Revista Costazul Enero 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 $5< 8 1 $ 1(52 (

R x D ] L O H £) QXHYR &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$78,7$

/D YLGD HV IDVFLQDQWH VyOR KD\ TXH PLUDUOD D WUDYpV GH ODV JDIDV FRUUHFWDV $OHMDQGUR 'XPDV

,1',&( 5XWDV WXUtVWLFDV 7RXULVW URXWHV 1XHVWUD SRUWDGD 7HOpIRQRV GH LPSRUWDQFLD LPSRUWDQW SKRQH QXPEHUV &KLVWHV 5HÀH[LRQHV &XOWXUD )iEXOD 3RHPDV 1HJRFLRV 5D]DV GH SHUURV ¢6DEtD XVWHG TXH" SRU 'U -XVWLQR 0 /HSH &RVWD]XO HQ OD FRFLQD *XtD GHO EDUPDQ 'DWRV FXULRVRV /H\HQGD 7UDGLFLRQHV +LVWRULD GH &ROLPD &XHQWR (QWUHWHQLPLHQWR 6DOXG \ EHOOH]D 3DUD QLxRV 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 &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 (QHUR 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

(O KR\ HV GLVFtSXOR GHO D\HU 3XEOLR 6LUR

1XHVWUD SRUWDGD

0HQVDMH GH DxR QXHYR GHO 3DSD $O FRPLHQ]R GH HVWH QXHYR DxR IRUPXOR PLV PiV VLQFHURV GHVHRV GH SD] SDUD ORV SXHEORV \ SDUD ODV QDFLRQHV GHO PXQGR SDUD ORV -HIHV GH (VWDGR \ GH *RELHUQR DVt FRPR SDUD ORV UHVSRQVDEOHV GH ODV FRPXQLGDGHV UHOLJLRVDV \ GH ORV GLYHUVRV VHFWRUHV GH OD VRFLHGDG FLYLO 'HVHR OD SD] D FDGD KRPEUH PXMHU QLxR \ QLxD D OD YH] TXH UH]R SDUD TXH OD LPDJHQ \ VHPHMDQ]D GH 'LRV HQ FDGD SHUVRQD QRV SHUPLWD UHFRQRFHUQRV XQRV D RWURV FRPR GRQHV VDJUDGRV GRWDGRV GH XQD LQPHQVD GLJQLGDG (VSHFLDOPHQWH HQ ODV VLWXDFLRQHV GH FRQÀLFWR UHVSHWHPRV VX ©GLJQLGDG PiV SURIXQGDª \ KDJDPRV GH OD QR YLROHQFLD DFWLYD QXHVWUR HVWLOR GH YLGD (O VLJOR SDVDGR IXH GHYDVWDGR SRU GRV KRUULEOHV JXHUUDV PXQGLDOHV FRQRFLy OD DPHQD]D GH OD JXHUUD QXFOHDU \ XQ JUDQ Q~PHUR GH QXHYRV FRQÀLFWRV SHUR KR\ ODPHQWDEOHPHQWH HVWDPRV DQWH XQD WHUULEOH JXHUUD PXQGLDO SRU SDUWHV 1R HV IiFLO VDEHU VL HO PXQGR DFWXDOPHQWH HV PiV R PHQRV YLROHQWR GH OR TXH IXH HQ HO SDVDGR QL VL ORV PRGHUQRV PHGLRV GH FRPXQLFDFLyQ \ OD PRYLOLGDG TXH FDUDFWHUL]D QXHVWUD pSRFD QRV KDFH PiV FRQVFLHQWHV GH OD YLROHQFLD R PiV KDELWXDGRV D HOOD (Q FXDOTXLHU FDVR HVWD YLROHQFLD TXH VH FRPHWH ©SRU SDUWHVª HQ PRGRV \ QLYHOHV GLYHUVRV SURYRFD XQ HQRUPH VXIULPLHQWR TXH FRQRFHPRV ELHQ JXHUUDV HQ GLIHUHQWHV SDtVHV \ FRQWLQHQWHV WHUURULVPR FULPLQDOLGDG \ DWDTXHV DUPDGRV LPSUHGHFLEOHV DEXVRV FRQWUD ORV HPLJUDQWHV \ ODV YtFWLPDV GH OD WUDWD GHYDVWDFLyQ GHO PHGLR DPELHQWH ¢&RQ TXp ¿Q" 6L HO RULJHQ GHO TXH EURWD OD YLROHQFLD HVWi HQ HO FRUD]yQ GH ORV KRPEUHV HQWRQFHV HV IXQGDPHQWDO UHFRUUHU HO VHQGHUR GH OD QR YLROHQFLD HQ SULPHU OXJDU HQ HO VHQR GH OD IDPLOLD /D IDPLOLD HV HO HVSDFLR LQGLVSHQVDEOH HQ HO TXH ORV FyQ\XJHV SDGUHV H KLMRV KHUPDQRV \ KHUPDQDV DSUHQGHQ D FRPXQLFDUVH \ D FXLGDUVH XQRV D RWURV GH PRGR GHVLQWHUHVDGR \ GRQGH ORV GHVDFXHUGRV R LQFOXVR ORV FRQÀLFWRV GHEHQ VHU VXSHUDGRV QR FRQ OD IXHU]D VLQR FRQ HO GLiORJR HO UHVSHWR OD E~VTXHGD GHO ELHQ GHO RWUR OD PLVHULFRUGLD \ HO SHUGyQ 'HVGH HO VHQR GH OD IDPLOLD OD DOHJUtD VH SURSDJD DO PXQGR \ VH LUUDGLD D WRGD OD VRFLHGDG &RQ OD PLVPD XUJHQFLD VXSOLFR TXH VH GHWHQJD OD YLROHQFLD GRPpVWLFD \ ORV DEXVRV D PXMHUHV \ QLxRV ([WUDFWR GHO PHQVDMH GHO GH 'LFLHPEUH )LUPDGR HQ HO 9DWLFDQR

&XDQGR OD YLGD WH SUHVHQWH UD]RQHV SDUD OORUDU GHPXpVWUDOH TXH WLHQHV PLO \ XQD UD]RQHV SDUD UHtU

$QyQLPR

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 YLGD HV PX\ SHOLJURVD 1R SRU ODV SHUVRQDV TXH KDFHQ HO PDO VLQR SRU ODV TXH VH VLHQWDQ D YHU OR TXH SDVD $OEHUW (LQVWHLQ

&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

(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 $O ¿QDO OR TXH LPSRUWD QR VRQ ORV DxRV GH YLGD VLQR OD YLGD GH ORV DxRV

$EUDKDP /LQFROQ

&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

'RV ERUUDFKRV YDQ D ERUGR GH XQ YHKtFXOR D PLOODV SRU KRUD HQ XQD V~SHU DXWRSLVWD 8QR GH ORV ERUUDFKRV OH GLFH DO RWUR ´&RPSDGUH´ SRU IDYRU GHWHQJD HO YHKtFXOR TXH PH TXLHUR EDMDU < HO RWUR OH FRQWHVWD FRQ PXFKR JXVWR FRPSDGUH SHUR HO TXH YLHQH PDQHMDQGR HV XVWHG 8Q DQFLDQR GH DxRV OOHJD DO PpGLFR SDUD VX FKHTXHR GH UXWLQD (O GRFWRU OH SUHJXQWD ¢&yPR VH VLHQWH" £1XQFD HVWXYH PHMRU PL QRYLD WLHQH DxRV DKRUD HVWi HPEDUD]DGD \ YDPRV D WHQHU XQ KLMR (O GRFWRU SLHQVD SRU XQ PRPHQWR \ GLFH 3HUPtWDPH FRQWDUOH XQD KLVWRULD 8Q FD]DGRU TXH QXQFD VH SHUGtD OD WHPSRUDGD GH FD]D VDOLy XQ GtD WDQ DSXUDGR GH VX KRJDU TXH VH FRQIXQGLy WRPDQGR HO SDUDJXDV HQ YH] GHO ULÀH &XDQGR OOHJy DO ERVTXH VH OH DSUHFLy XQ JUDQ RVR HO FD]DGRU OHYDQWy HO SDUDJXDV OH DSXQWy DO RVR \ GLVSDUy ¢$ TXH QR VDEH TXH SDVy" 1R Vp UHVSRQGLy HO DQFLDQR 3XHV HO RVR FD\y PXHUWR IUHQWH D pO £,PSRVLEOH H[FODPy HO DQFLDQR DOJXLHQ PiV GHEH KDEHU GLVSDUDGR £3XHV FODUR KRPEUH D HVH SXQWR TXHUtD OOHJDU

$SUHQGt TXH QR VH SXHGH GDU PDUFKD DWUiV TXH OD HVHQFLD GH OD YLGD HV LU KDFLD DGHODQWH /D YLGD HQ UHDOLGDG HV XQD FDOOH GH VHQWLGR ~QLFR

$JDWKD &KULVWLH

&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

/D YLGD HVWi SDUD GLVIUXWDUOD HQ IHOLFLGDG \ JHQHURVLGDG 4XH DO ¿QDO GH QXHVWUR FDPLQR SRGDPRV VHQWLUQRV IHOLFHV SRUTXH ODV VHPLOODV TXH KHPRV VHPEUDGR SRU SHTXHxDV TXH IXHVHQ D\XGDURQ D RWURV TXH UHFRJLHURQ QXHVWUR IUXWR 4XH DO PLUDU DWUiV VHSDPRV TXH KHPRV D\XGDGR D PHMRUDU VXV YLGDV TXH YLYLPRV HQ HO UHFXHUGR GH SHUVRQDV TXH MDPiV FRQRFLPRV TXH QXHVWUDV SDODEUDV \ DPRU VLJXHQ YLYLHQGR \ H[WHQGLpQGRVH HQ HOORV \ D WUDYpV GH HOORV (VWDU SUHSDUDGR HV LPSRUWDQWH VDEHU HVSHUDU OR HV D~Q PiV SHUR DSURYHFKDU HO PRPHQWR DGHFXDGR HV OD FODYH GH OD YLGD

$UWKXU 6FKQLW]OHU

&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

),(67$ '( $f2 18(92 (O DxR QXHYR HV WDO YH] OD ¿HVWD HQ OD TXH PiV SHUVRQDV SDUWLFLSDQ ELHQ VHD SDUD FHOHEUDU XQ DxR PiV TXH OOHJD R SRU XQ DxR TXH VH YD \ QR YXHOYH (V XQD IHVWLYLGDG GH FDUiFWHU PXQGLDO PX\ HPRWLYD (O HUR GH HQHUR HV OD IHFKD HQ OD TXH FRPLHQ]D HO DxR QXHYR \ VH WLHQH OD FRVWXPEUH GH FHOHEUDUOR GHVGH HO GtD DQWHULRU HV GHFLU HO GH 'LFLHPEUH (V XQD FHOHEUDFLyQ TXH YDUtD GH DFXHUGR D OD FXOWXUD GH OD UHJLyQ HQ OD TXH VH FHOHEUD VLQ HPEDUJR HV FRVWXPEUH FRPSDUWLU HVWH GtD HQ IDPLOLD GLVIUXWDQGR GH EXHQD P~VLFD GH SODWRV DXWyFWRQRV QDYLGHxRV \ GH IXHJRV DUWL¿FLDOHV (Q /DWLQRDPpULFD ODV FRVWXPEUHV VRQ DUUDLJDGDV GH OD FRORQLD HVSDxROD TXH HVWXYR DTXt \ VH PH]FOR FRQ ORV LQGLRV &RPHUVH XYDV PLHQWUDV VXHQDQ ODV FDPSDQDGDV HV XQD GH HOODV (Q WRGRV ORV SDtVHV H[LVWHQ EHOODV WUDGLFLRQHV SDUD GHVSHGLU HQ OD ³1RFKHYLHMD´ DO DxR DQWHULRU \ UHFLELU XQ QXHYR DxR +D\ SDtVHV TXH QR FHOHEUDQ OD OOHJDGD GHO QXHYR DxR HO HUR GH (QHUR HVWR VXFHGH SRU TXH QR VH ULJHQ SRU HO FDOHQGDULR *UHJRULDQR &DOHQGDULR 8QLYHUVDO VLQR TXH VH EDVDQ HQ FDOHQGDULRV OXQDUHV WDO HV HO FDVR GH &KLQD TXH SRU VX WUDGLFLyQ FHOHEUDQ HO DxR QXHYR KDVWD HQ IHFKDV GLIHUHQWHV FDGD DxR

$ YHFHV SRGHPRV SDVDUQRV DxRV VLQ YLYLU HQ DEVROXWR \ GH SURQWR WRGD QXHVWUD YLGD VH FRQFHQWUD HQ XQ VROR LQVWDQWH

2VFDU :LOGH

&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$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[

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

‡ ,PSUHVLyQ HQ JUDQ IRUPDWR ‡ $QXQFLRV OXPLQRVRV ‡

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

$Q~QFLHVH HQ

7HO

+LVWRULD

FRQWDFWR#FRVWD]XO P[

/D YLGD HV DTXHOOR TXH WH YD VXFHGLHQGR PLHQWUDV WH HPSHxDV HQ KDFHU RWURV SODQHV

-RKQ /HQQRQ

&ROLPD 3HULyGLFRV \ 0HGLRV

)iEXOD

(/ $675Ï1202 (Q XQ SDtV PX\ OHMDQR GRQGH OD FLHQFLD HV PX\ LPSRUWDQWH SDUD VXV KDELWDQWHV KDEtD XQ DQFLDQR DVWUyQRPR OH JXVWDED UHDOL]DU HO PLVPR UHFRUULGR WRGDV ODV QRFKHV SDUD REVHUYDU ODV HVWUHOODV 8Q GtD XQR GH VXV YLHMRV FROHJDV OH GLMR TXH KDEtD DSDUHFLGR XQ H[WUDxR DVWUR HQ HO FLHOR HO DQFLDQR VDOLy GH OD FLXGDG SDUD SRGHU YHUOR FRQ VXV SURSLRV RMRV 0X\ HPRFLRQDGR HVWDED HO DVWUyQRPR PLUDQGR DO FLHOR QR VH GLR FXHQWD TXH D SRFRV SDVRV GH pO KDEtD XQ DJXMHUR &XDQGR VH FD\y DO DJXMHUR FRPHQ]y D JULWDU SLGLHQGR D\XGD &HUFD GHO DJXMHUR SDVDED XQ KRPEUH HO FXDO VH DFHUFy KDVWD HO DJXMHUR SDUD YHU OR TXH VXFHGtD \D LQIRUPDGR GH OR TXH KDEtD RFXUULGR OH GLMR DO DQFLDQR 7H D\XGDUp D VDOLU GH DKt SHUR WHQ PXFKR FXLGDGR OD SUy[LPD YH] TXH VDOJDV SRU XQ OXJDU TXH GHVFRQRFHV WLHQHV TXH HVWDU PX\ DWHQWR SRU GRQGH FDPLQDV \D TXH WH SXHGHV HQFRQWUDU FRQ FXDOTXLHU FRVD HQ HO VXHOR ´ 0RUDOHMD $QWHV GH ODQ]DUVH D OD DYHQWXUD KD\ TXH FRQRFHU HO OXJDU SRU HO TXH VH WUDQVLWD /D YLGD QR VH KD KHFKR SDUD FRPSUHQGHUOD VLQR SDUD YLYLUOD

*HRUJH 6DQWD\DQD

&ROLPD 3HULyGLFRV \ 0HGLRV

&KLVWHV

8Q SDLVDQR YD DUUHDQGR GRV YDFDV \ RWUR VH DFHUFD D FRQYHUVDU ¢(VWDV YDFDV VRQ KRODQGHVDV" SUHJXQWD HO SULPHUR (VWD VL UHVSRQGLy 'RQ =RLOR ¢< OD RWUD" SUHJXQWD HO SULPHUR /D RWUD WDPELpQ UHVSRQGH 'RQ =RLOR < GtJDPH ¢(VWDV YDFDV YDQ SDUD OD IHULD" (VWD Vt UHVSRQGH 'RQ =RLOR ¢< OD RWUD" /D RWUD WDPELpQ UHVSRQGH 'RQ =RLOR < GtJDPH ¢(VWDV YDFDV HVWiQ SUHxDGDV" (VWD Vt UHVSRQGH 'RQ =RLOR ¢< OD RWUD" /D RWUD WDPELpQ UHVSRQGH 'RQ =RLOR 3HUR GtJDPH XQD FRVD SRU TXp FDGD YH] TXH OH SUHJXQWR SRU ODV YDFDV PH UHVSRQGH TXH HVWD Vt \ GHVSXpV PH GLFH TXH OD RWUD WDPELpQ < 'RQ =RLOR OH UHVSRQGH OR TXH SDVD HV TXH HVWD YDFD HV PtD £$KKK FRQWHVWD HO SULPHUR DKRUD HQWLHQGR \ GtJDPH ¢\ OD RWUD" /D RWUD WDPELpQ 8Q QLxR HQ FODVHV SUHJXQWD ¢&RPR VH OODPD HO SDSi GH ORV FDEDOORV" < UHVSRQGH OD PDHVWUD ³6H OODPD SRWUR R VHPHQWDO \ OD PDPi VH OODPD \HJXD´ ¢< ORV KLMRV" SUHJXQWD HO QLxR ³/RV KLMRV VH OODPDQ SRWULOORV R SRWUDQFDV´ < GLFH HO QLxR HQWRQFHV ¢QR KD\ QLQJ~Q FDEDOOR TXH VH OODPH FDEDOOR" /D DEXHOD OH SUHJXQWD DO QLHWR QLxR ¢FRPR VH OODPD WX DPLJR HO TXH VLHPSUH PH HVFRQGH ODV FRVDV" < HO QLHWR OH FRQWHVWD $O]KHLPHU DEXHOD /D DEXHOD YXHOYH D SUHJXQWDU ¢\ HO TXH PH SRQH WDQ QHUYLRVD FRPR VH OODPD" < HO QLHWR OH FRQWHVWD 3DUNLQVRQ DEXHOD /D PD\RU UpPRUD GH OD YLGD HV OD HVSHUD GHO PDxDQD \ OD SpUGLGD GHO GtD GH KR\

6pQHFD

&ROLPD &RPHUFLRV

/R PHQRV IUHFXHQWH HQ HVWH PXQGR HV YLYLU /D PD\RUtD GH OD JHQWH H[LVWH HVR HV WRGR

2VFDU :LOGH

&ROLPD &RPHUFLRV

*DOHUĬD

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

3RHPD

(6&8&+$ ¢3RU TXp PH KDV OODPDGR" 7DO YH] OR KLFLVWH FRQ HO GHVHR TXH QR HVXFKDUD SHUR WX YR] IXH FRPR XQD P~VLFD QXHYD \ UHJUHVp HQ HO WLHPSR SDUD GHFLUWH TXH PH ROYLGHV (VFXFKD <R VR\ HO D\HU GHVGH KR\ VHUp SDUWH GH OD KLVWRULD /LSR /HSH

£4Xp SHTXHxDV VRQ PLV PDQRV HQ UHODFLyQ FRQ WRGR OR TXH OD YLGD KD TXHULGR GDUPH

5DPyQ - 6pQGHU

&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

1HJRFLRV

¢&RPR PHMRUDU OD UHGDFFLyQ" 5HGDFWDU HV DUPDU XQ WH[WR FRQ HO ¿Q GH H[SUHVDU LGHDV R VHQWLPLHQWRV +D\ SHUVRQDV TXH XWLOL]DQ OD UHGDFFLyQ HQ VX WUDEDMR FRPR XQ PHGLR LPSUHVFLQGLEOH FRPR ORV HVFULWRUHV SRHWDV R SHULRGLVWDV SHUR WRGRV HQ JHQHUDO UHGDFWDPRV HQ PXFKRV PRPHQWRV GH QXHVWUDV YLGD FXDQGR H Q Y L D P R V X Q D F D U W D S H U V R Q D O F X D Q G R FRQIHFFLRQDPRV XQD VROLFLWXG GH HPSOHR FXDQGR HQYLDPRV XQD LQYLWDFLyQ R XQD IHOLFLWDFLyQ FXDQGR KDFHPRV XQD HYDOXDFLyQ HVFULWD HWFpWHUD 5HGDFWDU HV XQD DFWLYLGDG GRQGH LQWHUYLHQHQ OD HPRFLyQ \ OD UD]yQ \ VX IXQFLyQ HVHQFLDO HV ORJUDU FRPXQLFDU FRQ H¿FDFLD OR TXH TXLVR GHFLU HO TXH UHGDFWy HO WH[WR SDUD TXH VHD HQWHQGLGR SRU TXLHQ OR OHH /XHJR GHSHQGLHQGR GHO WLSR GH UHGDFFLyQ SRGUi WHQHU RWUDV IXQFLRQHV SRU HMHPSOR VL VH WUDWD GH XQD SXEOLFLGDG VX IXQFLyQ VHUi SHUVXDVLYD (Q OD FRUUHFWD UHGDFFLyQ LQWHUYLHQHQ DGHPiV GH OD FRKHUHQFLD OD FDOLGDG RUWRJUi¿FD OD EXHQD FRQVWUXFFLyQ VLQWiFWLFD GH ODV IUDVHV OD VHPiQWLFD TXH HO VLJQL¿FDGR GH OD SDODEUD XVDGD FRQFXHUGH FRQ OR TXH FRQWLQ~D HQ OD SiJLQD $TXHO TXH WLHQH XQ SRUTXp SDUD YLYLU VH SXHGH HQIUHQWDU D WRGRV ORV FyPRV

)ULHGULFK 1LHW]VFKH

&ROLPD &RPHUFLRV

5HÀH[LyQ

+D\ XQD MR\D LQGHVFULSWLEOH FX\D OX] SURYLHQH DSDUHQWHPHQWH GH WRGR D QXHVWUR DOUHGHGRU SHUR HQ UHDOLGDG HV XQ DÀRUDPLHQWR TXH OOHJD GHVGH QXHVWUR LQWHULRU 1XHVWUD UHODFLyQ FRQ HVD OX] FRQ HVD IXHQWH GHO DPRU HV GRQGH HQFRQWUDPRV HO VHQWLGR GH OD YLGD \ GHVFXEULPRV HVWD UHODFLyQ HQ HO HVSHMR GHO PRPHQWR SUHVHQWH SHUR FXDQGR HVWDPRV DWUDSDGRV HQ OD LPDJLQDFLyQ FDGD YH] TXH QRV SHUGHPRV HQ SHQVDPLHQWRV QR SRGHPRV YHU HO SURSyVLWR GH OD H[LVWHQFLD TXH HVWi MXVWR IUHQWH D QRVRWURV £'HMD GH WUDWDU GH DOFDQ]DU XQ SURSyVLWR SDUD WX YLGD D WUDYpV GH ORV H[WUHPRV LPDJLQDGRV &RPLHQ]D D SDVDU XQ SRFR GH WLHPSR HQ WX FXHUSR SUHVHQWH HQ ODV FRVDV HQ OXJDU GH SHUVHJXLU ODV FRVDV SUHVHQWH D OD YLGD HQ OXJDU GH UHEXVFDUOD (VH HV HO SULPHU SDVR SDUD HQFRQWUDU WX YHUGDGHUR SURSyVLWR HVWDU SUHVHQWH HQ OD YLGD HQ OXJDU GH SHUVHJXLUOD /D YLGD TXLHUH TXH VHSDPRV HO VLJQL¿FDGR GH OD PLVPD (V XQ LPSXOVR LQQDWR HQ QRVRWURV SDUD VDEHU HO VLJQL¿FDGR GH QXHVWUD YLGD \ HVWi MXVWR FRQ QRVRWURV DQWH HO HVSHMR GHO PRPHQWR SUHVHQWH +D] DOJR PiV TXH SHUWHQHFHU SDUWLFLSD +D] DOJR PiV TXH FXLGDU D\XGD +D] DOJR PiV TXH FUHHU SUDFWLFD +D] DOJR PiV TXH VHU MXVWR VH DPDEOH +D] DOJR PiV TXH SHUGRQDU ROYLGD +D] DOJR PiV TXH GDU VLUYH +D] DOJR PiV TXH HQVHxDU LQVSLUD +D] DOJR PiV TXH YLYLU FUHFH $PDU D RWURV HV XQ UHJDOR TXH WH GDV D WL PLVPR 1DGD VXFHGH SRU FDVXDOLGDG HQ HO IRQGR ODV FRVDV WLHQHQ VX SODQ VHFUHWR DXQTXH QRVRWURV QR OR HQWHQGDPRV GH PRPHQWR *R]D OD YLGD YLYH HO PRPHQWR (Q WUHV WLHPSRV VH GLYLGH OD YLGD HQ SUHVHQWH SDVDGR \ IXWXUR 'H pVWRV HO SUHVHQWH HV EUHYtVLPR HO IXWXUR GXGRVR HO SDVDGR FLHUWR

6pQHFD

&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

/D YLGD HV XQ QHJRFLR HQ HO TXH QR VH REWLHQH XQD JDQDQFLD TXH QR YD\D DFRPSDxDGD GH XQD SpUGLGD

$UWXUR *UDI

&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

(Q OD VDOD GH SDUWRV HO GRFWRU UHFLEH DO EHEp \ OH GD WUHPHQGD QDOJDGD SDUD TXH EURWH HO OODQWR \ GLFH 6HxRUD HV XQ KHUPRVR EHEp 'RFWRU SHUR GHEHQ VHU JHPHORV 3XHV QR QR KD\ RWUR 3HUR GRFWRU ORV XOWUDVRQLGRV LQGLFDEDQ GRV (O GRFWRU VH YXHOYH D DVRPDU \ QR YH QDGD %XHQR VHxRUD YR\ SRU VX PpGLFR TXH OD UHYLVy DQWHULRUPHQWH 6DOH HO GRFWRU \ HQ HVR VH DVRPD HO VHJXQGR EHEp \ GLFH ¢3VVV SVVV KHUPDQLWR \D VH IXp HO GH ODV QDOJDGDV" /D PDPi SUHJXQWD HQRMDGD ¢4XLHQ VH FRPLy HO SDVWHO TXH HVWDED DTXt" /XSLWD OD KHUPDQD DGROHVFHQWH FRQWHVWD £)XH 3DQFKLWR PDPi £1R HV FLHUWR &RQWHVWD HO QLxR £6L HV FLHUWR £1R QR HV FLHUWR FRPR HUHV PHQWLURVD VL WX QL PH YLVWH FXDQGR PH OR FRPt &RPSDGUH QRV DFDEDQ GH UREDU HO QHJRFLR ¢< TXH VH UREDURQ" £7X SDUWH FRPSDGUH /D YLGD HV XQD VHULH GH FROLVLRQHV FRQ HO IXWXUR QR HV XQD VXPD GH OR TXH KHPRV VLGR VLQR GH OR TXH DQKHODPRV VHU

-RVp 2UWHJD \ *DVVHW

/,'$' < 6$% $ &

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 5D]DV GH SHUURV

&DQLFKH R 3RRGOH (O FDQLFKH R SRRGOH HV XQR GH ORV SHUURV PiV FRQRFLGRV HQ WRGR HO PXQGR GHELGR D VX HOHJDQFLD LQWHOLJHQFLD \ FDUiFWHU HTXLOLEUDGR 'H DFXHUGR FRQ OD )HGHUDFLyQ &LQROyJLFD ,QWHUQDFLRQDO )&, ORV SHUURV FDQLFKH VH FODVL¿FDQ HQ FXDWUR YDULHGDGHV VHJ~Q VX WDPDxR WR\ HQDQR PHGLDQR R HVWiQGDU \ JLJDQWH 6LQ HPEDUJR RWUDV DVRFLDFLRQHV FLQROyJLFDV SXHGHQ WHQHU GLIHUHQWHV FULWHULRV 3RU H M H P S O R H O $ P H U L F D Q .HQQHO &OXE $.& VyOR UHFRQRFH WUHV YDULHGDGHV GH SHUURV FDQLFKH VHJ~Q VX WDPDxR HVWiQGDU PLQLDWXUD \ WR\ 6L HVWiV SHQVDQGR HQ DGRSWDU D XQ SHUUR FDQLFKH R SRRGOH HV PX\ LPSRUWDQWH TXH WH LQIRUPHV DSURSLDGDPHQWH DFHUFD GHO FDUiFWHU HO WHPSHUDPHQWR FRQ RWURV SHUURV ODV FDUDFWHUtVWLFDV \ ORV FXLGDGRV TXH UHTXLHUH HVWD UD]D +LVWRULD GHO FDQLFKH eVWD HV XQD GH ODV WDQWDV UD]DV FDQLQDV IUDQFHVDV DXQTXH FRQWLQ~D HQ OD SiJLQD +D\ GRV PDQHUDV GH YLYLU VX YLGD XQD FRPR VL QDGD HV XQ PLODJUR OD RWUD HV FRPR VL WRGR HV XQ PLODJUR

$OEHUW (LQVWHLQ

&ROLPD *DVWURQRPtD

3RHPD

6,1 ),1$/ +H LQLFLDGR XQ YLDMH

SRU HO PDU

ERUUDVFRVR

GHO WLHPSR

1R KDEUi SXHUWR SRUTXH PL ¿QDO HUHV W~

\ W~ QR HVWiV

HQ HO IXWXUR

VLQR HQ XQ SDVDGR TXH TXLVR VHU SUHVHQWH /LSR /HSH

$PDU \ VXIULU HV D OD ODUJD OD ~QLFD IRUPD GH YLYLU FRQ SOHQLWXG \ GLJQLGDG

*UHJRULR 0DUDxyQ

&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"

/RV HOHIDQWHV VRQ XQD IDPLOLD GH PDPtIHURV SODFHQWDULRV $QWLJXDPHQWH VH FODVL¿FDEDQ MXQWR FRQ RWURV PDPtIHURV GH SLHO JUXHVD HQ HO RUGHQ DKRUD LQYiOLGR GH ORV SDTXLGHUPRV ([LVWHQ KR\ HQ GtD WUHV HVSHFLHV \ GLYHUVDV VXEHVSHFLHV (QWUH ORV JpQHURV H[WLQWRV GH HVWD IDPLOLD GHVWDFDQ ORV PDPXWV /RV HOHIDQWHV VRQ ORV DQLPDOHV WHUUHVWUHV PiV JUDQGHV TXH H[LVWHQ HQ OD DFWXDOLGDG (O SHUtRGR GH JHVWDFLyQ HV GH PHVHV HO PiV ODUJR HQ FXDOTXLHU DQLPDO WHUUHVWUH 3HVD DO QDFHU XVXDOPHQWH NJ 1RUPDOPHQWH YLYHQ GH D DxRV SHUR UHJLVWURV DQWLJXRV GRFXPHQWDQ HGDGHV Pi[LPDV GH DxRV (O HOHIDQWH PiV JUDQGH TXH VH KD FD]DGR GH ORV TXH VH WLHQH UHJLVWUR SHVy DOUHGHGRU GH NJ $QJROD DOFDQ]DQGR XQD DOWXUD HQ OD FUX] GH P XQ PHWUR PiV DOWR TXH HO HOHIDQWH DIULFDQR SURPHGLR &RQ XQ SHVR GH NJ HO FHUHEUR GHO HOHIDQWH HV HO PiV JUDQGH GH ORV DQLPDOHV WHUUHVWUHV 6H OH DWULEX\HQ XQD JUDQ YDULHGDG GH FRPSRUWDPLHQWRV DVRFLDGRV D OD LQWHOLJHQFLD FRPR HO GXHOR DOWUXLVPR DGRSFLyQ MXHJR XVR GH KHUUDPLHQWDV FRPSDVLyQ \ DXWRUUHFRQRFLPLHQWR 7RGR HO PXQGR WUDWD GH UHDOL]DU DOJR JUDQGH VLQ GDUVH FXHQWD GH TXH OD YLGD VH FRPSRQH GH FRVDV SHTXHxDV

)UDQN $ &ODUN

&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

/,'$' < 6$% $ &

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 'RUPtD GRUPtD \ VRxDED TXH OD YLGD QR HUD PiV TXH DOHJUtD 0H GHVSHUWp \ YL TXH OD YLGD QR HUD PiV TXH VHUYLU \ HO VHUYLU HUD DOHJUtD

5DELQGUDQDWK 7DJRUH

&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

$~Q TXHGDQ PXFKDV VRUSUHVDV SRU YHU QR GHPRV QDGD SRU VHQWDGR QR SHQVHPRV TXH \D OR KHPRV YLVWR WRGR \ TXH OD YLGD QR QRV SXHGH VRUSUHQGHU« 1XQFD SHQVHPRV TXH HVWDPRV GH YXHOWD GH QDGD QR QRV GHMHPRV OOHYDU SRU OD WULVWH]D GHO FRUD]yQ QL QRV VLQWDPRV GHVLOXVLRQDGRV SRU OR TXH QR KHPRV ORJUDGR 1R VHDPRV SHUVRQDV DPDUJDGDV DXQ FXDQGR OD YLGD QRV WUDWH PDO VLHPSUH EXVTXHPRV GHMDU XQ ERQLWR UHFXHUGR HQ ODV SHUVRQDV TXH HVWXYLHURQ HQ QXHVWUR FDPLQR $FHSWDUQRV FRPR VRPRV OR LQYROXFUD WRGR OD PHQWH \ FXHUSR VLQ LPSRUWDU QXHVWUR DVSHFWR \ HV TXH VyOR VH FUHFH DFHSWiQGRQRV FRPR SHUVRQDV &XDQGR QRV FRPSODFH YHUQRV HQ XQ HVSHMR \ YHUQRV WDQ IHOLFHV GHVGH QXHVWUR LQWHULRU SRUTXH DOOt QDFH OR TXH SUR\HFWDPRV DO PXQGR 'HER SHQVDU TXH WRGD OD FUHDFLyQ HVWi KHFKD SDUD GLVIUXWDUOD DVt VHUi PiV IiFLO GHMDUPH OOHYDU SRU ODV PDUDYLOODV SRUTXH \R PH PHUH]FR OR PHMRU (O DPRU HV HO DOLPHQWR TXH QHFHVLWDPRV ORV VHUHV KXPDQRV SDUD UHDOL]DU QXHVWUD JUDQGH]D &XDQGR DSUHQGHPRV D DPDUQRV PiV D QRVRWURV PLVPRV DSUHQGHPRV WDPELpQ D DPDU PiV D WRGR HO PXQGR

/D YLGD FRQVLVWH QR HQ WHQHU EXHQDV FDUWDV VLQR HQ MXJDU ELHQ ODV TXH XQR WLHQH

-RVK %LOOLQJV

&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

£2MDOi YLYDV WRGRV ORV GtDV GH WX YLGD

-RQDWKDQ 6ZLIW

&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

+DEtD XQ JUXSR GH FXDUHQWD PRQMDV TXH HVSHUDEDQ SDUD FRQIHVDUVH 3DVD OD SULPHUD PRQMD \ OH GLFH DO VDFHUGRWH 3DGUH PH KH UHtGR HQ PLVD /D VHJXQGD PRQMD GLFH OR PLVPR \ DVt VXFHVLYDPHQWH KDVWD OOHJDU D OD PRQMD Q~PHUR WUHLQWD \ QXHYH TXH FRQ¿HVD OR PLVPR $O OOHJDU D OD ~OWLPD PRQMD HO VDFHUGRWH OH GLFH <D VH KHUPDQD VH KD UHtGR HQ PLVD < HOOD OH FRQWHVWD £1R SDGUH \R IXL OD GHO SHGLWR 9LYH FRPR VL IXHUDV D PRULU PDxDQD $SUHQGH FRPR VL IXHUDV D YLYLU VLHPSUH

0DKDWPD *DQGKL

&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 \

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 8QD YH] WHUPLQDGR HO MXHJR HO UH\ \ HO SHyQ YXHOYHQ D OD PLVPD FDMD

3URYHUELR LWDOLDQR

&ROLPD *DVWURQRPtD

&DPDUyQ DO $JXDFKLOH ,QJUHGLHQWHV

NJ GH FDPDUyQ 7D]D GH MXJR GH OLPyQ FKLOHV YHUGHV SL]FD GH SLPLQHWD PROLGD SL]FD GH VDO FHEROOD PRUDGD

3UHSDUDFLyQ (O FDPDUyQ VH SHOD \ VH DEUH SRU HO ORPR SDUD TXLWDUOH OD WULSD VH SRQH HQ XQ PROGH R UHFLSLHQWH VH OLFXDQ ORV FKLOHV FRQ OD VDO \ SLPLHQWD FRQ XQ SRFR GH MXJR GH OLPyQ GHVSXpV VH SRQH OR TXH VH OLFXy HQ ORV FDPDURQHV \ VH UHYXHOYHQ SDUD TXH VH FXH]DQ XQLIRUPHV VH OH SRQH XQ SRFR GH DJXD \ VH GHMDQ UHSRVDU PLQXWRV OD FHEROOD VH UHEDQD ¿QDPHQWH (Q XQ SODWR H[WHQGLGR VH DFRPRGDQ ORV FDPDURQHV \ VH OH SRQH OD FHEROOD HQFLPD \ VH SRQH HO MXJR GHO FRFLPLHQWR GH ORV FDPDURQHV 6H DFRPSDxDQ FRQ WRVWDGDV R JDOOHWDV VDODGDV

*XžD GHO %DUPDQ Q DO HVWLOR &RVWD]XO XOO 9DPSLUR ,QJUHGLHQWHV

2Q]D GH WHTXLOD 2Q]D GH VDQJULWD 5HIUHVFR GH WRURQMD +LHOR 6DO

3UHSDUDFLyQ y y y

6LUYH HQ XQ YDVR HVFDUFKDGR FRQ VDO \ KLHOR DO JXVWR $JUHJD HO WHTXLOD OD VDQJULWD \ UHOOHQD D WRSH FRQ UHIUHVFR GH WRURQMD 0H]FOD PX\ ELHQ ORV LQJUHGLHQWHV \ GLVIUXWD

/D YLGD QR HV VLQR XQD FRQWLQXD VXFHVLyQ GH RSRUWXQLGDGHV SDUD VREUHYLYLU

*DEULHO *DUFtD 0iUTXH]

&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 YLGD HV WDQ FRUWD \ HO R¿FLR GH YLYLU WDQ GLItFLO TXH FXDQGR XQR HPSLH]D D DSUHQGHUOR \D KD\ TXH PRULUVH

(UQHVWR 6iEDWR

&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]

/$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 6RODPHQWH XQD YLGD GHGLFDGD D ORV GHPiV PHUHFH VHU YLYLGD

$OEHUW (LQVWHLQ

&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

6REUH OD ¿HVWD GH ¿Q GH DxR HQ HO PXQGR 8UXJXD\ 7LUDQ SRU OD YHQWDQD ORV DOPDQDTXHV \ FDOHQGDULRV GHO DxR YLHMR %UDVLO 6H ODQ]DQ REMHWRV DO PDU \ ÀRUHV SDUD UHSUHVHQWDU FDGD GHVHR 6L HO PDU VH ORV OOHYD TXLHUH GHFLU TXH KD\ PXFKDV SRVLELOLGDGHV GH TXH VH FXPSODQ )UDQFLD (V PX\ FRP~Q TXH DO GDU ODV HQ SXQWR ORV QRYLRV VH GHQ XQ EHVR EDMR XQ PXpUGDJR $UJHQWLQD 3DUD $xR 1XHYR VH FUHDQ PXxHFRV GH PDGHUD R SDSHO \ OXHJR VH TXHPDQ (VWR VH KDFH SDUD SXUL¿FDUVH \ GHVKDFHUVH GH WRGR OR PDOR GHO DxR TXH WHUPLQD -DSyQ /DV FDPSDQDGDV VRQ FDGD XQD VLPEROL]D XQ GHVHR WHUUHQDO TXH KD\ TXH PDQWHQHU DOHMDGR OXHJR GH ORV IHVWHMRV 'HVSXpV FDGD SHUVRQD VH GLULJHQ D ORV WHPSORV EXGLVWDV D SHGLU EXHQD VXHUWH SDUD HO SUy[LPR DxR 2WUD WUDGLFLyQ HV SXUL¿FDU HO KRJDU HO SULPHU GtD GHO DxR ,WDOLD 8QD FRVWXPEUH PX\ SRSXODU HV FRPHU OHQWHMDV FRPR VtPEROR GH SURVSHULGDG UHJDODU URSD LQWHULRU GH FRORU URMR D ODV PXMHUHV \ OR PDV FXULRVR HQ DOJXQDV ORFDOLGDGHV HV OD GH WLUDU ORV WUDVWRV YLHMRV SRU OD YHQWDQD FRPR VtPEROR GHO ¿Q GH XQD HWDSD

(O KRPEUH TXH KD HPSH]DGR D YLYLU VHULDPHQWH SRU GHQWUR HPSLH]D D YLYLU PiV VHQFLOODPHQWH SRU IXHUD

(UQHVW +HPLQJZD\

&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

8Q PDWULPRQLR FXPSOH DxRV GH FDVDGRV \ OD HVSRVD OH SUHJXQWD DO PDULGR 0L DPRU ¢TXH PH YDV D UHJDODU SDUD QXHVWUDV ERGDV GH SODWD" 8Q YLDMH D &KLQD /D PXMHU VRUSUHQGLGD SRU OD PDJQLWXG GHO UHJDOR OH SUHJXQWD 3HUR PL DPRU VL SDUD ORV DxRV PH UHJDODV HVWR ¢TXH YDV D KDFHU SDUD FXDQGR FXPSODPRV ORV " £7H YR\ D LU D EXVFDU (Q GRV SDODEUDV SXHGR UHVXPLU FXDQWR KH DSUHQGLGR DFHUFD GH OD YLGD 6LJXH DGHODQWH

5REHUW )URVW

&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

(VIRUFpPRQRV HQ YLYLU FRQ GHFHQFLD \ GHMHPRV D ORV PXUPXUDGRUHV TXH GLJDQ OR TXH OHV SOD]FD

0ROLqUH

/H\HQGD (O FRPSDGUH GHO GLDEOR SDUWH GH

(Q OD FDOOH GH 7HFRPDUDxD HQ XQD YLHMD FDVRQD TXH SDUHFtD VH FDHUtD FRQ HO SUy[LPR YHQWDUUyQ YLYtD GRQ 3RQFLDQR $UJDQGD eVWH QR HUD XQ KRPEUH FRP~Q \ SRU PXFKDV UD]RQHV OD JHQWH OH WHQtD PLHGR 'RQ 3RQFLDQR WHQtD XQD HGDG LQFDOFXODEOH DXQTXH VH GHFtD UHEDVDED ORV DxRV (UD DOWR VX URVWUR HUD H[WUHPDGDPHQWH GHOJDGR \ FHQL]R VXV KXHVRV D~Q HUDQ PX\ UHVLVWHQWHV TXH VREUHVDOtDQ HQ FDGD FHQWtPHWUR GH VX FXHUSR 7HQtD XQD ODUJD \ HQWUHFDQD EDUED TXH OH OOHJDED D OD DOWXUD GH VX FRUD]yQ VREUH HOOD FDtDQ ODV SXQWDV GH XQRV ODUJRV \ PDO UHFRUWDGRV ELJRWHV JUXHVRV \ EODQFRV (UD LPSRVLEOH ROYLGDU ORV RMRV WDQ EULOODQWHV GH HVWH DQFLDQR XQD YH] TXH VH FUX]DED OD PLUDGD FRQ OD GH pO (UDQ WDQ SURIXQGRV TXH DO PLUDUORV GH IUHQWH XQR WHQtD OD VHQVDFLyQ GH HVWDU FD\HQGR GHQWUR GH XQ DELVPR KRQGR \ RVFXUR« $ YHFHV SDUHFtD TXH HVRV PLVPRV RMRV DUGtDQ FRPR VL HVWXYLHVHQ TXHPDQGR SRU XQD ¿HEUH GH PXFKRV JUDGRV /D JHQWH FRPHQWDED TXH HVR VH GHEtD D TXH GRQ 3RQFLDQR QXQFD FRPtD FRVDV VyOLGDV VLQR TXH VH OD SDVDED EHELHQGR XQ OtTXLGR DOFRKyOLFR TXH VDFDED GH XQD ERWHOOD TXH WHQtD PX\ ELHQ HVFRQGLGD TXLpQ VDEH GyQGH 6XV URSDV DVXVWDEDQ D ORV QLxRV FXDQGR OR YHtDQ SDVDU SRU OD FDOOH 8VDED VLHPSUH HO PLVPR SDQWDOyQ TXH HVWDED URWR SRU WRGRV ODGRV \ TXH DGHPiV WHQtD FKRUUHDGXUDV GH YDULRV FRORUHV \ PDWLFHV ORV FXDOHV GHQRWDEDQ KDEHU HVWDGR DKt SRU PXFKRV DxRV \D (Q VXV FDOFHWLQHV VH SRGtD YHU PiV DJXMHURV TXH HQ XQ SDQDO GH DEHMDV /D FDPLVD TXH HQ DOJ~Q PRPHQWR GHELy VHU GH FRORU EODQFR \D WHQtD HO FDUDFWHUtVWLFR WRQR JULViFHR GH OD PXJUH (Q VX FDEH]D XQD FRQIXVLyQ GH JUHxDV PDQWHFRVDV \ ODFLDV HQ ODV TXH QXQFD SDVR XQ MDEyQ VROR DJXD FRQ HO TXH IXH EDXWL]DGR (O YLHMR DSHVWDED 'H FHUFD \ GH OHMRV 3RU HVD UD]yQ QR VROR ODV SHUVRQDV OH KXtDQ DO YHUOR FHUFD VLQR TXH WDPELpQ ORV DQLPDOHV ODV ÀRUHV GH PDUFKLWDEDQ D VX SDVR HO YLHQWR GHMDED GH VRSODU ODV YHODV VH DSDJDEDQ« 'RQ 3RQFLDQR QR HUD GH HVWH PXQGR 'RQ 3RQFLDQR $UJDQGD DGHPiV VH GHGLFDED D DFWLYLGDGHV GHVFRQRFLGDV H LQFRPSUHQVLEOHV /D JHQWH GHO

(0%27(//$'25

786 5()5(6&2

‡ 5$',2 3(','26 ‡

&2/,0$ &21087$'25

1R VH WRPH OD YLGD GHPDVLDGR HQ VHULR QXQFD VDOGUi XVWHG YLYR GH HOOD

(OEHUW +XEEDUG

/H\HQGD OXJDU OR VDEtD SRUTXH DO SDVDU HQ IUHQWH GH VX FDVD SRGtD YHUOR D WUDYpV GH ORV JUDQGHV YHQWDQDOHV VLQ FRUWLQD $Kt HVWDED VLHPSUH HO YLHMR 3RQFLDQR SRVWUDGR HQ PHGLR GH HVH JUDQ VDOyQ TXH HVWDED DGRUQDGR FRQ H[WUDxDV LPiJHQHV FRPR VDFDGDV GH OD SHRU GH ODV SHVDGLOODV 6H OH SRGtD YHU OH\HQGR \ UHOH\HQGR FRQ PXFKR LQWHUpV XQRV H[WUDxRV OLEURV HQ FX\DV SiJLQDV KDEtD FtUFXORV FUX]DGRV SRU UD\DV HQ WRGDV GLUHFFLRQHV (Q OD SXQWD GH HVWDV KDEtD XQ Q~PHUR R XQ VLJQR UDUR GH FRPSOLFDGR WUD]R $GHPiV WHQtD XQRV OLEURV HVSHFLDOPHQWH JUDQGHV \ SHVDGRV WDQWR TXH ORV WHQtD TXH SRQHU HQ HO VXHOR SDUD SRGHU KRMHDUORV \ OHHUORV $Kt KDEtD WULiQJXORV SROtJRQRV FXDGUDGRV \ HQFLPD GH HVWDV ¿JXUDV VH SRGtDQ DSUHFLDU IRUPDV GHPRQLDFDV EUXMDV EHVWLDV GH XOWUDWXPED LPiJHQHV TXH FRUWDEDQ HO DOLHQWR« (Q RWURV OLEURV TXH SDUHFtDQ PiV YLHMRV TXH ORV RWURV VH SRGtDQ GLVWLQJXLU OHWUDV PD\~VFXODV GH QXHVWUR DOIDEHWR \ GH RWURV TXH QR IRUPDEDQ QLQJXQD SDODEUD R Q~PHURV TXH QR IRUPDEDQ XQD FLIUD SXHV HVWDEDQ GLVSXHVWRV VLQ RUGHQ DSDUHQWH 3DUHFtDQ KDEHU VLGR FRORFDGRV DKt SRU XQD PDQR H[SHUWD SXHV ORV WUD]RV HUDQ GH XQD H[DFWLWXG WRWDO /D JHQWH GHFtD TXH HVWH PLVWHULRVR GLEXMDQWH WDO YH] XWLOL]R VX VDQJUH KXPDQD SDUD UHDOL]DU VHPHMDQWHV OtQHDV SXHV HO FRORU HUD XQ URMR WDQ EULOODQWH TXH SDUHFtD EURWDU GH HVDV KRMDV GHVOXPEUDED (UD XQ URMR H[FHSFLRQDO 6RODPHQWH 'LRV VDEH TXH HUD OR TXH VLJQL¿FDED WRGR DTXHOOR WDQ PLVWHULRVR \ FRPSOLFDGR DXQTXH GRQ 3RQFLDQR SDUHFtD HQWHQGHU H[DFWDPHQWH WRGR OR TXH DKt VH HQFRQWUDED SDVDED KRUDV FRQWHPSODQGR DTXHOODV WHUURUt¿FDV SiJLQDV 'H WLHPSR HQ WLHPSR HO YLHMR VH VRQUHtD FRPR GDQGR D HQWHQGHU TXH GHVSXpV GH PXFKR PHGLWDU \D KDEtD GDGR FRQ ³HVR´ TXH VH OH KDEtD RFXOWDGR WDQWR GHWUiV GH WRGD HVD VHULH GH ¿JXUDV +DEtD WDPELpQ PRPHQWRV HQ ORV TXH DUUXJDED HO HQWUHFHMR GHQRWDQGR TXH QR KDEtD HQWHQGLGR QDGD GH OR TXH DKt VH H[SRQtD \ TXH VX PHQWH VH HQFRQWUDED HQ OD WDUHD GH HQFRQWUDU XQD H[SOLFDFLyQ UD]RQDEOH 'RQ 3RQFLDQR $UJDQGD SRGtD SDVDU PiV GH FXDWUR KRUDV IUHQWH D OD PLVPD SiJLQD $EVRUWR HQ OD PLVPD SRVLFLyQ RULJLQDO \ FDVL VLQ SHVWDxHDU HO YLHMR SDUHFtD QR GDUVH FXHQWD GH TXH HO WLHPSR SDVDED &RQWLQ~D HO PHV GH IHEUHUR

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/$ -$/

(QWUH OD YLGD \ \R KD\ XQ FULVWDO WHQXH 3RU PiV FODUDPHQWH TXH YHD \ FRPSUHQGD OD YLGD QR SXHGR WRFDUOD

)HUQDQGR 3HVVRD

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 -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[LyQ

(V XQ DPLJR $TXHO FX\D VRQULVD HV XQ SRTXLWR PiV OXPLQRVD $TXHO TXLHQ WH UHSUHQGH VLQ KHULUWH $TXHO TXLHQ PiV SURQWR GD TXH SLGH $TXHO TXLHQ HV HO PLVPR KR\ \ PDxDQD $TXHO TXLHQ QR WHPH GHIHQGHUWH FXDQGR WH DWDFDQ $TXHO TXLHQ D WX UHWRUQR WH UHFLEH FRQ DOHJUtD $TXHO FX\D LUULWDFLyQ MDPiV VH GHMD QRWDU $TXHO TXLHQ VLHPSUH HVWi GLVSXHVWR D D\XGDU $TXHO FX\R DSUHWyQ GH PDQRV HV PiV ¿UPH $TXHO TXH WH HVFXFKD \ WH FRPSUHQGH (O VHFUHWR GH OD YLGD HV OD KRQHVWLGDG \ HO MXHJR OLPSLR VL SXHGHV VLPXODU HVR OR KDV FRQVHJXLGR

*URXFKR 0DU[

&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/

5D]DV GH SHUURV YLHQH GH OD SiJLQD VX RULJHQ HV LQFLHUWR \ FRQWURYHUVLDO 6H SLHQVD TXH HO DQFHVWUR TXH PiV LQÀX\y VREUH HO FDQLFKH PRGHUQR IXH HO EDUEHW XQ SHUUR GH DJXDV TXH HVWXYR PX\ GLIXQGLGR HQ (XURSD \ HVSHFLDOPHQWH HQ $OHPDQLD $QWHV GHO VLJOR ;9, HO FDQLFKH \ VX DQFHVWUR HUDQ HPSOHDGRV FRPR SHUURV GH DJXDV (V GHFLU TXH FREUDEDQ R UHFXSHUDEDQ ODV SUHVDV DEDWLGDV 3RU HVR VH SLHQVD TXH VX QRPEUH LQJOpV SRRGOH GHULYD GHO YRFDEOR DOHPiQ SXGHO TXH VLJQL¿FD FKDSRWHDU (Q )UDQFLD VH FRQRFtD D HVWRV SHUURV FRPR FDQLFKH R FKLHQ FDQDUG DPERV QRPEUHV KDFLHQGR DOXVLyQ D OD XWLOLGDG GH OD UD]D SDUD FREUDU SDWRV \ RWUDV DYHV DFXiWLFDV (V D SDUWLU GHO VLJOR ;9, TXH ORV FDQLFKH HPSLH]DQ D DGTXLULU SRSXODULGDG FRPR SHUURV GH FRPSDxtD \ VH KDFHQ PX\ IUHFXHQWHV HQ ODV FRUWHV HXURSHDV \ HVSHFLDOPHQWH HQ OD IUDQFHVD 6X JUDQ LQWHOLJHQFLD \ HOHJDQFLD KLFLHURQ TXH HVWD UD]D VH FRQYLHUWD HQ XQD GH ODV PiV SRSXODUHV GH OD KLVWRULD $OJXQRV DXWRUHV HVSHFXODQ TXH ORV FRUWHV GH SHOR PRGHUQRV HUDQ XVDGRV SDUD FXLGDU ODV H[WUHPLGDGHV GH ORV SHUURV FREUDGRUHV DO PLVPR WLHPSR TXH VH OHV GDED PiV OLEHUWDG HQ HO DJXD SHUR HVRV FRUWHV DSDUHFHQ UHFLpQ FXDQGR HO FDQLFKH VH WUDQVIRUPD HQ SHUUR GH FRPSDxtD $FWXDOPHQWH ORV SHUURV FDQLFKH VRQ H[FHOHQWHV PDVFRWDV VHD FXDO VHD OD YDULHGDG D OD TXH SHUWHQH]FDQ \ WDPELpQ VRQ SHUURV PX\ DSUHFLDGRV HQ ODV H[SRVLFLRQHV FDQLQDV &DUDFWHUtVWLFDV GHO FDQLFKH (O FXHUSR GH HVWRV SHUURV HV SURSRUFLRQDGR \ OLJHUDPHQWH PiV ODUJR TXH DOWR /D HVSDOGD HV FRUWD \ OD DOWXUD GH OD FUHVWD GH OD JUXSD HV LJXDO D OD DOWXUD D OD FUX] SRU OR TXH OD OtQHD VXSHULRU HV KRUL]RQWDO (O ORPR HV IXHUWH \ PXVFXORVR PLHQWUDV TXH HO SHFKR HV RYDODGR \ DQFKR /D FDEH]D HV UHFWLOtQHD \ WLHQH XQ DLUH GLVWLQJXLGR %LHQ PROGHDGD QR HV PDFL]D SHUR WDPSRFR HV H[FHVLYDPHQWH FRQWLQ~D HQ OD SiJLQD

+D\ TXH YLYLU FRPR VH SLHQVD VL QR VH DFDED SRU SHQVDU FRPR VH KD YLYLGR

3DXO &KDUOHV %RXUJHW

&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

8Q GtD HQ OD HVFXHOD OD PDHVWUD GHFLGLy HQVHxDU VREUH PDWHULDOHV HQ OD FODVH GH FLHQFLD DVt TXH OHV GLMR D ORV QLxRV 6L SXGLHUDQ WHQHU XQ PDWHULDO HQ HO PXQGR ¢FXDO VHUtD" (O SHTXHxR -XDQ OHYDQWy OD PDQR \ GLMR <R SHGLUtD RUR SRUTXH HO RUR YDOH PXFKR GLQHUR \ SRGUtD FRPSUDUPH XQ 3RUVFKH /D PDHVWUD DVLQWLy \ OH KL]R OD PLVPD SUHJXQWD D /ROLWD /D SHTXHxD /ROLWD GLMR <R SHGLUtD SODWLQR SRUTXH HO SODWLQR YDOH PiV TXH HO RUR \ SRGUtD FRPSUDU XQ &RUYHWWH /D PDHVWUD VRQULy \ HQWRQFHV VHxDOy D 3HSLWR (O SHTXHxR 3HSLWR VH OHYDQWy \ GLMR <R SHGLUtD VLOLFyQ ¢3RUTXH 3HSLWR" 3RUTXH D PL PDPi OH SXVLHURQ GRV EROVDV GH VLOLFyQ \ GHELHUDQ YHU WRGRV ORV DXWRV GHSRUWLYRV TXH KD\ IUHQWH D QXHVWUD FDVD 2\H FRPSDGUH QXHVWUR DPLJR $UPDQGR HVWi HQ HO KRVSLWDO ¢4XH" SHUR VL DQRFKH OR YL HQ XQ DQWUR EDLODQGR FRQ XQD UXELD GHVSDPSDQDQWH 3XHV Vt SHUR VX PXMHU WDPELpQ OR YLy $OpJUDWH GH OD YLGD SRUTXH HOOD WH GD OD RSRUWXQLGDG GH DPDU GH WUDEDMDU GH MXJDU \ GH PLUDU D ODV HVWUHOODV

+HQU\ 9DQ '\NH

&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 ‡ 7UDGLFLRQHV

/D URVFD GH UH\HV

/D FHOHEUDFLyQ GHO 'tD GH 5H\HV SDUD SDUWLU OD 5RVFD GH 5H\HV HV XQD WUDGLFLyQ 0H[LFDQD TXH VH OOHYD D FDER FDGD DxR MXQWDQGR DPLVWDGHV FHUFDQDV \D VHDQ IDPLOLDUHV DPLJRV R FRPSDxHURV GH WUDEDMR HQ ODV R¿FLQDV R FDVDV (VWD UHXQLyQ QRUPDOPHQWH VH KDFH XQRV GtDV DQWHV GHO GH (QHUR HQ ODV R¿FLQDV R OXJDUHV IXHUD GH OD FDVD \ SDUD ODV UHXQLRQHV IDPLOLDUHV VH FHOHEUDQ HQ ODV FDVDV HO GtD VHLV GH (QHUR HQ OD WDUGH GtD GH OD (SLIDQtD R DSDULFLyQ GH ORV 5H\HV 0DJRV 0HOFKRU *DVSDU \ %DOWD]DU /D WUDGLFLyQ HV MXQWDUVH D FRPHU \ FRPSDUWLU XQD URVFD GH UH\HV SDUD WRGRV SDUWLU MXQWRV XQD UHEDQDGD GH URVFD GH UH\HV \ TXH YHDQ WRGRV ORV SUHVHQWHV TXH SRU DPERV ODGRV GHO FRUWH QR DSDUH]FD OD ¿JXUD GHO QLxR -HV~V PXxHFR GH SOiVWLFR TXH VLPEROL]D D -HV~V UHFLpQ QDFLGR 6H GLFH TXH OD SHUVRQD TXH VH VDFD R HQFXHQWUD DO 1LxR -HV~V GHEH KDFHU XQD ¿HVWD HO GtD GH /D &DQGHODULD TXH HV HO GH )HEUHUR (VH GtD VH FRPHQ WDPDOHV \ DQWRMLWRV 0H[LFDQRV /D WUDGLFLyQ GH FHOHEUDU OD UHXQLyQ GH FRUWDU ODV 5RVFDV GH 5H\HV YLHQH GHVGH OD (GDG 0HGLD HQ (XURSD SULQFLSDOPHQWH HQ (VSDxD \ )UDQFLD (VWD FHOHEUDFLyQ OOHJR D 0p[LFR HQ OD pSRFD GH ORV SULPHURV DxRV GHO 9LUUHLQDWR

4XLHQ QR YLYH GH DOJ~Q PRGR SDUD ORV GHPiV WDPSRFR YLYH SDUD Vt PLVPR

0LFKHO GH 0RQWDLJQH

&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[ 7HPHU DO DPRU HV WHPHU D OD YLGD \ ORV TXH WHPHQ D OD YLGD \D HVWiQ PHGLR PXHUWRV %HUWUDQG 5XVVHOO

&RPDOD

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

&ROLPRWO HO VHxRU GH &ROLPiQ (O VHxRUtR R UHLQR GH &ROLPiQ FRQVWLWX\H XQD YDVWD ]RQD FRVWHUD GHO RFFLGHQWH GH $PpULFD 6HSWHQWULRQDO ]RQD TXH QR FXHQWD UHDOPHQWH FRQ HVWXGLRV VHULRV \ YHUtGLFRV VREUH OD HWQRORJtD \ RUtJHQHV GH VXV UD]DV ODV FXDOHV DSDUHQWHPHQWH HVWiQ OLJDGDV D OD QDKRD (Q DTXHO HQWRQFHV &ROLPD HUD XQD HVSHFLH GH &RQIHGHUDFLyQ GH FDFLFD]JRV R SURYLQFLDV TXH HVWDEDQ VXMHWRV D OD DXWRULGDG FRP~Q \ VLQJXODU GHO FDXGLOOR 6HxRU R +XH\ 7ODWRDQL GHQRPLQDGR 5H\ &ROLPRWH R (O &ROLPRWO $ HVH GLULJHQWH TXH IRUPD SDUWH PX\ LPSRUWDQWH GH QXHVWUD KLVWRULD UHJLRQDO ORV FRPHQWDULVWDV LQYHVWLJDGRUHV H KLVWRULDGRUHV OH KDQ GDGR GLYHUVRV QRPEUHV 5H\ &ROLPRWH 5H\ GH &ROLPD 7]RPH 5H\ GH &ROLPiQ +XH\ 7ODWRDQL +XHLWODWRDQL &KLPDOKXDFDQR (O &ROLPRWO $O FDFLTXH UH\ GH ;LFRWOiQ TXH OR KDQ FRQIXQGLGR FRQ HO 5H\ GH &ROLPiQ WDPELpQ OH KDQ OODPDGR GH PX\ GLYHUVDV PDQHUDV =DPD =RPH R =RPD 7]RPH 6RQ ODV PLVPD SHUVRQD FDFLTXH GH ;LFRWOiQ \ FRQWLQ~D HQ OD SiJLQD

+D\ PXFKR TXH VDEHU \ HV SRFR HO YLYLU \ QR VH YLYH VL QR VH VDEH

%DOWDVDU *UDFLiQ

&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

0, $0,*2 (/ $5%2/ &HUFD GHO MDUGtQ HQ PL SXHEOR KDEtD XQ iUERO 8Q iUERO JLJDQWHVFR TXH DEDUFDED XQ JUDQ HVSDFLR (O MDUGtQ GH PL SXHEOR QR SXGR KDEHU VLGR PiV EHOOR VLQ HVH iUERO (UDQ VXV UDPDV XQD ¿HVWD GH SiMDURV \ pVWDV VH H[WHQGtDQ FRPR PDQRV TXH DFDULFLDEDQ HO YLHQWR (VH iUERO IXH PL PHMRU DPLJR EDMR VX VRPEUD FRQRFt D OD QLxD PiV KHUPRVD GHO SXHEOR \ DUUXOODGRV EDMR HO iUERO OOHJDPRV D FRQWDUQRV VXHxRV \ GHVHRV TXH VLJXHQ VLHQGR GHVHRV \ VXHxRV 3RU OD PDxDQD FXDQGR SDVDED D OD HVFXHOD PH GHWHQtD XQRV PRPHQWRV EDMR VX VRPEUD \ DO OHYDQWDU OD YLVWD YHtD HO FLHOR FRQYHUWLGR HQ PLO RMRV D]XOHV (O iUERO \ \R IXLPRV DPLJRV WDQWR TXH HQ PLV UDWRV OLEUHV LED D MXJDU EDMR VXV UDPDV 8Q GtD JUDEp HQ VX WURQFR HO QRPEUH GH OD QLxD KHUPRVD \ HO QRPEUH PtR HQOD]DGRV DPERV GHQWUR GH XQ FRUD]yQ < PL DPLJR HO iUERO UHSULPLy HO GRORU FXDQGR PL QDYDMD VH KXQGLy HQ VX GXUD FRUWH]D < HO iUERO VLJXLy FUHFLHQGR MXQWR FRQ HO FRUD]yQ TXH KDEtD JUDEDGR \ HQ WDQWR TXH \R WDPELpQ FUHFtD FRQ PL YLGD HQ SOHQD MXYHQWXG VHJXt TXHULHQGR HO iUERO TXH SDUHFtD WDQ MRYHQ FRPR OR FRQRFt GH QLxR 'HVSXpV WXYH TXH DEDQGRQDU HO SXHEOR &XDQGR HPSH]DPRV D FUHFHU FUHFHQ WDPELpQ ORV GHVHRV GH FRQRFHU HO PXQGR \ \R PH IXL SRU HVH PXQGR TXH HPSH]DED PiV DOOi GH ODV IURQWHUDV GH PL SXHEOR /D PDxDQD TXH SDUWt IXL D GHFLUOH DGLyV DO iUERO \ EDMR VX VRPEUD SURPHWt YROYHU \ OH GLMH TXH OR UHFRUGDUtD VLHPSUH /XHJR PH IXL PiV DOOi GH GRQGH VH OHYDQWDQ ORV YROFDQHV KDVWD OOHJDU D XQD FLXGDG FHUFD GHO 'RUPtD \ VRxDED TXH OD YLGD HUD EHOOD GHVSHUWp \ DGYHUWt TXH OD YLGD HUD GHEHU

,PPDQXHO .DQW

&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$ &XHQWR

PDU GRQGH KDEtD WDPELpQ XQ iUERO SHUR QR WDQ KHUPRVR FRPR HO DPLJR PtR (Q WRGRV ORV SXHEORV KD\ iUEROHV IURQGRVRV \ HQ VXV UDPDV VH DFRJHQ FRPR HQ HO iUERO GH PL SXHEOR WRGRV ORV SiMDURV KXpUIDQRV 0L DPLJR HO iUERO VLHPSUH WXYR OXJDU SDUD ORV SiMDURV KXpUIDQRV \ HQ VXV UDPDV FRQVWUXtDQ VXV QLGRV SDUD TXH HQ HOORV QDFLHUDQ QXHYRV SiMDURV < ORV DxRV IXHURQ SDVDQGR SULPHUR FRQ OHQWLWXG \ GHVSXpV FRQ PD\RU OLJHUH]D KDVWD SDUHFHU TXH HO WLHPSR VH LED YRODQGR 8Q GtD YROYt D PL SXHEOR 'HVGH OHMRV YL D PL DPLJR HO iUERO TXH PRYtD VXV UDPDV FRPR VL IXHUDQ PDQRV TXH TXLVLHUDQ VDOXGDUPH \ FXDQGR OOHJXp KDVWD pO VHQWt OD IUHVFXUD GH VX VRPEUD \ HVFXFKp ODV QRWDV GH PLO SiMDURV TXH FDQWDEDQ XQ KLPQR JLJDQWH \ HPRFLRQDGR DEUDFp VX WURQFR PX\ FHUFD GHO FRUD]yQ TXH DxRV DWUiV KDEtD JUDEDGR SHUGLGDV \D VXV IRUPDV SRU HO WLHPSR \ HQ HO TXH VyOR TXHGDEDQ LOHJLEOHV ORV QRPEUHV GH OD QLxD TXH D Pt PH SDUHFLy OD PiV KHUPRVD GHO SXHEOR \ HO PtR FRQIXQGLGRV \D FRQ OD FRUWH]D /XHJR OHYDQWp ORV RMRV \ PH HQFRQWUp FRQ XQ VRO KHFKR SHGD]RV HQWUH VXV UDPDV YHUGHV 'tDV GHVSXpV IXL D GHVSHGLUPH GH pO \ PH JUDEp VX LPDJHQ SURIXQGDPHQWH /XHJR OD YLGD FRPR VL IXHUD XQ YLHQWR IXHUWH \ \R XQD KRMD GpELO \ VROLWDULD PH OOHYy GH SXHEOR HQ SXHEOR KDVWD OXJDUHV OHMDQRV \ HQ PXFKRV GH HOORV HQFRQWUp iUEROHV KHUPRVRV \ FRUSXOHQWRV SHUR QR WDQ FRUSXOHQWRV \ KHUPRVRV FRPR PL DPLJR HO iUERO $xRV PiV WDUGH PH HVFULELy XQ DPLJR GLFLHQGR TXH HO iUERO GH PL SXHEOR VH KDEtD VHFDGR SRUTXH XQ GtD HO VRO FHORVR SRU VX KHUPRVXUD OH GLMR DO 'LRV GHO UD\R TXH QR SHUPLWLHUD DTXHOOD GHPRVWUDFLyQ GH RUJXOOR < HO UD\R GXUDQWH XQD WRUPHQWD VH DEDWLy VREUH HO iUERO FRQWLQ~D HQ OD SiJLQD 'HEHUtDPRV YLYLU WDQWDV YHFHV FRPR ORV iUEROHV TXH SDVDGR XQ DxR PDOR HFKDQ QXHYDV KRMDV \ YXHOYHQ D HPSH]DU

-RVp /XLV 6DPSHGUR

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

7RGRV HVWDEDQ PLUDQGR HO iOEXP IDPLOLDU 3HSLWR HO PiV FKLFR GH OD IDPLOLD PLUD OD IRWR GH XQ KRPEUH PX\ DSXHVWR GHOJDGR GH ELJRWHV \ SHOR QHJUR HQWRQFHV SUHJXQWD 0DPi ¢TXLpQ HV HVWH KRPEUH" (VH HV WX SDSi 3HSLWR PLUD GH UHRMR D VX SDGUH VH OH DFHUFD D VX PDPi \ OH GLFH DO RtGR < HO SHOyQ JRUGR \ IHR TXH YLYH FRQ QRVRWURV ¢TXLHQ HV" /D SURIHVRUD TXLHUH WRPDUOH HO SHOR D VXV DOXPQRV \ OH GLFH 9R\ D KDFHU GRV SUHJXQWDV SHUR HO TXH FRQWHVWH ELHQ OD SULPHUD QR GHEHUi FRQWHVWDU OD VHJXQGD $ YHU ¢FXDQWRV SHORV WLHQHQ ORV FDEDOORV HQ HO ORPR" 3HSLWR UHVSRQGH UiSLGDPHQWH 6HVHQWD \ GRV PLO TXLQLHQWRV WUHLQWD \ FLQFR ¢< WX FRPR SXHGHV VDEHUOR" £$K (VD \D HV OD VHJXQGD SUHJXQWD /DV PXMHUHV TXH EXVFDQ XQ KRPEUH GHWDOOLVWD VHQVLEOH DWHQWR SXOFUR VHQWLPHQWDO GHOLFDGR GHEHQ GH VDEHU TXH HVH WLSR GH KRPEUH WDPELpQ HVWi EXVFDQGR XQR LJXDO /D YLGD HV XQ FRQVWDQWH SURFHVR XQD FRQWLQXD WUDQVIRUPDFLyQ HQ HO WLHPSR XQ QDFHU PRULU \ UHQDFHU

+HUPDQQ .H\VHUOLQJ

5HÀH[LyQ 5HÀH[LyQ

$f2 18(92 18(9$6 2325781,'$'(6 (VWDPRV FRPHQ]DQGR XQ QXHYR DxR \ FRPR FDGD DxR VLHPSUH WUDWDPRV GH SURSRQHUQRV PHWDV TXH DOFDQ]DU SDUD TXH DO WHUPLQDU HO PLVPR SRGDPRV HYDOXDU FXDQWR DYDQ]DPRV \ TXH FRVDV ORJUDPRV 3DUD SRGHU FRPHQ]DU HVWH QXHYR DxR GH EXHQD IRUPD GHEHPRV GHMDU DWUiV WRGR OR PDOR TXH HQ HO DxR DQWHULRU QRV SDVy UHFLFODU DTXHOODV FRVDV TXH QRV SXHGHQ VHUYLU HQ HVWH QXHYR \ YHU KDFLD GHODQWH FRQ OD PHQWH SXHVWD HQ TXH HV XQ DxR GH QXHYDV RSRUWXQLGDGHV (O SUREOHPD GH PXFKRV GH QRVRWURV HV TXH TXHGDPRV FRPR PDUFDGRV SRU H[SHULHQFLDV QHJDWLYDV GHO SDVDGR SHUPLWLPRV TXH DTXHOOR TXH QRV DIHFWy TXHGH DOOt DQLGDGR \ PXFKDV YHFHV QR TXHUHPRV HQWHQGHU TXH OR SDVDGR \D SDVy 4XL]i PXFKRV WXYLHURQ XQ DxR PX\ GLItFLO FRQ H[SHULHQFLDV EDVWDQWH GRORURVDV VLQ HPEDUJR KR\ HVWDPRV HQ XQ QXHYR DxR \ QDGD WH WLHQH TXH KDFHU SHQVDU TXH HQ HVWH QXHYR DxR WH LUi LJXDO R SHRU DO FRQWUDULR HV EXHQR SHQVDU TXH HVWDPRV HQ XQ DxR GH QXHYDV RSRUWXQLGDGHV HQ GRQGH OR TXH KLFH PDO HO DxR SDVDGR HQ HVWH QXHYR OR SXHGR KDFHU ELHQ /R PDOR TXH QRV SDVD QRV D\XGD D QR YROYHU D FRPHWHU ORV PLVPRV HUURUHV QRV KDFH FUHFHU QRV DXPHQWD OD IH SHUR VREUH WRGR QRV KDFH PDV IXHUWHV &DGD XQR GH QRVRWURV GHEHPRV HQWHQGHU TXH QR SRGHPRV TXHGDUQRV SRVWUDGRV SRU WURSLH]RV GHO SDVDGR GHEHPRV OHYDQWDUQRV \ SURVHJXLU KDFLD QXHVWUDV PHWDV /D FXOSDELOLGDG SRU ORV HUURUHV TXH FRPHWHPRV SXHGH VHU XQ JUDQ REVWiFXOR SDUD DYDQ]DU HQ HVWH QXHYR DxR +R\ HV XQ EXHQ GtD SDUD FRPSUHQGHU TXH HVWH DxR VHUi HVSHFLDO 7X GHFLGHV TXH HV OR TXH TXLHUHV SDUD WX YLGD 3XHGHV HOHJLU HQWUH HVWDU WULVWH SRU OR RFXUULGR HQ HO SDVDGR R YHU KDFLD GHODQWH FRQ¿DQGR HQ TXH OR KDUiV PHMRU SRUTXH DKRUD KDV DSUHQGLGR GH WXV HUURUHV £/HYiQWDWH VRQUtH \ GHWHUPLQD KDFHU ODV FRVDV PHMRUHV HQ HVWH DxR 4XH WX FRUD]yQ VHD HO FRUD]yQ GH XQD SHUVRQD TXH DFHSWD VXV HUURUHV SHUR TXH DO PLVPR WLHPSR HVWD GLVSXHVWD WRWDOPHQWH D PHMRUDU 1R ROYLGHV DGHPiV PDQWHQHU OD SD] HQ WX KRJDU WX IDPLOLD OD PDQWHQGUi HQ OD VRFLHGDG \ DVt OD VRFLHGDG SRGUi PDQWHQHUOD HQ HO PXQGR (V FXULRVR TXH OD YLGD FXDQWR PiV YDFtD PiV SHVD

/HyQ 'DXGt

7HFRPiQ 6HUYLFLRV

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

$',9,1$1=$6 0L WtD &XFD WLHQH XQD PDOD UDFKD ¢TXLpQ VHUi HVWD PXFKDFKD" (Q HO OLEUR KD\ PXFKDV GH HOODV FDGD XQD FRQ XQD VRUSUHVD 0H OODPR /HR PH DSHOOLGR 3DUGR TXLHQ QR PH DGLYLQH HV XQ SRFR WDUGR (Q OR DOWR YLYH HQ OR DOWR PRUD HQ OR DOWR WHMH OD WHMHGRUD (Q YHUDQR EDUEXGR \ HQ YHUDQR GHVQXGR ¢4Xp VR\" 7RGR OR OOHYD GHODQWH ORV FROPLOORV SDUD OD OXFKD \ OD WURPSD SDUD OD GXFKD &XDQGR HVWR\ DO ODGR WX\R QR PH YHV \ FXDQGR YXHOR QR PH YHV ¢4XLpQ VHUp" 6L PH WLHQHV PH TXLHUHV FRPSDUWLU 6L PH FRPSDUWHV QR PH WLHQHV ¢4Xp VR\ \R" 8QDV VRQ UHGRQGDV RWUDV RYDODGDV XQDV SLHQVDQ PXFKR \ RWUDV QDGD 'DPH GH FRPHU \ YLYR 'DPH XQ WUDJR \ PH PXHUR 'H EURQFH HO WURQFR ODV KRMDV GH HVPHUDOGD HO IUXWR GH RUR ODV ÀRUHV GH SODWD ¢4Xp HV QHJULWR VLQ FXHUSR \ QR KDFH OR TXH WLHQH TXH KDFHU SDUD SRQHUWH HQ SLH" 7HQJR GHGRV \ SXOJDU SHUR QR OOHJR D UHVSLUDU 3XxDGLWR GH DOJRGyQ EULQFD VLQ WRQ QL VRQ 7H OR GLJR \ QR PH HQWLHQGHV QR WHQJR ERFD \ Vt WHQJR GLHQWHV /D FXFDUDFKD /DV SiJLQDV (O OHRSDUGR /D DUDxD (O ERVTXH (O HOHIDQWH (O KXPR (O VHFUHWR /D FDEH]D (O IXHJR (O DOPHQGUR (O FDIp GHVFDIHLQDGR (O JXDQWH /D RYHMD (O SHLQH

/D YLGD HV XQ DUFR LULV TXH LQFOX\H HO QHJUR <HYJHQ\ <HYWXVKHQNR

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

)HOL] DxR +ROD PLV DPLJRV VH DFDEDURQ ODV ¿HVWDV QDYLGHxDV \ GH ¿Q GH DxR $KRUD VL D SRQHUQRV ODV SLODV \ FXLGDU QXHVWUD DOLPHQWDFLyQ 1R VH SUHRFXSH VL VXELy DOJR GH SHVR \ WLHQH XQD WDOOD PiV 3HUR QR GHMH SDVDU GtDV R VHPDQDV KD\ TXH KDFHUOR \D /D MXYHQWXG TXH GLVPLQX\H QR HV OR ~QLFR TXH VH UHODFLRQD FRQ XQ DEGRPHQ DEXOWDGR VH UHODFLRQD WDPELpQ FRQ HQIHUPHGDGHV FDXVDGDV SRU HO HQYHMHFLPLHQWR FRPR FROHVWHURO DOWR KLSHUWHQVLyQ LQÀDPDFLyQ GH YHVtFXOD DIHFFLRQHV FDUGLDFDV HVWUpV \ D OD ODUJD XQ PHQRU ODSVR GH YLGD $XQTXH XQD FLQWXUD PiV HVWUHFKD QR JDUDQWL]D XQD H[FHOHQWH VDOXG HO ULHVJR GH WHQHU HVWRV SUREOHPDV VLQ GXGD VHUi PHQRU VL PDQWLHQH XQ SHVR FRUSRUDO VDOXGDEOH (Q JHQHUDO OD JHQWH REHVD QR YLYH WDQWR WLHPSR 0XFKRV HVWXGLRV UHVSDOGDQ OR DQWHULRU (O ULHVJR GH PRULU D FDXVD GH XQD HQIHUPHGDG FDUGLRYDVFXODU HV PDV DOWR HQ ORV REHVRV TXH HQ ODV SHUVRQDV FRQ XQ SHVR DGHFXDGR 1R VROR HV SUREDEOH TXH YLYD PiV WLHPSR VL PDQWLHQH VX SHVR WDPELpQ HV SRVLEOH TXH HYLWH ODV HQIHUPHGDGHV TXH OH UREDQ OD HQHUJtD MXYHQLO 6L VXEH GH SHVR \ D~Q HV PX\ MRYHQ FRUUH PD\RU ULHVJR GH DGTXLULU HQIHUPHGDGHV TXH QRUPDOPHQWH OH VHxDODQ HO SULQFLSLR GH OD YHMH] (QWUH ORV VRPEUtRV YLVLWDQWHV TXH OODPDQ D OD SXHUWD GH ORV REHVRV HVWiQ ODV GLVIXQFLRQHV FRURQDULDV HQIHUPHGDGHV UHVSLUDWRULDV JRWD R DUWULWLV 1R OR TXLHUR DVXVWDU FRQ WRGR HVWR VROR TXLHUR FRQYHQFHUOR GH FXLGDU VX SHVR 1R FRPD FRVDV TXH XVWHG \D VDEH TXH HQJRUGD QR FRPD HQ H[FHVR \ KDJD HMHUFLFLR 6ROR QHFHVLWD GH D PLQXWRV GLDULRV 'LVIUXWH OD YLGD VHD IHOL] +DVWD OD SUy[LPD

(OLJH OD PHMRU PDQHUD GH YLYLU OD FRVWXPEUH WH OD KDUi DJUDGDEOH

(SLFWHWR GH )ULJLD

7HFRPiQ *DVWURQRPtD

3DUD QLxRV

¢&XiO HV HO FROPR" ¢'H XQ DEDQLFR" 7HQHU DLUHV GH VXSHULRULGDG ¢'H XQD DEHMD" 6HU DOpUJLFD DO SROHQ ¢'H XQ DERJDGR" 3HUGHU HO WLHPSR ¢'H XQ DJHQWH GH WUiQVLWR" 7HQHU SUREOHPDV FLUFXODWRULRV ¢'H XQ DJULFXOWRU" 6DFDUOH OD UDt] FXDGUDGD D XQ iUERO ¢'H XQD DVSLUDGRUD" 6HU DOpUJLFD DO SROYR ¢'H XQ DVWURQDXWD" 4XH VX HVSRVD VHD XQD OXQiWLFD ¢'H XQ DVWUyQRPR" (QDPRUDUVH GH XQD HVWUHOOD GH FLQH 9LYLU HV OR PiV UDUR GH HVWH PXQGR SXHV OD PD\RU SDUWH GH ORV KRPEUHV QR KDFHPRV RWUD FRVD TXH H[LVWLU

2VFDU :LOGH

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 YLHQH GH OD SiJLQD

+LVWRULD GH &ROLPD

GH QLQJXQD PDQHUD 5H\ GH &ROLPiQ TXH GRPLQDED HO WHUULWRULR FRQTXLVWDGR SRU HVWD SURYLQFLD GHO UH\ (O &ROLPRWO /RV FDFLFD]JRV R SURYLQFLDV VXMHWRV D OD DXWRULGDG GH HVWH FDXGLOOR \ PHQFLRQDGRV HQ ODV SULPHUDV FpGXODV GH HQFRPLHQGD HUDQ 7HSHWLWDQJR &ROLPRWO &LKXDWOiQ 0RWtQ &XDFRPiQ 0LOSD \ $XWOiQ \ FRPR GHSHQGLHQWHV R WULEXWDULRV GH HVD UXGD &RQIHGHUDFLyQ VH KDOODEDQ ODV SURYLQFLDV GH 7XVSDQ =DSRWOiQ $PXOD \ 7DPD]XOD TXH HQ VX FRQMXQWR IRUPDEDQ XQD HVSHFLH GH DQLOOR DOUHGHGRU GH ORV 9ROFDQHV 6HJ~Q QXHVWURV KLVWRULDGRUHV HQ pSRFD PX\ DQWHULRU D OD FRQTXLVWD HVSDxROD HO IDPRVR 5H\ GH &ROLPiQ D\XGDGR SRU ORV FDFLTXHV GH 6D\XOD =DSRWOiQ $PXOD $XWOiQ 7DPD]XOD 7XVSDQ \ RWURV YHFLQRV DO UHLQR GH &ROLPiQ ORJUy FRQMXUDU XQD SHOLJURVD LQYDVLyQ GH WDUDVFRV R SXUpSHFKDV HQ OD VDQJULHQWD EDWDOOD RFXUULGD D LQPHGLDFLRQHV GHO SXHEOR GH =DFRDOFR D OD FXDO VH GHQRPLQD ³*XHUUD GHO 6DOLWUH´ /RV GRPLQLRV VXMHWRV DO JRELHUQR GHO UH\ GH &ROLPiQ TXH LQWHJUDQ VX SURYLQFLD VRQ FLHQWR VHVHQWD \ XQ SXHEORV /D SURYLQFLD GH &ROLPD WLHQH RWUDV SURYLQFLDV D HOOD DQH[DV \ DO WLHPSR TXH VH FRQTXLVWDURQ SRU ORV HVSDxROHV VROLDQ WHQHU XQD PD\RU SREODFLyQ DVt FRPR VXV YDOOHV HVWDEDQ PiV SREODGRV GH JHQWH \ FX\R QRPEUH KD SHUPDQHFLGR /D FLWD GH ORV SXHEORV HV HQ UHODFLyQ D OD YLVLWD TXH GH HOORV KLFLHUD HO OLFHQFLDGR /HEUyQ GH 4XLxRQHV HQ OD 3URYLQFLD GH &ROLPRWO /RV YDOOHV \ 3URYLQFLDV GH &ROLPD HO YDOOH GH $\XWOD HO YDOOH GH $WHQJR HO YDOOH GH 7HQDPD]WOiQ HO YDOOH GH $XWOiQ HO YDOOH GH 'HVSXFKLPLOFR HO YDOOH GH $OLPD HO YDOOH GH 7HFRPiQ OD SURYLQFLD GH 0\OSD OD SURYLQFLD GH &LKXDWOiQ OD SURYLQFLD GH &ROLPRWO OD SURYLQFLD GH 7HSHWLWDQJR OD SURYLQFLD GH 0RWtQ \ OD SURYLQFLD GH 4XDFRPiQ ([WUDLGR GH (O 6HxRUtR GH &ROLPiQ \ OD 1XHYD (VSDxD

3DUD WULXQIDU HQ OD OXFKD GH OD YLGD HO KRPEUH KD GH WHQHU R XQD JUDQ LQWHOLJHQFLD R XQ FRUD]yQ GH SLHGUD

0i[LPR *RUNL

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

/D YLGD QR VH QRV KD GDGR SDUD VHU IHOLFHV VLQR SDUD PHUHFHU VHUOR

$UPDQGR 3DODFLR 9DOGpV

0DQ]DQLOOR 6HUYLFLRV

YLHQH GH OD SiJLQD VH TXLVR GHFLU \ OD SXQWXDFLyQ DGHFXDGD 7DPELpQ GHEH WHQHUVH HQ FXHQWD DO UHGDFWDU HO REMHWLYR VL HV XQD FDUWD IDPLOLDU GHEHUi VHU H[SUHVDGD HQ WpUPLQRV FRORTXLDOHV ORV TXH QR GHEHQ HPSOHDUVH HQ XQD UHGDFFLyQ IRUPDO 3DUD UHGDFWDU HV IXQGDPHQWDO RUGHQDU ODV LGHDV SDUD TXH DO H[SUHVDUVH QR UHVXOWHQ FRQIXVDV FRUUHJLU ODV IDOWDV GH RUWRJUDItD \ HPSOHDU ELHQ ORV VLJQRV GH SXQWXDFLyQ \D TXH GH OR FRQWUDULR SXHGHQ FDPELDU WRGR HO VHQWLGR GHO PHQVDMH 6L HV XQ WH[WR PDQXVFULWR GHEH FXLGDUVH DGHPiV OD FDOLJUDItD \ OD SUROLMLGDG (O HVFULWR QR GHEH VHU WDQ EUHYH TXH QR OOHJXH D LQIRUPDU OD LGHD FRPSOHWD QL WDQ H[WHQVR TXH DEXUUD DO OHFWRU \ OH KDJD SHUGHU GH YLVWD OD LGHD SULQFLSDO /DV RUDFLRQHV PX\ ODUJDV WLHQGHQ D KDFHU SHUGHU HO VHQWLGR GH OR H[SUHVDGR (Q ORV WH[WRV OLWHUDULRV VH GHEHQ LQWURGXFLU FLHUWRV UHFXUVRV FRPR FRPSDUDFLRQHV R PHWiIRUDV TXH FXPSOHQ OD IXQFLyQ GH HPEHOOHFHU HO UHODWR SHUR FRQ HO FXLGDGR GH QR UHVWDU FRQ WDQWDV DGMHWLYDFLRQHV \ DGRUQRV OD FDOLGDG WHPiWLFD /XHJR GH UHGDFWDU HO WH[WR FRQYLHQH OHHUOR SDUD DVHJXUDUQRV GH TXH QR WLHQH HUURUHV \ UHVXOWD HQWHQGLEOH (V IUHFXHQWH TXH OD JHQWH GLJD ³6p OR TXH WHQGUtD TXH HVFULELU SHUR QR Vp FyPR H[SUHVDUOR´ \ HVWR VH GHEH D OD SREUH]D GH YRFDEXODULR SDUD OR FXiO OR PHMRU HV HVWLPXODU GHVGH HGDG WHPSUDQD HO JXVWR SRU OD EXHQD OHFWXUD 6L ELHQ OR LQQDWR FXPSOH XQD IXQFLyQ UHOHYDQWH \D TXH PXFKRV WLHQHQ HO GRQ GH UHGDFWDU PX\ ELHQ ORV TXH VLHQWHQ TXH OHV FXHVWD SXHGHQ PHMRUDU PXFKtVLPR FRQ OD SUiFWLFD FRPR VXFHGH FRQ FXDOTXLHU DFWLYLGDG /R SHRU HV FUHHU TXH QR SRGHPRV ORJDUOR (PSH]DU FRQ UHGDFFLRQHV FRUWDV \ VLPSOHV DXPHQWDQGR SRFR D SRFR OD FRPSOHMLGDG (O GLFFLRQDULR HV XQ JUDQ DOLDGR /D YLGD VyOR SXHGH VHU FRPSUHQGLGD PLUDQGR KDFLD DWUiV SHUR KD GH VHU YLYLGD PLUDQGR KDFLD DGHODQWH

6|UHQ $DE\H .LHUNHJDDUG

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 +D\ XQD OH\ GH YLGD FUXHO \ H[DFWD TXH D¿UPD TXH XQR GHEH FUHFHU R HQ FDVR FRQWUDULR SDJDU PiV SRU VHJXLU VLHQGR HO PLVPR

1RUPDQ 0DLOHU

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

&DUSH 'LHP DSURYHFKD HO GtD SUHVHQWH 3DODEUDV TXH QRV UHFXHUGDQ TXH OD YLGD HV FRUWD \ GHEHPRV DSUHVXUDUQRV D JR]DU GH HOOD

+RUDFLR

0DQ]DQLOOR 3HULyGLFRV \ PHGLRV

&XOWXUD

/HFFLyQ GH DQDWRPtD GH 5HPEUDQGW (O WtWXOR FRPSOHWR GH HVWH FXDGUR HV ³/D OHFFLyQ GH DQDWRPtD GHO GRFWRU 7XOS´ \ VH WUDWD GH XQ yOHR SLQWDGR VREUH OLHQ]R GH JUDQGHV GLPHQVLRQHV HQ FRQFUHWR GH FP GH DOWR SRU FP GH DQFKR (VWD REUD PDHVWUD GH 5HPEUDQGW VH H[SRQH HQ HO PXVHR 0DXULWVKXLV GH /D +D\D HQ +RODQGD

8QR GH ORV JpQHURV SLFWyULFRV TXH KD DSRUWDGR

9LYLU HQ OD 7LHUUD HV FDUR SHUR HOOR LQFOX\H XQ YLDMH JUDWLV DOUHGHGRU GHO VRO FDGD DxR

$QyQLPR

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

OD HVFXHOD GH SLQWXUD KRODQGHVD D OD +LVWRULD GHO $UWH HV HO UHWUDWR GH JUXSR \ HVWH HV XQR GH ORV HMHPSORV PiV HPEOHPiWLFRV GH VHPHMDQWH JpQHUR 7UDGLFLRQDOPHQWH ODV FRUSRUDFLRQHV GH SURIHVLRQDOHV IXHUDQ HVWRV PHUFDGHUHV WHMHGRUHV R GH FXDOTXLHU RWUR WLSR GH R¿FLR HQFDUJDEDQ D ORV DUWLVWDV XQ UHWUDWR GH JUXSR SDUD HO FXDO ORV LQWHJUDQWHV GH HVD DVRFLDFLyQ SRVDEDQ GH IRUPD VROHPQH 6LQ HPEDUJR 5HPEUDQGW GLR XQ SDVR PiV HQ HVWH WLSR GH WUDEDMRV \ RSWy SRU KXLU GH ODV HVFHQDV HVWHUHRWLSDGDV \ KDFHU TXH ORV UHWUDWDGRV DSDUHFLHUDQ GHVDUUROODQGR VX WUDEDMR (Q HVWH FDVR 5HPEUDQGW UHFLELy HO HQFDUJR GHO JUHPLR GH FLUXMDQRV GH $PVWHUGDP \ FRQ HVWD REUD HVD FRUSRUDFLyQ GH PpGLFRV WUDWDED GH UHQGLU KRPHQDMH DO SULPHU DQDWRPLVWD GHO SDtV HO GRFWRU 1LFRODHV 3LHWHUV]RRQ 7XOS $Vt 5HPEUDQGW SODQWHD XQD HVFHQD HQ OD TXH D V L V W L P R V D F R P R H O G R F W R U 7X O S H V W i GLVHFFLRQDQGR XQ FDGiYHU \ XQ JUXSR GH VLHWH DOXPQRV VH DSLxDQ HQ WRUQR D pO LQWHUHVDGRV HQ ODV YtVFHUDV TXH YD H[WUD\HQGR HO GRFWRU (Q HO URVWUR GHO GRFWRU TXH HV HO ~QLFR SHUVRQDMH TXH DSDUHFH FXELHUWR FRQ VRPEUHUR FRPR SULYLOHJLR GH VX FDUJR HPDQD XQD WRWDO VHJXULGDG HQ VX WUDEDMR 0LHQWUDV TXH ODV FDUDV GH ORV DOXPQRV QRV PDQL¿HVWDQ ODV GLIHUHQWHV VHQVDFLRQHV TXH OHV SURYRFD OD OHFFLyQ GH DQDWRPtD 8QRV VH VRUSUHQGHQ RWURV HVWiQ HQWXVLDVPDGRV RWURV FRQVXOWDQ VXV QRWDV HWF 7RGR HOOR UHSUHVHQWDGR SRU 5HPEUDQGW FRQ XQ H[TXLVLWR UHDOLVPR &RPR FXDOLGDG SLFWyULFD GH OD REUD KD\ TXH UHVHxDU HO HVWXGLR GH OD OX] TXH UHDOL]D 5HPEUDQGW SDUD VX FRPSRVLFLyQ \D TXH OD OX] LQFLGH GLUHFWDPHQWH VREUH ODV FDUDV GH ORV SHUVRQDMHV GH PDQHUD TXH GHVWDFDQ GH XQD PDQHUD PX\ FODUD VREUH OD RVFXULGDG GH OD VDOD GRQGH VH GHVDUUROOD OD DXWRSVLD 'H KHFKR SDUHFH TXH OD SDOLGH] GHO FDGiYHU FRQWLQ~D HQ OD SiJLQD 6L HO KRPEUH QR KD GHVFXELHUWR QDGD SRU OR TXH PRULU QR HV GLJQR GH YLYLU

0DUWLQ /XWKHU .LQJ

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

, KRSH WKDW LQ WKLV \HDU WR FRPH \RX PDNH PLVWDNHV %HFDXVH LI \RX DUH PDNLQJ PLVWDNHV WKHQ \RX DUH PDNLQJ QHZ WKLQJV WU\LQJ QHZ WKLQJV OHDUQLQJ OLYLQJ SXVKLQJ \RXUVHOI FKDQJLQJ \RXUVHOI FKDQJLQJ \RXU ZRUOG <RX UH GRLQJ WKLQJV \RX YH QHYHU GRQH EHIRUH DQG PRUH LPSRUWDQWO\ \RX UH GRLQJ VRPHWKLQJ 7KH QHZ \HDU VWDQGV EHIRUH XV OLNH D FKDSWHU LQ D ERRN ZDLWLQJ WR EH ZULWWHQ :H FDQ KHOS ZULWH WKDW VWRU\ E\ VHWWLQJ JRDOV 4XLHQ FUHD TXH VX SURSLD YLGD \ OD GH VXV VHPHMDQWHV HVWi SULYDGD GH VLJQL¿FDGR QR HV VyOR LQIHOL] VLQR TXH DSHQDV HV FDSD] GH YLYLU

$OEHUW (LQVWHLQ

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

YLHQH GH OD SiJLQD

*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

&XHQWR

XQD \ PXFKDV YHFHV KDVWD TXH OR KL]R SHGD]RV 7LHPSR GHVSXpV VH IXH VHFDQGR KDVWD TXH QR TXHGy VLQR XQ HVTXHOHWR GHVQXGR \ VROLWDULR $KRUD \D QR H[LVWH DTXHO iUERO MXQWR DO MDUGtQ GH PL SXHEOR 0L DPLJR HO iUERO VyOR H[LVWH HQ PL SHQVDPLHQWR SHUR GH DKt QDGLH SRGUi DUUDQFDUOR QL SRGUiQ DEDWLUOR ORV UD\RV VLQ TXH DQWHV DEDWDQ PL FXHUSR \ FXDQGR \R PXHUD HQFRQWUDUp D PL DPLJR HO iUERO HQ ORV OXJDUHV HWHUQRV GRQGH YLYLUHPRV HQ SD] SRU WRGRV ORV VLJORV /LSR /HSH

/D YLGD QR HV OD TXH XQR YLYLy VLQR OD TXH XQR UHFXHUGD \ FyPR OD UHFXHUGD SDUD FRQWDUOD

*DEULHO *DUFtD 0iUTXH]

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[ /D YLGD HV FRPR PRQWDU HQ ELFLFOHWD 3DUD PDQWHQHU HO HTXLOLEUR KD\ TXH VHJXLU SHGDOHDQGR

$OEHUW (LQVWHLQ

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

'R QRW DUJXH ZLWK DQ LGLRW +H ZLOO GUDJ \RX GRZQ WR KLV OHYHO DQG EHDW \RX ZLWK H[SHULHQFH 7H ODVW WKLQJ , ZDQW WR GR LV KXUW \RX %XW LW V VWLOO RQ P\ OLVW /LJKW WUDYHOV IDVWHU WKDQ VRXQG 7KLV LV ZK\ VRPH SHRSOH DSSHDU EULJKW XQWLO \RX KHDU WKHP VSHDN :H QHYHU UHDOO\ JURZ XS ZH RQO\ OHDUQ KRZ WR DFW LQ SXEOLF :DU GRHV QRW GHWHUPLQH ZKR LV ULJKW RQO\ ZKR LV OHIW (YHQLQJ QHZV LV ZKHUH WKH\ EHJLQ ZLWK ³*RRG HYHQLQJ´ DQG WKHQ SURFHHG WR WHOO \RX ZK\ LW LVQ W 7R VWHDO LGHDV IURP RQH SHUVRQ LV SODJLDULVP 7R VWHDO IURP PDQ\ LV UHVHDUFK $ EXV VWDWLRQ HV ZKHUH D EXV VWRSV 2Q P\ GHVN , KDYH D ZRUN VWDWLRQ :KHQHYHU , ¿OO RXW DQ DSSOLFDWLRQ LQ WKH SDUW WKDW VD\V ³,Q FDVH RI HPHUJHQF\ QRWLI\ ´ , ZULWH ³$ GRFWRU´ :RPHQ ZLOO QHYHU EH HTXDO WR PHQ XQWLO WKH\ FDQ ZDON GRZQ WKH VWUHHW ZLWK D EDOG KHDG DQ D EHHU JXW DQG VWLOO WKLQN WKH\ DUH VH[\ /D YLGD GH XQ DPLJR HV OD QXHVWUD FRPR OD YHUGDGHUD YLGD GH FDGD XQR HV OD GH WRGRV

*HRUJH 6DQG

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

1R SRGHPRV DUUDQFDU XQD SiJLQD GHO OLEUR GH QXHVWUD YLGD SHUR SRGHPRV WLUDU WRGR HO OLEUR DO IXHJR

*HRUJH 6DQG

5HÀH[LyQ 5HÀH[LyQ

8Q DxR QXHYR PiV ¢TXLpQ ROYLGD DO DxR TXH WHUPLQy" $O DxR YLHMR QDGLH OR ROYLGD SRU TXH HVWXYR OOHQR GH DFRQWHFLPLHQWRV PX\ LPSRUWDQWHV \ PX\ WULVWHV &DGD DxR QXHYR VROR UHFRUGDPRV TXH QR FXPSOLPRV OR TXH SURPHWLPRV KDFHU GXUDQWH HO QXHYR DxR \ XQD YH] PiV QRV FRPSURPHWHPRV D ³FXPSOLUOR´ <R VLHQWR TXH PiV TXH KDFHU ³GLHWDV´ SLHQVD TXH QR VH WUDWD GH EDMDU R VXELU GH SHVR PiV TXH ³FRPSURPHWHUQRV´ D GHMDU GH KDFHU FLHUWDV FRVDV TXH VDEHPRV GH DQWHPDQR TXH QR HV WDQ IiFLO GHMDU GH KDFHU OR LPSRUWDQWH HV TXH FDGD DxR VHDPRV PHMRUHV VHUHV KXPDQRV PiV KXPLOGHV PiV WUDWDEOHV FRQ ORV GHPiV TXH ODV PHWDV TXH QRV SURSRQJDPRV VHDQ DOFDQ]DEOHV SDUD TXH FDGD DxR ODV VXSHUHPRV 4XH FDGD DxR WHQJDPRV TXH VXELU XQ ³SHOGDxR´ QR EDMDUOR SHQVHPRV FyPR SRGHPRV GDUOH VROXFLyQ DO SUREOHPD GH ODV SHUVRQDV TXH SDGHFHQ GH KDPEUXQD SLGDPRV \ URJXHPRV SDUD TXH OD VROXFLyQ GH ORV SUREOHPDV \ ODV GLIHUHQFLDV TXH H[LVWHQ HQWUH ODV QDFLRQHV QR WHQJD TXH VHU FRQ OD JXHUUD SLGDPRV SDUD TXH QXHVWURV KHUPDQRV TXH VRQ PpGLFRV \ FLHQWt¿FRV HQFXHQWUHQ OD FXUD OR PiV SURQWR SRVLEOH SDUD ODV QXHYDV HQIHUPHGDGHV TXH GtD FRQ GtD DSDUHFHQ HQ HO PXQGR \ TXH HVWiQ PDWDQGR D OD UD]D KXPDQD &RODERUHPRV SDUD TXH OD GHOLQFXHQFLD \ HO QDUFRWUi¿FR VH FRPEDWD FRQIRUPH D GHUHFKR SLGDPRV SRU ORV TXH HVWiQ HQ ORV UHFOXVRULRV GHO PXQGR SDUD TXH VH UHJHQHUHQ \ VHDQ SHUVRQDV GH ELHQ OR PiV SURQWR SRVLEOH SLGDPRV \ URJXHPRV SRU ORV DQFLDQRV GHO PXQGR TXH VRQ ODV SHUVRQDV TXH PiV H[SHULHQFLD WLHQHQ GH OD YLGD \ HVFXFKHPRV VXV SDODEUDV 3LGDPRV \ URJXHPRV SRU ORV QLxRV TXH VRQ YtFWLPDV GH PDOWUDWR DEXVR VH[XDO \ GHO DEDQGRQR 3LGDPRV WDPELpQ SRU TXLHQHV QRV JRELHUQDQ SRU ORV GLSXWDGRV \ SRU ORV VHQDGRUHV TXH VX FDUJR TXH WLHQHQ HVWpQ FRQVFLHQWHV GH TXH QR HV SDUD PHGLU SRGHUHV VL IXHURQ HOHJLGRV HV SDUD TXH QRV D\XGHQ D PHMRUDU \ VREUH WRGR QR ROYLGHQ TXH QRV UHSUHVHQWDQ D FDGD XQR GH QRVRWURV DVt TXH RMDOi TXH \D QR SLHQVHQ ~QLFDPHQWH HQ HOORV PLVPRV QL VH VLJDQ PLGLHQGR TXLpQ WLHQH PiV SRGHU SRU TXH ORV ~QLFRV SHUMXGLFDGRV VRPRV FDGD XQR GH ORV TXH YLYLPRV HQ HVWH 3DtV &RODERUHPRV SDUD TXH HQ HO PXQGR SUHYDOH]FD OD SD] HOLPLQHPRV ORV RGLRV ODV YHQJDQ]DV ODV PHQWLUDV ODV LQ¿GHOLGDGHV \ KDJDPRV TXH UHLQH HO UHVSHWR PXQGLDO /D YLGD HV XQ MXHJR GH SUREDELOLGDGHV WHUULEOHV VL IXHUD XQD DSXHVWD QR LQWHUYHQGUtDV HQ HOOD

7RP 6WRSSDUG

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

(O KRPEUH QR SRVHH HO SRGHU GH FUHDU YLGD 1R SRVHH WDPSRFR SRU FRQVLJXLHQWH HO GHUHFKR D GHVWUXLUOD

0DKDWPD *DQGKL

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

&XOWXUD

VHD HO HOHPHQWR TXH LUUDGLD OD OX] SDUD LOXPLQDU D ORV SHUVRQDMHV (VWRV HIHFWRV OXPtQLFRV VRQ PX\ GH VX WLHPSR GH OD SLQWXUD EDUURFD \ HO DPELHQWH RVFXUR TXH UHLQD HQ OD WHOD VH KD GH¿QLGR FRPR HVWLOR WHQHEULVWD GHO FXDO XQR GH VXV Pi[LPRV H[SRQHQWHV IXH HO SLQWRU LWDOLDQR &DUDYDJJLR 1R REVWDQWH KD\ TXH VDEHU TXH HO FXHUSR PXHUWR TXH VH HVWi LQYHVWLJDQGR HUD HO GH XQ FULPLQDO DMXVWLFLDGR /D ¿UPD GH 5HPEUDQGW \ OD IHFKD HQ OD TXH UHDOL]y OD REUD DSDUHFH HQ OD SDUWH GH DUULED GHO FXDGUR (VD IHFKD QRV LQGLFD TXH UHDOL]y HO FXDGUR D OD HGDG GH DxRV \ HVWi FRQVLGHUDGD FRPR VX SULPHUD JUDQ REUD PDHVWUD OD FXDO IXH WRGR XQ p[LWR HQ VX PRPHQWR 'H KHFKR D SDUWLU GH HOOD QR GHMDURQ GH OOHJDUOH HQFDUJRV DOJXQRV GH ORV FXDOHV FRPR OD FpOHEUH 5RQGD GH QRFKH KDFHQ TXH 5HPEUDQGW VHD XQR GH ORV PiV JUDQGHV DUWLVWDV GH OD SLQWXUD EDUURFD MXQWR DO \D FLWDGR &DUDYDJJLR HO EHOJD 5XEHQV \ HO HVSDxRO 9HOi]TXH] /D JXtD GH OD KLVWRULD GHO DUWH

/D YLWDOLGDG VH UHYHOD QR VRODPHQWH HQ OD FDSDFLGDG GH SHUVLVWLU VLQR HQ OD GH YROYHU D HPSH]DU

)UDQFLV 6FRWW )LW]JHUDOG

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 5D]DV GH SHUURV

YLHQH GH OD SiJLQD GHOLFDGD /D GHSUHVLyQ QDVR IURQWDO HV SRFR PDUFDGD \ OD QDUL] HV QHJUD HQ SHUURV QHJURV EODQFRV \ JULVHV SHUR PDUUyQ HQ SHUURV PDUURQHV \ HQ ORV FDQLFKH OHRQDGRV SXHGH VHU QHJUD R PDUUyQ /RV RMRV VRQ GH IRUPD DOPHQGUDGD \ PX\ H[SUHVLYRV 'HEHQ VHU RVFXURV 3XHGHQ VHU GH FRORU iPEDU RVFXUR HQ SHUURV PDUURQHV SHUR SDUD ORV SHUURV GH RWURV FRORUHV ORV RMRV GHEHQ VHU QHJURV R SDUGRV RVFXURV /DV RUHMDV SODQDV ODUJDV \ FXELHUWDV GH SHODMH RQGXODGR FDHQ D OR ODUJR GH ODV PHMLOODV /D FROD GHO FDQLFKH HV GH LQVHUFLyQ PX\ DOWD \ WUDGLFLRQDOPHQWH VH DPSXWDED HQ ORV FDFKRUURV UHFLpQ QDFLGRV 'HVJUDFLDGDPHQWH HVD FRVWXPEUH FUXHO VLJXH YLJHQWH HQ PXFKDV SDUWHV \ OD )&, VLJXH DFHSWDQGR SHUURV FDQLFKH FRQ FRODV FRUWDGDV HQ XQ WHUFLR R D OD PLWDG GH VX ORQJLWXG QDWXUDO 3HUR SRU RWUR ODGR \ DIRUWXQDGDPHQWH OD FRVWXPEUH GH DPSXWDU D ORV SHUURV SRU UD]RQHV HVWpWLFDV HVWi GLVPLQX\HQGR HQ HO PXQGR HQWHUR (O SHODMH GHO FDQLFKH HV DEXQGDQWH GH WH[WXUD ¿QD \ ODQRVD 3XHGH VHU HQVRUWLMDGR R HQ PHFKRQHV (O SHOR HQVRUWLMDGR ELHQ UL]DGR \ HOiVWLFR HV HO PiV FRQRFLGR \ VXHOH VHU FRUWDGR GH PDQHUD WtSLFD SDUD OD UD]D (O SHOR HQ IRUPD GH PHFKRQHV IRUPD FXHUGDV FDUDFWHUtVWLFDV TXH FXHOJDQ /RV FDQLFKH VRQ GH XQ VROR FRORU TXH SXHGH VHU QHJUR EODQFR PDUUyQ JULV OHRQDGR DQDUDQMDGR DOEDULFRTXH \ OHRQDGR URMR 'H DFXHUGR FRQ HO HVWiQGDU R¿FLDO GH OD )&, ODV DOWXUDV SDUD ODV GLIHUHQWHV YDULHGDGHV VRQ ODV VLJXLHQWHV &DQLFKH JUDQGH D FHQWtPHWURV D OD FUX] &DQLFKH PHGLDQR D FHQWtPHWURV D OD FUX] &DQLFKH HQDQR D FHQWtPHWURV D OD FUX] &DQLFKH WR\ D FHQWtPHWURV D OD FUX] (O HVWiQGDU )&, QR LQGLFD XQ SHVR LGHDO SDUD HVWDV YDULHGDGHV SHUR HVWRV SHUURV VXHOHQ VHU PiV OLJHURV TXH RWUDV UD]DV GH WDOODV VLPLODUHV

6HU OR TXH VRPRV \ FRQYHUWLUQRV HQ OR TXH VRPRV FDSDFHV GH VHU HV OD ~QLFD ¿QDOLGDG GH OD YLGD

5REHUW /RXLV 6WHYHQVRQ

0DQ]DQLOOR %LHQHV 5DLFHV

5HVHUYD HQ ZZZ DTXDWHUUD FRP R DO

4XLHQ VyOR YLYH SDUD Vt HVWi PXHUWR SDUD ORV GHPiV

3XEOLR 6LUR

+RUyVFRSR +RURVFRSH /D HQHUJtD GLUHFWD GH 0DUWH FUHD XQ SDLVDMH DVWUDO VXL JHQHULV HQ WX YLGD \ HVWiV D SXQWR GH UHFLELU XQD QRWLFLD TXH WH DOHJUDUi PXFKR 7X FRORU PRUDGR 7KH GLUHFW HQHUJ\ RI 0DUV FUHDWHV DQ DVWUDO ODQGVFDSH VXL JHQHULV LQ \RXU OLIH DQG \RX DUH DERXW WR UHFHLYH D QHZV WKDW ZLOO FKHHU \RX PXFK <RXU FRORU SXUSOH (VWiV PX\ ELHQ DXVSLFLDGR FRQ HVWH WUiQVLWR GH WX UHJHQWH 9HQXV GLUHFWR SRUTXH HQFXHQWUDV VROXFLRQHV D WXV SUHRFXSDFLRQHV 7X FRORU EODQFR <RX DUH YHU\ ZHOO VSRQVRUHG ZLWK WKLV WUDQVLW RI \RXU GLUHFW 9HQXV 5HJHQW EHFDXVH \RX ¿QG VROXWLRQV WR \RXU FRQFHUQV <RXU FRORU ZKLWH /DV LQÀXHQFLDV SODQHWDULDV WH D\XGDUiQ D IRUWDOHFHU WX YROXQWDG SDUD GHMDU DOJR TXH QR WH FRQYLHQH \ WH HVWi WUD\HQGR SUREOHPDV 7X FRORU D]XO 3ODQHWDU\ LQÀXHQFHV ZLOO KHOS \RX VWUHQJWKHQ \RXU ZLOO WR OHDYH VRPHWKLQJ WKDW GRHV QRW VXLW \RX DQG LV EULQJLQJ \RX SUREOHPV <RXU FRORU EOXH 'HEHV VHU FDXWR SRUTXH SRGUtDQ HQYROYHUWH HQ FKLVPHV LQWULJDV IDOVRV WHVWLPRQLRV \ FXHVWLRQHV OHJDOHV GXGRVDV 7X FRORU FDIp <RX PXVW EH FDXWLRXV EHFDXVH WKH\ FRXOG LQYROYH \RX LQ JRVVLS LQWULJXH IDOVH WHVWLPRQ\ DQG GXELRXV OHJDO LVVXHV <RXU FRORU EURZQ /D LQÀXHQFLD GLUHFWD GH 9HQXV WH FRORFD HQ XQ WRQR UHFHSWLYR TXH WH SHUPLWH HQWHQGHU PX\ ELHQ OR TXH GHEHV KDFHU 7X FRORU YLROHWD 7KH GLUHFW LQÀXHQFH RI 9HQXV SXWV \RX LQ D UHFHSWLYH WRQH WKDW DOORZV \RX WR XQGHUVWDQG YHU\ ZHOO ZKDW \RX VKRXOG GR <RXU FRORU YLROHW /DV LQÀXHQFLDV SODQHWDULDV WH D\XGDUiQ QRWDEOHPHQWH D SRQHU VREUH HO WDSHWH ORV DVXQWRV TXH KDVWD DKRUD QR WH KDEtDV DWUHYLGR D YHQWLODU 7X FRORU QHJUR 3ODQHWDU\ LQÀXHQFHV ZLOO KHOS \RX QRWLFHDEO\ WKH LVVXHV WKDW \RX KDYH QRW GDUHG WR YHQW EHIRUH <RXU FRORU EODFN $QRWD WXV VXHxRV SRUTXH SXHGHQ VXUJLU Q~PHURV TXH WH GHQ GLQHUR (V PRPHQWR GH LU SUHSDUDQGR XQ YLDMH 7X FRORU YHUGH :ULWH GRZQ \RXU GUHDPV EHFDXVH QXPEHUV FDQ FRPH XS WKDW JLYH \RX PRQH\ ,W V WLPH WR JR RQ D WULS <RXU FRORU JUHHQ /D EXHQD LQÀXHQFLD GH -~SLWHU WH FRORFD HQ XQ PDJQt¿FR WRQR DVWUDO SDUD OD VROXFLyQ GH SUREOHPDV OHJDOHV 7X FRORU QDUDQMD 7KH JRRG LQÀXHQFH RI -XSLWHU SXWV \RX LQ D PDJQL¿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~ \ WXV DPLVWDGHV VRFLRV FRPSDxHURV GH WUDEDMR IDPLOLDUHV \ KDVWD WX SDUHMD 7X FRORU JULV 6RPH IULFWLRQV PD\ DULVH EHWZHHQ \RX DQG \RXU IULHQGV SDUWQHUV FR ZRUNHUV IDPLO\ PHPEHUV DQG HYHQ \RXU FRXSOH <RXU FRORU JUD\

/D YLGD HV GXOFH R DPDUJD HV FRUWD R ODUJD ¢4Xp LPSRUWD" (O TXH OD JR]D OD KDOOD FRUWD \ HO TXH OD VXIUH OD KDOOD ODUJD

5DPyQ GH &DPSRDPRU

‹ &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
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.