ÓWHURSRHPDVGHDPRU $OEHUWR9i]TXH] BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB %LEOLRWHFD%DEDE ZZZEDEDEFRPELEOLRWHFD 6HSWLHPEUH ,6%1 &RS\ULJKW0DxDQD(V$UWH$& &RS\ULJKW$OEHUWR9i]TXH] ÓWHURSRHPDVGHDPRU$OEHUWR9i]TXH] %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD 8QR 1RFRPSUHQGRTXHSXHGDH[LVWLU DOJRPiVPDUDYLOORVRTXH\RPLVPR :DOW:KLWPDQ +DEORVREUHPtPLVPRSRUTXH\RVR\ ODPHGLGDGHOPXQGR *DEULHO$UHVWL $EURORVRMRV\REVHUYRPLHQWRUQR HOKRUL]RQWHWDQVyORVHSUR\HFWDXQRVFHQWtPHWURVGHODQWHGHPt VHDSDUHFHFXUYRTXL]iVQRVHDPiVTXHXQHIHFWRySWLFR (OKRUL]RQWHHVEODQGRDODUJRPLPDQR\KXQGRORVGHGRVHQpO ORJROSHRFRQPLSLHH[WHQGLGR +D\DOJXLHQPiVDOOiGHOKRUL]RQWHHVWR\VHJXUD HYROXFLRQRXQOHQJXDMHTXHPHSHUPLWDFRPXQLFDUPHFRQHOORV UHVSRQGHQDPLVVHxDOHV LQWHUSUHWRODVVX\DVVLQPXFKRp[LWR QROHVGR\GHPDVLDGDLPSRUWDQFLD VRQXQDFXULRVLGDGHQPLYLGD DOJRLQH[SOLFDEOHSDUDORTXHQRHQFXHQWURUD]RQDPLHQWRYiOLGR 1RVRQOyJLFRVQRUHVSRQGHQDQDGDGHORTXHSXHGDFRPSUHQGHU ¢GLVSRQHQGHDWPyVIHUDDFXRVD" ¢SHUPDQHFHQXQLGRVDHOODVHDOLPHQWDQ\FRQHOOD VRQXQWRGRtQWHJURHQHOTXHHOXQLYHUVR\\RVRPRVODPLVPDFRVD" 1RORVpQRPHLPSRUWDWHQJRFRVDVPiVLPSRUWDQWHVHQODVTXHSHQVDU FRQIRUPRPLREUDDXQULWPRUD]RQDEOH HVWDUiSUHSDUDGDGHQWURGHYDULRVPHVHVOLVWDSDUDVHUH[SXHVWDHQWRGRVORV FRQILQHVGHOXQLYHUVR KDVWDHOOXJDUGRQGHPLFRQFLHQFLDWLHQHSUHVHQFLD /RVTXHYLYHQPiVDOOiGHOXQLYHUVRGHEHQHVSHUDU 6RVSHFKRTXHVRQLQVLJQLILFDQWHV ¢DOJRWDQPDUDYLOORVRFRPR\RPLVPDSXHGHWHQHULJXDOPiVOHMRVGHOR FRQRFLGR" 0LFDVDHVHOXQLYHUVR XQDGHILQLFLyQUD]RQDEOH ÓWHURSRHPDVGHDPRU$OEHUWR9i]TXH] %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD YLHMDVWHRUtDVYLYHQGHQWURGHPLFHUHEUR &RLQFLGHQHQDYDODUPLSHQVDPLHQWR LQFDSDFHVGHFRPSUHQGHUORTXHVHHVFRQGHWUDVODVHVWUHOODVPiVFHUFDQDV VHGHFODUDQLPSRWHQWHVQRVDELRVDVLHQWHQ\HQPLFHUHEURUHVXHQD FXDOTXLHUGHILQLFLyQGHOXQLYHUVRHVYiOLGDQLQJXQDKLHUUDHQVXJpQHVLVDJXD WLHUUDIXHJRDLUH SDODEUDVTXHOOHJDQDPtGHVGHHOSDVDGR\TXHQDGDVLJQLILFDQ PLDLUHHVOtTXLGRHLUUHVSLUDEOH ODWHRUtDGHODUHODWLYLGDGGH(LQVWHLQOOHJDDKRUDGHVGHHOIRQGR H[LVWHRQRH[LVWHHVLJXDOHO%LJ%DQJODWLyHQHOSULQFLSLRFRPRFRQVHFXHQFLD GHODFRQFOXVLyQGHORDQWHULRUPHQWHH[LVWLGR RQRORKL]RHVLJXDO WRGDVODVVXSRVLFLRQHVVRQLQGHPRVWUDEOHV <R\D]FRHQPLXQLYHUVROODPDGR~WHUR DO]RPLGHGRKDFLDHOKRUL]RQWHEODQGRVLHQWRIHOLFLGDGFRQIRUPRPLREUD 3LHQVRHQORTXHVR\KDFLDGyQGHWLHQGR PLPLUDGDHQWRUQDGDHVFXGULxDHOXQLYHUVR KHDELHUWRORVRMRV $SUHKHQGRPLHQWRUQRORILMRGHQWURGHPLFHUHEUR UHIOH[LRQRVREUHORTXHVR\ VpORTXHVR\\VpTXH\RVR\PLSURSLDREUD PLPDUDYLOORVDH[LVWHQFLDHVOR~QLFRTXHGHILQHHOXQLYHUVR 3RUTXHDPERVVRPRVODPLVPDFRVD YLYLPRVHQODPLVPDGLUHFFLyQ 2LJRDORVVHUHVTXHWUDWDQGHFRPXQLFDUVHFRQPLJRGHVGHPiVDOOiGHO KRUL]RQWH /RJROSHDQGHVGHHORWURODGRHPLWHQVRQLGRVLQFRQH[RVDYHFHVOOHJDQ PHORGtDVDPLVRtGRVLQFLSLHQWHV 6pGHTXpVHWUDWDUHFXHUGRWRGRORDQWHULRUPHQWHVLGR 0R]DUWHVFULELyHVWDP~VLFDKDFHGRVFLHQWRVGLHFLVpLVDxRV \RHVFULEtHVWDP~VLFDKDFHGRVFLHQWRVGLHFLVpLVDxRV \RVR\0R]DUW 5HFXHUGRPLHQWUDVPLP~VLFDPHDUUXOOD ODWHRUtDGHODUHODWLYLGDGGH(LQVWHLQ OOHJDQtWLGDDPLFRQFLHQFLD /DUHFRQR]FRVLQWUDEDVODFRPSUHQGRVLQGXGDV <RODHVFULEtVREUHXQDSL]DUUDKDFHRFKHQWD\XQDxRV ODGHVDUUROOpVREUHWUR]RVGHSDSHOWDPDxRFXDUWLOOD YHRPLLPDJHQUHIOHMDGDHQXQHVSHMRVR\XQKRPEUHMRYHQ\QRWHQJRELJRWH DKRUDORFRPSUHQGR\RVR\(LQVWHLQ \D~QQRKHHPLJUDGRDORV(VWDGRV8QLGRVGH$PpULFD ÓWHURSRHPDVGHDPRU$OEHUWR9i]TXH] %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD &KDSRWHRDOHJUHHQPLHQWRUQRHVWLURODHVSDOGDDUTXHRORVEUD]RVDEURORV RMRV\REVHUYR VpTXLpQVR\PHMRU VpTXpVR\ PLREUDHVWiSUy[LPDDVHUFRQIRUPDGD WDQVyORTXHGDQXQRVGtDV (VWLURORVEUD]RV$KRUDORFRPSUHQGR\RVR\-RKQQ\:HLVVPXOOHU\D~QQRKH HPLJUDGRDOFRUD]yQGHÉIULFD *LUR\JLURHQWRUQRDOFRUGyQXPELOLFDO QRWRWHQVRVPLVP~VFXORV\WHQGRQHV 6R\SRGHURVDODUHLQDGHOXQLYHUVR (VFXGULxRHOKRUL]RQWHDEURODERFD\JULWR 5HVXHQDPLDXOOLGRHQODHVWDQFLD (OVLOHQFLRPHORKDGHYXHOWR'HFLGLGDPHQWHVpTXpVR\ 0LREUDHVWiFRPSOHWD <RVR\XQDPDQ]DQDPDGXUDTXHVHGHVSUHQGHGHODUDPDTXHVHDUURMDDO YDFtRTXHVHGRWDGHXQSRUYHQLULQFLHUWR 6RODPHWUDQVIRUPRHQLQVLJQLILFDQFLD 9R\DQDFHU 0LFRQFLHQFLDVHGLVJUHJDUiHQPLOORQHVGHPLOORQHVGHPLOORQHVGHH[LVWHQFLDV \HQXQDGHHOODVUHVLGLUpSDUDVLHPSUH 2OYLGDUpPLSUHVHQFLDJOREDOPLWRGRXQLWDULR 'HMDUpGHVHUHOXQLYHUVRSDUDSDVDUDVHUXQDVROD\GLPLQXWDSDUWHGHpO 0LREUDHVWiFRQIRUPDGDHQVXWRWDOLGDG <DQRVpTXpVR\ 9DJDUpHOUHVWRGHPLVGtDVEXVFDQGRXQUXPER 7UDWDUpGHVHUIHOL] &XULRVDPHQWHVLJRVLHQGRLJXDOGHPDUDYLOORVD ÓWHURSRHPDVGHDPRU$OEHUWR9i]TXH] %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD 'RV ÓWHUR SDWULDTXHPHUH~QH GHDWPyVIHUDDFXRVD\GHVDERUGXOFH GHKRUL]RQWHFHUFDQRDEDUFDEOH DODUJRPLEUD]R\ORWRFRFRQODSXQWDGHPLVGHGRV EXOOLFLRVR UXLGRVHQWRUQRDPt DOQRUWHGXPGXPDOJRVXHQDUtWPLFR\FRQVWDQWH HVHOVROGHPLFRQVWHODFLyQHQWRUQRDORTXHWRGRORTXHFRQR]FRVHRUGHQD VHJXUR\SHUPDQHQWHOHOODPRVRO\VXSUHVHQFLDPHWUDQTXLOL]D DOHVWH\DORHVWHGHODQWH\GHWUiVIORFIORFFDGDXQRKDFHVXWUDEDMRVLQSULVDV VLQGHVFXLGRV FRPSULPHQHKLQFKDQHOKRUL]RQWHODIURQWHUDGHPLSDWULD DOVXUFODQFODQORVOtTXLGRVUHFRUUHQVXFDPLQR OOHQDQRTXHGDGHV\GHVDSDUHFHQPiVDOOiKDFLDOXJDUHVTXHQRDOFDQ]RD UHFRQRFHU SRUWRGRVODGRV]LV]LVODVDQJUHFLUFXODFDQVLQD HVPLDLUHXQDVHQGDTXHPHWUDHODYLGD 6RQLGRVIRUPDQPLSDWULDPHDUUXOODQPHTXLHUHQ QRHVWR\VRODQR HOORVVRQPLIDPLOLD QRFRQR]FRQLQJXQDSDWULDGLVWLQWDGHODPRU HVWRTXHHOFHUFDQRKRUL]RQWHFLUFXQGD 6LDOJRH[LVWHPiVDOOiGHPLOXJDU HVRVHUi HOVLOHQFLR ÓWHURSRHPDVGHDPRU$OEHUWR9i]TXH] %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD 7UHV $SUHQGRDHVWUXFWXUDUPLSHQVDPLHQWR \SLHQVRTXH HQHVWHJUDQSDtVPtRVLHPSUHDWDUGHFHDWUHLQWD\VLHWHJUDGRVFHQWtJUDGRV TXH\RVR\HOSURSLRDWDUGHFHUTXHFDHVLQSULVD TXH\RORVR\WRGRHQHVWHSDtV TXH\RVR\SDtV\PHHQYXHOYRDPtPLVPD $SDUHFHQHVWUHOODVOHMDQDVHQPLSHQVDPLHQWRLGHQWLGDGHVDODVTXHQDGLHKD QRPEUDGR SRUTXHQRKD\QDGLHPiVTXHSXHGDQRPEUDU SRUTXHWRGRORQRPEUDEOHVR\\RPLVPD (VWUHOODVTXHFKRFDQHQORVFRQILQHVGHOXQLYHUVRVHFDOLHQWDQHQXQLQVWDQWH\ WDUGDQYDULRVPLOORQHVGHDxRVHQHQIULDUVH DKRUDODVUHFRQR]FRVRQ\R WRGRHOORVXFHGHHQPLFiOLGR~WHUR RHQHOFRQItQGHOXQLYHUVRHVORPLVPR /RVVRQLGRVTXHHPLWRFRQVWLWX\HQHO5XLGR \QDGDVXHQDDMHQRDpO 3RUTXHHOVLOHQFLRHVODPXHUWHGHPLH[LVWHQFLDHOQDFLPLHQWRDRWUDFRQFLHQFLD GHODTXHQDGDVp $EURORVEUD]RV\QDYHJRLQJUiYLGDVLQUXPERILMR 1DGDPHHVLQFRPSUHQVLEOH $~QRHQPtORTXH\DKDH[LVWLGR\ORTXHUHVWDSRUVHU 1RWHQJR7LHPSR 6R\XQVHUPDUDYLOORVR ÓWHURSRHPDVGHDPRU$OEHUWR9i]TXH] %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD &XDWUR $JDFKRODFDEH]D\FRQPLVRMRVLQFLSLHQWHV PHREVHUYR 0HFRQWHPSOR\FRQWHPSORORTXHPHURGHD 7RGRHVSUiFWLFDPHQWHORPLVPR\R (OXQLYHUVRFRQRFLGRVHUH~QHHQWRUQRDPt QDGDSDUHFHH[LVWLUPiVDOOiGHXQKRUL]RQWHTXHDOFDQ]RDWRFDUFRQODSXQWDGH PLVGHGRV 0HREVHUYR 6R\XQVHUPDUDYLOORVRTXHQDGDHQXQDDWPyVIHUDEODQGD DODTXHPHXQR\GHODTXHGHSHQGRTXHVR\\RTXHFRQIXQGRFRQPLJR 9HRPLSLHO\YHRDWUDYpVGHHOODPLVKXHVRVDGTXLHUHQGXUH]DODDUWHULDDRUWD ERPEHDVDQJUHORREVHUYRWUDVPLSLHOWUDQVSDUHQWH (VHO~QLFRVRQLGRTXHURPSHPLVLOHQFLRVLHPSUHFRQWLQXRVLHPSUHSHULyGLFR VLQGHVIDOOHFHUXQVRORLQVWDQWH $ODUJRPLPDQR\WRFRHOOtPLWHGHOXQLYHUVR OtPLWHEODQGR\RSDFRTXHPHHQYXHOYHDOOiGRQGHPLUH ¢4XpHVpO"¢FXiOHVVXQDWXUDOH]D" 0HHVDMHQRQRORVLHQWRQRORUHFRQR]FRFRPRSDUWHGHPt 0HSURWHJH 6HDORTXHVHDORTXHH[LVWHPiVDOOi VLKD\PiVDOOiVLDOJRH[LVWHWUDVPiVDOOi PHSURWHJH $KRUDORUHFXHUGR /OHJDGpELOGHXQRGHORVULQFRQHVLQPDGXURVGHPLFHUHEUR +DJRXQHVIXHU]R$KRUDORUHFXHUGR +D\DOJXLHQVXSHULRUDPtTXHPHSURWHJH\JXtDPLVSDVRV1RHVWR\VRODHQOD H[LVWHQFLD $ODUJRPLVGHGRV\WRFRHOKRUL]RQWHEODQGR 5HFRQR]FRODSUHVHQFLDGHPLGLRV ÓWHURSRHPDVGHDPRU$OEHUWR9i]TXH] %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD &LQFR 1RUHFRQR]FRRWUDSDWULDGLIHUHQWHGHODPRU PDJQtILFRSDtVFRQVWUXLGRFRQODPDQRGLHVWUDGHPLSHQVDPLHQWR UD]yQVXILFLHQWHSDUDSHUPDQHFHUHQHVWDYLGDXQSRFRPiV \FRQRFHU FRQPLVSURSLRVRMRVWXURVWURVHUHQRTXHD~QQRUHVSLUD $GTXLHUHFRQFLHQFLDUD]yQ VDEHVTXHHVWR\DTXt DKRUD\RSLHQVRSRUORVGRV +DVGHOOHJDU\PDWDUPHKLMDPtDHVWXGHEHU WXFRQFLHQFLD\ODPtDVRQODPLVPDFRVD XQHQWHPDUDYLOORVRTXHQLVHFUHDQLVHGHVWUX\H VyORVHWUDQVIRUPD 1DGDGHORTXHWHGLJDQVHUiFLHUWR WRGRORTXHWHGLJDVHUiFLHUWR QDGDGHORTXHPHGLJDQVHUiFLHUWR WRGRORTXHPHGLJDVVHUiFLHUWR 6HUHPRVODYHUGDGGHQXHVWURDPRU WRGDFHUWH]DVHUiSUHYLDPHQWHFRQVWUXLGDSRUQRVRWURVGRV \QDGDSHUPLWLUHPRVTXHH[LVWDPiVDOOiGHHVWDSDWULD SRUODTXHGDUHPRVODYLGD \ODPXHUWH $GTXLHUHUD]yQSLHQVDPiWDPHOHQWDPHQWH (QODPXHUWHHVWiPLSHUPDQHQFLD $WUDYpVGHWLUHVSLURH[LVWR SLHQVR QRVHQYXHOYHHVHPDUDYLOORVRSDtVOODPDGRDPRU HQHOTXH\RVR\HOUH\UHJHQWH FX\RSRGHUW~KDVGHDVDOWDU $GTXLHUHIXHU]DYLGDPtD ÓWHURSRHPDVGHDPRU$OEHUWR9i]TXH] %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD 6HLV KR\UHVLGH'LRVVHQVLEOHSRpWLFRYLVXDOHQPLQRURHVWHPiVFHUFD GHPtVX~OWLPRUHIXJLRHOFRUD]yQGHOKRPEUH -RUJH2WHL]D 3UHVHQWRPLVUHQXQFLDVSRUHVFULWR DGTXLHURFRQFLHQFLD\Vp 7RGRQRHVPiVTXHXQFHPHQWHULRRULJLQDOHVHQFLDO TXHH[LVWHVLHPSUHHQWRGDVGLUHFFLRQHVKDFLDHO~WHURKDFLDODPXHUWH \QRGHSHQGHGHTXHQXHVWURFRUD]yQODWDDXQDGHWHUPLQDGDYHORFLGDG 6yORH[LVWHOD*UDQ0XHUWHHQODTXHWRGRVVRPRVFLXGDGDQRVVRPHWLGRVDVX OH\ /RGHPiVVRQWUiQVLWRVGHHOODKDFLDHOOD 'RQGHPXHUWHVLJQLILFDSHUYLYHQFLDLQILQLWD TXHUHGPH\VHUpHWHUQR TXHUHRV\QRKDEUiROYLGRSDUDYXHVWURVQRPEUHV 9LYLPRVHQHODPRU DGTXLULGFRQFLHQFLD SXHVQRKD\PiVH[SOLFDFLRQHV 'LRVPLVPRWUDEDMyGXUDQWHVHLVGtDV\VHLVQRFKHV \QRHVFLHUWRTXHGHVFDQVDUDHQHOVpSWLPRGtD FRQWLQ~DWUDEDMDQGRVHLVGtDVPiVVHLVQRFKHVPiVVHLVGtDVPiV £(K'DRVFXHQWDGHORTXHVR\FDSD]GHFRQVWUXLUFRQPLPDQRGLHVWUD )LMDRV¢0HDPiLVDKRUD" <DQWHHOVLOHQFLRTXHWDPELpQHVFUHDFLyQVX\DSRUUHVSXHVWD FRQVWUX\HSXHQWHVTXHDWUDYLHVDQUtRVUtRVTXHIOX\HQDOPDUPDUHVTXHEDxDQ FLXGDGHV £(K0LUDGPH¢0HDPiLVDKRUD" 6R\XQGLRVFRQHOWLHPSRMXVWR QRORSHUGiLVQRPEUiQGRPHQRORGHVSHUGLFLpLVDGRUiQGRPH 'DRVFXHQWD 6RLVIUDJPHQWRVGHXQDJUDQREUDPDJQtILFDTXHDPtWDPELpQPHVXSHUD 'HVWHOOHiLVFRPRODVJRWLWDVGHDJXDGHXQDWRUPHQWD DTXtEULOODXQDDKRUD\GHVDSDUHFH DTXtEULOODRWUDDKRUD\GHVDSDUHFH ÓWHURSRHPDVGHDPRU$OEHUWR9i]TXH] %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD ODWRUPHQWDSHUPDQHFHVXGHVWLQRHVVXSHULRU XQDSDWULDSHUIHFWDHQODTXHYLYLU 5HQXQFLRDWRGR \PHVXPRFRPRXQDJRWLWDPiV DHOOD ÓWHURSRHPDVGHDPRU$OEHUWR9i]TXH] %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD 6LHWH ([WUDxDPiTXLQDGHFRPSUHQGHUFRVDV UHTXLHUHHQWUHQDPLHQWRSUHYLR QRHVLQIDOLEOH SHURJHQHUDOPHQWHKDFHVXWUDEDMR $GTXLHUHFRQFLHQFLD <RQRH[LVWRQRVR\QDGLH 0LUDPLURVWUR\FRPSUHQGHTXHpOHVHOPDSDGHWXSDWULD (ODPRUHVOD~QLFDFDVDGHKDVGHGHIHQGHU $GTXLHUHIXHU]D 0LEUD]RVHFDQVDUiSURQWR\ODHVSDGDTXHVRVWLHQHHVSHVDGD 0LGLVFXUVRVHDJRWDODQJXLGHFH6LHQWRTXHVHUHWXHUFHGHQWURGHPtVyOR VRVWHQLGRSRUHOGHVHRTXHW~KDVGHPDWDU $FDEDFRQPLJR 0LGLVFXUVRVHFDQVDPLEUD]RVHDJRWD QXHVWUDHVWLUSHKDGHSHUGXUDUQXHVWUDSDWULDYLYLUiVLHPSUH $GTXLHUHFRQFLHQFLD 0LDPRUQRFRQRFHHVWHQLRHVWHQRUWHQLVXU (VLQDOWHUDEOHDOYLHQWRRDOVRO ([LVWHVLQGLUHFFLRQHVVLQOyJLFDDSDUHQWH/XFHDPDUJRHQPLJDUJDQWD 6R\HOVROGDGRTXHGHILHQGHODSDWULDKXHFRSHTXHxLWRGRQGHYLYHQXHVWUR DPRU $VHJXURTXHGDUpPXHUWHDTXLHQSUHWHQGDPLPDO6LQUHPRUGLPLHQWR 5HVSHWDOD~QLFDSDWULDTXHKDVGHFRQRFHU <RVR\HVHVHUTXHGXHUPHVLOHQFLRVRDWXODGR