Revista Cosatzul Marzo 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&+ $ 0 $5=2 0

&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$78,7$



3RGUiQ FRUWDU WRGDV ODV IORUHV SHUR QR SRGUiQ GHWHQHU OD SULPDYHUD 3DEOR 1HUXGD

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

/D SULPDYHUD KD YHQLGR QDGLH VDEH FyPR KD VLGR

$QWRQLR 0DFKDGR


1XHVWUD SRUWDGD

/D 3ULPDYHUD

(V OD HVWDFLyQ GHO DxR HQ OD TXH SDUHFLHUD TXH OD SURSLD QDWXUDOH]D FHOHEUD VX DQLYHUVDULR VH IHVWHMD FRQ HO UHQDFLPLHQWR GH SODQWDV \ ÀRUHV FRQ O D U H S U R G X F F L y Q G H V X I D X Q D 6 H Y L V W H PDMHVWXRVDPHQWH GH JDOD /RV GtDV VH DOHJUDQ FRQ YLVWRVRV FRORUHV SRU GRTXLHU ORV UtRV FUHFHQ \ WRGRV ORV RUJDQLVPRV YLYRV SDUHFLHUDQ FHOHEUDU SRU LJXDO OD PD\RUtD HVWiQ HQ VX Pi[LPR HVSOHQGRU 0XFKRV SDtVHV FHOHEUDQ OD ¿HVWD GH OD YLGD 3RU HMHPSOR HQ -DSyQ VH FHOHEUD HO $QDPL \ PLOORQHV GH MDSRQHVHV VH VLHQWDQ D FRPSDUWLU FRPLGD \ EHELGDV EDMR OD KHUPRVXUD GH FHUH]RV HQ ÀRU 'H KHFKR OD DJHQFLD PHWHRUROyJLFD VH HQFDUJD GH GLIXQGLU ODV IHFKDV HQ TXH ODV ÀRUHV GH ORV FHUH]RV EURWDUiQ /D SULPDYHUD WDPELpQ SXHGH UHIHULU D ODV LGHDV GHO UHQDFLPLHQWR HO UHMXYHQHFLPLHQWR OD U H Q R Y D F L y Q O D U H V X U U H F F L y Q \ H O Q X H Y R FUHFLPLHQWR (Q OD OLWHUDWXUD OD SULPDYHUD UHSUHVHQWD OD MXYHQWXG pSRFD R IDVH OD YLGD GH XQD SHUVRQD HQ OD TXH VH GLFH TXH HVWi HQ OD ÀRU GH OD YLGD ( Q & R O L P D O D V F D O O H V V H OOHQDQ GH FRORU SRUTXH ÀRUHFHQ ODV iUEROHV GHO J p Q H U R 7DEHEXLD /RV G R V P i V F R P X Q H V S R U HVWRV OXJDUHV VRQ ORV FRQRFLGRV SRSXODUPHQWH FRPR ³URVD PRUDGD´ \ ³SULPDYHUD´ 1XHVWUD SRUWDGD VH HQJDODQD HVWH PHV SUHFLVDPHQWH FRQ XQD EHOOD ³SULPDYHUD´ ÈUERO TXH ÀRUHFH VLHPSUH HQ SULPDYHUD /DV ÀRUHV VRQ XQ HVSHFWiFXOR FXDQGR DSDUHFHQ SRUTXH HVWDV OR KDFHQ MXVWR DO KDEHU SHUGLGR VXV KRMDV SRU OR TXH VH PXHVWUD IRUUDGR GH FLHQWRV GH ÀRUHV /DV ÀRUHV DSDUHFHQ HQ HO iSLFH GH ODV UDPDV HQ JUDQGHV JUXSRV ([LVWHQ PiV GH HVSHFLHV GH HVWH JpQHUR \ ORV FRORUHV GH VXV ÀRUHV SXHGHQ VHU URMDV DPDULOODV URVDGDV EODQFDV \ PDWL]DGDV 7H LQYLWDPRV D TXH DFRPSDxHV D QXHVWUD PDGUH QDWXUDOH]D D IHVWHMDUOD DGPtUDOD GLVIU~WDOD FRQWpPSODOD UHVSLUD RQGR \ JR]D GHO JUDQ UHJDOR TXH WLHQHV D WX DOUHGHGRU (VWDPRV VHJXURV TXH HVR HV SUHFLVDPHQWH OR TXH HOOD TXLHUH HV VX PHQVDMH GH SD] \ DUPRQtD SDUD HO PXQGR TXH WDQWD IDOWD OH KDFH 6H IHOL] HVWD SULPDYHUD \ VLHPSUH (V QXHVWUR GHVHR &RVWD]XO 6L QR TXLHUHV SHUGHUWH HQ HO ROYLGR WDQ SURQWR HVWpV PXHUWR HVFULEH FRVDV GLJQDV GH OHHUVH R KD] FRVDV GLJQDV GH HVFULELUVH

%HQMDPLQ )UDQNOLQ


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

¢3RU TXp GHEHUtD SUHRFXSDUPH SRU OD SRVWHULGDG" ¢4Xp KD KHFKR OD SRVWHULGDG SRU Pt" *URXFKR 0DU[


&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 ÈOYDUH] &ROLPD (O LQGLYLGXR HV HItPHUR ODV UD]DV \ ODV QDFLRQHV YLHQHQ \ VH YDQ SHUR HO VHU KXPDQR SHUPDQHFH 1LNROD 7HVOD


&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 &KLVWH

+DEtD XQ PDJR TXH WUDEDMDED HQ XQ EDUFR \ WHQtD XQ ORUR SDUODQFKtQ TXH VLHPSUH TXH KDFtD PDJLD OR OOHYDED HQFLPD GHO KRPEUR (Q XQD RFDVLyQ HVWR IXH OR TXH RFXUULy ³6HxRUDV \ VHxRUHV FRQ XVWHGHV HO PDJR 0RQFKL FRQ VX ORUR 3HUUL´ $SODXVRV 6DOH HO PDJR \ HPSLH]D D KDFHU VXV WUXFRV (Q HO PRPHQWR HQ TXH PHWH XQ UHORM HQ HO VRPEUHUR \ VDFD XQ FRQHMR GLFH HO ORUR ³ (O UHORM HVWi GHEDMR GH OD PHVD´ 2WUR WUXFR (O PDJR SRQH D XQD FKLFD HQ XQ ED~O \ OD KDFH GHVDSDUHFHU 'LFH HO ORUR ´/D FKLFD VH KD LGR SRU OD SXHUWD TXH HVWi GHEDMR GH OD PHVD´ 'H SURQWR OOHJD XQD WRUPHQWD \ HO EDUFR VH KXQGH \ VROR VREUHYLYHQ HO PDJR \ HO ORUR 3DVDQ GtDV \ GtDV \ HO ORUR QR GLFH QDGD (O PDJR GLFH ³+DEOD DKRUD ¢3RU TXp QR KDEODV"´ (O ORUR VLJXH FDOODGR $O FDER GH XQ PHV GLFH HO ORUR ³0H ULQGR GLPH GRQGH FDUDMRV HVFRQGLVWH HO EDUFR´

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


&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

(O QDYHJDQWH TXH HVSHUD D TXH HO YLHQWR VRSOH HQ OD GLUHFFLyQ TXH pO TXLHUH MDPiV OOHJDUi D VX GHVWLQR 'H OD PLVPD PDQHUD MDPiV WULXQIDUi TXLHQ HVSHUD D TXH ODV FLUFXQVWDQFLDV VHDQ ODV LGHDOHV (O YHUGDGHUR WULXQIDGRU FUHD VXV SURSLDV FLUFXQVWDQFLDV FXDQGR ODV H[LVWHQWHV QR VRQ ODV LGHDOHV \ SXHGH KDFHUOR SRUTXH VDEH TXH WLHQH HO FRQWURO GH VX YLGD SRUTXH VDEH OR TXH TXLHUH \ VH SUHSDUD SDUD FRQVHJXLUOR

/RV FXDUHQWD VRQ OD HGDG PDGXUD GH OD MXYHQWXG ORV FLQFXHQWD OD MXYHQWXG GH OD HGDG PDGXUD 6DQ $JXVWtQ


&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

'tD PXQGLDO

GH 0DU]R 'tD PXQGLDO GH /D 1DWXUDOH]D GH 0DU]R 'tD LQWHUQDFLRQDO GH /D 0XMHU GH 0DU]R 'tD PXQGLDO GH (O 5LxyQ GH 0DU]R 'tD PXQGLDO GH (O *ODXFRPD GH 0DU]R 'tD PXQGLDO GH (O 6tQGURPH GH 'RZQ GH 0DU]R 'tD PXQGLDO GH /D 3RHVtD GH 0DU]R 'tD PXQGLDO GH (O $JXD GH 0DU]R 'tD PXQGLDO GH /D 7XEHUFXORVLV (O GH GLFLHPEUH GH OD $VDPEOHD *HQHUDO GH ODV 1DFLRQHV 8QLGDV GHFLGH SURFODPDU HO GH PDU]R 'tD 0XQGLDO GH OD 1DWXUDOH]D /D SULPHUD FHOHEUDFLyQ GHO 'tD ,QWHUQDFLRQDO GH OD 0XMHU 7UDEDMDGRUD WXYR OXJDU HO GH PDU]R GH HQ $OHPDQLD $XVWULD 'LQDPDUFD \ 6XL]D (Q OD $VDPEOHD *HQHUDO GH ODV 1DFLRQHV 8QLGDV GHFODUy $xR ,QWHUQDFLRQDO GH OD 0XMHU \ HQ LQYLWy D WRGRV ORV (VWDGRV D GHFODUDU FRQIRUPH D VXV WUDGLFLRQHV KLVWyULFDV \ FRVWXPEUHV QDFLRQDOHV XQ GtD FRPR 'tD ,QWHUQDFLRQDO SRU ORV 'HUHFKRV GH OD 0XMHU \ OD 3D] ,QWHUQDFLRQDO +DVWD OD IHFKD VH KD HVWDQGDUL]DGR HO GtD GH PDU]R FRPR ³'tD ,QWHUQDFLRQDO GH /D 0XMHU´

/D JHQWH MRYHQ HVWi FRQYHQFLGD GH TXH SRVHH OD YHUGDG 'HVJUDFLDGDPHQWH FXDQGR ORJUDQ LPSRQHUOD \D QL VRQ MyYHQHV QL HV YHUGDG

-DXPH 3HULFK


&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[

/RV MyYHQHV KR\ HQ GtD VRQ XQRV WLUDQRV &RQWUDGLFHQ D VXV SDGUHV GHYRUDQ VX FRPLGD \ OH IDOWDQ DO UHVSHWR D VXV PDHVWURV

6yFUDWHV


&ROLPD 3HULyGLFRV \ 0HGLRV

)iEXOD

(O SHUUR HQJDxDGR SRU HO UHÀHMR $QyQLPR ,QGLD

8QD YH] LED XQ SHUUR FUX]DQGR XQ SXHQWH VREUH XQ UtR \ OOHYDQGR XQ EXHQ SHGD]R GH FDUQH HQ OD ERFD 'H SURQWR YLR VX LPDJHQ UHÀHMDGD HQ HO DJXD \ FUH\y TXH RWUR SHUUR YHQtD KDFLD pO &RPR VXSXVR TXH HO RWUR OOHYDED XQ PHMRU ERFDGR TXH HO VX\R TXLVR DUUHEDWiUVHOR SHUR SDUD SRGHU KDFHUOR WXYR TXH VROWDU OD FDUQH TXH pO OOHYDED 7XYR WDQ PDOD VXHUWH TXH VX SHGD]R FD\y DO UtR SRU OR FXDO VH TXHGy VLQ FRPHU 0RUDOHMD 1R KD\ TXH VHU FRGLFLRVR SXHV SRU GHVHDU OR TXH RWURV WLHQHQ SRGHPRV SHUGHU OR TXH QRV SHUWHQHFH 'H PLV GLVSDUDWHV GH MXYHQWXG OR TXH PiV SHQD PH GD QR HV HO KDEHUORV FRPHWLGR VLQR HO QR SRGHU YROYHU D FRPHWHUORV

3LHUUH %HQRLW


&ROLPD 3HULyGLFRV \ 0HGLRV

&KLVWHV

'RV VDFHUGRWHV TXH HVWDEDQ GH YDFDFLRQHV HQ +DZDLL GHFLGHQ YHVWLUVH GH WXULVWDV SDUD SDVDU LQDGYHUWLGRV &RPSUDQ FDPLVDV ÀRUHDGDV \ VDQGDOLDV \ VH YDQ D WRPDU HO VRO D OD SOD\D HQ HVR XQD UXELD GHVSDPSDQDQWH HQ ELNLQL SDVD MXQWR D HOORV \ ORV VDOXGD ³%XHQDV WDUGHV SDGUHV´ /RV FXUDV VH TXHGDQ DWyQLWRV \ DQWHV GH YROYHU DO KRWHO GHFLGHQ FRPSUDUVH XQ DWXHQGR PiV DWUHYLGR SDQWDORQFLOORV GH VXU¿VWD SOD\HUD FRQ HVWDPSDGR \ JDIDV REVFXUDV $O GtD VLJXLHQWH YXHOYHQ D OD SOD\D \ YHQ D OD PLVPD UXELD TXH HQ HVWD RFDVLyQ OOHYD XQ ELNLQL PiV EUHYH ³%XHQRV GtDV SDGUHV´ ORV VDOXGD

$O SDVDU MXQWR D HOORV OD GHWLHQHQ

³£8Q PRPHQWR VHxRULWD ¢&RPR VDEH TXH VRPRV VDFHUGRWHV"´ ³¢4XH QR VH DFXHUGDQ GH PL" 6R\ OD KHUPDQD &DWDOLQD OD GHO FRQYHQWR 8Q PpGLFR XQ LQJHQLHUR \ XQ DERJDGR GLVFXWHQ VREUH OD SURIHVLyQ PiV YLHMD GHO PXQGR HO PpGLFR GLFH )tMHQVH VL OD SURIHVLyQ GH PpGLFR HV OD PiV DQWLJXD GHO PXQGR \ OD SULPHUD TXH GH OD FRVWLOOD GH $GiQ 'LRV VDFR D (YD 1DGD GH HVR UHVSRQGH HO LQJHQLHUR )tMHQVH TXH DQWHV GH OOHJDU HO KRPEUH 'LRV FUHy DO PXQGR GH OD FRQIXVLyQ \ HO FDRV $K VL TXH ERQLWR OH UHVSRQGH HO DERJDGR < PH TXLHUHQ GHFLU ¢TXLHQ FUHy OD FRQIXVLyQ \ HO FDRV" 8QD UDWRQFLWD HVWDED FRQ VX QRYLR TXH HUD XQ PXUFLpODJR \ SDVy VX PHMRU DPLJD \ ORV YLR 0iV WDUGH FRQYHUVDURQ \ OD DPLJD OH FRPHQWy ³£5HDOPHQWH WX QRYLR HV PX\ IHR ´ < OD UDWRQFLWD OH FRQWHVWy ³3XHV VHUi PX\ IHR SHUR HV SLORWR´ /D MXYHQWXG QR HV XQ WLHPSR GH OD YLGD HV XQ HVWDGR GHO HVStULWX 0DWHR $OHPiQ


&ROLPD &RPHUFLRV

/D MXYHQWXG HV HO PRPHQWR GH HVWXGLDU OD VDELGXUtD OD YHMH] HO GH SUDFWLFDUOD -HDQ -DFTXHV 5RXVVHDX


&ROLPD &RPHUFLRV

*DOHUĬD

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

3RHPD

7LHPSR OHMDQR (VWiV KHFKD GH VXHxRV GH OX] GH OXQD \ SROYR GH HVWUHOODV ([WLHQGR PLV PDQRV \ QR DOFDQ]DQ PLV GHGRV SDUD WRFDU WX FXHUSR (UHV HQ OD PDxDQD UHDOLGDG \ SRU OD QRFKH UHFXHUGR (VWiV IUHQWH D PL HQ OD OHMDQtD GH XQ KRUL]RQWH WDQ FHUFD FRPR D\HU \ HO LQ¿QLWR /LSR /HSH

+DUtD FXDOTXLHU FRVD SRU UHFXSHUDU OD MXYHQWXG H[FHSWR KDFHU HMHUFLFLR PDGUXJDU R VHU XQ PLHPEUR ~WLO GH OD FRPXQLGDG

2VFDU :LOGH


&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

6XSHUDFLyQ

7LSRV \ WpFQLFDV GH OHFWXUD /D OHFWXUD HV HO SURFHVR PHQWDO SRU HO FXDO OXHJR GH FDSWDU D WUDYpV GH ORV VHQWLGRV YLVXDO R WiFWLO VL VH WUDWD GH OHFWXUD %UDLOH HO VXMHWR ORJUD FRPSUHQGHU HO VLJQL¿FDGR GH ORV HVFULWR HQ DOJ~Q VRSRUWH UHDO R YLUWXDO KRMD GH SDSHO SDQWDOOD GH RUGHQDGRU HWFpWHUD 6LQ HPEDUJR XQD FRVD HV OHHU HQ HO VHQWLGR GH UHFRUUHU HO WH[WR FRQ QXHVWUD YLVWD R QXHVWURV GHGRV HQ HO %UDLOH GRQGH VROR VH LQYROXFUD OD SDUWH VHQVRULDO OHFWXUD PHFiQLFD \ RWUD HV LQYROXFUDU DGHPiV HO SURFHVR PHQWDO TXH SHUPLWD GHVFLIUDU HO PHQVDMH DQDOL]DUOR \ HYDOXDUOR OR TXH RULJLQD XQ WLSR GH OHFWXUD OODPDGR FRPSUHQVLYD 3DUD OHHU VH SXHGHQ XVDU YDULDV WpFQLFDV 'H OHFWXUD HQ YR] DOWD (O VXMHWR H[SUHVD OR TXH OHH GH YLYD YR] OR TXH SHUIHFFLRQD HO DFWR GH OHHU FRUULGR \ SHUPLWH HVFXFKDUVH \ VHU HVFXFKDGR SHUPLWLHQGR OD FRUUHFFLyQ GH HUURUHV GH SURQXQFLDFLyQ (V PX\ UHFRPHQGDEOH HQ ORV SULPHURV DxRV GH SUiFWLFD GH OD OHFWXUD SXHV DGHPiV SHUPLWH VXSHUDU OD WLPLGH] DO GLULJLUVH D XQ DXGLWRULR /D OHFWXUD VLOHQFLRVD &RQWLQ~D HQ OD SiJLQD 6L OD MXYHQWXG HV XQ GHIHFWR HV XQ GHIHFWR GHO TXH QRV FXUDPRV GHPDVLDGR SURQWR

-DPHV 5XVVHOO /RZHOO


&ROLPD &RPHUFLRV

'LVHxR GH MDUGLQHV 3ODQWDV GH RUQDWR $VHVRUtD HQ GHFRUDFLyQ 3DOPDV \ iUEROHV ,QVWDODFLyQ GH SDVWR HQ UROOR 3LHGUD GHFRUDWLYD 7UDWDPLHQWR FRQWUD SODJDV %DVHV GH KHUUHUtD 6LVWHPDV GH ULHJR 3ODQWDV DFXiWLFDV $UEROHV IUXWDOHV 0DQWHQLPLHQWR 7LHUUD \ IHUWLOL]DQWHV RUJiQLFRV 0DFHWDV GH EDUUR WDODYHUD SOiVWLFR \ SROLHWLOHQR 3UHVXSXHVWRV +LHUEDV GH RORU 3DVWR HQ UROOR VLQ FRPSURPLVR 3ODJXLFLGDV +RUDULR /XQHV D 9LHUQHV GH DP D SP 6iEDGRV \ GRPLQJRV GH DP D SP

7HUFHU $QLOOR 3HULIpULFR 5HVLGHQFLDO (VPHUDOGD 1RUWH &ROLPD &RO 7HO &HO H0DLO HFRMDUGLQHVJRQ]DOH]#KRWPDLO FRP (FRMDUGLQHV *RQ]DOH] $FHSWDPRV WDUMHWDV GH FUpGLWR \ GpELWR

$7(1&,21 &$/,'$' 35(&,2 < 352)(6,21$/,602 18(675$ 0(-25 5(&20(1'$&,21

5HÀH[LyQ

(Q PXFKDV RFDVLRQHV WHQGUiV TXH YLYLU EDMR FLUFXQVWDQFLDV TXH QR VRQ ODV TXH GHVHDV SHUR QR GHEHUiV SHUPDQHFHU HVWiWLFR 'HEHUiV WUDEDMDU SDUD PRGL¿FDUODV R ELHQ EXVFDU RWUDV PiV IDYRUDEOHV 6ROR WULXQID TXLHQ SRQH OD YHOD HQFDUDGD FRQ HO DLUH TXH VRSOD MDPiV TXLHQ HVSHUD TXH HO DLUH VRSOH KDFLD GRQGH KD SXHVWR HQFDUDGD OD YHOD 1DGLH PHMRUDUi WX VXHUWH VL W~ PLVPR QR OR KDFHV /D MXYHQWXG HV IHOL] SRUTXH WLHQH OD FDSDFLGDG GH YHU OD EHOOH]D &XDOTXLHUD TXH FRQVHUYH OD FDSDFLGDG GH YHU OD EHOOH]D MDPiV HQYHMHFH

)UDQ] .DINDL


&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

$GTXLULU GHVGH MyYHQHV WDOHV R FXDOHV KiELWRV QR WLHQH SRFD LPSRUWDQFLD WLHQH XQD LPSRUWDQFLD DEVROXWD $ULVWyWHOHV


&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 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

)/25(5,$

3, $ 'RQGH ORV VHQWLPLHQWRV IORUHFHQ

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

&KLVWH

(Q XQ FLQH HQ HO TXH VH LED D SUHVHQWDU XQ HVWUHQR VH IRUPy GHVGH WHPSUDQR XQD ODUJD FROD (QWRQFHV XQD YLHMHFLWD VH DFHUFy D OD WDTXLOOD \ OD PXOWLWXG HPSH]y D JULWDU ³£$ OD FROD £$ OD FROD ´ /D DQFLDQD VH GHWXYR XQ PRPHQWR \ OD PXOWLWXG FDOOy SHUR DO YROYHU D DYDQ]DU OD JHQWH HPSH]y D JULWDU D FRUR ³£1R VH FXHOH £$ OD FROD ´ < DVt VXFHGLy PXFKDV YHFHV KDVWD TXH OD YLHMHFLWD HQRMDGD VH DOHMy UHIXQIXxDQGR ³£$ YHU DKRUD TXLHQ OHV YHQGH ORV EROHWRV ´ &XDQGR HUD PiV MRYHQ SRGtD UHFRUGDU WRGR KXELHUD VXFHGLGR R QR 0DUN 7ZDLQ


/,'$' < 6$% $ &

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 5HÀH[LRQHV

+D\ SDODEUDV TXH VRQ FRPR HO DLUH TXH VH UHVSLUDQ DO OHHUODV TXH OOHJDQ WDQ DGHQWUR TXH WH DFDULFLDQ HO DOPD $ YHFHV ROYLGDPRV TXH HO WLHPSR QR VH GHWLHQH TXH OD YLGD VH QRV SXHGH LU HQ FXDOTXLHU PRPHQWR TXH ORV VHUHV TXH DPDPRV \ DSUHFLDPRV WDPSRFR GXUDQ SDUD VLHPSUH +D\ FRVDV TXH VH WDW~DQ VLQ WLQWD XQD PLUDGD XQ DURPD XQD YR] XQ OXJDU FDGD LQVWDQWH HV ~QLFR H LUUHSHWLEOH HVR HV OD HVHQFLD GH ORV PRPHQWRV TXH VH TXHGDQ WDWXDGRV VLQ WLQWD (O DOPD VH OLPSLD FRQ HO SHUGyQ VH KLGUDWD FRQ RUDFLyQ VH QXWUH FRQ OD SDODEUD VH SURWHJH FRQ OD IH \ VH WRQL¿FD FRQ HO DPRU /D VHUHQLGDG QR HV HVWDU D VDOYR HQ OD WRUPHQWD VL QR HQFRQWUDU OD SD] HQ PHGLR GH HOOD /D YLGD HV XQD DYHQWXUD YtYHOD VLHQWH DPD UtH OORUD MXHJD JDQD SLHUGH WURSLH]D SHUR VLHPSUH OHYiQWDWH \ VLJXH

/D YLGD HV FRUWD YtYHOD DO Pi[LPR

6ROR VH YLYH XQD YH] 'HPDVLDGR OLEHUWLQDMH HQ OD MXYHQWXG VHFD HO FRUD]yQ \ GHPDVLDGD FRQWLQHQFLD DWDVFD HO HVStULWX

&KDUOHV $XJXVWLQ 6DLQWH %HXYH


&ROLPD *DVWURQRPtD

+LVWRULD

GH 0DU]R GH )XQGDFLyQ GH 7HQRFKWLWOiQ 6HJ~Q OD &UyQLFD 0H[LFi\RWO REUD HVFULWD HQ QiKXDWO SRU +HUQDQGR GH $OYDUDGR 7H]R]yPRF \ $ORQVR )UDQFR IXH HO GH PDU]R GH ³FXDQGR HQWUDURQ OOHJDURQ \ VH DVHQWDURQ GHQWUR GHO WXODU \ FDUUL]DO GHQWUR GHO DJXD HQ 7HQRFKWLWODQ ORV DQFLDQRV PH[LFDQRV D]WHFDV ´ 8Q LVORWH DO TXH OOHJDURQ OXHJR GH XQ DUGXR SHUHJULQDU JXLDGRV SRU +XLW]LORSRFKWOL VX GLRV WXWHODU ³FDVL XQ SDQWDQR GH TXH VyOR VREUHVDOtDQ XQDV URFDV URGHDGR GH FDxDYHUDOHV HQ HO /DJR GH 7H[FRFR´ 6HJ~Q OD OH\HQGD YLHURQ HQ HO OXJDU XQ iJXLOD VREUH XQ QRSDO GHYRUDQGR XQD VHUSLHQWH +DFLD SDUWLHURQ GHVGH $]WOiQ ³/XJDU GH OD EODQFXUD´ R ³/XJDU GH ODV JDU]DV´ XQ SXQWR GHVFRQRFLGR DO QRUWH GHO DFWXDO 0p[LFR XQD WULEX JXLDGD SRU OD SURIHFtD GHO GLRV +XLW]LORSRFKWOL R 0H[LWOL R 0H[L TXH OHV LQGLFDED TXH GHEtDQ FRQVWUXLU VX DVHQWDPLHQWR GH¿QLWLYR HQ XQ ODJR HO FXDO GHEtD WHQHU HQ VX FHQWUR XQ LVORWH \ HQ HVWH GHEHUtD KDEHU XQD URFD VREUH OD URFD XQD SODQWD GH QRSDO VREUH OD SODQWD XQ iJXLOD GHYRUDQGR XQD VHUSLHQWH \ DVt SHUHJULQDURQ KDFLD HO VXU SRU DxRV KDVWD TXH OOHJDURQ D RULOODV GHO ODJR GH 7H[FRFR GRQGH UHFRQRFLHURQ ODV VHxDOHV TXH OHV KDEtD SUHDQXQFLDGR VX GLRV \ IXQGDURQ XQD FLXGDG TXH OODPDURQ 7HQRFKWLWODQ R 0p[LFR R +XLW]LORSRFKWOL GLVWLQWDV GHQRPLQDFLRQHV VHJ~Q YDULRV FyGLFHV

/D MXYHQWXG TXLHUH PHMRU VHU HVWLPXODGD TXH LQVWUXLGD

*RHWKH


&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 +

*HQWH UDUD

/D PDULKXDQD HUD GH XVR FRP~Q HQ ODV UHXQLRQHV VRFLDOHV GH OD DQWLJXD 5RPD $QWHV GH OD EDWDOOD ORV FHQWXULRQHV URPDQRV VH KDFtDQ OD PDQLFXUD \ VH GHSLODEDQ HO YHOOR GH ODV SLHUQDV 1XHVWUD SHUVRQDOLGDG HVWi GHWHUPLQDGD SRU HO JUXSR VDQJXtQHR QR SRU QXHVWUR VLJQR DVWUDO VHJ~Q XQ HVWXGLR GHO SVLFyORJR MDSRQpV 7DNHML )XUXNDZD /DV SHUVRQDV GHO WLSR ³2´ VRQ ORV PHMRUHV HPSOHDGRV ODV GH WLSR ³%´ VRQ JHQWH ÀH[LEOH \ DPDQWH GH OD OLEHUWDG \ ODV GHO WLSR ³$´ VH H Q F X H Q W U D Q F y P R G R V H Q D P E L H Q W H V P X \ HVWUXFWXUDGRV (Q OD FRUWH GH /XLV ;9 GH )UDQFLD VH FUHy OD ¿JXUD GHO SRUWDFRUEDWDV FULDGR FX\R ~QLFR WUDEDMR HUD DEURFKDUOH \ GHVDEURFKDUOH OD FRUEDWD DO UH\ $QWHV GH OD OOHJDGD GH ORV HVSDxROHV ODV YtFWLPDV VDFUL¿FDGDV \ GHYRUDGDV FDGD DxR SRU HO SXHEOR D]WHFD RVFLODEDQ HQWUH \ VHJ~Q ORV H[SHUWRV 8 Q S R U F L H Q W R G H O R V S U R I H V R U H V QRUWHDPHULFDQRV GH ELRORJtD WRGDYtD FUHH TXH ORV KRPEUHV \ ORV GLQRVDXULRV FRQYLYLHURQ HQ OD PLVPD pSRFD D SHVDU GH TXH KXER HQWUH HOORV XQD VHSDUDFLyQ GH PiV GH PLOORQHV GH DxRV

1R VR\ WDQ MRYHQ FRPR SDUD VDEHUOR WRGR - 0 %DUULH


&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 (Q ORV RMRV GHO MRYHQ DUGH OD OODPD HQ ORV GHO YLHMR EULOOD OD OX] 9LFWRU +XJR


&ROLPD *DVWURQRPtD

5HÀH[LRQHV

6H OODPD FDOPD \ PH FRVWy PXFKDV WRUPHQWDV 6H OODPD FDOPD \ FXDQGR GHVDSDUHFH VDOJR RWUD YH] D VX E~VTXHGD 6H OODPD FDOPD \ PH HQVHxD D UHVSLUDU D SHQVDU \ UHSHQVDU 6H OODPD FDOPD \ FXDQGR OD ORFXUD OD WLHQWD VH GHVDWDQ YLHQWRV EUDYRV TXH FXHVWDQ GRPLQDU 6H OODPD FDOPD \ OOHJD FRQ ORV DxRV FXDQGR OD DPELFLyQ GH MRYHQ OD OHQJXD VXHOWD \ OD SDQ]D IUtD GDQ OXJDU D PiV VLOHQFLRV \ PiV VDELGXUtD 6H OODPD FDOPD FXDQGR VH DSUHQGH ELHQ D DPDU FXDQGR HO HJRtVPR GD OXJDU DO GDU \ HO LQFRQIRUPLVPR VH GHVYDQHFH SDUD DEULU FRUD]yQ \ DOPD HQWUHJiQGRVH HQWHURV D TXLHQ TXLHUD UHFLELU \ GDU 6H OODPD FDOPD FXDQGR OD DPLVWDG HV WDQ VLQFHUD TXH VH FDHQ WRGDV ODV PiVFDUDV \ WRGR VH SXHGH FRQWDU 6H OODPD FDOPD \ HO PXQGR OD HYDGH OD LJQRUD LQYHQWDQGR JXHUUDV TXH QXQFD QDGLH YD D JDQDU 6H OODPD FDOPD FXDQGR HO VLOHQFLR VH GLVIUXWD FXDQGR ORV UXLGRV QR VRQ VROR P~VLFD \ ORFXUD VLQR HO YLHQWR ORV SiMDURV OD EXHQD FRPSDxtD R HO UXLGR GHO PDU 6H OODPD FDOPD \ FRQ QDGD VH SDJD QR KD\ PRQHGD GH QLQJ~Q FRORU TXH SXHGD FXEULU VX YDORU FXDQGR VH KDFH UHDOLGDG 6H OODPD FDOPD \ PH FRVWy PXFKDV WRUPHQWDV \ ODV WUDQVLWDUtD PLO YHFHV PiV KDVWD YROYHUOD D HQFRQWUDU 6H OODPD FDOPD OD GLVIUXWR OD UHVSHWR \ QR OD TXLHUR VROWDU«

/D PD\RU GHVJUDFLD GH OD MXYHQWXG DFWXDO HV \D QR SHUWHQHFHU D HOOD 6DOYDGRU 'DOt


&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

(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

/D MXYHQWXG YLYH GH OD HVSHUDQ]D OD YHMH] GHO UHFXHUGR

*HRUJH +HUEHUW


&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

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’6,&$ 9,9$ ',$5,$0(17(

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

£7HQJR XQ KHULGR 9DPRV SDUD DOOi ¢&XiO HV VX HVWDGR" &RDKXLOD £1R 'HO KHULGR $K FUHR TXH HV GH 1XHYR /HyQ £12 ¢&yPR HVWi" %LHQ ¢< XVWHG" £1R ¢&yPR HVWi HO KHULGR" 3XHV KHULGR 3RU HVR ORV OODPR /D MXYHQWXG WLHQH HO JHQLR YLYR \ HO MXLFLR GpELO +RPHUR


&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

‡ 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

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 1R VH QDFH MRYHQ KD\ TXH DGTXLULU OD MXYHQWXG < VLQ XQ LGHDO QR VH DGTXLHUH

-RVp ,QJHQLHURV


&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]

<DNLPHVKL ,QJUHGLHQWHV

7D]D GH DUUR] &DODED]D =DQDKRULD &HEROOD *UV GH PDQWHTXLOOD 5DERV GH FHEROOD *UV GH SHFKXJD GH SROOR +XHYR

3UHSDUDFLyQ 6H FRUWD OD ]DQDKRULD HQ FXDGURV GH FPWV (O PLVPR SDVR FRQ OD GHPiV YHUGXUD 6H IUtH OD PDQWHTXLOOD FRQ XQ KXHYR PRYHU KDVWD KDFHU PRURQLWDV DJUHJDU FHEROOD ]DQDKRULD \ FDODED]D 6H DJUHJD HO DUUR] SUHYLDPHQWH FRFLGR VH PH]FOD WRGR DJUHJDQGR VDOVD GH VR\D VDO \ SLPLHQWD DO JXVWR 8QD YH] TXH HVWp KRPRJHQHR MXVWR SDUD VHUYLU HQ WD]RQHV VH SUHVHQWD FRQ OD FDUQH GH SROOR IULWD DSDUWH ODV FRODV GH FHEROODV SLFDGDV HQ URGDMDV SHTXHxDV \ D FRPHU

1R EDVWD FRQ VHU MRYHQ (V SUHFLVR HVWDU ERUUDFKR GH MXYHQWXG &RQ WRGDV VXV FRQVHFXHQFLDV

$OHMDQGUR &DVRQD


&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 \

*XžD Q GHO %DUPDQ DO HVWLOR &RVWD]XO XO &RQGH 'UiFXOD ,QJUHGLHQWHV 2] 2] 2] 2] 2]

GH MXJR GH DUiQGDQR GH MXJR GH QDUDQMD GH WHTXLOD GH URQ EODQFR GH JUDQDGLQD +LHOR

3UHSDUDFLyQ y y y y

6LUYH WRGRV ORV LQJUHGLHQWHV HQ XQD FRFNWHOHUD 0H]FOD YLJRURVDPHQWH KDVWD TXH VH KD\DQ LQFRUSRUDGR SHUIHFWDPHQWH (VFDUFKD FRQ VDO OD RULOOD GHO YDVR 6LUYH OD PH]FOD HQ HO YDVR \ GLVIUXWD

7DO YH] DOJ~Q GtD GHMHQ D ORV MyYHQHV LQYHQWDU VX SURSLD MXYHQWXG 4XLQR


&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 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

$Q~QFLHVH DTXt +LVWRULD

7HO

FRQWDFWR#FRVWD]XO P[

6H GLFHQ TXH ODV QXHYDV JHQHUDFLRQHV VHUiQ GLItFLOHV GH JREHUQDU $Vt OR HVSHUR $ODLQ


&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 y y y y

0DU]R HV HO WHUFHU PHV GHO DxR HQ HO &DOHQGDULR *UHJRULDQR 0DU]R HV XQR GH ORV PHVHV TXH WLHQHQ GtDV GH GXUDFLyQ 0DU]R HQ HO KHPLVIHULR QRUWH HV HO HTXLYDOHQWH HVWDFLRQDO GH VHSWLHPEUH HQ HO KHPLVIHULR VXU (Q HO KHPLVIHULR QRUWH OD SULPDYHUD HPSLH]D JHQHUDOPHQWH HO GH PDU]R 0DU]R IXH HO SULPHU PHV GHO DxR HQ HO DQWLJXR FDOHQGDULR URPDQR (O PHV IXH OODPDGR 0DUWLXV HQ KRQRU GH 0DUWH $UHV HO GLRV GH OD JXHUUD /DV SLHGUDV GH OD IRUWXQD GH PDU]R HV OD DJXDPDULQD \ OD SLHGUD GH VDQJUH /D ÀRU GH QDFLPLHQWR GH PDU]R HV HO QDUFLVR (Q PXFKDV FXOWXUDV \ UHOLJLRQHV WRGDYtD FHOHEUDQ HO FRPLHQ]R GHO $xR 1XHYR HQ PDU]R (O JUDQ FRPSRVLWRU GH P~VLFD EDUURFD -RKDQ 6HEDVWLDQ %DFK QDFLy HO GH PDU]R GH (O 'tD GH 6DQ 3DWULFLR VH FHOHEUD HQ GH PDU]R (O JUDQ ItVLFR DOHPiQ $OEHUW (LQVWHLQ QDFLy HO GH PDU]R GH /D ¿HVWD MXGtD GH 3XULP RFXUUH JHQHUDOPHQWH HQ PDU]R

-XYHQWXG ¢VDEHV TXH OD WX\D QR HV OD SULPHUD JHQHUDFLyQ TXH DQKHOD XQD YLGD SOHQD GH EHOOH]D \ OLEHUWDG"

$OEHUW (LQVWHLQ


&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 &KLVWHV

'RQ 9HQDQFLR ¢FXiQWR FXHVWDQ GRV FDUDPHORV GH HVRV" 4XLQFH SHVRV 3HSLWR ¢< XQR VROR" 'LH] SHVRV 3XHV HQWRQFHV GHPH HO RWUR 3HSLWR SUpVWDPH GLH] SHVRV &ODUR &XDQGR UHJUHVH GH $FDSXOFR ¢&XDQGR WH YDV D $FDSXOFR" 1R YR\ D LU D $FDSXOFR

(O FDPLQR GH OD MXYHQWXG OOHYD WRGD XQD YLGD 3DEOR 3LFDVVR


&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

/D MXYHQWXG DXQ FXDQGR QDGLH OD FRPEDWD KDOOD HQ Vt PLVPD VX SURSLR HQHPLJR

:LOOLDP 6KDNHVSHDUH


/H\HQGD

(O FRPSDGUH GHO GLDEOR SDUWH GH

(O QXHYR KDELWDQWH GH 7HFRPDUDxD HUD KRVFR KXUDxR \ KXLGL]R 1R YHtD D ORV RMRV QXQFD FRPR VL WXYLHUD DOJR TXH HVFRQGHU 1DGLH VXSR VX QRPEUH DXQTXH VX SDGUH OH OODPDED ³&KLULYDV´ 6LHPSUH DQGDED FDEL]EDMR SDVHiQGRVH SRU ORV JUDQGHV VDORQHV GH OD FDVD QXQFD WRPDED ORV OLEURV GH VX SDGUH &XDQGR VH DEXUUtD GH GDU YXHOWDV VH VXEtD D OR PiV DOWR GH OD FDVRQD HQ GRQGH VH DFRVWDED YLHQGR ¿MDPHQWH KDFLD HO FLHOR 3DUHFtD TXH QR SHQVDED TXH QR VHQWtD QDGD &KLULYDV SDUHFtD XQ VHU VLQ DOPD VLQ HVStULWX 1XQFD VH UHtD QL KDEODED 1XQFD QDGLH OR R\y QL VLTXLHUD UHVSLUDU /OHJy XQD GH HVDV H[WUDxDV QRFKHV \ GRQ 3RQFLDQR OOHYy D VX KLMR D YLVLWDU D VX PLVWHULRVR FRPSDGUH (O &KLULYDV DSDUHFLy DO RWUR GtD KHFKR XQD YHUGDGHUD OiVWLPD /D FDUD OD WHQtD OOHQD GH KRQGRV DUDxD]RV DGHPiV GH TXH QR SRGtD DEULU ELHQ ORV RMRV SXHV ORV WHQtD GHVWUR]DGRV (O PXFKDFKR HVWDED PiV KRVFR TXH GH FRVWXPEUH $ SDUWLU GH HVH GtD D WRGRV YHtD FRPR FRVD SHTXHxD \ VLQ QLQJ~Q YDORU 3RFR D SRFR VH FRQYLUWLy HQ XQ QLxR PDORVR TXH JXVWDED GH KDFHU ODV PiV LQVyOLWDV WUDYHVXUDV D WRGR HO TXH SDVDED $UURMDED SLHGUDV JULWDED \ HVSDQWDED D PHGLR PXQGR FRQ VXV DWUHYLGDV EODVIHPLDV 6H EXUODED \ VHxDODED D ORV TXH SDVDEDQ 1R WHQtD UHVSHWR SRU QDGD QL SRU QDGLH /DV FRQVWDQWHV YLVLWDV DO GHVFRQRFLGR FRPSDGUH DFUHFHQWDURQ OD PDOGDG GHO WHUULEOH &KLULYDV 3RU ODV FDOOHV QR KDEtD TXLHQ VH OH DFHUFDUD QL OH GLULJLHUD XQD WtPLGD PLUDGD SXHV WHQtDQ PLHGR GH TXH OHV GLMHUD DOJR FRQ HVD YR] GH GHPRQLR TXH QXQFD VH KDEtD HVFXFKDGR SRU DKt /D JHQWH GHO OXJDU WHQtD PXFKR PLHGR SXHV DVHJXUDEDQ TXH KDEtDQ YLVWR TXH VX URVWUR VH WUDQVIRUPDED HQ XQD HVSHFLD GH EHVWLD GHVFRQRFLGD TXH HFKDED HVSXPD SRU OD ERFD \ TXH GDED HQRUPHV VDOWRV SRU HQFLPD GH ODV FRSDV GH ORV iUEROHV /H HPSH]DURQ D OODPDU ³6DWDQiV´ 8QR GH WDQWRV GtDV \ GHVSXpV GH TXH GRQ 3RQFLDQR KDEtD WHUPLQDGR XQD GH VXV H[WUDxDV VHVLRQHV MXQWR D VXV OLEURV VDOLy MXQWR FRQ HO GHPRQLDFR PXFKDFKR D YLVLWDU D VX FRPSDGUH $O LU FDPLQDQGR SRU OD FDOOH VH SRGtD YHU TXH VH HPSXMDEDQ \ PDOGHFtDQ PXWXDPHQWH VH MDORQHDEDQ JROSHDEDQ \ JULWDEDQ 'DED OD LPSUHVLyQ GH TXH ORV GRV TXHUtDQ FRPHUVH D ERFDGRV $PERV SDUHFtDQ HVWDU PX\

(0%27(//$'25

786 5()5(6&2

‡ 5$',2 3(','26 ‡

&2/,0$ &21087$'25

/RV MyYHQHV GH KR\ QR SDUHFHQ WHQHU UHVSHWR DOJXQR SRU HO SDVDGR QL HVSHUDQ]D QLQJXQD SDUD OR SRUYHQLU

+LSyFUDWHV


/H\HQGD H[DOWDGRV SRU HVWD QXHYD YLVLWD GH OD TXH VHJXUDPHQWH UHJUHVDUtDQ HQ XQ HVWDGR GHSORUDEOH EDxDGRV HQ PRUHWRQHV VDQJUH \ TXHMLGRV 2FXUULy TXH D OD PDxDQD VLJXLHQWH QL GRQ 3RQFLDQR QL &KLULYDV DSDUHFLHURQ D ORV DOUHGHGRUHV GH OD FDVD 3DVDURQ GtDV \ QRFKHV VROHV \ OXQDV \ QR YROYLHURQ PiV FRPR VL VH ORV KXELHUD WUDJDGR OD WLHUUD R VH KXELHUDQ KHFKR KXPR /D JHQWH QR ORV YROYLy D YHU \ QR HQFRQWUDURQ QLQJXQD VHxDO GH OR TXH OHV KDEtD SDVDGR $Vt SDVDURQ ORV GtDV ORV PHVHV \ ORV DxRV /D FDVRQD GH OD FDOOH GH 7HFRPDUDxD VHJXtD HQ SLH PDMHVWXRVD VROLWDULD SHUR FRQ XQ DVSHFWR VRPEUtR \ FRQ XQ LQWHQVR DLUH GH PLVWHULR 3DUHFH TXH VXV PXURV HVWDEDQ ¿OWUDQGR DOJR WHUULEOH IDWDO \ DO TXH SDVDED SRU GHODQWH OR KDFtD HVWUHPHFHU FRQ XQ SURIXQGR HVFDORIUtR TXH OH UHFRUUtD WRGR HO FXHUSR 8QD QRFKH WHPSODGD OD JUDQ FDVRQD HPSH]y D DUGHU HQ XQ IXHJR OHQWR /D JHQWH VH DFHUFDED FRQ EDOGHV GH DJXD SDUD LQWHQWDU DSDJDU FXDOTXLHU OODPDUDGD SHUR HUD LPSRVLEOH (O OtTXLGR SDUHFtD DYLYDU D~Q PiV HO IXHJR (O FDORU HQ ORV DOUHGHGRUHV VH KDEtD KHFKR LQVRSRUWDEOH \ ODV OODPDV QR FHVDEDQ (O LQFHQGLR GXUR VHLV GtDV 0LHQWUDV OD JUDQ FRQVWUXFFLyQ VH FRQVXPtD VH SRGtDQ H V F X F K D U J U L WR V G H G R O R U T X H M L G R V S U R IX Q G R V SURYHQLHQWHV GH FDGD XQD GH ODV KDELWDFLRQHV 7DPELpQ VH HVFXFKDEDQ HVFDQGDORVDV \ HVSDQWRVDV ULVDV TXH SDUHFtDQ EXUODUVH GH DTXHOORV TXLHQHV HVWDEDQ VXIULHQGR /DV KHODGDV FDUFDMDGDV HQWUDEDQ SRU ODV UHQGLMDV GH ODV FDVDV YHFLQDV HQ FXDOTXLHU PRPHQWR /D JHQWH HVWDED DWHUURUL]DGD (O VDFHUGRWH GHO OXJDU GLMR DQWH ORV TXH YHtDQ OD YRUDFLGDG GH HVWH LQFHQGLR TXH OHV TXHPDED HO URVWUR TXH DTXHO IXHJR HUD YHQLGR GHO FLHOR \ TXH HVH PLVWHULRVR FRPSDGUH QR HUD RWUR VLQR HO GLDEOR 3RU ¿Q DO FDER GH XQD VHPDQD OD JUDQ FDVRQD GH 7HFRPDUDxD HVWDED \D HQ WLHUUD IXH PRQWyQ GH SLHGUDV \ FDUERQHV 6H FRQYLUWLy HQ QDGD 7RGDYtD HQ OD FDOOH GH 7HFRPDUDxD SRU ODV QRFKHV VH R\HQ ORV SDVRV OHQWRV \ DFRPSDVDGRV GHO YLHMR 3RQFLDQR MXQWR FRQ ODV ULVDV PDOGLWDV GHO &KLULYDV 'LDULR WLHQHQ XQD FLWD D OD TXH DVLVWHQ VLHPSUH D OD PLVPD KRUD

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/$ -$/

/R TXH HQ OD MXYHQWXG VH DSUHQGH WRGD OD YLGD GXUD )UDQFLVFR GH 4XHYHGR


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

'D WX SULPHU SDVR DKRUD 1R HV QHFHVDULR TXH YHDV HO FDPLQR FRPSOHWR SHUR GD WX SULPHU SDVR (O UHVWR LUi DSDUHFLHQGR D PHGLGD TXH FDPLQHV /D GLFKD GH OD YLGD FRQVLVWH HQ WHQHU VLHPSUH DOJR TXH KDFHU DOJXLHQ D TXLHQ DPDU \ DOJXQD FRVD TXH HVSHUDU /D SHUVHYHUDQFLD HV PX\ LPSRUWDQWH SDUD HO p[LWR < TXH VL XQR QR VH FDQVD GH OODPDU D OD SXHUWD FRQ HO YLJRU \ OD SDFLHQFLD QHFHVDULRV DOJXLHQ OH DEULUi DO ¿QDO £$\ GH DTXHO FX\R FRUD]yQ QR KD DSUHQGLGR PLHQWUDV HUD MRYHQ D HVSHUDU DPDU \ SRQHU VX FRQ¿DQ]D HQ OD YLGD

-RVHSK &RQUDG


&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/ 3RHPD

9LHQWR \ 3DODEUD $ YHFHV VLHQWR FDQVDQFLR DO OOHJDU D FDGD PHWD &LHUWD PHODQFROtD DO SRQHUVH FDGD VRO SHUR KD\ DOJR HQ PL TXH LQTXLHWD VH UHYHOD HQ PL LQWHULRU \ YXHOYH DVt OD DOHJUtD FXDQGR FDQWD XQ SDMDULOOR FXDQGR VH DVRPD XQD HVWUHOOD \ OD OXQD VH YH HQ HO UtR <R PXHUR FDGD QRFKH SDUD QDFHU RWUR GtD 0H YR\ HQWUH ODV VRPEUDV \ YXHOYR DO DPDQHFHU SRUTXH VR\ iUERO \ DJXD SLHGUD \ PRQWDxD WLHUUD \ PDt] YLHQWR \ SDODEUD 6LHQWR HQ YHFHV HO ¿QDO SHUR HO ¿QDO VH WUXHFD HQ XQ SULQFLSLR QXHYR \ DVt RWUD YH] PH DWUHYR D YROYHU D FRPHQ]DU $Vt HPSLH]R \ WHUPLQR WHUPLQR \ YXHOYR D HPSH]DU SRUTXH VR\ iUERO \ DJXD SLHGUD \ PRQWDxD WLHUUD \ PDt] YLHQWR \ SDODEUD /LSR /HSH /D MXYHQWXG HV OD HGDG GH ORV VDFUL¿FLRV GHVLQWHUHVDGRV GH OD DXVHQFLD GH HJRtVPR GH ORV H[FHVRV VXSHUÀXRV

9LFHQWH %ODVFR ,EixH]


&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 &KLVWH

(VWDED XQ JUXSR GH WXULVWDV JULQJRV UHFRUULHQGR ODV FKDUFDV GH XQ SREODGR U~VWLFR HQ HVR XQR GH HOORV YH D XQ FDPSHVLQR WLUDGR D OD VRPEUD GH XQ iUERO GHVFDQVDQGR (O JULQJR VH OH DFHUFD \ OH EXVFD FRQYHUVDFLyQ +ROD DPLJR ¢FRPR HVWDU W~" 0X\ ELHQ MHIH DTXt GHVFDQVDQGR 'tJDPH SRU TXp XVWHG QR WUDEDMDU PDV WLHPSR VXV WLHUUDV ¢< SDUD TXH" 3DUD WHQHU JUDQGHV FRVHFKDV \ YHQGHU PiV ¢< SDUD TXH" $Vt WX SRGHU JDQDU PiV GLQHUR \ FRPSUDU PiV JDQDGR ¢< SDUD TXH" &RQ HO JDQDGR KDFHU UHSURGXFLU \ YHQGHU \ JDQDU PiV GLQHUR ¢< SDUD TXH" 3DUD WHQHU XQD FDVD ERQLWD \ YLYLU WUDQTXLOR \ GHVFDQVDU ¢< TXH HVWR\ KDFLHQGR" (O DUGLPLHQWR MXYHQLO HQ VXV FRPLHQ]RV HV IRJRVR SHUR ODQJXLGHFH IiFLOPHQWH \ QR GXUD HV HO KXPR GH XQD IRJDWD OLYLDQD

6pQHFD


&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 ‡ +LVWRULD GH &ROLPD

&XOWXUD GH &ROLPD /D HYLGHQFLD PiV DQWLJXD GH XQD FXOWXUD VHGHQWDULD VH HQFXHQWUD HQ OD FRVWD \ HVWi UHSUHVHQWDGD SRU OD FHUiPLFD GHO VLWLR 0RUUHW S H U W H Q H F L H Q W H D S U L Q F L S L R V G H O & O i V L F R 3URWRFOiVLFR GHO DxR D & DO G & \ FRQ GHVDUUROOR KDVWD 6H WUDWD GH YDVLMDV GHFRUDGDV HQ QHJUR VREUH URMR R URMR VREUH DPDULOOHQWR FRQ GHFRUDFLyQ JUDEDGD FHUiPLFD QHJUD R URMD SXOLGD \ ¿JXULOODV VyOLGDV GH FXHUSRV DSODQDGRV WLSR 7X[FDFXHVFR -DOLVFR WRGDV UHODFLRQDGDV FRQ VLWLRV DUTXHROyJLFRV GH OD FXHQFD GHO UtR $UPHUtD \ GH ORV YDOOHV GH 7HFRPiQ \ &ROLPD +D\ XQ JUDQ Q~PHUR GH WXPEDV GH WLUR \ EyYHGD GRQGH VH KDQ HQFRQWUDGR PDJQt¿FDV SLH]DV GH EDUUR YDVLMDV HQ IRUPD GH VHUSLHQWHV ODJDUWLMDV FDPDOHRQHV UDQDV DUDxDV DODFUDQHV \ SHULFRV TXL]i UHSUHVHQWDQGR WRWHPV SHUURV JRUGRV TXH SXHGHQ VHU UHSUHVHQWDFLRQHV GH ;yORWO JXLDGRU GH ORV PXHUWRV KDFLD HO LQIUDPXQGR \ ROODV IRUPDGDV SRU XQD EDWHD R SODWR VREUH HO FXDO SDUHFHQ RIUHQGDV GH ÀRUHV R FDFWRV R SHVFDGRV GH PDQHUD VHPHMDQWH D XQD SLH]D GH OD FXOWXUD 5HPRMDGDV GH OD FRVWD GH 9HUDFUX] $ GLIHUHQFLD GH OD YHMH] TXH VLHPSUH HVWi GH PiV OR FDUDFWHUtVWLFR GH OD MXYHQWXG HV TXH VLHPSUH HVWi GH PRGD

)HUQDQGR 6DYDWHU


&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[ /D MXYHQWXG VDEH OR TXH QR TXLHUH DQWHV GH VDEHU OR TXH TXLHUH

-HDQ &RFWHDX


&RPDOD

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

6XSHUDFLyQ

HV PX\ H¿FD] D OD KRUD GH HVWXGLDU R UHDOL]DU XQD WDUHD GH LQYHVWLJDFLyQ SXHV SHUPLWH XQD PD\RU FRQFHQWUDFLyQ OH\HQGR D XQ ULWPR TXH IDFXOWD VHU PiV YHOR] HQ ODV SDUWHV GH IiFLO FRPSUHQVLyQ \ GHWHQHUVH HQ ODV TXH SUHVHQWDQ FLHUWD GL¿FXOWDG (V PX\ ~WLO HQ OXJDUHV GRQGH QR VH SXHGH KDEODU FRPR HO FDVR GH ODV %LEOLRWHFDV SHUR QR SHUPLWH SRU HMHPSOR HVWXGLDU FRQ FRPSDxHURV VDOYR TXH OHDQ FDGD XQR HQ VLOHQFLR \ OXHJR GHEDWDQ HQ YR] DOWD /HFWXUD VHFXHQFLDO HO OHFWRU OHH HQ HO RUGHQ SURSXHVWR SRU HO TXH HVFULELy HO WH[WR /HFWXUD SXQWXDO 6H OHH VROR ODV SDUWHV TXH LQWHUHVDQ DO OHFWRU /HFWXUD HQ GLDJRQDO 6H OHH HQ IRUPD UiSLGD DWUDYHVDQGR HO WH[WR GHVGH OD HVTXLQD L]TXLHUGD VXSHULRU KDFLD OD GHUHFKD LQIHULRU UHVFDWDQGR VROR ODV SDUWHV GHVWDFDGDV GHO WH[WR FRPR WtWXORV R IUDVHV UHPDUFDGDV SRU HMHPSOR FRQ FXUVLYD R QHJULWD R HQ XQ SiUUDIR ORV SULPHURV UHQJORQHV R OD FRQFOXVLyQ RPLWLHQGR ORV GHWDOOHV /HFWXUD HVSHFLDOL]DGD 'RQGH VH QHFHVLWD FRPSUHQGHU FLHUWRV FyGLJRV HPSOHDGRV HQ OD HVFULWXUD FRPR HO FDVR GH OHFWXUD GH QRWDFLRQHV PXVLFDOHV R IyUPXODV TXtPLFDV R PDWHPiWLFDV /D MXYHQWXG QR HV PiV TXH XQ HVWDGR GH iQLPR )UDQN /OR\G :ULJKW


&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

3L]] PD[L IDPD LOLDU LQJUH

GLHQWHV

(Q VDERU \ SUHFLR QDGLH QRV LJXDOD

3URJ 3U RJUH UHVR VR 3URJUHVR &RO O &R &RPDOD &RO 7HO &HO %LFKLWRV 3L]]D

5D]DV GH SHUURV

$NLWD ,QX (O DNLWD LQX R WDPELpQ OODPDGR DNLWD MDSRQpV HV XQD UD]D TXH SURFHGH GH -DSyQ $VLD \ HQ VX SDtV QDWDO VH FRQVLGHUD XQ WHVRUR QDFLRQDO +D VLGR REMHWR GH YHQHUDFLyQ FRPR VtPEROR GH EXHQD VDOXG SURVSHULGDG \ EXHQD IRUWXQD (Q VX KRQRU \ D UDt] GH OD KLVWRULD GH +DFKLNR VH OH FRQFHGLy D HVWD PDUDYLOORVD UD]D XQ PRQXPHQWR QDFLRQDO (V FRP~Q TXH HQ HO QDFLPLHQWR GH XQ EHEp HQ OD IDPLOLD R DQWH OD HQIHUPHGDG GH XQ SDULHQWH VH UHJDOH XQD SHTXHxD WDOOD GH XQ DNLWD LQX (V XQ SHUUR SHUWHQHFLHQWH D OD IDPLOLD GH ORV VSLW] GH FUHDFLyQ QDWXUDO KDFH PiV GH DxRV 2ULJHQ GHO $NLWD ,QX (VWD UD]D SURYLHQH GH OD UHJLyQ MDSRQHVD GH $NLWD \ GH DKt VX QRPEUH /RV D Q F H V W U R V G H O D N L W D L Q X H U D Q SHUURV GH WDPDxR PHGLDQR TXH VH X V D E D Q S D U D FD]DU RVRV \ VH FRQRFtDQ FRQ HO

(V PHMRU PDORJUDU OD SURSLD MXYHQWXG TXH QR KDFHU QDGD HQ HOOD *HRUJHV &RXUWHOLQH


&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$ 5D]DV GH SHUURV

QRPEUH GH DNLWD PDWDJL $ SDUWLU GH HVWRV SHUURV VH XVDURQ SDUD SHOHDV GH SHUURV \ FRQ HO ¿Q GH DXPHQWDU VX IXHU]D \ UHVLVWHQFLD VH FUX]DURQ FRQ WRVDV \ PDVWLQHV /RV UHVXOWDGRV GH HVRV FUXFHV I X H U R Q S H U U R V P i V J U D Q G H V S H U R V L Q O D V FDUDFWHUtVWLFDV GH ORV SHUURV GH WLSR VSLW] (Q VH SURKLELHURQ ODV SHOHDV GH SHUURV HQ -DSyQ SHUR OD UD]D MDPiV UHFXSHUy HO WDPDxR RULJLQDO $O ¿QDO GH OD 6HJXQGD *XHUUD 0XQGLDO HO Q~PHUR GH DNLWDV VH KDEtD YLVWR UHGXFLGR GUiVWLFDPHQWH \ FRPR VL IXHUD SRFR H[LVWtDQ WUHV WLSRV GLIHUHQWHV DNLWD PDWDJL VLPLODU DO RULJLQDO DNLWD GH SHOHD FRQ VDQJUH GH SHUUR WRVD \ DNLWD RYHMHUR FUXFH GH DNLWD FRQ RYHMHUR DOHPiQ /DV OtQHDV TXH WHQtDQ FDUDFWHUtVWLFDV GH PDVWtQ \ RYHMHUR DOHPiQ IDVFLQDURQ D ORV FULDGRUHV QRUWHDPHULFDQRV \ IXHURQ XVDGDV SDUD UHSREODU OD UD]D HQ (VWDGRV 8QLGRV (VWDV OtQHDV \ HQ SDUWLFXODU OD OtQHD 'HZD GLHURQ RULJHQ D OD UD]D TXH DFWXDOPHQWH VH FRQRFH FRPR DNLWD DPHULFDQR /RV D¿FLRQDGRV D OD UD]D HQ -DSyQ QR DFHSWDURQ D HVDV OtQHDV FRPR UHSUHVHQWDQWHV DGHFXDGRV GH OD UD]D MDSRQHVD SRU OR TXH VH GHGLFDURQ D UHSREODU OD UD]D FRQ OtQHDV GH SHUURV DNLWD PDWDJL (O UHVXOWDGR HV HO DNLWD LQX DFWXDO TXH DXQTXH HV PiV JUDQGH TXH ORV DNLWD PDWDJL RULJLQDOHV FRQVHUYD HO WLSR VSLW] \ QR WLHQH ODV FDUDFWHUtVWLFDV GH PDVWtQ \ RYHMHUR DOHPiQ &DUDFWHUtVWLFDV ItVLFDV GHO $NLWD ,QX (O DNLWD LQX HV XQ SHUUR GH WDOOD JUDQGH 7LHQH XQD JUDQ FDEH]D SHOXGD \ DQFKD SHUR SURSRUFLRQDGD FRQ HO FXHUSR IXHUWH \ PXVFXORVR 'H HVWD IRUPD VX KRFLFR WDPELpQ HV IXHUWH \ PRGHUDGDPHQWH ODUJR (V DQFKR HQ VX EDVH \ DXQTXH VH HVWUHFKD KDFLD VX H[WUHPR QR HV SXQWLDJXGR /D PRUGLGD HV SRGHURVD \ ORV GLHQWHV FLHUUDQ HQ WLMHUD /D QDUL] GHO DNLWD HV Q H J U D D X Q T X H V H D F H S W D Q O L J H U D V GHVSLJPHQWDFLRQHV HQ SHUURV EODQFRV /RV ODELRV GHEHQ HVWDU ELHQ DGKHULGRV 7DQWR ODV RUHMDV FRPR ORV RMRV SDUHFH TXH VLJDQ IRUPDV WULDQJXODUHV (VWRV ~OWLPRV DFRVWXPEUDQ D VHU GH FRORU PDUUyQ RVFXUR FRQWLQ~D HQ OD SiJLQD

/D MXYHQWXG HV XQD UHOLJLyQ D OD TXH XQR VLHPSUH DFDED FRQYLUWLpQGRVH

$QGUp 0DOUDX[


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

(UD XQD DQFLDQD TXH WHQtD XQ SHULFR \ OH GLFH ³6L YLHQH HO OHFKHUR OH GLFHV TXH VL VL YLHQH HO SHULRGLTXHUR OH GLFHV TXH Vt´ /D DQFLDQD VH YD \ D ORV SRFRV PLQXWRV OOHJD HO OHFKHUR \ OH GLFH ³¢4XLHUHV OHFKH"´ \ HO SHULFR OH GLFH TXH Vt HQ HVR OOHJD HO SHULRGLTXHUR \ OH GLFH ³¢4XLHUHV HO SHULyGLFR"´ \ HO SHULFR OH GLFH Vt HQWRQFHV SDVD XQ ERUUDFKLWR \ OH GLFH ³¢4XLHUHV TXH WH SHJXH XQRV WUDQFD]RV"´ HO SHULFR OH GLFH VL \ HO ERUUDFKR OH SHJD KDVWD FDQVDUVH $ OD PDxDQD VLJXLHQWH OD DQFLDQD YLHQGR FRPR HVWDED GH JROSHDGR HO SREUH SHULFR OH GLFH ³$ WRGRV ORV TXH YHQJDQ OHV GLFHV TXH QR´ < ELHQ OOHJD HO OHFKHUR \ OH SHULFR OH GLFH TXH QR OOHJD HO SHULRGLTXHUR \ HO SHULFR OH GLFH TXH QR (Q HVR OOHJD HO ERUUDFKLWR \ OH GLFH ³¢WH GROLHURQ ORV WUDQFD]RV GH D\HU"´ < HO SHULFR OH GLFH ³1R´ 8Q SUHVLGHQWH HQ GD XQ GLVFXUVR DO SXHEOR £< OHV GLJR TXH DXQTXH QR OR FUHDQ \R FRQR]FR OR TXH HV OD SREUH]D £< DKRUD FRQ VX JRELHUQR TXLHUH TXH QRVRWURV WDPELpQ OD FRQR]FDPRV /OHYD WLHPSR OOHJDU D VHU MRYHQ 3DEOR 3LFDVVR


5D]DV GH SHUURV YLHQH GH OD SiJLQD

5D]DV GH SHUURV

VRQ SHTXHxRV \ WLHQGHQ D HVWDU OLJHUDPHQWH VHSDUDGRV HQWUH Vt /DV RUHMDV SRU VX SDUWH VRQ UHODWLYDPHQWH SHTXHxDV JUXHVDV \ RULHQWDGDV KDFLD DGHODQWH (O FXHOOR GHO DNLWD LQX HV JUXHVR PXVFXORVR \ QR SUHVHQWD SDSDGD 7LHQH XQ SHFKR SURIXQGR \ OD FROD FRQ XQD VLQJXODU IRUPD HQURVFDGD VH GHVOL]D SRU HQFLPD GHO GRUVR (O DNLWD SUHVHQWD XQ PDQWR H[WHUQR GXUR \ OLVR \ XQ PDQWR LQWHUQR VXDYH \ GHQVR 3RU RWUR ODGR HO SHODMH GH OD FROD HV PiV ODUJR TXH HO GHO UHVWR GHO FXHUSR /RV FRORUHV DFHSWDGRV GHO DNLWD MDSRQpV VRQ HO EODQFR HO GRUDGR VpVDPR \ HO DWLJUDGR 0LGHQ HQWUH \ FHQWtPHWURV YDULDEOHV VHJ~Q HO HMHPSODU \ HO VH[R (Q FXDQWR DO SHVR VXHOHQ SHVDU KDVWD XQRV NLORV &DUiFWHU GHO $NLWD ,QX 7LHQHQ XQ FDUiFWHU PX\ UHVHUYDGR \ WtPLGR VH PXHVWUDQ WUDQTXLORV OD PD\RU SDUWH GHO GtD DGRSWDQGR XQD DFWLWXG FDOPDGD LQFOXVR HQ PRPHQWRV GH HVWUpV /D VHUHQLGDG GHO SHUUR HV SDOSDEOH 6H WUDWD GH XQD UD]D GH SHUUR PX\ HTXLOLEUDGD GyFLO \ UHVXHOWD /D OHDOWDG TXH RIUHFH D VX DPR HV OD FDUDFWHUtVWLFD PiV IXHUWH \ FRQRFLGD GHO DNLWD LQX $ X Q T X H H V P X \ G H V F R Q ¿ D G R F R Q O R V GHVFRQRFLGRV VH WUDWD GH XQ SHUUR TXH QR DWDFDUi VLQ PRWLYR VROR DQWH OD SURYRFDFLyQ \ ODV PXHVWUDV GH DJUHVLYLGDG (V XQ H[FHOHQWH SHUUR JXDUGLiQ (Q HO WUDWR FRQ RWURV SHUURV HV FRPSOLFDGR HO DNLWD LQX VH PXHVWUD GRPLQDQWH \ DXQTXH QR EXVTXH HQIUHQWDPLHQWRV FUHDUi HQHPLJRV GH SRU YLGD VL VH OH GHVDItD 'HVGH FDFKRUUR HV PX\ LPSRUWDQWH VRFLDOL]DUOR FRQ WRGR WLSR GH UD]DV GH SHUUR \ RWURV DQLPDOHV SDUD TXH QR WHQJDPRV SUREOHPDV HQ OD HWDSD DGXOWD GRQGH SXHGH PRVWUDUVH PiV YLROHQWR (V XQ FDQ TXH UHTXLHUH XQ DPR H[SHUWR HQ HO PDQHMR GH SHUURV TXH VHSD LPSRQHU VX DXWRULGDG \ OR PiV LPSRUWDQWH TXH VHSD XWLOL]DU HO UHIXHU]R SRVLWLYR /RV QLxRV SHTXHxRV HVSHFLDOPHQWH GHO KRJDU VRQ PX\ TXHULGRV SRU HO DNLWD LQX TXH QR GXGDUi HQ SURWHJHUORV DQWH FXDOTXLHU SHOLJUR (V SDFLHQWH FRQ HOORV VREUH WRGR VL ORV FRQRFH (QFRQWUDUiV HQ DOJXQDV ZHEV GLYHUJHQFLDV VREUH HO DVSHFWR GHO FRPSRUWDPLHQWR GHO DNLWD LQX FRQ ORV QLxRV (V LPSRUWDQWH VDEHU TXH HO DNLWD LQX HV X Q D U D ] D P X \ H V S H F L D O T X H QHFHVLWDUi GH XQ G X H x R H[SHULPHQWDGR \ OR PiV HVHQFLDO TXH OH DSRUWH OD H G X F D F L y Q DGHFXDGD

/D MXYHQWXG DQXQFLD DO KRPEUH FRPR OD PDxDQD DO GtD

-RKQ 0LOWRQ


7HFRPiQ 6HUYLFLRV

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

$',9,1$1=$6 7RGR HO PXQGR PH TXLHUH WRGR HO PXQGR PH PLPD KD\ TXLHQ QR PH GD JUDQ YDORU WHQHUPH HV XQD VXHUWH $O ¿QDO WRGRV VH REOLJDQ D JXDUGDUPH KDVWD OD PXHUWH 5RMR KD VLGR VLHPSUH PL YLYLU SHUR DOJXQRV GH D]XO PH TXLHUHQ YHVWLU (VWD GDPD SXHGH VHU ERQLWD DXQTXH D YHFHV UHVXOWH JULWRQFLWD %ODQFD FRPR OD OHFKH QHJUD FRPR OD WH] KDEOD \ QR WLHQH ERFD DQGD \ QR WLHQH SLHV 4XLHQ PH PLUD VH UHÀHMD DVt QDGLH WHQGUi QL XQD TXHMD (V UHGRQGD FRPR XQ EDOyQ \ GD YXHOWDV DOUHGHGRU GHO VRO &DQWR D OD RULOOD YLYR HQ HO DJXD \ QR VR\ SH] QL FLJDUUD 7RGD OD QRFKH HVSHUDQGR HVWR\ FRQ OD ERFD DELHUWD KDVWD TXH SRU OD PDxDQD DO SXQWR PH FLHUUDQ &XDQGR QXHYR KRPEUH FXDQGR YLHMR PXMHU (Q TXLQFH GtDV PH FUtR HQ RWURV TXLQFH PH PXHUR YXHOYR D QDFHU GH QXHYR \ D WRGR HO PXQGR VLUYR &RPR XQD 0DJGDOHQD OORUD OiJULPDV DUGLHQWHV 9LHQH GHO FLHOR GHO FLHOR YLHQH D XQRV GLVJXVWD \ D RWURV PDQWLHQH $O OOHJDU HO DOED VH R\H XQ FDQWDU TXLHQ QR OR DGLYLQH WRQWR VHUi 7RSy PL SDGUH HQ OD LJOHVLD D DOJXLHQ YHVWLGR GH QHJUR QL HUD IUDLOH QL HUD FXUD TXH HUD OR TXH GLMH SULPHUR /D YLGD /D VDQJUH /D YR] /D FDUWD (O HVSHMR /D 7LHUUD /D UDQD /D ERWD R HO ]DSDWR (O ]DSDWR \ OD FKDQFOD /D OXQD /D YHOD /D OOXYLD (O JDOOR (O WRSR

/D MXYHQWXG HV LQPRGHUDGD HQ VXV GHVHRV ePLOH =ROD


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

6H DFHUFD \D OD SULPDYHUD LU D OD SOD\D OXFLU WUDMHV GH EDxR YHVWLGRV FRQ HVFRWHV SUHSDUpPRQRV UHFXHUGH TXH SDUD HVWDU HQ IRUPD HV QXWULFLyQ \ HMHUFLFLR \ Q~PHUR XQR QRV D\XGD D HVWDU VDOXGDEOHV 1R GHEHPRV WRPDUOR FRPR DOJR GLItFLO QR WLHQH TXH KDFHU GLHWDV GUiVWLFDV QL PRULU GH FDQVDQFLR VROR WLHQH TXH GLVFLSOLQDUVH 7RGRV VDEHPRV TXH HYLWDU SHUR WDPSRFR SHQVHPRV TXH QXQFD KD\ TXH FRPHU FRVDV TXH HQJRUGDQ VLPSOHPHQWH QR DEXVHPRV 8QD GLHWD GHEH VHU y $JUDGDEOH SRUTXH D\XGD D HVWLPXODU ODV JDQDV GH FRPHU y 9DULDGD \D TXH GH HVWH PRGR QR VH FDH HQ OD UXWLQD SHVDGD \ DEXUULGD y 6X¿FLHQWH SRUTXH WLHQH TXH GDU VHQVDFLyQ GH KDEHU FRPLGR SHUR QR GH HVWDU OOHQR y (TXLOLEUDGD HQ HO DSRUWH GH WRGRV ORV QXWULHQWHV \ H O H P H Q W R V L Q G L V S H Q V D E O H V S D U D H O E X H Q IXQFLRQDPLHQWR GHO RUJDQLVPR y 6DOXGDEOH HV GHFLU QR GHEH WHQHU FDUHQFLDV QL H[FHVRV 3RU WRGR OR DQWHULRU HV TXH QR VH GHEH UHFXUULU D ODV GLHWDV TXH XWLOL]DQ XQ VROR DOLPHQWR QR HV VDQR \D TXH VH UHTXLHUH JUDQ YDULHGDG GH QXWULHQWHV HV SRU HVR TXH ODV PX\ UHVWULFWLYDV R PRQyWRQDV VH WLHQGHQ DO DEDQGRQR 6REUH HO HMHUFLFLR PXFKDV SHUVRQDV KDQ GHVFXELHUWR ODV YHQWDMDV GH ODV FDPLQDWDV SRUTXH VRQ WDQ EHQH¿FLRVDV FRPR OD SUiFWLFD GH HMHUFLFLRV HQ XQ JLPQDVLR (VWR QR TXLHUH GHFLU TXH XQD FRVD VXVWLWX\H D OD RWUD ODV GRV DFWLYLGDGHV ItVLFDV SXHGHQ FRPELQDUVH

\D TXH DPEDV DGHPiV GH FRODERUDU FRQ OD VDOXG ItVLFD \ PHQWDO VRQ LGHDOHV FRPR PRPHQWRV GH UHFUHDFLyQ +DVWD OD SUy[LPD

(V PHMRU VHU XQ MRYHQ DEHMRUUR TXH XQD YLHMD DYH GHO SDUDtVR

0DUN 7ZDLQ


7HFRPiQ *DVWURQRPtD

3DUD QLxRV

¢&XiO HV HO FROPR" ¢'H FROPRV" 4XH XQ PXGR OH GLJD D XQ VRUGR TXH XQ FLHJR OH HVWi PLUDQGR ¢'H XQ WDFDxR" &RPHUVH ORV PRFRV D HVFRQGLGDV SDUD TXH QDGLH OH SLGD ¢'H XQD VDUGLQD" 4XH OH GHQ PXFKD ODWD ¢'H XQ OHxDGRU" 'RUPLUVH FRPR XQ WURQFR ¢'H XQ YDJR" 0DGUXJDU SDUD HVWDU PiV WLHPSR VLQ KDFHU QDGD ¢'H XQ UH\" 6HQWDUVH HQ OD HVTXLQD GH XQD PHVD UHGRQGD ¢'H XQD DVSLUDGRUD" 6HU DOpUJLFD DO SROYR

/D VDQJUH MRYHQ QR REHGHFH XQ YLHMR PDQGDWR :LOOLDP 6KDNHVSHDUH


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

5HÀH[LyQ

+D\ GtDV HQ ORV TXH EULOOD HO VRO \ OD YLGD VLJXH FRPR VLHPSUH ODV FRVDV QR KDQ FDPELDGR QDGD XUJHQWH QRV IDOWD HQ DSDULHQFLD \ VLQ HPEDUJR 1RV VHQWLPRV PDO FRPR LQFRPSOHWRV FRPR LQVX¿FLHQWHV FRPR GHVDOHQWDGRV \ H[WUDxRV (VH GtD HQ TXH DEUHV ORV RMRV \ QR VDEHV SRU TXp WUDHV XQ GHViQLPR TXH WH QDFLy HQ HO VXHxR TXH WH EURWy HQ OR DOWR GH OD QRFKH \ VH ¿OWUy D WX DOPD JUDFLDV D TXLpQ VDEH TXH DVRFLDFLRQHV RVFXUDV \ DQJXVWLRVDV (VH GtD HQ TXH WH FXHVWD WUDEDMR OHYDQWDUWH £$\HU HVWDED WRGR ELHQ (VH GtD HQ TXH SUHVLHQWHV TXH QDGD YD D LU FRPR W~ OR GHVHDVWH HVH GtD TXH QR WLHQH FRORU FX\DV SULPHUDV KRUDV VRQ GH OD[LWXG UHFHOR R OLJHUD ]R]REUD (VH GtD HV XQ GtD TXH QDFLy JULV 1XQFD VH SXHGH HYLWDU HVWR /D TXtPLFD GH QXHVWUR FXHUSR OD LQHUFLD GH QXHVWUD SVLTXH OD UHDFFLyQ GHVFRQRFLGD GH IDFWRUHV LQWHUQRV D HVWtPXORV TXH QR GHVFXEULPRV WRGDYtD QRV TXLHUHQ SLQWDU HVWH GtD GH JULV *ULV RSDFR *ULV GHSUHVLYR *ULV SDVLYR *ULV PDUJLQDO 3HUR /R TXH Vt SXHGHV KDFHU FXDQWR DQWHV HV WRPDU W~ PLVPR W~ PLVPD OD GHFLVLyQ GH DFWLYDU WXV SURSLRV SLQFHOHV \ DSURYHFKDU HVH JULV QHXWUR SDUD LQXQGDUOR GH ¿JXUDV GLYHUVDV £)OHFKDV YHUGHV FXUYDV GRUDGDV ]LJ ]DJV EODQFRV SXQWRV D]XOHV 3XHGHV FRQYHUWLU HQ XQRV FXDQWRV VHJXQGRV R PLQXWRV HVH SDQRUDPD WULVWH HQ XQ GHVHR UHDOL]DEOH XQ FDQWR TXH WH HVWLPXOH XQ VLOHQFLR TXH WH KDEOH 1R KD\ GtDV JULVHV £WRGRV VRQ LJXDOHV 4XLHQ OHV GD FRORU HUHV W~ 4XLHQ HV FDSD] GH DOHJUDUVH FRQ OD OOXYLD R DGPLUDU OD WHPSHVWDG HUHV W~ 4XLHQ VH HFKD D OORUDU EDMR XQ VRO HVSOpQGLGR R XQ FLHOR PDUDYLOORVR HUHV W~ 3RUTXH QR VRQ ORV GtDV ORV TXH WH GDQ FRORU (UHV W~ TXLHQ SXHGH SLQWDU FRPR GHVHHV FDGD GtD

8QD VRFLHGDG TXH DtVOD D VXV MyYHQHV FRUWD VXV DPDUUDV HVWi FRQGHQDGD D GHVDQJUDUVH

.R¿ $QQDQ


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

8Q MRYHQ QR GHEH FRPSUDU YDORUHV VHJXURV -HDQ &RFWHDX


0DQ]DQLOOR 6HUYLFLRV

5HÀH[LyQ

<R DPR D ORV SiMDURV SHUR PiV D~Q ORV DGPLUR SRU ODV PDxDQDV GHVSXpV GH XQD QRFKH GH WRUPHQWD FXDQGR VXHOR YHU GHVWUXLGRV ORV QLGRV HQ ODV YHUHGDV GH ODV SOD]DV FHUFD GH ORV iUEROHV GRQGH HVWDEDQ FRQVWUXLGRV 3HUR WDPELpQ SRU OD PDxDQD GH HVH PLVPR GtD OHV KH RtGR FDQWDU PLHQWUDV DFDUUHDQ PDWHULDO SDUD FRQVWUXLU RWUR QLGR WDO YH] PHMRU WDO YH] PiV IXHUWH 6HJXUDPHQWH ORV SiMDURV KDEUiQ FDOODGR XQ PRPHQWR SRU VX QLGR URWR SHUR VyOR XQ PRPHQWR HOORV VDEHQ TXH QR VLUYH OORUDU IUHQWH D ODV UXLQDV PiV GH OR DFHSWDEOH KD\ TXH HPSH]DU GH QXHYR 3URQWR HO QXHYR QLGR HVWDUi DUPDGR \ VL RWUD WRUPHQWD OOHJDUD D GHUULEDUOR XQD \ PLO YHFHV YROYHUiQ D FRQVWUXLUOR $ G P L U R D O R V S i M D U R V S R U V X D I i Q HVSHUDQ]DGR ¢4Xp RWUD FRVD HV OD HVSHUDQ]D VLQR HO QHJDUQRV D ORV HPEDWHV GH OD DGYHUVLGDG" ¢4Xp RWUD FRVD HV OD HVSHUDQ]D VLQR HO PRGR LQWHULRU GH FUHHU HQ HO PDxDQD" 3RU HVR SLHQVD VLHPSUH TXH QR KD\ QDGD PiV LPSRUWDQWH TXH HO GtD GH PDxDQD (PSH]DQGR HUHV LQYHQFLEOH DXQTXH XQD \ RWUD YH] QR VDOJDQ ODV FRVDV FRPR HVSHUDEDV 8Q EDUFR TXH QDXIUDJD VLJXH VLHQGR XQ EDUFR VyOR IDOWD TXH VHD UHÀRWDGR SDUD TXH YXHOYD D QDYHJDU &XDQGR XQD LOXVLyQ VH IUXVWUD VLJXHV WHQLHQGR HO DOPD SDUD DOEHUJDU QXHYDV LOXVLRQHV \ SRU PiV TXH WH JROSHH OD YLGD QR WH HQWUHJXHV QXQFD GL XQD RUDFLyQ SRQ WX HVSHUDQ]D DO IUHQWH \ DUUHPHWH QR WH SUHRFXSHV VL HQ OD EDWDOOD VXIUHV DOJXQD KHULGD HV GH HVSHUDU TXH DOJR DVt VXFHGD -XQWD WX HVSHUDQ]D iUPDOD GH QXHYR \ YXHOYH D DUUHPHWHU 6L WXV DQKHORV VRQ OHJtWLPRV VL QR GDxDQ D QDGLH ORV VXHxRV TXH WH LPSXOVDQ LQVLVWH PLO YHFHV \ RWUDV PLO VL IXHUD QHFHVDULR DOJXQD YH] OD YLFWRULD VHUi WX\D

(V OD ¿HEUH GH OD MXYHQWXG OR TXH PDQWLHQH DO UHVWR GHO PXQGR D OD WHPSHUDWXUD QRUPDO

*HRUJHV %HUQDQRV


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 /R SDVDGR KD KXLGR OR TXH HVSHUDV HVWi DXVHQWH SHUR HO SUHVHQWH HV WX\R 3URYHUELR iUDEH


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

$OJXQRV HVWiQ GLVSXHVWRV D FXDOTXLHU FRVD PHQRV D YLYLU DTXt \ DKRUD -RKQ /HQQRQ


0DQ]DQLOOR 3HULyGLFRV \ PHGLRV

&XOWXUD

'DYLG \ *ROLDWK &DUDYDJJLR 3LQWDGR SRU &DUDYDJJLR KDFLD VH FRQVHUYD DFWXDOPHQWH HQ HO 0XVHR GHO 3UDGR 1DUUD OD KLVWRULD EtEOLFD GH 'DYLG FRQWUD *ROLDWK 'DYLG DFHSWD HO GHVDItR GH *ROLDWK \ OH YHQFH FRQ OD KRQGD GHVSXpV VH DFHUFD VDFD OD HVSDGD GHO JLJDQWH \ OR GHFDSLWD &DUDYDJJLR HOLJH HO PRPHQWR H Q T X H H O M R Y H Q H V W i D W D Q G R O D FDEH]D FRQ X Q F R U G H O SDUD OOHYDUOD D ODV HVSDOGDV ( V W H PRPHQWR QR H V W i H Q O D % L E O L D V L Q R TXH HV XQD LQYHQFLyQ GHO DUWLVWD

(O IXWXUR QRV WRUWXUD \ HO SDVDGR QRV HQFDGHQD +H DKt SRU TXp VH QRV HVFDSD HO SUHVHQWH *XVWDYH )ODXEHUW


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

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

/D SULPHUD QRWLFLD GHO FXDGUR SURYLHQH GH FXDQGR HV PHQFLRQDGR HQ ODV &ROHFFLRQHV 5HDOHV (VSDxRODV 6XSXHVWDPHQWH IXH WUDtGD D (VSDxD SRU -XDQ %DXWLVWD &UHVFHQFL TXH HQ YLQR GH ,WDOLD SDUD WUDEDMDU SDUD HO UH\ GH (VSDxD (Q HQ HO FDWiORJR GHO 0XVHR GHO 3UDGR VH OD FRQVLGHUDED REUD GH OD HVFXHOD GH &DUDYDJJLR SHUR ORV HVSHFLDOLVWDV D SULQFLSLRV GHO VLJOR ;; GHWHUPLQDURQ TXH HUD REUD GHO SLQWRU (VWR IXH FRQ¿UPDGR SRU /RQJKL \ SRU ORV HVWXGLRVRV HQ JHQHUDO UDWL¿FiQGRVH FXDQGR HQ OD SURIHVRUD *UHJRUL DO UDGLRJUD¿DU OD REUD GHVFXEULy XQD V H J X Q G D F D E H ] D O R T X H L Q G L F D E D X Q ³DUUHSHQWLPLHQWR´ OR FXDO HV XQ LQGLFLR GH DXWRUtD (Q HVWD REUD &DUDYDJJLR GD XQ SDVR PiV KDFLD HO WHQHEULVPR SXUR (O IRQGR HV OLVR FDVL QHJUR HQ FRQWUD GH OD OyJLFD GH OD DQpFGRWD TXH VXFHGH GXUDQWH HO GtD (VWH DUWL¿FLR UHVDOWD HO GUDPDWLVPR GH OD HVFHQD 6LPEyOLFDPHQWH VH UHODFLRQD OD EHOOH]D FRQ HO ELHQ 'DYLG HV XQ HIHER \ OD IHDOGDG FRQ HO PDO *ROLDWK DGHPiV GH UHSUHVHQWDU OD GHUURWD GH ODV IXHU]DV GHO PDO SURWHVWDQWLVPR SRU HO ELHQ FDWROLFLVPR $ YHFHV HVWDPRV GHPDVLDGR GLVSXHVWRV D FUHHU TXH HO SUHVHQWH HV HO ~QLFR HVWDGR SRVLEOH GH ODV FRVDV

0DUFHO 3URXVW


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

,I :LQWHU FRPHV FDQ 6SULQJ EH IDU EHKLQG" $XWXPQ LV D VHFRQG VSULQJ ZKHQ HYHU\ OHDI LV D À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

-RKQ /HQQRQ


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

7KH VSULQJ RI ORYH EHFRPHV KLGGHQ DQG VRRQ ¿OOHG XS :H ZRXOG ORDG XS WKH \HOORZ &XWODVV 6XSUHPH VWDWLRQ ZDJRQ DQG SLFN EODFNEHUULHV GXULQJ EODFNEHUU\ VHDVRQ RU VSULQJ RQLRQV GXULQJ VSULQJ RQLRQ VHDVRQ )RU XV IRRG ZDV SDUW RI WKH IDEULF RI RXU GD\ <RX FDQ FXW DOO WKH ÀRZHUV EXW \RX FDQQRW NHHS VSULQJ IURP FRPLQJ /RV QLxRV QR WLHQHQ SDVDGR QL IXWXUR SRU HVR JR]DQ GHO SUHVHQWH FRVD TXH UDUD YH] QRV RFXUUH D QRVRWURV

-HDQ GH OD %UX\HUH


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’1&,(6( (1

OOiPHQRV \ FRQ JXVWR OR DQWHQGHUHPRV FRQWDFWR#FRVWD]XO P[ ZZZ FRVWD]XO P[ 1R H[LVWH HO SUHVHQWH /R TXH DVt OODPDPRV QR HV RWUD FRVD TXH HO SXQWR GH XQLyQ GHO IXWXUR FRQ HO SDVDGR

0LFKHO GH 0RQWDLJQH


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

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¿HG E\ WKHLU GHQWDO UHFRUGV &DXVH LI WKH\ GRQ W NQRZ ZKR \RX DUH KRZ GR WKH\ NQRZ ZKR \RXU GHQWLVW LV" 8Q KRPEUH GHEH YLYLU HO SUHVHQWH \ ¢TXp LPSRUWD TXLpQ HUDV OD VHPDQD SDVDGD VL VDEHV TXLpQ HUHV KR\"

3DXO $XVWHU


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

5HÀH[LRQD VREUH WXV EHQGLFLRQHV SUHVHQWHV GH ODV TXH WRGR KRPEUH SRVHH PXFKDV QR VREUH WXV SDVDGDV SHQDV GH ODV TXH WRGRV WLHQHQ DOJXQDV

&KDUOHV 'LFNHQV


&XHQWR &XHQWR

(O 6LOHQFLR

/OHJy -XOLiQ D VX FDVD OOHQD GH VROHGDG \ WULVWH]D +DFtD \D PXFKRV GtDV TXH OD HQFRQWUDED GLIHUHQWH $ YHFHV PHMRU OH GDEDQ JDQDV GH QR YROYHU GH TXHGDUVH DOOi HQ HO PRQWH GRQGH KDEtD UXLGR GH iUEROHV GH DUUR\RV \ GH SiMDURV 6yOR HQ HO PRQWH VH ROYLGDED XQ SRFR GH DTXHOOD VROHGDG TXH KDEtD HQ VX FDVD SHUR GRQGH KDEtD WDPELpQ PXFKRV UHFXHUGRV 0XFKRV UHFXHUGRV HQ WRGRV ORV ULQFRQHV /D FDPD GRQGH PXULy &HFLOLD VX PXMHU HO HVSHMR GRQGH VH PLUDED \ TXH VHJXtD DKt FROJDGR SHUR TXH UHÀHMDED ~QLFDPHQWH OD LPDJHQ GH pO FXDQGR VH DFHUFDED 7DPELpQ HVWDED HO ED~O HQ XQ ULQFyQ FRQ ODV URSDV TXH FXEULHUDQ DTXHO FXHUSR TXH pO VLQWLy VX\R HQ ODV QRFKHV FiOLGDV /XHJR HQ OD FRFLQD HO PHWDWH \ HO IRJyQ GRQGH H F K D E D O D V W R U W L O O D V T X H D P E R V F R P t D Q DOHJUHPHQWH &XDQGR DEULy OD SXHUWD DPDUUDGD FRQ XQ OD]R TXH HOOD KDEtD WHMLGR VLQWLy HQ VX FDUD HO DLUH WLELR FRQ RORU D KXPHGDG 8Q DLUH UHYXHOWR FRQ WULVWH]D \ ROYLGR $UURMy VX FRVWDOLOOR HQ XQ ULQFyQ GHMy HO PDFKHWH HQ HO PLVPR FODYR GRQGH OR FROJDEDQ RWUDV YHFHV \ UHFRUULy FRQ VX PLUDGD ODV PLVPDV FRVDV TXH HOOD KDEtD GHMDGR SDUD VLHPSUH /D 9LUJHQ GH ORV 'RORUHV FROJDGD D OD FDEHFHUD GH OD FDPD FRQ HO FRUD]yQ WUDVSDVDGR SRU XQD HVSDGD 8QD *XDGDOXSDQD GHVWHxLGD \D SRU ORV DxRV \ KHUHGDGD GH VXV SDGUHV \ DOOi VREUH HO ED~O OD DOFDQFtD TXH HVWDEDQ KDFLHQGR SDUD FXDQGR YLQLHUD HO KLMR TXH 'LRV OHV LED D GDU 7RGR HVWDED OOHQR SRU VX UHFXHUGR &DGD ULQFyQ FDGD DJXMHUR £4XL]i ORV ~OWLPRV VXVSLURV ORV TXH GLHUD HQ VXV EUD]RV HVWXYLHUDQ D~Q DGKHULGRV DO WHFKR TXH ORV FRELMy GXUDQWH PXFKDV QRFKHV GH DPRU 5HFRUULy WRGR DTXHOOR FRJLy VX ULÀH \ VDOLy D HVSLDU XQDV KRUDV HO DQLPDO TXH OH PDWDED ORV EHFHUURV 6H DFHUFy DO iUERO TXH HVWDED HQ HO SDWLR HQ GRQGH ODV JDOOLQDV GRUPtDQ GHVGH KDFtD XQDV KRUDV $Kt VH HVWXYR XQ PRPHQWR OXHJR HPSH]DURQ D FDQWDU ORV JULOORV 'HVSXpV VDOLy OD OXQD JUDQGH \ EODQFD DOOi GHWUiV GH ORV FHUURV FXDWHV $OXPEUDED WRGR HO FDPSR VH PLUDED FKXOD FRPR XQD QRYLD TXH YD DO HQFXHQWUR GH VX DPDGR $Kt VH HVWXYR UHVSLUDQGR HO DLUH VXDYH VLQWLHQGR HQ VX FDUD HO URFtR GH OD QRFKH $Kt SDVy XQDV KRUDV PLUDQGR WDPELpQ ODV HVWUHOODV ODV PLVPDV HVWUHOODV TXH HOOD YHtD \ TXH OH GDEDQ ULVD FXDQGR VH GHVSUHQGtDQ KXQGLpQGRVH HQ HO YDFtR LQWHUPLQDEOH &RQWLQ~D HQ OD SiJLQD 1R KD\ SUHVHQWH WRGRV ORV FDPLQRV VRQ UHFXHUGRV R SUHJXQWDV 0LTXHO 0DUWt L 3RO


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

$KRUD XQD SDODEUD FXULRVD SDUD H[SUHVDU WRGR XQ PXQGR \ WRGD XQD YLGD (UQHVW +HPLQJZD\


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

&XHQWR

(Q OD OHMDQtD VH R\HURQ DXOODU ORV FR\RWHV /DV JDOOLQDV HPSH]DURQ D PRYHUVH LQTXLHWDV \ HO JDOOR DOHWHy UXLGRVDPHQWH ODQ]DQGR XQ VRQRUR FDQWR TXH LQIXQGLy YDORU \ FRQ¿DQ]D HQ -XOLiQ 8Q UDWR GHVSXpV SUHQGLy XQ FLJDUUR DVSLUDQGR HO KXPR VDEURVR TXH DUURMDED HQ DTXHOOD QRFKH EODQFD (Q PHGLR GH OD VROHGDG \ GHQWUR GH VX FRUD]yQ VLQWLy JDQDV GH FDQWDU D ODV HVWUHOODV OD FDQFLyQ TXH OH JXVWDED D HOOD &XpQWDPH VL OD OXQD PLUy WXV RMRV GLPH VL ODV HVWUHOODV WH YHQ OORUDU < VL HQ HO VLOHQFLR WXV ODELRV URMRV GLFHQ XQ VROR QRPEUH DPDU DPDU (O JDOOR DOHWHy GH QXHYR \ FRQ DTXHO DOHWHR VH IXHURQ ODV ~OWLPDV SDODEUDV GH -XOLiQ 6H IXHURQ YRODQGR HQ DTXHOOD QRFKH KDVWD OOHJDU D ODV HVWUHOODV TXH SDUSDGHDEDQ DOOi HQ OD OHMDQtD $SUHWy VXV RMRV 0X\ IXHUWH KDVWD TXH ODV OiJULPDV URGDURQ FD\HQGR VREUH OD WLHUUD SULHWD GRQGH KDEtD KXHOODV D~Q GH OD TXH KDEtD SDUWLGR 6H HVWXYR DKt UHFDUJDGR HQ DTXHOOD SDUWH GRQGH VH UHFDUJDED WRGDV ODV QRFKHV D HVSLDU HO DQLPDO GDxLQR \ VH DFRUGy GH OR TXH OH SUHJXQWy XQD YH] &HFLOLD VX PXMHU &RQWLQ~D HQ OD SiJLQD

/D YHUGDGHUD JHQHURVLGDG SDUD FRQ HO IXWXUR FRQVLVWH HQ HQWUHJDUOR WRGR DO SUHVHQWH $OEHUW &DPXV


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

²< ODV HVWUHOODV TXH VH KXQGHQ ¢D GyQGH YDQ" eO OH FRQWHVWy TXH VHJ~Q VX DEXHOD FDGD HVWUHOOD TXH VH GHVSUHQGtD HQ DTXHOODV QRFKHV HUDQ ODV DOPDV GH ORV TXH VH YDQ \ TXH PLHQWUDV PiV GXUDQ HQ FDHU PiV GXUDQ WDPELpQ HQ PRULU (VR OH GHFtD \ HOOD VH OH DUUHMXQWDED IXHUWHPHQWH DO HVFXFKDUOR (Q HVH PRPHQWR HVWXYR SHQVDQGR &XDQGR HOOD VH IXH WXYR TXH KDEHUVH GHVSUHQGLGR OD HVWUHOOD PiV EULOODQWH $TXHOOD TXH SDOSLWDED DO FRPSiV GH VXV FRUD]RQHV \ TXH PLUDEDQ WRGDV ODV QRFKHV 6L HUD FLHUWR TXH FDGD XQD GH ODV JHQWHV TXH YLYHQ FRUUHVSRQGH D XQD HVWUHOOD HQWUH DTXHO SXxR TXH SDOSLWDEDQ KDEtD GH HVWDU OD GH pO 1R VDEtD FXiO HUD SHUR DKt KDEtD GH HVWDU &HFLOLD OH KDEtD GLFKR TXH Vt HUD FLHUWR \ TXH GRQGH HVWXYLHUDQ GRV MXQWDV DKt HVWDUtDQ ODV GH HOORV 8QD QRFKH ODV YLHURQ SHUR HVDV \D H[LVWtDQ GHVGH KDFtD PXFKR 6X DEXHOD GHFtD TXH HUDQ ORV RMRV GH VDQWD /XFtD $OOi HQ HO PRQWH YROYLHURQ D DXOODU ORV FR\RWHV HQWUH UXLGRV IXHUWHV \ H[WUDxRV -XOLiQ SUHSDUy VX ULÀH \ HVSHUy SHUR SRFR GHVSXpV YROYLy D TXHGDU VXE\XJDGR SRU OD OXQD SRU HO UHFXHUGR SRU ODV HVWUHOODV $Kt VLJXLy PLUDQGR FDPLQDU OD OXQD HQWUH ODV QXEHV HVFRQGLpQGRVH D YHFHV \ RVFXUHFLHQGR ODV FRVDV VDOLHQGR GHVSXpV \ YROYLpQGRODV D DOXPEUDU -XOLiQ VH UHFDUJy HQ OD SDUHG GH VX FDVD \ FRQ ORV RMRV FHUUDGRV VLJXLy YLHQGR HQ VX SHQVDPLHQWR OD PLVPD OXQD \ VLJXLy WDPELpQ UHFRUGDQGR D VX DPDGD 'HWUiV GH OD FDVD VH R\y HO UXLGR FRPR GH DOJR TXH VH FDtD VREUH OD WLHUUD VXHOWD SHUR HO SHQVDPLHQWR GH -XOLiQ HVWDED OHMRV PX\ OHMRV OOHJDED KDVWD DOOi GRQGH VH FDtDQ ODV HVWUHOODV 9ROYLy D HQWRQDU VLQ SDODEUDV DTXHOOD FDQFLyQ XQD \ RWUD YH] KDVWD TXH QR TXHGy HQ VX SHQVDPLHQWR VLQR OD ~OWLPD SDODEUD $PDU $PDU 9ROYLy D SHQVDU HQ DTXHOODV YHFHV FXDQGR OD FDQWDED \ HOOD VDOtD GHVSDFLWR GHVSDFLWR KDVWD

1L HO SDVDGR H[LVWH QL HO IXWXUR 7RGR HV SUHVHQWH *RQ]DOR 7RUUHQWH %DOOHVWHU


0DQ]DQLOOR %LHQHV 5DLFHV

5HVHUYD HQ ZZZ DTXDWHUUD FRP R DO

&XHQWR SRQHU VXV PDQRV VXDYHV VREUH OD FDUD GH pO 3DUHFtD HVFXFKDU VXV SDVRV 6H OH ¿JXUDED TXH VH LED DFHUFDQGR SRFR D SRFR FDXWHORVDPHQWH 3HUR OXHJR VH DFRUGy GH TXH HOOD \D VH KDEtD LGR \ DEULy VXV RMRV K~PHGRV WRGDYtD SRU ODV OiJULPDV \ D WUDYpV GH HOODV DOFDQ]y D YHU XQD ¿JXUD TXH LQIXQGtD KRUURU GRV FDUERQHV HQFHQGLGRV LEDQ GHODQWH GH XQ FXHUSR HOiVWLFR PRQVWUXRVR TXH ROtD D PRQWH D FDUQH PXHUWD -XOLiQ UHWURFHGLy UiSLGDPHQWH \ GLVSDUy VREUH OD VRPEUD XQR GRV \ WUHV WLURV D WLHPSR MXVWR SDUD TXH DTXHOODV JDUUDV QR VH FODYDUDQ HQ VX FXHUSR $ OR OHMRV HPSH]DURQ D ODGUDU ORV SHUURV (Q HO iUERO GHO SDWLR DOHWHy HO JDOOR \ FDFDUHDURQ ODV JDOOLQDV 'H ORV PRQWHV FHUFDQRV YLQLHURQ ORV UXLGRV GHVSLHUWRV SRU ORV GLVSDURV FX\R HFR VH IXH URGDQGR SRU ODV ODGHUDV KDVWD PRULU HQ HO LQ¿QLWR -XOLiQ VH TXHGy DKt UtJLGR SDOSLWDQWH \ FRQ OD PLUDGD FODYDGD HQ HO DQLPDO TXH VH GHVDQJUDED HQ PHGLR GH ORV HVWHUWRUHV GH VX DJRQtD /D OXQD GHVSXpV GH DWUDYHVDU XQDV QXEHV RVFXUDV YROYLy D OXFLU EODQFD PLHQWUDV TXH HQ OD LQPHQVLGDG HQ PHGLR GHO VLOHQFLR VHJXtDQ FD\HQGR ODV HVWUHOODV /LSR /HSH

(O SUHVHQWH HV HO UHVXOWDGR QHFHVDULR GH WRGR HO SDVDGR OD FDXVD QHFHVDULD GH WRGR HO IXWXUR 5REHUW *UHHQ ,QJHUVROO


+RUyVFRSR +RURVFRSH (VWiV HQWUDQGR HQ XQD IDVH PX\ GLQiPLFD DULDQR /D PLVPD VH FRQFHQWUD WDQWR HQ WX HFRQRPtD FRPR HQ WX PXQGR VHQWLPHQWDO 7X FRORU DPDULOOR <RX DUH LQ D YHU\ G\QDPLF $U\DQ SKDVH ,W IRFXVHV RQ ERWK LWV HFRQRP\ DQG LWV VHQWLPHQWDO ZRUOG <RXU FRORU IRU WKLV PRQWK \HOORZ (VWH PHV HVWiV DOJR VXVFHSWLEOH D ORV FRPHQWDULRV DMHQRV GHELGR DO WUiQVLWR UHWUyJUDGR GH -~SLWHU HYLWD KDFHU FDDVR GH FKLVPHV 7X FRORU QHJUR 7KLV PRQWK \RX DUH VRPHZKDW VXVFHSWLEOH WR FRPPHQWV IURP RWKHUV GXH WR WKH UHWURJUDGH WUDI¿F RI -XSLWHU DYRLG PDNLQJ JRVVLS <RXU FRORU EODFN $QtPDWH JHPLQLDQR 3UHVWD DWHQFLyQ D ODV RSLQLRQHV DMHQDV HQ WX WUDEDMR DXQTXH HVWR QR LPSOLTXH HVWDU GH DFXHUGR FRQ HOODV 7X FRORU D]XO &KHHU XS *HPLQL 3D\ DWWHQWLRQ WR WKH RSLQLRQV RI RWKHUV LQ \RXU ZRUN DOWKRXJK WKLV GRHV QRW LPSO\ DJUHHLQJ ZLWK WKHP <RXU FRORU EOXH 1R WH DUUHSHQWLUiV GH WXV GHFLVLRQHV VLHPSUH \ FXDQGR ODV PHGLWHV ELHQ SHUR VL GDV ULHQGD VXHOWD D WXV HPRFLRQHV WHQGUtDV SUREOHPDV 7X FRORU FDIH <RX ZLOO QRW UHJUHW \RXU GHFLVLRQV DV ORQJ DV \RX PHGLWDWH ZHOO EXW LI \RX XQOHDVK \RXU HPRWLRQV \RX ZRXOG KDYH SUREOHPV <RXU FRORU EURZQ 3RGUiV WRPDU FRQ GHVHQIDGR FXDOTXLHU UHYpV HQ WX YLGD VHQWLPHQWDO \D TXH HQ HVWRV PRPHQWRV WLHQHV XQ DXUD SRVLWLYD D WX DOUHGHGRU 7X FRORU QDUDQMD <RX FDQ WDNH ZLWK FDVXDOQHVV DQ\ VHWEDFN LQ \RXU VHQWLPHQWDO OLIH VLQFH DW WKH PRPHQW \RX KDYH D SRVLWLYH DXUD DURXQG \RX <RXU FRORU RUDQJH &RQVHJXLUiV OR TXH KDV HVWDGR EXVFDQGR \ SDUD OR FXDO WH KDV YHQLGR SUHSDUDQGR PHQWDOPHQWH WRGR HVWH WLHPSR (VWi HPSH]DQGR XQ FLFOR PX\ SURGXFWLYR 7X FRORU JULV <RX ZLOO JHW ZKDW \RX KDYH EHHQ ORRNLQJ IRU DQG IRU ZKLFK \RX KDYH EHHQ PHQWDOO\ SUHSDULQJ DOO WKLV WLPH $ YHU\ SURGXFWLYH F\FOH LV EHJLQQLQJ <RXU FRORU JUD\ (O GLQHUR WH SXHGH UHQGLU PiV VL GHGLFDV WX WLHPSR D HIHFWXDU XQD FRUUHFWD GLVWULEXFLyQ GH WXV JDVWRV \ UHFXUVRV (VWiV HQ XQD HWDSD FUHDWLYD 7X FRORU EURQFH 7KH PRQH\ FDQ SD\ \RX PRUH LI \RX VSHQG \RXU WLPH WR PDNH D FRUUHFW GLVWULEXWLRQ RI \RXU H[SHQVHV DQG UHVRXUFHV <RX DUH LQ D FUHDWLYH VWDJH <RXU FRORU EURQ]H 7H HQYXHOYH XQD ROD DIRUWXQDGD UHODFLRQDGD FRQ DFWLYLGDGHV VRFLDOHV 8QD UHXQLyQ DUURMD UHVXOWDGRV SRVLWLYRV HQ WX YLGD HFRQyPLFD 7X FRORU YHUGH <RX DUH VXUURXQGHG E\ D OXFN\ ZDYH UHODWHG WR VRFLDO DFWLYLWLHV $ PHHWLQJ VKRZV SRVLWLYH UHVXOWV LQ \RXU HFRQRPLF OLIH <RXU FRORU JUHHQ /D HQHUJtD FyVPLFD IDYRUHFH WX YLGD ODERUDO 7X UHVSRQVDELOLGDG \ WDOHQWR HVWiQ GDQGR VXV IUXWRV VDJLWDULDQR 7X FRORU EODQFR &RVPLF HQHUJ\ IDYRUV \RXU ZRUNLQJ OLIH <RXU UHVSRQVLELOLW\ DQG WDOHQW DUH EHDULQJ IUXLW 6DJLWWDULDQ <RXU FRORU ZKLWH (O WUiQVLWR GH OD /XQD LQFLGH IXHUWHPHQWH HQ ORV DVSHFWRV tQWLPRV GH WX YLGD +D\ WULXQIRV HQ HVH FDPSR HQ HO TXH WHQGUiV PiV p[LWR TXH HO HVSHUDGR 7X FRORU URVD 7KH WUDQVLW RI WKH 0RRQ DIIHFWV WKH LQWLPDWH DVSHFWV RI \RXU OLIH 7KHUH DUH ZLQV LQ WKDW ¿HOG LQ ZKLFK \RX ZLOO KDYH PRUH VXFFHVV WKDQ H[SHFWHG <RXU FRORU SLQN 6L DOJR QR VDOH FRPR GHVHDV HVSHUD D TXH ODV DJXDV UHFXSHUHQ VX QLYHO \ DVt QR SHUGHUiV GLQHUR WLHPSR QL UHFXUVRV 7X FRORU URMR ,I VRPHWKLQJ GRHV QRW JR DV \RX ZDQW ZDLW XQWLO WKH ZDWHU UHJDLQV LWV OHYHO DQG \RX ZLOO QRW ORVH PRQH\ WLPH RU UHVRXUFHV <RXU FRORU UHG $WLHQGH ELHQ OR TXH HVWi VXFHGLHQGR HQ WX HQWRUQR 6H DSUR[LPD XQ PRPHQWR IHOL] \ GHEHV SUHSDUDUWH SDUD DSURYHFKDUOR 7X FRORU YLROHWD 7DNH JRRG FDUH RI ZKDW LV KDSSHQLQJ LQ \RXU HQYLURQPHQW $ KDSS\ PRPHQW LV DSSURDFKLQJ DQG \RX PXVW SUHSDUH WR WDNH DGYDQWDJH RI LW <RXU FRORU YLROHW

(O SUHVHQWH HV OD YLYLHQWH VXPD WRWDO GHO SDVDGR 7KRPDV &DUO\OH



‹ &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.