Costazul Mayo 2018

SFF HSBUJT &GOHMJTI M

&TQB×P

*" $&-&/$ 9 & 3 0 *0/"- 1 S "- 3&( JPOFT Z )VNP 6

4 / & Y .

F UÏNPD " ø 5 I F 4 V * 3 B 7

T V & P B $ -" 3 JFOU $PNBM 1FOTBN WBSF[ BOJMMP

M [ JMMB EF « DPNÈO .BO 7

B N J F 5 $PM

5POJMB $< 0

2 $< 0

/$ 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$78,7$

6RODPHQWH XQD YLGD GHGLFDGD D ORV GHPiV PHUHFH VHU YLYLGD $OEHUW (LQVWHLQ

,1',&( 5XWDV WXUtVWLFDV 7RXULVW URXWHV 1XHVWUD SRUWDGD 7HOpIRQRV GH LPSRUWDQFLD LPSRUWDQW SKRQH QXPEHUV &XOWXUD &XHQWR 5HÃ&#x20AC;H[LRQHV &KLVWHV (GXFDFLyQ &RVWD]XO HQ OD FRFLQD *XtD GHO EDUPDQ 'DWRV FXULRVRV 0XQGR GHO SHUUR /H\HQGD (IHPpULGHV ¢6DEtD XVWHG TXH" SRU 'U -XVWLQR /HSH 6XGRNX $GLYLQDQ]DV 7HOpIRQRV GH LPSRUWDQFLD 0DQ]DQLOOR ,PSRUWDQW SKRQH QXPEHUV 0DQ]DQLOOR 0DSD GH 0DQ]DQLOOR 0DQ]DQLOOR¶V PDS 3RHPD 6DOXG \ %HOOH]D SRU 5RVLWD /HSH 7RXJKWV (QJOLVK WLSV +XPRU LQ HQJOLVK +RUyVFRSR +RURVFRSH

&ROLPD

6HFFLRQHV

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

7HFRPiQ

&RPHUFLRV

*DVWURQRPtD 0DQ]DQLOOR

6HUYLFLRV

3HULyGLFRV \ PHGLRV

&RPHUFLRV

*DVWURQRPtD

7XULVPR

0pGLFRV

%LHQHV 5DtFHV

5HYLVWD LPSUHVD HQ ORV WDOOHUHV GH ,PSUHV HQ =DSRSDQ -DO HGLFLyQ GHO PHV GH PD\R VH UHSDUWH HQ HO HVWDGR GH &ROLPD VXU GH -DOLVFR \ RHVWH GH 0LFKRDFiQ /DV UHÃ&#x20AC;H[LRQHV IUDVHV SRHPDV \ HQ JHQHUDO ORV HVFULWRV TXH DTXt DSDUHFHQ QR VRQ HO UHÃ&#x20AC;HMR GH VXV HGLWRUHV VRQ WDQ VROR XQD UHFRSLODFLyQ FRQ ¿QHV GH HQWUHWHQLPLHQWR /RV QRPEUHV \ PDUFDV TXH VH SXEOLFLWDQ VRQ SURSLHGDG GH ORV DQXQFLDQWHV 6H SURKLEH OD UHSURGXFFLyQ WRWDO R SDUFLDO

$1Ã&#x2019;1&,(6( (1 &267$=8/ 7HO &HO

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

5XWDV WXUtVWLFDV 7RXULVW URXWHV 5XWD WXUtVWLFD &ROLPD

5XWD WXUtVWLFD -DOLVFR

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

-RVp 0DUtD 3HPiQ

1XHVWUD SRUWDGD 'tD GH OD 0DGUH & X D Q G R S H Q V D P R V H Q O D V P D G U H V LQPHGLDWDPHQWH ODV UHODFLRQDPRV FRQ WHUQXUD GHGLFDFLyQ WHQDFLGDG DPRU HQWUHJD SURWHFFLyQ FRELMR LQFRQGLFLRQDOLGDG 3RU GH¿QLFLyQ ODV PDGUHV VRQ EXHQDV VtPEROR GH SD] \ DUPRQtD (QWRQFHV ¢SRUTXH VL WRGRV WHQHPRV XQD PDGUH H[LVWH OD PDOGDG OD FUXHOGDG \ HO GHVDPRU" 9LYLPRV WLHPSRV GLItFLOHV WLHPSRV HQ ORV TXH KD\ JXHUUDV DVHVLQDWRV URERV DFWRV GH FRUUXSFLyQ \ YLRODFLRQHV ¢GRQGH HVWiQ ODV PDGUHV GH ORV KLMRV DVHVLQRV ODGURQHV FRUUXSWRV \ YLRODGRUHV" ¢HQ TXH PRPHQWR DEDQGRQDURQ D VXV KLMRV" ¢R IXHURQ ORV KLMRV TXLHQHV DEDQGRQDURQ D VX PDGUH" FRPR TXLHUD TXH KD\D VLGR VL WRGRV ORV KRPEUHV \ PXMHUHV GH OD WLHUUD UHJUHVDUDQ D VXV FDVDV \ DEUD]DUDQ D VX PDGUH OD VXMHWDUDQ \ HVFXFKDUDQ VX PHQVDMH GH DPRU VX PHQVDMH GH SD] \ GH ELHQ HO PXQGR FDPELDUtD GDUtD XQ YXHOFR VH DFDEDUtDQ ODV JXHUUDV ORV DVHVLQDWRV ORV URERV ORV DFWRV GH FRUUXSFLyQ \ YLRODFLRQHV 6HUtD XQ PXQGR LGHDO $OJXQRV GLUiQ \R QR WHQJR PDPi 3DUD HOORV OHV GLJR VLHPSUH KD\ XQD PXMHU FHUFDQD FRQ DPRU GH VREUD SDUD DFRJHUORV FRPR VX SURSLD PDGUH OR KDUtD OD SXHGHQ HQFRQWUDU HQ VX DEXHOD VX WtD OD PDPi GH VX DPLJR OD YHFLQD R XQD VLPSOH GHVFRQRFLGD ([LVWHQ PLOHV GH KLVWRULDV GH DPRU GH PDPiV DGRSWLYDV VLQ SDSHOHV GH DGRSFLyQ GH SRU PHGLR 3DUD DGRSWDU VROR VH UHTXLHUH DPRU $PRU XQD SDODEUD FDVL PiJLFD HQRUPH HQ VX DOFDQFH \ FRQWHQLGR

/D FRPELQDFLyQ SHUIHFWD DPRU \ PDPi

$ WRGDV ODV PDPiV OHV GHVHR OR PHMRU HQ VX GtD \ QR VROR HQ VX GtD HQ VX YLGD HQWHUD 3HUR DGHPiV OHV SLGR DEUDFHQ D VXV KLMRV VXMpWHQORV \ WUDQVPLWDQOHV VX DPRU OR QHFHVLWDQ $GRSWHQ D ORV TXH QR WLHQHQ \D D VX PDGUH \ GH LJXDO PDQHUD WUDQVPtWDQOHV VX DPRU OR QHFHVLWDQ PiV +DJDPRV XQ FDPELR QXHVWUD V R F L H G D G O R QHFHVLWD 'HPRV \ UHFLEDPRV PiV D P R U DSUHQGDPRV D WUDQVPLWLUOR £)HOLFLGDGHV 0DPi ) /HSH

/D PiV EHOOD SDODEUD HQ ODELRV GH XQ KRPEUH HV OD SDODEUD PDGUH \ OD OODPDGD PiV GXOFH PDGUH PtD

.KDOLO *LEDUQ

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

(PHUJHQFLDV (PHUJHQF\ &UX] 5RMD HPHUJHQFLDV (PHUJHQF\ 5HG &URVV &UX] 5RMD 5HG &URVV 3URWHFFLyQ FLYLO &LYLO SURWHFWLRQ ,066 6RFLDO 6HFXULW\ ,QVWLWXWH +RVSLWDO FLYLO &LYLO KRVSLWDO &HQWUR PpGLFR SDUWLFXODU

0HGLFDO FHQWHU SULYDWHO\ RZQHG

%DQFR GH VDQJUH %ORRG EDQN %RPEHURV &ROLPD &ROLPD V )LUH GHSDUWPHQW %RPEHURV 9LOOD GH $OYDUH] 9 $ ¶V )LUH GHSDUWPHQW ,6667( 6WDWH VRFLDO ZRUNHUV LQVWLWXWH 3ROLFLD PXQLFLSDO 0XQLFLSDO SROLFH 6HJXULGDG S~EOLFD 3XEOLF VHFXULW\ SROLFH 7UiQVLWR GHO HVWDGR 7UDI¿F SROLFH 'LUHFWRU GH WUDQVSRUWH 3ROLFLD -XGLFLDO GHO (VWDGR 6WDWH -XGLFLDO 3ROLFH 3ROLFLD -XGLFLDO )HGHUDO )HGHUDO -XGLFLDO 3ROLFH 3ROLFLD )HGHUDO 3UHYHQWLYD )HGHUDO +LJKZD\ 3ROLFH 3*5 )HGHUDO LQYHVWLJDWRUV

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

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

$XWRWUDQVSRUWHV 0DGULG URMRV

)HUURFDUULOHV 1DFLRQDOHV GH 0p[LFR

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

6HFUHWDUtD GH 6DOXG 6HFUHWDUtD GHO 7UDEDMR \ 3UHYLVLyQ 6RFLDO 3(0(; 3*( &HQWUR GH $SR\R D OD 0XMHU &HQWUR GH ,QWHJUDFLyQ -XYHQLO 6HJXULGDG SDUD HO WXULVWD

/D RFLRVLGDG HV PDGUH GH WRGRV ORV YLFLRV 5HIUiQ

&ROLPD 6HUYLFLRV

(O PHMRU DXWRODYDGR GH &ROLPD

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

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

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

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

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

'RP DP SP

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

'RP DP SP

&XOWXUD

7HSRQD]WOL GH 0DOLQDOFR /D SULPHUD SUHJXQWD HV ¢TXp HV XQ WHSRQD]WOL" 3XHV ELHQ HV XQ LQVWUXPHQWR PXVLFDO GH OD FXOWXUD 0H[LFD WUDGLFLRQDOPHQWH FRQRFLGD FRPR $]WHFD 6H UHDOL]DED ODEUDQGR HO WURQFR GH XQ iUERO TXH HQ SULPHU OXJDU VH DKXHFDED < SRVWHULRUPHQWH HQ VX VXSHU¿FLH VH WDOODEDQ GRV OHQJ HWDV HQ IRUPD GH + VREUH ODV FXDOHV JROSHDEDQ FRQ XQDV EDTXHWDV FUHDQGR GLIHUHQWHV VRQLGRV (V GHFLU VH WUDWDED GH XQ LQVWUXPHQWR GH SHUFXVLyQ XQD HVSHFLH GH [LOyIRQR GH ~QLFDPHQWH GRV WRQRV FRQ HO TXH VH PDUFDED HO ULWPR HQ ORV UHFLWDOHV GH GDQ]D \ GH FDQWR 3HUR DGHPiV GH FUHDU XQ LQVWUXPHQWR GH P~VLFD FRQ XQ WURQFR GH PDGHUD OXHJR ORV FDUSLQWHURV ± HVFXOWRUHV ODEUDEDQ XQD VHULH GH IRUPDV HQ VX VXSHU¿FLH SDUD SHUVRQDOL]DU FDGD XQR GH HOORV \ FUHDU YHUGDGHURV REMHWRV DUWtVWLFRV 3XHV ELHQ QRV KDQ OOHJDGR GLIHUHQWHV HMHPSORV GH HVWH LQVWUXPHQWR GH P~VLFD \ JUDQ SDUWH GH HOORV VH HQFXHQWUDQ HQ HO 0XVHR 1DFLRQDO GH $QWURSRORJtD GH 0p[LFR ' ) 7DPELpQ DOOt VH HQFXHQWUD HVWH WHSRQD]WOL HQFRQWUDGR HQ 0DOLQDOFR &RQWLQ~D HQ OD SiJLQD

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

&ROLPD 6HUYLFLRV

&XHQWR

(O 9HQGHGRU GH +DPEUH 7RGDV ODV PDxDQDV SDVDED HO KRPEUH IUHQWH D PL SXHUWD FRQ VX DQGDU OHQWR \ FDQVDGR FRPR VL DUUDVWUDUD FRQ pO XQ PXQGR HQWHUR 6XV SDVRV HUDQ DVt GH WDO PDQHUD TXH DO FDER GHO WLHPSR VH PH ¿JXUy YHUOR HQ WRGDV SDUWHV 'tD D GtD PHV WUDV PHV 3DVDURQ ORV DxRV \ FRQ HOORV HVH KRPEUH \ \R eO VLJXLy SDVDQGR IUHQWH D Pt HO WLHPSR VHJXtD SDVDQGR VREUH PL FXHUSR $PERV SDViEDPRV FDGD FXDO D VX PDQHUD (O KRPEUH VROLFLWDQGR XQD OLPRVQD GiQGROD \R SHUR HQ UHDOLGDG OD SHGtD WDPELpQ D PL GHVWLQR 8QD GH WDQWDV PDxDQDV DO DSDUHFHU DQWH PL SXHUWD OH GLMH D PDQHUD GH VDOXGR ²¢4Xp YHQGH DPLJR" $KRUD GHVSXpV GH PXFKRV DxRV PH DFXHUGR FRQ SHQD GH PLV SDODEUDV ²¢4Xp" ¢1R VH KD GDGR FXHQWD" ²PH FRQWHVWy² 0L PHUFDQFtD OD OOHYR HQ PL IUHQWH HQ OD SDOPD GH PLV PDQRV VREUH PL FXHUSR HQWHUR <R OH FUHtD D XVWHG PiV VHQVDWR 4XL]i RWUR HQ VX OXJDU QR KXELHUD KHFKR HVWD SUHJXQWD (VWR\ VHJXUR GH TXH XVWHG &RQWLQ~D HQ OD SiJLQD

/D FRQ¿DQ]D HV PDGUH GHO GHVFXLGR %DOWDVDU *UDFLiQ

&ROLPD 6HUYLFLRV

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

%XIHWH \ 1RWDUÂ&#x17E;D 3©EOLFD

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

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

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

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

7(/()2126 \ QRWDULD UJ#KRWPDLO FRP ,QGHSHQGHQFLD 1R &G 9LOOD GH Ã&#x2C6;OYDUH] &ROLPD

/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

UDXO]DUD]XDPRQWHUURVD#JPDLO FRP

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

&ROLPD 6HUYLFLRV

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

7HO &HO $1Ã&#x2019;1&,(6( (1

OOiPHQRV \ FRQ JXVWR OR DQWHQGHUHPRV

FRQWDFWR#FRVWD]XO P[ ZZZ FRVWD]XO P[ 5HÃ&#x20AC;H[LyQ

&XDQWR 9DOH XQD 0XMHU (Q XQD EUHYH FRQYHUVDFLyQ XQ KRPEUH OH SUHJXQWD D XQD PXMHU OR VLJXLHQWH ¢4Xp WLSR GH KRPEUH HVWDV EXVFDQGR" (OOD VH TXHGy XQ PRPHQWR FDOODGD DQWHV GH YHUOR D ORV RMRV \ OH GLMR ¢(Q YHUGDG TXLHUHV VDEHU" eO UHVSRQGLy 6t (OOD HPSH]y D GHFLU 6LHQGR PXMHU HQ HVWD pSRFD HVWR\ HQ XQD SRVLFLyQ GH SHGLUOH D XQ KRPEUH OR TXH \R VROD QR SXHGR KDFHU SRU Pt <R SDJR WRGDV PLV IDFWXUDV \R PH HQFDUJR GH PL FDVD \R YR\ DO V~SHU \R KDJR ODV FRPSUDV \ WRGR VLQ OD D\XGD GH XQ KRPEUH <R HVWR\ HQ OD SRVLFLyQ GH SUHJXQWDU ¢4Xp HV OR TXH W~ SXHGHV DSRUWDU HQ PL YLGD" (O KRPEUH VH OH TXHGy YLHQGR eO FODUDPHQWH SHQVy TXH HOOD VH HVWDED UH¿ULHQGR DO GLQHUR (OOD UiSLGDPHQWH VDELHQGR OR TXH pO HVWDED SHQVDQGR GLMR 1R PH HVWR\ UH¿ULHQGR DO GLQHUR <R QHFHVLWR DOJR PiV <R QHFHVLWR XQ KRPEUH TXH OXFKH SRU OD SHUIHFFLyQ HQ WRGRV ORV DVSHFWRV GH OD YLGD eO FUX]y ORV EUD]RV VH UHFDUJR HQ OD VLOOD \ PLUiQGROD OH SLGLy TXH OH H[SOLFDUD (OOD GLMR <R EXVFR D &RQWLQ~D HQ OD SiJLQD

/D RFLRVLGDG HV OD PDGUH GH WRGRV ORV YLFLRV -RVWHLQ *DDUGHU

&ROLPD 6HUYLFLRV

*5832 6 $ '( & 9 +21(67,'$' $ 72'$ 358(%$ (1 *$62/,1$ < ',(6(/ Â&#x2021; 6HUYLFLR GH 9HQWD GH 9DOHV Â&#x2021; $FHSWDPRV WRGR WLSR GH 7DUMHWDV GH 'pELWR \ &UpGLWR &DUPHQ 6HUGiQ 7HO

(VWDPRV IUHQWH D 6RULDQD 9LOOD GH Ã&#x2C6;OYDUH] (Q OD *ORULHWD GH OD 'LRVD GHO $JXD

9,9( /$ (;3(5,(1&,$

9HQ SRU WX FODVH GH SUXHED *5$7,6 $Y 9HQXVWLDQR &DUUDQ]D HVT $Y /D 3D] 5HVLGHQFLDO 6DQWD %DUEDUD 7HO

YLHQH GH OD SiJLQD

&XHQWR

\D OD WHQtD D Ã&#x20AC;RU GH ODELR GHVGH KDFH PXFKRV DxRV 1R OD KDEtD GLFKR SRUTXH VX \R LQWHULRU OD WHQtD HQFDGHQDGD 0LUH VX SUHJXQWD £0tUHOD 3DUHFH XQD SLHGUD TXH VROWDUD HQ OD FLPD GH XQD PRQWDxD 9D GHVSHxiQGRVH HVFDQGDORVDPHQWH $ VX SDVR DUUDVWUD RWUDV SLHGUDV \ DTXpOODV OHYDQWDQ XQD QXEH GH SROYR 3HUR WRGR WHUPLQDUi XQD YH] TXH OOHJXHQ DO IRQGR $Vt WHUPLQDUHPRV XVWHG \ \R XQD YH] TXH TXHGH VDWLVIHFKD VX SUHJXQWD ²2LJD VHxRU QR FUHR TXH FRQ HVD SUHJXQWD WDQ LQVLJQL¿FDQWH VHD QHFHVDULD OD OHWDQtD TXH PH DFDED GH GHFLU ²'H QLQJXQD PDQHUD 3DUD XVWHGHV TXH OR WLHQHQ WRGR HVWR HV XQD LQVLJQL¿FDQFLD 7LHQH XVWHG MXYHQWXG IXHU]D HQ VX EUD]R \ OX] HQ VX PLUDGD +D\ HQ VX FRUD]yQ OD RFXOWD DOHJUtD SRU HO GtD GH PDxDQD \ TXHGD HQ VX SHQVDPLHQWR HO GXOFH VDERU GH OR TXH \D VH KD LGR ¢/H SDUHFH SRFD VX SUHJXQWD" £4Xp YHQGH ²(Q UHDOLGDG TXLVH GHFLU ¢TXp DQGD KDFLHQGR" ²+DFHU HV XQD FRVD YHQGHU HV RWUD +DFHU HV FRQVWUXLU GDU YLGD 6DFDU GH XQ REMHWR LQ~WLO DOJR GH YDORU SDUD ORV GHPiV 9HQGHU HV HQWUHJDU D RWUR OR TXH SXHGH VHU SDUD &RQWLQ~D HQ OD SiJLQD

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

&ROLPD 6HUYLFLRV

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

&21 12627526 (1&2175$5Ã&#x2C6;6 62/2 /$6 0(-25(6 0$5&$6 9(1 < &20358(%$/2 78 0,602 ',6(f2 ' < 35(6838(672 6,1 &203520,62 $Y GH ORV PDHVWURV &RO /D $UPRQtD &ROLPD &RO & 3 7HO )D[

ZZZ DOEHUFDVYHUJDUD FRP P[ DOEHUFDVYHUJDUD#SURGLJ\ FRP P[

3URPRFLyQ ODYDGR GH 6DOD SLH]DV VHPDQDO 6DOD SLH]DV VHPDQDO &ROFKyQ LQGLYLGXDO VHPDQDO &ROFKyQ PDWULPRQLDO VHPDQDO &ROFKyQ TXHHQ NLQJ VHPDQDO $XWR FKLFR VHPDQDO $XWR PHGLDQR VHPDQDO

GH

WR GHVFXHQ WLYR F IH H Q H SDJR

.P &DUU 9 GH $OYDUH] &RPDOD

%DODWDV 'HODQWHUDV

PDQR ,QFOX\HE GH RODWDUVD ED DGR \ UHFWL¿F

.P &DUUHWHUD 9 GH $OYDUH] &RPDOD

&KHY\ 7VXUX -HWD $ $YHR 13 HVWDFDV 7LGD -HWWD $ 6SDUN 6HQWUD 6HQWUD

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

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

/D RFLRVLGDG HV OD PDGUH GH OD ¿ORVRItD 7KRPDV +REEHV

&ROLPD 3HULyGLFRV \ 0HGLRV

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

&ROLPD &RPHUFLRV

5HÃ&#x20AC;H[LyQ

YLHQH GH OD SiJLQD

DOJXLHQ TXH OXFKH SRU OD SHUIHFFLyQ PHQWDO SRUTXH \R QHFHVLWR D DOJXLHQ FRQ TXLHQ FRQYHUVDU \ TXH PH HVWLPXOH PHQWDOPHQWH <R 1R QHFHVLWR D DOJXLHQ PHQWDOPHQWH VLPSOH <R HVWR\ EXVFDQGR D DOJXLHQ TXH OXFKH SRU OD SHUIHFFLyQ HVSLULWXDO <R QHFHVLWR D DOJXLHQ VX¿FLHQWHPHQWH VHQVLEOH SDUD TXH PH FRPSUHQGD SRU OR TXH \R SDVR HQ OD YLGD FRPR PXMHU SHUR VX¿FLHQWHPHQWH IXHUWH SDUD GDUPH iQLPRV \ QR GHMDUPH GHFDHU <R HVWR\ EXVFDQGR D DOJXLHQ HO FXDO \R SXHGD UHVSHWDU 3DUD SRGHU VHU VXPLVD \R GHER UHVSHWDUOR <R QR SXHGR VHU VXPLVD FRQ XQ KRPEUH TXH QR SXHGD DUUHJODU HO PLVPR VXV SUREOHPDV <R 1R WHQJR QLQJ~Q SUREOHPD FRQ HO VHU VXPLVD VLPSOHPHQWH pO WLHQH TXH PHUHFHUOR <R QR SXHGR D\XGDU D XQ KRPEUH TXH QR VH SXHGH D\XGDU D VL PLVPR &XDQGR WHUPLQy OR YLR D ORV RMRV \ pO VH YHtD PX\ FRQIXQGLGR \ FRQ LQWHUURJDQWHV eO OH GLMR (VWDV SLGLHQGR PXFKR´ (OOD OH FRQWHVWy <R YDOJR PXFKR

(O DPRU SDUD TXH VHD DXWpQWLFR GHEH FRVWDUQRV

0DGUH 7HUHVD GH &DOFXWD

&ROLPD &RPHUFLRV

*DOHUĬD

(O PDUFR SHUIHFWR &XDGURV (QPDUFDGRV &UHDFLRQHV -LPpQH] &HQWUR &ROLPD 7HO

-XQWR D PHQXGHUtD /D -LPpQH]

&KLVWHV

0DPi VR\ IHD" 1R KLMD WLHQHV OR TXH WRGR KRPEUH GHVHDUtD SDUD VL (Q VHULR" 6L WLHQHV YR] JUXHVD HVSDOGD DQFKD \ SHORV HQ HO SHFKR -DLPLWR ¢FyPR WH KD VDOLGR HO H[DPHQ GH 0DWHPiWLFDV" 3XHV PiV R PHQRV FRPR D ORV GHO 3ROR 1RUWH ¢&yPR D ORV GHO 3ROR 1RUWH" ¢4Xp TXLHUHV GHFLU" 'H FHUR SDUD EDMR PDPi GH FHUR SDUD EDMR 0DPi PDPi KR\ FDVL VDFR XQ £0X\ ELHQ -DLPLWR SHUR« ¢SRU TXp FDVL" 3RUTXH VH OR SXVLHURQ D PL FRPSDxHUR GH DO ODGR ¢4Xp OH UHJDOy %DWPDQ D VX PDPi SRU QDYLGDG" 8QD %DWL'RUD /H GLFH HO PRVTXLWR KLMR D VX PDGUH 0DPi PDPi ¢SRU TXH WHQHPRV TXH YLVLWDU FDGD YLHUQHV HVWD KRUULEOH PDQFKD HQ OD SDUHG" £1LxR £PiV UHVSHWR D OD PHPRULD GH WX SDGUH (O QLxR UHFRQRFH D OD PDGUH SRU OD VRQULVD /HRQ 7ROVWRL

&ROLPD &RPHUFLRV

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

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

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

ZZZ FRUWLQDVUDPRV FRP YHQWDV#FRUWLQDVUDPRV FRP

$Y ,QVXUJHQWHV HVT %OYG &DPLQR 5HDO )UHQWH D OD JORULHWD GHO ',)

7HOV

'(6& HQ SHUVLDQDV

URPDQDV HQUUROODEOHV &HO

&XOWXUD

YLHQH GH OD SiJLQD

(VWDPRV DQWH XQD SLH]D JUDQGH \D TXH HV XQD REUD HQ PDGHUD GH [ [ FP (Q HOOD VH KD O D E U D G R X Q F X U L R V R D Q L P D O I D Q W i V W L F R DGDSWiQGRVH D OD IRUPD DODUJDGD GHO WHSRQD]WOL \ OD GLVSRVLFLyQ KRUL]RQWDO HQ OD TXH VH WRFDED FDVL VLHPSUH HOHYDGR VREUH RWUD HVWUXFWXUD GH PDGHUD (VH DQLPDO IDQWiVWLFR HV XQD PH]FOD \D TXH SRU

XQ ODGR VH DSUHFLDQ UDVJRV TXH UHFXHUGDQ D ORV GH XQ FR\RWH SHUR VL QRV ¿MDPRV HQ ODV SDWDV VRQ PiV ELHQ JDUUDV GH DYH R WDPELpQ SXHGHQ SDUHFHU ODV SDWDV GH XQ UHSWLO QDGDQGR \ ¿QDOPHQWH OD FROD VH YH HPSOXPDGD 0LHQWUDV TXH OD FDEH]D VH FXEUH GH XQ HVSHVR SHOR UL]DGR 7DO PH]FRODQ]D GH IRUPDV GH DQLPDO KD &RQWLQ~D HQ OD SiJLQD

/D LJQRUDQFLD HV OD PDGUH GH WRGRV ORV FUtPHQHV

+RQRUp GH %DO]DF

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

Â&#x2021; )$-,//$6 Â&#x2021; 32/,1(6 Â&#x2021; '8(/$6Â&#x2021; 75,3/$<Â&#x2021; &,0%5$3/$<Â&#x2021; Â&#x2021; &$2%,//$ Â&#x2021; /,6721$'2 '( &$2%,//$ Â&#x2021; Â&#x2021; $*/20(5$'2 Â&#x2021; 0') Â&#x2021; &('5,//2 0DGHUD GH 3LQR SDUD OD FRQVWUXFFLyQ \ FDUSLQWHUtD HQ WRGDV ODV PHGLGDV $Y GH 1RYLHPEUH &ROLPD &RO 7HO \ 6XFXUVDO $Y ,QVXUJHQWHV 7HFRPiQ &RO 7HO \

Æ&#x201D;'LVHxR GH MDUGLQHV Æ&#x201D;3ODQWDV GH RUQDWR Æ&#x201D;3DOPDV \ iUEROHV Æ&#x201D;0DFHWDV GH EDUUR \ SROLHWLOHQR Æ&#x201D;3LHGUD GHFRUDWLYD Æ&#x201D;7LHUUD \ IHUWLOL]DQWHV RUJiQLFRV (FRMDUGLQHV 9LYHURV *RQ]DOH]

$FHSWDPRV 7DUMHWDV GH FUpGLWR

7HUFHU $QLOOR 3HULIpULFR (VPHUDOGD 1RUWH H0DLO HFRMDUGLQHVJRQ]DOH]#KRWPDLO FRP 7HO &HO YLHQH GH OD SiJLQD

&XHQWR

XQR PLVPR ¢+D RtGR KDEODU GH -XGDV" ²3HUR ²6t ²SURWHVWy² 0H YD D GHFLU HQWRQFHV TXH H O P X Q G R H V W i O O H Q R G H - X G D V - X G D V PHUFDQWLOL]DGRV -XGDV KLSyFULWDV -XGDV MXGtRV ²(O PXQGR YLYH GH HVR 'H YHQGHU ²(O PXQGR VX\R HO GH XVWHGHV ORV VDQRV ORV IXHUWHV ORV GXHxRV GH WRGR 3RUTXH SDUD Pt QR KD\ PHUFDGR HQ GRQGH YHQGHU PL PHUFDQFtD 1RVRWURV ORV SRUGLRVHURV ORV YDJRV ORV LQ~WLOHV YLYLPRV HQ HO PLVPR SODQHWD SHUR HQ UHDOLGDG SHUWHQHFHPRV D RWUR GLVWLQWR $ XQ PXQGR GRQGH QDGD VH YHQGH \ HQ FDPELR WRGR VH GD ¢4XLHUH VDEHU OR TXH YHQGR" SXHV OH YR\ D VDWLVIDFHU ²0LUH WHQJD VX OLPRVQD \ KDJD IDYRU GH PDUFKDUVH ²$Vt QRPiV ¢VLQ FRQWHVWDU D VX SUHJXQWD" ²6t VLQ FRQWHVWDUOD < VL QR YXHOYH D SDVDU SRU PL SXHUWD PXFKR PHMRU ²1R FUHR TXH SXHGD SURKLELUPH HO SDVR DQWH VX SXHUWD 3RGUtD KDFHUOR VL WUDWDUD GH FUX]DU HO GLQWHO SHUR SDVDU DQWH HOOD HVR QXQFD SRGUi KDFHUOR <R SRUGLRVHUR \ XVWHG MRYHQ \ IXHUWH HVWDPRV DPSDUDGRV SRU &RQWLQ~D HQ OD SiJLQD

/D FREDUGtD HV OD PDGUH GH OD FUXHOGDG 0LFKHO GH 0RQWDLJQH

&ROLPD &RPHUFLRV

/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

Æ&#x201D; 0HFiQLFD HQ JHQHUDO Æ&#x201D; (VSHFLDOLVWD IXHO LQMHFWLRQ Æ&#x201D; )UHQRV Æ&#x201D; $PRUWLJXDGRUHV Æ&#x201D; 6XVSHQVLyQ Æ&#x201D; /ODQWDV Æ&#x201D; &OXWFK Æ&#x201D; %RRVWHU Æ&#x201D; +\GURYDF 6HUYLFLR D GRPLFLOLR &HO $Y GH 1RYLHPEUH 9LYHURV &ROLPD &KLVWHV

£0DPi £FRQVHJXt XQ SDSHO HQ DTXHO FDVWLQJ £4Xp DOHJUtD ¢< GH TXp KDUiV" 'H PDULGR %XHQR KLMR QR WH SUHRFXSHV \D WH WRFDUi XQ SHUVRQDMH FRQ GLiORJR OD SUy[LPD YH] 0DPi PDPi ¢&XiQGR YDPRV D FRPHU SDQ GH KR\" 0DxDQD KLMR PDxDQD 0DPi PDPi HQ OD HVFXHOD PH HFKDQ TXHVR DPDULOOR HQ OD FDEH]D &iOODWH 1DFKR \ £GHMD GH OORUDU \D

/D GHVFRQ¿DQ]D HV PDGUH GH OD VHJXULGDG $ULVWyIDQHV

&ROLPD &RPHUFLRV GH GHVFXHQWR U DO SUHVHQWD R FL Q X Q D HVWH

3UHSiUDWH SDUD WXV YDFDFLRQHV £*UDQGHV 'HVFXHQWRV

3OD]D 6RULDQD ORFDO 9LOOD GH Ã&#x2C6;OYDUH] &RO

*DUGHQLD V 7(/$6

7(/$6 3$5$ 72'$ 2&$6,21

7(/

*UDQ 6XUWLGR HQ /LQRV /LFUDV $OJRGRQHV &DPLVHWDV +LORV =LSSHUV \ PiV

$Y 3LQR 6XDUH] % &RORQLD )DWLPD &ROLPD &RO

GH GHVFXHQWR SUHVHQWDQGR HVWH DQXQFLR

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

6XFXUVDO )HOLSH 6HYLOOD GHO 5tR D XQ FRVWDGR GH SDVWHOHUtD 0LN\

)/25(5,$

3, $ 'RQGH ORV VHQWLPLHQWRV IORUHFHQ

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

/D GXGD HV OD PDGUH GHO GHVFXEULPLHQWR $PEURVH %LHUFH

/,'$' < 6$% $ &

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 &KLVWHV

0DPD PDPD (Q FODVH VR\ HO PDV DOWR \ HO TXH PDV VDEH &ODUR FDULxR HUHV HO SURIHVRU ¢0DPi PH FRPSUDV XQD PXxHFD GH WUDSR" $Vt PH JXVWD KLMD TXH VHDV KXPLOGH ¢+XPLOGH" MDMDMD R VHD ££+(//2 0L EDUELH QHFHVLWD XQD VLUYLHQWD 8Q QLxR TXH OOHJD D VX FDVD \ OD GLFH D OD PDGUH £0DPi PDPi HQ OD HVFXHOD PH GLFHQ SHOXGR < GLFH OD PDGUH PX\ DVXVWDGD £0DQROR PDQROR YHQ FRUUH TXH HO SHUUR KDEOD 0DPi PDPi ¢/D DEXHOD HV IRVIRUHVFHQWH" 1R KLMR ¢3RU TXp" (QWRQFHV VH HVWi HOHFWURFXWDQGR /OHJD XQ QLxR GRQGH VX PDPi TXH HVWD HPEDUD]DGD \ OH SUHJXQWD 0DPi ¢4Xp WLHQHV HQ OD SDQ]D" 8Q QLxR ¢< TXLpQ WH OR GLR" 7X SDSi < HO QLxR YD FRUULHQGR GRQGH VX SDSi \ OH GLFH 3DSi £1R OH DQGHV GDQGR QLxRV D PL PDPi SRUTXH VH ORV FRPH /D SD] FRPLHQ]D FRQ XQD VRQULVD 0DGUH 7HUHVD GH &DOFXWD

&ROLPD *DVWURQRPtD

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

&RQWDPRV FRQ VDOyQ SDUD HYHQWRV 7HO

$Y &RQVWLWXFLyQ &ROLPD &RO &XOWXUD

YLHQH GH OD SiJLQD

KHFKR TXH VHJ~Q DOJXQRV LQYHVWLJDGRUHV UHSUHVHQWDUtD XQ FRFRGULOR \ SRU FRQWUD RWURV YHQ XQ ORER KR\ HQ GtD H[WLQWR HQ 0p[LFR FHQWUDO GH GRQGH SURFHGH OD SLH]D

(Q FRQFUHWR HVWDPRV DQWH XQD SLH]D GHO SHULRGR 3RVWFOiVLFR WDUGtD GHO DUWH D]WHFD R PH[LFD GDWDGR HQWUH FRPLHQ]RV GHO VLJOR ;,9 \ SULQFLSLRV GHO ;9, 6LQ GXGD HV XQD REUD GH JUDQ YDORU FDOLGDG \ EHOOH]D 3HUR DGHPiV HQ HVWH FDVR HVWDPRV DQWH XQ HMHPSOR GH FRPR HO WHSRQD]WOL IRUPDED SDUWH GH XQD SDUHMD LQGLVROXEOH HQ OD P~VLFD ULWXDOHV \ GLYHUVLyQ GH ORV D]WHFDV < HV TXH HVWH LQVWUXPHQWR VLHPSUH LED D DFRPSDxDGR GHO KXHKXHWO WDO \ FRPR OR YHPRV HQ PXFKDV LOXVWUDFLRQHV GH GLYHUVRV FyGLFHV GH OD pSRFD < ¢TXp HUD XQ KXHKXHWO" 8QD HVSHFLH GH WDPERU YHUWLFDO \ FLOtQGULFR 'H HOORV WDPELpQ VH KDQ HQFRQWUDGR GLVWLQWRV HMHPSORV SHUR GHVGH OXHJR HO KXHKXHWO GH 0DOLQDOFR HV XQR GH ORV PiV DGPLUDEOHV \D TXH HQ pO VH WDOODURQ IDQWiVWLFRV UHOLHYHV &XDQWR PHQRV SRVHHPRV PiV SRGHPRV SRVHHU

0DGUH 7HUHVD GH &DOFXWD

&ROLPD *DVWURQRPtD

9HQ D GLYHUWLUWH FRQ WX IDPLOLD 3DUD QLxRV \ MyYHQHV Â&#x2021; 7LUROHVD Â&#x2021; 3DVHR D FDEDOOR Â&#x2021; -XHJRV LQIDQWLOHV Â&#x2021; 3LQWXUD HQ FHUiPLFD 3DUD ORV SDSiV SRGUiQ GLVIUXWDU GH QXHVWUR H[TXLVLWR ERUUHJR DO SDVWRU FKDPRUUR \ FRVWLOODV DO KRUQR FRQHMR DVDGR HQ HO PHMRU FOLPD GH OD FLXGDG \ XQD YLVWD HVSHFWDFXODU

0~VLFD YLYD GH D GH OD WDUGH

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

&KLVWHV

'RFWRU £\D QR DJXDQWR PiV $ SHVDU GH WRGRV PLV HVIXHU]RV PL PDULGR QR PH FRQVLGHUD 'HVGH TXH QRV FDVDPRV pO VyOR KDEOD GH VX PDPi PDPi PDPi £HV FRPR VL \R QR H[LVWLHVH (O SVLFyORJR OH SUHJXQWD VL \D SUREy FRQ KDFHU XQD FHQD HVSHFLDO 6t SHUR QR D\XGy QDGD 7HQJR XQD LGHD VHxRUD GLFH HO SVLFyORJR 6L KD\ XQ OXJDU GRQGH VX VXHJUD QR SXHGH ULYDOL]DU FRQ XVWHG HV HQ OD DOFRED (VWD 1RFKH XVWHG VH YLVWH FRQ XQ YDSRURVR QHJOLJp \ FDPLVyQ QHJUR GH HQFDMH $GHPiV SyQJDVH PHGLDV GH HQFDMH QHJUR \ OLJXHUR QHJUR HO FRORU QHJUR HV PX\ VH[\ PDTXtOOHVH XVH DOWRV WDFRQHV GH SXOVHUD QHJURV REYLDPHQWH DGHPiV FDPELH ODV ViEDQDV FRORTXH ViEDQDV GH VHGD FRQ HVH DPELHQWH VHJXUR TXH QR UHVLVWH 6L SXHGH FRORTXH XQDV YHODVHQ OXJDU GH OX] HOpFWULFD /D GHVSDPSDQDQWH MRYHQ VLJXLy WRGR HO SODQ DO SLH GH OD OHWUD VLQ ROYLGDU QLQJ~Q GHWDOOH 6HQWtD XQ OHYH UXERU $O OOHJDU HO PDULGR DGRSWD XQD SRVWXUD SURYRFDWLYD pO HQWUD D OD KDELWDFLyQ OD YH \ JULWDQGR SUHJXQWD FRQ FDUD GH GHVHVSHUDFLyQ ¢3RU TXp HVWiV WRGD GH QHJUR" ¢/H SDVy DOJR D PL PDPiii" (O SRUYHQLU GH XQ KLMR HV VLHPSUH REUD GH VX PDGUH

1DSROHyQ ,

/,'$' < 6$% $ &

2 5

(1

&ROLPD *DVWURQRPtD

£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 (GXFDFLyQ

2EMHWLYRV GHO DSUHQGL]DMH 6LHQGR OD HGXFDFLyQ XQ SURFHVR TXH FRQVLVWH HQ DOLPHQWDU HO FHUHEUR \ HO DOPD VDFDQGR OR PHMRU TXH FDGD LQGLYLGXR WLHQH GHQWUR GH Vt PLVPR SDUD HOHYDUOR FRPR SHUVRQD FRPSDUWLPRV ORV ¿QHV TXH \D 3ODWyQ OH DVLJQy D OD HGXFDFLyQ HQ WDQWR SUHWHQGtD IRUPDU EXHQRV FLXGDGDQRV KRPEUHV YLUWXRVRV \ SUHSDUDUORV SDUD HO HMHUFLFLR GH XQD SURIHVLyQ $FWXDOPHQWH OXHJR GH SDVDU SRU LQVWDQFLDV GRQGH OD HGXFDFLyQ HUD PiV ELHQ LQVWUXFFLyQ \ HO VHU KXPDQR GHEtD HPSDSDUVH GH FRQRFLPLHQWRV SUHHODERUDGRV TXH &RQWLQ~D HQ OD SiJLQD

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

4XLQWLOLDQR

&ROLPD *DVWURQRPtD

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

'LDULDPHQWH GH D P D S P $Y 7HFQROyJLFR 9LOOD GH Ã&#x2C6;OYDUH] &RO 7HO )UHQWH D OD &RPHUFLDO 0H[LFDQD

68&856$/ $Y 1LxRV +pURHV 1Â&#x17E; &ROLPD &RO D XQ ODGR GH &21$/(3 7HO 'H DP D SP '(6&$16$026 /26 0$57(6 /( 2)5(&(026 ',$5,$0(17( 5,&2 0(18'2 &21 7257,//$6 '(/ &20$/ $ 68 0(6$

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

/D IDQWDVtD DLVODGD GH OD UD]yQ VyOR SURGXFH PRQVWUXRV LPSRVLEOHV 8QLGD D HOOD HQ FDPELR HV OD PDGUH GHO DUWH \ IXHQWH GH VXV GHVHRV

)UDQFLVFR GH *R\D

&ROLPD *DVWURQRPtD

3DUD GHVD\XQDU £12 +$< 1$'$ 0(-25 E~VFDQRV FHUFD GH Wt

3HGLGRV D ORV WHOpIRQRV \

8Q QXHYR FRQFHSWR < DGHPiV GH QXHVWUR WUDGLFLRQDO PHQXGR GLVIUXWH GHO PDV HQ 0HQXGHULD FRPSOHWR \ YDULDGR DOPXHU]R FRQ HO VDERU FDVHUR TXH QRV FDUDFWHUL]D Â&#x2021; 3HSHQD Â&#x2021; FDUQH GH FHUGR \ UHV ' ( 1 8 ( 5, $ FRQ FKLOH Â&#x2021; 7DWHPDGR Â&#x2021; 0 Â&#x2021; /HQJXD HQ VDOVD YHUGH Â&#x2021; Â&#x2021; 4XHVDGLOODV Â&#x2021; Â&#x2021; &KLODTXLOHV FROLPRWHV Â&#x2021; Â&#x2021; +XHYRV DO JXVWR Â&#x2021; Â&#x2021; 7RUWLOODV GHO FRPDO D VX PHVD Â&#x2021; Â&#x2021; $PELHQWH IDPLOLDU Â&#x2021;

&ROLPD

'LDULDPHQWH GHVGH ODV GH OD PDxDQLWD

$Y -DYLHU 0LQD 7HO &ROLPD &RO $1Ã&#x2019;1&,(6( (1

OOiPHQRV \ FRQ JXVWR OR DQWHQGHUHPRV

FRQWDFWR#FRVWD]XO P[ ZZZ FRVWD]XO P[ 1R SXHGR SDUDU GH WUDEDMDU 7HQGUp WRGD OD HWHUQLGDG SDUD GHVFDQVDU

0DGUH 7HUHVD GH &DOFXWD

&ROLPD *DVWURQRPtD 3URPRFLyQ 0HJD SROORV [ 3URPRFLyQ &KLFRV SROORV SRU PHJD SROOR [ SROOR PHGLDQR [ SROOR FKLFR [ $Y 6DQ )HUQDQGR $ &ROLPD &RO 6HUYLFLR D GRPLFLOLR 7HO \

PDULVFRV

UHVWDXUDQW

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

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

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

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

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

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

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

/R TXH LPSRUWD HV FXDQWR DPRU SRQHPRV HQ HO WUDEDMR TXH UHDOL]DPRV

0DGUH 7HUHVD GH &DOFXWD

&ROLPD *DVWURQRPtD

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

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

6HUYLFLR D GRPLFLOLR 7HO $Y 3DEOR 6LOYD HQ 9LOOD GH Ã&#x2C6;OYDUH] 6HUYLFLR D GRPLFLOLR 7HO

YLHQH GH OD SiJLQD

(GXFDFLyQ

RWURV OH LPSRQtDQ \ GHEtD FLHJDPHQWH UHSHWLU EDMR XQ PRGHOR FRQGXFWLVWD YROYHPRV D OD YLHMD ¿ORVRItD DWHQLHQVH (GXFDU HV DQWH WRGR SUHSDUDU SDUD OD YLGD SULPHUR HQ YDORUHV TXH OD VRFLHGDG HQ TXH YLYH FDOL¿FD FRPR SRVLWLYRV OXHJR HQ KHUUDPLHQWDV SUiFWLFDV \ D SRVWHULRUL HQ LQIRUPDFLyQ $FWXDOPHQWH HO FRQWHQLGR GHO FRQRFLPLHQWR SXHGH DGTXLULUVH HQ DPSOtVLPDV ELEOLRWHFDV UHDOHV R YLUWXDOHV SHUR OR LPSRUWDQWH HV DSUHQGHU D RUJDQL]DU HVD LQIRUPDFLyQ UHODFLRQDUOD FRPSUHQGHUOD FULWLFDUOD SRVLWLYD R QHJDWLYDPHQWH \ VDFDU VXV SURSLDV FRQFOXVLRQHV (O REMHWLYR SULQFLSDO GH OD HGXFDFLyQ IRUPDO GHO SUHVHQWH HV TXH ORV DOXPQRV DSUHQGDQ D SHQVDU TXH WRPHQ ORV YDORUHV TXH VH OHV RIUHFHQ \ HQ VX FDVR VL OR FUHHQ FRUUHFWR ORV FXHVWLRQHQ TXH VH HTXLYRTXHQ \ UHSLHQVHQ VREUH VXV HUURUHV SXHV HVR HV OR TXH QHFHVLWDQ HQ OD YLGD SDUD VRUWHDU ORV HVFROORV TXH SXHGDQ WHQHU TXH DIURQWDU 1R VROR ORV TXH DVXPLUiQ HVWXGLRV VXSHULRUHV GHEHQ VDEHU SHQVDU ORV TXH GHFLGDQ WUDEDMDU GHEHQ FRQRFHU VXV GHUHFKRV \ REOLJDFLRQHV LQWHUSUHWDU XQ FRQWUDWR ODERUDO R FRPHUFLDO SXHV OD YLGD GH UHODFLyQ DVt VH &RQWLQ~D HQ OD SiJLQD ¢&XiO SXHGH VHU XQD YLGD TXH FRPLHQ]D HQWUH ORV JULWRV GH OD PDGUH TXH OD GD \ ORV OORURV GHO KLMR TXH OD UHFLEH"

%DOWDVDU *UDFLiQ

&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]

+XHYRV (VSHFLDOHV ,QJUHGLHQWHV

+XHYRV 7RUWLOODV GH PDL] SRFKDGDV *UV GH MDPyQ KRUQHDGR *UV GH TXHVR PR]DUHOOD 2Q]DV GH PROH SUHSDUDGR *UV GH IULMROHV UHIULWRV %ROLOOR FRUWDGR \ WRVWDGR

3UHSDUDFLyQ 6H SRQH D FDOHQWDU DFHLWH HQ XQ VDUWpQ \ VH IULHQ ORV KXHYRV SRVWHULRUPHQWH VH SRQHQ D SRFKDU WRUWLOODV GH PDL] FRQ ODV FXDOHV VH KDFH XQD VLQFURQL]DGD GH MDPyQ \ TXHVR VH FRORFD OD VLQFURQL]DGD VREUH XQ SODWR HQFLPD GH HVWDV VH PRQWDQ ORV KXHYRV IULWRV \ VH FXEUH WRGR OR DQWHULRU FRQ HO PROH /RV IULMROHV UHIULWRV \ HO EROLOOR FRUWDGR VH VLUYHQ SRU VHSDUDGR

8QD FDVD VHUi IXHUWH H LQGHVWUXFWLEOH FXDQGR HVWp VRVWHQLGD SRU HVWDV FXDWUR FROXPQDV SDGUH YDOLHQWH PDGUH SUXGHQWH KLMR REHGLHQWH KHUPDQR FRPSODFLHQWH

&RQIXFLR

&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 \

$Q~QFLHVH DTXt +LVWRULD

7HO

FRQWDFWR#FRVWD]XO P[

*XÂ&#x17E;D GHO %DUPDQ DO HVWLOR &RVWD]XO 6DQJUtD FRQ 7HTXLOD ,QJUHGLHQWHV

%RWHOOD GH YLQR HVSXPRVR 7D]DV GH UHIUHVFR GH OLPyQ 7D]D GH WHTXLOD )UXWD SLFDGD ¿QDPHQWH

3UHSDUDFLyQ 0H]FODU YLQRV \ OD VRGD DJUHJDU HQ YDVRV IUXWD SLFDGD ¿QDPHQWH PDQ]DQD QDUDQMD OLPyQ XYD HWF DO JXVWR GH VX SUHGLOHFFLyQ HQ IUXWD VHUYLU OD VDQJUtD

/D QRYHGDG HV PDGUH GH OD WHPHULGDG KHUPDQD GH OD VXSHUVWLFLyQ H KLMD GH OD OLJHUH]D

6DQ %HUQDUGR GH &ODUDYDO

&ROLPD *DVWURQRPtD

/$6 0(-25(6 &$51(6 $6$'$6 (Q &ROLPD GRQGH VLHPSUH *XHUUHUR 1R FHUFD GHO 0HUFDGLWR 2EUHJyQ

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

+RUDULR DP SP

$Q~QFLHVH HQ

7HO

(GXFDFLyQ

7HO

&HUUDPRV ORV PLpUFROHV

+LVWRULD

FRQWDFWR#FRVWD]XO P[ YLHQH GH OD SiJLQD

ORV H[LJLUi \ DGHPiV GHEHQ VHU EXHQRV FLXGDGDQRV TXH VLJQL¿FD QL PiV QL PHQRV TXH VHU EXHQDV SHUVRQDV VROLGDULDV FRPSUHQVLYDV FRQ DFHSWDFLyQ GH ODV GLIHUHQFLDV \ FRQ GHFLVLRQHV SURSLDV (Q XQD VRFLHGDG DXWRULWDULD OD HGXFDFLyQ SUHSDUD SDUD OD REHGLHQFLD HQ ODV DFWXDOHV VRFLHGDGHV GHPRFUiWLFDV GHEH SUHSDUDU SDUD OD OLEHUWDG OD DXWRGLVFLSOLQD \ HO UHVSHWR KDFLD XQR PLVPR \ KDFLD ORV GHPiV (Q OD WD[RQRPtD GH %ORRP VH GLVWLQJXHQ ORV REMHWLYRV DIHFWLYRV GRQGH VH WUDWD GH UHFHSFLRQDU HO FRQRFLPLHQWR SUHVWDQGR DWHQFLyQ \ GDQGR OXHJR XQD UHVSXHVWD D HVH HVWtPXOR TXH OXHJR HV YDORUDGR SRU HO HGXFDQGR TXLHQ OR UHODFLRQD OR FULWLFD \ OR LQFRUSRUD HQ VX HVWUXFWXUD FRJQLWLYD GH DFXHUGR D VX YLVLyQ SDUWLFXODU 2WUR REMHWLYR HQ VHJXQGD LQVWDQFLD VH FHQWUD HQ OD GLPHQVLyQ SVLFRPRWRUD GHVDUUROODQGR KDELOLGDGHV PDQXDOHV \ ItVLFDV HQ JHQHUDO (O ~OWLPR HVFDOyQ GH OD WD[RQRPtD HV OD GLPHQVLyQ FRJQLWLYD TXH FRQVLVWH HQ DSUHQGHU D SHQVDU HQ IRUPD SURJUHVLYD

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

/HRQDUGR 'D 9LQFL

&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 \ Ã&#x20AC;DXWDV $WROH \ WDPDOHV 3$5$ 2&$6,21(6 £3$5$ ),(67$6 < 5(81,21(6 +$= 786 3(','26 &21 $17,&,3$&,21

(63(&,$/(6

.J GH SR]ROH

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

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

$ELHUWR WRGRV ORV GtDV GH DP D SP

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

$Y &RQVWLWXFLyQ

7HO

(ODERUDGR SRU -XOLR &pVDU &DVWLOOR *W]

(Q OD 9LOOD OD PHMRU WUDGLFLyQ GHVGH

$Y 0DQXHO Ã&#x2C6;OYDUH] $ 9LOOD GH Ã&#x2C6;OYDUH] &RO 7HO 'DWRV FXULRVRV

&XULRVLGDGHV VREUH HO GtD GH OD PDGUH /DV Ã&#x20AC;RUHV \ ORV ERPERQHV VRQ ORV UHJDORV PiV KDELWXDOHV GHO 'tD GH OD 0DGUH HQ (VSDxD &RQ PRWLYR GH HVWD FHOHEUDFLyQ ORV QLxRV SUHSDUDQ HQ HO FROHJLR PDQXDOLGDGHV SDUD VRUSUHQGHU D VXV PDPiV (Q HO 'tD GH OD 0DGUH HQ 0p[LFR HV FRVWXPEUH TXH YDULDV SHUVRQDV VH UH~QDQ SDUD FDQWDU D OD PDPi 'HO PLVPR PRGR HQ ORV FROHJLRV WDPELpQ VH RUJDQL]DQ IHVWLYDOHV FRQ PRWLYR GH HVWH GtD HQ GRQGH ORV QLxRV &RQWLQ~D HQ OD SiJLQD

6L OD SREUH]D HV OD PDGUH GH ORV FUtPHQHV OD IDOWD GH HVStULWX HV VX SDGUH

-HDQ GH OD %UX\HUH

&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 0XQGR GHO SHUUR

&KLKXDKXD

(O FKLKXDKXD R FKLKXDKXHxR HV XQD UD]D GH SHUUR SHTXHxD PX\ SRSXODU SRU VX UHGXFLGR WDPDxR $GHPiV GH VHU XQD PDVFRWD DGRUDEOH VH WUDWD GH XQ FRPSDxHUR LQWHOLJHQWH LQTXLHWR \ FXULRVR TXH RIUHFHUi WRGR VX DPRU D TXLHQHV FXLGHQ GH pO

3URFHGH GH 0p[LFR FRQFUHWDPHQWH GH &KLKXDKXD HO HVWDGR GRQGH VH GHVFXEULy SRU SULPHUD YH] \ VX VLJQL¿FDGR HV OLWHUDOPHQWH OXJDU iULGR \ DUHQRVR

)Xp FDSWXUDGR \ GRPHVWLFDGR SRU LQGtJHQDV HQ OD pSRFD GH OD FLYLOL]DFLyQ 7ROWHFD KR\ HQ GtD SRGHPRV HQFRQWUDU ¿JXUDV GH XQ SHUUR TXH KDELWy HQ 7XOD PX\ VLPLODU D XQ FKLKXDKXD DFWXDO &RQWLQ~D HQ OD SiJLQD

3DUD KDFHU TXH XQD OiPSDUD HVWp VLHPSUH HQFHQGLGD QR GHEHPRV GH GHMDU GH SRQHUOH DFHLWH

0DGUH 7HUHVD GH &DOFXWD

&ROLPD 7XULVPR

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

Â&#x2021; FyPRGDV KDELWDFLRQHV Â&#x2021; $LUH DFRQGLFLRQDGR 9HQWLODGRU GH WHFKR Â&#x2021; ,QWHUQHW LQDOiPEULFR Â&#x2021; $OEHUFD FRQ FKDSRWHDGHUR Â&#x2021; (VWDFLRQDPLHQWR WHFKDGR Â&#x2021; $FHSWDPRV WDUMHWDV GH FUpGLWR ZZZ KRWHOKRVSHGDMHVGHOUH\ FRP $Y 5H\ &ROLPiQ D PHGLD FXDGUD GHO -DUGtQ 1~xH] 7HO \

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

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

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

&$55(7(5$ /,%5( &2/,0$ -,48,/3$1 .0 7(/6 5HÃ&#x20AC;H[LyQ

( Q H V W H G t D G H O D P D G U H G H E H P R V GHWHQHUQRV \ REVHUYDUOD« DEUD]DUOD \ KDFHU TXH VLHQWD TXH HVWDPRV DOOt« TXH QRV LPSRUWD TXH HV YDOLRVD« \ GH HVWD IRUPD UHJUHVDUHPRV D HOOD HO PiV KHUPRVR VHQWLPLHQWR TXH QRV HQVHxy HO VHQWLPLHQWR TXH OOHYD SD] \ WUDQTXLOLGDG HQ ORV PRPHQWRV GLItFLOHV GH OD YLGD HO TXH QRV FRQWLHQH HO TXH PLQLPL]D HO GRORU HO TXH QRV KDFH OXFKDU SRU QXHVWURV VXHxRV H LGHDOHV« SHUR SRU VREUH WRGR QRV HQVHxD D GDU VLQ SHGLU QDGD D FDPELR (O $PRU 1R GHLV VyOR OR VXSHUÃ&#x20AC;XR GDG YXHVWUR FRUD]yQ

0DGUH 7HUHVD GH &DOFXWD

/H\HQGD

/RV IXVLODGRV 3DUWH GH

(Q HIHFWR UtR DUULED YHQtD XQ JUXSR GH VROGDGRV (QWUH HOORV VH QRWDEDQ WUHV KRPEUHV VLQ FKDFy (UDQ ORV SULVLRQHURV /D WXUED HVFRODU VH SUHFLSLWy D VX HQFXHQWUR PRYLGD SRU OD FXULRVLGDG 7UDtDQ ORV EUD]RV DPDUUDGRV KDFLD DWUiV FRQ ODUJDV FRUUHDV

$ SRFR VH R\y XQD YR] TXH GLMR

²³£ORV YDQ D IXVLODU

7RGRV SDOLGHFLPRV

¢4XLpQ KDEtD GDGR DTXHOOD RUGHQ"

/D KDEtD GDGR HO FRURQHO GHO FXHUSR ' 0DULDQR 5XL] GHVSXpV JHQHUDO TXH KDEtD DFXGLGR D FDEDOOR OODPDGR YLROHQWDPHQWH DO OXJDU GH ORV VXFHVRV (O FODUtQ FRPXQLFy yUGHQHV \ HO E D W D O O y Q F R P H Q ] y D RUJDQL]DUVH HQ SHORWRQHV D PDUFKDU \ D HYROXFLRQDU OOHYDQGR OD EDQGD DO IUHQWH (QWUHWDQWR YLPRV TXH D ORV WUHV LQIHOLFHV SULVLRQHURV ORV FRQGXFtDQ KDFLD OD WDSLD GH XQD KXHUWD LQPHGLDWD D ORV EDxRV GH ³/D 0RQD´ \ DO ODGR GH OD ³3DOPD *DFKD´ /D WDSLD GH OD KXHUWD \ OD GHO HVWDQTXH GH GLFKR EDxR IRUPDEDQ XQ ULQFyQ HQ iQJXOR UHFWR &RUULPRV KDFLD HO HVWDQTXH H LQYDGLPRV OD FXPEUH GH ODV WDSLDV < GHVGH DOOt YLPRV TXH FRORFDEDQ D ORV SULVLRQHURV D FRUWD GLVWDQFLD GH OD SDUHG \ VHSDUDGRV FRPR WUHV R FXDWUR PHWURV XQRV GH RWURV

(0%27(//$'25

786 5()5(6&2

Â&#x2021; 5$',2 3(','26 Â&#x2021;

&2/,0$ &21087$'25

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

9ROWDLUH

/H\HQGD /OHJy OD WURSD \ IRUPy HO FXDGUR 3HUR FRPR ODV WDSLDV FRQVWLWXtDQ GRV ODGRV GHO FXDGULOiWHUR ORV VROGDGRV VyOR IRUPDEDQ ORV RWURV GRV 3RU WDQWR WRGD OD WXUED HVFRODU HVWDED IRUPDQGR SDUWH GHO FXDGUR

¢&yPR QR KXER XQD PDQR SLDGRVD TXH QRV TXLWDUD GH DOOt" (Q WRUQR GH ODV ¿ODV \ KDFLD IXHUD KDEtD GH WUHFKR HQ WUHFKR DOJXQRV VROGDGRV FRQ OD ED\RQHWD FDODGD \ XQ SLH DO IUHQWH HQ DFWLWXG GH DWDTXH SDUD FRQWHQHU OD PXOWLWXG R TXL]i SDUD UHFKD]DU FXDOTXLHUD LQWHQWRQD TXH WXYLHUD SRU REMHWR OLEHUWDU D ORV VHQWHQFLDGRV D PXHUWH 3RU HO LQWHULRU GHO FXDGUR VH IRUPDURQ WUHV HVFXDGURQHV GH WLUDGRUHV FDGD XQR IUHQWH D XQ VROGDGR GHVHUWRU £/RV WUHV FRQGHQDGRV D PXHUWH KDEtDQ UHFLELGR RUGHQ GH GHVSRMDUVH GH VXV XQLIRUPHV GH GULO 'RV GH HOORV HVWDEDQ WDQ WHPEORURVRV TXH QR DFHUWDEDQ D TXLWDUVH ORV SDQWDORQHV VLHQGR QHFHVDULR TXH OHV D\XGDUDQ RWURV VROGDGRV HQ DTXHOOD RSHUDFLyQ (Q FDPELR HO WHUFHUR TXH HUD XQ PXFKDFKR GH GLH] \ VLHWH D GLH] \ RFKR DxRV VH KDEtD TXLWDGR pO VROR HO XQLIRUPH FRPR VL VyOR VH WUDWDUD GH LU D WRPDU XQ EDxR VH KDEtD YHQGDGR SRU Vt PLVPR \ HVWDED HUJXLGR \ HQ SRVLFLyQ GH ³¿UPH´ IUHQWH DO SHORWyQ TXH GHELHUD IXVLODUOR FRPR GLFLHQGR ³£0XFKDFKRV £(VWR OLVWR ´ < WRGR HVWR HQ WDQWR TXH D ORV RWURV GRV QR ORJUDEDQ VXV D\XGDQWHV QL GHVSRMDGRV GH VX YHVWLGXUD H[WHULRU &RQWLQ~D HO PHV GH -XQLR

5$ $*$ 6 $ '( & 9

26 )$925,726

0$1=$1,//2

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

7(&20$1

&' *8=0$1 -$/

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

(UDVPR GH 5RWWHUGDPt

&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 (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 &XHQWR

YLHQH GH OD SiJLQD

ODV PLVPDV OH\HV \ SRU XQ PLVPR JRELHUQR 1RV ULJH DGHPiV XQD FRQFLHQFLD \ XQ UHJXODGRU QDWXUDO TXH VH OODPD DOPD 3RUTXH KD GH VDEHU VHxRU GXHxR GH XQD YLGD IXHUWH TXH \R DXQTXH PLVHUDEOH WHQJR WDPELpQ DOPD \ FRQFLHQFLD ²0X\ ELHQ £OiUJXHVH \D ²3HUR DQWHV YD D KDFHU HO IDYRU GH RtUPH VHxRU MRYHQ 3RU QDGD GHO PXQGR OR GHMDUtD VLQ UHVSRQGHU D VX SUHJXQWD 3HUR TXLHUR TXH HVFXFKH ELHQ SDUD TXH WUDQVPLWD HVWH PHQVDMH D ORV IXHUWHV D ORV SRGHURVRV D ORV GXHxRV GH VDOXG ¢4XLHUH VDEHU OR TXH YHQGR" ¢'HVHD VDEHU TXp HV OR TXH OOHYR HQ HVWH YLHMR PRUUDO HQ OD KDUDSRVD PDOHWD TXH FDUJR VREUH ORV KRPEURV HQ PLV EROVLOORV VLQ IRQGR" 3XHV ELHQ VHxRU \R YHQGR KDPEUH (VR HV OR TXH RIUH]FR GH SXHUWD HQ SXHUWD GtD D GtD \ DxR WUDV DxR (VD HV OD PDJQt¿FD PHUFDQFtD TXH XVWHGHV ORV DPRV QR SXHGHQ UHWHQHU 3RU HVD KDPEUH TXH YHQGR PH GDQ FDGD XQR GH XVWHGHV XQ SDQ XQD PRQHGD XQ LQVXOWR <D SXHGH TXHGDU HQ SD] VHxRU SUHJXQWyQ 0H YR\ D VHJXLU YHQGLHQGR KDPEUH %XHQRV GtDV ),1 $XWRU -RVH 7 /HSH 3UHFLDGR /LEUR (O 6RO GHO 0HGLR 'tD /D LQMXVWLFLD HV XQD PDGUH MDPiV HVWpULO VLHPSUH SURGXFH KLMRV GLJQRV GH HOOD

$GROSKH 7KLHUV

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,//$ '( Ã&#x2C6;/9$5(= &2/ &KLVWH

(VWRV HUDQ FXDWUR GLUHFWLYRV GH HPSUHVD TXH HVWDEDQ MXJDQGR DO JROI HQ HO OXMRVR FOXE ORFDO $O UDWR GH HVWDU MXJDQGR XQR GH HOORV FRPHQWD TXH QHFHVLWD LU DO EDxR \ OHV SLGH TXH VXVSHQGDQ XQ SDU GH PLQXWRV HO SDUWLGR /RV RWURV WRGRV XQRV FDEDOOHURV QR SRQHQ LQFRQYHQLHQWH DOJXQR \ DSURYHFKDQGR HO EUHYH GHVFDQVR VH SRQHQ D FKDUODU GH VXV FRVDV

1R HV SRU SUHVXPLU SHUR D PL KLMR OH HVWD \HQGR GH FLQH HQ HO QHJRFLR LQPRELOLDULR +D JDQDGR WDQWR GLQHUR HVWH DxR TXH KDVWD VH KD SHUPLWLGR HO OXMR GH UHJDODUOH XQ FKDOHW D XQR GH VXV DPLJRV

3XHV WDPSRFR HV SRU SUHVXPLU SHUR \D VDEHLV TXH PL KLMR VH KD GHGLFDGR DO QHJRFLR GHO DXWRPyYLO (VWD HVSHFLDOL]DGR HQ FRFKHV GH LPSRUWDFLyQ \ JDQD WDQWR GLQHUR TXH KDVWD OH UHJDOy XQ )HUUDUL D XQR GH VXV DPLJRV

3XHV GHEHQ VHU ORV WLHPSRV SRUTXH HO PtR WLHQH XQD VRFLHGDG GH &DPELR \ %ROVD \ ¿MHQVH VL OH HVWDUi \HQGR ELHQ TXH KDVWD OH UHJDOy D XQR GH VXV DPLJRV XQ SDTXHWH GH DFFLRQHV GH ODV PHMRUHV

(Q HVR UHJUHVD HO TXH VH KDEtD LGR DSXUDGR HQ HO EDxR \ ORV RWURV WUHV DQWHV GH UHDQXGDU HO MXHJR \ SRU HGXFDFLyQ OH SUHJXQWDQ SRU VX KLMR

3XHV OD YHUGDG ELHQ UHVSRQGH HO FXDUWR GLUHFWLYR <D VDEpLV TXH GHVGH SHTXHxR PH KD VDOLGR FRQ WHQGHQFLDV KRPRVH[XDOHV DKRUD HV XQD ORFD \ WUDEDMD HQ XQ VDOyQ GH EHOOH]D 3HUR KD GH VHU EXHQR HQ OR TXH KDFH SRUTXH XQR GH VXV QRYLRV OH KD UHJDODGR XQD FDVD RWUR XQ )HUUDUL \ RWUR XQ SDTXHWH GH DFFLRQHV GH ODV PiV EXHQDV -DPiV KD KDELGR XQ QLxR WDQ DGRUDEOH TXH OD PDGUH QR TXLHUD SRQHU D GRUPLU

(PHUVRQ

&ROLPD 0pGLFRV

'(50$72/2*2

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

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

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

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

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

&/Ã&#x2039;1,&$ '( /$ 3,(/

7(/6 \

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

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

.DUHQW $OHMDQGUD 2VRUQR +HUQiQGH] 1XWULyORJD

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

7HO &KLVWHV

([WUDxDGD GH TXH VX KLMR YROYLHVH WDQ SURQWR GH OD HVFXHOD OD PDPi GH -DLPLWR OH LQWHUURJD ¢3RU TXp OOHJDVWH WDQ WHPSUDQR GH OD HVFXHOD KLMR" (V TXH IXL HO ~QLFR TXH SXGH FRQWHVWDU XQD SUHJXQWD £0X\ ELHQ -DLPLWR £(UHV XQ QLxR WDQ HVWXGLRVR ¢< FXiO IXH HVD SUHJXQWD" ¢4XLpQ OH WLUy HO ERUUDGRU DO 'LUHFWRU" 0DPi PDPi 4XH \D QR TXLHUR OD SLVFLQD &iOODWH \ VLJXH HVFDUEDQGR 0DPi PDPi ¢&XHVWD PXFKR GLQHUR XQ ERWH GH WLQWD FKLQD" 1R KLMR PtR HV EDUDWD QR WH SUHRFXSHV £4XH ELHQ 3RUTXp VH PH GHUUDPy XQ ERWH GH WLQWD VREUH WX YHVWLGR QXHYR 0DPi PDPi (Q OD HVFXHOD PH OODPDQ 5DPER 1R SXHGH VHU SXHV YR\ D LU D KDEODU FRQ OD GLUHFWRUD 1R PDPi £(VWD HV 0, JXHUUD 0DPi PDPi 4XH \D QR TXLHUR FRQRFHU D PL DEXHOLWR &iOODWH \ VLJXH HVFDUEDQGR (O DXWRU TXH KDEOD GH VXV SURSLRV OLEURV HV SHRU TXH OD PDGUH TXH VyOR KDEOD GH VXV KLMRV

%HQMDPLQ 'LVUDHOL

(IHPpULGHV (IHPpULGHV

'tD PXQGLDO GHO WUDEDMR 0XHUH HO HVFULWRU PH[LFDQR 5LFDUGR

*DULED\ HQ &XHUQDYDFD 0RUHORV

1DFH HQ (VSDxD HO HVFXOWRU \ DUTXLWHFWR 0DQXHO 7ROVi DXWRU GH (O &DEDOOLWR \ HO 3DODFLR GH 0LQHUtD HQ OD &LXGDG GH 0p[LFR

'HUURWD GH ODV WURSDV IUDQFHVDV HQ 3XHEOD 0XHUH HO P~VLFR HVSDxRO UDGLFDGR HQ

0p[LFR *HUPiQ %LOEDR

1DFH 0LJXHO +LGDOJR \ &RVWLOOD HQ OD KDFLHQGD GH 6DQ 'LHJR GH &RUUDOHMR *XDQDMXDWR ,QLFLy OD OXFKD SRU OD LQGHSHQGHQFLD GH 0p[LFR

'tD PXQGLDO GH ODV DYHV 'tD GH ODV PDGUHV 0XHUH HO FRPSRVLWRU PH[LFDQR 0HOHVLR 0RUDOHV

(O EDUFR SHWUROHUR PH[LFDQR ³3RWUHUR

GH /ODQR´ HV KXQGLGR SRU XQ VXEPDULQR DOHPiQ +HFKR TXH SURYRFy OD SDUWLFLSDFLyQ GH 0p[LFR HQ OD 6HJXQGD *XHUUD 0XQGLDO

0XHUH HO FDQWDQWH )UDQN 6LQDWUD 'tD GHO PDHVWUR

0XHUH &DUORV )XHQWHV XQR GH ORV PiV GHVWDFDRV HVFULWRUHV PH[LFDQRV GH OD VHJXQGD PLWDG GHO VLJOR ;;

1DFH HQ 6D\XOD -DOLVFR HO HVFULWRU -XDQ 5XOIR DXWRU GH ³3HGUR 3iUDPR´ \ ³(O OODQR HQ OODPDV´

1DFH HQ 0RQWHUUH\ 1XHYR /HyQ HO HVFULWRU $OIRQVR 5H\HV (Q JDQy HO 3UHPLR 1DFLRQDO GH /LWHUDWXUD

1DFH HQ &KHWXPDO 4XLQWDQD 5RR HO FRPSRVLWRU &DUORV *yPH] %DUUHUD DXWRU GH ³3RU XQ SXxDGR GH RUR´ \ RWURV p[LWRV

(O *RELHUQR GH 0p[LFR GHFODUD OD *XHUUD D ORV SDtVHV GHO HMH $OHPDQLD ,WDOLD -DSyQ

0XHUH HQ 0RQWHYLGHR 8UXJXD\ HO SRHWD PH[LFDQR $PDGR 1HUYR

0XHUH HQ 0RQWHYLGHR 8UXJXD\ HO SRHWD PH[LFDQR $PDGR 1HUYR

1DFH HQ *XDGDODMDUD OD FDQWDQWH /XFKD 5H\HV 0DUtD GH OD /X] 5H\HV $FHYHV

1DFH HQ 6DQ &ULVWyEDO GH ODV &DVDV &KLDSDV HO FRPSRVLWRU $EHO 'RPtQJXH] %RUUiV DXWRU GH ³+D\ TXH VDEHU SHUGHU´

'tD PXQGLDO VLQ WDEDFR

&DGD REUD GH DPRU OOHYDGD D FDER FRQ WRGR HO FRUD]yQ VLHPSUH ORJUDUi DFHUFDU D OD JHQWH D 'LRV

0DGUH 7HUHVD GH &DOFXWD

&ROLPD 9HWHULQDULRV

&RPHUFLDOL]DGRUD 9HWHULQDULD

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

(QWUHJDPRV D GRPLFLOLR 7HO

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

$*529(7(5,1$5,$³(/ *$1$'(52´ Â&#x2021; $OLPHQWR SDUD WRGDV ODV HVSHFLHV DQLPDOHV Â&#x2021; 3DFDV GH $OIDOID $UUR] \ 7ULJR Â&#x2021; 0DWHULDV SULPDV SDUD OD HODERUDFLyQ GH $OLPHQWRV &DUORV GH OD 0DGULG %HMDU 6DOLGD D 3LKXDPR &ROLPD &RO 7HO

=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] Æ&#x201D; 3RVJUDGR HQ ERYLQRV Æ&#x201D; 'LSORPDGR HQ FOtQLFD GH HTXLQRV Æ&#x201D; 'LSORPDGR HQ PHGLFLQD \ FLUXJtD GH SHTXHxDV HVSHFLHV Æ&#x201D; 'LSORPDGR HQ FDOLGDG WRWDO

$KRUD D VXV yUGHQHV HQ $Y &DPLQR 5HDO (O 7UDSLFKH &RO 7HO &HO \

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

0DGUH 7HUHVD GH &DOFXWD

&ROLPD 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 &KLVWH

-DLPLWR OOHJD GHO FROHJLR \ OH GLFH D VX PDGUH 0DPi PDPi KR\ KHPRV DSUHQGLGR HQ HO FROHJLR TXH HO PXQGR GD YXHOWDV 3RU OD WDUGH VX PDGUH OR PDQGD D FRPSUDU SDVD KRUD KRUDV WUHV KRUDV FXDWUR KRUDV \ OD PDGUH YLHQGR TXH QR YROYtD VH DVRPD SRU OD YHQWDQD \ YH D -DLPLWR VHQWDGR HQ ODV HVFDOHUDV GH OD HQWUDGD 6DOH \ VH VLHQWD D VX ODGR \ OH SUHJXQWD -DLPLWR ¢&XiQGR YDV D LU D FRPSUDU" $ OR TXH HO QLxR UHVSRQGH &RPR HO PXQGR GD YXHOWDV HVWR\ HVSHUDQGR D TXH SDVH XQ VXSHUPHUFDGR SRU DTXt 4XLHQ GLVFXWH VREUH VL VH SXHGH PDWDU D OD SURSLD PDGUH QR PHUHFH DUJXPHQWRV VLQR D]RWHV

$ULVWyWHOHV

&RPDOD

$LUH $FRQGLFLRQDGR

,JQDFLR $OOHQGH $ &RORQLD &HQWUR &RPDOD &ROLPD 0p[LFR 7HO

79 3ODVPD

:L )L

SRVDGDFRPDOD#KRWPDLO FRP

9LVWDV

0LUDGRU

7HUUD]D

(VWDFLRQDPLHQWR

¢6DEtD XVWHG TXH"

(O 6DOPyQ

3RU 'U -XVWLQR /HSH

/RV VDOPRQHV VRQ SHFHV PDULQRV \ GH DJXD GXOFH $OJXQDV GH ODV HVSHFLHV QDFHQ HQ DJXDV GXOFHV PLJUDQ DO RFpDQR \ YXHOYHQ DO DJXD GXOFH SDUD SURFUHDU 6H OHV DWULEX\H OD FDSDFLGDG GH YROYHU DO PLVPR VLWLR GRQGH QDFLHURQ SDUD UHSURGXFLUVH \ ORV HVWXGLRV UHFLHQWHV PXHVWUDQ TXH DO PHQRV XQ GH ORV VDOPRQHV TXH UHPRQWDQ XQD FRUULHQWH QDFLHURQ HQ HOOD 1R VH VDEH FyPR VH RULHQWDQ SHUR SXHGH TXH VX ¿QR VHQWLGR GHO ROIDWR UHFRQR]FD OD TXtPLFD GH VX UtR QDWDO 2WUDV PXFKDV HVSHFLHV SDVDQ WRGD VX YLGD HQ HO UtR R HQ XQ ODJR (O VDOPyQ HV XQ DOLPHQWR KDELWXDO \ UD]RQDEOHPHQWH VDQR SRU VX DOWR FRQWHQLGR HQ SURWHtQDV \ iFLGRV JUDVRV RPHJD FRQ XQ FRQWHQLGR PRGHUDGR HQ JUDVDV /D JUDVD HV ULFD HQ iFLGRV JUDVRV RPHJD TXH FRQWULEX\HQ D GLVPLQXLU ORV QLYHOHV GH FROHVWHURO \ WULJOLFpULGRV SODVPiWLFRV \ DGHPiV DXPHQWDQ OD Ã&#x20AC;XLGH] GH OD VDQJUH OR TXH SUHYLHQH OD IRUPDFLyQ GH FRiJXORV R WURPERV 3RU HVWH PRWLYR VH UHFRPLHQGD HO FRQVXPR KDELWXDO GH VDOPyQ D OD SREODFLyQ JHQHUDO \ HQ SDUWLFXODU HQ FDVR GH WUDVWRUQRV FDUGLRYDVFXODUHV 'DU KDVWD TXH GXHOD \ FXDQGR GXHOD GDU WRGDYtD PiV

0DGUH 7HUHVD GH &DOFXWD

&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

YLHQH GH OD SiJLQD

'DWRV FXULRVRV

EDLODQ R SURWDJRQL]DQ DOJ~Q HVSHFWiFXOR HQ HO TXH ODV PDPiV VH FRQYLHUWHQ HQ ODV KRPHQDMHDGDV (Q +RODQGD ORV QLxRV WLHQHQ GRV VHPDQDV GH YDFDFLRQHV HQ HO PHV GH PD\R FRQ PRWLYR GHO 'tD GH OD 0DGUH (O GHVD\XQR SDUD HVWH GtD VH VLUYH HQ PDQWHOHV LQGLYLGXDOHV \ ORV QLxRV VRUSUHQGHQ D VX PDGUH FRQ XQ UHJDOR KHFKR SRU HOORV PLVPRV 3HU~ HV XQ SDtV HQ GRQGH ODV PXMHUHV VRQ ODV TXH DVXPHQ GH XQD IRUPD PiV DFWLYD OD UHDOL]DFLyQ GH ODV WDUHDV GH OD FDVD 3RU HOOR HQ HO 'tD GH OD 0DGUH HV WUDGLFLyQ FRPHU HQ IDPLOLD HQ XQ UHVWDXUDQWH SDUD HYLWDU TXH PDPi FRFLQH (O 'tD GH OD 0DGUH HQ 6LULD HV ¿HVWD QDFLRQDO (Q 6LULD VH FHOHEUD HO GH PDU]R 6H VXHOH FHOHEUDU FRQ XQD EXHQD FRPLGD HQ IDPLOLD (Q ,UODQGD HVWH GtD WLHQH XQ FDUiFWHU WDQ FRPHUFLDO FRPR 6DQ 9DOHQWtQ ([LVWH OD FRVWXPEUH GH FRPHU XQ SDVWHO OODPDGR 6LPQHO &DNH 7DPELpQ HV KDELWXDO TXH ORV KLMRV YD\DQ FRQ VXV PDGUHV D XQ UHVWDXUDQWH LUODQGpV SDUD FRPHU R GHVD\XQDU (Q (VWDGRV 8QLGRV HO RULJHQ GHO 'tD GH OD 0DGUH HV OD WLHUQD KLVWRULD GH XQD MRYHQ TXH SLHUGH SUHPDWXUDPHQWH D VX PDGUH TXLHQ FRQFLELy OD LGHD GH GHGLFDU XQ &RQWLQ~D HQ OD SiJLQD

$PD KDVWD TXH WH GXHOD 6L WH GXHOH HV EXHQD VHxDO

0DGUH 7HUHVD GH &DOFXWD

&RPDOD

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

7DFRV .DUOD

$VDGD $GREDGD &KRUL]R &DUQD]D /DELR 4XHVDGLOODV %XUULWRV

$OOHQGH &HQWUR &RPDOD &RO 7HOpIRQR SP D SP 0HQXGR ViEDGRV \ GRPLQJRV GH DP D SP

VlYah $&8$5,2

)UDQFLVFR , 0DGHUR & &HQWUR &RPDOD &RO &HO

$Q~QFLHVH HQ

7HO

+LVWRULD

FRQWDFWR#FRVWD]XO P[

6LQ QXHVWUR VXIULPLHQWR QXHVWUD WDUHD QR GLIHULUtD GH OD DVLVWHQFLD VRFLDO

0DGUH 7HUHVD GH &DOFXWD

7RQLOD

&RQ HO IUHVFR FOLPD 7RQLOHQVH 1XHYD DGPLQLVWUDFLyQ

$WHQGLGR SRU 3DQWDOHyQ 0HGUDQR \ VX IDPLOLD

%8)(7 72'26 /26 ',$6 $ELHUWR GLDULDPHQWH GH DP D SP FHUUDPRV ORV MXHYHV

7LHQGD \ WDOOHU PHFiQLFR DQH[RV $XWRSLVWD &ROLPD *XDGDODMDUD 0WV VDOLGD D 7RQLOD HQWUH OD FDUUHWHUD OLEUH \ OD DXWRSLVWD YLHQH GH OD SiJLQD

0XQGR GHO SHUUR

$SDULHQFLD ItVLFD

&RPR \D KHPRV FRPHQWDGR VH WUDWD GH XQ SHUUR SHTXHxR FRPSDFWR \ GH PRYLPLHQWRV UiSLGRV 6XV PHGLGDV KDVWD OD FUX] YDUtDQ HQWUH ORV \ FHQWtPHWURV DXQTXH DOJXQRV SXHGHQ DOFDQ]DU ORV $GHPiV VXHOHQ SHVDU HQWUH \ N J ( V W D V P H G L G D V S X H G H Q Y D U L D U D O HQFRQWUDUQRV FRQ ORV GRV WLSRV GH SHUUR FKLKXDKXD TXH VH GLIHUHQFLDQ EiVLFDPHQWH SRU HO WDPDxR \ HQ DOJXQRV DVSHFWRV ItVLFRV

(O FKLKXDKXD FDEH]D GH PDQ]DQD (V HO PiV FRP~Q VX FDEH]D WLHQH FRPR VX QRPEUH LQGLFD XQD IRUPD SDUHFLGD D OD GH XQD PDQ]DQD TXH OH GD XQ DVSHFWR GXOFH \ FXLGDGRVR 7LHQH GRV RUHMDV JUDQGHV \ VHSDUDGDV FDVL VLHPSUH HQ SRVLFLyQ UHFWD (Q FRQWUDVWH FRQ XQD FDEH]D JUDQGH \ ORV RMRV VDOWRQHV VX FXHUSR HV SHTXHxR \ ¿QR $O ¿QDO GH VX FXHUSR QRV HQFRQWUDPRV FRQ XQD SHTXHxD FROD TXH JLUD VREUH HO GRUVR

(O FKLKXDKXD FDEH]D GH YHQDGR (V DOJR PiV JUDQGH TXH HO FKLKXDKXD DQWHULRU /D IRUPD GH OD FDEH]D HV PiV DODUJDGD \ HQ DOJXQRV FDVRV UHFXHUGD D OD GH XQ FLHUYR SHTXHxR 6RQ DOJR PiV DOWRV \ HVWLOL]DGRV DXQTXH LJXDOPHQWH PXHVWUDQ XQD DSDULHQFLD GHOLFDGD &RQWLQ~D HQ OD SiJLQD $PDU D OD PDGUH GH VXV KLMRV HV OR PHMRU TXH XQ SDGUH SXHGH KDFHU SRU VXV KLMRV

7KHRGRUH +HVEXUJK

7RQLOD

/$ &$%$f$

'(/ $0,*2 $%(/ < '(/ $0,*2 0,*8(/ 5HVWDXUDQW %DU HQ 7RQLOD IDPLOLDU GHVGH

&HUUDPRV ORV PDUWHV

'LVIUXWH GH 0DULVFRV D OD FDUWD \ JUDQ YDULHGDG GH ERWDQDV GHVGH ODV KRUDV HQ DGHODQWH 1XHVWUR OHPD ³6L HQWUH WRGRV ORV FOLHQWHV DJRWDQ OD H[LVWHQFLD GH ERWDQDV £QR SDJDQ OD FXHQWD ´

$OOHQGH 7RQLOD -DO 7HO D FXDGUDV GH OD FDUUHWHUD OLEUH +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

'DWRV FXULRVRV

YLHQH GH OD SiJLQD

KRPHQDMH XQ GtD VLQ LJXDO SDUD UHQGLUOH WULEXWR D OD PDGUH /DV SULPHUDV FHOHEUDFLRQHV GHO 'tD GH OD 0DGUH VH UHPRQWDQ D OD DQWLJXD *UHFLD GRQGH VH OH UHQGtDQ KRQRUHV D 5HD OD PDGUH GH ORV GLRVHV =HXV 3RVHLGyQ \ +DGHV (O 'tD GH OD 0DGUH HV HO WHUFHU GtD IHVWLYR PiV

SRSXODU HQ HO PXQGR MXVWR SRU GHEDMR GH 1DYLGDG \ 3DVFXD /DV PXMHUHV GHO PXQGR WLHQHQ KLMRV HQ SURPHGLR 8QD GH FDGD GD D OX] D JHPHORV \ XQD GH FDGD PXMHUHV GD D OX] D PiV GH EHEpV HQ XQ SDUWR P~OWLSOH &RQWLQ~D HQ OD SiJLQD -DPiV HQ OD YLGD HQFRQWUDUpLV WHUQXUD PHMRU \ PiV GHVLQWHUHVDGD TXH OD GH YXHVWUD PDGUH

+RQRUp GH %DO]DF

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 YLHQH GH OD SiJLQD

0XQGR GHO SHUUR

\ GXOFH TXH QRV HQDPRUDUi

$GHPiV GH ODV FDUDFWHUtVWLFDV ItVLFDV WDPELpQ QRV HQFRQWUDPRV DQWH GRV WLSRV GH SHODMH GLVWLQWR

Æ&#x201D; 3HOR ODUJR

Æ&#x201D; 3HOR FRUWR /RV FKLKXDKXD SXHGHQ VHU GH LQ¿QLGDG GH FRORUHV FRPR HO EODQFR FDIp QHJUR FKRFRODWH FUHPD $GHPiV GH SRGHU VHU WULFRORUHV FRQ OtQHDV \ PRWHDGRV &DUiFWHU GHO FKLKXDKXD

(O FKLKXDKXD QR WLHQH SHUVRQDOLGDG GH¿QLGD SURSLD GH OD UD]D \ HV TXH GHSHQGLHQGR GH VX HGXFDFLyQ SRGHPRV KDEODU GH XQ SHUUR FDULxRVR \ WLHUQR R GH XQD UD]D DOJR PDOLFLRVD \ DVWXWD (V XQ SHUUR PX\ LQWHOLJHQWH \ REVHUYDGRU DO TXH OH JXVWD VDOLUVH FRQ OD VX\D (V XQ SHUUR PX\ YDOLHQWH \ GHYRWR D SHVDU GH VX UHGXFLGR WDPDxR (V PX\ HQWUHJDGR D OD IDPLOLD \ VH PXHVWUD VLHPSUH DOHUWD H LQTXLHWR YLJLODQWH DQWH FXDOTXLHU LQWUXVR

$ YHFHV SXHGHQ PRVWUDU DFWLWXGHV FHORVDV DQWH ODV UHODFLRQHV GH TXLHQHV FRQVLGHUD VXV GXHxRV DXQTXH VXHOH VHU XQ SUREOHPD IiFLO GH WUDWDU (O FKLKXDKXD SDUHFH QR VHU FRQVFLHQWH GH VX UHGXFLGR WDPDxR \ SXHGH HQIUHQWDUVH D SHUVRQDV R SHUURV GH WDOOD JUDQGH VROR SDUD GHIHQGHU D TXLHQHV TXLHUH &RQWLQ~D HQ OD SiJLQD

7RGR OR TXH VR\ R HVSHUR VHU VH OR GHER D OD DQJHOLFDO VROLFLWXG GH PL PDGUH

$EUDKDP /LQFROQ

7HFRPiQ *DVWURQRPtD

3DVW

HOHUt

D \ 5

HSRV

W H U t D

)LQD

DQDJBEHQLDQ\#KRWPDLO FRP

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

68 '2 .8 1R GHEHPRV SHUPLWLU TXH DOJXLHQ VH DOHMH GH QXHVWUD SUHVHQFLD VLQ VHQWLUVH PHMRU \ PiV IHOL]

0DGUH 7HUHVD GH &DOFXWD

$GLYLQDQ]DV

$GLYLQDQ]DV SDUD ORV SHTXHV ¢&XiO HV GH ORV DQLPDOHV DTXHO TXH HQ VX QRPEUH WLHQH ODV FLQFR YRFDOHV" 9HUGH QDFH YHUGH VH FUtD \ YHUGH VXEH ORV WURQFRV DUULED 6L OR HVFULEHV FRPR HV VR\ GH OD VHOYD HO UH\ 6L OR HVFULEHV DO UHYpV VR\ WX 3DSi 1RHO 0XUFLD PH GD PHGLR QRPEUH XQD OHWUD KDV GH FDPELDU PDV FXDQGR OOHJXHV DO ODJR PL QRPEUH SRGUiV WHUPLQDU (V OD UHLQD GH ORV PDUHV VX GHQWDGXUD HV PX\ EXHQD \ SRU QR LU QXQFD YDFtD VLHPSUH GLFHQ TXH YD OOHQD 9HUGH FRPR HO FDPSR SHUR FDPSR QR HV +DEOD FRPR HO KRPEUH SHUR KRPEUH QR HV 9HQ DO FDPSR SRU ODV QRFKHV VL PH TXLHUHV FRQRFHU VR\ VHxRU GH JUDQGHV RMRV FDUD VHULD \ JUDQ VDEHU 7HQJR WLQWD \ WHQJR SOXPDV \ EUD]RV WHQJR GH PiV SHUR QR SXHGR HVFULELU SRUTXH QR DSUHQGt MDPiV <R QR TXLHUR TXH RV FDQVpLV\ SRU HVR RV UHFRPLHQGR TXH HVWD DGLYLQDQ]D PLUpLV SDUD TXLWDUOH XQ SHUUR \ VX Q~PHUR REWHQGUpLV 'H VLHWH SDWRV PHWLGRV HQ XQ FDMyQ ¢FXiQWRV SLFRV \ SDWDV VRQ" 'H PLOORQHV GH KLMRV TXH VRPRV HO SULPHUR QDFt DXQ DVt VR\ HO PHQRU GH WRGRV ¢FyPR SXHGH VHU DVt" 6R\ PiV GH XQR VLQ OOHJDU DO WUHV \ OOHJR D FXDWUR FXDQGR GRV PH GHV 6RPRV WUHV SDWLWRV TXH HQ HO DJXD HVWiQ QDGDQGR MXJDQGR FDQWDQGR £FXi FXi /DV HVWDFLRQHV GHO DxR \ WDPELpQ ORV HOHPHQWRV \ ORV SXQWRV FDUGLQDOHV HVH Q~PHUR UHSUHVHQWR

5HVSXHVWDV (O PXUFLpODJR /D ODJDUWLMD (O OHyQ (O PXUFLpODJR /D EDOOHQD (O ORUR (O EXKR (O FDODPDU (O VHLV SLFRV \ SDWDV (O XQR (O GRV (O GRVFLHQWRV YHLQWLGyV (O FXDWUR

/D YLGD HV XQ MXHJR SDUWLFLSD HQ pO /D YLGD HV GHPDVLDGR SUHFLRVD QR OD GHVWUX\DV

0DGUH 7HUHVD GH &DOFXWD

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 DGYHUVLGDG HV QXHVWUD PDGUH OD SURVSHULGDG VyOR HV QXHVWUD PDGUDVWUD

0RQWHVTXLHX

0DQ]DQLOOR 6HUYLFLRV

YLHQH GH OD SiJLQD

'DWRV FXULRVRV

0LpUFROHV HV HO GtD GH OD VHPDQD HQ HO TXH PiV PXMHUHV HQ HO PXQGR GDQ D OX] FRQ XQ SURPHGLR GH QDFLPLHQWRV UHJLVWUDGRV FDGD 0LpUFROHV GXUDQWH XQ DxR /DV Ã&#x20AC;RUHV PiV SRSXODUHV HQWUH ORV UHJDORV GHO 'tD GH OD 0DGUH VRQ ORV UDPRV PL[WRV ORV FODYHOHV ORV QDUFLVRV ODV URVDV \ ORV WXOLSDQHV &XDWUR GH FDGD FLQFR PDPiV HVSHUDQ VHU VRUSUHQGLGDV HQ VX GtD *RRJOH UHYHOy TXH ORV SDtVHV TXH PiV EXVFDQ HO WpUPLQR PDPi VRQ XVXDULRV KLVSDQRKDEODQWHV GH ORV SDtVHV GH 0p[LFR &KLOH \ 3HU~ \ VXV E~VTXHGDV VH FHQWUDQ HQ SRHPDV FDQFLRQHV UHJDORV \ DFWLYLGDGHV UHODFLRQDGDV FRQ OD SDODEUD PDPi 6HJ~Q 6WDQSD XQD RUJDQL]DFLyQ TXH UHDOL]D HVWXGLRV GH PHUFDGR ODV YHQWDV GH SHUIXPHV VH GXSOLFDQ HO 'tD GH OD 0DGUH (O GH ODV PDGUHV SUH¿HUH XQ EHVR R XQ DEUD]R GH VXV KLMRV HO 'tD GH OD 0DGUH VHJ~Q XQD HQFXHVWD GH (OEHEH FRP ( O G H P D \ R G H O O R V K D V W D J IHOL]GLDGHODVPDGUHV \ PDGUHV IXHURQ GH ORV PiV XVDGRV SULQFLSDOPHQWH SRU IXQFLRQDULRV TXLHQHV UHFRQRFLHURQ D ODV PDGUHV PH[LFDQDV TXH OR GDQ WRGR SRU VXV IDPLOLDV \ VX SDtV SXHV WDPELpQ VRQ HO SLODU GH OD VRFLHGDG (O GH PXMHUHV HQWUH \ DxRV VRQ PDGUHV (O GH HVDV PXMHUHV IXHURQ PDGUHV HQ $FWXDOPHQWH OD HGDG PHGLD SDUD VHU PDGUH HV GH (Q HUD GH $ SDUWLU GH HO GH ODV QXHYDV PDGUHV HUDQ GH DxRV R PiV \ HO YHLQWHDxHUDV (Q OD PD\RUtD GH LGLRPDV OD SDODEUD PDGUH HPSLH]D FRQ OD OHWUD ³0´

0L PDGUH TXHUtD GDUQRV D HQWHQGHU TXH ODV WUDJHGLDV GH WX YLGD XQ GtD WLHQHQ HO SRWHQFLDO GH VHU KLVWRULDV FyPLFDV HQ HO VLJXLHQWH

1RUD (SKURQ

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 LJQRUDQFLD HV OD PDGUH GH OD PDOGDG \ GH WRGRV ORV GHPiV YLFLRV

*DOLOHR *DOLOHL

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

/RV QLxRV VRQ FRPR ODV HVWUHOODV 1XQFD KD\ GHPDVLDGRV

0DGUH 7HUHVD GH &DOFXWD

0DQ]DQLOOR &RPHUFLRV

/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

3RHPD

+RPHQDMH D ODV PDGUHV $UMRQD 'HOLD

(Q HVWH GtD ODV UHFRUGDPRV D ODV PDGUHV HQ JHQHUDO 4XLHUR UHFRUGDU D PL PDGUH TXH IXH XQD PXMHU HMHPSODU 6LHPSUH HVFXFKDED PLV SUREOHPDV PH EULQGDED EXHQRV FRQVHMRV 0H HQWUHJDED VLHPSUH VX PDQR \ GHVDSDUHFtDQ PLV PLHGRV 6H OHYDQWDED GH PDGUXJDGD SDUD DPDVDU \ FRFLQDU HO SDQ (VH RORU D UHFLpQ KRUQHDGR HQ PLV UHFXHUGRV D~Q HVWiQ 1RV SUHSDUDED HO PDWH FRFLGR ³'HVD\XQHQ DQWHV GH HVWXGLDU´ < ORV ¿GHRV ELHQ FDVHULWRV ORV GRPLQJRV SDUD DOPRU]DU &XDQGR UD\DED ODV PDQ]DQDV ³3RUTXH WLHQH PXFKRV QXWULHQWHV´ ³7LHQHQ YLWDPLQDV \ SURWHtQDV´ ³3DUD TXH FUH]FDQ VDQRV \ IXHUWHV´ /D YHUGXUD TXH GHWHVWDED OD SLFDED \ FRQ SXUp PH]FODED GH HVD IRUPD OD FDPXÃ&#x20AC;DED \ VX FRPLGD PH DOLPHQWDED 7HQJR UHFXHUGRV GH PL PDGUH TXH QXQFD ORV YR\ D ROYLGDU HVWiQ SUHVHQWHV HQ PL PHQWH GH DOOt DÃ&#x20AC;RUDQ FRQVWDQWHPHQWH $TXHOORV TXH D~Q OD FRQVHUYDQ TXH OD DSUHQGDQ D YDORUDU SRUTXH HO GtD TXH HOOD VH PDUFKH GH VHJXUR OD YDQ D H[WUDxDU

1R SRGHPRV KDFHU JUDQGHV FRVDV SHUR Vt FRVDV SHTXHxDV FRQ XQ JUDQ DPRU

0DGUH 7HUHVD GH &DOFXWD

0DQ]DQLOOR &RPHUFLRV

9e$6( 0Ã&#x2C6;6 -29(1 6,(17$6( 0Ã&#x2C6;6 -29(1 (O HQYHMHFLPLHQWR \D QR HV OR TXH VROtD VHU KDFH DOJXQDV GpFDGDV 1R KDFH PXFKR WLHPSR WDQWR KRPEUHV FRPR PXMHUHV HPSH]DEDQ D HQJRUGDU DUUXJDUVH \ HQFRUYDUVH DOUHGHGRU GH ORV DxRV $O OOHJDU D ORV OD JHQWH UHDOPHQWH OOHJDED D OD PDGXUH] \ GHVSXpV GH HVD HGDG GHVHPSROYDED OD PHFHGRUD GH OD DEXHOD SXHV VHQWtD TXH HO RFDVR GH OD YLGD KDEtD OOHJDGR $ I R U W X Q D G D P H Q W H W R G R H V R V H D F D E y 6LPSOHPHQWH REVHUYH D ODV SHUVRQDV TXH QDFLHURQ HQ OD GpFDGD GH PXFKRV GH HOORV D~Q VDOHQ GH H[FXUVLyQ R DQGDQ HQ ELFLFOHWD LQFOXVR DO OOHJDU D ORV DxRV (V DVRPEURVR GDUVH FXHQWD FyPR KDQ FDPELDGR ODV DFWLWXGHV HQ UHODFLyQ FRQ OD HGDG \ FRQ HO HQYHMHFLPLHQWR 1R LPSRUWD OD HGDG WRGRV FRPSDUWLPRV HO GHVHR GH SDUHFHU WDQ MyYHQHV FRPR QRV VHQWLPRV < PXFKRV H[SHUWRV HQ HO WHPD GHVGH LQVWUXFWRUHV SHUVRQDOHV KDVWD FRVPHWyORJRV \ GHUPDWyORJRV DQVtDQ D\XGDUQRV D OXFLU PiV MyYHQHV $XQTXH OD IXHQWH GH OD MXYHQWXG D~Q QR VH KD GHVFXELHUWR \ OD YLGD DFWLYD LPSOLFD XQ SRFR GH GHVJDVWH ORV FLHQWt¿FRV GHVFXEUHQ FRQVWDQWHPHQWH PiV \ PHMRUHV IRUPDV GH HYLWDU TXH HO WLHPSR GHMH VX KXHOOD $FWXDOPHQWH SRGHPRV HQWHQGHU TXp FDXVD HO FDPELR GH DVSHFWR 3RU TXp OD SDUWH EODQFD GHO RMR SLHUGH VX EULOOR QXHVWURV EULOODQWHV FDEHOORV VH YXHOYHQ JULVHV \ QXHVWUD FROXPQD HPSLH]D D HQFRUYDUVH FRQ ORV DxRV 7DPELpQ VDEHPRV FyPR SRVSRQHU SUHYHQLU \ D YHFHV UHYHUWLU HVRV FDPELRV +D\ PXFKRV FRQVHMRV UHFLHQWHV GH H[SHUWRV DFHUFD GH OR TXH SXHGH KDFHU SRU VX SLHO FDEHOOR GLHQWHV \ SRVWXUD \ DOJXQDV HVWUDWHJLDV SHUPDQHQWHV SDUD OXFLU PiV MRYHQ GH OR TXH VXV FXPSOHDxRV LQGLFDQ SRU HMHPSOR (1'(5e&(6( < 48Ã&#x2039;7(6( $f26 1DGD QL ODV FDQDV R ODV DUUXJDV HQ OD FDUD OH DXPHQWD WDQWRV DxRV D VX DSDULHQFLD FRPR XQD SRVWXUD LQFRUUHFWD $OLQHDU OD SRVWXUD WDPELpQ UHSRUWD RWURV EHQH¿FLRV SDUD OD VDOXG /D PDOD SRVWXUD DIHFWD JUDYHPHQWH OD UHVLVWHQFLD ItVLFD LPSLGLHQGR DGHPiV HO GHVDUUROOR GH OD FDSDFLGDG SXOPRQDU < pVWD SXHGH DXPHQWDU KDVWD HQ XQ FRQ VROR FRUUHJLU OD SRVWXUD $ YHFHV QR QRV SHUFDWDPRV GH XQD PDOD SRVWXUD

\ GH FyPR pVWD LQÃ&#x20AC;X\H HQ OD DSDULHQFLD

+DVWD OD SUy[LPD (O KDPEUH GH DPRU HV PXFKR PiV GLItFLO GH HUUDGLFDU TXH HO KDPEUH GH SDQ

0DGUH 7HUHVD GH &DOFXWD

0DQ]DQLOOR &RPHUFLRV

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

0$1=$1,//2

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

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

$%$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 7KRXJKWV

0RVW WXUNH\V WDVWH EHWWHU WKH GD\ DIWHU P\ PRWKHU V WDVWHG EHWWHU WKH GD\ EHIRUH 'RQ W IRUJHW 0RWKHU V 'D\ 2U DV WKH\ FDOO LW LQ %HYHUO\ +LOOV 'DG V 7KLUG :LIH 'D\ 0H[LFR LV D YHU\ PRP FHQWHUHG FXOWXUH <RX OO ¿QG VWRUHV RSHQ RQ )DWKHU V 'D\ EXW QHYHU RQ 0RWKHU V 'D\ )RU PH[LFDQV PRWKHUV DUH YHU\ LPSRUWDQW 0RWKHU V 'D\ LV D ELWWHUVZHHW GD\ IRU PDQ\ RI XV :H DOO KDYH PRWKHUV EXW VRPH RI XV KDYH ORVW WKHP $ GD\ LV VRPHWLPHV RXU PRWKHU VRPHWLPHV RXU VWHSPRWKHU 0RWKHU V 'D\ LV D ZHOFRPH HYHQW LQ SDUWLVDQ WLPHV 1HDUO\ HYHU\RQH DJUHHV WKDW ZH VKRXOG VKRZ PRWKHUV JUDWLWXGH 6RPH GD\ WKH ZRUNHUV ZLOO WDNH SRVVHVVLRQ RI \RXU FLW\ KDOO DQG ZKHQ ZH GR QR FKLOG ZLOO EH VDFUL¿FHG RQ WKH DOWDU RI SUR¿W ¢&yPR QR DPDUWH PDGUH VL PH HQVHxDVWH D KDEODU WX OHQJXD" ¢6L VR\ YLHQWR QDFLGR GH WX URFD"

*RQ]DOR 5RMDV

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[

=DUDJR]D 6DODKXD 0DQ]DQLOOR &RO 7HOpIRQR

/ R &RFWHOHV

P &HYLFKH H M 6DOSLFyQ R U 0DULVFDGDV

H Q 3HVFDGRV

P &DPDURQHV D 3XOSR U L V $OPHMDV F 'HVFDQVDPRV ORV 0DUWHV R 6L IDFWXUDPRV V

3RU (OLDV =DPRUD GHJD DQWHV GH OOHJDU D %R D KX DOD 6 Ui $XUUH

(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

/D PD\RU HQIHUPHGDG KR\ GtD QR HV OD OHSUD QL OD WXEHUFXORVLV VLQR PDV ELHQ HO VHQWLUVH QR TXHULGR QR FXLGDGR \ DEDQGRQDGR SRU WRGRV

0DGUH 7HUHVD GH &DOFXWD

0DQ]DQLOOR 7XULVPR

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

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

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

3HQtQVXOD GH 6DQWLDJR 7HOV 3KRQHV

\ )D[

ZZZ YLOODVORVDQJHOHV FRP $1Ã&#x2019;1&,(6( (1

OOiPHQRV \ FRQ JXVWR OR DQWHQGHUHPRV

FRQWDFWR#FRVWD]XO P[ ZZZ FRVWD]XO P[ /D FRUUXSFLyQ GHO DOPD HV PiV YHUJRQ]RVD TXH OD GHO FXHUSR

-RVp 0DUtD 9DUJDV 9LOD

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

3ROLFH RI¿FHU WDONV WR D GULYHU <RXU WDLO OLJKW LV EURNHQ \RXU WLUHV PXVW EH H[FKDQJHG DQG \RXU EXPSHU KDQJV KDOIZD\ GRZQ 7KDW ZLOO EH GROODUV 'ULYHU $OULJKW JR DKHDG 7KH\ ZDQW WZLFH DV PXFK DV WKDW DW WKH JDUDJH :K\ GLG WKH SK\VLFV WHDFKHU EUHDN XS ZLWK WKH ELRORJ\ WHDFKHU" 7KHUH ZDV QR FKHPLVWU\ 4 :K\ GR WKH )UHQFK OLNH WR HDW VQDLOV VR PXFK" $ 7KH\ FDQ¶W VWDQG IDVW IRRG +XVEDQG ³2K WKH ZHDWKHU LV ORYHO\ WRGD\ 6KDOO ZH JR RXW IRU D TXLFN MRJ"³ :LIH ³+DKDKD , ORYH WKH ZD\ \RX SURQRXQFH µ6KDOO ZH JR RXW DQG KDYH D FDNH¶ ´ $ JXHVW FDOOV WKH ZDLWHU DQG FRPSODLQV ³+RZ FRPH WKHUH DUH QR FKDLUV DW RXU WDEOH" ´ 7KH ZDLWHU VKUXJV ³,¶P VRUU\ EXW \RX RQO\ ERRNHG RQH WDEOH«´ 6L QR SHOHDV SDUD DFDEDU FRQ OD FRUUXSFLyQ \ OD SRGUHGXPEUH DFDEDUiV IRUPDQGR SDUWH GH HOOD

-RDQ %DH]

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

/R ~OWLPR FRUURPSLGR ¢QR HV HO SULQFLSLR GH OR HQJHQGUDGR"

*LRUGDQR %UXQR

0DQ]DQLOOR 7XULVPR

&KLVWH

8Q PDWULPRQLR WHQtD GRV QLxRV SHTXHxRV GH \ DxRV GH HGDG TXLHQHV HUDQ H[WUHPDGDPHQWH WUDYLHVRV 6LHPSUH HVWDEDQ PHWLpQGRVH HQ SUREOHPDV \ VXV SDGUHV VDEtDQ TXH VL DOJXQD WUDYHVXUD RFXUUtD HQ VX SXHEOR VXV KLMRV HVWDEDQ VHJXUDPHQWH LQYROXFUDGRV /D PDPi GH ORV QLxRV HVFXFKy TXH HO VDFHUGRWH GHO SXHEOR KDEtD WHQLGR PXFKR p[LWR GLVFLSOLQDQGR QLxRV DVt TXH OH SLGLy TXH KDEODUD FRQ VXV KLMRV (O VDFHUGRWH DFHSWy SHUR SLGLy YHUORV GH IRUPD VHSDUDGD DVt TXH OD PDPi HQYLy SULPHUR DO QLxR PiV SHTXHxR (O VDFHUGRWH HUD XQ KRPEUH HQRUPH FRQ XQD YR] PX\ SURIXQGD VHQWy DO QLxR IUHQWH D pO \ OH SUHJXQWy JUDYHPHQWH ¢'yQGH HVWi 'LRV" (O QLxR VH TXHGy ERTXLDELHUWR SHUR QR UHVSRQGLy VyOR VH TXHGy VHQWDGR $Vt TXH HO VDFHUGRWH UHSLWLy OD SUHJXQWD HQ XQ WRQR WRGDYtD PiV JUDYH ¢'yQGH HVWi 'LRV" 'H QXHYR HO QLxR QR FRQWHVWy (QWRQFHV HO VDFHUGRWH VXELy GH WRQR VX YR] D~Q PiV DJLWy VX GHGR IUHQWH D OD FDUD GHO QLxR \ JULWy ¢'yQGH HVWi 'LRV" (O QLxR VDOLy JULWDQGR GHO FXDUWR FRUULy KDVWD VX FDVD \ VH HVFRQGLy HQ VX KDELWDFLyQ &XDQGR VX KHUPDQR OR HQFRQWUy HQFHUUDGR HQ VX KDELWDFLyQ OH SUHJXQWy ¢4Xp SDVy" (O KHUPDQR SHTXHxR VLQ DOLHQWR OH FRQWHVWy £$KRUD VL TXH HVWDPRV HQ JUDYHV SUREOHPDV KHUPDQR KDQ VHFXHVWUDGR D 'LRV \ FUHHQ TXH QRVRWURV OR WHQHPRV

(Q XQ HVStULWX FRUURPSLGR QR FDEH HO KRQRU 7iFLWR

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

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

+LVWRULD

+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[

5HÃ&#x20AC;H[LyQ

&XHQWD XQD DQWLJXD OH\HQGD TXH XQ QLxR TXH HVWDED SRU QDFHU OH GLMR D ',26 0H GLFHQ TXH PH YDQ D HQYLDU PDxDQD D OD WLHUUD ¢3HUR FRPR YLYLUp WDQ SHTXHxR H LQGHIHQVR FRPR VR\" (QWUH PXFKRV iQJHOHV HVFRJt D XQR SDUD Wt TXH WH HVWDUi HVSHUDQGR < pO WH FXLGDUi 3HUR GLPH DTXt HQ HO FLHOR QR KDJR PiV TXH FDQWDU \ VRQUHLU ¢1R EDVWD SDUD VHU IHOL]" 7~ iQJHO WH FDQWDUi WH VRQUHLUi WRGRV ORV GtDV \ W~ VHQWLUiV VXV PDQRV \ VHUiV IHOL] ¢&yPR HQWHQGHU OR TXH OD JHQWH PH KDEOD VL QR FRQR]FR HO H[WUDxR LGLRPD TXH KDEODQ ORV KRPEUHV" 7X iQJHO WH GLUi ODV SDODEUDV PiV GXOFHV \ PiV WLHUQDV TXH SXHGDV HVFXFKDU \ FRQ PXFKD SDFLHQFLD \ FDULxR WH HQVHxDUi D KDEODU ¢< TXp KDUp FXDQGR TXLHUD KDEODU FRQWLJR" 7X iQJHO MXQWDUi WXV PDQLWRV \ WH HQVHxDUi D KDEODUPH +H RtGR TXH HQ OD WLHUUD KD\ KRPEUHV PDORV ¢4XLHQ PH GHIHQGHUi" 7X iQJHO WH GHIHQGHUi D~Q D FRVWD GH VX SURSLD YLGD« 3HUR HVWDUp VLHPSUH WULVWH SRUTXH QR WH YHUp PiV 6HxRU 7X iQJHO WH KDEODUi GH PL \ WH HQVHxDUi HO FDPLQR SDUD TXH UHJUHVHV D PL SUHVHQFLD DXQTXH \R VLHPSUH HVWDUp D WX ODGR (Q HVH LQVWDQWH XQD JUDQ SD] UHLQDED HQ HO FLHOR SHUR VH RtDQ YRFHV WHUUHVWUHV \ HO QLxR SUHVXURVR UHSHWtD VXDYH 'LRV PtR VL \D PH YR\ GLPH VX QRPEUH ¢FyPR VH OODPDUi PL iQJHO" 6X QRPEUH QR LPSRUWD W~ OH GLUiV 0$0Ã&#x2C6; 0XFKRV MXHFHV VRQ LQFRUUXSWLEOHV QDGLH SXHGH LQGXFLUORV D KDFHU MXVWLFLD

%HUWROW %UHFKW

0DQ]DQLOOR 7XULVPR

YLHQH GH OD SiJLQD

0XQGR GHO SHUUR

&RPSRUWDPLHQWR

(O FKLKXDKXD PRVWUDUi GHYRFLyQ HQ JHQHUDO D OD SHUVRQD TXH PiV FXLGH GH pO D GLDULR \ HV TXH VH WUDWD GH XQ SHUUR PX\ FDULxRVR TXH WH SHGLUi DWHQFLRQHV D OR ODUJR GHO GtD (Q JHQHUDO VXHOH VHU GHVFRQ¿DGR FRQ ORV H[WUDxRV HV XQ SHUUR WHUULWRULDO \ SRVHVLYR FRQ VXV GXHxRV SHUR QR VXHOH PRVWUDU DFWLWXGHV DULVFDV QL YLROHQWDV (V XQ SHUUR FXULRVR TXH DFHSWDUi IiFLOPHQWH FDULxR \ FXLGDGRV

(O SHUUR FKLKXDKXD QR VLHPSUH DFHSWD OD FRPSDxtD GH RWUDV PDVFRWDV DXQTXH SRU OR JHQHUDO VXHOH FRQYLYLU PDUDYLOORVDPHQWH FRQ SHUURV GH VX PLVPD UD]D R WDPDxR 3DUD IRPHQWDU XQ SHUUR VRFLDEOH GHEHPRV LQLFLDU HO MXHJR FRQ RWUDV PDVFRWDV GHVGH TXH HVWH HV XQ FDFKRUUR DXQTXH QR LPSRUWD VL HPSH]DPRV WDUGH VX HGXFDFLyQ FRQ SDFLHQFLD SRGHPRV ORJUDU JUDQGHV REMHWLYRV &XLGDGRV GHO FKLKXDKXD

(V XQ SHUUR TXH VH DGDSWD SHUIHFWDPHQWH D OD YLGD XUEDQD \ HV TXH QR WHQGUi SUREOHPDV HQ YLYLU HQ XQ DSDUWDPHQWR GH WDPDxR UHGXFLGR $~Q DVt HO FKLKXDKXD HV PX\ LQTXLHWR \ QHUYLRVR GHEHUHPRV VDFDUOR D &RQWLQ~D HQ OD SiJLQD

(Q WLHPSRV GH FRUUXSFLyQ HV FXDQGR PiV OH\HV VH GDQ

eWLHQQH %RQQRW GH &RQGLOODF

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

0XQGR GHO SHUUR

YLHQH GH OD SiJLQD

SDVHDU DO PHQRV GRV YHFHV DO GtD SDUD TXH VH HMHUFLWH DVt FRPR MXJDU FRQ HO GHQWUR GHO KRJDU

3RU OR JHQHUDO \ HVSHFLDOPHQWH ORV GH SHOR FRUWR VRQ VHQVLEOHV DO IUtR GHELGR D VX SHTXHxR WDPDxR 3XHGHV FRPSUDUOH URSD GH VX WDPDxR SDUD DEULJDUOH HQ LQYLHUQR HVSHFLDOPHQWH VL YLYH HQ XQ HQWRUQR IUtR

1R OH PLPHV HQ H[FHVR HO FKLKXDKXD HV XQ SHUUR PX\ OLVWR TXH QR GXGDUi HQ YROYHUVH IUiJLO FDSULFKRVR R H[WUHPDGDPHQWH QHUYLRVR VL FHGHPRV DQWH WRGDV VXV SHWLFLRQHV

)LQDOPHQWH DxDGLPRV TXH HO FKLKXDKXD HV XQ SHUUR TXH WLHQH WHQGHQFLD D OD REHVLGDG SRU HVH PRWLYR HV LPSRUWDQWH TXH FRQR]FDPRV HO WLSR GH GLHWD TXH UHTXLHUH HVWD PDVFRWD SDUD SUHYHQLU IXWXUDV HQIHUPHGDGHV R SUREOHPDV (GXFDFLyQ GHO FKLKXDKXD

/DV EDVHV GH OD HGXFDFLyQ GH XQ FKLKXDKXD VDQR \ VRFLDO HPSLH]D SRU VRFLDOL]DUOHV GHVGH XQD HGDG WHPSUDQD WDQWR FRQ SHUVRQDV FRPR FRQ RWUDV PDVFRWDV (V V~SHU LPSRUWDQWH TXH VLJDV HVWH FRQVHMR SDUD HYLWDU XQ SHUUR DQWLVRFLDO FRQ XQ FRPSRUWDPLHQWR LPSURSLR \ KXUDxR 'HEH DSUHQGHU D FRQYLYLU HQ DUPRQtD FRQ DQLPDOHV QLxRV \ SHUVRQDV DGXOWDV (VR WH D\XGDUi D GLVIUXWDU GH OD SOD\D OD PRQWDxD \ GH GHMDUOR FRQ ORV QLxRV VLQ QLQJXQD SUHRFXSDFLyQ

5HFXHUGD TXH SDUD TXH XQ SHUUR HVWp WUDQTXLOR \ WHQJD XQ EXHQ FRPSRUWDPLHQWR ODV SHUVRQDV GH VX KRJDU GHEHQ IRPHQWDU HVWH FOLPD GH DUPRQtD \ ELHQHVWDU PHQWDO TXH QHFHVLWD WRGR VHU YLYR

(V LPSRUWDQWH TXH WX GHFLGDV ORV PRPHQWRV GH FRPLGD SDVHR R VXHxR HO FKLKXDKXD HV XQ SHUUR OLVWR TXH LQWHQWDUi UHFLELU SUHPLRV \ DWHQFLRQHV VLQ ¿Q 3RQOH OtPLWHV \ SUpPLDOH VROR FXDQGR VH OR PHUH]FD \ WHQJD XQ FRPSRUWDPLHQWR DGHFXDGR 6L HO YDVR QR HVWi OLPSLR OR TXH HQ pO GHUUDPHV VH FRUURPSHUi

+RUDFLR

0DQ]DQLOOR %LHQHV 5DLFHV

5HVHUYD HQ ZZZ DTXDWHUUD FRP R DO

5HÀH[LyQ

'H QLxRV FUHHPRV TXH PDPi WRGR OR SXHGH TXH QR VLHQWH FDQVDQFLR TXH QR VXIUH« HVD LPDJHQ TXH JXDUGDPRV GH HOOD FRQ HO WLHPSR QR FRLQFLGH FRQ OD TXH YHPRV FXDQGR SDVDQ ORV DxRV« (QWRQFHV GHVFXEULPRV TXH PDPi WDPELpQ VXIUH VH FDQVD HVWi WULVWH QR WLHQH IXHU]D FDOOD RFXOWDQGR HO GRORU« /D YHPRV FRPR XQ KpURH VREUHYLYLU D JUDQGHV WUDJHGLDV OOHYDUQRV GH OD PDQR FRQWHQLpQGRQRV \ PRVWUiQGRQRV OD YLGD VLHPSUH GHO ODGR PiV EHOOR« 'H QLxRV QR HQWHQGHPRV VXV OiJULPDV« GH D G X O W R V Q R V S U H R F X S D Q « R Q R O D V FRPSUHQGHPRV« $Vt FRPR QRVRWURV QHFHVLWDPRV WDQWDV YHFHV GH OD SURWHFFLyQ GH HVRV EUD]RV IXHUWHV GH OD FRPSUHQVLyQ GH QXHVWURV JHVWRV R GH QXHVWURV VLOHQFLRV GH QXHVWUR GRORU« HOOD WDPELpQ QRV QHFHVLWD« (Q VX GtD GHEHPRV DJUDGHFHUOH WRGD VX ODERU GH IRUPDGRUD HOOD IXH TXLHQ IRUMy QXHVWUR FDUiFWHU 3HUR VREUH WRGR GHEHPRV DSDSDFKDUOD GHGLFDUOH WLHPSR \ FXLGDUOD 3HUR OR PiV LPSRUWDQWH QR VROR HO GH PD\R VLQR WRGRV ORV GtDV GHO DxR 0XFKDV VRQ ODV OH\HV HQ XQ HVWDGR FRUURPSLGR 7iFLWR

+RUyVFRSR +RURVFRSH 1R ROYLGHV OD LQFLGHQFLD GH 0HUFXULR TXH HVWi FUHDQGR FLHUWRV SUREOHPDV D OD KRUD GH FRPXQLFDUWH FRQ ORV GHPiV 7X Q~PHUR GH OD VXHUWH 'R QRW IRUJHW WKH LQFLGHQFH RI 0HUFXU\ WKDW LV FUHDWLQJ FHUWDLQ SUREOHPV ZKHQ FRPPXQLFDWLQJ ZLWK RWKHUV <RXU OXFN\ QXPEHU 7X FiOLGD SHUVRQDOLGDG WX VHQVLELOLGDG \ WHUQXUD VHUiQ ORV IDFWRUHV TXH WH FRORFDUiQ HQ HO FRUD]yQ GH HVD SHUVRQD TXH WDQWR TXLHUHV 7X Q~PHUR GH OD VXHUWH <RXU ZDUP SHUVRQDOLW\ \RXU VHQVLWLYLW\ DQG WHQGHUQHVV ZLOO EH WKH IDFWRUV WKDW ZLOO SODFH \RX LQ WKH KHDUW RI WKDW SHUVRQ \RX ORYH VR PXFK <RXU OXFN\ QXPEHU 3XHGHV VDFDU DGHODQWH WX DVXQWRV VLQ PD\RUHV FRPSOLFDFLRQHV VLHPSUH \ FXDQGR SLHQVHV ELHQ OR TXH YDV D GHFLU 7X Q~PHUR GH OD VXHUWH <RX FDQ PRYH IRUZDUG \RXU DIIDLUV ZLWKRXW PDMRU FRPSOLFDWLRQV DV ORQJ DV \RX WKLQN FDUHIXOO\ ZKDW \RX DUH JRLQJ WR VD\ <RXU OXFN\ QXPEHU $SURYHFKD ELHQ WRGR OR TXH DKRUD VH SUHVHQWH DWLHQGH WXV LQWXLFLRQHV WXV FRUD]RQDGDV \ VXHxRV WX PXQGR LQWHULRU VH VDFXGH 7X Q~PHUR GH OD VXHUWH 7DNH DGYDQWDJH RI HYHU\WKLQJ WKDW LV SUHVHQWHG QRZ DWWHQG WR \RXU LQWXLWLRQV \RXU KXQFKHV DQG GUHDPV \RXU LQQHU ZRUOG VKDNHV <RXU OXFN\ QXPEHU 7X VLJQR HVWi DKRUD HQ PHGLR GH XQ SURFHVR GH UHHYDOXDFLyQ VHQWLPHQWDO HQ HO TXH FRPSUHQGHV OR TXH DQWHV QR HQWHQGtDV 7X Q~PHUR GH OD VXHUWH <RXU VLJQ LV QRZ LQ WKH PLGGOH RI D SURFHVV RI VHQWLPHQWDO UH HYDOXDWLRQ LQ ZKLFK \RX XQGHUVWDQG ZKDW \RX GLG QRW XQGHUVWDQG EHIRUH <RXU OXFN\ QXPEHU 7XV SHUFHSFLRQHV VRQ PiV VHQVDWDV \ SXHGHV WRPDU EXHQDV GHFLVLRQHV DPRURVDV (VWiV HQ HO PRPHQWR DGHFXDGR SDUD GDU HO ³Vt 7X Q~PHUR GH OD VXHUWH <RXU SHUFHSWLRQV DUH PRUH VHQVLEOH DQG \RX FDQ PDNH JRRG ORYH GHFLVLRQV <RX DUH DW WKH ULJKW PRPHQW WR JLYH WKH \HV <RXU OXFN\ QXPEHU 1R GHMHV TXH ODV SUHRFXSDFLRQHV SRU FXHVWLRQHV PHQRUHV R WXV DVXQWRV SHUVRQDOHV R IDPLOLDUHV WH DOHMHQ GH WXV PHWDV \ SUR\HFWRV 7X Q~PHUR GH OD VXHUWH 'R QRW OHW ZRUULHV DERXW PLQRU LVVXHV RU \RXU SHUVRQDO RU IDPLO\ PDWWHUV WDNH \RX DZD\ IURP \RXU JRDOV DQG SURMHFWV <RXU OXFN\ QXPEHU 6L QRWDV TXH DOJR HPSLH]D D FDXVDUWH SUREOHPDV VHQWLPHQWDOHV WUD]D HQVHJXLGD XQD OtQHD GLYLVRULD 7X Q~PHUR GH OD VXHUWH ,I \RX QRWLFH WKDW VRPHWKLQJ EHJLQV WR FDXVH \RX HPRWLRQDO SUREOHPV GUDZ D OLQH LPPHGLDWHO\ <RXU OXFN\ QXPEHU 7~ VDEHV OR TXH TXLHUHV \ QR WLHQHV SRU TXp DSUHVXUDUWH D FRPSURPHWHUWH HQ DOJR SRFR FRQYLQFHQWH 7X Q~PHUR GH OD VXHUWH <RX NQRZ ZKDW \RX ZDQW DQG \RX GR QRW KDYH WR UXVK WR FRPPLW \RXUVHOI WR VRPHWKLQJ XQFRQYLQFLQJ <RXU OXFN\ QXPEHU (VWiV iJLO \ GHVSLHUWR GH PHQWH \ FRQ ORV SLHV ELHQ SXHVWRV VREUH OD WLHUUD HQ HVWH SHUtRGR TXH LQLFLD FRQ HO WUiQVLWR GH OD /XQD 7X Q~PHUR GH OD VXHUWH <RX DUH DJLOH DQG DOHUW DQG ZLWK \RXU IHHW ¿UPO\ RQ WKH JURXQG LQ WKLV SHULRG WKDW EHJLQV ZLWK WKH WUDQVLW RI WKH 0RRQ <RXU OXFN\ QXPEHU $XQTXH KD\D VLWXDFLRQHV TXH WH GHVFRQFLHUWHQ DSURYHFKD OR TXH HVWi RFXUULHQGR D WX DOUHGHGRU 7X Q~PHUR GH OD VXHUWH $OWKRXJK WKHUH DUH VLWXDWLRQV WKDW GLVFRQFHUW \RX WDNH DGYDQWDJH RI ZKDW LV KDSSHQLQJ DURXQG \RX <RXU OXFN\ QXPEHU &RQFpQWUDWH ELHQ HQ WXV WDUHDV ODERUDOHV SXHV SXHGHQ VXUJLU DOJXQDV LQWHUUXSFLRQHV \ FDXVDUWH GHPRUDV 7X Q~PHUR GH OD VXHUWH &RQFHQWUDWH ZHOO RQ \RXU ZRUN WDVNV DV VRPH LQWHUUXSWLRQV PD\ DULVH DQG FDXVH GHOD\V <RXU OXFN\ QXPEHU

£)HOL] GtD GH OD 0DGUH OH GHVHD &RVWD]XO

Â&#x2039; &RVWD]XO 'HUHFKRV UHVHUYDGRV /D LPDJHQ \ HO

ORJRWLSR GH HVWD SXEOLFDFLyQ VRQ SURSLHGDG GH &RVWD]XO