Issuu on Google+

FTUFQPOB

&M QFSJÊEJDP EF 16#-*$"$*ª/ 4&."/"- (3"56*5" "-  %& 4&15*&.#3&  /±.&30 

XXXFMQFSJPEJDPEFFTUFQPOBDPN

/&841"1&3

&M"ZVOUBNJFOUPTFHBTUB )BDJFOEBFTUVEJB FVSPTFOFMQBHPEFQMVTFT SFGPSNBSMBUBTB EFCBTVSBZFM*#* FOUSFPUSBT QPSQSPEVDUJWJEBEFOBHPTUP 3FDBVEBDJÊO

6OBF FNQMFBEBN NVOJDJQBM R RVFO OPQ QFSUFOFDFBBMMBQ QMBOUJMMB EFMMB11PMJDÄB--PDBMO OJMMBE EF# #PNCFSPT Q QFSDJCF F FVSPT  FMDDV¸ESVQMFR RVFTTVTDDPNQBÈFSPTQ QPSFFTUFN NJTNPDDPODFQUP

(O$\XQWDPLHQWRGH(VWHSRQDD WUDYpV GH OD FRQFHMDOtD GH +DFLHQGDHVWiOOHYDQGRDFDER XQRVHVWXGLRVSDUDUHDOL]DUXQD QXHYDUHIRUPDILVFDOVREUHWDVDVH LPSXHVWRV\TXHDIHFWDUtDHQWUH RWUDVDODWDVDGHUHFRJLGDGHED VXUDV\UHVLGXRV\DO,PSXHVWRGH %LHQHV,QPXHEOHV ,%,  SiJ

1PMÄUJDBMPDBM

:PMBOEB7¸[RVF[ OVFWBTFDSFUBSJB HFOFSBMEFM1" EF&TUFQPOB /DDQGDOXFLVWDVHKDFRQYHUWLGRHQ QXHYDVHFUHWDULDGHOSDUWLGRWUDV VXHOHFFLyQHQXQDDVDPEOHDJH QHUDO6XFDQGLGDWXUDREWXYRFLQ FXHQWD\RFKRYRWRVIUHQWHDORV FLQFXHQWD\FXDWURORJUDGRVSRUOD GH-RVp$QWRQLR)HUQiQGH] SiJ

$BUBOIBZBFTEFM&TUFQPOB

(OIXWEROLVWDKLVSDQREUDVLOHxR~OWLPRILFKDMHGHOHTXLSRTXHHQWUHQD5D~O3URFRSLRSURPHWLy DQWHXQFHQWHQDUGHDILFLRQDGRVGDUWRGRORPHMRUGHVtSDUDD\XGDUDOHTXLSR

461-&.&/50&41&$*"-%& %&1035&4&/&-*/5&3*03




F

FTUFQPOB

&M QFSJÊEJDP EF

$0/5&/*%04

/&841"1&3

46#& Å &M&TUFQPOB

#"+" Æ -PTQMVTFT

DYhgd‰la[Y\]^a[`Yb]kim]]kl~dd]nYf\g Y[YZgdYMfaŽf=kl]hgfY;>]kl~\]ngd% na]f\gq\]kh]jlYf\g\]kmd]lYj_gYmfY Y^a[aŽfim]`Y[]qYYgkk]`YZ‰Yj]lajY% \g\]d^“lZgd&

=f…hg[Y\][jakakq[gfdYkalmY[aŽf]fdY im]k]]f[m]fljYfdYkYj[Ykemfa[ahYd]k fg ]k [gehj]fkaZd] im] `YqY mfY ]ehd]Y\Y emfa[ahYd im] k] dd]n] )&*(( ]mjgk]fhdmk\]hjg\m[lana\Y\&

EFQVÈPZMFUSB

FTUFQPOB

&M QFSJÊEJDP EF

/&841"1&3

;'?jYfY\Y$) )%) )³; *1.0(%= =kl]hgfY 0(/ /() ). L]d…^gfgqq^^Yp21-*0

af^gjeY[agf8 h]jag\a[g]kl]hgfY&]&l]d]^gfa[Y&f]l =\alY2E=<A99KG;A9<GK Aehjae]29:;$ K&D& <]hŽkalgD D]_Yd2K=%)-)(%*((+ Hj]ka\]fl]E E=<A9 9KG;A9<GK2 9flgfag?Yj[‰Y?gfr~d]r <aj][lgj2 9flgfag?Yj[‰Y?gfr~d]r <ak]g2

Jm^afg9\~f

;gdYZgjY\gj]k2 BmYfbgEY[aYk 9flgfag?Že]r HmZda[a\Y\2 Bgk…FYnYjjg <hlg&; ;ge]j[aYd2.*-.-,.1) 9\eafakljY[aŽf2 F]j]YK~f[`]rE]f\grY <akljaZm[aŽf2

BmYfGj]ddYfY

>glg_jY^‰Y2E=<A99KG;A9<GK$ JY^Y]d?Yd~f

&EJUPSJBM

/

RVSDUWLGRVSROtWLFRVGH (VWHSRQDQRGHMDQGH GDUVRUSUHVDDORVFLXGD GDQRV\VLKDFHSRFDVIHFKDVOD MXJDGDHVWDEDHQHO3DUWLGRGH (VWHSRQD FRQ HO SDVH GH &DUPHQ2FDxD\)UDQFLV%HUQDO DOJUXSRGHFRQFHMDOHVQRDGV FULWRV DKRUDODMXJDGDKDFDtGR GHO ODGR GHO 3DU WLGR $QGDOXFLVWD (VWDVHPDQDVHFHOHEUDED DVDPEOHDGHHVWDIRUPDFLyQSD UDHOHJLUDXQQXHYRVHFUHWDULR JHQHUDO\XQJUXSRGHPLOLWDQ WHVDQGDOXFLVWDV ELHQPDQHMD GRVSRUKLORVDILQHVDOPXQGR SHULRGtVWLFR KDEtDQSUHSDUDGR XQDHVWUDWHJLDPRUWDOSDUDDFD EDUFRQODFDUUHUDSROtWLFDGH 5DIDHO0RQWHVLQRV /OHYDEDQ WLHPSRSHUJHxDQGRODMXJDGD DXQTXHHOORLPSOLFDUDGHMDUVLQ WUDEDMRDSHUVRQDVTXHHQXQ PRPHQWRGDGRVHPRVWUDUDQ FRQWUDULDVDWUDLFLRQDUDODSHU VRQDTXHOHKDEtDHOSXHVWRTXH DKRUDRFXSDQ

7RGRHVWDEDSUHSDUDGRSD UDTXHHOSDVDGROXQHV -RVp $QWRQLR)HU QiQGH ] DOTXH DFRPSDxDED HQ OD OLVWD OD FRQFHMDOD/LQD5LYDV RWURUD VHFUHWDULDGH0RQWHVLQRV VH FRQYLUWLHVHHQXQVHFUHWDULR JHQHUDOTXH DEXHQVHJXUR VH YHUtDREOLJDGRDWHQHUTXH DFDWDUGHFLVLRQHVTXHQRVDO GUtDQGHVXFDEH]D 3HURVDOWyODVRUSUHVD\HV WHJUXSRVHTXHGyDFXDGURV FXDQGRHQHOUHFXHQWRGHYR WRVFRPSUREDURQFRPRKDEt DQ SHUGLGR \ TXH <RODQGD 9i]TXH]3DUWDO DQWHULRUPHQ WH GHIHQHVWUDGD SRU 0RQWHVLQRVHQODVSDVDGDV HOHFFLRQHV VH KDFtD FRQ HO WULXQIR\ SRUHQGH FRQODVH FUHWDUtDJHQHUDOGHOSDUWLGR $KRUDVHDEUHXQQXHYR SHULSOR FRPSOLFDGR SHURTXH DEXHQVHJXUR SHVHDODVGH FODUDFLRQHV GH <RODQGD 9i]TXH] YDDWHUPLQDUGHSR QHUDFDGDFXDOHQVXVLWLR

DPOUFOJEPT PQJOJÊO



BDUVBMJEBE



DVMUVSB



MBDPDUFMFSB



EFQPSUFT



&OFMSFDVFSEP



NPUPS



TBMVE



BHFOEBEFTFSWJDJPT



DMBTJGJDBEPT



&M1FSJÊEJDPEF&TUFQPOBZTVFNQSFTB FEJUPSBOPTFIBDFOSFTQPOBCMFTEFMBT PQJOJPOFTWFSUJEBTQPSTVTDPMBCPSBEPSFT ZSFNJUJEPT 2VFEBUPUBMNFOUFQSPIJCJEBMBSFQSPEVD DJÊOUPUBMPQBSDJBMEFDVBMRVJFSDPOUFOJ EP UBOUPFTDSJUPDPNPHS¸GJDP VTBEPQPS &M1FSJÊEJDPEF&TUFQPOBTJOTVQSFWJP DPOTFOUJNJFOUP

FMQJDPUB[P

MBWJÈFUB KYfH HYZdg$* *, =flj]h&H Hm]jlY? ?) ))+(( DYD D‰f]Y\ \]ddY; ;gf[]h[aŽf ;~\ar! L]d&'> >Yp21 1-./ /.1 1-+ +,

=%e eYad2 emdlae]\aYYkg[aY\gk8l]d]^gfa[Y&f]l

~

1BSFDFRVFVOTPDJBMJT UB TFHÑOEJDFFOOPN CSFEFM1SPWJODJBM TFFODBSHB EFSFVOJSNJMJUBOUFTFOIPUF MFTQBSBMMFWBSBDBCPVOBSF OPWBDJÊOUPUBMEFMQBSUJEP&O .¸MBHBOPTBCFOOBEBEFOB EB

~

&TUFHPCJFSOPQBSFDF RVFTFDBSBDUFSJ[BQPS MBTEJTQVUBTQPSMPTEFT QBDIPT)BDFQPDPVOBDPODF KBMBJOUFOUÊFDIBSEFMTVZPB VOGVODJPOBSJP%FNPNFOUP HBOBFMGVODJPOBSJP


FTUFQPOB

&M QFSJÊEJDP EF

01*/*ª/

/&841"1&3



-RVp&DUORV$JXLOHUD $FW~DFRPRDERJDGRGHIHQVRUHQHOFDVR$VWDSD 

&XDQGRODSULVLyQHVLOHJtWLPD

(

ODUWGHOD&RQVWLWXFLyQ(VSDxRODGLFHTXHWRGDSHUVRQDWLH QHGHUHFKRDODOLEHUWDG\TXH VLHVGHWHQLGD GHEHVHULQIRUPD GDGHIRUPDLQPHGLDWD\GHPRGRTXHOHVHDFRPSUHQVLEOH GH VXVGHUHFKRV\GHODVUD]RQHVGHVXGHWHQFLyQ\DxDGHTXH SRUOH\ VH GHWHUPLQDUiHOSOD]RPi[LPRGHGXUDFLyQGHODSULVLyQSURYLVLRQDO /DSULVLyQSURYLVLRQDOHVXQDPHGLGDFDXWHODUGHSULYDFLyQGHOLEHU WDGTXHHO-XH]SXHGHDGRSWDUFXDQGR H[LVWLHQGRLQGLFLRVUDFLRQDOHV GHODFRPLVLyQGHXQGHOLWRJUDYH VHDQHFHVDULDSDUDFRQVHJXLUDOJXQR GHHVWRVILQHV D FXDQGRH[LVWDULHVJRGHIXJDE HYLWDUODRFXOWDFLyQ DOWHUDFLyQRGHVWUXFFLyQGHODVIXHQWHVGHSUXHEDUHOHYDQWHVSDUDODLQ YHVWLJDFLyQ\ F TXHHOLPSXWDGRSXHGDDFWXDUFRQWUDORVELHQHVMXUt GLFRVGHODYtFWLPDRTXHYXHOYDDGHOLQTXLU /D&RQVWLWXFLyQH[LJHTXHODSULVLyQSURYLVLRQDOGHEDVHUFRQFHEL GD HQVXDGRSFLyQ\PDQWHQLPLHQWR FRPRXQDPHGLGDHVWULFWDPHQWH QHFHVDULD GHDSOLFDFLyQH[FHSFLRQDO VXEVLGLDULD SURYLVLRQDO\SURSRU FLRQDGDDORVILQHVTXHFRQVWLWXFLRQDOPHQWHODMXVWLILFDQ\OHJLWLPDQ (O7ULEXQDO&RQVWLWXFLRQDOKDSURFODPDGRTXHHQYLUWXGGHOGHUH FKRDODSUHVXQFLyQGHLQRFHQFLDHOLPSXWDGRWLHQHHOGHUHFKRDUHFLELU ODFRQVLGHUDFLyQ\HOWUDWRGHQRDXWRURQRSDUWtFLSHHQKHFKRVGHFD UiFWHUGHOLFWLYR <DxDGHTXH HOKHFKRGHTXHHOLPSXWDGRKD\DGHVHUFRQVLGHUD GRQRFXOSDEOH REOLJDDQRFDVWLJDUOHSRUPHGLRGHODSULVLyQSUHYHQWL YD < FRQPD\RUUD]yQ SURVFULEHODXWLOL]DFLyQGHODSULVLyQFRQOD ILQDOLGDGGHLPSXOVDUODLQYHVWLJDFLyQGHOGHOLWR REWHQHUSUXHEDVRGH FODUDFLRQHV HWF \DTXHXWLOL]DUFRQWDOHVILQHVODSULYDFLyQGHOLEHUWDG H[FHGHORVOtPLWHVFRQVWLWXFLRQDOHV (QOD2SHUDFLyQ$VWDSDFXDWURGHORVLPSXWDGRVSHUPDQHFHQHQ SULVLyQSURYLVLRQDOGHVGHHOSDVDGRGHMXQLR HVGHFLU GHVGHKDFH\D GRVPHVHV\PHGLR VLQGXGD WRGDXQDHWHUQLGDGSDUDHOORV\SDUDVXV KLMRV HVSRVDV SDGUHV KHUPDQRV HWF <HVWiQHQSULVLyQVLQVDEHUSRUTXp ORTXHDFUHFLHQWDVXDPDUJXUD \VXIULPLHQWR 1XQFDKDQVLGRLQIRUPDGRVGHODVUD]RQHVGHVXGHWHQ FLyQ QLGHODVGHVXSULVLyQ VROROHVKDQGLFKRTXHKDQYLRODGRXQVLQ ILQGHDUWtFXORVGHO&yGLJR3HQDO SHURQLXQDSDODEUDGHODVVXSXHVWDV FRQGXFWDVTXHSXGLHUDQVHUFRQVWLWXWLYDVGHHVRVGHOLWRV $KRUD HO-X]JDGROHVKDGHQHJDGRODSHWLFLyQGHOLEHUWDG VHJ~QVH KDSXEOLFDGR ORVPRWLYRVVRQTXHHVWDQGRSHQGLHQWHGHSUDFWLFDUVHHQ EUHYHXQDVHULHGHSUXHEDVGHJUDQLPSRUWDQFLDSDUDODLQYHVWLJDFLyQ VXEVLVWHHOULHVJRGHTXHVHDQPDQLSXODGDVSRUORVLPSXWDGRV (VGHFLU ODOLEHUWDGVHKDFHGHSHQGHUGHODSUiFWLFDGHHVDVSUXHEDV ¢6RQHVWRVPRWLYRVEDVWDQWHVSDUDOHJLWLPDUHOPDQWHQLPLHQWRGHOD SULVLyQSURYLVLRQDORVRQFRQWUDULRVDORVSULQFLSLRVGHH[FHSFLRQDOLGDG SURSRUFLRQDOLGDG\SURYLVLRQDOLGDGSRUORVTXHGHEHUHJLUVHHVWDPHGL GD" 5D]RQDUpPLUHVSXHVWD (QSULPHUOXJDU ODH[FHSFLRQDOLGDG ODSUL VLyQSURYLVLRQDOFRQVWLWX\HXQDSURIXQGDLQMHUHQFLDHQODOLEHUWDGGHO LPSXWDGR\HQHOQ~FOHRPiVVDJUDGRGHVXVGHUHFKRVIXQGDPHQWDOHV

(QVHJXQGROXJDU ODSURSRUFLRQDOLGDG ¢FyPRYDQORVLPSXWDGRVD PDQLSXODUODVGHFODUDFLRQHVGHWHVWLJRVRLPSXWDGRVVLGHVFRQRFHQ TXLpQHVVRQ" $OUHVSHFWR HVHORFXHQWHODUHVROXFLyQGHOD$XGLHQFLD 3URYLQFLDOGH/DV3DOPDVHQHOFDVRGHODWUDPDHyOLFD HVWD6DODKD GHWHQHUHQFXHQWDTXHODVDFWXDFLRQHVKDQVLGRGHFODUDGDVVHFUHWDV SRUORTXHORVLPSXWDGRVYHQUHGXFLGDVVXVIDFXOWDGHVGHRFXOWDFLyQGH SUXHEDV DOGHVFRQRFHUODPDUFKDGHODLQYHVWLJDFLyQ\GHODVGLOLJHQ FLDVTXHVHHVWiQSUDFWLFDQGR <WHUFHUR OD&RQVWLWXFLyQDPSDUDORVGHUHFKRVDODWXWHODMXGLFLDO HIHFWLYD\DXQSURFHVRVLQGLODFLRQHVLQGHELGDV &RQWXQGHQWHVVRQODV VHQWHQFLDVGHO7&TXHDILUPDQTXH«VLELHQKD\TXHGHVWHUUDUODVGL ODFLRQHVLQGHELGDVHQFXDOTXLHUSURFHGLPLHQWR HOFHORGHODDXWRULGDG MXGLFLDOHQREWHQHUODUDSLGH]GHOSURFHGLPLHQWRWRGDYtDKDGHVHUPX FKRPD\RUHQODVFDXVDVFRQSUHVR <QRYDOHFRPRFDXVDGHMXVWLILFD FLyQGHORVUHWUDVRVODVREUHFDUJDGHWUDEDMRGHOyUJDQRMXULVGLFFLRQDO 3RUWDQWR ¢KDKDELGRWLHPSRVXILFLHQWH GHVGHHOSDVDGRGHMX QLR SDUDSUDFWLFDUHVDVSUXHEDVTXHVHGLFHQWDQLPSRUWDQWHVSDUDOD LQYHVWLJDFLyQ" (O7&WLHQHGHFODUDGRTXHHQHOSURFHVRSHQDO HQFDX VDVFRQSUHVR WRGDVODVKRUDVGHOGtD WRGRVORVGtDVGHODVHPDQD\WR GRVORVPHVHVGHODxR VRQKiELOHV 1RKD\YDFDFLRQHV QLGtDVIHVWLYRV 3RUFRQVLJXLHQWH VRORVHSXHGHFRQFOXLUTXHKDKDELGRWLHPSRGHVR EUD 'HDKtTXHODWDUGDQ]DLQH[SOLFDEOHHLQH[SOLFDGDHQODSUiFWLFDGH HVDVGLOLJHQFLDVGHSUXHEDQRSXHGDVXVWHQWDU QLXQGtDPiV ODSULVLyQ GHORVLPSXWDGRV /D$XGLHQFLD3URYLQFLDOGH0iODJDKDSURFODPDGRTXHWRGRSUHVR SUHYHQWLYRWLHQHHOGHUHFKRIXQGDPHQWDODQRSHUPDQHFHUHQSULVLyQ SURYLVLRQDOPiVDOOiGHXQSOD]RUD]RQDEOH 3XHVELHQ HQEDVHDHVWDVFRQVLGHUDFLRQHVPLRSLQLyQSURIHVLRQDOHV TXHODSULVLyQSURYLVLRQDOGHORVFXDWURLPSXWDGRVGHOFDVR$VWDSDHV D HVWDVDOWXUDV XQDIODJUDQWHYLRODFLyQGHVXGHUHFKRIXQGDPHQWDODOD OLEHUWDG\ HQFRQVHFXHQFLD LOHJLWLPD (OtDV'tD]DILUPyORVLJXLHQWH &XDQGRIDOWDQJDUDQWtDV SURFHVDOHV FXDQGRORVGHWHQLGRV\SURFHVDGRVQRVRQUHVSHWD GRV FXDQGRHOSRGHUSROtWLFRVHLQPLVFX\HEDMRIRUPDVGLIH UHQWHVHQODDFWXDFLyQGHORV7ULEXQDOHV«HWF SXHGHGHFLUVH TXHQRH[LVWHHQPRGRDOJXQR(VWDGRGH'HUHFKR 3XHVGH HVRVHWUDWD GHUHVSHWDUHO(VWDGRGH'HUHFKR




FTUFQPOB

&M QFSJÊEJDP EF

"$56"-*%"%

/&841"1&3

&M"ZVOUBNJFOUPQBHBFVSPT EFQSPEVDUJWJEBEFOFMNFTEFBHPTUP 6OBF FNQMFBEB R RVFO OPQ QFSUFOFDFB B11PMJDÄBO OJBB# #PNCFSPT SFDJCF  FFMDDV¸ESVQMFR RVFFFMSSFTUPE EFTTVTDDPNQBÈFSPT

"(BSDÄB

&

3ROLFtD\%RPEHURVWLHQHQDVLJQDGRVORVSOXVHVGHSURGXFWLYLGDG

O$\XQWDPLHQWRYHQGUiREOLJDGR DWHQHUTXHSRQHUHQPDUFKDHQ HOSOD]RGHWUHVPHVHVXQSODQ GH VDQHDPLHQWR GHVSXpV TXH VH DSUXHEHQHQSOHQRODVFXHQWDVGHO 3UHVXSXHVWRGHVHJ~QVHGHV SUHQGHGHODVFRQFOXVLRQHVDOFDQ]D GDV SRU HO DQWHULRU LQWHUYHQWRU 0LJXHO$QJHO*XWLpUUH]9HOD\TXH VHSODVPDQHQODGRFXPHQWDFLyQTXH DFRPSDxDDOEDODQFHFRQWDEOHGHO $\XQWDPLHQWR FRQ DUUHJOR DO 3UHVXSXHVWRGHTXHDUURMDXQ GpILFLWGHVHVHQWD\FXDWURPLOORQHV GHHXURV 3HURHVWDQRWLFLDQRHVQXHYD\D TXH GHVGH OD OOHJDGD GH 'DYLG 9DODGH]DODDOFDOGtDGH(VWHSRQD SDUDFRQYHUWLUVHHQUHJLGRUpVWH VLHPSUHKDSURFODPDGRTXHOOHYDUtD XQDSROtWLFDGHDXVWHULGDGHQHOJDVWR DQWHODFDyWLFDVLWXDFLyQTXHSUHVHQ WDQODVDUFDVPXQLFLSDOHV (QXQDUXHGDGHSUHQVDFHOHEUD GDSDUDKDFHUHOEDODQFHGHOSULPHU PHVFRPRDOFDOGHGHODFLXGDG 9DODGH]PDQLIHVWyTXHFRPRUHVXOWD GRGHODSROtWLFDGHFRQWHQFLyQGHO JDVWRHO$\XQWDPLHQWRVHDKRUUDUtD HVWHDxRHXURVWUDVOD SXHVWDHQPDUFKDGHOSDTXHWHGHPH GLGDVHQHVHSULPHUPHV\HQFDPLQD GDV D OD FRQWHQFLyQ GHO JDVWR PXQLFLSDO /DSULPHUDDXWRULGDGPXQLFLSDO FRQILUPyHQDTXHOODUXHGDGHSUHQVD HOGHVSLGRGHRQFHFDUJRVGHDOWDGL UHFFLyQFRQWUDWDGRVDWUDYpVGHODV HPSUHVDVPXQLFLSDOHVORTXHVXSR QHUHODKRUURDQXDOGHHX URVFDQWLGDGDODTXHVLJXHQORV HXURVTXHQRVHJDVWDUiQ WUDVODUHGXFFLyQGHOQ~PHURGHFDU JRVGHFRQILDQ]DFRQWUDWDGRVDWUD YpVGHO$\XQWDPLHQWRDVtFRPRORV GHHOHPLQDFLyQGHSOXVHVGH OLEUHGHVLJQDFLyQ$ HOORKD\TXH DxDGLUORVHXURVSRUODUHQR YDFLyQGHFRQWUDWRVWHPSRUDOHV 3HVHDHVWDSROtWLFDGHFRQWHQ FLyQGHOJDVWRHO$\XQWDPLHQWRGH (VWHSRQDKDJDVWDGRHOSDVDGRPHV

GHDJRVWRXQPRQWDQWHGHWUHLQWD\ VLHWHPLOHXURVHQSDJRVGHSOXVHVGH SURGXFWLYLGDGDHPSOHDGRVPXQLFL SDOHV 6HJ~QKDSRGLGRFRQRFHUHVWH SHULyGLFRGHIXHQWHVFRQRFHGRUDV GHODVXQWRHVWDVFDQWLGDGHVGHVWLQD GDVDSDJRVSRUSURGXFWLYLGDGVRQ SDUD HPSOHDGRV GH OD 3ROLFtD 0XQLFLSDOPLHPEURVGHO&XHUSRGH %RPEHURV\DOJXQRVHPSOHDGRVPX QLFLSDOHVTXHSUHVWDQVXVVHUYLFLRV HQ ODV RILFLQDV GHO 3DWURQDWR 0XQLFLSDOGH5HFDXGDFLyQ /DPHGLDTXHYLHQHQFREUDQGR HVWRVHPSOHDGRVPXQLFLSDOHVSRUHV WHFRQFHSWRVHVLW~DHQXQDFLIUDFHU FDQDDORVGRVFLHQWRVFLQFXHQWD HXURVGHVSXpVTXHORVLQWHJUDQWHVGH HVRVGHSDUWDPHQWRVDWUDYpVGHORV VLQGLFDWRVDOFD]DVHQXQDFXHUGRHQ OD0HVDGH6HJXLPLHQWRFUHDGDDO HIHFWRSDUDGDUVROXFLyQDODVLWXD FLyQFUHDGDSRUHODQWHULRUFRQFHMDO GH+DFLHQGD)UDQFLVFR=DPRUDQR FXDQGRpVWHGHFLGLyTXLWDUHVWRVSOX VHVHQHO 6OBFNQMFBEBEFPUSBEFMFHBDJÊO

3HURORFXULRVRGHHVWDVLWXDFLyQ\HV ORTXHOODPDSRGHURVDPHQWHODDWHQ FLyQHQHVWHFDVRHVTXHODSHUVRQD TXHPiVKDFREUDGRHQFRQFHSWRGH SOXVGHSURGXFWLYLGDGHQHOPHVGH DJRVWRKDVLGRXQDHPSOHDGDTXHQR WLHQHQLQJ~QWLSRGHYLQFXODFLyQQL FRQHOGHSDUWDPHQWRGHOD3ROLFtD /RFDOQLFRQHOGH%RPEHURVQLHV GHO JUXSR GH HPSOHDGRV TXH HO $\XQWDPLHQWRWLHQHHQODVGHSHQGHQ FLDV GHO 6HUYLFLR 3URYLQFLDO GH 5HFDXGDFLyQyUJDQRGHSHQGLHQWHGH OD'LSXWDFLyQ3URYLQFLDO(VWDSHUVR QDUHDOL]DVXODERUHQRWURGHSDUWD PHQWRTXHQDGDWLHQHTXHYHUFRQ ORVPHQFLRQDGRV\KDSHUFLELGRSRU HVWHFRQFHSWRODFDQWLGDGGHPLOGRV FLHQWRVHXURVORTXHVXSRQHFXDWUR YHFHVPiVGHORTXHKDELWXDOPHQWH SHUFLEHQORVDJHQWHVGH%RPEHURV\ 3ROLFtD/RFDOVHJ~QVHGHVSUHQGHGH ODGRFXPHQWDFLyQDODTXHKDWHQLGR DFFHVRHVWHSHULyGLFR 7DPELpQKD\RWURWUDEDMDGRUPX QLFLSDOTXHKDUHFLELGRXQSOXVGH SURGXFWLYLGDGGHRFKRFLHQWRVFLQ FXHQWDHXURVORTXHGLVWDHQWUHV FLHQWRVFLQFXHQWDHXURVODFLIUD SHUFLELGDSRUHVWDWUDEDMDGRUDTXH SRGUtDWHQHUSDUHQWHVFRFRQXQDOWR FDUJRGHO$\XQWDPLHQWRHQODDFWXD OLGDG(VWHSHULyGLFRTXLVRFRQRFHU ODRSLQLyQGHORVVLQGLFDWRVDXQTXH pVWRVGHFOLQDURQSURQXQFLDUVH


FTUFQPOB

&M QFSJÊEJDP EF

"$56"-*%"%

/&841"1&3



-BBOEBMVDJTUB:PMBOEB7¸[RVF[TFDPOWJFSUFFO MBOVFWBTFDSFUBSJBHFOFSBMEFM1"EF&TUFQPOB 4VDDBOEJEBUVSBP PCUVWPDDJODVFOUBP PDIPWWPUPTGGSFOUFBBMMPT DJODVFOUBDDVBUSPMMPHSBEPTQ QPSMMBE EF++PTÀ" "OUUPOJP''FSO¸OEF[

" (BSDÄB „  /D DQGDOXFLVWD <RODQGD9i]TXH]VHKDFRQYHUWLGR HQQXHYDVHFUHWDULDJHQHUDOGHO 3DUWLGR$QGDOXFLVWDGH(VWHSRQD GHVSXpVTXHHOSDVDGROXQHVVHFHOH EUDVHXQDDVDPEOHDJHQHUDOGHOD IRUPDFLyQSDUDOOHYDUDFDEROD HOHFFLyQ )XHURQWUHVODVFDQGLGDWXUDVTXH VHSUHVHQWDURQSDUDODHOHFFLyQGH VHFUHWDULRJHQHUDOODHQFDEH]DGD SRU-RVp$QWRQLR)HUQiQGH]GHOD TXHIRUPDEDSDUWHWDPELpQODFRQ FHMDOD/LQD5LYDVODHQFDEH]DGD SRU<RODQGD9i]TXH]\ODHQFDEH]D GDSRU)UDQFLV0RQWHUR 7UDVODYRWDFLyQODRSFLyQFR PDQGDGDSRU<RODQGD9i]TXH]VH DO]yFRQHOWULXQIRDOREWHQHUXQWR WDOGHFLQFXHQWDRFKRYRWRVODFDQ GLGDWXUDGH-RVp$QWRQLR)HUQiQGH] ORJUyXQWRWDOGHFLQFXHQWD\FXDWUR YRWRVPLHQWUDVTXHODGH)UDQFLV 0RQWHURVyORFRQWyFRQHODSR\RGH VLHWHYRWRV2WURVVLHWHIXHURQHQ EODQFR (ODFWRFHOHEUDGRHQHO'XTXHVD 3DODFHFRQWyFRQXQDDVLVWHQFLDGH

<RODQGD9i]TXH]HQXQDLPDJHQGHDUFKLYR

XQRVGRVFLHQWRVPLOLWDQWHVGHODIRU PDFLyQTXHVHJ~QIXHQWHVGHOD PLVPDVHFLIUDUtDHQXQRFKHQWDSRU FLHQWRGHODPLOLWDQFLD 7UDVVXHOHFFLyQODQXHYDVHFUH WDULDJHQHUDOGHORVDQGDOXFLVWDVGH

(VWHSRQDHQYLyDODPLOLWDQFLDXQ PHQVDMHGHLQWHJUDFLyQKDFLHQGR YHUTXHVXODERUYDDVHUODGHOD XQLILFDFLyQHQHOQXHYRFRPLWpGH SHUVRQDVGHODVWUHVFDQGLGDWXUDV 0LLGHDHVSRGHUDFRJHUDFRPSD

xHURVGHODVWUHVFDQGLGDWXUDVHV SRUORTXHODTXHSUHVHQWpHUDFRU WD 9i]TXH]VHPRVWUyVDWLVIHFKD FRQHODOWRQLYHOGHSDUWLFLSDFLyQ TXHKXERHQODDVDPEOHDDXQTXHQR WXYRSUREOHPDVHQUHFRQRFHUTXH PXFKDVSHUVRQDVQRSXGLHURQYRWDU DOQRHVWDUDOFRUULHQWHGHOSDJRGH ODVFXRWDV\RWUDVSRUQRHVWDUDILOLD GDVDXQTXHKD\DVLGRVLPSDWL]DQWHV 3DUDODVHFUHWDULDJHQHUDOWRGRV ORVTXHVHVLHQWHQDQGDOXFLVWDVWLH QHQXQVLWLRHQHOSDUWLGR\DTXHOR TXHTXHUHPRVHVXQSDUWLGRHQHO TXHWRGRHOPXQGRWHQJDGHUHFKRD PDQLIHVWDUVXVSODQWHDPLHQWRVHQ WRWDOOLEHUWDG\HQHOTXHKD\DPX FKRGLiORJR &RQUHVSHFWRDODFRQFHMDOD/LQD 5LYDV<RODQGD9i]TXH]PDWL]yTXH pVWDFXHQWDFRQWRGRVXDSR\RKD FLHQGR OR SURSLR FRQ 5DIDHO 0RQWHVLQRVGHOTXHGLMRTXHOOHYD PXFKRVDxRVDOIUHQWHGHODIRUPD FLyQSROtWLFD(VXQDSHUVRQDTXH KDGHMDGRKXHOODDXQTXHVXPR PHQWR\DKDSDVDGR 3HVHDHOOR9i]TXH]DJUHJyTXH HQHVWRVPRPHQWRVVHPDQWLHQHQ FRQYHUVDFLRQHVSDUDSRGHUFHUUDUHO QXHYRFRPLWpGHOSDUWLGR




FTUFQPOB

&M QFSJÊEJDP EF

"$56"-*%"%

/&841"1&3

)BDJFOEBFTUVEJBSFGPSNBSMBUBTB EFCBTVSBZFM*#* FOUSFPUSBT 6OBE EFMMBTGGÊSNVMBTR RVFC CBSBKBF FM" "ZVOUBNJFOUPFFTSSFUJSBS QSPHSFTJWBNFOUFMMBTTVCWFODJÊOE EFM**#*BBMMPTTFFNQBESPOBEPT

/DWDVDSRUODUHFRJLGDGHEDVXUDVHVXQRGHORVWHPDVDHVWXGLDU "(BSDÄB

&

O$\XQWDPLHQWRGH(VWHSRQDD WUDYpV GH OD FRQFHMDOtD GH +DFLHQGDHVWiOOHYDQGRDFDER XQRVHVWXGLRVSDUDUHDOL]DUXQDQXH YDUHIRUPDILVFDOVREUHWDVDVHLP SXHVWRV\TXHDIHFWDUtDHQWUHRWUDVD ODWDVDGHUHFRJLGDGHEDVXUDV\UHVL GXRV \ DO ,PSXHVWR GH %LHQHV ,QPXHEOHV ,%, VHJ~QKDSRGLGR FRQRFHUHVWHSHULyGLFR &RPR\DSXEOLFyHVWHSHULyGLFR HQHGLFLRQHVDQWHULRUHVHODVXQWR

UHODWLYRDODVWDVDV\ORVLPSXHVWRV VHYLRDIHFWDGRSRUXQDUHIRUPDILV FDOTXHOOHYyDFDERHODQWHULRUFRQ FHMDO GH +DFLHQGD )UDQFLVFR =DPRUDQR\ORTXHSURYRFyQXPH URVDVSURWHVWDVFLXGDGDQDVSRUOHUH YLVLyQ FDWDVWUDO \ OD VXELGD GHO ,PSXHVWR GH %LHQHV ,QPXHEOHV ,%,  7UDVHOORHOHTXLSRTXHHQWRQFHV GLULJtD$QWRQLR%DUULHQWRVDSOLFy XQDIyUPXODTXHHVWDEOHFtDXQDV D\XGDVDORVHPSDGURQDGRVHQOD FLXGDGTXHSDJDUtDQHOLPSRUWHGHO

*OJDJBEPVOQMBOEFDIPRVFEF MJNQJF[BFOFM1PMÄHPOP*OEVTUSJBM &OMMBB BDUVBMJEBETTFI IBO TJEPSSFUJSBEPTN N¸TE EF  WFIÄDVMPTB BCBOEPOBEPT 3FEBDDJÊO„(O$\XQWDPLHQWRGH (VWHSRQDKDLQLFLDGRXQSODQGHFKR TXH GH OLPSLH]D SDUD GRWDU DO 3ROtJRQR,QGXVWULDOGHXQDPHMRULPD JHQ\VHJXULGDG 7UDVGLYHUVDVUHXQLRQHVGHODFRQ FHMDODGHOiUHDPXQLFLSDO5RVD'tD] FRQHOJHUHQWHGHODHPSUHVD&HVSD VHKDDFRUGDGRTXHORVGtDV\VH SURFHGHUiDODUHFRJLGDGHORVHQVHUHV TXHQRKD\DQVLGRUHWLUDGRVFRQDQWH ULRULGDG\GHODOFRQWLQXDUiQ ODVWDUHDVGHOLPSLH]DFRQHOEDUULGR\ HOEDOGHRGHFDOOHV\DFHUDVVLELHQHO PDQWHQLPLHQWRGHOLPSLH]DFRQWLQXD UiGHIRUPDGLDULD 'DGRTXHODUHFRJLGDGHODEDVXUD VHKDUiSRUODQRFKHORVFRQWHQHGRUHV

GHO$\XQWDPLHWQRGHEHUiQHVWDUXEL FDGRVHQORVSXQWRVHVWUDWpJLFRVFRQ VHQVXDGRVFRQORVLQGXVWULDOHVHQ OXJDUGHVLWXDGRVHQVXPD\RUtDHQHO LQWHULRUGHODVQDYHV(QHVWHVHQWLGR VHLQFUHPHQWDUiHOQ~PHURGHFRQWH QHGRUHVH[LVWHQWHVFLIUDGRVDKRUDHQ \VHUiQDVLPLVPRFODVLILFDGRV $ ILQGHGDUUHVSXHVWDDODVSULQFL SDOHVGHPDQGDVGHVHJXULGDG\OLP SLH]DGHORVLQGXVWULDOHV 5 R V D 'tD]KDVROLFLWDGRVXFRODERUDFLyQD ODKRUDGHJHVWLRQDUORVUHVLGXRVTXH JHQHUDQ\KDUHFRUGDGRHOQ~PHURGH UHFRJLGDGHHQVHUHVGH&(63$  (QRWURRUGHQGHDFWXDFLR QHVODHGLOKDDJUDGHFLGRODFRODERUD FLyQGHRWUDVGHOHJDFLRQHVHQODV WDUHDVGHOLPSLH]DGHOD]RQDGXUDQWH ODV~OWLPDVVHPDQDVOD3ROLFtD/RFDO KDUHWLUDGRPiVGHYHKtFXORVDEDQ GRQDGRV

,%,GHODxRDQWHULRUPiVODVXELGD GHO,3&PLHQWUDVTXHORVQRUHVL GHQWHVWHQGUtDQTXHDERQDUXQDVX ELGDGHDOJRPiVGHOXQRSRUFLHQWR $KRUDVHJ~QODLQIRUPDFLyQRE WHQLGDSRUHVWHSHULyGLFRODGHOHJD FLyQGH+DFLHQGDEDUDMDHQWUHRWUDV SRVLELOLGDGHVODGHILMDUHOFRHIL FLHQWHGHO,%,HQXQDXQTXH HVWDSRVLELOLGDGDOEHUJDUtDODVXSUH VLyQGHODD\XGDSDUDORVUHVLGHQWHV TXHGDQGRHOFRHILFLHQWHFLWDGRGH DSOLFDFLyQWDQWRSDUDUHVLGHQWHVFR PRSDUDQRUHVLGHQWHV (OFRQFHMDOGH+DFLHQGDKDVLGR LQWHUURJDGRSRUHVWHSHULyGLFRVREUH HOUHVSHFWRPDQLIHVWDQGRTXHHVWD HVXQDGHODVVROXFLRQHVTXHVHHV WiQHVWXGLDQGRSHURTXHKD\DOJXQDV PiVHQHVWHVHQWLGR\TXHODLQWHQ FLyQTXHVHWUDWDHVGHLUUHWLUDQGROD VXEYHQFLyQDO,%,GHPDQHUDSUR JUHVLYDHVWRHVDWUDYpVGHOWLHPSR 3HURODVROXFLyQGHILQLWLYDTXH HOHTXLSRGHJRELHUQROHGpDODVXQ WRVHYDDFRQRFHUHQEUHYHVIHFKDV \DTXHORVHVWXGLRVHVWiQPX\DGH ODQWDGRV\HVEDVWDQWHSUREDEOHTXH ODVHPDQDSUy[LPDVHSXHGDQFRQR FHUODVQRYHGDGHVDOUHVSHFWR 3HURODUHIRUPDILVFDOTXHSUH WHQGHKDFHUHOJRELHUQRORFDOGH 'DYLGD9DODGH]QRTXHGDQVyORHQ HO,%,\DTXHWDPELpQVHHVWiHVWX GLDQGRXQFDPELRHQODWDVDGHOD UHFRJLGDGHEDVXUDV\UHVLGXRV (QHVWHVHQWLGRODLQIRUPDFLyQ UHFRJLGDSRUHVWHSHULyGLFRHUDWHQ GHQWHTXHODPHQFLRQDGDWDVDVHLED DFDPELDUGHOVLVWHPDHVWDEOHFLGR SRUHODQWHULRUFRQIRUPHDOFRQVX PRDOGHFREUDUODFRQDUUHJORDOD FDOOHHQODTXHYLYDHOFLXGDGDQRR UHVSRQVDEOHGHOFRPHUFLR(VWDQR HV OD IyUPXOD VHJ~Q H[SOLFy $QWRQLR6iQFKH]TXHDOXGLyDTXH ODIyUPXODHQODTXHVHWUDEDMDHVOD DSOLFDUODWDVDFRQDUUHJORDOWLSRGH YLYLHQGD\ORFDOHV\HQHOFDVRGH pVWRV~OWLPRVWDPELpQVHWHQGUiHQ FXHQWDODDFWLYLGDGDODTXHVHGHGL FD2WUDVWDVDVWDPELpQVHUiQPRGL ILFDGDVHQHVWDUHIRUPD

&TUFMVOFTTFBCSJS¸ BMUS¸OTJUPEF QFBUPOFTMBQBTBSFMB EF#FOBNBSB 3FEBDDJÊO„(OSUy[LPROXQHV HVWDUiDELHUWRDOWUiQVLWRGHSHDWR QHVHOSDVRHOHYDGRTXHFUX]DOD $DODDOWXUDGHODXUEDQL]DFLyQ %HQDPDUD VHJ~Q LQIRUPy HO $\XQWDPLHQWR (VWHHVHOFRPSURPLVRDGTXLUL GRSRUHO0LQLVWHULRGH)RPHQWR HQODUHXQLyQPDQWHQLGDHVWDVHPD QD HQ 0iODJD GH ORV HGLOHV GH ,QIUDHVWUXFWXUDV\([WUDUUDGLR (GXDUGR $ODUFyQ \ &ULVWLQD 5RGUtJXH]UHVSHFWLYDPHQWHFRQHO MHIHGHPDQWHQLPLHQWRGHFDUUHWH UDV-DYLHU$UHQDV (OSXHQWHIXHFHUUDGRSRUODFR PXQLGDGGHSURSLHWDULRVGHODVXU EDQL]DFLRQHV(O3LODU\%HQDPDUD GHVSXpVGHTXHHOGHSDUWDPHQWRGH 'LVFLSOLQD 8UEDQtVWLFD GHO $\XQWDPLHQWRUHTXLULHUDDODSUR SLHGDGGHODSDVDUHODODVXEVDQD FLyQ GH ODV GHILFLHQFLDV SDUD FXPSOLUFRQORVUHTXLVLWRVPtQLPRV GHVHJXULGDGHQWUHHOODVODVXVWLWX FLyQGHEDUDQGLOODV\REUDVGHDF FHVLELOLGDGDODVTXHVHVXPDUiOD SRVLELOLGDGGHHOHYDFLyQGHODHV WUXFWXUDGHOSXHQWHDILQGHDX PHQWDUODVGLPHQVLRQHVGHJiOLER $OPDUJHQGHDUUHJODUODVFLWD GDVGHILFLHQFLDVHO$\XQWDPLHQWR KDVROLFLWDGRDO0238ODFRQVWUXF FLyQGHXQDQXHYDSDVDUHODSUR SXHVWD TXH VHUi UHPLWLGD IRUPDOPHQWH\TXHHO0RSXHVWX GLDUi\DVHDFRPRSUR\HFWRSXQ WXDORFRPRSUR\HFWRLQFOXLGRHQHO SODQGHUHIRUPDGHOD$SUHYLVWR HQWUH (VWHSRQD \ 6DQ 3HGUR $OFiQWDUD $ ILQGHKDFHUVHFDUJRGHOPDQ WHQLPLHQWRGHODSDVDUHOD)RPHQWR LQLFLDUiORVWUiPLWHVSDUDUHFHSFLR QDUODSDVDUHODGDGRTXHODREUD HMHFXWDGDSRUXQDHPSUHVDSULYDGD KDFHPiVGHDxRVQRIXHUHFHS FLRQDGDSRUHODQWLJXR0LQLVWHULR GH2EUDV3~EOLFDV\8UEDQLVPR 0238 \FDUHFtD~OWLPDPHQWHGH FXDOTXLHUWLSRGHPDQWHQLPLHQWR\ FRQVHUYDFLyQ 2WURGHORVSUREOHPDVWUDVODGD GRVSRUORVUHSUHVHQWDQWHVPXQLFL SDOHV D )RPHQWR HV HO GH OD LQFRUSRUDFLyQGHYHKtFXORVDOD$ HQGHWHUPLQDGDVXUEDQL]DFLyQHV SDUDORTXHVHHVWXGLDUiODSRVLELOL GDGGHODFUHDFLyQGHURWRQGDV


FTUFQPOB

&M QFSJÊEJDP EF

"$56"-*%"%

/&841"1&3

$BTJBMVNOPTEF1SJNBSJB &40 Z#BDIJMMFSBUPJOJDJBOFMOVFWPDVSTP 4ÊMPFFO&&EVDBDJÊO11SJNBSJB MMBTN NBUSÄDVMBTQ QSFTFOUBEBT QBSBFFTUFDDVSTPI IBOBBVNFOUBEPFFO TTPMJDJUVEFT

&1&„ (OSUy[LPROXQHVXQWRWDO GHDOXPQRVGH3ULPDULD (62\%DFKLOOHUDWRLQLFLDUiQHO FXUVRHQORVGLHFLRFKRFHQWURVS~ EOLFRVGHODORFDOLGDGFDWRUFH &ROHJLRVGH(GXFDFLyQ,QIDQWLO\ 3ULPDULD\FXDWUR,QVWLWXWRVGH (GXFDFLyQ6HFXQGDULDFRQH[FHS FLyQGHODOXPQDGRGH)RUPDFLyQ 3URIHVLRQDO 6HJ~QLQIRUPyHO&RQFHMDO 'HOHJDGR GH ,QIDQFLD \ (GXFDFLyQ$QWRQLR 6iQFKH] DOXPQRVVHKDQPDWULFXODGR HQ3ULPDULDPiVTXHHQHO FXUVRDQWHULRU\HQ(62\ %DFKLOOHUDWR

&MMPDBMRVFBMCFSHBCBMB BOUJHVB#JCMJPUFDB.VOJDJQBM TFTPNFUFS¸FOMBTQSÊYJNBT TFNBOBTBVOBBEFDVBDJÊO (OHGLOWDPELpQVHUHILULyDODVGLV WLQWDVREUDVGHDGHFXDFLyQ\DODV PHMRUDVUHDOL]DGDVGXUDQWHHOYH UDQRGHVWDFDQGRODLQDXJXUDFLyQ HOSUy[LPROXQHVGHOQXHYR&(,3 GH,VGDEH $VLPLVPRDGHODQWyVHQGRV SUR\HFWRVGHPHMRUDHQORVFHQ WURVHGXFDWLYRV6DQWR7RPiVGH $TXLQR\5DPyQ*DUFtDSRULP SRUWHGH\ UHVSHFWLYDPHQWHFRQFDUJRHVWH

$QWRQLR6iQFKH] HQHOFHQWUR SUHVHQWyORVGDWRVGHOQXHYRFXUVR

~OWLPRDO3ODQ0HMRU(VFXHOD GHOD-XQWDGH$QGDOXFtD 3RU ~OWLPR HO &RQFHMDO GH (GXFDFLyQDQXQFLyTXHHOORFDOGH SURSLHGDGPXQLFLSDOVLWRHQOD 3OD]DGH/RV0LVLRQHURVTXHDO EHUJDED OD DQWLJXD %LEOLRWHFD

0XQLFLSDOVHVRPHWHUiHQODVGRV SUy[LPDVVHPDQDVDREUDVGHDGH FXDFLyQSRULPSRUWHGHD ILQGHDFRJHUDSDUWLUGHOSUy[LPR GHRFWXEUHHODXODGH(GXFDFLyQ GH$GXOWRVHODXODGHOD81('\ OD(VFXHODGH3DGUHV

"CJFSUPFMQMB[PEFNBUSÄDVMBQBSBFMBDDFTP BMBVOJWFSTJEBEQBSBNBZPSFTEFBÈPT 3 F E B D D J Ê O  „  /D 'HOHJDFLyQ GH (GXFDFLyQ GHO $\XQWDPLHQWRGH(VWHSRQDKDLQIRUPDGRTXHHOSOD]RGH PDWUtFXODSDUDHOFXUVRGHDFFHVRDOD8QLYHUVLGDGSDUDPD \RUHVGHDxRV\DVHKDDELHUWRILQDOL]DQGRHOSUy[LPR GHVHSWLHPEUH (OFXUVRFRPHQ]DUiDLPSDUWLUVHDSULPHURVGH2FWXEUH /RVLQWHUHVDGRVSXHGHQIRUPDOL]DUODPDWULFXODGLULJLpQ GRVHDOD'HOHJDFLyQ0XQLFLSDOGH(GXFDFLyQVLWDHQOD $YHQLGD6DQ/RUHQ]R-DUGLQHVGH0DUL&DUULOOR 8QD YH] ILQDOL]DGR HO SOD]R GH LQVFULSFLyQ OD 'HOHJDFLyQGH(GXFDFLyQFRQYRFDUiXQDUHXQLyQLQIRUPDWL YDSDUDWRGRVORVDOXPQRVLQVFULWRV



-BTBTPDJBDJPOFT FTUFQPOFSBTZB QVFEFOTPMJDJUBS TVCWFODJPOFT &1&„  6HJ~QKDLQIRUPDGROD

'HOHJDFLyQ 0XQLFLSDO GH 3DUWLFLSDFLyQ&LXGDGDQD\DVH KDDELHUWRHOSOD]RSDUDODVROLFL WXGGHVXEYHQFLRQHVDDVRFLDFLR QHV\HQWLGDGHVVLQiQLPRGH OXFURHVWHSRQHUDVSOD]RTXH SHUPDQHFHUiDELHUWRKDVWDHO SUy[LPRGHVHSWLHPEUH /DVVXEYHQFLRQHVVHRWRUJD UiQHQUpJLPHQGHFRQFXUUHQFLD FRPSHWLWLYDDDVRFLDFLRQHV\GH PiVHQWLGDGHVVLQiQLPRGHOX FUR TXH HVWpQ SUHYLDPHQWH UHJLVWUDGDV FRPR WDOHV HQ HO 5HJLVWUR 0XQLFLSDO GH $VRFLDFLRQHV 'LFKDVVXEYHQFLRQHVWLHQHQ FRPRILQDOLGDGIRUWDOHFHUFRQVR OLGDU\RGLQDPL]DUODYLGDDVR FLDWLYD\ODSDUWLFLSDFLyQVRFLDO HQHOPXQLFLSLRVLHQGRREMHWRGH ODVPLVPDVSUR\HFWRVGHIRUPD FLyQ\GLQDPL]DFLyQDVtFRPROD RUJDQL]DFLyQGHDFWLYLGDGHVOR FDOHVTXHIRPHQWHQYDORUHVGH LQWHUpVVRFLDOWDOHVFRPRODVTXH SURPXHYDQODVROLGDULGDGFRQ FROHFWLYRVQHFHVLWDGRVGHSURWHF FLyQRFXSDFLyQVDOXGDEOHGHO WLHPSROLEUHSURPRFLyQGHOD FXOWXUDHOGHSRUWH\ODVDOXGDF WLYLGDGHVGHIRUPDFLyQLQIRUPD FLyQ\RDVHVRUDPLHQWRHQWHPDV GHLQWHUpVVRFLDOHODFFHVRGHOD FLXGDGDQtDDODVQXHYDVWHFQROR JtDVSUR\HFWRVGHDFWLYLGDGHVGH RFLR\FHOHEUDFLyQGHILHVWDVYH FLQDOHVSRSXODUHVWRGDVHOODV FRPSUHQGLGDVHQWUHHOGHHQHUR \HOGHGLFLHPEUHGH /DFXDQWtDGHODVVXEYHQFLR QHVDRWRUJDUDODVDVRFLDFLRQHV HVWHSRQHUDVDVFLHQGHDODFDQWL GDGGHHXURV /DVEDVHVUHJXODGRUDVGHOD FRQYRFDWRULDSDUDODFRQFHVLyQ GHVXEYHQFLRQHVSDUDHOHMHUFLFLR KDQVLGRSXEOLFDGDVHQHO %ROHWtQ2ILFLDOGHOD3URYLQFLD 1žGHIHFKDGHVHSWLHPEUH GHSiJLQD 3DUDPiVLQIRUPDFLyQORVLQ WHUHVDGRVSXHGHQGLULJLUVHDOD 'HOHJDFLyQ 0XQLFLSDO GH 3DUWLFLSDFLyQ&LXGDGDQDVLWDHQ ODSOD]D%ODV,QIDQWHRFRQWDURQ ODPLVPDHQORVWHOpIRQRV 




FTUFQPOB

$6-563"

&M QFSJÊEJDP EF

/&841"1&3

%FFQ1VSQMFJOJDJBTVHJSBFVSPQFB DPOVODPODJFSUPFO&TUFQPOB -BN NÄUJDBC CBOEBBBCSJS¸TTVUUPVSDDPOTTVBBDUVBDJÊOE EFM WJFSOFT E EFTTFQUJFNCSFF FOMMBQ QMB[BE EFUUPSPTN NVOJDJQBM

."„/RV'HHS3XUSOHDFWXDUiQHQ

OD3OD]DGH7RURVGH(VWHSRQDHOSUy [LPRYLHUQHVGHVHSWLHPEUHDODV KRUDV/DVSXHUWDVGHOUHFLQWRVH DEULUiQDODVKRUDVXQDKRUDPiV WDUGHVHLQLFLDUiHOFRQFLHUWRFRQOD DFWXDFLyQGHORVWHORQHURV1DWXUD /DVHQWUDGDVSXHGHQDGTXLULUVHHQHO &HQWUR &XOWXUDO 3DGUH 0DQXHO 'DLO\3ULFH&RFNWDLO*DUGHQ%DU /RXL/RXLH\)HUJXVRQV%DUWRGRV HOORVGH(VWHSRQDDVtFRPRHQOD )1$&GH0DUEHOODHO0XVLF&RUQHU GH *LEUDOWDU \ &DUUHIRXU GH $OJHFLUDV R ELHQ HQ ODV ZHEV ZZZWLVNWDFNWLFNHWFRP WOI  \ZZZHOFRUWHLQJOHVHV WOI /RVSUHFLRVRVFLODQ HQWUHORVHXURVGHODHQWUDGD JHQHUDOHXURVHQWDTXLOODDORV HXURVGHODHQWUDGD9,3 WOI   (OFRQFLHUWRGH(VWHSRQDVHUiHO SULPHURGHXQDODUJDJLUDHXURSHDOD PtWLFDEDQGDWLHQHSUHYLVWRRIUHFHU PiVFRQFLHUWRVHQ(VSDxDHOGH VHSWLHPEUHDFWXDUiQHQ&DVWHOOyQ\ HOGHOPLVPRPHVHQ3DOPDGH 0DOORUFDSDUDFRQWLQXDUVXJLUDSRU ,VUDHO8FUDQLD5XVLD$OHPDQLD\ 6XL]D

-PTJOJDJPTEFMBCBOEB

/DEDQGDEULWiQLFDDXWpQWLFDSUHFXU VRUD\H[SRQHQWHGHOURFNGXURSUR JUHVLYRMXQWRD/HG=HSSHOLQ\ %ODFN6DEEDWKQDFHDILQDOHVGHORV DxRVGHOSUR\HFWRLGHDGRSRU &KULV&XUWLVFDQWDQWH\EDWHUtDGHOD EDQGD7KH6HDFKHUVJUXSRTXH OOHJyDULYDOL]DUXQWLHPSRFRQ7KH %HDWOHVHQ/LYHUSRRO\TXHUHDOL]y XQDJLUDFRQ5ROOLQJ6WRQHVHQ (Q&XUWLVIRUPDXQQXHYR JUXSR FRQ -RQ /RUG ORV  5RQGDERXW(QHOPLVPRDxRVH FRQVWLWX\HODEDQGD'HHS3XUSOH FRQ&XUWLVIXHUDGHVXSURSLRSUR \HFWRGHELGRDORVSUREOHPDVTXHOH RFDVLRQDEDQGURJDVFRPRHO/6' /DOHJHQGDULDDJUXSDFLyQODFRPSR QtDQHQWRQFHV5RG(YDQVFRPRYR FDOLVWD 5LWFKLH %ODFNPRUH D OD

"(&/%" %& &7&/504 EF4FQUJFNCSF

DODVK3OD]DGH7RURV '((3 3853/((1&21&,(572

EF4FQUJFNCSF K

&HQWUR&XOWXUDO3DGUH0DQXHO 35(6(17$&,Ï1'(/ Ò/7,02 ',6&2'(-8$1*$0(52

EF4FQUJFNCSF DODVK 3ROLGHSRUWLYR(O&DUPHQ &23$ 9,//$ '((67(321$ 08$< 7+$,

%FMBMEF4FQUJFNCSF &HQWUR&XOWXUDO3DGUH0DQXHO

-251$'$6'(7($752$ &$5*2 '(/ *5832081,&,3$/ '(7($ 752

EF4FQUJFNCSF DODVK 'HHS3XUSOHYXHOYHDORVHVFHQDULRVFRQVXJLUDSRU(XURSD

JXLWDUUD-RQ/RUGHQORVWHFODGRV 1LFN6LPSHUHQHOEDMRH,DP3DLFH DODEDWHUtD 7RPDQGRFRPRPRGHORDODEDQ GDDPHULFDQD9DQLOOD)XGJHGHEX WDQ FRQ JUDQ p[LWR HQ (VWDGRV 8QLGRVFRQVXYHUVLyQGHOWHPD +XVKLQFOXLGRHQVXSULPHUGLVFR 7KH6KDGHVRI'HHS3XUSOHFRQHO TXHPDUFDURQXQKLWRHQHOSDQRUD PDPXVLFDOFUHDQGRHOFRQFHSWRGHO GHQRPLQDGRKDUGURFN\VXHVSH FLDOVRQLGRS~USXUD (QVXSULPHUDJLUDDPHULFDQD IXHURQWHORQHURVGHJUXSRVFRPR &UHDP R &UHHGHQFH &OHDUZDWHU 5HYLYDO (SBOEFTÀYJUPT

7DPELpQHQHGLWDQVXVHJXQGR ÈOEXP7KH%RRNRI7DOLHV\Q/H VLJXHQp[LWRVURWXQGRVFRPR,Q 5RFN  )LUHEDOO  VX PtWLFR0DFKLQH+HDG  FRQ HOTXHFUHDURQHOHVWLOR+HDY\0HWDO :KR 'R :H 7KLQN :H $UH  &RPH7DVWH7KH%DQG   HO iOEXP  3HUIHFW 6WUDQJHUV  TXHOHVSHUPLWH H[WHQVDVJLUDVSRUWRGRHOPXQGR 7KH+RXVHRI%OXH/LJKW   6ODYHV 0DVWHUV  VXiOEXP

PiVPHOyGLFR\DUPyQLFR7KH %DWWOH5DJHV2Q  iOEXPJH QLDOHQVXHVHQFLDURFN(QHGL WDQVXLQWHUQDFLRQDOPHQWHFRQRFLGR 3XUSHQGLFXODUFRQHOJXLWDUULVWD 6WHYH0RUVH$EDQGRQ  ~OWL PRiOEXPHQHOTXHLQWHUYLHQH-RQ /RUG(QDJRVWRGHJUDEDURQHO iOEXP%DQDQDV)LQDOPHQWHHQMX OLRGHHGLWDURQHO&'5DSWXUH RIWKH'HHS $PNQPOFOUFTBDUVBMFT

'HHS3XUSOHODFRPSRQHQHQODDF WXDOLGDG,DQ*LOODQFRPRYRFDOLVWD\ DUPyQLFD6WHYH0RUVHDODJXLWDUUD 5RJHU*ORYHUDOEDMR'RQ$LUH\HQ HOWHFODGRH,DQ3DLFHHQODEDWHUtD $VSJPTJEBEFT

'HHS3XUSOHHOLJLyVXQRPEUHSRU VHUHOWtWXORGHODFDQFLyQIDYRULWDGH ODDEXHODGHGHOTXHIXHUDJXLWDUULVWD GHOD%DQGD5LWFKLH%ODFNPRUH'HH 3XUSOH'UHDPV /DOHJHQGDULDDJUXSDFLyQFRQVL JXLyHQWUDUHQHO/LEUR*XLQQHVVGH ORV5pFRUGVFRPRODEDQGDPiVUXL GRVDGHOPXQGRGHELGRDOSRWHQWH VRQLGRGHVXVLVWHPD3$

0HQXGHO'tD

EF4FQUJFNCSF DODV 7HQJDPRVHOVH[RHQSD]

 EF4FQUJFNCSFDODVK 3DLVDMHFRQ$UJRQDXWDV

EF4FQUJFNCSF DODVK &HOHVWH)ORUD

EF4FQUJFNCSF DODVK &UHRHQ'LRV

%FMEF4FQUJFNCSF BMEF0DUVCSF

&HQWUR&XOWXUDO3DGUH0DQXHO (;326,&,21'()272*5$),$ (/ 25*8//2'(/$ $86(1&,$ '(-8',7+9,=&$55$

EF4FQUJFNCSF

DSDUWLUGHODVK 3DEHOOyQ(O&DUPHQ 7251(2'(9(5$12'(7(1,6'( 0(6$ 9,//$ '((67(321$

EF4FQUJFNCSF

DODVK &HQWUR&XOWXUDO3DGUH0DQXHO (63(&7$&8/27($75$/ &+,5,*2 7,&$6325/$ &+,5,*27$ '(/$6 1,f$6


FTUFQPOB

&M QFSJÊEJDP EF

$6-563"

/&841"1&3

.BSCFMMB(SJMM1BSUZTFUSBTMBEB FTUBPDBTJÊOBMDBTDPVSCBOP



4FNBOBEFM$JOF'BOU¸TUJDP

&MQ QSPHSBNBJJODMVZF QPQ GGVOL KKB[[ SSPDL IJQI IPQDDPO TLBZZI FOUSBEBH HSBUVJUB

3FEBDDJÊO„(QHO0DUEHOOD

*ULOO)HVWLYDOVHWRPDXQGHVFDQVR WUDVDxRVFRVHFKDQGRFRQFLHUWRV SHUIRUPDQFHV\VHVLRQHVLQROYLGD EOHVHQXQHQWRUQR~QLFRFRPRHO 3DUTXH9LJLOGH4XLxRQHVHOIHVWLYDO VHHQFXHQWUDHQEDUEHFKR1RVDEH PRVVLVHUiXQSXQWR\ILQDORWDQVy ORXQSXQWR\VHJXLGR 1RREVWDQWH\DQWHODLQVLVWHQFLD GHOS~EOLFRGHOIHVWLYDO\SRUPDQWH QHUODOODPDGHO*ULOOHQFHQGLGDVH WUDVODGDQHVWHDxRDXQHQWRUQRPiV XUEDQRHQHO&HQWUR+LVWyULFRGHOD FLXGDGGRQGHOOHYDUDQDFDERXQ HYHQWRPHQRUSHURQRSRUHOORFRQ PHQRVVDERUHLQWHQVLGDGDORTXH QRVWLHQHDFRVWXPEUDGRVHO0DUEHOOD *ULOO\TXHVHKDGHQRPLQGDGR*ULOO 3DUW\ /RVDVLVWHQWHVSRGUiQGLVIUXWDUGH ODEXHQDP~VLFDHQWUHORVGLVWLQWRV ULQFRQHVGHHVWHHQWUDPDGRGHFDOOH MXHODVFRQVDERUDQGDOX]8QDEXHQD RSRUWXQLGDGSDUDGHVFXEULUHOODGR PiVDXWpQWLFR\VDOYDMHGHODFLXGDG

/DSHOtFXOD )LOPDWURQ GH3DEOR3DUpVVHDO]yFRQHO8QLFRUQLRGHRUR

&DUWHOGHOHYHQWR

PDUEHOOtSDUDGHVHPERFDUHOViEDGR GH6HSWLHPEUHHQODSOD]DGHO 0HUFDGR0XQLFLSDO&HQWUDOURGHDGD GHEDUHVSDUDWDSHDU\HQSOHQRFRUD ]yQGHODPRYLGDMXYHQLOPDUEHOOt 3RSIXQNMD]]URFNVND\KLS KRSSDUDSDVDUXQILQGHVHPDQDPX VLFDOWRWDOPHQWHJUDWXLWRDODHVSHUD GHODSUy[LPDHGLFLyQGHOYHWHUDQR IHVWLYDOGHP~VLFDSRSGHOD&RVWD GHO6RO

-BGFSJBEFBSUF.BSC"SU DFMFCSBTVDVBSUBFEJDJÊO &1&„'XUDQWHORV~OWLPRVDxRVKH

PRVDVLVWLGRDXQDJUDQSUROLIHUD FLyQGHIHULDVGHDUWH6LQGXGDVH WUDWDGHXQPX\EXHQHVWtPXORSDUD ODVJDOHUtDVORVDUWLVWDV\HOPXQGR GHODUWHDXQTXHWDPELpQREVHUYD PRVTXHDTXHOODVTXHQRWLHQHQXQD IXHUWHLGHQWLGDG\SHUILOGHILQLGRQR VHPDQWLHQHQGXUDQWHPXFKRWLHPSR HQHOFLUFXLWRDUWtVWLFR 0DUE $UW DOFDQ]D \D VX ,9 (GLFLyQSRVLFLRQiQGRVHFRPRXQ DFRQWHFLPLHQWRGHJUDQPDJQLWXG TXHFXPSOHFRQXQDODERUGHGLYXO JDFLyQDUWtVWLFD\FXOWXUDOGHSULPHU RUGHQ/DSULQFLSDOED]DGH0DUE $UWHVVHUILHODXQFRQFHSWRRULJLQDO \GLQiPLFRVLQFDPELDUGHGLUHF FLyQHQHOTXHOLGHUDQXQDDWPyVIH UDGHOLEHUWDGDVRFLDGRDODFDOLGDG

\GLYHUVLGDGDUWtVWLFDWRGRHVWRXQL GRDOKHFKRGHTXHVHGHVDUUROOHHQ 0DUEHOODXQDFLXGDGPDUFDGDSRU XQDSHUVRQDOHLQFRPSDUDEOHHQHU JtD 'HVGHVXSULPHUDHGLFLyQHORE MHWLYRIXQGDPHQWDOGH0DUE$UWKD VLGRHOGHDUWLFXODUXQSXQWRGHHQ FXHQWURSOXUDOHQHOTXHSXHGDQGLD ORJDU\FRH[LVWLUORVPiVGLYHUVRV OHQJXDMHVDUWtVWLFRV\VXVIRUPDVGH GLIXVLyQ0DUE$UWKDYHQLGRLPSXO VDQGRGXUDQWHORV~OWLPRVDxRVHVWD FRPXQLFDFLyQIXQGDPHQWDOSDUDHO PXQGRGHODUWHFUHDQGRXQDDPSOLD UHG\GLQDPL]DQGRODUHODFLyQHQWUH DUWLVWDVJDOHULVWDVPDUFKDQWHVFR OHFFLRQLVWDV\WRGRVDTXHOORVTXH VLHQWHQLQTXLHWXGKDFLDHOPXQGR GHODUWH

)RWR¶GHIDPLOLD· HQOD*DODGH&ODXVXUD

(OSUHPLR:DOGHPDU'DQLQVN\IXHSDUDHO6DQWRHO(QPDVFDUDGRGH3ODWD\VX+LMR


)( =dH H]jaŽ\a[g\ \]= =kl]hgfY

/DFRFWHOHUD =KLJ=FGK

DA:JGK

Eada_m]]fYhmjgk$ \an]jla\Y[ge]\aY jge~fla[Y]fdYJ]h“Zda[Y<geafa[YfY

0

LOLJXHHQDSXURVHVOD~OWLPDSH OtFXOD GHO YHWHUDQR GLUHFWRU 5DQGDO.OHLVHUUHVSRQVDEOHGHFOiVL FRVMXYHQLOHVFRPR*UHDVHR(O /DJR $]XO 3URWDJRQL]DGD SRU $PDQGD%\QHV (OODHVHOFKLFR +DLUVSUD\R*RUGR0HQWLURVR  &KULV &DUPDFN 7KH 2& 'HYXpOYHPHPLVXHUWH -RQDWKDQ %HQQHWW &KLFDV0DODV'RFHIXHUD GHFDVD \-DPLH/\QQ6LJOHU /RV 6RSUDQR

\URGDGDHQORVHVSHFWDFX ODUHV SDLVDMHV FDULEHxRV GH OD 5HS~EOLFD'RPLQLFDQDHVWDGLYHUWLGD FRPHGLDURPiQWLFDVHHVWUHQDUiHO SUy[LPRGHVHSWLHPEUH

/DSHOtFXOD

ËKafLj]_mYÌ

6 /RVHVFHQDULRVGHODSHOtFXODVRQQDWXUDOHV

-HQQ\ $PDQGD%\QHV HVXQDDGR OHVFHQWHGHDxRVFX\DYLGDFDP ELDFXDQGRVHHQWHUDTXH-DVRQVX HVWUHOODGHURFNIDYRULWDVHKRVSHGD UiHQHOKRWHOGRQGHHOODWUDEDMD 3DUDHVWDUFHUFDGHpOVHFXHODFR PRSROL]yQHQXQH[FOXVLYRFUXFHUR

SHURXQWRUPHQWDLQWHPSHVWLYDKDFH TXH-DVRQFDLJDDOPDU 6LQSHQVDUOR-HQQ\VHODQ]DDVDO YDUORFRQORTXHDPERVVHUiQDUUDV WUDGRVDODGHULYDKDVWDXQDLVOD GHVLHUWD

-HQQ\VHGDUiFXHQWDGHTXHODLVOD GHVLHUWDHQODTXHFUHtDHVWDUHQUHD OLGDGHVXQDSOD\DDSRFRVPHWURV GHOKRWHOSHURVLVHORGLFHD-DVRQ SHUGHUiODRSRUWXQLGDGGHHVWDUFHU FDGHVXtGROR

]f[Yjl]d]jY

DYakdY\]Fae 'LUHFFLyQ -HQQLIHU)ODFNHWW \0DUN/HYLQ $xR 'XUDFLyQPLQ *pQHUR $YHQWXUDVFRPHGLD ,QWHUSUHWDFLyQ $ELJDLO%UHVOLQ-RGLH)RVWHU *HUDUG%XWOHU *XLyQ-HQQLIHU)ODFNHWW 0DUN/HYLQ3DXOD0D]XU\ -RVHSK.ZRQJEDVDGRHQOD QRYHODGH:HQG\2UU 3URGXFFLyQ3DXOD0D]XU &XDOTXLHUFRVDSXHGHSDVDUHQ ODLVODGH1LPXQOXJDUGRQGH WRGRFUHFHDORORFRVREUHWRGR ODLPDJLQDFLyQ$TXtXQDQLxD FRQPXFKRFDUiFWHUOODPDGD 1LPURGHDGDGHVXVH[yWLFRV DPLJRVDQLPDOHVGHOLEURV\GH OH\HQGDVOOHYDXQDLQFUHtEOHYL

;`]2=dYj_]flafg 'LUHFFLyQ6WHYHQ 6RGHUEHUJK $xR 'XUDFLyQ PLQ *pQHUR 'UDPD ,QWHUSUHWDFLyQ%HQLFLRGHO 7RUR'HPLiQ%LFKLU6DQWLDJR &DEUHUD(OYLUD0tQJXH]-XOLD 2UPRQG-RUJH3HUXJRUUtD (GJDU5DPtUH]9LFWRU5DVXN $UPDQGR5LHVFR&DWDOLQD 6DQGLQR0RUHQR5RGULJR 6DQWRUR8QD[8JDOGH

GDWURSLFDOTXHUHIOHMDODGHVX SHUVRQDMHOLWHUDULRIDYRULWR$OH[ 5RYHUHOSULPHUDYHQWXUHURGHO SODQHWD /D QLxD LGRODWUD D 5RYHU&XDQGRXQSHOLJURLQHV SHUDGRVHFLHUQHVREUHVXSD GUH1LPSLGHD\XGDDOFUHDGRU GHVXDGPLUDGRKpURH

(OGHQRYLHPEUHGH &DVWUR QDYHJy D &XED FRQ RFKHQWDUHEHOGHVGHORVTXH VyORVREUHYLYLHURQGRFH8QR GHHOORVHUDHO&KHTXHVHKD EtDXQLGRDOJUXSRFRPRPpGL FRDFRPSDxDQWH(O&KHVH IDPLOLDUL]yFRQHODUWHGHODJXH

UUDGHJXHUULOODV\GHPRVWUyVHU XQFRPEDWLHQWHLQGLVSHQVDEOH 6HODQ]yGHOOHQRDOFRQIOLFWR\ UHFLELyHODSR\RGHVXVFDPDUD GDV\GHOSXHEORFXEDQR/D SHOtFXODWHUPLQDHQFRQ HO&KHFHOHEUDQGRODYLFWRULDUH YROXFLRQDULDHQ6DQWD&ODUD

RQODVWUHVGHODWDUGHGHXQ ViEDGR FXDOTXLHUD -RKQ 0HURQIHOL]PHQWHFDVDGR\FRQ GRVKLMRVHVWiHQHOMDUGtQFXDQGR VXHQDHOWHOpIRQR(VDVLPSOHOOD PDGDYDDFDPELDUVXYLGD$ORWUR ODGRGHODOtQHDHVWiVXYLHMRDPL JR-DFN&DOOH\TXHDKRUDHVXQ SUHVWLJLRVRDERJDGR< OHOODPDSL GLHQGRXQIDYRUQHFHVLWDTXHOH D\XGHQXUJHQWHPHQWHSHUR-RKQ QRSXHGHKDFHUQDGDSRUpOVROR OHGDWLHPSRDHVFXFKDUFRPRDO RWURODGRGHODOtQHDDVHVLQDQDVX DPLJR$QWHVGHPRULUR\HTXH -DFNGLFHXQDVSDODEUDVODGLUHF FLyQGHVXSURSLDFDVD$KRUDHP SLH]D XQD SHVDGLOOD SDUD pO \ GHEHUiKXLUORDQWHVSRVLEOH1R VDEHGHTXLpQLQWHQWDHVFDSDUQR VDEHSRUTXpSHURGHEHSLVDUHO DFHOHUDGRUDIRQGR 6LPRQ.HUQLFN 6HJUDGXyHQ\HPSH]yD WUDEDMDUGHFRPHUFLDOHQXQDHP SUHVDGHVRIWZDUHHPSOHRTXH PX\DVXSHVDUFRQVHUYyKDVWDIL QDOHVGHORVDxRVQRYHQWD3HURHO IXWXURDXWRUHVSHUDEDDOJRPiVGH ODYLGD\UHWRPyXQLQWHUpVTXH VLHPSUHWXYRSRUFRQWDUKLVWRULDV 3DUDXUGLUODWUDPDGHVXVQRYHODV 6LPRQ.HUQLFNPDQWLHQHFRQYHUVD FLRQHVFRQQXPHURVRVFRQWDFWRV HQODSROLFtDLQFOX\HQGROD6HFFLyQ (VSHFLDOOD6HFFLyQ$QWLWHUURULVWD\ OD $JHQFLD FRQWUD HO &ULPHQ 2UJDQL]DGR6RQHVDVLQIRUPDFLR QHVODVTXHOHVGDQDVXVOLEURV WDQWDDXWHQWLFLGDG


'HSRUWHV (1 (67(321$

ZZZODJROHDGDFRP

&DWDQKD\DHVURMLOOR

ůĨƵƚďŽůŝƐƚĂŚŝƐƉĂŶŽͲďƌĂƐŝůĞŹŽ͕ƷůƚŝŵŽĨŝĐŚĂũĞĚĞůĞƋƵŝƉŽƋƵĞĞŶƚƌĞŶĂZĂƷůWƌŽĐŽƉŝŽ͕ ƉƌŽŵĞƚŝſĂŶƚĞƵŶĐĞŶƚĞŶĂƌĚĞĂĨŝĐŝŽŶĂĚŽƐĚĂƌƚŽĚŽůŽŵĞũŽƌĚĞƐşƉĂƌĂĂLJƵĚĂƌĂůĞƋƵŝƉŽ >ŽƐĞƐƚĞƉŽŶĞƌŽƐƋƵŝĞƌĞŶ ƐĞŐƵŝƌĐŽŶƐƵƌĂĐŚĂĚĞ ǀŝĐƚŽƌŝĂƐĂŶƚĞĞůsĞƌĂ

ŽƐĂƐƉŝƌĂŶƚĞƐĂůĂ EĂĐŝŽŶĂůĐĂĞŶĂŶƚĞůĂ ƐĞůĞĐĐŝſŶĚĞƐƚĞƉŽŶĂ

ƵĐĂŶĞƌŽƐLJ ŽƌŐŽƌŽƐŽ͕ĞŶůĂ ĨŝŶĂůĚĞůDƵŶĚŝĂůŝƚŽ

>ĂhŶŝſŶƐƚĞƉŽŶĂďƵƐĐĂĞƐƚĞĚŽŵŝŶŐŽƉŽƌůĂ ŵĂŹĂŶĂƐƵƚĞƌĐĞƌĂǀŝĐƚŽƌŝĂĐŽŶƐĞĐƵƚŝǀĂĞŶ >ŝŐĂ͕ĞŶĞůƉĂƌƚŝĚŽƋƵĞůĞĞŶĨƌĞŶƚĂƌĄĂůĂůŵĞͲ ƌŝĞŶƐĞůƵďĞƉŽƌƚŝǀŽsĞƌĂ͕ƚƌĂƐƵŶĂƐĞŵĂŶĂ ƋƵĞŚĂƋƵĞĚĂĚŽŵĂƌĐĂĚĂƉŽƌĞůĨŝĐŚĂũĞĚĞů ĚĞůĂŶƚĞƌŽŚŝƐƉĂŶŽďƌĂƐŝůĞŹŽ͕ĂƚĂŶŚĂ͘

ůƚŽƌŶĞŽĚĞůƐƚĂĚŝŽǀŽůǀŝſĂƐƵƐ ŽƌşŐĞŶĞƐ͕ĐŽŶƵŶƚƌŝĂŶŐƵůĂƌƚƌĞƐĞŶƵŶŽ͕ ĞŶĞůƋƵĞƐĞĚŝĞƌŽŶĐŝƚĂĚŽƐĚĞůŽƐĞƋƵŝͲ ƉŽƐĚĞŵĂLJŽƌƐŽůĞƌĂĚĞůĨƷƚďŽůƐĂůĂĐŽƐͲ ƚĂƐŽůĞŹŽ͗ ůĂ  ͘͘:͘ ^ĂŶ WĞĚƌŽ LJ Ğů DĂŶŝůǀĂ&͘^͘

ůƚŽƌŶĞŽĚĞĨƷƚďŽůĂĨŝĐŝŽŶĂĚŽ ƐĞĞƐƚĄĚŝƐƉƵƚĂŶĚŽĞŶĞůĐĂŵͲ ƉŽĚĞĨƷƚďŽůŵƵŶŝĐŝƉĂů^ĂŶ &ĞƌŶĂŶĚŽLJƉĂƌƚŝĐŝƉĂŶƐĞŝƐ ĞƋƵŝƉŽƐ͘>ĂƐƐĞŵŝĨŝŶĂůĞƐĞƐƚƵͲ ǀŝĞƌŽŶŵƵLJŝŐƵĂůĂĚĂƐ͘




FTUFQPOB

&M QFSJÊEJDP EF

%&1035&4

/&841"1&3

'ÑUCPM5FSDFSBEJWJTJÊOHSVQP*9

(SBOFYQFDUBDJÊOFOMBQSFTFOUBDJÊOEF $BUBOIBDPNPKVHBEPSEFM&TUFQPOB

&MÑ ÑMUJNPGGJDIBKFE EFMF FRVJQPR RVFF FOUSFOB1 1SPDPQJPQ QSPNFUJÊBBOUF BGJDJPOBEPTE EBSUUPEPMMPN NFKPSE EFTTÄQ MPTB QBSBBBZVEBSB BMF FRVJQP

++.BDÄBT„8QRVFLHQDILFLRQD GRVHVWHSRQHURVVHGLHURQFLWDHQOD SUHVHQWDFLyQGHOMXJDGRU(QULTXH *XHGHVGD6LOYDŽ&DWDQKDŽTXHGHV SHUWyXQDJUDQH[SHFWDFLyQHQODWDU GHGHOMXHYHVHQHOHVWDGLR)UDQFLVFR 0XxR]3pUH]GRQGHIXHSUHVHQWDGR FRPR~OWLPRILFKDMHGHOD8QLyQ (VWHSRQD&)HTXLSRGHO*UXSR,; GHOD7HUFHUD'LYLVLyQ (OMXJDGRUOOHJyFRQFLHUWRUHWUD VRWUDVKDEHUYLDMDGRGHVGH%UDVLO KDVWD0iODJDGRQGHDWHUUL]yDPH GLRGtDSRUORTXHQRVHHQWUHQyFRQ HOHTXLSRDXQTXHVLIXHSUHVHQWDGR XQRSRUXQRDWRGRVORVFRPSRQHQ WHVGHODSODQWLOODTXHGLULJHHOHQWUH QDGRUJDGLWDQR5D~O3URFRSLR(VWH YLHUQHVVHLQFRUSRUDUiDORVHQWUHQD PLHQWRV\QRVHGHVFDUWDTXHSXHGD LUFRQYRFDGRSDUDHOHQFXHQWURGHO GRPLQJRTXHGLVSXWDUiHO(VWHSRQD FRQHOHTXLSRDOPHULHQVHGHO&' 9HUDDODVGRFHGHODPDxDQDHQHO 0XxR]3pUH] (OMXJDGRUDJUDGHFLyHOFDOXURVR UHFLELPLHQWRGDGRSRUODGLUHFWLYD\ DILFLyQHVWHSRQHUD\DVHJXUyTXH ŽGDUpWRGRORTXHSXHGDSRUKDFHU XQD EXHQD WHPSRUDGD HQ HO (VWHSRQDTXHPHHVWiGHPRVWUDQGR TXHWUDEDMRFRQPXFKDLOXVLyQ(O MXJDGRUOOHJDPX\PRWLYDGRDOHTXL SRPDODJXHxR\UHVWyLPSRUWDQFLDD VXHGDGDxRVŽ\RPHHQFXHQWUR PX\ELHQGHIRUPDORVEUDVLOHxRV SRGHPRVOOHJDUDORVFXDUHQWDDxRV HQEXHQDVFRQGLFLRQHVGHFRPSHWLU \DKRUDVLHOHQWUHQDGRUORYHFRQYH QLHQWHHVWHGRPLQJRSRGUtDMXJDUDO JXQRVPLQXWRVŽ\UHFRUGyTXHOD SDVDGDWHPSRUDGDPDUFyRQFHJROHV FRQHOHTXLSRMLHQQHQVHGHO&' /LQDUHVFRQTXLHQGLVSXWyODOLJXLOOD GHDVFHQVRDOD6HJXQGD'LYLVLyQ (ODFWRHVWXYRSUHVLGLGRSRUHO SUHVLGHQWHGHOFOXE(XJHQLR0XxR] TXHGHVWDFyTXHŽKR\HO(VWHSRQDGD XQSDVRLPSRUWDQWHHQVXKLVWRULD FRQODLQFRUSRUDFLyQGHXQMXJDGRU FRQODYHWHUDQtD\ODH[SHULHQFLDGH &DWDQKDŽ(OPi[LPRPDQGDWDULRHV WHSRQHURDJUDGHFLyTXHHOMXJDGRU DFHSWDUDODRIHUWDGHO(VWHSRQD\VH

-PTFTUFQPOFSPT RVJFSFOTFHVJS DPOTVSBDIB EFWJDUPSJBTBOUF FM$%7FSB ++.BDÄBT

&DWDQKDKDEODFRQ5DXO3URFRSLR\(XJHQLR0XxR]

PRVWUyFRQYHQFLGRGHTXHHOGHODQ WHURKDUiXQDEXHQDWHPSRUDGDHQHO QXHYRFOXE -XOLR)DULxDVUHSUHVHQWyDODHP SUHVD%HPLVHUHQFDUJDGDGHURSD GHSRUWLYD\TXHVXPLQLVWUDUiGHODV HTXLWDFLRQHVDOD8QLyQ(VWHSRQD %HPLVHUKDVLGRIXQGDPHQWDOHQHO ILFKDMHGH&DWDQKD\DTXHDERQDUiOD ILFKDGHOMXJDGRUSRUORTXHŽQRWHQ GUiQLQJ~QFRVWHHFRQyPLFRSDUDHO FOXEŽVHJ~QLQIRUPyHOSUHVLGHQWH (XJHQLR0XxR] )DULxDVVHPRVWUyPX\LOXVLRQD GRFRQTXHODHPSUHVDTXHUHSUHVHQ WDKD\DDSRVWDGRSRUŽXQHTXLSR FRPSHWLWLYRHQOD7HUFHUD'LYLVLyQ\ DKRUDFRQODLQFRUSRUDFLyQGHOGH ODQWHURKLVSDQREUDVLOHxRVHJXURTXH ODDILFLyQPRVWUDUiVXWRWDODSR\RD ODHQWLGDGŽ (O ILFKDMH GH &DWDQKD HQ HO (VWHSRQDKDHQWUDGR\DHQODKLVWRULD GHHVWDMRYHQHQWLGDGIXQGDGDHQ TXHHVWDWHPSRUDGDVHHVWUHQD HQODFDWHJRUtDQDFLRQDO\VREUHWRGR KDGHVSHUWDGRXQJUDQLQWHUpVPH GLiWLFR\HQWUHORVDILFLRQDGRVTXH HVWRVGtDVGHVWDFDQTXHVXHTXLSR FXHQWDFRQXQMXJDGRUTXHKDVLGR LQWHUQDFLRQDOFRQODVHOHFFLyQHVSD xRODGHI~WERO

)JTUPSJBM

&DWDQKDQDFLyHQ5HFLIHDOQRUWH GH%UDVLO(UDHOPD\RUGHFLQFR KHUPDQRV\VLHPSUHOHJXVWyHO I~WEROHUDHOTXHPiVGHVWDFDED HQWUHVXVDPLJRV&XDQGRWHQtD RDxRVVHIXHDMXJDUFRQORVMX YHQLOHVGHO)OXPLQHQVHHQ5tRGH -DQHLUR &DWDQKDGHEXWyDORVDxRV IUHQWHDO)ODPHQJR(PSH]yDGHV WDFDU\HQHODxRVHPDUFKy DO&6$ GH0DFHLyGRQGHIXHHO Pi[LPRJROHDGRU/OHJyD2V %HOHQHQVHVHQHODxR$ ODVL JXLHQWHWHPSRUDGDIXHWUDVSDVGRDO 6DODPDQFDOXHJRIXHFHGLGRDO /HJDQpV (Q HO DxR  OOHJy DO 0iODJDIXHHOPi[LPRJROHDGRU GHOD6HJXQGDGLYLVLyQ\VXHTXLSR FRQVLJXLyHODVFHQVR'HEXWyHQ 3ULPHUDHOGHDJRVWRGH PDUFDQGRHOJROTXHGHUURWyDO (VSDxROHQ/D5RVDOHGD (O&HOWDGH9LJRSDJy PLOORQHVGHSHVHWDVSRU&DWDQKD VLHQGRHOILFKDMHPiVFDURGHOD KLVWRULDGHOFOXE(QHQHURGHO ILFKySRUHO/LQDUHVGHOD 6HJXQGD'LYLVLyQ%GH(VSDxD

/D8QLyQ(VWHSRQDEXVFDHVWH GRPLQJRSRUODPDxDQDVXWHU FHUDYLFWRULDFRQVHFXWLYDIUHQWH DOHTXLSRDOPHULHQVHGHO&OXE 'HSRUWLYR9HUDWUDVXQDVHPDQD TXHKDTXHGDGRPDUFDGDSRUHO ILFKDMHGHOGHODQWHURKLVSDQR EUDVLOHxR&DWDQKD 3DUHFHFRPSOLFDGRTXHSXH GDVHUFRQYRFDGRSDUDHVWHHQ FXHQWUR \D TXH WDQ VyOR KD HQWUHQDGRHQGRVVHVLRQHVDXQ TXH5D~O3URFRSLRQRGHVFDUWD TXHSXHGDGLVSXWDUDOJXQRVPL QXWRV\VHSUHVHQWHHQHO0XxR] 3pUH]FRQODDILFLyQHVWHSRQHUD /RVTXHQRLUiQFRQYRFDGRV SDUDHVWHGRPLQJRVRQORVOHVLR QDGRV &KXSL 2VFDU 3ULHWR -XDPSH\.XNLTXHVLJXHQHQ WUHQDQGR D SDUWH GHO JUXSR $GHPiVVHUiGXGDHOFHQWUDO &XHYDVFRQPROHVWLDVPXVFXOD UHV 6HHVSHUDXQDJUDQHQWUDGD HQHOHVWDGLRGHVSXpVGHODYLF WRULDFRQVHJXLGDHOSDVDGRGR PLQJR IUHQWH DO ,PSHULR $OERORWHGRQGHJDQy\HO (VWHSRQDWXYRRFDVLRQHVSDUD FRQVHJXLUXQDJROHDGDPXFKR PiVDEXOWDGD (OSDUWLGRHQWUHOD8QLyQ (VWHSRQD&)\HO&'9HUD FRPHQ]DUiDODVGRFHGHODPD xDQDGHOGRPLQJRHQHOHVWDGLR )UDQFLVFR0XxR]3pUH]FRQDU ELWUDMHGHOJUDQDGLQR*HUDUGR *yPH]3HOiH]TXHHVWDUiDFRP SDxDGR HQ ODV EDQGDV SRU (XJHQLR*LO7LQDV\*HUDUGR $OFDOGH&DQWHUR "MJOFBDJÊOQSPCBCMF

$QWRQLR(VStQROD2VFDU7HQD &XHVWD &XHYDV R &XUUR %DUULRV 0DUFRV $QWRQLR 5RPiQ-XDQIUL'LHJR5RPHUR \%RUMD


FTUFQPOB

&M QFSJÊEJDP EF

%&1035&4

/&841"1&3

/RVHVWHSRQHURVJDQDURQDORVJUDQDGLQRVHQHOMXHJRDpUHR

-B6OJÊO &TUFQPOB$' SFBMJ[ÊVO FYDFMFOUF FODVFOUSPBOUF FM*NQFSJP "MCPMPUF &MDVBESP EFTQMFHÊVO HSBOKVFHP UPEPFMQBSUJEP

2QFHLQLFLDOGHO(VWHSRQDHQ$OERORWH

&HOHEUDFLyQGHXQRGHORVJROHVORJUDGRVSRUHO(VWHSRQD

%RUMDFRQGXFHEDOyQSHUVHJXLGRSRUXQULYDO

/DGHIHQVDHVWHSRQHUDHVWXYRPX\RUGHQDGD

$QWRxLWRPDUFyVXSULPHUJROHVWDWHPSRUDGD




FTUFQPOB

&M QFSJ��EJDP EF

%&1035&4

/&841"1&3

'ÑUCPM4BMB

5FOJT

6OBTFMFDDJÊOEF&TUFQPOBQVEPDPO EPTFRVJQPTBTQJSBOUFTBMB/BDJPOBM# FOFMUSJBOHVMBSEFM$%$&TUBEJP ++.BDÄBT„(O&OXE'HSRUWLYR &XOWXUDO(VWDGLRGH(VWHSRQDOHSX VRŽDOPDOWLHPSREXHQDFDUDŽ\SH VHDWHQHUTXHUHQXQFLDUHQVX;9,,, WRUQHRDOTXHYLHQHVLHQGRHOWURIHR GHI~WEROVDODPiVLPSRUWDQWHGHO SDQRUDPDQDFLRQDOOHMRVGHDEDQ GRQDURUJDQL]yXQHYHQWRGHPHQRU HQYHUJDGXUDSHURQRSRUVtPHQRV LOXVLRQDQWH(OWRUQHRYROYLyDVXV RUtJHQHVFUHDQGRXQWULDQJXODUWUHV HQXQRHQHOTXHVHGLHURQFLWDGRV GHORVHTXLSRVGHPD\RUVROHUDGHO I~WEROVDODFRVWDVROHxRGRVFOiVLFRV TXHHQHVWDWHPSRUDGDLQWHQWDUiQUH VXUJLUGHVGHODSURYLQFLDOPDODJXH xD$'-6DQ3HGUR\0DQLOYD)6 -XQWRDHOORVXQDVHOHFFLyQHVWHSR QHUDGHORVPHMRUHVMXJDGRUHVGHO 0HPRULDO0LJXHO&ODYLMRHYHQWR RUJDQL]DGR FRQMXQWDPHQWH $EULHURQHOWHOyQVDPSHGUHxRV\ PDQLOYHxRVFRQXQSDUWLGRGH PLQXWRVHQHOTXHODLJXDOGDGIXHOD QRWDSUHGRPLQDQWH\GRQGHHOHP SDWHDFHURSDUHFtDTXHVHUtDHOUH VXOWDGRILQDOKDVWDTXHDIDOWDGH SRFRV PLQXWRV SDUD HO ILQDO HO 0DQLOYDORJUyHOFRQHOTXHOR JUDEDODSULPHUDYLFWRULDHQVXFDVL OOHUR (QORVVHJXQGRVYHLQWHPLQXWRV VDOGUtDDHVFHQDOD6HOHFFLyQGH (VWHSRQDTXHVHPHGtDDQWHHO $'-6DQ3HGUR6HDGHODQWDURQ ORVHVWHSRQHURVSRUPHGLDFLyQGH -XDQPLHPSDWDQGRHOFRQMXQWRGH

.VÈP[Z#FBUSJ[ $BCSFSB WFODFEPSFT EFMUPSOFP4BO+PTÀ (O WHQLVWD PDGULOHxR -RDTXtQ 0XxR]\ODIXHQJLUROHxD%HDWUL] &DEUHUDVHKDQSURFODPDGRFDP SHRQHVHQODFDWHJRUtDDEVROXWD GHO;;,,WRUQHRGHWHQLV&ROHJLR 6DQ-RVpGH(VWHSRQDTXHVHKD FHOHEUDGRGXUDQWHXQDVHPDQDHQ ODVLQVWDODFLRQHVGHSRUWLYDVGHO &OXE GH 7HQLV GH (VWHSRQD (QHVWHWUDGLFLRQDOWRUQHRYH UDQLHJRKDQSDUWLFLSDGRXQRVGRV FLHQWRV FLQFXHQWD WHQLVWDV OOHJDGRVGHGLIHUHQWHVFOXEHVGH $QGDOXFtD\RWUDVSURYLQFLDVHV SDxRODV (QWRWDOVHUHSDUWLHURQRFKR PLOHXURVHQSUHPLRV "SUFT.BSDJBMFT

$PQB7JMMBEF &TUFQPOBEF.VBZ 5IBJ FTUFT¸CBEP /DVHOHFFLyQGH(VWHSRQDSRVDFRQHOWtWXORGHFDPSHyQ

6DQ3HGURPLQXWRVGHVSXpVTXHD IDOWDGHVHJXQGRVFRORFDEDHO 3HURFXDQGRSDUHFtDTXHHOSDUWL GRHVWDEDSHUGLGR$QWRQLR7RUUHV IDOWDQGRVHJXQGRVORJUDEDXQHP SDWHTXHVDEtDDYLFWRULD(QHO~OWL PR SDUWLGR GHO WULDQJXODU DO 0DQLOYD)6OHYDOtDHOHPSDWHSDUD OOHYDUVHHOWRUQHRDXQTXHIXHOD 6HOHFFLyQGH(VWHSRQDODTXHDOSR FRGHOFRPLHQ]RVHDGHODQWDUtDSRU PHGLDFLyQGH-XDQPL&LQFRPLQX WRVGHVSXpVORVPDQLOYHxRVORJUD EDQHOHPSDWHHQODMXJDGDWRQWDGHO SDUWLGR3HVHDODGLIHUHQFLDHQWUH

'ÑUCPM"GJDJPOBEP

-PT#VDBOFSPTZFM#PSHPSPTP  GJOBMJTUBTEFM**.VOEJBMJUP ++.BDÄBT„/RVHTXLSRVHVWHSRQH URVGHO%XFDQHURV\%RUJRURVRGLVSX WDUiQODILQDOGHO,,0XQGLDOLWRGH I~WERODILFLRQDGRTXHVHHVWiGLVSX WDQGRHQHOFDPSRGHI~WEROPXQLFLSDO 6DQ)HUQDQGRGH(VWHSRQD\GRQGH SDUWLFLSDQVHLVHTXLSRV/DVVHPLILQD OHVHVWXYLHURQPX\LJXDODGDVGHFL GLpQGRVHSRUODPtQLPD (O%XFDQHURVJDQySRUDO 6DOHVXU FRQ JROHV GH 2OPHGR \ &DUYDMDOPLHQWUDVTXHGHO6DOHVXU PDUFy-XOLiQ(QODRWUDVHPLILQDOHO HTXLSRDQILWULy(VWHSRQD$WOpWLF$ TXHGyHOLPLQDGRWUDVSHUGHUFRQ HO%RUJRURVRJROFRQVHJXLGRSRU $QWRxLWR /DILQDOVHGLVSXWDUiHVWHYLHUQHV DSDUWLUGHODVRFKRGHODWDUGHHQHO 6DQ)HUQDQGR/DFODXVXUDGHOWRUQHR WHQGUiOXJDUHQHO%DU&RRSHUDWLYD GRQGHVHHQWUHJDUiQWURIHRVSDUDORV



FXDWURSULPHURVFODVLILFDGRVPi[L PRJROHDGRUSRUWHURPHQRVJROHDGR PHMRUMXJDGRU\GHSRUWLYLGDG $ IDOWDGHXQHQFXHQWURORVMXJD GRUHVGHO%RUJRURVR-DFLQWR/ySH] Ž&KXSLŽ\$QWRxLWRVRQORVJROHDGR UHV FRQ GRV JROHV FDGD XQR \ HO %RUJRURVRWDPELpQHVHOPiVGHSRUWL YR 0SHBOJ[BDJÊO

(O WRUQHR HVWi RUJDQL]DGR SRU HO (VWHSRQD$WOpWLFR$ \FXHQWDFRQOD FRODERUDFLyQGHODGHOHJDFLyQGH 'HSRUWHV GHO $\XQWDPLHQWR GH (VWHSRQD\KDQSDUWLFLSDGRORVHTXL SRVGHO(VWHSRQD$WOpWLFR$8QLyQ 'HSRUWLYD%XFDQHURV/D3HxD$' %RUJRURV8QLyQ'HSRUWLYD6DOHVXU\ 8QLyQ'HSRUWLYD&DQFHODGD

DPERVHTXLSRVXQRTXHVHSUHSDUD SDUDXQDODUJDFRPSHWLFLyQ\RWUR FUHDGRH[FOXVLYDPHQWHSDUDXQGtD ODVHOHFFLyQHVWHSRQHUDKL]RXQRV ~OWLPRVPLQXWRVGHSDUWLGREULOODQWH ORJUDQGRHOSRUPHGLRGH&KXOL &RQHOWLHPSRHQFRQWUDHO0DQLOYD VDFyDOSRUWHURMXJDGRU\HQGRV SpUGLGDVGHEDOyQHQFDPSRULYDO 5DID9HOi]TXH]HQGRVMXJDGDVVL PLODUHVFRQVHJXtDHOGHILQLWLYR FRQVXPDQGRODVRUSUHVDGHOWULDQJX ODU 7UDVHOSLWLGRILQDOVHSURFHGLy DODHQWUHJDGHWURIHRV

(O&OXE6LDPEODFN0XD\7KDL (VWHSRQDGLULJLGRSRUHOHQWUHQD GRUHVWHSRQHUR$QWRQLR-LPpQH] HQFRODERUDFLyQGHOD'HOHJDFLyQ GH'HSRUWHVGHO$\XQWDPLHQWRGH (VWHSRQDKDRUJDQL]DGRSDUDHV WHViEDGRGtDGHVHSWLHPEUH XQDYHODGDGH0XD\7KDLFRQ FRPSHWLGRUHVGHYDULRVSXQWRVGH $QGDOXFtD(VWHHYHQWRVHFHOH EUDUiHQHOSDEHOOyQ(O&DUPHQ GH(VWHSRQD(QWUHORVFRPSHWL GRUHVHVWiQ-RUJH%HQtWH]DFWXDO FDPSHyQGH$QGDOXFtDGHNL ORV /RV HVWHSRQHURV &DUORV $JXLODUGHNJ\$OEHUWR/ySH] GHNJ


). =dH H]jaŽ\a[g\ \]= =kl]hgfY

(67(321$(1(/5(&8(5'2

)RWRVFHGLGDVSRU$QWRQLR*yPH]

8QUHSDVRDODKLVWRULDGHODFLXGDGDWUDYpVGHODVLPiJHQHV

 DxR VWDEDQODVILHVWDV JX HV RO WUt WH pV $

< VHJXtDQ FRQ ODV GLY

HUVLRQHV

DxR 

'HGLFDGDDPLVDPLJRV0DQROR\3HSH3RQWH%DU (O=RFDWRDxRV

(O FDQWH \ OD GLYHUVLyQ

QR IDOWDEDQ

DxRV 

8Q WUtR ~QLFR GH SLVWROHURV

DxR 


=dH H]jaŽ\a[g\ \]= =kl]hgfY )/

(67(321$(1(/5(&8(5'2 )RWRVFHGLGDVSRU$QWRQLR*yPH]

&RUR (GXFDFLyQ \ 'HVFDQVR

8QUHSDVRDODKLVWRULDGHODFLXGDGDWUDYpVGHODVLPiJHQHV

DxRV 

-XDQ &DQ 3DUUDGR R -RVp 0DWD0LJXHO \ 3HGUR & KXUUHULD 3 (O /HYDQWH  3HGUR DUUDGR

DxRV 

6HOHFFLyQ-XYHQLOGH(VWHSRQDDxRV

'HSLH)FR6DODV-XDQ*XHUUHUR-RVHVLOOR$WLHQ]D$QGUpV(O%UHVFD -XDQ&RQWUHUDV)FR1DYDUUR6HEDVWLDQ0RQWHJRUGR/XLV\7DSLD $JDFKDGRV3HSH3DUWDO-XDQ (OPDOHWR &HFLOLR%DUULR7RE\\$QWRQLR6DQFKH]

2UWL] SRVDQGR DxRV  )FR 2UWL] )FR /RSH] \ -XDQ

(O SHTXHxLQ -XDQ &DUORV YHQ

GHGRU HQ OD /RQMD

DxRV 




FTUFQPOB

.0503

&M QFSJÊEJDP EF

/&841"1&3

&MOÑNFSPEFGBMMFDJEPTEVSBOUF FTUFWFSBOPFOMBTDBSSFUFSBTFT FMN¸TCBKPEFTEFFMBÈP &OMMPR RVFWWBE EFB BÈPTTFI IBOQ QSPEVDJEP GGBMMFDJEPT NFOPT MMPR RVFSSFQSFTFOUBV VOE EFTDFOTPE EFN N¸TE EFM 

%(5„ 'XUDQWHORVPHVHVGHMXOLR \DJRVWRHQODVFDUUHWHUDVHVSDxR ODVVHKDQSURGXFLGRXQWRWDOGH DFFLGHQWHVPRUWDOHVHQORVTXH IDOOHFLHURQSHUVRQDV (VWRVGDWRVUHSUHVHQWDQXQGHV FHQVRGHIDOOHFLGRV   FRQUHVSHFWRDOYHUDQRGHOSDVDGR DxRFXDQGRVHUHJLVWUDURQYtF WLPDVPRUWDOHV(QFXDQWRDORVDF FLGHQWHVKDQSDVDGRGHHQHO YHUDQRGHDGXUDQWHORV PHVHVGHMXOLR\DJRVWRGHHVWHDxR ORTXHVXSRQHXQGHVFHQVR GHO  /RVGDWRVGHVLQLHVWUDOLGDGHQ ODVFDUUHWHUDVUHJLVWUDGRVHVWHDxR HQMXOLR\DJRVWRVRQORVPHMRUHV GHVGHFXDQGRVHSURGXMHURQ YtFWLPDVPRUWDOHV(QWRQFHV HOSDUTXHPyYLOHQ(VSDxDHVWDED FRPSXHVWRSRUGRVPLOORQHVGHYH KtFXORVIUHQWHDORVPLOORQHVDF WXDOHV\HOFHQVRGHFRQGXFWRUHV SRUPLOORQHVGHSHUVRQDVIUHQWH DORVPLOORQHVDFWXDOHV &RPSDUDGRVHVWRVGDWRVFRQORV GHFXDQGRVHUHJLVWUDURQ YtFWLPDVPRUWDOHVHOGHVFHQVRVH DFHUFDDO

-PTEFTQMB[BNJFOUPT EJTNJOVZFOVO 

'XUDQWHORVPHVHVGHMXOLR\DJRV WRVHKDQSURGXFLGRPLOORQHVGH GHVSOD]DPLHQWRVIUHQWHDORV PLOORQHVUHJLVWUDGRVHQOR TXHVXSRQHXQUHWURFHVRGHO $ ORODUJRGHODxRODPHGLDGHV FLHQGHWDPELpQXQ (VWHGHVFHQVRVHFRQFHQWUDHQ ORVGtDVODERUDEOHV HQOR TXHYDGHDxR PLHQWUDVORVILQHV GHVHPDQDUHJLVWUDQXQDOLJHUDFDt GDGHO6LQHPEDUJRHQWR GRVORVILQHVGHVHPDQDGHOPHVGH MXOLRVHSURGXMRXQLPSRUWDQWHDX PHQWRGHGHVSOD]DPLHQWRVTXHYD GHODO

/RVDFFLGHQWHVGHWUiILFRKDQGLVPLQXLGRQRWDEOHPHQWH

%FTDFOTPFOMBTJOJFTUSBMJEBE JOJDJBEPFO

/DVFLIUDVREWHQLGDVGHODDFFLGHQWD OLGDGGHORV~OWLPRVGLH]YHUDQRV SHUPLWHQREVHUYDUTXHDSDUWLUGHO DxRVHLQLFLDXQGHVFHQVRHQHO Q~PHURGHDFFLGHQWHV\YtFWLPDV PRUWDOHVHQFDUUHWHUD(VWHGHVFHQVR HVPX\SURQXQFLDGRHQ GHYtFWLPDVPRUWDOHVPHQRVTXHHQ \HQGHYtFWLPDV PRUWDOHVPHQRVTXHHQ(ODxR FRQXQPHQRVGHIDOOH FLGRVTXHHOYHUDQRDQWHULRUFRQVROL GDODWHQGHQFLDGHVFHQGHQWH\HVHO SULPHURHQODVHULHKLVWyULFDHQHO TXHVHUHJLVWUDQPHQRVGHYtFWL PDVPRUWDOHVHQODFDUUHWHUD (VWDHYROXFLyQGHODVLQLHVWUDOL GDGHQFDUUHWHUDKDSHUPLWLGRUHGXFLU FDVLDODPLWDGHOSURPHGLRGLDULRGH YtFWLPDVPRUWDOHVHQDFFLGHQWHGX UDQWHHOYHUDQRTXHKDSDVDGRGH HQDHQ(VGHFLU FDGDGtDVHUHJLVWUDQYtFWLPDVPRU WDOHVPHQRVTXHKDFHFLQFRDxRV

3RUPHVHVHQMXOLRHOSURPH GLRGLDULRGHIDOOHFLGRVKDSDVDGR GHHQDHQ YtFWLPDVPRUWDOHVGLDULDVPHQRV \HQHOPHVGHDJRVWRGHD IDOOHFLGRVPHQRVFDGDGtD 4FSFEVDFOVOUFSDJPMPT NVFSUPTFONPUPDJDMFUBT

3RUORTXHUHVSHFWDDOWLSRGHYH KtFXORORVIDOOHFLGRVFXDQGRFLU FXODEDQHQPRWRFLFOHWDVHKDQ UHGXFLGRFRQVLGHUDEOHPHQWHPiV GH XQ  HVWH YHUDQR KDQ PXHUWRPRWRULVWDVPHQRV TXHHODxRSDVDGR\XQDFLIUDPX\ VLPLODUDODGH (QFXDQWRDODVYtFWLPDVPRU WDOHVHQWXULVPRV±TXHUHSUHVHQWDQ ODPLWDGGHWRGDVODVYtFWLPDVUH JLVWUDGDVHVWHYHUDQRKDKDELGR IDOOHFLGRVPHQRVORTXHVXSR QHXQGHVFHQVRGHFDVLXQ 5HVSHFWRGHOYHUDQRGHHO GHVFHQVRKDVLGRFHUFDQRDO

&M3"$& PQUJNJTUB BOUFMBSFEVDDJÊOEFM OÑNFSPEFGBMMFDJEPT FOMBTDBSSFUFSBT 3FEBDDJÊO„(O5HDO$XWRPyYLO &OXEGH(VSDxD5$&(KDPRVWUDGR VXVDWLVIDFFLyQSRUODUHGXFFLyQHQ HOQ~PHURGHIDOOHFLGRVHQODVFDUUH WHUDVHVSDxRODVGXUDQWHHOPHVGH DJRVWRDXQTXHLQVLVWHHQQREDMDUOD JXDUGLDVREUHWRGRHQORVGHVSOD]D PLHQWRVFRUWRV\HQORVPRYLPLHQ WRV³LQLWLQHUH´H³LQODERUH´ 6LELHQODUHGXFFLyQHVXQWUDED MRGHWRGRVVREUHWRGRGHORVSUR SLRVFRQGXFWRUHVHO5$&(GHVWDFD TXHFXDQGRODYROXQWDGSROtWLFD\ S~EOLFDFRQIOX\HQHQLQWHUHVHVFRQ MXQWRVORVILQHVVRQDOFDQ]DEOHV(Q HVWHVHQWLGRHVWDGLVPLQXFLyQWDP ELpQVHKDYLVWRIDYRUHFLGDSRUHO GHVFHQVRGHOQ~PHURGHGHVSOD]D PLHQWRV\SRUXQDPD\RUFRQFLHQ FLDFLyQ GH ORV FRQGXFWRUHV SHUWHQHFLHQWHVDORVJUXSRVGHPD \RUULHVJRHQWUH\DxRV 3RURWUDSDUWHHO&OXEUHFODPDD OD$GPLQLVWUDFLyQXQDSROtWLFDGHIL QLWLYDGHVXSUHVLyQGHSXQWRVQH JURVWDO\FRPRVHUHDOL]D\DHQ RWURVSDtVHVGHOD8QLyQ(XURSHD XQDQRUPDWLYDVREUHODPHMRUDGH ORVDUFHQHVGHODVFDUUHWHUDVIRPHQ WDQGRGHHVWDIRUPDHOFRQFHSWRGH VHJXULGDGSDVLYDGHODYtD\XQD PRGLILFDFLyQGHO3ODQ3UHYHUSDUD SHUPLWLUODUHQRYDFLyQGHOSDUTXH DXWRPRYLOtVWLFRGHPiVGHDxRV

/VFWP.JOJ+PIO $PPQFS8PSLT EFM DJSDVJUPBMBDBSSFUFSB &1&„/RVLPSUHVLRQDQWHVGDWRV

WpFQLFRVFRQILUPDQTXHHO0,1, -RKQ&RRSHU:RUNVRFXSDXQOXJDU PX\HVSHFLDOHQVXVHJPHQWRHO QXHYRPRWRUGHFXDWURFLOLQGURVFRQ FRPSUHVRUWXUER7ZLQ6FUROOHLQ \HFFLyQGLUHFWDGHJDVROLQDWLHQH N:&9 \XQSDUPRWRUGH 1PTXHFRQHORYHUERRVWSXH GHOOHJDUDVHUGH1P(O0,1, -RKQ&RRSHU:RUNV&OXEPDQTXH VHHVWUHQDDOPLVPRWLHPSRWLHQH ODVPLVPDVSUHVWDFLRQHVHLJXDOFD UiFWHUGHSRUWLYR7UDQVFXUULGRVVyOR XQRVPHVHVGHVGHODSUHVHQWDFLyQ GHODQXHYDYDULDQWHGHFDUURFHUtD DSDUHFHHODWOpWLFRFRFKHTXHRFXSD UiHOSXHVWRPiVDOWRGHODJDPD


FTUFQPOB

4"-6%

&M QFSJÊEJDP EF

/&841"1&3

-PTDFOUSPTEFTBMVEBOEBMVDFT DPNJFO[BOBEBSDJUBTQBSBMB WBDVOBDJÊODPOUSBFMQBQJMPNBWJSVT -BTO OJÈBTO OBDJEBTF FO TTFS¸OMMBTQ QSJNFSBTC CFOFGJDJBSJBTE EF FTUBO OVFWBN NFEJEBQ QSFWFOUJWBDDPOUSBMMBTJJOGFDDJPOFTH HFOJUBMFT

+"4BMVE„/RVFHQWURVGHDWHQFLyQ SULPDULDKDQFRPHQ]DGRDGDUFLWDV SDUDODDGPLQLVWUDFLyQGHODYDFXQD FRQWUDHOSDSLORPDYLUXVTXHHPSH]D UiDUHDOL]DUVHDSDUWLUGHOSUy[LPR GHVHSWLHPEUH/DVSULPHUDVEHQHIL FLDULDVGHHVWDQXHYDPHGLGDSUHYHQ WLYDTXHVHLQFOX\HHQHOFDOHQGDULR YDFXQDODQGDOX]VHUiQDTXHOODVQLxDV QDFLGDVHQ\TXHSRUWDQWRDOR ODUJRGHKDQFXPSOLGRRYDQD FXPSOLUORVDxRV 3DUDVROLFLWDUXQDFLWDORVFLXGD GDQRVSRGUiQXWLOL]DUORVVLVWHPDVKD ELWXDOHVGH6DOXG5HVSRQGH   RDFXGLUDOFHQWURGHVDOXGGRQ GHOHFRQFUHWDUiQGtD\KRUDSDUDSR QHUODSULPHUDGRVLVGHODYDFXQD (Q$QGDOXFtDH[LVWHQDFWXDOPHQ WHXQWRWDOGHQLxDVFRQ DxRVGHODVTXHFRUUHVSRQGHQD $OPHUtDD&iGL]D &yUGREDD*UDQDGDD +XHOYD  D -DpQ  D 0iODJD\D6HYLOOD3DUDYD FXQDUODVDWRGDVHOODVOD&RQVHMHUtD GH6DOXGKDLQYHUWLGRPLOORQHV GHHXURVHQDGTXLULUODVGRVLV QHFHVDULDVSDUDFRPSOHWDUODSDXWDGH HVWDYDFXQD WUHVGRVLV \SRGHULQL FLDUHQHQHURGHODYDFXQDFLyQ VREUHODVQLxDVTXHQDFLHURQHQ \TXHSRUWDQWRFXPSOHDxRVDOR ODUJRGHOSUy[LPRDxR

-BWBDVOBDPOUSBFMQBQJMPNB DPOTUBEFUSFTEPTJT RVFTFEFCFOBENJOJTUSBS DPOVOBQBVUBDPODSFUB /DYDFXQDGHOFiQFHUGHFpUYL[VXSR QHXQSDVRPiVHQODOXFKDFRQWUDHO FiQFHUDXQTXHKD\TXHLQFLGLUHQOD QHFHVLGDGGHPDQWHQHUPHGLGDVEiVL FDVGHSUHYHQFLyQ\GHWHFFLyQSUHFR] GHODVLQIHFFLRQHVJHQLWDOHVFRPRVRQ HOXVRGHOSUHVHUYDWLYR\ODVFLWRORJt DVSHULyGLFDV (OSURJUDPDGHGHWHFFLyQSUHFR] GHFiQFHUGHFXHOORGH~WHURTXHVH GHVDUUROODHQ$QGDOXFtD\TXHVHHQ

/DVDQLGDGDQGDOX]DFRPH]DUiODFDPSDxDGHYDFXQDFLyQ

PDUFDHQHO3URFHVR$VLVWHQFLDOGH &iQFHUGH&pUYL[HVWiVLHQGRXWLOL]D GRFDGDYH]SRUPiVPXMHUHVHQ $QGDOXFtD 6HHVWLPDTXHFDGDDxRVHSURGX FHQHQHOPXQGRPiVGHQXH YRVFDVRVGHFiQFHUGHFXHOORGH ~WHUR\DOUHGHGRUGHGHIXQ FLRQHV &LIUDV TXH HQ (VSDxD \ $QGDOXFtDVRQPX\LQIHULRUHVJUDFLDV DORVSURJUDPDVGHFULEDGRH[LVWHQWHV

(QHVWHVHQWLGRDQLYHOQDFLRQDOVH UHJLVWUDQFDVRVGHHVWHWLSRGH FiQFHUSRUFDGDPXMHUHV\ SRUFDGDPXMHUHVHQ $QGDOXFtD(QODPLVPDOtQHDODV~O WLPDVFLIUDVSXEOLFDGDVVREUHHVWDPD WHULDSRUHO,QVWLWXWR1DFLRQDOGH (VWDGtVWLFDUHFRJHQTXHPXMHUHV IDOOHFLHURQHQSRUFiQFHUGH FXHOORGH~WHURGHODVTXHFRUUHV SRQGLHURQD$QGDOXFtD



"ENJOJTUSBDJÊOEFMBWBDVOB

/DYDFXQDFRQWUDHOSDSLORPDYL UXVFRQVWDGHWUHVGRVLVTXHVHGH EHQDGPLQLVWUDUFRQXQDSDXWD FRQFUHWD$VtODVHJXQGD\WHUFHUD GRVLVVHSRQGUiDOPHV\DORVVHLV PHVHVGHODSULPHUDUHVSHFWLYD PHQWH /D&RQVHMHUtDGH6DOXGHVWLPD TXHODVQLxDVQDFLGDVHQKD EUiQWHUPLQDGRGHYDFXQDUVHHQWUH DEULO\MXQLRGHDxRHQHO TXHFRPHQ]DUiDDGPLQLVWUDUVHD ODVQLxDVQDFLGDVHQ\DVt VXFHVLYDPHQWH /DYDFXQDSURWHJHVREUHGRV FHSDVGHYLUXVTXHUHSUHVHQWDQHO GHORVPiVIUHFXHQWHVTXH SXHGHQGHJHQHUDUHQXQFiQFHUGH FXHOORGH~WHUR-XQWRDHVWDPHGL GDHVIXQGDPHQWDOODUHDOL]DFLyQ GHFLWRORJtDVSHULyGLFDVFRPRPp WRGRSDUDODGHWHFFLyQSUHFR]GH SRVLEOHVLQIHFFLRQHVJHQLWDOHVTXH SXHGHQGHULYDUHQFDUFLQRPDVDO REMHWRGHSRQHUPHGLGDVFRUUHFWR UDVDWLHPSRTXHSHUPLWDQTXHHO FiQFHUQRVHOOHJXHDGHVDUUROODU (OSURJUDPDGHGHWHFFLyQSUH FR]GHFiQFHUGHFpUYL[HVWDEOHFH TXHODVPXMHUHVTXHSUHVHQWHQ IDFWRUHVGHULHVJR P~OWLSOHVSDUH MDVLQIHFFLRQHVYLUDOHVLQPXQR VXSUHVLyQ«  VH UHDOLFHQ XQD FLWRORJtDFDGDDxRPLHQWUDVTXH SDUDODVTXHQRWLHQHQIDFWRUHVGH ULHVJRDSDUHQWHODFDGHQFLDGHOD SUXHEDGHEHVHUDQXDO\HQHOFD VRGHTXHVHUHJLVWUHQGRVFRQVH FXWLYDV QRUPDOHV VH SDVH D UHDOL]DUHVWHWLSRGHSUXHEDVFDGD WUHVDxRV$GHPiVLQGLFDTXHVH SXHGHILQDOL]DUHOFRQWUROFLWROyJL FRHQODVPXMHUHVFRQPiVGH DxRVTXHWHQJDQGRVFLWRORJtDV QRUPDOHV

&MEFMBTSFDFUBTJOEJDBOZBVOQSJODJQJPBDUJWP +"„(OGHODVUHFHWDVTXHSUHV

FULEHQORVPpGLFRVHQHOFRQMXQWRGH ORVFHQWURVVDQLWDULRVS~EOLFRVLQGLFDQ XQSULQFLSLRDFWLYRHQOXJDUGHXQD PDUFDFRPHUFLDO(VWRVUHVXOWDGRV KDQSHUPLWLGRXQDKRUURDOVLVWHPD VDQLWDULRS~EOLFRGHPLOORQHVGH HXURVGHVGHILQDOHVGHODxR 6HKDFRQYHUWLGR\DHQSUiFWLFD KDELWXDOHQ$QGDOXFtD(QODV UHFHWDVSRUSULQFLSLRDFWLYRVyORUH SUHVHQWDEDQHOPLHQWUDVTXH HQMXQLRGHHOSRUFHQWDMHGHUH

FHWDVKDDVFHQGLGRDO'XUDQWHHO PHVGHMXQLRVHKDQSUHVFULWR PLOORQHVGHUHFHWDVSRUSULQFLSLRDFWL YR (QHVWHWLSRGHSUHVFULSFLyQHOID FXOWDWLYRLQGLFDHQODUHFHWDORVGDWRV GHOPHGLFDPHQWRVLQHVSHFLILFDUQLQ JXQDPDUFDFRPHUFLDO\HVODIRUPD GHSUHVFULELUUHFRPHQGDGDSRUOD 2UJDQL]DFLyQ0XQGLDOGHOD6DOXG 206 \RWURVRUJDQLVPRVLQWHUQD FLRQDOHVGHOD6DOXG /DSUHVFULSFLyQSRUSULQFLSLRDFWL

YRIDYRUHFHHOPHMRUXVRGHORVPHGL FDPHQWRV\DTXHPpGLFR\SDFLHQWH SXHGHQLGHQWLILFDUIiFLOPHQWHHOPH GLFDPHQWRSXHVWRTXHVHWUDWDGHXQ VRORQRPEUHIUHQWHDODYDULHGDGGH PDUFDVH[LVWHQWH$ ORVSURIHVLRQDOHV VDQLWDULRVWDPELpQOHVIDFLOLWDODVE~V TXHGDVELEOLRJUiILFDV\HOLQWHUFDP ELRGHLQIRUPDFLyQFLHQWtILFD\DTXH ODGHQRPLQDFLyQSRUSULQFLSLRDFWLYR HVXQLYHUVDO\HVODTXHVHHVWXGLDHQ ODVIDFXOWDGHV\HVFXHODVGHPHGLFLQD GHWRGRHOPXQGR


$JHQGD GH VHUYLFLRV 25*$1,6026 $<817$0,(1726 "ZVOUBNJFOUPEF.BOJMWB

$BMMF.BS  .BOJMWB .¸MBHB

5FMÀGPOP  'BY  1¸HJOB8 8FC XXXNBOJMWBDPTUBEFMTPMDPN

"ZVOUBNJFOUPEF$BTBSFT

$BMMF7JMMB  $BTBSFT .¸MBHB

5FMÀGPOP  'BY  1¸HJOB8 8FC XXXDBTBSFTFT

"ZVOUBNJFOUPEF&TUFQPOB

1MB[B#MBT*OGBOUF  &TUFQPOB .¸MBHB

5FMÀGPOP  'BY  1¸HJOB8 8FC XXXFTUFQPOBFT

5(*,6752'(/$3523,('$' 0GJDJOBTFO&TUFQPOB

%JSFDDJÊO 1SPMPOHBDJÊO$BMMF%FMGÄOTO3FTJEFODJBM.JSBNBS &TDBMFSB QMBOUB 1SPWJODJB ."-"(" .VOJDJQJP &45&10/" $1  5FMÀGPOP  'BY  &N NBJM FTUFQPOB!SFHJTUSPEFMBQSPQJFEBEPSH

%JSFDDJÊO 3FBM &EJG % 7JDFOUF 1SPWJODJB ."-"(" .VOJDJQJP &45&10/" $1  5FMÀGPOP  'BY &N NBJM FTUFQPOB!SFHJTUSPEFMBQSPQJFEBEPSH

%DQFRV\&DMDV $1 .¸MBHB 'BY 

$0/'&%&3"$*ª/&41"¨0-"%& 03("/*;"$*0/&4&.13&4"3*"-&4 $&0&

$BMMF%JFHPEF-FÊO  5FMÀGPOP  FN NBJM DFPF!DFPFFT

$1 .BESJE 'BY 

$BMMF"SRVÄNFEFTTO *TMBEFMB$BSUVKB $1 4FWJMMB 5FMÀGPOP  'BY  FN NBJM JOGP!DFBFT

$0/'&%&3"$*ª/%&&.13&4"3*04 %&.˜-"(" $&.

4BO-PSFO[P  5FMÀGPOP  FN NBJM JOGP!DFNNBMBHBFT

%*165"$*ª/%&.˜-"(" 1MB[BEFMB.BSJOBTO 5FMÀGPOP 

$1 .¸MBHB 'BY 

$1 .¸MBHB FN NBJM JOGP!NBMBHBFT

"W "OEBMVDÄB 4/

$"+"463

"W &TQBÈB  -VJT#VÈVFM 4/

$"+"(3"/"%"

127$5,26

3FBM 

6/*$"+"

(PZB  3FBM  3FBM  3FBM  $USB $¸EJ[ ,N  $OP 1BESF$VSB 6SC )VFSUB/VFWB  .BSRVÀTEFM%VFSP  $ $PN $PTUBEFM4PM LN

.PSP%PNJOHP +PSHF $4BOUB"OB  ‘ &TUFQPOB .¸MBHB

5FMÀGPOP  'BY  FN NBJMKNPSP!DPSSFPOPUBSJBMPSH

/PUBSJPT.BOJMWB

"W &TQBÈB  "W &TQBÈB 

#"/$"+"

"W &TQBÈB 

(BSDÄB6SCBOP +PTÀ.BSÄB 6SC &M1JMBS $USB /BD  LN  &TUFQPOB .¸MBHB

5FMÀGPOP  'BY  FN NBJMKNHBSDJB!DPSSFPOPUBSJBMPSH

(VFSSFSP"SJBT 'FSOBOEP 1[B 7JDFOUF&TQJOFM &EJG 1MB[B .BOJMWB .¸MBHB  5FMÀGPOP  'BY  FN NBJMGHVFSSFSP!DPSSFPOPUBSJBMPSH

&45&10/" 5FMG

"W +VBO$BSMPT* & "MCPS¸O

-"$"*9"

"W &TQBÈB  5FSSB[B  "W "OEBMVDÄB 

&45&10/" 5FMG 5FMG 5FMG 5FMG 5FMG 5FMG

&45&10/" 5FMG &45&10/" 5FMG &45&10/" 5FMG

&45&10/" 5FMG  &45&10/" 5FMG 

"W &TQBÈB  &45&10/" 5FMG $53"/,.#"+0" "W (ÊNF[#BSSJP  &45&10/" 5FMG

4"#"%&--"5-"/5*$0

&45&10/" 5FMG

"W &TQBÈB 

#"3$-":4#"/,

&45&10/" 5FMG

"W &TQBÈB 

#"/$0;"3"(0;"/0 5FSSB[B 

&45&10/" 5FMG &45&10/" 5FMG &45&10/" 5FMG &45&10/" 5FMG

$"*9"("-*$*"

#"/$" ."3$)

&45&10/"

"WEB 1BESF$VSB FTR $FMFTUJOP1SJFUP"[B 5FMG 'BY

+27(/(6 (67(321$ $USBEF$¸EJ[ ,N 5FM 'BY 

)&45&10/"1"-"$&"WEBEFM$BSNFO TO&TUFQPOB 5FM 

'BY 

XXXIFT

(3"/)05&-1-":"#&--"

6SCBOJ[BDJÊO$PTUBMJUB TO4BMBEJMMP#FOBNBSB &TUFQPOB

5FM  'BY XXXIPUFMTQMBZBDPN

"5"-":"1"3,(0-')05&-3&4035

$BSSFUFSB$BEJ[ ,N  #&TUFQPOB 5FM  'BY  XXXBUBMBZBQQBSLFT FN NBJMSFTFSWBT!BUBMBZBQBSLFT

$"-&%0/*"(0-'3&403541"

&45&10/" 5FMG 5FMG

$)JOPKP TO 1BSDFMB4BMBEJMMP#FOBNBSB &TUFQPOB

5FM  'BY  XXXBDDBMFEPOJBDPN FN NBJMSFTFSWBT!IPUFMDBMFEPOJBHPMGDPN

&45&10/" 5FMG

(3"/)05&-&-#"&45&10/"

&45&10/" 5FMG &45&10/" 5FMG &45&10/" 5FMG

,&.1*/4,*)05&-#")*"&45&10/"

"W &TQBÈB  &45&10/" 5FMG "W "OEBMVDÄB &EJG 7BMTVN &45&10/" 5FMG

%&654$)&#"/,

$USB / ,. 6SC #FOBNBSB &45&10/" 5FMG "W +VBO$BSMPT* #MCBKP &45&10/" 5FMG

#"/$0%&"/%"-6$*"

&45&10/" &45&10/" &45&10/" &45&10/"

#"/$0(6*16;$0"/0 "W &TQBÈB 

40-#"/,

)PUFM&M1BSBÄTP$PTUBEFM4PM &45&10/" &45&10/" &45&10/" &45&10/" &45&10/"

$"+"."3

$USB $¸EJ[.¸MBHB ,N "MFKP.BSUÄO  6SC &M1JMBS#FOBNBSB "W &TQBÈB 

&45&10/" 5FMG

$BMMF3FBM 

&45&10/" 5FMG

#*-#"0#*;,"*",659" &TUFQPOB .¸MBHB

'BY 

#"/$01016-"3&41"¨0-

"W &TQBÈB&E 1BOPSBNB &45&10/" 5FMG &45&10/" 5FMG &45&10/" 5FMG

$"+"%6&303FBM  &45&10/" 5FMG

"W &TQBÈB 

/PUBSJPTFO&TUFQPOB

#BZÊO1FESB[B *HOBDJP $3FBM ‘ 5FMÀGPOP  FN NBJMJCBZPO!DPSSFPOPUBSJBMPSH

&45&10/" 5FMG

$"+"%&")03304:.0/5&%&1*&%"% %&(6*16;,0":4"/4&#"45*"/

$"+"40-

3URIHVLRQDOHV

&45&10/" 5FMG

"W &TQBÈB 1035"

3FBM  "W &TQBÈB  +VBO$BSMPT* 6SC $BQSJDIP

$"+"363"-%&(3"/"%"

"W &TQBÈB 

$0/'&%&3"$*ª/%&&.13&4"3*04 %&"/%"-6$¤" $&"

#"/$0&41"¨0-%&$3&%*504"

##7"

(67(321$

$BMMF$PSUJOBEFM.VFMMF  5FMÀGPOPT  FN NBJM JOGP!DBNBSBNBMBHBDPN

&45&10/" 5FMG

"W &TQBÈB 

#"/,*/5&3 %JSFDDJÊO 1SPMPOHBDJÊO$BMMF%FMGÄOTO3FTJEFODJBM.JSBNBS &TDBMFSB CBKP 1SPWJODJB ."-"(" .VOJDJQJP &45&10/" $1  5FMÀGPOP  'BY  &N NBJM FTUFQPOB!SFHJTUSPEFMBQSPQJFEBEPSH

2752625*$1,6026 $˜."3"%&$0.&3$*0 %&-"1307*/$*"%&.˜-"("

#"/&450

5FMG 5FMG 5FMG 5FMG

&45&10/" 5FMG

$BSSFUFSB$BEJ[.BMBHB ,N 'BY

5FM XXXFMCBFTUFQPOBDPN

$BSSFUFSB/ ,N #BIJB%PSBEB &TUFQPOB

5FM'BY XXXLFNQJOTLJTTQBJODPN

"/%"-6$*"13*/$&44$BSSFUFSB$BEJ[.BMBHB ,N

5FM  'BY  FN NBJMDPTUBTPM!PDDJEFOUBMIPUFMFTDPN

40'*5&--"4%6/"4#&"$))05&-41"

$BSSFUFSB$BEJ[.BMBHB ,N  #PMBEJMMB#BKB &TUFQPOB 5FM  'BY  XXXMBTEEVOBTDPN FN NBJMMBTEVOBT!MBTEVOBTDPN

$308/&1-";"&45&10/"

$BSSFUFSB/ ,N&TUFQPOB 5FM

"()&45&10/" 6SC 1BSBÄTP#FBDI $USB/BD,N 5FM &TUFQPOBXXXBHIFTUFQPOBDPN


FTUFQPOB

&M QFSJÊEJDP EF

DJHQGDG G HVV HUYLFLRV

/&841"1&3

&$0326'(*2/) 3529,1&,$'(0È/$*$ 5FMG (PMG3ÄP3FBM 5FMG "MPIB "MIBVSÄO(PMG)PUFM3FTPSU

(PMG"OUFRVFSB $MVC&M$BOEBEP

5FMG 5FMG  5FMG  

(VBEBMIPSDF$MVCEF(PMG

5FMG 

1BSBEPSEF(PMGEF.¸MBHB

5FMG 

(VBEBMNJOB$MVCEF(PMG

5FMG 

-B$BMB(PMG$PVOUSZ$MVC

5FMG 

5FMG "ÈPSFUB(PMG 5FMG  "OUFRVFSB(PMG 5FMG  "SUPMB(PMG "UBMBZB(PMG$PVOUSZ$MVC 5FMG  5FMG  #BWJFSB(PMG $BCPQJOP$MVCEF(PMG 5FMG  $BNQBOBSJP$MVCEF(PMG5FM 

$MVCEF$BNQP-B;BHBMFUB

5FMG $MVCEF(PMG&M$PUP 5FMG  $MVCEF(PMG-B4JFTUB 5FMG 

&8(5326 '( 6(*85,'$' (PMG-B%BNBEF/PDIF 5FMG  5FMG  (PMG-B%VRVFTB 5FMG  (PMG-PT/BSBOKPT 5FMG  (PMG3ÄP3FBM 5FMG  (PMG5PSSFRVFCSBEB (SFFOMJGF(PMG.BSCFMMB 5FMG  (VBEBMIPSDF$MVCEF(PMG 5FMG  (VBEBMNJOB$MVCEF(PMG 5FMG  5FMG  -B$BMB(PMG3FTPSU -B/PSJB(PMG3FTPSU 5FMG  -B2VJOUB(PMG$PVOUSZ$MVC 5FMG 

5FMG  -BVSP(PMG -PT"SRVFSPT(PMG$PVOUSZ$MVC 5FMG 

.BSCFMMB$MVC(PMG3FTPSU

5FMG 

5FMG

.POUF1BSBÄTP$PVOUSZ$MVC

5FMG 

3FBM$MVCEF$BNQPEF.¸MBHB

5FMG  5FMG  5FMG  5FMG 

4BOUBOB(PMG$PVOUSZ$MVC

5FMG 

'"3."$*"4

%& (6"3%*" 1)"3."$*&4 0/ %65:

=kl]hgfY$EYfadnYqKYZafaddYk ).\ \]K K]hla]eZj]

*(\ \]K K]hla]eZj]

'-8$1 9$&$6 $1*8/2 &3LODUGH)DULQyV%OT /D9LxD

'-8$1$$57$&+2 &5HDO 

'$1721,$ 0$5$*Ð1 6WD$QD 

)+\ \]K K]hla]eZj]

)/\ \]K K]hla]eZj]

*)\ \]K K]hla]eZj]

'-8$1086(52 '-26e*58('$6 '-26e0$<$/$ $Y$QGDOXFtD &$GROIR6GH)LJXHURD $YGD-XDQ&DUORV, 0DU\6LHUUD  

),\ \]K K]hla]eZj]

'0,6$%(/ *$/'21 $YGDGHO&DUPHQQž 

)-\ \]K K]hla]eZj]

'ž0$18(/ 752<$12 $YGD/LWRUDOQž 

%FOVODJBBOUFFM$VFSQP/BDJPOBM EF1PMJDÄBBUSBWFTEFJOUFSOFU

85*(1&,$6

4BOUB$MBSB(PMG 4BOUB.BSÄB(PMG$PVOUSZ$MVC

)*\ \]K K]hla]eZj]



.JKBT(PMG .JSBGMPSFT(PMG$MVC .POUF.BZPS(PMG$PVOUSZ$MVC

-B3FTJOB(PMG$PVOUSZ$MVC &TUFQPOB(PMG 'MBNJOHPT(PMG$MVC (PMG&M1BSBJTP

%FOVODJBUFMFGÊOJDBBOUFFM $VFSQP/BDJPOBMEF1PMJDÄB

IUUQTXXXQPMJDJBFTEFOVODJBT

5FMG  5FMG  5FMG 

3FBM$MVCEF(PMG-BT#SJTBT

5FMG 5FMG  5FMG  5FMG 

6SHFODJBT11PMJDÄB/ /BDJPOBM  6SHFODJBT11PMJDÄB--PDBM  6SHFODJBT( (VBSEJB$ $JWJM  $PNJTBSÄB11PMJDÄB/ /BDJPOBM 7BMMF*ODM¸O  $PNJTBSÄB11PMJDÄB--PDBM 6SC 4FHIFST "WEB -PT'SVUBMFTTO  $VBSUFM( (VBSEJB$ $JWJM "WE -PT3FBMFT 

.BSCFMMB(PMG$PVOUSZ$MVC

$MVCEF(PMG-PT"MNFOESPT

5FMG 

7HOpIRQRV

)0\ \]K K]hla]eZj]

'5$)$(/ 3e5(= &%HUP~GH] 

)1\ \]K K]hla]eZj]

'0,*8(/ 0e1'(= $Y$QGDOXFtD(G/D1RULD 

>YjeY[aYk]f EYfadnY 1-*01(*)>YjeY[aYk]f KYZafaddYk 1-*01().0

#PNCFSPT "WEB 3VÄ[.ÀOEF[TO &NFSHFODJBT44BOJUBSJBT $SV[33PKB )FMJDÊQUFSPTTTBOJUBSJPT 6SHFODJBT$ $USPEEF44BMVE "WE 3VÄ[.ÀOEF[*TO *OTUJUVUPEEF55PYJDPMPHÄB 1SPUFDDJÊO$ $JWJM )VFSUB/VFWB #MR #BKP "NCVMBODJBT 4BMWBNFOUP. .BSÄUJNP

        

6(59,&,26 6$1,7$5,26 $USP44BMVE $JUBQQSFWJB

"WEB 3VÄ[.ÀOEF[TO $USP44BMVE**OGPSNBDJÊO "WE 3VÄ[.ÀOEF[TO $BTBEEFM. .BS $JUBQQSFWJB

#EB 1FTDBEPSFTD$PMÊO  $BTBEEFM. .BS *OGPSNBDJÊO

#EB 1FTDBEPSFTD$PMÊO  )041*5&/&&TUFQPOB $USB /BDJPOBM LN )PTQJUBM$ $PTUBEEFM44PM $USB /BDJPOBM LN.BSCFMMB )PTQJUBM$ $BSMPT) )BZB "W $BSMPT)BZB.¸MBHB )PTQJUBM&&VSPQB. .BSCFMMB )PTQJUBM. .BUFSOP**OGBOUJM )PTQJUBM$ $JWJM )PTQJUBM$ $6 6OJWFSTJUBSJP 4FHVSP. .ÀEJDP" "%&4-"4 $5BKP ‘

           

-867,&,$ +V[HBEP**OTUBODJB /VN "WE +VBO$BSMPT* /VN "WE +VBO$BSMPT*

 



$%$67(&,0,(172 /VN "WE +VBO$BSMPT* 3FHJTUSPDDJWJM "WE +VBO$BSMPT* 1VOUPEEF--V[ 44FWJMMBOB&&OEFTB *OGPSNBDJÊO

  "WE -JUPSBM   "WFSÄBT  3FQTPM( (BT##VUBOP *OGPSNBDJÊO  1FEJEPT "WFSÄBT  $BNQTB( (BT##VUBOP 1FEJEPT  4FSWJDJPEEFBBCBTUFDJNJFOUPEEF" "HVB) )FMHVJOB44" $3FBM*OGPSNBDJÊO  "WFSÄBT  .FSDBEP. .VOJDJQBEEEF" "CBTUPT 1MB[B"VHVTUP4V¸SF[EF'JHVFSPB 

6(59,&,26 +25$6 'VOFSBSJBT

'VOFTPM 44- $$BSNFO4FWJMMB *OUFSGVOFSBSJBT $;BSBHP[B 4FSWJDJPT&&TQFDJBMFT 44" 1PM *OE &TUFQPOB 4FSWJDJPT''VOFSBSJPTEEF&&TUFQPOB "W "OEBMVDÄB

   

$FSSBKFSPT

+$ $¸DFSFT( (BTDÊO $;BSBHP[B   -B55JFOEBEEFMMBT--MBWFT $7BMFODJB - 

7UDQVSRUWHV\&RPXQLFDFLRQHV 3BEJP55BYJ &TUBDJÊOEEF" "VUPCVTFT11PSUJMMP "W &TQBÈB TO 3BEJP55BYJ  "FSPQVFSUP. .¸MBHB DFOUSBMJUB



    -MFHBEBT   4BMJEBT   "FSPQVFSUPEEF( (JCSBMUBS  3&/'&**OGPSNBDJÊO 7 7FOUBZZ33FTFSWBEEF##JMMFUFT  &TUBDJÊOEEFUUSFO. .¸MBHB  *57ZZ" "ZVEBFFO$ $BSSFUFSB *WFTVS&TUFQPOB  $JUBQSFWJB)ST  $BSSFUFSBT" "VUPQJTUBTEEFM44PM 

(QVHxDQ]D *EJPNBT 5IF--BOHVBHF""DBEFNZ

"WE EF"OEBMVDJB FTR $+PSHF(VJMMÀO 

UIFMBOHVBHFBDBEFNZFT!IPUNBJMDPN

2WURVWHOpIRQRVGHLQWHUpV "SDIJWP) )JTUÊSJDP. .VOJDJQBM #JCMJPUFDB11ÑCMJDB. .VOJDJQBM .FSDBEP. .VOJDJQBMEEF" "CBTUPT 1[BEF"VHVTUP4VBSF[EF'JHVFSPB 0GJDJOBEEF$ $PSSFPTEEF&&TUFQPOB "WE &TQBÈB 1PMJEFQPSUJWP$ $VCJFSUP-B--PCJMMB 1PMJEFQPSUJWP$ $VCJFSUP&M$ $BSNFO $)VFSUB/VFWB 1PMJEFQPSUJWP. .VOJDJQBM44UP55PN¸T 1VFSUP% %FQPSUJWP

       


** =dH H]jaŽ\a[g\ \]= =kl]hgfY

$QXQFLRVFODVLILFDGRV WBSJPT &.13&4"%&"-*.&/5"$*ª/ #64$"1&340/"-26&16&%" 53"#"+"3%&4%&461301*" $"4" %&")03"4"-%¤" */(3&404%*"3*04 */5&3&4" %04--"."3"-045&- '0/04  4&/&$&4*5"$)*$"$0/&91& 3*&/$*"&/&-4&$503*/.0#* -*"3*0 1"3" "(&/$*" &/ 4"#*/*--"4 10/&34&&/$0/ 5"$50"-.ª7*- */(3&404&953"4 53"#"+& %&4%&$"4" &/5643"504-* #3&4 $0.1"5*#-&$0/56"$ 5*7*%"% "$56"- '".*-*" &$5%&")03"4"-%*" ("/&%&"&953"4 */5&3&4"%04 --"."3 "0 "-26*-&3  7&/5" : 3& $".#*04 ."26*/"3*" ,"3$)&3.",*5"#04$) "(3*"4*.""-#"&$5 )&#&$045"4- $+6"/%&)&33&3" 10-(*/%&45&10/" 

WFOUBT &TUFQPOB

)BTUBFVS 010356/*%"% $"4"." 5"&/;0/"$&/530 4"-* %" " %04 $"--&4   %03.*503*04 #"¨0  "4&0 1"5*0*/5&3*03 13&$*0&63 5&-' ".1-*01*40%&%03.*50 3*04 #"¨04 5&33";" 7*4 5"4 &63 5&-'  3&' –130#-&."4&$0/ª.*$04 –/0--&("4"'*/%&.&4 –564*56"$*ª/&4(3"7& &. #"3(04 3"* "4/&' (&45*0/ %&$3&%*504)*105&$"3*04 -"40-6$*0/"56#0-4*--0  7&/%01*40%&%03.*50 3*04 #"¨0 5&33";" ".6& #-"%0 &63 5&-'  3&' 461&33&#"+"%01*40%& %03.*503*04 $0$*/" &26*1"%" ".6&#-"%0 ("3"+&13*7"%0:1*4$* /" &63 

%*/&303"1*%0:'"$*- 1"3" 13&45".04 6/&50%04564 1"(04&/6/040-0 xx/0-01*&/4&4."4 :--"."/04 "1307 $)&&45"0'&35" 1*40&/&9$&-&/5&&45"%0 %&%03.*503*04 #"¨0 505"-.&/5&&26*1"%0 ;0 /"47&3%&4:1*4$*/" &63 5&-' 3&' 

-0$"-$0.&3$*"-%&.& 5304$6"%3"%04$&3$"$" --&5&33";" &6304  /6&7".*--"%&030&. 1*&;""$0/4536*356$" 4"  1"3$&-"4 %& . $0/.%&&%*'*$"#*-* %"%&63 %*3&$50%&-1301*&5"3*0 .ª7*-

xx63(&/5& /&$&4*507&/%&3"1"35".&/ 50&/&-$&/530:"6/1"40 %&-"1-":"%&%03.*50 3*04  5&33";" #6&/&45"%0 &63 5&-'  3&' %61-&94&.*/6&70  63(&7&/5"  &6304 .07

"7%""/%"-6$*" 63(&/5&4& 7&/%&1*40%&%03.*50 3*04 #"¨04 4&.*".6& #-"%0 ("3"+&:53"45&30 3&4*%&/$*"-$0/1*4$*/"40 -0&63 5-' 

63#"/*;"$*ª/$&33"%" $0/;0/""+"3%*/"%": 1*4$*/" "150%&%03.* 503*0 $0$*/"".6&#-" %"  5&33";" $0/ &4561&/%"4 7*45"4 "."3:("3"+&13*7"%0 xx461&313&$*0 FVS .ª7 '"#6-04""%04"%""&453& /"3 %03.*503*04 #"¨04

"4&0 #0%&(" $0$*/" ".6&#-"%" 13&$*040+"3%¤/ #0/*5"47*45"4 &63 */'ª3.&4&"-

xx0'&35" 1*404&.*/6&70%&%03.* 503*04 #"¨04 ("3"+&: 53"45&30 50%04-044&37* $*04$&3$"/04 4ª-0&63 5-'  3&' 

"5&/$*ª/ 1*404&.#"3(" %04103#"/$0 "-%& 467"-033&"-%&.&3$"%0 5-'  $026&50"1"35".&/50 &/63#"/*;"$*ª/$&33" %"$0/1*4$*/":;0/"4 7&3%&4 &63 5&-' &/1-&/0$"4$063#"/0%& &45&10/" 7*7*&/%"".&%*0 3&'03."3%03.*503*04 $0/7*45"4"-."3 x # 6 & / 13&$*05"/40-0&63 .ª7*-  "1"35".&/50&.#"3("%0 &/16&350%&-"%626&4" 7"-03"%0&/&63 ")03"&63 5-'  xx"5&/$*ª/+ª7&/&4 13&$*040"1"35".&/504&.* /6&70 %&%03.*503*04 1"3"&/53"3"7*7*3 &63 5-' 3&'

$)"-&5&.#"3("%0 13&$*0 7"-03 .&3$"%0 &63 ")03"&/7"-03 &63 5-' .BOJMWB4BCJOJMMBT $BTBSFT4PUPHSBOEF

40-6$*0/&41"3"3"* "4/&' 3&'*/"/$*"$*0/&41"("-" .*5"%6/*'*$"/%01"(04 13&45".041&340/"-&4 )* 105&$"4)"45"&- "4&403".*&/50(3"56*50 

3&("-0 1*40 &/ ;0/" 16&350 " &453&/"3  %03.*503*04 #"¨04 $0.1-&5".&/5&&26*1" %0 "" $0/46-5&)*105&$"%*410 /*#-&$0/&-1301*&5"3*0 "-

.¸TEFFVSPT "&453&/"3 "%04"%"4&/ -*/&"%&(0-' ."(/¤'*$"4 $"-*%"%&4 ;0/"4"+"3%*/" %"4 : 1*4$*/" %&4%& &63 5&-'  3&' 

-¤/&"%&1-":" /6&70 " &453&/"3 "150 %&  %03.*503*04  $0$*/" ".6&#-"%" ("3"+&13* 7"%0%&4%&&63 

"1"35".&/50%&%03.*50 3*0 13&$*04"4 7*45"4 03*&/5"$*ª/463 .6:40-&" %0 1*45"%&5&/*4 1*4$*/" '" $*- "1"3$".*&/50 $&3$" 16&350%&1035*70 "/5&4&63 ")03"&63 5-'  "1"35".&/50 &/&45&10/"%&%03.* 503*0 #"¨0 &9$&-&/5& &45"%0 &63 5-'3&' %*3&$50%&1301*&5"3*0 -0$"-&4$0.&3$*"-&41" 3"7&/5"0"-26*-&3 "$ 56"-.&/5&3&'03."%0 . $0/4±-5&"- .ª7*- 13&$*03&#"+"%0&63 "1"35".&/50%03.*503*04 7*45"4."3 40-&"%0 63# 13*7"%" 13*.&3"-*/&"%& 1-":" 1*4$*/"13*7"%" &63 5&-' 

."(/¤'*$01*40%&%03.* 503*04 .6:".1-*0 505"- .&/5&".6&#-"%0: &26*1"%0 &63 5&-'  3&'  %FB FVSPT &9$&-&/5&"%04"%"$&3$" %&-"1-":" ".1-*":-6.* /04"$0/+"3%¤/13*7"%0  %03.*503*04 1-";"%&1"3 ,*/( ;0/"$0.±/$0/1*4 5"4%&1"%&-:1*4$*/" &63*/'ª3.&4& 5&-'  &4561&/%"$"4"1"3&"%" %&  %03.*503*04 ".1-¤4*.04 $0$*/"&26*1" %" #6&/¤4*."4$"-*%"%&4 +"3%¤/13*7"%0 1"3,*/(1" 3"%04$0$)&4 1*4$*/"$0 .6/*5"3*" "&453&/"3 "$56"-.&/5&3&#"+"%"" 6/13&$*0/6/$"7*450 &63 5&-' 

"150 %&  %03.*503*04  #"¨04 4"-ª/$0/$)*.&/&" $0$*/"".6&#-"%" 5&33";" ".1-*" "" 1-";"%&("3"+& :505"-.&/5&"&453&/"3 50 %0 */$-6*%0 &/ &- 171 &63 461&3#"+0&/&-$&/530 /6&70  %03.*503*04  #"¨04 5&33";" . %& 1 3(0-" .%&4$6#*&3 5" ("3"+&:53"45&30*/$-6* %04 &63 5&-'  &/1-&/0$&/530:$&3$"%& -"1-":" "150".1-*0%& %03.*503*0 $0$*/"".6& #-"%" 5&33";" 3&#"+"%& &63 ")03"&6 304$0/5"$5&"- ".1-¤4*.0"150"&453& /"3 $0/*.13&4*0/"/5&4 7*45"4"-."3%03.  #"¨04  "4&0  $0$*/" ".6&#-&26*1 1"3,*/(: 53"45&30 &/ 13&$*04" 63#"/*;"$*ª/"+"3%*/" %"$0/1*4$*/" x/0.*3&."47&/("" 7&3&45&&63 --˜.&.&"-

BMRVJMFS 1*40%&53&4%03.*503*04: %04#"¨04 4"-0/".1-*0 $0$*/":-"7"%&30 "¨04 "/5*(³&%"% 13&$*0&63"-.&4%&"- 26*-&3  4&"-26*-" $"4""%04"%" .&/63# -0456-*1" /&4%03.*503*04 "1"3$" .*&/50 1*4$*/" 5&/*4 13*7"%" 13&$*0 " /&(0 $*"3 5 & - '  3&' -"41"-.&3"4 4&#64$"/1*404&/"-26*-&3 :07&/5"&/;0/"&45&10/" 103%&."/%"%&$-*&/5&4  "-26*-0"1"35".&/50/6& 70%&%03.*503*0 ".6& #-"%0 ("3"+& -"3(" 5&.103"%" &63 5&-'  3&' %61-&9"-"4"'6&3"4%&&4 5&10/" .6: 40-&"%0  "¨04"/5*(³&%"% "-26*-&3 &63 *.13&4$*/%*#-&$0$)& .07  "-26*-0 1*40 &/ 1"326& $&/53"-%03.*503*04  #"¨04 1-";" %& ("3"+& ".6&#-"%0 &63 3&' 5&-'  1*40%&%04%03.*503*04 6/ #"¨0 "¨04%&"/5*(³&%"% ")03"&6304%&"-26* -&3%&4&15*&.#3&"+6/*0 &41&$*"-1"3"130'&403&4  "-26*-01*40%&%03.*50 3*04 #"¨04 1*4$*/" -"3 (" 5&.103"%" &63 3&'5&-'  1*40%&53&4%03.*503*04&/ ."3:4*&33"&63%&"- 26*-&3 

FOHMJTI #&-"*31"326&0-*704 /&8 1&/5)064& #&%4 #"5)4 501'-00313& .03&#& %300.403456%*0 /*$&,*5 $)&/ 5&33"$&4 '"#6-064 7*&84 ("3"(&"/%4503"(& 100- "*3$0/ 4"557 "%4-8* 3&-&44 . 5&33"$&4 . 7&3: 26*&5"3&" &63  $0.&"/%)"7&" -00, 



El Periódico de Estepona