Skip to main content

Costazul mayo 2017

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 5POJMB < $ 0 $<2 0

V H G D G L F L O H V ) £££ 0DPi /$ 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$78,7$


0H JXVWD FXDQGR PL PDGUH PH KDFH UHtU < PH JXVWD PiV FXDQGR \R OD KDJR UHtU D HOOD

$GULDQD 7ULJLDQL

,1',&( 5XWDV WXUtVWLFDV 7RXULVW URXWHV 1XHVWUD SRUWDGD 7HOpIRQRV GH LPSRUWDQFLD LPSRUWDQW SKRQH QXPEHUV &KLVWHV 5HÃ&#x20AC;H[LRQHV &XOWXUD 3RHPDV 6XSHUDFLyQ (IHPpULGHV ¢6DEtD XVWHG TXH" SRU 'U -XVWLQR 0 /HSH &RVWD]XO HQ OD FRFLQD *XtD GHO EDUPDQ 'DWRV FXULRVRV 5D]DV GH SHUURV 5RWWZHLOHU &XHQWR (QWUHWHQLPLHQWR 6DOXG \ EHOOH]D SRU 5RVLWD /HSH 7HOpIRQRV GH LPSRUWDQFLD 0DQ]DQLOOR ,PSRUWDQW SKRQH QXPEHUV 0DQ]DQLOOR 7RXJKWV (QJOLVK WLSV +XPRU LQ HQJOLVK +RUyVFRSR +RURVFRSH

&ROLPD

6HFFLRQHV

6HUYLFLRV 3HULyGLFRV \ PHGLRV &RPHUFLRV *DVWURQRPtD 7XULVPR 0pGLFRV 9HWHULQDULRV 6RFLDO &RPDOD &XDXKWpPRF 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 PD\R VH UHSDUWH HQ HO HVWDGR GH &ROLPD VXU GH -DOLVFR \ RHVWH GH 0LFKRDFiQ /DV UHÃ&#x20AC;H[LRQHV IUDVHV SRHPDV \ HQ JHQHUDO ORV HVFULWRV TXH DTXt DSDUHFHQ QR VRQ HO UHÃ&#x20AC;HMR 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

$1Ã&#x2019;1&,(6( (1 &267$=8/ 7HO &HO

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


5XWDV WXUtVWLFDV 7RXULVW URXWHV 5XWD WXUtVWLFD &ROLPD

5XWD WXUtVWLFD -DOLVFR

$ XQD PDGUH VH OD TXLHUH VLHPSUH FRQ LJXDO FDULxR < D FXDOTXLHU HGDG VH HV QLxR FXDQGR XQD PDGUH PXHUH

-RVp 0DUtD 3HPiQ


1XHVWUD SRUWDGD

'tD GH OD 0DGUH $xR FRQ DxR HO GH PD\R HV XQD IHFKD TXH QR SXHGH SDVDU GHVDSHUFLELGD HQ 0p[LFR Ã&#x20AC;RUHV MR\DV FKRFRODWHV JUDQGHV F R P L G D V \ F H Q D V V H P H ] F O D Q S D U D FRQPHPRUDU D ODV LQVXVWLWXLEOHV PDGUHV PH[LFDQDV (O IHVWHMR FRQ PiV GH FLHQ DxRV GH WUDGLFLyQ HQ 0p[LFR IXH LQVWLWXLGR SRU XQ GHVWDFDGR SHULRGLVWD LQVSLUDGR HQ OD FHOHEUDFLyQ UHDOL]DGD HQ (VWDGRV 8QLGRV

)XH HQ FXDQGR 5DIDHO $OGXFtQ SHULRGLVWD SREODQR HPXODQGR OD WUDGLFLyQ HVWDGRXQLGHQVH LQVWDXUy HO GH PD\R FRPR HO GtD SDUD FHOHEUDU D OD PDGUH SXHV SDUD pO KRPHQDMHDU D ODV PDPiV HUD QHFHVDULR SXHVWR TXH ³QR KD\ VDFUL¿FLR VX¿FLHQWHPHQWH JUDQGH SDUD HO FRUD]yQ GH XQD PDGUH QR KD\ FiOL] GH GRORU \ DPDUJXUD TXH pVWD QR HVWp GLVSXHVWD D OOHYDU D VXV ODELRV VL SXHGH HYLWDU XQD JRWD WDQ VyOR GH DFtEDU D ORV VHUHV TXHULGRV SURORQJDFLyQ GH VX SURSLD YLGD QR KD\ PDQHUD GH SRGHU DTXLODWDU FRQ FHUWH]D OD SURIXQGLGDG \ DOFDQFH GHO DPRU PDWHUQR´ 'H HVWH PRGR OD FRQYRFDWRULD SDUD LQVWLWXFLRQDOL]DU HO 'tD GH ODV 0DGUHV IXH ODQ]DGD HQ ODV SiJLQDV GHO GLDULR TXH 5DIDHO $OGXFtQ GLULJtD HO GH DEULO GH \ FRPR FRQVHFXHQFLD HO GH PD\R GH IHVWHMy SRU SULPHUD YH] HQ 0p[LFR D ODV PDGUHV 'LH] DxRV PiV WDUGH HO SUHVLGHQWH 0DQXHO Ã&#x2C6;YLOD &DPDFKR FRORFDUtD OD SULPHUD SLHGUD GHO 0RQXPHQWR D OD 0DGUH HQ OD &LXGDG GH 0p[LFR GRQGH WDPELpQ XQD SODFD GLFWD $ OD TXH QRV DPy DQWHV GH FRQRFHUQRV 3DtVHV FRPR (O 6DOYDGRU *XDWHPDOD ,QGLD 0DODVLD 2PiQ 6LQJDSXU &DWDU WDPELpQ XWLOL]DQ HO GH PD\R FRPR IHFKD SDUD FRQPHPRUDU D ODV PDGUHV (Q OD DQWLJXD *UHFLD D & D & \D VH IHVWHMDED D ODV PDGUHV VH UHQGtDQ KRQRUHV D 5HD KLMD GH 8UDQR \ *HD KHUPDQD \ HVSRVD GH &URQR \ PDGUH FRQ pVWH GH 'HPpWHU =HXV +HUD +HVWLD 3RVHLGyQ \ +DGHV 3HUR OD DGRUDFLyQ IRUPDO D OD PDGUH GH DFXHUGR FRQ OD (QFLFORSHGLD %ULWiQLFD TXH LQFOXtD FHUHPRQLDV D &LEHOHV R *HD OD *UDQ 0DGUH GH ORV 'LRVHV VH UHDOL]DED GXUDQWH ORV LGXV GH PDU]R SRU WRGD $VLD 0HQRU /D PiV EHOOD SDODEUD HQ ODELRV GH XQ KRPEUH HV OD SDODEUD PDGUH \ OD OODPDGD PiV GXOFH PDGUH PtD

.KDOLO *LEUDQ


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

(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

$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 6HJXULGDG SDUD HO WXULVWD

/D RFLRVLGDG HV OD PDGUH GH WRGRV ORV YLFLRV 5HIUiQ


&ROLPD 6HUYLFLRV

9,6$&(17(5 0; 75$0,7(6 '( 9,6$

*5$7,6 3DJDQGR XQD FXRWD GH WUDQVSRUWH \ 095

(Q ORV SRUWDOHV GHO FHQWUR

&ROLPD

7HFRPiQ 0DQ]DQLOOR &RDOFRPiQ

(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 FRVWDGR 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 Ã&#x2C6;OYDUH] &ROLPD

4XLHQ TXLHUH D VX PDGUH QR SXHGH VHU PDOR $OIUHG GH 0XVVHW


&ROLPD 6HUYLFLRV

%XIHWH \ 1RWDU D 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

&RQ OD QXHYD WHFQRORJtD DSOLFDGD SDUD OD IHUWLOLGDG XQD PXMHU GH DxRV GLR D OX] D XQ EHEp &XDQGR VDOLy GHO +RVSLWDO \ IXH D VX FDVD OOHJDURQ VXV IDPLOLDUHV D YLVLWDUOD ¢3RGHPRV YHU DO EHEp" SUHJXQWy XQR GH HOORV 7RGDYtD QR GLMR OD ÀDPDQWH PDGUH GH DxRV GHQWUR GH SRFR 3DVy PHGLD KRUD \ RWUR GH ORV IDPLOLDUHV SUHJXQWy ¢<D SRGHPRV FRQRFHU DO QXHYR EHEp" 7RGDYtD QRRRRRR GLMR OD PDGUH 3DVy RWUR UDWR \ YROYLHURQ D SUHJXQWDUOD LPSDFLHQWHV SHUR EXHQR ¢&XiQGR YDPRV D YHU DO EHEp" &XDQGR OORUH UHVSRQGLy OD PDGUH ¢&XiQGR OORUH" H[FODPDURQ ¢3RU TXp WHQHPRV TXH HVSHUDU KDVWD TXH OORUH" 32548( 12 0( $&8(5'2 'Ï1'( /2 386( 0DPi YR\ D LU DO FLQH FRQ PL QRYLD ¢9DV D YHU 7LWDQLF ,," £££0DPi HVD SHOtFXOD QR YD D VDOLU 1L W~ WDPSRFR /D FRQ¿DQ]D HV PDGUH GHO GHVFXLGR %DOWDVDU *UDFLiQ


&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 Ã&#x2C6;QJHOHV &ROLPD

´/D H[SHULHQFLD KDFH OD GLIHUHQFLDµ Æ&#x201D; 0DTXLOODMH Æ&#x201D; 3HLQDGR Æ&#x201D; $ODFLDGR Æ&#x201D; 3ODQFKDGR Æ&#x201D; (YHQWRV HVSHFLDOHV Æ&#x201D; 7LQWHV Æ&#x201D; 5D\RV Æ&#x201D; &RUWH Æ&#x201D; 3HUPDQHQWH Æ&#x201D; 'LVHxR GH FHMDV Æ&#x201D; \ PiV &LWDV DO /XQHV D 6iEDGR \ 3DOPD .HUSLV &RORQLD /D 3DOPDV &ROLPD &RO

5HÃ&#x20AC;H[LyQ

/RV GtDV SDVDQ PX\ UiSLGR SHUR ORV PRPHQWRV PX\ OHQWDPHQWH DSUHQGH D GLVIUXWDU HO PRPHQWR $ ORV KLMRV QXQFD OHV DPDUiV GHPDVLDGR &DGD KLMR HV GLIHUHQWH OR TXH IXQFLRQD SDUD XQRV QR OR KDUi SDUD RWURV /R ~QLFR TXH VLHPSUH IXQFLRQD VRQ ORV PLPRV GH PDPi HO FDULxR GH PDGUH 'LYLpUWHWH FRQ WXV KLMRV SHUPtWHOHV HQVXFLDUVH GH YH] HQ FXDQGR TXH SUXHEHQ FRVDV \ IDOOHQ TXH QR WHQJDQ PLHGR GH H[SHULPHQWDU \ TXH HQ HO SURFHVR DSUHQGDQ 9DORUD WX WLHPSR FRQ HOORV TXH QXQFD OHV IDOWHQ ORV PLPRV GH PDPi 3DUD VHU PDGUH QR VH HVWXGLD VH DSUHQGH VREUH OD PDUFKD SHUR GHSHQGH GH WX DPRU WX GHGLFDFLyQ \ WX WHUQXUD FRPR WH LUi HO GtD GH WX JUDGXDFLyQ $XQTXH OOHJDU D JUDGXDUVH HV FDVL LPSRVLEOH SRUTXH QXQFD VH GHMD GH VHU PDGUH 3HUR HO HTXLYDOHQWH D ODV ¿HVWDV GH ¿Q GH FXUVRV VRQ ORV ORJURV GH ORV KLMRV WtWXORV XQLYHUVLWDULRV PDWULPRQLR KLMRV WXV QLHWRV \ PXFKR PiV 1R H[LVWH PDGUH TXH QR GLJD TXH YDOH OD SHQD HO VDFUL¿FLR

/D LJQRUDQFLD HV PDGUH GHO PLHGR +HQU\ +RPH .DPHV


&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(/ Â&#x2021; 6HUYLFLR GH 9HQWD GH 9DOHV Â&#x2021; $FHSWDPRV WRGR WLSR GH 7DUMHWDV GH 'pELWR \ &UpGLWR &DUPHQ 6HUGiQ 7HO (VWDPRV IUHQWH D 6RULDQD 9LOOD GH Ã&#x2C6;OYDUH] (Q OD *ORULHWD GH OD 'LRVD GHO $JXD 4XtPLFRV H +LJLpQLFRV

4&37*-*. TFSWJDJPT QSPGFTJPOBMFT EF MJNQJF[B 6HUYLFLRV

/LPSLH]D HQ R¿FLQDV H LQVWLWXFLRQHV /DYDGR \ SXOLGR GH SLVRV /DYDGR GH WLQDFRV \ DOMLEHV /LPSLH]D SHUPDQHQWH \ HYHQWXDO /DYDGR GH DOIRPEUDV WDSHWHV PXHEOHV \ WDSLFHUtD HQ JHQHUDO

&ULVWDOHUtD \ 0HODPLQD +LJLpQLFRV LQWHUGREODGRV 7RDOODV HQ UROOR 6KDPSRR FORUR SLQRO $URPDWL]DQWH 'HVHQJUDVDQWH 'HWHUJHQWHV 'HVHFKDEOHV SODWRV YDVRV EROVDV FXFKDUDV

=DUDJR]D &HQWUR &ROLPD &RO 7HOV VHUYLOLP #KRWPDLO FRP

&XOWXUD

/D KLVWRULD GHO 'tD GHO 0DHVWUR 6H UHPRQWD D FXDQGR XQ JUXSR GH GLSXWDGRV FDVL WRGRV H[ PDHVWURV HQYLDURQ XQD LQLFLDWLYD DO &RQJUHVR SDUD FHOHEUDU D ORV WUDEDMDGRUHV GH OD HGXFDFLyQ 'HQWUR GH HVD LQLFLDWLYD VH SURSXVR TXH OD IHFKD SDUD FRQPHPRUDUOR IXHUD HO GH 0D\R H[LVWHQ GRV WHRUtDV DO UHVSHFWR GH OD HOHFFLyQ GH HVH GtD HQ SDUWLFXODU FRQWLQ~D HQ OD SiJLQD

/D QHFHGDG HV OD PDGUH GH WRGRV ORV PDOHV &LFHUyQ


&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 \

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

&21 12627526 (1&2175$5Ã&#x2C6;6 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[

7DOOHU GH FRVWXUD

*XLOOH

$MXVWHV D VX URSD )DEULFDFLyQ GH URSD 'LVIUDFHV 7UDMHV WtSLFRV 7UDMHV SDUD EDLODEOHV

&ROLPD &RORQLD /LEHUDFLyQ 9LOOD GH Ã&#x2C6;OYDUH]

Â&#x2021; ,PSUHVLyQ HQ JUDQ IRUPDWR Â&#x2021; $QXQFLRV OXPLQRVRV Â&#x2021;

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

$Q~QFLHVH HQ

7HO

+LVWRULD

FRQWDFWR#FRVWD]XO P[

(O TXH QR YLYH SDUD VHUYLU QR VLUYH SDUD YLYLU 0DGUH 7HUHVD GH &DOFXWD


&ROLPD 3HULyGLFRV \ 0HGLRV

(O DPRU SDUD TXH VHD DXWpQWLFR GHEH FRVWDUQRV 0DGUH 7HUHVD GH &DOFXWD


&ROLPD 3HULyGLFRV \ 0HGLRV

&KLVWHV ¢3DSi ORV PDUFLDQRV VRQ DPLJRV R HQHPLJRV" ¢3RU TXp OR SUHJXQWDV KLMR" (V TXH VH HVWiQ OOHYDQGR D PL DEXHOLWD 3XHV HQWRQFHV VRQ DPLJRV 0DPi PDPi ¢/D DEXHOD HV IRVIRUHVFHQWH" 1R KLMR ¢3RU TXp" (QWRQFHV VH HVWi HOHFWURFXWDQGR 'RFWRU YHQJR SRUTXH KDFH WLHPSR TXH PH GXHOH PXFKR HVWD SLHUQD (VR VHJXUDPHQWH HV GH OD HGDG £3XHV HVWD RWUD WLHQH OD PLVPD HGDG \ QR PH GXHOH 0DPD TXH KDFHV HQ IUHQWH GH OD FRPSXWDGRUD FRQ ORV KRMRV FHUUDGRV""" 1DGD KLMR HV TXH :LQGRZV PH GLMR TXH FLHUUH ODV SHVWDxDV 8Q MXH] OH SUHJXQWD DO DFXVDGR 6HxRU VH OH DFXVD GH WUDWDU PDWDU D VX VXHJUD FRQ XQ KDFKD ¢FyPR VH GHFODUD" £,QRFHQWH 6X 6HxRULDO £6yOR SUHWHQGtD HVSDQWDU OD PRVFD TXH WHQtD HQ OD IUHQWH &XDQGR PL VXHJUD KDEOD \R HVFXFKR HQ JHQHUDO OD UDGLR R OD WHOHYLVLyQ ¢3RU FXiQWR PH FRPSUDV D PL VXHJUD" ¢7X VXHJUD"3RU QDGD 'H DFXHUGR WUDWR KHFKR (O \HUQR KDEODQGR FRQ OD VXHJUD 1R WUDWHV GH GHFLUPH FyPR HGXFDU D PLV KLMRV <R HVWR\ FDVDGR FRQ XQD GH ORV WX\RV \ FUpHPH KD\ PXFKR TXH UHFODPDU WDPELpQ < WX VXHJUD FRPR HV" %XHQR VL YLYLHUD HQ OD ,QGLD VHUtD VDJUDGD \ VL YLYLHUD HQ ,QJODWHUUD HVWDUtD ORFD 2\H WtR PL VXHJUD HV XQ iQJHO 4XH VXHUWH OD PtD D~Q YLYH

(O QLxR UHFRQRFH D OD PDGUH SRU OD VRQULVD /HRQ 7ROVWRL


&ROLPD &RPHUFLRV

/D LJQRUDQFLD HV OD PDGUH GH WRGRV ORV FUtPHQHV +RQRUp GH %DO]DF


&ROLPD &RPHUFLRV

*DOHUĬD

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

3RHPD

3RU HVR HVWR\ DTXt +H YDJDGR HQ HO LQ¿QLWR VR\ KLMR GHO iWRPR \ GHO XQLYHUVR 7RPp IRUPD SDUD TXH PH UHFRQR]FDV VR\ GH DJXD \ WLHUUD VRO \ YLHQWR 5HFLEt WX PHQVDMH HQ OD OHMDQtD GHO WLHPSR 6H TXH PH DPDV \ SRU HVR HVWR\ DTXt SDUD GDUWH PL FXHUSR /LSR /HSH

/D SD] FRPLHQ]D FRQ XQD VRQULVD 0DGUH 7HUHVD GH &DOFXWD


&ROLPD &RPHUFLRV

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

)$%5,&$026 Â&#x2021; &RUWLQDV GH WHODV GHFRUDWLYDV Â&#x2021; &RUWLQHURV 0DGHUD +RWHOHURV \ 'HFRUDWLYRV Â&#x2021; &RUWLQDV $QWLEDFWHULDQDV Â&#x2021; 3HUVLDQDV 9HUWLFDOHV 3 9 & 7HOD \ $OXPLQLR Â&#x2021; 3HUVLDQDV +RUL]RQWDOHV $OXPLQLR \ 3 9 & Â&#x2021; 3HUVLDQDV URPDQDV \ HQUUROODEOHV Â&#x2021; 3DQHO -DSRQpV Â&#x2021; 3HUVLDQDV SOLVDGDV \ FHOXODUHV Â&#x2021; 3HUVLDQDV GH PDGHUD Â&#x2021; 7ROGRV GH ORQD SOiVWLFD \ WHOD DFUtOLFD Â&#x2021; 3XHUWDV SOHJDEOHV Â&#x2021; 0DOOD VRPEUD Â&#x2021; (GUHGRQHV

',675,%8,026 Â&#x2021; 3DVWR VLQWpWLFR Â&#x2021; $OIRPEUD Â&#x2021; 3LVRV GH PDGHUD ODPLQDGR Â&#x2021; /LQROHXP 3 9 & Â&#x2021; 3LVRV SDUD JLPQDVLR Â&#x2021; /RVHWD YLQtOLFD Â&#x2021; 7DSLFHUtD HQ JHQHUDO Â&#x2021; 3DSHO WDSL] Â&#x2021; )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

6XSHUDFLyQ

(O 3HQVDPLHQWR /DWHUDO (Q HO FRPSOHMR PXQGR SUHVHQWH \D QR EDVWD DOPDFHQDU LQIRUPDFLyQ HQ QXHVWUD PHQWH LQFOXVR GH PRGR VLJQL¿FDWLYR VLQR TXH VH QRV UHFODPD VDEHU XVDUOD HQ GLVWLQWDV VLWXDFLRQHV QRYHGRVDV TXH SRQHQ D SUXHED QR VROR OR TXH VDEHPRV VLQR PX\ HVSHFLDOPHQWH FyPR OR VDEHPRV $SUHQGHU FDSDFLGDGHV VLJQL¿FD LQFRUSRUDU KDELOLGDGHV GHVWUH]DV R HQ OHQJXDMH GH 5REHUW *DJQp GRPLQLRV GHO DSUHQGL]DMH TXH OH SHUPLWDQ DO HGXFDQGR FRQWDU FRQ ODV KHUUDPLHQWDV VX¿FLHQWHV SDUD FRQYHUWLUVH HQ XQ HVWXGLDQWH DXWyQRPR HQ DOJXLHQ TXH SXHGD UHVROYHU VXV GLDULDV SUREOHPiWLFDV \ ODV HVFRODUHV \ HQ GH¿QLWLYD LQFRUSRUDUVH HQ ¿UPDV ~WLO D OD VRFLHGDG TXH LQWHJUD 3DUD 5REHUW *DJQp KD\ FLQFR FDSDFLGDGHV GLIHUHQWHV TXH VRQ HVHQFLDOHV TXH VHDQ DSUHQGLGDV (VWDV VRQ HQ JUDGR VXFHVLYR \D TXH FDGD XQD VXSRQH KDEHU LQFRUSRUDGR OD DQWHULRU /DV GHVWUH]DV PRWRUDV GRQGH VH GHVDUUROOD HO VLVWHPD PXVFXODU TXH VH D G T X L H U H \ D F U H F L H Q W D H Q E D V H D UHWURDOLPHQWDFLyQ FRQWLQ~D HQ OD SiJLQD

&XDQWR PHQRV SRVHHPRV PiV SRGHPRV SRVHHU 0DGUH 7HUHVD GH &DOFXWD


&ROLPD &RPHUFLRV

Â&#x2021; 0HFiQLFD HQ JHQHUDO Â&#x2021; (VSHFLDOLVWD IXHO LQMHFWLRQ Â&#x2021; )UHQRV $PRUWLJXDGRUHV Â&#x2021; 6XVSHQVLyQ OODQWDV &OXWFK Â&#x2021; %RRVWHU +\GURYDF (PHUJHQFLDV \ &HO 6HUYLFLR D 'RPLFLOLR $Y GH 1RYLHPEUH &RO 9LYHURV &ROLPD &RO 3HFKXJD GH SROOR IUHVFD SUHSDUDGD WRGRV ORV G¯DV D ODV ILQDV KLHUEDV D OD PRVWD]D HPSDQL]DGD DV¯ FRPR ODV IDPRVDV UHOOHQDV GH HVSLQDFDV SKLODGHOSKLD IUXWRV VHFRV \ P£V $Y 9 &DUUDQ]D IUHQWH D &OXE 6WD %iUEDUD

+RUDULR GH /XQHV D 9LHUQHV GH DP D SP &RQWDPRV FRQ VHUYLFLR D GRPLFLOLR 7HO

5HÃ&#x20AC;H[LRQHV

1R HOHJLPRV GyQGH QDFHU QXHVWUD PDGUH WDPSRFR QRV HOLJH SHUR VHD FRPR VHD TXH YHQLPRV DO PXQGR SDUD HOOD VRPRV OR PiV VDJUDGR OR PiV VXEOLPH \ OR PiV KHUPRVR 6L XQD Ã&#x20AC;RU QR VH ULHJD VH PXHUH \ VL VH ULHJD PXFKR WDPELpQ +D\ TXH VHU XQ DUWLVWD SDUD FXLGDU XQD Ã&#x20AC;RU (VR TXH OODPDPRV DPRU HWHUQR VH GD HQ SDSi HQ PDPi HQ XQ KLMR \ HQ ORV DPLJRV TXH WDPELpQ SXHGH VHU XQ DPRU HWHUQR 3HUR HQ XQD SDUHMD HV XQ DPRU GLDULR WLHQH TXH FXLGDUVH WRGRV ORV GtDV

(O SRUYHQLU GH XQ KLMR HV VLHPSUH REUD GH VX PDGUH

1DSROHyQ ,


&ROLPD &RPHUFLRV

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

6L QR OR WHQHPRV 6H OR FRQVHJXLPRV %HOLVDULR 'RPtQJXH] &ROLPD &RO 7HO \

0$75,=

$Y ,QVXUJHQWHV 7HFRPiQ &RO 7HO

68&856$/ 7(&20$1

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

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

3HFHV SHFHUDV DOLPHQWRV \ DFFHVRULRV 7RUWXJDV MDSRQHVDV 7LDQJXLV GHO SROLGHSRUWLYR GH 9LOOD GH Ã&#x2C6;OYDUH] SRU OD HQWUDGD DO EDFKLOOHUDWR GH OD 8 GH & 3UHFLRV HVSHFLDOHV D WLHQGDV GH PDVFRWDV -XDQD &KDFyQ Ã&#x2C6;OYDUH]

7HO

Æ&#x201D;'LVHxR GH MDUGLQHV Æ&#x201D;3ODQWDV GH RUQDWR Æ&#x201D;3DOPDV \ iUEROHV Æ&#x201D;0DFHWDV GH EDUUR \ SROLHWLOHQR Æ&#x201D;3LHGUD GHFRUDWLYD Æ&#x201D;7LHUUD \ IHUWLOL]DQWHV RUJiQLFRV

7HO &HO

$FHSWDPRV 7DUMHWDV GH FUpGLWR

7HUFHU $QLOOR 3HULIpULFR (VPHUDOGD 1RUWH H0DLO HFRMDUGLQHVJRQ]DOH]#KRWPDLO FRP )DFHERRN (FRMDUGLQHV 9LYHURV *RQ]iOH]

)/25(5,$

3, $ 'RQGH ORV VHQWLPLHQWRV IORUHFHQ

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

/D DPELFLyQ HV XQ YLFLR SHUR SXHGH VHU PDGUH GH OD YLUWXG

4XLQWLOLDQR


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

Â&#x2021; )$-,//$6 Â&#x2021; 32/,1(6 Â&#x2021; '8(/$6Â&#x2021; 75,3/$<Â&#x2021; &,0%5$3/$<Â&#x2021; Â&#x2021; &$2%,//$ Â&#x2021; /,6721$'2 '( &$2%,//$ Â&#x2021; Â&#x2021; $*/20(5$'2 Â&#x2021; 0') Â&#x2021; &('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 \

5HIDFFLRQDULD 3HSH 7DYR

5HYLVLyQ FDUJD H LQVWDODFLyQ GH DFXPXODGRUHV 9HQWD GH SDUWHV HOpFWULFDV

6HUYLFLR D GRPLFLOLR $WHQGLGR SRU

GH 6HSWLHPEUH /RFDO & &RO *XDGDODMDULWD IUHQWH D OD LJOHVLD &ROLPD &RO

-RVp 0RUHQR &DUULOOR

*XVWDYR 5HEROOHGR &DUULOOR

YLHQH GH OD SiJLQD

&XOWXUD

6H HOLJLy SDUD FRQPHPRUDU OD WRPD GH 4XHUpWDUR HQ FXDQGR HO HMpUFLWR PH[LFDQR ORJUy GHUURWDU DO 6HJXQGR ,PSHULR GH 0p[LFR $ SULQFLSLRV GHO VLJOR ;; YLYLy HQ 6DQ /XLV 3RWRVt XQ PDHVWUR TXH UHVSRQGtD DO QRPEUH GH ,VLGUR (VSDU]D HUD PX\ TXHULGR SRU VXV DOXPQRV TXLHQHV VH UHXQtDQ FDGD GH 0D\R GtD GH 6DQ ,VLGUR /DEUDGRU SDUD FHOHEUDUOR &RQ HO SDVR GHO WLHPSR OD FHOHEUDFLyQ VH H[WHQGLy D RWURV PDHVWURV SRU OR TXH ORV GLSXWDGRV WRPDURQ HVD IHFKD SDUD IHVWHMDU D ORV PDHVWURV GH WRGR 0p[LFR 6H FUHH TXH IXH SRU OD SULPHUD WHRUtD SHUR IXHUD FXDO IXHUD VX RULJHQ HO SUHVLGHQWH 9HQXVWLDQR &DUUDQ]D ¿UPy HO GHFUHWR \ HO GH 0D\R GH VH FHOHEUy SRU SULPHUD YH] HO GtD GHO PDHVWUR HQ 0p[LFR 0XQGLDOPHQWH OD 81(6&2 VXJLHUH FHOHEUDU HO GtD GHO PDHVWUR HO GH 2FWXEUH DXQTXH HQ JUDQ SDUWH GH ORV SDtVHV VH FHOHEUD RWUR GtD /RV PDHVWURV PDUFDQ QXHVWUDV YLGDV XQ IXHUWH DEUD]R D WRGRV ORV TXH GtD D GtD D\XGDQ D IRUPDU D ORV QLxRV TXH HQ XQRV DxRV VHUiQ HO IXWXUR GH QXHVWUR SODQHWD /LWHUDOPHQWH HQ VXV PDQRV HVWi HO IXWXUR /D IDQWDVtD DLVODGD GH OD UD]yQ VyOR SURGXFH PRQVWUXRV LPSRVLEOHV 8QLGD D HOOD HQ FDPELR HV OD PDGUH GHO DUWH \ IXHQWH GH VXV GHVHRV

)UDQFLVFR GH *R\D


/,'$' < 6$% $ &

2 5

(1

&ROLPD *DVWURQRPtD &ROLPD *DVWURQRPLD

35(),(52 <2 )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 6XSHUDFLyQ

YLHQH GH OD SiJLQD

/DV GHVWUH]DV YHUEDOHV H[SUHVDGDV HQ DSUHQGL]DMH GH SDODEUDV \ IUDVHV TXH QRV GHVFULEHQ OR TXH VRQ ODV FRVDV DGTXLULGRV GH PRGR VLJQL¿FDWLYR 'HVWUH]DV LQWHOHFWXDOHV FRQ GLVWLQWR JUDGR GH DEVWUDFFLyQ KDVWD OD IRUPDFLyQ GH FRQFHSWRV \ IRUPXODFLyQ GH UHJODV GRQGH HO DOXPQR \D VDEH QR VROR TXH HV OD FRVD VLQR FyPR KDFHUOD +DELOLGDGHV DFWLWXGLQDOHV V H W U D W D G H L Q F O L Q D F L R Q H V H P R F L R Q H V YDORUDFLRQHV FRUUHVSRQGLHQWHV D XQ HVWDGR LQWHUQR GHO VXMHWR PHGLEOHV SRU OD REVHUYDFLyQ H[WHUQD (VWUDWHJLDV FRJQRVFLWLYDV VRQ GHVWUH]DV GH RUJDQL]DFLyQ PHQWDO GHO FRQWHQLGR DGTXLULGR TXH JRELHUQDQ VX DWHQFLyQ OHFWXUD SHQVDPLHQWR \ PHPRULD 6H DGTXLHUHQ OXHJR GH PXFKR WLHPSR GH HMHUFLWDFLyQ \ HV OR \D KHPRV DQDOL]DGR FRPR DSUHQGLHQGR D DSUHQGHU 1R SXHGR SDUDU GH WUDEDMDU 7HQGUp WRGD OD HWHUQLGDG SDUD GHVFDQVDU

0DGUH 7HUHVD GH &DOFXWD


&ROLPD *DVWURQRPtD

(IHPpULGHV

0D\R

'tD GHO 7UDEDMR 1DFH HO FRPSRVLWRU \ FDQWDQWH GH P~VLFD PH[LFDQD &XFR 6iQFKH] HQ $OWDPLUD 7DPDXOLSDV 1DFH ,JQDFLR $OGDPD FDXGLOOR GH OD LQGHSHQGHQFLD GH 0p[LFR HQ 6DQ 0LJXHO *XDQDMXDWR 'tD GH OD PDGUH 1DFH HQ 6DQ -RVp GH *XD\PDV 6RQRUD HO UHYROXFLRQDULR \ SROtWLFR $EHODUGR / 5RGUtJXH] SUHVLGHQWH GH 0p[LFR GH D 'tD GHO PDHVWUR 6DQWD $QQD DVXPH SRU SULPHUD YH] OD SUHVLGHQFLD GH 0p[LFR 1DFH HQ 0RQWHUUH\ 1XHYR /HyQ $OIRQVR 5H\HV OLWHUDWR SRHWD \ HQVD\LVWD 3UHPLR 1DFLRQDO GH /LWHUDWXUD 0XHUH HO H[SORUDGRU &ULVWyEDO &ROyQ 0XHUH HQ 7DFXED\D ' ) HO %HQHPpULWR GH OD 3DWULD 0DULDQR (VFREHGR 'tD PXQGLDO GH ORV PHGLRV GH FRPXQLFDFLyQ VRFLDO 0XHUH HO SRHWD GLSORPiWLFR \ SURVLVWD $PDGR 1HUYR HQ 0RQWHYLGHR 8UXJXD\ /D 9LUJHQ GH *XDGDOXSH HV SURFODPDGD 3DWURQD GH 0p[LFR 0D[LPLOLDQR \ &DUORWD GHVHPEDUFDQ HQ 9HUDFUX] QRPEUDGRV VREHUDQRV GH 0p[LFR

/R TXH LPSRUWD HV FXDQWR DPRU SRQHPRV HQ HO WUDEDMR TXH UHDOL]DPRV 0DGUH 7HUHVD GH &DOFXWD


&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

¢6DEtD XVWHG TXH"

3RU 'U -XVWLQR 0 /HSH +

0D\RU SURIXQGLGDG PDULQD /RV RFpDQRV FXEUHQ HO GH OD VXSHU¿FLH WHUUHVWUH VLHQGR HO RFpDQR 3DFL¿FR HO PiV JUDQGH /D SURIXQGLGDG SURPHGLR GH ORV RFpDQRV HV GH PHWURV SHUR ¢FXiO HV OD PD\RU SURIXQGLGDG GH ORV RFpDQRV"

&HUFD GH OD LVOD GH *XDP DO QRUWH GH ODV ,VODV )LOLSLQDV VH HQFXHQWUD OD IRVD GH ODV 0DULDQDV TXH FRQ XQD SURIXQGLGDG GRFXPHQWDGD GH PHWURV HV OD PD\RU SURIXQGLGDG GHO RFpDQR /D IRVD WLHQH DGHPiV XQD ORQJLWXG GH PHWURV OR FXDO OD FRQYLHUWH HQ XQD GH ODV IRVDV PiV JUDQGHV GHO SODQHWD 6ROR SDUD WHQHU XQD PHMRU LGHD GH FXiQ SURIXQGD HV OD IRVD GH ODV PDULDQDV DOFDQ]D FRQ QRWDU TXH VXV NLOyPHWURV EDMR HO QLYHO GHO PDU VXSHUDQ SRU PiV GH PLO PHWURV OD DOWXUD GHO 0RQWH (YHUHVW OD HOHYDFLyQ PiV DOWD VREUH HO QLYHO GHO PDU (O IRQGR PDULQR HV WDQ FRPSOHMR H LQWHUHVDQWH FRPR HO VXHOR \ ODV HOHYDFLRQHV GH OD VXSHU¿FLH WHUUHVWUH (Q HO IRQGR GHO RFpDQR HQFRQWUDPRV PRQWDxDV VXEPDULQDV YDOOHV PHVHWDV FDGHQDV PRQWDxRVDV \ KDVWD YROFDQHV DFWLYRV (Q OD PHGLGD HQ TXH HO VXIULPLHQWR GH ORV QLxRV HVWi SHUPLWLGR QR H[LVWH DPRU YHUGDGHUR HQ HVWH PXQGR

,VDGRUD 'XQFDQ


&ROLPD *DVWURQRPtD

9HQ D GLYHUWLUWH FRQ WX IDPLOLD 3DUD QLxRV \ MyYHQHV Â&#x2021; 7LUROHVD Â&#x2021; 3DVHR D FDEDOOR Â&#x2021; -XHJRV LQIDQWLOHV Â&#x2021; 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

/,'$' < 6$% $ &

2 5

(1

5DQFKR &ROLQD GH 6DQ 0LJXHO

£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 ¢&XiO SXHGH VHU XQD YLGD TXH FRPLHQ]D HQWUH ORV JULWRV GH OD PDGUH TXH OD GD \ RV OORURV GHO KLMR TXH OD UHFLEH"

%DOWDVDU *UDFLiQ


&ROLPD *DVWURQRPtD

5HÃ&#x20AC;H[LyQ

£(O $PRU GH SDUHMD HV GHSHQGLHQWH 7HQJR XQ KHUPDQR HQ ORV (VWDGRV 8QLGRV TXH VH IXH KDFH PiV GH GLH] DxRV \ GXUp PiV GH GLH] DxRV VLQ KDEODUOH 1XQFD OH OODPp \ SXHGR GHFLUOR TXH KDVWD SRU GHVFXLGR 6LHPSUH VDEtD GH pO SRU PDPi \ FXDQGR YLQR SRU SULPHUD YH] GHVGH TXH VH KDEtD LGR OR IXL D EXVFDU DO DHURSXHUWR \ FXDQGR QRV YLPRV HO DEUD]R IXH WDQ IXHUWH TXH OORUDPRV GH HPRFLyQ $OOt HVWiEDPRV 3HUR YHWH GH WX SDUHMD GLH] DxRV D YHU TXp HQFXHQWUDV (VR HV OR TXH GLFH TXH HO DPRU GH SDUHMD HV DPRU GH WRGRV ORV GtDV <R SXHGR KDEODU FRQ PL PDPi FDGD VHPDQD XQD YH] D OD VHPDQD SHUR VL WXYLHUD SDUHMD OD HVWDUtD OODPDQGR D FDGD PRPHQWR < QR HV TXH VHD EXHQR R PDOR HV TXH HO DPRU HV DVt 3RU HMHPSOR \R FRPSDUR HO DPRU GH DTXHOODV SDUHMDV TXH SRU DOJXQD FLUFXQVWDQFLD GHO GHVWLQR WLHQHQ XQ KLMR GLVFDSDFLWDGR 1R HV TXH QR TXLHUDQ D ORV RWURV SHUR HOORV HVWiQ VHJXURV 'H DTXpO WLHQHQ TXH HVWDU PiV SHQGLHQWHV SRUTXH VH SXHGH FDHU SRUTXH D OR PHMRU QR FRPH VROR (Q FDPELR ORV RWURV HVWiQ \ ORV TXLHUHQ LJXDO \ VDEHQ TXH HVWiQ DKt 6L WHQJR XQD SDUHMD HVH HV HO DPRU GLVFDSDFLWDGR 'H HVH WHQJR TXH HVWDU PiV SHQGLHQWH SRUTXH QHFHVLWD PiV (O DPRU GH PDGUH HV LQGHSHQGLHQWH HO DPRU GH SDUHMD HV GHSHQGLHQWH (OOD GHSHQGH GH Pt \ \R GHSHQGR GH HOOD (VWDPRV XQLGRV ©KDVWD TXH OD PXHUWH QRV VHSDUHª SHUR HO DPRU TXH QRV GHEHPRV HV FRPR HO DPRU GH XQ KLMR GLVFDSDFLWDGR 4XLHQ WHQJD HVD KHUPRVD Ã&#x20AC;RU \D VDEHQ OR TXH WLHQHQ TXH KDFHU UHJDUOD WRGRV ORV GtDV SDUD TXH VLHPSUH HVWH IUHVFD \ UDGLDQWH \ VH PDQWHQJD DKt KDVWD TXH 'LRV GHFLGD OOHYiUVHOD GH HVWH PXQGR \ ORV TXH QR QR GHMHPRV GH WHQHU IH GH TXH 'LRV QRV UHJDODUi QXHYDPHQWH XQD Ã&#x20AC;RU SDUD QXHVWUR MDUGtQ /D QRYHGDG HV PDGUH GH OD WHPHULGDG KHUPDQD GH OD VXSHUVWLFLyQ H KLMD GH OD OLJHUH]D

6DQ %HUQDUGR GH &ODUDYDO


&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 Ã&#x2C6;OYDUH] &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 Â&#x2021; 3HSHQD Â&#x2021; FDUQH GH FHUGR \ UHV ' ( 1 8 ( 5, $ FRQ FKLOH Â&#x2021; 7DWHPDGR Â&#x2021; 0 Â&#x2021; /HQJXD HQ VDOVD YHUGH Â&#x2021; Â&#x2021; 4XHVDGLOODV Â&#x2021; Â&#x2021; &KLODTXLOHV FROLPRWHV Â&#x2021; Â&#x2021; +XHYRV DO JXVWR Â&#x2021; Â&#x2021; 7RUWLOODV GHO FRPDO D VX PHVD Â&#x2021; Â&#x2021; $PELHQWH IDPLOLDU Â&#x2021;

&ROLPD

'LDULDPHQWH GHVGH ODV GH OD PDxDQLWD

$Y -DYLHU 0LQD 7HO &ROLPD &RO 68&856$/ $Y 1LxRV +pURHV 1Â&#x17E; &ROLPD &RO D XQ ODGR GH &21$/(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

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

6RSLWRV WDFRV HQFKLODGDV \ Ã&#x20AC;DXWDV $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

6RQ YDQDV \ HVWiQ SODJDGDV GH HUURUHV ODV FLHQFLDV TXH QR KDQ QDFLGR GHO H[SHULPHQWR PDGUH GH WRGD FHUWLGXPEUH

/HRQDUGR 'D 9LQFL


&ROLPD *DVWURQRPtD 3URPRFLyQ 0HJD SROORV [ 3URPRFLyQ &KLFRV SROORV SRU PHJD SROOR [ SROOR PHGLDQR [ SROOR FKLFR [ $Y 6DQ )HUQDQGR $ &ROLPD &RO 6HUYLFLR D GRPLFLOLR 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 \

'HOHLWDQGR GLDULDPHQWH DO SDODGDU PiV H[LJHQWH GH ODV KUV $ OD D P KUV 0Ã&#x2019;6,&$ 9,9$ ',$5,$0(17(

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

5HVWDXUDQW %DU

$OLFLD

4XLQWD

$PELHQWH )DPLOLDU

0~VLFD 9LYD /D PHMRU ERWDQD GH &ROLPD /XQHV ELUULD GH UHV \ SXHUFR DO KRUQR 9LHUQHV FKDPRUUR FDEH]D GH SXHUFR FDOPDQWHV FKLFKDUURQHV \ FDUQLWDV

*UHJRULR 7RUUHV 4XLQWHUR &RORQLD )iWLPD &ROLPD &RO 7HO 6L OD SREUH]D HV OD PDGUH GH ORV FUtPHQHV OD IDOWD GH HVStULWX HV VX SDGUH

-HDQ GH OD %UX\HUH


&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 Ã&#x2C6;OYDUH] 6HUYLFLR D GRPLFLOLR 7HO

Â&#x2021; 3DVWDV Â&#x2021; &DO]RQL Â&#x2021; &DUQHV Â&#x2021; 3L]]DV Â&#x2021; (QVDODGDV Â&#x2021; 0DULVFRV

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

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

$ XQ KRPEUH VH OH PXHUH OD VXHJUD \ VH GLULJH DO SHULyGLFR SDUD SXEOLFDU HO RELWXDULR (O KRPEUH HQWUD D OD R¿FLQD GH DQXQFLRV \ GLFH 4XLHUR SRQHU XQ DQXQFLR SRU OD PXHUWH GH PL VXHJULWD 0X\ ELHQ VHxRU OH DGHODQWR TXH VRQ HXURV SRU SDODEUD 0XULy -RVH¿QD 'LVFXOSH FUHR TXH QR PH H[SOLTXp ELHQ VRQ PtQLPR SDODEUDV R VHD HXURV 3HUR \R VyOR TXLHUR JDVWDU HXURV <D OH GLMH TXH QR SXHGH VHU DVt TXH VL TXLHUH VH YD XQ UDWR \ YXHOYH FRQ ODV SDODEUDV (O KRPEUH VH YD PROHVWR \ UHJUHVD D ORV PLQXWRV \ GLFH <D VH TXH SRQHU HQ HO DQXQFLR 6L GtJDPH 0XULy -RVH¿QD ¢¢¢< ODV RWUDV SDODEUDV""" 9HQGR 7R\RWD &RUROOD %XHQRV GtDV TXHUtD XQD FDPLVHWD GH XQ SHUVRQDMH LQVSLUDGRU *DQGKL" 1R PHGLDQL

3DUD KDFHU TXH XQD OiPSDUD HVWp VLHPSUH HQFHQGLGD QR GHEHPRV GH GHMDU GH SRQHUOH DFHLWH 0DGUH 7HUHVD GH &DOFXWD


&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(

,'$' < 6$ $/ % &

2 5

(1

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

6HUYLFLR D GRPLFLOLR 7HO

£621 /2 0(-25 %OYG &DPLQR 5HDO (O 'LH]PR &ROLPD &RO 7HO

$WHQGLGR SRU (VWKHOD *DUFtD 6XDUH]

)DMLWDV GH 5HV ,QJUHGLHQWHV

.J GH FDUQH GH UHV &HEROODV .J GH MLWRPDWH &KLOHV PRUUyQ &RSD GH YLQR EODQFR 6DO DO JXVWR

3UHSDUDFLyQ 6H JXLVD HQ WLUDV OD FDUQH GH UHV VH VD]RQD FRQ VDO VH UHEDQD OD FHEROOD \ MLWRPDWH 8QD YH] JXLVDGD OD FDUQH VH OH DJUHJD HO MLWRPDWH FHEROOD \ PRUUyQ SRU ~OWLPR VH VD]RQD FRQ HO YLQR EODQFR 6H VLUYH FDOLHQWH FRQ WRUWLOODV \ FRQ XQD VDOVD GH PROFDMHWH WDPELpQ VH SXHGH DFRPSDxDU FRQ JXDFDPROH

1R GHLV VyOR OR VXSHUÃ&#x20AC;XR GDG YXHVWUR FRUD]yQ 0DGUH 7HUHVD GH &DOFXWD


&ROLPD *DVWURQRPtD

&$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 \

6DOVD +DEDQHUD (O &KLJ LOtQ +HFKD HQ &RTXLPDWOiQ

FDVHUD

+DJD VXV SHGLGRV DO

*X D Q GHO %DUPDQ DO HVWLOR &RVWD]XO XO &RFWHO 3DQWHUD 5RVD ,QJUHGLHQWHV WD]D GH MXJR GH SLxD WD]D GH FUHPD GH FRFR FXFKDUDGDV GH URQ FXFKDUDGD GH JUDQDGLQD

3UHSDUDFLyQ y y y y

$JUHJDPRV WRGRV ORV LQJUHGLHQWHV HQ OD OLFXDGRUD /LFXDPRV 6HUYLPRV HQ XQ YDVR $GRUQDPRV FRQ XQD FHUH]D R XQD VRPEULOOD

/D VXSHUVWLFLyQ HV D OD UHOLJLyQ OR TXH OD DVWURORJtD HV D OD DVWURQRPtD OD KLMD ORFD GH XQD PDGUH FXHUGD

9ROWDLUH


&ROLPD *DVWURQRPtD

/$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 Ã&#x2C6;OYDUH] )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

$Q~QFLHVH DTXt +LVWRULD

7HO

FRQWDFWR#FRVWD]XO P[

/D VDELGXUtD GH HVWH PXQGR HV OD PDGUH \ UDt] GH WRGRV ORV PDOHV

(UDVPR GH 5RWWHUGDP


&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 y

y y

y y y

y y y

0D\R HV XQ PHV TXH SHUWHQHFH D OD SULPDYHUD HQ HO KHPLVIHULR QRUWH \ DO RWRxR HQ HO KHPLVIHULR VXU (O QRPEUH GHO PHV GH PD\R VH RULJLQy VHJ~Q DOJXQRV GHO QRPEUH GH OD GLRVD JULHJD 0DLD (O SRHWD URPDQR 2YLGLR SURSRUFLRQy XQD VHJXQGD HWLPRORJtD HQ OD TXH GLFH TXH HO PHV GH PD\R VH RULJLQD GH OD SDODEUD PDLRUHV ODWtQ SDUD ³DQFLDQRV´ \ TXH HO PHV VLJXLHQWH MXQLR VH RULJLQD GH MXQLRUHV SDODEUD ODWLQD TXH VLJQL¿FD ³MyYHQHV´ (O GH PD\R VH FHOHEUD FRPR HO 'tD GHO 7UDEDMR HQ PXFKRV SDtVHV /DV Ã&#x20AC;RUHV GH QDFLPLHQWR GH PD\R VRQ HO OLULR GH ORV YDOOHV \ OD &UDWDHJXV PRQRJ\QD &KDUOHV /LQGEHUJ KL]R HO SULPHU YXHOR WUDVDWOiQWLFR HQ VROLWDULR HQ PD\R GH HQ VX DYLyQ ³(O (VStULWX GH 6DQ /XLV´ /D SLHGUD GH QDFLPLHQWR GH PD\R HV OD HVPHUDOGD (O GH PD\R HV HO 'tD GH OD 0DGUH HQ 0p[LFR (O 6DOYDGRU \ *XDWHPDOD (Q HO GH 0D\R VH FHOHEUD OD YLFWRULD GH 0p[LFR VREUH WURSDV IUDQFHVDV HQ OD %DWDOOD GH 3XHEOD GH

/D LQMXVWLFLD HV XQD PDGUH MDPiV HVWpULO VLHPSUH SURGXFH KLMRV GLJQRV GH HOOD

$GROSKH 7KLHUV


&ROLPD 7XULVPR

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

Â&#x2021; FyPRGDV KDELWDFLRQHV Â&#x2021; $LUH DFRQGLFLRQDGR 9HQWLODGRU GH WHFKR Â&#x2021; ,QWHUQHW LQDOiPEULFR Â&#x2021; $OEHUFD FRQ FKDSRWHDGHUR Â&#x2021; (VWDFLRQDPLHQWR WHFKDGR Â&#x2021; $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 &KLVWHV

¢3RU TXp OH GLR XQ SDUR D OD LPSUHVRUD" 3DUHFH TXH WXYR XQD LPSUHVLyQ PX\ IXHUWH ¢3DUD TXp YD XQD FDMD DO JLPQDVLR" 3DUD KDFHUVH FDMD IXHUWH +ROD ¢HVWi $JXVWtQ" 1R OD YHUGDG HV TXH HVWR\ LQFRPRGtQ ¢&yPR VH TXHGD XQ PDJR GHVSXpV GH FRPHU" 0DJRUGLWR -DPiV KD KDELGR XQ QLxR WDQ DGRUDEOH TXH OD PDGUH QR TXLHUD SRQHU D GRUPLU

(PHUVRQ


&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

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

&KLVWHV

+ROD TXHUUtD UHVHUYDU PHVD HQ HO UHVWDXUDQWH SDUD FHQDU PDxDQD ¢&XDQWRV VHUiQ" 6HUHPRV R DSUR[LPDGDPHQWH 1HFHVLWR VDEHU FXDQWRV FRQ¿UPDGRV &RQ¿UPDGRV HO UHVWR VROR EDXWL]DGRV ¢7H JXVWDQ PLV JDIDV QXHYDV" 1R GHPDVLDGR 6RQ SURJUHVLYDV $K EXHQR HQWRQFHV \D PH LUiQ JXVWDQGR (O DXWRU TXH KDEOD GH VXV SURSLRV OLEURV HV SHRU TXH OD PDGUH TXH VyOR KDEOD GH VXV KLMRV %HQMDPLQ 'LVUDHOL


5HÃ&#x20AC;H[LyQ 'H XQD PDGUH SDUD VX KLMD TXH WDPELpQ TXLHUH VHU PDGUH

(VWiEDPRV VHQWiQGRQRV D FRPHU FXDQGR PL KLMD FDVXDOPHQWH PHQFLRQD TXH HOOD \ VX HVSRVR HVWiQ SHQVDQGR HQ ³HPSH]DU XQD IDPLOLD´ ³(VWDPRV KDFLHQGR XQD HQFXHVWD ±GLFH HOOD HQ EURPD± ³¢&UHHV TXH GHEHUtD WHQHU XQ EHEp"´ ³ & D P E L D U i W X Y L G D ´ G L J R F X L G D G R V D P H Q W H PDQWHQLHQGR PL WRQR QHXWUDO ³<R Vp´ GLFH ³QR PiV ¿HVWDV ORV ¿QHV GH VHPDQD QR PiV YDFDFLRQHV HVSRQWiQHDV ´ 3HUR HVR QR HV HQ DEVROXWR OR TXH \R TXLVH GHFLU 0LUR D PL KLMD LQWHQWDQGR GHFLGLU TXp GHFLUOH 4XLHUR TXH VHSD OR TXH HOOD QXQFD SRGUi DSUHQGHU HQ ODV FODVHV GH SDUWR 4XLHUR GHFLUOH TXH ODV KHULGDV ItVLFDV SRU GDU D OX] XQ QLxR VDQDUiQ SHUR TXH HO YROYHUVH PDGUH OD GHMDUi FRQ XQD KHULGD HPRFLRQDO WDQ SURIXQGD SRU OD FXDO HOOD VHUi YXOQHUDEOH SDUD VLHPSUH 3LHQVR HQ DGYHUWLUOH TXH HOOD QXQFD OHHUi GH QXHYR XQ SHULyGLFR VLQ SUHJXQWDUVH ³¢< VL HVR OH KXELHUD SDVDGR D PL QLxR"´ 4XH FDGD DFFLGHQWH GH DYLDFLyQ FDGD LQFHQGLR HQ XQD FDVD OD REVHVLRQDUi 4XH FXDQGR YHD IRWRV GH QLxRV KDPEULHQWRV VH SUHJXQWDUi VL DOJR SRGUtD VHU SHRU TXH YLYLU OD PXHUWH GH VX QLxR <R OD PLUR FXLGDGRVDPHQWH VXV XxDV ¿QDPHQWH SLQWDGDV \ HO WUDMH HOHJDQWH \ SLHQVR TXH QR LPSRUWD FXiQ VR¿VWLFDGD HOOD VHD HO FRQYHUWLUVH HQ PDGUH OD UHGXFLUi DO QLYHO SULPLWLYR GH XQD RVD TXH SURWHJH VX FDFKRUUR 4XH XQD OODPDGD XUJHQWH GH ³£0DPi ´ OH KDUi GHMDU FDHU XQ VRXIÃ&#x20AC;p R VX PHMRU FULVWDO VLQ YDFLODU SRU XQ PRPHQWR 6LHQWR TXH GHER DGYHUWLUOD TXH QR LPSRUWD FXiQWRV DxRV HOOD KD\D LQYHUWLGR HQ VX FDUUHUD pVWD VH GHVFDUULODUi SURIHVLRQDOPHQWH D FDXVD GH VX PDWHUQLGDG (OOD SRGUi KDFHU ORV DUUHJORV SDUD GHMDU DO QLxR HQ FDVD DO FXLGDGR GH XQD QLxHUD SHUR XQ GtD LUi HQ FDPLQR GH XQD UHXQLyQ GH QHJRFLRV LPSRUWDQWH \ UHFRUGDUi HO GXOFH RORU GH VX EHEp \ WHQGUi TXH XVDU FDGD JUDPR GH VX GLVFLSOLQD SDUD QR FRUUHU D FDVD VyOR SDUD DVHJXUDUVH TXH VX EHEp HVWi ELHQ <R TXLHUR TXH PL KLMD VHSD TXH ODV GHFLVLRQHV FRWLGLDQDV \D QR VHUiQ UXWLQD 4XH HO GHVHR GH XQ QLxR GH FLQFR DxRV GH LU DO EDxR GH KRPEUHV \ QR DO GH PXMHUHV HQ 0F'RQDOG V VH YROYHUi XQ GLOHPD PD\RU 4XH MXVWR DOOt HQ PHGLR GHO UXLGR GH EDQGHMDV \ QLxRV JULWDQGR ORV SUREOHPDV GH LQGHSHQGHQFLD H LGHQWLGDG GH VH[R VHUiQ

(0%27(//$'25

786 5()5(6&2

Â&#x2021; 5$',2 3(','26 Â&#x2021;

&2/,0$ &21087$'25

$PDU D OD PDGUH GH VXV KLMRV HV OR PHMRU TXH XQ SDGUH SXHGH KDFHU SRU VXV KLMRV

7KHRGRUH +HVEXUJK


5HÃ&#x20AC;H[LyQ VRSHVDGRV FRQWUD OD SHUVSHFWLYD GH TXH KD\D XQ DEXVDGRU GH QLxRV DFHFKDQGR HQ HVH EDxR 1R LPSRUWD FXiQ GHFLVLYD SXHGD VHU HOOD HQ VX WUDEDMR VH FULWLFDUi D Vt PLVPD FRQVWDQWHPHQWH HQ VX SDSHO GH PDGUH 0LUDQGR D PL KLMD WDQ DWUDFWLYD TXLHUR DVHJXUDUOH TXH HQ HO IXWXUR HOOD SHUGHUi ORV NLORV GH PiV GHO HPEDUD]R SHUR QXQFD VH VHQWLUi LJXDO VREUH HOOD PLVPD 4XH VX YLGD DKRUD WDQ LPSRUWDQWH VHUi GH PHQRV YDORU SDUD HOOD XQD YH] TXH WHQJD XQ QLxR 4XH SRU ORV KLMRV HOOD WHQGUi TXH UHQXQFLDU D OD YLGD TXH DKRUD WLHQH SHUR TXH WDPELpQ HPSH]DUi D GHVHDU WHQHU PiV DxRV QR SDUD ORJUDU VXV SURSLRV VXHxRV VLQR SDUD YHU D VXV KLMRV ORJUDU ORV VX\RV <R TXLHUR TXH HOOD VHSD TXH XQD FLFDWUL] GH FHViUHD R ODV HVWUtDV VH FRQYHUWLUiQ HQ LQVLJQLDV GH KRQRU /D UHODFLyQ GH PL KLMD FRQ VX PDULGR FDPELDUi SHUR QR GH OD PDQHUD TXH HOOD SLHQVD 'HVHR TXH HOOD SXGLHUD HQWHQGHU FXiQWR PiV XQR SXHGH DPDU D XQ KRPEUH TXH WLHQH FXLGDGR SDUD HPSROYDU D VX EHEp R TXH QXQFD GXGD SDUD MXJDU FRQ VX QLxR <R SLHQVR TXH HOOD GHEHUtD VDEHU TXH VH VHQWLUi GH QXHYR FRPSOHWDPHQWH HQDPRUDGD GH pO SRU UD]RQHV TXH DKRUD HQFRQWUDUtD PX\ SRFR URPiQWLFDV <R GHVHR TXH PL KLMD SXGLHUD GDUVH FXHQWD GHO OD]R TXH HOOD VHQWLUi FRQ PXMHUHV D OR ODUJR GH KLVWRULD TXH KDQ LQWHQWDGR GHWHQHU JXHUUDV GLVFULPLQDFLyQ \ ERUUDFKRV DO YRODQWH (VSHUR TXH HOOD HQWLHQGD SRU TXp \R SXHGR SHQVDU UDFLRQDOPHQWH VREUH OD PD\RUtD GH ORV SUREOHPDV SHUR SRQHUPH FRPR ORFD FXDQGR GLVFXWR VREUH OD DPHQD]D TXH VXSRQH XQD JXHUUD QXFOHDU HQ HO IXWXUR GH PLV KLMRV <R TXLHUR GHVFULELU D PL KLMD OD HXIRULD GH YHU D VX QLxR FXDQGR DSUHQGD D PRQWDU XQD ELFLFOHWD 4XLHUR FDSWXUDU SDUD HOOD ODV FDUFDMDGDV GH XQ EHEp TXH HVWi WRFDQGR OD SLHO VXDYH GH XQ SHUUR R XQ JDWR SRU SULPHUD YH] 4XLHUR TXH VDERUHH OD GLFKD TXH HV WDQ UHDO TXH GH KHFKR GXHOH /D PLUDGD LQWHUURJDWLYD GH PL KLMD PH KDFH FDHU HQ FXHQWD GH ODV OiJULPDV TXH VH KDQ IRUPDGR HQ PLV RMRV ³1XQFD WH DUUHSHQWLUiV GH HOOR´ GLJR ¿QDOPHQWH (QWRQFHV DOFDQ]R SRU VREUH OD PHVD OD PDQR GH PL KLMD \ OD DSULHWR \ RIUH]FR XQD RUDFLyQ VLOHQFLRVD SRU HOOD \ SRU Pt \ SRU WRGDV ODV PXMHUHV TXH WURSH]DURQ HQ VX FDPLQR KDFLD OD PiV PDUDYLOORVD GH WRGDV ODV SURIHVLRQHV (VWH UHJDOR EHQGLWR GH 'LRV HO KHFKR GH VHU 0DGUH

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/$ -$/

+D\ XQ VROR QLxR EHOOR HQ HO PXQGR \ FDGD PDGUH OR WLHQH

-RVp 0DUWt


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

'U (SLIDQLR

0DUWtQH] 9i]TXH]

0pGLFR &LUXMDQR 3DUWHUR \ +RPHySDWD +RUDULR /XQHV D 6iEDGR

GH DP D SP

+HULEHUWR -DUD &RORQLD (O /ODQR 9 GH $OYDUH] &RO 7HO &RUUHR HSLIDQLR #KRWPDLO FRP 5HÀH[LyQHV

³/D IUDVH PDV FRUWD GHO SRHWD PDV VLQFHUR VROR WLHQH GRV SDODEUDV 7H TXLHUR ´ ³$PRU SRU WL OR TXH VHD ,QFOXVR DTXHOOR TXH QR WHQJR´ ³1R H[LVWH HO DPRU VLQR ODV SUXHEDV GH DPRU \ OD SUXHED GH DPRU D DTXHO TXH DPDPRV HV GHMDUOR YLYLU OLEUHPHQWH´ ³6L PL SXxR IXHUD WLQWD \ PL FRUD]yQ WLQWHUR FRQ OD VDQJUH GH PLV YHQDV HVFULELUtD 7H TXLHUR´ -DPiV HQ OD YLGD HQFRQWUDUpLV WHUQXUD PHMRU \ PiV GHVLQWHUHVDGD TXH OD GH YXHVWUD PDGUH

+RQRUp GH %DO]DF


&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

&/Ã&#x2039;1,&$ '( /$ 3,(/

7(/6 \

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

&/,1,&$ &25'2%$ 85*(1&,$6 /$6 +25$6

3HGLDWUtD &LUXJtD SHGLiWULFD 0HGLFLQD LQWHUQD *LQHFREVWHWULFLD 1HXURORJtD &LUXJtD JHQHUDO 1HXURFLUXJtD $QJLRORJtD &DUGLRORJtD 1HXPRORJtD 2UWRSHGLD \ WUDXPDWRORJtD &LUXJtD RQFROyJLFD $OJRORJtD FOtQLFD GHO GRORU

2WRUULQRODULQJRORJtD &LUXJtD FDUGLRYDVFXODU 5D\RV ; 8OWUDVRQLGR 7RPRJUDItD +HPRGLiOLVLV (QGRVFRStD 3UXHED GH HVIXHU]R %URQFRVFRStD /DERUDWRULR )DUPDFLD DPSOLR HVWDFLRQDPLHQWR

=DUDJR]D &HQWUR &ROLPD &RO 7HOV

&KLVWH

(Q XQ DXWRE~V TXH OOHYDED GH SDVHR DO ]RROyJLFR D XQ JUXSR GH YLHMHFLWRV XQD DEXHOLWD OH WRFD HO KRPEUR DO FKyIHU \ OH EULQGD XQ EXHQ SXxDGR GH FDFDKXHWHV VLQ FiVFDUD (O FKyIHU VRUSUHQGLGR OH GD ODV JUDFLDV \ VH ORV FRPH FRQ DJUDGR &LQFR PLQXWRV GHVSXpV OD DEXHOLWD YD GH QXHYR FRQ HO FKRIHU \ OH HQWUHJD RWUR SXxDGR GH FDFDKXDWHV HO FKyIHU YXHOYH D DJUDGHFHUOH HO JHVWR \ VH ORV FRPH FRQ JXVWR &LQFR PLQXWRV PDV WDUGH OD DQFLDQD YLHQH FRQ RWUR SXxDGR \ DVt XQ SDU GH YHFHV PiV (O FKyIHU \D QR SXHGH FRPHU PiV \ OH SUHJXQWD 'tJDPH VHxRUD HV PX\ JHQWLO GH VX SDUWH DWLERUUDUPH GH FDFDKXHWHV SHUR ¢XVWHG QR FUHH TXH D OR PHMRU VXV FXDUHQWD DPLJRV \ DPLJDV TXHUUtDQ WDPELpQ XQRV SRFRV" £1R VH SUHRFXSH MRYHQ QR WHQHPRV GLHQWHV SDUD PDVWLFDU ORV FRQ¿WRQHV \ VyOR SRGHPRV FKXSDU HO FKRFRODWH TXH ORV UHFXEUH 7RGR OR TXH VR\ R HVSHUR VHU VH OR GHER D OD DQJHOLFDO VROLFLWXG GH PL PDGUH

$EUDKDP /LQFROQ


&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´ Â&#x2021; $OLPHQWR SDUD WRGDV ODV HVSHFLHV DQLPDOHV Â&#x2021; 3DFDV GH $OIDOID $UUR] \ 7ULJR Â&#x2021; 0DWHULDV SULPDV SDUD OD HODERUDFLyQ GH $OLPHQWRV &DUORV GH OD 0DGULG %HMDU 6DOLGD D 3LKXDPR &ROLPD &RO 7HO

&XHQWR &KLVWH

/OHJD XQ $ERJDGR DO FLHOR \ WRFD OD SXHUWD HQ HVR OH VDOH D UHFLELU 6DQ 3HGUR \ OH SUHJXQWD ¢< W~ TXLpQ HUHV" <R VR\ DERJDGR /RV DERJDGRV QR HQWUDQ DTXt &RPR TXH QR VL HO FLHOR HV XQ OXJDU S~EOLFR ¢\ W~ TXLpQ HUHV" 6R\ HO 3RUWHUR \ *XDUGLDQ GHO &LHOR ( Q W R Q F H V P X p V W U D P H W X $ F W D G H 1RPEUDPLHQWR 6DQ 3HGUR WLWXEHD SRU XQ PRPHQWR \ VH YD D SUHJXQWDUOH D -HV~V 6HxRU DOOt DIXHUD KD\ XQ DERJDGR TXH GLFH TXH SXHGH LQJUHVDU DO FLHOR SRUTXH HV XQ OXJDU SXEOLFR -HV~V VH DFHUFD FRQ HO DERJDGR \ OH GLFH 0LUD DTXt QR HQWUD QLQJ~Q DERJDGR (O DERJDGR PROHVWR OH SUHJXQWD ¢< W~ TXLpQ HUHV" <R VR\ HO KLMR GH 'LRV (QWRQFHV PXpVWUDPH WX $FWD GH 1DFLPLHQWR D YHU VL HV FLHUWR 6H YROWHD -HV~V \ OH GLFH D 6DQ 3HGUR 0LUD PHMRU GHMDPRV HQWUDU D HVWH DERJDGR R OXHJR PH SHGLUi HO $FWD GH 0DWULPRQLR GH PL SDGUH \ HQWRQFHV VL TXH HVWDPRV IULWRV ¢&yPR QR DPDUWH PDGUH VL PH HQVHxDVWH D KDEODU WX OHQJXD" ¢6L VR\ YLHQWR QDFLGR GH WX URFD"

*RQ]DOR 5RMDV


&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] Â&#x2021; 3RVJUDGXDGR HQ ERYLQRV Â&#x2021; 'LSORPDGR HQ FOtQLFD GH HTXLQRV Â&#x2021; 'LSORPDGR HQ PHGLFLQD \ FLUXJtD GH SHTXHxDV HVSHFLHV Â&#x2021; 'LSORPDGR HQ FDOLGDG WRWDO

%OYG &DPLQR 5HDO $ 7HO &ROLPD &RO $Y &DPLQR 5HDO 7HO (O 7UDSLFKH &RO &HO Â&#x2021; 3RHPD

&XDQGR OORUHV &XDQGR OORUHV TXH VHD SRUTXH QR FDQWH HO UtR QL ORV SiMDURV QL HO YLHQWR 4XH VHD SRU DOJR UHDOPHQWH LQXVLWDGR FRPR DSDJDUVH HO VRO R KXQGLUVH ODV HVWUHOODV 1R OORUHV SRUTXH Vt FXDQGR OORUHV TXH VHD SRUTXH \D QR KD\ URVDV R SRUTXH \R KD\D PXHUWR 4XH VHD HQWRQFHV FXDQGR WX OORUHV DPDGD /LSR /HSH

8Q KLMR HV XQD SUHJXQWD TXH OH KDFHPRV DO GHVWLQR

-RVp 0DUtD 3HPiQ


&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 DW~Q SHVFDGR HWF 0DWHULDO GH KLJLHQH FRUSRUDO -DEyQ SDVWD GHQWDO SDSHO KLJLpQLFR VKDPSRR 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

$1Ò1&,(6( (1

OOiPHQRV \ FRQ JXVWR OR DQWHQGHUHPRV FRQWDFWR#FRVWD]XO P[ ZZZ FRVWD]XO P[

8Q KLMR HV XQ DFUHHGRU GDGR SRU OD QDWXUDOH]D 6WHQGKDO


&RPDOD

7KH &RPDOD V WRS %UHDG 6WRUH ´< eO FRQ XQD VROD PLUDGD PXOWLSOLFy ORV SDQHV \ ORV EHQGLMR´ ,JQDFLR $OOHQGH &HQWUR &RPDOD &ROLPD 7HO 5D]DV GH SHUURV

0DVWtQ QDSROLWDQR

(O PDVWtQ QDSROLWDQR R PDVWLQR QDSROLWR HV XQ SHUUR JUDQGH UREXVWR \ PXVFXORVR FRQ PXFKRV SOLHJXHV HQ OD SLHO \ PiV ODUJR TXH DOWR $QWLJXDPHQWH HVWRV FDQHV HUDQ HPSOHDGRV SDUD ODV JXHUUDV \ FRPR SHUURV JXDUGLDQHV SRU VX JUDQ OHDOWDG VX SRWHQWH WHPSHUDPHQWR \ VX IXHU]D ItVLFD 3HUR KR\ HQ GtD VRQ XQDV JUDQGHV PDVFRWDV VREUH WRGR SDUD DTXHOODV SHUVRQDV TXH GLVSRQJDQ GH PXFKR HVSDFLR HQ VXV YLYLHQGDV \ PXFKR WLHPSR SDUD GHGLFDUOHV D HVWRV DQLPDOHV GH FRPSDxtD $GHPiV WDPELpQ QHFHVLWD VHU VRFLDOL]DGRV GHVGH TXH VRQ FDFKRUURV \ HGXFDUORV FRQ XQ DGLHVWUDPLHQWR HQ SRVLWLYR SRU OR TXH OR UHFRPHQGDEOH HV TXH VHDQ ODV PDVFRWDV GH SHUVRQDV \D H[SHULPHQWDGDV HQ FXLGDU D SHUURV 2ULJHQ GHO PDVWtQ QDSROLWDQR &XDQGR ORV URPDQRV LQYDGLHURQ ODV ,VODV %ULWiQLFDV OOHYDURQ FRQVLJR VXV HQRUPHV PRORVRV TXH HUDQ HPSOHDGRV FRPR SHUURV GH JXHUUD DWDFDQGR VLQ SLHGDG ODV KXHVWHV HQHPLJDV 6LQ HPEDUJR VH HQFRQWUDURQ FRQ SHUURV PiV IHURFHV D~Q TXH GHIHQGtDQ ODV LVODV /RV URPDQRV TXHGDURQ WDQ FRQWLQ~D HQ OD SiJLQD (O DPRU LQVSLUD ODV PiV JUDQGHV KD]DxDV H LPSLGH UHDOL]DUODV

$OHMDQGUR 'XPDV


&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 5D]DV GH SHUURV

YLHQH GH OD SiJLQD

LPSUHVLRQDGRV FRQ HVRV DQFHVWURV GHO PDVWtQ LQJOpV TXH ORV FUX]DURQ FRQ VXV PRORVRV \ DVt DSDUHFLHURQ ORV SUHGHFHVRUHV GHO PDVWtQ QDSROLWDQR PRGHUQR (VRV SHUURV HUDQ IHURFHV VDQJXLQDULRV H LGHDOHV SDUD OD JXHUUD &RQ HO SDVR GHO WLHPSR HVWRV PDVWLQHV TXHGDURQ UHOHJDGRV FDVL H[FOXVLYDPHQWH D OD UHJLyQ GH 1iSROHV \ IXHURQ HPSOHDGRV SULQFLSDOPHQWH FRPR SHUURV JXDUGLDQHV (Q VH OOHYy D FDER XQD H[SRVLFLyQ FDQLQD HQ 1iSROHV \ XQ FLQyORJR OODPDGR 3LHUH 6FDQ]LDQL UHFRQRFLy HQ HVD FLXGDG DO PDVWtQ QDSROLWDQR TXH KDEtD HVWDGR RFXOWR GHO PXQGR KDVWD HVH PRPHQWR (QWRQFHV VH GHGLFy MXQWR D RWURV D¿FLRQDGRV D IRPHQWDU OD UD]D \ DXPHQWDU VX SREODFLyQ +R\ HQ GtD HO PDVWtQ QDSROLWDQR HV XQ SHUUR PX\ FRQRFLGR HQ WRGR HO PXQGR \ KD SHUGLGR JUDQ SDUWH GHO WHPSHUDPHQWR DJUHVLYR \ YLROHQWR GH VXV DQFHVWURV &DUDFWHUtVWLFDV ItVLFDV GHO PDVWtQ QDSROLWDQR (VWH SHUUR SHVDGR PDFL]R \ IRUQLGR WLHQH XQ DVSHFWR FXULRVR GHELGR D VX DEXQGDQWH SLHO VXHOWD \ SDSDGD 6X FDEH]D HV FRUWD \ S U H V H Q W D Q X P H U R V D V D U U X J D V \ S O L H J X H V ( O FUiQHR HV DQFKR \ S O D Q R PLHQWUDV TXH OD GHSUHVLyQ QDVR IURQWDO VWRS HV ELHQ PDUFDGD (O FRORU GH OD QDUL] FRUUHVSRQGH DO SHODMH VLHQGR QHJUR HQ HMHPSODUHV QHJURV PDUUyQ HQ SHUURV SDUGRV \ SDUGR RVFXUR HQ SHUURV GH RWUR FRORU /RV RMRV VRQ UHGRQGRV FRQWLQ~D HQ OD SiJLQD 7RGDV ODV JHQHUDOL]DFLRQHV VRQ SHOLJURVDV LQFOXLGD pVWD

$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 Â&#x2021; Â&#x2021;

-XHYHV D 'RPLQJR SP D SP &DPSHVWUH &DUQHV $VDGDV '20,1*26 0Ã&#x2019;6,&$ 9,9$ &XHQWR

(O 6RO GHO 0HGLR 'tD 1L XQ iUERO VH YHtD HQ HO KRUL]RQWH QL XQD QXEH TXH PDQFKDUD HO FLHOR D]XO 7RGR HUD OLPSLR GHVSHMDGR (O VRO DO VDOLU KDEtD YXHOWR D OD YLGD OR TXH OD QRFKH DQWHULRU GRUPtD $Vt DTXHOOD PDxDQD LJXDO TXH OD SULPHUD TXH KDEtD H[LVWLGR GHVSHUWy HO KRPEUH DEDUFDQGR FRQ VX PLUDGD XQ KRUL]RQWH VLQ EUXPDV $EULy VXV EUD]RV GHVSHUH]iQGRVH \ FUXMLHQGR VXV KXHVRV HQWXPLGRV SRU DTXHO VXHxR GH VLJORV 1R KDEtD HQ VX PHPRULD QDGD TXH OH UHFRUGDUD XQD YLGD DQWHULRU VX PHPRULD HVWDED OLPSLD OLVWD SDUD JUDEDU VXV LPSUHVLRQHV HQ DTXHO DPDQHFHU \ ODV FRVDV TXH JUDEy IXHURQ DTXHOODV TXH PLUDURQ VXV RMRV 8Q KRUL]RQWH DPSOLR VLQ IURQWHUDV \ XQ FLHOR HVSOHQGRURVR WDQ D]XO FRPR ODV DJXDV GHO PDU ²0H JXVWD HVWH QXHYR GtD ²GLMR GHQWUR GH Vt²

(V HO SULPHUR HQ HO TXH FUHR KDEHU H[LVWLGR

< VDOLy DGHODQWH HQ VX FDPLQDU iJLO Ã&#x20AC;H[LEOH GLULJLpQGRVH KDFLD HO KRUL]RQWH DTXpO DO TXH SHQVy OOHJDU PX\ SURQWR /OHJy D GRQGH pO FUHtD TXH IXHUD HO ¿Q \ HQFRQWUy TXH FDGD ¿Q HUD XQ QXHYR SULQFLSLR 8Q SULQFLSLR TXH GDED RULJHQ D XQ QXHYR ¿QDO $QGXYR KDVWD DOFDQ]DU QXHYDV PHWDV GHVGH ODV FXDOHV VH SURSXVR SDUWLU FRQ UHQRYDGRV LGHDOHV 6X PHQWH UHJLVWUDED FDGD YH] QXHYDV HPRFLRQHV DFXPXOiQGRVH DVt XQD VHULH GH FRQRFLPLHQWRV H[WUDxRV /RV iUEROHV TXH IXHURQ VDOLHQGR D VX FDPLQR \ TXH GHMDED D OD YHUD HUDQ D YHFHV YHUGHV RWUDV JULVHV $ YHFHV ~QLFDPHQWH WURQFRV VHFRV GRQGH VH RULJLQDEDQ QXHYDV YLGDV 3HUR pO VHJXtD FDPLQDQGR FDPLQDQGR VLQ FHVDU HQ HVD PDxDQD SOHQD GH OX] \ GH HVSHUDQ]D 'H SURQWR VXV RtGRV FDSWDURQ ORV VRQLGRV $TXHOOR HVWDED OOHQR GH UXLGRV \ GH YRFHV TXH VDOtDQ GH OD WLHUUD TXH QR SHUFLELHUD HQ XQ SULQFLSLR %URWDEDQ GH OD FRQWLQ~D HQ OD SiJLQD

(O TXH QR GD XQ R¿FLR D VX KLMR OH HQVHxD D VHU ODGUyQ

3URYHUELR WXUFR


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

5D]DV GH SHUURV

YLHQH GH OD SiJLQD

ELHQ VHSDUDGRV HQWUH VL \ OLJHUDPHQWH KXQGLGRV /DV RUHMDV VRQ WULDQJXODUHV SHTXHxDV \ GH LQVHUFLyQ D O W D $ Q W L J X D P H Q W H V H U H F R U W D E D Q S H U R DIRUWXQDGDPHQWH HVD SUiFWLFD KD FDtGR HQ GHVXVR H LQFOXVR HV LOHJDO HQ PXFKRV SDtVHV (O FXHUSR GH HVWH PDVWtQ HV PiV ODUJR TXH DOWR SUHVHQWDQGR DVt XQ SHU¿O UHFWDQJXODU (V PX\ UREXVWR \ IXHUWH (O SHFKR HV DQFKR \ DELHUWR /D FROD HV PX\ JUXHVD HQ OD EDVH \ VH DGHOJD]D JUDGXDOPHQWH KDFLD VX H[WUHPR 7RGDYtD SHUGXUD OD FUXHO FRVWXPEUH GH DPSXWDUOD D XQRV GH VX ORQJLWXG QDWXUDO SHUR HVD FRVWXPEUH WDPELpQ HVWi FD\HQGR HQ GHVXVR \ FDGD YH] HV PiV UHFKD]DGD (O SHODMH GHO PDVWtQ QDSROLWDQR HV FRUWR iVSHUR GXUR \ GHQVR 3XHGH VHU GH FRORU JULV JULV SORPL]R QHJUR SDUGR URML]R \ URML]R VXELGR &XDOTXLHUD GH HVRV FRORUHV WDPELpQ SXHGH SUHVHQWDUVH DWLJUDGR $GHPiV SXHGHQ SUHVHQWDU SHTXHxDV PDQFKDV EODQFDV HQ HO DQWHSHFKR \ OD SXQWD GH ORV GHGRV &DUiFWHU GHO PDVWtQ QDSROLWDQR (O PDVWtQ QDSROLWDQR HV XQ SHUUR PX\ FDVHUR GH WHPSHUDPHQWR ¿UPH GHFLGLGR LQGHSHQGLHQWH FDXWHORVR \ OHDO 7LHQGH D VHU UHVHUYDGR \ GHVFRQ¿DGR FRQ ORV H[WUDxRV SHUR SXHGH FRQYHUWLUVH HQ XQ SHUUR PX\ VRFLDEOH VL OH DOHQWDPRV GHVGH FDFKRUUR PHGLDQWH XQD EXHQD VRFLDOL]DFLyQ

£&XiQ JUDQGH ULTXH]D HV DXQ HQWUH ORV SREUHV HO VHU KLMR GH EXHQ SDGUH

-XDQ /XLV 9LYHV


5D]DV GH SHUURV 5D]DV GH SHUURV

(V XQ SHUUR WUDQTXLOR TXH GLVIUXWD GH XQD YLGD KRJDUHxD DO ODGR GH VX IDPLOLD \ HO FXDO GLVIUXWD GH WRGR WLSR GH DFWLYLGDGHV DO DLUH OLEUH \D TXH QHFHVLWD XQD EXHQD GRVLV GH DFWLYLGDG ItVLFD GLDULD (O SHUUR PDVWtQ QDSROLWDQR QR VXHOH ODGUDU VLQ PRWLYR \ QR HV GHPDVLDGR DFWLYR SDUD VX WDOOD SHUR Vt SXHGH VHU PX\ GHVWUXFWRU VL QR WLHQH OD FRPSDxtD \ HO FDULxR TXH UHTXLHUH $O LJXDO TXH RFXUUH FRQ WRGDV ODV UD]DV VH WUDWD GH XQ SHUUR PX\ VRFLDEOH TXH QHFHVLWD WHQHU XQ Q~FOHR IDPLOLDU GHO TXH IRUPDU SDUWH SDUD VHU IHOL] (V OHDO KDVWD HO H[FHVR XQ SHUUR PX\ ¿HO D TXLHQ OH FXLGD \ OH DPD 'HEHPRV UHFRUGDU TXH D SHVDU GH VHU XQ SHUUR VRFLDEOH \ ¿HO D VX IDPLOLD HO PDVWtQ QDSROLWDQR SXHGH QR VHU WRWDOPHQWH FRQVFLHQWH GH VX JUDQ WDPDxR SRU OR TXH ORV MXHJRV FRQ QLxRV \ GHVFRQRFLGRV GHEHQ HVWDU VLHPSUH VXSHUYLVDGRV HQWHQGLpQGROR FRPR SDUWH GH OD VHJXULGDG GHO SURSLR SHUUR \ GH TXLHQHV GHVFRQRFHQ VX JUDQ IXHU]D ItVLFD (V XQ SHUUR TXH GHEHUtD DGRSWDU XQD SHUVRQD H[SHULPHQWDGD \ FRQRFHGRUD GHO FRPSRUWDPLHQWR GHO SHUUR GH OD HGXFDFLyQ \ HO DGLHVWUDPLHQWR HQ SRVLWLYR DVt FRPR GH ORV FXLGDGRV TXH UHTXLHUH 1R HV XQD UD]D UHFRPHQGDGD SDUD TXLHQHV QR FRQR]FDQ QDGD DFHUFD GHO FXLGDGR GH ORV SHUURV &XLGDGRV GHO PDVWtQ QDSROLWDQR (O FXLGDGR GHO SHOR GHO PDVWtQ QDSROLWDQR QR GHPDQGD PXFKR HVIXHU]R \D TXH EDVWD FRQ HO FHSLOODGR RFDVLRQDO SDUD UHWLUDU HO SHOR PXHUWR 6LQ HPEDUJR HV QHFHVDULR OLPSLDU ORV SOLHJXHV GH OD SLHO FRQ IUHFXHQFLD HVSHFLDOPHQWH ORV TXH HVWiQ FHUFD GH OD ERFD \ SXHGHQ UHWHQHU UHVWRV GH FRPLGD SDUD HYLWDU HO FUHFLPLHQWR GH KRQJRV \ RWURV SUREOHPDV GpUPLFRV (VWRV SHUURV EDEHDQ PXFKR SRU OR TXH QR VRQ LGHDOHV SDUD JHQWH REVHVLRQDGD FRQ OD OLPSLH]D $XQTXH QR VRQ ORV SHUURV PiV DFWLYRV ORV PDVWLQHV QDSROLWDQRV QHFHVLWDQ SDVHRV ODUJRV FDGD GtD \ QR VH DGDSWDQ ELHQ D OD YLGD HQ GHSDUWDPHQWRV UHGXFLGRV 1HFHVLWDQ XQ HVSDFLR PHGLDQR R JUDQGH S D U D S R G H U V H Q W L U V H F y P R G R V ( V P X \ UHFRPHQGDEOH TXH SXHGDQ GLVIUXWDU GH XQ MDUGtQ DPSOLR 1R WROHUDQ ELHQ ODV WHPSHUDWXUDV HOHYDGDV SRU OR TXH GHEHQ FRQWDU FRQ XQ EXHQ UHIXJLR FRQ VRPEUD

1R HVWLPHV HO GLQHUR HQ PiV QL HQ PHQRV GH OR TXH YDOH SRUTXH HV XQ EXHQ VLHUYR \ XQ PDO DPR $OHMDQGUR 'XPDV


7HFRPiQ 6HUYLFLRV

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

$',9,1$1=$6 8QD VHxRUD PX\ DVHxRUDGD TXH JXLVD GH WRGR \ QR FRPH QDGD 7HQJR FLQFR KDELWDFLRQHV \ HQ FDGD XQD XQ LQTXLOLQR (Q LQYLHUQR VL KDFH IUtR WRGRV YLYHQ FDOLHQWLWRV )RUPDGRV FRPR VROGDGRV YDPRV HQ ¿OD \ VRPRV FDUQLFHURV HQ QXHVWUD YLGD ¢4XH VHUi TXH VHUi TXH VLHPSUH HVWi HQ OD SXHUWD \ MDPiV SXHGH HQWUDU" 'LFHQ TXH HO PiV WRQWR OD HQFXHQWUD \ TXH D SHVDU GH WRGR QL HO PiV VDELR VDEH FyPR GDU FRQ HOOD &XDQGR DEUR OD ERFD HQVHxR EODQFD \ ¿QD GHQWDGXUD &XDQGR PH SRQJR D KDEODU WRGRV ORV GHPiV ULWPLFDPHQWH VH PXHYHQ 'H DJXD VR\ GH WLHUUD \ DLUH FXDQGR GH DQGDU PH FDQVR VL VH PH DQWRMD YXHOR VL VH PH DQWRMD QDGR 0X\ ERQLWR SRU GHODQWH \ PX\ IHR SRU GHWUiV PH WUDQVIRUPR D FDGD LQVWDQWH SXHV LPLWR D ORV GHPiV 'HO DJXD VH KDFH \ HQ HO DJXD VH GHVKDFH (Q PHGLR GHO FLHOR HVWR\ VLQ VHU OXFHUR QL HVWUHOOD \ VLQ VHU VRO QL OXQD EHOOD D YHU VL DFLHUWDV TXLpQ VR\ &RQ YDULOODV PH VRVWHQJR FRQ OD OOXYLD YR\ \ YHQJR 6R\ EXHQ FRQ¿GHQWH SXHV OR TXH HQ PL VH JXDUGD VyOR OR OHH HO TXH DJXDUGD +DVWD ORV PDFKRV PiV PDFKRV WLHQHQ GRV

/D FRFLQD (O JXDQWH /RV GLHQWHV (O XPEUDO /D VXHUWH (O SLDQR (O SDWR (O HVSHMR (O KLHOR /D OHWUD ( (O SDUDJXDV (O VREUH 0XxHFDV

*UDQGH HV VLHPSUH HO DPRU PDWHUQDO SHUR WRFD HQ OR VXEOLPH FXDQGR VH PH]FOD FRQ OD DGPLUDFLyQ SRU HO KLMR DPDGR

Ã&#x2C6;QJHO *DQLYHW


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 &KLVWHV

'RV DERJDGRV LEDQ HQ XQ YXHOR D 6HDWWOH 8QR GH HOORV VH VHQWy MXQWR D OD YHQWDQD \ HO RWUR HQ HO DVLHQWR GH HQ PHGLR $O PRPHQWR GH GHVSHJDU XQ LQJHQLHUR VH VHQWy HQ HO DVLHQWR GHO SDVLOOR MXQWR D ORV GRV DERJDGRV (O LQJHQLHUR VH TXLWy ORV ]DSDWRV \ VH GLVSRQtD D GRUPLU FXDQGR HO DERJDGR GH OD YHQWDQD GLMR &UHR TXH YR\ D OHYDQWDUPH SRU XQD &RFD 1R KD\ SUREOHPD \R VH OD WUDLJR GLMR HO LQJHQLHUR (Q FXDQWR IXH SRU HO UHIUHVFR XQR GH ORV DERJDGRV WRPy XQR GH ORV ]DSDWRV GHO LQJHQLHUR \ HVFXSLy GHQWUR &XDQGR YROYLy FRQ OD FRFD HO RWUR DERJDGR GLMR <D VH PH DQWRMy <R WDPELpQ YR\ D LU SRU XQD 1XHYDPHQWH HO LQJHQLHUR VH OHYDQWy JHQWLOPHQWH SRU RWUD &RFD HQ FXDQWR VH IXH HO RWUR DERJDGR WRPy HO VHJXQGR ]DSDWR GHO LQJHQLHUR \ HVFXSLy GHQWUR GH pO (O LQJHQLHUR UHJUHVy \ WRGRV VH VHQWDURQ SRU XQ EXHQ UDWR VLQ KDEODU &XDQGR HO DYLyQ HVWDED DWHUUL]DQGR HO LQJHQLHUR VH SXVR ORV ]DSDWRV \ GHVFXEULy OR TXH KDEtD SDVDGR (QWRQFHV VH SXVR PX\ VHULR \ GLMR ¢+DVWD FXDQGR YD D VHJXLU HVWR" ¢(VWH FHOR HQWUH QXHVWUDV SURIHVLRQHV" ¢(VWH RGLR" ¢(VWD DQLPRVLGDG" ¢(VWH HVFXSLU HQ ORV ]DSDWRV \ 25,1$5 GHQWUR GH ODV &RFD &RODV" (VWRV VRQ XQ DERJDGR \ VX FOLHQWH DO ¿QDO GHO MXLFLR (O DERJDGR OH GLFH D VX FOLHQWH &RPR YHUi KD VLGR GHFODUDGR LQRFHQWH JUDFLDV D PL GHIHQVD 3HUR HQ FRQ¿DQ]D GtJDPH ¢)XH XVWHG TXLpQ URER HO EDQFR" (O FOLHQWH OH UHVSRQGH <R FUHR TXH OR UREp SHUR GHVSXpV GH RtU VXV DOHJDWRV \D QR HVWR\ PX\ VHJXUR &XDO HV OD XOWLPD OHWUD GHO $EHFHGDULR" /D 2 6HUi OD =" 1R SRUTXH HQWRQFHV VHUtD $EHFHGDULR]

6L KD GH KDEHU FRQÃ&#x20AC;LFWRV TXH VHD PLHQWUDV \R YLYD TXH PL KLMR SXHGD YLYLU HQ SD]

7KRPDV 3DLQH


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

68 '2 .8 (Q XQ FLHUWR PRPHQWR GH OD YLGD VH GHVHD XQ KLMR 4XL]iV SDUD PRULU XQ SRFR PHQRV FXDQGR VH PXHUH

)UDQoRLVH 6DJDQ


6DOXG \ %HOOH]D

)HOLFLGDGHV D WRGDV ODV PDGUHV \ S D U D O D V D E X H O L W D V T X H V R Q GREOHPHQWH PDGUHV GLVIU~WHQODV TXLHQHV D~Q ODV WLHQH (O FRUD]yQ QR GHVFDQVD QL XQ VROR PLQXWR GHVGH QXHVWUR QDFLPLHQWR HV HO P~VFXOR PiV LPSRUWDQWH GHO FXHUSR 7UDEDMD FRQWLQXDPHQWH SDUD HQYLDU VDQJUH ULFD HQ R[LJHQR D FDGD FpOXOD GHVGH OD FDEH]D KDVWD ORV GHGRV GH ORV SLHV (VWH yUJDQR PDQWLHQH VX YLJRU JUDFLDV D OD PLVPD VDQJUH ULFD HQ R[LJHQR TXH HQYtD DO UHVWR GHO FXHUSR &XDQGR HQ HO WRUUHQWH VDQJXtQHR VH HOHYDQ ODV JUDVDV SRU HMHPSOR FXDQGR HO FROHVWHURO DXPHQWD VLQ FRQWURO HO P~VFXOR FDUGtDFR HV HO SULPHUR HQ VXIULU ODV FRQVHFXHQFLDV &RQVXPLU XQD GLHWD DGHFXDGD SDUD HO FRUD]yQ HV X Q D G H O D V IR UP D V Pi V H ¿ F D F H V G H H Y L WD U HQIHUPHGDGHV RFDVLRQDGDV SRU HO HQJURVDPLHQWR GH ODV DUWHULDV /R PiV LPSRUWDQWH HV PDQWHQHU XQ QLYHO EDMR GH JUDVDV 'HVGH OXHJR XVWHG SXHGH UHGXFLU GUiVWLFDPHQWH ODV JUDVDV DQLPDOHV HQ VX GLHWD \ DXPHQWDU ODV FDQWLGDGHV QXWULHQWHV VL VH YXHOYH YHJHWDULDQR VLQ HPEDUJR KD\ PpGLFRV TXH OH DFRQVHMDQ PHMRU FRPHU SHVFDGR XQD R GRV YHFHV D OD VHPDQD \ XQR R GRV SODWRV YHJHWDULDQRV HQ OXJDU GH FDUQH \ pVWD ~OWLPD VRODPHQWH GH YH] HQ FXDQGR 5HFXHUGH TXH OR PDV VDQR HV FRPHU YDULDGR ,QFOXLU SHVFDGR HQ OD GLHWD HV EHQp¿FR SDUD HO FRUD]yQ SXHV FRQWLHQH PHQRV JUDVDV VDWXUDGDV TXH OD FDUQH /RV SHVFDGRV FRPR HO VDOPyQ \ HO DW~Q D\XGDQ D ODV HQIHUPHGDGHV FDUGtDFDV SXHV ODV JUDVDV GH HVWRV SHVFDGRV FRQWLHQHQ iFLGRV JUDVRV \ RPHJD 6H FUHH TXH ORV iFLGRV RPHJD IDYRUHFHQ DO FRUD]yQ GH GLIHUHQWHV PDQHUDV SRU HMHPSOR D\XGDQ D EDMDU OD SUHVLyQ DUWHULDO \ HYLWDQ OD FRDJXODFLyQ GH OD VDQJUH HVWR HV EHQp¿FR SXHV VL OD VDQJUH VH FRDJXOD GHPDVLDGR ODV DUWHULDV SXHGHQ REVWUXLUVH (O SHVFDGR WDPELpQ HV EXHQR SDUD TXLHQHV WLHQHQ XQ SUREOHPD FDUGtDFR (VWXGLRV GHPXHVWUDQ TXH FRPHU SHVFDGR GRV YHFHV D OD VHPDQD UHGXFH ODV SRVLELOLGDGHV GH XQ VHJXQGR \ SUREDEOHPHQWH PRUWDO DWDTXH /RV PLQHUDOHV FRPR HO FDOFLR SRWDVLR \ PDJQHVLR VRQ IXQGDPHQWDOHV SDUD OD VDOXG GHO FRUD]yQ 8QD IXQFLyQ SRFR FRQRFLGD GHO FDOFLR FRQVLVWH HQ TXH IRUPD SDUWH GH XQD SURWHtQD TXH D\XGD D FRQWURODU OD SUHVLyQ DUWHULDO $Vt TXH PLV DPLJRV D FXLGDU QXHVWUR FRUD]yQ +DVWD OD SUy[LPD

8QD PDGUH HV DOJXLHQ TXH D SHVDU GH WRGRV WXV IDOORV WH VLJXH TXHULHQGR \ FXLGDQGR FRPR VL IXHUDV OD PHMRU SHUVRQD GHO PXQGR

$XWRU GHVFRQRFLGR


0DQ]DQLOOR 6HUYLFLRV (PHUJHQFLDV (PHUJHQF\ /DGD

(PHUJHQFLDV (PHUJHQF\ (PHUJHQFLDV HQ 0DQ]DQLOOR 0DQ]DQLOOR (PHUJHQF\ $QJHOHV YHUGHV *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

1LQJ~Q LGLRPD SXHGH H[SUHVDU HO SRGHU EHOOH]D \ KHURtVPR GHO DPRU GH XQD PDGUH

(GZLQ &KDSLQ


0DQ]DQLOOR 6HUYLFLRV

5HÃ&#x20AC;H[LyQ

&RPR HO DLUH TXH UHVSLUDV FRPR OD EULVD GHO PDU TXH WH HQYXHOYH HQ ROHDGDV GH IUHVFXUD FRPR OD JDYLRWD TXH YRODQGR YD D UDV GHO DJXD GHO PDU $Vt GH OLEUH HUHV FXDQGR DWUiV GHMDV HO SDVDGR SDUD HQIUHQWDU HO SUHVHQWH TXH SURPHVD GH IXWXUR HV« £(OHYD ORV EUD]RV DO FLHOR \ GD JUDFLDV D 'LRV SRU HO QXHYR PHV GH PD\R TXH KD OOHJDGR SRU WXV ORJURV \ DFLHUWRV SRU WXV DOHJUtDV \ WULVWH]DV £(VWH PHV YD D VHU IDQWiVWLFR $SURYHFKD FDGD GtD GHO PHV SXHV HO WLHPSR YD SDVDQGR PLQXWR D PLQXWR \ HQ PHQRV GH XQ SDUSDGHR \D HV SDVDGR (VWH PHV QR GHV FDELGD D QLQJ~Q GHViQLPR %XVFD OOHQDUWH GH LGHDV SRVLWLYDV GH DPRU SD] \ FRUGXUD« /D YLGD HV PiV EHOOD FXDQGR QXHVWUD DFWLWXG HV OD GH IH \ FRQ¿DQ]D YLGD \ IHOLFLGDG« 1R LPSRUWD FXiQWR QHFHVLWHV QR LPSRUWD TXp PRPHQWR HVWpV SDVDQGR VRODPHQWH DO]D ORV EUD]RV \ SLHQVD HQ OD PDUDYLOOD GH VDEHU TXH UHVSLUDV« GH VDEHU TXH SXHGHV HOHYDU ORV EUD]RV \ FDPLQDU XQ PHV PiV (VWH PHV SURSRQWH WHQHU OD DFWLWXG FRUUHFWD 6LHQWH HO URFH GHO YLHQWR HQ WX URVWUR HQWUpJDWH D H V H L Q V W D Q W H \ GLVIU~WDOR /RV PHVHV SDVDQ YRODQGR SHUR S X H G H Q S D V D U GHPDVLDGR OHQWRV VL QR W L H Q H V O D D F W L W X G FRUUHFWD 1R SLHUGDV WX WLHPSR QL WXV IXHU]DV HQ FRVDV QHJDWLYDV &DGD V H J X Q G R \ F D G D LQVWDQWH HV LPSRUWDQWH \ V L O R V O O H Q D V G H R S W L P L V P R V H U i Q PDUDYLOORVRV« WRGR HVWi HQ TXH W~ VHSDV DSURYHFKDUORV

1R LPSRUWD ODV SHUVRQDV TXH FRQR]FDV \ SDVHQ WLHPSR D WX ODGR WX PDGUH HV ~QLFD \ VLHPSUH WH DPDUi PiV


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 'HMD GH EXVFDU DOJXLHQ TXH WH TXLHUD SDUD VLHPSUH \ QR WH DEDQGRQH <D OD WLHQHV HV WX PDGUH


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

3DUD HO PXQGR HUHV XQD PDGUH SHUR SDUD WX IDPLOLD HUHV HO PXQGR


0DQ]DQLOOR &RPHUFLRV

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

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

&XOWXUD

/D -RYHQ 0DGUH *HUULW 'RX /D MRYHQ PDGUH HV XQD GH ODV REUDV PiV FRQRFLGDV GH ODV UHDOL]DGDV SRU HO DUWLVWD EDUURFR *HUULW 'RX 3LQWDGR HQ yOHR VREUH OLHQ]R OD REUD QRV PXHVWUD D OD SHUIHFFLyQ HO HVWLOR GHWDOOLVWD GH 'RX HQ HO TXH VH DSUHFLD OD LQÃ&#x20AC;XHQFLD GH DOJXQR GH ORV SLQWRUHV EDUURFRV PiV GHVWDFDGRV GH OD pSRFD VL SRU DOJR GHVWDFD SUHFLVDPHQWH OD SLQWXUD GH HVWH VLQJXODU DUWLVWD HV SRU VDEHU FRPELQDU D OD SHUIHFFLyQ O R V G L V W L Q W R V D V S H F W R V HVWLOtVWLFRV GHO EDUURFR * H U U L W ' R X ± WDPELpQ FRQRFLGR FRPR * H U D G ' R X R L Q F O X V R * H U U L W 'RZ HV XQD GH O D V ¿ J X U D V /D PDWHUQLGDG HV OR PiV JUDQGH \ OR PiV GLItFLO 5LFNL /DNH


0DQ]DQLOOR &RPHUFLRV

5()5,*(5$&,21

0$1=$1,//2

9(17$ '( (48,32 ( ,167$/$&,21 '( $,5(6 $&21',&,21$'26 ,1'8675,$/ &20(5&,$/ '20(67,&2 $8720275,=

:H VHUYH LQVWDOO DQG UHSDLU DLU FRQGLWLRQLQJ IRU FDUV LQGXVWULDO FRPHUFLDO DQG GRPHVWLF UHIULJHUDWLRQ &RQVWLWXFLyQ \ 5HIRUPD $JUDULD &RORQLD 0RUHORV &DUUHWHUD D /DV %ULVDV 7HOV \

&XOWXUD

DUWtVWLFDV PiV UHSUHVHQWDWLYDV GH OD FRQRFLGD FRPR HVFXHOD GH /HLGHQ 'RX SHUWHQHFLy D XQD IDPLOLD GH DUWLVWDV VX SULPHURV FRQWDFWRV FRQ HO PXQGR GHO DUWH YLQLHURQ SUHFLVDPHQWH GH VX SDGUH XQ H[SHUWR SLQWRU GH YLGULHUDV GXUDQWH DOJ~Q WLHPSR HO DUWLVWD SHUPDQHFLy HQ HO WDOOHU IDPLOLDU VLQ HPEDUJR HO MRYHQ 'RX HVWDED PiV LQWHUHVDGR HQ OD SLQWXUD SOiVWLFD SRU OR TXH SURQWR LQJUHVy FRPR DSUHQGL] HQ HO WDOOHU GH DOJXQRV SLQWRUHV ORFDOHV ±'ROHQGR R 3HWHU .RXZKRRUQ D OD WHPSUDQD HGDG GH TXLQFH DxRV DO DUWLVWD VH OH SUHVHQWDUi XQD RSRUWXQLGDG ~QLFD LQJUHVDQGR HQ HO WDOOHU GHO DUWLVWD PiV GHVWDFDGR GH OD SLQWXUD KRODQGHVD 5HPEUDQGW +DUPHQV]RRQ YDQ 5LMQ *HUULW 'RX VH HVSHFLDOL]y HQ ODV HVFHQDV GH LQWHULRU FRPR OD TXH DTXt QRV RFXSD /D MRYHQ 0DGUH HV XQ yOHR VREUH OLHQ]R SLQWDGR SRU HO DUWLVWD D PHGLDGRV GHO VLJOR ;9,, HQ WRUQR DO DxR 6H WUDWD GH XQD SHTXHxD WDEOD TXH PLGH SRFR PiV GH FLQFXHQWD FHQWtPHWURV GH DQFKXUD \ VHWHQWD GH DOWXUD \ FX\D SDUWH VXSHULRU VH KD UHPDWDGR HQ XQ VHPLFtUFXOR 6H WUDWD GH XQD PDGUH DO VXSRQHU SULPHUL]D TXH VH HQFXHQWUD FRVLHQGR PLHQWUDV OD FULDGD DWLHQGH D VXV SLHV D VX KLMR UHFLpQ QDFLGR TXH VH HQFXHQWUD GHQWUR GH XQD FDQDVWLOOD GH PLPEUH /D PXMHU FRQWLQ~D HQ OD SiJLQD

1R LPSRUWD OR SREUH TXH VHD XQD SHUVRQD VL WLHQH XQD PDGUH HV ULFD


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

/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

/LIH LV RQH ELJ URDG ZLWK ORWV RI VLJQV 6R ZKHQ \RX ULGLQJ WKURXJK WKH UXWV GRQ W FRPSOLFDWH \RXU PLQG )OHH IURP KDWH PLVFKLHI DQG MHDORXV\ 'RQ W EXU\ \RXU WKRXJKWV SXW \RXU YLVLRQ WR UHDOLW\ :DNH 8S DQG /LYH $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 2XU PLQGV LQÃ&#x20AC;XHQFH WKH NH\ DFWLYLW\ RI WKH EUDLQ ZKLFK WKHQ LQÃ&#x20AC;XHQFHV HYHU\WKLQJ SHUFHSWLRQ FRJQLWLRQ WKRXJKWV DQG IHHOLQJV SHUVRQDO UHODWLRQVKLSV WKH\ UH DOO D SURMHFWLRQ RI \RX $SSUHFLDWLRQ LV WKH KLJKHVW IRUP RI SUD\HU IRU LW DFNQRZOHGJHV WKH SUHVHQFH RI JRRG ZKHUHYHU \RX VKLQH WKH OLJKW RI \RXU WKDQNIXO WKRXJKWV 7R PH WKH PHDQHVW Ã&#x20AC;RZHU WKDW EORZV FDQ JLYH WKRXJKWV WKDW GR RIWHQ OLH WRR GHHS IRU WHDUV

&XDQGR TXLHUDV VHQWLU DPRU SLHQVD HQ WX PDGUH \ WX FRUD]yQ VH OOHQDUi GH pO


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 3ROLFtD +RWHO RK WHO

5HFHSFLyQ 3OD\D &DUUR FRFKH

7KRXJKWV

3HRSOH WHQG WR GZHOO PRUH RQ QHJDWLYH WKLQJV WKDQ RQ JRRG WKLQJV 6R WKH PLQG WKHQ EHFRPHV REVHVVHG ZLWK QHJDWLYH WKLQJV ZLWK MXGJPHQWV JXLOW DQG DQ[LHW\ SURGXFHG E\ WKRXJKWV DERXW WKH IXWXUH DQG VR RQ .HHS DOO VSHFLDO WKRXJKWV DQG PHPRULHV IRU OLIHWLPHV WR FRPH 6KDUH WKHVH NHHSVDNHV ZLWK RWKHUV WR LQVSLUH KRSH DQG EXLOG IURP WKH SDVW ZKLFK FDQ EULGJH WR WKH IXWXUH 1R KD\ QDGD FRPR HO DPRU GH XQD PDGUH KDFLD VXV KLMRV

$JDWKD &KULVWLH


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 $1Ã&#x2019;1&,(6( (1

OOiPHQRV \ FRQ JXVWR OR DQWHQGHUHPRV FRQWDFWR#FRVWD]XO P[ ZZZ FRVWD]XO P[

/DV PDGUHV YDORUDQ QXHVWUD H[LVWHQFLD PiV TXH QXHVWURV ORJURV


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

$Q ,ULVKPDQ ZDONV LQWR D EDU LQ 'XEOLQ RUGHUV WKUHH SLQWV RI *XLQQHVV DQG VLWV LQ WKH EDFN RI WKH URRP GULQNLQJ D VLS RXW RI HDFK RQH LQ WXUQ :KHQ KH ¿QLVKHG DOO WKUHH KH FRPHV EDFN WR WKH EDU DQG RUGHUV WKUHH PRUH 7KH EDUWHQGHU VD\V WR KLP <RX NQRZ D SLQW JRHV Ã&#x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¿QH , YH MXVW TXLW GULQNLQJ (O PHMRU OXJDU SDUD OORUDU HV HQ ORV EUD]RV GH XQD PDGUH

-RGL 3LFRXOW


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

1LQJ~Q UHJDOR D XQD PDGUH VH SXHGH LJXDODU D VX UHJDOR KDFLD WL OD YLGD


&KLVWH &XHQWR &KLVWH

0L PDGUH PH HQVHxy D DSUHFLDU XQ WUDEDMR ELHQ KHFKR £6L VH YDQ D PDWDU KiJDQOR DIXHUD £$FDER GH WHUPLQDU GH OLPSLDU 0L PDGUH PH HQVHxy UHOLJLyQ £0HMRU UH]D SDUD TXH HVWD PDQFKD VDOJD GH OD DOIRPEUD 0L PDGUH PH HQVHxy OyJLFD £3RUTXH \R OR GLJR 3RU HVR \ SXQWR 0L PDGUH PH HQVHxy D SUHGHFLU HO IXWXUR $VHJ~UDWH GH TXH HVWpV XVDQGR URSD LQWHULRU OLPSLD \ FRPSOHWD SDUD HO FDVR GH TXH WHQJDV XQ DFFLGHQWH 0L PDGUH PH HQVHxy LURQtD £6LJXH OORUDQGR \ \R WH YR\ D GDU XQD YHUGDGHUD UD]yQ SDUD OORUDU 0L PDGUH PH HQVHxy D VHU DKRUUDWLYR £*XDUGD HVDV OiJULPDV SDUD FXDQGR PH PXHUD 0L PDGUH PH HQVHxy RVPRVLV £&LHUUD OD ERFD \ FRPH 0L PDGUH PH HQVHxy FRQWRUVLRQLVPR £0LUD OD VXFLHGDG TXH WLHQHV HQ OD QXFD £'DWH OD YXHOWD 0L PDGUH PH HQVHxy IXHU]D \ YROXQWDG 7H YDV D TXHGDU VHQWDGR KDVWD TXH WH FRPDV WRGR PDPD0L PDGUH PH HQVHxy PHWHRURORJtD £3DUHFH TXH SDVR XQ KXUDFiQ SRU WX FXDUWR 0L PDGUH PH HQVHxy PHVXUD £7H KH GLFKR XQ PLOOyQ GH YHFHV TXH QR VHDV H[DJHUDGR 0L PDGUH PH HQVHxy HO FLFOR GH OD YLGD £7H WUDMH D HVWH PXQGR \ WH SXHGR VDFDU GH pO ´ 0L PDGUH PH HQVHxy D PRGL¿FDU SDWURQHV GH FRPSRUWDPLHQWR £'HMD GH DFWXDU FRPR WX SDGUH 0L PDGUH PH HQVHxy OD HQYLGLD £+D\ PLOORQHV GH QLxRV PHQRV DIRUWXQDGRV HQ HVWH PXQGR TXH QR WLHQHQ XQD PDPi PDUDYLOORVD FRPR OD WX\D 0L PDGUH PH HQVHxy YHQWULORTXtD £1R PH UH]RQJXHV £&iOODWH \ FRQWHVWDPH £SRU TXp OR KLFLVWH 0L PDGUH PH HQVHxy RGRQWRORJtD £0H YXHOYHV D FRQWHVWDU DVt \ WH HVWDPSR ORV GLHQWHV HQ OD SDUHG 0L PDGUH PH HQVHxy UHFWLWXG £7H YR\ D HQGHUH]DU GH XQ VROR WUDQFD]R

6LQ HO DPRU GH ODV PDGUHV QR SRGUtD VREUHYLYLU OD UD]D KXPDQD


0DQ]DQLOOR 7XULVPR

&XOWXUD

YLHQH GH OD SiJLQD

KD OHYDQWDGR OD YLVWD GH VX ODERU SDUD PLUDU ¿MDPHQWH DO HVSHFWDGRU SDVDQGR SRU DOWR HO OODQWR GHO EHEp D TXLHQ OD FULDGD DFXGH VROtFLWDPHQWH /DV ¿JXUDV TXH HO DUWLVWD KD FRORFDGR HQ XQ SODQR PiV DOHMDGR VH KDQ TXHGDGR SHTXHxDV GHQWUR GH OD JUDQ KDELWDFLyQ TXH DSDUHFH DWHVWDGD GH REMHWRV &RPR KHUHQFLD GH OD HVWpWLFD GH 5HPEUDQGW VH DSUHFLD XQ HVSHFWDFXODU PDQHMR GHO FRORULGR TXH HQ HVWD RFDVLyQ DSDUHFH PDWL]DGR SRU ORV SRWHQWHV HIHFWRV OXPtQLFRV /D OX] HV KHUHQFLD GH OD WUDGLFLyQ WHQHEULVWD LQLFLDGD HQ ,WDOLD SRU &DUDYDJJLR \ GLIXQGLGD SRU WRGD (XURSD VH WUDWD GH XQD OX] TXH LQFLGH GHVGH OD GHUHFKD HQWUDQGR SRU HO JUDQ YHQWDQDO TXH DSDUHFH VHPLDELHUWR \ GHVGH GRQGH VH SXHGH DSUHFLDU OD VLOXHWD GH OD FLXGDG GH /HLGHQ 3HUR VLQ OXJDU D GXGDV OD FDOLGDG DUWtVWLFD GH 'RX HV PiV TXH DSUHFLDEOH HQ HO GHWDOOLVPR FRQ HO TXH HODERUD FDGD XQR GH ORV P~OWLSOHV GHWDOOHV TXH DGRUQDQ HO OLHQ]R (Q OD KDELWDFLyQ VH SXHGHQ FRQWDU PiV XQD GHFHQD GH HOHPHQWRV VXSHUÃ&#x20AC;XRV HQ GRQGH HO DUWLVWD KD GHUURFKDGR YLUWXRVLVPR UHSURGXFLHQGR D OD SHUIHFFLyQ FDGD GHWDOOH (Q OD DFWXDOLGDG OD REUD GH /D MRYHQ PDGUH VH HQFXHQWUD HQ HO 0XVHR GH 0DXULVWVKXLV GH /D +D\D 8QD PDGUH HV DOJXLHQ D TXLHQ SLGHV D\XGD FXDQGR WH PHWHV HQ SUREOHPDV

(PLO\ 'LFNLQVRQ


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

PLVPD WLHUUD GH GRQGH GHVSHUWDUD pO

&XHQWR

(UDQ YRFHV LQGH¿QLGDV VyOR YRFHV TXH OOHJDEDQ D VX FRUD]yQ OOHQiQGROR GH FRQWHQWR (O FDPLQR VH HQVDQFKDED FDGD YH] PiV SHUR WDPELpQ FDGD YH] PiV HVWDED OOHQR GH DVSHUH]DV <D VXV SLHV VH KDEtDQ DFRVWXPEUDGR D ODV SLHGUDV \ ODV HVSLQDV 6XV PDQRV VH KDEtDQ YXHOWR PRUHQDV SRU DTXHO VRO GH OD PDxDQD \ SRU HO FDORU TXH VDOtD GH OD WLHUUD VXELHQGR SRU VX FXHUSR 6HQWtD TXH D~Q YLYtD OD PLVPD PDxDQD /D PLVPD HQ TXH GHVSHUWDUD SHUR HVD PDxDQD KDEtD VLGR ODUJD \ GXUDQWH HOOD VX PHPRULD UHJLVWUDED PXFKDV FRVDV &RQRFtD \D HO UXLGR GHO YLHQWR HO FDORU GHO VRO VDEtD TXH ODV ]DU]DV \ ORV JXLMDUURV SRGtDQ KHULU VX SLHO &RQRFtD GLIHUHQWHV VRQLGRV \ ORV GH¿QtD XQR D XQR SHUR DOJR PiV GHVFXEULy GHQWUR GH Vt $OJR TXH QR VLQWLHUD DQWHV $TXHOOR HUD OD VROHGDG $ PHGLGD TXH VXV SLHV LEDQ GHMDQGR KXHOODV TXH ORV YLHQWRV FRQIXQGtDQ VLQWLy TXH VX YLGD HUD VROD WDQ VROD TXH WXYR PLHGR GH DTXHO VLOHQFLR 7RGR OR TXH KDEtD PLUDGR D VX SDVR VH FRQFUHWDED ~QLFDPHQWH D YLVLRQHV TXH OH HPRFLRQDEDQ TXH FRQWLQ~D HQ OD SiJLQD

0DGUH OD SHUVRQD TXH KDFH JUDWLV HO WUDEDMR GH YHLQWH SHUVRQDV

$QyQLPR


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 &XHQWR

YLHQH GH OD SiJLQD

OH PDUDYLOODEDQ SHUR QR PiV $~Q IDOWDED PXFKR SDUD TXH HO VRO OOHJDUD D OD PLWDG GHO GtD (O FDPLQR DQGDGR HUD PX\ ODUJR WDQWR TXH DO YROWHDU OD PLUDGD QR SUHFLVDED \D HO OXJDU GH GRQGH KDEtD SDUWLGR )XHURQ PXFKDV PHWDV \ KRUL]RQWHV DOFDQ]DGRV 6X OXJDU GH RULJHQ KDEtD TXHGDGR DWUiV 1R VHQWtD FDQVDQFLR QL KDPEUH QL VLTXLHUD VHG 6X FXHUSR HVWDED KHFKR SDUD VXIULU DTXHOODV KRUDV DxRV GH FDPLQR VLQ GHQRWDU IDWLJD (Q VX FHUHEUR VHJXtDQ UHJLVWUiQGRVH QXHYDV HPRFLRQHV $O OOHJDU D XQR GH WDQWRV KRUL]RQWHV HQFRQWUy XQD ¿JXUD FRPR OD GH pO VyOR TXH PiV IUiJLO PiV Ã&#x20AC;H[LEOH PiV EHOOD $Vt OD HQFRQWUy \ OD GHVHy GH SURQWR KDEODEDQ OD PLVPD OHQJXD WHQtDQ ORV PLVPRV JXVWRV \ DPERV KDEtDQ FDPLQDGR HQ VHQWLGRV RSXHVWRV KDVWD HQFRQWUDUVH DO ¿QDO \ SULQFLSLR GH DTXHO KRUL]RQWH EDxDGR SRU OD OX] GHO VRO 6LJXLy HQWRQFHV XQD QXHYD UXWD 8QD UXWD GLIHUHQWH D OD TXH VH WUD]DUD \ OD TXH OH OOHYDUtD VLQ GXGD D XQ QXHYR GHVWLQR $ XQ PXQGR QXHYR \ OOHQR GH LOXVLRQHV 3HUR HQWRQFHV \D QR HVWDED VROR 7HQtD MXQWR D pO XQD FRPSDxHUD HQ OD TXH SRGtD GHVFDQVDU VX EUD]R 8QD FRPSDxHUD FX\RV RMRV HUDQ QXHYRV VROHV TXH DOXPEUDEDQ PHMRU VX FDPLQR <D HO VRO VH DSUR[LPDED D OD PLWDG GH VX FDUUHUD 6H LED DSUR[LPDQGR FDGD YH] PiV KDVWD TXH QR KXER VLQR XQD SHTXHxD VRPEUD D ORV SLHV GH DPERV < FXDQGR HVD VRPEUD VH IXQGLy HQ XQD VROD VLQWLy HO KRPEUH TXH WRGR VX VHU VH GHVSHUH]DED \ VXV EUD]RV VH OOHQDEDQ GH XQ PLVWHULRVR YLJRU (O VRO OOHJy D OR PiV DOWR \ DTXHO VRO GHO PHGLRGtD KL]R FUHSLWDU ORV iUEROHV VHFRV TXH VH TXHGDURQ DWUiV ORV TXH ERUGHDEDQ HO FDPLQR \ ORV TXH VH YHtDQ DOOi OHMRV 'H DTXHOORV iUEROHV PXHUWRV \D EURWy XQ IXHJR TXH ORV FRQYLUWLy HQ FHQL]DV \ XQD YH] FRQVXPLGRV GH VXV FHQL]DV EURWDURQ QXHYRV iUEROHV FX\D OR]DQtD IXH PD\RU $TXHO KRPEUH HPSH]y D IRUPDU HQ VX SHQVDPLHQWR XQD QXHYD LGHD 8QD LGHD KHFKD FRPR

0DGUH HV XQ YHUER (V DOJR TXH KDFHV QR DOJR TXH HUHV

'RURWK\ &DQ¿HOG )LVKHU


0DQ]DQLOOR %LHQHV 5DLFHV

5HVHUYD HQ ZZZ DTXDWHUUD FRP R DO

&XHQWR

XQD KLVWRULD \ HQ HOOD HVWDED OLJDGD OD TXH LED MXQWR D pO \ ORV TXH QDFLHUDQ GH DPERV < HO VRO GHO PHGLRGtD WRVWy VXV FXHUSRV 6H PHWLy DTXHO VRO GHQWUR GH VX SLHO \ ORV KL]R GHO FRORU GH OD WLHUUD KDVWD FRQIXQGLUORV (QWRQFHV VXSLHURQ GH OR TXH HUD FDSD] HO VRO GHO PHGLRGtD 6XSLHURQ TXH DO OOHJDU D DTXHOOD KRUD GH¿QH OD H[LVWHQFLD \ HO FXHUSR XQD YH] SDVDGD DTXHOOD KRUD HPSLH]D D VHQWLU HO FDQVDQFLR OD VHG HO KDPEUH \ ODV HQIHUPHGDGHV (O KRPEUH PLUy GHVGH HVD KRUD ORV KRUL]RQWHV FDGD YH] PiV OHMRV 1HFHVLWy FDGD YH] PiV DSR\DUVH HQ VX FRPSDxHUD \ WDPELpQ SRU SULPHUD YH] QHFHVLWy GHVFDQVDU < GHVFDQVy VX FXHUSR WRVWDGR SRU HO VRO EDMR XQ iUERO TXH KDEtD YLVWR FUHFHU PXFKR DQWHV HQ RWURV FDPLQRV /XHJR XQD YH] GHVFDQVDGR SURVLJXLy DO SDUHFHU FRQ PiV HQHUJtDV SHUR HQ YHUGDG FRQ PiV IDWLJD (O VRO GHFOLQDED (O KRPEUH HQ VX FDPLQDU VH GLR FXHQWD FRQ YHUGDGHUD VRUSUHVD TXH \D QR LED KDFLD DGHODQWH ,QFRQVFLHQWHPHQWH VXV SDVRV LEDQ GLULJLGRV DO OXJDU GH GRQGH SDUWLHUD (O VRO GHO PHGLRGtD KDEtD SDVDGR \D /LSR /HSH

1R KD\ QDGD FRPR HO DEUD]R GH XQD PDGUH $GDEHOOD 5DGLFL


+RUyVFRSR +RURVFRSH +D\ XQ WRQR IHVWLYR DOHJUH \ PX\ GLQiPLFR HQ HVWD HWDSD GHO QRYLOXQLR UHFLHQWHPHQWH RFXUULGR 1R SLHUGDV PiV WLHPSR OXFXEUDQGR VRVSHFKDV &RORU YLROHWD 7KHUH LV D IHVWLYH OLYHO\ DQG YHU\ G\QDPLF WRQH LQ WKLV VWDJH RI WKH QHZO\ ERUQ 1RYLOXQLR 'R QRW ZDVWH PRUH WLPH SURYRNLQJ VXVSLFLRQV &RORU YLROHW &RPSDUWLUiV PiV WLHPSR \ VREUH WRGR PiV FDOLGDG GHO PLVPR FRQ WXV VHUHV TXHULGRV QR HVFDWLPHV IUDVHV GH FDULxR DPRU \ FRPSUHQVLyQ &RORU FDIp <RX ZLOO VKDUH PRUH WLPH DQG HVSHFLDOO\ PRUH TXDOLW\ RI LW ZLWK \RXU ORYHG RQHV GR QRW VNLS ZRUGV RI ORYH ORYH DQG XQGHUVWDQGLQJ &RORU EURZQ ([LVWH XQD SRVLELOLGDG PX\ IXHUWH GH FDPELRV GH SODQHV D ~OWLPD KRUD \ VREUH WRGR SDUD HO PHV GH PD\R \ PDUFD WX FLFOR GH FXPSOHDxRV &RORU URMR 7KHUH LV D YHU\ VWURQJ SRVVLELOLW\ RI ODVW PLQXWH FKDQJHV RI SODQV DQG HVSHFLDOO\ IRU WKH PRQWK RI 0D\ DQG PDUNV \RXU ELUWKGD\ F\FOH &RORU UHG +D\ DVSHFWRV LQWHQVRV GHQWUR GH WX KRUyVFRSR 6L HVWiV VROWHUR R VROWHUD DFXGH D OXJDUHV GRQGH SXHGH KDEHU UHXQLRQHV FRQ SHUVRQDV TXH WH DJUDGHQ &RORU JULV 7KHUH DUH LQWHQVH DVSHFWV ZLWKLQ \RXU KRURVFRSH ,I \RX DUH VLQJOH JR WR SODFHV ZKHUH WKHUH FDQ EH PHHWLQJV ZLWK SHRSOH WKDW \RX OLNH &RORU JUD\ +D\ EXHQRV PRYLPLHQWRV SODQHWDULRV D WX DOUHGHGRU TXH IDYRUHFHQ OD UHFHSFLyQ \ DXPHQWR GH GLQHUR SHUR GHEHUiV VHU SDFLHQWH &RORU D]XO 7KHUH DUH JRRG SODQHWDU\ PRYHPHQWV DURXQG \RX WKDW IDYRU UHFHSWLRQ DQG LQFUHDVH RI PRQH\ EXW \RX PXVW EH SDWLHQW &RORU EOXH &RQ HO LQLFLR GHO WUiQVLWR OXQDU D XQ VLJQR GHO HOHPHQWR DLUH HVWiV YLYLHQGR XQD EXHQD HWDSD DPRURVD \ SRU HVR QR GHEHV PDORJUDUOD FRQ SHOHDV &RORU URVD :LWK WKH EHJLQQLQJ RI WKH OXQDU WUDQVLW WR D VLJQ RI WKH HOHPHQW DLU \RX DUH H[SHULHQFLQJ D JRRG VWDJH RI ORYH DQG WKDW LV ZK\ \RX VKRXOG QRW GHIHDW LW ZLWK ¿JKWV &RORU SLQN /D GREOH LQÃ&#x20AC;XHQFLD TXH HMHUFH WX UHJHQWH HO SODQHWD 9HQXV MXQWR D 0DUWH DPERV GLUHFWRV WH FDXVDUi DGPLUDFLyQ \ VRUSUHVD &RORU YHUGH 7KH GRXEOH LQÃ&#x20AC;XHQFH RI \RXU UHJHQW WKH SODQHW 9HQXV ZLWK 0DUV ERWK GLUHFW ZLOO FDXVH \RX DGPLUDWLRQ DQG VXUSULVH &RORU JUHHQ +D\ XQD RQGD GH DOHJUtD HQ WX PXQGR LQWHULRU TXH VH UHÃ&#x20AC;HMD HQ WRGR OR TXH KDFHV \ WH SRQH HQ FRQWURO GH ODV VLWXDFLRQHV TXH WH URGHDQ &RORU QDUDQMD 7KHUH LV D ZDYH RI MR\ LQ \RXU LQQHU ZRUOG WKDW LV UHÃ&#x20AC;HFWHG LQ HYHU\WKLQJ \RX GR DQG SXWV \RX LQ FRQWURO RI WKH VLWXDWLRQV DURXQG \RX &RORU RUDQJH 7XV SUHJXQWDV WHQGUiQ UHVSXHVWDV FRQFUHWDV \ DWLQDGDV /D VXHUWH HQ HO D]DU HVWi IDYRUHFLGD HQ HVWH FLFOR Ã&#x2C6;EUHWH D QXHYDV H[SHULHQFLDV &RORU EODQFR <RXU TXHVWLRQV ZLOO KDYH FRQFUHWH DQVZHUV &KDQFH LQ FKDQFH LV IDYRUHG LQ WKLV F\FOH 2SHQ \RXUVHOI WR QHZ H[SHULHQFHV &RORU ZKLWH 7UDQTXLOR FDSULFRUQLDQR $XQTXH ODV FRVDV QR HVWpQ GHO WRGR ELHQ WDPSRFR HVWiQ PDO \ SRGUiV VDOLU GH XQ SUREOHPD SHUVRQDO HQ WX HPSOHR &RORU QHJUR 4XLHW &DSULFRUQ $OWKRXJK WKLQJV DUH QRW TXLWH ULJKW WKH\ DUH QRW EDG HLWKHU DQG \RX FDQ JHW RXW RI D SHUVRQDO SUREOHP LQ \RXU MRE &RORU EODFN 'H WX DFWLWXG GHSHQGHUi HO p[LWR TXH WHQJDV HQ WX UHODFLyQ DFWXDO \ HQ XQ DPRU TXH VXUJH 8Q VXHxR WH FRORFDUi HQ HO FDPLQR GH OD IRUWXQD &RORU DPDULOOR <RXU DWWLWXGH ZLOO GHSHQG RQ WKH VXFFHVV \RX KDYH LQ \RXU FXUUHQW UHODWLRQVKLS DQG LQ D ORYH WKDW DULVHV $ GUHDP ZLOO SXW \RX RQ WKH SDWK RI IRUWXQH &RORU \HOORZ 1R WH GHWHQJDV IUHQWH D ORV LQFRQYHQLHQWHV \ SURSRQWH VDFDU DGHODQWH WX UHODFLyQ FRQWUD YLHQWR \ PDUHD DXQTXH KD\D KDELGR SUREOHPDV &RORU D]XO FLHOR 'R QRW VWRS LQ IURQW RI WKH GLVDGYDQWDJHV DQG SURSRVH WR PRYH IRUZDUG \RXU UHODWLRQVKLS DJDLQVW ZLQG DQG WLGH HYHQ LI WKHUH KDYH EHHQ SUREOHPV &RORU VN\ EOXH

(O DPRU LQFRQGLFLRQDO QR HV XQ PLWR OR SXHGHV REVHUYDU WRGRV ORV GtDV HQ ODV PDGUHV

$QyQLPR


Â&#x2039; &RVWD]XO 'HUHFKRV UHVHUYDGRV /D LPDJHQ \ HO ORJRWLSR GH HVWD SXEOLFDFLyQ VRQ SURSLHGDG GH &RVWD]XO


Turn static files into dynamic content formats.

Create a flipbook