Coztazul Diciembre 2016

Page 1

SFF HSBUJT &GOHMJTI M &TQB×P

$*" 9$&-&/ & 3 0 1 *0/"S "- 3&( JPOFT Z )VNP 6 4 / & Y . F UÏNPD " ø 5 I F 4 V * 3 B 7 T V & P -" 3 JFOU BMB $ 1FOTBN MP F[ $PN

M F «MWBS ÈO .BO[BOJ E B M M J 7 5FDPN $PMJNB %(5 5POJMB 0 ( & ( '( (0%5 , & , '

&RVWD]XO HV IXHQWH GH LQVSLUDFLyQ KHUUDPLHQWD SDUD HO FDPELR

/$ 5(9,67$ '( ,17(51(7 ( ,035(6$ 48( *867$ $ 75(6 *(1(5$&,21(6 ZZZ FRVWD]XO P[ ZZZ WZLWWHU FRP UHYLVWDFRVWD]XO ZZZ IDFHERRN FRP UHYLVWDFRVWD]XO ZZZ LQVWDJUDP FRP UHYLVWDFRVWD]XO LQIR#FRVWD]XO P[

7HO &HO

(67$ 5(9,67$ (6 *5$78,7$



$PDU QR HV VRODPHQWH TXHUHU HV VREUH WRGR FRPSUHQGHU )UDQFLRLVH 6DJDQ

,1',&( 5XWDV WXUtVWLFDV 7RXULVW URXWHV 1XHVWUD SRUWDGD 7HOpIRQRV GH LPSRUWDQFLD LPSRUWDQW SKRQH QXPEHUV &KLVWHV 5HÀH[LRQHV &XOWXUD )iEXOD 3RHPDV ¢6DEtD XVWHG TXH" SRU 'U -XVWLQR 0 /HSH &RVWD]XO HQ OD FRFLQD *XtD GHO EDUPDQ 'DWRV FXULRVRV /H\HQGD &XHQWR 9LOODQFLFRV (TXLQRWHUDSLD (QWUHWHQLPLHQWR 6DOXG \ EHOOH]D 3DUD QLxRV 5D]DV GH SHUURV 7HOpIRQRV GH LPSRUWDQFLD 0DQ]DQLOOR ,PSRUWDQW SKRQH QXPEHUV 0DQ]DQLOOR 1HJRFLRV 7RXJKWV (QJOLVK WLSV +XPRU LQ HQJOLVK +RUyVFRSR +RURVFRSH

&ROLPD

6HFFLRQHV

6HUYLFLRV 3HULyGLFRV \ PHGLRV &RPHUFLRV *DVWURQRPtD 7XULVPR 0pGLFRV 9HWHULQDULRV 6RFLDO &RPDOD &XDXKWHPRF 7RQLOD

7HFRPiQ

6HUYLFLRV &RPHUFLRV *DVWURQRPtD 0DQ]DQLOOR 6HUYLFLRV 3HULyGLFRV \ PHGLRV &RPHUFLRV *DVWURQRPtD 7XULVPR 0pGLFRV %LHQHV 5DtFHV

5HYLVWD LPSUHVD HQ ORV WDOOHUHV GH ,PSUHV HQ =DSRSDQ -DO HGLFLyQ GHO PHV GH 'LFLHPEUH VH UHSDUWH HQ HO HVWDGR GH &ROLPD VXU GH -DOLVFR \ RHVWH GH 0LFKRDFiQ /DV UHÀH[LRQHV IUDVHV SRHPDV \ HQ JHQHUDO ORV HVFULWRV TXH DTXt DSDUHFHQ QR VRQ HO UHÀHMR GH VXV HGLWRUHV VRQ WDQ VROR XQD UHFRSLODFLyQ FRQ ¿QHV GH HQWUHWHQLPLHQWR /RV QRPEUHV \ PDUFDV TXH VH SXEOLFLWDQ VRQ SURSLHGDG GH ORV DQXQFLDQWHV 6H SURKLEH OD UHSURGXFFLyQ WRWDO R SDUFLDO

$181&,(6( (1 &267$=8/ 7HO &HO

(67$ 5(9,67$ (6 *5$78,7$


5XWDV WXUtVWLFDV 7RXULVW URXWHV 5XWD WXUtVWLFD &ROLPD

5XWD WXUtVWLFD -DOLVFR

+RQUDUp OD 1DYLGDG HQ PL FRUD]yQ \ SURFXUDUp FRQVHUYDUOD GXUDQWH WRGR HO DxR &KDUOHV 'LFNHQV


1XHVWUD SRUWDGD /D 1DYLGDG /DV SLxDWDV SRVDGDV \ SDVWRUHODV VRQ VyOR DOJXQDV WUDGLFLRQHV 1DYLGHxDV TXH KDQ SDVDGR GH JHQHUDFLyQ HQ JHQHUDFLyQ GXUDQWH DxRV & R P S D U W L U F R V W X P E U H V \ W U D G L F L R Q H V DQFHVWUDOHV FRQ QXHVWUD FRPXQLGDG \ HQ HVSHFLDO FRQ OD IDPLOLD UHIXHU]D QXHVWURV OD]RV \ QRV GD XQ VHQWLGR GH SHUWHQHQFLD /DV WUDGLFLRQHV HQ 0p[LFR WLHQHQ FDUDFWHUtVWLFDV GLVWLQWLYDV D ODV GH RWURV SDtVHV \D TXH WLHQHQ XQ IXHUWH FRPSRQHQWH SUH KLVSiQLFR TXH QDFH FRQ OD IXVLyQ GH GRV FXOWXUDV OD LQGtJHQD \ OD HVSDxROD /D 1DYLGDG HV OD IHVWLYLGDG UHOLJLRVD TXH VH FHOHEUD HO GH GLFLHPEUH HQ TXH ORV FULVWLDQRV FRQPHPRUDQ HO QDFLPLHQWR GH -HVXFULVWR (O WpUPLQR 1DYLGDG SURFHGH GHO ODWtQ ³QDWLYƱWDV QDWLYÆ—WLV´ TXH VLJQL¿FD ³QDFLPLHQWR´ (Q OD VRFLHGDG DFWXDO OD 1DYLGDG VH FHOHEUD HQ PXFKRV OXJDUHV \ GH IRUPDV PX\ GLVWLQWDV (Q JHQHUDO XQD GH ODV FDUDFWHUtVWLFDV DFWXDOHV GH OD 1DYLGDG HV HO DXPHQWR GHO FRQVXPR HQ HVSHFLDO GH REMHWRV XWLOL]DGRV FRPR UHJDORV \ DOLPHQWRV (Q PXFKRV FDVRV HVSHFLDOPHQWH GHVGH HO SXQWR GH YLVWD FULVWLDQR VH FRQVLGHUD TXH HVWH QR HV HO VLJQL¿FDGR DXWpQWLFR GH OD 1DYLGDG 0 X F K D V S H U V R Q D V F R Q V L G H U D Q T X H H O V L J Q L ¿ F D G R G H O D 1 D Y L G D G U H V S R Q G H D PDQLIHVWDFLyQ GH FLHUWRV YDORUHV KXPDQRV TXH GXUDQWH HO DxR VH PDQWLHQHQ PiV ROYLGDGRV $OJXQRV GH HOORV VRQ OD VROLGDULGDG OD XQLGDG OD DOHJUtD OD HVSHUDQ]D OD IDPLOLD HO DPRU \ OD SD] (VWRV YDORUHV HVWiQ UHSUHVHQWDGRV HQ FUHHQFLDV UHOLJLRVDV &RPR WDO VH HQWLHQGH SRU 1DYLGDG FRPR XQ SHUtRGR GH FHOHEUDFLyQ SRU OD OOHJDGD DO PXQGR GH -HV~V \ VX PHQVDMH (O iUERO GH 1DYLGDG WLHQH XQ VLJQL¿FDGR FULVWLDQR DXQTXH VX XVR VH KD JHQHUDOL]DGR HQ SHUVRQDV GH GLVWLQWDV FUHHQFLDV (O iUERO GH 1DYLGDG KDFH UHIHUHQFLD DO iUERO GHO 3DUDtVR HO SHFDGR RULJLQDO \ OD ¿JXUD GH -HV~V FRPR UHGHQWRU GH ORV SHFDGRV SHUR WDPELpQ OD KRMD SHUHQQH HV XQ VtPEROR GH OD YLGD R YLGD HWHUQD /RV DQWHFHGHQWHV GHO iUERO GH 1DYLGDG VH UHPRQWDQ D pSRFDV DQWLJXDV &LHUWRV SXHEORV LQWURGXFtDQ HQ VXV KRJDUHV SODQWDV GH KRMD SHUHQQH \ OHV GDEDQ XQ VLJQL¿FDGR PiJLFR UHOLJLRVR R PHGLFLQDO (Q YDULDV FXOWXUDV HO iUERO VLPEROL]D OD XQLyQ GHO FLHOR \ OD WLHUUD OD IHFXQGLGDG HO FUHFLPLHQWR OD ORQJHYLGDG \ OD VDELGXUtD

/D 1DYLGDG DJLWD XQD YDULWD PiJLFD VREUH HO PXQGR \ SRU HVR WRGR HV PiV VXDYH \ PiV KHUPRVR

1RUPDQ 9LQFHQW 3HDOH


7HOpIRQRV GH LPSRUWDQFLD ,PSRUWDQW SKRQH QXPEHUV (PHUJHQFLDV (PHUJHQF\

(PHUJHQFLDV (PHUJHQF\ &UX] 5RMD HPHUJHQFLDV (PHUJHQF\ 5HG &URVV &UX] 5RMD 5HG &URVV 3URWHFFLyQ FLYLO &LYLO SURWHFWLRQ ,066 6RFLDO 6HFXULW\ ,QVWLWXWH +RVSLWDO FLYLO &LYLO KRVSLWDO &HQWUR PpGLFR SDUWLFXODU 0HGLFDO FHQWHU SULYDWHO\ RZQHG %DQFR GH VDQJUH %ORRG EDQN %RPEHURV &ROLPD &ROLPD V )LUH GHSDUWPHQW %RPEHURV 9LOOD GH $OYDUH] 9 $ ¶V )LUH GHSDUWPHQW ,6667( 6WDWH VRFLDO ZRUNHUV LQVWLWXWH 3ROLFLD PXQLFLSDO 0XQLFLSDO SROLFH 6HJXULGDG S~EOLFD 3XEOLF VHFXULW\ SROLFH 7UiQVLWR GHO HVWDGR 7UDI¿F SROLFH 'LUHFWRU GH WUDQVSRUWH 3ROLFLD -XGLFLDO GHO (VWDGR 6WDWH -XGLFLDO 3ROLFH 3ROLFLD -XGLFLDO )HGHUDO )HGHUDO -XGLFLDO 3ROLFH 3ROLFLD )HGHUDO 3UHYHQWLYD )HGHUDO +LJKZD\ 3ROLFH 3*5 )HGHUDO LQYHVWLJDWRUV

7D[LV 7D[L FDEV 6LWLR 0DGHUR \ -XiUH] 6LWLR $ODPHGD 6LWLR 1~xH] 6LWLR 7tYROL 6LWLR )iWLPD 6LWLR *XDGDODMDULWD 6LWLR ,QIRQDYLW 6LWLR 2ULHQWDO 6LWLR 3DUTXH +LGDOJR 5DGLR 7D[L 5DGLR 7D[L

$XWREXVHV IRUDQHRV %XV OLQHV /D /tQHD $XWREXVHV GH 2FFLGHQWH (VWUHOOD %ODQFD (71 2PQLEXV GH 0p[LFR )OHFKD $PDULOOD 3ULPHUD 3OXV $XWRWUDQVSRUWHV GHO VXU URMRV $XWRWUDQVSRUWHV 0DGULG URMRV )HUURFDUULOHV 1DFLRQDOHV GH 0p[LFR

'HSHQGHQFLDV )HGHUDOHV (VWDWDOHV \ 0XQLFLSDOHV D =RQD 0LOLWDU &)( (PHUJHQFLDV &)( &RUUHRV GH 0p[LFR 7HOpJUDIRV ,QHD ,QVWLWXWR )HGHUDO (OHFWRUDO ,QVWLWXWR 1DFLRQDO GHO &RQVXPLGRU 6HFUHWDUtD GH (GXFDFLyQ 3~EOLFD 6HFUHWDUtD GH OD 5HIRUPD $JUDULD &HQWUR GH 6DOXG 6XSUHPR 7ULEXQDO GH -XVWLFLD 7ULEXQDO 8QLWDULR $JUDULR 3URFXUDGXUtD )HGHUDO GHO &RQVXPLGRU 3URFXUDGXUtD *HQHUDO GH OD 5HS~EOLFD 6HFUHWDUtD GH $JULFXOWXUD \ 5HFXUVRV +LGUiXOLFRV 6HFUHWDUtD GH (FRQRPtD 6HFUHWDUtD GH &RPXQLFDFLRQHV \ 7UDQVSRUWHV 6HFUHWDUtD GH 'HVDUUROOR 6RFLDO 6HFUHWDUtD GH +DFLHQGD \ &UpGLWR 3~EOLFR 6HFUHWDUtD GH OD 'HIHQVD 1DFLRQDO 6HFUHWDUtD GH $JULFXOWXUD *DQDGHUtD 'HVDUUROOR 5XUDO 3HVFD \ $OLPHQWDFLyQ 6$*$53$ 6HFUHWDUtD GH 6DOXG 6HFUHWDUtD GHO 7UDEDMR \ 3UHYLVLyQ 6RFLDO 3(0(; 3*( &HQWUR GH $SR\R D OD 0XMHU &HQWUR GH ,QWHJUDFLyQ -XYHQLO

3LHQVR TXH OD 1DYLGDG HV XQD ¿HVWD QHFHVDULD QHFHVLWDPRV XQ DQLYHUVDULR GXUDQWH HO FXDO SRGDPRV ODPHQWDU WRGDV ODV LPSHUIHFFLRQHV GH QXHVWUDV UHODFLRQHV KXPDQDV *UDKDP *UHHQH


&ROLPD 6HUYLFLRV

(O PHMRU DXWRODYDGR GH &ROLPD

6DOD FOLPDWL]DGD DJXD IUtD :L)L 79

/DYDGR \ DVSLUDGR /DYDGR GH PRWRU LQWHULRUHV FKDVLV 9DVHOLQD (QFHUDGR 3XOLGR (QFHUDGR H[SUHVV 3XOLGR GH IDURV /LPSLH]D GH ULQHV 5HKDELOLWDGR GH SOiVWLFRV \ DVLHQWRV

9,6,7$126 (1 &8$/48,(5$ '( 18(675$6 68&856$/(6 ',26$ $Y 0DUtD $KXPDGD (VT FRQ 1DUDQMDO 9LOOD GH $OYDUH] $ HVSDOGDV GH ORV ERPEHURV /XQ 6DE DP SP 'RP DP SP

',26$ 9,3 $Y 9HQXVWLDQR &DUUDQ]D 6DQWD %DUEDUD &ROLPD $ XQ FRVWDGR GHO $UFH /XQ 6DE DP SP 'RP DP SP

',26$ $Y 3DEOR 6LOYD /RV 2OLYRV 9LOOD GH $OYDUH] $ XQD FXDGUD GH VHFXQGDULD ³(7,´ /XQ 6DE DP DP 0DGUXJDGD

'RP DP SP

',26$ $Y 0DUtD $KXPDGD 6HQGHURV GHO &DUPHQ 9 GH $OY $ XQ FVWDGR GHO R[[R /XQ 6DE DP DP PDGUXJDGD

'RP DP SP

1RWDUtD 3~EOLFD 1R /LF 5RJHOLR $ *DLWiQ \ *DLWiQ 7,78/$5

/LF /DXUD * *DLWiQ &UX] $'6&5,7$

/LF (QULTXH 3ODVFHQFLD *DUFtD $8;,/,$5

7(/()2126 \ QRWDULD UJ#KRWPDLO FRP ,QGHSHQGHQFLD 1R &G 9LOOD GH ÈOYDUH] &ROLPD 6LHQGR QLxRV pUDPRV DJUDGHFLGRV FRQ ORV TXH QRV OOHQDEDQ ORV FDOFHWLQHV SRU 1DYLGDG ¢3RU TXp QR DJUDGHFtDPRV D 'LRV TXH OOHQDUD QXHVWURV FDOFHQWLQHV FRQ QXHVWURV SLHV" *LOEHUW .HLWK


&ROLPD 6HUYLFLRV

%XIHWH \ 1RWDUžD 3©EOLFD

/LF 0DQXHO %UXVW &DUPRQD 1RWDU\ SXEOLF OHJDO VHUYLFHV (QJOLVK VSRNHQ &RUUHJLGRUD &HQWUR &ROLPD &RO 7HOV \

/LF 5DXO =DUD]~D 0RQWHUURVD $VHVRU )LQDQFLHUR

6X DJHQWH GH VHJXURV PiV FRQ¿DEOH (GR GH 0p[LFR $OWD 9LVWD 9 GH $OYDUH] &RO & 3 7HO &HO UDOX]DUD]XDPRQWHUURVD#JPDLO FRP &KLVWHV

(O SVLTXLDWUD ORJUy FXUDUOR GH VX FOHSWRPDQtD OiVWLPD TXH HO SDFLHQWH SURPHWLy SDJDUOH FXDQGR WXYLHUD RWUD ³UHFDtGD´ ¢(V FLHUWR TXH D WX SULPR OH GLHURQ XQ DXWR" 7H YDV D UHtU SHUR OR TXH OH GLHURQ IXH XQ ³DXWR GH IRUPDO SULVLyQ´ ¢(VWi HO VHxRU /HyQ" 6DOLy GH YLDMH 'tJDOH TXH OR DQGR EXVFDQGR VR\ FD]DGRU 8Q KRPEUH OH GLFH D RWUR <R QR FRQItR HQ ORV FLUXMDQRV ¢3RU TXp" 0LUD VRQ H[SHUWRV HQ PDQHMDU FXFKLOORV VH SRQHQ PiVFDUDV SDUD TXH QR ORV UHFRQR]FDQ \ KDVWD XVDQ JXDQWHV SDUD QR GHMDU KXHOODV £'RFWRU XQ SHUUR DFDED GH PRUGHU D PL VXHJUD HQ XQ GHGR ¢< OR KDQ GHVLQIHFWDGR" 1R KHPRV SRGLGR HO SHUUR VDOLy FRUULHQGR 3DSi SDSi ¢ORV PDUFLDQRV VRQ DPLJRV R HQHPLJRV" ¢3RUTXp SUHJXQWDV" 3RUTXH KD YHQLGR XQD QDYH \ VH KD OOHYDGR D OD DEXHOD $K HQWRQFHV VRQ DPLJRV 6L QDGDU HV WDQ EXHQR SDUD OD ¿JXUD ¢HQWRQFHV SRUTXH ODV EDOOHQDV VRQ WDQ JRUGDV" 6L OR TXH YDV D GHFLU QR HV PiV EHOOR TXH HO VLOHQFLR QR OR GLJDV

3URYHUELR DUDEH


&ROLPD 6HUYLFLRV

HVWpWLFD -HDQHWWH &HUQDV

HVWLOLVWD FRVPHWyORJD FRUWHV SODQFKDGR PDTXLOODMH XxDV SHLQDGR GHSLODFLyQ FRQ FHUD SHGLFXUH PDQLFXUH DSOLFDFLyQ GH H[WHQVLRQHV \ H[WHQVLRQHV GH SHVWDxDV

&LWDV +RUDULR D \ D KUV $JXDVFDOLHQWHV &RORQLD /RV ÈQJHOHV &ROLPD

´/D H[SHULHQFLD KDFH OD GLIHUHQFLDµ Æ” 0DTXLOODMH Æ” 3HLQDGR Æ” $ODFLDGR Æ” 3ODQFKDGR Æ” (YHQWRV HVSHFLDOHV Æ” 7LQWHV Æ” 5D\RV Æ” &RUWH Æ” 3HUPDQHQWH Æ” 'LVHxR GH FHMDV Æ” \ PiV &LWDV DO /XQHV D 6iEDGR \ 3DOPD .HUSLV &RORQLD /D 3DOPDV &ROLPD &RO

&RSLFHQWUR 'LJLWDOL]DFLyQ GH GRFXPHQWRV FDUWD R¿FLR GREOH FDUWD &RSLDV GH SODQRV ,PSUHVLyQ \ FRSLDV E Q \ FRORU ,PSUHVLyQ GH SODQRV E Q \ FRORU ,PSUHVLyQ GH WHVLV (QFXDGHUQDGRV H[SUHVV (QJDUJRODGRV (QPLFDGRV ,PSUHVLyQ IRUPDWR DQFKR FDOLGDG IRWRJUiÀFD (VFDQpR GH SODQRV HQ E Q \ FRORU $Y )HOLSH 6HYLOOD GHO 5tR -DUGLQHV 9LVWD +HUPRVD &ROLPD &RO 7HOV \ ( PDLO FRSLFHQWUR[HUR[FRO#KRWPDLO FRP

5HÀH[LRQHV

/R PiV DWUR] GH ODV FRVDV PDODV GH OD JHQWH PDOD HV HO VLOHQFLR GH OD JHQWH EXHQD /D IHOLFLGDG QR HV SHUIHFWD KDVWD TXH QR HV FRPSDUWLGD $XQTXH HVWR\ FRQYHQFLGR TXH QDGD FDPELD SDUD Pt HV LPSRUWDQWH DFWXDU FRPR VL QR OR VXSLHUD 7UDEDMD WDQ GXUR FRPR VH OR SLGDV D RWURV /XFKD SRU OR TXH FUHDV TXH HV FRUUHFWR VLQ LPSRUWDU ODV SRVLELOLGDGHV 6L \D VDEHV OR TXH WLHQHV TXH KDFHU \ QR OR KDFHV HQWRQFHV HVWiV SHRU TXH DQWHV

&RQIXFLR


&ROLPD 6HUYLFLRV

)$%5,&$&,21 '( 38(57$6 < 9(17$1$6 $57,67,&$6 < &20(5&,$/(6 7XEHURV &RO 3RUYHQLU D OD YXHOWD GH OD GLUHFFLyQ GH 7UDQVLWR \ 9LDOLGDG

7HO &HO

*5832 6 $ '( & 9 +21(67,'$' $ 72'$ 358(%$ (1 *$62/,1$ < ',(6(/ ‡ 6HUYLFLR GH 9HQWD GH 9DOHV ‡ $FHSWDPRV WRGR WLSR GH 7DUMHWDV GH 'pELWR \ &UpGLWR &DUPHQ 6HUGiQ 7HO (VWDPRV IUHQWH D 6RULDQD 9LOOD GH ÈOYDUH] (Q OD *ORULHWD GH OD 'LRVD GHO $JXD &XOWXUD

¢&RPR VXUJH OD WUDGLFLyQ 1DYLGHxD HQ 0p[LFR" & X D Q G R O R V HYDQJHOL]DGRUHV OOHJDURQ D OD 1XHYD (VSDxD HQ VX DIiQ GH GLIXQGLU OD UHOLJLyQ EXVFDURQ D S U R Y H F K D U S X Q W R V G H FRQWDFWR TXH IDFLOLWDUDQ OD FRQYHUVLyQ GH ORV LQGtJHQDV 3RU HMHPSOR HO GtD TXH ORV D ] W H F D V F H O H E U D E D Q H O QDFLPLHQWR GH +XLW]LORSRFKWOL FRLQFLGH FRQ OD pSRFD GH 1DYLGDG (VWRV GtDV ORV WHQRFKFDV OOHYDEDQ LQYLWDGRV D VXV FDVDV \ OHV RIUHFtDQ W]yDWO OR TXH KR\ FRQRFHPRV FRPR ³DOHJUtD´ GXOFH GH DPDUDQWR $Vt GH DOJXQD PDQHUD ³IXVLRQDURQ´ WUDGLFLRQHV FULVWLDQDV FRQ FRVWXPEUHV IHVWLYDV TXH GLHURQ XQ EXHQ UHVXOWDGR /D SLxDWD HO QDFLPLHQWR ODV SRVDGDV ORV UH\HV PDJRV ODV SDVWRUHODV OD FHQD GH 1DYLGDG \ ORV YLOODQFLFRV VRQ VyOR DOJXQDV GH ODV FRVWXPEUHV TXH VH LPSODQWDURQ HQ HO SHULRGR 9LUUHLQDO /DV FXDOHV DXQTXH SHUWHQHFHQ HQWHUDPHQWH D OD WUDGLFLyQ FULVWLDQD DGRSWDURQ UDVJRV \ HOHPHQWRV LQGtJHQDV TXH SHUPDQHFHQ KDVWD QXHVWURV GtDV /RV KRPEUHV TXH QR SHUGRQDQ D ODV PXMHUHV VXV SHTXHxRV GHIHFWRV MDPiV GLVIUXWDUiQ GH VXV JUDQGHV YLUWXGHV

.KDOLO *LEUDQ


&ROLPD 6HUYLFLRV

0XOWLVHUYLFLRV

0DQWHQLPLHQWR HPSUHVDULDO \ SDUD HO KRJDU (Q WRGR HO HVWDGR GH &ROLPD 3UHVXSXHVWRV VLQ FRPSURPLVR

3LQWXUD +HUUHUtD 7DEOD URFD )RQWDQHUtD (OHFWULFLGDG 3XOLGR GH SLVRV /LPSLH]D SURIXQGD $LUHV DFRQGLFLRQDGRV &iPDUDV GH VHJXULGDG 5HPRGHODFLyQ \ FRQVWUXFFLyQ 5HGHV \ PiV

1H[WHO \

0XHEOHV &KX\LWR

£(6 72'2 3$5$ 686 ),(67$6 /H SUHVWDPRV ORV FDPLQRV &RPSDUH SUHFLRV

7HOV

7OD[FDOD &RORQLD 3RSXODU &HQWUR &ROLPD &RO

',6(f2 &216758&&,21 < 0$17(1,0,(172

&21 12627526 (1&2175$5È6 62/2 /$6 0(-25(6 0$5&$6 9(1 < &20358(%$/2 78 0,602 ',6(f2 ' < 35(6838(672 6,1 &203520,62 $Y GH ORV PDHVWURV &RO /D $UPRQtD &ROLPD &RO & 3 7HO )D[ ZZZ DOEHUFDVYHUJDUD FRP P[ DOEHUFDVYHUJDUD#SURGLJ\ FRP P[

‡ ,PSUHVLyQ HQ JUDQ IRUPDWR ‡ $QXQFLRV OXPLQRVRV ‡

%OYG &DPLQR 5HDO 1R % *ORULHWD FXDUWHO PLOLWDU 7HO )D[

$Q~QFLHVH HQ

7HO

+LVWRULD

FRQWDFWR#FRVWD]XO P[

$ YHFHV VHQWLPRV TXH OR TXH KDFHPRV HV WDQ VROR XQD JRWD HQ HO PDU SHUR HO PDU VHUtD PHQRV VL OH IDOWDUD XQD JRWD

0DGUH 7HUHVD GH &DOFXWD


&ROLPD 3HULyGLFRV \ 0HGLRV

)iEXOD

(/ /(21 < (/ 5$721 (VRSR 8Q OHyQ VH KDOODED GXUPLHQGR HQ PHGLR GH OD VHOYD 9LpQGROR GRUPLU D SLHUQD VXHOWD YDULRV UDWRQHV GHO FDPSR VH DWUHYLHURQ D MXJDU PX\ FHUFD GH pO HQ HVR XQR GH HOORV GLR XQ VDOWR \ IXH D FDHU HQFLPD GHO ¿HUR DQLPDO GHVSHUWiQGROR 'H LQPHGLDWR DWUDSy HO OHyQ FRQ VX JDUUD DO UDWRQFLWR \ \D HVWDED D SXQWR GH FRPpUVHOR FXDQGR pVWH OH URJy TXH OH SHUGRQDUD OD YLGD SXHV QR KDEtD W H Q L G R L Q W H Q F L y Q G H PROHVWDUOR (O UH\ GH OD VHOYD DFHSWy OD H[FXVD GHO UDWyQ \ SHQVDQGR TXH VHUtD XQ JUDQ DEXVR GH VX SDUWH YHQJDUVH GH XQ VHU WDQ LQGHIHQVR OR SHUGRQy \ GHMy TXH VH PDUFKDUD 3RFR WLHPSR GHVSXpV FDPLQDQGR SRU OD VHOYD D PLWDG GH OD QRFKH HO OHyQ FD\y HQ XQD WUDPSD \ DO PRPHQWR TXHGy DWUDSDGR HQ XQD HQRUPH UHG (O OHyQ VH SXVR HQWRQFHV D UXJLU FRQ JUDQ GHVHVSHUDFLyQ &RQWLQ~D HQ OD SiJLQD (O FXHUSR KXPDQR HV HO FDUUXDMH HO \R HO KRPEUH TXH OR FRQGXFH HO SHQVDPLHQWR VRQ ODV ULHQGDV \ ORV VHQWLPLHQWRV ORV FDEDOORV

3ODWyQ


&ROLPD 3HULyGLFRV \ 0HGLRV

&KLVWHV

(Q HO +RVSLWDO 0DWHUQR FRPSUDURQ XQD PiTXLQD SDUD D\XGDU HQ ORV SDUWRV D ODV PXMHUHV /OHJD XQD HPEDUD]DGD FRQ VX HVSRVR \ OHV GLFH HO GRFWRU 0LUHQ WHQHPRV HVWD PiTXLQD TXH YD D VHU XQD UHYROXFLyQ 6LUYH SDUD WUDQVIHULU SDUWH GHO GRORU GHO SDUWR DO SDGUH GH WDO PDQHUD TXH OD PDGUH QR WLHQH TXH VXIULU PXFKR ¢(VWDUtDQ XVWHGHV GLVSXHVWRV D SUREDUOD" &ODUR TXH Vt GRFWRU %XHQR SXHV HO HVSRVR VH VLHQWD DTXt \ FRPR HVWi HQ IDVH H[SHULPHQWDO GH PRPHQWR SRQGUHPRV OD PiTXLQD WDQ VROR DO \ XVWHGHV PH YDQ GLFLHQGR < OOHJD HO PRPHQWR GHO SDUWR \ HO HVSRVR GLFH 3XHV QR PH SDVD QDGD ¢3RU TXp QR VXEHQ OD PiTXLQD DO " (O HVSRVR VLJXH VLQ VXIULU QLQJ~Q GRORU 0iV PiV SyQJDQOD DO /D VHxRUD VLHQWH XQ DOLYLR HQRUPH SHUR HO SDGUH QL VH LQPXWD 2LJDQ GH YHUGDG TXH QR PH SDVD QDGD SyQJDQOD DO < OD VHxRUD GD D OX] VLQ GRORU \ WRGRV FRQWHQWtVLPRV (O MRYHQ PDWULPRQLR YXHOYH D FDVD \ VH HQFXHQWUDQ FRQ XQD VRUSUHVD HO FDUWHUR HVWi PXHUWR HQ OD SXHUWD 6H OHYDQWD XQ WLSR GHVSXpV GH OD RSHUDFLyQ \ GLFH 2LJD GRFWRU HQWLHQGR TXH VH YLVWD GH EODQFR SHUR ¢SRUTXp KD\ WDQWD OX]" 1R VR\ GRFWRU KLMR PtR VRQ 6DQ 3HGUR +D\ TXH XQLUVH QR SDUD HVWDU MXQWRV VLQR SDUD KDFHU DOJR MXQWRV

-XDQ 'RQRVR &RUWpV


&ROLPD &RPHUFLRV

&RPR ÀRUHV KHUPRVDV FRQ FRORU SHUR VLQ DURPD VRQ ODV GXOFHV SDODEUDV SDUD HO TXH QR REUD GH DFXHUGR FRQ HOODV

%XGD


&ROLPD &RPHUFLRV

*DOHUĬD

(O PDUFR SHUIHFWR &XDGURV (QPDUFDGRV &UHDFLRQHV -LPpQH] &HQWUR &ROLPD 7HO -XQWR D PHQXGHUtD /D -LPpQH]

3RHPD

78 92= +D\ HQ OD QRFKH XQD OX] 7X +D\ HQ HO FLHOR XQD HVWUHOOD %HOOD (Q PL GHUUHGRU WRGR HV VLOHQFLR GHQWUR GH PL HVWi WX YR] /LSR /HSH 3DUD HO TXH FUHH QR HV QHFHVDULD QLQJXQD H[SOLFDFLyQ SDUD HO TXH QR FUHH WRGD H[SOLFDFLyQ VREUD

)UDQ] :HOIHU


&ROLPD &RPHUFLRV

0iV GH $xRV GH 6HUYLFLR FRQ &DOLGDG \ ([SHULHQFLD QRV 5HVSDOGDQ

)$%5,&$026 ‡ &RUWLQDV GH WHODV GHFRUDWLYDV ‡ &RUWLQHURV 0DGHUD +RWHOHURV \ 'HFRUDWLYRV ‡ &RUWLQDV $QWLEDFWHULDQDV ‡ 3HUVLDQDV 9HUWLFDOHV 3 9 & 7HOD \ $OXPLQLR ‡ 3HUVLDQDV +RUL]RQWDOHV $OXPLQLR \ 3 9 & ‡ 3HUVLDQDV URPDQDV \ HQUUROODEOHV ‡ 3DQHO -DSRQpV ‡ 3HUVLDQDV SOLVDGDV \ FHOXODUHV ‡ 3HUVLDQDV GH PDGHUD ‡ 7ROGRV GH ORQD SOiVWLFD \ WHOD DFUtOLFD ‡ 3XHUWDV SOHJDEOHV ‡ 0DOOD VRPEUD ‡ (GUHGRQHV

',675,%8,026 ‡ 3DVWR VLQWpWLFR ‡ $OIRPEUD ‡ 3LVRV GH PDGHUD ODPLQDGR ‡ /LQROHXP 3 9 & ‡ 3LVRV SDUD JLPQDVLR ‡ /RVHWD YLQtOLFD ‡ 7DSLFHUtD HQ JHQHUDO ‡ 3DSHO WDSL] ‡ )RWRPXUDOHV /DYDGR GH SHUVLDQDV \ FRUWLQDV

ZZZ FRUWLQDVUDPRV FRP YHQWDV#FRUWLQDVUDPRV FRP

$Y ,QVXUJHQWHV HVT %OYG &DPLQR 5HDO )UHQWH D OD JORULHWD GHO ',) 7HOV '(6& HQ SHUVLDQDV URPDQDV HQUUROODEOHV &HO

&XOWXUD

/$6 3$6725(/$6

'XUDQWH HO 9LUUHLQDWR ODV RUGHQHV UHOLJLRVDV DSURYHFKDQ HO IXHUWH SRWHQFLDO WHDWUDO GH OD FXOWXUD 1iKXDWO SDUD SURSDJDU HQ IRUPD GLGiFWLFD OD UHOLJLyQ FULVWLDQD (VWDV SDVWRUHODV VH GHULYDQ GHO WHDWUR HXURSHR PHGLHYDO 'H (VSDxD SDVDQ D 0p[LFR \ PLHQWUDV DTXt SUROLIHUDQ DOOi GHVDSDUHFHQ 6HJ~Q KLVWRULDGRUHV OD SULPHUD HVFHQL¿FDFLyQ GDWD GH HQ &XHUQDYDFD EDMR HO WtWXOR ³/D FRPHGLD GH ORV 5H\HV´ +D\ GRFXPHQWRV TXH KDEODQ GH RWUD SDVWRUHOD TXH UHSUHVHQWD OD EDWDOOD HQWUH 6DQ 0LJXHO \ /XFLIHU (VWD REUD VH HQFRQWUy HVFULWD HQ QiKXDWO $XQTXH DO SULQFLSLR ODV SDVWRUHODV WXYLHURQ XQD ¿QDOLGDG HYDQJHOL]DGRUD VH FRQYLUWLy HQ XQD FRVWXPEUH TXH DFRJLy HO SXHEOR FRPR SDUWH GH VX FXOWXUD \ FRVWXPEUHV (VHQFLDOPHQWH ODV FDUDFWHUtVWLFDV GH ODV SDVWRUHODV KDQ VLGR ODV PLVPD D OR ODUJR GH FXDWURFLHQWRV DxRV 6RQ HVFULWDV SRU OR UHJXODU HQ YHUVR WLHQHQ OD PLVPD WUDPD VXV SHUVRQDMHV VRQ LQJHQXRV SDVWRUHV R YDULRV GHPRQLRV DUFiQJHOHV iQJHOHV ORV UH\HV 0DJRV \ OD 6DJUDGD )DPLOLD /D FRVWXPEUH GH ODV SDVWRUHODV WRPy FRQ HO WLHPSR XQ FDUiFWHU PHQRV VDFUR \ PiV PXQGDQR $O SRSXODUL]DUVH GHMDQ GH VHU XQ JpQHUR FXOWR \ VH OOHQD GH KXPRULVPR LQYROXQWDULR \ KDVWD SLFDUHVFR $ OD SDVWRUHOD VH OH KDQ LQFRUSRUDGR FDQWRV \ P~VLFD WUDGLFLRQDOHV GH FDGD UHJLyQ

$SUHV~UDWH QR WH ItHV GH ODV KRUDV YHQLGHUDV (O TXH KR\ QR HVWi GLVSXHVWR PHQRV OR HVWDUi PDxDQD

2YLGLR


&ROLPD &RPHUFLRV

&RODERUDFLyQ GH -XDQLWD &KDFyQ

5HÀH[LyQ

(/ +(/(&+2 < (/ %$0%Ã’ 8Q GtD GHFLGt GDUPH SRU YHQFLGR«UHQXQFLp D PL WUDEDMR D PL UHODFLyQ D PL YLGD )XL DO ERVTXH SDUD KDEODU FRQ XQ DQFLDQR TXH GHFtDQ HUD PX\ VDELR ¢3RGUtD GDUPH XQD EXHQD UD]yQ SDUD QR GDUPH SRU YHQFLGR" /H SUHJXQWp 0LUD D WX DOUHGHGRU PH UHVSRQGLy ¢YHV HO KHOHFKR \ HO EDPE~" 6t UHVSRQGt &XDQGR VHPEUp ODV VHPLOODV GHO KHOHFKR \ HO EDPE~ ODV FXLGp PX\ ELHQ (O KHOHFKR UiSLGDPHQWH FUHFLy 6X YHUGH EULOODQWH FXEUtD HO VXHOR 3HUR QDGD VDOLy GH OD VHPLOOD GH EDPE~ 6LQ HPEDUJR QR UHQXQFLp DO EDPE~ (Q HO VHJXQGR DxR HO KHOHFKR FUHFLy PiV EULOODQWH \ DEXQGDQWH \ QXHYDPHQWH QDGD FUHFLy GH OD VHPLOOD GH EDPE~ 3HUR QR UHQXQFLp DO EDPE~ (Q HO WHUFHU DxR D~Q QDGD EURWy GH OD VHPLOOD GH EDPE~ 3HUR QR UHQXQFLp DO EDPE~ (Q HO FXDUWR DxR QXHYDPHQWH QDGD VDOLy GH OD VHPLOOD GH EDPE~ 3HUR QR UHQXQFLp DO EDPE~ (Q HO TXLQWR DxR XQ SHTXHxR EURWH GH EDPE~ VH DVRPy HQ OD WLHUUD (Q FRPSDUDFLyQ FRQ HO KHOHFKR HUD DSDUHQWHPHQWH PX\ SHTXHxR H LQVLJQL¿FDQWH (O VH[WR DxR HO EDPE~ FUHFLy PiV GH PHWURV GH DOWXUD 6H KDEtD SDVDGR FLQFR DxRV HFKDQGR UDtFHV TXH OR VRVWXYLHUDQ $TXHOODV UDtFHV OR KLFLHURQ IXHUWH \ OH GLHURQ OR TXH QHFHVLWDED SDUD VREUHYLYLU ¢6DEtDV TXH WRGR HVWH WLHPSR TXH KDV HVWDGR OXFKDQGR UHDOPHQWH KDV HVWDGR HFKDQGR UDtFHV" /H GLMR HO DQFLDQR \ FRQWLQXy« (O EDPE~ WLHQH XQ SURSyVLWR GLIHUHQWH DO GHO KHOHFKR VLQ HPEDUJR DPERV VRQ QHFHVDULRV \ KDFHQ GHO ERVTXH XQ OXJDU KHUPRVR 1XQFD WH DUUHSLHQWDV GH XQ GtD HQ WX YLGD /RV EXHQRV GtDV WH GDQ IHOLFLGDG /RV PDORV GtDV WH GDQ H[SHULHQFLD $PERV VRQ HVHQFLDOHV SDUD OD YLGD OH GLMR HO DQFLDQR \ FRQWLQXy« /D IHOLFLGDG WH PDQWLHQH GXOFH /RV LQWHQWRV WH PDQWLHQHQ IXHUWH /DV SHQDV WH PDQWLHQHQ KXPDQR /DV FDtGDV WH PDQWLHQHQ KXPLOGH (O p[LWR WH PDQWLHQH EULOODQWH« 6L QR FRQVLJXHV OR TXH DQKHODV QR GHVHVSHUHV« TXL]i VyOR HVWpV HFKDQGR UDtFHV«

0XFKDV YHFHV ODV FRVDV QR VH OH GDQ DO TXH ODV PHUHFH PiV VLQR DO TXH VDEH SHGLUODV FRQ LQVLVWHQFLD

$UWKXU 6FKRSHQKDXHU


&ROLPD &RPHUFLRV

‡ 0HFiQLFD HQ JHQHUDO ‡ (VSHFLDOLVWD IXHO LQMHFWLRQ ‡ )UHQRV $PRUWLJXDGRUHV ‡ 6XVSHQVLyQ OODQWDV &OXWFK ‡ %RRVWHU +\GURYDF (PHUJHQFLDV \ &HO 6HUYLFLR D 'RPLFLOLR $Y GH 1RYLHPEUH &RO 9LYHURV &ROLPD &RO

/26 35(&,26 0$6 %$-26 '(/ 0(5&$'2

6L QR OR WHQHPRV 6H OR FRQVHJXLPRV %HOLVDULR 'RPtQJXH] &ROLPD &RO 7HO \ 68&856$/ 7(&20$1

0$75,=

$Y ,QVXUJHQWHV 7HFRPiQ &RO 7HO

%OYG 0 GH OD 0DGULG 0DQ]DQLOOR &RO 7HO \

68&856$/ 0$1=$1,//2

£68 0(-25 (/(&&,21 6HUYLFLR ([SUHVV D GRPLFLOLR

‡ )$-,//$6 ‡ 32/,1(6 ‡ '8(/$6‡ 75,3/$<‡ &,0%5$3/$<‡ ‡ &$2%,//$ ‡ /,6721$'2 '( &$2%,//$ ‡ ‡ $*/20(5$'2 ‡ 0') ‡ &('5,//2 0DGHUD GH 3LQR SDUD OD FRQVWUXFFLyQ \ FDUSLQWHUtD HQ WRGDV ODV PHGLGDV $Y GH 1RYLHPEUH &ROLPD &RO 7HO \ 6XFXUVDO $Y ,QVXUJHQWHV 7HFRPiQ &RO 7HO \

&$51(6 )5(6&$6 ‡ 5HV ‡ &HUGR ‡ 3ROOR ‡ &RUWHV )LQRV

+25$5,2 '( /81(6 $ 6É%$'2 $0 $ 30 '20,1*26 $0 $ 30

&$/,'$' $/ 0(-25 35(&,2

+(5,%(572 -$5$ ,1)21$9,7 /$ (67$1&,$ &2/,0$ &2/

6(59,&,2 $ '20,&,/,2

6RODPHQWH DTXHOORV HVStULWXV YHUGDGHUDPHQWH YDOHURVRV VDEHQ OD PDQHUD GH SHUGRQDU 8Q VHU YLO QR SHUGRQD QXQFD SRUTXH QR HVWi HQ VX QDWXUDOH]D /DXUHQFH 6WHUQH


&ROLPD &RPHUFLRV 3HFHV SHFHUDV DOLPHQWRV \ DFFHVRULRV 7RUWXJDV MDSRQHVDV 7LDQJXLV GHO SROLGHSRUWLYR GH 9LOOD GH ÈOYDUH] SRU OD HQWUDGD DO EDFKLOOHUDWR GH OD 8 GH & 3UHFLRV HVSHFLDOHV D WLHQGDV GH PDVFRWDV -XDQD &KDFyQ ÈOYDUH]

7HO )/25(5,$

3, $ 'RQGH ORV VHQWLPLHQWRV IORUHFHQ

0RUHORV &ROLPD 7HO 6DQ )HUQDQGR &ROLPD 7HO 0 $ GH *yPH] % 9 GH $OY 7HO

&KLVWHV

0LHQWUDV MXJDED FRQ PL KLMD pVWD PH GLMR 0DPL WH DPR < OH FRQWHVWp < \R D WL SHUR GtVHOR D SDSL WDPELpQ < OD QLxD OH GLMR D VX SDSi £3DSL DPR D PL PDPL 0DPi PDPi KR\ HQ OD HVFXHOD DSUHQGLPRV D KDFHU H[SORVLYRV 4XH ELHQ -RKDWKDQ \ PDxDQD TXp YDQ D DSUHQGHU HQ OD HVFXHOD ¢4Xp HVFXHOD" 8Q FDPSHVLQR YD VREUH VX EXUUR FXDQGR GH SURQWR SDVD XQ )HUUDUL D XQD JUDQ YHORFLGDG PiV DGHODQWH HO FDPSHVLQR YH HO )HUUDUL SDUDGR \ DSURYHFKD SDUD KDFHUOH XQD SUHJXQWD DO FRQGXFWRU ¢&RPR HV TXH HVH FDUUR FRUUH WDQWR" (V GHELGR D TXH HVWi SLQWDGR GH D]XO \ YHUGH OH FRQWHVWD HO FRQGXFWRU DSURYHFKiQGRVH GH OD LJQRUDQFLD GHO FDPSHVLQR 8QD YH] TXH OOHJD DO SXHEOR FRPSUD GRV ODWDV GH SLQWXUD D]XO \ YHUGH SDUD SLQWDU VX EXUUR FXDQGR HO FDPSHVLQR OH ODQ]D OD SLQWXUD D]XO DO DQLPDO pVWH VH LQFRUSRUD GHELGR DO SLFRU TXH SURGXFH HQ OD SLHO \ VDOH GLVSDUDGR SRU HO FDPLQR (O FDPSHVLQR REVHUYD \ GLFH £< HVR TXH WRGDYtD OH IDOWD OD SLQWXUD YHUGH 9D XQ ORUR FRQ VX DPR SRU OD FDOOH \ GH UHSHQWH SDVD XQ VHxRU \ SUHJXQWD ³GLVFXOSH ¢HO DQLPDO DEOD" $ OR TXH HO ORUR UHVSRQGH ³1R VHxRU´ /R TXH VH GHMD H[SUHVDU GHEH VHU GLFKR GH IRUPD FODUD VREUH OR TXH QR VH SXHGH KDEODU HV PHMRU FDOODU

/XGZLJ :LWWJHQVWHLQ


&ROLPD *DVWURQRPtD &ROLPD *DVWURQRPLD

'HVD\XQR EXIIHW GLDULDPHQWH (VSHFLDOLGDG GH FRUWHV ¿QRV D OD SDUULOOD 3DUULOODGDV &DUQLWDV &KDPRUUR 0DULVFRV +RUDULR /XQHV D 'RPLQJR GH DP D SP HU $QLOOR 3HULIpULFR FHUFD GH DXWRSLVWD D *'/

7HOpIRQR ODSDUULOODFDPSHVWUH#JPDLO FRP

)HOLSH 6HYLOOD GHO 5tR $WHQFLyQ HVSHFLDO GH VX DPLJR -HV~V *DUFtD 6XiUH] 7HO $QDVWDVLR %UL]XHOD $WHQFLyQ HVSHFLDO GH VX DPLJR &DUORV *DUFtD 6XiUH] 7HO 6HUYLFLR D GRPLFLOLR /RV VHUHV KXPDQRV QR QDFHQ SDUD VLHPSUH HO GtD HQ TXH VXV PDGUHV ORV DOXPEUDQ VLQR TXH OD YLGD ORV REOLJD D SDULUVH D Vt PLVPRV XQD \ RWUD YH]

*DEULHO *DUFtD 0iUTXH]


&ROLPD *DVWURQRPtD

3RHPD

(7(51$/ 6L WH HQFRQWUDUD YROYHUtD D YLYLU LQWHQVDPHQWH 7RFDUtD PL ODXG \ FDQWDUtD D ODV ÀRUHV VHUtD QXHVWUR DPRU HWHUQR \ VH DFDEDUtD HO LQ¿HUQR $Vt MXQWRV ORV GRV HQ HWHUQDO FRORTXLR YROYHUtDPRV DO VHQGHUR FDPLQDQGR MXQWRV FDQWDQGR D PL 'LRV DO DPRU \ DO PXQGR /LSR /HSH

4XLHQ GH YHUGDG VDEH GH TXp KDEOD QR HQFXHQWUD UD]RQHV SDUD OHYDQWDU OD YR]

/HRQDUGR 'D 9LQFL


&ROLPD *DVWURQRPtD

(V WX PHMRU RSFLyQ &(1752 1$785,67$

‡5HSRVWUHUtD \ SDQDGHUtD LQWHJUDO

‡<RJKXUW GH IUXWDV ‡&RPSOHPHQWRV QXWULFLRQDOHV ‡(QHUJpWLFDV GH IUXWDV 3RU VDOXG \ QXWULFLyQ

3URPRFLyQ

0LpUFROHV

/OHYD KDPEXUJXHVDV < OD D *5$7,6

‡+DPEXUJXHVDV YHJHWDULDQDV

5LFR \ VDOXGDEOH

0DGHUR 7HO /XQHV D 6iEDGR GH D P D S P 'RPLQJRV GH D P D S P \ GH S P D S P $Y 'H ORV 0DHVWURV 7HO /XQHV D 6iEDGR GH D P D S P ¢6DEtD XVWHG TXH"

3RU 'U -XVWLQR 0 /HSH

)UHFXHQFLD GH XVR GH ODV OHWUDV HQ HO LGLRPD HVSDxRO 2UGHQDGDV GH PD\RU D PHQRU IUHFXHQFLD GH DSDULFLyQ REWHQHPRV ( $ 2 6 5 1 , ' / & 7 8 0 3 % * 9 < 4 + f ) = - ; : . $ SDUWLU GH ORV GDWRV DQWHULRUHV VH SXHGH GHFLU TXH /DV YRFDOHV RFXSDUiQ DOUHGHGRU GHO GHO WH[WR /D ( \ OD $ VRQ LGHQWL¿FDEOHV IiFLOPHQWH GDGR VX SRUFHQWDMH GH DSDULFLyQ /D 8 HV OD PHQRV IUHFXHQWH GH ODV YRFDOHV /DV FRQVRQDQWHV PiV IUHFXHQWHV VRQ 6 5 1 ' / & DSDUHFHQ FRQ XQD IUHFXHQFLD GH XQ /DV VHLV OHWUDV PHQRV IUHFXHQWHV VRQ ) = - ; : . VXPDGDV WLHQHQ XQD IUHFXHQFLD TXH QR OOHJD DO

(MHPSOR (O WH[WR RULJLQDO GHO 4XLMRWH FRQWLHQH OHWUDV /D ( DSDUHFH YHFHV OR TXH UHSUHVHQWD XQ GHO WRWDO /D PHQRV IUHFXHQWH HV OD . TXH DSDUHFH XQD VROD YH] /D : DSDUHFH GRV YHFHV (Q XQ GLFFLRQDULR OD OHWUD PiV IUHFXHQWH UHVXOWD VHU OD $ SHUR HQ HO OHQJXDMH HVFULWR KD\ XQD JUDQ FDQWLGDG GH SDODEUDV FRUWDV TXH OH VH HWF TXH FRQWLHQHQ OD ( SRU OR TXH HO UHFXHQWR HQ WH[WRV HVWD OHWUD VXHOH VHU PiV DEXQGDQWH

&DVL WRGR OR TXH UHDOLFH VHUi LQVLJQL¿FDQWH SHUR HV PX\ LPSRUWDQWH TXH OR KDJD

0DKDWPD *DQGKL


&ROLPD *DVWURQRPtD

9HQ D GLYHUWLUWH FRQ WX IDPLOLD 3DUD QLxRV \ MyYHQHV ‡ 7LUROHVD ‡ 3DVHR D FDEDOOR ‡ -XHJRV LQIDQWLOHV ‡ 3LQWXUD HQ FHUiPLFD 3DUD ORV SDSiV SRGUiQ GLVIUXWDU GH QXHVWUR H[TXLVLWR ERUUHJR DO SDVWRU FKDPRUUR \ FRVWLOODV DO KRUQR FRQHMR DVDGR HQ HO PHMRU FOLPD GH OD FLXGDG \ XQD YLVWD HVSHFWDFXODU

0~VLFD YLYD GH D GH OD WDUGH

5HVHUYDFLRQHV DO \ (VWDPRV HQ HO 2FRWLOOR &XDXKWpPRF $ VROR PLQ GH &ROLPD +RUDULR 6$%$'26 < '20,1*26 GH D KUV 5DQFKR &ROLQD GH 6DQ 0LJXHO

/ ,' $ ' < 6 $ % & $ 2 1 ( 1 , 7$ 6 6 $ + 8 5

5

$<

2

&$

£621 /2 0(-25

-RUJH *DUFtD 6XiUH] %HQLWR -XiUH] $ 9LOOD GH $OYDUH]

3DWW\ *DUFtD 6XiUH] $Y 3DEOR 6LOYD 9LOOD GH $OYDUH] 6HUYLFLR D GRPLFLOLR 6LOYLD *DUFtD 6XiUH] $Y 1LxRV +HURHV ,QIRQDYLW /D (VWDQFLD 'HVFDQVDPRV ORV MXHYHV 6HUYLFLR D GRPLFLOLR 8QR HV GXHxR GH OR TXH FDOOD \ HVFODYR GH OR TXH KDEOD

6LJPXQG )UHXG


&ROLPD *DVWURQRPtD

1R HV VyOR VX JUDQ FRFLQD HQ GHVD\XQRV FRPLGDV EXIIHW GRPLQLFDO \ FHQDV (V OD PDJLD TXH YLEUD EDMR HO FRELMR GH VXV i U E R O H V \ W H F K R GHOHLWDQGR D WRGR WLSR GH J X V W R V H G D G H V O D ³FKRUFD´ ORFDO JHQWH GH QHJRFLRV \ DPDQWHV GH OD EXHQD PHVD

&RQWDPRV FRQ VDOyQ SDUD HYHQWRV 7HO $Y &RQVWLWXFLyQ &ROLPD &RO

5HÀH[LRQHV

(O GLQHUR QR SXHGH KDFHU TXH VHDPRV IHOLFHV SHUR HV OR ~QLFR TXH QRV FRPSHQVD GH QR VHUOR 8Q KRPEUH QR SXHGH GHMDU PHMRU OHJDGR DO PXQGR TXH XQD IDPLOLD ELHQ HGXFDGD $PD FRPR VL HO DPRU IXHUD D GXUDU VLHPSUH OXFKD FRPR VL SXGLHUDV FDPELDU HO PXQGR VXHxD FRPR VL IXHUDV D YLYLU HWHUQDPHQWH \ GLVIUXWD FRPR VL IXHUDV D PRULU PDxDQD /D GLPHQVLyQ GH XQ KRPEUH QR HVWi HQ HO Q~PHUR GH VXV VLUYLHQWHV VLQR HQ HO Q~PHUR GH SHUVRQDV D TXLHUHV pO VLUYH (O RSWLPLVWD FUHH HQ ORV GHPiV \ HO SHVLPLVWD VyOR FUHH HQ Vt PLVPR /D JUDQ WUDJHGLD GH OD FLHQFLD HV WHQHU TXH GHVFDUWDU EHOODV KLSyWHVLV SRU FXOSD GH IHRV KHFKRV 1R KD\ PDQHUD GH DOFDQ]DU OD LJXDOGDG VL QR QRV FRQFHELPRV GLIHUHQWHV \ QR UHVSHWDPRV OD GLIHUHQFLD /D JXHUUD HV OD REUD GH DUWH GH ORV PLOLWDUHV OD FRURQDFLyQ GH VX IRUPDFLyQ HO EURFKH GRUDGR GH VX SURIHVLyQ 1R KDQ VLGR FUHDGRV SDUD EULOODU HQ OD SD] /DV SDODEUDV HOHJDQWHV QR VRQ VLQFHUDV ODV SDODEUDV VLQFHUDV QR VRQ HOHJDQWHV

/DR WVp


&ROLPD *DVWURQRPtD

%8))(7 '( *8,6$'26 0(;,&$126 3$5$ '(6$<8126 < 0(18'2

'LDULDPHQWH GH D P D S P $Y 7HFQROyJLFR 9LOOD GH ÈOYDUH] &RO 7HO )UHQWH D OD &RPHUFLDO 0H[LFDQD

8Q QXHYR FRQFHSWR < DGHPiV GH QXHVWUR WUDGLFLRQDO PHQXGR GLVIUXWH GHO PDV HQ 0HQXGHULD FRPSOHWR \ YDULDGR DOPXHU]R FRQ HO VDERU FDVHUR TXH QRV FDUDFWHUL]D ‡ 3HSHQD ‡ FDUQH GH FHUGR \ UHV ' ( 1 8 ( 5, $ FRQ FKLOH ‡ 7DWHPDGR ‡ 0 ‡ /HQJXD HQ VDOVD YHUGH ‡ ‡ 4XHVDGLOODV ‡ ‡ &KLODTXLOHV FROLPRWHV ‡ ‡ +XHYRV DO JXVWR ‡ ‡ 7RUWLOODV GHO FRPDO D VX PHVD ‡ ‡ $PELHQWH IDPLOLDU ‡

&ROLPD

'LDULDPHQWH GHVGH ODV GH OD PDxDQLWD

$Y -DYLHU 0LQD 7HO &ROLPD &RO 68&856$/ $Y 1LxRV +pURHV 1ž &ROLPD &RO D XQ ODGR GH &21$/(3 7HO 'H DP D SP '(6&$16$026 /26 0$57(6 /( 2)5(&(026 ',$5,$0(17( 5,&2 0(18'2 &21 7257,//$6 '(/ &20$/ $ 68 0(6$

$GHPiV SUHSDUDPRV XQD JUDQ YDULHGDG GH GHOLFLRVRV JXLVDGRV PH[LFDQRV SDUD TXH XVWHG PLVPR VH VLUYD WHQHPRV &$51(6 $6$'$6 6,1&521,=$'$6 48(6$',//$6 &RQWDPRV FRQ DEVROXWD OLPSLH]D VHULHGDG \ SUHFLRV HFRQyPLFRV YLHQH GH OD SiJLQD

)iEXOD

(O UDWyQ DO RtU ORV ODPHQWRV GHO OHyQ FRUULy UiSLGDPHQWH DO OXJDU GRQGH OD ¿HUD VH KDOODED \ OH GLMR 1R WHQJDV PLHGR 8QD YH] W~ PH KLFLVWH XQ JUDQ IDYRU \ DKRUD PH WRFD D Pt GHYROYpUWHOR < GH LQPHGLDWR VH SXVR D URHU ODV FXHUGDV TXH OR VXMHWDEDQ KDVWD TXH ¿QDOPHQWH ORJUy TXH HO OHyQ TXHGDUD OLEUH 0RUDOHMD 1DGLH GHEH DEXVDU GH ORV VHUHV PiV GpELOHV SXHV HQ HO PRPHQWR PHQRV HVSHUDGR SRGHPRV UHFLELU JUDQGHV IDYRUHV GH HOORV &RQ EXHQDV SDODEUDV VH SXHGH QHJRFLDU SHUR SDUD HQJUDQGHFHUVH VH UHTXLHUHQ EXHQDV REUDV

/DR WVp


&ROLPD *DVWURQRPtD

(O 0HMRU 3R]ROH GH &ROLPD 3R]ROH VHFR FRQ FDOGR URMR \ GH SROOR 7RVWDGDV \ VRSHV ORPR RUHMD SDWD FRVWLOOD \ WURPSD

6RSLWRV WDFRV HQFKLODGDV \ ÀDXWDV $WROH \ WDPDOHV 3$5$ 2&$6,21(6 £3$5$ ),(67$6 < 5(81,21(6 +$= 786 3(','26 &21 $17,&,3$&,21

$Y -DYLHU 0LQD &ROLPD &RO 7HO \

(63(&,$/(6

.J GH SR]ROH

6(59,&,2 $ '20,&,/,2

$ELHUWR WRGRV ORV GtDV GH DP D SP

'HOHLWDQGR GLDULDPHQWH DO SDODGDU PiV H[LJHQWH GH ODV KUV $ OD D P KUV 0Ã’6,&$ 9,9$ ',$5,$0(17(

%OYG &DPLQR 5HDO HVTXLQD ,6(1&2 7HO &KLVWH

8Q FD]DGRU OH HVWDED FRQWDQGR VXV DYHQWXUDV HQ OD VHOYD D VX FRPSDGUH ³)tMHVH FRPSDGUH TXH \R LED SRU OD VHOYD \ FRPR VH HPSH]y D SRQHU PX\ HVSHVD PH WXYH TXH LU XQ SRFR HQFRUYDGR 'HVSXpV VH SXVR PiV HVSHVD \ PH WXYH TXH LU HQ FXFOLOODV 0iV WDUGH VH SXVR PiV WXSLGD \ PH IXL D JDWDV 3RU ¿Q OOHJXp GRQGH \D QR KDEtD HVSHVXUD \ TXH PH HQFXHQWUR HQIUHQWH GH XQ OHyQ´ ¢< TXH SDVy GHVSXpV" OH SUHJXQWy VX FRPSDGUH 4XH HO OHyQ KDFH SSSUUUUWWWW £¢3HUR FyPR TXH ORV OHRQHV QR UXJHQ" £(V TXH HVWDED YROWHDGR /D PLWDG GHO PXQGR WLHQH DOJR TXH GHFLU SHUR QR SXHGH OD RWUD PLWDG QR WLHQH QDGD TXH GHFLU SHUR QR FDOOD

5REHUW )URVW


&ROLPD *DVWURQRPtD 3URPRFLyQ 0HJD 'RV SROORV SRU 3URPRFLyQ &KLFRV 'RV SROORV SRU 0HJD 3ROOR 3ROOR 0HGLDQR 3ROOR &KLFR

££/OiPDQRV

$Y 6DQ )HUQDQGR $ 6HUYLFLR D GRPLFLOLR

‡ 3DVWDV ‡ &DO]RQL ‡ &DUQHV ‡ 3L]]DV ‡ (QVDODGDV ‡ 0DULVFRV

+RUDULR /XQHV D -XHYHV SP D SP 9LHUQHV \ 6iEDGRV SP D SP 'HVFDQVDPRV ORV 'RPLQJRV

%OYG &DPLQR 5HDO $ HO 'LH]PR 7HO

PDULVFRV

UHVWDXUDQW

([FHOHQWH FRPLGD GHO PDU SDUD GHOHLWDU ORV SDODGDUHV PiV H[LJHQWHV &DUQHV 7DFRV $QWRMLWRV PH[LFDQRV

7 U D E D M D P R V O R V G t D V G H O D x R +RUDULR GH DP D SP 0DFORYLR +HUUHUD \ 7HOV \

0~VLFD 9LYD

$PELHQWH )DPLOLDU

7RGRV ORV GtDV [ HQ FXEHWDV

/XQHV %LUULD GH UHV \ SXHUFR DO KRUQR 9LHUQHV (]TXLVLWRV &DOPDQWHV FKLFKDUURQHV FDUQLWDV GHO FDVR D VXV PHVD &KDPRUUR FRVWLOOD \ FDEH]D GH SXHUFR DO KRUQR /RV 9LHUQHV 'HVD\XQRV 0H[LFDQRV 'HVGH ODV DP &DOPDQWHV &KLFKDUURQHV &DUQLWDV 7RUWLOODV DO FRPDO \ PXFKR PiV

*UHJRULR 7RUUHV 4XLQWHUR &RO )iWLPD &ROLPD &RO 7HO 3XHGHQ SURKLELUPH VHJXLU PL FDPLQR SXHGHQ LQWHQWDU IRU]DU PL YROXQWDG 3HUR QR SXHGHQ LPSHGLUPH TXH HQ HO IRQGR GH PL DOPD HOLMD D XQD R D RWUD +HQULN -RKDQ ,EVHQ


&ROLPD *DVWURQRPtD

(63$*8(7, 1$9,'$' ,QJUHGLHQWHV

URFLDGD GH $FHLWH GH ROLYD FXFKDUDGLWD GH DMR SLFDGR ODWD FKLFD GH JUDQRV GH HORWH ODWD FKLFD GH FKDPSLxRQHV UHEDQDGRV WD]D GH SXUp GH WRPDWH FXFKDUDGLWDV GH DOEDKDFD SLFDGD WD]DV GH HVSDJXHWL FRFLGR

3UHSDUDFLyQ 5RFtD XQ VDUWpQ FRQ $FHLWH GH 2OLYD DJUHJD HO DMR GHMD HQ HO IXHJR VLQ GHMDU TXH FDPELH GH FRORU DJUHJD ORV JUDQRV GH HORWH \ FKDPSLxRQHV UHEDQDGRV GHMD HQ HO IXHJR SRU XQ PLQXWR \ DJUHJD HO SXUp GH WRPDWH EDMD HO IXHJR D PHGLR \ DJUHJD OD DOEDKDFD SLFDGD GHMD TXH KLHUED \ DJUHJD HO HVSDJXHWL VLUYH DFRPSDxDGR GH TXHVR SDUPHVDQR UDOODGR

*XžD GHO %DUPDQ Q DO HVWLOR &RVWD]XO XOO 3LxD FRODGD ,QJUHGLHQWHV

WD]D GH MXJR GH SLxD WD]D GH FUHPD GH FRFR FXFKDUDGDV GH URQ KLHOR DO JXVWR

3UHSDUDFLyQ y y y

9LHUWD WRGRV ORV LQJUHGLHQWHV HQ OD OLFXDGRUD /LF~H 6LUYD HQ XQ YDVR FRQ XQ WUR]R GH SLxD WULDQJXODU HQ HO ERUGH

6HD FRPR IXHUH OR TXH SLHQVHV FUHR TXH HV PHMRU GHFLUOR FRQ EXHQDV SDODEUDV

:LOOLDP 6KDNHVSHDUH


&ROLPD *DVWURQRPtD

+$0%85*8(6$6 $/ &$5%21 $Y 7HFQROyJLFR % D XQ FRVWDGR GH )FLD *XDGDODMDUD

6HUYLFLR D GRPLFLOLR 7HO %OYG &DPLQR 5HDO $ PHGLD FXDGUD GHO ',)

6HUYLFLR D GRPLFLOLR 7HO $Y 3DEOR 6LOYD HQ 9LOOD GH ÈOYDUH] 6HUYLFLR D GRPLFLOLR 7HO

&$51(6 $6$'$6 &257(6 $0(5,&$126 ),/(7(6 48(626 )81','26 3$55,//$'$6 &$=8(/,7$6 (63(&,$/(6 &$51(6 *5$7,1$'$6 48(6$',//$6 )5,-2/(6 &(%2//,7$6 (16$/$'$6 32//2 0$5,6&26 $EULPRV ORV VLHWH GtDV GH OD VHPDQD GH D P D S P 6(59,&,2 $ '20,&,/,2

$Y &RQVWLWXFLyQ 7HOV \

'D OR TXH WLHQHV SDUD TXH PHUH]FDV UHFLELU OR TXH WH IDOWD

6DQ $JXVWtQ


&ROLPD *DVWURQRPtD

&DUQH DVDGD SRU NLOR UHV FHUGR QDWXUDO DGREDGD FKRUL]R FDUQLWDV VDOFKLFKD DUUDFKHUD 25'(1(6 < 7$&26 &$51,7$6 /(1*8$ 3$1=$ &8(52 &$51(

$Y 7HFQROyJLFR IUHQWH D OD &RPHUFLDO 0H[LFDQD

6HUYLFLR D GRPLFLOLR 7HO / ,' $ ' < 6$ % & $ 2 ( 1 1 , 7$ 6 6 $ + 8 5 $ 5

<

2

&$

£621 /2 0(-25

(VWKHOD *DUFLD 6XiUH] %OYG &DPLQR 5HDO (O 'LH]PR HQ &ROLPD &RO

/$6 0(-25(6 &$51(6 $6$'$6

'(6'( (/ 6,*/2 3$6$'2

&21 6(59,&,2 $ '20,&,/,2

(Q &ROLPD GRQGH VLHPSUH *XHUUHUR 1R FHUFD GHO 0HUFDGLWR 2EUHJyQ

7HOV

3(','26 $ '20,&,/,2 &HO

+RUDULR GH DP D SP

³7,72´

(67,/2 858$3$1

$Y (QULTXH &RURQD 0RU¿Q 1R /RFDO ³$´ 9LOOD GH ÈOYDUH] )UHQWH ORFDO )LHVWDV ³9LOOD $OED´

(Q OD 9LOOD OD PHMRU WUDGLFLyQ 'HVGH (/$%25$'2 325 -8/,2 &(6$5 &$67,//2 *7=

$9 0$18(/ $/9$5(= 1R $ 9,//$ '( $/9$5(= &2/,0$

7(/

£/D H[SHULHQFLD GHO VDERU /D*UDQ)LHVWD3DVWHOHULD ODJUDQILHVWDSDVWHOHULD#OLYH FRP P[ ZZZ SDVWHOHULDODJUDQILHVWD FRP

$Y &RQVWLWXFLyQ

7HO 6L TXLHUHV TXH DOJR VH KDJD HQFiUJDVHOR D XQD SHUVRQD RFXSDGD

3URYHUELR FKLQR


&ROLPD 7XULVPR

&XDQGR XVWHG OOHJD D &ROLPD \D VHD GH QHJRFLRV R GH SODFHU YHUi TXH VX FDVD QXQFD HVWXYR WDQ FHUFD (Q +RWHO $PpULFD WHQHPRV HO SODFHU GH UHFLELUOR \ KDFHUOR VHQWLU FRPR HQ VX FDVD

&RQWDPRV FRQ KDELWDFLRQHV \ VXLWHV

5RRP VHUYLFH 5HVWDXUDQW %DU 6QDFN %DU $OEHUFD 7HUUD]DV $UHD GH OHFWXUD

%DxRV GH YDSRU *LPQDVLR &HQWUR HMHFXWLYR $UHD GH QHJRFLRV $JHQFLD GH YLDMHV $UUHQGDGRUD GH DXWRV

%DUEHUtD 7DEDTXHUtD (VWDFLRQDPLHQWR YLJLODGR &DMDV GH VHJXULGDG 6HUYLFLR GH WD[LV

0RUHORV &HQWUR &ROLPD &RO 7HOpIRQRV DO &RUUHR KRWHODPHULFDFROLPD#KRWPDLO FRP 'DWRV FXULRVRV

/RV DOHPDQHV FUHDURQ HO SULPHU iUERO DUWL¿FLDO GH 1DYLGDG XVDQGR SOXPDV GH JDQVR SLQWDGDV (Q HO DxR D & HO SDSD -XOLR , GHFODUy GLFLHPEUH FRPR HO FXPSOHDxRV R¿FLDO GH -HVXFULVWR 'H DFXHUGR D GDWRV SURYLVWRV SRU )DFHERRN OD pSRFD HQ TXH PiV SDUHMDV VH VHSDUDQ HV GRV VHPDQDV DQWHV GH 1DYLGDG 3RU RWUR ODGR HO GtD GH 1DYLGDG HV HQ HO TXH PHQRV SDUHMDV VH GLVXHOYHQ /RV iUEROHV GH 1DYLGDG FUHFHQ SRU DO PHQRV DxRV DQWHV GH VHU FRUWDGRV \ YHQGLGRV 6REUH KRPEUHV VH GLVIUD]DQ GH 6DQWD &ORV HQ ORV (VWDGRV 8QLGRV SDUD LQWHUSUHWDUOR HQ FHQWURV FRPHUFLDOHV \ HYHQWRV QDYLGHxRV 6H GLFH TXH OD SULPHUD SHUVRQD HQ GHFRUDU XQ iUERO QDYLGHxR IXH HO UHIRUPLVWD SURWHVWDQWH 0DUWLQ /XWHUR TXLHQ DO YHU ODV HVWUHOODV EULOODQGR HQWUH ORV iUEROHV VH LQVSLUy \ FRORFy YHODV VREUH XQR GHQWUR GH VX FDVD SDUD FRPSDUWLU WDO EHOOH]D FRQ VXV KLMRV /DV PDQ]DQDV IXHURQ GH ODV SULPHUDV SLH]DV TXH VH XVDURQ SDUD GHFRUDU ORV iUEROHV QDYLGHxRV (O FRUD]yQ GHO KRPEUH QHFHVLWD FUHHU DOJR \ FUHH PHQWLUDV FXDQGR QR HQFXHQWUD YHUGDGHV TXH FUHHU

0DULDQR -RVp GH /DUD


&ROLPD 7XULVPR

+27(/ 5,2 £ 1 2 % 8 6 4 8 ( / $ 6 ( 6 7 5 ( / / $ 6

‡ FyPRGDV KDELWDFLRQHV ‡ $LUH DFRQGLFLRQDGR 9HQWLODGRU GH WHFKR ‡ ,QWHUQHW LQDOiPEULFR ‡ $OEHUFD FRQ FKDSRWHDGHUR ‡ (VWDFLRQDPLHQWR WHFKDGR ‡ $FHSWDPRV WDUMHWDV GH FUpGLWR ZZZ KRWHOKRVSHGDMHVGHOUH\ FRP $Y 5H\ &ROLPiQ D PHGLD FXDGUD GHO -DUGtQ 1~xH] 7HO \

+$%,7$&,21(6 < 68,7(6 '( /8-2

$LUH DFRQGLFLRQDGR 7 9 \ 3DUDEyOLFD -DFX]]L

0~VLFD $PELHQWDO 7HOpIRQR 6HUYLFLR GH %DU \ 5HVWDXUDQW ODV KRUDV

&$55(7(5$ /,%5( &2/,0$ -,48,/3$1 .0 7(/6 &KLVWH

(Q HO IXQHUDO GH XQ DOEDxLO XQ KRPEUH GHVFRQRFLGR SRU OD IDPLOLD OORUD DPDUJDPHQWH VH OH DFHUFD OD PXMHU GHO GLIXQWR \ GLFH ¢(UD XVWHG DPLJR VX\R" 6L ¢/R TXHUtD PXFKR" 6L VXV ~OWLPDV SDODEUDV IXHURQ SDUD Pt ¢$K VL" \ ¢FXDOHV IXHURQ" 0DULDQR QR PXHYDV HO DQGDPLR (Q HO MXLFLR 3HUR KRPEUH ¢FyPR IXH XG FDSD] GH PDWDU D VX VXHJUD"£££ 3XHV PLUH HVWDED HOOD FRVLHQGR VH SLQFKy XQ GHGR \ OD UHPDWp SDUD TXH QR VXIULHUD &XDQGR GHEHPRV KDFHU XQD HOHFFLyQ \ QR OD KDFHPRV HVWR \D HV XQD HOHFFLyQ

:LOOLDP -DPHV


&ROLPD 0pGLFRV 3$72/2*2 78025(6 3$3$1,&2/$286 < /Ë48,'26 &25325$/(6

'5 -8$1 /Ï3(= %/$1&2 &pGXOD 3URIHVLRQDO

8QLYHUVLGDG $XWyQRPD GH *XDGDODMDUD +RVSLWDO GH (VSHFLDOLGDGHV &HQWUR 0pGLFR ³/D 5D]D´ +RVSLWDO GH 2QFRORJtD &HQWUR 0pGLFR 1DFLRQDO 6LJOR ;;, /XQHV D 9LHUQHV D P D S P \ S P D S P 6iEDGR D P D S P =DUDJR]D 1R &ROLPD &RO 7HO )D[ ( PDLO ODESDWBFRO#KRWPDLO FRP

'U -DLPH (GXDUGR 6LOYD 6 $1*,2/2*2

7UDWDPLHQWR GH (QIHUPHGDGHV GH OD FLUFXODFLyQ 9DULFHV FRQ LQ\HFFLyQ FLUXJtD \ ODVHU /HVLRQHV HQ HO SLH GHO GLDEpWLFR 8OFHUDV \ KHULGDV GH GLItFLO FLFDWUL]DFLyQ (QIHUPHGDGHV GH OD FLUFXODFLyQ

(63(&,$/,'$'(6 0(',&$6 '( /$ 9,//$ (QULTXH &RURQD 0RUItQ &LWDV DO 7HO 8UJHQFLDV DO &HO

2UWRGRQFLD &RVPpWLFD GHQWDO 5HKDELOLWDFLyQ (QGRGRQFLD %ODQTXHDPLHQWR 'HQWLVWDV ££&XLGDPRV 0DUtD GH ORV ÉQJHOHV %ODQFR %DUDMDV OD 6215,6$ (VWHU 1RUD 3UHFLDGR &KiYH]

GH WRGD OD )DPLOLD

7HO

0DUFR $QWRQLR *XHGHD /ySH]

7HO

$FHSWDPRV 72'$6 ODV WDUMHWDV GH FUpGLWR

9LFWRULD 1R &ROLPD &HQWUR

6KHQ 7L %DODQFH &RQWURO GH 3HVR \ 1XWULFLyQ

.DUHQW $OHMDQGUD 2VRUQR +HUQiQGH] 1XWULyORJD

&pGXOD 3URIHVLRQDO GH 0D\R % &RO )iWLPD /XQHV D 9LHUQHV D P D S P 6iEDGR D P D S P

7HO

3HUGRQD VLHPSUH D WX HQHPLJR 1R KD\ QDGD TXH OH HQIXUH]FD PiV

2VFDU :LOGH


/H\HQGD

/D 0XODWD GH &yUGRED SDUWH GH

6XV SDODEUDV SHQHWUDEDQ FRQ PD\RU DJXGH]D HQ ORV RtGRV GH TXLHQHV OD HVFXFKDEDQ \ VX GHOJDGD ¿JXUD SDUHFtD HVWDU IRUUDGD SRU XQ LPiQ LQYLVLEOH TXH DWUDtD ODV PLUDGDV GH FXDOTXLHUD TXH SDVDED MXQWR D HOOD /D 0XODWD VyOR VRQUHtD \ FXDQGR OR KDFtD XQ YLHQWR KHODGR SRGtD VHU SHUFLELGR GH LQPHGLDWR 8Q GtD DQWHV GH VHU OOHYDGD D OD KRJXHUD XQ HVFDORIULDQWH UXPRU FRUULy SRU WRGD OD FLXGDG £OD 0 X O D W D G H & y U G R E D K D E t D GHVDSDUHFLGR <D KDEtDQ EXVFDGR SRU WRGR HO HGL¿FLR DIXHUD GH pO HQ ODV FDOOHV HQ ORV EDUULRV HQ ORV DOUHGHGRUHV KDVWD SRU GHEDMR GH ODV SLHGUDV 1R KDEtD UDVWUR GH OD PXMHU SDUHFtD TXH VH OD KDEtD WUDJDGR OD WLHUUD £*XDUGLD JXDUGLD 3RU IDYRU KDV TXH VH FXPSOD PL ~OWLPD YROXQWDG

¢4Xp TXLHUHV PXMHU"

4XLVLHUD TXH PH WUDMHUDV VyOR XQ SHTXHxR SHGD]R GH FDUEyQ £¢8Q SHGD]R GH FDUEyQ" SHUR ¢SDUD TXp" 3RU IDYRU HV PL ~OWLPD YROXQWDG /OHYR WDQWRV GtDV HQFHUUDGD TXH QHFHVLWR GLEXMDU FRQ pO DOJR TXH PH UHFXHUGH OR TXH KD\ DOOi DIXHUD \ TXH QXQFD YROYHUp D YHU (O JXDUGLD VLQWLy OiVWLPD SRU HVD PXMHU TXH WHQtD FRQWDGDV ODV KRUDV SRU OR WDQWR FRQVLJXLy HO SHGD]R GH FDUEyQ \ VH OR GLR (VWD QR SHUGLy QL XQ VHJXQGR SXHV GH LQPHGLDWR HPSH]y D KDFHU XQRV FXDQWRV WUD]RV HQ OD SDUHG GHO IRQGR GH HVD KRUULEOH FHOGD (O OXJDU HUD WDQ RVFXUR TXH HO JXDUGLD QR VH KDEtD SHUFDWDGR GH OR TXH DO FDER GH XQDV FXDQWDV KRUDV OD

(0%27(//$'25

786 5()5(6&2

‡ 5$',2 3(','26 ‡

&2/,0$ &21087$'25

7RGR KRPEUH SDJD VX JUDQGH]D FRQ PXFKDV SHTXHxHFHV VX YLFWRULD FRQ PXFKDV GHUURWDV VX ULTXH]D FRQ P~OWLSOHV TXLHEUDV

*LRYDQQL 3DSLQL


/H\HQGD PXMHU KDEtD GLEXMDGR &DGD YH] TXH GLULJtD VX YLVWD D OD 0XODWD ~QLFDPHQWH SRGtD YHU XQD WHQXH VRPEUD PRYHUVH DTXt \ DOOi TXH VXEtD \ EDMDED VH PRYtD UiSLGDPHQWH /R ~QLFR TXH OH KDFtD DGLYLQDU HO OXJDU H[DFWR GRQGH VH HQFRQWUDED OD PXMHU HUD HO VRQLGR TXH GHVSUHQGtD HO JROSHWHR GH VXV FROODUHV \ SXOVHUDV /R GHPiV HUD SHQXPEUD WRWDO $O ¿Q ¿Q ORV FROODUHV \ ODV SXOVHUDV GHMDURQ GH FKRFDU HQWUH Vt /D 0XODWD KDEtD WHUPLQDGR 6H DFHUFy D OD UHMD \ OH SUHJXQWy DO JXDUGLD ³¢TXp FUHHV TXH OH KDJD IDOWD D HVWH GLEXMR"´ (O KRPEUH GLULJLy OD WHQXH OX] GH VX YHOD D OD SDUHG HQ FXHVWLyQ \ SXGR REVHUYDU FRQ DVRPEUR XQ PDJQt¿FR GLEXMR HQ HO TXH VH SRGtD DSUHFLDU HO PDU \ HQ HO H[WUHPR XQ EDUFR PX\ ELHQ WUD]DGR &RQWXYR HO DOLHQWR \ DOFDQ]y D UHVSRQGHU ³(V SHUIHFWR 6yOR KDFH IDOWD TXH HVH EDUFR VH PXHYD´ /D 0XODWD DVLQWLy FRQ OD FDEH]D 'LULJLy XQD ~OWLPD PLUDGD DO JXDUGLD OD FXDO OR KL]R WHPEODU GH PLHGR 6H DFHUFy D OD SDUHG \ FRQ XQD GHOLFDGD UHYHUHQFLD VH GHVSLGLy GH pO (Q XQ LQVWDQWH HO KRPEUH SXGR YHU TXH OD 0XODWD GH &yUGRED VH LQWURGXFtD OHQWDPHQWH DO QDYtR (Q HVWH PRPHQWR ODV YHODV VH L]DURQ SDUD TXH DO PRPHQWR XQ YLHQWR OLJHUR HPSH]DUD D VRSODU (O EDUFR VH HPSH]y D PRYHU FRQ OD 0XODWD DKt GHQWUR 7UDQVFXUULHURQ XQRV FXDQWRV VHJXQGRV SDUD TXH HO QDYtR VH SHUGLHUD HQ OD RVFXUD OHMDQtD HQ GRQGH VROR VH YHtD XQD PDQR IUiJLO TXH JUDFLRVDPHQWH VH GHVSHGtD (O EDUFR VH SHUGLy HQ OD QHJUXUD GH OD FHOGD KDVWD TXH GHVDSDUHFLy SRU FRPSOHWR (Q HO DLUH OR ~QLFR TXH TXHGDED HUD XQ VXWLO RORU D D]XIUH /D 0XODWD GH &yUGRED QR IXH YLVWD QXQFD PiV 6X DPLJR HO 'HPRQLR VH OD KDEtD OOHYDGR

),1

7H[WR H[WUDLGR GHO OLEUR ³/H\HQGDV GH 0p[LFR´ SRU $OHMDQGUD &DEUHUD (GLWRULDO \ 'LVWULEXLGRUD /HR 6 $ GH & 9

5$ $*$ 6 $ '( & 9

26 )$925,726

0$1=$1,//2

&$6,0,52 &$67,//2

7(&20$1 0(/$48(

&' *8=0$1 -$/

7$0$=8/$ -$/

3XHGR SHUGRQDU SHUR QR ROYLGDU

HV VyOR RWUR IRUPD GH GHFLU 1R SXHGR SHUGRQDU

+HQU\ :DUG %HHFKHU


2WRUULQRODULQJyORJR

&ROLPD 0pGLFRV &LUXJtD (VWpWLFD \ )XQFLRQDO GH 1DUL] &UDQHRPD[LORIDFLDO \ &XHOOR $/(5*,$ 5(63,5$725,$

'5 (15,48( 725,6 3(f$ 85*(1&,$6 /$'$ &(/ &2168/7$ 35(9,$ &,7$ 7(/ - $9,(5 0,1$ 1R 3/$17$ $/7$ ,17 9,//$ '( È/9$5(= &2/ &(57,),&$'2 325 (/ &216(-2 0(;,&$12 '( &$5',2/2*Ë$ (1 &$5',2/2*Ë$ < &$5',2/2*Ë$ ,17(59(1&,21,67$

'U -RVp ÈQJHO &UX] 7RUUHV &$5',Ï/2*2 &/Ë1,&2 ( ,17(59(1&,21,67$

( PDLO MDF #KRWPDLO FRP

&OtQLFD &yUGRED =DUDJR]D 1R &ROLPD &RO 7HOV \ 8UJHQFLDV &HO &XHQWR

&2<27( 3DEOR DO OOHJDU GH VX VLHPEUD GHVSXpV GH GDUOH DJXD \ SDVWXUD D VX FDEDOOR VDFy GH XQ FRVWDOLOOR TXH WUDtD FROJDGR GH OD FDEH]D GH OD VLOOD XQ FDFKRUUR TXH OH GLR D 3HGULWR £8Q SHUULWR H[FODPy HO QLxR 1R KLMR HV XQ FR\RWH 3HGULWR GHMy FDHU HO DQLPDO TXH UHERWy HQ HO VXHOR \ OXHJR FRUULy D UHIXJLDUVH HQWUH ODV SLHUQDV GH VX SDGUH 1R WH KDUi GDxR (Q HVD HGDG HV FRPR XQ SHUUR FXDOTXLHUD 7H GLYHUWLUiV FRQ pO ¢&yPR OH YDPRV D OODPDU" &R\RWH (VR HV OH OODPDUHPRV &R\RWH ¢4XH WH SDUHFH" 0LUD PDPi OR TXH WUDMR SDSi £XQ FR\RWH $TXt QR TXLHUR DQLPDOHV £/OpYDWHOR SRU DOOi FRQ ORV GHPiV SHUURV 3HUR &R\RWH QR VH FRQGXFtD LJXDO TXH ORV SHUURV $Vt GH SHTXHxR &RQWLQ~D HQ OD SiJLQD

/R TXH HV GLJQR GH KDFHUVH HV GLJQR GH TXH VH KDJD ELHQ

&RQGH GH &KHVWHU¿HOG


&ROLPD 0pGLFRV

'(50$72/2*2

'5 58%(1 6$+$*81 217,9(526

81,9(56,'$' '( *8$'$/$-$5$ ,167,7872 '(50$72/2*,&2 '( *8$'$/$-$5$ , (1)(50('$'(6 '( /$ 3,(/ $*8'$6 < &521,&$6 (1 $'8/726 < 1,f26

',$*1267,&2 35(9(1&,21 < 75$7$0,(172 '( &$1&(5 '( /$ 3,(/ < 78025(6 %(1,*126 &,58*,$ &5,2&,58*,$ < (/(&752&,58*,$ 75$16725126 '( /$ 3,(/ 8f$6 < 3(/2

&260(72/2*,$ 0(',&$

3((/,1* 48,0,&2 0,&523,(/ %,20(',& /,03,(=$6 )$&,$/(6 $6(625,$ (1 &260(7,&26 $&1( &,&5$7,&(6 0$1&+$6 < (19(-(&,0,(172 35(0$7852

&/Ë1,&$ '( /$ 3,(/

7(/6 \

$9 9(1867,$12 &$55$1=$ (64 &$//( D '( /$ 3$/$3$ )5$&& /$6 3$/0$6 &2/,0$ &2/

'U (SLIDQLR 0DUWtQH] 9i]TXH]

0pGLFR &LUXMDQR 3DUWHUR \ +RPHySDWD +RUDULR /XQHV D -XHYHV DP D SP \ SP D SP 9LHUQHV \ 6iEDGR DP D SP +HULEHUWR -DUD &RORQLD (O /ODQR 9 GH $OYDUH] &RO 7HO &RUUHR HSLIDQLR #KRWPDLO FRP 5HÀH[LRQHV

6H SXHGH PHGLU OD YDOtD GH XQ KRPEUH SRU HO WUDEDMR TXH FXHVWD GHVDOHQWDUOR 1XQFD KDJDV WX KRJDU HQ XQ VLWLR +D]OR HQ WX LQWHULRU DOOt HQFRQWUDUiV WRGR OR TXH QHFHVLWDV SDUD DPXHEODUOR UHFXHUGRV DPLJRV YHUGDGHURV DQKHOR GH DSUHQGHU \ RWUDV FRVDV VHPHMDQWHV $Vt LUi FRQWLJR D WRGDV SDUWHV /D KDELOLGDG HV OR TXH SHUPLWH KDFHU FLHUWDV FRVDV /D PRWLYDFLyQ GHWHUPLQD OR TXH VH KDFH /D DFWLWXG GHWHUPLQD FXiQ ELHQ VH KDFH (O KRPEUH VH FUHH VLHPSUH VHU PiV GH OR TXH HV \ VH HVWLPD PHQRV GH OR TXH YDOH

*RHWKH


&ROLPD 9HWHULQDULRV

&RPHUFLDOL]DGRUD 9HWHULQDULD

(/ *5$1(52 $OLPHQWR SDUD WRGDV ODV HVSHFLHV )RUUDMHV 3DVWXUDV 0HGLFDPHQWRV $FFHVRULRV 6HUYLFLR GH $VHVRUtD 0pGLFD 9HWHULQDULD

(QWUHJDPRV D GRPLFLOLR 7HO %OYG &DUORV GH OD 0DGULG %HMDU &RO -XDQD GH $VEDMH 3RU 6DOLGD D 3LKXDPR

$*529(7(5,1$5,$³(/ *$1$'(52´ ‡ $OLPHQWR SDUD WRGDV ODV HVSHFLHV DQLPDOHV ‡ 3DFDV GH $OIDOID $UUR] \ 7ULJR ‡ 0DWHULDV SULPDV SDUD OD HODERUDFLyQ GH $OLPHQWRV &DUORV GH OD 0DGULG %HMDU 6DOLGD D 3LKXDPR &ROLPD &RO 7HO

&XHQWR &KLVWHV

¢4XH HV XQD OiSLGD" 8QD FKLQD TXH FRUUH UiSLGR 0DPi HQ OD HVFXHOD PH GLFHQ PHQWLURVR &iOODWH TXH QL YDV D OD HVFXHOD 0DPi FXDQGR PH FUH]FDQ ORV GHGLWRV ¢ORV SXHGR YROYHU D PHWHU HQ HO YHQWLODGRU"

0DPLWD ¢SRU TXp PL SDSL HVWi WDQ SiOLGR" &iOODWH \ VLJXH FDYDQGR 0DPL HQ OD HVFXHOD PH GLFHQ ³HO KRPEUH ORER´ 1R OHV KDJDV FDVR KLMR PtR \ SpLQDWH OD FDUD ¢4XH OH GLMR XQD ERPELOOD D RWUD" 7DQWR WLHPSR GDQGR OX] \ QXQFD KHPRV WHQLGR XQ KLMR 3UHJXQWD XQ SHULRGLVWD D XQ GLSXWDGR ¢&UHH HQ OD SHQD GH PXHUWH" 6ROR VL QR HV PX\ VHYHUD ¢4XH OH GLMR XQ MDJXDU D RWUR MDJXDU" MDJXDU \RX 0DPi PDPi ¢PL DEXHOLWD VDEH PXFKR GH PHFiQLFD" 1R KLMR ¢SRU TXH" (QWRQFHV ¢TXH KDFH GHEDMR GH HVH FDPLyQ" 'RV FDPSHVLQRV FRPSUDQ FHUGRV \ XQR OH GLFH DO RWUR ¢GRQGH ORV PHWHPRV" (Q OD FDVD ¢\ HO RORU" %XHQR HOORV \D VH DFRVWXPEUDUiQ

'DU KDVWD TXH GXHOD \ FXDQGR GXHOD GDU WRGDYtD PiV

0DGUH 7HUHVD GH &DOFXWD


&ROLPD 9HWHULQDULRV

=DUDJR]D 1R &RO &HQWUR &ROLPD &RO

+263,7$/ 9(7(5,1$5,2 < 9(7(5,1$5,$ 9,'$ $1,0$/ 'U *HUDUGR 6HUUDQR 6iQFKH] ‡ 3RVJUDGXDGR HQ ERYLQRV ‡ 'LSORPDGR HQ FOtQLFD GH HTXLQRV ‡ 'LSORPDGR HQ PHGLFLQD \ FLUXJtD GH SHTXHxDV HVSHFLHV ‡ 'LSORPDGR HQ FDOLGDG WRWDO

%OYG &DPLQR 5HDO $ 7HO &ROLPD &RO $Y &DPLQR 5HDO 7HO (O 7UDSLFKH &RO &HO ‡ 9LOODQFLFR

12&+( '( 3$= 1RFKH GH SD] QRFKH GH DPRU 7RGR GXHUPH HQ GHUUHGRU (QWUH VXV DVWURV TXH HVSDUFHQ VX OX] %HOOD DQXQFLDQGR DO QLxLWR -HV~V %ULOOD OD HVWUHOOD GH SD] %ULOOD OD HVWUHOOD GH SD] 1RFKH GH SD] QRFKH GH DPRU 7RGR GXHUPH HQ GHUUHGRU 6yOR YHODQ HQ OD RVFXULGDG /RV SDVWRUHV TXH HQ HO FDPSR HVWiQ < OD HVWUHOOD GH %HOpQ < OD HVWUHOOD GH %HOpQ 1RFKH GH SD] QRFKH GH DPRU 7RGR GXHUPH HQ GHUUHGRU VREUH HO VDQWR QLxR -HV~V 8QD HVWUHOOD HVSDUFH VX OX] %ULOOD VREUH HO 5H\ %ULOOD VREUH HO 5H\ 1RFKH GH SD] QRFKH GH DPRU 7RGR GXHUPH HQ GHUUHGRU )LHOHV YHODQGR DOOt HQ %HOpQ /RV SDVWRUHV OD PDGUH WDPELpQ < OD HVWUHOOD GH SD] < OD HVWUHOOD GH SD]

6yOR KD\ XQD FRVD HQ HO PXQGR SHRU TXH HVWDU HQ ERFD GH ORV GHPiV \ HV QR HVWDU HQ ERFD GH QDGLH

2VFDU :LOGH


&ROLPD 6RFLDO %,(19(1,'26 $ &$6$ +2*$5 6$1 -26e '( /26 +8e5)$126 0DQHUDV GH D\XGDU 7UDEDMR GLUHFWR &RQ ORV PHQRUHV UHDOL]DQGR D F W L Y L G D G H V T X H I R P H Q W H Q \ Y D \ D Q HQFDPLQDGDV D GHVDUUROODU FDSDFLGDGHV ItVLFDV \ PHQWDOHV HQ HOORV &RQWULEXFLRQHV DOLPHQWDULDV )ULMRO DUUR] DFHLWH FHUHDO OHFKH FDUQH SROOR DWXQD SHVFDGR HWF 0DWHULDO GH KLJLHQH FRUSRUDO -DEyQ SDVWD GHQWDO SDSHO KLJLpQLFR FKDPSR GHVRGRUDQWH WRDOODV IHPHQLQDV HWF 3UR $\XGD 3DUWLFLSDQGR \ R DVLVWLHQGR D ODV DFWLYLGDGHV TXH UHDOL]D OD LQVWLWXFLyQ SDUD UHFDXGDFLyQ GH IRQGRV HFRQyPLFRV $SRUWDFLyQ HFRQyPLFD 3DUD PDWHULDOHV GH PDQWHQLPLHQWR 3ORPHUtD HOHFWULFLGDG \ DOEDxLOHUtD 6H FXHQWD FRQ UHFLERV GHGXFLEOHV GH LPSXHVWRV

&8(17$ %$1$0(; $VRFLDFLyQ GH $\XGD $ & &XHQWD 1R 6XF &ODEH LQWHUEDQFDULD +$1 6,'2 &8$5(17$ $f26 '( /8&+$ (1 /$ 48( 1,f26 < 1,f$6 +8e5)$126 6( 7251$521 (1 &,8'$'$126 '(&(17(6 < 75$%$-$'25(6 1(&(6,7$026 78 $<8'$ (&21Ï0,&$ 85*(17( 3$5$ 6(*8,5 $'(/$17( 18(675$6 38(57$6 (67È1 $%,(57$6 £*UDFLDV

&DVD +RJDU 6DQ -RVp GH ORV +XpUIDQRV $VRFLDFLyQ GH $\XGD $ & 3URO ,QGHSHQGHQFLD QR &ROLPD &ROLPD & 3 7HOpIRQR )D[ FKLOGMRVHSK#KRWPDLO FRP

$181&,(6( (1

OOiPHQRV \ FRQ JXVWR OR DQWHQGHUHPRV FRQWDFWR#FRVWD]XO P[ ZZZ FRVWD]XO P[ (V PHMRU WHQHU OD ERFD FHUUDGD \ SDUHFHU HVW~SLGR TXH DEULUOD \ GLVLSDU OD GXGD 0DUN 7ZDLQ


&RPDOD

7KH &RPDOD V WRS %UHDG 6WRUH ´< eO FRQ XQD VROD PLUDGD PXOWLSOLFy ORV SDQHV \ ORV EHQGLMR´ ,JQDFLR $OOHQGH &HQWUR &RPDOD &ROLPD 7HO &XOWXUD

/$ 3,f$7$ ( Q U H D O L G D G O D SLxDWD QR WLHQH XQ R U L J H Q P H [ L F D Q R VLQR FKLQR (Q &KLQD VH FRQIHFFLRQDEDQ ¿JXUDV GH DQLPDOHV F X E L H U W D V F R Q SDSHOHV GH FRORUHV UHOOHQDV GH VHPLOODV \ VH OHV JROSHDED FRQ YDUDV GH FRORUHV *UDFLDV D 0DUFR 3ROR OOHJD HVWD FRVWXPEUH D (XURSD HQ HO VLJOR ;,, GRQGH VH OH OODPD OD ³SLJQDWD´ $TXt DGTXLHUH VX SURSLD VLPERORJtD UHSUHVHQWD OD YDQLGDG OD YHQGD HQ ORV RMRV OD IH \ HO SDOR OD YLUWXG TXH YHQFH HO PDO ' H , W D O L D S D V D D ( V S D x D \ O R V FRQTXLVWDGRUHV OD WUDHQ FRQVLJR DO 1XHYR 0XQGR /RV FDWHTXLVWDV DSURYHFKDURQ HVWD FRVWXPEUH GHSXUiQGROD \ DGRUQiQGROD FRQ VtPERORV EtEOLFRV FRPR OD OLUD GH 'DYLG OD HVWUHOOD GH %HOpQ R OD URVD GH -HULFy WRGR FRQ YLVWRVRV FRORUHV &RQ HOOD DWUDHQ D ORV LQGtJHQDV D ODV IHVWLYLGDGHV UHOLJLRVDV GH OD 1DYLGDG HQ HVSHFLDO D ORV QLxRV 6L ORV KRPEUHV KDQ QDFLGR FRQ GRV RMRV GRV RUHMDV \ XQD VROD OHQJXD HV SRUTXH VH GHEH HVFXFKDU \ PLUDU GRV YHFHV DQWHV GH KDEODU

0DGDPH GH 6pYLJQp


&RPDOD /$ 0(-25 23&,Ï1 3$5$ 68 3$/$'$5 (/ 5(*$/2 ,'($/ 3$5$ 5(*5(62 '( 9,$-( 3RQFKHV GH $JXD \ GH /HFKH HQ WRGRV ORV VDERUHV 7DPELpQ KD\ 5RPSRSH \ 3URGXFWRV /iFWHRV &HEDOORV (QWUDQGR D &RPDOD ODGR L]TXLHUGR ,JQDFLR $OOHQGH 7HO &XHQWR

YLHQH GH OD SiJLQD

\D HUD JUXxyQ \ UHWUDtGR 3HGULWR OH GLR XQD SRFD GH OHFKH \ XQRV SHGD]RV GH WRUWLOOD \ XQD YH] VDFLDGD VX KDPEUH HO DQLPDO VH PHWLy EDMR OD FDPD GH 3HGULWR < ORV GtDV IXHURQ SDVDQGR OHQWRV WUDQTXLORV FRQ HVD VXDYLGDG FRQ TXH VXHOHQ SDVDU ORV GtDV HQ HO FDPSR 3RU ODV PDxDQDV 3HGULWR MXJDED FRQ &R\RWH HQ HO DUUR\R FHUFDQR < HO WLHPSR IXH SDVDQGR \ FRQ pO &R\RWH TXH HPSH]y D FUHFHU 3HUR &R\RWH QR OOHYDED EXHQDV UHODFLRQHV FRQ ORV DQLPDOHV GH OD FDVD &RQ IUHFXHQFLD VH HQIUHQWDED FRQ ORV GHPiV SHUURV GH VX WDPDxR \ D~Q PD\RUHV \ XQR GH WDQWRV GtDV VDOLy FRQ XQD RUHMD GHVJDUUDGD 3HGULWR VDOLy HQ VX GHIHQVD OOHYiQGROR OHMRV SDUD TXH QR OR DSRUUHDUDQ ORV SHUURV PD\RUHV SHUR ODV FXUDFLRQHV TXH OH DSOLFy QR IXHURQ GHO WRGR EXHQDV SRUTXH &R\RWH TXHGy FRQ OD RUHMD FDtGD FRPR VL WXYLHUD URWR HO FDUWtODJR &R\RWH VLJXLy VLHQGR DJUHVLYR \ YDOLHQWH $O FDER GH XQ DxR \D HUD XQ DQLPDO IXHUWH \ GHVDUUROODGR 6X SHODMH HUD DEXQGDQWH GH FRORU JULViFHR 6X FDEH]D HUD SHTXHxD SHUR VXV RMRV WHQtDQ XQD YLYH]D \ XQD EULOODQWH] GLIHUHQWH D ORV GH ORV SHUURV (UD WDQ ¿QR VX ROIDWR TXH SHUFLEtD RORUHV PX\ OHMDQRV \ FRQ IUHFXHQFLD VH LED D FRPHU FDUURxD \ HVR QR HUD GHO DJUDGR GHO SDSi GH 3HGULWR 8 Q D Q R F K H H V W X Y L H U R Q H V F X F K i Q G R V H D X O O D U O R V FR\RWHV KDVWD PX\ FHUFD GH OD PDGUXJDGD \ SDUD VRUSUHVD GH 3HGULWR &R\RWH HVWXYR WRGR HO WLHPSR &RQWLQ~D HQ OD SDJ &UHHPRV VREUHWRGR SRUTXH HV PiV IiFLO FUHHU TXH GXGDU \ DGHPiV SRUTXH OD IH HV OD KHUPDQD GH OD HVSHUDQ]D \ GH OD FDULGDG

$OHMDQGUR 'XPDV


&XDXKWpPRF (/ /8*$5 '21'( (/ 7,(032 6( '(7892 /RV 3LQRV &XDXKWpPRF &ROLPD &DUUHWHUD OLEUH D &XDXKWpPRF SULPHUD FDOOH D OD L]TXLHUGD PWV

7HO ‡ ‡

-XHYHV D 'RPLQJR SP D SP &DPSHVWUH &DUQHV $VDGDV '20,1*26 0Ã’6,&$ 9,9$ YLHQH GH OD SiJLQD

&XHQWR

EDMR HO iUERO TXH KDEtD HQ HO SDWLR \ PiV GH XQD YH] FRQWHVWy ORV DXOOLGRV GH WDO PDQHUD TXH WRGRV HQ OD FDVD VH VLQWLHURQ WHPHURVRV 'HVGH HQWRQFHV FRQ PXFKD IUHFXHQFLD VH HVFXFKDEDQ ORV FR\RWHV HQ RFDVLRQHV PX\ FHUFD GH OD FDVD &R\RWH VH IXH FRQ ORV GH VX UD]D \ QR YROYLy 'RV DxRV GHVSXpV 3DEOR IXH GH FDFHUtD FRQ XQRV DPLJRV \ VH OOHYy D 3HGULWR HQ ODV DQFDV GH VX FDEDOOR 6DOLHURQ GH PDGUXJDGD UXPER D OD VLHUUD /RV &R\RWHV VH HVFXFKDEDQ OHMDQRV \ HO SDSD GH 3HGULWR OHV UHFRPHQGy D VXV FRPSDxHURV TXH OOHYDUDQ OLVWDV ODV DUPDV 'XUDQWH HO FDPLQR IXHURQ KDEODQGR GH VXV DYHQWXUDV GH OD FDFHUtD \ GH OD PDJQLWXG GH VXV FRVHFKDV $Vt OOHJDURQ D OD VLHUUD \ HPSH]DURQ D FDPLQDU EDMR ORV SLQRV &HUFD GH XQDV FXHYDV HQ XQD FXUYD VDOLy GH HQWUH HO SLQDU XQD PDQDGD GH FR\RWHV TXH DWDFDURQ D ORV FD]DGRUHV 8QR GH HOORV HO PiV JUDQGH VH ODQ]y VREUH HO FXHOOR GHO DQLPDO HQ HO TXH LEDQ 3HGULWR \ VX SDGUH HO FR\RWH OH DUUDQFy OD \XJXODU DO FDEDOOR \ pVWH VH IXH GH EUXFHV VREUH HO FDPLQR 3HGULWR VH IXH URGDQGR VREUH OD PXOOLGD DOIRPEUD GH ORV RFRFKDOHV \ FXDQGR VH DSUHVWDED D OHYDQWDUVH XQ EUDYR FR\RWH VH ODQ]y VREUH pO \ 3HGULWR YLHQGR TXH HO DQLPDO WHQtD XQD RUHMD UDMDGD JULWy GHVHVSHUDGR £&R\RWH (O FR\RWH VH GHWXYR DO LQVWDQWH YLHQGR D 3HGULWR FRQ VXV RMRV GH IXHJR 'HVSXpV VH PHWLy HQWUH OD EUHxD DXOODQGR IXULRVDPHQWH \ WUDV pO VH IXHURQ ORV GHPiV FR\RWHV KDVWD GHVDSDUHFHU HQ HO PRQWH 0LQXWRV PiV WDUGH WRGR DTXHOOR HUD KLVWRULD /LSR /HSH

1LQJ~Q KRPEUH HV XQD LVOD DOJR FRPSOHWR HQ Vt PLVPR WRGR KRPEUH HV XQ IUDJPHQWR GHO FRQWLQHQWH XQD SDUWH GH XQ FRQMXQWR

-RKQ 'RQQH


7RQLOD

5HVWDXUDQWH )DPLOLDU

(O 3LORWR

&RQ HO IUHVFR FOLPD 7RQLOHQVH &KDPRUURV DO KRUQR FRVWLOODV %%4 FDUQHV DVDGDV 6iEDGRV \ GRPLQJRV PHQXGR \ FDUQLWDV 'RPLQJRV ERUUHJR D OD JULHJD $ELHUWR GLDULDPHQWH GH DP D SP 7LHQGD GH DEDUURWHV DQH[D $FHSWDPRV WDUMHWD GH FUpGLWR $XWRSLVWD &ROLPD *XDGDODMDUD 0WV 6DOLGD D 7RQLOD HQWUH OD FDUUHWHUD OLEUH \ OD DXWRSLVWD &HO

+27(/ 5(67$85$17

'RQGH VH UH~QHQ HO EXHQ FRPHU FRQ HO GHVFDQVR \ HO FOLPD FRQ OD KLVWRULD 'HVD\XQRV \ &RPLGDV GH DP D SP (VSHFLDOLGDG &KLOHV HQ 1RJDGD 'RPLQJRV GH %XIIHW

7HO

+27(/ FRQ WUDGLFLyQ H KLVWRULD 63$ 6iEDGRV \ 'RPLQJRV /D (VSHUDQ]D ² 7RQLOD -DOLVFR .P $XWRSLVWD &ROLPD ² *XDGDODMDUD (QWURQTXH 7RQLOD /D (VSHUDQ]D +DFLHQGD GH OD (VSHUDQ]D

&KLVWHV

8Q WLSR OOHJy DO WUDEDMR WRGR GHVDQLPDGR FDVL DUUDVWUiQGRVH \ FRQ FDUD GH SUHRFXSDFLyQ &RPR HUD XQ EXHQ HPSOHDGR HO MHIH OR OODPy \ OH DFRQVHMy ³¢3RUTXH QR KDFHV FRPR \R" &XDQGR HVWR\ GHSULPLGR FRPR W~ PH YR\ D FDVD WRPR XQD EXHQD GXFKD OH KDJR HO DPRU D PL PXMHU \ GH LQPHGLDWR PH VLHQWR FRPR QXHYR´ (O WLSR VDOLy GLVSXHVWR D VHJXLU HO FRQVHMR GHO MHIH $O ¿QDO GH OD WDUGH YROYLy PX\ DQLPDGR ³¢4Xp WDO" )XQFLRQD ¢QR"´ OH SUHJXQWy HO MHIH ³£9D\D TXH Vt £(VWR\ WRWDOPHQWH UHFXSHUDGR £6X HVSRVD HV XQD PDUDYLOOD ´ 'RV ERUUDFKRV YDQ D ERUGR GH XQ YHKtFXOR D NLOyPHWURV SRU KRUD HQ XQD VXSHU DXWRSLVWD 8QR GH HOORV OH GLFH DO RWUR ³&RPSDGUH SRU IDYRU GHWHQJD HO YHKtFXOR SRUTXH PH TXLHUR EDMDU ´ < HO RWUR OH FRQWHVWD ³FRQ PXFKR JXVWR FRPSDGUH SHUR HO TXH YLHQH PDQHMDQGR HV XVWHG ´

/DV SDODEUDV VRQ FRPR PRQHGDV TXH XQD YDOH SRU PXFKDV FRPR PXFKDV QR YDOHQ SRU XQD

)UDQFLVFR GH 4XHYHGR


(TXLQRWHUDSLD +LVWRULD

3RU /LF 'DQLHOD +HUQiQGH] 2UWL]

(O FDEDOOR UHÀHMR GHO DOPD & X i Q W D V Y H F H V KHPRV HVFXFKDGR HVH FDEDOOR HV LJXDOLWR D VX GXHxR R DOJXQRV ORV TXH YLYLPRV HQ HO PXQGR GH ORV GH D FDEDOOR KHPRV H [ S H U L P H Q W D G R G L I H U H Q WH V Y H U V L R Q H V G H O FRPSRUWDPLHQWR GHO PLVPR FDEDOOR PRQWDGR SRU GLIHUHQWHV SHUVRQDV PiV D~Q HO PLVPR FDEDOOR PRQWDGR SRU HO PLVPR MLQHWH WRPDQGR DFWLWXGHV GLVWLQWDV GH XQ GtD D RWUR ¢< FXiO HV OD H[SOLFDFLyQ" ¢ SRU TXH XQ FDEDOOR SXHGH VHU WDQ GyFLO \ WDQ QHUYLRVR WDQ REHGLHQWH \ WDQ LUUHYHUHQWH" ¢3RU TXp DOJXQRV SXHGHQ WRFDU \ HQFRQWUDU OD DFWLWXG TXH WDQWR EXVFDQ \ RWURV VyOR SRU HVFXFKDU R VHQWLU VX UHVSLUDFLyQ VH HVWUHPHFHQ \ TXLHUHQ VDOLU KX\HQGR" /RV FDEDOORV VRQ FRPR XQ HVSHMR ORV FDEDOORV KXHOHQ QXHVWURV PLHGRV ORV FDEDOORV VLHQWHQ ORV FDEDOORV HVWiQ YLYRV ORV FDEDOORV VRQ VDQDGRUHV GH DOPDV \ GH FXHUSRV 0XFKDV YHFHV PH SUHJXQWR ¢FyPR VHUtD YLYLU HQ XQ PXQGR GRQGH QR FRPSUHQGR OR TXH KDEODQ GyQGH VRQ GLVWLQWRV D Pt HQ WDPDxR \ IRUPD GRQGH VLQ LPSRUWDU OR TXH KDJD MDPiV VDEUp TXp KDJR DKt \ FXDQGR WHUPLQDUD" < D SHVDU GH HVR HOORV VLJXHQ HYROXFLRQDQGR D¿QDQGR VXV VHQWLGRV SDUD GHIHQGHUVH SDUD SURWHJHU VXV PDQDGDV DUWL¿FLDOHV $OJXLHQ R DOJR ORV GRWy GH XQD HQRUPH FDSDFLGDG GH VHQWLU FXDQGR RWUR VHU YLYR VH DFHUFD \ VX RUJDQLVPR OH JULWD QR HVWR\ ELHQ \ pO FRQ WRGD VX LQRFHQFLD \ VX LQFDQVDEOH QHFHVLGDG GH VREUHYLYLU OH UHÀHMD WRGR OR TXH QR SXHGH YHU HQ Vt PLVPR \ VLQ VDEHUOR OH GD UHVSLUR \ HTXLOLEULR 6LPSOHPHQWH SRUTXH TXH HQ VX QDWXUDOH]D HVWi HO SRGHU GH SHUFLELU FRQ WRGR VX FXHUSR HO LQWHULRU GH ORV RWURV (O WUDEDMR FRQ ORV FDEDOORV QRV SHUPLWH XQ DSUHQGL]DMH YLYHQFLDO GH QXHVWUR FRPSRUWDPLHQWR QRV UHÀHMDQ ODV QHFHVLGDGHV \ IRUWDOH]DV TXH VLQ LPSRUWDU SRU TXH QR SRGHPRV R QR TXHUHPRV YHU *UDFLDV %HUQDUGR 0DUWtQH] FRDFK GH FDEDOORV SRU HQVHxDUPH TXH OD PHMRU PDQHUD GH D\XGDU HV FRQ OD YR] GH PLV VHQWLGRV \ VLHPSUH OLEUHV GH WRGR SUHMXLFLR 7RGR HO TXH GLVIUXWD FUHH TXH OR TXH LPSRUWD GHO iUERO HV HO IUXWR FXDQGR HQ UHDOLGDG HV OD VHPLOOD +H DTXt OD GLIHUHQFLD HQWUH ORV TXH FUHHQ \ ORV TXH GLVIUXWDQ )ULHGULFK 1LHW]VFKH


7HFRPiQ 6HUYLFLRV

$QD &ULVWLQD *DUFtD GH 0RQUR\ GH 1RYLHPEUH &HQWUR 7HFRPiQ &RO 7HO &HO DQDJBEHQLDQ\#KRWPDLO FRP (QWUHWHQLPLHQWR

$',9,1$1=$6 1XQFD SRGUiV DOFDQ]DUPH SRU PiV TXH FRUUDV WUDV GH Pt \ DXQTXH TXLHUDV UHWLUDUWH VLHPSUH LUp \R MXQWR D WL -XDQD YD -XDQD YLHQH \ HQ HO FDPLQR VH HQWUHWLHQH 'HO WDPDxR GH XQD QXH] VXEH DO PRQWH \ QR WLHQH SLHV (V UHGRQGD HV GH JRPD GH PDGHUD R GH PHWDO \ VDOH D GDU OD YXHOWD FRQ XQD DPLJD LJXDO &DEH]yQ \ PX\ GHOJDGR TXH VH SRQH VLHPSUH QHJUR GHVSXpV GH KDEHU VLGR IURWDGR &RPR DTXHOOD UHLQD ULFD HQWUH XQ FODYHO \ XQD URVD HVFRMD XVWHG VHxRULWD &ROJDGR DWDGR R GH SLH PH WLHQH XQRV TXH PH TXLHUHQ \ RWURV PH WHPHQ (Q OD /XQD HV OD SULPHUD \ OD VHJXQGD HQ 3OXWyQ (Q OD 7LHUUD QR VH HQFXHQWUD \ HV OD ~OWLPD HQ HO 6RO (Q YHUDQR EDUEXGR \ HQ LQYLHUQR GHVQXGR 0H FRJHQ GH ODV SLHUQDV ORV KXPDQRV SDUD TXH \R KDJD FRQ OD FDEH]D OR TXH QR SXHGHQ KDFHU HOORV FRQ VXV PDQRV &KLTXLWD FRPR OD YHOD \ WRGD OD FDVD OOHQD &XDQWR PiV FDOLHQWH PiV IUHVFR HV ¢&XDO HV OD FRVD TXH FUXGD QR H[LVWH QL SXHGH VHU SHUR DXQTXH VH HQFXHQWUD FRFLGD QR VH SXHGH FRPHU" (O FDPHOOR OOHYD DO DQLPDO \ HO DQLPDO QR SXHGH OOHYDU DO FDPHOOR ¢4XH VHUi" /D VRPEUD /D SXHUWD (O FDUDFRO /D UXHGD (O FHULOOR (V FRMD (O UHORM /D OHWUD / (O ERVTXH /DV SLQ]DV /D OX] (O SDQ /D FHQL]D /D SXOJD

(V IiFLO KDEODU FODUR FXDQGR QR YD D GHFLUVH WRGD OD YHUGDG

5DELQGUDQDWK 7DJRUH


7HFRPiQ &RPHUFLRV 5(6

&(5'2

(VSDOGLOOD %XFKH 7ULSD &XHUR /DELR /HQJXD 6HVRV 0DQLWDV 3DWD GH UHV (VSDOGLOOD +tJDGR 7RFLQLOOD 3XQWDV 27526 3LHUQD V K 0pGXOD 3DSDV IULWDV ERUUHJR FDQDO &KDPRUUR /HQJXD HVSDOGD GH ERUUHJR SROOR HPSDQL]DGR 7RFLQR &RUWHV ¿QRV 5LE H\H 7 %RQH 1HZ <RUN 3ULPH 5LE )LOHWH GH UHV $UUDFKHUD PDULQDGD 'HVFDQVDPRV ORV 0LpUFROHV :HGQHVGD\ FORVHG

2FDPSR 7HO

+$&(026 (175(*$6 $ 72'2 (/ (67$'2

/OHJy HO WDQ WHPLGR PHV SDUD OD VXELGD GH SHVR SRU WDQWDV UHXQLRQHV SRVDGDV FHQD GH 1DYLGDG HWF 'LVIUXWH GH WRGR HVWR SHUR QR VH H[FHGD 6H SXHGH GDU FLHUWRV OXMRV GH FRPLGD HQ ODV UHXQLRQHV VROR WUDWH GH FRPSHQVDU OR TXH FRPD HO VLJXLHQWH GtD 1XQFD MDPiV VH SHUPLWD HQJRUGDU 7RGRV FRQRFHPRV SHUVRQDV TXH FRPHQ ERFDGLOORV VLHPSUH TXH VH OHV DQWRMD \ QXQFD H[SHULPHQWDQ FDPELRV GH SHVR ¢/DV HQYLGLD" 6L XVWHG QR HV PLHPEUR GH HVH FOXE VHPLH[FOXVLYR FRQ VHJXULGDG VH HVWDUi SUHJXQWDQGR ¢3RU TXp HOORV SXHGHQ ORJUDUOR \ \R QR" $XQTXH SDUWH GH OD UHVSXHVWD VH HQFXHQWUD HQ ORV JHQHV WDPELpQ HV SUREDEOH TXH HVDV SHUVRQDV FRPDQ OR DGHFXDGR PXFKD IUXWD YHUGXUD SRFD JUDVD \ TXH KDJDQ HMHUFLFLR UHJXODUPHQWH VRQ SHUVRQDV DFWLYDV $GHOJDFH \ SHUPDQH]FD PiV MRYHQ /D MXYHQWXG TXH GLVPLQX\H QR HV OR ~QLFR TXH VH UHODFLRQD FRQ XQ DEGRPHQ DEXOWDGR /D EDUULJD R OR TXH ORV PpGLFRV OODPDQ REHVLGDG GH OD SDUWH V X S H U L R U G H O F X H U S R V H U H O D F L R Q D F R Q HQIHUPHGDGHV FDXVDGDV SRU HO HQYHMHFLPLHQWR &ROHVWHURO DOWR KLSHUWHQVLyQ HVWUpV \ D OD ODUJD XQ PHQRU ODSVR GH YLGD $Vt HV TXH PLV TXHULGRV DPLJRV SRU WRGR pVWR FXLGHPRV GH QXHVWUR FXHUSR FXLGHPRV QXHVWUR SHVR \ QXHVWUD VDOXG 'LVIUXWHPRV VLQ H[FHVRV £)(/,= 1$9,'$' +DVWD OD SUy[LPD 3HUGRQDQGR GHPDVLDGR DO TXH \HUUD VH FRPHWH LQMXVWLFLD FRQ HO TXH QR \HUUD

%DOGDVVDUH &DVWLJOLRQH


7HFRPiQ *DVWURQRPtD

3DUD QLxRV

¢&XiO HV HO FROPR" ¢'H XQ MRUREDGR" (VWXGLDU GHUHFKR ¢'H XQ UHYROYHU" 7HQHU SHUULOOR HQ YH] GH JDWLOOR ¢'H XQ PpGLFR" 0DWDU HO WLHPSR SRU IDOWD GH SDFLHQWHV ¢'H XQ GRPDGRU" 'RPDU OD 2VD 0D\RU ¢'H XQ IUXWHUR" 4XH VX QRYLD OH Gp FDODED]DV ¢'H XQ FDUWHUR" -XJDU D ODV FDUWDV DO VDOLU GHO WUDEDMR ¢'H XQ EDUFR" )UHQDU HQ VHFR ¢'H XQ URERW" 7HQHU ORV QHUYLRV GH DFHUR &RPR D QDGLH VH OH SXHGH IRU]DU SDUD TXH FUHD D QDGLH VH OH SXHGH IRU]DU SDUD TXH QR FUHD

6LJPXQG )UHXG


7HFRPiQ *DVWURQRPtD

3DVW

HOHUt

D \ 5

HSRV

W H U t D

)LQD

DQDJBEHQLDQ\#KRWPDLO FRP

GH 1RYLHPEUH GH 1RYLHPEUH 6(59,&,2 $ '20,&,/,2 6,1 &2672 $',&,21$/ 7(/6 < &HO DQDJBEHQLDQ\#KRWPDLO FRP

5D]DV GH SHUURV

$PHULFDQ %XOO\ (O $PHULFDQ %XOO\ HV XQ SHUUR TXH SURYLHQH GH ((88 VH WUDWD GH XQD PH]FOD HQWUH $PHULFDQ 3LW %XOO 7HUULHU \ $PHULFDQ 6WDIIRUGVKLUH 7HUULHU \ FXHQWD DGHPiV FRQ SDULHQWHV PiV OHMDQRV FRPR HO %XOOGRJ ,QJOpV \ 6WDIIRUGVKLUH %XOO 7HUULHU $SDULHQFLD ItVLFD

GHPDVLDGR ODUJD

(V XQ SHUUR DWOpWLFR IXHUWH PX\ PXVFXODGR \ SRGHURVR F R Q X Q D J U D Q F D E H ] D G R P L Q D Q W H \ H O F X H U S R FRPSDFWR TXH UHVXOWD DOJR L Q W L P L G D Q W H 1 R V HQFRQWUDPRV DQWH XQD UD]D UREXVWD GH WDPDxR PHGLR T X H F X H Q W D F R Q X Q D PDQGtEXOD WUHPHQGDPHQWH S R W H Q W H \ X Q D F R O D Q R

/RV SRGHPRV HQFRQWUDU GH PXFKRV FRORUHV GLVWLQWRV GHVGH HO PDUUyQ SDVDQGR SRU HO D]XO KDVWD HO QHJUR DXQTXH SRU OR JHQHUDO VXHOHQ VHU GH FRORUHV RVFXURV QR HQFRQWUDPRV HMHPSODUHV DOELQR 0XFKRV SURSLHWDULRV GH HVWD PDUDYLOORVD UD]D WLHQHQ SRU FRVWXPEUH FRUWDUOHV ODV RUHMDV (V XQ SHUUR FRQ XQD IXHU]D ItVLFD VXSHULRU D RWUDV UD]DV DWULEXLGD SRU OD KHUHQFLD JHQpWLFD TXH KD UHFLELGR GH VXV SUHGHFHVRUHV HO 3LWW %XOO \ HO $PVWDII ([LVWHQ WLSRV GLVWLQWRV GH $PHULFDQ %XOO\ $PHULFDQ %XOO\ 3RFNHW (V HO TXH PXHVWUD HO WDPDxR PiV UHGXFLGR GH WRGRV ORV WLSRV GH $PHULFDQ %XOO\ TXH VH FRQRFHQ KDVWD DKRUD PXVFXORVR \ SHTXHxR HVWi OOHQR GH HQHUJtD \ UHERVD YLWDOLGDG FRQWLQ~D HQ OD SiJLQD

/DV SDODEUDV TXH QR YDQ VHJXLGDV GH KHFKRV QR YDOHQ QDGD

(VRSR


0DQ]DQLOOR 6HUYLFLRV (PHUJHQFLDV (PHUJHQF\

(PHUJHQFLDV (PHUJHQF\ (PHUJHQFLDV HQ 0DQ]DQLOOR 0DQ]DQLOOR (PHUJHQF\ *UHHQ $QJHOV 7XULVW WUDYHOHUV $' 6HJXULGDG S~EOLFD 3XEOLF VDIHW\ %RPEHURV )LUH GHSDUWPHQW 3URWHFFLyQ FLYLO &LYLO SURWHFWLRQ *UXDV 0HLOOyQ 0HLOORQ WRZLQJ VHUYLFH 7UiQVLWR /RFDO WUD¿F SROLFH &UX] URMD 5HG FURVV +RVSLWDO JHQHUDO *HQHUDO +RVSLWDO &HQWUR GH VDOXG +HDOWK FHQWHU &HQWUR PpGLFR (FKDXU\ (FKDXU\ SULYDWH KRVSLWDO 0HGLFD SDFt¿FR 0HGLFD SDFL¿FR SULYDWH KRVSLWDO +RVSLWDO 0DQ]DQLOOR SULYDWH KRVSLWDO 8QLGDG GH 'LDJQyVWLFR ,QWHJUDO SULYDWH KRVSLWDO

$XWREXVHV \ WD[LV %XV OLQHV 7D[L FDEV

(71 (OLWH )XWXUD (VWUHOOD EODQFD 3ULPHUD 3OXV /D /LQHD 3OXV 2PQLEXV GH 0p[LFR &RVWD 7RXUV 5DGLR WD[L 5DGLR GLVSDWFKHG WD[L VHUYLFH

'HSHQGHQFLDV )HGHUDOHV (VWDWDOHV \ 0XQLFLSDOHV

3URIHFR &RQVXPHU FRPSODLQWV 0LJUDFLyQ ,PPLJUDWLRQ 'LUHFFLyQ GH WXULVPR 7RXULVP GLUHFWRU 3UHVLGHQFLD PXQLFLSDO 2I¿FH PD\RU ,066 0H[LFDQ VRFLDO VHFXULW\ ,6667( *REHUPHQW HPSOR\HUV VRFLDO VHFXULW\

,QIRUPDFLyQ GH YXHORV )OLJKW ,QIRUPDWLRQ

$HURSXHUWR $HURPDU $ODVND $LUOLQHV

/DV SDODEUDV QXQFD DOFDQ]DQ FXDQGR OR TXH KD\ TXH GHFLU GHVERUGD HO DOPD

-XOLR &RUWi]DU


0DQ]DQLOOR 6HUYLFLRV

YLHQH GH OD SiJLQD

5D]DV GH SHUURV

$PHULFDQ %XOO\ &ODVVLF 'H WRGRV HV HO PiV SURSRUFLRQDGR \ WLHQH XQ WDPDxR PHGLR HV HO PiV ¿QR GH WRGRV D~Q VLHQGR XQ SHUUR PXVFXODGR IXHUWH \ GH DVSHFWR UXGR $PHULFDQ %XOO\ 6WDQGDUW 'H WDPDxR PHGLR HO 6WDQGDUW HV HO PRGHOR TXH LQVSLUD D WRGD OD UD]D 0XVFXODGR GH WDPDxR PHGLR \ FRQ XQD FDEH]D SRGHURVD WLHQH ORV PHMRUHV DWULEXWRV $PHULFDQ %XOO\ ([WUHPH 0X\ SDUHFLGR DO $PHULFDQ %XOO\ 6WDQGDUW HV HO GREOH GH PXVFXODGR $QFKR \ SRGHURVR WUDQVPLWH XQ DVSHFWR ¿HUR ~QLFR $PHULFDQ %XOO\ ;/ 3DUHFLGR DO $PHULFDQ %XOO\ &ODVVLF HV GH WDPDxR PXFKR PD\RU TXH HO UHVWR G H V X V F R P S D x H U R V G H U D ] D ( V P i V SURSRUFLRQDGR \ HVWLOL]DGR D~Q FRQ XQD IXHUWH PXVFXODWXUD &DUiFWHU /RV FULDGRUHV GH HVWD UD]D SUHPHGLWDGD EXVFDEDQ TXH GHWUiV GH OD DSDULHQFLD ¿HUD \ UXGD GHO $PHULFDQ %XOO\ VH HQFRQWUDUD XQ FRPSDxHUR ¿HO \ IDPLOLDU $Vt HV DXQTXH SXHGD VRUSUHQGHUQRV HO %XOO\ HV XQ HMHPSOR GH SHUUR OHDO \ VRFLDEOH H LQFOXVR HV SRU OR JHQHUDO PX\ EXHQR FRQ ORV QLxRV SHTXHxRV (V XQ FRPSDxHUR H[WUHPDGDPHQWH ¿HO \ FDULxRVR TXH QR GXGDUi HQ GHPRVWUDU VX YDORU D VXV SURSLHWDULRV DQWH FXDOTXLHU SHOLJUR (V PX\ LQWHOLJHQWH FDSD] GH OOHYDU D FDER KDELOLGDGHV PX\ GLVWLQWDV &XLGDGRV (O %XOO\ HV XQ SHUUR PXVFXORVR TXH GHEHUi HMHUFLWDUVH DGHFXDGDPHQWH $O PHQRV FRQWDUi FRQ WUHV JHQHURVRV SDVHRV DO GtD SDUD QR VXIULU DQVLHGDG R GHVPRWLYDFLyQ GHQWUR GHO KRJDU 1R HV XQ SHUUR SDUD FDUUHUDV GH IRQGR R UHVLVWHQFLD \D TXH WUDQVSRUWDU VX FXHUSR D JUDQGHV YHORFLGDGHV OH VXSRQH XQ HVIXHU]R FRQWLQ~D HQ OD SiJLQD

$TXHO TXH SUHJXQWD HV XQ WRQWR SRU FLQFR PLQXWRV SHUR HO TXH QR SUHJXQWD SHUPDQHFH WRQWR SRU VLHPSUH

3URYHUELR FKLQR


0DQ]DQLOOR 3HULyGLFRV \ PHGLRV

ZZZ JXLD FRVWD]XO FRP

0$1=$1,//2 &(1752 'RZQWRZQ 0DQ]DQLOOR

&(175$/ &$0,21(5$ &58&(52 '(/ 7$-2 6$1 3('5,72

%$+Ë$ '( 0$1=$1,//2 0DQ]DQLOOR %D\

$ 0$1=$1,//2 &(1752

*/25,(7$

$ &2/,0$ &2/

)DUPDFLD +RPHRSiWLFD 6DQWD &ODUD +RWHO &RORQLDO +RWHO 6WDU +RWHO /DV %ULVDV +RWHOLWR (VFRQGLGR &ROHJLR 7HUUDQRYD

&58&(52 /$6 %5,6$6 &(175$/ &$0,21(5$

127$ 3DUD OOHJDU D 9LOODV /RV $QJHOHV

HQWUDU SRU OD HQWUDGD GH /DV +DGDV GHVGH HO %OYG 3DUD OOHJDU DO 5HVWDXUDQW /D %RTXLWD \ 3DOPD 5HDO HQWUDU SRU HO 1DUDQMR OHWUHUR D 5HVW /¶5HFLI DYDQ]DU NPV SRU FXUYDV R ELHQ HQWUDU SRU &OXE 6DQWLDJR \ FUX]DU HO HVWHUR D SLp R HQ ERWH HVWi EDMLWR

$/ $181&,$56( (1

68 $181&,2 6( 38%/,&$ 7$0%,e1 0(6 $ 0(6 (1 18(675$ 5(9,67$ (/(&75Ï1,&$ (1 ,17(51(7 6,1 &2672 (;75$ 9,6,7( ZZZ FRVWD]XO P[ 7DPELpQ HVWDPRV HQ ZZZ )DFHERRN FRP 5HYLVWD&RVWD]XO 9DOH PiV KDFHU \ DUUHSHQWLUVH TXH QR KDFHU \ DUUHSHQWLUVH

1LFROiV 0DTXLDYHOR


0DQ]DQLOOR 3HULyGLFRV \ PHGLRV $ $(5238(572 3/$<$ '( 252 7R ´3OD\D GH 2URµ ,QWO $LUSRUW 9,'$ '(/ 0$5

(/ 1$5$1-2 0,5$0$5

&/8% 6$17,$*2

%$+,$ '( 6$17,$*2 6DQWLDJR %D\

6$17,$*2

6$17,$*2

/$ 3817$

/$6 +$'$6

,17(56(&&,Ï1 /$6 +$'$6

6$/$+8$

3OD]D 0DQ]DQLOOR &RPHUFLDO 0H[LFDQD

6RULDQD 9LOODV /RV $QJHOHV +RWHO 3OD\D GH 6DQWLDJR 'ROSKLQ &RYH ,QQ 3OD\DVRO +RWHO +DZDLL &HQWUR $UWHVDQDO 3ULPDYHUDV 5HVWDXUDQW -XDQLWRV 5HVWDXUDQW /D %RTXLWD 3DOPD 5HDO 0LQLVXSHU /RV 1DUDQMRV 7DFRV GH &DUQLWDV ³(O 7RULWR´ <RQDWXUDO 6XSHUPHUFDGR /D 9LDQGD 7DSLFHUtD &KDSXOD 3HSHV +LGHDZD\ %RVWRQ 5HVWDXUDQW :LQZ %DU +RWHO &RVWD %UDYD

127( 7R JHW WR 9LOODV /RV $QJHOHV

HQWHU WKURXJK /DV +DGDV IURP WKH %RXOHYDUG 7R JHW WR 5HVWDXUDQW /D %RTXLWD 3DOPD 5HDO HQWHU E\ (O 1DUDQMR E\ WKH 5HVW /¶5HFLI VLJQ JR WKURXJK NPV RI FXUYHV RU HQWHU WKURXJK &OXE 6DQWLDJR DQG FURVV WKH VWUHWFK E\ IRRW RU ERDW VKDOORZ ZDWHU

1R WDUGD QXHYH PHVHV VLQR VHVHQWD DxRV HQ IRUPDUVH XQ KRPEUH

$QGUp 0DOUDX[


0DQ]DQLOOR 3HULyGLFRV \ PHGLRV

1HJRFLRV

¢&RPR WRPDU XQD GHFLVLyQ" 3DUD WRPDU XQD GHFLVLyQ HQ FXDOTXLHU iPELWR GH OD YLGD VH GHEH WRPDU XQD VHULH GH PHGLGDV VL QR TXLHUHV DUUHSHQWLUWH SRVWHULRUPHQWH \ FODUR SDUD UHGXFLU WX QLYHO GH LQGHFLVLyQ 'HEHV FRQVLGHUDU 7HQHU XQ SODQ GH YLGD FRKHUHQWH FRQ ORV YDORUHV SHUVRQDOHV \ OD UHDOLGDG HQ TXH VH YLYH HV GHFLU WHQHU FODULGDG VREUH HO IXWXUR TXH XQD SHUVRQD GHVHD ORJUDU WHQHU XQD YLVLyQ GH IXWXUR 'H¿QLFLyQ GHO SUREOHPD R VLWXDFLyQ 'HEHV GH¿QLU HO REMHWR GH OD HOHFFLyQ SXHGH VHU OD H[LVWHQFLD GH XQ SUREOHPD XQD RSRUWXQLGDG R XQD SURSXHVWD &XDQGR PHMRU HVWH GH¿QLGR HO SUREOHPD R VLWXDFLyQ D UHVROYHU PD\RU FODULGDG KDEUi HQ OD GHFLVLyQ %~VTXHGD GH LQIRUPDFLyQ &RQVLVWH HQ UHFRSLODU OD PD\RU FDQWLGDG GH LQIRUPDFLyQ SRVLEOH VREUH HO SUREOHPD R VLWXDFLyQ 3ODQWHDPLHQWR GH DOWHUQDWLYDV ,GHQWL¿FDU GRV R PiV FRQWLQ~D HQ OD SiJLQD (O KRPEUH HV HO ~QLFR VHU VHQVLEOH TXH VH GHVWUX\H D Vt PLVPR HQ HVWDGR GH OLEHUWDG

-DFTXHV + %HUQDUGLQ GH 6DLQW 3LHUUH


0DQ]DQLOOR &RPHUFLRV 3URGXFWRV +22',$ FRQ

‡ <RJXUWK ‡ %LyQLFRV ‡ +DPEXUJXHVDV ‡ -XJRV \ OLFXDGRV ‡ 3DQ LQWHJUDO ‡ &HUHDOHV \ ILEUDV ‡ 3URGXFWRV QDWXULVWDV

[

9LWDPLQDV \ PLQHUDOHV QDWXUDOHV \ XQD JUDQ YDULHGDG GH SURGXFWRV QDWXULVWDV

GH GHVFWR

£9LVtWDQRV

/RV -XHYHV

+$0%85*8(6$6

0$75,= -XiUH] 1R 6DQWLDJR 0DQ]DQLOOR &RO 7HOV

&RPHUFLDO 0H[LFDQD /RFDO ) 6XFXUVDO 6DODKXD /i]DUR &iUGHQDV 1R 7HO

6XFXUVDO /D -R\D $Y 0DQ]DQLOOR /RFDO )UDFF /D -R\D

/$ 9,$1'$ 6X PHUFDGR \ VX IDUPDFLD

6XFXUVDO 9DOOH 3DVHR GH ODV *DYLRWDV /RFDO %DUULR 9 9DOOH GH ODV *DU]DV 7HO

8Q FRQFHSWR HQ 6XSHUPHUFDGR IUHQWH D OD HQWUDGD GHO &OXE 6DQWLDJR 9LQRV /LFRUHV FHUYH]D UHIUHVFRV ODWHUtD OiFWHRV IUXWDV \ YHUGXUDV FDUQHV IUtDV TXHVRV IDUPDFLD HWF $ QHZ FRQFHSW LQ VXSHUPDUNHW 5LJWK DFFURVV WKH HQWUDQFH WR &OXE 6DQWLDJR :LQHV DQG OLFTXRUV GDLU\ SURGXFWV FDQQHU\ FROG PHDWV YHJHWDEOHV IUXLWV DQG SKDUPDF\ &DUU 0DQ]DQLOOR %DUUD GH 1DYLGDG .P

$ELHUWR GH /XQHV D 6iEDGR DP D SP 'RPLQJRV GH DP D SP 7HOpIRQR 3KRQH YLHQH GH OD SiJLQD

1HJRFLRV

SRVLEOHV VROXFLRQHV R UHVSXHVWDV UHVSHFWR DO SUREOHPD 1R HV UHFRPHQGDEOH GHMDUVH OOHYDU SRU HO GHVHR GH YHU HO SUREOHPD UHVXHOWR UiSLGDPHQWH KD\ TXH SURSRQHU GLYHUVDV DOWHUQDWLYDV \D TXH D YHFHV OD PiV REYLD QR VLHPSUH HV OD PHMRU 9DORUDFLyQ GH ODV $OWHUQDWLYDV &RQVLVWH HQ LGHQWL¿FDU ODV YHQWDMDV \ GHVYHQWDMDV TXH WLHQHQ FDGD XQD GH ODV DOWHUQDWLYDV SDUD OR FXDO VH UHTXLHUH REWHQHU LQIRUPDFLyQ FRQ¿DEOH VREUH FDGD XQD GH HOODV 7RPDU OD GHFLVLyQ &RQVLVWH HQ HOHJLU OD PHMRU DOWHUQDWLYD FRQ WRGDV VXV LPSOLFDFLRQHV \D TXH QR H[LVWH OD GHFLVLyQ SHUIHFWD SHUR VL OD PiV DGHFXDGD (MHFXFLyQ 6H UHDOL]D OD DOWHUQDWLYD HOHJLGD D SHVDU GH ODV GL¿FXOWDGHV R SUHVLRQHV TXH VH SUHVHQWHQ $XWRUUHDOL]DFLyQ $ Q D O L ] D U H O S U R F H V R V H J X L G R \ O D V FRQVHFXHQFLDV R UHVXOWDGRV GH OD GHFLVLyQ WRPDGD SDUD FRUUHJLUOD VL HV QHFHVDULR \ HQULTXHFHU OD SURSLD H[SHULHQFLD SHUVRQDO 7RGD OHQJXD HV XQ WHPSOR HQ HO TXH HVWi HQFHUUDGD HO DOPD GHO TXH KDEOD

2OLYHU :HQGHOO +ROPHV


0DQ]DQLOOR &RPHUFLRV

$%$5527(6 IUXWDV \ YHUGXUDV OiFWHRV VDOFKLFKRQHUtD KLHOR FHUYH]D UHIUHVFRV PHGLFLQDV SRSXODUHV PHUFHUtD SDSHOHUtD UHJDORV 6DOHSHOR ,JDUWHxR \ GH WRGR XQ SRFR 9,126 < /,&25(6

)UXLWV YHJHWDEOHV GDLU\ SURGXFWV GHOLFDWHVVHQ LFH FROG EHHU VRGD SRS DQDOJHVLFV SDSHU VWRUH JLIWV DQG D OLWWOH RI HYHU\WKLQJ /RQJ 'LVWDQFH 3KRQH 6HUYLFH DYDLODEOH 7HQHPRV VHUYLFLR GH LQWHUQHW WHOpIRQR ORFDO \ ODUJD GLVWDQFLD &UXFHUR D 3DOPD 5HDO \ D 9LGD GHO 0DU HQ HO 1DUDQMR 7HO 62026 352'8&725(6 ',5(&726 '( 32//2 <D QR VDOJDV GH WX &DVD £QRVRWURV OR OOHYDPRV <

3ROOR HQWHUR 3HFKXJD 3LHUQD \ PXVOR )LOHWH GH 3HFKXJD )LOHWH GH SLHUQD \ PXVOR )LOHWH GH SHFKXJD $GREDGR )LOHWH GH SLHUQD \ PXVOR $GREDGR /RQJDQL]D GH SROOR

‡ ,QGHSHQGHQFLD &RO &HQWUR IUHQWH D PHUFDGR GH 0D\R ‡ /ySH] 0DWHRV &RO 7DSHL[WOHV ‡ (XVHELR +HUQiQGH] &RO 6DODKXD ‡ (VSLUXOD HVT %XOOLDV / &RO 0DULPDU ‡ /i]DUR &iUGHQDV &RO &RORPRV ‡ GH )HEUHUR &RO 0LUDPDU ‡ )FR 9LOOD &RO /DV -R\DV ‡ $Y (OtDV =DPRUD 9HUGX]FR 0HUFDGR GHO 9DOOH /RFDO 1R ‡ $Y (OtDV =DPRUD 9HUGX]FR $

/RV 0HMRUHV 7DFRV GH &DUQLWDV FRQ 7RUWLOOLWDV DO &RPDO &DUQLFHUtD

³(/ 725,72´ FDUQH GH UHV FHUGR \ GHULYDGRV +LGDOJR \ 5HIRUPD HQ 6DQWLDJR D XQD FXDGUD GHO PHUFDGR GH 6DQWLDJR 7HO 7KRXJKWV

$V D VLQJOH IRRWVWHS ZLOO QRW PDNH D SDWK RQ WKH HDUWK VR D VLQJOH WKRXJKW ZLOO QRW PDNH D SDWKZD\ LQ WKH PLQG 7R PDNH D GHHS SK\VLFDO SDWK ZH ZDON DJDLQ DQG DJDLQ 7R PDNH D GHHS PHQWDO SDWK ZH PXVW WKLQN RYHU DQG RYHU WKH NLQG RI WKRXJKWV ZH ZLVK WR GRPLQDWH RXU OLYHV :H DUH VKDSHG E\ RXU WKRXJKWV ZH EHFRPH ZKDW ZH WKLQN :KHQ WKH PLQG LV SXUH MR\ IROORZV OLNH D VKDGRZ WKDW QHYHU OHDYHV 2XU OLIH LV ZKDW RXU WKRXJKWV PDNH LW

6H SHUGRQD PLHQWUDV VH DPD )UDQoRLV GH /D 5RFKHIRXFDXOG


0DQ]DQLOOR *DVWURQRPtD +$0%85*8(6,$

'HVD\XQRV &RPLGDV &HQDV

&DVHWD GH /DUJD 'LVWDQFLD \ &RSLDV 0DFKDFD %%4 &KLFNHQ 5LEH KDPEXUJXHVDV -XDQLWRV 'HSRUWHV 1RWLFLDV 6SRUWV 5HVWDXUDQW 1HZV 7 9 &LEHUFDIp -XDQLWRV#GHOILQ FROLPDQHW FRP ,QWHUQHW ( PDLO 0DOWHDGDV ([SUHVVR $%,(572 ',$5,$0(17( &DSXFKLPR '( $ +56

%OYG &RVWHUR 0LJXHO GH /D 0DGULG .P 0DQ]DQLOOR &ROLPD 7HO ID[

ZZZ MXDQLWRV FRP MXDQLWRV#SURGLJ\ QHW P[

(QJOLVK WLSV

+RZ GR \RX VD\"

7KDQN \RX <RX¶UH ZHOFRPH 1R WKDQN \RX :KDW¶V \RXU QDPH" 0\ QDPH LV 'R \RX VSHDN HQJOLVK , GRQ W VSHDN VSDQLVK 3OHDVH VSHDN VORZO\ , OLNH LW , GRQ W OLNH LW , GRQ¶W NQRZ /HDYH PH DORQH SOHDVH 2QH PRPHQW SOHDVH ,W¶V WRR H[SHQVLYH ,W¶V FKHDS *RRG PRUQLQJ *RRG DIWHUQRRQ *RRG HYHQLQJ QLJKW 6XSHUPDUNHW 3RVW RI¿FH 3ROLFH +RWHO )URQW GHVN %HDFK &DU

*UDFLDV 'H QDGD 1R JUDFLDV ¢&RPR VH OODPD" 0L QRPEUH HV ¢+DEOD XVWHG LQJOpV" 1R KDEOR HVSDxRO 3RU IDYRU KDEOH PiV GHVSDFLR 0H JXVWD 1R PH JXVWD 1R Vp 3RU IDYRU GpMHPH HQ SD] 8Q PRPHQWR SRU IDYRU (V PX\ FDUR (V EDUDWR %XHQRV GtDV %XHQDV WDUGHV %XHQDV QRFKHV 6XSHUPHUFDGR 2¿FLQD SRVWDO 3ROLFLD +RWHO RK WHO

5HFHSFLyQ 3OD\D &DUUR FRFKH

&XOWXUD

/$6 326$'$6 6H GLFH TXH VXUJLHURQ GH ODV FHOHEUDFLRQHV GH ODV ,JOHVLDV SDUD LQVWDODUVH HQ ODV FDOOHV \ SOD]DV GXUDQWH HO SHUtRGR YLUUHLQDO $O DQRFKHFHU VH DFRVWXPEUD FRPHQ]DU OD SRVDGD FRQ XQD RUDFLyQ OXHJR VH IRUPD OD JHQWH GHWUiV GH ORV ³VDQWRV SHUHJULQRV´ -RVp \ 0DUtD FRQ YHODV \ FDQWRV VH GLFHQ ODV OHWDQtDV SDUD OXHJR SDVDU DO SDWLR D URPSHU OD SLxDWD 0XFKDV YHFHV ODV SDODEUDV TXH WHQGUtDPRV TXH KDEHU GLFKR QR VH SUHVHQWDQ DQWH QXHVWUR HVStULWX KDVWD TXH \D HV GHPDVLDGR WDUGH

$QGUp *LGH


0DQ]DQLOOR 7XULVPR

7KH EHVW 3DQRUDPLF YLHZ RI WKH WZLQ ED\V RI 6DQWLDJR DQG 0DQ]DQLOOR DQG WKH /DV +DGDV *ROI &RXUVH

9LOODV WRWDOPHQWH HTXLSDGDV /D PiV LPSUHVLRQDQWH YLVWD SDQRUiPLFD GH 0DQ]DQLOOR

$Y GH OD &LPD D PWV GH OD HQWUDGD VXSHULRU GHO +RWHO 3OD]D ODV *ORULDV

3HQtQVXOD GH 6DQWLDJR 7HOV 3KRQHV \ )D[ ZZZ YLOODVORVDQJHOHV FRP $181&,(6( (1

OOiPHQRV \ FRQ JXVWR OR DQWHQGHUHPRV FRQWDFWR#FRVWD]XO P[ ZZZ FRVWD]XO P[ 6H QHFHVLWDQ GRV DxRV SDUD DSUHQGHU D KDEODU \ VHVHQWD SDUD DSUHQGHU D FDOODU

(UQHVW +HPLQJZD\


0DQ]DQLOOR 7XULVPR

(O +RWHO &RORQLDO

HVWi VLWXDGR IUHQWH DO 3XHUWR GH 0DQ]DQLOOR \ HO PRQXPHQWR GHO 3H] 9HOD R SOD]D SULQFLSDO 1RV UHVSDOGD DxRV GH H[SHULHQFLD RWRUJDQGROH XQ SUHVWLJLR UHFRQRFLGR SRU OD HODERUDFLyQ GH XQD SHOtFXOD GHQWUR GHO KRWHO 5HVWDXUDQW EDU /RV &DQGLOHV &RQ FDSDFLGDG SDUD SHUVRQDV VH SXHGHQ UHDOL]DU HYHQWRV FRPR 4XLQFH DxRV &RPLGDV HPSUHVDULDOHV 0HQX GLDULR GHVGH SHVRV FRQ 6RSD JXLVDGRV D HVFRMHU 3RVWUH 9LHUQHV SDHOOD YDOHQFLDQD $GHPiV FRQWDPRV FRQ XQD H[WHQVD FDUWD GH DOLPHQWRV EHELGDV QDFLRQDOHV ,17(51(7 ,1$/$0%5,&2 *5$78,72 7HOpIRQRV 7HOpIRQRV &RQWDFWR 061 'LUHFFLyQ )FR * KRWHOFRORQLDOPDQ]#KRWPDLO FRP %RFDQHJUD 1R 5HUVHUYDFLRQHV (VT FRQ $Y 0p[LFR UHVHUYDFLRQHV#KRWHFRORQLDOPDQ]DQLOOR FRP &3 *HUHQFLD 0DQ]DQLOOR &ROLPD JHUHQFLD#KRWHOFRORQLDOPDQ]DQLOOR FRP

+XPRU LQ HQJOLVK

$ PDQ UHFHLYHV D SKRQH FDOO IURP KLV GRFWRU 7KH GRFWRU VD\V , KDYH VRPH JRRG QHZV DQG VRPH EDG QHZV 7KH PDQ VD\V 2. JLYH PH WKH JRRG QHZV ¿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t PLVPR \ HV XQ H[WUDxR HQ HO PXQGR TXH pO PLVPR KD FUHDGR

$OH[LV &DUUHO


0DQ]DQLOOR 7XULVPR

%OYG 0LJXHO GH OD 0DGULG 0DQ]DQLOOR &ROLPD 0p[LFR & 3 7HO ZZZ KRWHOFRVWDEUDYD FRP P[ ( PDLO UHVHUYDFLRQHV#KRWHOFRVWDEUDYD FRP P[

/D 3XQWD /DV +DGDV 0DQ]DQLOOR &ROLPD 0p[LFR SHSHVKLGHDZD\ #PDF FRP 6SDQLVK (QJOLVK 86$ &DQDGD 0DQ]DQLOOR $LUSRUW &RGH =/2

/D H[SHULHQFLD QRV KD GHPRVWUDGR TXH D OD SHUVRQD QR OH UHVXOWD QDGD PiV GLItFLO GH GRPLQDU TXH VX OHQJXD

%DUXFK 6SLQR]D


5HÀH[LyQ 5HÀH[LyQ

¢4Xp VLJQL¿FD VHU SREUH" 8Q SDGUH HFRQyPLFDPHQWH DFRPRGDGR TXHULHQGR TXH VX KLMR VXSLHUD OR TXH HV VHU SREUH OR OOHYR SDUD TXH SDVDUD XQ SDU GH GtDV HQ HO PRQWH FRQ XQD IDPLOLD FDPSHVLQD 3DVDURQ WUHV GtDV \ GRV QRFKHV HQ VX YLYLHQGD GHO FDPSR (Q HO FDUUR UHWRUQDQGR D OD FLXGDG HO SDGUH SUHJXQWR D VX KLMR

¢4Xp WH SDUHFLy OD H[SHULHQFLD"

%XHQD FRQWHVWy HO KLMR FRQ OD PLUDGD SXHVWD D OD GLVWDQFLD

<« ¢4Xp DSUHQGLVWH" LQVLVWLy HO SDGUH

(O KLMR FRQWHVWR y

4XH QRVRWURV WHQHPRV XQ SHUUR \ HOORV WLHQHQ FXDWUR

y

1RVRWURV WHQHPRV XQD SLVFLQD HVWDQFDGD FRQ DJXD TXH OOHJD D OD PLWDG GHO MDUGtQ«\ HOORV WLHQHQ XQ ULR VLQ ¿Q GH DJXD FULVWDOLQD GRQGH KD\ SHFHFLWRV \ RWUDV EHOOH]DV

y

4XH QRVRWURV LPSRUWDPRV OLQWHUQDV GHVGH HO RULHQWH SDUD DOXPEUDU QXHVWUR MDUGtQ« PLHQWUDV TXH HOORV VH DOXPEUDQ FRQ ODV HVWUHOODV \ OD OXQD

y

1XHVWUR SDWLR OOHJD KDVWD OD FHUFD«\ HO GH HOORV OOHJD DO KRUL]RQWH

y

4 X H Q R V R W U R V F R P S U D P R V Q X H V W U D FRPLGD«HOORV VLHPEUDQ \ FRVHFKDQ OD GH HOORV

y

1RVRWURV HVFXFKDPRV &'V (OORV HVFXFKDQ XQD SHUSHWXD VLQIRQtD GH JULOORV FKLFKDUUDV SHULFRV UDQDV VDSRV FKDFKDODFDV \ RWURV DQLPDOLWRV« WRGR HVWR D YHFHV GRPLQDGR SRU OD VRQRUD PHORGtD GH XQ YHFLQR TXH WUDEDMD VX PRQWH

y

1RVRWURV FRFLQDPRV HQ HVWXID HOpFWULFD« HOORV WRGR OR TXH FRPHQ WLHQH XQ JORULRVR VDERU D IRJyQ GH OHxD

y

3DUD SURWHJHUQRV QRVRWURV YLYLPRV URGHDGRV SRU XQ PXUR FRQ DODUPDV« HOORV YLYHQ FRQ VXV SXHUWDV DELHUWDV SURWHJLGRV SRU OD DPLVWDG GH VXV YHFLQRV

y

1RVRWURV YLYLPRV FRQHFWDGRV DO FHOXODU D OD FRPSXWDGRUD DO WHOHYLVRU«HQ FDPELR HOORV HVWiQ FRQHFWDGRV D OD YLGD DO FLHOR DO VRO DO DJXD DO YHUGH PRQWH D ORV DQLPDOHV D VXV VLHPEUDV D VX IDPLOLD

(O SDGUH TXHGy LPSDFWDGR FRQ OD SURIXQGLGDG GH VX KLMR«\ HQWRQFHV HO KLMR WHUPLQR *UDFLDV SDSi SRU KDEHUPH HQVHxDGR OR SREUH TXH VRPRV &DGD GtD HVWDPRV PiV SREUHV GH HVStULWX \ GH DSUHFLDFLyQ SRU OD QDWXUDOH]D TXH VRQ ODV JUDQGHV REUDV GH QXHVWUR FUHDGRU QRV SUHRFXSDPRV SRU 7(1(5 7(1(5 7(1(5 < 7(1(5 0$6 HQ YH] GH SUHRFXSDUQRV SRU 6(5

+D] OR TXH SXHGDV FRQ OR TXH WHQJDV HVWpV GRQGH HVWpV

7KHRGRUH 5RRVHYHOW


0DQ]DQLOOR 7XULVPR

(O KRWHO PDV OXMRVR GH OD ]RQD GH ODV %ULVDV 3OD\D $OEHUFD -DFX]]L %DU 6DOyQ GH (YHQWRV %RGDV HQ OD 3OD\D $Y 'HO 0DU (QWUDQGR SRU HO %OY / &iUGHQDV

7HO

0DLO KRWHOLWR HVFRQGLGR#JPDLO FRP 0D ZZZ KRWHOLWRHVFRQGLGR FRP P[

(QWUHWHQLPLHQWR

+D\ TXH HVSHUDU FXDQGR VH HVWi GHVHVSHUDGR \ DQGDU FXDQGR VH HVSHUD

%ODLVH 3DVFDO


0DQ]DQLOOR 7XULVPR /2 0(-25 72'26 /26 6(59,&,26

&(5&$ '(/ 0$5 &(5&$ '( 72'2

+27(/

+DELWDFLRQHV 6HQFLOODV F FDPD .LQJ 6L]H \ 'REOHV $LUH DFRQGLFLRQDGR $JXD &DOLHQWH $OEHUFDV 5HVWDXUDQWH 79 SRU &DEOH 6HUYLEDU 3URPRFLyQ 7DULIDV HVSHFLDOHV D *UXSRV KDELWDFLyQ VHQFLOOD

+$:$,,

,QIRUPHV \ 5HVHUYDFLRQHV 0DQ]DQLOOR .P %OYG &RVWHUR 0LJXHO GH OD 0DGULG IUHQWH DO EDQFR +6%& 6DQWLDJR ( PDLO UHVHUYDFLRQHV#KRWHOKDZDLL FRP P[ ZZZ KRWHOKDZDLL FRP P[

YLHQH GH OD SiJLQD

5D]DV GH SHUURV

$~Q DVt FRUUHU XQ SRFR \ PDQWHQHU XQ ULWPR DFWLYR HQ HO SDVHR VRQ FRQGLFLRQHV EiVLFDV SDUD VXV UXWLQDV (O $PHULFDQ %XOO\ HV XQ SHUUR PX\ OLPSLR \ OH JXVWDUi TXH OH FHSLOOHV OH ODYHV \ OH TXLWHV ODV OHJDxDV FDGD PDxDQD DO GHVSHUWDU &RQ HVWRV FXLGDGRV EiVLFRV PDQWHQGUiV VX SHOR FRUWR OLPSLR \ UHOXFLHQWH /RV FDFKRUURV GHEHQ UHFLELU XQD GRVLV H[WUD GH FDOFLR HQ VX GLHWD OD YDQ D QHFHVLWDU SDUD HO GHVDUUROOR GH VXV KXHVRV TXH VRVWHQGUiQ PiV SHVR TXH RWUR SHUUR GH VX PLVPD HVWDWXUD 3DUD OD DOLPHQWDFLyQ DGXOWD XWLOL]DUHPRV FURTXHWDV QRUPDOHV FRQ ODV GRVLV UHFRPHQGDGDV SRU HO YHWHULQDULR R HO IDEULFDQWH $GHPiV \ SDUD HQULTXHFHU VX GLHWD OH GDUHPRV HQ DOJXQD RFDVLyQ SDWp ODWDV FRPXQHV FRQ DOWR FRQWHQLGR HQ SURWHtQDV 8QD GLHWD YDULDGD \ DGHFXDGD MXQWR FRQ HO HMHUFLFLR QRV GDUiQ FRPR UHVXOWDGR XQ SHUUR IHOL] \ VDQR 6H WLHQHQ QRWLFLDV GH SHUURV %XOO\ TXH KDQ UHFLELGR HVWHURLGHV SDUD DXPHQWDU GH WDPDxR VX PXVFXODWXUD $GHPiV TXH VH WUDWD GH XQD SUiFWLFD DQWL DQLPDOLVWD \ PX\ FUXHO SXHGH SURYRFDU HIHFWRV PX\ QHJDWLYRV FRQWLQ~D HQ OD SiJLQD /RV KRPEUHV FUHHQ JXVWRVDPHQWH DTXHOOR TXH VH DFRPRGD D VXV GHVHRV

-XOLR &pVDU


0DQ]DQLOOR 0pGLFRV )$50$&,$ +20(23$7,&$

´6$17$ &/$5$µ

)$50$&,$ +20(23$7,&$

0HGLFDPHQWRV +RPHRSiWLFRV GH 3UHVWLJLR 3URGXFWRV 1DWXUDOHV (;3(5,(1&,$ &$/,'$' < 6(59,&,2 0$6 '( $f26 126 5(63$/'$1

+20(23$7+,& 3+$50$&<

+RPHRSDWKLF 3URGXFWV RI 3UHVWLJH $OO 1DWXUDO 3URGXFWV 3(50$1(17 0(',&$/ +20(23$7+,& $77(1'$1&(

&(1752 &DUULOOR 3XHUWR 0DQ]DQLOOR &RO WHO 9LOODQFLFR

(O %XUULWR 6DEDQHUR &RQ PL EXUULWR VDEDQHUR YR\ FDPLQR GH %HOpQ &RQ PL EXUULWR VDEDQHUR YR\ FDPLQR GH %HOpQ 6L PH YHQ VL PH YHQ YR\ FDPLQR GH %HOpQ 6L PH YHQ VL PH YHQ YR\ FDPLQR GH %HOpQ

&RQ PL FXDWULFR YR\ FDQWDQGR \ PL EXUULWR YD WURWDQGR &RQ PL FXDWULFR YR\ FDQWDQGR \ PL EXUULWR YD WURWDQGR 6L PH YHQ VL PH YHQ YR\ FDPLQR GH %HOpQ 6L PH YHQ VL PH YHQ YR\ FDPLQR GH %HOpQ (O OXFHULWR PDxDQHUR LOXPLQD PL VHQGHUR (O OXFHULWR PDxDQHUR LOXPLQD PL VHQGHUR 6L PH YHQ VL PH YHQ YR\ FDPLQR GH %HOpQ 6L PH YHQ VL PH YHQ YR\ FDPLQR GH %HOpQ 7XTXL 7XTXL 7XTXLWXTXL 7XTXLWXTXL 7X TXL 7D $S~UDWH PL EXUULWR TXH \D YDPRV D OOHJDU 7XTXL 7XTXL 7XTXLWXTXL 7XTXLWXTXL 7X TXL 7D DS~UDWH PL EXUULWR YDPRV D YHU D -HV~V $ SHUGRQDU VyOR VH DSUHQGH HQ OD YLGD FXDQGR D QXHVWUD YH] KHPRV QHFHVLWDGR TXH QRV SHUGRQHQ PXFKR

-DFLQWR %HQDYHQWH


0DQ]DQLOOR %LHQHV 5DLFHV

YLHQH GH OD SDJLQD

5D]DV GH SHUURV

(V PX\ LPSRUWDQWH QR VXPLQLVWUDU QLQJ~Q WLSR GH PHGLFLQDV VLQ OD VXSHUYLVLyQ H[SUHVD GHO YHWHULQDULR SXHV SXHGH DIHFWDU D QXHVWUD PDVFRWD PX\ QHJDWLYDPHQWH LQÀX\HQGR HQ FDVRV H[WUHPRV HQ DJUHVLYLGDG &RPSRUWDPLHQWR 7LHQHQ XQD EXHQD UHODFLyQ FRQ ORV QLxRV 8Q $PHULFDQ %XOO\ FRUUHFWDPHQWH HGXFDGR HV XQD GH ODV UD]DV PiV HQWUDxDEOHV HQ OD UHODFLyQ FRQ ORV QLxRV 6RQ SDFLHQWHV \ WUHPHQGDPHQWH FDULxRVRV FRQ HOORV HV FRQRFLGD FRPR XQD GH ODV UD]DV TXH PHMRU VRFLDOL]D FRQ HOORV $GHPiV SRU VX HQRUPH LQVWLQWR SURWHFWRU VDEHPRV TXH QR FRUUHQ ULHVJR DOJXQR (O FRPSRUWDPLHQWR FRQ ODV PDVFRWDV VXHOH VHU WDPELpQ H[FHOHQWH (VWD UD]D FRQRFH ELHQ VXV F X D O L G D G H V I t V L F D V \ W L H Q G H D F R Q W U R O D U DGHFXDGDPHQWH VXV PRYLPLHQWRV SDUD QR KHULU D SHUURV PiV SHTXHxRV FRQ TXLpQHV OHV HQFDQWD VRFLDOL]DU \ MXJDU 6LHPSUH VH GHEH HGXFDU IRPHQWDQGR OD UHODFLyQ FRQ SHUVRQDV \ SHUURV GHVGH FDFKRUUR $ELHUWR \ GH FDUiFWHU DIDEOH UHFRPHQGDPRV OD FDVWUDFLyQ SDUD GHVYLDU WRGR FRPSRUWDPLHQWR GRPLQDQWH TXH SXGLHUD OOHJDU D WHQHU \ REWHQLHQGR DVt XQ SHUUR PiV WUDQTXLOR \ HVWDEOH

0XFKDV YHFHV OR TXH VH FDOOD KDFH PiV LPSUHVLyQ TXH OR TXH VH GLFH

3tQGDUR


+RUyVFRSR +RURVFRSH &RQ OD /XQD HQ WUiQVLWR \ HO SODQHWD 0DUWH D IDYRU HVWDUiV GiQGROH YXHOWDV D XQD LGHD FRPHUFLDO FRQ WXV SDULHQWHV \ DPLJRV 7X Q~PHUR GH OD VXHUWH :LWK WKH 0RRQ LQ WUDQVLW DQG WKH SODQHW 0DUV LQ IDYRU \RX ZLOO EH WXUQLQJ WR D FRPPHUFLDO LGHD ZLWK \RXU UHODWLYHV DQG IULHQGV <RXU OXFN\ QXPEHU /R TXH WLHQHV DKRUD HV OR LPSRUWDQWH (O SUHVHQWH HV VLHPSUH WX UHDOLGDG $OpMDWH GH ODV SHUVRQDV TXH QR UHVSHWDQ WX SULYDFLGDG 7X Q~PHUR GH OD VXHUWH :KDW \RX KDYH QRZ LV WKH LPSRUWDQW WKLQJ 7KH SUHVHQW LV DOZD\V \RXU UHDOLW\ 6WD\ DZD\ IURP SHRSOH ZKR GR QRW UHVSHFW \RXU SULYDF\ <RXU OXFN\ QXPEHU +D\ UHJUHVRV DPRURVRV \ UHHQFXHQWURV FRQ HO SDVDGR 'LVIU~WDOR VLQ UHVHUYDV \ JR]D SOHQDPHQWH ODV ERQGDGHV GH OD YLGD VHQWLPHQWDO 7X Q~PHUR GH OD VXHUWH 7KHUH DUH ORYLQJ UHWXUQV DQG UHXQLRQV ZLWK WKH SDVW (QMR\ LW ZLWKRXW UHVHUYDWLRQV DQG IXOO\ HQMR\ WKH JRRGQHVV RI VHQWLPHQWDO OLIH <RXU OXFN\ QXPEHU +DV DSUHQGLGR D FUHFHUWH IUHQWH D ODV GL¿FXOWDGHV 5HFXHUGD TXH SDUD TXH XQ IXHJR DUGD GHEHV WHQHU FDUERQHV HQFHQGLGRV 7X Q~PHUR GH OD VXHUWH <RX KDYH OHDUQHG WR JURZ LQ WKH IDFH RI GLI¿FXOWLHV 5HPHPEHU WKDW IRU D ¿UH WR EXUQ \RX PXVW KDYH FRDOV EXUQLQJ <RXU OXFN\ QXPEHU 7X SHUVRQDOLGDG PDJQpWLFD \ DWUDFWLYD HQYXHOYH FRQ VX FDULVPD D TXLHQHV WH URGHDQ WHQ FXLGDGR FRQ HVWR QR WH PHWDV HQ SUREOHPDV 7X Q~PHUR GH OD VXHUWH <RXU PDJQHWLF DQG DWWUDFWLYH SHUVRQDOLW\ HQJDJHV ZLWK \RXU FKDULVPD WKRVH DURXQG \RX EH FDUHIXO ZLWK WKLV GR QRW JHW LQ WURXEOH <RXU OXFN\ QXPEHU ,QÀXHQFLDV GLQiPLFDV D WX DOUHGHGRU HQIDWL]DQ WX VHFWRU ODERUDO FRQ HO WUiQVLWR GH OD /XQD HQ DVSHFWRV IDYRUDEOHV SDUD WL 7X Q~PHUR GH OD VXHUWH '\QDPLF LQÀXHQFHV DURXQG \RX HPSKDVL]H \RXU ZRUN VHFWRU ZLWK WKH WUDQVLW RI WKH 0RRQ LQ IDYRUDEOH DVSHFWV IRU \RX <RXU OXFN\ QXPEHU 7XV FRUD]RQDGDV WH D\XGDUiQ D GHVFXEULU HO DPRU HQ TXLHQ PHQRV HVSHUDV 6LJXH WXV LQWXLFLRQHV \ DEUH WX YLGD D HVWDV SRVLELOLGDGHV 7X Q~PHUR GH OD VXHUWH <RXU KXQFKHV ZLOO KHOS \RX GLVFRYHU WKH ORYH \RX OHDVW H[SHFW )ROORZ \RXU LQWXLWLRQV DQG RSHQ \RXU OLIH WR WKHVH SRVVLELOLWLHV <RXU OXFN\ QXPEHU (V KRUD GH GLIHUHQFLDU ODV LGHDV TXH WLHQHQ EDVH UHDO GH ODV VXSRVLFLRQHV VRODPHQWH DVt WRPDUiV EXHQDV GHFLVLRQHV 7X Q~PHUR GH OD VXHUWH ,W LV WLPH WR GLIIHUHQWLDWH WKH LGHDV WKDW KDYH UHDO EDVLV RI WKH DVVXPSWLRQV RQO\ WKXV \RX ZLOO PDNH JRRG GHFLVLRQV <RXU OXFN\ QXPEHU $FW~D FRQ HO VHQWLGR GH OLEHUWDG H LQGHSHQGHQFLD VDJLWDULDQDV TXH WH FDUDFWHUL]DQ 5HVXHOYH WXV DVXQWRV VHQWLPHQWDOHV 7X Q~PHUR GH OD VXHUWH $FW ZLWK WKH VHQVH RI IUHHGRP DQG LQGHSHQGHQFH 6DJLWWDULDQV WKDW FKDUDFWHUL]H \RX 6ROYH \RXU VHQWLPHQWDO LVVXHV <RXU OXFN\ QXPEHU (VWiV YLYLHQGR XQD HWDSD GH FUHFLPLHQWR HQ WX WUDEDMR \ HO PRPHQWR DKRUD QR HV GH UHFODPDU QDGD VLQR GH GHPRVWUDU WXV FRQGLFLRQHV 7X Q~PHUR GH OD VXHUWH <RX DUH OLYLQJ D VWDJH RI JURZWK LQ \RXU ZRUN DQG WKH PRPHQW QRZ LV QRW WR FODLP DQ\WKLQJ EXW WR GHPRQVWUDWH \RXU FRQGLWLRQV <RXU OXFN\ QXPEHU (VWDUiV H[SHULPHQWDQGR FLHUWRV VHQWLPLHQWRV GH DQVLHGDG TXH SRGUtDQ FDXVDUWH SUREOHPDV HQ WX WUDEDMR R HQ WX YLGD VHQWLPHQWDO 7X Q~PHUR GH OD VXHUWH <RX ZLOO EH H[SHULHQFLQJ FHUWDLQ IHHOLQJV RI DQ[LHW\ WKDW FRXOG FDXVH \RX SUREOHPV LQ \RXU ZRUN RU LQ \RXU VHQWLPHQWDO OLIH <RXU OXFN\ QXPEHU 6LJXH WXV LPSXOVRV DIHFWLYRV GH KR\ \ H[SUHVD OLEUHPHQWH WXV VHQWLPLHQWRV /R TXH GLJDV R KDJDV HQ HO SUHVHQWH VHUi GH PXFKD LPSRUWDQFLD 7X Q~PHUR GH OD VXHUWH )ROORZ \RXU DIIHFWLYH LPSXOVHV WRGD\ DQG IUHHO\ H[SUHVV \RXU IHHOLQJV :KDW \RX VD\ RU GR LQ WKH SUHVHQW ZLOO EH RI JUHDW LPSRUWDQFH <RXU OXFN\ QXPEHU

$ ORV KRPEUHV VH OHV SXHGH GLYLGLU HQ GRV FDWHJRUtDV ORV TXH KDEODQ SDUD GHFLU DOJR \ ORV TXH GLFHQ DOJR SRU KDEODU

3UtQFLSH &DUORV -RVp GH /LJQH



‹ &RVWD]XO 'HUHFKRV UHVHUYDGRV /D LPDJHQ \ HO

ORJRWLSR GH HVWD SXEOLFDFLyQ VRQ SURSLHGDG GH &RVWD]XO