD HG [ YROV GHSS K \ SS K 8QD OiPLQD HQ HO 7 , 3OHQD SLHO GH pSRFD FRQ WHMXHOR )DOWDV HQ HO ORPR GLVFUHWD SLFDGXUD \D WUDWDGD HQ ODV ~OWLPDV KRMDV GHO 7 , +HUPRVR OLEUR PLQLDWXUD 3DODX QR FLWD QLQJXQD OiPLQD HQ HVWD HG ¼ YHKtFXOR GH ODV LGHDV OLEHUDOHV GH VX DXWRU DGHPiVGHXQDIRUPDGHIODJHODUODVFRVWXPEUHV GHO PRPHQWR \ ORV YLFLRV GH ORV SROtWLFRV (V UDUR HQFRQWUDU HQ HO PHUFDGR FROHFFLRQHV WDQ FRPSOHWDV D SHVDU GH ORV WDODGURV GH OD SROLOOD ¼ >/$)8(17( 0RGHVWR@ )UD\ *(581',2 3(5,Ï',&2 6$7Ë5,&2 '( 32/Ë7,&$ < &26780%5(6 GH $EULO GH DGH-XQLRGH&DSLOODGDVD PiV OD &DSLOODGD (VWUDRUGLQDULD GH $JRVWR ,PS GH /DUXPEH %LOEDR 0HOODGR 0DGULG D 7ULPHVWUHV HG 7ULPHVWUHVHG[YROVGH7 , YLLL SS OiPLQDV 7 ,, KSS OiPLQDV7,,,KSSOiPLQDV7,9K SSOiPLQDV79SSOiPLQDV79,, SS OiPLQDV 7 9,,, SS OiPLQDV 7 ,; SS K OiPLQDV 7 ; SS OiPLQDV7;,SSOiPLQDV7;,,SS OiPLQDV7;,,,SSKOiPLQDV7;,9 SSKOiPLQDV7;9SSKSS +RODQGHVD SLHO GH pSRFD ORPRV UHIRU]DGRV 3ROLOOD \D WUDWDGD D YHFHV PDUJLQDO SHUR HQ DOJXQDVHFFLyQGHFDGDWRPRFHQWUDGDHQHOWH[WR VHVXHOHDxDGLUHQHVWDVGHVFULSFLRQHVOLEUHURGH YLHMHVFDV OD EHOOD IUDVH SHUR TXH QR GLILFXOWD OD OHFWXUD3XHVHQHVWHFDVRORVLHQWR6tGLILFXOWD OD OHFWXUDSHUR QR OD LPSRVLELOLWD (O 7 HV HO ~QLFR TXH VH OLEUD GH WRGR 6DOWD OD &DSLOODGD Q~PHUR\VHUHSLWHQ\)DOWDQ \(QHO7;ODQXPHUDFLyQGHODV IDVFtFXORV VH YXHOYH WRWDOPHQWH LUUHJXODU SHUR OD SDJLQDFLyQ FRQWLQ~D GH IRUPD QRUPDO 3DODX QR UHFRJH HO Q H[WUDRUGLQDULR (VWD SXEOLFDFLyQ SHULyGLFD WXYR XQD HQRUPH SRSXODULGDGHQVXPRPHQWR\IXHXQLPSRUWDQWH /$55$ 0DULDQR -RVp GH )tJDUR 2%5$6 &203/(7$6 GH ,OXVWUDGDV FRQ JUDEDGRV LQWHUFDODGRV HQ HO WH[WR GH - /XLV 3HOOLFHU0RQWDQHU\6LPyQ%DUFHORQD HG [ K [Y SS 0X\ LOXV +RODQGHVD WHOD HGLWRULDO HVWDPSDGD +HUPRVD GHFRUDFLyQSLFWyULFDHQODSODQDDQWHULRU+XHOODV WHQXHV GH y[LGR HQ DOJXQDV SRFDV KRMDV SHUR PX\ EXHQ HMHPSODU ,QFOX\H QXPHURVDV REUDV LQpGLWDV ¼ /,67$ $OEHUWR 32(6Ë$6 ,1e',7$6 (GLFLyQ\HVWXGLRSUHOLPLQDUGH-RVp0DUtDGH &RVVtR 6RFLHGDG 0HQpQGH] \ 3HOD\R (G 9ROXQWDG0DGULGHG[SS 5~VWLFD%XHQHMHPSODU ¼ 1$.(16 -RVp /$ 3,48(7$ &ROHFFLyQ GH $UWtFXORV ,PS GH 0 5RPHUR 0DGULGVDDSUR[HG[SS K 5~VWLFD /RPR DOJR GHELOLWDGR SHUR EXHQ HMHPSODU ¼ /Ï3(= 6,/9$ - &+8/$3(5Ë$6 &ROHFFLyQ GH 'LiORJRV HQ 9HUVR &RQ XQ SUyORJRGH'RQ0DULDQRGH&iYLD\XQHStORJR GH'RQ-RDTXtQ'LFHQWD)HUQDQGR)p0DGULG HG [ [Y SS K ,OXVWUDFLRQHV GH 3Oi \ +XHUWDV 5~VWLFD &XELHUWD LOXVWUDGD $OJXQDV OLJHUDV KXHOODV HQ ODV FXEV %XHQ HMHPSODU HQ JHQHUDO -RVp /ySH] 6LOYD 0DGULG %XHQRV $LUHV SRHWD FRVWXPEULVWD\OLEUHWLVWDGH=DU]XHOD¼ 0$57Ë1(= 3('526$ )HUQDQGR 3(5),/(6 < &2/25(6 6iWLUD GH &RVWXPEUHV SRU ,OXVWUDFLyQ GH $QJHO /L]FDQR %LEOLRWHFD $UWH \ /HWUDV (G &DVD 0DXFFL %DUFHORQD HG [ K SS K 9LxHWDV HQWUH WH[WR 7HOD HGLWRULDO HVWDPSDGD H LOXVWUDGD SRU ( &DVDOV FRUWHV SLQWDGRV 0X\ EXHQ HMHPSODU 1RYHOLVWD \ GUDPDWXUJRPDGULOHxR¼ 0HQpQGH] 3HOD\R $UWLJDV 0LJXHO 0(1e1'(= < 3(/$<2 $OGXV 6DQWDQGHU HG[SS/iPLQDV5~VWLFD %XHQHMHPSODU ¼ 1Òf(= '( $5&( *DVSDU £685680 &25'$ 3RHPD 0DULDQR 0XULOOR 0DGULG HG[SSK6LQHQFXDGHUQDU $QWLJXD PDQFKD GH KXPHGDG HQ HO PDUJHQ LQWHULRU ¼ 3$/$&,2 0DQXHO GHO 81 62/'$'2 '( $<(5 ,OXVW GH -* 1HVVL %LEOLRWHFD 0LJQRQ%5RGUtJXH]6HUUD0DGULGVDDSUR[ HG[SSKLOXV+RODQGHVD WHOD%XHQHMHPSODU ¼ 0(621(52 520$126 5DPyQ GH (/ $17,*82 0$'5,' 3DVHRV +LVWyULFR $QHFGyWLFRV SRU ODV &DOOHV \ &DVDV GH HVWD 9LOOD,OXVWUDFLyQ(VSDxROD\ $PHULFDQD0DGULG [ WRPRVGH SS\ KSS K LOXVWUDFLRQHV HQ OiPLQDV +RODQGHVD SLHO /RV WRPRV HQFXDGHUQDGRV HQ XQ YROXPHQ ¼ 3$/$&,2 9$/'e6 $UPDQGR 0$57$ < 0$5Ë$ 1RYHOD GH &RVWXPEUHV 2ULJLQDO GH ,OXVWUDFLyQ GH - /XLV 3HOOLFHU %LEOLRWHFD$UWH\/HWUDV%DUFHORQDHG [ SS K 7HOD HGLWRULDO HVWDPSDGD FRQ GLVHxR GH -RUED &RUWHV SLQWDGRV 8Q FXDGHUQLOORVXQSRFRVDOLGRSHUREXHQHMHPSODU FRQODVFXEVIUHVFDV\YLYDV([OLEULVVHOORGH )UHVQHGRGHOD&DO]DGD ¼ 3$/$&,2 9$/'e6 $UPDQGR /$ (6380$ 1RYHOD GH &RVWXPEUHV &RQWHPSRUiQHDV ,OXVWUDFLyQ GH 0 $OFi]DU \ -RVp &XFK\ +HQULFK \ & %DUFHORQD HG[YROVGHSSK\SSK LOXV 7HOD HGLWRULDO HVWDPSDGD FRQ GLVHxR GH 3DVFy$OJXQDVKXHOODVGHy[LGRHQORVLQWHULRUHV SHUREXHQHMHPSODUFRQORVKHUPRVRVHVWDPSDGRV PRGHUQLVWDV GH ODV FXELHUWDV HQ PDUUyQ FRQ GRUDGRV IUHVFRV \ YLYRV ([OLEULV VHOOR GH )UHVQHGRGHOD&DO]DGD ¼ 3DODX 0HOFKRU GH &$17$5(6 3238/$5(6 < /,7(5$5,26 5HFRSLODGRV SRU (GLFLyQ LOXVWUDGD 0RQWDQHU \ 6LPyQ %DUFHORQDHG[SSK,OXV FRQ OiPLQDV \ YLxHWDV +RODQGHVD SHUJDPLQR HGLWRULDO FXE DQWHULRU LOXVWUDGD \ HVWDPSDGD HQ UHOLHYH FRQ XQ GLVHxR GH 5LTXHU 7HPSUDQD UHFRSLODFLyQ GHO FDQFLRQHUR SRSXODU HVSDxRO %XHQHMHPSODU ¼ 3$5'2 %$=È1 (PLOLD $5&2 ,5,6 &XHQWRV %LEOLRWHFD 'LDPDQWH /ySH] HG %DUFHORQD VD DSUR[ HG [ SSK +RODQGHVD WHOD /RPR PXGR %XHQ HMHPSODU ¼ 3e5(= 'LRQLVLR 'U 3HGUR 5HFLR GH 7LUWHDIXHUD-(6Ò60HPRULDVGHXQ-HVXLWD 1RYLFLR (VWDEOHFLPLHQWR 7LSRJUiILFR 0DGULG HG [ SS 5~VWLFD %XHQ HMHPSODU 0X\ UDUR 3DUHFH VHU OD SULPHUD REUD GHO QRYHOLVWD \ DXWRU JDVWURQyPLFR JDGLWDQR ¼ 3e5(= *$/'Ï6 %HQLWR /$ '( %5,1*$6,PSGH/D*XLUQDOGD0DGULG HG[SSHQUHDOLGDGSRUXQHUURU GH SDJLQDFLyQ HO ODV ~OWLPDV SS +RODQGHVD WHOD%XHQHMHPSODU ¼ 3e5(= *$/'Ï6 %HQLWR '2f$ 3(5)(&7$ ,PS GH /D *XLUQDOGD 0DGULG HG[SS+RODQGHVDWHOD8Q SOLHJRVXHOWRSHURFRPSOHWR ¼ 3e5(= *$/'Ï6 %HQLWR /2 352+,%,'2 ,PS GH /D *XLUQDOGD 0DGULG HG[WRPRVHQXQYROGH SS K +RODQGHVD WHOD %XHQ HMHPSODU ¼ 3e5(= *$/'Ï6 %HQLWR (/ $0,*2 0$162 ,PSGH /D *XLUQDOGD0DGULG HG[SSK+RODQGHVDWHOD&RVLGR XQ WDQWR EDVWR HQ HO SULPHU FXDGHUQLOOR ¼ 3e5(= *$/'Ï6 %HQLWR 7250(172 ,PS GH /D *XLUQDOGD 0DGULG HG [ SS +RODQGHVD WHOD 3pVLPDPHQWH FRVLGR 'LRV QRV VDOYH GH HQFXDGHUQDGRUHVDVt ¼ 3e5(= *$/'Ï6 %HQLWR 0$5,$1(/$ ,PS /D *XLUQDOGD 0DGULG HG [ SS +RODQGHVD WHOD ¼ 3e5(= *$/'Ï6 %HQLWR (/ '2&725 &(17(12 SRU ,PS /D *XLUQDOGD 0DGULG HG [ WRPRV HQXQYROGHSSK\SSK+RODQGHVD WHOD ¼ 3e5(= *$/'Ï6 %HQLWR 72548(0$'$ (1 /$ +2*8(5$ (O $UWtFXOR GH )RQGR /D 0XOD \ HO %XH\ /D 3OXPD HQ HO 9LHQWR /D &RQMXUDFLyQ GH ODV 3DODEUDV8Q7ULEXQDO/LWHUDULR/D3ULQFHVD \HO*UDQXMD-XQLR$GPyQGH/D*XLUQDOGD \ (SLVRGLRV 1DFLRQDOHV 0DGULG HG [ SS K +RODQGHVD WHOD %XHQ HMHPSODU¼ 3e5(= *$/'Ï6 %HQLWR /$ 620%5$ &(/Ë1 7523,48,//26 7+(526 ,PS /D *XLUQDOGD0DGULG HG[SSK+RODQGHVDWHOD&XDWUR QRYHODVFRUWDV ¼ 3e5(= *$/'Ï6 %HQLWR 5($/,'$' 1RYHOD HQ FLQFR MRUQDGDV >MXQWR FRQ@ 5($/,'$''UDPDHQFLQFRDFWRV\HQSURVD DUUHJOR GH OD QRYHOD GHO PLVPR WtWXOR >MXQWR FRQ@ /26 &21'(1$'26 'UDPD HQ WUHV DFWRV SUHFHGLGD GH XQ SUyORJR ,PS GH /D *XLUQDOGD 0DGULG \ HG [ SS K SS SS K +RODQGHVDWHOD/DVWUHVREUDVHQSULPHUDHGLFLyQ KRMDV HQFXDGHUQDGDV DO UHYpV SHUR EXHQ HMHPSODU ¼ 3e5(=*$/'Ï6%HQLWR/$/2&$'( /$&$6$&RPHGLDHQ&XDWUR$FWRV,PSGH /D *XLUQDOGD 0DGULG HG [ SS+RODQGHVDWHOD1RWDVDOiSL]GH)UHVQHGR GH OD &DO]DGD HQ OD ~OWLPD SiJLQD SHUR EXHQ HMHPSODU ¼ 3e5(= *$/'Ï6 %HQLWR (3,62',26 1$&,21$/(6 7HUFHUD 6HULH =XPDODFiUUHJXL >@ 0HQGL]iEDO >@ 'H 2xDWH D /D *UDQMD >@ /XFKDQD >@ /D &DPSDxD GHO 0DHVWUD]JR >@ /D (VWDIHWD 5RPiQWLFD >@ 9HUJDUD >@0RQWHVGH2FD>@/RV$\DFXFKRV >@ %RGDV 5HDOHV >@ 9GD GH 7HOOR 2EUDVGH3pUH] *DOGyV0DGULG HG [ YROV 5~VWLFD /D WHUFHUD VHULH FRPSOHWDHQHG\WHPSUDQDVWLUDGDVYROV GHPLOODUHOUHVWRHQWUHHOSULPHUR\HOFXDUWR /RPRV UHIRU]DGRV HQ WRGRV ORV YROV 5HSDUDFLRQHV HQ DOJXQDV FXELHUWDV (V UDUR HQFRQWUDU ORV (SLVRGLRV HQ HGLFLyQ FRQ VXV FXELHUWDV RULJLQDOHV $GMXQWDPRV WDUMHWDV SRVWDOHV FRQ LOXVWUDFLRQHV SDUD =XPDODFiUUHJXL /DVUHSURGXFFLRQHVVRQGH/DXUHQW ¼ 3e5(= *$/'Ï6 %HQLWR /$ '( 6$1 48,17Ë1 &RPHGLD HQ WUHV DFWRV \ HQ SURVD ,PS GH /D *XLUQDOGD 0DGULG HG [ SS &XELHUWDV SURYLVLRQDOHV %XHQ HMHPSODU ¼ 3e5(= *$/'Ï6 %HQLWR 1$=$5Ë1 1RYHODV (VSDxRODV &RQWHPSRUiQHDV ,PS GH /D *XLUQDOGD 0DGULG HG [ SS K +RODQGHVD WHOD %XHQ HMHPSODU ¼ 3e5(= *$/'Ï6 %HQLWR +$/0$ 1RYHODV (VSDxRODV &RQWHPSRUiQHDV ,PS GH /D *XLUQDOGD 0DGULG HG [ SS K +RODQGHVD WHOD %XHQ HMHPSODU ¼ 3e5(=*$/'Ï6%HQLWR(/$%8(/2 1RYHODHQ&LQFR-RUQDGDV1RYHODV(VSDxRODV &RQWHPSRUiQHDV ,PS GH /D *XLUQDOGD 0DGULG HG [ SS +RODQGHVD WHOD %XHQHMHPSODU ¼ 3e5(=*$/'Ï6%HQLWR/$129(/$ (1 (/ 75$19Ë$ ,OXVWUDFLRQHV GH 0DUtQ %LEOLRWHFD0RGHUQD90DGULGHG[ SS +RODQGHVD WHOD /RPR PXGR %XHQ HMHPSODU ¼ 3LUDOD $QWRQLR +LVWRULD &RQWHPSRUiQHD 6HJXQGD 3DUWH GH OD *8(55$&,9,/$QDOHVGHVGHKDVWDHO )DOOHFLPLHQWR GH 'RQ $OIRQVR ;,, )HOLSH *RQ]iOH] 5RMDV 0DGULG HG [YROVGH7,SSKOiPV PDSDV 7 ,, SS OiPV PDSDV 7 ,,, SS K OiPV PDSDV 7 ,9 SS OiPV PDSDV XQ HVWDGR GHVSOHJDEOH79SSOiPVPDSDV \ 7 9, SS K OiPV PDSDV /DV OiPLQDV VRQ FURPROLWRJUDItDV \ PDSDV GHVSOHJDEOHV(VWHHMHPSODUFRQWLHQHXQDOiPLQD QR LQFOXLGD HQ OD SDXWD OD SRUWDGD FURPROLWRJUDILDGD GHO 7 , +RODQGHVD SLHO HGLWRULDO HVWDPSDGD $OJXQDV KXHOODV GH y[LGR PX\ RFDVLRQDOHV SHUR PX\ EXHQRV HMHPSODUHV GHHVWDKHUPRVDHGLFLyQ ¼ 3e5(= *$/'Ï6 %HQLWR (/(&75$ 'UDPDHQ&LQFR$FWRVSRU5HSUHVHQWyVHHQ HO7HDWUR(VSDxROOD1RFKHGHOGH(QHURGH 9LXGD H +LMRV GH 7HOOR 0DGULG HG [ SS K +RODQGHVD WHOD GH pSRFD%XHQHMHPSODU ¼ 3e5(= *$/'Ï6 %HQLWR &$6$1'5$ 1RYHOD HQ FLQFR MRUQDGDV 1RYHODV (VSDxRODV &RQWHPSRUiQHDV 3HUODGR 3iH] 0DGULG HG [ SS K +RODQGHVD WHOD %XHQ HMHPSODU ¼ 3pUH]9LOODDPLO0pQGH]&DVDO$QWRQLR -(1$52 3e5(= 9,//$$0,/ /D 3LQWXUD 5RPiQWLFD HQ (VSDxD , (GV GH OD (VILQJH 0DGULG VD DSUR[ HG [ SS K OiPLQDV PRQWDGDV SRU ODV SXQWDV HQ FRORU &DUWRQp FRQ VREUHFXELHUWD (OHJDQWH HGLFLyQ FRQ DGRUQRV [LORJUiILFRV HQ OD SRUWDGD \ VREUHFXELHUWDUHIXHU]RVGHFHORHQODVREUHFXE SHUR EXHQ HMHPSODU (VWH HV HO SULPHU PRQRJUiILFR \ GXUDQWH PXFKRV DxRV HO ~QLFR VREUHHOSLQWRUURPiQWLFRQDFLGRHQ(O)HUUROHQ \PXHUWRHQ ¼ 3,<0$5*$//)(678',2662%5( /$ ('$' 0(',$ %LEOLRWHFD 8QLYHUVDO &ROHFFLyQ GH ORV 0HMRUHV $XWRUHV $QWLJXRV \ 0RGHUQR ,9 0DGULG HG FRUUHJLGD [ SS K +RODQGHVD WHOD &XELHUWDV PXGDV%XHQHMHPSODU ¼ 3LFyQ -DFLQWR 2FWDYLR 'XOFH \ 6DEURVD /D (VSDxD (GLWRULDO 0DGULG VD HG [ SS K &XELHUWDV SURYLVLRQDOHV ¼ 3XMDO \ 6LHUUD -RVp ',&&,21$5,2 (7,02/Ï*,&2 GH ODV 3DODEUDV 3ULPLWLYDV GHOD/HQJXD/DWLQDFRQVXVUDtFHVGHULYDGRV FRPSXHVWRV \ OD FRUUHVSRQGHQFLD FDVWHOODQD (VWHEDQ 3XMDO %DUFHORQD [ SS 5~VWLFD 7UHV SLFDGXUDV GH SROLOOD \D WUDWDGD 'HGLFDWRULD DXWyJUDID D )UHVQHGR GH OD &DO]DGD ¼ 3XMDO \ 6LHUUD -RVp (7,02/2*Ë$ < )21e7,&$/DWLQR&DVWHOODQD(VWHEDQ3XMDO %DUFHORQD [ SS 5~VWLFD 7UHV SLFDGXUDV GH SROLOOD \D WUDWDGD 'HGLFDWRULD DXWyJUDIDD)UHVQHGR ¼ 6DDYHGUD $QJHO '848( '( 5,9$6 520$1&(6 +,67Ï5,&26 GH /LEUHUtD GH 9LFHQWH 6DOYi 3DUtV HG [ K SS 5HWUDWR OLWRJUDILDGR DSUqV :HEHU YLxHWDV HQWUH WH[WR 3LHO HGLWRULDO HVWDPSDGD 5HVWRV GH KXPHGDGHQHOPDUJHQDIHFWDQGRSULQFLSDOPHQWH ODVSULPHUDVKRMDVDOJXQDVUHIRU]DGDVGLVFUHWDV SLFDGXUDV GH SROLOOD PDUJLQDO \D WUDWDGD ¼ 6DDYHGUD $QJHO '848( '( 5,9$6 2%5$6&203/(7$6,OXVWUDGDVFRQGLEXMRV GH$SHOHV0HVWUHV\-/XLV3HOOLFHU0RQWDQHU \6LPyQ%DUFHORQDHG[ YROVGHKUHWUDWR[YLLLSS\KSS \0X\LOXV+RODQGHVDSLHOHGLWRULDOHVWDPSDGD 8QDVSRFDVSLFDGXUDVGHSROLOOD\DWUDWDGD/RV JRIUDGRV H LOXVWUDFLRQHV GH ODV FXELHUWDV PX\ IUHVFRV ¼ 52'Ï -RVp (QULTXH $5,(/ 3UyORJR GH/HRSROGR$ODV&ODUtQ6HPSHUH\&LDHQ OD FXELHUWD 3URPHWHR 9DOHQFLD VD DSUR[ [ SS K 5~VWLFD 3DUHFH VHU OD HG GH OD REUD PDHVWUD GHO DXWRU XUXJXD\R ¼ 58,= $*8,/(5$ 9HQWXUD 3529(5%,26 (-(03/$5(6 6HJXQGD 6HULH /HRFDGLR /ySH] 0DGULG HG [SSK+RODQGHVDSLHO&XELHUWDV OLJHUDPHQWH UR]DGDV 5DVSDGXUD HQ OD KRMD GH GHGLFDWRULD ¼ 586.,1 -RKQ /$6 6,(7( /È03$5$6 '( /$ $548,7(&785$ (O 6DFULILFLR/D9HUGDG/D)XHU]D/D%HOOH]D /D 9LGD (O 5HFXHUGR /D 2EHGLHQFLD 7UDGXFFLyQ GH &DUPHQ GH %XUJRV ) 6HPSHUH \ &LD 9DOHQFLD VD DSUR[ HG [ SS K 5~VWLFD )DOWD XQD SDUWHGHODFXELHUWDSRVWHULRUSHURSRUORGHPiV EXHQHMHPSODU ¼ 586.,1 -RKQ /$6 0$f$1$6 (1 )/25(1&,$ (VWXGLRV 6HQFLOORV GH $UWH &ULVWLDQR 7UDGXFFLyQ GH &DUPHQ GH %XUJRV ) 6HPSHUH \ &LD 9DOHQFLD VD DSUR[ HG [ SS K 5~VWLFD +XHOODV GH y[LGR HQ ODV FXELHUWDVSHUR EXHQHMHPSODU ¼ 6$13(5( < 0,48(/ 6DOYDGRU /$ (0$1&,3$&,Ï1 '(/ +20%5( +LVWRULD GH VX 'HVHQYROYLPLHQWR )tVLFR 5HOLJLRVR 0RUDO 3ROtWLFR &LHQWtILFR \ $UWtVWLFR SRU«6HJXLGD GH XQD FRQFOXVLyQ RHStORJR GH GRQ 1,&2/È6 6$/0(5Ï1 $/2162 -DLPH 6HL[ %DUFHORQD HG [YROVGHF[[[YSSKOiPLQDV FURPROLWRJUDILDGRV OL[ SS K OiPV FF[FLY SS K OiPV SS K OiPV \ K SS OiPV +RODQGHVD SLHO +LVWRULDGRU UHSXEOLFDQR \ FDWDODQLVWD %DUFHORQD $OJXQDV KXHOODV GH y[LGR ORPRV DOJR UR]DGRV SHUR EXHQRVHMHPSODUHV3DODXQRWD ¼ 7+(%866(0 (O 'RFWRU 81 75,67( &$3(2 )HUQDQGR )p 0DGULG HG [ [LL SS K 5~VWLFD /RPR UHIRU]DGRPX\EXHQHMHPSODU¼ 7$%2$'$ /XLV 7,7,5,081', 3UyORJRGH-DFLQWR*3LFyQ'LEXMRVGH&LOOD )RWRJUDEDGRV GH 7KRPDV 7LS GH 0DQXHO * +HUQiQGH] 0DGULG HG [ SS K LOXV +RODQGHVD WHOD %XHQ HMHPSODU ¼ 7$%2$'$ /XLV ,17,0,'$'(6 < 5(&8(5'26 3iJLQDV GH OD 9LGD GH XQ (VFULWRU (O ,PSDUFLDO 0DGULG HG [SSK5~VWLFD/RPRUHIRU]DGR ¼ 7$%2$'$ /XLV /$ 9,8'$ '( &+$3$552 1RYHOD &yPLFD (GLFLyQ GHILQLWLYD)UDQFLVFR%HOWUiQ0DGULGVDDSUR[ [ SS 5~VWLFD /RPR UHIRU]DGR )DOWD OD FXE SRVWHULRU FXE DQWHULRU UHSDUDGD ¼ 7+(%866(0 (O 'RFWRU )87(6$6 /,7(5$5,$6 ,OXVWUDFLRQHV GH - )DEUp 2OLYHU-XDQ*LOL%DUFHORQDHG[ SS K (QFXDGHUQDFLyQ HGLWRULDO HQ KRODQGHVD FDUWRQp )DOWDQ FP GH ORPR 3RU OR GHPiVEXHQHMHPSODU ¼ 9$/%8(1$ $QWRQLR GH 0LJXHO GH (VFDODGD )( '( (55$7$6 '(/ ',&&,21$5,2 '( /$ $&$'(0,$ 9LFWRULDQR 6XiUH] 0DGULG HG [ YROV GH SS K SS SS K \ SS 5~VWLFD )DOWD OD FXELHUWD SRVWHULRUGHO7,,ORPRVUHIRU]DGRV7,,,GHOD (VSDxD(GLWRULDO ¼ 9$/(5$-XDQ'2f$/8=%LEOLRWHFD 3HURMR 0DGULG HG [ YLLL SS +RODQGHVD SLHO 5HIXHU]RV HQ DQWLJXD PDQFKD GH KXPHGDG HQ HO PDUJHQ GH ODV SULPHUDV\~OWLPDVKRMDV ¼ 9$/(5$ -XDQ /$6 ,/86,21(6 '( '2&725 )$867,12 SRU« )UDQFLVFR $OYDUH] \&6HYLOODHG[YROV GH SS K \ SS K +RODQGHVD WHOD %XHQRVHMHPSODUHV ¼ REUDFRPRXQDYHUGDGHUDQRQDGD4XL]iVWHQtD UD]yQ ¼ =$%$/(7$ -XDQ GH (/ 'Ë$ '( ),(67$ SRU OD 0DxDQD \ SRU OD 7DUGH %LEOLRWHFD &OiVLFD (VSDxROD %DUFHORQD [SSK7HODHVWDPSDGDHGLWRULDO %XHQHMHPSODU ¼ 9$/(5$ -XDQ &$57$6 $0(5,&$1$6 SRU 3ULPHUD 6HULH )XHQWHV \&DSGHYLOOH0DGULGHG[SS K +RODQGHVD WHOD %XHQ HMHPSODU ¼ 9$/(5$ -XDQ /$ %8(1$ )$0$ ,OXVWUDFLRQHV GH .ORQJ &ROHFFLyQ .ORQJ )HUQDQGR)p0DGULGHG[SS K ,OXVWUDFLRQHV HQWUH WH[WR +RODQGHVD WHOD %XHQHMHPSODU ¼ 9$/(5$ -XDQ *(1,2 < ),*85$ )HUQDQGR )p 0DGULG HG [ SSK+RODQGHVDWHOD ¼ 9$/(5$ -XDQ (O 3iMDUR 9HUGH ,OXVWUDFLRQHV GH /HDO GD &iPDUD %LEOLRWHFD 0LJQRQ%5RGUtJXH]6HUUD0DGULGHG [ SS K ,OXV +RODQGHVD WHOD QR FRQVHUYD FXEV RULJLQDOHV /RPR PXGR %XHQ HMHPSODU ¼ =$3$7$ 0DUFRV /$ 3,('$' '( 81$5(,1$(SLVRGLRKLVWyULFRHQGRVDFWRV RULJLQDO \ HQ YHUVR GH 5 9HODVFR 0DGULG HG[SS6LQHQFXDGHUQDU/D UHSUHVHQWDFLyQGHHVWDREUDIXHSURKLELGDSRUHO JRELHUQR GH 6LOYHOD \ ODV SULPHUDV SS GH HVWD HGLFLyQ HVWiQ GHGLFDGDV DO GHEDWH HQ OD SUHQVD \ HO FRQJUHVR VREUH HO DVXQWR FRQ QXPHURVDV LQWHUYHQFLRQHV GH *XPHUVLQGR GH $]FiUDWH ¼ =255,//$ -RVp /$ /(<(1'$ '(/ &,'(VFULWDHQ9HUVRSRUHLOXVWUDGDSRU- /XLV 3HOOLFHU 0RQWDQHU \ 6LPyQ %DUFHORQD [ [YL SS 0X\ LOXV 7HOD HGLWRULDOHVWDPSDGD%LVDJUDVDOJRUR]DGDVSHUR EXHQ HMHPSODU FRQ ODV FXELHUWDV ELHQ FRQVHUYDGDV \ VXV PDUURQHV QHJURV \ GRUDGRV PX\IUHVFRV ¼ 9$/(5$ -XDQ $6&/(3,*(1,$ %LEOLRWHFD 0RGHUQD ,,, 0DGULG HG [ SS K +RODQGHVD WHOD /RPR PXGR %XHQHMHPSODU ¼ 9$/(5$ -XDQ *$58'$ R /D &LJHxD %ODQFD \ OD 3DGPL ,OXVWUDFLRQHV GH $QJHO +HUQiQGH] 9LXGD H +LMRV GH 7HOOR 0DGULG HG [ SS K LOXV +RODQGHVD WHOD %XHQ HMHPSODU ([OLEULV VHOOR GH)UHVQHGRGHOD&DO]DGD ¼ 9DOHUD 2FKDUiQ 0D]DV /XLV GH ,1&255(&&,21(6 '(6/,=$'$6 HQ ODV 3iJLQDVGH3HSLWD-LPpQH]+DVHUYLGRGHWH[WR OD~OWLPDHGLFLyQLPSUHVDHQ0DGULGHQ 5HYLVWD GH $UFKLYRV 0DGULG HG [SSK5~VWLFD(ODXWRUGHVFULEHVX =255,//$ -RVp /$ /(<(1'$ '( '21 -8$1 7(125,2 )UDJPHQWR ,OXVWUDFLyQGH-/3HOOLFHU0RQWDQHU\6LPyQ %DUFHORQD [ SS 0X\ LOXV FRQ YLxHWDV WH[WR RUODGR +RODQGHVD SHUJDPLQR HVWDPSDGD SRU + 0LUDOOHV +HUPRVD \ HOHJDQWH HGLFLyQ0X\EXHQHMHPSODU ¼ =255,//$ -RVp '21 -8$1 7(125,2'UDPD5HOLJLRVR)DQWiVWLFRHQGRV SDUWHV (VW 7LS GHO /LEHUDO 0DGULG [ SS K /iPLQDV GH )HUUDQW -LPpQH] $UDQGD +XHUWDV 3Oi 3HUHD 0HVWUHV \ 0pQGH] %ULQJD 5~VWLFD 0X\ EXHQ HMHPSODU ¼ &XHYD GH ORV (FRV 8Q 0DWXVDOpQ ÈUWLFR (O &DPSR /XPLQRVR 8QD 9LGD (QFDQWDGD /D +D]DxDGHXQ*RVVDtQ+LQG~'HPRQRORJtD\ 0DJLD(FOHVLiVWLFD $VHVLQDWR D 'LVWDQFLD /D 0DQR 0LVWHULRVD (O $OPD GH XQ 9LROtQ /RV (VStULWXV 9DPSLURV /D 5HVXUUHFFLyQ GH ORV 0XHUWRV ,PDJLQDFLyQ 2FXOWLVPR \ 0DJLD &RPHQWDULRV D WRGRV ORV (StJUDIHV 3XH\R 0DGULGHG[[[LLLSSK 5~VWLFD/RPRUHIRU]DGRFRQSpUGLGDVFXELHUWDV UHSDUDGDV LQWHULRUHV OLPSLRV /D DXWRUD IXH OD PiV FpOHEUH RFXOWLVWD GH VX pSRFD IXQGDGRUD GH OD 6RFLHGDG 7HRVyILFD 5RVR GH /XQD IXH DVWUyQRPR WHyVRIR \ DWHQHtVWD ¼ /LEURVUDURV\FXULRVLOORV %HUQDOGR GH 4XLUyV & 3(f$/$5$ ,OXVWUDGRSRUOD)RWRJUDItD%LEOLRWHFD0LJQRQ 9LXGD GH 5RGUtJXH] 6HUUD 0DGULG HG [ SS K )RWRV +RODQGHVD WHOD %XHQ HMHPSODU ¼ %ODYDWVN\ +HOHQD 3HWURYQD 3È*,1$6 2&8/7,67$6 < &8(1726 0$&$%526 &RPHQWDGRV SRU 0DULR 5RVR GH /XQD /D &DPSR'tD]$QJHO/265(<(6<(/ &/(525HVXPHQ+LVWyULFRGHVXV&UtPHQHV (GLWRUHV(OL]DOGH\&RPSDxtD0DGULG HG[SS+RODQGHVDSLHO6DOWDGHOD SiJLQD D 'HGLFDWRULD DXWyJUDID GH -XDQ *DUFtD 9DUHOD D -XOLiQ )UHVQHGR GH OD &DO]DGD (VWH OLEUR UHDOPHQWH SDUHFH VHU H[WUDRUGLQDULDPHQWH UDUR 1R HQFRQWUDPRV QLQJ~QHMHPSODUQLHQ3DODXQLHQOD%1(QLHO &&3% QL HQ HO :RUOG&DW 6RODPHQWH KHPRV SRGLGRHQFRQWUDUDODXWRUHQOD(VSDVDGRQGHOH GHVFULEHQHQORVVLJXLHQWHVWpUPLQRV3HULRGLVWD \ SRHWD HVSDxRO P HQ OD PLVHULD FRPR WDQWRV LOXVWUHV HVFULWRUHV HQ 0DGULG HQ )XH UHGDFWRUGH/D,EHULDHQ\HVFULELyGHVSXpV HQ HO 'LDULR (VSDxRO \ /DV 1RYHGDGHV GLVWLQJXLpQGRVHFRPRSXEOLFLVWDLQWHOLJHQWH/D (VSDVD HQ JHQHUDO WDQ FRQVHUYDGRUD QRV SURSRUFLRQDDYHFHVDOJXQDDJUDGDEOHVRUSUHVD\ WRGDYtDVHPXHVWUDFDSD]GHYHQFHUODKLGUDGHVX FRPSHWLGRULQWHUQHW4XL]iVORTXHLPSRUWDQRHV HOQ~PHURGHFDEH]DVVLQRPiVELHQHOFRQWHQLGR (VXQDOiVWLPDTXHQXHVWURHMHPSODUVHHQFXHQWUH PXWLODGRSHURVHHQFXDGHUQyDVt\DDILQDOHVGHO ;,;SRVLEOHPHQWHIXHXQDFWRGHFHQVXUDSRUVX FRQWHQLGR WDQ LQIODPDWRULR $XQ DVt LQFRPSOHWR VLJXH VLHQGR XQ OLEUR PX\ LQWHUHVDQWH \ SRU QXHVWUDV LQYHVWLJDFLRQHV HMHPSODU ~QLFR ¼ &KDUERQQHO 9tFWRU (/ 25,*(1 0868/0È1 '( /26 -(68,7$6 /RV 6HFUHWRV GH ORV -HVXLWDV 0RQLWD 6HFUHWD %DWWDJOLQ%DUFHORQDHG[ SS5~VWLFDLOXVWUDGD/DVREUDVFRQSRUWDGD \SDJLQDFLyQSURSLDHQFXDGHUQDFLyQHGLWRULDO(Q OD PHMRU WUDGLFLyQ IUDQFHVD GRQGH HO DQWLFOHULFLVPR PiV LQVSLUDGR KD VDOLGR GHVGH GHQWURGHODLJOHVLD&KDUERQQHOSDUHFHKDEHUVLGR DEDWH DEEp OLEUHSHQVDGRU \ WHPSUDQR GHIHQVRU GH9HUODLQH5DUR ¼ (63(-2025$/'(&/e5,*26SDUD TXH ORV 0DORV VH (VSDQWHQ \ ORV %XHQRV 3HUVHYHUHQ 2 VHD UHFRSLODFLyQ H[WUDRUGLQDULDPHQWH DPSOLDGD \ FRUUHJLGD GH ORV FHOHEUDGRV \ RGtIHURV 0DQRMRV GH )ORUHV0tVWLFDVSXEOLFDGRVSRU(O0RWtQFRQ OLFHQFLDGHXQRUGLQDULR,PSGH05RPHUR 0DGULG HG [ SS &XELHUWDV SURYLVLRQDOHV HQ SDSHO GH DJXDV 5HVWRV GH KXPHGDG FRQ FRQVHFXHQWH GHELOLGDG GHO SDSHO HQ HO PDUJHQ H[WHULRU 3DQIOHWR IXHUWHPHQWH DQWLFOHULFDO \ PXFKDVGH ODV DFXVDFLRQHV FRQWUD HO FOHUR WLHQHQ EDVWDQWHV GHWDOOHV HQ FRP~Q FRQ OR TXH HVWi VXUJLHQGR HQ OD SUHQVD KR\ HQ GtD 6HJ~Q 3DODX HVWH HV HO SULPHUR GH WRPRV ¼ )HUQiQGH] \ 3DUUHxR 5DPyQ &203(1',2 *(1(5$/ '( /$6 23(5$&,21(6 '(/ *,52 < '( /$ %$1&$ VHJ~Q ODV FRWL]DFLRQHV PRGHUQDV ,PSGH(O5HJDORGH$QGDOXFtD6HYLOOD HG [ SS 0X\ LOXV FRQ SODQRV GHVSOHJDEOHV ILJXUDV HWF +RODQGHVD SLHO FRQ DGRUQRV HQ VHFR HQ HO ORPR \ ODV FXELHUWDV JXDUGDV \ FRUWHV MDVSHDGRV (O DXWRU QDFLy HQ %DUFHORQD HQ \ IXH FDWHGUiWLFR GH OD (VFXHODGH&RPHUFLRGH6HYLOOD(VWDSDUHFHVHU ODHG\VDOLHURQYDULDVHQORVDxRVVLJXLHQWHV %XHQHMHPSODU ¼ )ODPPDULRQ &DPLOR (/ ),1 '(/ 081'2 (GLFLyQ LOXVWUDGD FRQ OiPLQDV GLEXMDGDV SRU ORV SULPHURV DUWLVWDV SDULVLHQVHV 9HUVLyQ FDVWHOODQD GH )UDQFLVFR *XWLpUUH] %ULWR 9GD GH &K %RXUHW 3DULV [SSLOXV5~VWLFD&XELHUWDV GHWHULRUDGDVPDUFDVGHFHOR ¼ ,EDUUHWD 5+ /$ 5(/,*,Ï1 $/ $/&$1&( '( 72'26 ) *UDQDGD %DUFHORQDVDDSUR[[SS 5~VWLFD %XHQ HMHPSODU $XQTXH HVWH WtWXOR HV WRGRXQFOiVLFRGHODOLWHUDWXUDDWHD\DQWLFOHULFDO HVSDxROD QR HQFXHQWUR QLQJXQD LQIRUPDFLyQ VREUHHODXWRUQLVLTXLHUDHQHO'LFFLRQDULRGH ,xLJXH]H[FHSWRTXHVXQRPEUHHUD5RJHOLR \ WDPSRFR HQFRQWUDPRV PiV WtWXORV VX\RV /D HGHVGHSXEOLFDGDSRU1DNHQV\VHKDUH HGLWDGRQXPHURVDVYHFHVDOFDQ]DQGRXQDHG DOUHGHGRU GH <D HQ OD SiJLQD ZHE GHO 'LDULRGH/HyQHQFRQWUDPRVXQLQWHUHVDQWtVLPR \ DPSOLR WH[WR VREUH HO DXWRU 5RJHOLR +HUTXHV ,EDUUHWD HVFULWRU \ H[FRPXOJDGR IUDWULFLGD \ VXLFLGD GH )pOL[ 3DFKR 5H\HUR 6XSRQJRTXHHVWHWULVWH\YLROHQWRILQKDEUiGDGR WHPD D VHUPRQHV GXUDQWH UDWR \ FLHUWD VDWLVIDFFLyQDORVVHUPRQHDQWHV¼ *pUDUG 'U - 18(9$6 &$86$6 '( (67(5,/,'$' (1 $0%26 6(;26 )HFXQGDFLyQ$UWLILFLDOFRPRÒOWLPR0pWRGRGH 7UDWDPLHQWR 9HUVLyQ HVSDxROD GH 'U /XLV 0DUFR/D(VSDxD(GLWRULDO0DGULGVDDSUR[ HG[SSK7HODHGLWRULDO HVWDPSDGD 0X\ LOXV FRQ YLxHWDV PRGHUQLVWDV FOLFKpV GH OD &DVD &K 'HFDX[ GH 3DUtV GHOLFLRVDPHQWH VXJHVWLYDV VH[XDOHV \ UHODFLRQDGDVFRQODUHSURGXFFLyQ%XHQHMHPSODU ¼ +DHFNHO ( (/ 25,*(1 '(/ +20%5( (/ 021,602 /D]R HQWUH OD 5HOLJLyQ \ OD &LHQFLD 3URIHVLyQ GH )H GH XQ 1DWXUDOLVWD 9HUVLyQ HVSDxROD SRU (QULTXH 'tD]5HWJ ) *UDQDGD %DUFHORQD VD DSUR[ HG [ SS 5~VWLFD &XELHUWDVDOJRGHVOXFLGDV ¼ +ROEDFK %DUyQ G¶ 02,6e6 -(6Ò6 < 0$+20$7UDGGH-XDQ4XHYHGR6HPSHUH \ &LD HQ OD FXELHUWD 3URPHWHR 9DOHQFLD VD DSUR[ HG [ SS K 5~VWLFD/RPRGHELOLWDGR ¼ /ySH] 9HQWXUD ) &2/Ï1 72/('$120LVWHULR$FODUDGR)UDQFLVFR %HOWUiQ 0DGULG VD DSUR[ 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HQ ODV FXEV SHUR EXHQ HMHPSODU 'HGLFDWRULD DXWyJUDID 0LV KLMRV WDPELpQ VH KDFHQ HVWD PLVPDSUHJXQWD ¼ 0XUFLDQR $ 352178$5,2 '(/ '8(/2 ,QGLFDFLRQHV XWLOtVLPDV SDUD QR 9DFLODU -DPiV FXDQGR KD\ TXH LQWHUYHQLU HQ ODQFHV GH KRQRU &RQVHMRV DO GXHOLVWD DO SDGULQR \ DO WHVWLJR ,PS \ /LWRJUDItD GHO 'HSyVLWR GH OD *XHUUD 0DGULG HG [ SS K 5~VWLFD %XHQ HMHPSODU 5DUR ¼ 1RUGDX 0D[ /$6 0(17,5$6 &219(1&,21$/(6 '( 18(675$ &,9,/,=$&,Ï17UDGGH$*yPH]3LQLOOD 6HPSHUH \ &LD HQ OD FXELHUWD 3URPHWHR 9DOHQFLD VD DSUR[ HG [ YROV GH SS K \ SS 5~VWLFD /RPRV DOJRGHELOLWDGRV ¼ 3XOLGR $QJHO /26 ,65$(/,7$6 (63$f2/(6 \ HO ,GLRPD &DVWHOODQR ,QWHUHVHV 1DFLRQDOHV 6XFHVRUHV GH 5LYDGHQH\UD 0DGULG HG [ SS K /iPLQDV &XELHUWDV SURYLVLRQDOHV 6REUH OD FXOWXUD \ HO LGLRPD GH ORV MXGtRV VHIDUGtHV0X\LQWHUHVDQWH ¼ 5HQDQ (UQHVWR (678',26 5(/,*,2626 /DV 5HOLJLRQHV GH OD DQWLJHGDG /D +LVWRULD GHO SXHEOR GH ,VUDHO /RVKLVWRULDGRUHVFUtWLFRVGH-HV~V0DKRPD\ ORV2UtJHQHVGHO,VODPLVPR7UDGGH&ULVWyEDO /LWUiQ 6HPSHUH \ &LD HQ OD FXELHUWD 3URPHWHR 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