Issuu on Google+

&8(17263$5$/(/26 ,6$$&$6,029 $.DWH0HGLQD\-HQQLIHU%UHKOODV~OWLPDVGHODODUJDFDGHQDGHUHGDFWRUHVTXHPH KDQJXLDGRVROtFLWDPHQWH HLQWLPLGDGRDOJXQDVYHFHV DWUDYpVGHODVFRPSOHMLGDGHVGHO RILFLRGHHVFULWRU0X\GHYH]HQFXDQGRHVFULERXQOLEURTXHQRHVLGHDPtDeVWHHVXQR GHHOORV7HQJRGHVHRVHVSHFLDOHVGHKDFHUVDEHUDWRGRVORVOHFWRUHVTXHODLGHDGHHVWD REUDQRHVPtD\SRUWDQWRSHUPtWDQPHH[SOLFDUOHVFyPRHPSH]yWRGR (QHOGRFWRU+RZDUG*RWOLHEGHOD%LEOLRWHFDGHOD8QLYHUVLGDGGH%RVWRQWXYR OD LGHD GH UHFRSLODU PLV HVFULWRV (VWD ELEOLRWHFD HVWDED HVSHFLDOL]DGD HQ DXWRUHV QRUWHDPHULFDQRVGHOVLJORYHLQWHWtWXORFRQHOTXH\RFXDGUDED<ORTXHHVPiV\RHUD \VLJRVLHQGR PLHPEURGHODIDFXOWDGGHOD8QLYHUVLGDGGH%RVWRQSRUORTXHSDUHFtD PX\FRQYHQLHQWHLQFOXLUPH

(VWR OR MX]JXp SRU DTXHO HQWRQFHV FRPR XQD LGHD JURWHVFD &RQVLGHUDED TXH PLV ´HVFULWRVµHUDQWUDVWRVLQ~WLOHV \ORVLJRFUH\HQGRHQODDFWXDOLGDGHQORPiVUHFyQGLWR GH PL FRUD]yQ  &XDQGR ORVSDSHOHV VH DFXPXODEDQKDVWDHO SXQWR GH VHU PROHVWRV \R ORV TXHPDED HQ HO IRJyQ SDUD EDUEDFRDV GH PL FDVD GH 1HZWRQ 0DVVDFKXVHWWV 1R XVDEDHVHIRJyQSDUDRWUDFRVD

&XDQGROHH[SOLTXpHVWRHOGRFWRU*RWOLHEVHKRUURUL]y0HFRPHQWyODLPSRUWDQFLD TXH WLHQHQ ORV GRFXPHQWRV FRQWHPSRUiQHRV GH ILJXUDV OLWHUDULDV LPSRUWDQWHV \ DO SDUHFHU pO VH UHIHUtD D Pt FXDQGR XWLOL]y HVD IUDVH  7DPELpQ PH KDEOy GHO HQRUPH Q~PHURGHHVWXGLDQWHVGHOLWHUDWXUDTXHREWHQGUiQVXDQVLDGRWtWXORJUDFLDVDOHVWXGLR PHWLFXORVR GH PLV SULPHURV PDQXVFULWRV \ FXiQ ~WLO VHUtD HOOR SDUD ORV HVFULWRUHV HQ FLHUQHVGHVLJORV\PLOHQLRVYHQLGHURV

1RFUHtQLXQDVRODSDODEUDSHURHOGRFWRU*RWOLHEHUD \HV XQRGHORVKRPEUHVPiV DWHQWRV \ DJUDGDEOHV MDPiV FUHDGRV SRU XQD GHLGDG FUHDWLYD VXSRQLHQGR TXH H[LVWD XQD  \ QR WXYH YDORU SDUD GHVLOXVLRQDUOH /H HQWUHJXp WRGR HO PDWHULDO TXH ORJUp HQFRQWUDUHOTXHVHKDEtDVDOYDGRGHODTXHPD\SRVWHULRUPHQWHOHHQYLpPiVSDSHOHV FRQIRUPHLEDQDFXPXOiQGRVH*RWOLHEUHFLELyHMHPSODUHVGHWRGRVORVOLEURVSXEOLFDGRV SRU PtHQWRGDV ODV HGLFLRQHV GLVSRQLEOHV FOXE GHO OLEUREROVLOOR H[WUDQMHURHWF  /H HQYLp PDQXVFULWRV WDQWR ERUUDGRUHV FRPR FRSLDV GHILQLWLYDV /H HQYLp WRGD PL FRUUHVSRQGHQFLD \ FDUWDV GH DGPLUDGRUHV /H HQYLp XQ HMHPSODU LQWDFWR GH WRGDV ODV UHYLVWDVTXHFRQWHQtDQXQHQVD\RRXQUHODWRILUPDGRSRUPtGHWDOIRUPDTXH*RWOLHE GLVSRQHDFWXDOPHQWHSRUHMHPSORGHXQDFROHFFLyQGHYHLQWHDxRVGH7KH0DJD]LQHRI )DQWDV\DQG6FLHQFH)LFWLRQRWUDGHGLH]DxRVGH$PHULFDQ:D\\WRGRVORVQ~PHURVGH ,VDDF$VLPRY V6FLHQFH)LFWLRQ0DJD]LQH7RGRHOORSHUPDQHFHJXDUGDGRHQXQDEyYHGD HVSHFLDO (O PDWHULDO DFXPXODGR GXUDQWH HVWRV ~OWLPRV YHLQWH DxRV \ SLFR HV JLJDQWHVFR \ FUHFH VLQ FHVDU &DGD TXLQFH GtDV FDUJR FRQ XQ PRQWyQ GH SDSHOHV UHYLVWDV \ OLEURV KDVWDODHGLWRULDO'RXEOHGD\TXHPX\DPDEOHPHQWHORHQYtDSRUFRUUHRDOD´EyYHGDGH ,VDDFµ


0H HVIXHU]R HQ QR SHQVDU HQ HOOR $OJ~Q SREUH GLDEOR GHO GHVSDFKR GHO GRFWRU *RWOLHE GHEH YHUVH REOLJDGR D UHYLVDU RUGHQDU \ FODVLILFDU WRGR HO PDWHULDO \ D DUFKLYDUOR GH PRGR UDFLRQDO SDUD TXH VHD SRVLEOH HQFRQWUDU FRQ UDSLGH] FXDOTXLHU GRFXPHQWRVROLFLWDGR /RVp$YHFHVKHQHFHVLWDGRDOJR\HOORVORKDQHQFRQWUDGRGH LQPHGLDWR

7DPELpQWHPRODVFRQVHFXHQFLDVILQDOHV(VDEyYHGDWLHQHXQDFDSDFLGDGOLPLWDGD $OJ~QGtDH[SORWDUi\\DLPDJLQRORVWLWXODUHVGH7KH%RVWRQ*OREH´([SORWDOD%yYHGD GH$VLPRY/RVDOUHGHGRUHVHQUXLQDV9HLQWHPXHUWRV\FHQWHQDUHVGHKHULGRVµ <ODEyYHGD\ODFXOSDVHUiQPtDV

&RQ OR GLFKR WLHQHQ \D HO SULPHU IUDJPHQWR GH OD KLVWRULD GH HVWH OLEUR &RQWLQ~HQ OH\HQGR

(QORV~OWLPRVFLQFRDQRVPiVRPHQRVPHKHDILFLRQDGRDSXEOLFDUDQWRORJtDVGH GLYHUVDV FODVHV \ HQ JUDQ FDQWLGDG 7HQJR HQ PL KDEHU HQ HVWH PRPHQWR PiV GH RFKHQWDGHWDOHVDQWRORJtDV

&RPRHVOyJLFRHVWDDFWLYLGDGDWUR]VXSHUDFRQPXFKRPLFDSDFLGDG3RUWDQWRQR OHV VRUSUHQGHUi VDEHU TXH HQ FDVL WRGRV ORV FDVRV KH FRQWDGR FRQ OD D\XGD GH RWURV FRQVSLUDGRUHV/RVGRVPiVOHDOHV\VHUYLFLDOHVVRQ0DUWLQ+DUU\*UHHQEHUJ\&KDUOHV* :DXJK(OSULPHURYLYHHQ:LVFRQVLQHOVHJXQGRHQ0DLQH\\RHQ0DQKDWWDQGHIRUPD TXH HVWDPRV PX\ DOHMDGRV 1RV PDQWHQHPRV HQ FRQWDFWR PHGLDQWH FDUWDV OODPDGDV WHOHWyQLFDV\YLVLWDVHVSRUiGLFDV (OORVKDFHQODVYLVLWDV<RQRYLDMR

6HWUDWDGHXQDFRQVSLUDFLyQDQWROyJLFDLGHDO&KDUOHVSRVHHXQDLQPHQVDFROHFFLyQ GHSXEOLFDFLRQHV\XQDPHPRULDLQIDOLEOHSDUDWRGRORTXHOHH\VHKDOODSURIXQGDPHQWH HQDPRUDGR GH XQD IRWRFRSLDGRUD 'H DKt TXH SXHGD IDFLOLWDUQRV FXDOTXLHU FODVH GH UHODWR TXH QRV LQWHUHVD (Q FXDQWR D 0DUWLQ OH DSDVLRQD LUUHIUHQDEOHPHQWH VROLFLWDU DXWRUL]DFLRQHVRFXSDUVHGHWRGRHOSDSHOHR\UHFLELU\UHPLWLUFKHTXHV$GHPiVYLVLWD D ORV HGLWRUHV FRQ HO SURSyVLWR GH KLSQRWL]DUORV SDUD TXH VH DYHQJDQ D SXEOLFDU PiV \ PiVDQWRORJtDV

&RQHVWRVyORPHTXHGDODWDUHDGHOHHUHOPDWHULDOTXHPHHQYtDQWRPDUGHFLVLRQHV UHVSHFWR D GyQGH YDFDGD FRVD UHGDFWDU LQWURGXFFLRQHV Y DOJXQDV QRWDV \ HQWUHJDUORV PDQXVFULWRV D ORV GLYHUVRV HGLWRUHV \D TXH VL KDFH EXHQ GtD D FDVL WRGRV SXHGR LU D YHUORVDQGDQGR  1DWXUDOPHQWH0DUW\\&KDUOHVKDQDFDEDGRWHQLHQGRXQLQWHUpVSRVHVLYRSRUPt

<SRUWDQWRFRPSUHQGHUiQXVWHGHVTXHKDFHXQSDUGHDxRVFXDQGR&KDUOHVYLVLWy %RVWRQXQRGHORV´PRQXPHQWRVµTXHpOTXLVRYHUIXHOD´EyYHGDGHO GRFWRU$VLPRYµ &KDUOHVHVODTXLQWDHVHQFLDGHODQJORVDMyQSURWHVWDQWH\QXQFDPHOODPDSRUPLQRPEUH GH SLOD D SHVDU GH TXH \R OH LQVWR D KDFHUOR HQ UHSHWLGDV RFDVLRQHV 0DUW\ WDQ DQJORVDMyQ\SURWHVWDQWHFRPR\RHVPiVOLEHUDO

1R Vp FXiQWR WLHPSR SDVy &KDUOHV HQ HO VyWDQR LQKDODQGR HO IRUWDOHFLHQWH RORU D SDSHO YLHMR \ HVFUXWDQGR FDGXFRV IUDJPHQWRV GH HVFULWRV DVLPRYLDQRV SHUR DO SDUHFHU


WRSyFRQFLHUWRPDWHULDOWRWDOPHQWHROYLGDGRSRUPt1RHVWR\VHJXURGHTXHHOPDWHULDO PHUH]FDHODSHODWLYRGH´FXULRVLGDGSHURHUDFLHUWDPHQWHFXULRVR/RTXHLQWHUHVyHQ HVSHFLDO D &KDUOHV IXH TXH HQFRQWUy YHUVLRQHV DQWLJXDV GH DOJXQDV REUDV IDPRVDV PtDV TXH SRU XQD X RWUD UD]yQ VRQ QRWDEOHPHQWH GLVWLQWDV GH ODV SXEOLFDGDV FRQ SRVWHULRULGDG &KDUOHV FRQVLGHUy TXH DOJ~Q OHFWRU SRGUtD HVWDU LQWHUHVDGR SRU HVWDV YHUVLRQHVDQWLJXDV,QFOXVRSUHSDUyDWDOHIHFWRXQDOLVWDGHORVUHODWRV

0HQFLRQy HO WHPD OD VLJXLHQWH YH] TXH KDEOy FRQ 0DUW\ \ pVWH PH OR PHQFLRQy OD VLJXLHQWH YH] TXH KDEOy FRQPLJR 0DUW\ LQFOXVR WHQtD XQ WtWXOR SDUD HO OLEUR &XHQWRV SDUDOHORV 0LUHDFFLyQIXHLQPHGLDWD\HQWXVLiVWLFD ³0DUW\³GLMH³HVWiVORFR

³¢3XHGRPHQFLRQDUORD'RXEOHGD\"³SUHJXQWypO ³$GHODQWH³UHVSRQGtULHQGRGHEXHQDJDQD

(VWDEDFRQYHQFLGRGHTXHORHFKDUtDQDSDWDGDVGHOGHVSDFKRDFRPSDxDGRSRUXQ WRUUHQWHGHOHQJXDMHLJQRPLQLRVR´6HORWLHQHPHUHFLGRµSHQVp

3HURR VXEHVWLPp OD SHUVXDVLyQ GH 0DUW\ R QR WXYH HQ FXHQWDHO EXHQ FDUiFWHU GH .DWH0HGLQDSRUHQWRQFHVUHVSRQVDEOHHGLWRULDOGH'RXEOHGD\RDPEDVFRVDVDODYH] SRUTXHODVLJXLHQWHYH]TXHVXUJLyHOWHPDPHHQFRQWUpPLUDQGRXQFRQWUDWR 6LQGHMDUGHSURQXQFLDUPDOGLFLRQHVHQYR]EDMDHVFULEtDOEXHQRGH+RZDUGGHOD %LEOLRWHFDGHOD8QLYHUVLGDGGH%RVWRQ\ORVLJXLHQWHTXHVXSHIXHTXHWHQtDPRQWRQHV GHSDSHOHVYLHMRVHQPLHVFULWRULRXQDPXHVWUDGHORVHVFULWRVPHQFLRQDGRVSRU&KDUOHV

&RPSUHQGHUiQ SXHV SRU TXp UHQLHJR GH HVWH OLEUR $OJXQRV GH XVWHGHV WDO YH] SLHQVHQ´%XHQRDTXtHVWi$VLPRY\VXH[DJHUDGDYDQLGDGSHQVDQGRTXHDOJXLHQYDD LQWHUHVDUVH SRU HVWDV WRQWHUtDV DQWLJXDVµ 3HUR QR HV DVt /D FXOSD FRUUHVSRQGH SRU HQWHURD+RZDUG*RWOLHE&KDUOHV:DXJK0DUWLQ*UHHQEHUJ\.DWH0HGLQD 'H WRGDV IRUPDV \D TXH XVWHG KD RMHDGR KDVWD DTXt GH SLH HQ OD OLEUHUtD QDGD SLHUGHSDJDQGR\OOHYiQGRVHHOOLEURDFDVD+RZDUG&KDUOHV0DUWLQ\.DWHSLHQVDQTXH HOOLEURLQWHUHVDUi\QRPHJXVWDUtDGHVLOXVLRQDUORV

(QYHMHFHFRPQLJR 3UHiPEXOR $KRUDTXH\DWLHQHHOOLEURHQVXFDVDSHUPtWDPHSUHVHQWDUOHHOSULPHUUHODWRPL QRYHODFRUWD´(QYHMHFHFRQPLJRµ (OGHPD\RGHHOGLUHFWRUGH6WDUWOLQJ6WRULHV PHSLGLyTXHHVFULELHUDXQD REUDGHSDODEUDVSDUDODUHYLVWD3RUDTXHOHQWRQFHV\ROOHYDEDFDVLYHLQWHDxRV


YHQGLHQGR UHODWRV D ODV UHYLVWDV GH FLHQFLD ILFFLyQ \ \D KDEtD HVFULWR REUDV GH HVD ORQJLWXG'RVDxRVDQWHVKDEtDHVFULWR´7KH0XOHµSDUD$VWRXQGLQJ6FLHQFH)LFWLRQXQ UHODWRGHSDODEUDV

6WDUWOLQJ SHGtD HQ FRQFUHWR XQ ´UHODWR WLSR $VWRXQGLQJµ SRU OR TXH OD WDUHD PH SDUHFLyVHQFLOOtVLPD

6LQ HPEDUJR WDUGp HO YHUDQR HQWHUR HQ HVFULELUOR SRUTXH WDPELpQ WHQtD TXH SUHSDUDUPLWHVLVGRFWRUDO$FDEpHOGHVHSWLHPEUHGH/DREUDWHUPLQyVLHQGR QRWDEOHPHQWH PiV ODUJD TXH OR VROLFLWDGR 2 SDODEUDV  SHUR HVH GHWDOOH QR PH SUHRFXSySXHVWRTXHODVUHYLVWDVSDJDQSRUSDODEUDHVRVLJQLILFDEDPiVGLQHUR

(OKWXORGHODQRYHODORFRSLpGHOSULPHUYHUVRGHODREUD5DEt%HQ(]UDGH5REHUW %URZQLQJ TXH HV XQ KLPQR D OD YHMH] (VR FRQIHUtD DO WtWXOR XQ VLJQLILFDGR LUyQLFR HQ YLVWD GHODUJXPHQWR GH OD QRYHOD <R VyORWHQtD HQWRQFHV YHLQWLVLHWHDxRV \D~QSRGtD FRQVLGHUDUFRQGHVSUHRFXSDFLyQHOWHPDGHODYHMH] 3HUR SDUD PL VRUSUHVD \ SDUD PL FyOHUD  6WDUWOLQJ WUDV UHWHQHU OD QRYHOD WUHV VHPDQDVODUHFKD]y0HVHQWtKXPLOODGR\DTXHQRKDEtD

(VWHUHODWR\RWURWLWXODGR´(OJHQHUDOµFRQVWLWX\HQODQRYHOD)XQGDFLyQH,PSHULR VHJXQGDSDUWHGHODOODPDGDVHULHGHOD)XQGDFLyQ 1GHO7 VXIULGRXQUHFKD]RHQORV ~OWLPRVFLQFRDQRV6XIULUXQRSRUSDUWHGHXQDUHYLVWDGHVHJXQGDFDWHJRUtDGHVSXpVGH SDVDU HO YHUDQR HQWHUR HVFULELHQGR \ WUDV KDEHU UHFLELGR OD DSUREDFLyQ GH OD UHYLVWD FXDQGR D VROLFLWXG GH OD PLVPD  PH KDEtDQ SHGLGR YHU IUDJPHQWRV GH OD QRYHOD FRQIRUPH LED HVFULELpQGROD PH SDUHFLy LQVRSRUWDEOH 7HQJR OD FRVWXPEUH GH VHQWLUPH GHVLOXVLRQDGRFXDQGRVXIURUHFKD]RV \VXIURDOJXQRVLQFOXVRHQODDFWXDOLGDG SHURORV VRSRUWRILORVyILFDPHQWH$TXpOODIXHODSULPHUD\OD~QLFDYH]TXHPHHQFROHULFp +LFH HO LQWHQWR HQ $VWRXQGLQJ \ OD QRYHOD IXH UHFKD]DGD GH QXHYR $OLPHQWp OD HVSHUDQ]D GH TXH XQD HGLWRULDO VHPLSURIHVLRQDO HQ SURFHVR GH FUHDFLyQ SDUD SXEOLFDU REUDV GH FLHQFLD ILFFLyQ TXLVLHUD TXHGDUVH FRQ PL QRYHOD SUiFWLFDPHQWH VLQ SDJDU XQ FHQWDYRSHURLQFOXVRHVDHVSHUDQ]DVHGHVYDQHFLy (UD HO SHRU IUDFDVR OLWHUDULR GH PL YLGD KDVWD HQWRQFHV \ OR H[WUDxR HV TXH \R QR WLUDUD D OD EDVXUD HO FRQGHQDGR PDQXVFULWR 3RU IRUWXQD D~Q IDOWDED XQD GpFDGD SDUD TXH FRPSUDUD OD FDVD FRQ HO IRJyQ SDUD EDUEDFRDV HQ HO SDWLR R GH RWUR PRGR KDEUtD TXHPDGRODQRYHOD3HUR\RUHVLGtDHQXQSLVRVLQSRVLELOLGDGGHSUHSDUDUEDUEDFRDVHQ HOVDOyQGHPRGRTXHPHWtHOPDQXVFULWRHQXQFDMyQHLQWHQWpROYLGDUHODVXQWR

6LQHPEDUJRHQ'RXEOHGD\HVWDEDSODQHDQGRLQLFLDUXQDFROHFFLyQGHFLHQFLD ILFFLyQ FRQ HQFXDGHUQDFLyQ GH OXMR TXH VHUtD OD SULPHUD GH XQD HGLWRULDO QR HVSHFLDOL]DGD0LDPLJR)UHGHULN3RKOWDPELpQHVFULWRUGHFLHQFLDILFFLyQVHHQWHUyGH HOOR YLQR D YHUPH \ PH VXJLULy TXH RIUHFLHUD ´(QYHMHFH FRQPLJRµ D 'RXEOHGD\ 3XVH PXFKtVLPRVUHSDURV\DTXHQRWHQtDLQWHQFLyQDOJXQDGHVXIULUQXHYDVKXPLOODFLRQHVSRU FDXVD GHO ILDVFR TXH KDEtD HVFULWR SHUR )UHG IXH PX\ SHUVXDVLYR \ OH UHVSRQGt TXH OR SHQVDUtD

(O,GHPDU]RGHGHFLGtTXHVHUtDSRFRSURIHVLRQDOSRUPLSDUWHGHWHUPLQDUHQ QRPEUHGHXQHGLWRUTXHXQDQRYHODHUDLQVHUYLEOH(QFRQVHFXHQFLDIXLDOSLVRGH)UHG


3RKO (QDTXHOORVKHPSRV\RHUDGHPDVLDGRSREUHSDUDLUHQWD[L\GHPDVLDGRLQJHQXR SDUD SHQVDU HQ XQD OODPDGD WHOHIyQLFD D ILQ GH FRPSUREDU VL PL DPLJR HVWDED HQ VX FDVD  &RPR HUD GH HVSHUDU )UHG VH KDEtD DXVHQWDGR \ IXH VX KLMDVWUD XQD QLxD GH RFKR DxRV TXH HVWDED VROD HQ HO SLVR OD TXH DEULy OD SXHUWD (Q DTXHOORV WLHPSRV ORV QLQRVGHRFKRDxRVD~QQRHVWDEDQILUPHPHQWHDGRFWULQDGRVSDUDTXHMDPiVDEULHUDQOD SXHUWDDGHVFRQRFLGRV  'HEHQ VDEHU TXH SRU OR JHQHUDO WUDWR PLV PDQXVFULWRV FRPR VL HVWXYLHUDQ WDFKRQDGRVGHGLDPDQWHV6LHPSUHTXHHVSRVLEOHORVOOHYRSHUVRQDOPHQWHDODHGLWRULDO \ ORV SRQJR GLUHFWDPHQWH HQ PDQRV UHVSRQVDEOHV &XDQGR OD SHUVRQD UHVSRQVDEOH KD VDOLGR GH YLDMH PH YHR REOLJDGR D PDQGDU ORV PDQXVFULWRV SRU FRUUHR SHUR VLHPSUH WHOHIRQHRDOFDERGHXQWLHPSRUD]RQDEOHSDUDDVHJXUDUPHGHTXHKDQOOHJDGR$TXHOOD YH]QRREVWDQWHPHLPSRUWDEDWDQSRFR´(QYHMHFHFRQPLJRµTXHGLHOPDQXVFULWRDOD QLxD FRQ DLUH LQGLIHUHQWH HQ OD PLVPD SXHUWD \ OH RUGHQp TXH VH OR HQWUHJDUD D VX SDGUH < PiV WDUGH QR VLQ FLHUWR DVRPEUR SRU PL SDUWH :DOWHU / %UDGEXU\ UHVSRQVDEOH HGLWRULDO GH 'RXEOHGD\ GLR VX DSUREDFLyQ D OD QRYHOD \ PH GLMR TXH VL SURORQJDED HO WH[WR KDVWD  SDODEUDV DSUR[LPDGDPHQWH VX HGLWRULDO OR SXEOLFDUtD < OR TXH HV PiV PH SDJy  GyODUHV VyOR SRU KDFHU HVR SURPHWLpQGRPH RWURV  XQD YH] HVWXYLHUD FRPSOHWDGD OD WDUHD 3RVWHULRUPHQWH FRPR HV OyJLFR HO OLEUR SRGUtD UHQGLU GHUHFKRV GH DXWRU 4XHGp DWXUGLGR DQWH WDQWD HVSOHQGLGH] \ OD YLVLyQ GH XQ HVSOHQGRU RULHQWDOHQHOIXWXUR

7DUGp VHLV VHPDQDV \ PHGLD HQ FRUUHJLU \ SURORQJDU HO WH[WR \ WHUPLQp HO  GH PD\R GH  'RXEOHGD\ OR DFHSWy DXQTXH PH URJy HOLJLHUD RWUR WtWXOR <R HVWDED DQVLRVRSRUDQXODUHOWtWXORDQWHULRUTXH VyORSRGtDDVRFLDUFRQGHVJUDFLD\WXUEDFLyQ\ VXJHUtHOGH8QJXLMDUURHQHOFLHOR

8QJXLMDUURHQHOFLHORIXHSXEOLFDGRHOGHHQHURGH)XHHOSULPHUOLEURGH ODVHULHTXHDFWXDOPHQWHVXSHUDORVGHHOORVPiVGHHGLWDGRVSRU'RXEOHGD\ 'HVSXpV GH WRGR HVWR FRQVHUYp XQD FRSLD KHFKD FRQ SDSHO FDUEyQ GHO ´(QYHMHFH FRQPLJRµRULJLQDOHOWLHPSRVXILFLHQWHSDUDSRGHUHQWUHJDUODMXQWRFRQRWURPDWHULDOD +RZDUG*RWOLHEGHOD%LEOLRWHFDGHOD8QLYHUVLGDGGH%RVWRQ&RPRHVOyJLFR\RWHQtD XQPRQWyQGHPDQXVFULWRVDQKLJXRVHQXQDFDMDTXHJXDUGDEDHQHOGHVYiQGHPLFDVD GH 1HZWRQ \ QR LQVSHFFLRQp FRQ GHWDOOH ORV SDSHOHV SRU OR TXH QR VXSH TXH DTXHO PDQXVFULWRFRQFUHWRLEDLQFOXLGRHQHOHQYtRKDVWDTXH&KDUOHV:DXJKPHFRPXQLFyTXH ORKDEtD YLVWRHQHOVyWDQRGHODELEOLRWHFD $TXt HVWi DKRUD OD QRYHOD H[DFWDPHQWH FRPR IXH FRQFHELGD SDUD 6WDUWOLQJ VL VH H[FH'W~DODFRUUHFFLyQaRUHV\URVaGHVDWLQRVVHFXQGDULRV (QYHMHFHFRQPLJR 3UyORJR

&RPRFXDOTXLHUSHUVRQDTXHORKD\DLQWHQWDGRVDEHXQUHODWR SXHGHQDUUDUVHGHGRVIRUPDV3XHGHVHPSH]DUSRUHOSULQFLSLR\ DYDQ]DUKDFLDHOILQDORHPSH]DUSRUHOILQDO\DYDQ]DUKDFLDHO


SULQFLSLR(QHVWHFDVRFRQFUHWRHOSULQFLSLRHV-RVHSK6FKZDUW] VDVWUHMXELODGRGH&KLFDJR(VWDGRV8QLGRV$QQR'RPLQLHQ WDQWRTXHHOILQDOHV%HO$UYDUGDQDUTXHyORJRQRMXELODGRGH%D URQQVHFWRUGH6LULRDxRGHOD(UD*DOiFWLFD

(QUHDOLGDGH[LVWHXQDWHUFHUDIRUPDGHFRQWDUXQFXHQWR\ FRQVLVWHHQHPSH]DUSRUDPERVH[WUHPRV\DYDQ]DUKDFLDHO FHQWUR< SXHVWRTXHLRKJHQWLOOHFWRU DSURSyVLWRFXDQGRVHXVDEDKDFH VLJORVHVWDIUDVHQRKDiDUHIHUHQDDDODDPDELOLGDGGHOOHFWRUVLQRD VXVXSXHVWDFDOLGDGGH´JHQWLOKRPEUHµYDOHGHFLUQREOHDILQGH GLIHUHQFLDUORGHOSRSXODFKRTXHFDUHiDHQRSLQLyQGHODXWRUGHO LQJHQLR\HOJXVWRVHOHFWLYRQHFHVDULRVSDUDOHHUVXVREUDV   3HURFRPRtEDPRVGLFLHQGR

<SXHVWRTXH£RKJHQWLOOHFWRUHOPpWRGRGHORVGRVH[WUHPRV KDFLDHOFHQWURSDUHFHXQSRFRFRQIXVRYDPRVDHQVD\DUOR\DGHPRV WUDUTXHQRHVWDOFRVD (O~QLFRSUREOHPDHVTXHWHQGUHPRVTXHVHJXLUORVGRVH[WUHPRV SRUVHSDUDGR\DTXHQLQXHVWURQRPEUHGHSLODHV*HUWUXGHQLQXHV WURDSHOOLGR6WHLQ'HVSXHVGHODQ]DUODPRQHGDQRVGHFLGLPRVSRU -RVHSK6FKZDUW] OD3$57(-26(3+6&+:$57= ,(QWUHGRVSDVRVFRQVHFXWLYRV

-RVHSK6FKZDUW]VDVWUHMXELODGRHWFDXQTXHIDOWRGHORTXHORV PXQGDQRVGHKR\GHQRPLQDQ´HGXFDFLyQIRUPDOKDEtDJDVWDGR EXHQDSDUWHGHVXQDWXUDOH]DLQTXLVLWLYDHQOHHUDODYHQWXUD6LPSOH PHQWHDIXHU]DGHLQGLVFULPLQDGDYRUDFLGDGKD:DREWHQLGRQRFLRQHV VXSHUILFLDOHVGHSUiFWLFDPHQWHFXDOTXLHUWHPD\JUDFLDVDVXPDxRVD PHPRULDKDEtDORJUDGRUHWHQHUORWRGRFRQFODULGDG

6LUYDHVWRSDUDH[SOLFDUSRUTXpHQHVWHGtDPX\VROHDGR\EUL OODQWHGHSULQFLSLRVGHOHVWtRGH6FKZDUW]SRGtDSDVHDUVHSRUODV SODFHQWHUDVFDOOHVGHODVDIXHUDVGH&KLFDJR\FLWDUPHQWDOPHQWHD %URZQLQJ(QFRQFUHWRHVWDEDUHFRUGDQGRHOSRHPD´5DEt%HQ (]UDµTXHFRQRiDGHPHPRULDWUDVKDEHUOROHtGRGRVYHFHVFXDQGR HUDPiVMRYHQ\TXHQRUHSHWLUHPRVSRUHQWHURSDUDQRDEXUULUDO OHFWRU(QUHDOLGDGHUDQORVGRVSULPHURVYHUVRVORVTXHOHDWUDtDQ D pO\DQRVRWURV \GLFKRVYHUVRVHUDQpVWRV £(QYHMHFHFRQPLJR /RPHMRUD~QQRKDYHQLGR

6FKZDUW]VHQWtDHVRLQWHQVDPHQWH7UDVODVOXFKDVGHVXMXYHQWXG HQ(XURSD\ODVVRVWHQLGDVFRPRDGXOWRHQORV(VWDGRV8QLGRVHO VRVLHJRGHXQDPDGXUH]SUyVSHUDUHVXOWDEDSODFHQWHUR&RQFDVD\


GLQHURSURSLRV6FKZDUW]SRGtDUHWLUDUVH\DVtORKL]R&RQXQDHV SRVDTXHJR]DEDGHEXHQDVDOXGXQDKLMDIHOL]PHQWHFDVDGDXQQLHWR SDUDVXDYL]DUHVWRV~OWLPRVDxRVORVPHMRUHV¢TXpFRVDSRGtD SUHRFXSDUOH" (VWDEDODERPEDDWyPLFDGHVGHOXHJR\ODVKDEODGXUtDVHQFLHUWR PRGRODVFLYDVVREUHODWHUFHUDJXHUUDPXQGLDOSHUR6FKZDUW]FUHtD HQODERQGDGGHODQDWXUDOH]DKXPDQD1RRSLQDEDTXHSXGLHUD OOHJDURWUDJXHUUDSRUORTXHVRQULyWROHUDQWHPHQWHDORVQLxRVTXH SDVDEDQDVXODGR\OHVGHVHyHQVLOHQFLRXQUHFRUULGRUiSLGR\QR GHPDVLDGRGLItFLOGHODMXLHQWXGKDVWDODSD]GHORPHMRUTXHLEDD YHQLU

<HQRWUDSDUWHGH&KLFDJRVHHULJtDHO,QVWLWXWRGH(VWXGLRV 1XFOHDUHVGRQGHORVKRPEUHVQRWHQtDQWHRUaDVVREUHHOYDORUHVHQ FLDOGHODQDWXUDOH]DKXPDQD\DTXHD~QQRVHKDEtDLQYHQWDGRXQ LQVWUXPHQWRFXDQWLWDWLYRSDUDPHGLUGLFKRYDORU6LSHQVDEDQHQHOOR DOJXQDYH]HUDVLPSOHPHQWHSDUDGHVHDUTXHDOJXQDPDQLREUDFHOHVWH LPSLGLHUDDOPDOGLWRLQJHQLRGHODUD]DKXPDQDFRQYHUWLUWRGRVORV GHVFXEULPLHQWRVLQRFHQWHVHLQWHUHVDQWHVHQDUPDVPRUWtIHUDV 6LQHPEDUJRHQFDVRQHFHVDULRHOPLVPRKRPEUHPHQWDOPHQWH LQFDSD]GHFRQWHQHUVXFXULRVLGDGSRUHVWXGLRVQXFOHDUHVTXHDOJ~Q GtDSRGUtDQH[WHUPLQDUPHGLRPXQGRHVHPLVPRKRPEUHDUULHVJDGD VXYLGDSDUDVDOYDUODGHVXFDPDUDGD )XHHOIXOJRUD]XOGHWUiVGHOTXtPLFRHOSULPHU GHWDOOHTXHDWUDMR ODDWHQFLyQGHOGRFWRU6PLWK

/RDWLVEyDOSDVDUMXQWRDODSXHUWDHQWUHDELHUWD(OTXtPLFRXQ DQLPDGRMRYHQ]XHORHVWDEDVLOEDQGRPLHQWUDVHPSDOPDEDGRVFD EOHV1RKXERUHDFDyQGXUDQWHXQRVLQVWDQWHV\GHVSXpVXQLQVWLQWR H[WUDxRVHGHVSHUWy

(OGRFWRU6PLWKHQWUyUiSLGDPHQWH\FRQIUHQpWLFRVPRYLPLHQWRV GHXQDYDUDTXHKDEtDFRJLGRWLUyDOVXHORWRGRORTXHKDEtDHQOD PHVD6HSURGXMRHOPRUWtIHURVLOELGRGHPHWDOTXHVHIXQGH\HO GRFWRU6PLWKQRWyTXHXQDJRWDGHVXGRUUHVEDODEDKDFLDODSXQWDGH VXQDUL]\TXHGDEDVXVSHQGLGDDOOL (OMRYHQVHWRPyWLHPSRSDUDUHFREUDUHOHQWHQGLPLHQWRGHVWUR ]DGRSRUODSUHFLSLWDFLyQGHORWURKRPEUH0LUyLQH[SUHVLYDPHQWHHO VXHORGHFHPHQWRGRQGHHOPHWDOSODWHDGRVHKDEtDIXQGLGR\DGH MDQGRILQDVVDOSLFDGXUDVTXHWRGDYtDGHVSHGtDQLQWHQVRFDORU ³¢4XpKDSDVDGRDTXt"³SUHJXQWyFDVLVLQDOLHQWRHOGRFWRU 6PLWK

³1RKDSDVDGRQDGD³JUXxyHOTXtPLFR³(UDXQDPXHVWUDGH XUDQLRLPSXUR(VWR\HIHFWXDQGRXQDGHWHUPLQDFLyQHOHFWUROtWLFDGH


FREUH¢4XpSRGtDKDEHUSDVDGR"

³1RORVp+DEtDHVHKDORD]XO¢8UDQLRGLFH"

³8UDQLRLPSXUR\HVRQRHVSHOLJURVR/DSXUH]DHVXQRGHORV UHTXLVLWRVPiVLPSRUWDQWHVGHODILVLyQ$GHPiVQRVHWUDWDGHSOXWR QLR\QRHVWDEDVLHQGRERPEDUGHDGR ³<³GLMRSHQVDWLYDPHQWHHOGRFWRU6PLWK³VHKDOODEDSRUGH EDMRGHODPDVDFUtWLFD³&RQWHPSOyODUHEODQGHFLGDPHVDODSLQ WXUDTXHPDGD\OOHQDGHEXUEXMDVGHORVDUPDULRV³3HURHOXUDQLR IXQGHDPLORFKRFLHQWRVJUDGRVFHQWtJUDGRV\HVWHOXJDUGHEHHVWDU VDWXUDGRGHWRGDFODVHGHUDGLDFLRQHV\HPDQDFLRQHVGLVSHUVDV(Q FXDQWRVHHQIQHHOPHWDOMRYHQORPHMRUVHUiDUUDQFDUOR\UHFRJHUE \DQDOL]DUORPHWLFXORVDPHQWH 6HDFHUFyDODSDUHGRSXHVWD\WRFySHQVDWLYDPHQWHXQSXQWR VLWXDGRDODDOWXUDGHVXKRPEUR ³¢4XpHVHVR"³SUHJXQWyDOTXtPLFR³¢6LHPSUHKDHVWDGR DTXt" ³¢(OTXpVHxRU"

(OMRYHQVHDFHUFyQHUYLRVDPHQWH\FRQWHPSOyFRQORVRMRVPX\ 





&XHQWRaSDUDOHORa DELHUWRVHOSXQWRLQGLFDGRSRUHOKRPEUHGHPiVHGDG(UDXQDJX MHURGLPLQXWRFRPRHOKHFKRSRUXQFODYRILQRDUUDQFDGRGHODSDUHG GHVSXpVGHFODYDGRSHURFODYDGRHQ\HVR\ODGULOORHQWRGRHO JURVRUGHOPXURGHOHGLILDR\DTXHDWUDYpVGHpOVHYHtDODOX]GHO VRO(OTXtPLFRPHQHyODFDEH]D ³1XQFDORKDEtDYLVWRSHURWDPSRFRORKDEtDEXVFDGR

³%LHQVDOJDPRVGHDTXI+DUHPRVYHQLUDORVGHUDGLDDRQHV SDUDTXHLQVSHFDRQHQODVDOD\XVWHG\\RSDVDUHPRVXQDWHPSRUDGD HQODHQIHUPHUtD ³¢4XHPDGXUDVSRUUDGLDFLyQVHUHILHUHDHVR" (OTXtPLFRVHSXVRSiOLGR ³/RDYHULJXDUHPRV

1RKXERLQGLFLRVGHTXHPDGXUDVSRUUDGLDFLyQ/RVDQiOLVLVGH VDQJUHIXHURQQRUPDOHV\HOHVWXGLRGHODVUDtFHVGHOFDEHOORQRUHYHOy QDGD7DPSRFRVXUJLHURQVtQWRPDVGHQLQJ~QWLSR<HQWRGRHO ,QVWLWXWRQRVHHQFRQWUyDQDGLHQLHQWRQFHVQLHQODpSRFDSRVWHULRU


FDSD]GHH[SOLFDUSRUTXpXQFULVROGHXUDQLRLPSXURPX\SRUGHEDMR GHODPDVDFUtEFD\VLQHVWDUVRPHWLGRDERPEDUGHRQHXWUyQLFRGL UHFWRKDEtDSRGLGRSRQHUVHDOURMRYLYR\IXQGLUVHUHSHQWLQDPHQWH /D~QLFDFRQFOXVLyQIXHTXHODItVLFDQXFOHDUWHQWDD~QJULHWDV H[WUDxDV\SHOLJURVDV

1LQJXQDUHODFLyQVHHVWDEOHFLyHQWUHWRGRHVWR\HOKHFKRGHTXH GXUDQWHORVGtDVVLJXLHQWHVKXERDUWtFXORVHQORV SHQyGLFRVTXHLQIRU PDEDQGHGHVDSDULFLRQHV1RHVWDEDLPSOLFDGDQLQJXQDSHUVRQDLP SRUWDQWHQLQJXQDGHUHODWLYDLPSRUWDQFLDQLQJXQDGHLQWHUpV SDUDQDGLHH[FHSWRSDUDQRVRWURV 3RUTXHXQDGHODVGHVDSDULFLRQHVTXHGyUHJLVWUDGDDVt

´-RVHSK6FKZDUW](VWDWXUDXQRVHVHQWD\FLQFR3HVRVHWHQWD\ FXDWURNLORV3DUFLDOPHQWHFDOYR\FRQFDQDV'HVDSDUHFLGRGHVGH KDFHWUHVGtDV/D~OWLPDYH]TXHVHOHYLRYHVEDµ 1RKXERPiVLQIRUPDFLRQHVVREUHHOWHPD

3DUD-RVHSK6FKZDUW]HODFFLGHQWHRFXUULyHQWUHGRVSDVRVFRQVH FXWOYRV+DEtDOHYDQWDGRHOSLHGHUHFKRFXDQGRVLQWLyXQPDUHRPR PHQWiQHRFRPRVLHQODIUDFFLyQGHWLHPSRPiVPLQ~VFXODSRVLEOHXQ WRUEHOOLQROHKXELHUDDO]DGR\YXHOWRGHOUHYpV<FXDQGRDSR\yGH QXHYRHOSLHWRGRHODLUHVDOLyGHVXFXHUSRHQXQMDGHR\QRWyTXHVH GHUUXPEDEDSRFRDSRFR\FDtDVREUHODKLHUED $JXDUGyODUJRWLHPSRFRQORVRMRVFHUUDGRV\ILQDOPHQWHORV DEQy

£(UDFLHUWR6HKDOODEDVHQWDGRVREUHKLHUEDFXDQGRDQWHQRU PHQWHKDEtDSLVDGRFHPHQWR£/DV FDVDVKDEtDQGHVDSDUHFLGR/DV FDVDVEODQFDVFRQVXVFpVSHGHVH[WHQGLGDVSRUORVDOUHGHGRUHVKL OHUDWUDVKLOHUD£7RGDVKDEtDQGHVDSDUHFLGR

<pOQRHVWDEDVHQWDGRHQHOFpVSHGGHXQDFDVDSRUTXHODKLHUED FUHiDHVSHVDGHVDWHQGLGD\KDEtDiUEROHVDOUHGHGRUPXFKRViUER OHV\PXFKRVPiVHQHOKRUL]RQWH

(QHVHPRPHQWRVHSURGXMRODSHRUFRQPRFLyQ\DTXHDOJXQDV GHODVKRMDVGHDTXHOORViUEROHVHUDQGHFRORUURML]R\6FKZDUW]QRW HQHOKXHFRGHVXPDQRODUHVHFDIUDJLOLGDGGHXQDKRMDPXHUWDeO HUDXQKRPEUHGHFLXGDGSHURFRQRFtDHORWRxRFXDQGRORYHtD £2WRxR3HURFXDQGRpOKDEtDOHYDQWDGRHOSLHGHUHFKRHUDXQGtD GHMXQLRFRQWRGRGHXQUHVSODQGHFLHQWHFRORUYHUGH

6FKZDUW]KDEOyVRORSXHVWRTXHKDVWDHOVRQLGRGHVXYR]HUDXQ HOHPHQWRWUDQTXLOL]DGRUHQXQPXQGRSRUORGHPiVWRWDOPHQWH


H[WUDxR<HVDYR]IXHEDMDWHQVD\MDGHDQWH

³3DUDHPSH]DU³GLMR³QRHVWR\ORFR0HVLHQWRFRPRVLHPSUH PHKHVHQWLGR'HEHGHKDEHURWUDSRVLELOLGDG ´¢8QVXHxR"¢&yPRSXHGRVDEHUVLHVRQRHVXQVXHxR" 6HSHOOL]Fy\QRWHOGRORUSHURVDFXGLyODFDEH]D

³3RGUtDHVWDUVRxDQGRTXHQRWRHOSHOOL]FR(VRQRSUXHEDQDGD

0LUyDOUHGHGRUFRQDLUHFRQIXVR¢3RGtDQORVVXHxRVVHUWDQQW WL GRVWDQGHWDOODGRVWDQSURORQJDGRV"(QFLHUWDRFDVLyQKDEtDOHtGR TXHFDVLWRGRVORVVXHxRVGXUDQPHQRVGHFLQFRVHJXQGRVTXHORV SURYRFDQPROHVWLDVLQVLJQLILFDQWHVSDUDHOGXUPLHQWH\TXHODGXUD FLyQDSDUHQWHGHORVVXHxRVHUDXQDLOXVLyQ 'HVHVSHUDGRHFKyKDFLDDUULEDHOSXxRGHVXFDPLVD\PLUyHO UHORMGHSXOVHUD/DVHJXQGHUDJLUDED\JLUDED\JLUDED6LVHWUDWDED GHXQVXHxRORVFLQFRVHJXQGRVLEDQDSURORQJDUVHWHUULEOHPHQWH $SDUWyORVRMRVGHOUHORM\VHHQMXJyLQ~WLOPHQWHODIQ DKXPHGDGGH VXIUHQWH ³¢<VLIXHUDDPQHVLD"

1RVHUHVSRQGLyVLQRTXHSRFRDSRFRKXQGLyODFDEH]DHQWUHODV PDQRV6LHQWUHDO]DUXQSLH\YROYHUDDSR\DUORODPHQWHVHGHVOL]D WUHVPHVHVRXQDxR\WUHVPHVHVRGLH]DxRV\WUHVPHVHV6LWHSDVD HVRHQMXQLRGH\DFDEDHQVHSWLHPEUHXRFWXEUHGH'LRVVDEH FXiQGR¢FyPRVDEHUOR" 3HURHUDLPSRVLEOH6FKZDUW]FRQWHPSOyVXFDPLVD(UDODTXHVH KDEtDSXHVWRHVDPLVPDPDQDQDRODTXHGHEHUtDKDEHUVLGRHVD PDxDQD\VHWUDWDEDGHXQDFDPLVDOLPSLD5HIOH[LRQKXQGLyHO SXxRHQHOEROVLOORGHOSDQWDOyQ\H[WUDMRXQDPDQ]DQD

/DPRUGLVTXHyDORFDGDPHQWH(UDIUHVFD\WRGDYtDFRQVHUYDED FLHUWDIULDOGDGGHODQHYHUDTXHODKDEtDFRQWHQLGRKDiDGRVKRUDV RORTXHGHEHQ DQKDEHUVLGRGRVKRUDV 'HVSXpVGHHVRVOHTXHGDEDHOVXHxRWDOYH]

6HOHRFXUULyTXHODKRUDKDEtDFDPELDGR(VWDEDDWDUGHFLHQGRR FRPRPtQLPRODVVRPEUDVLEDQDODUJiQGRVH/DVLOHQFLRVDGHVRODFLyQ GHOOXJDUHPSH]DLQTXLHWDUOHUHSHQWLQDPHQWH 'HXQVDOWRVHSXVRHQSLH(UDREYLRWHQGUtDTXHEXVFDUSHU VRQDVFXDOTXLHUSHUVRQD(LJXDOPHQWHREYLRWHQGUtDTXHHQFRQ WUDUXQDFDVD\HOPHMRUPHGLRSDUDKDFHUORHUDEXVFDUXQDFDUUH WHaD


,QVWLQWLYDPHQWHVHYROYLKDFLDHOSXQWRGRQGHORViUEROHVSDUH FtDQPHQRVDEXQGDQWHV\HPSUHQGLHOFDPLQR

(OVXDYHIQ RGHODWDUGHFHUDWUDYHVDEDOHQWDPHQWHVXFDPLVD\ODV FRSDVGHORViUEROHVLEDQYROYLpQGRVHRVFXUDV\DPHQD]DGRUDV FXDQGR6FKZDUW]WRSFRQDTXHOODIUDQMDUHFWDHLQGHILQLGDGHPDFD GDP6HODQ]yKDDDHOOD\QRWODGXUH]DEDMRVXVSLHV (QDPEDVGLUHFFLRQHVKDEtDXQYDiRWRWDO\6FKZDUW]YROYLyD SHUFLELUSRUXQPRPHQWRODPLVPDIULDOGDG+DEtDHVSHUDGRYHUFR FKHV+DEUtDVLGRIDDOLVLPRSDUDUORVKDFLHQGRJHVWRV\GHFLU ORGLMR HQYR]DOWDWDOHUDVXDQVLHGDG  ³¢(VSRVLEOHTXHYDYDD&KLFDJR"

¢<VLQRVHHQFRQWUDEDFHUFDGH&KLFDJR"%LHQFXDOTXLHUFLXGDG LPSRUWDQWH6yORWHQtDFXDWURGDUHV\VHWHQWD\FLQFRFHQWDYRVHQ ORVEROVLOORVSHURVLHPSUHSRGtDUHFXUULUDODSROLiD (FKyDDQGDUSRUODFDUUHWHUDSRUHOFHQWURGHODPLVPDVLQGHMDU GHPLUDUHQDPEDVGLUHFFLRQHV/DSXHVWDGHVROQROHFDXVyLPSUH VLyQDOJXQDQLHOKHFKRGHTXHODVSULPHUDVHVWUHOODVHVWXYLHUDQ VDOLHQGR 1LQJ~QDXWRPyYLO1DGD<SURQWRHVWDUtDWRGRPX\RVFXUR

&UH\yTXHODVHQVDFLyQLQLFLDOGHPDUHRHVWDEDSUHVHQWiQGRVHGH QXHYR\DTXHHOKRUL]RQWHGHVXL]TXLHUGDFHQWHOOHDED$EUDYpVGH ODVEUHFKDVGHORViUEROHVVHYHtDXQGpELOEULOORD]XODGR1RHUDGHO URMRLQTXLHWRTXHpOLPDJLQDEDTXHWHQGUtDXQLQFHQGLRIRUHVWDOVLQR XQIXOJRUVXDYHTXHSDUHiDGHVOL]DUVHOHQWDPHQWH<HOPDFDGDPTXH WHQtDEDMRORVSLHVDSDUHQWDEDFKLVSHDUFRQLGpQWLFDVXDYLGDG6H DJDFKySDUDWRFDUHOILUPH\ORQRWyQRUPDO3HURKDEtDDTXHOFHQWH OOHRGHELOLVLPRTXHDOFDQ]DEDODVFRPLVXUDVGHVXVSiUSDGRV (VWDEDKDPEULHQWR\PX\PX\DVXVWDGRFXDQGRYLRDTXHOODOX]D ODGHUHFKD

(UDXQDFDVD6FKZDUW]JULWyDORFDGDPHQWH\QDGLHUHVSRQGLy SHURHUDXQDFDVD(ODJX]DGRLQVWLQWRGHOPLHGRHOKDPEUH\OD VROHGDGDVtVHORDVHJXUDEDQSRUORTXHVDOLyGHODFDUUHWHUD\IXH FDPSRDWUDYpVGDQGRWXPERVFUX]y]DQMDVHVTXLYyiUEROHVDWUD YHVyPDWRUUDOHV\XQULDFKXHOR\SRUILQOOHJyDOOtFRQODVPDQRV H[WHQGLGDVSDUDWRFDUODHVWUXFWXUDGXUD\EODQFD 1RHUDODGULOORQLSLHGUDQLPDGHUDSHURQLSRUXQPRPHQWROH SUHVWyDWHQFLyQDHVHGHWDOOH3DUHFtDSRUFHODQDSHURDpOQROH LPSRUWyHQDEVROXWR6FKZDUW]VHOLPLWyDEXVFDUODSXHUWD\DOOOHJDU DHOOD\QRYHUWLPEUHDOJXQRODSDWHy\DXOOyFRPRXQORFR 2\yPRYLPLHQWRHQHOLQWHULRU\HOVRQLGRGHXQDYR]KXPDQD


*ULWyRWUDYH] ³£(KORVGHODFDVD +XERXQ]XPELGRWHQXH\EODQGR\ODSXHUWDVHDEULy3RUHOOD VDOLyXQDPXMHUFRQXQDFKLVSDGHDODQPDHQODPLUDGD(UDDOWD IXHUWH\GHOJDGD\WUDVHOODVHYHtDODHQMXWDVLOXHWDGHXQKRPEUHGH UHFLDVIDFFLRQHVYHVLGRFRQURSDGHWUDEDMR 3DUD6FKZDUW]DPERVHUDQWDQEHOORVFRPREHOODSXHGHVHUSDUD XQKRPEUHODYLVLyQGHXQRVDPLJRV /DPXMHUKDEOy\VXYR]HUDDXQTXHOtTXLGDDXWRULWDULD\ 6FKZDUW]H[WHQGLyODPDQRKDFLDODSXHUWDSDUDVRVWHQHUVHHQSLH6XV ODELRVVHPRYLHURQLQ~WLOPHQWH\GHSURQWRORVWHPRUHVPiVVREUH FRJHGRUHVREVWUX\HURQGHQXHYRVXJDUJDQWD\DVIL[LDURQVXFRUD]yQSUHJXQWD 3RUTXHODPXMHUKDEODEDHQXQLGLRPDTXH6FKZDUW]MDPiVKDEtD RtGR /DDFRPRGDF¢yQGHXQH[aUDQR

/RD0DUHQ\VXLPSDVLEOHHVSRVRHVWDEDQMXJDQGRDFDUWDVHVH IUHVFRDQRFKHFHUPLHQWUDVHODUURSDGRSHUVRQDMHGHOULQFQTXHRFX SDEDODVLOODHOpFWULFDGHUXHGDVGRQQLWDEDVREUHVXOLEURILOPH(UD XQDHVFHQDDQRUPDOHOEUHYHLQWHUYDORHQWUHHOEDEDMR\ODKRUDGH DFRVWDUVH $UELQ0DUHQSDVyORVGHGRVFXLGDGRVDPHQWHSRUORVUHFWiQJXORV ILQRV\OLVRVPLHQWUDVPHGLWDEDODVLJXHQWHMXJDGD<OHQWDPHQWH PLHQWUDVVHGHDGtDVRQDURQEUXVFRVJROSHV\EURQFRVJULWRVHQOD SXHUWDXQRVJULWRVTXHQRDFDEDEDQGH FRQYHUWLUVHHQSDODEUDV

6XPDQRVHDO]yGHSURQWR\VHGHWXYRMXVWRHQDPDGHODFDUWD TXHLEDDH[WUDHUGHOJUXSRTXHVRVWHPD/RVRMRVGH/RDUHIOHMDEDQ WHPRU\XQLQVWDQWHGHVSXpVODPXMHUPLUyDVXHVSRVRVLQSFGHU FRQWHQHUORVWHPEORUHVGHVXODELR LQIHULRU ³6DFDGHDTXtD*UHZ'HSULVD³GLMR$UELQ

/RDQRUHVSRQGLy(VWDEDMXQWRDODVLOODGHUXHGDVHPLWLyVRQL GRVWUDQTXLOL]DGRUHVFRQVXOHQJXD

(OSHUVRQDMHGRUPLGRDEULyODERFD\GHVSHUWFRQJHVWRVGH DWXUGLPLHQWR,UJXLyVXUHFOLQDGDFDEH]D\EXVFDWLHQWDVHOOLEUR ILOPHTXHKDEtDFDtGRHQODPDQWDTXHFXEUtDVXVSLHUQDV ³¢4XpSDVD"³SUHJXQWyLUULWDGR

³£&KLV1RSDVDQDGD³PXVLWyYDJDPHQWH/RD\OOHYyODVLOODD ODKDELWDDyQFRQWLJXD

'HVSXpVFHUUyODSXHUWD\DSR\VXHVSDOGDHQHOOD6XILQRSHFKR VXEtD\EDMDEDPLHQWUDVVXVRMRVEXVFDEDQORVGHVXPDULGR/RV


JROSHVYLROHQWRVVHJXtDQVRQDQGR

6HPDQWXYLHURQPX\MXQWRVHQHOPRPHQWRGHDEULUODSXHUWDFDVL DODGHIHQVLYD\ODKRVWLOLGDGDVRPyHQVXVPLUDGDVDOHQFDUDUVHFRQ HOKRPEUHEDMLWR\UHJRUGHWHTXHOHVVRQUHtD ³¢3RGHPRVD\XGDUOHHQDOJR"³GLMR/RD

(LQUQHGLDWDPHQWHVHHFKyKDDDDWUiVDOYHUTXHHOGHVFRQRDGR DEUtDODERFD\H[WHQGtDXQDPDQRSDUDQRFDHUDOVXHOR ³¢(VWDUiHQIHUPR"³SUHJXQWyWRQWDPHQWH$UELQ³9DPRV D\~GDPHDHQWUDUOR

)XHURQSDVDQGRODVKRUDVGHVSXpVGHOLQFLGHQWH\HQHOVLOHQDR GHVXGRUPLWRULR/RD\$UELQIXHURQSUHSDUiQGRVHOHQWDPHQWHSDUD DFRVWDUVH ³$UELQ³GLMRODPXMHU ³¢4XpTXLHUHV" ³¢(VVHJXUR" ³¢6HJXUR"

$O'DUH&HU$UELQHOXGtDGHOLEHUDGDPHQWHHOVLJQLILFDGRGHOD  ³(VHKRPEUH(OKRPEUHTXHKHPRVHQWUDGRHQODFDVD ¢4XLpQHV"

³¢&yPRYR\DVDEHUOR"³IXHODLUULWDGDUHVSXHVWD³¢3RGHPRV QHJDUOHFRELMR"0DxDQDVLpOQRSXHGHLGHQWLILFDUVHLQIRQPDUHPRV DO&XHUSR5HJLRQDOGH6HJXULGDG\DKtDFDEDUiWRGR³ODWUDQTXLOL]y 3HURVXHVSRVDURPSLyHOVLOHQFLRSRVWHULRUFRQPiVXUJHQFLDHQ VXILQDYR] ³¢1RFUHHVTXHSRGUtDVHUDJHQWHGHOD6RFLHGDGGH$QWLJXRV" (VWi*UHZ\DVDEHV

³1RHVDJHQWHSROLDDO/RD2OYLGDHVR¢6XSRQHVTXHUHFXUUL UtDQDXQDDUWLPDxDWDQFRPSOLFDGDSRUXQSREUHYLHMRFRQILQDGRDOD VLOODGHUXHGDV"¢1RSRGQ DQSUHVHQWDUVHDODOX]GHOGtD\FRQDXWRUL ]DFLyQOHJDOGHUHJLVWUR"3RUIDYRUQRIDQWDVHHV$GHPiV¢SRUTXp LEDQDVRVSHFKDUDOJR"1XHVWUDSURGXFFLyQHVWDWHPSRUDGDVHUiOD FDQWLGDGH[DFWDTXHQRVH[LJHQVHJ~QHOFXSRILMDGRSDUDQXHVWUDV WLHUUDVVXSRQLHQGRXQDIXHU]DODERUDOGHWUHVSHUVRQDV


³6tVt3HURHVTXH$UELQKHHVWDGRSHQVDQGR6LpOQRHV SROLiDQRSXHGHVHUGHOD7LHUUD

³¢4Xp"¢3UHWHQGHVGHDUTXHSURFHGHGHORVPXQGRVH[WHULRUHV" (VRHVPiVULGtFXORWRGDYtD¢3RUTXpYDDYHQLUDHVWHSODQHWD PXHUWRXQKDELWDQWHGHO,PSHULR"

³([DFWR3RUTXHQDGLHOREXVFDUiDTXt1RKDEODHOLGLRPD ¢YHUGDG"%DOEXFHD¢(UHVFDSD]GHFRPSUHQGHUOH"¢8QDVRODSDOD EUD"¢1RYHVTXHSXHGHVHUQRV~WLO"6LHVXQH[WUDQMHURHQOD7LHUUD QRHVWDUiLQVFULWRHQOD aILFLQDGHO&HQVR\OHDOHJUDUiPXFKtVLPRQR WHQHUTXHSUHVHQWDUVHDQWHHOORV3RGHPRVHPSOHDUORHQODJUDQMDHQ OXJDUGHPLSDGUH\YROYHUiQDVHUWUHVSHUVRQDVQRGRVODVTXH GHEDQVDWLVIDFHUHOFXSRGHWUHVODSUy[LPDWHPSRUDGD /RDPLUyDQVLRVDPHQWHHOLQFLHUWRVHPEODQWHGHVXHVSRVRTXH PHGLWyPXFKRDQWHVGHUHVSRQGHU ³'XHUPH/RD6HJXLUHPRVKDEODQGRFRQHOVHQWLGRFRP~QTXH SURSRUFLRQDODOX]GHOGtD /RVFXFKLFKHRVDFDEDURQVHDSDJyODOX]\SRUILQHOVXHxRVH DGXHxyGHODKDELWDFLyQ\GHODFDVD

/DPDxDQDVLJXLHQWHFRUUHVSRQGLyD*UHZFRQVLGHUDUHODVXQWR(UD XQKRPEUHTXHKDEtDVLGRIXHUWH\DFWLYR6XHVSDOGDHUDDPSOLDVXV EUD]RVPX\PXVFXORVRV1LQJ~QUDVJRLQGLFDEDFLQFXHQWD\FLQFRDxRV 1RREVWDQWHVXVSLHUQDVGRVPDVDVFLKQGULFDVGHPDWHULDHQHUYDGDLEDQ PDUFKLWiQGRVH\FRQVXPLpQGRaHSRFRDSRFRGHWDOIRUPDTXHVHJ~QODV FRVWXPEUHVGHOD7LHUUD*UHZGHEtDVHUSUHVHQWDGRSDUDVHUHOLPLQDGRVLQ GRORU\VXOXJDURFXSDGRSRUXQKRPEUHPiVMRYHQ\FDSDFLWDGR &XDQGRKDEOyORKL]RPLUDQGRFRQSHQDDTXHOODVSLHUQDVPXHUWDV GHVGHKDiDGRVDxRV

³7XVSUREOHPDV$UELQSURYLHQHQDOSDUHFHUGHOKHFKRGHTXH \RHVWR\LQVFULWR FRPRWUDEDMDGRUSRUORTXHHOFXSRGHSURGXFFLyQ VHILMDSDUDWUHV(VWHHVHOVHJXQGRDQRTXHKHVREUHYLYLGRDPLKRUD (VVXILFLHQWH ³1RYDPRVDGLVFXWLUHVR³$UELQHVWDEDSUHRFXSDGR³+HPRV SURGXFLGRVXILDHQWH

³'HQWURGHGRVDQRVKDEUiHOFHQVR\ PHLUpGHWRGRVPRGRV

³7HQGUiVRWURVGRVDQRVGHOLEURV\GHVFDQVR¢3RUTXpKDEQDV GHYHUWHSULYDGRGHHVR"

³3RUTXHRWURVVHYHQSULYDGRV¢<TXpPHGLFHVGH/RD"¢'X UDUiRWUDWHPSRUDGD"¢&UHHVTXHQRODKHYLVWRFXDQGRHVWiWDQ


FDQVDGDTXHQRSXHGH DQGDUFXDQGRQRWLHQHPIXHU]DVSDUDOORUDU" ¢'HTXpPHVLUYHODYLGDVLHVDFRVWDGHODPXHUWHGHPLKLMD" ³(VWiHVHKRPEUH³VXJLULyDQVLRVDPHQWH$UELQ³¢4XpWHSD UHFH"

³8QGHVFRQRFLGR³PXVLWy*UHZ³6HSUHVHQWDGDQGRJROSHV HQODSXHUWDVXUJLGRGH ODQDGDHVLPSRVLEOHHQWHQGHUORTXHGLFH ¢4XLpQHV" (OJUDQMHURVHHQFRJLyGHKRPEURV

³(VDSDDEOH\HVWiPRUWDOPHQWHDVXVWDGR%DOEXFHDVLQFHVDU\ GHVSXpVVHTXHGDDFXUUXFDGRVLQPRYHUVHSHUGLGRHQDOJXQDSDUWH GHVXPHQWH ³¢<VLHVWiORFR" ¢<VLHVWiHVTXLYDQGRDODVDXWRULGDGHVFRPR \RPLVPR" ³(VRQRSDUHFHSUREDEOH

3HUR$UELQVHUHPRYLyPX\QHUYLRVR

³/RGLFHVSRUTXHTXLHUHVDSURYHFKDUWHGHpO%LHQDVtSXHVHO SUREOHPDHVFyPRGLVSRQHUGHHVWHGHVFRQRDGRSDUDREWHQHUQRVR WURVHOPi[LPRSURYHFKR¢6DEHVTXpKDGD\R"/ROOHYDGDDODDX GDG B¢$&KLFD"³$UELQVHVHQWtDKRUURUL]DGR³(VRVHGDODUXLQD

³1LPXFKRPHQRV³GLMRWUDQTXLODPHQWH*UHZ³¢5HFXHUGDVHO YLGHRQRWLDDULRGHODVHPDQDSDVDGD"(O,QVWLWXWRGH,QYHVWLJDDLRQHV 1XFOHDUHVSRVHHXQLQVWUXPHQWRTXHDOSDUHFHUFRQVLJXHTXHODJHQWH DSUHQGDFRQPD\RUIDDOLGDG4XLHUHQYROXQWDULRV3UHVHQWDDHVH KRPEUH $UELQVDFXGLyODFDEH]DGHVHVSHUDGR

³1RVpQDGDGHHVR3HUR*UHZSHGLUiQHOQ~PHURGHUHJLV WUR\VDEHVTXHWHQHUODVFRVDVHQGHVRUGHQHVXQDLQYLWDDyQDTXH LQYHVWLJXHQ(QHVHFDVRDYHULJXDQ DQORWX\R

³aHHTXLYRFDV$UELQ(O,QVWLWXWRTXLHUHYROXQWDULRVSRUTXHOD PiTXLQDHVWDD~QHQIDVHH[SHULPHQWDO(VWR\VHJXURGHTXHQR KDUiQSUHJXQWDV6LHOGHVFRQRFLGRPXHUHVHJXUDPHQWHQRHVWDUi SHRUTXHDKRUD9HQJD$UELQSiVDPHHOSUR\HFWRUGHOLEURV\SRQ ODVHxDOHQHOUROORVHLV &XDQGRDTXHOODPDxDQD6FKZDUW]DEULyORVRMRVIXHSDUDVHQWLU HVHGRORUDSDJDGRHVHGRORUTXHDVIL'DHOFRUD]yQ\VHQXWUHGHVt


PLVPRHOGRORUGHXQPXQGRIDPLOLDUSHUGLGR

(QRWUDRFDVLyQORKDEtDVHQWLGR\VHSURGXMRXQGHVWHOORPR PHQWiQHRTXHGLREULOORPX\YLYRDXQDHVFHQDROYLGDGDeOXQ PR]DOEHWHHQODQLHYHGHOSXHEORLQYHUQL]RFRQHOWULQHRHVSHUiQ ]  GROH\HOWUHQDOILQDOGHHVHWUD\HFWR\GHVSXpVGHHVRHOJUDQ EDUFR

(OWHPRUHQSDUWHQRVWiOJLFRHQSDUWHIUXVWUDQWHDOPXQGRGHOR IDPLOLDUOHXQLyPRPHQWiQHDPHQWHFRQDTXHOMRYHQGHYHLQWHDQRV TXHKDEtDHPLJUDGRDORV(VWDGRV8QLGRV6LQVDEHUFyPRKDEtDGH FLGLGRTXHWRGRHVWRQRSRGtDVHUXQVXHxR

6HLQFRUSRUyEUXVFDPHQWHHQHOLQVWDQWHTXHODOX]VLWXDGDHQFLPD GHODSXHUWDVHHQFHQGLy\VHDSDJy\VRQyODLQFRPSUHQVLEOHYR]GH EDGWRQRGHVXDQILWULyQ'HVSXpVVHDEULyODSXHUWD\OOHJyHOGHVD \XQRXQSXUpKDULQRVRTXHQRUHFRQRFLyDXQTXHWHQtDFLHUWRVDERU DJDFKDVGHPDt] FRQXQDVDEURVDGLIHUHQFLD \OHFKH ³*UDFLDV³GLMR\DVLQWLyYLJRURVDPHQWH

(OJUDQMHURGLMRDOJRFRPRUHVSXHVWD\FRJLyODFDPLVDGH 6FKZDUW]FROJDGDHQHOUHVSDOGRGHODVLOOD/DH[DPLQyDWHQWDPHQWH SRUWRGDVSDUWHVSUHVWDQGRDWHQDQHVSHFLDODORVERWRQHV$FWR VHJXLGRWUDVGHMDUODGHQXHYRHQODVLOODDEULODSXHUWDFRUUHGL]DGH XQDUPDULR\6FKZDUW]SRUSULPHUDYH]SHUFLELYLVXDOPHQWHHOFi OLGRDVSHFWROHFKRVRGHODVSDUHGHV ´3OiVWLFRµSHQVyHPSOHDQGRHVHWpUPLQRJHQHUDOFRQODLUUHYRFD ELOLGDGXVXDOHQORVSURIDQRV2EVHUYDGHPiVTXHQRKDEtDULQFRQHV RiQJXORVHQODKDELWDDQWRGRVORVSODQRVVHHQOD]DEDQIRUPDQGR XQDVXDYHFXUYD 3HURHORWURKRPEUHHVWDEDPRVWUiQGROHREMHWRV\KDFLHQGRJHV WRVLQFRQIXQGLEOHV(UDREYLRTXH6FKZDUW]GHEtDODYDUVH\YHVWLUVH

&RQD\XGDHLQVWUXFDRQHVREHGHFLy3HURQRHQFRQWUyQDGD SDUDDIHLWDUVH\VXVJHVWRVWRFiQGRVHHOPHQWyQQRSURYRFDURQPiV UHDFDyQTXHXQVRQLGRLPFRPSUHQVLEOHDFRPSDxDGRSRUXQDPLUDGD GHFODUDUHSXJQDQDDSRUSDUWHGHORWURKRPEUH6FKZDUW]VHUDVFyVX EDUEDFHUGRVD\JULViFHD\VXVSLUGHIRUPDDXGLEOH <OXHJROROOHYDURQDXQYHKtFXORSHTXHQRDODUJDGR\SURYLVWRGH GRVUXHGDVDOTXHOHRUGHQDURQHQWUDUPHGLDQWHJHVWRV(OVXHOR HPSH]yDPRYHUVHEDMRHOORV\ODGHVLHUWDFDUUHWHUDUHWURFHGLD DPERVODGRVKDVWDTXHVHDO]DURQDQWH6FKZDUW]HGLILFLRVEDMRVGH FRORUEODQFRFKLVSHDQWH<PiVDOOiDSDUHFLyHOWRQRD]XOGHODJXD


6FKZDUW]VHxDOyDQVLRVDPHQWH ³¢&KLFDJR"

(UDHO~OWLPRMDGHRGHHVSHUDQ]DTXHOHTXHGDEDSRUTXHHYLGHQ WHPHQWHQDGDGHORTXHKDEtDYLVWRVHSDUHiDPHQRVDHVDFLXGDG (OJUDQMHURQRGLRUHVSXHVWDDOJXQD (OJREHUQDQWH\HOJREHPDGR

(QQLXVFXPSaDVXFXDUWRDxRFRPRSURFXUDGRUGHODPLQ~VFXOD SURYLQFLDGH7HUUD(QFDOLGDGGHUHSUHVHQWDQWHGLUHFWRGHOHPSHUDGRU VXSRVLFLyQVRDDOHVWDEDDODSDUKDVWDDHUWRSXQWR FRQODGHEV YLUUH\HVGHORVLQPHQVRVVHFWRUHVJDOiFWLFRVTXHH[WHQGtDQLUUHJXODU PHQWHVXVUHOXDHQWHVPROHVRFXSDQGRDHQWRVGHSDUVHFVF~ELFRVGH HVSDDR(VHHUDTXL]iVXQFRQVXHORDFDGpPLFRSDUDVXHVSRVD\VXKLMD 

3HURHQUHDOLGDGHOFDUJRGHSURFXUDGRUGH7HUUDHUDDSHQDV PHMRUTXHHOH[LOLR1LULTXH]DVQLHVSOHQGRUDTXt1LQJXQDVROHPQL GDGUHJLDHQODTXHEULOODU\WDPSRHRH[LVWtDHOEXOOLFLRGHOFRPHUFLR\ ODYLGD(QOXJDUGHHVRKDEtDSDODDRVGHVLHUWRVHQODVODGHUDVGHODV PRQWDxDVFRQWLQHQWDOHV~QLFRVOXJDUHVGRQGHODUDGLDHWLYLGDGDWPRV IpULFDHUDOREDVWDQWHEDMDSDUDSHUPLWLUKDELWDFLyQFRQWLQXDGD(VR\ XQDSREODFLyQSHQGHQDHUDTXHRGLDEDDOSURFXUDGRU\DO,PSHULR\ FX\DHQHPLVWDGLQYHWHUDGDHWHUQDPDOLFLRVD\PRUWtIHUDKDEtDTXH MX]JDU\VRSHVDU /DVHYDVLRQHVGH(QQLXVHUDQUDUDV\HVFDVDV'HEtDQGHVHUHVFD VDVSRUTXHHQ&KLFDJRWUDQTXLODSRUHOPRPHQWRHUDQHFHVDULR YHVWLUURSDLPSUHJQDGDGHSEPRVLHPSUHLQFOXVRHQODFDPD\ WRPDUPHWDEROLQDGHIRUPDFRQWLQXD

6HKDOODEDSODWLFDQGRVREUHHVHPLVPRKHFKRHQHODQWLJXR,QVWL WXWRGH,QYHVWLJDFLRQHV1XFOHDUHVHQGRQGHHVWDEDYLVLWDQGRDO~QLFR WHUUHVWUHGHOSODQHWDDOTXHSRGtDWUDWDUFRPRLJXDO ³/DPHWDEROLQD³GLMRPLHQWUDVOHYDQWDEDODSOGRUDGHFRORU EHUPHOOyQSDUDH[DPLQDUOD³HVWDOYH]HOVtPERORDXWpQWLFRGHWRGR ORTXHVXSODQHWDVLJQLILFDSDUDPtDPLJRPtR6XIXQFLQHVUHIRU]DU WRGRVORVSURFHVRVPHWDELFRVPLHQWUDV\RSHUPDQH]FRLQPHUVRHQ ODQXEHUDGLDFWLYDTXHPHURGHD\TXHXVWHGHVQLVLTXLHUDSHUDEHQ ³7UDJyODStOGRUD³£<DHVWi$KRUDPLFRUD]QODWLUiFRQPiV UDSLGH]PLUHVSLUDFLyQHPSUHQGHUiXQDFDUUHUDSRUVXFXHQWDPL KtJDGRKHUYLUi\VHGHVKDUiHQHVDVVtQWHVLVTXtPLFDVTXHPHLQIRU PDQORVH[SHUWRVPpGLFRVFRQVWLWX\HQODIiEULFDPiVLUQSRUWDQWHGHO RUJDQLVPR<HVRORSDJRGHVSXpVFRQXQFHUFRGHGRORUHVGH FDEH]D\ODVLWXG


(OGRFWRU6KHNWOHHVFXFKDEDFRQFLHUWRDLUHGHGLYHUVLyQ1RU PDOPHQWHVHUHIHGDQDpOFRPR´6KHNWHOTXHWRGRORPLUDGHFHUFDµ QRSRUTXHOOHYDUDJDIDVRIXHUDPLRSHVLQRWDQVHSRUTXHHOKiELWR SURORQJDGROHKDEtDOOHYDGRDODSUiFWLFDLQFRQVFLHQWHGHFRQVLGHUDU DWHQWDPHQWHWRGDVODVFRVDVGHVRSHVDUDQVLRVDPHQWHWRGRVORVKH FKRVDQWHVGHRSLQDU(UDDOWR\HQWUDGRHQDxRV\VXPDUFKLWD VLOXHWDVHHQFRUYDEDIRUPDQGRXQLQWHUURJDQWH 3HURHVWDEDPX\LQVWUXLGRHQFXOWXUDJDOiFWLFD\VHKDOODEDUHODWL YDPHQWHDVDOYRGHOKiELWRGHODKRVWLOLGDG\ODVRVSHFKDXQLYHUVDOHV TXHKDiDQWDQUHSXJQDQWHDOWHUUHVWUHWtSLFRSDUDDTXHOKRPEUHGHO ,PSHULR(QQLXV ³(VWR\VHJXURGHTXHQRODQHFHVLWD³GLMR6KHNW³/DPHWDER OLQDHVVLPSOHPHQWHXQDGHVXVVXSHUVWLDRQHVFRQILpVHOR6LODFDP ELDUDSRUSDVWLOODVGHD]~FDUVLQTXHXVWHGORVXSLHUDQRVHVHQWLGD SHRUQLPXFKRPHQRV ³/RGLFHHQODFRPRGLGDGGHVXDPELHQWH¢9DDQHJDUTXHVX PHWDEROLVPREiVLFRHVVXSHULRUDOPtR"

³6pTXHHVXQDVXSHUVWLFLyQGHO,PSHULR(QQLXVTXHQRVRWURV ORVKRPEUHVGHOD7LHUUDVRPRVGLVWLQWRVGHOUHVWRGHVHUHVKXPDQRV SHURODYHUGDGQRHVpVD¢+DYHQLGRDTXtFRPRPLVLRQHURGHORVDQ WLWHUUHVWUHV" (QQLXVJUXxy ³3RUODYLGDGHOHPSHUDGRUVXVFDPDUDGDVGHOD7LHUUDVRQORV PHMRUHVPLVLRQHURVHQHVHVHQWLGR$OYLYLUDTXtHQMDXODGRVHQVX PRUWtIHURSODQHWDHPSRQ]RxDGRVSRUVXSURSLDUDELDVRQVLPSOH PHQWHXQD~OFHUDFUyQLFDHQODJDOD[LD

´+DEORHQVHULR¢4XpKDELWDQWHVGHRWURSODQHWDWLHQHQWDQWR ULWXDOHQVXVYLGDVFRWLGLDQDVFRPRSDUDDGKHULUVHDpOFRQXQDIXULD WDQPDVRTXLVWD"1RSDVDXQGtDVLQTXH\RQRUHFLEDGHOHJDFLRQHVGH XQDXRWUDGHVXVLQVWLWXFLRQHVH[LJLpQGRPHODSHQDGHPXHUWHSDUD SREUHVGLDEORVFX\R~QLFRGHOLWRKDVLGRHQWUDUHQXQD]RQDSURKL ELGDHOXGLUHO6HVHQWDRVLPSOHPHQWHFRPHUPiVGHORTXHOHVFR UUHVSRQGH ³$KSHURXVWHGVLHPSUHFRQFHGHODSHQDGHPXHUWH6XDYHUVLyQ LGHDOLVWDSDUHFHUHDFLDDRSRQHUVH

³/DVHVWUHOODVVRQWHVWLJRVGHTXHPHHVIXHU]RSDUDGHQHJDUOD PXHUWH3HUR¢TXpSXHGHKDFHUXQR"(OHPSHUDGRURUGHQDTXHWRGDV ODVVXEGLYLVLRQHVGHO,PSHULRVLJDQVLQLQWURPLVLRQHVHQVXVFRVWXUQ EUHVORFDOHV<HVRHVFRUUHFWR\VHQVDWR\DTXHUHVWDDSR\RSRSX ODUDORVQHFLRVTXHGHRWURPRGREXVFDGDQUHYXHOWDVPDUWHV\MXHYHV DOWHUQRV$GHPiVVLPHPRVWUDUDWHUFRFXDQGRFRQVHMRVVHQDGRV\


FiPDUDVLQVLVWHQHQODPXHUWHVHDO]DGDWDOJULWHGR\KDEGDWDQWRV FKLOOLGRV\GHQXQFLDVGHO,PSHULR\WRGDVVXVREUDVTXH\RSUHIHULQD GRUPLUHQWUHXQDOHJLyQGHGLDEORVGXUDQWHYHLQWHDxRVDQWHVTXH HQIUHQWDUPHGLH]PLQXWRVDXQD7LHUUDHQHVDVFRQGLDRQHV 6KHNWVXVSLUy\VHUDVFyHOHVFDVRFDEHOORGHVXFDEH]D

aMDOiSXGLHUDQHJDUVXVDILUPDDRQHVSURFXUDGRUSHURQR SXHGR6LQHPEDUJRQRVRPRVGLVWLQWRVGHXVWHGHVORVGHORVPXQ GRVH[WHULRUHV6LPSOHPHQWHVRPRVPiVGHVDIRUWXQDGRV(VWDPRV DSLULDGRVDTXtHQXQPXQGRSUiFWLFDPHQWHPXHUWRLQPHUVRHQXQ PDUGHUDGLDFLyQTXHQRVHQFDUFHODURGHDGRVSRUXQDJDOD[LDLQ PHQVDTXHQRVUHFKD]D¢4XpSRGHPRVKDFHUFRQWUDODVHQVDFLyQGH IUXVWUDFLyQTXHQRVFRUURH"¢'HVHDGDXVWHGSURFXUDGRUTXHHQYLi UDPRVDOH[WHULRUQXHVWURH[FHVRGHSREODFLyQ" (QQLXVVHDO]yGHKRPEURV

³¢0HSUHRFXSDGDHVRDPt"3UHRFXSDUtDDODVSREODFLRQHV$ HOODVQROHVLQWHUHVDGDFDHUYtFWLPDGHHQIHUPHGDGHVWHUUHVWUHV ³£(QIHUPHGDGHVWHUUHVWUHV³6KHNWIUXQFLyHOFHxR³6HWUDWD GHXQDEVXUGRTXHGHEHUGDHUUDGLFDUVH1RVRPRVSRUWDGRUHVGH PXHUWH¢+DPXHUWRXVWHGSRUHVWDUHQWUHQRVRWURV" ³$GHFLUYHUGDG³GLMR(QQLXVVRQULHQWH³KDJRWRGRFXDQWR SXHGRSDUDHYLWDUFRQWDFWRVLQGHELGRV

³(VRHVSRUTXHWDPELpQXVWHGWHPHODSURSDJDQGDFUHDGDDOILQ \DOFDERSRUODHVWXSLGH]GHVXVIDQiWLFRV ³9D\D6KHNW¢QRWLHQHEDVHDHQIIILFDDOJXQDODWHRGDGHTXH ORVWHUUHVWUHVVRQUDGLDFWLYRVSRUVtPLVPRV"

³6tFLHUWDPHQWHORVRQ¢&yPRLEDQDHYLWDUOR",JXDOTXHXVWHG ,JXDOTXHFXDOTXLHUSHUVRQDHQFXDOTXLHUDGHORVFLHQPLOORQHVGH SODQHWDVGHO,PSHULR1RVRWURVVRPRVPiVUDGLDFWLYRVHQHVRHVWR\ GHDFXHUGRFRQXVWHGaSHURDSHQDVOREDVWDQWHSDUDFDXVDUGDxRD DOJXLHQ ³3HURHOKRPEUHPHGLRGHODJDOD[LDFUHHORFRQWUDULRPHWHPR \QRVLHQWHGHVHRVGHDYHULJXDUORH[SHULPHQWDOPHQWH$GHPiV

³$GHPiVYDXVWHGDGHFLUQRVRWURVVRPRVGLVWLQWRV1RVRPRV VHUHVKXPDQRV\DTXHPXWDPRVFRQPiVUDSLGH]DFDXVDGHODUDGLD FLyQDWyPLFD\SRUORWDQWRKHPRFDUQELDGRHQPXFKRVDVSHFWRV 7DUQSRFRHVWiGHPRVWUDGR ³3HURODJHQWHORFUHH


³<HQWDQWRORFUHDSURFXUDGRU\HQWDQWRORVWHUUHVWUHVVHDPRV WUDWDGRVFRPRSDULDVGHVFXEULUiHQQRVRWURVODVFDUDFWHGVWLFDVDODV TXHXVWHGREMHWD6LQRVSUHVLRQDQGHPRGRLQWROHUDEOH¢KD\TXH H[WUDQDUVHGHTXHQRVGHIHQGDPRV"2GLiQGRQRVFRPRQRVRGLDQ ¢WLHQHQGHUHFKRDTXHMDUVHGHTXHQRVRWURVWDPELpQRGLHPRV"1R QRQRVRWURVWHQHPRVPXFKRPiVGHRIHQGLGRVTXHGHRIHQVRUHV

(QQLXVVHVHQWtDPRUWLILFDGRSRUODLUDTXHKDEtDVXVDWDGR+DVWD HOPHMRUGHDTXHOORVWHUUHVWUHVWHQtDHOPLVPRSXQWRGpELOODPLVPD VHQVDFLyQGHOD7LHUUDFRQWUDHOXQLYHUVRHQWHUR

³6KHNWSHUGRQHPLJURVHGDSRUIDYRU³GLMRFRQVXPRWDFWR³ $FHSWHPLMXYHQWXG\PLKDVWtRFRPRHaFXVDV7LHQHDQWHXVWHGDXQ SREUHKRPEUHXQMRYHQGHFXDUHQWD \FXDUHQWDDxRVHVODHGDGGH XQEHEpHQODDGPLQLVWUDFLyQFLYLOSURIHVLRQDO TXHHVWiDIDQiQGRVH HQVXDSUHQGL]DMHHQOD7LHUUD3RGULDQSDVDUDxRVDQWHVGHTXHORV QHFLRVGHOQHJRDLDGRGH3URYLQDDV(aWHULRUHVPHUHFXHUGHQOREDV WDQWHSDUDSURPRYHUPHDXQFDUJRPHQRVPRUWtIHUR'HIRUPDTXH DPERVVRPRVSULVLRQHURVGHOD7LHUUD\DXGDGDQRVGHOJUDQPXQGR GHODPHQWHHQGRQGHQRHaLVWHQGLVWLQDRQHVQLGHSODQHWDQLGH FDUDFWHGVWLFDVIIVLFDV'pPHODPDQRSXHV\VHDPRVDPLJRV

/DVDUUXJDVGHOURVWURGH6KHNWVHDOLVDURQRPiVH[DFWDPHQWH IXHURQVXVWLWXLGDVSRURWUDVPiVLQGLFDWLYDVGHEXHQKXPRU(OGRFWRU VHHFKyDUHtUDELHUWDPHQWH ³(VDVSDODEUDVVRQODVGHXQVXSOLFDQWHSHURHOWRQRVLJXH VLHQGRHOGHOGLSORPiWLFRLPSHULDOGHFDUUHUD(VXQPDODFWRUSUR FXUDGRU ³(QHVHFDVRGHVTXtWHVHFRQPLJRVLHQGRXQEXHQSURIHVRU\ KiEOHPHGHHVHVLQDSVLILFDGRUVX\R

³9D\D¢KDRtGRKDEODUGHOLQVWUXPHQWR"¢(VODIIVLFDRWUDGHVXV DILDLRQHV" ³&XDOTXLHUFRQRDUQLHQWRHVGHPLLQFXPEHQDD(QVHULR6KHNW PHJXVWDQDPXFKRFRQRFHUORVGHWDOOHV

(OItVLFRH[DPLQy DWHQWDPHQWHDORWUR\HQVXURVWURVHUHIOHMOD GXGD6HOHYDQWy\VXPDQRQXGRVDVHDO]yKDVWDVXODELRTXHSH OOL]FyPLHQWUDVPHGLWDED aDVLQRVpSRUGyQGHHPSH]DU

³%LHQSRUODVHVWUHOODVVLHVWiFRQVLGHUDQGRSRUTXpSXQWRGHOD WHRGDPDWHPiWLFDYDDHPSH]DUROYLGHORVWRGRV1RVpQDGDGHVXV IDFWRUHVGHSUREDELOLGDGHQQHXURTXtPLFDHOHFWUQLFD /RVRMRVGH6KHNWFKLVSHDURQ


³6LQHPEDUJRVDEHFRUUHFWDPHQWHHOQRPEUHGHHVDUDPDGHODV PDWHPiWLFDV ³8QHUURU+DVLGRHOSULPHURTXHPHKDYHQLGRDODPHQWH\VL QRPHKXELHUDSDUHDGRXQJDOLPDWtDVQRORKDEGDSURQXQFLDGR ¢4XpHVVXVLQDSVLILFDGRU"

³%LHQHQHVHQFLDVHWUDWDGHXQGLVSRVLWLYRSDUDLQFUHPHQWDUOD FDSDFLGDGGHDSUHQGHUGHXQVHUKXPDQR ³1RPHGLJD¢<IXQDRQD"

³2MDOiORVXSLpUDPRV/RVGHWDOOHVEiVLFRVVRQpVWRVHOVLVWHPD QHUYLRVRGHOKRPEUH\GHORVDQLPDOHVHVWiIRUPDGRSRUQHXURSURWHO QDVTXHQRVRQPiVTXHPROpFXODVHQRUPHVHQHTXLOLEULRHOpFWULFR PX\SUHFDULR(OPHQRUHVWtPXORH[FLWDDXQDPROpFXODTXHDVXYH] H[FLWDDODVLJXLHQWHTXHDVXYH]UHSLWHHOSURFHVRKDVWDTXHVHOOHJD DOFHUHEUR(OPLVPRFHUHEURHVXQDJUXSDPLHQWRLQPHQVRGHPROp FXODVVLPLODUHVFRQHFWDGDVHQWUHVtHQWRGDVODVIRUPDVSRVLEOHV 3XHVWRTXHKD\DSUR[LPDGDPHQWHGLH]HOHYDGRDODYLJpVLPDSRWHQ FLDHVGHDUXQXQRVHJXLGRGHYHLQWHFHURVGHWDOHVQHXURSURWHtQDV HQHOFHUHEURHOQ~PHURGHSRVLEOHVFRPELQDFLRQHVHVGHORUGHQGH GLH]IDFWRULDOHOHYDGRDODYLJpVLPDSRWHQFLDXQQ~PHURWDQLPSUH VLRQDQWHTXHVLWRGRVORVHOHFWURQHV\SURWRQHVGHOXQLYHUVRIXHUDQ XQLYHUVRVHOORVPLVPRV\WRGRVORVHOHFWURQHV\SURWRQHVGHHVRV XQLYHUVRVYROYLHUDQDVHUXQLYHUVRVHQHVHFDVRWRGRVORVHOHFWURQHV\ SURWRQHVGHWRGRVORVXQLYHUVRVDVtFUHDGRVVHJXLQDQVLHQGRQDGD FRPSDUDGRVFRQHOQ~PHURGHOTXHOHKDEOR¢0HFRPSUHQGH" ³1LXQDSDODEUDJUDDDVDODVHVWUHOODV$XQTXHLQWHQWDUDKD FHUORODGUDGDFRPRXQSHUURSRUSXURGRORUGHOLQWHOHFWR

³£+XP%LHQHQFXDOTXLHUFDVRORTXHGHQRPLQDPRVLPSXOVRV QHUYLRVRVHVVLPSOHPHQWHHOGHVHTXLOLEULRHOHFWUyQLFRSURJUHVLYRTXH VHGHVSOD]DSRUORVQHUYLRVKDVWDHOFHUHEUR\OXHJRGHVGHHOFHUHEUR KDVWDORVQHUYLRV¢(QWLHQGHHVR" ³6t

³%LHQOHIHOLFLWRDXVWHGSRUVHUXQDOXPEUHUD0LHQWUDVHVH LPSXOVRUHFRUUHXQDFpOXODQHUYLRVDORKDFHDYHORFLGDGUiSLGD\D TXHODVQHXURSURWHtQDVHVWiQSUiFWLFDPHQWHHQFRQWDFWR6LQHP EDUJRODVFpOXODVQHUYLRVDVSRVHHQXQDH[WHQVLyQOLPLWDGD\HQWUH XQD\ODVLJXLHQWHH[LVWHXQDSHTXHxDVHSDUDFLyQGHWHMLGRQRQHU YLRVR(QRWUDVSDODEUDVGRVFpOXODVQHUYLRVDVFRQWLJXDVQRHVWiQ UHDOPHQWHFRQHFWDGDV ³$K³GLMR(QQLXV³¢\HOLPSXOVRQHUYLRVRGHEHVDOWDUODED UUHUD"


³£([DFWDPHQWH/DVHSDUDFLyQGLVPLQX\HODIXHU]DGHOLP SXOVR\DPLQRUDODYHORFLGDGGHVXWUDQVPLVLQHQXQDFDQWLGDG LJXDODOFXDGUDGR GHVXDQFKXUD<HVWRHVYiOLGRLJXDOPHQWHSDUD VXFHUHEUR,PDJLQHDKRUDTXHSXGLHUDGHVFXEULUVHDOJ~QPHGLR SDUDUHGXFLUODFRQVWDQWHGLHOpFWULFDGHHVWDVHSDUDFLQHQWUHODV FpOXODV ³¢/DFRQVWDQWHGLHTXp"

³/DFDSDDGDGGHDLVODPLHQWRGHODVHSDUDFLyQ(OLPSXOVRVDOWD 

GDODEUHFKDFRQPiVIDDOLGDG/DSHUVRQDSHQVDGDPiVUiSLGDPHQWH \DSUHQGHGDPiVUiSLGDPHQWH ³%LHQ¢IXQDRQD"

³+HHQVD\DGRHOLQVWUXPHQWRFRQDQLPDOHV ³¢<FRQTXpUHVXOWDGR"

³&DUDPEDTXHFDVLWRGRVPXHUHQSRUGHVQDWXUDOL]DDyQGHOD SURWHtQDFHUHEUDOSRUFRDJXODFLyQHQRWUDVSDODEUDVFRPRSUHSD UDUXQKXHYRGXUR (QQLXVVHVREUHVDOWy

³+D\DOJRLQHIDEOHPHQWHFUXHOHQODVDQJUHIGDGHODDLHQDD¢< TXpPHGLFHGHORVTXHQRKDQPXHUWR"

³1DGDFRQFOX\HQWHSXHVWRTXHQRVRQVHUHVKXPDQRV(OSHVR GHODHYLGHQFLDSDUHFHIDYRUDEOH3HURQHFHVLWRKRPEUHV0LUH WRGRUHVLGHHQODVSURSLHGDGHVHOHFWUyQLFDVQDWXUDOHVGHOFHUHEURGH XQLQGLYLGXR7RGRVORVFHUHEURVSURGXFHQPLFURFRUULHQWHVGHXQ WLSRHVSHFLDO1LQJXQDHVH[DFWDPHQWHLJXDOFRUQRODVKXHOODVGDFWL ODUHVRODFRQILJXUDDyQGHYDVRVVDQJXtQHRVGHODUHWLQD(QWRGR FDVRHVDVPLFURFRUULHQWHVVRQPiVLQGLYLGXDOL]DGDV(OWUDWDPLHQWR FUHRGHEHWRPDUHQFXHQWDHVR\VLQRPHHTXLYRFRQRVHSURGXDUi PiVGHVQDWXUDOL]DFLyQ3HURQRWHQJRVHUHVKXPDQRVFRQORVTXH H[SHULPHQWDU+HSHGLGRYROXQWDULRVSHUR ([WHQGLyODVPDQRV

³1RYR\DFXOSDUORVKRPEUH³<(QQLXVVRQUL³3HURKD EODQGRHQVHULRVLHOLQVWUXPHQWRHVWXYLHUDSHUIHFDRQDGR¢TXpKD GDXVWHG FRQpO" (OItVLFRVHHQFRJLyGHKRPEURV


³1RPHFRUUHVSRQGHDPtGHDUOR'HSHQGHUiGHO*UDQ&RQVHMR ³¢1RFRQVLGHUDUiODSRVLELOLGDGGHSRQHUORDGLVSRVLDyQGHO,P SHULR" ³(O*UDQ&RQVHMR9D\DDYLVLWDUORV (QQLXVPHQHyODFDEH]D

³(OORVQRFRQVHQWLQDQTXHVDOLHUDGHOD7LHUUDXQDVRODFRVD 4XHUUiKDEODUXVWHGFRQHOORV" ³¢<R"¢4XpSXHGRGHFLU\R"

³+RPEUHTXHVLOD7LHUUDHVFDSD]GHLGHDUXQVLQDSVLILFDGRU TXHKDJDORTXHXVWHGGLFH\ORSRQHDGLVSRVLFLQGHODJDODaLDWDO YH]VHDQXOHQDOJXQDVOLPLWDFLRQHVHQODHPLJUDDyQDRWURVSODQHWDV ³¢&yPR"³UHSXVRLURQLFDPHQWH6KHNW³¢<DUULHVJDUVHDHSL GHPLDVDQXHVWUDVUDUH]DV\DQXHVWUDDQWLKXPDQLGDG"

³,QFOXVRHVSRVLEOHTXHORVWUDVODGHQHQPDVDDRWURSODQHWD ³GLMR(QQLXVVLQDOWHUDUVH³0HGtWHOR

/DOX]GHDYLVRFHQWHOOHDORFDGDPHQWH\6KHNWDFFLRQyHOFRQ PXWDGRU ³¢4XpSDVD"

³'RFWRU6KHNWWHQHPRVXQYROXQWDULR ³¢8QTXp"

³8QYROXQWDULRGRFWRU$TXtKD\DOJXLHQGHVHRVRGHRIUHFHUVH SDUDHOH[SHULPHQWR  (OVHPEODQWHGHOItVLFRVHWRUQyPDFLOHQWR

³,UpDKRUDPLVPR³'LRODYXHOWDHQVXVLOOD³7HQGUiTXHH[ FXVDUPHSURFXUDGRU ³3RUVXSXHVWR¢&XiQWRGXUDODRSHUDDyQ" ³(VFXHVWLyQGHKRUDV¢'HVHDYHUOD"

³1RSXHGRLPDJLQDUDOJRPiVKRUURURVRPLTXHULGR6KHNW (VWDUpHQ ODPDQVLyQGHO(VWDGRKDVWDPDxDQD¢0HLQIRUPDUiGH UHVXOWDGR"


6KHNWSDUHFLyUHIOHMDUDOLYLR ³6tGHVGHOXHJR

³3HUIHFWR<SLHQVVHQORTXHKHGLFKR

(QFXDQWRVHPDUFKy(QQLXVHOGRFWRU6KHNWWUDQTXLOR\FDXWH ORVRWRFyHOFRPXQLFDGRU\XQMRYHQWpFQLFRHQWUyFRUULHQGRFRQVX EDWDEODQFDUHVSODQGHDHQWHPHQWHOLPSLD\HOSHORFDVWDxR\ODUJR UHFRJLGRHQODQXFD ³¢+D\UHDOPHQWHXQYROXQWDULR"³SUHJXQWy6KHNW³¢8QYR OXQWDULRQRRWURKRPEUHHQYLDGRFRPRGHFRVWXPEUH"

³6t³IXHODHQIiWLFDUHVSXHVWD$FWRVHJXLGRDVRPyXQWRQRGH SUHFDXFLyQ³¢&UHHTXHVHGDSUHIHULEOHGHVHPEDUD]DUQRVGHpO" ³1R9R\DYHUOR

3HURODPHQWHGH6KHNWHUDXQIQRWRUEHOOLQR+DVWDODIHFKDHO VHFUHWRKDEtDVLGRWRWD/(OVLPSOHKHFKRGHTXHVHSUHVHQWDUDXQ YROXQWDULRHUDLQTXLHWDQWH(LQPHGLDWDPHQWHGHVSXpVGHODYLVLWD GH(QQLXV(OPLVPR6KHNWSRVHtDORVFRQRFLPLHQWRVPiVYDJRVSRVL EOHVVREUHODVIXHU]DVHQRUPHV\QHEXORVDVTXHLEDQDGHVDWDUVHDOR ODUJR\DORDQFKRGHODDMDGDID]GHOD7LHUUDSHURVDEtDOREDVWDQWH SDUDVHQWLUVHDPHUFHGGHHOODV (OYROXQWDU¢RHQFRQWUDGHVXYROXQWDG

$UELQHVWDEDQHUYLRVRHQ&KLFD6HVHQE DURGHDGR(QDOJXQD SDUWHGH&KLFDXQDGHODVPD\RUHVFLXGDGHVGHOD7LHUUD GHiDQTXH DOEHUJDEDDVHUHVKXPDQRV HQ DOJXQDSDUWHGHODFLXGDG KDEtDUHSUHVHQWDQWHVGHO,PSHULRH[WHULRUeOMDPiVKDEtDYLVWRXQ KRPEUHGHODJDOD[LDSHURHQ&KLFDVXFXHOORVHUHWRUFtDFRQWLQXD PHQWHSRUWHPRUDYHUOR6LOHKXELHUDQREOLJDGRDH[SOLFDUVHQR KDEUtDSRGLGRDFODUDUFyPRLEDDLGHQWLILFDUDXQQRWHUUHVWUHHQFDVR GHTXHORYLHUDSHURFUHHUTXHHUDQGLVWLQWRVHQDOJRHUDXQDVHQVD FLyQDUUDLJDGDLQFOXVRHQVXVPLVPRVWXpWDQRV

$OHQWUDUHQHO,QVWLWXWRPLUyKDFLDDWUiVSRUHQDPDGHOKRPEUR 6XELFLFORVHKDOODEDDSDUFDGRHQXQD]RQDDODLUHOLEUHFRQXQFXSyQ GHVHLVKRUDVDVHJXUiQGROHXQVLWLROLEUHSDUDHOYHKtFXOR ¢HUDVRVSH FKRVDODPLVPDH[WUDYDJDQDD" 7RGROHDWHUURUL]DED(ODPELHQWH HVWDEDFDUJDGRGHRMRV\RUHMDV 6LSRUORPHQRVHOKRPEUHH[WUDQMHURVHDFRUGDEDGHSHUPD QHFHURFXOWRHQHOVXHORGHOFRPSDUWLPLHQWRWUDVHUR(OGHVFR QRFLGRKDEtDDVHQWLGRHQpUJLFDPHQWHSHUR¢ORKDEtDFRPSUHQ GLGa"


<VLQVDEHUFyPRODSXHUWDHVWDEDDELHUWDDQWHpO\XQDYR]KDEtD LQWHUUXPSLGRVXVSHQVDPLHQWRV ³¢4XpGHVHD"

(OWRQRHUDGHLPSDFLHQFLD4XL]iVHVDYR]OHKDEtDKHFKROD PLVPDSUHJXQWDYDULDVYHFHV

$UELQUHVSRQGLyFRQYR]URQFDODVSDODEUDVVHDWDVFDURQHQVX JDUJDQWDFRPRVLIXHUDQSROYRUHVHFR ³¢(VDTXtGRQGHSXHGHDSXQWDUVHXQRSDUDHOVLQDSVLILFDGRU" /DUHFHSFLRQLVWDD/]yODFDEH]DEUXVFDPHQWH ³)LUPHDTXt³GLMR

$UELQVHOOHYyODVPDQRVDODHVSDOGD

³¢'yQGHSXHGHQGDUPHGHWDOOHVGHOVLQDSVLILFDGRU"³UHSLWLy URQFDPHQWH

*UHZOHKDEtDGLFKRHOQRPEUHGHOLQVWUXPHQWRSHURHOWpUPLQR EURWyGHVXVODELRVGHXQPRGRH[WUDxRFRPRVLIXHUDXQJDOLPDWtDV

3HUROHHQWHQGLHURQ\DTXHODPXMHUMRYHQTXHDWHQGtDHOPRVWUD GRUDSUHWyORVODELRV\GHXQDSDWDGDPRYLyYLROHQWDPHQWHODSDODQFD GHDYLVRVLWXDGDMXQWRDVXVLOOD $UELQHVWDEDKDFLHQGRGHVHVSHUDGRVHVIXHU]RVSDUDQRKDFHUVH QRWDU\REWHQLHQGRXQIUDFDVRPLVHUDEOHHQVXRSLQLyQ$TXH/ODFKLFD OHPLUDEDILMDPHQWH6HDFRUGDQ DGHpOPLODxRVPiVWDUGH<GLR PHGLDYXHOWDFRQHODORFDGRGHVHRGHSRQHUILQDOPDOGLWRDVXQWR\ PDUFKDUVH3HURDOJXLHQKDEtDVDOLGRUiSLGDPHQWHGHRWUDVDOD\OD UHFHSFORQLVWDHVWDEDVHxDODQGRD$UELQ ³8QYROXQWDULRSDUDHOVLQDSVLILFDGRU³HVWDEDGLFLHQGR³1R TXLHUHGDUVXQRPEUH $UELQVHYROYLySDUDPLUDUDOUHFLpQOOHJDGR ³¢(VXVWHGHOHQFDUJDGR"

³/HOOHYDUpDYHUOR³<HQWRQRGHDQVLHGDGDJUHJy³¢'HVHD RIUHFHUVHFRPRYROXQWDULRSDUDHOVLQDSVLILFDGRU"

³4XLHURYHUDODSHUVRQDTXHHVWiDFDUJRGHOLQVWUXPHQWR³UH SXVRWHUFDPHQWH$UELQ


(ORWURKRPEUHIUXQFLyHOFHxR\VHIXH+XERXQDHVSHUD<SRU ILQXQGHGRVHPRYLySDUDLQGLFDUOHTXHHQWUDUD

(OGRFWRU6KHNWHVFXGULQyHQYDQRDOFDPSHVLQRGHSLHOUXJRVDDO RWURODGRGHVXHVFULWRULR6XHGDGSHQVy6KHNWGHEtDGHVHULQIHULRU DFXDUHQWDDxRVSHURDSDUHQWDEDWHQHUGLH]PiV6XVPHMLOODVWHQtDQ XQWRQRURML]REDMRDTXHOFRORUFDVWDQRFRUUHRVR\KDEtDFODURV YHVWLJLRVGHVXGRUHQHOSHUILOGHOFXHURFDEHOOXGR\HQODVVLHQHV DXQTXHKDiDIQ RHQODVDOD(VWDEDUHVWUHJiQGRVHODVPDQRV ³%LHQPLTXHULGRVHxRU³GLMR6KHNWQHUYLRVR³QRFRPSUHQ GRSRUTXpLQVLVWHHQHVWDVFRQGLFLRQHVSHURTXHVHDFRPRXVWHG TXLHUH3XHGHRFXOWDUVXQRPEUH\VXUHVLGHQFLD\WRGRVORVGHWDOOHV SHUVRQDOHV([SOtTXHPHWDQWDVFRVDVFRPRFRQVLGHUHSUHFLVR\QDGD PiV$GHODQWH (OFDPSHVLQRDJDFKyODFDEH]DFRPRHQXQJHVWRUXGLPHQWDULR GHUHVSHWR ³*UDFLDV/DFRVDHVDVtVHxRU7HQHPRVXQKRPEUHHQOD JUDQMDXQXQSDULHQWHOHMDQRTXHQRVD\XGD¢VDEHXVWHG" $UELQKDEODEDFRQGLILFXOWDG\6KHNWDVLQWLyJUDYHPHQWH

³(VXQWUDEDMDGRUPX\GLVSXHVWR\PX\EXHQWUDEDMDGRU7H QtDPRVXQKLMR¢VDEH"SHURPXULy\ODEXHQDGHPLPXMHU\\R ¢VDEH"QHFHVLWiEDPRVD\XGD(OODQRHVWiELHQ&DVLQRKDEUtD PRVSRGLGRFRQWLQXDUVLQpO 3HQVyTXHHOUHODWRGHEtDGHSDUHFHUXQDDXWpQWLFDFRQIXVLyQ 3HURHOHQMXWRFLHQWtILFRDVLQWLy ³¢(VDHVHSDULHQWHVX\RDOTXHGHVHDSRQHUHQWUDWDPLHQWR"

³2KVtFUHtDKDEHUORGLFKR\D3HURWHQGUiTXHSHUGRQDUPHVL HVWRPHFXHVWDXQSRFR0LUHHVHSREUHKRPEUHQRQRHVWi SUHFLVDPHQWHELHQGHODFDEH]D³3URVLJXLyUDELRVDPHQWH³1R HVWiHQIHUPRFRPSUpQGDPH1RHVWiWDQPDOFRPRSDUDTXHWHQJDQ TXHOOHYiUVHOR(VPX\OHQWRpVHHVHOSUREOHPD1RKDEOD¢VDEH" ³¢1RVDEHKDEODU"³6KHNWVHDVRPEUy

aKVDEHKDEODU3HURQROHJXVWDKDFHUOR1RKDEODELHQ (OItVLFRSDUHiDGXGDU

³<XVWHGTXLHUHHOVLQDSVLILFDGRUSDUDPHMRUDUVXPHQWDOLGDG ¢QRHVHVR" $UELQDVLQWLyPX\GHVSDFLR


³6LpOVXSLHUDXQSRFRPiVVHxRUEXHQRSRGUtDKDFHUSDUWHGHO WUDEDMRTXHPLPXMHUQRSXHGHKDFHU¢FRPSUHQGH" ³(OSRGUtDPRULU¢FRPSUHQGHXVWHGHVR"

$UELQGHVHVSHUDGRPLUyDOItVLFR\VXVGHGRVVHUHWRUFLHURQ IXULRVDPHQWH ³1HFHVLWDUpHOFRQVHQWLPLHQWRGHHVHKRPEUH³GLMR6KHNW (OFDPSHVLQRPHQHyODFDEH]DOHQWDWHUFDPHQWH

³(OQROHHQWHQGHUiGRFWRU³<DFWRVHJXLGRFDVLHQYR]EDMD DxDGLyHQWRQRGHDSUHPLR³2KPLUHVHxRUHVWR\VHJXURGHTXH XVWHGORHQWHQGHUi8VWHGQRSDUHFHXQKRPEUHTXHVHSDFyPRHV XQDYLGDGXUD(VWHKRPEUHHVWiKDFLpQGRVHYLHMR1RHVSUREOHPD GHO6HVHQWDFRPSUHQGDSHUR¢\VLHQHOVLJXLHQWHFHQVRDOJXLHQ RSLQDTXHpOHVWRQWR\VHOROOHYDQ"1RTXHUHPRVSHUGHUOH3HUR ³<ORVRMRVGH$UELQJLUDURQGHIRUPDLQYROXQWDULDKDFLDODVSDUH GHVFRPRVLTXLVLHUDQDWUDYHVDUODVSRUVLPSOHIXHU]DGHYROXQWDG SDUDGHWHFWDUFXiQWDVSHUVRQDVSRGtDQHVWDUHVFXFKDQGRDORWUR ODGR³3HUR¢\VLDORV$QWLJXRVQROHVJXVWDHVR",QWHQWDUVDOYDUD XQKRPEUHHQIHUPRSXHGHLUHQFRQWUDGHODVFRVWXPEUHVSHUROD YLGDHVGXUDVHxRU\XVWHGHVSXHGHQEHQHILFLDUVH¢8VWHGHVKDQ VROLFLWDGRYROXQWDULRV" ³6tVtQRWLHQHPRWLYRSRUHOTXHSUHRFXSDUVHQRVRFXSDUH PRVGHXVWHG6XSRQJDTXHOOHYDVXFRFKHDODSDUWHWUDVHUD<ROH D\XGDUpDHQWUDUDVXSDULHQWH

(OEUD]RGHOGRFWRUEDMyHQIRUPDDPLVWRVDKDVWDHOKRPEURGH $UELQTXHVRQULyHVSDVPyGLFDPHQWH$UELQSHQVyTXHHVHEUD]RHUD XQDFXHUGDTXHVHDIORMDEDGHVXFXHOOR

6KHNWEDMyORVRMRVKDFLDODVLOXHWDUHJRUGHWD\FDOYDTXHRFXSDED HOVRIi(OSDFLHQWHGRUPtDUHVSLUDEDSURIXQGD\UHJXODUPHQWH+D EtDKDEODGRGHIRUPDLQFRPSUHQVLEOHQRKDEtDFRPSUHQGLGRQDGD 6LQHPEDUJRQRPRVWUDEDQLQJXQRGHORVHVWLJPDVIIVLFRVGHODGHEL OLGDGPHQWDO6XVUHIOHMRVHUDQFRUUHFWRVWUDWiQGRVHGHXQKRPEUH HQWUDGRHQDxRV £(QWUDGRHQDxRV£+XP

6KHNWPLUyD$UELQTXHQRSHUGtDGHWDOOH

³¢/HLQWHUHVDUtDTXHKLFLpUDPRVXQDQiOLVLVyVHR"

³£1R³H[FODPy$UELQ<HQYR]PiVFDOPDGDDxDGLy³1RPH LQWHUHVDQDGDTXHSXHGDVHUYLUFRPRLGHQWLILFDFLyQ


³1RVUHVXOWDUtDGHJUDQD\XGDFRQRFHUODHGDGGHOSDFLHQWH³GL MR6KHNW ³7LHQHFLQFXHQWDDQRV³UHSXVRODFyQLFDPHQWH$UELQ

(OItVLFRVHHQFRJLyGHKRPEURV1RWHQtDLPSRUWDQFLD9ROYLyD PLUDUDOGXUPLHQWH(QHOPRPHQWRGHHQWUDUHOSDDHQWHKDEtD HVWDGRRKDEtDSDUHFLGRHVWDUDEDWLGRVXPLGRHQVXVSHQVDPLHQWRV FRPRVLQROHLPSRUWDUDQDGD$OSDUHFHUQLVLTXLHUDODVSDVWLOODV KLSQyWLFDVKDEtDQGHVSHUWDGRVRVSHFKDV6HODVKDEtDQRIUHFLGRHO GHVFRQRFLGRKDEtDHVER]DGRXQDEUHYH\HVSDVPyGLFDVRQULVD\KDEtD HQJXOOLGRODVStOGRUDV (OWpFQLFRVHKDOODED\DPRQWDQGRODV~OWLPDVXQLGDGHVGHDV SHFWRPiVELHQWRVFRTXHFRPSRQtDQHOVLQDSVLILFDGRU'HVSXpVGH DSUHWDUXQERWyQHOYLGULRSRODUL]DGRGHODVYHQWDQDVGHKVDODGH RSHUDFLRQHVVXIULyXQUHRUGHQDPLHQWRPROHFXODU\VHKL]RRSDFR/D ~QLFDOX]HUDODEODQFDTXHKQ]DEDVXIQREULOORVREUH HOSDFLHQWH VXVSHQGLGRHQXQFDPSRGLDPDJQpWLFRDFLQFRFHQWtPHWURVSRUHQFL PDGHODPHVDGHRSHUDFLRQHVDODTXHORKDEtDQWUDVODGDGR

$UELQFRQWLQXDEDVHQWDGRHQODSHQXPEUDVLQHQWHQGHUQDGD SHURLPSODFDEOHPHQWHUHVXHOWRDLPSHGLUFRPRIXHUDPHGLDQWHVX SUHVHQFLDODVQRFLYDVDUWLPDQDVTXHpOPLVPRVDEtDQRSRGtDLPSHGLU SRUFDUHFHUGHFRQRFLPLHQWRV /RVItVLFRVQROHSUHVWDEDQDWHQFLyQ/RVHOHFWURGRVIXHURQDMXVWD GRVDOFUiQHRGHOSDFLHQWH)XHXQDWDUHDODUJD(QSULPHUOXJDUXQ HVWXGLRGHOD HVWUXFWXUDFUDQHDODFDUJRGHOH[SHUWRLUODQGpVTXH SHUPLWLyORFDOL]DUILVXUDVVLQXRVDV\PX\DSUHWDGDV6KHNWVRQULy VRPEUtDPHQWHHQVXLQWHULRU/DVILVXUDVFUDQHDOHVQRHUDQXQDPH GLGDFXDQWLWDWLYDLQDOWHUDEOHGHODHGDGSHURVtEDVWDQWHVLJQLILFDWL YDV(OSDFLHQWHWHQtDPiVDxRVTXHORVVXSXHVWRVFLQFXHQWD <DOFDERGHXQRVLQVWDQWHV6KHNWGHMyGHVRQUHtU$UUXJyOD IUHQWH+DEtDRWURUDVJRHQODVILVXUDV3DUHiDQUDUDVQRGHO WRGR(VWXYRDSXQWRGHMXUDUTXHODHVWUXFWXUDFUDQHDOHUDSULPL WLYDXQDUHYHUVLyQSHURFODUR(OSDFLHQWHHUDVXEQRUPDOPHQWDO ¢3RUTXpQR" ³3RQJDORVFRQWDFWRVDTXtDTXt\DTXt³GLMRHQWRQRGHKDVWtR DOD\XGDQWH3LQFKD]RVPLQ~VFXORVHLQVHUFLyQGHORVFDSLODUHVGH SODWLQR³$TXtDTXt 8QDGHFHQDGHFRQH[LRQHVDWUDYHVDQGRODSLHOKDVWDODVILVXUDVD 



aa8aS/,UGO&aORa WUDYpVGHFX\RHVSHVRUSRGGDQFDSWDUVHORVHFRVGHELOtVLPRVGHODV PLFURFRUULHQWHVTXHDSDUHFtDQFpOXODWUDVFpOXODHQHOFHUHEUR


2EVHUYDURQDWHQWDPHQWHORVDPSHUtPHWURVGHSUHFLVLyQYLHURQ FyPRODVDJXMDVVHDJLWDEDQ\EULQFDEDQFRQIRUPHVHHIHFWXDEDQH LQWHUUXPStDQODVFRQH[LRQHV/RVGLPLQXWRVUHJLVWUDGRUHVWUD]DURQ GHOLFDGDPHQWHWHODUDxDVHQHOSDSHOPLOLPHWUDGRIRUPDQGRSLFRV\ VHQRV,UUHJXODUHV $FRQWLQXDFLyQVDFDURQORVJUiILFRV\ORVFRORFDURQHQHOFULVWDO RSDOLQRLOXPLQDGR6LQGHMDUGHVXVXUUDUORVH[SHUWRVVHDJDFKDURQ SDUDFRQWHPSODUORV $UELQR\yIUDJPHQWRVLQFRQH[RV

³QRWDEOHPHQWHUHJXODUItMHQVHHQODDOWXUDGHHVWHSLFR TXLQWHUQDULRFUHRTXHKDEUtDTXHDQDOL]DUOREDVWDQWHFODURD VOPSOHYLVWD

<GHVSXpVGXUDQWHORTXHSDUHFLHURQODUJDVKRUDVKXERHOWH GLRVRDMXVWHGHOVLQDSVLILFDGRU/RVPDQGRVIXHURQVLWXDGRVHQSRVL FLyQGHPLFUyPHWURGHSUHFLVLyQOXHJRILMDGRV\ILQDOPHQWHJUDEDGDV VXVOHFWXUDV8QD\RWUDYH]ORVGLYHUVRVHOHFWUyPHWURVIXHURQFRP SUREDGRV\VXUJLyODQHFHVLGDGGHHIHFWXDUQXHYRVDMXVWHV ³7RGRDFDEDUiPX\SURQWR³GLMR6KHNWGLULJLpQGRVHD$UELQ PLHQWUDVOHVRQUHtD

/DHQRUPHPiTXLQDIXHDFHUFDGDDOGXUPLHQWHFRPRXQPRQVWUXR KDPEULHQWRGHOHQWRVPRYLPLHQWRV/RVWpFQLFRVVXVSHQGLHURQFXDWUR FDEOHVDODUJDGRVVREUHODVSXQWDVGHODVH[WUHPLGDGHVGHOSDFLHQWH\ SXVLHURQHQVXQXFDXQDDOPRKDGLOODQHJUDGHXQPDWHULDOVLQEULLOR SDUHFLGRDFDXFKRHQGXUHFLGRFX\DLQPRYLOLGDGDVHJXUDURQFRQJUD SDVDJDUUDGDVDORVKRPEURV3RUILQLJXDOTXHGRVPDQGtEXODVJLJDQ WHVFDVVHSDUDURQORVGRVHOHFWURGRV\ORVEDMDURQKDFLDDTXHOURVWUR SiOLGR\UHFKRQFKRGHWDOPRGRTXHDSXQWDEDQDODVVLHQHV 6KHNWPDQWXYRORVRMRVILMRVHQHOFURQyPHWURHQVXRWUDPDQR VRVWHQtDHOLQWHUUXSWRU6XSXOJDUVHPRYLy1RRFXUULyQDGDYLVLEOH LQFOXVRSDUDORVDJXGL]DGRVVHQWLGRVSRUHOPLHGRGHODWHQWR$UELQ 'HVSXpVGHORTXHWDOYH]IXHUDQKRUDVSHURTXHHQUHDOLGDGIXHURQ PHQRVGHWUHVPLQXWRVHOSXOJDUGH6KHNWDFWXyGHQXHYR 6XD\XGDQWHVHLQFLLQyUiSLGDPHQWHVREUH6FKZDUW]WRGDYtDGRU PLGR\DO]yODFDEH]DFRQDLUHGHWULXQIR ³9LYH

4XHGDEDQ WRGDYtDKRUDVSRUGHODQWHGXUDQWHODVFXDOHVWRPDURQ GDWRVVXILFLHQWHVSDUDOOHQDUODVHVWDQWHUtDVGHXQDELEOLRWHFDHQYR] EDMD\FDVLFRQODH[FLWDFLyQGHXQRVORFRV<DHUDPiVGHPHGLDQR FKHFXDQGRODKLSRGpQQLFDFXPSOLyVXPLVLyQ\ORVRMRVGHOGXUPLHQ


WHVHDJLWDURQ

6KHNWGLRXQSDVRDWUiVSiOLGR\IDWLJDGR6HHQMXJyODIUHQWHFRQ HOGRUVRGHODPDQR ³7RGRYDELHQ³6HYROYLyDQVLRVDPHQWHKDFLD$UELQ³¢4XH UUtDGHMDUORFRQQRVRWURVDOJXQRVGtDVSDUDTXHKDJDPRVPiVFRP SUREDFLRQHV"1ROHFDXVDUHPRVQLQJ~QGDxR 3HURODPLUDGDGHDODUPDGHORWURKRPEUHHOLQVWDQWiQHREURWH 

GHVRVSHFKDHQODVDUUXJDVGHVXFDUDHUDQ\DGHSRUVtUHVSXHVWDVX ILFLHQWH 6KHNWKL]RXQJHVWRGHUHVLJQDFLyQ\H[WHQGLyODPDQRGHUHFKD $UELQODHVWUHFKyPXGDSHURIHUYLHQWHPHQWH O

 ,

(OGRFWRU6KHNWQRGXUPLyHVDQRFKH(OVROQDFLHQWHOHVRUSUHQ GLy ROHKDEUtDVRUSUHQGLGRVLODVYHQWDQDVKXELHUDQHVWDGRDMXVWDGDV HQWUDQVSDUHQFLD WRGDYtDVHQWDGRHQODVDODGHRSHUDFLRQHVVXPLGR HQUHIOH[LRQHVOHQWDV\DQJXVWLRVDV /DH[FLWDFLyQ\ODHPRFLyQGHODRSHUDFLyQKDEtDWHUPLQDGR\GH QXHYRKDEtDOXJDUSDUDORVKRUURUHV\GXGDVGHOSHQVDPLHQWR ¢/HLQWHUHVDEDGLVSRQHUGHYROXQWDULRV"+DEtDUHFLELGRyUGHQHV GHDEVWHQHUVHGHGLVSRQHUGHHOORV

6XVSHQVDPLHQWRVHPSUHQGLHURQXQDLUyQLFDFDUUHUD$GHFLUYHU GDGRILFLDOPHQWHpOQRVDEtDQDGDVREUHORVREMHWLYRVHVWUDWpJLFRVGH OD6RFLHGDGGH$QWLJXRV\GHOSULPHUPLQLVWURGHOD7LHUUD3HUR SRGtDGHGXFLUPXFKDVFRVDVGHVXDFWLWXGKDFLDHOVLQDSVLILFDGRU (OLQVWUXPHQWRKDEtDHVWDGRVRPHWLGRDSUXHEDGXUDQWHGRVDxRV \KDEtDQHQWRUSHFLGRODVSUXHEDVFRQODEUXVTXHGDGWtSLFDGHODV SUHFDXFLRQHVRILFLDOHVVLQQLQJ~QUHFDWR<HOVHFUHWRLEDHQFRQWUD GHO,PSHULR*DOiFWLFR

6KHNWGLVSRQtDGHVLHWHXRFKRDUWtFXORVTXHWDOYH]SRGtDQVHU SXEOLFDGRVHQOD5HYLVODGH1HXURILVLRORJtDGH6LULR'LFKRVGRFXPHQ WRVVHHQPRKHFtDQHQVXHVFULWRULR1DWXUDOPHQWHQRH[LVWtDHOVHFUHWR DEVROXWR(VDFODVHGHVHFUHWRVHH[SRQtDDODLQYHVWLJDFLyQ\SRGLD


DFDEDUVLHQGRLQWROHUDEOHPHQWHVRVSHFKRVRWDQWRFRPRXQDDFWLYL GDG(QYH]GHHVRVHGLYXOJDEDLQIRUPDFLyQHQXQDPELHQWHGH VHQFLOODIUDQTXH]DVLELHQXQDLQIRUPDFLyQVXWLOPHQWHGLVWRUVLR QDGD(OVLQDSVLILFDGRUVHKDEtDFRQYHUWLGRHQXQGLVSRVLWLYRFLHQWtILFR YDJR\QDGDSUiFWLFRGHHQRUPHYDORUFRPRVXHxRSHURGHHVFDVRXVR 6LQHPEDUJR(QQLXVHVWDEDLQWHUHViQGRVH¢6RVSHFKDEDDOJRGHO LQVWUXPHQWRRGHDOJRPiVLPSRUWDQWH"¢(VWDEDHO,PSHULRVRVSH FKDQGRORTXHHOPLVPR6KHNWVRVSHFKDED\WHPtDTXHOD7LHUUD SODQHDEDRWUDGHVXVLQ~WLOHVUHEHOLRQHV"

/D7LHUUDVHKDEtDVXEOHYDGRWUHVYHFHVHQGRVVLJORV7UHVYHFHV EDMRODEDQGHUDGHXQDVXSXHVWDJUDQGH]DHQHOSDVDGR ORVKRPEURV GH6KHNWVHHVWUHPHFLHURQHQXQJHVWRGHGLYHUVLyQDPDUJD\VLOHQ FLRVDDOSHQVDUHQHVWR OD7LHUUDVHKDEtDDO]DGRFRQWUDODVJXDUQLFLR QHVLPSHULDOHV7UHVYHFHVKDEtDQIUDFDVDGRSRUVXSXHVWR\OD7LH UUDGHQRKDEHUVLGRSRUODFODULYLGHQFLDGHO,PSHULR\SRUTXHHQNaV &RQVHMRV*DOiFWLFRVLPSHUDEDQORVHVWDGLVWDVKDEUtDVLGRHOXPLQDGD VDQJULHQWDPHQWHGHODOLVWDGHSODQHWDVKDELWDGRV 3HUR¢XQDFXDUWDYH]",PSRVLEOH

(QHVHFDVR¢SRUTXpHVDDFWLWXGKDFLDHOVLQDSVLILFDGRU"¢<FXiO HUDHOPRWLYRGHRWURVKHFKRV"/DVHFWDGHORV]HORWHVHVWDEDDFWXDQ GRGHQXHYRWRFDQGRXQDYH]PiVORVWDPERUHVGHOPtWLFRSDVDGRLP SHULDOGHOD7LHUUDGLIXQGLHQGRRWUDYH]VXRGLRDORVKDELWDQWHVGHO HVSDFLRH[WHULRU<HO&RQVHMRGH$QWLJXRVORWROHUDED  ¢(VWDEDQORFRV"¢2IDQWiVWLFDPHQWHFXHUGRV"¢3HQVDEDQXVDUHO VLQDSVLILFDGRUSDUDFUHDUXQDUD]DGHVXSHULQWHOHFWRV"(UDXQDLGHD JUDQGLRVDXQPXQGRGHJHQLRVDUWLILFLDOHVYHQJiQGRVHGHORVDJUD YLRVGHKDFtDPLOVLJORV a

3HURQRHVRFRVWDUtDWLHPSR¢4XLpQLEDDVDEHUORPHMRUTXHpO" 4XL]iVRPHWHUDWUDWDPLHQWRDFLHUWRVKRPEUHVFODYHORVTXHLEDQ DVHULPSRUWDQWHV /RVSHQVDPLHQWRVGH6KHNWGHVFHQGLHURQDOD7LHUUD¢<DTXHO KRPEUHDOTXHDFDEDEDGHRSHUDU"(VHYROXQWDULRTXHVHKDEtDSUH VHQWDGRSHVHDODGpELOFDPSDxDSXEOLFLWDULDLGHDGDWDQWRSDUDQR GHVSHUWDUVRVSHFKDVFRPRSDUDGLVXDGLUDSRVLEOHVYROXQWDULRVGH PRGRTXHVyORSDVDUDQODSUXHEDORVYROXQWDULRV´GHFRQILDQ]DµHQ YLDGRVSRUHOSULPHUPLQLVWUR

4XL]iTXL]iGHEtDLQIRPPDUGHHOORDOSULPHUPLQLVWUR7DOYH] GHEtDKDEHUOHFRQVXOWDGRDQWHVGHDFWXDU8QHVSDVPRGHPLHGROH VREUHFRJLy7HQtDFLQFXHQWD\RFKRDxRV(OSUy[LPRFHQVRVHUtDVX ILQDPHQRVTXHHOSULPHUPLQLVWURRUGHQDUDORFRQWUDULR\6KHNW GHVHDEDYLYLUDXQTXHIXHUDHQDTXHOODPLVHUDEOH\DUGLHQWHERODGH


EDUURTXHHUDOD7LHUUD

6XPDQRVHH[WHQGLyKDFLDHOFRPXQLFDGRU\6KHNWWHFOHyODFRP ELQDFLyQTXHOHSRQGUtDHQFRQWDFWRGLUHFWRFRQODVKDELWDFLRQHV SULYDGDVGHOSULPHUPLQLVWUR 'HODYD\URFD

(OSULPHUPLQLVWURHUDXQKRPEUHGHODYD\VXVHFUHWDULRHUDXQ KRPEUHGHURFD'RVKRPEUHVHQXQDFiVFDUDDXQTXHODVQXHFHV HVWXYLHUDQIRUPDGDVGHPHWiIRUD(OFRQWUDVWHTXL]iQRHUDGHPD VLDGRDQRUPDOFRPRVHYHUi

(OSULPHUPLQLVWURHUDHOWHUUHVWUHPiVLPSRUWDQWHGHOD7LHUUD JREHUQDQWHUHFRQRFLGRGHOSODQHWDPHGLDQWHGHFUHWRGLUHFWR\GHIL QLGRGHOHPSHUDGRUGHWRGDODJDOD[LDOyJLFDPHQWHVRPHWLGRDODV yUGHQHVGHOSURFXUDGRULPSHULDO(OVHFUHWDULRQRHUDQDGLHHQUHDOL GDGWDQVyORXQPLHPEURPiVGHOD6RFLHGDGGH$QWLJXRVGHVLJQDGR SRUHOSULPHUPLQLVWURSDUDHQFDUJDUVHGHFLHUWRVGHWDOOHV\HQWHRUtD GHVWLWXLEOHDYROXQWDG (OSULPHUPLQLVWURHUDUHFRQRFLGRHQOD7LHUUDHQWHUD\FRQVLGH UDGRFRPRHOiUELWURVXSUHPRHQFXHVWLRQHVGHKiELWRVeODQXQFLDED TXLpQTXHGDED OLEUHGHO6HVHQWD\pOMX]JDEDDORVLQIUDFWRUHVGHO ULWXDODTXLHQHVGHVDILDEDQORVSURJUDPDVGHUDFLRQDPLHQWR\SUR GXFFLyQDORVLQYDVRUHVGHWHUULWRULRVSURKLELGRVHWFpWHUDHWFpWHUD (OVHFUHWDULRQRHUDFRQRFLGRSRUQDGLHQLVLTXLHUDGHRtGDVH[FHSWR SRUOD6RFLHGDGGH$QWLJXRV\QDWXUDOPHQWHSRUHOPLVPRSULPHU PPLVWUR

(OSULPHUPLQLVWURGRPLQDEDHOOHQJXDMH\SURQXQFLDEDGLVFXUVRV FRQIUHFXHQFLDGLVFXUVRVGHFRQWHQLGRPX\HPRWLYR\FRQXQFRSLRVR IOXMRGHVHQWLPLHQWRV(OVHFUHWDULRSUHIHUtDODVSDODEUDVFRUWDVDODV ODUJDVXQJUXxLGRDXQDSDODEUD\HOVLOHQFLRDXQJUXxLGR

3RUWRGRHOORSRGUtDSDUHFHUUDURTXHHQHOFDVRGHOUHODWRHV GHFLUFXDQGRHOGRFWRU6KHNWVHHQIUHQWyDORVGRVIXHUDHOVHFUHWDULR DOTXHGLULJLHUDVXIpUUHDPLUDGD $SUR[LPDGDPHQWHKDEtDWUDQVFXUULGRXQPHVGHVGHHOH[SHUL PHQWRFRQHO´YROXQWDULRµ HQHOSHQVDPLHQWRGH6KHNWHOLQFLGHQWH HUDFRQVLGHUDGRDVtVLQH[FOXLUODVFRPLOODV \GXUDQWHHVHWLHPSRHO ItVLFRKDEtDQRWDGRFyPRLEDDXPHQWDQGRODSUHVLyQVREUHVXJDU JDQWD

<HOSULPHUPLQLVWURHVWDEDVHQWDGRHQHOULFRWHMLGRGHVXVLOOyQ\ WRFDEDVXDYHPHQWHFRQVXEODQGDPDQRXQRGHORVEUD]RVWDSL]DGRV (OVHFUHWDULRVHKDOODEDGHSLHGHWUiVGHpOFRQORVRMRVYHODGRV\ WRWDOPHQWHLQPyYLO


³/DPHQWDPRVPiVTXHQXQFDTXHRFXUULHUDHVHLQFLGHQWHGRF WRU6KHNW³GLMRHOSULPHUPLQLVWUR

(OItVLFRVLQWLyTXHSHUGtDODUHVSLUDFLyQ)XHLQFDSD]GHHVER]DU QLWDQVLTXLHUDXQDIRU]DGDVRQULVDRXQDPLUDGDGHLQH[SUHVLYDHFXD QLPLGDG ³¢+D\SUXHEDVSXHVGHODVVRVSHFKDVGHYXHVWUDVDELGXUtD" ³SUHJXQWyGpELOPHQWH

³&DUDPEDSUXHEDVTXHFRQVLGHUDPRVOREDVWDQWHLPSRUWDQWHV FRPRSDUDQRSRGHUFRQFLOLDUHOVXHxR+HPRVORFDOL]DGRDVXKRP EUH5HVLGHFHUFDGHVXFLXGDG8QFDPSHVLQReOVXHVSRVD HVHIDPLOLDU6HJ~QORVDUFKLYRVVRQWUHV8QKLMRPXHUWRWDOFRPRpO PLVPRGHFODUy(OWHUFHUKRPEUHWLHQHPiVGHFLQFXHQWDDxRVFRPR WDPELpQGHFODUy³$O]yODPLUDGDKDFLDHOVHFUHWDULR³¢1RHVDVt" <HOVHFUHWDULREDMy\VXELyODFDEH]DXQDVRODYH] 6KHNWDO]yXQDPDQRDQWHVGHKDEODU ³3HURHQHVHFDVR

³$KVt3HURVRQGHHXQSRFRPiV¢(VSUREDEOHTXHHO,PSHULR HQVXVSODQHVUHVSHFWRDQRVRWURVXWLOLFHIDOVHGDGHVWRVFDPHQWHIDO VDV"0iVELHQHVSHUDTXHHVDVIDOVHGDGHVVHDQORPiVSDUHFLGRDOD YHUGDG+HPRVLQYHVWLJDGRPiVDWHQWDPHQWHORVDUFKLYRV\HO FDPSHVLQRFXDGUDFRQODGHVFULSFLyQ\VXHVSRVDWDPELpQ3HURHO WHUFHUKRPEUHHOKRPEUHQR(OLQGLYLGXRGHQXHVWURVDUFKLYRVHVHO SDGUHGHODPXMHU(VDOWRPRUHQRQRHVFDOYR\GLVSRQHPRVGHVX IRWRJUDItDWULGLPHQVLRQDOODIRUPDGHVXUHWLQD\ODFRQIRUPDFLyQGH VXVDQJUH(OKRPEUHGHXVWHGFRPRVDEHHVEDMLWRJUXHVRFDOYR\ VXURVWUR\DWULEXWRVSHUVRQDOHVQRFRQVWDQHQQXHVWURVDUFKLYRV ³$O]yORVRMRVRWUDYH]³¢1RHVDVt" (OVHFUHWDULRDVLQWLyXQDVRODYH]

³3HUR¢HQWRQFHVTXLpQHV"³SUHJXQWy6KHNW

³7DPELpQXVWHGVLHQWHFXULRVLGDG¢HK"&DUDPEDHVDOJRGLJQR GHGHVSHUWDUODFXULRVLGDGDFXDOTXLHUD¢QR"7HQJDHQFXHQWDTXH HVHKRPEUHQRFRQVWDHQQLQJXQRGHQXHVWURVDUFKLYRVVREUHKRP EUHVYLYRV

6KHNWVHUHPRYLyHQODVLOODLQFyPRGDPHQWHGXUDUHVHUYDGDSDUD ODVSHUVRQDVTXHWHQtDQHOKRQRUGHXQDDXGLHQFLD\D~QWHQtDQYDOtD VXILFLHQWHSDUDUHFLELUFLHUWDFRQVLGHUDFLyQ ³9D\DVXVDELGXUtDGHGX]FRXQDH[SOLFDFLyQTXHQRLPSOLFD QDGDGHPDVLDGRDQRUPDO


³0HJXVWDUtDHVFXFKDUOD

³3RGUtDVHUTXHHOSDGUHSROLWLFRGHHVWHKRPEUHHVGHFLUHO FDPSHVLQRPXULHUDKDFHSRFR\TXHVXPXHUWHQRIXHUDGDGDD FRQRFHU(ORWURHOTXHSDVyHOH[SHULPHQWRXQGHVFRQRFLGRXQ SDULHQWHOHMDQRXQDPLJRRORTXHVHDSRGtDYHUVHH[SXHVWRDO 6HVHQWD3DUDHOXGLUDOPHQRVHOSUy[LPRFHQVRHVWDUiRFXSDQGRHO OXJDUGHOSDGUHSROtWLFR (OUHGRQGHDGRVHPEODQWHGHOSULPHUPLQLVWURHVER]yODVRQULVD VXDYH\FtQLFDWtSLFDGHOKRPEUHTXHHVWXGLDODYLUWXGKXPDQD\ DYHULJXDTXHHTXLYDOHDFHUR ³$VtSXHVHOFDPSHVLQR\VXHVSRVDDUULHVJDURQVXVYLGDVDO TXHEUDQWDUODVFRVWXPEUHV

³$KtSRGUtDHQWUDUHQMXHJRHOVLQDSVLILFDGRU3UHVHQWDQGRYR OXQWDULRDHVHKRPEUHHVSHUDEDQOLEUDUORGHO6HVHQWD\DVHJXUDUVH LQPXQLGDGSRUVXGHOLWR (OVHFUHWDULRDEULyODERFD\HPLWLyXQVRQLGRVLPLODUDOGHXQD UDQDFURDQGR(OSULPHUPLQLVWURVHDSUHVXUyDYROYHUODFDEH]D ³¢4XpRFXUUH"

(OVHFUHWDULRKDEOyFRQYR]IUtD\FRQFLVD

³3HURKHPRVORFDOL]DGRDOSDGUHSROtWLFRYLYRSDUDOtWLFRWDP ELpQLQWHQWDQGRHOXGLUHO6HVHQWD ³(QHVHFDVRGHEtDQHVSHUDUWDPELpQODH[HQFLyQGHpO³UHSOLFy SUHVWDPHQWH6KHNW

³(QHOPHVWUDQVFXUULGRGHVGHHOH[SHULPHQWR³GLMRHOSULPHU PLQLVWUR HQWRQRGXOFHPLHQWUDVVHLQFOLQDEDKDFLDGHODQWH³QDGDVH KDVDELGRGHHVWDVSHUVRQDVSRUORTXHUHVSHFWDDH[HQFLRQHVLQPXQL GDGHVRFRVDVSDUHFLGDV ³(QHVHFDVROR~QLFRTXHGHEHQTXHUHUHVRWURWUDEDMDGRUHQOD JUDQMD\OHVIDOWDYDORUSDUDIRUPXODUFXDOTXLHUFODVHGHVROLFLWXG ³(OGRFWRU6KHNWH[SHULPHQWyXQDUHSHQWLQDGHVHVSHUDFLyQ³6X VDELGXUtDFUHRVLQFHUDPHQWHTXHHVWDVSHUVRQDVVRQWHUUHVWUHVKRQUD GRV6LLQWHQWDQHQJDxDUHVSRUVDOYDUODYLGD/HVGLPLSDODEUDGH TXHHVWDUtDQSURWHJLGRV ³/DSDODEUDGHXVWHGQRPHFRPSURPHWHDQDGD³HVSHWyHOSUL PHUPLQLVWUR³¢4XLpQOHKDFRQFHGLGRHOGHUHFKRDRIUHFHUSURWHF FLyQ"¢(VWiOXFKDQGRSRUODYLGDGHHVDVSHUVRQDVRSRUODGHXVWHG" /RVRMRVGH6KHNWGHVFHQGLHURQLQYROXQWDULDPHQWH KDFLDHOVXHOR


DQWHODPLUDGDGHLUDGHORWURKRPEUH

³6LQHPEDUJR³GLMR³HOH[SHULPHQWRUHIRU]yPLVFRQRFLPLHQ WRVVREUHHOVLQDSVLILFDGRU\HVRGHEHUtDVHU~WLOSDUDOD7LHUUDHQWHUD (VGLJQRGHUHFRPSHQVD ³7DPELpQHVGLJQRGHUHFRPSHQVDSRUSDUWH GHO,PSHULR 6KHNWVHVROLYLDQWy

³¢3UHWHQGHGHFLUTXHKHWHQLGRDOJ~QWUDWRFRQHO,PSHULRDOUHV SHFWR" ³(QQLXVIXHDYHUOH6HWUDWDGHXQKHFKRSUREDGR

³<DOHKDEOpGHHVRaLMR6KHNWSDFLHQWH³(OLQYHQWRGHEtD LQWHUHVDUDO,PSHULR(QQLXVIXHEDVWDQWHIUDQFR0HSUHJXQWVLQ DPEDJHVVL\RHVWDEDGLVSXHVWRDSRQHUHOLQVWUXPHQWRDGLVSRVLFLyQ GHOJRELHUQRFHQWUDO<DOHFRPXQLTXpVXRIHUWDOLEHUWDGSDUDOD 7LHUUDWUDVODGDUQRVDRWURSODQHWD 8QDYH]PiVHOVHFUHWDULRFURy\6KHNWVHVREUHVDOWy3HQVyTXH DTXHOKRPEUHDOFURDUSUHWHQGtDUHtUVH(OSULPHUPLQLVWURIUXQFLy XQODELR

³6taHO,PSHULRHVJHQHURVRHQVXVSURPHVDVSHUR¢KDEODGH OLEHUWDGFRQFHGLGDOLEUHPHQWHSRUHODPRDOHVFODYR"¢(VWiVRxDQGR" /HVHQWUHJDPRVHOVLQDSVLILFDGRU\HOORVTXpFRVDWDQH[WUDQDTXp FRVDWDQPLVWHULRVDROYLGDUiQXQDYH]PiVTXHH[LVWHXQD7LHUUD ¢4XpPHGLFHGHODVSURPHVDVGHDOLPHQWRVGXUDQWHODpSRFDGH KDPEUHTXHVXIULPRVKDFHFLQFRDQRV"/RVHPEDUTXHVIXHURQUHFKD ]DGRVSRUTXHQRWHQHPRVFUpGLWRVLPSHULDOHV\QDGLHKDEUtDDFHS WDGRSURGXFWRVWHUUHVWUHV\DTXHHVWiQFRQWDPLQDGRVUDGLDFWLYD PHQWH¢<ORVFUpGLWRVLPSHULDOHV"&LHQUQLOSHUVRQDVPXULHURQGH KDPEUH 6KHNWUHVSLUDEDFRQGLILFXOWDG

³6LQRVRWURVQRKXELpUDPRVVLGRWDQWHUFRV\KXELpUDPRVOOHJDGR DXQDFXHUGRHQODFXHVWLyQGH³GLMRHQWRQRVRIRFDGR

(OSULPHUPLQLVWURGHMyFDHUVXSXQRVREUHHOHVFULWRULRTXHVH LQWHUSRQtDHQWUHpO\HOIIVLFR\VHOHYDQWyUHOXFLHQWHFRQVXFDSDURMD ³6LOHQFLR¢3UHWHQGHOLEUDUDO,PSHULR *DOiFWLFRGHOVHQWLPLHQWR GHFXOSDELOLGDGSRUODVYLGDVWHUUHVWUHVSHUGLGDV"7HQJDFXLGDGR GRFWRU6KHNW(VHVHQWLPLHQWRGHFXOSDELOLGDGWHQGUiSURQWDUHFRP SHQVD\WDPELpQUHFDHUiODYHQJDQ]DVREUHODVFDEH]DVGHORVWHUUHV WUHVUHQHJDGRVTXH


4XL]iVHOVHFUHWDULRWRVLyFDVLLQDXGLEOHPHQWHRWDOYH]GLRXQ FRGD]RDVXVXSHULRU)XHUDFRPRIXHUDVHSURGXMRXQDSDXVD\DFWR VHJXLGRXQFDPELRGHWRQR

³6XSRQJD³SURVLJXLyIQDPHQWHHOSULPHUPLQLVWUR³TXHHVH (QQLXVYDDYHUOH\PHWHVXQDUL]GHSDWULFLRGHORVPXQGRVH[WHULRUHV HQHOVLQDSVLILFDGRU<SLHQVHTXHPLHQWUDVpOKDFHWDOFRVDXQFDP SHVLQRVHSUHVHQWDFRQFODUDVSUXHEDVGHDJLWDFLyQ\SUHVHQWDFRPR VXMHWRGHXQDSUXHEDXQKRPEUHTXHQRHVGHOD7LHUUD6t¢SRU TXpVHILQJHERTXLDELHUWR"8QKRPEUHTXHQRFRQVWDHQQXHVWURV DUFKLYRVQRHVGHOD7LHUUD¢1RYHQLQJXQDUHODFLyQ" 6KHNWQRFRQWHVWy

³8VWHGSXEOLFDUiXQDUWtFXOR³GLMRHOSULPHUPLQLVWURFRQILUPH DXWRULGDG³+DVWDFLHUWRSXQWRHOVLQDSVLILFDGRUFRQVWLWX\HXQp[LWR +DORJUDGRUHVXOWDGRVGpELOPHQWHSRVLWLYRVFRQXQVRORKRPEUHUH VXOWDGRVQRGHFLVLYRVFRQRWURVKDFDXVDGRODPXHUWHDXQRVFXDQWRV 3URSRUFLRQHGHWDOOHVSRFRLPSRUWDQWHVWDQWRVFRPRTXLHUDPLHQWUDV WUDQVPLWDQFRQYLFFLyQVLQLQIRUPDFLyQ5HFXHUGHQRKD\TXH VXVFLWDU H[FHVLYRLQWHUpV<VL(QQLXVRFXDOTXLHUKDELWDQWHGHODJDOD[LD YXHOYHDYLVLWDUOHQRVHYD\DGHODOHQJXD5HFXHUGHTXHHO6HVHQWD OHDIHFWDUiGHQWURGHSRFR\TXHQRHVWDPRVVDWLVIHFKRVFRQXVWHG  6KHNWSiOLGR\HQFRJLGREDMyODFDEH]D\QRFRQWHVWy(UDHO ILQDOGHODHQWUHYLVWD

<HOSULPHUPLQLVWUR\HOVHFUHWDULRTXHGDURQDVRODV\HOVHJXQGR WRPyDVLHQWRGHVFXLGDGDUQHQWHHQODVLOODRFXSDGDKDVWDHQWRQFHVSRU HOGRFWRU6KHNW(OEULOOR\HOIXHJRVHKDEtDQDSDJDGRGHPRPHQWR HQHOVHPEODQWHGHOSULPHUPLQLVWUR6XDVSHFWRHUDVLPSOHPHQWHHO GHXQDSHUVRQDSUHRFXSDGD ³¢&UHHVTXHHVHKRPEUHHVGHFRQILDQ]DKHUPDQR"¢(K"

(OVHFUHWDULRVHDO]yGHKRPEURV\JUXxyVLQHOUHVSHWR\ODDGPL UDFLyQTXHSRUIXHU]DPHUHFtDXQSULPHUPLQLVWUR(VHWUDWDPLHQWR ´KHUPDQRµHUDSUXHEDVXILFLHQWHGHSHUWHQHQFLDDODSRGHURVD6RFLH GDGGHORV$QWLJXRV ³8QDSDODEUDD(UPLXVKHUPDQR\SRGUtDQDQLTXLODUQRV³FRQ WLQXyHOSULPHUPLQLVWUR³(VWH6KHNWHVXQLQWHJUDFLRQLVWD<DKDV RtGRVXVREVHUYDFLRQHVVREUHHOKDPEUH/RVFREDUGHVTXHFUHHQHQ ODFRQFLOLDFLyQVRQSHOLJURVRV /DIQ DLPSDVLELOLGDGGHOVHPEODQWHGHOVHFUHWDULRLPSLGLyODH[ SUHVLyQGHPiVGXGDV


³6KHNWQRVDEHQDGDGHQXHVWURVSODQHV³GLMR³6KHNWHV FRPRW~GLFHVXQFREDUGH\HQFRQVHFXHQFLDSXHGHDUGHUSRUGHQWUR SHURJXDUGDUiVLOHQFLR\WRGDYtDQRVKDFHIDOWD³(OVHFUHWDULR SURVLJXLyHQWRQRGHFLGLGR³$GHPiVQRFRQVWLWXYHQLODPLWDGGH SHOLJURTXHHVRVQHFLRVGHORVDOWRVFDUJRVORVTXHYLHUWHQWRUUHQWHV GHSDODEUHQ DTXHQRFRQWLHQHQPiVTXHJRWLWDVGHVHQWLGRFRP~Q /RVSyPXORVGHOSULPHUPLQLVWURVHHQFHQGLHURQ ³¢$TXpWHUHILHUHV"

³0HUHILHURDWXGLVFXUVRVREUHVHQWLPLHQWRVGHFXOSDELOLGDG\ YHQJDQ]D1XHVWUDDUPDSULQFLSDOHVTXHQDGLHSRGUtDFRQFHELUXQD YLFWRULDGHOD7LHUUDVREUHODJDOD[LD1XHVWUDGHELOLGDGFODUDHLQ PHQVDHVQXHVWUDIXHU]DSRUTXHHOORVQRQRVYLJLODQ'HMpPRVORDVt VXVXSXHVWDVDELGXUtD1RDPHQDFHV<QRWHSUHRFXSHVSRUHOVLQDS VLILFDGRU,QFOXVRHVHWHPDHVVHFXQGDULR

(OSULPHUPLQLVWURWUDJyVDOLYD\HOEULOORGHRGLRGHVXVRMRVVLVH KXELHUDWUDQVIRUPDGRHQDFWRVKDEQ DVLGRODUXLQDSDUDHOVHFUHWDULR 3HURHVRHUDLPSRVLEOH\WRGDVODVSHUVRQDVLPSOLFDGDVORVDEtDQ ³%LHQ¢\HVHHVSUD"³SUHJXQWyHOSULPHUPLQLVWUR³(VH DJHQWH7FRPRW~ORGHQRPLQDV

³1DGD9LJLODUHPRV\DJXDUGDUHPRV)XHGHPDVLDGRIiFLOORFDK ]DUOR1RKDFHHVIXHU]RDOJXQRSDUDRFXOWDUVHQLSDUDSRQHUVHHQ FRQWDFWRFRQ(QQLXV

(OSULPHUPLQLVWURPHGLWyXQRVLQVWDQWHV6XVGHGRVODUJRV \PX\ FXLGDGRVVHDO]DURQKDFLDHOODELRLQIHULRU\ORSHOOL]FDURQ ³3UHWHQGHVGHFLUTXHHVSHUDQTXHDWUDSHPRVDOHVStD

³£$K³<HOVHFUHWDULRFURyVHFDPHQWH³(VWiVDEVRUELHQGR VDELGXUtD1RKD\GXGD<SRUWDQWRQRKDUHPRVHVR9LJLODUHPRV \DJXDUGDUHPRV ³¢&XiQWRWLHPSR"

³+DVWDTXH(QQLXVKDJDODVLJXLHQWHMXJDGDRKDVWDTXHHVWH PRVSUHSDUDGRVHQFX\RFDVRQXHVWUDMXJDGDVHUiOD~OWLPD <HVER]yXQDH[WUDRUGLQDULDVRQULVD\DTXHWHQtDWDQWRKXPRU FRPRGXO]XUDWLHQHXQOLUQyQ

<HOVHFUHWDULRTXHGyDVRODV6HGHMyFDHUSHUH]RVDPHQWHHQHO VLOOyQEODQGR\PDJQtILFRRFXSDGRDQWHULRUPHQWHSRUHOSULPHUPLQLV WUR6XPLUDGDGLVWDQWHVHFHQWUyHQHOWHFKRVXVPDQRVTXHGDURQ FUX]DGDVVXDYHPHQWHHQVXUHJD]R\VXVSHQVDPLHQWRVHUUDURQFRQ


VXPDDJXGH]D

/DQDWXUDOH]DH[DFWDGHHVRVSHQVDPLHQWRVQRVHUtDSUHFLVDPHQWH FRUUHFWDHQODQDUUDFLyQRUGHQDGDGHODKLVWRULDSHURGLFKRVSHQVD PLHQWRVJXDUGDEDQHVFDVDUHODFLyQFRQHOGRFWRU6KHNWHOSULPHU PLQLVWURHLQFOXVR(QQLXV

(QOXJDUGHHVRV SHUVRQDMHVDSDUHFLyODLPDJHQGHXQSODQHWD 7UDQWRUGHVGHFX\DPHWUySROLLQPHQVDWDQJUDQGHFRPRXQSODQHWD VHJREHUQDEDODJDOD[LDHQWHUD<WDPELpQODLPDJHQGHXQSDODFLR FX\RVFKDSLWHOHV\H[WHQVRVDUFRVHOVHFUHWDULRMDPiVKDEtDYLVWRTXH QLQJ~QRWURWHUUHVWUHKDEtDYLVWR(OVHFUHWDULRSHQVyHQODVOLQHDV LQYLVLEOHVGHSRGHU\JORULDTXHLEDQGHVROHQVROIRUPDQGRFRUGHOHV FXHUGDV\FDEOHVKDVWDOOHJDUDOSDODFLRFHQWUDO\DTXHOODDEVWUDFFLyQ HOHPSHUDGRUTXHDOILQ\DOFDERHUDVLPSOHPHQWHXQKRPEUH 6XPHQWHVHFRQFHQWUyHQHVDLGHDODLGHDGHXQSRGHUTXHWDQ VyORSRGtDFRQIHULUXQDGLYLQLGDGHQHOWUDQVFXUVRGHODYLGDVH FRQFHQWUyHQXQSHUVRQDMHTXHHUDVLPSOHPHQWHKXPDQR £6LPSOHPHQWHKXPDQR£&RPRpOPLVPR /DPHQWHTXHFDPEaR

(OPRPHQWRGHOFDPELRSDUHFtDGLIXVRHQORVUHFXHUGRVGH-RVHSK 6FKZDUW]3ULPHURDTXHOPLHGRDQLTXLODGRUWDQH[WUDxR\UDURHQVX PHQWHFRPRODLUQDJHQGHODPLVPD&KLFDJR(OYLDMHD&KLFD\HO ILQDOLQVyOLWR\HQUQDUDxDGR6FKZDUW]SHQVDEDHQHVRFRQIUHFXHQFLD (QSULPHUOXJDUDTXHOYLDMHKDEtDVLGROD~QLFDYH]TXHKDEtD DEDQGRQDGRODJUDQMDGXUDQWHHOPHGLRDxRWUDQVFXUULGRGHVGHHO LQFLGHQWHLQLFLDO(QVHJXQGROXJDUHOUHFXHUGRSDUHiDGHWHQHUVH EUXVFDPHQWH

(QPXFKDVRFDVLRQHVKDEtDLQWHQWDGRUDVWUHDUDTXHOUHFXHUGR SDVRDSDVRFHQWtPHWURDFHQWtPHWURGHVSDFLRFRPRSDUDFDSWDU SRUPHUDLQVLVWHQFLDODFODYHGHOFDPELRTXHVHKDEtDSURGXFLGRD SDUWLUGHHQWRQFHV

(QPXFKDVRFDVLRQHVHQVXSHQVDPLHQWRHOKRPEUHGHOJDGRD FDUJRGHDTXHOORFDOOHKDEtDRIUHFLGRODStOGRUDEODQFD\HOLSVRLGDO eOODKDEtDFRJLGR\WUDJDGRFRQUDSLGH]8QDGURJDGHVGHOXHJR 3DUDFXUDUSDUDPDWDUSDUDQDGD$pOQROHLPSRUWDEDHQWRQFHV <GHVSXpV

%LHQ\GHVSXpV

$KtFRQFOXtDODFODULGDG\HPSH]DEDQDPRIDUVHGHpOORVUHWXHU GRVLUUHJXODUHV\IUDJPHQWDGRV$SDUWLUGHHVHLQVWDQWHQRUHFRUGDED


QDGDDSDUWHGHOFDPSHVLQR\ORVGRORUHVGHFDEH]D1RHQUHDOL GDGQRHUDQGRORUHVGHFDEH]D3DOSLWDFLRQHVPiVELHQFRPRVLXQD GLQDPRRFXOWDHQVXFHUHEURVHKXELHUDSXHVWRHQPDUFKD\FRQVX IXQFLRQDPLHQWRGHVDFRVWXPEUDGRSURYRFDUDODYLEUDFLyQGHWRGRV ORVKXHVRVGHVXFUiQHR

$OOtHVWDED*UHZHQVXVLOODGHUXHGDVMXQWRDODFDPDGH 6FKZDUW]UHSLWLHQGRSDODEUDV\VHxDODQGRRKDFLHQGRJHVWRV<XQ GtDHOGHVFRQRFLGRGHMyGHGHFLUWRQWHUtDV\HPSH]yDKDEODULQJOpV 2PHMRUGLFKRpO-RVHSK6FKZDUW]KDEtDGHMDGRGHKDEODULQJOpV SDUDHPSH]DUDGHFLUWRQWHUtDVTXHFRQHOWLHPSRGHMDURQGHVHUK 3RVWHULRUPHQWHFXDQGRHORWRxRWLQyWRGRGHGRUDGRODVFRVDV YROYtDQDVHUFODUDV\6FKZDUW]HVWDEDHQHOFDPSRWUDEDMDQGR(UD VRUSUHQGHQWHFyPRKDEtDDSUHQGLGRHORILFLR-DPiVFRPHWtDXQ HUURU+DEtDPiTXLQDVFRPSOLFDGDVTXHpOORJUyPDQHMDUVLQGLILFXO WDGWUDVXQDVLPSOHH[SOLFDFLyQ

6FKZDUW]HVSHUyODOOHJDGDGHOWLHPSRIUtR\HOIQRQXQFDVH SUHVHQWy(OLQYLHUQRORSDVyGHVEUR]DQGRWHUUHQRVIHUWLOL]DQGRSUH SDUDQGRGHPXFKDVIRUPDVODVLHPEUDSULPDYHUDO

3UHJXQWyD*UHZWUDWyGHH[SOLFDUOHTXpHUDODQLHYHSHURHO LQYiOLGRVHOLPLWyDPLUDUOHILMDPHQWH\OHGLMR´$JXDKHODGDTXHFDH FRPRODOOXYLD¢HK"£$KQLHYH(QRWURVSODQHWDVGLFHQ$TXt QRµ

6FKZDUW]YLJLOyODWHPSHUDWXUDDSDUWLUGHHQWRQFHV\GHVFXEULy TXHDSHQDVYDULDEDGHXQGtDDRWUR\VLQHPEDUJRORVGtDVVH DFRUWDEDQSULPHUR\VHDODUJDEDQGHVSXpVFRPRSRGtDHVSHUDUVHHQ XQOXJDUVHSWHQWULRQDOSRUHMHPSORWDQVHSWHQWULRQDOFRPR&KLFDJR <6FKZDUW]GXGyTXHHVWXYLHUDHQOD7LHUUD

,QWHQWyOHHUDOJXQRVGHORVILEURILOPHVGH*UHZSHURGHVLVWLy/DV SHUVRQDVVHJXtDQVLpQGRORDSHVDUGHWRGRPDVODVPLQXFLDVGHOD YLGDFRWLGLDQDFX\RFRQRFLPLHQWRVHGDEDSRUVXSXHVWRODVDOXVLRQHV KLVWyULFDV\VRFLROyJLFDVTXHFDUHFtDQGHVHQWLGRSDUDpOWRGRHVWR OHKL]RGHVLVWLU /RVDFHUWLMRVVHVXFHGLHURQODV OOXYLDVXQLIRUPHPHQWHFiOLGDVODV EUXVFDVyUGHQHVTXHUHFLEtDSDUDPDQWHQHUVHDSDUWDGRGHFLHUWDV ]RQDV3RUHMHPSORXQDWDUGHDFDEyVLQWLpQGRVHLQWULJDGtVLPRSRU HOEULOORGHOKRUL]RQWHHOIXOJRUD]XOTXHDSDUHFtDKDFLDHOVXU

6HHVFDEXOOyGHVSXpVGHFHQDU\FXDQGRKDEtDUHFRUULGRPHQRV GHGRVNLOyPHWURVHO]XPELGRFDVLLQDXGLEOHGHXQYHKtFXORGHGRV UXHGDVVRQyWUDVpOMXQWRFRQORVIXULRVRVJULWRVGH$UELQ6HGHWXYR \pVWHOROOHYyGHQXHYRDODFDVD 'HVSXpVPLHQWUDVPHGtDODKDELWDFLyQFRQVXVSDVRV$UELQOH


GLMRTXHQRVHDFHUFDUDDQLQJ~QEULOORQRFWXUQR6FKZDUW]SUHJXQWy VLQDOWHUDUVH´¢3RUTXp"µ<REWXYRXQDUHVSXHVWDYLYDPHQWHPRU GD]´3RUTXHHVWiSURKLELGRµ

3HURHVDQRFKHIXHPX\LPSRUWDQWHSDUD6FKZDUW]SXHVWRTXH GXUDQWHDTXHOORVGRVNLOyPHWURVHVFDVRVKDFLDHOUHVSODQGRUFRQRFLy HOFRQWDFWRPHQWDO-DPiVKDEtDVLGRFDSD]GHGHVFULELUORDRWUD SHUVRQD1RKDEtDYLVWRDQDGLHQRKDEtDRtGRDQDGLHQRKDEtDVLGR SUHFLVDPHQWHXQFRQWDFWR 1R+DEtDVLGRDOJRSDUHFLGRDXQFRQWDFWRSHURQRHQSDUWH DOJXQDGHVXRUJDQLVPR(QVXFHUHEUR1RH[DFWDPHQWHXQFRQ WDFWRPiVELHQXQDSUHVHQFLDDOJRTXHKDEtDDOOt <ODUDUH]DVHUHSLWLyFDGDYH]FRQPiVIUHFXHQFLD

7DQVyORGHVGHKDFtDXQPHVVHKDEtDGDGRFXHQWDGHTXHVLHPSUH VDEtDFXiQGR$UELQR/RDHVWDEDQHQODFDVDLQFOXVRFXDQGRQRWHQtD PRWLYRVOyJLFRVSDUDVDEHUOR(UDPX\GLItFLOFRQVLGHUDUDQRUPDOHO FDVR\DTXHSDUHFtDWDQQDWXUDO 6FKZDUW]KL]RSUXHEDV\GHVFXEULyTXHpOVDEtDFRQH[DFWLWXG GyQGHHVWDEDQORVPLHPEURVGHODIDPLOLDHQFXDOTXLHUPRPHQWR 3RGtDGLVWLQJXLUORV\DTXHHOFRQWDFWRPHQWDOGLIHUtDVHJ~QODSHU VRQD 1RFRPHQWyQDGDDOUHVSHFWR $OHPSH]DUODSULPDYHUDSHUFLELyHOFRQWDFWRGXUDQWHODVLHPEUD HOFRQWDFWRRULJLQDOHOTXHQRWyGXUDQWHHOEUHYHSDVHRKDFLDHO UHVSODQGRU(VDWDUGHIXHDEXVFDUD$UELQ ³¢4XpKDFHPRVFRQHVD]RQDGHERVTXHVDORWURODGRGH6RXWK +LOOV$UELQ"³SUHJXQWy ³1DGD³IXHODiVSHUDUHVSXHVWD³(VWHUUHQRPLQLVWHUa ³¢4XpHVHVR"Ia $UELQVH PRVWUyLUULWDGRaaE ³3HUWHQHFHDOSULPHUPLQLVWURa U ³3HURQRHVWiFXOWLYDGR ³1RHVWiSUHYLVWRSDUDFXOWLYR³$UELQKDEODEDHQWa 2HVFDQ a GDOL]DGR³)XHXQJUDQFHQWURHQRWURVWLHPSRVaaaI ³¢0X\DQWLJXR"¢&yPRVHOODPDED"BBL

/DVSUHJXQWDVEURWDURQFRQUDSLGH]FRPRODUHVSXUDFLyQGH 6FKZDUW] 3HUR$UELQLPSDFLHQWHUHVWyLPSRUWDQFLDDOWHPD

³1RVpGHTXppSRFD<VyORORVKRPEUHVLQVWUXLGRVOD6RFLHGDG GH$QWLJXRVFRQRFHQORV QRPEUHVGHORVFHQWURVDQWLJXRV'HWRGDV IRUUQDV¢DWLTXpWHLPSRUWD"0LUD-RVHSKVLTXLHUHVVHJXLUDTXtVLQ


SUREOHPDVQRVHDVWDQFXULRVR$WLHQGHWXIDHQD ³¢9LYHDOJXLHQDOOL" ³£1R

$UELQVHIXH

3HURHOFRQWDFWRPHQWDOH[WUDxRSURFHGtDGHDOOL\SRVHtDXQ UDVJRDPHQD]DGRUTXHLQWUDQTXLOL]yD6FKZDUW]

3RUHQWRQFHVpOVHVHQWtDPiVMRYHQ1RHQVHQWLGRIIVLFRDGHFLU YHUGDG7HQtDPHQRVEDUULJD\PiVKRPEURV6XVP~VFXORVHUDQPiV GXURV\HOiVWLFRV\VXGLJHVWLyQKDEtDPHMRUDGR7RGRHOORFRPR UHVXOWDGRGHOWUDEDMRDODLUHOLEUHSHURKDEtDDOJRPiV6XIRUPDGH SHQVDU

/RVKRPEUHVHQWUDGRVHQDKRVWLHQGHQDROYLGDUFyPRSHQVDEDQ HQVXMXYHQWXGROYLGDQODUDSLGH]GHOVDOWRPHQWDOODRVDGtDGHOD LQWXLFLyQMXYHQLOODDJLOLGDGGHVXHQWHQGLPLHQWR6HDFRVWXPEUDQD ODVYDULHGDGHVPiVODERULRVDVGHODUD]yQSHURSXHVWRTXHHVWHGHWD OOHHVWiPiVTXHFRPSHQVDGRSRUODDFXPXODFLyQGHH[SHULHQFLDEV YLHMRVVHFRQVLGHUDQPiVLQWHOLJHQWHVTXHORVMyYHQHV 0DV6FKZDUW]FRQVHUYDEDODH[SHULHQFLD\DGHPiVGHVFXEULyFRQ JUDQSODFHUTXHSRGtDHQWHQGHUORWRGRUiSLGDPHQWH3RFRDSRFR SDVyGHVHJXLUODVH[SOLFDFLRQHVGH$UELQDSUHYHUODVDGDUXQVDOWR PiVDOOi<HQFRQVHFXHQFLDVHVHQWtDMRYHQGHXQPRGRPXFKRPiV VXWLOTXHHOTXHSRGUtDKDEHUOHSURSRUFLRQDGRFXDOTXLHUPHGLGDGH H[FHOHQFLDItVLFD <FRQODVLHPEUD\DWHUPLQDGD6FKZDUW]SHQVyTXHQHFHVLWDED DYHULJXDUFLHUWDVFRVDV3RUILQXQDQRFKHGHSULPDYHUDPLHQWUDV MXJDEDXQDSDUWLGDGHDMHGUH]FRQ*UHZHQODJORULHWDORKL]R

(ODMHGUH]FXULRVDPHQWHQRKDEtDFDPELDGRDSDUWHGHOQRPEUH GHODVSLH]DV*UHZOHKDEOyGHYDULDQWHVWDOHVFRPRHODMHGUH]SDUD FXDWURMXJDGRUHVHQHOTXHFDGDFRQWHQGLHQWHGLVSRQtDGHXQWDEOHUR FRPXQLFDGRFRQORVGHPiVSRUODVHVTXLQDVFRQXQTXLQWRWDEOHUR SDUDOOHQDUHOKXHFRFHQWUDODPRGRGHWLHUUDFRP~QGHQiGLH([LVWtD HODMHGUH]WULGLPHQVLRQDORFKRWDEOHURVWUDQVSDUHQWHVFyORFDGRVXQR HQFLPDGHRWURODVSLH]DVVHPRYtDQHQWUHVGLPHQVLRQHVHQOXJDUGH ODVGRVDQWHULRUHVVXQ~PHURHUDGREOH\OD YLFWRULDDFXUUtDDOSURGX FLUVHXQMDTXHVLPXOWiQHRGHDPERVUH\HVHQHPLJRV,QFOXVRH[LVWtDQ YDULDQWHVSRSXODUHVHQODVTXHODSRVLFLyQRULJLQDOGHORVWUHEHMRVVH GHFLGtDWLUDQGRORVGDGRVFRQFDVLOODVHVSHFLDOHVTXHFRQIHUtDQYHQWD MDVRGHVYHQWDMDV DODVSLH]DVTXHODVRFXSDEDQFRQQXHYDVSLH]DVGH H[WUDxDVSDUWLFXODULGDGHVHWFpWHUD 3HURHODMHGUH]HQVtHOSULPLWLYRHLQDOWHUDEOHHUDHOPLVPR\


HOHQIUHQWDPLHQWRHQWUH6FKZDUW]\*UHZKDEtDFRPSOHWDGRODVFXD WURSULPHUDVSDUWLGDV

&XDQGRHPSH]yDMXJDU6FKZDUW]WHQtDHVFDVRVFRQRFLPLHQWRVGH ODVMXJDGDV\SHUGLyODVSULPHUDVSDUWLGDV3HURODVLWXDFLyQYDULy\ODV SDUWLGDVIXHURQFDGDYH]PiVGLVWLQWDVHQDXDQWR6FKZDUW]HPSH]yD JDQDU'HPRGRJUDGXDOHOMXHJRGH*UHZVHKL]ROHQWR\ SUHFDYLGR \HOLQYiOLGRVHKDELWXyDGHMDUHOWDEDFRGHVXSLSDUHGXFLGRD UHOXFLHQWHVDVFXDVHQORVLQWHUYDORVHQWUHMXJDGDVKDVWDTXHOD SDUWLGDFRQFOXtDHQHVWUXHQGRVD\ODPHQWDEOHGHUURWD

*UHZFRQGXFtDODVEODQFDV\VXSHyQHVWDED\DHQ56FKZDUW] WRPyDVLHQWR\VXVSLUyPLHQWUDVHOFUHS~VFXORSURJUHVDED&RQIRUPH pOLEDHQWHQGLHQGRFDGDYH]PiVODQDWXUDOH]DGHODVMXJDGDVGHOULYDO LQFOXVRDQWHVGHTXHODVHMHFXWDUDODVSDUWLGDVKDEtDQLGRSHUGLHQGR LQWHUpV(UDFRPRVL*UHZWXYLHUDXQDYHQWDQDHQHOFUiQHR 8WLOL]DEDQXQ´WDEOHURQRFWXUQRµTXHHQODRVFXULGDGHPLWtDXQ UHVSODQGRUHVFDTXHDGRGHWRQRVD]XOHV\DQDUDQMDGRV/RVWUHEHMRV ILJXUDVRUGLQDULDV\GHIRQPHVGHEDUURURML]RDODOX]GHOGtDVXIUtDQ XQDPHWDPRUIRVLVSRUODQRFKH/DPLWDGHVWDEDQVXPLGRVHQXQD EODQFXUDFUHPRVDTXHOHVFRQIHUtDHODVSHFWRGHSRUFHODQDIQD\ UHOXFLHQWH\HOUHVWRGHVSHGtDPLQ~VFXORVUHVSODQGRUHVFKLVSHDQWHV GHFRORUURMR

/DVSULPHUDVMXJDGDVIXHURQUiSLGDV(OSHyQGHUH\GH6FKZDUW] VHVLWXyGHODQWHGHOSHyQHQHPLJR*UHZVDFyHOFDEDOORGFUH\D$ 6FKZDUW]UHSOLFyOOHYDQGRHO&'D$'HVSXpVHODOILOEODQFRVDOWyD 6&'\HO37'QHJURRFXSyODWHUFHUDFDVLOODSDUDKDFHUUHWURFHGHUD 7DODSLH]DULYDO$FWRVHJXLGRDYDQ]yHORWURFDEDOORD$ /DVEULOODQWHVSLH]DVVHGHVOL]DEDQSRUHOWDEOHURFRQHVSHFWUDO YROXQWDGSURSLD\DTXHORVGHGRVTXHODVDIHUUDEDQGHVDSDUHFtDQHQ ODQRFKH (QHVHPRPHQWR6FKZDUW]KDEOyEUXVFDPHQWHFRQYR]WHQVD ³¢'yQGHHVWR\"

*UHZDO]yODFDEH]DPLHQWUDVVLWXDEDHOFDEDOORGHGDPDHQ$ ³¢&yPR"

³¢4XpSODQHWDHVpVWH"³SUHJXQWy6FKZDUW]MXJDQGR$5

³a7LHUUD³IQHOaKUHYHFRQWHFWDFLa6QYa OUHZFHHQURFyFRQ JUDQFHUHPRxLD

3ULPHURVHPRYLyODDOWDILJXULOODTXHHUDHOUH\\OXHJRODSHVDGD WRUUHSDVySRUHQFLPDGHODDQWHQRU\VHSRVyDORWURODGR


(UDXQDUHVSXHVWDWRWDOPHQWHLQVDWLVIDFWRULD6FKZDUW]WUDGXMR PHQWDOPHQWH´7LHUUDµHOWpUPLQRHPSOHDGRSRU*UHZ3HUR¢TXp HUD´7LHUUDµ"&XDOTXLHUSODQHWDHV´7LHUUDSDUDRVTXHORKDELWDQ $YDQ]yGRVSDVRVHOSHyQGHFDEDOORGHGDPD\GHQXHYRHODOILOGH *UHZWXYRTXHUHWLUDUVHHQHVWDRFDVLyQD&$FRQWLQXDFLyQDPERV MXJDGRUHVDSURYHFKDQGRVXWXUQRDYDQ]DURQXQDILODHOSHyQGH GDPDORVGRVGDQGROLEHUWDGGHDFFLyQDVXRWURDOILOSDUDODEDWDOOD TXH SURQWRVHLQLFLDUtDHQHOFHQWUR ³¢(QTXpDxRHVWDPRV"³SUHJXQWy6FKZDUW]FRQWDQWDFDOPD\ QDWXUDOLGDGFRPRSXGR *UHZKL]RXQDSDXVD7DOYH]HVWXYLHUDVRUSUHQGLGR

³¢4XpWLHQHVHQODFDEH]DKR\"¢1RTXLHUHVMXJDU"(VWDPRVHQ HODxRGHOD(*¢(VWiVVDWLVIHFKRFRQHVR"

&RQWHPSOyHOWDEOHURFRQDLUHFHxXGR\GHVSOD]yEUXVFDPHQWHVX FDEDOORGHGDPDD6' HOSULPHUDWDTXH6FKZDUW]ORHOXGLyFRQ UDSLGH]OOHYDQGRD7VXFDEDOORGHGDPDDPRGRGHFRQWUDDWDTXH <ODUHIULHJDFREUyLPSRUWDQFLD(O FDEDOORGH*UHZFDSWXUyHODOILO TXHEULQFyKDFLDDUULEDHQXQEDxRGHIXHJRURMRSDUDFDHUHPLWLHQGR XQEUXVFR´FOLFµHQODFDMDGRQGHSHUPDQHFHUtDFXDOJXHUUHURHQWH UUDGRKDVWDODSUy[LPDSDUWLGD<HOFDEDOORFRQTXLVWDGRUFD\yDO LQVWDQWHDQWHODGDPDQHJUD(QXQPRPHQWRGHH[WUHPDGDVSUHFDX FLRQHVHODWDTXHGH*UHZYDFLOy\ODVEODQFDVPRYLHURQHORWUR FDEDOORDODEULJRGHO5GRQGHHUDUHODWLYDPHQWHLQ~WLO(OFDEDOORGH GDPDGH6FKZDUW]UHSLWLyHOSULPHUFDPELRFDSWXUDQGRHODOILO\ FD\HQGRSUHVDDVXYH]GHOSHyQGHWRUUH ³¢4XpHV(*"³LQTXLULyWUDQTXLODPHQWH6FKZDUW]GHVSXpVGH RWUDSDXVD ³¢&yPR"³VHH[WUDxyHOPDOKXPRUDGR*UHZ³¢$~QVLJXHV

(VREYLRTXH$VLPRYROYLGDFRQVWDWDUXQDMXJDGD\DTXHFRUUHVSRQGtD MXJDUD6FKYDUW]3RUHOSRVWHULRUGHVDUUROORGHODSDUWLGDQRKD\GXGDGH TXHODVQHJUDVVHKDQHQURFDGR 1GHO7

 VLQVDEHUHQTXpDxRHVWDPRV"%LHQHVHOGHOD(UD*DOiFWLFD DxRVGHVGHODIXQGDFLyQGHO,PSHULR*DOiFWLFRDxRVGHVGHOD FRURQDFLyQGH)UDQNHQQ,7HWRFD³FRQFOX\yHVWUXHQGRVDPHQWH 3HURHOFDEDOORTXH6FKZDUW]VRVWHQtDHVWDEDHQJXOOLGRSRUOD SUHVDGHVXPDQR6HVHQWtDIXULRVDPHQWHIUXVWUDGR

³3RUIDYRU³GLMR\GHMyHOFDEDOORHQ'³¢&RQRFHVDOJXQR GHHVWRVQRPEUHV$VLD$PpULFDORV(VWDGRV8QLGRV5XVLD(XUR


SD"

(VWDEDEXVFDQGRLGHQWLILFDFLyQDWLHQWDV

'HSURQWRHQODRVFXULGDGODSLSDGH*UHZVHWUDQVIRUPyHQXQ IXOJRUURMR\ODGLIXVDVRPEUDGHOLQYiOLGRVHLQFOLQyVREUHHOUHOX FLHQWHWDEOHURFRPRVLIXHUDHOOD GHODVGRVODTXHWXYLHUDPHQRV YLGD 6FKZDUW]ORLQWHQWyGHQXHYR

³¢6DEHVGyQGHSRGQ DHQFRQWUDUXQPDSD"

³1RKD\PDSDVaUXxy*UHZ³DPHQRVTXHGHVHHVDUULHVJDU HOFXHOORHQ&KLFD1RVR\JHyJUDIR-DPiVKDEtDRtGRORVQRPEUHV TXHKDVPHQFLRQDGR 2WUDYH]ODYDJDDPHQD]DTXHSDUHFtDSHQGHUVLHPSUHVREUHpO ´DUULHVJDUHOFXHOORµ ³(OVROWLHQHQXHYHSODQHWDV¢QRHVFLHUWR"³SUHJXQWyFRQDLUH GHGXGD ³'LH]³IXHODLQIOH[LEOHUHVSXHVWD

6FKZDUW]YDFLOy%LHQSRGtDQKDEHUGHVFXELHUWRRWURSODQHWD &RQWyFRQORVGHGRVDQWHVGHIRUPXODUODVLJXLHQWHSUHJXQWD ³¢4XpPHGLFHVGHOVH[WRSODQHWD"¢7LHQHDQLOORV"

*UHZHVWDEDDYDQ]DQGRGRVFDVLOODVHOSHyQGHDOILOGHUH\\ 6FKZDUW]KL]RORSURSLRDOLQVWDQWH ³¢7HUHILHUHVD6DWXUQR"³UHSOLFy*UHZ³1DWXUDOPHQWHTXH WLHQHDQLOORV

(VWDEDFDOFXODQGR3RGtDFDSWXUDUHOSHyQGHDOILORHOGHUH\\ODV FRQVHFXHQFLDVGHDPEDVUpSOLFDVQRHUDQGHPDVLDGRFODUDV

3HURSRUORTXHD6FKZDUW]LQFXPEtDVHJXUR\DGHODLGHQWLGDGGH OD7LHUUDODSDUWLGDGHDMHGUH]QLVLTXLHUDHUDXQDPHQXGHQFLD/DV SUHJXQWDVWHPEODEDQHQODVXSHUILFLHLQWHUQDGHVXFUiQHR\XQDGH HOODVVHHVFDSy ³<WXVOLEURILOPHV¢VRQUHDOHV"¢([LVWHQRWURVPXQGRV"¢&RQ JHQWH"

*UHZOHYDQWyODYLVWDGHOWDEOHUR\VXVRMRVHVFXGULxDURQHQYDQR HQODSHQXPEUD


³¢+DEODVHQVHULR" ³¢([LVWHQ"

£3RUODJDOD[LD&UHRTXHQRORVDEHVUHDOPHQWH 6FKZDUW]VHVLQWLyKXPLOODGRSRUVXLJQRUDQFLD ³3RUIDYRU

³1DWXUDOPHQWHTXHH[LVWHQRWURVPXQGRV£0LOORQHV7RGDVODV HVWUHOODVTXHYHVWLHQHQSODQHWDV\WRGDYtDKD\PiVTXHW~QRYHV 7RGRVIRUPDQSDUWHGHO,PSHULR

0X\VXDYHHQVXLUOWHULRU6FKZDUW]FDSWyHOHFRWHQXHGHODV YLYDVSDODEUDVGH*UHZFRQIRUPHLEDQSDVDQGRFKLVSHDQWHVGHXQD PHQWHDRWUD1RWDEDTXHORVFRQWDFWRVPHQWDOHVLEDQUHIRU]iQGRVH FRQHOSDVRGHORVGtDV3URQWRWDOYH]VHUtDFDSD]GHHVFXFKDU PHQWDOPHQWHHVDVVXDYtVLPDVSDODEUDVLQFOXVRFXDQGRODSHUVRQDTXH ODVSHQVDEDQRHVWXYLHUDKDEODQGR ³¢&XiQWRWLHPSRKDSDVDGRGHVGHTXHRFXUULyWRGRHVR*UHZ" ³SUHJXQWyURQFDPHQWH³¢&XiQWRWLHPSRGHVGHTXHVyORH[LVWtDXQ SODQHWD" ³¢4XpSUHWHQGHVGHFLU"³*UHZVHPRVWUyUHSHQWLQDPHQWHSUH FDYLGR³¢(UHVPLHPEURGHORV$QWLJXRV" ³¢'HTXp"1RVR\PLHPEURGHQDGDSHUROD7LHUUDIXHHO ~QLFRSODQHWDKDFHWLHPSR¢QR"%LHQ¢QRHVFLHUWR"

³(VRGLFHQORV$QWLJXRV³GLMR*UHZFRQWRQRVHYHUR³3HUR ¢TXLpQORVDEH"¢4XLpQORVDEHUHDOPHQWH"3RUORTXH\RVpHVRV PXQGRVGHDKtDUULEDKDQHVWDGRDKtDUULEDDORODUJRGHWRGDOD KLVWRULD ³3HUR¢FXiQWRVDxRVUHSUHVHQWDHVR"

³0LOHVGHDxRVVXSRQJR&LQFXHQWDPLOFLHQPLO1RSXHGR DVHJXUDUOR

£0LOHVGHDxRV6FKZDUW]QRWyXQJRUJRWHRHQVXJDUJDQWD\OR UHSULPLyDWHUURUL]DGR¢7DQWRWLHPSRHQWUHGRVSDVRV"¢8QVXVSLUR XQPRPHQWRXQDGpFLPDGHVHJXQGRYpOKDEtDVDOWDGRPLOHVGH DxRV"

3HUR*UHZHVWDEDMXJDQGR\D&DSWXUyHOSHyQGHDOILOHQHPLJR\ 6FKZDUW]FDVLFRPRXQDXWyPDWDDQRWRPHQWDKPHQWHHOKHFKRGH TXHHVDRSFLyQHUDODLQFRUUHFWD/DVMXJDGDVHQFDMDEDQHQVXFHUHEUR VLQQLQJ~QHVIXHU]RFRQVFLHQWH6XWRUUHGHUH\VHODQ]yKDFLDGHODQWH


SDUDWRPDUHOSHyQGREODGR(OFDED8REODQFRVHVLWXyGHQXHYRHQ $(ODOILOGH6FKZDUW]DYDQ]yD&TXHGDQGRHQOLEHUWDGGHDF FLyQ*UHZUHVSRQGLyDOLQVWDQWHFRORFDQGRVXDOILOHQ' 6FKZDUW]KL]RXQDSDXVDDQWHVGHODQ]DUHODWDTXHILQDO ³¢/D7LHUUDVLJXHVLHQGRODGXHxD"³SUHJXQWy ³/DGXHxD¢GHTXp" ³'HO,PS

3HUR*UHZOHYDQWyODFDEH]DFRQXQUXJLGRTXHKL]RWHPEODUORV WUHEHMRV ³(VFXFKDW~¢DGyQGHTXLHUHVLUDSDUDU"/RV$QWLJXRVDILUPDQ TXHORIXHKDFHWLHPSRSHUR¢ORSDUHFH"

6HR\yXQVXDYH]XPELGRPLHQWUDVODVLOODGHUXHGDVGH*UHZ GDEDODYXHOWDDODPHVD6FKZDUW]QRWyXQRVGHGRVTXHDIHUUDEDQVX EUD]R ³£0LUD£0LUDDOK³/DYR]GH*UHZHUDXQFKLUULGRPXVLWD GR³¢9HVHOKRUL]RQWH"¢9HVFyPREULOOD" ³6t

³(VRHVOD7LHUUDOD7LHUUDHQWHUD([FHSWRHQDOJXQRVVLWLRV GRQGHH[LVWHQ]RQDVFRPRpVWD ³1RORHQWLHQGR

 a  ³/DFRUWH]DWHUUHVWUHHVUDGLDFWLYD(OVXHORUHVSODQGHFHVLHP SUHORKDKHFKRVLHPSUHORKDUi1RSXHGHFUHFHUQDGD1DGLHSXHGH YLYLU¢'HYHUGDGQRVDEHVHVR"¢3RUTXpVXSRQHVTXHWHQHPRVHO 6HVHQWD" (OSDUDOtWLFRVHFDOPy6XVLOODGLRODYXHOWDDODPHVDHQVHQWLGR FRQWUDULR ³7HWRFDMXJDU

£(O6HVHQWD2WUDYH]DTXHOODIUDVH\VLHPSUHFRQHOFRQWDFWR PHQWDOGHDPHQD]DLQGHILQLGD/DVSLH]DVGHDMHGUH]GH6FKZDUW]VH PRYLHURQVRODVPLHQWUDVpOVHIRUPXODEDSUHJXQWDVFRQHOFRUD]yQ HQFRJLGR6XSHyQGHUH\FDSWXUyHOGHDOILOGHOULYDO*UHZVLWXyHO FDEDOORHQ'\ODWRUUHGH6FKZDUW]HOXGLyHODWDTXHHQ&(O FDEDOOREODQFRVLJXLyDWDFDQGRGHVGH$\ODVQHJUDVHYLWDURQOD FDSWXUDOOHYDQGRODWRUUHD&3HURHOSHyQGHWRUUHUH\GH*UHZ


DYDQ]yWtPLGDPHQWHXQDFDVLOOD\ODWRUUHGH6FKZDUW]VHODQ]yDO DWDTXH&DSWXUyHOSHyQGHFDEDOOREODQFRGDQGRMDTXHDOUH\*UHZ VHDSUHVXUyDWRPDUODSLH]DPDVODGDPDHQHPLJDFXEULyODEDMDDO LQVWDQWHGHVSOD]iQGRVHD&\GDQGRMDTXH(OUH\EODQFRVHHVFDEX OOyHQO7\6FKZDUW]DYDQ]yVXFDEDOORVLWXiQGRORHQ5*UHZ FRORFyODGDPDHQ5HQYLJRURVDWHQWDWLYDGHPRYLK]DUVXVGHIHQVDV \6FKZDUW]UHSOLFySRQLHQGRODGDPDGRVFDVLOODVPiVDGHODQWHHQ &GHWDOPRGRTXHODOXFKDHUD\DFXHUSRDFXHUSR*UHZQRWHQtD HOHFFLyQFRORFyODGDUQDHQ&\ODVGRVVREHUDQDVTXHGDURQIUHQWHD IUHQWH(OFDEDOORQHJURGLRHQORYLYRDOWRPDUHOGHOULYDOHQ$\ FXDQGRHODWDFDGRDOILOEODQFRVHFRORFyUiSLGDPHQWHHQ$HOFDED OORYROYLyD6'*UHZGXGyXQRVLQVWDQWHV\OXHJRVXGDPDVHGHV SOD]ySRUODJUDQGLDJRQDOSDUDWRPDUHODOILOFRQWUDULR

<*UHZKL]RXQDSDXVD\VXVSLUyGHDOLYLR6XDVWXWRULYDOWHQtDOD WRUUHHQSHOLJURFRQXQMDTXHHQSHUVSHFWLYDPLHQWUDVODGDPDEODQFD HVWDEDOLVWDSDUDKDFHUHVWUDJRV<WHQtDYHQWDMDGHXQDWRUUHSRU SHyQ ³7~MXHJDV³GLMRFRQVDWLVIDFFLyQ

³¢4XpTXpHVHO6HVHQWD"³SUHJXQWySRUILQ6FKZDUW] (OWRQRGH*UHZIXHGHYLYDKRVWLOLGDG

³¢3RUTXpORSUHJXQWDV"¢$GyQGHTXLHUHVLUDSDUDU"

³3RUIDYRU³IXHODKXUQLOGHUHVSXHVWD³6R\XQKRPEUH VLQPD OLFLD1RVpTXLpQVR\QLTXpPHKDRFXUULGR7DOYH]VR\XQFDVRGH DPQHVLD ³0X\SUREDEOH³IXHODGHVGHxRVDUpSOLFD³¢(VWiVKX\HQGR GHO6HVHQWD"'LODYHUGDG ³£3HURVLWHDVHJXURTXHGHVFRQR]FRTXpHVHO6HVHQWD

/DYR]WUDQVPLEDFRQYLFFLyQ6HSURGXMRXQVLOHQFLRSURORQJDGR 6FKZDUW]SHQVyTXHHOFRQWDFWRPHQWDOGH*UHZHUDRPLQRVR DXQTXHIXHLQFDSD]WRWDKPHQWHLQFDSD]GHFDSWDUSDODEUDV

³(O6HVHQWD³GLMRPX\GHVSDFLR*UHZ³HVWXDxRVH[DJpVLPR /D7LHUUDFRELMDYHLQWHPLOORQHVGHSHUVRQDVQDGDPiV3DUDYLYLU GHEHVSURGXFLU6LQRSXHGHVSURGXFLUQRSXHGHVYLYLU&XDQGR SDVDVGHO6HVHQWDQRSXHGHVSURGXFLU ³<SRUORWDQWR³ODERFDGH6FKZDUW]TXHGyDELHUWD ³7HHKPLQDQ1RKDFHQGDxR


³¢2VPDWDQ"

³1RHVDVHVLQDWR³<FRQYR]WHQVDDxDGLy³'HEHVHUDVt/RV GHPiVSODQHWDVQRTXLHUHQDFRJHPRV\GHEHPRVDUUHJODUQRVSDUD KDFHUVLWLRDORVQLQRV/DJHQHUDFLyQGHPiVHGDGGHEHKDFHUVLWLRD ORVMyYHQHV ³6XSRQJDPRVTXHQRLQIRUPDVTXHWLHQHVVHVHQWDDxRV

³¢3RUTXpKDFHUWDOFRVD"/DYLGDGHVSXpVGHORVVHVHQWDQRHV GLYHUWLGD<KD\XQFHQVRFDGDGLH]DxRVDILQGHDWUDSDUDFXDOTXLHU SHUVRQDOREDVWDQWHQHFLDSDUDLQWHQWDUYLYLU$GHPiVWXHGDGHVWi HQORVDUFKLYRV ³1RODPtD³/DVSDODEUDVVHOHHVFDSDURQ6FKZDUW]IXHLQFD SD]GHFRQWHQHUODV³3RURWUDSDUWHVyORWHQJRFLQFXHQWDORV SUy[LPRVTXHFXUQSOD ³1RLPSRUWD3XHGHQFRPSUREDUORPHGLDQWHWXHVWUXFWXUDyVHD ¢1RORVDEtDV"(VLPSRVLEOHRFXOWDUODHGDG/DSUy[LPDYH]PH FRJHUiQ9HQJDW~MXHJDV 6FKZDUW]KL]RFDVRRPLVRGHODSUHPLR ³¢3UHWHQGHVGHFLUTXH"

³1DWXUDKPHQWH6yORWHQJRFLQFXHQWD\FLQFRSHURItMDWHHQPLV SLHUQDV1RSXHGRWUDEDMDU¢QRHVFLHUWR"(QQXHVWUDIDPLOLDKD\ WUHVSHUVRQDVUHJLVWUDGDV\QXHVWURFXSRVHGHWHUPLQDSDUWLHQGRGH WUHVWUDEDMDGRUHV&XDQGRVXIQHODWDTXH\TXHGpLQYiOLGRVLQUHPH GLRHVWiEDPRVREOLJDGRVDGDUSDUWH\HQHVHFDVRKDEUtDQUHGXFLGR HOFXSR3HUR$UELQ\/RDQRTXLVLHURQKDFHUORSRUTXHVRQWRQWRV\ HVWRKDVLJQLILFDGRPXFKRWUDEDMRSDUDORVGRVKDVWDTXHW~OOH JDVWH3HURPHFRJHUiQHODxRTXHYLHQH7HWRFD ³¢(OFHQVRHVHODxRTXHYLHQH" ³([DFWR7~MXHJDV

³£(VSHUD³H[FODPy6FKZDUW]HQWRQRDSUHPLDQWH³¢(OLPLQDQ DFXDOTXLHUSHUVRQDGHVSXpVGHORVVHVHQWD"¢6LQQLQJXQDH[FHSFLyQ"

³1RSRUORTXHDWL\DPtQRVLQFXPEH(OSULPHUPLQLVWURWLHQH XQDYLGDSURORQJDGD\ORVPLHPEURVGHOD6RFLHGDGGH$QWLJXRV FLHUWRVFLHQWtILFRV\SHUVRQDVTXHUHDOL]DQVHUYLFLRVPX\LPSRUWDQWHV 1RGHPDVLDGDVSHUVRQDVHVWiQFDSDFLWDGDVSDUDVXSHUDUHVD HGDG $QXDOPHQWHWDOYH]XQDGHFHQD£7~MXHJDV ³¢4XLpQGHFLGHODVH[FHSFLRQHV"


³(OSULPHUPLQLVWURSRUVXSXHVWR¢9DVDMXJDU" 3HUR6FKZDUW]VHOHYDQWy

³1RLPSRUWD(VPDWHHQFLQFRMXJDGDV0LGDPDFDSWXUDUiWX SHyQFRQMDTXHWHQGUiVTXHSRQHUHOUH\HQXQRFDEDOORWHGDUp MDTXHFRQHOFDEDOORHQVLHWHUH\MXJDUiVUH\GRVDOILOPLGDPDGDUi MDTXHHQVHLVUH\W~SRQHVHOUH\HQGRVFDEDOORMXHJRGDPDVHLV FDEDOLR\FRPRQRWLHQHVPiVUHPHGLRTXHLUDXQRWRUUHWHGR\PDWH HQVHLVWRUUH ´%XHQDSDUWLGD³DxDGLyGHIRUPDPHFiQLFD

*UHZFRQWHPSOyGXUDQWHXQEXHQUDWRHOWDEOHUR\GHVSXpVGLRXQ  XHQWRaSDUDLHORa JULWR\ORHFKyYLROHQWDPHQWHIXHUDGHODPHVD/DVUHOXFLHQWHVSLH]DV URGDURQDEDWLGDPHQWHSRUHOVXHOR 3HUR6FKZDUW]QRVHHQWHUyGHQDGDGHQDGDH[FHSWRGHOD DEUXPDGRUDQHFHVLGDGGHKXLU3RUTXHVLELHQ%URZQLQJKDEtDGLFKR £(QYHMHFHFRQUQLJR ,RPHMRUD~QQRKDYHQLGR

ORKDEtDGLFKRHQXQD7LHUUDSREODGDSRUPLOORQHV\PLOORQHVGH EXOOLFLRVRVKDELWDQWHV\FRQDOLPHQWRVVLQOtPLWH/RPHMRUTXHYHQ GUtDDKRUDVHUtDHO6HVHQWD\ODPXHUWH 3RUTXH6FKZDUW]ODYHUGDGVHDGLFKDWHQtDVHVHQWD\GRVDxRV

(QHVRVPRPHQWRV6FKZDUW]FRPSUHQGLyGRVFRVDV/DSULPHUD HUDVHQFLOODHLQHYLWDEOH7HQtDTXHYLYLUGHDOJ~QPRGRFRPRIXHUD /DPXHUWHSRGtDSUHVHQWDUVHGHXQDIRUPDWUDQTXLOD\QDWXUDOSDUD ORVTXHGXUDQWHWRGDVXYLGDHVWDEDQDFRVWXPEUDGRVDHVDLGHDSHUR QRSDUDpO /DVHJXQGDFRVDTXH6FKZDUW]FRPSUHQGLyQRREVWDQWHHUDPiV VXWLO/RSHQVyHQXQPRPHQWRGHSHUVSLFDFLDQRGHULYDGRGHPDV OyJLFDTXHODVDJXGL]DGDVSHUFHSFLRQHVSURSLDVGHOPLHGR(VHGHWDOOH HUDTXHHOH[WUDxRFRQWDFWRPHQWDOGHOWHUUHQRPLQLVWHULDO HOTXH SRVHtDXQDFRUULHQWHRFXOWDGHKRVWLOLGDGHOTXHKDEtDGHWHFWDGRHQ VXIUXVWUDGRSDVHRKDFLDHOEULOORGHOKRUL]RQWH HVWDEDYLJLOiQGROH 9LJLOiQGROHFRQHOSURSyVLWRGHILQLGRGHPDQWHQHUOHGRQGHHVWDED GHQRSHUPLWLUOHKXLU 1RKDEtDGXGDHVWDEDDWUDSDGR

$WUDSDGRHQODH[WUDxH]DGHORVFXURIXWXUR\FRQGHQDGR\DD PXHUWH


,17(50(',2

'HMDPRVD-RVHSK6FKZDUW]HQODGLItFLOVLWXDFLyQDQWHVGHVFULWD WHPSRUDOPHQWHGHDFXHUGRFRQODSURPHVDKHFKDHQODVSULPHUDV OtQHDVGHHVWHUHODWR/DFRQWLQXDFLyQSXHGHHQWHQGHUVHPHMRUSD VDQGRYHOR]PHQWHDRWURH[WUHPRGHODQDUUDFLyQDKRUD PLVPR\ \HQGRKDFLDDWUiVKDVWDHOSXQWRDGHFXDGRRQR\HQGRH[DFWD PHQWHKDFLDDWUiVWDPSRFRHVRVLQRPiVELHQGHVFULELHQGRXQiQ JXORGHFLHQWRYHLQWHJUDGRV 7RGRDFDEDUiDFODUiQGRVHVHORSURPHWR

<FRPRVHLQGLFDHQHOPLVPRSULQFLSLRGHEHPRVKDFHUFLHUWDV FRQVLGHUDFLRQHVVREUH%HO$UYDUGDQDUTXHyORJRGH%DURQQVHFWRU GH6LULRFLXGDGDQRGHO,PSHULR*DOiFWLFR VR

D3$57(%(/$59$5'$1

8QVRORPXQGRRPXFKRV

(QHODxR(*DKRUDFRQVLGHUDGR$UYDUGDQFRQWDED WUHLQWD\FLQFRDxRVGHHGDGHUDXQKRPEUHUXGDPHQWHDWUDFWLYR KDVWDWDOSXQWRTXHSRGUtDMX]JDUVHUDURHQXQFLHQWtILFR3HUROD DUTXHRORJtDHVXQDFLHQFLDGHSXHUWDVDIXHUDHQVXVDVSHFWRVRSHUDWL YRV\$UYDUGDQKDEtDYLDMDGRSRUPiVUHJLRQHVGHO,PSHULRTXHQX PHURVRVYLDMHURVSURIHVLRQDOHVGHVXHGDG 'DGRVXDVSHFWRItVLFRSRGUtDSDUHFHUH[WUDxR RQRGHSHQGHGHO FLQLVPRGHOREVHUYDGRU TXHD~QHVWXYLHUDVROWHUReOPLVPRORQH JDEDDILUUQDEDTXHHVWDEDFDVDGRFRQVXWUDEDMRSHURODYHUGDGQRV IXHU]DDGHFODUDUTXHSRFDVPXMHUHVRQLQJXQDVHVHQWtDQLPSUHVLR QDGDVSRUODOHJDOLGDGGHXQFRQWUDWRPDWULPRQLDOGHHVHWLSR&RPR PLQLPRODVPXMHUHVKDiDQJUDQGHVHVIXHU]RVHQFRQYHUWLUHQEtJDPR DODUTXHyORJR 3HURELHQSHQVDGRWRGRHVWRHVLQFLGHQWDO'H KHFKRQRWLHQH QDGDTXHYHUFRQHOUHODWRH[FHSWRHQFLHUWRVHQWLGR

/RTXHVLJXHVLELHQPHQRVLQWHUHVDQWHTXL]iVHVPiVSHUWLQHQWH %HO$UYDUGDQREWXYRHOWtWXORGHGRFWRUHQDUTXHRORJtDDODHGDG IUDQFDPHQWHLQVyOLWDGHYHLQWLWUpVDxRVHQOD(VFXHODGH$UTXHRORJtD GHOD8QLYHUVLGDGGH$UWXUR6XWHVLVGRFWRUDOVHWLWXODED´6REUHOD DQWLJXHGDGGHDUWHWDFWRVGHOVHFWRUGH6LULRFRQFRQVLGHUDFLRQHVVR EUHODDSOLFDFLyQVXEVLJXLHQWHDODKLSyWHVLVGHODLUUDGLDFLyQSDUD H[SOLFDUHORQJHQKXPDQRµ 'LFKDGLVHUWDFLyQVHxDOyHOSULQFLSLRGHXQDFDUUHUDLFRQRFODVWD


'HVGHHOSULPHUPRPHQWR$UYDUGDQDGRSWyFRPRVX\DVODVKLSyWHVLV SURSXHVWDVDQWHULRUPHQWHSRUFLHUWRVJUXSRVGHPtVWLFRVPiVSUHRFX SDGRVSRUODPHWDILVLFDTXHSRUODDUTXHRORJtDDVDEHUTXHODKXPD QLGDGKDEtDWHQLGRVXRULJHQHQXQVRORSODQHWDDQWHVGHLUUDGLDUVH JUDGXDOPHQWHDWRGDODJDOD[LD(UDODWHRUtDIDYRULWDGHORVHVFULWRUHV GHIDQWDVtDGHODpSRFD\HOPRWLYRIDYRULWRGHPRIDGHFDVLFXDOTXLHU DUTXHyORJRUHVSHWDEOHGHO,PSHULR 3HUR$UYDUGDQFRQVWLWXtDXQDIXHU]DDVHUWHQLGDHQFXHQWDLQ FOXVRSRUORVPiVUHVSHWDEOHV<DTXHDQWHVGHXQDGpFDGDOOHJyDVHU XQDDXWRULGDGHQODVUHOLTXLDVGHODVFLYLOL]DFLRQHVSUHLPSHULDOHVTXH D~QVXEVLVWtDQHQORVUHPROLQRV\UHEDOVDVGH ODJDOD[LD

3RUHMHPSOR$UYDUGDQKDEtDHVFULWRXQDPRQRJUDILDVREUHOD FLYLOL]DFLyQPHFiQLFDGHOVHFWRUGH5LJHOHQODTXHHOGHVDUUROORGHOD DXWRPRFLyQFUHyXQDFXOWXUDGLVWLQWDTXHSHUVLVWLyYDULRVVLJORVKDVWD TXHODPLVPDSHUIHFFLyQGHODVPiTXLQDVUHGXMRODLQLFLDWLYDKXPDQD GHWDOPRGRTXHODVSRWHQWHVIORWDVGHOWLUDQR0RUD\VHLPSXVLHURQ IiFLOPHQWH6LELHQODDUTXHRORJtDRUWRGR[DDWULEXtDODDSDULFLyQGH FXOWXUDVWDQDWtSLFDVDGLIHUHQFLDVGHUD]DWRGDYtDQRHOLPLQDGDVPH GLDQWHXQLRQHVHQWUHPLHPEURVGHORVGLVWLQWRVSXHEORV$UYDUGDQ GHPRVWUyTXHODFLYLOL]DFLyQDXWRPDWL]DGDIXHUHVXOWDGRQDWXUDOGHODV IXHU]DVHFRQyPLFDV\VRFLDOHVGHDTXHOODpSRFD\GHDTXHOODUHJLyQ

(VWDEDQWDPELpQORVPXQGRVEiUEDURVGH2ILXFRTXHODRUWRGR [LDKDEtDFRQVLGHUDGRGHVGHDQWLJXRFRPRHMHPSORVGHKXPDQLGDG SULPLWLYDOHMRVD~QGHODIDVHGHOYLDMHLQWHUHVWHODU7RGRVORVOLEURVGH WH[WRFLWDEDQHVWRVPXQGRVFRPRSUXHEDGHODWHRUtDGHOD)XVLyQD VDEHUTXHODKXPDQLGDGKDEtDWHQLGRRULJHQLQGHSHQGLHQWHHQQXPH URVRVSODQHWDVHQORVTXHSUHGRPLQDEDQUHODFLRQHVTXtPLFDVDJXD R[tJHQR\SRVHtDQLQWHQVLGDGHVDGHFXDGDVGHWHPSHUDWXUD\JUDYLWD FLyQSRUHIHFWRGHODDFFLyQLQHYLWDEOHGHODVOH\HVELROyJLFDV\TXH FRQIRUPHIXHGHVFXEULpQGRVHHOYLDMHLQWHUHVWHODUODVGLYHUVDVUD]DVVH FRQRFLHURQ\IXQGLHURQ $UYDUGDQQRREVWDQWHGHVFXEULyUHVWRVGHODFLYLOL]DFLyQSQPL WLYDDQWHULRUDORVPLODxRVGHEDUEDULHGH2ILXFR\GHPRVWUyTXHORV GDWRVPiVDQWLJXRVVREUHHOSODQHWDLQGLFDEDQYHVWLJLRVGHFRPHUFLR LQWHUHVWHODU\TXHHOKRPEUHKDEtDHPLJUDGRDODUHJLyQHQXQDIDVH \DFLYLOL]DGD <ILQDOPHQWHHOHVIXHU]RGHODUTXHyORJRSRUGHPRVWUDUVXWHRUtD IDYRULWDORKDEtDFRQGXFLGRDOSODQHWDSUREDEOHPHQWHPHQRVLPSRU WDQWHGHO,PSHULRXQSODQHWDOODPDGR7LHUUD(QHVWHSXQWRQRV XQLPRVD%HO$UYDUGDQ

(QFRQWUDPRVD$UYDUGDQHQHO~QLFRSDUDMHLPSHULDOGHWRGDOD 7LHUUDODVGHVRODGDVHOHYDFLRQHVGHODVPHVHWDVVLWXDGDVDOQRUWHGHO +LPDOD\D$OOLGRQGHQLHQWRQFHVQLQXQFDKDEtDH[LVWLGRUDGLDFWLYL GDGUHVSODQGHFtDXQOXJDUTXHQRHUDGHDUTXLWHFWXUDWHUUHVWUH(Q


HVHQFLDHUDFRSLDGHORVSDODFLRVYLUUHLQDOHVTXHH[LVWtDQHQPXQGRV PiVDIRUWXQDGRV/DVXDYHIURQGRVLGDGGHORVWHUUHQRVKDEtDVLGR FUHDGDDUWLILFLDOPHQWHSRUFRPRGLGDG/DVURFDVLPSUHVLRQDQWHVKD EtDQVLGRFXELHUWDVFRQKXPXVUHJDGDVLQPHUVDVHQXQFOLPDDUWLIL FLDO\FRQYHUWLGDVHQGLH]NLOyPHWURVFXDGUDGRVGHSUDGRV\MDU GLQHV

6HJ~QFiOFXORVWHUUHVWUHVHOFRVWHHQHUJpWLFRHUDDVRPEURVRSHUR ODVREUDVKDEtDQFRQWDGRFRQHOUHVSDOGRGHORVUHFXUVRVIUDQFDPHQWH LQFUHtEOHVGHGRVFLHQWRVPLOORQHVGHPXQGRV\ODFLIUDQRFHVDEDGH DXPHQWDU 6HVXSRQHTXHHQHODxRGHOD(UD*DOiFWLFDXQD PHGLDGHFLQFXHQWDQXHYRVSODQHWDVGLDULRVREWHQtDQODFDWHJRUtD SURYLQFLDOSDUDORTXHHUD LQGLVSHQVDEOHDOFDQ]DUXQDSREODFLyQGH PLOORQHVGHKDELWDQWHV

(QHVWHUHWD]RGHDSDULHQFLDQRWHUUHVWUHYLYtDHOSURFXUDGRUTXH DOJXQDVYHFHVHQHVWHOXMRDUWLILFLDOSRGtDROYLGDUTXHORHUD\DFRU GDUVH~QLFDPHQWHGHVXFRQGLFLyQGHDULVWyFUDWDFRQJUDQGHVKRQRUHV \IDPLOLDYHWXVWD

6XHVSRVDVHHQJDxDEDVHJXUDPHQWHFRQPHQRVIUHFXHQFLDVREUH WRGRFXDQGRWUDVWUHSDUDXQDORPDFXELHUWDGHKLHUEDYHtDDOROHMRV OD8QHDGHILQLGD\WHUPLQDQWHTXHVHSDUDEDORVWHUUHQRVGHODVHOYD EUXWDOTXHHUDOD7LHUUD(QHVRVPRPHQWRVODVIXHQWHVGHFRORUHV OXPLQLVFHQWHVSRUODQRFKHSURGXFLHQGRODLPSUHVLyQGHIXHJROt TXLGR\IUtR ODVVHQGDVURGHDGDVGHIORUHV\ODVDUEROHGDVLGtOLFDVQR EDVWDEDQSDUDFRPSHQVDUHOFRQRFLPLHQWRGHVXH[LOLR 7DOYH]SRUHVR$UYDUGDQIXHUHFLELGRFRQPiVDWHQFLRQHVGHODV HVWULFWDPHQWHVHxDODGDVSRUHOSURWRFROR3DUD(QQLXVSRUHMHPSOR $UYDUGDQIXHXQDHPDQDFLyQGHO,PSHULRGHHVSDFLRVLGDGGHFDUHQ FLDGHOLPLWHV $UYDUDDQSRUVXSDUWHGHVFXEULyPXFKDVFRVDVTXHDGPLUDU

³(OOXJDUHVWiELHQFRQVWUXLGR³GLMR³\FRQJXVWR(VDVRP EURVRFyPRXQWRTXHGHFXOWXUDFHQWUDOLPSUHJQDORVGLVWULWRVPiV GLVWDQWHVGHQXHVWUR,PSHULR (QQLXVVRQULy

³1RHVFRPR\RGHVHDUtD0HSDUHFHXQFDSDUD]yQTXHVXHQDD KXHFRFXDQGRORWRFR'HVSXpVGHFRQVLGHUDUPLSHUVRQDOODJXDUQL FLyQLPSHULDOWDQWRDTXtFRPRHQORVFHQWURVLPSRUWDQWHVGHOSOD QHWD\DOJXQDYLVLWDHVSRUiGLFDFRPRODVX\DVHDJRWDWRGRHOWRTXH GHFXOWXUDFHQWUDOGHOTXHXVWHGKDEOD$SDUHQWDVHUPX\HVFDVR

7RPDURQDVLHQWRHQODFROXPQDWDPLHQWUDVPRUtDODWDUGHHO PRPHQWRGHOGtDHQHOTXHHOVROULHODEDHQVXGHVFHQVRKDFLDODV PXHVFDVGHQLHEODSXUS~UHDGHOKRUL]RQWH\FXDQGRHODPELHQWHSDUH


FtDWDQFDUJDGRGHODURPDDSODQWDVHQFUHFLPLHQWRTXH ORVPRYLPLHQ WRVGHODLUHHUDQVLPSOHVVXVSLURVGHHVIXHU]R 1DWXUDOPHQWHQRHUDPX\FRUUHFWRQLVLTXLHUDSDUDHOSURFXUD GRUPRVWUDUH[FHVLYDFXULRVLGDGSRUORVDFWRVGHXQLQYLWDGRSHUR KD\TXHWHQHUHQFXHQWDODLQKXPDQLGDGTXHUHSUHVHQWDHODLVODPLHQ WRFRQVWDQWHGHO,PSHULR ³¢3LHQVDTXHGDUVHDOJ~QWLHPSRGRFWRU$UYDUGDQ"³SUHJXQWy (QQLXV

³2KGLItFLOPHQWHSXHGRDVHJXUDUOR7DQWRWLHPSRFRPRFRQVL GHUHSUHFLVRTXHHVXQDUHVSXHVWDLQGHILQLGDPHWHPR&RP SUHQGDFXDQGRVHEXVFDDOJRGHQDWXUDOH]DGHVFRQRFLGD\TXHQR HVWDPRVVHJXURVGHUHFRQRFHUFXDQGRORHQFRQWUHPRVRGHLQWHUSUH WDUORGHVSXpVGHUHFRQRFHUORRGHFRQYHQFHUDRWURVGHODFRUUHFFLyQ GHQXHVWUDVLGHDVR3HUR¢FyPRPHKHPHWLGRHQHVWHDWROODGHUR SURFXUDGRU" ³0HSDUHFHGHGXFLUFLHUWDFRQIXVLyQ³GLMR(QQLXVVRQULHQWH

³<ODKD\0XFKDFRQIXVLyQ7DOYH]XQDSDUWHVHDFODUHHQ FXDQWRSXHGDPHWHUODVQDULFHVHQHOSDVDGRSUHKLVWyULFRGHHVWH SODQHWD (QQLXVDO]yODVFHMDV

³¢3RUTXpHVWHSODQHWD"6LDOJ~QSXQWRGHODJDOD[LDFDUHFHGH KLVWRULDHVpVWH

³3XHGHSDUHFHUORSHURFUHRTXHORHQWLHQGHXVWHGDOUHYpV(VWH PXQGRHVIUDQFDPHQWHH[WUDRUGLQDULR

³(QDEVROXWR³GLMRWHQVDPHQWHHOSURFXUDGRU³HVXQPXQGR IUDQFDPHQWHYXOJDU0iVRPHQRVXQDSRFLOJDGHPXQGRRXQDJX MHURWHUULEOHRXQOXJDULQPXQGRRFDVLFXDOTXLHUSDODEUDGHVSUHFLD WLYDTXHTXLHUDXVDUVH<SHVHDWDQWRUHILQDPLHQWRGHODVFRHO SODQHWDQLVLTXLHUDSXHGHGHVWDFDUHQYLOODQtDVLPSOHPHQWHVLJXH VLHQGRXQPXQGRFDPSHVLQRRUGLQDULRWRVFR ³3HUR³REMHWy$UYDUGDQKDVWDFLHUWRSXQWRVRUSUHQGLGRSRUHO YLJRUGHODVDILUPDFLRQHVLQFRKHUHQWHVFRQODVTXHHOSURFXUDGRUOH DFRVDED³HOSODQHWDHVUDGLDFWLYR ³%LHQ¢\TXp"9DULRVPLOHVGHSODQHWDVGHODJDOD[LDVRQUDGLDF WLYRV\DOJXQRVPXFKRPiVTXHOD7LHUUD

(QHVWHSUHFLVRPRPHQWRHOPRYLPLHQWRVXDYH\GHVOL]DQWHGHOD YLWULQDPyYLOTXHVHGHWXYRDODOFDQFHGHODPDQRGHORVGRVKRP EUHVDWUDMRVXDWHQFLyQ(QQLXVVHxDOyODYLWULQD


³¢4XpSUHILHUH"³SUHJXQWy

³1RVR\H[LJHQWH 8QUHIUHVFRGHOLPDVLSXHGHVHU

³(VRSXHGHDUUHJODUVH/DYLWULQDWHQGUiORVLQJUHGLHQWHV¢&RQ RVLQ&KHQVH\" ³6yORXQDSL]FD³GLMR$UYDUGDQ\DO]y\FDVLMXQWyORVGHGRV SXOJDUHtQGLFHGHXQDPDQR ³/RWHQGUiGHQWURGHXQPRPHQWR

(QDOJXQDSDUWHGHODVHQWUDxDVGHODYLWULQDHQWUyHQDFFLyQHO SURGXFWRPHFiQLFRTXL]iPiVXQLYHUVDOPHQWHSRSXODUGHOLQJHQLR KXPDQRXQFDPDUHURQRKXPDQRFX\DDOPDHOHFWUyQLFDQRPH]FODED LQJUHGLHQWHVXVDQGRYDVLWRVJUDGXDGRVVLQRFRQWDQGRiWRPRVFX\DV SURSRUFLRQHVHUDQVLHPSUHSHUIHFWDV\DOTXHQLWRGDODDUWHVDQtDPiV LQVSLUDGDGHDOJXLHQPHUDPHQWHKXPDQRSRGtDLJXDODU /RVYDVRVDOWRVVXUJLHURQFRPRGHODQDGDDOPHQRVDVtORSDUH FLy\DTXHHVWDEDQDJXDUGDQGRHQODVFDYLGDGHVDSURSLDGDV

$UYDUGDQFRJLyHO YHUGH\GXUDQWHXQLQVWDQWHSUREyODIULDOGDG GHOYDVRHQVXPHMLOOD/XHJRVHOOHYyHOERUGHDORVODELRV\EHELy

³3HUIHFWR³GLMR'HMHOYDVRHQHOVRSRUWHGHOEUD]RGHVX VLOOyQ\DxDGLy³0LOHVGHSODQHWDVUDGLDFWLYRVSURFXUDGRUWDOFRPR XVWHGGLFHSHURVyORXQRGHHOORVHVWiKDELWDGReVWHSURFXUDGRU ³%LHQ³(QQLXVFKDVTXHyORVODELRVSRUHQFXPDGHOYDVR\SD UHFLySHUGHUSDUWHGHVXEUXVTXHGDGFRQODVXDYLGDGGHODEHELGD³ 7DOYH]VHDH[WUDRUGLQDULRHQHVHVHQWLGR(VXQDGLVWLQFLyQQDGDHQ YLGLDEOH

³6XVLQJXODULGDGQRUHVLGHVRODPHQWHHQHVHGHWDOOH³$UYDUGDQ KDEODEDDQLPDGDPHQWHHQWUHWUDJR\WUDJR³(VDOJRPiV/RVELyOR JRVKDQGHPRVWUDGRRDILUPDQKDEHUORKHFKRTXHODYLGDQRVH GHVDUUROODUiHQSODQHWDVGRQGHHOQLYHOUDGLDFWLYR GHODDWPyVIHUD\ ORVPDUHVVXSHUHGHWHUPLQDGRSXQWR/DUDGLDFWLYLGDGGHOD7LHUUD VXSHUDGLFKRSXQWRSRUXQPDUJHQFRQVLGHUDEOH

³,QWHUHVDQWH1RORVDEtD<RGLUtDTXHHVDHVODSUXHEDGHILQLGD GHTXHODYLGDWHUUHVWUHHVIXQGDPHQWDOPHQWHGLVWLQWDGHODGHOUHVWR GHODJDOD[LD

³1LPXFKRPHQRV³IXHODYHKHPHQWHUHVSXHVWD³eVHHVHO SXQWRGHYLVWDDQWLJXRWRWDOPHQWHUHIXWDGRSURFXUDGRU7RGDIRUUQD GHYLGDHVHQHVHQFLDLGpQWLFDSRUFXDQWRVHEDVDHQFRPSOHaRV SURWHtQLFRVHQGLVSHUVLyQFRORLGDO/RGHQRPLQDPRVSURWRSODVPD<


HOHIHFWRGHODUDGLDFWLYLGDGDOTXHDFDERGHUHIHULUPHVHEDVDHQOD PHFiQLFDFXiQWLFDGHODPROpFXODGHSURWHtQD7RGRHOORHVYiOLGR SDUDXVWHGSDUDPtSDUDORVWHUUHVWUHVODVDUDxDV\ORVJpUPHQHV ´9HUiODVSURWHtQDVFRPRVHJXUDPHQWHQRKDUiIDOWDTXHOHH[ 

SOLTXHVRQDJUXSDPLHQWRVPX\FRPSOHMRVGHDPLQRiFLGRV\RWURV FRPSXHVWRVHVSHFLDOL]DGRVRUGHQDGRVHQLQWULQFDGDVHVWUXFWXUDVWUL GLPHQVLRQDOHVWDQLQHVWDEOHVFRPRORVUD\RVGHOVROHQXQGtDQX EODGR/DYLGDHVSUHFLVDPHQWHHVDLQHVWDELLLGDGSXHVWRTXHVLHPSUH FDPELDVXSRVLFLyQHVIRU]iQGRVHHQFRQVHUYDUVXLGHQWLGDGLJXDO TXHXQDYDUDODUJDVXVSHQGLGDHQODQDUL]GHXQDFUyEDWD

3HURHVWDPDUDYLOORVDSURWHtQDGHEHVXUJLUDQWHVGHPDWHULDLQRU JiQLFDSDUDTXHDVtVHDSRVLEOHODYLGD'HVGHHOSULQFLSLRPLVPR SRUODLQIOXHQFLDGHODHQHUJtDUDGLDQWHGHOVRO\HQODVLQPHQVDV VROXFLRQHVTXHGHQRPLQDPRVRFpDQRVODVPROpFXODVRUJiQLFDVDX PHQWDQJUDGXDOPHQWHVXFRPSOHMLGDGSDVDQGRGHPHWDQRDIRUPDO GHKtGRD]~FDUHV\IpFXODVHQXQDGLUHFFLyQ\GHXUHDDDPLQRiFLGRV \SURWHtQDVHQRWUD(VFXHVWLyQGHD]DUGHVGHOXHJR\HOSURFHVRHQ XQSODQHWDSXHGHWDUGDUPLOORQHVGHDxRV\HQRWURFLHQWRV6HKD GHPRVWUDGRTXHPLOORQHVHVFRQPXFKRODFLIUDSUREDEOH

´%LHQORVTXtPLFRVHVSHFLDOL]DGRVHQILVLFRTXtPLFDRUJiQLFDKDQ DYHULJXDGRFRQJUDQH[DFWLWXGHOSURFHVRDOUHVSHFWR\HQSDUWLFXODU ODHQHUJpWLFDGHOPLVPR\VHVDEHDFLHQFLDFLHUWDTXHYDULDVHWDSDV FUXFLDOHVUHTXLHUHQDXVHQFLDGHHQHUJtD UDGLDQWH6LHOOROHSDUHFH UDURSURFXUDGRUVyORSXHGRGHFLUOHTXHODIRWRTXtPLFDODTXtPLFD GHODVUHDFFLRQHVSURYRFDGDVSRUODHQHUJtDUDGLDQWHHVXQDUDPD PX\GHVDUUROODGDGHODFLHQFLD\H[LVWHQLQQXPHUDEOHVFDVRVGHUHDF FLRQHVPX\VHQFLOODVTXH VLJXHQXQDGLUHFFLyQGHODVGRVSRVLEOHV VHJ~QVLVHSURGXFHQHQSUHVHQFLDRDXVHQFLDGHFXDQWRVGHHQHUJtD OXPLQRVD

´(QSODQHWDVQRUPDOHVHOVROHVOD~QLFDIXHQWHGHHQHUJtDUD GLDQWH$ODEULJRGHODVQXEHVRSRUODQRFKHORVFRPSXHVWRVGH FDUERQR\QLWUyJHQRVHFRPELQDQ\UHFRPELQDQHQODVIRUPDVSRVLEL OLWDGDVSRUODDXVHQFLDGHHVDVPLQ~VFXODVIUDFFLRQHVGHHQHUJtDODQ]D GDVHQWUHHOORVSRUHOVROFRPRERODVHQWUHXQQ~PHURLQILQLWRGH ERORVLQILQLWHVLPDOHV ´3HURHQORVPXQGRVUDGLDFWLYRVFRQVRORVLQpOFXDOTXLHUJRWD GHDJXDLQFOXVRHQODQRFKHPiVRVFXUDLQFOXVRDGLH]NLOyPHWURVGH SURIXQGLGDGFXDOTXLHUJRWDGHDJXDFKLVSHD\UHERVDGHYHORFHV UD\RVJDPPDH[FLWDORViWRPRVGHFDUERQRORVDFWLYDVHJ~QGLFHQ ORVTXtPLFRV\IXHU]DDODVUHDFFLRQHVDSURVHJXLUVyORGHFLHUWDV IRUPDVIRUPDVTXHMDPiVSURGXFHQYLGD<ORFUHDRQRH[LVWHQ SUXHEDVPDWHPiWLFDVULJXURVDV\WDPELpQH[SHULPHQWDOHVGHWRGRLR


DQWHULRU

/DEHELGDGHODUTXHyORJRVHKDEtDDFDEDGR$UYDUGDQGHMyHO YDVR YDFtRHQODLQPyYLOYLWULQD(OYDVRGHVDSDUHFLyDOLQVWDQWH ³¢2WUR"³SUHJXQWy(QQLXV

³3UHJ~QWHPHORGHVSXpVGHFHQDU³GLMR$UYDUGDQ³'HPR PHQWR\DWHQJREDVWDQWH

<(QQLXVWRTXHWHyFRQXQDUHOXFLHQWHXxDHOEUD]RGHVXVLOOyQ

³/RJUDTXHHOSURFHVR SDUH]FDUHDOPHQWHIDVFLQDQWH³GLMR³ SHURVLWRGRHVFRPRXVWHGDILUPD¢TXpPHGLFHGHODYLGDHQOD 7LHUUD"¢&yPRVHRULJLQyHVDYLGD "

O ³%LHQSXHV)tMHVHKDVWDXVWHGHPSLH]DDH[WUDxDUVH3RUHVR HOWHPDHVWDQIDVFLQDQWH

³$PHQRV³GLMR(QQLXVPLHQWUDVVHDO]DEDGHKRPEURV³TXH ODVSUXHEDVPDWHPiWLFDVULJXURVDVTXHXVWHGPHQFLRQDVHDQOLJHUD PHQWHHUUyQHDV(VVRUSUHQGHQWHFXiQWDULJXURVLGDGFLHQWtILFDKD IDOODGRHQHOSDVDGR ³£0X\FLHUWR3HURODPDWHPiWLFDULJXURVDKDUHVLVWLGRPXFKR PiVTXHIUDFDVDGR\HQHOFDVRGHOD7LHUUDKD\XQDH[SOLFDFLyQ PX\IDFWLEOH ³$KGHEtLPDJLQiPPHOR7LHQHXQDKLSyWHVLVIDYRULWD

³([DFWR³FRQYLQR$UYDUGDQ³\HVVHQFLOOD/DUDGLDFWLYLGDG TXHVXSHUDHOPtQLPRUHTXHULGRKDVWDLPSHGLUODDSDULFLyQGHYLGDQR EDVWDSDUDGHVWUXLUYLGD\DIRUPDGD3RGUtDPRGLILFDUODSHURQROD GHVWUXLUiH[FHSWRVLHOQLYHOUDGLDFWLYRHVHQRUPHPHQWHDOWR9HUiODV UHDFFLRQHVTXtPLFDVDOUHVSHFWRVRQGLVWLQWDV(QHOSULPHUFDVRKD\ TXHHYLWDUTXHVHIRUPHQPROpFXODVVLPSOHV\ HQHOVHJXQGRKD\TXH GHVFRPSRQHUPROpFXODVFRPSOHMDV\DIRUPDGDV1RHVORPLVPRQL PXFKRPHQRV ³1RYHRODDSOLFDFLyQGHWRGRHOOR³GLMR(QQLXV

³¢1RHVREYLR"/DYLGDHQOD7LHUUDVHIRPPyDQWHVGHTXHHO SODQHWDIXHUDUDGLDFWLYR0LTXHULGRSURFXUDGRUVHWUDWDGHOD~QLFD H[SOLFDFLyQTXHQRLPSOLFDQHJDUODUHDOLGDGGHODYLGDHQOD7LHUUDQL QHJDUWHRUtDVTXtPLFDVHQFDQWLGDGVXILFLHQWHSDUDWUDVWRUQDUODPLWDG GHODFLHQFLD (QQLXVFRQWHPSOyKRUURUL]DGRDODUTXHyORJR


³3HURQRSXHGHKDEODU HQVHULR ³¢3RUTXpQR"

³3RUTXH¢FyPRSXHGHKDFHUVHUDGLDFWLYRXQSODQHWD"/DYLGDGH ORVHOHPHQWRVTXtPLFRVUDGLDFWLYRVGHODFRUWH]DGHOSODQHWDHVGH PLOORQHVGHDxRV'HEHQGHKDEHUH[LVWLGRLQGHILQLGDPHQWHHQHOSD VDGR

³3HURH[LVWHDOJROODPDGR UDGL¢OFWLYLGDGDUWLILFLDOSURFXUDGRU LQFOXVRHQSURSRUFLRQHVLQPHQVDV+D\PLOHVGHUHDFFLRQHVQXFOHDUHV FRQHQHUJtDVXILFLHQWHSDUDFUHDUWRGDFODVHGHLVyWRSRVUDGLDFWLYRV6L VXSRQHPRVTXHORVVHUHVKXPDQRVSXHGHQDSOLFDUDOJ~QWLSRGHUHDF FLyQQXFOHDUHQODLQGXVWULDVLQFRQWURODGHFXDGRRLQFOXVRHQOD JXHUUDVLXVWHGHVFDSD]GHLPDJLQDUXQDJXHUUDTXHDFRQWHFHHQXQ VRORSODQHWDODPD\RUSDUWHGHOVXHORVHFRQYHUWLUtDHQPDWHULDO DUWLILFLDOPHQWHUDGLDFWLYR¢4XpRSLQDGHHVR" (OVROKDEtDH[SLUDGRVDQJULHQWDPHQWHHQODVPRQWDxDV\ODHQMXWD FDUDGH(QQLXVDSDUHFtDURML]DDFDXVDGHORVUHIOHMRV6RSODEDOD VXDYHEULVDGHODWDUGHFHU\HQORVWHUUHQRVSDODFLHJRVHODGRUPHFLGR PXUPXOORGHODVYDULHGDGHVGHLQVHFWRVFXLGDGRVDPHQWHVHOHFFLRQD GDVHUDPiVVHGDQWHTXHQXQFD

³7RGRPHSDUHFHPX\DUWLILFLDO³GLMR(QQLXV³8QDKLSyWHVLV XGKRFLGHDGDSDUDH[SOLFDUKHFKRVSHURPX\LPSUREDEOH3RUHMHP SORPHUHVXOWDLPSRVLEOHLPDJLQDUHOXVRGHUHDFFLRQHVQXFOHDUHVHQ ODJXHUUDRSHUPLWLUTXHHVFDSHQDOFRQWUROKXPDQRKDVWDHVHSXQWR GHQLQJXQDPDQHUD%LHQVLXVWHGKXELHUDKDEODGRGHUDGLDFLRQHV VXEHWpULFDV ³8VWHGVXEHVWLPDODVUHDFFLRQHVQXFOHDUHVSRUTXHYLYHHQHO SUHVHQWH3DUDXVWHGODVUHDFFLRQHVQXFOHDUHVVRQFRPRFRPRHO IXHJR'HVWUXFWLYDVSHURFRQWURODEOHV(QHOFDVRGHOIXHJRHQOD FRQVWUXFFLyQSXHGHQXVDUVHPDWHULDOHVDSUXHEDGHLQFHQGLR3RGH PRVHPSOHDUDJXDWLHUUDGLy[LGRGHFDUERQRWHWUDFORUXURGHFDU ERQRQLWUyJHQRHWFpWHUD3HUR¢\VLDOJXLHQRDOJ~QHMpUFLWR XVDUD HOIXHJRVLQVDEHUFyPRGRPLQDUOR"%LHQDSOLTXHHVRDODVUHDFFLR QHVQXFOHDUHV ³£+XP³UHSXVR(QQLXV³XVWHGKDEODFRPR6KHNW ³¢4XLpQHV6KHNW"

$UYDUGDQDO]yODPLUDGDUiSLGDPHQWH

³8QWHUUHVWUH%LyORJR(QFLHUWDRFDVLyQPHH[SOLFyTXHOD 7LHUUDSRGUtDQRKDEHUVLGRVLHPSUHUDGLDFWLYD

³£$K%LHQQRHVDQRUPDO\DTXHODWHRUtDQRHVPtDFLHUWD


PHQWH$SDUHFHHQ(OOLEURGHORV$QWLJXRVODKLVWRULDWUDGLFLRQDOR PtWLFDGHOD7LHUUDSUHKLVWyULFD<RHVWR\UHILULpQGRPHDORTXHH[ SOLFDHOOLEURFRQODH[FHSFLyQGHTXHWUDGX]FRVXIUDVHRORJtDEDV WDQWHHOtSWLFDSRUIUDVHVFLHQWtILFDVHTXLYDOHQWHV ³¢(OOLEURGHORV$QWLJXRV"³(QQLXVUHIOHMDEDVRUSUHVD\ FLHUWDLQTXLHWXG³¢'yQGHORFRQVLJXLy"

³1RIXHIiFLOSHURORFRQVHJXt$OJXQRVFDStWXORVDOPHQRV ¢3RUTXpORSUHJXQWD"

³(VXQOLEURYHQHUDGRSRUXQDVHFWDUDGLFDOGHWHUUHVWUHV\ORVQR DILOLDGRVWLHQHQSURKLELGDVXOHFWXUD1RPHJXVWDUtDWHQHUTXHLQIRU PDUGHOKHFKRGHTXHXVWHGOROH\yDOPHQRVQRPLHQWUDVVHHQFXHQ WUHDTXt+D\JHQWHGHIXHUDGHOD7LHUUDTXHKDVLGROLQFKDGDSRU PXFKRPHQRVTXHHVR ³/RGLFHFRPRVLHOSRGHUMXGLFLDOGHO,PSHULRIXHUDGHIHFWXRVR DTXL ³/RHVHQFDVRVGHVDFULOHJLR$EXHQHQWHQGHGRUFRQSRFDV SDODEUDVEDVWDQSURIHVRU$UYDUGDQ

'HXQPHORGLRVRFDULOOyQEURWyXQDQRWDYLEUDQWHTXHSDUHFLy DUPRQL]DUFRQORVVXVXUURVGHORViUEROHV(OVRQLGRVHDSDJySRFRD SRFRSHUVLVWLyFRPRVLHVWXYLHUDHQDPRUDGRGHODPELHQWH (QQLXVVHOHYDQWy

³&UHRTXHHVKRUDGHFHQDU6LWLHQHODERQGDGGHDFRPSD xDUPHFDEDOOHURUHFLELUiODSRFDKRVSLWDOLGDGTXHHVWDFiVFDUDGH ,PSHULRHQOD7LHUUDSXHGHRIUHFHU ,DRFDVLyQGHFHOHEUDUXQEDQTXHWHVHSUHVHQWDEDFRQSRFDIUH FXHQFLD&XDOTXLHUH[FXVDSRULQVLJQLILFDQWHTXHIXHVHVHDSURYH FKDED/RVSODWRVIXHURQQXPHURVRVHODPELHQWHHVSOpQGLGR\ODV PXMHUHVHQFDQWDGRUDV<KD\TXHDxDGLUTXHHOSURIHVRU%HO$UYDU GDQGH%DURQQIXHDODEDGRKDVWDHOSXQWRGHODHPEULDJXH] (OLQYLWDGRVDFySURYHFKRGHVXDXGLHQFLDUHSLWLHQGRJUDQSDUWH GHORTXH \DOHKDEtDGLFKRD(QQLXV6XVSDODEUDVIXHURQDFRJLGDV

   FRQDJUDGHFLGDVSDOSLWDFLRQHVGHH[FLWDFLyQPXFKRVVXVXUURV\H[FOD PDFLRQHVWRGRHOORDFRPSDxDGRGHSUHJXQWDVSURIXQGDVVLELHQDP SXORVDVSRUSDUWHGHORVYDURQHV\FKLOOLGRV\VREUHVDOWRVSRUSDUWHGH ODVGDPDV

)XHXQp[LWRFRPSOHWRVLVHH[FHSW~DTXH(QQLXVSHUPDQHFLy VHQWDGRGXUDQWHWRGDODFHQDFRQXQDVRQULVDIRU]DGDHQORVODELRVXQ


JHVWRGHQHUYLRVLVPRPiVFODURLQFOXVRTXHODVVXDYHVDUUXJDVGHVX IUHQWH <PiVWDUGHXQDGDPDHVPHUDOGLQDVHGLULJLyDOLQYLWDGR

³3HURSURIHVRU$UYDUGDQ³GLMRPLHQWUDVVXSHFKRVHDO]DED FRPRXQFRMtQURVDGR\EODQFR³¢UHDOPHQWHHVSHUDGHPRVWUDUVX WHRUtDDTXt"

³(V SRVLEOH³UHSOLFyDOHJUHPHQWHHODOXGLGR³9R\DLQYHVWLaDU ODV]RQDVUDGLDFWLYDV6LGHVFXEURUHOLTXLDV\DUWHIDFWRVKXPDxRV DTXt¢TXpRWUDGHGXFFLyQH[WUDHUVLQRODH[LVWHQFLDGHYLGDDQWHVGH ODUDGLDFWLYLGDG" 3UHFLVDPHQWHGXUDQWHHVWDEUHYHDORFXFLyQVHDSDJyODH[FLWDFLyQ a\ODFKiFKDUDGHPRGRTXHDOILQDOHODUTXHyORJRPLUyDOUHGHGRU H[WUDxDGRSRUHOIQ R\UHSHQWLQRVLOHQFLR ³¢&UHHTXHHVRHVSUXGHQWHFDEDOOHUR"³SUHJXQWyODFyQLFD PHQWHXQKRPEUHTXHYHVWtDXQLIRQPHPLOLWDU $UYDUGDQDO]yODVFHMDV

³%LHQODUDGLDFWLYLGDGQRHVWDQSHOLJURVD,UHPRVFRQH[WUHPD SURWHFFLyQ\KDUHPRVXVROLEHUDOGHGLVSRVLWLYRVPHFiQLFRVGHODUJR DOFDQFHHVSHFLDOHVSDUDLQYHVWLJDFLRQHVDUTXHROyJLFDV(OULHVJRVHUD HVFDVR (QQLXVVHLQFOLQyKDFLDpO

³(VWR\VHJXURGHTXHHOFRURQHOQRVHUHIHUtDDODUDGLDFWLYLGDG ³OHGLMRHQWRQRVLJQLILFDWLYR³6HUHIHUtDDTXHHOSULPHUPLQLVWUR QRSHUPLWLUiQLQJXQDYLRODFLyQGHODV]RQDVSURKLELGDVTXHVRQWRGDV ODVUDGLDFWLYDV\DOJXQDVPiV $UYDUGDQIUXQFLyHOFHxR

³%LHQQRFUHRTXHHVRGHEDSUHRFXSDUQRVSURFXUDGRU7HQJR XQPDQGDWRGHDXWRUL]DFLyQGHOHPSHUDGRU\PLLQYHVWLJDFLyQHVGH JUDQYDORUSDUDODFLHQFLD 3HURHOSURFXUDGRUPHQHyODFDEH]D

³8QPDQGDWRGHDXWRUL]DFLyQQRVHUYXUiGHQDGD1LHOPLVPR HPSHUDGRUSRGUtDHQWUDUHQODV]RQDVUDGLDFWLYDVVLQSHUPLVRGHO SULPHUPLQLVWURRVLQGHFODUDUODJXHUUDDORVIDQiWLFRVGHOD7LHUUD 6HSURGXMRXQPXUPXOORJHQHUDOGHDFXHUGR

³(QUHDOLGDG³FRQWLQXy(QQLXV³VLTXLHUHDFHSWDUPLPX\XU


JHQWHDYLVRUHQXQFLHDODLGHD\PiUFKHVH

'HHVHPRGRODFHQDFRQFOX\yFRQXQWRQRPX\DSDJDGR 2VFXUHFLPLHQWRDODGHUHFKD

3RUODVQRFKHVHOSDODFLRGHOSURFXUDGRUVHJXtDVLHQGRSUiFWLFD PHQWHHOPLVPRPXQGRPDUDYLOORVR/DVIORUHVQRFWXUQDV QLQJXQD RULJLQDULDGHOD7LHUUD DEUtDQVXVJUXHVRVSpWDORVEODQFRVIRUPDQGR IHVWRQHVTXHH[WHQGtDQVXGHOLFDGDIUDJDQFLDKDVWDORVPLVPRVPXURV GHOSDODFLR&RQODOX]GHODOXQDSRODUL]DGDODVKHEUDVGHVLOLFDWR DUWLILFLDOWUDPDGDVGLHVWUDPHQWHHQODLQPDFXODGDDOHDFLyQGHDODEDV WURGHODHVWUXFWXUDGHOSDODFLRGHVSHGtDQGHVWH8RVGHVXDYHFRORU YLROHWDVREUHHOIRQGROHFKRVRGHORVDOUHGHGRUHV (QQLXVFRQWHPSOyODVHVWUHOODV3DUDpOHUDQODDXWpQWLFDEHOOH]D SXHVWRTXHFRQVWLWXtDQHO,PSHULR

(OFLHORWHUUHVWUHHUDGHWLSRLQWHUPHGLR1RSRVHtDODJORULDLUUH VLVWLEOHGHORVFLHORVGHORVPXQGRVFHQWUDOHVGRQGHODVHVWUHOODVVH FRGHDEDQHQULYDOLGDGWDQFHJDGRUDTXHHOQHJURGHODQRFKHFDVLVH SHUGtDHQODFRUXVFDQWHH[SORVLyQOXPLQRVD<WDPSRFRSRVHtDOD VROLWDULDJUDQGH]DGHORVFLHORVGHODSHULIHULDGRQGHODQHJUXUDXQL IRUPHTXHGDEDLQWHUUXPSLGDDJUDQGHVLQWHUYDORVSRUODOX]PRUWH FLQDGHDOJXQDHVWUHOODKXpUIDQDFRQODOHFKRVDIRUPDOHQWLFXODUGHOD JDOD[LDH[WHQGLGDDWUDYpVGHOFLHORODVHVWUHOODVVROLWDULDVVHSHUGtDQ HQHOSROYRGLDPDQWLQR (QOD7LHUUDHUDQYLVLEOHVGRVPLOHVWUHOODV(QQLXVUHFRQRFLy6L ULRDOUHGHGRUGHODFXDOJLUDEDXQRGHORVGLH]SODQHWDVPiVJUDQGHV GHL,PSHULR<$UWXURQDWXUDOPHQWHFDSLWDOGHOVHFWRUGRQGHKDEtD QDFLGRpO(OVROGH7UDQWRUPXQGRFHQWUDOGHO,PSHULRHVWDED SHUGLGRHQDOJXQDSDUWHGHOD9tD/iFWHD,QFOXVRREVHUYiQGRORFRQ XQWHOHVFRSLRVHJXtDIRQPDQGRSDUWHGHOUHVSODQGRUJHQHUDO (OSURFXUDGRUQRWyXQDEODQGDPDQRHQVXKRPEUR\ODVX\DVH DO]ySDUDWRPDUOD ³¢)ORUD"³PXVLWy

³¢2UGHQRTXHWUDLJDQHOGHVD\XQRDTXt(QQLXV"³VRQyODYR] HQSDUWHGLYHUWLGDGHVXHVSRVD³¢6DEHVTXHHVWiDSXQWRGHDPD QHFHU"

³¢'HYHUGDG"³(OSURFXUDGRUOHVRQULyFDULQRVDPHQWH\EXVFy DWLHQWDVHQODRVFXULGDGHODUHWHPDUUyQVXVSHQGLGRFHUFDGHOD PHMLOODGH)ORUD/HGLRXQVXDYHWLUyQ³¢<GHEHVHVSHUDQPHOHYDQ WDGD\RVFXUHFHUORVRMRVPiVKHQPRVRVGHODJDOD[LD" )ORUDDSDUWyODFDEH]DDQWHVGHUHSOLFDU


³7~PLVPRWUDWDVGHRVFXUHFHUORVFRQWXVOLVRQMDV³GLMRGXO FHPHQWH³SHUR\DWHKHYLVWRDVtRWUDVYHFHV¢4XpWHSUHRFXSDHVWD QRFKHTXHULGR" (QQLXVPHQHyODFDEH]DHQODRVFXULGDG

³1RORVp³UHVSRQGLy³&UHRTXHORTXHILQDOPHQWHPHDEXUUH HVODDFXPXODFLyQGHSHTXHxRVGHWDOOHV3ULPHURIXHHODVXQWRGH 6KHNW\VXVLQDSVLILFDGRU\DKRUDHVDWRUSH]D\HVWXSLGH]WRWDOSRU SDUWHGHOJRELHUQR<RWUDVFRVDVRWUDVFRVDV2K¢SDUDTXp )ORUD"$TXtQRKDJRQDGDEXHQR ³,QGXGDEOHPHQWHHVWDKRUDGHODPDxDQDQRHVPRPHQWRSDUD SRQHUDSUXHEDWXPRUDO 3HUR(QQLXV\DHVWDEDKDEODQGRFRQORVGLHQWHVDSUHWDGRV

³£(VWRVWHUUHVWUHV¢3RUTXpWDQSRFRVKRPEUHVVRQXQDFDUJD WDQJUDQGHSDUDHO,PSHULR"6RQSHQGHQFLHURV\WHUFRV\DOPLVPR

O WLHPSRDVWXWDPHQWHSUHFLVRVDODKRUDGHLUQSRUWXQDUFRPRVLVXSLH UDQSRULQVWLQWRFXiOHVVRQQXHVWUDVGHELOLGDGHV)ORUD¢WHDFXHUGDV FXDQGRPHQRPEUDURQSURFXUDGRUORVFRQVHMRVTXHUHFLEtGHOYLHMR )DURXOHOTXHPHSUHFHGLyVREUHODGLILFXOWDGGHOFDUJR"eOHVWDED HQORFLHUWR7RWDOPHQWH³+L]RXQDSDXVDVHVXPLyHQVXVSHQVD PLHQWRV\ILQDOPHQWHVLJXLyKDEODQGRGHXQWHPDTXHHQDSDULHQFLD QDGDWHQtDTXHYHU³3HURVLKD\DOJRFODURHVTXHHOUHVHQWLPLHQWR GHHVWRVWHUUHVWUHVORVKDOOHYDGRDVXHxRVGHUHEHOLyQ³0LUyD )ORUD³¢6DEHVFXiOHVODGRFWULQDGHOD6RFLHGDGGH$QWLJXRVGHOD 7LHUUD"³OHSUHJXQWy³4XHOD7LHUUDIXHKDFHWLHPSRHO~QLFR KRJDUGHODKXPDQLGDGTXHHVHOFHQWURGHODUD]D\TXHDOJ~QGtD YROYHUiDVHUOR ³6t³GLMRHOODHQWRQRWUDQTXLOL]DGRU³/RVp

(QRFDVLRQHVFRPRpVWDVLHPSUHHUDPHMRUGHMDUTXH(QQLXVVH GHVIRJDUD(OODWDPELpQVDEtDHVR

³<HQUHDOLGDGH[LVWHQJUXSRVUDGLFDOHV³SURVLJXLyHOSURFXUD GRU³TXHDILUPDQTXHHVWHPtWLFR6HJXQGR5HLQRGHOD7LHUUDHVWi FHUFDTXHSUHYpQODGHVWUXFFLyQGHO,PSHULRHQXQDFDWiVWURIHJHQH UDOTXHGHMDUiDOD7LHUUDWULXQIDQWH\FRQWRGDODJORULDSULPLWLYD ³VXYR]VHTXHEUy³GHXQPXQGRUHWUDVDGREiUEDURHLQPXQGR 3HURHQORVGRV~OWLPRVDxRVQRKHPRVWHQLGRQRWLFLDGHHVRVJUXSRV ³$KHVRHVEXHQR

³1RHVRHVPDOR(VHOSULPHUSHTXHxRGHWDOOHTXHPHQFLRQR


0LHQWUDVORVIDQiWLFRVSXHGDQYHUWHUOLEUHPHQWHVXVDJXDVFORDFDOHV QDGLHORVWRPDUiHQVHULR1LQRVRWURVQLODSREODFLyQQRUPDOGHOD 7LHUUD3HURVLGHSURQWRORVVLOHQFLDQPLRSLQLyQHVTXHHOSULPHU PLQLVWURGHVHDTXHVXVGRFWULQDVQRDWUDLJDQODDWHQFLyQ\TXHHVR VyORSRGUiRFXUULUFXDQGRODVGRFWULQDVVHDQRILFLDOHV ³2K(QQLXV¢QRHVXQUD]RQDPLHQWRPX\WRUWXRVR"$GHPiV ¢TXpSXHGHQKDFHUHVRVGHVJUDFLDGRV"¢+D\TXHWRPDUORVWDQHQ VHULR"6HWUDWDGHVX~QLFDIXHQWHGHGLYHUVLyQHVHVXHxRIDQWiVWLFR TXHWLHQHQHOORVGHGRPLQDUHOPXQGR¢3RUTXpSULYDUORVGHHVH VXHxR" ³%LHQHVRQRHVWRGR3RUHMHPSOR¢TXpSDVDFRQHOVLQDSVLIL FDGRU"³(QQLXVPLUySHQVDWLYDPHQWHODGpELOOX]TXHHVWDEDFRQ TXLVWDQGRODSXOLGDQHJUXUDGHOFLHORWHUUHVWUH³6KHNWPHDVHJXUD TXHVXSURSyVLWRHVDXPHQWDUODFDSDFLGDGPHQWDOGHORVVHUHVKX PDQRV¢'LFHODYHUGDG"(LQFOXVRVLHVRIXHUDWRGR¢QRHVWDUi IXQFLRQDQGR\DHOLQVWUXPHQWRFRQWHUUHVWUHVDILQGHTXHGRVFLHQ WRVPLOORQHVGHSODQHWDVQRGLVIUXWHQGHODVLQPHQVDVSRVLELOLGDGHV GHXQRVROR" ³¢$XPHQWDQGRODLQWHOLJHQFLDGHWRGRVORVWHUUHVWUHV"6LQRPH HTXLYRFRGLMLVWHTXHHVRQRGDUtDUHVXOWDGR

³/RGLMR6KHNWQR\R<DKRUDpOHVWiLQWHUHVDGRHQUHKXLUPH /DVFDUWDVTXHOHHQYtRODVFRQWHVWDGHXQDIRUPDLPSHUVRQDO\FUHR TXHFRQODFHQVXUDGHSRUPHGLR6RQFDUWDVPX\H[WUDxDV,QWHQWH YLVLWDUOHKDFHXQPHVHQ&KLFDSHURIXHLPSRVLEOHORFDOL]DUORa0X\ FXULRVR<WRGRHVWRHVPX\HQLJPiWLFR\PX\ SUHRFXSDQWH <GLFKRHVWRVHYROYLyKDFLD)ORUD\DODGpELOOX]GHODVHVWUHOODV EXVFyDWLHQWDVVXVPDQRV

³(VF~FKDPH)ORUD³6XYR]HUDDSUHPLDQWH³(VDEVXUGRVH JXLUHVWDGLVFXVLyQ+D\PXFKDVFRVDVTXHQRVDEHV0XFKDVFRVDV TXHQRGHEHVVDEHU 3HURWHGLUpHVWRKDEUiXQDUHEHOLyQHQOD 7LHUUDVLPLODUDOOHYDQWDPLHQWRGHVDOYRTXHVHJXUDPHQWHVHUi SHRU3RUHVRHVWR\VHQWDGRDTXtDJXDUGDQGRODVDOLGDGHOVRO ³3HURVLHVWiVWDQVHJXUR¢(VWDPRVSUHSDUDGRV"

³L3UHSDUDGRV³/DULVDGH(QQLXVIXHPiVELHQXQODGULGR³ <RORHVWR\/DJXDUQLFLyQHVWiDOHUWDGD\ELHQSHUWUHFKD7RGR FXDQWRHUDSRVLEOHKDFHUFRQHOPDWHULDOGLVSRQLEOHORKHKHFKR 3HUR)ORUDQRPHLQWHUHVDTXHKD\DXQDUHEHOLyQ1RTXLHURTXHPL SURFXUDGXUtDTXHGHUHJLVWUDGDHQODKLVWRULDFRPRODSURFXUDGXUtDGH ODUHEHOLyQ1RTXLHURYHUPLQRPEUHYLQFXODGRDPXHUWH\FDQQLFH UtD0HFRQGHFRUDUiQSRUHOORSHURGHQWURGHXQVLJORORVOLEURVGH KLVWRULDPHGHQRPLQDUiQWLUDQRVDQJULHQWR¢4XpPHGLFHVGHOYLUUH\ GH6DQWDQQLHQHOVLJORVH[WR"¢3RGtDKDFHUDOJRPiVTXHORTXHKL]R"


5HFLELyKRQRUHVHQWRQFHVSHUR¢DKRUDTXLpQWLHQHXQDSDODEUDGH HORJLRSDUDpO"3UHIHULQ DTXHPHFRQRFLHUDQFRPRHOKRPEUHTXHHYL WyXQDVXEOHYDFLyQ\VDOYyODVGHVSUHFLDEOHVYLGDVGHHVWRVORFRV 6XWRQRHUDSRFRHVSHUDQ]DGR

³¢(VWiVVHJXURGHTXHDSHVDUGHWRGRQRSXHGHVKDFHUQDGD (QQLXV" )ORUDVHVHQWyMXQWRDpO\OHDFDULFLyFRQODVXxDVHOERUGHGHO PHQWyQ (QQLXVOHFRJLyODVPDQRV\ODVDSUHWyFRQIXHU]D

³¢&yPR"'HOLEHUDGDPHQWHHOJRELHUQRLPSHULDOKDHPSUHQGL GRHOSHRUFDPLQR¢3DUDTXpPDQGDQDTXtDHVHORFRD$UYDUGDQ" <DQRSXHGRKDFHUQDGD

³3HURTXHULGRQRFUHRTXHHVHDUTXHyORJRYD\DDKDFHUDOJR WDQWHUULEOH$GPLWRTXHSDUHFHXQPDQLiWLFRSHUR¢TXpGDxRSXHGH KDFHU" ³¢1RHVWiFODUR"4XLHUHTXHOHDXWRULFHQDHQWUDUHQODV]RQDV SURKLELGDV6HORLPSHGLUiQ ³%LHQ

³3HURQRVHORLPSHGLUp\R<RQRSXHGRKDFHUHVR&DVLWRGRHO PXQGRWLHQHODHVW~SLGDWHRUtDGHTXHORVYLUUH\HVSXHGHQKDFHU FXDOTXLHU FRVDSHURVHQFLOODPHQWHQRHVDVt(VHKRPEUHWLHQHXQ PDQGDWRGHDXWRUL]DFLyQGHOQHJRFLDGRGH3URYLQFLDV([WHULRUHV\ DSUREDGRSRUHOHPSHUDGRU&RQHVRTXHGRDQXODGR1RSXHGR KDFHUQDGDVLQDSHODUDO&RQVHMR&HQWUDO\HVROOHYDULDPHVHV¢< TXpUD]RQHVLEDDRIUHFHUOHV"<VLLQWHQWRGHWHQHUSRUODIXHU]DDO DUTXHyORJRHVWDUtDFRPHWLHQGRXQDFWRGHUHEHOGtD\\DVDEHVE GLVSXHVWRTXHHVWiHO&RQVHMR&HQWUDODGHVWLWXLUDFXDOTXLHUIXQFLR QDULRGHOTXHSLHQVHQTXHHVWiSDViQGRVHGHODUD\DDVtKD VLGR VLHPSUHGHVGHODJXHUUDFLYLOGHORVDxRVRFKHQWD¢'HTXpPHVHUYL UtDHVRSRUWDQWR"0HVXVWLWXLUtDQSRUDOJXLHQTXHGHVFRQRFLHUDWRWDa PHQWHODVLWXDFLyQ\$UYDUGDQSRGUtDVHJXLUDGHODQWHGHWRGRVPRGRV  ³+DVGLFKRTXHVHORLPSHGLUiQ



³£/RKDUiHOSULPHUPLQLVWUR<HQHVHFDVR¢FyPRYR\DFRQ YHQFHUORGHTXHQRVHWUDWDGHXQSODQRUJDQL]DGRSRUHOJRELHUQR TXHHO,PSHULRQRFRQVLHQWHVDFULOHJLRVGHOLEHUDGRV" aKLPSRVLEOHTXHpOVHDWDQTXLVTXLOORVR


³¢,PSRVLEOH"³(QQLXVVHHFKyKDFLDDWUiV\PLUyILMDPHQWHDVX HVSRVD/DQRFKHKDEtDFREUDGRXQFRORUDSL]DUUDGR\HQSDUWH )ORUDHUDYLVLEOH³7LHQHVXQDLQJHQXLGDGFRQPRYHGRUD1DWXUDO PHQWHTXHpOSXHGHVHUWDQTXLVTXLOORVR¢6DEHVTXHOD7LHUUDSRU HMHPSORQRWROHUDVLJQRVH[WHULRUHVGHGRPLQLRLPSHULDOHQVXSOD QHWDSRUTXHLQVLVWHQHQTXHOD7LHUUDHVSRUGHUHFKRHOJREHUQDQWH GHODJDOD[LD"(QFLHUWDRFDVLyQODLQVLJQLDGHOHPSHUDGRUVHKDOODED GHVSOHJDGDHQ:DVKHQQODVHGHGHODFiPDUDGHOFRQVHMRWHUUHVWUH WDOFRPRHVWiSUHVHQWHHQWRGDVODVFiPDUDVGHFRQVHMRVGHODJDOD[LD FRPRVtPERORGHXQLGDGLPSHULDO¢6DEHVTXpRFXUULy"7HORH[SOL FDUp/RVOXQiWLFRVODGHVJDUUDURQ\SRUODQRFKHWRGDHVDPLVHUDEOH FLXGDGVHKDEtDDO]DGRHQDUPDVFRQWUDQXHVWURVVROGDGRV$OILQDO WXYLPRVTXHFHGHU ³¢4XLHUHVGHFLUTXHQRYROYLHURQDSRQHUODLQVLJQLDLPSHULDO" ³SUHJXQWyHOODFRQDLUHGHLQFUHGXOLGDG

³-DPiVORKLFLHURQ3RUODVHVWUHOODVQR/D7LHUUDHVHO~QLFR SODQHWDHQWUHGRVFLHQWRVPLOORQHVTXHQRWLHQHLQVLJQLDHQVXFiPDUD GHOFRQVHMR<DKRUD$UYDUGDQLQWHQWDUiHQWUDUHQODV]RQDVSURKL ELGDV¢4XpHVWDUiQSHQVDQGRGHHVWRHQ7UDQWRU"<SHRUWRGDYtD HVHDUTXHyORJRHVWiSUHGLFDQGRODPLVPDGRFWULQDUDGLFDOTXHORV IDQiWLFRV(VHSURIHVRUFKLIODGRFUHHVLQFHUDPHQWHTXHOD7LHUUDHVHO SODQHWDQDWDOHOSODQHWDQDWDOGHODUD]DKXPDQD£$YLYDUHOIXHJRGH HVDIRUPDLPDJtQDWH7HJDUDQWL]RTXHpOHVVLQFHURSHURDXQTXH QRWXYLHUDWRGDODUD]yQ)ORUD¢TXpSXHGHQHVWDUSHQVDQGRHVRV YDJRVGHOQHJRFLDGRGH3URYLQFLDV([WHULRUHV" ³¢4XLHUHVH[SOLFDQPHVLQFHUDPHQWHXQDFRVD(QQLXV" ³6LSXHGR

³¢4XpHVSHUDVHQUHDOLGDG"1RHVWiVVLPSOHPHQWHSUHRFXSDGR FDULQRHVWiVDOERUGHGHOSiQLFR¢(VSHUDVXQDH[SORVLyQH[SHULPHQ WDO"¢2DOJRSHRU" (QQLXVHYLWyPLUDUDVXHVSRVD

³1RWHQJRPRWLYRVSDUDHVSHUDUDOJRSHRU

³3HURORVWLHQHV³)ORUDOHPLUyDQVLRVDPHQWHDODOX]GHODOED³ 1RGHEHUtDVRFXOWDQPHQDGD1RHVLQFRUUHFWRHVSHRUHVLQ~WLO7~ HVSHUDVDOJRSHRU

³)ORUDQRKHKDEODGRGHHVWRFRQQDGLH³+DEtDXQYLVRGH WRUWXUDHQVXVRMRV³1LVLTXLHUDHVXQDFRUD]RQDGD&XDWURDxRV HQHVWHSODQHWDSXHGHVHUGHPDVLDGRWLHPSRSDUDFXDOTXLHUKRPEUH TXHHVWpFXHUGR3HUR\RGLUtDTXHQLQJ~QSODQHWDFXHUGRSHQVDUtDHQ UHEHODUVHFRQWUDXQLPSHULRGHGRVFLHQWRVPLOORQHVGHPXQGRV


³/RKDQKHFKRDQWHULRUPHQWH

³6tSHURHVWDYH]SDUHFHQPX\FRQILDGRV³$O]yODFDEH]DFRQ YLYDVRUSUHVDFRPRVLDFDEDUDGHHQFRQWUDUODFODYHGHDOJRTXH KDEtDHOXGLGRVXFRPSUHQVLyQ<UHSLWLyHQpUJLFDPHQWH³(VRHV SDUHFHQFRQILDGRV3RUODVHVWUHOODVFUHHQUHDOPHQWHTXHSXHGHQ VDOLUVHFRQODVX\D0iVTXHHVR&UHHQTXHSXHGHQREOLJDUQRV &RPR\DVDEHV)ORUDHVWDJHQWHWLHQHVXVPLVWLFLVPRV'HEHQWHQHU ORVSDUDVRSRUWDUODUHDOLGDG¢(VSRVLEOHTXHHVWpQWDQDSHJDGRVDVX IHHQXQGHVWLQRRDOJXQDIXHU]DHQDOJRTXHVyORWLHQHVLJQLILFDGR SDUDHOORVDOJRTXHSXHGHSURSRUFLRQDUOHVODYLFWRULD" ´(VLPSRVLEOH0LUDDXQGDQGRSRUVXSXHVWRTXHHOWHUUHVWUH RUGLQDULRFUHDTXHDOJ~QGtDHOGHVWLQRGHYROYHUiDOD7LHUUDVXVX SXHVWDVXSUHPDFtDVREUHODJDOD[LDORVJREHUQDQWHVGHOD7LHUUDQR SXHGHQSHQVDUDVtLPSRVLEOH&RPRPtQLPRFRQRFHQODQHFHVLGDGGH GLVSRQHUGHODUPDPHQWREpOLFRWDQSURVDLFRTXHKDVWDHOGHVWLQR MX]JD~WLOHQVXVGHFLVLRQHV(VSRVLEOHTXL]iTXL]i ³4XL]i¢TXp(QQLXV"

³4XL]i\DWHQJDQDUPDV

³¢<HVRSHUPLWLUiTXHXQSODQHWDGHUURWHDGRVFLHQWRVPLOORQHV" (VWiVDWHUURUL]DGR ³3HURHOORVVHPXHVWUDQWDQFRQILDGRV

³2K¢FyPRORVDEHV"6HKDQVXEOHYDGRROUDVYHFHV4XL]iV HQWRQFHVWHQtDQODPLVPDFRQILDQ]D<HVSRVLEOHTXHDKRUDQRHVWpQ WDQFRQILDGRVTXHWXLPDJLQDFLyQHQIHUPL]DGHVHHDWULEXLUOHVHVD FXDOLGDG)tMDWHHOVROYDDVDOLUGHQWURGHSRFR¢'HVFDQVDPRVXQ UDWRHQVLOHQFLR"/XHJRWHVHQWLUiVPHMRU\SRGUiVPHGLWDU\DFODUDU ODVFRVDV 'XUDQWHPHGLDKRUDKXERSD]DOPHQRVHQHVD]RQDGHODJDOD [LD<HOVROGHVSXpVGHVDOLULOXPLQyURML]DPHQWHXQDJORULHWDHQ ODTXHGRUPtDQDEUD]DGRVHOUHSUHVHQWDQWHLPSHULDOHQOD7LHUUD\VX HVSRVD 1LQJXQRGHORVGRVOOHJyDYHUODVDOLGDGHOVRO 2VFXUHFLPLHQWRHQHOFHQOUR

%HO$UYDUGDQVHHPEDUFyHQHOPD\RUDYLyQHVWUDWRVIpULFRGHOD &RPSDxtDGH7UDQVSRUWH$pUHRGHOD7LHUUDTXHKDFtDHOUHFRUULGR HQWUH(YHUHVW\ODFDSLWDOWHUUHVWUH:DVKHQQ9LDMyVRORWUDVKDEHU GHMDGRVXQDYHYDORVPLHPEURVGHODH[SHGLFLyQHQIUDVFDGRVHQORV SUHSDUDWLYRVGH~OWLPDKRUD


/RKL]RGHOLEHUDGDPHQWHPRYLGRSRUODFXULRVLGDGOyJLFDTXH VLHQWHXQDUTXHyORJRTXH DGHPiVHVH[WUDQMHURSRUODYLGDRUGLQDULD GHORVKDELWDQWHVGHXQSODQHWDFRPROD7LHUUD <WDPELpQWHQtDRWURPRWLYRYHUSRUVtPLVPRDORVWHUUHVWUHV GHVSXpVGHODVH[WUDxDVLQVLQXDFLRQHVTXHOHKDEtDKHFKRHOSURFX UDGRU

$UYDUGDQSURYHQtDGHO VHFWRUGH6LULRHOVHFWRUGHODJDOD[LDTXH HVWDEDSRUHQFLPDGHWRGRVORVGHPiVGRQGHORVSUHMXLFLRVDQWLWH UUHVWUHVHVWDEDQPiVDUUDLJDGRV3HURpOQRFUHtDKDEHUVXFXPELGRD ORVSUHMXLFLRV/RJLFDPHQWHKDEtDDGTXLULGRHOKiELWRGHLPDJLQDUD ORVWHUUHVWUHVFRPRSHUVRQDMHVFDULFDWXUHVFRVHVSHFLDOHVLQYDULDEOHV HLQFOXVRHOWpUPLQR´WHUUHVWUHµOHSDUHFtDGHVDJUDGDEOHSHURHQ UHDOLGDGQRWHQtDSUHMXLFLRV $OPHQRVpOQRORFUHtDDVt3RUHMHPSORVLDOJXQDYH]XQWHUUHVWUH KXELHUDGHVHDGRSDUWLFLSDUHQDOJXQDGHVXVH[SHGLFLRQHVRWUDEDMDU DVXVyUGHQHVHQFXDOTXLHUDFWLYLGDG\VLWHQtDH[SHULHQFLD\FDSDFL GDGVXILFLHQWHV$UYDUGDQORKDEUtDDFHSWDGR'HKDEHUH[LVWLGRDO J~QKXHFRSDUDpODVXQWRDUUHJODGR(ODUTXHyORJRPHGLWyHODVXQWR \GHFLGLyTXHOOHJDGRHOFDVRFRPHUtDFRQXQWHUUHVWUHRVHDORMDUtD HQFDVDGHDOJXQRRORVWUDWDQ DHQWRGRVORVDVSHFWRVFRPRDFXDO TXLHURWUDSHUVRQD6LQHPEDUJR$UYDUGDQVLHPSUHWHQtDHQFXHQWD HOKHFKRGHTXHXQWHUUHVWUHHUDXQWHUUHVWUHQRSRGtDHYLWDUOR(UD FRQVHFXHQFLDOyJLFDGHXQDLQIDQFLDLQPHUVDHQXQDPELHQWHGHLQWR OHUDQFLDWDQDEVROXWDTXHFDVLHUDLPSHUFHSWLEOHKDVWDTXHHOREVHU YDGRUVDOtDGHGLFKRDPELHQWH\GLULJtDODYLVWDDWUiV 6LQHPEDUJRHODUTXHyORJRVHHQFRQWUDEDDKRUDHQXQDYLyQHQHO TXHVyORKDEtDWHUUHVWUHVDVXDOUHGHGRU\VHVHQWtDIUDQFDPHQWHFy PRGR

3HUR¢TXpWHQtD(QQLXVFRQWUDHOORV"+DEtDKHFKRHQRUPHVHV IXHU]RVSDUDHYLWDUFRQUD]RQDPLHQWRVODLQYHVWLJDFLyQHQODV]RQDV UDGLDFWLYDV<KDEtDSUHWHQGLGRGDUDHQWHQGHUDOJRDOJRVLQLHVWUR\ DPHQD]DGRUUHODFLRQDGRFRQORVWHUUHVWUHVVLQPRVWUDUVHFODUR\FRQ FUHWR

$UYDUGDQFRQWHPSOyGHQXHYRODVFDUDVYXOJDUHV\QRUPDOHVGH VXVFRPSDxHURVGHYLDMH6HVXSRQtDTXHHVRVKRPEUHVHUDQGLVWLQWRV 3HUR¢SRGUtDpOGLVWLQJXLUORVHQXQDPXOWLWXG"$UYDUGDQQRORFUHtD

(OPLVPRDYLyQHUDDMXLFLRGHODUTXHyORJRXQFDVRPHQRUGH FRQVWUXFFLyQLPSHUIHFWD(VWDEDGRWDGRGHPRWRUDWyPLFRSRUVX SXHVWRSHURODDSOLFDFLyQGHOSULQFLSLRGLVWDEDPXFKRGHVHUHIL FLHQWH(QSULPHUOXJDUODXQLGDGGHSRWHQFLDQRVHKDOODEDELHQ SURWHJLGD\$UYDUGDQSHQVyTXHODSUHVHQFLDFDVXDOGHUD\RVJDPPD FRPELQDGDFRQHOHYDGDGHQVLGDGQHXWUyQLFDHQODDWPyVIHUDSRGtD VHUSDUDORVWHUUHVWUHVXQSUREOHPDPHQRVLPSRUWDQWHTXHSDUDRWURV


<HQHVHPRPHQWRDOJROHDWUDMRVXDWHQFLyQ'HVGHDTXHOOD UHJLyQGHFRORUYLQRVRGHODHVWUDWRVIHUDVXSHULRUOD7LHUUDSUHVHQ WDEDXQDVSHFWRIDEXORVR/DV]RQDVFRQWLQHQWDOHVLQPHQVDV\FXELHU WDVGHQLHEODTXHHODUTXHyORJRYHtDEDMRpO RVFXUHFLGDVHQDOJXQRV SXQWRVSRUJUXSRVGHQXEHVTXHUHIOHMDEDQHOVROPRVWUDEDQXQ GHVRODGRWRQRDQDUDQMDGR3RUGHWUiVDOFDQ]DQGRFRQUDSLGH]DO YHOR]YHKtFXORHVWUDWRVIpULFRDSDUHFtDHOVXDYH\GLIXVRKRUL]RQWH QRFWXUQRHQFX\DRVFXUDVRPEUDVHYHtDHOGHVWHOORGHODV]RQDVUD GLDFWLYDV /DDWHQFLyQGH$UYDUGDQVHYLRGHVYLDGDGHODYHQWDQLOODSRUODV ULVDVGHORVSDVDMHURVFHQWUDGDVHQXQPDWULPRQLR\DPDGXURORV GRVFyQ\XJHVPX\UREXVWRV\WRGRVRQULVDV(ODUTXHyORJRWRFyHO EUD]RGHVXYHFLQRGHDVLHQWR ³¢4XpRFXUUH"

(ORWURKRPEUHGHMyGHUHtUSDUDFRQWHVWDU

³/OHYDQFDVDGRVFXDUHQWDDxRV\HVWiQKDFLHQGRHOJUDQYLDMH ³¢(OJUDQYLDMH"

³6tKRPEUHODYXHOWDDOPXQGR

(OHVSRVR\DHQWUDGRHQDxRVUXERUL]DGRGHSODFHUHVWDEDQD UUDQGRVXVH[SHULHQFLDVHLPSUHVLRQHVFRQDEXQGDQFLDGHGHWDOOHV PLHQWUDVVXHVSRVDLQWHUYHQtDGHYH]HQFXDQGRFRQHOPHMRUGHORV KXPRUHV/DDPLJDEOHDXGLHQFLDHVFXFKDEDWRGRFXDQWRGHFtDODSD UHMDFRQHQRQPHVDWLVIDFFLyQSRUORTXH$UYDUGDQSHQVyTXHORV WHUUHVWUHVHUDQWDQFRUGLDOHV\KXPDQRVFRPRFXDOTXLHUKDELWDQWHGH ODJDOD[LD(QHVHPRPHQWRDOJXLHQKL]RXQDSUHJXQWD ³¢<FXiQGROHWRFDHO6HVHQWD"

³'HQWURGHXQPHV³IXHODUiSLGD\MRYLDOUHVSXHVWD³(OGLHFL VpLVGHDEULO ³%XHQR³GLMRHOTXH KDEtDSUHJXQWDGR³HVSHURTXHOHYD\D ELHQ

³(OODPHDFRPSDxDUi³UHSOLFyHOHVSRVRVHxDODQGRFRQHOSXO JDUDVXDIDEOHPXMHU³1ROHWRFDKDVWDGHQWURGHWUHVPHVHVSHUR HOODRSLQDTXHODHVSHUDHVDEVXUGDDVtTXHQRVLUHPRVMXQWRV¢1RHV DVtUHJRUGHWD"

³2KVt³GLMRHOOD\GHMyHVFDSDUXQDDJUDGDEOHULVLWD³1XHV WURVKLMRVVHKDQFDVDGR\WLHQHQVXSURSLDFDVD\\RVHUtDXQHVWRUER SDUDHOORV$GHPiVQRSRGUtDGLVIUXWDUHVRVPHVHVVLQPLPHGLDQD


UDQMD3RUHVRQRVLUHPRVMXQWRV

$UYDUGDQLQWHUUXPSLyHODOERURWRJHQHUDOSDUDDFODUDUXQSXQWR TXHOHSDUHFtDFODUDPHQWHVRVSHFKRVR ³¢4XpHVHVRGHO6HVHQWD"³SUHJXQWyDVXYHFLQRGHDVLHQWR³ ¢1RVHUHIHULUiDHXWDQDVLDYHUGDG"

$UYDUGDQFRQRFtDODFRVWXPEUHDXQTXHVyORGHXQPRGRWHyULFR 6yORHQHVHPRPHQWRSHQVyTXHVHDSOLFDEDUHDOPHQWHDVHUHVKX PDQRV (ORWURKRPEUHREVHTXLyDODUTXHyORJRFRQXQDPLUDGDSURORQ JDGD\VXVSLFD] ³%XHQR¢TXpRSLQDXVWHG"³GLMR

/DSUHJXQWDHUDXQDUHVSXHVWDPiVTXHVXILFLHQWH$UYDUGDQFRQ FLHUWDFRQVWHUQDFLyQFRQWHPSOyODDOJDUDEtDJHQHUDOTXHXQWHPD FRPRDTXHOSRGtDSURYRFDU

$OSDUHFHUWRGDODOLVWDGHSDVDMHURVHVWDEDHQIUDVFDGDHQXQ FiOFXORDULWPpWLFRVLPXOWiQHRGHOWLHPSRTXHOHVTXHGDEDDWRGRV SURFHVRTXHLPSOLFDEDODFRQYHUVLyQGHIDFWRUHVGHPHVHVDGtDV\TXH RFDVLRQyYDULDVGLVSXWDV 8QLQGLYLGXREDMLWRFRQODURSDPX\DMXVWDGD\ODH[SUHVLyQ UHVXHOWDLQWHUYLQRIXULRVDPHQWH

³0HTXHGDQH[DFWDPHQWHGRFHDxRVWUHVPHVHV\FXDWURGtDV 'RFHDxRVWUHVPHVHV\FXDWURGtDV1LXQGtDPiVQLXQGtDPHQRV (OFiOFXORIXHDSUREDGRSRURWURSDVDMHURFRQXQDREVHUYDFLyQ OyJLFD ³6LQRWHPXHUHVDQWHVFODUR

³7RQWHUtDV³IXHODUpSOLFDLQPHGLDWD³1RWHQJRLQWHQFLyQGH PRULUPHDQWHV¢7HQJRHODVSHFWRGHDOJXLHQTXHPRULUtDDQWHV"9R\ &XHQWRaSDUDOHORa DYLYLUGRFHDxRVWUHVPHVHV\FXDWURGtDV\DTXtQRKD\QLQJXQ KRPEUHTXHVHDWUHYDDQHJDUOR <HQUHDOLGDGVXDVSHFWRHUDPX\IXULRVR

8QPR]DOEHWHDSDUWyGHVXVODELRVXQFLJDUULOORDODUJDGRPX\ HOHJDQWHSDUDGHFLUFRQYR]VHULD

³(VWiPX\ELHQTXHORSXHGDQFDOFXODUFRQWDQtDH[DFWLWXG+D\


PiVGHXQRTXHHVWiYLYLHQGRPiVGHORTXHOHWRFD ³$KFODUR³GLMRRWUR

+XERXQDVHQWLPLHQWRJHQHUDO\VHFUHyXQDPELHQWHGHLQGLJQD FLyQPiVELHQSURYRFDGR

³<QRYHR³SURVLJXLyHOMRYHQTXHPLHQWUDVIXPDEDKDFtD JHVWRVFHUHPRQLRVRVFRQODLQWHQFLyQGHHOLPLQDUODFHQL]D³QDGD REMHWDEOHHQTXHXQKRPEUHRXQDPXMHUGHVHHFRQWLQXDUGHVSXpV GHVXFXPSOHDxRVKDVWDHOVLJXLHQWHGtDGHDVDPEOHDJHQHUDOHQ HVSHFLDOVLWLHQHQDOJ~QDVXQWRTXHUHVROYHU6RQHVRVVLQYHUJXHQ]DV HVRVSDUiVLWRVTXHLQWHQWDQOOHJDUPiVDOOiGHOSUy[LPRFHQVRORVTXH VHFRPHQHODOLPHQWRGHODVLJXLHQWHJHQHUDFLyQ 3DUHiDWHQHUXQPRWLYRSHUVRQDOGHTXHMD

³3HUR³LQWHUUXPSLyVXDYHPHQWH$UYDUGDQ³¢QRHVWiUHJLV WUDGDODHGDGGHWRGRVORVKDELWDQWHV"1RHVSRVLEOHTXHSXHGDQLU PX\OHMRVGHVSXpVGHVXFXPSOHDxRV¢QRHVFLHUWR" 6HSURGXMRXQVLOHQFLRJHQHUDOFRPELQDGRFRQGHVSUHFLRSRUHO HVW~SLGRLGHDOLVPRH[SUHVDGR ³1RSDUHFHPX\OyJLFRYLYLUGHVSXpVGHO6HVHQWDVXSRQJR³GL MRSRUILQDOJXLHQHQWRQRGLSORPiWLFR

³1RVLHUHVWUDEDMDGRURFDPSHVLQR³HVSHWyRWURHQpUJLFDPHQ WH³3HUR¢TXpSDVDFRQORVDGPLQLVWUDGRUHVORVIXQFLRQDULRVPX QLFLSDOHV"

<SRUILQHOKRPEUHFDVLVHVHQWyQFX\RFXDGUDJpVLPRDQLYHUVD ULRGHERGDKDEtDLQLFLDGRODFRQYHUVDFLyQDYHQWXUyVXRSLQLyQWDO YH]HQYDOHQWRQDGRSRUHOKHFKRGHTXHpOYtFWLPDDFWXDOGHO6HVHQWD QRWHQtDQDGDTXHSHUGHU ³(QFXDQWRDHVR³GLMR³GHSHQGHGHTXLHQXVWHGHVVDEHQ ³<JXLQyXQRMRHQJHVWRGHWtPLGDDOXVLyQ³&RQRiDXQWLSRTXH FXPSOLyORVVHVHQWDXQDxRGHVSXpVGHOFHQVRRFKRFLHQWRVGLH]\YLYLy KDVWDTXHHOFHQVRRFKRFLHQWRVYHLQWHORGHVFXEULy&XPSOLyORVVH VHQWDaUQXHYHDQWHVGHLUVH£6HVHQWD\QXHYH ³3HUR¢FyPRSXGRKDFHUHVR"

³7HQtDDOJ~QGLQHUR\VXKHUPDQRHUDXQ$QWLJXR1DGDHVLP SRVLEOHVLSXHGHVFRQVHJXLUXQDFRPELQDFLyQFRPRpVD <KXERDSUREDFLyQJHQHUDODHVHVHQWLPLHQWRUHIRU]DGDSRUHO MRYHQFLWRGHOFLJDUULOOR


³3HURVLQRWLHQHVGLQHURFRQWDQWH\VRQDQWH \DSXHGHVPDU FKDUWHODPDQDQDGHWXFXPSOHDxRVRYHLQWH$QWLJXRVYHQGUiQD EXVFDUWHDFDVDDOGtDVLJXLHQWH ³<HVPX\SUREDEOHTXHOHVSRQJDQXQDPXOWDDWXVKLMRV³DxD GLRRWUR

$UYDUGDQHVFXFKyWRGRHVWRFRQHQRUPHDVRPEUR<WDOYH]SDUWH 

GHHVHDVRPEURDVRPDUDHQVXVHPEODQWH\DTXHVXYHFLQRGH DVLHQWRTXHKDEtDHVWDGRPLUiQGROHFHxXGDPHQWHGHVGHODSUHJXQWD VREUHHO6HVHQWDOHLQWHUSHOyEUXVFDPHQWH ³7LHQHXQDIRUPDH[WUDxDGHKDEODU¢3URFHGHGHORVFRQWLQHQ WHVRFFLGHQWDOHV"

$UYDUGDQQRWyTXHWRGDVODVPLUDGDVOHDSXQWDEDQWRGDVFRQ YLVRVUHSHQWLQRVGHVRVSHFKD¢3HQVDEDQTXHpOHUDPLHPEURGHHVD 6RFLHGDGGH$QWLJXRV"¢$FDVRVXVSUHJXQWDVUHIOHMDEDQHOHQJDWXVD PLHQWRGHXQDJHQWSURYRFDWHXU" ³1RVR\GHQLQJXQDSDUWHGHOD7LHUUD³UHSOLFyHQXQDUUDQTXH GHIUDQTXH]D³0HOODPR%HO$UYDUGDQ\VR\GH%DURQQVHFWRUGH 6LULR )XHLJXDOTXHVLKXELHUDDUURMDGRXQDFiSVXODDWyPLFDH[SORVLYD HQPHGLRGHODYLyQ

(OKRUURUPXGRLQLFLDOGHWRGRVORVVHPEODQWHVVHWUDQVIRUPy UiSLGDPHQWH HQFyOHUDDPDUJDKRVWLOLGDGTXHOODPHyDQWHHODUTXHy ORJR(OKRPEUHTXHFRPSDUWtDDVLHQWRFRQpOVHOHYDQWyFRQDLUH RIHQGLGR\RFXSyRWUROXJDUGHVSXpVGHTXHODVGRVSHUVRQDVVHQWD GDVDOOLVHDSUHWDUDQPXFKRSDUDGHMDUOHVLWLR /DVFDUDVVHYROYLHURQ(ODUTXHyORJRTXHGyURGHDGRGHKRP EURVHQMDXODGRHQHVSDOGDV'XUDQWHXQPRPHQWR$UYDUGDQDUGLy GHLQGLJQDFLyQ4XHORVWHUUHVWUHVORWUDWDUDQDVtDpO<OXHJRVH FDOPy(UDREYLRTXHDTXHOODLQWROHUDQFLDMDPiVKDEtDVLGRXQLODWH UDOTXHHORGLRHQJHQGUDEDRGLR &RPSOHWyHOYLDMHHQVLOHQFLR\DVRODV 2VFXUHFLPLHQWRDODL]TXLHUGD

/DVLQVWDODFLRQHVGHOFROHJLRGH$QWLJXRVGH:DVKHQQVRQVLPSOH PHQWHIRUPDOHV$XVWHULGDGHVODSDODEUDFODYH\KD\XQDLUHIUDQFD PHQWHJUDYHHQORVDSUHWDGRVJUXSRVGHQRYLFLRVTXHGDQVXSDVHRGH ODWDUGHHQWUHORViUEROHVGHOSDWLRGRQGHQDGLHH[FHSWRORV$QWLJXRV


SXHGHHQWUDU'HYH]HQFXDQGRODILJXUDFRQW~QLFDYHUGHGHXQ $QWLJXRGHFDQRDWUDYLHVDHOFpVSHG\UHFLEHJUDFLRVDVUHYHUHQFLDV <HQ UDUDVRFDVLRQHVSXHGHKDFHUDFWRGHSUHVHQFLDHOPLVPR SULPHUPLQLVWUR

3HURQRFRPRHQHVWHPRPHQWRFDVLFRUULHQGRFDVLVXGRURVR KDFLHQGRFDVRRPLVRGHORVTXHUHVSHWXRVDPHQWHDO]DQODVPDQRV GHVDWHQWRDODVPLUDGDVSUHFDYLGDVTXHOHVLJXHQDODV PLUDGDVLQH[ SUHVLYDVTXHVHFUX]DQDODVFHMDVOLJHUDPHQWHDUTXHDGDV

6HLQWURGXMRHQOD6DOD/HJLVODWLYDSRUODHQWUDGDSDUWLFXODU\HFKy DFRUUHUUDPSDDEDMRHQWUHHOUHVRQDUGHVXV]DQFDGDV/DSXHUWDDOD TXHVHGLULJtDFRPRXQUD\RVHDEULyPHGLDQWHODSUHVLyQGHXQSLHGHO ~QLFRRFXSDQWH\HOSULPHUPLQLVWURHQWUy (OVHFUHWDULRDSHQDVDO]yODPLUDGDGHVXHVFULWRULRSHTXHxR\ VHQFLOORGRQGHHVWDEDLQFOLQDGRVREUHXQWHOHYLVRUGLPLQXWRFX\R VRQLGRHVFXFKDEDFRQDWHQFLyQPLHQWUDVVXVRMRVHUUDEDQSRUPiVR PHQRVXQDPDQRGHSDSHOGHFRPXQLFDFLRQHVDOSDUHFHURILFLDOHV DSLODGDVDQWHpO(OSULPHUPLQLVWURJROSHyEUXVFDPHQWHHOHVFUL WRULR ³¢4XpHVHVWR"¢4XpRFXUUH"

/RVRMRVGHOVHFUHWDULRPLUDURQEUHYH\IUtDPHQWHDOSULUQHUPLQLV WUR\HOWHOHYLVRUTXHGyDSDJDGR ³6DOXGRVYXHVWUDVDELGXUtD

³£1RPHGHVVDOXGRV³UHSOLFyFRQLPSDFLHQFLDHOSULPHUPLQLV WUR³4XLHURVDEHUTXpHVWiSDVDQGR ³(QXQDSDODEUDQXHVWURKRPEUHKDKXLGR

³¢+DEODVGHOKRPEUHTXH6KHNWVRPHWLyDOVLQDSVLILFDGRUHOTXH SDUORWHDEDHQXQLGLRPDUDURHOGHODJUDQMDFHUFDGH&KLFDJR" (VLQFLHUWRHOQ~PHURGHGHWDOOHVTXHHOSULPHUPLQLVWURKDEUtD UHFLWDGRVLHOVHFUHWDULRQRORKXELHUDLQWHUUXPSLGRHQWRQRLQGLIH UHQWH ³([DFWR

³¢3RUTXpQRKHVLGRLQIRUPDGR"¢3RUTXpQRVR\LQIRUPDGR QXQFD"

³(UDQSUHFLVDVPHGLGDVLQPHGLDWDV\W~HVWDEDVRFXSDGR<RWH KHVXVWLWXLGRFRQWRGDPLFDSDFLGDG


³6tWHSUHRFXSDVPXFKRGHPLVRFXSDFLRQHVFXDQGRGHVHDVDF WXDUVLQPt%LHQQRORWROHUDUp1RFRQVHQWLUpTXH VHDFW~HVLQPt TXHVHPHGHMHGHODGR1RSLHQVR ³(VWDPRVUHWUDViQGRQRV³IXHODUpSOLFDHQHOWRQRGHYR]QRU PDO\ODFDVLJULWHUtDGHOSULPHUPLQLVWURFHVy (OUHFLpQ'HJDGRFDUUDVSHy\YDFLOyDQWHVGHVHJXLUKDEODQGR ³¢4XpGDWRVWHQHPRV"

³$SHQDVQLQJXQR$OFDERGHVHLVPHVHVGHSDFLHQWHHVSHUDVLQ QDGDTXHLQGLFDUDWDOFRVDHVHLQGLYLGXRHODJHQWH7FRPRORGHQR PLQDQORVLQIRUPHVVHPDUFKy ³¢/RVLJXLHURQ"

³1DWXUDOPHQWH&XDWURKRUDVSRUODDXWRSLVWDKDFLDHOHVWH 'HVSXpVVHHVIXPy ³¢6HHVIXPy"

³(VHHVHOGHWDOOHPLVWHULRVR\DTXHQRH[LVWHH[SOLFDFLyQOy JLFD

³¢'HTXpKDEODVTXpHVHVRGHTXHQRH[LVWHH[SOLFDFLyQOyJLFD" ¢&yPRHVSRVLEOH"¢&yPRYDPRVDORJUDUQXHVWURVILQHVVLHQPR PHQWRVFUXFLDOHVQRH[LVWHH[SOLFDFLyQ OyJLFD"

³+HPRVLQWHUURJDGRDQXHVWURDJHQWH+DEODGHGRORUGHFD EH]DGRORUFHJDGRUOXFHVPX\EULOODQWHVDQWHVXVRMRVPDUHR1R HVWiVHJXURGHFXiQWRWLHPSRVXIULyHODWDTXH0HGLDKRUDWDOYH] ³,PSRVLEOH/RKDQVRERUQDGR

aORDWDFDURQ³GLMRHO VHFUHWDULRVLQSHUGHUODFRPSRVWXUD³ 1RVRPRVORV~QLFRVTXHSRVHHPRVPpWRGRVGHDWDTXHGHVFRQRFLGRV (OSULPHUPLQLVWURSDOLGHFLyGHIRUPDSHUFHSWLEOH ³¢<TXpKDUHPRVDKRUD"

³(QFRQWUDUDODJHQWH7(VHYLGHQWHTXHHO,PSHULRWLHQHXQD RUJDQL]DFLyQHQOD7LHUUDGHODTXHQRVDEHPRVQDGD(ODJHQWH7 XQDYH]ORFDOL]DGRQRVGDUiSLVWDVSDUDGHVFXEULUODDPHQRVTXHpO PLVPRVHDXQSH]JRUGR&RVDTXHWRGDYtDVHUtDPHMRU (OSULPHUPLQLVWURYROYLyODFDEH]D\VHPRUGLyHOODELRPLHQWUDV VXFHUHEURHPSUHQGtDXQDFDUUHUD6XVLJXLHQWHSUHJXQWDODKL]RGH HVSDOGDV


³¢4XpKD\GHOFDPSHVLQRFRQHOTXHHVWDEDYLYLHQGRHODJHQWH7" ³1DGD/RLQWHUURJDURQ\ORGHMDURQPDUFKDU8QDVLPSOHKH UUDPLHQWDGHQLQJ~QYDORUQLSDUDHOORVQLSDUDQRVRWURV $FWRVHJXLGRSRUSULPHUDYH]HOVHFUHWDULRWRPyODLQLFLDWLYD

³7LHQHVXQDFLWDFRQHOSURIHVRU%HO$UYDUGDQGHQWURGHFXDWUR KRUDV

(ORWURKRPEUHDJLWyODPDQRHQXQJHVWRGHLUULWDGDQHJOLJHQFLD ³$Q~ODOD

B'HQLQJ~QPRGR6HUiPHMRUTXHKDEOHVFRQpO

³¢3RUTXp"³SUHJXQWyGDQGRPHGLDYXHOWD³¢4XLpQHVHVH FRPRVHOODPH"¢4XpGHVHD"

³'HEHUtDVKDEHUORSUHJXQWDGRDQWHV(VDUTXHyORJRGHO,P SHULR

³¢<TXpWHQJRTXHYHU\RFRQODDUTXHRORJtDSRUODJDOD[LD"¢2 FRQORVDUTXHyORJRV"

³1DGD3HURXQUHSUHVHQWDQWHGHO,PSHULRGHVHDYHUWHHOPLVPR GtDTXHHODJHQWH7VHQRVHVFDSD ³$K³<HOSULPHUPLQLVWURFRPRVLGHSURQWRHVWXYLHUDFDQ VDGRVHGHMyFDHUHQODVLOODGHUHVSDOGRUHFWRTXHKDEtDHQXQ ULQFyQ³(VWRVXSHUDPLFRPSUHQVLyQ0HKHSHUGLGR

³&LHUWR³PXUPXUyHOVHFUHWDULR\GHMyTXHXQDWHQXHVRQULVD DSDUHFLHUDHQVXVODELRV³(QQLXVQXHVWURUHVSHWDEOHSURFXUDGRU QRVKDHQYLDGRXQDQRWDDYLViQGRQRVGHODOOHJDGDGHODUTXHyORJR ³7DPSRFRKHUHFLELGRHVDQRWD7HORDVHJXURQRVHPHLQIRUPD GHQDGDGHORTXHRFXUUH(VYHUJRQ]RVR

³%XHQR\RWHLQIRUPDUpDKRUDYXHVWUDVDELGXUtD(QQLXVDILUPD H[SUHVDPHQWHTXHHVWH$UYDUGDQQRHVUHSUHVHQWDQWHRILFLDOQLGHpO QLGHO,PSHULR\TXHGHVFRQRFHSRUFRPSOHWRQXHVWUDVFRVWXPEUHV <HVSHUDTXHORWUDWHPRVFRQWROHUDQFLD\FRPSUHQVLyQGDGDVX LJQRUDQFLD$KVt(QQLXVQRVPDQGDVDOXGRVIUDWHUQDOHV ³3DUHFHGHPDVLDGRDQVLRVR³GLMRHOSULPHUPLQLVWUR³1RFUHR XQDVRODSDODEUD ³7XPLVLyQVHUiMX]JDUHVR1RVDEHPRVTXLpQRTXpHV$UYDU


GDQSHURQXHVWURREMHWLYRHVDYHULJXDUOR\QRSHUGHUOHGHYLVWD KDVWDFRQVHJXLUOR &XDQGRHOSULPHUPLQLVWURHVWDEDDSXQWRGHPDUFKDUVHHOVHFUH WDULROHYDQWyXQGHGR

³£9XHVWUDVDELGXUtD³(ODOXGLGRVHYROYLy³6REUH$UYDUGDQ RWUDYH]³GLMRHOVHFUHWDULR³6HUtDSUHIHULEOHTXHQRHQVD\DUDV HVWUDWHJLDVSURIXQGDV0XHVWUDQDWXUDOLGDG\VpWDQHORFXHQWHFRPR TXLHUDVVLHPSUHTXHQRGLJDVQDGD/LPtWDWHDXQDPLVLyQGHFRQIX LyQ\GHPRUD<VRQUtH7XDFWXDOH[SUHVLyQWHGHODWDUtD %HO$UYDUGDQOOHJySXQWXDOPHQWH\WXYRWLHPSRGHFXULRVHDU 3DUDXQKRPEUHPX\IDPLOLDUL]DGRFRQORVWULXQIRVDUTXLWHFWyQLFRV GHODJDOD[LDHQWHUDHO&ROHJLRGHORV$QWLJXRVDSHQDVHUDPiVTXH XQWULVWHEORTXHGHJUDQLWRFRQUHIXHU]RVGHDFHURPROGHDGRFRQXQ HVWLORDUFDLFR3DUDXQKRPEUHTXHDGHPiVHUDDUTXHyORJRODFRQV WUXFFLyQSRGtDFRQVWLWXLUFRQVXDXVWHULGDGOyEUHJD\FDVLVDOYDMHHO KRJDUDSURSLDGRSDUDXQDIRUPDGHYLGDOyEUHJD\FDVLVDOYDMH6X PLVPRFDUiFWHUSULPLWLYRLQGLFDEDTXHORVRMRVHVWDEDQYXHOWRVKDFLD HOSDVDGROHMDQR

(QFXDQWRDOSULPHUPLQLVWURVXW~QLFDHUDQXHYD\GHELGRDHOOR UHOXFtD6XIUHQWHQRPRVWUDEDVHxDODOJXQDGHSULVDRGXGDHOVXGRU TXL]iIXHUDDOJRGHVFRQRFLGRSDUDHOOD <ODFRQYHUVDFLyQIXHIUDQFDPHQWHDPLVWRVD$UYDUGDQVHDIDQy HQPHQFLRQDUORVEXHQRVGHVHRVGHDOJXQRVJHQWLOKRPEUHVGHO,PSH ULRDOSXHEORGHOD7LHUUD(OSULPHUPLQLVWURPRVWUyLJXDOFXLGDGRDO H[SUHVDUODHQRUPHJUDWLWXGTXHGHEtDVHQWLUOD7LHUUDHQWHUDSRUOD JHQHURVLGDG\ODVDSLHQFLDGHOJRELHUQRLPSHULDO $UYDUGDQVHH[SOD\yVREUHODXPSRUWDQFLDGHODDUTXHRORJtDHQOD ILORVRItDLPSHULDOVREUHVXFRQWULEXFLyQDODJUDQFRQFOXVLyQGHTXH WRGRVORVKXPDQRVGHFXDOTXLHUSODQHWDGHODJDOD[LDHUDQKHUPD QRV\HOSULPHUPLQLVWURFRQYLQRHQHOORLQVXOVDPHQWH\REVHUYy TXHOD7LHUUDVRVWHQtDHVDRSLQLyQGHVGHKDFtDPXFKRWLHPSR\VyOR SRGtDHVSHUDUODSURQWDOOHJDGDGHOPRPHQWRHQTXHHOUHVWRGHOD JDOD[LDFRQYLUWLHUDODWHRUtDHQSUiFWLFD $UYDUGDQVRQULyIXJD]PHQWHDORtUODREVHUYDFLyQ

³3UHFLVDPHQWHSRUHVHPRWLYRYXHVWUDVDELGXUtDKHYHQLGRD YHUOHV/DVGLIHUHQFLDVHQWUHOD7LHUUD\DOJXQDVYHFLQGDGHVGHORV GRPLQLRVLPSHULDOHVUHVLGHQEiVLFDPHQWHFUHR\RHQODIRUPDGLV WLQWDGHSHQVDU6LQHPEDUJRVHUtDSRVLEOHHOLPLQDUPXFKDVIULFFLR QHVVLSXGLHUDGHPRVWUDUVHTXHORVWHUUHVWUHVQRVRQGLVWLQWRVHQ VHQWLGRUDFLDOGHRWURVFLXGDGDQRVJDOiFWLFRV ³¢<FyPRVHSURSRQHKDFHUWDOFRVDFDEDOOHUR"


³%LHQQRHVIiFLOH[SOLFDUORHQSRFDVSDODEUDV&RPRTXL]iVHSD YXHVWUDVDELGXULDODVGRVFRUULHQWHVSULQFLSDOHVGHOSHQVDPLHQWRDU TXHROyJLFRUHFLEHQODGHQRPLQDFLyQFRP~QGH´WHRUtDGHOD)XVLyQµ \´WHRUtDGHOD,UUDGLDFLyQµ

³(VWR\IDPLOLDUL]DGRFRQHOSXQWRGHYLVWDGHXQOHJRHQODPDWHULD

³3HUIHFWR%LHQODWHRUtDGHOD)XVLyQLPSOLFDOyJLFDPHQWHOD QRFLyQGHTXHORVGLYHUVRVWLSRVGHKXPDQLGDGDOHYROXFLRQDUGH PRGRLQGHSHQGLHQWHFUX]DURQVXVFDPLQRVHQEVWLHPSRVSULPLWLYRV \DSHQDVGRFXPHQWDGRVGHOYLDMHHVSDFLDO8QDFRQFHSFLyQFRPRpVD GHEHH[SOLFDUIRU]RVDPHQWHSRUTXp DFWXDOPHQWHORVKXPDQRVVRQWDQ SDUHFLGRV ³6t³FRPHQWyVHFDPHQWHHOSULPHUPLQLVWUR³\XQDFRQFHS FLyQFRPRpVDLPSOLFDWDPELpQODQHFHVLGDGGHTXHYDULRVFHQWHQDUHV GHVHUHVGHWLSRPiVRPHQRVKXPDQR\TXHKDQVXIULGRGLVWLQWDV HYROXFLRQHVHVWpQWDQUHODFLRQDGRVHQORTXtPLFR\HQORELROyJLFR FRPRSDUDSRVLELOLWDUODIXVLyQ

³£&LHUWR³H[FODPyHQWXVLDVPDGR$UYDUGDQ³8QSXQWRWHUUL EOHPHQWHGpELO6LQHPEDUJRJaDQSDUWHGHORVDUTXHyORJRVORLJQRUD \VHDGKLHUHILUPHPHQWHDODWHRQDGHOD)XVLyQTXHLPSOLFDQDOD SRVLEOHH[LVWHQFLDGHVXEHVSHFLHVKXPDQDVHQSRUFLRQHVDOVODGDVGHOD JDOD[LDTXHVLJXLHURQVLHQGRGLVWLQWDVTXHQRVHHQWUHFUX]DURQ ³6HUHILHUHDOD7LHUUD³FRPHQWyHOSULPHUPLQLVWUR

³/D7LHUUDHVFRQVLGHUDGDXQHMHPSOR/DWHRUtDGHOD,UUDGLD FLyQSRURWUDSDUWH

³&RQVLGHUDTXHWRGRVVRPRVGHVFHQGLHQWHVGHXQVRORJUXSRSOD QHWDULRGHKXPDQRV ³([DFWDPHQWH

³0LSXHEOR³GLMRHOSULPHUPLQLVWUR³GHELGRDODHYOGHQFODGH QXHVWUDKLVWRULD\DFLHUWRVHVFULWRVTXHFRQVLGHUDPRVVDJUDGRV\TXH QRSXHGHQPRVWUDUVHDORVH[WUDQMHURVVRVWLHQHODRSLQLQGHTXHOD 7LHUUDHVHOKRJDURULJLQDOGHODKXPDQLGDG ³<HVRFUHR\RWDPELpQ\VROLFLWRVXD\XGDSDUDGHPRVWUiUVHORD WRGDODJDOD[LD ³(VXVWHGRSWLPLVWD¢4XpKDFHIDOWDSDUD HOOR"

³(VWR\FRQYHQFLGRYXHVWUDVDELGXUtDGHTXHHVSRVLEOHORFDOL]DU PXFKRVDUWHIDFWRVSULPLWLYRV\UHVWRVDUTXLWHFWyQLFRVHQODV]RQDVGH VXSODQHWDTXHDFWXDOPHQWHSRUGHVJUDFLDHVWiQHQYXHOWDVHQUDGLDF WLYLGDG/DHGDGGHORVUHVWRVSRGUtDGHGXFLUVHFRQSUHFLVLyQGHOD


GHFDGHQFLDUDGLDFWLYDDFWXDO\FRPSDUDUOD

3HURHOSULPHUPLQLVWURHVWDEDPHQHDQGRODFDEH]D ³£3RUIDYRU1RGHEHKDEODUPiVGHHVWHWHPD ³3HUR¢SRUTXpQR"

$UYDUGDQIUXQFLyHOFHxRWRWDOPHQWHSHUSOHMR

³(QSULPHUOXJDU³GLMRHOSULPHUPLQLVWURHQWRQRUD]RQDEOH³ ¢TXpHVSHUDORJUDU"6LGHPXHVaUDVXKLSyWHVLVLQFOXVRSDUDVDWLVIDF FLyQGHWRGRVORVSODQHWDV¢TXpLPSRUWDQFLDWLHQHTXHKDFHXQPOOOyQ GHDxRVWRGRVXVWHGHVIXHUDQWHUUHVWUHV"$OILQ\DOFDERKDFHPLO PLOORQHVGHDxRVWRGRVpUDPRVPRQRV\VLQHPEDUJRQRDGPLEPRV FRPRSDULHQWHVDORVPRQRVDFWXDOHV aKSRUIDYRUYXHVWUDVDELGXUtDQRVRPRVWDQLUUD]RQDEOHV

³1RKD\QDGDGHLUUDFLRQDOHQHOORFDEDOOHUR¢1RHVUD]RQDEOH VXSRQHUTXHORVWHUUHVWUHVGDGRVXDLVODPLHQWRKDQFDPELDGRWDQWR GHVXVSDULHQWHVHPLJUDGRVHQHVSHFLDOSRULQIOXHQFLDGHODUDGLDFWLYL GDGFRPRSDUDIRQPDUDKRUDXQDUD]DGLVWLQWD" $UYDUGDQVHPRUGLyHOODELRLQIHULRU

³$UJXPHQWDELHQHQIDYRUGHVXVHQHPLJRV³UHSXVRDUHJDxD GLHQWHV

³3RUTXHPHSUHJXQWRTXpRSLQDUiQPLVHQHPLJRV'HPRGRTXH XVWHGQRORJUDUiQDGDFDEDOOHURFRPRQRVHDH[DFHUEDUHORGOR FRQWUDQRVRWURVDOSUREDUQXHVtUDSDVDGDJUDQGH]D ³3HUR³GLMR$UYDUGDQ³TXHGDHOSUREOHPDGHORVLQWHUHVHVGH ODFLHQFLDSXUDHODYDQFHGHOFRQRFLPLHQWR

(OSULPHUPLQLVWURHQDUFyODVFHMDVHQXQJHVWRGHSHVDGXPEUH FDVLKXPRUtVWLFR ^ GLDUtDVHUXQREVWiFXORSDUDHOOR/HKDEORDKRUDFDEDOOHUR FRPRKDEODUtDXQJHQWLOKRPEUHGHO,PSHULRDRWUR<RPLVPROH D\XGDUtDJXVWRVDPHQWH SHURPLSXHEORHVXQDUD]DRUJXOORVD\REVWL QDGDTXHDORODUJRGHORVVLJORVVHKDDLVODGRHQHOODPLVPDGHELGRD ODHKODPHQWDEOHDFWLWXGKDFLDHOODSRUSDUWHGHODJDOD[LD 7LHQHQFLHUWRVWDE~HVFRVWXPEUHVILMDVGHWHUPLQDGDVTXHQL\R PLVPRPHRIUHFHUtDSDUDTXHEUDQWDUODV ³<ODV]RQDVUDGLDFWLYDV

³(VXQRGHORVWDE~HVPiVLPSRUWDQWHV,QFOXVRVXSRQLHQGRTXH OHFRQFHGLHUDSHUPLVR\FLHUWDPHQWHVLHQWRHOLPSXLVRGHKDFHUOR


HOORVyORSURYRFDUtDDOERURWRV\GLVWXUELRVTXHQRVyORSRQGUtDQHQ SHOLJURODVYLGDVGHXVWHG\ORVPLHPEURVGHVXH[SHGLFLyQVLQRTXH DGHPiVDWUDHUtDQVREUHOD7LHUUDDODODUJDODVPHGLGDVGLVFLSOLQDULDV GHO,PSHULR1RVHUtDGLJQRGHPLFDUJR\WUDLFLRQDUtDODFRQILDQ]DGH PLSXHEORVLORSHUPLWLHUD ³3HUR\RWRPDUpJXVWRVDPHQWHWRGDVODVSUHFDXFLRQHVOyJLFDV6£ GHVHDTXHPHDFRPSDxHQREVHUYDGRUHV<QDWXUDOPHQWHHVREYLR GHFLUTXH\ROHFRQVXOWDUtDDQWHVGHKDFHUS~EOLFRFXDOTXLHUGDWRRE WHQLGR (OSULPHUPLQLVWURVHDO]yGHKRPEURV

³0HWLHQWDFDEDOLHUR6HWUDWDGHXQSUR\HFWRLQWHUHVDQWH3HUR VREUHYDORUDPLDXWRULGDGDXQTXHGHMiUDPRVDOSXHEORDXQODGR1R VRYXQJREHUQDQWHDEVROXWR'HKHFKRPLSRGHUHVOLPLWDGtVLPR\ WRGRVORVDVXQWRVGHEHQVRPHWHUVHDODFRQVLGHUDFLyQGHOD6RFLHGDG GH$QWLJXRVDQWHVGHTXHVHDSRVLEOHXQDGHFLVLyQGHILQLWLYD $UYDUGDQVDFXGLyODFDEH]D

aXpGHVJUDFLDWDQJUDQGH(OSURFXUDGRUPHDGYLUWLyGHODV GLILFXOWDGHVSHUR\RFRQILDEDHQTXH¢&XiQGRSRGUiFRQVXOWDU FRQVXOHJLVODWXUDYXHVWUDVDELGXUtD"

³(O3UHVLGLXPGHOD6RFLHGDGGH$QWLJXRVVHUHXQLUiGHQWURGH WUHVGtDV$OWHUDUHORUGHQGHOGtDHVWiPiVDOOiGHPLVSRVLELOLGDGHV SRUORTXHSRGUtDQSDVDUXQRVGtDVPiVDQWHVGHTXHVHGLVFXWDHO WHPD'LJDPRVTXHXQDVHPDQD $UYDUGDQDVLQWLySHQVDWLYDPHQWH

³%LHQTXpUHPHGLR$SURSyVLWRYXHVWUDVDELGXUtD ³¢6t"

³(OSURFXUDGRUPHQFLRQyGHSDVDGDDXQFLHQWtILFRWHUUHVWUH XQWDOGRFWRU6KHNW'HVSXpVKHWHQLGRQRWLFLDVGHXQVLQDSVLILFDGRU LQYHQWDGRSRUpOXQDPiTXLQDUHODFLRQDGDFRQODQHXURTXtPLFDGHO FHUHEUR¢6DEHGyQGHSRGUtDORFDOL]DUOR" (OSULPHUPLQLVWURVHKDEtDSXHVWRYLVLEOHPHQWHUtJLGR\WDUGy XQRVLQVWDQWHVHQUHVSRQGHU ³&UHRFRQRFHUDOKRPEUHGHOTXHPHKDEOD¢3DUDTXpTXLHUH YHUOR"

³%LHQKHHVWDGRWUDEDMDQGRXQ SRFRHQXQSUR\HFWRSDUDFODVLIL FDUODKXPDQLGDGHQJUXSRVHQFHIDLRJUi6FRVHQWLSRVVHJXQODVFR UULHQWHVFHUHEUDOHV\DPHHQWLHQGH


³(OLQVWUXPHQWRSRUORTXHWHQJRHQWHQGLGRQRKDWHQLGRp[LWR ³%LHQWDOYH]QRSHURSXHGHKDEHULQIRQPDFLyQTXHPHUHVXLWH ~WLO(VH6KHNW¢QRHVWDUiHQ:DVKHQQYHUGDG"

³&UHRTXHSRGUiHQFRQWUDUORHQHO,QVWLWXWRGH(VWXGLRV1XFOHD UHVGH&KLFD1DWXUDOPHQWHQRGHEHUiPHQFLRQDUVXVLQWHQFLRQHV UHVSHFWRDODV]RQDVSURKLELGDV ³(VRHVHYLGHQWHYXHVWUDVDELGXUtD³6HOHYDQWy³/HDJUD GH]FRVXFRUWHVtD\VXDPDENHDFWLWXG\GHVHRTXHHO&RQVHMRGH $QWLJXRVVHDOLEHUDOHQHVWHFDVR

8QDYH]PiVHQFXDQWRVHIXH$UYDUGDQHOSULPHUPLQLVWUR PRVWUyVXFDSDFLGDGSDUDHOFDPELR3HUPDQHFLyODUJRUDWRHQSDUDOL ]DGRHVWDGRPHQWDO 'RVPHVHV

'RVPHVHVHUDHOWLHPSRSURJUDPDGRDQWHVGHOGtD/RV´SUR\HFWL OHVHVSDFLDOHVµQRHVWDUtDQOLVWRVKDVWDHQWRQFHV<ODVIXHU]DVGHOD JDOD[LDSDUHFtDQHVWDUFRQYHUJLHQGRHODJHQWH7HVHDUTXHyORJRHO WUDLGRU6KHNW /D7LHUUDFRQWUDWRGDODJDOD[LD

/DVPDQRVGHOSULPHUPLQLVWURWHPEODEDQOLJHUDPHQWH ´6XGHVDJUDEOHSHUVRQDa

'XUDQWHHOPHGLRDxRWUDQVFXUULGRGHVGHHOGtDHQHOTXHHOVLQDS VLILFDGRUGHOGRFWRU6KHNWIXHUDXVDGRFRQ-RVHSK6FKZDUW] RHO DJHQWH7GHSHQGHGHOSXQWRGHYLVWD HOIIVLFRKDEtDH[SHULPHQWDGR XQFDPELRWRWDO1RPXFKRHQHODVSHFWRIIVLFRDXQTXHTXL]iVHVWDED XQSRFRPiVHQFRUYDGRXQDSL]FDPiVGHOJDGR(OFDPELRHVWDEDHQ VXIRUPDGHVHUDEVWUDtGDWHPHURVD9LYtDHQFRPXQLyQLQWHUQD DSDUWDGRLQFOXVRGHVXVFROHJDVPiVDOOHJDGRV\GHHVHHVWDGRVDaD FRQXQDGHVJDQDHYLGHQWHSDUDHOREVHUYDGRUPiVFLHJR

$UYDUGDQOyJLFDPHQWHQRWHQtDRSRUWXQLGDGGHFRPSDUDUVX HVWDGRFRQHOGHO6KHNWDQWHULRU\HQFRQVHFXHQFLDMX]JyODDFWLWXG GHORWURKRPEUHSRUORTXHDSDUHQWDEDVHUUXGH]DDEUXSWD\H[WUDxD (QODDQWHVDODGHOSLVRFXLGDGRVDPHQWHRVFXUHFLGRVHVLQWLyWXU EDGRHUDXQLQWUXVRREYLDPHQWHPDOUHFLELGR0HGLWyVXVSDODEUDV ³-DPiVKDEUtDVRxDGRHQLPSRQHUOHPLVGHVHRVKDVWDHOSXQWRGH YLVLWDUVXKRJDUGRFWRUGHQRKDEHUVLGRSRUTXHHOSURFXUDGRUPH DGYLUWLyGHVXJUDQDPDELOLGDGUHVSHFWRDORVFLXGDGDQRVGHODJD


OD[LD

$OSDUHFHUKDEtDVLGRXQDIUDVHSRFRIHOL]\DTXHHOGRFWRU6KHNW UHDFFLRQyEUXVFDPHQWH

³(VFXFKHpOKDFHPDODOLPSXWDUDPDELOLGDGHVHVSHFLDOHVKDFLD H[WUDQMHURVGHHVDFODVH1LWHQJRVLPSDWtDVQLWHQJRDQWLSDWtDV6R\ WHUUHVWUH6LWLHQHODERQGDGGHVROLFLWDUXQDFLWDIRQPDODPLVHFUHWD ULDHQHO,QVWLWXWR /RVODELRVGH$UYDUGDQVHDSUHWDURQ\HODUTXHyORJRKL]RDGH PiQGHYROYHUVH

³&RPSUpQGDORGRFWRU$UYDUGDQ³/DVSDODEUDVEURWDURQDSUH    VXUDGDPHQWH\HQXQVXVXUUR³/DPHQWRSDUHFHUUXGRSHURHQ UHDOLGDGQRSXHGR ³/RFRPSUHQGRSHUIHFWDPHQWH³GLMRIQ DPHQWHHODUTXHyORJR DXQTXHQRHQWHQGtDQDGD³%XHQRVGtDVFDEDOOHUR (OGRFWRU6KHNWHVERa6XQDVRQULVD 6LWLHQHODERQGDGGHVROLFLWDUXQDHQWUHYLVWD ³(VWR\PX\RFXSDGRGRFWRU6KHNW

6HYROYLyKDFLDODSXHUWDLQWHULRQPHQWHVHQWtDXQDJUDQLUULWDFLyQ FRQWRGDODWULEXGHWHUUHVWUHVHVFXFKDQGRVLQTXHUHUORDOJXQRVGHORV LQVXOWRVLQWHUFDPELDGRVFRQWDQWDQDWXUDOLGDGHQVXSODQHWDQDWDO 3RUHMHPSORORVSURYHUELRV´/DFRUWHVtDHQOD7LHUUDHVFRPROD VHTXHGDGHQHORFpDQRµ\´8QWHUUHVWUHWHGDUiFXDOTXLHUFRVDVLHP SUHTXHQRFXHVWHQDGD\YDOJDD~QPHQRVµ 6XEUD]R\DKDEtDLPWHUUXPSLGRHOUD\RIRWRHOpFWULFRTXHDEUtDOD SXHUWDSULQFLSDOFXDQGR$UYDUGDQR\yUiSLGRV\UHSHQWLQRVSDVRV GHWUiVGHpO\XQ´£&KLVµGHDYLVR/HPHWLHURQHQODPDQRXQWUR]R GHSDSHO\FXDQGRVHYROYLyYLRGHVDSDUHFHUHOFHQWHOOHRURMRGHXQD VLOXHWD 6HHQFRQWUDED\DHQHOYHK~FXORDOTXLODGRFXDQGRGHVHQYROYLyHO SDSHOGHVXPDQR+DEtDSDODEUDVJDUDEDWHDGDV ´3UHJXQWHGyQGHHVWiHO*UDQ7HDWUR\SUHVpQWHVHDODVRFKR GHODQRFKH$VHJ~UHVHGHTXHQROHVLJXHQµ

0LUyFHxXGDPHQWHHOPHQVDMH\ORUHOH\yPiVGHFLQFRYHFHV 'HVSXpVORH[DPLQyGHDUULEDDEDMRFRPRVLHVSHUDUDODUHSHQWLQD DSDULFLyQGHRWURPHQVDMHHVFULWRHQWLQWDLQYLVLEOH(QXQJHVWR


LQYROXQWDULRPLUyGHWUiVGHpO/DFDaOHHVWDEDGHVLHUWD(PSH]yD OHYDQWDUODPDQRSDUDHFKDUORVHVW~SLGRVJDUDEDWRVSRUODYHQWDQLOOD YDFLOy\PHWLRHOSDSHOHQHOEROVLOORGHVXFKDOHFR ,QGXGDEOHPHQWHVLHODUTXHyORJRKXELHUDWHQLGRXQDVRODFRVD TXHKDFHUHVDQRFKHDSDUWHGHORTXHORVJDUDEDWRVVXJHQDQHVH KDEUtDVLGRHOILQDOGHWRGR\TXL]iGHYDULRVELOORQHVGHSHUVRQDV 3HURHQUHDOLGDG$UYDUGDQQRWHQtDQDGDTXHKDFHU $ODVRFKRHQSXQWRVHKDOODEDDYDQ]DQGROHQWDPHQaHIRU PDQGRSDUWHGHXQDODUJDFRODGHYHKtFXORVGHVXSHUILFLHDORODUJR GHODUXWDTXHDOSDUHFHUFRQGXFtDDO*UDQ7HDWUR6yORKDEtDSUH JXQWDGRXQDYH]\HOWUDQVH~QWHOHKDEtDPLUDGRFRQUHFHOR WDO SDUHFtDTXHQLQJ~QH[WUDQMHURTXHGDEDOLEUHGHDTXHOODVRVSHFKD WDQDUUDLJDGD DQWHVGHUHVSRQGHUOH´/LPtWHVHDVHJXLUDORVGHPiV YHKtFXORVµ

$OSDUHFHUWRGRVORVYHKtFXORVLEDQDOWHDWUR\DTXHDOOOHJDUDO OXJDUYLRTXHODVHQRUPHVIDXFHVGHODSDUFDPLHQWRVXEWHUUiQHRORV LEDQGHYRUDQGRXQRWUDVRWUR6HVDOLyGHODKLOHUD\OOHJyOHQWDPHQWH DORWURODGRGHOWHDWURDILQGHHVSHUDUQRVDEtDTXp 8QDVLOXHWDGHOJDGDVDOLyFRUULHQGRGHODUDPSDSDUDSHDWRQHV\ VHSHJyDODYHQWDQLOOD$UYDUGDQPLUyILMDPHQWHDOUHFLpQOOHJDGR VRUSUHQGLGRSHURHORWUR\DKDEtDDELHUWRODSXHUWD\VHKDEtDLQWUR GXFLGRUiSLGDPHQWHHQHOYHKtFXOR ³/HDJUDGHFHUtDXQDH[SOLFDFLQ³GLMRHODUTXHyORJR

^ KVLOHQFLR³(ORWURVHDFXUUXFyHQHODVLHQWR³¢/HKDQVH JXLGR" ³¢7HQtDQTXHVHJXLUPH"

³1RVHKDJDHOJUDFLRVR$YDQFHHQOtQHDUHFWD*LUHFXDQGRVH ORGLJD£'LRVPtR¢DTXpHVSHUD

(OWRQRHUDGHVRSUDQR/DFDSXFKDEDMDGDKDVWDORVKRPEURV GHMyYHUXQFDEHOORFDVWDQRFODUR8QRVRMRVD]XOHVVHDO]DURQKDFLD HOFLHQWtILFR ³$GHODQWH³RUGHQyFDWHJyULFDPHQWHODPXMHU

$UYDUGDQREHGHFLy\GXUDQWHXQFXDUWRGHKRUDDSDUWHGHDOJXQD RUGHQHQDSDJDGDSHUREUXVFDYR]ODGHVFRQRFLGDQRGLMRQDGD(O DUTXHyORJROHODQ]yIXUWLYDVPLUDGDV\SHQVyFRQUHSHQWLQRGHOHLWH TXHHUDJXDSDSHURHOODQRWHQtDRMRVSDUDRWUDFRVDTXHQRIXHUD ODFDUUHWHUD <QRGHMDEDGHPLUDUKDFLDDWUiV


'HWXYLHURQHOFRFKHRORKL]R$UYDUGDQVLJXLHQGRODVLQVWUXFFLR QHVGHODPXMHUHQXQDHVTXLQDGHXQEDUULRUHVLGHQFLDOGHVSREODGR 'HVSXpVGHXQDSDXVDSUHFDXWRULDODPXMHUOHLQGLFyTXHVLJXLHUD DGHODQWH\VHDGHQWUDURQGHVSDFLRHQXQFDPLQRGHDFFHVRTXHDFD EDEDHQODVXDYHUDPSDGHXQJDUDMHSDUWLFXODU /DSXHUWDVHFHUUyHQFXDQWRHQWUDURQ\ODOX]GHOYHKtFXORIXHOD ~QLFDIXHQWHGHLOXPLQDFLyQ

³$KRUDHVF~FKHPHELHQaLMRHOODFRQYR]JUDYH³1RFUHR TXHDOJXLHQQRVKD\DVHJXLGRSHURVLR\HDOJ~QUXLGRDEUiFHPHPX\ IXHUWH\\\DVDEH $UYDUGDQDVLQWLyVHULDPHQWH

^,UHRTXHSRGUpLPSURYLVDUVLQSUREOHPDV¢(VQHFHVDULRDJXDU GDUDOJ~QUXLGR" /DPXMHUVHUXERUL]y

³1REURPHH(VXQWUXFRSDUDHYLWDUVRVSHFKDVVREUHQXHVWUDV LQWHQFLRQHVUHDOHV8VWHGGHEHUaDHQWHQGHUOR $UYDUGDQGHVHVSHUDGRGHMyFDHUODVPDQRVHQVXUHJD]R\ DUUXJyXQDFRPLVXUDGHVXODELR

³0LTXHULGDVHxRULWDOHMXURTXHQRHQWLHQGRQDGD1RHVWR\ IDPLOLDUL]DGRFRQODVFRVWXPEUHVGHOD7LHUUD\VLDTXtVHFRQVLGHUD QRUUQDOTXHXQDMRYHQVHDWDQDJUHVLYDHQVXVDWHQFLRQHVDPRURVDV VXSRQLHQGRTXHVHWUDWHGHHVRHVSHURTXHSHUGRQHPLLJQRUDQFLD\ PHH[SOLTXHH[DFWDPHQWHTXpGHVHD /DPXMHUVXVSLUyEUXVFDPHQWH\VXVRMRVVHRVFXUHFLHURQGHRU JXOOR

³(VWiFRPSRUWiQGRVHGHXQDIRUPDPX\RGLRVD\HQFXDQWRKD \DPRVWHUPLQDGRDTXtSLHQVRGHVSHGD]DUOR0LHQWUDVWDQWRGHMHGH GLVLPXODU6pTXHXVWHGHVDJHQWHLPSHULDO ³¢<R"³UHSXVR$UYDUGDQFRQV~ELWRYLJRU ³1DWXUDOPHQWH3RUHVROHKHWUDtGRDTXt(OORVQRFRQRFHQHVWH OXJDU\GHVFRQRFHQPLH[LVWHQFLD ³¢4XLpQHVVRQ´HOORV"

³/RV$QWLJXRVSRUVXSXHVWR1ROHFXOSRSRUQRFRQILDUHQPt SHURSLpQVHORELHQ7LHQHTXHFRQILDUHQDOJXLHQ\\RVR\ODSHUVRQD LGyQHD¢QR"(VWR\MXJiQGRPHODYLGDSDUDVRVWHQHUHVWDFRQYHUVD FLyQFRQXVWHG


$UYDUGDQODPLUyFRQFXULRVLGDG'HSURQWROHSDUHFtDPX\MR YHQWDOYH]D~QQRKDEtDFXPSILGRORVYHLQWLXQRSHURHUDPiVTXH JXDSD1RWyTXHHVWDEDGHULYDQGRKDFLDDVXQWRVVHFXQGDULRV\YROYLy DOWHPDFHQWUDO ³¢3XHGRSHQVDUOR"³GLMRHQYR]VXDYH³6HWUDWDGHXQDGHFL VLyQWHUULEOHPHQWHLPSRUWDQWHHVWHDVXQWRGHFRQILDUHQODJHQWH ¢QROHSDUHFH" /DMRYHQDVLQWLy

³%LHQOHGR\TXLQFHPLQXWRVDXQTXHHOWLHPSRHVPX\LPSRU WDQWH$OFDERGHHVHWLHPSRGHEHUiKDEHUWRPDGRODGHFLVLyQGH FRQILDUHQPt1RGLUpXQDVRODSDODEUD &UX]yODVPDQRVHQVXUHJD]R\ILMyODPLUDGDDOIUHQWHPiVDOOi GHOSDUDEULVDVTXHVyORGHMDEDYHUODSDUHGOLVDGHOJDUDMH

(ODUTXHyORJRODFRQWHPSODVXDQWRMR/DVXDYHKQHDGHOD EDUEL'DFRQWUDGHFtDHOHVIXHU]RGHILUUQH]DDTXHH8DODIRU]DED\VX QDUL]HUDUHFWD\ILQD6XWH]SRVHtDHOULFRYLVRWDQFDUDFWHUtVWLFRHQOD 7LHUUD\QRREVWDQWHVXVIDFFLRQHVFDUHFtDQGHORVUDVJRVJURWHVFRV WDQIDPRVRVHQODFDULFDWXUDVGHWHUUHVWUHVKHFKDVHQ6LULR $UYDUGDQQRWyTXHH'DHVWDEDPLUiQGROHSRUHOUDEL'RGHORMR/D MRYHQVHDSUHVXUDFRUUHJLUVXJHVWR\PLUyGHQXHYRDOIUHQWH DQWHVGHYROYHUORVRMRVFRQWtPLGDFXULRVLGDG ³¢4XpRFXUUH"³GLMRHOFLHQWtILFR

(OODVHYROYLyKDFLD$UYDUGDQ\VHPRUGLyHOODELRLQIHULRU ³(VWDEDPLUiQGROH

³6t\DORKHQRWDGR¢7HQJRXQDPDQFKDHQODQDUL]"

³$KDK³6XFDEH'RSDUHiDIORWDU\UHYRORWHDUVXDYHPHQWHHQ FXDQWRPRYtDODFDEH]D³$SDUWHGHOSURFXUDGRUXVWHGHVHOSULPHU KRPEUHGHODJDOD[LDTXHFRQR]FR\pOVLHPSUHYDHQYXHOWRHQ WDQWDURSDGHSORPRTXHSDUHFHXQVDFRGHSDWDWDV ³¢6R\GLVWLQWR"

³2KVt¢1RWHPHODUDGLDFWLYLGDGGHODPELHQWH"9LVWHURSD RUGLQDULD

³%LHQLJXDOTXHXVWHGFRQODH[FHSFLyQGHTXHVXURSDWLHQH XQDVSHFWRPDJQtILFRFXDQGRXVWHGODYLVWH


$SDUHFLHURQKR\XHORVHQODVPHML'DVGHODMRYHQ

³1DiDTXt3HURFUHtDTXHORVJDOiFWLD VHUDQGLVWLQWRV

³3XHVELHQQRVRQWDQGLVWLQWRVFRPRVXSRQH1RFUHRTXHOD UDGLDFWLYLGDGVHDWDQSHOLJURVDWRGDYtDQRPHVLHQWRHQIHUPR1RVH PHHVWiFD\HQGRHOSHOR³/HGLRXQWLUyQ³1RWHQJRHOHVWyPDJR HQFRJLGR\VHJXUDPHQWHWHQGUpKLMRVDOJ~QGtDVLORLQWHQWRHQOD IRUPDFRUUHFWD 3URQXQFLyJUDYHPHQWHOD~OWLPDIUDVH\ORVRMRVGHODMRYHQVH HQWUHFHUUDURQSDUDPLUDUOH'HVSXpVHOODVHHFKyDUHtU ³(VWiORFR

³+XP/HVRUSUHQGHUtDVDEHUFXiQWRVDUTXHyORJRVLQWHOLJHQWHV\ IDPRVRVKDQGLFKRORPLVPR\DGHPiVHQODUJRVGLVFXUVRV ³%LHQHVWiORFR1RVHSDUHFHDORVWHUUHVWUHV

³8VWHGHVVLHPSUHGLFHQHVR¢3RUTXpVR\GLVWLQWR" ³(VFRUGLDO/RVWHUUHVWUHVVLHPSUHUHFHODQ

³(KDOWRHVRHVDGXODFLyQVLPSORQD1RSXHGHHQJDxDUDXQ YLHMR]RUURFRPR\R$~QQRKHGLFKRTXHFRQItHHQXVWHG

³$KORKDUi³\ODPXMHUDVLQWLyFRQILDGDPHQWH³SRUTXHVLQR SHQVDUDKDFHUORQRVHJXLQDVHQWDGRDTXt

³¢2SLQDTXHWHQJRTXHKDFHUJUDQGHVHVIXHU]RVSDUDVHJXLUVHQ WDGRDVXODGR"6LHV DVtVHHTXLYRFD¢VDEH"$GHPiV\RSRGUtD WHQHUHOPX\DVWXWRSODQGHVRQVDFDUOHWRGRVVXVVHFUHWRVVLQGH ODWDUPH ³¢3RUTXp"1RVR\HQHPLJDGHXVWHGQLGHO,PSHULR

³¢3HURFyPRSXHGRVDEHUHVR"7DOYH]VHDDJHQWHHQHPLJD SUHSDUDQGRWRGRSDUDDWUDSDUPHFRQVXPDOpILFRHQFDQWR¢4XpPH GLFHGHHVR" /DMRYHQUHFREUyVXDLUHDOWDQHUR ³1RVR\HVHWLSRGHPXMHU

³6XDVSHFWRLQGLFDORFRQWUDULR$XQTXHODVDJHQWHVHQHPLJDV VHGXFWRUDVVLHPSUHVHILQJHQLQRFHQWHV(VRVVRQVXVPDOLFLRVRVPp WRGRV /DDOWDQHUtDGHVDSDUHFLy\ODMRYHQGHMyHVFDSDUXQDULVLWD


³8VWHGHVWiORFRHQWRGRVORVVHQWLGRV³<DFWRVHJXLGRIXH WRGDDFWLYLGDG³(QILQORVTXLQFHPLQXWRVKDQSDVDGR¢(VWiGLV SXHVWRDFRQILDUHQPt"

³%LHQ³$UYDUGDQHQDUFyODVFHMDVDSR\yXQR GHVXVPRUHQRV EUD]RVHQHOPHFDQLVPRGHFRQGXFFLyQ\REVHUYySHQVDWLYDPHQWHDOD PXMHU³1RFRPSUHQGRFyPRSXHGRUHVSRQGHUVLQLVLTXLHUDVp TXLpQHVXVWHG¢&yPRVH'DPD" /DMRYHQTXHGyERTXLDELHUWD ³£2KQRQRVHORKHGLFKR

³1RHVFLHUWR<QDWXUDOPHQWHHVRPHKDFHSHQVDUTXHQRFRQ ItDHQPt/DFRQILDQ]DKDGHVHUPXWXD ³3HURXVWHGPHYLRHQFDVDGHOGRFWRU6KHNW

³9LXQGHVWHOORGHURSDVURMDVFUHRSHURQDGDPiV¢(UDXVWHG" (OODDVLQWLy

³$Mi6R\KLMDGHOGRFWRU6KHNW0H'DPR3RK6KHNW

³%LHQ<RVR\%HO$UYDUGDQ¢4XpWDO3ROD"³7HQGLyXQD PDQRHQODTXHGHVDSDUHFLyPRPHQWiQHDPHQWHODGHODPXMHU\KXER XQVHULRDSUHWyQGHPDQRV³1RWHQGUpTXH'DPDUODVHxRULWD6KHNW ¢HK"³3RODDUUXJyODIUHQWH³¢/RSUHIHULUtD"³$UYDUGDQKL]RXQD PXHFD³&UHRTXHHVRVHQDHVSDQWRVR¢XVWHGQR" ³3XHVOOiPHPH3ROD¢'HEROODPDUOR%HO" ³1RUHVSRQGRDRWURQRPEUH¢VDEH" ³¢(VWDPRV/LVWRVSDUDHQWUDUHQPDWHULD"

³(QFXDOTXLHUFODVHGHPDWHULD³GLMRpOFRQIHUYRU

(/ODOHVRQULy\FRQHOEUL/ORGHOD VRQULVD$UYDUGDQH[SHULUQHQWy GHSURQWRXQH[WUDxRWLSRGHVKRFNHOpFWULFRTXHDIHFWDEDyUJDQRV LQWHUQRVGHH[LVWHQFLDGHVFRQRFLGDSDUDpO ³$KRUDH[SOLTXHPHORWRGR³GLMR

³%LHQGHVFRQR]FRFXiQWRVDEHXVWHGVLHQGRDJHQWHLPSHULDO SHURGHWRGDVIRUPDV SXHGRH[SOLFDUOHXQDFRVD(OGHVWLQRGHOD JDOD[LDHQWHUDHVWiHQMXHJR(VWR\FRQYHQFLGD

(OSULPHULPSX/VRGH$UYDUGDQIXHHFKDUVHDUHtU(OODKDEODED PX\HQVHULR\HOPHORGUDPDEURWDEDFRQVXPDGX/]XUDGHVXVOD


ELRV<HQWUHHOLPSXOVR\HODFWRHODUTXHyORJRUHFRUGyDOJXQRV GHWD/OHV/DVLQVLQXDFLRQHVYDJDV\DPHQD]DGRUDVGH(QQLXVHORGLR \ODPRUWtIHUDDQLPRVLGDGGHORVYLDMHURVGHODYLyQFXDQGRFRQRFLH URQVXRULJHQJDOiFWLFRHOSULPHUPLQLVWUR\VXVUHFHORVHOGRFWRU 6KHNW\VXUDUH]D$UYDUGDQUHVROYLyQRUHtUDOPHQRVGXUDQWHXQ UDWR ³$GHODQWH³GLMRFRQDLUHVROHPQH³([S/tTXHPHORVGHWDOOHV ³/D7LHUUDYDDVXEOHYDUVH

/DYR]GH3RODVHUHGXMRDXQDSDJDGRVXVXUUR

$UYDUGDQQRSXGRUHVLVWLUVHDXQLQVWDQWHGHGLYHUVLyQ

³£1R³H[FODPyFRQORVRMRVPX\DELHUWRV³/D7LHUUDHQ WHUD" 3HUR3RODPRVWUyHQVXPLUDGDXQDIXULDLQVWDQWDQHD

³0LUHQRVHDWDQFKLVWRVR(VWRHVPX\VHULRSRUTXHSRGUtD GHVWUXLUWRGRHO,PSHULR

³¢/D7LHUUDKDUiWRGRHVR"³$UYDUGDQFRQWXYRXQHVWD/OLGRGH ULVD\DxDGLyVXDYHPHQWH³3ROD¢TXpWDOYDVXJDODFWRJUDItD"

³7DQELHQFRPRODGHFXDOTXLHUDPDHVWUR\GHWRGDVIRUPDV ¢TXpWLHQHTXHYHUHVR"

³7LHQHPXFKRTXHYHU/DJDOD[LDWLHQHXQYROXPHQGHYDULRV PLOORQHVGHDxRVOX]F~ELFRV&RQWLHQHGRVPLOORQHVGHSODQHWDVKDEL WDGRV\XQDSREODFLyQDSUR[LPDGDGHTXLQLHQWRVPLOELOORQHVGHSHU VRQDV¢'HDFXHUGR" ³6XSRQJRTXHVt

³%LHQOD7LHUUDHVXQVRORSODQHWDFRQXQDSREODFLyQGHYHLQWH PL/ORQHV\DGHPiVVLQUHFXUVRV(QRWUDVSDODEUDVKD\YHLQWLFLQFRPLO PL/ORQHVGHFLXGDGDQRVJDOiFWLFRVSRUWHUUHVWUH¢4XpGDxRSXHGH FDXVDUOD7LHUUD" ³¢(VWiVHJXUR"³'XUDQWHXQPRPHQWRODMRYHQSDUHFLyVXPLGD HQGXGDVSHURVHUHFXSHUy³3XHVHVODYHUGDG0LSDGUHHVWi FRQYHQFLGR\pOHVWiELHQLQIRUPDGR

³/D7LHUUDVHKDVXEOHYDGRRWUDVYHFHV³OHUHFRUGy$UYDUGDQ³ 7UHVYHFHV\QRFDXVyHQHVSHFLDOQLQJ~QGDxR ³(VWDYH]HVGLVWLQWR


³4XHULGDPtD³GLMR$UYDUGDQ&DVLSRUVtVRODVXPDQRVH KDEtDH[WHQGLGRSDUDWRFDUODPHMLOODGHODMRYHQGHXQPRGRQR GHPDVLDGRIUDWHUQDOSHURHODUTXHyORJRGHVYLyHOFXUVR\VHWLUyGHOD RUHMD³4XHULGDPtDDGPLWRTXHODHQWUHYLVWDHVIDVFLQDQWH3RVHH HOHPHQWRVGHPLVWHULRLQWULJD\VREUHWRGRXQDFRQYHUVDGRUDSUH FLRVD3HURQRFRPSUHQGRTXpWUDWDGHGHFLUPH ³£2K³H[FODPyHOOD³&UHRTXHQRHVWiVDOLHQGRWDOFRPROR SODQHp3HQVDEDTXHVLXVWHGHUDDJHQWHLPSHULDOHVWDUtDDOFRUULHQWH GHFDVLWRGR\SRGUtDPRVWUDEDMDUMXQWRVFRQPLSDGUH

³¢6XSDGUH"³LQTXLULyVHFDPHQWH$UYDUGDQ³¢6HUHILHUHDO GRFWRU6KHNWWDQDQVLRVRGHYHUPHTXHQRPHGHMySDVDUGHODSXHUWD GHVXFDVD" ³1RSRGtD³GLMRVHULDPHQWH3ROD³¢1RORFRPSUHQGH"(O SULPHUPLQLVWURORKDHVWDGRYLJLODQGR\VLJXLpQGRORGHVGHKDFHPH VHV\PLSDGUHQRVHDWUHYLyDKDEODUFRQXVWHG¢3RUTXp VXSRQHTXH OHKHKHFKRYHQLUDTXt"0HORGLMRPLSDGUHpOSUHSDUyWRGR ³$K%LHQ¢GyQGHHVWipOSXHV"¢$TXt" ³¢+DQGDGRODVGLH]" ³6L

³(QWRQFHVGHEHGHHVWDUDUULEDVLQREKDQDWUDSDGR³0LUy DOUHGHGRUHVWUHPHFLpQGRVHLQYROXQWDULDPHQWH³3RGHPRVHQWUDUHQ ODFDVDSRUHOPLVPRJDUDMH\XVWHGYHQGUiFRQPLJR 7HQtD\DODPDQRHQHOERWyQTXHFRQWURODEDODSXHUWDGHOFRFKH FXDQGRVHTXHGyLQPyYLO6XYR]IXHXQVXVXUURURQFR ³9LHQHDOJXLHQ2KGHSULVD

/DVGHPiVSDODEUDVTXHGDURQDSDJDGDV$UYDUGDQQRWXYR SUREOHPDDOJXQRSDUDUHFRUGDUODRUGHQLQLFLDOGHODMRYHQ6XV EUD]RVODURGHDURQFRQQDWXUDOLGDG\GHLQPHGLDWR3RODHVWXYR FRUGLDO\EODQGDFRQWUDVXFXHUSR/RVODELRVGHHOODWHPEODURQ VREUHORVGHODUTXHyORJR'XUDQWHFHUFDGHGLH]VHJXQGRV$UYDU GDQIRU]yORVRMRVDOPi[LPRSDUDYHUHOSULPHUUD\RGHOX]R HVFXFKDUHOSULPHUSDVRSHURGHVSXpVVHVLQWLyDQHJDGR\EDUULGR SRUODGXO]XUDGHODVLWXDFLyQ3DVyEDVWDQWHUDWRDQWHVGHTXH HOODVHVHSDUDUD\DPERVGHVFDQVDURQXQLQVWDQWHPLHQWUDVPDQWH QtDQXQLGDVVXVPHMLOODV ³'HEHGHKDEHUVLGRXQUXLGRGHOWUiILFR³GLMR$UYDUGDQFRQ HQVRxDGRUGHOHLWH

³/RVXSRQJR³PXUPXUyHOOD\GHSURQWRVHDSDUWyVHDUUHJOy


HOSHORYUHWRFyHOFXHOORGHVXYHVWLGRFRQJHVWRVIRUPDOHV\SUH FLVRV³&UHRTXHVHUiPHMRUHQWUDUDKRUDHQODFDVD$SDJXHODV OXFHVGHOFRFKH7HQJRXQDSHTXHxDOLQWHUQD

$UYDUGDQEDMyGHOYHK~FXORGHVSXpVTXH3ROD\HQODRVFXULGDG HOODOHSDUHFLyXQDVRPEUDVXWLOtVLPDFRQODSHTXHxDPDQFKDGHOX] TXHEURWDEDGHODOLQWHUQD ³6HUiPHMRUTXHPHGpODPDQR³GLMR3ROD³7HQHPRVTXHVX ELUXQDHVFDOHUD

³$KRUDQRVHR\HQLQJ~QUXLGR¢YHUGDG3ROD"³/DYR]GHO DUTXHyORJRHUDXQVXVXUURGHWUiVGHODMRYHQ³6LVLUYHGHDOJR\R PLVPRKDUpDOJ~QUXLGR 3RODVHGHWXYR\ GLRPHGLDYXHOWD$UYDUGDQQRSRGtDYHUODSHUR FDSWyODGHOLFLRVDDOWDQHUtDGHVXYR] ³2KQRSLHQVHTXHXVWHGSXHGHFRQVHJXLUORWRGRGRFWRU$UYDU GDQ&DVXDOPHQWH\RQRRtQLQJ~QUXLGRDQWHV <ODMRYHQVHGLVSXVRDVHJXLUVXELHQGRSHURODPDQRGH$UYDU GDQODUHWXYRFRQIXHU]D ³%LHQHQHVHFDVR³GLMRVHULDPHQWH$UYDUGDQ

<3RODWDUGyXQRVLQVWDQWHVHQUHVSRQGHUFRQXQDYR]UDUDVR IRFDGD ³+DFRQVHJXLGRTXHVHPHFDLJDODOLQWHUQD

(VWDEDHQHOVXHORHQXQPLQ~VFXORFKDUFRGHOX](ODUTXHyORJR ODUHFRJLy\ODPDQWXYRHQIRFDGDXQPRPHQWRVREUHODUXERUL]DGD FDUDGH3ROD ³6XSRQJRTXHFUHHKDEHUKHFKRDOJRPX\LQJHQLRVR

³0X\LQJHQLRVR³UHSOLFyWUDQTXLODPHQWH$UYDUGDQ³<PX\ DJUDGDEOH ³2KYHQJDSRUIDYRU

3HURPLHQWUDVVXEtDODHVFDOHUDDODEULJRGHODRVFXULGDG3ROD VRQUHtD /DVSRVLELOLGDGHVHQFRQWUDTXHVHHVIXPDURQ

6HUHXQLHURQHQXQDKDELWDFLyQLQWHULRUGHOVHJXQGRSLVRGHOD FDVDFRQODVYHQWDQDVFXLGDGRVDPHQWHSRODUL]DGDVSDUDORJUDURSDFL GDGWRWDO3RODSHUPDQHFLyDEDMRDOHUWD\FRQORVRMRVELHQDELHUWRV VHQWDGDHQXQVLOOyQGHVGHHOTXHSRGtDYLJLODUODFDOOHRVFXUD\


GHVLHUWDHQHVRVPRPHQWRV

/DHQFRUYDGDILJXUDGH6KHNWWHQtDXQDVSHFWRGLVWLQWRGHOTXH $UYDUGDQKDEtDREVHUYDGRGLH]KRUDVDQWHV(OVHPEODQWHGHOItVLFR FRQWLQXDEDRMHURVRLQILQLWDPHQWHFDQVDGRSHURORVUDVJRVDQWHULR UHVGHDSDUHQWHLQFHUWLGXPEUH\WLPLGH]VHKDEtDQWUDQVIRUPDGRHQ XQJHVWRGHIHUR]GHVDItR

³'RFWRU$UYDUGDQ³GLMR\VXYR]HUDILUPH³GHERSHGLUOH H[FXVDVSRUHOWUDWDPLHQWRTXHOHRIUHFtHVWDPDxDQD(VSHUDEDTXH XVWHGORHQWHQGHUtD ³'HERDGPLWLUTXHQRORHQWHQGtFDEDOOHURSHURDKRUDHVGLV WLQWR 6KHNWWRPyDVLHQWRDQWHODPHVD\VHxDNyODERWHOODGHYLQR $UYDUGDQDJLWyODPDQRHQJHVWRGHGLVFXOSD

³6LQROHLPSRUWDFRPHUpXQSRFRGHIUXWD¢4XpHVHVWR"1R FUHRKDEHUYLVWRDOJRSDUHFLGR ³(VXQDYDULHGDGGHQDUDQMD³GLMR6KHNW³6XSRQJRTXHQR FUHFHIXHUDGHOD7LHUUD/DFRUWH]DVHTXLWDIiFLOPHQWH

+L]RXQDGHPRVWUDFLyQ\HODUTXHyORJRGHVSXpVGHROHUFRQ FXULRVLGDGODIUXWDKLQFyORVGLHQWHVHQODSXOSDYLQRVD/DQ]yXQD H[FODPDFLyQ ³£&DUDPEDHVGHOLFLRVDGRFWRU6KHNW¢1XQFDKDQLQWHQWDGR H[SRUWDUHVWRVSURGXFWRV"

³/RV$QWLJXRVQRJXVWDQGHFRPHUFLDUFRQHOH[WHULRU³GLMR VRPEUtDPHQWHHOItVLFR³'HOPLVPRPRGRTXHQXHVWURVYHFLQRVQR JXVWDQGHFRPHUFLDUFRQQRVRWURV(VXQVLPSOHDVSHFWRGHQXHVWUDV GLILFXOWDGHVHQOD7LHUUD <$UYDUGDQVHVLQWLyDEUXPDGRSRUXQEUXVFRHVSDVPRGHIXULD

³/RPiVHVW~SLGRTXHKHRtGR6HORDVHJXURFDVLSLHUGROD HVSHUDQ]DHQODLQWHOLJHQFLDKXPDQDFXDQGRYHRORTXHKD\HQODV PHQWHVGHORVKRPEUHV 6KHNWVHDO]yGHKRPEURV7HQtDWUDVGHVtXQDYLGDHQWHUDGH WROHUDQFLD

0HWHPRTXHIRUPDSDUWHGHOSUREOHPDFDVLLQVROXEOHGHODQWL WHUUHVWULVPR

³6LHVFDVLLQVROXEOH³UHSOLFyFRQHQHUJtDHODUTXHyORJR³VH GHEHDTXHQDGLHSDUHFHGHVHDUVROXFLRQHV¢&XiQWRVWHUUHVWUHVUHV


SRQGHQDODVLWXDFLyQRGLDQGRVLQGLVFULPLQDFLyQDWRGRVORVFLXGDGD QRVJDOiFWLFRV"¢'HVHDQLJXDOGDGWROHUDQFLDPXWXD"1R6yORGH VHDQWHQHUVXRFDVLyQFRPRPDQGDPDVHV

³(VSRVLEOH³GLMRWULVWHPHQWH6KHNW³3HURVHWUDWDGHXQ HIHFWRVLPSOHPHQWHVXSHUILFLDO'HQRVODRSRUWXQLGDG\FUHFHUiXQD JHQHUDFLyQGHKXPDQRVLJXDOTXHFXDOTXLHURWUD/RVLQWHJUDFLRQLV WDVFRQVXWROHUDQFLD\VXFUHHQFLDHQHOFDUiFWHUXQLYHUVDOGHOD KXPDQLGDGPiVGHXQDYH]KDQWHQLGRIXHU]DHQOD7LHUUD<RVR\ LQWHJUDFLRQLVWD3HURODRUJDQL]DFLyQHVWiHQPDQRVGH,46]HORWHVHV GHFLUORVQDFLRQDOLVWDVUDGLFDOHVFRQVXVVXHxRVGHGRPLQLRSDVDGR\ GRPLQLRIXWXUR/RTXHSUHFLVDHO,PSHULRHVMXVWDPHQWHSURWHFFLyQ FRQWUDHOORV $UYDUGDQIUXQFLyHOFHxRHQJHVWRGHKDVWtR ³¢/DUHYROXFLyQGHTXHKDEODED3ROD"

³'RFWRU$UYDUGDQ³GLMR6KHNWHQWRQRJUDYH³QRHVVXPD PHQWHIiFLOFRQYHQFHUDXQDSHUVRQDGHODSRVLELOLGDGDSDUHQWHPHQWH ULGtFXODGHTXHOD7LHUUDFRQTXLVWHODJDOD[LDSHURHVFLHUWR)tVLFD PHQWHQRYDOJRQDGD\WHQJRPXFKDVJDQDVGHYLYLU,PDJLQHSXHVOD FULVLVLQPHQVDTXHGHEHH[LVWLUDKRUDSDUDTXHPHYHDIRU]DGRD FRUUHUHOULHVJRGHFRPHWHU XQDFWRGHWUDLFLyQFRQORVRMRVGHOD DGPLQLVWUDFyQORFDOSXHVWRV\DVREUHPLSHUVRQD

³%LHQ³UHVSRQGLy$UYDUGDQ³VLHODVXQWRYDHQVHULRVHUi PHMRUTXHOHGLJDXQDFRVDDKRUDPLVPR1RVR\DJHQWHLUQSHULDO1R WHQJRUHODFLyQDOJXQDFRQHOJRELHUQRLPSHULDO6R\H[DFWDPHQWHOR TXHSDUH]FRVHUXQDUTXHyORJRDOPDQGRGHXQDH[SHGLFLyQFLHQWt ILFDUHODFLRQDGD~QLFDPHQWHFRQPLVLQWHUHVHVSHUVRQDOHV(VWR\VH JXURGHTXHSDUDHVWHDVXQWROHVHUtDPiVSUiFWLFRYHUDOSURFXUDGRU ³(VRHVSUHFLVDPHQWHOR TXHQRSXHGRKDFHUGRFWRU$UYDUGDQ /RV$QWLJXRVPHYLJLODQSDUDHYLWDUTXHWDOFRVDVHSURGX]FD &XDQGRVHSUHVHQWyXVWHGHQPLFDVDSHQVpTXHSRGtDVHUXQLQWHU PHGLDULR4XHpOVRVSHFKDED ³7DOYH]VRVSHFKDQRVHORSXHGRDVHJXUDU3HURQRVR\XQ LQWHUPHGLDULR/RVLHQWR

³6LQHPEDUJRHVWiDTXt\HVFLXGDGDQRGHO,PSHULR3XHGHYLVL WDUDOSURFXUDGRUPiVWDUGH (QVXVHPEODQWHKaEtDXQDH[SUHVLyQGHLQILQLWDV~SOLFD 





&XHQWRaSDUDOHORa $UYDUGDQHVWDEDQHUYLRVR'HPRPHQWRQROHFDEtDQLQJXQDGXGD


GHTXHVHHQFRQWUDEDKDEODQGRFRQXQSDUDQRLFRHQWUDGRHQDxRV\ H[FpQWULFRTXL]iVLQRIHQVLYRSHURFRPSOHWDPHQWHFKLIODGR$SHVDU GHWRGR$UYDUGDQVHJXtDDOK(ODUTXHyORJRQRDQDOL]yVXVPRWLYRV DXQTXHXQREVHUYDGRUPDOLFLRVRKDEUtDVRVSHFKDGRTXHXQRVPHFKR QHVGHFDEHOORFDVWDQRFODUR\XQRVRMRVD]XOHVSRUHQWRQFHVHQRWUD KDELWDFLyQSRGLDQVHUSDUWHGHODH[SOLFDFLyQ (QFXDOTXLHUFDVR$UYDUGDQVHUHFRVWyHQVXVLOOD

³%LHQHOULHVJRORFRUUHXVWHG<ROHD\XGDUpVLSXHGRSHURQR OHSURPHWRQDGD ³(VF~FKHPHFRQDWHQFLyQ(VOR~QLFRTXHSLGR'RFWRU$UYDU GDQ¢KDRtGRKDEODUGHPLVLQDSVLILFDGRU" ³(OSURFXUDGRUORPHQFLRQy3RUORGHPiVQRVpQDGD ³¢<TXpGLMRHOSURFXUDGRU"

³4XHHUDXQIUDFDVRLQWHUHVDQWHLGHDGRSDUDPHMRUDUODFDSDFL GDGGHDSUHQGHUFUHR 6KHNWPRVWUyVXHQIDGR

³6tVLQGXGDDOJXQD(QQLXVRSLQDTXHHOLQYHQWRHVXQIUDFDVR eVDHVODSXEOLFLGDGTXHVHOHGLR\GHORV UHVXOWDGRVIUDQFDPHQWH EXHQRVQRVHKDGLFKRQDGDGHOLEHUDGDPHQWH ³+XP8QDPXHVWUDEDVWDQWHDQRUPDOGHpWLFDFLHQWtILFDGRFWRU 6KHNW

³/RDGPLWR3HURWHQJRFLQFXHQWD\VHLVDxRVFDEDOOHUR\VL VDEHDOJRVREUHODVFRVWXPEUHVGHOD7LHUUDVDEUiTXHQRPHTXHGD PXFKDYLGDSRUGHODQWH ³6HJ~QKHOHtGRVHKDFHQH[FHSFLRQHVHQWUHRWUDVSHUVRQDVFRQ FLHQWtILFRVQRWDEOHV

³'HVGHOXHJR3HURHVRORGLFHQHOSULPHUPLQLVWUR\HO&RQVHMRGH $QWLJXRV\QRKD\SRVLELOLGDGGHDSHODUFRQWUDVXVGHFLVLRQHVQLVL TXLHUDHOHPSHUDGRUSXHGHKDFHUOR6HPHFRPXQLFyTXHHOSUHFLRGHPL YLGDHUDJXDUGDUHOVHFUHWRGHOVLQDSVLILFDGRU\HVIRU]DUPHHQPHMRUDUOR ³(OItVLFRH[WHQGLODVPDQRVHQVHxDOGHGHVHVSHUDFLyQ³¢&yPRLEDD VDEHUHQWRQFHVHOUHVXOWDGRHO XVRTXHOHGDUtDQDODPiTXLQD" ³¢<TXpXVRHVpVH"

$UYDUGDQVDFyXQFLJDUULOORGHODFDMHWLOODTXHJXDUGDEDHQOD FDPLVD\RIUHFLyRWURDOItVLFRTXHORUHFKD]y


³$JXDUGHXQPRPHQWRSRUIDYRU'HVSXpVGHTXHPLVH[SHUL PHQWRVOOHJDURQKDVWDDOSXQWRHQHOTXHFRQVLGHUpTXHHOLQVWUX PHQWRSRGtDHPSOHDUVHFRQVHUHVKXPDQRVVLQDUULHVJDUVXVYLGDV FLHUWRVELyORJRVGHOD7LHUUDUHFLELHURQWUDWDPLHQWRXQRDXQR(Q WRGRVORVFDVRVVHWUDWDEDGHKRPEUHVTXH\RVDEtDVLPSDWL]DEDQFRQ ORV]HORWHVFRQORVH[WUHPLVWDVTXLHURGHFLU7RGRVVREUHYLYLHURQVL ELHQKXERHIHFWRVVHFXQGDULRVDOFDERGHXQWLHPSR)LQDOPHQWH YROYLHURQDWUDHUDXQRGHHVRVKRPEUHV1RSXGHVDOYDUORSHUR PLHQWUDVGHOLUDEDDYHULJXpODYHUGDG &DVLHUDPHGLDQRFKH/DMRUQDGDKDEtDVLGRODUJD\KDEtDQSD VDGRPXFKDVFRVDV3HURDOJRHPSH]DEDDDJLWDUVHHQHOLQWHULRUGH $UYDUGDQ ³0HJXVWDQDTXHIXHUDDOJUDQR³VHOLPLWyDGHFLU

³/HUXHJRSDFLHQFLD'HERGDUOHXQDH[SOLFDFLyQORPiVFRP SOHWDSRVLEOHSDUDTXHPHFUHD /yJLFDPHQWHXVWHGFRQRFHHOPHGLR DPELHQWHHVSHFLDOGHOD7LHUUDVXUDGLDFWLYLGDG ³6tWHQJREXHQRVFRQRFLPLHQWRVDOUHVSHFWR

³<HOHIHFWRGHHVDUDGLDFWLYLGDGHQORVWHUUHVWUHV ³6t

³(QHVHFDVRQRPHH[SOD\DUpHQHOWHPD6yORSUHFLVRGHFLUTXH ODLQFLGHQFLDGHODVPXWDFLRQHVHQOD7LHUUDHVPD\RUTXHHQHOUHVWR GHODJDOD[LD'HPRGRTXHODLGHDGHQXHVWURVHQHPLJRVTXHORV tHUUHVWUHVVRPRVGLVWLQWRVSRVHHFLHUWDEDVHGHYHUGDGIIVLFD'H KHFKRODVPXWDFLRQHVVRQSRFRLPSRUWDQWHV\HQVX JUDQPD\RUtD FDUHFHQGHSRWHQFLDOGHVXSHUYLYHQFLD6LDOJ~QFDPELRSHUPDQHQWH VHKDSURGXFLGRHQWUHORVWHUUHVWUHVHV~QLFDPHQWHHQFLHUWRVDVSHFWRV GHORVSURFHVRVTXtPLFRVLQWHUQRVFDPELRTXHSHUPLWHPRVWUDUPD \RUUHVLVWHQFLDDOPHGLRDPELHQWHSDUWLFXODUPD\RUUHVLVWHQFLDDOD UDGLDFLyQFXUDFLyQPiVUiSLGDGHORVWHMLGRVGDxDGRV ³'RFWRU6KHNWHVWR\IDPLOLDUL]DGRFRQWRGRORTXHGLFH

³¢<QRKDSHQVDGRQXQFDTXHHVRVSURFHVRVGHPXWDFLyQRFX UUHQHQRWUDVHVSHFLHVYLYLHQWHVGHOD7LHUUDDGHPiVGHODKXPDQD" 6HSURGXMRXQEUHYHVLOHQFLRDQWHVGHTXH$UYDUGDQFRQWHVWDUD ³3XHVQRQRORKDEtDSHQVDGRDXQTXH\DTXHORPHQFLRQDOy JLFDPHQWHHVDOJRLQHYLWDEOH

³([DFWR(VWiRFXUULHQGR1XHVWURVDQLPDOHVGRPpVWLFRVH[LVWHQ HQYDULHGDGPX\VXSHULRUDODGHFXDOTXLHURWURPXQGRKDELWDGR/D QDUDQMDTXHKDFRPLGRHVXQDYDULHGDGPXWDGDTXHQRVHKDOODHQ


QLQJ~QRWURVLWLR3RUHVHPRWLYRHQWUHRWURVODQDUDQMDHVWDQ LQDFHSWDEOHSDUDODVH[SRUWDFLRQHV/RVH[WUDQMHURVUHFHODQGHODV QDUDQMDVGHOPLVPRPRGRTXHUHFHODQGHQRVRWURV\QRVRWURVODV SURWHJHPRVFRPRSURSLHGDGHVYDOLRVDVSHFXOLDUHVGHQXHVWURSOD QHWD<GHVGHOXHJRORTXHHVGHDSOLFDFLyQDSODQWDV\DQLPDOHV WLHQHLJXDOPHQWHYDOLGH]SDUDODYLGDPLFURVFySLFD <$UYDUGDQVLQWLyHQHVHPRPHQWRODILQDSXQ]DGDGHOPLHGR ³¢6HUHILHUHD,DVEDFWHULDV"³GLMR

³0HUHILHURDOGRPLQLRGHODYLGDSULPLWLYD3URWR]RRVEDFWH ULDV\ODVSURWHtQDVDXWRUUHSURGXFWRUDVTXHDOJXQDVSHUVRQDVGHQR PPDQYLUXV ³¢4XpWUDWDGHGHFLU"

³&UHRTXHXVWHGWLHQHDOJXQDQRFLyQDOUHVSHFWRGRFWRU$UYDU GDQ'HSURQWRSDUHFHPX\LQWHUHVDGR0LUHHQWUHXVWHGHVORVJDOiF WLFRVH[LVWHODFUHHQFLDGHTXHORVWHUUHVWUHVVRQSRUWDGRUHVGH PXHUWHTXHUHODFLRQDUVHFRQXQWHUUHVWUHHTXLYDOHDPRULUTXH ORV WHUUHVWUHVVRQSRUWDGRUHVGHGHVJUDFLDTXHSRVHHQXQDHVSHFLHGHRMR PDOpILFR ³(VWR\HQWHUDGRGHWRGRHVR6LPSOHVXSHUVWLFLyQ

³1RGHOWRGR(VDHVODSDUWHPROHVWD&RPRWRGDVODVFUHHQFLDV FRPXQHVDSHVDUGHVXVXSHUVWLFLyQGLVWRUVLyQRIDOVHGDGpVWDSRVHH HQHOIRQGRDOJRGHYHUGDG9HUiDOJXQDVYHFHVXQWHUUHVWUHOOHYDHQ    VXRUJDQLVPRXQDIRUPDPXWDGDGHSDUiVLWRPLFURVFySLFRTXHQR JXDUGDSDUHFLGRFRQORVFRQRFLGRVHQRWURVOXJDUHV\DOTXHORVH[ WUDQMHURVQRVRQHVSHFLDOPHQWHUHVLVWHQWHV/RTXHVLJXHHVSXUD ELRORJtDGRFWRU$UYDUGDQ (ODUTXHyORJRJXDUGyVLOHQFLR

³3RUVXSXHVWRWDPELpQQRVRWURVSDGHFHPRVODVFRQVHFXHQFLDV GHYH]HQFXDQGR³SURVLJXLy6KHNW³8QDQXHYDHVSHFLHGHJHUPHQ ORJUDVDOLUGHODVQLHEODVUDGLDFWLYDV\XQDHSLGHPLDDVRODHOSODQHWD SHURORVWHUUHVWUHVHQJHQHUDOQRKDQTXHGDGRDOD]DJD3DUDWRGDV \FDGDXQDGHODVYDULHGDGHVGHaHUPHQHV\YLUXVHODERUDPRVJHQHUD FLyQWUDVJHQHUDFLyQQXHVWUDVGHIHQVDV\VREUHYLYLPRV/RVH[WUDQMH URVQRWLHQHQHVDRSRUWXQLGDG ³¢3UHWHQGHGHFLU³LQWHUYLQR$UYDUGDQFRQXQDVHQVDFLyQUDUD PHQWHYDJD³TXHHOFRQWDFWRFRQXVWHGDKRUDPLVPR" (FKyKDFLDDWUiVVXVLOOD


6KHNWVDFXGLyODFDEH]D

³1DWXUDOPHQWHTXHQR1RVRWURVQRFUHDPRVODHQIHUPHGDG VLPSOHPHQWHHQFRQGLFLRQHVPX\GHVIDYRUDEOHVVRPRVSRUWDGRUHV GHHOOD6L\RYLYLHUDHQVXSODQHWDGRFWRUVHUtDXQSRUWDGRUGHO JHUPHQWDQWRFRPRXVWHG(LQFOXVRDTXtVyORXQRGHFDGDPLO ELOORQHVGHJpUPHQHVRXQRHQWUHXQFXDWULOOyQHVSHOLJURVR/D SUREDELOLGDGGHTXHXVWHGVHFRQWDJLHDKRUDPLVPRHVLQIHULRUDOD TXHWLHQHXQPHWHRULWRSDUDDWUDYHVDUHOWHFKRGHHVWDFDVD\FDHU VREUHXVWHG$PHQRVTXHORVJpUPHQHVHQFXHVWLyQVHDQEXVFDGRV DLVODGRV\FRQFHQWUDGRVGHOLEHUDGDPHQWH 'HQXHYRVHKL]RHOVLOHQFLRSHURPiVSURORQJDGRHVWDYH]

³¢+DQHVWDGRKDFLHQGRHVR"³SUHJXQWy$UYDUGDQFRQYR]DSD JDGD

³6t3RUUD]RQHVLQRFHQWHVDOSULQFLSLR/yJLFDPHQWHQXHVWURV ELyORJRVVLHQWHQHVSHFLDOLQWHUpVSRUODVSHFXOLDULGDGHVGHODYLGD WHUUHVWUH\QRKDFHPXFKRDLVODURQHOYLUXVGHODILHEUHFRP~Q ³¢4XpHVODILHEUHFRP~Q"

³8QDHQIHUPHGDGHQGpPLFDEHQLJQDWtSLFDGHOD7LHUUD(VGH FLUVLHPSUHQRVDFRPSDQD&DVLWRGRVORVWHUUHVWUHVODSDGHFHQHQVX LQIDQFLD\VXVVtQWRPDVUaVRQH[FHVLYDPHQWHaDYHV)LHEUHPRGH UDGDHUXSFLRQHVWUDQVLWRULDVHKLQFKD]yQGHODVDUWLFXODFLRQHVMXQWR FRQXQDPROHVWDVHQVDFLyQGHVHG&RPSOHWDVXFLFORHQXQSHUtRGR GHFXDWURDVHLVGtDV\DSDUWLUGHHQWRQFHVTXHGDPRVLQPXQL]DGRV <RODWXYH,JXDOTXH3ROD6LQHPEDUJRRFDVLRQDOPHQWHDOJ~Q PLHPEURGHODJXDUQLFLyQLPSULDOVHFRQWDJLD\HVQRUPDOTXHID OOH]FDDQWHVGHGRFHKRUDV'HVSXpVOHHQWLHUUDQORVWHUUHVWUHV\DTXH FXDOTXLHUVROGDGRTXHVHDFHUFDUDPRULUtDWDPELpQ ´(OYLUXVFRPRGHFtDIXHDLVODGRKDFHGLH]DxRV6HWUDWDGH XQDQXFOHRSURWHtQDFRPRFDVLWRGRVORVYLUXVILOWUDEOHVTXHQR REVWDQWHSRVHHODQRWDEOHSURSLHGDGGHFRQWHQHUXQDFRQFHQWUDFLyQ DQRUPDOPHQWHHOHYDGDGHFDUERQRUDGLDFWLYR\QLWUyJHQR$OGHFLU DQRUPDOPHQWHHOHYDGDPHUHILHURDOFLQFXHQWDSRUFLHQWR6HVX SRQHTXHORVHIHFWRVGHORUJDQLVPRVREUHVXKXpVSHGVHGHEHQPiV DVXVUDGLDFLRQHVTXHDVXVWR[LQDV1DWXUDOPHQWHSDUHFHOyJLFR TXHORVWHUUHVWUHV DGDSWDGRVDODUDGLDFLyQJDPPDVXIUDQWDQVyOR WUDVWRUQRVOLJHURV(OLQWHUpVLQLFLDOSRUHOYLUXVVHEDVyHQHOPp WRGRTXHOHSHUPLWtDFRQFHQWUDUORVLVyWRSRVUDGLDFWLYRV&RPRXV WHGVDEHQLQJ~QPHGLRTXtPLFRSXHGHVHSDUDULVyWRSRVFRPRWDP SRFRSXHGHKDFHUORQLQJ~QRUJDQLVPRFRQRFLGRSHURODGLUHF FLyQGHODLQYHVWLJDFLyQFDPELy ´6HUpEUHYHGRFWRU$UYDUGDQ&UHRTXH\DLQPDJLQDHOUHVWR


3RGtDQHIHFWXDUVHH[SHULPHQWRVFRQDQLPDOHVH[WUDWHUUHVWUHVSHUR QRFRQKRPEUHVH[WUDQMHURV(OQ~PHURGHpVWRVHQOD7LHUUDHUD HVFDVRQRSRGtDWROHUDUVHTXHYDULRVGHVDSDUHFLHUDQVLQGHMDUUDVWUR <WDPSRFRSRGtDWROHUDUVHTXHORVGHVFXEULHUDQDQWHVGHWLHPSR(Q FRQVHFXHQFLDPDQGDURQDXQJUXSRGHEDFWHULyEJRVDOVLQDSVLILFD GRUSDUDTXHYROYLHUDQFRQLQWHOLJHQFLDVPX\GHVDUUROODGDV(OORV IXHURQORVTXHLGHDURQXQQXHYRHQIRTXHPDWHPiWLFRGHODTXtPLFD GHODSURWHtQD\ODLQPXQRORJtDTXHILQDOPHQWHOHVSHUPLWLyIRUPDU XQDFDGHQDDUWLILFLDOGHYLUXVFRQHOSURSyVLWRGHDIHFWDUWDQVyORD VHUHVKXPDQRVJDOiFWLFRV$FWXDOPHQWHH[LVWHQWRQHODGDVGHYLUXV FULVWDOL]DGR $UYDUGDQVHVHQWtDFRQVXPLGR1RWyTXHODVJRWDVGHVXGRUUHVED ODEDQSHUH]RVDPHQWHSRUVXVVLHQHV\VXVPHMLOODV

³(QHVHFDVRHVWiGLFLpQGRPH³FRPHQWyHQWRQRURQFR³TXHOD 7LHUUDSUHWHQGHGHMDUVXHOWRHVWHYLUXVHQODJDOD[LDTXHYDQDLQLFLDU XQDJLJDQWHVFDJXHUUDEDFWHULROyJLFD

³8QDJXHUUDTXHQRVRWURVZSRGHPRVSHUGHU\TXHXVWHGHVQR SXHGHQJDQDU([DFWR8QDYH]LQLFLDGDODHSLGHPLDPLOORQHVGH SHUVRQDVPRULUiQDGLDULR\QDGDSRGUiFRQWHQHUOD/RVTXHLPSXOVD GRVSRUHOSiQLFRKX\DQHQQDYHVHVSDFLDOHVVHUiQSRUWDGRUHVGHO YLUXV\VLDOJXLHQLQWHQWDKDFHUHVWDOODUSODQHWDVHQWHURVVLHPSUHVHUi SRVLEOHLQLFLDUGHQXHYRODHSLGHPLDHQQXHYRVFHQWURV1RH[LVWLUi PRWLYRDOJXQRSDUDUHODFLRQDUHOSUREOHPDFRQOD7LHUUD&XDQGR QXHVWUDVXSHUYLYHQFLDHPSLHFHDVHUVRVSHFKRVDHOHVWUDJRKDEUi SURJUHVDGRWDQWRODGHVHVSHUDFLyQGHORVJDOiFWLFRVVHUiWDQKRQGD TXHQDGDOHVLPSRUWDUi ³¢<WRGRVPRULUiQ"

(OKRUURULPSUHVLRQDQWHQR FDODEDQRSRGtDKDFHUOR

³7DOYH]QR1XHVWUDQXHYDFLHQFLDEDFWHULROyJLFDVLUYHHQDPERV VHQWLGRV7DPELpQWHQHPRVODDQWLWR[LQD\N!VPHGLRVSDUDSURGX FLUOD3RGUtDXVDUVHHQFDVRGHUHQGLFLyQWHPSUDQD

(QODKRUULEOHQHJUXUDTXHVLJXLyODYR]GH6KHNWVRQyGpELO\ IDWLJDGD'XUDQWHHVDQHJUXUD$UYDUGDQQRSHQVyQLSRUXQPR PHQWRHQGXGDUUHVSHFWRDODYHUDFLGDGGHFXDQWRKDEtDHVFXFKDGR ODKRUULEOHYHUGDGTXHGHXQVRORJROSHDQXODEDODVSRVLELOLGDGHVHQ FRQWUDGHYHLQWLFLQFRPLOPLOORQHVFRQWUDXQR

³1RHVOD7LHUUDODTXHHVWiKDFLHQGRHVWR8QSXQDGRGHOtGH UHVGHSUDYDGRVSRUODSUHVLyQJLJDQWHVFDTXHEVH[FOX\yGHODJDOD [LDTXHRGLDQDTXLHQHVORVGHMDURQIXHUDTXHGHVHDQFRPRORFRV GHYROYHUHOJROSHFXHVWHORTXHFXHVWH ´(QFXDQWRHPSLHFHQOD7LHUUDWHQGUiTXHVHJXLUORV¢4XpRWUD FRVDSRGUiKDFHU"3RUVXWUHPHQGDVHQVDFLyQGHFXOSDELOLGDGWHQGUi


TXHFRQFOXLUODWDUHDHPSH]DGD¢3RGUiWROHUDUTXHVREUHYLYDJUDQ SDUWHGHODJDOD[LD\DUULHVJDUVHDOFDVWLJR"<GHWRGDVIRUPDV¢SXHGH HYLWDUOR"6HJXUDPHQWHDOJXQRVULQFRQHVDSDUWDGRVVHVDOYDUiQRWURV SRGUtDQHVWDULQPXQL]DGRV6XILFLHQWHVSHUVRQDVSDUDUHFRUGDUHO RGLRHWHUQRTXHVHSURGXFLUi\SDUDYHQJDUVH ´<\RDQWHVTXHH[WUDWHUUHVWUHVR\KRPEUH¢'HEHQPRULUELOOR QHVHQSURYHFKRGHPLOORQHV"¢'HEHGHUUXPEDUVHXQDFLYLOL]DFLyQ H[WHQGLGDSRUODJDOD[LDHQSURYHFKRGHOUHVHQWLPLHQWRGHXQSOD QHWDSRUPX\MXVWLILFDGRTXHHVWp"¢<TXHGDUHPRVHQPHMRUVLWXD FLyQJUDFLDVDHVR"/DIXHU]DGHODJDOD[LDVHJXLUiUHVLGLHQGRHQORV PXQGRVGRWDGRVGHORVU&FXUVRVQHFFVDULRV\QRVRWURVQRWHQHPRV UH&XUVRV,QFOXVRHVSRVLEOHTXHORVWHUUHVWUHVJRELHUQHQHQ7UDQWRU GXUDQWHXQDJHQHUD&LyQSHURVXVKLMRVVHUiQWUDQWRULDQRV\DVXYH] GHVSUHFLDUiQDORVTXHSHUPDQH=FDQHQOD7LHUUD

´<DGHPiV¢TXpYHQWDMDKD\SDUDODKXPDQLGDGVLFDPELDOD WLUDQtDGHODJDOD[LDSRUODWLUDP DGHOD7LHUUD"1RQRGHEHKDEHU XQDVDOLGDSDUDWRGRVORVKRPEUHVXQFDPLQRKDFLDODMXVWLFLD\ODOL EHUWDG 6XVPDQRVVHDO]DURQKDVWDVXFDUD\ODFDEH]DGH6KHNWVHPHFLy VXDYHPHQWHWUDVORVQXGRVRVGHGRV $UYDUGDQORKDEtDHVFXFKDGRWRGRVXPLGRHQXQDQLHEODGHHV WXSRU

³1RKD\WUDLFLyQHQORTXHXVWHGKDKHFKRGRFWRU6KHNW³PXU PXU2³$OFRQWUDULRYHRHQXVWHGODXQLGDGGHODUD]DKXPDQD ¢&yPRSRGHPRVLPSHGLUHVWR"¢&yPR" 6HR\yUXLGRGHSDVRVDFHOHUDGRVXQDFDUDDVXVWDGDHQWUyGH SURQWRHQODKDELWDFLyQ\ODSXHUWDTXHGyDELHUWD ³3DGUH9LHQHQKRPEUHVSRUHOFDPLQRGHDFFHVR (OGRFWRU6KHNWSDOLGHFLy

³'HSULVDGRFWRU$UYDUGDQSRUHOJDUDMH³(VWDEDGiQGROH YLROHQWRVHPSXMRQHV³9D\DDYHUD(QQLXV&XpQWHOHWRGRHVWR /OpYHVHD3ROD\QRVHSUHRFXSHSRUPt<RORVIUHQDUp

3HURXQKRPEUHDWDYLDGRFRQXQDW~QLFDYHUGHOHVDJXDUGDED FXDQGRVHYROYLHURQ(VER]DEDXQDVRQULVDDSHQDVYLVLEOH\HPSX xDEDFRPRVLWDOFRVDXQOiWLJRQHXUyQLFRHODUPDTXHDWXUGtDFRQ HOPi[LPRGRORUSRVLEOH6HR\yXQHVWUXHQGRGHSXQHWD]RVHQOD SXHUWDSULQFLSDODOJRTXHVHGHUUXPEDED\UXLGRGHSLHVPRYLpQGRVH SHVDGDPHQWH ³(VHOVFFUHWDULRGHOSULPHUPLQLVWUR³PXUPXUyHOGHVHVSHUDGR


GRFWRU6KHNW

³&LHUWR³(OKRPEUHGHODW~QLFDYHUGHDYDQ]a<FDVLVHKD VDOLGRFRQODVX\D3HURVyORFDVL+XPXQDPXMHUWDPELpQ3RFR GLVFUHWR<QXHVWURDPLJRLPSHULDOHOLQRFHQWHDUTXHyORJR

³6R\FLXGDGDQRJDOiFWLFR³GLMRFRQILUPH]D$UYDUGDQ³\QLHJR VXGHUHFKRDGHWHQHUPHRORTXHHVLJXDODHQWUDUHQHVWDFDVDVLQ DXWRULGDGOHJDO

³<R³\HOVHFUHWDULRWRFyVXDYHPHQWHVXSHFKRFRQODPDQRGH VRFXSDGD³VR\WRGRHOGHUHFKR\ODDXWRULGDGGHHVWHSODQHWD\ DQWHVGHXQPHVWDOYH]GHODJDOD[LD<DORVKHPRVFRJLGRDWRGRV LQFOXVRDODJHQWH7 ³¢(ODJHQWH7"³SUHJXQWyOODQDPHQWH$UYDUGDQ

³(OKRPEUHTXHVHKDFHOODPDU-RVFSK6FKZDUW]7DPELpQpO HVWiGHWHQLGR\OHHVWiHVSHUDQGR

/R~OWLPRTXHYLR$UYDUGDQIXHXQDVRQULVDTXHVHKDFtDPiV DPSOLD\HOGHVWHOORGHOOiWLJR6HGHVSORPy\SHUGLyHOFRQRFL PLHQWRGHVSXpVGHXQDOODPDUDGDFDUPHVtGHGRORU ,17(50(',2

<GHHVWHPRGRFRPR\DVFH[SOLFyFRQDQWHULRULGDGDPERV H[WUHPRVVHXQHQHQ HOFHQWUR+HPRVVHJXLGRSULPHURD-RVHSK 6FKZDUW]\GHVSXpVD%HO$UYDUGDQ\DPERVDKRUDDFDEDQXQLGRV(Q UHDOLGDGODVLWXDFLyQTXHFRPSDUWHQQRHVFyPRGDSXHVWRTXHOD UHXQLyQWLHQHOXJDUHQFRQGLFLRQHVPiVELHQGHVHVSHUDGDVSDUDORVGRV 6LQHPEDUJRTXHGDODWHUFHUDSDUWHHQODTXHQRVRFXSDUHPRVGHOD UHXQLyQ\VHJXLUHPRVORVUHVWDQWHVKHFKRVTXHLQWHUHVDQSRULJXDO\ VLPXOWiQHDPHQWHDDPERVSHUVRQDMHV (QFRQVHFXHQFLDHOGLDJUDPDGHHVWHUHODWRSRGGDVHUHOVLJXLHQWH 7LHUUD

$& 

_6LULR_ /a*,

3ULPHUDSa¡ aJXQaGDSDUWH -RVHSK6FKZDUW]? %HO$UYDUGDQ DWUDYpVGHOWLHPSR ?aa DWUDYpVGHOHVSDFLR


7LHUUD (*

7HUFHUDSDUWH -RVHSK6FKZDUW]\ %HO$UYDUGDQ 3RUWDQWRFRPRYHQKHKHFKRODQDUUDFLyQSDUWLHQGRGHDPERV H[WUHPRVHQGLUHFFLyQDOFHQWURFRPRSURPHWt

(OPRWLYRGHWUDWDUHOWHPDFRQWDQWRGHWDOOHVXSRQJRHVTXHFDVL WRGRVORVDXWRUHVWLHQHQQHFHVLGDGGHH[SOLFDUODHVWUXFWXUDIIVLFDGHVXV UHODWRVDOJRGLVWLQWRGHSRUPHQRUHVVHFXQGDULRVFRPRDUJXPHQWRV\ FOtPD[)LQDOPHQWHKHGDGRVDWLVIDFFLyQDGLFKDQHFHVLGDG)DVFL QDQWH¢QROHVSDUHFH" D3$57( -26(3+6&+:$57=<%(/$59$5'$1 &RDOHVFHQF¢D

'HPRPHQWR6FKZDUW]GHVFDQVDEDQHUYLRVDPHQWHHQHOGXUR EDQFRGHXQDGHODVVDODVVXEWHUUiQHDVGHOHGLILFLRFRUUHFFLRQDOGH &KLFD

(O´(GLILFLRµFRPRVHORGHQRPLQDEDQRUPDOPHQWHHUDHOJUDQ VtPERORGHOSRGHUORFDOGHOSULPHUPLQLVWUR\VXFDPDULOOD$O]DEDVX WpWULFDVRPEUDHQXQDHOHYDFLyQDQJXORVD\URFRVDTXHRVFXUHFtDORV EDUUDFRQHVLPSHULDOHVVLWXDGRVHQODVFHUFDQtDVGHOPLVPRPRGRTXH VXVRPEUDVHDIHUUDEDDOPDOKHFKRUWHUUHVWUHPXFKRPiVTXHODDXWR ULGDGQRHMHUFLGDGHO,PSHULR (QWUHVXVSDUHGHVPiVGHXQWHUUHVWUHHQVLJORVSDVDGRVKDEtD DJXDUGDGRHOMXLFLRSUHYLVWRSDUDORVTXHIDOVLILFDEDQRQRFXPSOLDQ ORVFXSRVGHSURGXFFLyQORVTXHYLYtDQPiVDxRVTXHORVOHJDOHVR VLOHQFLDEDQORVGHOLWRVGHRWUDVSHUVRQDVRORVDFXVDGRVGHWHQWDWLYD GHVXEYHUVLyQGHOJRELHUQRORFDO'HYH]HQFXDQGRVLORVSUHMXLFLRV ORFDOHVGHODMXVWLFLDWHUUHVWUHUHVXOWDEDQHVSHFLDOPHQWHLOyJLFRVSDUD HOJRELHUQRLPSHULDOGHODpSRFDS'UORJHQHUDOVRILVWLFDGRHLQGLIH UHQWHHOSURFXUDGRUSRGtDDQXODUXQDFRQGHQDDXQTXHHOORGHULYDED HQLQVXUUHFFLRQHVRFRPRPtQLPRDOERURWRVYLROHQWRV 1RUPDOPHQWHVLHO&RQVHMRVROLFLWDEDODSHQDGHPXHUWHHOSUR FXUDGRUDFFHGtD

'HVGHOXHJR-RVHSK6FKZDUW]QRVDEtDQDGDGHHVWR3DUDpOHO FRQRFLPLHQWRVHUHGXiDDXQDSHTXHxDKDELWDFLyQFRQODVSDUHGHV LPSUHJQDGDVGHXQDOXPLQRVLGDGIUDQFDPHQWHGpELO\XQPRELOLDULR IRUPDGRSRUGRVGXURVEDQFRV\XQDPHVDPiVXQDFDYLGDGHQOD SDUHGTXHKDFtDODVYHFHVGHODYDER\UHWUHWHDOPLVPRWLHPSR1R


KDEtDYHQWDQDVSDUDHFKDUXQDRMHDGDDOFLHOR\ODFRUULHQWHGHDLUH TXHOOHJDEDDODKDELWDFLyQSRUHOSR]RGH YHQWLODFLyQDSHQDVHUD SHUFHSWLEOH

6FKZDUW]VHDFDULFLyHOFDEHOORTXHFLUFXQGDEDVXFDOYD\VHLUJXLy FRQDLUHGHVFRQVRODGR6XWHQWDWLYDGHKXLGDDQLQJXQDSDUWH ¢HQ TXpOXJDUGHOD7LHUUDLEDDHVWDUDVDOYR" KDEtDVLGREUHYHQDGDIiFLO \KDEtDWHUPLQDGRDOOt 6LQGXGDDOJXQDKDEtDVLGRXQDWHQWDWLYDHVW~SLGDHLQ~WLO 

3HURVDEtDWDQSRFRVREUHDTXHOPXQGRKRUULEOH0DUFKDUVHGH QRFKHRDFDPSRWUDYpVOHKDEUtDHQPDUDxDGRHQPLVWHULRVOHKDEUtD ODQ]DGRKDFLDHOSHOLJURGHORVIRFRVUDGLDFWLYRVGHORVTXHpOQRVDEtD QDGD<SRUHVRFRQHODUURMRGHODSHUVRQDTXHQRWLHQHHOHFFLyQ KDEtDLQLFLDGRODPDUFKDSRUODDXWRSLVWDHQSOHQRPHGLRGtD

(QQLQJ~QPRPHQWRROYLGyODH[LVWHQFLDGHDTXHOFRQWDFWRPHQLDO HQHPLJRTXHGXUDQWHVHLVPHVHVKDEtDHVWDGRYLJLOiQGROH\TXHOH VLJXLyHQVXKXLGD-DPiVYLRDSHUVRQDDOJXQD(QUHDOLGDGQRVH DWUHYtDDPLUDUDYROYHUODFDEH]DDGHPRVWUDUTXHGLVWDEDPXFKRGH VHQWLUVHWUDQTXLOR3RUTXHDOSULQFLSLRFXDQGRPLUy\WUDWyGHHOLPL QDUDOKRPEUHTXHOHVHJXtDHOFRQWDFWRPHQWDOVXIULyXQFDPELR VXWLO'HODVLPSOHDPHQD]DSDVyDODSUHFDXFLyQGHODSUHFDXFLyQD ODGXGD\6FKZDUW]VXSRTXHVX1pPHVLVHVWDEDDUPDGDTXHVLpO -RVHSKGHPRVWUDEDVDEHUTXHVHKDOODEDHQSHOLJUROHDEDWLUtDQHQ YH]GHSHUPLWLUOHKXLU 3RUHVRVLJXLyDQGDQGRVDELHQGRTXHVHJXtDGHQWURGHOUDGLRGH DFFLyQGHXQDUPDPRUWtIHUD6XHVSDOGDSHUPDQHFLyUtJLGDDODHV SHUDGHDOJ~QSHOLJURGHVFRQRFLGR¢4XpVHVLHQWHDOPRULU"¢4XpVH VLHQWHDOPRULU"(VHSHQVDPLHQWRLEDGiQGROHHPSXMRQHVVLJXLHQ GRHOFRPSiVGHVXVSDVRVGDEDWXPERVHQVXFHUHEURUHtDWRQWD PHQWHHQVXVXEFRQVFLHQFLDKDVWDTXHVHKL]RLQVRSRUWDEOH

6HGLULJLyKDFLDHOERUGHFXELHUWRGHKLHUEDGHODDXWRSLVWD+DEtD GHVFHQGLGRXQGHFOLYHVXDYH\FDVLXQNLOyPHWURGHWHUUHQRVHH[WHQ GtDHQGLUHFFLyQDVFHQGHQWHKDVWDWHUPLQDUDEUXSWDPHQWHFRQVXFR ORUYHUGH\JULVUHFRUWDGRVREUHHOIRQGRGHOFLHOR¢+DEtDXQDLQWH UUXSFLyQHQODFDPSLQDDOOLDUULED"¢6HUtDXQUDVJRQXHYR\PRUWtIHUR GHOFRQWDFWRPHQWDO"¢(VWDEDQOHYDQWDQGRXQDUPD"¢(VWDEDQDSXQ WiQGROH" &KLOOyDOYDFtRTXHFRQWHPSODEDDJLWyORVEUD]RVFRQIXULD

³£'pMDPHHQSD]SRUIDYRU¢4XpWHKHKHFKR\R"£9HWH £9HWH


&RQFOX\yFRQXQTXHEUDGRDXOOLGRFRQODIUHQWHDFDQDODGDSRUHO RGLR\HOPLHGRDODFULDWXUDTXHOHDFHFKDED\ODPHQWHUHERVDQWHGH KRVWLOLGDG6XVSHQVDPLHQWRVVHODQ]DURQFRQWUDHOFRQWDFWRPHQWDO SDUDWUDWDUGHHOXGLUVXSHJDMRVLGDGSDUDOLEUDUVHGHVXDOLHQWR <HOFRQWDFWRPHQWDOGHVDSDUHFLy'HSURQWRGHVDSDUHFLySRU FRPSOHWR6FKZDUW]FDSWyPRPHQWiQHDPHQWHXQGRORUDEUXPDGRU QRHQpOVLQRHQHORWUR\OXHJRQDGDQLQJ~QFRQWDFWRPHQWDO +DEtDGHVDSDUHFLGRFRPRODSUHVDGHXQSXxRTXHSLHUGHIXHU]D\ TXHGDLQHUWH 6FKZDUW]DJXDUGyODUJRUDWR

1DGDQLQJ~QFRQWDFWRPHQWDO

6HYROYLy\VL)XLyDQGDQGR(OFRQWDFWRPHQWDOQRUHDSDUHFLy

'HYH]HQFXDQGRSDVDEDDOJ~QYHKtFXOR1LQJXQRVHGHWXYRSDUD UHFRJHUOH\6FKZDUW]VHDOHJUyGHHOOR'XUPLyDODLUHOLEUHDTXH'D SULPHUDQRFKH\ODPDxDQDVLJXLHQWHOOHJyDODVDIXHUDVGH&KLFD  O )XHXQHUURU

6FKZDUW]VHH[FXVySRUH'RGHPXFKDVIRUPDVPLHQWUDVSHUPDQH iDVHQWDGRHQODGXUH]DGHOEDQFRGHODFHOGDeOHUDKRPEUHGH FLXGDG+DEtDHVWDGRHQ&KLFDXQDYH]PLHQWUDVTXHHOUHVWRGHOD 7LHUUDOHUHVXOWDEDWRWDOPHQWHH[WUDQR3RGQDSHUGHUVHHQHODQRQL PDWRGHODVPXOWLWXGHV,QFOXVRSRGQDFRQVHJXLUXQHPSOHR 3HURIXHXQHUURUDSHVDUGHWRGR

/OHJyDSULPHUDVKRUDVGHODPDxDQD\HOPRYLPLHQWRGHODPX FKHGXPEUHHUDHVFDVR\HVSRUiGLFRSHURDXQDVtORVFRQWDFWRVPHQ WDOHVSRUSULPHUDYH]HUDQQXPHURVRVGHWD'HTXHOHVRUSUHQGLy\ FRQIXQGLy

£&XiQWRV$OJXQRVVXDYHV\GLIXVRVRWURVDJXGRVHLQWHQVRV KRPEUHVTXHSDVDEDQFRQPLQ~VFXODVH[SORVLRQHVHQVXVPHQWHV RWURVFRQQDGDGHQWURGHOFUiQHRH[FHSWRTXL]iVXQDVXDYHUHIOH[LyQ VREUHHOGHVD\XQRUHFLpQFRPSOHWDGR

$OSULQFLSLR6FKZDUW]YROYtDODFDEH]D\GDEDXQEULQFRHQ FXDQWRDOJaXHQSDVDEDFHUFDDOFRQVLGHUDUDWRGRVFRQWDFWRVSHUVRQD OHV3HURDQWHVGHXQDKRUDDSUHQGLyDQRKDFHUOHVFDVR (VFXFKySDODEUDVTXHMDPiVKDEtDRtGRHQODJUDQMDIUDVHVUDUDV HVSHFWUDOHVLQFRQH[DV\IXVWLJDGDVSRUHOYLHQWRPX\GLVWDQWHVPX\ GLVWDQWHV<FRQHOODVHPRFLRQHVYLYDV\HVSHOX]QDQWHV\RWURV


GHWDOOHV VXWLOHVTXHHVLPSRVLEOHGHVFULELUGHWDOPRGRTXHHOPXQGR HUDXQSDQRUDPDGHYLGDHQHEX'LFLyQYLVLEOHWDQVyORSDUD6FKZDUW] 'HVFXEULTXHSRGtDSHQHWUDUHQORVHGLILFLRVPLHQWUDVFDPLQDED SUR\HFWDUVXPHQWHFRPRVLODWXYLHUDFRJLGDFRQXQDFRUUHDDOJR FDSD]GHHVFXUULUVHSRUUHQGLMDVLQYLVLEOHVDVLPSOHYLVWD\H[WUDHUOD HVHQFLDGHORVSHQVDPLHQWRVPiVUHFyQGLWRVGHODVSHUVRQDV

6HGHWXYRDQWHXQHGLILFLRHQRUPHFRQIDFKDGDGHSLHGUD\DTXH DOOLVHHQFRQWUDEDXQOHMDQRFRQWDFWRPHQWDOTXHSRGtDVLJQLILFDU HPSOHRSDUDpO(VWDEDQVROLFLWDQGRWUDEDMDGRUHV-XVWRHQHVHLQV WDQWH6FKZDUW]GHVFXEULyTXHHVWDEDKDPEULHQWR

(QWUyHQHOHGLILFLRGRQGHQRWDUGyHQVHULJQRUDGRSRUWRGRVORV SUHVHQWHV1RKDEtDWHQLGRRSRUWXQLGDGGHOHHUHOOHQJXDMHGHDTXH £8DQXHYD7LHUUDVyORKDEtDDSUHQGLGRDKDEODUOR\HQWHQGHUORGH PRGRTXHORVOHWUHURVGHRULHQWDFLyQFDUHFtDQGHVLJQLILFDGRSDUDpO 7RFyHOKRPEURGHDOJaXHQ ³¢'yQGHGHERVROLFLWDUHPSOHRSRUIDYRU" ³£(QDTXH'DSXHUWD

(OFRQWDFWRPHQWDOTXHOHOOHJyUHERVDEDGHLUULWDFLyQ\UHFHOR

6HPHWLySRUODSXHUWDTXHOHKDEtDQLQGLFDGR\HQFRQWUyDOWLSR GHOJDGRGHOPHQWyQSXQWLDJXGRTXHOHODQ]yXQDDQGDQDGDGHSUH JXQWDV\PDQHMDEDODPiTXLQDFODVLILFDGRUDHQODTXHWHFOHDEDODV UHVSXHVWDV 6FKZDUW]WDUWDPXGHyPHQWLUDV\YHUGDGHVFRQLJXDOLQGHFLVLyQ 3HURSRUILQHODGPLQLVWUDWLYRHPSH]yFRQFODUDLQGLIHUHQFLD /DVSUHJXQWDVVHVXFHGLHURQFRQUDSLGH]

³(GDG¢&LQFXHQWD\GRV"+XP(VWDGRILOVLFR&DVDGR &XiQWRVKLMRV([SHULHQFLD¢+DWUDEDMDGRFRQSURGXFWRVWH[WL

OHV "%LHQ¢GHTXpFODVH"¢7HUPRSOiVWLFRV"¢(ODVWyPHURV" ¢4XpTXLHUHGHFLUHVRGHTXHFUHHTXHFRQWRGRV"¢&RQTXLpQ WUDEDMyOD~OWLPDYH]"'HOHWUHHHOQRPEUH1RHVGH&KLFDJR ¢YHUGDG"¢'yQGHHVWiQVXVGRFXPHQWRV"¢&XiOHVVXQ~PHURGH UHJLVWUR"

6FKZDUW]HVWDEDUHWURFHGLHQGR1RKDEtDSUHYLVWRHVHILQDODO SULQFLSLR<HOFRQWDFWRPHQWDOGHOKRPEUHTXHHVWDEDDQWHpOKDEtD FDPELDGR5HIOHMDEDUHFHORKDVWDHOSXQWRGHQRYHUQDGD PiV\ WDPELpQSUHFDXFLyQ+DEtDXQDFDSDVXSHUILFLDOGHGXO]XUD\FRPSD xHULVPRWDQGHOJDGD\RFXOWDQGRWDQSRFRODDQLPRVLGDGTXHUHVXO WDEDPiVSHOLJURVDTXHFXDOTXLHURWURUDVJR


³&UHR³GLMR6FKZDUW]PX\QHUYLRVR³TXHQRHVWR\FDSDFLWDGR SDUDHVWHWUDEDMR

³1RQRYXHOYD³<HODGPLQLVWUDWLYROHKL]RJHVWRVSDUDTXHVH DFHUFDUD³7HQHPRVDOJRSDUDXVWHG'pMHPHPLUDUHQHVWRVDUFKL YRV (VWDEDVRQULHQGRSHURVXFRQWDFWRPHQWDOHUDPiVFODUR\PiV KRVWLOWRGDYLD +DEtDDSUHWDGRXQERWyQGHVXHVFULWRULR

6FKZDUW]V~ELWDPHQWHGRPLQDGRSRUHOSiQLFRVHODQ]yKDFLDOD SXHUWD ³£&RJHGOR³JULWyHOHPSOHDGRDOLQVWDQWHPLHQWUDVDEDQGRQDED DWRGDSULLLVDVXHVFULWRULR

6FKZDUW]DWDFyDOFRQWDFWRPHQWDOORJROSHyYLROHQWDPHQWHFRQ VXSHQVDPLHQWR\HVFXFKyXQJHPLGRDVXHVSDOGD0LUyFRQUDSLGH] SRUHQFLPDGHOKRPEUR(ODGPLQLVWUDWLYRVHHQFRQWUDEDVHQWDGRHQ HOVXHORFRQHOURVWURFRQWUDLGR\ODVVLHQHVKXQGLGDVHQODVSDOPDVGH ODVPDQRV2WURKRPEUHVHLQFOLLQyVREUHpO\WUDVXQJHVWRGHDSUH PLRVHODQ]yKDFLD6FKZDUW]TXHQRHVSHUyQLXQPRPHQWRPiV 6DOLySRUILQDODFDOOHVDEHGRU\DGHTXHGHEtDH[LVWLUXQDRUGHQ GHE~VTXHGD\FDSWXUD\TXHKDEUtDQGLIXQGLGRVXGHVFULSFLyQSHUVR QDO\VDELHQGRLJXDOPHQWHTXHHOHPSOHDGRFRPRPtQLPROHKDEtD UHFRQRFLGR

(FKyDFRUUHU\GREOyHVTXLQDVVLQYHUVLTXLHUDSRUGyQGHLED $WUDMRODDWHQFLyQPiVWRGDYLDDHVDKRUD\DTXHODVFDOOHVHVWDEDQ FDGDYH]PiV,WHQDVGHJHQWH5HFHORUHFHORSRUWRGDVSDUWHV UHFHORSRUTXHpOHVWDEDFRUULHQGRUHFHORSRUTXHVXURSDHVWDEDDUUX JDGD\QRHUDGHVXWDOODUHFHORSRUTXHVXFDUDSDUHFtDWHQHUSHORV SHORVSHTXHxRV\JULVHV 6FKZDUW]GHMyHVFDSDUXQTXHMLGRDOFDSWDUHVHSHQVDPLHQWRHQ EDVWDQWHVFRQWDFWRVPHQWDOHV$OSDUHFHUQLQJXQRGHDTXHOORVKRP EUHVQXHYRVWHQLDQSHORVHQLODFDUD$UELQQRGLVSRQtDGHPDWHULDO SDUDDIHLWDGR\6FKZDUW]KDEtDWHQLGRTXHLPSURYLVDUHOVX\RFRQXQD HVSHFLHGHFRUWDGRUGHDFHUR3HUR¢GyQGHVHDIHLWDULDDKRUD"<VL QRVHDIHLWDEDODEDUEDOHGHODWDUtD 'DGDODPXOWLSOLLFLGDGGHFRQWDFWRVPHQWDOHV\ODFRQIXVLyQFDX VDGDSRUVXPLHGR\VXGHVHVSHUR6FKZDUW]QRSRGtDLGHQWLILFDUDORV HQHPLJRVYHUGDGHURVDTXHOORVTXHQRVyORUHIOHMDEDQUHFHORVLQR O




t WDPELpQFHUWLGXPEUH\SRUHOORQRSXGRGDUVHFXHQWDGHODSUHVHQ FLDGHOOiWLJRQHXUyQLFR 6yORVLQWLyXQGRORUHVSDQWRVRTXHOOHJyFRPRHOVLOELGRGHXQ ODWLJD]R\SHUGXUyFRPRVLOHKXELHUDFDLGRXQDURFDHQFLPD'XUDQWH DOJXQRVLQVWDQWHVVHGHVOL]yFXHVWDDEDMRSRUODSHQGLHQWHGHODDJR QtDDQWHVGHDGHQWUDUVHHQ DQHJUXUD <DKRUDHVWDEDVHQWDGRHQHOEDQFRGHODFHOGDFRQVXPHQWH SUR\HFWDGD\SHUFLELHQGR~QLFDPHQWHSHOLJUR\PXHUWH

/DSXHUWDVHDEULy\6FKZDUW]VHSXVRHQSLHDOLQVWDQWHULJLGRD FDXVDGHOPLHGR6XVURGLOODV\FDGHUDVOHSURGXMHURQXQDSXQ]DGDGH GRORUDOHUJXLUVH\HVWXYRDSXQWRGHGHVSORPDUVH (UDXQKRPEUHFRQXQLIRUPHYHUGH\FRQXQREMHWRPHWiOLFRHQ XQDPDQRXQREMHWRTXH6FKZDUW]VDEtDTXHHUDSHOLJURVR ³$FRPSixHPH

6FKZDUW]IXHWUDVHOGHVFRQRFLGRVLQGHMDUGHHVSHFXODU+DEtD GHWHQLGRDOSULPHULQGLYLGXRTXHORVLJXLyHQODFDUUHWHUDGH&KLFD &DVLKDEtDGHMDGRVLQFRQRFLPLHQWRDODGPLQLVWUDWLYRDTXHOODPD xDQD¢&RQFXiQWRVSRGULDHQIUHQWDUVH"6HUtDSUHIHULEOHDJXDUGDU DQWHV GHO~OWLPR\GHILQLWLYRHVIXHU]R /HKLFLHURQSDVDUDXQDKDELWDFLyQPX\HVSDFLRVD(OJXDUGLiQ FHUUyODSXHUWDDOPDUFKDUVH\VHVLWXyDORWURODGR 6FKZDUW]PLUyDOUHGHGRU

³$FpUTXHVH-RVHSK6FKZDUW]

+DEtDXQDWDULPDHQHORWURH[WUHPRGHODKDELWDFLyQFRPRHO HVWUDGRGHORVMXHFHVHQODVDODGHOWULEXQDO(QXQDOWRVLOOyQGH FRPSOHMRGLVHxRVHKDOODEDVHQWDGRHOKRPEUHFRQODUJDW~QLFDYHUGH TXHDFDEDEDGHKDEODU

6FKZDUW]VHDFHUFyPX\GHVSDFLR\UHSDUyHQSULPHUOXJDUHQORV GRVKRPEUHV\ODPXMHUMRYHQTXHRFXSDEDQVHQFLOODVVLOODVGHPDGHUD FRQEUD]RV\SLHUQDVH[WUDxDPHQWHUtJLGRV ³¢5HFRQRFHDHVWDVSHUVRQDV-RVHSK6FKZDUW]"³SUHJXQWyHO KRPEUHGHODW~QLFD 6FKZDUW]ORVFRQWHPSOy\VHxDOyDXQRGHHOORV


³$pVWHORYLXQDYH]

+DEtDVHxDODGRD6KHNW

³/RVRPHWtDWUDWDUQLHQWRFRQHOVLQDSVLILFDGRU³UHSXVRHQWRQR GHKDVWtRHOItVLFR³<HVHIXHHO~QLFRFRQWDFWRTXHWXYHFRQpO 8VWHGORVDEH3URWHVWRSRUHVWH ³£6LOHQFLR¢4XpGLFHXVWHGGRFWRU$UYDUGDQ"

³1XQFDORKDEtDYLVWR³IXHODUpSOLFDEUHYH\KRVWLO

³(VR\DORYHUHPRVGHQWURGHXQUDWR³IXHODVLQLHVWUDUHV SXHVWD &DtGDHQODGHVHVSHUDDRQ

(OVHFUHWDULRFRQWHPSOyDODVFXDWURSHUVRQDVTXHWHQtDDQWHpO FRQEUXWDOVHQVDFLyQGHVDWLVIDFFLyQ6XSURSyVLWRHUDLJQRUDUD OD PXMHUSHURSRUORGHPiVODFRVHFKDKDEtDVLGRIDEXORVD$OOtHVWDED HOWUDLGRUWHUUHVWUHHODJHQWHLPSHULDO\ODPLVWHULRVDFULDWXUDTXH KDEtDQHVWDGRYLJLODQGRGXUDQWHPHGLRDQR(UDGXGRVRTXHHQXQ FDVRWDQXUJHQWH\FUXFLDODOJXLHQGHPHQRUSHVRHQODVILODVHQHPLJDV VXSLHUDORVXILFLHQWHSDUDFRQVWLWXLUXQSHOLJUR (QUHDOLGDGTXHGDED(QQLXV\HO,PSHULR/RVEUD]RVGHpVWRVa HQODSHUVRQDGHHVStDV\WUDLGRUHVHVWDEDQPDQLDWDGRVSHURUHVWDED XQDPHQWHDFWLYDHQDOJXQDSDUWHTXL]iSDUDHQYLDURWURVEUD]RV (OVHFUHWDULRVHLQFOLQyKDFLDGHODQWHFRQODVPDQRVFUX]DGDV\ KDEOyHQWRQRUiSLGR\VXDYH

³(VSUHFLVRGHMDUODVFRVDVWRWDOPHQWHFODUDV+D\JXHUUDHQWUH OD7LHUUD\ODJDOD[LDWRGDYtDQRGHFODUDGDSHURJXHUUDDSHVDUGH WRGR8VWHGHVVRQQXHVWURVSULVLRQHURV\VHUiQWUDWDGRVFRPRFR UUHVSRQGHGDGDVODVFLUFXQVWDQFLDV&RPRHVQDWXUDOODSHQDMXVWD HVODPXHUWH ³6yORHQHOFDVRGHJXHUUDOHJtWLPD\GHFODUDGD³OHLQWHUUXPSLy HQpUJLFDPHQWH$UYDUGDQ

³¢*XHUUDOHJtWLPD"³VHEXUOyHOVHFUHWDULR³¢4XpVLJQLILFD JXHUUDOHJtWLPD"/D7LHUUDVLHPSUHKDHVWDGRHQJXHUUDFRQODJDOD[LD FRQPHQFLRQHVGLSORPiWLFDVGHOKHFKRRVLQHOODV ³1RVHH[FLWH³VXVXUUy6KHNWD$UYDUGDQ³'pMHORKDEODU1R HVWDPRVHQVLWXDFLyQGHGLVFXWLU

$UYDUGDQQRWyTXHODYLGDHPSH]DEDDFRVTXLOOHDUHQODVSXQWDV


GHVXVGHGRV0RYLyHOEUD]RFRQXQHVIXHU]RJLJDQWHVFRTXHSURYRFy VXGRUHQVXIUHQWHSHURFRQVLJXLyWRFDUHOFRGRGH3ROD/DMRYHQ QRORQRWyGHHVRQRKXERGXGD3HURDOFDERGHXQRVLQVWDQWHVYLRHO EUD]RGHODUTXHyORJR\ORPLUy\OHVRQULyGpELOPHQWHVLQPiVGHVWH OORHQVXVRMRVTXHHOSURYRFDGRSRUODDSUHQVLyQ$UYDUGDQWUDWyGH UHIOHMDUiQLPRHQVXH[SUHVLyQ\IUDFDVy(VWDEDKDEODQGRHOVH FUHWDQR ³&RPRLEDGLFLHQGRWRGDVODV YLGDVDTXtSUHVHQWHVHVWiQFRQGH QDGDVSHURDSHVDUGHWRGRHVSRVLEOHFRPSUDUODV¢/HVLQWHUHVDHO SUHFLR" 6KHNWORPLUyXQPRPHQWR ³¢4XpHVWiSURSRQLHQGR"

³(VWR(VREYLRTXHODQRWLFLDGHQXHVWURVSODQHVVHKDILOWUDGR 1RHVGLItFLOHQWHQGHUFyPROOHJyDOGRFWRU6KHNWSHURFyPROOHJyDO ,PSHULRHVXQKHFKRPLVWHULRVR1RVJXVWDUtDVDEHUSRUWDQWRTXp VDEHH[DFWDPHQWHHO,PSHULR¢4XpRSLQD$UYDUGDQ" ³6R\DUTXHyORJR³UHSXVRFDWHJyULFDPHQWHHODOXGLGR³1R WHQJRODPHQRULGHDVREUHTXpVDEHHO,PSHULRDXQTXHFRQILRHQ TXHVHSDQPXFKR ³(VRVXSRQJR%LHQWDOYH]FDPELHGHRSLQLyQ3LHQVHQWRGRV XVWHGHV

(QHOWUDQVFXUVRGHODFRQYHUVDFLyQ6FKZDUW]QRFRRSHUyGHQLQ J~QPRGRFRPRWDPSRFRDO]yORVRMRV (OVHFUHWDULRDJXDUGyXQUDWR\GHVSXpVLQWHUYLQRFRQFLHUWD EUXVTXHGDG

³(QHVHFDVRVHUp\RHOTXHILMHHOSUHFLRSRUODIDOWDGHFRRSHUD FLyQGHWRGRVXVWHGHV(OGRFWRU6KHNW\ODMRYHQVXKLMDTXHSRU GHVJUDFLDHVWiLQYROXFUDGDWHUULEOHPHQWHVRQFLXGDGDQRVGHOD7LH UUD'DGDVODVFLUFXQVWDQFLDVVHUiPX\FRQYHQLHQWHVRPHWHUORVDO VLQDSVLILFDGRU¢0HHQWLHQGHGRFWRU6KHNW" /RVRMRVGHOItVLFRHUDQEDOVDVGHKRUURUSXUR

³6tYHRTXHPHHQWLHQGH³GLMRHOVHFUHWDULR³1DWXUDOPHQWH HVSRVLEOHTXHHOVLQDSVLILFDGRUGDxHORVWHMLGRVFHUHEUDOHVHOWLHPSR VXILFLHQWHSDUDFUHDUXQLPEHFLOVLQFHUHEUR6HWUDWDGHXQHVWDGR VXPDPHQWHGHVDJUDGDEOHHQHOTXHDOJXLHQGHEHUiGDUOHVGHFRPHUR PRULUiQGHKDPEUHDVHDUOHVRYLYLULQPHUVRVHQVXFLHGDGUHFOXLUOHVR VHUVLHPSUHXQHVWXGLRGHKRUURUSDUDWRGDVODVSHUVRQDVTXHOHVYHDQ 3RGQ DVHUXQDOHFFLyQSDUDRWURVHQHOJUDQGtDTXHVHDYHFLQD


(OVHFUHWDULRVHGLULJLyD$UYDUGDQTXHSXJQDEDFRQIXULRVRYLJRU SRUHOHYDUVXVEUD]RVVLQSRGHUORVOHYDQWDUGHPDVLDGR

³(QFXDQWRDXVWHG\DVXDPLJR6FKZDUW]VRQFLXGDGDQRVLPSH ULDOHV\SRUWDQWRDSURSLDGRVSDUDXQLQWHUHVDQWHH[SHULPHQWR 1XQFDKHPRVSUREDGRHOYLUXVGHILHEUHFRQFHQtUDGDFRQXVWHGHV SHUURVJDOiFWLFRV6HUtDLQWHUHVDQWHGHPRVWUDUODFRUUHFFLyQGHQXHV WURVFiOFXORV8QDGRVLVSHTXHxDFODURDILQGHTXHODPXHUWHQR VHDLQVWDQWiQHD/DHQIHUPHGDGDYDQ]DUiKDFLDORLQHYLWDEOHGXUDQWH XQSHUtRGRGHXQDVHPDQDVLGLOXLPRVODLQ\HFFLyQFRUUHFWDPHQWH 6HUiPX\SHQRVR +L]RXQDSDXVD\ORVREVHUYyFRQORVRMRVHQWUHFHUUDGRV

³7DOHVODDOWHUQDWLYDDXQDVFXDQWDVSDODEUDVELHQHOHJLGDVDKRUD PLVPR<$UYDUGDQQRFUHDTXHOLEHUDUVHGHODSDUiOLVLVOHVHUYLUi GHDOJR(VWR\DUPDGR\WHQJRHQODFDOOHPHGLRHMpUFLWRTXHHQWUDUi HQDFFLyQHQFXDQWRXVWHGDEDQGRQHVXDVLHQWR $UYDUGDQVHUHFRVWyFRQHOVHPEODQWHURMRFRPRXQODGULOORD FDXVDGHOHVIXHU]R\ODIUXVWUDFLyQ ³¢&yPRVDEHPRV³PXUPXUyHOGRFWRU6KHNW³TXHGHWRGRV PRGRVQRQRVPDWDUiVLFRQVLJXHORTXHTXLHUHGHQRVRWURV"

³7LHQHPLSURPHVDGHTXHPRULUiQGHXQDIRUPDKRUULEOHVLVH QLHJDQ7HQGUiQTXHDUULHVJDUVH¢4XpGLFHQ" ³¢1RSRGHPRVGLVSRQHUGHDOJ~QWLHPSR"

³¢7LHPSR"1DWXUDOPHQWH'LVSRQHQGHGRVKRUDV

(OVHFUHWDULRHQODSOHQLWXGGHVXSRGHUYRPLWyODVSDODEUDVFRQ HOPLVPRJHVWRFRQHOTXHKDEQ DDUURMDGRXQKXHVRDXQSHUUR ³¢3RGHPRVSHUPDQHFHUMXQWRV"

³¢3RUTXpQR"³<HOVHFUHWDULRHVER]yXQDVRQULVDWpWULFD³ &RQODYLJLODQFLDFRQYHQLHQWHDORWURODGRGHODSXHUWD\RWUDUDFLyQ GHSDUiOLVLVFUHRTXHQLQJXQRLQWHQWDUiKDFHUWRQWHUtDV<³DJUHJy GHVSXpVGHSHQVDUXQPRPHQWR³KFKLFDYHQGUiFRQPLJRSDUDDVH JXUDUPHGHODVEXHQDVLQWHQFLRQHVGHXVWHGHV

/DVDODHQTXHORVGHMDURQHUDHYLGHQWHPHQWHXQOXJDUHPSOHDGR SDUDDVDPEOHDVGHYDULRVFLHQWRVGHSHUVRQDV'DGRVXWDPDxRORV SULVLRQHURVVHVLQWLHURQSHUGLGRV\VROLWDULRV<DQRKDEtDQDGDTXH GHFLU/DJDUJDQWDGH$UYDUGDQDUGtDVHFDPHQWH\HODUTXHyORJRQR GHMDEDGHPRYHUODFDEH]DGHXQODGRDRWURFRQYDQRGHVDVRVLHJR /RVRMRVGH6KHNWHVWDEDQFHUUDGRV\VXVODELRVVHYHtDQGHVFRORULGRV \HVWUXMDGRV


6FKZDUW]SHUPDQHFLyDSDUWH6XHVWDGRGHDSDWtDHUDWRWDO1R KDEtDKHFKRXQVRORJHVWRGHUHVLVWHQFLDQLVLTXLHUDFXDQGRDSUHWD URQDVXVEUD]RV\SLHUQDVODVYDULOODVPDUURQHVSULPHURKDEtDSHUFL ELGRXQFRVTXLOOHRHQVXVPLHPEURV\GHVSXpVSHUGLyHOGRPLQLR VREUHHOORV/RVFRQWDFWRVPHQWDOHVGHORVRWURVGRVKRPEUHVUHSRVD EDQFRQVXDYLGDGHQpO\6FKZDUW]ORVDJLWyFRQVXPRFXLGDGR ³6KHNW³PXVLWyIXULRVDPHQWH$UYDUGDa6KHNWYDPRVKRP ³¢4Xp"¢4Xp"

³¢4XpKDFH"¢3LHQVDGRUPLUVH"£3LHQVHKRPEUHSLHQVH ³¢3RUTXp"¢4XpWHQJRTXHSHQVDU" ³¢4XLpQHVHVH-RVHSK6FKZDUW]"

³¢1RPHFUHHXVWHG"0HORWUDMHURQSDUDVRPHWHUORDWUDWD PLHQWRFRQHOVLQDSVLILFDGRU\DVtORKLFH1RVpQDGDPiV

³3HURHQHVHFDVR¢SRUTXp"¢3RUTXpSDVySRUHOWUDWDPLHQWR" ³$UYDUGDQQRWyVXDYLVLPDVDJLWDFLRQHVHQVXLQWHULRU³3RGUtDVHU DJHQWHLPSHULDO

³¢<VLORHV")tMHVHHQpO(VWiWDQLQGHIHQVRFRPRQRVRWURV6L OHGLpUDPRVXQDH[SOLFDFLyQGHFRP~QDFXHUGRHOORVWDOYH]DJXDUGD UtDQ\SRGUtDPRV /RVODELRVGHODUTXHyNRJRVHIUXQFLHURQ

³9LYLUTXLHUHGHFLU¢&RQODJDOD[LDPXHUWD\ODFLYLOL]DFLyQHQ UXLQDV"¢9LYLU"<RSUHIHULQ DPRULU ³(VWR\SHQVDQGRHQ3ROD³PXUPXUy6KHNW

³<RWDPELpQ³GLMR$UYDUGDQ³¢SHURTXpKD\TXHKDFHU"1R GHMHTXHVXVHVSHUDQ]DVOHHQJDQHQ(QQLQJ~QFDVRYLYLUHPRV³< DFWRVHJXLGRFRPRVLTXLVLHUDKXLUGHDTXHOODLGHDKXLUDFXDOTXLHU SDUWHH[FODPy³£8VWHG£&RPRVHOODPH£6FKZDUW] (LDOXGLGRDO]yODFDEH]D\GHMyTXHVXPLUDGDYDJDUDKDFLDHO RWURKRPEUH1RUHVSRQGLy ³¢4XLpQHVXVWHG"³SUHJXQWy$UYDUGDQ³¢&yPRVHPHWLyHQ HVWHOLR"¢4XpSDSHOKDGHVHPSHxDGR"

<FRQHVDSUHJXQWDODLQMXVWLFLDGHODVLWXDFLyQVREUHFRJLyD 6FKZDUW]/DXQRFHQFLDGHVXSDVDGR\HOLQILQLWRKRUURUGHOSUHVHQWH HVWDOODURQHQVXLQWHULRU\SRUHVHPRWLYRVXUpSOLFDIXHIXULRVD


³¢<R"¢4XHFyPRPHPHEHQHVWHOtR"(VFXFKHVR\XQGRQ QDGLH6R\XQKRPEUHKRQUDGRXQVDVWUHDFRVWXPEUDGRDWUDEDMDU GXURKDVWDTXHPHMXELOp\QXQFDPROHVWpDQDGLH1RKLFHGDxRD QDGLHWUDEDMpGXURPHSUHRFXSpSRUPLIDPLOLD<HQWRQFHVVLQ QLQJ~QPRWLYRVLQQLQJ~QPRWLYR,OHJXpDTXt ³¢$&KLFD"³LQTXLULy$UYDUGDQ

³£1RQRD&KLFD³JULWy6FKZDUW]HQVDOYDMHWRQRGHLURQtD³ /OHJXpDHVWHPXQGRWRWDOPHQWHGHVWUR]DGR£2KTXpPH LPSRUWD VLPHFUHHRQR0LPXQGRHVWiHQHOSDVDGR0LPXQGRWHQtDWLHUUD FRPLGD\GRVPLOPLOORQHVGHKDELWDQWHV\HUDHO~QLFRPXQGR $UYDUGDQJXDUGyVLOHQFLRDQWHDTXHODWDTXHYHUEDO0LUyD6KHNW ³¢(QWLHQGHORTXHGLFH" ³¢6HKDILMDGR"³UHSXVR6KHNWOLJHUDPHQWHH[WUDxDGR³7LHQH YHOORHQODHDUD

³&LHUWR³GLMR6FKZDUW]FRQDLUHGHVDILDQWH³\WHQJRPXHODGHO MXLFLR\XQDSpQGLFHYHUPLFXODU<RMDOiWXYLHUDXQDFRODTXHHQVH xDUOHV3URFHGRGHOSDVDGR+HYLDMDGRHQHOWLHPSR<DKRUD GpMHQPH HQSD]³FRQFOX\yFDVLVROOR]DQGR /RVGRVHLHQWtILFRVVHPLUDURQXQPRPHQWR$UYDUGDQEDMyOD YR]

³/RFRVXSRQJR1ROHFXOSR

³(VH[WUDQR$KRUDUHFXHUGRODVILVXUDVGHVXFHUHEUR(UDQ SULPLWLYDVPX\SULPLWLYDV $UYDUGDQUHIOHMDEDDVRPEUR

³¢3UHWHQGHGHFLUTXH"£2KYDPRVHVLPSRVLEOH

³6LHPSUHORVXSXVH³(QHVHPRPHQWRODYR]GH6KHNWHUDXQD SiOLGDLPLWDFLyQGHODQRUPDOLGDGFRPRVLHOVXUJLPLHQWRGHXQ SUREOHPDFLHQWtILFRKXELHUDFRQHFWDGRVXPHQWHDOVXUFRLQGHILQLGR\ REMHWLYRHQHOTXHORVSUREOHPDVSHUVRQDOHVGHVDSDUHFHQ³6HFDO FXOyODHQHUJtDSUHFLVDSDUDGHVSOD]DUPDWHULDDORODUJRGHOHMHGHO WLHPSR\VHOOHJyDXQYDORUPD\RUTXHHOLQILQLWRSRUORTXHHO SUR\HFWRVLHPSUHKDVLGRFRQVLGHUDGRLPSRVLEOH3HURRWURVKDQKD EODGRGHODSRVLELOLGDGGH´IDOODVWHPSRUDOHVµDQiORJDVDODVJHROyJL FDV\DPHHQWLHQGH+DQGHVDSDUHFLGRQDYHVHVSDFLDOHVSRUHMHP SORSUiFWLFDPHQWHDODOX]GHOGtD([LVWHHOIDPRVRFDVRGH+RU 'HYDOORZKDFHPXFKRWLHPSRTXHHQWUyHQFDVDXQGtD \MDPiV YROYLyDVDOLU\WDPSRFRHVWDEDGHQWUR<KD\XQSODQHWDTXHDSD


UHFHHQORVOLEURVGHJDODFWRJUDItDGHOVLJORSDVDGRTXHIXHYLVLWDGR SRUWUHVH[SHGLFLRQHV/RVH[SHGLFLRQDULRVUHJUHVDURQFRQGHVFULS FLRQHVFRPSOHWDV\MDPiVKDVLGRYLVWRRWUDYH]

´7DPELpQKD\FLHUWRVDYDQFHVGHODTXLPLFDQXFOHDUTXHSDUHFHQ QHJDUODOH\GHFRQVHUYDFLyQGHODHQHUJtD6HKDLQWHQWDGRH[SOLFDU HVRSRVWXODQGRODIXJDGHFLHUWDFDQWLGDGGHPDVDDORODUJRGHOHMH WHPSRUDO/RVQ~FOHRVGHXUDQLRSRUHMHPSORFRPELQDGRVFRQFR EUH\EDULRHQXQDSURSRUFLyQSHTXHU~VLPDSHURFRQFUHWDEDMROD LQIOXHQFLDGHVXDYHVUDGLDFLRQHVJDPPDFUHDQXQVLVWHPDUHVR QDQWH

³(VSHUH³$UYDUGDQIUXQFLyHOFHxRYLYDPHQWH³1RLPSRUWD WRGRHVR1RKD\WLHPSR'pMHPHKDFHUOHDOJXQDVSUHJXQWDV2LJD 6FKZDUW] (ODOXGLGRDO]yODFDEH]DRWUDYH]

³6XPXQGR¢HUDHO~QLFRGHODJDOD[LD" ³6FKZDUW]DVLQWLy

³3HURXVWHGHVVLPSOHPHQWHORSHQVDEDQ3UHWHQGRGHFLUTXHQR FRQRFtDQHOYLDMHHVSDFLDO\HQFRQVHFXHQFLDQRSRGtDQFRPSUR EDUOR ³1R

³¢<FRQRFLDQODHQHUJtDDWyPLFD"

³7HQtDPRVXQDERPEDDWyPLFD8UDQLR6XSRQJRTXHSRU HVRHVUDGLDFWLYRHVWHSODQHWD'HELyGHSURGXFLUVHXQDJXHUUDGHV SXpVGHTXH\RPHIXHUDFRQERPEDVDWyPLFDV ³7RGRHQFDMDKDVWDHOPRPHQWR³PXUPXUy$UYDUGDQPX\ WHQVR³'HDFXHUGR7HQGULDQXQLGLRPDVXSRQJR ³0XFKRVLGLRPDV

³¢&XiOHPSOHDEDXVWHG" ³(OLQJOpV

³%LHQGLJDDOJRHQHVHLGLRPD

'XUDQWHVHLVPHVHVRPiV6FKZDUW]QRKDEtDSURQXQFLDGRXQD VRODSDODEUDHQLQJOpV3HURHQHVHPRPHQWRORKL]RFRQFDULQR\PX\ GHVSDFLR ³4XLHURYROYHUDPLKRJDU\HVWDUFRQORVPtRV


$UYDUGDQPLUyD6KHNW

³¢8VyHVHLGLRPDFXDQGRSDVySRUHOVLQDSVLILFDGRU"

³1RSRGUtDDVHJXUDUOR³GLMR6KHNWSHUSOHMR³6RQLGRVH[WUD xRVHQWRQFHV\VRQLGRVH[WUDQRVDKRUD¢&yPRSXHGRUHODFLRQDUORV" ³%LHQQRWLHQHLPSRUWDQFLD¢&yPRVHGLFH´PDGUHµHQVX LGLRPD6FKZDUW]" (ODOXGLGRSURQXQFLyODSDODEUD

³$Mi<DKRUDGLJD´SDGUH´KHUPDQRµ´XQRµPHUH ILHURDORVQXPHUDOHV´GRVµ´WUHVµ´IXHJRµ´PDQRµ

/DVSUHJXQWDVFRQWLQXDURQ\ODH[SUHVLyQGH$UYDUGDQFXDQGRVH GHWXYRSDUDWRPDUDOLHQWRHUDGHSHUSOHMLGDG\DGPLUDFLyQ

³6KHNWGLMR³RHVWHKRPEUHHVDXWpQWLFRRVR\YtFWLPDGHOD SHVDGLOODPiVORFDTXHVHSXHGHLPDJLQDU+DEODXQLGLRPDSUiFWLFD PHQWHLJXDODOGHODVLQVFULSFLRQHVGHVFXELHUWDVHQORVHVWUDWRVGH FLQFXHQWDPLODxRVGHDQWLJXHGDGGH6LULR$UWXUR$OID&HQWDXUR\ RWURVYHLQWHVHFWRUHV ³¢(VWiVHJXUR"

³¢6HJXUR"1DWXUDOPHQWHTXHVt6R\DUTXHyORJR0LWUDEDMR FRQVLVWHHQVDEHUHVDVFRVDV+HWUDGXFLGRHOLGLRPDDQWLJXRGXUDQWH DxRV\DTXtKD\XQKRPEUHTXHORKDEOD 'XUDQWHXQRVLQVWDQWHV6FKZDUW]VLQWLyTXHVHDJULHWDEDVXDUPD GXUDGHUHWUDLPLHQWR3RUSULPHUDYH]FUHtDUHFREUDUODLQGLYLGXDOL GDGSHUGLGD(OPLVWHULRKDEtDFRQFOXLGReOHUDXQKRPEUHGHO SDVDGR\DTXHOORVKRPEUHVORDFHSWDEDQ(OORSUREDEDVXFRU GXUDDQXODEDSDUDVLHPSUHDTXHOODGXGDLQTXLHWDQWH\6FKZDUW]VH DOHJUy<VLQHPEDUJRVHPDQWXYRUHWUDtGR (UDHOWXUQRGHSUHJXQWDVGH6KHNW\HOIIVLFRODVIRUPXOyYR UD]PHQWH

³¢+DQRWDGRHIHFWRVQRFLYRVDFRQVHFXHQFLDGHOVLQDSVLILFDGRU" 6FKZDUW]GHVFRQRFtDHOWpUPLQRSHURFDSWyHOSHQVDPLHQWRGH 6KHNW ³1RaLMR

³9HRTXHGHVSXpVGHHVRDSUHQGLyFRQUDSLGH]QXHVWUR OHQJXDMH ¢1ROHSDUHFLyDQRUPDO"


³6LHPSUHKHWHQLGREXHQDPHPRULD³IXHODIUtDUHVSXHVWD

³$VtSXHVQRVHVLHQWHGLVWLQWRDFRPRHUDDQWHVGHOWUDWDPLHQWR  XHQWRaSDUDOHORa ³([DFWR

/RVRMRVGHOGRFWRU6KHNWHVWDEDQFODYDGRVHQ6FKZDUW] ³¢4XpHVWR\SHQVDQGR"³OHGLMRUiSLGDPHQWH

<WRWDOPHQWHDVRPEUDGR6FKZDUW]UHVSRQGLy

³(VRSXHGRVDEHUOR³6HLQWHUUXPSLyEUXVFDPHQWH³¢&yPR ORKDVDELGR"

3HUR6KHNW\DQROHGHGLFDEDVXDWHQFLyQ+DEtDYXHOWRVXURVWUR SiOLGRHLQGHIHQVRKDFLD$UYDUGDQ ³eOHVFDSD]GHFDSWDUORVSHQVDPLHQWRV$UYDUGDQ&XiQWDV FRVDVSRGUtDKDFHUFRQpO<HVWDUDTXQ6LQSRGHUKDFHUQDGD ³¢4XpTXpTXp"³WDUWDPXGHy$UYDUGDQ

³£6FKZDUW]SXHGHOHHUHOSHQVDPLHQWR+DVLGRXQDGHPLVSUHR FXSDFLRQHV GHVGHTXHWUDMHURQDDTXHOKRPEUH$UYDUGDQ¢UH FXHUGDHOEDFWHULyORJRGHOTXHOHKDEOpHOTXHIDLWOHFLyDFRQVHFXHQFLD GHORVHIHFWRVGHOVLQDSVLILFDGRU"8QRGHORVSULPHURVVtQWRPDVGH GHWHULRURPHQWDOIXHVXDILUPDFLyQGHTXHSRGtDOHHUHOSHQVD PLHQWR<SRGtD/RDYHULJXpDQWHVGHTXHPXULHUD+DVLGRPL VHFUHWR1RKHKDEODGRGHHOORFRQQDGLHSHURHVSRVLEOH$UYDU GDQHVSRVLEOH0LUHDOGLVPLQXLUODUHVLVWHQFLDGHODVQHXURQDV FHUHEUDOHVHOFHUHEURSXHGHFDSWDUORVFDPSRVPDJQpWLFRVLQFOXLGRV SRUODVPLFURFRUULHQWHVGHORVSHQVDPLHQWRVGHRWUDVSHUVRQDV\UH FRQYHUWLUORVHQYLEUDFLRQHVVLPLODUHV(VHOPLVPRSULQFLSLRTXHHO GHODJUDEDGRUDRUGLQDULD6HUtDWHOHSDWtDHQWRGRVORVVHQWLGRVGHO WpUPLQR 6FKZDUW]PDQWHQtDXQVLOHQFLRREVWLQDGR\KRVWLOFXDQGR$UYDU GDQYROYLyOHQWDPHQWHODFDEH]DSDUDPLUDUOR

³¢(VWiVHJXUR6KHNW"3RGUtDPRVDSURYHFKDUQRVGHHVR¢(V FLHUWR6FKZDUW]"³/DPHQWHGHODUTXHyORJRHUDXQWRUEHOOLQRFDOFX ODQGRXPSRVLELOLGDGHV³'HEHKDEHUXQDVROXFLyQ'HEHKDEHUXQD VROXFLyQ 3HUR6FKZDUW]UHDFFLRQyFRQIULDOGDGDOWXPXOWRGHOFRQWDFWR PHQWDOTXHSHUFLEtDFRQWDQWDFODULGDG


³3DUDPtHVSRVLEOH<RVHUpYDOLRVRSDUDHOORV

³£3DUDHOORV³H[FODPy$UYDUGDQFRQHQRUPHDYHUVLyQ³ ¢4XpHVWiGLFLHQGR"

³(VWR\GLFLHQGRTXHVR\WHUUHVWUH\XVWHGH[WUDQMHUR(VtiFODUR ¢QR" <DORKDEtDGLFKR\6FKZDUW]VHDOHJUy

$UYDUGDQWDUGyWLHPSRHQFRPSUHQGHUOR\HQFXDQWRORKL]RVH UHYROYLyRWUDYH]HQYDQRFRQWUDODSDUiOLVLVTXHORLQPRYLOL]DED 6FKZDUW]FDSWyODRVFXUDDPHQD]DGHOFRQWDFWRPHQWDOTXH\DFtD FRPRXQDPDQRVREUHVXPHQWH'LRXQ´HPSXMyQµDHVDPDQWDFRQ XQWDODQWHFDVLVDOYDMH\REWXYRHOSUHPLRGHYHUHOUHSHQWLQRUHVSLQJR GHGRORUHQHOVHPEODQWHGH$UYDUGDQ ³<RKHKHFKRHVR³OHGLMR³¢4XLHUHPiV" $UYDUGDQVHFDOPy

³3HURORVWHUUHVWUHVWDPELpQTXLHUHQDFDEDUFRQXVWHG

3RFRDSRFR6FKZDUW]KDEtDLGRKDFLHQGRDFRSLRGHIXULD'X UDQWHXQDKRUDKDEtDHVWDGRTXLHWRSHQVDQGR'XUDQWHXQDKRUDORV UHFXHUGRVGHVXMXYaQWXGKDEtDQYXHOWRUHFXHUGRVTXHQRKDEtD UHPHPRUDGRKDFtDDQRV/DH[WUDxDDPDOJDPDGHSDVDGR\SUHVHQWH SURYRFyILQDOPHQWHVXLQGLJQDFLyQ3HURKDEOyFRQFDOPDFRQWHQLpQ GRVH

³(OORVTXLHUHQPDWDUPHSRUTXHFUHHQTXHVR\XQRGHXVWHGHV HVRHVWRGR6XSRQJRTXHDXVWHGHVORVFRQVLGHUDQFXOSDEOHV6X SRQJRTXHXVWHGHVSLHQVDQTXHHVXQGHOLWRTXHXQSXHEORRSULPLGR\ SHTXHxRWUDWHGHGHUURFDUDORVWLUDQRV¢1RWLHQHQXQDJDOD[LDSDUD XVWHGHVVRORVFRQWRGDVODVHVWUHOODVGHOFLHORSDUDVXVMXHJRV"¢7DP ELpQOHVKDFHIDOWDOD7LHUUD"/RVWHUUHVWUHVQRVRQELHQUHFLELGRVHQ QLQJXQRGHVXVSODQHWDV¢1RSXHGHQFRQFHGHUOHVDOPHQRVORVUHVWRV GHOD7LHUUD" ³+DEODLJXDOTXHXQ]HORWH³FRPHQWy$UYDUGDQGHVSUHFLDWLYD PHQWH 6FKZDUW]DUGLyD~QPiVDORtUHOFRPHQWDULR

³2KVtXVWHGHVXQPDJQtILFRHMHPSORGHORVSURGXFWRVTXHQRV PDQGDODJDOD[LD(VWROHUDQWH\VXEXHQFRUD]yQHVXQDPDUDYLOOD\ VHDGPLUDDVtPLVPRSRUTXHHVFDSD]GHWUDWDUDOGRFWRU6KHNWGH LJXDODLJXDO3HURHQHOIRQGRDXQTXHQRWDQHQHOIRQGRSDUDTXH\R QRORYHDFRQFODULGDGHQVXPHQWHVHVLHQWHLQFyPRGRHQVXFRPSD xtD1ROHJXVWDODIRUPDGHKDEODUGHOGRFWRUQROHJXVWDVXDVSHFWR


IIVLFR(QUHDOLGDGQROHJXVWD6KHNWDXQTXHpOTXLVLHUDWUDLFLRQDUD OD7LHUUD<KDFHSRFREHVyDXQDPXMHUWHUUHVWUH\FRQVLGHUDHVR FRPRXQDGHELOLGDG6HDYHUJXHQ]DGHHOOR

$UYDUGDQKDEtDOXFKDGRHQYDQRFRQWUDHOWRUUHQWHGHSDODEUDV\ HQHVHPRPHQWRVHFRQWXYRFRQODFDUDHQURMHFLGD\ODERFDDELHUWD 6FKZDUW]PLUyD6KHNWFRQLQFRQWHQLGDIXULD

³¢<XVWHGTXpSUHWHQGH"(OPLHGRDODPXHUWHVHDIHUUDDVX PHQWHDSHVWDDPLHGRVXFRQWDFWRPHQWDOHVWiOOHQRGHPLHGRDLD PXHUWH¢3LHQVDTXHHOXGLUiHO6HVHQWDWUDLFLRQDQGRDVXSODQHWD TXHVHJXLUiYLYLHQGRVREUHORVFDGiYHUHVGHVXVFRPSDWULRWDV" 3HUR6KHNWOHKL]RIUHQWHHQHVHPRPHQWRFRQODGLJQLGDGUHVXO WDQWHGHODGHVHVSHUDFLyQWRWDO

³6LHVFDSD]GHOHHUORVSHQVDPLHQWRVLQYHVWLJXHORVPtRV£+i JDOR£,QYHVWLJXHDIRQGR(QFXHQWUHDOJRGHVKRQURVRVLHVTXH SXHGH&RPSUXHEHVLQRHVFLHUWRTXH\RSRGUtDKDEHUPHVDOYDGRGHO 6HVHQWDFRRSHUDQGRFRQORVORFRVTXHGHMDUiQHQUXLQDVODJDLD[LD &RPSUXHEHVLQRHVFLHUWRTXHYR\DSHUGHUODYLGDSRURSRQHUPHD HOORV<FRPSUXHEHVLWHQJRDOJ~QGHVHRGHFDXVDUGDQRDOD7LHUUD \DORVWHUUHVWUHV

(VWDVSDODEUDVIUHQDURQD6FKZDUW]\DTXHHQWDOHVDVXQWRVHUD LPSRVLEOHHQJDxDUOR/DPHQWHGH6KHNWHVWDEDDELHUWDDQWHpO\ SDUD6FKZDUW]ORVSHQVDPLHQWRVHUDQSUXHEDVLQGLVSXWDEOHV(UDLP SRVLEOHTXHXQDPHQWLUDQRGHMDUDVXLQHYLWDEOH KXHLODGHPH]FRODQ]D \FRQIXVLyQ <6KHNWQRPHQE D

(OLL VLFRVLJXLyKDEODQGRFRQVXVIDWLJDGRVRMRVFHUUDGRV ³8VWHGSXHGHOHHUHOSHQVDPLHQWR¢+DLQYHVWLJDGRORVSHQVD PLHQWRVGHOSULPHUPLQLVWUR"¢'HVXVHFUHWDULR"¢4XpVDEHGHVXV SODQHV" ³8QDVXEOHYDFLyQ³GLMRGHPDODJDQD6FKZDUW]³/XFKDUiQ SRUVXVGHUHFKRV+D\JpUPHQHVGHSRUPHGLR

³£*pUPHQHV³UHFDOFyFRQDPDUJXUD6KHNW³¢6DEHFXiQWDV SHUVRQDVPRULUiQ"³6FKZDUW]QRFRQWHVWy³&UHRTXH\DORVDEH 1RFUHDHQPtVLTXLHUHSHURDQDOLFHORVSHQVDPLHQWRVGHOVHFUHWDULR FXDQGRYXHOYD7DOYH]VHDGHPDVLDGRWDUGH6LXVWHGFRQVHUYDOD YLGDYLYLUiHQXQDJDOD[LDHQUXLQDVFRQXQDKXPDQLGDGHQUXLQDV 7DOYH]HVHVRORTXHGHVHD ³1RQR


7RGRHVWDEDFODUR,QFOXVRHOFRQWDFWRPHQWDOGHOVHFUHWDULRSDUH FtDKDEHUVHDFODUDGRDKRUDGHUHSHQWH$QWHULRUPHQWH6FKZDUW] KDEtDFUHtGRSHUFLELUXQKLPQRGHDYHUVLyQDODJDOD[LD/RVGHWDOOHV HUDQYDJRVQRKDEtDSUHVWDGRODVXILFLHQWHDWHQFLyQ3HURDKRUD (VWDEDKDEODQGR$UYDUGDQ

³0X\ELHQ6FKZDUW]PtUHPH/HDPLVSHQVDPLHQWRV1DFtHQ %DURQQVHFWRUGH6LULR&UHiHQXQDPELHQWHGHDQWLWHUUHVWULVPR SRUIXHU]DKHGHWHQHUXPSHUIHFFLRQHVHLGHDVDORFDGDVHQODVUDtFHV GHPLVXEFRQVFLHQFLD3HURREVHUYHODVXSHUILFLH\GtJDPHVLDOJXQD YH]GHVGHTXHFXPSOtORVWUHFHDxRVKHVLGRLQWROHUDQWHHQDOJ~QDV SHFWR

´6FKZDUW]XVWHGQRFRQRFHQXHVWUDKLVWRULD1RVDEHQDGDGHORV PLOHV\GHFHQDVGHPLOHVGHDxRVGHH[WHQVLyQGHOKRPEUHSRUWRGDOD JDOD[LDODVJXHUUDV\ODPLVHULDTXHVHSURGXMHURQ1RVDEHQDGDGH ORVSULPHURVVLJORVGHO,PSHULRFXDQGRD~QKDEtDVLPSOHFRQIXVLyQ\ DOWHUQDEDQHOGHVSRWLVPR\HOFDRV1XHVWURJRELHUQRJDOiFWLFRVyOR KDVLGRUHSUHVHQWDWLYRHQORV~OWLPRVGRVFLHQWRVDxRV%DMRVXGLUHF FLyQORVGLYHUVRVSODQHWDVWLHQHQDXWRQRPtDFXOWXUDOVHOHVSHUPLWH SRVHHUJRELHUQRVSURSLRVWHQHUYR]HQHOJRELHUQRFRP~Q ´(QQLQJXQDpSRFDGHODKLVWRULDKDHVWDGRODKXPDQLGDGWDQD VDOYRGHODJXHUUD\ODSREUH]DFRPRHVWiDKRUDHQQLQJXQDpSRFD KDQVLGRWDQEULOODQWHVVXVSHUVSHFWLYDVGHIXWXUR¢<TXLHUHTXH XQRVFXDQWRVPHJDORPDQLDFRVGHVWUX\DQWRGRHVR"

´/DVTXHMDVGHOD7LHUUDVRQOHJtWLPDV\VLODJDOD[LDYLYHVH UHVROYHUiQDOJ~QGtD3HURORTXHHVWRVPHJDORPDQLDFRVKDUiQDKRUD QRVROXFLRQDQDGDHVVLPSOHPHQWHODFDtGDHQODGHVHVSHUDFLyQ

6FKZDUW]VHVHQWtDLPSUHVLRQDGR7DQWRVPXQGRVTXHPRULUtDQ TXHVHHPSRQ]RxDUtDQ\GHVKDUtDQDFDXVDGHXQDHQIHUPHGDGWHUUL EOH¢(UDpOUHDOPHQWHXQWHUUHVWUH"¢6LPSOHPHQWHXQWHUUHVWUH"(Q VXMXYHQWXGKDEtDSDQLGRGH(XURSDUXPERDORV(VWDGRV8QLGRV ¢1RHUDHOPLVPRKRPEUHDSHVDUGHHVR"<VLGHVSXpVORVKRPEUHV KDEtDQDEDQGRQDGRXQD7LHUUDGHVJDUUDGD\KHULGDUXPERDORVPXQ GRVHVSDFLDOHV¢DFDVRHUDQPHQRVWHUUHVWUHV"´¢$FDVRODJDOD[LDQR HVPtDWDPELpQ"µSHQVy6FKZDUW]7RGRVWRGRVORVJDOiFWLFRVGHV FHQGtDQGHpO\GHVXVKHUPDQRV ³/HVDSR\R¢3XHGRKDFHUDOJR"  a

³¢+DVWDTXpGLVWDQFLDSXHGHFRQWDFWDUFRQXQDPHQWH"³SUH JXQWyDQVLRVDPHQWH$UYDUGDQFRQVXPDSUHFLSLWDFLyQFRPRVLWH PLHUDTXHHORWURSXGLHUDFDPELDUGHLGHDV~ELWDPHQWH


³1RORVp+D\PHQWHVDIXHUD*XDUGLDQHVVXSRQJR

³¢3XHGHOOHJDUKDVWD3ROD,DMRYHQTXHHVWXYRDTXt"

³1RVpFyPRHVVXFRQWDFWR³H[SOLFy6FKZDUW]FDVLFRQWLPL GH] 'HWHVWDEDUHYHODUVXVOLPLWDFLRQHV

³%LHQE~VTXHOD³URJy$UYDUGDQ³9HDVLSXHGHHQFRQWUDU DOJRTXHVHDFRQRFLGR

6HSURGXMRXQODUJRVLOHQFLRGXUDQWHHOTXHORVGRVFLHQEILFRV GHYRUDURQD6FKZDUW]FRQODPLUDGD$UYDUGDQVLJXLyWUDWDQGRGH PRYHUVH(OKRUPLJXHRGHVXVSLHUQDVSRGtDVLJQLILFDUHOUHJUHVRGH YLGD <GHSURQWRVHR\yHQODVXDYHTXLHWXGODYR]EDMD\WHQVDGH 6FKZDUW]

³&UHRTXHSXHGHVHUHOOD0LHGR\HQRMR(VXQDPHQWH IHPHQLQDHVWR\VHJXUR3DUHFHSDUHFHWHQHUUDVJRVIHPHQLQRV ³$O]yODFDEH]D³1RVpH[SOLFDUOR ³¢(VWiYLYD"³SUHJXQWyDQJXVWLDGR6KHNW³¢(VWiKHULGD"

³1RSHUFLERQLQJ~QGRORU$KHVHOOD(VWiSHQVDQGRHQ XVWHGGRFWRU6KHNW\³3HUPDQHFLyDWyQLWRXQPRPHQWRDQWHVGH PLUDUD$UYDUGDQ³8VWHGQRHVSDULHQWHGHHOOD¢YHUGDG" $UYDUGDQPRYLyODFDEH]DGHXQODGRDRWUR ³¢$PLJRtQWLPR" $UYDUGDQYDFLOy

³/DFRQRFtD\HUSRUODQRFKH

6FKZDUW]SDUHFLySUHVWDUDWHQFLyQ\GHVSXpVVHDO]yGHKRPEURV 1RKL]RPiVFRPHQWDULRVSHUR$UYDUGDQQRWyTXHHOFRUD]yQOHODWtD FRQIXHU]DDOSHQVDUHQODV LPSOLFDFLRQHVGHDTXHOVLOHQFLR$YHUJRQ ]DGRGHEHVDUD3RODMD6LWDQVyORFRQVLJXLHUDVDOLUGHHVHHPEUROOR 6LWDQVyORSXGLHUDQYLYLUeO%HO$UYDUGDQGDUtDXQDOHFFLyQDDTXHO FDUDSHOXGDTXHHUD6FKZDUW] ³¢4XpKD\GHOVHFUHWDULRHOKRPEUH TXHQRVKDGHMDGRDTXt" ³SUHJXQWy 8QDSDXVDPX\ODUJDGLH]PLQXWRVTXHVHSURORQJDURQLQVX IULEOHPHQWH


³/DVPHQWHVGHXVWHGHVPHREVWDFXOL]DQ³GLMR6FKZDUW]³1R PHYLJLOHQ3LHQVHQHQRWUDFRVD /RLQWHQWDURQ2WUDSDXVD

³1RQRSXHGRQR SXHGR

$UYDUGDQOXFKyFRQVXVSLHV<DSRGtDPRYHUORVXQSRFRDXQTXH FXDOTXLHUPRYLPLHQWROHSURGXFtDXQDSXQ]DGDGHGRORUFDVLLQVRSRU WDEOH ³¢3XHGHFDXVDUPXFKRGDxRDXQDSHUVRQD"³LQTXLULy³0H UHILHURDORTXHKL]RFRQUQLJRKDFHXQUDWR ³3XHGRGHMDUVLQFRQRFLPLHQWRDXQKRPEUH

³¢&yPRORKDFH" ³1RORVp6LPSOHPHQWHORKDJR(VHVFRPRVL³6FKZDUW] UHIOHMyXQDGHVHVSHUDFLyQFDVLFyPLFDHQVXHVIXHU]RSRUH[SOLFDUOR LQH[SOLFDEOH ³¢3XHGHDWDFDUDPiVGHXQDSHUVRQDDOPLVPRWLHPSR" ³1XQFDORKHSUREDGR7DOYH]QR ,QWHUYLQR6KHNW

³¢(VWiSHQVDQGRHQDWDFDUDOVHFUHWDULRFXDQGRUHJUHVH$UYDU GDQ" ³¢3RUTXpQR"

³¢&yPRVDOGUHPRV"$XQTXHVRUSUHQGDPRVVRORDOVHFUHWDULR\ ORPDWHPRV\QRFUHRTXH6FKZDUW]VHDFDSD]GHHVRKD\FLHQWRVGH KRPEUHVHVSHUiQGRQRVDIXHUD³<FRQXQDODULGRFDVLVDOYDMHDJUH Jy³£(VLQ~WLOVHORDVHJXUR ³<DORWHQJR³LQWHUYLQRTXHGDPHQWH6FKZDUW]

³¢$TXLpQ"³SUHJXQWDURQORVGRVFLHQWtILFRVDOPLVPRWLHPSR ³$OVHFUHWDULR(VVXFRQWDFWRPHQWDOORVp ³1RORSLHUGD

$UYDUGDQFDVLGLRXQDYXHOWDFRPSOHWDDOWUDWDUGHXUJLUD 6FKZDUW]\FD\yGHODVL/ULDGHWDOIRUUQDTXHTXHGyWHQGLGRHQHO VXHORFRQXQDSLHUQDPHGLRSDUDOL]DGDPRYLpQGRVHLQ~WLOPHQWHDILQ GHDFWXDUFRPRSDODQFDSDUDOHYDQWDUVXFXHUSR


³9DFtHOHODFDEH]D2EWHQJDWRGDODLQIRUPDFLyQSRVLEOH

6FKZDUW]VHHVIRU]yKDVWDTXHHPSH]yDGROHUOHODFDEH]D+DVWD HVHPRPHQWRORVFRQWDFWRVPHQWDOHV/OHJDEDQDpOQRpODHOLRV1R KDEtDSRGLGRHOXGLUORV3HURDKRUDWXYRTXHFHUUDUORVSXxRVDUDxDU FRQORV]DUFLOORVGHVXPHQWHDFLHJDVFRQWRUSH]DLJXDOTXHXQQLQR GHPHVHVTXHH[WLHQGHVXVGHGRVXQRVGHGRVTXHD~QQRVDEHXWLOL ]DUKDFLDXQREMHWRTXHQRSXHGHWRFDU&RQJUDQGHVHVIXHU]RV 6FKZDUW]FDSWyMLURQHV ³£7ULXQIReOHVWiVHJXURGHORVUHVXOWDGRV$OJRVREUHSUR\HF WLOHVHVSDFLDOHV/RVKDDFWLYDGR1RQRORVKDDFWLYDGR(VRWUD FRVD/HFRPSODFHQORVSUR\HFWLOHVHVSDFLDOHV ³¢4XpVRQHVRVSUR\HFWLOHVHVSDFLDOHV"³LQTXLULy$UYDUGDQ

³1RORVp³JLPLy6FKZDUW]³+D\SUR\HFWLOHVHVSDFLDOHVHQVXV SHQVDPLHQWRV1RFDSWRODLPDJHQ(VSHUHQHVSHUHQ1DYHV SHTXHxDVQDYHVSHTXHxDVVLQWULSXODFLyQ1RYHRQDGDPiV 6KHNWODQ]yXQJUXxLGR

³¢1RORFRPSUHQGHV$UYDUGDQ"6RQPLVLNHVJXLDGRVDXWRPiWL FDPHQWHSDUDWUDQVSRUWDUHOYLUXV$SXQWDGRVDGLYHUVRVSODQHWDV ³3HUR¢GyQGHORVJXDUGDQ"³LQVLVWLy$UYDUGDQ³%XVTXH KRPEUHEXVTXH

³+D\XQHGLILFLR1RQRORYHRELHQ&LQFRSXQWDVXQD HVWUH/OD\6ORR

³<DHVWi³LQWHUYLQRGHQXHYR6KHNW³£3RUWRGDVODVHVWUHOODV GHODJDOD[LD\DHVWi(OWHPSORGH6HQORR(VWiURGHDGRSRUEROVDV UDGLDFWLYDV1DGLHLUiQXQFDDO/tH[FHSWRORV$QWLJXRV¢(VWiHQXQ ULR6FKZDUW]" ³6O6L6L

³¢&XiQGR6FKZDUW]FXiQGR"

³1RYHRHOGtDSHURSURQWRSURQWR/DPHQWHGHOVHFUHWDULR EXOOHFRQHVDLGHD6HUiPX\SURQWR 7DPELpQODFDEH]DGH6FKZDUW]SDUHiDEXOOLUDFDXVDGHOHV IXHU]R

$UYDUGDQVHVHQWtDDJRWDGR\IHEULOHQWRFXDQGRSRUILQORJUy DSR\DUVHHQPDQRV\URGL/ODVSHVHDTXHWDQWRXQDVFRPRRWUDV WHPEODEDQ\FHGtDQEDMRHOSHVRGHOFXHUSR


³6FKZDUW]DWLpQGDPH³OHLQVWy³4XLHURTXHKDJDXQDFRVD 3HUR6FKZDUW]HVWDEDWDUWDPXGHDQGR

³6HDFHUFD9LHQHKDFLDDTXt<YDDRUGHQDUTXHQRVPD WHQ 7LHQHHVDLGHDILMDHQORPiVSURIXQGRGHVXPHQWH

6XYR]VHDSDJyHLQWHUUXPSLyHQHOPRPHQWRHQHOTXHVHDEUtDOD SXHUWD <HQWRQFHV$UYDUGDQVHVLQWLyPX\PX\GHVHVSHUDGR    O

W O

£'XHORFRQ\VLQDUUQDV

(OVHFUHWDULRKDEOyHQWRQRIQR\EXUOyQ

³£'RFWRU$UYDUGDQ¢1RVHUaDSUHIHULEOHTXHYROYLHUDDVXDVLHQ WR"

$UYDUGDQD/]yORVRMRVSDUDPLUDUORFRQVFLHQWHGHODFUXHOLQGLJ QLGDGGHVXSRVWXUDSHURQRKDEtDQDGDTXHUHVSRQGHU\QRUHVSRQ GLy3RFRDSRFRVXVGRORULGDVH[WUHPLGDGHVIXHURQOHYDQWiQGRORGHO VXHOR$JXDUGyGRQGHHVWDEDUHVSLUDQGRFRQGLILFXOWDG\HVSHUDQGR DQVLRVDPHQWHXQUHWUDVR6LVXVSLHUQDVSXGLHUDQJLUDUXQSRFRPiV VLSXGLHUDODQ]DUVHVLSXGLHUDDVXVWDUDOIQ RPDQLDFR\RE/LJDUED XVDUHODUPD 1RHUDHOOiWLJRQHXUyQLFRHODUPDTXHSHQGtDVXDYHPHQWHGHO FLQWROLVR\UHOXFLHQWHTXHVXMHWDEDODW~QLFDGHOVHFUHWDULR(UDXQ GHVLQWHJUDGRUGHFRQVLGHUDEOHWDPDxRFDSD]GHGHVSHGD]DUHQiWR PRVDXQDSHUVRQDHQXQLQVWDQWHGDGRXQDPXHUWHUiSLGDWRWDO PHQWHLQVHQVLEOHSDUDODYtFWLPD )XHH[WUDxRTXHHQHVHPRPHQWRORVSHQVDPLHQWRVHQ3RODVH DIHUUDUDQDpOH[WUDxRTXHpOWXYLHUDWDQWRVGHVHRVGHYLYLU

³7RGRVWLHQHQSHRUDVSHFWRSHVHDPLDXVHQFLD¢7LHQHQDOJR TXHGHFLUPH"³SUHJXQWyHOVHFUHWDULR


(UDHYLGHQWHTXHQRHLJXDOPHQWHREYLRTXHHOVHFUHWDULRQR TXHGyFRPSODFLGRSRUH/OR

³1RLPSRUWD³SURVLJXLy³6XLQIRUPDFLyQKDGHMDGRGHVHU LPSRUWDQWH+HPRVDGHODQWDGRODKRUDGHODWDTXH+DEtDSHQVDGR TXHODUHVHUYDGHYLUXVHUDPHQRU6RQDVRPEURVRVORVUHVXOWDGRVGH ODSUHVLyQLQFOXVRHQSHUVRQDVTXHMXUDQTXHHVLPSRVLEOHPiVUD SLGH] (QHVWHPRPHQWRLQWHUYLQR6FKZDUW]FRQYR]URQFD

³'RVGtDV0HQRV9HDPRV(OPDUWHVDODVVHLVGHOD PDxDQDKRUDGH&KLFD

(OGHVLQWHJUDGRUHVWDEDHQODPDQRGHOVHFUHWDULReVWHVHDFHUFy FRQEUXVFDV]DQFDGDV\VHVLWXyDPHQD]DGRUDPHQWHMXQWRDODHQFRU YDGDILJXUDGH6FKZDUW] ³¢&yPRORKDVDELGR"

6FKZDUW]VHSXVRWHQVR(QDOJ~QOXJDUGHVXFHUHEURXQRV]DUFL OORVVHDJUXSDURQ\EXVFDURQVXSUHVD(QHODVSHFWRIILVLFRORVP~VFX ORVGHODVPDQGtEXODVTXHGDURQYLJRURVDPHQWHDSUHWDGRV\ODVFHMDV HQFRJLGDVKDFLDDEDMRSHURWRGRHOORFDUHFtDGHLPSRUWDQFLD(QHO LQWHULRUGHOFHUHEURKDEtDDOJRTXHVHSUR\HFWy\DIHUUyFRQIXHU]DHO FRQWDFWRPHQWDOGHORWURKRPEUH 3DUD$UYDUGDQODHVFHQDIXHLUUHOHYDQWHGXUDQWHXQRVVHJXQGRV SUHFLRVRVXQRVVHJXQGRVPDOHPSOHDGRV(OUHSHQWLQRVLOHQFLR\OD LQPRYLOLGDGGHOVHFUHWDULRQRHUDQVLJQLILFDWLYRV ³<DORWHQJR³PXUPXUyHOMDGHDQWH6FKZDUW]³&yMDQOHHO DUPDQRSRGUpUHVLVWLU /DYR]VHDSDJyWUDVXQJRUMHR

<$UYDUGDQORFRPSUHQGLy&RQXQEUXVFRHVIXHU]RVHSXVRGH QXHYRDJDWDV$FWRVHJXLGRPLHQWUDVVXVGLHQWHVUHFKLQDEDQVH OHYDQWyVLPSOHPHQWHSRUTXHQROHTXHGDEDPiVUHPHGLR\ORJUy SHUUQDQHFHUHUJXLGRDXQTXHWDPEDOHDQWH

(OVHFUHWDULRSDUHFtDSHWULILFDGRSRUODPLUDGDGH0HGXVD(QVX IUHQWHOLVD\VLQDUUXJDVLEDIRUPiQGRVHVXGRU\VXVHPEODQWHLQH[SUH VLYRQRUHIOHMDEDHPRFLyQDOJXQD6yORODPDQRGHUHFKDODTXH VRVWHPDHOGHVLQWHJUDGRUPRVWUDEDVHxDOHVGHYLGD8QREVHUYDGRU DWHQWRKDEULDYLVWRTXHHVDPDQRVHPRYtDDWLURQHVLQILQLWHVLPDOHV KDEQ DSHUFLELGRODH[WUDQDSUHVLyQTXHHMHUFtDXQGHGRVREUHHO ERWyQGHGLVSDURXQDSUHVLyQVXDYHLQVXILFLHQWHSDUDFDXVDUGDxR SHURSURJUHVLYDSURJUHVLYD


³$JiUUHORFRQIXHU]D³GLMR$UYDUGDQHQSOHQRHVIXHU]RFRQ M~ELORIHUR]6HDSR\yHQHOUHVSDOGRGHODVLOOD\WUDWyGHUHFREUDUHO DOLHQWR³7HQJRTXHDFHUFDUPHDpO

6XVSLHVVHDUUDVWUDURQ(ODUTXHyORJRVHHQFRQWUyVXPLGRHQXQD SHVDGLOODWXYRTXHYDGHDUXQUtRGHPLHOQDGDUHQDOTXLWUiQDYDQ]DU WLUDQGRGHVXFXHUSRFRQODPDQRDSR\DGDHQORVUHVSDOGRVGHXQD KLOHUDGHDVLHQWRVKDVWDVLWXDUORDODPLVPDDOWXUDH[WHQGHURWUDYH] ODVPDQRVKDFLDRWUDKLOHUDGHVSDFLRPX\GHVSDFLR\YXHOWDDHP SH]DU 'HVFRQRFtDHOWHUULEOHGXHORTXHHVWDEDWHQLHQGROXJDUDQWHpO

(OVHFUHWDULRVyORWHQtDXPDPHWDHMHUFHUFRQHOSXOJDUGHUHFKR XQDIXHU]DPLQ~VFXODRFKHQWD\FLQFRJUDPRVH[DFWDPHQWH\DTXH pVD HUDODSUHVLyQTXHSUHFLVDEDHOGHVLQWHJUDGRUSDUDIXQFLRQDU$ WDOILQVXPHQWH~QLFDPHQWHWHQtDTXHGDUODRUGHQDXQWHQGyQ WHPEORURVR\DPHGLRFRQWUDtGR 6FKZDUW]VyORWHQtDXQDPHWDIUHQDUHVDSUHVLyQSHURFRQOD UXGLPHQWDULDPDVDGHVHQVDFLRQHVTXHOHRIUHFtDHOFRQWDFWRPHQWDO GHORWURKRPEUHQRSRGtDVDEHUTXp]RQDHQSDUWLFXODUHVWDEDUHODFLR QDGDFRQDTXHOSXOJDU3RUHVRHVWDEDGLULJLHQGRVXVHVIXHU]RVDOD SURGXFFLyQGHXQp[WDVLVXQp[WDVLVWRWDO (OFRQWDFWRPHQWDOGHOVHFUHWDULRVHDJLWy\VHUHYROYLyFRQWUDOD  O

L



VXMHFLyQ(UDXQDPHQWHUiSLGD\GHLQWHOLJHQFLDWHPLEOHODTXHGHVD ILDEDHOLQH[SHUWRFRQWUROGH6FKZDUW]'XUDQWHXQRVVHJXQGRVSHU PDQHFHUtDHQUHSRVRDODHVSHUD/XHJRFRQXQHVIXHU]RWHUULEOH\ GHVJDUUDGRUWLUDUtDGHDOJ~QP~VFXOR 3DUD6FKZDUW]IXHLJXDOTXHVLKXELHUDHVWDGRKDFLHQGRXQFRP EDWHGHOXFKDOLEUHFRQODREOLJDFLyQGHPDQWHQHUORDWRGDFRVWD DXQTXHVXULYDOHVWXYLHUDKDFLpQGROHURGDULPSXOVDGR SRUHOIXURU

3HURQDGDGHHVWRHUDYLVLEOH6yORVHYHtDQORVQHUYLRVRVPRYL PLHQWRVGHODPDQGtEXODGH6FKZDUW]DOFHUUDUVH\DEULUVHORVODELRV WHPEORURVRVHQVDQJUHQWDGRVSRUORVGLHQWHV\XQOLJHURPRYL PLHQWRRFDVLRQDOGHOSXOJDUGHOVHFUHWDULRWHQVRPX\WHQVR

$UYDUGDQKL]RXQDSDXVDSDUDGHVFDQVDU(OGHGRTXHWHQtDH[ WHQGLGRWRFDEDOLJHUDPHQWHHOWHMLGRGHODW~QLFDGHOVHFUHWDULR\HO


DUTXHyORJRQRSRGtDVHJXLUPRYLpQGRVH6XVDWRUPHQWDGRVSXOPRQHV QRSRGtDQERPEHDUHOR[tJHQRTXH VXVSLHUQDVSDUDOL]DGDVSUHFLVD EDQ6XVRMRVQRSRGtDQYHUDFDXVDGHODVOiJULPDVSURYRFDGDVSRUHO HVIXHU]RVXPHQWHQRSRGtDSHQVDUHQWUHODQHEOLQDGHOGRORU ³6yORXQRVVHJXQGRVPiV6FKZDUW]³GLMRMDGHDQWH³1RGHMH TXHVHPXHYDQRGHMHTXHVHPXHYD 6FKZDUW]PHQHyODFDEH]DGHVSDFLRPX\GHVSDFLR ³1RSXHGRQRSXHGR

<HQUHDOLGDGSDUD6FKZDUW]HOPXQGRHQWHURHVWDEDGHVOL]iQ GRVHKDFLDXQFDRVQHEXORVRGHVHQIRFDGR/RV]DUFLOORVGHVXPHQWH HVWDEDQFDGDYH]PiVUtJLGRV\IDOWRVGHHODVWLFLGDG

(OSXOJDUGHOVHFUHWDULRSUHVLRQyGHQXHYRHOERWyQGHFRQWDFWR 6XGHGRQRGHVFDQVDEDODSUHVLyQDXPHQWDEDHQSHTXHUOLVLPDVFDQWL GDGHV 6FKZDUW]QRWyODKLQFKD]yQGHVXVJORERVRFXODUHVODVHUSHQ WHDQWHH[SDQVLyQGHODVYHQDVGHVXIUHQWH3HUFLELyODHVSDQWRVD VHQVDFLyQGHWULXQIRTXHLEDIRUPiQGRVHHQHOFHUHEURGHORWURKRP EUH

<HQHVHPRPHQWR$UYDUGDQDWDFy6XFXHUSRUtJLGR\UHEHOGHVH GHMyFDHUKDFLDGHODQWHFRQODVPDQRVH[WHQGLGDV\SUHSDUDGDVSDUD DJDUUDU (OVHFUHWDULRLQGHIHQVRDFDXVDGHODSUHVDPHQWDOTXHVXIUtD FD\yMXQWRFRQ$UYDUGDQ(OGHVLQWHJUDGRUVDOLyGHVSHGLGRKDFLDXQ ODGR\UHVRQyHQHOGXURVXHOR

6FKZDUW]QRWyTXHODPHQWHFDXWLYDVHOLEHUDEDFRQXQ~OWLPR HVIXHU]R\FD\yGHHVSDOGDVFRQHOFHUHEURVXPLGRHQXQDHQPDUD xDGDMXQJODGHFRQIXVLyQ

(OVHFUHWDULRVHGHEDWLyIXULRVDPHQWHEDMRHODIHUUDGRSHVR PXHUWRGHOFXHUSRGHODUTXHyORJR/HKXQGLyXQDURGLOODHQODHQWUH SLHUQDFRQXQDIXHU]DEUXWDOPLHQWUDVODQ]DEDHOSXxRKDFLDHOSy PXORGH$UYDUGDQ/HYDQWyDpVWHJROSHy\$UYDUGDQURGySRUHO VXHORVLQWLHQGRWRGDVXHUWHGHGRORUHV (OVHFUHWDULRVHOHYDQWyGDQGRWXPERVMDGHDQWH\GHVDOLxDGR\ TXHGyLQPyYLORWUDYH] )UHQWHDpOVHKDOODED6KHNWPHGLRUHFOLQDGR/DPaa

La GHOItVLFRFRQHOWHPEORURVRDSR\RGHODL]TXLHUGDVRVWHQLODHOGHVLQ


WHJUDGRU\DSHVDUGHORVWHPEORUHVHODUPDDSXQWDEDDOVHFUHWDULR ³£3DQGLOODGHLPEpFLOHV³FKLOOaLHOVHFUHWDULRVRIRFDGRSRUOD FyOHUD³¢4XpHVSHUDQFRQVHJXLU"66EWHQJRTXHDO]DUODYR] ³<XVWHGFRPRPtQLPRPRULUi³UHVSRQGLyGpELOPHQWH6KHNW

³1RFRQVHJXLUiQDGDPDWiQGRPH³GLMRFRQDPDUJXUDHOVHFUH WDULR³\XVWHGORVDEH1RVDOYDUiHO,PSHULRSRUHOTXHQRVKD WUDLFLRQDGR\QLVLTXLHUDVHVDOYDUiQXVWHG\VXVDPLJRV(QWUp JXHPHHVHDUPD\TXHGDUiHQOLEHUWDG (OVHFUHWDULRH[WHQGLyXQDPDQRSHUR6KHNWVHHFKyDUHtU ³1RHVWR\WDQORFRFRPRSDUDFUHHUOR

³7DOYH]QRSHURHVWiSUiFWLFDPHQWHSDUDOL]DGR

<HOVHFUHWDULRVHGHVSOD]yGHSURQWRKDFLDODGHUHFKDFRQPXFKD PiVFHOHULGDGTXHODGHELOLWDGDPXxHFDGHOItVLFRSDUDPRYHUHOGH VLQWHJUDGRU

3HURHQHVHPRPHQWRODPHQWHGHOVHFUHWDULRPLHQWUDVpVWHVH GLVSRQtDDGDUHOVDOWRGHILQLWLYRHVWDEDFRQFHQWUDGDSRUFRPSOHWRHQ HOGHVLQWHJUDGRUFX\RGLVSDURSUHWHQGtDHOXGLU6FKZDUW]SUR\HFWyVX PHQWHXQDYH]PiVSDUDGDUODHVWRFDGDILQDO\HOVHFUHWDULRUHVEDOy\ VHGHVSORPyLJXDOTXHVLOHKXELHUDQDSRUUHDGR &RQJUDQHVIXHU]R$UYDUGDQKDEtDORJUDGRSRQHUVHHQSLH6X PHMLOODHVWDEDHQURMHFLGDHKLQFKDGD\HO DUTXHyORJRFRMHyDODFHU FDUVH ³¢3XHGHPRYHUVH6FKZDUW]"

³8QSRFR³IXHODIDWLJDGDUHVSXHVWD³

6FKZDUW]VHOHYDQWyOHQWDPHQWHGHODVLOOD

$UYDUGDQVHLQFOLQyVREUHHOSRVWUDGR$QWLJXR\OHHFKyODFDEH]D KDFLDDWUiVFRQSRFDGHOLFDGH]D ³¢9LYH"

%XVFyHQYDQRHOSXOVRFRQODVWRGDYLDHQWXPHFLGDVSXQWDVGHORV GHGRV\OXHJRFRORFyODSDOPDGHODPDQREDMRODW~QLFDYHUGH ³6XFRUD]yQODWH³GLMR³7LHQHXVWHGSRGHUHVSHOLJURVRV 6FKZDUW]¢4XpKDFHPRVDKRUD"

³/DJXDUQLFLyQLPSHULDOGH)RUW'LEEXUQ HVWiDPHQRVGHXQ


NLOyPHWUR³GLMR6KHNW³8QDYH]DOOLHVWDUHPRVDVDOYR\SRGUHPRV LQIRUPDUD(QQLXV

³£8QDYH]DOOt'HEHGHKDEHUFLHQJXDUGLDQHVDIXHUD\FHQWHQD UHVPiVHQWUHHVWHOXJDU\ODJXDUQLFLyQ ³7RGDYtDWHQHPRVD6FKZDUW]

(OUROOL]RWHUUHVWUHDO]y\VDFXGLyODFDEH]DDORtUVXQRPEUH

³1RORKDJRPX\ELHQ1RSXHGRWHQHULQPRYLOL]DGRDOVHFUHWD ULRGHPDVLDGRWLHPSR

³3RUTXHQRHVWiDFRVWXPEUDGR³GLMRHQpUJLFDPHQWH6KHNW³ (VFXFKHWHQJRFLHUWDVQRFLRQHVVREUHORTXHXVWHGKDFHFRQ VX PHQWH(VXQDHVWDFLyQUHFHSWRUDSDUDODVRQGDVHOHFWURPDJQpWLFDV GHOFHUHEUR&UHRTXHXVWHGWDPELpQSXHGHHPLWLU¢0HHQWLHQGH" 6FKZDUW]SDUHiDSHQRVDPHQWHLQVHJXUR

³'HEHHQWHQGHUOR³LQVLVWLy6KHNW³7HQGUiTXHFRQFHQWUDUVH

HQORTXHXVWHGGHVHDTXHKDJDpO\DQWHVGHYROYHUHPRVHOGHVLQWH JUDGRUDOVHFUHWDULR ³¢4Xp"

(OJULWRGHLQGLJQDFLyQIXHFODUDPHQWHDXGLEOH 6KHNWDO]yODYR]

³£eOQRVVDFDUiGHDTXt1RSRGHPRVVDOLUGHRWUDIRUPD¢QRHV FLHUWR"¢<TXpIRUPDPHQRVVRVSHFKRVDTXHGHMDULUDUPDGRDOVH FUHWDULR" ³3HUR¢\VLQRFRQVLJRGRPLQDUOR"³LQTXLULy6FKZDUW]

(VWDEDIOH[LRQDQGRORVEUD]RVGiQGROHVSDOPDGDVLQWHQWDQGR UHFREUDUODVHQVDFLyQGHQRUPDOLGDG

³(VHOULHVJRTXHFRUUHUHPRV3UXHEHDKRUD6FKZDUW]0XpYDOH HOEUD]R 6XWRQRHUDGHV~SOLFD

(OVHFUHWDULRJLPLyGHVGHHOVXHOR\6FKZDUW]FDSWyHOFRQWDFWR PHQWDOUHDYLYDGR(QVLOHQFLRFDVLFRQPLHGRGHMyTXHODPHQWHGHO RWURFREUDUDIXHU]D\OHKDEOy)XHXQDDORFXFLyQVLQSDODEUDVOD DORFXFLyQPXGDTXH XQDSHUVRQDHQYtDDVXEUD]RFXDQGRGHVHDPR YHUORWDQPXGDTXHQLVLTXLHUDHOLQWHUHVDGRODR\H


<QRIXHHOEUD]RGH6FKZDUW]HOTXHVHPRYLyVLQRHOGHO VHFUHWDULR(OWHUUHVWUHDO]yODFDEH]DFRQXQDVRQULVDIHUR]SHUR 6KHNW\$UYDUGDQVyORWHQtDQRMRVSDUDHOVHFUHWDULRXQFXHUSR UHF FWDGRFRQODFDKH]DHOHYiQGRVHXQRVRMRVHQORVTXHLEDGHVD SDUHFLHQGRHOUDVJRYLGULRVRGHOGHVPD\R\XQEUD]RTXHGHXQ PRGRH[WUDxRHLQFRQJUXHQWHVHH[WHQGtDDWLURQHVIRUPDQGRXQ iQJXORGHQRYHQWDJUDGRV 6FKZDUW]VHFHQWUyHQVXWDUHD

(OVHFUHWDULRVHSXVRHQSLHFRQHOFXHUSRLQFOLQDGRSUiFWLFD PHQWHDXQTXHVyORHQDSDULHQFLDFRPRVLSHUGLHUDHOHTXLOLEULR< DFWRVHJXLGRHPSH]yDGDQ]DUGHXQPRGRWDQFXULRVRFRPRLQYROXQ WDULR

(OEDLOHFDUHFtDGHULWPROHIDOWDEDEHOOH]D3HURORVWUHVTXH REVHUYDEDQVREUHWRGR6FKZDUW]SHQVDURQTXHHUDXQDFWRLQFUHL EOHPHQWHDGPLUDEOH\DTXHHQHVHPRPHQWRHOFXHUSRGHOVHFUHWDULR VHKDOODEDEDMRHOGRPLQLRGHXQDPHQWHQRXQLGDDpOPDWHULDOPHQWH 'HVSDFLRFRQSUHFDXFLyQ6KHNWVHDFHUFyDOURERWTXHHUDHO VHFUHWDULR\QRVLQGHVDVRVLHJRH[WHQGLyODPDQR(QODSDOPD DELHUWDVHKDOODEDHOGHVLQWHJUDGRUFRQODFXODWDKDFLDGHODQWH aXHORFRMD6FKZDUW]³GLMR6KHNW

/DPDQRGHOVHFUHWDULRVHH[WHQGLy\FRJLyWRUSHPHQWHHODUPD eVWDVHPRYLyFRQUDSLGH]XQLQVWDQWH\IXHDIHUUDGDSDUDHQWUDUHQ DFFLyQ+XERXQGHVWHOORYLYR\GHVWUXFWRUHQORVRMRVGHOVHFUHWDULR <DOLQVWDQWHHOEULOORVHDSDJy'HVSDFLRPX\GHVSDFLRHOGHVLQWH JUDGRURFXSyVXOXJDUHQHOFLQWR\ODPDQRVHDSDUWy /DULVDGH6FKZDUW]WHQtDXQWRQRHVWULGHQWH aDVLVHVDOHFRQODVX\D

3HURVXURVWURHVWDEDSiOLGRPLHQWUDVKDEODED

³¢<ELHQ"¢3XHGHGRPLQDUOR" O . a  ³(VWiOXFKDQG4FRPRXQGLDEOR3HURQRYDWDQPDOFRPRDQ WHV

³(VRVHGHEHDTXHXVWHGVDEHTXpHVWiKDFLHQGR³GLMR6KHNW GiQGROHORViQLPRVTXHpOSUiFWLFDPHQWHQRWHQtD³7UDQVPLWD DKRUD1RLQWHQWHGRPLQDUDOVHFUHWDULROLPtWHVH DILQJLUTXHORHVWi KDFLHQGRXVWHGPLVPR ³¢3XHGHKDFHUOHKDEODU"³SUHJXQWy$UYDUGDQ


+XERXQDSDXVD\GHVSXpVXQEURQFRJUXxLGRGHOVHFUHWDULR 2WUDSDXVDRWURVRQLGRiVSHUR ³(VRHVWRGR³GLMR6FKZDUW]MDGHDQWH

³%LHQQRLPSRUWD3RGHPRVSDVDU VLQHVR

(OUHFXHUGRGHODVGRVKRUDVVLJXLHQWHVIXHLUUHSHWLEOHSDUDODV GRVSHUVRQDVTXHWRPDURQSDUWHHQODVLQJXODURGLVHD(OGRFWRU 6KHNWSRUHMHPSORKDEtDDGTXLULGRXQDUDUDULJLGH]TXHOHSHUPL WLyDKRJDUWRGRVVXVWHPRUHVHQVXDSR\RYDQR\HVWXSHIDFWRDLLD OXFKDLQWHUQDGH6FKZDUW]'XUDQWHODDYHQWXUDVyORWXYRRMRVSDUD ODFDUDUHGRQGHDGDTXHSRFRDSRFRLEDDUUXJiQGRVH\UHWRUFLpQ GRVHDFDXVDGHOHVIXHU]R,QFOXVRFXDQGRVHUHXQLHURQFRQ3RODHO ItVLFRDSHQDVWXYRWLHPSRSDUDGHGLFDUOH XQDPLUDGDIXJD]XQDSUH WyQUiSLGRHQODPDQR

)XH$UYDUGDQHOTXHFRUULyKDFLDODMRYHQ$UYDUGDQHOTXHH[ SOLFyODVLWXDFLyQFRQIUDVHVH[WUDxDVHPEDUXOODGDV3RODQRVHHQ FRQWUDEDPX\OHMRV\WDPSRFRKXERLQFLGHQWHVHQHOWUDVODGRGHVGH ODVDODGHUHXQLRQHVDOSHTXHxRGHVSDFKRGRQGHHVWDEDGHWHQLGDOD KLMDGHOItVLFR/RVJXDUGLDQHVTXHYLJLODEDQODSXHUWDKDEtDQVDOX GDGREUXVFDPHQWHDOYHUDOVHFUHWDULRTXHFRUUHVSRQGLyFRQXQJHVWR WRUSHLQVXOVR1DGLHOHVPROHVWy 3HURDOVDOLUGHOHGLILFLRFRUUHFFLRQDOVyORHQWRQFHV$UYDUGDQ FRPSUHQGLyODORFXUDGHODWHQWDWLYD<QRREVWDQWHHODUTXHyORJR VLJXLyDKRJDQGRVXVSHQDVHQORVRMRVGH3ROD)XHUDSRUODYLGDTXH OHHVWDEDQDUUHEDWDQGRSRUHOIXWXURTXHHVWDEDQGHVWUX\pQGROHSRU ODLPSRVLELOLGDGHWHUQDGHDOFDQ]DUODGXO]XUDTXHKDEtDVDERUHD GRIXHUDSRUORTXHIXHVHQDGLHOHKDEtDSDUHFLGRQXQFDWDQ DUUROODGRUDPHQWHGHVHDEOH 3RVWHULRUPHQWH3RODVHUtDHOFRPSHQGLRGHVXVUHFXHUGRV3HUROD -RYHQ

/DMRYHQQRFRPSOHQGLDQDGD/DDFWLWXGUDUD\DEVWUDtGDGH 6FKZDUW]ODLQFOLQDFLyQSURSLDGHXQPXHUWRGHODQGDUGHOVHFUHWDULR ,DVFRVDVLQFUHtEOHVTXH$UYDUGDQKDEtDGLFKRTXHHOODDSHQDVKDEtD FRPSUHQGLGRDPHGLDV(OVROHDGREULOORPDWXWLQRFHJDEDVXVRMRV GHVDFRVWXPEUDGRVDODOX]SRUORTXHHOURVWURYXHOWRKDFLDDEDMRGHO DUTXHyORJRHUDXQDPDQFKDDQWHHOOD3RODOHVRQULy\QRWyODIXHU]D\ ODGXUH]DGHOEUD]RVREUHHOTXHVHDSR\DEDPX\VXDYHPHQWHHOVX\R eVHIXHHOUHFXHUGRTXHSHUGXUyGHVSXpVP~VFXORVOLVRV\ILUPHV OLJHUDPHQWHFXELHUWRVSRUWHODSOiVWLFDGHWH[WXUDOXVWURVDILQD\IUtD EDMRODPXxHFDGHODMRYHQ 6FKZDUW]VHKDOODEDVXPLGRHQVXGRURVDDQJXVWLD(OFXUYDGRFD PLQRGHDFFHVRTXHVHDOHMDEDGHODHQWUDGDODWHUDOSRUODTXHKDEtDQ


VDOLGRHVWDEDIUDQFDPHQWHGHVLHUWR6FKZDUW]VLQWLyXQHQRUPHDOLYLR SRUHOOR

6yORpOFRQRFtDHOFRVWHFRPSOHWRGHOIUDFDVR(QODPHQWHHQH PLJDTXHHVWDEDFRQWURODQGRSRGtDFDSWDUODVHQVDFLyQGHKXPLOOD FLyQLQVRSRUWDEOHHORGLRGHVFRPXQDOORVSURSyVLWRVVXPDPHQWH KRUULEOHV7XYRTXHUHJLVWUDUHVDPHQWHHQEXVFDGHLQIRUPDFLyQTXH OHRULHQWDUDODSRVLFLyQGHOFRFKHRILFLDOODUXWDPiVFRQYHQLHQWHD VHJXLU<DOKDFHUWDOFRVDHQFRQWUyWDPELpQODLUULWDQWHDPDUJXUDGH ODYHQJDQ]DTXHVHGHVDWDUtDVLVXFRQWUROYDFLODEDWDQVyORXQDGp FLPDGHVHJXQGR /DVIRUWDOH]DVVHFUHWDVGHODPHQWHTXHVHYHtDIRU]DGRDUHJLVWUDU LEDQDVHUSRVHVLyQSHUVRQDOGH6FKZDUW]SDUDVLHPSUH3RVWHULRU PHQWHOOHJDUtDQODVKRUDVJULVHVGHPXFKRVDPDQHFHUHVLQRFHQWHVHQ ORVTXH pOJXLDUtDGHQXHYRORVSDVRVGHXQORFRSRUORVSHOLJURVRV FDPLQRVGHXQDFLXGDGHODHQHPLJD 6FKZDUW]MDGHyPiVTXHKDEOyFXDQGROOHJDURQDOYHKtFXORGH VXSHUILFLH1RVHDWUHYLyDUHODMDUVHXQSRFRSDUDSURQXQFLDUIUDVHV FRQH[DV\GLMRUiSLGDPHQWHXQDV SDODEUDVFRPRVLVHDWUDJDQWDUD ³,PSRVLEOHFRQGXFLUFRFKHLPSRVLEOHREOLJDUVHFUHWD ULRFRQGXFLUFRPSOLFDGRQRSXHGR

6KHNWORWUDQTXLOL]yFRQXQVXDYHVRQLGR(OItVLFRQRRVyWRFDUOR QRRVyKDEODUOHQRUPDOPHQWHQRRVyGLVWUDHUODPHQWHGH6FKZDUW] XQVRORPRPHQWR ³6yORWLHQHTXHPHWHUORHQHODVLHQWRWUDVHUR6FKZDUW]³PX VLWy³<RFRQGXFLUpVpKDFHUOR$SDUWLUGHDKRUDOLPtWHVHDFRQWUR ODUDOVHFUHWDULR (QFXDQWRDOSDSHOGHOVHFUHWDULRGXUDQWHHVWRVKHFKRVQLVLTXLHUD HVSRVLEOHHVSHFXODU&DXWLYRGHVXVSULVLRQHURVDUPDGRSHURLQGH IHQVRIUHQWHDXQRVKRPEUHVGHVDUPDGRV,QYHVWLJDUHODVXQWRSR GUtDVHULQFOXVRSRFRFRQYHQLHQWH

(OYHK~FXORGHVXSHUILFLHGHOVHFUHWDULRHUDXQPRGHORHVSHFLDO 3XHVWRTXHHUDHVSHFLDOHUDGLVWLQWR$WUDtDODDWHQFLyQ6XIDUR GHODQWHURGHFRORUYHUGHJLUDEDDL]TXLHUGD\GHUHFKDFRQUtWPLFDV RVFLODFLRQHVFRQIRUPHODOX]VHDSDJDED\HQFHQGtDSURGXFLHQGRGHV WHOORVHVPHUDOGLQRV/DJHQWHVHGHWHQtDDPLUDU2WURVYHKtFXORVTXH DYDQ]DEDQHQGLUHFFLyQFRQWUDULDVHDSDUWDURQFRQUHVSHWXRVDSUHFL SLWDFLyQ

6LHOFRFKHKXELHUDVLGRPHQRVOODPDWLYRPHQRVVREUHVDOLHQWH ORVWUDQVH~QWHVKDEUtDQWHQLGRWLHPSRGHUHSDUDUHQHOSiOLGRHLQPy YLO$QWLJXRTXHRFXSDEDHODVLHQWRWUDVHURTXL]iVHKXELHUDQH[WUD xDGRTXL]iVKXELHUDQROLGRHOSHOLJUR


3HURVyORUHSDUDURQHQHOFRFKH\HOWLHPSRIXHSDVDQGR

8QVROGDGRLPSHGtDHOSDVRDQWHODVUHOXFLHQWHVSXHUWDVGHDFHUR FURPDGRTXHVHDO]DEDQDEUXSWDPHQWHFRQHOHVWLORHOHJDQWHHLPSUH VLRQDQWHFDUDFWHUtVWLFRGHWRGDVODVHVWUXFWXUDVLPSHULDOHVHQYLYR FRQWUDVWHFRQODDUTXLWHFWXUDSODQD\WULVWHGHOD7LHUUD/DHQRUPH DUPDUHJODPHQWDULDGHOPLOLWDUVHVLWXyKRUL]RQWDOPHQWHHQXQJHVWR GHREVWUXFFLyQ\HOYHKtFXORVHGHWXYR$UYDUGDQDVRPyODFDEH]D 6R\FLXGDGDQRGHO,PSHULRVROGDGR'HVHDUtDYHUDVXFRPDQ GDQWH ³7HQGUpTXHYHUVXGRFXPHQWDFLyQVHxRU

³0HODKDQTXLWDGR6R\%HO$UYDUGDQGH%DURQQ7HQJRDVXQ WRVTXHWUDWDUFRQHOSURFXUDGRU\PXFKDSULVD

(OVROGDGRDFHUFyXQDPXxHFDDVXVODELRV\KDEOyHQYR]EDMDSRU HOWUDQVPLVRU+XERXQDSDXVDPLHQWUDVDJXDUGDEDODUHVSXHVWD\ OXHJREDMyHULIOH\VHKL]RDXQODGR/DVSXHUWDVIXHURQDEULpQGRVH SRFRDSRFR (OSOD]RTXHFXPSOtD

'HEtDGHVHUPHGLRGtDFXDQGRHOSULPHUPLQLVWURGHVGH:DV KHQQLQWHQWyORFDOL]DUDVXVHFUHWDULRDWUDYpVGHOWHOHYLVRU\ODE~V TXHGDGHO$QWLJXRQRGLRUHVXOWDGR(OSULPHUPLQLVWURUHDFFLRQR FRQGLVJXVWRORVFDUJRVPHQRUHVGHOHGLILFLRFRUUHFFLRQDOH[SHULPHQ WDURQLQTXLHWXG +XERSUHJXQWDVGHVSXpV\ORVJXDUGLDQHVGHODVDODGHUHXQLRQHV IXHURQSUHFLVRVDODVHJXUDUTXHHOVHFUHWDULRKDEtDVDOLGRFRQORV SULVLRQHURVDODVGLH]\PHGLDGHODPDxDQD1RQRKDEtDGHMDGR LQVWUXFFLRQHV1RVDEtDQDGyQGHKDEtDLGR,yJLFDPHQWHQRWHQtDQ GHUHFKRDSUHJXQWDU

/DFKLFDWDPELpQVHKDEtDLGR2WURJUXSRGHJXDUGLDQHVPDQL IHVWyODPLVPDIDOWDGHLQIRUPDFLyQ(ODPELHQWHJHQHUDOGHDQVLHGDG IXHFUHFLHQGR\IRUPDQGRWRUEHOOLQRV $ODVGRVGHODWDUGHOOHJyHOSULPHU LQIRUPHDVHJXUDQGRTXHHO YHKtFXORGHVXSHUILFLHGHOVHFUHWDULRKDEtDVLGRYLVWRSRUODPDxDQD 1DGLHKDEtDYLVWRVLHOVHFUHWDULRLEDGHQWUR$OJXQDVSHUVRQDVFUHtDQ KDEHUORYLVWRDOYRODQWHSHURVyORORVXSRQtDQpVDHUDODYHUGDG $ODVGRV\PHGLDVHKDEtDGHWHUUQLQDGRTXHHOFRFKHKDEtDHQ WUDGRHQ)XHUWH'LEEXUQ

3RFRDQWHVGHODVWUHVVHGHFLGLySRUILQOODPDUDOFRPDQGDQWH


5HVSRQGLyXQWHQLHQWH

6HJ~QVXSLHURQHQHVHPRPHQWRHUDLPSRVLEOHIDFLOLWDULQIRUQQD FLyQVREUHHOWHPD6LQHPEDUJRORVRILFLDOHVGH6X0DMHVWDG,PSH ULDOURJDEDQTXHVHPDQWXYLHUDHORUGHQ5RJDEDQDGHPiVTXHOD QRWLFLDGHODDXVHQFLDGHXQPLHPEURGHOD6RFLHGDGGH$QWLJXRVQR IXHUDGLIXQGLGDKDVWDQXHYDRUGHQ

(VRIXHVXILFLHQWH+RPEUHVLQYROXFUDGRVHQDFWRVGHDOWDWUDLFLyQ QRSXHGHQFRUUHUULHVJRV\FXDQGRXQRGHORVPLHPEURVSULQFLSDOHV GHXQDFRQVSLUDFLyQVHKDOODHQPDQRVGHOHQHPLJRHOORVyORSXHGH LQGLFDUTXHKDVLGRGHVFXELHUWRRTXHKDWUDLFLRQDGRDORVVX\RV(VDV HUDQODVGRVFDUDVGHHVWDPRQHGD&XDOTXLHUDGHHOODVVLJQLILFDEDOD PXHUWH /DQRWLFLDVHGLIXQGLy

/DSREODFLyQGH&KLFDHPSH]yDPRYHUVH/RVGHPDJRJRVSURIH VLRQDOHVRFXSDURQODVHVTXLQDVGHODVFDOOHV/RVDUVHQDOHVVHFUHWRV IXHURQDELHUWRVYLROHQWDPHQWH\PXFKDVPDQRVVDFDURQDUPDVGH HOORV6HIRUPyXQDVHUSHQWHDQWHFROXPQDKDFLDHOIXHUWH\DODVVHLV GHODWDUGHHOFRPDQGDQWHUHFLELyRWURPHQVDMHHQHVWDRFDVLyQ PHGLDQWHHQYtRSHUVRQDO (VWDDFWLYLGDGQRVHFRUUHVSRQGtDFRQORVKHFKRVTXHVHSURGXiDQ HQHOLQWHULRUGHOIXHUWH7RGRKDEtDHPSH]DGRGHIRUPDGUDPiWLFD FXDQGRHOMRYHQRILFLDOTXHVDOLyDUHFLELUDOYHKtFXORH[WHQGLyOD PDQRKDFLDHOGHVLQWHJUDGRUGHOVHFUHWDULR ³<RPHHQFDUJDUpGHHVR³GLMRODFyQLFDPHQWH ³'HMHTXHORFRMD6FKZDUW]³RUGHQy6KHNW

/DPDQRGHO VHFUHWDULRFRJLyHOGHVLQWHJUDGRU\VHH[WHQGLy(O DUPDDEDQGRQyODPDQR\6FKZDUW]VXSULUQLyVXFRQWURO\GHMyHV FDSDUXQJHPLGRDFDXVDGHODLQVRSRUWDEOHWHQVLyQTXHVXIQD $UYDUGDQHVWDEDSUHSDUDGR&XDQGRHOVHFUHWDULRUHDFFLRQyLJXDO TXHXQUROORGHDFHURORFROLEUHGHODFRPSUHVLyQHODUTXHyORJRVH HFKyVREUHpO\GHMyFDHUFRQIXHU]DVXVSXxRV

(ORILFLDOGLRyUGHQHVEUXVFDPHQWH9DULRVVROGDGRVVHDFHUFDURQ FRUULHQGR&XDQGRXQDVPDQRVEXUGDVDJDUUDURQD$UYDUGDQSRUHO FXHOORGHODFDPLVD\OHDUUDVWUDURQIXHUDGHOFRFKHHOVHFUHWDULR\DFtD IOiFFLGRHQHODVLHQWR6DQJUHRVFXUDEURWDEDGpELOPHQWHGHODVFRPL VXUDVGHVXVODELRV/DPHMLOODGH$UYDUGDQPDJXOODGD\DDQWHVGH OOHJDUDOIXHUWHPRVWUDEDXPDKHULGD\VDQJUDED (ODUTXHyORJRVHDUUHJOyHOFDEHOORFRQJHVWRVWHPEORURVRV'HV SXpVVHxDOyDOVHFUHWDULRFRQXQGHGRGJLGR


³£$FXVRDHVWHKRPEUHGHFRQVSLUDUSDUDGHUURFDUDOJRELHUQR LUQSHULDO³JQWyFRQILUPH]D³'HERYHULQPHGLDWDPHQWHDOFRPDQ GDQWHHQMHIH ³<DQRVRFXSDUHPRVGHHVR³UHSXVRFRUWpVPHQWHHORILFLDa6L WLHQHQODERQGDGVtJDQPHWRGRVXVWHGHV

<HQHVHSXQWRVHGHWXYRODDFWLYLGDGGXUDQWHKRUDV/DKDELWD FLyQRFXSDGDSRUHOJUXSRHUDSDUWLFXLDU\HVWDEDEDVWDQWHOLPSLD3RU SULPHUDYH]GHVGHKDFtDGRFHKRUDVWXYLHURQRSRUWXQLGDGGHFRPHU FRVDTXHKLFLHURQFRQSURQWLWXG\HILFLHQFLDDSHVDUGHODVLWXDFLyQ ,QFOXVRWXYLHURQRSRUWXQLGDGGHVDWLVIDFHUHVDRWUDQHFHVLGDGGHLD FLYLOL]DFLyQWRPDUXQEDQR 6LQHPEDUJRODKDELWDFaQHVWDEDYLJLODGD\FXDQGR HOVROGHVFHQ GtDKDFLDHOKRUL]RQWH$UYDUGDQSHUGLySRUILQLDSDFLHQFLD ³£3HURVLWDQVyORKHPRVFDPELDGRGHFiUFHO³H[FLDPy

/DUXWLQDLQVtSLGD\WULYLDOGHOFDPSDPHQWRPLOLWDULEDGHVDUUR OOiQGRVHDOUHGHGRUGHOJUXSRKDFLHQGRFDVRRPLVRGHpVWH6FKZDUW] HVWDEDGXUPLHQGR\ODPLUDGDGHODUTXHyORJRVHGLULJLyDpO6KHNW PHQHyODFDEH]D ³7RGDYtDQR'XHUPHSRUTXHHVWiGHVHVSHUDGR ³3HURVyORTXHGDQWUHLQWD\QXHYHKRUDV ³/RVpSHURKD\TXHHVSHUDU 6RQyXQDYR]IQ D

  ³¢4XLpQGHXVWHGHVDILUPDVHUFLXGDGDQRGHO,PSHULR" $UYDUGDQVHOHYDQWyGHXQEULQFR ³6tJDPH³GLMRHOVROGDGR

(OFRPDQGDQWHHQMHIHGH)XHUWH'LEEXUQHUDXQFRURQHOHQ PRKHFLGRWUDVDQRVGHVHUYLFLRDO,PSHULR(QODSURIXQGDSD]GHODV ~OWLPDVJHQHUDFLRQHVKDEtDSRFD´JORULDµREWHQLEOHSDUDXQRILFLDOGHO HMpUFLWR\HOFRURQHOLJXDLTXHHOUHVWRGHRILFLDOHVQRKDEtDREWHQLGR QLQJXQD3HURGXUDQWHHODVFHQVRODUJR\OHQWRGHVGHFDGHWHPLOLWDU KDEtDVHUYLGRHQWRGDVSDUWHVGHODJDaLD[LDGHPRGRTXHLQFOXVRXQD JXDUQLFLyQHQDTXHOPXQGRQHXUyWLFRTXHHUDOD7LHUUDUHSUHVHQWDED SDUDpORWUDWDUHDPiV\VLPSOHPHQWHHVR(OFRURQHOVyORGHVHDEDODV UXWLQDVWUDQTXLODVGHOVHUYLFLRQRUPDL 1RSHGtDQDGDPiVTXHOR XVXDL\HQHVHPRPHQWRHVWDEDQQHJiQGRVHOR


3DUHFtDUHILHMDUFDQVDQFLRFXDQGRHQWUy$UYDUGDQ/OHYDEDDELHU WRHOFXHOLRGHaLDFDPLVD\VXW~QLFDFRQHOOOLDPHDQWHFRORUDPDULOOR GHOD1DYH(VSDFLDO\HO6ROGHO,PSHULRSHQGtDGHVFXLGDGDPHQWHHQ HODVLHQWRGHVXVLOLD+L]RVRQDUORVQXGLOORVGHVXPDQRGHUHFKDFRQ DLUHGLVWUDtGRPLHQWUDVPLUDEDVROHPQHPHQWHD$UYDUGDQ ³8QDVXQWRPX\FRQIXVRWRGRHVWR³GLMR³0XFKR¢0HSHU PLWHVDEHUVXQRPEUH"

³%HO$UYDUGDQGH%DURQQVHxRU$UTXHyORJRDOPDQGRGHXQD H[SHGLFLyQFLHQWtILFDDXWRUL]DGDHQOD7LHUUD

³&RPSUHQGR0HLQIRUPDQTXHFDUHFHGHGRFXPHQWRVLGHQWLIL FDWLYRV

³0HORVDUUHEDWDURQSHURHOUHVWRGHODH[SHGLFLyQVHKDOODHQ (YHUHVW(OPLVPRSURFXUDGRUSXHGHLGHQWPFDUPH ³3HUIHFWDPHQWH³(OFRURQHOFUX]yORVEUD]RV\VHEDLDQFHyHQ ODVLOLD³¢<VLPHRIUHFLHUDVXYHUVLyQGHORVKHFKRV"

³7HQJRQRWLFLDGHXQDSHLLJURVDFRQVSLUDFLyQSRUSDUWHGHXQ UHGXFLGRJUXSRGHWHUUHVWUHVTXHSUHWHQGHQGHUULEDUSRUODIXHU]DHO JRELHUQRLPSHULDOLQWHQFLRQHVTXHGHQRVHUGDGDVDFRQRFHUGH LQPHGLDWRDLDVDXWRULGDGHVFRQYHQLHQWHVSRGULDQDFDEDUFRQHOJR ELHUQR\FRQJUDQSDUWHGHO,PSHULR ³0HSDUHFHXQDDILUPDFLyQPX\WHPHUDULD\H[DJHUDGD¢3XHGR FRQRFHUORVGHWDOOHV"

³3RUGHVJUDFLDFRQVLGHURYLWDOH[SOLFiUVHORVDOSURFXUDGRUHQ SHUVRQD3RUWDQWRVROLFLWRTXHVHPHSRQJDHQFRPXQLFDFLyQFRQpO DKRUDPLVPRSRUIDYRU ³+XP1RDFWXHPRVFRQWDQWDSULVD¢6DEHXVWHGTXHHOKRPEUH TXHKDQWUDtGRDTXtHVHOVHFUHWDULRGHOSULPHUPLQLVWURGHOD7LHUUD" ³£'HVGHOXHJR

³<pOHVXQLQVWLJDGRULPSRUWDQWHGHHVDFRQVSLUDFLyQTXHXVWHG PHQFLRQD ³/RHV

³3UXHEDV

³1RSXHGRGLVFXWLUODVSUXHEDVFRQRWUDSHUVRQDTXHQRVHDHO SURFXUDGRU




(OFRURQHODUUXJyODIUHQWH\FRQWHPSOyODVXxDVGHVXVGHGRV ³¢'XGDGHPLFRPSHWHQFLDHQHVWHFDVR"

³(QDEVROXWRVHxRU3HURVyORHOSURFXUDGRUSRVHHDXWRULGDG SDUDWRPDUODVPHGLGDVGHFLVLYDV\SUHFLVDVHQHVWHFDVR ³¢$TXpPHGLGDVGHFLVLYDVVHUHILHUH"

³+D\TXHERPEDUGHDU \GHVWUXLUSRUFRPSOHWRFLHUWRHGLILFLRGH OD7LHUUDDQWHVGHWUHLQWDKRUDVRJUDQSDUWHGHODSREODFLyQGHO ,PSHULRSHUGHUiODYLGD ³¢4XpHGLILFLR"³SUHJXQWyHQWRQRGHKDVWtRHOFRURQHO

³¢3XHGHSRQHUPHHQFRQWDFWRFRQHOSURFXUDGRUSRUIDYRU" ³HVSHWy$UYDUGDQ

+XERXQDSDXVDGHHVWDQFDPLHQWR)LQDLPHQWHHOFRURQHOLQWHU YLQRFRQYR]JUDYH

³¢6HGDXVWHGFXHQWDGHTXHDOVHFXHVWUDUDXQWHUUHVWUHVHKD KHFKRPHUHFHGRUGHMXLFLR\FRQGHQDSRUSDUWHGHODVDXWRULGDGHVGH OD7LHUUD"1RUPDLPHQWHSRU SULQFLSLRVHO,PSHULRSURWHJHDVXV FLXGDGDQRVHLQVLVWHHQODFHOHEUDFLyQGHXQMXLFLRJDOiFWLFR3HUROD VLWXDFLyQHQOD7LHUUDHVGHLLFDGD\DPHQRVTXHXVWHGUHVSRQGD VDWLVIDFWRULDPHQWHDPLVSUHJXQWDVPHYHUpIRU]DGRDHQWUHJDUOHVD XVWHG\DVXVFRPSDxHURVDODVDXWRULGDGHVORFDOHV ³£3HURHVRVHUtDXQDVHQWHQFLDGHPXHUWH£7DPELpQSDUDXVWHG &RURQHOVR\FLXGDGDQRGHO,PSHULR\H[LMRTXHPHUHFLEDHOSUR 8Q]XPEDGRUGHOHVFULWRULRGHOFRURQHOOHLQWHUUXPSLy(OPLLLWDU VHYROYLyKDFLDHODSDUDWR\DSUHWyXQERWyQ ³¢6t"

³£6HxRU³/DYR]VHRtDFRQFODULGDG³8QJUXSRGHQDWLYRVKD URGHDGRHOIXHUWH6HFUHHTXHYDQDUPDGRV ³¢+DKDELGRDFWRVYLROHQWRV" ³1RVHxRU

1RKDEtDPXHVWUDVGHHPRFLyQHQHOVHPEODQWHGHOFRURQHO

³(VWDGR GHDOHUWDSDUDODDUWLOLHUtD\ODDYLDFLyQ7RGRVORVKRP EUHVHQSRVLFLyQGHFRPEDWH4XHQRGLVSDUHQDGLHVLQRHVSRUPR


WLYRVGHIHQVLYRV¢(QWHQGLGR"

atVHxRU8QWHUUHVWUHFRQEDQGHUDGHSD]SLGHDXGLHQFLD

³0iQGHPHOR<TXHYHQJDRWUDYH]HOVHFUHWDULRGHOSULPHUPL QLVWUR (OFRURQHOPLUyIQDPHQWHDODUTXHyORJR

³&RQItRHQTXHFRPSUHQGDODLQFUHtEOHQDWXUDOH]DGHVXVDFWRV

³£([LMRHVWDUSUHVHQWHHQODHQWUHYLVWD³H[FODPy$UYDUGDQDO ERUGHGHODLQFRKHUHQFLDGDGDVXIXULD³£<H[LMRWDPELpQVDEHUHO PRWLYRGHTXHKD\DWHQLGRTXHSXGULUPHGXUDQWHVHLVKRUDVEDMR YLJLLDQFLDPLHQWUDVXVWHGFRQYHUVDEDDSXHUWDFHUUDGDFRQXQWUDLGRU QDWLYR ³¢(VWiIRUPXODQGRDFXVDFLRQHVFDEDOLHUR"³LQTXLULyHOFRUR QHO\WDPELpQVXWRQRLEDHQDXPHQWR

³1RVHxRU3HURYR\DUHFRUGDUOHTXHVHUiUHVSRQVDEOHGHVXV DFWRVDSDUWLUGHDKRUD\TXHSRGULDVHUIDPRVRHQHOIXWXURFRPRHO KRPEUHTXHDQLTXLLyDVXSXHEOR 

&XHQWRaSDUDOHLRa ³£6LLHQFLR(QFXD LTXLHUFDVRQRVR\UHVSRQVDEOHDQWHXVWHG $ SDUWLUGHDKRUDODVFRVDVVHKDUiQFRPR\RGHFLGD¢+DHQWHQGLGR"

(OVHFUHWDULRHQWUySRUODSXHUWDTXHPDQWHQtDDELHUWDXQVRO GDGR(QVXVLDELRVHQURMHFLGRVHKLQFKDGRVDVRPDEDXQDIQDVRQ ULVD,QF)LLQyODFDEH]DDQWHHOFRURQHO\DSDUHQWHPHQWH QRGLRPXHV WUDDLJXQDGHFRQRFHULDSUHVHQFLDGH$UYDUGDQ ³&DEDOLHUR³GLMRHOFRURQHODOWHUUHVWUH³KHFRPXQLFDGRDO SULPHUPLQLVWURORVGHWDOLHVGHVXSUHVHQFLDDTXt\FyPRVHSURGXMH URQORVKHFKRV6XGHWHQFLyQHVSRUVXSXHVWRWRWDLPHQWHHK DQRUPDO\WHQJRODLQWHQFLyQGHGHMDUOHHQOLEHUWDGHQFXDQWRSXHGD 6LQHPEDUJRKD\DTXWXQFDEDOOHURTXHFRPR\DGHEHVDEHUXVWHG KDIRUPXLDGRXQDDFXVDFLyQPX\JUDYHFRQWUDXVWHGXQDDFXVDFLyQ TXHGDGDVLDVFLUFXQVWDQFLDVGHEHPRVLQYHVWLJDU ³&RPSUHQGRFRURQHO³GLMRWUDQTXLODPHQWHHOVHFUHWDULR³ 3HURFRPR\DOHKHH[SLLFDGRHVWHKRPEUHVyOROLHYDHQOD7LHUUD FUHRWUHVRFXDWURGtDV\VXVFRQRFLPLHQWRVVREUHQXHVWUDSROtWLFD LQWHUQDVRQQXORV6HWUDKGHXQDEDVHIUDQFDPHQWHIUiJLOSDUDKDFHU FXDOTXLHUFLDVHGHDFXVDFLyQ ³1RVR\HO~QLFRTXHIRUPXLDHVDDFXVDFLyQ³UHSOLFyFRQHQRMR


$UYDUGDQ

(OVHFUHWDULRQRPLUyDLDUTXHyORJRQLHQHVHPRPHQWRQLGHV SXpV(VWDEDKDEODQGRH[FOXVLYDPHQWHFRQHOFRURQHO

³8QFLHQWLILFRORFDLHVWiLQYROXFUDGRHQHVWRXQFLHQEILFRTXH SRUHVWDUDFHUFiQGRVHDORVVHVHQWDDxRVQRUPDOHVGHYLGDSDGHFH GHLLULRVGHSHUVHFXFLyQ<HORWURHVXQLQGLYLGXRGHDQWHFHGHQWHV GHVFRQRFLGRV\XQKLVWRULDOGHLPEHFLLLGDG $UYDUGDQVHSXVRHQSLHGHXQEULQFR ³([LMRVHUHVFXFKDGR

³6LpQWHVH³GLMRHOFRURQHOFRQIULDOGDG\KRVWLOLGDG³6HKD QHJDGRDGLVFXWLUHODVXQWRFRQPLJR/DQHJDWLYDVLJXHVLHQGRYi OLGD4XHWUDLJDQDOKRPEUHTXHOOHYDEDQGHUDGHSD]

6HWUDWDEDGHRWURPLHPEURGHOD6RFLHGDGGH$QWLJXRV7DQVyOR HODOHWHRGHXQRGHVXVSiUSDGRVUHYHOyHPRFLyQSRUVXSDUWHDOYHUDO VHFUHWDULR(OFRURQHOVHOHYDQWy ³¢(VSRUWDYR]GHORVKRPEUHVTXHHVWiQDKLDIXHUD"³SUHJXQWy ³6tVHxRU

³6XSRQJRHQWRQFHVTXHHVWDUHXQLyQWXPXLWXRVDHLOHJDOVHEDVD HQODH[LJHQFLDGHUHFREUDUDVXFRPSDWULRWD ³6LVHxRU'HEHTXHGDUHQOLEHUWDGLQPHGLDWDPHQWH

³£3RUVXSXHVWR1RREVWDQWHHQLQWHUpVGHODOH\\HORUGHQ\SRU HOGHELGRUHVSHWRDORVUHSUHVHQWDQWHVGH6X0DMHVWDG,PSHULDOHQ HVWHSODQHWDHO DVXQWRQRSXHGHGLVFXWLUVHPLHQWUDVKD\DKRPEUHV DUPDGRVFRQJUHJDGRV\VXEOHYDGRVFRQWUDQRVRWURV'HEHRUGHQDUD ORVVX\RVTXHVHGLVSHUVHQ (OVHFUHWDULRLQWHUYLQRDIDEOHPHQWH

³(OFRURQHOWLHQHWRGDODUD]yQKHUPDQR&RUL3RUIDYRUFDOPD ODVLWXDFLyQ$TXtHVWR\SHUIHFWDPHQWHVHJXUR\QRKD\ULHVJRV SDUDQDGLH¢&RPSUHQGHV"3DUDQDGLH'R\PLSDODEUDGH$QWL JXR ³0X\ELHQKHUPDQR0HDOHJUDTXHHVWpVDVDOYR /RFRQGXMHURQDIXHUD

³1RVRFXSDUHPRVGHTXHVDOJDGHDTXtVLQSUREOHPDVHQFXDQWR ODVLWXDFLyQGHODFLXGDGUHFREUHODQRUPDOLGDG³GLMREUHYHPHQWHHO


FRURQHO

$UYDUGDQHVWDEDHQSLHRWUDYH]

³/RSURKtER9DDGHMDUVXHOWRDOIXWXURDVHVLQRGHODUD]D KXPDQD([LMRXQDHQWUHYLVWDFRQHOSURFXUDGRUGHDFXHUGRFRQPLV GHUHFKRVFRQVWLWXFLRQDOHVFRPRFLXGDGDQRJDOiFWLFR³<HQHOSDUR [LVPRGHODIUXVWUDFLyQDQDGLy³¢9DDPRVWUDUPiVFRQVLGHUDFLyQD XQSHUURWHUUHVWUHTXHDPt" /DYR]GHOVHFUHWDULRVHDO]ySRUHQFLPDGHHVD~OWLPDIUDVHFDVL LQFRKHUHQWHGHLUD

³&RURQHOFRQJXVWRPHTXHGDUpDTXtKDVWDTXHPLFDVRVHD DWHQGLGRSRUHOSURFXUDGRUVLHVRHVORTXHGHVHDHVWHKRPEUH8QD DFXVDFLyQGHDOWDWUDLFLyQHVJUDYH\ODVVRVSHFKDVSRUPX\H[DJHUD GDVTXHVHDQSRGUtDQEDVWDUSDUDTXH\RGHMDUDGHVHU~WLODPL SXHEOR$JUDGHFHUtDHQRUPHPHQWHODRSRUWXQLGDGGHSUREDUDQWHHO SURFXUDGRUTXHQDGLHFRPR\RHVWDQOHDODO,PSHULR

³$GPLURVXVVHQWLPLHQWRVFDEDOOHUR³GLMRPX\HUJXLGRHOFR URQHO³YQRWHQSRLQFRQYHQLHQWHHQDGPLWLUTXHPLDFWLWXGGHHVWDU \RHQVXLXJDUVHQDPX\ GLVWLQWD7UDWDUpGHFRPXQLFDUFRQHOSUR FXUDGRU $UYDUGDQQRGLMRQDGDKDVWDTXHYROYLHURQDOOHYDUORDODFHOGD

(YLWyODVPLUDGDVGHORVRWURV'XUDQWHODUJRWLHPSRSHUPDQHFLy VHQWDGRHLQPyYLOFRQXQQXGLOORDWUDSDGRHQWUHVXVLQTXLHWRVGLHQ WHV )LQDOPHQWHLQWHQULQR6KHNW ³¢<ELHQ"

$UYDUGDQVDFXGLyODFDEH]D

³&DVLORKHHFKDGRWRGRDSHUGHU ³¢4XpKDKHFKR"

³3HUGHUODSDFLHQFLDRIHQGHUDOFRURQHOQRFRQVHJXLUQDGD 1RVR\GLSORPiWLFR6KHNW (OIIVLFRHVWDEDGHSLHFRQVXVDUUXJDGDVPDQRVFUX]DGDVDOD HVSDOGD ³¢<(QQLXV"¢9DDYHQLU"

³6XSRQJRTXHVt3HURDVROLFLWXGGHOVHFUHWDULRFRVDTXHQR


SXHGRFRPSUHQGHU

³$VROLFLWXGGHOVHFUHWDULR(QHVHFDVRPXFKRPHWHPRTXH 6FKZDUW]HVWiHQORFLHUWR ³¢&yPR"¢4XpKDGLFKR6FKZDUW]"

(OUROOL]RWHUUHVWUHVHKDOODEDVHQWDGRHQVXFDWUH6HDL]yGH KRPEURVHQHOPRPHQWRTXHWRGDVODVPLUDGDVVHGLULJtDQKDFLDpO\ H[WHQGLyODVPDQRVHQXQJHVWRGHLPSRWHQFLD    ³&DSWpHOFRQWDFWRPHQWDOGHOVHFUHWDULRFXDQGRSDVDEDMXQWRD QXHVWUDSXHUWDKDFHXQPRPHQWR<DKDEtDVRVWHQLGRXQDODUJD FRQYHUVDFLyQFRQHVHRILFLDOTXHKDKDEODGRFRQXVWHG ³/RVp¢4XpWLHQHHVRGHHVSHFLDO"

³1RKD\SUHRFXSDFLyQRWHPRUHQVXPHQWH6yORRGLR< DKRUDHVVREUHWRGRRGLRKDFLDQRVRWURVSRUFDSWXUDUOHSRUDUUDV WUDUOHKDVWDDTXt+HPRVKHULGRVXYDQLGDGKDTXHGDGRPDO3UH WHQGHGHVTXLWDUVH+HYLVWRHQVXPHQWHEUHYHVLPiJHQHVGHORV VXHxRVTXHDOLPHQWD'HpOPLVPRVLQD\XGDHYLWDQGRTXHODJDOD[LD KDJDDOJRSDUDIUHQDUOHLQFOXVRFXDQGRQRVRWURVFRQORTXHVDEHPRV DFWXDPRVFRQWUDpO(OVHFUHWDULRHVWiGiQGRQRVRSRUWXQLGDGHV\ OXHJRQRVDSODVWDUiGHWRGDVPDQHUDV\WULXQIDUiVREUHQRVRWURV ³¢3UHWHQGHGHFLUTXHYDQDSRQHUHQSHOLJURVXVSODQHVVXV VXHxRVLPSHULDOHVSDUDWRPDUVHXQDPLVHUDEOHYHQJDQ]D"(VRHVGH ORFRV

³/RVp³GLMR6FKZDUW]HQWRQRFDWHJyULFR³(OVHFUHWDULRHVWi ORFR ³¢<SLHQVDpOTXHWULXQIDUi" ³([DFWR

³(QHVHFDVROHQHFHVLWDPRV6FKZDUW]1HFHVLWDPRVVXFHUHEUR (VF~FKHPH 3HUR6KHNWHVWDEDPHQHDQGRODFDEH]D

³1R$UYDUGDQHVRQRUHVXOWDUtD'HVSHUWpD6FKZDUW]FXDQGR XVWHGVHIXH\KHPRVGLVFXWLGRHODVXQWR6XVIDFXOWDGHVPHQWDOHV TXHpOVyORSXHGHGHVFULELUYDJDPHQWHQRHVWiQEDMRXQFRQWURO SHUIHFWRGHHVRQRKD\GXGD(VFDSD]GHDWRQWDUDXQKRPEUH SDUDOL]DUORGRPLQDUORVP~VFXORVYROXQWDULRVGHPD\RUWDPDxRLQ FOXVRHQFRQWUDGHODYROXQWDGGHODYtFWLPDSHURDKLWHUPLQDWRGR


(QHOFDVRGHOVHFUHWDULR 6FKZDUW]QRORJUyKDFHUOHKDEODU/RV SHTXHxRVP~VFXORVGHODVFXHUGDVYRFDOHVVXSHUDQVXFDSDFLGDG 7DPSRFRIXHFDSD]GHFRRUGLQDUORVPRYLPLHQWRVSDUDTXHHOFDQDOOD FRQGXMHUDHOFRFKH\PLHQWUDVHVWXYRDQGDQGRWXYRGLILFXOWDGHVSDUD PDQWHQHUORHQHTXLOLEULR(QFRQVHFXHQFLDHVREYLRTXHQRSRGUtD PRVFRQWURODUD(QQLXVSRUHMHPSORKDVWDHOSXQWRGHREOLJDUOHD FXUVDURUHGDFWDUXQDRUGHQ+HSHQVDGRHQHVR¢VDEH" 6KHNWVDFXGLyODFDEH]DPLHQWUDVVXYR]VHDSDJDED

$UYDUGDQVLQWLyTXHODDQJXVWLDGHODIXWLOLGDGOHVREUHFRJtD ³¢'yQGHHVWi3ROD"

³'XUPLHQGRHQODRWUDKDELWDFLyQ

+DEUtDDQVLDGRLUDGHVSHUWDUOD$QVLDGRRKKDEUtDDQVLDGR WDQWDVFRVDV $UYDUGDQPLUyVXUHORM6yORTXHGDEDQWUHLQWDKRUDV (OSOD]RTXHFXPSOLy

$UYDUGDQPLUyVXUHORM6yORTXHGDEDQVHLVKRUDV

0LUyDOUHGHGRUGHXQPRGRQHEXORVR\VLQHVSHUDUQDGD7RGRV HVWDEDQDOOtLQFOXVRHOSURFXUDGRUSRUILQ3RODVHKDOODEDMXQWRD pOFRQVXVGHGRVFiOLGRV\ILQRVHQODPXxHFDGHODUTXHyORJR\ DTXHOODH[SUHVLyQGHPLHGR\DJRWDPLHQWRTXHHQIXUHFtDD$UYDUGDQ PiVTXHFXDOTXLHURWUDFRVDKDVWDHOSXQWRGHRGLDUWRGDODJDOD[LD 4XL]iWRGRVPHUHFtDQODPXHUWHDTXHOORVHVW~SLGRVHVW~SLGRV HVW~SLGRV

$SHQDVYHtDD6KHNW\6FKZDUW]/RVGRVHVWDEDQVHQWDGRVDVX L]TXLHUGD<DOOtHVWDEDWDPELpQHOVHFUHWDULRFRQORVODELRVD~Q KLQFKDGRV\XQDPHMLOODFRQPDJXOODGXUDVGHFRORUHQIHUPL]RGHEtD GHGROHUOHKRUULEOHPHQWHFXDQGRKDEODED<ORVODELRVGH$UYDU GDQXQDVRQULVDEUXWDODOSHQVDUHQHOOR\VXVPDQRVVHFHUUDURQ\UH WRUFLHURQ 'HODQWHGHOJUXSRVHKDOODED(QQLXVFHxXGRLQVHJXURDWDYLDGR FRQDTXHOODURSDSHVDGDGHIRUPHLPSUHJQDGDGHSORPR

7DPELpQpOHUDXQHVW~SLGR$UYDUGDQQRWyTXHXQHVWUHPHFL PLHQWRGHRGLRUHFRUUtDVXFXHUSRDOSHQVDUHQDTXHOORVJREHUQDQWHV JDOiFWLFRVTXHVyORGHVHDEDQSD]\WUDQTXLOLGDG¢'yQGHHVWDEDQORV FRQTXLVWDGRUHVGHKDFtDWUHVVLJORV"¢'yQGH" 4XHGDEDQVHLVKRUDV


(QQLXVKDEtDUHFLELGRODOODPDGDGHODJXDUQLFLyQGH&KLFDGLHFLR FKRKRUDVDQWHV\UHFRUULyPHGLRSODQHWDGHVSXpVGHVDEHUTXHVH UHTXHUtDVXSUHVHQFLD/RVPRWLYRVTXHOHLQGXMHURQDHOORHUDQRVFX URV(QHVHQFLDKDEtDSHQVDGRpOQDGDLPSRUWDQWHKDEtDHQHO DVXQWRDSDUWHGHOVHFXHVWURODPHQWDEOHGHXQDGHODVFXULRVLGDGHa YHVWLGDVGHYHUGHGHDTXHOSODQHWDVXSHUVWLFLRVR\REVHVLRQDGRSRU ORVGXHQGHV(VR\ODVDFXVDFLRQHVYDJDV\QRGRFXPHQWDGDV1DGD TXHHOFRURQHOQRSXGLHUDDERUGDUVREUHHOWHUUHQR <VLQHPEDUJRHVWDEDQVXVSUHVDJLRVGHUHEHOLyQWHUUHVWUH\ HVWDED6KHNW6KHNWLPSOLFDGRHQHODVXQWR

(QHVHPRPHQWRHVWDEDVHQWDGRDQWHHOORVPHGLWDQWHFRQVFLHQWH SRUFRPSOHWRGHTXHVXGHFLVLyQHQHOFDVRSRGtDSUHFLSLWDUODUH YXHOWDTXL]iGHELOLWDUVXSRVLFLyQHQODFRUWHDQXODUVXVSRVLELOLGDGHV GHPHMRUD (QFXDQWRDOODUJRGLVFXUVRGH$UYDUGDQVREUHDPHQD ]DVHQIRUPDGHYLUXV\HSLGHPLDVGHVHQIUHQDGDV¢KDVWDTXpSXQWR GHEtDFRQVLGHUDUORHQVHULR"$OILQ\DOFDERVLWRPDEDPHGLGDV EDViQGRVHHQHVRVGDWRV¢FXiQFUHtEOHSDUHFHUtDHODVXQWRDVXVVX SHULRUHV" <SRUWRGRHOORSRVSXVRHOSUREOHPDHQVXPHQWHHLQWHUURJyDO VHFUHWDULR ³6HJXUDPHQWHWHQGUiXVWHGDOJRTXHGHFLUDOUHVSHFWR

³6RUSUHQGHQWHPHQWHSRFR³UHSXVRHOVHFUHWDULRFRQHQRUPH FRQILDQ]D³7DQVyORSUHJXQWDUTXpSUXHEDVWLHQHHVHKRPEUH

³6XH[FHOHQFLD³GLMR$UYDUGDQRIHQGLGR³\DOHKHGLFKRTXH HVHKRPEUHORFRQIHVyFRQWRGRGHWDOOHDQWHD\HUFXDQGRHVWXYLPRV GHWHQLGRV

³7DOYH]GHFLGDXVWHGGDUFUpGLWRDHVDVSDODEUDVVXH[FHOHQFLD ³UHVSRQGLyHOVHFUHWDULR³SHURVHWUDWDVLPSOHPHQWHGHRWUDDILU PDFLyQVLQIXQGDPHQWR(QUHDOLGDGORV~QLFRVKHFKRVTXHGLYHUVRV REVHUYDGRUHVQHXWUDOHVSRGUiQFRQILUPDUVRQTXH\RIXLOD~QLFD SHUVRQDKHFKDSULVLRQHUDSRUODIXHU]DQRHOORVTXHIXHPLYLGDOD TXHHVWXYRHQSHOLJURQRODGHHOORV$KRUDPHJXVWDUtDTXHPL DFXVDGRUH[SOLFDUDFyPRKDSRGLGRDYHULJXDUWRGRHVWRHQODPHGLD VHPDQDTXHOOHYDHQHOSODQHWDFXDQGRXVWHGSURFXUDGRUHQDxRVGH VHUYLFLRQRKDGHVFXELHUWRQDGDHQPLFRQWUD ³+D\OyJLFDHQORTXHGLFHHOKHUPDQR³DGPLWLy OHQWDPHQWH(Q QLXV³¢&yPRKDSRGLGRHQWHUDUVH"

³$QWHVGHODFRQIHVLyQGHODFXVDGRIXLLQIRUPDGRGHODFRQVSLUD FLyQSRUHOGRFWRU6KHNW³GLMRJUDYHPHQWH$UYDUGDQ


³¢(VFLHUWRGRFWRU6KHNW"¢<FRPRVHHQWHUyXVWHG" /DPLUDGDGHOSURFXUDGRUVHGHVYLyKDFLDHOItVLFR

³(OGRFWRU$UYDUGDQ³GLMRHODOXGLGR³KDVLGRDGPLUDEOHPHQ WHPLQXFLRVR\SUHFLVRHQVXGHVFULSFLyQGHOXVRTXHVHGLRDOVLQDSVL ILFDGRU\DOUHIHULUVHDODVGHFODUDFLRQHVKHFKDVHQHOOHFKRPRUWXRULR SRUHOEDFWHULyORJR)6PLWNR ³3HURGRFWRU6KHNWODV~OWLPDVGHFODUDFLRQHVGHXQKRPEUHTXH GHOLUDQRWLHQHQH[FHVLYRSHVR¢1RWLHQHRWUDSUXHED" $UYDUGDQLQWHUUXPSLyODFRQYHUVDFLyQGHMDQGRFDHUVXSXxRVR EUHHOEUD]RGHOVLOOyQ

³¢(VHVWRXQWULEXQDOGHMXVWLFLD"³EUDPy³¢+D\DOJXLHQDFX VDGRGHYLRODUODVQRUPDVGHWUiILFR"1RWHQHPRVWLHPSRSDUDVRSH VDUODHYLGHQFLD6HORDVHJXURWHQHPRVKDVWDODVVHLVGHODPDxDQD

FLQFRKRUDV\PHGLDSDUDDQXODUHVWDHQRUPHDPHQD]D8VWHGFRQR FLyHOGRFWRU6KHNWDQWHULRUPHQWH¢2SLQDGH pOTXHHVXQPHQWLURVR" (OVHFUHWDULRLQWHUYLQRDOLQVWDQWH

³1DGLHDFXVDDOGRFWRU6KHNWGHPHQWLUGHOLEHUDGDPHQWHVX H[FHOHQFLD/RTXHRFXUUHHVTXHHOEXHQGRFWRUHVWiPX\SUHRFX SDGR~OWLPDPHQWHSRUODSUR[LPLGDGGHVXVH[DJpVLPRFXPSOHDxRV 0XFKRPHWHPRTXHXQDPH]FODGHHGDG\PLHGROHKDSURYRFDGROL JHUDVWHQGHQFLDVSDUDQRLFDVEDVWDQWHFRPXQHVHQOD7LHUUD¢1RKD QRWDGRDOJ~QFDPELRHQHOGRFWRUHQORV~OWLPRVPHVHV" (QQLXVKDEtDREVHUYDGRXQFDPELRGHVGHOXHJR3RUODVHVWUHOODV ¢TXpLEDDKDFHU" 3HURODYR]GH6KHNWIXHVRVHJDGDWRWDOPHQWHQRUPDO

³3RGUtDGHFLUTXHGXUDQWHHO~OWLPRPHGLRDxRKHHVWDGREDMROD YLJLODQFLDFRQWLQXDGHORV$QWLJXRV³H[SXVRHOIIVLFR³TXHODVFDU WDVTXHXVWHGPHHQYLIXHURQDELHUWDVTXHPLVUHVSXHVWDVDXVWHG IXHURQVRPHWLGDVDODFHQVXUDSHURHVREYLRTXHWDOHVTXHMDVVH DWULEXLUtDQDODSDUDQRLD\DPHQFLRQDGD1RREVWDQWHWHQJRDTXtD -RVHSK6FKZDUW]HOKRPEUHTXHVHVRPHWLyYROXQWDULDPHQWHDOVLQDS VLILFDGRUXQGtDGHOSDVDGRRWRxRHOGtDTXHXVWHGPHYLVLWyHQHO LQVWLWXWR ³/RUHFXHUGR³+DEtDXQVHQWLPLHQWRGpELOGHJUDWLWXGHQOD PHQWHGH(QQLXVSRUHOFDPELRPRPHQWiQHRGHWHPD³¢(VHVH KRPEUH" ³6t³GLMR6KHNW³(OWUDWDPLHQWRFRQHOVLQDSVLILFDGRUIXHXQ


p[LWRVLQSUHFHGHQWHV\DTXHpOSRVHtDXQDPHPRULDIRWRJUiILFD GHWDOOHTXHKHDYHULJXDGRQRKDFHPXFKR(QFXDOTXLHUFDVR 6FKZDUW]SRVHHHQODDFWXDOLGDGXQFHUHEURVHQVLEOHDORVSHQVDPLHQ WRVGHRWUDVSHUVRQDV <(QQLXVVHLQFOLQyKDFLDGHODQWHHQVXVLOODPXFKRPiVGHORTXH \DHVWDED ³¢&yPR"³H[FODPyFRQVXPDSHUSOHMLGDG³¢(VWiGLFLpQGRPH TXHHVHKRPEUHOHHORVSHQVDPLHQWRV"

³3XHGHGHPRVWUDUVHVXH[FHOHQFLD3HURFUHRTXHHOKHUPDQR UDWLILFDUiPLDILUPDFLyQ

(OVHFUHWDULRODQ]yXQDIXJD]PLUDGDGHRGLRD6FKZDUW]XQD PLUDGDDEUDVDGRUDSRUVXLQWHQVLGDG\WDQYHOR]FRPRXQUD\RSRUE SRFRTXHWDUGyHQHVIXPDUVH

³(VPX\FLHUWRVXH[FHOHQFLD³GLMRFRQXQWHPEORUSUiFWLFD PHQWHLPSHUFHSWLEOHHQVXYR]³(OKRPEUHTXHHOORVKDQWUDtGR DTXtSRVHHFLHUWDVIDFXOWDGHVKLSQyWLFDVDXQTXHQRVpVLHOORVHGHEH RQRDOVLQDSVLILFDGRU3RGUtDDxDGLUTXHHOVRPHWLPLHQWRGHHVWH KRPEUHDOVLQDSVLILFDGRUQRFRQVWDHQGRFXPHQWRDOJXQRGHWDOOHTXH XVWHGDGPLWLUiHVPX\VRVSHFKRVR ³1RFRQVWDHQQLQJ~QGRFXPHQWR³UHSXVR6KHNWVLQDOWHUDUVH³ GHDFXHUGRFRQODVQRUPDVHVWDEOHFLGDVSRUHOSULPHUPLQLVWUR 3HURHOVHFUHWDULRVHOLPLWyDHQFRJHUVHGHKRPEURV

³¢4XpPHGLFHGH6FKZDUW]"³LQTXLULyDXWRULWDULDPHQWH(Q QLXV³¢4XpUHODFLyQWLHQHQFRQHOFDVRVXVIDFXOWDGHVSDUDOHHU SHQVDPLHQWRVVXVWDOHQWRVKLSQyWLFRVRORTXHVHD"

³6KHNWSUHWHQGHGHFLUTXH6FKZDUW]HVFDSD]GHOHHUPLVSHQVD PLHQWRV³LQWHUYLQRHOVHFUHWDULR ³¢(VFLHUWR"%LHQ¢\TXpHVWiSHQVDQGRpO"³SUHJXQWyHO SURFXUDGRUGLULJLpQGRVHD6FKZDUW]SRUSULPHUDYH]

³(VWiSHQVDQGRTXHQRWHQHPRVIRUPDDOJXQDGHFRQYHQFHUOH SDUDTXHGHILHQGDQXHVWUDSRVWXUD³GLMR6FKZDUW]

³0X\FLHUWR³VHPRIyHOVHFUHWDULR³DXQTXHHVDGHGXFFLyQQR UHTXLHUHDSHQDVHVIXHU]RPHQWDO

³<DGHPiV³SURVLJXLy6FKZDUW]³HVWiSHQVDQGRTXHXVWHG HV XQSREUHLPEpFLOTXHWHPHDFWXDUTXHVyORDQVtDSD]TXHHVSHUD JUDQMHDUVHODDPLVWDGGHORVWHUUHVWUHVJUDFLDVDVXWDODQWHMXVWRH LPSDUFLDO\TXHHVWDQWRPiVQHFLRSRUFRQILDUHQHVR


(OVHFUHWDULRVHUXERUL]y

³1LHJRHVDVDILUPDFLRQHV

3HUR(QQLXVUHVWyLPSRUWDQFLDDODVXQWR

³¢<TXpHVWR\SHQVDQGR\R"³OHSUHJXQWyD6FKZDUW]

³4XHDXQVXSRQLHQGRTXH\RSXGLHUDYHUFRQFODULGDGHOLQWHULRU GHODPHQWHGHXQKRPEUH³UHSOLFy6FKZDUW]³QRHVIRU]RVRTXH GLJDODYHUGDGVREUHORTXHYHR /DVFHMDVGHOSURFXUDGRUVHDUTXHDURQHQJHVWRGHVRUSUHVD

³7LHQHUD]yQPXFKDUD]yQ¢&RQILUPDODYHUDFLGDGGHODV GHFODUDFLRQHVHIHFWXDGDVSRUORVGRFWRUHV$UYDUGDQ\6KHNW" ³+DVWDOD~OWLPDSDODEUD

³+XP6LQHPEDUJRVHUtDSUHFLVRHQFRQWUDUDRWURKRPEUH OO FRPRXVWHGDOJXHQTXHQRHVWXYLHUDLQYROXFUDGRHQHODVXQWR'HOR FRQWUDULRHVWDSUXHEDQRVHQ DYiOLGDOHJDOPHQWHLQFOXVRVXSRQLHQGR TXHVXVIDFXOWDGHVWHOHSiWLFDVIXHUDQDFHSWDGDVPD\RULWDULDPHQWH ³£3HURVLQRVHWUDWDGHXQSUREOHPDOHJDL³H[FODPy$UYDU GDQ³£6HWUDWDGHODVHJXULGDGGHODJDOD[LD

³6XH[FHOHQFLD³\HOVHFUHWDULRVHSXVRHQSLH³WHQJRTXH KDFHUXQDREVHUYDFLyQ0HJXVWDUtDTXHHVWHKRPEUH-RVHSK 6FKZDUW]VDOLHUDGHODKDELWDFLyQ ³¢3RUTXpPRWLYR"

³(VWHLQGLYLGXR DGHPiVGHOHHUORVSHQVDPLHQWRVSRVHHFLHUWDV IDFXOWDGHVSDUDFRQWURODUODPHQWH)XLFDSWXUDGRJUDFLDVDXQDSDUi OLVLVSURYRFDGDSRUHVWHKRPEUH0XFKRPHWHPRTXHSXHGDLQWHQWDU DOJRVLPLODUDKRUDPLVPRFRQWUDPtRLQFOXVRFRQWUDXVWHGVXH[FH OHQDD $UYDUGDQVHSXVRHQSLHSHURHOVHFUHWDULRJULWyPiVTXHpO

³£1LQJ~QMXLFLRSXHGHVHUMXVWRVLVHKD/LLDSUHVHQWHXQKRPEUH FDSD]GHLQIOXLUSRUPHGLRVVXWLOHVPHGLDQWHIDFXOWDGHVPHQWDOHV UHFRQRFLGDVODRSLQLyQGHOMXH]

(QQLXVWRPyFRQUDSLGH] VXGHFLVLyQ(QWUyXQRUGHQDQ]D\-R VHSK6FKZDUW]VDOLyGHODVDODVLQRIUHFHUUHVLVWHQFLDVLQUHIOHMDUOD PiVOLJHUDPXHVWUDGHSUHRFXSDFLyQHQVXLQH[SUHVLYRVHPEODQWH


$UYDUGDQSHQVyTXHHUDHOJROSHGHILQLWLYR

(QFXDQWRDOVHFUHWDULRVHOHYDQWy\SHUPDQHFLyLQPyYLOXQPR PHQWRXQSHUVRQDMHDOWR\WpWULFRYHVWLGRGHYHUGHLPSUHVLRQDQWH GDGDVXFRQILDQ]D(PSH]yDKDEODUFRQHVWLORIRUPDOPX\VHULR

³6XH[FHOHQFLDODVRSLQLRQHV\GHFODUDFLRQHVGHOGRFWRU$UYDU GDQVHEDVDQSRUFRPSOHWRHQ HOWHVWLPRQLRGHOGRFWRU6KHNW$VX YH]ODVRSLQLRQHVGHOGRFWRU6KHNWVHEDVDQHQORVGHOLULRVGHDJRQtD GHXQKRPEUH<WRGRHVWRVXH[FHOHQFLDWRGRHVWRWXYROXJDU GHVSXpVGHTXH-RVHSK6FKZDUW]IXHUDVRPHWLGRDWUDWDPLHQWRFRQHO VLQDSVLILFDGRU ´¢4XLpQHVSXHV-RVHSK6FKZDUW]"+DVWDTXHpODSDUHFLyHQ HVFHQDHOGRFWRU6KHNWHUDXQKRPEUHQRUPDO\VLQSUREOHPDV8V WHGPLVPRVXH[FHOHQFLDSDVyXQDWDUGHFRQpOHOGtDTXH6FKZDUW] IXHVRPHWLGRDWUDWDPLHQWR¢(UDDQRUPDOHQWRQFHV"¢/HLQIRUPy HQWRQFHVGHXQDWUDLFLyQTXHLEDDFRPHWHUVHFRQWUDHO,PSHULR"¢/H SDUHFLySUHRFXSDGRUHFHORVR"(OGRFWRU6KHNWDILUPDDKRUDTXH UHFLELyLQVWUXFFLRQHVGHOSULPHUPLQLVWURSDUDIDOVLILFDUORVUHVXOWDGRV GHORVH[SHULPHQWRVFRQHOVLQDSVLILFDGRU¢/HLQIRUPyGHH/ORHQWRQ FHV"¢2VRODPHQWHOHLQIRUPDDKRUDGHVSXpVGHOGtDGHODDSDULFLyQ GH6FKZDUW]"

´5HSLWR¢TXLpQHV-RVHSK6FKZDUW]"1RKDEODEDXQLGLRPDFR QRFLGRFXDQGRDSDUHFLyHQHVFHQD7RGRHOORORDYHULJXDPRVQRVR WURVPLVPRVSRVWHULRUPHQWH HQFXDQWRHPSH]DPRVDVRVSHFKDUGHOD HVWDELOLGDGPHQWDOGHOGRFWRU6KHNW6FKZDUW]LEDDFRPSDxDGRSRU XQFDPSHVLQRTXHQRWHQtDGDWRDOJXQRVREUHVXLGHQWLGDGTXHQR VDEtDQDGDVREUHVXVDFWRV1DGDVHKDGHVFXELHUWRGHVGHHQWRQFHV

´6LQHPEDUJRHVWHKRPEUHSRVHHH[WUDxRVSRGHUHVPHQWDOHV(V FDSD]GHGHUULEDUDXQKRPEUHDFLHQPHWURVGHGLVWDQFLDVLPSOH PHQWHSHQViQGROR<RPLVPRTXHGpSDUDOL]DGRSRUpO0DQLSXOyPLV EUD]RV\PLVSLHUQDV3RGUtDKDEHUPDQLSXODGRPLPHQWHVLORKXELHUD GHVHDGR

´&UHRVLQHPEDUJRTXH6FKZDUW]PDQLSXOyORVSHQVDPLHQWRVGH ,RVDTXtSUHVHQWHV(/ORVDILUPDQTXH\RORVGHWXYHTXHORVDPHQDFp FRQODPXHUWHTXHPHFRQIHVpFXOSDEOHGHDOWDWUDLFLyQ\TXHDPEL FLRQDEDHO,PSHULR3HURIRUP~OHOHVXQDSUHJXQWDVXH[FHOHQFLD ¢1RKDQHVWDGRH/ORVWRWDOPHQWHH[SXHVWRVDODLQIOXHQFLDGH6FKZDUW] HVGHFLUDODLQIOXHQFLDGHXQKRPEUHFDSD]GHFRQWURODUVXVPHQWHV" ´¢1RVHUi6FKZDUW]HOWUDLGRU"'HORFRQWUDULR¢TXLpQHV6FKZDUW]" (OVHFUHWDULRWRPyDVLHQWRFRQFDOPDFDVLFRQMRYLDOLGDG

$UYDUGDQVHVLQWLyLJXDOTXHVLVXFHUHEURVHKXELHUDFRORFDGRHQ


XQFLFORWUyQ\HVWXYLHUDJLUDQGRKDFLDDIXHUD\GHVFULELHQGRUHYROX FLRQHVFDGDYH]PiVUiSLGDV¢4XpUHVSXHVWDSRGtDGDUVH"¢4XH 6FKZDUW]SURFHGtDGHOSDVDGR"¢'yQGHHVWDEDQODVSUXHEDV"¢4XHpO KDEtDLGHQWLILFDGRXQOHQJXDMHJHQXLQDPHQWHSULPLWLYR"3HUR¢OR KDEtDKHFKRWHQLHQGRPDQLSXOLDGRVORVSHQVDPLHQWRV"$OILQ\DO FDER¢FyPRSRGtDDVHJXUDUTXHQRKDEUWDQPDQLSXODGRVXFHUHEUR" ¢4XLpQHUD6FKZDUW]"¢4XpGHWD/OHOHKDEtDFRQYHQFLGRFRQWDQWD UDSLGH]\VHJXULGDGGHDTXHOLPSUHVLRQDQWHSODQGHFRQTXLVWDJDOiF WLFD"¢/DSDODEUDGHXQVRORKRPEUH"¢8QVROREHVRGHXQDPXMHU" ¢2ODLQWHUYHQFLyQGH-RVHSK6FKZDUW]" £1RSRGOODSHQVDU£1RSRGLDSHQVDU

³%LHQFDED/OHURV³(QQLXVSDUHFtDLPSDFLHQWH³¢7LHQHDOJR TXHGHFLUGRFWRU6KHNW"¢8VWHGGRFWRU$UYDUGDQ"

3HURODYR]GH3RODVHDEULySDVREUXVFDPHQWHHQWUHHOVLOHQFLR

³¢1RYHTXHWRGRHVPHQWLUD"¢1RYHTXHQRVHVWiLQPRYLOLL ]DQGRFRQVXOHQJXDGHYOL MERUD"2KWRGRVYDPRVDPRULU\\DQRPH LPSRUWD3HURSRGUtDPRVLPSHGLUORSRGQDPRVLUQSHGLUOR3HUR VHJXLPRVVHQWDGRVDTXt\SHUGHUHPRVHOWLHPSRKDEODQGR <ODMRYHQSURUUXPSLyHQVR/OR]RVLQFRQWHQLEOHV

³'HPRGRTXHHVWDPRVVXMHWRVDORVFKLOOLLGRVGHXQDPXMHU KLVWpULFD³GLMRHOVHFUHWDULR³6XH[FHNQFLDWHQJRXQDSURSXHVWD TXHKDFHU0LVDFXVDGRUHVDILUPDQTXHWRGRHVWRHVHVXSXHVWRYLUXV \FXDOTXLHURWUDFRVDTXHWHQJDQHQPHQWHHVWiSURJUDUQDGRSDUDXQD KRUDFRQFUHWDODVVHLVGHODPDxDQDFUHR3URSRQJRSHUPDQHFHU EDMRVXFXVWRGLDGXUDQWHXQDVHPDQD6LORTXHH/ORVGLFHQHVFLHUWR ODQRWLFLDGHXQDHSLGHPLDHQODJDOD[LD/OHJDUiDOD7LHUUDDOFDERGH SRFDVKRUDV6LWDOFRVDRFXUUHODVIXHU]DVLPSHULDOOHVVHJXLUiQFRQWUR ODQGROD7LHUUD ³8QEXHQFDPELRFLHUWDPHQWH£/D7LHUUDSRUXQDJDOD[LDGH VHUHVKXPDQRV³PDVFX/OyHOSi/LGR6KHNW ³9DORURPLYLGD\ODGHORVPtRV6RPRVUHKHQHVSDUDSUREDU QXHVWUDLQRFHQFLD (OVHFUHWDULRFUX]yORVEUD]RV

(QQLXVDO]yXQDPLUDGDTXHUHIOHMDEDSUHRFXSDFLyQ ³1RHQFXHQWURFXOSDHQHVWHKRPEUH

,=2 O=, <$UYDUGDQQRSXGRVRSRUWDUORPiV&RQVRVHJDGD\PRUWU LIHUD IHURFLGDGVHOHYDQWy\VHDFHUFyUiSLGDPHQWHDOSURFXUDGRU6XV


LQWHQFLRQHVQR/OLHJDURQDVDEHUVHQXQFD3RVWHULRUPHQWHQLpOODV UHFRUGDUtD(QFXDOTXLHUFDVRHODVXQWRFDUHFtDGHLPSRUWDQFLD(Q QLXVWHQtDXQOiWLJRQHXUyQLFR\ORXWLOL]y 7RGRVHFRQYLUWLyHQXQD/LLDPDGHGRORUHPSH]yDGDUYXHOWDV\ VHHVIXPyDOUHGHGRUGH$UYDUGDQ /X]

/X]GLIXVD\VRPEUDVQHEXORVDVTXHVHFRQIXQGUODQ\UHWRUFtDQ\ ILQD/PHQWHKXERFODULGDG 8QURVWUR8QRVRMRVVREUHORVVX\RV

³£3ROD³7RGRVHKL]RQtWLGR\FODURSDUD$UYDUGDQHQXQVROR LQVWDQWH³¢4XpKRUDHV"

/RVGHGRVGHODUTXHyEJRDSUHWDURQFRQWDQWDIXHU]DODPXxHFD GHODMRYHQTXHpVWDUHVSLQJyGHIRUPDLQYROXQWDULD ³0iVGHODVVLHWH³PXVLWyH/OD³HOSOD]RVHFXPS/Ly

$UYDUGDQPLUyDOUHGHGRUFRPRXQORFR\VHLQFRUSRUyHQHOFDWUH GRQGH\DiDVLQSUHRFXSDUVHSRUHODUGRUTXHVHQELLDHQODVDUWLFXOD FLRQHV6KHNWFRQVXFXHUSRGHOJDGRDFXUUXFDGRHQXQDVLOODOHYDQWy ODFDEH]D\DVLQWLyEUHYH\WULVWHPHQWH ³7RGRKDWHUPLQDGR$UYDUGDQ ³'HPRGRTXH(QQLXV

³(QQLXVQRTXLVRFRUUHUULHVJRV³GLMR6KHNW³¢1RHVH[WUDxR" ³/DQ]yXQDFDUFDMDGDUDUDTXHEUDGDEURQFD³1RVRWURVWUHVVLQ D\XGDGHQDGLHGHVFXEULPRVXQDFRQVSLUDFLyQLQPHQVDFRQWUDWD KXPDQLGDGVLQD\XGDGHQDGLHFDSWXUDPRVDOFDEHFL/LLD\ORHQWUHJD PRVDODMXVWLFLD(VFRPRXQSURJUDPDWHOHYLVLYR¢QR"/RVVXSHUKp URHVLQYHQFLEOHVVHDSUR[LPDQDWLHPSRDODYLFWRULD3HURQDGLHQRV FUHH(VRQRRFXUUHHQORVWHOHILOPHV¢YHUGDG"$/OtWRGRWLHQHXQ ILQDOIH/L]¢QRHVFLHUWR"&XULRVR /DVSDODEUDVVHFRQYLUWLHURQHQVROOR]RVURQFRVVLQOiJULPDV

$UYDUGDQGHVYLyODPLUDGDPX\GLVJXVWDGR/RVRMRVGH3ROD HUDQXQLYHUVRVD]XOHVK~PHGRVUHSOHWRVGHOiJULPDV6LQVDEHU FyPRHODUTXHyORJRVHSHUGLyXQPRPHQWRHQH'LRV(UDQXQLYHUVRV ULHQRVGHHVWUH/ODV<KDFLDHVDVHVWUH/ODVFRUUtDQYHOR]PHQWHXQDV FDSVXOLWDVPHWi/LFDV\UHOXFLHQWHVTXHGHYRUDEDQDxRVOX]DOSHQHWUDU HQHOKLSHUHVSDFLRFRQVDOWRVWDQFDOFXODGRVFRPRPRUWtIHURV3URQWR TXL]iV\DKDEUtDVXFHGLGRVHDFHUFDUtDQDORVSODQHWDVDWUDYHVDUtDQ DWPyVIHUDVHVWD/ODUtDQIRUPDQGRLQYLVLEOHVOOXYLDVGHYLUXVOHWDOHV


%LHQWRGRKDEtDWHUPLQDGR

³¢'yQGHHVWi6FKZDUW]"³SUHJXQWyGpELOPHQWH 3HUR3RODVH/LPLWyDPHQHDUODFDEH]D ³1RYROYLyDHQWUDUHQODVDOD

£/DVGLH]£7UHVKRUDVGHVSXpVGHOSOD]R

+DEtDDPELHQWHGHDFWLYLGDGHQHOIXHUWH ULWRVGHORVVROGDGRV XQDDWPyVIHUDGHWHQVLyQItVLFDILFLOPHQWHSHUFHSWLEOH 

(QQLXVVHHQFRQWUDEDHQODSXHUWDHUJXLGRHQMXWRDQVLRVR

6HDEULyODSXHUWD(OSURFXUDGRUKL]RXQDVHxD'LMRDOJR3DUD $UYDUGDQVXPLGRHQVXVI~WLOHVSHQVDPLHQWRVODVSDODEUDVFDUHiDQ GHVLJQLILFDGR3HURVLJXLyD(QQLXVLJXDOTXHXQDXWyPDWD

<OOHJDURQDOGHVSDFKRGHOFRPDQGDQWHHQMHIH4XL]iYROYLtDD UHSHWLUVHODQRFKHDQWHULRU(OVHFUHWDULR WDPELpQVHHQFRQWUDEDDOK VHPEODQWHVRPEUtRRMRVDEROVDGRV (QQLXVQRKDEtDGRUPLGRGHVGHKDiDYHLQWLFXDWURKRUDV6HGLUL JLyDOVHFUHWDULR

³¢&RQRFHXVWHGHOVLJQLILFDGRGHORTXHHVWiSDVDQGRDIXHUD"8Q JUXSRGHQDWLYRVHVWiFHUFDQGRHOIXHUWHRWUDYH]1RGHVHDPRVWHQHU TXHDEULUIXHJRFRQWUDHOORV¢1RSXHGHIUHQDUORV" ³%DVWDFRQTXH\RORGHVHHVXH[FHOHQFLD ³%LHQHQWDOFDVR

³£3HURQRORGHVHRVXH[FHOHQFLD³<HOVHFUHWDULRVRQULy\ H[WHQGLyXQEUD]R6XYR]HUDGHEXUODIHUR]KDEtDHVWDGRUHSULPLGD PXFKRWLHPSR\EURWDEDJXVWRVDPHQWH³£,PEpFLO+DHVSHUDGRGH PDVLDGR£0XHUDSRUHVR£2YLYDFRPRXQHVFODYR /DVDORFDGDVIUDVHVQRSURGXMHURQHIHFWRVGHPROHGRUHVHQ(Q QLXV3HURVXDVSHFWRO~JXEUHVHLQWHQVLILFy

³¢7DQWRKHSHUGLGRFRQPLVSUHFDXFLRQHV"(ODVXQWRGHOYLUXV ¢HUDFLHUWR"³6XYR]UHIOHMDEDXQDVRPEURDEVWUDFWRFDVLLQGL IHUHQWH³3HUROD7LHUUDXVWHGPLVPRWRGRVVRQPLVUHKHQHV ³£1DGDGHHVR³IXHHOJULWRLQVWDQWiQHRGHYLFWRULD³8VWHG\


ORVVXYRVVRQPLUHKHQHV(OYLUXVTXHDKRUDVHSURSDJDSRUHOXQL YHUVRQRKDGHMDGRLQPXQHDOD7LHUUD6DWXUD\DHQFDQWLGDGVXIL FLHQWHODDWPyVIHUDGHWRGDVODVJXDUQLFLRQHVGHOSODQHWDLQFOX\HQGR (YHUHVW/RVWHUUHVWUHVVRPRVLQPXQHVSHUR¢FyPRVHVLHQWHXVWHG SURFXUDGRU"¢'pELO"¢7LHQHUHVHFDODJDUJDQWD"¢)HEULOHQWDODFD EH]D"1ROHTXHGDPXFKRWLHPSR¢VDEH"<HODQEGRWRVyORSRGUi REWHQHUORGHQRVRWURV 'HUHSHQWHVHYROYLy\PLUyIHUR]PHQWHD6KHNW\$UYDUGDQ

³%LHQ¢KHUHSUHVHQWDGRDGHFXDGDPHQWHPLSDSHO"¢+HWULXQ IDGR" <SURUUXPSLyHQEUXVFDVFDUFDMDGDV

'HVSDFLRPX\GHVSDFLR(QQLXVDSUHWyHOERWyQGHVXHVFULWRULR 'HVSDFLRPX\GHVSDFLRXQDSXHUWDVHDEULy\-RVHSK6FKZDUW]DOJR FHxXGRWDPEDOHiQGRVHXQSRFRDFDXVDGHOFDQVDQFLRDSDUHFLyHQHO XPEUDO'HVSDFLRPX\GHVSDFLRHOWHUUHVWUHHQWUyHQHOGHVSDFKR /DULVDGHOVHFUHWDULRFHVy6XVRMRVFRQWHPSODURQDOKRPEUHGHO SDVDGRFRQUHSHQWLQRUHFHOR

³1R³GLMRFRQORVGLHQWHVDSUHWDGRV³1RSRGUiVRQVDFDUPHHO VHFUHWRGHODQWtGRWR/RVKRPEUHVTXHORFRQRFHQ\SXHGHQXVDUOR HVWiQVHJXURVOHMRVGHVXDOFDQFH ³0X\VHJXURV³FRQYLQR6FKZDUW]³3HURQRQHFHVLWDPRVHODQ WtGRWR1RKD\YLUXVTXHGHVWUXLU

/DIUDVHQRDFDEyGHTXHGDUFODUD$UYDUGDQQRWyTXHXQDLGHD

 DVRPEURVDDSDUHiDGHSURQWRHQVXPHQWHSHURODGHVFDUWy1R7 SRGtDDUULHVJDUVHDODGHVLOXVLyQ 3HUR(QQLXVLQWHUYLQRGHQXHYR W ³([SOLTXHORVKHFKRV6FKZDUW]\KiJDORFRQFODULGDG4XLHUR TXHHOKHUPDQRFRPSUHQGD SRUFRPSOHWRODVLWXDFLyQ ³1RHVFRPSOLFDGR³GLMR6FKZDUW]³$\HUSRUODQRFKHPLHQ WUDVHVWiEDPRVUHXQLGRVFRPSUHQGtTXHQRSRGtDKDFHUQDGDVLVH JXtDVHQWDGR\HVFXFKDQGR$FWXpSUHFDYLGDPHQWHHQHOFHUHEURGHO VHFUHWDULRGXUDQWHODUJRUDWR<ILQDOPHQWHpOVROLFLWyTXH\RVDKHUD GHODKDELWDFLyQSRUVXSXHVWRHUDORTXH\RGHVHDED(OUHVWRIXH IiFLO ´'HMpDWXUGLGRDOYLJLODQWH\PHGLULJtDODHURSXHUWR(OIXHUWHVH KDOODEDHQVLWXDFLyQGHDOHUWDFRQVWDQWH/RVDYLRQHVHVWDEDQDEDVWH FLGRVGHFRPEXVWLEOHDUPDGRV\GLVSXHVWRVSDUDHPSUHQGHUHOYXHOR /RVSLORWRVDJXDUGDEDQ(OHJtXQRDOD]DU\SDUWLPRVKDFLD6HQ ORR


(OVHFUHWDULRSDUHiDTXHUHUGHFLUDOJR6XVPDQGtEXODVVHDJLWD EDQTXHGDPHQWH3HURLQWHUYLQR6KHNW ³6LQHPEDUJRXVWHGQRSRGtDREOLJDUDXQKRPEUHDSLORWDUXQ DYLyQ6FKZDUW]+DFHUOHFDPLQDUHUDOR~QLFRTXHVDEtDKDFHU

³&LHUWRVLWHQtDTXHKDFHUORFRQWUDVXYROXQWDG3HURJUDFLDVD ORVSHQVDPLHQWRVGHOGRFWRU$UYDUGDQ\RVDEtDFXiQWRRGLDQORVGH 6LULRDORVWHUUHVWUHV3RUORWDQWREXVTXpDXQSLORWRQDFLGRHQHO VHFWRUGH6LULR(QFRQWUpXQR2GLDEDDORVWHUUHVWUHVWDQWRTXHHV GLIIFLOHQWHQGHUORLQFOXVRSDUDPt\PHLQWURGXMHHQVXPHQWHeO GHVHDEDERPEDUGHDUDORVWHUUHVWUHV'HVHDEDGHVWUXLUORV6yOROD GLVFLSOLQDOHKDFtDFRQWHQHUVHOHLPSHGtDSDUWLUFRQVXDYLyQLQ PHGLDWDPHQWH

´(VHWLSRPHQWDOHVGLVWLQWR8QSRFRGHVXJHVWLyQXQSRFRGH SUHVLyQ\ODGLVFLSOLQDQREDVWDSDUDFRQWHQHU&UHRTXHpOQLVLTXLHUD UHSDUyHQTXH\RVXEtDDODYLyQHQVXFRPSDUaLD ³¢&yPRORFDOL]y6HQORR"³PXVLWy6KHNW

³(QPLpSRFD³GLMR6FKZDUW]³KDEtDXQDFLXGDGOODPDGD6DQ /XLV6HKDOODEDHQODFRQIOXHQFLDGHGRVJUDQGHVUtRV/DHQFRQWUD PRV(UDGHQRFKHSHURKDEtDXQDPDQFKDRVFXUDHQXQD]RQDGHUD GLDFWLYLGDG\HOGRFWRU6KHNWKDEtDGLFKRTXHHOWHPSORHUDXQ RDVLVDLVODGRGHWHUUHQRQRUPDO/DQ]DPRVXQDEHQJDODRORKLFLPRV PHGLDQWHPLVXJHVWLyQPHQWDO\DSDUHFLyXQHGLILFLRGHFLQFRSXQWDV EDMRQRVRWURV&RQFRUGDEDFRQODLPDJHQTXH\RKDEtDFDSWDGRHQ ORVSHQVDPLHQWRVGHOVHFUHWDULR$KRUDVyETXHGDXQERTXHWHGH WUHLQWDPHWURVGHSURIXQGLGDGHQHOOXJDUGRQGHHVWDEDHOHGLILFLR (VRVXFHGLyDODVWUHVGHODPDGUXJDGD1LQJ~QYLUXVIXHODQ]DGR(O XQLYHUVRHVWiOLEUH )XHXQDXOOLGREHVWLDOORTXHEURWyGHORVODELRVGHOVHFUHWDULRHO FKLOOLGRVREUHQDWXUDOGHXQGHPRQLR(OWHUUHVWUHSDUHFLyDSXQWRGH VDOWDU\GHSURQWRVHGHVSORPy 8QILQRHVSXPDUDMRGHVDOLYDHPSH]yDVXUJLUPX\GHVSDFLRSRU VXODELRLQIHULRU 

³1LORKHWRFDGR³GLMRHQYR]EDMD6FKZDUW]'HVSXpVPLHQWUDV FRQWHPSODEDSHQVDWLYDPHQWHHOFXHUSRSRVWUDGRDxDGLy³&XDQGR YROYtHOSURFXUDGRUVHKDEQDYXHOWRORFRVLQROOHJRDFRQYHQFHUOHGH TXHDJXDUGDUDDTXHFXPSOLHUDHOSOD]R<RVDEtDTXHHOVHFUHWDULR VHUtDLQFDSD]GHQRYDQDJORULDUVH/RVDEtDSRUVXVSHQVDPLHQWRV< DKRUDDKtORWLHQHQ (3,/2*2


(QUHDOLGDGHOUHODWRKDWHUPLQDGR\D\DxDGLUXQHStORJRHV EDVWDQWHDQWLFXDGR'HWRGDVIRUPDVXQHStORJRWLHQHVXXWLOLGDG(V XQQXGR¢VDEHQ"TXHDWDORVFDERVVXHOWRVGH ODWUDPD XQUHWUXp FDQRVt HYLWDTXHVHGHVKDJDQ\ORVRFXOWDDODYLVWDSXOFUDPHQWH6L GHVHDWHQHUXQDVHQVDFLyQGHFRQVXPDFLyQVLJDOH\HQGRSRUTXH DTXtKDEUiHStORJRDSHVDUGHWRGR 1RVHUiPX\ODUJR

'HKHFKRHO~QLFRSHUVRQDMHTXHLQWHUYLHQHHV-RVHSK6FKZDUW] 7UHLQWDGtDVKDQWUDQVFXUULGRGHVGHTXHHPSUHQGLHUDYXHORHQOD SLVWDGHDTXHODHURSXHUWRHQXQDQRFKHGHGLFDGDDODGHVWUXFFLyQGH ODJDOD[LDFRQODVVHxDOHVGHDODUPDVRQDQGRDORFDGDPHQWHDVX HVSDOGDYyUGHQHVUDGLDGDVSDUDTXHYROYLHUDSREODQGRHOFLHOR +DEtDYXHOWRDVXKRUDFRQHOWHPSORGH6HQORRGHVWUXLGR\ PLHQWUDVHODWXUGLGRSLORWRHPSH]DEDDSUHJXQWDUVHTXpKDEtDVXFH GLGRH[DFWDPHQWH (OKHURLFRDFWRIXHGDGRDFRQRFHURILFLDOPHQWH6FKZDUW]OOHYDED HQHOEROVLOORHO FRUGyQGHRURGHOD2UGHQGHOD1DYH(VSDFLDO\HO 6RO6yORRWUDVGRVSHUVRQDVGHODJDOD[LDKDEtDQUHFLELGRGLFKDFRQ GHFRUDFLyQVLQKDEHUPXHUWRDQWHV$OJRLPSUHVLRQDQWHSDUDXQVDV WUHUHWLUDGR

1DWXUDOPHQWHQDGLHDSDUWHGHORViUFXORVRILFLDOHVPiVRILFLDOHV VDEtDFRQH[DFWLWXGTXpKDEtDKHFKR6FKZDUW]SHURHVHGHWDOOHFDUH FtDGHLPSRUWDQFLD$OJ~QGtDHQORVOLEURVGHKLVWRULD (QODVRVHJDGDQRFKH6FKZDUW]HVWDEDGLULJLpQGRVHDSLHKDFLDHO GRPLFLOLRGHOGRFWRU6KHNW/DFLXGDGVHKDOODEDWUDQTXLODWDQWR FRPRHOIXOJRUUXWLODQWHGHOFLHOR(QSXQWRVDLVODGRVGHOD7LHUUD JUXSRVGH]HORWHVVHJXtDQFDXVDQGRSUREOHPDVSHURVXVOtGHUHVKD EtDQPXHUWRRVHHQFRQWUDEDQSUHVRV\ORVWHUUHVWUHVPRGHUDGRVVH EDVWDEDQSDUDKDFHUIUHQWHDOUHVWR

/RVSULPHURVFRQYR\HVGHWLHUUDQRUPDO\DHVWDEDQHQFDPLQR (QQLXVKDEtDUHSHWLGRVXSURSXHVWDGHTXHODSREODFLyQGHOD7LHUUD IXHUDWUDVODGDGDDRWURSODQHWDSHURHVRHVWDEDIXHUDGHOXJDU/D 7LHUUDQRGHVHDEDFDULGDG4XHORVWHUUHVWUHVWXYLHUDQRSRUWXQLGDG GHUHKDFHUVXSODQHWD4XHSXGLHUDQUHFRQVWUXLUHOKRJDUGHVXV SDGUHVHOPXQGRQDWLYRGHODKXPDQLGDG4XHSXGLHUDQWUDEDMDU FRQVXVPDQRVHOLPLQDUODWLHUUDHQIHUPL]D\VXVWLWXLUODSRURWUD VDOXGDEOH 6HWUDWDEDGHXULDWDUHDHQRUPHSRGtDGXUDUXQVLJORSHUR¢\ TXp"/DJDOD[LDSUHVWDUtDPDTXLQDULDHQYLDUtDDOLPHQWRVVXPLQLVWUD UtDODWLHUUD3DUDVXVUHFXUVRVLQFDOFXODEOHVVHUtDXQDLQVLJQLILFDQ FLD\KDEQ DFRPSHQVDFLyQ


<DOJ~QGtDORVWHUUHVWUHVYROYHQ DQDVHUXQSXHEORHQWUHRWURV PXFKRVKDELWDUtDQXQSODQHWDHQWUHRWURVPXFKRV\FRQVLGHUDUtDQD WRGDODKXPDQLGDGEDMRHOSXQWRGHYLVWDGHODGLJQLGDG\ODLJXDOGDG (OFRUD]yQGH6FKZDUW]ODWLyFRQIXHU]DDOYDORUDUODPDUDYLOODGH WRGRHOORPLHQWUDVHOWHUUHVWUHVXEtDORVHVFDORQHVGHODHQWUDGDSULQ FLSDO'HQWURGHXQDVHPDQDSDUWLUtDHQFRPSDUaLDGH$UYDUGDQKDFLD ORVJUDQGHVPXQGRVFHQWUDOHVGHODJDOD[LD¢4XpRWUDSHUVRQDGHVX JHQHUDFLyQKDEtDDEDQGRQDGROD7LHUUD" 6HGHWXYRFRQODPDQRDSXQWRGHSRVDUVHHQODSXHUWD\DTXH VRQDEDQSDODEUDVHQVXPHQWH&RQFXiQWDFODULGDGFDSWDED\DORV SHQVDPLHQWRVFRPRVLIXHUDQFDPSDQLOODV (UD$UYDUGDQSRUVXSXHVWRFRQWDQWDVFRVDVHQVXPHQWHTXHOD SDODEUDHUDLQFDSD]GHH[SUHVDUODV ´3LpQVDOR3RODYHUtDVFRVDVTXHMDPiVKDVYLVWRYLYLUtDVFRPR QXQFDKDVYLYLGRµ <ODUHVSXHVWDGH3RODFRQXQDPHQWHWDQDQVLRVDFRPRODGHO DUTXHyORJR\SDODEUDVGHSXUDGHVJDQD ´6LSLHQVDVTXHHVXQDJLUDSRUODJDOD[LDORTXH\RTXLHURµ

´3HURHVWDUtDVFRQPLJRHVGHFLU\RHVWDUtDFRQWLJR<VLWH DUUHSLHQWHVUHJUHVDUtDUQRVGHVSXpVGHHVDFRQIHUHQFLDTXHWHQJRTXH GDUHQ7UDQWRUµ ´7XYLHMD6RFLHGDG$UTXHROyJLFD+XPµ

´3HUROXHJRSRGUtDPRVYROYHU<PHTXHGDUpDTXtFRQWLJR1XQ FDWHDEDQGRQDUpµ ´3HURHVSRVLEOHTXH\RSUHILHUDYLDMDUµ

´(QHVHFDVRLUHPRVDGRQGHWHDSHWH]FDµ ´3HURVLVR\XQDSREUHFLOODWHUUHVµ

+XERXQDH[FODPDFLyQEUHYH\DSDJDGDSRUSDUWHGH$UYDUGDQ VHJXLGDSRUXQJULWLWRPX\IHPHQLQR/DFRQYHUVDFLyQVHLQWHUUXP SLy 3HUROyJLFDPHQWHORVFRQWDFWRVPHQWDOHVQRVHLQWHUUXPSLHURQ \6FKZDUW]VHDSDUWySOHQDPHQWHVDWLVIHFKR\FRQFLHUWDYHU JXHQ]D3RGtDHVSHUDU+DEtDWLHPSRGHVREUDSDUDPROHVWDUDOD SDUHMDHQFXDQWRODVFRVDVVHDFODUDUDQXQSRFRPiV

6FKZDUW]DJXDUGyHQODFDOOHPLHQWUDVFHQWHOOHDEDQODVHVWUHOODV


XQDJDOD[LDHQWHUDGHHVWUHOODVXQDVYLVLEOHVRWUDVLQYLVLEOHV

<SDUDpO\SDUDODQXHYD7LHUUD\SDUDORVPLOORQHVGHSODQHWDV GHOXQLYHUVR6FKZDUW]UHSLWLyHQYR]EDMDDTXHOSRHPDDQWLJXRTXH VyORpOFRQRFtDHQWUHELOORQHVGHSHUVRQDV £(QYHMHFHFRQPLJR /RPHMRUD~QQRKDYHQLGR 

&RPHQWDULRILQDO

6XSRQJRTXHVLTXLVLHUDKDFHUGHHVWHOLEURXQDHVSHFLHGHHMHUFLFLR SUiFWLFRVREUH´&yPRUHYLVDUaORPHMRUVHUtDLQFOXLUODYHUVLyQSXEOL FDGDGH8QJXLMDUURHQHOFLHORLQPHGLDWDPHQWHGHVSXpVGH(QYHMHFH FRQPLJRµ'HHVHPRGRHOOHFWRUSRGUtDHVWXGLDUFRQSHQRVRGHWDOOH IUDVHSRUIUDVHTXpKLFH\R 1DWXUDOPHQWHHVRHVLPSRVLEOH

(QSULPHUOXJDUKDFHUWDOFRVDGXSOLFDUtDODH[WHQVLyQ\HOFRVWH \ HOSUHFLR GHOOLEURSUiFKFDPHQWHDFDPELRGHQDGD

$OILQ\DOFDERORVOHFWRUHVTXHSRUVXHQRUPHLQWHUpVHQPLVREUDV KDQFRPSUDGRHVWHOLEURWHQGUiQVHJXUDPHQWHXQHMHPSODUGH8Q JXLMDUURHQHOFLHORHVFRQGLGRHQDOJXQDSDUWH,QFOXVRVLQRKDQOptGR ODQRYHODRODKDQSHUGLGRRHFKDGRDODEDVXUDRVLKDQVLGRWDQ WRQWRVTXHODKDQSUHVWDGR ´WRQWRVµSRUTXHJUDFLDVDODVFDUWDVTXH UHFLERKHDFDEDGRFRPSUHQGLHQGRTXHQDGLHTXHSLGHSUHVWDGDXQDGH PLVREUDVODGHYXHOYH VLHPSUHSXHGHQDGTXLULUXQHMHPSODUHQDO JXQDOLEUHUtDGHODQFHRFXDQGRVHUHHGLWH <ILQDOPHQWHWDOYH]KD\DOHFWRUHVTXHVHGHOHLWHQKDVWDFLHUWR SXQWRFRQ(QYHMHFHFRQPLJRµ\QRSLHQVHQQLSRUXQPRPHQWRHQ OHHU8QJXLMDUURHQHOFLHOR(QHVHFDVR¢SDUD TXpPROHVWDUORVFRQ XQDVHJXQGDGRVLVGHXQUHODWRTXHHQHVHQFLDHVHOPLVPR" 1RREVWDQWHYR\DGDUPHHOJXVWRGHKDFHUDOJXQRVFRPHQWDULRV VREUHHOWHPD

$KRUDTXHKHYXHOWRDOHHU´(QYHMHFHFRQPLJRµSRUSULUQHUDYH] GHVGHTXHKDFHWUHLQWD\VHLVDxRVORUHYLVDUDHOUHODWRQRPHSDUHFHWDQ PDOR&UHRTXH6WDUWOLQJ6WRULHVKDKHFKRFRVDVSHRUHVTXHDFHSWDU\ SXEOLFDUHVWDREUD 8QGHWDOOHTXHDJUDGH]FRPXFKRQRREVWDQWHHVTXHHOLUQLQpHO SUyORJRHVW~SLGRHOHStORJR\ORVLQWHUPHGLRV¢4XpWHQtD \RHQOD FDEH]D\SRUTXpORVHVFULEt"1RORUHFXHUGR(QILQHQHOLQWHUYDORGH GRVDxRVHQWUH\PLVHQWLGRFRP~QPHMRUyXQSRFR\


HOLPLQpORVDxDGLGRV$GHPiVDQXOpODGLYLVLyQHQWUHVSDUWHV\FRP ELQpORVUHODWRVGH-RVHSK6FKZDUW]\%HO $UYDUGDQPH]FODQGRODV SDUWHVGHXQPRGRTXHHQPLRSLQLyQWLHQHXQDFRPSOHMLGDGPiVLQ WHUHVDQWH

$OUHSDVDUa(QYHMHFHFRQPLJRµDGYHUWtFRQFLHUWRKRUURUVHQDOHV GHOiSL]HQGLYHUVDVIUDVHV\SiUUDIRV(OORVyORSRGtDLQGLFDUTXHHQ DTXHOKHPSR\RSODQHDEDDFRUWDUHOUHODWRWDOYH]SDUDTXHIXHUDPiV DSURSLDGRSDUDVXSXEOLFDFLyQHQUHYLVWD6LHVDVtDTXHOSUR\HFWR TXHGyDERUWDGRQRKD\GXGD\PHDOHJUR$OSDUHFHUPLLQWHQFLyQ IXHHOLPLQDUODSDUWLGDGHDMHGUH]TXHHVPLIUDJPHQWRIDYRULWRGHOD REUD

7HQtDODYDJD¢GHDGHTXHODSDUWLGDGHDMHGUH]ILJXUDEDHQ8Q JXLMDUURHQHOFLHORFRPRPHGLRGHHODERUDU\DODUJDUHOUHODWR0H FRPSODFLyPXFKRFRPSUREDUTXHGLFKDSDUWLGD\DDSDUHFtDHQ´(QYH MHFHFRQPLJRµ¢6DEHQXQDFRVD"6¢HPSUHKHGHVSUHFLDGRODVGHVFULa FLRQHVILFWLFLDVGHSDUWLGDVGHDMHGUH]HVDVGHVFULSFLRQHVTXHQRRIUH FHQGHWDOOHVUHDOHVVLQRTXHLQFOX\HQFRPHQWDULRVWRQWRVFRPRSRU HMHPSORpVWH´,QLFLyXQDWDTXHGHVSLDGDGRFRQODWRUUHGHUH\µ<DO OHHUFRVDVFRPRpVWDPLUHDFFLyQHVVLHPSUHODPLVPD´¢4XpXVyOD WRUUHGHUH\XQDQDYDMDRXQDSLVWROD"µ

7RPpODGHFLVLyQGHRIUHFHUXQDSDUWLGDUHDOGHVFULELHQGRPHWLFX ORVDPHQWHWRGDVODVMXJDGDV\XQDSHUVRQDFRPRPtQLPRPLHQWUDV OptDHOOLEURSRUODQRFKHPX\WDUGHVH VLQKyOREDVWDQWHVRUSUHQGLGD\ HVWLPXODGDSDUDVDOLUGHODFDPDFRJHUHOWDEOHUR\UHSURGXFLUOD SDUKGD(VWHKRPEUHODSXEOLFyHQXQDUHYLVWDGHDMHGUH]FRQHOKWXOR ´/DSDUWLGDGH$VLPRYµ\GLMRTXHHUDH[FHOHQWH %LHQODSDUKGDQRHUDPtD\HUDSUHIHULEOHTXHHOOHFWRUODFRQVLGH UDUDPtD/DSDUWLGDUHDOTXHXWLOLFpVHGLVSXWyHQ0RVF~HQHQWUH :HUOLQVNL EODQFDV \/RHZHQILVFK QHJUDV \REWXYRHOSUHPLRGH EHOOH]DSRUVXEULOODQWH] 8QGHWDOOHGH´(QYHMHFHFRQPLJRµPHUHVXOWDPX\WXUEDGRU /R HVFULEtUHFXHUGRHQVyORGRVDQRVGHVSXpVGHTXHODVERPEDV GHILVLyQQXFOHDUFD\HUDQVREUH+LURVKLPD\1DJDVDNL(YLGHQWH PHQWH\RGHVFRQRFtDHOJUDGRH[DFWRGHULHVJRTXHUHSUHVHQWDODJXH UUDQXFOHDU\ODUDGLDFLyQ FRPRFDVLFXDOTXLHURWUDSHUVRQD  'LDODIXWXUD7LHUUDXQDFRUWH]DUDGLDFWLYDDOPHQRVHQFLHUWDV ]RQDV\VLQHPEDUJRWHQtDUHVWRVGHYLGD\KXPDQLGDGDIHUUDGRVD HOOD2EYLDPHQWHPLLQWHQFLyQHUDTXHHOOHFWRUORFRQVLGHUDUDFRPR UHVXOWDGRGHXQDJXHUUDQXFOHDUHQQXHVWURIXWXUR HOSDVDGRGHOUH ODWR 3HURXQDJXHUUDQXFOHDUWDQYLUXOHQWDTXHFRQYLHUWHJUDQGHV H[WHQVLRQHVGHODFRUWH]DWHUUHVWUHHQ]RQDVGHUDGLDFWLYLGDGFRQWLQXD SRUIXHU]DGHEHHOLPLQDUODYLGDHQOD7LHUUD (Q´(QYHMHFHFRQPLJRµ-RVHSK6FKZDUW]VXSRQHTXHODUDGLDFWLYLGDG


GHODFRUWH]DHVSURGXFWRGHXQDJXHUUD´FRQERPEDVDWyPLFDVµSHURSRU IRUWXQDODVXSRVLFLyQQRHVFRUURERUDGDSRUQLQJ~QRWURSHUVRQDMH\SRU ORTXHUHVSHFWDDOUHODWRQRSDVDGHVHUXQDHVSHFXODFLyQ &RPRHVOyJLFRFRQVHUYpODFRUWH]DUDGLDFWLYDGHOD7LHUUDHQ8Q JXLMDUURHQHOFLHOR7HQtDTXHKDFHUORSXHVHVHGHWDOOHHVGHFUXFLDO LPSRUWDQFLDSDUDHODUJXPHQWR(QPLVHJXQGDQRYHOD7KH6WDUV /LNH'XVW  ODVHVFHQDVLQLFLDOHVVHGHVDUUROODEDQHQOD7LHUUD\ GHQXHYRFRQVHUYpODFRUWH]DUDGLDFWLYD

&RQHOSDVRGHORVDQRVQRREVWDQWH\FRQIRUPHGHFUHFtDPL LQJHQXLGDGFRQUHVSHFWRDODJXHUUDQXFOHDUHQHVSHFLDOFXDQGRHP SH]yDH[SHULPHQWDUVHFRQERPEDVGHILVLyQGHKLGUyJHQRHOXRLOD QRFLyQGHXQD7LHUUDUDGLDFWLYD3HURFXDQGRXQDJHQHUDFLyQPiV WDUGHHVFULEt)RXQGDWLRQ V(GJH  \HPSHFpDFRPELQDUPLV GLYHUVDVQRYHODVHQXQDVRODYLVLyQJHQHUDOGHODKLVWRULDIXWXUDPH HQFRQWUpDWDVFDGRFRQODFRUWH]DUDGLDFWLYDGHOD7LHUUD

7XYHTXHUHFXUULUDPLUHVHUYDGHLQJHQLR/DFRUWH]DUDGLDFWLYDQR SRGtDVHUUHVXOWDGRGHXQDJXHUUDQXFOHDU¢4XpHUDSXHV"&RPR FRQVHFXHQFLDGHPLVPHGLWDFLRQHVVREUHHOWHPDHVFULEt5RERWVDQG (PSLUH  GHPRGRTXHXQDFRQIXVLyQDFDEyVLHQGRDOJRPX\~WLO

a(QODDUHQDHVWHODUSXEOLFDGDHQHOQ~PHURGHHVWDPLVPDFROHFFLyQ (OILQGHODHWHUQLGDG 3UHiPEXOR

2WUDQRYHODPtDFUHFLyDSDUiUGHXQDYHUVLyQPiVSHTXHxD\HQ HVWHVHJXQGRFDVRHODVXQWRIXHPiVFRPSOLFDGR8QJXLMDUURHQHO FLHORHUDVyORYHFHVPiVODUJD TXH´(QYHMHFHFRQPLJRµSHURPL QRYHOD(OILQGHODHWHUQLGDG HUDWUHVYHFHVPiVODUJDTXHHOUHODWRD SDUWLUGHOFXDOVHKDEtDGHVDUUROODGR 6XFHGLyGHHVWHPRGR

(ODxRHUD\KDEtDQWUDQVFXUULGRFDVLFXDWURDxRVGHVGHOD SXEOLFDFLyQGHPLSULPHUOLEUR8QJ8LMDUU2HQHOFLHOR'HVGHHQWRQ FHVKDEtDSXEOLFDGRRFKROLEURVPiV LQFOX\HQGRXQOLEURGHWH[WR VREUHELRTXtPLFD HVGHFLUOQXHYHHQWRWDO0LGpFLPROLEUR/XFN\ 6WDUUDQGWKH3LUDWHVRIWKH$VWHURLGV 'RXEOHGD\ HVWDEDD SXQWR GHDSDUHFHU\HOXQGpFLPR7KH&DYHVRI6WHHO 'RXEOHGD\  HVWDEDVLHQGRSXEOLFDGRFRPRVHULDOHQ*DOD[\FRPRSUHSD UDFLyQDODSXEOLFDFLyQHQOLEUR

(QDTXHOORVGtDVHVWDEDWHQLHQGRXQSURPHGLRGHWUHVOLEURVDODxR ORTXHGDGRPLULWPRGHHVFULWXUDQRHUDJUDQFRVDSHURHQWRQFHVQR WHQtDPXFKRWLHPSRSDUDHVFULELU0HGLRDxRDQWHVGHTXHDSDUHFLHVH 8QJXLMDUURHQHOFLHORKDEtDHPSH]DGRDHQVHxDUHQODIDFXOWDGGH


0HGLFLQDGHOD8QLYHUVLGDGGH%RVWRQ\HQPHKDEtDFRQYHUWLGR HQSURIHVRUD\XGDQWHGHELRTXtPLFD0HKDOODEDWRGDYtDEDMRODIDOVD LGHDGHTXHpVHHUDPLWUDEDMRYLWDO\TXHHOHVFULELUQRHUDVLQRXQD 3XEOLFDGDHQHOQ~PHURGHHVWDPLVPDFROHFFLyQ 1GHO7

aa%yYHGDVGHDFHURSXEOLFDGDHQHOQ~PHURGHHVWDPLVPDFROHFFLQ 1GHO7



a



&XHQWRVSDUDOHORV RFXSDFLyQDFFHVRUXDSHURVHJXLDHVFULE¢HQGRLJXDODUDURVSHUGL GRV

'HYH]HQFXDQGRPHHUDSUHFLVRYLVLWDUODELEOLRWHFDGHOD8QLYHUVa GDGGH%RVWRQHQHOFDPSXVSULQFLSDO HVRVHUDQORVGtDVSUH&RWOLHE

\HOGHQRYLHPEUHGHPLHQWUDVFXULRVHDEDODVHVWDQWHUtDVPH WRSpFRQXQDKLOHUDGHYRO~PHQHVHQFXDGHUQDGRVGHO7PH

(PSHFpDKRMHDUORVSULPHURV\QDWXUDOPHQWHPHGLYLUWLyHOFRP SUREDUFRPR\RHUDPXFKRPiVLQWHOLJHQWHTXHORVHVFULaRUHVGH7LPH FRQVXHVWLORFXLGDGRVDPHQWHFXOWLYDGRGHDUURJDQFLDVDEHORWRGR SRU VXSXHVWRHUDSRUTXH\RWHQtDODYHQWDMDGHYHUODVFRVDVDSRVWHULRUL  6LQGHPDVLDGDVHVSHUDQ]DVSUHJXQWpDORVELEOLRWHFDULRVVLHUDSRVLEOH VDFDUHVRVYRO~PHQHVSDUDOHHUORVHQFDVD'HVFXEUtHQWRQFHVTXHORV PLHPEURVGHODIDFXOWDGWHQtDQDOJXQRVSULYLOHJLRVH[WUDRUGLQDULRV (OORVSRGtDQOOHYDUVHHVRVYRO~PHQHVDXQTXHORVHVWXGLDQWHVQRSR GtDQ

0HOOHYpUiSLGDPHQWHHOSULPHURGHORVYRO~PHQHVGHVXFROHFFLyQ TXHFXEUtDODSULPHUDPLWDGGH \VHJXtDYDQ]DQGRDEXHQULWPR 0HFRVWyFDVLXQDxRDEULUPHSDVRDWUDYpVGHWRGRVORVYRO~PHQHV\ ORVELEOLRWHFDULRVPHOODPDEDQHVSHURTXHFRQDIHFWXRVDGLYHUVLyQ ´HOSURIHVRUGH7LUQHµ 7RGRHVHSURFHGLPLHQWRIXHPHUDPHQWHFXHVWLyQGHVDWLVIDFHUXQ LPSXOVRH[FHSWRSRUHOKHFKRGHTXHHQXQRGHORVSULPHURVYRO~PH QHVPHOODPyODDWHQFLyQXQGLEXMRHQXQSHTXHxRDQXQFLR/RSHUFLEt SRU HOUDELOORGHORMR\WXYHODIXJD]LPSUHVLyQGHDOJRTXHVHSDUHiDD ODDKRUDIDPLOLDUQXEHHQIRUPDGHKRQJRGHXQDERPEDQXFOHDU(VR PHVRUSUHQGLySXHVHOYROXPHQGH7LPHGDWDEDGHXQRVTXLQFHDxRV DQWHVGH+LURVKLPD/HHFKpRWUDPLUDGD(UDVRODPHQWHHOJpLVHU2OG )DLWKIXOGHOSDUTXHQDFLRQDOGH<HOORZVWRQH\HODQXQFLRHUDGHOR PiVFRUULHQWH

3HUR¢GHTXpVLUYHVHUXQHVFULWRUGHFLHQFLDILFFLyQVLQRVDFDXQR YHQWDMDGHSHTXHxDVFRVDVUDUDVFRPRpVD" ´¢'HGyQGHVDFDXVWHGVXV ORFDVLGHDV"µPH SUHJXQWDQFRQIUHFXHQFXD8QDUHVSXHVWDSRGUtDVHU a'HQ~PHURVDQWLJXRVGHODUHYLVWD7LUQHµ


'HVSXpVGHWRGR¢\VLHODQXQFLRIXHVHORTXH\RFUptTXHHUD UHDOPHQWHODQXEHHQIRUPDGHKRQJR"¢3RGLDHOWH[WRGHODQXQFLRGDU XQDVXWLOSLVWDHQFXDQWRDODDXWpQWLFDQDWXUDOH]DGHOGLEXMR"'HVHU DVt¢FyPROOHJyKDVWDDKt"¢<SRUTXp"

(VWDEDFODURTXHHODVXQWRLPSDFDEDQHFHVDULDPHQWHHOYXDMHHQHO WLHPSRORTXHHUDLQPHGXDWDPHQWHLQWHUHVDQWHSXHVQXQFDKDEtDHV FULWRXQUHODWRODUJRHQHOTXHHOYXDMHWHPSRUDOHVWXYLHVHLPSOLFDGR $VLSXHVHOGHGLFLHPEUHGHHPSHFpDHVFULELUXQDQRYHODFRUWD DODTXHOODPp´(OILQGHODHWHUQLGDGµ$OILQDOUHVXOWyWHQHUXQDV SDODEUDV\DFDEpFRQHOODHOGHIHEUHURGH(VWDEDPX\ FRQWHQWR GHHOOD\VHODHQYLpLQPHGLDWDPHQWHSRUFRUUHRD*DOD[\ (OGHIHEUHUR+RUDFH*ROGPHOODPySRUWHOpIRQR6HWUDWDEDGH XQUHFKD]RWRWDO+DEOyGHUHYLVLyQSHURGHXQDUHYLVLyQFRPSOHWD$O ILQDOODFRVDKDEUtDVLGRDSURYHFKDUHOWtWXOR\SRQHUEDMR pOXQDQXHYD KLVWRULD0HQHJXpURWXQGDPHQWH\HVRIXHWRGR

0HSDUHFHTXHHQWRQFHVGHEtSUREDUFRQ$VWRXQGLQJSHURQROR KLFH<DQRUHFXHUGRODUD]yQ\QRWHQJRQLQJXQDLQGLFDFLyQHQPL GLDULRHQFXDQWRDOSRUTXpQRORKLFH 0HKHGDGRFXHQWDPXFKDV YHFHVGHTXHFXDQGRVXFHGHDOJRGHVDJUDGDEOHQRKDEORPXFKRGHHOOR HQPLGLDULR3RUORWDQWRHVSRVLEOHTXHPLGLDULROHGpDPLYLGDXQ DVSHFWRPiVIHOL]\GHVSUHRFXSDGRGHOTXHGHEHUtDWHQHUVHJ~QORV KHFKRVDXQTXHODYHUGDGHVTXHPLYLGDKDVLGROREDVWDQWHIHOL]\QL WDQVLTXLHUDVXHxRFRQTXHMDUPH

3XHGHVHU \DKRUDQRHVWR\VLQRKDFLHQGRVXSRVLFLRQHV TXHGH PLFRQYHUVDFLyQWHOHIyQLFDFRQ*ROGVDFDVHODLGHDGHTXHSDVDEDQ GHPDVLDGDVFRVDVHQODQRYHODFRUWD\GHTXHWHQtDHQWUHPDQRVXQD QRYHODGHVKLGUDWDGD'DGRTXH'RXEOHGD\KDEtDSXEOLFDGRKDVWDHO PRPHQWRFXDWURQRYHODVPtDV\WHQtDHQSUHQVDGRVPiVPHVHQ~D FRPRXQHVFULWRUELHQHVWDEOHFXGRHQOD'RXEOHGD\TXHSRGtDKDFHU XVRGHODVSUHUURJDWLYDVTXHOOHYDFRQVLJRHOSXHVWR(VSRVLEOHSRU ORWDQWRTXHPHSDUHFLHVHUD]RQDEOHSHGLUOHD:DOWHU%UDGEXU\TXH OH\HVHODQRYHOLWD\PHGLMHVHVLFUptDTXHHQHOODVHHVFRQGtDXQD YHUGDGHUDQRYHOD

(OGHPDU]RGHPLHQWUDV\RHVWDEDHQ1XHYD<RUNOHGHMp ODQRYHODFRUWDD%UDGEXU\HOFXDODPDEOHPHQWHDFFHGLyDPLSHWL FLyQ(VWDYH]KDEtDMX]JDGRDFHUWDGDPHQWH%UDGEXU\GLMRTXHDKL KDEtDXQDQRYHODYDOLRVD\HOGHDEULOPHOODPySDUDGHFLUPHTXH WHQtDXQFRQWUDWRHQPDUFKD

)LUPpHOFRQWUDWRHO,GHDEULO\PHHQIUHQWpHQWRQFHVDODSHUVSHF WLYDGHFRQWDUGHQXHYRODKLVWRULDFRQXQDORQJLWXGWULSOH0HOOHYy H[DFWDPHQWHPHGLRDxRHOKDFHUOR\DFDEpHOGHGLFLHPEUHGH 8QDVHPDQDGHVSXpVVRPHWtHOUHVXOWDGRD'RXEOHGD\\HOGHDJRVWR GHUHFLEtXQHMHPSODUGH SUXHEDGHOOLEUR


$TXtSXHVHVWiODQRYHODFRUWDRULJLQDODSDUWLUGHODFXDOVH SUHSDUyODYHUGDGHUDQRYHOD (OILQGHODHWHUQLGDG

/DVHFFLyQGHODHWHPLGDGHQWUHJDGDDOVLJORHVWiRULHQWDGD KDFLDODPDWHULD/RVYyUWLFHVGHHQHUJtDGHOKDQGHVDSDUHFLGROD GLQiPLFDGHFDPSRVGHOQRKDOOHJDGRD~Q(QORVYHLQWHPLOHQLRV TXHYDQGHODSULPHUDDOD~OWLPDODPDWHULDVHXVDSDUDWRGRGHVGH SDUHGHVKDVWDVDUWHQHV7DPSRFRORVFDPELRVUHJLVWUDGRVHQODUHDOL GDGKDQDIHFWDGRHVR&RQVLGHUDGDFRPRXQWRGRHQODHWHUQLGDGOD RULHQWDFLyQKDFLDODHQHUJtDKDVLGRVLHPSUHODH[FHSFLyQ

(OORQRTXLHUHGHFLUTXH%ULQVOH\6KHULGDQ&RRSHU VLJOR  QDFLGRHQRWURWLHPSRRULHQWDGRKDFLDODPDWHULDVHHQFRQWUDVH FRPRHQVXFDVDFXDQGRHQWUyHQOD DQWHVDODTXHVHH[WHQGtDGHVSXpV GHXQDSXHUWDWUDQVSDUHQWHSDUDVHJXLUOXHJRLQGHILQLGDDWUDYpVGH WRGRHO'HVSXpVGHWRGRWDPELpQHQODPDWHULDKD\PRGDV3DUD XQ´HQHUJpWLFRµODPDWHULDWLHQGHDVHUPDWHULD\QDGDPiV7RGDOD PDWHULDHVWRVFDSHVDGD\EiUEDUD3DUDXQ´PDWULFLDOµVLQHPEDUJR H[LVWHODPDGHUDHOPHWDO VXEGLYLVLRQHVSHVDGR\OLJHUR HOSOiV WLFRORVVLOLFDWRVHOFHPHQWR\HOFXHURHQLQQXPHUDEOHVFRPELQDFLR QHV\YDULHGDGHV $&RRSHUFX\DQRFLyQGHXQPXQGRHVWDEDFRQVWUXLGDDOUHGHGRU GHHVWUXFWXUDVGHDOHDFLRQHVGHPHWDOHVOLJHURVODYLVLyQGHXQ RFpDQRGHFULVWDO\SRUFHODQDPLUDVHGRQGHPLUDVH D~QPiVLPSUH VLRQDQWHSRUTXHHQHVRVPRPHQWRVQRVHYHtDDQLQJ~QVHUKXPDQR  OHKDEtDGHMDGRFRQODERFDDELHUWD 3HPPDQHFLyDVtKDVWDTXHXQDYR]iVSHUDFDUJDGDGHXQDFHQWR GHOPLOHQLRFXDUHQWDGLMR ³3UHVpQWHVHPDOGLWDVHD &RRSHUSDUSDGHy

³/RVLHQWRVHxRUSHURFUHRTXHQR

(QVXFRQIXVLyQXVyVXSURSLRGLDOHFWRGHOVLJOR

/DH[SUHVLyQDOJRDLUDGD GHVXLQWHUORFXWRUVHVXDYL]yDORtUOR\OD QDUL]DTXLOLQDTXHDVRPDEDEDMRXQDVFHMDVJUXHVDV\DOJRFDQRVDVVH KL]RXQSRFRPHQRVLPSUHVLRQDQWH/DSXHUWDTXHKDEtDWUDVpO\D WUDYpVGHODTXHKDEtDHQWUDGRVHJXtDKDFLHQGRJLUDUVXDYHPHQWHVX SHVDGRFULVWDOVREUHODELVDJUDIRPPDGDSRUXQFDPSRORQJLWXGLQDO XQDFRQFHVLyQDODHQHUJpWLFDQRGHPDVLDGRH[WUDxDHQXQWLHPSR RULHQWDGRKDFLDODPDWHULD


7HQGLyXQDDQFKDPDQRSDUDGHWHQHUODSXHUWD\GLMR

³/RVLHQWRKLMR3HQVpTXHHUDVXQQDWLYRGHHVWH WLHPSR

³1RVHxRU³GLMR&RRSHULQWHQWDQGRSDUHFHUUHVXHOWR³6R\ %6&RRSHUGHO0LVFUHGHQFLDOHV

6HKDEtDSDVDGR\DDODOHQJXDGHOPLOHQLRVHVHQWDTXHKDEtD HVWDGRSUDFWLFDQGRGXUDQWHGtDV /HDODUJyODFiSVXODSHUVRQDOSHURpOQRH[DPLQyODSHOLFXOD SXHVWDDOGHVFXELHUWRVLQRTXHODDSDUWyDXQODGR\VHULy

³0LVGLVFXOSDV³GLMR³(VWiEDPRVHVSHUDQGRDXQQDWLYRSDUD TXHVHHQFDUJDVHGHOPRVWUDGRUGHUHFHSFLyQ\VDTXpFRQFOXVLRQHV DSUHVXUDGDV(VWDPRVWHQLHQGRSUREOHPDVSDUDHQFRQWUDUDXQQXHYR KRPEUH\DFDEDPRVFRQHODQWLJXRDOJRPiVSURQWRGHORTXHHVSHUi EDPRV<DVDEHFyPRVRQHVWDVFRVDV

/RGLMRFRQXQDIDFLOLGDGGHYHWHUDQRTXH&RRSHULQWHQWyLPLWDU HQVXJHVWRGHDVHQWLPLHQWR'HVSXpVGHWRGRORVQDWLYRVHUDQVXMH WRVGHREVHUYDFLyQ\H[SHULPHQWRDSDUWHGHORVWUDEDMRVTXHSXGLHVHQ GHVHPSHxDU7HQGUtDTXHDFRVWXPEUDUVHDHVR (ORWURVLJXLyKDEODQGR

³+D\TXHHVWDUVLHPSUHYLJLODQGRDORVQDWLYRV1XQFDHQWLHQGHQ UHDOPHQWHODHWHPLGDGQXQFDVHOHVPHWHHQODFDEH]DTXHQRVH SXHGHWUDWDUHOWLHPSRFRPRVLIXHUDXQDSHORWDGHI~WERO$YHFHV WDUGDQVHJXQGRVDQWHVGHUHJLVWUDUVXHQWUDGD6LWLHQHQTXHUHJLVWUDU VXVDOLGDORKDFHQ\OXHJRVHYDQDORVDVHRVDHVWHODGRGHODFRUWLQD &XDQGRYXHOYHQDOWLHPSRVHHQFXHQWUDQHQHOODGRHTXLYRFDGRGH XQDJXMHURGHGRVPLQXWRV\HQWRQFHVORVFRPSXWDGRUHVPRQWDQXQ HVFiQGDOR¢'HGyQGHHUHV" ³9HLQWLRFKR³/XHJRDQVLRVDPHQWHOHSUHJXQWy³¢(VXVWHG GHDOJXQDpSRFDFHUFDQD" ³6R\GHO¢4XpWHWUDHDTXtKLMR"

(OURVWURGH&RRSHUVHHQVRPEUHFLy3RGUtDKDEHUDGLYLQDGRHO WLHPSRGHOKRPEUHSRUVXDFHQWRSHUR¢GyQGHHVWiHO(WHPRTXHHQ VXSULPHUDPLVLyQHQXQQXHYRVHFWRUGHODHWHPLGDGSXHGDUHVLVWLUVH DSUHJXQWDUDJULWRV´+D\DOJXLHQDTXtGHOYLHMRµRGHVXWLHPSR QDWDOVHDFXDOVHD"2VLHVGHPDVLDGRMRYHQ\WtPLGRRGHPDVLDGR YLHMR\FRQVFLHQWHGHVXGLJQLGDGFRPRSDUDGHFLUORHQYR]DOWDDO PHQRVSXHGHSHQVDUOR+D\DOJRHQHOFRPSDUWLUXQFRQMXQWRFRP~Q GHWURSLVPRV\SUHMXLFLRVVRFLDOHVTXHQLWRGRHOODYDGR\HQWUHQD PLHQWRGHODHVFXHODGHQRYDWRVSXHGHQHOLPLQDUSRUFRPSOHWR<OD SHUVRQDPiVLQVRSRUWDEOHGHOPXQGRVLHVWiDWDYLDGDFRQXQWUDMH


TXHXQRUHFRQRFHFRPRHOWUDMHFRUUHFWRHOTXHHQORPiVKRQGRGHO FRUD]yQGHXQRHVDSUHFLDGRWRGDODYLGDFRPRHO~QLFRWUDMHFR UUHFWRVHFRQYLHUWHHQXQSUtQFLSH\XQFRPSDxHURDOTXHDSUHFLDU 3HURHUDVRODPHQWHXQQ~PHURSDUD&RRSHU(QHVHLQVWDQWH QRSRGtDUHFRUGDUQDGDPiVUHVSHFWRDpOTXHHOVHUSDUWHGHXQ PLOHQLRPDUFDGRSRUODVXESREODFLyQ\TXHH[SRUWDEDiUEROHV\VHPL OODVDYDULRVVLJORVGHVSURYLVWRVGHERVTXHV$VtPLVPRORKDFtDHQ YDVWDVFDQWLGDGHVGDGRTXHORViUEROHV\ODVVHPLOODVQRHUDQWDQ VHQVLEOHVFRQUHVSHFWRDODUHDOLGDGFRPRORVVXHURVDQWLYLUDOHVORV HPEULRQHVKXPDQRVRORVUHOpVGHYyUWLFH ³7HQJRTXHYHUD/DEDQ7ZLVVHOO³GLMR&RRSHUVLQSRGHUHYLWDU VXELUXQSRFRHOWRQRGHYR]DOGHFLUHVR

/DVFHMDVGHORWURVHDO]DURQXQSRFR\UHFRJLyODFiSVXODSHUVRQDO TXHDQWHVKDEtDSDVDGRSRUDOWRH[DPLQiQGRODFXLGDGRVDPHQWH ³¢(OMHIHSURJUDPDGRU7ZLVVHOO" ³(VRHV

³%XHQR&RRSHUVLpQWHVH\\RPHSRQGUpHQFRQWDFWRFRQpO 3RUFLHUWRPLQRPEUHHV1HUR$WWUHOO

(OWRTXHDQWHULRUGHFRQGHVFHQGHQFLDKDEtDGHVDSDUHFLGRGHVX YR]

&RRSHUWRPyDVLHQWR\VXVODELRVWHPEODURQXQSRFRDQWHHO GHOHLWHUHSULPLGRTXHVHQWtD(VWDEDDTXtDSHWLFLyQGHOMHIHSURJUD PDGRU/DEDQ7ZLVVHOO\7ZLVVHOOHUDXQPLHPEURGHO*UDQ&RQVHMR 3DQWHPSRUDO\HVWDEDFRQVLGHUDGRHQWRGDODHWHPLGDGFRPRHOPiV JUDQGHGHORVHMHFXWRUHV

<HUD7ZLVVHOOTXLHQKDEtDSHGLGRTXH&RRSHUOHIXHVHDVLJQDGR 1RKDEtDGDGRUD]RQHVSDUDHOOR\FRQWRGR&RRSHUHVWDEDFRQYHQ FLGRGHTXHFRQRFtDODUD]yQ1ROHKDEtDKDEODGRDQDGLHGHVX FRQYLFFLyQQLWDQVLTXLHUDD*HQUR0DQILHOGVXLQVWUXFWRU\HOKRP EUHD TXLHQKDVWDHOPRPHQWRPiVKDEtDUHVSHWDGRHQVXFRUWDYLGD 'HVSXpVGHWRGRGHVGHKDFtDEDVWDQWHWLHPSRKDEtDOOHJDGRDVHU REYLRSDUDpOTXHVHOHHVWDEDSUHSDUDQGRSDUDXQDPLVLyQHVSHFLDO +DEtDWHQLGRVXVSULPHURVDWLVERVGHORTXHGHEtDVHUWDOPLVLyQKDFtD  ,



O PiVGHXQILVLRDxR +DEtDTXHDSUHQGHUFDVLDOSULQFLSLRGHOD


HGXFDFLyQODGLIHUHQFLDHQWUHORVDxRVTXHQRH[LVWtDQHQODHWHPL GDG\ORVILVLRDxRVTXHUHSUHVHQWDEDQPHUDPHQWHODPHGLGDGHO HQYHMHFLPLHQWRGHOFXHUSRKXPDQR

+DEtDVXFHGLGRGHHVWHPRGR+DEtDFLQFR´QRYDWRVµHQODFODVH GHOVLJORGRVGHODVHJXQGDGpFDGD\XQRGHODTXLQWDRWURGHOD VpSWLPD\RWURGHODQRYHQDeOHUDHOHVWXGLDQWHGHODQRYHQDGp FDGDKDELHQGRQDFLGRHQHO\HQWUDGRHQODHVFXHODHQHO 6LKXELHVHSHPPDQHFLGRHQHOWLHPSROOHYDQ DDKRUDVLHWHDQRVSHUWH QHFLHQGRDOVLJORSHURORVVLJORVVHFRQWDEDQVLHPSUHGHVGHHO PRPHQWRHQTXHXQRDEDQGRQDEDHOWLHPSR\SDVDEDDOHQWUHQD PLHQWR6HUtDGHOKDVWDHOGtDHQTXHPXULHVH 0HQWDOPHQWH FDPELyODIUDVHSRUXQ´KDVWDTXHPXHUD!¢'HTXpVHUYLDKDEODUGH ´GtDVµHQODHWHPLGDGDXQTXHSRUVXSXHVWRWRGRVORKLFLHVHQ"'H FtDQ´D\HUµ\´SXHGH TXHHODxRSUy[LPRµFRPRVLHVRVLJQLILFDVH DOJR

3HURGHORVFLQFRQRYDWRVVyORpOVHHVSHFLDOL]y/HKLFLHURQSDVDU DWUDYpVGHODVPDWHPiWLFDVGHFRPSXWDFLyQWRGRORGHSULVDTXHSXGR \H[FHSWRSRUHVRWRGRHOUHVWRGHOHVIXHU]RIXHFRQVDJUDGRDOD +LVWRULD3ULPLWLYD6HTXHMyXQDYH]/RVRWURVVHxDOyHVWDEDQUHFL ELHQGRFXUVRVELHQHTXLOLEUDGRV (OLQVWUXFWRU0DQILHOGVHKDEtDIURWDGRVXFDVWDxDFDEHOOHUDKDVWD FRQYHUWLUODHQ8OFRQIXVRUHYROWLMR\KDEtDGLFKR ³6RQyUGHQHVGLUHFWDVGHO*UDQ &RQVHMR3DQWHPSRUDOKLMR1R VpHOSRUTXp

/DJHQWHWHQtDVLHPSUHWHQGHQFLDDOODPDUOH´KLMRµD&RRSHU TXL]iVDFDXVDGHTXHVXFDEHOOHUD\VXVRMRVFODURVMXQWRFRQVXURVWUR GHPHQWyQSRFRSURQXQFLDGROHKDFtDQSDUHFHUEDVWDQWHPiVMRYHQ GHORTXHHUD

1RKDEtDQDGDTXHKDFHUVDOYRYROYHUDH[DPLQDUORVYLHMRVSHULy GLFRV LPSUHVRVVREUHSDSHOHQORVGtDVDQWHULRUHVDSRQHUVHGHPRGD ODSH8FXOD KDVWDTXHODVYLGDVORVKHFKRV\ORVQRPEUHVPXHUWRV KDiDPXFKRIXHVHQSDUDDPERVFRVDVYLYDV 3HURFUH\yVDEHUORTXHOHHVWDEDVXFHGLHQGR\ODUD]yQ\DJXDU GyFRQPiVRPHQRVLUQSDFLHQFLDODOODPDGDGH7ZLVVHOO+DEtDOOH JDGR $QWHVGHSDUWLUWXYRXQD~OWLPDFRQYHUVDFLyQFRQ0DQILHOG\IXH LQFDSD]GHQRKDFHUDOXVLyQDHOOR&RQWRGDVHJXULGDG0DQILHOG GHEtDVDEHUDOJR\&RRSHUGHVHDEDYHUFRUURERUDGDVVXVLGHDV/R GHVHDEDHQRPPHPHQWH ³¢3DUDTXpSXHGHTXHUHUYHPPHVHxRU"³SUHJXQWy³0HKH HVWDGRHVSHFLDOL]DQGRHQ+LVWRULD3ULPLWLYD


³/RVp/RVp³0DQILHOGOHVRQULy³0HWHPRTXHGXUDQWHORV DxRVTXHKHPRVSDVDGRFRQHOODKDOOHJDGRDLQWHUHVDPPHGHPDVLDGR 3UREDEOHPHQWHFRQWLQXDUpHQHVHFDPSRGHVSXpVGHTXHWHKD\DV LGR &RRSHUVDEtDDTXpVHHVWDEDUHILULHQGR/DVUHYLVWDVGHQRWLFLDV GHORVVLJORVSULPLWLYRVFRQVXVFUyQLFDVGHVDQJUHLQFRQWURODEOH FULPHQ\SDVLyQGHMDEDQXQVHOORLQGHOHEOHHOGHXQDUHDOLGDGTXH QRSRGtDVHUDOWHUDGDFRQVWLWX\HQGRXQDOHFWXUDIDVFLQDQWH(FKDUtD GHPHQRVODVKRUDVTXHpO\0DQILHOGKDEtDQSDVDGRMXQWRVRFXSiQ GRVHGHHOODV &RRSHUVHDFHUFyXQSRFRPiVDORTXHHVWDEDVHJXURTXHHUDOD YHUGDG

³3HUR\RTXLHURWUDEDMDUVREUHORVVLJORVSULPLWLYRV4XLHURKD FHUXQDLQYHVWLJDFLyQRULJLQDOVREUHHOORV7UDEDMDUVREUHORVQR VHUtDH[DFWDPHQWHORTXHTXLHUR (QHVHPRPHQWRVL0DQILHOGVDEtDDOJRQRSRGUtDUHVLVWLUOD WHQWDFLyQGHKDFHUDOJXQDDOXVLyQ3HURR0DQILHOGQRVDEtDQDGDR HUDGHPDVLDGROLVWRSDUDFDHUHQXQDWUDPSDR³\HVWR&RRSHUOR UHFKD]DEDFRQDPDUJXUD³WRGDVODVHVSHFXODFLRQHVGH&RRSHUHVWD EDQHTXLYRFDGDV ³6LHPSUHKDEUiWLHPSROLEUHSDUDTXHSXHGDVGHGLFDUORDWX DILFLyQKLMR³OHGLMR0DQILHOG

6RQULyGHQXHYRSHURKDVWDVXVVRQULVDVSDUHiDQHVFRQGHUXQ PDWL]GHSHQD6XVHVWXGLDQWHVWRGRVORVFXDOHVOHTXHUtDQQRVDEtDQ QDGDGHVXSDVDGR-DPiVKDEODEDGHpOQLWDQVLTXLHUDFRQ&RRSHU TXHKDEtDSDVDGRFRQpOODPD\RUSDUWHGHVXWLHPSR'HDOJ~QPRGR VHKDEtDILOWUDGRKDVWDORVHVWXGLDQWHVODLQIRUPDFLyQGHTXHKDEtD QDFLGRHQORVPLOHQLRVPiVDGHODQWDGRV ´ORVFXDQGRVDOWRVµFRPR GHFtDODIUDVHKHFKD YORDFHSWDEDQVLQGHPDVLDGRLQWHUpVSRUEXVFDU XQDSUXHEDGHHOOR6HGHiDTXHHQWLHPSRVKDEtDVLGRSURJUDPDGRU XQPDWHPiWLFRPX\GHVWDFDGRXQEXHQFDQGLGDWRSDUDHO*UDQ&RQ VHMR3DQWHPSRUDO\TXHORKDEtDWLUDGRWRGRSRUODERUGDSDUDFRQ YHUWLUVHHQLQVWUXFWRUGHQRYDWRVHQORVOHMDQRVVLJORVGHORVFXDQGRV EDMRV ³¢&yPRWHHQFXHQWUDV"³SUHJXQWy0DQILHOG

³8QSRFRDVXVWDGR8QSRFRQHUYLRVR³GLMR&RRSHUFRQVLQFH ULGDG³<DVDEHVTXHQXQFDKHHVWDGRHQQLQJ~QFXDQGRH[FHSWRHO YLDMHGHHVWXGLRVDO\HVRIXH VRODPHQWHXQLQIRUPHGHGRVGtDV DFHUFDGHODYLGDPXQLFLSDOEDMRFRQGLFLRQHVGHVFHQWUDOL]DGDV /RTXHQRDxDGLyIXHTXHVyORPHGLDQWHPXFKDVV~SOLFDVFRQVL


JXLyTXHVHOHSHUPLWLHVHLUDXQTXHVHWUDWDEDGHXQWUDEDMRHOHPHQ WDOSDUDHOUHVWRGHODFODVH

<DODPDxDQDVLJXLHQWH%ULQVOH\6KHULGDQ&RRSHUKDEtDFRJLGR XQDSHTXHxDFDELQDFURQRPyYLOXQLSHUVRQDO\KDEtDSDVDGRHQVROL WDULRSRUORVFRUUHGRUHVGHODHWHUQLGDG/DFDELQDQRFUX]DEDHO HVSDFLRHQHOVHQWLGRXVXDOGHOWpUPLQR\SRUVXSXHVWRQRFUX]DEDHO WLHPSR\DTXHODHWHUQLGDGFRUWRFLUFXLWDEDWRGRHOWLHPSRGHVGHHO VLJOR HOSULPHUVLJORGHODHWHUQLGDGXQKHFKRTXHFRQVWLWXtDHO WtWXORGHIDPDPiVJUDQGH\RUJXOORVDPHQWHSURFODPDGRSRUHO

KDVWDODLQVRQGDEOHPXHUWHHQWUySLFD TXHVHKDOODEDKDFLDGHODQWH 3HUR£VDQWR&URQRVODFDELQDFUX]DEDVREUHYRODEDRERUGHDED DOJR&RRSHUVHJXtDFDUHFLHQGRGHOHQWUHQDPLHQWRQHFHVDULR\HUDOR EDVWDQWHMRYHQFRPRSDUDSUHJXQWDUVHTXpHUDHVHDOJR 6XVSUHJXQWDVQROHD\XGDURQ)XHVHORTXHIXHVHVLJXLyVLQVDEHU

   GHTXpVHWUDWDEDSHURSDVy\OXHJRKXERXQSXOFUR\SHTXHxR FDUWHOHQHOTXHVHSRGtDOHHUHQHOVLVWHPDGHQXPHUDFLyQORFDODO LJXDOTXHHQHVWiQGDUDWHPSRUDO +DEtDLQFOXVRXQDOHQJXDHVWiQGDU DWHPSRUDOTXHIXHVHSRUORTXHIXHVHUDUDPHQWHVHXVDEDIXHUDGH ORVLQIRUPHVRILFLDOHV/RVGLDOHFWRVORFDOHVSDUHFtDHUDQPiVVDWLV IDFWRULRV\0DQILHOGVROtDH[SOLFDUHVRFDOLILFiQGROR GHXQDH[SUHVLyQ LQFRQVFLHQWHGHOLPSXOVRGH´YROYHUDOWLHPSRµ

8QRVLQVWDQWHVPiV\&RRSHUYHUtDD7ZLVVHOO£7ZLVVHOO(OMHIH SURJUDPDGRUPiVYLHMRGHWRGRVORVTXHYLYtDQHOKRPEUHTXHKDEtD DXWRUL]DGRPiVFDPELRVFXiQWLFRVHQODUHDOLGDGTXHFXDOTXLHURWUR MHIHSURJUDPDGRUTXHKXELHVHYLYLGRMDPiVHOKRPEUHTXHHUDOD PD\RUDXWRULGDGVREUH+DUYH\0DOOLRQHOSULPLWLYRGHOVLJORTXH KDEtDKHFKRSRVLEOHOD(WHUQLGDG +DUYH\0DOORQODOOLDYHDVXSURSLR

/DYR]GH$WWUHOOLQWHUUXPSLyVXVGLYDJDFLRQHV

³(OMHIHSURJUDPDGRU7ZLVVHOOHVWDUiGLVSXHVWRDUHFLELUOHSURQ WRKLMR ³*UDFLDVVHxRU

$&RRSHUQXQFDOHRIHQGpODODSDODEUD´KLMRµ6LpO\$WWUHOOH[LV WLHVHQHQHOWLHPSRpOWHQGUODXQRVFXDUHQWDPLODxRVPiVTXH$W WUHOO3RGUtDVHUHOWDWDUDWDWDUDWDWDUDWDWDUDPXFKDVYHFHVWDWDUD EXHORGH$WWUHO/3HURHVWRQRHUDHOWLHPSRHVWRHUDODHWHPLGDG $TO~ODSDODEUD´KLMRµQRVLJQLILFDEDQDGD5HDOPHQWHQDGDGDGR TXHQLQJ~QHWHUQRSRGtDWHQHUXQKLMR7RGRVORVHWHUQRVGHEtDQ QDFHUHQHOWLHPSRGHSDGUHVSHUWHQHFLHQWHVDpO6yORGHHVHPRGR


SRGtDVHJXLUVHDVHJXUDQGRHOTXHORVHWHUQRVUHWHQGUtDQODFRQH[LyQ HVSLULWXDOFRQODKXPDQLGDGTXHWDQQHFHVDULDHUDSDUDVXWUDEDMR 4XHORVHWHUQRVWXYLHVHQKLMRVSURSLRVHWHUQRVGHVGHHO QDFLPLHQWR \PX\SURQWRVHIRUPDUtDQGLQDVELDVGLYRUFLDGDVGHOD7LHUUD'HVHU ORVVDELRVGLUHFWRUHV\PROGHDGRUHVGHODKXPDQLGDGORVHWHUQRVVH FRQYHUWLQLDQHQVXVWLUDQRV

&RRSHUVHJXtDVLHQGROREDVWDQWHMRYHQ\WHQODD~QHOUHFXHUGR GHODHVFXHODOREDVWDQWHIUHVFRFRPRSDUDQRVHQWLUQLQJXQDSXQ]DGD GHYDQLGDGSRUVHULGHDOLLVWD

³¢/HJXVWDQDHFKDUOHXQDPLUDGDDO6LJORPLHQWUDVHVSHUD"³SUH JXQWy$WWUHOO ³£6t³FRQWHVWy&RRSHUVRQULHQGRGHSURQWR³¢3XHGH DUUHJODUVH"

³1RKD\SUREOHPD7LHQHQXQREVHUYDGRUWUXFDGRDTXtFXDQGR /RXVDQFHQWUiQGRORHQHOLa\OXHJRFDPELDQDIRFRGHFDPSR +D\XQRHQHOODERUDWRULRGHDOODGRTXHSXHGRVLQWRQL]DUSDUD XVWHG ³£%XHQRJUDFLDV

1HUR$WWUH8LODQ]yXQDFDXWHORVDRMHDGDDOMRYHQTXHWHQtDDO ODGR/OHYDEDYHLQWHILVLRDxRVVLHQGRXQHWHUQR\QRVHQWtDQLQJXQD DILFLyQDGDUOHJXVWRDQRYDWRVTXHHQVXVSULPHUDVPLVLRQHVQDGD EDQHQRFpDQRVGHVDOYDUPXQGRV 3HURGHDOJXQPRGRpVWHWHQtDTXHVHUGLVWLQWR7ZLVVHOOOHKDEtD PDQGDGRDEXVFDU7ZLVVHOOHUDXQKRPEUHGLItFLOGHFRQRFHUSHUR 1HUR$WWUHOOKDEtDFRQRFLGREXHQDSDUWHGHODYLGDGHOYLHMRFDED OOHURFRPRSDUDVDEHUFXiQGRHVWDEDQHUYLRVR <7ZLVVHULHVWDEDQHUYLRVR

6yORXQRVLQVWDQWHVDQWHVVXYR]KDEtDJRUMHDGRVXDYHPHQWHHQHO RtGRGH$WWUHOODWUDYpVGHOFRPXQR

³6tKHHVWDGRHVSHUDQGRDHVHMRYHQ(VWDUpOLLVWRSURQWR0H GDUpSULVD(VVRODPHQWHXQFDPELRFXiQWLFRGHOTXHGHERDVHJXUDU PHDQWHV (OQHUYLRVLVPRHUDREYLR6HKDOODEDHQODSDODEUD´SULVD

7ZLVVHOOMDPiVVHKDEtDGDGRSULVDSRUORVGHPiV8QDYH]KDEtD KHFKRHVSHUDUFLQFRKRUDVDXQFRPLWpGHO*UDQ&RQVHMR3DQWHPSR UDO\MDPiVVHKDEtDWRPDGRODPROHVWLDGHGDUXQDH[SOLLFDFLyQ3HUR DKRUDLEDDGDUVHSULVDSRUXQQRYDWRGHOJDGR\SiOLGRTXHHVWDED DEUXPDGRSRUKDOODUVHHQXQRWURFXDQGRWDQOHMDQRGHVXKRJDU


7RGRHOORGRWDEDDOUHFLpQOOHJDGR&RRSHUGHXQH[WUDxRLQWHUpV \$WWUHOOVHGHVFXEULyVLQWLHQGRHQVXLQWHULRUHOSULQFLSLRGHXQD DPLVWDGKDFLDHOPXFKDFKR

$WWUHOOQRWDUGyGHPDVLDGRHQVLQWRQL]DUHOREVHUYDGRU(O HUDSUHFLVRYOyJLFRHQVXVWpFQLFDV(OREVHUYDGRUSDUHFtDVROD PHQWHXQDPHVDFRQODVXSHUILFLHGHFULVWDOSHURGHSURQWRHO FULVWDOQRHVWDEDDOOt\HQVXOXJDUKDEtDXQDFLXGDGFRQHODVSHFWR GHXQDH[FHOHQWHIRWRJUDItDWULGLPHQVLRQDOHQFRORU$WWUHOOVRQULy OHYHPHQWHFXDQGRD&RRSHUVHOHHVFDSyXQDOHYHH[FODPDFLyQ +DEtDHVWDGRHVSHUiQGROD6LHPSUHVXUJ)ODFXDQGRXQHVSHFWDGRU GHVSUHYHQLGRQRWDEDSRUSULPHUDYH]TXHKDEtDPRYLPLHQWRGHQWUR GHOD´IRWRJUDIIDµ (OQRYDWR VHLQFOLQyVREUHHOREVHUYDGRULQWHQWDQGRPHWHUORHQ VXVRMRVWRGRDODYH]/XHJRUHWURFHGLyXQSDVRIUXQFLHQGRHO FHxR ³6LGHVHDYHUORPiVGHFHUFD³GLMR$WWUHOO³OHHQVHxDUpFyPR IXQFLRQDQORVFRQWUROHV6RQPX\VHQFLOORV (OQRYDWRPHQHyODFDEH]D

³(VWiELHQ<RQRHVWDQGLIHUHQWH¢YHUGDG"3HQVpTXHGH DOJ~QPRGRVHUtDGLVWLQWR ³¢'LVWLQWRGHFXiQGR"

³'HGHO'HFDVD\DVDEH ³¢'HEHQDVHUOR"

³%XHQRVRQFLQFXHQWDPLODxRVHQHOIXWXHKFLQFXHQWDPLO DxRVHQXQFXDQGRPiVDOWR $WWUHOOVRQULyFRQWROHUDQFLD

³6DEH³GLMR³FUHRTXHQRVHKDLQYHQWDGRQXQFDDOQRYDWR TXHQRKD\DWHQLGRODPLVPDVHQVDFLyQODSULPHUDYH]TXHYHtDHO WLHPSRGHVXSULPHUDDVLJQDFLyQ6HDFRPRVHDODVFRVDVQXQFDVRQ GLVWLQWDV O O

, ³¢/RGLFHGHYHUDVVHxRU$WWUHUL"

³%XHQRSXHGHTXHHVWpH[DJHUDQGRXQSRFR0LUH¢OHLPSRUWD


TXHOHH[SOLTXHDOLJR"

³/RDJUDGHFHQDVHQLRU$WWUHOO

%XHQRSHQVy$WWUHU)LHVFRUWpV$PHQXGROHKDEtDQGLFKRD $WWUHOO XQDYH]LQFOXVR7ZLVVHOOVHORKDEtDGLFKR TXHHUDXQKRP EUHGHORVVLJOLRVVXESREODGRV\TXHSRUORWDQWRHVWDEDGHVWLQDGRD QRKDOODUVHDJXVWRHQFRPSDQL)L DGHGHVFRQRFLGRV3XHGHTXHIXHVH DVtSHURHVWDEDHPSH]DQGRDVHQWLUVLPSDWtDSRUHOFKLFR

³0X\ELHQHQWRQFHVHVWRHVORTXHTXLHURH[SOLFDU³GLMRFRQ DPDELOLGDG³9DDHQFRQWUDUVHFRQTXHHOPRGHORKXPDQRGHOD KLVWRULDQRHVXQDOtQHDHVXQDFXUYDVLQXVRLGDOLUUHJXODU(OSURJUHVR QRFRQWLQ~DHQXQDVRODFXUYDGHPRGRTXHWRGRVORVWLHPSRVGLILH UDQGHOVX\R8QDHUDGDGDHVSUREDEOHTXHVHDWDQSDUHFLGDDODVX\D FRPRTXHVHDGLVWLQWD ³0HKDQHQVHxDGRHVR

³6tOHKDQHQVHxDGRHVR3HURDOJXLHQGHOQRORFUHHUHDO PHQWHKDVWDTXHORYH1RPHHQWLHQGDPDOQRWHQJRQDGDFRQWUDHO SHURGHEHDGPLWLUTXHHOHVVRODPHQWHHOSULPHUVLJORFRPSOHWR GHODHWHUQLGDG¢&RUUHFWR" ³&LHUWDPHQWH

³<HOHVVLHPSUHPX\FRQVFLHQWHGHORVWLHPSRVSULPLWLYRVORV VLJORVDQWHVGHTXHHPSLHFHODHWHUQLGDG ³6t'HKHFKROD+LVWRULD3ULPLWLYDHVPLFDPSRGHHVSHFLDOL]D FLyQ

³$KtWLHQH(O~OWLPRPLOHQLRGHORVWLHPSRVSULPLWLYRVIXHXQD HVSHFLHGHGHVDUUROORHQ,PHDUHFWDFRQXQDWHFQRORJtDHQSURJUHVR FRQWLQXR1DWXUDOPHQWHVHFDHHQHOKiELWRGHSHQVDUTXHXQDOtQHD UHFWDFRPRpVDFRQWLQXDUi1RWHQJRTXHGHFLUOHDXQJUDGXDGRHQ +LVWRULD3ULPLWLYDTXHDYHFHVODUD]DKXPDQDQRSURJUHVDVLHVTXH XQDSDODEUDWDOWLHQHDOJ~QVLJQLILFDGRDYHFHVUHWURFHGH

³(VFLHUWR³GLMR&RRSHUIUXQFLHQGRDOJRDIHFWDGDPHQWHORV ODELRV³GXUDQWHXQPLOHQLRGHVSXpVGHOSULPHUVLJORKXERXQGH FOLYHWHFQROyJLFRWDOTXHORVHVWiQGDUHVGHOPHGLRPLOHQLRDQWHULRUDO SULPHUVLJORQRVHUHFXSHUDURQUHDOPHQWHKDVWDTXH $WWUHOOTXHKDEtDHVWDGRSUHVWDQGRDWHQFLyQDODVPDQHUDVOHYH PHQWHSRPSRVDVFRQODVTXH&RRSHUH[KLEtDVXUHFLpQDGTXLULGR VDEHUVXIULyXQUHSHQWLQRHVSDVPRGHVRVSHFKD¢$FDVRHUDpOTXLHQ HVWDEDVLHQGRWRPDGRDEURPD" ³¢(OPHGLRPLOHQLRDQWHULRUDOSULPHUVLJOR"³SUHJXQWy


³6t'HYHUDV(OSULPHUVLJORQRIXHHOSULPHUR ³¢$VtTXHOROODPDQHOSULPHUVLJORVLQUD]yQ"

³(VXQSRFRFRPSOLFDGR0LUHHVFRPRVL

³%XHQRQRLPSRUWD³$WWUHOOGHFLGLyTXHHOPXFKDFKRKDEODED HQVHULR\QRVHQWtDGHVHRDOJXQRGHSURIXQGL]DUHQODVSDUDGRMDVGHO WLHPSR³(VVXHVSHFLDOLGDGDVtTXHDFHSWDUpVXSDODEUD³GLMR³ <RPHJUDGXp HQWUDPDVYLWDOHV/RTXHHVWR\LQWHQWDQGRGHMDUFODUR HVORVLaXLHQWHODaHQWHVHPXHYHHQFtUFXORV3XHGHTXHHVWpQPXY OHMRVHQXQFXDQGRDUULEDRHQXQFXDQGRDEDMR\SXHGHTXHVLJDQ VLHQGRPX\SDUHFLGRVDXVWHG2SXHGHTXHHVWpQMXVWRHQHOFXDQGR GHDOODGR\VHDQFRPSOHWDPHQWHGLVWLQWRV1RVHGHMHLPSUHVLRQDU WDPSRFRSRUHVDGLIHUHQFLD/RTXHDXVWHGSXHGHSDUHFHUOHGHFDGHQ FLDREDUEDULHSDUDRWUDVSHUVRQDVSXHGHVXSRQHUHOGHVFXEULPLHQWR GHXQRVYDORUHVQXHYRV\PHMRUHV¢(VWiIDPLOLDUL]DGRFRQHO" &RQWUDVXYROXQWDG$WWUHOOGHVFXEULyHQVXIXHURLQWHUQRTXH HPSH]DEDDSRQHUVHDODGHIHQVLYDFDVLGHXQPRGREHOLJHUDQWH &RRSHUPHQHyODFDEH]D ³1RHQGHWDOOH

³6yORWHQHPRVFLHQPLOORQHVGHSHUVRQDVHQpO(VXQEXHQ WLHPSR

'HSURQWROHLQYDGLyODDxRUDQ]D+DEtDSDVDGRPXFKRWLHPSR GHVGHTXHYLVLWyHO\HO3RGtDROHUHODLUHIUHVFRFRQVXDURPD DSLQRV\YHUHOD]XOGHORVJODFLDUHVUHFRUWiQGRVHHQHOKRUL]RQWH &DVLSRGtDVHQWLUHOHVSDFLRGHVSHMDGRODVYDVWDVH[WHQVLRQHVDELHUWDV GHVXPXQGR ³6XSRQJRTXHVXHVWiDOJRFRQJHVWLRQDGR³GLMRPHODQFyOLFD PHQWH ³%DVWDQWH&LQFRPLOPLOORQHV

³,JXDOTXHHVWH&RPRFDVLWRGRVORVFXDQGRV(QPLWLHPSR KDEtDXQDSHTXHxDHUDJODFLDO\DVDEH/RVERVTXHVORFXEULHURQ WRGR\ODVFLXGDGHVVHGLVJUHJDURQHQDJUXSDFLRQHVPiVSHTXHxDV GRQGHODYLGDHUDPiVIiFLO1RVJXVWDED\DSXHGHVXSRQHUORSHUR FDGDYH]TXHKD\XQFDPELRFXiQWLFRODVHUDVVXESREODGDVTXHGDQXQ SRFRHQFRJLGDVeVHHVHO~QLFRQRPEUHTXHOHVGDHO*UDQ&RQVHMR 3DQWHPSRUDO´ODVHUDVVXESREODGDV!(QODVRWUDVHGDGHVJODFLDUHV KDEtDFLXGDGHVVXEWHUUiQHDVRGHVDUUROODEDQODHQHUJtDVRODU/DPD \RUSDUWHPDQWHQtDQDOWDODSREODFLyQ


´3HUR\RFUHRTXHODVXESREODFLyQHVH[FHOHQWH1RODFRQVLGHUR VXESREODFLyQODFRQVLGHURSREODFLyQLQWHOLJHQWH/DJHQWHGHFDVL WRGRVORVFXDQGRVVHTXHGDKRUURUL]DGDDQWHHVR$KtWLHQH

$WWUHOOVHHVWDEDHPRFLRQDQGR\SRUVXSXHVWRFRPRVLHPSUHTXH VHSRQtDDVtVHPRUGLyORVODELRV\KXERXQVLOHQFLRUHSHQWLQRTXH GXUyXQODSVRLQFyPRGRGHWLHPSR ³¢&XiQGRGLMRHOHMHFXWRU7ZLVVHOOTXHLEDDYHUPH"³SUHJXQWy ILQDOPHQWH&RRSHU

³&RQ7ZLVVHOOQXQFDVHVDEH³GLMR$WWUHOO/XHJRLQFDSD]GH UHVLVWLUHOLPSXOVROHSUHJXQWy³¢6XSRQJRTXHHVWiHQHOSUR\HFWR +DUYH\0DOORQ" $WWUHOOVHGLYLUWLyDOYHUFyPRVXUJtDODDODUPDHQORVRMRVGHO MRYHQ(VRFRQILUPDEDWDPELpQXQDVRVSHFKD ³¢4XpSUR\HFWR+DUYH\0DOORQ"³SUHJXQWy&RRSHU³1RVp QDGDGHHVR

³6LQRVDEHQDGD\DVHHQWHUDUi(VRHVWRGRORTXHOHLQWHUHVD DKRUDD7ZLVVHOO'HYH]HQFXDQGRGDVHPLQDULRV\QRVKDEODGH +DUYH\0DOORQKDVWDODPXHUWH7RGRORTXHKDFHWLHQHDOJRTXHYHU FRQ0DOORQ ³¢<SRUTXpQRSODQHDGRUDVRFLDGR"³GLMRXQDYR]DPDEOH a (OMHIH SURJUDPDGRUVHYROYLyKDFLDHOQRYDWR TXLWiQGROHFXDOTXLHUpQIDVLVDOWtWXORTXHDFDEDEDGHPHQFLRQDU ³¢6DEH XVWHGDOJRVREUH+DUYH\0DOORQ"(VWiPiVFHUFDGHVX $WWUHOOGLVLPXOyVXVRUSUHVD1RKDEtDRtGRHQWUDUD7ZLVVHOO WLHPSR+D HVWXGLDGRDORVSULPLWLYRV ³3RUQDGDMHIHSURJUDPDGRU ³+D\HVFDVD GRFXPHQWDFLyQVREUHVXYLGDVHxRU &RRSHUVHSXVRUtJLGR6XVSiOLGDVPHMLOODVVHUXERUL]DURQ\VXV7ZLVVHOO VRQULy GHOJDGRVUDVJRVSDUHFLHURQPiVDILODGRVTXHQXQFD ³¢(VRHV WRGRORTXHSXHGHGHFLUPXFKDFKR" ³¢(OMHIHSURJUDPDGRU7ZLVVHOO"³SUHJXQWyWDUWDPXGHDQGR (O FLJDUULOORTXHWHQtDHQWUHORVGHGRVVHKDEtDFRQVXPLGRKDVWDHO $WWUHOOREVHUYyODUHDFFLyQGH&RRSHU\HQXQDFRPLVXUDGHVXV SXQWR TXHVyORTXHGDEDODFROLOOD\HQVXOXJDUDSDUHFLyRWURHQFHQ ODELRVDOHWHySRUXQRVLQVWDQWHVODVRPEUDGHXQWHPEORU7HQtDXQD GLGR (OLQWHUFDPELRIXHUHDOL]DGRFRQODHQJDxRVDIDFLOLGDGTXH LGHD EDVWDQWH EXHQD GH OR TXH VHQWtD &RRSHU +DEtD YLVWR XQD PLUDGD UHYHODEDWRGDXQDYLGDGHSUiFWLFDSHURD$WWUHOOOHSDUHFLyFRPRVH VLPLODU PLWDG LQFUHGXOLGDG \ PLWDG GHFHSFLyQ HQ ORV RMRV GH XQD                OR SDUHFtDVLHPSUHXQDH[KLELFLyQJUDWXLWDGHKDELOLGDG GRFHQDGHQRYDWRVFXDQGRVXVRMRVVHHQFRQWUDEDQSRUSULPHUDYH] ³/H RIUHFHUtDXQFLJDUULOOR³OHGLMR7ZLVVHOOD&RRSHU³SHURVp


FRQHOJUDQKRPEUHGH ODHWHPLGDG TXHQRIXPD &DVLHQQLQJ~QFXDQGRGHODHWHUQLGDGHVWiELHQYLVWR 3HURFXDQGRODUHSXWDFLyQGHXQKRPEUHHVFRORVDO\VXQRPEUH IXPDU 6yORHQHOKDFHQEXHQRVFLJDUULOORV\ ORVPtRVORVLPSRUWR PiJLFR HV GLItFLO HQFDUDUVH FRQ OD UHDOLGDG IIVLFD GH XQD ILJXUD HQFRU

 HVSHFLDOPHQWHGHVGHDOOL(VXQDSHQD/DVHPDQDSDVDGDWXYHTXH YDGDXQURVWURSHTXHxR\UHJRUGHWHXQDFDOYDOLVD\SURQXQFLDGD _ HVWDU GRVGtDVHQHOVLQIXPDU(QHOQROHVLPSRUWDHOLQFHVWR XQRVRMLOORVTXHVHSHUGtDQGHQWURGHXQPLOODUGHSHTXHxDVDUUXJDV _ SHUR VHKDEUtDQGHVPD\DGRFRPRVROWHURQDVVLKXELHVHVDFDGRXQ XQD VRQULVD EHQHYROHQWH \ XQ FLJDUULOOR 3RU HQFLPD GH WRGR HO FL , FLJDUULOOR$YHFHVSLHQVRTXHGHEHUtDGLVSRQHUXQFDPELRFXiQWLFR\ JDUULOOR a DFDEDUFRQWRGRVORVWDE~HV VREUHHOQRIXPDUGHODHWHUQLGDGHQWHUD &RRSHUWHQtDHODVSHFWRGHYHUSRUSULPHUDYH]HQVXYLGDXQ a SHUR FDGDYH]TXHLQWHQWRLPDJLQDUORPHHQFXHQWURTXHFDXVDJXH FLJDUULOOR&XDQGRXQDQXEHFLOODGHKXPROHDOFDQ]yVHHQFRJLyYL a UUDVHQ HORXQDVRFLHGDGHVFODYLVWDHQHO6LHPSUHKD\DOJR VLEOHPHQWH , ´¢/HJXVWDUtDYHUXQ FDPELRFXiQWLFRPXFKDFKR"³SURVLJXLy ³¢(VXVWHGPLPXFKDFKR"¢0LMRYHQFLWR" FRQHOPLVPR WRQRPRQyWRQRGHYR]³+HGLVSXHVWRXQRSDUDXVWHG 7ZLVVHOO VH DFHUFy D &RRSHU DO]DQGR OD YLVWD KDFLD VX URVWUR    a &RJLyDOQRYDWRSRUHOFRGR\OHKL]RVDOLU /RV RMRV GH $WWUHOO OHV VLJXLHURQFRQJUDYHGDG1XQFDKDEtDYLVWR D 7ZLVVHOO DFWXDU GH XQ PRGR WDQH[FpQWULFRQLKDEODUWDQWR 6H HQFRJLy GH KRPEURV 1R LEDDGHVFXEULUQDGDDVtTXH¢SDUD TXp URPSHUVH OD FDEH]D" 9ROYLyDVXRILFLQD\WRPyDVLHQWRSDUD WUD]DU PDSDV YLWDOHV GHO PLVPRPRGRFRQFLHQ]XGRTXHKDEtDXVDGR GXUDQWH ILVLRDxRV HQWHURV(Q WLHPSRVKDEtDWUDPDGRODVUXWDVYLWDOHV DOWHUQDWLYDV LQFOX\HQGR WRGDV ODVGHSUREDELOLGDGVXSHULRUDO GH  LQGLYLGXRV HQ FX\RV VLJORV QRKDEtDQLQJ~QWLSRGHWUDWDPLHQWR GHFHQWH SDUD HO FiQFHU (VR LQFOXtDGHVGHHOKDVWDHOTXHQR KDEtD ORJUDGR GHVDUUROODU XQD WHFQRORJtDJHQpWLFDPDQHMDEOH\SDUWHV GHORVEDVWDQWHH[FpQWULFRV \TXHKDEtDQUHDFFLRQDGRYLROHQWD PHQWH D OD PHGLFLQD ItVLFD LQGX\HQGRHOXVRGHH[SORUDFLRQHVSVtTXL FDV \ RWUDV D\XGDV ItVLFDV DO SVLFRDQiOLVLV UHWURFHGLHQGRDXQWLSRGH


EDVWDQWHVSXQWRVGHFRQWDFWRFRQODFXUDFLyQ YLWDOHVKDEtDWUDPDGRH[DFWDPHQWH

FRPRUHVXOWDGRGHHOOR2DOPHQRVOD

QRKDEtDLPSOLFDGRFDPELRVFXiQWLFRV

PXHUWHVSUHPDWXUDVGHFiQFHUKDEtDQVLGR FDURSHURORVPLHPEURVGHORVJRELHUQRV

SLGLHQGRPiVDJULWRVPiVVXHURVDQWLFiQFHU DOFRVWHTXHIXHVHPiVYLGDVTXHVDOYDU ORVTXHVHVDOYDQ DQVHUtDQPiVELHQ

7ZLVVH8FRQFDGDFDPELRFXiQWLFRHQ

SVLTXLDWUtD

TXH

WHQtD

PHGLDQWHODIH 'H WRGRV ORV  FX\DV UXWDV

 VH KDEtDQ EHQHILFLDGR

H[WHQVLyQ GH ODV YLGDV GH ORV

GH YDORU QHJDWLYR \ VXV

HYLWDGDV (O WUDWDPLHQWR HUD GH

HVRV

VLJORV

VHJXtDQ

HQYLDGRV D WUDYpV GHO WLHPSR

$WWUHOO VDEtD PX\ ELHQ TXH

SRFRV (UDOD WHVLV IDYRULWD GH

FRPRVLLQWHQWDVHYHUFODURDWUDYpVGHODQHEOLQDFUHDGDSRUHOFLJDUUL OORKDEODQGRFRQXQHVSDQWRVRDFHQWRGLDOHFWDOGHOWHUFHUPLOHQLR B6R\%ULQVOH\6KHULGDQ&RRSHUVHxRU³GLMR&RRSHU³HQPL VLyQ\HVSHUDQGRyUGHQHV

+DEOyHQOHQJXDGHOPLOHQLRVHVHQWDFRQODWUDEDMRVDOHQWLWXGGHO TXHDFDEDGHVDOLUGHODHVFXHOD

³£2KIRUPDOLGDGHV³(OMHIHSURJUDPDGRUDJLWyODPDQRTXH VRVWHQtDHOFLJDUULOOR\XQDVFHQL]DVOLJHUDVFRPRSOXPDVFD\HURQ VREUHHOVXHORSXOLPHQWDGR³<QRVHWRPHODPROHVWLDGHKDEODUHQ PLOHQLRVHVHQWD+HHVWXGLDGRPXFKRVXSURSLDOHQJXD/DKDEOR PDUDYLOORVDPHQWHELHUL<DKRUDGtJDPH¢TXpWLHQHGH PDORHO LQWHUpVHQ+DUYH\0DOORQSODQHDGRUDVRFLDGR$WWUHOO"

$WWUHOOODUHFRQRFLyFRPRORTXHHUDXQDSUHJXQWDUHWyULFD\GH WRGRVPRGRVQRFUHtDTXHSXGLHVHKDEODUPLOHQLRWUHVFRQODIOXLGH] VXILFLHQWHDVtTXHPDQWXYRXQVLOHQFLRHVWUDWpJLFR

³¢$FDVRQRHVGLJQRGHHVWXGLR"³GLMR7ZLVVHOOO(VXQSULPL WLYRDVtTXHQRVHSXHGHOOHJDUSHUVRQDOPHQWHKDVWDpOHQXQDFDELQD <FRQWRGRLQYHQWyHOFDPSRWHPSRUDOHQHO\HVRKL]RSRVLEOHV ODVFDELQDVFXDWURFLHQWRVDQRVGHVSXpV$OODQyHOWHUUHQR SDUDOD HWHUQLGDG\VHJXLPRVVLQVDEHUDFLHQFLDFLHUWDFXiQGRQDFLyRFXiQGR PXULy3UHJXQWHPRVDPLPXFKDFKR (VWD~OWLPDSDODEUDOD)RQXQFLyFRPR´PXLVKDVKRµFRQHO


DFHQWRHQODWHUFHUDVtODED\HQORVRtGRVGH$WWUHOOHVRVRQDEDFRPR XQDYLOSHUYHUVLyQGHORTXHODSDODEUDGHEtDVHU

   EHQHILFLRGHODKXPDQLGDGVHUtDPiVGLItFLOHQFRQWUDUHOVLJXLHQWH 1XQFDLPSRVLEOHSHURVLHPSUHPiVGLItFLO $WWUHOOVXVSLUy¢/OHJDUtDHOGtDHQTXHQLQJXQDYLGDSXGLHVHVHU DOWHUDGDHQWRGRHOWLHPSR"¢&XDQGRODKLVWRULDKXPDQDVLJXLHVH ILQDOPHQWHVXFDPLQRLGHDO"

(O*UDQ&RQVHMR3DQWHPSRUDOGHFtDTXHQR1RSRGtDKDEHULGHDL DOJXQRHQXQQ~PHURLQILQLWRGHFDPLQRV/R~QLFRTXHSRGtDKDFHU VHHUDDSUR[LPDUVHDVLQWyWLFDPHQWHDpO$FHUFDUVHHWHUQDPHQWH /OHJDUQXQFD 9ROYLyDLQFOLQDUVHVREUHODYLGDGH/\PDQ+XJK6KDSXUGHOVLJOR \WUD]yRWUDYH]ODH[WUDxDELIXUFDFLyQGREOHTXHD~QQRKDEtD FRQVHJXLGRLQWHUSUHWDUGHOWRGR9HDPRVVL

$QGHUV+RUHPPQDWLYRGHOVLJOR PX\UtJLGR\UHVWULFWLYRHQ FXDQWRDODHQHUJtDDWyPLFDOHYHPHQWHU~VWLFRDPDQWHGHODPDGHUD QDWXUDOFRPRPDWHULDOHVWUXFWXUDOH[SRUWDGRUHVGHFLHUWRVWLSRVGH SRWDEOHVGHVWLODGRVDFDVLWRGRVORV FXDQGRVHLPSRUWDGRUHVGHWUp ERO WRPyODFDELQDKDFLDHOVLJOR 6XURVWURFHWULQRFRQODVPHMLOODVSURQXQFLDGDV\ORVODELRVGHOJD GRVHVWDEDWUDQTXLOR1RPRVWUDEDQHUYLRVLVPRDOJXQRIUHQWHDXQ GHOLFDGRWUDEDMRHQHOTXHQRHUDSRVLEOHQLQJ~QHUURU-DPiVVHOH KDEtDRFXUULGRTXHSXGLHVHFRPHWHUXQHUURUHQXQFDPELRFXiQWLFR +DVWDHOPRPHQWRVXFRQILDQ]DHQVtPLVPRQRKDEtDHVWDGRIXHUDGH OXJDU +RUHPPKDEtDHPSH]DGRVXFDUUHUDHQODHWHUQLGDGFRPRREVHU YDGRU(QWDQWRTXHORVSURJUDPDGRUHVSHUPDQHFtDQHQODDWPyVIHUD UDULILFDGDGHVXVWUDEDMRVPDWHPiWLFRV\ORVSODQHDGRUHVGHYLGDVVH LQWHUQDEDQHQODDJRWDGRUDHLQWHUPLQDEOHMXQJODGHODSRVLELOLGDG LQILQLWD\ORVVRFLDOHVWHMtDQVXVIUiJLOHVWHRUtDVFRQFHUQLHQWHVDORV KRPEUHV\ODVFRVDVHOREVHUYDGRUVDOtDGHFLGLGDPHQWHDOWLHPSR\ WUDtDGHYXHOWDORVGDWRVVLQDQDOL]DUTXHORVDOLPHQWDEDQDWRGRV

(OREVHUYDGRUQRREWLHQHJUDQUHFRQRFLPLHQWRSRUHOOR/DOLWHUD WXUDGHODHWHUQLGDGUHVXHQDFRQORVDSODXVRVDODEULOODQWH]GHOD FRPSXWDFLyQODVGHOLFDGH]DVGHOWUDPDGRODLQWHOLJHQFLDGHODVRFLD OL]DFLyQSHURPX\SRFRVHGLFHGHOREVHUYDGRUTXHUHFRJHORVKHFKRV \D~QPHQRVGHOWpFQLFRFX\DVPDQRVWLUDQGHODVFXHUGDVTXHFDP ELDQPLOHVGHPLOORQHVGHYLGDV +RUHPPOOHYDEDFLQFRDxRVVLHQGRXQWpFQLFR/DPD\RUSDUWHGH HVHWLHPSRKDEtDWUDEDMDGRGLUHFWDPHQWHFRQ7ZLVVHOO7ZLVVHOOOH


KDEtDGLFKRORTXHGHEtDKDFHU\SRUHVR7ZLVVHOOUHFLEtDKRQRUHV +RUHPPKDiDORTXH7ZLVVHOOOHGHFtD\SRUKDFHUORQRHUDDSUH FLDGR(UDFRPRVLORVHWHUQRVLQFDSDFHVGHHYLWDUODFXOSDFROHFWLYD TXHLPSOLFDEDHOKHFKRGHMXJDUDVHU'LRVFRQODVYLGDVGHJHQHUDFLR QHVHQWHUDVODHYLWDVHQFRORFDQGRVREUHORVKRPEURVGHORVWpFQLFRV HOSHVRGHGLFKDFXOSDELOLGDG (QVXVREVHUYDFLRQHVGHODVVRFLHGDGHVTXHSUDFWLFDEDQODSHQD FDSLWDO+RUHPPKDEtDQRWDGRODPLVPDGLVWLQFLyQVRFLDOHQWUHHO UHVSHWDGRMXH]TXHRUGHQDEDTXHVHUHDOL]DVHODHMHFXFLyQ\HOHP SOHDGRGHOJRELHUQRTXHOOHYDEDDFDERODRUGHQSDJDQGRHOSUHFLR GHORVWUDFLVPRVRFLDO

+RUHPPQRVHQWtDDPDUJXUDSRUHVR6HQWtDXQDDXVWHUDDOHJQD VLHQGRXQWpFQLFR\WUDEDMDQGRSDUD7ZLVVHOO1RKDEUtDFDPELDGRVX SRVLFLyQSRUQDGD

3RUHQFLPDGHWRGRVHQWtDXQDH[WUHPDFRPSODFHQFLDDOWUDEDMDU HQORTXH7ZLVVHOOOODPDED´HOPLVWHULR0DOORQµ(UDHOPLVPR+R UHPPTXLHQKDEtDSHQHWUDGRFLHUWDVHUDVGXUDQWHPLVLRQHVFX\RV UHVXOWDGRVQRKDEtDQVLGRUHJLVWUDGRVHQQLQJ~QOLEURGHDFFHVRS~ EOLFR(UDpOTXLHQKDEtDVHJXLGRYLGDVTXH7ZLVVHOOQROHKDEUtD FRQILDGRDQLQJ~QSODQHDGRUSURIHVLRQDO(UDpOHQSHUVRQDTXLHQ KDEtDORFDOL]DGRSRUSULPHUDYH]D%ULQVOH\6KHULGDQ&RRSHU\VX OHQWDVDQJUHVHKDEtDLQIODPDGRDOHQWHUDUVHGHTXHDTXtDOILQ HVWDEDODSHUVRQDTXH7ZLVVHOOKDEtDEXVFDGReOSHUVRQDOPHQWH KDEtDLGRKDFLDDEDMRHQHOFXDQGR WRGRORDWUiVHQODYLGDGH&RRSHU TXH7ZLVVHOOKDEtDRVDGROOHJDU SDUDPHWHUD&RRSHUSULPHURHQOD HVFXHODGHQRYDWRV\OXHJRHQODFODVHDGHFXDGDGHHQWUHQDPLHQWR HVSHFLDOL]DGR/XHJRFXDQGRKDEtDWUDQVFXUULGRHOHQWUHQDPLHQWR PtQLPRHUD+RUHPPTXLHQKDEtDHQYLDGRHOPHQVDMHHQQRPEUHGH 7ZLVVHOORUGHQDQGRD&RRSHUTXHIXHVHDO 7RGF HVWDEDKLHQ6L+RUHPPIXHVHXQKRPEUHGDGRDVRQUHtU DKRUDKDEUtDVRQUHtGR(QHOKLSHUDLVODPLHQWRGHXQDFDELQDTXH DVFHQGtDSRUORVFRUUHGRUHVLQWHUPLQDEOHVGHORVVLJORVKDVWDSRGUtD KDEHUUHtGRHQYR]DOWD3HURVyORVHQWtDODIUtDVDWLVIDFFLyQGHXQD ILVLRGpFDGDGHODERULRVRWUDEDMRTXHVHDFHUFDEDDVXFOtPD[PLHQWUDV YHtDGHVYDQHFHUVHORVVLJORVDWUDYpV\PiVDOOiGHVXFDELQD /DFDELQDVHGHWXYRDOILQVXDYHPHQWHGHPRGRDXWRPiWLFR\OD UHDOLGDGVHVROLGLILFySDUWLHQGRGHODVERUURVDVQHEOLQDVTXHODKDEtDQ URGHDGR +RUHPPQRKL]RQLXQDSDXVDSDUDSHUFLELUODVQXHYDVIDFHWDVTXH WRGRVLJOROHRIUHFHDXQRVRMRVQXHYRVLQFOXVRHQ HOSULPHUR\PiV WULYLDOGHORVHQFXHQWURV/OHYDEDGHPDVLDGRWLHPSRHQVXSURIHVLyQ FRPRSDUDSHUGHUHOWLHPSRFRQREVHUYDFLRQHVTXHQRIXHVHQGHXWL OLGDGLQPHGLDWD


(QFXDOTXLHUFDVRVHKDOODEDVyORHQHVDVHFFLyQGHODHWHUQLGDG HQWUHJDGDDO\QRHQHOWLHPSRSURSLDPHQWHGLFKR/DEDUUHUD TXHVHSDUDEDODHWHUQLGDGGHOWLHPSRVHRVFXUHFtDFRQODVWLQLHEODVGHO FDRVSULPLJHQLR\VXDWHUFLRSHODGDQROX]VHKDOODEDFDUDFWHUtVWLFD PHQWHSXQWHDGDFRQORVKXLGL]RVSXQWRVGHOX]TXHUHIOHMDEDQLPSHU IHFFLRQHVVXEPLFURVFySLFDVGHODPDWHULDTXHQRSRGtDQVHUHUUDGLFD GDVHQWDQWRSHUGXUDVHHOSULQFLSLRGHLQFHUWLGXPEUH +RUDPPDMXVWyFRQGHOLFDGH]DODSRVLFLyQGHODEDUUHUD\ODFUX]y GHVSXpVHQHOVHJXQGRH[DFWRGHOWLHPSRLQGLFDGRSRUHODQiOLVLV HVSDFLRWHPSRUDOFRPRySWLPRSDUDVXSURSL VLWR/DEDUUHUDOODPHy FRQXQDEULOODQWH]LQWDQJLEOHPLHQWUDVODPDVDYLDMDEDDWUDYpVGH HOODPRYLpQGRVHGHODHWHUQLGDGDOWLHP'R 8QPLOOyQGHWRQHODGDVGHPDWHULDVHGHVLQWHJUDEDQFDGDVHJXQGR SDUDDOLPHQWDUODVEDUUHUDVTXHFLUFXQGDEDQDODHWHUQLGDGSHUROD HQHUJtDQRHUDSUREOHPD$YHLQWHPLOPLOORQHVGHDxRVDVFHQGLHQGR HQHOFXDQGRDUGtDODQRYDGHILQLWLYDTXHIXHXQDYH]HO6RO\OD SRWHQFLDHQHUJpWLFDGHXQPLOOyQGHVROHVHVWDEDDOOtSDUDVHUWRPDGD (VRDOPHQRVHUDFRQVWDQWH1LQJ~QFDPELRFRQFHELEOHGHOD UHDOLGDGQLQJXQDDOWHUDFLyQSRVLEOHHQORVLQVLJQLILFDQWHVDVXQWRV KXPDQRVGHOWLHPSRSRGUtDDOWHUDUMDPiVODOOHJDGDGHHVDQRYD

+RUHPPVHHQFRQWUyHQXQFXDUWRGHPiTXLQDV(VWDEDYDFtR \OR VHJXLUtDHVWDQGRGXUDQWHGRVKRUDV\WUHLQWD\VHLVPLQXWRVEDMROD UHDOLGDGSUHVHQWHSRUGRVPLQXWRVPiVEDMRODUHDOLGDGYHQLGHUD6X SURSLDSUHVHQFLDDTXtFRPRKDEtDSUREDGRXQFXLGDGRVRFiOFXORHUD QHXWUDO(QWDQWRTXHQLQJXQDHQWUDGDHQHOWLHPSRSRUFDVXDOTXH IXHVHSRGtDGHMDUGHVXSRQHUXQDGLVWRUVLyQILQLWDHQODWH[WXUDGHOD UHDOLGDGQRWRGDVODVGLVWRUVLRQHVOOHJDEDQDOQLYHOPtQLPRUHTXHULGR FRPRSDUDTXHVHUHDOL]DVHXQFDPELRFXiQWLFR /RTXH+RUHPPKL]ROXHJRIXHDSDUHQWHPHQWHD~QPiVWULYLDO TXHHOVLPSOHKHFKRGHVXSUHVHQFLD&RJLyXQSHTXHxRUHFLSLHQWHGH VXSRVLFLyQVREUHXQDHVWDQWHUtD\ORPRYLyKDVWDXQOXJDUYDFtRHQOD HVWDQWHUtDTXHKDEtDGHEDMR +DELHQGRKHFKRHVWRYROYLyDHQWUDUHQODHWHUQLGDGGHXQPRGR TXHOHSDUHFLyWDQSURVDLFRFRPRKXELHVHSRGLGRVHUORHOFUX]DUXQD SXHUWDFXDOTXLHUD3DUDXQREVHUYDGRUFODYDGRHQHOWLHPSRKDEUtD VLGRFRPRVLKXELHVHGHVDSDUHFLGR

(OSHTXHxRUHFLSLHQWHSHUPDQHFLyDOOtGRQGHORKDEtDSXHVWR1R MXJDEDXQSDSHOLQPHGLDWR HQODKLVWRULDGHOPXQGR/DPDQRGHXQ KRPEUHVHWHQGLyKDFLDpO\QRORHQFRQWUy/DE~VTXHGDUHDOL]DGDOR HQFRQWUyPHGLDKRUDGHVSXpVSHURHQWUHWDQWRXQFDPSRGHIXHU]D VHKDEtDH[WLQJXLGR\XQKRPEUHKDEtDSHUGLGRORVHVWULERV8QD GHFLVLyQTXHHQ XQDUHDOLGDGSUHYLDKDEUtDVHJXLGRVLQVHUDGRSWDGD IXHWRPDGDDKRUDDFDXVDGHODLUD8QHQFXHQWURQRWXYROXJDUXQ KRPEUHTXHKDEUtDPXHUWRYLYLyXQDxRPiV\XQRTXHKDEUtDYLYLGR


XQGtDPiVPXULyXQGtDPiVSURQWR

/DVRQGXODFLRQHVIXHURQHQVDQFKiQGRVH

'HVGHHOLQVWDQWHHQTXHHOUHFLSLHQWHKDEtDVLGRFDPELDGRGH VLWLRKDVWDWRGRHOWLHPSRSRVWHULRUH[LVWLyXQDQXHYDUHDOLGDG(Q DOJXQRVVLJORVHOFDPELRIXHPX\SURQXQFLDGRFRQFXOWXUDVHQWHUDV VXWLOPHQWHDOWHUDGDV(QDOJXQRVVLJORVHOFDPELR IXHPX\OHYH(Q QLQJ~QFDVRIXHGHFHUR

0DVSRUVXSXHVWRQLQJ~QVHUKXPDQRTXHVHKDOODVHHQHO WLHPSRSRGtDVHUFRQVFLHQWHGHTXHDOJ~QFDPELRKXELHVHWHQLGR OXJDU<DXQTXHPLOORQHVGHKRPEUHVTXHKXELHVHQYLYLGRQROOHJD VHQDKDFHUORDFDXVDGHOJHVWRGH+RUHPPORVHWHUQRVFRPSUHQGtDQ \H[FHSWRSRUXQLQVWLQWRLUUDFLRQDOQDGLHKDEUtDFRQVLGHUDGRD +RUHPPXQDVHVLQR ([FHSWRSRUVXSXHVWRHOSURSLR+RUHPP

/DEDQ7ZLVVHOOKDEtDVLGRSDUWHGHOSDLVDMHGHODHWHUQLGDGWDQWR WLHPSRTXHSRFDVHUDQODVSHUVRQDVFRQYLGDFDSDFHVGHUHFRUGDUXQD HWHUQLGDGVLQpO(UDGHOGRPLQLRS~EOLFRTXHKDEtDHVWDGRWDQWR WLHPSRVXPHUJLGRHQORVSUREOHPDVGHODKXPDQLGDGTXHKDEtDROYL GDGRHOQ~PHURH[DFWRGHOVLJORHQTXHKDEtDQDFLGR6HGHFtDWDP ELpQTXHDWHPSUDQDHGDGVHOHKDEtDDWURILDGRHOFRUD]yQ\TXHXQD FRPSXWDGRUDPDQXDOVLPLODUDOPRGHORTXHOOHYDEDVLHPSUHHQHO EROVLOORGHOSDQWDOyQKDEtDRFXSDGRVXOXJDU 7ZLVVHOOQRKDFtDQDGDSRUQHJDUHVRVUXPRUHV'HKHFKRWHQGtD DFUHHUORVpOPLVPR/HKDEUtDPRUWLILFDGRTXHOHGLMHVHQTXHXQD SDUWHGHVXQHUYLRVLVPRLQWHUQRHUDYLVLEOHTXHVXFRUD]yQFRPSXWD GRUDTXL]iVHVWDEDODWLHQGRDXQULWPRLQDSURSLDGRFRPRVLGHVSXpV GHWRGRQRIXHVHPiVTXHXQFRQMXQWRGHP~VFXORV\YiOYXODV (VWDEDPLUDQGRD%ULQVOH\6KHULGDQ&RRSHU$OILQHVWDEDPLUiQ GROH<QDGLHVDEtDVDOYRpOPLVPR\HVHWLSRUDUR+RUHPPTXH HVWHMRYHQQHUYLRVR\FDUHQWHGHWRGDSDUWLFXODULGDGHUDWRGR

(VWDEDQVXELHQGRDODFDELQD6XVFRVWDGRVHUDQSHUIHFWDPHQWH UHGRQGRV\HQFDMDEDQFyPRGDPHQWHHQHOSR]RYHUWLFDO7ZLVVHOO GLVSXVRORVFRQWUROHVFRQXQDPDQRODRWUDSRUVXSXHVWRPDQLSX ODEDVXFLJDUULOOR6HSURGXMRODOHYHFRQPRFLyQQRXQJLURQRXQ PRYLPLHQWRTXHVLJQLILFDEDTXHODFDELQDHVWDEDPRYLpQGRVHDWUD YpVGHODHWHUQLGDG 0LUyD&RRSHU\OHVRQULy ³¢,QTXLHWRMRYHQFLWR"

/RVRMRVGH&RRSHUVHJXLDQHOGLVFXUULUGHORVQ~PHURVJLUDWRULRV


Ma³¢$FXiQWRYDPRVVHxRU"

³'RVVLHWHRFKRXQR1RPX\OHMRV8QSDVHR8QSHTXHxRSD VHR³GLMR7ZLVVHOO ³¢(O"

³¢1RKDHVWDGRQXQFDWDQOHMRV"

³+DVWDHOGtDGHKR\HMHFXWRU7ZLVVHOOQXQFDKDEtDHVWDGRHQ XQFXDQGRPiVDOWRTXHHO ³¢<"¢(VWiDVXVWDGR"

&RRSHUVHUHPRYLyHQVXDVLHQWR

³6RQXQRVGRVFLHQWRVPLODxRVGHGLVWDQFLDGHFDVD

³8QHWHUQRQRWLHQHFDVD'HEHUtDDSUHQGHUHVRPXFKDFKR³ GLMR7ZLVVHOOFRQVXDYLGDG /RVQ~PHURVLEDQ\YHQtDQDXPHQWDQGRFDGDYH]PiV

³¢+DVWDGyQGHKDUHPRQWDGRHQORVFXDQGRVVHxRU"³GLMR &RRSHU

³&UHRTXHGRVFLHQWRVPLOVLJORVPiVRPHQRV1RYDOHODSHQD LUPaiVOHMRVH[FHSWRORVLQJHQLHURVTXHVHDSURYLVLRQDQGHODQRYD 6RO3DUDHQWRQFHVKDFLDHOGRVFLHQWRVPLOODKXPDQLGDGDEDQGRQD OD7LHUUD (OYLHMRHMHFXWRUHVWXGLyHOURVWURLQWUDQTXLORGHORWUR

³6XSRQJRTXHHVRQRVHORHQVHxDURQHQODHVFXHOD¢QR"

 &XHQWRVSDUDOHORV ³(VWDEDPX\HVSHFLDOL]DGRHQRWUDGLUHFFLyQVHxRU³UHSOLFy &RRSHUVRSHVDQGRVXVSDODEUDV 3HUR7ZLVVHOOQROHVSUHVWyDWHQFLyQ

³3HURHOKRPEUHDFDEDSRUDEDQGRQDUHVWHYLHMRPXQGR³GLMR ³¢3RUTXp"

³1RVHVDEHFRQH[DFWLWXG/DHQWUDGDHQHOWLHPSRVHGHWLHQH DOJXQRVVLJORVDQWHVGHODSDUWLGD$OJXQRVGLFHQTXHHVODHYROXFLyQ HOKRPEUHVHFRQYLHUWHHQDOJRGLVWLQWRDOKRPEUH$OJXQRVGLFHQTXH HVODFLHQFLDORVKRPEUHVDSUHQGHQDOILQHOVHFUHWRGHOLPSXOVR KLSHUHVSDFLDO\SXHGHQOOHJDUDODVHVWUHOODV


aRQWRGRQRKD\UD]yQSDUDTXHGHEDQDEDQGRQDUOD7LHUUD

³$OJXQRVSLHQVDQTXHVHYDQSDUDHVFDSDUGHQRVRWURV\QXHVWURV HWHUQRVPDQHMRVGHODUHDOLGDG³GLMR7ZLVVHOO ³¢1RSRGHPRVKDFHUTXHVHTXHGHQ"

³¢3RUTXpGHEHUtDPRVKDFHUOR"¢1RKD\WUDEDMRVXILFLHQWHHQ QXHVWURVGRVFLHQWRVPLOVLJORVGHHWHPLGDG" ³¢4XpVXFHGHGHVSXpVGHTXHVHYDQ"

³1DGD/DHWHUQLGDGFRQWLQ~DVLQVHUHVKXPDQRVKDVWDTXHHO6RO HVWDOOD\OXHJRFRQWLQ~DVLQHO6ROKDVWDTXHODHQWURStDOOHJDDO Pi[LPR\WRGDVODVHVWUHOODVHVWiQPXHUWDV\OXHJRVLPSOHPHQWH FRQWLQ~D/DHWHUQLGDGQRWLHQHILQ /RVQ~PHURVVHGHWXYLHURQ\7ZLVVHOOHQFDEH]yODPDUFKDKDFLD XQDDQWHVDODFXELHUWDGHHVSHMRV ³3HOtFXODVPROHFXODUHVPX\GHPRGDDTXt³GLMR7ZLVVHOOFRQ GLVJXVWR³3VHXGROtTXLGRV

&RQGXMRD&RRSHUPiVDOOiGHXQRVUHVSHWXRVRVHWHUQRVDORVTXH QRSUHVWyQLQJXQDDWHQFLyQ\HQWUyHQXQDSHTXHxDVDODGHREVHUYD FLRQ &RRSHUVHTXHGyPLUDQGRVXSURSLRUHIOHMRGXSOLFDGRFRQXQD IUHFXHQFLDGHVFRQFHUWDQWH ³¢7RGRVRQHVSHMRV"³GLMR

³&DVLWRGR8QDJHQHUDFLyQDODTXHOHHQFDQWDPLUDUVH6LQ HPEDUJRSXHGHQDMXVWDUVHSDUDXQUHIOHMRPHQRU

&RQXQJHVWRGHVXPDQRVREUHXQRVFRQWUROHVELHQGLVLPXODGRV PRGXOyORVHVSHMRVKDVWDXQGLIXVRWRQRJULVSL]DUUDHQHOFXDOpO\ &RRSHUDSHQDVVLHUDQPHUDVVRPEUDV 7RPyDVLHQWR\GLMR

³$~QKHPRVGHHVSHUDUXQSRFR

&XDQGRHOFXHUSRGHOMHIHSURJUDPDGRUVHDFHUFyDOHVTXHOHWR GHVQXGRGHODVLOODEURWyXQWDSL]DGRXQVXDYHWDSL]DGRURMRTXHVH DPROGyKDVWD HQFDMDUHQODDQDWRPtDGH7ZLVVHOO &RRSHUVHVHQWyFDXWHORVDPHQWH\HOWDSL]DGRFUHFLyLJXDOPHQWHD VXHVSDOGD


/DDUUXJDGDPDQRGH7ZLVVHOOVHFHUUyDOUHGHGRUGHXQFRQWDFWRY ODSDUHGPiVFHUFDQDVHGHUULWLyKDVWDFRQYHUWLUVHHQFULVWDO/DV ILJXUDV\ORVREMHWRVVHIXHURQGHILQLHQGR &RRSHUERTXHyVRUSUHQGLGR ³¢4XpHVHVRVHxRU"

³8QHVSDFLRSXHUWR1DYHVHVSDFLDOHVVDOHQGHDTXt\VHPXHYHQ DWUDYpVGHOVLVWHPDVRODUDORODUJRGHOtQHDVHOHFWURJUDYtWLFDV7RWDO PHQWHLQ~WLO ³3HURHVPDJQtILFR

³1DGDHVPDJQtILFRVLVHFRPSUDDOSUHFLRGHODPLVHULD(VWHHV XQVLJORLQIHOL]\ORV~OWLPRV\HVFDVRVFDPELRVFXiQWLFRVKDQWHQGLGR DKDFHUORPiVLQIHOL]$KRUDILQDOPHQWHKD\TXHKDFHUDOJR(VRV SREUHVVHUHVYDQD0DUWHSHURQRKD\QDGDHQ0DUWH1XQFDOR KXER1XQFDORKDEUi(QOD7LHUUDVHYXHOYHKDFLDODVGURJDV(O WLHQHHOtQGLFHGHDGLFFLyQDODVGURJDVPiVDOWRGHWRGDOD HWHUQLGDG ³'HEHQGHHVWDUWUHPHQGDPHQWHDYDQ]DGRVHQVXWHFQRORJtD

³8VWHGHVGHO7DPELpQXQVLJORWHFQROyJLFRDVtTXHHVWi LPSUHVLRQDGR2LJDQLQR¢VDEHFXiQWDVYHFHVKDWHQLGROXJDUHO YLDMHHVSDFLDODORODUJRGHORVVLJEV"£9HLQWLVLHWH1XQFDGXUDPiVGH XQRRGRVPLOHQLRV/DJHQWHVHFDQVD9XHOYHQDFDVD/DVFRORQLDV VHYDQPXULHQGR(QWRQFHVRWURVFXDWURRFLQFRPLOHQLRVRFXDUHQWD RFLQFXHQWD\YXHOYHQDLQWHQWDUOR&XDQGROOHJXpSRUSULPHUDYH]D ODHWHUQLGDGKDEtDWUHLQWD\FXDWURSHGRGRVFRQYLDMHHVSDFLDO ³¢$FDVRORVFRPSXWDGRUHVHVWiQHOLPLQDQGRPHGLDQWHORVFXiQ WLFRVHOYLDMHHVSDFLDOGHODUHDOLGDG"

³(QDEVROXWR¢3RUTXpGHEHUtDPRVKDFHUOR"+XERXQDpSRFD HQODTXHVyORKDEtDFDWRUFHSHUtRGRVFRQYLDMHHVSDFLDO\OXHJROD FLIUDYROYLyDVXELU(QODHWHUQLGDGQRV/LPLWDPRVDPHMRUDUODUHDOL GDG6HJXLPRVODGLUHFFLyQHQODTXH QRVOOHYHHVDPHMRUD3XHGHTXH XQDYH]EDUUDHOYLDMHHVSDFLDODTXtSXHGHTXHOXHJRORUHVWDXUHDKt

&RRSHUREVHUYyHOEULOODQWHPHWDOYHUGRVRGHORVKDQJDUHV\HO UHOXFLHQWHGHVWHOORGHORVQDYtRVGHDFHURDO]iQGRVHVLOHQFLRVD\ VXDYHPHQWHVREUHODVKQHDVGHIXHU]DOLEUHVGHPDVDTXHDWDEDQORV SODQHWDVHQWUHVt7ZLVVHOOREVHUYyPiVD&RRSHUTXHODHVFHQDTXH WHQtDDQWHpO\GHMyTXHHOKXPRGHVXFLJDUULOORVHDO]DVHVXDYHPHQWH SDUDTXHDVtQROHPROHVWDVH ³$TXtVHHVWiWDQOHMRVGHOFXDQGRQDWDO³GLMR&RRSHUODYR]


WUpPXOD<EUXVFDPHQWHDxDGLy³$TXtPLPDGUHOOHYDPXHUWD PiVGHXQFXDUWRGHPLOOyQGHDxRV 7ZLVVHOOPLUyVHFDPHQWHDOPXFKDFKR\GLMR ³¢6XPDGUHH[LVWH"

&RRSHUVHHQFRJLyGHKRPEURV\GLMRFRQYR]DSDJDGD

³1RORVp/RVFDPELRVFXiQWLFRVUDUDYH]VHDFHUFDQWDQWRDO LQLFLRGHODHWHUQLGDG3XHGHTXHVtH[LVWD3HURGHVSXpVGHTXHOOHJXp DODHWHUQLGDG0DQILHOGPHGLMRTXHQRORFRPSUREDVHQXQFD ³0DQILHOGWHQtDWRGDODUD]yQ(VXVWHGXQWRQWRVyORSRUSHQVDU HQHVDVFRVDV ³/RVLHQWRVHxRU

³%LHQHVWiSHUGRQDGR£$KRUDPLUH7UHVVLJORVHQHODEDMR FXDQGR+RUHPPHVWiGHVSOD]DQGRORVFULVWDOHVGHPH]ROLWD(OPR PHQWRHQILVLRWLHPSRHVWiHQFLPDGHQRVRWURV¢HK" ³£(OHVSDFLRSXHUWR³IXHHODJXGRJULWRGH&RRSHU  O

 O (OUHVSODQGRUKDEtDGHVDSDUHFLGRORVHGLILFLRVVHHQFRJtDQ8QD QDYHHVSDFLDOVHR[LGy(OPRYLPLHQWRKDEtDFHVDGR ³¢(VHVRORTXHHVSHUDEDVHxRU"³SUHJXQWy&RRSHU

³(QHIHFWR(OYLDMHHVSDFLDOGHFD\yXQVLJORPiVSURQWRGHOR TXHORKDEUtDKHFKR3HURQRKD\GURJDV/DJHQWHHVPiVIHOL] 0HMRUDVHQRWUDViUHDVGHODVTXHXVWHGQRVDEHQDGD

,QFRQVFLHQWHPHQWH7ZLVVH/,KDEtDYXHOWRDVXSURSLRGLDOHFWR6H GLRFXHQWDGHHOOR\YROYLyDODOHQJXDGH&RRSHU\VXLUULWDFLyQDQWH HOGHV/L]KL]R PiVKLULHQWHVVXVSDODEUDV ³£,GLRWD¢'HUUDPD/iJULPDVSRUHOPHWDO"¢1ROHLPSRUWDOD JHQWH"/HDGYLHUWRTXHVLYDORUDODPDWHULDSRUHQFLPDGHOKRPEUH QRWLHQHXVWHGOXJDUHQODHWHUQLGDG /XHJRFRQXQDUUHSHQWLPLHQWRLQVWDQWiQHRVXWRQRFDPELyGH PRGRUDGLFDO ³1RQR&RRSHUOHHVWR\GDQGRXQDUHSULPHQGDSRUDOJRTXH


QRSXHGHHYLWDU$KRUDYHQJDFRQPLJR4XHQ DTXHYLHVHHVWRVyOR SDUDGDUOHXQSRFRGHSHUVSHFWLYDSDUDTXHSXGLHVHHQWHQGHUPiV 3HURDKRUDYHQJD7HQHPRVSRUGHODQWHQXHVWURDVXQWRVPiVLPSRU WDQWHVHODVXQWRPiVLPSRUWDQWHGHWRGDODHWHUQLGDG $QGHUV+RUHPPUHJUHVDEDHQXQDFDELQDGHO

/DDQWHVDODGHODWUDYpVGHODTXHKDEtDSDVDGRSDUDLUGHOD FDELQDDOWLHPSR\GHOWLHPSRDODFDELQDKDEtDHVWDGR/ODPDWLYD\ REYLDPHQWHYDFtD/RVHWHUQRVGHHVDVHFFLyQGHODHWHUQLGDGVDEtDQ TXHKDEtDXQWpFQLFRWUDEDMDQGR\SUHIHUtDQQRYHUOHQLKDEODUFRQpO

&RQVXIULDOGDGKDELWXDO+RUHPPHQWHQGtDODVUD]RQHV1LQJXQR GHORVHWHUQRVGHHVDVHFFLyQHUDQQDWLYRVGHO£1DWXUD/PHQWH 8QDGHODVUHJODVSULPDULDVGHODHWHUQLGDGHUDTXHQLQJ~QKRPEUH SRGtDHVWDURILFLD/PHQWHDVRFLDGRFRQVXFXDQGRQDWDO6LQRH[LVWLHVH HVDUHJODODVSRVLELOLGDGHVGHFRUUXSFLyQHUDQGHPDVLDGRREYLDV FRPRSDUDGLVFXWLUODV&RQWRGRHOSDVRGHXQWpFQLFRDWUDYpVGHXQD EDUUHUDOHUHFRUGDUtDDJXGDPHQWHDWRGRVORVKRPEUHVTXHVXSURSLR FXDQGRQDWDOSRGtDVXIULUHQHOVLJXLHQWHFDPELRFXiQWLFR<DXQTXH ODVPHQWHVGHWRGRVORVHWHUQRVVHKD/ODEDQHGXFDGDVSDUDVDEHUTXHVL H/ORRFXUUtDHUD LQHYLWDEOH\KDVWDGHVHDEOHORVFRUD]RQHV LQFOXVRORV GHORVHWHUQRV QRHVWDEDQVLHPSUHGLVSXHVWRVDGHMDUVHHGXFDU $PHQRVSRUVXSXHVWRTXHVHWUDWDVHGHOFRUD]yQGHXQKRPEUH FRPRpOSHQVyHOWpFQLFR\DOSHQVDUORIUXQFLyHOFHxR0XFKDV YHFHV OHKDEtDQSXHVWRFRPRHMHPSORDORVQRYDWRV/DGHYRFLyQDO GHEHU\ODFRQFLHQFLDGHXQDPLVLyQTXHWUDVFHQGtDWRGDFRQVLGHUD FLyQSHUVRQDOHUDQWRGRORTXHGHEtDHQWUDUHQODIRUPDFLyQGHXQ HWHUQRVR/LDGHFLUVH

+RUHPPKDEtDYLYLGRHQWLHPSRVVLJXLHQGRFRQHQWXVLDVPRWDO UHJODHQORVGtDVHQTXHHUDXQVLPSOHREVHUYDGRUDEDQGRQDQGR FDXWHORVDPHQWHODHWHUQLGDGSDUDUHFRJHUGDWRVHQVLOHQFLRVLQKD FHUVHQRWDUHILFLHQWHPHQWH&DGDYH]TXHHUDSRVLEOHXWLOL]DEDODV FDVDVaORVHPSOHDGRVGHOWLHPSR HQODHWHQQLGDGFRPREDVH &XDQGRQRHUDFRQYHQLHQWHKDFHUORUHVLGtDHQKRWHOHVVLORSHUPL WtDQORVPDSDVHVSDFLRWHPSRUDOHV\VLLQVLVWtDQHQHOORGRUPtDGH EDMRGHXQVHWR

(QFDGDSHQHWUDFLyQORVPDSDVHUDQVLHPSUHGHORPiVPHWLFX ORVRDFHUFDGHGyQGHSRGtDLU\FXiQGRSRGtDKDFHUORORTXHSRGtD KDFHU\ORTXHQR1XQFDFRQXQDHILFLHQFLDTXHDKRUDOHKDEtD FRQYHUWLGRHQHOWpFQLFRPiVDSUHFLDGRSRU7ZLVVHOOKDEtDLQYDGLGR iUHDVSURKLELGDVGHJHQWHHVSDFLRRWLHPSR(QQLQJ~QPRPHQWRGH VXFDUUHUDODWH[WXUDGHODUHDOLGDGVHKDEtDWDPEDOHDGRSRUTXHpO KXELHVHUHEDVDGRORVOtPLWHV

/RTXHDFDEDEDGHKDFHUHUDXQHMHPSOR6XVDFFLRQHVKDEtDQ VLGRGHOLPLWDGDVHQHOHVSDFLRWLHPSRSDUDFRQVHJXLUUHVXOWDGRVySWL


PRV(UDHOHTXLYDOHQWHGHOD LQFLVLyQVHJXUDGHOFLUXMDQRHOGLHVWUR JLURGHOLQJHQLHUR

(UDpOTXLHQRULJLQDEDOD&01 QLQJ~QHWHQQRSHQVDEDHQOD ´&DXVD0tQLPD1HFHVDULDµGHRWURPRGRTXHQRIXHVH&01 XVDQ GRVXSURSLRPpWRGRGHVSXpVGHTXHHOFRPSXWDGRUKXELHVHLQGLFDGR ODQDWXUDOH]DJHQHUDOGHOD&01UHTXHULGD(UD7ZLVVHOOWUHVVLJORV GHVSXpVHQHOWLHPSRTXLHQREVHUYDEDHO056 0i[LPR5HVXOWDGR 6LJQLILFDWLYRWHHQVHxDEDQDGHFLUHQODHVFXHOD  £7tSLFR(OWpFQLFRSURGXFtDODSHTXHxD\GHVKRQURVDFDXVD(O FRPSXWDGRUREVHUYDEDHOFRQVLGHUDEOH\KRQURVRUHVXOWDGR

1RLPSRUWDED1DGDWHQtDLPSRUWDQFLDH[FHSWRODJUDQREUDTXH DKRUD\DVHKDOODEDPX\FHUFDGHOQRYDWR&RRSHUPiVFHUFDGHOR TXHQXQFDKDEtDOOHJDGR 6LQWLyXQOHYtVLPRHVWUHPHFLPLHQWR'HSURQWRVLQTXHUHUKDEtD SHQVDGRHQVXSULPHUILVLRDxRHQHO

1RVDEtDFyPRHUDODpSRFDDKRUD5HKXtDOHHUVREUHHOOD+DEtD HYLWDGRODVPLVLRQHVHQVXSUR[LPLGDG3HURUHFRUGDEDFRQH[WUHPD FODULGDGFyPRKDEtDVLGRFXDQGRWHUPLQyODHVFXHOD\UHFLELyVX SULPHUDPLVLyQHQODHWHUQLGDG 2EVHUYDGRUHQHO\ORVVLJORVYHFLQRV

£2EVHUYDGRUO£2EMHWLYR\IQ R£,QFDSD]GHYHUQDGDGLVWLQWRD FRPRHUDHQUHDOLGDG

£2EVHUYDGRU(OKRPEUHFX\RWUDEDMRQRWHUPLQDEDQXQFDGDGR TXHFDGDFDPELRFXiQWLFRYDFLDEDGHVHQWLGRHQPD\RURPHQRUPH GLGDWRGRVORVGDWRVREVHUYDFLRQDOHVHQORVVLJORVLPSOLFDGRV

+DEtDYXHOWRFRQVXSULPHULQIRUPHVREUHHO\VHKDEtDDVHJX UDGRGHFRQWLQXDUFRQVXDFWLWXGIQ D\REMHWLYD6HDVHJXUyGHQR SRQHUDOGHVFXELHUWRQLXQDIUDFFLyQGHODGHVDSUREDFLyQTXHVHQWtD HQVXIXHURLQWHUQR(UDXQDHUDVLQpWLFDQLSULQFLSLRVWDO\FRPRpO HVWDEDDFRVWXPEUDGRDFRQFHELUORV(UDKHGRQLVWDPDWHULDOLVWDFRQ VLGHUDEOHPHQWHPDWULDUFDO(UDOD~QLFDHUDHQTXHKDEtDIORUHFLGRHO QDFLPLHQWRHFWRJpQLFR\HQVXPRPHQWRFXPEUHHOSRUFLHQGHVXV PXMHUHVGDEDQDOX]HQWUHJDQGRPHUDPHQWHXQyYXORIHUWLOL]DGRDORV GHSyVLWRVGHyYXORV(OPDWULPRQLRVHKDFtD\GHVKDFtDSRUPXWXR DFXHUGR\HUDFRQVLGHUDGRFRPRXQDFXHVWLyQSXUDPHQWHHPRFLRQDO    /DXQLyQGHVWLQDGDDHQJHQGUDUQLQRVVHKDOODEDSRUVXSXHVWRVHSD UDGDGHODVIXQFLRQHVPHUDPHQWHVRFLDOHVGHOPDWULPRQLR\HUDGHFL GLGDVREUHSULQFLSLRVSXUDPHQWHHXJHQpVLFRV


+RUHPPFUHtDTXHGHRWURVFLHQPRGRVGLVWLQWRVDTXHOODVRFLH GDGHVWDEDHQIHUPD\DQKHODEDXQFDPELRFXiQWLFR6HOHHQGXUHFtD ODPDQGtEXODFRQXQDH[FLWDGDDQWLFLSDFLyQDOSHQVDUHQORVPLOORQHV GHPXMHUHVGHGLFDGDVDEXVFDUHOSODFHU ODYHUGDGHVTXHFRQORV KRPEUHVQRKDEtDTXHFRQWDU TXHVHHQFRQWUDUtDQFRQYHUWLGDVHQ DXWpQWLFDVPDGUHVGHFRUD]yQSXURHQRWUDUHDOLGDGFRQWRGRVORV UHFXHUGRVTXHHOORLPSOLFDVHLQFDSDFHVGHGHFLUVRxDURLPDJLQDU TXHDOJXQDYH]KXELHVHQVLGRDOJXQDRWUDFRVD0LOORQHVGHVHUHV YLYLHQWHVMDPiVKDEUtDQYLYLGRHQXQLQVWDQWH\PLOORQHVGHRWURV VHUHVHQWUDUtDQHQODH[LVWHQFLDFRQYHQFLGRVFRPRVLVHWUDWDVHGH DOJRLQFXHVWLRQDEOHGHTXHSRVHtDQDQWHSDVDGRVHLQIDQFLDV<HQVX UHDOLGDGVHUtDFLHUWR 3HUR VXVLQIRUPHVQRUHYHODEDQQLQJXQRGHVXVVHQWLPLHQWRVY VDEtDTXHQRGHEtDQKDFHUOR/DGHVDSUREDFLyQTXHVHQWtDKDFLDOi HUD\WRGDVXREUDQRVDOLyDODOX]KDVWDTXH1R\V/DPEHQWHQWUySRU SULPHUDYH]HQVXVHFWRUGHODHWHUQLGDGFRPRVHFUHWDQDGHOSURJUD PDGRU+REEH)LQJH

+RUHPPPLUDEDFRQFLHUWDVRVSHFKDDWRGRVORVHPSOHDGRVGHO WLHPSR,GHDOPHQWHSHQVDEDHQODHWHUQLGDGVyORGHEHUtDQHVWDUORV HaHUQRV/DSUHVHQFLDGHLQGLYLGXRVFRUULHQWHVGHOWLHPSRKDFtDSUHFL VDVPLOSUHFDXFLRQHV3HURQDWXUDOPHQWHORVSURJUDPDGRUHVVLHP SUHLQVLVWtDQHQTXHKDEtDPLOUD]RQHVSDUDVXXVR 1R\V/DPEHQWVLQHPEDUJRVXSHUDEDODVGLH]PLOUD]RQHVR DVtOHSDUHFtDD+RUHPP

'RVGtDVGHVSXpVHQWUyGHFLGLGDPHQWHHQODRILFLQDGH+REEH )LQJHSURJUDPDGRU DVRFLDGR )LQJHHVWDEDPXHUWR\DXQKRPEUH VRQQHQWH\UHJRUGHWHDOJRPLRSHSURFHGHQWHGHXQVLJORFHQWUDGR HQODHQHUJtDDOUHGHGRUGHOTXHVLHPSUHSDUHFtDVRUSUHQGLGRGH KDOODUVHVHQWDGRHQDOJRKHFKRGHVLPSOH\IUiJLOPDWHULD\TXHSLVDED FRQFDXWHODHOVXHORSRUPLHGRDTXHVHURPSLHVHEDMRVXSHVR

+RUHPPHQVHJXLGDGHMyFODURORTXHSUHWHQGtD

³3URJUDPDGRU)LQJHSURWHVWRSRUTXHVHKD\DFRQWUDWDGRDODVH xRULWD/DPEHQW

³$K+RUHPP³)LQJHDO]yODYLVWDVRQULHQGR³6LpQWHVH6LpQ WHVH(QFXHQWUDDODVHxRULWD/DPEHQWLQFRPSHWHQWHLQDGHFXDGD ³1RSXHGRGHFLUVLHVLQFRPSHWHQWHRQR³GLMRVHFDPHQWH+R UHPP³1RKHKHFKRXVRGHVXVVHUYLFLRVQLSLHQVRKDFHUOR(VVX VHFUHWDULD3HURFLHUWDPHQWHHVLQDGHFXDGD

1RHUDPX\DGHFXDGRKDEODUOHDVtDXQVXSHQRUSHUR+RUHPP HQVXMXYHQWXGKDEtDVLGRXQLGHDOLVWDHQORWRFDQWHDODHWHUQLGDG\ VHQWtDQHFHVDULRSURWHVWDUFRVWDVHORTXHFRVWDVH


)LQJHVHORTXHGyPLUDQGRFRQDVSHFWRGLVWDQWHFRPRVLVXPHQWH GHSURJUDPDGRUVRSHVDVHDEVWUDFFLRQHVPiVDOOiGHODOFDQFHGHXQ HWHUQRFRUULHQWH ³¢(QTXpVHQWLGRHVLQDGHFXDGD+RUHPP"

³0HDVRPEUDTXHGHEDXVWHGSUHJXQWDUORSURJUDPDGRU6XYHV WLPHQWDHVDEVROXWDPHQWHODPHQWDEOH ³2KYDPRV

³1RKHSRGLGRHYLWDUHOQRWDUTXHOOHYDPX\SRFR SRUHQFLPDGH ODFLQWXUD³6XVPDQRVVHPRYLHURQYDJDPHQWHDODDOWXUDGHOSH FKR³$SDUWHGHHVRODOHYHGDGGHVXVPDQHUDVHVUHSXJQDQWH

³+RUHPPHVWR\VHJXURGHTXHVXVURSDV\VXDFWLWXGVRQSDUWH GHODVFRVWXPEUHVGHVXWLHPSR8VWHGFRPRREVHUYDGRUGHEHUtDVHU FRQVFLHQWHGHHOOR ³(QVXSURSLRDPELHQWHHQVXSURSLRPHGLRFXOWXUDOQRKDOODUtD IDOWDDOJXQDHQVXFDUiFWHU6LQHPEDUJRDTXtHQODHWHUQLGDGXQD SHUVRQDFRPRHOODHVWiIXHUDGHOXJDU )LQJHVRQULy(IHFWLYDPHQWHVRQULy\VLD+RUHPPOHKXELHVH TXHGDGRDOJ~QP~VFXORHQHOFXHUSRTXHQRHVWXYLHVHWHQVRORKD EUtDWHQVDGRHQWRQFHV ³/DFRQWUDWpGHOLEHUDGDPHQWH³GLMR)LQJH³(VWiGHVHPSH xDQGRXQDIXQFLyQHVHQFLDO(VVyORWHPSRUDO,QWHQWHVRSRUWDUOD PLHQWUDVWDQWR

$+RUHPPVH OHHQGXUHFLyODPDQGtEXOD+DEtDSURWHVWDGR\VX SURWHVWDKDEtDVLGRUHFKD]DGD1RVHUYLUtDGHQDGDSUHJXQWDUFXiOHUD HVD´IXQFLyQHVHQFLDOa8QSURJUDPDGRUMDPiVGDEDH[SOLFDFLRQHV\ FLHUWDPHQWHPHQRVDXQREVHUYDGRU1RVHSRGtDPROHVWDUDODDULV WRFUDFLDPHQWDOTXHJREHUQDEDODHWHUQLGDG 6HYROYLyHQYDUDGDPHQWH\FDPLQyKDFLDODSXHUWD/DYR]GH )LQJHOHGHWXYR

³2EVHUYDGRU¢KDWHQLGRXVWHGDOJXQDYH]³GLMR)LQJHYDFL ODQGRSDUHFLHQGRTXHUHUHVFRJHUFRQFXLGDGRVXVSDODEUDV³XQD DPLJD" &RQODERULRVDHLQVXOWDQWHSUHFLVLyQ+RUHPPFLWy

³&RQHOSURSyVLWRGHHYLWDUFRPSOLFDFLRQHVHPRFLRQDOHVFRQHO WLHPSRXQHWHUQRQRSXHGHFDVDUVH&RQHVHPLVPRSURSyVLWRFRQ UHVSHFWRDODIDPLOLDXQHWHUQRQRSXHGHWHQHUKLMRV


³1ROHKHSUHJXQWDGRDFHUFDGHOPDWULPRQLRRORVKLMRV³GLMR JUDYHPHQWHHOSURJUDPDGRU +RUHPPDPSOLyVXOLVWD

³3XHGHQHVWDEOHFHUVHUHODFLRQHVWHPSRUDOHVFRQPRUDGRUHVGHO WLHPSRVyORGHVSXpVGHKDEHUHQWUDGRHQFRQWDFWRFRQOD2ILFLQD &DUWRJUiILFD&HQWUDOSDUDXQPDSDHVSDFLRWHPSRUDODGHFXDGR ³7RWDOPHQWHFLHUWR¢6HKDSXHVWRDOJXQDYH]HQFRQWDFWRRE VHUYDGRU" ³1RSURJUDPDGRU

³%LHQ+RUHPPTXL]iGHEHUtDKDFHUOR/HGDUtDXQDSHUVSHF WLYDPiVDPSOLDGHODYLGD/HLQWHUHVDUtDQPHQRVEVGHWDOOHVLQGX PHQWDULRVGHXQDPXMHU

+RUHPPVHIXHHQPXGHFLGRSRUODUDELD 'HVSXpVGHDTXHOORWUDEDMyFRQPiVDKtQFRTXHQXQFD\RGLy D~QPiVDODHUD,JQRUyODRIHQVLYDSUHVHQFLDGHODHPSOHDGDSHUR VLHPSUHHUDFRQVFLHQWHGHHOOD'HDOJ~QPRGRVLQSUHJXQWDUOR QXQFDGLUHFWDPHQWHVHHQWHUyGHTXHVXQRPEUHHUD1R\V/DPEHQW\ TXHHUDOREDVWDQWHULFDFRPRSDUDVHULQGHSHQGLHQWHTXHQRWHQtD TXHUHQGLUOHFXHQWDVDQDGLHTXHHQVXWLHPSRHUDXQDDULVWyFUDWD (QWRQFHV¢SRUTXpLEDDGHVHDUWUDEDMDUHQODHWHUQLGDG"¢&yPR SRGtDGHVHPSHxDUORVGHEHUHVGHXQDVHFUHWDULD"

7HQtDJUDQGHVVRVSHFKDVVREUH)LQJH)LQJHKDEODEDFRQGHVFDUR GHUHODFLRQHVOOHJDEDLQFOXVRDUHFRPHQGDUODV/DHWHQQLGDGVLHPSUH KDEtDVLGRFRQVFLHQWHGHODQHFHVLGDGGHOOHJDUDFRPSURPLVRVFRQORV DSHWLWRVKXPDQRV SDUD+RUHPPODIUDVHLPSOLFDEDXQHVWUHPHD PLHQWRGHUHSXOVLyQ SHURODVUHVWULFFLRQHVTXHFRQOOHYDEDHOHVFRJHU DPDQWHVKDFtDQTXHHOFRPSURPLVRSXGLHVHFDOLILFDUVHGHWRGRH[ FHSWRGHJHQHURVR (QWUHORVJUXSRVLQIHULRUHVGHHWHUQRVKDEtD VLHPSUHUXPRUHV PHGLRHVSHUDQ]DGRVPHGLRUHVHQWLGRV VREUHPXMHUHVLPSRUWDGDV VREUHXQDEDVHPiVRPHQRVSHQPDQHQWHSRUUD]RQHVREYLDV(O UXPRUVHxDODEDVLHPSUHDORVSURJUDPDGRUHVFRPRHOJUXSREHQHIL FLDGR(OORV\VyORHOORVSRGtDQGHFLGLUTXpPXMHUHVSRGtDQVHUDEV WUDtGDVGHOWLHPSRVLQXQFDPELRFXiQWLFRGHODUHDOLGDG

/RVUXPRUHVVHJXtDQVLHQGRUXPRUHV(QQLQJ~QFDVRVHKDEtDQ FRPSUREDGRQLHQFRQWUDGRDXQRVFXOSDEOHVGHWHQPLQDGRV\+R UHPPKDEtDGHVFDUWDGRVLHPSUHHVDVFRVDVFRPRYDSRURVDVHVSHFXOD FLRQHVGHPHQWHVRFLRVDV


3HURDKRUDVRVSHFKDEDGH)LQJH¢8QDPXMHUFRPRpVDVXVHFUH WDULD"&RQRFtDRWUDVSDODEUDVSDUDFDOLILFDUOD

8QGtDVHWRSyFRQODPXMHUHQXQSDVLOOR\VHHFKyDXQODGRSDUD GHMDUODSDVDU\DSDUWDQGRODYLVWD 3HURHOODVHTXHGyLQPyYLOPLUiQGROH

³8VWHGHVHOREVHUYDGRU+RUHPP¢YHUGDG" eODVLQWLyEUHYHPHQWHFRQIULDOGDG

³0HKDQGLFKRTXHHVWRGRXQH[SHUWRHQQXHVWURWLHPSR ³3RUIDYRU¢YDDGHMDUPHSDVDURSDVDXVWHG"

1RSXGRHYLWDUHOPLUDUOD\HOODOHVRQULyPRYLpQGRVHFRQXQOHQWR EDODQFHRGHFDGHUDVTXHKL]RDVFHQGHUVXIQDVDQJUHFRQXQFRVTXL OOHRKDFLDVXVPHMLOODVHQURMHFLGDVGHIXULD )XULDKDFLDVtPLVPRSRUUXERUL]DUVHKDFLDHOODSRUKDEODUOH\ SRUHQFLPDGHWRGRSRUDOJXQDRVFXUDUD]yQKDFLD)LQJH

)LQJHOHOODPyGRVVHPDQDVGHVSXpV6REUHVXHVFULWRULRHVWDEDQ ODVIDPLOLDUHVSHOLFXODVSHUIRUDGDVTXHHO*UDQ&RQVHMR3DQWHPSRUDO HQYLDEDSHULyGLFDPHQWH%DMRODDGHFXDGDREVHUYDFLyQSRUHOXQVWUX PHQWRGH+RUHPPVHFRQYHUWLUtDQHQHOPDSDHVSDFLRWHPSRUDOTXH OHHQYLDUtDDOWLHPSR\DRWUDPLVLyQ ³¢4XLHUHVHQWDUVH+RUHPP"³GLMR)LQJH³0tUHODVDKRUD PLVPR

+RUHPPKL]RORTXHVHOHGHFtDVHGHWXYRDODPLWDG\VDFy 

EUXVFDPHQWHODVSHOtFXODVGHVXREVHUYDGRUFRPRVLHVWXYLHVHQD SXQWRGHH[SORWDU/DVVRVWXYRHQWUHORVGHGRVtQGLFH\SXOJDU ³3URJUDPDGRU)LQJH¢KD\DOJ~QHUURU"

³&UHRTXHQR³GLMR)LQJH³¢3RUTXpORGLFH"

³&RQVHJXULGDGQRVHHVSHUDGHPtTXHXWLOLFHHOKRJDUGHHVD PXMHU/DPEHQWFRPREDVH (OSURJUDPDGRU IUXQFLyORVODELRV

³(VRHVORTXHWHQJRHQWHQGLGR1RUPDOPHQWHREVHUYDGRUHV SHUDULDGHXVWHGTXHOOHYDVHDFDERVXPLVLyQVLQKDFHUSUHJXQWDV(Q


HVWHFDVRGDGRTXHKDOOHJDGRKDVWDHOH[WUHPRGHH[SUHVDURILFLDO PHQWHVXGHVDJUDGRKDFLDODVHQRULWD/DPEHQWFUHtPHMRUH[SOLFDUOH DOJXQRVGHORVDVSHFWRVGHODFWXDOSUREOHPD )LQJHKDEODEDFXLGDGRVDPHQWHFRQFLHUWDULJLGH]\+RUHPP SHUPDQHFLyVHQWDGRHLQPyYLOVLQPLUDUDVXVXSHULRU´1RVHOR SRQJDVIiFLOµSHQVy

1RUPDOPHQWHHORUJXOORSURIHVLRQDOKDEUtDREOLJDGRD+RUHPPD UHFKD]DUWDODFODUDFLyQ1RHUDFRVDVX\DHOUHSOLFDUHODUJXPHQWDU\ WRGRORGHPiV3HURHQHVWHDVXQWRVHQWtDXQFLHUWRDIiQGHYHQJDQ]D TXHOHVXJHUtDTXHXQDFLHUWDGHVYLDFLyQGHODKRQUDSURIHVLRQDO SRGUtDKDOODUVHHQWRGRHVHDVXQWR

+RUHPPVHKDEtDTXHMDGRHVRHUDORTXHKDEtDKHFKR)LQJH WHPtDTXHODTXHMDSXGLHVHLUPiVOHMRVTXHHO*UDQ&RQVHMR3DQ WHPSRUDOSXGLHVHLQYHVWLJDUODIXQFLyQH[DFWDGHODDSDUDWRVDVHFUHWD QDGH)LQJH)LQJHHVWDEDREOLJDGRDGDUOHD+RUHPPHVWDQXHYD PLVLyQ\DTXH+RUHPPHUDVXPHMRUKRPEUH3HURVL+RUHPP SHUPDQHFtDGHPDVLDGRFHUFDGHODPXFKDFKDTXL]iGHVFXEULHVHGH PDVLDGDVFRVDV )LQJHWHPtDHVRDVtTXHLQWHQWDUtDH[SOLFDUORWRGRGHDQWHPDQR +RUHPPVLQWLHQGRXQDDXVWHUDGLYHUVLyQDQWHHVDSHUVSHFWLYDHV WDEDGLVSXHVWRDHVFXFKDUSHURQRDFUHHU

³3RUVXSXHVWRORVVLJORVVRQFRQVFLHQWHVGHODH[LVWHQFLDGHOD HWHUQLGDG³GLMR)LQJH³6DEHQTXHVXSHUYLVDPRVHOFRPHUFLRLQWHU WHPSRUDO\FRQVLGHUDQTXHHVDHVQXHVWUDIXQFLyQSULQFLSDOORFXDOHV EXHQR7LHQHQXQOHYHFRQRFLPLHQWRGHTXHWDPELpQHVWDPRVDTXt SDUDHYLWDUTXHOHRFXUUDQFDWiVWURIHVDODKXPDQLGDGORFXDOHVPiV RPHQRVFRUUHFWR/HSURSRUFLRQDPRVDODVJHQHUDFLRQHVXQDLPDJHQ SDWHUQDGHPDVDV\XQFLHUWRVHQWLPLHQWRGHVHJXULGDGDVtTXHHQ QLQJ~QFDVRGHVHDPRVRFXOWDUQRVGHHOORV

´&RQWRGRKD\FLHUWDVFRVDVTXHQRGHEHQVDEHU/DSULQFLSDOHV QXHVWUDIXQFLyQGHDOWHUDUODUHDOLGDGPHGLDQWHFDPELRVFXiQWLFRV6H HVWDEOHFLyKDFHPXFKRWLHPSRTXHODLQVHJXULGDGTXHVXUJLUtDGH FXDOTXLHUWLSRGHFRQRFLPLHQWRGHTXHODUHDOLGDGSXHGHVHUDOWHUDGD DYROXQWDGQRVSURGXFLUtDJUDQGHVGHVYHQWDMDV$VtSXHVVLHPSUH KHPRVHOLPLQDGRWRGRFRQRFLPLHQWRSRVLEOHGHHVHWLSRGHODUHDOLGDG \QXQFDKHPRVWHQLGRSUREOHPDVFRQpO 6LQHPEDUJRKD\RWUDVFUHHQFLDVLQGHVHDEOHVDFHUFDGHODHWHPL GDGTXHEURWDQGHYH]HQFXDQGRHQXQVLJORXRWUR1RQPDOPHQWH ODVFUHHQFLDVSHOLJURVDVVRQODVTXHVHFRQFHQWUDQSDUWLFXODUPHQWHHQ O L


L 

ML OL 

 a a

ODVFODVHVJREHUQDQWHVGHXQDHUDODVFODVHVTXHWLHQHQXQFRQWDFWR PD\RUFRQQRVRWURV\TXHYHKLFXODQHOLPSRUWDQWHSHVRGHORTXHVH OODPDRSLQLyQS~EOLFD(VRHVVLHPSUHLQTXLHWDQWHSXHVDOHOLPLQDU HVDVFUHHQFLDVUHOLJLRVDVGHEHPRVLQGXFLUFDPELRVHQODUHDOLGDGTXH DPHQXGRQLHJDQDYDQFHVGXUDPHQWHJDQDGRVHQRWURVFDPSRVORV FXDOHVGHEHQHQWRQFHVVHUUHFRQTXLVWDGRVSRUPHGLRVDYHFHVFRPSOL FDGRV )LQJHKL]RXQDSDXVDFRPRVLHVSHUDVHTXH+RUHPPKLFLHVHDOJ~Q FRPHQWDULRRIRUPXODVHDOJXQDSUHJXQWD+RUHPPQRKL]RQLORXQR QLORRWUR )LQJHSURVLJXLy

³'HVGHHO~OWLPRFDPELRFXiQWLFRTXHDIHFWyVHULDPHQWHDO HO*UDQ&RQVHMR3DQWHPSRUDOKDVLGRFRQVFLHQWHGHFLHUWRVDVSHFWRV LQGHVHDEOHVGHODQXHYDUHDOLGDGDTXtSUHVHQWH1RHUDQDGDGHXQD QDWXUDOH]DOR VXILFLHQWHPHQWHJUDQGHFRPRSDUDKDFHUVHDSDUHQWH LQFOXVRHQH[WUDSRODFLRQHVGHOTXLQWRRUGHQTXHHVWRGROROHMRVTXH SRGHPRVLUHQHVWHFDVRVLQLQFUHPHQWDUHOHUURUGHSUREDELOLGDG KDVWDXQJUDGRSURKLELWLYR3RUHVDUD]yQQRVKHPRVHVWDGRFRQFHQ WUDQGRDTXtHQQXHYDVREVHUYDFLRQHV\SRUHVRKDHVWDGRXVWHGWDQ RFXSDGR+RUHPP

´3XHGRGHFLUOHTXHODVQXHYDVFRPSXWDFLRQHVPXHVWUDQTXHHO IRFRGHODSHUWXUEDFLyQUHVLGHHQXQDDFWLWXGEDVWDQWHFDUHQWHGH SUHFHGHQWHVGHODJHQWHGHOWLHPSRKDFLDODHWHUQLGDG/DKHPDQWH QLGREDMRHVWUHFKDREVHUYDFLyQSDUDYHUVLHUDDGHFXDGDDQXHVWUR SURSyVLWR £&RQFOX\HQWHREVHUYDFLyQ£6tSHQVy+RUHPP

'HQXHYRVXLUDVHFHQWUyPiVVREUH)LQJHTXHVREUHODPXMHU )LQJHVHJXtDKDEODQGR

³'HVGHWRGRVORVSXQWRVGHYLVWDUHVXOWDPX\DGHFXDGD$KRUD ODGHYROYHUHPRVDVXWLHUQSR8VDQGRVXUHVLGHQFLDFRPREDVHXVWHG


SRGUiHVWXGLDUODYLGDVRFLDOGHVXiUFXORSUHVWDQGRODGHELGDDWHQ FLyQDODVSUHFDXFLRQHVVHxDODGDVHQHOPDSD1RSXHGRVLQRUHFDO FDUOHTXH HVWiXVWHGREVHUYDQGRDOPHGLRFXOWXUDOGHXQFtUFXORSH TXHxR\HVSHiILFR\TXHODVHxRULWD/DPEHQWUHVXOWDXQLQVWUXPHQWR LGHDOSDUDHVHSURSyVLWR¢(QWLHQGHDKRUDVXIXQFLyQDTXt" +RUHPPWHQtDXQDUHVSXHVWDSDUDXQDSUHJXQWDWDQGLUHFWD ³/DHQWLHQGRSURJUDPDGRU

³¢(VWiGLVSXHVWRDDFHSWDUODPLVLyQ"

+RUHPPQRSXGRUHVLVWLUODWHQWDFLyQGHODQ]DUOHXQ~OWLPRDJXL MRQD]R ³6R\XQREVHUYDGRU\WHQJRXQGHEHU0LPRGRGHOOHYDUORD FDERHVLQGHSHQGLHQWHGHODVH[SOLFDFLRQHV

+RUHPPVHIXHFRQHOSHQVDPLHQWRFRQVRODGRUGHTXHHQWDQWR TXHVHKDEtDH[SUHVDGRFRQHOHOHYDGRLGHDOLVPRTXHVHHVSHUDEDGH XQHWHUQRFRQWRGRKDEtDORJUDGRGHMDUELHQFODURTXHODFRPSOL FDGDH[SOLFDFLyQGH)LQJH ¢FXiQWRWLHPSROHKDEtDOOHYDGRHOGHVD UUROODUODSRUFRPSOHWR" QROHKDEtDFRQPRYLGRHQORPiVPtQLPR

&DVLHQWHUUDGRSRUHVHSHQVDPLHQWRKDEtDRWURTXHTXL]iVH HVWXYLHVHDSUR[LPDQGRXQQXHYRFDPELRFXiQWLFRSDUVHOXQR TXHTXL]iEDUULHVHWRGDODLQPRUDOLGDGGHHVRVWLHPSRVHLQVWDODVHOD GHFHQFLDHQ VXOXJDU

/DFDVDGH1R\V/DPEHQWHVWDEDEDVWDQWHDLVODGDSHURVXDFFHVR GHVGHXQDGHODVPD\RUHVFLXGDGHVGHOVLJORHUDVHQFLOOR+RUHPP KDEtDPHPRUL]DGRHOPDSDGHODFLXGDGDOLJXDOTXHKDEtDPHPRUL ]DGRRWURV&RQRFtDVXVDYHQLGDV\HGLILFLRVVXVOLQHDVGHWUDQVSRUWH ORVKiELWRVGHVXYLGD6DEtDTXpSDUWHVH[DFWDVGHEtDREVHUYDUHQ FDGDXQRGHORVGtDVGHVXPLVLyQFXiQGRSRGtDUHDOL]DUFDGDYLDMH FXiQGRGHEtDSHUPDQHFHUHQODEDVH 6XSULPHUDFRQYHUVDFLyQFRQ1R\V/DPEHQWHQVXSURSLRWLHPSR VHSURGXMRFRPRUHVXOWDGRGHOQHUYLRVLVPRTXHHOODVLQWLyDOGHVFX EULUVXOLJHURGHVSOD]DPLHQWRWHPSRUDO 6HOHDFHUFyFDVLVLQDOLHQWR

³(VWDPRVHQMXQLRREVHUYDGRU+RUHPP

³1RXVHPLWtWXORDTXt³GLMRVHFDPHQWHpa<VLHVDVt¢TXp"

³3HURFXDQGR RFXSpPLSXHVWRHUDIHEUHUR³+L]RXQDODUJD SDXVD³0LSXHVWRHQHVHOXJDU\KDFHVyORXQPHVGHHOOR


+RUHPPIUXQFLyHOFHxR

³¢(QTXpDxRHVWDPRVDKRUD" ³2KHODxRHVHOPLVPR ³¢(VWiVHJXUD"

³$EVROXWDPHQWH

1R\VWHQtDODPDLDFRVWXPEUHGHSHUPDQHFHUPX\FHUFDGHpO FXDQGRKDEODEDQ\VXOLJHURFHFHR XQUDVJRGHOVLJORDQWHVTXHGHVX SURSLDSHUVRQDOLGDG KDFLDTXHSDUHFLHVHXQDQLxDSHTXHxD\PiV ELHQLQGHIHQVD+RUHPPQRGHMyTXHHVROHHQJDxDVH6HDSDUWyXQ SRFR ³¢6XHOHSHUPDQHFHUHQHVWDFDVDGXUDQWHODSULPDYHUD" ³1R7HQJRXQDUHVLGHQFLDHQHO0DU0HGLR

+RUHPPFRQRFtDODUHJLyQEDMRVXQRPEUHDQWLJXRGH0HGLWH UUiQHR

³(QWRQFHVVXVDPLJRVHVSHUDUtDQTXHHVWXYLHVHDXVHQWHGXUDQWH HVHWLHPSR¢QR"³GLMRpO ³<DYHR³UHVSRQGLyHOODSHQVDWLYD³TXLHUHGHFLUTXHSDUHFH UtDaDURTXHYROYLHVHHQDEULO

³([DFWDPHQWH(QODHWHUQLGDGFXLGDPRVPXFKRGHHVDVFRVDV

/RGLMRFRQRUJXOORFRPRVLpOPLVPRIXHVHXQMHIHSURJUDPDGRU ³3HURHQWRQFHV³GLMRHOOD³¢KHSHUGLGRWUHVPHVHVGH PL YLGD"

³6XVPRYLPLHQWRVDWUDYpVGHOWLHPSRQDGDWLHQHQTXHYHUFRQVX HGDGILVLROyJLFD ³¢6LJQLILFDHVRTXHORVKHSHUGLGRRTXHQR" ³1RORVKDSHUGLGR

³¢3RUTXpHVWiVLHPSUHWDQHQIDGDGRFRQPLJR"³OHSUHJXQWy 1R\V/DPEHQWODVHJXQGDWDUGH

/OHYDEDORVEUD]RV\ORVKRPEURVDOGHVFXELHUWR\VXVODUJDVSLHU QDVSDUHFtDQEULOODUHQYXHOWDVHQODGpELOOXPLQLVFHQFLDGHOIRDPLWH 


(OPDSDHVSDFLRWHPSRUDOFRQILQDEDD+RUHPPHQODFDVDGXUDQWH ODV~OWLPDVKRUDVGHOGtD\HUDDOOLGRQGHKDEtDFRPLGR SLFRWHDQGR VLQJUDQLQWHUpVORVSODWRVTXHKDEtDQILJXUDGRHQDQWHULRUHVLQIRUPHV VX\RVVREUHODGLHWDGHODpSRFDSHURTXHKDVWDDKRUDVHKDEtDDEVWH QLGRGHFRPHUHQSHUVRQD(QFRQWUDGHVXYROXQWDGOHJXVWDEDQ< WDPELpQHQFRQWUDGHVXYROXQWDGHVWDEDGLVIUXWDQGRGHODEHELGD HVSXPRVDOLJHUDPHQWHYHUGH\FRQVDERUDPHQWDTXHDFRPSDxDED ORVDOLPHQWRV ³1RHVWR\HQIDGDGR³GLMR³1RVLHQWRQDGDKDFLDXVWHG

(QHVHPRPHQWROHSDUHFtDTXHHVDIUDVHHUDWRWDOPHQWHFLHUWD

(VWDEDQVRORVHQODFDVD(QHVDHUDFRQODKHPEUDGHODHVSHFLH HFRQyPLFDPHQWHLQGHSHQGLHQWH\FDSD]GHORJUDUODPDWHUQLGDGVLOR GHVHDEDVLQQHFHVLGDGGHDFRJHUItVLFDPHQWHDOQLURHQVXVHQRODV UHODFLRQHVHQWUHORVVH[RVQROOHYDEDQLPSOtFLWDV´UHJODVµGLJQDVGHWDO QRPEUH1RKDEtDQDGDGHQRWDEOHHQTXHXQDPXMHUMRYHQDOEHUJDVH KXpVSHGHVYDURQHVVLQRORKDFtDHUDPiVELHQGLJQDGHFRPSDVLyQ +RUHPPVDEtDWRGRHVRSHUIHFWDPHQWHSHURFRQWRGRVHVHQWtD FRPSURPHWLGR

/DFRPLGDKDEtDWHUPLQDGRHOODOHVLUYLyQXHYDPHQWHXQRGHORV YDVRVDODUJDGRVTXHFRQWHQtDODEHELGDOLJHUDPHQWHHVSXPRVD7HQtD XQSRFRGHFDORU\OHIDOWDEDOHYHPHQWHHODOLHQWR\VHUHPRYLyHQVX EODQGRDVLHQWRLQWHQWDQGRKDOODUXQDSRVWXUDPiVFyPRGD /DPXFKDFKDHVWDEDWHQGLGDHQHOVRIiGHHQIUHQWHDSR\iQGRVH HQHOFRGR/DFXELHUWDGHFRUDGDGHOVRIiVHKXQGtDEDMRHOODFRPRVL GHVHDVHiYLGDPHQWHDEUD]DUOD6HKDEtDTXLWDGRORVWUDQVSDUHQWHV ]DSDWRVTXHOOHYDED\ORVGHGRVGHVXVSLHVVHHQFRJtDQ\HVWLUDEDQ FRPRVLIXHVHQODVVXDYHVJDUUDVGHXQDJDWDSHUH]RVD ³7UDEDMDUSDUDODHWHUQLGDGIXHGLYHUWLGR³GLMRVXVSLUDQGR³\ HVWXYHHVSHUDQGRPXFKRWLHPSRSDUDSRGHUHQWUDUHQHOOD

/HHVWDEDREVHUYDQGR(QDOJ~QPRPHQWRGHODWDUGHVXRVFXUD FDEHOOHUDVHKDEtDVROWDGRFD\HQGRVREUHVXFXHOOR\VXVKRPEURV GHVQXGRVDORVTXHHOFRQWUDVWHKDFtDUHVDOWDUGiQGROHVXQDVSHFWR FUHPRVR eOQRUHVSRQGLy

³¢&XiQWRVDxRVWLHQH"³SUHJXQWyHOOD

&LHUWDPHQWHQRGHEtDKDEHUOHFRQWHVWDGR(UDXQDSUHJXQWDSHU VRQDO\ODUHVSXHVWDQRHUDDVXQWRVX\R´9HLQWLFLQFRDxRVµVHR\y GHFLU4XHGDGHFLUILVLRDxRVSRUVXSXHVWR


³<RVyORWHQJRYHLQWLGyV³GLMRHOOD³SHURXVWHGYLYLUi\YLYLUi \VHUiMRYHQ\\RKDEUpGHVDSDUHFLGRPXFKRVDxRVDQWHV ³¢'HTXpHVWiKDEODQGR"

6HDSUHWyODIUHQWHLQWHQWDQGRGHVSHMDUVH

³8VWHGYLYHHWHUQDPHQWH³GLMRHOOD³(VXQHWHUQR ¢(UDXQDSUHJXQWDRXQDDILUPDFLyQ"

³(VWiORFD³GLMRpa(QYHMHFHPRV\PRULPRVFRPRFXDOTXLHU RWUDSHUVRQD ³¢3XHGHFRQWiUPHOR"³LQTXLULyHOOD

+DEODEDHQYR]EDMDHQXQWRQROOHQRGHSURPHVDV/DOHQJXDGHO 

PLOHQLRFLQFXHQWDTXHpOVLHPSUHKDEtDFUHtGRiVSHUD\GHVDJUDGDEOH DKRUDOHSDUHFtDHXIyQLFD¢2HUDVLPSOHPHQWHTXHXQHVWyPDJR OOHQR\HODLUHSHUIXPDGROHKDEtDQHPERWDGRHORtGR" ³3XHGHYHUWRGRVORVWLHPSRVYLVLWDUWRGRVORVOXJDUHVaLMR HOOD³0HHQFDQWDUtDVHUXQDHWHUQD¢3RUTXpQRKD\PiVPXMHUHV HWHUQDV"

1RVHDWUHYtDDKDEODU¢4XpSRGtDGHFLU"4XHORVPLHPEURVGHOD HWHUQLGDGHUDQHOHJLGRVFRQWRGRFXLGDGR\DTXHGHEtDQFXPSOLUGRV UHTXLVLWRV3ULPHURGHEtDQHVWDUHTXLSDGRV SDUDHOWUDEDMRVHJXQGR VXUHWLUDGDGHOWLHPSRQRGHEtDWHQHUHIHFWRVGHOHWpUHRVVREUHODUHD OLGDG £/DUHDOLGDG£1RGHEtDPHQFLRQDUOD

&XDQWRVVXMHWRVTXHWHQtDQXQDH[FHOHQWHSHUVSHFWLYDKDEtDQGH MDGRGHVHUFRQWDFWDGRVDFDXVDGHTXHOOHYDUORV DODHWHUQLGDGVLJQLIL FDEDHOQRQDFLPLHQWRGHQLQRVODQRPXHUWHGHKRPEUHV\PXMHUHV ORVQRPDWULPRQLRV\QRDFRQWHFLPLHQWRVODVQRFLUFXQVWDQFLDVTXH KDEUtDQGHVYLDGRODUHDOLGDGHQGLUHFFLRQHVTXHHO*UDQ&RQVHMR 3DQWHPSRUDOQRSHUPLWtD ¢3RGtDGHFXUOHTXHODVPXMHUHVFDVLQXQFDORJUDEDQFDOLILFDUVH SDUDODHWHUQLGDGSRUTXHSRUDOJXQDUD]yQTXHQRHQWHQGtD SXHGH TXHORVSURJUDPDGRUHVODHQWHQGLHVHQSHURpOHUDPHUDPHQWHXQ REVHUYDGRU VXDEVWUDFFLyQGHOWLHPSRLEDDGLVWRUVLRQDUSUREDEOH PHQWHXQDVGLH]YHFHVPiVODUHDOLGDGTXHODDEVWUDFFLyQGHXQKRP EUH"


/DVLGHDVVHFRQIXQGtDQHQVXPHQWHKDVWDTXHOHIXHLPSRVLEOH GLVWLQJXLUXQDGHRWUD3DUHFtDQKDEHUVHSHUGLGRUHFXELHUWDVSRUXQ FRQIXVR]XPELGRTXHQRHUDWRWDOPHQWHGHVDJUDGDEOH(OODVHKDEtD DFHUFDGRPiVVRQULHQGR

2\yVXYR]FRPRXQDEULVDYDJDEXQGD

³£2KORVHWHUQRV£&RQYLpUWDPHHQHWHUQD

4XHUtDGHFtUVHORDQKHODEDKDFHUORODHWHUQLGDGQRHVGLYHUWLGD VHxRUD£7UDEDMDPRV7UDEDMDPRVSDUDWUDPDUWRGRVORVGHWDOOHVGH WRGRVORVFXDQGRVGHVGHHOLQLFLRGHODHWHUQLGDGKDVWDDTXHOHQTXH OD7LHUUDTXHGDYDFtDHLQWHQWDPRVWUDPDUWRGDVODVLQILQLWDVSRVLELOL GDGHVGHORTXHSRGUtDKDEHUVLGR\HVFRJHUXQSRGUtDKDEHUVLGR PHMRUTXHHOH[LVWHQWH\GHFLGLUHQTXpOXJDUGHOWLHPSRSRGHPRV KDFHUXQSHTXHxR\PLQ~VFXORFDPELRSDUDGHVYLDUHOHVKDFLDHO SRGUtDVHU\WHQHPRVXQQXHYRHV\EXVFDPRVXQQXHYRSRGQDVHU VLHPSUHVLHPSUHVLHPSUH 0HQHyODFDEH]DSHURHOWRUEHOOLQRGHSHQVDPLHQWRVVLJXLyJL UDQGR¢/DEHELGD" ¢/DEHELGDFRQVDERUDPHQWD"

(VWDEDD~QPiVFHUFDQRSRGtDGLVWLQJXLUFODUDPHQWHVXURVWUR 3RGtDVHQWLUVXFDEHOORHQODPHMLOODODFiOLGD\OHYHSUHVLyQGHVX DOLHQWR+XELHVHWHQLGRTXHDSDUWDUVHSHUR£TXpH[WUDxRTXpH[ WUDxRGHVFXEULyTXH QRTXHUtDKDFHUOR ³6LPHFRQYLUWLHVHHQHWHUQD³VXVXUUyHOODFDVLHQVXGGR DXQTXHODVSDODEUDVVRQDEDQPX\OHMRVSRUHQFLPDGHOODWLUGHVX O ,

 O 

FRUD]yQ(OODWHQtDORVODELRVK~PHGRV\HQWUHDELHUWRV³6LIXHVH XQDHWHUQD eDODUJyORVEUD]RVFRQWRUSH]DWDQWHDQGRDFLHJDV(OODQRVH UHVLVEySDUHFLHQGRGHUUHWLUVHHQVXDEUD]RIXQGLUVHFRQp

7RGRVXFHGLyFRPRHQXQVXHxRFRPRVLOHHVWXYLHVHRFXUULHQGR DRWUDSHUVRQD


1RHUDORUHSXOVLYRTXHpOKDEtDLPDJLQDGRVLHPSUHTXHGHEtDVHU <OXHJRHOODVHDSR\yHQpOORVRMRVEULOODQWHVPXVLWDQGR´HWHU QLGDGHWHUQLGDGµXQD\RWUDYH]

(OPDSDHVSDFLRWHPSRUDOQRSHUPLEDHVWR3HURSRUDOJXQDUD ]yQOR~QLFRTXHHQHVRVPRPHQWRVGHVSHUWDEDXQDIXHUWHHPRFLyQ HQHOSHFKRGH+RUHUQPHUDHOSHQVDUHQ)LQJH1RVHWUDWDEDGH FXOSDELOLGDG(UDPiVELHQVDWLVIDFFLyQLQFOXVRWULXQIR $FDEyYROYLHQGRDODHWHUQLGDGSHURDQWHVGHDEDQGRQDUD1R\V EHVyVXVPDQRV\ODDEUD]yFRQIXHU]D

(VWXYRDSXQWRGHVRQUHtUD)PJHFXDQGROHSUHVHQWyVXLQIRUPH )LQJHQRDO]yODYLVWD\VHOLPLWyDPLUDUODVOLQHDVGHOLQIRUPHFRPR VLVXVRMRVELHQHQWUHQDGRVHVWXYLHVHQFRQYLUWLHQGRSDODEUDV\IUDVHV HQVtPERORVFRPRVLHQDOJ~QOXJDUGHVXPHQWHPDWHPiWLFDHPSH ]DVHDFREUDUIRUPDHOHQWUDPDGRGHODVHFXDFLRQHV ³6HFRPSUREDUi³GLMRFRPRVLQGDUOHLPSRUWDQFLD³¢<D XVWHGTXpOHVXFHGLy+RUHPP"

³¢$PtSURJUDPDGRU"³PXUPXUy+RUHPPVXVHQVDFLyQGH VHJXULGDGVHOHHVIXPyEUXVFDUQHQWH

³6t3DVyXQDQRFKHDVRODVHQODFDVDGHODGDPD/RKL]R ¢YHUGDG"6LJXLyHOPDSD ³/RKLFHVHxRU

³¢%LHQ"¢(VWiQWRGRVORVGHWDOOHVSHUWLQHQWHVLQFOXLGRVHQVX LQIRUPH"

/RVRMRVGH)LQJHVHFODYDEDQHQpO\ODFRVWXPEUHGHOGHEHU WLUDEDGH+RUHPP8QREVHUYDGRUGHEHLQIRUPDUDFHUFDGHWRGR ,GHDOPHQWHXQREVHUYDGRUQRHUDPiVTXHXQSVHXGySRGRGRWDGRGH SHUFHSFLyQVHQVRULDOH[WHQGLGRSRUODHWHUQLGDG&DUHFtDGHWRGD LQGLYLGXDOLGDGSURSLDHQHOGHVHPSHxRGHVXGHEHU (OODELRLQIHULRUGH+RUHPPWHPEOyXQLQVWDQWHQRDFDXVDGHOD LUDHOPLHGRRHOHPEDUD]RVLQRDFDXVDGHOUHFXHUGRUHSHQWLQRGH DTXHOODLQROYLGDEOHQRFKH (PSH]yDFRQWDUORVDFRQWHFLPLHQWRVTXHKDEtDGHMDGRIXHUDGH VXLQIRUPH <OXHJR)LQJHOHYDQWyXQGHGR\GLMRVHFDPHQWH ³*UDFLDV(VVXILFLHQWH


+RUHPPYROYLyDVXHVFULWRULRFROPDGRGHXQYLQRHVSLULWXDO3RU VXSXHVWR)LQJHKDEtDWHQLGRTXHSUHJXQWiUVHOR\SRUVXSXHVWRQR KDEtDSRGLGRVRSRUWDUHORtUE

£)LQJHHVWDEDFHORVR3DUD+RUHPPHVRUHVXOWDEDREYLR\SRU SULPHUDYH]HQVXYLGDVXSRTXHFRQWDEDFRQXQDPHWD PiVLPSRU WDQWHSDUDpOTXHHOKHODGRFXPSOLPLHQWRGHORVGHEHUHVGHODHWHUQL GDG+DUtDTXH)LQJHVLJXLHVHFHORVR\VLWHQtDTXHKDFHUORTXHOR HVWXYLHVHWRGRHOPXQGRSRUTXHLEDDFRQVHUYDUD1R\VDXQTXH WXYLHVHTXHHQIUHQWDUVHFRQ)LQJHFRQHO*UDQ&RQVHMR3DQWHPSRUDO \FRQODHWHUQLGDGHQWHUD (OSULPHUSHUPLVRVROLFLWDGRSRU+RUHPPSDUDYLVLWDUHOVLJOR SDUDXQDVXQWRSDUWLFXODUIXHSUHVHQWDGRGRVGtDVGHVSXpV+DEtD SUHWHQGLGRDJXDUGDUXQGLVFUHWRSHUtRGRGHFLQFRGtDVSHURIXHLQ FDSD] 6XVROLFLWXGIXHUHFKD]DGD

(QFLHUWRPRGRORKDEtDHVSHUDGR(QWUyHQODRILFLQDGHOSURJUD PDGRU)LQJHWHPEODQGRDFDXVDGHWRGRORTXHWHQtDTXHGHFLUOH

³+DVLGRUHFKD]DGDXQDSHWLFLyQPtDSDUDYLVLWDUHOVLJOR³HP SH]yDGHFLU )LQJHOHLQWHUUXPSLyGHLQPHGLDWR

³4XLHUHYHUDODVHxRULWD/DPEHQW ³6t

3XVRHQHVHPRQRVtODERWRGRHOGHVDItRGHTXHHUDFDSD]

³6HKDSURGXFLGRXQFDPELRFXiQWLFR3HQVpTXHVHKDEtDGDGR FXHQWDGHHOOR +RUHPPVHSXVROtYLGR/RKDEtDROYLGDGR ³¢8QFDPELRFXiQWLFR"

³3DUDTXpRWUDFRVDFUHHTXHQHFHVLWiEDPRVODLQIRUPDFLyQ" ³8QFDPELRFXiQWLFR"

³8QRSHTXHxRFRPSDUDWLYDPHQWHKDEODQGR ³(QWRQFHV

³3HURODVHxRULWD/DPEHQW\DQRH[LVWH([FHSWRHQODVPHQWHV GHDTXHOORVGHQRVRWURVTXHODFRQRFLPRV HQODHWHUQLGDGQRH[LVWLy


MDPiV/DQXHYDUHDOLGDGODKDH[FOXLGR1XQFDQDFLy

+RUHPPUHWURFHGLyWDPEDOHiQGRVHKDVWDGHUUXPEDUVHHQXQDVL OOD

³6HORH[SOLTXpaLMR)LQJH³/HKDEOpGHODVGLILFXOWDGHVTXH WHQtDPRVFRQORVWLHPSRVHQTXHHVWDEDQGHVDUUROOiQGRVHLGHDVLQ FRQYHQLHQWHVDFHUFDGHODHWHUQLGDG(OHUDXQRGHHOORV3RUOD LQIRUPDFLyQTXHWHQtDPRVOOHJDPRVLQGLUHFWDPHQWHDODFRQFOXVLyQGH TXHHQWUHODVFODVHVVXSHULRUHVGHODHUDSDUWLFXODUPHQWHHQWUHODV PXMHUHVHVWDEDFUHFLHQGRODLGHDGHTXHORVHWHUQRVHUDQUHDOPHQWH HWHUQRVTXHYLYtDQSDUDVLHPSUH +RUHPPUHFRUGyODIUDVHGH1R\VEUHYH\GLUHFWD´9LYtVSDUD VLHPSUHµ3HURpOORKDEtDQHJDGR6yORXQWUHPHQGRHVIXHU]ROH LPSLGLyJULWDU

)LQJHVHJXtDKDEODQGR

³3HRUTXHHVRKDEtDVXUJLGRODVXSHUVWLFLyQGHTXHODLQWLPLGDG FRQ8OOHWHUQRKDUtDDXQDPXMHUPRUWDOWDO\FRPRHOODVVHFRQFH EtDQFDSD]GHYLYLUSDUDVLHPSUH

+RUHPPSRGtDRtUQXHYDPHQWHVXYR]FRQWDOFODULGDG´6LIXHVH XQDHWHUQDµ´+D]PHHWHUQDµ /DVSDODEUDVVHYHtDQDKRJDGDVSRUHO UHFXHUGRPXFKRPiVSRWHQWHGHVXVEHVRV

 )LQJHSURVLJXLy

O6

³(VRHUDGLItFLOGHFUHHU+RUHPP&DUHFtDGHSUHFHGHQWHV6L HUDFLHUWRODFUHHQFLD\ODVFDXVDVTXHGDEDQRULJHQDHOODGHEtDQVHU HOLPLQDGDV3HURDQWHVGHTXHSXGLpVHPRVDFWXDUQHFHVLWiEDPRVXQD FRPSUREDFLyQGLUHFWD(VFRJLPRVDODVHxRULWD/DPEHQWFRPRXQ EXHQHMHPSORGHVXFODVH/HHVFRJLPRVDXVWHGFRPRHORWURVXMHWR +RUHPPVHLQFRUSRUyYDFLODQWH

³0HHVFRJLHURQDPtFRPRVXMHWR

³(UDDOJRIXHUDGHORQRUPDO/DQHFHVLGDG ³£0DOGLWDQHFHVLGDG£(VWiPLQWLHQGR

<DQROHLPSRUWDEDORTXHSXGLHVHGHFLU

)LQJHDEULyGHVPHVXUDGDPHQWHORVRMRV6XVODELRV JRUGH]XHORVVH HVWUHPHFLHURQ ³2EVHUYDGRU¢FyPRVHDWUHYH"


³'LJRTXHPLHQWH³JULWy+RUHPP³(VWiFHORVR7HQtDVXV SURSLRVSODQHVSDUD1R\VSHURHOODPHHVFRJLyDPt£$Pt(VWi LQWHQWDQGRGHFLUPHTXHHOODTXHDFWXyFRPRORKL]RSRUTXHTXHUtD YLYLUSDUDVLHPSUH\\ROHGLJRTXHQR1RIXHDVt\VXVPHQWLUDVQR FRQVHJXLUiQHVWURSHDUOR\XVWHGQRSRGUiRFXOWDUOD([LVWH\\RLUp DKLIXHUD\ /DVSDODEUDVSDUHFLHURQGHVYDQHFHUVHHQORVRtGRVGH+RUHPP DXQTXHHVWDEDJULWDQGRFRQWRGDODSRWHQFLDGHTXHVXVSXOPRQHV HUDQFDSDFHV/DQLHEODURMDTXHIORWDEDDQWHVXVRMRVVHKL]RPiV RVFXUD\HPSH]yDJLUDU1RWyODSUHVLyQGHOVXHORHQVXPHMLOOD DXQTXHHQORVSULPHURVLQVWDQWHVQRIXHFRQVFLHQWHGHOGRORU

/XHJROOHJyHOGRORU6XVGHGRVVHUHWRUFtDQHQHOVXHORFRPR LQWHQWDQGRDIHUUDUOR/DRGLDGDYR]GH)LQJHVRQDEDHQVXVRtGRV SHURODVSDODEUDVQRLEDQGLULJLGDVDpO)LQJHHVWDEDKDEODQGRSRUXQ FRPXQR+RUHPPHUDFDSD]GHHQWHQGHUHVRLQFOXVRHQVXDFWXDO HVWDGRGHLPSRWHQFLD +RUHPP R\yORTXHGLMRVLQWHQHUIXHU]DVVXILFLHQWHVSDUDOHYDQ WDUVHGHOVXHOR\HVWUDQJXODUOH )LQJHHVWDEDGLFLHQGR

³QLODPiVOLJHUDLGHDGHTXHSXGLHVHWHQHUWDOHIHFWR6tHUDOD HOHFFLyQOyJLFDFDVLOD~QLFD,QKLELGRWtPLGRSRFRDWUDFWLYR(O KHFKRGHTXHODPXFKDFKDGHOLEHUDGDPHQWH(OODORKL]R)XHLQHTXt YRFDPHQWHGHOLEHUDGR6XLQIRUPHORGHMyPX\FODUR/HLQGLFRTXH YHDODVDGLFLRQHV6tKRVSLWDOL]DFLyQ\UHKDELOLWDFLyQFLHUWDPHQWH$ VXPDQHUDHVXQRGHQXHVWURVPHMRUHVKRPEUHV1RTXHUUtDSHUGHUOH £+RVSLWDOL]DFLyQ\UHKDELOLWDFLyQ/OHYyPHVHVGHILVLRWLHPSR SHURFXDQGRWHUPLQyFXDOTXLHUDTXHKXELHVHFRQRFLGRD+RUHPPKD EUtDMXUDGRTXHYROYtDDVHUHOPLVPR <SRGUtDKDEHUORVLGRH[FHSWRSRUHOKHFKRGHTXHDKRUDH[LVWtD DOJRTXHQRKDEtDH[LVWLGRDQWHV£1R\V

¢'HTXpVHUYLDGHFLUTXHQRH[LVWtD"([LVWtDHQVXPHQWH<HQ WDQWRTXHpOYLYLHVHH[LVWLUtDVLHPSUHHQVXPHQWH\QRKDEUtDQLQ JXQDRWUDPXMHU 1XQFDVHDSDUWyGHHVDGHFLVLyQ

$GXUDVSHQDVVDFyGHOIRQGRGHVXDOPDODIXHU]DVXILFLHQWHSDUD TXHODHILFLHQFLDHQVXWUDEDMRIXHVHD~QPiVILUPHHLPSHUVRQDOGHOR TXHKDEtDVLGRDQWHV7UHSyDWUDYpVGHORVYDULRVQLYHOHVGHODFODVLIL FDFLyQGHREVHUYDGRUKDVWDODGHWpFQLFR


$WUDMRODDWHQFLyQQDGDPHQRVTXHGHOMHIHSURJUDPDGRU7ZLVVHOO \DSHWLFLyQGHOSURSLR7ZLVVHOOOHIXHDVLJQDGRFRPRWpFQLFRSHZ QDO(QORV~OWLPRVWUHVDxRVpOSHZQDOPHQWHKDEtDFDPELDGRGH OXJDUREMHWRVKDEtDDSDJDGROXFHVPDQLSXODGRLQWHUUXSWRUHVVHKD EtDDSRGHUDGRGHFRPXQLFDFLRQHVSHUVRQDOHV\KDEtDOOHYDGRDFDER FLHQWRXQDFRVDVVLQLPSRUWDQFLDFDGDXQDGHODVFXDOHVKDEtDDFD UUHDGRODQRH[LVWHQFLDGHPXFK~VLPDVSHZQDV\REMHWRV\ODQXHYD H[LVWHQFLDGHPXFKtVLPRVRWURV

3HUR\DQROHLPSRUWDEDORTXHGHMDED GHH[LVWLUHQODUHDOLGDG\ GHWRGDVODVFRVDVTXHHQHOODDSDUHFtDQQLQJXQDHUD1R\V(QHO SULPHUDxRSRVWHULRUDODFDWiVWURIHGHDOJ~QPRGRKDEtDORJUDGR HQJDxDUVHDVtPLVPRFRQODHVSHUDUO]DGHTXHHQDOJ~QOXJDUGHO WLHPSRDPHGLGDTXHVHVXFHGtDQORVFDPELRVFXiQWLFRV1R\V/DP EHQWVHUtDQXHYDPHQWHUHFUHDGD3HURXQFRQRFLPLHQWRPiVSUR IXQGROHGHFtDTXHQR\DPHGLGDTXHSDVDEDHOILVLRWLHPSRWXYRTXH DGPLWLUHVHQR'HOLQILQLWRQ~PHURGHUHDOLGDGHVSRVLEOHVODRSRUWX QLGDGGHTXHIXHVHHVFRJLGDXQDFRQ1R\VGHQWURGHHOODHUDXQD HQWUHXQQ~PHURLQILQLWRR GLFKRVLQURGHRVGHXQPRGRKRUULEOH

FHUR <HQWRQFHVFXDQGRHOSHVRGHODIXWLOLGDGSRGQDKDEHUKHFKRTXH WRGRVHGHUUXPEDVHOHOOHJyXQDQXHYDPHWDYLWDO'HLQPHGLDWRQR VHGLRFXHQWDGHFXiOHUD/DLGHDIXHFUHFLHQGROHQWDPHQWHSHUR JUDFLDVDHOOD+RUHPPSXGRVRSRUWDUODYLGDHOWUDEDMR\DOHMHFXWRU 7ZLVVHOO$JXDQWyWRGDVODVQLPLHGDGHVWULYLDOHVGHOMHIHSURJUDPD GRU7ROHUyWRGDVODVHVWXSLGHFHVDODVTXHSDUHFtDDXWRUL]DUOHOD FDOLGDGGHJHQLR3RUHQFLPDGHWRGRDJXDQWyORVKXPHDQWHVFLOLQ GURVGHSDSHO\KLHUEDTXHVHFRQVXQaLDQHQVXVPDQRVXQYLFLRGHO TXHQXQFDKDEtDRtGRKDEODU\PHQRVD~QH[SHULPHQWDGRHQWRGRV VXVDxRVGHYLGD5HVSLUyHOKXPRSHVWLOHQWHDWUDJDQWiQGRVH\DKR JiQGRVHFRQpO\MDPiVWXYRXQDSDODEUDRXQDPLUDGDGHTXHMD \ PX\UDUDPHQWHVyORXQSHQVDPLHQWR 7RGRHQELHQGHOJUDQSUR \HFWRGH7ZLVVHOO +R\HVHPLVPRGtDPLHQWUDVYROYtDGHVXPLVLyQHQHOHVH SUR\HFWRLEDDGDUIUXWR

+R\LEDDVXFHGHUFRQODOOHJDGDGHOMRYHQ%ULQVOH\6KHULGDQ &RRSHUDTXLHQHOPLVPR+RUHPPKDEtDLGRUDVWUHDQGRHVIRU]DGD PHQWHHQWUHORVLQFRQWDEOHVTXLQWLOORQHVGHSRVLELOLGDGHVFRQXQDU GRU\XQDYRFDFLyQTXHWUDVFHQGtDQHOVLPSOH GHEHU

&RRSHUSHUPDQHFLyFDOODGRHQHOYLDMHGHYXHOWDGHO6HQWtD FLHUWDLQFRPRGLGDGIIVLFD(VHHVSDFLRSXHUWRKDEtDHVWDGRUHSOHWRGH

a XHQORaSDUDOHORa JHQWH'HVSXpVHVWDEDYDiR(VRQRVLJQLILFDEDQHFHVDULDPHQWHTXH KXELHVHQGHMDGRGHH[LVWLU(VWDEDQHQRWUROXJDUFRQYLGDV\UHFXHU GRVGLVWLQWRV\VLDOJXQRVQXQFDKDEtDQH[LVWLGRKDEtDRWURVTXH


DFDEDEDQGHVXUJLUDODH[LVWHQFLD

7RGRHUDSDUDPHMRUDUVHGLMRSDUDPHMRUDU

/DFDELQDJLUyGHVFHQGLHQGRSRUORVFXDQGRVGHVOL]iQGRVHDWUD YpVGHORVVLJORV

&XDQGRODFDELQDVHGHWXYR\HVWXYLHURQGHYXHOWDHQHOHO YLHMRHMHFXWRUIUXQFLyHOFHxRFRQYLUWLHQGRVXIUHQWHHQXQDVXFHVLyQ GHDUUXJDVKRUL]RQWDOHV\SUHJXQWy ³¢1RVHHQFXHQWUDELHQMRYHQFLWR"

³(VWR\ELHQVHxRU³ORJUyGHFLU&RRSHUDXQTXHVXWRQRUHVXOWy PX\SRFRFRQYLQFHQWH ³9HQJDDPLRILFLQDSRUDTXt³GLMR7ZLVVHOO

3DVDURQMXQWRDJUXSRVTXHVHDSDUWDEDQSDUDGHMDUOHVSDVR6XV VDOXGRVIRUPDEDQXQFRQWLQXRPXUPXOORSHUR7ZLVVHOOQRUHVSRQGLy DQLQJXQR&RRSHULQFyPRGRPDQWXYRORVRMRVFODYDGRVHQHOVXHOR \VHDSUHVXUyHQSRVGHORVWDORQHVGHOJUDQKRPEUH

$JUDGHFLyHOTXHHQWUDVHQHQXQDKDELWDFLyQ\XQDSXHUWDVH FHUUDVHDVXVHVSDOGDV/tPSLGDVSRUFHODQDVIRUPDEDQXQUHFLQWR DQWLVpSWLFR8QPXURGHOD RILFLQDHVWDEDDWLERUUDGRGHOVXHORKDVWD HOWHFKRFRQODVSHTXHxDVXQLGDGHVGHFRPSXWDFLyQTXHMXQWDV IRUPDEDQHOPD\RU&RPSXWDSOH[RSHUDGRSULYDGDPHQWHHQWRGDOD HWHUQLGDG\UHDOPHQWHXQRGHORVPD\RUHVGHWRGDHOOD(OPXURGH HQIUHQWHHVWDEDOOHQRGHSHOtFXODVGHFRQVXOWD(QWUHORVGRVORTXH TXHGDEDGHODKDELWDFLyQHUDFDVLXQSDVLOORLQWHUUXPSLGRSRUXQ HVFULWRULRGRVVLOODVHTXLSRGHSUR\HFFLyQ\JUDEDFLyQ\XQREMHWR H[WUDxRSDUDHOTXH&RRSHUIXHLQFDSD]GHLPDJLQDUXVRDOJXQRKDVWD TXHYLRFyPR7ZLVVHOODUURMDEDHQVXLQWHULRUORVPDOROLHQWHVUHVWRV GHXQFLJDUULOOR (OFLJDUULOORVHGHVYDQHFLyVLQXQVRORUXLGR\7ZLVVHOOFRQVXV KDELWXDOHVPDQHUDVGHSUHVWLGLJLWDGRU\DHVWDEDVRVWHQLHQGRRWUR HQWUHORVGHGRV

&RRSHUVHSUHJXQWyFyPRVHUtDHOTXHDOJ~QGtDVXSURSLRWUD EDMRIXHVHXVDGRFRPRODEDVHSDUDXQFDPELRFXiQWLFR VLDOJ~QGtD OOHJDUtDDGHFLU´£$TXt\DKRUD£&DPELRµ¢3RGQ DVRSRUWDUOR" 6XLQVWUXFWRU0DQILHOGOHVKDEtDDGYHUWLGRXQDYH]

³1LQJ~QKRPEUH³GLMR³SXHGHFRQWURODUODVYLGDVGHWRGDOD KXPDQLGDG\QRVHQWLUFXOSDELOLGDG3RUHVDUD]yQKDVWDORVPiV JUDQGHVSURJUDPDGRUHVWLHQHQEXHQFXLGDGRGHVRPHWHUODVPiVVHQ FLOODVH[WUDSRODFLRQHVDQDOyJLFDVDORVDQiOLVLVGHODPiTXLQD/DPi


TXLQDGHEHFDUJDUFRQWRGDODFXOSD\WRGDVODVUHVSRQVDELLLGDGHV( PFOXVRHQWRQFHV 0DQILHOGSDUHFLyHQVLPLVPDUVH\QROOHJyDFRPSOHWDUODIUDVH

2WUDYH]HQXQDGHODVVHVLRQHVLQIRUPDOHVTXHFHOHEUDEDUHJXODU PHQWHGHVSXpVGHFRPHUFRQVXVFLQFRPXFKDFKRV0DQILHOGGLMR

³¢3RUTXpGHEHQVHUWDQUDGLFDOHVORVFDPELRVHQODUHDLLGDGHK" ¢3RUTXpQRDOWHUDFLRQHVXOWUDGHLLFDGDVTXHFDPELDVHQXQDYLGDDTXt RWUDDOOi\QRPiV"¢3RUTXpGHEHQDUUDQFDUVHVLJORVHQWHURVGHVXV FLPLHQWRV" 6XURVWURSOiFLGR\WULVWHVHHQURMHFLy\OOHJyDSDUHFHUVHH[WUDxD PHQWHDOGHXQKRPEUHDSDVLRQDGRFRVDTXHQRHUD

³3LHQVHQHQHOORFDEDOOHURV³GLMR³$OJ~QGtDUHFLWDUiQIyU PXODVSDUDH[SOLFDUORSHUR¢VHUiHVRVXILFLHQWH"&XDQGRGLH]JHQHUD FLRQHVGHKRPEUHVKDQVLGRUHWRUFLGDV\YXHOWDVDPRGHODUDLQVWDQ FLDVVX\DVSDUDGHVKDFHURYROYHUDKDFHUHOWUDEDMRGHPHGLDGRFHQD GHLQGLYLGXRV¢EDVWDUiFRQPXVLWDUSLDGRVDPHQWHXQDHFXDFLyQ" 3RUORWDQWRGHEHQHQWHQGHUODQHFHVLGDGGHWRGRHOOR(VIiFLO SHQVDUTXHFDGDSHTXHxR JHVWRLQWURGXFLGRHQODUHDOLGDGODFDP ELDUiFDGDSDVRDGLFLRQDOFDGDPLUDGDFDGDWRVFDGDJHVWRGH DVHQWLPLHQWR(VRVHVWtPXORVWDQGLPLQXWRVGHEHUtDQSURGXFLUFDP ELRVLJXDOPHQWHPLQ~VFXORV3HURQRHVDVt

´&DEDOOHURVQRHVDVt/DUHDOLGDGWLHQHVXSURSLDHVWDELOLGDG (PS~MHQODXQSRFR\DOLJXDOTXHXQERWHGHUHPRVHQXQHVWDQTXH SXHGHTXHRVFLOHXQSRFRSHURQRYROFDUi3DUDFDPELDUYHUGDGHUD PHQWHODUHDOLGDGKD\TXHHPSXMDUODFRQODVXILFLHQWHIXHU]DFRPR SDUDTXHGHVFDUULOHVLPHSHUPLWHQXWLOL]DUHVWDVPHWiIRUDV$OLJXDO TXHODPDWHULD\ODHQHUJtDH[LVWHQHQIRUPDGHSDUWtFXODVGLVFUHWDVR FXDQWRVORPLVPRVXFHGHFRQODUHDOLGDG

´<ORVFDPELRVFXiQWLFRVVRQJUDQGHV'HEHQVHUOR$VtTXH FDEDOOHURVMDPiVSRGUiQHVFRJHU6LYDQ DD\XGDUGHDOJ~QPRGRDOD KXPDQLGDGGHEHQHVWDUSUHSDUDGRVSDUDLQWHUIHULUHQPLOHVGHPLOK` QHVGHYLGDVGHXQJROSH/DEDUFDGHUHµVGHEHYROFDUQRRVFLODU VLPSOHPHQWH (QWRQFHVGHSURQWR\VLQPLUDUDORVHVWXGLDQWHVVLQDJXDUGDUD TXHOHKLFLHVHQSUHJXQWDVDEDQGRQyODKDELWDFLyQ/RVHVWXGLDQWHV FRPHQWDURQiYLGDPHQWHHOKHFKRHQWUHHOORVSHURQROOHJDURQDQLQ JXQDFRQFOXVLyQ0DQILHOGHUDXQEXHQSURIHVRU\HUDQGHODRSLQLyQ GHTXHWRGRVORVEXHQRVSURIHVRUHVWHQtDQVXVSURSLDVPDQtDV

0DQILHOGYROYLyDOFDERGHPHGLDKRUDVHUHQR\XQSRFRSiOLGR /DGLVFXVLyQSURVLJXLyFRQIUtDGHOLEHUDFLyQSHURVHFRQILQyHVWULFWD


PHQWHDODVPDWHPiWLFDV

³$K³GLMRGHUHSHQWH7ZLVVHOaDTXtHVWi+RUHPP

&RRSHUVDOLyGHVXVHQVXHxRVVHSXVRDSUHVXUDGDPHQWHHQSLH\ DJXDUGyUHVSHWXRVDPHQWHDVHUSUHVHQWDGR ³0LWpFQLFR$QGHUV+RUHPP³GLMR7ZLVVHOa(VWHHV%ULQV OH\&RRSHUGHO³<DxDGLyGLULJLpQGRVHD&RRSHU³(OWpF QLFR+RUHPPDUUHJOyHOFDPELRFXiQWLFRTXHDFDEDGHSUHVHQ FLDU

/DPDQRTXH&RRSHUKDEtDH[WHQGLGRVHUHWLUyGHPRGRLQYROXQ WDULR¢(VWHHUDHOKRPEUH"6LQWLyXQHVFDORIQRDOFRQWHPSODUODV PDQRVDODUJDGDV\OOHQDVGHYHQDVTXHKDEtDQOOHYDGRDFDERDTXHOOD DFFLyQ&RQVHJXULGDGTXHHOURVWURGHDTXHOKRPEUHGHEtDGHVHU VLHPSUHDPDUJDGR\SRFRDWUDFWLYR\QRVHWUDWDEDVHQFLOODPHQWHGH TXHVHORSDUHFLHVHDFDXVDGHVXWUDEDMR O ³9HQJDPXFKDFKRQRVHTXHGHDVt³GLMR7ZLVVHOO³1RWHQ GUiXVWHGVXSHUVWLFLRQHVDFHUFDGHORVFDPELRVFXiQWLFRV¢YHUGDG" ³1RQRVHxRU³GLMR&RRSHU³(QDEVROXWR0HFRPSODFH PXFKRHOFRQRFHUOHVHxRUPXFKR 9ROYLyDWHQGHUVXPDQRHVWDYH]DQVLRVDPHQWH

(OWpFQLFRODHVWUHFKySRUXQLQVWDQWHOHPLUyFRQIULDOGDG\GLMR ³(VWR\VHJXURGHTXHOHFRPSODFH1RKDFHIDOWDTXHH[DJHUH &RRSHUVLQWLyTXHDFDEDEDGHUHFLELUXQGHVDLUH\SHQVyFRQ UHEHOGtD´%XHQRSXHVQRPHJXVWD

7ZLVVHOOVHIURWyODVPDQRVGHMDQGRTXHHOFLJDUULOOROHFROJDVHGH XQDFRPLVXUDGHODERFD ³¢7RGROLVWR+RUHPP"

³3RUFRPSOHWRHMHFXWRU

7ZLVVHOOHVWDEDPLUDQGRD&RRSHU6HIURWDEDODVPDQRVFRQQHU YLRVLVPR\WHQtDORVRMRVOOHQRVGHXQGHOHLWHDOJRPDOVDQRFRPRVL HVWXYLHVHUHVHUYiQGRVHHOFOtPD[GHWRGDXQDYLGDVyORXQRVLQVWDQWHV PDV ³(VWHMRYHQKDHVWDGRHVWXGLDQGRORVWLHPSRVSULPLWLYRV+R UHPP³OHGLMR³HOH[WUDxRWLHPSRDQWHULRUDODHWHUQLGDG(VWXGLy VXLQPXWDEOHUHDOLGDGHO~QLFRHLQDOWHUDEOHFXUVRGHVXKLVWRULDVX


ORFXUDVXIULPLHQWRSREUH]DHQIHUPHGDGHVJXHUUD\KDPEUHTXH QDGLHSXHGHFDPELDURPHMRUDU &RRSHUPLUyFRQVRUSUHVDD +RUHPP(OODELRLQIHULRUGHpVWH HVWDEDOOHQRGHPRUGHGXUDV\pOWHPEODED ³<DORVpHMHFXWRU4XHGDSRFRWLHPSR 7ZLVVHOODJLWyODPDQRFRQLPSDFLHQFLD

³6pFXiQWRWLHPSRKD\%LHQMRYHQFLWR¢WLHQHDOJXQDLGHD DFHUFDGHHQTXpFRQVLVWHWRGRHVWR"

&RRSHUWHQtDODJDUJDQWDLUULWDGDDFDXVDGHOKXPRGHORVFLJDUUL OORVGH7ZLVVHOO\QRWyTXHVXFRUD]yQHPSH]DEDDDFHOHUDUHOULWUQR GHVXVODWLGRV(QFRQWUyODYR]VXILFLHQWHSDUDGHFLUFRQODILUPH]D SUHFOVD ³&UHRTXHVt

(QORVGtDVHQTXHVHHQWUHWHQtDSUHYH\HQGRXQDHVFHQDFRPR pVWD&RRSHUVROtDLPDJLQDUVHSURQXQFLDQGRHVDIUDVH\D7ZLVVHOO TXHGiQGRVHDWyUtLWR

3HURQRRFXUULyQDGDGHHVR\&RRSHUVLQWLyXQDFLHUWDGHFHSFLyQ 6HQFLOODPHQWHD7ZLVVHOOVHOHLOXPLQyHOURVWUR\GLMR ³&XpQWHPHOR

&RRSHUOXFKDQGRFRQXQDVHQVDFLyQGHDQWLFOLPD[GLMR

³0HHVSHFLDOLFpHQ+LVWRULD3ULPLWLYDFRPRXVWHGGLFH(OLQV WUXFWRU0DQILHOGPHVHSDUyGHORVGHPiV\PHGLMRTXHDFWXDEDVL JXLHQGRyUGHQHV0LVHVWXGLRVIXHURQSDUWLFXODUPHQWHFRQFLHQ]XGRV UHVSHFWRDOVLJOR\HQHOVLJORYLYLy+DUYH\0DOORQ ³%LHQELHQ³GLMR7ZLVVHOOVXURVWURFRQYHUWLGRDFDXVDGHXQ PRKtQHQHOGHXQGXHQGHFLOOREHQpYROR &RRSHUSURVLJXLyKDFLHQGRDFRSLRGHWRGRHOYDORUTXHOHIXH SRVOEOH

³(UDDVRPEURVRTXHVHVXSLHVHWDQSRFRDFHUFDGHOLQYHQWRUGHO YLDMHWHPSRUDO(QXQRGHPLVWUDEDMRVPHHQFRQWUpFRQXQDUWtFXOR VX\R0HLQWHUHVy\EXVTXpDOJXQRVRWURVHQPLWLHPSROLEUH0H SDUHFLyTXHVXVLQYHVWLJDFLRQHVVyORSRGtDQOOHYDUDXQDFRQFOXVLyQ DXQTXHXVWHGQXQFDODGHFODUyGHPRGRH[SOtFLWR ³¢2\HHVR+RUHPP"³OHLQWHUUXPSLy7ZLVVHOOGHOHLWDGR


³/RRLJR³GLMR+RUHPP

³3DUHFtDTXHQRKDEtDPRGRGHHYLWDUODFRQFOXVLyQGHTXH +DUYH\0DOORQQRSRGtDKDEHULQYHQWDGRGHQLQJ~QPRGRHOFDPSR WHPSRUDOHQ HOVLJOR<QDGLHSRGUtDKDEHUORLQYHQWDGR1RH[LV WtDQODVEDVHVPDWHPiWLFDVSDUDHOOR/DVHFXDFLRQHVIXQGDPHQWDOHV GH/HIHEYUHQRH[LVWtDQQLSRGtDQH[LVWLUKDVWDODVLQYHVWLJDFLRQHVGH -DQ9HUGHHUHQHOVLJOR ³¢<VL0DOORQWURSH]yFDVXDOPHQWHFRQHOFDPSRWHPSRUDOVLQ VHUFRQVFLHQWHGHVXMXVWLILFDFLyQPDWHPiWLFD"³GLMR7ZLVVHOO¢< VLIXHXQVLPSOHGHVFXEULPLHQWRHPStULFR"

³3HURVLVXDQiOLVLVGHODVHVSHFLILFDFLRQHVRULJLQDOHVVREUHLQJH QLHUtDGHOSULPHUFDPSRWHPSRUDOHVFRUUHFWRQRSRGtDVHUOR/DV HFXDFLRQHVGH/HIHEYUHIXHURQXVDGDVGHFLHQPRGRVGLVWLQWRV/D FRLQFLGHQFLDRODVXHUWHQRSRGtDQGHQLQJXQDGHODVPDQHUDVH[SOLFDU HOPRGRHQTXH0DOORQGLVHxyODPiTXLQDFRQXQDHFRQRPtD\XQD UDFLRQDOLGDGSHUIHFWDV ³6t6t

/DFRQILDQ]DGH&RRSHUFUHFLy

³6yORSXGRKDEHUXQPRGRSRUHOTXH0DOORQOOHJDVHDFRQRFHU ODVHFXDFLRQHVGH/HIHEYUH³GLMRFRQXQWRQRWULXQIDQWH³6HODV FRQWyXQKRPEUHGHOIXWXURDOJXLHQGHODHWHUQLGDG¢(VWR\HQOR FLHUWRVHxRU"

³7RWDOPHQWHPXFKDFKR&RQILDEDHQTXHOOHJDUtDDGHVFXEULUOR SRUXVWHGPLVPRVREUHODEDVHGHORTXHKDEtDH[SHULPHQWDGR6LHUD HOKRPEUHDGHFXDGRWHQtDTXHKDFHUOR(UDXQDSUXHEDQHFHVDULD ¢HK+RUHPP" +RUHPPPLUyGHVRVOD\RD7ZLVVHOO\HQVXVRMRVRVFXURV\PHGL WDEXQGRVKXERXQGHVWHOOR

³8VWHGHVHOHMHFXWRUVHxRU3HUR¢TXpRWUDUD]yQSRGtDKDEHU SDUDQRDGYHUWLUOHQXQFDGXUDQWHHOHQWUHQDPLHQWRGHFXiOHUDVX PLVLyQILQDO"&RQVHJXULGDGTXHQRSRGtDKDEHURWUDUD]yQ ³3RUVXSXHVWRTXHQRODKD\³UHVSRQGLyFRQEUXVTXHGDG7ZLV VHOOLUULWDGR 7LUyDOVXHORVXFLJDUULOORDSODVWiQGRORFRQVX]DSDWRKDVWD DSDJDUOR

+RUHPPVHLQFOLQyKXPLOGHPHQWHORFRJLyFRQGRVGHGRV\ORGHMy FDHUHQHOUHFHSWiFXORGHODVFROLOODV/HQWDPHQWHGXUDQWHORVPLQXWRV VLJXLHQWHVVHOLUQSLyORVGHGRVIURWiQGRVHORVXQD\RWUDYH]VLQFHVDU


&RRSHUVHGLRFXHQWDGHHOORSHURVXPHQWHQRHVWDEDLQWHUHVDGD HQHVDVFRVDV$KRUDTXHSRUILQVHKDOODEDFDUDDFDUDFRQHOILQDOOH LQYDGtDXQDHQIHUPL]DVHQVDFLyQGHPDUHR&RQRFtDHOQRPEUHGHHVD VHQVDFLyQHUDHOPLHGR    ³(QWRQFHVHVFLHUWR³GLMR³KHGHVHU\RTXLHQYD\DDO

³+DVLGRFRQFLHQ]XGDPHQWHHQWUHQDGRHQODFXOWXUDGHHVRV VLJORV³GLMR7ZLVVHOO6HUiFDSD]GHDFOLPDWDUVH\OOHYDUDFDERVX WDUHD

³3HUR¢\VLQRORKDJR"³'HSURQWRFRPSUHQGLyFXiOHUDVX LQVRSRUWDEOHUHVSRQVDELOLGDG\HVRKL]RTXHOHIODTXHDVHQODVSLHUQDV KDFLpQGROHGHUUXPEDUVHHQXQDVLOOD³6LFRPHWRXQHUURUVLWUDV WRUQRODFUHDFLyQGHOFDPSRWHPSRUDO+DUpLPSRVLEOHVODVLQYHVWL JDFLRQHVGH9HUGHHU,QYDOLGDUpWRGDODEDVHGHOGHVDUUROORGHOD HWHUQL /DYR]GH7ZLVVHOOOHXQWHUUXPSLyVXDYH\DPDEOH

³1RSXHGHFRPHWHUXQHUURUKLMR1RKD\PiVTXHXQD UHDOLGDG HQORVWLHPSRVSULPLWLYRV<DKDHVWDGRDOOL<DKDKHFKRVXWUDEDMR \KDWULXQIDGR'HEHWHQHUHVRSUHVHQWHHQVXPHQWH9DDXQFXDQGR PX\OHMDQRSDUDUHDOL]DUXQWUDEDMRTXH\DHVWiKHFKR$KRUD WHQJRDTXtODVHVSHFLILFDFLRQHVGHLQJHQLHUtD GHOFDPSRWHPSRUDO &RRSHUDO]yODYLVWD6HTXHGyPLUDQGRHOSHTXHxRUROORGHSHOL FXODGHQWURGHVXUHFLSLHQWHWUDVO~FLGR ³3HUR¢pVHHVHOGH0DOORQ"³GLMRDWXUGLGR

1RSRGtDVHURWUR+DEtDYLVWRHOREMHWRHQHO0XVHRGH&LHQFLD\ $UWH3ULPLWLYRHQVXSURSLDHUD(OUHFLSLHQWHWUDVO~FLGRFRQVXPDSD JUDEDGRGHXQDSDUWHGH$PpULFDGHO1RUWH ³(OPLVPRGH0DOORQ

³3HURQRSXHGHVHU(VHOVX\R6LVHOROOHYRSDUDTXHORXVH\VL QRVORGHMDSDUDTXHORFRMDPRV\VHOROOHYHPRVSDUDTXHOR XVH ³&RRSHUULyGpELOPHQWH³(VXQFtUFXOR1RSXHGHVHU¢4XLpQ WUD]yORVSODQRVHQSULPHUOXJDU"¢'yQGHHPSLH]DWRGR"(VLPSRVL

³(QHOWLHPSRQRKD\SDUDGRMDVKLMR³GLMR7ZLVVHOO/RLUi GHVFXEULHQGRSRFRDSRFRDPHGLGDTXHYD\DHQYHMHFLHQGR<R XQ QDWLYRGHOVLJORKHRUGHQDGRFDPELRVFXaQWLFRVTXHSXHGHQ KDEHUPDWDGRDPLDEXHORFXDQGRHUDXQEHEp\SHVHDWRGRDTXt HVWR\7RGDVODVDSDUHQWHVSDUDGRMDVVRQHOUHVXOWDGRGHXQSHQVD PLHQWRFHQWUDGRHQHOWLHPSRHQYH]GHHQODHWHUQLGDG /RVWLHPSRV


H[LVWHQWRGRVDODYH]DOLJXDOTXHHOHVSDFLR6RQVRODPHQWHQXHVWUDV OLPLWDFLRQHVKXPDQDVLQFOXVRDTXtHQODHWHUQLGDGODVTXHQRVKD FHQSHUVLVWLUHQFRQFHELUORFRPRVLVXFHGLHVHHQLQVWDQWHVFRQVHFXWL YRV6XSRQJDTXHORVSODQRVGH0DOORQRVFLODQHQHOWLHPSRGHDKRUD DHQWRQFHV\OXHJRGHYXHOWD¢<TXp"8QSpQGXORRVFLODHQHOHVSD FLR¢<TXp" /DPDQRGHOHMHFXWRUVHDSR\DEDPX\VXDYHPHQWHHQVXKRPEUR &RRSHUDO]yODPLUDGD\HOURVWUROOHQRGHDUUXJDVTXHOHFRQWHPSODED HVWDEDERUURVR(OMRYHQSHVWDxHySHURVLJXLyYLpQGRORERUURVR ³+RUDGHLUDOKLMR³GLMR7ZLVVHOO

³(VWR\OLVWR³GLMR&RRSHU<FRQXQDGpELOVRQULVDDxDGLy³ 7HQJRTXHHVWDUOR<DKHLGRDOOL &RRSHUDSUHQGLyPXFKRHQGRVKRUDV

$SUHQGLyDOJRDFHUFDGH ODVKHUUDPLHQWDVGHODHWHUQLGDG$SUHQ GLyTXHDGHPiVGHODVFDELQDVTXHVHPRYtDQGHQWURGHODHWHUQLGDG KDEtDDOJRPiVTXHSRGtDVHUSURSXOVDGRIXHUDGHHOOD3DUHiDXQD FDELQDSHUROOHYDEDXQLGRDHOODXQFRPSOHMRPHFDQLVPRFX\DVED UUDVSDUHiDQFDSDFHVGHPDQLSXODUODWUDQVIHUHQFLDGHHQHUJtDDULW PRVTXH&RRSHUQLWDQVLTXLHUDLQWHQWyLPDJLQDU +RUHPPVHLQFOLQyVREUHODVHQWUDxDVGHOPHFDQLVPRFRPSUR EDQGRKDFLHQGRDMXVWHVWRGRHOORVLQPRYHUQLXQRVRORGHORV P~VFXORVGHVXFDUD

&RRSHUDSUHQGLyPXFKRVREUHVXPLVLyQ7ZLVVHOOKDEODEDUiSL GDPHQWH\QRVLHPSUHGHXQPRGRFRKHUHQWH&RQWRGRLQYDULDEOH PHQWHVXVSDODEUDVYROYtDQDODVSHOtFXODVTXHVRVWHQtD

³6HKDOODUiHQXQSXQWRSURWHJLGR\DLVODGRHQHODxRTXHKDVLGR FDOFXODGRFRPRySWLPR&RQXVWHGHQYLDUHPRVDOLPHQWRVDJXD\PH GLRVSDUDFRELMDUVH\GHIHQGHUVH/DVSHOtFXODVFDUHFHUiQGHVLJQLIL FDGRSDUDQDGLHH[FHSWRSDUDXVWHG6HOHGDUiQLQVWUXFFLRQHVPiV GHWDOODGDV&XDQGROOHJXHHOPRPHQWRGHYROYHU ³¢&XiQWR WDUGDUiVHxRU"³SUHJXQWy&RRSHU 7ZLVVHOOYDFLOy

³1RHVWR\VHJXUR'RVDxRV9HLQWHDxRV'RVGtDV³6XWRQR VHKL]RDOJRPiVVHFR³-RYHQFLWROHGLJRTXHQRORVp&XDQGRKD\D WHUPLQDGRFXDQGRUHJUHVHDODVFRRUGHQDGDVDODVTXHOOHJyFRPR SDUWHGHVXHTXLSRWHQGUiXQORFDOL]DGRU%DUUGHSXQWRILMRHQWRQ FHVVHDFWLYDUiHVWDFDELQD 6XYLHMD\FDQVDGDYR]GHDQFLDQRVLJXLyKDEODQGR\KDEODQGR


+RUHPPVHHQGHUH]ySXVRODGLHVWUDVREUHXQRGHORVGLDOHVGHSRU FHODQD\HVSHUy (OWRQRGH7ZLVVHOOVHKL]RFDGDYH]PiVDSUHPLDQWH

³1RSRGHPRVLQWHQWDUIDOVLILFDUVXPHGLRGHFDPELRRQLQJXQR GHVXVYDORUHVQHJRFLDEOHV/HSURYHHUHPRVGHRURHQIRUPDGH SHTXHxDVSHSLWDV

&RRSHUFDGDYH]PiVDWXUGLGRSHQVy´¢3RUTXpQRPHORGLMH URQDQWHV"1RSXHGRKDFHUOR1RORKDUpµ

&RRSHUGHVFXEULyDOJRVREUHpOPLVPR'HVFXEULyTXHLPDJLQDU DOJXQDJUDQKD]DxDURPiQWLFD\SHOLJURVDQRWHQtDQDGDTXHYHUFRQ HQFRQWUiUVHODHQHOUHJD]RPLUiQGRWHILMDPHQWH'HVFXEULyTXHQR HUDWDQYLHMRFRPRSHQVDED\TXHQRHUDWDQYDOLHQWHFRPRKDEtD FUHtGR\TXHWDPSRFRHUDWDQGHYRWDPHQWHLGHDOLVWD <GHVFXEULyWDPELpQTXHSHVHDWRGRVHODVDUUHJODUtDSDUD KDFHUOR

7ZLVVHOOOHHVWDEDSUHYLQLHQGRVREUHHOGDULQIRUUQDFLyQTXHQR GHEtDGDU\VREUHODLQIRUPDFLyQTXHGHEtDGDU\OXHJRFRQWUDGLFLpQ GRVHSDUDDILUPDUTXHQRSRGtDKDFHUQDGDPDO\DTXHORVWLHPSRV SULPLWLYRVQRSRGtDQYDULDU\TXH\DORKDEtDKHFKRWRGRELHQ

(QHVRVPRPHQWRV&RRSHUDSHQDVVLOHHVFXFKDED6HKDOODEDHQ ODFDELQDILMiQGRVHFRQXQOHYHLQWHUpVHQODHFRQRPtDGHOHVSDFLR\ HOPRGRHQTXHSHVHDWRGRVHKDEtDORJUDGRFRORFDUODVSURYLVLRQHV ³¢(VWiOLVWR"³SUHJXQWyILQDOPHQWH7ZLVVHOOLQPyYLOGHODQWHGH &RRSHUODVSLHUQDVVHSDUDGDVHOFLJDUULOORSRUXQDYH]LQPyYLOHQWUH VXVGHGRVPDQFKDGRVHOKXPRDO]iQGRVHHQOHQWRVUHPROLQRV &RRSHUGHSURQWRSHQVyPX\VRUSUHQGLGRTXHpOHVWDEDPX FKRPiVDVXVWDGR 'HXQPRGRH[WUDxRHVROHGLRYDORU5HFREUyHOiQLPR\FRQ WHVWy ³(VWR\OLVWR

/R~OWLPRTXHYLRDQWHVGHTXHXQDH[WUDUOD\ERUURVDQHEOLQDJULV VHFHUUDVHPRPHQWiQHDPHQWHVREUHVXVRMRVIXHODPDQRL]TXLHUGD GH+RUHPPEDMDQGRXQLQWHUUXSWRUKDVWDODSRVLFLyQGHFRQWDFWRHQ WDQWRTXHORVGHGRVGHVXPDQRGHUHFKDTXHHOWpFQLFRQLWDQVLTXLHUD PLUDEDKDFtDQJLUDUEUXVFDPHQWHHOGLDOGHSRUFHODQDKDVWDHOPi [OPR (OMHIHSURJUDPDGRU7ZLVVHOOYHtDTXHOHWHPEODEDQODVPDQRV\ HVROHPROHVWDED(OPXFKDFKRVHKDEtDLGR7RGRHVWDEDKHFKR/D


PDQLSXODFLyQKDEtDVLGRSHUIHFWD6HKDEtDDFDEDGR

&XDQGRVHOOHYyODPDQRDODIUHQWHHQWRQFHV¢SRUTXpODWHQtD SHJDMRVD\OOHQDGHVXGRU"¢$FDVRHUDXQSURJUDPDGRUQRYDWROOHQR GHLQTXLHWXGDQWHVXSULPHUFDPELRFXiQWLFRRHUD7ZLVVHOO"6H KDEtDDFDEDGRPDOGLWDVHDDFDEDGR /RGLMRHQYR]DOWDLUULWDGR ³6HDFDEy

³6tSURJUDPDGRU7ZLVVHOO³GLMR+RUHPP 7ZLVVHOOVHVREUHVDOWy ³¢4Xp"

3RUORTXHIXHVHMDPiVKDEtDHVSHUDGRTXH+RUHPPOHFRQWHVWDVH H[FHSWRDQWHXQDSUHJXQWDGLUHFWD&XDQGRKDEODED7ZLVVHOOVLHPSUH WHQtDODVHQVDFLyQPRPHQWiQHDGHTXHXQDH[WHQVLyQGHVXSURSLRVHU XQEUD]RXQDSLHUQDKDEtDQVLGRUHSHQWLQDPHQWHGRWDGRV FRPRHL DVQRGH%DODDPHQHOYLHMRPLWR FRQHOPLODJURVRGRQGHOKDEOD 3HUR+RUHPPQRVHOLPLWDEDDKDEODU(VWDEDVRQULHQGR

'XUDQWHWRGRHOWLHPSRTXHKDFtDTXHORFRQRFtD7ZLVVHOOMDPiV KDEtDYLVWRVRQUHtUD+RUHPP6HTXHGyPLUDQGRVRUSUHQGLGROD ERFDDELHUWD\ORVGLHQWHVV~ELWDPHQWHSXHVWRVDOGHVFXELHUWRTXH SDUHFtDQUHPHGDUXQDVRQULVDVLQHOPHQRUDWLVERGHODHPRFLyQTXH SRGtDHVSHUDUVHGHHOOD3HUFLELyODPDOVDQDDOHJUtDTXHEULOODEDHQORV R-RVGHOWpFQLFR <FRQDVSHUH]D SXHVVHHQFRQWUDEDPX\FDQVDGR GLMR ³¢4XpOHVXFHGH+RUHPP"

³6HDFDEy³GLMR+RUHPP³7RGRVHDFDEy0HVLHQWRIHOL]

³%LHQ<RWDPELpQPHVLHQWRIHOL]<DKRUDSRUIDYRUGHMH GH PLUDUPHDVt7yPHVHXQRVGtDVGHUHSRVR6HORVKDJDQDGR ³0iVGHORTXHXVWHGVHLPDJLQDHMHFXWRU³GLMR+RUHPPTXH VHJXtDVRQULHQGR 

7ZLVVHOODVSLUyIHUR]PHQWHHOKXPRGHVXFLJDUULOORFRQVXPLpQ GRORKDVWDTXHPDUVHFDVLODSXQWDGHORVGHGRVDQWHVGHWLUDUOR'HMy TXHHOKXPROOHJDVHKDVWDORPiVKRQGRGHVXVSXOPRQHV\ORH[SHOLy FRQIXHU]DSRUORVODELRV


³¢4XpHVORTXHLJQRUR+RUHPP"

6HHVWDEDHQIDGDQGRSXHVQRVHHQFRQWUDEDGHKXPRUSDUDFRQ YHUVDFLRQHVHVW~SLGDV ³%XHQRHOTXHWRGRKDWHUPLQDGR(VWR8VWHG<R£7RGDOD HWHUQLGDG

³(QHOQRPEUHGHOWLHPSR¢GHTXpHVWiXVWHGKDEODQGR"¢6DEH GHTXpHVWiKDEODQGR" ³£/RVp

+RUHPPVHDFHUFyDpO

7ZLVVHOOVHDSUHVXUyDUHWURFHGHU&RQXQDUHSHQWLQD\DJXGD LQFRPRGLGDGVHDFRUGyGHDOJRTXHQRUPDOPHQWHQRWHQtDSUHVHQWH $TXHOKRPEUHWHQtDXQKLVWRULDOGHSUREOHPDVPHQWDOHV7ZLVVHOOOR VDEtDFXDQGRUHTXLULyTXHVHOHDVLJQDVHD+RUHPPFRPRWpFQLFR SHUVRQDOSHURQDWXUDOPHQWHODHILFDFLDGH+RUHPP\VXIDQiWLFD GHYRFLyQDORVLGHDOHVGHODHWHUQLGDGGHEtDQEDVDUVHHQXQDQHXURVLV VHPHMDQWH+RUHPPQHFHVLWDEDSDUDVXVSURSyVLWRVSHUVRQDOHVXQD SHUVRQDOLGDGWDQUtJLGDPHQWHFRQVWUHxLGD<FLHUWDPHQWHHQVXV DxRVFRQ7ZLVVHOO+RUHPPVHKDEtDSRUWDGRVLHPSUHGHOPRGRPiV VDWLVIDFWRULRSRVLEOH(UDEDVWDQWHUDUR \VHSUHJXQWy7ZLVVHOO ¢TXLpQQRHUDUDUR" \QDGLHSHQVDUtDGHpOTXHIXHVHXQDSHUVRQD HQFDQWDGRUDSHURVHJXtDVLHQGRFLHUWRTXHVLQVXDEVROXWDOHDOWDGHUD PX\GXGRVRTXHHOSUR\HFWRKXELHVHSRGLGROOHJDUDEXHQILQ 3HURDKRUD7ZLVVHOOHUDLQFDSD]GHUHFRQRFHUDHVWH+RUHPP FDGDYH]DFHUFiQGRVHPiVDpO\DODUJDQGRXQDGHOJDGDPDQRFRPR DQVLRVRSRUWRFDUODFDPHGH7ZLVVHOOFRPRSDUDDVHJXUDUVHGHTXH 7ZLVVHOOVHHQFRQWUDEDUHDOPHQWHDKtGHTXHQRVHWUDWDEDGHXQ VXHxR

6yORGHHVHPRGRSRGtDH[SOLFDUVH7ZLVVHOOODH[SUHVLyQGH+R UHPP$TXHOKRPEUHHUDWDQIHOL]TXHDGXUDVSHQDVVLSRGtDFUHHUHQ TXHVXSURSLDIHOLFLGDGIXHVHUHDO¢6HWUDWDEDDFDVRGHODOLEHUDFLyQ ILQDOGHXQDSHUVRQDOLGDGGXUDQWHGHPDVLDGRWLHPSRFRQVWUHxLGDHQ XQODUJRSUR\HFWR" ³+RUHPPKDWUDEDMDGRGHPDVLDGR³GLMR7ZLVVHOO 3HUR+RUHPPVHOLPLWyDQHJDUFRQODFDEH]D

³4XLHURTXHORHQWLHQGDHMHFXWRU/DHWHUQLGDGVHKDWHUPLQDGR 6HDFDEy¢3LHQVDTXHODHWHUQLGDGQRSXHGHWHQHUILQ"¢4XHHV UHDOPHQWHHWHUQD"3LpQVHORGHQXHYR3XHGHTXHODHWHUQLGDGFDUH]FD GHILQDOHQHOWLHPSRSHURTXL]iWHQJDXQRHQODUHDOLGDG/RYH¢QRHV


FLHUWR"8VWHGHVXQSURJUDPDGRU8VWHGHVPX\LQWHOLJHQWH

7ZLVVHOOHVWDEDHPSH]DQGRDHQWHQGHUOR7RGR VXFXHUSRVHHV WUHPHFLy ³£+RUHPP³JULWy

$XQTXHODVRQULVDGH+RUHPPVHHVIXPyHOIHUR]EULOORGHDOH JUtDHQVXVRMRVVLJXLySUHVHQWH

L O L ³6t+RUHPP1DGDPiVTXHXQREVHUYDGRU\XQWpFQLFR$O JXLHQFRQHOTXH)LQJHSXGLHVHH[SHULPHQWDU 8QPLOODUGHUHDOLGDGHV KDQSDVDGRGHVGHTXHHUQSH]yODHWHUQLGDG¢3XHGHUHFRUGDUWRGDV ODVUHDOLGDGHVTXHXVWHGKDKHFKRFDPELDUHMHFXWRU"<RSXHGRUH FRUGDUXQD&DPELyHOKDFHGLH]ILVLRDxRV8VWHGILUPyHODQiOLLVLV GH)LQJH$SUHQGtPXFKRVREUHHVHFDPELRFXiQWLFRGHVSXpVSHUR PHSUHJXQWRVLORUHFXHUGDXVWHG)LQJHPXULy0DOGLWRVHDPXULy GHPDVLDGRSURQWR3HURXVWHGYLYH8VWHGGHEHUHFRUGDU 7ZLVVHOOLQWHUUXPSLyHOMDGHDQWHWRUUHQWHGHSDODEUDVGHVXLQ WHUORFXWRU ³¢&yPRSXHGR"

/RTXHIDOWDEDGHODIUDVHQXQFDOOHJyDQDFHU

³¢&yPRSXHGHUHFRUGDU"³JULWy+RUHPP³+XERWDQWRVFDP ELRVTXHPLOPLOORQHVGHYLGDVPiVRPHQRVVRQDOJRGHPDVLDGR PLQ~VFXORSDUDTXHVXPHQWHVHWRPHODPROHVWLDGHUHFRUGDUOR ¢4XpVRQODVJHQHUDFLRQHVGHOKRPEUHSDUDXQHMHFXWRUTXHSXHGH ERUUDUODVGHODH[LVWHQFLDFRQXQVLPSOHVRSOLGR"£+DJDQHVWR£<D HVWi1DGDHQOD7LHUUDSHUGXUDVLQFDPELRV¢4XLpQOHGLRHOGHUH FKR"¢4XLpQOHGLRHOGHUHFKR" (OWpFQLFRDO]yORVSXxRVDODLUH

7ZLVVHOOVHDFHUFyDODSXHUWD\+RUHPPEDMyORVEUD]RVPRYLpQ GRVHUiSLGDPHQWHSDUDLPSHGLUOHODUHWLUDGD

³7HQGUiTXHHVFXFKDUUQHHMHFXWRU<ROHHVFXFKpGXUDQWHFLQFR DxRV\FRQWRGDVHJXULGDGXVWHGSXHGHFRQFHGHUPHFLQFRPLQXWRV ¢6HOHRFXUULyDOJXQDYH]TXHXQDYtFWLPDGHVXVPDQHMRVSRGUtD DOJ~QGtDGHVHDUFREUDUVHVXGHXGD" ³¢4XpKDKHFKR"³SUHJXQWy7ZLVVHOOODYR]FRQYHUWLGDHQXQ JUD]QLGR


³+HFDPELDGRODUHDOLGDG\RVROR³GLMR+RUHPP³<QRVROD PHQWHSDUDORVSREUHVVHUHVTXHYLYHQHQHOWLHPSR/DKHFDPELDGR LQFOXVRSDUDQRVRWURV3LpQVHOR'HEHFRPSUHQGHUOR9LYDFRQHVD LGHD3URQWRPDxDQDHODxRSUy[LPRSXHGHTXHGHQWURGHXQPL QXWRODHWHUQLGDGOOHJDUiDVXILQ ³(VLPSRVLEOH³VXVXUUy7ZLVVHO

³(VSRVLEOH£(VFLHUWR³JULWy+RUHPP³0DQGyDHVHPXFKD FKRDOSDUDTXHLQVSLUDVHHOLQYHQWRTXHFRQGXMRDODHWHUQLGDG ¢4XpVXFHGHUtDVLODLQVSLUDFLyQSDUDHVHLQYHQWRQROOHJDVH"¢([LVWL UtDDOJXQDHWHUQLGDG"(OPXFKDFKRSUHJXQWyGHGyQGHSURFHGtDQORV SODQRVGHOFDPSRWHPSRUDO8VWHGGLMRTXHRVFLODEDQHQHOWLHPSR FRPRXQSpQGXORORKDFtDHQHOHVSDFLR¢<VLDOJXLHQFRUWDVHOD FXHUGDGHOSpQGXORHK"¢4XpRFXUULQDVLDOJXLHQLQWHUILULHVHFRQODV RVFLODFLRQHVWHPSRUDOHVGHHVRVSUHFLRVRVSODQRV" ³¢4XpKDKHFKR"³SUHJXQWyQXHYDPHQWH7ZLVVHOO

³&UHRTXHSXHGHLPDJLQDUOR(QHOPLVPRLQVWDQWHHQTXHFHUUD EDHOLQWHUUXSWRUTXHHQYLDEDD&RRSHUDWUiVHQHOWLHPSRKLFHJLUDU HOFURQRFRQWURO1RIXHHQYLDGRDOVLQRDXQWLHPSRDQWHULRU 8QRVVLJORVDQWHV(ODxRHQFRQFUHWRQRORVp1LWDQVLTXLHUDHO VLJOR1RPLUpORVFRQWUROHVDOKDFHUORVJLUDU\YROYtDKDFHUORVJLUDU 

DQWHVGHVROWDUORV<HVRKL]RVDOWDUHOPHFDQLVPRUHWURDOLPHQWDGRU DXWRPiWLFRGHODFDELQDDOPLVPRSXQWRHQHOWLHPSRTXHKDEUtD WHQLGROXJDUVL\FXDQGR&RRSHU LQWHQWDVHUHWURDFWLYDUODSDUDXQYLDMH GHUHJUHVR

´(VWiSHUGLGRHMHFXWRUSHUGLGRSDUDVLHPSUHHQODHUDSULPLWLYD <DODWH[WXUDGHODUHDOLGDGGHEHWHQVDUVHDFDGDLQVWDQWHTXH&RRSHU SHUPDQHFHHQXQVLJORTXHQRHVHOVX\R0iVSURQWRRPiVWDUGHORV FDPELRVTXHHVWiLQWURGXFLHQGRHQpOOOHJDUiQDOQLYHOFXDQWLFR8V WHG\\RVDEHPRVDFHUFDGHORVFDPELRVFXiQWLFRV¢YHUGDGFRPSXWD GRU"<WRGDODUHDOLGDGSHUGHUiVXVFLPLHQWRV6yORTXHpVWHQRVHUi FRPRORVFDPELRVFXiQWLFRVTXHKDVWDDKRUDKDLGRXVWHGLQWURGX FLHQGRHQHOOD(VWDYH]WRGRVHYHUiHQYXHOWRODHWHUQLGDGLQFOXLGD SRUTXHHOFDPELRFXiQWLFRLPSOLFDUiODQRLQYHQFLyQGHOFDPSRWHP SRUDO<HQWRQFHVDOILQHVWDUpHQSD]FRQXVWHG\FRQ)LQJH\\R YLYLUpGHQXHYRHQODUHDOLGDGVLQFDPELRV\YROYHUpDHQFRQWUDUD 1R\V 7HQGLyORVEUD]RV\OXHJRVHGHMyFDHUDOVXHORULHQGRDJyQLFDH LQWHUPLQDEOHPHQWHXQDURQFDFDUFDMDGDTXHVLJXLy\VLJXLyHQWDQWR TXHVXVKRPEURVWHPEODEDQFRQYXOVLYDPHQWH 7ZLVVHOOVHOHTXHGyPLUDQGRGXUDQWHXQLQVWDQWHSDUDOL]DGRSRU


HOKRUURU/DULVDGH+RUHPPVHIXHTXHEUDQGRKDVWDGHWHQHUVH6H TXHGyWHQGLGRLQPyYLO 7ZLVVHOOVDOLyFRUULHQGRGHOODERUDWRULR\VXDJXGDYR]HVWXYRD SXQWRGHTXHEUDUVHPLHQWUDVJULWDED

³4XHDOJXLHQEXVTXHDOLQVWUXFWRU0DQILHOGGHOHQHOFRPXQR £0DQILHOGGHO£<XQDDPEXODQFLD£0DOGLWDVHDPXpYDQVH £0DQILHOG£,QVWUXFWRUGHO£%~VTXHQOH 

*HQUR0DQILHOGVHKDEtDGHVFULWRXQDYH]FRPRXQ´SDFLILVWDµ DQWHQDGDPHQRVTXHXQJUXSRFRPRHO&RPLWpGH3HUVRQDOGHO*UDQ &RQVHMR3DQWHPSRUDO+DEtDSHUPDQHFLGRHQSLHDQWHHOORVXQRV QXHYHILVLRDxRVDQWHVFDPLQDQGRFRQXQSDVRQHUYLRVR\DOJRSDUH FLGRDOGHXQRVRVXVDQFKRVKRPEURVHQFRUYDGRVVXVFDEHOORVPRUH QRVGHVSHLQDGRVFRPRGHFRVWXPEUH\VXPDFL]RURVWURPDUFDGRFRQ WR]XGDVDUUXJDVGHLQFRPRGLGDG ³(VWDPRVOLEUDQGRXQDJXHUUDHQODHWHUQLGDG³KDEtDGLFKR PLHQWUDVH[SOLFDED\GHIHQGtDODSHWLFLyQTXHKDEtDSUHVHQWDGRKDFtD XQPHVDOFRPLWp³1RHVWR\H[DFWDPHQWHVHJXURGHFRQWUDTXpOD HVWDPRVOLEUDQGR6XSRQJRTXHFRQWUDODUHDOLGDGRFRQWUDORVSXOL GRV\PDTXLQDOHVFRQFHSWRVTXHWHQHPRVVREUHORTXHFRQVWLWX\HOD PLVHULDKXPDQD&UHHPRVTXHQXHVWURVILQHVVRQEXHQRVSHURVpTXH QXHVWURVPHGLRVVRQLPSODFDEOHV ´(QWDQWRTXHSURJUDPDGRUKHVLGRRILFLDOHQHVDJXHUUDSRUE TXHKHKHFKRKDVWDHOPRPHQWRFUHRTXHPHFRUUHVSRQGHHOJUDGR GHFRURQHO

+DEODEDFRQOHQWLWXG\VXVSDODEUDVSDUHFtDQD~QPiVOHQWDVDO UXPLDUVXPHQWHODDUFDLFDPHWiIRUDTXHKDEtDXWLOL]DGRPRYLpQGRVH OXHJRSRUHWDSDVGHXQPRGRDXWRPiWLFR\FDUHQWHGHHVIXHU]RKDVWD ORVLQLFLRVGHXQDFRQVLGHUDFLyQGHOD+LVWRULD3ULPLWLYDFX\RHVWXGLR HUDVXGLYHUVLyQ\VXYtDGHHVFDSH

9ROYLyHQVtFRQXQHVIXHU]RYLVLEOHSDViQGRVHXQDYH]PiVOD PDQRSRUHOSHOR

³3RUWHPSHUDPHQWRHVHSDSHOQRHVDGHFXDGRSDUDPt6LORTXH HVWDPRVOLEUDQGRHVXQDJXHUUDQRSXHGRVHJXLUSDUWLFLSDQGRHQHOOD 1RVLUYHGHQDGDTXHPHGLJDDPtPLVPRTXHVHWUDWDGHXQDJXHUUD MXVWD\TXHGHEHVHUOLEUDGD6R\XQSDFLILVWD\QRSXHGRFRPEDWLU (OSUHVLGHQWHGHOFRPLWpOHSUHJXQWyTXpSUHWHQGtDKDFHU&RQ WRGDVHJXULGDGGHEtDVDEHUTXHDEDQGRQDUODHWHUQLGDG\YROYHUDVX WLHPSRRULJLQDOHUDLPSRVLEOH2WRUJDUOHXQDSHQVLyQDORVFXDUHQWD ILVLRDxRVGHHGDGVLJQLILFDUtDVHQWDUXQSUHFHGHQWHSHOLJURVR¢'H


VHDEDDFDVRUHWLUDUVXSHWLFLyQ\SHGLUXQSHUtRGRGHKRVSLWDOL]DFLyQ\ UHKDELOLWDFLyQ" /DVREMHFLRQHVGH0DQILHOGIXHURQYLROHQWDV6DEtDPX\ELHQTXH XQSURJUDPDGRUGHVXFDWHJRUtDQRWHQtDTXHVXMHWDUVHDXQSURJUDPD WDOVLQSULPHURVXSURSLRFRQVHQWLPLHQWRRVHJXQGRXQSHOLJUR FODUR\DFWXDOGHSVLFRVLV/RVHJXQGRHUDVLHPSUHGLItFLOGHSUREDU\ ORSULPHURQRLEDQDFRQVHJXLUORQXQFD 6HxDOyFRQXQJHVWRVXSHWLFLyQ\GLMR

³1RHVWR\SLGLHQGRHOUHWLURFRPSOHWR PHUDPHQWHHOUHOHYR GH ODOtQHDGHOIUHQWH8QDPLVLyQHQHOVLJORPHSHUPLWLUtDSURVHJXLU HQSD]PLVLQYHVWLJDFLRQHV\PHFRORFDUtDHQXQVHFWRUWUDQTXLOR GRQGHORVDVDOWRVGHODUHDOLGDGQRVRQQLIUHFXHQWHVQLVHULRV 1RSRGtDUHVLJQDUVHDDEDQGRQDUVXSURSLDPHWiIRUD

(OSUHVLGHQWHGHOFRPLWpOHLQWHUURJyDFHUFDGHVLVHGDEDFXHQWD GHOYDORUTXHWHQtDHOHQWUHQDPLHQWRGHXQSURJUDPDGRU\VXVFRQRFL PLHQWRVVLHUDFRQVFLHQWHGHODSpUGLGDTXHVXIULUtDODHWHUQLGDGVLpO VHUHWLUDEDYROXQWDULDPHQWHGHODFDWHJRQ DGHSURJUDPDGRUVLKDEtD SHQVDGRHQODVGLILFXOWDGHVTXHLPSOLFDEDKDOODUDDOJXLHQTXHORUH HPSOD]DVH

³(QPLHVWDGRDFWXDOQRVR\GHQLQJXQDXWLOLGDGFRPRSURJUDPD GRU³GLMR0DQILHOG³&RQWRGRHVWDUtDGLVSXHVWRDVHULQVWUXFWRU &RQWRGDVHJXULGDGORVLQVWUXFWRUHVGHEHQVHUWDQYDOLRVRVSDUDOD HWHUQLGDGFRPRFXDOTXLHURWUDFDWHJRUtD\XQRWDQFRPSHWHQWHFRPR \RVHUtDGLIIFLOGHHQFRQWUDU

(VGXGRVRTXHHOFRPLWpKXELHVHOOHJDGRDDSUREDUQLWDQVLTXLHUD GLFKRFRPSURPLVRGHQRVHUSRUTXH/DEDQ7ZLVVHOOTXHHQHVRVPR PHQWRVVHKDOODEDHQHOFRPLWp\TXHKDVWDHQWRQFHVVHKDEtDOLPLWDGR DIXPDU\SHUPDQHFHUHQVLOHQFLRQRKXELHVHH[SUHVDGRUHSHQWLQD PHQWHVXDFXHUGRGHXQPRGRIUDQFDPHQWHH[SOtFLWR $OGtDVLJXLHQWHGXUDQWHXQDHQWUHYLVWDFRQ7ZLVVHOO0DQILHOG FRQaDQRWLILFDFLyQRILFLDOGHVXFDWHJRUtD\VXPLVLyQHQHOEROVLOOR KL]RWRGRORTXHSXGRSDUDGDUOHODVJUDFLDV

7ZLVVHOOOHTXLWyLPSRUWDQFLDDODVXQWR/RVJHVWRVGHVXPDQR YHORFHV\VHPHMDQWHVDORVGHXQSiMDURVXDQFKD\GHVSHMDGDIUHQWH\ VXVRMRVLQWHOLJHQWHV\YLYDFHVOHHUDQWDQIDPLOLDUHVD0DQILHOG FRPRVHORHUDQ\DDWRGRVORVSURJUDPDGRUHVGHODHWHUQLGDG ³7HQJRHOJHUPHQGHXQDLGHD³GLMR7ZLVVHOaXQDJUDQLGHD SXHGHTXHXQDLGHDULGtFXOD1ROHKDEODUpGHHOOD3HURPHJXVWDUtD TXHKXELHVHDOJXLHQVyOLGR\GHFRQILDQ]DFRPRXVWHGHQORVOHMDQRV FXDQGRVGHDEDMR<DGHPiVTXHIXHVHXQLQVWUXFWRU3XHGHTXHQR


OOHJXHDQDGDSHURFRQWRGR

0DQILHOGQRLQWHQWyFRPSUHQGHUGHOWRGRWDOHVREVHUYDFLRQHV 6yORWHQtDJDQDVGHPDUFKDUVH6XFDELQDFURQRPyYLOOHHVWDEDHVSH UDQGR\TXHUtDDOHMDUVHWRGRORSRVLEOHDORVLQLFLRVGHODHWHUQLGDG 4XL]iGHQWURGHHVDTXLHWXGOHIXHVHSRVLEOHROYLGDUVXSURSLR\ HQRUPHFULPHQ (VWDEDHQODFDELQDFRQ7ZLVVHOOHVWUHFKiQGROHODPDQRSRU~O WLPDYH]\GLFLHQGR ³6HDFRUGDUi¢YHUGDG"VLDOJXQDYH]OHQHFHVLWR

³0HDFRUGDUp³PXVLWyFRQDSHQDVXQPDWL]GHLPSDFLHQFLD³ 6LHPSUHOHHVWDUpDJUDGHFLGRHMHFXWRU 3HURORROYLGy

1RGHOWRGRQDWXUDOPHQWH$PHGLGDTXHWUDQVFXUUtDQORVILVLRD xRVQRROYLGyTXHHQWLHPSRVKDEtDVLGRXQSURJUDPDGRU1RROYLGy XQDQRFKHKRUULEOHXQDSHWLFLyQTXHKDEtDFXUVDGRDODPDxDQD VLaXLHQWH1LWDQVLTXLHUDROYLGyTXH7ZLVVHOOOHKDEtDD\XGDGR

6LQHPEDUJRROYLGyODVYDJDVLQVLQXDFLRQHVGH7ZLVVHOODFHUFDGH TXHHODSR\RTXHOHKDEtDSUHVWDGRQRHVWDEDPRWLYDGRSRUODVLPSD WtDVLQRSRUXQDVSUHYLVLRQHVWRWDOPHQWHSUiFWLFDV2OYLGy³RPHMRU GLFKRQXQFDYROYLyDSHQVDUHQHOOR³TXHVHKDEtDFRORFDGRHQXQD VLWXDFLyQGHGHXGDFRQ7ZLVVHOO ,QFOXVRFXDQGR7ZLVVHOOOHPDQGyODSHWLFLyQGHTXHDFHSWDVHHQ VXFODVHD%ULQVOH\6KHULGDQ&RRSHUSLGLpQGROHDGHPiVTXHHOQR YDWRVHHVSHFLDOL]DVHHQ+LVWRULD3ULPLWLYDHQVXPHQWHQRVHUHPR YLyQLQJ~QUHFXHUGR1RVHOHRFXUULyD0DQILHOG TXHDTXHOORHUD SDUWHGHORTXH7ZLVVHOO\DWHQtDHQPHQWHFXDQGROHD\XGyDFROR FDUVHFRPRLQVWUXFWRUHQHO

0DQILHOGHUDXQUHFRQRFLGRH[SHUWRHQ+LVWRULD3ULPLWLYD\QR FRQVLGHUyH[WUDxRTXHOHHQYLDVHQDXQHVWXGLDQWHSDUDTXHORHQWUH QDVHHQ GLFKDGLVFLSOLQD &XDQGR&RRSHUVHPDUFKyFRQGHVWLQRDO\DSHQDVXQDVGRFH KRUDVGHVSXpVOOHJyODOODPDGDGH7ZLVVHOOVHGLULJLyWUDQTXLODPHQWH DOFRPXQR

/OHJyLQFOXVRDSURWHVWDUFRQVLGHUDEOHPHQWHDJLWDGRFXDQGR7ZLV VHOOOHSLGLySRUSULPHUDYH]TXHWRPDVHLQPHGLDWDPHQWHXQDFDELQDSDUD HO(OQRHUDXQSURJUDPDGRUH[SOLFyLQGLJQDGR3UHIHULQDQR ³L3RUHOJUDQ&URQRVKRPEUH³KDEtDH[FODPDGRURQFDPHQWH 7ZLVVHOO³D~QVHJXLUtDGHSURJUDPDGRUVLQRKXELHVHVLGRSRUPt


$KRUDOHQHFHVLWR

<HQWRQFHV0DQILHOGVHDFRUGy

³(VWDUpDKt³GLMRDSDJDGDPHQWH 0DQILHOGWDUGyPiVGHTXLQFHPLQXWRVHQWHQHUXQDYDJDLGHDGH ORTXHLEDPDO$OSULQFLSLROHSDUHFLyTXH7ZLVVHOOWDQVyORVHHV WDEDODPHQWDQGRSRUODSpUGLGDGHXQWpFQLFRPHQWDOPHQWH LQHVWD EOH 0DQILHOGKDEtDRtGRKDEODUGH+RUHPPHOOODPDGR´SUtQFLSH GHORVWpFQLFRVµ 

2TXL]iWDUGDVHHQFRPSUHQGHUDFDXVDGHTXHQRVHHQFRQWUDEDD JXVWRHQDTXHODPELHQWH(QWRGRVORVDxRVWUDQVFXUULGRVGHVGHTXH KDEtDWRPDGRODFDELQDFURQRPyYLOHQGLUHFFLyQGHODEDMRFXDQGR KDFLDHOQRKDEtDYXHOWRDXQFXDQGRPiVHOHYDGRTXHHOSHULyGLFR YLDMHGHHVWXGLRVDO<DKRUDHVWDEDDTXtVXPHUJLGRHQHOPLOHQLR VHVHQWDGHODHWHUQLGDGFRQWHPSODQGRDOKRPEUHTXHUHVXPtDHQVX SHUVRQDHOSDSHO YLWDOTXHDpOOHSDUHFtDPiVUHSXOVLYR\DERUUHFLEOH $PHQRVGHFLQFRVLJORVFLQFRVLJORV &RQXQHVIXHU]RDUUDQFyGHVXPHQWHHOSR]RGHUHFXHUGRVHQHO TXHVLHPSUHHVWDEDGLVSXHVWRDVXPHUJLUVH\WUDWyGHFRQFHQWUDUVHHQ ORTXH7ZLVVHOOHVWDED GLFLHQGR /DYR]GHOYLHMRHMHFXWRUVHIXHKDFLHQGRPiVIUtD\ILUPH\HO DXWpQWLFRVLJQLILFDGRGHORTXHHVWDEDGLFLHQGRHPSH]yDSHQHWUDUHQ VXFRQFLHQFLD/RVRMRVGH0DQILHOGVHHQWUHFHUUDURQ\VXDQVLHGDG SRUYROYHUDO~WHURTXHVHKDEtDLGRFRQVWUX\HQGRHQHOGLVPLQX\y DPHGLGDTXHHVFXFKDED ³(MHFXWRU³GLMRILQDOPHQWH³¢HVWXYRGHDFXHUGRHO*UDQ &RQVHMR3DQWHPSRUDOHQSHUPLWLUTXHVHPDQGDVHXQDFDELQDDOLQL FLRGH" 7ZLVVHOOGLRXQDSDOPDGDLUULWDGR

³¢4XpWLHQHHVRTXHYHUFRQWRGRHODVXQWR"(VDFDELQDOD FRQVWUXLPRV+RUHPP\\RSDUDFXPSOLUFLHUWRSURSyVLWR3RUGHVJUD FLDHOSURSyVLWRGH+RUHPPQRHUDHOPtR¢4XLHUHGHMDUGHSRQHU HVDFDUD0DQILHOG"/DWHRUtDGHSHQHWUDUHQHOSDVDGRGHODHWHUQL GDGHVGHVREUDFRQRFLGD3RUUD]RQHVREYLDVVHWUDWDGHPDWHULD UHVWULQJLGDSHURGHWRGRVPRGRVORJUpDUUHJOiUPHODV0X\ELHQ QRLQIRUPpDO*UDQ&RQVHMR3DQWHPSRUDO¢4XpVLJQLILFDGRWLHQHHVR DKRUD" ³(QWRQFHV\RGHEHUtDLQIRUPDUDFHUFDGHXVWHG³GLMR0DQ ILHOG

³¢<GHTXpVHUYLQ DHVRDKRUD"¢(QWLHQGHXVWHGORTXHHVWR\ GLFLHQGR"(VWDPRVHQIUHQWiQGRQRVFRQHOILQGHODHWHUQLGDG


6tODLGHDHVWDEDHPSH]DQGRDTXHGDUPX\FODUDSDUD0DQILHOG ¢(OILQGHODHWHUQLGDG"8QDLGHDH[WUDxDFDVLDJUDGDEOH¢$FDVRpO \WRGRVORVHWHUQRVLEDQDVXIULUHOGHVWLQRTXHWDQIQ DPHQWHOH KDEtDQLQIOLJLGRDWDQWRVRWURV"'HSURQWRVHSUHJXQWy´¢'XHOHXQ FDPELRGHODUHDOLGDG"¢&DPELDQORVUHFXHUGRVGHXQPRGROLPSLR\ UiSLGR"¢1RTXHGDQDGD"¢1RTXHGDUtDHQQLQJXQDPHQWHHOIDQ WDVPDGH XQDHWHUQLGDGGHVYDQHFLGD"µ 6RQULyOHYHPHQWH(UDFRPRVLILQDOPHQWHOHHVWXYLHVHQRIUH FLHQGRXQDH[SLDFLyQSRUVXFULPHQ\VRQULy

³1RVHTXHGHDK~VHQWDGRVRQULHQGR0DQILHOG³H[FODPy7ZLV VHOOFDVLDJULWRV³¢1RHQWLHQGHORTXHHVWR\GLFLHQGR" 

³/RHQWLHQGRSHUR

³3HURHVWiDWyQLWRSRUTXH\RKD\DGHMDGRGHODGRDO*UDQ&RQ VHMR¢6HWUDWDGHHVR"2LJD0DQILHOG³GLMRFRQYLROHQFLD³WHQtD TXHWUDEDMDUVLQHOORV(UDPLLGHDWRWDOPHQWHPtD1RSRGtDHVSHUDU VXVFRQIDEXODFLRQHV\VXVUHWUDVRV$XQDVtWDUGpGLH]ILVLRDxRV $KRUDWHQJRVHVHQWD\FLQFR3XHGHTXHD&RRSHUOHKDJDQIDOWDGLH] DxRVLQFOXVRTXLQFHSDUDFRPSOHWDUVXPLVLyQ4XLHURHVWDUYLYR FXDQGRUHJUHVH4XLHURVHUFDSD]GHGHFLUTXH\RKLFHSRVLEOHD +DUYH\0DOORQ<R \VyOR\RIXLHODXWpQWLFRRULJLQDGRUGHODHWHUQL GDG4XLHURGHFLUORTXLHURTXHORVHWHUQRVORVHSDQ(QWRQFHVSR GUpPRULU 3HVHDWRGDVXDUGLHQWHHQHUJtDODDXWpQWLFDHGDGGHOFXHUSRGH 7ZLVVHOOQRSRGtDVHULJQRUDGD/HWHPEODEDQODVPDQRV\VXVSiOLGRV \UHVHFRVODELRVVHHVWUHPHFtDQ0DQILHOGVREUHVDOWDGRSHQVy´(V YLHMRYLHMRµ 'HDOJ~QPRGRORJUyVHQWLUFRPSDVLyQ\VLQHVSHUDUXQDUHV SXHVWDUD]RQDEOHGLMR ³¢4XpTXLHUHGHPt"

³&RQRFHD&RRSHU\FRQRFHORVWLHPSRVSULPLWLYRV(QFXpQWUH PHOR 0DQILHOGPHQHyODFDEH]D

³¢&yPRSXHGRKDFHUOR"¢'yQGHKHGHEXVFDU"¢&yPRKHGH EXVFaU"0LUHHMHFXWRU¢SRUTXpQRDUUHJODHODVXQWRPDQGDQ GRDDOJXLHQPiVGHYXHOWDDO"&RQVHJXULGDGGHEHKDEHUFR SLDVGHOSODQRGH0DOORQSDUD HOFDPSRWHPSRUDO0LHQWUDVWDQWR FXDQGR&RRSHUVHGpFXHQWDGHTXHHVWiHQXQVLJORHTXLYRFDGR\GH


TXHQRSXHGHYROYHUWHQGUiOREDVWDQWHGHSURJUDPDGRU\GHHWHUQR SDUDFRPSUHQGHUORVSHOLJURVGHXQFDPELRFXiQWLFR\HYLWDU 7ZLVVHOOVHHQIXUHFLy

³(VXVWHGXQWRQWRXQLGLRWD(OPXFKDFKRSRGUtDFDXVDUXQ FDPELRFXiQWLFRLQYROXQWDULDPHQWHVLQVHUFRQVFLHQWHGHHOOR$GH PiVHVLPSRVLEOHPDQGDUDQDGLHPiV ³¢3RUTXp"

7ZLVVHOOPLUyD0DQILHOGFRQRMRVWRUWXUDGRV

³3RUTXH&RRSHUQRHVXQPHQVDMHURSDUD0DOORQeOHV0DOORQ ³£4Xp

³%ULQVOH\6KHULGDQ&RRSHUHV+DUYH\0DOORQHOLQYHQWRUGHO FDPSRWHPSRUDO\HOSDGUHGHODHWHUQLGDG ³3HURHVRHVLPSRVLEOH

³¢(VRSLHQVD"(VRHVORTXHXVWHGSLHQVD6XFDPSRGHHVSHFLDOL ]DFLyQHVOD+LVWRULD3ULPLWLYD\SLHQVDGHHVHPRGR¢3RUTXpQR OOHJyDHVWDEOHFHUVHMDPiVODIHFKDGHQDFLPLHQWRGH0DOORQ"¢1R SRGtDVHUDFDVRSRUTXHQRKXELHVHQDFLGRHQHO"¢3RUTXpQDGLH FRQRFHODIHFKDH[DFWDGHVXPXHUWHSRUTXpQRH[LVWHQUHJLVWURV" ¢1RSRGUtDVXFHGHUTXHKDELHQGRFRPSOHWDGRVXREUDYROYLHVHDOD HWHUQLGDG"<QRPHKDEOHGHSDUDGRMDV 0DQILHOGVDFXGLyODFDEH]D

³1RVR\XQQLaR1RKDEORGHSDUDGRMDV¢/HFRQWyHVRD&RRSHU" ³7HQtDTXHFRQWDUOHDOJRDVtVt3HUROHFRQWpORPHQRVTXHSXGH KDVWDHO~OWLPRLQVWDQWH3DUDREWHQHUXQRVUHVXOWDGRVySWLPRVHUD QHFHVDULRTXHPDQWXYLHVHVXVLGHDVVREUHHODVXQWRORPiVIOXLGDV SRVLEOH/DKLVWRULDHQORVWLHPSRVSULPLWLYRVHVWiILMDGDQRKD\PiV TXHXQDUHDOLGDGDVtTXHGHEtDVHJXLUODOLEUHPHQWH6LVHORKXELHVH FRQWDGRVLKXELHVHOOHJDGRDOFRQWRGRXQFRQMXQWRGHLGHDV\D ILMDGDVTXL]iQRIXHVHFDSD]GHDGDSWDUVHFRQODUDSLGH]QHFHVDULD

´(OSODQHUDKDFHUTXHEXVFDVHD0DOORQ\QROHHQFRQWUDVH1R WDUGDUtDHQVHQWLUSiQLFR\HQVXGHVHVSHUDFLyQVHHVWDEOHFHUtDpO PLVPRFRPR0DOORQUHYHODUtDORVSODQRVGHOFDPSR\FHUUDUtDHO FtUFXOR'HEtDVXFHGHUGHHVHPRGR&DVLSRGHPRVGHGXFLUORGHOD KLVWRULD8VWHGFRQRFHORVUHJLVWURV0DOORQH[KLELyVXPiTXLQDFRQ ODPD\RUUHOXFWDQFLD\SXEOLFyVXVGRFXPHQWRVVRODPHQWHGHVSXpVGH GRVDxRVGHUHWUDVRV6ROtDPRVOODPDUORODKXPLOGDGGHODXWpQWLFR JHQLRSHURQRORHUD(UD&RRSHUSUHJXQWiQGRVHTXpGHEtDKDFHU


³6LODUHDOLGDGSULPLWLYDHVWiILMDGD³GLMR0DQILHOG³HVWRGHEH VHUSDUWHGHHOOD 3XHGHTXH0DOORQQRVHD&RRSHUVLQRVXWDWDUD QLHWR3XHGHTXH&RRSHUWUDQVPLWLHVHORVSODQRV

³1R1R£1R(OSODQIXHPDOGHQWURGHODHWHUQLGDG+RUHPP QRVHKDOODEDHQORVWLHPSRVSULPLWLYRVFXDQGRGHVYLyORVFRQWUROHV (VWDEDDTXtHQODHWHUQLGDG\DTXtODUHDOLGDGSXHGHVHUIOXLGD &RRSHUVHKDOODGRQGHQRGHEtDHVWDU(VRHVGHILQLWLYR<HQFXDO TXLHULQVWDQWHHQFXDOTXLHUILVLRWLHPSRSXHGHSURGXFLUVHXQFDPKLR FXiQWLFR\WRGRKDEUiDFDEDGR 0DQILHOGOHFRQWHVWyFRQOHQWLWXGSHQVDWLYR

³<GHVHUDVt¢QRSRGUtDVHUHVRDOJREXHQRDOJRGHVHDEOH" ³£1RSXHGHKDEODUHQVHULR³GLMR7ZLVVHOO

³¢1R"7RGDODQRFLyQGHODHWHUQLGDGHVWiEDVDGDHQODDVXQFLyQ GHTXHORVKRPEUHVORVKRPEUHVFRUULHQWHVSXHGHQWHQHUDVXFDUJR ODVYLGDV\ODUHDOLGDGGHWRGDODKXPDQLGDG ³1RVHWUDWDGHORVKRPEUHV1RKDFHPRVVLQRDWHQGHUDODV PiTXLQDVGHFRPSXWDFLyQ³GLMR7ZLVVHOOWUDEDMRVDPHQWH

³¢(VFLHUWRHVR"¢)XHDFDVRXQDPiTXLQDGHFRPSXWDFLyQODTXH VLJXLyXQSUR\HFWRGXUDQWHGLH]DQRVVLQHOSHUPLVRHOFRQRFLPLHQWR RODFRRSHUDFLyQGHO*UDQ&RQVHMR3DQWHPSRUDO"¢)XHXQDPiTXLQD GHFRPSXWDFLyQODTXHGHVYLyORVFRQWUROHVGHXQDFDELQDFURQRPyYLO VDELHQGRTXHHOORGHVWUXLUtDDODHWHUQLGDG"6LKRPEUHVFRPRXVWHG\ +RUHPPQRVRQGHILDUHMHFXWRU¢TXpHWHUQRHVGLJQRGHFRQILDQ]D" <VLQRVHSXHGHFRQILDUHQQLQJ~QHWHUQR¢GHTXpVLUYHODHWHUQLGDG" ³0DQILHOG0DQILHOGQRWHQHPRVWLHPSRSDUDILORVRItDVEDUDWDV +D\PLOHVGHHWHUQRVTXHKDQFRQVDJUDGRVXVYLGDVDODHWHUQLGDGVLQ GHVYLDUVHGHVXVLGHDOHV8VWHGSRUHMHPSOR8VWHGPLVPR 0DQILHOGPHQHyODFDEH]D\GLMR

³<RQR6R\WDQFULPLQDOFRPRSXHGDVHUORFXDOTXLHUDHQODHWHU QLGDG /RVRMRVGH7ZLVVHOOVHFODYDURQHQpOILMRV\EULOODQWHV ³¢'HTXpPRGR"£'tJDPHOR3HURUiSLGR

<SRUTXH0DQILHOGSRGtDPLUDUFDUDDFDUDDRWURHWHUQR\VHQWLU TXHpOWDPELpQFRPSDUWtDHOOD]RGHSDUHQWHVFRGHKDEHUREUDGRPDO GHVFXEULyTXHDOILQSRGtDFRQIHVDUVXFULPHQ (OFQPHQLJXDOTXHHOGH+RUHPPHPSH]yFRQXQDPXMHU1R


HUDXQDFRLQFLGHQFLD (UDFDVLLQHYLWDEOH(OHWHUQRTXHYHQGtDODV VDWLVIDFFLRQHVQ*UPDOHVGHODYLGDIDPLOLDUSRUXQSXxDGRGHSHUIRUD FLRQHVKHFKDVHQXQSDSHOHVWDEDPDGXURSDUDODLQIHFFLyQ2DO LJXDOTXH7ZLVVHOOQRWDUGDUtDHQFDHUSUHVDGHXQDLQVHJXULGDG EiVLFD\UHVSRQGHUtDFRQSHTXHxDVYDQLGDGHVFRPRVXLQFHVDQWH\ RVWHQWRVDH[KLELFLyQGHFLJDUULOORVHQXQDVRFLHGDGTXHQRIXPDEDR ODPiVDPSOLDYDQLGDGGHEXVFDUVXUHQRPEUHSHUVRQDOKDFLHQGRTXH ODHWHUQLGDGFRUULHVHWRGDVXHUWHGHULHVJRV 0DQILHOGUHFRUGDEDDHVDPXMHUFRQSHQD\DPRU(UDLQWHOLJHQWH \EXHQD6LKXELHVHVLGRXQKRPEUHGHOWLHPSRKDEUtDHVWDGRRUJX OORVRWHQLpQGRODFRPRHVSRVD1RWRGRVORVHWHUQRV TXHGHEtDQWR PDUDVXVPXMHUHVVRODPHQWHFXDQGRORSHUPLWtDODFRPSXWDFLyQ

WHQtDQWDQWDVXHUWHFRPRpOHQHVHDVSHFWR

3HURVXVUHODFLRQHVFRQHOODHVWDEDQHPSDxDGDVSRUDOJRTXHpO VDEtD\HOODSRUODPLVPDQDWXUDOH]DGHODVFRVDVQRSRGtDVDEHU(Q ODUHDOLGDGGHHVHILVLRWLHPSRHOODPRULUtDMRYHQ,EDDPRULUGH KHFKRSDVDGRXQDxRGHVGHTXHVXVUHODFLRQHVKXELHVHQHPSH]DGR eOORVDEtDGHVGHHOSQQFLSLR/DSULPHUDYH]HQTXHVHVLQWLy DWUDtGRSRUHOOD SULPHURXQLQGLYLGXRHQHOLQIRUPHVREUHHOGH XQREVHUYDGRU\OXHJRLPSXOVDGRSRUODFXULRVLGDGFRPRUHVXOWDGR GHKDEHUOD9OVWR\KDEODGRFRQHOODGXUDQWHXQYLDMHGHREVHUYDFLyQ SHUVRQDOLUUHJXODUSHURSHUIHFWDPHQWHOHJDO KDEtDWUDPDGRVXYLGD 1RKDEtDGHMDGRHVDWDUHDSDUDHOGHSDUWDPHQWRGH7UDPDGR9L WDO/DKDEtDUHDOL]DGRpOPLVPRSRUTXHVHQWtDFLHUWDWLPLGH]DOUHV SHFWR6HHQWHUyGHVXSUy[LPDPXHUWH\DOSULQFLSLRFRPRUHFRU GDEDDKRUDFRQYHUJXHQ]DHVROHFRPSODFLy6LJQLILFDEDTXHODV RSRUWXQLGDGHVGHXQFDPELRFXiQWLFRSURGXFLGRDFRQVHFXHQFLDGH VXUHODFLyQHUDQREYLDPHQWHPX\OHYHV/RFRPSUREy\DVtHUD

/DYLVLWyWDQDPHQXGRFRPRORSHUPLWtDQORVPDSDVHVSDFLRWHP SRUDOHV6XFRPSDWLELOLGDGHUDPX\VXSHULRUDWRGRORTXHpOKXELHVH SRGLGRHVSHUDU\GHVFXEULyODIHOLFLGDGFRQHOOD(O*UDQ&RQVHMR 3DQWHPSRUDOKDELHQGRVXSHUYLVDGRVXVFiOFXORVWDO\FRPRHUDGH ELGRVHPRVWUyLQGLIHUHQWHDQWHDTXHODVXQWR +DVWDHOPRPHQWRQRKDEtDFRPHWLGRFULPHQDOJXQR

3HURORTXHHPSH]yFRPRODVDWLVIDFFLyQGHXQDQHFHVLGDGHPR FLRQDOVHFRQYLUWLyHQDOJRPiV6XPXHUWHLQPLQHQWHGHMyGHVHUDOJR RSRUWXQR\VH FRQYLUWLyHQXQDFDWiVWURIH3RUWUHVYHFHVGLVWLQWDV OOHJy\SDVyXQSXQWRGHOILVLRWLHPSRHQHOTXHDOJXQDVHQFLOODDFFLyQ SRUSDUWHGHpOKDEUtDDOWHUDGRODUHDOLGDGSHUVRQDOGHHOOD3HURpO VDEtDTXHXQFDPELRPRWLYDGRGHXQPRGRWDQSHUVRQDOHUDLPSRVL EOHTXHIXHVHDXWRUL]DGR/DPXHUWHGHHOODVHFRQYLUWLyHQVXUHVSRQ VDELOLGDGSHUVRQDO\DSUHQGLyFXiOHUDHOVLJQLILFDGRGHODFXOSDEL OLGDG


(VRWDPSRFRHUDXQFULPHQDXQTXHVHWUDWDEDGHXQDGHELOLGDG SHOLJURVD

a XHQWRaSDUDOaORa

$VtGLMR7ZLVVHOOGHMDQGRFRQVXPLUVXFLJDUULOOROLJHUDPHQWH DSDUWDGRGHVXSUHRFXSDFLyQDQWHHOSHOLJURLQPLQHQWH\DEUXPDGRU TXHOHURGHDED0DQILHOGPHQHyODFDEH]D\GLMR´1RSXHGRHQWHQ GHUORµ

1RKL]RQDGDFXDQGRHOODTXHGyHPEDUD]DGD6XWUDPDYLWDO PRGLILFDGDSDUDLQFOXLUVXUHODFLyQFRQ0DQILHOGLQGLFDEDTXHHO HPEDUD]RHUDXQDFRQVHFXHQFLDDOWDPHQWHSUREDEOH*HQHUDOPHQWH VHHYLWDEDWDOHYHQWXDOLGDGSHURDYHFHVODVPXMHUHVGHOWLHPSRTXH GDEDQHPEDUD]DGDVGHXQHWHUQR1RHUDDOJRLQDXGLWR 3HURGDGR TXHQLQJ~QHWHUQRSRGtDWHQHUKLMRVORVHPEDUD]RVHUDQOOHYDGRVD XQILQHILFLHQWHHLQGRORUR+DEtDPXFKRVPpWRGRV

0DQILHOGQRKL]RQDGD(OODHUDIHOL]FRQVXHPEDUD]R\pOTXHUtD TXHVLJXLHVHVLpQGROR6DEtDTXHPRULQDDQWHVGHTXHpVWHOOHJDVHDVX ILQDVtTXHVHOLPLWyDREVHUYDUODFRQORVRMRVYHODGRVSRUODSHQD\ FXDQGRHOODOHGHiDWULXQIDQWHTXHSRGtDVHQWLUFyPRVHDJLWDEDOD YLGDHQVXLQWHULRUpOVRQUHtDFRQGRORU (VWRVHJXtDVLQVHUXQFULPHQSUHPHGLWDGRSRUSDUWHGH0DQILHOG SHURHUDXQDFWRGHLJQRUDQFLD\ODLJQRUDQFLDSXHGHVHUFDVLXQFUL PHQ

3RUTXHHOODGLRDOX]SUHPDWXUDPHQWH(UDDOJRTXH0DQILHOGQR KDEtDSUHYLVWR(UDXQDVSHFWRGHODYLGDDFHUFDGHOTXHWHQtDHVFDVD H[SHULHQFLD\QRVHOHKDEtDRFXUULGRODSRVLELOLGDGGHXQQDFLPLHQWR SUHPDWXUR <FRQWRGR¢FyPRHUDSRVLEOHTXHODWUDPDYLWDOTXHpOKDEtD KHFKRQRORLQGLFDVH"9ROYLyDWUDEDMDUHQHOOD\GHVFXEULyDOQLxR YLYRHQXQDVROXFLyQDOWHUQDWLYDDXQDELIXUFDFLyQGHEDMDSURED ELOLGDGTXHKDEtDSDVDGRSRUDOWR$XQSURIHVLRQDOQRVHOHKXELHVH SDVDGRSRUDOWR ¢4XpSRGtDKDFHU0DQILHOGDKRUD"

1RSRGtDPDWDUDOQLQR$ODPDGUHOHTXHGDEDQGRVVHPDQDVGH YLGD4XHODVYLYLHVHSHQVy'RVVHPDQDVGHIHOLFLGDGQRHVSHGLU DOJRH[FHVLYR

/DPDGUHPXULyFRPRHVWDEDSUHYLVWRGHOPRGRSUHYLVWR 0DQILHOG GXUDQWHHOWLHPSRSHUPLWLGRSRUHOPDSDHVSDFLRWHPSRUDO

SHUPDQHFLyVHQWDGRHQVXKDELWDFLyQOOHQRGHGRORUFRQXQDSHQD WDQWRPiVDJXGDSRUTXHODKDEtDHVWDGRHVSHUDQGRVDELHQGRORTXH


VXFHGHUtDGHVGHKDiDFDVLXQDxR6RVWHQtDHQVXVEUD]RVDOQLxRHO KLMRGHpO\HOOD ³¢'HMyTXHYLYLHVH"³LQTXLULy7ZLVVHOOODYR]OOHQDGHKRUURU ³1RSXHGHHQWHQGHUOR³GLMR0DQILHOG ³3HURHUDXQFULPHQ

(UDXQFULPHQSHURQRHOFULPHQ

'HMyTXH YLYLHVH/RGHMyDOFXLGDGRGHXQDRUJDQL]DFLyQDGH FXDGD\YROYLyFXDQGRSXGR GHQWURGHXQDHVWULFWDVHFXHQFLDWHPSR UDODFRUGHLQFOXVRFRQHOILVLRWLHPSR SDUDKDFHUORVSDJRVQHFHVDULRV \YHUFyPRFUHiDHOPXFKDFKR 3DVDURQGRVDxRV+DiDFRPSUREDFLRQHVSHULyGLFDVDVHJXUiQ GRVHGHTXHODWUDPDYLWDOGHOPXFKDFKRQRLQGXFtDGHQLQJ~QPRGR 

FDPELRVFXiQWLFRV(UDXQDEXHQDWUDPDYLWDO\0DQILHOGVHDOHJUDED GHHOOR(OQLxRDSUHQGLyDFDPLQDU\DEDOEXFHDUDOJXQDVSDODEUDV 1ROHHQVHxDURQDOODPDUOH´SDSiµD0DQILHOG)XHVHQFXDOHVIXHVHQ ODVHVSHFXODFLRQHVTXHODJHQWHGHOWLHPSRGHDTXHOODLQVWLWXFLyQSDUD HOFXLGDGRGHQLQRVSXGLHVHQKDFHUHQORFRQFHUQLHQWHDOKRPEUHWyQ TXHSDJDEDGHPRGRWDQUHJXODUVLJXLHURQVLHQGRHVRHVSHFXODFLR QHV \QDGDPiV /XHJRFXDQGRKXELHURQSDVDGRORVGRVDxRVODVQHFHVLGDGHVGH XQFDPELRFXiQWLFRTXHLQFOXtDFRODWHUDOPHQWHDOIXHURQVRPHWL GDVDO*UDQ&RQVHMR3DQWHPSRUDO\0DQILHOGSURPRYLGRUHFLHQWH PHQWHDOUDQJRGHSURJUDPDGRUDVRFLDGRIXHSXHVWRDFDUJRGHpVWH (ORUJXOORTXHVLQWLyHQDTXHOXQVWDQWHHVWDEDWHxLGRGHDSUHQVLyQ ³7HQtDTXHHVWDUOR³GLMR7ZLVVHOO/RVQLQRVVRQORVUHKHQHV GHOWLHPSR 0DQILHOGVDFXGLyODFDEH]DGLVJXVWDGRDQWHHODIRULVPR

7UDEDMyHQHOFDPELRFXiQWLFRHKL]RXQWUDEDMRLPSHFDEOH3HUR VXDSUHQVLyQIXHHQDXPHQWR6XFXPELyDXQDWHQWDFLyQTXHHQVX FRUD]yQKDEtDVDELGRTXHQXQFDVHUtDFDSD]GHUHVLVWLU0DQWXYR UHWHQLGDVXVROXFLyQPLHQWUDVWUDPDEDXQQXHYRFXUVRYLWDOSDUDVX KLMR (VHHUDXQVHJXQGRFULPHQWDQJUDQGHFRPRHOSULPHURSHUR VHJXtDVLQVHUHOFULPHQ


'XUDQWHYHLQWLFXDWURKRUDVVLQFRPHUQLGRUPLUSHUPDQHDLyVHQ WDGRHQVXRILDQDOXFKDQGRFRQODWUDPDYLWDO\DFRPSOHWDGDKD FLpQGRODSHGD]RVXQD\RWUDYH]HQXQLQWHQWRGHVHVSHUDGRGHKDOODU XQHUURU 1RKDEtDQLQJ~QHUURU

$OGtDVLJXLHQWHUHWHQLHQGRD~QVXVROXFLyQSDUDHOFDPELRFXiQ WLFRHODERUyXQPDSDHVSDDRWHPSRUDO\HQWUyHQHOWLHPSRHQXQ SXQWRVLWXDGRPiVGHWUHLQWDDxRVDUULEDHQHOFXDQGRGHVGHHOQDFL PLHQWRGHVX KLMR (VHHUDXQWHUFHUFULPHQPD\RUTXHORVGRVSULPHURVSHURVHJXtD VLQVHUHOFULPHQ

6XKLMRWHQtDWUHLQWD\FXDWURDxRVGHHGDGHUDWDQYLHMRDKRUD FRPRHOPLVPR0DQILHOG1RFRQRFtDDVXSDGUHQRUHFRUGDEDDXQ KRPEUHWyQTXHOHYLVLWDEDHQVXLQIDQFLD (UDLQJHQLHURDHURQiXWLFR(OHUDH[SHUWRHQPHGLDGRFHQD GHPRGRVGHYLDMHDpUHR\HOKLMRGH0DQILHOGHUDIHOL]\KDEtD WULXQIDGRFRPRPLHPEURGHVXVRFLHGDG(VWDEDFDVDGRFRQXQD MRYHQTXHOHDPDEDFRQDUGRUSHUR0DQILHOGVDEtDTXHQRLEDQD WHQHUKLMRV ³$OPHQRVHVRHUDDOJR³GLMR7ZLVVHOO\SXVRODFROLOODGHVX FLJDUULOORHQXQDXQLGDGGHHOLPLQDDLyQ

³/HGLMHTXHKDEtDWUD]DGRVXFXUVRYLWDOHQEXVFDGHFDPELRV FXiQWLFRV1RVR\WDQGHVFXLGDGR

0DQILHOGSDVyWRGRHOGtDFRQVX KLMR6HSUHVHQWyFRPRXQD UHODFLyQGHQHJRFLRV\OHKDEOyFRQIRUPDOLGDGVRQULHQGRFRUWpV PHQWHGHVSLGLpQGRVHFRQIULDOGDG3HURHQVHFUHWROHYLJLODED\DE VRUEtDFDGDXQRGHVXVDFWRVOOHQiQGRVHFRQHOORVYLYLHQGRFRQIHUR] LQWHQVLGDGHVH~QLFRGtDGHXQDUHDOLGDGTXHPDxDQD HQILVLRWLHPSR

QRKDEUtDH[LVWLGRQXQFD 9ROYLyDODHWHUQLGDG\SDVyXQD~OWLPD\KRUULEOHQRFKHOXFKDQGR I~WLOPHQWHFRQORTXHGHEtDVHU$ODPDxDQDVLJXLHQWHHQWUHJyVXV FRPSXWDFLRQHV\SUHSDUyXQDSHWLFLyQDO*UDQ&RQVHMR3DQWHPSRUDO HQODTXHSHGtDXQFDPELRGHFDWHJRUtD ³<XVWHGPHD\XGyHMHFXWRU³FRQFOX\y0DQILHOG

³6XSRQJRTXHVXKLMRQRYLYLyHQODQXHYDUHDOLGDG³GLMR7ZLV VHOO

^ KVtTXHYLYLy³GLMR0DQILHOGOHQWDPHQWH³([LVWLyFRPR XQSDUDSLpMLFRGHVGHORVFXDWURDxRVGHHGDG&XDUHQWD\GRVDxRVHQ


FDPDEDMRFLUFXQVWDQFLDVTXHPHLPSLGLHURQLQFOXVRHOORJUDUTXHVH DSOLFDVHQHQVXFDVRODVWpFQLFDVUHJHQHUDWLYDVGHQHUYLRVGHO ´<ROHKLFHHVRDPLKLMR)XHURQPLPHQWH\ODVPiTXLQDVGH FRPSXWDFLyQODVTXHFRPSXWDURQSDUDpOHVDQXHYDYLGD\IXHPL SDODEUDODTXHRUGHQyHOFDPELR&RPHWtYDULRVFUtPHQHVSHURpVH IXHHOFULPHQTXHDFDEyFRQPLJRFRPRSURJUDPDGRU,

7ZLVVHOOVHFXOSyDVtPLVPRGHVXSiQLFRLQLFLDODPHGLGDTXHpVWH IXHGHVDSDUHFLHQGR+DEtDDFWXDGRFRQEDVWDQWHUDSLGH]DOKDFHUTXH EXVFDVHQD0DQILHOGSHUROXHJRVHKDEtDGHMDGRWUDVWRUQDUSULPHUR SRUODOHQWLWXGGH0DQILHOGHQFRPSUHQGHU\OXHJRSRUODUHOXFWDQFLD QHXUyWLFDGHDTXHOKRPEUHDODKRUDGHD\XGDU 6yORFXDQGR7ZLVVHOOHQODQHJDWLYDDFRODERUDUGH0DQILHOG UHFRQRFLyHOWRUEHOOLQRGHXQGRORU\XQDFXOSDELOLGDGHVFRQGLGDVIXH QXHYDPHQWHFDSD]GHUHFREUDUODLQLFLDWLYD/RFRQVLJXLyGHMDQGR KDEODUD0DQILHOG6LQWLyTXHHOVXHORLEDYROYLHQGRDHQGXUHFHUVH EDMRVXV SLHV\UHFREUyHOHTXLOLEULR 1RLQWHQWyKDFHUTXH0DQILHOGVHDSUHVXUDVH'HMyTXHSDVDVHQ ORVPLQXWRV&XDQGR0DQILHOGDFDEy7ZLVVHOOHVWDEDHPSH]DQGRD HQFRQWUDUOHGHQXHYRVDERUDVXVFLJDUULOORV

1RVHDSUHVXUyDKDEODU$OFRQWUDULRGHMyTXHSDVDVHQGRV PLQXWRVHQWDQWRTXHODFDWDUVLVGHODFRQIHVLyQSXUJDEDD0DQILHOG GHVXFDUJDGHFXOSDELOLGDG

(QWDQWRTXHHMHFXWRU7ZLVVHOOWHQtDXQFLHUWRFRQRFLPLHQWR QDWXUDOPHQWHGHODLQJHQLHUtDSVtTXLFD,QWHOHFWXDO\DTXHQRHPR FLRQDOPHQWHSRGtDLUVLJXLHQGRHOIXQFLRQDPLHQWRGHODPHQWHGH 0DQILHOG/RTXHOHKDEtDRFXUULGRHUDHOHTXLYDOHQWHDUHYHQWDUXQ DEVFHVR$OJ~QGtDSHQVy7ZLVVHOOODLQJHQLHUtDSVtTXLFDWHQGUtDTXH VHUHOHYDGDDOUDQJRGHXQDFODVLILFDFLyQVHSDUDGDGHHVSHFLDOLGDG GHQWURGHODHWHUQLGDG 3RUILQKDEOyVLQDO]DUODYR]

³6LODHWHUQLGDGOOHJDDVXILQHOHTXLYDOHQWHGHVXWUDJHGLDOH VXFHGHUiDXQQ~PHURLQFRQWDEOHGHKRPEUHV\PXMHUHV8VWHGSXH GHHYLWDUOR $JXDUGyXQRVLQVWDQWHV\OXHJRVLJXLyKDEODQGR

³8VWHG FRQRFHOD+LVWRULD3ULPLWLYD6DEHFyPRHUD(UDXQD UHDOLGDGTXHIOXtDFLHJDPHQWHVLJXLHQGRODOtQHDGHSUREDELOLGDGPi [LPD(QORVVLJORVGHILVLRWLHPSRHQTXHKDH[LVWLGRODHWHUQLGDG KHPRVHOHYDGRQXHVWUDUHDOLGDGDXQQLYHOGHELHQHVWDUTXHHVWi PXFKRPiVDOOiGHWRGRORFRQRFLGRHQORVWLHPSRVSULPLWLYRVSHUR WDPELpQDXQQLYHOTXHGHQRVHUSRUQXHVWUDLQWHUIHUHQFLDVHUtD


FLHUWDPHQWHGHXQDSUREDELOLGDGPX\HVFDVD

7ZLVVHOOREVHUYyDWHQWDPHQWHD0DQILHOGTXHVHJXtDFDOODGR\ FRQWLQXy

³&RQ ODHWHUQLGDGGHVDSDUHFLGDXQPLOOyQGHDxRVGHKLVWRULD KXPDQDUHYHUWLUiQGHQXHYRDXQDUHDOLGDGLQPXWDEOHGHLJQRUDQFLD PDWDQ]DV\PLVHULD6XSURSLDH[SHULHQFLDGHEHUtDGDUOHXQDPD\RU FDSDFLGDGSDUDFRPSUHQGHUHOVLJQLILFDGRGHHVR\ODQHFHVLGDGGH HYLWDUORPXFKRPiVGHWRGRORTXH\RSXHGDGHFLUOH 0DQILHOGDO]yODFDEH]D

³3HUR¢TXpSXHGRKDFHU"

(UDXQDFWRGHUHQGLFLyQ\7ZLVVHOOORVDEtD$FWXyGHLQPHGLDWR SDUDHYLWDUTXHVXLQWHUORFXWRUSXGLHVHUHFRQVLGHUDUVXSRVWXUD\VH DFHUFyUiSLGDPHQWHDORVFRQWUROHVGHODFDELQDDWUDYpVGHODFXDO &RRSHUKDEtDGHVDSDUHFLGRPiVDOOiGHOLQLFLRGHODHWHUQLGDG ³9HQJDDTXt0DQILHOG

(QWRWDO7ZLVVHOOKDEtDSHUGLGRXQDKRUDSHURFRQHVDKRUDKDEtD JDQDGRXQDRSRUWXQLGDG1RVHSHUPLWLySHQVDUORSHTXHxDTXHHUD HVDRSRUWXQLGDG (VWDEDPX\QHUYLRVR$OPHQRVHVWDEDKDFLHQGRDOJR

³(VWRHVHOFURQRFRQWURO³GLMR³HOUHyVWDWRTXHFRQWURODOD ORQJLWXGWHPSRUDOGHOLPSXOVRGHODFDELQD6LKXELHVHDxDGLGRXQ VHJXURSDUDHYLWDUTXHVXVFRRUGHQDGDVSXGLHVHQYDULDUXQDYH]GLV SXHVWDVSHURSRUVXSXHVWRGHWDOOHVDVtVHORVGHMDEDVLHPSUHD +RUHPP 6RQULyDPDUJDPHQWH

³+RUHPPHVWDEDHQHVDSRVLFLyQ³SURVLJXLy³+L]RJLUDUHO FRQWUROHQHOPLVPRLQVWDQWHHQTXHFHUUDEDHOFRQPXWDGRU(VRHVOR TXH PHGLMR<VLSXHGRVHJXLUHOFXUVRGHVXVHPRFLRQHVHQHVRV LQVWDQWHVPRYLyXQDVRODYH]ODPDQRHQHOFURQRFRQWUROSDUDKD FHUORJLUDUXQDVRODYH]FRQXQLPSXOVRHVSDVPyGLFRGHRGLRHLUD <DOGHFLUHVWR7ZLVVHOOVXSURSLRURVWURSDUHFLyUHIOHMDUHVDV HPRFLRQHV\VXPDQRDIHUUDQGRHOGLDOGHSRUFHODQDORKL]RJLUDU VDOYDMHPHQWH ³¢&XiOHVODOHFWXUD"³SUHJXQWyFDVLVLQDOLHQWR 0DQILHOGVHLQFOLQyVREUHHOGLDO


³(QDOJ~QOXJDUFHUFDQRDO9HDPRVGLHFLQXHYH

³1RVLUYHGHQDGDOHHUOR GHWDQFHUFD³GLMR7ZLVVHOO³1R SXHGHVHUPiVTXHXQDDSUR[LPDFLyQ³6HOOHYyHOFLJDUULOORDORV ODELRVDWLVEDQGRDWUDYpVGHOKXPR<DxDGLy³¢4XpVDEHGHO 0DQILHOG" (OLQVWUXFWRUVHHQFRJLyGHKRPEURV  , ,

, ³/RKDHVWXGLDGRSRUVXSXHVWR³GLMR7ZLVVHOO aKVt

³0X\ELHQ3RQJiPRQRVHQHOOXJDUGH&RRSHU(VXQPXFKD FKREULOODQWHLQWHOLJHQWHHLPDJLQDWLYR¢QRFUHHXVWHG" ³8Q-RYHQPX\FDSD]

³<XQHWHUQR(VRHVORLPSRUWDQWH³7ZLVVHOODJLWyHOGHGR³ (VRHVORLPSRUWDQWH(VWiDFRVWXPEUDGRDODLGHDGHFRPXQLFDUD WUDYpVGHOWLHPSR1RHVSUREDEOHTXHVHULQGDDODLGHDGHKDEHU TXHGDGRDEDQGRQDGRDODGHULYDHQpO6DEUiTXHOHYDPRVDEXVFDU ³6tSHURHMHFXWRU¢TXpSXHGHKDFHUDOUHVSHFWR"

(ODVWXWR\DQFLDQRURVWURGH7ZLVVHOOFRQYHUWLGRHQXQDPDVLMR GHDUUXJDVPLUyD0DQILHOGVLQYHUOHHQUHDOLGDG

³¢+D\DOJXQDIXHQWHSDUWLFXODUTXHXVWHGXVDVHDOHVWXGLDUORV "¢$OJ~QGRFXPHQWRDUFKLYRVSHOtFXODVREMHWRVREUDVGHUHIH UHQFLD"0HUHILHURDIXHQWHVSULPDULDVTXHGDWDVHQGHHVHPLVPR KHPSR ³1DWXUDOPHQWH

³¢<pOODVHVWXGLyFRQXVWHG" ³6t

³(QWRQFHV¢QRHVQDWXUDOLPDJLQDUTXHpOSXHGHWUDWDUGHLQVHU WDUHQXQRGHHVRVREMHWRVXQREMHWRTXHpOVDEUtDTXHXVWHGWHQtDOD FRVWXPEUHGHYHU\HVWXGLDUDOJXQDUHIHUHQFLDDVXSURSLDSHUVRQD"


³(VRHVXQDFRQMHWXUDTXHVHVRVWLHQHGHXQILQtVLPRKLOR

^XL]i³DFFHGLyUiSLGDPHQWH7ZLVVH'³3HUR¢TXpRWUDFRVD SXHGHKDFHU"6LQRKDFHQDGDHVWDPRVDFDEDGRVVHWHUPLQyWRGRKD WHUPLQDGR/D~QLFDRSRUWXQLGDGTXHWHQHPRVHVHOTXHKD\DKHFKR DOJR\TXHSRGDPRVOOHJDUDHQWHQGHUORTXHKDSHQVDGRKDFHU3RU HVROHQHFHVLWR(QSULPHUOXJDUXVWHGOHFRQRFHPHMRU'XUDQWH FLQFRDxRVOHKDWHQLGRGHPRGRFRQWLQXREDMRVXFXLGDGR6HJXQGR HVODSHUVRQDFRQTXLHQLQWHQWDUi DXWRPiWLFDPHQWHSRQHUVHHQFRQ WDFWR6LFRQRFH\TXLHUHDDOJXLHQHQODHWHUQLGDGHVDXVWHG7HU FHURXVWHG\VyORXVWHGVDEUiGyQGHPLUDUXVWHG\VyORXVWHGVHUi FDSD]GHUHFRQRFHUVXPHQVDMH ³3HURQRVpGyQGHPLUDU³GLMR0DQILHOGVDFXGLHQGRDQVLRVD PHQWHODFDEH]D

³3UHJ~QWHVHORDVtPLVPR¢KDEtDDOJXQDIXHQWHTXHXVWHGFRQ VXOWDVHFRQPD\RUIUHFXHQFLDTXHRWUDVUHVSHFWRDO"¢([LVWHDOJXQD IRUPDSHFXOLDUGHUHJLVWURTXH&RRSHUDVRFLDVHDXWRPiWLFDPHQWHFRQ HO"3LHQVHKRPEUH(VQXHVWUD ~QLFDRSRUWXQLGDG <DJXDUGyDSUHWDQGRIXHUWHPHQWHORVODELRV

³(VWDEDQODVUHYLVWDVGHQRWLFLDV³GLMR0DQILHOG³(UDQXQ IHQyPHQRDQWHULRUDOVHJXQGRPLOHQLR8QDHQSDUWLFXODUHUDPX\ ~WLO6XSULPHUQ~PHURVHUHPRQWDD3RUVXSXHVWRTXL]iVKD VLGRHQYLDGRD~QPiVSURQWR ³<TXL]iQR7HQHPRVTXHHPSH]DUSRUDOJXQDSDUWH0DQILHOG ³3URVLJXLyKDVWDELHQDYDQ]DGRHO

³0X\ELHQ¢6XSRQHXVWHGTXHKD\DOJ~QPRGRHQHOTXHSRGUtD XVDUHVDUHYLVWDSDUDWUDQVPLWLUXQPHQVDMH"5HFXHUGHpOVDEUi TXH 

XVWHGYDDOHHUORTXHHVWDUiIDPLOLDUL]DGRFRQpOTXHVDEUiFyPR LQWHUSUHWDUOR

³1RORVp³0DQILHOGYROYLyDPHQHDUODFDEH]D³/HJXVWDED XWLOL]DUXQHVWLORDUWLILFLRVR/DUHYLVWDWHQGtDDVHUEDVWDQWHVHOHFWLYD 6HUtDGLItFLOLQFOXVRLPSRVLEOHFRQILDUHQTXHIXHVHDLPSULWQLUDOJR TXHXVWHGKXELHVHSODQHDGRTXHLPSULPLHVHQ'LJDPRVTXHLQFOXVRVL &RRSHUVHODVKXELHVHDUUHJODGRSDUDFRORFDUVHHQVXSHUVRQDOORFXDO HVPX\LPSUREDEOHQRSRGQDHVWDUVHJXURGHTXHVXVHVFULWRVORJUD VHQUHEDVDUDORVGLVWLQWRVHGLWRUHV1RVHPHRFXUUHQDGDHMHFXWRU

³£(QHOQRPEUHGH&URQRVSLHQVH³GLMR7ZLVVH'³&RQFpQ WUHVHHQHVDUHYLVWD(VWiHQHOHVXVWHG&RRSHUFRQVXHGXFDFLyQ\


VXVDQWHFHGHQWHV0DQILHOGXVWHGHQVHxyDOPXFKDFKR<KDVLGRXQ SURJUDPDGRUFRQHQWUHQDPLHQWRHQSVLFRLQJHQLHUtD¢4XpKDQ DpO" ¢&yPRVHODVDUUHJODUtDSDUDFRORFDUDOJRHQODUHYLVWDDOJRFRQHO WH[WRH[DFWRTXHGHVHD" 0DQILHOGDEULyXQSRFRPiVORVRMRV ³£8QDQXQFLR ³¢4Xp"

³8QDQXQFLR8QDYLVRSDJDGRTXHHVWDUtDQREOLJDGRVDLPSUL PLUH[DFWDPHQWHWDO\FRPRpOSLGLHVH ³$KVt7LHQHQDOJRSDUHFLGRHQHO

³0HLPDJLQRTXHORWLHQHQHQPXFKDVHUDVSHURHO'HJyDO Pi[LUQRHQHVHWHUUHQR'HKHFKR³GLMR0DQILHOGDQLPiQGRVHUH SHQWLQDPHQWHFRQHO WHPD³HOHVHQPXFKRVDVSHFWRVODFXPEUH GHORVWLHPSRVSULPLWLYRV(OPHGLRFXOWXUDO ³$KRUDQR0DQILHOG9XHOYDDODQXQFLR¢'HTXpFODVHVHQ D" ³1RWHQJRQLODPHQRULGHDHMHFXWRU

7ZLVVHOOFRQWHPSOyHOH[WUHPRHQFHQGLGRGHVXFLJDUULOORFRPRVL EXVFDVHHQpOODLQVSLUDFLyQ ³1RSXHGHGHFLUQDGDGHXQPRGRGLUHFWR1RSXHGHGHFLU &RRSHUGHOOODPDQGRDODHWHUQLGDG ³3RGUtDGHFLUOR

³6LORKLFLHVHVHUtDXQHVW~SLGR\QRFUHRTXHORVHD&RQHVR HVWDUtDSLGLHQGRXQFDPELRFXiQWLFR

³0iVSUREDEOHPHQWHHVWDQ DSLGLHQGRTXHORGHWXYLHVHQ\E SXVLHVHQEDMRREVHUYDFLyQSRUHQIHUPHGDGPHQWDO(QORVWLHPSRV SULPLWLYRVFXDOTXLHULPSOLFDFLyQKHFKDVHULDPHQWHVREUHHOYLDMH WHPSRUDOHUDXQDSXUDORFXUD

³0X\ELHQ'HXQPRGRLQGLUHFWRDVtWHQGUiTXHVHU'HEH SDUHFHUOHVSHUIHFWDPHQWHQRUPDODORVKRPEUHVGHOWLHPSR3HUIHFWD PHQWHQRUPDO<FRQWRGRGHEHVHUREYLRSDUDQRVRWURV0X\ REYLR2EYLRDOSULPHUYLVWD]RSRUTXHWHQGUHPRVTXHHQFRQWUDUOR HQWUHLQFRQWDEOHVDUWtFXORVLQGLYLGXDOL]DGRV0DQILHOG¢FXiOVXSRQH TXHGHEHVHUVXWDPDxR"¢6RQFDURVHVRVDQXQFLRV" ³<RGLQDTXHVRQPiVELHQPRGHUDGRV


³<KDEODQGRGHXQPRGRLGHDOSDUDHYLWDUHOWLSRHUUyQHRGH DWHQFLyQ³GLMR7ZLVVHOOGHEHUtDVHUPiVELHQSHTXHxR,PDJLQH 0DQILHOG¢4XpWDPDxR" £

, 0DQILHOGH[WHQGLyODVPDQRV ³¢0HGLDFROXPQD"

³0X\ELHQ$KRUDWHQHPRV\DXQDSULPHUDDSUR[LPDFLyQ%XV FDUXQDQXQFLRGHPHGLDFROXPQDTXHSUiFWLFDPHQWHDOSULPHUYLV WD]RHYLGHQFLHTXHHOKRPEUHTXHORKL]RLQVHUWDUYLHQHGHRWUR WLHPSR\TXHFRQWRGRVHDXQDQXQFLRWDQQRUUQDOTXHQLQJ~QKRP EUHGHHVHWLHPSRYHDQDGDUDURHQpO ³¢<VLQRORHQFXHQWUR"³SUHJXQWyHOLQVWUXFWRU

³(QWRQFHVSHQVDUHPRVHQRWUDDOWHPDWLYDSDUDTXHODLQYHVWL JXH<VLHVRIUDFDVDLQWHQWDUHPRVRWUDFRVD\OXHJRRWUDPLHQWUDV TXHVLJDPRVFRQYLGD\VLJDH[LVWLHQGRODHWHUQLGDG

7ZLVVHOOVHDFRUGDEDDKRUDGHVXSiQLFRVyORFRPRXQPDOVXHxR LQGLJQRGHVHUUHFRUGDGR$KRUDHVWDEDKDFLHQGRDOJRHVWDEDDF WXDQGR6XDJXGDPHQWHHVWDEDWRWDOPHQWHRFXSDGDFRQODHPRFLyQ GHODFDFHUtD\QLHQORPiVPtQLPRFRQODVFRQVHFXHQFLDVGHOIUDFDVR 7ZLVVHOOFRQWHPSOyFRQFXULRVLGDGORVOLEURVGHODELEOLRWHFDGH 0DQILHOG'HYH]HQFXDQGRSRUTXHQRSRGtDVRSRUWDUHOSHUPDQH FHUVLQKDFHUQDGDVDFDEDXQRGHVXOXJDUKRMHDQGRVXVSiJLQDV TXHEUDGL]DV\SURQXQFLDQGRHQVLOHQFLRODVDUFDLFDVSDODEUDV6XFR QRFLPLHQWRGHOGLDOHFWRGHOWHUFHUPLOHQLRDXQTXHQRHUDWRGROR DPSOLRTXHOHKXELHVHJXVWDGRTXHFUH\HVHQORVGHPiVHUDHOVXIL FLHQWHFRPRSDUDSHUPLWLUOHHQWHQGHUDOJXQDIUDVH\DYHFHVLQFOXVR SiUUDIRVHQWHURV ³(VWHHVHOLQJOpVGHOTXHVLHPSUHDQGDQKDEODQGRORVOLQJXLVWDV ¢QR"³SUHJXQWyJROSHDQGRXQDSiJLQDFRQODSXQWDGHOGHGR ³,QJOpV³PXUPXUy0DQILHOG

7ZLVVHOOMDPiVKDEtDHVWDGRHQXQFXDQGRWDQDOHMDGRKDFLD DEDMR$TXtWRGDODHWHUQLGDGSDUHFtDFRPRHQPRKHFLGDFRPRVLQR VHWUDWDVHUHDOPHQWHGHODHWHUQLGDGVLQRGHXQDHUDSULPLWLYDDOJR PiVDYDQ]DGDGHORKDELWXDO 4XL]iIXHVHODELEOLRWHFDORTXHOHSURGXFtDHVDVHQVDFLyQ7ZLVVHOO HVWDEDIDPLOLDUL]DGRFRQYDULDVHUDVGRWDGDVGHOLEURV+DEtDRWUDV HUDVFRPRODVGHODJUDEDFLyQPROHFXODU6XSURSLRVLJORQDWXUDO


PHQWH\FRPRRWURVPXFKRVVHWUDWDEDGHXQDHUDHQODTXHVHXVDEDQ ODVSHOtFXODV6LQHPEDUJROLEURVFRPRpVRVDOPLVPRWLHPSRTXHHUDQ SODFHQWHUDPHQWHH[yWLFRVQRHVWDEDQHQDEVROXWRSDVDGRVGHPRGD 3HURFXDQGRHVWDEDQDOLQHDGRVHQWDOHVFDQWLGDGHV

,QFOXVRHQODVVHFFLRQHVGHODHWHUQLGDGHQWUHJDGDVDODVHUDVGH OLEURVORVTXHVHKDOODEDQHQODVELEOLRWHFDVGHODHWHPLGDGHUDQ FRQYHUWLGRVDSHOtFXODVRPRGHORVPROHFXODUHVDXQTXHVyORIXHVHHQ FRQVLGHUDFLyQDODKRUURGHHVSDFLR

7ZLVVHOOEXVFyFRQODPLUDGDD0DQILHOG/RVDQFKRVKRPEURVGHO LQVWUXFWRUVHJXtDQHQFRUYDGRVVREUHHOLOXPLQDGRHVFULWRULR7RGROR TXHVHYHtDGHVXFDEH]DHUDVXFDEHOOHUDFDVWDxDHQHOPiVDEVROXWR GHVRUGHQ ´&XOWLYDHODUFDtVPR³SHQVy7ZLVVHOO³3UHILHUHORVOLEURV6H RFXOWDHQXQXQLYHUVRGHUHDOLGDGILMDGD(VDHVVXVHJXULGDGµ

3HURVHHQFRQWUDEDGHPDVLDGRLQTXLHWRFRPRSDUDFRQFHQWUDUVH GHPDVLDGRWLHPSRHQXQDLGHDIXHVHODTXFIXHVH6DFyRWUROLEURGHO HVWDQWHDEULpQGRORDOD]DU<VLVHQFLOODPHQWHYROYLHVHXQDSiJLQD\ DOOtDOOt 6HUXERUL]yLQWHULRUPHQWH\GHMyHOOLEUR

0DQILHOGSDVDEDODVSiJLQDVFRQUHJXODULGDGPRYLHQGRVyORXQD PDQRHOUHVWRGHOFXHUSRFRQJHODGRHQXQDSRVWXUDGHUtJLGDDWHQ FORQ

&RQORTXHSDUHFtDQHRQHVGHLQWHUYDOR0DQILHOGVHOHYDQWDED JUXxHQGRHQEXVFDGHXQQXHYRYROXPHQ(QHVDVRFDVLRQHVKDGD XQDSDXVDSDUDWRPDUXQFDIpXQ ERFDGLOORRDWHQGHUDRWUDVQHFH VLGDGHV ³(VLQ~WLOTXHXVWHGVHTXHGH³GLMR0DQILHOGFDQVDGDPHQWH ³¢/HPROHVWR"

³3RUVXSXHVWRTXHQR

³(QWRQFHVPHTXHGDUp

7ZLVVHOOVLQWLHQGRIQR\VROHGDGUHDQXGyVXGHOLFDGRHVSRUi GLFRHLQ~WLODVDOWRDODV HVWDQWHUtDVGHOLEURVFRQODVFKLVSDVGHVX FLJDUULOORTXHDUGtDIXULRVDPHQWHTXHPiQGROHODVSXQWDVGHORVGH GRVVLQTXHpOOHVSUHVWDVHDWHQFLyQ <SDVyXQILVLRGtD


³+D\WDQWR³GLMR7ZLVVHOOFRQLPSRWHQFLD³7LHQHTXHKDEHU XQPRGRPiVUiSLGR ³'LJDFXiO³UHVSRQGLy0DQILHOG³1RSXHGRSDVDUSRUDOWRQL XQDVRODSDJPD ³¢&XiQWRVKDH[DPLQDGR"

³1XHYHYRO~PHQHV&XDWURDxRV\PHGLR

³+DEUiDWHUUL]DGRDOERUGHGHOGHVLHUWRGHOVXGRHVWHGH$PpULFD GHO1RUWH³GLMR7ZLVVHOO(VRIXHDOJRGHOLEHUDGR\DTXHHVWi HVFDVDPHQWHSREODGRLQFOXVRHQHOFUHR 0DQILHOGDVLQWLyGHPRGRDXVHQWH\SDVyRWUDSiJLQD

³3UHWHQGtDPRVTXHSDVDVHDOJ~QWLHPSRVLQVHUPROHVWDGRSDUD TXHSXGLHVHDMXVWDUVH7HQtDXQDEXHQDSURYLVLyQGHDJXD\DOLPHQ WRV7HQGUtDTXHDQGDUFRQFDXWHOD3DVDUtDQGtDVDQWHVGHTXHHQ WUDVHHQFRQWDFWRFRQXQiUHDUHDOPHQWHSREODGD\FRUULHVHXQULHVJR FRQVLGHUDEOHGHFDPELRFXiQWLFR3XHGHTXHWHQJDPRVVHPDQDVGH WLHPSR³1RHVWDEDGHPDVLDGRVHJXURGHORTXHFUHtDHQUHDOLGDG SHURORGLMRGHQXHYR3XHGHTXHWHQJDPRVVHPDQDVGHWLHPSR 0HWyGLFDPHQWH0DQILHOGSDVyRWUDSiJLQD\OXHJRRWUD

³$OILQDO³GLMR³ODVKRMDVHPSLH]DQDYROYHUVHERUURVDV\HVR TXLHUHGHFLUTXHHVKRUDGHGRUPLU (OVHJXQGRILVLRGtDSDVy

<DODVGHOWHUFHUILVLRGtD0DQILHOGGLMRHQYR]EDMD\ DVRPEUDGD ³(VWRHV

7ZLFF3,,QQ aUaPQU3QaORTXHKDEtDGLFKR ³¢4Xp"³SUHJXQWy

0DQILHOGDO]yODYLVWDHOURVWURGHPXGDGRSRUHODVRPEUR

³6DEH\RQRORFUHtDHQUHDOLGDG3RU&URQRVTXHQRORFUHt QXQFDUHDOPHQWHQLVLTXLHUDFXDQGRHVWiEDPRVWUDEDMDQGRFRQWRGDV HVDVWRQWHUtDVVREUHODVUHYLVWDV\ORVDQXQFLRV $KRUD7ZLVVHOOORKDEtDHQWHQGLGR ³+DHQFRQWUDGRHODQXQFLR

6HSUHFLSLWyVREUHHOYROXPHQTXH0DQILHOGWHQtDHQODVPDQRV


DIHUUiQGRORFRQGHGRVWHPEORURVRV

3HUR0DQILHOGQRORVROWy'HSRVLWyHOYROXPHQVREUHODPHVDFRQ XQJROSHVHFR\VHxDOyXQSHTXHxRDQXQFLRHQODHVTXLQDVXSHULRUGH ODL]TXLHUGD (UDEDVWDQWHVHQFLOOR'HiD $/*248( 72'265(&20,(1'$1 2%-(7,9$0(17((1(/ 0(5&$'2 2),&,$/

'HEDMRHQOHWUDVPiVSHTXHxDVGHFtD´,QYHUVLRQHV1HZV/HWWHU $SDUWDGRGH&RUUHRV'HQYHU&RORUDGRµ ³¢0HUFDGR"³SUHJXQWy7ZLVVHOOFRQIXQGLGR

³/DEROVDHOPHUFDGRGHYDORUHV³GLMR0DQILHOGFRQLPSDFLHQ FLD³8QVLVWHPDPHGLDQWHHOFXDOHOFDSLWDOSULYDGRHUDLQYHUWLGR HQQHJRFLRV(VRQRHVORLPSRUWDQWH¢1RYHHOGLEXMRDOODGRGHO DQXQFLR" ³3RUVXSXHVWRTXHORYHR³GLMR7ZLVVHOOIUXQFLHQGRHOFHxR

¢$TXLpQLEDDUHVXOWDUOHIDPLOLDUHOGLEXMRGHXQDQXEHHQIRUPD GHKRQJRVLQRVHORHUD DXQSURJUDPDGRU"7UHVFXDUWDVSDUWHVGHORV FDPELRVFXiQWLFRVHQODHWHUQLGDGIXHURQPRWLYDGRVSRUHOGHVHRGH HOLPLQDUHOGHVDUUROORGHODVERPEDVGHILVLyQ\IXVLyQVLQPXWLODUSRU FRPSOHWRODFLHQFLDQXFOHDU

³(VXQDERPED$³GLMRHOSURJUDPDGRU³¢(VRHVWRGR"1R WLHQHQDGDTXHYHUFRQHOWHPDGHODQXQFLRSHURVHJXUDPHQWHQRIXH HVDLQFRQJUXHQFLDORTXHOHOODPyODDWHQFLyQ³6HQWtDXQDDPDUJD GHFHSFLyQ³1RHVPiVTXHXQUHFODPR ³¢5HFODPR"3RUHOJUDQ&URQRVHMHFXWRUPLUHODIHFKDGHO Q~PHURGH ODUHYLVWD

6HxDOyODFDEHFHUDGHODSiJLQD'HFtDGHPDU]RGH/D SiJLQDHUDOD ³£0LOQRYHFLHQWRVWUHLQWD\GRV³GLMR0DQILHOG³<ODSULPHUD H[SORVLyQGHXQDERPED$WXYROXJDUHQMXOLRGH ³¢(VWiVHJXUR"

³&RQR]FRHVWDHUD£(VWR\DEVROXWDPHQWHVHJXUR+DVWDMXOLRGH QLQJ~QVHUKXPDQRYLRMDPiVODQXEHHQIRUPDGHKRQJRGHXQD


H[SORVLyQQXFOHDU1DGLHKXELHVHSRGLGRUHSURGXFLUODGHXQPRGR WDQSUHFLVRH[FHSWR ³1RHVPiVTXHXQGLEXMR³GLMR7ZLVVHOOLQWHQWDQGRFRQVHUYDU ODVHUHQLGDG³3RGUtDSDUHFHUVHDODQXEHHQIRUPDGHKRQJRSRU SXUDFDVXDOLGDG

³¢3RGUtD"¢4XLHUHXVWHGPLUDURWUDYH]HOWH[WR"³/RVGHGRVGH 0DQILHOGIXHURQJROSHDQGRODVOtQHDVXQDGHWUiVGHRWUD³$OJRTXH 7RGRVUHFRPLHQGDQ2EMHWLYDPHQWHHQHO0HUFDGR2ILFLDO/DVLQL FLDOHVHQPD\~VFXODVIRUPDQODSDODEUD$7202¢&RLQFLGHQFLD"1L SRUFDVXDOLGDGL1RYHFyPRFXPSOHVXVSURSLDVFRQGLFLRQHV"(V DOJRTXHDWUDMRDOLQVWDQWHPLDWHQFLyQ+DEUtDDWUDtGRODGHFXDOTXLHU SURJUDPDGRUSHURHQSDUWLFXODUODPtDSRUTXH\RYHUtDFRQXQDVROD PLUDGDTXHHUDXQDQXQFLRLPSRVLEOHTXHQDGLHKXELHVHSXHVWRDOOL VDOYR&RRSHU<DOPLVPRWLHPSRFDUHFHUtDGHWRGRVLJQLILFDGRH[ FHSWRHOYLVXDOQRKDEUtDWHQLGRQLQJ~QVHQWLGRSDUDFXDOTXLHUKRP EUHGHHVHWLHPSR(V&RRSHUHMHFXWRU7ZLVVHOO1RVHVWiOODPDQGR \YR\DEXVFDUOH7HQHPRVODIHFKD7HQHPRVODGLUHFFLyQGHOFRUUHR <HVWR\VXILFLHQWHPHQWHIDPLOLDUL]DGRFRQHVHSHUtRGRFRPRSDUD DFWXDUFRQVHJXULGDGHQpO 7ZLVVHOOVHHQFRQWUDEDPX\GpELO6HDSR\yFRQDJUDGHFLPLHQWR HQHOEUD]RGH0DQILHOGFXDQGRpVWHORH[WHQGLyGHSURQWRKDFLDpO ³7HQJDFXLGDGRSURJUDPDGRU

³(VWiELHQ³GLMR7ZLVVHOO³9DPRV

/RVDFRQWHFLPLHQWRVGHOGtDVLJXLHQWHVHVDOLHURQGHORQRUPDOHQ YDULRVDVSHFWRV1DGLHVDOYR7ZLVVHOO \XQ7ZLVVHOODFWXDQGRFRQOD PiVDEVROXWDDUELWUDULHGDG KXELHVHSRGLGRVDOWDUVHGHWDOPRGRORV ´FDQDOHVµLQWURGXFLHQGRHQRUPHVKLOHUDVGHFiOFXORVDWRGDSULVDHQ ODVPiTXLQDVGHFRPSXWDFLyQLJQRUDQGRGHWDOPRGRODVKRUURUL]D GDVTXHMDVGHORVRSHUDGRUHVTXHYHtDQWUDVWRUQDGRVXWUDEDMR 1DGLHVDOYR7ZLVVHOOSRGUtDKDEHUORKHFKR\QDGLHVDOYR7ZLVVHOO KDEUtDSRGLGRWHQHUOLVWDVXFDELQDFRQQXHYDVFRRUGHQDGDVHQXQ SOD]RGHYHLQWLFXDWURKRUDV

3DUDFROPRGHWRGR7ZLVVHOOLJQRUySRUFRPSOHWRODFRVWXPEUH HVWDEOHFLGDHQODHWHUQLGDGGHPDQWHQHUVHVLHPSUHDQLYHOFRQHOIL VLRWLHPSR 6HORGLMRMDGHDQWHDXQ0DQILHOG\DDWDYLDGRFRQHOWUDMHDGH FXDGRDODHUDTXHLEDDYLVLWDU ³1RKHWHQLGRHQFRQVLGHUDFLyQHOODSVRGHILVLRWLHPSR+HGHV FRQHFWDGRHOUDGLRFUyQ


³0X\ELHQ³GLMRFRQFDOPD0DQILHOG

6HDMXVWyORVLQFyPRGRVSDQWDORQHVGHVXDWXHQGRGHOVLJOR TXHKDEtDGHFLGLGRVHDSUR[LPDEDQORVXILFLHQWHDODYHUVLyQGHOVLJOR 2EDVWDQWHDOPHQRVFRPRSDUDKDFHULQQHFHVDULRFRQIHFFLRQDU XQQXHYRWUDMHORFXDOKXELHVHSUHFLVDGRGHPDVLDGRWLHPSR ³1RPHLPSRUWDVLQHFHVLWDXQGtDXQPHVRGLH]DxRVSDUD HQFRQWUDUOH³SURVLJXLy7ZLVVHOO1RPHLPSRUWDHOWLHPSRTXHpO KD\DHVWDGRDKt9ROYHUiDOPLVPRLQVWDQWHHQTXHVHPDUFKyXQD

 O  YH]TXHDFWLYHHOFDPSRWHPSRUDOHQHVHH[WUHPR1RSXHGRHVSHUDU DTXHSDVHHOILVLRWLHPSR¢/RHQWLHQGH"

0DQILHOGDVLQWLy6LJQLILFDEDTXHVLODFDFHUtDOHRFXSDEDHOLPSUR EDEOHHVSDFLRGHWLHPSRGHGLH]DxRVYROYHUtDDODHWHUQLGDGFRQGLH] DxRVGHHQYHMHFLPLHQWRUHVSHFWRDORVGHPiVHWHUQRV3VLFROyJLFD PHQWHVHUtDGHVDJUDGDEOH3HURDVLQWLy 6HDEURFKyXQ~OWLPRERWyQ\GLMR ³(VWR\OLVWR

<DVtRFXUULyTXHFXDQGR7ZLVVHOOVXFRUD]yQODWLHQGRHQORTXH FLGR\VXVVXGRURVDVPDQRVFDVLLQFDSDFHVGHKDFHUORTXHHUDQHFHVD ULRFRQVLJXLyILQDOPHQWHPRYHUODSDODQFDODFDELQDQXQFDOOHJyD PRYHUVH 2DOPHQRVVHIXH\UHJUHVyDOPLVPRLQVWDQWHFRQORTXHQR KXERQLQJXQDSDXVDDSDUHQWHHQVXH[LVWHQFLD

'HKHFKRHO~QLFRFDPELRTXHWXYROXJDUIXHTXHHQODFDELQDDO ODGRGHXQUHSHQWLQDPHQWHDJRWDGR0DQILHOGHVWDEDXQHQIODTXH FLGRSHURQRPXFKRPiVYLHMR%ULQVOH\6KHULGDQ&RRSHU

<HQWRQFHV7ZLVVHOOKL]RDOJRWRWDOPHQWHIXHUDGHORQRUPDO $OJRTXHHVWDEDSRUFRPSOHWRIXHUDGHVXFDUiFWHU$QWHORVRMRV DVRPEUDGRVGHORVRWURVGRVGHSURQWRHLQHVSHUDGDPHQWHVHHFKyD OORUDUGHSXURDOLYLR &RRSHUSHUPDQHFLyDOJRPiVGHXQILVLRGtDHQODHWHUQLGDG'X UDQWH WRGDVHVDVKRUDVVLJXLyHVWDQGRXQSRFRH[FLWDGRVLQVHUpO PLVPRSDUHFtDTXHVLQDFRVWXPEUDUVHWRGDYtDDOKHFKRGHTXHILQDO PHQWHKDEtDYXHOWRDODHWHUQLGDG ³6LVXSLHVHQFyPRPHVHQWtFXDQGRFRQVHJXtXQSHULyGLFRSRU SULPHUDYH]³QRGHMDEDGHUHSHWLU³4XHUtDVDEHUHOGtDH[DFWR\D HQWLHQGHQ£6yORTXHUHVXOWyVHUHODxR3HQVpTXHPHHVWDED YROYLHQGRORFR


³3HUR¢TXpOHKL]RSHQVDUHQHODQXQFLRPXFKDFKR"³SUHJXQ Wy7ZLVVHOO³)XHJHQLDO

³7DUGyPHVHVHQRFXUQUVHPH6LVXSLHVHQORTXHLQWHQWpDOSULQ FLSLR,QWHQWpHVFXOSLUSLHGUDVVyORTXHQRVDEtDFyPRKDFHUORVLQ XQWXERSHUIRUDGRU0F,OYDLQ/XHJRLQWHQWpLPDJLQDUXQPRGRGH LQWURGXFLUPHHQORVDUFKLYRV'XUDQWHGRVPHVHVWUDWpGHFRQVHJXLU XQWUDEDMRHQXQDGHODVLPSUHQWDVGHOJRELHUQRSHURKDEtDDOJR OODPDGR6HUYLFLR&LYLO\\RFDUHFtDGHFHUWLILFDGRGHQDFLPLHQWR $GHPiVHVWDEDHQPHGLRGHXQDGHSUHVLyQHFRQyPLFD0LVSURYLVLR QHVGHRURHQPHWiOLFRVHHVWDEDQDJRWDQGR ³6LKXELHVHDWHUUL]DGRGRVDxRVPiVWDUGH³GLMRVHFDPHQWH 0DQILHOG³VXRURQROHKDEUtDVHUYLGRGHQDGD+XERXQSHUtRGRHQ TXHODSRVHVLyQGHRURIXHLOHJDO³SURVLJXLyH[SOLFiQGRVHORD7ZLV VHOO

³'HFXDOTXLHUPRGR³GLMR&RRSHU³ILQDOPHQWHSHQVpHQOD UHYLVWDFRQODTXHSDVDPRVWDQWRWLHPSRLQVWUXFWRU0DQILHOG$O SULQFLSLRSHQVpSRQHUHQHOODDOJRHQGLDOHFWRGHOPLOHQLRVHVHQWD SDUDHOHMHFXWRU7ZLVVHOO\DVDEH3HURQRKDEUtDQDFHSWDGRXQ DQXQFLRTXHQRSXGLHVHQHQWHQGHUDVtTXHYROYtDLQWHQWDUORVLPSOH PHQWHHQLQJOpVSULPLWLYR6DEtDTXHHOLQVWUXFWRU0DQILHOGORHQWHQ GHUtD<HQWRQFHVHOPLVPRGtDHQTXHDSDUHFLyHOWHOHJUDPDGHO LQVWUXFWRU0DQILHOGHVWDEDHQODRILFLQDGHFRUUHRV£8I ³0DxDQDWHQGUiTXHYROYHUDDEDQGRQDUODHWHUQLGDG³GLMR 7ZLVVHOO³/RHQWLHQGH¢YHUGDGMRYHQFLWR"6LJXHKDELHQGRXQWUD EDMRTXHKDFHU

³(VWiELHQ³GLMR&RRSHUH[XOWDQWH³'HVSXpVGHWRGRORTXH KHSDVDGRHVRQRHVQDGD&XDQGRGHVFXEUtTXHQRKDEtDQLQJ~Q FDPSRWHPSRUDOTXHUHDFWLYDUSDUDHOUHJUHVRVXSHTXHKDEtDRFX UULGRXQDFFLGHQWH0HVHQWtWDQSHUGLGR(QHODOPHQRVVpTXH YROYHUp3RUHOJUDQ&URQRVPHVLHQWRWDQVHJXURGHPtPLVPRDKRUD TXHVLQRHQFXHQWURGHLQPHGLDWRD+DUYH\0DOORQWHQJRPHGLR SHQVDGRDVXPLUVHQFLOODPHQWHVXQRPEUH\GDUOH\RPLVPRDOD7LHUUD HOFDPSRWHPSRUDO/RKDUpDSRFRTXHSXHGD <SRUHQFLPDGHVXFDEH]DORVRMRVGH7ZLVVHOOVHHQFRQWUDURQ FRQORVGH0DQILHOG (VWDEDQVHQWDGRVMXQWRVORVGRV'HQXHYRVRORV

³2XL]iGHVSXpVGHWRGRGHEtDRFXUULUDVt³GLMR7ZLVVHOOPH GLRSUHJXQWiQGRVHORDVtPLVPR ³¢&yPRHVHVR"³GLMR0DQILHOG


³<DR\yORTXHGLMRVREUHWRPDUHOOXJDUGH0DOORQ<VDEHTXH ORKDUi3HUR¢KDEUtDHVWDGRGLVSXHVWRDKDFHUORKDEUtDWHQLGROD KDELOLGDGSDUDKDFHUORVLSULPHURQRKXELHVHLGRDO"¢6HKDEUtD FRPSOHWDGRHOFLFOR" ´9DDERUUDUVXHUURU³SHQVyPDOKXPRUDGR0DQILHOG³9DD FRQYHQFHUVHpOPLVPRGHTXHQRIXHXQHUURUGHQLQJ~QPRGRTXH WRGRIXHVyORRWURJROSHGHJHQLRGH7ZLVVHOOµ ³¢&yPRYDPRVDSRGHUVDEHUOR"³GLMRHQYR]DOWD

³/RQRWR+DVWDXQSURJUDPDGRUSXHGHWHQHU LQWXLFLRQHVGHYH] HQFXDQGRVXSRQJR(VWR\FRQYHQFLGRGHTXH&RRSHUSHUWHQHiDDO DOLJXDOTXHDO/DUHDOLGDGSULPLWLYDHVLQPXWDEOH ³1RSHQVDEDDVtKDFHXQDVHPDQD'LMRTXHHOFDPELRKDEtDWH QLGROXJDUGHQWURGHODHWHUQLGDGQRHQODHUDSULPLWLYD 7ZLVVHOOGHMyGHODGRHVRFRQXQJHVWRLUULWDGRGHVXVPDQRV 0DQILHOGLQVLVWLy

³<GHWRGRVPRGRV¢FyPRSRGHPRVVDEHUOR"6XSRQJDTXH &RRSHUKDFDPELDGRODUHDOLGDG+DEUtDPRVFDPELDGR\QXHVWURV UHFXHUGRVWDPELpQ 7ZLVVHOOUHVRSOy

³/HGLJRTXHQDGDKDFDPELDGR

³3HUR¢SRUTXpQR"+XERHOSULPHULQWHQWRGH&RRSHUGHSRQHU XQDQXQFLRHQPLOHQLRVHVHQWD¢$FDVRHVRQRKDEUtDWHQVDGROD WH[WXUDGHODUHDOLGDG"/XHJRHODQXQFLRTXHVtSXVR¢&XiQWDVRWUDV SHUVRQDVSXHGHQKDEHUVHWURSH]DGRFRQpOHQWUHHO\HO\

   SUHJXQWDUVHTXpHVWDEDKDFLHQGRXQDQXEHHQIRUPDGHKRQJRHQXQD UHYLVWDGH"6XSRQJDTXHVHKLFLHURQSUHJXQWDVDFHUFDGHODV OHWUDVLQLFLDOHVTXHGHOHWUHDEDODSDODEUDSULPLWLYDSDUDiWRPR&RR SHUHVWXYRDOOtFDVLVHLVPHVHV<RHVWXYHDOKFDVLGRVGtDV(QHVH WLHPSR ³(OKHFKRHV³GLMR7ZLVVHOODJXGDPHQWH³TXHQRKDWHQLGR OXJDUFDPELRDOJXQR¢3RUTXpLQVLVWHHQORFRQWUDULR"

/RVKRPEURVGH0DQILHOGVHDEDWLHURQ1RSRGtDHQJDxDUVHDVt PLVPR6LHOHJRGH7ZLVVHOOHVWDEDHQFDGHQDGRDOKHFKRGHTXHQRVH KDEtDSURGXFLGRFDPELRDOJXQRDOVX\ROHSUHRFXSDEDGHXQPRGR LJXDOPHQWHtQWLPRHLQVLVWHQWHHOTXHVHKXELHVHSURGXFLGR


³7HQtDODHVSHUDQ]D³GLMR\VHGHWXYR ³¢<ELHQ"

^aUHtTXHSXGRKDEHUDOJ~QSHTXHxRFDPELR8QPLFURFDPELR SRUGHFLUORDVtFX\DVRQGXODFLRQHVIXHVHQH[SDQGLpQGRVHDORODUJR GHWRGRHOIOXMRGHOWLHPSR ³/RVFDPELRVFXiQWLFRVVRQJUDQGHV³GLMR7ZLVVHOO

³/RVFDPELRVFXiQWLFRVQRUPDOHVVt3HUR¢TXLpQFRQRFHOD PDWHPiWLFDGHODUHDOLGDGHQORVVLJORVSULPLWLYRV"6LQODSUHVHQFLDGH ODHWHUQLGDGHOFDVRHVGLVWLQWR¢3RUTXpQRSXHGHH[LVWLUODSRVLELOL GDGGHPLFURFDPELRV" ³¢$GyQGHTXLHUHLUDSDUDU"³SUHJXQWy7ZLVVHOO

³¢3RUTXpQRSRGUtDH[LVWLUXQDQXHYDUHDOLGDGHQODTXHPLKLMR HVWpVDQRRXQDHQODTXHQRH[LVWH"&XDOTXLHUFRVDPHQRVODDFWXDO ³1RKD\PRGRDOJXQRGHTXHSXHGDFRPSUREDUVHHVR³VHDSUH VXUyDGHFLU7ZLVVHOO³1RGHEHVHJXLUMXJDQGRFRQHOWLHPSR1L\R WDPSRFR1L\RWDUQSRFR+HPRVWHUPLQDGRORVGRV

<SRUXQLQVWDQWHDVXVRMRVYROYLyHOKRUURUDOSHQVDUQXHYDPHQWH HQFyPRVHKDEtDHQFRQWUDGRFRQWHPSODQGRHODELVUQR\HQpOHOILQ GHWRGDODHWHUQLGDG ³1XQFDLQWHQWDUp YHUOR³VXVXUUy0DQILHOG³1RWHQJRHOYDORU SDUDKDFHUOR

3UHRFXSDGRVHOOHYyXQFLJDUULOORDORVODELRV\ORHQFHQGLyDO ]DQGROXHJRODYLVWDVRUSUHQGLGRDQWHHODJXGRJULWRGH7ZLVVHOO ³/tEUHVHGHHVDEDVXUDYHQHQRVDSRUHOJUDQ&URQRV³GLMR 7ZLVVHOO³1RSXHGRVRSRUWDUOD

0DQILHOGVHDSUHVXUyDDSDJDUHOFLJDUULOOR\PHQWDOPHQWHIUXQ FLyHOFHxRVRUSUHQGLGR+DEtDLGRPX\OHMRVUHDNQHQWHDOHQFHQGHU XQFLJDUULOORHQFRPSDxtDGHOPiVFRQRFLGR\IDQiWLFRHQHPLJRGHO WDEDFRGHWRGDODHWHUQLGDG 7ZLVVHOODUUXJyODQDUL]DQWHHODFUHYiSRUTXHD~QIORWDEDHQHO DLUH\GLMR ³$FRVW~PEUHVHDHVDLGHD0DQILHOG³GLMR³1RKDKDELGR FDPELRDOJXQRHQODHWHUQLGDG1LQJXQRHQDEVROXWR$FHSWHPL SDODEUDGHHOOR <FRQWHPSOyOOHQRGHUHSXOVLyQORVUHVWRVGHOFLJDUULOOR


&RPHQWDULRILQDO

0HKHOLPLWDGRDSUHVHQWDUODQRYHODFRUWDSRUTXHDOLJXDOTXH DQWHVHVSRFRSUiFWLFRLQWHQWDUSUHVHQWDULJXDOPHQWHODQRYHOD6LOHV LQWHUHVDXQDFRPSDUDFXyQGLUHFWD\QRWLHQHQXQHMHPSODUGHODQRYHOD HVWDHGLWRULDOODKDSXEOLFDGRHQHVWDPLVPDFROHFFLyQ0LHQWUDVWDQWR GLUpDOJXQDVFRVDVGHPLFRVHFKD (QHOFDVRGH´(QYHMHFHFRQPLJRµKDEtDWHQLGRTXHDxDGLUFRP SDUDWLYDPHQWHSRFRSDUDFRQYHUWLUODHQ8QJXLMDUURHQHOFLHOR(VWR VLJQLILFDEDTXHSRGtDXVDUHODUJXPHQWRWDO\FRPRHVWDED\VHQFLOOD PHQWHUHDUUHJODUOR\HQWUDUFRQPiVGHWDOOHHQDOJXQDVFRVDV 1RHUDDVtHQHOFDVRGH(OILQGHODHWHUQLGDG QRYHODFRUWD  GRQGHWHQtDTXHWULSOLFDUODORQJLWXG$8tWXYHTXHWRPDUPHPXFKDV PiVOLEHUWDGHVUHYLVDQGRHODUJXPHQWR 3RUVXSXHVWRKLFHDOJXQRVSHTXHxRVFDPELRV3DUDHPSH]DU FDPELpHOQRPEUHGHPLSHUVRQDMH$QGHUV+RUHPPDOGH$QGUHZ +DUODQ¢3RUTXp"1RHVWR\VHJXUR

$OJXQDVSHUVRQDVGHVSXpVGHOHHUODQRYHODPHKDQVXJHULGRTXH XVpHOQRPEUHGH+DUODQFRPRXQDUHIHUHQFLDD+DUODQ(OOLVRQ(V SRVLEOHSXHVKDEtDFRQRFLGRD+DUODQ(OOLVRQHQVHSWLHPEUHGH \QDWXUDOPHQWHPHSURGXMRXQDKRQGDLPSUHVLyQFRPRVHODSUR GXFHDWRGRHOPXQGR

1RPHKDEUtDVRUSUHQGLGRSXHVVLHQODQRYHODFRUWDRULJLQDO KXELHVHEDXWL]DGRDOSHUVRQDMHFRPR$QGUHZ+DUODQ\DTXHODHP SHFpGRVPHVHVGHVSXpVGHOHQFXHQWUR6LQHPEDUJRQRORKLFHOH OODPp$QGHUV+RUHPP(QWRQFHV¢SRUTXpWXYHTXHKDFHUHOFDPELR HQODQRYHOD"

(VWRHVORTXHDPtPHSDUHFHUD]RQDEOH+RUHPPKDEtDVLGRXQ SHUVRQDMHPiVELHQPHQRUHQODQRYHODFRUWDSHURHQODQRYHODOH FRQYHUWtHQHOKpURH\+RUHPPPHUHVXOWDXQQRPEUHSDUWLFXODUPHQWH IHR(UDDGHFXDGRSDUDXQGHVDJUDGDEOHSHUVRQDMHPHQRUSHURQR SDUDHOKpURH&XDQGRKDJRFDPELRVGHQRPEUHWLHQGRDKDFHUORV WRGRORSHTXHxRVTXHSXHGR QRVpODUD]yQ DVtTXHFDPELp$QGHUV SRU$QGUHZ\+RUHPPSRU+DUODQ

7DPELpQ0DQILHOGXQSHUVRQDMHLPSRUWDQWHHQODQRYHODFRUWD GHVDSDUHFLyHQODQRYHODRPiVELHQVXSDSHOIXHFRPELQDGRFRQHO GH7ZLVVHOO(QFXDQWRD1R\VVXSDSHOIXHFRQVLGHUDEOHPHQWHDX PHQWDGR\ODKLVWRULDGHDPRUVHKL]RPXFKRPiVFHQWUDOHQHOGHVDUUR OORGHODKLVWRULDGHORTXHKDEtDV¢GRHQODQRYHODFRUWD &XDQGROptODVGRVYHUVLRQHVSDUDODSUHSDUDF¢yQGHHVWHO¢EURORTXH UHDOPHQWHPHDVRPEUyHVTXHVHQFLOODPHQWHQRGLOXLODQRYHODFRUWD


'HVSXpVGHWRGRVLODQRYHODFRUWDHUDHQUHDOLGDGXQDQRYHODGHVKLGUD WDGDSRGU¢DKDEHPOHOLPLWDGRDDxDGLUOHDJXDSRUGHF¢UORDVtDODUJDU ODVGHVFUL SFLRQHVH[WHQGHUPiVHOGLiORJR\DWHQHUPHDODUJXPHQWR 1RORKLFH&RQODDODEDQ]DGH%UDGEXU\D~QHQORVytGRV\ KDOOiQGRPHUHSHQWLQDPHQWHFRQSDODEUDVPiVSDUDMXJDUFRQ HOODVDxDGtLQFLGHQWHV\FRPSOLFDFLRQHVHKLFHODQRYHODWDQGHQVD FRPRORKDEtDVLGRODQRYHODFRUWD

   (QSDUWLFXODUHVWDEDHODVXQWRGHOILQDO$OUHOHHUODQRYHODFRUWD SDUDHVWHOLEURPHDVRPEUyORGpELOTXHHUDHOILQDOTXH\RKDEtD FUHDGR$OPHQRVPHSDUHFtDGpELODKRUDHQFRPSDUDFLyQDORTXH KDEtDKHFKRFRPRILQDOGHODQRYHOD'HVSXpVGHWRGRKDEtDOODPDGR DOUHODWR´(OILQGHODHWHUQLGDGµ\FRQWRGRQRKDEtDWHQLGRHOFRUDMH RSXHGHTXHHOFRUD]yQ GHDFDEDUILQDOPHQWHFRQOD HWHUQ¢GDGHQOD QRYHODFRUWD (QODQRYHODPHGHFLGtDUHDOL]DUXQWUDEDMRPHMRUSXHGHTXHD FDXVDGHTXH VLHQGRDKRUDXQDQRYHOD TXHU¢DFRQHFWDUODGHDOJ~Q PRGRFRQDQWHULRUHVOLEURVPtRVTXHWUDWDEDQGHODDVFHQVLyQ\FDtGD GHO,PSHULR*DOiFW¢FR 7HQJRODGHELOLGDGGHSUHWHQGHUTXHPLVQRYH ODVGHFLHQFLDILFFLyQVHDQFRQVLVWHQWHVHQWUHVt\HVRLQIOX\HPLHVFUL WXUDKDVWDHOGtDGHKR\

(QFXDOTXLHUFDVRHOIQDOGHODQRYHODHVPXFKRPiVFRPSOHMR\ GUDPiWLFRTXHHOGHODQRYHODFRUWD(QODQRYHODLQWHQWp FRPRVXHOR KDFHUHQPLVQRYHODV UHYHODUYDULDVVRUSUHVDVXQDGHVSXpVGHODRWUD KDVWDTXHWHQJRODLPSUHVLyQGHTXHHOOHFWRUFUHHKDEHUOOHJDGRDO ILQDO\HQWRQFHVHQVHxDURWUDVRUSUHVDTXHKHPDQWHQLGRHQUHVHUYD (VPX\GLYHUWLGRKDFHUORSHURQRHVIiFLO (QHOFDVRGH(OILQGHODHWHUUaLGDGFRPRQRYHODODGHQVLGDGQR WUDEDMyGHOWRGRDIDYRUVX\R/HHQVHxpODQRYHODD+RUDFH&ROG SRUVLVHGDEDHOFDVRGHTXHOHSDUHFLHUDTXHKDEtDPHMRUDGRHO UHODWR\SRUORWDQWRHVWXYLHVHGLVSXHVWRDSXEOLFDUORFRPRVHULDO DQWHVGHVXHGLFLyQ 8QDVHULDOL]DFLyQDVtHQHVRVGtDVVLJQLILFDED SDUDHODXWRUVLHPSUHSREUHXQRVGyODUHVDGLFLRQDOHV *ROG VLQHPEDUJRUHFKD]yODQRYHODWDQUiSLGD\GHFLGLGDPHQWHFRPR KDEtDUHFKD]DGRODQRYHODFRUWD7DPSRFR&DPSEH8ODDFHSWySDUD $VWRXQGLQJ'RXEOHGD\LQWHQWyRIUHFHUODSDUDVXVHULDOL]DFLyQDDO JXQDVGHODVUHYLVWDVQRHVSHFLDOL]DGDV\QRORJUyQDGDHQDEVROXWR ORTXHQRHVVRUSUHQGHQWHHQFXDQGRODFLHQFLDILFFLyQHUD YLUWXDOPHQWHXQDDEHUUDFLyQIXHUDGHODVSRFDVUHYLVWDVHVSHFLDOL]D GDVFRQVDJUDGDVDHOOD 

(OUHVXOWDGRIXHTXH´(OIQGHODHWHUQLGDGµMDPiVYLRQLQJ~QWLSR GHSXEOLFDFLyQHQUHYLVWD8QJXLMDUURHQHOFLHORDSDUHFLyWDPELpQHQ IRUPDGHOLEURVLQQLQJXQDSXEOLFDFLyQHQUHYLVWDSHURGHVSXpVGHVX DSDULFLyQFRPROLEURDSDUHFLyGRVYHFHVGHIRUPDOLJHUDPHQWHFRQGHQ


VDGD$SDUHFLyHQHOSULPHUQ~PHURGH7ZR&RPSOHWH6FLHQFH$G YHQWXUH%RRNV\HQ*DOD[\6FLHQFH)LFWLRQ1RYHOV´(OILQGHOD HWHUQLGDGµQRH[SHULPHQWyMDPiVWDO´VHJXQGDVHULDOL]DFLyQµ

<DOJXQRVGHORVFUtWLFRVWDPSRFRIXHURQSDUWLFXODUPHQWHDPD EOHVFRQHOOD6XVREMHFLRQHVVR8DQDSR\DUVHHQVXGHQVLGDG'HPRQ .QLJKWVHUHILULyDODQDWXUDOH]DFRQIXVDGHORVFDStWXORVLQLFLDOHV SRUHMHPSORGHXQPRGREDVWDQWHFiXVWLFR

,QFOXVR$QWKRQ\%RXFKHUHQWRQFHVHGLWRUGH)DQWDV\DQG6FLHQFH )LFWLRQTXHHUDXQKRPEUHGHUDUDDPDELOLGDG\XQEXHQDPLJRPtR SHQVyTXHHUDGHPDVLDGRFRPSOLFDGD

5HFXHUGRTXHORVGRVQRVKDOOiEDPRVHQOD&RQYHQFLyQ0XQGLDO GH&LHQFLD)LFFLyQHQ&OHYHODQGHQ HQODFXDOIXLHOLQYLWDGRGH KRQRU\HOPDHVWURGHFHUHPRQLDV 1RVHVWDEDHQWUHYLVWDQGRDOJXLHQ TXHPHSUHJXQWyFXiOHUDPLOLEURGHFLHQFLDILFFLyQPiVUHFLHQWH ³8QDQRYHODKWXODGD7KH(QGRI(WHUQLW\³FRQWHVWp\R 0HPHWLyHOPLFUyIRQRGHEDMRGHODQDUL]\GLMR

³¢3XHGHGDUQRVXQDLGHDGHODUJXPHQWRHQXQDVFXDQWDVIUDVHV"

7DUWDPXGHp\HPSHFpDHQUHGDUPH\7RQ\%RXFKHUODQ]yXQDUL VLWDYGLMR ³&RQHVHOLEURQLVLTXLHUDW~SXHGHVKDFHUOR,VDDF

³6tTXHSXHGR7RQ\³GLMH³6HQFLOODPHQWHPHFRJLyGHVRU SUHVD9XHOYDDKDFHUPHODSUHJXQWDVHxRU

$VtORKL]RHOHQWUHYLVWDGRU\\ROHVROWpGHXQWLUyQYDULDVIUDVHV PX\FODUDVHVER]DQGRHODUJXPHQWR

6XVYHQWDVIXHURQFRPSDUDEOHVDODVGHPLVRWUDVQRYHODVGHORV DxRVFLQFXHQWD+DDSDUHFLGRHQIRUPDWRGHEROVLOORYDULDVYHFHV\KD VLGRWUDGXFLGDDFDWRUFHLGLRPDVTXH\RVHSD LQFOX\HQGRHOUXVR\HO KHEUHR DVtTXHQRODFRQVLGHURXQIUDFDVR

&RQWRGRFRQVLGHURTXHKDVLGRPHQRVDSUHFLDGDGHORTXHGHEH UtDKDEHUORVLGR\WHQJRODLPSUHVLyQGHTXHOHKDFHQVRPEUDLQMXVWD PHQWHPLVQRYHODVGHOD)XQGDFLyQ\GHORV5RERWV$OJ~QGtDSXHGH TXHFXDQGR\DHVWpPXHUWRTXL]iFRQVLJDHODSUHFLRTXHVHPHUHFH

$QaHVGHTXHDEDQGaQHHOPXQGRGHPQDYHOHVTXOHURPHQFOD QDUEUHYHPHQWHHOFDVRGHRWUDQRYHODFRUWDD~QPiVFRUWDTXHOD YHUVLyQHQQRYHODFRUWDGH´(OILQGHODHWHUQLGDGµODFXXOaSDQGt KDVWDVHUXQDQRYHODXQSRFRPiVODUJDTXHODYHUVLyQQRYHODGH(OILQ GHODHWHUQLGDG


(QXQDFRQYHQFLyQGHFLHQFLDILFFLyQORFDOHOGHHQHURGH DOJXLHQHQFLPDGHOHVFHQDULREXVFDQGREDMRSUHVLyQXQHMHPSORGHXQ RVFXURLVyWRSRVHUHILULyDO´SOXWRQLRµ0HGLYLUWLySRUTXHQR H[LVWHQDGDTXHVHOODPHSOXWRQLR\QRSXHGHH[LVWLU 'HFLGtSRUORWDQWRHVFULELUXQUHODWRFRUWRVREUHHOWHPDGHO SOXWRQLR\VRPHWHUORSDUDVXLQFOXVLyQHQXQDDQWRORJtDGHRULJL QDOHVTXHLEDDVHUHGLWDGDSRUODSHUVRQDTXHKL]RWDOREVHUYDFLyQ\ SXEOLFDGDSRU'RXEOHGD\

'HVJUDFLDGDPHQWHODKLVWRULD PHVXSHUy\DODVSDODEUDV SUREyTXHHUDXQDQRYHODFRUWD7HPtDTXHDKRUDIXHVHGHPDVLDGR ODUJDSDUDODDQWRORJtD\SRUORWDQWRFRQVXOWpFRQ/DZUHQFH3 $VKPHDGVREUHHVHSXQWR(UDPLHGLWRUHQ'RXEOHGD\HQHVRVPR PHQWRV\pOHUDWDPELpQTXLHQLEDDPDQHMDUODDQWRORJtD/DUU\OH\y PLKLVWRULD\GLMRTXHQRODTXHUtDHQODDQWRORJtDTXHUtDTXHVDFDVHGH H8DXQDQRYHOD $VtORKLFHSHURQRWRTXpHQDEVROXWRODQRYHODFRUWDQLXQD SDODEUD/DFRQVHUYpFRPRDOLQLFLR\DxDGtGRVQRYHODVFRUWDVPiV TXHFRQWLQXDEDQODKLVWRULD7RGDVMXQWDVODVWUHVIRUPDEDQXQDQR YHODGHSDODEUDV7KH*RGV7KHPVHOYHV 'RXEOHGD\ 

(QHVHFDVRQRKD\´FXHQWRSDUDOHORµSXHVODQRYHODFRUWDDSDUWLU GHODFXDOFUHFLyHVWiH[DFWDPHQWHDKtHQHOOLEURFRPRODSULPHUDGH VXVWUHVSDUWHV &XHQWRVSDUDOHORV &UHHQFLD 3ULPHUDYHUVLyQ

3UyORJR

¢4XpGHFLUGHDTXHOORVUHODWRVPtRVTXHHPSH]DURQFRPRUHODWRVR QRYHODVFRUWDV\TXHIXHURQSXEOLFDGRVFRPRWDOHVHQODVUHYLVWDV SHURVyORGHVSXpVGHUHYLVLRQHVWDQDPSOLDVTXHPLKLVWRULDRULJLQDO SRGUtDVHUFDOLILFDGDFRPRXQ´$VLPRYDOWHUQDWLYRµ" 1RKD\PXFKRVFDVRVSHURHFKHPRVXQYLVWD]R\YHDPRV

'XUDQWHPLVSULPHURVDxRVFRPRHVFULWRUGHFLHQFLDILF1yQHVFQEt QXHYHUHDWRVTXHQXQFDYHQGtDQDGLH\TXHTXHGDURQWDQGHVDPSDUD GRVTXHDSHQDVQDGLHVHDWUHYLyDVXVXUUDUXQDSDODEUDKDEODQGRGH UHYLVXyQ)XHURQUHODWRVVLPSOHPHQWHPDORJUDGRV7DOHVUHODWRVVRQ SRURUGHQFURQROyJLFR &RVPLF&RUNVFUHZ 

7KLV,UUDWLRQDO3ODQHW 

3DWKVRI'HVWLQ\ 


.QRVVRVLQ,WV*ORU\ 

7KH'HFOLQHDQG)DOO 

/LIH%HIRUH%LUWK 

7KH%URWKHUV 

2DN 

0DVNV 

3RGUtDWHQHUODWHQWDFLyQGHLQFOXLUHVRVUHODWRVFRPR´DOWHUQDWLYRVµ DPLREUDSXEOLFDGD\FRPRFXULRVLGDGHVKLVWyULFDVRHUURUHVGH FiOFXORGHXQHVFULWRUMRYHQDQWHORVTXHPLVOHFWRUHVSRGUtDQUptU 

LQGXOJHQWHPHQWH$IRUWXQDGDPHQWHPHUHVXOWDIiFLOUHVLVWLUPHDHVD WHQWDFLyQ/RVPDQXVFULWRV\DQRH[LVWHQ

´0DVNVµIXHHOUHODWRYLJpVLPRQRYHQRTXHHVFULEtGHPRGRTXHVL QXHYHGHORVUHODWRVHVFULWRVKDVWDHQWRQFHVIXHURQIUDFDVRVWRWDOHVORV RWURVYHLQWHTXHORJUpYHQGHUFRQILJXUDQXQtQGLFHGHIUDFDVRVGHO WUHLQWDSRUFLHQWRLQFOXVRHQPLVDxRVPR]RV(QDOJXQDVRFDVLRQHV VyORGHVSXpVGHFRQVLGHUDEOHVHVIXHU]RVORJUDEDYHQGHUDTXHOORVSUL PHURVUHODWRVSHURODPD\RUtDGHHOORVIXHURQSXEOLFDGRV SDUDELHQR SDUDPDO WDO\FRPRORVKDEtDHVFULWRGHPRGRTXHHQWDOHVFDVRVQR H[LVWHWH[WRDOaHUQDaLYRµ

+XERVLQHPEDUJRXQDH[FHSFLyQ(QPDU]RGHHVFULEtXQ UHODWRKWXODGR´3LOJULPDJHµ$&DPSEHOOQROHJXVaySHURVHPRVWUy GLVSXHVWRDSHUUQLWLUPHXQDUHYLVLyQSDUDHOLPLQDUDTXHOORTXHpOGHVD SUREDED)LQDOPHQWHORUHYLVpWUHVYHFHVHQWUHJDQGRD&DPSEHOOFDGD XQDGHODVQXHYDVYHUVLRQHVTXHpOUHFKD]yFDGDYH](OFXDUWR UHFKD]RIXHHO~OWLPR

6HJXtUHYLVDQGRHOUHODWRFRQXQDGHWHUPLQDFLyQYDOHGHUDGH PHMRUFDXVD\HOUHODWRVHSXEOLFyILQDOPHQWHHQODSULPDYHUDGH HQ3ODQHW6WRULHVGHVSXpVGHXQWRWDOGHVLHWH , UHYLVLRQHV3ODQHW 6WRULHVORSXEOLFyEDMRHOWHUULEOHWtWXORGH´%ODFN)ULDURIWKH )ODPHµ\SDUDHQWRQFHV\R\DORRGLDED'HFLGtHQWRQFHVTXHQXQFD PiVYROYHUtDDUHYLVDUXQUHODWRPiVGHXQDYH]\QXQFDORKLFH 6LQHPEDUJRQRH[LVWHQLQJXQDGHODVSULPHUDVYHUVLRQHVGH´3LOJUL PDJHµDVtTXHQRSXHGRLQFOXLUODVDTXtTXHHVORPHMRUTXHSXH GHKDEHUSDVDGR ´0DVNVµHOQRYHQR\~OWLPRUHODWRTXHQRSXGHYHQGHUIXH HVFULWRDSULQFLSLRVGHIHEUHURGH$TXHOPLVPRPHVHVFULEt RWURVGRVUHODWRVTXHIXHURQSXEOLFDGRVHQUHYLVWDVPHQRUHV'HV SXpVHQPDU]RGHHVFULEt´1LJKWIDOOµTXHIXHPLWULJpVLPR VHJXQGRUHODWR 1RPHH[SOLFRFyPRSXGHHVFULELU´1LJKWIDOOaGHVSXpVGHKDEHU HVFULWRWUHLQWD<XQUHODWRVGH XQDFDOLGDGWDQYDULDEOHTXHLEDGHVGHOR EXHQRKDVWDOyPiVKRUULEOH'HVGHOXHJR\RQRVLW~R´1LJKWIDOOµHQ XQOXJDUWDQHOHYDGRFRPRSDUHFHQKDFHUORODPD\RUtDGHOHFWRUHVGH


FLHQFLDILFFLyQSHURQRFDEHODPHQRUGXGDGHTXHIXHFRQVLGHUDGR FDVLLQPHGLDWDPHQWHFRPRXQaFOiVLFRµ,QFOXVRKDVLGRYRWDGRFLHUWR Q~PHURGHYHFHVFRPRHOPHMRUUHODWRRQRYHODFRUWDGHFLHQFLDILFFLyQ HVFULWRMDPiV <RGHVDSUXHERHQpUJLFDPHQWHWDOHVWLPDFLyQ&UHRTXH \RPLVPRKHHVFULWRXQDVHULHGHUHODWRVPHMRUHVTXH´1LJKWIDOOµ< WKDVWDHVPX\SRVLEOHTXHRWURVHVFULWRUHVWDPELpQ

(QFXDOTXLHUFDVRGHVSXpVGH´1LJKWIDOOµ\DQRYROYtDHVFULELU QLQJXQDRWUDKLVWRULDGHFLHQFLDILFFLyQTXHQRSXGLHUDYHQGHUKDEL WXDOPHQWHDOSULPHULQWHQWR$UPDGRFRQXQDFUHFLHQWHFRQILDQ]DHQ PtPLVPRIXLDGRSWDQGRXQDDFWLWXGFDGDYH]PHQRVVXPLVDDQWHOD UHYLVLyQGUiVWLFD6LHPSUHVHPHSRGtDFRQYHQFHUSDUDTXHKLFLHUD FDPELRVWULYLDOHVTXHLPSOLFDEDQODLQWURGXFFLyQRHOLPLQDFLyQGH IUDVHVHLQFOXVRGHSiUUDIRVHQWHURVSHURUDUDPHQWHPHPRVWUDED GLVSXHVWRDDOJRPiVTXHHVR O   &ODURTXH´UDUDPHQWHµQRHV´QXQFDµ\VLHPSUHKXERH[FHSFLR QHV(QODVH[FHSFLRQHVTXHVHSURGXMHURQVHKDOODEDQLPSOLFDGRVKD ELWXDOPHQWHRELHQ+RUDFH*ROGR-RKQ&DPSEH8$PERVHUDQH[FH OHQWHVHVFULWRUHVGHFLHQFLDILFFLyQSRUGHUHFKRSURSLRDVtFRPRSHUVR QDVLQVXIULEOHVTXHQXQFDTXHGDEDQVDWLVIHFKDVFRQQLQJ~QUHODWRTXH QRHVWXYLHUDH[DDDPHQWHWDO\FRPRHOORVPLVPRVORKDEUtDQHVFULWR /D~QLFDGLIHUHQFLDHQWUHDPERVHUDTXH&DPSEH8VHPRVWUDEDJHQLDO \DJUDGDEOHPLHQWUDVTXH*ROGHUDDULVFR\DYHFHVDEUDVLYR

+DELWXDOPHQWHPLVURFHVFRQ*ROGHUDQWUDXPiWLFRV(Q FXDQGRHVWDEDHVFULELHQGR7KH6WDUV/LNH'XVWaPLVHJXQGDQRYHOD LQVLVWLyHQTXHLQWURGXMHUDXQDSHTXHQDWUDPDKDEODQGRGHOD&RQVWL WXFLyQGHORV(VWDGRV8QLGRV0HRSXVHWHQD]PHQWHDUJXPHQWDQGR TXHVHUtDLQDSURSLDGRLQWURGXFLUDOJRUHODFLRQDGRFRQXQDSHTXHQD SDUWHGHOSODQHWDHQXQDQRYHODGHiPELWRJDOiFWLFR*ROGVLJXLyLQVLV WLHQGR\\RWHUPLQpSRULQVHUWDUORHQIRUPDGHSiUUDIRVGLVSHUVRVTXH SRGUtDQVHUHOLPLQDGRVIiFLOPHQWHVLQGDQDUSDUDQDGDODQRYHOD &XDQGROHHQWUHJXpHOPDQXVFULWRD%UDGEXU\OHSHGtGLVFXOSDVSRU DTXHOORVSiUUDIRVUHSXJQDQWHV\OHGLMHTXHHVWDEDGLVSXHVWRDHOLPLQDU ORV3HURFXDQGR%UDGEXU\OH\yODQRYHODTXLVRPDQWHQHUORVGRQGH HVWDEDQ1RSXHGHQLPDJLQDUVHORIQaVWUDGRTXHPHVHQWtSHURHO FDVRHVTXHHVRVSiUUDIRVKDQVHJXLGRHQVXOXJDUGHVGHHQWRQFHV\HQ FRQVHFXHQFLD7KH6WDUV/LNH'XVWVLJXHVLHQGRPLQRYHODPHQRV IDYRULWD 0iVDGHODQWHFXDQGR*ROGVHULDOL]y7KH6WDUV/LNH'XVWHQORV Q~PHURVGH*DOD[\FRUUHVSRQGLHQWHVDHQHURIHEUHUR\PDU]RGH D~QHPSHRUyODVFRVDVDOWLWXODUOD7\UDQQ(Q PLRSLQLyQWHQtD HOSHRUGHORVJXVWRVHQFXDQWRDWtWXORVVHUHILHUH

(QMXQLRGHOHYHQGtD*ROGa7KH0DUWLDQ:D\µ  0HSLGLy QXPHURVDVUHYLVLRQHV\\RODGUp)LQDOPHQWHUHGXMRVXVH[LJHQFLDVD


XQDVRODHQODKLVWRUXDVyORKDEtDSHUVRQDMHV PDVFXOLQRV\PHSLGLy TXHLQWURGXMHUDDXQDPXMHUFXDOTXLHUPXMHU

<RQRFRPSUHQGtDSRUTXpSXHVWRTXHHODUJXPHQWRQRH[LJtDOD SUHVHQFLDGHQLQJ~QSHUVRQDMHIHPHQLQR\\RQRPHVHQiDDJXVWRFRQ HOODV 4XLHURGHFLUFRPRSHUVRQDMHVGHXQUHODWRHQ ODYLGDUHDOPH VLHQWRPX\DJXVWRFRQHOODVQRVHSUHRFXSHQ 3HURPHPRVWUpGH DFXHUGRSRUTXHQRGHVHDEDSDUHFHULUUD]RQDEOH3RUORWDQWRUHYLVp XQDVHFFLyQRGRVGHOUHODWRHLQWURGXMHFRPRSHUVRQDMHIHPHQLQRDOD UHJDQRQDHVSRVDGHXQRGHORVKRPEUHV (VRQRHUDORTXH*ROGGHVHDED\\RORVDEtDPX\ELHQFODUR 3HUR\RKDEtDFXPSOLGR+DEtDLQWURGXFLGRDXQSHUVRQDMHIHPHQLQR *ROGVHYLRREOLJDGRDDFHSWDUHOUHODWRWDO\FRPRORKDEtDUHYLVDGR )XHSXEOLFDGRHQQRYLHPEUHGHHQHOQPHURGH*DOD[\\PL QRPEUHDSDUHFLyPDOLPSUHVRHQODSRUWDGD1RFUHRTXHpVDIXHUDOD IRUPDTXHWXYR*ROGGHYHQJDUVHGHPtSHUROHVDVHJXURTXHHQ DTXHOORVPRPHQWRVHVHSHQVDPLHQWRFUX]ySRUPLFDEH]D LO(QODDUHQDHVWHODUQ~PHURGHHVWDFROHFFLyQ a $ORPDUFLDQRQ~PHURGHHVWDFROHFFLyQ

1RWHQJRODYHUVLyQRULJLQDOGH´7KH0DUWLDQ:D\µ(UDQWLHPSRV DQWHQRUHVDODDSDULFLyQGH*RGLHE\OD´EyYHGDGH,VDDFµ\PH DWUHYHUtDDDVHJXUDUTXHHORULJLQDOIXHTXHPDGRHQODEDUEDFRD3HUR QRLPSRUWDODGLIHUHQFLDH[LVWHQWHHQWUHODSULPHUDYHUVLyQ\ODTXH ILQDOPHQWHVHSXEOLFyQRHUDOREDVWDQWHLPSRUWDQWHFRPRSDUDMXVWLIL FDUODLQFOXVLyQGHODSULPHUDHQHVWHYROXPHQ

2WURLQFLGHQWHSHFXOLDURFXUULyFRQPLUHODWR´+RVWHVVµTXHOH YHQGtD*ROGHQGLFLHPEUHGH$OSDUHFHU7KHRGRUH6WXUJHRQOH KDEtDYHQGLGRDQWHULRUPHQWHXQUHODWRFX\RWHPDFHQWUDOHUDLJXDOTXH HOPtRDXQTXHDPERVHUDQSRUORGHPiVWRWDOPHQWHGLIHUHQWHV*ROG LQVLVWLyHQTXHLQWURGXMHUDDOJXQRVFDPELRVPHQRUHVHQODSDUWHILQDO SDUDGLVPLQXLUDVtHOSDUHFLGRWRWDOPHQWHFRLQFLGHQWH/RKLFHDVtQR VLQSURWHVWDUYHKHPHQWHPHQWHSRUTXHORVFDPELRVGHELOLWDUtDQQRWD EOHPHQWHPLUHODWRSHURQRSXGHFRQYHQFHUD*ROGHQHVWDFXHVWLyQ ´+RVWHVVµVHSXEOLFyHQHOQ~PHURGH*DOD[\GHPD\RGH SHURFXDQGRORLQFOXtHQPLUHFRSLODFLyQ1LJKWIDOODQG2WKHU6WRULHV 'RXEOHGD\ PHDVHJXUpGHTXHDSDUHFLHUDHQPLYHUVLyQRULJL QDO$VtSXHVHORULJLQDOWHUPLQySRUVHUSXEOLFDGRGHPRGRTXHQR KD\PRWLYRSDUDLQFOXLUORDTXt

<DSURSyVLWRPLKHUytQDHQ´+RVWHVVµVHOODPDEDRULJLQDOPHQWH 9HUD6PROOHWW*ROGVHQHJyUHVXHOWDPHQWHDDFHSWDUGLFKRQRPEUH SRUTXHODUHGDFWRUDMHIHGHODUHYLVWD XQSXHVWRSXUDPHQWHQRPLQDO SRUORTXHVp VHOODPDEDHQDTXHOODpSRFD9HUD&HUXWWL0HVHQWt LQWULJDGRHQFXDQWRDTXpGLIHUHQFXDUHSUHVHQWDEDHVRSXHVWRTXHPL


9HUDHUDXQSHUVRQDMHWRWDOPHQWHVLPSiWLFRSHURVXSRQJRTXH*ROG WXYRVXVUD]RQHVGHPRGRTXHFDPELpHOQRPEUHGH9HUDSRUHOGH 5RVH $OJRVLPLODUVyORPHRFXUULyHQRWUDRFDVLyQFXDQGRDXQRGH ORVGRVSHUVRQDMHVGHXQUHODWRGHPLVWHULROHSXVHVLQ\RVDEHUORHO PLVPRQRPEUHTXHHOGHODHVSRVD\DIDOOHFLGDGHOHGLWRUTXLHQPH SLGLyTXHFDPELDUDHOQRPEUH0HDSUHVXUpDFRPSODFHUOH

(QXQDRFDVLyQ\VyORHQXQDVHUHVROYLyWRWDOPHQWHDIDYRUGH *ROGDTXHOODUHODFLyQGLItFLOTXHH[LVWLyHQWUHDPERV

(QHORWRxRGHHVFULEtXQUHODWRWLWXODGR´7KH8JO\/LWWOH %R\µ6HORHQYLpD/DUU\6KDZGH,QILQLW\6FLHQFH)LFWLRQTXLHQPH KDEtDSHGLGRXQUHODWR/RDFHSWyLQPHGLDWDPHQWHSHURODUHYLVWD\D HVWDEDHQODV~OWLPDV VLQTXH\RORVXSLHUD \HOGHIHEUHURGH DGPLWLyTXHQRWHQtDGLQHURSDUDSDJDUPH\PHGHYROYLyHOUHODWR

$TXHOORIXHSDUDPtXQDFRQWHFLPLHQWRGHVFRQFHUWDQWHSXHVWHQtDOD LQWHQFLyQGHFRQYHUWLU´7KH8JO\/LWWOH%R\µHQHOUHODWRILQDOGHXQD QXHYDDQWRORJtDTXHLEDDWLWXODUVH1LQH7RPRUURZVa/HKDEtDSUHVHQ WDGRHOUHODWRD%UDGEXU\\pOVHPRVWUyGXELWDWLYR7XYHTXHFRQYHQ FHUOHSDUDTXHORDFHSWDUDWDO\FRPRHVWDED\IXHDTXpOODODSULPHUD YH]TXHXWLOLFpFRQpOPLHORFXHQFXDSDUDWDOSURSyVLWR$KRUDVLQR HQFRQWUDEDUiSLGDPHQWHXQDUHYLVWDTXHSXEOLFDUDHOUHODWR%UDGEXU\ SRGUtDUHFRQVLGHUDUVXSURSyVLWRGHLQFOXLUORHQODDQWRORJtD /RHQYLpD$VWRXQGLQJ\&DPSEHOOPHORGHYROYLyHOGHPDU]R 1XHYHIXWXURVQ~PHURGHHVWDFROHFFLyQ

OJ FRQEDVWDQWHILUPH]D1LVLTXLHUDPHSLGLyTXHORUHYLVDUD'aPRGR TXHGHPDODJDQDLQWHQWpFRORFiUVHORD+RUDFH*ROGSUHSDUiQGRPH SDUDHOGXURUHFKD]RKDELWXDO

3HURQRORUHFKD]y(OGHPDU]RKDEODPRVSRUWHOpIRQR\PH GLMRTXHORDFHSWDUtDVLHVWDEDGLVSXHVWRDKDFHUDOJXQDVUHYLVLRQHV6H PRVWUySHVDURVRSRUHOORSRUTXHSRUDTXHOHQWRQFHV\DVDEtDTXHXQD SHWLFLyQGHUHYLVLyQHQFRQWUDUtDODPiVGXUDUHVLVWHQFLDSRUPLSDUWH\ SRUTXHTXL]iWHQGUtDTXHHVSHUDUODUJRWLHPSRDQWHVGHTXHYROYLHUDD LQWHQWDUOR0HERVTXHMyWUHVFXHVWLRQHVTXHGHVHDEDLQWURGXFLU\PH GLMRTXHVHGDUtDSRUVDWLVIHFKRVL\RORDGDSWDEDSDUDFXPSOLUFRQXQD GHHOODVVyORXQDGHODVWUHV

3HURPLHQWUDVpOKDEODEDPHGLFXHQWDGHTXHQRKDEtDSODQWHDGR ELHQHOUHODWR1RHUDH[WUDQRTXH%UDGEXU\VHKXELHUDPRVWUDGR UHDFLR\&DPSEHOOWRWDOPHQWHQHJDWLYR/DFUtWLFDGH&aROGPHSHUPLWLy YHUORFRQFODULGDG ³1RWHSUHRFXSHV+RUDFHaHGLMHSRUWHOpIRQR³9ROYHUpD HVFQELUWRGRHOFRQGHQDGRUHODUR


<ORKLFH(QWUHHOGHPDU]R\HO,GHDEULOGHHVFULEtXQD YHUVLyQFRPSOHWDPHQWHQXHYDGHODKLVWRULD\WDQWR*ROGFRPR%UDG EXU\ODDFHSWDURQGHEXHQDJDQD$SDUHFLySXEOLFDGDHQ*DOD[\GH VHSWLHPEUHGHEDMRHODQRGLQRWWWXORGH´/DVWERUQµ6LQHP EDUJRTXHGyLQFOXLGDHQ1LQH7RPRUURZV 'RXEOHGD\ FRQVX WtWXORRULJLQDO\PiVVHQVLEOHGH´7KH8JO\/LWWOH%R\aV

,aRWHQJRODYHUVLyQRULJLQDOGH´7KH8JO\/LWWOH%R\µ\ORODPHQWR DPDUJDPHQWH6LODWXYLHUDODKDEUtDLQFOXLGRDTXtM~QWRFRQODYHU VLyQSXEOLFDGD\XVWHGHVSRGUtDQKDEHUYLVWRFRQVXVSURSLRVRMRV FyPRXQHVFULWRUH[SHULPHQWDGRSXHGHSHUGHUHOWUHQ\QHFHVLWDUDOJXQ FRUUHFKYRH[WHULRU3HUR£TXpOHYDPRVDKDFHUW8QDYH]WHUPLQDGD ODVHJXQGDYHUVLyQLQILQLWDPHQWHVXSHQRU\VLQXQ+RZDUG&RWOLHE SDUDGHFLUPHTXHGHEtDJXDUGDUORWRGRSUREDEOHPHQWHFRQYHUWtOD SULPHUDYHUVLyQHQFRQIHWWL 1RREVWDQWHSXHGRSUHVHQWDUOHVXQUHODWRTXHQRWLHQHQDGDTXH YHUFRQ*ROGVLQRFRQ&DPSEHOO(QGLFLHPEUHGH&DPSEH8 PHVXJLULyTXHHVFULELHUDXQUHODWRVREUHXQKRPEUHTXHGHVFXEQy TXHSRGtDOHYLWDUSHURTXHQRHQFRQWUDEDDQDGLHTXHOHWRPDUDHQ VHULR4XHUtDWLWXODUOR8SV\'DLV\µ(QDTXHOORVWLHPSRV&DPSEH8 VHVHQKDFDGDYH]PiVLQWHUHVDGRSRUODV]RQDVPDUJLQDOHVGHODFLHQ FLD\QXQFDSHUGtDXQDRSRUWXQLGDGSDUDFRQVHJXLUTXHORVDXWRUHV HVFULELHUDQKLVWRULDVVREUHWHOHSDWWDWHOHTXLQHVLVFODULYLGHQFLD\RWUDV ´DSWLWXGHVPDUJLQDOHVµ

6LQHPEDUJROOHYp FXLGDGRSDUDTXHQRIXHUDXQDKLVWRULDPDUJL QDO$QWHVELHQLQWHQWpDERUGDUHOWHPDGHODOHYLWDFLyQGHVGHHOHV WULFWRSXQWRGHYLVWDGHODILVLFDDXQGiQGRPHFXHQWDGHTXHHOORSRGtD VLJQLILFDUXQUHFKD]RSRUSDUWHGH&DPSEH83HURQRVXFHGLyDVL &DPSEH8RSXVRDOJXQDyRMHFLyQDOILQDO\UQHFRQYHQFLySDUDTXHLD UHWRFDUDXQSRFR (QFRQVHFXHQFLDYROYtDHVFULELUHOWHUFLRILQDOGHOUHODWRTXHpO 

DFHSWy\SXEOLFyHQHOQ~PHURGH$VWRXQGLQJGHRFWXEUHGH 'HELGRDHVWDUHYLVLyQQXQFDPHVHQGWRWDOPHQWHFRQWHQWRFRQ ´&UHHQFLDµ1RREVWDQWHSHUPLWtTXHODYHUVLyQSXEOLFDGDDSDUHFLHUD HQGLYHUVDVDQWRORJtDVLQFOX\pQGRODHQGRVGHODVPtDV7KURXJKD *ODVV&OHDUO\ 1HZ(QJOLVK/LEUDU\ \7KH:LQGVRI&KDQJH DQG2WKHU6WRULHVa 'RXEOHGD\  <RVLJRFRQVHUYDQGRQRREVWDQWHODYHUJLyQRULJLQDOTXHDKRUD SRUSULPHUDYH]YHUiODOX]HQHOSUHVHQWHYROXPHQ &UHHQFLD


³¢+DVVRxDGRDOJXQDYH]TXHHVWDEDVYRODQGR"³SUHJXQWyHO GRFWRU5RJHU7RRPH\DVXHVSRVD -DQH7RRPH\DO]yODYLVWD ³£3RUVXSXHVWR

6XVUiSLGRVGHGRVQRGHMDURQGHPDQLSXODUiJLOPHQWHHOKLORGHO TXHHVWDEDVXUJLHQGRXQLQWULQFDGRHLQ~WLOWDSHWLWRSDUDODPHVD(O DSDUDWRGHWHOHYLVLyQHPLWtDXQDSDJDGRPXUUQXOOR\ODVLPiJHQHVGH ODSDQWDOODDSHQDVDWUDtDQOD DWHQFLyQ ³7RGRHOPXQGRVXHxDFRQYRODUHQXQPRPHQWRXRWUR³GLMR 5RJHU³(VDOJRXQLYHUVDO<RORKHKHFKRPXFKDVYHFHV(VRHVOR TXHPHSUHRFXSD ³/DPHQWRGHFtUWHORSHURQRVpDGyQGHTXLHUHVLUDSDUDUTXH ULGR³GLMR-DQH )XHFRQWDQGRSXQWDGDVHQYR]EDMD

³&XDQGRSLHQVDVXQSRFRHQHOOR³SURVLJXLypaKDFHTXHWH PDUDYLOOHV1RHVUHDOPHQWHHQYRODUHQORTXHVXHxDV1RWLHQHVDODV \RDOPHQRVQRODVKHWHQLGRQXQFD1RKD\QLQJ~QHVIXHQRLPSO FDGRHQHOOR6LPSOHPHQWHHVWiVIORWDQGR(VRHV )ORWDQGR ^aXDQGRYXHOR³GLMR-DQH³QRUHFXHUGRQLQJXQRGHORVGHWD OOHV([FHSWRHQXQDRFDVLyQHQTXHDWHUULFpHQHOWHMDGRGHOD\XQWD PLHQWR\QROOHYDEDQDGDGHURSD'HWRGRVPRGRVHQHOVXHxRQDGLH SDUHFHSUHVWDUWHDWHQFLyQFXDQGRVXHxDVTXHHVWiVGHVQXGD¢1XQFD WHKDVGDGRFXHQWDGHHVR"7HPXHUHVGHYHUJXHQ]DSHURODJHQWH VLPSOHPHQWHSDVDSRUWXODGRVLQPLUDUWH 7LUyGHOKLOR\HORYLOORFD\yGHODFHVWD\URGySRUHOVXHOR1ROH SUHVWyDWHQFLyQ

5RJHUDJLWyOHQWDPHQWHODFDEH]D6XURVWURHVWDEDSiOLGR\DE VRUWRHQODGXGD3DUHFtDWRGRpOiQJXORVFRQVXVDOWRVSyPXORVVX ODUJD\DILODGDQDUL]\ODVHQWUDGDVHQODIUHQWHTXHVHLEDQKDFLHQGR PiVSURQXQFLDGDVFRQORVDxRV7HQtDWUHLQWD\FLQFR ³¢1RWHKDVSDUDGRQXQFDDSHQVDUHQ ORTXHWHKDFHVRxDUTXH HVWiVIORWDQGR"³SUHJXQWy

aaRVYLHQWRVGHOFDPELRSXEOLFDGRSRUHVWDHGLWRULDOHQVXFROHFFLyQ ´*UDQ6XSHU)LFFLyQµ ³1RQXQFD -DQH7RRPH\HUDUXELD\PHQXGD6XEHOOH]DHUDGHOWLSRIUiJLO GHHVDVTXHQRVHLPSRQHQDXQRVLQRTXHORYDQJDQDQGRLQFRQVFLHQ


WHPHQWH3RVHtDORVEULOODQWHVRMRVD]XOHV\ODVVRQURVDGDVPHMLOODVGH XQDPXxHFDGHSRUFHODQD7HQtDWUHLQWDDxRV ³0XFKRVVXHxRVVRQVyORODLQWHUSUHWDFLyQTXHODPHQWHUHDOL]D GHXQHVWtPXORLPSHUIHFWDPHQWHFRPSUHQGLGR³GLMR5RJHU³/RV HVWtPXORVVHYHQIRU]DGRVDXQFRQWH[WRUD]RQDEOHHQXQDIUDFFLyQGH VHJXQGR ³¢'HTXpHVWiVKDEODQGRTXHULGR"

³0LUDHQXQDRFDVLyQVRxpTXHPHKDOODEDHQXQKRWHODVLV WLHQGRDXQDFRQYHQFLyQGHILVLFD(VWDEDFRQYLHMRVDPLJRV7RGR SDUHFtDDEVROXWDPHQWHQRUPDO'HSURQWRKXERXQDFRQIXVLyQGH JULWRV\VLQQLQJXQDUD]yQPHYLSUHVDGHOSiQLFR(FKpDFRUUHU KDFLDODSXHUWDSHURQRTXLVRDEULUVH8QRDXQRPLVDPLJRVGHVD SDUHFLHURQ1RWXYLHURQSUREOHPDVSDUDDEDQGRQDUODKDELWDFLyQ SHUR\RQRSXGHYHUFyPRORKDEtDQFRQVHJXLGR/HVJULWp\PH LJQRUDURQ

´(QPLLQWHULRUHPSH]yDFUHFHUODVHJXULGDGGHTXHHOKRWHOHUD SDVWRGHODVOODPDV1RROtDDKXPR6LPSOHPHQWHVDEtDTXHKDEtD XQLQFHQGLR(FKpDFRUUHUKDFLDODYHQWDQD\SXGHYHUXQDHVFDOHUD GHLQFHQGLRVHQHOH[WHULRUGHOHGLILFLR&RUQDWRGDVODVYHQWDQDV SHURQLQJXQDFRQGXFtDDODHVFDOHUDGHLQFHQGLRV$KRUDPHKDOODED FRPSOHWDPHQWHVRORHQODKDELWDFLyQ0HDVRPpDODYHQWDQDOOD PDQGRGHVHVSHUDGDPHQWH1DGLHPHR\y ´(QWRQFHVOOHJDURQORVFRFKHVGHERPEHURVSHTXHxDVPDQFKDV URMDVDWUDYHVDQGRODVFDOOHV5HFXHUGRHVRFODUDPHQWH/DVVLUHQDV GHDODUPDUHVRQDEDQIXHUWHPHQWHSDUDGHVSHMDUHOWUiILFR3RGtD RtUODVFDGDYH]PiVIXHUWHVKDVWDTXHHOVRQLGROOHJyDKHQGHUPL FDEH]D0HGHVSHUWp\SRUVXSXHVWRHOGHVSHUWDGRUHVWDEDVR QDQGR

´$KRUDELHQQRSXGHKDEHUVRxDGRXQVXHxRWDQODUJRGHVWLQDGR DOOHJDUDOPRPHQWRHQTXHHPSH]DUDDVRQDUODDODUPDGHOGHVSHUWD GRUDILQGHTXHpVWDHQFDMDUDSHUIHFWDPHQWHHQODWUDPDGHOVXHxR (VPXFKRPiVUD]RQDEOHVXSRQHUTXHHOVXHxRVHLQLFLyHQHOPR PHQWRHQTXHODDODUPDHPSH]yDVRQDU\FRPSULPLyWRGDVXVHQVD FLyQGHGXUDFLyQHQXQDIUDFFLyQGHVHJXQGR6HWUDWDEDVLPSOHPHQWH GHXQGLVSRVLWLYRGHMXVWLILFDFLyQGHPLFHUHEURSDUDH[SOLFDUDTXHO UHSHQWLQRVRQLGRTXHSHQHWUDEDHQHOVLOHQFLR -DQHHVWDEDIUXQFLHQGRHOFHxR'HMyDXQODGRVXODERU

³5RJHU7HKDVFRPSRUWDGRGHXQPRGRH[WUDxRGHVGHTXHKDV YXHOWRGHODXQLYHUVLGDG1RKDVFHQDGRQDGD\DKRUDHVWDULGtFXOD FRQYHUVDFLyQ1XQFDWHKHYLVWRWDQPRUERVR/RTXHQHFHVLWDVHV XQDGRVLVGHELFDUERQDWR


³1HFHVLWRDOJRPiVTXHHVRGLMRpOHQYR]EDMD³9HDPRV ¢FyPRHPSLH]DXQVXHxRGHHVWDUIORWDQGR" ³6LQRWHLPSRUWDFDPELHPRVGHWHPD

6HOHYDQWy\FRQGHGRVILUPHVVXELyHOYROXPHQGHOWHOHYLVRU8Q MRYHQFDEDOOHURGHPHMLOODVKXQGLGDV\XQDVHQWLPHQWDOYR]GHWHQRU OHPDQLIHVWyPHORGLRVDPHQWHVXHWHUQRDPRU 5RJHUYROYLyDEDMDUODYR]GHODSDUDWR\VHTXHGyGHSLHFRQOD HVSDOGDFXEULHQGRODSDQWDOOD

³£/HYLWDFLyQ³H[FODPy³(VRHV([LVWHDOJXQDIRUPDHQTXH ORVVHUHVKXPDQRVSXHGHQFRQVHJXLUIORWDU7LHQHQODFDSDFLGDGSDUD HOOR6LPSOHPHQWHVHWUDWDGHTXHQRVDEHQFyPRXVDUHVDFDSDFL GDGH[FHSWRFXDQGRHVWiQGXUPLHQGR(QWRQFHVDYHFHVVHHOHYDQ VyORXQSRTXLWRXQDGpFLPDGHPLOtPHWURTXL]i1RORVXILFLHQWH SDUDTXHDOJXLHQVHGpFXHQWDGHHOORDXQTXHHVWpREVHUYDQGRSHURVt SDUDGHVHQFDGHQDUODVHQVDFLyQDGHFXDGDTXHGHVHQFDGHQDXQVXHxR HQHOTXHXQRHVWi2WDQGR ³5RJHUHVWiVGHOLUDQGR0HJXVWDUtDTXHORGHMDUDV'HYHUDV eOVLJXLyDGHODQWHFRQVXLGHD

³$YHFHVYROYHPRVDEDMDUOHQWDPHQWH\ODVHQVDFLyQGHVDSD UHFH2WUDVYHFHVHOFRQWUROGH2WDFLyQWHUPLQDEUXVFDPHQWH\ FDHPRV-DQH¢QXQFDKDVVRxDGRTXHHVWDEDVFD\HQGR" ³6tSRUVXS

³7HKDOODVFROJDQGRHQODIDFKDGDGHXQHGLILFLRRVHQWDGRHQHO ERUGHGHXQDVLOOD\GHUHSHQWHWHHVWiVFD\HQGR(VODKRUULEOH VHQVDFLyQGHODFDtGDODTXHWHGHVSLHUWDGHJROSHMDGHDQWHHOFRUD ]yQSDOSLWDQGRORFDPHQWH+DVFDtGRGHYHUGDG1RKD\RWUDH[SOLFD FLyQ /DH[SUHVLyQGH-DQHTXHKDEtDSDVDGROHQWDPHQWHGHOGHVFRQ FLHUWRDODSUHRFXSDFLyQVHGLVROYLyGHSURQWRHQXQDWtPLGDVRQULVD ³5RJHUPDOGLWRGLDEOR£0HKDVHQJDxDGR£(UHVXQFDQDOOD ³¢4Xp"

³2KQR1RVLJDVFRQHVR6pH[DFWDPHQWHORTXHKDVHVWDGR KDFLHQGR+DVHVWDGRLPDJLQDQGRHODUJXPHQWRSDUDXQDKLVWRULD\ HVWiVSUREiQGRORFRQPLJR'HEHUtDFRQRFHUWHORVXILFLHQWHFRPR SDUDQRHVFXFKDUWH 5RJHUSDUHFLyVRUSUHQGLGRLQFOXVRXQSRFRFRQIXVR$YDQ]y


KDVWDHOVLOOyQGHHOOD\VHODTXHGyPLUDQGR ³1R-DQH

³1RYHRSRUTXpQR+DVHVWDGRKDEODQGRDFHUFDGHHVFULELU UHODWRVGHVGHTXHWHFRQR]FR6LUHDOPHQWHWLHQHVXQDUJXPHQWROR PHMRUTXHSXHGHVKDFHUHVHVFULELUOR1RVLUYHGHQDGDXWLOL]DUOR ~QLFDPHQWHSDUDDVXVWDUPH 6XVGHGRVHPSH]DURQDPRYHUVHGHQXHYRDPHGLGDTXHUHFXSH UDEDHOiQLPR ³-DQHHVWRQRHVQLQJXQDKLVWRULD ³3HUR¢TXpRWUDFRVD"

³&XDQGRPHGHVSHUWpHVWDPDxDQD£FDtDOFROFKyQ (OODVHORTXHGyPLUDQGRVLQSDUSDGHDU

³6RxpTXHHVWDEDYRODQGR³SURVLJXLypO³)XHXQVXHxRFODUR YSUHFLVR5HFXHUGRFDGDXQRGHVXVPLQXWRV0HKDOODEDWHQGLGRGH HVSDOGDVFXDQGRPHGHVSHUWp0HVHQE DFyPRGR\FRPSOHWDPHQWH IHOL]6yORPHSUHJXQWpSRUTXpHOWHFKRSDUHDLDWDQH[WUDxR%RVWHFp    \PHGHVSHUHFp\WRTXpHOWHFKR'XUDQWHXQPLQXWRVLPSOHPHQWH PHTXHGpPLUDQGRDPLEUD]RDO]DGRTXHVHDSR\DEDFRQIXHU]D FRQWUDHOWHFKR ´(QWRQFHVPHGLODYXHOWD1RPRYtXQP~VFXOR-DQH6LPSOH PHQWHPHGLODYXHOWDWRGRGHXQDSLH]DSRUTXHGHVHDEDKDFHUOR $OOLHVWDEDDPHWUR\PHGLRVREUHODFDPD7~HVWDEDVHQODFDPD GXUPLHQGR0HDVXVWp1RVDEtDFyPREDMDUSHURHQHOLQVWDQWH PLVPRHQTXHSHQVpHQEDMDUFDt&DtOHQWDPHQWH7RGRHOSURFHVR HVWDEDEDMRXQSHUIHFWRFRQWURO

´0HTXHGpLQPyYLOHQODFDPDGXUDQWHTXLQFHPLQXWRVDQWHVGH DWUHYHUPHDPRYHUPH/XHJRPHOHYDQWpPHODYpPHYHVWt\PHIXL DOWUDEDMR -DQHIRU]yXQDVRQULVD

³4XHULGRKXELHUDVLGRPHMRUTXHHVFULELHUDVWRGRHVR3HURQR WHSUHRFXSHV6LPSOHPHQWHKDVHVWDGRWUDEDMDQGRGHPDVLDGR ³£3RUIDYRU1RVHDVWULYLDO

³/DJHQWHWUDEDMDGHPDVLDGRDXQTXHW~GLJDVTXHHVWULYLDO/R TXHRFXUULyIXHTXHVRxDVWHTXLQFHPLQXWRVPiVGHORTXHFUHtVWHTXH


KDEtDVVRxDGR

³1RHUDXQVXHxR

³3RUVXSXHVWRTXHORHUD6R\LQFDSD]GHFRQWDUODVYHFHVTXHKH VRxDGRTXHPHGHVSHUWDEDPHYHVED\SUHSDUDEDHOGHVD\XQROXHJR PHGHVSHUWDEDUHDOPHQWH\GHVFXEUtDTXHWHQtDTXHKDFHUORWRGRGH QXHYR,QFOXVRKHVRxDGRTXHHVWDEDVRxDQGRVLHQWLHQGHVORTXH TXLHURGHFLU3XHGHVHUWHUULEOHPHQWHFRQIXVR ³0LUD-DQH+HDFXGLGRDWLFRQXQSUREOHPDGHELGRDTXHW~ HUHVOD~QLFDDODTXHVLHQWRTXHSXHGRDFXGLU3RUIDYRUWyPDPHHQ VHULR /RVD]XOHVRMRVGH-DQHVHDEULHURQPXFKR

³£4XHULGR7HHVWR\WRPDQGRWDQHQVHULRFRPRPHHVSRVLEOH 7~HUHVHOSURIHVRUGHIIVLFDQR\R(UHVW~TXLHQVDEHGHJUDYLWDFLyQ QR\R¢0HWRPDUtDVW~HQVHULRVL\RWHGLMHUDTXHPHKDEtDHQFRQ WUDGR2WDQGRGHSURQWR" ³1R<HVRHVORSHRUGHWRGR1RTXLHURFUHHUHQHOORSHUROR KHYLYLGR1RHUDXQVXHxR-DQH,QWHQWpGHFLUPHDPtPLVPRTXHVt ORHUD1RWLHQHVQLLGHDGHFyPRPHKHKDEODGRDPtPLVPRGHHOOR &XDQGRLEDKDFLDODXQLYHUVLGDGHVWDEDVHJXURGHTXHHUDXQVXHxR ¢1RKDVQRWDGRDOJRH[WUDxRHQPtHQHOGHVD\XQR" ³6tDKRUDTXHSLHQVRHQHOORVtORKHQRWDGR

³%LHQQRHUDQDGDGHPDVLDGRH[WUDxRRORKXELHUDVPHQFLR QDGR'HWRGRVPRGRVGLSHUIHFWDPHQWHPLFODVHGHODVQXHYH$ODV RQFHKDEtDROYLGDGRWRGRHOLQFLGHQWH(QWRQFHVMXVWRDQWHVGHOD FRPLGDQHFHVLWpXQOLEUR1HFHVLWDEDELHQHOEWXORGHOOLEURQR LPSRUWDVLPSOHPHQWHORQHFHVLWDED(VWDEDHQXQHVWDQWHGHDUULED, SHURSRGtDDOFDQ]DUOR-DQH 6HGHWXYR

³%LHQSURVLJXH5RJHU

³0LUD¢KDVLQWHQWDGRDOJXQDYH]DOFDQ]DUXQDFRVDTXHHVWiD

VyORXQSDOPRGHGLVWDQFLD"7HLQFOLQDV\DXWRPiWLFDPHQWHGDVXQ SDVRKDFLDHOODPLHQWUDVODFRJHV(VDOJRSRUFRPSOHWRLQYROXQWDQR 6HWUDWDVLPSOHPHQWHGHODFRRUGLQDFLyQUHHMDGHWXFXHUSR ³'HDFXHUGR¢<"

³0HWHQGtKDFLDHOOLEUR\DXWRPiWLFDPHQWHGLXQSDVRKDFLD DUULED£(QHODLUH-DQH£(QHOPLVPRDLUH


³9R\DOODPDUD-LP6DUOH5RJHU ³1RHVWR\HQIHUPRPDOGLWDVHD

³&UHRTXHGHEHUtDKDEODUFRQWLJR(VXQDPLJR1RVHUiXQD YLVLWDPpGLFD6LPSOHPHQWHKDEODUiFRQWLJR (OURVWURGH5RJHUHQURMHFLyFRQUHSHQWLQDLUULWDFLyQ ³¢<TXpELHQSXHGHKDFHUPHHVR"

³<DYHUHPRV$KRUDVLpQWDWH5RJHU3RUIDYRU 6HGLULJLyDOWHOpIRQR

eOODGHWXYRVXMHWiQGRODSRUODPXxHFD ³1RPHFUHHV aK5RJHU

³1RPHFUHHV ³6tWHFUHR&ODURTXHWHFUHR6LPSOHPHQWHTXLHUR

³6t6LPSOHPHQWHTXLHUHVTXH-LP6DUOHKDEOHFRQPLJR$VtHV FRPRPHFUHHV7HHVWR\GLFLHQGRODYHUGDGSHURW~TXLHUHVTXH KDEOHFRQXQSVLTXLDWUD0LUDQRWLHQHVTXHFUHHUHQPLSDODEUD 3XHGRSUREDUOR7HSUREDUpTXHSXHGR2WDU ³7HFUHR

³1RVHDVWRQWD6pFXiQGRPHHVWiQHQJDxDQGR£4XpGDWHTXLH WD$KRUDREVpUYDPH

5HWURFHGLyKDVWDHOFHQWURGHODKDELWDFLyQ\VLQQLQJ~QSUHOLPL QDUVHDO]yGHOVXHOR4XHGyVXVSHQGLGRFRQODVSXQWDVGHVXV ]DSDWRVDTXLQFHFHQWtPHWURVGHODDOIRPEUD /RVRMRV\ODERFDGH-DQHVHFRQYLUWLHURQHQWUHVUHGRQGDV´2µ ³%DMD5RJHU³PXVLWy³3RUWRGRVORVFLHORVEDMD

eOGHVFHQGLyGHQXHYR\VXVSLHVWRFDURQHOVXHORVLQHOPHQRU UXLGR ³¢/RKDVYLVWR"

aK'LRVPtR'LRVPtR


6HORTXHGyPLUDQGRHQWUHDVXVWDGD\WUDVWRUQDGD

(QHODSDUDWRGHWHOHYLVLyQXQDPXMHUSHFKXJRQDFDQWDEDFRQ YR]DSDJDGDTXHYRODUPX\DOWRFRQDOJ~QWLSRHQHOFLHORHUDVXLGHD GHQDGDHQDEVROXWR 5RJHU7RRPH\PLUyDODRVFXULGDGGHOGRUPLWRULR ³-DQH³VXVXUUy ³¢4Xp"

³¢1RGXHUPHV" ³1R

³<RWDPSRFRSXHGRGRUPLU(VWR\VXMHWDQGRFRQVWDQWHPHQWHOD FDEHFHUDGHODFDPDSDUDDVHJXUDUPHGHTXHQR<DVDEHV 6XPDQRDYDQ]yLQTXLHWD\DFDULFLyHOURVWURGHHOOD-DQHVHHFKR

a   KDFLDDWUiVDSDUWDQGREUXVFDPHQWHODFDEH]DFRPRVLODPDQRGHpO HVWXYLHUDFDUJDGDGHHOHFWULFLGDG ³/R VLHQWR³GLMRDOFDERGHXQPRPHQWR(VWR\XQSRFRQHU YLRVD ³1RWHSUHRFXSHV'HWRGRVPRGRVYR\DOHYDQWDUPH ³¢4XpYDVDKDFHU"7LHQHVTXHGRUPLU

³%XHQRQRSXHGRDVtTXHQRWLHQHVHQWLGRTXHWHPDQWHQJD GHVSLHUWDDWLWDPELpQ aXL]iQRRFXUUDQDGD1RWLHQHTXHRFXUULUWRGDVODVQRFKHV 1RKDEtDRFXUULGRDQWHVGHODQRFKHSDVDGD

³¢&yPRORVp"4XL]iVLPSOHPHQWHQXQFDVXEtWDQWR4XL]D QXQFDPHGHVSHUWp\PHHQFRQWUpHQHVDVLWXDFLyQ'HWRGRVPRGRV DKRUDHVGLVWLQWR 6HVHQWyHQODFDPDODV SLHUQDVGREODGDVORVEUD]RVDEUD]DQGR VXVURGLOODVODFDEH]DDSR\DGDHQHOORV(FKyODViEDQDDXQODGR\ IURWyVXPHMLOODFRQWUDODVXDYHIUDQHODGHOSLMDPD ³$KRUDWRGRVHUiLQHYLWDEOHPHQWHGLVWLQWR0LPHQWHHVWiOOHQD GHHOOR&XDQGRPHGXHUPDFXDQGRQRPHPDQWHQJDFRQVFLHQWH PHQWHDQFODGRDEDMRVpTXHDVFHQGHUp ³1RYHRSRUTXp(VRGHEHUHSUHVHQWDUXQFLHUWRHVIXHU]R


³eVHHVHOGHWDOOH1RUHSUHVHQWDQLQJ~QHVIXHU]R ³3HURHVWiVOXFKDQGRFRQWUDODJUDYHGDG¢QR"

³/RVpSHURSHVHDWRGR QRUHSUHVHQWDQLQJ~QHVIXHU]R0LUD -DQHVLDOPHQRVSXGLHUDFRPSUHQGHUORQRLPSRUWDUtDWDQWR %DMyODVSLHUQDVGHODFDPD\VHSXVRHQSLH ³1RTXLHURKDEODUGHHOOR

³<RWDPSRFR³PXUPXUyVXHVSRVD

6HHFKyDOORUDUOXFKDQGRFRQWUDORVVROOR]RV\FRQYLUWLpQGRORVHQ HVWUDQJXODGRVJHPLGRVTXHVRQDEDQPXFOaRSHRU ³/RVLHQWR-DQHaLLMR5RJHU³7HHVWR\H[FLWDQGRGHPDVLDGR ³1RQRHVHVR3HURQRPHWRTXHV6LPSOHPHQWHVLPSOH PHQWHGpMDPHVROD 5RJHUGLRXQRVSDVRVLQVHJXURVDSDUWiQGRVHGHODFDPD ³¢$GyQGHYDV"³SUHJXQWyHOOD

³$OVRIiGHOHVWXGLR¢3XHGHVD\XGDUPH" ³¢&yPR"

³4XLHURTXHPHDWHV ³¢$WDUWH"

³&RQXQSDUGHFXHUGDV1RPX\DSUHWDGDVGHPRGRTXHSXHGD GDUPHODYXHOWDVLTXLHUR¢7HLPSRUWD" /RVSLHVGHVQXGRVGH-DQHHVWDEDQEXVFDQGR\DVXV]DSDWLOODVHQ HOVXHORDOODGRGHVXFDPD ³'HDFXHUGR³GLMRFRQXQVXVSLUR

5RJHU7RRPH\VHVHQWyHQHOSHTXHxRFXEtFXORTXHSDVDEDSRU VHUVXGHVSDFKR\PLUyDOPRQWyQGHSDSHOHVGHH[DPHQTXHWHQtD GHODQWH(QDTXHOORVPRPHQWRVQRVDEtDFyPRLEDDKDFHUSDUDFD OLILFDUORV

+DEtDGDGRFLQFRFODVHVVREUHHOHFWULFLGDG\PDJQHWLVPRGHVGHOD SULPHUDYH]TXHKDEtDIORWDGR/DVKDEtDGDGRFRPRKDEtDSRGLGR DXQTXHQRGHPDVLDGRELHQ/RVHVWXGLDQWHVOHKDFtDQSUHJXQWDVULGt


FXODVGHPRGRTXHSUREDEOHPHQWHQRHVWDEDVLHQGRWDQFODURFRPR DFRVWXPEUDEDDVHU +R\VHKDEtDDKRUUDGRXQDFODVHSRQLHQGRXQH[DPHQVRUSUHVD 1RVHKDEtDPROHVWDGRHQSUHSDUDUXQRKDEtDHFKDGRPDQRGHODV FRSLDVGHXQRSUHSDUDGRDOJXQRVDxRVDQWHV $KRUDWHQtDORV SDSHOHVFRQODVUHVSXHVWDV\WHQtDTXHFDOLILFDU ORV¢3RUTXp"¢,PSRUWDEDUHDOPHQWHORTXHGHFtDQ"¢,PSRUWDED UHDOPHQWHDOJR"¢(UDWDQLPSRUWDQWHVDEHUODVOH\HVGHODItVLFD" ¢&XiOHVHUDQHQUHDOLGDGHVDVOH\HV"¢$FDVRH[LVWtDDOJXQD"

¢2WRGRHUDWDQ VyORXQDPDVDGHFRQIXVLyQGHODFXDOMDPiV SRGUtDH[WUDHUVHQDGDFRKHUHQWH"¢(UDHOXQLYHUVRFRQWRGDVXDU PRQLRVDDSDULHQFLDHOPHURFDRVRULJLQDODJXDUGDQGRWRGDYtDDTXH HO(VStULWXDVRPDUDVXURVWURGHODVSURIXQGLGDGHV" (OLQVRPQLRWDPSRFRD\XGDED,QFOXVRDWDGRHQHOVRIiGRUPtD WDQVyORDLQWHUYDORV\VLHPSUHFRQSHVDGLOODV $OJXLHQOODPyDODSXHUWD

³¢4XLpQHV"³JULWyIXULRVDPHQWH5RJHU

8QDSDXVD\OXHJRODLQVHJXUDUHVSXHVWD

³6R\ODVHxRULWD+DUURZD\GRFWRU7RRPH\/HWUDLJRODVFDUWDV TXHPHGLFWy ³(VWiELHQHQWUHHQWUH1RVHTXHGHDKt

/DVHFUHWDULDGHOGHSDUWDPHQWRDEULyODSXHUWDHOPtQLPRLQGLV SHQVDEOH\GHVOL]yVXGHOJDGR\SRFRDWUDFWLYRFXHUSRDOLQWHULRUGHO GHVSDFKR/OHYDEDXQPRQWyQGHSDSHOHVHQODPDQR$FDGDXQRGH HOORVLEDXQLGDXQDFRSLDHQSDSHODPDULOOR\XQVREUHFRQPHPEUHWH \ODGLUHFFLyQ\DSXHVWD 5RJHUHVWDEDDQVLRVRSRUOLEUDUVHGHHOODeVHIXHVXHUURU6H WHQGLyKDFLDGHODQWHSDUDFRJHUODVFDUWDVPLHQWUDVHOODVHDSUR[L PDED\QRWyTXHDEDQGRQDEDODVLOOD

$YDQ]yFDVLPHGLRPHWURKDFLDGHODQWHWRGDYtDHQSRVLFLyQVHQ WDGDDQWHVGHFRQVHJXLULPSXOVDUVHYLROHQWDPHQWHKDFLDDWUiVSHU GLHQGRHOHTXLOLEULR\GDQGRXQYROWHUHWDHQHOSURFHVR(UDGHPD VLDGRWDUGH (UDDEVROXWDPHQWHGHPDVLDGRWDUGH/DVHxRULWD+DUURZD\GHMy FDHUODVFDUWDVGHVXWHPEORURVDPDQR*ULWy\VHGLRODYXHOWD JROSHDQGRODSXHUWDFRQHOKRPEURUHERWDQGRHQHOSDVLOOR\ HFKDQGRDFRUUHUFRQXQIXHUWHUHSLTXHWHRGHVXVDOWRVWDFRQHV


5RJHUVHSXVRHQSLHIURWiQGRVHXQDGRORULGDFDGHUD ³0DOGLWDVHD³H[FODPyIXULRVR

3HURQRSRGtDHYLWDUHOYHUODHVFHQDGHVGHHOSXQWRGHYLVWDGH HOOD,PDJLQyFyPRGHEtDGHKDEHUVHGHVDUUROODGRWRGRDVXVRMRVXQ KRPEUH\DDGXOWRIORWDQGRVXDYHPHQWHIXHUDGHVXVLOOD\GHVOL]iQ GRVHKDFLDHOODHQSRVLFLyQVHQWDGD 5HFRJLyODVFDUWDV\FHUUyODSXHUWDGHVXGHVSDFKR<DHUDWDUGH ORVSDVLOORVGHEtDQGHHVWDUYDFtRVDGHPiVHOODSUREDEOHPHQWHVH H[SUHVDUtDGHIRUPDLQFRKHUHQWH6LQHPEDUJR$JXDUGyDQVLRVROD OOHJDGDGHJHQWH

1RRFXUULyQDGD4XL]iODPXMHUHVWXYLHUDWHQGLGDHQDOJ~QVLWLR GHVYDQHFLGD5RJHUVLQWLyODQHFHVLGDGGHLUDYHUORTXHOHKDEtD RFXUULGR\D\XGDUODVLHUDQHFHVDULRSHUROHGLMRDVXFRQFLHQFLDTXH VHIXHUDDOGLDEOR+DVWDTXHGHVFXEULHUDH[DFWDPHQWHTXpHUDORTXH QRIXQFLRQDEDHQpOFXiOHUDHORULJHQGHDTXHOODORFDSHVDGLOODQR GHEtDKDFHUQDGDSRUUHYHODUOD (VGHFLUQDGDPiVGHORTXH\DKDEtDKHFKR

+RMHyODVFDUWDVXQDSDUDFDGDXQRGHORVItVLFRVWHyULFRVVHOHF FLRQDGRVHQWUHORVPiVLPSRUWDQWHVGHOSDtV6XSURSLRWDOHQWRHUD LQVXILFLHQWHSDUDUHVROYHUDTXHODVXQWR

6HSUHJXQWyVLODVHxRULWD+DOORZD\KDEUtDFDSWDGRHOFRQWHQLGR GHODVFDUWDV(VSHUDEDTXHQR/RKDEtDDUURSDGRGHOLEHUDGDPHQWH HQOHQJXDMHWpFQLFRPiVTXL]iGHORQHFHVDULR(QSDUWHSDUDVHU GLVFUHWR\HQSDUWHSDUDLPSUHVLRQDUDORVGHVWLQDWDULRVFRQHOKHFKR GHTXHpO7RRPH\HUDXQOHJtWLPR\FDSDFLWDGRFLHQWtILFR 8QDDXQDPHWLyODVFDUWDVHQORVVREUHVDGHFXDGRV/RVPHMRUHV FHUHEURVGHOSDtVSHQVy¢3RGUtDQD\XGDUOH" 1RORVDEtD

/DELEOLRWHFDHVWDEDWUDQTXLOD5RJHU7RRPH\FHUUyHO-RXUQDORI 7KHRUHW¢FDO3K\VLFVORFRORFyDXQODGR\VHTXHGyPOUDQGRVRPEQ D PHQWHVXFRQWUDSRUWDGD£(O-RXUQDORI7KHRUHWLFDO3K\VLFV¢4Xp FRQWULEXFLyQKDEtDKHFKRQLQJXQRGHDTXHOORVKRPEUHVDODHUXGLWD SDUFHODGHDEVXUGRFRQRFLPLHQWR"$TXHOSHQVDPLHQWROHGHVJDUUy +DVWDKDFtDPX\SRFRWLHPSRKDEtDQVLGRSDUDpOODVPD\RUHVOXP EUHUDVGHOPXQGR <VLQHPEDUJRVHJXtDKDFLHQGRWRGRORSRVLEOHSRUYLYLUVHJ~QVXV FyGLJRV\VXILORVRItD&RQODD\XGDFDGDYH]PiVUHQXHQWHGH-DQH KDEtDHIHFWXDGRPHGLFLRQHV+DEtDLQWHQWDGRSHVDUHOIHQyPHQRHQ


ODEDODQ]DH[WUDHUVXVFRUUHODFLRQHVHYDOXDUVXVFDQWLGDGHV+DEtD LQWHQWDGRHQSRFDVSDODEUDVYHQFHUORGHOD~QLFD IRUPDTXHVDEtD FRQYLUWLpQGRORVLPSOHPHQWHHQRWUDH[SUHVLyQGHODVHWHUQDVOtQHDVGH FRPSRUWDPLHQWRTXHWRGRHOXQLYHUVRGHEtDVHJXLU 4XHGHEtDVHJXLU$VtORGHFtDQODVPHQWHVPiVSUHFODUDV

6yORTXHQRKDEtDQDGDTXHPHGLU1RKDEtDDEVROXWDPHQWH QLQ JXQDVHQVDFLyQGHHVIXHU]RHQVXOHYLWDFLyQ(QXQHVSDFLRFHUUDGR ³QRVHKDEtDDWUHYLGRDKDFHUFRPSUREDFLRQHVDODLUHOLEUHSRU VXSXHVWR³SRGtDDOFDQ]DUHOWHFKRWDQIiFLOPHQWHFRPRDO]DUVHXQ SDUGHFHQWtPHWURVH[FHSWRTXHUHTXHUtDPiVWLHPSR7HQtDODVHQVD FLyQGHTXHFRQWLHPSRVXILFLHQWHSRGUtDVHJXLUDO]iQGRVHGHIRUPD LQGHILQLGDLUKDVWDOD/XQDVLHUDQHFHVDULR 3RGtDOOHYDUSHVRVPLHQWUDVOHYLWDED(OSURFHVRVHKDFtDPiV OHQWRSHURQRVHDSUHFLDEDHOPHQRULQFUHPHQWRHQHOHVIXHU]R

(OGtDDQWHULRUKDEtDDFXGLGRD-DQHVLQDGYHUWLUODFRQXQFURQy PHWURHQODPDQR ³¢&XiQWRSHVDV"³OHSUHJXQWy

³&XDUHQWD\FXDWUR³UHVSRQGLyHOOD /HPLUyGHVFRQFHUWDGD

eOODVXMHWySRUODFLQWXUDFRQXQEUD]R-DQHLQWHQWyVROWDUVH SHURpOQROHSUHVWyDWHQFLyQ-XQWRVHPSH]DURQDDVFHQGHUDSDVR GHWRUWXJD(OODVHDIHUUyDpOEODQFD\UtJLGDSRUHOWHUURU ³9HLQWLGyVPLQXWRVWUHFHVHJXQGRV³GLMRpOFXDQGRVXFDEH]D WRFyHOWHFKR

&XDQGRHVWXYLHURQGHQXHYRDEDMR-DQHVHVROWyGHXQWLUyQ \ VDOLyDSUHVXUDGDPHQWHGHODVDOD

$OJXQRVGtDVDQWHV5RJHUKDEtDSDVDGRSRUGHODQWHGHXQDEiV FXODS~EOLFDGHVFXLGDGDPHQWHLQVWDODGDHQXQDHVTXLQDMXQWRDXQ GUXJVWRUH/DFDOOHHVWDEDYDFtDGHPRGRTXHVXELyDODEiVFXOD\ HFKyXQDPRQHGD$XQTXH \DVRVSHFKDEDDOJRDVtVHVRUSUHQGLyDO GHVFXEULUTXHSHVDEDGRFHNLORV (PSH]yDOOHYDUPRQWRQHVGHPRQHGDVHQORVEROVLOORV\DSHVDUVH HQWRGDVODVFRQGLFLRQHV(UDPiVSHVDGRORVGtDVGHYLHQWRIXHUWH FRPRVLQHFHVLWDUDPiVSHVRSDUDXPSHGLUVHUDUUDVWUDGR

(ODMXVWHHUDDXWRPiWLFR)XHUDORTXHIXHVHORTXHORKDiD OHYLWDUPDQWHQtDXQHTXLOLEULRHQWUHFRPRGLGDG\VHJXULGDG6LQ HPEDUJRSRGtDUHIRU]DUHOFRQWUROFRQVFLHQWHVREUHVXOHYLWDFLyQGHO


PLVPRPRGRTXHSRGtDKDFHUORVREUHVXUHVSLUDFLyQ 3RGtDVXELUD XQDEiVFXOD\REOLJDUDODDJXMDDVXELUKDVWDFDVLVXSHVRQRQPDO\ SRUVXSXHVWRDEDMDUKDVWDODQDGD

'RVGtDVDQWHVVHKDEtDFRPSUDGRXQDEDVFXOD\KDEtDLQWHQWDGR PHGLUDTXpYHORFLGDGSRGtDFDPELDUGHSHVR1RVLUYLyGHQDGD/D YHORFLGDGIXHUDFXDOIXHVHHUDVXSHULRUDODFDSDFLGDGGHUHDFFLyQ GHODDJXMD7RGRORTXHKL]RIXHDFXPXODUGDWRVVREUHPyGXORVGH FRPSUHQVLELOLGDG\PRPHQWRVGHLQHUFLD %LHQ¢\DTXpOHFRQGXFtDWRGRDTXHOOR"

6HSXVRHQSLH\VDOLyFDQVDGDPHQWHGHODELEOLRWHFDFRQORV KRPEURVFDtGRV)XHVXMHWiQGRVHDPHVDV\VLOODVPLHQWUDVFDPLQDED KDFLDXQODGRGHODKDELWDFLyQ\DOOLPDQWXYRODPDQRDSR\DGD FRQWUDODSDUHG7HQtDODVHQVDFLyQGHTXHGHEtDKDFHUORDVt(O FRQWDFWRFRQODPDWHULDOHPDQWHQtDFRQVWDQWHPHQWHLQIRUPDGRGHVX SRVLFLyQFRQUHODFLyQDOVXHOR6LVXPDQRSHUGtDHOFRQWDFWRFRQXQD PHVDRVHGHVOL]DEDKDFLDDUULEDSRUODSDUHGFXLGDGRHQWRQFHV (OSDVLOORFRQWHQtDHOHVFDVRQ~PHURKDELWXDOGHHVWXGLDQWHV/RV LJQRUy(QDTXHOORV~OWLPRVGtDVKDEtDQLGRDSUHQGLHQGRJUDGXDO PHQWHDGHMDUGHVDOXGDUOH5RJHULPDJLQyTXHDOJXQRVGHHOORV SHQVDEDQTXHHUDXQWLSRUDUR\SUREDEOHPHQWHPXFKRVHPSH]DEDQ DVHQWLUDQWLSDWtDKDFLDpO 3DVyMXQWRDODVFHQVRU<DQXQFDORWRPDEDHVSHFLDOPHQWHSDUD EDMDU&XDQGRHODVFHQVRULQLFLDEDVXPRYLPLHQWRKDFLDDEDMROH UHVXOWDEDLPSRVLEOHQRIORWDUHQHODLUHDXQTXHVyORIXHUDSRUXQRV PRPHQWRV1RLPSRUWDEDTXHVHSUHSDUDUDSDUDFRPEDWLUHOPR PHQWRIORWDED\ODJHQWHSRGtDYROYHUVH\PLUDUOH

$YDQ]yXQDPDQRKDFLDODEDUDQGLOODHQHODUUDQTXHGHODHVFDOHUD \MXVWRDQWHVGHTXHVXPDQRODWRFDUDXQRGHVXVSLHVWURSH]yFRQ

aL  HORWUR)XHHOWURSH]yQPiVGHVPDxDGR TXHVHSXHGDLPDJLQDU7UHV VHPDQDVDQWHV5RJHUKXELHUDURGDGRHVFDOHUDDEDMR (VWDYH]VXVLVWHPDDXWyQRPRVHKL]RFDUJRGHODVFRVDVHLQFOL QiQGRVHKDFLDGHODQWHORVEUD]RVDELHUWRVORVGHGRVGHODVPDQRV H[WHQGLGRVODVSLHUQDVVHPLGREODGDVIORWyKDFLDDEDMRFRPRXQSOD QHDGRU3DUHFtDHVWDUVXVSHQGLGRSRUKLORV (VWDEDGHPDVLDGRGHVFRQFHUWDGRSDUDFRQWHQHUVHGHPDVLDGRSD UDOL]DGRSRUHOKRUURUFRPRSDUDKDFHUDOJR$PHGLRPHWURGHOD YHQWDQDGHOSLVRGHDEDMRVHGHWXYRDXWRPiWLFDPHQWH\IORWy

+DEtDGRVHVWXGLDQWHVHQHOSLVRDGRQGHIXHDSDUDUDPERVDSUH WDGRVFRQWUDODSDUHGRWURVWUHVHQHODUUDQTXHGHODHVFDOHUDGRVHQ


HOSLVRGHPiVDEDMR\XQRHQHOGHVFDQVLOORMXQWRDpOWDQFHUFDTXH FDVLSRGtDQWRFDUVH 7RGRHVWDEDPX\VLOHQFLRVR7RGRVOHHVWDEDQPLUDQGR

5RJHUVHHQGHUH]yHQHODLUHGHVFHQGLyKDVWDHOVXHOR\HFKyD FRUUHUHVFDOHUDDEDMRHPSXMDQGREUXVFDPHQWHDXQHVWXGLDQWHIXHUD GHVXFDPLQR /DVFRQYHUVDFLRQHVVHWUDQVIRUUQDURQHQXQD~QLFDH[FODPDFLyQD VXVHVSDOGDV ³¢(OGRFWRU0RUWRQGHVHDYHQPH"

5RJHUVHYROYLyHQVXVLOOyQVXMHWiQGRVHILUUQHPHQWHDXQRGHVXV EUD]RV /DQXHYDVHFUHWDQDGHOGHSDUWDPHQWRDVLQWLy ³6tGRFWRU7RRPH\

6HPDUFKyUiSLGDPHQWH(QHOSRFRWLHPSRTXHOOHYDEDDOOLGHVGH TXHODVHxRULWD+DUURZD\SUHVHQWDUDVXGLPLVLyQVHKDEtDHQWHUDGR GHTXHHOGRFWRU7RRPH\WHQtDDOJR´UDURµ/RVHVWXGLDQWHVOHHYLWD EDQ(QVXFODVHGHKR\ORVDVLHQWRVGHDWUiVKDEtDQHVWDGROOHQRVGH PXUPXOORVGHHVWXGLDQWHV/RVDVLHQWRVGHGHODQWHKDEtDQSHUPDQH FLGRGHVRFXSDGRV 5RJHUPLUyDOSHTXHxRHVSHMRGHSDUHGFHUFDGHODSXHUWD6H DMXVWyODFKDTXHWD\VHVDFXGLyXQKLORSHURHVDRSHUDFLyQKL]RSRFR SRUPHMRUDUVXDSDULHQFLD6XWH]HUDFDGDYH]PiVDPDULOOHQWD +DEtDSHUGLGRDOPHQRVFXDWURNLORVGHVGHTXHWRGRDTXHOORHPSH ]DUDDXQTXHSRUVXSXHVWRQRWHQtDIRUPDGHVDEHUH[DFWDPHQWH FXiQWRKDEtDSHUGLGR6XDVSHFWRJHQHUDOHUDHQIHUPL]RFRPRVLVX GLJHVWLyQHVWXYLHUDSHUSHWXDPHQWHHQFRQWUDGHpO\YHQFLHUDWRGRV ORVFRPEDWHV

1RVHQWtDQLQJXQDDSUHQVLyQDFHUFDGHDTXH ODHQWUHYLVWDFRQHO MHIHGHOGHSDUWDPHQWR+DEtDDOFDQ]DGRXQSURQXQFLDGRFLQLVPR UHIHUHQWHDORVLQFLGHQWHVGHOHYLWDFLyQ$SDUHQWHPHQWHORVWHVWLJRV QRKDEODEDQ/DVHxRULWD+DUURZD\QRORKDEtDKHFKR1RKDEtD QLQJXQDVHxDOGHTXHORVHVWXGLDQWHVTXHOHKDEtDQYLVWRHQODHVFDOHUD ORKXEL HUDQKHFKRWDPSRFR &RQXQ~OWLPRWRTXHDOQXGRGHVXFRUEDWDDEDQGRQyHOGHV SDFKR (OGHVSDFKRGHOGRFWRU3KLOLS0RUWRQQRHVWDEDPX\OHMRVDO 


,

IRQGRGHOSDVLOORORFXDOHUDXQKHFKRTXH5RJHUWHQtDTXHDJUDGH FHU&XOWLYDEDFDGDYH]PiVODFRVWXPEUHGHDQGDUFRQXQDVLVWHPi WLFDOHQWLWXG$O]DEDXQSLH\ORDGHODQWDEDREVHUYDQGR/XHJR DO]DEDHORWURSLH\ORDGHODQWDEDREVHUYDQGRWDPELpQ$YDQ]DED GHFLGLGDPHQWHHQFRUYDGRPLUiQGRVHORVSLHV

(OGRFWRU0RUWRQIUXQFLyHOFHxRFXDQGR5RJHUHQWUy7HQtD XQRVRMRVSHTXHxRV\H[KLEtDXQKLUVXWRELJRWHPDOUHFRUWDGR\XQ WUDMHGHVDOLxDGR3RVHtDXQDPRGHUDGDUHSXWDFLyQHQHOPXQGRFLHQ WtILFR\XQDGHFLGLGDLQFOLQDFLyQDGHMDUODVWDUHDVGHHQVHxDQ]DHQ PDQRVGHORVPLHPEURVGHVXGHSDUWDPHQWR ³0LUH7RRPH\³GLMR³KHUHFLELGRXQDFDUWDGHORPiVH[ WUDxDGH/LQXV'HHULQJ8VWHGOHHVFULELyHO³&RQVXOWyXQSDSHO VREUHVXHVFQWRULR³(OYHLQWLGyVGHOPHVSDVDGR¢(VpVWD VXILUPD" 5RJHUPLUy\DVLQWLy$QVLRVDPHQWHLQWHQWyOHHUGHOUHYpVOD FDUWDGH'HHULQJ$TXHOORHUDLQHVSHUDGR'HODVFDUWDVTXHKDEtD HQYLDGRHOGtDGHOLQFLGHQWHFRQODVHxRULWD+DUURZD\KDVWDDTXHO PRPHQWRVyORFXDWURKDEtDQVLGRFRQWHVWDGDV

7UHVGHHOODVKDEtDQFRQVLVWLGRHQIUtDVUHVSXHVWDVGHXQVyOR SiUUDIRTXHGHFtDQPiVRPHQRV´$FXVRUHFLERGHVXFDUWDGHO YHLQWLGyV1RFUHRTXHSXHGDD\XGDUOHHQHODVXQWRTXHPHSODQWHDµ 8QDFXDUWDODGH%DOODQWLQHGHO1RUWKZHVWHUQ7HFKKDEtDVXJHULGR WRUSHPHQWHXQLQVWLWXWRGHLQYHVWLJDFLRQHVSVtTXLFDV5RJHUQRSXGR GHFLGLUVLHVWDEDLQWHQWDQGRD\XGDUOHRVLOHLQVXOWDED / HHULQJGHO QQFHWRQKDFtDHOQ~PHURFLQFR+DEtDSXHVWRJUDQ GHVHVSHUDQ]DVHQ'HHULQJ (OGRFWRU0RUWRQFDUUDVSHyIXHUWHPHQWH\VHDMXVWyODVJDIDV

³4XLHUROHHUOHORTXHGLFH6LpQWHVH7RRPH\VLpQWHVH'LFH ´4XHULGR3KLOµ

(OGRFWRU0RUWRQDO]yEUHYHPHQWHODYLVWDFRQXQDVRQULVDIDWXD

³/LQXV\\RQRVFRQRFLPRVHQODVUHXQLRQHVGHOD)HGHUDFLyQHO DxRSDVDGR³H[SOLFy³7RPDPRVXQDVFXDQWDVFRSDVMXQWRV(VXQ WLSRHQFDQWDGRU 6HDMXVWyGHQXHYRODVJDIDV\YROYLyDODFDUWD

a4XHULGR3KLO¢+D\XQWDOGRFWRU5RJHU7RRPH\HQWXGHSDUWD PHQWR"5HFLEtXQDFDUWDVX\DUHDOPHQWHH[WUDxDHORWURGtD7HDVH JXURTXH QRVpTXpKDFHUFRQHOOD$OSULQFLSLRSHQVpROYLGDUODFRPR


XQDPiVGHHVDVFDUWDVGHFKLIODGRVTXHUHFLELPRVWRGRV/XHJRSHQVp TXHSXHVWRTXHODFDUWDOOHYDEDHOPHPEUHWHGHWXGHSDUWDPHQWRW~ GHEHUtDVVDEHUDOJRVREUHHOOR&ODURTXHHVSRVLEOHTXHDOJXLHQHVWp XWLOL]DQGRDWXSHUVRQDOFRPRSDUWHGHXQHPEDXFDPLHQWR7HDGMXQWR ODFDUWDGHOGRFWRU7RRPH\SDUDTXHODH[DPLQHV(VSHURSRGHUYLVLWDU DOJ~QGtDYXHVWUDSDUWHGHOSDtVµ%LHQHOUHVWRHVSHUVRQDO (OGRFWRU0RUWRQGREOyODFDUWDVHTXLWyODVJDIDVODVFRORFyHQ XQHVWXFKHGHSLHO\VHPHWLypVWHHQHOEROVLOORVXSHULRUGHVX FKDTXHWD(QWUHOD]yORVGHGRV\VHLQFOLQyKDFLDGHODQWH ³%LHQ³GLMRFUHRTXHQRKD\QHFHVLGDGGHTXHOHOHDVX SURSLDFDUWD¢6HWUDWDGHDOJXQDEURPD"¢8QHQJDxR"

aFXHQWRVSDUDOHORa ³'RFWRU0RUWRQ³GLMR5RJHUOHQWDPHQWH³HVWDEDKDEODQGR HQVHULR1RYHRQDGDPDORHQPLFDUWD/DHQYLpDXQRVFXDQWRV ItVLFRV+DEODSRUVtPLVPD+HKHFKRREVHUYDFLRQHVGHXQFDVRGH OHYLWDFLyQ\GHVHDEDLQIRUPDFLyQDFHUFDGH SRVLEOHVH[SLLFDFLRQHV WHyULFDVDXQWDOIHQyPHQR ³£/HYLWDFLyQ¢'HYHUDV"

³(VXQFDVRDXWpQWLFRGRFWRU0RUWRQ ³¢/RREVHUYyXVWHGSHUVRQDOPHQWH" ³3RUVXSXHVWR

³¢1DGDGHKLORVRFXOWRV"¢1DGDGHHVSHMRV"0LUH7RRPH\ XVWHGQRHVXQH[SHUWRHQHVWRVIUDXGHV

³)XHXQDVHULHDEVROXWDPHQWHFLHQWtILFDGHREVHUYDFLRQHV1R KD\QLQJXQDSRVLELOLGDGGHIUDXGH ³+XELHUDGHELGRFRQVXOWDUPH7RRPH\DQWHVGHHQYLDUHVDV FDUWDV ³4XL]iKXELHUDGHELGRKDFHUORGRFWRU0RUWRQSHURIUDQFD PHQWHSHQVpTXHSRGUtDPRVWUDUVHXVWHGUHDFLR

³%LHQJUDFLDV+XELHUDGHELGRHVSHUDUDOJRDVt<FRQHOPHP EUHWHGHOGHSDUWDPHQWR0HVLHQWRUHDOPHQWHVRUSUHQGLGR7RRPH\ 0LUHVXYLGDHVVX\D6LGHVHDXVWHGFUHHUHQODOHYLWDFLyQDGHODQWH SHURKiJDORHVWULFWDPHQWH HQVXWLHPSROLEUH(QELHQGHOGHSDUWD PHQWR\GHODXQLYHUVLGDGGHEHUtDUHVXOWDUOHREYLRTXHHVWHWLSRGH FRVDVQRSXHGHQLQWHUIHULUFRQVXVDVXQWRVGRFHQWHV ´'HKHFKRREVHUYRTXHKDSHUGLGRXVWHGDOJRGHSHVRUHFLHQWH PHQWH¢QRHVDVt7RRPH\"6tQRWLHQHHQDEVROXWREXHQDVSHFWR6L


\RIXHUDXVWHGLQDDYHUDXQPpGLFR8QHVSHFLDOLVWDGHORVQHUYLRV TXL]D ³¢1RFUHHTXHVHUtDPHMRUXQSVLTXLDWUD"³GLMR5RJHUDPDU JDPHQWH

³%LHQHVRHVHQWHUDPHQWHDVXQWRVX\R(QFXDOTXLHUFDVRXQ SRFRGH GHVFDQVR

(OWHOpIRQRKDEtDVRQDGR\ODVHFUHWDULDKDEtDDWHQGLGRODOOD PDGD$KRUDOHKL]RXQDVHxDDOGRFWRU0RUWRQ\pVWHWRPyVXH[ WHQVLyQ ³¢6t"³GLMR³$KGRFWRU6PLWKHUVVt+XPPP6t ¢5HODWLYRDTXLpQ"%XHQRGHKHFKRHVWi DTXtFRQPLJRSUHFLVD PHQWHDKRUD6t6tLQPHGLDWDPHQWH &ROJyHOWHOpIRQR\PLUySHQVDWLYRD5RJHU ³(OGHFDQRGHVHDYHPRVDORVGRV ³¢$FHUFDGHTXpVHxRU"

³1RORKDGLFKR³6HOHYDQWy\VHGLULJLyKDFLDODSXHUWD³ ¢9LHQH7RRPH\" ³6tVHxRU

5RJHUVHSXVRHQSLHGHVSDFLRDQFOiQGRVHFXLGDGRVDPHQWHFRQOD SXQWHUDGHVXV]DSDWRVHQODSDUWHLQIHULRUGHOHVFULWRULRGHOGRFWRU 0RUWRQPLHQWUDVORKDFtD

(OGHFDQR6PLWKHUVHUDXQKRPEUHGHOJDGRFRQXQODUJRURVWUR DVFpWLFR6XGHQWDGXUDSRVWL]D HQFDMDEDWDQPDOHQVXERFDTXHKDiD TXHDOSURQXQFLDUODVVLELODQWHVVRQDUDQFRPRXQPHGLRVLOELGR ³&LHUUHODSXHUWDVHxRULWD%U\FH³GLMR³\QRPHSDVHQLQJXQD OODPDGDWHOHIyQLFDKDVWDTXHODDYLVH6LpQWHQVHFDEDOOHURV 6HORVTXHGyPLUDQGRRPLQRVDPHQWH\DQDGLy

³&UHRTXHVHUiPHMRUTXHYD\DGLUHFWDPHQWHDODVXQWR1RVp H[DFWDPHQWHORTXHHVWiKDFLHQGRHOGRFWRU7RRPH\SHURGHEHSD UDUOR (OGRFWRU0RUWRQVHYROYLyKDFLD5RJHUVRUSUHQGLGR ³¢4XpKDHVWDGRXVWHGKDFLHQGR"

5RJHUVHDO]yGHVDOHQWDGDPHQWHGHKRPEURV


³1DGDTXH\RSXHGDHYLWDU

'HVSXpVGHWRGRKDEtDVXEHVWLPDGRODVKDEODGXUtDVGHORVHV WXGLDQWHV

³2KYDPRVYDPRV³(OGHFDQRPRVWUyLPSDFLHQFLD³(VWR\ VHJXURGHTXHQRFRQR]FRORVXILFLHQWHGHODKLVWRULDFRPRSDUD MX]JDUSHURSDUHFHTXHHVXVWHGHOFHQWURGHWRGDVODVKDEODGXUtDV KDEODGXUtDVTXHVRQFRPSOHWDPHQWHLPSURSLDVGHOHVStULWX\ODGLJQL GDGGHHVWDLQVWLWXFLyQ ³1RVpQDGDGHWRGRHVR³GLMRHOGRFWRU0RUWRQ (OGHFDQRIUXQFLyHOFHxR

³(QWRQFHVSDUHFHXVWHGPiVELHQVRUGR0HUHVXOWDVRUSUHQ GHQWHODIRUPDHQTXHHOFXHUSRGRFHQWHSXHGHSHUPDQHFHUHQOD FRPSOHWDLJQRUDQFLDGHDVXQWRVTXHVDWXUDQSRUHQWHURHOFXHUSR HVWXGLDQWLO1XQFDDQWHVPHKDEtDGDGRFXHQWDGHHOOR<RPLVPROR RtSRUDFFLGHQWHSRUXQDFFLGHQWHPX\DIRUWXQDGRGHKHFKRSXHVWR TXHFRQVHJXtLQWHUFHSWDUDXQSHULRGLVWDTXHOOHJyHVWDPDxDQDEXV FDQGRDDOJXLHQ8DPDGR´HOGRFWRU7RRPH\HOSURIHVRUYRODQWHµ ³¢4Xp"³JULWyHOGRFWRU0RUWRQ 5RJHUHVFXFKyFRQGHVDOLHQWR

³(VRHVORTXHGLMR HOSHULRGLVWD&LWRVXVSURSLDVSDODEUDV 3DUHFHTXHXQRGHQXHVWURVHVWXGLDQWHVOODPyDVXSHULyGLFR(FKpDO SHULRGLVWDHKLFHYHQLUDOHVWXGLDQWHDPLGHVSDFKR6HJ~QpOHO GRFWRU7RRPH\YROy\XWLOL]RODSDODEUD´YROyµSRUTXHDVtIXH FRPRLQVLVWLyHOHVWXGLDQWHHQOODPDUOREDMDQGRWRGRXQWUDPRGH HVFDORQHV\YROYLHQGRDVXELUORVOXHJR$ILPPyTXHKXERGRFHQDVGH WHVWLJRV ³6RODPHQWHORVEDMp³PXUPXUy5RJHU

(OGHFDQR6PLWKHUVHVWDEDDKRUDUHFRUULHQGRDUULED\DEDMROD DOIRPEUDGHVXGHVSDFKR3DUHFtDVHUSUHVDGHXQDHORFXHQFLDIHEULO ³$KRUDHVFXFKH7RRPH\1RWHQJRQDGDFRQWUDODVUHSUHVHQWD FLRQHVGHDILFLRQDGRV'HVGHPLOOHJDGDDHVWHSXHVWRKHOXFKDGR GHQRGDGDPHQWHFRQWUDODSRPSRVLGDG\ODIDOVDGLJQLGDG+HDQL PDGRHOKHUPDQDPLHQWRHQWUHORVGLVWLQWRVFXHUSRVGHODIDFXOWDG\ MDPiVKHSXHVWRREMHFLyQDXQDFRQIUDWHUQL]DFLyQUD]RQDEOHFRQORV HVWXGLDQWHV$VtTXHQRSXHGRREMHWDUQDGDVLGHVHDXVWHa XQVKRZDVXVHVWXGLDQWHVHQVXSURSLDFDVD a

´6HJXUDPHQWHVHGDUiXVWHGFXHQWDGHORTXHSXHGHRFXUULUOHDOD


XQLYHUVLGDGVLODSUHQVDLUUHVSRQVDEOHODWRPDFRQQRVRWURV¢'HEH PRVGHMDUTXHHOGHOLULRKDFLDXQSURIHVRUYRODQWHVXVWLWX\DDOGHOLULR KDFLDORVSODWLOORVYRODQWHV"6LORVSHULRGLVWDVHQWUDQHQFRQWDFWRFRQ XVWHGGRFWRU7RRPH\HVSHURTXHQLHJXHFDWHJyULFDPHQWHWRGRVORV KHFKRVTXHVHOHLPSXWDQ ³&RPSUHQGRGHFDQR6PLWKHUV

³&RQItRHQTXHORJUHPRVVDOLUQRVGHHVWHLQFLGHQWHVLQGDxR DSUHFLDEOH'HERSHGLUOHFRQWRGDODILUPH]DTXHPHFRQILHUHPL FDUJRTXHQXQFDUHSLWDVXHVWRKD]DxD6LYXHOYHDRFXUULUPH YHUpREOLJDGRDVROLFLWDUVXGLPLVLyQ¢+DFRPSUHQGLGRELHQGRFWRU 7RRPH\" ³6t³GLMR5RJHU

³(QHVHFDVREXHQRVGtDVFDEDOOHURV

(OGRFWRU0RUWRQFRQGXMRD5RJHUGHYXHOWDDVXGHVSDFKR(VWD YH]GHVSLGLyDVXVHFUHWDULD\FHUUyFXLGDGRVDPHQWHODSXHUWDWUDVpO ³3RUWRGRVORVFLHORV7RRPH\³PXUPXUy³¢WLHQHHVWDORFXUD DOJXQDFRQH[LyQFRQVXFDUWDDFHUFDGHODOHYLWDFLyQ" /RVQHUYLRVGH5RJHUHVWDEDQDSXQWRGHHVWDOODU

³¢1RUHVXOWDREYLR"(QHVDVFDUWDVPHUHIHUtDDPtPLVPR ³¢3XHGHXVWHGYRODU"¢4XLHURGHFLUOHYLWDU"

³3XHGHXWLOL]DUODSDODEUDTXHPiVOHJXVWH

³1XQFDKHRtGRGHWDO0DOGLWDVHD7RRPH\¢OHYLRDOJXQDYH] OHYLWDUODVHxRULWD+DUURZD\" ³(QXQDRFDVLyQ)XHXQDFFLG

³3RUVXSXHVWR$KRUDWRGRUHVXOWDREYLR(VWDEDWDQKLVWp ULFDTXHHUDGLItFLOHQWHQGHUORTXHGHFtD&RQWyTXHXVWHGVDOWy KDFLDHOOD6RQDEDFRPRVLHVWXYLHUDDFXViQGROHGHGH³(O GRFWRU0RUWRQSDUHFtDD]DUDGR³%XHQR\RQRODFUHt(UDXQD EXHQDVHFUHWDULDHQWLpQGDORSHURREYLDPHQWHQRXQDGHHVDV GHVWLQDGDVDDWUDHUODDWHQFLyQGHXQKRPEUH0HVHQWtUHDOPHQWH DOLYLDGRFXDQGRVHIXH3HQVpTXHODSUy[LPDYH]VHSUHVHQWDUtD FRQXQUHYyOYHURDFXViQGRPHDPt8VWHGXVWHGOHYLWy ¢QR" ³6L

³¢&yPRORKDFH"


5RJHUDJLWyODFDEH]D

³(VHHVPLSUREOHPD1RORVp

(OGRFWRU0RUWRQVHSHUPLWLyXQDVRQULVD

³¢6HJXURTXHQRUHSHOHODOH\GHODJUDYHGDG"

³6tFUHRTXHHVHVR'HEHGHKDEHUDOJRUHODFLRQDGRFRQOD DQWLJUDYHGDGPH]FODGRHQHO IHQyPHQRQRVpFyPR /DLQGLJQDFLyQGHOGRFWRU0RUWRQDQWHHOKHFKRGHTXHXQD EURPDFRPRDTXHOODIXHUDWRPDGDHQVHULRHUDHYLGHQWH ³0LUH7RRPH\HVRQRHVDOJRTXHSXHGDWRPDUVHDULVD

³7RPDUVHDULVD6DQWRFLHORGRFWRU0RUWRQ¢WHQJRHODVSHFWR GHHVWDUPHULHQGR" ³%XHQRQHFHVLWDXVWHGXQGHVFDQVR6LQGLVFXVLyQ8QSRFR GHGHVFDQVR\HVDWRQWHUtDVX\DSDVDUi(VWR\VHJXURGHHOOR

³1RHVQLQJXQDWRQWHUtD³5RJHUDJLWyXQPRPHQWRODFDEH]D OXHJRGLMRFRQWRQRWUDQTXLOR³/HGLUpXQDFRVDGRFWRU0RUWRQ ¢OHJXVWDULDFRODERUDUFRQPLJRHQHVWR"(QFLHUWRVHQWLGRHVDOJR TXHSXHGHDEULUQXHYRVKRUL]RQWHVHQODVFLHQFLDVIIVLFDV1RVpFRPR IXQFLRQDVLPSOHPHQWHQRSXHGRFRQFHELUQLQJXQDVROXFLyQ/RVGRV MXQWRV /DH[SUHVLyQGHKRUURU GHOGRFWRU0RUWRQHUDDDTXHOODVDOWXUDV LQFRQIXQGLEOH

³6pTXHVXHQDH[WUDxR³LQVLVWLy5RJHU³3HURVHORGHPRV WUDUp(VDOJRFRPSOHWDPHQWHDXWpQWLFR4XHUUtDTXHQRORIXHVH

³2KYDPRV³(OGRFWRU0RUWRQVDOWyGHVXVLOOD³1RVH FDQVH1HFHVLWDXVWHGXUJHQWHPHQWHXQGHVFDQVR1RFUHRTXHGHED DJXDUGDUKDVWDMXQLR9i\DVHDFDVDDKRUDPLVPR9HUpTXHVHOHVLJD DERQDQGRVXVXHOGR\\RPLVPRPHHQFDUJDUpGHVXVFODVHV6ROtD KDFHUORDQWHV\DVDEH ³'RFWRU0RUWRQHVWRHVLPSRUWDQWH

³/RVpORVp³(OGRFWRU0RUWRQOHGLRXQDSDOPDGDHQHO KRPEUR³'HWRGRVPRGRVPXFKDFKRWLHQHXVWHGPX\PDODVSHF WR+DEODQGRIUDQFDPHQWHWLHQHXVWHGXQDVSHFWRLQIHUQDO1HFHVLWD XQODUJRGHVFDQVR ³3XHGROHYLWDU³/DYR]GH5RJHUHVWDEDVXELHQGRQXHYDPHQWH


GHYROXPHQ³8VWHGLQWHQWDOLEUDUVHGHPtSRUTXHQRPHFUHH ¢3LHQVDTXHHVWR\PLQWLHQGR"¢&XiOHVSRGUtDQVHUPLVPRWLYRV"

³6HHVWiH[FLWDQGRLQQHFHVDULDPHQWHPXFKDFKR'pMHPHOODPDU SRUWHOpIRQR+DUpTXHDOJXLHQOHOOHYHDFDVD ³/HGLJRTXHSXHGROHYLWDU³JULWy5RJHU (OGRFWRU0RUWRQVHSXVRURMR

³0LUH7RRPH\QRVLJDPRVGLVFXWLHQGRHVR1RPHLPSRUWDUtD DXQTXHVHHFKDVHDYRODUSRUORVDLUHVHQHVWHPLVPRPRPHQWR ³¢4XLHUHGHFLUTXHYHUQRVLJQLILFDFUHHUHQORTXHDXVWHG UHVSHFWD"

³¢(QODOHYLWDFLyQ"3RUVXSXHVWRTXHQR³(OMHIHGHOGHSDUWD PHQWRHVWDEDFDVLYRFLIHUDQGR³6LOHYLHUDDXVWHGYRODULUtDDYHUD XQRSWRPHWULVWDRDXQSVLTXLDWUD$QWHVFUHHUpTXHHVWR\ORFRTXHHO TXHODVOH\HVGHODItVLFD 6HLQWHUUXPSLy\FDUUDVSHyIXHUWHPHQWH

³%LHQFRPR\DKHGLFKRQRGLVFXWDPRVVREUHHVR9R\DOODPDU SRUWHOpIRQR ³1RHVQHFHVDULRVHxRU1RHVQHFHVDULR³GLMR5RJHU³'H DFXHUGR0HWRPDUpXQGHVFDQVR$GLyV

6DOLyUiSLGDPHQWHFDPLQDQGRFRQPiVEUtRTXHQXQFDORKDEtD KHFKRHQORV~OWLPRVGtDV(OGRFWRU0RUWRQGHSLHODVPDQRVDSR\D GDVSODQDVVREUHVXHVFULWRULRVHTXHGyFRQWHPSODQGRFRQDOLYLROD HVSDOGDGH7RRPH\PLHQWUDVVHDOHMDED    -DPHV6DUOHHOPpGLFRVHKDOODEDHQODVDODGHHVWDUFXDQGR 5RJHUOOHJyDFDVD(QHOPRPHQWRHQTXHpVWHFUX]yODSXHUWDHO PpGLFRHVWDEDHQFHQGLHQGRVXSLSDFRQXQDPDQRGHUHFLRVQXGLOORV URGHDQGRODFD]ROHWD6DFXGLyHOIyVIRURSDUDDSDJDUOR\VXUXEL FXQGRURVWURVHIUXQFLyHQXQDVRQULVD ³+ROD5RJHU¢'LPLWLHQGRGHODUD]DKXPDQD"1RKHVDELGR QDGDGHWLGHVGHKDFHPiVGHXQPHV

6XVQHJUDVFHMDVVHMXQWDURQVREUHHOSXHQWHGHODQDUL]GiQGROH XQDDSDULHQFLDPiVELHQFRQGHVFHQGLHQWHTXHGHDOJXQDIRUPDOH D\XGDEDDHVWDEOHFHUXQDDWPyVIHUDDGHFXDGDFRQVXVSDFLHQWHV

5RJHUVHYROYLyKDFLD-DQHTXHSHUPDQHFtDKXQGLGDHQXQVLOOyQ &RPRGHFRVWXPEUH~OWLPDPHQWHVXURVWURPRVWUDEDXQDH[SUHVLyQ


GHOiQJXLGRDJRWDPLHQWR

³¢3RUTXpORKDVWUDtGRDTXt"³OHGLMR5RJHU

³£$OWR$OWRKRPEUH³GLMR6DUOH³1DGLHPHKDWUDtGR(VWD PDxDQDHQFRQWUpD-DQHHQHOFHQWUR\PHLQYLWp6R\PiVJUDQGH\ IXHUWHTXHHOODQRSXGRLPSHGLUOR ^ VHQFRQWUDVWHLVSRUPHUDFRLQFLGHQFLDVXSRQJR¢'DVKRUD WDPELpQSDUDWXV FRLQFLGHQFLDV" 6DUOHVHHFKyDUHtU

³'LJiPRVORGHHVWDRWUDIRPPDHOODPHKDEOyXQSRFRGHORTXH KDHVWDGRSDVDQGRDTXt

³6LHQWRTXHQRHVWpVGHDFXHUGR5RJHU³GLMR-DQHGpELOPHQ WH³SHURKDVLGRODSULPHUDRSRUWXQLGDGTXHKHWHQLGRGHKDEODU FRQDOJXLHQTXHSXHGDFRPSUHQGHU ³¢4XpWHKDFHSHQVDUTXHpOSXHGHFRPSUHQGHU"'LPH-LP, ¢FUHHVVXKLVWRULD" ³1RHVXQDFRVDIiFLOGHFUHHU³GLMR6DUOH³/RDGPLWR3HUROR HVWR\LQWHQWDQGR ³(VWiELHQVXSyQTXHYXHOR6XSyQTXHPHSRQJRDOHYLWDU DKRUD PLVPR¢4XpKDUtDV"

³6XSRQJRTXHGHVPD\DUPH4XL]iVH[FODPDUD´£6DQWR'LRVµ 4XL]iPHHFKDUDDUHtUDFDUFDMDGDV¢3RUTXpQRORSUREDPRV\ YHPRVORTXHSDVD" 5RJHUVHORTXHGyPLUDQGRILMDPHQWH ³¢'HYHUDVGHVHDVYHUOR"

³¢3RUTXpQRLEDDGHVHDUOR"

³$TXHOORVTXHORKDQYLVWRKDVWDDKRUDVHKDQSXHVWRDJULWDU KDQHFKDGRDFRUUHURVHKDQTXHGDGRKHODGRVGHKRUURU¢3RGUiV VRSRUWDUOR-LUQ" ³<RFUHRTXHVt ³'HDFXHUGR

5RJHUVHGHVOL]yPHGLRPHWURKDFLDDUULED\HMHFXWyGLH]YHFHV XQOHQWRHQWUHFKDW6HTXHGyHQHODLUHODVSXQWDVGHORVSLHVDSXQ WDQGRKDFLDDEDMRODVSLHUQDVMXQWDVORVEUD]RVJUDFLRVDPHQWHH[WHQ GLGRVHQXQDDPDUJDSDURGLDGHVDOXGR


³0HMRUTXH1LMLQVNL¢HK-LP"³SUHJXQWy

6DUOHQRKL]RQLQJXQDGHODVFRVDVTXHKDEtD VXJHULGRTXHSRGtD 

KDFHU([FHSWRDJDUUDUVXSLSDFRPRVLHVWXYLHUDDSXQWRGHFDpUVHOH QRKL]RDEVROXWDPHQWHQDGD -DQHKDEtDFHUUDGRORVRMRV/DVOiJULPDVDVRPDEDQTXLHWDPHQWH SRUHQWUHVXVSiUSDGRV ³%DMD5RJHU³GLMR6DUOH

5RJHUEDMy7RPyDVLHQWR\GLMR

³(VFULEtDXQDVHULHGHItVLFRVKRPEUHVGHJUDQUHSXWDFLyQ/HV H[SOLTXpODVLWXDFLyQGHXQDIRUPDLPSHUVRQDO'LMHTXHSHQVDEDTXH WRGRHVWRGHEHUtDVHULQYHVWLJDGR/DPD\RUSDUWHGHHOORVPHLJQRUD URQ8QRHVFULELyDOYLHMR0RUWRQSDUDSUHJXQWDUOHVL\RHUDXQ IDUVDQWHRHVWDEDORFR aK5RJHU³PXUPXUy-DQH

³¢7~FUHHVTXHVHWUDWDGHDOJRPDOR"(OGHFDQRPHOODPyKR\D VXGHVSDFKR0HGLMRTXHWHQtDTXHGHMDUGHKDFHUHVRVMXHJRVGH VDOyQ3DUHFHTXHPHFDtSRUODHVFDOHUD\DXWRPiWLFDPHQWHOHYLWp KDVWDDEDMR0RUWRQGLFHTXHQRFUHHUiTXHSXHGRYRODUQLVLTXLHUD DXQTXHPHYHDHQSOHQDDFFLyQ(QHVWHFDVRYHUQRVLJQLILFDFUHHU GLFH\HQFRQVHFXHQFLDPHRUGHQDTXHPHWRPHXQGHVFDQVR1R SLHQVRYROYHUDOOL ³5RJHU³GLMR-DQHDEULHQGRPXFKRORVRMRV³¢(VWiVKD EODQGRHQVHULR"

³1RSXHGRYROYHU0HGDQDVFRWRGRVHOORV£&LHQWtILFRV ³3HURaTXpYDVDKDFHU"

³1RORVp³5RJHUKXQGLyODFDEH]DHQWUHODVPDQRV&RQYR] DKRJDGDGLMR³'tPHORW~-LP7~HUHVHOSVLTXLDWUD¢3RU TXpQR PHFUHHQ"

³4XL]iVHWUDWHGHXQDVXQWRGHDXWRSURWHFFLyQ5RJHU³GLMR 6DUOHOHQWDPHQWH³$ODJHQWHQROHJXVWDQODVFRVDVTXHQRSXHGH FRPSUHQGHU,QFOXVRKDFHDOJXQRVVLJORVFXDQGRPXFKDVSHUVRQDV FUHtDQHQODH[LVWHQFLDGHKDELOLGDGHVH[WUDQDWXUDOHVFRPRYRODUVa EUHSDORVGHHVFREDSRUHMHPSORFDVLVLHPSUHVHVXSRQtDTXHHVRV SRGHUHVHUDQRULJLQDGRVSRUODVIXHU]DVGHOPDO


´/DJHQWHD~QVLJXHFUH\HQGRHVR3XHGHTXHQRKD\DPXFKRV TXHFUHDQWRGDYtDOLWHUDOPHQWHHQHOGLDEORSHURODFUHHQFLDJHQHUDOL ]DGDGHTXHWRGRORH[WUDxRHVPDORVXEVLVWH/XFKDUiQFRQWUDODLGHD GHFUHHUHQODOHYLWDFLyQRVHDVXVWDUiQPRUWDOPHQWHVLVHYHQ REOLJDGRVDWVDJDUHOKHFKReVDHVODYHUGDGDVtTXHHQIUpQWDWHD HOOD 5RJHUPHQHyODFDEH]D

³7~HVWiVKDEODQGRGHJHQWH\\RKDEORGHFLHQWtILFRV ³/RVFLHQWtILFRVWDPELpQVRQJHQWH

³<DVDEHVORTXHTXLHURGHFLU7HQJRDTXtXQIHQyPHQR1RHV EUXMHUtD1RKHKHFKRQLQJ~QWUDWRFRQHOGLDEOR-LPWLHQHTXH H[LVWLUXQDH[SOLFDFLyQQDWXUDO1RVDEHPRVWRGRORTXHKD\TXH VDEHUVREUHJUDYLWDFLyQ5HDOPHQWHDSHQDVVDEHPRVQDGD¢1RFUHHV TXHHVFRQFHELEOHTXHH[LVWDDOJ~QPpWRGRELROyJLFRGHDQXODUOD JUDYHGDG"4XL]i\RVHDXQDPXWDFLyQGHDOJ~QWLSR4XL]iSRVHD XQEXHQROODPpPRVOHXQP~VFXORTXHSXHGHDQXODUODJUDYH GDG$OPHQRVSXHGHDQXODUHOHIHFWRGHODJUDYHGDGHQPtPLVPR %LHQLQYHVWLJXHPRVHVR¢3RUTXpTXHGDUQRVVHQWDGRVFRQODVPDQRV FUX]DGDV"6LFRQVHJXLPRVGRPLQDUODDQWLJUDYHGDGLPDJLQDORTXH HVRUHSUHVHQWDUiSDUDODUD]DKXPDQD

³(VSHUDXQPRPHQWR5RJHU³GLMR6DUOH³3LHQVDXQSRFRHQ HODVXQWR¢3RUTXpWHVLHQWHVWDQLQIHOL]DOUHVSHFWR"6HJ~Q-DQH HVWDEDVFDVLORFRGHPLHGRHOSULPHUGtDTXHWHRFXUULyDQWHVGHTXH WXYLHUDVQLQJXQDIRUPDGHVDEHUTXHODFLHQFLDLEDDLJQRUDUWH\TXH WXVVXSHULRUHVLEDQDPRVWUDUVHWDQSRFRFRRSHUDWLYRV ³(VRHVFLHUWR³PXUPXUy-DQH

³¢3RUTXpWHRFXUULyHVR"³FRQWLQXy6DUOH³/RTXHWHQtDV HQWUHODVPDQRVHUDXQQXHYRJUDQGH\PDUDYLOORVRSRGHUXQDUH SHQWLQDOLEHUDFLyQGHOKRUULEOHHPSXMHGHODJUDYHGDG ³2KQRGLJDVWRQWHUtDV³PXUPXUy5RJHU³)XHKRUULEOH 1RSRGtDFRPSUHQGHUOR<VLJRVLQSRGHU

³([DFWRPXFKDFKR(UDDOJRTXHQRSRGtDVFRPSUHQGHU\HQ FRQVHFXHQFLDDOJRKRUULEOH(UHVXQItVLFR6DEHVTXpHVORTXHKDFH IXQFLRQDUDOXQLYHUVR2VLQRORVDEHVVDEHVTXHKD\RWURVTXHVtOR VDEHQ$XQTXHQDGLHFRPSUHQGDXQGHWHUPLQDGRSXQWRVDEHVTXH DOJ~QGtDDOJXLHQORFRPSUHQGHUi/DSDODEUDFODYHHVFRPSUHQGHU )RUPDSDUWHGHWXYLGD$KRUDWHHQFXHQWUDVIUHQWHDIUHQWHFRQXQ IHQyPHQRTXHFRQVLGHUDVTXHYLRODXQDGHODVOH\HVEiVLFDVGHOXQL YHUVR/RVFLHQWtILFRVGLFHQGRVPDVDVVHDWUDHQPXWXDPHQWHVHJ~Q XQDUHJODPDWHPiWLFDSUHHVWDEOHFLGD(VXQDSURSLHGDGLQDOLHQDEOH


GHODPDWHULD\GHOHVSDFLR1RKD\H[FHSFLRQHV< DKRUDW~HUHVXQD H[FHSFLyQ ³<FyPR³DFRWy5RJHUVRPEUtDPHQWH

³¢1RORHQWLHQGHV5RJHU"³SURVLJXLy6DUOH³3RUSULPHUDYH] HQODKLVWRULDODKXPDQLGDGSRVHHUHDOPHQWHORTXHFRQVLGHUDOH\HV LQTXHEUDQWDEOHV5HSLWRLQTXHEUDQWDEOHV(QODVFXOWXUDVSULPLWLYDV XQKHFKLFHURSRGtDXWLOL]DUXQHQFDQWDPLHQWRSDUDSURGXFLUOOXYLD6L QRIXQFLRQDEDHVRQRWUDVWRUQDEDODYDOLGH]GHODPDJLD6LPSOH PHQWHVLJQLILFDEDTXHHOFKDPiQKDEtDROYLGDGRDOJXQDSDUWHGHO HQFDQWDPLHQWRRKDEtDURWRXQWDE~RKDEtDRIHQGLGRDXQGLRV(Q ODVPRGHUQDVFXOWXUDVWHRFUiWLFDVORVPDQGDPLHQWRVGHODGHLGDGVRQ LQTXHEUDQWDEOHV6LQHPEDUJRVLXQKRPEUHTXHEUDQWDORVPDQGD PLHQWRV\SHVHDHOORSURVSHUDHVRQRVLJQLILFDTXHHVDUHOLJLyQHQ SDUWLFXODUQRVHDYiOLGD/RVFDPLQRVGHODSURYLGHQFLDVRQDGPLWLGRV FRPRPLVWHULRVRV\WRGRHOPXQGRVDEHTXHHQDOJ~QOXJDUOHDJXDU GDDOFXOSDEOHXQLQYLVLEOHFDVWLJR ´+R\VLQHPEDUJRH[LVWHQ,F\HVTXHUHDOPHQWHQRSXHGHQVHU TXHEUDQWDGDV\XQDGHHOODVHVODOH\GHODJUDYHGDG)XQFLRQD LQFOXVRFXDQGRHOKRPEUHTXHODLQYRFDKDROYLGDGRPXUPXUDUORGH HVWRPiVHVRPiVHVRRWURLJXDODDTXHOORGHPiVDOOiDOFXDGUDGR 5RJHUFRQVLJXLyHVER]DUXQDWRUFLGDVRQULVD

³(VWiVFRPSOHWDPHQWHHTXLYRFDGR-LUQ/DVOH\HVLQTXHEUDQWD EOHVKDQVLGRTXHEUDQWDGDVFRQVWDQWHPHQWHXQD\RWUDYH]/DUD GLDFWLYLGDGHUDDOJRLPSRVLEOHFXDQGRIXHGHVFXELHUWD/DHQHUJtD VXUJLyGHODQDGDFDQWLGDGHVLQFUHtEOHVGHHOOD(UDDOJRWDQULGtFXOR FRPRODOHYLWDFLyQ ³/DUDGLDFWLYLGDGHUDXQIHQyPHQRREMHWLYRTXHSRGtDVHUWUDQV PLWLGR\UHSURGXFLGR(OXUDQLRYHODEDODSHOtFXODIRWRJUiILFDSDUD WRGRHOPXQGR8QWXERGH&URRNHVSRGtDVHUFRQVWUXLGRSRUFXDO TXLHUD\SURGXFtDXQIOXMRGHHOHFWURQHVGHLGpQWLFDVFDUDFWHUtVWLFDV SDUDWRGRHOPXQGR7~ ³<RKHLQWHQWDGRWUDQVPLWLU

³/RVp3HUR¢SXHGHVGHFLUPHSRUHMHPSORFyPRSXHGR\ROH YLWDU" ³3RUVXSXHVWRTXHQR

³(VROLPLWDDORVGHPiV~QLFDPHQWHDODREVHUYDFLyQVLQUHSUR GXFFLyQH[SHULPHQWDO<VLW~DWXOHYLWDFLyQHQHOPLVPRSODQRTXHD HYROXFLyQHVWHODUDOJRDFHUFDGHORFXDOFDEHWHRUL]DUSHURFRQOR TXHQXQFDVHSRGUiH[SHULPHQWDU


³6LQHPEDUJRKD\FLHQWtILFRVGLVSXHVWRVDGHGLFDUVXVYLGDVDOD DVWURItVLFD

³/RVFLHQWtILFRVVRQJHQWH1RSXHGHQDOFDQ]DUODVHVWUHOODVDVt TXHVHDSUR[LPDQORPiVTXHSXHGHQ3HURVtSXHGHQDOFDQ]DUWHDWL \VHULQFDSDFHVGHWRFDUWXOHYLWDFLyQHVDOJRTXHORVSRQGUiIXULRVRV ³-LPQLVLTXLHUDORKDLQWHQWDGR+DEODVFRPRVL\RKXELHUD VLGRHVWXGLDGRSHURORFLHUWRHVTXHQLVLTXLHUDKDQWRPDGRHQ FRQVLGHUDFLyQHOSUREOHPD

³1RWLHQHQSRUTXpKDFHUOR7XOHYLWDFLyQIRUPDSDUWHGHXQWLSR GHIHQyPHQRVTXHQXQFDVRQWRPDGRVHQFRQVLGHUDFLyQ/DWHOHSD WtDODFODULYLGHQFLDODSUHVFLHQFLD\XQPLOODUGHRWURVSRGHUHVH[WUD QDWXUDOHVQXQFDKDQVLGRLQYHVWLJDGRVFRQVHULHGDGQLVLTXLHUD FXDQGRKDQVLGRGHVFULWRVFRQWRGDVODVDSDULHQFLDVGHFUHGLELOLGDG /RVH[SHULPHQWRVGH5KLQHVREUHODSHUFHSFLyQH[WUDVHQVRULDOKDQ LUULWDGRDXQQ~PHURPD\RUGHFLHQ~ILFRVTXHORVTXHSXHGDQKD EHUVHVHQWLGRLQWULJDGRV$VtTXHHQWLpQGHORQRQHFHVLWDQHVWXGLDUWH SDUDVDEHUTXHQRGHVHDQHVWXGLDUWH/RVDEHQSRUDQWLFLSDGR ³¢<HVRWHSDUHFHGLYHUWLGR-LP"&LHQEILFRVQHJiQGRVHDLQYHV WLJDUKHFKRVGiQGROHODHVSDOGDDODYHUGDG<W~WHOLPLWDVDTXH GDUWHDKtVHQWDGRVRQULHQWH\KDFLHQGRDOHJUHVDILUPDFLRQHV

³1R5RJHUVpTXHWRGRHVWRHVVHULR<QRSUHWHQGRMXVWLILFDUD ODKXPDQLGDGGHYHUDV(VWR\RIUHFLpQGRWHPLVSHQVDPLHQWRVXQD RSLQLyQ¢$FDVRQRWHGDVFXHQWD"/RTXHLQWHQWRHQUHDOLGDGHVYHU ODVFRVDVWDOFRPRVRQ(VRHVORTXHWHQGUtDVTXHKDFHUW~2OYLGDWXV LGHDOHVWXVWHRUtDVDFHUFDGHFyPRGHEHUtDDFWXDUODJHQWH&RQVLGHUD ORTXHHVWiVKDFLHQGR<WUDWDGHDFHSWDUORFRPRXQDFRQGLFLyQGH ODYLGDFRQODTXHWLHQHVTXHYLYLU $XQTXHQRYD\DDVHUIiFLO ³¢&yPRFUHHVTXHSXHGRYLYLUFRQHOOR"

-DPHV6DUOHYDFLyODSLSD\VHODJXDUGy ³¢4XLHUHVVDEHUPLRSLQLyQ"

)PQHFHaUHYLaUaQaUWLUUOHaW3PPWR(OILQDOUHYLVDGRDSDUWLUGH ³³Ua  U³a ³ ³³ U³  ³7HHVFXFKR





³(QWXHVWDGRGHiQLPRDFWXDOQRSXHGHVVHJXLUWUDEDMDQGR FRPRFLHQWtILFR7LHQHVTXHYLYLUGHWDOPRGRTXHWXOHYLWDFLyQSXHGD VHUDFHSWDGDSRUORVGHPiVFRPRXQDHVSHFLHGHKHFKRHVWDEOHFLGR ¢1RORFUHHVDVt"


³(VRVHUtDXQDOLYLR

³(QWDOFDVRWHVXJLHURDOJR&RQR]FRDXQKRPEUHOODPDGR :LOOLDP0DJRXQ&UHRTXHSXHGRFRQYHQFHUOHSDUDTXHWHD\XGH(V XQDHVSHFLHGHSURGXFWRUWHDWUDO(VSURSLHWDULRGHO´%ODFN0DVNµ XQDHVSHFLHGHFOXEQRFWXUQR2pVDHVDOPHQRVODGHVFULSFLyQPiV FHUFDQDDODUHDOLGDG ³¢4XpGHPRQLRVPHHVWiVVXJLULHQGR"

³¢1RWHSDUHFHHYLGHQWH"¢3RUTXpQRDFWXDUHQXQHVFHQDQR" ¢3RUTXpQRFRQVLGHUDUWHXQPDJR" 6DUOHFRJOyHODEULJR\VHPFRUSRUy 5RJHUH[FODPy ³£8QPDJR

³7UDMHFRQPLJRODWDUMHWDGH0DJRXQSRUVLDFDVR7yPDOD ¢TXLHUHV"<5RJHUWLHQHVXQDVSHFWRWHUULEOH¢&XiQGRIXHOD~OWLPD YH]TXHSDVDVWHXQDEXHQDQRFKHGHVXHxR" 5RJHUPXUPXUyDOJRYDJR

³¢4XLHUHVTXHWHUHFHWHStOGRUDVSDUDGRUPLU" 5RJHUVHOHYDQWy

³1RQRODVQHFHVLWR$~QPHTXHGDQDOJXQDVTXHPHGLRXQ PLHPEURGHOD(VFXHODGH0HGLFLQD£0DJR

³(VXQPRGRGHYLGDUHVSHWDEOH³GLMR6DUOHGLULJLpQGRVHKDFLD ODSXHUWD -DQHHVWUHFKyODPDQRGH6DUOH\OHGLMRVXDYHPHQWH ³*UDFLDV-LP*UDFLDVSRUKDEHUKDEODGRFRQpO

³1RWHSUHRFXSHV-DQH³GLMR6DUOHDSUHWiQGROHORVGHGRV ³¢-LP"³OODPy5RJHU ³¢6t"

³¢&yPRHVTXHPLOHYLWDFLyQQRWHKDLQTXLHWDGR"

³<RQRVR\XQFLHQWtILFRIIVLFR5RJHU³FRQWHVWy6DUOHVRQ ULHQGR³0HWHPRTXHHQPLSURIHVLyQQRWHQHPRVUHJODV2DO PHQRVFDGDSHTXHxDHVFXHODGHSVLTXLDWUtDWLHQHVXVSURSLDVUHJODV


TXHVRQDVXYH]H[FOX\HQWHVFRQUHVSHFWRDODVGHPiVORTXHYLHQHD VHUORPLVPR'HPRGRTXH¢TXpVLJQLILFDXQDOH\TXHEUDQWDGD"(V ORPLVPR ³¢<ELHQ"

³1RFUHRTXHDVLVWDDQLQJXQDGHWXVDFWXDFLRQHVHQHO´%ODFN 0DVNµVLHVTXH0DJRXQGHFLGHDFHSWDUWH1RWHLPSRUWDUi¢YHU GDG" ³1R³FRQWHVWy5RJHUVRPEUtDPHQWH³QRPHLPSRUWDUi 6DUOHVHPDUFKy\5RJHU\-DQHVHTXHGDURQVRORV

³¢4XpSLHQVDVGHWRGRHVWR-DQH"³SUHJXQWy5RJHU ³1RORVp³FRQWHVWyHOODVLQDEDQGRQDUVXDSDWtD ³£&RQYHUWLUPHHQXQPDJR

³¢<TXpLPSRUWDHVR"³GLMRHOODVDOLHQGREUXVFDPHQWHGHODKD ELWDFLyQ

5RJHUODVLJXLyFRQODPLUDGD\GHVSXpVFRQWHPSOyOHQWDPHQWHOD WDUMHWDTXH6DUOHOHKDEtDHQWUHJDGR  ³£$KRUD





³¢7DO\FRPRYDYHVWLGRFRQHVDVURSDV" ³'HVGHOXHJR

³%XHQRHVRPHLQWULJD7LHQHXVWHGTXHVHUXQDILFLRQDGR/RV PDJRVTXH\RFRQR]FRVHUtDQLQFDSDFHVGHFRUWDUXQDEDUDMDHQWUDMH GHFDOOH6HVHQWLUtDQGHVQXGRV¢&RPSUHQGHORTXHTXLHURGHFLU" ³1RKHLPDJLQDGRQLQJ~QWUDMHHVSHFLDOTXHSRQHUPH³GLMR 5RJHU

³¢1R"%XHQRTXL]iGHEHUtDKDEHUHPSH]DGRSRUDKt/DJHQWH HPSLH]DDFDQVDUVHGHWRGRORTXHVHLQYHQWDQORVPDJRV3XHGHTXH KD\DDOJRGHRULJLQDOHQYHUDXQWLSRYHVWLGRFRQXQVXPSOHWUDMH KDFLHQGRVXVWULTXLxXHODV6HUtDXQDHVSHFLHGHQRYHGDG¢FRP SUHQGH"(VWiELHQYD\DPRVDOHVFHQDULR\\RPHVHQWDUpHQWUHODV PHVDVGHODVDOD¢'yQGHHVWiQVXVDUWLOXJLRVGHDSR\R" ³<RPLVPRPHRFXSDUpGHHOORV³PXUPXUy5RJHU

6DOLHURQDODVDODYDFtDGHOFOXEQRFWXUQRHQVHPLSHQXPEUDVD


FDXVDGHODVSHVDGDVFRUWLQDVTXHFXEUtDQODVYHQWDQDV0DJRXQ DSUHWyXQLQWHUUXSWRUTXHDUURMyOX]VREUHHOHVFHQDULR

³$GHODQWH³GLMRUHWURFHGLHQGRKDFLDOD]RQDGRQGHHVWDEDQ VLWXDGDVODVPHVDV³1RWLHQHTXHSUHRFXSDUVHSRUORVSUHiPEXORVR ODMHUJDSXEOLFLWDULD'HPXpVWUHPHVLPSOHPHQWHFyPRIORWDXVWHG ¢FRPSUHQGH"+iJDORFRPRVLDFDEDUDQGHVRQDUORVWDPERUHVDQXQ FLiQGROH (QXQRGHORVH[WUHPRVGHODVDODXQFDPDUHURVHDSR\yLQWHUH VDGRVREUHODHVFREDTXHKDEtDHVWDGRPDQHMDQGR

5RJHUPLUyDVXDOUHGHGRUVLQWLpQGRVHFRQIXQGLGR([SHUL PHQWyXQDKRUULEOHSHURPRPHQWiQHDVHQVDFLyQGHLQFDSDFLGDG $KRUDTXHSRUSULPHUDYH]GHVHDEDIORWDUSDUHFtDKDEHUVHROYL GDGRGHFyPRKDFHUOR$OOtHVWDED0DJRXQKDFLpQGROHJHVWRVGH DVHQWLPLHQWRFRQODFDEH]DURGHDQGRFRQORVODELRVHOJUXHVRSXUR TXHHVWDEDHQFHQGLHQGR$OOtHVWDEDWDPELpQDTXHOFDPDUHURRE VHUYiQGROHDWHQWDPHQWH<DOOtHVWDEDWDPELpQDTXHOHQRUPHYDiR GHVGHHOTXHDOJXQDQRFKHFLHQWRVGHRMRVSRGUtDQHVWDUPLUiQ GROH <SHQVySDUDVtPLVPR´$UULEDPXFKDFKRµ <VHHOHYy

)ORWyKDFLDHOWHFKRSHUPDQHFLHQGRDPHGLDDOWXUD(VFXFKyHO JULWRURQFRGH0DJRXQ\YLRDOFDPDUHURVDOLUSUHFLSLWDGDPHQWHSRU ODSXHUWDPiVFHUFDQD 5RJHUGHVFULELyXQDYXHOWDGHFDPSDQDHQHODLUH\GHVSXpVGHV FHQGLyVREUHHOHVFHQDULR 0DJRXQ\DHVWDEDMXQWRDpOHQFXDQWRWRFyHOVXHOR

³6HQVDFLRQDO7RRPH\WHUURUtILFR(VXQDLOXVLyQPDUDYLOORVD ¢&yPRGLDEORVORKDFH" ³%XHQR(VXQVHFUHWRSURIHVLRQDO\DVDEH

aKFODURFODUR/HUXHJRPHGLVFXOSH'HEHQ DKDEpUPHOR LPDJLQDGRDQWHVGHSUHJXQWiUVHORSHURORTXHXVWHGKDKHFKRPHKD LPSUHVLRQDGRGHYHUDV¢VDEH"(VFXFKHTXHGDXVWHGFRQWUDWDGR &RQORTXHDFDERGHYHUQRQHFHVLWDXVWHGKDFHUQDGDPiV/RVYDD GHMDUDWRGRVLPSUHVLRQDGRV ³¢&XiQWR"³SUHJXQWy5RJHU

³%XHQR³0DJRXQGLULJLyXQRMRKDFLDHOWHFKR³&LQFXHQWD VHPDQDOHV


³&LHQWRFLQFXHQWD³GLMR5RJHU

³¢4Xp"¢3RUXQDDFWXDFLyQQXHYD"

³8VWHGQXQFDKDYLVWRQDGDSDUHFLGR¢YHUGDG"

³(VWiELHQ³DGPLWLy0DJRXQ³GHMDUpTXHVHVDOJDFRQODVX\D WHQLHQGRHQFXHQWDTXHYLHQHUHFRPHQGDGR SRUHOGRFWRU'RVUHSUH VHQWDFLRQHVFDGDQRFKHH[FHSWRHOGRPLQJR<HOFRPSURPLVRHV VyORSRUXQDVHPDQDKDVWDTXHYHDPRVFyPRPDUFKDWRGRFRQORV FOLHQWHV9HDPRVSXHGHXVWHGHPSH]DUHOOXQHV\\RPHHQFDU JDUpGHKDFHUDOJRGHSXEOLFLGDGSRUDGHODQWDGR/HSUHVHQWDUpFRPR HO*UDQ)ORWLQR¢4XpOHSDUHFH" ³0HSDUHFHELHQ³GLMR5RJHU

-DPHV6DUOHHQWUyVHGHVDEURFKyHODEULJR\GLMRHQYR]EDMD ³7LHQHVPHMRUDVSHFWR-DQH¢&yPRHVWi5RJHU"

/DYR]GH5RJHUVRQyDQWHVGHTXH-DQHSXGLHUDUHVSRQGHU ³(VWR\DTXt-LP1RYDOHODSHQDTXHVXVXUUHV

³¢(VWDEDVXVXUUDQGR"³SUHJXQWy6DUOHDOHJUHPHQWH6HVDFyOD SLSDGHOEROVLOORGHODEULJRDQWHVGHHQWUHJiUVHORD-DQH³¢4XpKD\ GHQXHYR" 5RJHUSHUPDQHFLyHQHOVLOOyQGRQGHVHKDOODEDVHQWDGR ³+R\PLVPRDFDERGHHQYLDUPLGLPLVLyQDODIDFXOWDG

³¢'HYHUDV"³6DUOHVHGLULJLyKDFLDHOVRIi\VHVHQWyIUHQWHDO RWUR³+HOODPDGRD0DJRXQ0HKDGLFKRTXHHUHVXQp[LWRIXOPL QDQWH ³6t³GLMR5RJHUVRPEUtDPHQWH³6yORKHDFWXDGRXQDVSRFDV YHFHVSHURDOSDUHFHUYR\FDPLQRGHOHVWUHOODWR ³(OGLFHTXHYDOHVORTXHWHSDJD

³0X\DPDEOHSRUVXSDUWH0HSDJDPiVGHORTXHJDQDEDHQOD IDFXOWDG ³(QVHULR¢FyPRWHVDOH" 5RJHUVHDJLWyLQTXLHWR

³¢1RSXHGHVVXSRQpUWHOR")ORWRHQHODLUHGHODQWHGHXQSXxDGR


GHLGLRWDVOHVRLJRJULWDUGHVFLHQGRPHLQFOLQRGHODQWHGHHOORV\ FREURPLSDJD+R\KHSDVDGRSRUHQFLPDGHXQDPHVDGRQGHVH KDEtDQUHXQLGRYDULRVGHILHVWD\KHSHUPDQHFLGRDOOLVXVSHQGLGRXQ UDWR8QDGHODVPXMHUHVHPSH]yDJULWDU´2KYHRORVKLORVORV YHRµ(OKRPEUHTXHODDFRPSDxDEDVHVXELyDODPHVDHKL]RRVFLODU XQSHULyGLFRSRUHOHVSDFLRVREUHPLFDEH]D2WURWLSRVDOWySDUD FRJHUPHSRUODVSLHUQDV<RPHOLPLWpDHOHYDUPHXQSRFR&RQGH QDGRVHVW~SLGRV ³(VRGHPXHVWUD TXHHVWiQLQWHUHVDGRV$TXt-DQHVLpQWDWH

-DQHVRQULF\VHVHQWy+DEtDWUDtGREHELGDV5RJHUDFHSWyOD VX\DPDOKXPRUDGDPHQWH\VHODEHELyGHXQWUDJR ³+DQDFXGLGRPXFKRVGHORVHVWXGLDQWHVGHODIDFXOWDG³GLMR³ $OSDUHFHUVLSLHQVDQTXHVyORVH WUDWDGHXQDDFWXDFLyQGLVIUXWDQ FRQHOOR¢QRUHVXOWDFyPLFR" ³1R³GLMR6DUOH³HQUHDOLGDGQRORHV3XHGHTXHWRGRHVWR VHDDOJREXHQR8QDYH]TXHKD\DVHVWDEOHFLGRWXUHSXWDFLyQFRPR PDJRHVSRVLEOHTXHORJUHVUHJUHVDUDODYLGDDFDGpPLFD

³¢<IORWDUGHYH]HQFXDQGRSRUDKLHK"(OHYDUPHKDFLDHOWHFKR GXUDQWHXQDUHXQLyQHQODIDFXOWDGRPLHQWUDVOHRXQDGLVHUWDFLyQ

³4XL]iQR8QDYH]TXHWHKD\DVROYLGDGRGHHVWDFDUJDGHOD OHYLWDFLyQSXHGHTXHWHLPSRUWXQHPHQRVHLQFOXVRHVSRVLEOHTXHOD FRQWUROHVPHMRU ³¢/RFUHHVGHYHUDV"³SUHJXQWy5RJHUPLUiQGROHLQTXLVLWLYD PHQWH ³/RFRQVLGHURFRPRXQDIXHUWHSRVLELOLGDG

³6LFUH\HUDTXHH[LVWHXQDSRVLELKGDGGHTXHHVRVHDDVt %XHQRVLSXGLHUDHVWDUVHJXURGHTXHQRPHHOHYRHQHODLUHHQORV PRPHQWRVPiVLQFRQYHQLHQWHVPHVHQWLUtDPX\DOLYLDGR<RPLVPR SRGUtDDERUGDUHQWRQFHVHOSUREOHPDVLQD\XGDGHQDGLH ³(KHK³GLMR6DUOHDQLPRVDPHQWH ³6yORVLPHGHMDUDQVROR

³¢<SRUTXpQRLEDQDGHMDUWHVROR"

³6t+D\TXHPDQWHQHUHVWRGXUDQWHXQDxRRDVtDFWXDUHQRWUDV FLXGDGHVFXDQGR\DVHKD\DQKDUWDGRGHO´%ODFN0DVNµ<GHVSXpV HQIUHQWDUPHFRQHOYHUGDGHURSUREOHPD,QFOXVRSDUDHQWRQFHV\D KDEUpSRGLGRDKRUUDUXQSRFRGHGLQHUR\¢TXLpQVDEH"³6HHFKyD UHtUOLJHUDPHQWH\DxDGLy³+DVWDSXHGHTXHOOHJXHDJXVWDUPHHO PXQGRGHOHVSHFWiFXOR


-XJXHWHyFRQHOYDVRYDFtRGHOFyFWHO\SHUPDQHFLyVHQWDGRDOK VXPLGRHQVXVSHQVDPLHQWRV

6DUOHVHYROYLyKDFLD-DQH\OHVRQULy0DQWHQLHQGRODPDQRL] TXLHUGDFHUFDGHVXSURSLRFXHUSR6DUOHXQLyORVGHGRVJRUGR\ DQXODUIRUPDQGRXQFtUFXOR\GHMDQGRH[WHQGLGRVORVGHPiV-DQHQR OHYLR(VWDEDPLUDQGRILMDPHQWHD5RJHUFRQXQDH[SUHVLyQWHQVD\ QDGDIHOL] ³5RJHU³GLMRHOOD ³¢4Xp"

³3RUIDYRU(VWiVKDFLpQGRORRWUDYH]

5RJHUDVRPEUDGRPLUyKDFLDDEDMR6XFXHUSRHVWDEDDXQRV TXLQFHFHQEPHWURVSRUHQFLPDGHOPXOOLGRDVLHQWRGHOVLOOyQ ³/RVLHQWR³GLMRGHVFHQGLHQGR³(QFXDQWRPHGLVWUDLJR YXHOYHDVXFHGHU ³/RVp³GLMR-DQHVRPEUtDPHQWH³/RVp

5RJHUUHFLELyHOSULPHUVREUHGHVXSDJDHQHOGHVSDFKRGH0D JRXQTXLHQWUDWyGHPRVWUDUVHFRUGLDO\ORJUyQRSDUHFHULQFyPRGR

³+DVLGRXQDEXHQDVHPDQDVHxRU7RRPH\³OHGLMR³\OHKH LQFOXLGRXQSHTXHxRH[WUDHQHOVREUH(QFRQWUDUiGRVFLHQWRVFXDQGR ORDEUD ³*UDFLDV³GLMR5RJHU

³1RVHSUHRFXSH³0DJRXQOHSDOPHyODHVSDOGD³3XHGHXWLOL ]DUPHFRPRUHIHUHQFLD\OHSURSRUFLRQDUpHOQRPEUHGHXQDJHQWH GHFRQILDQ]DVLHVTXHGHVHDXQR 5RJHUOHPLUyVRUSUHQGLGR

³¢4XpVLJQLILFDHVR"¢4XH\DKHWHUPLQDGRDTXt"

0DJRXQVDFyXQSXURGH ODFDMD\VHORTXHGyPLUDQGR

³(OFRPSURPLVRIXHVyORSRUXQDVHPDQDFRPRXVWHGUHFRU GDUi

³0DOGLWDVHDXVWHGGLMRXQDVHPDQDHQHOVHQWLGRGHYHUFyPR PHODVDUUHJODEDFRQHOS~EOLFR

³6tVtHQHIHFWR(OHVSHFWiFXORHVEXHQRSHURQRWLHQHODJDUUD


VXILFLHQWH¢FRPSUHQGHORTXHTXLHURGHFLU"8VWHGIORWDSHURHVRHV WRGR8VWHGQREDLODQRRIUHFHXQHVSHFWiFXORGHYDULHGDGHV1L VLTXLHUDWLHQHXQD\XGDQWH$OJXLHQTXHUHDOFHODDFWXDFLyQ6LORV KRPEUHVVHFDQVDQGHODPDJLDOHVJXVWDFRQWHPSODUERQLWDVSLHUQDV ¢FRPSUHQGH" ³3HURXVWHGHVWiJDQDQGRGLQHUR(OFDMHURPHGLMRTXHpVWDKD VLGRODPHMRUVHPDQDTXHKDEtDFRQRFLGR 0DJRXQGHMyHOSXURVLQKDEHUORHQFHQGLGR

³0LUHVHxRU7RRPH\¢TXLHUHVDEHUODYHUGDG"3XHVYR\DGHiU VHOD1R VR\GHHVDFODVHGHWLSRVIDUVDQWHVGHODQWHGHORVGHPiV FRPSUHQGH"0LUHKHHVWDGRREVHUYDQGRVXDFWXDFLyQ1RVR\QLQ J~QWRQWR7HQJRPLH[SHULHQFLD+HYLVWRDFWXDUDPiVPDJRVGHORV TXHXVWHGSRGUtDFRQWDU&RQR]FRWRGRVVXVWUXFRV6yORTXHXVWHGQR ORVXWLOL]D1RKD\WUDPSDQLFDUWyQHQORTXHKDFHXVWHG1ROHV LQGXFHDDSDUWDUODYLVWDGHXVWHGSDUDVXVWLWXLUUiSLGDPHQWHXQDUWLOX JLRSRURWUR1RVHVRVWLHQHGHKLORVFROJDGRVGHOWHFKR<WDPSRFR XWLOL]DHVSHMRV ´$OSULQFLSLRSHQVpTXHVHUtDKLSQRWLVPRDXQTXHQXQFDKHYLVWR XWLOL]DUHOKLSQRWLVPRGHODQWHGHWRGDXQDPXOWLWXGGHJHQWH(Q FXDOTXLHUFDVRPHVHQWpHQWUHHOS~EKFR\FHUUpORVRMRVHQFXDQWR DSDUHFLyXVWHG<HVSHUpKDVWDTXHHPSH]DURQDVRQDUORVJULWRVGH DVRPEUR\HQWRQFHVORVDEUt<DKtHVWDEDXVWHGFRQODFDEH]DDWUHV PHWURVSRUHQFLPDGHOHVFHQDULR1RSRGKDVHUKLSQRWLVPR+DEtD FHUUDGRORVRMRV ³'pMHPHDYHUVLOHHQWLHQGR³GLMR5RJHU³¢4XLHUHGHFLUTXH PHGHVSLGHSRUTXHFUHHTXHORTXHKDJRHVFLHUWRTXHSXHGRUHDO PHQWHYRODU"

³1RPHJXVWDGHFLUOHHVWR¢FRPSUHQGH"³GLMR0DJRXQH[WHQ GLHQGRODVPDQRVDELHUWDV³1RYR\DDGPLWLUVLFUHRRQRHQEUXMH UtDV6yORPHJXVWDUtDGHVSHGLUPHGHXVWHGGHXQDIRUPDDPDEOHVLQ UHVHQWLPLHQWRV ³(VSHUH6XSRQJDTXHSXHGRIORWDUGHYHUGDG¢4XpVXSRQHHVR SDUDXVWHG"

³%XHQRVLHVDVtORVFKHQWHVSXHGHQWHQHUODLGHDGHTXHWRGRHV GHPDVLDGRFLHUWR<HVRQROHVJXVWDUtD<DVDEHFyPRHVODJHQWH 6RQVXSHUVWLFLRVRV¢FRPSUHQGH"0XFKRVGHHOORVQRWLHQHQXQDHGX

   FDFLyQPX\EXHQD<HQFXDQWRPHQRVVHORHVSHUHKDEUtDDOJXLHQ JULWDQGR´(VHOGLDEORµRDOJXQDRWUDORFXUDSRUHOHVWLOR0LUH XVWHGQRFRQRFHHOQHJRFLRGHOHVSHFWiFXORFRPR\RQRWLHQHXVWHG QLODPiVOLJHUDLGHDGHFyPRSXHGHQVXFHGHUODVFRVDV1RSXHGR


DUULHVJDQPHDTXHVHSURGX]FDXQWXPXOWRVHxRU7RRPH\'HER SHQVDUHQPLUHSXWDFLyQ ³3HURVHHTXLYRFDVHxRU0DJRXQ$OS~EOLFROHJXVWDTXHOHHQ JDQHQ

³4XL]i3HUR~QLFDPHQWHPLHQWUDVVHSDQTXHVyORVHWUDWDGHXQ HQJDxR8QWLSRORJUDTXLWDUVHXQDVHVSRVDVPX\ELHQ7RGRHO PXQGRVDEHTXHVHODVKDDUUHJODGRSDUDRFXOWDUXQDOODYHHQODSDOPD GHODPDQRDXQTXHQRKD\DQSRGLGRYHUOD¢+DFHGHVDSDUHFHUDXQ D\XGDQWH"7RGRVVDEHQTXHKD\XQHVSHMRHQDOJXQDSDUWHGHOHVFH QDULRRXQERWyQIDOVRRDOJRSRUHOHVWLOR¢$OJXLHQFDSD]GHOHHUORV SHQVDPLHQWRVGHORVGHPiV"7RGRVVDEHQTXHHQWUHHOS~EOLFRKD\XQ FRPSPFKH

´3HURXVWHGVHxRU7RRPH\XVWHGHVGHPDVLDGR EXHQR<RKH YLVWRDXQDPXMHUIORWDUSRUHQFLPDGHXQGLYiQGXUDQWHDSUR[LPDGD PHQWHGLH]VHJXQGRV(VWiVRVWHQLGDGHVGHDUULEDFODUR1RSXHGH PRYHUVHQRSXHGHFDPELDUGHSRVLFLyQ3HURXVWHGIORWDSRUFXDO TXLHUSDUWH6HSRQHFDEH]DDEDMRHQHODLUH6HGHVOL]DSRUHQFLPDGH ODVPHVDV1RKD\IRQPDDOJXQDGHTXHKD\DWUDPSD/RTXHXVWHG KDFHHVYHUGDGHUR<DVtHVFRPRORSLHQVDHOS~EOLFR0LUHVHxRU 7RRPH\GtJDPHFyPRORKDFH\SRGUHPRVOOHJDUDXQDFXHUGR¢4Xp OHSDUHFH" 5RJHUJXDUGyVLOHQFLR

³(QWDOFDVRQRSRGHPRVKDFHUQDGD³GLMR0DJRXQ

³$XVWHGQROHSUHRFXSDQORVWXPXOWRV³GLMR5RJHU³1LQJ~Q SURGXFWRUHQVXVDQRMXLFLRGHVSUHFLDUtDXQDDFWXDFLyQFRPRODPtD FDSD]GHKDFHUOHJDQDUGLQHURVLPSOHPHQWHSRUTXHODFRQVLGHUDGH PDVLDGR EXHQD/RTXHVXFHGHHVTXHXVWHGPHWLHQHPLHGR0H WHPHSHUVRQDOPHQWH ³1RVHWUDWDGHPLHGR³UHSOLFy0DJRXQ³3HURHODVXQWRQR PHJXVWD0HKDFHVHQWLULQFyPRGR¢FRPSUHQGH" ³¢3RUTXp"

³3RUTXHQRHVFRUUHFWRVHxRU7RRPH\(VDOJRHQFRQWUDGHODV OH\HVGHODQDWXUDOH]D1RSXHGHVHUFRUUHFWR0LUHVHxRU7RRPH\ ¢KDRtGRKDEODUDOJXQDYH]GHODOH\GHODJUDYHGDG" 5RJHUVHLQFRUSRUy ³$GLyV

0DJRXQH[WHQGLyODPDQRKDFLDpO


³¢6LQUHVTXHPRUHV"

5RJHUVHPDUFKyVLQFRQWHVWDU

1RWRPyHOPHWUR VLQRTXHUHJUHVyDFDVDFDPLQDQGR(VWDEDKH FKRXQOtR1DGLHDIURQWDUtDODYHUGDG1DGLHVHUtDFDSD]GHFRQWHPSODU ORVKHFKRVFDUDDFDUD+DVWDXQPDJRGHEtDGHPRVWUDUTXHORTXHKDiD QRHUDPiVTXHXQHQJDxR6HSUHIHUtDODLOXVLyQHOFKDUODWDQLVPR (QFXDQWRDODYHUGDGKDEtDTXHRFXOWDUOD

/DVGRVKRUDVGHFDPLQDWDDSULPHUDVKRUDVGHODPDGUXJDGDQROH DSRUWDURQVROXFLyQDOJXQD6XELyHOWUDPRGHHVFDOHUDKDVWDVXDSDU WDPHQWRHQHOVHJXQGRSLVRVLQWLpQGRVHHQXQ HVWDGRGHDJRWD PLHQWR&HUUyODSXHUWDVXDYHPHQWHWUDVpO(OSHVWLOORQRVHFHUUyGHO WRGRSHURpOQRVHGLRFXHQWD 6HGHVQXGyVLQHQFHQGHUODVOXFHVSDUDQRGHVSHUWDUD-DQH(VWD OHKDEtDSUHSDUDGRODFDPDHQHOGLYiQH[WHQGLHQGRODVViEDQDV VREUHpO 'HSURQWRWRGROHSDUHFLyLQVRSRUWDEOH7HQtDTXHGHiUVHORD -DQH7HQtDTXHGHVSHUWDUOD\GHiUVHORDKRUDPLVPR7HQtDTXH GHiUVHORPDOGLWDVHDRVHGHUUXPEDUtD

6HGLULJLyOHQWDPHQWHKDFLDHOGRUUQLWRULR\H[WHQGLyODPDQR KDFLDODDOPRKDGDGRQGHGHEHUtDHVWDUVXUXELDFDEH]D3HURQROD HQFRQWUy ³-DQH³ODOODPyVXDYHPHQWH

<SHQVyFRQIXQGLGR´'HEHGHHVWDUHQHOFXDUWRGHEDxRµ

7DQWHySDUDHQFHQGHUODOiPSDUDGHODPHVLWDGHQRFKH\SDUSD GHyHQXQDKDELWDFLyQYDiD/DYROYLyDOODPDU\HQWRQFHVYLROD KRMDGHSDSHOVXMHWDDODDOPRKDGDFRQXQDOILOHU/DDUUDQFyGHXQ PDQRWD]R

(PSH]DEDGLFLHQGR´5RJHUµ1LQJXQDSDODEUDGHWHUQXUDVLP SOHUQHQWH´5RJHUµ/RVWUD]RVGHODHVFULWXUDHUDQDSUHVXUDGRVGHV EDUDWDGRVFDVLLQFRKHUHQWHV 5RJHUQRSXHGRVRSRUWDUOR\WHQJRTXHPDUFKDQPH6pTXH

QRHVFXOSDWX\DSHURQRSXHGRHYLWDUOR1RTXLVHPDUFKDQPH

PLHQWUDVODVFRVDVLEDQWDQPDO+DEUtDVLGRPX\PH]TXLQRSRUPL SDUWH3HURDKRUDKDVLQLFLDGRXQDQXHYDFDUUHUD\ORJUDUiVVDOLU


DGHODQWHVLQPt3RUIDYRU QRWUDWHVGHHQFRQWUDQPH\QRWH

SUHRFXSHVSRUPt6yORPHOOHYRPLVFRVDVSHUVRQDOHV\ODPLWDG GHOGLQHURTXHWHQtDPRVHQODFXHQWDFRP~Q$GLyV-DQH

5RJHUOH\yODQRWD\VXFRQWHQLGRIXHLPSUHJQDQGROHQWDPHQWHVX PHQWHDWXUGLGD'HMyFDHUODQRWD\SHQVy´0LQXHYDFDUUHUDµ< GHVSXpVHQYR]DOWDPHGLRKLVWpULFDJULWy ³£0LQXHYDFDUUHUD

0HGLRPDUHDGRVHGLQJLyKDFLDODFyPRGD'HVXSDUWHVXSHULRU WRPyODFDMDGRQGHJXDUGDEDVXVSHTXHxDVPLQXFLDVSHUVRQDOHVVXMH WDGRUHVGHFRUEDWDJHPHORVXQDYLHMDSOXPDODOODYHGHOFOXE3KL %HWD.DSSDTXH\DQRXWLOL]DED'HODFDMDVDFyHOIUDVFRGHVRPQt IHURTXHKDEtDLGRDFXPXODQGRDFDXVDGHODVUHFHWDVQRXWLK]DGDV TXHOHKDEtDHQWUHJDGRVXDPLJRGHOD(VFXHODGH0HGLFLQD(QVX PHQWHVLHPSUH KDEtDDOEHUJDGRXQFLHUWRSUHVHQWLPLHQWRGHTXHSR GUtDQHFHVLWDUODV 5HFRJLyGHOVXHORODQRWDGH-DQH\JDUDEDWHyXQDVSRFDVSDODEUDV HQODRWUDFDUDGHOSDSHOXWLOL]DQGRVXSOXPD6HSUHSDUyXQYDVRGH DJXDORGHMyVREUHODPHVLWDGHQRFKHVHVHQWyHQHOERUGHGHOD 



HOOWRaSDULOOHORa FDPD\YHUWLyPHGLDGRFHQDGHSDVWLOODVSDUDGRUPLUHQODSDOPDGHVX PDQR'HVSXpVYDFLyHQHOODWRGRHOWXER/HQWDSHQVDWLYDPHQWH VHODVIXHWUDJDQGRFRQDJXDWRPDQGRGRVFDGDYH] 6HWXP:VREUHODFDPD\VHFXEULyFRQODViEDQD&HUUyORVRMRV

/DFRQIXVLyQGHVXPHQWHIXHDSDJiQGRVH\ODSD]GHVFHQGLy OHQWDPHQWHVREUHpO/DOHYLWDFLyQ\DQRLPSRUWDED1DGDLPSRUWDED ([FHSWR HOVXHxR6yORHOVXHxR <VX~OWLPDOHQWD\HQVRQDGRUDVHQVDFLyQIXHTXHHVWDEDIOR WDQGR (VWDEDDOOLWXPEDGRHQIULiQGRVH

/DDSDULFLyQGHOULJRUPRUWLVFXDQGRQRVHSURGXFHGHXQPRGR XQLIRUPHSURSRUFLRQDXQDSVHXGRYLGDIDQWDVPDJyULFDDXQEUD]RR D XQDSLHUQDKDFLHQGRTXHVHWXHU]DQ )XHUDORTXHIXHVHTXHFRQWURODVHODOHYLWDFLyQHQHOFXHUSRGH 5RJHUORVSULPHURVHVSDVPRVGHLDPXHUWHORDWLHVDURQ\ORDFWL YDURQ


+DFLDHOPHGLRGtDXQDYHFLQDREVHUYyODVGRVERWHOODVGHOHFKH MXQWRDOD SXHUWDGHODSDUWDPHQWRGHORV7RRPH\/OHQDGHEXHQDV LQWHQFLRQHVLLDPyDODSXHUWD ³6HxRUD7RRPH\VHxRUD7RRPH\

/DSXHUWDFX\RSHVWLOORQRVHKDEtDFHUUDGRGHOWRGRJLUyKDFLDHO LQWHULRUEDMRODSUHVLyQGHVXVQXGLOORV /DPXMHUHQWUyHQHODSDUWDPHQWR\VHYLRURGHDGDGHXQVLOHQFLR RSUHVLYR ³¢6HxRUD7RRPH\"¢2FXUUHDOJR"

0HGLRDVXVWDGDDYDQ]yGHSXQWLOODVSRUHOVDOyQYDFtR\HFKyXQ YLVWD]RDOLQWHULRUGHOGRQPLWRULR

7RGRVXVHUVHFRQPRFLRQy\ODQ]yXQJULWRVDOYDMH(OFXHUSR UtJLGRGH5RJHUHVWDEDHYLGHQWHPHQWHPXHUWR\ODPXMHUQRHVSHUy PiVQLVHGHWXYRDPLUDUPiVDWHQWDPHQWHVLKDEtDDOJXQDRWUDFRVD TXHOODPDUDODDWHQFLyQ /RVGRVDJHQWHVGHSROLFtDYHVWLGRVGHSDLVDQRPLUDURQHODSDUWD PHQWRLPSDUFLDOPHQWH\GLULJLHURQDOFDGiYHUXQEUHYHYLVWD]RGH KDVWtR (OSROLFtD'RROH\UHFRJLyODQRWDTXHHVWDEDVREUHODPHVLWDGH QRFKH ³(VGHVXPXMHU³GLMRVRVWHQLpQGRODFDXWHORVDPHQWHSRUXQR GHORVERUGHV (OSROLiD+HUOLKDQODOH\ySRUHQFLPDGHOKRPEURGHVXFRP SDQHUR ³¢4XpRWUDFRVDSRGtDHVSHUDUVH"£3REUHILDPEUH

³/ODPDUpDOGRFWRU&XUOH\³GLMR'RROH\³6LQGXGDDOJXQDVH WUDWDGHVXLFLGLR

+HUOLKDQUHFRJLyFXLGDGRVDPHQWHHOIUDVFRYDFtRFRQODVSXQWDV GHGRVGHGRV ³6XSRQJRTXHVHWUDWDGHSDVWLOODVSDUDGRUPLU¢QR"³GLMR YROYLHQGRDGHMDUHOIUDVFR ³6HJXUR

'RROH\VDOLyDOVDOyQ


+HUOLKDQFRQWHPSOyHVSHFXODWLYDPHQWHORTXHTXHGDEDGH5RJHU 7RRPH\<HQWRQFHVPLUyPiVDWHQWDPHQWH ³(VRHVH[WUDxR³PXQPXUy

$SDUWyGHXQWLUyQODViEDQDTXHFROJDEDH[WUDxDPHQWH\FDVLVH FD\yGHHVSDOGDV ³£6DQWR'LRV³H[FODPy

4XLQFHFHQ~PHWURVGHHVSDFLRVHSDUDEDQHOFDGiYHUGHOFROFKyQ

+HUOLKDQSDVyODPDQRSRUGHEDMRGHOFXHUSRSHURDOOLQRKDEtD QDGDFDSD]GHVRVWHQHUOR8QLFDPHQWHHVSDFLR9ROYLyDH[WHQGHUOD PDQRWHPEORURVDPLUiQGRODILMDPHQWH 6DOYDMHPHQWHFRORFyODVPDQRVVREUHHOSHFKR\HODEGRPHQGHO PXHUWR\DSUHWyKDFLDDEDMR

$OJRFKDVTXHy6HHVFXFKyXQFUDFOLPSLR\QtWLGRPLQ~VFXOR SHURSHUIHFWDPHQWHDXGLEOH\HOFXHUSRGHVFHQGLyFRPRHOGHXQ SHVRPXHUWR<HOFROFKyQFUXMLySDUDGHPRVWUDUOR (OFKDVTXLGRKDEtDSURFHGLGRGHOLQWHULRUGHOFXHUSRFRPRVLVH KXELHUDH[WHQGLGRXQP~VFXORXQSRFRPiVGHORGHELGR +HUOLKDQUHWURFHGLy

/DYR]GH'RROH\TXHKDEODEDSRUWHOpIRQRJXDUGyVLOHQFLR\HO SROLFtDHQWUyHQHOGRQPLWRULR

³(OGRFWRU&XUOH\YHQGUiGHQWURGHPHGLDKRUD³GLMR³< HK0LNHHVWHWLSRKDHVFULWRDOJRHQODRWUDFDUDGHODQRWDGHVX HVSRVD(VFXFKD´$XQKRPEUHVHOHSXHGHJXLDUKDFLD`RVKHFKRV SHURQRVHOHSXHGHKDFHUFUHHUµ¢4XpWHSDUHFH" +HUOLKDQVHJXtDPLUDQGRILMDPHQWHHOFDGiYHU 'RROH\IUXQFLyHOFHxR ³¢2FXUUHDOJR"

+HUOLKDQVDFXGLyODFDEH]DFRQXQDH[SUHVLyQDWRQWDGD ³£1DGD£1DGDHQDEVROXWR &UHHQFLD 9HUVLyQSXEOLFDGD

(QHVaHFDVR\SXHVWRTXH HOUHODWRIXHHVFULWR\SXEOLFDGRFRPR


QRYHODFRUWDKD\HVSDFLRVXILFLHQWHSDUDLQFOXLUODVGRVYHUVLRQHV6LQ HPEDUJRQRKD\QHFHVLGDGGHSXEOLFDUODVFRPSOHWDVSXHVWRTXHODV GRVSULPHUDVWHUFHUDVSDUWHVVRQLGpQWLFDV

/DGLIHUHQFLDVXUJHSDVDGR\DODPLWDGGHOUHODWRHQSOHQDFRQYHU VDFLyQHQWUH5RJHU7RRPH\HOKRPEUHFDSD]GHOHYLWDU\-DPHV6DUOH HOSVLTXLDWUD(QPLYHUVLyQRULJLQDO6DUOHUHFRPLHQGDTXH7RRPH\ FRQVLGHUHODLGHDGHFRQYHUWLUVHHQPDJRFRPRXQDIRUPDGHUHFXSHUDU HOFRQWUROVREUHVXYLGD

,QLFLpPLUHYLVLyQDSDUWLUGHODVWHULVFRLQWURGXFLGRHQHVHSiUUDIR FDPELDQGRSRUFRPSOHWRORTXHVHJXtD$TXtSXHVHPSHaDQGRDSDUWLU GHGLFKRDVWHULVFRVHLQFOX\HHOILQDOGHODYHUVLyQTXHIXHSXEOLFDGD (QHOPRPHQWRHQTXHXQDSHUVRQDHVRULHQWDGDDHQIUHQWDUVHDORV KHFKRVDQWHVTXHDODVLOXVLRQHVORVSUREOHPDVWLHQGHQDGHVDSDUHFHU $OILQDOFDHQHQVXDXWpQWLFDSHUVSHFWLYD\VHYXHOYHQUHVROXEOHV 5RJHUVHDJLWyLQTXLHWR

³£&KiFKDUDVSVLTXLiWULFDV(VRHVFRPRSRQHUORVGHGRVHQODV VLHQHVGHXQKRPEUH\GHFLU´£7HQIH\HVWDUiVFXUDGRµ6LHOSREUH WLSRQRUHVXOWDFXUDGRHVVLPSOHPHQWHSRUTXHQRKDVDELGRDFXPXODU ODVXILFLHQWHIH(OKHFKLFHURQXQFDSLHUGH ^XL]iWHQJDVUD]yQSHURGpMDPHYHU¢FXiOHVWXSUREOHPD"

³1DGDGHFDWHFLVPRSRUIDYRU6DEHVPX\ELHQFXiOHVPLSUR EOHPD 

³/HYLWDV¢(VHVR"

³'LJDPRVTXHVt/DVLWXDFLyQHVpVDHQXQDSULPHUDDSUR[L PDFLyQ

³1RHUHVVHULR5RJHUSHURSUREDEOHPHQWHWHQJDVUD]yQ(VRHV WDQVyORXQDSULPHUDDSUR[LPDFLyQ'HVSXpVGHWRGRHUHVW~TXLHQ VHHVWiHQIUHQWDQGRDOSUREOHPD-DQHPHKDGLFKRTXHKDVHVWDGR H[SHULPHQWDQGR

³£([SHULPHQWDQGR%XHQ'LRV-LPQRHVWR\H[SHUXPHQWDQGR (VWR\GDQGRSDORVGHFLHJR3DUDH[SHULPHQWDUQHFHVLWRFHUHEURVGH SULPHUDFODVH\XQEXHQHTXLSR1HFHVLWRXQHTXLSRGHLQYHVWLJDFLyQ \QRORWHQJR ³(QWRQFHV¢FXiOHVWXSUREOHPD"6HJXQGDDSUR[LPDFLyQ

³<DHQWLHQGRORTXHSUHWHQGHV³GLMR5RJHU³0LSUREOHPDHV


FRQVHJXLUXQHTXLSRLQYHVWLJDGRU£3HURORKHLQWHQWDGR/RKHLQWHQ WDGRKDVWDTXHPHKHFDQVDGRGHLQWHQWDUOR ³¢&yPRORKDVLQWHQWDGR"

³+HHQYLDGRFDUWDV+HSHGLGR2K\DEDVWD-LP1RPH DSHWHFHSDVDUSRUHVDUXWLQDGHO´WLpQGHWHHQHOGLYiQµ6DEHVPX\ ELHQORTXHKHHVWDGRKDFLHQGR ³6pORTXHOHKDVGLFKRD ODJHQWH´7HQJRXQSUREOHPDD\~ GHQPHµ¢+DVLQWHQWDGRDOJXQDRWUDFRVD" ³0LUD-LPHVWR\WUDWDQGRFRQFLHQEILFRVDGXOWRV

³/RVp$VtTXHUD]RQDVTXHXQDSHWLFLyQGLUHFWDHVVXILFLHQWH 'HQXHaRQRLKDOODPRVFRQODVWHRUtDVDQWHORVKHFKRV7HKHH[SOL FDGR\DODVGLILFXOWDGHVLQKHUHQWHVDWXSHWLFLyQ&XDQGRDJLWDVHO SXOJDUHQXQDFDUUHWHUDHVWiVKDFLHQGRXQDSHWLFLyQGLUHFWDSHURGH WRGRVPRGRVODPD\RUSDUWHGHORVFRFKHVSDVDQGHODUJR(ODVXQWR HVTXHODSHWLFLyQGLUHFWDKDIUDFDVDGR$VtTXH¢FXiOHVWXSUR EOHPD"£7HUFHUDDSUR[LPDFLyQ ³¢(QFRQWUDURWURHQIRTXHDODVXQWRTXHQRIDOOH"¢(VHVRORTXH TXLHUHVGHFLUPH" ³(UHVW~TXLHQORKDGLFKR¢QR"

³(VDOJRTXH\DVpVLQQHFHVLGDGGHTXHW~PHORGLJDV

³¢'HYHUDV"(VWiVGLVSXHVWRDDEDQGRQDUODXQLYHUVLGDGGHMDU WXWUDEDMRUHQXQFLDUDODFLHQFLD¢&XiOHVWXFRQVLVWHQFLD5RJHU" ¢$EDQGRQDUXQSUREOHPDFXDQGRWXVSULPHURVHVIXHU]RVIDOODQ"

5HQGLUWHFXDQGRXQDWHRUtDVHPXHVWUDLQDGHFXDGDHQXQSULPHU PRPHQWR"/DPLVPDILORVRItDGHODFLHQFLDH[SHULPHQWDOTXHVHDSOLFD DORVREMHWRVLQDQLPDGRVSXHGHDSOLFDUVHWDPELpQDODJHQWH ³'HDFXHUGR¢4XpVXJLHUHVTXHLQWHQWH"¢6RERUQR"¢$PHQD ]DV"¢/iJULPDV" -DPHV6DUOHVHSXVRHQSLH

³¢'HYHUDVGHVHDVXQDVXJHUHQFLD" ³6tDGHODQWH

³+D]ORTXHWHGLMRHOGRFWRU0RUWRQ7yPDWHXQDVYDFDFLRQHV\ DOGLDEORFRQODOHYLWDFLyQ(VXQSUREOHPDSDUDHOIXWXUR'XHUPHHQ ODFDPD\IORWDRQRIORWHV¢FXiOHVODGLIHUHQFLD",JQRUDODOHYLWD FLyQUtHWHGHHOODRLQFOXVRGLVIUXWDFRQHOOD+D]ORTXHTXLHUDV


PHQRVSUHRFXSDUWHSRUHOODSRUTXHQRHVSUREOHPDWX\R$KtHVWiHO TXLGGHODFXHVWLyQ1RHVWXSUREOHPDLQPHGLDWR'HGLFDWXWLHPSRD FRQVLGHUDUFyPRKDFHUTXHORVFLHQKILFRVHVWXGLHQDOJRTXHQRGH VHDQHVWXGLDUeVHHVHOSUREOHPDLQPHGLDWR\SUHFLVDPHQWHDHVH SUREOHPDHVDOTXHQROHKDVGHGLFDGRQDGDGHWXWLHPSRKDVWDDKRUD 6DUOHVHGLULJLyDODUPDULRGHOYHVWtEXOR\WRPyVXDEULJR5RJHUOR DFRPSDxy7UDQVFXUULHURQXQRVPLQXWRVGHVLOHQFLR /XHJR5RJHUGLMRVLQDO]DUODYLVWD aXL]iWHQJDVUD]yQ-LP

³4XL]iODWHQJD,QWpQWDOR\OXHJROOiPDPH$GLyV5RJHU

5RJHU7RRPH\DEULyORVRMRV\SDUSDGHyDOEULOODQWHVROPDWXWLQR TXHHQWUDEDHQHOGRUPLWRULR/ODPy ³£-DQH¢'yQGHHVWiV"

³(QODFRFLQD³UHVSRQGLRODYR]GH-DQH³¢'yQGHFUHtDV" ³9HQ¢TXLHUHV" -DQHDFXGLy

³(OWRFLQRQRVHIQHVROR\DORVDEHV³SURWHVWy ³(VFXFKD¢KHIORWDGRHVWDQRFKH" ³1RORVp'RUPtD

³(UHVXQDJUDQD\XGD³6HOHYDQWyGHODFDPD\PHWLyORVSLHV HQODV]DSDWLOODV³6HDFRPRIXHUHFUHRTXHQRORKHKHFKR ³¢&UHHVKDEHUROYLGDGRFyPRKDFHUOR"

+DEtDXQDUHSHQWLQDHVSHUDQ]DHQVXYR]

³1RORKHROYLGDGR£0LUD³6HGHVOL]yKDFLDHOFRPHGRUVREUH XQFRMtQGHDLUH³6yORTXHWHQJRODVHQVDFLyQGHTXHQRKHIORWDGR &UHRTXHOOHYR\DWUHVQRFKHVDVt ³%LHQHVRHVHVWXSHQGR³GLMR-DQH+DEtDYXHOWRDODFRFLQD³ (VRHVORTXHKDFRQVHJXLGRXQPHVGHGHVFDQVR6LKXELHUDOODPDGR D-LPGHVGHXQSULQFLSLR ³2KSRUIDYRUQRYROYDPRVFRQHVR8QPHVGHGHVFDQVR WRQWHUtDV6HWUDWDVLPSOHPHQWHGHTXHHOGRPLQJRSDVDGRGHFLGtOR TXHWHQtDTXHKDFHU'HVGHHQWRQFHVHVWR\UHODMDGR(VRHVWRGR


³¢4XpHVORTXHYDVDKDFHU"

³&DGDSULPDYHUDHO1RUWKZHVWHUQ7HFKGDXQDVHULHGHVHPLQD ULRVVREUHWHPDVGHItVLFD$VLVWLUpDHOORV ³2XLHUHVGHFLU TXHYDVDLUD6HDWWOH ³3RUVXSXHVWR

³¢'HTXpWHPDVYDQDWUDWDU"

³¢<HVRTXpLUQSRUWD"6LPSOHPHQWHGHVHRYHUD/LQXV'HHULQJ ³3HURpVHHVXQRGHORVTXHWHOODPDURQORFR¢QR"

³/RKL]R³5RJHUDWDFyVXVKXHYRVUHYXHLWRV³3HURWDPELpQ HVHOPHMRUHQVXFDPSR

$ODUJyXQEUD]RKDFLDODVDO\VHDO]yXQRVFHQWtPHWURVGHODVLOOD DOKDFHUOR1RKL]RQLQJ~QFDVR ³&UHRTXHTXL]iSXHGDFRQYHQFHUOH³GLMR 

/RVVHPLQDULRVGHSULPDYHUDGHO1RUWKZHVWHP7HFKVHKDEtDQ FRQYHUWLGRHQXQDLQVWLWXFLyQFRQRFLGDDQLYHOQDFLRQDOGHVGHTXH /LQXV'HHULQJSDVDUDDIRUPDUSDUWHGHODIDFXOWDG(UDHOSUHVLGHQWH YSURSRUFLRQDEDDWRGRVORVDFWRVVXWRQRGLVWLQWLYReOSUHVHQWDEDD ORVRUDGRUHVFRQGXFtDORVFRORTXLRVKDFtDORVUHV~PHQHVGHODVVH VLRQHVGHODPDxDQD\GHODWDUGH\HUDHODOPDGHODMRYLDOLGDGHQOD FHQDGHFODXVXUDDOILQDOGHODVHPDQDGHWUDEDMR

5RJHU7RRPH\VDEtDWRGRHVRSRULQIRUPHVGHWHUFHURV$KRUD SRGtDREVHUYDUGLUHFWDPHQWHODIRUPDGHDFWXDUGHOSURIHVRU'HHULQJ eVWHHUDXQKRPEUH GHDOJRPHQRVTXHPHGLDQDHVWDWXUDWH]RVFXUD \XQDOXMXULDQWH\FDUDFWHUtVWLFDPDWDGHRQGXODGRFDEHOORFDVWDxR &XDQGRQRVHKDOODEDRFXSDGDHQDFWLYDFRQYHUVDFLyQVXERFD JUDQGH\GHODELRVILQRVH[KLEtDSHUSHWXDPHQWHHODVRPRGHXQD WUDYLHVDVRQULVD+DEODEDUiSLGDPHQWH\FRQIOXLGH]VLQDSR\DUVHHQ QRWDV\VLHPSUHSDUHFtDHIHFWXDUVXVFRPHQWDULRVGHVGHXQQLYHOGH VXSHULRULGDGTXHHUDDFHSWDGRGHPRGRDXWRPiWLFRSRUVXVR\HQWHV $OPHQRVDVtKDEtDQVLGRODVFRVDVHQODSULPHUDPDxDQDGHO VHPLQDULR)XHWDQVyORGXUDQWHODVHVLyQGHODWDUGHFXDQGRVXV R\HQWHVHPSH]DURQDREVHUYDUFLHUWDYDFLODFLyQHQVXVFRPHQWDULRV 0iVD~QKDEtDFLHUWDLQWUDQTXLOLGDGHQpOPLHQWUDVVHVHQWDEDHQHO HVWUDGRGXUDQWHODHQWUHJDGHODVQRWDVSUHYLVWDVDORVDVLVWHQWHV 2FDVLRQDOPHQWHPLUDEDGHIRUUQDIRUWXLWDKDFLDODSDUWHGHDWUiVGHO


DXGLWRULR

5RJHU7RRPH\VHQWDGRHQOD~OWLPDILODREVHUYDEDWHQVDPHQWH WRGRDTXHOOR6XWHPSRUDOGHVOL]DPLHQWRKDFLDODQRUPDOLGDGTXH KDEtDHPSH]DGRFXDQGRSHQVySRUSULPHUDYH]TXHKDEtDXQDIRUPD GHVDOLUVHGHWRGRDTXHOORHVWDEDFHGLHQGR

(QHO3XOOPDQKDVWD6HDWWOHQRKDEtDGRUPLGR+DEtDWHQLGR YLVLRQHVGHVtPLVPRIORWDQGRKDFLDDUULEDDOULWPRGHOWUDTXHWHRGH ODVUXHGDVRGHVOL]iQGRVHVXDYHPHQWHPiVDOOiGHODVFRUWLQDV\SRUHO SDVLOORRVLHQGRGHVSHUWDGRGHPRGRHPEDUD]RVRSRUORVJULWRV\ SURWHVWDVGHXQUHYLVRU'HPRGRTXHKDEtDDVHJXUDGRODVFRUWLQDV FRQLPSHUGLEOHVSHURQRKDEtDORJUDGRQDGDFRQHOORQRKDEtD FRQVHJXLGRQLQJXQDVHQVDFLyQGHVHJXULGDGQRKDEtDGRUPLGRH[ FHSWRXQDVFXDQWDVFDEH]DGDV 'XUDQWHHOGtDVHKDEtDDGRUPHFLGRYDULDVYHFHVHQVXDVLHQWR PLHQWUDVODVPRQWDxDVSDVDEDQUiSLGDPHQWHDORWURODGRGHODYHQWD QLOOD\KDEtDOOHJDGRD6HDWWOHSRUODWDUGHFRQWRUWtFROLVGRORUHQODV DUWLFXODFLRQHV\XQDVHQVDFLyQJHQHUDOGHGHVHVSHUDQ]D

+DEtDWRPDGRVXGHFLVLyQGHDFXGLUDOVHPLQDULRGHPDVLDGRWDUGH FRPRSDUDFRQVHJXLUXQDKDELWDFLyQLQGLYLGXDOHQORVGRUPLWRULRVGHO LQVWLWXWR&RPSDUWLUXQDKDELWDFLyQHUDSRUVXSXHVWRDOJRWRWDO PHQWHLQYLDEOH6HUHJLVWUyHQXQKRWHOGHOFHQWURGHODFLXGDGFHUUy ODSXHUWDFRQOODYHFHUUy\DVHJXUyWRGDVODVYHQWDQDVFRORFyVX FDPDFRQWUDODSDUHG\ODFyPRGDFRQWUDODSDUWHGHOLDFDPDTXH TXHGDEDDELHUWD\OXHJRGXUPLy

1RUHFRUGyKDEHUVRxDGR\FXDQGRGHVSHUWySRUODPDxDQDVH JXtDWHQGLGRHQWUHODVViEDQDV6HVLQWLyDOLYLDGR &XDQGROOHJyWHPSUDQRDO$XGLWRULRGH)tVLFDGHOFDPSXVGHO LQVWLWXWRHQFRQWUyFRPRHVSHUDEDXQDPSOLRVDOyQ\SRFDJHQWH /DVVHVLRQHVGHOVHPLQDULRVH FHOHEUDEDQWUDGLFLRQDOPHQWHXQDYH] LQLFLDGDVODVYDFDFLRQHVGH3DVFXD\ORVHVWXGLDQWHVQRVROtDQDVLVWLUD HOODV8QRVFLQFXHQWDItVLFRVVHVHQWDEDQHQXQDXGLWRULRGLVHxDGR SDUDDOEHUJDUDFXDWURFLHQWRVDSLUDGRVDORVGRVODGRVGHOSDVLOOR FHQWUDOMXQWRDOSRGLR 5RJHUVHVHQWyHQOD~OWLPDILODGRQGHQRSRGtDVHUYLVWRSRU QLQJ~QWUDQVH~QWHRFDVLRQDOTXHPLUDUDSRUODVDOWDV\HVWUHFKDVYHQ WDQDVFHQWUDOHVGHODVSXHUWDVGHODXGLWRULR\GRQGHORVGHPiVDVLV WHQWHVGHEHUtDQJLUDUODFDEH]DHQXQiQJXORGHFDVLFLHQWRRFKHQWD JUDGRVSDUDPLUDUOH ([FHSWRSRUVXSXHVWRHOFRQIHUHQFLDQWHHQLODSODWDIRUPD\HO SURIHVRU'HHULQJ

5RJHUQRSUHVWyPXFKDDWHQFLyQDOGHVDUUROORGHODVVHVLRQHV6H FRQFHQWUyHQWHUDPHQWHHQDSURYHFKDUORVPRPHQWRVHQTXH'HHULQJ VHKDOODEDVRORHQODSODWDIRUPDFXDQGRVRODPHQWH'HHULQJSRGtD


YHUOH

$PHGLGDTXH'HHULQJLEDPRVWUiQGRVHREYLDPHQWHPiVQHU YLRVR5RJHULEDVLHQGRPiVDWUHYLGR'XUDQWHHOUHVXPHQILQDOGHOD WDUGHHIHFWXyVXPHMRUGHPRVWUDFLyQ (OSURIHVRU'HHULQJVHGHWXYREUXVFDPHQWHHQPLWDGGHXQDIUDVH SREUHPHQWHFRQVWUXLGD\DEVROXWDPHQWHFDUHQWHGHVLJQLILFDGR6X DXGLHQFLDTXHOOHYDEDFLHUWRWLHPSRDJLWiQGRVHHQVXVDVLHQWRVVH LQPRYLOL]yWDPELpQ\ORPLUyLQWHUURJDWLYDPHQWH 'HHULQJDO]yODPDQR\GLMRFDVLMDGHDQGR ³£8VWHG£(KXVWHG

5RJHU7RRPH\SHUPDQHiDVHQWDGRFRQXQDH[SUHVLyQGHFRP SOHWRUHODMDPLHQWRHQHOFHQWURPLVPRGHOSDVLOOR/D~QLFDVLOOD TXHWHQtDGHEDMRHVWDEDFRPSXHVWDSRUVHWHQWDFHQWtPHWURVGHYDFtR DLUH6XVSLHUQDVHVWDEDQWHQGLGDVKDFLDGHODQWHDSR\DGDVHQHOUHV SDOGRGHRWURDVLHQWRWDPELpQGHDLUH &XDQGR'HHULQJVHxDOy5RJHUVHGHVOL]yUiSLGDPHQWHKDFLDXQ ODGR(QHOPRPHQWRHQTXHFLQFXHQWDFDEH]DVVHYROYLHURQKDFLDpO HVWDEDVHQWDGRWUDQTXLODPHQWHHQXQDSURVDLFDVLOODGHPDGHUD 5RJHUPLUyDXQR\RWURODGROXHJRFODYyORVRMRVHQ'HHULQJ TXHVHJXtDVHxDOiQGROHFRQHOGHGR\VHOHYDQWy

³¢0HKDEODXVWHGDPtSURIHVRU'HHULQJ"³SUHJXQWyFRQDSH QDVXQOLJHURWHPEORUHQODYR]HOFXDOWHVWLPRQLDEDODVDOYDMHEDWDOOD TXHVHGHVDUUROODEDHQVXLQWHULRUDILQGHPDQWHQHUVXWRQRIUtR\ VRUSUHQGLGR ³¢4XpHVORTXHHVWiKDFLHQGR"³SUHJXQWy'HHULQJVLQWLHQGR TXHHVWDOODEDWRGDVXWHQVLyQGHODPDxDQD

$OJXQRVGHORVR\HQWHVVHHVWDEDQSRQLHQGRHQSLHSDUDYHUPH MRU8QDFRQPRFLyQLQHVSHUDGDHVDOJRTXHDSUHFLDQWDQWRXQFRQ MXQWRGHItVLFRVLQYHVWLJDGRUHVFRPRXQDPXOWLWXGHQXQMXHJRGH EpLVERO ³1RHVWR\KDFLHQGRQDGD³FRQWHVWy5RJHU³1ROHFRPSUHQGR ³£9i\DVHGHDTXt£$EDQGRQHHVWDVDOD

'HHQQJHVWDEDIXHUDGHVtDFDXVDGHVXVHPRFLRQHVHQWUHPH]FOD GDVRGHRWURPRGRTXL]iQRKXELHUDGLFKRDTXHOOR(QFXDOTXLHU FDVR5RJHUVXVSLUy\DSURYHFKyDJUDGHFLGRODRSRUWXQLGDG &RQYR]IXHUWH\FODUDHVIRU]iQGRVHSDUDVHURtGRSRUHQFLPDGHO


FODPRUTXHLEDDVFHQGLHQGRGLMR

³6R\HOSURIHVRU5RJHU7RRPH\GHODXQLYHUVLGDGGH&DUVRQ 6R\PLHPEURGHOD$VRFLDFLyQ1RUWHDPHULFDQDGH)tVLFD(QYLpPL VROLFLWXGSDUDDVLVWLUDHVWDVVHVLRQHVODVROLFLWXGIXHDFHSWDGD\KH SDJDGRPLFXRWDGHLQVFULSFLyQ7HQJRGHUHFKRDHVWDUVHQWDGRDTXt \DTXtVHJXLUpVHQWDGR 'HHULQJVyORFRQVLJXLyGHFLUFLHJDPHQWH ³£9i\DVH

³1RSLHQVRKDFHUOR³GLMR5RJHU(VWDEDWHPEODQGRFRQXQD DXWpQWLFDUDELDDUWLILFLDOPHQWHDXWRLPSXHVWD³¢3RUTXpUD]yQGHER PDUFKDUPH"¢4XpHVORTXHKHKHFKR" 'HHULQJVHSDVyXQDWHPEORURVDPDQRSRUHOSHOR)XHDEVROXWD PHQWHLQFDSD]GHUHVSRQGHU 5RJHUDSURYHFKyVXYHQWDMD

³6LLQWHQWDXVWHGH[SXOVDUPHGHHVWDVVHVLRQHVVLQXQDFDXVD MXVWLILFDGDSXHGHHVWDUVHJXURGHTXHSUHVHQWDUpXQDGHPDQGDDO LQVWLWXWR 3UHFLSLWDGDPHQWH'HHULQJGLMR

³'R\SRUFODXVXUDGDODVHVLyQGHOSULPHUGtDGHO6HPLQDULRGH 3ULPDYHUDVREUHORV5HFLHQWHV$YDQFHVGHODV&LHQFLDV)tVLFDV1XHV WUDSUy[LPDVHVLyQWHQGUiOXJDUHQHVWDVDODPDxDQDDODV QXHYHGHOD 5RJHUDEDQGRQyDSUHVXUDGDPHQWHODVDODPLHQWUDVHOKRPEUHD~Q VHJXtDKDEODQGR $TXHOODQRFKHKXERXQDOODPDGDHQODSXHUWDGHODKDELWDFLyQGH 5RJHUHQHOKRWHO/HVRUSUHQGLyLQPRYLOL]iQGROHHQVXVLOOD ³¢4XLpQHV"³SUHJXQWy

/DUHVSXHVWDOHOOHJyHQYR]EDMD\DQVLRVD ³¢3XHGRYHUOH"

(UDODYR]GH'HHULQJ(OKRWHOGH5RJHUDVtFRPRHOQ~PHURGH VXKDELWDFLyQHVWDEDQSRUVXSXHVWRUHJLVWUDGRVHQODVHFUHWDUtDGHO VHPLQDULR$XQTXHVLQHVSHUDUORGHPDVLDGR5RJHUKDEtDFRQILDGR HQTXHORVDFRQWHFLPLHQWRVGHDTXHOGtDWHQGQDQXQDLQPHGLDWDFRQ VHFXHQFOD $EULyODSXHUWD\GLMRQJLGDPHQWH


³%XHQDVQRFKHVSURIHVRU'HHULQJ

'HHULQJHQWUyHQODKDELWDFLyQ\PLUyDVXDOUHGHGRU/OHYDEDXQ OLJHURJDEiQTXHQRKL]RQLQJ~QDGHPiQGHTXLWDUVH0DQWHQtDHO VRPEUHURVXMHWRHQODPDQR\5RJHUQRKL]RQLQJ~QJHVWRSDUDTXH ORGHMDUDHQDOJXQDSDUWH ³3URIHVRU5RJHU7RRPH\GHODXQLYHUVLGDGGH&DUVRQ¢QRHV DVt"³GLMR'HHULQJFRQFLHUWRpQIDVLVFRPRVLHOQRPEUHWXYLHUD VLJQLILFDGRSDUDpO ³6t6LpQWHVHSURIHVRU  'HHULQJVLJXLyGHSLH





³%LHQ¢GHTXpVHWUDWD"³HPSH]y³¢4XpHVORTXHSHUVLJXH XVWHG" ³1ROHFRPSUHQGR

³(VWR\VHJXURGHTXHVt1RKDSUHSDUDGRXVWHGWRGDHVWDULGO FXODEXIRQDGDSDUDQDGD¢(VWiLQWHQWDQGRULGLFXOL]DUPHRHVSHUD PLFRODERUDFLyQSDUDDOJ~QULGtFXORIUDXGH"4XLHURTXHVHSDTXHQR YDDFRQVHJXLUQDGD<QRLQWHQWHXWLOL]DUODIXHU]DDSURYHFKDQGRPL HVWDQFLDDTXt7HQJR DPLJRVTXHVDEHQH[DFWDPHQWHGyQGHHVWR\HQ HVWHPRPHQWR/HDFRQVHMRTXHGLJDODYHUGDG\OXHJRDEDQGRQHLQ PHGLDWDPHQWHODFLXGDG

³£3URIHVRU'HHULQJ(VWDHVPLKDELWDFLyQ6LKDYHQLGRDTXt SDUDLQWLPLGDUPHOHSLGRTXHVHPDUFKHDKRUDPLVPR6LQRORKDFH OODPDUpSDUDTXHORHFKHQ ³¢3UHWHQGHXVWHGFRQWLQXDUHVWDHVWDSHUVHFXFLyQ"

³1XQFDOHKHSHUVHJXLGRHQQLQJ~QPRPHQWR1LVLTXLHUDOH FRQR]FRVHxRU

³¢1RHVXVWHGHO5RJHU7RRPH\TXHPHHVFULELyXQDFDUWDUHOD WLYDDXQFDVRGHOHYLWDFLyQTXHGHVHDEDTXH\RLQYHVWLJDUD" 5RJHUVHTXHGyPLUDQGRDOKRPEUH ³¢'HTXpFDUWDKDEOD" ³(QWRQFHV¢ORQLHJD"

³3RUVXSXHVWRTXHORQLHJR¢'HTXpHVWiXVWHGKDEODQGR" ¢7LHQHDFDVRHVDFDUWD"


(OSURIHVRU'HHULQJDSUHWyIXHUWHPHQWHORVODELRV

³(VRQRLUQSRUWD¢1LHJDXVWHGTXHSHUPDQHFtDVXVSHQGLGRSRU KLORVHQPHGLRGHOSDVLOORHQODVHVLyQGHHVWDWDUGH" ³¢6XVSHQGLGRSRUKLEV"1ROHFRPSUHQGRHQDEVROXWR ³£(VWDEDXVWHGOHYLWDQGR

³¢7HQGUtDODERQGDGGHPDUFKDUVHGHDTXtSURIHVRU'HHULQJ" &UHRTXHQRVHHQFXHQWUDXVWHGELHQ (OItVLFRDO]yODYR]

³¢1LHJDTXHHVWDEDOHYLWDQGR"

³&UHRTXHHVWiXVWHGORFR¢,QWHQWDGHFLUTXHKLFHDUUHJORVPiJL FRVHQVXDXGLWRULR"1XQFDKDEtDHVWDGRHQpODQWHVGHKR\\FXDQGR OOHJXpXVWHG\DHVWDEDSUHVHQWH¢(QFRQWUyKLORVRDOJXQDRWUDFRVD SDUHFLGDGHVSXpVGHTXHPHIXHUD" ³1RVpFyPRORKL]RQLPHLPSRUWD3HUR¢QLHJDDFDVRTXH HVWDEDOHYLWDQGR" ³3RUVXSXHVWRTXHORQLHJR

³<RORYL¢3RUTXpPLHQWHDKRUD"

³¢0HYLRXVWHGOHYLWDU"3URIHVRU'HHULQJ¢TXLHUHGHFLUPHFyPR HVSRVLEOHHVR"6XSRQJRTXHVXFRQRFLPLHQWRGHODVIXHU]DVJUDYLWD WRULDVHVOREDVWDQWHDPSOLRFRPRSDUDGHFLUOHTXHODDXWpQWLFDOHYLWD FLyQHVXQFRQFHSWRTXHFDUHFHGHVHQWLGRH[FHSWRHQHOHVSDFLR H[WHULRU¢3UHWHQGHJDVWDUPHXQDEURPD" ³&LHORV³GLMR'HHULQJFRQYR]HVWULGHQWH³¢SRUTXpQRUHFR QRFHXVWHGODYHUGDG"

³3HURVLORHVWR\KDFLHQGR¢6XSRQHDFDVRTXHDGHODQWDQGR XQDPDQR\KDFLHQGRXQSDVHPtVWLFRDVtSXHGRVDOLUYRODQGR UXaUORVDLUHV" <HVRIXHSUHFLVDPHQWHORTXHKL]RVXFDEH]DUR]DQGRHOWHFKR /DFDEH]DGH'HHULQJVDOWyKDFLDDWUiVPLUDQGRKDFLDDUULED ³£$K(VRHVR 5RJHUUHJUHVyDOVXHORVRQULHQGR

³1RSXHGHXVWHGHVWDUKDEODQGRHQVHULR³GLMR


³/RKDKHFKRGHQXHYR6tORKDKHFKR ³¢+H KHFKRHOTXpVHxRU"

³/HYLWDU6LPSOHPHQWHKDOHYLWDGR1RSXHGHXVWHGQHJDUOR /RVRMRVGH5RJHUVHSXVLHURQVHULRV

³&UHRTXHHVWiXVWHGHQIHPPRVHxRU ³6pORTXHKHYLVWR

aXL]iQHFHVLWHXVWHGXQGHVFDQVR<DVDEHHOH[FHVRGHWUD EDMR ³(VRQRKDVLGRXQDDOXFLQDFLyQ

³¢4XLHUHTXHOHSUHSDUHDOJRGHEHEHU"

5RJHUVHGLULJLyKDFLDVXPDOHWDPLHQWUDV'HHULQJOHVHJXtDORV SDVRVFRQRMRVGHVRUELWDGRV/RVWDFRQHVGHVXV]DSDWRVIORWDEDQHQ HODLUHDFLQFRFHQK PHWURVGHOVXHOR 'HHULQJVHGHMyFDHUHQHOVLOOyQTXH5RJHUKDEtDGHMDGR ³6tSRUIDYRU³GLMRGpELOPHQWH

5RJHUOHWUDMRODERWHOODGHZKLVN\REVHUYyDORWUREHEHUOXHJR VLJXLyDSUHWDQGR ³¢&yPRVHVLHQWHDKRUD"

^ LJD³GLMR'HHULQJ³¢KDGHVFXELHUWRXVWHGDOJXQDIRUPDGH QHXWUDOL]DUODJUDYHGDG" 5RJHUVHORTXHGyPLUDQGR

³3LHQVHXQSRFRSURIHVRU6L\RWXYLHUDHOVHFUHWRGHODDQWLJUD YHGDGQRORXWLOL]DUtDSDUDJDVWDUOHEURPDVDXVWHG(QHVWRVPRPHQ WRVHVWDUtDHQ:DVKLQJWRQ0HKDEUtDFRQYHUWLGRHQXQVHFUHWRPLOL WDU6HUtD£%LHQQRHVWDUtDDTXt6HJXURTXHWRGRHVROHUHVXOWD REYLR 'HHULQJVDOWyHQSLH

³¢7LHQHXVWHGLQWHQFLyQGHDVLVWLUDODVVHVLRQHVTXHIDOWDQ" ³3RUVXSXHVWR


'HHULQJDVLQWLyVHHQFDVTXHWyFRQXQPDQRWD]RHOVRPEUHURVR EUHODFDEH]D\VDOLyDWRGDSULVD

'XUDQWHORVVLJXLHQWHVWUHVGtDVHOSURIHVRU'HHULQJQRSUHVLGLy ODVVHVLRQHVGHOVHPLQDULR1RIXHGDGDODPHQRUUD]yQGHVXDXVHQ FLD5RJHU7RRPH\DWUDSDGRHQWUHODHVSHUDQ]D\ODDSUHQVLyQVH VHQWyMXQWRDORVGHPiVDVLVWHQWHVHLQWHQWyQRKDFHUVHQRWDU1R WXYRp[LWRSRUFRPSOHWR(ODWDTXHS~EOLFRGH'HHULQJKDEtDKHFKR TXHODJHQWHUHSDUDUDHQpOPLHQWUDVTXHVXSURSLD\YHKHPHQWH GHIHQVDOHKDEtDSURSRUFLRQDGRXQDHVSHFLHGHSRSXODULGDGGH'D YLGFRQWUD*ROLDW 5RJHUUHJUHVyDVXKDELWDFLyQGHOKRWHOHOMXHYHVSRUODQRFKH GHVSXpVGHXQDFHQDQRGHPDVLDGRVDWLVIDFWRULD\SHUPDQHFLyGHSLH HQHOXPEUDOFRQXQDSLHUQDGHQWURGHODKDELWDFLyQ(OSURIHVRU 'HHULQJOHHVWDEDPLUDQGRILMDPHQWHGHVGHHOLQWHULRU<RWURKRP EUHFRQXQVRPEUHURGHILHOWURJULVHFKDGRKDFLDDWUiVVREUHVX FDEH]DHVWDEDVHQWDGRHQODFDPDGH5RJHU )XHHOGHVFRQRFLGRTXLHQKDEOy ³(QWUH7RRPH\ 5RJHUHQWUy

³¢4XpRFXUUH"

(OGHVFRQRFLGRDEULyVXELOOHWHUR\SUHVHQWyXQSRUWDGRFXPHQWRV GHFHORIiQD5RJHU ³6R\&DQQRQGHO)%,³GLMR

³7LHQHXVWHGLQIOXHQFLDFRQHOJRELHUQRSURIHVRU'HHULQJOR UHFRQR]FR³GLMR5RJHU ³8QSRFR³DGPLWLy'HHULQJ

³%LHQ¢HVWR\DUUHVWDGR"³SUHJXQWy5RJHU³¢&XiOHVPLFUL PHQ"

³7yPHVHORFRQFDOPD³GLMR&DQQRQ³+HPRV HVWDGRUHFRSL ODQGRDOJXQRVGDWRVDFHUFDGHXVWHG7RRPH\¢(VpVWDVXILUPD" 0RVWUyXQDFDUWDGHVGHODGLVWDQFLDVXILFLHQWHSDUDTXH5RJHU SXGLHUDYHUODSHURQRWRPDUOD(UDODFDUWDTXH5RJHUOHKDEtD HVFULWRD'HHULQJ\TXHpVWHKDEtDHQYLDGRD0RUWRQ ³6taLMR5RJHU ³¢<HVWDRWUD"


(ODJHQWHIHGHUDOWHQtDWRGRXQIDMRGHFDUWDV

5RJHUVHGLRFXHQWDGHTXH&DQQRQGHEtDGHKDEHUUHFRJLGR WRGDVODVFDUWDVTXHpOKDEtDHQYLDGRPHQRVDTXHOODVTXHKDEtDQVLGR URWDVSRUVXVGHVWLQDWDULRV ³7RGDVVRQ PtDV³GLMRGpELOPHQWH 'HHULQJUHVRSOy

³(OSURIHVRU'HHULQJQRVKDGLFKRTXHSXHGHXVWHGIORWDU³GLMR &DQQRQ ³¢)ORWDU"¢4XpGHPRQLRVTXLHUHGHFLUFRQHVR"

³)ORWDUHQHODLUH³GLMR&DQQRQHVWyOLGDPHQWH

³¢&UHHXVWHGHQWRGDVODVORFXUDVGHHVHWLSRTXH OHFXHQWDQ"

³1RHVWR\DTXtSDUDFUHHURQRFUHHUGRFWRU7RRPH\³GLMR &DQQRQ³6R\XQDJHQWHGHOJRELHUQRGHORV(VWDGRV8QLGRV\ WHQJRXQDPLVLyQTXHFXPSOLU6L\RIXHUDXVWHGFRRSHUDUtD

³¢&yPRSXHGRFRRSHUDUHQDOJRDVt"6L\RDFXGLHUDDXVWHG GLFLpQGROHTXHHOSURIHVRU'HHULQJSRGtDIORWDUHQHODLUHPHWHQGUtD XVWHGWHQGLGRHQHOVLOOyQGHXQSVLTXLDWUDHQXQDEULU\FHUUDUGH RMRV ³(OSURIHVRU'HHULQJKDVLGRH[DPLQDGRSRUXQSVLTXLDWUDD SHWLFLyQSURSLD³GLMR&DQQRQ³'HWRGRVPRGRVHOJRELHUQRWLHQH ODFRVWXPEUHGHHVFXFKDUPX\VHULDPHQWHDOSURIHVRUGHVGHKDFHXQ FLHUWRQ~PHURGHDxRV$GHPiVSXHGRGHFLUOHTXHGLVSRQHPRVWDP ELpQGHSUXHEDVDGLFLRQDOHV ³a&RPRFXiOHV"

³8QJUXSRGHHVWXGLDQWHVGHVXXQLYHUVLGDGORYLHURQDXVWHG IORWDU< WDPELpQXQDPXMHUTXHKDEtDVLGRODVHFUHWDULDGHOMHIHGHVX GHSDUWDPHQWR7HQHPRVWHVWLPRQLRVGHWRGRVHOORV ³¢4XpFODVHGHWHVWLPRQLRV"¢7HVWLPRQLRVTXHSXHGDQXVWHGHV SUHVHQWDUFRPRSUXHEDVIHKDFLHQWHV\PRVWUDUDPLUHSUHVHQWDQWHHQ HO&RQJUHVR" ³'RFWRU7RRPH\³LQWHUUXPSLyDQVLRVDPHQWHHOSURIHVRU'HH ULQJ³¢TXpJDQDXVWHGQHJDQGRHOKHFKRGHTXHSXHGHOHYLWDU"6X SURSLRGHFDQRDGPLWHTXHKDKHFKRXVWHGDOJRSDUHFLGR0HGLMRTXH OHLQIRUPDUDRILFLDOPHQWHGHTXHVXFRQWUDWRFRQODXQLYHUVLGDGVHUi FDQFHODGRDOILQDOGHODxRDFDGpPLFR(OKRPEUHQRKDUtDHVRSRU QDGD


³(VRQRLPSRUWD³GLMR5RJHU

³3HUR¢SRUTXpQRDGPLWHTXH\ROHYLOHYLWDU" ³¢<SRUTXpGHEHUtDKDFHUOR"

³0HJXVWDUtDLQGLFDUOHGRFWRU7RRPH\³GLMR&DQQRQ³TXHVL SRVHHXVWHGXQDUWLOXJLRTXHFRQWUDUUHVWDODJUDYHGDGVHUtDGHJUDQ LPSRUWDQFLDSDUDQXHVWURJRELHUQR ³¢'HYHUDV"6XSRQJRTXHKDEUiQLQYHVWLJDGRXVWHGHVPLVDQWH FHGHQWHVHQEXVFDGHDOJXQDSRVLEOHGHVOHDOWDG ³/DLQYHVWLJDFLyQVHKDOODHQFXUVR³FRQILUPyHODJHQWH

³0X\ELHQ³GLMR5RJHU³3ODQWHHPRVXQFDVRKLSRWpWLFR6X SRQJDPRVTXHDGPLWRTXHSXHGROHYLWDU6XSRQJDPRVTXHQRVp FyPRORFRQVLJR6XSRQJDPRVTXHQRWHQJRQDGDTXHHQWUHJDUOHDO JRELHUQRH[FHSWRPLFXHUSR\XQSUREOHPDLQVROXEOH ³¢&yPRSXHGHVDEHUTXHHVLQVROXEOH"³GLMR'HHULQJDQVLR VDPHQWH

³(QXQDRFDVLyQOHSHGtTXHHVWXGLDUDHVHIHQyPHQR³REVHUYy 5RJHUVXDYHPHQWH³8VWHGVHQHJy

a,YLGHHVR0LUH³'HHULQJKDEODEDUiSLGDPHQWHFRQXU JHQFLD³8VWHGQRWLHQHQLQJXQDSRVLFLyQHQHVWHPRPHQWR<R SXHGRRIUHFHUOHXQDHQPLGHSDUWDPHQWRFRPRSURIHVRUDGMXQWRGH IIVLFD6XVGHEHUHVFRPRSURIHVRUVHUiQ~QLFDPHQWHQRPLQDOHV'HGL FDUiWRGRVXWLHPSRDODOHYLWDFLyQ¢4XpOHSDUHFH" ³6XHQDDWUDFWLYR³GLMR5RJHU

³&UHRTXHSXHGRGHFLUOHTXHGLVSRQGUiGH IRQGRVLOLPLWDGRVSRU SDUWHGHOJRELHUQR ³¢<TXpHVORTXHWHQJRTXHEDFHU"¢6LPSOHPHQWHDGPLWLUTXH SXHGROHYLWDU"

³6pTXHSXHGHKDFHUOR<RORYL'HVHRTXHVHORPXHVWUHDKRUD DOVHxRU&DQQRQ

/DVSLHUQDVGH5RJHUVHDO]DURQ\WHQVyHOFXHUSRKDVWDDGRSWDU XQDSRVLFLyQKRUL]RQWDODOQLYHOGHODFDEH]DGH&DQQRQ6HYROYLy KDFLDXQODGR\SDUHFLyGHVFDQVDUHQHODLUHVREUHVXFRGRGHUHFKR (OVRPEUHURGH&DQQRQFD\yGHVPD\DGDPHQWHVREUHODFDPD


³)ORWD³MDGHyHODJHQWH

'HHULQJVHPRVWUDEDFDVLLQFRKHUHQWHSRUODH[FLWDFLyQ  ³¢/RYH"

³3RUVXSXHVWRTXHORYHR

³(QWRQFHVLQIRUPHGHHOOR3yQJDORWDOFXDOHQVXLQIRUPH¢PH KDHQWHQGLGR"+DJDXQLQIRUPHFRPSOHWRGHOKHFKR$VtQRYROYHUiQ DGHFLUTXHKD\DOJRTXHQRYDELHQHQPLFDEH]D1XQFD GXGpQLSRU XQVHJXQGRGHORTXHKDEtDYLVWR 3HURQRVHKDEUtDPRVWUDGRWDQIHOL]VLHVWR~OWLPRKXELHUDVLGR FRPSOHWDPHQWHFLHUWR ³1LVLTXLHUDVpHOFOLPDTXHKD\HQ6HDWWOH³VHTXHMy-DQH³\ KD\XQPLOOyQGHFRVDVTXHWHQJRTXHKDFHU ³¢1HFHVLWDVD\XGD"³SUHJXQWy-LP6DUOHGHVGHVXFRQIRUWDEOH SRVLFLyQHQODVSURIXQGLGDGHVGHOVLOOyQ ³1RKD\QDGDTXH.SXHGDVKDFHU2K'LRVPtR

<VDOLyYRODQGRGHODKDELWDFLyQSHURDOFRQWUDULRTXHVXHVSRVR ORKL]RVyORHQVHQWLGRILJXUDGR 5RJHU7RRPH\HQWUy

³-DQH¢WRGDYtDQRWHQHPRVODVFDMDVSDUDORVOLEURV"$KKROD -LP¢&XiQGRKDVOOHJDGR"¢<GyQGHHVWi-DQH"

³/OHJXpKDFHXQPLUOXWR\ODQHHVWiHQODRWUDKDELWDFLyQ7XYH TXHDEULUPHFDPLQRHQWUHSROLFLDV0XFKDFKRHVWiVDXWpQWLFDPHQWH URGHDGR ³+XPPP³GLMR5RJHUDXVHQWH³/HVKDEOpGHWL

apTXHORKLFLVWH0HKDQKHFKRMXUDUTXHPDQWHQGUpHOVHFUHWR /HVGLMHTXHHQFXDOTXLHUFDVRHUDXQDVXQWRGHVHFUHWRSURIHVLRQDO ¢3RUTXpQRGHMDVTXHORVGHODVPXGDQ]DVVHHQFDUJXHQGHWRGR"(V HOJRELHUQRTXLHQSDJD¢QR" ³/RVGHODVPXGDQ]DVQRORKDU DQELHQaLMR-DQHHQWUDQGRGH QXHYRDSUHVXUDGDPHQWH\GHMiQGRVHFDHUHQHOVRIa1HFHVLWRXQ FLJDUULOOR ³+D]XQDSDXVD5RJHU³GLMR6DUOH³\FXpQWDPHORTXHSDVy


5RJHUVRQULyWtPLGDPHQWH

³7DOFRPRGLMLVWH-LPDSDUWpGHPLPHQWHHOSUREOHPDHTXLYR FDGR\PHFHQWUpHQHODXWpQWLFRSUREOHPD7HQtDODLPSUHVLyQGHTXH PHHQFRQWUDUtDVLHPSUHHQIUHQWDGRDGRVDOWHUQDWLYDI2HVWDEDORFR RFRPHW DXQIUDXGH'HHULQJORGLMRFODUDPHQWHHQVXFDUWDD0RU WRQ(OGHFDQRVXSXVRTXHHVWDEDFRPHWLHQGRXQIUDXGH\0RUWRQ VXSXVRTXHHVWDEDORFR ´3HURVXSRQLHQGRTXHSXGLHUDGHPRVWUDUOHVDWRGRVTXHUHDO PHQWHSRG DOHYLWDU%LHQ0RUWRQPHGLMRORTXHRFXUULQDHQHVH FDVR2ELHQ\RHVWDQDFRPHWLHQGRXQIUDXGHRHOWHVWLJRHVWDUtD ORFR0RUWRQGLMRTXHVLPHYHtDYRODUSUHIHULUtDFUHHUTXHHVWDED ORFRDQWHVTXHDFHSWDUODHYLGHQFLD3RUVXSXHVWRWDQVyORHVWDED VLHQGRUHWyULFR1LQJ~QKRPEUHFUHHUiMDPiVHQVXSURSLDORFXUD PLHQWUDVH[LVWDODPiVPa QLPDHYLGHQFLDGHORFRQWUDULR<RFRQWDED FRQHVR ´'HPRGRTXHFDPELpGHWiFWLFD$FXGaDOVHPLQDULRGH'HHULQJ 1ROHGLMHDpOTXHSRGLDIORWDUVHORGHPRVWUp\OXHJRQHJXpTXHOR KXELHUDKHFKR/DDOWHUQDWLYDHUDFODUD2\RHVWDEDPLQWLHQGRRpO QR\RItMDWHELHQpOHVWDEDORFR5HVXOWDEDREYLRTXHDQWHVFUHHUtD HQODOHYLWDFLyQTXHGXGDUGHVXSURSLDFRUGXUDXQDYH]VHKDOOy VRPHWLGRUHDOPHQWHDODSUXHED7RGDVVXVDFFLRQHVSRVWHULRUHVVXV LQWLPLGDFLRQHVVXYLDMHD:DVKLQJWRQVXRIHUWDGHXQWUDEDMRIXH URQGLULJLGDV~QLFDPHQWHDUHLYLQGLFDUVXSURSLDFRUGXUDQRDD\X GDUPH ³(QRWUDVSDODEUDV³GLMR6DUOH³FRQYHUWLVWHWXOHYLWDFLyQHQVX SUREOHPD\QRHQHOWX\R

³¢7HQtDVDOJRDVtHQPHQWHFXDQGRWXYLPRVQXHVWUDFKDUOD-LP" ³SUHJXQWy5RJHU 6DUOHPHQHyODFDEH]D

³7HQtDYDJDVQRFLRQHVDOUHVSHFWRSHURXQKRPEUHGHEHUHVRO YHUVXVSURSLRVSUREOHPDVVLTXLHUHVROXFLRQDUORVHIHFWLYDPHQWH ¢&UHHVTXHDKRUDUHVROYHUiQHOSULQFLSLRGHODOHYLWDFLyQ"

³1RORVp-LP6LJRVLQSRGHUFRPXQLFDUORVDVSHFWRVVXEMHWLYRV GHOIHQyPHQR3HURHVRQRLPSRUWD/RVLQYHVWLJDUHPRV\HVRHVOR TXHFXHQWD^aROSHyVXSXxRGHUHFKRFRQWUDODSDOPDGHVXPDQR L]TXLHUGD³(QORTXHDPtUHVSHFWDORLPSRUWDQWHHVTXHKHFRQVH JXLGRTXHPHD\XGHQ ³¢'HYHUDV"³SUHJXQWyVXDYHPHQWH6DUOH³<RGLUtDPiVELHQ TXHORLPSRUWDQWHHVTXHOHVKDVSHUPLWLGRREOLJDUWHDTXHW~OHV DYXGHVDHOORVORFXDOHVPX\GLVWLQWR


&RPHQWDULRILQDO

0HJXVWDUtDGHMDUDODRSLQLyQGHORVOHFWRUHVHOGHFLGLUTXpYHUVLyQ OHVJXVWDPiVSHURVLPHSURPHWHQQRGHMDUVHLQIOXLUSRUHOORVKH DTXtDOJXQRVGHPLVSURSLRVSHQVDPLHQaRVVREUHODFXHVWLyQ

'XUDQWHHVWRV~OWLPRVWUHLQWDDQRVKHSHQVDGRHQHVWRVGRVILQDOHV FRPR´PLILQDOµ\´HOILQDOGH&DUQSEHOOµ\DPLPRGREDVWDQWH VXEMHWLYRVLHPSUHKHSUHIHULGRaPLILQDOaHVGHFLUHOTXHHVFULEt SULPHURHQODYHUVLyQQRSXEOLFDGD6LQHPEDUJRXQDYH]GLFKRHVR GHERDxDGLUTXHDKRUDSRUSULPHUDYH]HQWUHLQWDDQRVKHOHtGRODV GRVYHUVLRQHVGHOUHODWRXQDLQPHGXDWDPHQWHGHVSXpVGHODRWUD\KH 8HJDGRDODFRQFOXVLyQGHTXHDPEDVVRQPLVILQDOHV\TXHHVWiQELHQ HVFULWDVDXQTXHVLJDJXVWiQGRPHPiVODSULPHUDTXHHVFULEt $XQTXHSDUH]FDH[WUDxRHOVHJXQGRILQDOHOTXHIXHSXEOLFDGR\ FRQVLGHUDGRSRUPtFRPR´HOILQDOGH&DPSEHOOµHVHOTXHPHSDUHFH PiVWtSLFDPHQWHPtR(QXQUHODWRWUDVRWURKHKHFKRTXHPLKpURH JDQDUDJUDFLDVDVXLQWHOLJHQFXDVXSHULRUDVXUDFLRQDOLGDGVXSHULRUD VXFHUHEURVXSHULRU(QUHVXPHQ5RJHU7RRPH\KDFHH[DFWDPHQWHOR TXHXQKpURHWtSLFRGH$VLPRYKDUtD¢3RUTXpHQWRQFHVPHVLHQWR LQVDWLVIHFKR" 3RUTXH5RJHU7RRPH\QRHVXQKpURHWtSLFRGH$VLPRY

(OUHODWRWDO\FRPRORFRQFHEtGHVSXpVGHTXH&DPSEH8H[SUHVDUD

;  VXGHVHRGHTXHHVFULELHUDXQUHODWRVREUHXQDSHUVRQDTXHSRGtD OHYLWDUSHURTXHQRSRGtDFRQVHJXLUTXHQDGLHODFUH\HUDUHTXHUtDXQ KpURHQRDVLPRYLDQR0LWHVLV QRGLUHFWDPHQWHH[SUHVDGDHQPXFKDV SDODEUDVSHURLPSOtFLWDXQD\RWUDYH] HUDODVLJXLHQWH´3DUDFUHHUHQ ODH[LVWHQFLDVyORODYHUGDGHVVXILFLHQWHµ 0LSXQWRGHYLVWDVREUHODYLGDKDELWXDOPHQWHDOHJUHHVTXHQR DFHSWRHVDWHVLV6LJRHVFULELHQGROLEURVVREUHFLHQFLDHKLVWRULD³\ WDPELpQVREUHFLHQFLDILFFLyQ³HQORVTXHWUDWRGHH[SOLFDUHOPXQGR GHXQDIRUPDQDWXUDO\UDFLRQDOLVWDFRQODFRQILDGDFHUWLGXPEUHGH TXHHVRHVVXILFLHQWHSDUDFRQVHJXLUTXHODJHQWHDEDQGRQHVXVWRQWDV VXSHUVWLFLRQHV

<VLQHPEDUJRRFDVLRQDOPHQWHWDPELpQWHQJRPLVPRPHQWRVRV FXURV\FtQLFRVFXDQGRVR\FRQVFLHQWHGHODH[LVaHQFLDGHPLOORQHVGH SHUVRQDV³LQFOXVRSHUVRQDVHGXFDGDV\SUHVXPLEOHPHQWHLQWHOLJHQ WHV³TXHDFHSWDQXQDPSOLRHVSHFWURGHVLQVHQWLGRVTXHYDQGHVGHOD DVWURORJtDKDVWDHOFUHDFLRQLVPRHQIUHQWiQGRVHDVtDWRGDVODVSUXHEDV UHXQLGDVSDFLHQWH\GRORURVDPHQWHSRUORVVHUHVKXPDQRVUDFLRQDOHVD WUDYpVGHOFXUVRGHODKLVWRULDGHODFLYLOL]DFLyQ<HQWRQFHVPHVLHQWR FRPR5RJHU7RRPH\


/DOHY¢WDFLyQHVDOJRLGHDOSDUDGHPRVWUDUHVWHFtQLFRSXQWRGH YLVWDSXHVWRTXHVHWUDWDGHDOJRFRQVLGHUDGRSRUWRGDSHUVRQDUDFLR QDOFRQVFLHQWHGHOPRGHUQRSHQVDPLHQWRFLHQWtILFRFRPRLPSRVLEOH\ RSXHVWRDODOH\QDWXUDO1LVLTXLHUDODVSHUVRQDVVLQHGXFDFLyQY VXSHUVWLFLRVDVFUHHQDQTXHODOHYLWDFLyQHVSRVLEOHDQRVHUPHGLDQWHOD LQWHUYHQFLyQGLYLQD RGHPRQLDFD  4XLHQHVVHHQIUHQWDQDOKHFKRGHODOHYLWDFLyQGHEHQEXVFDUSRUOR WDQWRXQDH[SOLFDFLyQTXHLPSOLTXHDOJ~QWLSRGHEUXMHUtDRELHQ UHIXJLDUVHHQHOWHUURUDQWHORTXHGHEHSDUHFHUOHVDOJRTXHLPSOLFDOD SUHVHQFLDGHORGLYLQRRGHORGHPRQLDFR

6LXVWHGDFXGHDPtSRUHMHPSOR\PHGHPXHVWUDTXHSXHGH OHYLWDU\VL\RQRFRQVLJRHQFRQWUDUORVKLORVTXHORVXMHWDQSUREDEOH PHQWHWHUPLQDUtDSRUQRFUHHUHQORTXHYHQPLVRMRV/RVLHQWR $VtTXHFXDQGR5RJHU7RRPH\QRSXHGHHQFRQWUDUDQDGLHTXHOH FUHDFXDQGRQRKDOODFUHHQFXD \pVHHVHOQWXORGHOUHODWR VXYLGD GHEHVHJXLUQHFHVDULDPHQWHXQFXUVRFRQWLQXRGHKXQGLPLHQWRSDUD GHPRVWUDUDVtFRQODPD\RUIXHU]DSRVLEOHODWHVLVFHQWUDOGHOUHODWR

(QODVHJXQGDYHUVLyQVLQHPEDUJR´HOILQDOGH&DPSEH8KDJR TXH7RRPH\VHHQIUHQWHUDFLRQDOPHQWH\SDVRDSDVRFRQODVLWXDFLyQ GHPRGRTXHDXQFXDQGRQRHVXQKpURHDVLPRYLDQRWtSLFRVHFRQ YLHUWHILQDOPHQWHHQXQR 'HWRGRVPRGRVFUHRTXHQRGHEHUtDKDEHUDFHSWDGRKDFHUOR 8OWLPRFRPHQWDULR

/RVGLYHUVRVUHODWRVHQORVTXHKHLQWURGXFLGRFDPELRVDQWHOD LQVLVWHQFLDGHODVHGLWRULDOHV\TXHKHGHVFULWRDTXtDEDUFDQGHVGH  ´3LOJULPDJH KDVWD ´7KH8JO\/LWWOH%R\µ 

'HVGH³KDFH\DPiVGHXQFXDUWRGHVLJOR³QRKDQYXHOWR DSURGXFLUVHWDOHVLQFLGHQWHV2ELHQORTXHHVFULERHVUHFKD]DGRa\ OHVDVHJXURTXHHVRVXFHGHPX\UDUDPHQWH RELHQHVDFHSWDGRH LPSUHVRVXVWDQFLDOPHQWHWDO\FRPRORKHHVFULWRLQWURGXFLpQGRVH ~QLFDPHQWH ODFODVHGHFRUUHFFLRQHVGHUXWLQDTXHVRQHOUHVXOWDGRGH ODVGHVJUDFLDVGHOWUDEDMRWLSRJUiILFRHGLWRQDO (VWRQRHVQHFHVDULDPHQWHDOJREXHQRDOPHQRVSRUORTXHUHV SHFWDDDOJXQRVFUtWLFRV+HOHtGRUHFHQVLRQHVGHPLVQRYHODVUHFLHQ WHVSRUHMHPSORGHODVTXHSDUHFHGHVSUHQGHUVHTXHVXIURXQDaDOWD GHFRQWUROHGLWRULDO/DLPSUHVLyQTXHWUDWDQGHFRPXPFDUHVTXHPH KHFRQYHUWLGRHQXQDHVSHFLHGHVXSHUHVWUHOODDUURJDQWHHQHOPXQGR GHODFLHQFLDILFFLyQ\TXHORVHGLWRUHVVHHQFXHQWUDQDFRUUDODGRV DQWHPtWHPLHQGRXQIUXQFLPLHQWRGHFHxRSRUPLSDUWHTXH\R FRQVLJRLPSRQHUWRGDFODVHGHHPEXVWHVDXWRLQGXOJHQWHVPLHQWUDV TXHHVRVPLVPRVHGLWRUHVVHHQFRJHQGHKRPEURV FXDQGR\ROHV


PLUR \VHTXHMDQGHVXLQFDSDFLGDGSDUDFRQWURODUPH

'HVHDUtDTXHTXLHQHVHVFULEHQWDOHVUHFHQVLRQHVFRQVXOWDUDQFRQ PLVHGLWRUHVFRQUHVSHFWRDHVWDFXHVWLyQ HQPLDXVHQFLDVLFRQHOOR VHVLHQWHQPHMRU SXHVHVWR\WRWDOPHQWHFRQYHQFLGRGHTXHOHVDVH JXUDUiQTXHQRHVDVt /RTXHVXFHGHHVTXHPHYR\KDFLHQGR YLHMRTXHVR\XQH[SHUL PHQWDGRHVFULWRUHQFLHQFLDILFFLyQTXHKDDSUHQGLGRVXRILFLRHQOD GXUDHVFXHODGHHGLWRUHVWDQSRGHURVRVHLGLRVLQFUiWLFRVFRPR-RKQ :&DPSEHOO-U\+RUDFH/*ROGGHPRGRTXHHQODDFWXDOLGDG \DQRKD\WDQWDQHFHVLGDGGH REOLJDUPHDUHYLVDUXQUHODWR 3XHGHTXHOOHJXHXQGtDHQHOTXHODHGDGDYDQ]DGD\HOGHWHULRUR 

&XHQWRVSDUDOHORV PHQWDO VLHVTXHYLYRORVXILFLHQWH PHSULYHQGHOILORDJX]DGRGHPL SRGHU\HQWDOFDVRPHDWUHYHUtDDGHFLUTXHPLVHGLWRUHVYRWDUiQ SDUDHQFRQWUDUDOHQFDUJDGRGHGHFLUPHTXH\DQRWHQJRHVHSRGHU 6pTXHVXDYHUVLyQDGHFtUPHORQRSURFHGHUiGHVXWHPRUDPt VLQR HVSHUR GHVXUHQXHQFLDDKDFHUPHVHQWLUPDOSXHVKHHQWD EODGRDPLVWDGFRQWRGRVORVHGLWRUHVTXHKHWHQLGR\PLVUHODFLRQHV FRQHOORV³FRQWRGRVHOORVGHVGH-RKQ&DPSEHOOKDFH\DFXDUHQWD\ VLHWHDxRVD6DP9DXJKDQMXVWRDKRUD³VHKDQFDUDFWHUL]DGRSRUOD DPLVWDG\HOWUDWRFRUGLDO\ODVGLVFXVLRQHVVREUHUHYLVLRQHVWDQVyOR KDQDJLWDGRPX\OLJHUDPHQWHOD VXSHUILFLHGHQXHVWUDDPLVWDG\HVR VyORWHPSRUDOPHQWH ,QWURGXFFLyQ

(QYHMHFHFRQPLJR YHUVLyQRULJLQDOGHODQRYHOD8QJXLMDUUR HQHOFLHOR  (OILQGHODHWHUQLGDG YHUVLyQRULJLQDOGHODQRYHODGHOPLV PRWtWXOR  &UHHQFLD SULPHUDYHUVLyQ  &UHHQFLD YHUVLyQSXEOLFDGD

8OWLPRFRPHQWDULR ,VDDF$VLPRY  HVXQRGHORVHVFULWRUHVGHFLHQFLDILFFLyQPiVIDPR VRVTXHYLYHQHQODDFWXDOLGDG1DFLGRHQ5XVLDVXIDPLOLDSDVRDYLYLUHQ (VWDGRV8QLGRVHQ'XUDQWHXQDSULPHUDHWDSDGHVXFDUUHUDFRPELQyOD DFWLYLGDGDFDGpPLFDHQELRTXtPLFDFRQODSXEOLFDFLyQGHQXPHURVRVUHODWRV GHFLHQFLDILFFLyQHQUHYLVWDVSRSXODUHVSDUDSDVDUFRQGHGLFDFLyQSOHQDDOD HVFULWXUDHQ6XREUDDOWHUQDODFLHQFLDILFFLyQRFDVLRQDOHVLQFXUVLRQHV


HQHOUHODWRGHPLVWHULR\XQDLQJHQWHFDQWLGDGGHREUDVGHGLYXOJDFLyQTXHOR KDQFRQYHUWLGRDVLPLVPRHQXQRGHORVHQVD\LVWDVPDVSRSXODUHVGHOPX QGR 5HFLHQWHPHQWHKDGHVDUUROODGRWDPELpQXQDHQRUPHDFWLYLGDGHQHOFDPSR GHODVDQWRORJtDVHQPXFKRVFDVRVHQFRODERUDFLyQFRQ&KDUOHV::DXJK\ 0DUWLQ+*UHHQEHUJ (QODDFWXDOLGDGOOHYDSXEOLFDGRVPiVGHOLEURV6XREUDGHQWURGHOD FLHQFLDILFFLyQFRPSUHQGHORVWtWXORVVLJXLHQWHV 129(/$6

³3HEEOHOQ,KH6N\ 8QJXLMDUURHQHOFLHOR(G0DUWtQH]5RFDHQSUH SDUDFLyQ

³7KH6WDUV/¢NH'XVW (QODDUHQDHVWHDU(G0DUWtQH]5RFD6XSHU )LFFLyQQ~P%DUFHORQD

³7KH&XUUHQWVRI6SDFH /DVFRUULHQWHVGHOHVSDFLR(G0DUWtQH]5R FD6XSHU)LFFLyQQ~P%DUFHORQD

³7KH(QGRI(WHUQaW\ (O-LQGHODHWHUQLGDG(G0DUWtQH]5RFD6X SHU)LFFLyQQ~P%DUFHORQD

³)DQWDVWLF9R\DJH 9LDMH$XFLQDQWH(G3OD]D\-DQpV*UDQ5HQR %DUFHORQD

³7KH*RGV7KHPVHOYHV /RVSURSLRVGLRVHV(G%UXJXHUD/LEUR $PLJR%DUFHORQD

6(5,('(/2652%276

³7KH&DYHVRI6WHH %yYHGDVGHDFHUR(G0DUWtQH]5RFD6XSHU)LF FLyQQ~P%DUFHEQD

³7KH1DNHG6XQ (OVROGHVQXGR(G0DUWtQH]5RFD6XSHU)LFFLyQ Q~P%DUFHORQD

³7KH5RERWVRI'DZQ /RVURERWVGHODPDQHFHU(G%UXJXHUD&LQ FR(VWUHOODV%DUFHORQD

³5RERWVDQG(PSLUH 5RERWVH,PSHQR(G3OD]D\ODQpVe[LWRV %DUFHORQD

6(5,('(/2652%276

6(5,('(/$6)81'$&,21(6

³)RXQGDWLRQ )XQGDDyQ(G3OD]D\-DQpV*UDQ5HQR%DUFHORQD 


³)RXQGDWLRQDQG(PSLUH )XQGDFLyQH,PSHULR(G3OD]D\ODQpV *UDQ5HQR%DUFHORQD

³6HFRQG)RXQGDWLRQ 6HJXQGD)XQGDFLyQ(G3OD]D\ODQpV*UDQ 5HQR%DUFHORQD

³)RXQGDWLRQ V(GJH /RVOtPLWHVGHOD)XQGDFLyQ(G3OD]D\ODQpV *UDQ5HQR%DUFHORQD

³)RXQGDWLRQDQG(DUWK 6(5,(/8&.<67$55 MXYHQLO  ³/XFNY6WDUU6SDFH5DQJHUFRPR3DXO)UHQFK /XFN\6WDUUHOUDQ JHUGpOHVSDFLR(G%UXJXHUD%DUFHORQD

³/XFNY 6WDUU DQG aKH 3LUDWHV RI WKH $VWHURLGV /XFN\ 6WDUU \ ORV SLUDWDV  , UOUQ GHORVDVWHURLGHV(G%UXJXHUD%DUFHORQD

³/XFN\6WDUUDQGWKH2FHDQVRI9HQXV /XFN\6WDUU\ORVRFpDQRaGH 9HQXV(G%UXJXHUD%DUFHORQD

³/XFN\6WDUUDQGWKH%LJ6XQRI0HUFXU\ /XFN\6WDUUYHOJUDQVROGH 0HUF~ULR(G%UXJXHUD%DUFHORQD

³/XFN\6tDUUDQGWKH0RRQVRI-XSLWHU /XFN\6WDUU\,DVOXQDVGH-~ SLWHU(G%UXJXHUD%DUFHORQD

³/XFN\6WDUUDQGWKH5LQJVRO6DWXUQ /XFN\6WDUU\ORVDQLOORVGH6D OXUQR(G%UXJXHUD%DUFHORQD

5(&23,,$&,21(6 ³URERW <RURNRW(G(GKDVD1HEXODHQ~PO%DUFHORQD

³7KH0DUWLDQ:D\DQG2WKHU6WRQHV $ORPDUFLDQR(G0DUWtQH] 5RFD6XSHU)LFFLyQQ~P%DUFHORQDO<

O<³(DUWKLV5RRP(QRXJK &RQOD7LHUUDQRVEDVWD(G0DUWtQH]5RFD 6XSHU)LFFLyQQ~P%DUFHORQD

³1LQH7RPRUURZV 1XHYHIXWXURV(G0DUWtQH]5RFD6XSHU)LFFLyQ Q~P%DUFHORQD

³7KH5HVWRIWKH5RERWV /RVURERWV(G3LFD]R%DUFHORQD

³1LJKWIDDQGRWKHU6WRULHV /RVRMRVKDFHQDOJRPiV TXHaHU/DPi TXLQDTXHJDQyODJXHUUD\&XDUWDJHQHUDFLyQ(G&DUDOW&LHQFLD )LFFLyQQ~PV\%DUFHORQDaa ³7KH(DUO\$VLPRY 6HLHFFLyQ\(G%UXJXHUD/LEUR$PLJR %DUFHORQD

³%X\-XSLWHU &RPSUH-~SLWHU(G3OD]D\-DQpV*UDQ5HQR%DUFH ORQD

³7KH%LFHQWHQLDO0DQ (OKRPEUHGHO%LFHQWHQDULR(G0DUWtQH]5R FD6XSHU)LFFLyQQ~P%DUFHORQD

³7KH&RPSOHWH5RERW /RVURERWV(G0DUWtQH]5RFD*UDQ6XSHU )LFFLyQ%DUFHORQD

³7KH:LQGVRI&KDQJHDQG2WKHU6WRULHV /RVYLHQWRVGHOFDPELR(G 0DUWtQH]5RFD*UDQ6XSHU)LFFLyQ%DUFHORQD

³7KH$OWHUQDWH$VLPRYV &XHQWRVSDUDOHORV(G0DUWtQH]5RFD6X SHU)LFFLyQQ~P%DUFHORQD


$172/2*,$675$'8&,'$6$/&$67(//$12 ³%HIRUHWKH&ROGHQ$JH /D(GDGGH2URGHODFLHQFLDILFFLyQ(G 0DUWtQH]5RFD6XSHU)LFFLyQQ~PV\%DUFHORQD

³7KH%HVW6FLHQFH)LFWLRQRIWKHWK&HQWXU\ /RPHMRUFOHODFLHQFLD ILFFLyQGHOVLJOR;,;(G0DUWtQH]5RFD6XSHU)LFFLyQQ~PV\ %DUFHORQD

³&DXJKWLQWKH2UJDQ'UDIW 7UDVSODQWHREOLJDWRULR(G0DUWtQH]5R FD6XSHU)LFFLyQQ~P%DUFHORQD FRQ:DXJK\0DUWLQ ³+DOOXFLQDWLRQ2UELW 2UELWDGHDOXFLQDFLyQ(G0DUWtQH]5RFD6X SHU)LFFLyQQ~P%DUFHORQD D Q:DXJK\0DUWLQ 6(5,(/2635(0,26+8*2 ³7KH+XJR:LQQHUV /RVSUHPLRV+XJR(G 0DUWtQH]5RFD*UDQ6XSHU)LFFLyQ%DUFHORQD

³7KH+XJR:LQQHUV (G0DUWtQH]5RFDHQSUHSDUDFLyQ

³7KH+XJR:LQQHUV (G0DUWtQH]5RFDHQSUHSDUD FLyQ

³7KH+XJR:LQQHUV (G0DU~QH]5RFDHQSUHSDUD ³7KH+XJR:LQQHUV (G0DUWtQH]5RFDHQ SUHSDUD FLyQ

35(0,26 y³+XJRHVSHFLDOSRUOD6HULHGHODV)XQGDFLRQHV ³+XJR1HEXOD\/RFXVSRU/RVSURSLRVGLRVHV ³+XJR1 HEXOD\/RFXVSRU´(OKRPEUHGHO%LFHQWHQDULRµ ³+XJRY/RFXVSRU/RVOtPLWHVGHOD)XQGDFLyQ 



aB 

1¡ ,$1:$7621 (OMDUGtQGHODVGHOLFLDV

(QEXVFDGHXQDFRORQLDIXQGDGDSRUXQDH[SHGLFLyQDQWHULRU XQDDVWURQDYHWULSXODGDSRUWUHVKRPEUHV\WUHVPXMHUHVTXHGD LQPRYLOL]DGDHQXQSODQHWDPLVWHULRVR(OSDLVDMHOXMXULDQWHTXH OHVURGHDFRQVXVIUXWRV\DYHVJLJDQWHV\VXSREODFLyQGH RFLRVRVGHVQXGRVHVH[DFWDPHQWHHOGHOWUtSWLFRGH-HUyQLPR %RVFK(O-DUGtQGHODV'HOLFLDV/DSLQWXUDIXHFRQYHUWLGDHQ SDLVDMHSRUXQa'LRVa\WRGRIRUPDSDUWHGHXQSODQ3HUR¢TXp HVHVH'LRV"¢<FXiOHVHOSODQ"0LHQWUDVUHFRUUHQHVDSLQWXUD IDEXORVDORVSURWDJRQLVWDVYHQFODURTXHHVHPXQGRORPLVPR TXHODSLQWXUD GH%RVFKFRQVWDGHWUHVSDUWHV3DUDOOHJDUDQWH 'LRVHQHO3DUDtVRWHQGUiQTXHSDVDUSULPHURSRUXQYHUGDGHUR ,QILHUQR3HURHOUHVXOWDGRGHVXLQYHVWLJDFLyQHVWRGDYtDPiV


VRUSUHQGHQWHGHORTXHLPDJLQDQ 8QDQRYHODDSDVLRQDQWHTXHGHVDUUROODFRQPDHVWUtDODVLGHDV PiVSURYRFDWLYDVTXHKDYLVWRHOJpQHURHQORV~OWLPRVDxRV

ODQ:DWVRQHVHQODDFWXDOLGDGHODXWRUEULWiQLFRGHFLHQFLD ILFFLyQGHPiVEULOODQWH]\FRKHUHQFLDHQVXSDtV6HGLRD FRQRFHUDPHGLDGRVGHORVVHWHQWDFRQ(PSRWUDGRV Qยก GH HVWDFROHFFLyQ QRYHODTXHOHYDOLyHO3UHPLR$SROR 'HVGHHQWRQFHVVXVQRYHODVQRKDQGHMDGRGHDOFDQ]DUQXHYDV FRWDVGHH[FHOHQFLD(OSDVDGRDxRREWXYRHO3UHPLR(XURSHRGH &LHQFLD)LFFLyQSRUHOFRQMXQWRGHVXREUD *a 

/DV& EUDV0DHVWUDV GHOD&LHQFLD)FFLRQ

/R~OWLPRGH$VLPRYUHODWRVGHOR PHMRU\PiVDFWXDOGHODXWRUGHFLHQFLD ILFFLyQPiVIDPRVRGHWRGRVORVWLHPSRV

3RUSULPHUDYH]UHXQLGRVHQXQVROR YROXPHQWRGRVORVUHODWRVGHURERWVHVFUL WRVSRU,VDDF$VLPRYGHVGHVXFpOHEUH <RURERWKDVWDVXPiVUHFLHQWHSUR aXFFLyQ $XWRUJDQDGRUGHO3UHPLR+XJR 2EUDJDODUGRQDGD FRQHO%ULWยขVK6)$ZDUG

-RKQ%UXQQHUHVHODXWRUEULWiQLFR GHFLHQFLDILFFLyQGHPD\RUUHVRQDQFLD PXQGLDO*DQDGRUGHORVSUHPLRV+8*2 $32/2\%5,7$1,&2VXQRYHOD2UEL WDLQHVWDEOHIRQQDMXQWRD7RGRVVREUH =DQ]IOaDU\(OUHEDxRFLHJRORTXHHO DXWRUOODPDODWULORJtDGHOGHVDVWUHED VDGDHQQXHVWURIXWXURPiVLQPHGLDWR *5$1683(5),&&,21 IaL6O029 

(OSUVPLR+XJRHVHOPiVLPSRUWDQWHTXHVHRWRU JDDORVHVFULWRUHVGHFLHQFLDILFFLyQ3UHVHQWD GRVSRU$VLPRYHQHVWHYROXPHQVHUH~QHQORV


DXWRUHVSUHPLDGRVHQWUHORVDxRV\ FRQORVUHODWRVTXHOHVFRQVDJUDURQ

:DLWHU00LOOHU(ULF)UDQN5XVVHO0XUUD\/HLQV WHU$YUDP'DYLGVRQ&OLIIRUG'6LPDN5REHUW %ORFK'DQLHO.H\HV3RXO$QGHUVRQ 3ULPHUYROXPHQGHXQDVHULHEiVLFDSDUDORV DPDQWHVGHOJHQHUR 9RO~PHQHVHQSUHSDUDFLyQLJXDOUQHQWH SUHVHQWDGRVSRU,6$$&$6,029

/2635(0,26+8*2

/2635(0,26+8*2tOO /2635(0,26+8*2,9

/2635(0,26+8*29 &2/(&&,21 a3+,/,3.',&.

&/,))25''6,0$./RVKLMRVGHQXHVWURVKLMRV 3+,/,3.',&./DSHQ~OWLPDYHUGDG *,//(6' $5*<5((OFHWURGHOD]DU 

%5$'%85<$6,029/RPHMRUGHa)DQWDV\ 6FLHQFH /(,%(5)LFWLRQa -($13$1'5(921 5HWRUQRDODWLHUUD 3('/(5<'$9,6(OURHFHUHEURV ,6$$&$6,029 )5,7=/(,%(5

/DHGDGGHRURGHODFLHQFLD ILFFLyQ ,

/RVFHUHEURVSODWHDGRV

-$&.:,//,$0621 /DOHJLyQGHOHVSDFLR )5('<*(2))5(<+2</(,QILHUQR *,//(6' $5*<5(


,6$$&$6,029

/RVDVHVLQRVGHOWLHPSR

/DHGDGGHRURGHODFLHQFLD ILFFLyQ ,O

%5,$1$/',66 -75,*2

,6$$&$6,029 ,

6$08(/5'(/$1</DEDODGDGH%HWD L /$55<1,9(10XQGRDQLOOR 7+($921+$5%28 0HWUySROLV

-$0(6%/,6+8QFDVRGHFRQFLHQFLD

*25'215',&.621$OHVWLORH[WUDWHUUHVWUH  



0,&+$(/$6+/(<

/RVPHMRUHVUHODWRVGHFLHQFLDILFFLyQ /DHUDGH&DPSEHOO

67$1/(<*:(,1%$80/RPHMRUGH:HLQEDXP ,

52%(57$+(,1/(,1+LMDGH0DUWH ,

L,$1:$7621 

(PSRWUDGRV

/(,*+%5$&.(77/DHVSDGDGH5KLDQQRQ




52*(5=(/$=1<7~HOLQPRUWDO

)5,7=/(,%(58QIDQWDVPDUHFRUUH7H[DV ,

,6$$&$6,029

(OILQGHODHWHUQLGDG

52%(57$+(,1/(,1/DGHVDJUDGDEOHSURIHVLQGH -RQDWKDQ+RDJ )5$1.+(5%(57(OFHUHEURYHUGH

 -2+1%2<'

0HUFDGHUGHLQWHOLJHQFLD

52%(57$+(,1/(,1/DVFLHQYLGDVGH/D]DUXV/RQJ 

:,/62178&.(5/RVDPRVGHOWLHPSR 716&257,$ \*=(%52:6., 

(OKRPEUHPiTXLQD /RVRVFXURVDxRVOX] 'HVLHUWRGHQLHEOD\FHQL]DV (OKRPEUHGHOELFHQWHQDULR


Cuentos paralelos