-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
-RKQ6DXO
'(-$'$/261,f26
&tUFXORGHOHFWRUHV
7tWXORGHORULJLQDOLQJOpV6XIIHUWKHFKLOGUHQ 7UDGXFFLyQ5D~O$FXxD &XELHUWD)DUUp²+XJXHW (GLFLRQHV 1DFLRQDOHV &tUFXOR GH /HFWRUHV (GLQDO /WGD &DOOH \ ² %RJRWi
(GLFLyQ QR DEUHYLDGD /LFHQFLD HGLWRULDO SDUD &tUFXOR GH /HFWRUHV SRU FRUWHVtD GH -DYLHU 9HUJDUD (GLWRU 4XHGD SURKLELGD VX YHQWD D WRGD SHUVRQD TXH QR SHUWHQH]FD D &tUFXOR
-RKQ 6DXO -DYLHU9HUJDUD(GLWRU6$ ,PSUHVR\HQFXDGHUQDGRSRU 3ULQWHU&RORPELDQD &DUUHWHUD² %RJRWi 3ULQWHULQ&RORPELD
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
$0LFKDHO6WDFNSXHVVLQVXFRQWULEXFLyQ HVWHOLEURQRVHKDEUtDHVFULWR
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
35Ï/2*2 +DFHFLHQDxRV $TXHOGtDODPDUHMDGDHUDLQWHQVD\SUHVWDEDXQVRQRURWHOyQGHIRQGRDODVLHVWD GHILQHVGHOYHUDQR0XFKRPiVDUULEDGHODVXSHUILFLHGHOPDUHOPLVPRYLHQWRTXH DJLWDEDODVRODVSDUHFtDDFDULFLDUODKLHUEDGHOSUDGRGRQGHMXJDEDODQLxLWD (UDXQDKHUPRVDQLxDGHRQFHDxRV\VXYHVWLGRD]XODFLDQRHUDGHOPLVPRFRORU TXH VXV RMRV 6X FDEHOOR UXELR VHGRVR FRPR VyOR VH YH HQ ORV QLxRV FD\y HQ FDVFDGDVREUHVXVKRPEURV\HVSDOGDFXDQGRVHDJDFKySDUDREVHUYDUXQDGHODV FULDWXUDV GLPLQXWDV TXHFRPSDUWtDQ VX PXQGR/D WRFy FRQ HO PHxLTXH \ UHWLUy HO GHGRFDVLDQWHVGHHVFXFKDUHOOHYHFKDVTXLGR TXH KL]RHOFROHySWHURFXDQGR VDOWy SRUHODLUH/RYLRFDHUQXHYDPHQWHHQHOVXHOR\DQWHVGHTXHHOLQVHFWRSXGLHUD RFXOWDUVHHQWUHODKLHUEDYROYLyDWRFDUOR2WUDYH]GLRXQFKDVTXLGRVDOWy\YROYLyD FDHU(OODVRQULySDUDVtPLVPDDWUDSyDOLQVHFWR\VHORPHWLyHQHOEROVLOOR $ WUDYpV GH OD WHOD JUXHVD SXGR VHQWLU ORV PRYLPLHQWRV GHO DQLPDOLWR SHUR ORV FKDVTXLGRVTXHGDURQFRPSOHWDPHQWHDPRUWLJXDGRV 0LUyKDFLDODFDVDGLVWDQWHXQRVFLHQPHWURV\OXHJRDOFDPLQRTXHEDMDEDGHOD ORPD\VHSHUGtDGHYLVWD+DEtDHVSHUDGRGLYLVDUXQFDUUXDMHVXELHQGRODFXHVWD\D VXPDGUH DJXDUGDQGR HQHOSyUWLFR 3HUR HUD WHPSUDQR GHPDVLDGR WHPSUDQR 6H SUHJXQWy TXp OH WUDHUtD VX DEXHOD 'HVHy TXH IXHUD XQ JDWLWR /H JXVWDEDQ ORV JDWLWRV 8QD UiIDJD GH YLHQWR OD GLVWUDMR /D QLxD GLULJLyOD PLUDGD KDFLD HO ERVTXH TXH VHSDUDED HO SUDGR GHO DOWR DFDQWLODGR TXH HVWDED PiV DOOi 'XUDQWH XQ ODUJR PRPHQWRPLUy KDFLDODDUEROHGDFDVLFRPRVLGLYLVDUDDOJRDOOtDOJR VLWXDGR HQORV OtPLWHVGHODOFDQFHGHVXYLVWD 6LQWLyXQGHVHRUHSHQWLQRGHLUKDFLDHOERVTXHGHFDPLQDUHQWUHORViUEROHV\ DUEXVWRV\GHSHUGHUVHGHYLVWDGHVGHODFDVDTXHWHQtDDVXVHVSDOGDV6DEtDTXH QR GHEtD KDFHUOR 6DEtD TXH HO ERVTXH VH HQFRQWUDED PiV DOOi GH ORV OtPLWHV SHUPLWLGRVTXHKDEtDSHOLJURDOOt3HURVHUtDGHOLFLRVRFDPLQDUHQWUHORViUEROHV 7DOYH]SRUHVRHPSH]yDSHUVHJXLUDOFRQHMR (Q OD HVSHVXUD RFXOWR SRU HO IROODMH \ VHQWDGR D OD VRPEUD GH ORV iUEROHV XQ KRPEUHPLUDEDILMDPHQWHKDFLD HO SUDGR 6XV RMRV QR VHDSDUWDEDQ GHOD QLxD QR PLUDEDKDFLDORVFRVWDGRVQLKDFLDODFDVDTXHVHOHYDQWDEDPiVDOOiGHOSUDGR(UD FRPRVLHVWXYLHUDKLSQRWL]DGRFRPRVLpOIXHUDSDUWHGHODHVFHQDSHURVHKDOODUD QRREVWDQWHVHSDUDGRGHODPLVPD 2EVHUYyHQVLOHQFLRFXDQGRODQLxDGLULJLyODPLUDGDSULPHURKDFLDODFDVDOXHJR KDFLD HOFDPLQR \ ILQDOPHQWH GLUHFWDPHQWH KDFLD pO 3RUXQ LQVWDQWH FXDQGR HOOD SDUHFLyH[DPLQDUORFXDQGRSDUHFLyTXHPLUDEDGHQWURGHVXDOPDHOKRPEUHWHPLy TXH GLHUD PHGLD YXHOWD \ HFKDVH D FRUUHU 6XV P~VFXORV VH WHQVDURQ SHUR QDGD VLQWLy/XHJRHOLQVWDQWHSDVy\HOKRPEUHVHUHODMy%XVFyFRQODPDQRODERWHOOD TXHHVWDEDDSR\DGDHQXQDSLHGUDMXQWRDpO\EHELyXQODUJRVRUER (UDXQFRQHMRSHTXHxR\ODQLxDFRPSUHQGLyTXHQRSRGtDWHQHUPiVTXHXQRV SRFRVPHVHV/DPLUDEDDWUDYpVGHXQDPDWDFRPRVLVXSLHUDTXHHUDYLVLEOHSHUR HVSHUDVH SDVDU LQDGYHUWLGR 6H HVWXYR PX\ TXLHWR XQ PRPHQWR PLHQWUDV HOOD VH DFHUFDEDSHURFXDQGRODQLxDOOHJyDXQRVWUHVPHWURVYLRTXHDOFRQHMRHPSH]DED D WHPEODUOH ODQDUL] &RPSUHQGLy TXH HODQLPDOLWRVH GLVSRQtD D VDOWDUHPSHUR VL
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
SHUPDQHFtDFRPSOHWDPHQWHLQPyYLOWDOYH]pOYROYHUtDDWUDQTXLOL]DUVH\HOODSRGUtD DFHUFDUVH XQ SRFR PiV (VSHUy KDVWD TXH OD QDUL] GHO FRQHMR GHMy GH WHPEODU \ HQWRQFHV DYDQ]y XQSDUGH FHQWtPHWURV(O DQLPDOLWR DUUXJy QXHYDPHQWHOD QDUL] (OOD VH GHWXYR (O FRQHMR VH VHQWy \ DO]y ODV RUHMDV /D QLxD QR VH PRYLy &DXWDPHQWHHODQLPDOLWRVHDSR\yRWUDYH]VREUHVXYLHQWUH\EDMyODVRUHMDVFRPR VLTXLVLHUDGHVDSDUHFHUFRPSOHWDPHQWHHQWUHODKLHUED /DQLxDDYDQ]y XQSRFRPiV\HOFRQHMRGLRXQVDOWR/DQLxDVRUSUHQGLGDVDOWy WDPELpQSHURQRSHUGLyGHYLVWDDVXSUHVD 9LRTXHHODQLPDOLWRHUDFRMR8QDGHODVSDWDVWUDVHUDVHUDPXFKRPiVGpELOTXH ODRWUDGHPRGRTXHDOVDOWDUVHGHVYLDEDDOJRKDFLDODL]TXLHUGD<DGHPiVSDUHFtD OHQWR 7DOYH]HOODSRGUtDD\XGDUOR (PSH]yDSHUVHJXLUORDFHUFiQGRVHFXDQWRSRGtD\FRPSUREDQGRHQVHJXLGDFRQ GHVLOXVLyQ TXH HO DQLPDOLWR KXtD GH HOOD (O FRQHMR QR SDUHFtD WHQHU XQ SODQ GHWHUPLQDGR\GXUDQWH XQWLHPSRVDOWyGHXQODGR DRWURSRU HOSUDGRRFXOWiQGRVH GHEDMRGHXQDPDWD\HQVHJXLGDGHEDMRGHRWUD 'HVGHHOERVTXHHOKRPEUHREVHUYDEDODSHUVHFXFLyQVLQDSDUWDUORVRMRVGHOD QLxD3HUFLEtDRFDVLRQDOPHQWHXQDPDQFKDJULViFHDHQHOOtPLWHGHVXFDPSRYLVXDO \ VyOR D PHGLDV HUD FRQVFLHQWH GH TXH VHWUDWDED GH XQ FRQHMR 3HUR pVWH QR OH LQWHUHVDED /HLQWHUHVDEDODQLxD 1XHYDPHQWHVHOOHYyDODERFDODERWHOODTXHDKRUDTXHGyYDFtD 6~ELWDPHQWHHOFRQHMRSDUHFLyWHQHUXQSODQ(PSH]yDDFHUFDUVHDOERVTXHQR HQOtQHDUHFWDVLQRHQXQDVXFHVLyQGHVDOWRVGHVYLDGRVKDFLDODL]TXLHUGDTXHOR OOHYDEDQGLUHFWDPHQWHKDFLDHOVLWLRGRQGHDJXDUGDEDHOKRPEUH /DQLxDDKRUDVyORFRQVFLHQWHGHOFRQHMRORVHJXtDDSXUDQGRHOSDVR(PSH]DED DVHUFDSD]GHDQWLFLSDUVHDODQLPDOLWR GHFRUUHJLUVXVHUURUHVDXQDQWHVGHTXHpO GLHUDVXVVDOWRV&XDQGRVHLQWURGXMREULQFDQGRHQHOERVTXHODQLxD\DHVWDEDPX\ FHUFD (OKRPEUHVHOHYDQWyVRVWHQLHQGRODERWHOODHQDOWRFRQORVQXGLOORVGHVXPDQR GHUHFKD EODQFRV SRU OD IXHU]D FRQ TXH OD DIHUUDED SRU HO FXHOOR %DMy OD ERWHOOD YLROHQWDPHQWH\DSODVWyFRQHOODHOFUiQHRGHOFRQHMRFXDQGRHODQLPDOLWRFD\yMXQWR DVXVSLHV6HLQFRUSRUyDWLHPSRSDUDYHUDODQLxDTXHSDVDEDGHODOXPLQRVLGDG GHO SUDGRDODVVRPEUDVGHODDUEROHGD3DUHFLyOHYDQWDUVHYLHQWR\HOUXJLGRGHOD PDUHMDGDVHKL]RPiVIXHUWH (OODQRYLRPRULUDOFRQHMR (QFDPELRVXPHQWHUHJLVWUyDOJXQDVLPSUHVLRQHV (OFRQHMRVDOWDQGRGHVGHHOSUDGRKDFLDODHVSHVXUD 8QDIRUPDTXHQRHVWDEDDOOtXQVHJXQGRDQWHVDO]iQGRVHDQWHHOOD 8QUXLGRQRGHXQJROSHVLQRPiVELHQFRPRXQFUXMLGR\HQVHJXLGDHOFRQHMR HODQLPDOLWRTXHHOODTXLVRD\XGDUUHWRUFLpQGRVHDORVSLHVGHOKRPEUH (OODORPLUyDODFDUD 7HQtDORVRMRVLQ\HFWDGRVGHVDQJUH\ODEDUEDFUHFLGDOHVRPEUHDEDHOPHQWyQ 6XPLUDGDTXHXQDYH]IXHUDEULOODQWH\D]XOFRPRXQFLHORGHRWRxRVHKDEtDYXHOWR DSDJDGD\ HOFDEHOORHUD XQD GHVFRORULGD PDUDxDTXH ORWRUQDED LUUHFRQRFLEOH8Q UHOiPSDJRGHUHFRQRFLPLHQWRFUX]yHOURVWURGHODQLxDSHURGHVDSDUHFLyPLHQWUDV XQJULWRHPSH]DEDDIRUPDUVHHQVXJDUJDQWD(QHVHSUHFLVRLQVWDQWHHOKRPEUH VROWyODERWHOOD\VHDUURMyVREUHODQLxD 8QEUD]R VHFHUUy HQWRUQR D VXFXHUSHFLWR \ OD PDQR TXH KDEtD VRVWHQLGR OD ERWHOODOHWDSyODERFDDQWHVGHTXHSXGLHUDHPLWLUHOJULWR/DOHQJXDGHHOODWRFyOD PDQRGHpO\VHUHWUDMRDQWHHOVDERUDZKLVN\
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
(OODDO]yVLQHVIXHU]R\VHYROYLySDUDLQWHUQDUVHFRQHOODPiVSURIXQGDPHQWHHQ HO ERVTXH 0LHQWUDV HOOD VH GHEDWtD HQ VXV EUD]RV pO OD DIHUUy FRQ PiV IXHU]D \ HPSH]yDVHQWLUHQVXVLQJOHVXQFDORUTXHQRHUDFDXVDGRSRUHODOFRKROTXHWHQtD HQODVDQJUH /RKL]RHQVLOHQFLR (QVLOHQFLRODGHSRVLWyHQXQSHTXHxRFODUR\HQVLOHQFLRVHOOHYyODPDQRDOD KHELOODGHOFLQWXUyQ 6HORTXLWy\ORXVySDUDDWDUOHODVPXxHFDV&XDQGRHOODURPSLyHOVLOHQFLRFRQ VXVJULWRVpOODDERIHWHyFRQIXHU]D(OODUHGXMRVXVJULWRVDXQJHPLGR\ORPLUyFRQ ODH[SUHVLyQDWHUURUL]DGDGHXQDQLPDOHQXQDWUDPSD(OVROGHVDSDUHFLyGHWUiVGH XQDQXEH 6H YLVWLy OHQWDPHQWH GHVDWy HO FLQWXUyQ GH ODV PXxHFDV GH OD QLxD \ YROYLy D FRORFiUVHOR DOUHGHGRU GH VX FLQWXUD /XHJR DFRPRGy FRPR SXGR ODV URSDV GHVJDUUDGDVGHODQLxD\ODOHYDQWyFRQPXFKDVXDYLGDG$FRPRGyODFDEHFLWDGH HOODVREUHXQRGHVXVKRPEURV\ODOOHYyIXHUDGHOERVTXH6HGLULJLyKDFLDHOPDU\ VHGHWXYRVREUHHODOWRDFDQWLODGRVRVWHQLHQGRDVXKLMDHQGLUHFFLyQDORFpDQRFDVL FRPRVLIXHUDXQDRIUHQGD (PSH]yDOORYHU (VWXYRDOOtXQODUJRPRPHQWRFRPRVLHVSHUDVHXQDVHxDO /XHJRDFRPRGyDODQLxDGHPRGRTXHSXGLHUDWHQHUXQDPDQROLEUH\HPSH]yD GHVFHQGHUFXLGDGRVDPHQWHHO DFDQWLODGRHOLJLHQGRFRQVHJXULGDGODV URFDV GRQGH DSR\DUORVSLHV\DILUPiQGRVHFRQVXPDQROLEUHVyORFXDQGRSLVDEDXQDURFDIORMD &XDQGRD~QIDOWDEDQTXLQFHPHWURVSDUDODVXSHUILFLHGHODJXDHOLJLyVXFDPLQR URGHDQGR XQ JUDQ SHxDVFR 'HWUiV GH pVWH RFXOWR SDUD ORV RMRV PiV DWHQWRV OD VyOLGDPXUDOODGHODFDQWLODGRHVWDEDLQWHUUXPSLGDSRUXQDSHTXHxDDEHUWXUD(PSXMy HOFXHUSRIOiFFLGRGHODQLxDGHQWURGHODDEHUWXUD\OXHJRGHVDSDUHFLyGHWUiV &XDQGRHPHUJLyVRORSRUODDEHUWXUDGHODFDQWLODGRHOFLHORSDUHFLyGHVJDUUDUVH \HOYLHQWRODOOXYLD\HODJXDGHOPDUOHD]RWDURQODFDUD/DVDJXDVVHPH]FODEDQ HQ VXV ODELRV \VXOHQJXD SHUFLELyXQH[WUDxR VDERUGXOFH \VDODGR6LQYROYHU OD PLUDGDKDFLDODHQWUDGDGHODFXHYDHPSH]yDDVFHQGHUSRUHODFDQWLODGR /DV URFDV PRMDGDV SRU OD WRUPHQWD VH KDEtDQ YXHOWR UHVEDODGL]DV \ HO YLHQWR SDUHFtDTXHUHUDUUDQFDUORGHVXSHOLJURVDSRVLFLyQ &DGD YH]TXHVX SLHUHVEDODED VXVPDQRVVDQJUDEDQXQSRFRPiVSHURpOQRORVHQWtD6yORSHUFLEtDODILUPH]DGH ODWLHUUDGHEDMRGHpO\ODIXULDGHORVHOHPHQWRVDVXDOUHGHGRU &XDQGROOHJyDODFLPDGHODFDQWLODGRFRUULySDUDLQWHUQDUVHHQHOERVTXHFRPRVL HOPDUSXGLHVHOHYDQWDUVH\DUUDVWUDUOHVLYDFLODEDXQVHJXQGR&XDQGRHOERVTXHVH FHUUyDVXVHVSDOGDVHPSH]yDUHODMDUVH &UX]y HO ERVTXH FRQ GHWHUPLQDFLyQ SDVy SRU HO FODUR SLVRWHDGR GRQGH UHFLHQWHPHQWH KDEtD \DFLGR FRQ OD QLxD \ OOHJy DO VLWLR GRQGH OD ERWHOOD YDFtD DJXDUGDEDDOOtGRQGHpOODKDEtDDUURMDGR <HOFRQHMR (QWRQFHVVHGHWXYR\EDMyODPLUDGDKDFLDHOFRQHMRFX\RFDGiYHUHPSDSDGRGH OOXYLD\DFtDODVWLPRVDPHQWHLQPyYLO /ROHYDQWyORDFRPRGyHQVXVEUD]RVFRPRVLIXHUDXQEHEp\UHLQLFLyODPDUFKD DWUDYpVGHOSUDGRHQGLUHFFLyQDODFDVDTXHHVWDEDPiVDOOi
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
1RVHGHWXYRHQHOSUDGRQLVLTXLHUDGHGLFyXQPRPHQWRSDUDPLUDURWUDYH]HO OXJDUGRQGHHOODKDEtDHVWDGRMXJDQGR0DQWXYRHQFDPELRODPLUDGDILMDHQODFDVD FRQODPLVPDFRQFHQWUDFLyQKLSQyWLFDFRQTXHDQWHVKDEtDREVHUYDGRDODQLxD 'HMy HO SUDGR FUX]yHOFXDGUR GH FpVSHG \ HQWUyHQOD PDQVLyQ SRU OD DQFKD SXHUWDGHODQWHUD 1DGLHORYLRFXDQGROOHYDQGRHOFDGiYHUGHOFRQHMRFUX]yHOYHVWtEXOR\HQWUyHQ VXJDELQHWH7DPSRFRHVWDEDQHQFHQGLGDVWRGDYtDODVOXFHVGHJDVTXHODQ]DEDQ ODVVRPEUDVTXHpOWHPtDPLUDU &HUUy OD SXHUWD GH VX JDELQHWH \ VH VHQWy HQ XQ VLOOyQ IUHQWH DO KRJDU FRQ HO FRQHMRPXHUWRVREUHVXUHJD]R /DUJR WLHPSRHVWXYR DOOt LQFOLQDGR KDFLDDGHODQWH FRPRTXHULHQGRH[WUDHUFDORU GHOKRJDUDSDJDGRTXHWHQtDIUHQWHDpO\DFDULFLDQGRFRQODVPDQRVODSLHOPRMDGD GHOFRQHMR'HWDQWRHQWDQWRDO]DEDODPLUDGDKDFLDHOUHWUDWRGHODKHUPRVDQLxD FRQYHVWLGRGHVHGDD]XODFLDQRTXHFROJDEDVREUHHOKRJDU 1RR\yOOHJDUHOFDUUXDMHQLHOVRQLGRGHODOGDEyQDOFDHUVREUHODSXHUWDSULQFLSDO 1RR\yTXHOODPDEDQVXDYHPHQWHDVXSURSLDSXHUWDQRR\yHOOHYHUXLGRGHOD SXHUWDTXHVHDEUtDQLORVSDVRVDSDJDGRVGHODGRQFHOODDOHQWUDUHQVXJDELQHWH (OODHVSHUyHQVLOHQFLRMXQWRDOVLOOyQKDVWDTXHSRUILQpODGYLUWLyVXSUHVHQFLD ²¢6t" ²GLMR pO \ OD SDODEUD VRQy H[WUDxDPHQWH D VXV RtGRV FRPR VL RWUD SHUVRQDODKXELHUDSURQXQFLDGR ²'LVFXOSH VHxRU -RKQ ²GLMR VXDYHPHQWH OD GRQFHOOD² %XVFR D OD VHxRULWD %HWK/DDEXHODSUHJXQWDSRUHOOD ²¢/DVHxRULWD%HWK"¢1RHVWiHQFDVD"(VWDEDHQHOSUDGR ²1RVHxRU²UHVSRQGLyODGRQFHOOD²3DUHFHTXHQRVHHQFXHQWUDHQODFDVD 3HQVpTXHWDOYH] (ODO]yXQDPDQRFRQJHVWRGHFDQVDQFLR ²1RHOODQRHVWiFRQPLJR²GLMR²
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
3DUDpOWRGRKDEtDWHUPLQDGR
&DStWXOR 3RUW $UEHOOR VH HQFDUDPDED DSUHWDGDPHQWH VREUH ORV ULVFRV TXH VH DO]DEDQ GHVGHHORFpDQRVXViUEROHVRVWHQWDEDQVXVJDODVILQDOHVGHRWRxRFRQXQFRORULGR TXHGHVPHQWtDODGHVQXGH]TXHKDEUtDQGHH[KLELUPX\SURQWR/DEULVDGHO$WOiQWLFR VHxDODEDHOILQDOGHOYHUDQLOORGHVDQ0DUWtQ\5D\1RUWRQROLyHQHODLUHORVSULPHURV DQXQFLRVGHOLQYLHUQRFXDQGRDOYRODQWHGHO~QLFRDXWRPyYLOGHODSROLFtDGHOSXHEOR WRPyHOFDPLQRGH3XQWD&RQJHU 5D\ KDEtD FUHFLGR HQ 3RUW $UEHOOR \ DKRUD DO SURPHGLDU VX FLQFXHQWHQD HPSH]DEDDVHQWLUVHYLHMR6HKDEtDYLVWRDVtPLVPRFDPELDU\HQYHMHFHUPLHQWUDV 3RUW $UEHOOR SHUPDQHFtD LJXDO 7UDWDED GH UHFRUGDU TXp FDPELRV KDEtD VXIULGR HO SXHEOR GHVGH VX QDFLPLHQWR \ FRPSUHQGtD TXH QR HUDQ VXILFLHQWHV SDUD KDFHU DOJXQDGLIHUHQFLD $OOtVHHUJXtDHOQXHYRPRWHOKDFLHQGRORSRVLEOHSRUDSDUHQWDUTXHHVWDEDHQHO OXJDUGHVGH HOFRPLHQ]RGHORVWLHPSRV 1R HUDDVt \DOSDVDUIUHQWH DpO 5D\ VH SUHJXQWyTXpRFXUULUtDFXDQGRSRUILQODVSpUGLGDVIXHUDQWDQJUDQGHVTXHUHVXOWDUDQ LQWROHUDEOHVSDUDORVSURSLHWDULRV4XL]iVHOPXQLFLSLRSRGUtDFRPSUDUOR\FRQYHUWLUOR HQXQFOXEGHFDPSR6DFDUHODQXQFLRGHQHyQ7UD]DUXQFDPSRGHJROI (QWRQFHVUHFRUGyTXH3RUW$UEHOOR\DKDEtDSUREDGRFRQXQFOXEGHFDPSRRSRU ORPHQRVXQHGLILFLRFHUFDGHOYLHMRFDPSRGHJROI(VRWDPELpQKDEtDIUDFDVDGR\ DKRUD HO HGLILFLR HVWDED YDFtR \ HQ UXLQDV \ VyOR VHUYtD GH UHIXJLR D ODV SRFDV SHUVRQDV TXH WRGDYtD MXJDEDQ DO JROI 1R KDEtD PiV GHFXDUHQWD R FLQFXHQWD GH HOORV\WRGR ORTXHSRGtDQKDFHU HUD UHXQLUIRQGRVVXILFLHQWHVSDUDSDJDU WRGRVORV DxRVDOFXLGDGRUGHOFDPSR (Q FRQMXQWR IXHUD GHO QXHYR PRWHO TXH WHQtD \D VXV TXLQFH DxRV QR KDEtD PXFKDV FRVDV QXHYDV HQ 3RUW $UEHOOR 8QD WLHQGD FDPELDED RFDVLRQDOPHQWH GH GXHxRVHRIUHFtDXQDFDVDGHFXDQGR HQ FXDQGR\XQDYH]FDGD WDQWR XQD QXHYD IDPLOLD VH HVWDEOHFtD HQ HO SXHEOR (Q VX PD\RU SDUWH HPSHUR HO SXHEOR HUD FRQVHUYDGRU\VXVKRJDUHV\QHJRFLRVSDVDEDQGHXQDJHQHUDFLyQDODVLJXLHQWH 6XV SHTXHxDV JUDQMDV VHJXtDQ VLHQGR JUDQMDV SHTXHxDV \ VX SHTXHxD IORWD SHVTXHUDFRQWLQXDEDPDQWHQLHQGRDXQJUXSRSHTXHxRGHSHVFDGRUHV 3HURHVRHUDORTXHHOORVGHVHDEDQVHJ~QHQWHQGtD5D\+DEtDQFUHFLGRHQHVD IRUPD\DHOODHVWDEDQKDELWXDGRV1RWHQtDQLQWHQFLRQHVGHFDPELDU6HDFRUGDED GHKDFtD XQRV DxRV ²FXiQWRV QRHVWDEDVHJXURSHUR GHELyVHULQPHGLDWDPHQWH GHVSXpV GH OD JXHUUD² FXDQGR XQ SURPRWRU GH XUEDQL]DFLRQHV FRPSUy FRQVLGHUDEOHVH[WHQVLRQHVGHWLHUUDIXHUDGHORVOtPLWHVGHOSXHEOR(VWDEDGHFLGLGR DFRQYHUWLUD3RUW$UEHOORHQXQDORFDOLGDGYHUDQLHJDOOHQDGHFDVDVSUHIDEULFDGDV\ GHWXULVWDV (O SXHEOR VH HQWHUy GHO SODQ \ SRU SULPHUD YH] HQ VX KLVWRULD 3RUW $UEHOOR VH PRYLyUiSLGDPHQWH(QXQD~QLFDUHXQLyQYHFLQDOFRQHODSR\RGHWRGRVH[FHSWRHO JUDQMHUR TXH KDEtD YHQGLGR VX SURSLHGDG 3RUW $UEHOOR DSUREy RUGHQDQ]DV VREUH ]RQDVUHVLGHQFLDOHVTXHSURKLEtDQHVRVSUR\HFWRV\SURFHGLyDDQH[LRQDUDOHMLGRGHO PXQLFLSLR OD SURSLHGDG TXH VH SURSRQtDQ XUEDQL]DU (O SURPRWRU OOHJy KDVWD ORV WULEXQDOHVSHUR3RUW$UEHOORJDQy$OILQDOHOSURPRWRUVHYLRLQFDSDFLWDGRGHYHQGHU OD SURSLHGDG \ HO JUDQMHUR XQ SDU GH FLHQWRV GH GyODUHV PiV ULFR OHYDQWy DQWLFLSDGDPHQWHVXKLSRWHFDVHFRPSUyORPiVPRGHUQRHQHTXLSRV\KHUUDPLHQWDV \VLJXLyWUDEDMDQGRIHOL]VXWLHUUDKDVWDODHGDGGHRFKHQWD\VHLVDxRV5D\VRQULy VDUFiVWLFDPHQWHSDUDVtPLVPR$VtHUDQODVFRVDVHQ3RUW$UEHOOR
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
+L]RVRQDUODERFLQDFXDQGRSDVyIUHQWHDODFDVDGHOJUDQMHURSHURQRDJLWyOD PDQR1RWXYRTXHKDFHUORSRUTXHHOJUDQMHURDEVWUDtGRHQORTXHHVWDEDKDFLHQGR QROHYDQWyODPLUDGDGHOVXHORGHVXFDPSR3HUR5D\VDEtDTXHODSUy[LPDYH]TXH ORFUX]DUDHQHOSXHEORHOYLHMRVHWRFDUtDHOERUGHGHODODGHOVRPEUHUR\GLUtD©PH DOHJUpGHYHUWHHORWURGtD5D\ª(VRWDPELpQHUDODIRUPDHQTXHVHKDFtDQODV FRVDVHQ3RUW$UEHOOR $ XQ NLOyPHWUR \ PHGLR GHO SXHEOR HO FDPLQR GH 3XQWD &RQJHU WRUFtD KDFLD OD L]TXLHUGD HQ GLUHFFLyQ DOD3XQWDDQWHVGH UHWRPDUVXUHFRUULGR KDFLD HO VXU 5D\ VXSRQtDTXHHVWRWDPELpQHUDDOJRQXHYRDXQTXHHOFDPLQRKDEtDVLGRSURORQJDGR PiVDOOiGH3XQWD&RQJHUPXFKRDQWHVGHTXHpOQDFLHUD3HURHQORVYLHMRVGtDV HQORVGtDV YHUGDGHUDPHQWH YLHMRVSUREDEOHPHQWHWHUPLQDEDHQ ODSXHUWD SULQFLSDO GHORV&RQJHUFRPRXQDYtDGLUHFWDGHVGHHOFRUD]yQGHOSXHEORDODUHVLGHQFLDGH VXVFLXGDGDQRVSULQFLSDOHV /D IDPLOLD &RQJHU DXQTXH QR HVWDED HQWUH ODV IXQGDGRUDV GH 3RUW $UEHOOR ILJXUDEDGHVGHKDFtDWDQWRWLHPSRHQODFLPDGHODHVFDODVRFLDOTXHDKRUDHQWUHOD SREODFLyQVHWHQtDSRUDUWtFXORGHIHTXHQDGDSRGtDVXFHGHUHQ3RUW $UEHOORVLQOD DSUREDFLyQGHORV&RQJHU7DPELpQHUDDUWtFXORGHIHTXHORV&RQJHUHUDQULFRV1R WDQULFRVTXL]iFRPRORV5RFNHIHOOHU\ORV&DUQHJLHSHUROREDVWDQWHFHUFDSDUD 3RUW $UEHOOR FRPR SDUD TXH OD GLIHUHQFLD QR WXYLHUD LPSRUWDQFLD 7RGDYtD VH UHFRUGDEDQORVGtDVHQTXHHOIHUURFDUULOFRQVWUX\yXQUDPDOHVSHFLDOD 3RUW$UEHOOR SDUD XVR GHO YDJyQ SULYDGR GHO DOPLUDQWH 7RGDYtD UHFRUGDEDQ FXDQGR OD VHUYLGXPEUHGH3XQWD&RQJHUGREODEDHQQ~PHURDORVPLHPEURVGHODIDPLOLDTXH KDVWD KDFtD SRFR VLHPSUH IXH QXPHURVD 6XSRQtDQ TXH ORV &RQJHU JHQWHV VHQVLEOHV \ GH EXHQJXVWR KDEtDQ UHGXFLGR HO SHUVRQDO GH VHUYLFLR QRSRUTXH QR SRGtDQ VHJXLU VRVWHQLpQGROR VLQR SRUTXH DKRUD XQD VHUYLGXPEUH QXPHURVD VH WHQtDSRURVWHQWRVD 5D\1RUWRQTXHYLYtDHQHOFDPLQRGHOD3XQWD\KDEtDFUHFLGRFRQHOSDGUHGH -DFN &RQJHU HVWDED PHMRU HQWHUDGR 5D\ WHQtD XQD HGDG TXH FDtD HQWUH GRV JHQHUDFLRQHV&RQJHU \ VHFRQVLGHUDED SULYLOHJLDGR SRUHVWDU HQEXHQRV WpUPLQRV VRFLDOHV FRQ GRV JHQHUDFLRQHV GH HVD IDPLOLD DXQ FXDQGR HO PD\RU \D KDEtD PXHUWR5D\KDEtDVLGRGLHFLVLHWHDxRVPHQRUTXHHOSDGUHGH-DFN&RQJHU\HUD TXLQFHDxRVPD\RU TXH-DFN(VWRVXPDGRDOKHFKRGHTXHHUDXQYHFLQR\HOMHIH GHSROLFtDORFRORFDEDHQXQDSRVLFLyQGHSUR[LPLGDGDOSRGHU(OGLVIUXWDEDGHHVD SRVLFLyQ\SRQtDPXFKRFXLGDGRHQQRDUULHVJDUODKDEODQGRGHORTXHVDEtDDFHUFD GHORV&RQJHU 6DFy VXDXWRPyYLO GHODFDUUHWHUD\HQILOySRUODFDO]DGDGHORV&RQJHU /DFDVD SRGtD FRQWHPSODUVH GHVGH DQWHV GH HQWUDU HQ HVD FDO]DGD (Q UHDOLGDG SRGtD YpUVHODGHVGHHOPRPHQWRHQTXHHOFDPLQRDWUDYHVDEDHOH[WUHPRGHOERVTXHTXH FUHFtDDORODUJRGHODFRVWDQRUWHGHOD3XQWD\HPSH]DEDDERUGHDUHOSUDGRTXH VHSDUDEDODPDQVLyQGHOERVTXH3HUR5D\VLHPSUHSRQtDFXLGDGRHQQRPLUDUKDFLD ODFDVDKDVWDQRKDEHUOOHJDGRDOH[WUHPRGHOVHQGHURSDUDFRFKHV'HVGHHVHOXJDU SRGtDDEVRUEHUODSRGtDGHOHLWDUVHHQODFRQWHPSODFLyQGHODJUDQGH]DFRQTXHVH OHYDQWDEDDOILQDOGHODDYHQLGDFRQVXLPSRQHQWHSyUWLFRDSDUHFLHQGRDXVWHUDPHQWH HQWUHOD GREOHILODGH DxRVRVUREOHVTXH IODQTXHDEDQHOFDPLQR(UDXQDHVWUXFWXUD FXDGUDGD GH FDVL GRV VLJORV GH DQWLJHGDG SHUR VXV VHQFLOODV OtQHDV \ iQJXORV UHFWRV SDUHFtDQ FRPELQDU DUPRQLRVDPHQWH FRQ OD GHVRODFLyQ GHO SURPRQWRULR VROLWDULRVREUHHOTXHVHDVHQWDED7HQtDXQDLUHRUJXOORVRFRPRVLGHVDILDUDDOPDU DTXHVXELHUDKDVWDHOOD\ODGHYRUDVH+DVWDDKRUDHOPDUQRORKDEtDKHFKR\5D\ 1RUWRQGXGDEDTXHORKLFLHUDMDPiV (VWDFLRQy VX DXWRPyYLO \ FUX]y HO SyUWLFR KDVWD OD JUDQ SXHUWD GH UREOH &RPR VLHPSUHVHVLQWLyWHQWDGRGHOHYDQWDUHODQWLJXRDOGDEyQGHEURQFH\GHMDUORFDHU
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
FRQWUDODPDGHUDSDUDFDXVDUHOIXHUWHVRQLGRTXHUHVRQDUtDGHQWURGHODFDVD\TXH VLHPSUHOHKDFtDHYRFDUWLHPSRVSDVDGRV3HURFRPRVLHPSUHUHVLVWLyHOLPSXOVR\ RSULPLyHOERWyQTXHKDUtDVRQDUODFDPSDQLOODHQHOYHVWtEXORSULQFLSDO ²&KXFKHUtDPRGHUQD²PXUPXUySDUDVtSDURGLDQGRVXDVFHQGHQFLDGH1XHYD ,QJODWHUUD 5RVH &RQJHU DEULy SHUVRQDOPHQWH OD SXHUWD \ VX URVWUR VH LOXPLQy FRQ XQD DJUDGDEOHVRQULVDDODYLVWDGH5D\1RUWRQ ² L5D\6L EXVFDV D -DFN HVWiV HQ HO VLWLRHTXLYRFDGR &RPRVDEHVHQ HVWRV GtDVWLHQHPXFKRWUDEDMR ²$ pO OR YHUp PiV WDUGH ²GLMR 5D\²$KRUD QHFHVLWR KDEODU FRQWLJR ¢7LHQHV DOJRGHFDIp" 5RVHUHWURFHGLySDUDGHMDUORHQWUDU ²
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
²< VL HOOD SXGLHUD VDOLUVH FRQ OD VX\D WHQGUtD D (OL]DEHWK \ D 6DUDK WRGR HO WLHPSRYHVWLGDVDVt²GLMR5RVHPLHQWUDVVHUYtDHOFDIp²<PDQWHQGUtDODVURSDV LPSHFDEOHPHQWHOLPSLDVDXQVLWXYLHUDTXHODYDUODVJROSHiQGRODVFRQWUDXQDSLHGUD /RVWLHPSRVSRGUiQFDPELDUSHURQRODVFRVWXPEUHVGHODVHxRUD*RRGULFK ²/RVp²GLMR5D\FRQXQDPXHFD²6LQRHVWXYLHUDHQWHUDGRMXUDUtDTXHHOODQR KDFDPELDGRGHVGHTXH\RHUDQLxR6LHPSUHPHLQWULJyVDEHUVLKXERDOJXQDYH]XQ VHxRU*RRGULFK ²¢4XLpQVDEH"²GLMR5RVHHQFRJLpQGRVHGHKRPEURV²6LPSOHPHQWHXQRQR KDFHHVDVSUHJXQWDVDODVHxRUD*RRGULFK 5RVHVHDFRPRGyHQHOVRIiIUHQWHD5D\\HPSH]yDEHEHUVXFDIp ²¢<TXpWHWUDHSRUDTXtDPHGLDPDxDQD"²SUHJXQWy²¢
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
²&RQVLGHUDUtDPRVODSRVLELOLGDGGHFRQVWUXLUOHVXQDSLVFLQD\SHUPLWLUOHVSHVFDU HQHODUUR\R²GLMR5RVHiFLGDPHQWH²&UHRTXHQDGLHVHGDFXHQWDGHORSHOLJURVR TXHHVHVHOXJDU ²%XHQR VHD FRPR IXHUH QR VDEHPRV GyQGH HVWXYR $QQH 3XGR VHU HQ OD FDQWHUD SXGR VHU HQ HO DFDQWLODGR R SXGR VHU HQ FXDOTXLHU RWUD SDUWH 1R OR VDEUHPRVKDVWDTXHQRHPSLHFHDKDEODU ²6L HPSLH]D D KDEODU ²PXUPXUy 5RVH SUHJXQWiQGRVH LQPHGLDWDPHQWH VL KDEtD VLGR SUXGHQWH HQXQFLDU VX SHQVDPLHQWR HQ YR] DOWD 0LUy D 5D\ \ YLR FRPSDVLyQ HQ ORV RMRV GH pO %XHQR HUDQ YLHMRV DPLJRV \ KDFtD PXFKR TXH pO HVWDEDDOWDQWRGHORVWRUPHQWRVSULYDGRVGHORV&RQJHU ²¢6LHPSLH]DDKDEODU"²LQTXLULyJHQWLOPHQWH5D\ ²3XHGHVHUTXHQRKDEOH²GLMR5RVHDO]DQGRORVKRPEURV²6LDOJROHVXFHGLy DOJRTXHQRTXLHUHUHFRUGDUSRGUtDFHUUDUVXPHQWHKHUPpWLFDPHQWH ²$ PHQRV TXH HO PpGLFR GHWHUPLQH TXH IXH YLRODGD ²GLMR 5D\² QR SXHGR LPDJLQDUPHTXpSXGRVXFHGHUOH<IUDQFDPHQWHQRFUHRTXHKD\DVLGRYLRODGD1R DTXt1RHQ3RUW$UEHOOR ²&RVDV DVt VXFHGHQ PXFKR PiV D PHQXGR GH OR TXH XQR FUHH ²GLMR 5RVH VRQULHQGRGpELOPHQWH 5D\VDFXGLyODFDEH]DFRQH[SUHVLyQGXELWDWLYD ²6LTXLHUHVVDEHUPLRSLQLyQ²GLMR²FUHRTXH$QQHVHTXHGyIXHUDGHVXFDVD PiVWDUGHGHORSHUPLWLGR\SHQVyHQXQDOLQGDKLVWRULDSDUDHVFDSDUDOFDVWLJRTXH PHUHFH6LIXHUDKLMDPtD ²3HURQRORHV²VHxDOy5RVH ²1RQRORHV²GLMR5D\²3HUR\RVR\HOMHIHGHSROLFtD\WHQJRXQWUDEDMRTXH KDFHU¢(VHVRORTXHTXLVLVWHGHFLUPH" ²(VR HV OR TXH TXLVH GHFLUWH ²GLMR 5RVH VRQULHQGR² 'pMDPH TXH OODPH D (OL]DEHWK7DOYH]HOODVHSDDOJRTXHW~LJQRUDV )XHKDVWDODSXHUWDGHOJDELQHWH\OODPyDVXKLMD(VWDEDVLUYLHQGRXQDVHJXQGD WD]DGHFDIpFXDQGR(OL]DEHWK&RQJHUHQWUyHQODKDELWDFLyQ 7HQtDXQRVWUHFHDxRVSHURQDGDGHODDFWLWXGGHVPDxDGDFDUDFWHUtVWLFDHQOD PD\RUtDGHODVQLxDVGHHVDHGDG5D\QRWyTXHHOSDUHFLGRFRQHODQWLJXRUHWUDWR HUDFLHUWDPHQWHVRUSUHQGHQWH/RVPLVPRVRMRVHOPLVPRFDEHOORUXELR\VHGRVR\ VL KXELHUD HVWDGR SHLQDGD GH PRGR TXH HO FDEHOOR FD\HVH OLEUHPHQWH VREUH ORV KRPEURV ORV PLVPRV UDVJRV (OL]DEHWK OOHYDEDFROD GH FDEDOORFRQ IOHTXLOOR HQ OD IUHQWH\HOFDEHOORFODURFDVLVHIXQGtDHQODSDOLGH]GHODSLHOTXHDFHQWXDEDQVXV RMRVLQFUHtEOHPHQWHD]XOHV 2WUDQLxD6DUDKSHUPDQHFtDVLOHQFLRVDGHWUiVGH(OL]DEHWK'RVDxRVPHQRUTXH VXKHUPDQD6DUDKFRQWUDVWDEDGHPDQHUDVLQJXODUFRQODQLxDPD\RU(UDWULJXHxD \VXVRMRVSDUHFtDQKXQGLUVHSURIXQGDPHQWHHQVXLQWHULRUFRPRVLHOODYLYLHUDHQ RWUR PXQGR /OHYDED HO FDEHOOR FRUWR \ OR WHQtD WDQ RVFXUR FRPR UXELR HUD HO GH (OL]DEHWK <PLHQWUDV(OL]DEHWK YHVWtD XQDPLQLIDOGD SUROLMDPHQWH SODQFKDGD \ XQD EOXVDFRQYRODQWHV6DUDKYHVWtD MHDQVD]XOHV\XQDFDPLVDGHIUDQHODDFXDGURV (OL]DEHWKHQWUyHQODKDELWDFLyQ\VDOXGyD5D\ ²+RODVHxRU1RUWRQ¢$WUDSyILQDOPHQWH DPDPi"(OODKD HVWDGRHVWDFLRQDQGR HODXWRPyYLOGRQGHQRGHEtD6LTXLHUHOOHYiUVHODDKRUDKDUpTXHODVHxRUD*RRGULFK OHSUHSDUHXQDPDOHWD²GLMR(OL]DEHWK\VHVHQWyHQPHGLRGHODVFDUFDMDGDVGHVX PDGUH\GHOMHIHGHSROLFtD ²/RVLHQWR(OL]DEHWK²GLMR5RVH²(OQRSXHGHSUREDUPHQDGD /XHJRODYR]GH5RVHDGTXLULyXQWRQRVHULR\ODVRQULVDGH(OL]DEHWKVHERUUyGH VXURVWURFXDQGROHSUHJXQWDURQVLKDEtDYLVWRD$QQH)RUDJHUFHUFDGHODPDQVLyQ
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
GXUDQWHODWDUGHDQWHULRU3HQVyFXLGDGRVDPHQWHDQWHVGHUHVSRQGHU&XDQGRSRUILQ KDEOyVXYR]WHQtDXQDPDGXUH]TXHQRSDUHFtDHVWDUGHDFXHUGRFRQVXHGDG ²&UHRTXHQR²GLMR(OL]DEHWK²/D~OWLPDYH]TXHUHFXHUGRKDEHUYLVWRD$QQH D\HUHOODFDPLQDEDHQGLUHFFLyQDODFDOOH)XOWRQVROD3DUHFtDTXHVHGLULJtDDVX FDVD ²(VRHVORTXHWDPELpQGLFH$QQH²GLMR5D\FRQXQJHVWRGHDVHQWLPLHQWR² &DPLQDEDSRUODFDOOH)XOWRQ\DSDUWLUGHDOOtQRUHFXHUGDQDGDKDVWDTXHHVWXYR SRUDTXt ²¢3RUDTXt"²SUHJXQWy(OL]DEHWK ²$QQHGLFHTXHQRVDEHTXpOHVXFHGLy3HURGLFHTXHIXHFDPLQDQGR KDVWDVX FDVDSRUHOFDPLQRGHOD3XQWDDOUHGHGRUGHODVRQFH ²(QWRQFHV HVR PH GHMD IXHUD GHO FDVR ²GLMR (OL]DEHWK² 0H YR\ D OD FDPD WRGDVODVQRFKHVDODVQXHYH ²%LHQHQWRQFHVVXSRQJRTXHHVRHVWRGR²GLMR5RVHSRQLpQGRVH GHSLH²/R VLHQWR 5D\ SHUR SDUHFH TXH QR SRGHPRV D\XGDUWH +DV YHQLGR KDVWD DTXt LQ~WLOPHQWH 7DPELpQ 5D\VHSXVRGHSLH\ ORVFXDWURFUX]DURQHOYHVWtEXOR5D\HVSHUy TXH (OL]DEHWK OOHYDUD D VX KHUPDQD HVFDOHUDV DUULED \ OXHJR PLUy D 5RVH +DEtD SUHRFXSDFLyQHQVXPLUDGD\5RVHSXGRDQWLFLSDUVHDVXSUHJXQWD ²&UHR TXH HVWi PHMRUDQGR 5D\ /R FUHR GH YHUGDG 7RGDYtD QR KDEOD SHUR SDUHFHXQSRFRPiVDQLPDGDTXHKDFHXQDxR²VXYR]SHUGLyDOJRGHFODULGDG² 3RUVXSXHVWRTXL]iVHVWpHQJDxiQGRPHDPtPLVPD(QODHVFXHODGLFHQTXHQR FUHHQTXHKD\D KDELGRFDPELRV TXH HOOD HVOD PLVPDGH VLHPSUH3HUR SRU RWUD SDUWH (OL]DEHWKSDUHFHFUHHUTXH ODHQFXHQWUD PHMRUDGD < 'LRV VDEH TXH 6DUDK SDVDPiVWLHPSRFRQ(OL]DEHWKTXHFRQFXDOTXLHUDGHOUHVWRGHQRVRWURV1RVpTXp KDUtDVLQHOOD5HDOPHQWHQRORVp 6HGHVSLGLHURQ \5RVH HVSHUyHQ HOSyUWLFRKDVWD TXH YLR TXH HODXWRPyYLOGH 5D\WRPDEDHOFDPLQRGHOD3XQWD/XHJRVHYROYLy\PLUySHQVDWLYDPHQWHPiVDOOi GHO SUDGR KDFLD ORV ERVTXHV TXH OH LPSHGtDQ YHU HO DFDQWLODGR )LQDOPHQWH GLR PHGLDYXHOWDHQWUyHQODFDVD\VXELyODVHVFDOHUDVSDUDUHXQLUVHFRQVXVKLMDV 6HKDOODEDQ HQHOFXDUWR GHMXHJRV\ODSXHUWDHVWDEDDELHUWD5RVHSHUPDQHFLy XQ PRPHQWR VLOHQFLRVD HQ HO FRUUHGRU REVHUYDQGR FyPR (OL]DEHWK FRQVWUXtD SDFLHQWHPHQWH XQD WRUUH GH EORTXHV GH PDGHUD \ YROYtD D UHFRQVWUXLUOD FXDQGR 6DUDKODGHUULEDED8QDYH] PiV 5RVH TXHGy LPSUHVLRQDGD DQWH ODSDFLHQFLD GH (OL]DEHWKSDUDFRQVXH[WUDxDKHUPDQDPHQRU &XDQGRVXPDGUHHQWUyHQODKDELWDFLyQ(OL]DEHWKDO]yORVRMRV\VRQULy ²8QRGHHVWRVGtDVODWRUUHVHJXLUiHQSLH²GLMR²<HVHGtDGLUpD6DUDKTXH HV WLHPSR GH EXVFDUQRV XQ QXHYR MXJXHWH +DVWD HQWRQFHV \R FRQVWUX\R \ HOOD GHUULED (OL]DEHWK QRWy LQPHGLDWDPHQWH HO GRORU HQ HO URVWUR GH VX PDGUH \ WUDWy GH FRQIRUWDUOD ²1R PH LPSRUWD PDPi ²GLMR² (V PHMRU TXH ODV GHUULEH D TXH QR KDJD DEVROXWDPHQWHQDGD 5RVHVHFDOPySHURVyORXQSRFR(QVXPHQWHEHQGLMRRWUDYH]D(OL]DEHWK ²(OL]DEHWK ²DxDGLy HQ YR] DOWD² ¢W~ QXQFD WH DFHUFDV DO DFDQWLODGR R DO ERVTXHYHUGDG" ²3RUVXSXHVWRTXHQRPDPi²GLMR(OL]DEHWKVLQOHYDQWDUODYLVWDGHODQXHYD FRQVWUXFFLyQTXHHVWDEDHULJLHQGRSDUD6DUDK²
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
&DStWXOR $OGHMDU HO FDPLQR GHOD 3XQWD SDUDGLULJLUVH D OD FDUUHWHUD-DFN &RQJHUHVWLUy LQVWLQWLYDPHQWH HO EUD]R SDUD DFRPRGDU HO HVSHMR UHWURYLVRU 3HUR OR KL]R XQD IUDFFLyQ GH VHJXQGR GHPDVLDGR WDUGH \ HO UHIOHMR GHO VRO SRQLHQWH OH GLR GLUHFWDPHQWH HQ ORV RMRV DQWHV GH GHMDU VX FDUD \ SRVDUVH FRPR LQRIHQVLYR UHFWiQJXOR OXPLQRVR HQ VX VRODSD -DFN SDUSDGHy VHPLHQFDQGLODGR \ PDOGLMR XQD YH]PiVDVXDQWHSDVDGRTXHWDQFRQFLHQ]XGDPHQWHKDEtDFRQVWUXLGRHVDFDO]DGD H[DFWDPHQWHRULHQWDGDGHHVWHDRHVWH([DFWLWXGGH1XHYD,QJODWHUUDSHQVy'LRV WRGRVHOORVKDEtDQVLGRWDQ²EXVFyHOYRFDEORSUHFLVR\VHGHFLGLyFXDQGRPLUyOD ODUJDFDO]DGDTXHFRQGXFtDKDVWDVXKRJDU²VHYHURV(VRHV6HYHURV8QFDPLQR DEVROXWDPHQWH UHFWR KDFLD XQD FDVD DEVROXWDPHQWH HVFXHWD 6H SUHJXQWy FXiO GH VXVDQWHSDVDGRVWXYRODWHPHULGDGGHTXHEUDUODVOtQHDVGHODFDVDFRQHODPSOLR SyUWLFR(OSyUWLFRFRPROHKDEtDSDUHFLGRVLHPSUHQRVHDGHFXDEDH[DFWDPHQWHDO UHVWRGHODFDVDDXQTXHVLQpOODPLVPDKDEUtDFDUHFLGRWRWDOPHQWHGHFDOLGH]-DFN HVWDFLRQyHODXWRPyYLOIUHQWHDODFRFKHUDPRGLILFDGDFRQYHUWLGDDKRUDHQJDUDMH\ URGHyODHVTXLQDGHODFDVDSDUDHQWUDUSRUODSXHUWDSULQFLSDO/RV&RQJHUWDOFRPR OHHQVHxDURQGHVGHVXQDFLPLHQWRXVDEDQVLHPSUHODSXHUWDSULQFLSDO/DHQWUDGD ODWHUDO HUDSDUDORVQLxRV\ODWUDVHUDSDUDORVVLUYLHQWHV\SURYHHGRUHV-DFNVDEtD TXHHUDXQDWRQWHUtDSHUR KiELWRV VRQ KiELWRV\DGHPiVpVDHUDFDVLOD~OWLPDGH ODVDQWLJXDVWUDGLFLRQHVTXHD~QSRGtDFRQVHUYDU*HQLR\ILJXUDKDVWDODVHSXOWXUD SHQVyPLHQWUDVFHUUDEDDVXVHVSDOGDVODSXHUWDSULQFLSDO 1LQJ~Q PD\RUGRPR OR HVSHUDED SDUD WRPDU VX DEULJR \ QLQJXQD GRQFHOOD VH HVFXUULyGHVXJDELQHWHFXDQGRpOHQWUy3HQVyFRQSHUYHUVLGDGTXHSRGUtDWLUDUGHO YLHMRFRUGyQGHODFDPSDQLOOD\SHGLUDODVHxRUD*RRGULFKTXHOHVLUYLHUDXQDEHELGD SHURVDEtDTXHXQDYH] PiV VyORFRQVHJXLUtD TXH HOOD OHGLMHUD TXH ©ORVKRPEUHV JUDQGHVSXHGHQ SUHSDUDUVH VXV EHELGDV8VWHG VDEHTXH ODV FRVDV QR VRQ FRPR DQWHVª/XHJRODFHQDHVWDUtDOLJHUDPHQWHTXHPDGDVyORSDUDUHFRUGDUOHTXHKDEtD WUDVSDVDGRORVOtPLWHVeOPLVPRVHSUHSDUyODEHELGD6HKDEtDLQVWDODGRIUHQWHDO KRJDU\ HVWDEDSHVDQGR ORV SURV \ORV FRQWUDV GH DWL]DU HOIXHJR FXDQGR R\y ORV SDVRVGHVXHVSRVDHQHOYHVWtEXOR ²¢5RVH"²OODPyFDVLFRPRVLHVSHUDVHTXHQRIXHUDHOOD²¢(UHVW~" 5RVH HQWUy HQ OD KDELWDFLyQ IXH KDVWD VX HVSRVR \ OH GLR XQ EHVR TXH PiV SDUHFLyXQSLFRWD]RLQGLIHUHQWH/XHJRROLVTXHyHQODFRSDGHpO ²¢+D\RWURGHHVRVSDUDPt" ²¢7DQWHPSUDQR"²GLMR-DFNDO]DQGROHYHPHQWHODVFHMDV ²)XHXQGtDGHpVRV¢+DUiVW~ORVKRQRUHVRWHQGUpTXHVHUYtUPHOR\R" -DFNVRQULySHURVXVRQULVDIXHIRU]DGD ²3XHVWR TXH QR KDFHV QLQJ~Q FKLVWH DFHUFD GH TXH ©OD SUiFWLFD KDFH OD SHUIHFFLyQª ²GLMR -DFN² WH OR VHUYLUp \R ¢1R OOHJDV XQ SRFR WHPSUDQR" ² SUHJXQWyPLHQWUDVVHHQFDPLQDEDKDFLDHOEDU ²(VWXYH HQ FDVD GHVGH HO DOPXHU]R ²UHVSRQGLy 5RVH DFRPRGiQGRVH HQ HO VRIi² 7RGR HO WUDEDMR GH HVWD WDUGH IXH VyOR SDSHOHR \ HQ OD RILFLQD HVWDEDQ GHPDVLDGR DWDUHDGRV 0DxDQD FLHUUR WUHV QHJRFLRV TXH QRV KDUiQ TXLQFH PLO GyODUHV PiV ULFRV ²DQXQFLy DO]DQGR OD FRSD² ¢%ULQGDPRV SRU HOOR" 3RU OD UHFXSHUDFLyQGHODIRUWXQDGHORV&RQJHU -DFNDO]yVXFRSDVLQPXFKRHQWXVLDVPR\VHVHQWyQXHYDPHQWHHQVXVLOOyQGH RUHMHUDV ²1RSDUHFHVGHPDVLDGRHPRFLRQDGR²GLMR5RVHFDXWHORVDPHQWH
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
²/DIRUWXQDGHORV&RQJHU²GLMR-DFN²GHEHUtDVHUUHFRQVWUXLGDSRUXQ&RQJHU VLHVTXHVHUiUHFRQVWUXLGD1RSRUODHVSRVDGHXQ&RQJHU ²%XHQRFUHRTXHQRWHQHPRVQHFHVLGDGGHVHJXLUKDEODQGRGHHVR²GLMR5RVH UiSLGDPHQWH²(VWDWDUGHWXYHYLVLWDV ²¢$FDVRHVRQRHVKDELWXDO" 5RVHPLUyILMDPHQWHDVXPDULGROXFKDQGRFRQWUDHOGHVHRGHPRUGHUHODQ]XHOR &XDQGRHVWXYRVHJXUDGHKDEHUUHFREUDGRVXFRQWUROKDEOyQXHYDPHQWH ²1RGLVSXWHPRV-DFN²GLMR²3DVHPRVXQDWDUGHFyPRGD\WUDQTXLODHQFDVD WDOFRPRVROtDPRVKDFHUOR -DFNODREVHUYyDWHQWDPHQWHWUDWDQGRGHGHVFXEULUVLHOODHVWDEDWHQGLpQGROHXQD WUDPSD 'HVSXpV GHXQPRPHQWRVH UHODMyVXV KRPEURV FD\HURQOHYHPHQWH \VX UHVSLUDFLyQTXHVLQGDUVHFXHQWDKDEtDHVWDGRFRQWHQLHQGRVHKL]RPiVSURIXQGD $KRUD SRUSULPHUDYH]GHVGH TXHHOODHQWUy HQ ODKDELWDFLyQ ODVRQULVDGH pOIXH FiOLGD ²/R VLHQWR ²GLMR² 6XSRQJR TXH HVWR\ DSUHQGLHQGR D PDQWHQHUPH FRQWLQXDPHQWHDODGHIHQVLYD¢4XLpQYLQR"/RGLMLVWHFRPRVLIXHUDLPSRUWDQWH ²1R HVWR\ VHJXUD GH VL OR HUD R QR (VWXYR DTXt 5D\ 1RUWRQ \ YLQR SRU VX WUDEDMR ²7HQtDDOJRTXHYHUFRQ$QQH)RUDJHU¢YHUGDG"²GLMR-DFNSHQVDWLYR ²¢
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
3RUW$UEHOOR$SRVWDUtDDTXHDKRUDHVWiPiVFRQWHQWRTXHDIOLJLGRSRUTXHSRUILQKD VXFHGLGRDOJRDTXt¢1RORHVWDED" ²1RQRHVWDEDFRQWHQWR3DUHFtDVXPDPHQWHSUHRFXSDGR¢<SRUTXpHUHVWDQ GXURFRQpO"&UHtTXHHUDLVEXHQRVDPLJRV ²¢5D\ \\R" 6XSRQJRTXHOR VRPRV3HUR WDPELpQFRQRFHPRVODVOLPLWDFLRQHV GHFDGDXQR
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
KDFHUOHXQD]DQFDGLOOD0LHQWUDVpOLQFOLQDEDODERWHOODSDUDYHUWHUHOOLFRUHQVXFRSD HOODKDEOyQXHYDPHQWH ²¢&UHHVTXHGHEHV" ²¢6LGHER"²-DFNODPLUySRUHQFLPDGHVXKRPEUR²1RQRFUHRTXHGHED 3HURORKDUp6DEHVTXHKD\XQDGLIHUHQFLD (OJULWROOHJyDQWHV GHTXH5RVH SXGLHUD FRQWHVWDU-DFN TXHGyFRPRFRQJHODGR GRQGH HVWDED HO OLFRU VLJXLy FD\HQGR GH OD ERWHOOD \ UHEDVy OD FRSD PLHQWUDV HO DODULGR GHWHUURU OOHQDED ODFDVD3DUHFLyFRPRVLHO JULWRORKXELHUD GHMDGRFODYDGR HQHOOXJDU\VyORFXDQGRVHH[WLQJXLySXGRVROWDUODERWHOOD5RVH\DHVWDEDHQHO YHVWtEXORFXDQGRODERWHOODVHURPSLyFRQWUDHOSLVR\VLODR\yQRVHYROYLy-DFN PLUyHOGHVWUR]RDVXVSLHVHLQPHGLDWDPHQWHVDOLyWDPELpQGHODKDELWDFLyQDOD FDUUHUD (O HVSDQWRVR VRQLGR KDEtD YHQLGR GHO SLVR DOWR 5RVH \ ODVHxRUD *RRGULFK VH HQFRQWUDURQ DO SLH GH OD HVFDOHUD \ 5RVH FDVL GHUULEy D OD FULDGD DO SUHFLSLWDUVH HVFDOHUDVDUULED/DVHxRUD*RRGULFKUHFXSHUyHOHTXLOLEULRHLQLFLyHODVFHQVRWDQGH SULVDFRPRVHORSHUPLWLHURQVXHGDG\VXDUWULWLV-DFNVHOHDGHODQWyHQPLWDGGHOD HVFDOHUD ²¢4XpIXH"²SUHJXQWyDOSDVDUMXQWRDHOOD ²6DUDK ²FRQWHVWy DJLWDGD OD VHxRUD *RRGULFK² )XH OD YR] GH OD VHxRULWD 6DUDK£'LRV7RGRSRGHURVRGHSULVD -DFNOOHJyDOILQDOGHODHVFDOHUD\YLRDVXHVSRVDGHVDSDUHFHUHQHOFXDUWRGH MXHJRVGHODVQLxDV$OOOHJDUDODSXHUWDFRPSUHQGLyTXH ORTXHKDEtDVXFHGLGR\D KDEtDWHUPLQDGR 5RVH FRQ H[SUHVLyQ OHYHPHQWH DWXUGLGD VH KDOODED MXQWR D OD SXHUWD (Q XQ ULQFyQ 6DUDK HVWDED VHQWDGD FRQWUD OD SDUHG HQFRJLGD FRQ ODV URGLOODV EDMR HO PHQWyQ \ URGHiQGRVH ODV SLHUQDV FRQ ORV EUD]RV 7HQtD SXHVWR XQ FDPLVyQ GH IUDQHODFX\RV SOLHJXHV SDUHFtDQ SURSRUFLRQDUOHXQD SURWHFFLyQDGLFLRQDO 6XVRMRV GHVXVDGDPHQWHDELHUWRVVHSHUGtDQYDFtRVHQODOHMDQtD6ROOR]DEDVXDYHPHQWH (QHOFHQWURGHODKDELWDFLyQ(OL]DEHWKHVWDEDVHQWDGDHQHOVXHORFRQODVSLHUQDV FUX]DGDV \ ORV GHGRV DSR\DGRV HQ HO LQGLFDGRU GH XQ WDEOHUR 2XLMD ORV RMRV IXHUWHPHQWHFHUUDGRV 3DUHFtDLQGLIHUHQWHDOWHUURUGHVXKHUPDQDFRPRVLQRKXELHUDHVFXFKDGRHOJULWR SHQHWUDQWH GH KDFtD XQ PRPHQWR &XDQGR -DFN HQWUy HQ OD KDELWDFLyQ (OL]DEHWK DEULyORVRMRV\VRQULyDVXVSDGUHV ²¢6XFHGHDOJR"²SUHJXQWy ²¢$OJR"¢$FDVRQRODHVFXFKDVWH"²SUHJXQWyVXSDGUH ²¢4XLHUHV GHFLU HVH JULWR"²GLMR(OL]DEHWK \ VXURVWUR DGTXLULy XQD H[SUHVLyQ FRPSUHQVLYD 5RVHWUDJyVDOLYDFRQGLILFXOWDG ²(OL]DEHWK²GLMR²¢TXpVXFHGLy" ²1DGDHQUHDOLGDG²UHVSRQGLy (OL]DEHWK²(VWiEDPRVMXJDQGR FRQHO WDEOHUR 2XLMD ²¢'yQGHHQFRQWUDVWHHVR"²HPSH]yDGHFLU-DFNSHUR5RVHORLQWHUUXPSLy ²(VRQRLPSRUWDDKRUD¢4XpSDVy" ²1DGDSDVyPDPi6yORHVWiEDPRVMXJDQGRFRQHOWDEOHUR2XLMD\QRVXFHGtD QDGD(QWRQFHV &HFLOVHUHVWUHJyFRQWUD6DUDK\HOODJULWy ²¢(VRHVWRGR"²SUHJXQWy-DFNFRQWRQRGHLQFUHGXOLGDG²3HURPLUDD6DUDK (VWiDWHUURUL]DGD 5RVHVHDFHUFyD6DUDK\ODQLxDVHUHWUDMRD~QPiVHQVXULQFyQ ²%XHQR SRU VXSXHVWR TXH HVWi DWHUURUL]DGD ²GLMR 5RVH² 6L HVH JDWR VH KXELHUDUHVWUHJDGRFRQWUDPt\RWDPELpQKDEUtDVDOWDGR
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
²£3HURHVHDODULGR²GLMR-DFN ²6XSRQJRTXHIXHPiVELHQHVSDQWRVR²DGPLWLy(OL]DEHWK²3HURWHQpLVTXH DFRVWXPEUDURVDHVR ²7LHQHUD]yQ²GLMR5RVHLQFOLQiQGRVHVREUH6DUDK²6DUDKQRUHDFFLRQDLJXDO TXHHOUHVWRGHQRVRWURV/DVHxRUD0RQWJRPHU\PHGLMRTXHQRGHEtDPRVDIOLJLUQRV 6XFHGHTXH6DUDKQRUHDFFLRQDDPXFKDVFRVDV\FXDQGRORKDFHWLHQHWHQGHQFLD D UHDFFLRQDU HQ H[FHVR /D VHxRUD 0RQWJRPHU\ GLFH TXH OR PHMRU TXH SXHGH KDFHUVHHV DFWXDUVHQFLOODPHQWHFRPR VLQR KXELHUDSDVDGR QDGD3RU HMHPSORVL &HFLOVHUHVWUHJDVHFRQWUDPt\\RVDOWDUD¢KDUtDLVWDQWRDOERURWRSRUHVR"&ODURTXH QR < HVR HV OR TXH GHEHPRV WUDWDU GH KDFHU FRQ 6DUDK 6L QRV PDQWHQHPRV WUDQTXLORVHOODHVWDUiELHQ6LDUPDPRVXQJUDQDOERURWRVyORORJUDUHPRVDVXVWDUOD PiV ² ¢7~SXHGHVKDFHUOR"²SUHJXQWy -DFN² ¢3XHGHV KDELWXDUWH D TXH HOOD VHD FRPRHV" ²-DPiVPHKDELWXDUpDDODULGRVFRPRpVH²PXUPXUy5RVH\DO]yD6DUDKHQ VXVEUD]RV 3RUXQPRPHQWR6DUDKSDUHFLyUHWURFHGHUDQWHVXPDGUHSHURHQVHJXLGDFRPR VLV~ELWDPHQWHFRPSUHQGLHUDTXLpQHUDHFKyORVEUD]RVHQWRUQRDOFXHOORGH5RVH\ RFXOWy HO URVWUR HQ HO SHFKR WLELR GH VX PDGUH 5RVH WRWDOPHQWH GHGLFDGD D WUDQTXLOL]DUDVXKLMDOOHYyD6DUDKIXHUDGHODKDELWDFLyQ -DFNWRGDYtDMXQWRDODSXHUWDVHKL]RDXQODGRSDUDGHMDUSDVDUiVXHVSRVD 7XYRLQWHQFLyQGHKDFHUXQSHTXHxRJHVWRGHDFDULFLDUD6DUDKFRQXQDPDQRSDUD WUDQTXLOL]DUOD SHUR FXDQGR VH GHFLGLy D UHDOL]DUOR 5RVH \D KDEtD SDVDGR SRU OD SXHUWD6XPDQRTXHGyXQLQVWDQWHHQHODLUH\OXHJRGHVDSDUHFLyHQVXEROVLOOR ²¢'yQGHFRQVHJXLVWHHVR"²SUHJXQWy-DFNPLUDQGRHOWDEOHUR2XLMD (OL]DEHWKDO]yORVRMRV ²(QHOFXDUWRGHWUDVWRVYLHMRV²GLMR²
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
3HUPDQHFLy LQPyYLO XQ SDU GH PLQXWRV HVFXFKDQGR \ OXHJR YROYLy D OODPDU DO JDWR ²¢&HFLO"6DEHVTXHWHHQFRQWUDUpDVtTXH\DSXHGHVLUVDOLHQGR 1RHVFXFKy QLQJ~QVRQLGR TXHOHLQGLFDUDGyQGHVH RFXOWDED HO JDWRGH PRGR TXHHPSH]yDUHJLVWUDUODKDELWDFLyQ)LQDOPHQWHGHVFXEULyDODQLPDOLWRFROJDGRGHO ODGRH[WHULRUGHODVFRUWLQDVDPLWDGGHFDPLQRHQWUHHOVXHOR\HOWHFKR$FHUFyXQD VLOODVHVXELyDHOOD\HPSH]yDGHVHQUHGDUODVJDUUDVGHOJDWRGHODHVSHVDWHOD ²¢6DUDKWHDVXVWy"²GLMR²%XHQRW~ODDVXVWDVWHSULPHUR6LQRTXLHUHVTXH JULWH QR GHEHV UR]DUOD GH HVD IRUPD 3HUR QR HV FXOSD WX\D ¢YHUGDG" ¢&yPR SRGtDVVDEHUTXHODDVXVWDUtDV"7RGRORTXHTXHUtDVHUDXQSRTXLWRGHDWHQFLyQ'H PRGRTXHVDOGHHVDFRUWLQD\YHQDTXtFRQPLJR9DPRVVDOGHDKt
&DStWXOR &RQWHPSOyODOXQDTXHVHHOHYDEDVREUHHOKRUL]RQWH\HOFDPLQRSODWHDGRTXH FRUUtD SRU OD VXSHUILFLH GHO PDU KDVWD OD EDVH GHO SURPRQWRULR VREUH HO TXH VH OHYDQWDED OD FDVD D EXHQD DOWXUD VREUH HO PDU (VFXFKy XQ PRPHQWR FRPR HVSHUDQGRTXHODVRQRUDPDUHMDGDUHGXMHUDVXVRUGRUXJLGRDQWHHOIODPDQWHEULOOR GH ODOXQD OOHQD 3HUR HO VRQLGR QR DPDLQy (O ILQDOGHO FDPLQR SODWHDGR DSDUHFLy FHUFDGHOKRUL]RQWH\VHVLQWLyGHSULPLGDDPHGLGDTXHVHHQVDQFKDEDODVHSDUDFLyQ HQWUH HO DVWUR \ VX UHIOHMR $OHOHYDUVH VREUHOD VXSHUILFLH GHO PDU OD OXQD SDUHFLy HQFRJHUVH ²6LHPSUHSDUHFHYROYHUVHPiVSHTXHxDFXDQGRVHHOHYD²GLMR5RVHPiVSDUD VtPLVPDTXHSDUD-DFN (ODO]yODYLVWDGHOOLEURTXHHVWDEDOH\HQGR\FDPELyVXSRVLFLyQFXDQGR5RVHVH DFHUFyDODFDPD ²¢4XLpQVHHOHYD" ²/DOXQD6LHPSUHSDUHFHPX\JUDQGHFXDQGRHPSLH]DDHOHYDUVH\OXHJRVH YXHOYHPiVSHTXHxD ²(V XQD LOXVLyQ ²GLMR -DFN² $OJR TXH WLHQH TXH YHU FRQ OD SUR[LPLGDG GHO KRUL]RQWH (OODVHDSUHWyFRQWUDpO\WUDWyGHLJQRUDUHOOHYHUHWUDLPLHQWRTXHSHUFLELyHQHO FXHUSRGHVXPDULGR ²$TXt HVWi PL -DFN OLWHUDO KDVWD OD PpGXOD ¢1R SXHGHV VLTXLHUD WUDWDU GH LPDJLQDUTXHVHHQFRJHGHYHUGDGFRPRVLDOJXLHQGHMDUDHVFDSDUXQSRFRGHODLUH TXHFRQWLHQH" 5RVHGHVOL]yVXVGHGRVSRUHOYHOORGHOSHFKRGHpOVLQWLHQGRTXHORVP~VFXORV VHHVWUHPHFtDQEDMRODSLHO/XHJRHVWLUiQGRVHVREUHHOYLHQWUHGH-DFNOHDUUHEDWy HOOLEUR(OVHGLRYXHOWD\ODHQIUHQWyFRQHOFHxRIUXQFLGR ²£(K²H[FODPy²(VWDEDOH\HQGRHVHOLEUR ²
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
²¢$K Vt" 0X\ ELHQ HQWRQFHV -XJDUHPRV 'HYXpOYHPH HO OLEUR DQWHV GH TXH FXHQWHKDVWDGLH] &XDQGRpOOOHJyDQXHYHHOODPHWLyHOOLEURHQHOVRVWpQGHVXFDPLVyQ ²¢'H PRGR TXH TXLHUHV MXJDU D HVR" ²GLMR -DFN HQDUFDQGR OLJHUDPHQWH ODV FHMDV 5RVHVLJXLyGHHVSDOGDVDGRSWDQGRXQDSRVHVHGXFWRUD ²6LORTXLHUHVYHQDEXVFDUOR²GLMR\VXVRMRVGDQ]DURQDOGHVDILDUOR -DFN WUDWy GHDSRGHUDUVHGHOOLEUR\FXDQGRHVWXYR FHUFD GHHOOD 5RVH DUURMyHO OLEURDXQODGR\GHVOL]yVXVEUD]RVHQWRUQRDOFXHOORGHpO/DPDQRGH-DFNTXHGy HQWUHDPERVFXHUSRVDSR\DGDHQXQRGHORVSHFKRVGH5RVH ²7yFDPHDPRU²VXVXUUy5RVHDORtGRGHpO²7yFDPHSRUIDYRU -DFNYDFLOyXQPRPHQWR\OXHJRHPSH]yDPRYHUVXPDQRVREUHHOSHFKRGHVX HVSRVDVLQWLHQGRTXHHOSH]yQVHHQGXUHFtDEDMRVXWDFWR5RVHJLUyODFDEH]D\ HPSH]y D EHVDUOR SUHVLRQDQGR OHYHPHQWH FRQ OD OHQJXD ORV ODELRV GH pO FRPR WUDWDQGR GHHQFRQWUDUXQDHQWUDGD6HDFRPRGyKDVWDTXHGDUGLUHFWDPHQWHGHEDMR GH pO \ VXV PDQRV FRPHQ]DURQ D GHVOL]DUVH VREUH OD HVSDOGD GH VX PDULGR DFDULFLiQGROR FDGD YH] PiV DSDVLRQDGDPHQWH 3RU XQ LQVWDQWH ²DSHQDV XQ LQVWDQWH²HOODFUH\yTXHpOUHVSRQGHUtD&XDQGRVLQWLyTXHHOFXHUSRGHpOVHYROYtD IOiFFLGRFXDQGRVLQWLyTXHHOSHVRGHpOGHVFDQVDEDLQHUWHVREUHHOODVXVGHGRVVH FRQYLUWLHURQ HQJDUUDV\OH DUDxyYLROHQWDPHQWHOD HVSDOGD5HDFFLRQDQGR DOGRORU -DFNVDOWyGHODFDPD ²£4XH'LRVWHFRQGHQH²HVWDOOy5RVH²£4XH'LRVWHFRQGHQHSRUTXHQRHUHV KRPEUH $KRUDQRKDEtDSLFDUGtDHQORVRMRVGH5RVHVLQRXQDFyOHUDFLHJDTXHDVXVWyD -DFN ²5RVH²HPSH]ypO 3HURHOODVHOHYDQWyGHXQVDOWRFRUWDQGRFRQODUDSLGH]GHVXVPRYLPLHQWRVOD V~SOLFDGHpO\TXHGyGHSLHIUHQWHDpOFRQODFDPDGHSRUPHGLRFRPRXQFDPSR GHEDWDOOD ²1RPHSURYRTXHVEDVWDUGR¢&UHHVTXHHVHVRORTXHQHFHVLWR" ²/RVLHQWR²GLMR-DFN ²7~VLHPSUHORVLHQWHV(VRHVWRGRORTXHKHHVFXFKDGRGHVGHKDFHXQDxR ¢6DEHVTXH\DKDFHXQDxR"+HFRQWDGRORVGtDV ²1RWHQtDVTXHKDFHUHVR ²¢$KQR"¢3RUTXpQR"¢3DUDTXHW~QRVXSLHUDVGHVGHFXiQGRQROHKDFHVHO DPRU D WX HVSRVD" ¢3DUD TXH QR VXSLHUDV GHVGH FXiQGR QR DFW~DV FRPR XQ KRPEUH" ²
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
²¢7HQGUpTXHGHFtUWHOR\R"²GLMR5RVHFRQXQWRQRGHPDOLFLDHQODYR]TXH DVXVWyD-DFN (OUHWURFHGLyXQSDVR\OXHJRVHGHMyFDHUHQXQDVLOODHVSHUDQGR5RVHHPSH]y DFDPLQDUGHXQODGRDRWURGHODKDELWDFLyQFRQORVRMRVIXOJXUDQWHV3DUHFLyTXH HVWDED FDYLODQGR SUHJXQWiQGRVH SRU GyQGH HPSH]DU \ SRU XQ VHJXQGR -DFN HVSHUyWUDWDQGRGHDGLYLQDUGHGyQGHOOHJDUtDHODWDTXH ²¢$FDVRHVHOGLQHUR"²SUHJXQWyHOOD $VDOYRSHQVypO ²¢1RSXHGHVVRSRUWDUODLGHDGHTXHODIRUWXQDVHHYDSRUy"²FRQWLQXyHOOD² ¢4XHW~HO~OWLPRGHORV&RQJHUWHQJDTXHWUDEDMDUGHYHUGDGQRSDUDHQWUHWHQHUVH VLQR SRU QHFHVLGDG GH GLQHUR" ²OR PLUy FRPR HVSHUDQGR TXH VH GHIHQGLHUD \ SURVLJXLy²%XHQR ¢FXiQGR DSUHQGHUiVTXH HVR QRWLHQH LPSRUWDQFLD" 4XHGD OR VXILFLHQWH SDUD SDJDU ORV LPSXHVWRV \ HQWUH ORV GRV SRGHPRV JDQDU OR VXILFLHQWH SDUDSDJDUFXDOTXLHUFRVDTXHOOHJXHPRVDQHFHVLWDU£1RVRPRVSREUHVSRU'LRV< DXQ VL OR IXpUDPRV ¢TXp LPSRUWDUtD" £1R WLHQHV TXH VHU ULFR SDUD VHU KRPEUH PDOGLFLyQ (OSHUPDQHFLyFDOODGRVDELHQGRORTXHYHQGUtD5RVHQROHGHFHSFLRQy ²¢2VR\\R"¢6LHQWHVFRPRVL\RWHKXELHUDFDVWUDGRDOJDQDUPiVGLQHURTXH W~"6XFHGHTXHHQPLWUDEDMRVR\HILFLHQWH-DFN\GHEHUtDVHQRUJXOOHFHUWHGHHOOR £3HURW~QR£2KQR/RWRPDVFRPRXQDHVSHFLHGHDPHQD]DSHUVRQDODWXYLULOLGDG &ULVWRHPSLH]RDFRPSUHQGHUGHTXpKDEODQWRGDVHVDVDFWLYLVWDVGHODOLEHUDFLyQ IHPHQLQD7HPROHVWDTXHXQDPXMHUWHQJDp[LWR%LHQGpMDPHGHFLUWHXQDFRVD(Q SULPHUOXJDU¢VDEHVSRUTXpHPSHFpDWUDEDMDU"0HDEXUUtD-DFNPHDEXUUtDFRPR XQDRVWUD ²5RVH\DKHPRVKDEODGRGHWRGRHVWR ²<ORKDEODUHPRVRWUDYH]²V~ELWDPHQWHVHDUURMyVREUHODFDPD\DDFDOODGDVX FyOHUD²6HJXLUHPRVKDEODQGRKDVWDOOHJDUDOIRQGR²HPSH]yDOORUDU\VHFXEULy HO URVWUR FRQ ODV PDQRV² 1R Vp KDVWD GyQGH SRGUp VHJXLU VRSRUWDQGR -DFN UHDOPHQWHQRORVp6LHQWRKDEHUGLFKRTXHHVWDEDDEXUULGD1RIXHDVt0HVHQWtD IUXVWUDGD HVR IXH OR TXH PH SDVy ²DO]y OD PLUDGD KDFLD pO FRPR LPSORUDQGR FRPSUHQVLyQ²-DFNHVWHUULEOHDPDUDXQKRPEUHTXHQRWHDPD ²(VRQRHVYHUGDG5RVH²GLMRpOVXDYHPHQWH²
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
(QWUHJyODWRDOODD5RVHSDUDTXHVHODDS (QWUHJyODWRDOODD5RVHSD UDTXHVHODDSOLFDUDHQODPHMLO OLFDUDHQODPHMLOODVDELHQG ODVDELHQGRTXHHOOD RTXHHOODQRVH QRVH GHMDUtDWRFDU ²1RTXLVHKDFHUOR ²¢'H ²¢ 'H PR PRG GR TX TXH H QR TX TXLV LVLV LVWH WH" " ²G ²GLMLMR R HO HOOD OD FR FRQ Q YR YR] ] LQ LQGL GLIH IHUH UHQ QWH WH FR FRPR PR VL QD QDGD GD KXELHUDSDVDGR²6XSRQJRTXHVRQPXFKDVODVFRVDVTXHKDFHVVLQTXHUHU ²5RVHHVRHVLQMXVWR ²/DYLGDHVLQMXVWD-DF ²/DYLGD HVLQMXVWD-DFN'pMDPHHQS N'pMDPHHQSD] D] (OVHSXVRGHSLHSDUDUHWLUDUVH ²7DO ²7 DO YH YH] ] VH VHD D OD PD PDOG OGLF LFLy LyQ Q ²G ²GLMLMR R WU WUDW DWDQ DQGR GR GH FR FRQW QWUR UROD ODU U VX YR YR]² ]² 7D 7DOO YH YH] ] OD DQWLJXDPDOGLFLyQ DQWLJXD PDOGLFLyQGHODIDPLOLD GHODIDPLOLDFD\ySRUILQVRE FD\ySRUILQVREUHPt UHPt ²7DOYH]FD\yVREUHQRVRWURVGRV²GLMR5RVHODVWLPHUDPHQWH9LRFyPRGHMDED ODKDELWDFL ODKDEL WDFLyQ\ yQ\TXL TXLVROODPD VROODPDUOHTXL UOHTXLVRDEUD]D VRDEUD]DUOH\VHU UOH\VHU DEUD DEUD]DG ]DGDSRU DSRUpO3HUR pO3HUR QRSXGR QRSXGR $SDJyODOX]VHGLRYX $SDJyOD OX]VHGLRYXHOWD\WUDWyGH HOWD\WUDWyGHGRUPLU GRUPLU -DFNVHKXQGLyHQVXVLOOyQGHOJDELQHWH\EHELyXQVRUERGHODFRSDTXHWHQtDHQ ODPDQR0LUySHQVDWLYRSRUODYHQWDQDHOMXHJRGHOX]GHOXQD\GHVRPEUDVHQODV UDPDVGHORVDUFHVTXHLQWHUUXPStDQODOLPSLDH[WHQVLyQGHFpVSHGTXHLEDGHVGHOD FDVDDODFDQWLODGR(ODFDQWLODGRSDUHFtDLQYLWDUORSHUR-DFNVDEtDTXHHVRQRHUD XQDGHODVFRVDVTXHOHVXFHGtDQFXDQGREHEtD$PHQXGRGHVHDEDTXHORIXHUD (O UHFXHUGR WRGDYtD QR HVWDED FODUR 7DO YH] QXQFD OR HVWDUtD WDO YH] SHUPDQHFHUtDSDUDVLHPSUHRVFXUHFLGRSRUHODOFRKRO 5RVH 5RV HWHQ WHQtD tDUD] UD]yQ yQ +DF +DFtDFDVLXQ tDFDVLXQ Dx DxR R)XH )XH XQ GR GRPLQ PLQJR JR \ \GH GHELy ELy VH VHU U KD KDFtD FtD SR SRFR FR PiVGHXQDxRSRUTXHODVKRMDVHQURMRV PiVGHXQDxRSRUTX HODVKRMDVHQURMRV \RURVDUGLHQ \RURVDUGLHQWHVWRGDY WHVWRGDYtDHVWDED tDHVWDEDQHQ QHQORV ORV iUEROHV5RVHVHKDEtDPDUFKDGRSDUDXQDSDUWLGDGHJROI¢FRQTXLpQ"1RSRGtD UHFRU UH FRUGD GDU U +DE +DEtD tD PXF PXFKD KDV V FRV FRVDV DV GH HVH GtD TX TXH H QR HUD FDS FDSD] D] GH UH UHFRU FRUGD GDU U +DE +DEtD tD HVWDGREHELHQGRORFXDOQRHUDGHVXVDGRHQXQGRPLQJR\DODKRUDGHODVLHVWD GHFLGLyVDOLUDGDUXQ GHFLGLy VDOLUDGDUXQSDVHR&RQ6D SDVHR&RQ6DUDK UDK < HQ HQWRQ WRQFH FHV V YL YLQR QR OD EUX EUXPD PD (PS (PSH]D H]DUR URQ Q D FUX FUX]DU ]DU HO SUD SUDGR GR \ 6D 6DUDK UDK VH DG DGHO HODQ DQWy Wy FRUULHQGR\OROODPySDUDTXHVHGLH FRUULHQG R\OROODPySDUDTXHVHGLHUDSULVD3HURpOQRVHDSXUy\HOODORHVSH UDSULVD3HURpOQRVHDSXUy\HOODORHVSHUy(Q Uy(Q HOSUDGRFKDUODURQSHURpOQRSRGtDUHFRUGDUGHTXpKDEODURQ<HQWRQFHV6DUDKOH SLGLyTXHODOOHYDUDDOERVTXH+DEtDPXFKDVFRVDVTXHTXHUtDYHUHQHOERVTXH\ QXQFDKDEtDHVWDGRD QXQFD KDEtDHVWDGRDOOt<DVtIXHURQ OOt<DVtIXHURQKDFLDHOER KDFLDHOERVTXH VTXH 5HFRUGDEDTXHODVDFy 5HFRUGDED TXHODVDFyGHOERVTXH GHOERVTXHFDUJiQGRO FDUJiQGRODHQEUD]RVSH DHQEUD]RVSHURHVRHUDWRG URHVRHUDWRGR R 2\yTXHHOUHORMGDEDODKRUD\YLRODVVRPEUDVTXHGDQ]DEDQHQODYHQWDQD(UD XQD XQ D GD GDQ]D Q]D GH GHVDJ VDJUDG UDGDE DEOH OH\ \ WUD WUDWy Wy GH QR PLU PLUDU DU (Q (QFD FDPEL PELR R PL PLUy Uy VX VXFRS FRSD D \ \WUD WUDWy WyGH GH REOLJDUVHDQROOHQDUODQXHYDPHQWH 6DUDKGRUPtDLQTXLHWD\HOVXHxRSDVDEDRWUDYH]VREUH 6DUDKGRUPtDLQTXLHWD\HOVXHxR SDVDEDRWUDYH]VREUHHOODFRPRORKDFtD HOODFRPRORKDFtDWRGDV WRGDV ODVQRFKHVXQD\RWUDYH] ODVQRFK HVXQD\RWUDYH]VLQDFDEDU VLQDFDEDUMDPiV MDPiV 6HKD 6H KDOOD OODED ED HQ XQD KDE KDELWD LWDFLy FLyQ Q\ \OD OD KD KDEL ELWDF WDFLyQ LyQ HU HUD D JUD JUDQGH QGH 1R KDE KDEtD tDQD QDGD GD HQ OD KDE DELLWD WDFL FLyQ yQ H[F [FHS HSWR WR 6D 6DUD UDK K \ VX VXV V MX MXJ JXH XHWH WHV V 3H 3HUR UR HOOOOD D QR WH WHQt QtD D JD JDQD QDV V GH MX MXJD JDU U (QWRQFHVOOHJySDSi\VDOLHURQMXQWRVGHODFDVD\IXHURQKDFLDHOSUDGR(OODFRUULy GHODQWHGHpO\VHGHWXYRDFRQWHPSODUXQDIORU+DEtDXQDKRUPLJDHQODIORU\HOOD FRUW FR UWy y OD IOIORU RU SD SDUD UD OOOOHY HYiU iUVH VHOD OD D SD SDSi Si 3H 3HUR UR VD VDEt EtD D TX TXH H VL WU WUDW DWDE DED D GH OOOOHY HYiU iUVH VHOD OD OD KRUPLJDFDHUtDDOVXH KRUPLJD FDHUtDDOVXHOR'HPRGRTX OR'HPRGRTXHOROODPy HOROODPy ²£3DSDtWRGDWHSULVD (OQRVHDSXUy\HOODORHVSHUy&XDQGROOHJyODKRUPLJDVHKDEtDLGR\WDPELpQ OD IOR IORU U DU DUUDQ UDQFDG FDGD D GH VXV PDQ PDQRV RV SRU XQ XQD D UiID UiIDJD JD GH YLH YLHQWR QWR +D +DEtD EtD YRO YRODGR DGR KD KDFLD FLD HO ERVTXH\HOODTXLVREXVFDUOD
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
²/DIORUHVWiHQHOERVTXHSDSi/Op ²/DIORUHVWiHQHOERVT XHSDSi/OpYDPHDOER YDPHDOERVTXH VTXH < GH HV HVH H PR PRGR GR IX IXHU HURQ RQ DO ER ERVT VTXH XH \ VX SD SDSi Si OD OOOOHY HYDE DED D GH OD PD PDQR QR 6H VH VHQW QWtD tD VHJXUD 'HMDURQODOXPLQRVLGDGGHOSUDGRSDUDLQWHUQDUVHHQODVSURIXQGDVVRPEUDVGHO ERVTXH\6DUDKVLQWL ERVT XH\6DUDKVLQWLyTXHODPDQRGHVXSDGUHODDIHUUDE yTXHODPDQRGHVXSDGUHODDIHUUDEDFRQPiVIXHU]D DFRQPiVIXHU]D%XVFy %XVFy ODIORUFRQODPLUDGD\YLRXQDUEXVWR/DIORUHVWDEDHQHODUEXVWR(VWDEDVHJXUDGH TXHODIORUVHKDOODED TXHOD IORUVHKDOODEDHQHVHDUEX HQHVHDUEXVWR\TXHWDPEL VWR\TXHWDPELpQODKRUPLJ pQODKRUPLJDVHHQFRQ DVHHQFRQWUDEDDOOt WUDEDDOOt 7LUyGHODPDQRGHVXSD 7LUyGHODPDQ RGHVXSDGUHHQGLUH GUHHQGLUHFFLyQDODUE FFLyQDODUEXVWR XVWR ²'HSULVDSDSiGHSULVD ²'HSULVDSD SiGHSULVD&DVLKHPRV &DVLKHPRVOOHJDGR OOHJDGR 'HVSXpV 'HVS XpV HOOD HVWD HVWDEDDOOtJDWHDQ EDDOOtJDWHDQGREDMRHO GREDMRHO DUEX DUEXVWR/DV VWR/DVUDPD UDPDVVH VVH HQUH HQUHGDED GDEDQHQ QHQ VXV FDEH FDEHOOR OORV VODVHVSLQ ODVHVSLQDVTXHUtDQ DVTXHUtDQ DUD DUDxDUO xDUOD D(QWR (QWRQFHVVLQWLy QFHVVLQWLy TXH DOJ DOJROD ROD DIHU DIHUUDED UDED GH XQWRELOOR8QDHQUHGDGHUD'HEtDVHU XQWRELOOR8QDHQUH GDGHUD'HEtDVHUXQDHQUHGDGH XQDHQUHGDGHUD7UDWyGHVROWDUVHSHURHVROD UD7UDWyGHVROWDUVHSHURHVROD DIHUUyFRQPiVIXHU]DGHOWRELOOR\HPSH]yDDUUDVWUDUODIXHUDGHODUEXVWR1RSRGtD HQFRQWUDUODIORU£(VSHUDG HQFRQ WUDUODIORU£(VSHUDG$OOtHVWDED£6L $OOtHVWDED£6LVyORSXGLH VyORSXGLHUDDJDUUDUOD UDDJDUUDUOD 3HURQRSRGtD\HVR\DODDU 3HURQRSRG tD\HVR\DODDUUDVWUDEDIXHUD UDVWUDEDIXHUDGHODUEXVWR*UL GHODUEXVWR*ULWy Wy ²£3DSDtWR£6RFRUUR£+D]TX ²£3DSDtWR£6RF RUUR£+D]TXHPHVXHOWHSD HPHVXHOWHSDSDtWR SDtWR 6HGLRYXHOWD\ HVR HUDSDSDtWR3HURQRHUDSDSDtWR(UDRWUDSHUVRQD\SDUHFtD SDSDtWRSHURQRSRGtDWUDWDUVHGHSDSDtWR1RSRGtDVHUpOHVDSHUVRQDGHPLUDGD VDOYDMH(VHKRPEUHTXHVHGLVSRQtDDJROSHDUOD 6LQWLyHOJROSH\WUDWyGHJULWDUSDUDSHGLUDX[LOLRDVXSDGUHSHURQRWHQtDYR]6X SDGUHODKXELHUDVRFRUULGR 6XSDGUHODJROSHy 4XHUtDTXHVXSDGUHDOHMDUDDHVHKRPEUHGHHOOD 4XHUtDTXHVXSDGUHFHVDUDGHJROSHDUOD 4XHUtDDVXSDGUH /DPDQRVXEtD\EDMDEDHQHODLUH\HQWRQFHV6DUDKQRSXGRRtUQDGDPiV6H FRQWHPSOyDVtPLVPDPLHQWUDVODFDVWLJDEDQSHURQRVLQWLyGRORU7UDWyGHHVFDSDU SHU HUR R QR SX SXG GR PR PRYH YHUV UVH H $ PH PHGL GLGD GD TX TXH H SD SDSD SDtW tWR R OD JRO ROSH SHDE DED D XQ XQD D \ RW RWUD UD YH YH] ] VH FRQWHPS FRQ WHPSOyDVt OyDVtPLVP PLVPDGHVPD DGHVPD\DUV \DUVH<OXHJRVHFHUUyODQLHEO H<OXHJRVHFHUUyODQLHEODJULVODQLHEO DJULVODQLHEODJULVHQ DJULVHQ TXH TX H YL YLYtD YtD GH GHVGH VGH HQW HQWRQ RQFH FHV V \ HQ XQ ULQ ULQFyQ FyQ DOH DOHMDG MDGR R GH HV HVD D QLH QLHEOD EOD JUL JULV V HV HVWDE WDED D XQ XQD D QLxLWDXQDQLxLWDUXE QLxLWDXQD QLxLWDUXELDGHRMRVD LDGHRMRVD]XOHVTXH ]XOHVTXHFXLGDUtDGHHO FXLGDUtDGHHOOD OD (OL]DE (OL ]DEHWK HWK (OL (OL]D ]DEHW EHWK K VD VDEtD EtD OR VXF VXFHG HGLGR LGR \ FX FXLGD LGDUtD UtD GH HO HOOD OD &XD &XDQG QGR R OD QLH QLHEOD EOD VH FHUUyDVXDOUHGHGRU FHUUyDVXD OUHGHGRUHOODEXVFyD HOODEXVFyD(OL]DEHWK (OL]DEHWK 6DUDKGHVSHUW 6DUD KGHVSHUWy6XV y6XVEUD] EUD]RVH[WHQG RVH[WHQGLGR LGRV VYROY YROYLHUR LHURQOHQWDPHQ QOHQWDPHQWHD WHD FHUUD FHUUDUVH\ UVH\URGH URGHy y VXFXHUSRFRQHOORV&XDQ VXFXHUSR FRQHOORV&XDQGRVHGXUPL GRVHGXUPLyYROYLyDWHQHUH yYROYLyDWHQHUHOVXHxR OVXHxR (OL]DEHWKHVWDEDHQVXFDPDFRQORVRMRVFODYDGRVHQHOWHFKRREVHUYDQGRODOX] GH OX OXQD QD TX TXH H DY DYDQ DQ]D ]DED ED OH OHQW QWDP DPHQ HQWH WH KD KDFL FLD D OD SD SDUH UHG G RS RSXH XHVWD VWD D OD YH YHQW QWDQ DQD D $K $KRU RUD D HVFXFKDEDHOVLOHQFLR +DEtDWUDWDGRGHQRRtU3UREyDVHSXOWDUVXFDEH]DEDMRODDOPRKDGDFXDQGRVXV SDG DGUH UHV V VH SH SHOOHD HDUR URQ Q 3H 3HUR UR OR ORV V VR VRQL QLGR GRV V OOOOHJ HJDE DED DQ KD KDVW VWD D VX FD FDPD PD D WU WUD DYp YpV V GH OD ODV V SDUHG SD UHGHV HV \ SR SRU U GH GHEDM EDMR R GH OD SXH SXHUWD UWD \ HO HOOD OD HV HVFXF FXFKy Ky )LQ )LQDOP DOPHQ HQWH WH R\ R\y y TX TXH H VX SDG SDGUH UH EDMDED EDM DED ODV HVF HVFDOHU DOHUDV DV $KR $KRUD UD HVSH HVSHUDED UDED \ FRQW FRQWHPS HPSODED ODEDOD ODOX] OX]GH GHOD ODOXQD OXQD (VSH (VSHUDUtD UDUtD KDVWD KD VWD RtU RtUORVXEL ORVXELU URWU RWUD DYH] YH] KD KDVWD VWD RtU HO VRQ VRQLGR LGR GH OD SX SXHU HUWDGH WDGH OD KD KDEL ELWDF WDFLy LyQ QGH GH VX VXV V SDGUHVFHUUiQGRVHSR SDGUHVFH UUiQGRVHSRUILQDODQRFK UILQDODQRFKH(QWRQFHVVH H(QWRQFHVVHGRUPLUtD GRUPLUtD ¢6DEtDPDPiORVXFHGLGRHQ ¢6DEtDPDPiOR VXFHGLGRHQHOERVTXHDTX HOERVTXHDTXHOGtD"(OL]DEH HOGtD"(OL]DEHWKSXGRFRQWiUVHO WKSXGRFRQWiUVHORDVX RDVX PDGUHSHURQRORKL]R(OL]DEHWKVDEtDTXHVXPDGUHQRGHEtDVDEHUORVXFHGLGR< WDPSRFRSRGtDROYLGDUOR /RVKDEtDHVWDGRREVHUYD /RVKDEtDH VWDGRREVHUYDQGRGHVGH QGRGHVGHODFDVD\GHFLG ODFDVD\GHFLGLyLUFRQHOORV LyLUFRQHOORV/RVOODPySHUR /RVOODPySHUR HO YLH YLHQWR QWR VH OOH OOHYyVXV YyVXVSD SDODE ODEUDV UDV HQ RWU RWUD DGL GLUH UHFFL FFLyQ yQ \ QROD R\H R\HURQ URQ 'H PRG PRGR RTX TXH HORV ORV
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
VLJXLy VLJX Ly FU FUX] X]DQ DQGR GR HO SU SUDG DGR R (Q (QWR WRQF QFHV HV FX FXDQ DQGR GR HV HVWD WDED ED D SX SXQW QWR R GH GD GDUO UOHV HV DO DOFD FDQF QFH H GHFLGLyMXJDUXQMXHJRFRQHOORV 6HGHV 6H GHVYLy YLy D OD ODL]T L]TXLH XLHUGD UGD KDF KDFLD LD HO FD FDPLQ PLQR R \ HQW HQWUy Uy HQ HO HOER ERVTX VTXH H D XQ XQRV RV YHL YHLQWH QWH PHWU PH WURV RV GH HO HOOR ORV V (Q (QWR WRQF QFHV HV HP HPSH SH]y ]y D DF DFHU HUFD FDUV UVH H PR PRYL YLpQ pQGR GRVH VH GH iU iUER EROO HQ iU iUER EROO \ PDQWHQLpQGRVHVLHPSUHRFXOWD$~OWLPRPRPHQWRFXDQGRVHKDOODUDWDQFHUFDTXH HOORVWXYLHUDQTXHYHUO HOORVWXYLH UDQTXHYHUODQHFHVDU DQHFHVDULDPHQWHVDO LDPHQWHVDOWDUtDVREUHORVGR WDUtDVREUHORVGRVSDUDDVXV VSDUDDVXVWDUORV WDUORV (VFX (V FXFK FKy y XQ UX UXLG LGR R FR FRPR PR GH DO DOJR JR TX TXH H VH DU DUUD UDVW VWUD UDED ED \ HQ HQWR WRQ QFH FHV V YL YLR R D 6D 6DUD UDK K JDWHD JD WHDQG QGR R ED EDMR MR XQ DUE DUEXVW XVWR R $SU $SURYH RYHFKy FKy OD RS RSRUW RUWXQ XQLGD LGDG G SD SDUD UD DF DFHUF HUFDU DUVH VH \ RF RFXO XOWDU WDUVH VH GHWUiVGHXQWURQFRFDtGRREVHUYDQGRDVXKHUPDQDHQWUHXQDPDUDxDGHUDtFHV SRGU SR GULGD LGDV V TX TXH H DSX DSXQWD QWDED EDQ Q DO DOFLH FLHOR OR 6DU 6DUDK DK VH KD KDEtD EtD PHW PHWLGR LGR PiV DG DGHQ HQWUR WUR GHE GHEDMR DMR GH GHOO DUEXVWR\(OL]DEHWKSHQVyTXHVXSDGUHVHGLVSRQtDDVHJXLUOD 3HURHQYH]GHHOORODD 3HURHQYH] GHHOORODDIHUUySRUHO IHUUySRUHOWRELOOR\HPSH] WRELOOR\HPSH]yDDUUDVWUDUOD yDDUUDVWUDUODKDFLDpO KDFLDpO 2\y 2\ y JULWDU D 6DUDK \ YLR FyPR VX SDGUH OHYDQWDED HO SXxR HQ HO DLUH 6~EL 6~ ELWDP WDPHQ HQWH WH DU DUUDQ UDQFDQ FDQGR GR GH XQ WLU WLUyQ yQ D 6D 6DUDK UDK GH GH GHEDM EDMR R GH GHOO DUE DUEXV XVWR WR GH GHMy MyFDH FDHU U HO SXxRVREUHHOOD(QWRQFHV6DUDKJULWy\VHYROYLySDUDPLUDUDVXSDGUH(OL]DEHWK SHUPDQH SHU PDQHFLy FLyRFXO RFXOWD WD GHWUi GHWUiV V GHOWURQFR GHOWURQFRFRQW FRQWHPSO HPSODQG DQGR R OD HVFH HVFHQD QDTXH TXH VH VHGHV GHVDUUR DUUROODE OODED D DQWH DQ WH VX VXV V RM RMRV RV FR FRPR PR VL IX IXHU HUD D SU SUHV HVD D GH XQ XQD D H[ H[WUD WUDxD xD IDV IDVFL FLQD QDFL FLyQ yQ 'H UH UHSH SHQW QWH H WR WRGR GR SDUHFLy SDU HFLy RFX RFXUULU UULU PX\OHMRV GHDOOtVLQQLQJX GHDOOtVLQQLQJXQDUHODFLy QDUHODFLyQFRQHOOD6~ELWD QFRQHOOD6~ELWDPHQ PHQWHGHMyGH WHGHMyGH YHU YH U D VX KH KHUPD UPDQD QD \ D VX VXSD SDGUH GUH (UD (UDQ Q GR GRV V H[ H[WUD WUDxRV xRV XQD QLx QLxLWD LWD \ XQ KR KRPEU PEUH H\ \ HO KRP RPEU EUH H JR JROS OSHD HDED ED D OD QLx LxLLWD WD < SDU DUHF HFLy Ly QR FD FDXV XVD DU QLQ LQJ~ J~Q Q HI HIHF HFWR WR HQ (O (OL] L]DE DEHW HWK K 3HUPDQHFLyDOOtDFX 3HUPDQHF LyDOOtDFXUUXFDGDFRQ UUXFDGDFRQWHPSODQGR WHPSODQGRORTXHVXFHG ORTXHVXFHGtDIUHQWHDHOOD tDIUHQWHDHOOD &XDQ &X DQGR GR SR SRU U ILQ 6D 6DUD UDK K TX TXHG HGy y LQ LQPy PyYL YLOO (O (OL] L]DE DEHW HWK K YL YLR R LQF LQFRU RUSR SRUD UDUV UVH H D VX SD SDGU GUH H $SHQDVORJUyUHFRQRFHUOR+DEtDHQVXURVWURXQDH[SUHVLyQH[WUDYLDGD\VXFDEHOOR QHJURKDELWXDOPHQWHFHSLOODGRFRQSUROLMLGDGFDtDHQK~PHGRVPHFKRQHVHQWRUQR GHVXFDUD0LUyGHVDWLQDGDPHQWHDVXDOUHGHGRU\OXHJRDODQLxDTXH\DFtDDVXV SLHV(OL]DEHWKR\yXQVROOR]RTXHHVWUHPHFLyHOFXHUSRGHpO\OXHJRORYLRFDUJDUD 6DUDK \ OOHYDUOD D WUDYpV GHO SUDGR HQ GLUHFFLyQ D OD FDVD 3HUPDQHFLy FRPS FR PSOH OHWDP WDPHQ HQWH WH LQP LQPyY yYLO LO KDV KDVWD WD TXH VX SD SDGUH GUH WRG WRGDYt DYtD D OOH OOHYDQ YDQGR GR HQ EUD EUD]R ]RV V D 6D 6DUDK UDK GHVDSDUHFLySRUODSXHUWDSULQFLSDO(QWRQFHVVHSXVRGHSLH\IXHOHQWDPHQWHKDVWD HOVLWLR GRQ GRQGHKDEtD GHKDEtD \DFL \DFLGRVXKHUPD GRVXKHUPDQD8QDYH]PiVPLUyKDFLD QD8QDYH]PiVPLUyKDFLD ODFDVD ODFDVD OXHJ OXHJRGLR RGLR PHGLDYXHOWD\HPSH]y PHGLD YXHOWD\HPSH]yDFDPLQDUD DFDPLQDUDWUDYpVGHO WUDYpVGHOERVTXHHQGLUH ERVTXHHQGLUHFFLyQDODFD FFLyQDODFDQWLODGR QWLODGR &XDQGR &XD QGR XQ XQD D KR KRUD UD GH GHVSX VSXpV pV UH UHJUH JUHVy Vy D OD FDV FDVD D DO DOOt Ot HV HVWDED WDEDQ Q ORV PpG PpGLFR LFRV V TX TXH H VH OOOOHYD HYDURQ URQ D D6D 6DUDK UDK $ $VXSDGU VXSDGUH HQR QR VH OH YHt YHtD DSR SRU U QL QLQJX QJXQD QD SD SDUWH UWH \ \VXPDGU VXPDGUH H HV HVWDE WDED D KLVWpULFD3RUILQODVHxRUD*RRGULFKDGYLUWLyVXSUHVHQFLD\OHSUHJXQWyGyQGHKDEtD HVWDGR(OODGLMRTXHHVWXYRFDPLQDQGR&HUFDGHODFDQWHUD)XHOR~QLFRTXHGLMR DFHUFDGHDTXHOODVKR DFHUFDGH DTXHOODVKRUDVGHVLH UDVGHVLHVWD\OR~QLFRTX VWD\OR~QLFRTXHGLUtDMDPiV HGLUtDMDPiVVREUHORTX VREUHORTXHSDVy HSDVy (OL]DE (OL ]DEHWK HWK VLJ VLJXLy XLy FRQ OR ORV V RMR RMRV V FOD FODYDG YDGRV RVHQ HQHO HO WHF WHFKR KR \ FXD FXDQG QGR R PXF PXFKR KR PiV WDU WDUGH GH HVFXFKyHOOHYHVRQLGRGHODSXHUWDGHODKDELWDFLyQGHVXVSDGUHVDOFHUUDUVHVH TXHGyGRUPLGD -DFNHVWDEDHQVXFDPDSHURQRGRUPtD5H -DFNHVWDEDHQVXFDPDSHU RQRGRUPtD5HFRUGDED FRUGDEDORTXHSRGtDUH ORTXHSRGtDUHFRUGDU FRUGDU 5HFRUGDE 5HFR UGDED D OD ODOOHJ OOHJDGD DGD GH ORV ORVPpGL PpGLFRV FRV\ \UHFR UHFRUGDE UGDED D TXH TXHLQWUR LQWURGXMH GXMHURQ URQ D D6DUD 6DUDK K HQ XQD DPE PEX XOD ODQ QFL FLD D 5H 5HFR FRUG UGD DED FX FXD DQGR 5R 5RVH VH UH UHJ JUH UHVy Vy D FDVD VD \ TXH DOJ OJX XLHQ OH DGPLQLVWUyXQDLQ\HFFLyQ /OHYDURQD6DUDKDXQKRVSLWDOOREDVWDQWHOHMRVGH3RUW$UEHOORFRPRSDUDTXH QDGLHVHHQWHUDUDGHORTXHOHKDEtD QDGLHVHHQ WHUDUDGHORTXHOHKDEtDVXFHGLGR/DWXYLHURQ VXFHGLGR/DWXYLHURQDOOtXQRVWUHVPHVHV\ORV DOOtXQRVWUHVPHVHV\ORV PpGLFRVSXGLHURQFXUDUOHHOFXHUSR/DVFRVWLOODVVHVROGDURQ\QRTXHGyQLQJXQD FLFDWUL]HQVXURVWUR
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
3HURQRSXGLHURQFXUDUOHODPHQWH&XDQGROOHJyDFDVDGHVGHHOKRVSLWDOHVWDED FDPELDGD
&DStWXOR 5RVH&RQJHUORPLUySRUHQFLPDGHODPHVDGHOGHVD\XQR3RUYLJpVLPDYH]VH SUHJXQWy FyPR SRGtD VX PDULGR EHEHU WDQWR \ QR PRVWUDU ORV HIHFWRV GH VXV H[FHVRV 6LKXELHUDHVWDGRPHQRVDEVRUWRHQVXSHULyGLFRPDWLQDO-DFNKDEUtDQRWDGROD H[SUHVLyQLQWULJDGDHQODFDUDGH5RVHDOREVHUYDUOR$ORVFXDUHQWDSDUHFtDGLH] DxRV PiV MRYHQ 'RQGH ODV OODPDGDV OtQHDV GH FDUiFWHU R DUUXJDV GH OD HGDG GHEtDQLQLFLDUVXDYDQFHGHVGHODIUHQWHDORVFDUULOORVVyORVHYHtDODWHUVDSLHOGHOD MXYHQWXG WRGDYtD LQDOWHUDGD SRU ORV DxRV GH DOFRKRO 1R HV MXVWR SHQVy 5RVH &XDOTXLHURWURKRPEUHKDEUtDH[KLELGRYHQLOODVHQODQDUL]\HVDHVSDQWRVDSDOLGH] TXHORVKDFtDSDUHFHUFDGiYHUHV3HURQR-DFN ²¢$TXpKRUDYLQLVWHDODFDPD"²SUHJXQWyHOOD (OODPLUy\HQVHJXLGDVHHQIUDVFyQXHYDPHQWHHQVXSHULyGLFR ²$ODXQD\PHGLDRODVGRV²GLMR²1RORVp ²¢4XLHUHVPiVFDIp" (OGHMyHOSHULyGLFR\HVER]yXQDVRQULVDWRUFLGD ²¢7HQJRDVSHFWRGHQHFHVLWDUOR" ²4XHUUtDTXHORWXYLHUDV²GLMR5RVHFRQDPDUJXUD²7DOYH]VLVHWHQRWDUDHQ ODFDUDQREHEHUtDVWDQWR ²2KYDPRV5RVHGHMpPRVORSRUIDYRU/DVQLxDVEDMDUiQHQXQPLQXWR (O PLUy VX UHORM FRPR VL HO JHVWR SXGLHUD WUDHU D ODV QLxDV D OD KDELWDFLyQ \ VDOYDUORGHORTXHVDEtDTXHVHDYHFLQDED ²7RGDYtDQREDMDUiQIDOWDQGLH]PLQXWRV²UHVSRQGLy5RVH²-DFNDFHUFDGHOR TXHKDEOiEDPRVDQRFKH ²¢6HUiODEHELGDHVWDPDxDQD"5RVH¢SRUTXpVLHPSUHHVODEHELGDSRUODV PDxDQDV\HOGLQHURSRUODVQRFKHV"¢3RUTXpVyORSDUDYDULDUQRPHKDEODVGHOD
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
EHELGDSRUODVQRFKHV\GHOGLQHURSRUODVPDxDQDV"7DOYH]DVtHQFRQWUDUHPRVDOJR QXHYRGHTXpKDEODU 5RVHFODYyORVRMRVHQVXSODWR\WUDWyGHPDQWHQHUFRQWURODGDVXYR] ²6XSRQJR TXH DEULJR OD YDQD HVSHUDQ]D GH TXH VL QR KDEOR GH HVR SRU ODV QRFKHVWDOYH]W~QREHEHUtDV&UHHVTXH\RGHEHUtDDSUHQGHU¢YHUGDG" ²6t²GLMR-DFN²FUHRTXHGHEHUtDV 9ROYLyDSDUDWRVDPHQWHODKRMDGHOSHULyGLFR\WUDWyGHFRQFHQWUDUVHHQODOHFWXUD /H\yXQSiUUDIR\YROYLyDOHHUORFXDQGRDGYLUWLyTXHQRWHQtDLGHDGHORTXHKDEtD OHtGR,EDSRUODWHUFHUDOHFWXUDFXDQGR5RVHKDEOyQXHYDPHQWH ²¢+DVWDFXiQGRSRGUHPRVVHJXLUGHHVWDIRUPD"²GLMRHOOD (OGHMyHOSHULyGLFR\ODPLUyFRQILMH]D*XDUGyVLOHQFLRXQPRPHQWR\FXDQGR KDEOyORKL]RGXUDPHQWH ²¢4XpTXLHUHVGHFLUFRQ©GHHVWDIRUPDª"6LWHUHILHUHVDFXiQGRSRGUpWHQHU XQDHUHFFLyQFRQWLJRQRORVp6LWHUHILHUHVDFXiQGRGHMDUpODEHELGDQRORVp6L WH UHILHUHV D FXiQGR GHMDUiV GH KRVWLJDUPH HVR FRUUH SRU FXHQWD WX\D 7HQJR OD H[WUDxDVHQVDFLyQGHTXHGHMDUpGHEHEHU\HPSH]DUpDKDFHUWHHODPRUFXDQGRW~ GHFLGDV ROYLGDU WRGR HO DVXQWR \ PH GHMHV XQ SRFR HQSD]7~ VDEHV TXH H[LVWHQ UD]RQHVSDUDTXH\RWHQJDSUREOHPDV\FRQWXVFUtWLFDVQRPHD\XGDVHQDEVROXWR ¢3RUTXpHQWRQFHVQRORGHMDPRVDVt5RVH"'HMpPRVORDVtQDGDPiV 6HSXVRGHSLH\VDOLyGHODKDELWDFLyQ5RVHTXHGyVRUSUHQGLGDDOHVFXFKDUOD FDOLGH]FRQTXHVHGHVSLGLyGHVXVKLMDVDQWHVGHPDUFKDUVHGHODFDVD(OKHFKRGH TXHDOVDOLUQRGLHUDXQSRUWD]RVyORFRQVLJXLyDXPHQWDUHOGHVFRQFLHUWRGHHOOD6H VLUYLyPiVFDIp\WUDWyGHHVWDUDODPLVPDDOWXUDGHFDOLGH]TXH-DFNFXDQGRVXV QLxDVHQWUDURQHQODKDELWDFLyQ ²(VWD PDxDQD SRGUpLV HOHJLU ²GLMR 5RVH² /D VHxRUD *RRGULFK GLFH TXH ODV WRUWLOODV \ ORV ELVWHFV VRQ LJXDOHV GH IiFLOHV GH PRGR TXH SRGUpLV FRPHU OR TXH TXHUiLV ²4XHUHPRVELVWHFV²GLMR(OL]DEHWKGLRDVXPDGUHXQEHVRGHEXHQRVGtDV\ WRPyDVLHQWR 6DUDK DUUDVWUy ODVLOOD TXH VX SDGUH DFDEDED GH GHVRFXSDU \ VHVHQWy MXQWR D (OL]DEHWK ²¢6DUDK"¢1RTXLHUHVVHQWDUWHHQWXVLOOD" /D QLxDQR UHVSRQGLy \VH VHQWyHQ VLOHQFLR FRQODVPDQRVHQ HOUHJD]RKDVWD TXH(OL]DEHWKOHVLUYLyMXJRGHQDUDQMD/RWRPyEHELyREHGLHQWHPHQWHHOYDVR\ YROYLy D GHMDUOR VREUH OD PHVD 6X PDQR YROYLy D VX UHJD]R 5RVH REVHUYDED HQ VLOHQFLRVLQWLpQGRVHLPSRWHQWH ²6DUDK²UHSLWLy²¢HVWiVVHJXUDGHTXHQRTXLHUHVVHQWDUWHHQWXVLOOD" 6DUDKYROYLyHOURVWURKDFLD5RVH \PLUyXQPRPHQWRDVXPDGUH5RVHEXVFyHQ YDQR HQ OD FDUD PHQXGD \ WULJXHxD WUDWDQGR GH GHVFXEULU VL 6DUDK OD KDEtD HVFXFKDGR(UDFRPRWUDWDUGHSHQHWUDUORVVHQWLPLHQWRVGHXQDPiVFDUD'HVSXpV GHXQLQVWDQWH6DUDKGLRYXHOWDODFDUD5RVHVLQWLyTXHVHOHIRUPDEDXQQXGRHQHO HVWyPDJR ²7DOYH]HOODSUHILHUDWRUWLOODV²GLMRSHQVDWLYD²¢3HURFyPRSXHGRVDEHUOR" (OL]DEHWKVRQULyDVXPDGUH ²/RV ELVWHFV VHUiQ HVWXSHQGRV ²GLMR² $ HOOD OH JXVWDQ ¢3RU TXp SDSi VH PDUFKyWDQWHPSUDQR" ²6XSRQJR TXH WHQGUtD PXFKR WUDEDMR HQ VX RILFLQD ²UHVSRQGLy 5RVH GLVWUDtGDPHQWH PLUDQGR WRGDYtDD OD PHQRU GH VXV KLMDV 6HQWtD TXH GHEtD KDFHU DOJR TXH GHEtD GHFLU DOJR D6DUDK SHUR QR VDEtD TXp HUD 6H VHQWtDFRQIXQGLGD 'HMyDSUHVXUDGDPHQWHODVHUYLOOHWDVREUHODPHVD\VHSXVRGHSLH
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
²
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
SDUD TXH pO HOLJLHUD )LQDOPHQWH KDFtD HOOD VX SURSLD HOHFFLyQ \ KDELWXDOPHQWH DFHUWDED&RQHOWLHPSRYHQtDQDYLVLWDUODFDGDYH]PiVSHUVRQDVQRWDQWRSDUDYHU ORTXHWHQtDGLVSRQLEOHFRPRSDUDSUHJXQWDUOHTXpFUHtDHOODTXHGHEtDQFRPSUDU &RQHVRVHIDFLOLWDEDPXFKRHOWUDEDMR\DXPHQWDEDQVXVFRPLVLRQHV 8QDxRPiVSHQVy\REWHQGUpPLOLFHQFLDGHDJHQWHGHELHQHVUDtFHV(QWRQFHV SUHSiUDWH3RUW$UEHOOR$TXtKD\RWUD&RQJHUHQDVFHQVR 6yORVHGLRFXHQWDDPHGLDVGHTXHODSHTXHxDFDPLRQHWD©)RUGªTXHVHUYtDGH DXWRE~V HVFRODU KDEtD OOHJDGR SDUD OOHYDU D 6DUDK D OD(VFXHOD :KLWH2DNV \QR OHYDQWyODYLVWDGHVXWUDEDMRKDVWDTXHQRHVFXFKyTXHOODPDEDQDVXSXHUWD ²$GHODQWH²GLMR 6HDEULy ODSXHUWD \ FRQ H[SUHVLyQ PROHVWDSRU KDEHU WHQLGR TXH LQWHUUXPSLU D 5RVHODVHxRUD*RRGULFKDVRPyODFDEH]D ²6LHQWRPXFKRPROHVWDUOD²GLMRFRQVXSURIXQGDYR]\DQTXLTXHUHVRQDEDHQHO SHFKRJHQHURVR²(OVHxRU'LOOHUSUHJXQWDVLSXHGHKDEODUXQDVSDODEUDVFRQXVWHG /HGLMHTXHHVWDEDRFXSDGDSHURpOTXLVRTXHVHORSUHJXQWDUD 5RVH UHSULPLy XQD VRQULVD H KL]R OR SRVLEOH SRU HQFDUQDU D OD JUDQ GDPD TXH REYLDPHQWHODVHxRUD*RRGULFKHVSHUDEDTXHIXHUD'XUDQWHPXFKRWLHPSRFXDQGR KDFtD SRFR TXH KDEtD YHQLGR D YLYLU D OD PDQVLyQ &RQJHU OD VHxRUD *RRGULFK OD KDEtD DPHGUHQWDGR PRUWDOPHQWH &RPSUHQGtD FRQ GRORU TXH QR VH KDOODED D OD DOWXUD TXH OD VHxRUD *RRGULFK KDEtD HVWDEOHFLGR SDUD XQD VHxRUD &RQJHU HQ IXQFLRQHV 3HUR OXHJR GHVFXEULy TXH KLFLHUD OR TXH KLFLHVH OD VHxRUD *RRGULFK VHJXLUtD FRQVLGHUiQGROD FRPR HOOD TXLVLHUD (Q ORV ~OWLPRV GRV DxRV 5RVH KDEtD GHVFXELHUWRFLHUWRSODFHUHQWUDWDUGHDMXVWDUVHDOSDSHO'HPRGRTXHDKRUDSDUD DJUDGDUDODYLHMDFULDGDDGRSWyXQDSRVHHUHFWD\WUDWyGHSDUHFHULPSHULRVD ²(VUDURTXHYHQJDVLQWHQHUXQDFLWD¢YHUGDG" /DVHxRUD*RRGULFKDVLQWLyYLJRURVDPHQWH ²3HURVXSRQJRTXHVHUiLQ~WLOWUDWDUGHGHVSHGLUOR 1XHYDPHQWHODVHxRUD*RRGULFKDVLQWLyFRQYLJRU ²'HPRGRTXHVXSRQJRTXHSXHGHXVWHGKDFHUORSDVDU /D SXHUWDVH FHUUy \ XQ PRPHQWRGHVSXpVYROYLyDDEULUVH SDUD GHMDU SDVDU D *HRUJH'LOOHU5RVHVHUHODMyGHLQPHGLDWR\OHVRQULy(OHUDXQSRFRPiVMRYHQTXH HOOD\H[KLEtDXQDHVSHVDEDUED(UDXQRGHORVPDHVWURVGHODHVFXHOD:KLWH2DNV SHURFRPRDSDUHQWHPHQWHVHOOHYDEDPX\ELHQFRQORVQLxRVDTXLHQHVHQVHxDED WDPELpQFRQGXFtDODFDPLRQHWDTXHUHFRJtDDORVDOXPQRV\ORVGHYROYtDDVXVFDVDV WRGRVORVGtDV/DHVFXHODKDEtDSUREDGRRWURVFRQGXFWRUHVSHURODVFRVDVVLHPSUH SDUHFtDQVDOLUPHMRUFXDQGRFRQGXFtD*HRUJH'LOOHUFRPRVLORVQLxRVFRQILDUDQHQ pO\WUDWDVHQGHFRPSRUWDUVHPHMRUHQVXKRQRU ²¢$TXpVHGHEHWRGRHVR"²GLMRpOYROYLHQGRODPLUDGDKDFLDODSXHUWD ²¢(VWXYRHVFXFKDQGR"²UHSOLFy5RVHFKDVTXHDQGRODOHQJXD ²6RQDEDFRPRPLWtD$JDWKDDOOiHQ%RVWRQ3RGtDRUGHQDUDXQVLUYLHQWHTXH VHPDWDUD\pOQRKDEUtDRVDGRGHVREHGHFHUOD$IRUWXQDGDPHQWHSDUDWRGRVMDPiV ORKL]R ²/DVHxRUD*RRGULFKKDEUtDLGRODWUDGRDVXWtD$JDWKD(VWiFRQYHQFLGDGHTXH DVtHVFRPRGHEHKDEODUXQDGDPD\KDJRORSRVLEOHSRUFRPSODFHUOD(QUHDOLGDG KDVWDSXHGHUHVXOWDUGLYHUWLGR ²%XHQRFDVLPHDVXVWySHURQRGHPDVLDGR ²0HMRUDVt¢'HVHDXQSRFRGHFDIp" ²1RWHQJRWLHPSR/RVQLxRVQRHVSHUDQ 5RVH PLUy SRU OD YHQWDQD \ YLR D 6DUDK WUHSDQGR DO DVLHQWR GHODQWHUR GH OD FDPLRQHWD(QHOFRPSDUWLPLHQWRWUDVHURVHLVRVLHWHQLxRVODPLUDURQ\HOODYLRTXH XQRRGRV\DHVWDEDQLPSDFLHQWHVHLQTXLHWiQGRVH
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
²(QWRQFHV¢TXpHVORTXHSXHGRKDFHUSRUXVWHG"²SUHJXQWy5RVH ²3RU PtQDGD6HWUDWDGH6DUDK1DGD JUDYH SHUR HOSHUVRQDO GH OD HVFXHOD TXHUUtDTXHXVWHG\HOVHxRU&RQJHUIXHUDQSDUDFRQYHUVDU ²¢2K"²GLMR5RVHFRQH[SUHVLyQGHSUHRFXSDFLyQSHUR*HRUJHVHDSUHVXUyD WUDQTXLOL]DUOD ²(Q UHDOLGDG QR HV QDGD ² GLMR² &UHR TXH HVWiQ SHQVDQGR HQ LQWURGXFLU DOJXQRVFDPELRVHQHOSURJUDPDGH6DUDK\GHVHDQKDEODUDQWHVFRQXVWHGHV ²3RU VXSXHVWR ²GLMR 5RVH DVLQWLHQGR FRQ ODFDEH]D²¢+D\ DOJXQD KRUD TXH UHVXOWHPiVFRQYHQLHQWHSDUDODHVFXHOD"²SUHJXQWyGLULJLpQGRVHKDFLDHOHVFULWRULR \DEULHQGRVXDJHQGD ²(QUHDOLGDGQR²GLMR*HRUJHHQFRJLpQGRVHGHKRPEURV²6HUtDPHMRUSRUOD WDUGH FXDQGR ORV QLxRV KDQ UHJUHVDGR D VXV FDVDV 3HUR VL XVWHGHV QR WLHQHQ WLHPSRQRVRWURVSRGHPRVDGDSWDUQRV 5RVHVDEtDTXHORKDUtDQ:KLWH2DNVHUDXQDHVFXHODPX\FDUD\WHQtDFRPR SROtWLFDVDOLUVHGHVXVFRVWXPEUHVWDQWRSRUVXVDOXPQRVFRPRSRUODVIDPLOLDVGH VXV DOXPQRV (Q FRQVHFXHQFLD UDUDV YHFHV VH YHtDQ REOLJDGRV D VDOLUVH GH VXV FRVWXPEUHV/RVSDGUHVFRPSUHQGLHQGRTXHODHVFXHODHUDFDSD]GHKDFHUWRGROR SRVLEOHSRU HOORV WUDWDEDQ GH KDFHU WRGR OR SRVLEOH SRU OD HVFXHOD 'H PRGR TXH 5RVHEXVFyXQDWDUGHOLEUH\WRPyXQOiSL] ²¢4XpWDOHOMXHYHV"3RUVXSXHVWRTXHWHQGUpTXHFRQILUPDUORFRQPLPDULGR SHURVXSRQJRTXHpOSRGUiKDFHUVHGHWLHPSR ²(VWXSHQGR²GLMR*HRUJH²¢4XpWDODODVFXDWUR" ²$KRUD PLVPR OR DQRWDUp ²5RVH VH LQWHUUXPSLy DO HVFXFKDU XQ OHYH JULWR SURYHQLHQWH GHO IUHQWH GH OD FDVD $O]y ORV RMRV \ SRU XQ PRPHQWR QR YLR QDGD DQRUPDO(QWRQFHVORYLRODFDPLRQHWDVHPRYtD ²£*HRUJH²JULWy²£'HSULVD£/DFDPLRQHWD 6LQKDFHUSUHJXQWDV*HRUJHFRUULyKDVWDODSXHUWD(VWDEDDWDVFDGD\WUDWyGH DEULUODVLQFRQVHJXLUOR5RVHVHJXtDPLUDQGRSRUODYHQWDQD/DFDPLRQHWDVHPRYtD OHQWDPHQWH SHUR FREUDED JUDGXDOPHQWH YHORFLGDG HQ OD OHYH SHQGLHQWH TXH FRQGXFtDDOJDUDMH5RVHFDOFXOyTXHVLFKRFDEDFRQWUDHOJDUDMHVHGHWHQGUtDVLQ PXFKRVGDxRV3HURVLVHGHVYLDED6XV RMRVUHFRUULHURQHOSUDGRGHFpVSHG\OD YHUHGDTXHVLQREVWiFXORVOOHYDEDGLUHFWDPHQWHDOERUGHGHODFDQWLODGR ²£/DSXHUWD²JULWy*HRUJH²£(VWiDWDVFDGD ²£(PS~MHODKDFLDDEDMR²JULWy5RVH²£6HWUDEDHQODSDUWHVXSHULRU 5RVH PLUy QXHYDPHQWHSRUODYHQWDQD/DFDPLRQHWDSDUHFtDHVWDUGHVYLiQGRVH XQSRFRKDFLDODL]TXLHUGD1RVHHVWUHOODUtDHQHOJDUDMH 2\yHOMDGHRGH*HRUJH\DOYROYHUVHORYLROXFKDQGRWRGDYtDFRQODSXHUWD$VXV HVSDOGDVR\yORVJULWRVDWHUURUL]DGRVGHORVQLxRVTXHFRPSUHQGtDQORTXHHVWDED VXFHGLHQGR ²£'pMHPHDPt²JULWyGDQGRXQHPSXMyQD*HRUJH\DIHUUDQGRHOWLUDGRU6H DSR\yFRQWUDODSXHUWD\GLRXQIXHUWHHPSXMyQ6HDEULyGHJROSH\*HRUJHVDOLy GLVSDUDGRKDFLDODSXHUWDSULQFLSDOGLVWDQWHXQRVSRFRVPHWURV/DVHxRUD*RRGULFK HVWDEDHQODHQWUDGDLQPRYLOL]DGDSRUHOWHUURUFXEULpQGRVHODERFDFRQXQDPDQR FRPRSDUDUHWHQHUXQJULWR*HRUJHODKL]RDXQODGR\KDEUtDFDtGRVL5RVHQRVH KXELHUDDGHODQWDGRSDUDVRVWHQHUOD ²1R HVQDGD ²GLMR OD VHxRUD *RRGULFK²1R VHRFXSHGHPt$\XGH DO VHxRU 'LOOHU 3HUR HUD HYLGHQWH TXH HOOD QDGD SRGtD KDFHU 9LR D *HRUJH FRUUHU KDFLD OD FDPLRQHWD TXH DYDQ]DED FXHVWD DEDMR 'HVGH HO VLWLR GRQGH HOOD VH HQFRQWUDED SDUHFtDTXHDXQVLOOHJDEDDDOFDQ]DUODQRWHQGUtDPHGLRVGHGHWHQHUODDQWHVGHTXH VHSUHFLSLWDUDSRUHOERUGHGHODFDQWLODGR
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
/DSXHUWDDELHUWDGHOODGRGHOFRQGXFWRUVHVDFXGtDYLROHQWDPHQWHFXDQGR*HRUJH DOFDQ]yODFDPLRQHWD*HRUJHHQWUyGHXQVDOWRDIHUUyFRQODL]TXLHUGDHOIUHQRGH PDQR\JLUyHOYRODQWHFRQODGHUHFKD6LQWLyTXHVHWUDEDEDQODVUXHGDVWUDVHUDV\ TXHHOYHKtFXORJLUDEDPiVKDFLDODL]TXLHUGD\HPSH]DEDDSDWLQDU1RSRGtDKDFHU PiV GH PRGR TXH FRQWXYR HO DOLHQWR \ HVSHUy 'HWUiV GH pO ORV QLxRV JULWDEDQ DVXVWDGRV H[FHSWR 6DUDK TXH SHUPDQHFtD VHQWDGD SOiFLGDPHQWH HQ HO DVLHQWR GHODQWHURMXQWRDOFRQGXFWRUPLUDQGRSRUODYHQWDQLOOD 6HGHWXYRDFHQWtPHWURVGHOERUGHGHODFDQWLODGR6LODSXHUWDQRKXELHVHHVWDGR DELHUWD SHQVy *HRUJH SHUR HQWRQFHV FRPSUHQGLy TXH KDEtD GHPDVLDGRV ©VLª 6HQWDGRGHWUiVGHOYRODQWHHVSHUyDTXHVHFDOPDUDQVXVQHUYLRV&XDQGRVHVLQWLy HQFRQGLFLRQHVGHKDFHUVDOLUDORVQLxRVGHODFDPLRQHWD5RVHHVWDEDDOOt8QRD XQRVDFDURQDORVQLxRV\5RVHORVOOHYyKDFLDODFDVD/DVHxRUD*RRGULFKDOYHU TXH OD FDPLRQHWD QR FDtD SRU HO DFDQWLODGR KDEtD GHVDSDUHFLGR HQ OD FRFLQD \ FXDQGRORVQLxRVHVWXYLHURQWRGRVDVDOYRHQODFDVDDSDUHFLyOOHYDQGRXQDMDUUDGH FDFDR FDOLHQWH 5RVH GHMyORV QLxRV DVXFDUJR \UHJUHVy DODFDPLRQHWD *HRUJH HVWDEDQXHYDPHQWHDOYRODQWH\VHGLVSRQtDDDOHMDUHOYHKtFXORGHOSUHFLSLFLR ²7HQJDFXLGDGR²OHDGYLUWLy5RVH *XLiQGRVHSRUODVLQGLFDFLRQHVGH5RVH*HRUJHDOHMyODFDPLRQHWDGHOERUGH\ FXDQGRHVWXYREDVWDQWHOHMRV GLRODYXHOWD /ODPy D 5RVHSDUDTXHVHOH XQLHUD\ FRQGXMRHOYHKtFXORQXHYDPHQWHDODFDO]DGD&XDQGRORGHWXYRSXVRFXLGDGRHQ GHMDUORHQJUDQDGR\FRPSUREyGRVYHFHVHOIUHQRGHPDQR ²¢4XpVXFHGLy"²OHSUHJXQWy5RVHFXDQGRHQWUDEDQDODFDVD ²1RORVp²GLMR*HRUJHDJLWDQGRODFDEH]D²'HERKDEHUPHROYLGDGRGHSRQHU HOIUHQR3HURHVWDEDVHJXURGHKDEHUORKHFKRHQPtHVFDVLXQUHIOHMR²SHQVyXQ PRPHQWR\DJLWyQXHYDPHQWHODFDEH]D²&DVLSXHGRYHUPHDPtPLVPRSRQLHQGR HOIUHQRSHURVHJXUDPHQWHQRORKLFH 8QD KRUD PiV WDUGH FRQ WRGRV ORV QLxRV \D WUDQTXLOL]DGRV *HRUJH 'LOOHU ORV FRQGXMRQXHYDPHQWHDODFDPLRQHWD6L5RVHQRWyTXH*HRUJHVHDVHJXUyGHTXH HVWDYH]6DUDKVHXELFDUDHQHODVLHQWRSRVWHULRUQRKL]RQLQJ~QFRPHQWDULR'HSLH HQHOSyUWLFRREVHUYy ODFDPLRQHWD TXH VHDOHMDEDSRUODFDO]DGD/XHJR UHJUHVyD VXRILFLQD\WUDWyGHFRQFHQWUDUVHHQVXWUDEDMR1ROHUHVXOWyIiFLO *HRUJH 'LOOHU FRQGXMR WRGDYtD FRQ PiV FXLGDGR TXH OR KDELWXDO HQ HO WUD\HFWR KDVWDODHVFXHOD\GLULJLyIUHFXHQWHPHQWHODYLVWDKDFLDHOHVSHMRUHWURYLVRU3HURQR REVHUYDEDHOFDPLQRTXHWHQtDGHWUiVVLQRDORVQLxRV(VSHFLDOPHQWHREVHUYDEDD 6DUDK&RQJHU ,EDVHQWDGDHQHODVLHQWRWUDVHUR\FXDQGRWRPDURQHO&DPLQRGH3XQWD&RQJHU SDUHFLy EXVFDU DOJR (QWRQFHV *HRUJHUHFRUGy 7RGDV ODVPDxDQDV OD FDPLRQHWD SDVDED D (OL]DEHWK &RQJHU TXH VH GLULJtD FDPLQDQGR D VX HVFXHOD < WRGDV ODV PDxDQDVFXDQGRSDVDEDODFDPLRQHWD(OL]DEHWKVDOXGDEDFRQODPDQRD6DUDK 3HURHVWDPDxDQDLEDQUHWUDVDGRV\QDGLHDJLWyODPDQRSDUDVDOXGDUD6DUDK $OILQDOGHOGtDODVHxRUD0RQWJRPHU\DQRWDUtDHQVXFXDGHUQRTXH6DUDK&RQJHU VHKDEtDPRVWUDGRPXFKRPiVGLItFLOGHWUDWDUTXHORKDELWXDO6HUtDXQDFRVDPiV DFHUFDGHODFXDOWHQGUtDTXHKDEODUFRQORVSDGUHVGH6DUDK
&DStWXOR $O VDOLU GH OD FDVD 5RVH PLUy VX UHORM 7RGDYtD WHQtD WLHPSR VXILFLHQWH SDUD GHWHQHUVHHQODRILFLQDGH-DFNVLQOOHJDUWDUGHDVXFLWD$OFDPLQDUKDFLDHOJDUDMH
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
YLR ODV KXHOODV HQ HO FpVSHG \ VH HVWUHPHFLy RWUD YH] DQWH HO UHFXHUGR GH OD FDPLRQHWDGHVOL]iQGRVHKDFLDHODFDQWLODGR6HSUHJXQWyVLGHELyUHWHQHUD6DUDKHQ FDVDSRUHVHGtD\VLQWLyXQDOLJHUDSXQ]DGDGHFXOSDSRUHODOLYLRTXHVLQWLyFXDQGR *HRUJH'LOOHULQVLVWLyHQTXHORPHMRUSDUD6DUDKVHUtDFRQWLQXDUHVHGtDFRPRVLQR KXELHUD VXFHGLGR QDGD H[WUDRUGLQDULR 0HQWDOPHQWH WRPy QRWD GH TXH HVD QRFKH GHGLFDUtDD6DUDKXQSRFRPiVGHDWHQFLyQ &XDQGROOHYDEDUHFRUULGRPHGLRNLOyPHWURHQVXYLDMHDOSXHEOR5RVHVRQULySDUD Vt PLVPD DO SDVDU IUHQWH D OD DQWLJXD SURSLHGDG GH ORV %DUQHV 7HQtD HO SUHVHQWLPLHQWRGHTXHHVHPLVPRGtDDOUHJUHVDUDFDVDSRGUtDUHWLUDUHOFDUWHOTXH GHFtD©(19(17$ª\TXHKDEtDHVWDGRPHVHVFROJDGRGHODFHUFD3HQVyTXHVHUtD XQDFRVDEXHQD(VDFDVDKDEtDHVWDGRGHPDVLDGRWLHPSRHQHOPHUFDGR2WURSDU GHPHVHV\DGTXLULUtDHVHHVSDQWRVRDLUHGHDEDQGRQR\VHUtDLPSRVLEOHYHQGHUODD FXDOTXLHU SUHFLR 3HUR WHQtD OD VHQVDFLyQ GH TXH SRU ILQ KDEtD HQFRQWUDGR ORV FOLHQWHVDGHFXDGRVSDUDODFDVD$SUHWyLQFRQVFLHQWHPHQWHHODFHOHUDGRU\FXDQGR HODXWRPyYLOVDOWyKDFLDDGHODQWHVHGLVLSyDOJRGHODGHSUHVLyQTXHKDEtDHVWDGR DFRViQGRODWRGDODPDxDQD(VWDFLRQyHODXWRGHWUiVGHOD©&RPSDxtDGH%LHQHV 5DtFHV GH 3RUW $UEHOORª HQWUy SRU OD SXHUWD GHODQWHUD \ DUURMyVXEROVR VREUHVX HVFULWRULR ²7LHQHXQDFLWDGHQWURGHTXLQFHPLQXWRV²OHUHFRUGyODUHFHSFLRQLVWD 5RVHVRQULyDODPXFKDFKD ²7HQJRWLHPSR²GLMR²&UX]DUpODSOD]DHQXQPLQXWR\VDOXGDUpD-DFN 6DEtDTXHSRGtDOLPLWDUVHDOODPDUSRUWHOpIRQRSHURTXHUtDVHJXLUPDQWHQLHQGROD ILFFLyQGHHVSRVDDIHFWXRVD (Q3RUW $UEHOOR ORV PDWULPRQLRVVyOLGRV HUDQ WHQLGRV PX\HQFXHQWDSDUDORVQHJRFLRV &XDQGRFUX]DEDDSLHODSOD]DPLUyUiSLGDPHQWHKDFLDHODQWLJXRDUVHQDOTXHVH DO]DEDDQWLHVWpWLFDPHQWHHQOD HVTXLQDMXQWRDOVXUGHODVHGHGHORVWULEXQDOHV8Q DxR PiV SHQVy\ HQFRQWUDUpOD IRUPD GHFRPSUDUOR(QWRQFHVVyOR VHUtD FXHVWLyQ GHREWHQHUXQDPRGLILFDFLyQGHODVRUGHQDQ]DVGHXUEDQL]DFLyQ\OOHYDUtDDGHODQWH VX SUR\HFWR GH FRQYHUWLUOR HQ XQ FHQWUR FRPHUFLDO 1DGD GH FRPSHWLU FRQ ORV FRPHUFLRV \D HVWDEOHFLGRV HQ HO SHUtPHWUR GH OD SOD]D QDGD GH SRQHU XQD JUDQ WLHQGD(QFDPELRLPDJLQDEDXQJUXSRGHORFDOHVSHTXHxRVGHERXWLTXHVDXQTXH GHWHVWDEDHVDSDODEUDFRQXQEXHQUHVWDXUDQWH\XQEDU$VtSRGUtDLQFUHPHQWDUHO YDORUGHODSURSLHGDGVLQSHUMXGLFDUORVQHJRFLRVGHORVGHPiVFRPHUFLDQWHV9HtD PHQWDOPHQWH HO DUVHQDO FRQ HO DVSHFWR TXH WHQGUtD GHVSXpV TXH HOOD OR KLFLHUD UHPRGHODUOLPSLDGRFRQDUHQDVXVODGULOORVFHQWHQDULRVOLEUHVGHDxRVGHVXFLHGDG \XQRVSRFRVFDPELRVHQODIDFKDGDSDUDGDUOHXQDVSHFWRDFRJHGRUHQYH]GHVX DLUHVRPEUtRFRQTXHPLUDEDGHVGHVLHPSUHDOSXHEORTXHORURGHDED &UX]yGHVFXLGDGDPHQWHODFDOOHKDFLDODVRILFLQDVGHO &RXULHU\HQWUy ²+ROD6\OYLH²VDOXGyVRQULHQWH²¢(VWiPLPDULGR" ²6t SHUR HVWi WDQ DPDEOH FRPR XQ RVR ²FRQWHVWy OD VHFUHWDULD GH -DFN GHYROYLpQGROHODVRQULVD²¢4XpOHKL]RHVWDPDxDQD" ²/RGHVLHPSUH²GLMR5RVH²/RDWp\ORFDVWLJXpFRQXQOiWLJR&KLOODSHUROH HQFDQWD 5RVH HQWUy VLQ OODPDU D OD RILFLQD GH VX HVSRVR FHUUy OD SXHUWD VH DFHUFy DO HVFULWRULRVHLQFOLQy\OREHVyDIHFWXRVDPHQWH ²+RODTXHULGR²GLMRQRWDQGRTXHHOLQWHUFRPXQLFDGRUVHHQFRQWUDEDDELHUWR² 0HGLMHURQTXHWLHQHVXQPDOGtD -DFNODPLUyLQWULJDGR\HOODOHVHxDOyHOLQWHUFRPXQLFDGRUVREUHHOHVFULWRULR(O DVLQWLy\ORFHUUy ²3DUHFHVPX\DQLPDGD²GLMRpOiFLGDPHQWH
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
²$KRUDORHVWR\SHURHVWDPDxDQDFDVLWHQHPRVXQDFDWiVWURIH²GLMR5RVH\OH UHILULyORVXFHGLGRFRQODFDPLRQHWD ²¢*HRUJHHVWiVHJXURGHKDEHUSXHVWRHOIUHQR"²GLMR-DFNFXDQGRHOODWHUPLQy 5RVHDVLQWLy ²3HURQRGHELyKDFHUOR²DxDGLy²6LORKL]RTXHGDVRODPHQWHXQDH[SOLFDFLyQ GHORVXFHGLGR6DUDK -DFNSDUHFLySHUGHUXQSRFRGHFRORU ² ¢'H PRGR TXH HQ OD HVFXHOD TXLHUHQ KDEODU FRQ QRVRWURV HO MXHYHV SRU OD WDUGH"²SUHJXQWyHKL]RXQDDQRWDFLyQHQVXDJHQGD ²1RDFHUFDGHORGHHVWDPDxDQD²GLMR5RVHUiSLGDPHQWH²DXQTXHVXSRQJR TXH HVR WDPELpQ VDOGUi D UHOXFLU £6DQWR 'LRV-DFN SRGUtDQ KDEHU PXHUWR WRGRV £1DGLHVHKDEUtDVDOYDGR ²¢'HYHUGDGFUHHVTXH6DUDKSXGRVROWDUHOIUHQR" ²1RVpTXpSHQVDU²GLMR5RVHYDFLODQWH²&UHRTXHWUDWDUpGHQRSHQVDUKDVWD TXHKDEOHPRVFRQODJHQWHGHODHVFXHOD ²3XHGR WRPDUPH HO UHVWR GHO GtD OLEUH ²RIUHFLy -DFN² 3RGUtDPRV MXJDU XQ SDUWLGRGHJROI 5RVHVRQULySHURQHJyFRQODFDEH]D ²6LW~TXLHUHVMXJDUKD]OR²GLMR²SHUR\RQR7HQJRXQDFLWD\\DFDVLOOHJR WDUGH&UHRTXHWHQGUpEXHQRVUHVXOWDGRVWUDWDUpGHYHQGHUODYLHMDSURSLHGDGGHORV %DUQHV6LORFRQVLJRPHKDUiPXFKRELHQPXFKRPiVTXHMXJDU DOJROI²VHSXVR GHSLH²3RUDOJXQDUD]yQHOWUDEDMRSDUHFHWUDQTXLOL]DUPH ²'HVHDUtDSRGHUGHFLUORPLVPR²UHSXVR-DFN (OQRVHSXVRGHSLH\5RVHVLQWLyXQDPDJRGHLUDDOYHUTXHpOQRDFXVDEDHO GDUGRTXHHOODOHODQ]y ²(QYtDPHD6\OYLDFXDQGRVDOJDV¢TXLHUHV"²GLMR-DFN 5RVHHVWXYRDSXQWRGHUHSOLFDUSHURFDPELyGHLGHD'HMyHQVLOHQFLRODRILFLQD\ VHREOLJyDSRQHUXQURVWURDQLPRVRSDUDPRVWUDUD6\OYLD%DQQLVWHU ²(VXQRVR²OHGLMRD6\OYLD²\ODQHFHVLWDDXVWHGHQVXPDGULJXHUD&RUUD 6LQ HVSHUDU UHVSXHVWD GH OD VHFUHWDULD GHMy HO HGLILFLR \ FUX]y OD SOD]D FDVL FRUULHQGR &XDQGR OOHJy D VX RILFLQD \D KDEtD SXHVWR VX YLGD SHUVRQDO HQ VX FRPSDUWLPLHQWR\HVWDEDSUHSDUDGDSDUDVDOXGDUDVXVFOLHQWHV ²'HPRGRTXHODVFRVDVVRQDVt²GHFtD5RVHGRVKRUDVGHVSXpV²3RUORTXH Vp HQ 3RUW $UEHOOR KD\ VRODPHQWH GRV FDVDV TXH VH DFHUFDQ D OR TXH EXVFDQ XVWHGHV 3RGUtD PRVWUDUOHV RWUDV SHURVHUtD XQD SpUGLGD GH WLHPSR ¢3RU TXp QR HPSH]DPRVSRUHVWDVGRV\GHMDPRVHVWDRWUDSDUDHOILQDO" 7RPyODILFKDGHODSURSLHGDGGHORV%DUQHV\ODFRORFyGHEDMRGHRWUDVGRV6H SXVRGHSLH ²¢3RGHPRV DFRPRGDUQRV HQ VX DXWRPyYLO R WHQGUHPRV TXH VHJXLUOD HQ HO QXHVWUR"²SUHJXQWy&DUO6WHYHQV ²9D\DPRV HQ HO PtR 'H HVD IRUPD SRGUp EULQGDUOHV XQ FRPHQWDULR VREUH HO SXHEOR3HURVLTXLHUHQVDEHUORWRGRGHEHUiQKDEODUFRQPLPDULGR
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
ODYHFLQGDG LQPHGLDWD5RVH VDEtD TXLpQGRUPtDFRQTXLpQTXLpQVHKDEtD YXHOWR ORFR\TXLpQKDEtD KHFKR©FRVDVUDUDVªHQFXDOTXLHUSDUWH GH3RUW$UEHOORGXUDQWH ORV ~OWLPRV FLQFXHQWD DxRV 3HUR QXQFD GDED HVD LQIRUPDFLyQ D ORV FOLHQWHV 6H DWHQtD HQ FDPELR D VXV QHJRFLRV &XDQGR RWURV YHQGHGRUHV VHxDODEDQ OD FDVD GRQGHKDEtDQKDOODGRDOYLHMRVHxRU&URFNHWWDKRUFDGRHQHOiWLFR5RVHPHQFLRQDED HO KHFKR GH TXH OD HVFXHODVH KDOODED D VyORGRV PDQ]DQDV GHOD SURSLHGDG TXH HVWDEDRIUHFLHQGR(QFRQVHFXHQFLDHOODFRQVHJXtDODVYHQWDV &RQGXMR DSUHVXUDGDPHQWHDORV6WHYHQVHQODVYLVLWDVD ODVGRVSULPHUDVFDVDV GHVXOLVWD/RV6WHYHQVQRHUDQPX\H[SDQVLYRV\HOODQRVHHVIRU]ySRUYHQGHUOHV ODVSURSLHGDGHV/XHJRHQILODURQSRUHO&DPLQRGH3XQWD&RQJHU ²¢$OJ~QSDUHQWHVFR"²SUHJXQWy&DUO6WHYHQVDOOHHUHOOHWUHURLQGLFDGRU ²1RVRWURVVRPRVORV~OWLPRV&RQJHU²GLMR5RVHHVIRU]iQGRVHSRUQRDSDUHFHU SUHWHQFLRVD\ORJUiQGROR²$PHQRVTXH\RFRQVLJDWHQHUXQKLMRYDUyQSURQWR\D QRKDEUiQLQJ~Q&RQJHUHQHO&DPLQRGH3XQWD&RQJHU ²&UHRTXHGHEHVHUPDUDYLOORVRYLYLUVREUHXQFDPLQRTXHOOHYHHODSHOOLGRGH XQR²GLMR%iUEDUD ²'HER GHFLU TXH REWHQJR FLHUWD VDWLVIDFFLyQ GH HOOR ²GLMR 5RVH DVLQWLHQGR² 6HJ~QPHKHHQWHUDGRHVWHFDPLQRIXHHQODSUiFWLFDODFDO]DGDSDUWLFXODUGHOD IDPLOLD/DIDPLOLDGHPLPDULGRIXHHQXQDpSRFDSURSLHWDULDGHSUiFWLFDPHQWHWRGR OR TXH VH HQFXHQWUD HQWUH HO SXHEOR \ OD 3XQWD 3HUR HVR IXH KDFH FLHQ DxRV (O FDPLQRH[LVWHGHVGHKDFHPXFKR1RVRWURVWRGDYtDYLYLPRVHQOD3XQWDSHURDKRUD HO FDPLQR SDVD GH ODUJR 7LHQH DOJR GH VtPEROR HO FDPLQR WHUPLQDED HQ QXHVWUD SXHUWDSULQFLSDOSHURDKRUDQRVGHMDDXQODGR ²8VWHG HV EDVWDQWH SUXGHQWH ²GLMR &DUO² ¢(Q TXp ODGR GH OD 3XQWD VH HQFXHQWUDODSURSLHGDGTXHYDPRVDYLVLWDU" ²'H HVWH ODGR FHUFD (Q UHDOLGDG VL FRQVLJR YHQGHUOHV OD FDVD VHUHPRV YHFLQRV /D SURSLHGDG GH ORV %DUQHV OLQGD FRQ OD QXHVWUD SHUR QR VH DIOLMDQ ODV FDVDVHVWiQVHSDUDGDVSRUXQRVTXLQLHQWRVPHWURV\H[LVWHXQDIUDQMDGHERVTXH\ XQSRFRGHDJXDHQWUHHOODV/DSURSLHGDG%DUQHVHVWiKDFLDWLHUUDILUPHQRVRWURV HVWDPRVVREUHODH[WUHPLGDGGHOD3XQWD+HPRVOOHJDGR )UHQy HO DXWRPyYLO \ JLUy KDFLD HO ODUJR FDPLQR GH HQWUDGD TXH FRQGXFtD D OD FDVD 6LQWLy TXH %iUEDUD FRQWHQtD HO DOLHQWR \ VH SUHJXQWy FXiQWR OHV OOHYDUtD GHFLGLUVH ²£'LRVPtR²GLMR&DUO²SDUHFHPX\JUDQGH ²1RHVWDQJUDQGHFRPRSDUHFH²GLMR5RVH²(VXQDFDVDVLQJXODUSHURFUHR TXH OHV JXVWDUi $GHPiV VL QR OHV JXVWD WHQGUiQ XQ SOD]R SDUD GHYROYHUOD /D SULPHUDYH]TXHODYLSHQVpTXHVRODPHQWHHUDDGHFXDGDSDUDXQDUTXLWHFWR1DGLH PiVSRGUtDKDFHUODKDELWDEOH ²¢4XpWLHQHODFDVDGHPDOR"²SUHJXQWy%iUEDUD ²1DGDHQUHDOLGDG²GLMR5RVH (VWDFLRQy HO DXWRPyYLO IUHQWH DO HGLILFLR \ VHxDOy OR TXH SDUHFtDQ GRV JDOHUtDV ODUJDV\FHUUDGDVXQDHQFLPDGHRWUDTXHFRUUtDQWRGRDORODUJRGHODFDVD ²¢9HQHVR"²SUHJXQWy ²1RPHORGLJD²GLMR&DUO²'pMHPHDGLYLQDU6HOOHJDDODSXHUWDSULQFLSDO\ KD\XQYHVWtEXORGHHQWUDGDTXHDWUDYLHVDWRGDODFDVD$FDGDODGRGHOYHVWtEXORGH HQWUDGDKD\XQDHVFDOHUD\ODVGRVHVFDOHUDVVHMXQWDQDUULEDGHODSXHUWDSULQFLSDO 'HVGHDOOtVHH[WLHQGHXQFRUUHGRUDWRGRORODUJRGHODFDVD\HQDPEDVGLUHFFLRQHV ²(VH[DFWDPHQWHDVt²GLMR5RVHDVLQWLHQGR² &RQRWURFRUUHGRU HQODSODQWD DOWD (O OXJDU GD OD VHQVDFLyQ GH XQ LQPHQVR FRFKH VDOyQ GH IHUURFDUULO &DGD KDELWDFLyQWLHQHXQDSXHUWDDOFRUUHGRU+D\XQDYLVWDLQFUHtEOHGHORFpDQRSHURVyOR GHVGHHOFRVWDGRPiVDOHMDGRGHODFDVD<QRWHQJRQLQJXQDLGHDDFHUFDGHORTXH
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
SXHGHKDFHUVHFRQHVR(VDHVXQDGHODVUD]RQHVSRUODTXHORVWUDMHKDVWDDTXt DXQ FXDQGR QR OD FRPSUHQ SRGUiQ GDUPH DOJXQD LGHD HQ HO FDVR GH TXH RWURV TXLHUDQFRPSUDUOD (QWUDURQHQODFDVD \ ODH[SORUDURQ KDELWDFLyQSRU KDELWDFLyQSULPHUROD SODQWD EDMD \ OXHJR OD SODQWD DOWD 5RVH VLJXLHQGR VXV LQVWLQWRV DSHQDV KL]R PiV TXH VHxDODU HO XVR TXH ORV %DUQHV KDEtDQ GDGR D FDGD KDELWDFLyQ )LQDOPHQWH UHJUHVDURQDOYHVWtEXORGHHQWUDGD ²¢<ELHQ"²GLMR5RVH&DUO\%iUEDUD6WHYHQVLQWHUFDPELDURQXQDPLUDGD ²7LHQHDOJXQRVLQFRQYHQLHQWHV²PXUPXUy&DUO ²<FDURV¢YHUGDG"²DxDGLy%iUEDUD ²&DURVQR²GLMR5RVH²FDUtVLPRV3LHQVHQHQLQYHUWLURWUDYH]ODPLWDGGHOR TXH SDJDUiQ SRU OD FDVD \ HVR QRLQFOX\H ODV FDxHUtDV $GHPiV DQWHV GH FLQFR DxRVQHFHVLWDUiXQDUHQRYDFLyQGHODLQVWDODFLyQHOpFWULFD\XQWHMDGRQXHYRGHQWUR GHGRVDxRV ²8VWHGHVPX\VLQFHUD¢YHUGDG"²GLMR&DUOFRQXQDVRQULVD ²6L\RQRVHORGLJRDKRUD²GLMR5RVHHQFRJLpQGRVHGHKRPEURV²XVWHGHVPH ORGLUiQPiVWDUGH<QRTXLHURTXHPLVYHFLQRVPiVFHUFDQRVPHJXDUGHQUHQFRU ²¢<FXiQWRSLGHQSRUODFDVD" 5RVHSRGtDYHUXQDFDOFXODGRUDIXQFLRQDQGRHQODPHQWHGH&DUO ² &LQFXHQWD \ GRV PLO TXLQLHQWRV 6L ORV SODQRV QR IXHUDQ WDQ H[WUDYDJDQWHV SRGUtDREWHQHUHOGREOHGHHVDFDQWLGDG ²0X\ELHQ²GLMR&DUO ²¢0X\ELHQ"²UHSLWLy5RVH²¢4XpVLJQLILFDHVH©PX\ELHQª" ²6LJQLILFD©PX\ELHQODFRPSUDPRVª²GLMR%iUEDUDHQWUHFDUFDMDGDV ²¢$OSUHFLRTXHSLGHQ"²GLMR5RVHDWRQWDGD ²$OSUHFLRTXHSLGHQ ²8VWHGHV GRV HVWiQ ORFRV ²GLMR 5RVH DJLWDQGR OD FDEH]D² 8VWHGHV PH SUHJXQWDURQFXiQWRSLGHQSRUODFDVDQRFXiQWRFUHR\RTXHVHSXHGHREWHQHU¢1R GHVHDQKDFHUXQDRIHUWDPiVEDMD" ²1RQHFHVDULDPHQWH²GLMR&DUO ²(QWLHQGR²PXUPXUy5RVH²¢4XpGLJR"1RHQWLHQGRQDGD6LQROHVLPSRUWD TXHORGLJDXVWHGHVPHHVWiQSULYDQGRGHWRGDODGLYHUVLyQ0HSDJDQSDUDKDFHU RIHUWDV \ FRQWUDRIHUWDV \ORJUDUTXH WRGRV FUHDQ TXH KDFHQ EXHQ QHJRFLR 1XQFD VXSH TXH XQD FDVD VH YHQGLHUD DO SUHFLR SHGLGR DO SULQFLSLR (Q UHDOLGDG Vp SHUIHFWDPHQWHELHQTXHXVWHGHVSXHGHQFRPSUDUODSRUPHQRV ²3HURHVROOHYDUtDWLHPSR²GLMR%iUEDUDDVLQWLHQGR²1RTXHUHPRVHVSHUDUQR TXHUHPRVXQSOD]RSDUDGHFLGLUQRV\QRTXHUHPRVILQDQFLDFLyQ+R\OHKDUHPRVXQ FKHTXHSRUHVDVXPD¢3RGHPRVPXGDUQRVHVWHILQGHVHPDQD" 5RVHDVLQWLy ²6XSRQJRTXHVt²GLMROHQWDPHQWH²1RKD\KLSRWHFDVGHPRGRTXHFUHRTXH OR~QLFRQHFHVDULRHVODWUDQVIHUHQFLDGHOWtWXORGHSURSLHGDG<HVRQROOHYDPXFKR WLHPSR ²3RU VX H[SUHVLyQ SDUHFH TXH OH KHPRV HVWURSHDGR HO GtD ²GLMR &DUO HQWUH FDUFDMDGDV²5HJUHVHPRVDVXRILFLQD\DUUHJOHPRVHVWR'HVSXpVQRVRWURVLUHPRV D FDVD UHFRJHUHPRV D -HII \ OR WUDHUHPRV DTXt (O OXJDU OH HQFDQWDUi $GRUD HO RFpDQR\DGRUDHVFDODU(VHDFDQWLODGRORKDUiPX\IHOL] 5RVHDVLQWLyQXHYDPHQWH ²$OJRDQGDPDO²GLMR²6HVXSRQHTXHYHQGHUXQD FDVDFRPR pVWD QRSXHGH VHUWDQIiFLO¢3RUTXpWLHQHQWDQWDSULVDSRULQVWDODUVH" ²7HQHPRV WDQWD SULVD ²GLMR %iUEDUD² SRUTXH KDFH XQ DxR TXH DQGDPRV EXVFDQGR XQD FDVD SRUTXH VDEHUQRV H[DFWDPHQWH OR TXH TXHUHPRV SRUTXH
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
WHQHPRVHOGLQHURSDUDFRPSUDUOD\ HOWDOHQWR SDUD UHDFRQGLFLRQDUOD\SRUTXHpVWD HV MXVWDPHQWH OD TXH HVWiEDPRV EXVFDQGR $GHPiV -HII WLHQH FDWRUFH DxRV \ TXHUHPRVTXHHPSLHFHODHVFXHODDQWHVGHTXHHODxRHVWpPiVDYDQ]DGR8QPHV PiV\WRGDVODVFDPDULOODVGHDOXPQRVHVWDUiQIRUPDGDV\-HIITXHGDUiH[FOXLGR KDVWD HOSUy[LPRRWRxR 'HPRGR TXH VLQR SRGHPRV PXGDUQRVHO SUy[LPRILQ GH VHPDQDQRQRVPXGDUHPRVQXQFD¢3XHGHDUUHJODUOR" ²&LHUWDPHQWH ²GLMR5RVH² 1RKD\QDGDTXH DUUHJODU&RPR GLMHXVWHGHVPH KDQSULYDGRGHWRGDODGLYHUVLyQ ²%XHQR²GLMR&DUO²KDUHPRVORSRVLEOHSRUFRPSHQVDUOR (QHOFDPLQRGHUHJUHVRDOSXHEOR5RVHGHFLGLyTXHORV6WHYHQVOHJXVWDEDQ 0DUWLQ )RUDJHU HVWDED GH SLH DQWH HO HVFULWRULR GH -DFN &RQJHU FRQ ORV RMRV HQURMHFLGRV7HQtDODVPDQRVPHWLGDVSURIXQGDPHQWHHQORVEROVLOORVGHVXFD]DGRUD GHWHODDFXDGURV ²6HORGLJR&RQJHUHVXQDYHUGDGHUDGHVJUDFLD²GHFtD²+DQSDVDGR\DGRV GtDV\QRVHKDKHFKRQDGD²VHYROYLySDUDPLUDUSRUODYHQWDQD²1DGD ²(VWR\VHJXURGHTXH5D\KDFHWRGRORTXHSXHGH²HPSH]yDGHFLU-DFNSHUR )RUDJHUVHYROYLyEUXVFDPHQWH ²7RGRORTXHSXHGHQRHVEDVWDQWH1RVpTXpOHVXFHGLyDPLKLMDSHURTXLHUR VDEHUOR -DFN OR PLUy LPSRWHQWH 0DUWLQ )RUDJHU HUD XQ KRPEUH FRUSXOHQWR $SR\y ORV SXxRVVREUHHOHVFULWRULRGH-DFN\VHLQFOLQyKDFLDpOFRQH[SUHVLyQFROpULFD ²1RYHRTXpSXHGDKDFHU\R²GLMR-DFNFRQYR]FDOPD ²3XHGH XVDU VX SHULyGLFR ²UHSOLFy )RUDJHU² (VR HV OR TXH SXHGH KDFHU 3XHGHXVDUORSDUDHQFHQGHUXQDKRJXHUDGHEDMRGH5D\1RUWRQ+iJDOHVDEHUTXH VLQRKDFHDOJR\SURQWRODJHQWHGHHVWHSXHEORVHOLEUDUiGHpO ²'LItFLOPHQWHFUHR²HPSH]yDGHFLU-DFN ²'LItFLOPHQWHFUHR²ORUHPHGy)RUDJHU²1ROHVXFHGLyDVXKLMDGHPRGRTXH ¢SRUTXpGHEHUtDFUHHUGLItFLOPHQWHDOJR" $-DFNVHOHKDFtDSHQRVRFRQVHUYDUHOFRQWURO(PSH]yQXHYDPHQWH ²¢4XpFUHHTXHOHVXFHGLyH[DFWDPHQWHD$QQH"²SUHJXQWy ²$OJXLHQ²0DUWLQ)RUDJHUYDFLOy²OHKL]RDOJR²WHUPLQyWtPLGDPHQWH ²¢/HKL]RTXp" )RUDJHUHPSH]yDVHQWLUVHLQFyPRGR ²%XHQRUHDOPHQWHQRVpSHURHOGRFWRUGLFH ²(OGRFWRUGLFHTXHQDGDOHVXFHGLy²GLMR-DFNFRQILUPH]D²(OPLVPRPHOR GLMR D LQVWDQFLDV VX\DV /D H[DPLQy FRQFLHQ]XGDPHQWH \ IXHUD GH XQRV SRFRV FDUGHQDOHVTXHSXGRKDFHUVHGHPXFKDVIRUPDVQRHVWiKHULGD&LHUWDPHQWHQROD YHMDURQ²DOYHUTXHODVDQJUHGHVDSDUHFtDGHOURVWURGH0DUWLQ)RUDJHUVHDSUHVXUy DFRQWLQXDU²
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
²¢4XLHUHGHFLUTXHVHUtDFRPRVL6DUDKHPSH]DUDDKDEODUGHORTXHOHVXFHGLy DHOOD"²ODGUy 'LRPHGLDYXHOWD\VDOLyGHODRILFLQDGH-DFNDQWHVGHSRGHUFRPSUREDUHOHIHFWR GH VXV SDODEUDV -DFN SHUPDQHFLy HQ VX DVLHQWR HVSHUDQGR TXH VH FDOPDUD HO YLROHQWRSDOSLWDUGHVXFRUD]yQ(VWDEDWHPEODQGR &XDQGRDORVSRFRVPLQXWRV6\OYLD%DQQLVWHUHQWUyHQODRILFLQD-DFNQRVHKDEtD PRYLGR6\OYLDHPSH]yDFRORFDUXQRVSDSHOHVIUHQWHDpOSHURVHGHWXYRDOYHUOHOD FDUD ²¢-DFN"²GLMR²-DFN¢HVWiVELHQ" ²1RORVp6\O²GLMR-DFNTXHGDPHQWH²¢3RUTXpQRFLHUUDVODSXHUWD\WRPDV DVLHQWR"²DO]yODPLUDGDKDFLDHOOD²¢7LHQHVWLHPSR" ²6LHPSUHWHQJRWLHPSR²UHSXVR6\OYLDFHUUDQGRODSXHUWD7RPyDVLHQWRHQHO VLOOyQ IUHQWH DO HVFULWRULR \ HQFHQGLy XQ FLJDUULOOR (O URVWUR GH -DFN PRVWUy HO FRPLHQ]RGHXQDVRQULVD ²(VRHVFDVLDXWRPiWLFR¢YHUGDG"²GLMR ²¢4Xp"²GLMRHOODPLUDQGRDVXDOUHGHGRU ²(OFLJDUULOOR¢+DVQRWDGRTXHQXQFDHQFLHQGHVXQFLJDUULOORDTXtFXDQGRVDEHV TXHVHWUDWDGHDVXQWRVGHWUDEDMRSHURTXHVLHPSUH HQFLHQGHVXQRFXDQGRVDEHV TXH VyOR FKDUODUHPRV" (V FRPR VL XVDUDV HO FLJDUULOOR SDUD FDPELDU SDSHOHV GH VHFUHWDULDDDPLJD ²¢7H PROHVWD" ²SUHJXQWy 6\OYLD DQVLRVDPHQWH \ PLUy HO FLJDUULOOR FRQ XQ HPEDUD]RTXHQRHUDFRP~QHQHOOD-DFNDJLWyODFDEH]D ²'HQLQJ~QPRGR0iVELHQPHJXVWD0HGLFHTXHSXHGHVOHHUHQPtFRPRHQ XQOLEUR 6\OYLDYROYLyDWUDQTXLOL]DUVH ²(QWRQFHV WUDWDUp GH QR UHFRUGDUOR FDGDYH] TXH OR KDJD²GLMR²1R GHELVWH PHQFLRQDUORDKRUDPHVHQWLUpWtPLGDDOKDFHUOR ²1RW~²VRQULy-DFN²(UHVODSHUVRQDPHQRVWtPLGDTXHFRQR]FR ²%XHQR HQ OXJDU GH KDEODU DFHUFD GH PLV PXFKDV YDULDGDV \ GLVFXWLEOHV YLUWXGHV¢SRUTXpQRKDEODPRVGHWL"¢4XpVXFHGLy"²GLMR6\OYLDDGYLUWLHQGRTXH -DFN HVWDED HOXGLHQGR HO WHPD GHO TXH GHVHDED FRQYHUVDU -DFN VH HQFRJLy GH KRPEURV ²(Q UHDOLGDG QR HVWR\ VHJXUR GH TXH KD\D VXFHGLGR QDGD 6yOR TXH 0DUWLQ )RUDJHUPHGLMRDOJRTXHPHDIHFWy$OJRDFHUFDGH6DUDK 6\OYLD FKXSy VX FLJDUULOOR \ GHMy VDOLU OHQWDPHQWH HO KXPR PLHQWUDV HOHJtD ODV SDODEUDV ²¢4Xp GLMR H[DFWDPHQWH" ²SUHJXQWy FRQ VXDYLGDG -DFN OH UHILULy OD UHFLHQWH FRQYHUVDFLyQ\FXDQGRWHUPLQy6\OYLDSHQVyVHUHQDPHQWHDQWHVGHKDEODU ²&UHRTXHHVRHVORTXHVHOODPDXQGLVSDURHQODRVFXULGDG-DFNeOQLVLTXLHUD VDEtDORTXHGHFtD²FRQWLQXySHUR-DFNQRSDUHFtDFRQYHQFLGR²-DFNQDGLHHQ HVWHSXHEOR LQFOXLGRV W~ WXHVSRVD R \R VDEHTXp OHVXFHGLyD6DUDK 1DGLH OR VDEH3HURW~WLHQHVTXHHQIUHQWDUOR6DUDKQRKDYXHOWRDKDEODU\YDD:KLWH2DNV \ HQ HVWH SXHEOR WRGRV VDEHQ TXp FODVH GH HVFXHOD HV pVD 'H PRGR TXH HV H[SOLFDEOH TXH OD JHQWH KDJD FRQMHWXUDV \ TXH SDUWH GH HVDV FRQMHWXUDV VH UHODFLRQHQFRQWLJR ²/RVp²GLMR-DFNDVLQWLHQGR²2WUDFRVDPiVSDUDSUHRFXSDUPH ²¢2WUDFRVD"¢<TXpPiVKD\DSDUWHGHHVR" ²%XHQRHVWiODVLWXDFLyQHQWUH5RVH\\R 6\OYLDQRHVWDEDVHJXUDGHTXHUHUVHJXLUHVFXFKDQGRSHURVXSRTXHORKDUtD6L VyORQRHVWXYLHUDWDQSHUGLGDPHQWHLQFOLQDGDKDFLDpOSHQVy(VWXYRDSXQWRGHXVDU OD SDODEUD ©HQDPRUDGDª SHUR OD HYLWy 1R REVWDQWH VDEtD TXH GH QDGD VHUYLUtD
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
HYLWDUOD$PDEDD-DFN&RQJHU\ORVDEtD1RHVTXHHVRPDUFDUDDOJXQDGLIHUHQFLD +DFtDWLHPSRTXHKDEtDDFHSWDGRTXHHVWDEDHQDPRUDGDGHVXMHIH\ODD\XGDED VDEHUTXHpOHQFLHUWDPDQHUDWDPELpQODDPDED1RGHXQPRGRVH[XDO(VRpO VLHPSUHORUHVHUYDEDSDUD5RVH\6\OYLDHUDIHOL]FRQTXHDVtIXHUD1RVHVHQWtD VHJXUDGH SRGHU PDQWHQHU XQD UHODFLyQ PiV tQWLPD \ VHVDEtD VHJXUD GHTXHQR GHVHDEDFRPSUREDUOR/HJXVWDEDQODVFRVDVWDOFRPRHUDQ(QODRILFLQDHOOD\-DFN HVWDEDQSUy[LPRV3DVDEDQGHXQDUHODFLyQSURIHVLRQDODXQDSHUVRQDOYDULDVYHFHV DOGtD\FDGDXQRGHHOORVVLQWRQL]DEDSHUIHFWDPHQWHHOKXPRUGHORWUR(QPXFKDV PDQHUDVHUDFRPRXQPDWULPRQLRVXSRQtDHOODH[FHSWRTXHGXUDEDVRODPHQWHRFKR KRUDV SRU GtD 7RGDV ODV WDUGHV -DFN UHJUHVDED D VX KRJDU \ D VX IDPLOLD \ HOOD UHJUHVDEDD VXFDVD \ DVXJDWR 'XUDQWHRFKR KRUDVDO GtD WHQtDXQ WUDEDMRTXH DGRUDED \ XQ KRPEUH TXH DPDED +DELWXDOPHQWH HVR HUD VXILFLHQWH 3HUR HQ RFDVLRQHVFRPRDKRUDHOODGHVHDEDTXHpOQROHFRQWDUDWRGRTXHVHUHVHUYDUD DOJRSDUDpO3RURWUDSDUWHHOODVDEtDTXHGHVGH KDFtDXQDxRpOQRKDEtDWHQLGRD QDGLHPiV1RGHVGHDTXHOGtDFXDQGRHQEUD]RVVDFyD6DUDKGHOERVTXH ²¢/DVFRVDVHVWiQSRQLpQGRVHSHRU"²GLMRHOOD ²1R HVWR\ VHJXUR GH TXH ©SHRUª VHD OD SDODEUD ¢&XiO HV WX GHILQLFLyQ GH ©SHRUª" 5RVH HPSLH]D D RGLDUPH ¢SHUR SRU TXp QR KDEUtD GH KDFHUOR" $SDUHQWHPHQWHPLIRUPDGHEHEHUHVWiHPSHRUDQGRXQSRFRSHURQRWDQWRFRPR SDUD TXH VH QRWH <HVWi6DUDK6\OYLD ²GLMRpO\ODGHVHVSHUDFLyQHQ VX YR] VH KL]RFDVLWDQJLEOH²¢SRUTXpQRSXHGRUHFRUGDUORTXHVXFHGLyDTXHOGtD" ²(VWDEDVEHELGR²GLMR6\OYLD²/DJHQWHWLHQHSHUtRGRVGHDPQHVLDDYHFHV (OODKDEOyVLQFLUFXQORTXLRV\HOWRQRGHVXYR]QRIXHGHFRQGHQDFLyQVLQRGH FRPSUHQVLyQ ²3HUR QXQFD PH KDEtD VXFHGLGR DQWHV ²GLMR pO² 1XQFD (VR KDFH TXH PH SUHJXQWHTXpKLFHH[DFWDPHQWHHQHOERVTXH¢4XpKLFHTXHQRPHSHUPLWRDPt PLVPRUHFRUGDUOR" 6\OYLDHQFHQGLyRWURFLJDUULOOR\KDEOyFRQJUDQVXDYLGDG ²-DFN¢TXpVHQWLGRWLHQHVHJXLUWRUWXUiQGRWH"6LKXELHUDVKHFKRORTXHSLHQVDV ORVPpGLFRVORKDEUtDQVDELGRLQPHGLDWDPHQWH+DEUtDKDELGRDOJXQDOHVLyQHQVX ²VH GHWXYR EXVFDQGR XQD SDODEUD \ GHFLGLy TXH pO GHEtD HVFXFKDUOR GLUHFWDPHQWH²YDJLQD1RODYLRODVWH-DFN ²
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
²1RSXHGRDOHMDUOD²GLMR-DFNFRQWRQRODVWLPHUR²1RGHVSXpVGHORTXHOH KLFH 6\OYLDVHFRORFyDVXVHVSDOGDV\SXVRVXVPDQRVVREUHORVKRPEURVGHpO6LQWLy ORVP~VFXORVWHQVRV\HPSH]yDGDUXQPDVDMHSDUDUHODMDUORV ²(UHV GHPDVLDGRGXUR FRQWLJR PLVPR -DFN 'HPDVLDGR GXUR 7UDQTXLOt]DWH ² GLMRVXDYHPHQWH3HURVDEtDTXHpOQROHKDUtDFDVR
&DStWXOR 1LQJXQRGHORVGRVKDEOyKDVWDTXH5RVHFUX]yFRQHODXWRPyYLOORVSRUWRQHVGH OD HVFXHOD :KLWH 2DNV $QWH HOORV XQ SUDGR GH FpVSHG ELHQ FXLGDGR VXEtD VXDYHPHQWHXQDORPDVDOSLFDGDGHDUFHV8QMDUGLQHURUHFRUUtDGHXQRDRWURODGRHO WHUUHQRVHPEUDGRGHKRMDVHQXQWUDFWRUGLPLQXWR\VXWUDEDMRTXHGDEDHYLGHQFLDGR SRU IUDQMDV GH KLHUED UHFLpQ FRUWDGD $TXt \ DOOi VH YHtDQ PRQWRQHV GH KRMDV DOJXQRVLQWDFWRVRWURVGHVSDUUDPDGRVSRUHOJUXSRGHQLxRVTXHLED GHXQRDRWUR PRQWyQGLVSHUVDQGRVLVWHPiWLFDPHQWHODVKRMDV(OMDUGLQHURSDUHFtDQRDGYHUWLUOR\ UHSHWtD SDFLHQWHPHQWH VX WUDEDMR /DHVFHQDKL]R VRQUHtU D 5RVHSHUR GHSULPLy D -DFN ²$GRUR HVWH OXJDU VLHPSUH HVKHUPRVR QR LPSRUWD OD HVWDFLyQ ²GLMR 5RVH \ FRPRQRR\yUHVSXHVWDGHVXPDULGRFRQWLQXy²&UHRTXHHVWDUHQXQOXJDUFRPR pVWHGHEHVHUEXHQRSDUDORVQLxRV ²6LHVTXHVHGDQFXHQWDGHGyQGHHVWiQ²GLMR-DFNVLQLQWHUpV²&UHHVTXHHO MDUGLQHURSRGUtDHQIDGDUVHFRQHOORV¢YHUGDG" ²6XSRQJRTXHHQSDUWHORFRQWUDWDURQSRUTXHQRVHHQIDGD²UHSXVR5RVH²1R FUHRTXHVHDIiFLOWUDEDMDUHQHVWHOXJDU$GPLURDODJHQWHTXHSXHGHKDFHUOR ²&LHUWDPHQWH\RQRSRGUtD²GLMR-DFN²1RYHRFyPRODJHQWHGHDTXtSXHGH VRSRUWDUOR0LUDDOOt 6HxDOyXQOXJDUGRQGHXQQLxRSHTXHxRGHQRPiVGHVHLVRVLHWHDxRVHVWDED VHQWDGREDMRXQiUERO+DEtDHQFRQWUDGRXQSDOR\FRQpOJROSHDEDPHWyGLFDPHQWH HO WURQFR FRQ OD UHJXODULGDG GH XQ PHWUyQRPR 5RVH GHWXYR HO DXWRPyYLO \ OR REVHUYDURQ6LJXLyVHQWDGRDOOtPDUFDQGRXQULWPRUHJXODUHQHOWURQFRGHOiUERO ²3REUHQLxR²VXVXUUy5RVHGHVSXpVGHYDULRVPLQXWRVGHVLOHQFLR²¢(QTXp VXSRQHVTXHHVWDUiSHQVDQGR"¢4XpFUHHVTXHOHKDEUiRFXUULGR" ²4XLpQVDEH²GLMR-DFNLQFyPRGR&RQWHPSOyDOQLxRXQPRPHQWR\OXHJRVX H[SUHVLyQVHVXDYL]y²3HUGyQDPH5RVH²GLMR²5HDOPHQWHQRRGLRHVWHOXJDU (V VyOR TXH PH KDFH VHQWLU WDQ WDQ LPSRWHQWH 9HR D WRGRV HVRV QLxRV \ HOORV SDUHFHQVHUSDUWHGHRWURPXQGRGHXQPXQGRTXHQRSXHGRWRFDU<PHGHVWUR]D HOiQLPRSHQVDUTXHPLSURSLDKLMDHVSDUWHGHHVHPXQGR 5RVHVHLQFOLQy\OHDFDULFLyODPDQR3XVRHODXWRPyYLOQXHYDPHQWHHQPDUFKD\ DYDQ]DURQKDFLDHOHGLILFLRSULQFLSDO'HWUiVGHHOORVHOQLxRWRGDYtDVHQWDGREDMRHO iUEROVLJXLyJROSHDQGRUtWPLFDPHQWHHOWURQFR (OGRFWRU&KDUOHV%HOWHUVHSXVRGHSLHFXDQGRHQWUDURQHQVXGHVSDFKR\VDOLy GHGHWUiVGHVXHVFULWRULRSDUDVDOXGDUORV ²6HxRU &RQJHU ²GLMR FiOLGDPHQWH WHQGLHQGR OD PDQR² 6HxRUD &RQJHU PH DOHJUDYHUORVDORVGRVDTXt6HVRUSUHQGHUtDQVLVXSLHUDQORGLItFLOTXHDYHFHVQRV UHVXOWD KDFHU YHQLU D XQR GH ORV SDGUHV SRU QR GHFLU D ORV GRV (V FODUR TXH D DOJXQRVVHOHVKDFHSHQRVRYHQLUGHELGRVHQFLOODPHQWHDODQDWXUDOH]DGHQXHVWUR WUDEDMR ²REVHUYy DWHQWDPHQWH D 5RVH \ D -DFN \ DGYLUWLy OD UHVSXHVWD D VX FRPHQWDULRTXHUHYHODEDODH[SUHVLyQGH-DFN©<XVWHGVHxRU&RQJHUHVXQSDGUH GHpVRVªSHQVySDUDVt(QYR]DOWDORVLQYLWyDTXHVHSXVLHUDQFyPRGRV\OHVGLMR TXHODPDHVWUDGH6DUDKVHOHVXQLUtDHQXQRVPLQXWRV
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
&KDUOHV%HOWHUHVWDEDDOILQDOGHODFLQFXHQWHQD\WHQtDHODVSHFWRTXHVHVXSRQH GHEHQWHQHUORVSVLTXLDWUDV/XFtDXQDEDUEDLQPHQVD²VLQGXGDHOPRGHORGHODGH *HRUJH'LOOHUSHQVy5RVH² \ELJRWHV GHPRUVD\WHQtDDGHPiVXQDJUDQFDEH]D OOHQD GH DEXQGDQWH FDEHOOR TXH HVWDED YROYLpQGRVH JULV 'HWUiV GH ODV JDIDV GH FDUH\ VXV RMRV SDUSDGHDEDQ FRQ XQ KXPRU DOHJUH TXH VLHPSUH OH IDFLOLWDED OD FRPXQLFDFLyQ FRQ ORV QLxRV FRQ TXLHQHV WUDEDMDED (YLGHQWHPHQWH GXUDQWH DxRV KDEtD KHFKR WRGR OR SRVLEOH SRU SDUHFHUVH D 6DQWD &ODXV SDSHO TXH VRODPHQWH SRGtD DVXPLU SOHQDPHQWH XQD YH] DO DxR (O UHVWR GHO WLHPSR FODUR HO WUDMH HQFDUQDGR \ ORV FDVFDEHOHV TXHGDUtDQ XQ SRFR H[FpQWULFRV 3RU OR WDQWR VH FRQIRUPDED FRQ YHVWLU XQD FKDTXHWD OLJHUD GH IUDQHOD HQFDUQDGD TXH OOHYDED VLQ DERWRQDU1RHQJDxDEDDQDGLH /D©(VFXHOD:KLWH2DNVªKDEtDVLGRVXVXHxRGHVGHTXHODKDEtDYLVWRWLHPSR DWUiV FXDQGR HUD XQ VDQDWRULR SDUD WXEHUFXORVRV &RPR WDQWDV LQVWLWXFLRQHV VLPLODUHVHOVDQDWRULR SDUD WXEHUFXORVRVVHTXHGy VLQFOLHQWHV(OVXHxRGHOGRFWRU &KDUOHV %HOWHU HUD TXHGDUVH pO WDPELpQ DOJ~Q GtD VLQ FOLHQWHV 3HUR ODV SRVLELOLGDGHVGHTXHHVWR VXFHGLHUDHUDQHVFDVDV\pOSHQVDEDTXHHOUHVWR GHVX YLGD OR SDVDUtD HQ :KLWH 2DNV /R FXDO UHIOH[LRQDED QR HUD XQD SHUVSHFWLYD GHVDJUDGDEOH 6HR\yXQJROSHFLWRHQODSXHUWD\0DULH0RQWJRPHU\HQWUyHQODRILFLQD6HYHUD \FXDUHQWRQDWHQtDDVSHFWR FRQVHUYDGRUTXHUHFRUGDEDDXQD PDHVWUDGH HVFXHOD VROWHURQD GH KDFH FLQFXHQWD DxRV 4XLHQHV QR OD KDEtDQ YLVWR WUDEDMDU VLHPSUH WHQtDQ UHVHUYDV DFHUFD GH 0DULH 0RQWJRPHU\ TXLHQHV VH KDEtDQ WRPDGR WLHPSR SDUDREVHUYDUODHQDFFLyQTXHGDEDQWRWDOPHQWHFRQYHQFLGRVGHVXFDSDFLGDG&RQ VyOR SRQHUOD HQ XQ DXOD OOHQD GH QLxRV PHQWDOPHQWH SHUWXUEDGRV ODV UHVHUYDV GHVDSDUHFtDQ 3DUHFtDQRQRWDUMDPiVODVSHFXOLDULGDGHVGHORV QLxRV\WUDEDMDED LQFDQVDEOHPHQWHFRQFDGDXQRGHVXVGLH]DOXPQRVYLHQGRSURJUHVRVGRQGHRWURV QRQRWDEDQFDPELRVHLQYHQWDQGRWpFQLFDVFXDQGRQRH[LVWtDQ(UDFDVLFRPRVLDO QHJDUVHDUHFRQRFHUODVOLPLWDFLRQHVGHVXVDOXPQRVODVVXSHUDUD<FLHUWDPHQWH VXVDOXPQRVVLHPSUHSDUHFtDQDGHODQWDUPiVTXHORVGHFXDOTXLHURWUR3HURDKRUD FXDQGRVHDFRPRGyHQHODVLHQWRGHVRFXSDGRHQWUHHOGRFWRU%HOWHU\5RVH&RQJHU H[KLEtDXQDLUHGHSUHRFXSDFLyQTXHWUDVFHQGtDVXKDELWXDOH[SUHVLyQUHVHUYDGD ²0DULH²GLMRHOGRFWRU%HOWHU²HVWiEDPRVHVSHUiQGROD ²/RVLHQWRPHUHWUDVpXQRVPLQXWRV²GLMRFRQXQDVRQULVD\SURVLJXLyFXDQGR HO GRFWRU %HOWHU HQDUFy ODV FHMDV FRQ H[SUHVLyQ LQWHUURJDGRUD² 2K QDGD JUDYH DSHQDV XQD FXHVWLyQ GH GLVFLSOLQD 'RV QLxRV SDUHFtDQ TXHUHU GLVFLSOLQDUVH HQWUH HOORV3HUR\DSDVy ²'HELyUHVXOWDUGLItFLO²GLMR-DFN ²'HQLQJ~QPRGR²GLMRODVHxRUD0RQWJRPHU\WHUPLQDQWHSHURDPDEOH²1R ROYLGHTXHODPD\RUtDGHORVQLxRVGHDTXtHQUHDOLGDGQRVDEHQTXHWLHQHQDOJR HVSHFLDO7LHQHQVHQFLOODPHQWHXQDSDXWDGLIHUHQWHGHQRUPDOLGDG<FXDQGRXQR YHHOHVWDGRGHOPXQGR¢TXLpQSXHGHGHFLUTXHHVWiQHTXLYRFDGRV"$YHFHVYHRD -HUU\JROSHDQGRHOWURQFRGHHVHiUERO\VHPHRFXUUHTXHQRHVXQPRGRWDQPDOR GH SDVDU HO WLHPSR (Q RFDVLRQHV GHVHDUtD WHQHU VX SRGHU GH FRQFHQWUDFLyQ ¢6DEHQTXHKDFHFLQFRPHVHVTXHYLHQHWUDEDMDQGRHQHOPLVPRiUERO"0HVHQWLUp IHOL]FXDQGRWHUPLQH ²¢4XpKDFHFRQHVHiUERO"²SUHJXQWy-DFN ²6L XVWHGHV SXHGHQ GHVFXEULUOR ²GLMR OD VHxRUD 0RQWJRPHU\ HQFRJLHQGR ORV KRPEURV²WLHQHQPiVVXHUWHTXH\R3HURDOJ~QGtDORVDEUp$OJ~QGtDpOPHOR GLUi&XDQGRHVWpOLVWR0LHQWUDVWDQWRWHQJRRWUDVFRVDVGHTXpRFXSDUPH ²¢&RPR6DUDK"²GLMR5RVH /DPDHVWUDDVLQWLy
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
²&RPR 6DUDK (VSHUR TXH XVWHGHV QR VH KD\DQ DIOLJLGR GHPDVLDGR 3HGt D *HRUJHTXHGHMDVHFODURTXHQRVHWUDWDEDGHQLQJXQDHPHUJHQFLD(VSHURTXHOR KD\DKHFKR ²/R KL]R ²GLMR 5RVH FRQ XQD VRQULVD² 3HUR LQPHGLDWDPHQWH WXYLPRV XQD HPHUJHQFLDQRVRWURV6XSRQJRTXHpOVHORGLMR ²6t²GLMRHOGRFWRU%HOWHU\VXURVWURVHHQVRPEUHFLy²1RVORGLMR1RKDFH IDOWD GHFLU TXH HVR QR HUD XQR GH ORV WHPDV DFHUFD GH ORV FXDOHV TXHUtDPRV FRQYHUVDU SXHVWR TXH QR KDEtD VXFHGLGR FXDQGR GHFLGLPRV LQYLWDUORV D HVWD UHXQLyQSHURFUHR ²¢(VWi XVWHG VXJLULHQGR TXH 6DUDK WLHQH DOJR TXH YHU FRQ HVR" ²GLMR -DFN IUtDPHQWH²3RUTXHVLXVWHG ²1RHVWR\VXJLULHQGRQDGDVHPHMDQWH²GLMRHOGRFWRU%HOWHU²'XGRTXHDOJXQD YH] OOHJXHPRVDDYHULJXDU H[DFWDPHQWHTXp SDVy FRQODFDPLRQHWD *HRUJH'LOOHU DVHJXUDTXHSXVRHOIUHQRSHURSXHGHKDEHUVHHTXLYRFDGR6DUDKFODURQRSXHGH FRQWDUQRV QDGD3HUR D UDt] GH PLV SURSLDVREVHUYDFLRQHV\ GHORTXH 0DULH PH LQIRUPD QRVXJHULUp TXH 6DUDK VROWy HO IUHQR 3RUOR PHQRV QR GHOLEHUDGDPHQWH (QWUHRWUDVFRVDVGHFLUTXH6DUDKVROWyHOIUHQRWLHQHYDULDVLPSOLFDFLRQHV3ULPHUR TXHHOODVDEtDTXHVLVROWDEDHOIUHQRODFDPLRQHWDHPSH]DUtDDPRYHUVH\TXHVLOD FDPLRQHWDHPSH]DED D PRYHUVHHQHOPHMRU GHORVFDVRV VH HVWUHOODUtDFRQWUD HO JDUDMH ODVWLPDQGR D YDULRV QLxRV \ HQ HO SHRU VH SUHFLSLWDUtD DO PDU PDWDQGR D WRGRVLQFOXLGDHOODPLVPD)UDQFDPHQWHGHQLQJ~QPRGRHVWDPRVVHJXURVGHTXH HQ VX DFWXDO HVWDGR PHQWDO 6DUDK VHD FDSD] GH WRGRV HVRV UD]RQDPLHQWRV (V SRVLEOH TXH Vt FODUR SHUR VX FRQGXFWD QR QRV LQFOLQD D SHQVDUOR $GHPiV QR FUHHPRVTXHWHQJDWHQGHQFLDVVXLFLGDV\FLHUWDPHQWHWHQGUtDPRVTXHSHQVDUTXH VROWDUHOIUHQRIXHXQJHVWRDXWRGHVWUXFWLYR ²(QRWUDVSDODEUDV²GLMR5RVH²¢XVWHGQRFUHHTXH6DUDKVROWDUDHOIUHQR" ²'HVHDUtDTXHIXHUDDVtGHVHQFLOOR²GLMRHOGRFWRU%HOWHUFRQXQDOHYHVRQULVD² (VGHOWRGRSRVLEOHTXHHOODKD\DVROWDGRHOIUHQRVLQWHQHUODPHQRULGHDGHTXHOR KDFtD(VSRVLEOHTXHQRKLFLHUDPiVTXHPDQLIHVWDUXQLQWHUpVPRPHQWiQHRHQXQ REMHWRVLQWHQHULGHDGHODVSRVLEOHVFRQVHFXHQFLDVGHVXVDFWRV(VRPHWHPR HQFDMDPX\ELHQGHQWURGHVXVDFWXDOHVSDXWDVGHFRQGXFWD 6LJXLyXQSURORQJDGRVLOHQFLRPLHQWUDV5RVH\-DFNGLJHUtDQORTXHGLMRHOPpGLFR -DFN VH DJLWy LQFyPRGR HQ VX DVLHQWR PLHQWUDV 5RVH MXJXHWHy FRQ XQR GH VXV JXDQWHV ²/RTXHXVWHGHVWiGLFLHQGRGRFWRU%HOWHUVLORHQWLHQGRFRUUHFWDPHQWH²GLMR -DFNFRQWLUDQWH]²HVTXHPLKLMDHVSHOLJURVD (OGRFWRU%HOWHUVXVSLUy\HPSH]yGHQXHYR ²1RHVRQRHVH[DFWDPHQWHORTXHGLMH ²1RH[DFWDPHQWH²UHSLWLy-DFN²¢SHURVHDFHUFD" (OGRFWRU%HOWHUDVLQWLyOHYHPHQWH ²6XSRQJRTXHVLXVWHGTXLHUHSRGHPRVSRQHUORDVtHQHVWHPRPHQWR6DUDK HV LUUHVSRQVDEOH 'H OR TXH KHPRV SRGLGR REVHUYDU D PHQXGR HV WRWDOPHQWH LQFRQVFLHQWH GHODVSRVLEOHVFRQVHFXHQFLDVGH VXVDFWRV(Q RWUDV SDODEUDVDFW~D VLQ SHQVDUOR (VR SXHGR VHU SHOLJURVR SDUD FXDOTXLHUD 3DUD HOOD FRQ ODV OXFKDV HPRFLRQDOHV TXH HVWi DWUDYHVDQGR REYLDPHQWHSXHGHVHUGHVDVWURVR$GPLWRTXH HO LQFLGHQWH GH OD FDPLRQHWD HV XQ HMHPSOR H[WUHPR SHUR FLHUWDPHQWH UHVXOWD LOXVWUDWLYRGHORTXHSRGUtDVXFHGHU ²6LHVTXHHOODVROWyUHDOPHQWHHOIUHQR²GLMR-DFNFRQWRQRVRPEUtR ²6L HV TXH HOOD VROWy UHDOPHQWH HO IUHQR ²UHSLWLy HO GRFWRU %HOWHU² < SRU VXSXHVWRQRWHQHPRVIRUPDGHFRPSUREDUOR&UpDQPHQDGDPHKDUtDPiVIHOL]TXH
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
SRGHUGHPRVWUDUTXHIXHXQGHVFXLGRGH*HRUJH'LOOHU6HUtDPXFKRPiVIiFLOGH HQFDUDU3HURQRSXHGR ²'LMRXVWHGTXHKDEtDPiV²GLMR5RVHTXHGDPHQWH²¢4XpPiVKD\" ²¢0DULH" ²GLMR HO GRFWRU %HOWHU YROYLpQGRVH D OD PDHVWUD² ¢3RU TXp QR OR H[SOLFDXVWHG" 0DULH0RQWJRPHU\WRPyXQDFDUSHWDGHOHVFULWRULR\ODDEULy ²(VWRGREDVWDQWHLQVLJQLILFDQWH²GLMR²6yORFRVDVSHTXHxDVHQUHDOLGDGSHUR FXDQGR VHVXPDQ FUHR TXH GHEHPRV SUHVWDUOHV DWHQFLyQ (Q SULPHU OXJDU6DUDK SDUHFHHVWDUUHWLUiQGRVHPiVSURIXQGDPHQWHGHQWURGHVtPLVPD1DGDGHPDVLDGR QRWDEOH6RODPHQWHTXHKDVWDKDFH XQSDUGHPHVHVFDVLVLHPSUHUHVSRQGtDDVX QRPEUH OD SULPHUD YH] TXH OR SURQXQFLiEDPRV $KRUD QXQFD OR R\H VL QR OR UHSHWLPRV R VL OR KDFH SDUHFH LJQRUDUOR $GHPiV HVWi OD FXHVWLyQ GH VX FRQFHQWUDFLyQ 3DUHFH HVWDU UHGXFLpQGRVH (Q UHDOLGDG WHQJR DOJXQDV FLIUDV DO UHVSHFWRSHURUHSLWRQDGDGHPDVLDGRQRWDEOH3DUDH[SUHVDUORFRQVHQFLOOH]DKRUD GHGLFDVX DWHQFLyQ D XQDVRODFRVD GXUDQWH PHQRV WLHPSR TXHDQWHV (VR QR PH DIOLJLUtDGHPDVLDGRDTXtODFDSDFLGDGGHDWHQFLyQGHORVQLxRVSDUHFHHVWLUDUVH\ DFRUWDUVHFRPRXQDWLUDGHFDXFKR3HURFRQ6DUDKQRHVH[DFWDPHQWHFRPRVLVH DEXUULHUD GH OR TXH HVWp KDFLHQGR 0iV ELHQ SDUHFH FRPR VL VH HQFRQWUDUD D Vt PLVPD PiV LQWHUHVDQWH TXH HO PXQGR UHDO (V FDGD YH] PiV GLItFLO PDQWHQHU VX DWHQFLyQ HQ HO PXQGR UHDO \ HVR PH SUHRFXSD (PSLH]D D SDUHFHUPH FRPR VL HVWXYLpVHPRVSHUGLHQGRFRQWDFWRFRQHOODHQYH]GHDFHUFDUQRVPDV 0DULH0RQWJRPHU\YLRXQUHOiPSDJRGHGRORUHQORVRMRVGH-DFN\VHDSUHVXUyD WHUPLQDU ²(VHHVHQUHDOLGDGHOPRWLYRSULQFLSDOGHHVWDUHXQLyQDYHULJXDUVLHQFDVDGH XVWHGHVKDQQRWDGRHVDVPLVPDVFRVDV 5RVHQHJyFRQXQJHVWR ²1RORFUHR²GLMRFRQH[SUHVLyQGHGXGD²SHURSRUVXSXHVWRQRSXHGRHVWDU UHDOPHQWH VHJXUD 0H UHVXOWD WHUULEOHPHQWH GLItFLO REVHUYDUOD FRQ REMHWLYLGDG 0H WHPRTXHWUDWRGHGHVFXEULUDGHODQWRVGRQGHWDOYH]QRORVKD\ ²+D\DGHODQWRV²GLMR-DFNSHURVXWRQRGHYR]LQGLFyTXHVXDILUPDFLyQSRGtD HVWDUGLFWDGDPiVSRUVXVGHVHRVTXHSRUODUHDOLGDG ²-DFN²GLMR5RVHFRQWRGDVXDYLGDG²¢TXpDGHODQWRVKD\HQUHDOLGDG"²VH YROYLyDODVHxRUD 0RQWJRPHU\²'HVHDUtD SRGHU GHFLUOHVL UHDOPHQWHKDQKDELGR FDPELRVHQ6DUDKSHURQRSXHGR ²1RHVSHUiEDPRVTXHSXGLHUDQGHFLUQRVQDGDKR\²GLMRHOGRFWRU%HOWHU²7DO FRPR KHPRVWUDWDGR GHH[SOLFDUOHVQRKD VXFHGLGRQDGD GHPDVLDGRQRWDEOH(VWR HVVLPSOHPHQWHSDUDDOHUWDUORVGHTXHDOJR SRGUtDHVWDUVXFHGLHQGR 1RHVWDPRV VHJXURV \ SRU HVR DFXGLPRV D XVWHGHV 3RGUtD UHVXOWDU GH JUDQ D\XGD SDUD QRVRWURV\SDUD6DUDKVLXVWHGHVHVWiQDGYHUWLGRVGHTXHSXHGHHVWDUVXFHGLHQGR DOJRTXHQRVDEHPRV\WUDWDQGHGHWHFWDUFXDOTXLHUFRVDGHVXVDGDRGLIHUHQWHHQ VXFRQGXFWD ²%XHQR²GLMRFDXWHORVDPHQWH²HVWiHVRGHODRWUDQRFKHFRQHOWDEOHUR2XLMD ²¢7DEOHUR2XLMD" ²GLMRHOGRFWRU%HOWHU²+DFHDxRVTXHQRYHRXQD GHHVDV FRVDV¢7RGDYtDORVIDEULFDQ" ²(VWH QR²GLMR 5RVH²(OL]DEHWK ORHQFRQWUyHQXQFXDUWRGHWUDVWRVYLHMRV< HQUHDOLGDGHOWDEOHUR2XLMDQDGDWXYRTXHYHUFRQORVXFHGLGR 5RVH UHODWy HO LQFLGHQWH GH KDFtD XQDV SRFDV QRFKHV \ OD UHDFFLyQ GH 6DUDK FXDQGR HO JDWR VH UHVWUHJy FRQWUD HOOD 0LHQWUDV KDEODED HO GRFWRU %HOWHU WRPy DOJXQDVQRWDV ²(QUHDOLGDGQRIXHQDGD²GLMR5RVHSDUDWHUPLQDU
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
²¢<HVWDEDQMXJDQGRFRQHVHWDEOHUR2XLMD"²SUHJXQWyQXHYDPHQWHHOGRFWRU %HOWHU²+XPP²KL]RXQD~OWLPD DQRWDFLyQ\DO]y ODYLVWD² ¢6DUDKSDVDPXFKR WLHPSRFRQVXKHUPDQD" ²(VRVHUtDSRFRGHFLU²GLMR-DFN²/DSHRUSDUWHGHOGtDHVFXDQGR(OL]DEHWK VH PDUFKD DODHVFXHOD \ 6DUDK WLHQH TXH HVSHUDUOD FDPLRQHWD TXH ODWUDHDTXt 3UiFWLFDPHQWHVRQLQVHSDUDEOHV ²¢<FyPRUHDFFLRQD(OL]DEHWKDQWH6DUDK"²SUHJXQWyHOGRFWRU ²7HQLHQGR HQ FXHQWD VX HGDG ²GLMR 5RVH² HV VRUSUHQGHQWH 5HFXHUGH TXH (OL]DEHWKWLHQHDSHQDVWUHFHDxRVSHURSRUODIRUPDHQTXHFXLGDD6DUDKXVWHG FUHHUtD TXH HV FLQFR DxRV PD\RU (Q FLHUWD IRUPD SDUHFH FRPSUHQGHUOD -XHJD KRUDVFRQHOODOHHSDUDHOOD\MDPiVVHPROHVWDFXDQGR6DUDKGHVWUR]DFXDOTXLHU FRVDFRQTXHHVWpQMXJDQGRRFXDQGROHDUUHEDWDHOOLEURGHODVPDQRV<ODRWUD QRFKHFXDQGR6DUDKJULWyIXHFRPRVL(OL]DEHWKQRODKXELHUDRtGRHQDEVROXWR(O JULWRQRVFRQPRYLyD-DFN\DPtPXFKRPiVTXHDFXDOTXLHUDGHODVQLxDV ²(VH[WUDxR²GLMR-DFNWRPDQGRHOKLORGHOUHODWR²(OL]DEHWKKDEODD6DUDK\ QRSDUHFHQRWDUTXH6DUDKQROHUHVSRQGH(VFRPRVL6DUDKQRWXYLHVHQHFHVLGDG GHKDEODU(OL]DEHWKSDUHFHFRPXQLFDUVHFRQHOOD$YHFHV(OL]DEHWKPHKDFHVHQWLU LPSRWHQWH7UDWpGHKDEODUFRQ6DUDKWDQWDVYHFHVTXHQRSXHGRFRQWDUODVSHUR QL ELHQODOHYDQWRHOODHPSLH]DDLQTXLHWDUVH\DORVSRFRVPLQXWRVGHMDPLUHJD]R\VH YDFRQ(OL]DEHWK ²¢+DGDGRDOJXQDPXHVWUDGHYLROHQFLDHQFDVD"²GLMRTXHGDPHQWHHOGRFWRU %HOWHU ²¢6DUDK"1RORFUHR²GLMR5RVH²¢3RUTXp" ²1XHYDPHQWH QR HVQDGD GH OR TXH SRGDPRV HVWDU VHJXURV ² GLMR HO GRFWRU %HOWHU²(OJULWRFXDQGRHOJDWRVHUHVWUHJyFRQWUDHOODPHKL]RUHFRUGDU8QGtDGH OD VHPDQD SDVDGDXQ QLxR VH SXVR GHWUiV GH 6DUDK \ OD WRFy HQ HO KRPEUR (OOD JULWyORFXDOQRHVDQRUPDOHQHOODSHURWDPELpQVHYROYLyYLROHQWDPHQWH\JROSHyDO QLxR1RORKDEtDKHFKRDQWHV\WRGDYtDQRVDEHPRVVLIXHXQDFFLGHQWHRVLOHSHJy DSURSyVLWR¢*ROSHyDOJXQDYH]DXQRGHXVWHGHV"¢2D(OL]DEHWK" -DFN\5RVHQHJDURQFRQODFDEH]D ²$ QRVRWURV QR GHVGH OXHJR ²GLMR 5RVH² < VL OH KXELHUD KHFKR DOJR DVt D (OL]DEHWKHVWR\VHJXUDGHTXHQRVKDEUtDPRVHQWHUDGR²VHGHWXYRXQPRPHQWR FRPR WUDWDQGR GH UHFRUGDU DOJR \ FRQWLQXy² 0H WHPR TXH QR OH GHGLFDPRV D (OL]DEHWK WRGR HO WLHPSR TXH GHEHPRV 3HUR 6DUDK QRV DEVRUEH GHPDVLDGR 'H WRGRVPRGRV(OL]DEHWKQRSDUHFHVHQWLUVHDIHFWDGD ²6RQ XVWHGHV PX\ DIRUWXQDGRV ²GLMR HO GRFWRU %HOWHU² 0XFKRV SDGUHV GHVFXEUHQTXHWLHQHQPiVSUREOHPDVFRQVXVKLMRVFRQVLGHUDGRVQRUPDOHVTXHFRQ HO QLxR SHUWXUEDGR (Q UHDOLGDG HV GH HVSHUDU TXH DVt VHD 7RGRV ORV QLxRV QHFHVLWDQ DWHQFLyQ \ FXDQGR KD\ XQQLxR SHUWXUEDGRD PHQXGRORVRWURV VLHQWHQ TXHGHEHQFRPSHWLUSRUODDWHQFLyQGHORVSDGUHV3DUHFHTXH(OL]DEHWKHVXQDQLxD H[FHSFLRQDO ²VRQULy \ VH SXVR GH SLH² *UDFLDV SRU KDEHU YHQLGR (Q QXHVWUD UHXQLyQ GH SHUVRQDO GH PDxDQD QRV RFXSDUHPRV GHO FDVR GH 6DUDK \ WDO YH] GHFLGDPRVLQWURGXFLU DOJXQRVFDPELRVPHQRUHVHQVX WUDWDPLHQWR)XHUDGH HVR \ SRUHOPRPHQWRVHWUDWDGHPDQWHQHUORVRMRVDELHUWRV\GHGHVFXEULUXQDWHQGHQFLD ²¢(QWRQFHVHVRHVWRGR"²GLMR-DFNSRQLpQGRVHGHSLH ²$Vt HV²GLMR HOGRFWRU %HOWHU² 3RU HOPRPHQWR 1R TXLHUR TXH VHDODUPHQ (PSHUR GHER DGYHUWLUOHV TXH VL HO HVWDGR GH 6DUDK VH GHWHULRUD GHPDVLDGR QR SRGUHPRVVHJXLUWHQLpQGRODDTXt:KLWH2DNVHVXQDHVFXHODQRXQDFOtQLFD²DOYHU ODDQVLHGDGHQORVURVWURVGHORVGRVHOGRFWRU%HOWHUVHDSUHVXUyDWUDQTXLOL]DUORV² (VVyORXQDSRVLELOLGDG3RUHOPRPHQWR6DUDKQRQRVWUDHPiVSUREOHPDVTXHORV
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
GHPiV QLxRV < DOJXQRV VH HQFXHQWUDQ HQ SHRUHV FRQGLFLRQHV TXH HOOD 3DUD XQ IXWXURPiVRPHQRVLQPHGLDWRHVSHURFRQWLQXDUWHQLHQGRD6DUDKFRQQRVRWURV ² ¢3RGHPRV OOHYDUOD D FDVD" ²SUHJXQWy 5RVH² ¢R \D VH PDUFKy HQ OD FDPLRQHWD" ²(VWi HVSHUDQGR HQ PL DXOD ²GLMR OD VHxRUD 0RQWJRPHU\² 8QR GH ORV D\XGDQWHVHVWiFRQHOOD(VWR\VHJXUDGHTXHVHDOHJUDUiGHYHUORV 3HUR6DUDKQRHVWDEDHVSHUDQGRHQODKDELWDFLyQGH0DULH0RQWJRPHU\ (QODFDVDGH3XQWD&RQJHU(OL]DEHWKYHUWLyORTXHTXHGDEDGHXQYDVRGHOHFKH HQHOSODWLOORGHOJDWR\REVHUYyPLHQWUDV &HFLO ODODPtD/XHJROHYDQWyDOJDWR\OR VLQWLyURQURQHDU ²9DPRQRV²OHGLMRDOJDWR²9DPRQRVDIXHUD $FDULFLDQGRODVRUHMDVGH &HFLO (OL]DEHWKORVDFyGHODFDVD &XDQGR FUX]DED HO SUDGR (OL]DEHWK VH TXLWy OD EDQGD HOiVWLFD GH VX FROD GH FDEDOOR\VDFXGLyODFDEH]D/DUXELDFDEHOOHUDFD\yHQFDVFDGDVREUHVXVKRPEURV (OL]DEHWKDSXUyHOSDVR 1DGLHODYLRLQWHUQDUVHHQHOERVTXH
&DStWXOR (O DXOD HUD XQ FDRV VLOODV \ SXSLWUHV HVWDEDQ GDGRV YXHOWD ORV REMHWRV QRUPDOPHQWH DOLQHDGRV VREUH HO HVFULWRULR GH 0DULH 0RQWJRPHU\ VH KDOODEDQ GLVSHUVRV\GHVWUR]DGRVHQHOVXHORDODL]TXLHUGDGHOHVFULWRULR ²£-HV~V²H[FODPy-DFN $QWHVGHTXH QDGLHWXYLHUD WLHPSRGHDJUHJDUQDGDR\HURQ UXLGRVSURYHQLHQWHV GHOJXDUGDUURSDUXLGRVGHIRUFHMHRFRPRVLFXDOTXLHUOXFKDTXHKXELHUDWHQLGROXJDU HQHODXODFRQWLQXDVHDKRUDHQODSHTXHxDKDELWDFLyQGHWUiVGHODSL]DUUD/RVUXLGRV OOHJDEDQ DSDJDGRV SHUR FRQ DOJR GH GHVHVSHUDFLyQ 1R KDEtD JULWRV QL H[FODPDFLRQHVTXHKXELHUDQGHELGRDFRPSDxDUDODFODVHGHEDWDOODTXHGHEtDHVWDU GHVDUUROOiQGRVH(QFDEH]DGRVSRUODVHxRUD0RQWJRPHU\ORVWUHVFRUULHURQKDFLDHO JXDUGDUURSD (QXQULQFyQGHODKDELWDFLyQHOD\XGDQWHOXFKDEDFRQ6DUDK/DEDWDOODSDUHFtD LJXDODGD &XDQGR OD VHxRUD 0RQWJRPHU\ KDEOy OR KL]R HQ YR] EDMD \ SHUIHFWDPHQWH FRQWURODGDSHURFRQXQWRQRGHDXWRULGDGTXH5RVH&RQJHUHVWDEDVHJXUDKDEUtD GRPLQDGRSHRUHVFRQIXVLRQHVTXHODTXHDKRUDHQIUHQWDED ²3KLOLS²GLMR²¢TXpKDVXFHGLGRDTXt" (OIRUFHMHR VHGHWXYR DO SXQWR (O D\XGDQWH TXH QRSRGtD WHQHUPiV GH YHLQWH DxRVVHLQFRUSRUy\VHDSDUWyGH6DUDK/DQLxDRIUHFtDXQDVSHFWRODPHQWDEOH6X EOXVD VH YHtD GHVJDUUDGD HQ YDULRV OXJDUHV \ HVWDED FXELHUWD GH XQD VXVWDQFLD DPDULOOD1LELHQHOD\XGDQWHODGHMy6DUDKVHOOHYyXQDPDQRDODERFD\HPSH]yD PDVWLFDU5RVHODPLUy\WDUGyYDULRVVHJXQGRVHQFRPSUHQGHUORTXHKDFtDVXKLMD /D VXVWDQFLD DPDULOOD HUD WL]D \ 6DUDK PDVWLFDED XQ WUR]R 3KLOLS OD REVHUYy XQ LQVWDQWHDQWHVGHYROYHUVHDOJUXSRTXHSHUPDQHFtDMXQWRDODSXHUWD5RVHHPSH]y DDFHUFDUVHDVXKLMDSHUR0DULH0RQWJRPHU\ODGHWXYRFRQXQJHVWR ²(VWiELHQ²GLMRODVHxRUD0RQWJRPHU\²8QSRFRGHWL]DQROHKDUiGDxR ²1RHVXQSRFR²GLMR3KLOLS²(VWXYRKDFLpQGRORGHVGHTXHXVWHGVHIXH\\D GHEHKDEHUVHFRPLGRWRGDXQDFDMD ²¢<XVWHGWUDWyGHGHWHQHUOD"²SUHJXQWy0DULH (OMRYHQDVLQWLy6HORYHtDWRWDOPHQWHGHVGLFKDGR
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
²1RORORJUp²GLMR²7XYHPLHGRGHODVWLPDUOD ²3UREDEOHPHQWHVyORFRQVLJXLyDVXVWDUOD²GLMR0DULH²6LODKXELHUDGHMDGRHQ SD]WDOYH]VHKDEUtDGHWHQLGRSRUVXSURSLDYROXQWDG8QSRFRGHWL]DQROHKDUi GDxR ²¢3HURWRGDXQDFDMD"²GLMR-DFN\GLRXQSDVRHQGLUHFFLyQD6DUDK /DQLxDVHDSUHWyPiVHQHOULQFyQGHODSHTXHxDKDELWDFLyQ\HPSH]yDPDVWLFDU RWUDEDUULWDGHWL]D6XVGLHQWHVSURGXFtDQXQH[WUDxRVRQLGRWULWXUDQWHDODSODVWDUOD WL]D\UHGXFLUODDSROYR(QSDUWHWUDJDEDHVHSROYRSHURFDVLWRGRVHOHGHUUDPDED PH]FODGR FRQ VDOLYD HQ OD SHFKHUD \ UHJD]R -DFN VLQWLy HQ VX HVWyPDJR XQD VHQVDFLyQGHQiXVHDV 5RVHVHOLEUyGHODPDQRGHODVHxRUD0RQWJRPHU\\VHDGHODQWyUiSLGDPHQWHD VXPDULGRSDUDDO]DUDVXKLMD6DUDKVHGHMyWRPDUHQEUD]RVSHURUHKXVy DEULUOD PDQR FXDQGR 5RVH WUDWy GH TXLWDUOH OD WL]D TXH WHQtD DIHUUDGD HQ HO SXxR 5RVH SDUHFLyGHFLGLGDDOXFKDUFRQHOODSHURODVHxRUD0RQWJRPHU\KDEOyQXHYDPHQWH ²'HMHTXHODFRMDVHxRUD&RQJHU'HYHUGDGQROHKDUiGDxR6LFRPLyPXFKD WL]DTXL]iOD YRPLWH(QFDVR FRQWUDULROD HOLPLQDUiQDWXUDOPHQWH6LODWL]DSXGLHUD KDFHUOHGDxRQRODXVDUtDPRVDTXt1XHVWURVQLxRVKDFHQHVRWRGRHOWLHPSR²GLMR \PLUyFRQH[SUHVLyQDFXVDGRUDDOD\XGDQWHTXLHQSDUHFLyDYHUJRQ]DGR ²0HSDUHFLyTXHFRPtDGHPDVLDGR ²¢< SRU HVR OD DVXVWy \ GHVWUR]y WRGD HO DXOD" ²SUHJXQWy VHFDPHQWH OD PDHVWUD²¢1RFUHHTXHHOUHPHGLRIXHSHRUTXHODHQIHUPHGDG" ²&UHRTXHFUHRTXHQRORSHQVp²WDUWDPXGHy3KLOLS ²&UHRTXHQR²GLMR0DULHSHURODIULDOGDG\DKDEtDGHVDSDUHFLGRGHVXYR]\ DKRUDYROYtDDVRQUHtU²%XHQRODSUy[LPDYH]UHFXHUGHTXHODWL]DQRKDFHGDxRD ORVQLxRV\TXHORVSXSLWUHVFXHVWDQGLQHUR<SXHGHSHQVDUHQHOORPLHQWUDVOLPSLD PtDXOD²VHYROYLy\FRQGXMRDORV&RQJHUIXHUDGHODKDELWDFLyQ\ORVDFRPSDxy KDVWDHODXWRPyYLO ² ¢(VWi VHJXUR GH TXH QR OH KDUi GDxR" ²YROYLy D SUHJXQWDU -DFN PLHQWUDV JLUDEDODOODYHGHHQFHQGLGR /DVHxRUD0RQWJRPHU\DJLWyODFDEHUD ²3XHGHVHUTXHYRPLWHSHURHVRHVWRGR²GLMR &XDQGRHOORVVHDOHMDEDQORVVDOXGyFRQODPDQR\YROYLyDOHGLILFLR3HURFDPELy GHLGHD\IXHDD\XGDUD3KLOLSDOLPSLDUHODXOD 5RVHFRQ6DUDKVHQWDGDSDVLYDPHQWHVREUHHOUHJD]RVHJXtDWUDWDQGRGHERUUDU ODHVFHQDGHVXPHQWHFXDQGRHPSH]yHOYyPLWR$OSULQFLSLRQRHVWXYRVHJXUDGH TXH IXHUD D SURGXFLUVH VLQWLy XQ SDU GH HVSDVPRV LQYROXQWDULRV HQ VX KLMD SHUR 6DUDKYROYLyDTXHGDUVHWUDQTXLODHQEUD]RVGHVXPDGUH(QWRQFHVVLQDQXQFLDUVH VHSURGXMR (OFKRUURDPDULOOHQWREURWyGHODERFDGH6DUDK\VHGHUUDPyVREUHVXUHJD]R 'HVGHDOOtGHVERUGy\5RVHVLQWLyVXFDORUFXDQGROHHPSDSyVXVSDQWDORQHVGH ODQD0iVTXHYHUVLQWLyTXH-DFNVHYROYtDSDUDPLUDU ²1RPLUHV²GLMRFRQYR]WHQVD²0DQWpQORVRMRVHQODFDUUHWHUD\OOpYDQRVD FDVDORDQWHVSRVLEOH/DVHxRUD0RQWJRPHU\GLMRTXHHVWRSRGtDVXFHGHU (VWDEDEXVFDQGRHQVXEROVRORVSDxXHORVGHSDSHOTXHVLHPSUHOOHYDEDFXDQGR VHSURGXMRODVHJXQGDFRQYXOVLyQ$OVHQWLUTXHPiVYyPLWROHFRUUtDSRUODVSLHUQDV 5RVH FRPSUHQGLy TXH ORV SDxXHORV GH SDSHO VHUtDQ LQ~WLOHV (Q FDPELR XVy VX PDQRGHUHFKDSDUDDEULUODYHQWDQLOODGHODXWRPyYLO (ODLUHIUtR OD JROSHy HQ HOURVWUR \ VH PH]FOy FRQ HO RORU DJULGXOFH GHO YyPLWR 5RVHHPSH]yDOXFKDUFRQWUDVXVSURSLDVQiXVHDV(QWRQFHV-DFNWDPELpQDEULyVX
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
YHQWDQLOOD \ HOOD VLQWLy PiV DLUH IUHVFR 6yOR FXDQGR 6DUDK HPSH]y D YRPLWDU QXHYDPHQWH 5RVH FRPSUHQGLy VX HUURU +DEtD XQD YHQWDQLOOD DELHUWD \ 6DUDK OXFKDEDSRUDOFDQ]DUOD ²'LRVPtRHVWRQRSXHGHVXFHGHU²VHGLMR5RVHPLHQWUDVODPH]FODGHYyPLWR\ DLUHIUtROHJROSHDEDODFDUD&RPSUHQGLyTXHHVWDEDDSXQWRGHSHUGHUVXSURSLD EDWDOOD FRQWUD ODV QiXVHDV \ HPSH]y D OXFKDU SRU DOHMDU OD FDUD GH 6DUDK GH OD YHQWDQLOOD $KRUDODQLxDOORUDED\5RVHVLQWLySiQLFRDOSHQVDUHQORTXHSRGUtDVXFHGHUOHD 6DUDKVLHPSH]DEDDDKRJDUVHHQVXSURSLRYyPLWR ²-DFN²GLMR²FUHRTXHVHUiPHMRUTXHGHWHQJDVHODXWRPyYLO1RPLUHVVyOR GHWpQHODXWRPyYLO ²$OOtDGHODQWHKD\XQD]RQDGHGHVFDQVR¢3XHGHVDJXDQWDUKDVWDDOOt" ²7HQGUpTXHKDFHUOR²GLMR5RVH 6LQWLy TXH HO DXWRPyYLO DFHOHUDED YLUDED OXHJR D OD GHUHFKD \ IUHQDED EUXVFDPHQWH$QWHVGH TXH HOFRFKH VHGHWXYLHUDGHOWRGRHOODDEULyODSRUWH]XHOD 6DOLySUHFLSLWDGDPHQWHGHODXWRPyYLO\GHMyD6DUDKVREUH HOSDYLPHQWRGHOD]RQD GH HVWDFLRQDPLHQWR $SHQDV SXGR VDOLU GHO HVWDFLRQDPLHQWR \ FRUUHU KDFLD XQ FXDGUDGR GH WLHUUD GHVQXGD FXDQGR OH YLQLHURQ ODV SULPHUDV DUFDGDV 0RUWLILFDGD DSR\y OD IUHQWH HQ HO WURQFR GH XQ iUERO \ VX SURSLR YyPLWR VH PH]FOy FRQ HO GH 6DUDKDOVDOSLFDUOHODVSLHUQDV(QXQSDUGHPLQXWRVWHUPLQy 5HJUHVyDODXWRPyYLO\FRQORVRMRVOORURVRVYLRTXHVXKLMDQRKDEtDWHUPLQDGR 6DUDK \DFtD ODVWLPRVDPHQWH HQ HO VLWLR GRQGH OD KDEtD GHMDGR 5RVH \ ODV FRQYXOVLRQHVHPSH]DEDQQXHYDPHQWH5RVHEXVFyGHVHVSHUDGDDVXPDULGR3RU XQVHJXQGROHSDUHFLyTXHpOKDEtDGHVDSDUHFLGRSHURHQVHJXLGDORYLRYHQLUGHVGH HO ODYDER OOHYDQGR HQ ODV PDQRV XQD WRDOOD HPSDSDGD ,JQRUiQGROD VH GLULJLy GLUHFWDPHQWH D 6DUDK VH DUURGLOOy \ HPSH]y D HQMXJDUOH OD FDUD FRQ OD WRDOOD PRMDGD5RVHFRQWHPSOyODHVFHQDHQVLOHQFLR\OXHJRVHGLULJLyDOODYDER 3RU XQ ODUJR WLHPSR GHMy FRUUHU HO DJXD HQMXDJiQGRVH OD FDUD FRQ ODV PDQRV FRPR VL GHHVDIRUPD SXGLHUD ODYDU ODH[SHULHQFLD DQWHULRU )LQDOPHQWH UHJUHVyDO DXWRPyYLO &XDQGROOHJDURQDODFDO]DGDYLHURQDODVHxRUD*RRGULFKGHSLHHQHOSyUWLFR /RV&RQJHUVHPLUDURQ\ORVRMRVGHDPERVTXHGDURQILMRVHQORVGHORWURGXUDQWHXQ PRPHQWR6HSURGXMRHQWUHORVGRVXQDUHSHQWLQDFDOLGH]TXHKDFtDXQDxRTXHQR VHQWtDQ1RGHEHVRUSUHQGHUTXHFXDQGR5RVHKDEOyQRORKL]RSDUDSUHJXQWDUSRU TXpODVHxRUD*RRGULFKHVSHUDEDHQHOSyUWLFR ²/RVLHQWRSRUWRGR²GLMRTXHGDPHQWH ²1RHVQDGD²UHSXVR-DFNFRQYR]DIHFWXRVD²(VEXHQRVDEHUTXHWRGDYtD VLUYRSDUDDOJRDXQTXHQRVHDPiVTXHSDUDFXLGDUDODVPXMHUHVHQIHUPDVGHPL IDPLOLD 5RVHYLRHO GRORU \ODWHUQXUDHQORVRMRV GHpO'HVYLyODPLUDGD\ VXV RMRV VH YROYLHURQD6DUDKTXHVHKDEtDTXHGDGRGRUPLGDHQEUD]RVGHVXPDGUH ²¢&UHHV TXH GHER OODPDU DO PpGLFR" ²GLMR \ DFRPRGy D 6DUDK SDUD TXH OD FDEH]DGHODQLxDUHSRVDUDVREUHVXKRPEUR ²6LHVRKDFHTXHWHVLHQWDVPHMRU²GLMRpO²3HURVRVSHFKRTXH\DSDVyWRGR +D GHYXHOWR WRGD HVD WL]D TXH WUDJy \FUHRTXH SRU OR PHQRV SRGHPRV HVSHUDU KDVWDTXHGHVSLHUWH -DFNGHWXYRHODXWRPyYLOIUHQWHDODSXHUWDSULQFLSDOEDMy\GLRODYXHOWDSDUDDEULU ODSRUWH]XHODDVXHVSRVD/DVHxRUD*RRGULFKVDOLyGHOSyUWLFR\DYDQ]yKDFLDHOORV
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
PRYLHQGR VX JHQHURVD VLOXHWD FRQ WRGD OD DJLOLGDG TXH VXV DxRV OH SHUPLWtDQ &XDQGR-DFNDEULyODSRUWH]XHODVHGHWXYR ²£'LRVPLVHULFRUGLRVR²PXUPXUyFXDQGRYLRHOHVWDGRGHOLQWHULRUGHOFRFKH ODVURSDVGH6DUDK\ODVGH5RVH,QYROXQWDULDPHQWHGLRGRVSDVRVDWUiV ²
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
²¢&yPRHVWiPLKLMDSUHGLOHFWD"²GLMRpOTXHEUDQGRHOVLOHQFLR ²¢
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
QDGD WLHQH TXH YHU FRQWLJR 6H WUDWD VRODPHQWH GH TXH HO DFDQWLODGR HV PX\ SHOLJURVR ²1RPiVTXHODFDQWHUD ²6LUHVEDODVHVHQ ODFDQWHUD SRU ORPHQRVWHQGUtDVXQD SRVLELOLGDG ²GLMR-DFN DJLWDQGRODFDEH]D²&DHUtDVHQDJXDVSURIXQGDV\SRGUtDVQDGDU(QHODFDQWLODGR WH JROSHDUtDV FRQWUD ODV URFDV \ FDHUtDV GHVSXpV HQ OD PDUHMDGD (VR VHUtD FRPSOHWDPHQWHGLIHUHQWH ²6XSRQJRTXHWLHQHVUD]yQ²GLMRHOOD\DO]yODPLUDGDKDFLDpOVLQSRGHURFXOWDU XQDFKLVSDGHSLFDUGtDHQORVRMRV²3HURGHQWURGHFLQFRDxRV\DWHQGUpGLHFLRFKR (QWRQFHVLUpDYHUTXpKD\HQHVHDFDQWLODGR\W~QRSRGUiVGHWHQHUPH ²3DUDHVRIDOWDQFLQFRDxRV²GLMR-DFN²\HQFLQFRDxRVSXHGHVFDPELDUGH LGHD ²1RFDPELDUp²DVHJXUy(OL]DEHWK\GHVOL]yVXPDQRHQODGHpO -XQWRVFDPLQDURQKDFLDODPDQVLyQ (VD QRFKH OD FHQD GH ORV &RQJHU VH GHVDUUROOy VHUHQDPHQWH SRU OR PHQRV DO FRPLHQ]R3RUFRQVLGHUDFLyQDORVHVWyPDJRVGHOLFDGRVGH5RVH\6DUDKODVHxRUD *RRGULFKSUHSDUyXQDOLYLDQDWRUWLOODTXHVHDEVWXYRGHTXHPDU/DFRQYHUVDFLyQVH GHVHQYROYtD OHQWDPHQWH HQ VX PD\RU SDUWH HQ IRUPD GH FRPHQWDULRV DOHQWDGRUHV GLULJLGRVD6DUDKSRUVXVSDGUHV6DUDKSDUHFtDQRHVFXFKDUGLULJtDWRGDODDWHQFLyQ DVXSODWROOHYiQGRVHFDOPRVDPHQWHORVERFDGRVGHKXHYRDODERFDFRQHOWHQHGRU PDVWLFDQGRFRQHVWRLFLVPR\WUDJDQGR3DUD(OL]DEHWK6DUDKSDUHFtD ODPLVPDGH VLHPSUH /DVHxRUD*RRGULFKUHFRJLyORVSODWRV\VLUYLyHOSRVWUH ²2WUDYH]²GLMR(OL]DEHWK ²¢+XPP" ²LQTXLULy 5RVH YROYLHQGR OD DWHQFLyQ GHVGH 6DUDK D VX RWUD KLMD (OL]DEHWKOHVRQULy ²'LMH©RWUDYH]ª+R\QRVVLUYLHURQHOPLVPREXGtQHQODHVFXHOD6yORTXHpVWH HVPHMRU ²¢2K"²GLMR5RVHSHURQRHVWDEDUHDOPHQWHLQWHUHVDGD\VXDWHQFLyQYROYtDD 6DUDK²¢&yPRWHIXHKR\HQODHVFXHOD" ²1R GHO WRGR PDO 1RV GHYROYLHURQ QXHVWUDV SUXHEDV GH KLVWRULD &UHR TXH HO VHxRU)ULHGPDQGHELyFRPHWHUXQHUURU0HFODVLILFyFRQXQDEXHQDQRWD $KRUD5RVH\ -DFN YROYLHURQ ODDWHQFLyQD (OL]DEHWK \HOOD YLR ODH[SUHVLyQ GH VDWLVIDFFLyQ HQ ORV RMRV GH DPERV 3HUR DQWHV GH TXH SXGLHUD KDEODU XQ VRQLGR GHVJDUUyHODLUH (OL]DEHWKVHYROYLy\VHDJDFKyDSHQDVDWLHPSRSDUDHYLWDUHOSODWLOORGHEXGtQ TXHYRODEDKDFLDHOODGHVGHHOVLWLRGHVXKHUPDQD(OSODWLOORGHFULVWDOVHKL]RWUL]DV FRQWUDODSDUHGDHVSDOGDVGH(OL]DEHWKSHURHOUXLGRGHVXURWXUDTXHGyRFXOWRSRU ORVDODULGRV\DXOOLGRVTXHVXUJtDQGH6DUDK &RQHOURVWURGHIRUPDGRSRUODIXULD6DUDKVHDSRGHUDEDGHORVREMHWRVTXHWHQtD DVXDOFDQFH\ORVDUURMDEDSRUODKDELWDFLyQ8QSHVDGRFXFKLOORGHSODWDDWUDYHVy XQR GH ORV FULVWDOHV GH OD SXHUWD \ IXH D FDHU FRQ HVWUpSLWR HQ OD WHUUD]D 6DUDK VHJXtDJULWDQGRFDGDYH]PiVIXHUWH\PRYLHQGRIUHQpWLFDPHQWHORVEUD]RVVREUHOD PHVDHQEXVFDGHPiVREMHWRVSDUDDUURMDU 5RVH HVWDED FRPR SHWULILFDGD FRQ OD YLVWD FODYDGD HQ 6DUDK 6DUDK VH KDEtD PRVWUDGRWDQFDOPD\DKRUD(PSH]y DSRQHUVHGHSLHFXDQGR YLRTXH ORV SXxRV GH6DUDK DIHUUDEDQHOPDQWHO7UDWyGH SUHSDUDUVHSDUDODGHVWUXFFLyQLQPLQHQWH VL 6DUDKOOHYDEDDFDERORTXHDSDUHQWHPHQWHWHQtDLQWHQFLRQHVGHKDFHU <HQWRQFHVSRUHQFLPDGHORVDXOOLGRVGH6DUDKR\yODYR]GH-DFN ²£(QQRPEUHGH'LRV²JULWypO²¢4XLHUHVOOHYiUWHODGHDTXt"
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
5RVHDEULyGHVPHVXUDGDPHQWHORVRMRVSHURHOLPSDFWRGHODYR]GHVXPDULGR SDUHFLyVDFDUODGHXQWUDQFH6LQGHFLUSDODEUDWRPyD6DUDKHQEUD]RVOHDEULyORV SXxRV TXH DIHUUDEDQ HO PDQWHO\ ODVDFyGH ODKDELWDFLyQ$O SDVDU MXQWRD-DFN VLQWLyTXHpOVHGHVSORPDEDIORMDPHQWHHQVXVLOOD (OFRPHGRUTXHGyV~ELWDPHQWHVLOHQFLRVR-DFNHYLWDEDODVSDODEUDV\(OL]DEHWK QDGDWHQtDTXHGHFLU/XHJR-DFNHPSH]yDUHFREUDUVHYLVLEOHPHQWH ²/R VLHQWR²PXUPXUy PiV SDUD VtPLVPRTXH SDUD (OL]DEHWK²&DGDYH]TXH KDFHDOJRDVtWHQJRXQDVHQVDFLyQGHORPiVHVSDQWRVD0HSDUHFHTXH\RODKLFH HQORTXHFHU²HPSH]yDVROOR]DUVLOHQFLRVDPHQWH²<VXSRQJRTXHORKLFH 7DPELpQ-DFNVDOLyGHOFRPHGRU\(OL]DEHWKTXHGyVROD 6HHVWXYR TXLHWD XQRVLQVWDQWHV FRPRVL QR KXELHUD HVFXFKDGR ORTXH GLMR VX SDGUH QL DGYHUWLGR HO FDRV D VX DOUHGHGRU &XDQGR SRU ILQ VH PRYLy IXH SDUD HPSH]DUDOLPSLDUHOGHVRUGHQ3ULPHURUHFRJLyODPHVDOXHJRVLJXLyFRQODSDUHG\ HOVXHOR6HPRYtDFRQOHQWLWXG\FRQFXLGDGRFRPRVLVXPHQWHVHKDOODUDOHMRVGH ORTXHHVWDEDKDFLHQGR&XDQGRWHUPLQyUHYLVyHOFRPHGRU ²(VDEDWDQVHJXUDGHTXHHUD &HFLO ²GLMRVLQPRWLYRDSDUHQWH²3HURVXSRQJR TXHQRSRGtDVHUpO (VWXYRVLOHQFLRVDXQPRPHQWR\OXHJRKDEOyXQDYH]PiVHQHOFRPHGRUYDFtR ²'HVHDUtDTXHKXELHUDYXHOWRDFDVD (QWRQFHVWDPELpQ(OL]DEHWKVDOLyGHOFRPHGRU
&DStWXOR 8Q REVHUYDGRU QR OR KDEUtD HQFRQWUDGR GLIHUHQWH D FXDOTXLHU RWUR GHVD\XQR IDPLOLDU4XL]iVXQDGHODVQLxDVODPHQRUHUDPXFKRPiVFDOODGDTXHODRWUDSHUR HVRVXFHGH HQ FXDOTXLHU IDPLOLD6yOR XQ REVHUYDGRU HVSHFLDOPHQWH DWHQWR KDEUtD QRWDGRXQDOHYHDWPyVIHUDGHWHQVLyQHQWUHHOORVFRPRVLHVWXYLHUDQHYLWDQGRDOJR <FLHUWDPHQWHpVHHUDHOFDVR 5RVH&RQJHUGHVSOHJDEDXQEXHQKXPRUIRU]DGR\KDFtDORSRVLEOHSRUHYLWDUTXH HOVLOHQFLRTXHHUDQRUPDOHQ6DUDKVHFRQYLUWLHUDHQODQRUPDGHWRGRV3HURVDEtD TXHQDGLHOHSUHVWDEDDWHQFLyQ3RGtDYHUD-DFNFRQHOURVWURFDVLRFXOWRWUDWDQGR GHVHVSHUDGDPHQWH GH FRQFHQWUDUVH HQ VX SHULyGLFR GH OD PDxDQD < VDEtD TXH (OL]DEHWK GHGLFDED PiV HQHUJtDV HQ KDFHU TXH 6DUDK VH DOLPHQWDVH TXH HQ HVFXFKDUDVXPDGUH ²<SRUVXSXHVWRWLHQHQXQKLMR²SDUORWHy5RVH (VSHUyDOJXQDUHDFFLyQSHURQRVHSURGXMRQLQJXQD ²8QKLMRGHFDWRUFHDxRV²GLMRXQSRFRPiVDOWR 6HVLQWLyJUDWLILFDGDDOQRWDUTXHV~ELWDPHQWHVXKLMDPD\RUOHSUHVWDEDDWHQFLyQ ²¢4XLpQHV"²GLMR(OL]DEHWKGHMDQGRHOFXFKLOORTXHKDEtDHVWDGRXVDQGRSDUD FRUWDUODVVDOFKLFKDVGH6DUDK ²1R HVWDEDV HVFXFKDQGR /RV QXHYRV YHFLQRV 6L QR KXELHUDV HVWDGR WDQ GLVWUDtGDPHKDEUtDVRtGR (OL]DEHWKVRQULyWtPLGDPHQWH ²/R VLHQWR ²GLMR FRQ XQD VRQULVD TXH LQGLFy ELHQ D ODV FODUDV TXH VyOR VH GLVFXOSDED SRU JXDUGDU ODVIRUPDV²£1RPHGLJDVTXHYHQGLVWH GHYHUGDGODYLHMD SURSLHGDG GH ORV %DUQHV ²KL]R XQD PXHFD² 'HWHVWR HVD FDVD ¢TXLpQ SRGUtD TXHUHUYLYLUDOOt" ²6RQ XQD IDPLOLD ²GLMR 5RVH DOLVDQGR LQFRQVFLHQWHPHQWH HO PDQWHO² 8Q DUTXLWHFWR\XQDSLQWRUD<VXKLMR6HOODPD-HII ²£8QPXFKDFKR²FKLOOy(OL]DEHWK²£8QPXFKDFKRGHFDUQH\KXHVR¢4Xp DVSHFWRWLHQH"
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
²(VWR\ VHJXUD GH TXH HV WHUULEOHPHQWH JXDSR ²UHSXVR 5RVH² ¢$FDVR HO PXFKDFKRGHODFDVDGHDOODGRQRHVVLHPSUHWHUULEOHPHQWHJXDSR" (OL]DEHWKVH UXERUL]y\HVHUHSHQWLQRUXERUGHVFRQFHUWy D5RVH(QWRQFHVFD\y HQFXHQWDTXHHQFLHUWRPRGRKDEtDOOHJDGRDSHQVDUHQ(OL]DEHWKFRPRVLIXHVH PD\RU GHOR TXH HUD HQ UHDOLGDG 7XYR TXH UHFRUGDUVH D Vt PLVPDTXH (OL]DEHWK WHQtD VRODPHQWH WUHFH DxRV \ TXH ODV QLxDVGHWUHFH DxRV VRQ PX\ SURSHQVDV D UXERUL]DUVHFXDQGRVHKDEODGHPXFKDFKRV ²(QUHDOLGDGQRVpTXpDVSHFWR WLHQH SHURORVDEUHPRV HVWHILQGH VHPDQD &DUO\%iUEDUDHOORVVRQORVQXHYRVYHFLQRV²DxDGLySDUD-DFNTXHSRUILQKDEtD GHMDGRVXSHULyGLFR²&DUO\%iUEDUDYHQGUiQHVWDPDxDQD\\RSDVDUpFRQHOORVOD PD\RUSDUWHGHOGtD -DFNODPLUyLQWHUURJDWLYDPHQWH ²%XHQR²FRQWLQXy5RVHXQSRFRLQFyPRGD²SXHVWRTXHORV%DUQHVQRHVWiQ DOJXLHQWLHQHTXHPRVWUDUOHVFyPRIXQFLRQDODFDVD(VSHFLDOPHQWHXQDFDVDFRPR pVD 9LRTXHXQDVRPEUDGHGXGDFUX]DEDHOURVWURGH-DFN ²0X\ELHQ²DxDGLy5RVHGHMDQGRODVHUYLOOHWD²0HVLHQWRXQDYHFLQDFKLVPRVD \YHUpTXpSXHGRDYHULJXDUGHHOORV+DVWDDKRUDSDUHFHQHQFDQWDGRUHV\FUHRTXH VHUi DJUDGDEOH WHQHU YHFLQRV TXH WDPELpQ VHDQ DPLJRV 6HUi HVWXSHQGR WHQHU YHFLQRVOREDVWDQWHFHUFDQRVSDUDYLVLWDUORV\WHQJRLQWHQFLRQHVGHDOHQWDUORVDTXH YHQJDQ ²%XHQR²GLMR-DFNPLHQWUDVVXVRPEUDGHGXGDVHFRQYHUWtDHQXQDQXEH²QR HVWR\VHJXURGHTXHVHDXQDEXHQDLGHD 5RVH YLR TXH ORV RMRV GH pOVHYROYtDQ LQYROXQWDULDPHQWHKDFLD 6DUDK )XH WDQ UiSLGRTXHHVWXYRVHJXUDGHTXHpOQRVHGLRFXHQWDGHKDEHUORKHFKRSHURHVWXYR LJXDOPHQWHVHJXUDGHTXHQRIXHVXLPDJLQDFLyQ'HFLGLyHQFDUDUGLUHFWDPHQWHHO DVXQWR\HPSH]yDSOHJDUODVHUYLOOHWDHQFXDGUDGRVPiV\PiVSHTXHxRV ²1RYHRPRWLYRVSRUORVTXHGHEDPRVYLYLUFRPRHUPLWDxRV²GLMROHQWDPHQWH² 6LKD\DOJ~QPRWLYRTXLHURVDEHUFXiOHV (OFRORUGHVDSDUHFLyGHOURVWURGH-DFNTXHFODYyODPLUDGDHQVXHVSRVD ²
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
²'HODERFDGHORVQLxRV²GLMR-DFNVXDYHPHQWH (QWRQFHVYLRTXHFRUUtDQOiJULPDVSRUHOURVWURGHVXHVSRVD'HMyVXVLOOD\VH DUURGLOOyMXQWR DHOOD(OOD RFXOWyHOURVWURHQHOKRPEUR GHpOPLHQWUDV VXFXHUSRVH HVWUHPHFtDFRQORVVROOR]RV ²¢4XpKDUHPRV-DFN"²GLMRHQHORtGRGHpO²$YHFHVKDFHTXHPHVLHQWD DYHUJRQ]DGDDEVROXWDPHQWHDYHUJRQ]DGD<VyORWLHQHWUHFHDxRV ²/RVpTXHULGD²GLMR-DFNGiQGROHSDOPDGLWDVDIHFWXRVDV²/RVp$YHFHV SLHQVRTXHORVQLxRVYHQODVFRVDV FRQPiVFODULGDG3DUHFHQ FDSDFHVGHDFHSWDU ODVFRVDVWDOFRPRVRQ<QRVRWURVWHQHPRVTXHOXFKDUFRQHVR ²¢&RQHVR"²GLMR5RVHDO]DQGRODPLUDGD/RVRMRVGHDPERVVHHQFRQWUDURQ\ VH SURGXMR HQWUH HOORV XQ DFHUFDPLHQWR TXH 5RVH QR H[SHULPHQWDED GHVGH ORV SULPHURVDxRVGHVXPDWULPRQLR ²/DYLGD²GLMR-DFN²¢1RVHUtDKHUPRVRVLSXGLpVHPRVGHMDUGHOXFKDUFRQWUD ODYLGD" ²3HURQRSRGHPRV¢YHUGDG"²GLMR5RVHDVLQWLHQGR-DFNQRUHVSRQGLyQL5RVH HVSHUyTXHORKLFLHUD 3RFRV PLQXWRVPiVWDUGH 5RVH FRQWHPSODEDD VXVKLMDV (OL]DEHWK \DYHVWLGD FHSLOODEDHOHVSHVRFDEHOORRVFXURGH6DUDK6DUDKHVWDEDVHQWDGDVLOHQFLRVDPHQWH DQWHHOHVSHMRSHUR5RVHQRSXGRVDEHUVLREVHUYDEDD(OL]DEHWK4XL]iORKDFtD SHURWDPELpQSRGtDHVWDUHQRWUDSDUWHYLYLHQGRXQDYLGDTXHQDGDWHQtDTXHYHUFRQ HVD KDELWDFLyQFRQ VXKHUPDQD R FRQ FXDOTXLHU RWUD SHUVRQD UHODFLRQDGDFRQ OD FDVDGHOD3XQWD ²¢1HFHVLWDVDOJRPiVDQWHVGHTXHPHYD\D"²GLMR5RVH (OL]DEHWKODPLUy\VRQULy ²¢8QDPRQHGDGHYHLQWLFLQFRFHQWDYRVFRPRUHJDORSDUDODKRUDGHFRPHU" 5RVHDJLWyODFDEH]D(OL]DEHWKVHLQFRUSRUy ²0LUD²GLMR²¢4XpWHSDUHFH" 5RVH QRWy TXH ORV EURFKHV TXH (OL]DEHWK KDEtD DVHJXUDGR DO FDEHOOR FRUWR \ EULOODQWHGHVXKHUPDQDQRFRPELQDEDQ\TXHODUD\DQRHVWDEDGHOWRGRGHUHFKD ²¢4XpSLHQVD6DUDK"²SUHJXQWy ²2K OH HQFDQWD ²GLMR (OL]DEHWK² ,PSLGHQ TXH HO FDEHOOR OH FDLJD VREUH ORV RMRV ²(VRHVPX\LPSRUWDQWH²GLMR5RVHVRQULHQGR²¢3RGUtDVKDFHUPHORPLVPRD Pt" ²3RUVXSXHVWR²GLMR(OL]DEHWKFRQHQWXVLDVPR²¢$KRUD" ²0iV WDUGH²GLMR5RVHULHQGR² $KRUDQRWHQJR WLHPSR QLW~ WDPSRFR 3HUR TXL]iPDxDQD²DxDGLyYLHQGRTXHVHDSDJDEDHOEULOORGHORVRMRVGH(OL]DEHWK² ¢8QEHVRGHGHVSHGLGD" (OL]DEHWKVHDFHUFyDVXPDGUH\VHSXVRGHSXQWLOODVSDUDTXHODEHVDUD5RVHOD DFDULFLyGHSULVD\VHDFHUFyDOWRFDGRUGRQGH6DUDKVHJXtDVHQWDGDDSDUHQWHPHQWH FRQWHPSODQGRVXQXHYRSHLQDGR5RVHVHDUURGLOOy\DEUD]yD6DUDK ²4XH WHQJDV XQ GtD EXHQR TXHULGD²VXVXUUy %HVy YDULDV YHFHV DODQLxD \ YROYLyDDEUD]DUOD²7HYHUpHVWDWDUGH
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
²/RV JDWRV SXHGHQ FXLGDUVH VRORV 9ROYHUi FXDQGR OH Gp OD JDQD ²GLMR OD DQFLDQD ²(VWR\ VHJXUD TXH Vt ²GLMR 5RVH VHFDPHQWH² 3HUR GH WRGRV PRGRV E~VTXHOR/DVQLxDVORHFKDQGHPHQRV3RGUtDKDEHUTXHGDGRHQFHUUDGRHQDOJXQD SDUWH ²(Q HVH FDVRDOJXLHQ OR HQFHUUy² GLMR ODVHxRUD *RRGULFK \ HQ VHJXLGDVH ULQGLy²6HJXURFXDQGRXVWHGVHPDUFKHHPSH]DUpDEXVFDUOR 5RVH VRQULy DJUDGHFLGD \ VDOLy HQ EXVFD GH VX PDULGR -DFN \D VH KDEtD PDUFKDGRGHODPDQVLyQ (Q OD FRFLQD OD VHxRUD *RRGULFK VLJXLy DFRPRGDQGR OD YDMLOOD HQ OD PiTXLQD ODYDSODWRV (VWDED FRQYHQFLGD GH TXH QLQJ~Q DSDUDWR SRGtD GHMDU ORV SODWRV OR EDVWDQWHOLPSLRVFRPRSDUDFRPHUHQHOORVSHURORVHJXtDXVDQGR(OODORVODYDEDD VXSURSLDVDWLVIDFFLyQDQWHVGHPHWHUORVHQODPiTXLQD6XSRQtDTXHODPiTXLQDHUD FDSD] GH HQMXDJDUORV FRQYHQLHQWHPHQWH VREUH WRGR SRUTXH HOOD WDPELpQ ORV HQMXDJDED D PDQR &HUUy OD SXHUWD GH OD PiTXLQD DFFLRQy HO LQWHUUXSWRU \ OD PiTXLQDHPSH]yDIXQFLRQDU&RQWRGRHVHUXLGRSHQVyHVXQPLODJURTXHQRVH URPSDQ (QWRQFHV SRU HQFLPD GHO VRQLGR GH OD PiTXLQD R\y RWUR VRQLGR SURYHQLHQWHGH OD SDUWHGHODQWHUD GH OD FDVD)XH KDVWDOD SXHUWDGH ODFRFLQDOD DEULy\HVFXFKy ²1R6DUDK ²R\yTXHGHFtD(OL]DEHWK²QRSXHGHVYHQLUFRQPLJR7LHQHVTXH HVSHUDUDTXtODFDPLRQHWD /DVHxRUD*RRGULFKR\yTXH6DUDKOORUDED\FUX]yODSXHUWD ²2K 6DUDK ²GHFtD (OL]DEHWK XQ SRFR PiV DOWR² PH JXVWDUtD TXH YLQLHUDV FRQPLJRGHYHUGDGSHURVHQFLOODPHQWHQRSXHGHV$SHQDVVHUiQXQRVPLQXWRV² 6DUDKJULWyQXHYDPHQWH²6DUDKGpMDPHLU6LQRPHPDUFKRDKRUDOOHJDUpWDUGH &XDQGR OD VHxRUD *RRGULFK DSDUHFLy HQ HO YHVWtEXOR (OL]DEHWK WUDWDED YDOLHQWHPHQWH GHOLEUDUVH GH6DUDK /DQLxD PiVSHTXHxD DIHUUDED ODPXxHFD GH (OL]DEHWKFRQDPEDVPDQRV\pVWDQRFRQVHJXtDVROWDUVH&DGDYH]TXHVHOLEUDED GHXQDPDQR6DUDKODDIHUUDEDFRQODRWUD9LRDODVHxRUD*RRGULFK\OHKL]RVHxDV GHTXHVHGLHUDSULVD ²$\~GHPH ²GLMR PDQWHQLHQGR OD YR] WRGR OR VHUHQD TXH OH IXH SRVLEOH² 7pQJDODKDVWDTXH\RGHVDSDUH]FDGHVXYLVWD\DVHSRQGUiELHQ /DVHxRUD*RRGULFKFRQWXYRD6DUDKFRQILUPH]DPLHQWUDV(OL]DEHWKVHFRORFDED HODEULJR ²'HVHSULVD²GLMRODPXMHU²0LHQWUDVPiVSURQWRVHYD\DXVWHGPHQRVWUDEDMR WHQGUpSDUDFRQWHQHUOD(VRQRTXLHUHGHFLUTXHQRPHJXVWHWHQHUODDXVWHGHQFDVD ²DxDGLy ²/RVp²GLMR(OL]DEHWKVRQULHQGR²+DVWDHVWDWDUGH (OL]DEHWKIXHKDVWDODSXHUWDSULQFLSDOODDEULyVHYROYLySDUDGHVSHGLUD6DUDK FRQ OD PDQR \ FHUUy OD SXHUWD DO VDOLU 7UDWy GH QR HVFXFKDU OD YR] GH 6DUDK HOHYiQGRVHHQXQDXOOLGRGHDQJXVWLD\HQFDPELRGLULJLyVXDWHQFLyQDORViUEROHV TXH IODQTXHDEDQ OD FDUUHWHUD &XDQGR OOHJy DO &DPLQR GH OD 3XQWD FDVL KDEtD ORJUDGRFRQYHQFHUVHGHTXH6DUDKKDEtDFHVDGRGHJULWDU 'HQWUR VH GHVDUUROODED XQD EDWDOOD H[WUDxD /RV DODULGRV IXULRVRV GH 6DUDK OOHQDEDQODFDVD\HOODOXFKDEDUHWRUFLpQGRVHHQORVEUD]RVGHODVHxRUD*RRGULFK &RQHOURVWURLPSDVLEOHODDQFLDQDHFKDEDPDQRDWRGDVVXVIXHU]DVSDUDFRQWHQHU D6DUDKVLQODVWLPDUOD/DVHxRUD*RRGULFKQRFUHtDTXHWXYLHVHREMHWRKDEODUFRQ 6DUDK (VWDED VHJXUD GH TXH OD QLxDQR ODRLUtD SRU HQFLPD GH VXV JULWRV \ VyOR FRQVHJXLUtDPDOJDVWDUVXVIXHU]DVWUDWDQGRGHKDEODUOH&RQHOFHxRIUXQFLGRVLJXLy FRQWHQLpQGROD
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
(QWRQFHV 6DUDK OD PRUGLy /D FULDGD VLQWLy TXH ORV GLHQWHV VH FODYDEDQ HQ VX PDQRHQOD]RQDFDUQRVDGHODEDVHGHOSXOJDU6RSRUWyHOGRORU\DO]yD6DUDKGHO VXHOR/OHYyDODQLxD KDFLDODYHQWDQD\VHYROYLySDUDTXH6DUDKSXGLHVHPLUDUDO H[WHULRU6DUDKFHVyGHJULWDU (QWRQFHVODVHxRUD*RRGULFKODGHSRVLWyHQHOVXHOR\H[DPLQyVXSXOJDU/DSLHO HVWDEDFRUWDGDSHUROHYHPHQWH ²+DFtD PXFKR WLHPSR TXH XQD FULDWXUD QR PH KDFtD HVWR ²GLMR OD VHxRUD *RRGULFKHQYR]DOWD6DUDKGHVYLDQGRVXDWHQFLyQGHODYHQWDQD\GHODGHVLHUWD FDUUHWHUD PLUy D OD FULDGD D OD FDUD $O FRQWHPSODU ORV HQRUPHV \ YDFtRV RMRV FDVWDxRV OD DQFLDQD VH VLQWLy LQXQGDGD SRU XQD ROD GH FRPSDVLyQ 6H DUURGLOOy OHQWDPHQWH\URGHyDODQLxDFRQORVEUD]RV ²3HUR VXSRQJR TXH QR TXLVLVWH KDFHUOR ¢YHUGDG" ²GLMR² < W~ QR HVWiV UDELRVDGHPRGRTXHQRPHKLFLVWHQLQJ~QGDxRVHULR &RQWLQXyDEUD]DQGRDODQLxDSDUDFDOPDUODKDVWDTXHHVFXFKyTXHODFDPLRQHWD VH DFHUFDED SRU ODFDUUHWHUD(QWRQFHV VHSXVR QXHYDPHQWHGH SLH\WRPDQGR D 6DUDK GH OD PDQR OD OOHYy KDVWD OD SXHUWD SULQFLSDO 6DUDK VH HVWXYR GyFLOPHQWH TXLHWD PLHQWUDV ODVHxRUD *RRGULFK OH FRORFDEDHO DEULJR \ QR VH UHVLVWLy FXDQGR *HRUJH 'LOOHU OD OOHYy KDVWD OD FDPLRQHWD /D VHxRUD *RRGULFK SHUPDQHFLy HQ OD SXHUWDSULQFLSDOKDVWDTXHODFDPLRQHWDVHSHUGLyGHYLVWD1RVDOXGyFRQODPDQR SXHVHVWDEDGHPDVLDGRFDQVDGDGHVSXpVGHODOXFKD\QRFUHtDTXH6DUDKSXGLHUD YHUOD &XDQGR XQD YH] PiV ODFDO]DGD TXHGy GHVLHUWD FHUUy ODSXHUWD \IXH D VX FRFLQDGRQGH VH ODYyOD PDQR 3DUSDGHyDODSOLFDUVHWLQWXUDGH LRGR \ VH YHQGy (QWRQFHVVHDFRUGyGHOJDWR (VWDEDVHJXUDGHTXHVHUtDWLHPSRSHUGLGRSHURKDEtDDFFHGLGRDEXVFDUD &HFLO \ OR KDUtD 'HFLGLyKDFHU SULPHURHO ODUJR DVFHQVRKDVWDHOiWLFR \ UHJLVWUDU KDFLD DEDMRGHVGHDOOt/OHJDUDODSODQWDDOWDQRIXHQLQJ~QSUREOHPDHVWDEDKDELWXDGDD HOOR/OHYDEDODOODYHGHODSXHUWDGHOiWLFRHQHOEROVLOORSHURSUREyLQVWLQWLYDPHQWHOD SXHUWDPLHQWUDVODEXVFDED/DOODYHYROYLyDFDHUHQVXEROVLOORPLHQWUDVVHDEUtDOD SXHUWDPRVWUDQGRODHPSLQDGDHVFDOHUD ²7HQGUtD TXH HVWDU FHUUDGD FRQ OODYH ²PXUPXUy OD DQFLDQD VH GHWXYR D GHVFDQVDUDQWHVGHHPSUHQGHUHODVFHQVR 0LHQWUDVVXEtDWUDWyGHUHFRUGDUOD~OWLPDYH]TXHDOJXLHQHVWXYRDOOtDUULED8Q PHVTXL]iFXDQGREDMDURQHODQWLJXRUHWUDWR(QWUyHQHOiWLFR\FHUUyODSXHUWDD VXVHVSDOGDV (OL]DEHWKVHKDOODEDDPLWDGGHFDPLQRHQGLUHFFLyQDOSXHEORFXDQGRYLRD.DWK\ %XUWRQFDPLQDQGRGHODQWHVX\R ²£.DWK\²JULWy /DQLxDTXHLEDGHODQWHVHGHWXYR\VHYROYLy ²(VSHUD²GLMR(OL]DEHWK\FRUULyKDVWDDOFDQ]DUDVXDPLJD ²¢4XpKDFHVDTXt"²SUHJXQWyFXDQGROOHJyMXQWRD.DWK\ ²$QRFKHHVWXYHFXLGDQGRQLxRV²GLMR.DWK\²(QODFDVDGHORV1RUWRQ ²6RQPX\PLVWHULRVRV²GLMR(OL]DEHWKJLUDQGRORVRMRV ²¢4XpTXLHUHVGHFLU" ²(OHVPXFKRPD\RUTXHHOOD²HPSH]y(OL]DEHWKFDYLODQGRVREUHODVUDUH]DV GHODVSHUVRQDVPD\RUHV\OXHJRVHOHFUX]yRWURSHQVDPLHQWR ²¢7XPDGUHWHSHUPLWHFXLGDUQLxRVDOOt" ²3RUVXSXHVWR²GLMR.DWK\FRQFXULRVLGDG²¢3RUTXpQR" ²4XLHURGHFLUGHVSXpVGHORTXHOHVXFHGLyD$QQH)RUDJHU
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
²$K HVR².DWK\VHHQFRJLyGHKRPEURV²0LPDGUHGLFHTXHQROHVXFHGLy QDGD'LFHTXHHVXQDPHQWLURVD ²(VRSLHQVDQPLVSDGUHVWDPELpQ²DVLQWLy(OL]DEHWK²3HURQRHVWR\VHJXUDGH TXHpOORFUHD ²¢3RUTXp" ²1RORVp²GLMR(OL]DEHWK²$FW~DGHPDQHUDH[WUDxD²PLUyDVXDOUHGHGRU\ VHxDOyXQSiMDURTXHDO]DEDHOYXHORGHVGHXQiUEROFHUFDQR²£0LUDXQJUDMR .DWK\VLJXLyHOJHVWRGHVXDPLJDSHURQRYLRDOSiMDUR ²(UHVDIRUWXQDGDGHYLYLUDTXt²GLMR²3RUHVRPHJXVWDFXLGDUHOEHEpGHORV 1RUWRQ$ODPDxDQDSXHGRYROYHUFDPLQDQGR ²4XLVLHUD TXH SXVLHUDQ XQ DXWRE~V ²GLMR (OL]DEHWK² 'HVSXpV GH XQ WLHPSR UHVXOWDDEXUULGR ²6L\RYLYLHVHDTXtQRPHFDQVDUtD²GLMR.DWK\HQWRQRGHFRQILGHQFLD²'HEH VHUGLYHUWLGRVDOLUDH[SORUDUVLHPSUHTXHTXLHUDV (OL]DEHWKDVLQWLySHUR\DQRSUHVWDEDDWHQFLyQD.DWK\ 8QFRQHMRFUX]yFRPRXQDIOHFKDGHODQWHGHODVQLxDV\FXDQGR(OL]DEHWKORYLR XQD H[WUDxD H[SUHVLyQ OH FUX]y HO URVWUR 6H GHWXYR \ SDUHFLy TXH WUDWDED GH DIHUUDUVHDXQSHQVDPLHQWRTXHVHOHHVFDSDED ²+D\XQOXJDU²PXUPXUy ²¢4Xp"²SUHJXQWy.DWK\ ²8Q OXJDU VHFUHWR ²FRQWLQXy (OL]DEHWK 6H YROYLy KDFLD .DWK\ \ OD PLUy LQWHQVDPHQWHDORVRMRV²¢7HJXVWDUtDLUDOOtDOJXQDYH]" ²¢4XpFODVHGHOXJDU"²GLMR.DWK\DEULHQGRORVRMRV ²6LWHORGLJR\DQRVHUiXQVHFUHWR¢YHUGDG"6LWHOOHYRDOOtGHEHVSURPHWHUPH TXHQXQFDVHORFRQWDUiVDQDGLH ²2KQRORKDUp²GLMR.DWK\\ODH[FLWDFLyQGHFRPSDUWLUXQVHFUHWRKL]RTXHOH WHPEODUDODYR]²6HUiXQVHFUHWRHQWUHODVGRV (OL]DEHWKSDUHFLyDSXQWRGHDJUHJDUDOJRFXDQGRR\HURQHOVRQLGRGHXQYHKtFXOR TXHVHDFHUFDEDSRUGHWUiV6DFyD.DWK\GHOFDPLQR\DPEDVHVSHUDURQDTXHOD FDPLRQHWDGH:KLWH2DNVODVDGHODQWDUD*HRUJH'LOOHUDJLWyODPDQRHKL]RVRQDUOD ERFLQD /DV QLxDV SXGLHURQ YHU D 6DUDK TXH DSUHWDED OD FDUD FRQWUD OD YHQWDQLOOD WUDVHUDKDVWDTXHHOYHKtFXORGREOyHQXQDFXUYDGHOFDPLQR\VHSHUGLyGHYLVWD (OL]DEHWKGHMyGHVDOXGDUFRQODPDQR\HOOD\.DWK\UHDQXGDURQODFDPLQDWD ²¢4XpWLHQH"²SUHJXQWy.DWK\ ²¢4XLpQ" ²6DUDK²FRQWHVWy.DWK\ ²¢4XLpQGLFHTXHWLHQHDOJR"²GLMR%OL]DEHWKDODGHIHQVLYD/HPROHVWDEDTXH OHKLFLHUDQSUHJXQWDVVREUHVXKHUPDQD ²0LPDGUH²GLMR.DWK\FRQQDWXUDOLGDG²'LFHTXH6DUDKHVWiORFD (OL]DEHWKPLUyILMDPHQWHDOVXHORDQWHVGHKDEODU ²1RFUHRTXHGHEDVKDEODUGH6DUDKHQHVDIRUPD ²%XHQR²LQVLVWLy.DWK\²¢SHURHVWiORFD" ²1R²GLMR(OL]DEHWK ²(QWRQFHV¢SRUTXpYDD:KLWH2DNV"(VHOXJDUHVSDUDQLxRVORFRV9LHQHQ GHVGHWRGDVSDUWHVGHOSDtVSDUDLUDOOt ²<YLYHQ DOOt¢QRHVFLHUWR"²GLMR(OL]DEHWK²6L6DUDKHVWXYLHUDORFD¢DFDVR QRWHQGUtDTXHYLYLUDOOtHOODWDPELpQ" .DWK\SHQVyXQPRPHQWR ²%XHQR²GLMR²VLQRHVWiORFD¢SRUTXpYDDOOt" ²1RORVp²GLMR(OL]DEHWKHQFRJLpQGRVHGHKRPEURV² $OJR OH VXFHGLy KDFH DSUR[LPDGDPHQWHXQ DxR(VWDEDHQ HO ERVTXH\VHFD\y RDOJRDVt<DKRUD QR
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
SXHGHKDEODU6LIXHUDDODHVFXHODGHOSXHEORWRGRHOPXQGRVHEXUODUtD3HURVH SRQGUiELHQFXDQGRHPSLHFHDKDEODURWUDYH] /DVGRVQLxDVVLJXLHURQFDPLQDQGRHQVLOHQFLRKDVWDTXHHVWXYLHURQHQHOSXHEOR ²¢6DUDKFRQRFHHOOXJDUVHFUHWR"²GLMR.DWK\GHUHSHQWH (OL]DEHWKQHJyFRQODFDEH]D ²<W~WDPSRFRORFRQRFHUiV²GLMR²VLQRGHMDVGHKDFHUSUHJXQWDV(VXQOXJDU GRQGHKD\TXHLUSHURGHOTXHQRVHSXHGHKDEODU ²¢0HOOHYDUiV"²SUHJXQWy.DWK\GHVDILDQWH ²6LGHMDVGHKDEODUDFHUFDGHpO²UHSOLFy(OL]DEHWK²(VXQOXJDUPX\HVSHFLDO SDUDPtVROD3HURVXSRQJRTXHSXHGROOHYDUWHDOOtSXHVWRTXHHUHVPLDPLJD ²¢&XiQGR" 3HUR(OL]DEHWKQRUHVSRQGLy(QFDPELRGLULJLyDVXDPLJDXQDPLUDGDPLVWHULRVD \GHVDSDUHFLyHQHOLQWHULRUGHODHVFXHOD /DVHxRUD*RRGULFKSDVyFDVLXQDKRUDHQHOiWLFRSHURVyORGHGLFyXQDSDUWHGH HVHWLHPSRDEXVFDUD &HFLO 8QDUiSLGDLQVSHFFLyQODFRQYHQFLyGHTXHHOJDWRQR HVWDEDDOOt\DVHLEDFXDQGRDOJROHOODPy ODDWHQFLyQ1RHVWDEDVHJXUDGHORTXH HUD DOJR IXHUD GH OXJDU R DOJR TXH IDOWDED R DOJR TXH QR GHEtD HVWDU DOOt 6H GHWXYR\PLUyDVXDOUHGHGRU'XUDQWHXQPRPHQWRQRORJUyDGYHUWLUHOPRWLYRGHVX H[WUDxH]D (UD PiV XQD VHQVDFLyQ TXH DOJR WDQJLEOH &RPR VL DOJXLHQ KXELHUD HQWUDGR DOOt \ PRYLGR ODV FRVDV SDUD FRORFDUODV QXHYDPHQWH HQ VX VLWLR RULJLQDO ([FHSWR TXH HQ HO iWLFR SHUVLVWtD XQD DWPyVIHUD H[WUDxD XQD DWPyVIHUD GH SHUWXUEDFLyQ /DDQFLDQD HPSH]y D PLUDU DWHQWDPHQWH D VX DOUHGHGRU DGYLUWLHQGR DO KDFHUOR TXH HO iWLFR HUD WDQWR XQ GHSyVLWR GH UHFXHUGRV GH HOOD FRPR XQ DOPDFpQ SDUD REMHWRVVLQXVRGHODIDPLOLD&RQJHU7RGDVODVFRVDVTXHORV&RQJHUKDEtDQXVDGR \ROYLGDGRHVWDEDQ DPRQWRQDGDV HQHO iWLFRFRVDVTXH HOORVKDEtDQROYLGDGRSHUR TXH OD VHxRUD *RRGULFK UHFRUGDED SHUIHFWDPHQWH 6X PDQR DFDULFLy OD FXQD TXH WDQWRVEHEpV&RQJHUXVDURQ6DUDKUHFLHQWHPHQWHSHUR(OL]DEHWKDQWHVTXHHOOD\ VX SDGUH DQWHV TXH DPEDV 6H SUHJXQWy FXiQWDV JHQHUDFLRQHV GH EHEpV &RQJHU GXUPLHURQHQHVDFXQD<HQWRQFHVDGYLUWLyTXHHOLQWULQFDGRGLVHxRWDOODGRDPDQR QR FRQWHQtDXQD VRODSDUWtFXODGH SROYR (VR HUD ORTXH OD KDEtD H[WUDxDGR HQ HO iWLFRQRKDEtDSROYR7RGRORTXHGHEtDHVWDUFXELHUWRGHSROYRHVWDEDOLPSLR 3DVyODKRUDVLJXLHQWHHQHOiWLFREXVFDQGRHOSROYRTXHGHELyHVWDUDOOt3HURQR ORKDOOyQLWDPSRFRD &HFLO $SULPHUDVKRUDVGHODWDUGHGHFLGLyTXHHOJDWR HVWDEDHQFXDOTXLHUSDUWH SHUR QRHQODFDVD 9ROYHUiSHQVy7LHQHLQWHOLJHQFLDSDUDHOOR
&DStWXOR ²¢
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
%iUEDUDULy\HOVDOyQSDUHFLyYROYHUVHPiVKRVSLWDODULRFRQHOVRQLGRGHVXULVD ²1RHVWDQPDOD+D\PXFKDVSRVLELOLGDGHV 5RVHFUH\ySHUFLELUXQOHYHWRQRGHLQFHUWLGXPEUHHQHVDVSDODEUDV ²1yPEUHPHXQD²ODGHVDILy ² &DUO WLHQH GRFHQDV ²GLMR %iUEDUD REYLDPHQWH HOXGLHQGR HO WHPD²
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
HVWiQXHVWURSUDGR\FODURPiVDOOiGHOSUDGRVHOHYDQWDQXHVWUDFDVD6LQRIXHUD SRUHOERVTXHSRGUtDQYHUODFDVD ²¢<" ²SUHJXQWy &DUO WRGDYtD PX\ LQWULJDGR SRU OR TXH 5RVH WHQtD TXH GHFLUOHV ²(O DFDQWLODGR ²GLMR 5RVH² &UHR TXH XVWHGHV GHEHQ VDEHUOR (V PX\ HPSLQDGR \ SXHGH VHUWUDLFLRQHUR HVSHFLDOPHQWH FXDQGR HO YLHQWRVRSOD GHVGH HO QRUWH$OOtHOPDUVXHOHHVWDUPX\DJLWDGR\ODVVDOSLFDGXUDVFRQYLHUWHQHODFDQWLODGR HQ DOJR UHVEDODGL]R FRPR HO KLHOR +DQ KDELGR DOJXQRV DFFLGHQWHV ²VX YR] VH DSDJySHURHQVHJXLGDDOQRWDUODH[SUHVLyQSUHRFXSDGDHQORVRMRVGH%iUEDUD FRQWLQXy ² 2K GH HVR KDFH PXFKR WLHPSR 1R IXH HQ HVWH VLJOR VHJ~Q WHQJR HQWHQGLGR 6LHPSUH VRPRV PX\ SUHFDYLGRV DO UHVSHFWR \ QR SHUPLWLPRV TXH ODV QLxDVVHDFHUTXHQDOOt(QODIDPLOLD&RQJHUDORODUJRGHJHQHUDFLRQHVORVQLxRV KDQWHQLGRSURKLELGRMXJDUHQHOERVTXHRHQHODFDQWLODGR(VWHQRVyORHVSHOLJURVR VLQR SUiFWLFDPHQWHLQYLVLEOH 1RVHSXHGH YHUODFDUDGHO DFDQWLODGR GHVGH QLQJ~Q SXQWR GH QXHVWUD SURSLHGDG \ VyOR GHVGH XQ SDU GH OXJDUHV GH OD SURSLHGDG GH XVWHGHV'HVGHODFDVDHVLPSRVLEOHYHUOR7RGRORTXHSXHGHQYHUHVODDUEROHGD ²¢3RUTXpQRKLFLHURQWDODUHOERVTXH"²GLMR%iUEDUDSHQVDWLYD²1RTXHGDUtD WDQ ERQLWR SHUR SRU OR PHQRV SRGUtDQ YHU VL ODV QLxDV VH DFHUFDQ DO ERUGH GHO DFDQWLODGR ²/RVXJHUtXQDYH]²GLMR5RVHFRQXQDOHYHVRQULVD²(QSDUWHFODURHVWiVH WUDWDGHODHVWpWLFD<WDPELpQGHOYLHQWR/RViUEROHVSURWHJHQEDVWDQWHELHQDOD FDVDFXDQGRHOYLHQWRVRSODGHOQRUWHRVHDGXUDQWHHOLQYLHUQR<WDPELpQHVWiSRU VXSXHVWRODLQWLPLGDG$ORV&RQJHUVLHPSUHOHVJXVWyODLGHDGHTXHQLQJ~QYHFLQR SXGLHUDREVHUYDUORV ²(VDJUDGDEOHSRGHUSHUPLWLUVHHVDFODVHGHOXMRV²PXUPXUy&DUO ²0X\DJUDGDEOH²DVLQWLy5RVH²VLXQRSXHGHSHUPLWtUVHORFRVDTXHQRVRWURV DSHQDVSRGHPRV&RQXQSDUGHQXHYRVDXPHQWRVHQORVLPSXHVWRVQRSRGUHPRV VHJXLUSHUPLWLpQGRQRVORHQDEVROXWR $GYLUWLyTXHSUREDEOHPHQWHHVWDEDGLFLHQGRPiVGHORGHELGRSHURHQVHJXLGD FRPSUHQGLy TXH HQ UHDOLGDG HVR OD WHQtD VLQ FXLGDGR (Q YHUGDG HUD DJUDGDEOH SRGHUDGPLWLUDQWHDOJXLHQDQWHFXDOTXLHUDTXHORV&RQJHU\DQRHUDQORVGHDQWHV 1RREVWDQWHGHFLGLyTXHHUDWLHPSRGHYROYHUDOWHPDTXHOHLQWHUHVDED ²'HPRGR TXHHVRHVORTXH TXHUtDPRVWUDUOHV ²GLMR²3RUVXSXHVWR XVWHGHV SRGUiQ SURFHGHU FRPR TXLHUDQ SHUR OHV DFRQVHMR TXH GLJDQ D -HII TXH QR VH DFHUTXHDHVHOXJDU ²/RTXHVHUtDFRPRHQYLDUORGLUHFWDPHQWHDOOtQLELHQOHGHPRVODHVSDOGD²GLMR %iUEDUD²&UHRTXHWHQGUHPRVTXHFRQILDUHQVXEXHQVHQWLGR²QRWyODH[SUHVLyQ GHOURVWURGH5RVH\VXVRQULVDGHVDSDUHFLy²¢+D\DOJXQDRWUDFRVD" 5RVHGXGyXQLQVWDQWHDQWHVGHUHVSRQGHU ²6t²GLMRSRUILQPLUDQGRQXHYDPHQWHVXUHORMGHSXOVHUD²1RWHQJRWLHPSR GH FRQWiUVHODV SHUR H[LVWH XQD OH\HQGD DFHUFD GHO DFDQWLODGR 3RGUtD KDEHU XQD FXHYD DOOt \ HV UHDOPHQWH PX\ SHOLJURVR ²5RVH VRQULy YDFLODQWH² 'HER PDUFKDUPH DKRUD /DV QLxDV \D HVWDUiQ HQ FDVD \ QR PH JXVWD GHMDUODV PXFKR WLHPSRVRODVFRQODVHxRUD*RRGULFK ²¢/DVHxRUD*RRGULFK" ²/D FULDGD6H HVWiKDFLHQGR YLHMD GHEHWHQHUFHUFDGH VHWHQWDDxRV \HV WHUULEOHPHQWHHPSHFLQDGDHQWRGR3HUR HVWi FRQ ODIDPLOLD GHVGHPXFKRDQWHV GHO QDFLPLHQWRGH-DFN 6LJXLHURQFKDUODQGRPLHQWUDVUHJUHVDEDQDODQXHYDFDVDGHORV6WHYHQVSHUR 5RVHQRHQWUyFRQHOORV6LQWLyXQDV~ELWDXUJHQFLDSRUUHJUHVDUDVXFDVD
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
0LQXWRV GHVSXpV FDPLQDED SRU HO VHQGHUR GH OD 3XQWD FRVWHDQGR HO H[WUHPR RHVWHGHODIUDQMDGHiUEROHV9LRXQDDUGLOODTXHMXJDEDHQXQDUDPDDOJRDORTXH QRUPDOPHQWH OH KDEUtD GHGLFDGR XQRV PLQXWRV GH FRQWHPSODFLyQ SHUR QR VH GHWXYR 3DVy HO ERVTXH \ HPSH]y D ERUGHDU HO SUDGR 6~ELWDPHQWHVH GHWXYR $ XQRVFLHQWRFLQFXHQWDPHWURVGH5RVH(OL]DEHWKVDOtDGHOERVTXH'RVVHJXQGRV GHVSXpVWDPELpQ6DUDKHPHUJLyGHHQWUHORViUEROHV0LHQWUDVFRQWHPSODEDDVXV KLMDVTXHFUX]DEDQHOSUDGRHQGLUHFFLyQDODFDVD5RVHVLQWLyTXHVHOHIRUPDEDXQ QXGRHQHOHVWyPDJR1RODVOODPyHQUHDOLGDGQLVLTXLHUDVHPRYLyKDVWDTXHQR ODV YLR GHVDSDUHFHU HQ HO LQWHULRU GH OD FDVD /XHJR FXDQGR \D QR ODV YLR PiV FRQWLQXyVXFDPLQR3HURORKL]RDSDVROHQWR\FRQODPHQWHOOHQDGHSHQVDPLHQWRV FRQIXVRV1LQJXQRSDUHFtDWHQHUVHQWLGR7RGRVHUDQRPLQRVRV &XDQGR OOHJy D OD FDVD QR VDOXGy HQ YR] DOWD (Q FDPELR IXH GLUHFWDPHQWHDO SHTXHxRJDELQHWHHQODSDUWHWUDVHUDVHVLUYLyXQDFRSD\VHVHQWyHQHOVLOOyQGH RUHMHUDV 0LHQWUDV HVSHUDED TXH VX PDULGR UHJUHVDUD D FDVD HVWXGLy HO DQWLJXR UHWUDWRTXHFROJDEDVREUHODUHSLVDGHODFKLPHQHD6HSDUHFtDD(OL]DEHWK 6HSDUHFtDPXFKRD(OL]DEHWK %HELyGHODFRSDFODYyODYLVWDHQHOUHWUDWR\HVSHUy 8QD KRUD PiV WDUGH FXDQGR-DFNUHJUHVy5RVH HVWDEDWRGDYtDHQ HO VLOOyQ GH RUHMHUDV(VFXFKyODYR]GHpOFXDQGRDEULyODSXHUWDGHODQWHUD\ODUHVSXHVWDGH (OL]DEHWK GHVGH OD SODQWD DOWD 3HUPDQHFLy HQ VLOHQFLR \ R\y ODV SLVDGDV GH pO DFHUFiQGRVHDOJDELQHWH&XDQGRHQWUyHOODHVWDEDPLUDQGRKDFLDODSXHUWD(ODEULy ORVRMRVDVRPEUDGR\VRQULy ²¢(VWDPRVKDFLHQGRXQFDPELRGHSDSHOHV"6HVXSRQHTXHVR\\RTXLHQGHEH VHQWDUVH D PHGLWDU HQ HVH VLOOyQ FRQ XQD FRSD HQ OD PDQR ²GLMR -DFN SHUR VX VRQULVDVHHVIXPyFXDQGRQRWyODH[SUHVLyQGHVXHVSRVD²¢6XFHGHDOJRPDOR" ²SUHJXQWy\5RVHVHVLQWLyFRQIRUWDGDDOSHUFLELUHQODYR]GHpOXQDSUHRFXSDFLyQ TXHOHSDUHFLyJHQXLQD ²6tUYHWHXQDFRSD\VLpQWDWH²GLMR5RVH²<SXHGHVOOHQDUODPtDWDPELpQ(O KLHORVHKDGHUUHWLGR (O WRPy OD FRSD GH HOOD YROYLy D OOHQDUOD \ VH VLUYLy XQD JHQHURVD PHGLGD GH ZKLVN\HVFRFpV'HSRVLWyODFRSDGH5RVHVREUHODPHVLWD\WRPyDVLHQWRIUHQWHD VXHVSRVD ²¢'HTXpVHWUDWD"¢6DUDK" ²(QUHDOLGDGQRHVWR\VHJXUD²HPSH]yHOODDJLWDQGRODFDEH]D$FRQWLQXDFLyQ OH UHODWy OR TXH KDEtD KHFKR GXUDQWHHOGtD SDVDQGRUiSLGDPHQWH VREUH OD PD\RU SDUWHKDVWDOOHJDUDOILQDO5HILULyHQGHWDOOHVVX~OWLPDFRQYHUVDFLyQFRQORV6WHYHQV WUDWDQGRGHUHFRUGDUH[DFWDPHQWHWRGRORTXHOHVKDEtDGLFKR&XDQGRWHUPLQypOQR SDUHFLyHVSHFLDOPHQWHSHUWXUEDGR ²¢<SRUTXpHVWiVWDQWUDVWRUQDGD"²SUHJXQWypO ²&XDQGR YROYtD D FDVD YLD ODV QLxDV VDOLHQGR GHO ERVTXH 3ULPHUR (OL]DEHWK OXHJR6DUDK ²
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
²(VR FUHR ²GLMR -DFN \ FRQWy UiSLGDPHQWH FRQ ORV GHGRV² 1R \R VR\ OD WHUFHUDJHQHUDFLyQ6LODOH\HQGDIXQFLRQD(OL]DEHWK\6DUDKVHUiQODFXDUWD%XHQR ©QRGHMHVSDUDPDxDQDª²WHUPLQyVXEHELGD\VDOLyGHODKDELWDFLyQ $VRODV5RVHVLJXLyEHELHQGRGHVXFRSD\FRQWHPSODQGRHOUHWUDWR3RUDOJ~Q PRWLYRODVSDODEUDVGH&DUO6WHYHQVUHVRQDEDQ HQVXPHQWH©/RVSHFDGRV GHORV SDGUHVª (QWRQFHVUHFRUGyODFRQWLQXDFLyQGHODFLWD\VHHVWUHPHFLy©KDVWDODWHUFHUD\ FXDUWDJHQHUDFLRQHVª -DFN VXELy OHQWDPHQWH ODV HVFDOHUDV SUHJXQWiQGRVH TXp OH GLUtD D VX KLMD $O OOHJDUDUULEDVHGHWXYR\HQGHUH]yORVKRPEURV/DYHUGDGGHFLGLy2SRUORPHQRV ORTXHORV&RQJHUKDEtDQWHQLGRSRUYHUGDGGXUDQWHPiVDxRVGHORVTXHpOVDEtD /DVHQFRQWUyHQHOFXDUWRGHMXHJRV\IUXQFLy HOFHxRFXDQGRYLRORTXH KDFtDQ (QWUHODVGRVHVWDEDHOWDEOHUR2XLMD\(OL]DEHWKSDUHFtDGHGLFDUOHWRGDVXDWHQFLyQ 6DUDK DWHQGtDD OR TXH KDFtD (OL]DEHWK -DFNVH DFODUyODJDUJDQWD\FRPRQDGD VXFHGLyKDEOy ²(OL]DEHWK ²GLMR \ ODPHQWy HO DJXGR VRQLGR GH VX YR] TXH UHVRQy HQ OD KDELWDFLyQ6XVKLMDVGLHURQXQUHVSLQJR(OL]DEHWKDEULyORVRMRV ²£3DSDtWR¢9LHQHVDMXJDUFRQQRVRWUDV" ²9HQJR D KDEODU FRQWLJR $ VRODV ²VXV RMRV VHxDODURQ D 6DUDK \ (OL]DEHWK FRPSUHQGLyHOPHQVDMH 6HLQFRUSRUy \ OXHJR VH LQFOLQySDUDGHFLU DOJR DO RtGR GH VX KHUPDQD 6DUDK VHJ~QOHSDUHFLyD-DFNQRUHVSRQGLySHUR(OL]DEHWKSDUHFLyWUDQTXLOL]DUVHSRUTXH DVXKHUPDQDQRSDUHFtDPROHVWDUOHTXHGDUVHVROD/XHJRVLJXLyDVXSDGUHIXHUD GHO FXDUWR GH MXHJRV KDVWD VX KDELWDFLyQ &XDQGR HQWUDURQ pO FHUUy OD SXHUWD \ (OL]DEHWK VXSR TXH KDEtD KHFKR DOJR PDOR 6H VHQWy DO ERUGH GH VX FDPD \ FRQWHPSOyUHVSHWXRVDPHQWHDVXSDGUH ²(VHOERVTXH¢YHUGDG"²GLMRHOOD ²6t ²GLMR pO PLUiQGROD FRQ VHYHULGDG² HV HO ERVTXH $ PHQRV TXH HVWp WUHPHQGDPHQWH HTXLYRFDGR IXH D\HU PLVPR FXDQGR KDEODPRV GH HVR < DKRUD UHVXOWDTXHKR\HVWXYLVWHHQHOERVTXH&RQ6DUDK (OL]DEHWK OR PLUy GLUHFWDPHQWH D ORV RMRV \ pO WUDWy GH GHVFXEULU HQ ORV GHHOOD DOJ~QLQGLFLRVREUHVXHVWDGRGHiQLPR6HSUHJXQWDEDVLVHPRVWUDUtDGHVDILDQWHR DLUDGDRFDSULFKRVD3HURVyORHQFRQWUyFXULRVLGDG ²6t ²GLMRHOOD²5HDOPHQWH QR Vp SRU TXpIXL KR\ DOERVTXHFRQ6DUDK 1RV HQFRQWUiEDPRVMXJDQGRHQHOSUDGR\OXHJRHVWiEDPRVHQHOERVTXH'HEtHVWDU SHQVDQGR HQ RWUD FRVD SRUTXH IUDQFDPHQWH QR UHFXHUGR KDEHU HQWUDGR HQ HO ERVTXH/R~QLFRTXHUHFXHUGRHVTXH V~ELWDPHQWHDGYHUWtTXH QRVKDOOiEDPRVHQ HOERVTXH\TXHYROYtDFRQ6DUDKKDFLDHOSUDGR -DFN HVFXFKy D VX KLMD HQ VLOHQFLR \ WUDWy GH GHVFXEULU VL OH GHFtD OD YHUGDG 5HFRUGyVXSURSLDMXYHQWXG\WRGDVODVYHFHVHQTXHVHKDEtDGHMDGRDEVRUEHUSRU DOJR KDVWD HO SXQWR GH SHUGHU QRFLyQ GH OR TXH OH URGHDED 6XSXVR TXH GHELy VXFHGHUDOJRVLPLODU ²%LHQ²GLMRpO²HVSHURTXHQRSHUPLWDVTXHYXHOYDDVXFHGHU$KRUDHUHVXQD PXFKDFKD FUHFLGD \ GHEHUtDV VHU FDSD]GHVDEHUOR TXH KDFHV 2 SRU OR PHQRV GyQGHWHHQFXHQWUDVHVSHFLDOPHQWHVL6DUDKHVWiFRQWLJR ²&XLGR ELHQ GH HOOD ²GLMR (OL]DEHWK \ -DFN FUH\y SHUFLELU HQ VX YR] XQ WRQR GHIHQVLYR ²3RUVXSXHVWRTXHVt²GLMRpOWUDQTXLOL]DGRU²SHURSRUIDYRUFXLGDELHQGHHOOD HQHVHODGRGHOERVTXH
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
$KRUDYLRLQGXGDEOHPHQWHFyOHUDHQHOURVWURGH(OL]DEHWK6XVKHUPRVRVUDVJRV VHHQGXUHFLHURQ XQ SRFR \ pOFRPSUHQGLy TXH WHQGUtD TXH GDU PiVH[SOLFDFLRQHV 0LHQWUDV HOOD IRUPXODED OD SUHJXQWD pOWUDWyGHLPDJLQDU SRUGyQGH OH FRQYHQGUtD HPSH]DUODUHVSXHVWD ²4XLHURVDEHUSRUTXp²GHFtDHOOD²&UHRTXHHVWRHVDEVROXWDPHQWHWRQWR 6R\ OR EDVWDQWH JUDQGH SDUD LU GRQGH GHVHR SRU OR PHQRV GHQWUR GH QXHVWUD SURSLHGDG&XDQGRHUDSHTXHxDHUDRWUDFRVD3HUR\DQRVR\SHTXHxD7~PLVPR ORKDVGLFKR ²&UHHUiVTXHHVWDPRVWRGRVORFRV²GLMR-DFN ²¢$FDVRORHVWDPRV"²SUHJXQWy(OL]DEHWKSHURQRKXERSLFDUGtDHQVXPLUDGD ²¢4XLpQVDEH"²UHSXVR-DFNWUDWDQGRGHPDQWHQHUXQWRQROLJHUR²0X\ELHQ WHFRQWDUpODKLVWRULD+D\XQDDQWLJXDOH\HQGDGHIDPLOLD ²/RVp²GLMR(OL]DEHWK ²¢/RVDEHV"²-DFNQRSXGRRFXOWDUVXVRUSUHVD²¢&yPR" (OL]DEHWKDEULyH[SHFWDQWHORVRMRV\WUDWyGHSDUHFHUPLVWHULRVD ²(OWDEOHUR2XLMD²HQWRQy²7RGRORVDEH\WRGRORGLFH 5RPSLy D UHtU DQWH OD H[SUHVLyQ GH VX SDGUH (UD XQD PH]FOD GH HVSDQWR VRUSUHVD\WHPRU ²(VWR\ EURPHDQGR SDSDtWR ²FRQWLQXy HOOD² 1RVp GH TXp VHWUDWD ²SHQVy FXLGDGRVDPHQWH\FRQWLQXy²(QUHDOLGDGQRVpTXpVp\TXpQRVpQLGyQGHOR DYHULJp3HURVpTXHH[LVWHXQDHVSHFLHGHKLVWRULD\TXHVHUHPRQWDPX\OHMRV ¢4XpHV" -DFNVLQWLyXQDH[WUDxDVHQVDFLyQGHDOLYLRDORtUTXHHOODLJQRUDEDODOH\HQGD\ HPSH]yDUHODWiUVHOD ²6HUHPRQWDDKDFH PXFKRWLHPSR ²GLMR²7XPDGUH\\RHVWXYLPRVVDFDQGR FXHQWDV\VRQFXDWURJHQHUDFLRQHVFRQWiQGRWHDWL\D6DUDK7LHQHTXHYHUFRQWX WDWDUDEXHOD7RGRVXFHGLyKDFHDSUR[LPDGDPHQWHXQFHQWHQDUGHDxRV\HQWRQFHV HOOD HUD \D XQD VHxRUD DQFLDQD PX\ DQFLDQD 1R Vp FXiQWRV GHWDOOHV SXHGR UHFRUGDUSXHVWRTXHQRFUHRTXHQDGLHKD\DHVFULWRODKLVWRULDSHURDTXtHVWiORTXH VHVXSRQHTXHVXFHGLy ª/DDQFLDQDFUHRTXHVXQRPEUHHUD%HUQLFHR%HUWKDRDOJRSDUHFLGRWHQtDSRU FRVWXPEUH KDFHU OD VLHVWD WRGRV ORV GtDV GHVSXpV GH OD FRPLGD TXH HUD OR TXH QRVRWURV HQ QXHVWURVGtDV OODPDUtDPRVDOPXHU]R $SDUHQWHPHQWH WRGRV ORVGtDV VXEtDDVXKDELWDFLyQGRUPtDXQDKRUD\OXHJREDMDED3HURXQGtDQREDMy ²¢4XLHUHVGHFLUTXHPXULy"²SUHJXQWy(OL]DEHWK ²1R²GLMR-DFN²1RPXULy&XDQGRQREDMyVXELHURQDVXKDELWDFLyQVXSRQJR TXHSHQVDQGRTXHHVWDEDPXHUWDSHURQRORHVWDED6HJXtDGRUPLGD ª3DUDDEUHYLDUODKLVWRULDODOH\HQGDGLFHTXHGXUPLyGRVGtDVFRQVXVQRFKHV 7UDWDURQ GH GHVSHUWDUOD SHUR QR SXGLHURQ /ODPDURQ D XQ PpGLFR SHUR QR OH HQFRQWUy QDGD6XSRQJRTXH GHELyVXIULUXQDHVSHFLHGHDWDTXH \HQWUDUHQFRPD SHURHQHVDpSRFD HUDSRFRORTXHVHVDEtDGHHVDVFRVDV'HWRGRVPRGRVDOILQ GHVSHUWy\SDUHFLyTXHHVWDEDSHUIHFWDPHQWH ©6XSRQJR TXH ODIDPLOLD OR KDEUtD ROYLGDGR WRGR VL QR IXHUDSRUTXHXQRV GtDV GHVSXpVXQRGHORVKLMRVGHODDQFLDQDFUHRTXHWtRDEXHORPtRHQWUyHQODFDVD OOHYDQGR XQ FRQHMR PXHUWR 0RPHQWRV GHVSXpV VDOWy SRU HO DFDQWLODGR TXH HVWi GHWUiVGHODFDVD ²(VWiVEURPHDQGR²GLMR(OL]DEHWKFRQWHQLHQGRXQDH[FODPDFLyQ -DFNQHJyFRQODFDEH]D ²6L\RWHHQJDxR²GLMR²HQWRQFHVWXDEXHORPHHQJDxyFXDQGRPHFRQWyOD KLVWRULD ²¢3HURSRUTXpORKL]R"²SUHJXQWy(OL]DEHWK
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
²1DGLHORVXSRMDPiV²GLMR-DFNHQFRJLpQGRVHGHKRPEURV²2VLORVXSLHURQ QXQFDORGLMHURQDQDGLH'HWRGRVPRGRVFXDQGRODDQFLDQDVHHQWHUyQRVHPRVWUy VRUSUHQGLGD $SDUHQWHPHQWH GLMR TXH OR HVSHUDED < GHVGH HQWRQFHV KDVWD VX PXHUWHDQXQFLyODPXHUWHGHWRGRVORVTXHPXULHURQ\ODIRUPDHQTXHPRULUtDQ 'LMR TXH KDEtD REWHQLGR WRGDOD LQIRUPDFLyQHQXQVXHxR TXH WXYR FXDQGRHVWXYR GRUPLGDGXUDQWHDTXHOORVGRVGtDV ²¢<QXQFDVHHTXLYRFy"²SUHJXQWy(OL]DEHWKLQFUpGXOD ²¢4XLpQ VDEH" 7~ VDEHV FyPR FUHFHQ HVDV KLVWRULDV 3XGR HTXLYRFDUVH OD PD\RUtDGHODVYHFHVSHUROR~QLFRTXHFXDOTXLHUDUHFRUGDUtDVHUtDQODVYHFHVTXH DFHUWy3UREDEOHPHQWHSUHGLMRODPXHUWHGHWRGRVWRGRVORVGtDVGHPRGRTXHWDUGH RWHPSUDQRGDEDHQHOFODYR&RPRORVDVWUyORJRVGLFHQWDQWDVFRVDVTXHDOJXQDV WLHQHQTXHUHVXOWDUFRUUHFWDV ²¢(QWRQFHVGyQGHHVWiORSULQFLSDO"²GLMR(OL]DEHWK ²%XHQRHVRYLQRSRFRDQWHVGHTXHHOODPXULy'HFODUyTXHWXYRXQDYLVLyQ ²¢8QDYLVLyQ"¢4XLHUHVGHFLUiQJHOHVRIDQWDVPDV" ²1DGDGHHVR8QDYLVLyQSHURQRGHiQJHOHV'LMRTXHHQODYLVLyQVHKDEtD YLVWROOHYDGDDXQDFXHYDHQHODFDQWLODGR'HQWURGHODFXHYDOHPRVWUDURQXQSR]R TXH OOHYDED GLUHFWDPHQWHKDFLD DEDMR6X©iQJHOª R ORTXH IXHUD OHGLMR TXH HVH SR]RHUDODSXHUWDGHOLQILHUQR6HJ~QODDQFLDQDVLDOJXLHQSDVDEDDOJXQDYH]SRUOD SXHUWDGHO LQILHUQR VXFHGHUtDQ WRGD FODVH GHFRVDV HVSDQWRVDV 'H WRGRV PRGRV GLMRTXHKDEtDWHQLGRYLVLRQHVGHFRVDVKRUULEOHVTXHVXFHGHUtDQHQHOIXWXUR\TXH OD~QLFDIRUPDGHHYLWDUODVHUDLPSHGLUTXHQDGLHVHDFHUFDUDDODFXHYD+L]RTXH WRGRVORVPLHPEURVGHODIDPLOLDOHMXUDVHQQRDFHUFDUVHMDPiVDODFDQWLODGRGRQGH VHVXSRQHTXHVHHQFXHQWUDODFXHYD(QWRQFHVPXULy (OL]DEHWK OR PLUy HQ VLOHQFLR XQ PLQXWR \ OXHJR KDEOy (Q VX YR] pO SHUFLELy LQFUHGXOLGDG ²¢'HYHUGDGKD\XQDFXHYDDOOt" ²1RWHQJRODPHQRULGHD ²¢4XLHUHV GHFLU TXH ODFUHtVWHLV" ²GLMR (OL]DEHWK² ¢4XLHUHV GHFLUTXHQDGLH IXHMDPiVDEXVFDUODFXHYD" -DFNVHPRUGLyORVODELRVLQFyPRGR ²$OJXLHQIXH²GLMROHQWDPHQWH²0LDEXHOR ²¢/DHQFRQWUy"²SUHJXQWy(OL]DEHWKFRQDQVLHGDG ²1R²GLMR-DFNHVSHUDQGRSRGHUFDPELDUGHWHPDSHUR(OL]DEHWKQRORSHUPLWLy ²¢<ELHQ"²SUHJXQWy²¢4XpVXFHGLy" ²(VRWDPSRFRQDGLHORVDEH8QGtDGLMRTXHLUtDHQEXVFDGHODFXHYDVLHVTXH KDEtDXQDFXHYD\SDUWLyVROR&RPRQRUHJUHVyIRUPDURQXQJUXSRSDUDEXVFDUOR ²¢/RORJUDURQ"²SUHJXQWy(OL]DEHWK²4XLHURGHFLU¢ORHQFRQWUDURQ" ²/RHQFRQWUDURQ/RHQFRQWUDURQMXQWRDODFDQWLODGR7HQtDHOSLHDWDVFDGRHQWUH GRVSLHGUDV\DSDUHQWHPHQWHVHDKRJyFXDQGRODPDUHDVXELy 8QDH[SUHVLyQGHKRUURUFXEULyHOURVWURGH(OL]DEHWK ²£4XpHVSDQWRVDPDQHUDGHPRULU²GLMRTXHGDPHQWH ²6t ²GLMR -DFN² HVSDQWRVD /R H[WUDxR IXH TXH QR SXGLHURQ DYHULJXDU H[DFWDPHQWHTXp SDVy 6X SLH HVWDED DWDVFDGR SHURQR HQ IRUPDPX\ DSUHWDGD +XELHUDSRGLGR]DIDUVHVLQPXFKDGLILFXOWDG ²7DOYH]VHFD\y²VXJLULy(OL]DEHWK ²7DO YH] SHUR QR HQFRQWUDURQ KHULGDV QL FDUGHQDOHV FRPR KXELHUD SRGLGR HVSHUDUVHGHXQDFDtGD%XHQR²GLMRSDUDWHUPLQDU²HVRHVWRGR&XDOTXLHUDTXH VHDODYHUGDGWRGDODIDPLOLDUHVSHWyVLHPSUHHO~OWLPRGHVHRGHODDQFLDQD([FHSWR PLDEXHOR3RUORPHQRVKDVLGRXQDUD]yQSDUDPDQWHQHUQRVDOHMDGRVGHXQVLWLR SHOLJURVR(VSHURTXHW~ORUHVSHWHVFRPRORKHPRVUHVSHWDGRHOUHVWRGHQRVRWURV
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
(OL]DEHWKTXHGyPX\FDOODGD\FXD (OL]DEHWKTXHGyPX\FD OODGD\FXDQGRKDE QGRKDEOyORKL]RHQYR] OyORKL]RHQYR]EDMD EDMD ²3DSDtWR²GLMR²¢W~FUHHVHQHVR" -DFNSHQVyHQODSUHJXQWD\QRSXGRKDOODUXQDUHVSXHVWD7DQWRWLHPSRKDEtD YLYLGRFRQODOH\HQGDTXHQXQFDVHKDEtDKHFKRSUHJXQWDVDFHUFDGHVXYHUDFLGDG $KRUDPLUiQGRODDODIUtD $KRUDPLUiQ GRODDODIUtDOX]GHORV OX]GHORVRMRVD]XOKL RMRVD]XOKLHORGHVXKLMD HORGHVXKLMDQHJyFRQODF QHJyFRQODFDEH]D DEH]D ²1R ²1 R ²G ²GLMLMR² R² UH UHDO DOPH PHQW QWH H QR OR FU FUHR HR 3R 3RU U RW RWUD UD SD SDUWH UWH QR FU FUHR HR TX TXH H WU WUDL DLJD JD PD PDOD OD VXHUWHSDVDUSRUGHEDMRGHXQDHVFDOHUDSHURDXQDVtQRSDVRSRUGHEDMRGHODV HVFDOHUDV'HPRGRTXH HVFDOHUD V'HPRGRTXHTXL]iPX\ TXL]iPX\GHQWURGHPtFUHR GHQWURGHPtFUHRHQODOH\HQ HQODOH\HQGD GD (OL]DEHW (OL]D EHWK K SDUH SDUHFLyWDUGDU FLyWDUGDU XQ XQPLQX PLQXWR WR HQ HQGLJH GLJHULU ULUHVWD HVWD UHVS UHVSXHV XHVWD WD \ \-DFNHVWDED -DFNHVWDEDSRU SRU LQFOLQDUVHSDUDEH LQFOLQDU VHSDUDEHVDUODFXDQG VDUODFXDQGRHOODOHK RHOODOHKL]RRWUDSUHJXQ L]RRWUDSUHJXQWD WD ²¢<TXpSDVyFRQODQLxL ²¢<TXpSD VyFRQODQLxLWD"²GLMRHO WD"²GLMRHOOD OD ²¢4XpQLxLWD"²SUHJXQ ²¢4XpQLxL WD"²SUHJXQWyWRQWDPHQ WyWRQWDPHQWH-DFN WH-DFN ²1R ²1 R HV HVWR WR\ \ VH VHJX JXUD UD ²G ²GLMLMR R (O (OL] L]DE DEHW HWK² K² 0H SD SDUH UHFH FH TX TXH H Rt HQ DO DOJX JXQD QD SD SDUW UWH H TX TXH H KDEtDXQDQLxLWDHQODOH\HQGD -DFNUHSDVyODKLVWRULD -DFNUHSDVy ODKLVWRULDPHQWDOPHQ PHQWDOPHQWH\DJLWyODFDE WH\DJLWyODFDEH]D H]D ²1R²GLMR²QRTXH\RVHSD ²%XHQR²GLMR(OL]DEH ²%XHQR²G LMR(OL]DEHWK²WHQGUtDTX WK²WHQGUtDTXHKDEHUOD HKDEHUOD,QYHQWHPRVXQD ,QYHQWHPRVXQD -DFNYLRODFKLVSDGHSLF -DFNYLRODFK LVSDGHSLFDUGtDHQOR DUGtDHQORVRMRVGHHO VRMRVGHHOOD OD ²,QYpQWDOD²GLMR-DFN²\FXpQWDPHORGXUDQWHODFHQD7HYHUpDEDMRGHQWURGH PHGLDKRUD /DEHVy\VDOLyGHODKDELWDFLyQ&XDQGREDMDEDODHVFDOHUDR\yTXHHOODGHFtD DOJRPiV ²6HORSUHJXQWDUpDOWDEO ²6HORSUHJX QWDUpDOWDEOHUR2XLMD HUR2XLMD (OODR\yUHtUFXDQGRUHJ (OODR\yUHtU FXDQGRUHJUHVDEDDO UHVDEDDOFXDUWRGHMX FXDUWRGHMXHJRV HJRV
&DStWXOR ²¢4XpOHGLMLVWHH[DFWDPHQWH" 5RVHKDEOyHQODRVFXULG 5RVHKDEOy HQODRVFXULGDG\VXYR]SDUH DG\VXYR]SDUHFLyUHER FLyUHERWDUHQODVSDUHGHV WDUHQODVSDUHGHV\YROYHUDHOOD \YROYHUDHOOD PiVDOWDTXHORGHVHDGR6LQWLyTXH-DFNDVXODGRVHDJLWDED(VWDEDVHJXUDGH TXHpOQRGRUPtDSHURSDVy TXHpOQRGR UPtDSHURSDVyFDVLXQPLQX FDVLXQPLQXWRDQWHVGHTXHOHFRQWH WRDQWHVGHTXHOHFRQWHVWDUD(QPHGLR VWDUD(QPHGLRGHO GHO VLOHQFLRHPSH]yDFRQWDUORVWLFWDFGHOUHORMGHSpQGXOR/OHJyDFXDUHQWD\SRUILQ -DFNKDEOy ²/HFRQWpWRGR²GLMR²/DLGHDHUDPDQWHQHUODDOHMDGDGHODFDQWLODGR¢YHUGDG" ²6XSRQJRTXHVt²GLMR ²6XSRQJR TXHVt²GLMR5RVHQRPX\ 5RVHQRPX\VHJXUD²¢&yPR VHJXUD²¢&yPRORWRPy" ORWRPy" 2\yTXH-DFNDKRJDEDXQ 2\yTXH-DF NDKRJDEDXQDULVLWD DULVLWD ²¢&yPR ²¢& yPR WRP WRPDU DUtDV tDV W~ W~XQ XQD D KL KLVWR VWRULD ULD FRP FRPR R pVD pVD HQ HQHV HVWD WDpSR pSRFD FD\ \ D DHV HVD D HG HGDG DG" "1R 1R HVWR\ HV WR\ VH VHJXU JXUR R GH TXH OD ODV V OH\ OH\HQG HQGDV DV \ PDO PDOGL GLFLR FLRQH QHV V GH IDPL IDPLOLOLD D VLJ VLJDQ DQ WHQ WHQLHQ LHQGR GR PX PXFKD FKD LPSRUWDQFLD ²3HURPXFKRGHODOH\HQGDVHFXPSOLy²GLMR5RVH ²3DUWHVHFXPSOLy²FRUULJLy-DFN²$FHSWHPRVTXHODDQFLDQDVHxRUDGXUPLy XQSDUGHGtDVTXHDOJXLHQVDOWyGHODFDQWLODGR\TXHDOJXLHQVHDKRJy(VRQRHV PXFK PX FKR R < SR SRU U VX VXS SXHVW VWR R OD ~O ~OWL WLPD PD YLV LVLy LyQ Q GH OD DQFLD LDQ QD QR IX IXH H RWU WUD D FRVD TXH VHQL VH QLOLOLGD GDG G FR FRQ Q WR WRGD GD SU SURE REDE DELOLOLG LGDG DG ²V ²VH H GL GLR R YX YXHO HOWD WD HQ OD FD FDPD PD² ² 1R RE REVW VWDQ DQWH WH OD KLV LVWR WRUL ULD D HV ED EDVW VWDQ DQWH WH ID IDQW QWiV iVWLWLFD FD \ KD VH VHUY UYLG LGR R SD SDUD UD TX TXH H QR QRV DF DFH HUT UTXH XHPR PRV V DO DFDQWLODGRGXUDQWHPXFKRVDxRV ²¢&yPRORWRPy"²UHSLWLy ²¢&yPRORWRPy "²UHSLWLy5RVH²¢'LMRDOJ 5RVH²¢'LMRDOJR" R" -DFNVRQULyHQODRVFXULGDG ²3UHJXQWyDFHUFDGHODQLxLWD ²¢1LxLWD"²GLMR5RVH²¢4X ²¢1LxLWD"²G LMR5RVH²¢4XpQLxLWD"1X pQLxLWD"1XQFDVXSH QFDVXSHQDGDGHHVR QDGDGHHVR
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
²3RU VXS ²3RU VXSXHV XHVWR WR 1R KX KXER ER QL QLQJX QJXQD QD QLx QLxLWD LWD 6H 6HQF QFLOO LOODPH DPHQWH QWH (OL (OL]D ]DEHW EHWK K SH SHQV QVy y TX TXH H WHQtDTXHKDEHUXQDQLxLWDHQODOH\HQGD'LMRTXHOHSDUHFLyKDEHUHVFXFKDGRDOJR HQDOJX HQ DOJXQD QDSDU SDUWH WHSHU SHUR R QR QRSXGR SXGR UHFR UHFRUGDU UGDU GyQ GyQGH GHIXH IXH'LMR 'LMRTXH TXH FRQVX FRQVXOWDU OWDUtD tD DO DOWDEOH WDEOHUR UR 2XLMD 5RVHVLQWLyTXHHPSH]D 5RVHVLQWLyTX HHPSH]DEDDWHPEODU EDDWHPEODUSHURVHFRQ SHURVHFRQWUROy WUROy ²7DEOHUR2XLMD²GLMR²1RVpVLGHELpUDPRVGHMDUODMXJDUFRQXQDFRVDDVt/RV QLxRVVRQGHPDVLDGRVXJHVWLRQDEOHV 6HGLRYXHOWD\VHDFXUUXFyFRQWUDVXPDULGR6LQWLyTXHHOFXHUSRGHpOVHSRQtD WHQVR\VXVSLUDQGRVHDSD WHQVR\VXVS LUDQGRVHDSDUWyGHpO UWyGHpO (Q VX KDELWD WDFFLy LyQ Q (O (OL] L]D DEHWK HVFX FXFK FKD DED GHVGH VX FDPD HO PXUP UPX XOOR GH OD FRQYHUVDFLyQGHVXVSDGUHV&XDQGRODVYRFHVVHDSDJDURQODQLxDFHUUyORVRMRV\ VX UH UHVS VSLU LUDF DFLy LyQ Q VH KL KL]R ]R Pi PiV V UH UHJX JXOD ODU U \ SU SURI RIXQ XQGD GD &X &XDQ DQGR GR HO UH UHOR ORMM GL GLR R OD KR KRUD UD VX VXV V SiUSDGRVHPSH]DUR SiUSDGR VHPSH]DURQDWHPEODU8QVRQLGR QDWHPEODU8QVRQLGROXFKySRUVDOLUGHVXJDUJD OXFKySRUVDOLUGHVXJDUJDQWD\PXULyHQ QWD\PXULyHQ VXV VX V OD ODEL ELRV RV 6H GL GLR R YX YXHO HOWD WD \ OD ODV V PD PDQW QWDV DV GH OD FD FDPD PD FD FD\H \HUR URQ Q DO VX VXHO HOR R 'R 'REO EOy y OD ODV V URGLOODV\VHODVURGH URGLOODV \VHODVURGHyFRQORVEUD] yFRQORVEUD]RV RV (QWRQFHVVHOHYDQWyGHODFDPD &RQORVSLHVGHVFDO]RVFUX]yODKDELWDFLyQ\VDOLyDOFRUUHGRU$YDQ]yHQWUDQFH KDVWDODSXHUWDGHOiWLFR\VHHVWLUySDUDWRPDUODOODYHTXHHVWDEDVREUHHOERUGH VXSH VX SHUL ULRU RU GH GHOO PD PDUF UFR R GH OD SX SXHU HUWD WD (Y (YLWLWD DQG QGR R HO WH WHUF UFHU HU SH SHOG OGD DxR TX TXH H HV HVWD WDED ED IOIOR RMR MR (OL] (O L]D DEH EHWK WK VX VXEL ELy y OD HP HPS SLQ LQDG DGD D HV HVFD FDOH OHUD UD KD KDVW VWD D HO iW iWLF LFR R VL VLQ Q SU SUH HVW VWD DU DWH WHQF QFLy LyQ Q D OD VLOHQFLRVD6DUDKTXHFRQWHPSOyFDOODGDPHQWHFyPRVXEtDVXKHUPDQD &XDQGR(OL]DEHWKGHVDSDUHFLyHQODVGHSHQGHQFLDVVXSHULRUHVGHODFDVD6DUDK UHJUHVy D VX FDPD GRQGH TXHGy PLUDQGR IL ILMMDPHQWH HO WH WHFFKR FRQ VXV RMRV LQH[SUHVLYRV (OL]DEHWKSHUPDQHFLyXQDKRUDHQHOiWLFRSHURORTXHKL]RDOOt\ORTXHYLRVX PHPRULDQRORUHJLVWUy 5RVH \DF 5RVH \DFtD tDGH GHVSL VSLHUW HUWD D HQ OD FD FDPD PD\ \ VH VHQWt QWtD D TX TXH HVHVRIRF VHVRIRFDED DED 7UD 7UDWy WyGH GH LJQ LJQRU RUDUO DUOR R SHURODVHQVDFLyQSH SHURODVH QVDFLyQSHUVLVWtD3RUILQIUXVWUDG UVLVWtD3RUILQIUXVWUDGDGHMyHOOH DGHMyHOOHFKR\IXHDVHQ FKR\IXHDVHQWDUVHMXQWRDOD WDUVHMXQWRDOD YHQWDQD3HUPDQHFLyDOOtSHQVDWLYDIXPDQGR\PLUDQGRKDFLDODQRFKH+DEtDOXQD OOHQD OOHQ D\ODVVRPEUDV \ODVVRPEUDV MXJD MXJDEDQ EDQ VREU VREUHHO HHOSUD SUDGR7RGRSDUHFt GR7RGRSDUHFtDWUDQTXL DWUDQTXLORSHQVy ORSHQVy \KDVWD \KDVWD FRQVLGHUyODSRVLELOLGDGGHVDOLUDGDUXQSDVHR6HUtDKHUPRVRFRQODOX]EDLODQGR HQ HORFpD HORFpDQR\ QR\ OD PDU PDUHMD HMDGD GD SOD SODWHD WHDGD GD SR SRU U OD OX] OXQ OXQDU DU HV HVWUH WUHOOi OOiQGR QGRVHD VHD VX VXV V SL SLHV HV < HQWRQFHVWDQV~ELWDPHQWHFRPRKDEtDYHQLGRODVHQVDFLyQGHVRIRFRGHVDSDUHFLy $SODVWyHOFLJDUULOORFRQWUDHOPDUFRGHODYHQWDQD\UHJUHVyDODFDPD0RPHQWRV GHVSXpVHVWDEDGRUPLGD 6L KX KXELH ELHUD UD SH SHUPD UPDQH QHFLG FLGR R MX MXQWR QWR D OD YHQ YHQWDQ WDQD D TX TXL]i L]i QR KD KDEU EUtD tD YX YXHOW HOWR R D OD FD FDPD PD SRUTXHKDEUtDYLVWROD SRUTXH KDEUtDYLVWRODVLOXHWDTXH VLOXHWDTXHFUX]DEDHO FUX]DEDHOSUDGR SUDGR (OL]DEHWKFUX]yHOSyUWLFRHQHOPRPHQWRTXH5RVH (OL]DEHWKFUX]yHOSyUWLFRHQHOPR PHQWRTXH5RVHYROYtDDODFDPD$YDQ]yOHQWD YROYtDDODFDPD$YDQ]yOHQWD \FDXWHORVDPHQWHKDFLDHOSUDGRFRPRWDQWHDQGRHOFDPLQRFRQVXVSLHV(QWRQFHV VH YR YROYL OYLy y V~E V~ELWD LWDPHQ PHQWH WH \ HP HPSH SH]y ]y D FDP FDPLQ LQDU DUGH GH SU SULVD LVD KD KDFLD FLD HO YL YLHMR HMR HV HVWDE WDEOR OR TX TXH H VH OHYDQWDEDDSRFRVPHWURVGHOJDUDMH(QWUySRUODSXHUWDODWHUDO\IXHDOFXDUWRGH DUQ UQH HVH VHVV 6H DSR SRGH GHUy Uy GH XQ VD VDFR FR GH OR ORQ QD \ GH XQ H[WU WUDx DxR R UR UROOOOR R GH FX FXH HUG UGD DV \ PDGHUD PDG HUDV3DVyHO V3DVyHO UROO UROORSRUVX RSRUVX FDEH FDEH]DDIHUUy ]DDIHUUy HOVDFR\ VDOL VDOLyGHO yGHOJUD JUDQHUR QHUR (QWR (QWRQFHV QFHV FRQSDVRVGHFLGLGRVFUX]yHOSUDGRHQGLUHFFLyQDOERVTXH3URQWRTXHGyHQYXHOWD HQODVVRPEUDVSURIXQGDVGHODDUEROHGD
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
(OYHVWLGRTXHOOHYDED(OL]DEHWKHUDYLHMRPXFKRPiVYLHMRTXHFXDOTXLHUDGHODV URSDVTXHJXDUGD URS DVTXHJXDUGDEDSDUDMXJDU EDSDUDMXJDU HQHOSUDGR6X HQHOSUDGR6XUXHG UXHGR RFRQ FRQ YROD YRODQWHV QWHV VHHQJDQ VHHQJDQFKDE FKDED D HQ ODV UDP UDPDV DV TX TXH H DX DXPH PHQWD QWDED EDQ QD D PHG PHGLG LGD D TX TXH H VH DFH DFHUFD UFDED EDDO DOER ERVTX VTXH HSHU SHUR ROD OD WHO WHOD D HQYHMHFLG HQYH MHFLGD D FHGt FHGtD D FRQ WDQ WDQSRF SRFD D UHVL UHVLVWHQ VWHQFLD FLD TXH (OL] (OL]DEHWK DEHWK QR QRVHQW VHQWtD tD ORV ORVWLURQ WLURQHV HV6X 6X UXELDFDEHO UXE LDFDEHOOHUD OHUD FD\H FD\HQGR QGR VREU VREUHORV HORVKRPE KRPEURVHQXQ URVHQXQ HVWLOR DQWL DQWLFXDG FXDGREULOOD REULOODEDD EDDODOX] ODOX] GHODOXQD\SDUHFtDDOD GHODOXQD \SDUHFtDDODGLVWDQFLDIRUPD GLVWDQFLDIRUPDUXQKDORDOUH UXQKDORDOUHGHGRUGHO GHGRUGHODFDEH]D DFDEH]D 6HPRYtDFRQVHJXULGDG\JUDFLDFRQORVRMRVILMRVGLUHFWDPHQWHKDFLDDGHODQWH FRPR FR PR FOD FODYDG YDGRV RV HQ OD RV RVFXU FXULG LGDG DG 1R KDE KDEtD tD VHQ VHQGH GHUR UR QL KXH KXHOOOOD D SH SHUR UR DYD DYDQ] Q]DED DED WDQ IiFLOPHQWHFRPRVLVXFDPLQRIXHUDXQDYHUHGDHPEDOGRVDGD$XQTXHODRVFXULGDG HUD HU D SUR SURIXQ IXQGD GD \ HV HVSHV SHVRV RV ORV PD PDWRU WRUUDO UDOHV HV VX VXV V SLH SLHV V KDO KDOODE ODEDQ DQ OR ORV V OXJ OXJDU DUHV HV GRQ GRQGH GH QR KDEtD KD EtD UDP UDPDV DV TXH OD JR JROSH OSHDUD DUDQ Q SL SLHGU HGUDV DV TX TXH H KL KLULH ULHUDQ UDQ VXV SO SODQW DQWDV DV QL ]DU ]DU]D ]DV V GRQ GRQGH GH HQUHGDUVH 3URQ 3U RQWR WR (O (OL] L]DE DEHW HWK K HV HVWX WXYR YR IX IXHU HUD D GH GHOO ER ERVTX VTXH H GH SL SLH H HQ HO ER ERUG UGH H GH GHOO DF DFDQ DQWLWLOD ODGR GR PLUD PL UDQG QGR R ILILMD MDPH PHQW QWH H KD KDFL FLD D HO PD PDU U TX TXH H HV HVD D QRF RFKH KH SU SUHV HVH HQW QWDE DED D VH VHUH UHQR QR $E $EDM DMR R OD PDUHMDGDPXUPXUDEDVXDYHPHQWHLQYLWDGRUD (OL]DEHWKHPSH]yDFDPLQDUOHQWDPHQWHKDFLDHOHVWHDORODUJRGHODFDQWLODGR FRPR FR PR HVS HVSHU HUDQG DQGR R XQ XQD D VHx VHxDO DO TXH OH LQG LQGLFD LFDUD UD TXH VH KD KDOODE OODED D HQ HO OX OXJDU JDU DG DGHFX HFXDGR DGR (QWRQ (Q WRQFHV FHV YR YROYL OYLy y D GH GHWHQ WHQHUV HUVH H \ PLU PLUy y QXH QXHYDP YDPHQ HQWH WH KD KDFLD FLD HO PD PDU U 3R 3RU U ILQ HPS HPSH] H]y y D GHVFH GH VFHQGH QGHU U SRU OD FDU FDUD D YHU YHUWLF WLFDO DO GH GHOO DF DFDQW DQWLOD LODGR GR GRQ GRQGH GH VX VXV V SL SLHFH HFHFLW FLWRV RV HQ HQFRQ FRQWUD WUDED EDQ Q DSR\RVTXHQRKXELHUDQVHUYLGRSDUDXQDSHUVRQDPD\RU(QRFDVLRQHVH[WHQGtDVX PDQROLEUHFRPRSDUDFRQVHUYDUHOHTXLOLEULRSHURPiVDPHQXGRQRODDSR\DEDHQ QDGD6HPRYtDUiSLGDPHQWHKDFLDDEDMRGHVDSDUHFLHQGR\DSDUHFLHQGRDODOX]GH ODOXQDFDGDYH]PiVDEDMR)LQDOPHQ ODOXQDFDGDYH] PiVDEDMR)LQDOPHQWHVHSHUGLyHQODVRPEUDGHXQDJUDQSLHG WHVHSHUGLyHQODVRPEUDGHXQDJUDQSLHGUD\ UD\ VH GH GHVOL VOL]y ]ySRU SRU XQ DJ DJXM XMHUR HUR TX TXH H HVW HVWDED DED RF RFXOW XOWR R HQ OD RVF RVFXUL XULGDG GDG 4XL 4XLQF QFH H PH PHWUR WURV V PiV DEDMRODPDUHMDGDJROSHDEDPRQyWRQDFRQWUDOD3XQWD (OL]DEHWKDYDQ]DEDDJDWDVHQHOW~QHOGHODFXHYD&DGDSRFRVPLQXWRVUHFRJtD OD OD ODUJ UJD D ID IDOG OGD D OX OXHJ HJR R VH DU DUUD UDVWU VWUDE DED D KD KDFL FLD D DG DGHO HODQ DQWH WH KD KDVW VWD D TX TXH H HO YH YHVW VWLG LGR R YR YROY OYtD tD D SRQHUVHWLUDQWH(QWRQFHVKDFtDXQDSDXVDWLUDEDGHODWHODGHEDMRGHVXVURGLOODV\ OD H[WH WHQ QGtD XQD YH] PiV DQWH HOOOOD D ,ED WD WDQ QWHDQGR VX FDPLQR \ HPSXMD MDQ QGR FDXW FD XWHO HORV RVDP DPHQ HQWH WH HO VD VDFR FR GH OR ORQD QD FR FRPR PR VL WH WHPL PLHU HUD D TX TXH H IX IXHU HUD D D GH GHVD VDSD SDUH UHFH FHU U VL OR HPSXMDEDGHPDVLDGROHMRV /XHJRVHGHWXYRVHDUUDVWUyWRGRORTXH /XHJRVHGHWX YRVHDUUDVWUyWRGRORTXHSXGRSRUHQFLPDGHOVDFR SXGRSRUHQFLPDGHOVDFR\SDOSyFRQOD \SDOSyFRQOD PDQRHO PDQ RHOVXH VXHORGHOD ORGHODFXHY FXHYD(VWLUDQ D(VWLUDQGRHOEUD]RVLQWLy GRHOEUD]RVLQWLy HOERUGH GHXQDKHQGL GHXQDKHQGLGXUD GXUD6H 6H DFHUFyPiVDOERUGH\EXVFyHQODVSURIXQGLGDGHVGHOVDFR6XPDQRVHFHUUyHQ WRUQRD WRUQ RDXQD XQD OLQ OLQWHUQD WHUQDGH GHERO EROVLOOR VLOORTXHH[WUDMR TXHH[WUDMR GHO VDFR /DSURE /DSUREyGRVYHFHVGLULJ yGRVYHFHVGLULJLHQG LHQGR R HODQJRVWRUD\ROXPLQRVRDODVSDUHGHVTXHODURGHDEDQ$OUHGHGRUGHODKHQGLGXUD HOW~QHO VHHQVDQF VHHQVDQFKDED KDED IRUPD IRUPDQGR QGR XQUHFLQ XQUHFLQWR/DKHQGLGX WR/DKHQGLGXUDFRQVWL UDFRQVWLWXtDODERFDGH WXtDODERFDGHXQ XQ SR]RHQHOFHQWURGHXQDFiPDUDRYDODGDFX\RVXHORHVWDEDVHPEUDGRGHSLHGUDV (OL]DEHWKVHTXLWyHOREMHWRTXHOOHYDEDHQUROODGRDOFXHOOR\DIHUUDQGRWRGDYtDOD OLQWHUQDDYDQ]yKDVWDHOERUGHGHODKHQGLGXUD'LULJLyODOX]KDFLDDEDMR\PLUy$OOi DEDMRQRHVWDEDVHJXUDGHODGLVWDQFLDODOX]EULOOyUHIOHMDGDHQDOJRTXH\DFtDHQHO IRQGRGHOSR]R 'HSR 'H SRVL VLWy Wy FX FXLG LGDG DGRV RVDP DPHQ HQWH WH OD OLOLQW QWHU HUQD QD HQ XQ XQD D JU JULH LHWD WD GH OD UR URFD FD \ FR FRPS PSUR UREy Ey VL HVWDE HV WDED D VHJ VHJXUD XUD /X /XHJ HJR R HPS HPSH]y H]y D GH GHVHQ VHQURO UROODU ODU HO RE REMH MHWR WR TXH KD KDEtD EtD WUD WUDtGR tGR GH GHVGH VGH HO JUDQ JU DQHU HUR R (U (UD D XQ XQD D HV HVFD FDOD OD GH FX FXHU HUGD GDV V TX TXH H XQ XQD D YH YH] ] VL VLUY UYLH LHUD UD GH SU SULP LPLWLWLY LYD D IR IRUP UPD D GH DFFHVRDOGHVYiQGHOHV DFFHVRDO GHVYiQGHOHVWDEOR+DE WDEOR+DEtDHVWDGRDxR tDHVWDGRDxRVHQHOFXDUWRGHO VHQHOFXDUWRGHORVDUQHVH RVDUQHVHV V (OGHVYiQ\DQRVHXVDED\KDEtDQRFXOWDGRODHVFDODSRUFRQVLGHUDUODSHOLJURVD SDUDTXHMXJDUDQORVQLxRV(OL]DEHWKHPSH]yDDVHJXUDUORVH[WUHPRVGHODFXHUGD HQODVJULHWDVGHODURFDDILUPiQGRODVFRQSLHGUDVVXHOWDVTXHUHFRJLyGHOVXHORGH OD FXH FXHYD YD 3RU ILQ SU SUREy REy OD HV HVFDO FDOD DWLU WLUDQ DQGR GR GH GHOD ODV V FXH FXHUGD UGDV V FR FRQ Q WRG WRGDV DVVXV VXV IXH IXHU]D U]DV V \ DSR\DQGRORVSLH DSR\DQG RORVSLHVFRQWUDODSDU VFRQWUDODSDUHG/DVFXH HG/DVFXHUGDVUHVLVWLHURQ UGDVUHVLVWLHURQ
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
'HMyFDHUHOUHVWRGHODHVFDODSRUODERFDGHOSR]R*ROSHyFRQWUDODVSDUHGHVGH OD KHQGLGXUD \ TXHGy DWDVFDGD (OL]DEHWK UHFRJLy QXHYDPHQWH OD HVFDOD \ OD GHVHQUHGyFRQFXLGDGR/DVHJXQGDYH]FD\yKDVWDHOIRQGR6LQWLyODOHYHYLEUDFLyQ FXDQGRHO~OWLPRWUDYHVDxRJROSHyFRQWUDHOIRQGRGHOSR]R 7RPyHOVDFR\ORDUURMyDOSR]R6LQWLyXQVRQLGRDSDJDGRFXDQGRGLRFRQWUDHO IRQGR(QWRQFHVWRPyODOLQWHUQDVHODSXVRHQHOEROVLOOR\HPSH]yDGHVFHQGHUSRU ODHVFDODGHFXHUGDV )XHXQGHVFHQVROHQWR(OL]DEHWKQRSDUHFLy QRWDUHO OLPR TXH UH]XPDED SRUODV SDUHGHVGHODKHQGLGXUDQLODDVXVWyODRVFXULGDG%DMyFXLGDGRVDPHQWHSHOGDxRD SHOGDxRKDVWDTXHODSODQWDGHVXSLHGHVQXGRWRFyODURFDIUtDGHOIRQGRGHOSR]R 6DFyODOLQWHUQDGHOEROVLOOR\ODHQFHQGLy (OUD\RDPDULOOHQWRUHFRUULyODFiPDUDTXHVHDEUtDDOOtDEDMR(UDEDVWDQWHVLPLODU DODFiPDUDGHDUULEDPiVSHTXHxDFRQWHFKRPiVEDMRSHURWDPELpQRYDODGD\ FRQHOVXHORVHPEUDGRGHSLHGUDV/DKHQGLGXUDVHDEUtDFDVLHQHOFHQWURGHOWHFKR (OL]DEHWK UHFRUULy HO VXHORGH OD FDYHUQD FRQ HO UD\R GH OX] GH ODOLQWHUQD \ HO REMHWRTXHUHVSODQGHFtDFXDQGRHOODORLOXPLQyGHVGHDUULEDEULOOyQXHYDPHQWH(UD XQEUD]DOHWHGHRURLQFUXVWDGRFRQXQSHTXHxRySDOR 7RGDYtDDGRUQDEDODPXxHFDGHVXGXHxD (O HVTXHOHWR \DFtD GHEDMR GH OD DEHUWXUD GHO WHFKR HQ OD PLVPD SRVLFLyQ TXH KDEtDFRQVHUYDGR GXUDQWHPXFKDVGpFDGDV$TXt \ DOOi WHQtD DGKHULGRVWUR]RV GH WHOD SRGULGD TXH VH FRQYLUWLHURQ HQ SROYR DO WRFDUOR (OL]DEHWK -XQWR DO HVTXHOHWR GRQGHORGHMDUDFDHU(OL]DEHWKHVWDEDHOVDFRGHORQDTXHFRQHOLPSDFWRKDEtD GLVSHUVDGR DOJXQDV GHODV FRVWLOODV (OL]DEHWK DSDUWy HOVDFR \ DOXPEUy HOFUiQHR 5HFRJLy XQ EURFKH GH PHWDO R[LGDGR TXH HVWDED MXQWR D pO \ OR H[DPLQy FRQ DWHQFLyQ6LOHQFLRVDPHQWHDVLQWLyFRQXQJHVWR ²6DEtDTXHHVWDEDVDTXt²VXVXUUy²$KRUDWRGRLUiELHQ 'HMySRUXQPRPHQWRHOHVTXHOHWR\EXVFyXQVLWLRGRQGHDSR\DUODOLQWHUQD/D GHMyHQFHQGLGDGHPRGRTXHLOXPLQDUDHOOXJDUGRQGHORVYLHMRVKXHVRVEULOODEDQFRQ SiOLGDIRVIRUHVFHQFLD (OL]DEHWKWUDEDMyOHQWDPHQWHPRYLHQGRORVKXHVRVFRQFXLGDGR/RVGHSRVLWyD XQODGRGHODFiPDUDFHUFDGHXQDGHODVSDUHGHV(QFRQWUyXQDSLHGUDSHTXHxD\ OLVD SDUD DSR\DU HO FUiQHR \ FXDQGR WHUPLQy ORV UHVWRV TXHGDURQ \DFLHQGR GH HVSDOGDV FRQORV EUD]RV SDFtILFDPHQWH GREODGRV VREUH ODFDMD WRUiFLFD (OL]DEHWK GLULJLyXQDVRQULVDDOFDGiYHU\FXDQGRUHWLUyHOEUD]DOHWHGHODGHVFDUQDGDPXxHFD \ORGHVOL]yHQODVX\DVXVRMRVDGTXLULHURQXQH[WUDxRIXOJRU (PSH]yDPRYHUDOJXQDVGHODVSLHGUDVTXHKDEtD DVXDOUHGHGRU\HPSXMyQR VLQ HVIXHU]R KDVWD HO FHQWUR GH OD FDYHUQD XQD URFD EDVWDQWH JUDQGH FRQ OD VXSHUILFLHVXSHULRUSODQD/XHJREXVFy FXDWURURFDVPiVSHTXHxDV\ODVGLVSXVR D PDQHUD GHDVLHQWRVDOUHGHGRUGHODU~VWLFDPHVD3XVRHOVDFRVREUHODPHVD\VH VHQWyHQXQRGHORVDVLHQWRV ([WUDMRGHOVDFRXQFRQMXQWRGHURSLWDVGHPXxHFDXQYHVWLGLWRD]XOFDOFHWLQHV GLPLQXWRVXQSDUGHERWLWDVGHFXHURXQSDUGHJXDQWHVEODQFRV\XQJRUULWRFRQ YRODQWHV /XHJRGLRYXHOWDDOVDFR\ &HFLO FD\yVREUHODPHVDFRQHOFXHUSRIOiFFLGR\OD FDEH]DIRUPDQGRXQFXULRVRiQJXORFRQHOFXHOORTXHEUDGRFDXVDGHVXPXHUWH (OL]DEHWKHPSH]yDYHVWLUDOJDWRPXHUWRFRQODVURSLWDVGHPXxHFD/HSDVyHO YHVWLGR FRQ FXLGDGR SRU OD FDEH]D SDWDV GHODQWHUDV \ WRUVR IRU]DQGR ODV ]DUSDV GHODQWHUDVSRUODVPDQJDV\DERWRQDQGRSUROLMDPHQWHHOYHVWLGRHQODHVSDOGD /XHJRFRORFyORVGLPLQXWRVFDOFHWLQHVHQODVSDWDVWUDVHUDV\ODVHPEXWLyHQODV ERWLWDVGHFXHUR'HVOL]yORVJXDQWHVHQODV]DUSDVGHODQWHUDV\ILQDOPHQWHFRORFy
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
HO JRUULWR GH YRODQWHV HQ OD FDEH]D GH &HFLO \ DWy ILUPHPHQWH ODV FLQWDV EDMR HO PHQWyQ ²%HEpOLQGR²PXUPXUyDOWHUPLQDU²¢(UHVW~PLEHEpOLQGR" 6HQWyDO DQLPDO JURWHVFDPHQWH YHVWLGRHQ OD URFDIUHQWH DHOODSHUR HO JDWRVH GHVSORPyVREUHHOVXHORGHODFDYHUQD7UDWyGHDFRPRGDUORGRVYHFHVPiVSHUR ODV GRVYHFHV FD\y )LQDOPHQWH UHXQLy YDULDV SLHGUDV SHTXHxDV \IRUPy FRQHOODV XQDSLODSDUDVRVWHQHUHOSHVRGHOFDGiYHU &HFLO TXHGyVHQWDGRIUHQWHDHOODFRQOD FDEH]DWRFDGDFRQHOJRUULWRFDtGDKDFLDXQODGR(OL]DEHWKQRSDUHFLyQRWDUHVD SRVHDQWLQDWXUDO ²<DKRUDWHQGUHPRVXQDILHVWD²GLMR²¢4XLHUHVXQSRFRGHWp" &RQODPDQRGHUHFKDWRPyXQDWHWHUDLPDJLQDULD\VLUYLyGLHVWUDPHQWHWpHQXQD WD]D LJXDOPHQWH LQYLVLEOH TXH VRVWXYR FRQ OD PDQR L]TXLHUGD 'HSRVLWy OD WD]D LPDJLQDULDGHODQWHGHOJDWRPXHUWR ² ¢8Q WHUUyQ R GRV" ²SUHJXQWy FRUWpVPHQWH RIUHFLHQGR D VX LQYLWDGR XQ D]XFDUHURLPDJLQDULR6LQHVSHUDUUHVSXHVWDILQJLyHFKDUGRVWHUURQHVGHD]~FDUHQ ODWD]DTXHQRHVWDEDHQODPHVD ²0X\ELHQ²GLMRFRQXQDVRQULVDEULOODQWH²¢DFDVRQRWHDJUDGD" (OL]DEHWKHVSHUyPLUDQGRORVRMRVIXHUWHPHQWHFHUUDGRVGHOJDWR ²¢'XHUPHV"²SUHJXQWy\HVWLUyHOEUD]RVREUHODPHVDSDUDWRFDUHOFDGiYHU FRQXQGHGR /XHJRVHSXVRGHSLH\IXHDDUURGLOODUVHMXQWRD &HFLO /HDEULyDPERVRMRVFRQ FXLGDGR\GLRYXHOWDDORVSiUSDGRVKDFLDDWUiVKDVWDTXHQRVHFHUUDURQFXDQGRORV VROWy9ROYLyDVXDVLHQWR ²0X\ ELHQ ²GLMR² $KRUD SRGUHPRV PDQWHQHU XQD DJUDGDEOH FRQYHUVDFLyQ ¢4XLHUHVXQWUR]RGHWRUWD" (OL]DEHWK WRPy XQ LPDJLQDULR SODWR GH WRUWD \ VH OR RIUHFLy DO JDWR &RPR QR REWXYRUHVSXHVWDILQJLyGHSRVLWDUXQWUR]RHQXQSODWRTXHDSDUHQWHPHQWHHVWDED IUHQWHD &HFLO ²$KRUD \D HVWi ²GLMR H KL]R XQD SDXVD SDUD PRUGLVTXHDU XQ WURFLWR GH OD LQH[LVWHQWH WRUWD \ EHEHU XQ VRUER LPDJLQDULR GH Wp² ¢'H TXp WH DJUDGDUtD FRQYHUVDU" 1XHYDPHQWHHVSHUyXQDUHVSXHVWD\HFKDQGRIXHJRSRUORVRMRVPLUyDOFDGiYHU TXHWHQtDIUHQWHDHOOD/RVRMRVVLQYLGDOHGHYROYLHURQODPLUDGD ²(VWi PX\ PDOQRUHVSRQGHUFXDQGRWHKDEODQ²GLMR VXDYHPHQWH²/DVQLxDV EXHQDVUHVSRQGHQFXDQGROHVSUHJXQWDQ (OFDGiYHUQRUHVSRQGLy\HOURVWURGH(OL]DEHWKHQURMHFLyGHIXULD ²5HVSRQGHFXDQGRWHKDEOR²HVWDOOySHURODUHVSXHVWDQROOHJy (VSLy DO JDWRFRQ H[SUHVLyQ PDOLJQD\ VXV RMRV UHODPSDJXHDURQ HQ HO H[WUDxR UHVSODQGRUDPDULOORGHODOLQWHUQD ²+iEODPH²H[LJLy\VXYR]DGTXLULyXQGXURWRQRGHRGLR²£+iEODPHQLxD PDOHGXFDGD /D IXULD GH (OL]DEHWK DXPHQWDED PLHQWUDV OD FRVD VLQ YLGD TXH WHQtD GHODQWH VHJXtDVLQUHVSRQGHUDVXV SUHJXQWDV6X YR] VHWRUQDED FDGDYH]PiV iVSHUD \ FKLOORQD ²£1R WH TXHGHV DKt VHQWDGD FUHWLQD ²DXOOy² 6LHPSUH PH KDFHV OR PLVPR 3DVRODYLGDFRQWLJR¢\TXpREWHQJRGHWL"1DGD£1DGD%LHQ£RPHKDEODVRWH PXHORHOWUDVHURDJROSHV 6~ELWDPHQWHVHDUURMyVREUHHOJDWRDJDUUyHOFDGiYHU\ORSXVRVREUHODPHVD /H GLR YXHOWD OR DSR\y VREUHXQDURGLOOD \HPSH]y DFDVWLJDUOR /RV JROSHV GH VX PDQRFRQWUDODVDQFDVGHOJDWRUHVRQDEDQHQODVSDUHGHVGHODFXHYD3RQtDWRGD
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
VXIXHU]DHQHOFDVWLJRTXHDGPLQLVWUDED)LQDOPHQWHGHYROYLyHOJDWRDVXVLWLR\OH VRQULy ²0X\ELHQ²GLMR²
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
OHQWDPHQWH HO SUDGR (OL]DEHWK EDMy ODV HVFDOHUDV \ UHFLELy D 6DUDK HQ OD SXHUWD SULQFLSDO 6DUDKHVWDEDFXELHUWDGHEDUUR\GHOLPR\WHQtDODVPDQRVOOHQDVGHDUDxD]RV 0LUyD(OL]DEHWKFRQH[SUHVLyQGHVYDOLGD (OL]DEHWKOOHYyVLOHQFLRVDPHQWHD6DUDKDUULEDKDVWDHOFXDUWRGHEDxR/DYyDVX KHUPDQD \ DUURMy ODV URSDV VXFLDV SRU HOYHUWHGHURTXH LED KDVWD HO ODYDGHUR GHO VyWDQR/XHJRPHWLyD6DUDKHQODFDPD (OL]DEHWK VH SUHJXQWyGyQGH KDEUtD HVWDGR6DUDK 3HUR HQVHJXLGD VH GXUPLy )XHXQVXHxRWUDQTXLOR\QRWXYRPiVSHVDGLOODV
&DStWXOR /D VHxRUD *RRGULFK DEULy OD WDSD GHO YHUWHGHUR GH URSD VXFLD \ FRQWHPSOy ODV URSDVTXHURGDEDQDVXVSLHV/HYDQWyXQSDUGHYDTXHURVD]XOHVHVSHFLDOPHQWH VXFLRVFRQXQGHVJDUUyQHQXQDGHODVURGLOODV\ORREVHUYyFRQGHVDJUDGR ²£)tMDWH ²GLMR HQ HO FXDUWR GHVLHUWR² (Q PL YLGD YL QDGD WDQ VXFLR 3DUHFH FRPRVLVHKXELHUDDUUDVWUDGRHQXQFKDUFRGHOLPR $O]y XQD FDPLVDLJXDOPHQWHFXELHUWDGHVXFLHGDG \OD H[DPLQy FRQDWHQFLyQ/D PXJUHVHKDEtDVHFDGRGXUDQWHODQRFKH\XQWURFLWRFD\yHQODPDQRGHODDQFLDQD FXDQGRpVWDOHYDQWyODFDPLVDSDUDPLUDUODDODOX] /D ROLy \ VXV DUUXJDV VH DFHQWXDURQ (O RORU D DOJDV SRGULGDV OD KL]R HFKDUVH DWUiV6XH[SUHVLyQVHHQGXUHFLy\VHHQFDPLQyKDFLDODSXHUWDGHOODYDGHURFRQ DLUDGDGHWHUPLQDFLyQ +DOOyD5RVH\-DFN&RQJHUVHQWDGRVVLOHQFLRVDPHQWHHQHOFRPHGRU\KDEUtD QRWDGRODWHQVLyQGHODDWPyVIHUDVLQRKXELHUDWHQLGRRWUDVFRVDVHQODPHQWH(QWUy HQODKDELWDFLyQVLQODKDELWXDOFRPSRVWXUD\-DFNODPLUyFRQFXULRVLGDG/DVHxRUD *RRGULFKORLJQRUy ²6HxRUD 5RVH ²GLMR TXHMXPEURVD \ VX DFHQWR \DQTXL GHMy WUDVOXFLU LQGLJQDFLyQ²9HDHVWR1RVpFyPRFUHHQTXHSXHGROLPSLDUHVWDVFRVDV 6RVWXYR OD EOXVD SDUD TXH 5RVH OD YLHUD HVSHFLDOPHQWH SRUTXH OD VXFLHGDG UHVDOWDEDPiVFRQWUDHOEODQFRGHODEOXVDTXHFRQWUDHOD]XOGHORVYDTXHURV/D VHxRUD*RRGULFKFUHtDILUPHPHQWHHQTXHODVJUDQGHVFDXVDVSURGXFtDQORVPHMRUHV HIHFWRV3RUHVRVDFXGLyOHYHPHQWHODEOXVD\VHYLRJUDWLILFDGDDOYHUTXHSDUWHGHO OLPRVHFRFDtDVREUHODDOIRPEUD/DDVSLUDGRUDVHRFXSDUtDGHHVRPiVWDUGH ²¢4XpHVHVWR"²SUHJXQWy5RVHFRQFXULRVLGDG²3DUHFHEDUUR ²¢%DUUR"¢$HVWR OODPDEDUUR"
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
OD PLU PLUDE DED D ILM ILMDP DPHQ HQWH WH \ VH VHVLQ VLQWLy WLy V~E V~ELWD LWDPH PHQWH QWH LQ LQFy FyPRG PRGD D6H 6H SUH SUHJX JXQWy QWy TXp VH VHKD KDEtD EtD KHFKRGHODSD]TXHKDEtDQORJUDGRWDQUHFLHQWHPHQWH ²%XH ²% XHQR QR ¢T ¢TXp Xp VH VX VXSR SRQH QH TX TXH H GH GHEt EtD D GH GHFL FLU" U" ²S ²SUH UHJX JXQW QWy y VL VLQW QWLp LpQG QGRV RVH H XQ SR SRFR FR FXOSDEOHSHURVLQVDEHUODFDXVD ²1DGD²GLMR-DFN²1RWHSUHRFXSHVSRUODVURSDVVXFLDVODVHxRUD*RRGULFK VDEUiFyPRDUUHJODUOR VDEUiFyPR DUUHJODUOR¢3HURGyQGH ¢3HURGyQGHHVWXYR6DUDK HVWXYR6DUDKSDUDHQVXFLDU SDUDHQVXFLDUVHDVt" VHDVt" ²1RORVpSRUVXSXHVWR²H ²1RORVpSR UVXSXHVWR²HVWDOOy5RVH²¢3R VWDOOy5RVH²¢3RUTXpQRVHOR UTXpQRVHORSUHJXQWDV" SUHJXQWDV" ²(VR HVFUXHO HVFUXHO5RVH²GLMRTXHGD 5RVH²GLMRTXHGDPHQ PHQWH-DFN²< WH-DFN²<QRHVMXVWRWDPSRF QRHVMXVWRWDPSRFR< R<HUHV HUHV FUXHOFRQ6DUDKDGHPiV 5RVHDVSLUySURIXQGDPHQWH\OXHJRH[KDOyFRQOHQWLWXGGHMDQGRDIORMDUODWHQVLyQ GHVXFXHUSR6HPRUGLy GHVXFXHUS R6HPRUGLyHOODELRLQ HOODELRLQIHULRU\WUDWyGH IHULRU\WUDWyGHVRQUHtUDVXPDULG VRQUHtUDVXPDULGR R ²/RVLHQWR²GLMR²SRUVXSXHVWRTXHWLHQHVUD]yQ3HURSRU'LRV-DFN¢TXp SXHGRKDFHU\R"6LHOODIXHVRODDDOJXQ SXHGRKDFH U\R"6LHOODIXHVRODDDOJXQDSDUWHDEVROXWDPH DSDUWHDEVROXWDPHQWHQRH[LVWHIRUPDHQ QWHQRH[LVWHIRUPDHQHO HO PXQGRGHDYHULJXDUGyQGHHVWXYR ²3UREDEOHPHQWHWHQJDD ²3UREDEOH PHQWHWHQJDDOJRTXH OJRTXHYHUFRQORVDUD YHUFRQORVDUDxD]RV²GLMR xD]RV²GLMR-DFN -DFN ²<SXGRKDFpUVHORVHQ ²<SXGRKD FpUVHORVHQFXDOTXLH FXDOTXLHUSDUWH²DVLQWL USDUWH²DVLQWLy5RVH y5RVH 6HPLUDURQ\DPERVUHFRUGDURQ(VDPLVPDPDxDQDELHQWHPSUDQR5RVHKDEtD LGR DYHUD DYHUD6DUD 6DUDK'XUDQ K'XUDQWHODQRFKHODQLxDVHKDEtDGHVWD WHODQRFKHODQLxDVHKDEtDGHVWDSDG SDGR\ R\FXD FXDQGR QGR5RVHVH 5RVHVH LQFOLQySDUDFXEULUODYLRODVPDQRVGH6DUDKFXELHUWDVGHDUDxD]RV\DGHPiVXQ UDVSyQHQODURGLOOD3HURODVKHULGDVHVWDEDQOLPSLDV6XSXVRTXHKDEtDVXFHGLGR DOJRGXUDQWH DOJ RGXUDQWH ODQRFKH ODQRFKH TXHODVKHULG TXHODVKHULGDVVH DVVHODVKDEtDFDXVD ODVKDEtDFDXVDGRODPLVPD6DUDK GRODPLVPD6DUDK 3HUR 3HUR DKRUDFRQODVURSDVVXFLD DKRUDFRQ ODVURSDVVXFLDVWHQtDQTXHUHFRQ VWHQtDQTXHUHFRQVLGHUDUWRGRHODVX VLGHUDUWRGRHODVXQWR&DGDXQRHOXG QWR&DGDXQRHOXGLy Ly HOWHPDGHPDQHUDGLVWLQWD5RVHUHYROYLHQGRSHQVDWLYDVXFDIp-DFNPRMDQGRXQ WURFLWRGHSDQHQORTXHTXHGDEDGHVXKXHYR ²7HQtDRORUDPDU²GLMR ²7HQtDRORU DPDU²GLMR5RVHSRUILQ 5RVHSRUILQ ²3RUHVWRVODGRVWRGRKXH ²3RUHVWRVODG RVWRGRKXHOHDPDU²UHS OHDPDU²UHSXVR-DFN XVR-DFN ²7DOYH]GHFLGLyEDMD ²7DOYH]GH FLGLyEDMDUDODSOD\D UDODSOD\D ²¢(QPLWDGGHODQRFKH"²GLMR-DFN²$GHPiVHQHOVHQGHURQRKD\ORGRQL OLPR OLPR \HV \HVXQVHQGH XQVHQGHURIiFLO$XQVL URIiFLO$XQVLHVWD HVWDEDFRPSOH EDFRPSOHWDPHQ WDPHQWHRVFXUR WHRVFXUR WRGR ORTXHWHQtD TXH TX HKD KDFHU FHU HUD PDQ PDQWHQ WHQHUXQD HUXQD PD PDQRHQ QRHQ HO SD SDVD VDPD PDQRV QRV \ FDP FDPLQ LQDU DU < <OD OD SOD SOD\D \D HV GH DUHQD ²1RKD\URFDVDOOt²GLMR5R ²1RKD\URFD VDOOt²GLMR5RVH\HUDYHUGDG VH\HUDYHUGDG +DEtDSLHG +DE tDSLHGUD UDV VHQ HQ OD SO SOD\ D\DSHUR DSHUR QR HU HUDQiVSH DQiVSHUD UDV(Q V(Q VXPD\R VXPD\RUtD UtD VH WUD WUDWDE WDED DGH GH JXLMDUURVGHSOD\DSXOLGRVSRUDxRVGHURGDUHQODVXDYHPDUHMDGDGHOIODQFRVXUGH OD3XQWD/DVURFDViVSHUDVFRPRDPERVVDEtDQHVWDEDQGHORWURODGRGHOD3XQWD DOQRUWHHQODFDUD\ODEDVHGHODFDQWLODGR3HURQLQJXQRGHORVGRVHVWDEDWRGDYtD GLVSXHVWRDHQIUHQWDUHVDSRVLELOLGDG ²¢< OD FDQ FDQWHU WHUD" D" ²S ²SUHJ UHJXQ XQWy Wy V~E V~ELWD LWDPHQ PHQWH WH -D -DFN² FN² 3X 3XGR GR LU KD KDVWD VWD OD FDQ FDQWHU WHUD D SR SRU U FXDOTXLHUPRWLYR$OOtVLHPSUHKD\ORGR\'LRVVDEHTXHHVDVYLHMDVSLHGUDVSXHGHQ ODVWLPDUODVPDQRV 5RVHFODYySHQV 5RVH FODYySHQVDWLYD DWLYDPHQ PHQWHODYLVWDHQHOYDFtR WHODYLVWDHQHOYDFtR \WUDWyGHDIHUU \WUDWyGHDIHUUDUVH DUVHD DODLGHD ODLGHD(UD (UD IiFL Ii FLOO H[ H[FH FHSW SWR R HO RO RORU RU $U $UUX UXJy Jy OD QD QDUL UL] ] DO UH UHFR FRUG UGDU DU HO GH GHVD VDJU JUDG DGDE DEOH OH KH KHGR GRU U D DO DOJD JDV V SRGULGDVTXHLPSUHJQDEDODEOXVD'HFLGLyERUUDUORGHVXPHQWH ²%XH ²% XHQ QR QR YH YHR R TX TXp p SRG RGH HPR PRV V KD KDFH FHU U DK DKR RUD ²G ²GLLMR MR² ² (V GH GHPD PDVL VLDG DGR R WD WDUG UGH H $GHPiVWHQHPRVRWUDVFRVDVGHTXpSUHRFXSDUQRV²DxDGLyWHUPLQDQWH -DFNVLQWLyTXHHPSH]DEDDIRUPiUVHOHHQHOHVWyPDJRODIDPLOLDUVHQVDFLyQGH PDOHVWDUDODTXHQRSRGtDDFRVWXPEUDUVH \ TXHH[SHULPHQWDEDFDGDYH]PiVD PHQXGR ²¢1R ²¢ 1R FU FUHH HHV V TX TXH H OD ODV V FR FRVD VDV V \D VR VRQ Q ED EDVW VWDQ DQWH WH PD PDOD ODV" V" ²S ²SUH UHJX JXQW QWy y \ HQ VX YR YR] ] DVRPyXQWRQRGHH[DVSHUDFLyQTXHHVSHUyTXH5RVHQRKXELHUDDGYHUWLGR²3RU IDYRUQRODVHPSHRUHPRV
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
²1RYHRFyPRSRGUtDPRVHPSHRUDUODV²GLMR5RVHFRQDPDUJXUD 5RVHKDEODEDHQYR]EDMDSUHVWDDLQWHUUXPSLUODFRQYHUVDFLyQVLRtDDODVQLxDV EDMD ED MDQG QGR R OD HV HVFD FDOH OHUD UD 3H 3HUR UR QR OR GH GHMD MDUt UtD D SD SDVD VDU U 5H 5HFRU FRUGD GDED ED OD QR QRFK FKH H DQ DQWH WHUL ULRU RU HO UHFKD UH FKD]R ]R GH pO ODODUJD \ FD FDYLO YLORV RVD D YLJ YLJLOL LOLD D GHHOOD MXQ MXQWR WRD D OD YH YHQWD QWDQD QD \ \VH VHSUH SUHJXQ JXQWy Wy FXiQWDVQRFKHVDVtVHUtDFDSD]GHVR FXiQWDVQR FKHVDVtVHUtDFDSD]GHVRSRUWDUVLQHVWDOODU SRUWDUVLQHVWDOODUGHFyOHUDGHIUXVWUDFL GHFyOHUDGHIUXVWUDFLyQ\GH yQ\GH KXPLOODFLyQ /D QR QRFK FKH H DQ DQWH WHUL ULRU RU VH KD KDE EtD FR FRQW QWUR UROD ODGR GR \ KD KDE EtD SR SRGL GLGR GR GR GRPL PLQD QDU U VX Fy FyOH OHUD UD \ YROY YR OYHU HUVH VH D GRU RUPL PLU U 3H 3HUR UR HV HVWD WD PD PDxD xDQD QD OD Fy FyOH OHUD UD HVW VWDE DED D WR WRGD GDYt YtD D DO DOOOt HV HVSH SHUD UDQG QGR R VHUYtUVHODD-DFNMXQWRFR VHUYtUVHOD D-DFNMXQWRFRQHOFDIp\HO QHOFDIp\HOMXJRGHQDUDQ MXJRGHQDUDQMD(OQRVHVR MD(OQRVHVRUSUHQGLy USUHQGLy ²¢1RWHSDUHFHTXH\DHVKRUDGHTXHYXHOYDVDVRPHWHUWHDWHUDSLD"²GLMRHOOD FRQVXDYLGDGSDUDFODYDURWUDS~D ²1RTXLHURHQWUDUHQHVR ²1RTXLHUR HQWUDUHQHVR²GLMR-DF ²GLMR-DFNFRQLUULWDFL NFRQLUULWDFLyQ yQ ²¢(QODWHUDSLDRHQPt" ²(OLJHW~²GLMRpO²¢DFDVRKD\DOJXQDGLIHUHQFLD" ²'HS ²' HSHQ HQGH GH ²G ²GLMLMR R 5R 5RVH VH HQ WR WRQR QR GH GHOLOLEH EHUD UDGD GDPH PHQW QWH H YH YHQH QHQR QRVR² VR² 1R VH WLWLHQ HQHQ HQ RUJDVPRVHQODVVHVL RUJDVPR VHQODVVHVLRQHVGHWHUDS RQHVGHWHUDSLD LD ²&RQWLJRWDPSRFR²ODLQWHU ²&RQWLJRWDPS RFR²ODLQWHUUXPSLyp UXPSLypO²7HHVWiVYRO O²7HHVWiVYROYLHQGRSHVDG YLHQGRSHVDGD D ²¢< W~ QR QR" " ²H ²HVW VWDO DOOy Oy 5R 5RVH VH \D VL VLQ Q SU SUHR HRFX FXSD SDUV UVH H GH RF RFXO XOWD WDU U OD KR KRVW VWLOLOLG LGDG DG TX TXH H VHQWt VH QWtD² D² (VF (VF~FK ~FKDPH DPH ²VL ²VLVHy VHy \ OH YRO YROYLy YLy OD HV HVSD SDOG OGD D FRPR SD SDUD UD HV HVFXG FXGDUV DUVH H GH ODV SDODEUDVGHpO²QRHVMXVWR-DFNQRHVMXVWR6R\XQDPXMHUQRUPDOFRQGHVHRV QRUP QR UPDO DOHV HV \ PH PHUH UH]F ]FR R XQ SR SRFR FR GH VD VDWLWLVI VIDF DFFL FLyQ yQ QR QRUP UPDO DO $X $XQT QTXH XH VD VDEH EH 'L 'LRV RV Fy FyPR PR SXHGRHVSHUD SXH GRHVSHUDU UVDWLV VDWLVIDFFL IDFFLRQH RQHV VQRUP QRUPDOH DOHV VHQXQ HQXQ KRJ KRJDUTXH DUTXH QDGD WLHQH GHQRUPDO GHQRUPDO 7DO 7DO YH] QR KD\ QDG QDGD D TXH SR SRGD GDPRV PRV KD KDFHU FHU SR SRU U 6D 6DUDK UDK SH SHUR URGLU GLUtD tDTX TXH H W~ SR SRU U OR PH PHQR QRV V GHEHUtDVTXHUHUKDFH GHEHUtD VTXHUHUKDFHUDOJRSD UDOJRSDUDQRYROYHUWH UDQRYROYHUWHFRPRHOOD FRPRHOOD ²1RHVWDQIiFLO²HPSH]y-D ²1RHVWDQIiFLO ²HPSH]y-DFNSHURHOO FNSHURHOODQROHGLRWLHPS DQROHGLRWLHPSRDGHIHQGH RDGHIHQGHUVH UVH ²¢<TXpHVIiFLO"¢$FDVRHVIiFLOYLYLU ²¢<TXpHVIiFLO" ¢$FDVRHVIiFLOYLYLUFRQXQ FRQXQKRP KRPEUHFRPR EUHFRPRW~" W~"¢)iF ¢)iFLOYLYLU LOYLYLUFRQ FRQ XQ QLx QLxD D FRP FRPR R 6DU 6DUDK DK" " ¢)i ¢)iFLO FLO VHJ VHJXLU XLU DF DFWXD WXDQGR QGR FRP FRPR R VL QD QDGD GD VXF VXFHG HGLH LHUD" UD" ¢&R ¢&RPR PRVL VL WRGRIXHUDQRUPD WRGR IXHUDQRUPDO"'LRVVDEH O"'LRVVDEH TXH WRGD WRGDVODVPXMHUHV VODVPXMHUHV TXHVHFDVDUR TXHVHFDVDURQFRQPLHPEU QFRQPLHPEURV RV GHHVWDIDPLOLDVHVLQWLHURQVDWLVIHFKDVVRODPHQWHFRQVHUOD~OWLPDVHxRUD&RQJHU HQ HV HVWD WD DO DOGH GHD D GH GHMD MDGD GD GH OD PD PDQR QR GH 'L 'LRV RV 3H 3HUR UR HV HVR R QR HV VX VXILF ILFLH LHQW QWH H \D QR QR 1R VRODPHQ VRO DPHQWHWHQJRTXHVHU WHWHQJRTXHVHUODVHxRUD ODVHxRUD &RQJ &RQJHUVLQRTXH HUVLQRTXHGHER GHER DFWX DFWXDUFRPRXQDPDGUH DUFRPRXQDPDGUH FDULx FD ULxRVD RVD SD SDUD UD XQD KL KLMD MD WUD WUDXP XPDWL DWL]D ]DGD GD \ FRP FRPR R XQ XQD D HV HVSRV SRVD D DPD DPDQWH QWH SD SDUD UD XQ HVS HVSRVR RVR LPSRWHQWH\DGHPiVYH LPSRWHQ WH\DGHPiVYHQGHUELHQH QGHUELHQHVUDtFHV VUDtFHV ²(VR ²( VR QR WLWLHQ HQH HV SR SRU U TX TXp p KD KDFH FHUO UOR R ²G ²GLMLMR R -D -DFN FN DIH IHUU UUiQ iQGR GRVH VH DO ~QL QLFR FR SUH UHWH WH[W [WR R GLVSRQLEOH ²¢$K ²¢$K QR" QR" ²SUH ²SUHJXQ JXQWy5RVH²¢1RWHQJRSRUTXp"%XHQRGpMD Wy5RVH²¢1RWHQJRSRUTXp"%XHQRGpMDPHTXHWH PHTXHWHGLJD GLJD XQDFRVDPiV9HQGHUSURS XQD FRVDPiV9HQGHUSURSLHGD LHGDGHVHVOD GHVHVODSDUWH SDUWH PiV IiFLO IiFLO (VOD (VOD~QL ~QLFDGLYHU FDGLYHUVLyQ VLyQ TXH REWHQ RE WHQJR JR GH OD YLG YLGD D \ DGH DGHPi PiV V QR QRV V GD HO GLQ GLQHU HUR R VXI VXILFL LFLHQ HQWH WH SDU SDUD D WHQ WHQHU HU D 6D 6DUDK UDK HQ :KLWH2DNV'HPRGRTXHQRPH :KLWH2DNV'HPRG RTXHQRPHKDEOHVGH KDEOHVGHORTXHHVIiFLO£(QQRPE ORTXHHVIiFLO£(QQRPEUHGH'LRVWRGR UHGH'LRVWRGR ORTXHHVWR\SLGLpQGRWHHVTXHKDEOHVFRQDOJXLHQ 4XHKDEOHVFRQDOJXLHQ4XHKDEOHVFRQDOJXLHQ /DVSDODEUDVKLFLHURQHFRHQVX PHQWH\UHVRQDURQHQ PHQWH\UH VRQDURQHQHOLQWHULRUGH HOLQWHULRUGHVXFUiQHR3DU VXFUiQHR3DUHFtDWDQIiFLO HFtDWDQIiFLO 6yORKDEODUFRQDOJXLHQ ¢3HURDFHUFDGHTXp"¢$FHUFD ¢3HURDFHUFDGH TXp"¢$FHUFDGHORTXHOHKL]RD6DUDK" GHORTXHOHKL]RD6DUDK"¢$FHUFDGHSRUTXp ¢$FHUFDGHSRUTXpVH VH ORKL]R"1L ORKL]R" 1L VLT VLTXLHU XLHUDHVWDED DHVWDED VHJX VHJXURGHORTXH URGHORTXHKDE KDEtDKHFKR\VL tDKHFKR\VLQRORHVWDED QRORHVWDED¢FyPR ¢FyPR SRGtDVDEHUTXpPRWLYRVORKDEtDQLPSXOVDGRDKDFHUOR"<QRHUDTXHQRORKXELHUD LQWHQ LQ WHQWDG WDGR R +DE +DEtD tD SD SDVDG VDGR R PH PHVH VHV V FRQ HO GR GRFWR FWRU U %HO %HOWHU WHU (O SVL SVLTX TXLDW LDWUD UD KDE KDEtD tD SD SDVDG VDGR R KRUDVFRQpOKRUDVFRQ6DUDKKRUDVFRQORVGRVMXQWRVREVHUYiQGRORVLQWHUDFWXDU WUDWDQGRGHGHVFXEULUHQODIRUPDHQTXHHOORVVHUHODFLRQDEDQDOJ~QLQGLFLRDFHUFD GHORVXFHGLGR
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
(OODKDEtDJROSHDGR-DFNVDEtDHVRDKRUD3HURQRSRGtDUHFRUGDUVHDVtPLVPR HPSH]D HPS H]DQGRD QGRDFDV FDVWLJD WLJDUOD UOD QRSRGtD UHFR UHFRUGDU UGDU HOKDEHU HOKDEHUOD ODJROS JROSHDG HDGR7RGROR R7RGRORTXH TXH SRG SRGtD tD UHFRUGDUHUDTXHHVWXYRHQ UHFRUGD UHUDTXHHVWXYRHQHOERVTXH\TXHVDFy HOERVTXH\TXHVDFyD6DUDKHQEUD]RVGHO D6DUDKHQEUD]RVGHOERVTXH<HO ERVTXH<HO URVWURGHHOOD3RUDOJ~QPRWLYRSRGtDUHFRUGDUHOURVWURHOURVWURRVFXUR\SHTXHxR FRQXQRVRMRVHQRUPHVTXHORPLUDEDQFRQGHVHVSHUDFLyQFRQXQRVRMRVTXHQR FRPSUHQGtDQORTXHHVWDEDVXFHGLHQGR\TXHOHLPSORUDEDQTXHODD\XGDVH 6LKXELHUDSRGLGRUHFRUGDUKDEUtDVLGRFDSD]GHFRQWURODUODVLWXDFLyQ3HURHUD FRPRVLWRGROHKXELHVHVXFHGLGRDRWUDSHUVRQD\pOKXELHUDVLGRXQVLPSOHWHVWLJR 8QWHVWLJRTXHQRTXHUtDYHU +DVWDKDEtDQSUREDGROD +DVWDKDEtDQ SUREDGRODKLSQRVLVSH KLSQRVLVSHURWDPELpQ URWDPELpQHVRKDEtDIDOODGR HVRKDEtDIDOODGR(OGRFWRU%HOWHU (OGRFWRU%HOWHU OH DG DGYLU YLUWLy WLy TX TXH H DO DOJXQ JXQDV DV SH SHUVR UVRQD QDV V VH VHQFL QFLOOD OODPH PHQWH QWH QR SRG SRGtDQ tDQ VHU KL KLSQ SQRWL RWL]D ]DGD GDV V \ pO UHVXOWyVHUXQDGHHOODV$OEHUJDEDSURIXQGDPHQWHHQVXLQWHULRUODFODUDVHQVDFLyQ GHTXHpOSXGRVHUKLSQRWL]DGRSHURTXH GHTXHpOSXGRVHUKLSQ RWL]DGRSHURTXHQRORGHVHyGHTXHFXDOTXLH QRORGHVHyGHTXHFXDOTXLHUFRVDTXHVH UFRVDTXHVH RFXOWDEDHQVXLQWHULRU RFXOWDED HQVXLQWHULRUHUDGHPDVLD HUDGHPDVLDGRHVSDQWR GRHVSDQWRVDSDUDVDFDUOD VDSDUDVDFDUODDODOX]GHTXH DODOX]GHTXHHVWDED HVWDED SURWHJLpQGRVHGHXQD SURWHJLp QGRVHGHXQDGHELOLGD GHELOLGDGGHPDVLDG GGHPDVLDGRUHSXOVLYD RUHSXOVLYDSDUDHQIUHQWDUOD<DVtVHKDEtD SDUDHQIUHQWDUOD<DVtVHKDEtD IRUPDGRXQ IRUPD GRXQFtUFX FtUFXORYLFLRV ORYLFLRVROD RODFXOS FXOSDDOLPHQ DDOLPHQWiQGR WiQGRVH VHGHODGXGDOD GHODGXGDODGXG GXGDFUHFLHQ DFUHFLHQGRD GRD PHGLGDTXHFUHFtDHOVHQWLPLHQWRGHFXOSD)LQDOPHQWHFXDQGR\DQRSXGRVRSRUWDU HVDV KRUULEOHV KRUDV VLOHQFLRVDV FRQ HO GRFWR WRUU EHEL ELH HQGR FD FDIp Ip \ GHVHDQGR GHVHVSHU GHVH VSHUDGD DGDPHQ PHQWH WH SRG SRGHU HU GHF GHFLGLU LGLUVH VH D KDE KDEODU ODUVL VL QR QRGHO GHOLQFL LQFLGHQ GHQWH WHFRQ FRQ6DUD 6DUDK K SRU OR PHQR PH QRV V GH OD LP LPSR SRWH WHQF QFLD LD TX TXH H OR KD KDEt EtD D VH VHJX JXLG LGR R DE DEDQ DQGRQ GRQy y /O /OHJ HJy y D XQ DF DFXH XHUG UGR R FRQV FR QVLJ LJR R PL PLVP VPR R \ QR IX IXH H XQ DF DFX XHU HUGR GR Ii IiFL FLOO 9L 9LYL YLUt UtD D FR FRQ Q OD FX FXOS OSD D YL YLYL YLUt UtD D FR FRQ Q OD LPSR LP SRWH WHQF QFLD LD \ YL YLYL YLUt UtD D FR FRQ Q OR ORV V LQ LQWH WHUU UURJ RJDQ DQWH WHV V DF DFHU HUFD FD GH OR TX TXH H KD KDEt EtD D VX VXFH FHGL GLGR GR HQ UHDO UH DOLG LGDG DG 3H 3HUR UR QR WH WHQG QGUt UtD D TX TXH H VD VDEH EHU U < OOOOHJ HJy y D FU FUHH HHU U TX TXH H FR FRQR QRFH FHU U OR TX TXH H KD KDEt EtD D VXFHGLGRVHUtDORSHRUGHWRGRORLPDJLQDEOH 6LOHQFLRVDPHQWHPLUDEDD5RVHSRUHQFLPDGHODPHVDSUHJXQWiQGRVHVLKDEtD DOJXQDIRUPDGHWUDQVPLWLUOHWRGRHVRDHOOD\WUDWDQGRGHHQFRQWUDUDOJRTXHGHFLUOH FXDQ FX DQGR GR OR VD VDOYD OYDUR URQ Q GH WHQ WHQHU HU TXH GH GHFLU FLU QD QDGD GD /D YR] GH OD VHx VHxRUD RUD *RR *RRGUL GULFK FK OOH OOHJy Jy GHVGHODFRFLQD ²6HxRULWD6DUDKGHMHHV ²6HxRULWD 6DUDKGHMHHVR¢PHKDRtGR R¢PHKDRtGR" " 6LJXLyHOHVWUpSLWRGHROODV\VDUWHQHVTXHFDtDQDOVXHOR\OXHJRHOVRQLGRGHOD YR]GH6DUDKDO]iQGRVHHQHVHDXOOLGRVLQSDODEUDVTXHKDEtDVLGRGXUDQWHXQDxR HO~QLFRPHGLRGHFRPXQLFDUVXGRORUDOPXQGR ²£'L ²£ 'LRV RV PtR PtR ²V ²VXV XVSL SLUy Uy 5R 5RVH VH WR WRPi PiQG QGRV RVH H OD FD FDEH EH]D ]D FR FRQ Q OD ODV V PD PDQR QRV² V² ¢KD ¢KDVW VWD D FXiQGR" 5RVHVHOHYDQWy\VHGLULJLyDODFRFLQDSUHJXQWiQGRVHTXpSDVDEDHVWDYH]1R YLRD(OL]DEHWKTXHHQ YLRD(OL]D EHWKTXHHQWUDEDHQHOFR WUDEDHQHOFRPHGRUSRURWUD PHGRUSRURWUDSXHUWD SXHUWD &XDQ &X DQGR GR VX PD PDGU GUH H VD VDOLOLy y GH OD KD KDEL ELWD WDFL FLyQ yQ (O (OL] L]DE DEH HWK VH GH GHWX WXYR YR XQ PR PRPH PHQW QWR R HVFX HV FXFKD FKDQGR QGR HO FDR FDRV VGH GH OD FR FRFLQ FLQD&XDQ D&XDQGR GR DPD DPDLQy LQy VH VHWUD WUDQT QTXLO XLOL]y L]y \ \VHDFHU VHDFHUFy FyD DOD OD PHVD PH VD 7R 7RG GDY DYtD tD HQ VX VL VLOOOOD D -D -DFN FN PL PLUD UDED ED ILILMD MDPH PHQ QWH OD SX SXHU HUWD WD TX TXH H OOOOH HYD YDED ED GH OD GHVSHQVDDODFRFLQDFRQ GHVSHQ VDDODFRFLQDFRQHOURVWURPRUWDOPHQ HOURVWURPRUWDOPHQWHSiOLGR(OL]DEH WHSiOLGR(OL]DEHWKH[WHQGLy WKH[WHQGLyXQDPDQR XQDPDQR \ORWRFy ²
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
²¢4XpWDOVLPHVLHQWRHQWXUHJD]R"²GLMR(OL]DEHWKVRQULHQGRFRQSLFDUGtD ²¢1RHVWiVXQSRTXLWRFUHFLGDSDUDHVR" ²$ YHFHV PH JXVWD VHQWLUPH SHTXHxD RWUD YH] ²UHSXVR (OL]DEHWK² ¢1R WH SDVDORPLVPRDWL" ²$WRGRVQRVSDVD²GLMR-DFNDEULHQGRORVEUD]RV²9HQ\VpSHTXHxDSRUXQ PRPHQWR /DQLxDVHOHVHQWyVREUHXQDURGLOOD\-DFNOHURGHyFDULxRVDPHQWHODFLQWXUDFRQ HOEUD]R(QWRQFHVYROYLyDDEULUVHODSXHUWD\5RVHORVPLUyFRQIULDOGDG ²'LVFXOSDGPH²GLMRFRQYR]JODFLDO\RMRVDFXVDGRUHV²QRTXLVHLQWHUUXPSLU ²7~QR²HPSH]yDGHFLU(OL]DEHWKSHURQRODGHMDURQWHUPLQDU ²6LpQWDWHHQWXOXJDU(OL]DEHWK²ODLQWHUUXPSLyVXPDGUH (OL]DEHWKGHMyREHGLHQWHPHQWHHOUHJD]RGHVXSDGUH\VHVHQWyHQVXVLOOD7RPy ODMDUUDGHQDUDQMDGD\VHVLUYLyXQDFRSD -DFNSHQVyHQFRQWUDGHFLUDVXHVSRVDSHURFDPELyGHLGHD ²¢7RGRELHQDOOt"²GLMR ²/DVHxRUD*RRGULFKORWLHQHFRQWURODGR\6DUDKSDUHFHWUDQTXLODSHURODFRFLQD HVXQFDRV/DVHxRUD*RRGULFKFUHHTXH6DUDKSRUDOJXQDUD]yQWUDWDEDGHOOHJDU DODFDMDGHORVFXFKLOORV ²¢/DFDMDGHORVFXFKLOORV"²UHSLWLy-DFNPLHQWUDV(OL]DEHWKHPSH]DEDDXQWDU FRQPDQWHTXLOODXQDWRVWDGD ²%XHQRSRUVXSXHVWRQRHVWiVHJXUD²GLMR5RVH²1RPH,PDJLQRSDUDTXp TXHUUtDXQFXFKLOOR ²1R²GLMR-DFNUiSLGDPHQWH²WDPSRFR\R -DFN EXVFy HQ VX PHQWH RWUR WHPD TXH ORV KLFLHUD ROYLGDU OR VXFHGLGR 6~ELWDPHQWHVHDQLPy\VHYROYLyD(OL]DEHWK ²¢(QFRQWUDVWHD&HFLO "²SUHJXQWy (OL]DEHWKQHJyFRQXQJHVWR ²1RVpTXpSXGRSDVDUOH²GLMR²'HELyKXLUDDOJXQDSDUWH9ROYHUi/RVJDWRV VRQ DVt VXSRQJR 'H WRGRV PRGRV SUHIHULUtD XQ SHUUR /RV SHUURV SUHVWDQ PiV DWHQFLyQDVXVDPRV ²(ORWURGtDSHGtDODVHxRUD*RRGULFKTXHOREXVFDUD²GLMR5RVH\DFFLRQyFRQ HOSLHHOERWyQGHOSLVRSDUDOODPDUDODFULDGD²SHURKDVWDHVWHPRPHQWRORKDEtD ROYLGDGRSRUFRPSOHWR 7DPELpQ5RVHVHVHQWtDDOLYLDGDFRQODGLVWUDFFLyQTXHDOHMDEDHOHSLVRGLRTXHOHV KDEtDHVWURSHDGRXQDPDxDQDDJUDGDEOH$IXHUDHOVROEULOODEDHVSOpQGLGDPHQWH6H DEULyODSXHUWDGHODGHVSHQVD\DSDUHFLyODUREXVWDVLOXHWDGHODVHxRUD*RRGULFK ²¢6t" ²6LHQWRPROHVWDUODVHxRUD*RRGULFKVpTXHQRKDWHQLGRXQDEXHQDPDxDQD 3HURHVWDEDSUHJXQWiQGRPHVLQRHQFRQWUyD &HFLOHORWURGtD ²7HQJRFRVDVPiVLPSRUWDQWHVTXHKDFHUTXHEXVFDUDXQJDWRLQGHSHQGLHQWH ²GLMRVHFDPHQWHODFULDGDSHUR VHHFKyDWUiV²1RQR ORHQFRQWUp<UHYLVpHVWH OXJDUGHDUULEDDDEDMR²SDUHFLyFDYLODUXQLQVWDQWH\HQVHJXLGDDJUHJy²ORFXDO PHUHFXHUGDDOJR¢+D\DOJXLHQDTXtTXHQRHVWpVDWLVIHFKRFRQPLWUDEDMR" ²¢1RVDWLVIHFKR"²GLMR5RVHLQWULJDGD²¢4XpTXLHUHGHFLU" ² %XHQR ²GLMR ODVHxRUD*RRGULFK DSR\DQGR HO SHVRGH VXFXHUSRHQ OD RWUD SLHUQD² DOJXLHQ KD HVWDGR HQ HO iWLFR OLPSLDQGR 6L TXHUtDQ OLPSLDU HO iWLFR QR WHQtDQ PiV TXH GHFtUPHOR 0H KDJR YLHMD SHUR WRGDYtD VR\ FDSD] GH PDQWHQHU OLPSLDHVWDFDVD 5RVH PLUy D VX HVSRVR \ D VX KLMD \ DPERV VH HQFRJLHURQ GH KRPEURV LQRFHQWHPHQWH
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
²1RVpTXLpQSXGRKDEHUOROLPSLDGR²GLMR5RVHHVIRU]iQGRVHSRUVXJHULUTXH SUREDEOHPHQWHQRKDEtDVLGROLPSLDGRHQDEVROXWR²¢<QRKDOOyKXHOODVGH &HFLO " ²/RV JDWRV QR GHMDQ KXHOODV ²GLMR DEUXSWDPHQWH OD VHxRUD *RRGULFK² &RQ SHUPLVR /DVHxRUD*RRGULFKVHKL]RDXQODGR\DSDUHFLyODILJXUDPHQXGDGH6DUDKTXH KDEtD HVWDGR RFXOWD GHWUiV GH OD UREXVWD VLOXHWD GH OD FULDGD GXUDQWH WRGD OD FRQYHUVDFLyQDFHUFDGHOJDWR7HQtDORVRMRVOOHQRVGHOiJULPDV\HVWDEDWHPEODQGR (OL]DEHWK VHDFHUFy UiSLGDPHQWH D VXKHUPDQD \ODURGHy FRQ ORV EUD]RV SDUD DKRJDUVXVVROOR]RV ²7RGR HVWi ELHQ 6DUDK ²GLMR VXDYHPHQWH² 6L &HFLO QR DSDUHFH SRGHPRV FRQVHJXLUQRVRWURJDWR2WDOYH]KDVWDXQSHUUR²DxDGLySHQVDWLYD 6DUDKHPSH]y D WHPEODUFRQ PiV IXHU]D \ SDUHFLyD SXQWR GH JULWDU 3HUR HQ VHJXLGDVHVHUHQyEDMRODDIHFWXRVDVRQULVDGH(OL]DEHWK 5RVH REVHUYy D (OL]DEHWK VHFDU ORV RMRV GH 6DUDK \ OOHYDUOD KDVWD OD PHVD \ GHVHyXQDYH]PiVVHQWLUSRU6DUDKODFRPSDVLyQTXHHYLGHQWHPHQWHVHQWtDVXKLMD PD\RU'HVHFKyHO DVRPR GH FXOSDTXH OD DFRPHWLy\ VLUYLy PiV FDIpSDUD HOOD \ SDUD-DFN)XHXQDIRUPDGHHVWDEOHFHUXQDWUHJXDSRUORPHQRVPRPHQWiQHD
&DStWXOR 3RUW $UEHOOR VH DVROHDED HQOD WDUGHGH RWRxR GHVXVDGDPHQWH FDOXURVD (O VRO FDOGHDEDQRVRODPHQWHHODLUHVLQRODDWPyVIHUDTXHLPSHUDEDGHQWURGHODFDVDGHO H[WUHPR GH 3XQWD &RQJHU $ PHGLRGtD XQD VHQVDFLyQ GH SD] KDEtD LQYDGLGR OD FDVD XQD SD] TXH VHQWtDQ WRGRV ORV &RQJHU /D WHQVLyQ GH OD PDxDQD VH KDEtD GLVLSDGR \ OD WUHJXD QR GHFODUDGD HQWUH 5RVH \ -DFN SDUHFtD IORUHFHU HQ XQ DUPLVWLFLR $PERV VH SUHJXQWDEDQ VHFUHWDPHQWH FXiQWR GXUDUtD SHUR DPERV HVWDEDQGHFLGLGRVDGLVIUXWDUODPLHQWUDVGXUDUD ²$GRURHOYHUDQLOORGHVDQ0DUWtQ²FRPHQWy5RVHPLHQWUDVFRPtDQ²+DJDPRV DOJRHVWDWDUGH ²1RSXHGR²GLMR-DFNGLVFXOSiQGRVH²SURPHWtD5D\1RUWRQMXJDUDOJROIFRQ pO 5RVHVLQWLyTXHXQDIUDVHFiXVWLFDVREUHHODEDQGRQRGHODIDPLOLDOHVXEtDDOD JDUJDQWDSHURORJUyUHSULPLUODDQWHVGHTXHDUUXLQDUDODFRPLGD ²'HWRGRVPRGRVWHQJRDOJRGHWUDEDMRTXHKDFHU²GLMR\HQVXYR]QRKXER QDGD TXH SXGLHUD VXJHULU GHFHSFLyQ KRVWLOLGDG R FXDOTXLHU RWUD FRVD FDSD] GH WXUEDUHOFOLPD SODFHQWHURTXHSRGtD SHUFLELU HQOD KDELWDFLyQ -DFN TXH HVSHUDED SDODEUDVKLULHQWHVDO]yODYLVWDVRUSUHQGLGR ²3XHGRFDQFHODUOR²VHRIUHFLy\5RVHVXSRTXHHUDXQDRIHUWDVLQFHUD ²1R9HDMXJDUFRQ5D\²GLMRFRQIRUPiQGRVHFRQODLQWHQFLyQGH-DFN 7HUPLQDURQ OD FRPLGD HQ HVH FRQIRUWDEOH VLOHQFLR TXH VH GD D PHQXGR HQWUH SHUVRQDVTXHVHDPDQSHURTXHKDQHVWDGRVHSDUDGDVPXFKRWLHPSR/RVLQWLHURQ \ORDSUHFLDURQ\QRKLFLHURQQDGDTXHSXGLHUDWXUEDUOR -DFN VHPDUFKy DVXSDUWLGDGH JROI\ODVQLxDVGHVDSDUHFLHURQ HVFDOHUD DUULED 5RVHIXHDVXRILFLQD HQ ODSHTXHxDKDELWDFLyQGHO IUHQWH GH OD FDVD\ HPSH]y D UHYLVDUDOJXQRVSDSHOHVSHURQRORJUyFRQFHQWUDUVHHQHOWUDEDMR6DOLyGHODRILFLQD \ FDPLQy GLVWUDtGD KDVWDHO JDELQHWH GH OD SDUWHSRVWHULRU GHOD FDVD (QWUy HQ HO JDELQHWH\DOJROHOODPyODDWHQFLyQ)XHWDQUiSLGRTXHQRWXYRODFHUWH]DGHTXH KDEtDVXFHGLGRFRPRHVRVLQVWDQWHVFXDQGRXQRHVWiVHJXURGHTXHDOJRVXFHGLy SHURQRWLHQHLGHDGHORTXHIXH0LUyDVXDOUHGHGRUSHURQRSHUFLELyQDGDDQRUPDO &HUUy OD SXHUWD \ VH VHQWy (UD XQD KDELWDFLyQ DJUDGDEOH HO VRO HQWUDED SRU OD YHQWDQD \ KDFtD EULOODU XQD DQWLJXD HVFXSLGHUD GH EURQFH FRQYHUWLGD DKRUD HQ
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
FHQLFHUR 5RVH SHQVy TXH pVWD IXH OR TXH OH OODPy OD DWHQFLyQ FXDQGR HQWUy (QWRQFHVYLRHODQWLJXRUHWUDWRVREUHODUHSLVDGHODFKLPHQHD 6DEtD TXH WHQtD TXH VHU XQD DQWHSDVDGD (O SDUHFLGR FRQ (OL]DEHWK HUD GHPDVLDGRHYLGHQWHSDUDTXHODQLxDGHOUHWUDWRQRKXELHUDVLGRXQD&RQJHU¢3HUR TXLpQ" +DEtDQ HQFRQWUDGR HO UHWUDWR HQ HO iWLFR KDFtD PiV GH XQDxR 3HURHQWRQFHV RFXUULyOR GH 6DUDK ²FRPR 5RVH SUHIHUtDGHQRPLQDUOR² \ QR IXH KDVWD XQ PHV PiV WDUGH TXH VH DFRUGDURQ GHO UHWUDWR \ OR EDMDURQ GHO iWLFR 3HQVy \ QR SRU SULPHUD YH] TXH HUD H[WUDxR TXH HO UHWUDWR HVWXYLHUD WLUDGR HQ XQ ULQFyQ /RV &RQJHUDSDUHQWHPHQWHPX\GDGRVDOFXOWRGHORVDQWHSDVDGRVWHQtDQHQHOiWLFR XQD JUDQ HVWDQWHUtD GRQGHSRGtDQJXDUGDU SUROLMDPHQWH DTXHOORV DQWHSDVDGRVTXH QRHVWDEDQHQH[KLELFLyQHQODSDUWHLQIHULRUGHODFDVD(QHVHPRPHQWRHOJUXSR HQGHSyVLWRLQFOXtDDFDVLWRGRVSXHVVRODPHQWHODPDGUHGH-DFNVHJXtDJR]DQGR GHODOX]GHOGtDVREUH HOKRJDUGHODVDODGHHVWDU$XQFRQWRGRVORVDQWHSDVDGRV JXDUGDGRV HQ OD HVWDQWHUtD WRGDYtD TXHGDED VLWLR GH VREUD SDUD HO UHWUDWR GH OD QLxLWD3HURQRORKDEtDQSXHVWRDOOtVLQRTXHORRFXOWDURQHQXQULQFyQ /D RWUDFRVDH[WUDxD HUD TXHODQLxD QR KDEtDVLGR LGHQWLILFDGD/RVPDUFRV GH WRGRVORVRWURVUHWUDWRVWHQtDQSUROLMDVSODFDVGHEURQFHFRQHOQRPEUH\ODVIHFKDV GHQDFLPLHQWR\PXHUWHGHORVUHWUDWDGRV([FHSWRpVWH $OJXQDYH]FRPRORHYLGHQFLDEDQGRVSHTXHxRVRULILFLRVGHFODYRVHQODSDUWH LQIHULRUGHOPDUFRWXYRVXSODFD3HURODKDEtDQTXLWDGR 5RVHFRQWHPSODEDHOUHWUDWR\VHSUHJXQWDEDSRUTXpODQLxDKDEtDVLGRHOLPLQDGD GH OD JDOHUtD IDPLOLDU 6X LPDJLQDFLyQ GLYDJDED OLEUHPHQWH \ VH HQWUHWXYR XQRV PRPHQWRVFUHDQGRKLVWRULDVSDUDMXVWLILFDUODFDtGDHQGHVJUDFLDGHODQLxD (QWRQFHVVHOHKL]RODOX]1RKDEtDVLGRHOVROUHIOHMiQGRVHHQODHVFXSLGHUDGH EURQFHORTXHOHOODPyODDWHQFLyQVLQRDOJRHQHOUHWUDWR/RHVWXGLyFRQFXLGDGR WUDWDQGRGHTXHVXPHQWHUHDOL]DUDQXHYDPHQWHODFRQH[LyQATXHOHVHxDODVHORTXH KDEtDUHFRQRFLGR6~ELWDPHQWHORYLR (UDHOEUD]DOHWH(OEUD]DOHWHHQODPXxHFDGHODQLxD/RKDEtDYLVWRDQWHVPX\ UHFLHQWHPHQWH¢3HURGyQGH"(UDXQEUD]DOHWHGHRUR\SDUHFtDLQFUXVWDGRFRQXQD SLHGUD3DUHFtDXQySDORSHURQRSRGtDGHWHUPLQDUORFRQFHUWH]DPLUDQGRODYLHMD SLQWXUD3RGtDVHUDOJXQDRWUDFRVD 7UDWy GH UHFRUGDU GyQGH KDEtD YLVWR HO EUD]DOHWH \ SRU TXp OH UHVXOWDED V~ELWDPHQWHIDPLOLDU6H OHKL]RXQ EODQFR HQ ODPHQWH \PLHQWUDV PiV PLUDEDHO UHWUDWRPiVVHFRQYHQFtDGHTXHVHWUDWDEDGHXQVLPSOHIHQyPHQRGH GHMDYXGH OD LOXVLyQ GH XQ UHFXHUGR 6H DFHUFy SDUD HQGHUH]DU HO UHWUDWR TXH SDUHFtD OLJHUDPHQWHWRUFLGR\GHFLGLyTXHQRJDVWDUtDPiVWLHPSRSUHRFXSiQGRVHDFHUFDGH XQEUD]DOHWHHQXQUHWUDWR5HDOPHQWHWHQtDWUDEDMRTXHKDFHU 5HJUHVy D VX RILFLQD GHFLGLGD D QR PLUDU SRU OD YHQWDQD KDVWD HVWDU ELHQ HQIUDVFDGDHQHOULWPRGHVXWUDEDMR(OGtDHUDGHPDVLDGRKHUPRVR\VDEtDTXHVL PLUDEDKDFLDDIXHUDGHPDVLDGRSURQWRKDOODUtDXQDH[FXVDSDUDFHUUDUVXVFDUSHWDV \ VDOLU DO VRO 3HUR HO VRO SRGtD HVSHUDU GH PRGR TXH VH VXPHUJLy HQ OD SLOD GH SDSHOHVTXHWHQtDVREUHVXHVFULWRULR 8QDKRUDPiVWDUGHQRR\yDEULUVHODSXHUWDSHURVLQWLyTXHQRHVWDEDVROD6H YROYLy\YLRD6DUDKGHSLHMXQWRDODSXHUWDPLUiQGRODILMDPHQWHFRQVXVJUDQGHV RMRVSDUGRV5RVHGHMyVXEROtJUDIR ²6DUDK²GLMR\OHWHQGLyORVEUD]RV /D QLxDVH OH DFHUFy OHQWDPHQWH FDVLFRQWHPRU \VHGHWXYRFXDQGR HVWXYRDO DOFDQFHGHORVEUD]RVGH5RVH ²4XLHUHMXJDUFRQWLJR²GLMR(OL]DEHWKGHVGHODSXHUWD 5RVHOHYDQWyODYLVWD
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
²1RWHKDEtDYLVWR²GLMR²(QWUD ²$KRUDQR²GLMR(OL]DEHWK²7HQJRTXHVDOLUXQPRPHQWR6DUDKTXLHUHMXJDU FRQWLJR ²¢$TXpTXLHUHMXJDUFRQPLJR" ²$FXDOTXLHUFRVD²GLMR(OL]DEHWK²7HYHUpOXHJR (OL]DEHWK VH PDUFKy \ 5RVH R\y XQ LQVWDQWH GHVSXpV TXH FHUUDED OD SXHUWD SULQFLSDO9ROYLyQXHYDPHQWHVXDWHQFLyQD6DUDK ²¢$TXpWHJXVWDUtDMXJDU"²SUHJXQWyDODQLxDVLOHQFLRVD 6DUDKVHOLPLWyDPLUDUODOXHJRVHJXQGRVGHVSXpVUHWURFHGLyXQRVSDVRV\VH VHQWySHVDGDPHQWHHQHOVXHOR5RVHIUXQFLyOHYHPHQWHHOFHxRSHURHQVHJXLGD GHMyVXVLOOD\VHVHQWyHQHOVXHORMXQWRDVXKLMD ²8QRGRV \WUHV²HQVD\y 5RVH JROSHiQGRVH ORVPXVORVFRQODVPDQRVOXHJR ODV PDQRV MXQWDV \ ILQDOPHQWH WHQGLHQGR ODV SDOPDV KDFLD DGHODQWH 1R KXER UHVSXHVWDGH6DUDKTXHVLJXLyVHQWDGDHQHOVXHOR PLUDQGR ILMDPHQWHD VXPDGUH 5RVH GHFLGLy SUREDU GH QXHYR JXLDQGR DKRUD ODV PDQRV GH VX KLMD SDUD TXH OD VLJXLHUDHQHOMXHJRGHODVSDOPDGDV ²8QRGRV\WUHV²GLMR²$KRUDSUREHPRVODVGRVMXQWDV 5HSLWLyORVPRYLPLHQWRV\DOSULPHU©XQRª6DUDKVHJROSHyORVPXVORVFRQODV PDQRV 3HUR FXDQGR 5RVH VLJXLy FRQWDQGR ODV PDQRV GH OD QLxD FRQWLQXDURQ JROSHDQGRVXVPXVORVVLQ DYDQ]DU HQHOMXHJR5RVHVHHQFRQWUy MXJDQGR FRQ HO DLUH SHUR FRQWLQXy GHFLGLGDPHQWH HO MXHJR /DV PDQRV GH 6DUDK JROSHDEDQ VXV PXVORV D ULWPRUHJXODU )LQDOPHQWH FXDQGR 5RVH VHGHWXYR ODV PDQRV GH 6DUDK VLJXLHURQPRYLpQGRVH\VRQDQGRGpELOPHQWHHQHOVLOHQFLRGHODKDELWDFLyQ 5RVH REVHUYy HO WRQWR SDOPRWHR GXUDQWH XQ SDU GH PLQXWRV \ QR SXGR VHJXLU VRSRUWiQGROR /HYDQWy D ODQLxD \ VH VHQWy HQ XQ JUDQ VLOOyQ FRQ 6DUDKVREUHHO UHJD]R/DQLxDQRVHUHVLVWLySHUR5RVHWXYRODFODUDVHQVDFLyQGHTXHVLHOODQR FRQWLQXDED VRVWHQLpQGRODVXKLMD VHGHVOL]DUtD KDVWD HOVXHOR7RPyXQDUHYLVWDGH XQD PHVLWD MXQWR DO VLOOyQ \ FRPHQ]y D KRMHDUOD &DGD WDQWR ODV PDQRV GH6DUDK GHWHQtDQ HO YROYHU GH ODV SiJLQDV $ OD WHUFHUD YH] 5RVH FRPSUHQGLy TXH 6DUDK GHWHQtDODVSiJLQDVGRQGHKDEtDIRWRJUDItDVGHJDWRV ²
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
VX KLMD ,QVWDQWHV GHVSXpV VLQWLy TXH DOJR OH WRFDED OD SLHUQD \ FRPSUHQGLy TXH 6DUDK VH KDEtD RFXOWDGR GHEDMR GHO HVFULWRULR 5RVH VRQULy DO UHFRUGDU FXiQWR OH KDEtDJXVWDGRDHOODGHQLxDLPDJLQDUTXHXQHVFULWRULRHUDXQDFXHYD6LVXKLMDVH SDUHFtDHQDOJRDORTXHHOODKDEtDVLGRGHSHTXHxDHVWDUtDHQWUHWHQLGDSRUHOUHVWR GHODWDUGH5RVHYROYLyDGHGLFDUWRGDVXDWHQFLyQDVXWUDEDMR 3DVDEDQORVPLQXWRV\5RVHSHUFLEtDGHWDQWRHQWDQWRORVPRYLPLHQWRVGHVXKLMD GHEDMR GHO HVFULWRULRSHUR VyOR FXDQGRVLQWLyTXHDWDEDQDOJR D VXWRELOOR GHMy VX WUDEDMR GH ODGR 6H TXHGy PX\ TXLHWD SUHJXQWiQGRVH FRQ TXp OD HVWDUtD DWDQGR 6DUDK(VSHUyVHQWLUXQFRQWDFWRHQVXSLHUQDSHURQRVHSURGXMR /D QLxD HVWDED DWiQGROH ORV SLHV XQR FRQ RWUR 5RVH HPSH]y D SODQHDU HO HVSHFWiFXOR TXH KDUtD SDUD GLYHUWLU D VX KLMD FXDQGR WHUPLQDUD (OOD PLVPD KDEtD SUREDGRODPLVPDWUDYHVXUDGHQLxDDWDQGRORVOD]RVGHORV]DSDWRVGHVXSDGUH FXDQGR pOVH KDOODED HQ VX HVFULWRULR &XDQGR pO VHSRQtD GH SLHVH EDPEROHDED YLROHQWDPHQWH\VHJROSHDEDFRQWUDWRGRVORVPXHEOHVGHODKDELWDFLyQGXUDQWHXQ PLQXWR HQWHUR DQWHV GH FDHU DO VXHOR HOOD VH GHVWHUQLOODED GH ULVD (Q HVDV RFDVLRQHVQXQFDLPDJLQyTXHVXSDGUHQRKDFtDRWUDFRVDTXHILQJLUSDUDGLYHUWLUOD\ VyORDKRUDFRPSUHQGLyTXHpOPRQWDEDWRGRHOHVSHFWiFXORTXHHOODVHGLVSRQtDD EULQGDUD6DUDK(QWRQFHVVLQWLyTXH6DUDKWHUPLQDED ²%XHQR ²GLMR HQ YR] DOWD² HVWR\ FDQVDGD &UHR TXH VDOGUp D HVWLUDU ODV SLHUQDV 3RGtDLPDJLQDUDODQLxDDKRJDQGRULVLWDVGHEDMRGHOHVFULWRULR 5RVHVHDSDUWyGHOHVFULWRULR\PRYLyFRQFXLGDGRVXVSLHVSDUDSUREDUODORQJLWXG GHOFRUGHOTXHHVWDEDVHJXUDWHQtDDWDGRHQORVWRELOORV/HSDUHFLyPX\ODUJR\VH SUHJXQWyFyPRORKDUtDSDUDTXHVXSDQWRPLPDUHVXOWDUDFRQYLQFHQWH 6yORFXDQGRVHKXERDSDUWDGRFRPSOHWDPHQWHGHOHVFULWRULRDGYLUWLyTXHQRKDEtD QLQJ~QFRUGHO\TXHWHQtDDOJRGLIHUHQWHDOUHGHGRUGHVXVWRELOORV 6HDJDFKy\SDOSyXQREMHWRGXUR&XDQGRPLUyVLQWLyTXHHOFRUD]yQOHGDEDXQ VDOWR\WXYRHVDVHQVDFLyQHQHOHVWyPDJRTXHWHQtDDPHQXGRFXDQGRXQDVFHQVRU HQTXHEDMDEDVHGHWHQtDEUXVFDPHQWH(UDHOEUD]DOHWH 2OYLGDGD GH 6DUDK VH OR TXLWy GHO WRELOOR\ OR H[DPLQyFRQ DWHQFLyQ 6t HUD HO EUD]DOHWH GHO UHWUDWR RUR LQFUXVWDGR FRQ XQ ySDOR SHTXHxR 7HQtD DGKHULGRV SHTXHxRV IUDJPHQWRV GH WLHUUD FRPR VL KXELHUD SHUPDQHFLGR ODUJR WLHPSR D OD LQWHPSHULH 6H LQFRUSRUy FRQ OD LQWHQFLyQ GH OOHYDUOR DO JDELQHWH SDUD XQD FRPSDUDFLyQPiVDWHQWD\VLQWLyDOJRPiVFRORFDGRIORMDPHQWHDOUHGHGRUGHVXRWUR WRELOOR 0LUyKDFLDDEDMRXQDYH]PiV\QRUHFRQRFLyLQPHGLDWDPHQWHHORWURREMHWR(UD GHFRORUSiOLGRFDVLEODQFRSHURPX\VXFLR3DUHFtDWHQHUXQDHVSHFLHGHKHELOOD (QWRQFHVVXSRTXpHUD 8QFROODU 8QFROODUPDWDSXOJDVGHJDWRGHSOiVWLFR ²'HGyQGHGHPRQLRV²PXUPXUyPLHQWUDVGHVSUHQGtDHOFROODUGHVXWRELOOR 6HHQGHUH]y\H[DPLQyHOREMHWR (VWDEDVXFLRWDPELpQ SHURQR FRQOD PLVPD FODVHGHVXFLHGDGTXHHOEUD]DOHWH(OFROODUWHQtDPDQFKDVGHXQDVXEVWDQFLDSDUGR URML]D$5RVHOHOOHYyXQPRPHQWRFRPSUHQGHUTXHODVXEVWDQFLDSDUHFtDVDQJUH VHFD&XDQGRORFRPSUHQGLyVHGLULJLyKDFLDODSXHUWDGHODFRFLQD ²6HxRUD*RRGULFKYHQJDDTXtGHSULVDSRUIDYRU²OODPy &XDQGRYROYLyDVXRILFLQDYLRD6DUDKDFXUUXFDGDGHEDMRGHOHVFULWRULRPLUiQGROD FRQVXFDULWDDVRPDQGRGHODRVFXULGDGFRPRXQFRQHMRDWUDSDGRHQXQDJXMHUR 5RVHPLUyDODQLxDVLQVDEHUTXpGHFLUOH&XDQGRODVHxRUD*RRGULFKDSDUHFLyHQOD SXHUWD5RVHQRVHKDEtDPRYLGR
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
²(VSHUR TXH QR VH TXHPHQ PLV SDVWHOHV ²GLMR OD DQFLDQD OLPSLiQGRVH ODV PDQRVHQVXGHODQWDO&RPR5RVHQRVHYROYLyGHMyGHOLPSLDUVHODVPDQRV\KDEOy QXHYDPHQWH ²¢6XFHGHDOJRVHxRUD5RVH"²SUHJXQWy ²1RQRORVp²GLMR5RVHFRQIXQGLGD²0LUHHVWR 7HQGLyHOFROODUDODVHxRUD*RRGULFKTXLHQORWRPy ²3DUHFHXQFROODUPDWDSXOJDVGHJDWR²GLMRODFULDGD²FRPRHOTXHSXVLPRVD &HFLO²VXVRMRVYLHURQODVPDQFKDV²DTXt¢TXpHVHVWR" ²1RHVWR\VHJXUD²GLMR5RVHHVSHUDQGRTXHODVHxRUD*RRGULFKRIUHFLHUDXQD DOWHUQDWLYD ²3DUHFHVDQJUH²GLMRODPXMHU²¢'HGyQGHORVDFy" ²6DUDK²GLMR5RVHYDJDPHQWH²6DUDKORSXVRHQPLWRELOOR ²%XHQRHVEDVWDQWHH[WUDxR²GLMRODDQFLDQD²¢'yQGHFUHHTXHORHQFRQWUy" ²1RORVp²GLMR5RVH²5HDOPHQWHQRWHQJRLGHD ²%XHQRVLORVDFyGHOFXHOORGHHVHJDWRPHJXVWDUtDTXHQRVGLMHUDGyQGHHVWi HVHDQLPDO²ROIDWHyHODLUH²+XHORDSDVWHOHVTXHPDGRV /DVHxRUD*RRGULFKVDOLySUHFLSLWDGDPHQWH\5RVHR\yVXVSDVRVSHUGLpQGRVHHQ HOYHVWtEXOR ²¢6DUDK"²GLMR5RVH /DQLxDVHDVRPyXQSRFRGHVGHVXHVFRQGLWH ²6DUDKTXHULGD WRGR HVWi ELHQ ²GLMR5RVHVLQVDEHUVLGHFtDODYHUGDG²6DO GHDKt 6HLQFOLQyDUUDVWUyVXDYHPHQWHDVXKLMDKDFLDDIXHUDODWRPyHQEUD]RV\ODOOHYy HVFDOHUDDUULED'HMyD6DUDKHQODFDPD\ODFXEULyFRQXQFREHUWRU ²'XpUPHWHDKRUD²GLMR\VHLQFOLQySDUDEHVDUODDPRURVDPHQWHHQODIUHQWH6H FRPSRUWDEDFRQXQDFDOPDTXHQRVHQWtD &XDQGRGHVFHQGtDODHVFDOHUDR\yHODXWRPyYLOGH-DFNTXHVHDFHUFDEDSRUOD FDUUHWHUD\HVSHUyDVXPDULGRHQODSXHUWDSULQFLSDO ²+ROD²GLMRpOSHURVXVRQULVD VHGHVYDQHFLyLQPHGLDWDPHQWHDOYHUODSDOLGH] GHHOOD²¢4XpVXFHGH"¢+DSDVDGRDOJR"²SUHJXQWy ²1R ORVp ²GLMR TXHGDPHQWH5RVH² KDEOHPRV HQ HO JDELQHWH(Q XQ PLQXWR HVWDUpFRQWLJR )XHKDVWDVXHVFULWRULR\WRPyHOEUD]DOHWH\HOFROODU/XHJRVLJXLyD-DFNKDFLDHO JDELQHWH ²6LUYHFRSDVSDUDORVGRV²GLMRFHUUDQGRODSXHUWD -DFNODPLUyFRQFXULRVLGDG ²3DUHFHVWUDVWRUQDGD²GLMRpO²¢4XpKDSDVDGRDTXt" (OODOHUHODWyORVXFHGLGR\OHPRVWUyORVGRVREMHWRV(OH[DPLQyEUHYHPHQWHHO FROODU\GLULJLyVXDWHQFLyQDOEUD]DOHWH ²(VWRPHSDUHFHIDPLOLDU²GLMROHQWDPHQWH²-XUDUtDTXHORKHYLVWRDQWHVSHUR QRSXHGRUHFRUGDUGyQGH ²(OUHWUDWR²GLMR5RVH ²¢(OUHWUDWR"²SUHJXQWy\PLUyKDFLDGRQGHVHxDODED 6XVRMRVGHVFXEULHURQHOEUD]DOHWHHQODPXxHFDGHODQLxD ²£6DQWR'LRV²GLMRpOFDVLVLQDOLHQWR²¢HVWiVVHJXUDGHTXHHVHOPLVPR" ²1R ORV KH FRPSDUDGRWRGDYtDSHUR VtHVWR\ VHJXUD²GLMR 5RVH² <ORPiV H[WUDxR HV TXH DQWHV GH TXH 6DUDK OR SXVLHUD HQ PL WRELOOR HVWXYH PLUDQGR HO EUD]DOHWHHQHOUHWUDWR6HQWtTXHORKDEtDYLVWRHQDOJXQDSDUWHTXHQRHUDHOUHWUDWR ²¢6DUDKHVWXYRXViQGROR"²SUHJXQWy-DFN ²1RVp6LORXVy\RQRORQRWpFRQVFLHQWHPHQWHSHURVXSRQJRTXHHVRGHELy VXFHGHU
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
-DFNVHDFHUFyDOUHWUDWR\VRVWXYRHOEUD]DOHWHMXQWRDVXUHSUHVHQWDFLyQHQOD WHOD(UDHOPLVPREUD]DOHWH ²(VHOFROODUORTXHPiVPHSUHRFXSD²GLMR5RVH\EHELyXQODUJRVRUERGHVX FRSD ²¢(OFROODU" ²%XHQR ¢GyQGH VXSRQHV TXH OR HQFRQWUy" ¢\ FyPR VXSRQHV TXH HVWR VH PDQFKyFRQVDQJUH" ²¢4XLHUHVGHFLUTXHHVGH &HFLO "²GLMRpOFRQHYLGHQWHLQFUHGXOLGDG ²¢4XpRWUDFRVDSRGUtDVHU" ²2KYDPRV5RVH6DUDKDGRUDDHVHJDWR ²/RVp²GLMR5RVHDKRJDQGRXQVROOR]R²SHURDWDFDERVHOJDWRGHVDSDUHFLy DSDUHQWHPHQWH6DUDKWUDWyGHDSRGHUDUVHGHXQFXFKLOORHVWDPDxDQD\OXHJRVH DOWHUyFXDQGRHVWDWDUGHYLRIRWRJUDItDVGHJDWRV<DKRUDHVWR²DJUHJyVHxDODQGR HOFROODU ²&UHHVTXHHOODPDWyD&HFLO /DVSDODEUDV JROSHDURQD 5RVH TXH VH HQFRJLy YLVLEOHPHQWH&RPSUHQGLy TXH HVRHUDUHDOPHQWHORTXHSHQVDEDSHURTXHKDEtDHVWDGRUHKXViQGRVHDH[SUHVDUOR FRQSDODEUDVGHPRGRTXHDVLQWLyHQVLOHQFLR ²1RORFUHR²GLMR-DFN²QRSXHGRFUHHUOR ²(QWRQFHV¢GHGyQGHVDFyHVHFROODU"<WDPELpQHOEUD]DOHWH ²1R OR Vp SHUR QR SXHGR FUHHU TXH PDWDUD D &HFLO (OOD QR KDUtD XQD FRVD VHPHMDQWH ²¢&yPRVDEHPRVTXHQRORKDUtD-DFN"¢FyPRVDEHPRVORTXHKDUtD\ORTXH QRKDUtD"²GLMR5RVHDOERUGHGHODVOiJULPDV-DFNVHOHDFHUFySDUDFRQVRODUOD SHURHOODVHDSDUWy ²¢4XpFUHHVTXHGHEHPRVKDFHU"²GLMR-DFN ²/ODPDU D OD HVFXHOD VXSRQJR ²GLMR 5RVH² KDEODU FRQ HO GRFWRU %HOWHU (O TXHUtDVDEHUVL KDEtD VXFHGLGR DOJRIXHUD GH OR FRP~Q £< 'LRVVDEHTXHHVWRHV DOJRDQRUPDO ²¢4Xp OH GLUHPRV" ²SUHJXQWy -DFN LQFyPRGR² ¢TXH 6DUDK HQFRQWUy GRV REMHWRV\TXHQRVRWURVFUHHPRVTXHHOODPDWyDOJDWR" ²1RORVp²UHSXVR5RVH²OHFRQWDUpVLPSOHPHQWHWRGRORTXHSDVy\YHUHPRV TXpSLHQVDpO ²¢&XiQGROROODPDUiV"²GLMRpOFRQWRQREHOLJHUDQWH ²$KRUDPLVPR²UHVSRQGLy5RVHDYDQ]DQGRKDFLDHOWHOpIRQR 0DUFyHOQ~PHUR\GRVPLQXWRVPiVWDUGHODFRPXQLFDEDQFRQHOGRFWRU%HOWHU(O GRFWRUHVFXFKyHOUHODWRGHHOOD\FXDQGRWHUPLQyKL]RDOJXQDVSUHJXQWDV ²¢&yPRHVWiHOODDKRUD" ²¢6DUDK" 6XSRQJR TXH ELHQ QR SDUHFH WUDVWRUQDGD VL HV HVR OR TXH XVWHG SUHJXQWD(VWiDUULEDGRUPLGD (OGRFWRU%HOWHUSHQVyXQLQVWDQWH\YROYLyDSUHJXQWDU ² ¢3RU TXp QR YLHQHQ DPERV D OD HVFXHOD HO OXQHV" ¢XVWHG \ VX HVSRVR" (QWRQFHVSRGUtDPRVFRQYHUVDU¢3XHGHHVSHUDUKDVWDHQWRQFHV" ²%XHQRFUHRTXHVt²GLMR5RVHYDFLODQWH (OGRFWRU%HOWHUSHUFLELyODLQVHJXULGDGHQODYR]GHHOOD ²/HGLUpORTXHKDUHPRV²GLMR²VLOOHJDDVXFHGHUDOJRPiVXVWHGPHOODPD\ \RLUpKDVWDDOOtLQPHGLDWDPHQWH(QFDVRFRQWUDULRQRVYHUHPRVHOOXQHV ²0X\ELHQ²DVLQWLy5RVH²FUHRTXHHVRHVPiVFRQYHQLHQWH*UDFLDVGRFWRU &ROJyHODXULFXODU\HVWDEDSRUGHFLUD-DFNORTXHKDEtDFRQYHQLGRFRQHOGRFWRU %HOWHUFXDQGRYLRTXHORVRMRVGHpOVHDSDUWDEDQGHOURVWURGHHOOD\VHFODYDEDQHQ
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
XQ SXQWR D VXV HVSDOGDV PLHQWUDV VH SRQtD PRUWDOPHQWH SiOLGR 6H YROYLy UiSLGDPHQWHVLQVDEHUORTXHHQFRQWUDUtD (UD(OL]DEHWKFRQXQDVSHFWRODVWLPRVR(OYHVWLGRTXHHVWDEDWDQOLPSLRFXDQGR VDOLyGHODFDVDVHYHtDDKRUDVXFLR\FXELHUWRGHORGR\HOEDUURWDPELpQOHFXEUtDOD FDUD ²£'LRVPtR²H[FODPy5RVH²¢TXpSDVy" ²/RVLHQWR²GLMR(OL]DEHWK\VXYR]SDUHFtDODGHXQDQLxDSHTXHxD²HVWDEDHQ ODFDQWHUD\UHVEDOpHQHOEDUUR ²¢4XpHVWDEDVKDFLHQGRDOOt"²H[LJLy-DFN²SXGLVWHKDEHUWHPDWDGR (OL]DEHWKSDUHFtDDOERUGHGHODVOiJULPDV ²'LMHTXHORVLHQWR²UHSLWLy²HVWR\ELHQHVVyOREDUUR ²(VH YHVWLGR ²HVWDOOy 5RVH² KDV HVWURSHDGR HVH YHVWLGR 4XtWDWHOR LQPHGLDWDPHQWH\GiVHORDODVHxRUD*RRGULFKWDOYH]HOODSXHGDKDFHUDOJR (OL]DEHWKHVWDOOyHQOODQWR\KX\yGHODKDELWDFLyQ5RVHODYLRLUVH\GXGyTXHOD VHxRUD *RRGULFK SXGLHUD VDOYDU HO YHVWLGR SDUHFtD WDQ HVWURSHDGR FRPR OD WDUGH 7DPELpQ5RVHVLQWLyTXHOORUDUtD ²2KPLHUGD²GLMRFRQWRQRODVWLPHUR ²(VVyORXQYHVWLGR²GLMR-DFNSDUDFRQVRODUOD ²1RQR²GLMR5RVH²HVWRGR 5RVHVLQWLyTXHODGRPLQDEDODGHVHVSHUDFLyQ
&DStWXOR ²<DTXtHVGRQGHQRVHQFRQWUDPRVDKRUD²FRQFOX\yHOGRFWRU%HOWHUFHUUDQGR XQD FDUSHWD TXH WHQtD GHODQWH 0LUy HQ WRUQR D OD KDELWDFLyQ \ QRWy TXH 0DULH 0RQWJRPHU\SDUHFtDGHVGLFKDGD\-RVHSKLQH:HOOVIDVWLGLDGD/RVWUHVHVSHUDEDQD -DFN\5RVH&RQJHU\-RVHSKLQH:HOOVKDEtDVXJHULGRTXHUHSDVDUDQWRGRHOFDVR DQWHV GH VX OOHJDGD ©0HQWH GH EXUyFUDWDª KDEtD SHQVDGR HO GRFWRU %HOWHU SHUR DFFHGLy$KRUDPLUyD-RVHSKLQH:HOOV ²¢$OJXQDSUHJXQWD" ²7HQJRODLPSUHVLyQ²GLMR -RVLH:HOOV\HOGRFWRU%HOWHUQRWyTXH-RVLH:HOOV LQYDULDEOHPHQWH©WHQtDLPSUHVLRQHVª²GHTXHDTXtGHEHKDEHUPXFKRPiVGHOR TXHVDEHPRV (OGRFWRU%HOWHUWUDWyGHPDQWHQHUXQDH[SUHVLyQVHULD\DVLQWLyFRQJUDYHGDG ²$GHODQWH²GLMRVDELHQGRTXHHOODGHFXDOTXLHUPRGRVHJXLUtDKDEODQGR ²7HQJRODLPSUHVLyQ ²GLMRQXHYDPHQWHOD VHxRULWD:HOOV\HVWDYH] HOGRFWRU %HOWHUWXYRTXH OXFKDUFRQWUDHOGHVHRGHJROSHDUOD²GH TXH GHEHUtDPRVEXVFDU PiV DOOi GH 6DUDK FRPR LQGLYLGXR \ WUDWDU PiV ELHQ GH VRQGHDU HQORV JUDQGHV IDFWRUHVVRFLRSVLFROyJLFRVLQYROXFUDGRVHQODHVWUXFWXUDGHODXQLGDGSULPDULD ²6L XVWHG TXLHUH GHFLU TXH GHEHUtDPRV KDEODU FRQ OD IDPLOLD ²FRPHQWy VHFDPHQWHHOGRFWRU%HOWHU²HVRHVH[DFWDPHQWHORTXHHVWDPRVDSXQWRGHKDFHU 6L HV TXH OOHJDQ²DJUHJyPLUDQGRQHUYLRVDPHQWH VX UHORMSXOVHUD \ QRWDQGRTXH IDOWDEDQWRGDYtDFLQFRPLQXWRVSDUDODKRUDFRQYHQLGDFRQORV&RQJHU6HSUHSDUy SDUDWROHUDUQXHYDVSHURUDWDVGHODDVLVWHQWHVRFLDO ²/RTXHHVWR\WUDWDQGRGHGHFLU²GLMRODVHxRULWD:HOOVJROSHiQGRVHVXVGLHQWHV GHODQWHURVFRQ HOEROtJUDIR TXH VLHPSUH OOHYDED FRQVLJRDSDUHQWHPHQWH SDUD HVH ~QLFRILQSXHVWRTXHUDUDPHQWHWRPDEDQRWDV²HVTXHSDUHFHTXHWHQHPRVDTXt XQFDVRFODURGHUHJUHVLyQ /D VHxRULWD :HOOV TXH FUHtD TXH VX WtWXOR XQLYHUVLWDULR GH DVLVWHQWH VRFLDO OD FDOLILFDEDFRPRSVLFyORJDVRFLyORJD\ILOyVRIDVHHFKyKDFLDDWUiVHQVXVLOOyQPX\ VDWLVIHFKDFRQVLJRPLVPD
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
²¢<"²SUHJXQWyHOGRFWRU%HOWHU ²<SRUORWDQWRWHQJRODLPSUHVLyQGHTXHGHEHUtDPRVWUDWDUGHGHVFXEULUKDFLD GyQGHKDFHHOODHVDUHJUHVLyQ (OGRFWRU%HOWHUGLULJLyXQDPLUDGDDODVHxRUD0RQWJRPHU\SHURHOURVWURGHOD PDHVWUD HUDXQD PiVFDUDGH WRWDO LQRFHQFLD0DULH0RQWJRPHU\KDEtDGHVFXELHUWR KDFtD PXFKR TXH FRQ -RVLH :HOOV OR PHMRU HUD TXHGDUVH FDOODGD \ HVSHUDU &XDOTXLHUUHVSXHVWDWHQtD GHPDVLDGDVSUREDELOLGDGHVGH ODQ]DUDODVHxRULWD:HOOV WRGDYtDFRQPiVDUGRUDOXFXEUDFLRQHVGLVSDUDWDGDVTXHHOODWRPDEDSRUHUXGLFLyQ 0DULHFDSWyODPLUDGDGHOGRFWRU%HOWHU\OHLQWULJyVDEHUFyPRSODQHDEDpOHQIUHQWDU ODLGHDLPSRVLEOHGHODDVLVWHQWHVRFLDO ²&UHR TXH XVWHG WLHQH WRGD OD UD]yQ ²GLMR JUDYHPHQWH HO GRFWRU %HOWHU² 6XJLHURTXHKDJDKDFHUFRSLDVGHWRGDODGRFXPHQWDFLyQGHOFDVRLQPHGLDWDPHQWH \TXHHPSLHFHDFRPSDUDUORVIDFWRUHVFRPXQHVHQWUHODVH[SHULHQFLDVSUHQDWDOHV GH6DUDK\ODGHSUHVLyQIXWXUL~QGLFDSRVWSDUWRGHODPDGUH (O GRFWRU %HOWHU QRWy FRQ SHUYHUVD VDWLVIDFFLyQ TXH -RVLH :HOOV HVFULEtD XQD SDODEUD FRQVX EROtJUDIR\ VHSUHJXQWyFXiQWRV OLEURVFRQVXOWDUtDDQWHVGHGHFLGLU SRU ILQTXHODSDODEUD ©IXWXUL~QGLFDªQRH[LVWtD3HURHQWRQFHV©WXYR ODLPSUHVLyQª GHTXHHOODDVLJQDUtDVHQFLOODPHQWHFXDOTXLHUVLJQLILFDGRDODSDODEUD\SURFHGHUtDD VHJXLU ODV LQVWUXFFLRQHV GH pO 6XVSLUy GHVDOHQWDGR \ PDOGLMR PHQWDOPHQWH OD QHFHVLGDGGHWHQHUHQWUHVXSHUVRQDODXQDDVLVWHQWHVRFLDO &XDQGRYLRTXHORV&RQJHUVHDFHUFDEDQHQDXWRPyYLODOHGLILFLRGHMyHVFDSDUXQ HYLGHQWH VXVSLUR GH DOLYLR 6H UHDQLPy \ DGRSWy XQD DPSOLD VRQULVD PLHQWUDV ORV YLVLWDQWHVHUDQ LQWURGXFLGRVHQVXRILFLQDGHPRGRTXH QLQJXQR GHORVGRVDGYLUWLy TXHpOPLHQWUDVORVVDOXGDEDHVWDEDH[DPLQiQGRORVDWHQWDPHQWH 1RWyODHYLGHQWHWHQVLyQHQHOURVWURGH5RVHODWHQVLyQTXHYHQtDDFXPXOiQGRVH GHVGHXQDxRDWUiV1RSDUHFtDSHRUTXHOD~OWLPDYH]TXHODYLRSHURKDEtDRWURV VLJQRVLQGLFDGRUHVGHTXHODFRPSRVWXUDGH5RVHHVWDEDDJRWiQGRVH6XFDEHOOR KDELWXDOPHQWH SHLQDGR FRQSUROLMLGDGHPSH]DED D PRVWUDU ORVSULPHURVVLJQRV GH DEDQGRQR1R HVWDEDGHVSHLQDGDGH QLQJ~QPRGR SHURVLPSOHPHQWH QRSDUHFtD WDQLPSHFDEOHPHQWHDUUHJODGDFRPRRWUDVYHFHV<HQODFKDTXHWDGHVXWUDMHFRQ SDQWDORQHV KDEtDXQD PDQFKLWDTXH KDEUtDSDVDGR LQDGYHUWLGDSDUDOD PD\RUtDGH ODVSHUVRQDVSHURTXH5RVHQRKDEUtDWROHUDGRHQFRQGLFLRQHVQRUPDOHVFRPRPX\ ELHQ VDEtD HO GRFWRU %HOWHU 3RU VX SDUWH -DFN QR UHYHODED QLQJ~Q FDPELR < QR WHQGUtDTXHVHUDVtSHQVyHOGRFWRU%HOWHUDPHQRVTXHIXHUDXQPRQVWUXR3HUR &KDUOHV%HOWHUQRFUHtDTXHODVSHUVRQDVIXHVHQPRQVWUXRVGHPRGRTXHREVHUYy FRQPiVDWHQFLyQ+DOOyORTXHEXVFDEDHQODVXxDVGHODVPDQRVGH-DFNKDEtD HPSH]DGRDURpUVHODV1RWDQWRFRPRSDUDTXHSDUHFLHUDQFRPLGDVVLQROHYHPHQWH GHVSDUHMDVFRPRVLKXELHUDURtGRXQDTXHOXHJRDOLVyFRQODOLPDGHMiQGRODPiV FRUWDTXHODVGHPiV ²6LpQWHQVH ²GLMR FRUGLDOPHQWH HO GRFWRU %HOWHU² MXVWDPHQWH HVWiEDPRV KDEODQGRGH6DUDK3XHVWRTXHXVWHGHVQRYROYLHURQDOODPDUPHGHGX]FRTXHHOGtD GHD\HUWUDQVFXUULyHQSD] ²%XHQR ²GLMR 5RVH² \D QR HVWR\ VHJXUD GH VDEHU OR TXH HV SD] 6L XVWHG SUHJXQWD VL VXFHGLy DOJR VXSRQJR TXH SRGUtDPRV UHVSRQGHU TXH QDGD VXFHGLy 3HURPHWHPRTXHGHERGHFLUTXHFUHRTXHHOODVHHQFXHQWUDSHRU ²£5RVH²ODLQWHUUXPSLy-DFN²QRFUHRTXHHVRVHDMXVWR ²1R²GLMR5RVHFDQVDGD²\DVpTXHW~QRORFRQVLGHUDVMXVWR\TXL]iWHQJDV UD]yQ 7H FRQFHGR TXH \R QR VR\ SVLFyORJD \ TXH QR WHQJR H[SHULHQFLD HVSHFLDOL]DGD HQ OD FODVH GH SUREOHPDV TXH SDGHFH 6DUDK3HUR VR\PDGUH \Vp FyPRPHVLHQWR<PHVLHQWRDJRWDGD\PHVLHQWRHQIHUPD\VLHQWRTXHPLKLMDQR H[SHULPHQWDQLQJXQDPHMRUtD
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
²(VRQRTXLHUHGHFLUTXHVHHQFXHQWUHSHRU²ODLQWHUUXPSLy-DFN ²(VWiELHQTXL]iVHVWR\HTXLYRFDGD²GLMR5RVH\VHYROYLyDOGRFWRU%HOWHU² 'tJDQRVORXVWHG $FRQWLQXDFLyQUHODWyORVDFRQWHFLPLHQWRVGHOViEDGRVLQROYLGDUQLQJ~QGHWDOOH(O GRFWRU%HOWHUHVFXFKyDWHQWDPHQWHORPLVPRTXHODPDHVWUD\ODDVLVWHQWHVRFLDO &XDQGR5RVHWHUPLQyHOGRFWRUVHHFKyKDFLDDWUiVHQVXVLOOyQFHUUyORVRMRV\ SDUHFLySHQVDUHQDOJR1DGLHKDEOy\SRUODPHQWHGH-DFNFUX]yODLGHDGHTXHHO GRFWRU VH SDUHFtD LQWHQVDPHQWH D 6DQWD &ODXV 6L VH KXELHUD HQWHUDGR GH HVH SHQVDPLHQWRHOGRFWRU%HOWHUVHKDEUtDVHQWLGRVXPDPHQWHKDODJDGR )LQDOPHQWHHOSVLTXLDWUDDEULyORVRMRV\VHYROYLyD0DULH0RQWJRPHU\ ²¢$OJXQDLGHD" (OODDJLWyODFDEH]D ²1LQJXQDSRUHOPRPHQWR²GLMR²)UDQFDPHQWHDPtQRPHSDUHFHTXH6DUDK HVWpHPSHRUDQGR ²¢1R"²GLMR-DFNPLHQWUDVVHOHLOXPLQDEDODPLUDGD ²%XHQR²GLMRFDXWDPHQWH0DULH0RQWJRPHU\²PHSDUHFHTXHHOKHFKRGHTXH KD\DVLGRFDSD]GHFRQFHQWUDUVHHQDOJRGXUDQWHWDQWRWLHPSRFRPRKL]RFXDQGR FRORFy HVH FROODU HQ HO WRELOOR GH VX PDGUH SRGUtD LQGLFDUTXH VH HQFXHQWUD DOJR PHMRU (V FLHUWR TXH OD FRVD UHVXOWD XQ SRFR PDFDEUD R SRU OR PHQRV DVt QRV SDUHFHD QRVRWURVSHURSDUDHOODSXGR QR WHQHU QDGDGH PDFDEUR 3XGRVHU DOJR WRWDOPHQWH GLVWLQWR 4XL]i WUDWDED GH GHFLUOHV DOJR ²FRQFOX\y UHFRUGDQGR HO LQFLGHQWHFRQODUHYLVWD\ODUHDFFLyQGH6DUDKDQWHODVIRWRJUDItDVGHJDWRV ²¢&RPRTXp"²SUHJXQWy5RVH /DPDHVWUDVHHQFRJLyGHKRPEURV ²(VD HV OD SDUWH GLItFLO ²GLMR² +D\ TXH UHFRUGDU TXH OD PHQWH GH 6DUDK QR WUDEDMDGHODPLVPDIRUPDTXHODGHXVWHGRODPtD5HDOPHQWHQRWHQHPRVFyPR VDEHU TXp HVWDED WUDWDQGR GH FRPXQLFDU SHUR IXHUD OR TXH IXHUD GHELy VHU LPSRUWDQWH 1RUPDOPHQWH HOOD QR SDVD WDQWR WLHPSR KDFLHQGR DOJR SRU QR PHQFLRQDUODGHVWUH]DUHTXHULGDSDUDDEURFKDUXQRGHHVRVFROODUHVGHSOiVWLFR6RQ GLItFLOHVGHDMXVWDU (OGRFWRU%HOWHUDVLQWLyFRQXQJHVWR\SDUHFLyOOHJDUDXQDGHFLVLyQ ² &UHR TXH VHUiPHMRU TXH \R KDEOH D VRODVFRQ HO PDWULPRQLR &RQJHU ²GLMR GLULJLpQGRVHDVXVFROHJDV -RVLH:HOOVHPSH]yDSURWHVWDUSHURODVHxRUD0RQWJRPHU\\DVHKDEtDSXHVWR GHSLH ²1DWXUDOPHQWH ²GLMR SRU HQFLPD GH OD YR] GH OD DVLVWHQWH VRFLDO² VL QRV QHFHVLWDKiJDQRVOODPDU $QWHV GH TXH -RVLH SXGLHUD GHFLU QDGD 0DULH 0RQWJRPHU\ OD VDFy FDVL HPSXMiQGRODGHODKDELWDFLyQ3DUDKDEODUHOGRFWRU%HOWHUHVSHUyTXHVHFHUUDUDOD SXHUWD ²1LQJXQRGHORVGRVQRORHVWiSDVDQGRPX\ELHQ~OWLPDPHQWH¢YHUGDG"²GLMR 5RVH \ -DFN ORPLUDURQ FRQ ILMH]D FDGD XQR HVSHUDQGR TXH KDEODUDHO RWUR(O VLOHQFLRVHSURORQJyKDVWDTXH5RVHORURPSLy ²6t²GLMRFRQYR]DSHQDVDXGLEOH²(VDVt\QRVHWUDWDVRODPHQWHGH6DUDK ²'H WRGRV PRGRV QR GLUHFWDPHQWH ²\ GLMR HO GRFWRU %HOWHU DVLQWLHQGR FRQ OD FDEH]D²¢4XLHUHQFRQWDUPHTXpHVWiSDVDQGRHQWUHXVWHGHV" 5RVHHVSHUyTXH-DFNKDEODUDSHURFRPRpOQRORKL]RHPSH]yHOODDKDEODUGH ORVSUREOHPDVGHDPERV$PHGLGDTXHORKDFtDSHUFLEtDXQH[WUDxRDOHMDPLHQWR FRPR VLHVWXYLHUD KDEODQGRGHRWUDVGRVSHUVRQDV\QRGHHOOD\VXPDULGR5HILULy ODVSHOHDV\ODVFUXHOGDGHVTXHVHKDEtDQLQIOLJLGRXQRDORWUR\VHVRUSUHQGLyDO
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
GHVFXEULUTXHORKDFtDFRQHTXLGDGTXHSUHVHQWDEDWDQWRHOSXQWRGHYLVWDGH-DFN FRPRHOGHHOOD&XDQGRWHUPLQyHOGRFWRU%HOWHUVHYROYLyD-DFN ²¢'HVHDDJUHJDUDOJR" ²1R ²GLMR -DFNVRQULHQGR DVXHVSRVD² WHQJR TXH DGPLWLUTXH TXH\R QR KDEUtDVLGRPiVH[DFWR ²6HxRUD&RQJHU²GLMRHOGRFWRU%HOWHU²¢QRKDSHQVDGRTXHWDOYH]GHEHUtD VRPHWHUVHWDPELpQDWHUDSLD" ²¢4XpWUDWDGHGHFLUPH"²GLMR5RVHDODGHIHQVLYD (OGRFWRU%HOWHUVRQULyWUDQTXLOL]DGRU ²%XHQR HQFDUpPRVOR ²GLMR² +DEODQGR HQ JHQHUDO \R FRQVLGHUR TXH ORV SUREOHPDVHPRFLRQDOHVVRQXQDHQIHUPHGDGFRQWDJLRVD6LHQXQDIDPLOLDKD\XQD SHUVRQD FRQ SUREOHPDV KDELWXDOPHQWH RWUDV SHUVRQDV FHUFDQDV D HOODV SXHGHQ VXIULUORVWDPELpQDXQTXHWDQVyORVHDSRUTXHHVGLItFLOYLYLUFRQDOJXLHQPHQWDOPHQWH HQIHUPR (V PX\ IiFLO TXH DOJXLHQ VLQ SUREOHPDV HVSHFLDOPHQWH JUDYHV WHUPLQH SDGHFLpQGRORV GHELGR QDGD PiV TXH D ODV SUHVLRQHV DGLFLRQDOHV TXH WUDH DSDUHMDGDVHOYLYLUFRQXQDSHUVRQDWDQSHUWXUEDGDFRPR6DUDK ²¢<XVWHGSLHQVDTXHWHQJRSUREOHPDVJUDYHV" ²¢/RVWLHQHXVWHG"²GLMRHOGRFWRU%HOWHUGHYROYLpQGROHODSUHJXQWD 6X LPSXOVR LQLFLDO IXH QHJDU SHUR 5RVH FRPSUHQGLy TXH QR SRGtD KDFHUOR VL TXHUtD VHU VLQFHUD 5HFRUGy ORV PRPHQWRV GH SiQLFR TXH VXIUtD D PHQXGR ODV VHQVDFLRQHVGHWHQVLyQHQHOHVWyPDJRORVV~ELWRVDUUDQTXHVGHFyOHUDODIRUPD GHVPHVXUDGD HQ TXH UHDFFLRQDED D YHFHV /H YLQR D OD PHQWH OD LPDJHQ GH (OL]DEHWKKX\HQGR OORURVDGHOJDELQHWHVHQFLOODPHQWH SRUTXH5RVHOHJULWyDOYHUOD FRQHOYHVWLGRHQORGDGR ²¢8VWHGVXJLHUHTXH\RWDPELpQSRGUtDVRPHWHUPHDWHUDSLD"²GLMRVLQPXFKD FRQYLFFLyQ ²6XJLHURTXH ORV GRV SRGUtDQ EHQHILFLDUVH FRQ XQ SRFR GH WHUDSLD 1RSDUHFH TXH HVWpQ OOHYDQGR PX\ ELHQ VXV SUREOHPDV QLQJXQR GH ORV GRV \ HV PX\ FRPSUHQVLEOH FRQVLGHUDQGR ODV FLUFXQVWDQFLDV7RGR OR TXH VXJLHURHVTXHDPERV SRGUtDQREWHQHUDOJXQDD\XGD ²4XL]iGHEHUtDPRVOOHYDUWDPELpQD(OL]DEHWK\REWHQHUXQGHVFXHQWRIDPLOLDU² GLMR-DFN &XDQGRVHDFDOODURQODVLQFyPRGDVULVLWDVHOURVWURGHOGRFWRU%HOWHUDGTXLULyXQD H[SUHVLyQVHULD ²¢4XpSDVDFRQ(OL]DEHWK"²SUHJXQWy ²(OODHVLQFUHtEOH²GLMR5RVH²SHVHDTXH HORWUR GtDOHJULWpFXDQGRDSDUHFLy FRQ HO YHVWLGR VXFLR (V XQ iQJHO (V SDFLHQWH FRQ 6DUDK \ VDEH FXLGDUVH D Vt PLVPD$YHFHVPHSUHJXQWRTXpKDUtDVLQHOOD ²'HEHVHUXQDQLxDVRUSUHQGHQWH²PXVLWyHOGRFWRU%HOWHU²3RUORJHQHUDOXQD QLxD GH VX HGDG FRQ XQD KHUPDQD FRPR 6DUDK PRVWUDUtD SRU OR PHQRV XQD KRVWLOLGDG LQWHUPLWHQWH KDFLD VX KHUPDQD (V GHELGR D OD DWHQFLyQ DGLFLRQDO TXH UHFLEHODHQIHUPD\UHVXOWDSHUIHFWDPHQWHQDWXUDO ²%XHQRQRWHQHPRVSUREOHPDVGHHVHWLSR²GLMR5RVH ²7DOYH](OL]DEHWKVHDOD~QLFDGHQRVRWURVLQPXQHDODPDOGLFLyQGHODIDPLOLD² GLMR-DFNULHQGRSHURVXULVDPXULyFXDQGRQRWyTXHHOGRFWRUQRORDFRPSDxDED ²$KVt²GLMRHOGRFWRU%HOWHUUHFOLQiQGRVHGHQXHYR\FHUUDQGRORVRMRV²OD PDOGLFLyQGHODIDPLOLD&RQJHU ²¢/DFRQRFH"²SUHJXQWy-DFN ²¢4XLpQQRODFRQRFHHQ3RUW$UEHOOR"(QUHDOLGDGSUREDEOHPHQWHVpPiVTXH XVWHGDFHUFDGHODPDOGLFLyQGHVXIDPLOLD
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
² ¢$K Vt" ²SUHJXQWy-DFN DOD GHIHQVLYD² ¢FyPR HV HVR" (OGRFWRU%HOWHU VRQULy ²7HQJRSRUFRVWXPEUHDYHULJXDUWRGRORTXHSXHGRVREUHPLVSDFLHQWHV\VXV IDPLOLDV²GLMR²GHPRGRTXHFXDQGRORVFRQRFtDXVWHGHVHPSHFpDLQYHVWLJDU ²¢<TXpGHVFXEULy"²SUHJXQWy5RVH ²$FLHUWRUHYHUHQGROODPDGR*DVSDU:LQHFOLII²GLMRHOGRFWRU%HOWHUVDERUHDQGR HOQRPEUH ²¢6H UHILHUH DO YLHMR PLQLVWUR PHWRGLVWD" ²GLMR -DFN DUTXHDQGR ODV FHMDV² $SHQDVORFRQRFHPRV ²$K SHUR pO ORV FRQRFH D XVWHGHV ²HQWRQy HO GRFWRU GLVIUXWDQGR FRQ ODV H[SUHVLRQHVVRUSUHQGLGDV GHODVFDUDVGHOPDWULPRQLR² (QUHDOLGDG²FRQWLQXyHO GRFWRU %HOWHU GHMDQGR GH ODGR VX DLUH GH PLVWHULR² *DVSDU :LQHFOLII HV VLPSOHPHQWHXQDSDVLRQDGRSRUODVOH\HQGDV\HOIRONORUHORFDOHVHVSHFLDOPHQWHODV PDOGLFLRQHVGH1XHYD,QJODWHUUD\FRVDVSRUHOHVWLOR0LRSLQLyQSHUVRQDOHVTXH GLVIUXWDFRQHVDVFXULRVLGDGHVSRUTXHFUHHTXHSRQHQXQWRTXHSHUYHUVR\PDOLJQR HQVXVLQWDFKDEOHVDQWHFHGHQWHVPHWRGLVWDV6LPHORSUHJXQWDQ\RGLUtDTXHpOFUHH DSLHVMXQWLOODVHQFDGDSDODEUDGHFDGDOH\HQGDTXHOOHJDDVXVRtGRVDXQTXHFODUR HVWiORQLHJDURWXQGDPHQWH<VXFHGHTXHODOH\HQGDGHORV&RQJHUHVVXIDYRULWD ²8VWHGEURPHD²GLMR-DFN²VDEtDTXHODOH\HQGDQRHUDVHFUHWRSDUDQDGLH SHURQRTXHDOJXLHQHVWXYLHUDWDQLQWHUHVDGRHQHOOD ²7DPSRFR\RKDVWDTXHXQGtDIXLDODELEOLRWHFDDKDFHUXQDVSUHJXQWDV7HQtD HVSHUDQ]DVGHHQFRQWUDUDOJXQRVYLHMRVGRFXPHQWRVRDOJRGRQGHHVWXYLHVHHVFULWD OD OH\HQGD 1R KDOOp QDGD SHUR HO ELEOLRWHFDULR PH SXVR HQ FRQWDFWR FRQ *DVSDU :LQHFOLII¢4XpVDEHQXVWHGHVGHHVDOH\HQGD" &XDQGR-DFNWHUPLQyHOUHODWRGHORTXHVDEtDHOGRFWRUDVLQWLyFRQODFDEH]D ²(VWiPX\ELHQH[FHSWRODKLVWRULDGHODQLxLWD²GLMR -DFN\5RVHLQWHUFDPELDURQXQDPLUDGD\HOGRFWRU%HOWHUFUH\yYHUDODUPDHQORV RMRVGHDPERV ²¢4Xp QLxLWD" ²SUHJXQWy -DFN FRQ GHVFRQILDQ]D PLHQWUDV TXH SRU DOJXQD PLVWHULRVDUD]yQOHYHQtDDODPHQWHODLPDJHQGHOUHWUDWRGHOJDELQHWH ²7LHQHTXHYHUFRQHODQWHSDVDGRTXHVDOWyGHODFDQWLODGR²GLMRHOGRFWRU%HOWHU PLUDQGRLQTXLVLWLYDPHQWHD-DFN ²$OJRVpGHpO²GLMR-DFN²SHURQRHVWR\VHJXURGHUHFRUGDUVXQRPEUH ²(Q UHDOLGDG VHOODPDED -RKQ &RQJHULJXDOTXH XVWHG²GLMRHO GRFWRU %HOWHU PX\VHULDPHQWH -DFNVLQWLyXQHVFDORIUtRHQODHVSLQDGRUVDO ²¢4XpOHVXFHGLy"²SUHJXQWy ²%XHQRSDUHFHTXHODUD]yQSRUODTXHVDOWyGHODFDQWLODGRIXHTXHDFDEDEDGH YHMDU\PDWDUDXQDQLxLWD6XKLMD²GLMRHOGRFWRU -DFNHPSDOLGHFLy\PLUyIUtDPHQWHDOGRFWRU%HOWHU ²¢4XpHVWiWUDWDQGRGHGHFLUH[DFWDPHQWH"²LQTXLULy (OGRFWRUVRQULyWUDQTXLOL]DGRU ²1R WUDWR GH GHFLU QDGD ²GLMR² 6yOR OH FXHQWR OD KLVWRULD < SRU VXSXHVWR SRGUtDVHUWRWDOPHQWHIDOVD*DVSDU:LQHFOLIIPHGLFHTXHQXQFDKDOODURQHOFDGiYHU \HQFXDQWRDHVRSDUHFHTXHQRKD\QLQJ~QUHJLVWURQLGRFXPHQWRTXHSUXHEHTXH -RKQ&RQJHUWXYRDOJXQDYH]XQDKLMD 5RVHYLRHQVXPHQWHHOUHWUDWRFRQODSODFDGHOQRPEUHDUUDQFDGDGHODSDUWH LQIHULRUGHOPDUFR ²¢(OUHYHUHQGR:LQHFOLIIWLHQHDOJXQDLGHDGHODHGDGTXHWHQtDODQLxLWDRGHVX DVSHFWR"²SUHJXQWy5RVHWHPLHQGRODUHVSXHVWD
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
²1DGDDFHUFDGHVXDVSHFWR²GLMRHOGRFWRU%HOWHUDJLWDQGRODFDEH]D²SHUR FUHHTXHWHQtDXQRVGLH]XRQFHDxRV ²¢$SUR[LPDGDPHQWHGHODHGDGGH6DUDK"²GLMR-DFNFRQXQ H[WUDxRWRQRGH YR] ²6t DSUR[LPDGDPHQWH GH OD HGDG GH 6DUDK ²UHVSRQGLy %HOWHU QRWDQGR OD H[SUHVLyQDQJXVWLDGDGH-DFN ²'RFWRU %HOWHU ²GLMR 5RVH² ¢DGRQGH TXLHUH OOHJDU" 3DUHFH FRPR VL XVWHG FUH\HUDHQWRGDHVDHVW~SLGDOH\HQGD (OGRFWRU%HOWHUSHQVyFXLGDGRVDPHQWHDQWHVGHUHVSRQGHU\FXDQGRKDEOyHOLJLy VXVSDODEUDVFRQSUHFLVLyQ ²6L FUHR R QR HQ OD OH\HQGD QR HV OR TXH LPSRUWD DKRUD /R TXH LPSRUWD UHDOPHQWH HV VL VX HVSRVR FUHH R QR FUHH ¢&UHH XVWHG HQ OD OH\HQGD VHxRU &RQJHU" -DFNVHGLVSRQtDDFRQWHVWDUSHURHOGRFWRU%HOWHUOHGHWXYR ²1RUHVSRQGDDSUHVXUDGDPHQWHSRUIDYRU3LpQVHOR<WUDWHGHSHQVDUHQGRV QLYHOHV(VWR\VHJXURGHTXHVXPHQWHFRQVFLHQWHQRFUHHTXHSXHGDKDEHUQLQJXQD FODVHGHPDOGLFLyQHQVXIDPLOLD(QHVWRVGtDVHQHVWDpSRFDVRPRVSURFOLYHVD FRQVLGHUDU HVDV FRVDV FRPR WRQWHUtDV 3HUR WDPELpQ H[LVWH VX VXEFRQVFLHQWH $ PHQXGR GHVFXEULPRV TXH ODV FRVDV TXH QXHVWUD PHQWH FRQVFLHQWH VH UHK~VD D WRPDU HQ VHULR VRQ WRPDGDV PX\ VHULDPHQWH SRU QXHVWUR VXEFRQVFLHQWH (Q HVHQFLD GH HVR HVWiQ KHFKRV QXHVWURV VXHxRV \ D YHFHV ODV QHXURVLV \ ODV SVLFRVLV3RGUtDPRVGHFLUTXHODHQIHUPHGDGPHQWDOVXUJHFXDQGRQXHVWUDVPHQWHV FRQVFLHQWHV\QXHVWURVVXEFRQVFLHQWHVWUDWDQGHKDFHUHOWUDEDMRGHORWUR'HPRGR TXHSLHQVHDQWHVGHUHVSRQGHUDPLSUHJXQWD -DFN OR KL]R \ TXHGy VRUSUHQGLGR SRU OD UHVSXHVWD TXH HQFRQWUy 6RQULy WtPLGDPHQWHDOGRFWRU ²0X\ ELHQ ²GLMR²SLHQVRTXHGHER DGPLWLUTXH FUHRHQODOH\HQGDLQFOXVRHQ OD PDOGLFLyQ 6XSRQJR TXH SDUD QRVRWURV ORV &RQJHU HV FRPR XQD UHOLJLyQ &UHFHPRVMXQWRFRQHOOD\VLELHQVDEHPRVTXHVRQWRQWHUtDVVLJXHRFXOWDDOOtEDMR ODVXSHUILFLH ²¢3HURXVWHGQXQFDKDEtDRtGRKDEODUGHODQLxD"²SUHJXQWyHOGRFWRU%HOWHU -DFNDJLWyODFDEH]D ²1R²GLMR²(VWR\VHJXUR'HRWUDIRUPDORUHFRUGDUtD¢3RUTXp" ²¢1RHVREYLR"6LODKLVWRULDGHODQLxDHVYHUGDGHUDH[LVWHQSDUDOHORVEDVWDQWH QRWDEOHVHQWUHORTXHOHVXFHGLyDHOOD\DVXSDGUH\ORTXHOHVVXFHGLyDXVWHG\D 6DUDK([FHSWRTXHHQWUHXVWHG\6DUDKQRKXERQLQJXQDYHMDFLyQ\QDGLHPXULy 3HURIXHUDGHHVRHVODPLVPDFRVD ²¢/DKLVWRULDTXHVHUHSLWH"²GLMR5RVH\ORVGRVKRPEUHVVHYROYLHURQSDUD PLUDUOD²1RORFUHR ²1RHVHVRH[DFWDPHQWHORTXHTXLVHGHFLU²GLMRHOGRFWRU%HOWHU²DXQTXHHO HIHFWRVHUtDHOPLVPR¢$OJXQRGHXVWHGHVVDEHDOJRDFHUFDGHOYXG~" ²(VRVtTXHVRQSXUDVWRQWHUtDV²GLMR-DFNGHPDVLDGRUiSLGDPHQWH ²1R H[DFWDPHQWH ²UHSXVR HO GRFWRU %HOWHU² 6H EDVD HQ HO SRGHU GH OD VXJHVWLyQ (Q HVHQFLD VH WUDWD GH OR VLJXLHQWH VL DOJXLHQ FUHH FRQ VXILFLHQWH FRQYLFFLyQTXHDOJR VXFHGHUi ORPiVSUREDEOH HVTXHHIHFWLYDPHQWH VXFHGD3RU HMHPSOR VHJ~Q ODV WUDGLFLRQHV GHO YXG~ VH SXHGH FDXVDU GRORU D XQD SHUVRQD FODYDQGRDOILOHUHVHQXQDHILJLHGHHVDSHUVRQD/DWUDPSDHVWiHQTXHODSHUVRQD WLHQHTXHVDEHUTXHVHKDQFODYDGRDOILOHUHVHQHOPXxHFR8QDYH]TXHVDEHTXH ORVDOILOHUHVHVWiQFRORFDGRVVXSURSLDPHQWHFUHDHOGRORU¢/RHQWLHQGHQ" -DFNORSHQVyXQPRPHQWR
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
²(Q RWUDV SDODEUDV XVWHG FUHH TXH SXHGR VHU YtFWLPD GH OD OH\HQGD VLPSOHPHQWHSRUTXHFUHRHQHOOD ²(IHFWLYDPHQWH²GLMRHOGRFWRU%HOWHU²QRHVWDQVLPSOHSHURHVHQFLDOPHQWH HVORPLVPR 5RVHVRQULyQHUYLRVD ²([FHSWR TXH QRVRWURV QDGD VDEtDPRVGHOD SDUWH UHOHYDQWHGHODOH\HQGD OD QLxD8VWHGPLVPRKDGLFKRTXHQRH[LVWHQSUXHEDVGHVXH[LVWHQFLD ²3HURH[LVWLy5RVH²GLMR-DFNTXHGDPHQWH²¢1RTXLHUHVGHFLUDOGRFWRU%HOWHU TXpDVSHFWRWHQtD" (OGRFWRU%HOWHUVHYROYLyLQWHUURJDWLYDPHQWHD-DFN ²(QFRQWUDPRVXQUHWUDWRHQHOiWLFR²H[SOLFy-DFN\UHILULyDOGRFWRUWRGRORTXH VDEtDQGHODSLQWXUD ²¢3HURFyPRSXHGHQHVWDUVHJXURVGHTXHVHWUDWDGHODPLVPDQLxD"¢&yPR VDEHQTXHHVHOUHWUDWRGHXQD&RQJHU" ²3RUTXH²GLMR-DFNDKRUDHQXQVXVXUUR²ODQLxDGHOUHWUDWRHVLGpQWLFDD (OL]DEHWK ²(QWLHQGR²GLMRHOGRFWRU%HOWHUGHVSXpVGHXQODUJRVLOHQFLR²6HxRU&RQJHU ¢HVWi VHJXUR GH TXH QR KDEtD YLVWR DQWHV HVH UHWUDWR QL TXH QR HVFXFKy QDGD DFHUFDGHpO" ²1RKDVWDKDFHXQDxR²GLMR-DFNFRQVHJXULGDG²1RTXHSXHGDUHFRUGDUOR ²1R TXH SXHGD UHFRUGDUOR ²UHSLWLy SHQVDWLYR HO GRFWRU² 3HUR QR VLHPSUH UHFRUGDPRV WRGR OR TXH TXHUHPRV UHFRUGDU ¢YHUGDG" &UHR TXH VHUtD XQD EXHQD LGHDWUDWDUGHGHVFXEULUH[DFWDPHQWHTXpUHFXHUGDXVWHG -DFN SDUHFLy D SXQWR GH REMHWDU DOJR SHUR DO YHU OD H[SUHVLyQ GH 5RVH XQD H[SUHVLyQTXHOHGHFtDTXHHUDPHMRUDFFHGHUVHULQGLyGHUURWDGR ²0X\ELHQ²GLMR²¢&XiQGRHPSH]DUHPRV" (OGRFWRU%HOWHUPLUyVXDJHQGD ²¢4Xp WDO GRV VHPDQDV D SDUWLU GH PDxDQD D ODXQD GHOD WDUGH " ¢8VWHGHV GRV" $QWHVGHTXH-DFNSXGLHUDSURWHVWDU5RVHLQWHUYLQR ²(VWDUHPRV²GLMR /DUHXQLyQFRQHOGRFWRU%HOWHUWHUPLQy 1LQJXQRGHORV&RQJHUVHVLQWLyPHMRU (VWDEDQPiVDWHPRUL]DGRVTXHQXQFD
&DStWXOR $YHLQWLFLQFRNLOyPHWURVGHODHVFXHOD:KLWH2DNVPLHQWUDV-DFN\5RVH&RQJHU FRQYHUVDEDQFRQHOGRFWRU&KDUOHV%HOWHUODFDPSDQLOODTXHSRQHILQDODVFODVHVGHO GtD VRQy HQ ORV SDVLOORV GH OD (VFXHOD 3~EOLFD GH 3RUW $UEHOOR \ ORV QLxRV DEDQGRQDURQODVDXODV(OL]DEHWK&RQJHUGLYLVyD.DWK\%XUWRQHQWUHODPXOWLWXG\ VHDSUHVXUyDGDUOHDOFDQFH8QDVRQULVDGHH[FLWDFLyQLOXPLQyHOURVWURGH.DWK\ ²¢+R\HVHOGtD"²SUHJXQWy ²¢4XpGtD"²GLMR(OL]DEHWKFRQURVWURLQH[SUHVLYR ²¢+R\HVHOGtDHQTXHPHOOHYDUiVDOOXJDUVHFUHWR" (OL]DEHWKODPLUyIUtDPHQWH/RVRMRVGH.DWK\VHGLODWDURQDOVHQWLUVHUHFRUULGD SRUXQHVWUHPHFLPLHQWRGHH[FLWDFLyQSHUROXHJRVHGRPLQyXQSRFRGHVLOXVLRQDGD ²1RSXHGR²GLMR.DWK\²'HERLUGLUHFWDPHQWHDFDVDGHORV1RUWRQDFXLGDUD ORVQLxRV
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
²(VWiELHQ²GLMR(OL]DEHWK\VXVRMRVSDUHFLHURQSHQHWUDUHQORVGH.DWK\²(O OXJDU HVWi VyOR XQ SRFR PiV OHMRV TXH OD FDVD GH HOORV \ QR QRV WRPDUi PXFKR WLHPSR ²1RVp²GLMR.DWK\GXGDQGR²/HGLMHDODVHxRUD1RUWRQTXHLUtDGLUHFWDPHQWH GHVGHODHVFXHOD /DV GRV QLxDV GHMDURQ HO HGLILFLR GH OD HVFXHOD \ HPSH]DURQ D FDPLQDU SRU HO FDPLQR GH 3XQWD &RQJHU &XDQGR VDOtDQ GHO SXHEOR (OL]DEHWK HPSH]y D KDEODU TXHGDPHQWH GHO OXJDU VHFUHWR \ GH ORV PRPHQWRV PDUDYLOORVRV TXH SDVDED DOOt 0LHQWUDVHOODKDEODED.DWK\%XUWRQGHVHyQRKDEHUSURPHWLGRDODVHxRUD1RUWRQ TXHOHFXLGDUtDORVQLxRVGXUDQWHODWDUGH ²¢3RUTXpQRYDPRVPDxDQD"²SUHJXQWy ²1R7LHQHTXHVHUKR\²GLMR(OL]DEHWKDJLWDQGRODFDEH]D ²%XHQRQRYHRSRUTXpQRSXHGHHVSHUDU²LQVLVWLy.DWK\ ²3RUTXHQRSXHGH\EDVWD²DILUPy(OL]DEHWK²3HURVLW~QRTXLHUHVLU ²3HUR\RVtTXLHURLU²GLMR.DWK\²6yORTXHVHORSURPHWtDODVHxRUD1RUWRQ (VSHUy XQD UHVSXHVWD GH VXDPLJD SHUR FRPR pVWDQDGD GLMR PLUy VXUHORM GH SXOVHUD ²4XL]iVLQRVGLpUDPRVSULVD²GLMR²3RGUtDOOHJDUXQSRTXLWRWDUGH (OL]DEHWKOHVRQULy\DSUHWyHOSDVR ²(VWXSHQGR²GLMR²\DORYHUiV7HHQFDQWDUiHOOXJDUVHFUHWR &XDQGR SDVDURQ SRU OD HQWUDGD GH OD FDVD GH ORV 1RUWRQ .DWK\ VLQWLy XQD SXQ]DGDGHFXOSD \ VHSUHJXQWy VL ODVHxRUD1RUWRQ HVWDUtDHVSHUiQGROD &XDQGR HVWXYLHURQIXHUDGHODYLVWDGHODFDVDGHORV1RUWRQKDEOy ²¢(VWiPX\OHMRV" ²1RPXFKR$SHQDVSDVDQGRODYLHMDSURSLHGDGGHORV%DUQHV¢+DVYLVWRDOD JHQWHTXHODFRPSUy" ²(OHVJXDSR²GLMR.DWK\²¢&yPRVHOODPD" ²-HII6WHYHQV7LHQHFDWRUFHDxRV6XPDGUHHVSLQWRUD ²¢&RQRFHpOWXOXJDUVHFUHWR"²SUHJXQWy.DWK\ (OL]DEHWKQHJyFRQXQJHVWR ²1RFUHRTXHVHORFXHQWH²GLMR²/RJXDUGDUHPRVSDUDQRVRWUDVVRODV 3DVDURQ IUHQWH D OD YLHMD SURSLHGDG GH ORV %DUQHV \ OD PLUDURQ FRQ FXULRVLGDG $PEDV VDEtDQ TXH OD HVWDEDQ UHPRGHODQGR SHUR GHVGH IXHUD SDUHFtD LJXDO TXH VLHPSUH ²9D\DVLHVIHD²GLMR.DWK\ ²/RV %DUQHV HVWDEDQ FKLIODGRV ²FRPHQWy (OL]DEHWK² 3RU GHQWUR HV WRGDYtD PiVIHD ²¢+DVHVWDGRDOOt"²SUHJXQWy.DWK\ ²+DFHPXFKRWLHPSR $KRUDHVWDEDQFHUFDGHOERVTXH\(OL]DEHWKDIHUUyHOEUD]RGH.DWK\ ²&UX]DUHPRVSRUDTXt²GLMR .DWK\PLUyQHUYLRVDPHQWHKDFLDHOERVTXH ²1RVp²GLMR²FUHRTXHQRGHEHUtDPRVFUX]DUSRUDTXt3DUHFHVHUTXHDTXt HVGRQGHOHVXFHGLyDOJRD$QQH)RUDJHU ²1DGDOHVXFHGLyD$QQH)RUDJHU²VHEXUOy(OL]DEHWK²7~VDEHVFyPRHVGH PHQWLURVD .DWK\ORSHQVy(UDYHUGDG$QQH)RUDJHUHUDXQSRTXLWRPHQWLURVD\ HOODTXHUtD FRQRFHUHOOXJDUVHFUHWRSHURDXQDVt)LQDOPHQWHVHGHFLGLy ²0X\ELHQ²GLMR²SHURW~LUiVGHODQWH 6DOLHURQGHOFDPLQR\VHLQWHUQDURQHQODDUEROHGD6XUXWDFUX]DEDHOERVTXHSRU HOFHQWUR\GHWDQWRHQWDQWRYHtDQHOPDUGHXQODGR\HOSUDGRGHORWUR1RKDEtD
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
VHQGHURSHUR(OL]DEHWKSDUHFtDQRWHQHUSUREOHPDVSDUDHQFRQWUDUVXFDPLQRHQWUH ODHVSHVXUD.DWK\WURSH]yYDULDVYHFHV\WXYRTXHOODPDUD(OL]DEHWKSDUDTXHOD HVSHUDVH (VWDED GHFLGLGD D QR TXHGDUVH DWUiV 'H SURQWR (OL]DEHWK GREOy D OD L]TXLHUGD\HQGRVPLQXWRVHVWXYLHURQDOERUGHGHODFDQWLODGRDYDULRVPHWURVVREUH ODVXSHUILFLHGHOPDU ²¢1RHVKHUPRVR"²VXVXUUy(OL]DEHWK ²¢(VWHHVHOOXJDU"²SUHJXQWy.DWK\PLUDQGRDVXDOUHGHGRU\GHMDQGRWUDVOXFLU TXHGHDOJ~QPRGRQRHUDORTXHKDEtDHVSHUDGR ²1R4XHGDSRUDOOt²UHVSRQGLy(OL]DEHWK /OHYy D .DWK\ D OR ODUJR GHO DFDQWLODGR KDVWD FLHUWR SXQWR TXH D .DWK\ QR OH SDUHFLy GLVWLQWR GH ORV GHPiV (OL]DEHWK HPSH]y D GHVFHQGHU SRU HO DFDQWLODGR .DWK\VHGHWXYR ²3DUHFHGHPDVLDGRSHOLJURVR²GLMR (OL]DEHWKVHYROYLy\ODPLUy$.DWK\OHSDUHFLyYHUHQORVRMRVGH(OL]DEHWKDOJR TXHODKL]RVHQWLUVHLQTXLHWD ²1RVpVLGHER²GLMRQHUYLRVDPHQWH²(QUHDOLGDGWHQGUtDTXHHVWDUHQODFDVD GHORV1RUWRQ ²¢7LHQHVPLHGR"²GLMR(OL]DEHWKGHVGHxRVD²0LUDHVIiFLO 6DOWyGHURFDHQURFD\.DWK\WXYRTXHDGPLWLUTXHSDUHFtDIiFLO$GHPiVQRHUD PLHGRVD QLSHUPLWLUtDTXH(OL]DEHWKFUH\HUDTXHOR HUD (PSH]yDGHVFHQGHUSRUHO DFDQWLODGRVLJXLHQGRODVKXHOODVGH(OL]DEHWK1RHUDWDQIiFLO.DWK\VHGLMRTXHOH UHVXOWDEDWDQGLItFLOSRUTXHHUDOD SULPHUDYH]TXHOR KDFtD/DSUy[LPD YH] SHQVy FRQRFHUtD HOFDPLQR\VHUtDFDSD]GHDYDQ]DUWDQGHSULVD FRPR (OL]DEHWK$O]yOD YLVWD\YLRD(OL]DEHWKGHVDSDUHFHUGHWUiVGHXQHQRUPHSHxDVFR$OOtGHEtDHVWDUHO OXJDUSHQVy &XDQGROOHJyDOSHxDVFR(OL]DEHWKHVWDEDHVSHUiQGROD.DWK\VHDJDFKyHQOD SURIXQGD VRPEUD GH OD KHQGLGXUD HQWUH HO SHxDVFR \ OD FDUD GHO DFDQWLODGR /D RVFXULGDGHUDFDVLWRWDO ²¢(VDTXt"²VXVXUUy \VH SUHJXQWy SRU TXp V~ELWDPHQWH KDEODED HQYR]WDQ EDMD ²&DVL²OHUHVSRQGLy(OL]DEHWKWDPELpQHQXQVXVXUUR²0LUD (OL]DEHWKVHxDOyXQSXQWRHQODRVFXULGDG\.DWK\FRPSUHQGLyGHUHSHQWHTXHQR HUDXQDVRPEUDPiVRVFXUDVLQRXQDJXMHURHQHODFDQWLODGR ²1RLUHPRVDPHWHUQRVDKt¢YHUGDG"²GLMR ²&ODURTXHVt²GLMR(OL]DEHWK²¢7LHQHVPLHGR" ²1R²PLQWLy.DWK\\VHSUHJXQWyFXiQWRSUHVWLJLRSHUGHUtDVLVHYROYLHVHHQHVH PRPHQWR²(VWiHVSDQWRVDPHQWHRVFXUR ²7HQJRXQDOX]²GLMR(OL]DEHWK 0HWLyXQDPDQRHQHODJXMHUR\VDFyODOLQWHUQDGHXQQLFKRGHWUiVGHXQDSLHGUD TXHHVWDEDMXQWRDODERFDGHODFXHYD/DHQFHQGLy\DOXPEUyHOLQWHULRU ²(VXQW~QHO²VXVXUUy.DWK\²¢$GRQGHOOHYD" ²$OOXJDUVHFUHWR²GLMR(OL]DEHWK²9HQ 6HPHWLyHQHOW~QHO\.DWK\YLRTXHKDEtDHVSDFLRVXILFLHQWHSDUDTXH(OL]DEHWK OR UHFRUULHUD JDWHDQGR VLQ JROSHDUVH FRQWUD HO WHFKR GH OD FXHYD 7UDJiQGRVH VX PLHGRVLJXLyD(OL]DEHWK (Q PHGLR PLQXWR OOHJDURQ D OD FXHYD TXH URGHDED OD ERFD GHO SR]R (OL]DEHWK HVSHUyTXH.DWK\HPHUJLHUDGHOW~QHO\ODR\yGHFLU ²1RKD\QDGDDTXt ²7RGDYtDQRKHPRVOOHJDGR²GLMR(OL]DEHWK²(OOXJDUVHFUHWRHVWiDTXtDEDMR ,OXPLQyODERFDGHOSR]R\R\yTXH.DWK\WUDJDEDVDOLYD ²¢$GRQGHOOHYD"²SUHJXQWyFRQWHQLHQGRODUHVSLUDFLyQ
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
²$OOXJDUVHFUHWR7HQJRXQDHVFDOHUD¢YHV" (OL]DEHWKGLULJLyODOX]GHODOLQWHUQDDODHVFDODGHFXHUGDVTXHWRGDYtDFROJDED GHQWURGHOSR]RDVHJXUDGDILUPHPHQWHDODVURFDVGHOVXHORGHODFDYHUQDVXSHULRU ²1RKHXVDGR QXQFDXQDGHHVDVFRVDV²GLMR.DWK\SUHJXQWiQGRVHVLVXIDOWD GHH[SHULHQFLDSRGUtDVDOYDUOD ²(V IiFLO ²GLMR (OL]DEHWK² 0LUD \R EDMDUp SULPHUR \ FXDQGR OOHJXH DEDMR DOXPEUDUpFRQ OD OLQWHUQD 1RHV PX\OHMRV \QR WHFDHUiV $GHPiV VL OOHJDUDV D FDHUQRHVWDQSURIXQGRFRPRSDUDTXHWHODVWLPHV/RKLFH PRQWRQHVGHYHFHV\ QRKDEtDQDGLHSDUDDOXPEUDUPH ²¢&yPRGHVFXEULVWHHVWHOXJDUVHFUHWR"²SUHJXQWy.DWK\GHVHRVDGHUHWUDVDU HOPRPHQWRHQTXHWHQGUtDTXHVREUHSRQHUVHDVXPLHGR ²1RORVp6XSRQJRTXHORVXSHKDFHPXFKRWLHPSR0LDPLJDPHORGLMR ²¢7XDPLJD" ²1RLPSRUWD²GLMR(OL]DEHWKPLVWHULRVDPHQWH²9DPRV 6LQVROWDUODOLQWHUQDHPSH]yDGHVFHQGHUSRUODHVFDODGHFXHUGDV\HQSRFRV VHJXQGRVSLVyHOVXHORGHOSR]R'LULJLyODOX]KDFLDDUULED\YLRODFDUDGH.DWK\ TXHODPLUDEDDVXVWDGD ²1RWHYHR²VXVXUUy.DWK\ ²(VSRUTXHHVWR\GHWUiVGHODOX]²UHVSRQGLy(OL]DEHWK²%DMD .DWK\ FRQVLGHUy OD VLWXDFLyQ (VWDED DVXVWDGD WHQtD PLHGR GH HVH SR]R \ GH EDMDUSRUHVDHVFDOHUDSHURQRTXHUtDTXH(OL]DEHWKVXSLHUDORDVXVWDGDTXHHVWDED 0LUyDWUiVKDFLDODHQWUDGDGHOW~QHO\ODRVFXULGDGODD\XGyDGHFLGLUVH1RWHQtD GHVHRVGHGHVDQGDUHOFDPLQRSRUHOW~QHOHQHVDRVFXULGDG6HPHWLyHQODERFDGHO SR]R\HQFRQWUy FRQ HO SLHXQ SHOGDxR GH OD HVFDOD(O GHVFHQVR IXH PXFKR PiV IiFLOGHORTXHKDEtDSHQVDGR ²7HQJRDOJXQDVYHODV²VXVXUUy(OL]DEHWKPLHQWUDVPDQWHQtDHOUD\RGHOX]GHOD OLQWHUQDHQODFDUDGH.DWK\ (QFDQGLODGD.DWK\DSHQDVYLRODOODPDGHOIyVIRURFXDQGR(OL]DEHWKORHQFHQGLy (OL]DEHWK DSOLFy HO IyVIRUR D ODV GRV YHODV \ DSDJy OD OLQWHUQD 3RU XQ PRPHQWR .DWK\QRYLRQDGDHQODRVFXULGDGH[FHSWRORVGRVSXQWRVOXPLQRVRV\ODFDUDGH (OL]DEHWKEULOODQGRHQHOVXDYHUHVSODQGRU ²(VWR HV O~JXEUH ²GLMR LQWUDQTXLOD² 1R HVWR\ VHJXUD GH TXH GHEDPRV TXHGDUQRVDTXt 6XVRMRVHPSH]DURQ DDFRVWXPEUDUVH DODVHPLSHQXPEUD\PLUyD VXDOUHGHGRU 1RSDUHFtDKDEHUPXFKRTXHPLUDUVyORXQ UHFLQWRJUDQGH HLUUHJXODUFRQDOJXQDV SLHGUDVDTXt\DOOi(QHOFHQWURDOJXQDVSLHGUDVKDEtDQVLGRGLVSXHVWDVHQFtUFXOR FRPRXQDPHVD\VLOODV(QWRQFHV.DWK\YLRDOJRGHWUiVGH(OL]DEHWK ²¢4XpHVHVR"²SUHJXQWy (OL]DEHWK VH KL]R D XQ ODGR \ ORV RMRV GH .DWK\ UHFRUULHURQ OHQWDPHQWH HO HVTXHOHWRSUROLMDPHQWHDFRPRGDGRMXQWRDODSDUHG 6XJULWRIXHFRUWDGRSRUXQDVHFDERIHWDGD ²7LHQHVTXHVHUMXLFLRVD DTXtDEDMR ²GLMR(OL]DEHWKHQXQVXVXUUR TXHD.DWK\ OHSDUHFLyTXHUHWXPEDEDHQODFDYHUQDFRQPiVIXHU]DTXHVXJULWR7XYRGHVHRV GHYROYHUDJULWDUSHURHODUGRUGHODERIHWDGDODFRQWXYR ²7HQGUHPRVXQDILHVWD²VXVXUUy(OL]DEHWK²7~\R\PLQLxLWD ²¢1LxLWD"²UHSLWLy.DWK\WRQWDPHQWH²¢4XpQLxLWD" 1R HVWDED VHJXUD GH OR TXH GHFtD (OL]DEHWK \ VX PHQWH HQWRUSHFLGD SRU OD FRQIXVLyQQRSRGtDHQFRQWUDUVHQWLGRDQDGD(QWRQFHVSHQVyTXH(OL]DEHWKGHEtD HVWDUUHILULpQGRVHDXQDPXxHFD ²6LpQWDWH²RUGHQy(OL]DEHWK²7UDHUpDPLQLxLWD
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
/HQWDPHQWH .DWK\ VH VHQWy HQ XQD GH ODV SLHGUDV TXH VHUYtDQ GH DVLHQWRV \ FRQWHPSOyIDVFLQDGDFyPR(OL]DEHWKVDFDEDXQVDFRGHORQD\ORFRORFDEDVREUHOD SLHGUDTXHVHUYtDGHPHVD ²(VWi URWD ²GLMR.DWK\FXDQGR (OL]DEHWKVDFyGHOVDFRXQPDQRMRGHURSDVGH PXxHFD²1RWLHQHFDEH]D ²6tDTXtHVWi²PXUPXUy(OL]DEHWK²$TXt 6DFyHOJRUULWRGHOVDFR\ORGHSRVLWyVREUHODPHVD(OEXOWRURGy\RWURJULWR UHWXPEyHQ OD FDYHUQD FXDQGR .DWK\ YLR ORV UDVJRV GLVWRUVLRQDGRV GH ODFDUDGHO JDWR ORV RMRV DELHUWRV SHUR DKRUD KXQGLGRV \ ORV FROJDMRV GH FDUQH HQ HO FXHOOR VHFFLRQDGRTXHHPSH]DEDQDGHVFRPSRQHUVH .DWK\OXFKySRUFRQWURODUVH&UH\yTXHLEDDYRPLWDU ²1RTXLHURTXHGDUPHDTXt²GLMRFRQYR]WHPEORURVDHQHOOtPLWHGHODKLVWHULD² 9DPRVDFDVD ²3HURWHQHPRV XQD ILHVWD²GLMR(OL]DEHWK FRQ XQDYR]FDUJDGD GHXQDVHGRVD GXO]XUDTXHDVXVWyWRGDYtDPiVD.DWK\²3DUDHVRKHPRVYHQLGRDTXt (PSH]yDDFRPRGDUHOFXHUSRGHOJDWRHQXQDGHODVSLHGUDV\.DWK\FRQWHPSOy KRUURUL]DGD FyPR (OL]DEHWK WUDWDED GH HTXLOLEUDU OD FDEH]D VREUH HO FXHUSR GHFDSLWDGR ²£%DVWD²JULWy²£1RKDJDVHVR 6LQWLyHOGRORUGHRWUDERIHWDGD\HVWDYH]TXLVRGHYROYHUHOJROSH3HURDQWHVGH TXHVXPDQRJROSHDUDD(OL]DEHWKpVWDVDOWy\VHOHDUURMyHQFLPD .DWK\VLQWLyHOSHVRGH(OL]DEHWKTXHODDEUXPDED\WUDWyGHDILUPDUVHSHURQR KDOOyHQTXpDSR\DUVH&D\yGHVGHODSLHGUDDOVXHORGHODFDYHUQD\VLQWLyTXHODV XxDVGH(OL]DEHWKVHOHFODYDEDQHQHOURVWUR*ULWyRWUDYH] ²1R KDJDV HVR DTXt DEDMR ²GLMR (OL]DEHWK VLQ OD YR] VHGRVD GH DQWHV \ UHVSLUDQGRFRQUiSLGRV\FRUWRVMDGHRV²$TXtDEDMRWLHQHVTXHVHUMXLFLRVD$PL DPLJDQR,HJXVWDHOUXLGR 'HEDMRGH(OL]DEHWK.DWK\WUDWDEDGHUHFREUDUHOFRQWUROGHVtPLVPD7HQtDTXH KDFHUORFRPSUHQGLyRHOFDVWLJRFRQWLQXDUtD2EOLJyDVXFXHUSRDSRQHUVHIOiFFLGR ²'pMDPH ²VXVXUUy GHVHVSHUDGDPHQWH² 3RU IDYRU (OL]DEHWK GHMD TXH PH OHYDQWH (OFDVWLJRFHVy\.DWK\VLQWLyTXH(OL]DEHWKDIORMDEDODSUHVLyQ6HTXHGyTXLHWD FRQORVRMRVIXHUWHPHQWHFHUUDGRVHVSHUDQGRFXDOTXLHUFRVDTXHSXGLHUDYHQLU ²6LpQWDWH²HVFXFKyVLVHDUD(OL]DEHWK²6LpQWDWHDOOt\WHVHUYLUpWp .DWK\ DEULyOHQWDPHQWHORVRMRV\PLUyDVX DOUHGHGRU(OL]DEHWKHVWDED VHQWDGD HQODSLHGUDPiVSUy[LPDDOH[WUHPRGHODHVFDODGHFXHUGDV\.DWK\VLQWLyTXHVXV HVSHUDQ]DVVHGHVYDQHFtDQ +DEtD SHQVDGRTXH SRGUtDHVFDODUOD\VDOLUGHOSR]R DQWHV GH TXH (OL]DEHWK SXGLHUD GHWHQHUOD $KRUD FRPR SRGtD YHU HVR QR HUD SRVLEOH6HSXVRGHSLHFRQGLILFXOWDG\VHVHQWyFDXWHORVDPHQWHHQODSLHGUDIUHQWH D(OL]DEHWK(QWUHODVGRVODPDFDEUDILJXUDGHOJDWRHVWDEDVHQWDGDHQXQDWHUFHUD SLHGUDFRQORVODELRVDELHUWRVHQXQDKRUULEOHVRQULVD.DWK\WUDWyGHQRPLUDUOR ²%XHQR²GLMR(OL]DEHWK²¢DFDVRHVWRQRHVERQLWR" .DWK\DVLQWLyVLQGHFLUSDODEUD ²£5HVSyQGHPH²HVWDOOy(OL]DEHWK ²6t²VXVXUUy.DWK\WHPHURVDGHOHYDQWDUODYR] ²¢4Xp"²SUHJXQWy(OL]DEHWK\SRUXQPRPHQWR.DWK\WHPLyTXHYROYLHUDD JROSHDUOD ²6t²GLMRHVWDYH]PiVDOWR ²¢6tTXp"²H[LJLy(OL]DEHWKLPSODFDEOH ²6t²GLMR.DWK\OXFKDQGRSRUHPLWLUFDGDSDODEUD²HVWRHVERQLWR (OL]DEHWKSDUHFLyFRQIRUPDUVH\VRQULy
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
²¢7p"²SUHJXQWy(OL]DEHWK .DWK\ODPLUyWRQWDPHQWH ²¢4XLHUHVWp"²H[LJLy(OL]DEHWK²£5HVSyQGHPH ²6t²WDUWDPXGHy.DWK\²TXLHURWp (OL]DEHWKHPSH]yDILQJLUTXHVHUYtDWp\SDVyXQDWD]DD.DWK\.DWK\YDFLOyXQD IUDFFLyQGHVHJXQGRSHURUiSLGDPHQWHILQJLyDFHSWDUODWD]DLQYLVLEOHTXHOHRIUHFtD (OL]DEHWK(QORVRMRVGH(OL]DEHWKKDEtDXQDPLUDGDH[WUDxD\VDOYDMH\.DWK\VLQWLy TXHHOSiQLFRHPSH]DEDDFUHFHUHQVXLQWHULRU4XHUtDFRUUHUKDFLDODHVFDOHUDSHUR VDEtDTXHQRSRGtDOOHJDUDODPLVPDDQWHVGHTXH(OL]DEHWKVHOHDUURMDUDHQFLPD ²&UHR TXH DKRUDGHEHUtDPRVLUQRV ²GLMROHQWDPHQWH.DWK\²5HDOPHQWHFUHR TXHGHEHUtDPRV/DVHxRUD1RUWRQGHEHHVWDUEXVFiQGRPH ²$OGLDEORFRQHVDSXWD²GLMR(OL]DEHWKHQYR]EDMD .DWK\DEULyORVRMRVDOHVFXFKDUODSDODEUD\VXPLHGRDXPHQWy ²3RUIDYRU(OL]DEHWK²GLMRWtPLGDPHQWH²¢3RGHPRVLUQRVDKRUD"1RPHJXVWD HVWHVLWLR ²¢1R WH JXVWD" ²GLMR (OL]DEHWK SDVHDQGR OD YLVWD SRU OD FDYHUQD GpELOPHQWH LOXPLQDGD /DV OODPDV WHPEODEDQ \ ODV VRPEUDV GDQ]DEDQ PDOLJQDPHQWH HQ ODV SDUHGHV GHSLHGUD²(VWH HVPLOXJDUVHFUHWR ²FRQWLQXy (OL]DEHWK² \ DKRUD HV WX\RWDPELpQ6yORQRVRWUDVFRQRFHPRVHVWHOXJDU +DVWDTXH\ROOHJXHDFDVDSHQVy.DWK\/XFKySRUFRQVHUYDUODFDOPD\HVWXGLy DWHQWDPHQWHD(OL]DEHWK (OL]DEHWKHVWDEDDEVRUWDHQVXFHUHPRQLDGHOWp)LQJtDOOHQDUODWD]DGHOFDGiYHU GHOTXHKDEtDVLGRVXDQLPDOLWRPLPDGR\RIUHFHUOHXQSODWRGHSDVWHOHV6XVRMRV VHILMDURQHQ.DWK\XQDYH]PiV ²+iEODPH²GLMR ²¢+DEODU"²GLMR.DWK\²¢$FHUFDGHTXp" ²6DEHVTXHHOORVQRPHKDEODQ1LQJXQRGHORVGRV6yORKDEODQFRQ6DUDK\ HOOD QR SXHGH UHVSRQGHUOHV 'H PRGR TXH YHQJR DTXt \ PLV DPLJRV KDEODQ FRQPLJR (OL]DEHWKFODYyXQDPLUDGDJODFLDOHQORVRMRVGH.DWK\ ²$TXtWRGRVPLVDPLJRVKDEODQFRQPLJR²DJUHJy .DWK\VHKXPHGHFLyORVODELRV ²0H PH JXVWD WX OXJDU VHFUHWR ²GLMR .DWK\ FDXWHORVDPHQWH HVSHUDQGR GDU FRQODVSDODEUDVDGHFXDGDV²0HDOHJURGHTXHPHKD\DVWUDtGRSHURSRUIDYRU OOHJDUpGHPDVLDGRWDUGHDPLWUDEDMR6LPHPHWRHQGLILFXOWDGHVQRSRGUpYROYHU DTXtFRQWLJR ²3RGUiV²GLMR(OL]DEHWKFRQXQDVRQULVDSHURIXHXQDVRQULVDTXHLQTXLHWyD~Q PiVD.DWK\²$SUHQGHUiVDDPDUHVWHOXJDUDSUHQGHUiVDDPDUORWDQWRFRPR\R ²6VVt²GLMR.DWK\²VXSRQJRTXH Vt3HURDKRUD GHERPDUFKDUPHGHYHUGDG GHERPDUFKDUPH²LPSORUy (OL]DEHWKSDUHFLySHQVDUOR\OXHJRDVLQWLy ²0X\ELHQ²GLMRSRUILQ²D\~GDPHDUHFRJHUODPHVD 6H SXVR GH SLH \ HPSH]y D UHDOL]DU OD PtPLFD GH UHFRJHU WRGD OD LPDJLQDULD YDMLOOD .DWK\ OD REVHUYy HQ VLOHQFLR SHUR FXDQGR (OL]DEHWK OH FODYy OD PLUDGD VH SXVRGHSLH\WUDWyGHFRQYHQFHUD(OL]DEHWKGHTXHHVWDEDD\XGiQGROD7DPELpQ WUDWy GH DFHUFDUVH D OD VDOLGD SHUR (OL]DEHWK VH ODV DUUHJOy SDUD FRORFDUVH HQWUH .DWK\\ODHVFDODGHFXHUGD ²$SDJD ODV YHODV ²RUGHQy (OL]DEHWK GHSLH MXQWR DOH[WUHPR GH OD HVFDOD GH FXHUGD\VRVWHQLHQGRODOLQWHUQD ²(QFLHQGHODOLQWHUQD²SLGLy.DWK\ (OL]DEHWKODHQFHQGLy
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
²¢/DWHQGUiVHQFHQGLGDPLHQWUDVVXERSRUODHVFDOHUD" (OL]DEHWKDVLQWLyFRQODFDEH]D.DWK\VHDFHUFyDODHVFDOHUD ²/DVYHODV²GLMRVXDYHPHQWH(OL]DEHWK²WHGLMHTXHODVDSDJDUDV 2EHGLHQWHPHQWH.DWK\VHYROYLyKDFLDODPHVDGHSLHGUD6RSOyXQDGHODVYHODV \VHLQFOLQyVREUHODRWUD$QWHVGHVRSODUODSHTXHxDOODPDDO]yODYLVWDSRUHQFLPD GHODOX]WHPEORURVD\YLRTXH(OL]DEHWKVRQUHtD6RSOyODYHOD &XDQGRODOODPDVHH[WLQJXLy(OL]DEHWKDSDJyODOLQWHUQD\VXELyFRPRXQDIOHFKD SRUODHVFDODGHFXHUGDV$VXVHVSDOGDVR\yHOSULPHUDODULGRGHWHUURUEURWDUGHOD JDUJDQWDGH.DWK\ ²£(OL]DEHHHWK ²DXOOy.DWK\² £1RRRRRSRUIDYRRRU£2KSRU'LRV(OL]DEHWK QRPHGHMHVDTXt /RVJULWRVVHKLFLHURQ PiVIXHUWHV\(OL]DEHWKR\yTXHODRWUDQLxDWURSH]DED HQ ODRVFXULGDGGHODFDYHUQD6DEtDTXH.DWK\EXVFDEDHOH[WUHPRGHODHVFDODTXH GHEtDHVWDUFROJDQGRHQDOJ~QOXJDUGHODVWLQLHEODVVRIRFDQWHV3HURHOOD\DODKDEtD UHWLUDGRGHOSR]R/RVJULWRVGH.DWK\UHVRQDEDQDVXDOUHGHGRUUHERWDEDQHQODV SDUHGHVGHODFDYHUQDVXSHULRU\JROSHDEDQHQVXVWtPSDQRV$UUROOyODHVFDODGH FXHUGDV\VHDVRPyRWUDYH]DOERUGHGHOSR]R'LULJLyHOUD\RGHOX]GHODOLQWHUQD KDFLD DEDMR \FRQWHPSOy D.DWK\ TXHGDED YXHOWDV DOUHGHGRU GHOD OX] FRPR XQD SROLOODDOUHGHGRUGHXQDERPELOODHOpFWULFD .DWK\ DO]y HO URVWUR VLQ VDQJUH \ EULOODQGR SiOLGDPHQWH D OD OX] LQFLHUWD GH OD OLQWHUQDHOpFWULFD6X ERFDVHFRQWRUVLRQDEDFRQORVJULWRVTXHVXEtDQGHVGHDOJ~Q OXJDUSURIXQGRGHVXVHQWUDxDV\VXVEUD]RVVHDO]DEDQLPSORUDQWHV ²£1RRRRR²JULWDED² £3RUIDYRRRUQRRRRR ²7LHQHVTXHVHUMXLFLRVDHQHOOXJDUVHFUHWR²GLMRVXDYHPHQWH(OL]DEHWK /XHJRDSDJyODOLQWHUQD\DYDQ]yUiSLGDPHQWHKDFLDODVDOLGDKDFLHQGRHOFDPLQR GHPHPRULDFRQVHJXULGDG &XDQGR HPHUJLy HQ HO DFDQWLODGR HO UXJLGR GH OD PDUHMDGD DSDJDED FXDOTXLHU YHVWLJLR GH JULWRV TXH SXGLHUDQ KDEHU HVFDSDGR SRU HOW~QHO \ (OL]DEHWK VHVLQWLy VDWLVIHFKDSRUTXH\DQRHVFXFKyQLQJ~QVRQLGRSURYHQLHQWHGHOOXJDUVHFUHWR ÈJLOPHQWHHPSH]yDWUHSDUHODFDQWLODGR\SURQWRGHVDSDUHFLyHQHOERVTXH
&DStWXOR 0DULO\Q %XUWRQQRHPSH]y DSUHRFXSDUVHKDVWDODVRFKRGHOD QRFKH6LKXELHUD UHJUHVDGRD FDVD PiVWHPSUDQR KDEUtD HPSH]DGR D SUHRFXSDUVHHQWRQFHV SHUR GHVSXpV GH FHUUDU VX QHJRFLR D ODV VHLV FRPR OR KDFtD KDELWXDOPHQWH GHFLGLy UHJDODUVHFRQXQDFHQDIXHUDGHVXFDVD1ROHLPSRUWDEDFRPHUVRODHQUHDOLGDGOH JXVWDED KDFHUOR (QVX QHJRFLR KDEODEDWRGR HO GtD FRQ JHQWH \ OH UHVXOWDED XQ DOLYLRSDVDUXQDVSRFDVKRUDVHQSD] DVRODVFRQVXVSHQVDPLHQWRV2\yVRQDU HO WHOpIRQR FXDQGRSRQtDODOODYHHQODFHUUDGXUDPLQXWRVDQWHVGHODVRFKR\WXYROD VHQVDFLyQGHTXHDOJRDQGDEDPDOGHTXHVHHQFRQWUDUtDDVRODVFRQSHQVDPLHQWRV TXHQRVHUtDQQDGDDJUDGDEOHV ²¢0DULO\Q" 5HFRQRFLyLQPHGLDWDPHQWHODYR]GH1RUPD1RUWRQ\VXVHQVDFLyQGHLQTXLHWXG DXPHQWy ²¢6t"²GLMR²+DVXFHGLGRDOJR¢YHUGDG" +XERXQDEUHYHSDXVDDQWHVGHTXH1RUPDKDEODUDRWUDYH] ²%XHQRQRORVp²GLMRYDFLODQWH²3RUHVRWHOODPR(VWXYHOODPiQGRWHWRGDOD WDUGH ²¢3RUTXpQRPHOODPDVWHDOQHJRFLR"
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
²/RKLFHSHURODOtQHDQRIXQFLRQD 0DULO\Q IUXQFLy HO FHxR SHUR UHFRUGy LQPHGLDWDPHQWH TXH QR KDEtD UHFLELGR QLQJXQD OODPDGD HQWRGD OD WDUGH 7DPSRFRHOOD KDEtD WHQLGR QHFHVLGDG GHKDFHU QLQJXQDOODPDGD(OVRQLGRGHOQRPEUHGHVXKLMDOHKL]RYROYHUVXDWHQFLyQD1RUPD 1RUWRQ ²/RVLHQWR²GLMR²HVWDEDGLYDJDQGR¢4XpVXFHGHFRQ.DWK\" ²(VR HV OR TXH TXLVLHUD VDEHU ²GLMR 1RUPD \ VX YR] GHMy WUDVOXFLU VX H[DVSHUDFLyQ²¢4XpVXFHGHFRQ.DWK\"1RDSDUHFLyGHVSXpVGHODHVFXHOD ²¢1RDSDUHFLy"²GLMRODVHxRUD%XUWRQWRQWDPHQWH²(VH[WUDxR ²(VWHUULEOHPHQWH GHVFRQVLGHUDGD ²SURWHVWy 1RUPD² 3HQVp TXH SRGtD HVWDU HQIHUPDSHURSRUORPHQRVGHELyDYLVDUPH ²8QPLQXWR²GLMR0DULO\Q²,UpDYHU$FDERGHOOHJDU 'HMy HO DXULFXODU SHUR FXDQGR VH GLULJtD DO FXDUWR GH .DWK\ VXSR TXH OR HQFRQWUDUtDYDFtR(VWDED KDFLHQGRODVPLVPDVFRVDVTXH KL]R FXDQGRODOODPDURQ SRU WHOpIRQR SDUD DYLVDUOH TXH %RE KDEtD PXHUWR 3RVWHUJDQGR OR LQHYLWDEOH $XQ VDELHQGRORTXHKDFtDUHYLVyWRGDODFDVDDQWHVGHYROYHUDOWHOpIRQR ²1RHVWiDTXt²GLMR 4XHGy FRPR DWRQWDGD HVSHUDQGR TXH OD PXMHU HQ HO RWUR H[WUHPR GH OD OtQHD UHDQXGDUD OD FRQYHUVDFLyQ 6H SURGXMR XQ VLOHQFLR ODUJR H LQFyPRGR PLHQWUDV HO UHFXHUGRGH$QQH)RUDJHU\VXH[WUDxDKLVWRULDSDVDEDSRUODVPHQWHVGHDPEDV 1LQJXQDGHODVGRVTXLVRPHQFLRQDUOR ²4XL]iIXHDYLVLWDUDXQDDPLJD²GLMRJHQWLOPHQWH1RUPD²4XL]iVROYLGyTXH KR\WHQtDTXHFXLGDUDPLVKLMRV ²6t²GLMR WRUSHPHQWH0DULO\Q²7HGLUpTXpKDUHPRV'pMDPH KDFHUXQSDUGH OODPDGDV \ YROYHUp D OODPDUWH FXDQGR OD HQFXHQWUH &LHUWDPHQWH WH GHEH XQD GLVFXOSD ²¢4XLHUHVTXHOODPHD5D\" ²3RUVXSXHVWRTXHQR²UHSXVR0DULO\QGHPDVLDGRGHSULVD²(VWR\VHJXUDGH TXHHOODVHHQFXHQWUDELHQ 3HUR VDEtD TXH QR HUD YHUGDG &ROJy HO DXULFXODU \ TXHGy XQRV PLQXWRV HQ VLOHQFLR3RVSRQLHQGRORLQHYLWDEOH'HVSXpV WRPy QXHYDPHQWHHOWHOpIRQR\PDUFy XQQ~PHUR ²¢6HxRUD&RQJHU"²GLMR²+DEOD0DULO\Q%XUWRQ ²+ROD ²GLMR 5RVH DPDEOHPHQWH² QR PH GLJD TXH SRU ILQ GHFLGLy YHQGHU VX QHJRFLR ²1RQRODOODPRSRUHVR²GLMR0DULO\Q²4XHUtDVDEHUVL.DWK\HVWiDTXt ²¢.DWK\"²GLMR5RVHVLQFRPSUHQGHU²1R¢1RHVWiHQVXFDVD" 6HDUUHSLQWLyGHVXHVW~SLGDSUHJXQWD ²/R VLHQWR ²DJUHJy 5RVH LQPHGLDWDPHQWH² 3RU VXSXHVWR TXH QR HVWi DOOt ¢YHUGDG" ²1R\TXLVLHUDTXHHVWXYLHUD²GLMR0DULO\QFRQUHQXHQFLD²¢(VWi(OL]DEHWK" ²6tSRUVXSXHVWR²GLMR5RVH²8QPLQXWRDKRUDODOODPR -DFNODPLUyFRQFXULRVLGDGFXDQGRVHDSUR[LPyDODSXHUWDGHOJDELQHWH ².DWK\%XUWRQWRGDYtDQRKDUHJUHVDGRDVXFDVDGHVGHODHVFXHOD²GLMR²/D VHxRUD%XUWRQSUHJXQWDVL(OL]DEHWKVDEHGyQGHSXHGHHVWDU )XHKDVWDHOYHVWtEXOR\OODPyD(OL]DEHWK/XHJRHVSHUyDTXHVXKLMDEDMDUDODV HVFDOHUDV ²(V OD PDGUH GH .DWK\ ²H[SOLFy²3UHJXQWD VLW~ VDEHV TXp KL]R .DWK\ HVWD WDUGH (OL]DEHWKVHGLULJLyDOWHOpIRQR\WRPyHODXULFXODU ²¢6HxRUD%XUWRQ"+DEOD(OL]DEHWK
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
²+ROD TXHULGD ¢FyPR HVWiV" ² 0DULO\Q %XUWRQ VLJXLy KDEODQGR VLQ HVSHUDU UHVSXHVWD²¢+DVYLVWRD.DWK\HVWDWDUGH" ²3RUVXSXHVWR²GLMR(OL]DEHWK²0HDFRPSDxyFDVLWRGRHOFDPLQRKDVWDFDVD +R\WHQtDTXHFXLGDUORVQLxRVGHORV1RUWRQ ²¢<IXHFRQWLJRKDVWDODFDVDGHORV1RUWRQ" ²0iVOHMRV²GLMR(OL]DEHWK²tEDPRVKDEODQGRGHDOJR\PHDFRPSDxyKDVWD SDVDUODFDVDGHORV6WHYHQV ²¢6WHYHQV"²GLMR0DULO\Q%XUWRQVLQFRPSUHQGHU²¢4XLpQHVVRQ" ²2KVRQORVTXHFRPSUDURQODFDVDGHORV%DUQHV²GLMR(OL]DEHWK²$FDEDQGH FDPELDUVHGHFDVD ²
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
²¢4Xp HVSHUDEDV TXH GLMHUD" ²SUHJXQWy FRQ IULDOGDG² ¢$FDVR GHEHPRV TXHGDUQRVDTXtVHQWDGRVKDFLHQGRFRQMHWXUDVVREUHORTXHSXGRVXFHGHUOHD.DWK\ %XUWRQ" 9LRODFyOHUDHQFHQGHUVHHQORVRMRVGHVXHVSRVD\GHVHyKDEHUPDQWHQLGROD ERFDFHUUDGD7RPyVXFRSD\VHGLULJLyDOEDUHQXQULQFyQGHOJDELQHWH ²4XLVLHUDTXHQRKLFLHUDVHVR²GLMR5RVH ²%XHQRORVLHQWR²UHVSRQGLy-DFNFRQLUULWDFLyQ\VHVLUYLyGRVYHFHVPiVOLFRU GHORTXHKDEtDSHQVDGRFRPRSUHSDUDFLyQSDUDODEDWDOODTXHVHHVWDEDJHVWDQGR FXDQGRVRQyQXHYDPHQWHHOWHOpIRQR(VWDYH]HUD5D\1RUWRQ ²¢(UHVW~-DFN"²SUHJXQWy5D\FXDQGRDTXpOOHYDQWyHODXULFXODU ²+ROD5D\²UHSXVR-DFN²
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
-DFNSHQVyXQPRPHQWRFRQHOFHxRIUXQFLGR ²6t HVWR\ VHJXUR ²GLMR OHQWDPHQWH² ¢< VDEHV XQD FRVD" (VWR\VHJXUR 1R SXHGRGHFLUWHSRUTXpSHURHVWR\VHJXURGHTXHH[LVWLyXQDQLxLWD\TXHpVHHVVX UHWUDWR<HVRPHDWHUURUL]D (VFXFKDURQHOUXLGRGHXQDXWRPyYLOTXHOOHJDEDSRUODFDO]DGD\-DFNVHSXVR GHSLH\IXHKDVWDODSXHUWDSULQFLSDO0LHQWUDVpOHVWXYRDXVHQWHGHODKDELWDFLyQ 5RVHH[DPLQyHOUHWUDWRXQDYH]PiV\UHFRUGyODOH\HQGD 4XpWRQWHUtDSHQVy4XpWUHPHQGDWRQWHUtD 5D\1RUWRQFHUUyVXOLEUHWDGHDQRWDFLRQHV\VRQULyD(OL]DEHWK ²0HJXVWDUtDTXHWRGRVORVWHVWLJRVIXHUDQFRPRW~²GLMR\UHSDVyXQDYH]PiV HOUHODWRGH(OL]DEHWKVREUHORVDFRQWHFLPLHQWRVGHODWDUGH ²¢<HVWiVVHJXUDGHTXHQRRtVWHLVTXHPLHVSRVDRVOODPDED"²GLMR ²/R VLHQWR ²UHVSRQGLy (OL]DEHWK² SHUR QR OD RtPRV (Q UHDOLGDG ODV GRV HVWiEDPRVDWHQWDV.DWK\GLMRTXHWHQGUtDTXHLUVHVLODVHxRUD1RUWRQODOODPDED DXQFXDQGRHUDWHPSUDQR6LHQWRQRKDEHUODRtGR 5D\1RUWRQDVLQWLyVDWLVIHFKR1RUPD QRKDEtD OODPDGRD ODVQLxDV FXDQGRHOODV SDVDURQ IUHQWH DODFDVD\ QL VLTXLHUD ODV KDEtD YLVWR $5D\ OH JXVWDED ODQ]DU GH FXDQGRHQFXDQGRXQGLVSDURDFLHJDVSDUDYHUVLXQWHVWLJRPRGLILFDEDVXKLVWRULD 3HUR (OL]DEHWK QR OR KL]R +DEtDQ HVWDGR VRODV \ QR KDEtDQ YLVWR QDGD QL QDGLH GHVXVDGRSHURSRU VXSXHVWR\FRPRH[SOLFy(OL]DEHWKQRHVSHUDURQQLEXVFDURQ QDGD([FHSWRFXDQGRSDVDURQIUHQWHDODFDVDGHORV1RUWRQHVWXYLHURQDEVRUELGDV HQODFRQYHUVDFLyQVREUH-HII6WHYHQV ²¢<W~QRWHYROYLVWHDVDOXGDUODFRQODPDQR"²SUHJXQWyXQDYH]PiV5D\ ²&RUWpFDPLQRFUX]DQGRHOSUDGR²GLMR(OL]DEHWK²DVtTXHGHWRGRVPRGRVQR KDEUtDSRGLGRYHUD.DWK\/RViUEROHVGHOERVTXHPHORKDEUtDQLPSHGLGR ²0X\ELHQ²GLMR5D\VXVSLUDQGR\VHYROYLyD-DFN²7RPDUpDKRUDHVDFRSD VLWRGDYtDHVWiSRUDKt3UREDEOHPHQWHQRGHEDKDFHUORSXHVWRTXHD~QWHQJRTXHLU KDVWDHOSXHEORSHURRGLRODVFRVDVFRPRpVWD 5D\YLRHOFHxRIUXQFLGRGH5RVH\UHFRUGyTXH(OL]DEHWKVHJXtDHQODKDELWDFLyQ ²1RHVTXHKD\DVXFHGLGRQDGD²DJUHJyDSUHVXUDGDPHQWH\WRPyODFRSDTXH OHRIUHFtD-DFN²*UDFLDV ²¢3XHGR LU DO SXHEOR FRQWLJR" ²SUHJXQWy -DFN² &RPR SHULRGLVWD QR FRPR DPLJR4XLVLHUDHVWDUDOWDQWRGHHVWHFDVRGHVSXpVGHORTXHGLMR0DUWLQ)RUDJHU $GHPiVWRGDYtDPHTXHGDWUDEDMRSRUKDFHU ²3RU Pt QR WHQJR LQFRQYHQLHQWH²GLMR 5D\ \YDFLy OD FRSD² SHUR QR SXHGR JDUDQWL]DUWHODKRUDGHOUHJUHVR ²0HODVDUUHJODUp²GLMR-DFN\IXHDEXVFDUVXFKDTXHWD 5D\DO]yODYLVWDKDFLDHOUHWUDWR ²6HSDUHFHDWL²GLMRGLULJLpQGRVHD(OL]DEHWK ²/RVp²GLMR(OL]DEHWK²SHURQRVR\\R(VRWUDSHUVRQD1RVHSDUHFHDPtHQ QDGD 5RVH\5D\1RUWRQODPLUDURQLQWULJDGRVFXDQGRVHPDUFKyGHODKDELWDFLyQ ²¢4XpKDEUiTXHULGRGHFLU"²GLMR5D\VRUSUHQGLGR ²1R PH OR SUHJXQWHV D Pt ²GLMR 5RVH² (OOD \ 6DUDK HQFRQWUDURQ XQ YLHMR WDEOHUR2XLMDHQHOiWLFR7DOYH]HVWXYRKDEODQGRFRQIDQWDVPDV ²&ODUR²GLMR5D\FRQILQJLGDVHULHGDG²HVWR\VHJXURGHTXHVHWUDWDGHDOJR DVt -DFNUHJUHVyFRQHODEULJRDERWRQDGRKDVWDHOPHQWyQ ²7HYHUpFXDQGRUHJUHVH²GLMR\EHVyD5RVHSDUDFXEULUODVDSDULHQFLDV
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
/RVGRVKRPEUHVVDOLHURQGHODFDVD\VHJXQGRVGHVSXpVR\yHODXWRPyYLOGH 5D\1RUWRQTXHVHDOHMDEDSRUODFDO]DGD6LQVDEHUSRUTXpVHVLUYLyRWUDFRSD 5D\1RUWRQGHWXYRHODXWRPyYLOIUHQWHDO&RXULHUGH3RUW$UEHOOR SHURQRDSDJyHO PRWRU ²3DUHFHTXHWLHQHVODGURQHV²FRPHQWyVHxDODQGRXQDVRPEUDTXHVHGLVWLQJXtD DWUDYpVGHODVFRUWLQDVHFKDGDVGHODRILFLQDGH-DFN&RQJHU-DFNVRQULy ²3DUHFHTXH6\OYLDHVWiWUDWDQGRGHDGHODQWDUPLWUDEDMRHVRGHEHVHU ²0XFKRPHJXVWDUtDWHQHUXQDVHFUHWDULDFRPRpVD²GLMR5D\1RUWRQDJLWDQGR ODFDEH]DFRQILQJLGDSHVDGXPEUH²(QODHVWDFLyQGHSROLFtDQDGLHTXLHUHKDFHUVX SURSLRWUDEDMR\PXFKRPHQRVHOPtR ²6tHVXQSUREOHPD²GLMR-DFN²3RURWUDSDUWH6\OYLDSXHGHKDFHUPLWUDEDMR PHMRU TXH \R \ WXV PXFKDFKDV QXQFD SRGUtDQ KDFHU WX WUDEDMR ¢7LHQHV LGHD GH FXiQWRWDUGDUiV" ²1R²GLMR5D\²OOiPDPHFXDQGRKD\DVWHUPLQDGRRWHOODPDUp\R6LHVSHUDV KDVWDPiVWDUGH\PHORSUHJXQWDVGHEXHQPRGRWHKDUpVDEHUTXpHVWiSDVDQGR FRQ.DWK\%XUWRQ ² ¢4Xp FUHHV TXH OH SXHGH KDEHU RFXUULGR" ²SUHJXQWy -DFN ²6L WHQHPRV VXHUWH VHUi OD PLVPD KLVWRULD GH $QQH )RUDJHU ²GLMR HO SROLFtD FRQ H[SUHVLyQ VRPEUtD²3HURQRWHQGUHPRVVXHUWH ²3DUHFHVPX\VHJXUR²GLMR-DFN ²/OiPDOR XQ SUHVHQWLPLHQWR < FRQR]FR DOJR D ORV QLxRV 1R PH FLWHV HQ WX SHULyGLFR SHUR PH VLHQWR LQFOLQDGR D FRLQFLGLU FRQ ODV SHUVRQDV TXH GLFHQ TXH D $QQHQROHVXFHGLyQDGD6LHPSUHIXHHVDFODVHGHQLxD6LQHPEDUJR.DWK\%XUWRQ HVGLIHUHQWH ²¢6t" ²1RUPD \ 0DULO\Q %XUWRQ VRQ DPLJDV GHVGH DxRV GHVGH TXH HUDQ QLxDV 'H PRGRTXHFRQR]FRD.DWK\(VXQDEXHQDPXFKDFKLWDUHVSRQVDEOHQRGHODFODVH TXH KXELHUD GHMDGR SODQWDGD D 1RUPD FRPR KL]R KR\ D PHQRV TXH OH KXELHVH VXFHGLGR DOJR 6LHPSUH IXH DVt GHVGH OD PXHUWH GH VX SDGUH ²1RUWRQ DJLWy WULVWHPHQWH OD FDEH]D² $TXHOOR IXH XQ JROSH PX\ GXUR SDUD .DWK\ \ SDUD VX PDGUH
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
²(OSUR\HFWRGH5RVHSDUDHODUVHQDO ² ¢&yPR WH HQWHUDVWH" ²SUHJXQWy -DFN LQWULJDGR² 6H VXSRQH TXH HV XQ VHFUHWR ²1R HQ HVWH SXHEOR ²GLMR 6\OYLD² 'H WRGRV PRGRV W~ HVWiV HQ FRQWUD GHO SUR\HFWR ²¢/RHVWR\"²GLMR-DFNHVW~SLGDPHQWH²6HUiPX\LQWHUHVDQWHHQPLFDVD ²1RWHDIHFWDUi1RSRGUtDVHVWDUDIDYRUWRGRVWHDFXVDUtDQGHFRUUXSFLyQ'H HVWDIRUPDWHKDUiVIDPDGHKRQHVWR\YDOLHQWH\5RVHFRQVHJXLUiTXHVHKDEOHGH VXSUR\HFWR ²¢+DEODVWHFRQ5RVHGHHVWR"²GLMR-DFNGHVFRQILDQGR ²3RU VXSXHVWR²GLMRVXVHFUHWDULD² ¢$TXLpQ FUHHVTXH VHOHRFXUULyODLGHD" ¢1RWHORGLMR" ²1XQFDPHGLFHPXFKRDFHUFDGHQDGD²GLMR-DFN\VHVLQWLyLQXQGDGRSRUXQD RODUHSHQWLQDGHDEDWLPLHQWRPLHQWUDVVHQXEODEDHOURVWURGH6\OYLD ²/RVLHQWR²GLMRHOOD²SHQVpTXHWDOYH]ODVFRVDVLEDQPHMRUDQGR -DFNVRQULySHURIXHXQDVRQULVDIRU]DGD ²&UHtTXHPHMRUDUtDQSHURQXQFDVHSXHGHVDEHU²GLMRpO²8QGtDODVFRVDV SDUHFHQDQGDUELHQ\DOGtDVLJXLHQWHVHGHVDWDHOLQILHUQR ²¢<KR\VHGHVDWyHOLQILHUQR" -DFNVHHQFRJLyGHKRPEURV\VHGHMyFDHUHQXQVLOOyQ&UX]yODVPDQRVVREUHHO DEGRPHQ\HVWLUyODVSLHUQDV6HVHQWtDFyPRGR\KDFtDPXFKRWLHPSRTXHQRVH VHQWtDDVt ²7RGDYtDQRHQUHDOLGDGSHURSRGUtDVXFHGHU/DQRFKHQRKDWHUPLQDGR 6\OYLD OR PLUy FRQ FXULRVLGDG \pO OD SXVRDOWDQWR GH OD GHVDSDULFLyQ GH .DWK\ %XUWRQ&XDQGRWHUPLQyHOODSDUHFLyLQWULJDGD\FRQIXQGLGD ²%XHQRODPHQWRORGH.DWK\SRUVXSXHVWRSHURQRYHRTXHWHQJDDOJRTXHYHU FRQWLJR\FRQ5RVH ²5RVH WLHQH SUREOHPDV FRQ UHVSHFWR D Pt \ D ODV QLxDV SHTXHxDV ²GLMR pO TXHGDPHQWH\YLRTXHORVRMRVGH6\OYLDVHHQFHQGtDQGHFyOHUD ²£3HURHVRHVULGtFXOR²GLMR6\OYLD²£3RU'LRVHOODHVWXYRWRGRHOGtDFRQWLJR ¢&yPRSXHGHSHQVDUTXHWHGHGLFDVDPROHVWDUDODVFKLTXLOODVFXDQGRSDVDVWRGR HOWLHPSRFRQHOOD" -DFNDO]yODVPDQRVHQJHVWRGHLPSRWHQFLD ²/RVpSHURHVRODKDFHSRQHUVHQHUYLRVD<VXSRQJRTXHQRSXHGRFXOSDUOD FRQVLGHUDQGRODVFLUFXQVWDQFLDV ²%XHQR \R SLHQVR TXH HV KRUULEOH ²GLMR 6\OYLD \ -DFN SXGR SHUFLELU OD LQGLJQDFLyQ TXH EXOOtD HQ HO LQWHULRU GH HOOD² ¢$FDVR VH SDVDUi WRGD OD YLGD HFKiQGRWHHQFDUDXQ~QLFRLQFLGHQWH"1RFUHRTXHGHEDVVRSRUWDUORUHDOPHQWH£QR ORFUHR ²3RU'LRV6\OYLDSDUHFHVYHUGDGHUDPHQWHHQRMDGD²GLMR-DFN ²%XHQR FUHR TXH OR HVWR\ ²HVWDOOy OD VHFUHWDULD² &UHR TXH HOOD QR WLHQH GHUHFKR 1RVRWURV VDEHPRV TXH W~ QR OH KLFLVWH QDGD D 6DUDK \ TXH QR HUDV UHVSRQVDEOHGHORVXFHGLGR(VWDEDVERUUDFKR ²3HURVR\UHVSRQVDEOH²GLMR-DFNHQYR]EDMD²1RHVWDEDWDQERUUDFKR\FUHR TXHODJROSHpGHPRGRTXHPHUH]FRDOJ~QFDVWLJR²VXYR]VHKL]RD~QPiVEDMD² 3HURDYHFHVVHPHKDFHPX\GLItFLO1RWLHQHVLGHD ²2KSXHGRWHQHUDOJXQDLGHD²GLMR6\OYLD VXDYHPHQWH\IXHDSRQHUVH GHWUiV GH pO DSR\DQGR ODV PDQRV VREUH VXV KRPEURV 0LHQWUDV VHJXtD KDEODQGR VXV GHGRVFRPHQ]DURQDPDVDMHDUORVP~VFXORVWHQVRVGHOFXHOORGHpOTXHHPSH]DURQ D UHODMDUVH EDMRHO FRQWDFWRGHVXV PDQRV² 6R\ XQ VHU KXPDQR \D ORVDEHV \ VXIUR
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
TXHKDFHV W~ 7UDWRGH FRQWHQHUOR\ WUDWRGH HQIUHQWDUOR $ YHFHVGHVHDUtD SRGHU KDFHUFRPRW~\HPERUUDFKDUPH²VRQULyGpELOPHQWH²3HURQRSXHGRQRPHHVWi SHUPLWLGR ²¢4XpWHORLPSLGH"²GLMR-DFNHQYR]EDMD ²
&DStWXOR $TXHOODQRFKH3RUW$UEHOORHVWXYRHQSLHKDVWDWDUGH $ODVGLH]KRUDHQTXHKDELWXDOPHQWH\DHVWDEDHQODFDPD0DULO\Q%XUWRQVXELy DVXDXWRPyYLO\WRPyHOFDPLQRGH3XQWD&RQJHUSDUDLUDFDVDGH1RUPD1RUWRQ /DV GRV PXMHUHV HVWXYLHURQ EHELHQGR FDIp \ KDEODQGR GH WRGR H[FHSWR GH ORV QLxRV /DV GRV GLMHURQ SRU WXUQR \ YDULDV YHFHV TXH VHJXUDPHQWH HO FDIp OHV LPSHGLUtD GRUPLU HQ WRGD OD QRFKH (YLWDURQ FXLGDGRVDPHQWH PHQFLRQDU TXH GH WRGRV PRGRV HVSHUDEDQ HVWDU GHVSLHUWDV WRGD OD QRFKH (Q FDPELR VLJXLHURQ FKDUODQGR\EHELHQGRFDIp
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
3RFRGHVSXpVGHODVRQFH0DUWLQ)RUDJHUDSDUHFLyHQODHVWDFLyQGHSROLFtDFRQ HODOLHQWRROLHQGRDZKLVN\\PRGDOHVJURVHURV ²%XHQR²GLMR²¢TXpSXHGHVGHFLUDKRUDDWXIDYRU" 5D\ 1RUWRQ DO]y OD YLVWD \ GHMy GH PDUFDU XQ Q~PHUR HQ HO WHOpIRQR GH VX HVFULWRULR (VWDED HQ ORV PRPHQWRV ILQDOHV GH OD RUJDQL]DFLyQ GH XQD SDUWLGD GH E~VTXHGD\ODLUUXSFLyQGH0DUWLQ)RUDJHUOHIDVWLGLy3HURGHMyGHODGRVXIDVWLGLR\ KDEOyFRQFRUWHVtD ²¢$FHUFDGHTXp0DUW\" )RUDJHUVHVHQWySHVDGDPHQWHHQXQVLOOyQIUHQWHDOMHIHGHSROLFtDPLHQWUDVVX FDUDDGTXLUtDXQDH[SUHVLyQGHIXULD ²7RGDYtDQRKDDSDUHFLGR¢YHUGDG"²GLMR ²1RD~QQR²DVLQWLy5D\²3HURQRYHRGyQGHTXLHUHVOOHJDU ²6pORTXHSLHQVDHVWHSXHEOR²GLMR)RUDJHUGHVDILDQWH²7DPELpQPHHQWHUp GHORVUXPRUHVFUHHQTXHPL$QQHPLQWLyTXHQROHSDVyQDGD ²3HURDKRUD$QQH HVWi HQWXFDVD ¢YHUGDG" ²UHSXVR 1RUWRQVHUHQDPHQWH \ PLUyVXUHORMGHSXOVHUD²6LQRPHHTXLYRFR$QQHDSDUHFLyDODVRQFH<\DVRQ FDVLODVRQFH\PHGLD )RUDJHUORPLUyFRQUDELD ²(VSHUD\YHUiV²GLMR²(VSHUD\HOODDSDUHFHUiFRQODPLVPDKLVWRULD ²1R PH LPSRUWD OD KLVWRULD TXH QRV FXHQWH ²GLMR 1RUWRQ² 6yOR HVSHUR TXH DSDUH]FD ²$SDUHFHUi²GLMR)RUDJHU²(VSHUD\YHUiV ²(VSHUDUp0DUW\²GLMR1RUWRQ\HOKRPEUHTXHWHQtDGHODQWHVHSXVRGHSLH² ¢$GyQGHYDV" ²9L OXFHV HQ OD RILFLQD GH &RQJHU ²GLMR SHVDGDPHQWH0DUWLQ )RUDJHU² &UHR TXHPHOOHJDUpKDVWDDOOt\YHUpTXpHVWiKDFLHQGR 5D\1RUWRQDGRSWyVXVPHMRUHVPRGDOHVGHSROLFtD ²&UHRTXHVL IXHUD W~ PHLUtD DFDVD ²GLMR FDPELDQGROHQWDPHQWHHOWRQRGH YR]GHVGHODVXJHUHQFLDDODRUGHQ )RUDJHUVHYROYLyOHQWDPHQWHSDUDPLUDUDOMHIHGHSROLFtD ²¢(VWiVGLFLpQGRPHTXpGHERKDFHU" ²1RUHDOPHQWH QR²GLMR1RUWRQ DIDEOHPHQWH² 3HUR KR\WHQHPRVXQD QRFKH DJLWDGD\FUHRTXHORPLVPRVXFHGHHQHO &RXULHU <DWLQRWHLQWHUHVD0DUW\9HWH DWXFDVD\KDEODFRQ-DFN&RQJHUPDxDQDVLWRGDYtDSLHQVDVTXHGHEHVKDFHUOR ²7~\pOVRLVPX\DPLJRV¢YHUGDG"²GLMR)RUDJHUUHFHORVR²<ORVGRVYLYtV FHUFDGH3XQWD&RQJHUGRQGHSDUHFHQWHQHUOXJDUWRGRVORVSUREOHPDV 0LUy FRQ H[SUHVLyQ VRFDUURQD DO SROLFtD TXLHQ FRQVLGHUy OD FRQYHQLHQFLD GH SRQHUOR HQXQDGHODVFHOGDVTXHWHQtD3RUW$UEHOORSDUDORVERUUDFKRV'HFLGLyQR KDFHUOR\HQFDPELRVRQULyDPDEOHPHQWH ²$VtHV0DUW\3HQVpTXHORVDEtDV'HVGHTXHPHQRPEUDURQMHIHGHSROLFtD\ GHVGHTXH-DFN&RQJHUVHKL]RFDUJRGHODGLUHFFLyQGHO &RXULHU QRVGHGLFDPRVD VHFXHVWUDU FKLTXLOODV (OERVTXH HVWiOOHQR GH VXV FDGiYHUHV SHUR MDPiV VH KDUi QDGD SRUTXH WRGR HO PXQGR VDEH TXH -DFN \ \R VRPRV FRPSLQFKHV \ TXH QRV SURWHJHPRVXQR DORWUR(QUHDOLGDG\QRORGLYXOJXHVpO\\RVRPRVDPDQWHV\OD YHUGDGHUD UD]yQ SRU OD FXDO QRV PHWHPRV FRQ ODV FKLTXLOODV HV SDUD TXH QDGLH VRVSHFKHTXHDQGDPRVMXQWRV²VHSXVRGHSLH²$KRUD¢SRUTXpQRYDV\UHSLWHV HVWR SRU WRGDV SDUWHV SHVH D TXH WH GLMH TXH QR OR KLFLHUDV" $O PHQRV HV XQD KLVWRULDWDQSODXVLEOHFRPRODTXHFRQWyWXKLMD ,QPHGLDWDPHQWH VH DUUHSLQWLy GH VXV~OWLPDVSDODEUDV SHUR HQ VHJXLGDDGYLUWLy TXH )RUDJHU HVWDED GHPDVLDGR ERUUDFKR SDUD FRPSUHQGHU FXDOTXLHU FRVD TXH OH GLMHVHQ
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
²(VWiELHQ²WDUWDPXGHyGLILFXOWRVDPHQWH)RUDJHU²
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
VX SHULyGLFR HQFHQGLGDV \ VH DVHJXUy GH KDEHU FHUUDGR FRQ OODYH OD SXHUWD GH HQWUDGD&RQHOWUiILFR\ODVSUHJXQWDVGHORVFXULRVRVOHOOHYyPHGLDKRUDOOHJDUDOD HVWDFLyQ GH SROLFtD 7DUGy DSUR[LPDGDPHQWH XQ PLQXWR SRU FDGD WUHV PHWURV TXH WXYRTXHFDPLQDU 5RVH&RQJHUWUDWyGHWUDEDMDUFXDQGRVXPDULGRVDOLyGHODFDVDSHURQRSXGR FRQFHQWUDUVH HQOD WDUHD 5HQXQFLy \ GLULJLy VX DWHQFLyQ D XQOLEUR SHUR WDPSRFR SXGR FRQFHQWUDUVH )LQDOPHQWH GHMy HO OLEUR D XQ ODGR \ VH TXHGy VHQWDGD HVFXFKDQGR HO YLHMR UHORM TXH GDED ORV FXDUWRV GH KRUD ODV PHGLDV KRUDV \ ODV KRUDV /D QRFKH HPSH]DED D SDUHFHUOH LQWHUPLQDEOH (QWRQFHV GHFLGLy OODPDU D 1RUPD1RUWRQSDUDYHUVLVDEtDDOJRGH.DWK\%XUWRQ1RUPDFRQFLHUWDYDFLODFLyQ ODLQYLWyDTXHVHXQLHUDDODYLJLOLD$XQTXHVXVPDULGRVHUDQtQWLPRVODVPXMHUHV QXQFDKDEtDQ VLPSDWL]DGR GHPDVLDGR5RVHVRVSHFKDEDTXHVH GHEtDHQSDUWHD TXH1RUPD1RUWRQQRODYHtDFRPRDXQVHUKXPDQRVLQRFRPRODVHxRUD&RQJHU 3HQVyTXHODRSRUWXQLGDGVHUtDEXHQDSDUDPRGLILFDUHVDLPDJHQ ²0HHQFDQWDUtD²GLMR²+HHVWDGRDTXtVHQWDGDVLQKDFHUQDGD\VLQWLpQGRPH PiVQHUYLRVD DFDGDPLQXWR'pMDPHYHUVLODVHxRUD*RRGULFKVLJXHOHYDQWDGD6L QRSLHQVDLUVHDODFDPDHQVHJXLGDKDUp TXHYLJLOHDODVQLxDV(VWDUpDOOtHQGLH] PLQXWRVRYROYHUpDOODPDUWH (QFRQWUyDODVHxRUD*RRGULFKPLUDQGRODWHOHYLVLyQHQVXFXDUWRMXQWRDODFRFLQD \ODDQFLDQDOHDVHJXUyTXHHVWDUtDHQSLHWRGDODQRFKH ²3DUHFH TXH PLHQWUDV PiV YLHMD VH SRQH XQD PHQRV VXHxR QHFHVLWD ²GLMR JUXxHQGR²2 WDO YH] VHD OD DUWULWLV 3HURYD\D XVWHG WUDQTXLOD (QHVWDFDVDHQ FLQFXHQWDDxRVQRVXFHGLyQDGDTXH\RQRSXGLHUDFRQWURODU 5RVH OHGLR ODV JUDFLDV \IXH DUULED DYHU D ODV QLxDV 'RUPtDQWUDQTXLODPHQWH %HVy VXDYHPHQWH OD IUHQWH GH 6DUDK SHUR QR TXLVR PROHVWDU D (OL]DEHWK 'RV PLQXWRVDQWHVGHTXHVHFXPSOLHUDQORVGLH]SURPHWLGRVHVWDFLRQyVXDXWRPyYLOHQ HOFDPLQRIUHQWHDODFDVDGHORV1RUWRQ\XQPLQXWRGHVSXpVDFHSWDEDDJUDGHFLGD XQDWD]DGHFDIpGH1RUPD ²6LHQWRWDQWRORVXFHGLGR²OHGLMRD0DULO\Q%XUWRQ²3HURHVWR\VHJXUDGHTXH .DWK\VHHQFXHQWUDELHQ6HUiFRPRORGH$QQH)RUDJHU (O SUREOHPD HUD TXH QLQJXQD GH HOODV VDEtD TXp OH KDEtD VXFHGLGR D $QQH )RUDJHU6HVHQWDURQODVWUHVIRUPDQGRXQJUXSRDQVLRVR\WUDWDURQ GHDKRJDUVXV WHPRUHVFRQFDIHtQD (OL]DEHWK DEULy ORV RMRV FXDQGR HVFXFKy TXH VH FHUUDED OD SXHUWD GH VX KDELWDFLyQ 1R VDEtD SRU TXp ILQJLy KDOODUVH GRUPLGD FXDQGR VX PDGUH DEULy OD SXHUWD+DELWXDOPHQWHKDEUtDKDEODGRSRUORPHQRVSDUDGHFLUEXHQDVQRFKHV3HUR PDQWXYRORVRMRVFHUUDGRV\VLJXLyUHVSLUDQGRFRQHOULWPROHQWR\UHJXODUGHOVXHxR < DKRUDFRQODSXHUWD QXHYDPHQWHFHUUDGD \VXVRMRVDELHUWRV VLJXLy UHVSLUDQGR FRQ HVH ULWPR OHQWR \ UHJXODU 3HUPDQHFLy TXLHWD HVFXFKDQGR ORV VRQLGRV GH OD QRFKH\R\yHOURQURQHRGHODXWRPyYLOGHVXPDGUHTXHVHDOHMDEDUiSLGDPHQWHSRU HOFDPLQR &XDQGR\DQRR\yHOVRQLGRGHOPRWRUVHOHYDQWy\IXHKDVWDODYHQWDQD0LUyD WUDYpV GHO SUDGR \ OH SDUHFLy TXH SRGtD YHU PiV DOOi GHO ERVTXH TXH VH DO]DED RPLQRVRHQODRVFXULGDGGHODQRFKH6LJXLyMXQWRDODYHQWDQDODUJRUDWR\VLQWLy TXHOHLQYDGtDXQDVHQVDFLyQH[WUDxDXQDVHQVDFLyQGHXQLGDGFRQODIRUHVWD\ORV iUEROHV\XQGHVHRGHHVWDUPiVFHUFDGHOPDUGHORWURODGRGHOERVTXH6HDOHMy GHODYHQWDQD\FRQORVSiUSDGRVWHPEORURVRVHPSH]yDYHVWLUVH
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
0RPHQWRV GHVSXpVVDOLy GHVXFXDUWR\DYDQ]y KDVWD HOH[WUHPRGHODHVFDOHUD $OOtVHGHWXYRSDUHFLyHVFXFKDU\OXHJRHPSH]yDGHVFHQGHUWDQVLOHQFLRVDFRPR ODQRFKH3DVyMXQWRDOJUDQUHORMGHSpQGXORVLQSHUFLELUHOVRQRURWLFWDF$ILQDOGH ODHVFDOHUDVHYROYLy\IXHKDFLDODFRFLQD 1R HVFXFKy HO PXUPXOOR GH OD WHOHYLVLyQ HQFHQGLGD HQ OD SHTXHxD KDELWDFLyQ FRQWLJXDDODFRFLQDVLORKXELHUDRtGRTXL]iVKDEUtDOODPDGRDODSXHUWD\OXHJROD KDEUtDDELHUWR SDUD HQFRQWUDU D ODVHxRUD *RRGULFK URQFDQGR SDFtILFDPHQWH HQVX VLOOyQ (OL]DEHWKDEULyODQHYHUD\PLUyHQHOLQWHULRUFRQODPLUDGDYDFtD/XHJRDGHODQWy OD PDQR \ FHUUy ORV GHGRV VREUH XQ SHTXHxR SDTXHWH HQYXHOWR HQ SDSHO EODQFR &HUUy ODSXHUWD GH ODQHYHUD\ VDOLy GH OD FRFLQD(Q HO SHTXHxR FXDUWR YHFLQRHO VXHxRGHODVHxRUD*RRGULFKQRVHDOWHUyFRQHOVXDYHUXLGRGHODSXHUWDSULQFLSDODO FHUUDUVHQLFRQODVVRQRUDVFDPSDQDGDVGHOUHORMTXHDQXQFLDURQODPHGLDQRFKH (OL]DEHWKFUX]yUiSLGDPHQWHHOSUDGR\VHSHUGLyHQHOLQWHULRUGHOERVTXH8QD YH]DOOtRFXOWDSRUORViUEROHVDSUHWyHOSDVR $VXDOUHGHGRUODVOLQWHUQDVGHORVKRPEUHVGHODSDUWLGDGHE~VTXHGDVHPRYtDQ GH XQ ODGR D RWUR SHUR VL HOOD ODV YLR QR OR GHPRVWUy 'RV YHFHV (OL]DEHWK GHVDSDUHFLy HQ ODVRPEUDGH XQ iUERO DSHQDVVHJXQGRV DQWHV GH TXH XQRGH ORV TXHEXVFDEDQODGHVFXEULHUD$QWHVGHVDOLUGHOERVTXHHQGLUHFFLyQDODFDQWLODGR SDVyDVyORWUHVPHWURVGHVXSDGUH(OODQRORYLRQLKL]RQLQJ~QUXLGRTXHOODPDUDOD DWHQFLyQD-DFN(OHVWDEDGHPDVLDGRFRQFHQWUDGRHQGRPLQDUVXVSURSLRVWHPRUHV SDUDRtUOD\VLJXLyFRQWRGRVORVVHQWLGRVDSOLFDGRVDODE~VTXHGDGH.DWK\%XUWRQ 3URQWR(OL]DEHWKVHHQFRQWUyXQDYH]PiVHQHOERUGHGHODFDQWLODGRPLUDQGRDO PDU(VFXFKyODPDUHMDGD\OHSDUHFLyXQVRQLGRDOTXHHVWDEDKDELWXDGDXQVRQLGR FRQ HOTXHKDEtDYLYLGRPXFKRPiVWLHPSRGHOTXHHUDFDSD]GHUHFRUGDU (PSH]y HO GHVFHQVR SRU OD FDUD GHO DFDQWLODGR \ SRFR GHVSXpV GHVDSDUHFLy HQ OD QHJUD VRPEUDGHWUiVGHOSHxDVFR /RVVRQLGRVGHOROHDMHRDOJXQDRWUDFRVDOHLPSLGLHURQRtUHOUXLGRGHJDMRV\ UDPDVTXHEUDGDVTXHSURGXFtDQORVTXHWUDWDEDQGHDEULUVHSDVRHQHOERVTXH .DWK\%XUWRQQRHVWDEDVHJXUDGHKDEHUHVFXFKDGRQDGDHQDEVROXWRGHPDVLDGR KDEtDHVFXFKDGR HQODV~OWLPDV KRUDV3ULPHUR IXHHOVRQLGRGHVXVSURSLRVJULWRV UHERWDQGRKDFLDHOODFRPRVLVXUJLHUDQGHXQDFULDWXUDYLO\PRULEXQGD\JROSHiQGROH ORVRtGRV+DEtDJULWDGRKDVWDTXHGDUVLQYR]/XHJRVHHFKyVREUHHOVXHORGHOSR]R \ HVWXYR ODUJR WLHPSR OORUDQGR SDUD Vt PLVPD FRQ HO FXHUSR GRORULGR SRU HO DJRWDPLHQWR \HOPLHGR'HVSXpVHO SiQLFR SDVy \HPSH]y D HVFXFKDU HO VRQLGR DSDJDGRGHOROHDMHTXHIRUPDEDXQVXDYHIRQGRGHUXLGR\HYLWDEDTXHHOVLOHQFLR PXOWLSOLFDUD HO WHUURU GH OD LPSHQHWUDEOH RVFXULGDG < HQWRQFHV HPSH]y D RtU ORV VRQLGRVPiVGpELOHVORVOHYHVVRQLGRVDUUDVWUDGRVDORVTXHDOSULQFLSLRQRSXGR DVLJQDU VLJQLILFDGR 6X PHQWH HPSH]y D FRQVWUXLU LPiJHQHV LPiJHQHV GH UDWDV SHUVLJXLpQGRVHXQDVDRWUDVHQODFXHYDJLUDQGRDOUHGHGRUGHHOOD$PHGLGDTXH ODVLPiJHQHVVHKDFtDQPiVQtWLGDVHQVXPHQWHHPSH]yDVHQWLUODVVLHVTXHHUDQ UDWDVPRYLpQGRVHPiVFHUFDGHHOOD\ROIDWHDQGRHODLUHHQVXGLUHFFLyQ\VXPLHGR DXPHQWy6HDFXUUXFyHQFLPDGHODURFDTXHSRFDVKRUDVDQWHVKDEtDVHUYLGRGH PHVDSDUDHOHVFDORIULDQWHWpGH(OL]DEHWK $OOtSHUPDQHFLyHQFRJLGDHQODRVFXULGDG\VLQWLpQGRVHHPSHTXHxHFHU,PDJLQy TXH GHVDSDUHFtD \ HVR IXH OR PHQRV KRUULEOH TXH LPDJLQy SXHVWR TXH VL GHVDSDUHFtDSRUORPHQRVQRHVWDUtDDOOt<GHVHDEDGHVHVSHUDGDPHQWHQRHVWDU DOOt
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
&RQHOSDVRGHODV KRUDVVXVDUWLFXODFLRQHVVHHQWXPHFLHURQ SRU ODLQDFWLYLGDG\ SRUHOIUtRK~PHGRTXHOOHQDEDODFXHYD )LQDOPHQWHVHREOLJyDPRYHUVHSHURQRRVyEDMDUGHODVXSHUILFLHOLVDGHODURFD WHPHURVDGHORTXHSXGLHUDHQFRQWUDUHQODRVFXULGDGTXHODURGHDED < DKRUD HVFXFKy XQ VRQLGR GLIHUHQWH XQ VRQLGR GH URFDV TXH OOHJDED GHVGH DUULED6LQWLyTXHVHIRUPDEDXQJULWRHQVXJDUJDQWDGRORULGDSHURORUHSULPLy/RV UXLGRVFRQWLQXDURQ .DWK\ HVWLUy HO FXHOOR WUDWDQGR GH HQFRQWUDU HQ DOJXQD SDUWH GH ODV WLQLHEODV HO DJXMHUR TXH FRQGXFtD IXHUD GHVXSULVLyQ&UH\y VDEHU GyQGHHVWDEDSRUTXHKDEtD XQD OHYtVLPD SHUWXUEDFLyQ HQ HO DLUH \ HVWXYR VHJXUD GH TXH HO DJXMHUR VH HQFRQWUDEDGLUHFWDPHQWHHQFLPDGHHVDFRUULHQWHFDVLLPSHUFHSWLEOHTXHHUDHO~QLFR PRYLPLHQWRHQHOSR]R$QWHVVHKDEtDSXHVWRGHSLHKDEtDLQWHQWDGRWRFDUHOWHFKR GH OD FXHYD SHUR HVWDED IXHUD GH VX DOFDQFH \ VX LQFDSDFLGDG GH GLVWLQJXLU ORV OtPLWHV GH VXFRQILQDPLHQWRQR KL]R PiV TXH DXPHQWDU VXPLHGR $KRUD \DFtD GH HVSDOGDVODFDUDGLULJLGDKDFLDDUULEDKDFLDODFRUULHQWHGHDLUHTXHHVWDEDVHJXUD YHQtDGHODJXMHUR <HQWRQFHVTXHGyHQFDQGLODGD6LQWLyTXHHOURVWURVHOHFRQWUDtDFXDQGRODOX] FHJDGRUD\EULOODQWHOHJROSHyORVRMRV&RPRXQDOLHEUHDWUDSDGDHQODOX]GHORV IDURVGHXQDXWRPyYLOTXHGyLQPRYLOL]DGDVREUHODPHVDGHSLHGUD $UULED(OL]DEHWKVRVWHQtDODOLQWHUQD\PLUDEDKDFLDDEDMRDOURVWURDWHUURUL]DGR GH .DWK\ (Q ORV RMRV GH .DWK\ KDEtD XQD PLUDGD VDOYDMH TXH HQ FLHUWR PRGR DJUDGyD(OL]DEHWKTXLHQVRQULySDUDVtPLVPD(QWRQFHVR\yTXH.DWK\KDEODED ²¢4XLpQHV"²ORJUyGHFLU.DWK\\HOVRQLGRGHVXYR]VRQyH[WUDxDPHQWHHQ VXVRtGRV²¢4XLpQHVSRUIDYRU" ²6LOHQFLR ²VLVHy (OL]DEHWK HQFLPD GH OD FDEH]D GH .DWK\² $TXt GHEHV VHU MXLFLRVD ²¢(OL]DEHWK"²SUHJXQWy.DWK\LQVHJXUD\FRPRQRREWXYRUHVSXHVWDUHSLWLyVX SUHJXQWD ²¢(OL]DEHWK"²GLMRFRQYR]URQFD²3RUIDYRU(OL]DEHWK¢HUHVW~" (OL]DEHWKFRQWLQXDEDVRVWHQLHQGRODOLQWHUQDILUPHPHQWHFRQXQDPDQRPLHQWUDV TXHFRQODRWUDWLUDEDGHOSDSHOEODQFRTXHHQYROYtDHOSDTXHWHTXHKDEtDWUDtGRGH ODFRFLQD&XDQGRHOSDSHOTXHGyOLEUHKDEOy ²$TXt²GLMRFRQYR]FDVLWDQURQFDFRPRODGH.DWK\²$TXtWLHQHVWXFHQD $UURMyDOJRSRUHODJXMHUR\PLUyFyPRHOWUR]RGHFDUQHFUXGD\VDQJXLQROHQWD JROSHDEDODFDUDGH.DWK\FRQXQUXLGRGHK~PHGDERIHWDGD .DWK\QRORYLROOHJDU\FXDQGRHOWUR]RGHFDUQHODJROSHyVHHQFRJLySRUUHIOHMR \VXYR]EURWyQXHYDPHQWH8QDXOOLGRGHPLHGRPH]FODGRFRQUHSXOVLyQSRUHVD KXPHGDGIUtD\GHVFRQRFLGDTXHOHKDEtDJROSHDGRODFDUDVDOLyGRORURVDPHQWHGH VXJDUJDQWD \OOHQy HOiPELWRGHODFXHYD(OVRUGRUXPRUGHO ROHDMHGHVDSDUHFLy\ WRGRVORVRWURVSHTXHxRVVRQLGRVIXHURQDEVRUELGRVSRUHOJULWR GHWHUURUGH.DWK\ (QWRQFHVODYR]GH(OL]DEHWKiVSHUD\GHVDJUDGDEOHFRUWyHODODULGR ² £0DOGLWD VHDV ²JULWy (OL]DEHWK² £&LHUUDWX ERFD SRGULGD £&iOODWH²VLJXLy JULWDQGRPLHQWUDVODYR]GH.DWK\VHDSDJDEDOHQWDPHQWH²£&iOODWH (OVLOHQFLRYROYLy DFHUQLUVH VREUHODFDYHUQDKDVWDTXHVH HVFXFKyHOPXUPXOOR GHOROHDMH ²£&RPH²RUGHQy(OL]DEHWK²£&RPHWXFHQD $EDMR ORV RMRV GH .DWK\ HPSH]DURQ D DGDSWDUVH D OD VHPLSHQXPEUD %DMy OD PLUDGD \YLR HO WUR]RGH FDUQH FUXGD TXH EULOODED URML]R HQ HO FtUFXOR GH OX] GH OD OLQWHUQD /R PLUy \ WUDWy GH QR HVFXFKDU OD YR] GH (OL]DEHWK TXH GHVGH DUULED OH JULWDEDyUGHQHV
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
²£/HYiQWDOR²GHFtD(OL]DEHWK²£/HYiQWDORSHUUD\FyPHOR£9DPRVOHYiQWDOR \FyPHOR£/HYiQWDOR£/HYiQWDOR£/HYiQWDOR /DYR]GHDUULEDDGTXLULyXQDFXDOLGDGKLSQyWLFD\GHUHSHQWH.DWK\VHHQFRQWUy FRQHOREMHWREODQGX]FR\VDQJXLQROHQWRHQVXVPDQRV(QWRQFHVODRUGHQGHDUULED FDPELy ²£&yPHOR²RUGHQDED(OL]DEHWK²£&yPHOR£&yPHOR£&yPHOR 'HVHVSHUDGD.DWK\VHOOHYyHOWUR]RGHFDUQHFUXGDDORVODELRV/DOLQWHUQDVH DSDJy .DWK\SHUPDQHFLyODUJRWLHPSRDFXUUXFDGDVREUHODURFDFRQHOWUR]RGHFDUQHHQ ODV PDQRV \ HVFXFKDQGR ORV VRQLGRVDUUDVWUDGRV TXH VHLEDQ DOHMDQGR /XHJR VH KL]RHOVLOHQFLRSHURHOODVLJXLyVHQWDGDHQODRVFXULGDGFRPRXQDQLPDODVXVWDGR HVSHUDQGRTXHXQHQHPLJRLQYLVLEOHVDOWDUDGHVGHODQRFKH 6H GLR FXHQWD GH TXH WHQtD KDPEUH /HQWDPHQWH VX PHQWH HPSH]y D FRQFHQWUDUVH QXHYDPHQWH HQ OD UHDOLGDG 6H SUHJXQWy FXiQWR WLHPSR KDUtD TXH HVWDED DWUDSDGD HQ HO SR]R FXiQWR KDFtD TXH QR FRPtD 3HQVy HQ HO REMHWR VDQJXLQROHQWRTXHWHQtDHQODPDQR(QDOJ~QOXJDUGHVXPHPRULDWLWLOyXQUHFXHUGR YDJR XQ WUR]R GH LQIRUPDFLyQ TXH OH GHFtD TXH DOJXQRV SXHEORV FRPtDQ FDUQH FUXGD 6LQWLy TXH HO HVWyPDJR VH OH HVWUHPHFtD \ SHQVy SRU XQ PRPHQWR TXH YRPLWDUtD/XHJRODVQiXVHDVSDVDURQ\OHDFRPHWLHURQRWUDYH]ORVHVSDVPRVGHO KDPEUH6HGHFLGLy .DWK\ VH OOHYy OD FDUQH FUXGD D OD ERFD \ HPSH]y D PDVWLFDU $KRUD HVWDED VDWLVIHFKD FRQ OD RVFXULGDG 6DEtDTXH QRKDEUtDVLGR FDSD] GH FRPHU VL KXELHUD SRGLGRYHU &XDQGR KDEtD FRPLGR OD PLWDG GH OD FDUQH R\y QXHYDPHQWH ORV VRQLGRV GH DUUDVWUH 'HMy GH PDVWLFDU \ HVFXFKy 6H KLFLHURQ PiV IXHUWHV OXHJR FXDQGR SDUHFLHURQYHQLUGLUHFWDPHQWHGHHQFLPDGHVXFDEH]DVHGHWXYLHURQ .DWK\HPSH]yDGHFLUDOJRSHURORSHQVyPHMRU$FWXDQGRPiVSRULQVWLQWRTXH SRU UD]RQDPLHQWR VDOWy V~ELWDPHQWH GH OD URFD 6X VXEFRQVFLHQWH OH GLMR TXH HO SHOLJURGHOSR]RHUDPHQRUTXHHOSHOLJURGHDUULED6HDFXUUXFyFRQWUDODSDUHGGHOD FXHYD\HVSHUyHOUD\RGHOX]DQXQFLDGRUGHXQPLHGRPiVJUDQGHTXHHOPLHGRDOD RVFXULGDG\HOVLOHQFLR 3HURQRKXERQLQJ~QUD\RGHOX]QLQJXQDYR]iVSHUD\URQFDGiQGROHyUGHQHV FRQ SDODEUDV REVFHQDV (Q FDPELR R\y XQ UXLGR IXHUWH FRPR VL XQ REMHWR GXUR KXELHUDFDtGRGHVGHDUULED6LJXLyRWURPRPHQWRGHVLOHQFLR\OXHJRQXHYDPHQWH ORV UXLGRVGHURFHVDOHMiQGRVHOHQWDPHQWHKDVWD SHUGHUVH GHO WRGR HQHOUXPRUGHO ROHDMH.DWK\SHUPDQHFLyDFXUUXFDGDFRQWUDODSDUHG &XDQGRVXVSLHUQDVDJDUURWDGDVOHLQGLFDURQTXHWHQtDTXHPRYHUVHHPSH]yD WDQWHDU KDFLDHOFHQWURGHODFDYHUQD6XVPDQRVHQFRQWUDURQODPHVD GHSLHGUD\ HPSH]y DEXVFDUFDXWHORVDPHQWH VREUHOD VXSHUILFLHVLQHVSHUDUGDU FRQ HOREMHWR TXHKDEtDQDUURMDGRSHURWHPHURVDGHQRHQFRQWUDUOR 'HSURQWR VXV GHGRV FKRFDURQ FRQ DOJR/RV UHWLUy FRPR VLHOREMHWR HVWXYLHUD FDOLHQWH\OXHJRYROYLyDWRFDU(PSH]yDH[DPLQDUHOREMHWRFRQODVSXQWDVGHORV GHGRV(UDGXURUHGRQGHDGR\DOJRDFKDWDGR3DUHFtDIRUUDGRFRQXQDHVSHFLHGH WHOD5HSHQWLQDPHQWHVXSRTXpHUD/HYDQWyODFDQWLPSORUD\ODVDFXGLy(VWDEDFDVL OOHQD 'HVHQURVFyFXLGDGRVDPHQWHODWDSD\ROLyHOFRQWHQLGR1RWHQtDRORU )LQDOPHQWHUHXQLyFRUDMH\ORSUREy(UDDJXD 6HGLHQWD.DWK\EHELy(ODJXDOHFDOPyVXJDUJDQWDGRORULGD
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
&XDQGRDODPDxDQDVLJXLHQWHGHVSHUWy(OL]DEHWKDEULyVRUSUHQGLGDORVRMRVDQWH OD SLOD GH URSDV VXFLDV TXH HVWDEDQ HQ HO FHQWUR GH VX KDELWDFLyQ /DV PLUy FRQ FXULRVLGDG\VHSUHJXQWyGHGyQGHKDEUtDQVDOLGR'HFLGLyTXH6DUiKGHELyGHMDUODV DOOtGXUDQWHODQRFKH\ODVUHFRJLy/DVGHSRVLWyHQHOYHUWHGHURGHURSDVXFLD\EDMy DGHVD\XQDU 3RFRVPLQXWRVGHVSXpV6DUDKVHGHVSHUWy\WDPELpQHQFRQWUyXQDSLODGHURSDV VXFLDVHQHOVXHORGHVXKDELWDFLyQ6HOHYDQWyGHODFDPD\VHODVSXVR/XHJREDMy \ RFXSy HQ VLOHQFLR VX OXJDU HQ OD PHVD GHO GHVD\XQR 6XV SDGUHV OD PLUDURQ KRUURUL]DGRV(OL]DEHWKVHSXVRGHSLHVHOHDFHUFy\ODWRPyGHODPDQR ²9DPRV6DUDK²GLMRDPDEOHPHQWH²QRTXHUUiVLUDODHVFXHODYHVWLGDDVt (OL]DEHWK OOHYyD VX KHUPDQD HVFDOHUD DUULED \5RVH \-DFN &RQJHU VH PLUDURQ XQRDORWUR1LQJXQRVXSRTXpGHFLU(VWDEDQGHPDVLDGRDVXVWDGRV
&DStWXOR $TXHOOD VHPDQD HO WLHPSR VH DUUDVWUDED OHQWDPHQWH HQ 3RUW $UEHOOR 0DULO\Q %XUWRQ VHJXtD SRVWHUJDQGR YDOLHQWHPHQWH OR LQHYLWDEOH $EUtD WRGRV ORV GtDV VX QHJRFLR\WRGRVORVGtDVVRQUHtDDVXVFOLHQWHV\OHVDVHJXUDEDTXHQRTXHHVWDED FRQYHQFLGD GH TXH QDGDPDOR OH KDEtDRFXUULGR D.DWK\\ TXH.DWK\DSDUHFHUtD 3HURHQORPiVtQWLPRGHVtPLVPDVDEtDTXHQRVHUtDDVt 5D\ 1RUWRQ DPSOLy ODV SDUWLGDV GH E~VTXHGD \ ORV KRPEUHV GH 3RUW $UEHOOR LQLFLDURQXQDE~VTXHGDVLVWHPiWLFDFDGDGtDHQXQFtUFXORPiVH[WHQVRDOUHGHGRU GHOSXHEOR1RUWRQQRHVSHUDEDTXHKDOODUDQQDGDSHURHVRORVPDQWHQtDRFXSDGRV \ HYLWDED TXH SUHVWDVHQ GHPDVLDGD DWHQFLyQ D 0DUWLQ )RUDJHU ERUUDFKR HQ OD WDEHUQD WRGDV ODV QRFKHV TXLHQ DFXVDED D OD SROLFtD GH QR KDFHU QDGD 1RUWRQ FDOFXODEDWHQHUORVRFXSDGRVSRUORPHQRVGLH]GtDVFXPSOLGRVORVFXDOHVHVSHUDED FRQWDUFRQDOJRPiVVyOLGRTXHXQDVLPSOHGHVDSDULFLyQ /DVPXMHUHVGH3RUW$UEHOORGHVFXEULHURQTXHFRQVXPtDQPiVFDIp\JDVWDEDQ PiVJDVROLQD TXH ODKDELWXDOSXHVWR TXH WRGDVDGRSWDURQODFRVWXPEUHGHOOHYDU\ WUDHUDVXVKLMRVGHVGHODHVFXHOD7RGDVH[FHSWRODVUHVLGHQWHVHQHO&DPLQRGH 3XQWD &RQJHU GRQGH VXSXHVWDPHQWH IXH DWDFDGD $QQH )RUDJHU \ GRQGH VH SUHVXPtDTXHGHVDSDUHFLy.DWK\%XUWRQ/DVIDPLOLDVGHO&DPLQRGH3XQWD&RQJHU QRGLVFXWtDQORTXHHVWDEDVXFHGLHQGRQLVHFRQVXOWDEDQHQWUHHOODVVREUHODPHMRU PDQHUDGHHQIRFDUODVLWXDFLyQ(UDFRPRVLKXELHUDQGHFLGLGRLQGLYLGXDOPHQWHTXH QRSDVDUtDQDGDVLHOORVQRDGPLWtDQTXHDOJRDQGDEDPDO'HPRGRTXHORVQLxRV GHO &DPLQRGH 3XQWD &RQJHUVHJXtDQ \HQGRD SLHDODHVFXHODWRGRV ORV GtDV6L DOJXLHQQRWyTXHHQHO&DPLQRKDEtDXQWUiILFRGHVXVDGR \DTXHWRGDVODVPDGUHV HQFRQWUDEDQVLHPSUHXQSDUGHGLOLJHQFLDVTXHKDFHUHQHOSXHEORGXUDQWHODVKRUDV HQ TXH ORV QLxRV WUDQVLWDEDQ HO FDPLQR QDGLH OR FRPHQWy 6LOHQFLRVDPHQWH PDQWHQtDQ ODV DSDULHQFLDV GH QRUPDOLGDG \ OD YLVWD GH ORV FRQVWDQWHV JUXSRV GH E~VTXHGDOHVGDEDFLHUWDWUDQTXLOLGDG (O MXHYHV SRU OD PDxDQD (OL]DEHWK IXH FDVL FRUULHQGR GHVGH VX FDVD KDFLD HO &DPLQR GH 3XQWD &RQJHU 3XGR FRUWDU D WUDYpV GHO SUDGR \ VDOLU DO &DPLQR GH OD 3XQWD GRQGH FRPHQ]DED HO ERVTXH SHUR VH VHQWtD OHYHPHQWH GHVFRQFHUWDGD &XDQGR OOHJy DO &DPLQR PLUy UiSLGDPHQWH D OD GHUHFKD \ HQ VHJXLGD DGRSWy GHOLEHUDGDPHQWH XQSDVR PiV OHQWR \ WUDWy GH DVXPLU XQ DLUH GH LQGLIHUHQFLD
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
FDPLQy VLPSOHPHQWH DO ODGR GH pO \ OH HQWUHJy ORV OLEURV FXDQGR pO VH RIUHFLy D OOHYDUORV (OPLpUFROHVDODPDxDQDpOODHVSHUyMXQWRDOEX]yQGHORV6WHYHQV\HOODSHQVy TXH WDO YH] OH KDEtDQ GLFKR TXH OD DFRPSDxDUD D OD HVFXHOD &RPR VL OH\HUD ORV SHQVDPLHQWRVGH(OL]DEHWKpOWRPyORVOLEURVGHHOOD\OHVRQULy ²0DxDQDW~OOHYDUiVORVPtRV²GLMR²0HDOHJURGHTXHYLYDVDTXt1RHVQDGD GLYHUWLGRFDPLQDUVROR 'HPRGRTXHHOMXHYHV(OL]DEHWKVHDFHUFyD-HII\WHQGLyODVPDQRV ²0LWXUQR ²GLMRVRQULpQGROH\ FRPR pOQRUHVSRQGLyDxDGLy²'LMLVWHTXHKR\ \ROOHYDUtDWXVOLEURV -HII OH HQWUHJy VXV OLEURV HQ VLOHQFLR \ VH GLMR TXH QR GHEtD ROYLGDU SHGtUVHORV DQWHVGHOOHJDUDODYLVWDGHODHVFXHOD/DVEURPDVKDEtDQVLGREDVWDQWHSHVDGDV FXDQGRORYLHURQOOHYDQGRORVOLEURVGH(OL]DEHWKVLDKRUDYHtDQTXHHOODOOHYDEDORV GHpOVHUtDQLQVXIULEOHV 7UDWyGHSHQVDUHQDOJRSDUDGHFLUSHURQRVHOHRFXUULyQDGD(QUHDOLGDGFDGD YH]TXHWUDWDEDGHKDEODUFRQ(OL]DEHWKHPSH]DEDDWDUWDPXGHDU6HSUHJXQWyVL HVWDUtDHQDPRUiQGRVHGHHOOD\GHFLGLyTXHHUDSRVLEOH ²(VWiVWUHPHQGDPHQWHFDOODGRHVWDPDxDQD²GLMR(OL]DEHWKKDFLHQGRTXH-HII HQURMHFLHUD ²
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
VDOLHURQ GHO VHFDUURSDV HVWDEDQ WDQ OLPSLDV FRPR VL IXHVHQ QXHYDV 7DQ OLPSLDV FRPRSDUDVDWLVIDFHUDODH[LJHQWHVHxRUD*RRGULFK (OL]DEHWK&RQJHUHVSHUDEDLQGHFLVDHQHOLQWHULRUGHODHVFXHODGH3RUW$UEHOOR EXVFDQGR HQWUH ORV URVWURV GH ORV QLxRV TXH VDOtDQ GHO HGLILFLR 3RU XQ PRPHQWR SHQVy TXH VHOH KDEtD SDVDGRHO TXH EXVFDED SHURHQVHJXLGD VRQULy \ DJLWy OD PDQR&XDQGRQRREWXYRUHVSXHVWDGHOREMHWRGHVXVHVIXHU]RVOROODPy ²£-LPP\²JULWy 8QQLxRSHTXHxRDO]yODYLVWD ²$TXt²GLMR(OL]DEHWK -LPP\7\OHUHUDSHTXHxRSDUDVXHGDGSHURQRWDQWRFRPRSDUDFRQVWLWXLUXQD JUDQGHVYHQWDMD/HIDOWDEDQVRODPHQWHWUHVFHQWtPHWURV\VXSDGUHOHKDEtDGLFKR TXH SDUD VX SUy[LPR FXPSOHDxRV VHJXUDPHQWH VHUtD WDQ JUDQGH FRPR ORV RWURV QLxRVGHRFKRDxRV3HURFXDQGRXQRWLHQHVLHWHDxRVORVRFKRSDUHFHQOHMDQRVGH PRGRTXH-LPP\FRPSHQVDEDVXPHQRUHVWDWXUDVLHQGRPiViJLOTXHORVGHPiV (VSHFLDOPHQWHSDUDWUHSDU-LPP\SRGtDHQFDUDPDUVHDFDVLFXDOTXLHUFRVD\XQR GHVXVGHSRUWHVIDYRULWRVHUDWUHSDUPiVDOWR\PiVUiSLGRTXHFXDOTXLHUDGHVXV DPLJRV$VtSRGtDPLUDUORVGHVGHDUULED\HVROHKDFtDVHQWLUVHPHMRU $O]yODYLVWDFXDQGRR\yVXQRPEUH\YLRD(OL]DEHWK&RQJHUTXHORVDOXGDEDFRQ ODPDQR'HYROYLyHOVDOXGR\YLRTXHHOODORHVSHUDED$SUHWyHOSDVR ²¢4XLHUHVFDPLQDUFRQPLJRKDVWDFDVD"²SUHJXQWy(OL]DEHWK /RV 7\OHU YLYtDQ HQ HO &DPLQR GH 3XQWD &RQJHU WRGDYtD PiV OHMRV TXH ORV &RQJHU(VDVHPDQDFRQJUDQVRUSUHVD\SODFHUGH-LPP\(OL]DEHWKORVDOXGDED WRGDVODVWDUGHV\FDPLQDEDFRQpODFDVD/HJXVWDED(OL]DEHWKSHVHDTXHHUDXQD PXFKDFKD6XSRQtDTXHSXHVWRTXHHOODFDVLOHGREODEDHQHGDGQRLPSRUWDEDTXH IXHUD PXMHU 'HWRGRV PRGRVQLQJXQR GH VXV DPLJRV OH KDEtD KHFKR EURPDV SRU FDPLQDUFRQXQDPXFKDFKD ²£(VWXSHQGR²GLMRHQWXVLDVPDGR +LFLHURQFDVLWRGRHOFDPLQRHQVLOHQFLR\VyORFXDQGRHVWXYLHURQIUHQWHDODFDVD GHORV6WHYHQV-LPP\KDEOy ²$TXtHVGRQGHVXFHGLy¢YHUGDG"²SUHJXQWyFRQFXULRVLGDG ²¢'RQGHVXFHGLyTXp"²SUHJXQWy(OL]DEHWK ²$TXtHVGRQGHGHVDSDUHFLy.DWK\%XUWRQ²GLMR-LPP\VLQTXHVXYR]LQIDQWLO H[SUHVDUDQLQJXQDUHDFFLyQHVSHFLDODQWHODGHVDSDULFLyQGH.DWK\ ²1RORVp²GLMR(OL]DEHWK²VXSRQJRTXHVt ²¢&UHHVTXHHOORV ODUDSWDURQ" ²SUHJXQWy-LPP\ VHxDODQGR ODFDVDYLHMD \IHD MXQWRDOPDU ²1RQRORFUHR²GLMR(OL]DEHWK²(VDJHQWHQRHVFRPRORV%DUQHV ²%XHQRSHURHVDFDVDQRPHJXVWD²GLMR-LPP\GXGDQGR ²
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
²2KQRORVp²GLMR(OL]DEHWKVLQWLpQGRVHV~ELWDPHQWHLQFyPRGD\DSXUDQGRHO SDVR-LPP\7\OHUWXYRFDVLTXHWURWDUSDUDPDQWHQHUVHDODSDUGHHOOD ²1RFRUUDV²GLMRSRUILQ²QRSXHGRDOFDQ]DUWH $KRUD HVWDEDQ FHUFD GHO ERVTXH \ (OL]DEHWK VH GHWXYR \ PLUy ILMDPHQWH ORV iUEROHV ²6LKD\HQHVWRVDOUHGHGRUHVXQOXJDUHPEUXMDGRHVDOOt²GLMR ²¢(O ERVTXH" ²SUHJXQWy -LPP\² ¢3RU TXp KDEUtD GH HVWDU HPEUXMDGR HO ERVTXH" ²3RUDOJRTXHSDVyDOOt$OJRPDOR+DFHPXFKRWLHPSR ²¢4XpSDVy"²SUHJXQWy-LPP\ ²1RORVp²GLMR(OL]DEHWK²&DVLORVpSHURWRGDYtDORLJQRUR ²¢0HORFRQWDUiVFXDQGRORVHSDV"²GLMR-LPP\HOHYDQGRXQSRFRODYR]² 3RUIDYRU(OL]DEHWK¢PHORFRQWDUiV"¢6t" (OL]DEHWKVRQULy DOQLxRTXHFDPLQDEDMXQWR DHOOD\VH LQFOLQy SDUDWRPDUORGHOD PDQR ²7H GLUp XQD FRVD ²GLMR VXDYHPHQWH² (VWD WDUGH WUDWDUp GH DYHULJXDUOR ¢3XHGHVYHQLUDPLFDVDDODVFXDWUR\PHGLD" ²1RORVp²FRQWHVWy-LPP\GXGDQGR²¢3RUTXpQRPHOODPDVSRUWHOpIRQR" +DELWXDOPHQWH PDPi QR PH GHMD VDOLU WDQ WDUGH (Q HVWD pSRFD D HVD KRUD \D HPSLH]D D SRQHUVH RVFXUR \ D HOOD QR OH JXVWD TXH \R HVWp IXHUD GH FDVD HQ OD RVFXULGDG ²6LTXLHUHVVDEHUTXpSDVyHQHOERVTXHYHQDFDVDDODVFXDWUR\PHGLD²GLMR (OL]DEHWKWHQWiQGROR²$GHPiV6DUDKTXLHUHMXJDUFRQWLJR ²¢&yPRORVDEHV" ²GLMR-LPP\FRQGHVFRQILDQ]D²6DUDKQRSXHGHKDEODU ²6LPSOHPHQWHORVp²GLMR(OL]DEHWK²6LHVWiVDTXtDODVFXDWUR\PHGLDWHGLUp SRUTXpHOERVTXHHVWiHPEUXMDGR ²0X\ELHQ²DFFHGLyILQDOPHQWH-LPP\²3HURVHUiPHMRUTXHVHDDOJREXHQR
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
²¢6DUDKVDEHMXJDU"²SUHJXQWy-LPP\VLQSUHRFXSDUVHGHVLHOREMHWRGHVX SUHJXQWDSRGtDRtUOR (OL]DEHWKORPLUyFRQH[SUHVLyQGHUHSURFKH ²3RUVXSXHVWR²GLMR²\VHUiPHMRUTXHHOODQRWHQJDTXHSHUVHJXLUWHSRUTXH SXHGHFRUUHUPXFKRPiVUiSLGRTXHW~+DVWDSXHGHFRUUHUPiVUiSLGRTXH\R ²(VWiELHQHPSHFHPRV²GLMR-LPP\ ²&RQWDUpKDVWDFLQFR\HPSH]DUpDSHUVHJXLURV²GLMR(OL]DEHWK²8QRGRV WUHV -LPP\7\OHU\DFRUUtDDWUDYpVGHOSUDGR6DUDKSHUPDQHFtDLQPyYLOPLUDQGRDVX KHUPDQD(OL]DEHWKGHMyGHFRQWDUSXVRVXDYHPHQWHODVPDQRVVREUHORVKRPEURV GH6DUDK\GREOyXQSRFRODVURGLOODVKDVWDTXHGDUDODDOWXUDGHVXKHUPDQDPHQRU ²9DPRVDMXJDU²GLMRVXDYHPHQWH²
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
²$SXHVWRDTXHVtORKD\²GLMR-LPP\HQIXUUXxiQGRVH²6yORTXHQRTXLHUHV GHFtUPHOR ²%XHQRKD\XQOXJDU VHFUHWR²GLMR (OL]DEHWK OHQWDPHQWH \ PLUDQGR KDFLD ORV iUEROHV²6yOR6DUDK\\RORFRQRFHPRV ²¢8QOXJDUVHFUHWR" ²GLMR-LPP\GLODWDQGR ORV RMRVFRQ LQWHUpV² ¢4Xp FODVH GHOXJDUVHFUHWR" (OL]DEHWKDJLWyODFDEH]D ²1RFUHRTXHDWLWHJXVWH²GLMR²'DXQSRFRGHPLHGR ²
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
(OL]DEHWKPLUyDQVLRVDPHQWHDVXDOUHGHGRU\YLRD6DUDKEDMDQGROHQWDPHQWHSRU OD FDUD GHO DFDQWLODGR HOLJLHQGR FRQ VHJXULGDG ORV DJXMHURV \ KHQGLGXUDV GRQGH SRQHU ORV SLHV-LPP\OD VLJXLy \ FRQ VXFXHUSR PHQXGR \ iJLO QR WXYR GLILFXOWDG SDUDEDMDU(OL]DEHWKHVSHUyXQPRPHQWR\OXHJRORVVLJXLyDGHVJDQD &XDQGR EDMDED SRU HO DFDQWLODGR GHVDSDUHFLy VX FRQIXVLyQ \ VXSR DGRQGH VH GLULJtD 6X PDUFKD VH KL]R PiV VHJXUD \ HPSH]y D PRYHUVH FRQ OD OLYLDQGDG \ DJLOLGDGFRQTXHOOHJyODVYHFHVDQWHULRUHVKDVWDHOJUDQSHxDVFRTXHRFXOWDEDOD HQWUDGDGHOW~QHOGHODFDYHUQD <DOOtOOHJDURQ/RVWUHVVHUHXQLHURQDSUHWDGDPHQWHHQODVRPEUDGHODHQRUPH SLHGUD\-LPP\PLUyLQWULJDGRD(OL]DEHWK ²¢(VDTXt"²GLMR\VXWRQRGHYR]LQGLFyTXHKDEtDHVSHUDGRDOJRPiV ²(VWRHVODHQWUDGD²VXVXUUy(OL]DEHWK²9DPRV < V~ELWDPHQWH GHVDSDUHFLy -LPP\ PLUy HO OXJDU GRQGH HOOD KDEtD HVWDGR HQ FXFOLOODV XQ LQVWDQWH DQWHV \ HQWRQFHV FRPSUHQGLy TXH GHEtD KDEHU XQ W~QHO &RQWHQLHQGR VX LPSDFLHQFLD VLJXLy D (OL]DEHWK SRU HO DJXMHUR HQ OD FDUD GHO DFDQWLODGR (Q HO SR]R .DWK\ %XUWRQ QR SHUFLELy LQPHGLDWDPHQWH ORV VRQLGRV GH URFH TXH OOHJDEDQ GHVGHDUULED
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
²0LUD²GHFtD-LPP\7\OHUEDMDQGRODYR]SRUXQV~ELWRWHPRU²KD\DOJXLHQDKt DEDMR ²£6VKKK²GLMR(OL]DEHWK²£TXHSXHGHQRtUWH ²7HQJRPLHGR²GLMR-LPP\FXDQGRVXPLHGRDODFXHYDGRPLQyDVXPLHGRGH TXHORWRPDUDQSRUFREDUGH ²7RGR YD ELHQ ²GLMR (OL]DEHWK SDUD FDOPDUOR² HOORV QR SXHGHQ VXELU KDVWD DTXt (QWRQFHV.DWK\%XUWRQDEULyORVRMRVSXVRQXHYDPHQWHODFDEH]DHQHOKD]GH OX] \ PLUy KDFLD DUULED 7UDWy GH KDEODU \ FRQ GHVHVSHUDFLyQ GHVFXEULy TXH QR SRGtD7RGRORTXHVDOLyGHVXJDUJDQWDIXHXQVRQLGRURQFR\JRUJRWHDQWH ²£(V.DWK\²GLMR-LPP\²£KHPRVKDOODGRD.DWK\%XUWRQ ²6tODHQFRQWUDPRV²GLMROHQWDPHQWH(OL]DEHWK -LPP\7\OHUQRQRWyODH[WUDxD WUDQVIRUPDFLyQHQODYR]GH(OL]DEHWKTXHDKRUD HUDiVSHUD\JUDYH ²¢4XpWLHQH" ²VXVXUUy -LPP\²¢6HHQFXHQWUDELHQ"£.DWK\VR\ \R-LPP\ ²GLMROHYDQWDQGRODYR] $EDMR.DWK\VLQWLyTXHODLQYDGtDXQDRODGHDOLYLR-LPP\7\OHUEXVFDUtDD\XGD\ HOODVDOGUtDGHDOOt ²%XVFDDDOJXLHQ²VXVXUUyURQFDPHQWH ²1RWHRLJR ²£6RFRUUR²JUD]QyXQSRFRPiVDOWR ²7HQHPRV TXH VDFDUOD GH DKt ²GLMR -LPP\ YROYLpQGRVH D (OL]DEHWK² 6HUi PHMRUTXHEXVTXHPRVDDOJXLHQ ²1R²VXVXUUy(OL]DEHWK²6DTXpPRVODDKRUDDTXtKD\XQDHVFDOHUDPLUD /HPRVWUyODHVFDODGHFXHUGDV ²$PtQR PHDJXDQWDUtD ²DJUHJy(OL]DEHWK²SHUR DSXHVWRD TXH DWLVt 7~ SXHGHVEDMDU\YHUVLHOODVHHQFXHQWUDELHQ6LQRWLHQHQDGDSXHGHVXELUFRQWLJR SRUODHVFDOHUD -LPP\ORSHQVyXQPRPHQWR1XQFDKDEtDWUHSDGRSRUXQDHVFDODGHFXHUGDV SHUR HUD FDSD] GH WUHSDU SRU FXDOTXLHU FRVD < SHQVy OR HVWXSHQGR TXH VHUtD PHUHFHUHOFUpGLWRGHVDOYDUD.DWK\%XUWRQDTXLHQWRGRHOSXHEORQRKDEtDSRGLGR KDOODU ²(VWiELHQ²GLMR\KDEOyKDFLDODDEHUWXUDGHOSR]R²
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
6HDSDJyODOLQWHUQD\.DWK\HVFXFKyFyPRORVVRQLGRVGHURFHVHDOHMDEDQXQD YH]PiV(QWRQFHVDWLHQWDVHQODRVFXULGDGHPSH]yDEXVFDUD-LPP\7\OHU
&DStWXOR $OGtDVLJXLHQWHQRKXERFODVHHQ3RUW$UEHOOR/DHVFXHODDEULyVXVSXHUWDVDOD KRUDGHFRVWXPEUHSHURKDFLDODVQXHYHIXHHYLGHQWHTXHODVPDHVWUDVWHQGUtDQTXH VHQWDUVH IUHQWH D OD DXODV YDFtDV /RV SRFRV QLxRV TXH VH SUHVHQWDURQ IXHURQ HQYLDGRV GH YXHOWD D VXV FDVDV SHUR HOORV VH QHJDURQ D KDFHUOR 7RGRV WHQtDQ LQVWUXFFLRQHVH[SOtFLWDVGHVXVSDGUHVGHQRVDOLUGHODHVFXHOD/RVSDGUHVSDVDUtDQ DEXVFDUORVDXQDORVTXHYLYtDQDXQDRGRVPDQ]DQDVGHODHVFXHOD (O SiQLFR VH KDEtD H[WHQGLGR GXUDQWH OD QRFKH GHVGH HO PRPHQWR HQ TXH OD PDGUHGH-LPP\7\OHUOODPyD5D\1RUWRQSDUDGHFLUOHTXHVXKLMRQRKDEtDYXHOWRD FDVDHVDWDUGH%XHQRHQUHDOLGDGKDEtDYXHOWRDGPLWLyFXDQGR5D\ODLQWHUURJy SHURLQPHGLDWDPHQWHYROYLyDVDOLUSDUDMXJDU<GHVGHHQWRQFHVQRKDEtDUHJUHVDGR 1RHOODQRVDEtDDGRQGHKDEtDLGR 6t HV FLHUWR TXH GHELy DYHULJXDUOR SHUR VXSXVR TXH pO SHUPDQHFHUtD HQ ODV FHUFDQtDVGHODFDVDGHVSXpVGHWRGRQRKDEtDQLxRVGHVXHGDGSDUDTXHSXGLHUD MXJDU FRQ HOORV (Q UHDOLGDG ORV ~QLFRV QLxRV PiV R PHQRV YHFLQRV HUDQ ODV KHUPDQDV&RQJHU 8QD SURIXQGD DUUXJD DSDUHFLy HQ OD IUHQWH GH 5D\ 1RUWRQ FXDQGR /HQRUH7\OHU PHQFLRQy D ODV QLxDV &RQJHU &RQ pVH HUDQ WUHV ORV FDVRV HQ OD ]RQD DXQTXH WRGDYtD VH VHQWtD LQFOLQDGR D GXGDU GH OD H[WUDxD KLVWRULD GH $QQH )RUDJHU 6H SUHJXQWyFXiQWRWDUGDUtD 0DUWLQ)RUDJHUHQKDFHUVH SUHVHQWHSDUD HFKDUOHHQFDUD VX LQFRPSHWHQFLD \VXPDQHMR GH ODV FRVDVHQ JHQHUDO\ GHO FDVR GH VXKLMD HQ SDUWLFXODU &XDQGRWHUPLQyGHKDEODUFRQ/HQRUH7\OHU1RUWRQHPSH]y DPDUFDU HOQ~PHUR GH-DFN&RQJHUSHURLQPHGLDWDPHQWHORSHQVyPHMRU'HFLGLyHVSHUDUXQSRFRHO GHVDUUROORGHORVDFRQWHFLPLHQWRV(QFDPELRYROYLyVXDWHQFLyQDRWURSUREOHPDXQ SUREOHPDTXHFRQVLGHUDEDSRWHQFLDOPHQWHSHRUTXHODGHVDSDULFLyQGHORVQLxRV/D GHVDSDULFLyQ GH ORV QLxRV HUD XQ KHFKR 3RU HO PRPHQWR QDGD SRGtD KDFHU DO UHVSHFWRH[FHSWRWUDWDUGHGHVFXEULUGyQGHVHHQFRQWUDEDQ /DUHDFFLyQGH3RUW$UEHOOR DQWH ODVGHVDSDULFLRQHVHUDXQD FRVD GLIHUHQWH(VR SHQVDED5D\1RUWRQHUDSUHYLVLEOH\DpOQROHJXVWDEDORTXHYHtDYHQLU 3RUW$UEHOORQR HVWDED DFRVWXPEUDGR D HQIUHQWDUVHFRQ HO FULPHQ(Q UHDOLGDG VXV KDELWDQWHV IRUPDEDQSDUWH GH HVD JUDQ PDVD GH QRUWHDPHULFDQRV TXH VDEHQ TXHHOFULPHQH[LVWHSHUR TXHQXQFDORVLHQWHQGHPDQHUDSHUVRQDO9LYtDQHQXQD DWPyVIHUDGHFRQILDQ]D\QRWHQtDQPRWLYRVSDUDQRKDFHUOR'XUDQWHODPD\RUSDUWH GHVXFDUUHUD5D\1RUWRQKDEtDGLYLGLGRVXWLHPSRHQWUHPXOWDUDORVTXHFRQGXFtDQ D H[FHVLYD YHORFLGDG WXULVWDV OD PD\RUtD GH ODV YHFHV \ PDQWHQHU OD SD] HQ OD WDEHUQD +DEtDQ KDELGR HQ 3RUW $UEHOOR VXLFLGLRV RFDVLRQDOHV SHUR HVR QR HV H[WUDxRHQ 1XHYD,QJODWHUUD HVSHFLDOPHQWHGXUDQWHHOLQYLHUQR /RVFUtPHQHV TXH DVRODEDQ HO SDtV ORV FUtPHQHV XUEDQRV TXH KDFtDQ TXH ORV KDELWDQWHV GH ODV FLXGDGHVVHDWULQFKHUDUDQGHWUiVGHVXVSXHUWDVHUDQGHVFRQRFLGRVHQ3RUW$UEHOOR +DFtDFLHQDxRVSRUORPHQRVTXHQRKDEtDDWUDFRV\PXFKRPHQRVDVHVLQDWRV(Q UHDOLGDGODJHQWHHUDWDQFRQILDGDTXHVyORHQORV~OWLPRVGtDVKDEtDQHPSH]DGRD LQVWDODU QXHYDV FHUUDGXUDV HQ VXV SXHUWDV +DVWD HQWRQFHV VH KDEtDQ VHQWLGR
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
SHUIHFWDPHQWH FyPRGRV FRQODVFHUUDGXUDV DQWLJXDV TXHSRGtDQ DEULUVH FDVL FRQ FXDOTXLHUOODYHTXHVHWXYLHUDDPDQR 3HURDKRUDHVWDEDQDVXVWDGRV\HVRSUHRFXSDEDD5D\1RUWRQ(VSHFLDOPHQWH FRQ XQ KRPEUH FRPR 0DUWLQ )RUDJHU KDFLHQGR OR SRVLEOH SRU DYLYDU HO IXHJR +DELWXDOPHQWH QDGLH SUHVWDED GHPDVLDGD DWHQFLyQ D 0DUWLQ )RUDJHU SHUR DKRUD )RUDJHUWHQtDDOJRSDUDXVDUFRPRSDODQFD\5D\1RUWRQHVWDEDFRQYHQFLGRGHTXH ORXVDUtD5D\HVWDEDELHQDOWDQWRGHTXH0DUWLQ)RUDJHUOHHQYLGLDEDODSRVLFLyQ TXH RFXSDED HQ 3RUW $UEHOOR \ QR SRGtD FXOSDUOR GHVSXpV GH WRGR ¢D TXLpQ OH JXVWD VHU FRQRFLGR SRU ©HO SREUH 0DUW\ )RUDJHUª" IUDVH DFRPSDxDGD SRU FRPSDVLYRVPRYLPLHQWRVGHFDEH]D\SDODEUDVGHOiVWLPDSDUDVXHVSRVD\VXKLMD (VWDED FRQVLGHUDQGR OD VLWXDFLyQ WUDWDQGR GH LPDJLQDU OD PHMRU IRUPD GH QHXWUDOL]DUODFXDQGRVXSULQFLSDOSUHRFXSDFLyQDSDUHFLyHQVXRILFLQD 0DUWLQ)RUDJHUVH LQFOLQy VREUHpO\5D\1RUWRQQRWyLQPHGLDWDPHQWHTXHKDEtD HVWDGREHELHQGR ²9HQJRDDYLVDUWHGHTXH HVWDQRFKHKDEUi XQD UHXQLyQ²GLMR)RUDJHUHQWRQR LQVROHQWH²XQDUHXQLyQGHYHFLQRV3XHVWRTXHQRSDUHFHVFDSD]GHKDFHUQDGD FRQ OR TXH HVWi VXFHGLHQGR HQ HVWH SXHEOR YHUHPRV VL VH QRV RFXUUHQ DOJXQDV LGHDV 0LUyGHVGHDUULEDDOMHIHGHSROLFtDFRPRHVSHUDQGRTXHORGHVDILDUD5D\1RUWRQ DO]yODYLVWD ²¢(VWR\LQYLWDGR"²SUHJXQWyWUDQTXLODPHQWH$SDUHQWHPHQWHODSUHJXQWDWRPy D)RUDJHUSRUVRUSUHVDSXHVGLRXQSDVRDWUiV ²1R KD\ IRUPD GH LPSHGLUWH TXH YHQJDV ²GLMR D UHJDxDGLHQWHV² SHUR QR OD SUHVLGLUiVW~ ²6XSRQJR TXH OD SUHVLGLUi %LOO\ 0H\HUV ²GLMR 5D\ TXHGDPHQWH² WRGDYtD HV SUHVLGHQWHGHOFRQFHMRYHFLQDO¢QRHVDVt" ²(VWDHVXQDUHXQLyQGHFLXGDGDQRV\QRXQDVHVLyQGHOFRQFHMR²GLMR)RUDJHU GHVSHFWLYDPHQWH²QDGLHODSUHVLGLUi ²
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
²&UHRTXH\RVR\HOSULPHURGHODOLVWD²UHSXVR5D\WUDWDQGRGHGDUDVXYR] XQWRQROLJHURSHURHQVHJXLGDYROYLyDSRQHUVHVHULR²)UDQFDPHQWHHVSRUWLSRU TXLHQPHSUHRFXSR ²¢3RU Pt"²GLMR-DFNWUDWDQGR GHILQJLU XQD LQFUHGXOLGDG TXH HVWDEDOHMRVGH VHQWLU²¢3RUTXp\R" ²%XHQRWHQHPRVTXHHQIUHQWDUORVKHFKRV²GLMR1RUWRQ²WRGDVODVFRVDVTXH KDQHVWDGRVXFHGLHQGRVXFHGLHURQFHUFDGHWXSURSLHGDG ²(VR QR HV GHO WRGR FLHUWR ² FRUULJLy -DFN² $QQH )RUDJHU GLFH TXH HVWDED FHUFD GH QXHVWUD SURSLHGDG SHUR QDGLH OR VDEH FRQ VHJXULGDG .DWK\ %XUWRQ IXH YLVWD SRU ~OWLPD YH] FHUFD GH QXHVWUD FDVD SHUR VHULD PiV H[DFWR GHFLU TXH IXH IUHQWHD ODFDVDGHORV6WHYHQV'HVSXpVGHWRGR(OL]DEHWKGLFHTXHVHVHSDUDURQ MXQWRDO ERVTXH\HVRYLHQHDVHUH[DFWDPHQWHHQOD OtQHDGLYLVRULD<HQFXDQWR D -LPP\7\OHUGHpOQRVDEHPRVDEVROXWDPHQWHQDGD/RV7\OHUYLYHQXQRVEXHQRV VHLVFLHQWRV PHWURVPiVOHMRVTXH QRVRWURV(QWRQFHV¢SRU TXp SLHQVDVTXHVH ODV WRPDUiQFRQPLJR" ²(VQDWXUDO²GLMRVHUHQDPHQWHHOSROLFtD²7RGRHVWiVXFHGLHQGRHQHO&DPLQR GH 3XQWD&RQJHU ¢< TXp YLHQH D OD PHQWH FXDQGR XQR SLHQVD HQ HO &DPLQR GH 3XQWD&RQJHU"&RQJHUSRUVXSXHVWR ²(QWLHQGR²GLMR-DFNOHQWDPHQWH²¢4XpFUHHVTXHGHERKDFHU" ²&UHRTXHGHEHVLUDHVDUHXQLyQHVWDQRFKH\FUHRTXHGHEHVLUFRQPLJR ²¢'HVSXpVGHORTXHGLMLVWHD0DUWLQ)RUDJHUVREUHQRVRWURVGRV"²GLMR-DFN WRGDYtDHVIRU]iQGRVHSRUFRQVHUYDUXQSRFRGHKXPRUDXQTXHQHJUR 5D\1RUWRQULyHQWUHGLHQWHV ²&UHRTXHVHUiPHMRUTXHWHGHFLGDVDDVLVWLUDHVDUHXQLyQHVWDQRFKH²GLMR² SRUORPHQRVSDUDQRKDFHUWHQRWDUSRUWXDXVHQFLD ²%XHQRQRHVWR\ VHJXURGHHVWDU GHDFXHUGRFRQWLJR ²GLMR -DFNYDFLODQWH² SHURDOOtHVWDUpVLQRFRPRFLXGDGDQRSDUWLFXODUFRPRGLUHFWRUGHO &RQULHU 6LORV SUHVHQWHVVDEHQTXHORTXHGLJDQSXHGHVDOLUHQHOSHULyGLFRTXL]iVHFRQWUROHQXQ SRFR ²7DO YH]DOJXQRVGHHOORVSHURQR0DUWLQ)RUDJHU&UHRTXHHVWiHPSH]DQGR D FRQVLGHUDUWRGRHVWHHQUHGRFRPRXQDFUX]DGDGHXQVRORKRPEUH ²6t²GLMR-DFN²0DUWLQHVHVDFODVHGHSHUVRQD¢4XLHUHVTXHYD\DPRVMXQWRV DODUHXQLyQ" ²(VWXSHQGR ²GLMR 5D\² 3iVDPH D EXVFDU PLQXWRV DQWHV GH ODV VLHWH $YHULJXDUpGyQGHVHUHDOL]DUi\WHORGLUpSRUWHOpIRQRRFXDQGRSDVHVDEXVFDUPH /DFRQYHUVDFLyQWHUPLQy ²¢+D\DOJRTXH\RSXHGDKDFHU"²SUHJXQWy5RVH (VWDEDQHQHOJDELQHWH5RVHHVFXFKyHQVLOHQFLRFXDQGR-DFNOHFRQWyORGHOD UHXQLyQ DODTXHWHQGUtD TXHFRQFXUULU\ GHO UHVXOWDGRTXH5D\ 1RUWRQ WHPtD TXH SXGLHUDWHQHUHVDUHXQLyQ ²4XL]iGHEDDFRPSDxDUWH²VHRIUHFLy5RVH ²1R QR YHR QLQJXQDUD]yQ SDUD HVR ²GLMR-DFN² &UHR TXH GHEHV TXHGDUWH DTXtFRQODVQLxDV 5RVHORPLUyWUDWDQGRGHDGLYLQDUHOKXPRUGHpO3DUHFtDSUHRFXSDGRSRUDOJR SHURHOODQRHVWDEDVHJXUDGHOPRWLYR ²6HJXUDPHQWH QR SHQVDUiV TXH D HOODV SXHGD SDVDUOHV DOJR ¢YHUGDG" ² SUHJXQWy
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
²1RYHRFyPR²GLMR-DFNHQFRJLpQGRVHGHKRPEURV²1RPLHQWUDVW~HVWpV DTXt\HOODVSHUPDQH]FDQHQODFDVD²DJUHJy²3HURPHVHQWLUtDPHMRUVLVXSLHUD TXpHVWiVXFHGLHQGR ²-LPP\7\OHUHVUDUR²GLMROHQWDPHQWH5RVH ²¢4XpHVUDUR" ²4XH KD\D GHVDSDUHFLGR 4XLHUR GHFLU VXSRQJDPRV TXH OD KLVWRULD GH $QQH )RUDJHUHVYHUGDGHUD\IUDQFDPHQWHHVWR\HPSH]DQGRDFUHHUOR%XHQRHQWRQFHV SRU OR PHQRV OD GHVDSDULFLyQ GH .DWK\ %XUWRQ WLHQH DOJ~Q VHQWLGR ¢3HUR -LPP\ 7\OHU" ²1RVpGRQGHTXLHUHVOOHJDU²GLMR-DFNDXQTXHVHQWtDPLHGRGHVDEHUOR ²%XHQR HQFDUpPRVOR ²GLMR 5RVH² 1R KXER PHQVDMHV QL QRWDV SLGLHQGR UHVFDWH¢YHUGDG"¢4XpTXHGDHQWRQFHV"8QPDQLiWLFR8QDSHUVRQDDQRUPDOTXH SHUVLJXH D ODV FULDWXUDV $ QLxDV ([FHSWR TXH DKRUD WDPELpQ KD GHVDSDUHFLGR -LPP\7\OHU\pOQRHQFDMDHQHOHVTXHPD ²6LHVTXHH[LVWHXQHVTXHPD²GLMR-DFNGHPDODJDQD ²¢1RH[LVWHDFDVR"¢1RYHVXQHVTXHPD"²GLMR5RVHPLUiQGRORDORVRMRV ²6tVXSRQJRTXHVt²GLMRSRUILQ-DFNHVSHUDQGRTXHORTXHIORWDEDHQWUHORV GRVWiFLWRVLJXLHUD DVt²< QRIDFLOLWDODVFRVDV HOTXHWRGRHVWpVXFHGLHQGRDTXt ¢QRHVFLHUWR" ²1RQRODVIDFLOLWD²GLMRTXHGDPHQWH5RVH (VWDED SRU VHJXLU KDEODQGR FXDQGR (OL]DEHWK DSDUHFLy HQ OD SXHUWD 5RVH VH SUHJXQWyFXiQWRWLHPSRKDFtDTXHHVWDEDHVFXFKDQGR ²¢0DPi"²GLMR(OL]DEHWKYDFLODQGR ²(QWUDTXHULGD²GLMR5RVHDOLYLDGDSRUODLQWHUUXSFLyQ ²¢(VYHUGDGTXHWDPELpQKDGHVDSDUHFLGR-LPP\7\OHU" 5RVHPLUyD-DFNLQVHJXUDGHODUHVSXHVWDTXHWHQtDTXHGDUSHUR-DFNQROHGLR QLQJXQDD\XGD1RYLRQLQJXQDXWLOLGDGHQQHJDUORLQHYLWDEOH ²6tQRDSDUHFHGHVGHD\HUSRUODWDUGH ²¢$TXpKRUD"²SUHJXQWy(OL]DEHWK ²%XHQRQRORVp²UHVSRQGLy5RVHLQWULJDGD²QRFUHRTXHQDGLHORVHSDHQ UHDOLGDG3HURQDGLHORYLRGHVSXpVGHODHVFXHOD ²
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
²3HUR QR SXGLVWH YHUORV FRQ FODULGDG ¢YHUGDG" ²SUHJXQWy 5RVH VDELHQGR OR TXHYHQtD ²(VWDEDQGHPDVLDGROHMRV²GLMR(OL]DEHWKFRQWRQRODVWLPHUR²HVWDEDQFDVLHQ HOERVTXH ²(QWLHQGR ²VXVSLUy 5RVH \ HYLWy PLUDU D -DFN WHPHURVD GH FRPSUREDU VL pO VHQWtDORPLVPRTXHHOOD(QFDPELRKDEOyQXHYDPHQWHDVXKLMD ²¢(VWDEDQ VRORV" ²SUHJXQWy GHVHDQGR TXH(OL]DEHWK QR SHUFLELHUD OD FUtWLFD LPSOtFLWD'HVSXpVGHWRGRSHQVy5RVHHOODQRHVODHQIHUPHUDGH6DUDK'HVHy SRGHUUHWLUDUODSUHJXQWDSHUR\DODKDEtDIRUPXODGR ²6t²GLMR(OL]DEHWKGLVFXOSiQGRVH²
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
6DUDKJLUyOD FDEH]D \PLUyHVW~SLGDPHQWH DVXPDGUH 5RVHKL]RXQ HYLGHQWH HVIXHU]RSDUDQRDSDUWDUODYLVWD ²£6DUDK²GLMR-DFNFDVLJULWDQGR /DQLxDYROYLyODFDEH]D\VXPLUDGDVHFODYyHQHOURVWURGHVXSDGUH-DFNOD VRVWXYRXQLQVWDQWHSHURQRIXHWDQIXHUWHFRPR5RVH'HVYLyODYLVWD\EHELyGHVX FRSD ²6DUDK²GLMR QXHYDPHQWH5RVH²¢(VWXYLVWH D\HU MXJDQGR FRQ-LPP\ 7\OHU" £-LPP\7\OHU²UHSLWLyHQYR]PiVIXHUWHFRPRVLODQLxDIXHUDGXUDGHRtGR /DIUXVWUDFLyQGH5RVHDXPHQWyFXDQGRVXKLMD VLJXLyPLUiQGRODFRQHVDPLUDGD YDFtD6HOOHYyXQDPDQRDODIUHQWHSDUDDUUHJODUVHXQPHFKyQLQH[LVWHQWH ²6DUDK²HPSH]yRWUDYH]²VDEHPRVTXHD\HUHVWXYLVWHMXJDQGRFRQ-LPP\ 7\OHU HQ HO SUDGR 7RGR OR TXH TXHUHPRV VDEHU HV VL HQWUDVWHLV HQ HO ERVTXH ¢)XLVWHLVDOERVTXH" 1LQJXQDUHVSXHVWD ²3RU 'LRV 6DUDK ²LPSORUy 5RVH² HV WUHPHQGDPHQWH LPSRUWDQWH 3RU IDYRU SRU IDYRU WUDWD GH HQWHQGHU (O IXH D VX FDVD ¢YHUGDG" ¢)XH -LPP\ 7\OHU D VX FDVD" 6DUDK VLJXLyPLUDQGR ILMDPHQWH DVXPDGUH (OVLOHQFLR OOHQDED SHVDGDPHQWH OD KDELWDFLyQ<HQWRQFHVPX\OHQWDPHQWH6DUDKQHJyFRQODFDEH]D /DUHXQLyQHQHOSXHEORHUDXQFDRV\-DFNODPHQWDEDKDEHUDFFHGLGRDOOHYDUD &DUO6WHYHQVFRQpO-DFNVHVHQWtDDYHUJRQ]DGRSRUHOSXHEOR\VDEtDTXHpOQRHUD XQDFRPSDxtDDJUDGDEOH7RGRORTXHKDEtDSRGLGRYHUSULPHURFDPLQRDODFDVDGH 5D\1RUWRQ \OXHJRFDPLQRD 3RUW$UEHOOR KDEtDVLGRXQDYLVLyQGH6DUDKPLUDQGR SHUGLGDPHQWH D OD OHMDQtD \ DJLWDQGR OD FDEH]D 8QD \ RWUD YH] -DFN WUDWy GH FRQYHQFHUVHGHTXHHUDXQDEXHQDVHxDOGHTXHSRUILQ6DUDKKDEtDUHVSRQGLGRD DOJR3HURXQD\RWUDYH]UHFRUGDEDDTXpKDEtDUHVSRQGLGR\ODSUHJXQWDIRUPXODGD SRU5RVH\QXHYDPHQWHYROYtDDLQXQGDUORODGHVHVSHUDFLyQ-LPP\7\OHUQRKDEtD YXHOWRDFDVD6DUDKVDEtDTXH-LPP\7\OHUQRKDEtDYXHOWRDVXFDVD3DUDWRGRV HOORV ²pO \ VX HVSRVD (OL]DEHWK \ OD VHxRUD *RRGULFK² VH HVWDED DFHUFDQGR HO PRPHQWR HQ TXH WHQGUtDQ TXH DFHSWDU HO KHFKR GH TXH 6DUDK \D QR HVWDUtD FRQ HOORV3HURWRGDYtDQR /RV URVWURV GH OD JHQWH GH 3RUW $UEHOOR OR URGHDURQ \ -DFN IXH LQFDSD] GH HQIUHQWDUDOJXQRVRMRVTXHpOLPDJLQDEDTXHORPLUDEDQDFXVDGRUHV0DULO\Q%XUWRQ ORVDOXGyFiOLGDPHQWHSHURpOHVWXYRVHJXURGHSHUFLELUXQDQRWDIDOVDHQVXYR] /HQRUH 7\OHU VRQULy \ DJLWy OD PDQR \ -DFN VH SUHJXQWy SRU TXp QR OH GLULJLy OD SDODEUD¢$GLYLQDEDQDOJR" $XQTXH 0DUWLQ )RUDJHU KDEtD GLFKR TXH QRKDEUtD SUHVLGHQWH GH OD UHXQLyQ pO KDFtDORSRVLEOHSRURFXSDUHVDIXQFLyQ ²$OJRHVWiSDVDQGRHQHVWHSXHEOR²JULWy²\HVWiSDVDQGRHQ3XQWD&RQJHU 6~ELWDPHQWH WRGRV ORV RMRV HQ HO DWHVWDGR DXGLWyULXP VH YROYLHURQ KDFLD -DFN TXLHQFRPSUHQGLyTXHGHEtDGHFLUDOJR 6HSXVR GH SLH \HQIUHQWy DO SXHEOR'H UHSHQWHQR HUDQVXVYLHMRVDPLJRVGH UHSHQWH pO QR HUD \D HO VHxRU &RQJHU GHO &DPLQR GH 3XQWD &RQJHU 'H UHSHQWH 3XQWD&RQJHUHUDDOJRTXHKDEtD TXHWHPHU\QRTXHUHVSHWDU<pOHUD HOKRPEUH TXHYLYtDDOOt ²
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
²¢&yPRVHORGLMR"¢3RUVHxDV"²JULWyXQDYR]EXUORQD -DFNDSUHWyORVSXxRV\OXFKySRUFRQWURODUVXLUD ²(OL]DEHWKYLRD-LPP\7\OHU²VHR\yGHFLU²FHUFDGHODYLHMDFDQWHUD+DEOy FRQpOOHGLMRTXHYROYLHUDDVXFDVDTXHpVHHUDXQOXJDUSHOLJURVRSDUDMXJDUSHUR pO QR OH SUHVWyDWHQFLyQ (OOD PH FRQWyTXH FXDQGR YROYLy D FDVDSRFR DQWHV GH RVFXUHFHUpOHVWDEDWRGDYtDDOOt(VRHVWRGR -DFN VH VHQWy \ VLQWLy TXH ORV RMRV GHO SXHEOR OR PLUDEDQ FRQ FXULRVLGDG 6H SUHJXQWyVLVDEtDQTXHHVWDEDPLQWLHQGR\WUDWyGHFRQYHQFHUVHDVtPLVPRGHTXH PLQWLyVyORSRUODIRUPD HQTXHVHGHVDUUROODEDOD UHXQLyQ \SRUTXH KDEtDWHQLGROD VHQVDFLyQ GH XQD WXUED DO ERUGH GHO GHVHQIUHQR 3HUR pO VDEtD TXH HVR QR HUD YHUGDG0LQWLySDUDSURWHJHUDVXKLMD$VXKLMDPHQRU )RUPDURQXQSHORWyQWXPXOWXRVR'LMHURQTXHHUDXQDSDUWLGDGHE~VTXHGDSHUR -DFNVDEtDTXHHUDXQDWXUEDH[FLWDGD5D\1RUWRQWUDWyGHGHWHQHUORVSHURQDGD SXGRKDFHU7DOYH]VL0DULO\Q%XUWRQQRKXELHUDHVWDGRDOOtRVL/HQRUH\%LOO7\OHU VHKXELHUDQTXHGDGRHQVXFDVD1RUWRQKDEUtD SRGLGRFRQWURODUOD VLWXDFLyQ3HUR HVWDEDQDOOt\VXVRODSUHVHQFLDFRPELQDGDFRQODVLQFLWDFLRQHVGH0DUWLQ)RUDJHU GHVSHUWDURQHOGHVHRGHKDFHUDOJR&XDOTXLHUFRVD <DVtIXHURQWRGRVDODYLHMDFDQWHUD5D\1RUWRQWUDWyGHDYDQ]DUDODFDEH]D\ HQFRQWUyXQVLWLRSDUDHVWDFLRQDUVXDXWRPyYLOEORTXHDQGRHOFDPLQR6LKDEtDDOJR DOOt5D\1RUWRQTXHUtDHVWDUVHJXURGHTXHVHJXLUtDDOOt1RGHVHDEDTXHQLQJXQD SRVLEOH KXHOOD IXHUD ERUUDGD SRU TXLQFH DXWRPyYLOHV PDQLREUDQGR VREUH HO VXHOR EODQGR 1RUWRQ ORV RUJDQL]y OR PHMRU TXH SXGR \ ORV KRPEUHVGH3RUW $UEHOOR VH GLVSHUVDURQSDUDUHYLVDUOD]RQD5HVXOWyLUyQLFRTXHOD~QLFDSHUVRQDTXHHQFRQWUy DOJRIXH0DUWLQ)RUDJHU (QFRQWUy KXHOODV GH QHXPiWLFRV (UDQ IUHVFDV \ GH XQ GLVHxR SRFR FRP~Q 0LHQWUDVVHUHXQtDQSDUDH[DPLQDUODV-DFN&RQJHUVRQULyLQWHULRUPHQWH/DVKXHOODV IRUWDOHFtDQVXKLVWRULD 6HSUHSDUDEDQDDEDQGRQDUODFDQWHUDFXDQGR5D\1RUWRQOROOHYyDSDUWH ²%XHQRSRUORPHQRVWLHQHVDOJRHQTXpWUDEDMDU²GLMR-DFNFXDQGRHVWXYLHURQ VRORVVHQWDGRVHQHODXWRPyYLOGH1RUWRQ ²6t ²GLMR 1RUWRQ VLQ PRVWUDU GHPDVLDGDV HVSHUDQ]DV² 0H SUHJXQWR TXp VDFDUHPRVGHHVDVKXHOODVGHQHXPiWLFRV6LPHORSUHJXQWDVWHGLUpTXHMDPiV HQFRQWUDUHPRVHODXWRPyYLOTXHODVGHMy3HURQRHVHVRGHORTXHTXHUtDKDEODUWH -DFNPLUyLQWHUURJDWLYDPHQWHDOMHIHGHSROLFtD1RUWRQSDUHFtDLQFyPRGRFRPRVL QRHVWXYLHUDVHJXURGHSRUGyQGHHPSH]DU'HFLGLyTXHHOPHMRUFDPLQRHUDHOPiV GLUHFWR ²0LUD -DFN ²GLMR² Vp TXH OR TXH YR\ D GHFLU VXHQD WRQWR SHUR GH WRGRV PRGRV WHQJR TXH GHFLUOR 2 PiV ELHQ SUHJXQWDUWH ¢4Xp VDEHV GH OD DQWLJXD OH\HQGDGHWXIDPLOLD" -DFNWUDWyGHVRQUHtUSHURGHWUiVGHVXVRQULVDVLQWLyXQIUtRKHODGR ²6pTXHH[LVWHXQDOH\HQGD²GLMRFDXWHORVDPHQWH²¢SHURTXpWLHQHTXHYHU FRQWRGRHVWR" ²1DGDSUREDEOHPHQWH²GLMR1RUWRQ²6LUHFXHUGRELHQODOH\HQGD GHFtDDOJR GHXQDFXHYD¢YHUGDG" ²6t²GLMR-DFN²$TXHOODDQFLDQDGLMRTXHKDEtDXQDFXHYDHQDOJXQDSDUWHGHO DFDQWLODGR 3HUR SRU VXSXHVWR QXQFD GLMR TXH OD KDEtD YLVWR H[FHSWR HQ VX VXSXHVWDYLVLyQ ²%XHQR¢SHURTXpKD\GHFLHUWR" -DFNPLUyHVW~SLGDPHQWHDOSROLFtD ²¢'HFLHUWRHQTXp" ²¢([LVWH"
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
²¢/DFXHYD"²GLMR-DFNFRQLQFUHGXOLGDG²¢+DEODVHQVHULR"£3RU'LRV5D\ ODFXHYDQXQFDH[LVWLyIXHUDGHODLPDJLQDFLyQGHODDQFLDQD6LKR\DOJXLHQGLMHVH XQDFRVDVHPHMDQWHGLUtDPRVTXHWLHQHGHPHQFLDVHQLO\HVWDUtDPRVDFHUWDGRV ²¢3HURQDGLHVHGHGLFyDEXVFDUODFXHYD"²LQVLVWLyHOMHIHGHSROLFtD ²6HJXUR²GLMR-DFN²0LDEXHOR<OHFRVWyODYLGD(VHDFDQWLODGRHVXQVLWLR SHOLJURVR (V HVFDUSDGR \ UHVEDODGL]R \ WUDLFLRQHUR $IRUWXQDGDPHQWH KHPRV FRQWDGRFRQHVDOH\HQGDSDUDPDQWHQHUDORVQLxRVDOHMDGRVGHHVHOXJDU ²¢<QDGLHIXHDYHUVLKDEtDDOJRDOOt"²GLMR1RUWRQFRQFXULRVLGDG²7~VDEHV XQDGHODVFRVDVTXHVLHPSUHTXLVHKDFHUGHQLxRIXHVDOLUHQEXVFDGHHVDFXHYD 3HURQRSRGtD ²¢3RUTXpQR"²SUHJXQWy-DFN²(ODFDQWLODGRVLHPSUHHVWXYRDOOt ²$K SHUR HVWDEDGHQWURGHODSURSLHGDG GHORV&RQJHU1RROYLGHVTXHFXDQGR \RHUDQLxRWXIDPLOLDHUDFDVLFRPRODUHDOH]DGHDTXt3RGtDPRVPHURGHDUSRUODV WLHUUDVGHFXDOTXLHUDH[FHSWRODVGHORV&RQJHU -DFNUHFRUGy\DKRJyXQDULVLWD+DEtDVLGRFDVLLJXDOFXDQGRpOHUDQLxR ²%XHQRSHUPtWHPHTXHWHWUDQTXLOLFH²GLMR²3RUVXSXHVWRTXHIXLHQEXVFDGH OD FXHYD H LPDJLQR TXH PL SDGUH WDPELpQ 3HUR QR OD HQFRQWUp SUREDEOHPHQWH SRUTXHVHQFLOODPHQWHQRH[LVWH6LH[LVWLHVHODKDEUtDHQFRQWUDGR ²0X\ELHQ²GLMR1RUWRQ²FDVLHVSHUDEDTXHQXQFDODKXELHUDVEXVFDGR\TXH SXGLpUDPRVUHYLVDUWRGRHODFDQWLODGR3HURQRSXHGRODQ]DUDWRGRHOSXHEORHQVX E~VTXHGD FXDQGR WRGR OR TXH WHQJR SDUD HPSH]DU HV HO DQWLJXR UHODWR GH ODV YLVLRQHVGHXQDDQFLDQD3UREDEOHPHQWHSHUGHUtDPRVWUHVKRPEUHVHQODE~VTXHGD 'H PRGR TXH VXSRQJR TXH WHQGUHPRV TXH YROYHU D OD FDQWHUD ¢(VSHUR TXH QR WHQGUiVQDGDTXHREMHWDUVLHQYtRXQHTXLSRGHUDVWUHR" ²3RU VXSXHVWRTXHQR²GLMR-DFN² &XDQGRW~TXLHUDV3HURSRU'LRVHVSHUR TXHQRHQFXHQWUHQQDGD ²
&DStWXOR 1L5RVHQL-DFN GXUPLHURQDTXHOODQRFKH(VWXYLHURQFDOODGRVFDGDXQRD VRODV FRQVXVSHQVDPLHQWRVFDGDXQRGHVHDQGRSRVSRQHUHOPRPHQWRHQTXHWHQGUtDQ TXHWRPDUGHFLVLRQHV (VWXYLHURQVREUHODFDPDODGRDODGRSHURVHSDUDGRVSRUVXVWHPRUHV$PERV WUDWDURQGHHYLWDU ORVSHQVDPLHQWRV-DFN VLJXLy UHSLWLpQGRVH ODKLVWRULDTXHKDEtD FRQWDGRHQODUHXQLyQGHOSXHEORKDVWDTXHpOPLVPRHPSH]yDFUHHUOD$QWHVGH TXHHOQHJURGHODQRFKHHPSH]DUDDFRQYHUWLUVHHQHOJULVGHODPDQHFHUHVWXYR FDVLFRQYHQFLGR GHTXH6DUDKQRKDEtDMXJDGRHQHO SUDGRFRQ-LPP\7\OHU\TXH HQFDPELR(OL]DEHWKKDEtDYLVWRD-LPP\HQODFDQWHUD\OHKDEtDGLFKRTXHYROYLHUD D VX FDVD 3HUR FRQ HO DPDQHFHU OD YHUGDG YROYLy D LPSRQHUVH \ OD UHDOLGDG UHLQJUHVyHQVXYLGDFRQHOVRO &RPR SRU PXWXR DFXHUGR HPSH]DURQ D KDEODUGH HOOR HQHO GHVD\XQR3XHVWR TXH QLQJXQR GH ORV GRV KDEtD GRUPLGR VH OHYDQWDURQ WHPSUDQR \ DKRUD HVWDEDQ
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
VHQWDGRVHQODFDVDVLOHQFLRVDEHELHQGRFDIp\WUDWDQGRGHGHFLGLUORTXHWHQtDQTXH KDFHU ²&UHRTXHGHEHUtDPRVOODPDUDOGRFWRU%HOWHU²GLMR5RVH ²1RD~QQR²GLMR-DFN -DFNVDEtDTXHHOODWHQtDUD]yQSHUROODPDUDOGRFWRU%HOWHUVLPEROL]DEDGHDOJ~Q PRGRXQDGHUURWDSDUDpO\WRGDYtDQRVHVHQWtDGLVSXHVWRDDFHSWDUOR ²4XLHURGHFLU²FRQWLQXy-DFNVDELHQGRTXHHVWDEDUDFLRQDOL]DQGRWDQWRSDUDpO PLVPRFRPR SDUD VXHVSRVD² ¢TXp OH GLUtDPRV DO GRFWRU %HOWHU"4XH (OL]DEHWK KD\D YLVWR D 6DUDK MXJDQGR FRQ -LPP\ 7\OHU QR GHEH OOHYDUQRV D FRQFOXVLRQHV DSUHVXUDGDV ²3RUVXSXHVWR²FRLQFLGLy5RVH²3HURFUHRTXHWHQHPRVXQDREOLJDFLyQTXH YDPiVDOOiGHQXHVWUDIDPLOLD6L6DUDKWLHQHDOJRTXHYHUFRQHVWRDXQVLWLHQHDOJR TXHYHUFRQ-LPP\7\OHUFUHRTXHGHEHUtDPRVFRQWiUVHORDDOJXLHQ<ODSHUVRQD PiV LGyQHD SDUD FRQWiUVHOR HV HO GRFWRU %HOWHU < DGHPiV KD\ TXH SHQVDU HQ 6DUDK ²¢(Q6DUDK" 5RVHWHQtDXQDH[SUHVLyQGRORULGD\-DFNVDEtDTXHSDUDHOODHUDPX\GLItFLOGHFLU ORTXHHVWDEDGLFLHQGR6HSUHJXQWyVLDHOODOHUHVXOWDUtDWDQGLItFLOKDEODUFRPRDpO OHUHVXOWDEDHVFXFKDU ²¢4Xp VHUiGH HOOD" ²GLMR 5RVH² 6L HVWiKDFLHQGRDOJR\QRGLJR TXHHVWp KDFLpQGRORQRHVUHVSRQVDEOH1HFHVLWDD\XGD¢<FyPRSXHGHREWHQHUODD\XGD TXHQHFHVLWDVLQRVRWURVQLVLTXLHUDHVWDPRVGLVSXHVWRVDKDEODUGHORTXHKDFH"² VHGHWXYRXQPRPHQWR\UHYROYLyDEVWUDtGDVXFDIp²4XL]iGHEDPRVUHJLVWUDUHO ERVTXH²GLMR²6LDOJRVXFHGLyGHELyVHUDOOtDPHQRVTXHKD\DQOOHJDGRKDVWDHO DFDQWLODGR ²VRQULy SHUR VLQ DQLPDFLyQ² 3RU OR PHQRV VDEHPRV TXH QR H[LVWH QLQJXQDFXHYDGHPRGRTXHQRWHQGUHPRVTXHEXVFDUOD ²1RVpVLH[LVWHRQRHVDFXHYD²GLMRTXHGDPHQWH-DFN 5RVHORPLUyVRUSUHQGLGD ²¢4Xp TXLHUHV GHFLU" ¢$FDVR QR GLMLVWH DQRFKH D 5D\ 1RUWRQ TXH SDVDVWH OD PD\RUSDUWHGHWXLQIDQFLDEXVFiQGROD\TXHQRH[LVWH" ²6t²GLMR -DFN FRQHPEDUD]R²HVRGLMH3HURQRHVPiVYHUGDGHURTXHRWUDV FRVDVTXHGLMHDQRFKH 5RVHGHMyVXWD]D\ORPLUyFRQILMH]D ² ¢4XLHUHV GHFLU TXH WDPELpQ PHQWLVWH DFHUFD GH OD FXHYD" ²GLMR FRQ LQFUHGXOLGDG (ODVLQWLyDYHUJRQ]DGR\D5RVHOHGLRODLPSUHVLyQGHXQQLxRVRUSUHQGLGRFRQOD PDQRHQHOWDUURGHEL]FRFKLWRV1RSXGRHYLWDUUHtUVHDXQTXHHVWDEDOHMRVGHVHQWLU UHJRFLMR ²¢3RUTXpGHPRQLRVPHQWLVWHDFHUFDGHHVR"²SUHJXQWyFXDQGRGHMyGHUHtU\ DGRSWDQGRXQWRQRGHILQJLGDVHYHULGDG ²3RUTXH QR TXLHURTXH DQGHQ KXUJDQGR HQ HOERVTXH \ HODFDQWLODGRSRUHVR PHQWt²GLMR-DFNFRQYHKHPHQFLD\HQURMHFLHQGRKDVWDODUDt]GHORVFDEHOORV ²3HURGHWRGRVPRGRVLJXDOUHJLVWUDUiQHOERVTXH²GLMR5RVHFRQHOWRQRGH XQDPDHVWUDTXHVHGLULJHDXQDOXPQRUHFDOFLWUDQWH²$GHPiV\DUHJLVWUDURQHO ERVTXHFXDQGREXVFDEDQD.DWK\%XUWRQ (QWRQFHV VH OH RFXUULy XQD LGHD \ EXVFy DWHQWDPHQWH HQ OD FDUD GH -DFN OD UHVSXHVWD D OD SUHJXQWD TXH OH YLQR D OD PHQWH $OOt HVWDED HQ OD H[SUHVLyQ DYHUJRQ]DGDGHpOHQODOX]GHIHQVLYDTXHOHLOXPLQDEDORVRMRV ²7~FUHHV¢YHUGDG"²GLMRHOOD²&UHHVHQODOH\HQGD¢+D\XQDFXHYDDOOt" ²1RORVp²GLMR-DFNVXDYHPHQWH²1XQFDIXLDYHUOR
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
²¢3RU TXp QR" ²LQVLVWLy 5RVH² ¢9DV D GHFLUPH TXH FRQ XQD OH\HQGD IDQWiVWLFDFRPRpVDW~\WXVDPLJRVMDPiVIXLVWHLVDEXVFDUHVDFXHYD"²VXVRMRV VHGLODWDURQ GHDVRPEURFXDQGRpOQHJy FRQ ODFDEH]D² £%XHQR YiOJDPH 'LRV HVDOH\HQGDIXHUHDOPHQWHHILFD] $KRUDULy D FDUFDMDGDV HQ SDUWH SRUTXH VXPDULGR KDEtDSXHVWR WDQWDIH HQ OD OH\HQGDFRPRSDUDQRKDEHUVHDWUHYLGRDLQYHVWLJDUSHURHQUHDOLGDGFRPRYiOYXOD GHHVFDSHFRPRDOLYLRDODWHQVLyQTXHYHQtDVRSRUWDQGR1RIXHXQDULVDDJUDGDEOH TXH KLFLHUDWLQWLQHDU OD FDVD(Q FDPELR UHVRQy VRPEUtDPHQWH HQOD KDELWDFLyQ \ TXHGyFRPRVXVSHQGLGDHQWUHORVGRV ²&UHRTXHHVKRUD GH TXH HFKHPRV XQD PLUDGDDO DFDQWLODGR²GLMR 5RVHSRU ILQ²6LDOOtKD\ XQDFXHYDFUHR TXH GHEHUtDPRVVDEHUOR&UHR TXH WRGR HOSXHEOR GHEHUtDVDEHUOR ²+D]OR W~ VL TXLHUHV ²GLMR VXDYHPHQWH -DFN² \R IUDQFDPHQWH SUHILHUR QR VDEHU (VDPDxDQD-DFN&RQJHUOOHJyDVXRILFLQDWHPSUDQRDQWHVTXHFXDOTXLHURWUR PLHPEURGHOSHUVRQDO&XDQGRDODVRFKR\PHGLDOOHJDURQORVGHPiVHQFRQWUDURQ FHUUDGDODSXHUWDGHVXGHVSDFKR\HQFHQGLGDODOX]URMDHQODSDUWHVXSHULRU7RGRV H[FHSWR6\OYLD%DQQLVWHUUHVSHWDEDQODOX]GHDGYHUWHQFLD 6\OYLDODLJQRUy\HQWUyHQODRILFLQDLQWHULRUVLQOODPDU-DFNDO]yODYLVWDSHURQR GLMRQDGD ²¢0DODQRFKH"²GLMR6\OYLDFRQVLPSDWtD -DFNGHMyHOOiSL]VREUHODPHVDVHHFKyKDFLDDWUiV\VHUHVWUHJyORVRMRV ²'HSHQGH GH OR TXH OODPHV XQD PDOD QRFKH ²GLMR² 6L D PHQWLU D WRGR HO SXHEORPHQWLUDOMHIHGHSROLFtDSHGLUDWXKLMDPD\RUTXHPLHQWDWDPELpQQRGRUPLU HQDEVROXWR\OXHJRFRURQDUWRGRTXHGDQGRFRPRXQWRQWRDQWHWXSURSLDHVSRVDVL DHVROHOODPDVXQDPDODQRFKHHQWRQFHVFUHRTXHWXYHXQDPDODQRFKH)XHUDGH HVRIXHEXHQD ²¢1RTXLHUHVFRQWiUPHOR"²GLMR6\OYLDVHQWiQGRVH ²1RQRTXLHUR²GLMR-DFNFRQLUULWDFLyQ²4XLHURTXHPHGHMHQVRORSDUDWUDWDU GHDFODUDUPLFDEH]DVLQRWHPROHVWD
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
SLVWDHQODFXDO5D\1RUWRQQRVDEtDTXHVHHQFRQWUDED8QDSLVWDTXHVRODPHQWH SRGtDFRQGXFLUKDVWD6DUDKTXLHQSRVLEOHPHQWHVHUtDFRQVLGHUDGDUHVSRQVDEOHGH FXDOTXLHUFRVDTXHKXELHU FXDOTXLH UFRVDTXHKXELHUDKHFKR6DFy DKHFKR6DFyHOHGLWRULDOGHOFHVWRGHOR HOHGLWRULDOGHOFHVWRGHORVSDSHOHV\OROH\ VSDSHOHV\OROH\y y XQDYH]PiV'HFLGLyREMHWLYDPHQWHTXHHOHGLWRULDOKDEtDFXPSOLGRPX\ELHQVX SURSyVLWR /RTXHPyHQHOFHVWRGHORVSDSHOHV\WRPyHOWHOpIRQR(UDKRUDGHKDEODUFRQ &KDUOHV%HOWHU (O GR GRFWR FWRU U &KD &KDUOH UOHV V %H %HOWH OWHU U HV HVFXF FXFKy Ky DWH DWHQWD QWDPH PHQWH QWH WRG WRGR R OR TXH GL GLMR MR -DF -DFN N &R &RQJH QJHU U $ -DFNOHOOHYyPiVGHWUHVKRUDVSUHVHQWDUWRGRVORVKHFKRVDOGRFWRU\YDULDVYHFHV GHEL GH ELy y YRO YROYH YHU U DWU DWUiV iV UHS UHSDVD DVDU U XQ SXQ SXQWR WR DF DFODU ODUDU DU DQ DQWHFH WHFHGHQ GHQWHV WHV R DPS DPSOLD OLDU U GHW GHWDO DOOHV OHV (O GRFWRU%HOWHUHVFXFK GRF WRU%HOWHUHVFXFKy ySDFL SDFLHQWH HQWHPHQW PHQWH HH HLQWH LQWHUUXPS UUXPSLyOR LyOR PHQ PHQRVSRVLEOH RVSRVLEOH VLQW VLQWLyTXH LyTXHQR QR VyORHUDLPSRUWDQWHORTXHOHGHFtDQVLQRODIRUPDHQTXHVHORGHFtDQ\HQTXp RUGHQ/DPHQWHWLHQHWHQGHQFLDDDVLJQDUSULRULGDGHVDODVFRVDVVHJ~QVDEtDHO GRFWRU GRF WRU%HOWH %HOWHU U \ D PHQ PHQXGR XGR SXHG SXHGH H DYH DYHULJX ULJXDUVH DUVH PXF PXFKR KRQR QR GH GHORV ORV SXQ SXQWRV WRVH[SX H[SXHVWR HVWRV V VLQRGHO VLQ RGHORUGH RUGHQ\ Q\ ODLPSRU ODLPSRUWDQF WDQFLDUHODWL LDUHODWLYDTXHWLHQHQSDUDOD YDTXHWLHQHQSDUDODSHU SHUVRQD VRQD TXHORVH[SRQ TXHORVH[SRQH H &XDQGR &XDQ GR-DFNW -DFNWHUP HUPLQyHO LQyHO GRF GRFWRU WRU%HOW %HOWHU HUVH VH HFK HFKy y KDF KDFLD LD DWUi DWUiV V \ DSR DSR\y \yFyPR FyPRGDPH GDPHQWH QWH VXVPDQRVVREUHVXDPSOLDEDUULJD ²¢'HPRGRTXHXVWHGQRVDE ²¢'HPRGRTX HXVWHGQRVDEHVLH[LVWH HVLH[LVWHRH[LVWLyXQDFXH RH[LVWLyXQDFXHYD"²GLMR YD"²GLMR ²¢([LVWLy"²UHSLWLy-DFN² ²¢([LVWLy"²U HSLWLy-DFN²¢4XpTXLHUH ¢4XpTXLHUHGHFLUFRQVLH GHFLUFRQVLH[LVWLy" [LVWLy" ²6yO ²6 yOR R TX TXH H DO DOJX JXQD QD YH YH] ] SXG XGR R KD KDEH EHU U XQ XQD D FX FXHY HYD D SHU HUR R TX TXH H IX IXH H UH UHOOOOHQ HQDG DGD D R VH GHUUXPE GHU UXPEy1R y1R HVLPSRUWD HVLPSRUWDQWHIXH QWHIXHVyO VyORPL RPL PHQ PHQWHDFRVWX WHDFRVWXPEUDG PEUDGD DD DSUH SUHVWDUDWHQF VWDUDWHQFLyQ LyQ D ORVGHWDOOHV2OYLGHORTXHGLMH/RLPSRUWDQWHHVTXHXVWHGQRVDEHVLODFXHYDHV UHDORQR ²1RQRORVp\QROHYHRODLP ²1RQRORVp \QROHYHRODLPSRUWDQFLD SRUWDQFLD (OGRFWRU%HOWHUHQFHQGL (OGRFWRU%HOWH UHQFHQGLyXQFLJDUU yXQFLJDUULOOR\DSDJy LOOR\DSDJyHOIyVIRURDQWHV HOIyVIRURDQWHVGHYROYHUDK GHYROYHUDKDEODU DEODU ²1RVp²GLMRILQDOPHQWH²¢WLHQHLPSRUWDQFLD" ² ¢$GR ¢$GRQGH QGH TXLH TXLHUH UHXVWH XVWHG G OOH OOHJDU" JDU" ²GL ²GLMR MR-DFNFRQ -DFNFRQ GHVF GHVFRQILD RQILDQ]D Q]D (O (OGRFW GRFWRU RU%HOWH %HOWHU U VRQULy ²%XHQ ²%X HQR R HV TX TXH H PH SD SDUH UHFH FH TX TXH H XV XVWHG WHG GD PX PXFK FKD D LPS LPSRUW RUWDQF DQFLD LD D HV HVD D FX FXHYD HYD ² GLMR² 'HVSXpV GH WRGR IXH WDQ OHMRV FRPR GHFLU DO MHIH GH SROLFtD TXH GHILQLWLYDPHQWHQR GHILQLWLYD PHQWHQRH[LVWH(VRPHLQ H[LVWH(VRPHLQGLFDXQSDU GLFDXQSDUGHFRVDV GHFRVDV ²¢&XiOHV"²GLMR-DFNDKRU ²¢&XiOHV"²G LMR-DFNDKRUDFRQHYLG DFRQHYLGHQWHKRVWLOLG HQWHKRVWLOLGDG DG ² 3ULPH 3ULPHUR URTXH TXHXVWH XVWHG G FUHH TXH H[L H[LVWH VWHXQD XQD FXH FXHYD YD6L 6L HVWX HVWXYLHU YLHUD D XVWH XVWHG G UHDO UHDOPHQ PHQWH WH VHJX VH JXURGH URGH TX TXH HQR QR KD KD\ \ WDO FX FXHY HYD D\ \TX TXH HOD OD OH\ OH\HQ HQGD GD HVVyOR XQ XQD DOH\ OH\HQ HQGD GD ¢SR ¢SRU U TX TXp p WUDWDU WUD WDUtD tD GH GL GLVXD VXDGL GLU U D 1R 1RUWR UWRQ Q GH TXH OD EX EXVFD VFDUD" UD" 'HVS 'HVSXp XpV V GH WRG WRGR R VL XV XVWHG WHG HVW HVWi i VHJXURGHTXHQRH[LV VHJXURGH TXHQRH[LVWHQRWHQGUtDTX WHQRWHQGUtDTXHSUHRFXS HSUHRFXSDUOHVLODHQFX DUOHVLODHQFXHQWUD¢QRHV HQWUD¢QRHVDVt" DVt" ²¢&XiOHVODVHJXQGDFR ²¢&XiOHVOD VHJXQGDFRVD"²GLMR VD"²GLMR-DFNVLQDFHS -DFNVLQDFHSWDUODSULPHUD WDUODSULPHUD ²%X ²% XHQ HQR R HVR HV Pi PiV V Ii IiFFLO ²GLMLMR R HO GR GRFFWR WRUU %HOWH WHUU LQ LQFFOLQ LQi iQG QGR RVH VR VRE EUH VX HVFULWRULR²XVWHGQRVRODPHQWHHVWiVHJXURGHTXHODFXHYDH[LVWHVLQRTXHWHPH ORTXHSXHGDQHQFRQWUDUHQHOOD ²(VDHVODFRVDPiVHVW~S ²(VDHVODFR VDPiVHVW~SLGDTXHR LGDTXHRtHQPXFKRWLHPS tHQPXFKRWLHPSR²GLMR-DFNLUU R²GLMR-DFNLUULWDGR LWDGR ²¢/RHV" -DFN -D FN DG DGYL YLUW UWLy Ly TX TXH H HV HVWD WDED ED UH UHDF DFFL FLRQ RQDQ DQGR GR Pi PiV V SR SRU U WH WHPR PRU U TX TXH H SR SRU U LU LUUL ULWD WDFL FLyQ yQ \ VH SUHJXQWyHOPRWLYR¢$TXpWHQtDPLHGR"(QWRQFHVGHFLGLyTXHQRWHQtDPLHGRGH VLQRSRUDOJR7HQtDPLH VLQRSRU DOJR7HQtDPLHGRSRU6DUDK GRSRU6DUDK ²(VSRU6DUDKSRUTXLHQPHSUHRFXSR²GLMRQHUYLRVDPHQWH ² ¢(V ¢(VWi WiVH VHJX JXUR" UR" ²SU ²SUHJ HJXQW XQWy y HO GR GRFWR FWRU U \ D -D -DFN FNOH OH SDU SDUHF HFLySHUFL LySHUFLELU ELU XQ WRQ WRQR R GH EXU XUOD OD HQ OD YR YR]]² (Q (QWR WRQ QFH FHV V KDE DEOOHPR PRV V XQ PL PLQ QXWR GH HVR VR ¢4X 4Xp p WH WHP PH XVW VWH HG H[DF H[ DFWD WDPH PHQW QWH" H" ¢7H ¢7HPH PH TX TXH H 6D 6DUD UDK K KD KD\D \D HV HVWD WDGR GR DV DVXV XVWD WDQG QGR R D QL QLxR xRV V SH SHTX TXHx HxRV RV \ DUUR DU URMiQ MiQGR GROR ORV VOX OXHJR HJR HQ OD FX FXHYD HYD" "(VR (VR HVOR TX TXH H\R \R SRG SRGUtD UtD OOD OODPDU PDU XQD GH OD ODV VFR FRVDV VDV PiVHVW~SLGDVTXHHVFXFKpHQPXFK PiVHVW~SLGD VTXHHVFXFKpHQPXFKRWLHPSR&RQVLGH RWLHPSR&RQVLGHUHSRUHMHPSORHOWDPDxRGH UHSRUHMHPSORHOWDPDxRGH
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
6DUDK1RHVPX\JUDQGH¢YHUGDG"(QUHDOLGDGSDUDVXHGDGHVSRFRGHVDUUROODGD ²QRWyOD ²QR WyODH[S H[SUHVLy UHVLyQGH QGHFyOH FyOHUDTXHFUX]DE UDTXHFUX]DEDHO DHOURVWU URVWUR RGH-DFN\OHYDQWyXQDPDQR GH-DFN\OHYDQWyXQDPDQR² ² 2K YDPRV QR GLMH TXH VHD DQRUPDOPHQWH SHTXHxD )tVLFDPHQWH HVWi SHUIHFWDPHQWHGHQWURGHORVOtPLWHVQRUPDOHVSHURHVPiVSHTXHxDTXHHOWpUPLQR PHGL PH GLR R $KR $KRUD UD GtJ GtJDPH DPH ¢FU ¢FUHH HH XV XVWHG WHG UHD UHDOPH OPHQWH QWH TX TXH H XQD QL QLxD xD FRP FRPR R 6DU 6DUDK DK SX SXHG HGH H KDFHUOHPXFKRDXQDQLxDGHOWDPDxRGH.DWK\%XUWRQ".DWK\%XUWRQSRUORTXHVp HVJUDQGHSDUDVXHGDG\PiVELHQDWOpWLFD$VtTXHFRQVLGHUDQGRTXHDGHPiVHV XQDxRPD\RUTXH6DUDKQRYHRPXFKDVSRVLELOLGDGHVGHTXH6DUDKKD\DSRGLGR KDFHU KD FHUOH OH QDG QDGD D'H 'H $Q $QQH QH )R )RUDJ UDJHU HU\ \-LP -LPP\ P\ 7\O 7\OHU HU QD QDGD GD Vp DP DPER ERV V VRQ PHQ PHQRUH RUHV V TXH 6DUDK\XQSRFRPiVSHT 6DUDK\XQ SRFRPiVSHTXHxRV3HU XHxRV3HURFRQ.DWK\%X RFRQ.DWK\%XUWRQHVLPSRVL UWRQHVLPSRVLEOH EOH ²(QWLHQG ²(QW LHQGRTXHORV RTXHORVQLx QLxRVFRQSUREO RVFRQSUREOHPD HPDVPHQWDOH VPHQWDOHVD VDYHFH YHFHVWLHQHQXQDIXHU]D VWLHQHQXQDIXHU]D H[WUDRUGLQDULD²GLMR-DFN ²8VWHGKDYLVWRGHPDVLDGDVSHOtFXODVHQODWHOHYLVLyQ£2KHVFLHUWRTXHSXHGH VXFHGHUSHURHVUDUR\VyORVHGDSRUODSVRVFRUWRVEDMRORTXHQRVRWURVOODPDPRV FRQGLFLRQ FRQG LFLRQHV HV KLVWp KLVWpULFD ULFDV V /R PLVPR VXF VXFHGH HGH FRQ SHUV SHUVRQDV RQDV QRU QRUPDOH PDOHV V FRP FRPR R OD PDG PDGUH UH TXHOHYDQWyHODXWRPyYLOTXHDSODVWDEDDVXKLMR(VDVFRVDVSXHGHQVXFHGHU%DMR H[LJHQF H[L JHQFLDV LDVPX\ PX\ VHYH VHYHUDV UDVHO HOFXHUS FXHUSR R VHJUH VHJUHJD JD XQD JUDQ FDQ FDQWLGDG WLGDG GH GHDGUH DGUHQDO QDOLQD LQD\ \ VH SURGXFHXQLQFUHPHQWRPRPHQWiQHRGHODIXHU]D3HURHVUDUR\SRUODSVRVPX\ EUHYHVDSHQDVVHJXQG EUHYHVDSH QDVVHJXQGRV\QRHOWLHPS RV\QRHOWLHPSRTXHOOH RTXHOOHYDUtDKDFHUORTXH YDUtDKDFHUORTXHXVWHGVXJLH XVWHGVXJLHUH UH ²
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
6LQ GHF GHFLU LUSD SDODE ODEUD UD VDO VDOLy LyGH GHOO GH GHVSD VSDFK FKR R GH GHOO GR GRFWR FWRU U %HO %HOWHU WHU \ \QR QR HV HVSHU SHUy yTXH TXH pVW pVWH HOH OH UHVSRQGLHUD ²¢&yPR ²¢& yPR SX SXHG HGH H HV HVWDU WDU WD WDQ Q VH VHJXU JXUR" R" ²G ²GLMR LMR HO HOGR GRFWR FWRU U %H %HOWH OWHU U KDE KDEODQ ODQGR GR D OD SX SXHUW HUWD D FHUU FH UUDG DGD D \ D OD KD KDEL ELWDF WDFLy LyQ Q YD YDFtD FtD² ² ¢&y ¢&yPR PR SX SXHG HGH H HV HVWD WDU U VH VHJX JXUR UR GH TX TXH H QR WLWLHQ HQH H SHUtRGRVGHDPQHVLD" (UD PH (UD PHGL GLRG RGtD tD FX FXDQ DQGR GR -D -DFN FN UH UHJU JUHV HVy y DO SH SHUL ULyG yGLF LFR R &H &HUUy UUy WU WUDV DV pO OD SX SXHU HUWD WD GH VX RILFLQD\XQLQVWDQWHGHVSXpVVHHQFHQGLyODOX]URMD/RVHPSOHDGRVGHO &RXULHU VH PLUDURQXQRVDRWURVLQWULJDGRVSH PLUDURQ XQRVDRWURVLQWULJDGRVSHURQLQJXQRVHVHQWtDGLVSXH URQLQJXQRVHVHQWtDGLVSXHVWRDKDFHUFRQMHWXUDV VWRDKDFHUFRQMHWXUDV VREUHORTXHHVWDEDVXFHGLHQGR(QFDPELRWRGRVPLUDURQHOUHORM\HPSH]DURQD UHWLUDUVHSDUDFRPHU&XDQGRODVRILFLQDVTXHGDURQYDFtDV6\OYLD%DQQLVWHUPLUyOD SXHUWDFHUUDG SXH UWDFHUUDGD9DFLOyXQ D9DFLOyXQPLQX PLQXWR\ WR\ RSUL RSULPLyHO PLyHOERWyQ ERWyQ GHO LQWH LQWHUFRP UFRPXQL XQLFDGR FDGRUVREUHVX UVREUHVX HVFULWRULR ²$KRUDVDOJRDFRPHU²GLMR (VSHUyUHVSXHVWD\FRPRQROOHJyHPSH]yDSRQHUVHVXFKDTXHWD(VWDEDOLVWD SDUDPDUFKDUVHFXDQGRIXQFLRQyGHUHSHQWHHOLQWHUFRPXQLFDGRU ²¢'LVSRQHVGHXQPLQX ²¢'LVSRQHV GHXQPLQXWR"²JUD]Q WR"²JUD]QyODYR]GH-D yODYR]GH-DFNDWUDYpVGHOFDE FNDWUDYpVGHOFDEOH OH 6\OYLDVHTXLWyODFKDTXHWD\YROYLyDFROJDUODHQHOSHUFKHUR'HVSXpVVHDOLVyOD IDOGD\HQWUyHQODRILFLQ IDOGD\HQWU yHQODRILFLQDLQWHULRU DLQWHULRU 6HKDEtD SUHS SUHSDUD DUDGRSDUDPRVWU GRSDUDPRVWUDUVH DUVHI IUtDFRQVXMHIHSHURDOYHUOHODFDUDFDPEL UtDFRQVXMHIHSHURDOYHUOHODFDUDFDPELy y GHLGHD ²7~ QR HV HVWiV WiV ELH ELHQ Q¢YH ¢YHUGD UGDG" G" ²G ²GLMR LMR PiV FRP FRPR R XQD DIL DILUPD UPDFLy FLyQ Q TX TXH H FRP FRPR R XQ XQD D SUHJXQWD -DFNDO]yODYLVWD\6\OYLD -DFNDO]yOD YLVWD\6\OYLDYLRTXHHVWDE YLRTXHHVWDEDDSXQWRGH DDSXQWRGHVROWDUODVOiJ VROWDUODVOiJULPDV ULPDV ²$FDERGHKDEODUFRQ ²$FDERGH KDEODUFRQHOGRFWRU%HO HOGRFWRU%HOWHU WHU ²0HSUHJXQWDEDDGRQGHKDE ²0HSUHJXQWDE DDGRQGHKDEtDVLGR²GLMR6\OYLDVHQ tDVLGR²GLMR6\OYLDVHQWiQGRVHHQHOVLOOyQIUHQWH WiQGRVHHQHOVLOOyQIUHQWHD D pO²¢3RUTXpIXLVWHDYHUOR" ²(Q ²( Q UH UHDO DOLG LGDG DG QR HV HVWR WR\\ VH VHJX JXUR UR &U &UH Ht TX TXH H OH KD KDEO EOD DUt UtD D GH 6D 6DUD UDK K \ GH OR TX TXH H SRGtDPRVKDFHUFRQ SRGtDPR VKDFHUFRQHOOD3HURQRT HOOD3HURQRTXLVRKDE XLVRKDEODUGH6DUDK ODUGH6DUDK ²¢(QWRQFHV" ²4XHUtDKDEODUGHPt 6\OYLDOHVRQULyWUDQTXLOL]DGRUD ²¢<HVRWHSDUHFHXQDPDODLGHD" ²¢<HVRWHSDUHFH XQDPDODLGHD"$WRGRVQRVJXVWDKDE $WRGRVQRVJXVWDKDEODUGHQRVRWUR ODUGHQRVRWURVGHWDQWR VGHWDQWR HQWDQWR<W~~OWLPDPHQWHQR HQWDQWR<W~~ OWLPDPHQWHQRORKDVHVWDG ORKDVHVWDGRSDVDQGR RSDVDQGR PX\ELHQ¢YHUGDG" ²1RHUDGHHVRGHORTXHpOTXHUtDKDEODU3DUHFHFUHHUTXH\RSRGUtDVHUHOTXH DQGRWUDVORVQLxRV 6\OYLDORPLUyFRQLQFUHG 6\OYLDORPL UyFRQLQFUHGXOLGDG XOLGDG ²'HELVWHKDEHULQWHUSUHWDGR ²'HELVWHKDE HULQWHUSUHWDGRPDO PDO ²1RQRLQWHUSUHWpPDO0HS ²1RQRLQWHUS UHWpPDO0HSUHJXQWyVLWXYH UHJXQWyVLWXYHSHUtRGRVGHDPQ SHUtRGRVGHDPQHVLD~OWLPD HVLD~OWLPDPHQWH PHQWH ²(VDHVODFRVDPiVGHVDJUDGDEOHTXHKHHVFXFKDGRHQPXFKRWLHPSR²GLMR 6\OYLD\VXYR]UHIOHMyVXGLVJXVWR²(VRVXFHGLyKDFHXQDxR1RIXHODVHPDQD SDV DVD DGD GD QL HO PH PHV V SD SDVD VDGR GR +D +DFH FH XQ Dx DxR R 7U 7UHF HFH H PH PHVH VHV V HQ UH UHDO DOLG LGDG DG ¢& ¢&UH UHH H pO pO VHULDPH VHU LDPHQWHTXH QWHTXHSRG SRGUtDUHSHWL UtDUHSHWLUVHDKRUD" UVHDKRUD" ¢7UH ¢7UHV VYHFH YHFHV"$GHPiVQRVRWUR V"$GHPiVQRVRWURV VVDEH VDEHPRV PRV GyQGHWHHQFRQWUDEDVFXDQGRGHVDSDUHFLHURQORVQLxRV ²(OGtDGHODGHVDSDULFLyQGH.DWK\%XUWRQ\RHVWDEDHQHVWDRILFLQD²GLMR-DFN VRQULHQGRIRU]RVDPHQWH ²¢(QWRQFHVTXpSUHWHQG ²¢(QWRQFHV TXpSUHWHQGHHOGRFWRU%H HHOGRFWRU%HOWHU"²SUH OWHU"²SUHJXQWy6\OYLD JXQWy6\OYLD ²1R ²1 R OR Vp ²G ²GLMLMR R -D -DFN FN² ² £3 £3HU HUR R 'L 'LRV RV HV HVR R PH DV DVXV XVWD WD 6L pO SL SLHQ HQVD VD HV HVR R ¢T ¢TXp Xp SHQVDUiHOUHVWRGHOSXHEOR"
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
²1RWHQJRODPHQRULGHDSHURVpORTXHSLHQVR\R3LHQVRTXHHVXQDORFXUD\ TXHHOGRFWRU%HOWHUWHQGUtDTXHKDFHUVHH[DPLQDUVXSURSLDFDEH]D²VHSXVRGH SLH²\SLHQVRTXHW~\\RGHEHUtDPRVVDOLUDFRPHUDOJRDFXDOTXLHUSDUWH -DFNODPLUyVLQFRPSUHQGHU ²-DFN²GLMR6\OYLDVXDYHPHQWH²¢QRFUHHVTXH\DKDVDJXDQWDGRGHPDVLDGR" 7yPDWHXQSRFRGHWLHPSROLEUHDXQTXHVHDVRODPHQWHXQDVSRFDVKRUDVFRQPLJR /RQHFHVLWDVGHYHUGDGORQHFHVLWDV<\RWDPELpQ 9LDMDURQ HQ VLOHQFLR KDVWD OD FDVD GH 6\OYLD \ FRQYHUVDURQ WUDQTXLODPHQWH PLHQWUDV HOOD SUHSDUDEDOD FRPLGD(YLWDURQORVWHUQDV GHOLFDGRV SHUR QRIXHXQD DFWLWXG HVWXGLDGD FRPR OD TXH FUHDED XQD GLVWDQFLD HQWUH -DFN \ 5RVH FXDQGR HYLWDEDQFRQVFLHQWHPHQWHKDEODUGHDOJRVLQRXQDFXHUGRPXWXR\FRQIRUWDEOHTXH ORVDFHUFyPiV (VD WDUGH QR UHJUHVDURQ DO &RXULHU (VWXYLHURQ D SXQWR GH KDFHUOR SHUR FDPELDURQGHLGHD(QFDPELRSDVDURQODWDUGHHQODFDPDGH6\OYLD%DQQLVWHU\ HVROHV KL]RPXFKRELHQDORVGRV3RUSULPHUD YH] HQ XQ DxR-DFN VH FRPSRUWy VDWLVIDFWRULDPHQWH HQ EUD]RV GH XQD PXMHU 6\OYLD %DQQLVWHU IXH IHOL] \ SRU HO PRPHQWRpOWDPELpQ /RV GRV QLxRV HQ OD FXHYD HVWDEDQ DSUHWDGRVXQR FRQWUD HO RWURFRPRKDEtDQ HVWDGRGXUDQWHFDVLWUHLQWD\VHLVKRUDV-LPP\7\OHUSDVyLQFRQVFLHQWHODSULPHUD KRUDGHHQFLHUUR\.DWK\HVWXYRODUJRWLHPSRVHJXUDGHTXHPRULUtD3HURQRPXULy VLQR TXH GHVSHUWy DWHUURUL]DGR HQ OD RVFXULGDG .DWK\ WUDWy GH FRQVRODUOR \ GH H[SOLFDUOHORVXFHGLGR6XYR]HUDGpELO\SDVySRUYDULRVSHUtRGRVGHLQFRKHUHQFLD SHURHOVRQLGRGHXQDYR]KXPDQDHQODRVFXULGDGSDUHFLyWUDQTXLOL]DUD-LPP\TXH SRUILQVHFDOPy(QWRQFHVORVGRVVHGLVSXVLHURQDHVSHUDU 3HUPDQHFtDQ ELHQ MXQWRV \ QXQFD VH VHSDUDEDQ WDQWR FRPR SDUD QR SRGHU WRFDUVH&XDQGRGRUPtDQORKDFtDQXQRHQEUD]RVGHORWUR -LPP\ VH DVXVWy FRQ ORV H[WUDxRV UXLGRV SURGXFLGRV SRU ORV FUXVWiFHRV SHUR FXDQGR .DWK\ VH ORV H[SOLFy WUDWy GH DWUDSDU XQR GH ORV GLPLQXWRV FDQJUHMRV )LQDOPHQWH OR ORJUy \ VH OOHYy XQR D OD ERFD (UD DPDUJR H LQPHGLDWDPHQWH OR HVFXSLy\HPSH]yDYRPLWDU.DWK\OHGLRXQVRUERGHDJXDSDUDTXHVHTXLWDUDHO VDERUGHVDJUDGDEOH +DEODEDQGHWDQWRHQWDQWR-LPP\FRQPiVIUHFXHQFLDTXH.DWK\SXHVODYR]GH HOOD HUD PX\ GpELO \ OD JDUJDQWD OH GROtD PXFKR SHUR OD PD\RU SDUWH GHO WLHPSR SHUPDQHFtDQFDOODGRVFRJLGRVGHODVPDQRV\SUHJXQWiQGRVHFXiQWRWLHPSRKDFtD TXHHVWDEDQDWUDSDGRVHQODFXHYD\FXiQWRWLHPSRPiVHVWDUtDQDOOt )XHGXUDQWHXQDGHHVDVYHFHV-LPP\HVWDEDKDEODQGRFXDQGR.DWK\OHDSUHWy UHSHQWLQDPHQWHODPDQR ²£6VKKK²VLVHyHOOD (OVLQWLyTXHHOODOHDSUHWDEDODPDQRWRGDYtDFRQPiVIXHU]D\GHMyGHKDEODU -LPP\R\yXQH[WUDxRVRQLGRGHURFHVTXHYHQtDGHDUULED$PHGLGDTXHHOVRQLGR DXPHQWDEDHQLQWHQVLGDG.DWK\DXPHQWyODSUHVLyQGHVXPDQRKDVWDKDFHUOHGDxR (O VLQWLyTXH ORV VRQLGRVDVXVWDEDQ D.DWK\ \TXH HVHWHPRU VH FRQWDJLDED DpO 2OYLGyHOGRORUGHVXPDQR\VHHVIRU]ySRUHVFXFKDUTXpVXFHGtDHQFLPDGHVXV FDEH]DV ²&~EUHWHORVRMRVFRQODPDQR²OHVXVXUUy.DWK\ (OQRVDEtDHOPRWLYRSHURVLJXLyODVLQVWUXFFLRQHV8QPRPHQWR GHVSXpVYLRXQ GpELOUHVSODQGRUURML]RDWUDYpVGHODFDUQHGHVXVGHGRV$EULyDSHQDVORVGHGRV\ YLRXQUD\RGHOX]TXHOOHJDEDGHVGHHODJXMHURGHOWHFKRGHODFXHYD3DUSDGHDQGR UHWLUyODPDQR\DEULyFRPSOHWDPHQWHORVRMRVFXDQGRVHDFRVWXPEUyDODOX].DWK\
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
VHJXtDDFXUUXFDGDD VX ODGR FRQ XQDPDQRDIHUUDQGR ODGH pO\ OD RWUDDSUHWDGD IXHUWHPHQWHVREUHORVRMRV ²(VWiELHQ²VXVXUUypO²VLPLUDVGHVRVOD\RQRGXHOH .DWK\UHWLUyFDXWHORVDPHQWHODPDQRGHVXFDUD\GHMyTXHVXVRMRVHPSH]DUDQD KDELWXDUVHDODOX]/DOX]VHJXtDLQPyYLO\GHDUULEDQROOHJDEDQLQJ~QVRQLGR/RV QLxRVVHPLUDURQFRQFXULRVLGDG0LHQWUDVVHPLUDEDQR\HURQHOUXLGRSURGXFLGRSRU OD FDtGD GHXQREMHWREODQGR-LPP\HPSH]y DKDEODUSHUR.DWK\OH WDSyOD ERFD FRQ XQD PDQR $PERV YLHURQ HO SHTXHxR SDTXHWH HQYXHOWR HQ SDSHO EODQFR TXH HVWDEDHQPHGLRGHOFtUFXORGHOX]-LPP\VHOLEUyGH.DWK\\IXHKDVWDODOX]SDUD DJDUUDUOR FRPRXQD UDWDTXHVHDSRGHUD GH XQ WUR]R GHTXHVR HQ PHGLR GH XQD KDELWDFLyQ\YXHOYHGLVSDUDGDDVXDJXMHUR ²0LUD²GLMR-LPP\GHVHQYROYLHQGRHOSDTXHWH²%RFDGLOORV .DWK\ YLR OD FRPLGD \ VX KDPEUH VH LPSXVR D VX PLHGR $JDUUy XQR GH ORV ERFDGLOORV \ VH OR PHWLy HQ OD ERFD -LPP\ HPSH]y D HQJXOOLU OD FRPLGD FRQ OD GHVHVSHUDFLyQGHXQQLxRSHTXHxRQRKDELWXDGRDSDVDUKDPEUH 6XIULHURQQiXVHDVVLPXOWiQHDPHQWH\SURQWRDPERVHVWXYLHURQHQHOVXHORGHOD FDYHUQD YRPLWDQGR YLROHQWDPHQWH /RV ERFDGLOORV HO PDUDYLOORVR UHJDOR FDtGR GH DUULEDHVWDEDQUHOOHQRVGHDUHQD$UHQD\DOJDVPDULQDV (QWRQFHV R\HURQ XQD FDUFDMDGD KRUULEOH PDQtDFD \ VXSLHURQ TXH DOOt DUULED HVWDED(OL]DEHWK VRVWHQLHQGRILUPHPHQWHOD OLQWHUQD REVHUYDQGRFyPR YRPLWDEDQ ,QVWLQWLYDPHQWH.DWK\\-LPP\ VHHVFXUULHURQKDVWDODSURWHFWRUDRVFXULGDGFRPR DQLPDOHV VXEWHUUiQHRV HVFDSDQGR GHO VRO &XDQGR VDOLHURQ FRPSOHWDPHQWH GHO FtUFXOR GH OX] HO UD\R GH EODQFXUD GHVDSDUHFLy V~ELWDPHQWH \ DPERV R\HURQ ORV VRQLGRV GH(OL]DEHWK DUUDVWUiQGRVH KDFLD HOH[WHULRU.DWK\ \ -LPP\ HPSH]DURQD OORUDUTXHGDPHQWHFRJLGRVGHODVPDQRV
&DStWXOR (OGRPLQJRVLJXLHQWHIXH XQR GH HVRVGtDV SORPL]RV \ WULVWHV FRQ TXH HO RWRxR SDUHFHFRPSODFHUVHSHUYHUVDPHQWHRIUHFLHQGRXQDQWLFLSRGHOLQYLHUQRSRUOOHJDU (Q3RUW$UEHOORVLUYLySDUDDFHQWXDUODGHSUHVLyQTXHSHVDEDVREUHHOSXHEOR\OD WDEHUQD HVWXYR PiV FRQFXUULGD TXH OR KDELWXDO (Q XQD PDxDQD RUGLQDULD GH GRPLQJRVRODPHQWH0DUWLQ)RUDJHUDWUDYHVDEDHOXPEUDO\DQXQFLDEDTXHVHKDFtD SUHVHQWHSDUDORV©VHUYLFLRVª6HTXHGDEDHQWRQFHVWRGRHOGtD\VyORVHPDUFKDED GHVSXpVGHWHUPLQDGDVODV©YtVSHUDVª3HURHOGRPLQJRVLJXLHQWHDODGHVDSDULFLyQ GH-LPP\7\OHUODVLJOHVLDVGH3RUW$UEHOORHVWXYLHURQ DWHVWDGDVSDUD ORVSULPHURV VHUYLFLRV\OD WDEHUQDVH YLR VXPDPHQWHFRQFXUULGDSDUDORV ©VHUYLFLRVªGH0DUWLQ )RUDJHU (VH GRPLQJR ORV &RQJHU QR IXHURQ D OD LJOHVLD QL VH KLFLHURQ SUHVHQWHV HQ OD WDEHUQD1XQFDLEDQDODWDEHUQD\ODLJOHVLDODRPLWLHURQSRUPXWXRFRQVHQWLPLHQWR 1LQJXQRGLMRSRUTXpSUHIHUtDTXHGDUVHHQFDVDQLTXLVRHVFXFKDUORVPRWLYRVGHO RWUR )XH FRPR VL VLQWLHUDQ TXH VH DQXQFLDED DOJR \ TXH TXL]i SRGUtDQ HYLWDUOR TXHGiQGRVHHQFDVD (VWDEDQHQWUHJDGRVDOULWXDO GHWRPDUFDIpHQDEVROXWR VLOHQFLRFXDQGRVRQyHO WHOpIRQR ²
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
1R VH PROHVWy HQ EXVFDU RWUD SDODEUD² (VWXYH SRU GHFLU XQD FRVD KRUULEOH ¢YHUGDG"%XHQRVXSRQJRTXHWRGRVWHQHPRVODVPHQWHVWUDQVWRUQDGDVHVWRVGtDV ²3RUHVRRVOODPR²UHSXVR%iUEDUD6WHYHQV²(VWR\FDQVDGDGHO~QLFRWHPD GH FRQYHUVDFLyQ HQ 3RUW $UEHOOR \ PHLPDJLQR TXH YRVRWURVWDPELpQ < FRPR HO WLHPSRHVPDORSDUDWUDEDMDUHQFDVD&DUOSHQVyTXHXQDSDUWLGDGHEULGJHHQXQD WDUGHOOXYLRVDSRGtDVHUDJUDGDEOH¢4XpRSLQDV" ²0HHQFDQWDUtD²GLMR5RVH²¢$TXpKRUD\GyQGH" ²$TXtDOUHGHGRUGHODXQD<WUDHGDODVQLxDV ²&RQVXOWDUpFRQ-DFN\YROYHUpDOODPDUWH &ROJyHODXULFXODU\YROYLyDOFRPHGRU ²(UD%iUEDUD6WHYHQV(OOD\&DUOTXLHUHQTXHYD\DPRVHVWDWDUGHDVXFDVDD MXJDUDOEULGJH&RQODVQLxDV²DJUHJyDOQRWDUODH[SUHVLyQGHGXGDGH-DFN ²1RVpW~VDEHVFyPRSXHGHVHU6DUDKHQXQOXJDUH[WUDxR ²(QWRQFHV ODV GHMDUHPRV HQ FDVD FRQ OD VHxRUD *RRGULFK ²GLMR 5RVH SUHVWDPHQWH -DFN YLR TXH KDEUtD SDUWLGD GH EULGJH GH FXDOTXLHU IRUPD \ GHFLGLy UHVLJQDUVH JUDFLRVDPHQWHSHVHDTXHGHWHVWDEDHVHMXHJR ²¢3RUTXpHQFDPELRQRMXJDPRVDTXt"²VXJLULy²$PHQRVTXHORV6WHYHQV WHQJDQDOJXQDUD]yQHVSHFLDOSDUDTXHYD\DPRVDVXFDVD ²(VWXSHQGR²GLMR5RVHVRQULHQGR²%iUEDUDGLMRDODXQD¢HVWiELHQ" -DFNPLUyDXWRPiWLFDPHQWHVXUHORMGHSXOVHUD ²1RYHRQLQJXQDUD]yQSDUDRSRQHUPH²GLMR 5RVHVRQULy ²([FHSWRTXHRGLDVHOMXHJR¢QRHVDVt"²GLMR\VLQGDUOHWLHPSRDFRQWHVWDU DJUHJy² %XHQR SRU OR PHQRV WHQGUHPRV RWUD FRVD HQTXp SHQVDU 'HVSXpV GH HVWDVHPDQDSDVDGDKDVWDHVSRVLEOHTXHORGLVIUXWHV -DFNWXYRHOPLVPRSHQVDPLHQWR\VRQULyD5RVH(OODVDOLyGHODKDELWDFLyQ\pOOD R\yKDEODUSRUWHOpIRQRFRQ%iUEDUDSHURQRHVFXFKyORTXHGHFtD(QFDPELRVH SXVRDSHQVDUHQTXHGHVGHODWDUGHTXHSDVyFRQ6\OYLD\TXHIXHPDUDYLOORVDVH VHQWtD PiV FyPRGR HQ VX PDWULPRQLR 6XSXVR TXH HUD VLPSOHPHQWH SRUTXH VH VHQWtDPiVFyPRGRFRQVLJRPLVPR<VHVRUSUHQGLyHVSHUDQGRFRQSODFHUODSDUWLGD GHEULGJH(UDDJUDGDEOHHVWDUHVSHUDQGRDOJRFRQSODFHU ²8QWUpERO ²3DVR ²8QSLTXH ²3DVR ²8QVLQWULXQIR +HFKD HVWD ~OWLPD GHFODUDFLyQ WRGRV SDVDURQ %iUEDUD 6WHYHQV PLUy D VX FRPSDxHUD ²¢7XPDULGRVLHPSUHWHKDFHMXJDUODVGHFODUDFLRQHVGHXQR"²SUHJXQWy ²6RODPHQWHVLFUHHTXHYR\DFDHU²UHVSRQGLy5RVH%iUEDUDPLUySULPHURD -DFN\GHVSXpVD&DUO ²%XHQR FKLFRV ¢TXp RSLQiLV" ¢7HQJR TXH MXJDU HVWD PDQR" -DFN HVWXGLy FXLGDGRVDPHQWHVXVFDUWDVODVFHUUy\DO]yODYLVWD ²1RFXDQGRODFXDUWDFDUWDHVXQDGHFXDWURHQFDEH]DGDVSRUXQVLHWH²GLMR² 'HFODUDVWHLV GH PHQRV $QRWDRV FXDUHQWD \ QRVRWURV QRV FRQVLGHUDUHPRV DIRUWXQDGRV &DUO6WHYHQVGLRODPDQRVLJXLHQWH(PSH]yDRUGHQDUVXVFDUWDV\PLUyKDFLDHO WHFKR
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
²+D\PXFKRVLOHQFLRDOOiDUULED²FRPHQWy²1RVDEtDTXHWUHVQLxRVSXGLHUDQ HVWDUWUDQTXLORV7RFRPDGHUD &DUOWHUPLQyGHRUGHQDUVXVFDUWDV\WUDWyGHRFXOWDUVXDOHJUtD ²'RV VLQ WULXQIR²DQXQFLy \VHVLQWLyFRPSODFLGRDO HVFXFKDU HOJHPLGRGHODV PXMHUHV $UULED ORV WUHV QLxRV HVWDEDQ VHQWDGRV HQ HO VXHOR GHO FXDUWR GH MXHJRV WHUPLQDQGRXQDSDUWLGDGH0RQRSROTXHJDQy6DUDKGHELGRHQUHDOLGDGDTXH-HII \(OL]DEHWKRFXSDQGR SRUWXUQR HOOXJDU GHHOODKDEtDQ MXJDGRFRQDVWXFLD3RUVX SDUWH 6DUDK SHUPDQHFtD HQ FRPSOHWR VLOHQFLR PLUDED HO WDEOHUR GH 0RQRSRO \ WRPDED RFDVLRQDOPHQWH DOJXQD GH ODV SLH]DV SDUD H[DPLQDUOD FRQ DWHQFLyQ \ YROYHUODDFRORFDUHQHOOXJDUH[DFWRGRQGHODKDEtDWRPDGR ²7LHQHVXHUWHHVRHVWRGR²FRPHQWy-HIIPLHQWUDVHQWUHJDEDD6DUDKORTXHOH TXHGDED GH VX ©GLQHURª 6DUDK FRPR VL VLQWLHUD TXH HO MXHJR KDEtD WHUPLQDGR EDUULyV~ELWDPHQWHHOWDEOHUR(OL]DEHWKHPSH]yDUHFRJHUHO©GLQHURªGHVSDUUDPDGR \DRUGHQDUORPLHQWUDVVRQUHtDD-HII ²+DFHHVRWRGDVODVYHFHVTXHMXHJD²GLMR(OL]DEHWK²&XDQGRMXHJRFRQHOOD VLHPSUHJDQD\GHVSXpVGHVSDUUDPDWRGRORTXHKD\HQHOWDEOHUR (OL]DEHWKQRDxDGLyTXHOD~QLFDSDUWHDFWLYDTXH6DUDKWRPDEDHQORVMXHJRVHUD GHVSDUUDPDU OR TXH KXELHUD HQ HO WDEOHUR 3HQVy TXH -HII OR HQWHQGHUtD VLQ QHFHVLGDGGHTXHVHORGLMHUDQ ²¢$OJXQDYH]YLVWHXQWDEOHUR2XLMD"²OHSUHJXQWy ²¢4XLHUHVGHFLUXQDGHHVDVFRVDVTXHVHVXSRQHTXHWHGLFHQWXIRUWXQD" ²1R WH GLFHQ WX IRUWXQD 6H VXSRQH TXH FRQ HVR XQR SXHGH KDEODU FRQ ORV HVStULWXV ²
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
²1R SXHGHV GHWHQHUOR ²VXVXUUy (OL]DEHWK² \R WDPELpQ OR LQWHQWp FUHt TXH 6DUDKORPRYtDSHURQRSXGHGHWHQHUOR -HIIREVHUYyIDVFLQDGRFyPRHOLQGLFDGRUVHPRYLyVREUHHOWDEOHUR\VHGHWXYRHQ OD ©(ª 8QD YH] PiV WUDWy GH LQPRYLOL]DUOR SHUR HO LQGLFDGRU VH PRYLy LPSODFDEOHPHQWHKDVWDGHWHQHUVHHQOD©7ª ²©%HWª²GLMR-HII²¢4XpVLJQLILFDHVR" ²$~QQRKDWHUPLQDGR²GLMR(OL]DEHWK²SHUR\DVpGyQGHLUi (OLQGLFDGRUVHPRYLyDKRUDHQGLUHFFLyQRSXHVWD\VHGHWXYRHQOD©+ª-HIIWXYR ODVHQVDFLyQGHTXHHOLQGLFDGRU\DQRVHPRYHUtDRWUDYH] ²%HWK²GLMR²(VWXQRPEUHGLPLQXWLYRGH(OL]DEHWK ²/R Vp ² GLMR (OL]DEHWK² SHUR QR VR\ \R (V XQ HVStULWX \ HO QRPEUH GHO HVStULWXHV%HWK'HEHTXHUHUGHFLUPHDOJR ²¢3RUTXpQRDPt"²GLMR-HIIFRQXQDPXHFD²\RWDPELpQHVWR\DTXt (OL]DEHWKDJLWyVHULDPHQWHODFDEH]D ²1R4XLHUHKDEODUFRQPLJR²GLMR²KDEOpFRQHOODDQWHV ²6t VHJXUR TXH KDEODVWH ²VH EXUOy -HII² VXSRQJR TXH HV WX WDWDUDEXHOD R DOJRSDUHFLGR (OL]DEHWKORPLUyQHUYLRVD\SDUHFLyPHQRVVHJXUDGHVtPLVPD ²¢3RUTXpGLMLVWHHVR"²SUHJXQWy ²¢4XpGLMH" ²¢4XpTXLVLVWHGHFLUFRQTXHHUDPLWDWDUDEXHOD"-HIIODPLUyGHVFRQFHUWDGR ²1R TXLVH GHFLU QDGD ²GLMR² ¢DFDVR OD JHQWH QR KDEOD VLHPSUH FRQ VX WDWDUDEXHOD" ²¢6DEHVDOJRDFHUFDGHPLWDWDUDEXHOD" ²¢3RUTXpKDEUtDGHVDEHUOR"²ODGHVDILy-HII ²1RORVp²GLMR(OL]DEHWK²SHQVpVRODPHQWHTXHKDEtDVRtGRDOJRDFHUFDGHOD OH\HQGD ²¢4XpOH\HQGD"1RPHGLJDVTXH%HWKIXHWXWDWDUDEXHODSRUTXHVLORKDFHV HVWiVPiVORFDTXHWXKHUPDQD ²1RKDEOHVDVtGH6DUDK²HVWDOOy(OL]DEHWK²HVRQRHVWiELHQ²VHYROYLyD 6DUDK²1RORHVFXFKHV6DUDKpOQRVDEHQDGD -HII SDUHFLy DYHUJRQ]DGR \ WUDWy GH PDVFXOODU XQD GLVFXOSD /XHJR SLGLy D (OL]DEHWKTXHOHKDEODUDFtHODOH\HQGD ²6HVXSRQHTXHHQDOJXQDSDUWHGHOD3XQWDKD\XQDFXHYD²HPSH]yHOOD²0L WDWDUDEXHOD R WDO YH] IXH OD PDGUH GH PL WDWDUDEXHOD OR VRxy )XH XQ VXHxR HVSDQWRVR\VHVXSRQHTXHODFXHYDHVXQOXJDUHVSDQWRVR0LSDGUHPHFRQWyTXH PLWDWDUDEXHOD GLMR TXHHUD ODSXHUWDGHO LQILHUQR 'H FXDOTXLHUIRUPD HOOD WXYR XQ VXHxR\GHVSXpVHPSH]DURQDVXFHGHUFRVDVKRUULEOHV ²¢4Xp FODVH GH FRVDV KRUULEOHV" ²SUHJXQWy DQVLRVDPHQWH -HII² ¢PXULy DOJXLHQ" ²&UHRTXHVt²GLMR(OL]DEHWK²FUHRTXH%HWKIXHXQRGHHOORV ²¢4XLpQHUDHOOD" ²1RHVWR\VHJXUD²GLMR(OL]DEHWK\VXYR]VHVXDYL]yKDVWDFRQYHUWLUVHHQXQ VXVXUUR PLHQWUDVVXVRMRVDGTXLUtDQXQD H[SUHVLyQ GHOHMDQtD²&XDQGRPXULyHUD XQDQLxDDOJRPHQRUTXH6DUDK6LHPSUHOHSUHJXQWRTXpOHVXFHGLySHURQRPHOR GLFH)XHDOJRTXHWLHQHTXHYHUFRQHOERVTXH\ODFXHYD3RUHVRQRGHEHPRVLU DOOt ²¢(VR HV WRGR" ²GLMR -HII DSDUHQWHPHQWH GHFHSFLRQDGR FRPR VL HVSHUDUD PXFKRPiVGHORTXHFRQWy(OL]DEHWK ²%XHQRWDPELpQHVWDEDPLWtRELVDEXHOR6HPDWy ²¢&yPRORVDEHV"
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
²6LPSOHPHQWHORVp8QGtDYROYLyDFDVDWUD\HQGRDOJR&UHRTXHHUDXQJDWR PXHUWR RDOJRDVt4XL]iVHUDXQFRQHMR'HWRGRVPRGRV¢FRQRFHVHVHJDELQHWH HQODSDUWHWUDVHUDGHODFDVD" ²¢'RQGHKD\XQUHWUDWRWX\R" (OL]DEHWKDVLQWLyFRQODFDEH]D ²3HUR QR HV XQ UHWUDWR PtR ²DFODUy² 'H FXDOTXLHU IRUPD GLFHQ TXH PL WtR ELVDEXHOROOHYyHOJDWRRHOFRQHMRRORTXHIXHUHDOJDELQHWHGHVSXpVIXHGHWUiVGH ODFDVD\VDOWySRUHODFDQWLODGR ²¢'HYHUGDG"²GLMR-HIIDEULHQGRH[WUDxDGRORVRMRV²¢$ORFpDQR" ²3RU VXSXHVWR TXH DO RFpDQR ²GLMR (OL]DEHWK² DOOt DEDMR QR KD\ RWUD FRVD H[FHSWRURFDV ²£&DUD\²MDGHy-HII²¢VXFHGLyDOJRPiV" ²+XERRWUD SHUVRQD PLELVDEXHORQRVDEHQ UHDOPHQWH TXp OHVXFHGLySHURXQ GtDIXHHQEXVFDGHODFXHYD\MDPiVYROYLy ²¢/RHQFRQWUDURQ" ²6t SHUR HVWDEDPXHUWR4XHGyFRQXQSLHHQWUH ODV URFDV \FXDQGR VXELyOD PDUHDVHDKRJy ²1RFUHRQDGDGHWRGRHVR²GLMR-HIIHVSHUDQGRTXHKXELHUDPiV ²1RPHLPSRUWDVLORFUHHVRQR²GLMR(OL]DEHWK²6XFHGLy ²¢4XLpQWHORGLMR" ²0LSDGUH\DpOVHORFRQWyVXSDGUHRVXPDGUH'HWRGRVPRGRVHVYHUGDG ²¢<W~KDVYLVWRODFXHYD"²SUHJXQWy-HII ²1R²GLMR(OL]DEHWKFRQLQVHJXULGDG²3HURWDPSRFRODYLRQDGLHPiV ²¢(QWRQFHVFyPRVDEHVTXHHVYHUGDG" ²6LPSOHPHQWHORVp ²¢&yPR" ²/RVp\EDVWD ²%XHQRVLQRSXHGHVGHFLUPHFyPRORVDEHVHQWRQFHVQRORVDEHV²GLMR-HII HQWRQR]XPEyQ ²(VTXHVtORVp²LQVLVWLy(OL]DEHWK²£0HORGLMR%HWK²HVWDOOy -HIIKL]RJLUDUFyPLFDPHQWHVXVRMRV ²6HJXURTXHWHORGLMR²VHEXUOy²DXQTXHQLVLTXLHUDVDEHVTXLpQHVHOOD ²(VRWDPELpQORVp²GLMR(OL]DEHWKWHPEODQGR²(OODHVODQLxDGHOUHWUDWRGHO JDELQHWHODTXHVHSDUHFHDPt-HIIODPLUyFRQH[SUHVLyQGHVGHxRVD²6tVHJXUR TXHHVHOOD²GLMRULHQGR ²£(VHOOD²LQVLVWLy(OL]DEHWK²0HKDEOyDWUDYpVGHOWDEOHUR2XLMD\PHORGLMR -HIIVHUHFRVWyDSR\iQGRVHHQXQFRGRHKL]RXQDPXHFDD(OL]DEHWK1LQJXQRGH ORVGRVQRWyTXH6DUDKVHKDEtDDSDUWDGRGHOJUXSR\TXHHVWDEDQXHYDPHQWHMXQWR DODYHQWDQDPLUDQGRKDFLDDIXHUD\FDPELDQGRQHUYLRVDPHQWHHOSHVRGHVXFXHUSR GHXQRDRWURSLH ²7H GLUp XQDFRVD²GLMR-HII² VLW~ SXHGHVGHFLUPH GyQGHHVWiOD FXHYD \R FUHHUpHOUHVWRGHODOH\HQGD (OL]DEHWKORPLUyFRQSHWXODQFLD\WUDWyGHKDOODUODIRUPDGHFRQYHQFHUOR ²%XHQR²GLMRQHUYLRVDPHQWH²KD\XQOXJDU 6DUDKVHYROYLyGHODYHQWDQD\PLUyHVW~SLGDPHQWHD(OL]DEHWK1L(OL]DEHWKQL -HIISDUHFLHURQQRWDUVXSUHVHQFLD ²¢4XpFODVHGHOXJDU"²GLMR-HIIFRQLQFUHGXOLGDG ²8QXQOXJDUVHFUHWR²GLMR(OL]DEHWK 6DUDK HPSH]y D JULWDU (O SULPHU DXOOLGR PX\ DJXGR SDUHFLy GHVJDUUDUOH OD JDUJDQWDPLHQWUDVHOODFRUUtDDWUDYpVGHODKDELWDFLyQ&RQHOURVWURFRQWRUVLRQDGR
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
DJDUUyHOWDEOHUR2XLMD\ORDUURMySRUODYHQWDQD(OREMHWRGHVWUR]yHOFULVWDO\FD\y HVWUHSLWRVDPHQWHVREUHHOWHMDGRGHOSyUWLFR -HII VH SXVR GH SLH GH XQ VDOWR \ FODYy ORV RMRV HQ 6DUDK TXH FRUUtD KDFLD OD SXHUWD OD DEULy \ GHVDSDUHFLy HQ HO FRUUHGRU -HII FRQ HO URVWUR SiOLGR PLUy GHVFRQFHUWDGRD(OL]DEHWKSHUR(OL]DEHWKQRSDUHFLyDOWHUDUVHHQORPiVPtQLPR IXHKDVWDODYHQWDQDODDEULyUHFRJLyHOWDEOHUR2XLMDGHHQWUHORVWUR]RVGHFULVWDO URWR \VHKLULyOHYHPHQWHXQGHGR'HVSXpV GHDVHJXUDUVHGHTXH QRKDEtD QLQJ~Q IUDJPHQWRGHFULVWDOHQODKHULGDVHODFKXSy&XDQGRWHUPLQyVHYROYLyD-HII ²1RHVQDGD²GLMR²OHVXFHGHDPHQXGR1RWHDIOLMDVSURQWRVHSRQGUiELHQ &XDQGRHOSULPHUJULWRGH6DUDKUHVRQySRUWRGDODFDVD%iUEDUD6WHYHQVGHMy FDHUVXVFDUWDV\VHOOHYyODVPDQRVDODERFD ²£'LRVPtR²GLMR²£DORVQLxRVOHVKDSDVDGRDOJR %iUEDUD\DVHKDEtDOHYDQWDGRDPHGLDVGHVXVLOODSHUR5RVHODGHWXYR ²(V 6DUDK ²GLMR 5RVH² 1R HV QDGD OH VXFHGH D PHQXGR 6p TXH HV GHVDJUDGDEOHSHURSRUIDYRUTXpGDWHVHQWDGD %iUEDUD VH VHQWy QXHYDPHQWH GHVFRQFHUWDGD \ SiOLGD \ &DUO TXHGy FRPR VL V~ELWDPHQWHKXELHUDHFKDGR UDtFHVHQ ODVLOODPLHQWUDVORV JULWRVGH6DUDKFUHFtDQ HQLQWHQVLGDG(QWRQFHVHVFXFKDURQSDVRVDSUHVXUDGRVTXHEDMDEDQODVHVFDOHUDV /DSXHUWDGHODVDODGHHVWDUVHDEULyEUXVFDPHQWH\GHLQPHGLDWR ODKDELWDFLyQ YLEUyFRQORVDXOOLGRVKLVWpULFRVGHODQLxD 6DUDKPLUyHQORTXHFLGDDVXDOUHGHGRUFRPREXVFDQGRDOJRFRQORVRMRVSHURVLQ YHUQDGD\FUX]yFRUULHQGRODKDELWDFLyQHQGLUHFFLyQDODSXHUWDYHQWDQDFRQORV EUD]RVWHQGLGRVKDFLDDGHODQWH &KRFy FRQ WRGD IXHU]D FRQWUD ODV KRMDV GH OD SXHUWD SHUR VXV PDQRV QR JROSHDURQORVFULVWDOHVVLQR HOPDUFRGHPDGHUD/D SXHUWDVH DEULyYLROHQWDPHQWH ODVKRMDVJROSHDURQFRQWUDODSDUHG\ORVFULVWDOHVHVWDOODURQ6DUDKVDOLyDOSyUWLFR ²£-DFN²JULWy5RVH²£'HWHQOD£&RUUHSRUIDYRU -DFN \D HVWDED GH SLH \ PLHQWUDV ORV 6WHYHQV PLUDEDQ KRUURUL]DGRV VDOLy FRUULHQGR SRU OD SXHUWDYHQWDQD 2\HURQ ORV JULWRV GH 6DUDK TXH VH DOHMDEDQ D PHGLGD TXHHOOD HVFDSDED SRU HO SUDGR \ FRQWHPSODURQ H[WUDxDPHQWH IDVFLQDGRV FyPR-DFNODSHUVHJXtD(QVXKLVWHULD6DUDKFRUUtDDXQDYHORFLGDGDQWLQDWXUDO\ VXSDGUHQRSRGtDDOFDQ]DUOD/DQLxDLEDHQGLUHFFLyQDOERVTXH /D FDVD TXHGy V~ELWDPHQWH VLOHQFLRVD \ 5RVH IXH D OD SXHUWDYHQWDQD SDUD REVHUYDU OD SHUVHFXFLyQ $UULED GLUHFWDPHQWH HQFLPD GH HOOD (OL]DEHWK \ -HII REVHUYDEDQWDPELpQODHVFHQDTXHVHGHVDUUROODED HQHOSUDGR\TXH HQPHGLRGH ODOORYL]QDOHYH\JULViFHDSDUHFtDXQH[WUDxRMXHJR1DGLHKDEODED\HOWLHPSRFDVL SDUHFtDKDEHUVHGHWHQLGRPLHQWUDV-DFN&RQJHUWUDWDEDGHGDUDOFDQFHDVXKLMDTXH KXtD &XDQGRVDOWyORVFLQFRHVFDORQHVGHOSyUWLFR\VHODQ]yDOSUDGR-DFNVLQWLyHQOD FDUDODVJRWDVGHODOOXYLD'HODQWHGHpOYHtDD6DUDKFRUULHQGRKDFLDHOERVTXHFRQ WRGD OD YHORFLGDG TXH OH SHUPLWtDQ VXV SLHUQDV +DEtD FUHtGR TXH QR WHQGUtD GLILFXOWDGHV SDUD DOFDQ]DUOD SHUR PLHQWUDV HOOD PDQWHQtD OD GLVWDQFLD TXH ORV VHSDUDEDpOUHFRUGyODVSDODEUDVGHO GRFWRU%HOWHU\ FRPSUHQGLyTXHVX KLMD FRUUtD QRFRQVXV IXHU]DVQRUPDOHVVLQR FRQODHQHUJtDSURGXFLGD SRUODDGUHQDOLQD6H SUHJXQWyFXiQWRWLHPSRSRGUtDHOODPDQWHQHUVXYHORFLGDG &XDQGR HVWDED XQ SRFR PiV DOOi GH OD PLWDG GHO SUDGR HPSH]y D SHUGHU YHORFLGDGSHUFHSWLEOHPHQWH&RUUtDUHFWDFRPRXQDIOHFKDFRPRVLVHKXELHUDILMDGR
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
XQSXQWRGHGHVWLQR\VHGLULJLHUDKDFLDpO-DFNVHQWtDTXHVXVSLHVUHVEDODEDQHQOD KLHUEDK~PHGD\FD\yGRVYHFHV6DUDKQRWURSH]yQLVHFD\y\FDGDYH]TXH-DFN SHUGtDSLHDXPHQWDEDODGLVWDQFLDTXHODVHSDUDEDGHVXSDGUH < HQWRQFHV SRU ILQ 6DUDK HPSH]y D FODXGLFDU \ -DFN YLR TXH OD SHUVHFXFLyQ HVWDED D SXQWR GH WHUPLQDU /H GDUtD DOFDQFH HQ HO ERUGH GHO ERVTXH R SRFR GHVSXpVGHHQWUDUHQpO (QWUDUHQpO(OSHQVDPLHQWRORKL]RHVWUHPHFHUVH\VLQWLyXQDH[WUDxDVHQVDFLyQ $KRUDFRUUtDDXWRPiWLFDPHQWH\VHQWtDHOKRUPLJXHRGHODDGUHQDOLQDTXHVHYROFDED HQ VX VLVWHPDFLUFXODWRULR 9LR HOERVTXH TXHVH DO]DED IUHQWH DpOFDGDYH] PiV FHUFDQRDPHGLGDTXHFRUUtDHQSRVGH6DUDK 6XVEUD]RVVHFHUUDURQHQWRUQRDODVSLHUQDVGHODQLxD\PiVTXHYHUODODVLQWLy FDHU6DUDKHPSH]yDGHEDWLUVHHQVXVEUD]RVWUDWDQGRGHVROWDUVH\VXVJULWRVVH KLFLHURQ PiV IXHUWHV /RV GRV OXFKDURQ HQ HO EDUUR \ ORV HVIXHU]RV GH 6DUDK VH KLFLHURQ PiV YLROHQWRV FRPR VL VXV WHPRUHV VH KXELHVHQ PXOWLSOLFDGR (Q XQ PRPHQWR FDVL FRQVLJXH OLEHUDUVH \ HQWRQFHV WDQ UHSHQWLQDPHQWH FRPR KDEtD HPSH]DGRWRGRWHUPLQy 6DUDKGHMyGHJULWDU\TXHGyLQPyYLOHQHOEDUUR6XSHTXHxRSHFKRWHPEODEDSRU HO DJRWDPLHQWR \ GH VX JDUJDQWD VDOtDQ VROOR]RV HQWUHFRUWDGRV -DFN OD OHYDQWy VXDYHPHQWH\YROYLyFRQHOODKDFLDODFDVD &DPLQDEDSRUHOSUDGRFRQODPHQWHHQEODQFR(QWRQFHVHPSH]yDUHFRUGDU(UD FRPRRWURGtDXQGtDGHXQDxRDWUiVHQTXHpOKDEtDFDUJDGRD6DUDKSRUHVH SUDGR\OORYtD\HOODHVWDEDOORUDQGR$TXHOGtDODQLxDWHQtDHOYHVWLGRGHVJDUUDGR\ VDQJUDED&RQUHQXHQFLD-DFNPLUyDODQLxDLQGHIHQVDTXHWHQtDHQVXVEUD]RV 7HQtDODFDUDUDVJXxDGDSRUODOXFKD\XQKLOLOORGHVDQJUHOHFRUUtDSRUODPHMLOOD L]TXLHUGD6XVSDQWDORQHVMDUGLQHURVGHGHQLPHVWDEDQHPEDUUDGRV\ODSHFKHUDVH KDEtDGHVSUHQGLGR\FDtDKDFLDDEDMR-DFNVLQWLyTXHOHLQYDGtDHOSiQLFR 0LUy KDFLD ODFDVD \ ORV YLR ERUURVDPHQWH /HHVSHUDEDQ D pO HVSHUDEDQ TXH OOHYDUDODQLxDDODFDVD\OHVFRQWDUDORTXHKDEtDKHFKR¢4XpKDEtDKHFKR"1ROR VDEtD /OHYDED D VX KLMD D FDVD 3HUR HOORV OR HVSHUDEDQ ¢3RU TXp HVWDEDQ HVSHUiQGROR"
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
$EDMRHQODVDODGHHVWDUORVWUHVDGXOWRVREVHUYDEDQLPSRWHQWHVDODQLxDTXH VROOR]DEDHQHOVRIi6DEtDQTXHWRGRORTXHSRGtDQKDFHUHUDHVSHUDUTXHSDVDUDHO PRPHQWR SHUR ORV VROOR]RVSDUWtDQHOFRUD]yQ\ VRQDEDQFRPRVL6DUDKWUDWDVHGH GHFLUOHVDOJR $JX]DURQORVRtGRV\VHHVIRU]DURQSRUHQWHQGHUODVSDODEUDVPH]FODGDVFRQORV VRQLGRV TXH EURWDEDQ GLILFXOWRVDPHQWH GHODJDUJDQWDGH6DUDK FRPR DUUDQFDGRV SRUXQDIXHU]DGHVFRQRFLGD ²/XJDU²SDUHFtDGHFLUODQLxD²8QOXJDU 3HURQRSRGtDQHVWDUVHJXURV
&DStWXOR %iUEDUD 6WHYHQVVH VHQWtDFRPSOHWDPHQWH LPSRWHQWHFRQWHPSODQGR D5RVH TXH WUDWDEDGHFRQVRODUD6DUDK/DQLxD\DFtDVREUHHOVRIiWHPEODED\VXVRMRVYDFtRV PLUDEDQDQJXVWLDGRVDVXDOUHGHGRUFRPREXVFDQGRXQDYtDGHHVFDSH6LKDEtD DOJ~QSHQVDPLHQWRFRKHUHQWHHQVXPHQWHHUDLPSRVLEOHLQWHUSUHWDUOR ²1RHVQDGDTXHULGD²FDQWXUUHDED5RVH²
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
(OL]DEHWKUHWRPyHOKLORGHOUHODWR ²(VWDED FRQWiQGROH D -HII OR GH OD OH\HQGD \ OOHJXp D OD SDUWH GH OD FXHYD (PSH]DPRVDGLVFXWLUVLHUDRQRYHUGDGHUD\HQWRQFHVGHUHSHQWH6DUDKHPSH]y DJULWDU+D\XQDYHQWDQDURWDHQHOFXDUWRGHMXHJRV ²¢8QDYHQWDQDURWD" ²6DUDKDUURMySRUDOOtHOWDEOHUR2XLMD²H[SOLFy-HII ² ¢4Xp GHPRQLRV HVWDEDQ KDFLHQGR FRQ XQ WDEOHUR 2XLMD" ²SUHJXQWy &DUO 6WHYHQV -HIIHPSH]yDKDEODUSHUR(OL]DEHWKVHOHDGHODQWy ²6yORHVWiEDPRVMXJDQGR²GLMR²HOWDEOHURGHOHWUHy©%HWKª ²(VHHVWXQRPEUH²GLMR%iUEDUD6WHYHQVFRQXQDVRQULVD ²6t²GLMR(OL]DEHWKHQFRJLHQGRORVKRPEURV\ODQ]yXQDUiSLGDPLUDGDD-HII TXLHQ FDSWy LQPHGLDWDPHQWH HO PHQVDMH ©1R GHMHV TXH ORV JUDQGHV DYHULJHQ GHPDVLDGRHVQXHVWURVHFUHWRª-HIIUHVSRQGLyFRQXQDVRQULVD ²¢3HURTXpIXHORTXHWUDVWRUQyD6DUDK"²GLMR5RVHHPSHFLQDGD\EXVFDQGR GHVHVSHUDGDPHQWHXQDH[SOLFDFLyQUDFLRQDODOHVWDOOLGRGHVXKLMD ©3RU IDYRUª LPSORUy GLULJLHQGR XQD SOHJDULD DO &LHOR ©GpMDPH FRPSUHQGHU DXQTXHVHDVRODPHQWHXQDYH]ª -HII \ (OL]DEHWK VH PLUDURQ \ VH HQFRJLHURQ GH KRPEURV 5RVH SHQVy HQ LQWHUURJDUORV D IRQGR SHUR FDPELy GH LGHD FXDQGR YLR TXH VX PDULGR EDMDED OHQWDPHQWHODHVFDOHUD-DFNQRIXHDODVDODGHHVWDUVLQRTXHVHGLULJLyDOJDELQHWH $OJDELQHWH\DOEDUSHQVy5RVH ²%XHQRPHWHPRTXHHVWRSRQHILQDQXHVWUDSDUWLGDGHEULGJH²GLMR5RVH² 1RPHFUHRFDSD]GHFRQFHQWUDUPHHQHOMXHJRGHVSXpVGHHVWHLQFLGHQWH 5RVHH[KLELyXQDGHVXVVRQULVDVEULOODQWHV\DOHJUHVTXHGLFHQDOTXHODUHFLEH TXH HV KRUD GHPDUFKDUVH /RV 6WHYHQV HQWHQGLHURQ &DUOPLUy QHUYLRVDPHQWH VX UHORMGHSXOVHUD ²'H WRGRV PRGRV \D WHQHPRV TXH PDUFKDUQRV ²GLMR² 6LHQWR TXH KD\D SDVDGRHVWRVLKD\DOJRTXHSRGDPRVKDFHU²VHRIUHFLyDXQTXHVDEtDTXHQROR KDEtD ²9ROYHUHPRVD UHXQLPRV SDUD MXJDU ²GLMR %iUEDUDUiSLGDPHQWHDFXGLHQGR HQ DX[LOLRGHVXPDULGR²3URQWR/ODPDGQRVYRVRWURV¢GHDFXHUGR" 5RVHOHVVRQULy\(OL]DEHWKORVDFRPSDxyKDVWDODSXHUWDSULQFLSDOTXHPDQWXYR DELHUWD PLHQWUDV VH SRQtDQ VXV DEULJRV $IXHUD OD OORYL]QD FRQWLQXDED FD\HQGR VLOHQFLRVDPHQWHGHVGHHOFLHORJULV ²1RPX\DJUDGDEOH²GLMR&DUO ²1RSHURHVWDPRVDFRVWXPEUDGRV²GLMR(OL]DEHWK $OSDUWLUQL&DULQL%iUEDUDHVWDEDQVHJXURVGHVL(OL]DEHWKVHKDEtDUHIHULGRDO WLHPSR R DO HVWDOOLGR GH VX KHUPDQD 1LQJXQR GH ORV GRV KDEOy KDVWD TXH QR HVWXYLHURQHQHO&DPLQRGHOD3XQWD ²'HEHVHUPX\GXUR²GLMRILQDOPHQWH%iUEDUD ²¢4Xp" ²7HQHUXQDKLMDFRPR6DUDK6LHQWROiVWLPDSRUHOORVGRV &DUODVLQWLyFRQODFDEH]D ²1RHVWR\VHJXURGHSRGHUVRSRUWDUXQDFRVDDVtPHQRVHQODIRUPDHQTXHOR KDFHQ HOORV ²GLMR²(OL]DEHWK WDPELpQ HV DGPLUDEOH VRQ DIRUWXQDGRVHQ WHQHUOD 6XSRQJRTXHHVRHTXLOLEUDXQSRFRODVFRVDV ²(VWiORFD²FRPHQWy-HIIGHVGHHODVLHQWRWUDVHUR &DUOUHSUHQGLyDVXKLMRSRUKDEODUGHHVDPDQHUDSHURQRVHOHRFXUULyTXH-HII SRGtDHVWDUKDEODQGRGH(OL]DEHWK\QRGH6DUDK<D-HIIQRVHOHRFXUULyTXHVXV SDGUHVSXGLHURQKDEHUORLQWHUSUHWDGRPDO
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
(OL]DEHWK REVHUYy FyPR ORV 6WHYHQV VH DOHMDEDQ EDMR OD OOXYLD \ OXHJR FHUUy VLOHQFLRVDPHQWHODSXHUWD\UHJUHVyDODVDODGHHVWDU&RQWHPSOyXQPRPHQWRDVX PDGUHTXHWUDWDEDGHFRQVRODUD6DUDKOXHJRVHDFHUFy\VHDUURGLOOyDVXODGR ²
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
GREOySUROLMDPHQWH/RFRORFyHQXQHVWDQWHYDFtR\ORFXEULyFRQXQDYLHMDPDQWDGH FDEDOOR $ FRQWLQXDFLyQ UHYROYLy XQ PRQWyQ GH KHQR TXH KDEtD HQ XQ ULQFyQ GHO FXDUWRGHDUQHVHV\VDFyXQSHTXHxROtRGHWHOD/RVDFXGLy(UDHOYLHMRYHVWLGRTXH KDEtDHQFRQWUDGRHQHOiWLFRDKRUDVXFLR\GHVJDUUDGRSHURWRGDYtDHQWHUR6HOR SXVR FRQ FXLGDGR \ HPSH]y D GHVDWDU VX FROD GH FDEDOOR &XDQGR VXV FDEHOORV UXELRV FD\HURQ OLEUHPHQWH VREUH VXV KRPEURV PLUy D VX DOUHGHGRU \ DEULy QXHYDPHQWH OD SXHUWD 0RPHQWRV GHVSXpV FDPLQDED OHQWDPHQWH SRUHO SUDGR HQ GLUHFFLyQ DO ERVTXH/D OOXYLD HPSH]yD FDHU FRQ PiV IXHU]D \ FXDQGR (OL]DEHWK OOHYDED UHFRUULGRVXQRVYHLQWH PHWURVVXYHVWLGR\DHVWDEDHPSDSDGR\HODJXD OH FKRUUHDEDSRUODFDEHOOHUD3HURHOODQRORVLQWLy\VLJXLyDYDQ]DQGROHQWDPHQWHFRQ GHWHUPLQDFLyQHQPHGLRGHODWRUPHQWD /OHJy DO ERUGH GHO ERVTXH \ QR VH GHWXYR D GLVIUXWDU GH OD SURWHFFLyQ TXH OH EULQGDEDQ ORV iUEROHV (O FDEHOORVHOH SHJDEDD ORV KRPEURV FRPRXQD PRUWDMD DFHQWXDQGRHOSHUILOGHOURVWUR$SUHWyHOSDVR\FUX]yHOERVTXHFRQXQDVHJXULGDG TXHDXQREVHUYDGRURFDVLRQDOOHKDEUtDSDUHFLGRLPSRVLEOH &XDQGRHPHUJLyGHOERVTXHORVUHOiPSDJRVHPSH]DEDQDGHVJDUUDUHOFLHOR(O HVWDOOLGR GH XQ WUXHQR OD VDOXGy FXDQGR SXVR HO SLH HQ HO ERUGH GHO DFDQWLODGR (VWDEDRVFXURPX\RVFXURDXQTXHHOVROWRGDYtDQRVHKDEtDRFXOWDGR/DWRUPHQWD SDUHFtDKDEHUOR GHVSOD]DGR GHO FLHOR FDVL SRUFRPSOHWR\ HOPDUDSHQDV YLVLEOHD WUDYpVGHODOOXYLDWHQtDHODVSHFWRDPHQD]DQWHGHXQDQLPDOQRFWXUQR(OL]DEHWK VLQ GHMDUVH DUUHGUDU SRU OD OOXYLD QL OD RVFXULGDG HPSH]y D EDMDU SRU OD FDUD GHO DFDQWLODGR &XDQGR OD WRUPHQWD UXJtD FRQ PiV IXHU]D GHVDSDUHFLy GHWUiV GHO SHxDVFRTXHJXDUGDEDODHQWUDGDGHOW~QHO (QFRQWUyODOLQWHUQDHQHOQLFKRMXQWRDODHQWUDGDGHOW~QHOSHURQRODHQFHQGLy KDVWDTXHQROOHJyDODFiPDUDVXSHULRU$KRUDHOKHGRUGHOJDWRPXHUWRPH]FODGR FRQ ORV RORUHV iFLGRV GH ORV YyPLWRV GH ORV QLxRV FRUURPStDQ OD DWPyVIHUD GH OD FDYHUQD3HUR(OL]DEHWKQRSDUHFLyQRWDUOR 6HDUUDVWUyKDVWDHOERUGHGHODJXMHURHQFHQGLyODOLQWHUQD\PLUyKDFLDDEDMR1R SXGRYHUQDGDH[FHSWRODJUDQSLHGUDHQIRUPDGHPHVDSHURR\yVXDYHVJHPLGRV TXHVXEtDQ GHVGH ODFXHYD LQIHULRU6DEtDTXH.DWK\\-LPP\VH HQFRQWUDEDQ DOOt DEDMR RFXOWRV HQ OD RVFXULGDG 6RQULy SDUD Vt PLVPD \ GHMy FDHU OD HVFDOD GH FXHUGDVSRUHODJXMHUR 3UREyUiSLGDPHQWHOD ILUPH]DGHODHVFDOHUD\ HPSH]yD GHVFHQGHU/DOLQWHUQD TXH PHWLy HQ HO EROVLOOR GH VX YHVWLGR H[WUDxR \ DQWLFXDGR ODQ]DED UHIOHMRV IDQWDVPDJyULFRVDWUDYpVGHODWHOD6LQWLyTXHVX SLHWRFDEDHOVXHORGHODFXHYD \ VHDSDUWyGHODHVFDOHUD6DFyODOLQWHUQDGHOEROVLOORHLOXPLQyODFDYHUQD .DWK\ %XUWRQ \ -LPP\ 7\OHU HVWDEDQ DFXUUXFDGRV MXQWR D OD SDUHG RSXHVWD D DTXHOOD GRQGH VH HQFRQWUDED HO HVTXHOHWR .DWK\ WHQtD ORV RMRV IXHUWHPHQWH DSUHWDGRV SDUD HYLWDU HO V~ELWR EULOOR GH OD OX] \ -LPP\ 7\OHU VH SURWHJtD GHO UHVSODQGRU FRQ XQD PDQR H[WHQGLGD IUHQWH D OD FDUD (O QLxR EL]TXHDED \ SDUSDGHDED WUDWDQGR GH YHU PiV DOOi GH OD IXHQWH GH OX] .DWK\ VROOR]DED VXDYHPHQWH\VDOYRODPDQRTXHWHQtDDSUHWDGDFRQWUDODERFDDSDUHQWHPHQWHQR VHGDEDFXHQWDGHORTXHVXFHGtDIUHQWHDHOOD-LPP\QRWUDWyGHLQFRUSRUDUVHSHUR VXVRMRVVHPRYLHURQDOHUWDVVLJXLHQGRODOX](OL]DEHWKGLULJLyHOKD]OXPLQRVRKDFLD HO YLHMR HVTXHOHWR \ GHMy HVFDSDU XQ VRQLGR GH UHSUREDFLyQ FXDQGR YLR TXH ORV KXHVRVHVWDEDQGLVSHUVRV (OL]DEHWK EXVFy HQ VX EROVLOOR \ VDFy XQDV YHODV TXH KDEtD HQFRQWUDGR HQ HO FXDUWRGHDUQHVHV\XQSHTXHxRHQFHQGHGRUTXHWUDMRGHODFDVD$ILUPyODVYHODV HQ XQD JULHWD GH OD SDUHG \ ODV HQFHQGLy /XHJR FRORFy FXLGDGRVDPHQWH HO HQFHQGHGRUHQXQDJULHWDGHEDMRGHODVYHODV$FRQWLQXDFLyQDSDJyODOLQWHUQDTXH GHVDSDUHFLy QXHYDPHQWH HQ HO SURIXQGR EROVLOOR GH VX YHVWLGR /DV OODPDV GH ODV
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
YHODV WLWLODURQ \ HQ VHJXLGD DUGLHURQ HQIRUPDUHJXODU OOHQDQGR ODFXHYD FRQ XQD FiOLGDOX]DPDULOOHQWD ,JQRUyDORVGRVQLxRVTXHVHJXtDQDFXUUXFDGRV\VHGHGLFyDRUGHQDUORVKXHVRV GHO HVTXHOHWR&RORFy FRQ WHUQXUDFDGD KXHVR HQVX SRVLFLyQ RULJLQDO \ HQSRFRV PLQXWRV HO HVTXHOHWR TXHGy FRPR DQWHV FRQ ORV EUD]RV FUX]DGRV VREUH HO WyUD[ YDFtR6yORHQWRQFHVGLULJLyVXDWHQFLyQD-LPP\7\OHU\.DWK\%XUWRQ ²(VKRUDGHRWUDILHVWD²VXVXUUy .DWK\QRSDUHFLyKDEHUODRtGRSHUR-LUQP\VHDSUHWyPiVFRQWUDODQLxDTXHWHQtD DVXODGR\VXPHQWHVHOOHQyGHQXHYRVWHPRUHV6DEtDTXHpVDHUD(OL]DEHWKSHUR QROD(OL]DEHWKTXHpOFRQRFtD(UDRWUD(OL]DEHWKXQD(OL]DEHWKDWHUURUL]DGRUD (VWDEDFXELHUWDGHEDUUR\VXFDEHOORDKRUDHQORGDGR\PRMDGRVHOHSHJDEDDOD FDUD \ ORV KRPEURV (O YHVWLGR GHVJDUUDGR HPSDSDGR \ VXFLR FRQ HO OLPR GH OD FXHYDFROJDEDGHVXFXHUSRHQSHVDGRVSOLHJXHV(QVXURVWURKDEtDXQDH[SUHVLyQ YDFtDTXHD-LPP\OHUHFRUGyDVXDEXHODWDOFRPR ODKDEtDYLVWRKDFtDGRVPHVHV HQ VX IXQHUDO 3DUHFH PXHUWD SHQVy -LPP\ (OL]DEHWK SDUHFHPXHUWD (O QLxR VH DSUHWyPiVFRQWUD.DWK\%XUWRQ 0LHQWUDV -LPP\ OD FRQWHPSODED FRQ KRUURUL]DGD IDVFLQDFLyQ (OL]DEHWK HQFRQWUy ORVUHVWRVGHOJDWRPXHUWRFX\DVURSDVGHPXxHFDHVWDEDQDKRUDFXELHUWDVGHOLPR PDOROLHQWH\ORVHQWyFXLGDGRVDPHQWHHQXQDGHODVSLHGUDVTXHKDFtDQODVYHFHV GHDVLHQWRVDOUHGHGRUGHODPHVDGHSLHGUD'HVFXEULyODFDEH]DGHOJDWRDKRUDVLQ RMRV SHUR WRGDYtD FRQ HO JURWHVFR JRUUR \ WUDWy GH DVHJXUDUOD DO WRUVR &RPR QR FRQVLJXLyTXHTXHGDUDILUPHODDIHUUyFRQILUPH]D\ODDSUHWyFRQWUDHOPXxyQGHO FXHOOR VHFFLRQDGR FRPR XQD PHGLD QDUDQMD FRQWUD XQ H[SULPLGRU /D FDUQH SXWUHIDFWDGHOWRUVRFHGLy \ HOH[WUHPRGH ODHVSLQDGRUVDO TXHGy HQFDMDGR HQ HO DJXMHURGHODEDVHGHOFUiQHR3RUILQODFDEH]DVHPDQWXYRILUPHDXQTXHXQSRFR KXQGLGDHQWUHORVKRPEURVGHOJDWRPXHUWR ²9HQDODPHVD²GLMRVXDYHPHQWH(OL]DEHWK\FRQJHVWRVLQGLFyD-LPP\TXH GHMDUD OD VHJXULGDG GH OD SDUHG GH OD FDYHUQD \ VH XQLHUD DO JDWR HQ OD H[WUDxD WHUWXOLD(OQHJyFRQODFDEH]D ²9HQDODPHVD²UHSLWLy(OL]DEHWKFRQYR]DPHQD]DGRUD -LPP\7\OHUGREOyVXVURGLOODVFRQWUDHOSHFKR\DIHUUyODPDQRGH.DWK\%XUWRQ (OL]DEHWKDYDQ]yKDFLDpO\OHYDQWyODPDQRSDUDJROSHDUOR3HURDQWHVGHTXHOR KLFLHUD-LPP\VHDSDUWyGH.DWK\\VHDFRPRGyWHPEORURVRHQXQRGHORVDVLHQWRV GHSLHGUD (OL]DEHWKVHYROYLyD.DWK\ ²7~WDPELpQ²RUGHQy .DWK\ QR VH PRYLy SHUR DEULy XQ SRFR ORV RMRV \ VX ERFD VH PRYLy FRPR VL TXLVLHUDKDEODU ²$KRUD²H[LJLy(OL]DEHWK (VWDYH]HOJROSHOOHJy\-LPP\7\OHUVHHVWUHPHFLyDQWHHOVRQLGRGHODIXHUWH ERIHWDGD HQ ODFDUDGH .DWK\ 3HUR.DWK\ QR VHPRYLy (QFDPELR GH VXV ODELRV VXUJLyXQVRQLGRURQFR (OL]DEHWKPLUyXQPRPHQWRDODQLxDLQHUWH\DFRQWLQXDFLyQHPSH]yDDUUDVWUDUOD WLUDQGRGHORVSLHVKDFLDHOFHQWURGHODFDYHUQD.DWK\%XUWRQWUDWyGpELOPHQWHGH OLEHUDUVH D SXQWDSLpV SHUR (OL]DEHWK OD DIHUUy FRQ PiVIXHU]D ,QVWDQWHVGHVSXpV (OL]DEHWKVHQWyD.DWK\HQHOWHUFHUDVLHQWR&XDQGRVHDSDUWy.DWK\FD\yDOVXHOR \(OL]DEHWKODSDWHy ²6LpQWDWHFRUUHFWDPHQWHFXDQGRHVWpVHQODPHVD²HVWDOOy .DWK\SDUHFLyYROYHUVHOLJHUDPHQWHFRQVFLHQWHGHORTXHHVWDEDVXFHGLHQGR\VH ODVFRPSXVRSDUDPDQWHQHUVHHUHFWD
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
²$VtHVWiELHQ²GLMR(OL]DEHWK\UHWURFHGLyXQSDVRSDUDFRQWHPSODUHOH[WUDxR JUXSR ²$KRUD.DWK\W~VHUiVODPDGUH²GLMR (OL]DEHWK²\-LPP\HOSDGUH &HFLOHV YXHVWUDKLMLWDORFD$OLPHQWDDWXKLMLWDPDGUH .DWK\SHUPDQHFLyFDOODGDDSHQDVFDSD]GHPDQWHQHUVHVHQWDGD ²£'LMHTXHDOLPHQWDUDVDWXKLMLWD²JULWy(OL]DEHWK .DWK\QRVHPRYLy\(OL]DEHWKDO]yHOSXxR\ODJROSHyFRQIXHU]DHQODHVSDOGD .DWK\FD\yKDFLDDGHODQWHJROSHiQGRVHODFDUDFRQWUDODPHVDGHSLHGUD ²+D] OR TXH WH RUGHQR ²VLVHy (OL]DEHWK HQWUH GLHQWHV² 6L PDPi QR SXHGH DOLPHQWDUDVXKLMLWDW~ORKDUiV²GLMR(OL]DEHWKGLULJLpQGRVHD-LPP\ (O OD PLUy LQWULJDGR WUDWDQGR GH DGLYLQDU TXp VH HVSHUDED GH pO 9LR DO]DUVH QXHYDPHQWH HOSXxRGH (OL]DEHWK\GHFLGLy TXH ORPHMRUVHUtD ILQJLU5iSLGDPHQWH KL]RORVJHVWRVGHSRQHUXQELEHUyQHQODERFDGHOJDWR ²(VWi PX\ FUHFLGD SDUD HO ELEHUyQ ²VLVHy (OL]DEHWK² (OOD FRPH FRPLGD GH YHUGDG -LPP\ILQJLyWRPDUXQDFXFKDUD \DOLPHQWDUDOJDWRHQODERFD ²+iEODOH²RUGHQy(OL]DEHWK²+DEODDWXKLMLWD -LPP\ORJUyKDEODUGHVSXpVGHXQLQVWDQWHGHGHVFRQFLHUWR ²1HQDOLQGDDTXtWLHQHVWXFRPLGD²GLMR ²£6XQRPEUHHV6DUDK²DXOOy(OL]DEHWK²¢1LVLTXLHUDFRQRFHVHOQRPEUHGH WXKLMD"¢4XpFODVHGHSDGUHHUHV" ²6DUDK²UHSLWLy-LPP\²DTXtWLHQHVWXFRPLGD6DUDK &RQWLQXy FRQ OD SDURGLD GH DOLPHQWDU DO JDWR OOHYiQGROH OD FRPLGD D OD ERFD \ VLJXLyEDOEXFHDQGRVLQVDEHUORTXHGHFtDSHURSRQLHQGRFXLGDGRGHGHFLU6DUDK FDGDSRFRVVHJXQGRV ²1RUHVSRQGH¢YHUGDG"²GLMR(OL]DEHWKVXDYHPHQWH -LPP\DJLWyODFDEH]D ²£3RUTXHHVWiORFD²DXOOy(OL]DEHWK²3HURORVQLxRVGHEHQUHVSRQGHUFXDQGR OHVKDEODQ¢QRHVDVt" -LPP\DVLQWLyHVW~SLGDPHQWH ²(QWRQFHV HOOD HV XQD QLxD PDOD ²GLMR (OL]DEHWK² (VWi ORFD \ HV PDOD &DVWtJDOD²-LPP\QRVHPRYLy²£&DVWtJDOD -LPP\ PLUy D (OL]DEHWK \ YLR TXH VX PDQR HPSH]DED D FHUUDUVH HQ XQ SXxR /HQWDPHQWHOHYDQWyHOJDWRPXHUWR/DFDEH]DFD\yGHORVKRPEURV\URGyKDFLDOD RVFXULGDG&RORFyHOJDWRVREUHVXVURGLOODV\HPSH]yDGDUOHSDOPDGDV (OL]DEHWKVRQUHtD .DWK\TXH GXUDQWHWRGDODHVFHQDSHUPDQHFLyFDtGDFRQODFDUDFRQWUD ODPHVD GHSLHGUD\FXEULpQGRVH ODFDEH]D FRQODVPDQRVGHELyUHDOL]DUDOJ~QPRYLPLHQWR SRUTXHGHUHSHQWH(OL]DEHWKGLULJLyVXDWHQFLyQKDFLDHOOD ²1RWHGXHUPDVHQODPHVD²GLMRDPHQD]DQWH -LPP\WHPHURVRGHTXH.DWK\UHFLELHUDRWURGHORVWHUULEOHVJROSHVGH(OL]DEHWK HVWLUyXQDPDQR\ODVDFXGLy ²1RODWRTXHV²RUGHQy(OL]DEHWK²$WLQRWHJXVWDWRFDUDPDPi¢QRHVDVt" (OOD TXLHUH TXH W~ OD WRTXHV SHUR D WL QR WH JXVWD
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
6DOWy VREUH -LPP\ \ HPSH]y D DUUDQFDUOH OD URSD (O VH UHVLVWLy SHUR HVWDED GHPDVLDGRGHELOLWDGRSRUHOKDPEUH\HOPLHGRSDUDOXFKDU(QLQVWDQWHVDQWHVGH TXHpOVHGLHUDGHOWRGRFXHQWD(OL]DEHWKORGHMyFRPSOHWDPHQWHGHVQXGR\DUURMy ODVURSDVDXQULQFyQ-LPP\VHDFXUUXFyVREUHHOVXHORGHODFDYHUQD (OL]DEHWKOHYDQWyHOWRUVRGHOJDWRPXHUWR ²(VWRHVORTXHTXLHUHV¢YHUGDG"²VLVHy²4XLHUHVDWXQLxLWD¢QRHVFLHUWR" .DWK\%XUWRQODQ]yXQJULWR\FRQODV~OWLPDVIXHU]DVTXHOHTXHGDEDQVHSXVRGH SLH\DYDQ]yKDFLDHOOXJDUGRQGH(OL]DEHWKOXFKDEDFRQ-LPP\7\OHU ²1RQRSRUIDYRU²JUD]Qy²(OL]DEHWKQRKDJDVHVR (OL]DEHWK VH YROYLy EUXVFDPHQWH \ .DWK\ GHVHy QR KDEHU LQWHQWDGR LQWHUIHULU (PSH]y D UHWURFHGHU HPSXMDGD SRU OD H[WUDxD OX] TXH EURWDED GH ORV RMRV GH (OL]DEHWKKDVWDTXHGLRFRQODHVSDOGDFRQWUDODSDUHGGHODFDYHUQD(QWRQFHVYLR DWHUURUL]DGDTXH(OL]DEHWKOHYDQWDEDXQDSLHGUDGHOVXHOR6LQWLyTXHVXVIXHU]DVOD DEDQGRQDEDQ V~ELWDPHQWH FXDQGR (OL]DEHWK OHYDQWyOD SLHGUD VREUH VX FDEH]D \ HPSH]y D GHVSORPDUVH DO VXHOR PLHQWUDV (OL]DEHWK OOHYDED FRQ IXHU]D OD SLHGUD KDFLDDEDMR 3DUD.DWK\%XUWRQHOKRUURUKDEtDWHUPLQDGR 8QD KRUDPiV WDUGH 5RVH &RQJHU HQFRQWUy D VXKLMD PD\RUHPHUJLHQGR GH OD GXFKD ²9HQtDDGHFLUWHTXHVLTXHUtDVWRPDUXQDGXFKDDQWHVGHFHQDUWHQGUtDVTXH GDUWHSULVD²GLMR5RVH²3HUR\DYHRTXHOOHJXpWDUGH (OL]DEHWK DVLQWLy \ VRQULy D VXPDGUH 5RVH OH GHYROYLy OD VRQULVD \ DJUDGHFLy VLOHQFLRVDPHQWH D 'LRV SRU KDEHUOH HQYLDGR D (OL]DEHWK 6LQ (OL]DEHWK QR KDEUtD VDELGRDUUHJOiUVHODV ²¢4XLHUHVWUDHUD6DUDKFRQWLJRFXDQGREDMHV"²GLMR5RVH ²3RUVXSXHVWR²UHSXVR(OL]DEHWK²WDQSURQWRFRPRWHUPLQHGHYHVWLUPH (QODFXHYD-LPP\7\OHUHVWDEDFRPRORKDEtDGHMDGR(OL]DEHWKGHPDVLDGRGpELO \GHPDVLDGRFRQIXQGLGRSDUDWUDWDUGHEXVFDUVXVURSDV7HPEODQGR\DFtDGHVQXGR HQODRVFXULGDG
&DStWXOR (VDPLVPDQRFKHPiVWDUGH5RVH\DFtDWLHVDHQVXFDPDHVFXFKDQGRODOOXYLD TXHFDtDVREUHHOWHMDGR\FRQORVSHQVDPLHQWRVWDQWXUEXOHQWRVFRPRHOHVWDGRGHO WLHPSR'H-DFNTXHHVWDEDLQHUWHDVXODGRQROHOOHJDEDQLQJ~QVRQLGRSHURHOOD VHQWtDTXHQRHVWDEDGRUPLGR ²+D\DOJRHQHVHUHWUDWR¢YHUGDG"²GLMRILQDOPHQWH5RVH -DFN HQFHQGLy OD OiPSDUD GH VX PHVD GH QRFKH \ VH LQFRUSRUy D PHGLDV DSR\iQGRVHHQXQFRGR ²¢7~WDPELpQORVLHQWHV"²SUHJXQWy ²1R QR VLHQWR QDGD ²GLMR 5RVH² 3HUR KDV HVWDGR WRGD OD QRFKH VHQWDGR PLUiQGROR¢4XpEXVFDVDOOt"(VFRPRVLWUDWDUDVGHYHUDOJRHQHVHUHWUDWR -DFNYROYLyDDFRVWDUVH\PLUyILMDPHQWHDOWHFKR ²1RHVWR\VHJXUR²GLMR²SDUHFHFRPRVLFRPRVLHOUHWUDWRGHELHUDSDUHFHUVH PiVD6DUDKTXHD(OL]DEHWK ²¢6DUDK"¢3RUTXpD6DUDK"
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
²1RSXHGRH[SOLFDUORHVVyORXQDVHQVDFLyQ²UHSXVR-DFN²(VWXYHSHQVDQGR HQORTXHQRVGLMRHOGRFWRU%HOWHUDFHUFDGHODQLxDTXHKDEUtDQDVHVLQDGR6LJR FRQODVHQVDFLyQGHTXHHOUHWUDWRGHEHVHUGHHVDQLxLWD ²¢4XpWLHQHTXH YHU HVR FRQ 6DUDK"²GLMR 5RVH DKRUD FRQYR] PiV DJXGD FRPRVLHVWXYLHUDWUDWDQGRGHHVFXGDUVHFRQWUDORTXHYHQGUtD ²+R\UHFRUGpUHFRUGpWRGR5RVHHVHGtDKDFHXQDxR&DVLPDWpD6DUDK ²3HURQRORKLFLVWH ²1RQRORKLFH²GLMR-DFNFRQYR]ODVWLPHUD²4XHUtDRWUDFRVD ²¢2WUDFRVD" ²4XHUtDYLRODUOD²GLMR TXHGDPHQWH-DFN\HVSHUyUHVSXHVWDGH5RVHFRPRQR OOHJyVLJXLyKDEODQGR²1RWHQtDODPiVYDJDLGHDSHURKR\FXDQGRWUDtDD6DUDK EDMRODOOXYLDDOFpODYLVWD\GHSURQWRYLD(OL]DEHWKTXHPHREVHUYDED<HQWRQFHV V~ELWDPHQWHORUHFRUGpWRGR5HFRUGpTXHHVWDEDHQHOERVTXH\TXHYHtDD6DUDK DUUDVWUiQGRVHEDMRXQDUEXVWR<GHSURQWR\RODGHVHDEDVH[XDOPHQWH1RSLGDV TXHWHORH[SOLTXHQRORVp)XHORPiVKRUULEOHTXHVHQWtHQPLYLGD6HQWtDTXH HUD RWUD SHUVRQD SHUR VHJXtD VLHQGR \R 0H VHQWtD LPSXOVDGR D KDFHU DOJR R D GHVHDU DOJR SHUR \R QR OR GHVHDED < HQWRQFHV PH DFRPHWtD XQD VHQVDFLyQ HVSDQWRVDFRPRVL6DUDKHVWXYLHUDWUDWDQGRGHVHGXFLUPH5RVHVHLQFRUSRUy ² ¢6HGXFLUWH" ²SUHJXQWy ² ¢6HGXFLUWH D WL" £3RU 'LRV -DFN HOOD WHQtD HQWRQFHVQDGDPiVTXHGLH]DxRV ²
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
$OJRHVWDOOyGHQWURGH-DFN$IHUUyD5RVHSRUORVKRPEURV\ODDSODVWyFRQWUDOD FDPD ²£%XHQRYHUHPRVDTXLpQSXHGRYLRODU²GLMR 5RVH VH TXHGy LQHUWH IOiFFLGD FRPR VLQR YDOLHUD OD SHQDOXFKDU FRQ pO eO OH DUUDQFy HO FDPLVyQ \ HOOD VLJXLy LQPyYLO SURYRFiQGROR FRQ VX SDVLYLGDG -DFN VH DUURMyVREUHHOOD\WUDWyGHVHVSHUDGDPHQWHGHSHQHWUDUOD 1RORFRQVLJXLy 5RVHHPSH]yDUHWRUFHUVHGHEDMRGHpO\DOSULQFLSLRpOQRHVWXYRVHJXURGHVL WUDWDEDGHOLEHUDUVHRGHD\XGDUOR ²1RSXHGHV¢YHUGDG"²GLMRHOODFRQYR]EXUORQDTXHVXUJtDEDMRpOXQSRFR DKRJDGD²¢6yORFRQQLxDVSHTXHxDV"%XHQR\RQRVR\XQDQLxLWD-DFN6R\XQD PXMHUXQDPXMHUGHYHUGDG£$KRUDVXpOWDPH 7UDWy GHVDFiUVHOR GHHQFLPD\ pOLQWHQWy QXHYDPHQWH SHQHWUDUOD1XHYDPHQWH IUDFDVy /DOXFKDVHKL]RPiVYLROHQWD\5RVHVLQWLyPLHGRSRUORTXHSRGUtDVXFHGHUOH 5HGREOyVXVHVIXHU]RV\ILQDOPHQWHORJUy]DIDUVH6DOWyGHODFDPD\ORHQIUHQWy /RVRMRVGHpODUGtDQ\VXFyOHUDVHJXtDDXPHQWDQGRPLHQWUDVPLUDEDILMDPHQWHD 5RVH(OODWXYRPLHGR &UH\yVHQWLUORTXHGHELy VHQWLU6DUDKHQHOERVTXHHQHVH GtDOHMDQR\VHHVWLUySDUDWRPDUXQFHQLFHURGHODPHVDGHQRFKH ²1RWHDFHUTXHV²JULWy²WHMXUR-DFNTXHVyORFRQTXHPHSRQJDVXQGHGR HQFLPD\R ²¢7~TXp"²UXJLy-DFN²¢PHPDWDUiV"¢'HYHUGDGFUHHVTXHPHLPSRUWDUtD" $KRUD pO WDPELpQ HVWDED GH SLH \ OD FDPD ORV VHSDUDED /RV GRV JULWDEDQ \ QLQJXQRHVFXFKDEDORTXHGHFtDHORWUR(QWRQFHVGXUDQWHXQDSDXVDSDUDWRPDU DOLHQWRR\HURQTXHDOJXLHQOODPDEDDODSXHUWD6HPLUDURQFRQVWHUQDGRV£ODVQLxDV 3HURGHVGHHOSDVLOOROOHJyODYR]GHODVHxRUD*RRGULFK ²¢(VWiQELHQ"²GHFtDODFULDGD²£3RU'LRVHVWiQGHVSHUWDQGRDWRGDODFDVD +XERXQLQVWDQWHGHVLOHQFLR\GHVSXpVKDEOy5RVH ²1R HV QDGD VHxRUD *RRGULFK ²GLMR VXDYHPHQWH² VLHQWR TXH OD KD\DPRV PROHVWDGRHVWiEDPRVKDEODQGRGHDOJRHVRHVWRGR ²$DOJXQDVSHUVRQDVOHVJXVWDGRUPLUGHQRFKH²GLMRODVHxRUD*RRGULFK /D R\HURQ UHWLUDUVH KDFLD OD HVFDOHUD TXH SRFR GHVSXpV GHVFHQGtD FRQ SDVRV SHVDGRV ²6XSRQJRTXHODVQLxDVQRVKDEUiQRtGR²VHTXHMy5RVH ²1R WUDWHV GH HFKDUPH OD FXOSD ²GLMR -DFN² HQ YH] GH DFXVDUPH WUDWD GH HVFXFKDUPHDOJXQDYH] ²7~QXQFDHUHVUHVSRQVDEOH¢YHUGDG"²GLMR5RVHHVIRU]iQGRVHSRUPDQWHQHU EDMDODYR]²¢1XQFDWHKDUiVUHVSRQVDEOHGHQDGD" ²6t²GLMR-DFN²SHURQRGHWRGR5RVHQRGHWRGR -DFNHPSH]yDYHVWLUVH ²¢$GRQGHYDV"²SUHJXQWy5RVH ²1R WLHQHV SRU TXp VDEHUOR ²GLMR -DFN \ VRQULy FRQ FUXHOGDG² 0H KDUp UHVSRQVDEOHGHGyQGHYD\D\GHORTXHKDJD /DGHMyGHSLHMXQWRDODFDPDFRQHOFDPLVyQGHVJDUUDGR5RVHQRVHPRYLy\ PLQXWRV GHVSXpV R\y HO UXLGR GHO DXWRPyYLO TXH VH DOHMDED SRU OD FDO]DGD 6yOR FXDQGR HO UXLGR GHO PRWRU VH SHUGLy HQ OD OHMDQtD VH GHMy FDHU VREUH OD FDPD 7HPEODQGREXVFyXQFLJDUULOOR\ORHQFHQGLy(OKXPRDVSLUDGRSURIXQGDPHQWHSRU VXVSXOPRQHVSDUHFLyFDOPDUOD 7HUPLQy HO FLJDUULOOR \ DSDJy OD OX] (VWXYR ODUJR WLHPSR PDQWHQLHQGR VX UHVSLUDFLyQUHJXODU\ REOLJiQGRVH D UHODMDUVXVP~VFXORVWHQVRV 7UDWy GHRUGHQDU
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
VXV SHQVDPLHQWRV \ FXDQGR QR OR ORJUy GHFLGLy GHMDUVH OOHYDU SRU HOORV SDUD YHU KDVWDGyQGHODDUUDVWUDEDQ 7UHLQWD PLQXWRV GHVSXpV VHJXtD HVIRU]iQGRVH SRU UHODMDU VXV P~VFXORV \ VX PHQWH HVWDED WDQ UHYXHOWD FRPR FXDQGR VH KDEtD DFRVWDGR 'HFLGLy EXVFDU DOJR SDUDFRPHU (QWUy HQ OD FRFLQD \ HQFHQGLy OD OX] (VFXFKy DWHQWDPHQWH \ R\y ORV UtWPLFRV URQTXLGRVGHODVHxRUD*RRGULFKHQODKDELWDFLyQFRQWLJXD)XHKDVWDODQHYHUD\OD DEULy &UH\yHVFXFKDUHOUXLGRGHXQDSXHUWDTXHVHDEUtDSHURVLJXLyEXVFDQGRHQWUH ODVVREUDVGHFRPLGDSUROLMDPHQWHHQYXHOWDVTXHHVWDEDQHQORVDQDTXHOHVGHOD QHYHUD6HYROYLyDOVHQWLUXQDFRUULHQWHGHDLUHHQODVSLHUQDV/DSXHUWDWUDVHUDGH ODFRFLQDHVWDEDDELHUWD (O PLHGR OD DWUDYHVy FRPRXQD SXxDODGD H LQVWLQWLYDPHQWH VH DFHUFy DOFDMyQ GRQGHVHJXDUGDEDQORVFXFKLOORV(QWRQFHVYLRTXLpQKDEtDDELHUWRODSXHUWD 6DUDK FRQ VX FDPLVyQ GH IUDQHOD HPSDSDGR \ FXELHUWR GH EDUUR \ HO FDEHOOR RVFXUREULOODQWHFRQHODJXDGHOOXYLDHVWDEDGHSLHMXQWRDOFDMyQGHORVFXFKLOORV FRPRVLQRVHGHFLGLHUDDDEULUOR ² ¢6DUDK" ²GLMR 5RVH FDVL VLQ UHVSLUDU \ VLQWLHQGR TXH HO FRUD]yQ SDUHFtD VDOtUVHOHGHOSHFKRFRQFDGDODWLGR²¢6DUDK"²UHSLWLy 6H DFHUFy D OD QLxD \ VH DUURGLOOy 7HQGLy ODV PDQRV SDUD WRFDU D 6DUDK PX\ VXDYHPHQWHSXHVWHPLyTXHVXKLMDHVWXYLHUDEDMRXQDFULVLVGHVRQDPEXOLVPR\QR TXHUtDGHVSHUWDUODHQHVHHVWDGR3HURFXDQGRWRFyDVXKLMDpVWDVHYROYLy\PLUy ILMDPHQWHDVXPDGUH6DUDKSDUSDGHyXQSDUGHYHFHV\5RVHVXSRFRQFHUWH]D TXHVXKLMDHVWDEDGHVSLHUWD ²¢6DUDK"²GLMRTXHGDPHQWH²¢4XpVXFHGH"¢4XpKDFtDVDIXHUD" 6DUDKPLUyDVXPDGUHFRQH[SUHVLyQYDFtD\5RVHQRVXSRVLVXKLMDODKDEtD HVFXFKDGR (QWRQFHV HQ XQR GH ORV RMRV VH IRUPy XQD JUXHVD OiJULPD TXH URGy OHQWDPHQWHSRUODPHMLOODDEULHQGRXQVXUFROLPSLRHQHOURVWURVXFLRGHEDUUROXHJR FXDQGR VH KL]R PX\ SHVDGD FD\y DO VXHOR 5RVH HVWUHFKy D OD QLxD HQWUH VXV EUD]RV6DUDKQRVHUHVLVWLy ²9DPRV²GLMR5RVH²WHOOHYDUpDUULED\WHPHWHUpHQWXFDPD $O]yD OD QLxD HQ EUD]RV \FHUUy ODSXHUWD WUDVHUDGHOD FRFLQD \ODSXHUWDGHOD QHYHUD$SDJyOD OX] \ DUUXOODQGR DOD QLxD TXHWHPEODED HQVXVEUD]RVVXELy OD HVFDOHUD\VHGLULJLyDOFXDUWRGHEDxR'HMyD6DUDKHQHOVXHOR\DEULyHOJULIRGH DJXDFDOLHQWH/XHJRVDOLyGHOEDxRSDUDEXVFDUWRDOODV &XDQGRYROYLy6DUDKVHJXtDGRQGHODKDEtDGHMDGRLQPyYLOFRPRVLHVWXYLHUD SHQVDQGRHQDOJR3HURVXVRMRVORVHQRUPHV\KHUPRVRVRMRVFDVWDxRVVHJXtDQ YDFtRV\ILMRVHQODEDxHUDTXHVHLEDOOHQDQGRGHDJXDFDOLHQWH5RVHODGHVQXGy\ ODSXVRHQODEDxHUD &XDQGR WHUPLQy GH EDxDU D 6DUDK 5RVH OD OOHYy D OD FDPD $UURSy FXLGDGRVDPHQWH D OD QLxD \ VH VHQWy D VX ODGR KDVWD TXH HVWXYR VHJXUD GH TXH GRUPtD )LQDOPHQWH VDOLyGHO FXDUWR GH 6DUDK GHMDQGR OD OX] HQFHQGLGD \ EDMy OD HVFDOHUD6DEtDTXHQRSRGUtDGRUPLUVHVLYROYtDDODFDPDVDEtDTXHQRVHGRUPLUtD KDVWDTXHVXPDULGRQRYROYLHUDDFDVD'HVHyTXH\DHVWXYLHUDGHUHJUHVR\TXHOH GLMHUDGyQGHKDEtDLGR6HVHQWyHQHOJDELQHWH\HVSHUy'HVGHDUULEDGHODUHSLVD GHOKRJDUODQLxDTXHWDQWRVHSDUHFtDD(OL]DEHWKOHVRQUHtD(OUHWUDWRWUDQTXLOL]yD 5RVHHKL]RVXHVSHUDPiVIiFLO -DFN FRQGXFtD VX DXWRPyYLO HQ PHGLR GH OD WRUPHQWD \ D JUDQ YHORFLGDG /RV ODWLGRVGHVXFRUD]yQSDUHFtDQKDFHUHFRDOUtWPLFRVRQLGRGHORVOLPSLDSDUDEULVDV
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
TXHOXFKDEDQYDQDPHQWHSRUPDQWHQHUOLPSLRHOFULVWDOGHODQWHUR(QUHDOLGDG-DFN QR QHFHVLWDED YHU QDGD HVWDED WDQ IDPLOLDUL]DGR FRQ HO &DPLQR GH OD 3XQWD TXH KDEUtDSRGLGRFRQGXFLUFRQORVRMRVYHQGDGRVJXLiQGRVHSRUORVEDFKHV\SRUORV VDOWRVGHODXWRPyYLO &RQGXFtD DXWRPiWLFDPHQWH \ VX PHQWH HUD XQ FDRV GH SHQVDPLHQWRV HQFRQWUDGRV(QWRQFHVYLRODVOXFHVGH3RUW$UEHOORTXHEULOODEDQGpELOPHQWHGHODQWH GHpOHQPHGLRGHODOOXYLD\VXSRDGRQGHVHGLULJtD 'HWXYR HO DXWRPyYLO IUHQWH D OD HQWUDGDGH OD FDVD GH 6\OYLD %DQQLVWHU \ DOOtOR GHMySDUDTXHFXDOTXLHUDSXGLHVHYHUOR/DFDVDHVWDEDDRVFXUDVSHURpOQLSHQVy HQ DFXGLUDRWUDSDUWH (Q FDPELRFDPLQy KDVWD OD SXHUWD GHODQWHUD \JROSHy FRQ IXHU]D1RREWXYRUHVSXHVWD\OODPyQXHYDPHQWHFRQPiVIXHU]DTXHDQWHV3RUILQ YLRTXHVHHQFHQGtDXQDOX]\HVFXFKySDVRVTXHVHDFHUFDEDQ ²¢4XLpQHV"²GLMR6\OYLDFRQYR]VRxROLHQWD ²6R\\R-DFN /DR\yGHVWUDEDUODFDGHQD\FRUUHUHOSHVWLOOR/DSXHUWDVHDEULy\HOODORPLUy SDUSDGHDQGR ²3HUGRQD ²GLMR HOOD \ HQFHQGLy OD OX] GHO SyUWLFR² QR TXLVH GHMDUWH HQ OD RVFXULGDG ²1RHVQDGD²GLMR-DFNVRQULpQGROHFRQSLFDUGtD\VLQWLpQGRVHPXFKRPHMRUFRQ VyORPLUDUOD²GHWRGRVPRGRVHVWRV GtDV SDUHFHTXHPHSDVRODPD\RUSDUWHGHO WLHPSRHQODRVFXULGDG (OODORLQYLWyDHQWUDU\FHUUyQXHYDPHQWHODSXHUWDFRQODFDGHQDGHVHJXULGDG ²6XSRQJRTXHHVXQDWRQWHUtD²GLMR²SHURPHKDFHVHQWLUPiVVHJXUD $FRQWLQXDFLyQORREVHUYyFRQDWHQFLyQ\VXURVWURH[SUHVySUHRFXSDFLyQ ²¢(VWiVELHQ"²SUHJXQWy²GpMDPHVHUYLUWHXQDFRSDSDUHFHTXHODQHFHVLWDV ²/DQHFHVLWR²GLMR-DFN²6XSRQJRTXHQRGHEHUtDSHURODDFHSWDUp ²7HKDFRQYHQFLGR¢YHUGDG"²GLMR6\OYLDFDPLQRDODFRFLQD ²¢&RQYHQFLGRGHTXp" ²'HTXHHUHVDOFRKyOLFR²GLMR6\OYLDVLUYLpQGROHODEHELGD ²&UHRTXHORVR\²GLMR-DFN\DFHSWyODFRSDTXHOHRIUHFtD ²1RQRORHUHV²GLMR6\OYLDFRQILUPH]D²0DUWLQ)RUDJHUHVDOFRKyOLFRW~QR 3RUORPHQRVD~QQR3HURVXSRQJRTXHVLTXLVLHUDVOOHJDUtDVDVHUOR¢1RORFUHHV" ²1RHVWR\VHJXURSHURVtDYHFHVTXHUUtDYROYHUPHDOFRKyOLFR$YHFHVTXHUUtD HVWDUERUUDFKRWRGRHOWLHPSR\ORKDUtDVLQRIXHUDSRUTXHVXIUR KRUULEOHPHQWHODV FRQVHFXHQFLDVDOGtDVLJXLHQWH1RVHPHQRWDQSHUR'LRVPHKDFHQVHQWLUHQHO LQILHUQR ²%XHQRVXSRQJRTXHPLHQWUDVVXIUDVHVWDUiVDVDOYRSRUORPHQRVHVRHVOR TXH PH HQVHxy PL PDGUH ¢4XLHUHV TXH QRV VHQWHPRV DTXt R SUHILHUHV TXH HQFLHQGDHOKRJDU" ²$TXtHVWDUHPRVELHQ²GLMR-DFNVHQWiQGRVHHQXQDGHODVVLOODVGHODFRFLQD² (VGLVWLQWRHQFDVDODVHxRUD*RRGULFKQRWROHUDTXHQLQJ~Q&RQJHUVHVLHQWHHQOD FRFLQD&UHRTXHSLHQVDTXHHVRVHUtDSHUGHUQXHVWUDGLJQLGDGDXQTXHGHVSXpVGH HVWDQRFKH\DQRTXHGDPXFKDGLJQLGDG $FRQWLQXDFLyQUHILULyD6\OYLDORVXFHGLGRHQVXFDVD ²'HELyVHUHVSDQWRVR²GLMRHOODFXDQGRpOWHUPLQy (ODJLWyODFRSD\VRQULyGHVDEULGDPHQWH ²%XHQRQRIXHPX\DJUDGDEOH²GLMR²GHPRGRTXHPHPDUFKp\DTXtHVWR\ ²4XLVHGHFLUORVUHFXHUGRVGHELyVHUWHUULEOHSDUDWL -DFNDVLQWLyFRQODFDEH]D ²/R IXH(QFLHUWRPRGRTXLVLHUDQRKDEHUUHFRUGDGR1RVDEHUORTXHKLFHHUD EDVWDQWHPDORSHURFUHRTXHVDEHUORHVWRGDYtDSHRU
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
²7RQWHUtDV ²GLMR 6\OYLD² 3DUHFHV ROYLGDU XQD FRVD QR OD YLRODVWH \ QR OD PDWDVWH ²3HURTXLVHKDFHUOR²GLMR-DFNODVWLPHUDPHQWH ²4XHUHUKDFHUDOJR\KDFHUORVRQGRVFRVDVFRPSOHWDPHQWHGLIHUHQWHV6L\R WXYLHUDTXHVHQWLUPHFXOSDEOHSRUWRGDVODVFRVDVTXHWXYHGHVHRVGHKDFHUHVWDUtD KHFKDXQGHVDVWUH\ WDPSRFRHVWHSXHEORHVWDUtDHQ PX\EXHQDVFRQGLFLRQHV(Q HVWH PRPHQWR SLHQVR SRU OR PHQRV HQ WUHV SHUVRQDV TXH PH KXELHUD JXVWDGR DVHVLQDU0HFRQIRUPRFRQLPDJLQDUTXHORKLFH\FRQHVRPHEDVWD'HPRGRTXH GHMDGHVHQWLUWHPDO²PLUyODFRSDGHpO\DO]yVXSURSLDFRSD²<VLUYiPRQRVRWUR WUDJR$KRUDQRVR\WXVHFUHWDULD\DORVDEHVVR\XQDPXMHU\PHJXVWDTXHPH DWLHQGDQ ²6L TXLHUHV YROYHU D GRUPLU SXHGHV HFKDUPH D SXQWDSLpV ²GLMR -DFN² SHUR HVSHURTXHQRORKDJDV ²¢(FKDUWHDSXQWDSLpV"1RKD\PXFKDVSRVLELOLGDGHVGHTXHORKDJDW~SRGUtDV GHVSHGLUPHSRUODPDxDQDFXDQGR YXHOYDVDVHUPLMHIH$GHPiVVXFHGH TXH PH JXVWDV ² ¢'H YHUGDG 6\OYLD" ²SUHJXQWy -DFN VHULDPHQWH² ¢'H YHUGDG WH JXVWR" ÒOWLPDPHQWHQRPHVLHQWRFDSD]GHJXVWDUDQDGLH ²¢<QRVHWHRFXUULySHQVDUTXHHVRSXHGHWHQHUPXFKRTXHYHUFRQODIRUPDHQ TXH 5RVH KD YHQLGR WUDWiQGRWH" (VGLItFLO VHQWLUVH HQ SD] FRQVLJR PLVPR FXDQGR DOJXLHQTXHDPDVVHHVIXHU]DSRUKDFHUWHVHQWLUPDO ²1RHVWR\VHJXURGHDPDUOD²GLMR-DFNOHQWDPHQWH 6\OYLDORPLUy\ORViQJXORVGHVXERFDVHHOHYDURQOHYHPHQWH ²6XSRQJRTXHVLTXLHURSXHGRH[WUDHUPXFKDVFRQFOXVLRQHVGHORTXHDFDEDV GH GHFLU ²GLMR² SHUR QR TXLHUR 7~ OD DPDV -DFN DXQTXH QR OR FUHDV (VWiV KDELWXDGRDHOOD\PXFKRGHODPRUQRHVPiVTXHKiELWR ²&UHt TXH HO DPRU WHQtD DOJR TXH YHU FRQ OD SDVLyQ ² GLMR -DFN WUDWDQGR GH PDQWHQHUXQWRQRGHYR]OLJHUR ²¢3DVLyQ"1RHVWR\VHJXUDGHTXHODSDVLyQWHQJDDOJRTXHYHUFRQHODPRUHQ DEVROXWR0tUDPHDPtSRUHMHPSORWHKHDPDGRGXUDQWHPXFKRWLHPSR 6\OYLDVRQULyDQWHODH[SUHVLyQVRUSUHQGLGDGHpO ²¢1RORVDEtDV"²GLMR²%XHQR¢FyPRLEDV DVDEHUOR"1RHUDGHODFODVHGH DPRU TXH H[LJH DWHQFLyQ HUD GH OD FODVH TXH UHFRQIRUWD
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
SDVRVGHVXPDULGRHQHOYHVWtEXOR6HGHWXYLHURQ\ HPSH]DURQQXHYDPHQWH 2\y TXHVHDFHUFDEDQDOJDELQHWH+DEtDYLVWRODOX] (VSHUyDTXHDEULHUDODSXHUWDGHOJDELQHWH\KDEOy ²&RQItRHQTXHQRKD\DGHVDSDUHFLGRQLQJ~QQLxRHVWDQRFKH²GLMRFRQIULDOGDG ²1RVHUtDFDSD]GHMXUDUGyQGHDQGXYLVWH /H GLULJLy XQD PLUDGD JODFLDO SHUR pO QR VH DFREDUGy (OOD DGYLUWLy TXH HVWDED VREULR ²6L OOHJDUD D VHU QHFHVDULR 6\OYLD %DQQLVWHU SXHGH GHFLU D FXDOTXLHUD GyQGH HVWXYHHVWDQRFKH\TXpHVWXYHKDFLHQGR ²(QWLHQGR ²GLMR5RVHDEVRUELHQGROHQWDPHQWHORTXHpODFDEDED GHGHFLU² 6XSRQJRTXHGHEtLPDJLQDUOR+DFHDxRVTXHHOODHVWiHQDPRUDGDGHWL1RVDEtD TXHHUDFRUUHVSRQGLGD ²
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
SULPHUSHQVDPLHQWRIXHDSRGHUDUPHGHXQFXFKLOOR< HQWRQFHV YLD 6DUDK(VWDED GHSLHMXQWRDOFDMyQGHORVFXFKLOORV\SDUHFtDTXHUHUKDFHUDOJR ²¢+DFHUDOJR" ²1R OR Vp ²GLMR 5RVH LQFyPRGD² 2K Vt OR Vp PH SDUHFLy TXH HVWDED HOLJLHQGRXQFXFKLOOR3UREDEOHPHQWHPHHTXLYRTXpSHURHVRHVORTXHPHSDUHFLy -DFNSHQVyXQPRPHQWR\HQVXPHQWHUHSDVyWRGRORTXHDFDEDEDGHHVFXFKDU SHURQRKDOOyQLQJXQDUHVSXHVWD ²¢7RGDYtDVHHQFXHQWUDHQVXKDELWDFLyQ"²SUHJXQWy ²6tODKDEUtDRtGRVLKXELHUDEDMDGR ²%XHQRQRYHRTXpSRGHPRVKDFHUHVWDQRFKH9DPRVDDFRVWDUQRV\YHDPRV FyPRHVWiHOOD0DxDQDOODPDUpDOGRFWRU%HOWHU6LQHPEDUJRQRFUHRTXHVHDQDGD VHULR'HELyHVWDUVRQiPEXOD ²1RQRHVWDED VRQiPEXOD ²GLMR 5RVH FRQGHWHUPLQDFLyQ² (VWR\ VHJXUD GH TXH HVWDED GHVSLHUWD \ HVWR\ VHJXUD GH TXH VDEtD OR TXH KDFtD 7HQJR PXFKR PLHGRGHORTXHSXHGDVLJQLILFDUHVR 5RVHSHQVDEDHQ.DWK\%XUWRQ\HQ-LPP\7\OHU\-DFNORVDEtD3HURQRKDOOy PRWLYR SDUD KDEODU FRQ HOOD GH HVR 6HUtD PHMRU GHMDU TXH HO GRFWRU %HOWHU VH HQFDUJDUDGHWRGRSRUODPDxDQD ²9DPRV²GLMRDPDEOHPHQWH²YDPRVDDFRVWDUQRV &XDQGROD DFRPSDxDED KDFLD HO GRUPLWRULR FRPSUHQGLy TXH 6\OYLDWHQtD UD]yQ $PDED D VX HVSRVD OD DPDED SURIXQGDPHQWH (VSHUy TXH QR IXHUD GHPDVLDGR WDUGHSDUDORVGRV
&DStWXOR (O GtD VLJXLHQWH GH RFWXEUH DPDQHFLy IUtR \ EULOODQWH FRQ XQ YLHQWR TXH VRSODEDGHOQRUWH\KDFtDHVWUHPHFHUODFDVDGHOH[WUHPRGH3XQWD&RQJHU+DFLD ODVQXHYHGHODPDxDQDHOFLHORVHSXVRJULVKDVWDFRQIXQGLUVHHQXQKRUL]RQWHFDVL LQYLVLEOHFRQHOPDUSORPL]R+DEtDXQDIXHUWHPDUHMDGD\ODVRODVVHHVWUHOODEDQ FRQWUDOD3XQWDFRQYLROHQFLDLQYHUQDO ²
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
²(QWLHQGR²GLMRHOGRFWRU%HOWHU²)XHUDGHHVR¢HOODSDUHFtDHQFRQWUDUVH ELHQ" ²
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
²¢(QWRQFHV SRU TXp SUHRFXSDUVH" ²SUHJXQWy (OL]DEHWK D VX PDGUH² 6R\ EDVWDQWHJUDQGHSDUDFXLGDUPHDPtPLVPD\WDPELpQSXHGRFXLGDUD6DUDK ²(VWR\ VHJXUD GH TXH Vt ²GLMR 5RVH² 'H RUGLQDULR QR PH SUHRFXSDUtD HQ DEVROXWRSHURFRQODVFRVDVTXHKDQHVWDGRVXFHGLHQGR~OWLPDPHQWHTXLHURVHUXQ SRFRPiVFXLGDGRVD(VRHVWRGR (OL]DEHWKVRQULyDVXPDGUH ²%XHQRGHMDGHSUHRFXSDUWH²GLMR²1RVXFHGHUiQDGD $ PHGLRGtD HPSH]y D OORYL]QDU \ 5RVH GHVHy QR WHQHU TXH VDOLU &RQWHPSOy PHODQFyOLFDPHQWHHOKRJDUGHOJDELQHWH\SHQVyORDJUDGDEOHTXHVHUtDDUUHOODQDUVH VLPSOHPHQWHHQHOVRIi\SDVDUODWDUGHOH\HQGR3HURQRSRGtD+DEtDFRVDVTXH KDFHU \ GHFLVLRQHV TXH WRPDU 6HVHQWy HQ HO VLOOyQ GH RUHMHUDV \ FRQWHPSOy FRQ WULVWH]D HO IXHJR 6LQWLy TXH OH LQYDGtD OD PHODQFROtD \ WUDWy GH VDFXGtUVHOD GH HQFLPD$O]yODYLVWDKDFLDHOUHWUDWR\VHVRUSUHQGLyGHTXHVXSULPHUSHQVDPLHQWR IXHUDTXHHIHFWLYDPHQWHHUDXQUHWUDWRGH(OL]DEHWK6HUHFRUGyDVtPLVPDTXHQR ORHUD\YROYLyDSUHJXQWDUVHTXLpQVHUtDODQLxDGHOUHWUDWR¢3RGtDVHUGHYHUGDGOD QLxDDFHUFDGHODFXDOKDEtDRtGRKDEODUHOGRFWRU%HOWHU"1RVHGLMRDVtPLVPD 7RGR HVH DVXQWR HV XQD WRQWHUtD 6H SXVRGH SLH \ HQGHUH]y ODWHOD(QHOPyYLO UHVSODQGRUGHOIXHJRODH[SUHVLyQGHODQLxDSDUHFLyFDPELDUXQSRFRHVSHFLDOPHQWH VX VRQULVD 9ROYLy D PLUDU \ GHFLGLy TXH VXV RMRV OH HVWDEDQ JDVWDQGR XQD PDOD SDVDGD&XDOTXLHUFRVDTXHOHSDUHFLyYHU\DQRHVWDEDDOOt ²%XHQR\DSRGUtDPRVVDOLU²GLMR-DFNGHVGHODSXHUWD ²¢7DQSURQWR"²GLMR5RVH²7HQHPRVWLHPSRGHVREUD5RVHTXHUtDSRVSRQHU ODHQWUHYLVWD7HQtDODVHQVDFLyQGHTXHHVHGtDVHUtDXQDHVSHFLHGHSXQWRFUXFLDO 4XHUtDSRVWHUJDUWRGRORSRVLEOHODHQWUHYLVWDFRQHOGRFWRU ²/RVp²GLMRDPDEOHPHQWH-DFN²WDPSRFR\RWHQJRPXFKDVJDQDVGHLUDHVD HQWUHYLVWDSHURHVDOJRTXHWHQHPRVTXHKDFHU ²6tVXSRQJRTXHVt²VXVSLUy5RVH²0X\ELHQLUpDSRQHUPHXQDEULJR¢/DV QLxDVHVWiQDUULED" ²&UHRTXHHVWiQHQHOFXDUWRGHMXHJRV ²/OiPDODVSRUIDYRU4XLHURGDUOHVXQEHVRDQWHVGHPDUFKDUQRV -DFNODPLUyFRQFXULRVLGDG ²5RVH KR\ VRODPHQWH KDEODUHPRV ²GLMR² $FW~DV FRPR VL IXHUD HO ILQ GHO PXQGR ²(V SRVLEOH ²GLMR 5RVH VRQULHQGR GHVDEULGDPHQWH² SHUR GH WRGRV PRGRV OOiPDODV¢TXLHUHV" (PSH]yDSRQHUVHHODEULJR\R\yTXH-DFNOODPDEDDODVQLxDVGHVGHHOSLHGHOD HVFDOHUD&XDQGROOHJyDODSXHUWDSULQFLSDOODVQLxDVODHVSHUDEDQDOOt %HVyPHFiQLFDPHQWHD(OL]DEHWK\VHDUURGLOOyMXQWRD6DUDK\ODURGHyFRQORV EUD]RV)URWy OD QDUL] FRQWUD ODPHMLOOD GH 6DUDK \VLQWLy TXHOD QLxD VHUHWUDtDXQ SRFR ²$KRUDSRUWDRVELHQ²VXVXUUy²0DPi\SDSiWLHQHQTXHVDOLUXQPRPHQWR² VHSXVRGHSLH\VRQULyD(OL]DEHWK²(VWDUHPRVGHUHJUHVRDODVFXDWUR\PHGLDR FLQFR²GLMR²3RUIDYRUTXHGDRVHQFDVD ²¢4XLpQTXHUUtDVDOLUFRQHVWHWLHPSR"²GLMR(OL]DEHWK ²/RVp²GLMR5RVH²HVHVSDQWRVR¢YHUGDG" ²0HJXVWDUtDTXHHPSH]DUDDQHYDU²GLMR(OL]DEHWK²3RUORPHQRVHVERQLWR (VWRHQFDPELRHVGHSULPHQWH 5RVH VRQULy DQWH OD SDODEUD XVDGD SRU VX KLMD 'HFLGLGDPHQWH VL HPSH]DED D HQFRQWUDUDOWLHPSR©GHSULPHQWHªHVTXHHVWDEDFUHFLHQGR
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
6DOLyGHODFDVDFRQVXPDULGR\VXELyDODXWRPyYLO&XDQGRDUUDQFDURQVHYROYLy SDUD VDOXGDU D VXV KLMDV FRQ OD PDQR \ D FRQWLQXDFLyQ HPSH]y D SUHSDUDUVH PHQWDOPHQWHSDUDODHQWUHYLVWDFRQHOGRFWRU%HOWHU (OL]DEHWK ORV VLJXLy FRQ OD YLVWD KDVWD TXH HO DXWRPyYLO OOHJy DO &DPLQR GH OD 3XQWD HQWRQFHV FHUUy OD SXHUWD 6H GLVSRQtD D VXELU OD HVFDOHUD FXDQGR VRQy HO WHOpIRQR ²
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
²(ORWURGtDQRQRVGLMRQDGD²ODLQWHUUXPSLyVDUFiVWLFDPHQ²WH-HII²7RGROR TXHKL]RIXHGHOHWUHDUXQQRPEUH\DSXHVWRDTXHORKLFLVWHW~ ²)XHHOOD²GLMR(OL]DEHWKGHVDILDQWH ²%XHQRVLHVYHUGDGYD\DPRVDEXVFDUHVDFXHYD6LKD\ XQD FXHYDDSXHVWR TXHHVDOOtGRQGHVHHQFXHQWUDWXDPLJD%HWK ²1RVp²GLMR(OL]DEHWK²/DFXHYDHVWiHQHODFDQWLODGR\\RQRGHERLUDOOt ²7DPSRFR \R ²GLMR -HII²SHUR QR YR\ DGHMDU TXHHVR PHGHWHQJD¢7LHQHV PLHGR" ²1RSHURFUHRTXHQRGHEHUtDPRV ²7LHQHVPLHGR GH TXH QR HQFRQWUHPRV QDGD \ WHQHU TXH DGPLWLU TXH HVWDEDV HTXLYRFDGD ²0X\ELHQHQWRQFHV²GLMRV~ELWDPHQWH(OL]DEHWK²9DPRV 6HYROYLySDUDVDOLUGHODKDELWDFLyQ-HIIVRQULyKDEtDGDGRUHVXOWDGR (OL]DEHWKEXVFyVXLPSHUPHDEOH\VHORSXVR ²7HQGUHPRVTXHOOHYDUD6DUDKFRQQRVRWURV²GLMR²QRSXHGRGHMDUODVROD ²¢<ODFULDGD"¢(OODQRSXHGHFXLGDUOD" ²(VWi GXUPLHQGR $GHPiV QR VDEUtD TXp KDFHU VL 6DUDK WLHQH XQR GH VXV DWDTXHV -HIIGHFLGLyTXHHUDSUHIHULEOHOOHYDUFRQHOORVD6DUDKDQRLUHQDEVROXWR ²0X\ELHQ²DFFHGLy²9DPRV (OL]DEHWKSXVR XQLPSHUPHDEOHD6DUDK\VHORDERWRQy/XHJRORVWUHVVDOLHURQ GHODFDVD /DOOXYLDSDUHFLyDPDLQDUXQSRFR&UX]DURQHOSUDGR\FXDQGROOHJDURQDOERVTXH ORViUEROHVORVSURWHJLHURQFDVLSRUFRPSOHWR -HIIPLUyDVXDOUHGHGRU ²¢&XiOHVHOFDPLQR"²SUHJXQWy ²+D\XQDVHQGD²GLMR(OL]DEHWK²DSHQDVVHYHSHURH[LVWH9HQ /DYR]GH(OL]DEHWKSDUHFLyV~ELWDPHQWHGLIHUHQWHVHJ~QFUH\y-HII\VXVRMRV DGTXLULHURQXQH[WUDxRIXOJRU 6LOHQFLRVD\UiSLGDLEDDEULHQGRODPDUFKDHQWUHORViUEROHV\-HIIVHVRUSUHQGLy GHVXVHJXULGDG\GHWHUPLQDFLyQ(OL]DEHWKSDUHFtDVDEHUH[DFWDPHQWHDGRQGHLED\ GyQGH GHEtD SRQHU VXV SLHV HQ PHGLR GH OD PDUDxD GH UDtFHV \ SLHGUDV TXH WDSL]DEDQHOVHQGHUR1LXQDYH]PLUyKDFLDDWUiVSDUDYHUVLORVRWURVODVHJXtDQ -HIIGHELyOODPDUODGRVYHFHVSDUDTXHORVHVSHUDVH\WXYRTXHGHWHQHUVHHQRWUDV GRVRSRUWXQLGDGHVSDUDD\XGDUD6DUDKTXHSDUHFtDWHQHUJUDQGLILFXOWDGHQVHJXLU ODPDUFKD 3RUILQVDOLHURQGHOERVTXH\HVWXYLHURQHQHODFDQWLODGR/DOOXYLDHPSH]yDFDHU FRQ PiV IXHU]D \ HO YLHQWR ODODQ]DED FRQWUD ODV FDUDVGH ORV WUHV$EDMR HOPDU SDUHFtDXQDQLPDOHQIXUHFLGR -HII VH SHUPLWLy XQ IXJD] HVWUHPHFLPLHQWR \ VH SUHJXQWy VL QR KDEUtD VLGR LPSUXGHQWH FRQYHQFHU D (OL]DEHWK (O DFDQWLODGR SDUHFtD WDQ SHOLJURVR FRPR OH KDEtDQDGYHUWLGRVXVSDGUHV ²¢'yQGHFUHHV TXH HVWi HVD FXHYD"²GLMRFRQODHVSHUDQ]DGHTXH(OL]DEHWK VXJHULUtDUHJUHVDU ²1RHVWR\VHJXUD²GLMR(OL]DEHWK²3UREHPRVSRUDTXt /RV OOHYy VLJXLHQGR HO ERUGH GHO DFDQWLODGR \ -HII HVWDED SRU VXJHULU TXH HUD GHPDVLDGR SHOLJURVR FXDQGR GH UHSHQWH (OL]DEHWK HPSH]y D EDMDU VLJXLHQGR XQ VHQGHURLQYLVLEOHSDUD-HII/DYLRPRYHUVHFRQVHJXULGDGGHURFDHQURFD\GHFLGLy TXHVLHOODSRGtDKDFHUORpOWDPELpQHUDFDSD] 3HUROHUHVXOWyPiVGLItFLOGHORTXHLPDJLQy/DVURFDVHVWDEDQUHVEDODGL]DV\ GHELy GHVFHQGHU FRQ OHQWLWXG WUDWDQGR GH QR SHUGHU GH YLVWD ORV OXJDUHV GRQGH
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
(OL]DEHWK DSR\DED ORV SLHV 'H WDQWR HQ WDQWR VH YROYtD SDUD YHU FyPR VH ODV DUUHJODED 6DUDK SHUR pVWD SDUHFtD DUUHJOiUVHODV EDVWDQWH ELHQ \ SURQWR GHMy GH SUHRFXSDUVH/DOOXYLDSRQtDODVSLHGUDVPiV\PiVUHVEDODGL]DV\-HIIWHPLySHUGHU GHYLVWDD(OL]DEHWK/DOODPySHURHOODQRORHVFXFKyGHELGRDOUXLGRGHOYLHQWR\GHO ROHDMH<HQWRQFHVGHVDSDUHFLyGHWUiVGHXQJUDQSHxDVFR -HII VLJXLy DYDQ]DQGR FRQ FDXWHOD KDFLD HO SHxDVFR GHWUiV GHO FXDO KDEtD GHVDSDUHFLGR(OL]DEHWK6DUDKORVHJXtDDFRUWDGLVWDQFLD ²$TXt -HIIVDOWyDOHVFXFKDUODSDODEUD\PLUyKDFLDODVRPEUDGHODHQRUPHSLHGUD$OOt HVWDED(OL]DEHWKDFXUUXFDGDSDUDSURWHJHUVHGHODOOXYLD\HOYLHQWR ²¢4Xp"²SUHJXQWy-HII ²$TXtHV²GLMR(OL]DEHWK²(QFRQWUpODFXHYD -HIIIUXQFLyHOFHxR\HVFXGULxyODRVFXULGDG ²$TXtQRKD\QDGD²GLMR ²6tHVDTXt²LQVLVWLy(OL]DEHWK²%DMD(OGHVFHQGLyKDVWDOOHJDUMXQWRDHOOD ²¢'yQGH"²SUHJXQWy ²$TXt²GLMR(OL]DEHWKVHxDODQGR (QWRQFHV-HIIORYLRDOOtHQODSURIXQGDVRPEUDGHODSLHGUDFDVLLQYLVLEOHSRUOD RVFXULGDGKDEtDXQDJXMHURHQHODFDQWLODGR6HDFHUFyPiV\PLUySHURVLQWLyTXH 6DUDK TXH HVWDED GHWUiV GH pO OR WLUDED GH VX URSD \ HPLWtD GpELOHV VRQLGRV VROOR]DQWHV/DDSDUWy\FXDQGR6DUDKTXLVRLQVLVWLU(OL]DEHWKODWRPyGHODVPDQRV \ODPLUyILMDPHQWHDORVRMRV8QLQVWDQWHGHVSXpV6DUDKVHFDOPy ²¢4XpVXSRQHVTXHKD\DKtDGHQWUR"²SUHJXQWy-HII ²1RORVp²UHSXVR(OL]DEHWK²¢9DPRVDYHU" 'XGDQGR -HII PLUy HO DJXMHUR 3DUHFtD OR EDVWDQWH JUDQGH FRPR SDUD HQWUDU JDWHDQGRSHURQRHVWDEDVHJXURGHTXHFRQGXMHUDDQLQJXQDSDUWH6LQHPEDUJR QRTXLVRSDUHFHUFREDUGH ²
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
FRQORVEUD]RV\SLHUQDVDELHUWRVVREUHODJUDQURFDDSODQDGDTXHHOODXVDEDFRPR PHVD HQ VXV FHUHPRQLDV GHO Wp 1DGD PiV SXGR GLVWLQJXLU HQ HO FtUFXOR GH OX] PRPHQWRVGHVSXpVGHMyODOLQWHUQD\HPSH]yDGHVHQUROODUODHVFDODGHFXHUGDV$ VXV HVSDOGDV 6DUDK HPHUJLy GHO W~QHO \ VH VHQWy FRQ ODV SLHUQDV FUX]DGDV WHPEODQGRDREVHUYDUDVXKHUPDQD(OL]DEHWK GHMy FDHUODHVFDOHUDHQODFDYHUQD LQIHULRU VH SXVR OD OLQWHUQD HQFHQGLGD HQ HO EROVLOOR GH VX LPSHUPHDEOH \ GHVDSDUHFLyHQHODJXMHUR6DUDKVHDFHUFy\HVSLyKDFLDDEDMR /DVYHODVHVWDEDQWRGDYtDHQODVJULHWDVGRQGHODVKDEtDGHMDGR\HOHQFHQGHGRU VHJXtDHQ VX HVFRQGLWH GHEDMRGHXQD GH ODV YHODV &XDQGR KXER HQFHQGLGR ODV YHODV(OL]DEHWKDSDJyODOLQWHUQD\PLUyDVXDOUHGHGRU .DWK\%XUWRQ\DFtDGRQGHKDEtDFDtGRFRQODIUHQWHIHDPHQWHGHVFRORULGDGRQGH OD KDEtDJROSHDGR OD SLHGUD 7HQtDORV RMRV DELHUWRV\ODV IDFFLRQHV HPSH]DEDQD KLQFKDUVH(OL]DEHWKODWRFyFRQFXULRVLGDG\FXDQGRFRPSUREyTXHQRVHPRYtD WUDWyGHFHUUDUOHORVRMRV1RORFRQVLJXLy -LPP\7\OHU\DFtDGHVQXGRFRQWUDODSDUHGGHODFXHYD6XVRMRVWDPELpQHVWDEDQ DELHUWRVSHURWHQtDQODH[SUHVLyQSURSLDGHXQDFULDWXUDLQGHIHQVD\DWHUURUL]DGD (OL]DEHWKVRQULyDOHVTXHOHWRTXH\DFtDMXQWRDXQDGHODVSDUHGHV ²(V ERQLWR¢YHUGDG" ²VXVXUUy² 0LUD DKRUD HVWiQ WRGRV PDPi SDSi \ VX QHQD\WDPELpQWXSDGUH%HWK+R\WUDMHDWXSDGUHSDUDTXHWHYLVLWDUD¢4XLHUHV KDEODUFRQWXSDGUH" $UUDVWUyHOFXHUSRLQFRQVFLHQWHGH-HII6WHYHQVKDVWDFRORFDUORMXQWRDORVKXHVRV GHVFDUQDGRV $FRQWLQXDFLyQ(OL]DEHWKHPSH]y OHQWDPHQWHORVSUHSDUDWLYRVSDUDVX ~OWLPRWp $UUDVWUy HO FDGiYHU GH .DWK\ %XUWRQ GHVGH HO OXJDU GRQGH KDEtD TXHGDGR KDVWD DPRQWRQDUOR GLVORFDGDPHQWH HQ XQD GH ODV SLHGUDV SHTXHxDV TXH URGHDEDQ OD PHVD(OFDGiYHUFD\yKDFLDDGHODQWH\TXHGyFRQODFDUDDSODVWDGDFRQWUDODPHVD GHSLHGUD/XHJRHPSH]y DPRYHUD-LPP\7\OHU(OQLxRQRVHUHVLVWLy\QRVHGLR FXHQWD GH QDGD GH OR TXH HVWDED VXFHGLHQGR 3DUHFtD FRPSOHWDPHQWH IDOWR GH YROXQWDG\(OL]DEHWKQRWXYRGLILFXOWDGHQOHYDQWDUOR (OL]DEHWKHPSH]y DKDEODUSHUR VXFKDUOD HUD LQFRKHUHQWH6XYR]FDPELDEDGH WLPEUH\WRQDOLGDGFRPRVLIXHUDQGRVSHUVRQDVGLVWLQWDVODVTXHKDEODEDQSRUVX ERFD $PHGLGDTXHKDEODEDHPSH]yDHQFROHUL]DUVH([LJtDTXHORVREMHWRVGHVXIXULD OHUHVSRQGLHUDQ\FRPRQRORKDFtDQVHSRQtDPLVIXULRVD ²£&RQWpVWDPH²JULWyFRQXQDYR]TXHQRHUDODVX\D²£4XLHURVDEHUSRUTXp OR KLFLVWH¢3RUTXp PH GHMDVWHDTXt" £$TXtHVWiRVFXUR\KDFHIUtR0H GD PLHGR ¢3RU TXp TXLHUHV DVXVWDUPH" ¢3RU TXp QR SXHGR VDOLU GH DTXt \ HVWDU FRQ ORV GHPiV" 6HSURGXMRXQVLOHQFLRPLHQWUDVHVSHUDEDXQDUHVSXHVWD3HURQRKXERQLQJXQD ²7RGRVVRLVLJXDOHV²VLVHy²WRGRV1XQFDFDPELDUpLV/DTXHUpLVD HOOD 3DWHyHOFDGiYHUGHOJDWR\ORODQ]yFRQWUDXQDGHODVSDUHGHVGHODFDYHUQD ²$HOODVLHPSUHOHGHGLFiLVPiVDWHQFLyQ²FRQWLQXy(OL]DEHWK²¢3RUTXpQR PHGHGLFDVXQSRFRGHDWHQFLyQDPtWDPELpQ" 6XYR]FDPELyRWUDYH]\PLUyD-HIITXHVHJXtDLQFRQVFLHQWH ²$KRUDHVWiVGRQGHTXHUtDVHVWDU²GLMR²$TXHOGtD\RQRWHKDEUtDD\XGDGR GHPRGRTXHPHHQFHUUDVWHDTXtVROD3HUR\RVDEtDTXHYHQGUtDV<HVWDYH]WH TXHGDUiVFRQPLJR7RGRVRVTXHGDUpLVFRQPLJRHVWDYH]£7~\ WRGRVHOORVO %ODQGLHQGR HO FXFKLOOR VH DUURMy VREUH HO FDGiYHU GH .DWK\ %XUWRQ &RUWy FRQ VDOYDMLVPR\FXDQGRHOFXHUSRTXHGyGHVFXDUWL]DGRVHYROYLyD-LPP\7\OHU (OQLxR JULWy FXDQGR HOFXFKLOOR VH OH KXQGLyHQ HOYLHQWUH \HQ VHJXLGD FD\yDO VXHORGHODFDYHUQDHPLWLHQGRVRQLGRVJRUJRWHDQWHV(OODUHWLUyHOFXFKLOOR\YROYLyD
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
FODYiUVHORHQ HO FXHOOR (QVX IXULD QR HVFXFKy ORV JHPLGRV GH -HII 6WHYHQV TXH OHQWDPHQWHHVWDEDUHFREUDQGRODFRQFLHQFLD -HIIWUDWDEDGHUHFRUGDUORVXFHGLGR(VWDEDHQODRVFXULGDG\DOJXLHQORHPSXMy +DEtD FDtGR (Q OD FXHYD (VWDED HQ OD FXHYD 3HUR \D QR KDEtD RVFXULGDG (Q FDPELR KDEtD XQ UHVSODQGRU DPDULOOR FRPR GH YHODV HQFHQGLGDV < VRQLGRV 6RQLGRVH[WUDxRVJRUJRWHDQWHV$EULyORVRMRV\WUDWyGHPRYHUODFDEH]D 'H SURQWR YLR D (OL]DEHWK \ VH OH UHYROYLy HO HVWyPDJR DO YHU OR TXH HVWDED KDFLHQGR(VWDED DFXFKLOODQGRDDOJXLHQSHUR KDEtDWDQWD VDQJUHTXHQRSXGRYHU TXLpQHUD6HLQFRUSRUyVREUHWUtDQRV\URGLOODV\PLUy(UDXQQLxR(OL]DEHWKHVWDED DFXFKLOODQGRDXQQLxRSHTXHxR ²£1R²JULWy\WUDWyGHSRQHUVHGHSLHSHURHVWDEDGHPDVLDGRPDUHDGR 9LRYROYHUVHD(OL]DEHWK\ODR\yKDEODU ²£7~²JULWyHOOD²7~PHKLFLVWHHVWRSDSDtWR7~PHORKLFLVWH\DKRUD\RWH ORKDUpDWL7HTXHGDUiVDTXtFRQPLJRSDSDtWR£1RYROYHUiVDGHMDUPHVROD -HIIFRPSUHQGLyTXHHVWDEDORFD\WUDWyGHSURWHJHUVHSHURQRSXGRKDFHUQDGD 6XPHQWHWRGDYtDDWXUGLGDSRUHOJROSHSDUHFtDLQFDSD]GHGHFLGLUTXpP~VFXORV KDEtDTXHPRYHU\VXVEUD]RV\SLHUQDVQROHUHVSRQGtDQ&RQODPLUDGDERUURVDYLR TXH HO FXFKLOOR UHODPSDJXHDED HQ GLUHFFLyQ D pO SHUR QR VLQWLy QDGD 6yOR YLR OD VDQJUHTXHEURWDEDGHVXEUD]R7UDWyRWUDYH]GHDSDUWDUVHRGHFXEULUVHFRQHO RWUR EUD]R SHURVH VHQWtD SDUDOL]DGR (O WHUURU ORLQPRYLOL]DED \ HO FXFKLOOR YHQtD KDFLD pO 6H SUHJXQWySRU TXp QR VHQWtD GRORU7HQGUtD TXH GROHU SHQVy SHURQR GROtD 1RYLRQDGDPiV-HII6WHYHQVIORWyOHQWDPHQWHKDFLDODPXHUWH&XDQGRODEUXPD VHFHUUDEDVREUHVXPHQWH-HIIHPSH]yDUH]DU (OL]DEHWKVLJXLyGiQGROHFXFKLOODGDV GHVSXpV GHPXHUWR\FXDQGR VHGHWXYRHO FDGiYHU \DQRHUDUHFRQRFLEOH (QWRQFHV FRPR VL VX IXULD VH KXELHUD HYDSRUDGR (OL]DEHWKVHVHQWyHQPHGLRGHODVDQJUH\PLUyDVXDOUHGHGRUFRQFXULRVLGDG ²¢3RU TXp KLFLVWHHVWR" ²GLMRVXDYHPHQWH²1RHQWLHQGR SRUTXpWXYLVWHTXH KDFHUORHOORVQDGDWHKLFLHURQHOORVHUDQWXVDPLJRV<DGHPiVWRGRVXFHGLyKDFH PXFKRWLHPSRPXFKRPXFKRWLHPSR 6HDUUDVWUySRUHOVXHORGHODFDYHUQD\VHLQFOLQyVREUHHOHVTXHOHWR ²1RGHELVWHKDFHUOR%HWK²GLMRFRQYR]XQSRFRPiVIXHUWH²'HELVWHGHMDUORV HQ SD] (OORV QR HUDQ ORV TXHW~ FUHtDV (OQR HUD WX SDGUH WX SDGUH PXULy KDFH PXFKR WLHPSR < ORV RWURV QR HUDQ PLV SDGUHV \ HVH JDWR QR HUD 6DUDK (UD VRODPHQWHXQJDWR%HWKXQSREUHJDWRLQGHIHQVR¢3RUTXpPHREOLJDVWHDKDFHUOR"
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
&XDQGRHVWXYRDEDMRVHVHQWy\PLUyDVXDOUHGHGRU (VWXYRVHQWDGDODUJRWLHPSRHVSHUDQGR
&DStWXOR (UDQODVFXDWUR\PHGLDFXDQGRHOGRFWRU%HOWHUSXVRILQDVXUHXQLyQFRQ-DFN\ 5RVH &RQJHU1R HVWDEDFRQYHQFLGRGHKDEHUORJUDGRQDGDSHUR WDPSRFR GHTXH KXELHUDVLGRQHFHVDULRORJUDUQDGD/DPD\RUSDUWHGHODWDUGHQRODKDEtDGHGLFDGR DWUDWDUGHGHVFXEULUODGLUHFFLyQTXHSRGtDHVWDUWRPDQGRODHQIHUPHGDGGH6DUDK VLQRDWUDQTXLOL]DUDVXVDWULEXODGRVSDGUHV+DEtDGHVFXELHUWRTXHHQFDVRVFRPR HO GH6DUDK HVR HTXLYDOtD D OD PLWDG GH OD EDWDOOD/RV SDGUHV OHtDQ GHPDVLDGRV OLEURV\GHODSHRUFODVH(VWDEDQ FRQYHQFLGRV GHTXHVXVKLMRVVHFRQYHUWLUtDQHQ XQD HVSHFLH GHPRQVWUXRV \ QR LPSRUWD OR TXH SDVDUH HVSHUDEDQORSHRU %HOWHU KDEtD GHVFXELHUWR TXH VX WDUHD QR FRQVLVWtD WDQWR HQ FXUDU D ORV QLxRV FRPR HQ FDOPDUDORVSDGUHV <ORFRQVLJXLy&XDQGRYROYtDQDFDVDHQHODXWRPyYLOEDMRODOOXYLD5RVH\-DFN VHVHQWtDQPHMRU(OGRFWRU%HOWHUOHVGLMRTXHQRVHDIOLJLHVHQ\HOORVWHQtDQIHHQHO GRFWRU /DOOXYLDHPSH]yDFDHUFRQIXHU]D\VLQWLHURQTXHEDMDEDODWHPSHUDWXUD ²(OLQYLHUQROOHJDWHPSUDQRHVWHDxR²FRPHQWy-DFNFXDQGRGHMDEDHO&DPLQR GHOD3XQWDSDUD HQWUDUHQODFDO]DGDSDUDFRFKHV²(QFXDOTXLHUPRPHQWRSXHGH QHYDU ²6LHPSUHPHJXVWyODSULPHUDQHYDGDHQHVWD]RQD²GLMR5RVH²$YHFHVFUHR TXHODFDVDIXHGLVHxDGDSDUDHOLQYLHUQR/DQLHYHSDUHFHVXDYL]DUOD 0LUyDWUDYpVGH OD OOXYLD OD DQWLJXD FDVDTXHVH DO]DED DO ILQDO GHOD FDO]DGD \ VLQWLy XQD H[WUDxD VHQVDFLyQ GH UHSXOVLyQ(VHO WLHPSR SHQVy /D OOXYLD VLHPSUH KDFtDTXHHOOXJDUSDUHFLHUDPiVVRPEUtR &XDQGRDEUtDQODSXHUWDSULQFLSDOHPSH]yDVRQDUHOWHOpIRQR ²
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
)XH KDVWD HO SLH GH ODHVFDOHUD\OODPyDVX KLMDPD\RU,QVWDQWHVGHVSXpVR\y DEULUVH\FHUUDUVHXQDSXHUWD\ORVSDVRVGHVXKLMDTXHVHDFHUFDEDQDODFLPDGHOD HVFDOHUD ²+ROD²GLMR(OL]DEHWK²QRWHRtYHQLU(VWDEDOH\HQGR ²¢1RKDVRtGRHOWHOpIRQR"²SUHJXQWy5RVHFRQFXULRVLGDG ²6tSHURVHGHWXYRDOVHJXQGRWLPEUD]R\SHQVpTXHORKDEtDDWHQGLGRODVHxRUD *RRGULFK¢(UDSDUDPt" ²1R²GLMR5RVH²HVODVHxRUD6WHYHQV¢(VWi-HIIDTXt" ²¢-HII"²SUHJXQWy(OL]DEHWK²6HIXHKDFHYDUtDVKRUDV /RVPDORVSUHVHQWLPLHQWRVGH5RVHVHDFHQWXDURQ ²¢(QWRQFHVHVWXYRDTXt" (OL]DEHWKDVLQWLyFRQODFDEH]D ²2K Vt ²GLMR² 9LQR LQPHGLDWDPHQWH GHVSXpV GH TXH RV IXHUDLV GLMR TXH TXHUtDVDOLUDEXVFDUODFXHYD ²¢/DFXHYD"²GLMR5RVHIUXQFLHQGRHOFHxR ²
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
²¢6DUDK"(QVXKDELWDFLyQVXSRQJR²GLMR(OL]DEHWK²(VSHUDXQVHJXQGRLUp DYHU (VFXFKDURQORVSDVRVGH(OL]DEHWKSULPHURHQODKDELWDFLyQGH6DUDK\OXHJRHQ HO FXDUWR GH MXHJRV &XDQGR OD R\HURQ DFHUFDUVH QXHYDPHQWH D OD HVFDOHUD \ QR VLQWLHURQHOVXDYH PXUPXOORGHVXYR] KDEODQGR DVX KHUPDQDFRPSUHQGLHURQTXH QR KDEtD HQFRQWUDGR D 6DUDK (OL]DEHWK UHDSDUHFLy HQ OR DOWR GH OD HVFDOHUD \ HPSH]yDEDMDU ²$TXtQRHVWi²GLMR²3UREDEOHPHQWHHVWDUiFRQODVHxRUD*RRGULFK (PSH]DURQ D EXVFDU D 6DUDK HQ OD SODQWD EDMD SHUR 5RVH VXSR TXH QR OD HQFRQWUDUtDQ(QYH]GHXQLUVHDODE~VTXHGDIXHDVXRILFLQD\VHGHMyFDHUHQHO VLOOyQTXHWHQtDIUHQWHDVXHVFULWRULR3RUDOJXQDUD]yQDOOtHQFRQWUyVHJXULGDGXQD VHJXULGDGTXHGHSURQWRVXSRFRQFHUWH]DTXHLEDDQHFHVLWDU ²%XHQRDTXtWDPSRFRHVWi²GLMR-DFNWUDWDQGRGHPDQWHQHUILUPHODYR]²/D VHxRUD*RRGULFKFUHtDTXHHVWDEDDUULED ²7LHQH TXH HVWDU DTXt ²GLMR 5RVH FRQ GHVHVSHUDFLyQ² 0LUD QXHYDPHQWH DUULED SXHGH HVWDU HQ QXHVWUD KDELWDFLyQ R HQ HO FXDUWR GH KXpVSHGHV 2 HQ HO iWLFRPLUDHQHOiWLFR 1R TXLVR XQLUVH D OD E~VTXHGD SRUTXH VDEtD TXH VHUtD LQ~WLO 6DUDK QR VH HQFRQWUDEDHQ OD FDVD5RVHVH VHQWyIUHQWHDVXHVFULWRULR\ R\y D(OL]DEHWK\D -DFNEXVFDUVLVWHPiWLFDPHQWHSRUWRGDODFDVD+XERXQVLOHQFLRPLHQWUDVEXVFDEDQ HQ HO iWLFR OXHJR ORV R\y HQ OD SODQWD DOWD \ ILQDOPHQWH EDMDQGR ODV HVFDOHUDV )XHURQKDVWDODSHTXHxDRILFLQDGH(OL]DEHWK-DFNDJLWDEDODFDEH]D ²1DGD²GLMR²1RHVWiDTXt ²1R FUHt TXH HVWXYLHUD ²GLMR 5RVH² 1R OR FUHt GHVGH HO PRPHQWR HQ TXH (OL]DEHWKQRODHQFRQWUyHQVXKDELWDFLyQ 6HPLUDURQVLQVDEHUTXpKDFHU ²(OHVWDEOR²GLMRGHUHSHQWH(OL]DEHWK²4XL]iIXHDOHVWDEOR 6LQHVSHUDUUHVSXHVWDGHVXVSDGUHVVDOLyGHODKDELWDFLyQ\HOORVODR\HURQDEULU ODSXHUWDSULQFLSDO<GHLQPHGLDWRR\HURQHOJULWRGH(OL]DEHWK 1RIXHODPLVPDFODVHGHJULWRDTXHHVWDEDQDFRVWXPEUDGRVHOJULWRIUXVWUDGRGH XQD FULDWXUD TXH HQFXHQWUD LPSRVLEOH FRPXQLFDUVH SRU RWURV PHGLRV (O JULWR GH (OL]DEHWK IXH XQ JULWR GH WHUURU -DFN \ 5RVH TXHGDURQ PRPHQWiQHDPHQWH FRQJHODGRV\OXHJRFRUULHURQKDFLDODSXHUWDSULQFLSDO(QFRQWUDURQD(OL]DEHWKHQHO SyUWLFR PLUDQGR KRUURUL]DGD KDFLDHOSUDGR6LJXLHURQ ODGLUHFFLyQGHVX PLUDGD \ 5RVHVLQWLyTXHOHVXEtDXQJULWRDODJDUJDQWD6yORORJUyFRQWHQHUORWDSiQGRVHOD ERFDFRQODVPDQRV 8QDSHTXHxDVLOXHWDHPHUJtDGHOERVTXH\FDPLQDEDSRUHOSUDGRHQGLUHFFLyQD ODFDVD(UD6DUDK\DXQGHVGHHVDGLVWDQFLDSXGLHURQYHUTXHHVWDEDHPSDSDGD\ FXELHUWDGHEDUUR<KDEtDDOJRPiV$OJRTXHOHVDOSLFDEDODFDUD\ORVEUD]RV\ PDQFKDEDVXVURSDVFRQDOJRURMRTXHQRHUDEDUUR (UDVDQJUH6DUDKHVWDEDFXELHUWDGHVDQJUH ²£'LRVPtR²PXVLWy-DFN\VXPHQWHIXHLQFDSD]GHDFHSWDUORTXHYHtDQVXV RMRV (QWRQFHV UHFRUGy TXH WDPELpQ (OL]DEHWK HVWDED FRQWHPSODQGR OD H[WUDxD DSDULFLyQTXHVHDFHUFDEDOHQWDPHQWHSRUHOSUDGR7RPyDVXKLMDGHOEUD]R\OD PHWLyHQODFDVD (OL]DEHWKSDUHFtDDWXUGLGD\QRRIUHFLyUHVLVWHQFLDFXDQGR-DFNODOOHYyHVFDOHUD DUULEDKDVWDVXKDELWDFLyQ ²4XpGDWHDTXt²GLMR²1REDMHVKDVWDTXH\RQRYHQJDDEXVFDUWH /DPLUyFRQDWHQFLyQ\YLRTXHHVWDEDSiOLGD\WHPEORURVD ²¢7HVLHQWHVELHQ"²SUHJXQWy
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
(OODDVLQWLyFRQODFDEH]D\OXHJRGHXQHVIXHU]RSXGRKDEODU ²¢4XpWLHQHSDSDtWR"²GLMRFRQYR]V~ELWDPHQWHLQIDQWLO²¢(VWiKHULGD" ²1RORVp²GLMR-DFN²SHURQRWHSUHRFXSHV4XpGDWHDTXt\QDGDSDVDUi (OL]DEHWKTXHGHUHSHQWHSDUHFtDPXFKRPiVSHTXHxDPLUyDVXSDGUHDODFDUD \pOODHVWUHFKyHQWUHVXVEUD]RV/DQLxDHPSH]yDVROOR]DUTXHGDPHQWH ²1DGDSDVDUiTXHULGD²VXVXUUy-DFN²\RPHRFXSDUpGHHOOD /DDFXQyGXOFHPHQWH\ODWUDQTXLOL]y/XHJRODGHSRVLWyVREUHODFDPD ²7UDWDGHQRSHQVDU²OHGLMR²$KRUDWHQJRTXHEDMDU\D\XGDUODSHURYROYHUp GHQWUR GH XQ PRPHQWR 7UDWD GH QR SHQVDU ²UHSLWLyDXQTXHVDEtDTXH QR KDEtD IRUPDGHERUUDUGHVXPHQWHORTXHKDEtDSUHVHQFLDGR 5RVH HVWDEDWRGDYtDGHSLHHQHOSyUWLFRFRQODPDQRDSUHWDGDFRQWUDODERFD\ ODVOiJULPDVURGiQGROHSRUODVPHMLOODV6DUDKD~QHVWDEDHQHOSUDGRFDGDYH]PiV FHUFDGHODFDVDPRYLpQGRVHFRQOHQWLWXG\DUUDVWUDQGRHQHOEDUURHOREMHWRTXH WUDtD+DFtDPiVIUtRDKRUD\ODOOXYLDFDtDPH]FODGDFRQQLHYH 5RVH HPSH]yDHPLWLUVRQLGRVPLHQWUDVWUDWDED GHDVLPLODUORTXH YHtD$KRUDHO REMHWR TXH WUDtD 6DUDK HUD FODUDPHQWHYLVLEOH \FXDQGR -DFN FRPSUHQGLy TXp HUD GHELyOXFKDUSDUDFRQWURODUODVQiXVHDVTXHOHUHWRUFtDQHOHVWyPDJR (UD XQ EUD]R GH QLxR FRUWDGR D OD DOWXUD GHO KRPEUR (VWDED KRUULEOHPHQWH ODFHUDGR/DVDQJUHPDQDEDOHQWDPHQWH GHO PLVPRHQJRWDVTXHFDtDQGHOPXxyQ GHVJDUUDGRTXH6DUDKDUUDVWUDEDSRUHOEDUUR 6DUDK SDUHFtD LQGLIHUHQWH D OD OOXYLD OD QLHYH \ HO IUtR $YDQ]DED FRQ GHWHUPLQDFLyQORVRMRVYDFtRVILMRVHQVXVSDGUHVTXHODHVSHUDEDQHQHOSyUWLFR -DFNTXLVRLUKDFLDHOODWRPDUODHQEUD]RV\OOHYDUODDODFDVDSHURIXHLQFDSD]GH KDFHUOR6HTXHGyMXQWRDVXHVSRVDLPSRWHQWHPLHQWUDVVXKLMDLEDKDFLDHOORV < SRU ILQ OOHJy 6H TXHGy DO SLH GH OD HVFDOLQDWD GHO SyUWLFR \ ORV PLUy VLQ H[SUHVLyQ $ FRQWLQXDFLyQ OHYDQWy HO EUD]R FRUWDGR \ OR VRVWXYR GHODQWH GH HOOD RIUHFLpQGRORFRPRVLIXHUDXQSUHVHQWH 5RVH QRSXGRVHJXLUFRQWHQLHQGROD KLVWHULD$EULyODERFDHVSDVPyGLFDPHQWH\ HOJULWRTXH KDEtDHVWDGROXFKDQGR SRUVDOLU GH VX JDUJDQWDHVWDOOy \UHVRQyHQHO SUDGR/RViUEROHVGHOERVTXHFDVLSDUHFLHURQWHPEODUFRQORVDODULGRVTXHEURWDURQ GHVJDUUDQWHV GHO FXHUSR DWRUPHQWDGR GH OD PXMHU 6XV RMRV HPSH]DURQ D MXJDUOH PDODV SDVDGDV \ WRGR OR TXH SXGR YHU IXH HO EUD]R HO EUD]R HQVDQJUHQWDGR VXVSHQGLGR FRQWUD XQ IRQGR TXH VH HQQHJUHFtD UiSLGDPHQWH 3DUHFtD FUHFHU DQWH VXVRMRV\SURQWRQRYLRPiVTXHHOPXxyQGHFDUQHGHVIOHFDGDURGHDQGRHOKXHVR TXHVREUHVDOtD/RVJULWRVVHFRQYLUWLHURQHQXQVRORDODULGRKLVWpULFR (O SULPHUJULWR GH(OL]DEHWKKDEtD GHVSHUWDGRD OD VHxRUD*RRGULFK TXLHQ PLUy DWXUGLGDVXWHOHYLVRUVLQVDEHUVLHODSDUDWRKDEtDVLGRRQRODIXHQWHGHOVRQLGRTXH ODGHVSHUWy&XDQGRHPSH]yDHVFXFKDUORVJULWRVGH5RVHFRPSUHQGLyTXHQRHUD HOWHOHYLVRU6HOHYDQWy\FRUULyKDFLDODSXHUWDSULQFLSDO /RV JULWRV DQJXVWLDGRVVHKLFLHURQPiV IXHUWHV D PHGLGD TXH VHDFHUFDED D OD SXHUWDSULQFLSDOSHURKDVWDTXHQROOHJyMXQWRDOSyUWLFRQRFRPSUHQGLyODFDXVDGH ORVPLVPRV6XVRMRVVHGLODWDURQDODYLVWDGHODQLxDFXELHUWDGHVDQJUH\GHEDUUR /D VHxRUD *RRGULFK OXFKy FRQWUD VXV GHVHRV GH YRPLWDU \ PLUy D 5RVH ,QPHGLDWDPHQWHVHGLRFXHQWDGHTXHHUDODPDGUH\QRODKLMDTXLHQQHFHVLWDED DWHQFLyQXUJHQWH ²2F~SHVHGHODVHxRUD5RVH²OHRUGHQyD-DFN 6HDGHODQWy\WUDJDQGRFRQIXHU]DGHVSUHQGLyORVGHGRVGH6DUDKGHODPXxHFD GHO EUD]R VHFFLRQDGR 7RPy D 6DUDK GH XQD PDQR \ DIHUUDQGR HO PLHPEUR DPSXWDGRFRQODRWUDOOHYyDODQLxDDOLQWHULRUGHODFDVD/DOOHYyUiSLGDPHQWHDOD FRFLQD\ODGHMyIUHQWHDOIUHJDGHUR$FRQWLQXDFLyQHQYROYLyHOEUD]RHQXQDWRDOOD\ ORGHMyDXQODGR
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
(PSH]yDRFXSDUVHGH6DUDK/HTXLWyWRGDODURSD\ODOLPSLy/XHJRHQYROYLyD ODQLxDHQXQDYLHMDPDQWDTXHVDFyGHVXKDELWDFLyQ\IXHKDVWDHOWHOpIRQR0DUFy HOQ~PHURGHODHVWDFLyQGHSROLFtD\SLGLyKDEODUFRQ5D\1RUWRQ ²5D\ KDEOD OD VHxRUD *RRGULFK GHVGH OD FDVD GH ORV &RQJHU ²GLMR² 6HUi PHMRUTXHYHQJDLQPHGLDWDPHQWHKDVXFHGLGRDOJRPDOR<WUDLJDXQPpGLFRFRQ XVWHGpVHGH:KLWH2DNVVLSXHGHHQFRQWUDUORpOQRVFRQRFH (OSROLFtDHPSH]yDKDFHUSUHJXQWDVSHURODDQFLDQDORLQWHUUXPSLy ²&XDQGRYHQJDORYHUi²GLMR²$KRUDWHQJRRWUDVFRVDVTXHKDFHU &ROJyHODXULFXODU\YROYLyMXQWR D6DUDK /DQLxD ODHVSHUDEDVHUHQDPHQWH\QR RIUHFLy UHVLVWHQFLD FXDQGR OD VHxRUD *RRGULFK OD OOHYy DUULED KDVWD HO FXDUWR GH EDxR /DRUGHQGHODVHxRUD*RRGULFKKDEtDKHFKRUHDFFLRQDUD-DFNTXLHQDIHUUyDVX HVSRVDGHORVKRPEURV\ODVDFXGLy ²
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
²
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
(QYROYLHURQQXHYDPHQWHHOEUD]R\UHJUHVDURQDOJDELQHWH5D\1RUWRQPLUyDORV &RQJHUFRQLQFRPRGLGDG ²6pTXHVHUiPX\GXUR²GLMRFRQWRGDVXDPDELOLGDGSRVLEOH²SHURWHQGUpTXH KDFHURVDOJXQDVSUHJXQWDV ²/RVp²GLMR-DFNTXHGDPHQWH²¢3XHGHHOGRFWRU%HOWHUOOHYDUD5RVHDUULED"
5HJLVWUDURQHOERVTXHSULPHURD ODOX]GHFUHFLHQWHGHODWDUGHFHU\ GHVSXpVFRQ OLQWHUQDVSHURQRHQFRQWUDURQQDGD6LKXERKXHOODVODQLHYHODVFXEULy\FXDQGR FD\y ODQRFKH OD WRUPHQWD VHLQWHQVLILFy /XHJRGH FXDWUR KRUDV LQWHUUXPSLHURQ OD
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
E~VTXHGD/DSDUWLGDYROYLyDODFDVDGH3XQWD&RQJHUSHURSURQWRHPSH]DURQD UHJUHVDUDOSXHEOR1DGDKDEtDTXHKDFHUHQOD3XQWD(QHOSXHEORGRQGHQRKDEtD &RQJHUVHVFXFKDQGRODJHQWHGH3RUW$UEHOORSRGUtDKDEODU (Q OD FDVD GH 3XQWD &RQJHU VyOR TXHGDURQ 5D\ 1RUWRQ \ HO GRFWRU %HOWHU 6H VHQWDURQ HQ HO JDELQHWH FRQ -DFN &RQJHU D FRQYHUVDU ORV WUHV 1R VH GLVFXWLy VL KDEtDRQRTXHKDFHUDOJRFRQ6DUDKVLQRTXpHUDORTXHGHEtDQKDFHU -DFN&RQJHUHVWDEDFDQVDGR6HVHQWtDDJRWDGR\WHUULEOHPHQWHVROR6HVHQWyD KDEODUFRQ HO PpGLFR \ HOSROLFtD VyOR SRUTXH KDEODUtDQ GH VXKLMD GH VXIDPLOLD 3HURQROHLPSRUWDEDHQDEVROXWRORTXHGHFLGLHUDQ+DUtDFXDOTXLHUFRVDTXHIXHUD QHFHVDULD6HVLUYLyRWURYDVRGHZKLVN\\VHVHQWyMXQWRDOIXHJR(QYLGLyD5RVH TXHHVWDEDDUULEDGXUPLHQGREDMRHOHIHFWRGHVHGDQWHV (OGRFWRU %HOWHUHVWDED WHUPLQDQGRXQDODUJDH[SOLFDFLyQVREUH ORVGHWDOOHVGHOD HQIHUPHGDGGH6DUDK&XDQGRDFDEy5D\1RUWRQHQFHQGLyVXSLSDFRVDTXHKDFtD UDUDPHQWH\VHHFKyKDFLDDWUiV ²%XHQRQRVpTXpGHERKDFHU²GLMRSRUILQ²7HQGUpTXHGHFLUDOJRDODJHQWH (OGRFWRU%HOWHUVRQULyDSHQDV ²'tJDOHVORTXH TXLHUD²GLMR²6L SLHQVDSUHJXQWiUPHORGHVGH DKRUDOH GLJR TXH QR WHQJR QLQJXQD UHVSXHVWD 4XHUUtD TXH HVD SDUWLGD GH E~VTXHGD KXELHVH HQFRQWUDGRDOJRSHURQRHQFRQWUDURQQDGD\HVRQRORSRGHPRVFDPELDU 1RUWRQDVLQWLyFRQXQJHVWR ²3HUPtWDPHXQDSUHJXQWD²GLMR²¢(VSRVLEOHTXH6DUDKKD\DPDWDGRDHVRV QLxRV" ²1R OR Vp ²GLMR HO GRFWRU %HOWHU YDFLODQWH SXHV QR OH JXVWDED HVSHFXODU FRQ SRVLELOLGDGHV+DEtDYLVWRWDQWRTXH VHLQFOLQDEDDSHQVDUTXH SUiFWLFDPHQWHWRGR HUDSRVLEOH9LRTXHVXUHVSXHVWDVHUtDLQDFHSWDEOHSDUDHOMHIHGHSROLFtDDVtTXH SHVyFXLGDGRVDPHQWHVXVSDODEUDV ²3HUPtWDPHH[SUHVDUORGHHVWDPDQHUD'HERGHFLUTXHVtTXHHVSRVLEOHTXH 6DUDKKD\DPDWDGRDORVWUHVQLxRVGHVDSDUHFLGRV'LJRHVWRQRSRUTXHSLHQVHTXH HOODORKL]RVLQRSRUTXHSRUHOPRPHQWRQRWHQHPRVRWUDDOWHUQDWLYD6L\RIXHUD XVWHGVHJXLUtDEXVFDQGR6LHVWDQLHYHGXUDWRGRHOLQYLHUQRVHJXLUtDEXVFDQGRHQ ODSULPDYHUD(QDOJXQDSDUWHWLHQHTXHHVWDUHOUHVWRGHHVHFDGiYHU\TXL]iGRV FDGiYHUHVPiV<SRUFLHUWRQRFUHRTXHXVWHGSXHGDDFXVDUD6DUDKVREUHODEDVH GHXQEUD]R$GPLWRTXHHVGHVDJUDGDEOH$GPLWRTXHSRUHOPRPHQWRQRWHQHPRV PXFKRPiVSDUDSHQVDU3HURXVWHGGHEHVDEHUTXHVLWUDWDGHDILUPDUTXH6DUDKHV UHVSRQVDEOHGHOGHVFXDUWL]DPLHQWRGHXQQLxR\GHODGHVDSDULFLyQGHORVRWURVGRV QRVXFHGHUiQDGD&XDOTXLHUSVLTXLDWUDTXHFRQVXOWHOHGLUiORPLVPRTXH\R6DUDK QRHVUHVSRQVDEOHGHORTXHKDFH(VHVTXL]RIUpQLFDFDVLVLQHVSHUDQ]DV'LJRFDVL SRUTXH HQODFODVHGHWUDQVWRUQRTXHHOOD SDGHFH VLHPSUHH[LVWH XQD SRVLELOLGDG GH VDOLU3HURDXQVLOOHJDUDDVDQDUQRKD\JDUDQWtDVGHTXHHOODSXHGDFRQWDUOHORTXH VXFHGLy 3UREDEOHPHQWH QR SRGUtD UHFRUGDUOR )UDQFDPHQWH VL \R IXHUD XVWHG PDQWHQGUtDDELHUWRHOFDVR ²¢<TXpVHUiGH6DUDK"²GLMR1RUWRQFRQLQTXLHWXG²¢<VLHOODORKL]R" ²1RFUHRTXHKD\DPXFKDVGXGDVUHVSHFWRGHOIXWXURGH6DUDK(VWR\VHJXURGH TXHGHVSXpVGHHVWRVGRV~OWLPRVGtDVORV&RQJHUDFHSWDUiQTXH\DHVKRUDGH LQWHUQDUOD HQ XQD LQVWLWXFLyQ 6HUtD OR PHMRU SDUD HOOD \ OR PHMRU SDUD HOORV TXH SRGUtDQVHJXLUYLYLHQGRFRPRDQWHV 0LUyD-DFN\-DFNDVLQWLyFRQXQJHVWR ²¢&XiQGR"²SUHJXQWy-DFN (OGRFWRU%HOWHUSHQVyXQPRPHQWR ²(VWDQRFKHFUHR ² GLMR²1RYHR QLQJXQD UD]yQ SDUDTXH VX HVSRVDWHQJD TXHSDVDUSRUHOOR 1R HVIiFLOYHUD XQD KLMD TXH VHYDGH FDVDSRU~OWLPDYH] <
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
WDPELpQ VHUiPHMRU SDUD6DUDK 3RU HVWD QRFKH SXHGR OOHYiUPHOD D :KLWH2DNV 0DxDQDSRGHPRVKDEODUVREUHHOPHMRUOXJDUSDUDHOOD -DFNDVLQWLyHQVLOHQFLR6HSUHJXQWySRUTXpQRVHQWtDQDGDSHURQDGDVLQWLy ²/RODPHQWR²GLMR5D\1RUWRQ$KRUDHVWDEDQHQHOYHVWtEXOR\5D\HVSHUDED LQFyPRGRMXQWRDODSXHUWDSULQFLSDOGHVHRVRGHPDUFKDUVH²6LKD\DOJRTXH\R SXHGDKDFHU ²*UDFLDV5D\²GLMR-DFNQHJDQGRFRQXQJHVWR²1RVpSHURFUHRTXHHVWR\ DWRQWDGR -DFNVHGLULJLy DODHVFDOHUDSDUDHPSDFDUXQDPDOHWDSDUD6DUDK\5D\1RUWRQ DSR\yODPDQRHQODSXHUWDSULQFLSDO ²(VSHUH XQ PRPHQWR SRU IDYRU ²GLMR VXDYHPHQWH HO GRFWRU %HOWHU DO MHIH GH SROLFtD 1RUWRQUHWLUyODPDQRGHODSXHUWDSHURQRPLUyORVRMRVGHOSVLTXLDWUD'XUDQWHOD ~OWLPD KRUD KDEtD HVFXFKDGR PXFKDV FRVDV TXH QR TXHUtD RtU \ VH VHQWtD HPEDUD]DGR(UDDJXGDPHQWHFRQVFLHQWHGHTXHH[LVWHDOJRFRPRVDEHUGHPDVLDGR GHORVDPLJRV\WHQtDODVHQVDFLyQGHTXHHVWDEDDSXQWRGHVDEHUD~QPiV< HVWXYR HQOR FLHUWR HOGRFWRU %HOWHU OR OOHYy DO JDELQHWH \UiSLGDPHQWH OH SXVR DO FRUULHQWHGHWRGRVORVGHWDOOHVGHORVFDVRV&RQJHURVHDGH6DUDK\GH-DFN &XDQGR HO GRFWRU WHUPLQy 5D\ 1RUWRQ OR PLUy ILMDPHQWH LQFDSD] GH RFXOWDU OD DQLPRVLGDGTXHHPSH]DEDDVHQWLUKDFLDHOSVLTXLDWUD ²¢3RUTXpH[DFWDPHQWHPHFXHQWDXVWHGWRGRHVR"²SUHJXQWy²0HSDUHFH TXHORTXHXVWHGKDFHHVHQHOPHMRUGHORVFDVRVFRQWUDULRDODpWLFD\HQHOSHRU GHORVFDVRVTXL]iVLOHJDO (OGRFWRU%HOWHUFODYyODYLVWDHQHOIXHJRGHOKRJDU6DEtDSHUIHFWDPHQWHTXHOR TXH GHFtD 1RUWRQ HUD H[DFWR /R TXH HVWDED KDFLHQGR HUD FRQWUDULR D OD pWLFD H LOHJDO SHUR DQWHV GH KDFHUOR OR KDEtD SHQVDGR FXLGDGRVDPHQWH \ DKRUD TXH \D KDEtDHPSH]DGRHUDGHPDVLDGRWDUGH ²7LHQH UD]yQ QDWXUDOPHQWH ²GLMR FRQ HPEDUD]R² < FUpDPH VL \R SHQVDUD TXHH[LVWHRWUDIRUPDGHOOHJDUDHVWRQRHVWDUtDKDFLHQGRORTXHKDJR ²1RYHRTXpHVSHUDXVWHGFRQVHJXLU²GLMR1RUWRQ ²'LJDPHMRUTXHQRTXLHUHYHUOR²OHUHSURFKyHOGRFWRU%HOWHU²/RTXHHVWR\ VXJLULHQGR²VXYR]VHKL]RPiVIXHUWH²SXHVWRTXHXVWHGQRTXLHUHGHFLUORHVTXH FUHRTXHH[LVWHXQDILUPHSRVLELOLGDGGHTXH-DFN&RQJHUSXHGDHVWDULQYROXFUDGR HQWRGRHVWHDVXQWR ²1RYHRHQTXpIRUPD²GLMR1RUWRQ²8VWHGPLVPRDGPLWHTXHpOHVWDEDHQOD RILFLQDVX\DHQ:KLWH2DNVSRUORPHQRVFXDQGRWXYROXJDUXQD\SRVLEOHPHQWHGRV GHODVGHVDSDULFLRQHV ²(VRQRHVGHOWRGRFLHUWR(QUHDOLGDGQRVDEHPRVFXiQGRWXYLHURQOXJDUODV GHVDSDULFLRQHV7RGRORTXHVDEHPRVHVFXiQGR\GyQGHIXHURQYLVWRVORVQLxRVSRU ~OWLPD YH] < VXFHGH TXH WRGRV IXHURQ YLVWRV GHQWUR R FHUFD GH OD SURSLHGDG GH &RQJHU (Q FXDQWR DO PRPHQWR HQ TXH UHDOPHQWH VH HQFRQWUDURQ FRQ FRQ FXDOTXLHUFRVDTXHVHHQFRQWUDUDQQRORVDEHPRV¢1RHVDVt" 1RUWRQDVLQWLyDUHJDxDGLHQWHV ²¢4XpSURSRQHXVWHGH[DFWDPHQWH"²GLMR²¢4XHDFXVHD-DFN&RQJHUGHO DVHVLQDWRGHWUHVQLxRV"(VYHUGDGTXHSRGUtDPRVXVDUVXVDUFKLYRVSDUDGHPRVWUDU XQDWDTXHDQWHULRU¢SHURDGRQGHOOHJDUtDPRVFRQHVR"6LQQLQJ~QFDGiYHU\FRQ XVWHG PLVPR DFWXDQGR FRPRWHVWLJR SDUD XQD FRDUWDGD QR H[LVWH OD PiV PtQLPD SRVLELOLGDGGHTXHHVRSXHGDVRVWHQHUVH ²<SRUVXSXHVWR²GLMRHOGRFWRU²XVWHGQRFUHHTXHpOWHQJDDOJRTXHYHU ²1R²GLMR1RUWRQFRQILUPH]D²QRORFUHR
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
(OGRFWRU%HOWHUVHLQFOLQyKDFLDDWUiVHQVXVLOOyQ\FUX]yODVPDQRVVREUHVX DEGRPHQ ²(QWRQFHV¢TXpSURSRQHXVWHGTXHKDJDPRV" ²1DGD ²GLMR1RUWRQ²&XDQGROOHJXHOD SULPDYHUD KDUpUHJLVWUDU QXHYDPHQWH HVH ERVTXH \ RUJDQL]DUp XQD E~VTXHGD D IRQGR GH HVD FXHYD )XHUD GH HVR SURSRQJRHVSHUDU\YHUTXpVXFHGHHQHOIXWXUR6LGHVDSDUHFHQPiVQLxRVYROYHUp DFRQVLGHUDUODVLWXDFLyQ3HURVLTXLHUHVDEHUPLRSLQLyQFUHRTXHHVWR\DWHUPLQy ²¢8VWHGFUHHGHYHUGDGTXH 6DUDK OR KL]R WRGR" ²SUHJXQWyHOSVLTXLDWUDFRQ LQFUHGXOLGDG 1RUWRQDVLQWLyFRQXQJHVWR ²1RVR\DGLYLQRSHURDSRVWDUtDWRGRPLGLQHURDTXHHOODORKL]R<PHDIHUUDUpD HVDRSLQLyQKDVWDWHQHURWUDFRVDPiVVyOLGD(QWRGRHOSXHEOR\DVHKDEODGHTXH 6DUDK &RQJHU VH YROYLy ORFD IXULRVD \ pVDV QR VRQ SDODEUDV PtDV VLQR ODV TXH HPSOHDUiQWRGRV\GHTXHODHQFHUUDUiQHQXQDLQVWLWXFLyQ<HQXQSXHEORFRPR 3RUW$UEHOORXQD KLVWRULD FRPR pVD FXHQWDPXFKR(OSXHEORVHFDOPDUi\FXDQGR VHVHSDTXH6DUDKIXHOOHYDGDDFXDOTXLHUOXJDUTXHODOOHYHQVHFDOPDUiD~QPiV 1RWHQJRLQWHQFLyQGHYROYHUDDJLWDUORWRGRQLGHKDFHUTXHWRGRHOSXHEORKDEOHGH DOJRTXHOHVXFHGLyD-DFN&RQJHUKDFHXQDxR¢6XSRQJRTXHSXHGRFRQWDUFRQ TXHXVWHGQRGLUiDQDGLHPiVORTXHPHKDGLFKRKR\" ²(VRQRKDFHIDOWDGHFLUOR²GLMRVHFDPHQWH%HOWHU²3HUR¢TXHUUtDKDFHUPH XQIDYRU"+DEOHFRQ-DFN&RQJHU1RORLQWHUURJXHVyORKiEOHOH1LVLTXLHUDWLHQH TXHKDFHUORRILFLDOPHQWH ²¢3RUTXp"²SUHJXQWy1RUWRQ (OGRFWRU%HOWHUHVER]yXQDVRQULVD ²6yOR SDUD DJXLMRQHDUOR 8VWHG SXHGH HVWDU DEVROXWDPHQWH VHJXUR HV SRVLEOH TXHpOQDGDWHQJDTXHYHU3HURWDPELpQHVSRVLEOHTXHVt(QWRGRFDVR\VHJ~QPL RSLQLyQSURIHVLRQDOpOVHHQFXHQWUDHQXQDVLWXDFLyQHPRFLRQDOOtPLWHGHVHVSHUDGD 6L XVWHG OH GHMD YHU TXH HVWi DO WDQWR pO SRGUtD SRQHUVH QHUYLRVR OR EDVWDQWH QHUYLRVRFRPRSDUDEXVFDUD\XGDSURIHVLRQDODQWHVGHTXHVXFHGDDOJRHQORTXH SRGUtDYHUVHFRPSOLFDGR ²/R SHQVDUp ²GLMR 1RUWRQ VLQ FRPSURPHWHUVH² 6L QR WLHQH QDGD PiV TXH GHFLUPHDPtPHHVSHUDPXFKRWUDEDMR 6H SXVR GH SLH \ ORV GRV KRPEUHV VH HVWUHFKDURQ OD PDQR FRQ IRUPDOLGDG \ IULDOGDG &XDQGRHOMHIHGHSROLFtDVHPDUFKyHOGRFWRU%HOWHUSHQVyXQPRPHQWRHQODV GRVFDUSHWDVTXHWHQtDHQVXRILFLQD\ HQODH[SUHVLyQGHOURVWUR GHO SROLFtDFXDQGR VHGHVSLGLHURQ6XSRTXH1RUWRQQROHSHGLUtDODVFDUSHWDV\pOQRLQVLVWLUtD0DxDQD VHOODUtD OD FDUSHWD GH -DFN &RQJHU \ OD DUFKLYDUtD HQ HO DUPDULR HVSHFLDO TXH UHVHUYDEDSDUDODVFDUSHWDVGHSDFLHQWHVTXHQRHVSHUDEDYROYHUDYHU 6~ELWDPHQWH FDQVDGR VXELy D OD SODQWD DOWD SDUD D\XGDU D -DFN TXLHQ HVWDED WHUPLQDQGRGHKDFHUODVPDOHWDV3DUHFtDFRPRVLKXELHUDHVWDGROORUDQGR ²/HGDUpXQDLQ\HFFLyQ²GLMRHOGRFWRU%HOWHU²\ QLVLTXLHUD VHGHVSHUWDUi6L ORGHVHDQPDxDQDSXHGHQLUDYHUODDODHVFXHOD$VtODVFRVDVVHUiQPiVIiFLOHV SDUDXVWHG\VXHVSRVD\WDOYH]SDUD 6DUDK)UDQFDPHQWHQRFUHRTXHHOODVHGp FXHQWDGHORTXHVXFHGH/RVLHQWRSHURPHLPDJLQRTXHWRGRHVWRHPSHRUDUiODV FRVDV SDUD HOOD ²VRQULy DO YHU OD H[SUHVLyQ GHO URVWUR GH -DFN² 1R ROYLGH ² FRQWLQXy²TXHQRVRWURVQRVDEHPRVHQUHDOLGDGORTXH SDVD HQODPHQWHGHXQD QLxDFRPR6DUDK$PHQXGRVRVSHFKRTXHODHVTXL]RIUHQLDGHXQQLxRHVPXFKR PiVGXUDSDUDODIDPLOLDTXHSDUDHOQLxR$XQDSHUVRQDJHQHUDOPHQWHODPHQWHOD OOHYDGRQGHHOODTXLHUHLU6DUDKHVWDUiPX\ELHQ4XL]iQRVHDVHJ~QODVSDXWDVGH
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
XVWHGHVRODVPtDVSHURHOODHVWiYLYLHQGRGRQGHTXLHUHYLYLU7RGRORTXHQRVRWURV SRGHPRVKDFHUHVGHVHDUOHELHQ ²¢3HUR TXp VHUi GH HOOD" ²SUHJXQWy -DFN DQJXVWLDGR \ WRPy D OD QLxD HQ EUD]RV\HPSH]yDEDMDUODHVFDOHUDVDELHQGRTXHHUDOD~OWLPDYH] (OGRFWRU %HOWHUHVSHUy KDVWDTXHOOHJDURQDODSXHUWD SULQFLSDOSDUDUHVSRQGHUD ODSUHJXQWDGH-DFN ²(VGLItFLOGHFLUOR²PXUPXUyILQDOPHQWH²(QHOFDVRGH6DUDKVyORHOWLHPSR GLUiORTXHSXHGHVXFHGHUÒQLFDPHQWHSXHGRDFRQVHMDUOHDXVWHG\VXHVSRVDTXH YLYDQVXVYLGDV1RKD\QDGDTXHSXHGDQKDFHUSRU6DUDK (OGRFWRU%HOWHUDGYLUWLyODH[SUHVLyQGHGRORUHQHOURVWURGH-DFN ²1R KH GLFKR TXH WHQJDQ TXH ROYLGDUOD ²FRQWLQXy² 6LJDQ DPiQGROD SHUR GHMHQ \D GHYLYLU DOUHGHGRU GH HOOD 8VWHG VDEH TXH XVWHG VXHVSRVD \ (OL]DEHWK VLJXHQVLHQGRXQDIDPLOLD -DFNVHSUHJXQWyVLSRGUtDQVHUQXHYDPHQWHXQDIDPLOLD ²6LSXHGRVHUOHGHDOJXQDD\XGDSRUIDYRUKiJDPHORVDEHU²DxDGLy%HOWHU² (VWRQRHV HOILQGHO PXQGR6yOR KD VLGRXQDxRPX\PDOR3DUDXVWHGHV\SDUD WRGRVHQ3RUW$UEHOOR3HURDKRUDWHUPLQy (OGRFWRU%HOWHUDEULyORVEUD]RVSDUDUHFLELUDODQLxDGRUPLGD-DFNFRQWHPSOy XQDYH]PiVHOURVWURGHVXKLMD\ODEHVyGXOFHPHQWH ²7HDPR²VXVXUUy²VLHPSUHWHDPp£/RVLHQWRWDQWRSHTXHxDORVLHQWRWDQWR 'HVSXpV GHSRVLWy D VX KLMD HQ ORV EUD]RV GHO PpGLFR \ 6DUDK &RQJHU IXH VHSDUDGDGHVXFDVDHQ3XQWD&RQJHU 0LHQWUDVREVHUYDEDDOHMDUVHHODXWRPyYLOTXHVHOOHYDEDDVXKLMD-DFN&RQJHUVH SUHJXQWyVLWRGRKDEUtDWHUPLQDGR(VSHUDED TXH IXHUD DVt6ROREDMRODQLHYHYLR SHUGHUVHODVOXFHVWUDVHUDVGHODXWRPyYLO$JLWyXQDPDQRHQXQ~OWLPRVDOXGR ²6DUDK²VXVXUUy²6DUDK
&DStWXOR 3DVyXQD VHPDQD OXHJR GRV3RUW $UEHOOR HPSH]yD YROYHU DODQRUPDOLGDG VL ELHQ HUD XQD QRUPDOLGDG OHYHPHQWH GLIHUHQWH /D PD\RUtD GH ORV QLxRV LEDQ QXHYDPHQWHD SLH DOD HVFXHOD DXQTXHDOJXQRV OR KDFtDQ HQ HO DXWRPyYLO GH VXV SDGUHV©/RTXHSDVyXQDYH]SXHGHYROYHUDSDVDUªSHQVDEDQpVWRV 7UHVGtDVGHVSXpVGHODDSDULFLyQGH6DUDKVDOLHQGRGHOERVTXHFRQVXPDFDEUD FDUJD &DUO \ %iUEDUD 6WHYHQV SXVLHURQ VX FDVD HQ YHQWD 5RVH VH VRUSUHQGLy FXDQGRODILUPD GHELHQHVUDtFHVOHHQFDUJyOD WDUHD GHHQFRQWUDU FRPSUDGRUHV\ UHFKD]yHOWUDEDMR'LMRTXHVHWRPDEDXQDVYDFDFLRQHVSDUDUHFXSHUDUVHSHURHVR HQUHDOLGDGHUDVRODPHQWHXQDSDUWHGHODYHUGDG/DRWUDHUDTXHQRVHDWUHYtDD HQIUHQWDUVHQXHYDPHQWHD%iUEDUD6WHYHQV 0DULO\Q %XUWRQ VLJXLy DWHQGLHQGR VX WLHQGD GH URSDV \ OD JHQWH QRWy TXH HPSH]DEDDKDEODUVROD3RUXQWLHPSRPXFKDVGHODVPXMHUHVGH3RUW$UEHOORVH HVIRU]DURQ SRU LU DOD WLHQGD ORPiV DPHQXGR SRVLEOHSHURHVR QR PHMRUy QDGD 'HVSXpVGHMDURQGHLU\VLHOKiELWRGH0DULO\Q%XUWRQHPSHRUyQDGLHORVXSR 0DUWLQ )RUDJHU KL]R OR SRVLEOH SRU PDQWHQHU YLYDV ODV FRQYHUVDFLRQHV SHUR D PHGLGDTXHSDVDURQORVGtDV\QRVXFHGLyQDGDQXHYRODJHQWHHPSH]yDGHFLUOH TXH VHFDOODUD SXHV TXHUtDQROYLGDUeOSRUVXSXHVWR QRSRGtD \ SDVDEDQ SRFDV QRFKHV VLQ TXH 0DUWLQ )RUDJHU QR VH SXVLHUD GH UHSHQWH GH SLH HQ OD WDEHUQD \ H[LJLHUDFRPSOHWDPHQWHHEULRTXHDOJXLHQGHVFXEULHVHORTXHOHKDEtDVXFHGLGRHQ UHDOLGDGDVXKLMD'HVSXpVGHXQWLHPSRODJHQWHGHMyGHSUHVWDUOHDWHQFLyQ /RVSDGUHVGH-LPP\7\OHUDFWXDURQFRPRVLQDGDKXELHUDVXFHGLGR'HMDURQOD KDELWDFLyQ GHO QLxR WDO FRPR HVWDED FXDQGR GHVDSDUHFLy \ VLHPSUH SRQtDQ HQ OD
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
PHVD XQ FXELHUWR SDUDpO/D VHxRUD7\OHU GHFtD DWRGRHO PXQGR TXHHVSHUDEDD -LPP\GHXQPRPHQWRDRWUR\TXHODHVSHUDVHOHKDFtDGXUD3HURWDPELpQLQVLVWtD HQ TXH HOOD ODVRSRUWDED PX\ ELHQ \ TXH SURQWRKDEUtD WHUPLQDGR FXDQGR-LPP\ OOHJDUDDFDVD/DJHQWHGH3RUW$UEHOORDVHQWtDFRQVLPSDWtDSHURDJLWDEDODFDEH]D FXDQGR OD VHxRUD 7\OHU QR HVWDED FHUFD 9HtDQ RWUD OH\HQGD GH 3RUW $UEHOOR HQ JHVWDFLyQ 3DUD-DFN\5RVH&RQJHUODVVHPDQDVTXHVLJXLHURQDODSDUWLGDGH6DUDKIXHURQ GLItFLOHV5RVH SHUPDQHFLy FDVLWRGR HO WLHPSR HQFDVD\ GHVSXpVGH OD VHJXQGD VHPDQDOODPySRUWHOpIRQRDOD&RPSDxtD%LHQHV5DtFHVGH3RUW$UEHOORSDUDDYLVDU TXH QR YROYHUtD 1R VH VRUSUHQGLHURQ DQWHV ELHQ VH VLQWLHURQ DOLYLDGRV +DEtDQ HVWDGRSHQVDQGRFXiOVHUtDODIRUPDPiVGLSORPiWLFDGHGHFLUOHTXHVXVVHUYLFLRV\D QR HUDQ QHFHVDULRV TXH &RQJHU \D QR HUD XQ DSHOOLGR GHO FXDO SXGLHUDQ HQRUJXOOHFHUVHHQ3RUW$UEHOOR -DFN&RQJHUQRSXGRTXHGDUVHHQFDVD7HQtDXQSHULyGLFRTXHGLULJLU\GHEtD HVIRU]DUVHSRUDFWXDUFRPRVLQDGDKXELHUDVXFHGLGR(UDLPSRVLEOHSRUVXSXHVWR\ VHLPDJLQDEDTXHODJHQWHORPLUDEDGHPDQHUDH[WUDxDDXQHQVXRILFLQDVLQKDEODU FRQQDGLHIXHUDGH6\OYLD%DQQLVWHU (OSULPHUGtDTXHpOUHJUHVyDO &RXULHUGH3RUWÈUEHOOR 6\OYLDHQWUyHQVXRILFLQD\ FHUUyILUPHPHQWHODSXHUWD ²¢7HVLHQWHVELHQ"²SUHJXQWyVLQSUHiPEXORV ²(VR GHSHQGH GH OR TXH OODPHV ELHQ ²GLMR pO² 7HQJR LQWHQFLyQ GH VHJXLU YLYLHQGR\GHVHJXLUWUDEDMDQGRVLDHVRWHUHILHUHV ²&UHR TXH HVR HV OR TXH TXLVH GHFLU ²GLMR 6\OYLD \ VDOLy GH OD RILFLQD WDQ DEUXSWDPHQWHFRPRHQWUy /RV&RQJHUGLMHURQD (OL]DEHWKTXHVXKHUPDQDILQDOPHQWHKDEtDWHQLGR TXHVHU LQWHUQDGD HQ XQD LQVWLWXFLyQ \ HOOD OR DFHSWy VLQ PiV H[SOLFDFLRQHV 1R KL]R SUHJXQWDVDFHUFDGHOGtDHQTXH6DUDKVDOLyGHOERVTXH\DXQTXHOHVSDUHFLyXQ SRFRH[WUDxRHOORVORDFHSWDURQDJUDGHFLGRV1L-DFNQL5RVHTXHUtDQKDEODUGHHVH GtD \ VH FRQVLGHUDEDQ DIRUWXQDGRV SRUTXH WDPELpQ (OL]DEHWK SDUHFtD TXHUHU ROYLGDUOR $ SULQFLSLRV GH QRYLHPEUH DSUR[LPDGDPHQWH XQ PHV GHVSXpV GH TXH 6DUDK IXHVHHQYLDGDDO,QVWLWXWR2FHDQ&UHVW-DFN\5RVH&RQJHUHVWDEDQVHQWDGRVHQHO JDELQHWHGHODSDUWHSRVWHULRUGHODFDVD-DFNOHtD5RVHWUDWDEDGHOHHU6LQOODPDU DODSXHUWD(OL]DEHWKHQWUyHQODKDELWDFLyQ\VHVHQWyHQHOVRIiMXQWRDVXPDGUH &XDQGR 5RVH DO]y OD YLVWD SDUD YHU TXp TXHUtD (OL]DEHWK HVWDED PLUDQGR ILMDPHQWHHOUHWUDWRGHODQLxDTXHFROJDEDVREUHHOKRJDU5RVHPLUyODSLQWXUD ²$ YHFHV HV GLItFLO UHFRUGDU TXH QR HUHV W~ ²PXUPXUy 5RVH (OL]DEHWK PLUy KRVFDPHQWHDVXPDGUH ²%XHQRSHURQRORVR\²GLMRFRQSHWXODQFLD²1RFUHRTXHVHPHSDUH]FDHQ DEVROXWR -DFNGHMyHOOLEURDXQODGR\VRQULyDVXKLMD ²1RKDEUtDVGLFKRHVRKDFHGRVRWUHVDxRV3RUVXSXHVWRHUHVPD\RUTXHOR TXH HUD HOOD FXDQGR IXH SLQWDGR HO UHWUDWR SHUR FXDQGR WHQtDV HVD HGDG HUDV H[DFWDPHQWHFRPRHOOD ²
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
²1R TXLHUR SDUHFHUPH D HOOD ²GLMR (OL]DEHWK FRQ HO URVWUR HQFHQGLGR SRU OD FyOHUD²0HJXVWDUtDTXHVDFDUDLVHVHUHWUDWRGHDKt ² ¢6DFDUOR"²GLMR5RVH GHVFRQFHUWDGD² ¢3RU TXp WHQGUtDPRV TXH VDFDUOR" ²OR H[DPLQyQXHYDPHQWHWUDWDQGRGHGHVFXEULU HOPRWLYR GHO GLVJXVWR GHVXKLMD SHURQRHQFRQWUyQDGD ²3RUTXH \R TXLHUR ²GLMR (OL]DEHWK ² 'HEH YROYHU DO iWLFR GRQGH OR HQFRQWUDVWHLV ²1R YHR QLQJXQD UD]yQSDUDVDFDUOR GHDKt ²GLMR-DFN² &UHR TXH GHEHUtDV HVWDURUJXOORVDGHpO1RWRGDVODVQLxDVWLHQHQXQUHWUDWRFRPRpVH ²3HURQRVR\\R²LQVLVWLy(OL]DEHWKFRQLUDFUHFLHQWH6XVSDGUHVVHPLUDURQ QHUYLRVDPHQWH ²%XHQR²GLMR-DFNYDFLODQWH²VLVLJQLILFDWDQWRSDUDWL ²1R TXLHUR YROYHU D YHU HVH UHWUDWR ²GHFODUy (OL]DEHWK² /R RGLR ²KL]R XQD SDXVD \ PLUy OD SLQWXUD GH OD QLxD TXH WDQWR VH OH SDUHFtD² £7H RGLR ²OH JULWy V~ELWDPHQWHDOUHWUDWR\VDOLyFRUULHQGRGHOJDELQHWH 0RPHQWRVGHVSXpVVXVSDGUHVODR\HURQVXELUODHVFDOHUDKDFLDVXKDELWDFLyQ6H PLUDURQQXHYDPHQWHDKRUDFRQH[SUHVLRQHVSUHRFXSDGDV ²¢4XpOHHVWDUiSDVDQGR"²GLMR-DFN 5RVHSHQVyXQPRPHQWR\FXDQGRKDEOyORKL]RFRPRVLSHQVDUDHQYR]DOWD ²ÒOWLPDPHQWH SDUHFH HVWDU FDPELDQGR ¢OR QRWDVWH" 1R HV FRPR DQWHV HVWi YROYLpQGRVHXQSRFRGHVDOLxDGD$SHQDVSHTXHxRVGHWDOOHV<GLVFXWHFRQPLJRFRQ IUHFXHQFLD$QWHVFXDQGROHSHGtDTXHKLFLHUDDOJRORKDFtDLQPHGLDWDPHQWHDKRUD GLVFXWHRVHQFLOODPHQWHQRKDFHORTXHOHSLGR<HORWURGtDVHQHJyGLUHFWDPHQWHD KDFHU DOJR TXH OH SLGLy OD VHxRUD *RRGULFK £7HQGUtDV TXH KDEHU HVFXFKDGR D OD VHxRUD*RRGULFK -DFNDKRJyXQDULVLWD ²
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
SHUREDVWDQWHOHMRVSDUDTXH3RUW$UEHOORSXGLHUDVHQWLUVHVHJXUR6DUDKHVWDUtDDOOt SRUXQODUJRWLHPSR )XH XQD YLVLWD GLItFLO /D QLxD VH VHQWy IUHQWH D HOORV FRQ ORV HQRUPHV RMRV FDVWDxRVILMRVHQXQSXQWRGHOHVSDFLRHQDOJ~QOXJDUGRQGHQL-DFNQL5RVHSRGtDQ OOHJDU 1RVHUHVLVWLyFXDQGRFDGDXQRGHHOORVODDEUD]yQLUHVSRQGLyDODVFDULFLDV ²6LHPSUHHV DVt ²H[SOLFy OD HQIHUPHUD² +DVWD DKRUD QR UHVSRQGH D QDGD &RPHSHURKD\TXHSRQHUOHODFRPLGDHQODERFD $OYHUD5RVHDOERUGHGHOOODQWRODHQIHUPHUDVHDSUHVXUyDH[SOLFDU ²1R HV SDUD DIOLJLUVH ²GLMR² 6DUDK VXIULy XQ WUDXPD \ HVWi UHDFFLRQDQGR D HVR6HKDUHWLUDGRWHPSRUDOPHQWHGHQWURGHVtPLVPDWDOFRPRKDFHQODVSHUVRQDV QRUPDOHV\FRPRHOOD\DHVWDEDUHWLUDGDKDFLDGHQWURGHVtPLVPDFRQDQWHULRULGDG DKRUDSUiFWLFDPHQWHVHFHUUySRUFRPSOHWR3HURVDOGUiGHHOORHVWR\VHJXUDGHTXH VDOGUi +LFLHURQ HQ VLOHQFLR HO YLDMH GH UHJUHVR 5RVH VyOR KDEOy FXDQGR HVWXYLHURQ GH YXHOWDHQODFDVD ²6tUYHPHXQDFRSDSRU IDYRU ²GLMR²6LHQWRTXH OD QHFHVLWR ,Up DVDOXGDUD (OL]DEHWK ²%pVDODGHPLSDUWH²GLMR-DFN\VHHQFDPLQyDOJDELQHWHPLHQWUDV5RVHLED KDFLDODHVFDOHUD 0LQXWRVGHVSXpVFXDQGR5RVHHQWUyHQHOJDELQHWHKDOOyDVXPDULGRGHSLHHQ PHGLRGHODKDELWDFLyQPLUDQGRILMDPHQWHHOOXJDUYDFtRHQODSDUHGVREUHHOKRJDU ²1RHVWi²GLMRpO²(OL]DEHWKORKDGHYXHOWRDOiWLFR 5RVHPLUyHOHVSDFLRYDFtR\IXHKDVWDODSXHUWD ²£(OL]DEHWK²OODPy ²¢4Xp"²JULWy(OL]DEHWKGHVGHODSODQWDDOWD 5RVHHQWUHFHUUyORVRMRV\IXHKDVWDHOSLHGHODHVFDOHUD ²9HQDTXt²GLMRFDWHJyULFDPHQWH ²'HQWURGHXQPLQXWR²UHVSRQGLy(OL]DEHWK ² £$KRUD PLVPR ²RUGHQy 5RVH \ UHJUHVy DO JDELQHWH 8Q ODUJR PLQXWR PiV WDUGH(OL]DEHWKHQWUyHQODKDELWDFLyQ ²6ROtDV OODPDU D OD SXHUWD DQWHV GH HQWUDU HQ XQD KDELWDFLyQ ²GLMR 5RVH FRQ VHYHULGDG ²£2KPDPi²SURWHVWy(OL]DEHWK ²1R OORULTXHHV ²GLMR -DFN FRQ ILUPH]D² QR TXHGD ELHQ ¢5HWLUDVWH W~ HVH UHWUDWR" ²¢4XpUHWUDWR"²GLMR(OL]DEHWKWUDWDQGRGHHOXGLUHOWHPD ²6DEHVSHUIHFWDPHQWH ELHQ GHTXpUHWUDWRHVWDPRVKDEODQGR²GLMR5RVH²(O TXHHVWDEDHQFLPDGHOKRJDU ²2KpVH²GLMR(OL]DEHWKFRQLQGROHQFLD²2VGLMHTXHORRGLDED ²¢'yQGHORSXVLVWH" ²1XHYDPHQWHHQHOiWLFR²GLMR(OL]DEHWK²(VDOOtGRQGHSHUWHQHFH²DJUHJy\ VDOLyGHOJDELQHWH ²%XHQR²GLMR-DFN²SDUHFHTXH\DHVWiGHFLGLGR ²1RVp²GLMR5RVH²1RGHEHUtDPRVGHMDUHOUHWUDWRDOOiDUULED0HSDUHFHTXH VLQRVRWURVTXHUHPRVFROJDU QXHVWUR FXDGURHQ QXHVWUR JDELQHWHHQ QXHVWUD FDVD QXHVWUDKLMDQRHVQDGLHSDUDGHFLUQRVTXHQRSRGHPRVKDFHUOR ²3HURVLSDUDHOODVLJQLILFDWDQWR²HPSH]y-DFN 5RVHORLQWHUUXPSLy ²1RHVHVR²GLMR²(VTXHHVWiHPSH]DQGRDFRPSRUWDUVHFRPRKLMD~QLFD ²(QFLHUWRVHQWLGR²GLMRVXDYHPHQWH-DFN²ORHV¢QRHVDVt"
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
(OUHWUDWRGHODQLxDGHVFRQRFLGDTXHGyHQHOiWLFR
&DStWXOR 5D\1RUWRQFRQGXFtDOHQWDPHQWHSRUHO&DPLQRGH3XQWD&RQJHUHQSDUWHSRUTXH QRSUHVWDEDPXFKDDWHQFLyQDOFDPLQR\HQSDUWHSRUTXHFRQGXFLUPiVGHVSDFLRHV QDWXUDO FXDQGR XQR VH HVWi YROYLHQGR YLHMR 5D\ VH UHWLUDUtD HO DxR VLJXLHQWH \ HVWDEDSUHSDUDGR3RUW$UEHOORHVWDEDFDPELDQGR\5D\1RUWRQHVWDEDFDPELDQGR \DQRVHVHQWtDHOPHMRUMHIHGHSROLFtDTXHSRGtDWHQHUHOSXHEOR(VWHVHQWLPLHQWROR PDQWHQtD HQ VHFUHWR SHUR VDEtDTXH HUD XQ VHFUHWRD YRFHV &RQ HOSDVR GH ORV DxRVKDEtDGHOHJDGR PiV\PiVWUDEDMR GHVXGHSDUWDPHQWRDVXD\XGDQWH$KRUD 3RUW$UEHOORWHQtDGLH]SROLFtDV\D~QQRHUDQVXILFLHQWHV 1RFRPRHQORVYLHMRVWLHPSRVSHQVy1RUWRQ FXDQGRGHWXYR VXOHQWR DXWRPyYLO 7RGRHVWDEDFDPELDQGR (VWDFLRQy MXQWRDO SUDGR GH ORV &RQJHU \VHSXVR D REVHUYDU HO WUDEDMR TXHVH GHVDUUROODEDHQHOERVTXHHQHOODGRPiVDOHMDGRGHOSUDGR$OOtHVWDEDQLQLFLDQGROD FRQVWUXFFLyQGHXQFRPSOHMRGHGHSDUWDPHQWRV\DXQTXH5D\QRORDSUREDEDKDVWD pO GHEtD DFHSWDU TXH HVWDEDQ KDFLHQGR XQ EXHQ WUDEDMR (O FRPSOHMR DUPRQL]DUtD ELHQFRQOD3XQWDODUJR\EDMRSHJDGRDOVXHORSDUDUHVLVWLUHOHPEDWHGHORVIXHUWHV YLHQWRVTXHVRSODEDQGHOQRUWHGXUDQWHHOLQYLHUQR 0LHQWUDVREVHUYDEDHODGHODQWRGHORVWUDEDMRVVHOHRFXUULyTXHORTXHUHDOPHQWH OHGHVDJUDGDEDQRHUDHOHGLILFLRHQVtVLQRHOKHFKRGHTXHODFRQVWUXFFLyQSRQGUtD ILQDORTXHSDUDpOVHKDEtDFRQYHUWLGRHQXQDWUDGLFLyQDQXDO &DGD SULPDYHUD GXUDQWH ORV ~OWLPRV TXLQFH DxRV 5D\ 1RUWRQ KDEtD SDVDGR YDULRVGtDVUHJLVWUDQGRHOERVTXHHQEXVFDGHDOJXQDKXHOODGHORVWUHVQLxRVTXH GHVDSDUHFLHURQDTXHORWRxRHQTXHODQLHYHOOHJyWHPSUDQR(QODSULPHUDSULPDYHUD VH OH XQLy XQD SDUWLGDGH E~VTXHGD \MXQWRVUDVWULOODURQ HO ERVTXH GXUDQWHYDULRV GtDV 'HVSXpV SDVDURQ DO DFDQWLODGR EXVFDQGR DOJ~Q LQGLFLR GH ORV QLxRV GHVDSDUHFLGRV R OD HQWUDGD GH OD FXHYD TXH VH VXSRQtD TXH KDEtD DOOt 1R HQFRQWUDURQQDGD&XDOTXLHUFRVDTXHSXGRKDEHU H[LVWLGRVHKDEtDERUUDGRFRQOD QLHYH &RQWLQXDURQ FRQ OD E~VTXHGD GH OD FXHYD KDVWD TXH XQR GH ORV KRPEUHV SHUGLySLHHQWUHODVURFDV\FDVLSLHUGHODYLGDDOFDHUHQODSOD\DURFRVDGHDEDMR 'HVSXpVODJHQWHGHMyGHRIUHFHUVHSDUDLQWHJUDUODVSDUWLGDVGHE~VTXHGD'HVGH HQWRQFHV5D\1RUWRQEXVFyVROR 1XQFDHQFRQWUyQDGDSHURODE~VTXHGDVHKDEtDYXHOWRXQKiELWRHQpO7RGDV ODVSULPDYHUDVYROYtDDOERVTXHKDFtDXQPLQXFLRVRUHJLVWUR\GHVSXpVSDVDEDDO DFDQWLODGR< WRGDV ODV SULPDYHUDVQRGHVFXEUtD QDGD %XHQR DKRUDOD E~VTXHGD WHUPLQDUtD(VWDEDQWDODQGRHOERVTXH\ORVFLPLHQWRVGHOHGLILFLRGHGHSDUWDPHQWRV SHQHWUDUtDQHQHODFDQWLODGR 5D\1RUWRQEDMyGHVXDXWRPyYLO\HPSH]yDFDPLQDUKDFLDHOERVTXH1XQFDVH SXHGHVDEHUSHQVDED /RV REUHURVSRGUtDQGHVFXEULUDOJRTXHSXGRSDViUVHOHSRU DOWRDpO 'HVGHODYLHMDFDVDGHOH[WUHPRGH3XQWD&RQJHU(OL]DEHWK&RQJHUREVHUYDEDDO HQYHMHFLGR \ FDQRVR MHIH GH SROLFtD TXH FUX]DED OHQWDPHQWH HO SUDGR 7RGDV ODV SULPDYHUDV OR YHtD SRU DOOt \ WRGDV ODV SULPDYHUDV OH SUHJXQWDED TXp HVSHUDED HQFRQWUDU ²1RORVp²UHVSRQGtDpO²SHURQRSXHGRGHMDUGHKDFHUOR$OJRKD\DOOtVLHV TXHKD\DOJRHQDOJXQDSDUWH<VLHVWiDOOtORHQFRQWUDUp (OODVHSUHJXQWyDPHQXGRTXpHVSHUDEDpOHQFRQWUDUH[DFWDPHQWH\TXpKDUtDVL ORHQFRQWUDED7HQGUtDTXHVHUHVWHDxRR\DQRVHUtDQXQFD
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
0LUyHOUHORM\YLRTXHOHTXHGDEDQWUHVKRUDVDQWHVGHTXHWXYLHUDTXHSDUWLUKDFLD 2FHDQ&UHVW 6\OYLD %DQQLVWHU YLDMDED HQ VX DXWRPyYLO KDFLD HO QRUWH \ QR IXH VX LQWHQFLyQ GHWHQHUVH KDVWD QR OOHJDU D 0DLQH 3HUR FXDQGR YLR HO OHWUHUR LQGLFDGRU GH 3RUW $UEHOORFDPELyGHLGHD0LHQWUDVFRQGXFtDKDFLDHOSXHEORVHSUHJXQWySRUTXpOR KDFtD 6H KDEtD PDUFKDGR GH 3RUW $UEHOOR XQ DxR GHVSXpV GH OD LQWHUQDFLyQ GH 6DUDK\QRUHJUHVyQLXQDYH]HQORVFDWRUFHDxRVWUDQVFXUULGRVGHVGHHQWRQFHV $KRUDPLHQWUDVVHDFHUFDEDDOSXHEORGHFLGLy TXH HUDKRUDGHPLUDU XQD YH] PiV HQVXSDVDGR 3HQVyOLPLWDUVHDGDUXQDYXHOWDDODSOD]DSHURVHGHWXYRIUHQWHDODVRILFLQDVGHO &RXULHU$QWHVGHHQWUDUGLULJLyXQDUiSLGDPLUDGDDOYLHMR\VRPEUtRDUVHQDOWRGDYtD VLQ FDPELRV GHVGH DTXHOORV GtDV (YLGHQWHPHQWH 5RVH QR UHDOL]y VX SUR\HFWR GH FRQYHUWLUORHQXQDJDOHUtDFRPHUFLDO0HMRUDVtSHQVy(PSXMyODSXHUWDGHO &RXULHU HLQPHGLDWDPHQWHVXSRTXH-DFN&RQJHU\DQRVHHQFRQWUDEDDOOt 7RGRKDEtDFDPELDGR\ODPD\RUtDGHORVPLHPEURVDQWLJXRVGHOSHUVRQDOKDEtDQ GHVDSDUHFLGR3HURGHVFXEULyXQURVWURIDPLOLDUXQURVWURTXHODPLUyFRQFXULRVLGDG ²¢6HxRULWD %DQQLVWHU" ²GLMR HVD SHUVRQD \ 6\OYLD FRPSUHQGLy TXH HO MRYHQ KDEtDVLGRERWRQHVFXDQGRHOODVHKDEtDLGR$KRUDHUDUHGDFWRU/DVFRVDVKDEtDQ FDPELDGR ²%XVFDEDDOVHxRU&RQJHU²GLMRYDFLODQGR²SHURWHQJRODVHQVDFLyQGHTXH\D QRHVWiDTXt (OMRYHQODPLUyFRQDWHQFLyQ ²¢4XLHUHGHFLUTXHQRVHHQWHUy"²SUHJXQWy²0XULyKDFHQXHYHRGLH]DxRV ²(QWLHQGR²GLMR6\OYLD²¢<ODVHxRUD&RQJHUYLYHWRGDYtDHQOD3XQWD" (OMRYHQUHGDFWRUQHJyFRQXQJHVWR ²6RODPHQWHODVHxRULWD (OL]DEHWK²GLMR²/D VHxRUD&RQJHUPXULy MXQWRFRQHO VHxRU&RQJHU 1RGLRPiVH[SOLFDFLRQHV\6\OYLDVDOLyGHODRILFLQD&DVLGHFLGHDEDQGRQDU3RUW $UEHOOR \VHJXLUYLDMHDO QRUWHSHURQXHYDPHQWHFDPELyGHLGHD1RHVWDEDVHJXUD GHSRUTXpORKDFtDSHURTXLVRYHUD(OL]DEHWK&RQJHU6XELyDVXDXWRPyYLO\WRPy HO&DPLQRGH3XQWD&RQJHU /D FDVD QR KDEtD FDPELDGR \ 6\OYLD HVWDFLRQy VX DXWRPyYLO IUHQWH DO SyUWLFR 0LHQWUDVVXEtDODHVFDOLQDWDPLUyKDFLDHOERVTXH\VLQWLyXQHVFDORIUtRDOSHQVDUHQ ORTXHKDEtDVXFHGLGRDOOt9LRHOHGLILFLRHQFRQVWUXFFLyQ\WRFyODFDPSDQLOOD 8QD MRYHQ DOWD \ VRUSUHQGHQWHPHQWH ERQLWD DEULy OD SXHUWD \ OD PLUy FRQ FXULRVLGDG3RUHOFDEHOORUXELR6\OYLD%DQQLVWHUODUHFRQRFLyLQPHGLDWDPHQWH ²¢(OL]DEHWK"²GLMR /DMRYHQDVLQWLy ²¢(QTXpSXHGRVHUYLUOD"²GLMR(OL]DEHWK 3HQVyTXHFRQRFtDGHDOJXQDSDUWHDODPXMHUSHURQRHVWDEDVHJXUD0XFKRV H[WUDxRVOODPDEDQDODSXHUWDSDUDKDFHUSUHJXQWDVVREUHHOSDVDGRSUHJXQWDVTXH HOODQRSRGtDUHVSRQGHU ²1RVpVLXVWHGPHUHFXHUGD²GLMR6\OYLD²6R\6\OYLD%DQQLVWHU ²3RU VXSXHVWR ²GLMR (OL]DEHWK DEULHQGR FRPSOHWDPHQWH OD SXHUWD² /D VHFUHWDULDGHPLSDGUH(QWUHSRUIDYRU 6\OYLDREVHUYyODFDVDDVXDOUHGHGRUPLHQWUDV(OL]DEHWKODFRQGXFtDDOJDELQHWH WUDVHUR1DGDSDUHFtDKDEHUFDPELDGR
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
²1RVpSRUTXp²GHFtD(OL]DEHWK²SHURXQRSDUHFHHQPRKHFHUYLYLHQGRDTXt $SHQDV XVR OD VDOD GH HVWDU \ OD DQWLJXD RILFLQD GH PDPi HVWi FRPSOHWDPHQWH FHUUDGD ²0H HQWHUp GH OR GH VXV SDGUHV ²GLMR 6\OYLD DPDEOHPHQWH² 6yOR TXLVH GHWHQHUPHXQPRPHQWRSDUDGHFLUOHFXiQWRORVLHQWR ²1RVHDSHQH²GLMR(OL]DEHWK²WDOYH]SDUH]FDFUXHOSHURHVWR\VHJXUDGHTXH DKRUDHOORVVRQPiVIHOLFHV ²¢/HLPSRUWDVLOHSUHJXQWRTXpVXFHGLy"²SUHJXQWy6\OYLD ²(QDEVROXWR+DFHFDVLGLH]DxRVTXHPXULHURQ\\DQRPHDIHFWDKDEODUGHOR TXHSDVy<WDOYH]XVWHGSXHGDUHVSRQGHUPHDDOJXQDVSUHJXQWDVVLQROHLPSRUWD ²'HQLQJ~QPRGR²GLMR6\OYLD²OHFRQWDUpWRGRORTXHSXHGD /DVGRVPXMHUHVVHVHQWDURQ\(OL]DEHWKFRQWyD6\OYLDORTXHOHVVXFHGLyD-DFN \5RVH&RQJHU ²)XH D ORV FLQFR DxRV GH HQYLDU D 6DUDK D 2FHDQ &UHVW ² GLMR² ,QPHGLDWDPHQWHGHVSXpVTXHFXPSOtGLHFLRFKRDxRVSDUDVHUH[DFWD3RUVXSXHVWR QXQFDVDEUHPRVH[DFWDPHQWHTXpSDVySHURSDSiOOHYyXQGtDDPDPiDQDYHJDU < QR UHJUHVDURQ7RGRVSHQVDURQ HQXQDFFLGHQWHSHUR XQD VHPDQD GHVSXpV HO HQFDUJDGRGHOHPEDUFDGHURQRUHFXHUGRVXQRPEUHHQFRQWUyWRGRVORVVDOYDYLGDV GH OD HPEDUFDFLyQ PHWLGRV HQ XQ DUPDULR GHO FOXE QiXWLFR &RPR SDSi VLHPSUH KDEtDVLGR FXLGDGRVR FRQ HVDV FRVDVGHGXMHURQ TXH QRKDEtD VLGR XQDFFLGHQWH $SDUHQWHPHQWH SDSi OOHYyD PDPi \ KXQGLyHO ERWHFRQ HOORV GRV ²VH GHWXYR \ SDUHFLySHQVDUGXUDQWHXQPLQXWR²(PSHFpDDWDUFDERV(QHVDpSRFDHOVXLFLGLR QRWHQtDVHQWLGRSDUDPt3HURFRQHOFRUUHUGHORVDxRVHPSHFpDFRPSUHQGHUPiV \PiVORTXHSXGRKDEHUOHSDVDGRDpO&UHRTXHDKRUDORHQWLHQGR3LHQVRTXHIXH GHPDVLDGR SDUDSDSi$SDUHQWHPHQWHHO SXHEOR QRGHMyQLXQPRPHQWRGH KDEODU VREUHORVXFHGLGRDTXHORWRxR\GHDOJ~QPRGRVHKLFLHURQDODLGHDGHTXHSDSi HVWXYRFRPSOLFDGRHQDTXHOOR'HWRGDVPDQHUDVXVWHGVDEHFyPRHV3RUW$UEHOOR /D JHQWH WLHQH EXHQD PHPRULD \ ODV KLVWRULDV VH DJUDQGDQ FDGD YH] TXH VRQ UHODWDGDV(QORV~OWLPRVWLHPSRVPDPiQRVDOtDGHFDVDH[FHSWRFXDQGRSDSiOD OOHYDEDDOSXHEOR\SDSiEXHQRSLHQVRTXHVHFDQVyGHTXHODJHQWHORPLUDUD WRGRHOWLHPSR ²¢3RUTXpQRVHIXHURQGHOSXHEOR"²SUHJXQWy6\OYLD ²¢3RU TXp QR PH IXL \R" ²GLMR (OL]DEHWK² 6XSRQJR TXH SDUD QRVRWURV ORV &RQJHUHVWHOXJDU HVFRPR XQ KRJDU 1RHV IiFLO UHQXQFLDU DWRGRORTXH QRV HV IDPLOLDU3DSiQXQFDKXELHUDSRGLGR\\RWDPSRFRSXHGR$GHPiVKD\TXHSHQVDU HQ6DUDK ²¢6DUDK"²SUHJXQWy6\OYLDFRQLQWHUpV²¢&yPRHVWi" ²0XFKRPHMRU²GLMR(OL]DEHWK²(QUHDOLGDGKR\YHQGUiDFDVDSRUSULPHUD YH] ²¢<SRGUiTXHGDUVHDTXt" ²(VWDYH]QRSHURHVSpUDQRVTXHVtSXHGDPiVDGHODQWHDXQTXH2FHDQ&UHVW QRHVXQPDOOXJDUSDUDHVWDU(QUHDOLGDGHVPX\IHOL]DOOt ²6t²GLMR6\OYLD²PHLPDJLQRTXHVt ²3HUR D~Q WHQHPRV R TXL]i GHER GHFLU TXH HOOD WLHQH TXH UHFRUGDU OR TXH VXFHGLyDTXHOGtDTXHVDOLyGHOERVTXHFRQHVHHVHREMHWRHQODPDQR(VOR~QLFR TXH WRGDYtD QR SXHGH UHFRUGDU 5HFXHUGD OR TXH VXFHGLy HQWUH HOOD \ SDSi ² (OL]DEHWKVHGHWXYRV~ELWDPHQWH\PLUyD6\OYLDFRQHPEDUD]R ²(VWiELHQ²GLMR6\OYLD²HQUHDOLGDGSUREDEOHPHQWH\RSXHGDFRQWDUOHPiV TXH6DUDKGHHVHLQFLGHQWHDXQTXHHOODDKRUDORUHFXHUGH ² ¢'H YHUGDG" ²SUHJXQWy (OL]DEHWK² 1R Vp SRU TXp SHUR VLHPSUH WXYH OD LPSUHVLyQGHTXHHVRIXHODFDXVDSULQFLSDOGHORTXHOHVSDVyDSDSi\PDPi
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
²6LQGXGDORIXH ²VXVSLUy 6\OYLD²-DFN PH KDEOyPXFKR GH HVR (VWXYLPRV PX\XQLGRVFRPRXVWHGVDEUi (OL]DEHWKDVLQWLyFRQXQJHVWR ²+XER DOJXQDV PXUPXUDFLRQHV ²GLMR² 1XQFD VXSH FRQ VHJXULGDG FXiQWR KDEtD GH YHUGDG HQ HOODV SHUR VDEtD TXH PDPi \ SDSi QR VH HQWHQGtDQ (VSHFLDOPHQWHGHVSXpVTXH6DUDKHQIHUPy ²(VD IXH OD UDt] GHO SUREOHPD ²GLMR 6\OYLD² -DFN QR YROYLy D VHU HO PLVPR GHVSXpVGHDTXHOGtDWHUULEOHHQHOERVTXH 6HTXHGyHQVLOHQFLR\GHVSXpVGHXQPLQXWRFRQWLQXy ²7XYLPRV FLHUWD UHODFLyQ ²GLMR FRQ LQFRPRGLGDG \ UXERUL]iQGRVH² 1R GXUy PXFKRDSHQDV XQ DxR )LQDOPHQWH\R ODWHUPLQp 6XSRQJRTXH OR KLFH HQSDUWH SRUTXH VHQWt OiVWLPD GH 5RVH \ HQ SDUWH SRUTXH WHQtD PLHGR GH OR TXH SRGUtD KDEHUVXFHGLGRFXDQGRWHUPLQDUD$PHQXGRSDUHFHPiVIiFLOVXSHUDUORVILQDOHV FXDQGRHVXQRTXLHQORVSURYRFD'HPRGRTXHWHUPLQpODUHODFLyQ\PHIXLGH3RUW $UEHOOR <VDEH XVWHG ²FRQWLQXy² FXDQGR SDUWtWXYH ODLPSUHVLyQ GH TXH SDUD -DFNODYLGDKDEtDWHUPLQDGR6XSRQJRTXHVXHQDSUHVXQWXRVRSHURQRHVHVROR TXHTXLVHGHFLU1RWHQtDQDGDTXHYHUFRQPLJR6LPSOHPHQWHSDUHFtDDJRWDGR(Q UHDOLGDGFXDQGRSLHQVRHQHOORPHVRUSUHQGHTXHKD\DUHVLVWLGRWDQWRWLHPSR (OL]DEHWKDVLQWLy ²&UHRTXHORKL]RSRUPt²GLMR²1RFUHRTXHKD\DVLGRFRLQFLGHQFLDVXVXLFLGLR LQPHGLDWDPHQWHGHVSXpVTXH \RFXPSOtGLHFLRFKR DxRV(VSHUyKDVWDTXHIXHUD OR VXILFLHQWHPHQWHPD\RU\HQWRQFHVHQWRQFHVSDUWLy ²'HELyVHUWHUULEOHSDUDXVWHG²GLMR6\OYLD ²/RIXHDOSULQFLSLR\WRGDYtDQRHVIiFLO7XYHTXHYHQGHUSDUWHGHODWLHUUDSDUD PDQWHQHUPH\SDUDPDQWHQHUD6DUDK'HFLGtGHVKDFHUPHGHOERVTXHPHSDUHFLy TXHKDEtDHVWDGRFRQODIDPLOLDGXUDQWHGHPDVLDGRWLHPSR&UHRTXHHVSHUDEDTXH OLEUiQGRPH GHpO\ GHHVHGHVDJUDGDEOHDFDQWLODGRPHOLEUDUtD GHODOH\HQGD \GH ODVPXUPXUDFLRQHV ²(VWR\ VHJXUD GH TXH DVt VHUi ²GLMR 6\OYLD \ PLUy VX UHORM GH SXOVHUD² £9iOJDPH'LRV6LTXLHUROOHJDUDWLHPSRDGRQGHYR\WHQJRTXHLUPHDKRUD*UDFLDV SRUFRQWDUPHORTXHOHVXFHGLyD-DFN¢/HKDVHUYLGRGHDOJR" ²3RU VXSXHVWR ²GLMR (OL]DEHWK² 0H DOHJUD VDEHUTXH SDSi WXYR XQSRFRGH IHOLFLGDG HQ VX YLGD ²WDPELpQ HOOD PLUy ODKRUD² 6LHQWR TXH WHQJD TXH VHU XQD YLVLWDWDQFRUWD²GLMR²¢9HQGUiDYHUPHDOJXQDYH]" 6\OYLDOHDVHJXUyTXHVtSHURDPEDVPXMHUHVVDEtDQTXHQRYROYHUtDQDYHUVH (OL]DEHWK DJLWy OD PDQR FXDQGR 6\OYLD SDUWLy \ OXHJRPLUy VX UHORM XQD YH] PiV 7RGDYtDIDOWDEDXQDKRUDSDUDSDUWLUKDFLD2FHDQ&UHVWGHPRGRTXHIXHDYHUDOD VHxRUD*RRGULFK $XQTXHODDQFLDQDQXQFDDGPLWtDVXYHUGDGHUDHGDG(OL]DEHWKHVWDEDVHJXUDGH TXH KDEtD SDVDGR ODUJDPHQWH ORV RFKHQWD DxRV 7RGDYtD YLYtD HQ OD SHTXHxD KDELWDFLyQFRQWLJXDDODFRFLQD\KDFtDORSRVLEOHSRUPDQWHQHUODILFFLyQGHTXHHOOD FXLGDEDGHODVHxRULWD(OL]DEHWKDXQTXHORFLHUWRHUDDODLQYHUVD3UHSDUDEDFDIp WRGDV ODV PDxDQDV \ VH ODV DUUHJODED SDUD VHUYLU DOJR TXH HOOD OODPDED FRPLGD DXQTXH (OL]DEHWK KDEtD OOHJDGR D DFRVWXPEUDUVH D HVSHUDU D TXH OD DQFLDQD VH GXUPLHUDSDUDLUDODFRFLQD\SUHSDUDUVHDOJRTXHODPDQWXYLHUDHQSLHKDVWDODKRUD GHODFHQD (OL]DEHWKVHVHQWtDSUHRFXSDGDSRUODVHxRUD*RRGULFK1RSDVDUtDPXFKRWLHPSR \ODDQFLDQDQHFHVLWDUtDFXLGDGRVGXUDQWHODVYHLQWLFXDWURKRUDV\(OL]DEHWKQRVDEtD FyPRVHODVDUUHJODUtD$PHQRVTXHORTXHKDEtDQGLFKRORVPpGLFRVIXHUDYHUGDG \D6DUDKOHSHUPLWLHUDQYROYHUDFDVD*ROSHyVXDYHPHQWHODSXHUWDGHODVHxRUD *RRGULFK
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
²¢(VXVWHGVHxRUD5RVH"²GLMRODDQFLDQDFRQYR]WHPEORURVD (OL]DEHWK DJLWy WULVWHPHQWH OD FDEH]D ÒOWLPDPHQWH OD DQFLDQD FRQIXQGtD D (OL]DEHWK FRQ VX PDGUH \ (OL]DEHWK VXSRQtD TXH HUD XQ VLJQR GH VHQLOLGDG SURJUHVLYD ²6R\\R²GLMRFRQDPDELOLGDG²ODVHxRULWD(OL]DEHWK $EULy OD SXHUWD \ OD DQFLDQD OD PLUy VRUSUHQGLGD /XHJR VX PHQWH SDUHFLy DFODUDUVH\WUDWyGHVRQUHtU ²£2KVt²GLMRYDFLODQGR²¢'yQGHHVWiVXPDGUH" ²9HQGUi PiV WDUGH ²SURPHWLy (OL]DEHWK VDELHQGR TXH PiV WDUGH OD VHxRUD *RRGULFK KDEUtD ROYLGDGR TXH KDEtD SUHJXQWDGR SRU 5RVH /D SULPHUD YH] TXH VXFHGLy(OL]DEHWKWUDWyGHH[SOLFDUDODDQFLDQDTXH5RVHKDEtDPXHUWR\HOURVWUR GHODVHxRUD*RRGULFKKDEtDDGTXLULGRXQDH[SUHVLyQGHKRUURU ²£2KTXHULGD²KDEtDGLFKR²¢TXpVHUiDKRUDGHOSREUHVHxRU-DFN" (OL]DEHWKODKDEtDPLUDGRXQPRPHQWRDQWHVGHFRPSUHQGHUTXHODDQFLDQDGHEtD KDEHUROYLGDGRORVXFHGLGR6LPSOHPHQWHLJQRUDEDDTXHOORVGtDV (OL]DEHWKFHUUyODSXHUWD 3DVHyODPLUDGDSRUODFRFLQD\SHQVyTXHWHQGUtDTXHODYDUODYDMLOOD\DKRUUDU HVHHVIXHU]RDODVHxRUD*RRGULFKVXVPDQRVDUWUtWLFDV\DQRSRGtDQPDQHMDUSODWRV PRMDGRV\WHQtDGLILFXOWDGHVSDUDGDUVHFXHQWDGHORTXHKDFtD3HURD(OL]DEHWKQR OH LPSRUWDED TXH UHFD\HUD VREUH HOOD HO WUDEDMR GH VLUYLHQWD /D VHxRUD *RRGULFK KDEtDVHUYLGRDVXIDPLOLDGXUDQWHODUJRWLHPSR/RPHQRVTXHSRGtDKDFHUSRUOD DQFLDQDHUDFXLGDUODHQVXV~OWLPRVDxRV <DGHPiV(OL]DEHWKQRWHQtDPXFKRTXHKDFHU6LQSHUFDWDUVHGHHOORVHHVWDED YROYLHQGRSDUHFLGDDVXPDGUHSHUPDQHFtDFDVLWRGRHOWLHPSRHQFDVD\VyORLEDD 3RUW$UEHOOR FXDQGRGHEtD KDFHUFRPSUDVXRWUDGLOLJHQFLD 1RVHOHRFXUUtDSHQVDU TXH D ORV YHLQWLRFKR DxRV HPSH]DED D FRPSRUWDUVH FRPR XQD VROWHURQD TXH OD GREODUD HQ HGDG 7DPSRFR VH OH RFXUUtD SHQVDU TXH VX HVWLOR GH YLGD UHVXOWDED H[WUDxRSDUDPXFKDJHQWH (QUHDOLGDG (OL]DEHWK &RQJHU HVWDED FRQWHQWD FRQ VX IRUPD GH YLGD7HQtD VX FDVDDODTXHDPDED\WHQtDDVXJDWRXQYLHMRJDWRSHUVDDOTXHEDXWL]y &HFLO HQ UHFXHUGRGHOGHVDSDUHFLGR6XSDGUHKDEtDOOHYDGRHOJDWLWRDFDVDSRFRGHVSXpVGH TXH6DUDKVHKDEtDLGRD2FHDQ&UHVW$KRUDHOJDWRHVWDEDPX\YLHMRGHFUpSLWR\ QHFHVLWDED PXFKRV FXLGDGRV (OL]DEHWK KDEtD SHQVDGR HQ HQYLDUOR D GRUPLU SDUD VLHPSUHSHURQRSXGRUHXQLUFRUDMHSDUDKDFHUOR 0LUy VXDYHPHQWHDVXDOUHGHGRU HQODFRFLQD \VHSUHJXQWySRUGyQGH HPSH]DU (QWRQFHV FRQ OD PLVPD SURQWLWXG FRQ TXH VH KDEtD GHFLGLGR D SRQHUXQ SRFRGH RUGHQFDPELyGHLGHD\GHFLGLyVDOLUDFDPLQDU 0LUyXQDYH]PiVDODVHxRUD*RRGULFK\YLRTXHVHJXtDGXUPLHQGR&XDQGRVH SRQtDHODEULJR MXQWRDODSXHUWDSULQFLSDOVLQWLyTXH &HFLO VHUHVWUHJDEDFRQWUDVXV SLHUQDV ²¢7~ WDPELpQ TXLHUHV YHQLU" ²SUHJXQWy DO JDWR² 3HUR \D WH FRQR]FR FDPLQDUiVPX\FRQWHQWRXQRVFLQFRPHWURV\GHVSXpVWHQGUpTXHFDUJDUWH (OJDWRODPLUy\PDXOOy ²2KHVWiELHQYDPRV²GLMR(OL]DEHWKDEULHQGRODSXHUWDSULQFLSDO(OJDWRVDOLy DODEULOODQWHOX]GHOVROGHSULPDYHUD $OYHUHODXWRPyYLOGH5D\1RUWRQWRGDYtDHVWDFLRQDGRHQHO&DPLQRGHOD3XQWD MXQWR DO SUDGR (OL]DEHWK GHFLGLy DFHUFDUVH DO ERVTXH \ REVHUYDU OD REUD HQ FRQVWUXFFLyQ 'XUDQWH DxRVKDEtD HYLWDGR HOERVTXH KDVWD TXH VHYLR REOLJDGD D UHFRUUHUODSURSLHGDGFRQHODJHQWHGHELHQHVUDtFHVTXHODYHQGHUtD$XQHQWRQFHV QR VH VLQWLy FyPRGDHQHO ERVTXHQL HQ HODFDQWLODGR 3HURDKRUD FRQ ODREUD HQ
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
FRQVWUXFFLyQ \ HO iUHD EXOOHQGR GH DFWLYLGDG HVRV OXJDUHV KDEtDQ SHUGLGR VX FDUiFWHUDPHQD]DGRU\HOODGLVIUXWDEDUHFRUULpQGRORV (QFRQWUy D 5D\ 1RUWRQ VHQWDGR FRQ OD HVSDOGD DSR\DGD FRQWUD XQ iUERO REVHUYDQGRSDFLHQWHPHQWHHOWUDEDMR ²¢3XHGRDFRPSDxDUOH"²SUHJXQWyHOODVRQULHQGR (OYLHMRSROLFtDDO]yODYLVWDVRUSUHQGLGR ²£9D\D PLUD TXLpQ HVWi DTXt ²GLMR ² ¢'HVGH FXiQGR ORV MyYHQHV &RQJHU WLHQHQSHUPLVRSDUDMXJDUDTXt" /RVRMRVGHOSROLFtDFHQWHOOHDEDQ\(OL]DEHWKULyVXDYHPHQWH ²
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
&DStWXOR (O,QVWLWXWR2FHDQ&UHVWTXHKDFtDYDULRVDxRV KDEtDHOLPLQDGR GHVXQRPEUH OD SDODEUD ©PHQWDOªVHH[WHQGtDVREUHGLH]KHFWiUHDVGHERVTXHV\SUDGHUDVHQXQD HOHYDFLyQ GH WHUUHQR IUHQWH DO $WOiQWLFR 6XV GLUHFWRUHV VH HVIRU]DEDQ SRUTXH SDUHFLHUDXQKRWHOGHYHUDQHR\KDVWDFLHUWRSXQWRORFRQVHJXtDQ6XVSUHFLRVVH PDQWHQtDQ GHQWUR GH OR UD]RQDEOH JUDFLDV D ORV FXDQWLRVRV OHJDGRV GH IDPLOLDV DFDXGDODGDV\DJUDGHFLGDVSRUHOFXLGDGR\ODGLVFUHFLyQFRQTXH2FHDQ&UHVWVH HQFDUJDEDGHDTXHOORVPLHPEURVFX\DVH[FHQWULFLGDGHVGHMDEDQGHVHULQRIHQVLYDV OHJDGRVTXHVHKDEtDQLGRDFXPXODQGRDORODUJRGHPXFKRVDxRV1RKDEtDUHMDV TXHHVWRUEDUDQODYLVWDGHORFpDQRDWUDYpVGHODVYHQWDQDVGH2FHDQ&UHVW(QYH] GHUHMDVHQODVXQLGDGHVGRQGHVHDORMDEDQORVSDFLHQWHVFRQVLGHUDGRVGHPDVLDGR SHOLJURVRV VH KDEtDQ LQVWDODGR FULVWDOHV D SUXHED GH EDODV 6DUDK &RQJHU YLYLy FXDWURDxRVHQXQDGHHVDVXQLGDGHV\QXQFDOOHJyDVDEHUTXHSRUHVDVYHQWDQDV QR KDEUtD SRGLGR HVFDSDU 1XQFD KL]R ODSUXHED /RV UHVLGHQWHV GH 2FHDQ &UHVW UDUDVYHFHVWUDWDEDQGHKXLU6LDOJXQDYH]VHHVFDSDEDQHUDJHQHUDOPHQWHGHELGR DXQDFRQIXVLyQ\QRDOGHVHRGHPDUFKDUVHGHDOOt 'HVSXpVGHORVSULPHURVFXDWUR DxRV6DUDK&RQJHUIXHWUDVODGDGDGHODXQLGDG GH VHJXULGDG D XQD FDVD SHTXHxD TXH FRPSDUWtD FRQ RWUDV WUHV PXFKDFKDV DGROHVFHQWHV \ XQD HQFDUJDGD 8Q H[WUDxR TXH QR VXSLHUD TXH WRGDV ODV FKLFDV SDGHFtDQ WUDVWRUQRV PHQWDOHV VyOR ODV KDEUtD HQFRQWUDGR GHVXVDGDPHQWH WUDQTXLODV 5DUDPHQWH VH SURGXFtDQ HVWDOOLGRV GH QLQJXQD FODVH HQWUH ODV PXFKDFKDV $QWHV ELHQ YLYtDQ XQD YLGD WDQ FHUFDQD D OR QRUPDO FRPR SRGtDQ SHUPLWtUVHORHQ2FHDQ&UHVW(OGRFWRU/DZUHQFH)HOGLQJGLUHFWRUGHODLQVWLWXFLyQ VHDGKHUtDWRWDOPHQWHDODLGHDGHTXHORVHQIHUPRVPHQWDOHVQHFHVLWDQ©DVLORª\ QRWUDWDPLHQWR6LVHTXLHUHTXHDOJXLHQVHDQRUPDOVRVWHQtDHOGRFWRU)HOGLQJKD\ TXH WUDWDUORFRPRVL ORIXHUD/DJHQWHVHJ~QKDEtDGHVFXELHUWRWLHQHWHQGHQFLDD YLYLUGHDFXHUGRDODVH[SHFWDWLYDVTXHQRVHH[SUHVDQHQYH]GHyUGHQHVYHUEDOHV 3RURWUDSDUWHHOGRFWRU)HOGLQJVHHVIRU]DEDSDUDTXHHQ2FHDQ&UHVWTXHGDUDQ PX\SRFDVFRVDVOLEUDGDVDOD]DU/RTXHKDEtDKHFKRHUDGHVDUUROODUXQQLYHOGH HVSRQWDQHLGDG SODQLILFDGD TXH SDUHFtD IXQFLRQDU VDWLVIDFWRULDPHQWH FRQ VXV SDFLHQWHV$PHQXGRORVUHVLGHQWHVGH2FHDQ&UHVWVHVRUSUHQGtDQDOGHVFXEULUTXH XQDPLJR GHPHVHV D TXLHQKDEtDQWRPDGR SRU RWUR UHVLGHQWH HUD XQSVLTXLDWUD /RV PpGLFRV GH2FHDQ &UHVW HMHUFtDQ IHOLFHV VXWHUDSLD HQWUH SDUWLGDV GH QDLSHV SLFQLFV\HQFXHQWURV©FDVXDOHVªHQODVVDODVFRPXQHV 6RODPHQWH FXDQGR VHSHQVDED TXH XQUHVLGHQWH HVWDED HQ FRQGLFLRQHV GH VHU GDGR GH DOWD VH UHDOL]DEDQ UHXQLRQHV IRUPDOHV FRQ ORV PpGLFRV < GHVSXpV GH TXLQFHDxRVHQ2FHDQ&UHVW6DUDK&RQJHUHPSH]DEDDWHQHUHQFXHQWURVIRUPDOHV FRQVXVPpGLFRV ²¢&yPRVHVLHQWHDQWHODSHUVSHFWLYDGHYROYHUDFDVD"²HVWDEDSUHJXQWiQGROH HOGRFWRU/DUU\)HOGLQJ $QWHVGHFRQWHVWDU6DUDKHQFHQGLyQHUYLRVDPHQWHXQFLJDUULOOR\DJLWyHOIyVIRUR SDUDDSDJDUOR ²1RVLHQWRTXHYXHOYRDFDVDHQDEVROXWR²GLMR²+HSDVDGRDTXtPiVGHOD PLWDGGHPLYLGD(VWHHVPLKRJDU /DUU\)HOGLQJVROWyODFDUFDMDGD ²&XLGDGR ²GLMR²VLGLFH HVR HQ OXJDU LQDGHFXDGRODJHQWH GLUiTXHVHHVWi YROYLHQGR©LQVWLWXFLRQDOL]DGDª 6DUDKVRQULy\/DUU\)HOGLQJUHFRUGyWRGRVORVDxRVHQTXH6DUDKQXQFDVRQUHtD VLQRTXHSHUPDQHFtDVLPSOHPHQWHVHQWDGDPLUDQGRHOPDUFRQODPLUDGDYDFtD\HO URVWURVLQH[SUHVLyQ6XVLOHQFLRKDEtDVLGRWRWDOGXUDQWHWUHVDxRV\SDVDURQRWURV
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
FLQFRKDVWDTXHSXGRKDEODUFRQRUDFLRQHVFRPSOHWDV&XDQGROOHYDED\DGLH]DxRV HQ 2FHDQ &UHVW SRU ILQ KDEtD VRQUHtGR )XH HQWRQFHV FXDQGR HO GRFWRU )HOGLQJ HPSH]y D DOHQWDU HVSHUDQ]DV GH TXH VH UHFXSHUDUtD +DFtD DSUR[LPDGDPHQWH XQ DxRTXHHUDUDURHOPRPHQWRHQTXH6DUDK&RQJHUQRHVWXYLHUDVRQULHQGR6XEXHQ KXPRUGHVDSDUHFtDVRODPHQWHFXDQGRDOJXLHQWUDWDEDGHKDEODUOHDFHUFDGHORTXH KDEtD VXFHGLGR LQPHGLDWDPHQWH DQWHV GH VX OOHJDGD D 2FHDQ &UHVW (QWRQFHV OD VRQULVDVHERUUDED\HOODHPSH]DEDDVHQWLUVHLQFyPRGD1RSRGtDUHFRUGDUORTXH KDEtDVXFHGLGR/DUU\)HOGLQJVLQWLyWHQHUTXHPDWDUDKRUDHVDVRQULVDSHURQRYHtD IRUPDGHHYLWDUOR ²0LHQWUDVHVWpHQFDVD6DUDKTXLHURTXHWUDWHGHUHFRUGDU²GLMR ²¢5HFRUGDU" ²GLMR 6DUDK \ SUHYLVLEOHPHQWH VX VRQULVD GHVDSDUHFLy² ¢5HFRUGDUTXp" )HOGLQJODPLUySRUHQFLPDGHVXVDQWHRMRV\6DUDKVHPRYLyLQTXLHWD ²(VWiELHQ²GLMR²6pGHORTXH KDEOD\QRILQJLUpORFRQWUDULR<VpTXHWHQJR TXH UHFRUGDUOR WRGR ²YROYLy D DSDUHFHU OD VRQULVD² 3RU VXSXHVWR ²GLMR WtPLGDPHQWH²VLQRUHFXHUGRQRSRGUiQGDUPHGHDOWD¢QRHVDVt" ²$VtHV²UHSXVR)HOGLQJPLUiQGRVHODVXxDV²3HURVLHPSUHSXHGRHFKDUODGH DTXtDSXQWDSLpVVLVHKDFHODUHPRORQD ²1RXVWHGQR²GLMR6DUDKFRPSODFLGD²8VWHGQRVDFDUtDGHDTXtDSXQWDSLpV QLDXQDDUGLOOD²YROYLyDSRQHUVHVHULD²&UHRTXHWHQJRPLHGRGHUHFRUGDU/DUU\ 5HDOPHQWHFUHRTXHHVHVR ²£%UDYR ²FRPHQWy )HOGLQJ FRQ LURQtD² 'HVSXpV GH TXLQFH DxRV SRU ILQ KD GHVFXELHUWRTXHQRHQIUHQWDPRVORTXHWHQHPRVPLHGRGHHQIUHQWDU¢7HQGUpTXH DQRWDUORHQVXKLVWRULDFOtQLFD"²VHLQFOLQyKDFLDDGHODQWH\VXYR]VHYROYLyVHULD² 3RUVXSXHVWRTXHWLHQHPLHGR6DUDK&XDQGRORUHFXHUGHQRVHUiQDGDDJUDGDEOH (QUHDOLGDGWHPRTXHVHUiPX\GHVDJUDGDEOH3HURQRORUHFRUGDUiWRGRGHJROSH OR UHFRUGDUi SRFR DSRFRFRPRHO GtD HQ HO ERVTXHFRQ VX SDGUH1RWHQGUi TXH HQIUHQWDUORGHXQDVRODYH]SHURWHQGUiTXHHQIUHQWDUORGHWRGRVPRGRV'HQRVHU DVt QR SRGUHPRV FRQVLGHUDUOD ©QRUPDOª VHD OR TXH VHD OR TXH HVD SDODEUD VLJQLILTXH'HPRGRTXHTXLHURTXHPLHQWUDVHVWpHQFDVDWUDWHGHUHFRUGDUORTXH VXFHGLy ²0X\ ELHQ ²GLMR 6DUDK VLQ PXFKR HQWXVLDVPR²7UDWDUp 3HUR QROH SURPHWR QDGD ¢+D\ DOJR HQ HVSHFLDO TXH GHED KDFHU" ¢DOJR TXH SXHGD D\XGDUPH D UHIUHVFDUODPHPRULD" ²¢4XLpQ VDEH" ²GLMR )HOGLQJ HQFRJLpQGRVH GH KRPEURV² 3RGUtD SUREDU D SDVHDUSRUHOERVTXHRHOSUDGR ²(O ERVTXHOR HVWiQ WDODQGR²GLMR 6DUDK² (OL]DEHWK WXYR TXH YHQGHUOR SDUD TXHHVWHOXJDUSXHGDVHJXLUIXQFLRQDQGR¢QRORUHFXHUGD" 1XHYDPHQWHH[KLEtDVXFRQWDJLRVDVRQULVD\)HOGLQJGHFLGLyQRSHUWXUEDUODHVWD YH](OGLUHFWRUGH2FHDQ&UHVWVXVSLUyFRQILQJLGRHPEDUD]R ²/RVp²GLMR²SHURWHQtDTXHSDJDUPLV©5ROOV5R\FHVªGHDOJXQDPDQHUD 0LUySRUODYHQWDQDHOWUDMLQDGR©&KHY\ªTXHWpFQLFDPHQWHHUDVX\RSHURTXH WRGRVHQ2FHDQ&UHVWXVDEDQFRPRXQDHVSHFLHGHWUDQVSRUWHS~EOLFR9LRTXHRWUR FRFKHVHHVWDFLRQDEDMXQWRDOGHpO ²+DEODQGRGH(OL]DEHWKDOOtYLHQH¢(VWiSUHSDUDGD" ²,UpDEXVFDUPLPDOHWD²GLMR6DUDKSRQLpQGRVHGHSLH²6XSRQJRTXHTXHUUi PDQWHQHUVXKDELWXDOFKDUODHQSULYDGRFRQORVIDPLOLDUHV ²+D HVWDGR DTXt GHPDVLDGR WLHPSR ²GLMR pO FRQ ILQJLGD KRVTXHGDG² (VWi GHVFXEULHQGRFyPRIXQFLRQDHVWHOXJDU6DUDKOHVRQULy\pOGHYROYLyODVRQULVD² 'tJDOHD(OL]DEHWKTXHHQWUHSRUIDYRU
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
²3RUVXSXHVWR¢&XiQWRWLHPSRWHQJRTXHWDUGDUHQEXVFDUPLYDOLMD"¢/RVGLH] PLQXWRVKDELWXDOHV" ²£)XHUDGHDTXt²JULWy)HOGLQJ\6DUDKVDOLyFRUULHQGR \ULpQGRVH(QFRQWUyD (OL]DEHWKHQHOYHVWtEXOR ²+ROD ²GLMR² /DUU\ TXLHUH KDEODU FRQWLJR SHUR FUHR TXH DFDER GH KDFHUOR HQRMDU9HFRQpO\FiOPDOR 7RGDYtDULHQGRVDOLyGHOHGLILFLR\VHGLULJLyFDPLQDQGRVREUHHOFXLGDGRFpVSHG DODFDVDGRQGHYLYtDGHVGHKDFtDFLQFRDxRV (OL]DEHWKJROSHyVXDYHPHQWHODSXHUWDHQWUHDELHUWD\DVRPyODFDEH]D)HOGLQJOD PLUyFRQORVRMRVFKLVSHDQWHV ²$GHODQWH ²GLMR DJLWDQGR OD PDQR² $FDER GH HFKDU D VX KHUPDQD D SXQWDSLpV ²0HGLMRTXHORKDEtDKHFKRHQRMDU¢4XpSDVy"²SUHJXQWy(OL]DEHWKVLQVDEHU VLGHEtDSUHRFXSDUVH&XDQGR)HOGLQJULyVHVLQWLyDOLYLDGD ²$ YHFHV FDVL DxRUR ORV YLHMRV WLHPSRV FXDQGR HOOD QR GHFtD DEVROXWDPHQWH QDGD2EWLHQHXQSODFHUPX\H[WUDxRHQSURYRFDUPH¢(UDDVtGHQLxD" ²'HVGHTXHQDFLy(UD GHVFDUDGDSHUR IHOL]\HVRKL]R TXH WRGR QRVUHVXOWDUD PiV GXUR FXDQGR HQIHUPy 'H SURQWR IXH WDQ GLVWLQWD ²TXHGy XQ PRPHQWR HQ VLOHQFLR UHFRUGDQGR 'HVSXpV VDFXGLy OD FDEH]D SDUD GHVSUHQGHUVH GH ORV UHFXHUGRV\PLUy DOGRFWRU)HOGLQJDORVRMRV²6DUDKGLMRTXHXVWHGTXHUtDKDEODU FRQPLJR ²6tVLHPSUH PH JXVWD PDQWHQHU XQDSHTXHxD FKDUODFRQ ORVIDPLOLDUHV GHXQ UHVLGHQWH DQWHV GH TXH YXHOYD D FDVD SRU SULPHUD YH] 3DUD SUHSDUDUORV SDUD FXDOTXLHUFRVDTXHSXGLHUDSDVDU ²¢<SXHGHSDVDUOHDOJRD6DUDK"²SUHJXQWy(OL]DEHWKDQVLRVDPHQWH ²1RORVp²GLMRHOGRFWRU)HOGLQJFRQIUDQTXH]D²(QUHDOLGDGWRGRGHSHQGHGH HOOD ²¢'H6DUDK"1RFRPSUHQGR ²/HKHSHGLGRTXHKDJDDOJRPLHQWUDVHVWpHQFDVD²H[SOLFy)HOGLQJ²/HGLMH TXH TXHUtDTXHDSURYHFKDUDHOWLHPSRSDUDWUDWDUGHUHFRUGDUOR TXH VXFHGLy DTXHO GtDHQTXHVDOLyGHOERVTXH ²(QWLHQGR²GLMR(OL]DEHWKVLQFRPSURPHWHUVH PXFKR²¢+D\ DOJRTXH TXLHUH TXH\RKDJD" ²6yORVLXVWHGORGHVHD ²6L HV SDUD D\XGDU D 6DUDK KDUp FXDOTXLHU FRVD ²GLMR (OL]DEHWK FRQ YHKHPHQFLD²8VWHG\DORVDEH ²%XHQR QR HV QHFHVDULR TXH VH SRQJD WDQ VHULD 1R WHQJR SHQVDGR QDGD WHUULEOH'tJDPHXQDFRVD¢ODFDVDHVWiPX\GLVWLQWDGHFXDQGR6DUDKODGHMy" (OL]DEHWKQHJyFRQXQJHVWR ²(VDFDVDQRKDFDPELDGRHQJHQHUDFLRQHV²GLMR²\PHQRVHQHVWRVDxRV² VXH[SUHVLyQVHHQVRPEUHFLyOHYHPHQWH²([FHSWRHOFXDUWRGH6DUDK²GLMRFRPR GLVFXOSiQGRVH²0LPDGUHORKL]RSLQWDU\VHGHVKL]RGHWRGDVODVFRVDVGH6DUDK )HOGLQJSDUHFLyOLJHUDPHQWHGHFHSFLRQDGR ²¢4XpTXLHUHGHFLUFRQTXHVHGHVKL]RGHHVDVFRVDV"²SUHJXQWy ²6LHVLPSRUWDQWHWRGRHVWiDOOtWRGDYtD²ORWUDQTXLOL]y (OL]DEHWK²(QQXHVWUD IDPLOLD GHVKDFHUVH GH DOJRVLJQLILFD SRQHUORHQ HO iWLFR (VWR\VHJXUD GH TXH DOOt HVWiQWRGDVODVFRVDVGH6DUDK¢(VLPSRUWDQWH" ²(VGLItFLO VDEHUOR3RGUtDVHULPSRUWDQWH0HJXVWDUtDTXHXVWHGUHYLVDUDWRGDV ODVFRVDVYLHMDVGH6DUDKMXQWRFRQHOOD+DJDTXHSDUH]FDXQDDYHQWXUD
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
²$Vt OR KDUp ²VRQULy (OL]DEHWK² +DFH DxRV TXH QR HVWR\ HQ HVH iWLFR (Q UHDOLGDGFUHRTXHQRHVWXYHDOOtGHVGHTXH6DUDKYLQRDTXt²SHQVyXQPRPHQWR² 7DOYH]XQDVRODYH]SHURHVRHVWRGR ²(QWRQFHVVHUiGLYHUWLGR²GLMR)HOGLQJ²¢4XLpQVDEHORTXHHQFRQWUDUiQDOOt" <WDOYH]KD\DDOJRTXHGHVSLHUWHODPHPRULDGH6DUDK ²(QXQVHQWLGRORVLHQWRPXFKRSRUHOOD$TXpOIXHXQGtDWHUULEOH
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
²¢3RUTXpQRKDFHVODSUXHED"²VXJLULyEURPHDQGR6DUDK²¢4XLpQVDEH"6L WHHVIXHU]DV HQ VHULR WDO YH] W~WDPELpQHVWpV FKLIODGD 3HURQR HV IiFLO²VXYR] DGTXLULyXQWRQRPiVVHULR²6HQHFHVLWDPXFKDHQHUJtDSDUDVHUORTXHIXLGXUDQWH WDQWRWLHPSR7DOYH]VLPSOHPHQWHHVWDEDFDQVDGDGHKDEODU ²&RPR OD VHxRUD *RRGULFK ²GLMR (OL]DEHWK VLQWLHQGR XQ V~ELWR GHVHR GH FDPELDU GH WHPD $ 6DUDK OH HUD PXFKR PiV IiFLO TXH D (OL]DEHWK KDEODU GH VX HQIHUPHGDG ²¢&yPRHVWi"²SUHJXQWy6DUDK ²7RGR OR ELHQ TXH SXHGH HVSHUDUVH WHQLHQGR HQ FXHQWD VX HGDG ²UHSXVR (OL]DEHWK² 3XHGH TXH QR WHFRQR]FDQL VHSD TXLpQ HUHV\ SXHGH GHFLU DOJXQDV FRVDVH[WUDxDV6yORTXLVHSUHYHQLUWH ²(VWR\DFRVWXPEUDGDDODJHQWHTXHGLFHFRVDVH[WUDxDV²GLMR6DUDKFRQXQD EULOODQWHVRQULVD²/OpYDPHGRQGHHVWi (OL]DEHWKDEULyODSXHUWD\HQWUDURQHQHOYHVWtEXOR ²7RGR LJXDO ²GLMR 6DUDK² WDO FRPR OR UHFXHUGR ²FDPLQy GH KDELWDFLyQ HQ KDELWDFLyQREVHUYiQGRORWRGR²1RKDVFDPELDGRQDGD¢1RWHDEXUUH" ² ¢$EXUULUPH" ²SUHJXQWy (OL]DEHWK DVRPEUDGD² ¢3RU TXp KDEUtD GH DEXUULUPH" ²1RVp3RGUtDVTXHUHUFDPELDUDOJRGHYH]HQFXDQGRHVRHVWRGR 3RUDOJXQDUD]yQ(OL]DEHWKVHVLQWLyV~ELWDPHQWHLQFyPRGD ²6XSRQJR TXH VR\ KLMD GH PL SDGUH ²GLMR FRQ FLHUWD VHTXHGDG² (O QXQFD TXHUtDTXHFDPELDUDQQDGD ²(VSHURTXHQRVHDVFRPSOHWDPHQWHKLMDGHWXSDGUH²GLMR6DUDK²6LORHUHV QRFUHRTXHWHQJDGHVHRVGHLUDOERVTXHFRQWLJR (OL]DEHWKVLQWLyXQQXGRHQHOHVWyPDJR\PLUyKRUURUL]DGDDVXKHUPDQD ²¢&yPRSXHGHVGHFLUXQDFRVDDVt6DUDK" 6DUDKGHMyGHVRQUHtU\PLUyDVXKHUPDQDDORVRMRV ²&UHR TXH VHUi PHMRU TXH WHQJDPRV XQD SHTXHxD FKDUOD (OL]DEHWK ²GLMR² 3XHGRHVSHUDUSDUDYHUDODVHxRUD*RRGULFK¢'yQGHKD\XQOXJDUDGHFXDGR" ²(OJDELQHWHWUDVHUR²GLMR(OL]DEHWK²/RXVRPiVTXHQLQJXQDRWUDKDELWDFLyQ GHODFDVD $EULyODPDUFKDKDFLDHOJDELQHWHLQTXLHWDSRUORTXH6DUDKWHQGUtDTXHGHFLUOH 'HFLGLyVHUYLUVHXQDFRSD ²6tUYHPH D Pt WDPELpQ ¢TXLHUHV" ²SLGLy 6DUDK \ FRPR (OL]DEHWK OD PLUy H[WUDxDGDDJUHJy²(Q2FHDQ&UHVWWDPELpQEHEHPRV 6HVHQWy\HVSHUyTXH(OL]DEHWKOHVLUYLHUDODFRSD\VHVHQWDUDHQXQVLOOyQIUHQWH DHOOD ²0LUD(OL]DEHWK²GLMR²VpTXHSLHQVDVTXHGLMHDOJRKRUULEOHFXDQGRKLFHHVD EURPD 3HUR WLHQHV TXH HQWHQGHU DOJXQDV FRVDV VREUH Pt 6p TXp SDVy HQ HO ERVTXH\VpTXHORTXHPHKL]RSDSiIXHXQDFRVDKRUULEOH3HUR\DSDVy4XLHUR GHFLU TXH GH YHUGDG \D SDVy +H SDVDGR SRU WRGR HVR HO GRORU OD LUD HO UHVHQWLPLHQWRWRGR<VtDKRUDEURPHRDFHUFDGHHVR'XUDQWHODUJRWLHPSRDTXHO LQFLGHQWHFRQSDSiIXHHO ILQDO GH PLYLGD3HUR \DQROR HV
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
FRPR VR\ ¢HVWi ELHQ" ²VRQULy \ (OL]DEHWK OH GHYROYLy OD VRQULVD VLQ PXFKD FRQYLFFLyQ 'HVSXpVGHODFHQD(OL]DEHWK\6DUDKUHJUHVDURQDOJDELQHWHGRQGHVHVHQWDURQ DEHEHUEUDQG\\DJR]DUGHOIXHJRGHOKRJDU ²¢'HYHUGDGPHSDUH]FRDPDPi"²SUHJXQWy6DUDK/DVHxRUD*RRGULFKKDEtD LQVLVWLGR HQ OODPDU©VHxRUD5RVHª D 6DUDK DXQ GHVSXpVTXH(OL]DEHWK OHH[SOLFy TXHQRHUD5RVHVLQR6DUDKTXHHVWDEDHQFDVDGHYLVLWD/DVHxRUD*RRGULFKQRVH GHMyFRQYHQFHU ²(QUHDOLGDGWH SDUHFHV PXFKR²GLMR (OL]DEHWK \ GH SURQWRWXYRXQD LGHD² 6DEHVWRGRVORVYLHMRViOEXPHVGHIRWRJUDItDVGHSDSi\PDPiHVWiQHQHOiWLFR ¢3RUTXpQRYDPRVDOOt\EXVFDPRVDOJXQDVIRWRVGHPDPiFXDQGRWHQtDWXHGDG" 7DOYH]HOSDUHFLGRVHDPiVQRWDEOHGHORTXHYHR<SRGHPRVUHYLVDU\PLUDUWRGRV ORVMXJXHWHVTXHWHQtDPRVFXDQGRpUDPRVQLxDV ²$TXt GHWHFWR OD ILQD PDQR GH /DUU\ )HOGLQJ HQ DFFLyQ ²GLMR 6DUDK² 3HUR UHFRQR]FR WX KDELOLGDG OR KLFLVWH PX\ ELHQ < VXSRQJR TXH QR SXHGR VHJXLU SRVWHUJiQGRORSDUDVLHPSUH7DOYH]KD\DDOJRTXHPHUHIUHVTXHODPHPRULD /DV GRV VXELHURQ KDVWD OD SXHUWD TXH FHUUDED OD HVFDOHUD GHO iWLFR \ OD HQFRQWUDURQFHUUDGDFRQOODYH ²(VSHURTXHQRWHQJDPRVTXHURPSHUOD²GLMR(OL]DEHWK²1RKHHVWDGRDTXt HQDxRV\QRWHQJRLGHDGHGyQGHSXHGHHVWDUODOODYH 'HUHSHQWH6DUDKVHHVWLUy\SDVyORVGHGRVSRU HOERUGH VXSHULRUGHOPDUFRGH ODSXHUWD0RPHQWRVGHVSXpVSRQtDODOODYHHQODFHUUDGXUD\DEUtDODSXHUWD ²¢&yPRVXSLVWHTXHHVWDEDDOOt"²GLMR(OL]DEHWKFRQFXULRVLGDG²
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
² £8I ¢5HFXHUGDV HVWR" ²GLMR VRVWHQLHQGR FRQ GRV GHGRV XQD EXIDQGD PDUUyQ²2GLDEDHVWRPHGDEDSLFD]yQ ¢3RUTXp PDPiQR ODKDEUiWLUDGR DOD EDVXUD" ²1R IXH PDPi ²GLMR (OL]DEHWK² HUD SDSi TXLHQ LQVLVWtD HQ JXDUGDUOR WRGR &UHRTXHDTXtHQDOJXQDSDUWHHVWiSUREDEOHPHQWHWRGDODKLVWRULDGHORV&RQJHU 6DUDKGLRXQUHVRSOLGR ²&RQ OD KLVWRULD TXH WHQHPRV VH GLUtD TXH GHEHUtDQ TXHUHU HQWHUUDUOD \ QR DOPDFHQDUOD²GLMR²¢1RVHVXSRQHTXHH[LVWHXQDHVSHFLHGHPDOGLFLyQRDOJR SRUHOHVWLORVREUHQRVRWURV" (OL]DEHWKPLUyDVXKHUPDQDFRQFXULRVLGDG ²1RVDEtDTXHHVWDEDVHQWHUDGDGHHVR²GLMROHQWDPHQWH ²2KFODURTXHVt²FRQWHVWy6DUDK²¢1RORVDEtDV"(VWiWRGRHVFULWRHQPL KLVWRULD FOtQLFD SULPHUR HQ :KLWH 2DNV GHVSXpV HQ 2FHDQ &UHVW £4Xp WRQWHUtD &XHYDVVHFUHWDV\WRGRORGHPiV ²5D\1RUWRQD~QVLJXHEXVFDQGR²GLMR(OL]DEHWK ²¢5D\1RUWRQ"²GLMR6DUDKVLQLQWHUpV²¢4XLpQHV" ²(OMHIHGHSROLFtD7RGRVORVDxRVYLHQHDUHJLVWUDUHOERVTXH\HODFDQWLODGR ²%XHQR²GLMR6DUDK²HVSHURTXHGHVFXEUDDOJR4XL]iVHQWRQFHV\RSXHGD UHFRUGDUHVDVSRFDVVHPDQDV\OLEUDUPHGHWRGR ²EXVFyHQHOIRQGR GHODFDMD² ¢4XpHVHVWR" (UD XQD PXxHFD H[WUDxD DQWLFXDGD FRQ XQ YHVWLGR D]XO FRQ YRODQWHV HQ OD GHODQWHUD\HOUXHGR(QODFDEH]DHQPDUFDQGRHOGHVFRORULGRURVWURGHSRUFHODQD WHQtDXQJRUULWR ²1RODUHFXHUGR²GLMR6DUDK²¢'HGyQGHKDEUiVDOLGR" (OL]DEHWK OD H[DPLQy FRQ DWHQFLyQ \ H[SHULPHQWy XQD H[WUDxD VHQVDFLyQ (QWRQFHV DGYLUWLy TXH IDOWDED HO EUD]R GHUHFKR +DFtD TXLQFH DxRV 6DUDK KDEtD DUUDVWUDGRSRUHOSUDGRGHVGHHOERVTXHHOEUD]RGHUHFKRGHXQQLxR ²1R OR Vp ²GLMR (OL]DEHWK GHMDQGR UiSLGDPHQWH ODPXxHFD²
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
²1R²GLMRHOYLHMRSROLFtD\VHGLULJLyDOJDELQHWH 8QPLQXWRPiVWDUGH(OL]DEHWKVHUHXQLyFRQpO\FHUUyODSXHUWD ²(QFRQWUyDOJR¢YHUGDG"²GLMR²(QHOERVTXH ²+HPRV HQFRQWUDGR DOJR ²DVLQWLy 1RUWRQ² SHUR QR IXH HQ HO ERVTXH /RV REUHURVGHODFRQVWUXFFLyQSHUIRUDURQHOWHFKRGHODFXHYD ² ¢/D FXHYD"²GLMR (OL]DEHWK DWRQWDGD²¢8VWHG TXLHUHGHFLU ODFXHYD GHOD OH\HQGD"3HUR\RFUHtWRGRVFUHtDPRVTXHQRH[LVWtD ²/RVp²GLMRDPDEOHPHQWH1RUWRQ²SHURUHVXOWDTXHH[LVWH ²¢+DEtDKDEtDDOJRGHQWUR" 1RUWRQDVLQWLyHQVLOHQFLR'HVSXpVWUDVXQDSDXVDGXUDQWHODFXDOSDUHFLyTXH WUDWDEDGHGHFLGLUFXiQWRGHEtDFRQWDUOHKDEOy ²6pTXH6DUDKGHEtDHVWDUDTXtXQSDUGHGtDVSHURVHUiPHMRUTXHPDxDQDOD OOHYHGHQXHYRDOKRVSLWDO²GLMR ² ¢0DxDQD SRU OD PDxDQD" ² GLMR (OL]DEHWK² ¢3RU TXp" ¢4Xp HQFRQWUy XVWHG" ²8QSUREOHPD²GLMR 1RUWRQ²+DEtDFXDWURHVTXHOHWRVHQOD FXHYD\ WDPELpQ ORV UHVWRVGHXQJDWRPXHUWR
&DStWXOR (VD QRFKH 6DUDK GXUPLyLQWUDQTXLOD \VH GHVSHUWy YDULDVYHFHV 1ROH SDUHFtD MXVWR WHQHU TXH YROYHU D 2FHDQ &UHVW SRU OD PDxDQD SHUR VXSRQtD TXH (OL]DEHWK WHQtDUD]yQ\ TXH QR GHEtD TXHGDUVH HQ FDVDFRQ ODVRODFRPSDxtD GH ODVHxRUD *RRGULFK 1R HV TXH WHPLHUD TXH DOJR SXGLHVH VXFHGHU VLQR TXH QR HVWDED DFRVWXPEUDGD D TXHGDUVH VROD \ HQ2FHDQ &UHVW KDEtDQ DFFHGLGR D GHMDUOD YHQLU VRODPHQWH SRUTXH(OL]DEHWK HVWDUtDWRGR HOWLHPSR FRQ HOOD $KRUD (OL]DEHWK WHQtD
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
TXH SDVDU HO GtD DIXHUD 6DUDK GLR XQ JROSH D OD DOPRKDGD \ WUDWy GH YROYHU D GRUPLUVH &XDQGR R\y SRU SULPHUDYH] ORV UXLGRV VREUHVXFDEH]D FUH\y TXH ORV HVWDED LPDJLQDQGR&RPRSHUVLVWtDQHPSH]yDHVFXFKDU$OJXLHQHVWDEDVHJXUDDQGDED HQHOiWLFR6DOWyGHODFDPDVHSXVRODEDWD\IXHDODKDELWDFLyQGH(OL]DEHWK/D FDPDHVWDEDDELHUWDSHURYDFtD6DUDKIXHKDVWDODHVFDOHUDGHOiWLFR\HVFXFKy 0RYLPLHQWR6LOHQFLR/XHJRPiVPRYLPLHQWR(PSH]yDVXELUSDUDYHUTXpSDVDED SHUR HQ VHJXLGD FDPELy GH LGHD (Q FDPELR YROYLy D VX KDELWDFLyQ SHUR GHMy OD SXHUWD HQWUHDELHUWD 6H VHQWy HQ HO ERUGH GH OD FDPD D HVSHUDU \ HQFHQGLy XQ FLJDUULOOR(OFLJDUULOORHVWDEDFDVLWHUPLQDGRFXDQGRR\yUXLGRGHSDVRVTXHEDMDEDQ )XHKDVWDODSXHUWDGHVXGRUPLWRULR\HVSLy(OL]DEHWKVDOtDGHOiWLFR6DUDKODYLR FHUUDU ODSXHUWD \ YROYHU D SRQHU ODOODYHHQ VX OXJDU VREUHHO ERUGH VXSHULRU GHO PDUFR'HVSXpV(OL]DEHWKYROYLyDVXKDELWDFLyQ\FHUUyVXSXHUWD/DFDVDTXHGy VLOHQFLRVD\6DUDKYROYLyDVXFDPD &XDQGREDMyDODPDxDQDVLJXLHQWH(OL]DEHWKODHVSHUDEDHQHOFRPHGRU+DEtD XQDFDIHWHUDOOHQDGHFDIp\XQSODWRGHURVTXLOODVGHDUiQGDQR(OL]DEHWKVRQULy ²(VWR HV ERQLWR ¢YHUGDG" ²GLMR² $KRUD DSHQDV XVR HO FRPHGRU PH GD OD VHQVDFLyQ GH TXH FUXMH D PL DOUHGHGRU 3HUR HVWR PH KDFH UHFRUGDU HO SDVDGR ¢&DIp" 6DUDKDVLQWLy\VHVHQWy5HYROYLyVXFDIp ²¢4XpKDFtDVDQRFKHOHYDQWDGD"²SUHJXQWyGHUHSHQWH (OL]DEHWKODPLUyVRUSUHQGLGD ²¢$QRFKH"1DGD0HIXLDODFDPD¢3RUTXp" 6DUDK GHFLGLy QR FRQIURQWDU D VX KHUPDQD FRQ OR TXH KDEtD YLVWR OD QRFKH DQWHULRU$SDUHQWHPHQWH(OL]DEHWKQRTXHUtDDGPLWLUTXHHVWXYRHQHOiWLFR ²1R OR Vp ²GLMR 6DUDK HQFRJLHQGR OHYHPHQWH ORV KRPEURV² 0H SDUHFLy RtU DOJRHQHOiWLFR\SHQVpTXHSRGUtDVVHUW~ 2EVHUYy DWHQWDPHQWH D VX KHUPDQD HQ EXVFD GH DOJR TXH OH LQGLFDUD TXH (OL]DEHWKOHRFXOWDEDDOJXQDFRVDSHUR(OL]DEHWKSDUHFLyDXWpQWLFDPHQWHLQWULJDGD ²¢(QHO iWLFR"²GLMR (OL]DEHWK²
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
²¢4Xp KDFHQ XVWHGHVDTXt"²SUHJXQWy² ¢3DVy XQ GtD VLQ TXH \R PHGLHUD FXHQWD" /DGHFHSFLyQHUDHYLGHQWHHQORVRMRVGH6DUDKDXQTXHWUDWyGHPDQWHQHUODYR] DOHJUH ²0HHFKDURQ²GLMR²(QUHDOLGDGVXUJLyDOJR\(OL]DEHWKWHQGUiTXHSDVDUHO GtDIXHUDGHFDVD'HPRGRTXHDTXtHVWR\ )HOGLQJDGRSWyVXPHMRUH[SUHVLyQGHVRUSUHVD ²¢3RUTXpQRVHGHVKDFHGHVXPDOHWDPLHQWUDV\RFRQYHUVRXQSRFRFRQVX KHUPDQD"²GLMR ²¢/RVGLH]PLQXWRVKDELWXDOHV"²SUHJXQWy6DUDK ²'pPH YHLQWH DVt SXHGR HQWHUDUPH GH WRGRV ORV GHWDOOHV ²GLMR )HOGLQJ VRQULHQGRSHURVXVRQULVDGHVDSDUHFLyFXDQGR6DUDKVDOLyGHVXRILFLQD ²6LpQWHVH²GLMRD(OL]DEHWK(VWDPDxDQDUHFLEtXQDOODPDGDGHOMHIHGHSROLFtD GH3RUW$UEHOOR¢+RUWRQ" ²1RUWRQ²FRUULJLy(OL]DEHWK²5D\1RUWRQ)XHDYHUPHDQRFKH6XSRQJRTXH QROHVRUSUHQGHUiHOYHUQRVDTXtHQWRQFHV ²1R²GLMR)HOGLQJ²0HWHPRTXHWHQJRPDODVQRWLFLDVSDUDXVWHG ²¢0DODVQRWLFLDV"²UHSLWLy(OL]DEHWK ²1RUWRQ GLVFXWLy WRGR HO DVXQWR FRQ HO ILVFDO GH GLVWULWR (VWH TXLHUH KDFHU XQ MXLFLR ²¢8QMXLFLR"²GLMR(OL]DEHWKDUWLFXODQGRODSDODEUDFRPRVLIXHUDODSULPHUDYH] TXHODHVFXFKDED ²(O ILVFDO GH GLVWULWR SDUHFH FUHHU TXH SXHGH DFXVDU D 6DUDK ²GLMR)HOGLQJ² 3DUHFHTXHHVWXYLHURQJXDUGDQGRHVHEUD]RGXUDQWHWRGRVHVWRVDxRV\TXHHQFDMD HQXQRGHORVFDGiYHUHVTXHHQFRQWUDURQ ²-LPP\ 7\OHU ²GLMR VXDYHPHQWH (OL]DEHWK² 7HPtD HVR &XDQGR HO VHxRU 1RUWRQ PH OR GLMR DQRFKH GHGXMH TXH GHELy VHU GH pO HO EUD]R TXH HOOD WUDMR GHO ERVTXH DTXHO GtD 3HUR QR SHQVp TXH WRGDYtD OR JXDUGDUDQ ²OHYDQWy OD PLUDGD FRPR EXVFDQGR DOJRGHWUDQTXLOLGDGHQ ORV RMRVGHO GRFWRU)HOGLQJ²3HURWRGDYtD QR HQWLHQGR TXLHUR GHFLU WRGRV VDEHQ TXH 6DUDK HVWDED HVWDED ²VH LQWHUUXPSLyQRTXHULHQGRSURQXQFLDUODSDODEUD ²¢,QVDQD" ²WHUPLQy SRU HOOD )HOGLQJ² 3RU VXSXHVWR TXH OR VDEHQ < SRU VXSXHVWRHVRVHUiHODOHJDWRGHODGHIHQVDVLOOHJDQDMX]JDUOD\QRH[LVWHODPiV PtQLPDSRVLELOLGDGGHTXHQRODGHFODUHQLQRFHQWHFRQHVHPRWLYR3HURHOORVGLFHQ TXHWLHQHQTXHFXPSOLUFRQORVSURFHGLPLHQWRVOHJDOHVDILQGHFHUUDUHOFDVR ²¢3HUR TXp JDQDUiQ FRQ HVR"²GLMR LQGLJQDGD (OL]DEHWK² 1R GHYROYHUiQ OD YLGD D HVRV QLxRV \ QR D\XGDUiQ SDUD QDGD D 6DUDK £'LRV PtR SDUD HOOD VHUi HVSDQWRVR ²/R Vp ²GLMR )HOGLQJ LQFyPRGR² SHUR QR YHR IRUPD GH HYLWDUOR 6L HOOD QR KXELHUD KHFKR WDQWRV SURJUHVRV HQ HVWRV DxRV QR KDEUtD QLQJ~Q SURFHVR 6HUtD GHFODUDGDLQFDSD]GHVHUMX]JDGD3HURGHVDIRUWXQDGDPHQWHQRHVWiLQFDSDFLWDGD $KRUDPLVPRJR]DGHEXHQDVDOXGPHQWDO ²([FHSWRTXHQRSXHGHUHFRUGDUORTXHVXFHGLyDTXHOGtD²VHxDOy(OL]DEHWK² ¢&yPRSXHGHQMX]JDUODSRUDOJRTXHQLVLTXLHUDSXHGHUHFRUGDU" ²%XHQRQRHVPXFKRORTXHSRGHPRVKDFHUQRVRWURV/RTXHGHEHPRVKDFHU DKRUDHVGHFtUVHOR ²¢'HFtUVHOR" ²GLMR (OL]DEHWK FRQWHQLHQGR HO DOLHQWR 1R KDEtD SHQVDGR TXH WHQGUtDQTXHGHFtUVHORD6DUDKSHURSRUVXSXHVWRKDEUtDTXHKDFHUOR(OL]DEHWK WUDWyGHKDELWXDUVHDODLGHD²¢&XiQGR"²SUHJXQWy ²&UHRTXHDKRUD²GLMR)HOGLQJ²6DOGUiWRGRHQORVSHULyGLFRVGHHVWDWDUGH\ HOODVHHQWHUDUiGHWRGRVPRGRV3HQVpTXHVHUtDPHMRUTXHXVWHGHVWXYLHUDDTXt
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
SDUD GHFtUVHOR ²VRQULy \ DxDGLy² \D VDEH HVWR SXHGH KDFHUOH UHFRUGDU OR TXH SDVy3RGUtDUHVXOWDUTXHHOODQRWHQJDQDGDTXHYHUFRQWRGRHODVXQWR (OL]DEHWKVHPRUGLyHOODELR ²(VRHVYHUGDG²GLMR²£'LRV¢1RVHUtDPDUDYLOORVR" 3RFRVPLQXWRVGHVSXpV6DUDKYROYLyDODRILFLQDGHOGRFWRU)HOGLQJ ²0H DOHJUR GH TXH HVSHUDUDV ²GLMR D (OL]DEHWK² 7HPt TXH WH IXHUDV VLQ GHVSHGLUWH (QWRQFHV DGYLUWLy ODVH[SUHVLRQHV WHQVDV HQORVURVWURV GHO GRFWRU)HOGLQJ\ GH (OL]DEHWK\VHGHMyFDHUHQXQVLOOyQ ²3DVDDOJRPDOR¢YHUGDG"²GLMRPLUDQGRDXQR\DRWUD²7~QRWHQtDVQDGD TXHKDFHUKR\(OL]DEHWK²6DUDKPLUyDFXVDGRUDDVXKHUPDQD²%XHQR¢TXpHV" ²JULWy²3RUIDYRUGtJDQPHOR /DUU\ )HOGLQJ OHFRQWy OR VXFHGLGR/R TXH KDEtDQHQFRQWUDGRHQOD FXHYD\OR TXH VXFHGHUtD HQ ORV GtDV VLJXLHQWHV 0LHQWUDV HVFXFKDED 6DUDK IXH SRQLpQGRVH SiOLGD 1RSRGtDFUHHUORTXHRtD /DFXHYDHUDUHDO &XDWURFDGiYHUHV$XQROHIDOWDEDXQEUD]R 8QJDWRPXHUWR 8QFXFKLOOR /DVDQJUH/DVDQJUH\HOEDUUR (PSH]yDUHFRUGDU\VLQWLyTXHVXPHQWHHPSH]DEDDQXEODUVH /DVLPiJHQHVOHVXUJtDQFRPRUHOiPSDJRVWURSH]DQGRSRUHOSUDGRHQPHGLRGH ODQRFKHVLJXLHQGRDDOJXLHQ¢$TXLpQHVWDEDVLJXLHQGR" 'HVOL]iQGRVH HQWUH ORV iUEROHV GHO ERVTXH WUDWDQGR GH DOFDQ]DU D OD VRPEUD KXLGL]DTXHFDPLQDEDGHODQWHGHHOOD 5RFDV 5RFDV UHVEDODGL]DV 6H WRUFLy XQ WRELOOR 1R SRGtD DOFDQ]DUOD 7UDWDED SHURODVRPEUDGHVDSDUHFtD 2VFXULGDG HQ XQ OXJDU FHUUDGR < GHVSXpV XQ UD\R GH OX] EULOODQGR HQ OD RVFXULGDG8QDFXHUGDKDEtDXQDFXHUGD¢3DUDTXpHUDHVDFXHUGD" <VRQLGRV9RFHVGHQLxR0DOGLFLRQHVJULWRV 8QSR]R/HSDUHFtDHVWDUPLUDQGRGHQWURGHXQSR]R<KDEtDOX]DOOt/DOX]VH UHIOHMDEDHQDOJR¢4XpHUD" 8QFXFKLOOR9HtDXQFXFKLOORUHODPSDJXHDUHQODOX]DPDULOOHQWD <HQWRQFHVXQURVWURODPLUy8QURVWUR¢'HTXLpQ" 5HFRUGy 6DUDKVLQWLyTXHHOGRORUHVWDOODEDGHQWURGHVXFDEH]D\VHOOHYyODVPDQRVDODV VLHQHV 0LUy DWHUUDGD D VX DOUHGHGRU (O URVWUR HVWDED DOOt DOOt HQ OD PLVPD KDELWDFLyQMXQWRDHOOD6XKHUPDQD ²£(OL]DEHWK²JULWy²£(OL]DEHWK²\HQWRQFHVRWURQRPEUHOOHJyDHOODXQ QRPEUHTXHR\yHQODRVFXULGDG ²(OL]DEHWK²JULWyQXHYDPHQWHFRQODYR]FRQYHUWLGDHQDODULGR² £(OL]DEHWK £%HWK£%HWK 'HSURQWRDOJRVHURPSLyHQODPHQWHGH6DUDK\VXVPDQRVFD\HURQIOiFFLGDV VREUHVXUHJD]R(OFRORUOHYROYLyOHQWDPHQWHDOURVWURSHURDOOtQRKDEtDH[SUHVLyQ 6XVRMRVHVRVRMRVTXHOOHJDURQDVHUWDQH[SUHVLYRV\TXHGDQ]DEDQDOHJUHVHQOD FDUDWUDYLHVDTXHGDURQV~ELWDPHQWHYDFtRV ²¢6DUDK" (OL]DEHWKSURQXQFLyHOQRPEUHVXDYHPHQWHFRQFDXWHOD7RFyDVXKHUPDQDSHUR QRKXERUHVSXHVWD6DUDKVLJXLyFDOODGDFRQORVRMRVPLUDQGRVLQYHUGHVGHHOURVWUR FDUHQWHGHH[SUHVLyQ
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
²¢6DUDK"²UHSLWLy(OL]DEHWK (O GRFWRU)HOGLQJVHLQFRUSRUy 7RGR KDEtD SDVDGRWDQ GHUHSHQWH'HELy HVWDU SUHSDUDGRFRQXQDMHULQJDKLSRGpUPLFD\XQVHGDQWH1RWHQGUtDTXHKDEHUVXFHGLGR WDQ UHSHQWLQDPHQWH VLQR HQ IRUPD JUDGXDO 7HQGUtD TXH KDEHUVH SURGXFLGR OHQWDPHQWHSRUSDUWHV 3HUR WRGR VHGHVSORPy VREUH HOOD \ QRHVWDEDSUHSDUDGD SDUD VRSRUWDUOR /D PHQWH GH 6DUDK &RQJHU KDEtD YXHOWR D FHUUDUVH 1R HVWDED VHJXURGHODFDXVDSHURVXSRTXHSDUD6DUDK\DQRKDEtDPiVUHPHGLR(OSDVDGR ODKDEtDDIHUUDGRQXHYDPHQWH )HOGLQJPLUyD(OL]DEHWKFRQH[SUHVLyQGHLPSRWHQFLD ²/RVLHQWR²GLMR²£'LRVPtRFXiQWRORVLHQWR ²¢4Xp KDSDVDGR"²GLMR (OL]DEHWKFRQWHPRU²¢4XpOHKDSDVDGR D6DUDK" 1RHVQDGD¢YHUGDG" (OL]DEHWKSDUHFtDDOERUGHGHODGHVHVSHUDFLyQ(OGRFWRU)HOGLQJDSUHWyXQERWyQ HQVXHVFULWRULRTXHKDUtDYHQLUDXQDHQIHUPHUDFRQXQVHGDQWH ²(OOD HVWi ELHQ ²GLMR WUDQTXLOL]DGRU² +D UHFRUGDGR HVR HV WRGR 7RGR KD YXHOWRV~ELWDPHQWHDVXPHPRULD ²3HURPtUHOD²WDUWDPXGHy(OL]DEHWK²3DUHFHHVWDUFRPRFRPRDQWHVGH (OL]DEHWK HPSH]y D OORUDU VXDYHPHQWHDO FRPSUHQGHU OR TXH KDEtD SDVDGR6X KHUPDQDKDEtDSDUWLGRQXHYDPHQWH\HVWDYH]SRGUtDQRUHJUHVDUQXQFD 6yORYDULDVKRUDVPiVWDUGHGHMDURQPDUFKDUVHD(OL]DEHWK\HQWRQFHVHOGRFWRU )HOGLQJLQVLVWLyHQOOHYDUODpO/RVVLJXLyDOJXLHQGH2FHDQ&UHVWHQRWURDXWRPyYLO SDUDWUDHUGHUHJUHVRDOGRFWRU ²1R FUHR TXH KXELpUDPRV SRGLGR HYLWDUOR ²GHFtD )HOGLQJ² )XH GHPDVLDGR UiSLGR\HOODQRORVRSRUWy1RVpTXpGHFLUOH (OL]DEHWKVHVHQWtDDWXUGLGD6HJXtDR\HQGRODYR]GH6DUDKOODPiQGRODSRUVX QRPEUH©(OL]DEHWK(OL]DEHWKª<GHVSXpVRWURQRPEUH%HWK%HWK$OJRVHDJLWy HQVXLQWHULRU ²(OODODDPDEDPXFKRDXVWHG²GLMRHOGRFWRU)HOGLQJ²3RUHVRODOODPySRUVX QRPEUHDOILQDO4XLVRTXHXVWHGODD\XGDUD²DJUHJySDOPHDQGRDIHFWXRVDPHQWHOD PDQRGH(OL]DEHWK (QWUDURQHQHOFDPLQRGHODSURSLHGDGGHORV&RQJHU ²¢4XLHUHTXHHQWUHFRQXVWHG"²SUHJXQWyDPDEOHPHQWHHOSVLTXLDWUD ²1R²GLMR(OL]DEHWK²PXFKDVJUDFLDV(VWR\ELHQGHYHUGDGHVWR\ELHQ 'HPDODJDQD)HOGLQJODGHMyEDMDUGHODXWRPyYLO\ODREVHUYyGHVDSDUHFHUHQHO LQWHULRUGH OD FDVD 'HVSXpV HVWDFLRQyHO DXWRPyYLO \VXELyDO GH pO TXHVH KDEtD GHWHQLGRGHWUiVGHOGH(OL]DEHWK0LUyXQDYH]PiVKDFLDODFDVD\VHDOHMy8QGtD SHQVyHOSDVDGRGHMDUtDQXHYDPHQWHD6DUDKHQOLEHUWDG (OL]DEHWK VHVHQWy IUHQWH DO IXHJR HQFHQGLGR \ PLUy ILMDPHQWH HO HVSDFLR YDFtR VREUHODUHSLVDGHOKRJDU(OQRPEUHVHJXtDGiQGROHYXHOWDVHQVXFDEH]D %HWK %HWK 6DUDK QRKDEtD SHGLGR D\XGD6DUDK KDEtD DFXVDGR ¢3HUR D TXLpQ"(OL]DEHWK OXFKy FRQ VX PHQWH VLQWLHQGR TXH DOOt KDEtD DOJR TXH WHQtD TXH UHFRUGDU ¢'H YHUGDGKDEtDDQGDGRDOJXLHQHQHOiWLFRODQRFKHDQWHULRU"¢+DEtD6DUDKRtGRDOJR HQUHDOLGDG"'HFLGLyVXELU\HFKDUXQYLVWD]R (QHOiWLFRVHVLQWLyDWUDtGDKDFLDXQRGHORVULQFRQHVPiVDOHMDGRVXQULQFyQ GRQGHQRKDEtDHVWDGRGHVGHKDFtDDxRV(OULQFyQGRQGHHVWDEDHODQWLJXRUHWUDWR (OL]DEHWK OHYDQWy HO FXDGUR \ OR DSR\y FRQWUD XQD YLJD GHO WHFKR LQFOLQDGR /R PLUy\QRSXGRUHFRUGDUSRUTXpKDEtDTXHULGRTXHORVDFDUDQGHOJDELQHWH/DQLxD
-RKQ 6 6DXO
$ / /26 1 1 , ,f $U L - $ ' $ f 2 6 LD QR '( -
HUDPX\ERQLWDWRGDYHVWLGDGHD]XOFRQYRODQWHVHQODGHODQWHUD\HQHOUXHGR< XQSHTXHxRJRUULWRHQODFDEH]DFXEULHQGRVyORSDUFLDOPHQWHHOFDEHOORUXELRTXH FDtD HQ FDVFDGD VREUH ORV KRPEURV (OL]DEHWK GHFLGLy OOHYDU HO UHWUDWR DEDMR \ FROJDUOR QXHYDPHQWH HQ HO JDELQHWH (QWRQFHV PLUy KDFLD HO ULQFyQ GRQGH KDEtD HVWDGRHO UHWUDWR \YLR OD PXxHFDOD PXxHFD DOD TXH OH IDOWDEDHO EUD]R (VWDED DSR\DGD FRQWUD OR TXHSDUHFtDXQ YLHMROLEUR \HO OLEUROH SDUHFLy IDPLOLDU 'HFLGLy OOHYDUORVWUHVREMHWRVDOJDELQHWH &ROJyFXLGDGRVDPHQWHHOUHWUDWRVREUHODFKLPHQHDVHDVHJXUyGHTXHHVWXYLHUD GHUHFKR\GHVSXpVUHWURFHGLySDUDDGPLUDUOR$VtHVWDEDELHQSHQVySHUWHQHFtDD HVHOXJDU 'HMyODPXxHFDODH[WUDxD\DQWLFXDGDPXxHFDVREUHXQVLOOyQ,QPHGLDWDPHQWH QRWyTXH HVWDED YHVWLGD LJXDOTXH OD QLxD GHO UHWUDWR /D PXxHFD GHELy VHU VX\D SHQVy(OL]DEHWK/DPXxHFDGH%HWK (OL]DEHWK VHVHQWy HQ HO VLOOyQ GH RUHMHUDV /D PXxHFD GH %HWK UHSLWLy SDUD Vt PLVPD¢3RUTXpSHQVyHVR"¢(UDpVHHOQRPEUHGHODQLxDGHOUHWUDWRODQLxDTXH WDQWRVHSDUHFtDDHOOD" 7RPyHOYLHMROLEUR\ORDEULy$OJRHQORVOtPLWHVGHVXPHPRULDOHGLMRTXH\DOR KDEtDYLVWRDQWHV+DFtDPXFKRWLHPSR (UDXQGLDULRPDQXVFULWRHQSDSHOUD\DGR\DDPDULOOHQWR\FRQODHVFULWXUDGHXQD QLxD /DV SDODEUDV HVWDEDQ FXLGDGRVDPHQWH GLEXMDGDV FRQ OHWUDV FODUDV \ DQWLFXDGDVTXHGDEDQOD H[WUDxDLPSUHVLyQGHXQDSHUVRQD PX\MRYHQ SUDFWLFDQGR FDOLJUDItD(QJUDQSDUWHHUDERUURVRHLOHJLEOHSHUR(OL]DEHWKSXGROHHUIUDJPHQWRV (OVLJXHPLUiQGRPH +R\HVWXYRREVHUYiQGRPH0HREVHUYDFXDQGR\RMXHJRHQHOSUDGR 0LSDGUHKR\WUDWyGHKDFHUPHGDxR 0H JXVWDUtD TXH VH PDUFKDUD 0H JXVWDUtD TXH PL SDGUH VH PDUFKDUD 0DPi WDPELpQTXLHUHTXHVHPDUFKH +R\WUDWyQXHYDPHQWHGHKDFHUPHGDxR¢3RUTXpSDSDtWRTXLHUHKDFHUPHGDxR" +DEtD PiVSHUR(OL]DEHWKQRSXGR GHVFLIUDUOR3DVyOHQWDPHQWH ODVSiJLQDVGHO YLHMR GLDULR \ GHVSXpV OR FHUUy 9ROYLy D DEULUOR HQ OD SULPHUD SiJLQD \ OH\y OD LQVFULSFLyQTXHDOOtKDEtD(VWDEDHVFULWDSRUXQDPDQRIXHUWH\PDVFXOLQD\QRVH KDEtDERUUDGR/DVLQLFLDOHVGHDEDMRHUDQODVPLVPDVGHVXSDGUH-&(OGLDULR GHELyVHUUHJDODGRDODQLxLWDSRUVXSDGUH 'HMy HO GLDULR \ DO]y OD YLVWD KDFLD HO UHWUDWR (UD WX GLDULR SHQVy (UD WX\R ¢YHUGDG" (QHVHPRPHQWR &HFLO HOYLHMRJDWRHQWUyHQODKDELWDFLyQ\VHUHVWUHJyFRQWUD VXVSLHUQDV(OODOROHYDQWy\ORSXVRVREUHVXUHJD]R$FDULFLyVXDYHPHQWHDOYLHMR JDWR\VLJXLyPLUDQGRILMDPHQWHHOUHWUDWR 0XFKRPiVWDUGH(OL]DEHWKVHSXVRGHSLH0LUyXQDYH]PiVODPXxHFDURWD\ GHVSXpVFRQ &HFLOHQEUD]RVVHGLULJLyDODFRFLQD$EULyXQFDMyQ\WRPyHOFXFKLOOR PiV JUDQGH TXH HQFRQWUy 6LQ PROHVWDUVH HQ FHUUDU HO FDMyQ YROYLy DO JDELQHWH \ PLUyHQVLOHQFLRHOUHWUDWR ²(VWiELHQ²GLMRSRUILQ²(VWiELHQ 6RVWHQLHQGR HO JDWRFRQWUDVX SHFKR FRQ XQDPDQR\ OOHYDQGR HOFXFKLOORHQ OD RWUD(OL]DEHWKVDOLyOHQWDPHQWHGHODFDVD (PSH]yDFUX]DUHOSUDGRHQGLUHFFLyQDOERVTXH\DODFDQWLODGRTXHHVWDEDPiV DOOi0LHQWUDVFDPLQDEDHQPHGLRGHODQRFKHODH[WUDxDLQVFULSFLyQGHODSULPHUD SiJLQDGHOGLDULRYROYtDXQD\RWUDYH]DVXPHQWH ²'HMDGDORVQLxRV ²GHFtD² TXHYHQJDQDPt (OL]DEHWK&RQJHUDFXGtDDODFLWD