Está en la página 1de 120

METAPOLTICA

T+)X#_\7#3`:X#[\7#(3(&+<:'&F+#8(#]^_]

!"#$%&'

mmmX:(4';+)/4/9'X9+:X:f#
!!"#$%&"'#(!%&"!)*"#$%&'()#*+,'&&-./'%#
#

*&+,#-&'#(!%&"!)*
0+%1#234+3/+#25-/)'&#6/,(&'7#6+8(&/9#2/#*':;7#2)(<
='38&+#23'>'7#234+3/+#233/3+7#?),'&+#2&'5@3#6/,(<
&'7#$%&'()#2&&+>+7#A'&B'#C-/%'#D'&9')(44#E1&(F7#A/5-()#
*'&.+3())7#0+%1#234+3/+#*&(%;+7#0'/:(#8()#2&(3')#
G(3+9H/+7# 6'I'()# J%4&'8'# A/9H()7# K1%4+&# L'&9B'#
*'39)/3/7# 2&:'38+# L+3FM)(F# N+&&(%7# E'+)'# A'&4B3(F#
O(&3M38(F7# A'&B'# 8(# )+%# ?35()(%# A'%9+44# PM39H(F7#
$OR 0DVWURSDROR -HDQ 0H\HU (GJDU 0RUDOHV )OR<
&(%7#C(+3'&8+#A+&)/3+7#0+%1#C-/%#Q&+F9+7#0-'3#E'.)+#
E':;/))+#D')/R+7#A'&/+#E(&3/+)'7#S5+#E/;/4+3(7#0-'3#
A'3-()# 6':B&(F# P'BF7# TB94+&# 6(>3+%+7# U',/(&# 6+<
8&B5-(F# C(8(%:'7# 6+.(&4+# PM39H(F7#234+)B3# PM39H(F#
*-(&,+7#?35()#P(&:(R+7#G(8(&/9+#TMFV-(F#*')(&+7#
P/),(%4&(#T/))(5'%#6(,-()4'%7#!'3/)+#W+)+X

*&&"(!+)(&"'(#'!"#$%"&'(#*'."#,#+%#'+/0#"&1'
E'.)+#L'>4M3#P'34/'5+

('%)$*'+&'
D

!',&-.$./$0&-%)$
EF

"*102'&)%*)$03*")44)!"#$%&#'"$(#")*'

GG

"-('10") ,'56) *'$) 7"&!'$) 2%) *') "(&%2'2) !"#$%'+,-.$


%&./")&/"

GF

(8%"2"&)9:)'2"&#");)*')-&/(0-')')8%02%33%&)!"#$
0)#'1,-$2"/#3+,-4$%&#*3)$/-.$5&6!"

.-0$)-!
#1234567/32898:4;17/<;1=>/?424?6;@A834/=/4B4:56:6C/
HI

*')10"*%#-0')2%)*')*%(&');),"$(<*%(&':)&%7*%40"#%$)
$"=&%)'*3.#"$)'$,%-("$)2%)*')=0","*/(0-')!"#$7&,8
#&)9-$7-$:",;-..-9$<,=&6&)

DD

,'#20**'$) (&'#$#'-0"#'*%$+) !%&-'#-/'$) ,'&') %*)


!%&-'2") ,"*/(0-") 2%) *') -&0!0#'*05'-0>#) !"#$>,+"$
5?@&#$%"#-)"$>-#)A)/-4

IG

?#"$"(&"$) #") !03&'!"$) ,"&) =0**%(%@:) A>1%#%$)


-"*"!=0'#"$)%#)!03&'-0>#6)-"#7*0-(")'&!'2")
;)10"*%#-0'$)!"#$%&#3&$%&#+&#'*&$09;-B-##'$

JG

(&B#$0("$)!"#$0,)'9-$C"@'&)-

FF

0#7"&!'-0>#)0#7"&!'*);)-"#$.!")%#)*')%-"#"<
!/')-.*(.&'*)2030('*)!"#$C"@?$D.E-#*"$FA)9;-4$%&#*3)-4

KG

#%"*0=%&'*0$!"6) (&B70-") ;) 2%$-&0!0#'*05'-0>#) 2%)


*'$)2&"3'$)!"#$06'.'"$G&)'-.$5,)H&6&$7I!-4

KF

') !%&-%2) 2%) *') !.%&(%:) '='#2"#"6) %4-*.$0>#) ;)


2%$,&%-0")!"#$:-)H&63)$J#*-+&

(!,#2&3'$&0.&,!$!4+'5'(!)6")0)$!4+#
A'3-()#2H-'94F/3
A'&/%+)#O(&3M38(F#P'34':'&B'
AJN2EQCYN$*27#'R+#Z#3+X#[\7#(3(&+#<#:'&F+#8(#]^_]7#
(%#-3'#;-.)/9'9/@3#4&/:(%4&')#(8/4'8'#;+&#*'35'4+7#PX#
2X# 8(# *X# TX7# !+:/9/)/+"#2,X# E'%(+%# 8()# # ?35()# 3`:(&+#
_^<2#G&'99X#E'%(+%#8()#?35()#P'3#238&1%#*H+)-)'#E-(<
.)'X# aJ34&(#2&9M35()# P'3# L'.&/()# # ># ?&9'35()# P'3# A/<
5-()b#E-(.)'7#E-(.)'X# *XEX#[]c]d7#9+&&(+"#:(4';+)/4/<
9'e5:'/)X9+:7#J8/4+&#&(%;+3%'.)("#$%&'()#*+,'&&-./'%#
L+3FM)(FX# K`:(&+# 8(# &(%(&,'# 8(# !(&(9H+%# ')# -%+# (f<
9)-%/,+"# ^g<]^^c<_]^Z_ZZ[^[^^<_^]X# $PKK# _g^d<gddcX#
C/9/4-8#8(#4B4-)+#K+"#_gg\\X#C/9/4-8#8(#9+34(3/8+#K+"#
DPERVRWRUJDGRVSRUOD&RPLVLyQ&DOLFDGRUD
8(#E-.)/9'9/+3(%#>#6(,/%4'%#$)-%4&'8'%#8(#)'#P(9&(4'&B'#
8(# L+.(&3'9/@3X# E(&:/%+# PJEQAJU# K+X# 6(5/%4&+# E+%<
4')# $A^h<^^dc# ># EE^h<^g\Z7# $:;&(%'# ;+&# E6QAQE2C#
L6?G$*27# PX2X# 8(# *XTX# N(9':'9H')9+# K+X# gZ7# *+)X# C'#
E'F# E-(.)'7# E-(.)'X# 9X;X# []_\^X# !/%4&/.-9/@3X# *$NJA7#
PX2# 8(# *XTX7# 2,X# !()# *&/%4+# _^_7# *+)X# U+9+>'H-')9+7#
*XEX# dg^c^7# N)')3(;'34)'7# J%4'8+# 8(# A1f/9+7# N()X# d]#
Zc# ^]# ^^# >#26$JC$# A-3/9/;/+# )/.&(# _g_7# /34(&/+&# _# *+)X#
E+&4')(%7#*XE#^Z\d^7#A1f/9+#!XGX7#(%4(#3`:(&+#%(#4(&<
:/3@# 8(# /:;&/:/&# (3# Q94-.&(# 8(# ]^__# 9+3# -3# 4/&'=(#
8(# Z^^^# (=(:;)'&(%X# *+%4+# 8()# (=(:;)'&# id^X^^# (3#
A1f/9+X#28:/3/%4&'9/@3#>#%-%9&/;9/+3(%"#!/3+&'H#E+)/37#
4()X^_]]]ggg[dgd7##9+&&(+"#%-%9&/;9/+3(%e:(4';+)/4/<
9'X9+:X:fj#8/3+&'H]\]\eH+4:'/)X9+:
C'%#+;/3/+3(%#(f;&(%'8'%#;+&#)+%#'-4+&(%#3+#3(9(%'&/'<
PHQWHUHHMDQODSRVWXUDGHOHGLWRUGHHVWDSXEOLFDFLyQ
k-(8'#(%4&/94':(34(#;&+H/./8'#)'#&(;&+8-99/@3#4+4')#+#
;'&9/')#8(#)+%#9+34(3/8+%#(#/:M5(3(%#8(#)'#;-.)/9'9/@3#
%/#;&(,/'#'-4+&/F'9/@3#8(#*'35'4+#PX2X#8(#*XTX
AJN2EQCYN$*2# ';'&(9(# (3# )+%# %/5-/(34(%# B38/9(%"# *C2PJ7#
*$N2P#C2N$KQ2AJ6$*2K2P#JK#*$JK*$2P#PQ*$2CJP#a*(34&+#
GH ,QIRUPDFLyQ &LHQWtFD \ +XPDQtVWLFD 81$0  ,1,67
,QVWLWXWHGH/,QIRUPDWLRQ6FLHQWLTXHHW7HFQLTXH 6R<
9/+)+5/9')#2.%4&'947# $39Xj# E2$P# aE-.)/9#2II'/&%# $3I+&:'4/+3#
P(&,/9(bj# $DPP# a$34(&3'9/+3')# E+)/4/9')# P9/(39(# 2.%4&'94bj#
S6C$*OlP# a$34(&3'9/+3')# E(&/+8/9')%# !/&(94+&>b# ># JDP*Q#
$3I+&:'4/+3#P(&,/9(%X

AJN2EQCYN$*2#3+#%(#H'9(#&(%;+3%'.)(#;+&#:'4(&/')(%#
3+#%+)/9/4'8+%X#NB4-)+%#>#%-.4B4-)+%#8(#)'#&(8'99/@3X

!"#$%&&'()!"&'*%$+)%$,%-(&"$)*.!/#0-"$)

&#(%-L)$/(M0+&,$
OD

0#(%&&"3'&)'*)-"#-%,(")2%)2%$'&&"**")!"#$5;#'@*'&)$G-@9&6!@

EPP

$"=&%)*')$'#(')03#"&'#-0'+)%*)(0%!,")2%)*')&%*030>#)$0#)-.*(.<
&')CD)"EFGFDH)&IJ)!"#$%&#'"$K-#)'".&

EPG

$"=&%) ,"*/(0-') ;) 1%&2'2) 2%) A"'K./#) '=%**B#) ;) A'10%&) 7&'#5L)


M%2$:N6)!"#$D)*")'"$CL$>-#)A)/-4

EPD

$"=&%)-'&('$)')*"$)%$(.20'#(%$)2%)-0%#-0'),"*/(0-':)1"*.!%#)O)
2%)A"&3%)2'102)-"&(L$)!"&%#");)A"$L)&'!>#)*>,%5)&.=/)-'*2%<
&>#)M-""&2$:N6)!"#$M@#&-.$5"B&##,E'&@

EPK

$"=&%)%*)03.'*0('&0$!")*0=%&'*)2%)A"8#)&'9*$:)%$(.20")2%)*')(%"<
&/')2%)*')A.$(0-0')2%)A%$P$)&"2&/3.%5)5%,%2'6)!"#$K-/#"$CL$%-@&$>-#)A)/-4$

!',&-.$./N/($)%&#'L&'
EEG

,'5);)(&'='A")!"#$0,)'9-$C"@'&)-

!"#$%$&'$()*+",-&./0&&&1&&.20&34-&!5+%"&&6*7)$&3"#"6&8$&#,96%53*&:&39#6(,"6&8$&;$,&3*+&#5+%()"<&/0.0&

Monzerrat Morales
!"#!$%&'"()*+,-.$'"(

Po r t a f o l i o
!"#$"%#&$'&#%()$*&+$,(#-&-(#&+$#(,"*./0"1(+$+"1$*(1%&+)$2$
1.1/&$+"1$+&13#0(1%&+4
=>?'&?'@ABCD<&!&.,#($50%"+

>,&4(+8*&F($&#$)35754*6&$6&%",&:&3*4*&+($6%)*6&
*G*6&:&#$+6"45$+%*&,*&"845%$+H<&ED"6%"&F(I&#(+J
%*&+($6%)"&#$)3$#35K+&$&58$"6&8$&%*8"6&,"6&3*6"6&
"L$3%"+&$,&4(+8*&F($&M$4*6&3*+6%)(58*H
>,&4(+8*&F($&+*6*%)*6&M$4*6&3*+6%)(58*&$6%"&M$J
3M*&#*)&+($6%)"6&58$"6&:&#)*:$335*+$6<&F($&6$&L*)4"+&
"&#")%5)&8$&+($6%)*6&$6%N4(,*6&#*)&O5O$+35"6<&"#)$+85J
P"G$6&:&,"&5+L*)4"35K+&F($&)$35754*6-&>6&8$35)&+($6J
WURSXQWRGHYLVWD\SHUVSHFWLYDLQX\HHQHOH[WHULRU
4"%$)5",5P9+8*6$& $+& ",;*<& $+& 3(",F(5$)& 3*6"<& 3*4*&
%*8*& ,*& F($& M$4*6& 5+O$+%"8*& :& #$+6"8*& F($& L*)4"&
SDUWHGHOPXQGRH[WHULRUSDUDYLYLUVHFROHFWLYDPHQWH
Q5&%)"7"G*&6*+&*7)"6&6(%5,$6R&#*)&,"&3(",58"8&%)"6J
,(358"&8$,&4"%$)5",&3*+&F($&$6%9+&M$3M"6<&3*4*&$6J
#$G564*6&*&)$L,$G*6-&>,&3*,*)&F($&#*6$$&,"&*7)"&$6&
$,&F($&,$&8"&$,&"475$+%$&4564*&:&,"&65%("35K+&8$,&
$6#"35*& 8*+8$& $6%9& 3*,*3"8"-& ?,;(+"6& #*6$$+& ,(P&
#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

$,I3%)53"& F($& 5,(45+"& $,& %)"7"G*& %$+($4$+%$-& Q$&


5+%$)$6"&$6%(85")&$,&3*,*)&+*&3*4*&#5;4$+%*&65&+*&
3*4*&$6#$3%)*&,(4N+53*-&
C"&*7)"&$6&&"L$3%"8"&85)$3%"4$+%$&#*)&$,&"475$+%$<&
:&#*)&$,&#(+%*&8$&O56%"&8$,&$6#$3%"8*)&F($&",&)$3*))$),"&
#($8$& *76$)O")& 85O$)6*6& #,"+*6& 8$& ,"& 4564"<& 3*4*&
ORVUHHMRVGHOPLVPRDPELHQWHTXHOHGDQHOFRORU
,"6&%)"+6535*+$6&8$&&,"&,(P&:&6(&5+%$+658"8&F($&$6&,*&F($&
GHQHODVROLGH]\ODPXOWLSOLFDFLyQGHODVVRPEUDV
>6%*6&$,$4$+%*6&L(+35*+"+&$+&&3*+G(+%*&#")"&$L$3J
%*&8$&#(+%(",5P")&3*4*&5+358$&&$,&3")93%$)&8$&*76$)O"J
35K+&8$,&$6#$3%"8*)&$+&,"&4564"&,$3%()"&8$&,"&*7)"&8$&
DUWH\DVtPLVPRHQHOH[WHULRUHQODFRQVWUXFFLyQGHO
4(+8*&:&8$,&"475$+%$-&

!"#$%&&'()!"&'*%$ 0)('%)$*'+&'

>,&S,%54*&,N45%$-&.00&&1&&20&34-&T*%*;)"LN"<&54#)$65K+&85;5%",-&/0.0&

#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

('%)$*'+&'//0 !"#$%&&'()!"&'*%$

U)"O$8"8&$+&U*%"6&?<&V&:&W-&22&1&XX&34<&Y2&1&2/&34&&:&&22&1&XX&34-&U)"7"8*&6*7)$&"3)N,53*-&/0.0

#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

!"#$%&&'()!"&'*%$ 0)('%)$*'+&'

-HOO\VK/)2;FP*UDEDGRVREUHDFUtOLFR

0RPR*DOD[\'SODFDVGH;FP*UDEDGRVREUHDFUtOLFR

#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

('%)$*'+&'//0 !"#$%&&'()!"&'*%$

5HHFWLRQ03*UDEDGRVREUHDFUtOLFR;FP

#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

!"#$%&&'()!"&'*%$ 0)('%)$*'+&'

6XEDWRPLFPHUJHUKXPDQ;FP*UDEDGRVREUHDFUtOLFR

3DLVDMH8UEDQR[FP*UiFD'LJLWDO

#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

('%)$*'+&'//0 !"#$%&&'()!"&'*%$

5HIUDFFLyQ(VWHODU GHODVHULHGG G ;FP*UiFD'LJLWDO

7tWXOR5HIUDFFLyQ(PRFLRQDO GHODVHULHGG G ;FP*UiFD'LJLWDO

#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

EP

!"#$%&&'()!"&'*%$ 0)('%)$*'+&'

eWHU;FP7LQWDVREUHFDSDVGHSOiVWLFR\FiSVXODVGHJHOFRQSLQWXUD

4XDQWXP;FP7LQWDVREUHFDSDVGHSOiVWLFR\FiSVXODVGHJHOFRQSLQWXUD

#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

EE

('%)$*'+&'//0 !"#$%&&'()!"&'*%$

&RPSRVLFLyQ\(FR;FP7LQWDVREUHFDSDVGHSOiVWLFR\FiSVXODVGHJHOFRQSLQWXUD

*UDYLW\;FP7LQWDVREUHFDSDVGHSOiVWLFR\FiSVXODVGHJHOFRQSLQWXUD

#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

EG

!"#$%&&'()!"&'*%$ 0)('%)$*'+&'

3UR\HFFLyQPRBPR;FP7LQWD\YLQLOVREUHFDSDVGHSOiVWLFR

#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

EH

('%)$*'+&'//0 !"#$%&&'()!"&'*%$

3UR\HFFLyQ&ROHFWLYD;FP7LQWDVREUHFDSDVGHSOiVWLFRV\FiSVXODVGHJHOFRQSLQWXUD

3UR\HFFLyQ9LVLEOH;FP7LQWD\YLQLOVREUHFDSDVGHSOiVWLFR

#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

ED

!"#$%&&'()!"&'*%$ 0)('%)$*'+&'

3UR\HFFLyQ&ROHFWLYD;FP7LQWDVREUHFDSDVGHSOiVWLFR\FiSVXODV
GHJHOFRQSLQWXUD

3UR\HFFLyQ$]XO;FP7LQWD\YLQLOVREUHFDSDVGHSOiVWLFR

#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

EI

('%)$*'+&'//0 !"#$%&&'()!"&'*%$

$JXD\$FHLWHFP;FP*UiFD'LJLWDO

#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

EJ

Olvidar

!)("./)'(001

!"#$%&'#%()$**

+535$4*6&3*+&(+"&L)"6$[&\C"&#*,N%53"&6$&L(+8"&6*J
EUH OD SOXUDOLGDG GH ORV KRPEUHV 'LRV KD FUHDJ
8*&",&D*47)$<&*"+$M*47)$6&6*+&(+&#)*8(3%*&M(J
PDQR(VWDHVXQDLGHDGH+DQQDK$UHQGW'HHVWH
PRGRFRPLHQ]DVXWH[WRSyVWXPR6&+$0+%$!"*0%078$>,&
IUDJPHQWRDQWHVFLWDGRHVGH(QHVHHQWRQFHV
$,&#$+6"45$+%*&#*,N%53*&%$+N"&8$%)96&$,&M*,*3"(6%*&:&"&
,"&7*47"<&"&6(&",)$8$8*)&,"&U($))"&T)N"<&"8$,"+%$&,"6&
8*6&;)"+8$6&8$65,(65*+$6&8$,&65;,*&11<&,"&8$4*3)"35"&
:&$,&3*4(+564*-&C"&#*,N%53"&$6%"7"&$+3$))"8"&$+&$6%"6&
G"(,"6&8$&M5$))*-&'*&$)"&,"&3)5656&8$&,"&#*,N%53"-&?+%$&
%*8*<&"&$,,"&6$&,$&#$8N"&,"&6*,(35K+&8$&,*6&;)"+8$6&#)*J
EOHPDV&RQODFRQDQ]DTXHSXGLHUDUHVROYHUORV+H
"F(N&$+%*+3$6<&$,&#*)&F(I&$,&D*47)$&:&*"+&M*47)$6$UHQGWGLFHODORVRItD\ODWHRORJtD\WDPELpQ
,"&35$+35"<&6$&*3(#"+&65$4#)$&:&6K,*&8$,&D*47)$-&]5&
VRODPHQWHH[LVWLHVHXQ~QLFRKRPEUHRVLVyORH[LVJ
WLHVHQKRPEUHVLGpQWLFRVVHUtDLJXDO(OGLVFXUVRJ
ORVyFR WHROyJLFR R FLHQWtFR HVWDUtDQ HQ SLH SRU
3*4#,$%*-& W*+& )$,"35K+& "& ,"& %$*,*;N"& #*,N%53"& %"4J
ELpQ GLVFXWtDQ 6FKPLWW \ 3HWHUVRQ 1R WHQJR GXGD
DOJXQDGHOKHFKRGHTXHVXORVRItDSROtWLFD\FLHQJ
35"&#*,N%53"<&3*+&4I%*8*6&856%5+%*6<&,,$;"+&"&)$8(35)&
DORVKRPEUHVDOKRPEUH'HDTXtVXLQFDSDFLGDGGH
)$6#*+8$)&"&,"&#)$;(+%"[&E^(I&$6&,"&#*,N%53"H<&EF(5I+&
UHVSRQGHDODSUHJXQWD"/DSROtWLFDPLVPD'HQXHJ
O*<&-0($!"*0%07$2$-&+$!"*0%0+/9(4$'*&6K,*&$6&,"&856%5+J
FLyQHQWUHSUD[LVSROtWLFD\FULWHULRGHMXLFLRHQWUH
SROtWLFDSUiFWLFD\FDWHJRUtDGHORSROtWLFR3DUDPt
$6%"&856%5+35K+&$6&,"&L*)4"&4$85"+%$&,"&3(",&$,&65;,*&
11&M"&8$6$3M"8*&,"&85L$)$+35"&$+%)$&%93%53"&:&$6%)"J
Z

!)"8(335K+&8$&B6)"$,&W*O"))(75"6-&
T5,K6*L*&:&$+6":56%"&5%",5"+*-

ZZ&

%$;5"<& $+%)$& +$3$658"8& 853%"8"& #*)& ,"& 5+4$85"%$P& :&


,57$)%"8&3*+F(56%"8"&#*)&$,&#)*3$6*&8$&,");*&)$6#5)*-&
C"&58$"&3*+%$4#*)9+$"&8$&"(%*+*4N"&8$&,*&#*,N%53*&
+*&$6&,*&4564*&F($&,"&58$"&4*8$)+"&8$&"(%*+*4N"&8$&
ODSROtWLFD3HURVREUHHVWHSXQWRVHGHEHDEDQGRQDU
,"&$6#$)"+P"&8$&M"3$)6$&$+%$+8$)-&
(QFDPELRUHFRPHQFHPRVFRQGRVDUPDFLRQHVGH
+DQQDK$UHQGW3ULPHUDDUPDFLyQ/DSROtWLFDQDFH
(1%#($ *"+$ M*47)$6<& #*)& %",& 8$35858"4$+%$& '"#$ &:.(#&$
GHO+RPEUH1RH[LVWHHO;""1$'"*0%07"1[&$6&L",6*&F($&
H[LVWDHQHOKRPEUHXQHOHPHQWRSROtWLFRFRPRSDUWH
8$&6(&$6$+35"-&\C"&#*,N%53"&+"3$&$+&$,&01:#&$\VHDUPD
3*4*&)$,"35K+-&>6%*&,*&M"7N"&$+%$+858*&D*77$6_-&]$J
JXQGDDUPDFLyQ(QHOFHQWURGHODSROtWLFDVLHPSUH
H[LVWHODSUHRFXSDFLyQSRUHOPXQGRQRSRUHOKRPJ
EUH3RQHUDOKRPEUHDOFHQWURGHODVSUHRFXSDFLRQHV
#)$6$+%$6&:&6*6%$+$)&F($&$6&+$3$6")5*&%$+$)&F($&3"4J
75"),*&#")"&#*+$),*&"&6",O*<&$6&(+"&"3%5%(8&`#)*L(+8"J
PHQWHLPSROtWLFD(OQGHODSROtWLFDHVFDPELDUR
FRQVHUYDURIXQGDUXQPXQGR3RUORWDQWRTXpHVOD
#*,N%53"H&>6&#*+$)&$+&)$,"35K+&"&,*6&M*47)$6&3*+&)$,"J
FLyQDODSUHRFXSDFLyQSRUHOPXQGR3ROtWLFDUHODFLyQ
#*,N%53"J4(+8*-&E!*8"ON"&,"&#*,N%53"&:&,*&#*,N%53*H&>+&
#")%$<& 6N-& C"& #)93%53"& :& $,& #)*:$3%*[& $,& *7)")<& 3*+& 6(6&
,$:$6&:&$,&M*)5P*+%$<&3*+&6(6&*7G$%5O*6-&W*+%5+;$+35"&:&
,57$)%"8[&F(5P9&6$&$)*65*+K&$,&6$+%58*&8$&,"&#*,N%53"&$+&
HOQDOGHOVLJOR;;6REUHWRGRSRUTXHVLHOSUREOHPD
$)"&3K4*&5+O$)%5)&,"6&;)"+8$6&58$"6&$+&$,&7)$O$&#$)5*8*<&
,"&7S6F($8"&8$&,"&6*,(35K+&+*6&,,$O"&"&,"&M56%*)5"&8$,&
%5$4#*<&",&,");*&")3*&%$4#*)",&8$,&65;,*&11&:&",&4*J
PHQWRGHFLVLYRGHVXQDO
'HEHPRVOLEHUDUDODSROtWLFDGHOSHVRGHODQHFHVLJ
8"8-&>6%$&#$6*&$6&$,&F($&M"&5+%)*8(358*&$,$4$+%*6&8$&
#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

EF

!',&-.$./$0&-%)$//0 !'&0")(&"#(0

3)5656&$+&,"&#*,N%53"-&>+&$,&65;,*&11<&,"&#*,N%53"&%(O*&
F($&M"3$)6$&3");*&+*&6K,*&8$&,"&M56%*)5"&8$&,*6&M*4J
7)$6<&65+*&%"475I+&8$&,"&O58"&8$,&M*47)$[&$,&M*47)$&
TXHKDYLVWRVXH[LVWHQFLDDUURMDGDDODJXHUUDWRWDO
ON3%54"& 8$& L($)P"6& 6(#$)5*)$6<& *63()"6& :& "4$+"P"+J
%$6<&#$)*&%"475I+&*7,5;"8*&"&O*,O$)6$&6(G$%*&8$&;)"+J
8$6&$4#)$6"6&58$*,K;53"6<&5+8$4+$&8$6#(I6&8$&4$85)&
8$+%)*&8$&6N&,"&8()"&)$",58"8&8$&,"6&)$,"35*+$6&3*%585"J
QDV'HVJUDFLDGDPHQWHWHQHPRVTXHGHFLUTXHHQHO
65;,*&11<&,"&#*,N%53"&M"&*76$)O"8*&%"475I+&",&M*47)$<&
"F($,&3*+&,"&9&45+S63(,"<&:&3"65&65$4#)$&$,&M*47)$&
65+;(,")<& $,& M*47)$& "7"+8*+"8*<& "& ,"& %*4"& 3*+65;*&
4564*<& 5+8$#$+85$+%$4$+%$& 8$& F($& I,& M(75$)"& F($J
)58*&#")%535#")&$+&,"&M56%*)5"&8$,&4(+8*<&:&8$&F($&I,&
M":"&8$35858*&,57)$4$+%$&#*+$)6$&$+&)$,"35K+&3*+&,*6&
M*47)$6-& A+"& 3*+8535K+& %)9;53"<& #*)F($& L($& #($6%"&
#*)&#*%$+35"6&"&6(&4*8*&6*7)$M(4"+"6[&,"&3*+8535K+&
M(4"+"&8$,&65;,*&11-&>,&859,*;*&$+&,"&<"1-0%0"1$9.=
>&01($GH0DOUDX[&XiOHVODIHSROtWLFDTXHSRGUi
H[SOLFDUHOGRORUKXPDQR"VHSUHJXQWDHOSDVWRU<
ODUHVSXHVWDGHOUHYROXFLRQDULR3UHHURGLVPLQXLUOR
HQYH]GHH[SOLFDUOR(QWUHODSUHJXQWD\ODUHVSXHVJ
%"<&,"&#*,N%53"&6$&M"&58*&:&M"&)$;)$6"8*<&M"&6",58*&8$&
6N& :& 6$& M"& 5+%)*8(358*& 8$& +($O"& 3($+%"& $+& 6N<& M"6%"&
,"&#$)8535K+&F($&"M*)"&,"&;*,#$"&:&,"&"7"%$-&>,&65;,*&
11&M"&)$O$,"8*&,"6&8*6&3")"6&8$&,"&#*,N%53"[&$,&)*6%)*&
8$4*+N"3*&8$,&#*8$)&:&$,&)*6%)*&6"3)",5P"8*&8$,&$4J
#$a*-&?&/9%=@(A&*%<&$6%"&O$P&#*)&(+"&#")%$<&8$3565K+&
8$&O58"&:&(13&3(>(1%$#*)&,"&*%)"-&Q*+6%)(*6&:&6"+%*6&
M"+&7"G"8*&"&,"&#*,N%53"<&L*)P"8*6&#*)&,"&M56%*)5"-&]$&
M"&#*858*&,$$)&$,&?(01$B&>':$:&,"6$C(%%(#($-(0$/"1=
-&11&%0$&$>"#%($-(**&$D(+0+%(1;&-&A+&4564*&#"N6&M"&
#)*8(358*&"&U*$77$,6&:&"&V*+M*$LL$)-&A+&;)"+&65;,*<&
$6%$&65;,*&11<&8$&;)"+8$6&3*+%)"6%$6-&
3ROtWLFD\FRQWLQJHQFLD'RVPXQGRVFRPXQLFDQJ
%$6&$&5+3*4(+53"7,$6-&>,&)*7*&3*%585"+*&8$&,"6&3*+%)"J
85335*+$6&F($&#58$+&6$)&)$3*4#($6%"6-&C"&3"#"358"8&
8$&8*45+")&$,&%5$4#*&7)$O$&$+&6(&#"6")&8$6*)8$+"8*-&
C"&3*+%5+;$+35"&$6&$,&O$)8"8$)*&,(;")&8$&,"&#*,N%53"-&
>,&#)*7,$4"&F($&5))(4#$&:&,"&6*,(35K+&F($&*7,5;"[&$6&
,"& 4$858"& 8$,& F($M"3$)& #*,N%53*& :& 8$& 6(& 3",58"8-& C"&
#*,N%53"&85")5"&$6&,"&;)"+&#*,N%53"-&C*&3*%585"+*&3*4J
#)54$& 6*7)$& 6N& ,"& 3",58"8& 8$& ,"& #*,N%53"& 6K,*& 3("+8*&
$+&,"&"335K+&$6&4$85*3)$&$,&M*47)$&#*,N%53*<&,*&F($&
$6&3"65&65$4#)$-&>6&O$)8"8&F($&#*)&+*)4"&,*&F($&6$&
*76$)O"&$6&,"&85",I3%53"&$+%)$&#$F($a"&"335K+&:&*7)")&
3*%585"+*&35$;*<&#)565*+$)*&8$,&"F(N&:&"M*)"-&>6&O$)J
8"8&F($&6$&%5$+8$&"&3");")&3"8"&4*4$+%*&65+;(,")&8$&
VLJQLFDGRVHSRFDOHV(VYHUGDGTXHODFRVDPiVIiJ
35,<&:&#*)&,*&%"+%*&,"&496&L)$3($+%$<&$6&#$)8$)&$,&M5,*&
GHODKLVWRULDPLHQWUDVVHKDFHSROtWLFD3HURFXDQGR
#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

EK

8$68$& ,"& 65%("35K+& 3*+%5+;$+%$& $4$);$& ,"& +$3$658"8&


8$& ,"& ;)"+& "335K+<& 3("+8*& 8$& ,"& +$3$658"8& 6();$& ,"&
8$3565K+<& $+%*+3$6& 6$& %5$+$& "& ,"& O$)8"8$)"& #*,N%53"<&
"F($,,"&#*)&,"&3(",&O",$&,"&#$+"&$6%")<&#*)&,"&3(",&$6&
G(6%*&#)$#")")6$<&#*)&,"&3(",&$6&(+&8$7$)&M"3$)6$&$+J
3*+%)")<&",&4*4$+%*<&,56%*&#")"&M"3$)-&C*&*#($6%*&+*&
$6&O$)8"8[&#*6$$)&(+&#)*:$3%*<&#)$#")"),*<&3(,%5O"),*<&
3*+6$)O"),*& $+& ,"& 3*+35$+35"<& :& +*& )$%$+$)& 85;+*& $,&
M$3M*& 8$& 4$85),*& 3*+& ,*& F($& 6(3$8$-& C"& #)$%$+65K+&
8$&,"&O$)8"8&#*,N%53"<&#*6$N8"&$&5+3*4#)$+858"<&$6&$,&
#$3"8*& *)5;5+",& 8$& 3(",F(5$)& 5+%$+%*& )$O*,(35*+")5*-&
<HVHOPDOLQWHULRUTXHKDKHFKRVLHPSUHIDOODUDOD
#)($7"-&C"&#*,N%53"&"76*,(%"&$6&,"&#*,N%53"&4*8$)+"-&>,&
VLJOR;;ODKDH[DOWDGRKDVWDHOOtPLWHLQVRSRUWDEOH
\KDVWDHOpQIDVLVGHODWUiJLFDVROXFLyQQDORGHOD
HPDQFLSDFLyQIRU]DGD3RVWHULRUPHQWHHODEVROXWRGH
,"& #*,N%53"& M"& 3"N8*& $+& 4*8*& L)";*)*6*<& 3":$+8*& $+&
,"&8$6%)(335K+&8$&,*6&4()*6<&$,&6$+%58*&4564*&8$&,"&
#*,N%53"<& 6(& 3")93%$)& )$,"35*+",<& ,"& )$,"%5O58"8& 8$& ,"6&
)$,"35*+$6&M(4"+"6<&F($&65$4#)$&6$&"#*:"+&6*7)$&(+"&
8(8*6"&3*+656%$+35"&3(",5%"%5O"4$+%$&M(4"+"&8$&,*6&
6(G$%*6&F($&,"&#)"3%53"+&:&8$&,*6&F($&,"&6(L)$+3DUpQWHVLV 'LFH )UDQoRLV )XUHW H[LVWH XQ PLVJ
%$)5*6*&4",&$+&,"&85+9453"&8$&,"6&58$"6&#*,N%53"6&8$,&
VLJOR;;6LQHPEDUJRH[LVWHHQODSULPHUD\HQOD
6$;(+8"&45%"8&8$,&65;,*[&3*4*&4",&4":*)&F($&M$4*6&
3*47"%58*&:&3*4*&4",&4$+*)&F($&M$4*6&6*#*)%"8*-&
3HURSRUTXpORVKLVWRULDGRUHVKDFHQKLVWRULDGHOVLJ
JOR ;; GHWHQLpQGRVH HQ " SRU TXp QR WLHQHQ
$,&3*)"G$&8$&8$35)&F($&,*&F($&O5+*&8$6#(I6&$6&4*)",J
4$+%$& #$*)& 8$& 3("+%*& M"& 6(3$858*& "+%$6<& O56%*& F($&
M"&54#,53"8*&4$+*6&$&54#,53"&65$4#)$&4$+*6&#"6"J
G$6&8$&3*+35$+35"<&8$3565*+$6&8$&O58"<&"6(+35*+$6&8$&
)$6#*+6"75,58"8H&Q$G*)&'*,%$&F($&T()$%-&?,&4$+*6&$,&
#)54$)*&%5$+$&(+"&%$656&L($)%$&F($&6$&#($8$&3*+%)"6J
%")[&,"&$F(5#")"35K+&8$,&+"P564*&:&7*,3M$O564*<&"+%$6&
TXHODWHVLVUHYLVLRQLVWDTXHMXVWLFDHOQD]LVPRFRPR
)$"335K+&",&7*,3M$O564*-&>+&3"475*<&,"&%$656&\8$4*J
3)9%53"_& 8$& T()$%& 853$& "6N[& \$,& L"63564*& +"3$& 3*4*&
)$"335K+&"+%53*4(+56%"<&$,&3*4(+564*&M"&#)*,*+;"8*&
VXGXUDFLyQJUDFLDVDODQWLIDVFLVPR3RUVXFDOLGDG
6(&,57)*&$6&(+&4"+(",&8$&8$6J$8(3"35K+&3NO53"R&#*)&6(&
6(6%"+35"<&,"&+"))"35K+&8$,&#"6"8*&8$&6(&5,(65K+<&8$&6(&
\5+L$,5P&$4#$a*_<&*&4$G*)&853M*<&8$&6(&\3$;($)"&8$&
XQ WLHPSR 3RU RWUD SDUWH HO VLJOR EUHYH GH (ULF
-+REVEDZQ  VHFLHUUDVHJ~QODLPDJHQ
GH(OLRWQRFRQHOUXLGRGHXQDH[SORVLyQVLQRFRQ
XQIDVWLGLRVROORULTXHR<DVXPLHQGRHVWHDQWLFLSDGR
VHQWLUGHOSRHWD+REVEDZQDOQDOSXHGHGHFLUOD
8$6%)(335K+&8$,&#"6"8*<&*&4$G*)&"S+&,"&8$6%)(335K+&8$&
ORVPHFDQLVPRVVRFLDOHVTXHFRQHFWDQODH[SHULHQFLD

"*102'&)%*)$03*")44

8$&,*6&3*+%$4#*)9+$*6&"&,"&8$&,"6&;$+$)"35*+$6&#)$J
3$8$+%$6<&$6&(+*&8$&,*6&L$+K4$+*6&496&%N#53*6&:&3*+J
MXQWDPHQWHPiVH[WUDxRVGHORV~OWLPRVDxRVGHOVLJOR
11-&C"&4":*)N"&8$&,*6&GKO$+$6&"3%(",$6&M"+&3)$358*&
$+&(+"&6($)%$&8$&#)$6$+%$&#$)4"+$+%$<&$+&$,&3(",&L",J
%"&%*8"&)$,"35K+&*);9+53"&3*+&$,&#"6"8*&M56%K)53*&8$,&
%5$4#*&$+&$,&3(",&O5O$+_-&W5$))*&$,&#")I+%$656-&
]5+&$47");*<&E,"&#*,N%53"&#($8$&)$8(35)6$&"&,"&M56J
WRULDTXHODKDSURGXFLGR"(VWHHVHOSXQWRGHGLFXOJ
%"8&8$,&#)*7,$4"-&C"&#I)858"&8$&6$+%58*&8$&,"&#*,N%53"&
M"3$& (+& %*8*& 3*+& $6%"& %$))57,$& 3"N8"& 8$& ,"& 3*+35$+J
35"& M56%K)53"-& >,& I+L"656& O"3N*& 6*7)$& ,*& +($O*& "F(N&
#$+$%)"&6(6&L)";5,N654"6&)"N3$6-&>+&$L$3%*<&,"&#*,N%53"&
6$& )$O($,O$& $+& (+& $6%"8*& 8$& 3*+L(65K+& 85LN35,4$+%$&
UHSHWLEOH HQ RWURV PRPHQWRV /D H[FHSFLyQ GHFtD
6FKPLWWHVPiVLQWHUHVDQWHTXHODVLWXDFLyQQRUPDO
< KR\ OD SROtWLFD QR GHEH UHVSRQGHU D XQ HVWDGR GH
H[FHSFLyQKLVWyULFR(VODSROtWLFDPLVPDTXHVHHQJ
FXHQWUDHQVXSURSLRHVWDGRGHH[FHSFLyQ'HVSXpV
HVWD H[FHSFLRQDOLGDG D VX YH] YD GHFOLQDQGR (OOD
#*)&$G$4#,*<&$+&6(&8$6"))*,,*<&$+&6(&8563()6*<&+*&%5$J
QH QDGD WUiJLFR < HVWH HV XQ OtPLWH JUDYH /D JUDQ
#*,N%53"&8$,&65;,*&11&M"&4($)%*-&Q(3M*6&6$&",$;)"+&
#*)&$6%$&$O$+%*<&#*)F($&54#(%"+&"&"F($,,"6&58$"6&8$&
ODSROtWLFDSUHFLVDPHQWHODVWUDJHGLDVGHOVLJOR3HUR
"F($,,"&+*&$)"&,"&;)"+&#*,N%53"<&$)"&,"&4","&#*,N%53"-&]I&
TXHDTXtLQWHUYLHQHXQGLVFXWLEOHMXLFLRpWLFR3HUROD
;($))"&35O5,&4(+85",<&3*+&6(6&$O$+%*6<&$,&M*,*3"(6%*&
\ODERPEDTXHOHSUHVHQWDEDQD$UHQGWODSUHJXQWD
TXpHVODSROtWLFD"MXVWLFDQHVWHMXLFLR/DJUDQSRJ
,N%53"&8$,&65;,*&L($&*%)"-&T($)*+&,"6&8*6&)$O*,(35*+$6<&
,"& )$O*,(35K+& *7)$)"& :& ,"& )$O*,(35K+& 3*+6$)O"8*)"<&
3*+& ,"& ;)"+& 3)5656& $+%)$& "47"6<& $,& #$)5*8*& 8$& 6(& 5+J
FXEDFLyQGHD\ODUHVSXHVWDFDSLWDOLVWD
8$&,*6&"a*6&%)$5+%"&$+&"8$,"+%$-&?F(N<&3*+%5+;$+35"&:&
SROtWLFDRFDVLyQ\DFFLyQHVWDGRGHH[FHSFLyQ\GHJ
FLVLyQVHUHHQFXHQWUDQDOHMDQ\FRQUPDQ&RQWUDULR
"&,*&F($&#"6"&$+&,"&"3%(",58"8-&>,&65;,*&6$&"#";K&3*+&$,&
%)5(+L*&8$&,"&#$F($a"&#*,N%53"<&(+"&,");"&8$3"8$+35"<&
(+"&5+%$)45+"7,$&8$)5O"<&(+"&3*,$3%5O"&5+3*+656%$+35"&
M(4"+"&8$&3,"6$6&#*,N%53"6<&5+6%5%(35*+$6<&#)*;)"4"6<&
5+%$)O$+35*+$6<& 65+& #$+6"45$+%*<& 65+& L(%()*<& (+& #)$J
6$+%$&8$%$+58*&L)$+%$&"&,"&O"3N"&54";$+&8$&6N&4564*-&
6LVREHUDQRHVTXLHQGHFLGHHQHOHVWDGRGHH[FHSJ
35K+<& EF(5I+& 8$358$& M*:<& +*& $+& ,"& #*,N%53"<& 65+*& #*)&
,"&#*,N%53"H&>6&#)$356"4$+%$&$6%*&,*&F($&+*&6$&6"7$-&
C"&#*,N%53"&+*&%5$+$&496&6*7$)"+N"&6*7)$&$,&%$))5%*)5*-&
>6%$&S,%54*&M"&658*&5+O"858*<&3*+F(56%"8*&:&6*4$%58*-&
4XLHQ KDFH SROtWLFD DKRUD TXLHQ JRELHUQD R TXLHQ
GHVHDDFFHGHUDOJRELHUQRVDEHTXHFDVLQDGDGHVXV
8$3565*+$6& $6%9& $+& 6(6& 4"+*6-& C"6& 3*4#"%575,58"8$6&

0)!',&-.$./$0&-%)$

$3*+K453"6&6*+&(+"&G"(,"&8$&M5$))*&#")"&,"&5+535"%5O"&
8$&,"&"335K+&#*,N%53"-&C"6&)$;,"6&8$,&4$)3"8*&6(#)"J
QDFLRQDO\ODVOyJLFDVGHOPXQGRQDQFLHURLQWHUQDJ
35*+",&35$))"+&M*:&$,&$6#"35*&8$&4*O545$+%*&#")"&,"&
O58"&8$,&>6%"8*&+"35K+-&C"&;$*$3*+*4N"&6(6%5%(:$&"&
,"&;$*#*,N%53"-&C"6&%I3+53"6&8$&3*4(+53"35K+&O"3N"+&
$,& 6$+%58*& 8$& *);"+5P"35K+& 8$,& 5+%$)I6& #S7,53*& :& ,"&
;$6%5K+&8$&,"&3($6%5K+&;$+$)",-&>,&\3K4*&8$35)_&%*4"&
HOOXJDUGHOTXpKDFHU'HWRGDVHVWDVFRVDVWRPD
*)5;$+&,"&8$;)"8"35K+&8$&,*6&6$3%*)$6&#*,N%53*6<&)$8(J
358*6&"&4963")"6&65+&3$)$7)*<&,"&8$6%)(335K+&8$&,"&#$)J
6*+",58"8&#*,N%53"<&65+&496&#)*L$65K+&+5&O*3"35K+<&,"&
UHGXFFLyQDFRQIDEXODFLyQSULYDGDWDQWRGHOFRQLFWR
FRPRGHODFXHUGR'UDPiWLFDPHQWHVHSURSRQHWDPJ
75I+&65&+*&%)9;53"4$+%$<&8$&+($O"&3($+%"&$,&%$4"&8$&
ODSROtWLFD\HOGHVWLQR+DFLDQDOHVGHOVLJOR;,;
)$%*)+"7"<&)$6($,%*<&$,&#)*7,$4"&F($&b"),&Ccd5%M&e6fL[&
 LQWURGXFtDDPHGLDGRVGHORVDxRVWUHLQWDGHOVLJOR
11[&\65&$6&(+&`8$6%5+*g&$,&F($&8$%$)45+"&$,&4*8*&:&
,"& 4"+$)"& $+& ,"& 3(",& (+& #")%N35#$& "3%5O*& 3*+357$& ,*&
`#*,N%53*g<&*&75$+&65&I,&$6&654#,$4$+%$&;(5"8*&'"#$(+"$
E.($ -($ 9(/9"$ +./(-( 3UREOHPD UHVXHOWR SRUTXH D
$6%$&#(+%*&F(5$+&"3%5O"4$+%$&#")%535#"<&,"&3,"6$&#*,NJ
WLFDHQODJXUDGHODSHUVRQDOLGDGSROtWLFDQRHVWi
"MN&#")"&3*+3$75)&,*&\#*,N%53*_&3*4*&\8$6%5+*_<&65+*&
654#,$4$+%$& $6& ;(5"8*& #*)& ,*& F($& 6(3$8$-& ]5& 8$68$&
0DU[ D 6FKPLWW FRPR VRVWLHQH /|ZLWK KDEtD VXJ
FHGLGRTXHODFRQDQ]DHQXQDGLVFXVLyQFRQFHSWXDO
3$8N"&L)$+%$&"&(+"&%$*)N"&8$&,"&"335K+&85)$3%"&:&M"7N"&
%$+58*&\(+"&%)"+6L*)4"35K+&)"853",&8$&,"&4$85%"35K+&
ORVyFDVREUHODHVHQFLDGHODSROtWLFDHQXQLQVWUXJ
4$+%*& 5+%$,$3%(",& 8$& ,"& "335K+& #*,N%53"_<& EF(I& 3*6"&
#"6K&8$6#(I6&8$&]3M45%%&M"6%"&$,&8N"&8$&M*:H&>6&8$J
35)<&E+*&6K,*&8$68$&,*6&"a*6&*3M$+%"<&65+*&8$68$&,*6&
"a*6& 35+3($+%"& $+& "8$,"+%$H& ]*7)$& $6%*<& $,& 8563()6*&
$6%9&"75$)%*<&$,&"+9,5656&%*8"ON"&$6&54#)$356*&:&,"&)$J
H[LyQPX\DWUDVDGD/DGLVROXFLyQGHODJUDQOHFWXUD
GHO SUHVHQWH OD GHO PDU[LVPR RFFLGHQWDO OD GHO FDJ
%*,53564*& #*,N%53*<& ,"& #)*#5"& 8$,& ,57$)",564*& 3,9653*<&
M"& 3)$"8*& (+& O"3N*& 8$& #$+6"45$+%*& $+& $,& 3$+%)*& 8$&
>()*#"&F($&8$%$)45+K&$+&;)"+&4$858"&(+"&3)5656&;$J
+$)",&8$&,"&3(,%()"&#*,N%53"-&C"6&#)93%53"6&F($&M"3N"+&
)$L$)$+35"&"&$6%"6&3*))5$+%$6&M"+&58*&"8$,"+%$<&"&O$3$6&
WDPELpQ FRQ p[LWR SHUR VLQ QLQJ~Q HMHUFLFLR GH DXJ
%*3*+35$+35"& 5+%$,$3%(",<& #)5O"8"6& 8$& (+& #)$6$+%"7,$&
54#,"+%$& $6%)"%I;53*<& 5+3"#"3$6& 8$& #)*8(35)& L(%()*<&
YtFWLPDVDQDOGHFXHQWDVGHUHYDQFKDVWUDGLFLRQDJ
,$6<&$+4"63")"8"6&#*)&(+"&"#")$+%$4$+%$&5))$656%57,$&
#)$;(+%"& +($O"-& ?7"%58"6& ,"6& ;)"+8$6& ,$3%()"6& 8$& ,*&
F($&8$7N"&)$",4$+%$&#"6")<&,*6&#")94$%)*6&8$&5+%$,5;5J
75,58"8&%$)45+"+&(753"8*6&$+&4$85*3)$6&549;$+$6&8$&
#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

EO

!',&-.$./$0&-%)$//0 !'&0")(&"#(0

,*&F($&$L$3%5O"4$+%$&M"&6(3$858*-&
>+&,"&"3%(",58"8<&+*&6$&%)"%"&8$&,,$O")&"&3*+3,(65K+&
,"&#")97*,"&8$&,"&4*8$)+58"8-&'5&6$&%)"%"&8$&#*+$)6$&
$+&(+"&#"65O"&L(+35K+&8$&)$#)$6$+%"35K+&8$&,*&F($&6$&
GHQHSRVPRGHUQLGDG(QWRGRFDVRHOSUREOHPDQR
HOSUR\HFWRHVHOGHLPSODQWDUXQWUDEDMRGHFRQVFLHQJ
%$&6(#$)"35K+&8$&,"&4*8$)+58"8-&>63)57$&C$*&]%)"(66&
D.DUO/|ZLWKHOGHDJRVWRGHHVWDPRVGH
"3($)8*&6*7)$&$6%*<&F($&M*:&%$+$4*6&+$3$658"8&8$&,"&
UHH[LyQKLVWyULFDVyOR\RVRVWHQJRTXHHVWRQRHV
+5&(+&#)*;)$6*&+5&(+&8$6%5+*&#*)&"3$#%")&3*+&)$65;+"J
35K+<& "+%$6& 75$+& (+& 4$85*& 5+$O5%"7,$& #")"& 6(#$)")& "&
ODPRGHUQLGDG/DPRGHUQLGDGQRVHSXHGHVXSHUDU
FRQPHGLRVPRGHUQRV>@</|ZLWKD6WUDXVVHO
GHDJRVWRGH8VWHGGLFHTXHQRVHSXHGHVXSHJ
)")&,"&4*8$)+58"8&3*+&4$85*6&4*8$)+*6-&]($+"&#,"(J
VLEOHSHURPHSDUHFHMXVWRVyORFRQUHVHUYDV>@$J
+",&8$&3($+%"6<&,"&5+3*4*858"8&8$&,"&4*8$)+58"8&+"3$&
6*,"4$+%$&#*)&4$85*&8$&,"&3*+35$+35"&M56%K)53"<&#*)&
$,&%$+$)&+*35K+&8$&*%)*6&%5$4#*6&:&`4$G*)$6g<&:&8*+8$&
HVWDFRQFLHQFLDVHGHVYDQHFHFRPRHQODJHQHUDFLyQ
QDFLGDGHVSXpVGHOHQ$OHPDQLDODPRGHUQLJ
8"8&+*&$6&496&#$)35758"&3*4*&(+"&3*6"&#*)&6(#$)")<&
DOFRQWUDULR /|ZLWK\6WUDXVV $KRUD
%$+$4*6&",;*&F($&M"3$)&3*+&*%)"&;$+$)"35K+[&,"&+"35J
GDGHVSXpVGHOHQ,WDOLD\GHVSXpVGHOHQ
2FFLGHQWH3HURHOGLVFXUVRHVHOPLVPRGHKHFKRVH
";(85P"-&C"&6(7",%$)58"8&"&,"&4*8$)+58"8&6$&M5P*&O*P&
8$&*#5+5K+&#S7,53"<&3(,%()"&8*45+"+%$<&6$+%58*&3*4S+&
5+%$,$3%(",&8$&4"6"6-&!*8*&,*&F($&7(63"&#)*#*+$)6$&
3*4*&3)N%53"&8$&,*&4*8$)+*&)$3"$&6*7)$&,"&3"%$;*)N"&
GHORDQWLJXR/RQXHYRHVWiHQODVPDQRVH[FOXVLYDV
8$&,"6&O5$G"6&L($)P"6&F($&M"+&8*45+"8*&,"&$8"8&4*J
8$)+"-&E^(5I+<&"&$6%$&#(+%*<&F($8"&3*4*&8$#*65%")5*&
8$&,"&3*+35$+35"&M56%K)53"&3*+&,"&3(",&6$&#($8$&)$3*+6J
%)(5)&:&)$,"+P")&,"&+*35K+&8$&\*%)*6&%5$4#*6&4$G*)$6_H
$TXtVHFDHODGLVWLQFLyQHQWUHpSRFD\IDVH<HVXQ
#(+%*&F($&+*&$6&)$",&6K,*&"&+5O$,&8$,&,$+;("G$&#*,N%53*-&
]5&,"&I#*3"<&85;"4*6&$,&65;,*&11<&*76$)OK&$,&#)54"8*&
GHODVPDVDVHQODSROtWLFDODIDVH\ODDFWXDOHVXQD
GHODVWDQWDVTXHODpSRFDDWUDYLHVDREVHUYDHOSULPDJ
8*&8$&,"&;$+%$-&>6&(+&M$3M*&4(:&)$35$+%$&,"&$4$);$+J
35"<&$,&#)$O",$3$)<&,"&5+O"65K+&8$&$6%"&#","7)"-&A+"&#"J
,"7)"&;$+I)53"<&3*4*&,"&#*,N%53"&F($&,"&#)*+(+35"-&]5+&
$6#$6*)&%$K)53*<&65+&L($)P"&"+",N%53"<&65+&3"#"358"8&8$J
QLWRULD&DPSRGHSURSDJDQGDVREUHREMHWRVGHPHUJ
3"8*<&+*&%$))$+*&8$&"335K+&8$&6(G$%*6&#*,N%53*6-&\U$+J
%$_& F(5$)$& 8$35)& +*& 3,"6$6<& +*& 4"6"6<& 4(3M*& 4$+*6&
#($7,*[&(+"&3*6"&496&3$)3"+"&"&,"&58$"&8$&&.-0(1/($
%$,$O565O"&F($&",&3*+3$#%*&8$&*#5+5K+&#S7,53"-&>,&65;,*&
11&M"&658*<&$+%)$&*%)"6&3*6"6<&+($6%)*&65;,*&8$,&5+;)$J
#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

GP

6*&8$&,"6&4"6"6&$+&,"&#*,N%53"-&Q"6"6&"3%5O"6<&4"6"6&
*);"+5P"8"6<& %"475I+& 4"6"6& 4"+5#(,"8"6-& \Q"6"6_<&
QRMDXUtD(OKRPEUHGLFH&DQHWWLHQ?&+&&2&'"-(#$
HVXQDQLPDOGHSUHVDTXHMDPiVTXLVRHVWDUVROR
C*6&M*47)$6<&#*)&,*&8$496<&\M"+&"#)$+858*&8$&,*6&,*J
ERV/DH[SUHVLyQMDXUtDGHVLJQDODFROHFWLYLGDG
8$,& 4*O545$+%*& O$,*P& :& ,"& 45%"8& 3*+3)$%"& 8$,"+%$& "&
,*6& *G*6& 8$& %*8*6& "F($,,*6& F($& $6%9+& 5+O*,(3)"8*6_-&
A+&3*4#*)%"45$+%*&6$4$G"+%$&",&8$&,"&,,"4"8"&;$+%$-&
/DMDXUtDGHVHDXQDSUHVD'HEHVHJXLUODYHOR]PHQWH
h---i&#")"&"L$))"),"-&C"&G"()N"&%*4"&L($)P"&,"8)"+8*&$+&
3*+G(+%*_-&>+&$L$3%*<&,"&G"()N"&496&+"%()",&:&;$+(5+"&
HVODMDXUtDGHFD]D<GHVSXpVUiSLGDPHQWHDSDUHFH
"F($,,"&F($&#)$6(#*+$&65$4#)$&*%)"&3*+%)"&8$&,"&3(",&
HV GLULJLGD OD MDXUtD GH JXHUUD /D PDVD SDUD &DJ
QHWWLVLJQLFDPXFKDVFRVDV<PiVD~QGRQGHHVWH
FRQFHSWRVHDSUR[LPDPiVDOFRQFHSWRGHFODVHHVHQ
,"&8$63)5#35K+&8$&,"6&\4"6"6&8$&,"&#)*M57535K+_-&A+&
$G$4#,*&8$&4"6"&+$;"%5O"[&\4(3M"6&#$)6*+"6&)$(+5J
8"6& 3*+G(+%"4$+%$& F(5$)$+& +*& M"3$)& 496& 8$& ,*& F($&
M"6%"&$6$&4*4$+%*&M"7N"+&M$3M*&3*4*&5+85O58(*6_-&
>,&$G$4#,*&3,9653*&$6&,"&M($,;"-&>+&$,&$G$)3535*&8$&,"&
"3%5O58"8&#)*8(3%5O"<&,"&5;(",8"8&8$&,*6&%)"7"G"8*)$6&
QR HV VXFLHQWH SDUD GHWHUPLQDU OD IRUPDFLyQ GH OD
4"6"-&>6&,"&5+%$))(#35K+&8$&$6%$&$G$)3535*<&,*&F($&M"3$&
8$6$+3"8$+")&$6%$&#)*3$6*<&$,&)$3M"P*&#")"&3*+%5+(")&
%)"7"G"+8*-&\C"&M($,;"&$6&(+&;)"+&4*4$+%*<&3$,$7)"J
8*&$+&,"6&3"+35*+$6&8$&,*6&%)"7"G"8*)$6_<&:"&F($<&8$&
HVWHPRGRVXLJXDOGDGFWLFLDVHWUDQVIRUPDLPSURJ
O56"4$+%$&$+&)$",-&\>+&,"&5+%$))(#35K+&8$,&%)"7"G*&%*J
GRVKDFHQODPLVPDFRVD3DUHFHTXHGHMDQFDHUWRGRV
,"6&4"+*6&",&4564*&%5$4#*<&3*4*&65&"M*)"&8$75$)"+&
HPSHxDUVHDQRHYLGHQFLDUVHPiV>@HOQGHOWUDEDJ
G*&M"3$&5;(",$6&"&,*6&%)"7"G"8*)$6_-&>6%"6&4"+*6&F($&
FDHQLQX\HQDODVGHPiVSRUFRQWDJLR/RTXHHOORV
QRKDFHQVHFRPXQLFDDWRGDODVRFLHGDG3URVHJXLU
,"& "3%5O58"8& *)85+")5"& 8$O5$+$& $+& (+"& %$+8$+35"& 54J
#*657,$& %"475I+& #")"& ,*6& F($& ",& 5+535*& +*& #$+6"7"+&
5+%$))(4#5),"-&\>,&6$+%58*&8$&,"&M($,;"&$6&F($&+5+;(+*&
8$7N"&M"3$)&",;*&M"6%"&F($&,*6&%)"7"G"8*)$6&+*&M535$J
6$+& +"8"_-& >6& "6N& F($& 8$& ,"& 4"6"& 4564"& \6();$& $6J
#*+%9+$"4$+%$&(+"&*);"+5P"35K+&8$&4"6"6_&eW"+$%%5<&
\VV\VV 
>+&,"&6$;(+8"&45%"8&8$,&65;,*&11<&;"+K&$,&M*4J
EUHPDVD GHPRFUiWLFR XQD JXUD KLVWyULFDPHQWH
5+I85%"<& F($& +"3$& $+& $,& 3*)"PK+& "4$)53"+*& 8$& @335J
8$+%$<&3*4*&,*&F($&!*3F($O5,,$&M"7N"&$+%)$O56%*&3*+&
SUHRFXSDFLyQHQVXYLDMH3DUDKDFHUODJDQDUHQPRGR
GHQLWLYRDTXHOODJXUDKLVWyULFDKDQHFHVLWDGRWUHV
;($))"6&4(+85",$6<&*&75$+&(+"&6*,"&;($))"&35O5,&$+&,"&
(XURSDPXQGR GHO  DO  /DV GHPRFUDFLDV

"*102'&)%*)$03*")44

VHKDQXQLFDGREDMRODFHQWUDOLGDGODKHJHPRQtDHO
3(,%*<&"6N&3*4*&,"&)$,5;5K+<&8$&$6%"&L*)4"&8$,&5+85O5J
8(*&4$85*-&C$&M"&6$;(58*&(+&#)*3$6*&4"3)*63K#53*&
GHGHFDGHQFLDGHODSROtWLFDGHOFXDOH[SHULPHQWDPRV
M*:& %*8"6& 6(6& 3*+3,(65*+$6-& C"& 3*))(#35K+<& $+& ,"6&
L*)4"6& #"%*,K;53"6& F($& M"& "8F(5)58*& $6%$& L$+K4$+*&
$%$)+*<&+*&$6&,"&3"(6"&65+*&,"&3*+6$3($+35"&8$&"F($,&
#)*3$6*<& #)$356"4$+%$& (+"& 8$& 6(6& 3*+3,(65*+$6-& >,&
6$+%58*&3*4S+&"+%5#*,N%53*&F($&8*45+"&"&,"&,,"4"8"&
6*35$8"8&35O5,<&,,$;"&"&6"+35*+")&+*&$,&3")93%$)&)$"3J
35*+")5*&8$,&#($7,*&)$8(358*&"&;$+%$<&65+*&$,&6(53585*&
GHODSROtWLFDPRGHUQD<DQRH[LVWHHOSUtQFLSHHV
8$35)<&$+&,*6&%I)45+*6&8$&,"&M56%*)5"&3*+%$4#*)9+$"&
QR H[LVWH PiV HO VXMHWR SROtWLFR FROHFWLYR SRU HOOR
%*8"6& ,"6& 6*,(35*+$6& 5+6%5%(35*+",$6& +*& M"+& #*858*&
)$6*,O$)& $,& #)*7,$4"& 8$,& ;*75$)+*& :& ,*6& 656%$4"6&
#*,N%53*6& +*& $+3($+%)"+& "(%*)58"8& :& #5$)8$+& #*8$)<&
6$& 3*+LN"+<& 8"8"& ,"& "(6$+35"& 8$& #$)6*+",58"8<& $+& ,"&
7S6F($8"& 8$,& #$)6*+"G$<& 45$+%)"6& ,"& 3",58"8& 8$& ,*6&
SURJUDPDVVHKDFHVXEDOWHUQDDODHFDFLDGHOPHQJ
6"G$&:&,"6&L($)P"6&#*,N%53"6&+*&%5$+$+&496&#*)&M"3$)&
F($&,"6&3($+%"6&3*+&,"&*#5+5K+&#S7,53"<&*7$8$35$+8*&
"& (+& #S7,53*& 65+& *#5+5K+-& !"+%*& ,*6& #")%58*6& 3*4*&
,*6& ;*75$)+*6& +*& 3*+F(56%"+& $,& 3*+6$+6*<& ,*& 3*+3$J
8$+<&:&,*&3*+3$8$+&"&#*8$)$6&+*&#*,N%53*6&*&"&4"6"6&
SULYDWL]DGDV3DUDGyMLFDPHQWHODFOiVLFDHKLVWyULFD
85O565K+&$+%)$&;*7$)+"+%$6&:&;*7$)+"8*6&+*&M"&658*&
6(#)5458"&#*)&$,&3*4(+564*&65+*&"%)"#"8"&#*)&,"&8$J
4*3)"35"[& $+& $6%$& 6$+%58*<& ,*6& ;*7$)+"+%$6& %"475I+&
6*+& ;*7$)+"8*6-& A+& $G$4#,*[& ,"& 5PF(5$)8"& F($& ,,$J
;"&",&;*75$)+*&+*&$6&,"&5PF(5$)8"&;*7$)+"+%$&65+*&,"&
5PF(5$)8"& ;*7$)+"8"-& C"& 8$4*3)"35"& +*& $6& 496& (+&
O",*)&#*)&"6(45)<&#*)F($&,"6&8$4*3)"35"6&M"+&6(#)5J
458*&"&,"&#*,N%53"<&$6&8$35)<&$,&4*8*&8$&,"&)$,"35K+&$+J
%)$&,*6&M*47)$6<&65+&F($&#*)&$,,*&)$;)$6$+&"&*3(#")6$&
8$,& D*47)$<& "+%$6& 75$+& ,*& )$8(3$+& $+& (+"& "%K453"&
(+58"8& %I3+53*J$3*+K453"-& >,& 9">F#($ -(>"/#G%0/"&
$6&$+&)$",58"8&$,&9">F#($(/"1H>0/"&8$&,"&$8"8&8$&,"&
+$(%)",5P"35K+&:&,"&8$6#*,5%5P"35K+-&
'HFLPRV KRPEUH KRPEUHV \ OD SDODEUD HO FRQJ
3$#%*<& :"& )$6(,%"+& 5+8$357,$6-& C"& #*,N%53"& M"& (6"8*&
$6%*6&%I)45+*6&F($<&8$6#(I6&58$*,K;53"&:&8$4*3)9%5J
3"4$+%$<&M"&"7(6"8*-&!"475I+<&3("+8*&$+&6(&+*47)$&
6$&M"&"6$65+"8*&"&,"&#*,N%53"-&>,&+*&)$3*+*3545$+%*&8$&
ODFRPSOHMLGDGGHOVHUKXPDQRGHVXLQWHUQDFRQLFJ

0)!',&-.$./$0&-%)$

%5O58"8<&8$&6(&85L$)$+35",&8(",58"8<&M"+&$4#*7)$358*&
,"6&L*)4"6&8$&)$,"35K+&5+%$)M(4"+"6<&,"6&M"+&#)5O"8*&
GHXQRUGHQVLPEyOLFRHVHQFLDODVXSURSLDH[LVWHQFLD
TXHHVODYLGDYLYLGDSHQVDPLHQWRHQFDUQDGRH[SHJ
)5$+35"6<&#)93%53"6-&C(56"&Q()")*&+*6&M"&853M*&6*7)$&
,"& #)$6$+%$& 54#)"3%53"75,58"8& 8$& *&$ /&#0%&+<& 3*4*&
#)*7,$4"&F($&6$&85)5;$&\"&,"6&#)93%53"6&3*4#")%58"6<&
"F($,,"6&F($&6$a","+&$+&6N&,"&3*+O5O$+35"&:&F($&L*)4"+&
ODFXOWXUD(OVXIULPLHQWRGHOFXHUSRVRFLDOH[SUHJ
6"&$6%"&54#*6575,58"8&8$,&M"3$)&:<&",&4564*&%5$4#*<&
,"& +$3$658"8& #*)& M"3$)[& $+& 6(& 6$+%58*& 8$& #*8$)J6$)J
#*)&$,&*%)*&:&$+&6(&6$+%58*&8$,&F($)$)J6$)J$+J3*4S+-&
'RV GLPHQVLRQHV VRFLDOHV DFWXDOPHQWH PiV DOOi GH
,"& #*6575,58"8& :& ,"& O*,(+%"8-& D$4*6& 3*+6%)(58*& (+"&
6*35$8"8& F($& #$)45%$& $6%"6& #)93%53"6& :& 8$6$*6[& 6N& ",&
KHURtVPRGRPLQJXHURGHOVLQJXODUQRDODSUD[LVFRJ
WLGLDQDFROHFWLYD'LFH0XUDUR*&$/&#0%&+$$6&$,&+*4J
7)$&3)56%5"+*<&$,&+*47)$&*3358$+%",<&8$&,"&#5$8"8<&$6&
8$35)<&8$&,"&5+%$)6$335K+&$+%)$&,"&M56%*)5"&M(4"+"&:&6(&
PiVDOOiVXH[FHVRVXHVSHUDQ]DVXEXVFDUD~QVX
85*6&h---i&#*+;"+&(6%$8$6&,"&#","7)"_-&E>+&F(I&4*8*&,"&
#*,N%53"&8$7$&)$;)$6")&:&M"3$)&",;*&3*+&$6%$&496&",,9&
3*+&)$,"35K+&",&"F(N&:&"M*)"H&\j$;)$6")_<&#*)F($&$+&
HOSDVDGRLQFOXVRWDPELpQGHOVLJOR;;KDH[LVWLGR
$6%"&%$+65K+<&$6%"&L($)P"&5+%$)5*)&#")"&5)&496&",,9&8$,&
FRQWH[WR QHFHVDULR GH OD DFFLyQ OOHYDQGR VXEMHWLYDJ
4$+%$& $+& ,"& 3*+%5+;$+35"& ,"& *3"65K+& 8$& (+"& ,$3%()"&
GHOGHVWLQRKLVWyULFR<WDPELpQVLVHWUDWDGHLQLFLDU
$+&$6%$&#(+%*&(+&3"45+*&8$&$6%"6&3")"3%$)N6%53"6<&E#*)&
F(I&+*&5+%$+%"),*H&C"&8$3565K+&,"&8$7$&%*4")&,"&#)*#5"&
#*,N%53"&6*7)$&6N&4564"-&
>+& $L$3%*<& +*6& $+3*+%)"4*6& $+& $6%$& #(+%*-& C"6&
3"%$;*)N"6& 8$& ,*& #*,N%53*& +*& )$6#*+8$+& 496& "& ,*6&
4"+8"45$+%*6& 8$& ,"& #*,N%53"-& C"& 49F(5+"& $6%9& 65+&
6(G$%*&F($&,"&;(N$-&C"&M56%*)5"&#)$6$+%$&$6&(+&#*8$)&
"76*,(%*& 8$& 6N& 4564*-& E^(I& M"3$)& #")"& 3*+%5+(")&
#$+6"+8*&"&,"&#*,N%53"H&
j>T>j>'WB?]

&DQHWWL(  ?&+&$($'"%(#(<&Q5,9+<&j5PP*,5/|ZLWK . VI  'HFLVLRQLVPR SROLWLFR HQ .


/|ZLWK \ 6 9DOLWXWWL C&$ '"*0%0/&$ /">($ -(+%01"<&
j*4"<&V(,6*+5/|ZLWK.\/6WUDXVV  I0&*"3"$+.**&$>"-(#=
10%J5RPD'RQ]HOOL

#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

GE

'$%23.'(#245(
)2"((

formas

6!()2('%&!626

!$+,-.&!"./%("/%*

"P& 3*+658$)"7"& F($& $,& %$4"& 8$& ,"& *%)$8"8& 6$J


)N"& L(+8"4$+%",& $+& ,"6& L(%()"6& 3*))5$+%$6& 8$&
#$+6"45$+%*-& ^(5P9& +*& 6$& $F(5O*3K<& Q")%M"&
1XVVEDXP   FRQVLGHUD TXH HO SHQVDPLHQWR KXJ
4"+56%"&#)*#535"&,"&3*+O5O$+35"&$+&$6%"&+($O"&I#*3"&
8*+8$&,"6&)$,"35*+$6&5+%$)#$)6*+",$6&%)"635$+8$+&+($6J
%)*&9475%*&3$)3"+*<&#")"&$,,*&6$&)$F(5$)$+&,"&3"#"358"8&
GH DXWRH[DPHQ SRGHU YLVXDOL]DUVH FRPR FLXGDGDQR
8$,& 4(+8*J& :& 8$6"))*,,")& ,"& 54";5+"35K+& +"))"%5O"-&
(VWD~OWLPDVLJQLFD FRPSUHQGHU OD FLUFXQVWDQFLDGH
,*6&8$496-&>+&6(&,57)*&!"(%0/$K.+%0/(GHHQGHODOLJ
%$)"%()"&#*)F($&#$)45%$&3*4#)$+8$)&*%)"6&)$",58"8$6-&
C"&$4#"%N"&,5%$)")5"<&3*4*&,"&,,"4K&!*,6%*5<&+*6&3*,*3"&
$+& $,& ,(;")& 8$& ,*6& *%)*6<& 3*4#)$+85$+8*& 6(& )$",58"8-&
(QHOSRHPDGH3D]  (ORWURORVURVWURV
6$&3*+L(+8$+[&\](&3")"&f&M*:&%5$+$&,"6&"))(;"6&8$&$6"&
3")"-f&](6&"))(;"6&+*&%5$+$+&3")"-_
\?,7$)%*& W"$5)*& $6& 45& 4"$6%)*_<& \Q"8"4$& V*J
YDU\VR\\RDPEDVIUDVHVXQDGH3HVVRD\RWUDGH
)ODXEHUW VH UHHUHQ D XQ SHUVRQDMH FWLFLR TXH VH
4$P3,"&3*+&,"&58$+%58"8&8$,&"(%*)<&",;*&#")$358*&"&,*&
F($&'(667"(4&,,"4"&\54";5+"35K+&+"))"%5O"_-&]*7)$&
ODRWUHGDG)HUQDQGR3HVVRD\$QWRQLR0DFKDGRVRQ
JXUDV LPSRUWDQWHV SDUD 2FWDYLR 3D] (Q HO iPELWR
OLWHUDULRGLFH3D]ODREUDQRVGDXQURVWURHQHOiPJ
75%*&#*,N%53*<&$,&$+3($+%)*&3*+&,*6&*%)*6&$6&$,&$+3($+J
%)*&3*+&+*6*%)*6[&+*6J*%)*6-&>+&(+"&8$&,"6&*7)"6&496&
UHOHYDQWHV GH 3D] L*$ *&F(#01%"$ -($ *&$ +"*(-&-<& $+& ,"&
#)54$)"&#9;5+"&M":&(+&$#N;)"L$&8$&?+%*+5*&Q"3M"8*<&
$63)5%*&"&6(&O$P&#*)&(+*&8$&6(6&M$%$)K+54*6&JQ"3M"J
GR\3HVVRDFUHDURQKHWHUyQLPRVTXHDGLIHUHQFLDGH
,*6&#6$(8K+54*6&6*+&#$)6*+"G$6&*)5;5+",$6&:&$+&*3"J
(QVD\LVWD\SRHWD$FWXDOPHQWHHVHOSUHVLGHQWHGH(O&ROHJLRGH3XHEOD

Z&

#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

GG

65*+$6& 3*+%)")5*6& "& ,*6& 4564*6& "(%*)$6J<& ,$6& 85$)*+&


+*47)$<&75*;)"LN"<&#"+&:&6(6%$+%*R&,*&496&54#*)%"+%$[&
"47*6& 8(8")*+& 8$& 6N& 4564*6-& T($)*+& ,"& \7S6F($8"&
GHODLGHQWLGDGSHUGLGDFRPRGLUtD3D]/RRWURQR
H[LVWH DVt FRPLHQ]D HO HStJUDIH GH L*$ *&F(#01%"$ -($
*&$ +"*(-&-$ WHUPLQD QHJDQGR HVWD DUPDFLyQ 3D]
4($6%)"&$+&,"&$+%)"8"&8$&(+*&8$&6(6&,57)*6&)$#)$6$+J
%"%5O*6&$,&%$4"&8$,&*%)*-&?,&O*,%$")&,"&#9;5+"<&,"&O*,%$J
)$%"[&$+&,"&65;(5$+%$&#9;5+"&M"7,"&8$,&:*[&\?&%*8*6<&$+&
DOJ~QPRPHQWRVHQRVKDUHYHODGRQXHVWUDH[LVWHQFLD
3*4*&",;*&#")%53(,")_-&>,&$#N;)"L$&5+535"&3*+&$,&*%)*&
\HOWH[WRFRQHO\RDFDVRSDUWLFXODU(QXQDKRMDVH
GHVSOLHJDHOFRQWHQLGRGHOPXQGR'HXQODGRHUHVW~
:&#"6"+8*&,"&#9;5+"&6*:&:*-&D*G"J4$8",,"[&\Ek;(5,"&
RVRO"(QWUHODSLHGUD\ODRU(QHVHSDUGHSiJ
;5+"6& 6$& 8$6#,5$;"+& 8*6& %$4"6& F($& "7")3"+& 6(& *7)"<&
$,& *%)*& :& ,"& *%)"& *)5,,"[& \,*6& ;+K6%53*6& 8$3N"+& F($& $,&
O$)8"8$)*&+*47)$&8$,&M*47)$&$6&$,&`",K;$+*g<&$,&*%)*<&
HOGHDOOi1RQRVRPRVGHDTXt3HURWDPSRFRVRPRV
8$&",,9[&+($6%)"6&O58"6&6*+&(+&3*+%5+(*&#$)$;)5+")&$+J
WUHHODTXt\HODOOi 3D]D (QVXSRpWLFD
$,&",,9&$6&\,"&*%)"&*)5,,"_R&$+&6(&$+6":*<&$6&$,&$+3($+%)*&
3*+&,*6&*%)*6-&j$3(#$)"35K+&8$&,"&54";$+&8$,&4(+8*[&
\$,&8N"&$+&F($&8$&O$)8"8&$6%(O54*6&$+"4*)"8*6&:&6(J
#54*6&F($&$6$&5+6%"+%$&$)"&#")"&65$4#)$&h---i<&,"&%")8$&
$+& F($& O54*6& $,& 9)7*,& "F($,& $+& 4$85*& 8$,& 3"4#*& :&
"85O5+"4*6<&"(+F($&:"&+*&,*&)$3*)8$4*6<&F(I&8$3N"+&
ODVKRMDVODYLEUDFLyQGHOFLHOR 3D] 
B+6%"+%$&$+&F($&6$&)$O$,"&,*&*%)*&$&5+O5%"&"&3*4#)$+8$)&
,"&85L$)$+35"-&]5&+*&6$&85$)"&$6%$&5+6%"+%$&$+&F($&6$&)$J
YHODODH[LVWHQFLDGHORRWURSUHYDOHFHUtDHOHQJRORJ
VLQDPLHQWRFRQQXHVWURSURSLR\RGLUtD3D],UKDFLD
,*6&*%)*6&%"475I+&$6&$,&M",,"P;*&8$&+*6*%)*6&4564*6[&

"-('10"),'56)*'$)7"&!'$)2%)*')"(&%2'2

0)!',&-.$./$0&-%)$

/DHQVHxDQ]DGHODUHYROXFLyQPH[LFDQDVHSXHGHFLJ
L)")&$+&,"&65;(5$+%$&L)"6$[&+*6&7(6397"4*6&"&+*6*%)*6&
PLVPRV\HQFRQWUDPRVDORVRWURV 3D]D 
>+&85O$)6"6&*3"65*+$6&$,&#*$%"&6$&6*)#)$+85K&"+%$&$,&
HQFXHQWURGHORVRWURVYLDMyD(VSDxDDORVDxRV
:&8()"+%$&,"&;($))"&35O5,&8$63(7)5K<&";"P"#"8*&$+&(+&
3(")%*<& F($& $,& *%)*<& $,& $+$45;*<& %$+N"& O*P& M(4"+"[&
3DUD Pt ORV GtDV H[DOWDGRV TXH SDVp HQ (VSDxD HO
"#)$+85P"G$&8$&,"&L)"%$)+58"8&"+%$&,"&4($)%$&:&,"&8$J
))*%"R& $,& $+3($+%)*& 3*+& 456& *)N;$+$6& 4$85%$))9+$*6R&
$,&8")4$&3($+%"&F($&+($6%)*6&$+$45;*6&%"475I+&6*+&
VHUHV KXPDQRV 3D] E   +D\ XQ UHODWR GH
3D]TXHLOXVWUDHVWDLGHDVDOLUSDUDHQFRQWUDUVH$O
,,$;")& "& 45& 3"6"<& :& #)$356"4$+%$& $+& $,& 4*4$+%*& 8$&
"7)5)&,"&#($)%"<&4$&O5&6",5)-&B+%)5;"8*<&8$358N&6$;(5)J
4$_-&>,&#$)6*+"G$&6$&65;($&"&6N&4564*<&",&#*3*&)"%*<&
(+"& O$P& "47*6& 8$& L)$+%$<& 3*45$+P"& "& )$3,"4"),$& 6(&
H[LVWHQFLD(ORWURTXHHVpOOHUHVSRQGHFRQXQDWXQJ
8"-&!5)"8*&$+&,"&7"+F($%"&E,,*)"H<&E4",853$H<&E*85"H&
'*<& 8(8"[& \!$+N"& $,& %)"G$& )*%*<& ,"& 7*3"& M5+3M"8"<& ,"&
,$+;("&6$3"-&>63(#N&3*+&%)"7"G*-&>,&3($)#*&4$&8*,N"-&
'XUDQWHXQUDWRPHTXHGpLQPyYLODFHFKDQGR%XVJ
F(I&(+"&#5$8)"<&",;S+&")4"-&'*&$+3*+%)I&+"8"-&?8$+J
%)*&)$N"+&:&3"+%"7"+-&]",5K&,"&#")$G"R&,"&4(G$)&4$&O5*&
FRQXQGHVFDUR\VHHFKyDUHtU0HVHQWtVRORH[SXOJ
6"8*&8$,&4(+8*&8$&,*6&M*47)$6-&?&,"&)"75"&6(3$85K&,"&
O$);l$+P"-&'*<&,*&4$G*)&$)"&O*,O$)&"&3"6"&:&$6#$)")&
*%)"&*3"65K+-&>3MI&"&"+8")&,$+%"4$+%$-&>+&$,&3"45+*<&
%(O$&$6%"&8(8"&F($&%*8"ON"&4$&8$6O$,"[&E:&65&+*&L($)"&
pO VLQR \R" 3D]    (VWH GHVGREODJ
PLHQWRORHQFRQWUDPRVQRVLQKXPRUHQXQWH[WRGH
?+%*+5*&Q"3M"8*<&"3(69+8*6$&"6N&4564*&8$&L")6"+%$[&
$QWRQLR 0DFKDGR 1DFLy HQ 6HYLOOD HQ  )XH
#)*L$6*)&$+&]*)5"<&V"$P"<&]$;*O5"&:&!$)($,-&Q()5K&$+&
D($63"<&$+&L$3M"&+*&#)$356"8"-&?,;(+*6&,*&M"+&3*+J
L(+858*&3*+&$,&3I,$7)$&#*$%"&8$,&4564*&+*47)$<&"(%*)&
8$&`]*,$8"8$6g<&`W"4#*6&8$&W"6%5,,"g<&$%3I%$)"_(Q HO SRHPD (SLWDR SDUD XQ SRHWD QR GLFH
\$,_& #*$%"<& 853$& \(+& #*$%"_<& 3(",F(5$)& #*$%"J<& $,& :*&
\O$)8"8$)*_&6$&3*+L(+8$[&\^(56*&3"+%")<&3"+%")f&#")"&
*,O58")f&6(&O58"&O$)8"8$)"&8$&4$+%5)"6f&:&)$3*)8")&6(&
PHQWLURVDYLGDGHYHUGDGHV 3D] 8QSRHJ
PDGH3HVVRD  UHFXHUGDHVWHVHQWLGR

3D]UHFXHUGDTXHFXDQGRQLxRORDSRGDEDQ9LJ
VLJRGR\IRUDVWHUR$PEDVH[SHULHQFLDVIXHURQVHJ
;()"4$+%$& 6(& #)54$)"& $8(3"35K+& 6$+%54$+%",& $+& ,"&
*%)$8"8-&C"&#)54$)"&6$&8$75K&"&(+&6*7)$+*47)$&F($&
6$& ,$& *3())5K& "& (+& #$)6*+"G$& \F(5G*%$63*_[& \>+& (+"&
*3"65K+&"3*4#"aI&"&45&#"8)$&$+&(+"&O565%"&"&(+&"45J
JRDOTXHFRQUD]yQDGPLUDED$QWRQLR'tD]6RWR\
U"4"<&$,&O5$G*&:&F(5G*%$63*&)$O*,(35*+")5*&P"#"%56%"-&
>6%"7"&$+&6(&8$6#"3M*&3*+&O")5*6&"45;*6&:<&",&O$)J
PHH[FODPyGLULJLpQGRVHDPLSDGUH&DUDPEDQR
PHKDEtDVGLFKRTXHWHQtDVXQKLMRYLVLJRGR 3D]
D /DVHJXQGDIXHDORVVHLVDxRVFRQVXV
3*4#"a$)*6&8$&m5+8$);")%$+&$+&C*6&k+;$,$6&W",5L*)J
QLDJULWiQGROH)RUDVWHUR
)HUQDQGR3HVVRDFRQWUDVWDHOPXQGRGHORVRWURV
3*+&$,&6(:*<&6"7$&F($&$6&8$&*%)"&$6%5)#$&:&"&(+&%5$4#*&
GHODPLVPD2FWDYLR3D]GHVFULEHDVtDXQKHWHUyQLJ
PR GH 3HVVRD OYDUR GH &DPSRV DXWRU GH 7DEDJ
F($)N"_J[&\k,O")*&8$&W"4#*6&$63*;$&,"&4963")"&8$,&
O";*-&>,&%)9+65%*&$6&)$O$,"8*)-&!)*O"8*)&*&4$+85;*<&
EF(I&*3(,%"&$6"&4963")"H&'"8"<&F(5P9-&>,&#*$%"&$6&,"&
3*+35$+35"&8$&6(&5))$",58"8&M56%K)53"-&]K,*&F($&65&$6"&
3*+35$+35"&6$&)$%5)"&8$&,"&M56%*)5"<&,"&6*35$8"8&6$&"756J
PDHQVXSURSLDRSDFLGDGVHYXHOYH(VWHYDRHO'XHJ
xRGHODWDEDTXHUtD 3D] $JUHJDUtDDOD
+5a"&F($&3*4$&3M*3*,"%$6&:&"&,"&M5G"&8$&,"&,"O"+8$)"<&
GHOPLVPRSRHPD3RUVXODGR$EHO0DUWtQ\-XDQGH
Q"5)$+"<&M$%$)K+54*6&8$&Q"3M"8*&F($&5;(",&F($&,*6&
GH3HVVRDFRPSDUWHQXQDUHODFLyQPDHVWURGLVFtSXOR
YXHOYHQODPDVFDUDGDD~QPiVH[WUHPDXQDFFLyQ
RULJLQD RWUD FFLyQ 0DFKDGR    OR FDQWD
\!*8*&$,&"4*)&$6&L"+%"6N"R&f&I,&5+O$+%"&$,&"a*<&$,&8N"<&
f&,"&M*)"&:&6(&4$,*8N"R&f&5+O$+%"&$,&"4"+%$&:<&496<&f&,"&
"4"8"-&'*&#)($7"&+"8"<&3*+%)"&$,&"4*)<&F($&,"&"4"8"&
QR KD\D H[LVWLGR MDPiV $EHO 0DUWtQ FXHQWD 0LV
*G*6& $+& $,& $6#$G*& f& 6*+& *G*6& 35$;*6& F($& 45)"+& f& ,*6&
RMRVFRQTXHORVYHR 0DFKDGR -XDQGH
0DLUHQDHVSRHWDOyVRIRUHWyULFRHLQYHQWRUGHXQD
0iTXLQD GH FDQWDU 1DFLy HQ 6HYLOOD   0XULy
HQ&DVDULHJRHQ7DSLD  (VDXWRUGHXQD9LGD
8$&?7$,&Q")%N+g<&8$&(+&`?)%$&#*I%53"g<&8$&(+"&3*,$3J
35K+&8$&#*$6N"6[&`W*#,"6&4$39+53"6g<&:&8$&(+&%)"%"8*&
GHPHWDItVLFD/RVVLHWHUHYHUVRV 0DFKDGR
 -XDQGH0DLUHQDFUHDFLyQGH0DFKDGRHVFULJ
D53$&8$&4N&,*&F($&+*&6(#$<
ELyXQD9LGDGH$EHO0DUWtQRWURKHWHUyQLPRGH
<ORTXHSXGHKDFHUGHPtQRORKLFH
0DFKDGR'HODPLVPDIRUPDHQXQVLQQGHGHVJ
9HVWtXQGLVIUD]HTXLYRFDGR
GREODPLHQWRV3D]UHFXUUHD0DFKDGR0DFKDGRDVX
Q$&%*4")*+&$+&6$;(58"&#*)&F(5$+&+*&$)"<&:&+*&,*6&8$64$+%N<& KHWHUyQLPR\pVWHUHH[LRQDVREUHODRWUHGDG,PEULJ
:&4$
FDFLyQGHSUHVHQFLDV3HURHOWUDVODSHVHUHODMDSRUTXH
#$)8N%*8*6<& ",& (+N6*+*<& #($8$+& 8$35)& $,& $#N;)"L$<& #($8$+&
W("+8*&F(56$&"))"+3")4$&,"&4963")"<
8$35)& F($& 3)$$+& $+& ,*& *%)*<& $+& \C"& $6$+35",& M$%$)*J
>6%"7"&#$;"8"&"&,"&3")"#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

GH

!',&-.$./$0&-%)$//0 !03.%*)!'*2"#'2"

;$+$58"8&8$,&6$)<&3*4*&65&85GI)"4*6&$+&,"&5+3()"7,$&
RWUHGDGTXHSDGHFHORXQR 3D]D 
C*6&*)N;$+$6&8$&6(&#$+6"45$+%*&6*7)$&,"&*%)$8"8<&
DGHPiVGHSURYHQLUGHODH[SHULHQFLDVXQLxH]\VX
SULPHU YLDMH D (VSDxD VH HQFXHQWUDQ HQ 3HVVRD \
Q"3M"8*[&\Q"3M"8*&+*6&$+6$a"&F($&$,&#)5+35#5*&8$&
LGHQWLGDGVREUHHOFXDOVHKDHGLFDGRQXHVWUDFXOWXJ
)"<&6$&)*4#$&,*6&85$+%$6&L)$+%$&"&,"&`*%)$8"8g&8$,&6$)_&
3D] E   /D UHDOLGDG VH OHYDQWD FRPR XQ
$63$+")5*&#,()",<&+*&4$+*6&#,()",&F($&(+&4564*&5+J
85O58(*[&\$,&M*47)$&$6&#,()",<&$,&M*47)$&$6&4(3M*6&
KRPEUHV 3D] D   (Q VX SRHPD *ROGHQ
,*%(6$6_<&$,&#$)6*+"G$&6$&#)$6$+%"&$+&4*O545$+%*&#$)J
#$%(*<& 3"8"& ,N+$"& $6& (+& ;5)*& 8$,& 8$6%5+*<& 3"63"8"& 8$&
58$+%58"8$6[&\]$+*6&8$&+5a"<&*G*6&8$&$64",%$-&f&V"5,K&
$+&%*8"6&,"6&%$))"P"6&:&6K%"+*6<&f&3*+%$4#,K&(+&"%")8$J
3$)&$+&]"+&=*6I<&W*6%"&j53"<&f&8()45K&$+&,"6&)*85,,"6&
8$&,*6&D54",":"6<&f&L"%5;K&,*6&7")$6&:&,"6&6"7"+"6&8$&
kL)53"-&f&?&,*6&O$5+%$&8$GK&"&6(&4")58*&f&#*)&(+"&",$J
PDQD  D ORV FXDUHQWD \ FLQFR  YLYH HQ 3URVHUSLQD
W*()%<&5+%-&/<&V*47":-&f&W"8"&4$6<&$+&,*6&8N"6&)5%("J
,$6<&f&,,($O$+&6"#*6&:&3(,$7)"6&$+&,"&3"6"<&f&,*6&3)5"8*6&
4",853$+&"&,"&8$4*+5"&f&:&6(&"4"+%$&#$)65&"#";"&$,&
L($;*-&f&!$4#$6%"8&$+&6$3*-&f&>,&7(5%)$&7,"+3*&f&#53*J
WHDVXVRPEUD 3D] 
Z

>+&,"&4*8$)+58"8&#)$O",$35K&,"&58$"&8$&(+"&58$+%58"8&
GHQLGD\FRQFUHWDGHXQLQGLYLGXRFRPRORGLFH
VXQRPEUHLQGLYLVLEOH3D]GLHUHGHOSULQFLSLRGHKRJ
4*;$+$58"8&58$+%5%")5"<&%"+&4"+58*&$+&6(&I#*3"-&]5J
JXLHQGRD&KDUOHV7D\ORU  ORVGHUHFKRV
(+5O$)6",$6&8$,&M*47)$&:&$,&#)5+35#5*&8$&,"&85L$)$+35"&
3(,%()",<&#$6$&"&6$)&8*6&58$",$6&*#($6%*6<&6$&*)5;5+"+&
$+&(+&4564*&4*4$+%*&M56%K)53*[&"&#")%5)&8$,&\8$6#,*J
4$&8$&,"6&G$)")F(N"6&6*35",$6_-&C"&j$O*,(35K+&L)"+3$J
VD\OD'HFODUDFLyQGHORV'HUHFKRV8QLYHUVDOHVGHO
D*47)$&;$+$)")*+&(+&"475$+%$&,57)$&:&#)*#535*&#")"&
#$+6")& ,"& 85L$)$+35"-& W("+8*& 6$& #)*%$;$& ,"& 5;(",8"8&
FLXGDGDQDMXUtGLFDSROtWLFD\VRFLDOVLQUHVWULFFLRJ
+$6&,$;",$6&*&3*+O$+35*+",$6<&6$&3($+%"&$+%*+3$6&3*+&
,"&,57$)%"8&8$&#$+6")6$&85L$)$+%$-&C"&5;(",8"8&G()N853"&
#)*#535K<&$+%)$&*%)"6&3*6"6<&,"&,57$)%"8&8$&#$+6"45$+%*&
\ GH LGHQWLGDG HVWH HV XQ HMHPSOR GRQGH OD LJXDOJ
GDGDERQDHQODOLEHUWDGHQYH]GHFDXVDUFRQLFWR
3*4*&#$+6"7"+&,*6&4*8$)+*6&F($&6(3$8$)N"&65$4#)$&
TXHOLEHUWDGHLJXDOGDGVHHQFRQWUDUDQ/DDEROLFLyQ
8$&,"6&G$)")F(N"6<&#")"8KG53"4$+%$<&#$)45%5K&$,&)$3*J
QRFLPLHQWRGHODVGLIHUHQFLDV3HURXQDYH]TXHFD\HJ
)*+&,"6&G$)")F(N"6<&$+&*#5+5K+&8$&!":,*)<&6$&%)"%K&"&,*6&
*%)*6&3*4*&5;(",$6&:&6$&3)$K&(+&3*)#(6&8$&8$)$3M*6&
#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

GD

(+5O$)6",$6-& >6%*& M"& L"35,5%"8*& ,"& *#)$65K+& :& ,"& 856J


3)545+"35K+&8$&8$%$)45+"8*6&5+85O58(*6&:&;)(#*6R&,"&
PRGHUQLGDGWHQGLyDKRPRJHQHL]DUVLQORJUDUORSRU
VXSXHVWRODFXOWXUD\ORVJXVWRVFRPRUHHUH2FWDJ
YLR3D]HQVXV~OWLPRVHVFULWRV1HJDUODRWUHGDGHV
6$;S+& $,& #*$%"[& \3*+8$+")6$& "& ,"& 4(%5,"35K+& #($6& $,&
M*47)$&$6&"#$%5%*&#$)#$%(*&8$&6$)&*%)*_-&]5+&$47");*<&
3D]UHFRQRFHTXHHOLQGLYLGXRLQGLYLVLEOH\ODSHUVRQD
#,()",&6$&,*6&8$7$4*6&"&@3358$+%$[&\?&>()*#"&,$&8$J
7$4*6&(+&8$63(7)545$+%*&3"#5%",[&+*&M":&(+&6*,*&%5#*&
8$&M*47)$R&$,&M*47)$&$6&#,()",<&$,&M*47)$&$6&4(3M*6&
M*47)$6& :& 3"8"& M*47)$& )$#)$6$+%"& ",;*& #)$35*6*& :&
~QLFR 3D]D 
W*+658$)")& ,"& #*6575,58"8& 8$& (+"& 58$+%58"8& 3"4J
75"+%$<&*&8$&4S,%5#,$6&58$+%58"8$6&$+&(+"&6*,"&#$)6*J
+"<&54#,53"&35$)%"&%*,$)"+35"<&65;(5$+8*&$6%"&,K;53"[&$+&
",;S+&4*4$+%*&45&#$)6*+",58"8&#*8)N"&3"475")<&#*)&
%"+%*<&+*&M":&4*%5O*&#")"&54#*+$)&45&4"+$)"&8$&#$+J
6")<&$+&%)9+65%*&3*+6%"+%$-&>+&6(&$+6":*&\C*6&65;+*6&
HQ URWDFLyQ 3D] GHFODUD DVSLUR DO VHU DO VHU TXH
FDPELD(QHVWHVHQWLGR$PDUW\D6HQGHHQGHHQ
RSRVLFLyQ D &KDUOHV 7D\ORU TXLHQ FRQVLGHUD OD H[LVJ
WHQFLD GH JUXSRV LGHQWLWDULRV ELHQ GHQLGRV H LQPXJ
%"7,$6<& 3(:*6& 8$)$3M*6& 8$7$)& 6$)& 856%5+%*6& :& )$3*+*J
FLGRVTXHODVLGHQWLGDGHVQRVRQWUDGLFLRQDOHVVLQR
HOHJLGDVOHGHEHQPiVDODH[SHULHQFLDSHUVRQDOTXHD
ODWUDGLFLyQFRPXQLWDULD 6HQ 3RUGHPiV
(+"&#$)6*+"&#*8)N"&$6%")&85O5858"<&M"75%"8"&#*)&6$+%5J
GRVFRQWUDULRVHOPLVPR3D]FRQIHVyVXDQWDJRQLVJ
PRHQWUHORTXHSHQVDED\VHQWtD/DQRFLyQGHXQD
58$+%58"8&O*,9%5,&54#58$&,"&54#*6535K+&*&6(#)$4"3N"&
8$&(+&%5#*&8$&3*+8(3%"-&C"6&58$+%58"8$6&6*+&5;(",&F($&
,*6&O",*)$6<&5+3*+4$+6()"7,$6-&^(5P9&$,&#)*7,$4"&)"J
853"&$+&,"&8563)545+"35K+&*&5+$F(58"8&F($&#"8$3$+&
",;(+*6&;)(#*6&3(,%()",$6&#*)&6(&65%("35K+&M56%K)53"&
*&6*35",-&?F(N&6N&M"7)N"&F($&3*4#$+6")&,"&5+G(6%535"&
8$,&\"P")_<&3*4*&,*&");(:$+&,*6&5;(",5%")56%"6-&D*:&
8N"&$,&,(;")&8$&+"3545$+%*<&"P")*6*&#*)&+"%()",$P"<&
65;($&65$+8*&8$6%5+*>,&3(,%*&"&(+"&#$)6*+"&*&"&(+"&58$"&$6&(+*&8$&,*6&
;)"+8$6&O535*6&#*,N%53*6&8$&,"&M56%*)5"&4*8$)+"-&B8*J
,"%)N"&F($&8$6#*G"&",&5+85O58(*&8$&6N&4564*&:&$+%)$J
;"&6(&O*,(+%"8&"&(+"&5+6%"+35"&\6(#$)5*)_<&,"&3(",&6$&
#)$6(#*+$& 5+4(%"7,$& :<& %)56%$4$+%$<& 5+3($6%5*+"7,$<&
+$;"+8*&"&,*6&*%)*6&85L$)$+%$6-&C"6&58$"6&%*%",5%")5"6<&
8$&3(",F(5$)&N+8*,$<&6$&O$)N"+&"%$+("8"6&$+&,"&58$"&8$&
(+"&#$)6*+"&O*,(7,$&:&3*+%)"853%*)5"&$+&6N&4564"-&C*6&
DEVROXWRVDODUPDUVHFRPHWHQXQHTXtYRFRWHUULEOH
\?6N&+"3$&$,&*%)*<&F($&+*&$6&654#,$4$+%$&$,&"8O$)6")5*&
#*,N%53*&F($&#)*L$6"&*#5+5*+$6&856%5+%"6&"&,"6&+($6%)"6[&
$,&*%)*&$6&$,&$+$45;*&8$&,*&"76*,(%*<&$,&$+$45;*&"76*J

"-('10"),'56)*'$)7"&!'$)2%)*')"(&%2'2

OXWR+D\TXH H[WHUPLQDUOR 6XHxR KHURLFRWHUULEOH


<GHVSHUWDUKRUULEOHHORWURHVQXHVWURGREOH 3D]
E   7DPELpQ +DQQDK $UHQGW   
LGHQWLFD FRPR XQR GH ORV UDVJRV PiV FDUDFWHUtVWLJ
3*6& 8$,& %*%",5%")564*<& ,"& 853*%*4N"& "45;*& "76*,(%*f
$+$45;*&"76*,(%*[&\!M$&%*%",5%")5"+&4*O$4$+%6&",6*&
6M")$&%M$&853M*%*4*(6&85O565*+&*L&%M$&d*),8&7$%d$$+&
`6d*)+&7,**8&7)*%M$)6g&"+8&%M$&5+856%5+3%&5+")%53(,"%$&
4"66&*L&6d*)+&$+$45$6&hC*6&4*O545$+%*6&%*%",5%")5*6&
3*4#")%$+& ,"& 85O565K+& 853*%K453"& 8$,& 4(+8*& $+%)$&
\,*6&M$)4"+*6&8$&6"+;)$&G()"4$+%"8*6_&:&,"&4"6"&5+J
856%5+%"&$&5+")%53(,"8"&8$&$+$45;*6&G()"8*6i_$OJXQDVLQVWLWXFLRQHVPRGHUQDVORVSDUWLGRVSRJ
,N%53*6<&,"6&(+5O$)658"8$6<&,*6&8*;4"6&3"#5%",56%"6&$+&
WXUQRODVUHOLJLRQHVODOLVWDHVODUJDDSRFRGHFRQJ
O5O5)&3*+&,*6&*%)*6<&5+%$+%"+&3"475"),*6<&3*+O$)%5),*6<&
3)5%53"),*6-&T)$+%$&"&$6%$&M$3M*<&3*4*&6$&M"&5+656%58*<&
3D]FRPHQWDSDUDVXFROHWR7DOYH]PHGLMHQRVH
%)"%"&%"+%*&8$&3"475")&"&,*6&*%)*6&M*47)$6&3*4*&8$&
DFRPSDxDUORV\VHUXQRGHHOORV 3D]E 
^(5P9&,"&)$",58"8&+*&$6&3*4*&F(565I)"4*6&F($&L($J
6$<&65+&$47");*&"6N&$6<&"+%$6&8$&3"475"),"<&8$&,$;56J
ODU VX UXPER HO FXDO QXQFD VHJXLUi SRU VXSXHVWR
KDEUtD TXH HQWHQGHUOD 3LHGDG H LURQtD UHFRPLHQGD
HOSRHWD3DUDFRPSUHQGHUVHUHTXLHUHQLQWUHSLGH]\
3,")58"8&8$&$6#N)5%(-&?8$496&:&$6$+35",4$+%$[&#5$8"8&
$& 5)*+N"-& ]*+& ,"6& L*)4"6& ;$4$,"6& :& 6(#)$4"6& 8$& ,"&
3*4#)$+65K+-&C"&6*+)56"&+*&"#)($7"&+5&3*+8$+"[&654J
#"%5P"<&#")%535#"R&,"&#5$8"8&+*&$6&,96%54"&+5&3*+456$J
UDFLyQHVIUDWHUQLGDG 3D]E 
Z

>+&6(&,57)*&M">(1&N($2$'#":&1&/0H13D]HVWDEOHFHXQ
GLiORJRFRQXQVRQHWRGH4XHYHGR$PRUFRQVWDQJ
WHPiVDOOiGHODPXHUWHFRQUPDQGRDQLGDGHV\
4")3"+8*&85L$)$+35"6-&>,&%N%(,*&8$&$6%$&,57)*&65+%$%5P"&
ODVUHODFLRQHVSHUVRQDOHVGH3D]FRPSUHQGHUDORWUR
KRPHQDMH\H[WHUQDUODGLIHUHQFLDSURIDQDFLyQ(O
%N%(,*&6$&#($8$&3"475")<&65+&",%$)"35K+&8$&6$+%58*<&#*)&
RWUR WtWXOR GH 3D] WUDGLFLyQ \ UXSWXUD H[SUHVLyQ
F($&65+%$%5P"&$,&4*O545$+%*&,5%$)")5*&8$&,"&4*8$)+5J
GDG 'LItFLO ELQRPLR KRPHQDMH \ SURIDQDFLyQ
F($& %"475I+& )$3($)8"& $,& 8$& \#5$8"8& $& 5)*+N"_-& j$J
JUHVDQGRDOOLEUR3D]FRPSDUWHFRQ4XHYHGRTXHHO
"4*)&%)"635$+8$&",&3($)#*R&#$)*<&$+&*#*6535K+&"&I,<&,"&
%)"63$+8$+35"&6$&8"&$+&O58"&:&+*&8$6#(I6&8$&,"&4($)J
WH4XHYHGRVHUiQFHQL]DPDVWHQGUiVHQWLGR3D]
&HQL]DORVHQWLGR\HOVHQWLGR/DFXOWXUDPH[LFDQD
ORKDGHVFULWR3D]OOHYDXQDSHFXOLDUUHODFLyQFRQHO
RWUR &RPR ERWyQ HVWD UHH[LyQ VREUH OD H[FODPDJ
FLyQ SRSXODU 9LYD 0p[LFR KLMRV GH OD &KLQJDGD

0)!',&-.$./$0&-%)$

9HUGDGHURJULWRGHJXHUUDFDUJDGRGHXQDHOHFWULFLJ
GDGSDUWLFXODUHVWDIUDVHHVXQUHWR\XQDDUPDFLyQ
(+&856#")*&85)5;58*&3*+%)"&(+&$+$45;*&54";5+")5*<&:&
XQDH[SORVLyQHQHODLUH 3D]D 2WURUDVJ
JRGHQXHVWUDFRQYLYHQFLDVHUHHUHDODRUJDQL]DFLyQ
SLUDPLGDOODFUtWLFDGH0p[LFRFRPLHQ]DSRUODFUtJ
WLFDGHODSLUiPLGHVHxDOD3D] E (OSDJ
%)54*+5",564*&M(+8$&6(6&3545$+%*6&$+&,"&%)"8535K+<&6(&
,$;5%5458"8& 6*+& ,*6& (6*6& :& 3*6%(47)$6-& '"3$& 3*4*&
UHHMRGHODRUJDQL]DFLyQIDPLOLDUHOSDGUHSURYLGHQJ
35",[& \>,& >6%"8*& 6$& 3*+O5$)%$& $+& (+"& #)*:$335K+& 8$&
,"&L"45,5"-&>,&#"%)54*+5",564*&$6&#"%$)+",56%"<&"&)"%*6&
8"85O*6*&$&5+8(,;$+%$<&*%)*6&8$6#K%53*&:&65$4#)$&")J
ELWUDULR 3D]E $PHUFHGGHORVKXPRUHV
GHO SDGUH(VWDGR EHQHFLDGRV HQ VX JUDFLD \ RIHQJ
858*6& $+& 6(& 8$6#*%564*<& #$)*& +(+3"& "3%*)$6[& #*)& ,"&
+*3M$<& 8$6#(I6& 8$& (+"& 3*#"6<& %"47",$"+%$& 3*4*& (+&
)"4"&$+3,$+F($<&,,$;"&"&3"6"<&)$#")%$&;*,#$6&:&L")L(J
,,"&5+6(,%*6-&?,&8N"&65;(5$+%$<&,"&4$6"&6$&8$67*)8"&$+&
L)(%"6<&3M53M"))K+&:&O5"+8"6<&%*8*&$6&G*,;*)5*-&'*&M":&
859,*;*<&M":&F($G58*&:&$(L*)5"/RV RUtJHQHV GHO SDWULPRQLDOLVPR HQ 0p[LFR VH
)$4*+%"+&",&>6%"8*&"76*,(%56%"&8$&>6#"a"-&>+&(+&)IJ
;54$+&#"%)54*+5",56%"<&3*4*&$+&$,&4*+9)F(53*<&)5;$&
XQDYLVLyQMHUiUTXLFDPDUFDGD&XDQGR3D]VXJLHUHLU
DOHQFXHQWURGHORVRWURVWDPELpQGHHQGHHOUHODMDJ
45$+%*&8$&,"6&G$)")F(N"6-&>+&(+&)I;54$+&#"%)54*+5",<&
,"&85;+58"8&$6&6*6#$3M*6"-&Q5;($,&k+;$,&j*8)N;($P&
 VHxDODTXH(QHVWHWLSRGHGRPLQDFLyQ
WRGDH[SUHVLyQGHGLJQLGDGGHORVV~EGLWRVQREOH]D
,$6&#")$3$&6*6#$3M*6"&"&,*6&L(+35*+")5*6&#"%)54*+5",J
SDWULDUFDOHV(QODSROtWLFDPH[LFDQDKDEUtDTXHDxDJ
85)<&4"%5P"+8*&$6%$&G(535*<&F($&,"&85;+58"8&$6&$,&496&
;)"+8$& *76%93(,*& #")"& "63$+8$)& :& #$)4"+$3$)& $+& $,&
3*75G*& #)$6(#($6%",_-& j$5+*& 8$& P","4$)N"6& :& L"O*)5J
%*6-&>,&G$L$<&$,&#"8)$<&,*6&n8*,*6&"P%$3"6<&$,&%*&%"&10[&
75$+&#,"+%"8*6&$+&$,&#5+93(,*&8$&,"&#5)9458$-&W*4*&6$&
KDYLVWRHQ0p[LFRDEXQGDQODVFRQWUDULHGDGHVTXH
DIHFWDQ HO HQFXHQWUR FRQ ORV RWURV 3D] WDPELpQ HQJ
,56%"&*%)"6<&,"6&F($&M"&3)$"8*&,"&6*35$8"8&8$&3*+6(4*[&
,"& M*4*;$+$58"8& 8$& ,*6& ;(6%*6<& ,"& #"65O58"8& L)$+%$&
",&8$6%5+*<&$,&M$8*+564*<&$,&M*47)$&3*4*&*7G$%*<&,"&
5+85L$)$+35"<&$,&3*+L*)4564*[&\A+*&8$&,*6&)"6;*6&$+&
O$)8"8&8$6*,"8*)$6&8$&+($6%)"&6*35$8"8&$6&,"&(+5L*)J
458"8&8$&,"6&3*+35$+35"6<&,*6&;(6%*6&:&,"6&58$"6<&(+58"&
",&3(,%*&"&(+&5+85O58(",564*&$;*N6%"&:&8$6$+L)$+"8*-&
7RGRVVDEHPRVTXHODPDQFKDVHH[WLHQGHVHFDORV
6$6*6&:&857(G"&6*7)$&%*8"6&,"6&3")"6&,"&4564"&6*+)56"&
GHVDWLVIDFFLyQLGLRWD 3D]E (QHVWR~OWLJ
PRFRUUHVSRQGHDODQXHYDVJHQHUDFLRQHVUHH[LRQDU
,"6&L*)4"6&8$&,"&*%)$8"8&$+&$6%"&I#*3"&,,"4"8"<&"3"6*&
#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

GI

!',&-.$./$0&-%)$//0 !03.%*)!'*2"#'2"

WUDQVLWRULDPHQWHQLQJXQDpSRFDDQWHVTXHpVWDVHKDJ
EtDDXWRQRPEUDGRSRVPRGHUQLGDG
j>T>j>'WB?]

$UHQGW +   O9($ P#0301+$ ":$ O"%&*0%&#0&10+><&


1XHYD<RUN7KH:RUOG3XEOLVKLQJ&RPSDQ\
0DFKDGR$  Q1%"10"$?&/9&-"R$(*$'"(%&$2$+.$
-"F*(%DUFHORQD&DLQ[DGH&DWDOXQ\D
0DFKDGR$  S.(,&+$/&1/0"1(+$2$-($.1$/&1=
/0"1(#"$&'H/#0:"<&Q"8)58<&W,9653*6&W"6%5,,"1XVVEDXP 0   !"(%0/$ K.+%0/(<& >6%"8*6& A+5J
GRV%HDFRQ3UHVV
3D]2  C&$/&+&$-($*&$'#(+(1/0&4$!"(+T&$($90+%"#0&<&$+&
23D]2EUDVFRPSOHWDVWRPR,0p[LFR)&(
3D]2 D L*$'(#(3#01"$(1$+.$'&%#0&4$M0+%"#0&$

#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

GJ

2$'"*T%0/&HQ23D]PF#&+$/">'*(%&+WRPR9,,,
0p[LFR)&(
3D]2 E U-(&+$2$/"+%.>F#(+$U4$C&$*(%#&$2$(*$
/(%#"HQ23D]PF#&+$/">'*(%&+<&%*4*&B1<&QIJ
[LFR)&(
3D] 2   PF#&$ '"V%0/&$ U   HQ 2
3D]PF#&+$/">'*(%&+WRPR;,0p[LFR)&(
3D]2  <.&-#0,0"0p[LFR-RDTXtQ0RUWL]
5RGUtJXH]0  @V1(+0+$-(*$'&%#0>"10&*0+=
>"$(1$?VW0/"0p[LFR8$&-%8$3/XQ$UHQD
3HVVRD)  !"(>&+0p[LFR/HWUDVYLYDV
7D\ORU&  L*$>.*%0/.*%.#&*0+>"$2$*&$'"*T%0/&$
-(*$#(/"1"/0>0(1%"0p[LFR)&(
6HQ$  /DRWUDJHQWH0iVDOOiGHODLGHQWLJ
8"8_<&C(%#&+$*0F#(+Q~P

%7!'6'&(89(
26'&-'(:()2(

crtica

2(7!.6!//!&

0(#$1,-&2%/#3+,-4&!"#)3(&/-.&5"67%*
(OFRQLFWRHVHOSDGUHGHWRGDVODVFRVDVHOUH\GHWRGDVODV
/"+&+4$ Q$ .1"+$ 9&$ 9(/9"$ -0"+(+$ 2$ &$ "%#"+$ 9">F#(+X$ &$ .1"+$ 9&$
9(/9"$(+/*&,"+$2$&$"%#"+$*0F#(+4
D$)93,5%*

+"& 8$& ,"6& #)*#($6%"6& F($& 496& 8$6%"3"& $+& ,"&


REUD ORVyFD GH 7KHRGRU :$GRUQR HV OD
85",I3%53"&+$;"%5O"<&#($6&"&%)"OI6&8$&$,,"&$67*J
P"&(+&$G$)3535*&$+&6$+%58*&3*+%)")5*&",&8$&,"&85",I3%53"&
WUDGLFLRQDOTXHHQFDEH]DQODVGRVJXUDVHPEOHPiWLJ
FDVGHOSHQVDPLHQWRGLDOpFWLFRHQ2FFLGHQWH3ODWyQ
\+HJHO3DUD3ODWyQODGLDOpFWLFDHVXQDFLHQFLDTXH
+"3$&8$&,"&8563(65K+&8$&*#5+5*+$6&*#($6%"6-&]$&%)"%"<&
#($6<&8$&(+&#)*3$8545$+%*&,K;53*&F($&6$&8"&$+&L*)4"&
8$&859,*;*&:&$+&$,&F($&6$&%)"%"+&#)*7,$4"6&*7G$%5O*6-&
Q5$+%)"6&F($&$+&D$;$,<&\C*&85",I3%53*&$6&$+&I,&6*,"J
4$+%$&.1$4*4$+%*<&"(+F($&$6$+35",&:&+$3$6")5*<&8$,&
SHQVDPLHQWR UDFLRQDO \ FRPSUHQVLYR 'DGR TXH HO
#$+6"45$+%*&$6&"3%5O58"8<&3*+6%5%(:$&(+"&>(-0&/0H1<&&
$6&8$35)[&5+3,(:$&$+&6N&,"&854$+65K+&8$&,*&`*%)*g<&8$&,"&
*#*6535K+&:&3*+%)"85335K+-&W*+&$,,*&$+&3"8"&"3%*&8$&
#$+6"45$+%*& $6%9& 3*+%$+58*& ,*& 85",I3%53*& 3*4*& (+*&
GHVXVPRPHQWRV %UXJJHU 
&LHUWDPHQWH$GRUQRSURVLJXHHOPRGHORGHODORJ
6*LN"&M$;$,5"+"&#$)*&$+&(+"&L*)4"&"+%5%I%53"<&#($6&$6&
8$&)$3*)8")&F($&#")"&D$;$,&$,&4*O545$+%*&85",I3%53*&
8$,& #$+6"45$+%*& 3*+3,(N"& $+& (+"& 6N+%$656<& )$8(35$+J
8*&%*8"&#*657,$&85L$)$+35"&"&(+"&58$+%58"8&eF($&75$+&
SRGUtDVHUXQDXQLGDG FRQYLUWLHQGRDHVWD~OWLPDHQ
(+&(+5O$)6",<&*&4$G*)&853M*&$+&(+&?76*,(%*<&:"&F($&
6$;S+& D$;$,& ,"& )"PK+& %5$+$& ,"& $4#)$6"& 8$& )$$+3*+J
Z&

T"3(,%"8&8$&T5,*6*LN"&:&C$%)"6&8$&,"&A'?Q-

%)")6$& "& 6N& 4564"& $+& ,"& )$",58"8<& #($6& \%*8*& ,*& )$",&
$6&)"35*+",&:&%*8*&,*&)"35*+",&$6&)$",_-&>+&3*+%)"6%$<&
?8*)+*&#)*#*+$&:&*#*+$&*%)"&L*)4"&8$&,"&85",I3%53"&
TXHQRWLHQHFRPRQXQREMHWRSRVLWLYRHVGHFLUXQD
GLDOpFWLFD HQ OD TXH QR H[LVWH SRVLELOLGDG DOJXQD GH
)$3*+35,5"35K+&$+%)$&)"PK+&:&)$",58"8-&>+&$6$&6$+%58*<&
\C"&85",I3%53"&$6&,"&3*+635$+35"&3*+6$3($+%$&8$&,"&+*&
58$+%58"8-&'*&"8*#%"&8$&"+%$4"+*&(+&#(+%*&8$&O56%"_&
$GRUQR &RQORFXDOHOIUDQNIXUWLDQRSHUJ
357$&F($&,"&)$",58"8&$6&L)";4$+%")5"<&$6&54#*657,$&8$&
XQLFDUHVRVIUDJPHQWRV\OOHYDUDDFDERXQHMHUFLFLR
GHVXSHUDFLyQFRPRSUHWHQGLy+HJHO3HURTXpVLJJ
QLFDVXSHUDU"(OOyVRIRGH6WXWWJDUWXWLOL]DHOWpUPLJ
+*&&.:9(F(1$\ORGHQHDVt
C"&#","7)"&&.:9(F(1>HOLPLQDU@WLHQHHQHOLGLRPD DOHPiQ 
XQGREOHVHQWLGRVLJQLFDWDQWRODLGHDGHFRQVHUYDUPDQJ
WHQHUFRPRDOPLVPRWLHPSRODGHKDFHUFHVDUSRQHUQ
>,&4564*&3*+6$)O")&:"&5+3,(:$&$+&6N&$,&"6#$3%*&+$;"%5O*<&$+&
3("+%*&6$&6"3"&",;*&8$&6(&5+4$85"35K+&:&#*)&,*&%"+%*&8$&(+"&
H[LVWHQFLDDELHUWDDODVDFFLRQHVH[WHULRUHVDQGHPDQWHJ
QHUOR'HHVWHPRGRORTXHVHKDHOLPLQDGRHVDODYH]DOJR
3*+6$)O"8*<&F($&M"&#$)858*&6K,*&6(&5+4$85"35K+<&#$)*&F($&
QRSRUHVWRVHKDOODDQXODGR +HJHO 

'HHVWDIRUPDHVFRPRSDUD+HJHOODUHDOLGDGHQWHJ
)"& F($8"& 3*4#)$+858"& $+& (+& $6F($4"& )"35*+",<& 8$&
#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

GF

!',&-.$./$0&-%)$//0 %#&0K.%)&"2&/3.%5)!'&(/#)2%*)-'!,"

PRGRTXHEDMRVXOXSDHVSRVLEOHH[SOLFDUODHQWRGR
PRPHQWR3DUD$GRUQRHQFDPELRODUHDOLGDGVHOH
8$67*)8"&",&#$+6"45$+%*&:&$6&54#*657,$&"#)$M$+8$),"&
$+&$6F($4"6&)"35*+",$6<&#*)&,*&%"+%*&$6&5))"35*+",-&>+&
$6$& 6$+%58*<& ,"& #)*#($6%"& "8*)+5"+"& "#(+%"& "& F($& $,&
4*O545$+%*&85",I3%53*&8$,&#$+6"45$+%*&+*&3*+3,(:$&
$+&(+"&6N+%$656&6(#$)5*)&8$&,*6&*#($6%*6&e+*&M":&%",&6(J
SHUDFLyQ VLQRTXHGHMDODVFRQWUDGLFFLRQHVFRQWRGD
6(&3)(8$P"&3*4*&6$a",&8$&,"6&3*+%)"85335*+$6&)$",$6&
H[LVWHQWHVHQODUHDOLGDG6HJ~Q$GRUQR
C*& 85L$)$+35"8*& "#")$3$& 85O$);$+%$<& 856*+"+%$<& +$;"%5O*&
$+&%"+%*&$+&3("+%*&#*)&6(&#)*#5"&L*)4"35K+&,"&3*+635$+35"&
%$+;"& F($& %$+8$)& "& ,"& (+58"8[& $+& %"+%*& $+& 3("+%*& 458"& ,*&
F($&+*&$6&58I+%53*&3*+&$,,"&#*)&6(&#)$%$+65K+&8$&%*%",58"8&
hoi&B8$+%58"8&:&3*+%)"85335K+&8$,&#$+6")&$6%9+&4(%("4$+%$&
6*,8"8*6-&C"&%*%",58"8&8$&,"&3*+%)"85335K+&+*&$6&+"8"&496&
TXHODQRYHUGDGGHODLGHQWLFDFLyQWRWDOWDOFRPRVHPDJ
QLHVWD HQ HVWD /D FRQWUDGLFFLyQ HV OD QRLGHQWLGDG EDMR
$,&853%"4$+&8$&(+"&,$:&F($&"L$3%"&%"475I+&"&,*&+*J58I+%53*&
$GRUQR 

3RUORGLFKRODORVRItDDGRUQLDQDHVFRQRFLGDWDPJ
75I+& 3*4*& ,"& \,K;53"& 8$,& 8$64*)*+"45$+%*& *& 8$& ,"&
GHVLQWHJUDFLyQ SXHVWR TXH DUPD OD LPSRVLELOLGDG
8$&F($&,"&)"PK+&",3"+3$&$,&3*+*3545$+%*&8$&,"&%*%",5J
8"8<& :& 6*6%5$+$& F($& %*8*& 3*+*3545$+%*<& %*8*& #$+6")&
LQFOXLGRVHOVHU\ODWRWDOLGDGPLVPRV WLHQHTXHHVJ
%")& 7"6"8*& $+& ",;(+"& 3*6"<& $+& \",;*_& F($& $6%9& L($)"&
GHODLQWHJUDFLyQ'HDKtTXHVXSRVWXUDORVyFDVHD
GHVLQWHJUDGRUD SXHV SDUD $GRUQR OD ORVRItD QR
8$7$&3"$)&$+&(+&$6%"+3"45$+%*<&"(+&3("+8*&I6%$&L($J
)"&\#*65%5O*_&3*4*&,*&6*6%5$+$&D$;$,&3*+&,"&58$"&8$,&
?76*,(%*-&'*<&#($6&8$68$&(+"&85",I3%53"&+$;"%5O"&,"&
ORVRItDWLHQHTXHPDQWHQHUVHFRQYLGD\WDOVLWXDFLyQ
6K,*& 6$& #($8$& ,*;)")& 65& 6$& 4"+%5$+$& $+& (+& $G$)3535*&
FRQWLQXR(QHVHVHQWLGRODORVRItDHVWiREOLJDGDD
3)5%53")6$&"&6N&4564"&65+&3*+%$4#,"35*+$6_&e?8*)+*<&
 (QHVDFRQVWDQWHFUtWLFDHQHVHGHVSUHQGLJ
45$+%*&8$&,"&5+;$+("&#)$%$+65K+&8$&F($)$)&"#)$M$+8$)J
ORWRGRHVFRPRODORVRItDSXHGHPDQWHQHUVHYLYDHQ
%*8*& 4*4$+%*-&?6N& #($6<& +*& M":& *& +*& 8$75$)"& M"7$)&
,(;")&#")"&(+"&3(,45+"35K+&*&#")"&(+"&6N+%$656$GRUQRVHPDQLHVWDWDPELpQFRQWUDORVPpWRGRV
:&656%$4"6&F($&#)$%$+8$+&3*+*3$),*&%*8*<&3*4*&$,&656J
WHPDHQ'HVFDUWHV\HOGRPLQLRGHODUD]yQLOXVWUDGD
:"&F($&7(63"+&"#)$M$+8$)&,"&)$",58"8&$+&6(&%*%",58"8-&
]5+&$47");*<&$6%"6&$6%)(3%()"6&4$%*8*,K;53"6&,*&F($&
M"3$+&$6&+$;")&$,&#$+6"45$+%*&:&,*&4$)4"+&$+&6(&%"J
)$"&496&N+%54"[&,"&3)N%53"-&B+3,(6*<&$6%*&4564*&,*&,,$J
O"+&"&3"7*&*%)*6&#$+6"45$+%*6&3)N%53*6&3*4*&$,&M$;$J
OLDQR\HOPDU[LVWDSXHVDSHVDUGHTXH0DU[HVXQR
#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

GK

8$& ,*6& 496& ;)"+8$6& 3)N%53*6& 8$& ,"& 4*8$)+58"8& :& 8$,&
"(%*)5%")564*<& :& L($+%$& 8$& 5+6#5)"35K+& 8$& ,"& >63($,"&
8$&T)"+mL()%<&,*&35$)%*&$6&F($&6(&85",I3%53"&#)$%$+8$&
",3"+P")& ,"& 58$+%58"8& ",& 6(#$)")& ,"6& 3*+%)"85335*+$6<&
"(+F($&#")"&$,,*&6$&%$+;"&F($&$G$)3$)&,"&O5*,$+35"-&?,&
3*+%)")5*<&,"&%$*)N"&3)N%53"&F($&#)*#*+$&,"&>63($,"&8$&
T)"+mL()%<&:&#")%53(,")4$+%$&?8*)+*<&6$&*#*+$&"&$6%$&
WLSR GH YLROHQFLD WHyULFD \ SUiFWLFD  TXH SUHWHQGH
O*,O$)&"76*,(%*&",&*7G$%*&8$&6(&8$L$+6"-&
?&#)5+35#5*6&8$,&65;,*&11&(+*&8$&,*6&#$+6"45$+J
WRVGHPD\RUWUDVFHQGHQFLDIXHHOGH+HLGHJJHU'H
M$3M*<& 6(& #*6%()"& $#56%$4*,K;53*J*+%*,K;53"& M"& ;$J
+$)"8*&85O$)6"6&8563(65*+$6&",&8$64*+%")&$,&4*8$,*&
6(G$%*J*7G$%*& F($& 6$& 35aK& ",& #$+6"45$+%*& *3358$+%",&
GHVGHODpSRFDPRGHUQD3DUD+HLGHJJHUQRHVSRVLJ
7,$& M"7,")& #)*#5"4$+%$& 8$& (+& 6(G$%*& $+& %I)45+*6& 8$&
58$+%58"8&"76*,(%"&*&3*4*&L(+8"4$+%*&S,%54*&8$&,"&
)$",58"8-& >6%"& #*6%()"& $6& *7G$%*& 8$& ;)"+& O",*)& #")"&
?8*)+*<&65+&$47");*<&3("+8*&$,&L)"+mL()%5"+*&8$6$+J
%)"a"&,*&F($&#")"&I,&6$&$63*+8$&8$%)96&8$&$6"&#)*#($6J
%"<& "8O5$)%$& $+& ,"6& 6$)5"6& 3*+6$3($+35"6& F($& %$+8)N"&
$,&"845%5)&$,&4*8$,*&*+%*,K;53*&M$58$;;$)5"+*&$+&,"&
)$",58"8&#)93%53"-&
(/68-(72(1+(,'(**(5

3DUDHODXWRUGHY(#$2$%0(>'"[&\>,&`6$)&"MNg&$6&(+&$+%$&
F($&+*&6$&,545%"&"&#*+$)6$&8$,"+%$&$+%)$&*%)*6&$+%$6-&
>6<&"+%$6&75$+<&(+&$+%$&K+%53"4$+%$&6$a","8*&#*)F($&
HQ VX VHU OH YD HVWH VX VHU +HLGHJJHU   
>6%*&#$)45%$&"%567")&F($&$,&\6$)&"MN_&$6&(+&\6$)&"75$)J
%*_<&$6&8$35)<&F($&6(&6$)&,$&O"&3*4*&6$)J$+J$,J4(+8*<&
8$&4*8*&F($&,"&3")"3%$)N6%53"&#)5+35#",&8$,&\6$)&"MN_&
eI&+(01  HV TXH HV XQ VHU ~QLFDPHQWH SRVLEOH TXH
#($8$& *& +*& 6$)-& >6%"& #*6575,58"8& 6K,*& 3"7$& $+& %"+%*&
F($& M":& (+& 4(+8*<& #*)& $,,*<& $,& \6$)& "MN_& +*& #($8$&
"#")%")6$&8$&6(&4(+8*<&65+*&F($&I,&4564*&$6&(+&6$)J
HQHOPXQGRVHHQFXHQWUD\DLQPHUVR HQHOPXQGR 
SRUORFXDOQRSXHGHH[LVWLUODUHODFLyQVXMHWRREMHWR
5+3,(6*<&,"&%)"8535K+&",&5+8";")&6*7)$&$,&6$)&,*&M"&O56%*&
3*4*&",;*&"G$+*<&65+&)$#")")&$+&,"&3*))$,"35K+&$+%)$&
VHU \ VHU DKt R HQWUH VHU \ HQWH 3RU OR WDQWR VH
M"&8$&#$+6")<&6$;S+&D$58$;;$)<&F($&$,&6$)&%"475I+&6$&
$+3(7)$& 8$& I6%"& 4"+$)"<& :"& F($& %)"8535*+",4$+%$& ",&
LQGDJDUVREUHHODVXQWR VHU RDOSUHJXQWDUQRVSRUpO
,*&O56,(47)"4*6&$+&(+&#,"+*&%)"63$+8$+%$&e3*4*&$6&
HOFDVRGH'HVFDUWHV\.DQW\DTXHHOSULPHURDLVOyDO
6(G$%*&8$&6(&4(+8*<&45$+%)"6&F($&$,&6$;(+8*&#*6%(,K&
,"&58$"&8$&(+&6(G$%*&%)"63$+8$+%",&F($&+*&$6%9&$+3")J
QDGR FXDQGRPiVELHQGHEHPRVWHQHUFODURTXHOD
SUHJXQWDEURWDGHODPLVPDFRWLGLDQLGDG HOPXQGR 
$+&,"&F($&6$&$+3(7)$-

(8%"2"&)9:)'2"&#");)*')-&/(0-')')8%02%33%&

>,&\6$)&"MN_&*&I&+(01$M"75%"&$,&4(+8*&:&+*&#($J
8$& 8$G")& 8$& \6$)& $+& $,& 4(+8*_<& 65+*& F($& "47*6& 6$&
FRSHUWHQHFHQ \ FRQIRUPDQ XQD XQLGDG 3RU HOOR
VHUDKtRVHUHQHOPXQGRVRQH[DFWDPHQWHORPLVJ
PR3RUHVDUD]yQHVTXHHOI&+(01$+*&#($8$&6$)&(+&
REMHWRVLQRXQH[LVWHQFLDULR VHUHQHOPXQGR SXHV
3*4*&"#(+%"&D$58$;;$)[&\W("+8*&M"75%"4*6&$+&",;*<&
I6%$& 8$G"& 8$& 6$)& (+& *7G$%*& #")"& +*6*%)*6& :& 6$& 3*+J
O5$)%$&$+&#")%$&8$&+*6*%)*6&5+O"85$+8*&:&#$+$%)"+8*&
+($6%)"&)$,"35K+& 3*+& ,*6& 8$496& *7G$%*6& 8$,&4(+8*_&
+HLGHJJHU (OFRQRFLPLHQWRHQWRQFHVHV
(+"&L*)4"&8$&6$)&8$,&\6$)&"MN_<&,"&F($&"&6(&O$P&L*)4"&
#")%$&8$&,"&$6%)(3%()"&8$,&\6$)&$+_&:&1.1/&$+($&'&#=
%&$-($(+&$(+%#./%.#&-&?654564*<&$,&3*+*3545$+%*&+*&
#($8$&8")6$&$+&,"&L*)4"&8$&,"&)$,"35K+&6(G$%*J*7G$%*<&
:"&F($&6(#*+$&F($&$,&6(G$%*&\6",$_&*&6$&\85)5;$&"o_&
#")"& "#)$M$+8$)& $,& *7G$%*-& ]5+& $47");*[& \?,& `85)5J
;5)6$&"og&:&`"#)$M$+8$)g<&+*&6",$&$,&`6$)&"MNg&8$&(+"&
$6L$)"& 5+%$)+"& $+& ,"& F($& $4#5$3$& #*)& $6%")& $+3,"(6J
%)"8*<& 65+*& F($& $,& `6$)& "MNg& $6& 65$4#)$& :"<& #*)& *7)"&
8$&6(&L*)4"&8$&6$)&#)54")5"<&`"MN&L($)"g<&3"7$&$+%$6&
F($&M"3$+&:#(1%($-(1%#"$-(*$>.1-"$$+&3"8"&3"6*&:"&
GHVFXELHUWR +HLGHJJHU 
'H HVWD PDQHUD OD UHODFLyQ VXMHWRREMHWR VH GHVJ
857(G"&7"G*&$6%"&LK)4(,"&M$58$;;$)5"+"<&#($6&$,&\6$)&
"MN_&+*&#($8$&6$)&65+*&8$+%)*&8$&(+&4(+8*<&:&,*&S+53*&&
TXHKD\HVHOH[LVWHQFLDULRVHUHQHOPXQGR$VLHQJ
WD+HLGHJJHU>@ORVFRPSRUWDPLHQWRVGHO'DVHLQ
%5$+$+&(+&3")93%$)&5+%$+35*+",&:&F($<&$+&O5)%(8&8$&$6"&
5+%$+35*+",58"8<&$,&6(G$%*&$6%9&:"&$+&)$,"35K+&3*+&,"6&
3*6"6&F($&+*&6*+&I,&4564*&hoi&>+&,"&4$858"&$+&F($&
$,& $+%$& M"35"& $,& F($& 6$& 85)5;$+& ,*6& 3*4#*)%"45$+%*6&
$6&8$65;+"8*&65$4#)$<&$+&35$)%*&4*8*<&3*4*&*7G$%*<&
#($8$&8$35)6$&L*)4",4$+%$&F($&",&6(G$%*&65$4#)$&#$)J
%$+$3$&(+&*7G$%*<&F($&(+*&+*&#($8$&6$)&#$+6"8*&65+&$,&
RWUR +HLGHJJHU 
>6%*&$6&"6N&#*)F($&6$;S+&D$58$;;$)&$+&$,&4(+8*&
"#")$3$+&3*+G(+%"4$+%$&$,&6$)&:&$,&$+%$<&#*)&,*&F($&$,&
6(G$%*&:&$,&*7G$%*&+*&$6%9+&6$#")"8*6<&65+*&F($&6$&8"+&
$+&(+"&4564"&)$,"35K+&3*4*&\6$)&$+&$,&4(+8*_-&>+&
$6%$& 6$+%58*<& $,& 6(G$%*& 6K,*& $6& %$*)I%53*& :& #*)& 3*+65J
JXLHQWHQRH[LVWHODUHODFLyQVXMHWRREMHWR
3RUORDQWHULRUORTXHHOVHUDKtGHEHKDFHUHV
#$)4"+$3$)&3*4*&$+%$&\"75$)%*_<&3*4*&\6$)&#*657,$_<&
$+&%"+%*&\6$)&$+&$,&4(+8*_<&:&$6#$)")&,"&,,"4"8"&8$,&
6$)<&"&F($&I6%$&%*4$&,"&5+535"%5O"&#")"&,,$;($&",&I&+(01$
GHQWUR GHO PXQGR < HVWR HV SRUTXH HQ UHDOLGDG QR
H[LVWH XQ \R QR KD\ SURSLDPHQWH XQ VXMHWR GH OD
#$)3$#35K+<&65+*&F($&$+&,"&3*%585"+58"8&+*&6$&4($6%)"&
+(+3"&$,&\6N&4564*_<&*&6$"<&$,&\:*_<&65+*&496&75$+&,"&
#I)858"&8$&I6%$-&?6N<&$,&\:*_&8$&,"&3*%585"+58"8&6K,*&$6&

0)!',&-.$./$0&-%)$

(+&"6#$3%*&*&(+&#")$3$)&6$)&*&(+"&4$)"&"#")5$+35"-&'*&
M":&(+&\:*_&"56,"8*&F($&,$&M";"&L)$+%$&",&4(+8*&*&F($&
$6%I&*#($6%*&"&I,&8$&4"+$)"&)"853",<&65+*&$6$&\:*_&+*&
H[LVWHSXHVUHJXODUPHQWHHOVHUDKtQRHVHOPLVPR
65+*&F($&6$&3*4#)$+8$&65$4#)$&"&%)"OI6&8$&,*6&$+%$6&
F($& ,$& )*8$"+& :& "& #")%5)& 8$& 35$)%"& %)"8535K+& #,";"8"&
8$& (6*6& :& 3*6%(47)$6-& >+& $6$& 6$+%58*<& 65& $6& F($& 6$&
#($8$&M"7,")&8$&(+"&6(6%"+35"&8$,&\6$)&"MN_<&I6%"&+*&
SXHGH VHU RWUD TXH OD H[LVWHQFLD OD FXDO VyOR SXHGH
8")6$&$+&$,&4(+8*<&:&%",&4(+8*&65$4#)$&$6&"+%$)5*)&
"& \45& 4(+8*_R& #*)& ,*& %"+%*<& $,& 4(+8*& $6& #S7,53*& :&
QR KD\ SRVLELOLGDG GH TXH H[LVWD XQ PXQGR SURSLR
WDPSRFRXQVXMHWRDLVODGRFRPRORKDFtDQRWDU'HVJ
3")%$6-&?M*)"&)$6(,%"&496&3,")*&#*)&F(I&$,&\6$)&"MN_&
6$&3*4#)$+8$&8$&5+4$85"%*&$+&,*6&$+%$6&F($&+*&6*+&
I,&4564*<&#($6&$,&4(+8*<&8$&",;(+"&4"+$)"<&:"&&\,$&
#)$#")"_&(+"&O";"&3*4#)$+65K+&8$,&6$)<&F($<&#$6$&"&
6$)&O";"<&$6&4(:&S%5,&#")"&3*4$+P")&"&$67*P")&,"&#)$J
;(+%"&F($&5+%$))*;"&#*)&$,&6$+%58*&8$,&6$)<&8"8*&F($<&
6$;S+&D$58$;;$)<&%*8"&%$)45+*,*;N"&#)$6(#*+$&",;S+&
3*+*3545$+%*&8$&,"6&3*6"6<&,*&3(",&+*6&,,$O"&"&6*6%$+$)&
F($&$,&\6$)&"MN_&$6%9&:"&#)$#")"8*&#")"&M"3$)&L)$+%$&"&
,"6&$+%58"8$6&:f*&"6(45),"6-&?6N&#($6<&#")"&D$58$;;$)<&
$,&%*8*&$6&)$",4$+%$&(+*(/68-(72(1$'2512

?8*)+*<&",&5;(",&F($&D$58$;;$)<&6$&#$)3"%"&8$&F($&,"&
WUDGLFLyQORVyFDRFFLGHQWDOGHVGH'HVFDUWHVKDVWD
D$;$,&M"&$))"8*&$+&$+3(47)")&",&6(G$%*<&6*4$%5$+8*&
ODUHDOLGDGHQWHUDHQORVFRQQHVGHpVWHSHURWDPJ
75I+& 3)5%53"& ,"& #$)6#$3%5O"& M$58$;;$)5"+"& )$6#$3%*& ",&
6(G$%*&3*4*&)$,"35K+&$+%$+858"&$+&,"&58$"&8$&\6$)&$+&
$,&4(+8*_<&"6N&3*4*&6(&,$+;("G$&7*))"63*6*<&:&4$+J
35*+"&F($&\D$58$;;$)&F(5$)$&8*%")&65+%I%53"4$+%$&8$&
(+&#)*%*6$+%58*&"&,"6&#","7)"6&#()"6_&e?8*)+*<&/00X[&
 'HLJXDOPDQHUDHVWDORVRItDGHOVHUTXH+HLJ
GHJJHUH[SRQHHVVXFHVRUDGHORVVLVWHPDVGHGXFWLYRV
3*4*&$,&m"+%5"+*<&#*)&$,,*&$6&F($&$,&6$)&",&F($&)$45%$<&
6$;S+&?8*)+*<&+*&$6&496&F($&,"&\3*6"&$+&6N_&m"+%5"+"&
R HO QyXPHQR  SHUR GRWDGD GH '&%9"+< MXQWR FRQ
$6%*<&$6&4$+$6%$)&"a"85)&F($&#")"&$,&L)"+mL()%5"+*&$,&
VXMHWR \ HO REMHWR VRQ FDWHJRUtDV TXH VyOR H[SUHVDQ
(+"& -0:(#(1/0&$ :& +*& #($8$+& 3*+6%5%(5)& (+"& %*%",58"8&
3*4*&,*&#)$%$+8N"&D$58$;;$)&3*+&$,&\6$)&$+&$,&4(+J
8*_<&65+*&F($&6(G$%*&:&*7G$%*&6$&3*+6%5%(:$+&4(%("J
4$+%$&:&6$&6$#")"+-&?6N&#($6<&$,&6(G$%*&$6&%"475I+<&",&
4564*&%5$4#*<&*7G$%*<&#($6%*&F($&6$&,$&#($8$&#$+6")<&
:&$,&*7G$%*&"&6(&O$P&#($8$&$)5;5)6$&$+&6(G$%*-&]5+&$4J
EDUJRODWUDGLFLyQORVyFDRFFLGHQWDOQRKDTXHULGR
*76$)O")&$6%*<&65+*&F($&,$&M"&8"8*&#)$$45+$+35"&65$4J
SUHDOVXMHWR$QWHHVWR$GRUQR  VRVWLHQH
#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

GO

!',&-.$./$0&-%)$//0 %#&0K.%)&"2&/3.%5)!'&(/#)2%*)-'!,"
C"&#*,")58"8&8$&6(G$%*&:&*7G$%*&"#")$3$&L935,4$+%$&3*4*&(+"&
$6%)(3%()"&#*)&6(&#")%$&+*J85",I3%53"<&$+&,"&3(",&8$7$&%$+$)&,(J
JDUWRGDGLDOpFWLFD3HURDPERVFRQFHSWRVVRQFDWHJRUtDVGHOD
UHH[LyQVXUJLGDVIyUPXODVSDUDDOJRQRXQLFDEOHQRDOJR
#*65%5O*<&+*&$6%"8*6&8$&3*6"6&#)54")5*6<&65+*&"76*,(%"4$+%$&
QHJDWLYRVH[SUHVLyQ~QLFDPHQWHGHODQRLGHQWLGDG$SHVDU
8$&%*8*<&,"&85L$)$+35"&$+%)$&6(G$%*&:&*7G$%*&+*&3"7$&#*)&6(&#")%$&
654#,$4$+%$&+$;"),"-&'*&6*+&(+"&8(",58"8&S,%54"<&+5&%)"6&$,,*6&
6$& *3(,%"& (+"& (+58"8& 6(#)$4"-& ]$& 3*+6%5%(:$+& 4(%("4$+%$&
%"+%*&3*4*<&$+&O5)%(8&8$&%",&3*+6%5%(35K+<&6$&6$#")"+-

?(+"8*&"&$6%*<&$+&D$58$;;$)&$,&6$)&6$&4($6%)"<&45$+J
%)"6& F($& $,& I&+(01$+*& M"3$& 496& F($& $6#$)")& #"65O"J
4$+%$-& >6%*& $6& (+"& M$)$+35"& 8$& ,"& 58$"& %)"8535*+",&
8$&,"&"8$3("35K+<&F($&$,&4564*&D$58$;;$)&3)5%53"7"-&
3DUD$GRUQRHOVXMHWRHVWiGRWDGRGHHQWHQGLPLHQWR
6$+6575,58"8&:&)"PK+R&#*)&,*&%"+%*<&$6&>",0>0(1%"$:&6$&
PDQLHVWDFRPRXQDUPDURSRQHUVHIUHQWHDDOJR OR
FXDOHVFUHDUVH\DOPLVPRWLHPSRFUHDU 
j$%*4"+8*&$,&"6(+%*&8$&,"&85",I3%53"&$+&?8*)+*<&
M"7)9& F($& )$3*)8")& F($& $6& (+"& L*)4"& ,K;53"& 8$& O5+J
FXODU HO FRQFHSWR OR SDUWLFXODU  FRQ OD UHDOLGDG OR
P~OWLSOH ODVTXHQXQFDORJUDQLGHQWLFDUVH $GRUQR
 (QWRQFHVODGLDOpFWLFDQRWLHQHVtQWHJ
656&#($6&",&5+%$+%")&"33$8$)&"&,*&4S,%5#,$&6$&,,$;"&"&,"&
LQQLWXGGHODQRLGHQWLGDG3HURHVWDQRHVXQDOH\
8$,&#$+6"45$+%*<&65+*&)$",-&^(5$+&6$&#,5$;"&"&,"&856J
35#,5+"&&85",I3%53"&M"&5+3($6%5*+"7,$4$+%$&8$&#";"),*&
FRQHODPDUJRVDFULFLRGHODGLYHUVLGDGFXDOLWDWLYD
GHODH[SHULHQFLD $GRUQR 
/DORVRItDVHJ~Q$GRUQRHVWiREOLJDGDDODFRJ
6",58"8_&$+&$,&6$+%58*&8$&F($&%5$+$&F($&)$%*)+")&"&,*&
#")%53(,")<&"&,*&8$%$)45+"8*&$+&$,&$6#"35*&:&%5$4#*<&$,&
VHUVyORHVH[SUHVDEOHHQFRQJXUDFLRQHVGHOHQWH(O
GXDOLVPRORVyFRTXHVXUJHDOWUDWDUHOFRQRFLPLHQJ
WRHVLQHYLWDEOHDODSDUTXHHVIDOVR3RUWDOPRWLYRHO
4I%*8*&85",I3%53*&5+%$+%"&#$)$+%*)5"4$+%$&8$6$+)$8")&
ODVGLFXOWDGHVGHODSDUDGRMDTXHVXUJHHQWUHREMHWLJ
YLGDG \ VXEMHWLYLGDG OD VXEMHWLYLGDG HV H[SOLFDGD D
SDUWLUGHORIiFWLFR ORVRFLDO SHURODREMHWLYLGDGGHO
FRQRFLPLHQWRQRH[LVWHVLQODVXEMHWLYLGDG6XMHWR\
*7G$%*&6*+&8*6&3*+3$#%*6&F($&+*&6$&#($8$+&$+%$+8$)&
HQ VHQWLGR SRVLWLYR QL FRPR DOJR XQLFDEOH \ TXH
%"4#*3*&#($8$+&6$)&$+%$+858*6&3*4*&8(",58"8&+5&(+5J
FDFLyQ~OWLPDV1RSXHGHQVHULQWHUSUHWDGRVFRPRHO
$6%"8*& 8$& 3*6"6& *)5;5+")5*<& $+& 6$+%58*& M$;$,5"+*& +*&
6*+&6(6%"+35"&#($6%"&(+"&L)$+%$&"&*%)"-&C"&$#56%$4*J
,*;N"&%5$+$&F($&#"6")&#*)&(+&4*4$+%*&3*)#*)",&#")"&
TXHODORVRItDUHFRMDHOGRORU\ODQHJDWLYLGDGFRPR
$,&4*%*)&8$,&#$+6"45$+%*&85",I3%53*?8*)+*& 6*6%5$+$& F($& & \,"& 85",I3%53"& 8$6"))*,,"& ,"&
GLIHUHQFLDGHPDQHUD TXH HO WUDEDMR GH OD ORVRItD
#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

HP

HVSUHVHUYDUODGLIHUHQFLD3HQVDPLHQWR\UHDOLGDGVH
>(-0&1$VLQLGHQWLFDUVHDPERVKDELWDQHQORPLVJ
4*_& :& #*)& ,*& 3(9,& 654(,%9+$"4$+%$& 6$& 6$#")"+-& ?6N&
SXHVHOWUDEDMRGHODGLDOpFWLFDFRQVLVWHHQH[SUHVDU
6(& )$,"35K+& $+& 3("+%*& 5+%)N+6$3"& "& ,"& \3*6"& 4564"_-&
>+& $6%$& 6$+%58*<& ,"& 85",I3%53"& 3*45$+P"& )$3*+*35$+J
8*& ,"& +*J58$+%58"8<& ,"& 3*+%)"85335K+& & $+%)$& 3*+3$#%*&
:&*7G$%5O58"8>,&#)*7,$4"&F($&54#,53"&,"&3*+3$#%(",5P"35K+&8$&
,"& )$",58"8& 65%S"& "& ,"& %*%",58"8& $+& (+& "+%";*+564*&
TXHOOHYDDODLQQLWXGGHOSHQVDPLHQWR\GHOFRQRFLJ
PLHQWRGHXQDPDQHUDGLDOpFWLFD<HQHVWRFRQVLVWH
HO SHQVDPLHQWR ORVyFR TXH EXVFD FRQWHQLGRV LQJ
GHSHQGLHQWHV 3RU HOOR 3HQVDU ORVyFDPHQWH VLJJ
QLFD SHQVDU HQ PRGHORV OD GLDOpFWLFD QHJDWLYD HV
(+&3*+G(+%*&8$&&"+9,5656&8$&4*8$,*6_&e?8*)+*<&/00X[&
 (VWRVPRGHORVVRQGLYHUVRVSHURHOTXHMXHJDXQ
#"#$,&54#)$635+857,$&$6<&65+&8(8"<&,"&,57$)%"8/$2%(',(1&,$

>,&M"7,"&6$&M"&O($,%*&(+&5+6%)(4$+%*&8$&8*45+5*&6*J
7)$&,"6&3*6"6&:&,"6&#$)6*+"6-&?&%)"OI6&8$&,"&L*)4"&$+&
F($&6$&(%5,5P"&(+*&3)$$&F($&,"&O$)8"8&8$,&6$)&#($8$&
IXQGDPHQWDUVHRVHUH[SOLFDGDFRQDUJXPHQWRVGXJ
)*6_&:&\6K,58*6_-&>+&$6%$&6$+%58*<&6$;S+&D$58$;;$)&$,&
VHUQRQHFHVLWDGHIXQGDPHQWRQLGHH[SOLFDFLRQHVUDJ
35*+",$6&F($&6$"+&3,")"6&:&856%5+%"6&#")"&$,&5+%$,$3%*<&
#($6&#")"&$6%$&"(%*)<&$,&6$)&$6&,*&F($&$6[&\]5&$,&M*47)$&
GHEH HQFRQWUDU GH QXHYR HO FDPLQR KDFLD OD SUR[LJ
458"8&8$,&6$)<&$+%*+3$6&%5$+$&#)54$)*&F($&"#)$+8$)&
D H[LVWLU HQ OR LQQRPLQDGR >@$QWHV GH KDEODU HO
M*47)$&%5$+$&F($&-(N&#$E.($(*$+(#$+($O"4$+%$&,$&85J
)5G"&,"&#","7)"<&3*))5$+8*&$,&)5$6;*&8$&F($<&$47");"8*&
8$&$6%$&4*8*<&1"$%(13&$1&-&$E.($-(/0#$*&6K,*&4(:&
UDUDYH] +HLGHJJHU 
W*+&$6%*<&D$58$;;$)&#*+$&$+&3,")*&,"&"3%5%(8&F($&
M"&8$&#)*3()")&$,&M*47)$&"&4*8*&8$&(+&\8$G")&F($_&$,&
VHUVHPXHVWUH'HORTXHVHWUDWDVHJ~Q+HLGHJJHU
$6&F($&$,&M*47)$&#$)45%"&F($&$,&6$)&\,*&%*F($_&*&\,*&
,,"4$_& #")"& F($& #($8"& M"75%")& $+& ,"& O$)8"8& 8$,& 6$)-&
>+%*+3$6<& $,& \,,"4"8*& 8$,& 6$)_& 8$7$& #$)45%5)6$& 65+&
F($& 6(3$8"& $6%"& 3(",58"8& 8$& *#*6535K+<& $6& 8$35)<& 65+&
F($&6$&,,$O$&"&3"7*&,"&)$#(,6"&"+%$&,*&"#")$+%$4$+%$&
3*+3)$%*<&"+%$&$,&4*4$+%*&8$&,"&%$656-&
W*+& $,& \6$)& $+& $,& 4(+8*_& #)$%$+85K& D$58$;;$)&
(+"&6(#$)"35K+&\#*65%5O"_&8$&,"&853*%*4N"&#)5+35#",[&
6(G$%*J*7G$%*<&M"35$+8*&+*%")&F($&$,&\6$)&"MN_&,$&#$)J
%$+$3$& 3*4#,$%"& :& )"853",4$+%$& ",& 4(+8*& #S7,53*<&
$6%I&8*+8$&%*8*6&,*6&$+%$6&3"$+&:&6$&#)$J3*4#)$+8$+&
ON"& ,"& $8(3"35K+<& ,"6& %)"8535*+$6<& ,"6& 8*3%)5+"6-& ?,&
4564*&%5$4#*<&:&$+&%"+%*&F($&$,&\6$)&"MN_&$6&(+&6$)J

(8%"2"&)9:)'2"&#");)*')-&/(0-')')8%02%33%&

$+J$,J4(+8*<&$6&65$4#)$&:"&(+&\6$)&3*+&*%)*6_<&$6%*6&
\*%)*6_&6*+&3*+&$,&\6$)&"MN_R&$6&#*)&$,,*&F($&$,&\6$)&
"MN_& "8*#%"& (+"& 3(,%()"<& +*)4"6<& $6%5,*& 8$& O58"<& +01$
/.(+%0"1&#+($ #*)& $,& \3K4*& 6$& 4($O$& $+& $,& 4(+8*_<&
65+*&F($&"3%S"&3*4*&6$&"3%S"<&#5$+6"&3*4*&6$&#5$+6"<&
853$&,*&F($&6$&853$<&M"7,"&3*4*&6$&M"7,"<&6$&#)$;(+%"&
SRUORTXHVHSUHJXQWDHWFpWHUD'LFH+HLGHJJHUHO
VHU DKt FDH >@ HQ VX WUDGLFLyQ PiV R PHQRV H[J
#)$6"4$+%$& %*4"8"-& >6%"& ,$& F(5%"& ,"& 85)$335K+& 8$& 6N&
PLVPRHOSUHJXQWDU\HOHJLU +HLGHJJHU 
>,&\6$)&"MN_&$6%9&%"+&"))"5;"8*&$+&6(&%)"8535K+&3*+&,*6&
*%)*6& F($& +*& $+3($+%)"& +$3$6")5"& ,"& #)$;(+%"& #*)& $,&
6$+%58*&8$,&6$)<&F($&+*&$6&65+*&"F($,,"&F($&5+%$))*;"&
SRUORTXHpOPLVPR HOVHUDKt SRVHHGHVX\R'H
$6%$&4*8*<&$,&6$)&6$&$+3(7)$&3*%585"+"&:&)$;(,")4$+%$&
$+&,"&$6%)(3%()"&8$,&\6$)&3*+_W("+8*&6$&853$<&65;(5$+8*&"&D$58$;;$)<&F($&$,&\6$)&
"MN_& $6& "76*)758*& 5+4$85"%"& :& )$;(,")4$+%$& #*)& $,&
4(+8*<&F($)$4*6&8$35)&F($&$L$3%5O"4$+%$&6$&$+%)$;"&
"&,*&F($&I6%$&M"&856#($6%*<&#($6&3*4*&7"6$&6$&%5$+$&$,&
\6$)&3*+_-&>,&\6$)&3*+_&+*&$6&5;(",&F($&\"&,"&4"+*_&:&
%"4#*3*&$6&\"+%$&,*6&*G*6_<&65+*&$6&*+%*,K;53"4$+%$&
VHUFRQ'LFH+HLGHJJHU(OFRQHVDOJRTXHWLHQH
,"&L*)4"&8$,&`6$)&"MNg<&$,&%"475I+&45$+%"&,"&5;(",8"8&
8$,&6$)<&$+&$,&6$+%58*&8$,&`6$)&$+&$,&4(+8*g&`3()9+8*6$&
8$g&:&`O5$+8*&$+&%*)+*g-&D":&F($&3*4#)$+8$)&$,&`3*+g&
\HOWDPELpQH[LVWHQFLDULD\QRFDWHJRULDOPHQWH(Q
)"PK+& 8$& $6%$& 3*+3*45%"+%$& `6$)& $+& $,& 4(+8*g& $6& $,&
4(+8*&$+&3"8"&3"6*&:"&65$4#)$&"F($,&F($&3*4#")%*&
3*+&,*6&*%)*6-&>,&4(+8*&8$,&`6$)&"MNg&$6&(+&`4(+8*&
GHOFRQ>@ +HLGHJJHU (QWDQJ
%*&F($&$,&4(+8*&,*&3*4#")%54*6&3*+&,*6&*%)*6&$+%$6&
F($& %5$+$+& ,"& 4564"& L*)4"& 8$,& \6$)& "MN_<& 6$& 8"& (+&
#)*3()")&#*)&$,,*6&e#*)&,*6&*%)*6&$+%$6&F($&%5$+$+&,"&
PLVPDIRUPDGHOVHUDKt IXQGDGRHQHOVHUFRQ
GHLJXDOIRUPDKD\PRGRVGHFLHQWHVGHOSURFXUDU
#*)_&$+&,*6&F($&6$&4"+%5$+$&$,&\6$)&"MN_<&#*)&$G$4J
#,*[&\$,&6$)&(+*&#")"&*%)*_<&\(+*&65+&*%)*_<&$,&\#"6")&
8$&,");*&(+*&G(+%*&"&*%)*_<&\(+*&3*+%)"&*%)*_-&>6%*6&
6*+&4*8*6&#*657,$6&8$,&\#)*3()")&#*)_-&?6N&%"475I+&
VHGDXQFDUiFWHU H[WUHPR VXVWLWXWLYRHQODFRWLGLDJ
QLGDG pVWD VXVWLWXFLyQ VH UHHUH DO WUDEDMR HV GHJ
35)<&\*%)*_&,$&\F(5%"&6(&)$6#*+6"75,58"8_&",&\6$)&"MN_<&
#($6&65$4#)$&M":&",;(5$+&F($&,$&\$O5%$_&$,&%)"7"G*-&
3RUHMHPSORHO]DSDWHURDUUHJODORV]DSDWRVGHRWUR
:&,$&$O5%"&M"3$),*&#*)&6N&4564*W*4*& 7"6$& 8$& %*8*& ,*& "+%$)5*)& 6$& $+3($+%)"& $,&
\(+*_<&$,&3(",&$6&$,&F($&)$",4$+%$&,$&F(5%"&,"&)$6#*+J
6"75,58"8&",&\6$)&"MN_-&>6%$&\6$)&"MN_&65$4#)$&$6%9&$+&$,&
XQRGHKHFKRVDFD HOVHUDKt ODLQWHUSUHWDFLyQ
#)$J*+%*,K;53"&8$&6(&6$)&8$&,"&5+4$85"%"&L*)4"&8$&6$)&

0)!',&-.$./$0&-%)$

8$,& \(+*_-& >6%$& \(+*_& )$#)$6$+%"& %*8"6& ,"6& #*6575,5J


8"8$6& 8$,& 4(+8*& 8$,& \6$)& "MN_<& $+& %"+%*& 4(+8*& 3*J
,$3%5O*&*&#S7,53*<&5+3,(6*<&,"&#*6575,58"8&8$,&$+3(7)5J
45$+%*&8$,&6$)<&3*4*&$,&8$6J3(7)545$+%*&8$&I6%$-&\>,&
`(+*g&F($&+*&$6&+"85$&8$%$)45+"8*&:&F($&6*+&%*8*6<&
65&75$+&+*&3*4*&6(4"<&#)$63)57$&,"&L*)4"&8$&6$)&8$&,"&
FRWLGLDQLGDG +HLGHJJHU 
(VWRFRQUPDTXHHOVHUDKtQRHVpOPLVPRVLQR
,*6& *%)*6& $+& $,& 4*8*& 8$,& \(+*_& e$,& \6$)& "MN_& 3"$& $+&
$,& 4(+8*& $& 5+4$85"%"4$+%$& 6$& 3*4#)$+8$& "& %)"OI6&
GHORVHQWHVTXHQRVRQpOPLVPR (VWRVDUJXPHQWRV
KHLGHJJHULDQRVPDQLHVWDQODVHxDOGHODGRPLQDFLyQ
8$,&\(+*_&54#$)6*+",<&",&F($&$,&\6$)&"MN_&*&I&+(01$6$&
6*4$%$&8$&4"+$)"&5))$4$85"7,$-&?8*)+*&)$3*+*3$&$+&
$6%"6&%$656&8$&D$58$;;$)&F($&$,&6$)&",&F($&I6%$&6$&)$45J
%$&65+&3*)%"#56"6&+*&$6&*%)"&3*6"&F($&(+&6"7$)&8*45+")-&
?8$496<&65&6$&$+%5$+8$&F($&#")"&D$58$;;$)&$,&$+%$&+*&
%5$+$&$,&4564*&O",*)&*+%*,K;53*&F($&$,&6$)<&$6&#*657,$&
8$35)&F($&+*&M":&+5+;S+&54#$854$+%*&#")"&\#"6")&#*)&
$+354"_&8$,&$+%$<&:"&F($&$6%$&6$&$+3($+%)"&85645+(58*&
HQVXFDOLGDGRQWROyJLFD )DUtDV 
hoi&$+&3("+%*&3*%585"+*&\6$)&(+*&3*+&*%)*_&$6%9&$,&\6$)&"MN_&
7"G*&$,&+(Z"#T"&8$&,*6&*%)*6-&'*&$6&I,&4564*<&,*6&*%)*6&,$&M"+&
"))$7"%"8*&$,&6$)-&>,&")75%)5*&8$&,*6&*%)*6&856#*+$&8$&,"6&3*J
%585"+"6&#*6575,58"8$6&8$,&\6$)&"MN_-&Q96&$6%*6&*%)*6&+*&6*+&
RWURV GHWHUPLQDGRV 3RU OR FRQWUDULR SXHGH UHSUHVHQWDUORV
3(",F(5$)&*%)*-&C*&8$3565O*&$6&6K,*&$,&8*45+5*&8$&,*6&*%)*6<&
F($& +*& $6& \6*)#)$+8$)%$_<& 65+*& F($& $6& 8$68$& (+& #)5+35#5*&
DFHSWDGR +HLGHJJHU 

$GRUQRHQFXHQWUDHQHVWDDUPDFLyQGH+HLGHJJHUHO
4*8*&$+&F($&I6%$&6$&4($6%)"&"&L"O*)&8$&,"&\+$3$6"J
)5"_&6(4565K+&8$&\(+*6_&L)$+%$&"&\*%)*6_<&#($6&"6$;(J
)"& F($& "F($,,*6& \(+*6_& +5& 65F(5$)"& M"+& 8$& *#%")& #*)&
6(76(45)6$&",&")75%)5*&8$&,*6&\*%)*6_<&65+*&F($&M"+&8$&
"6(45),*&"(+F($&6$"&8$&4"+$)"&5+4$85"%"&:&)$;(,")-&
'*&*76%"+%$<&M"7)N"&F($&#)$;(+%")6$<&F(5P9&5+;$+("J
PHQWHVLFXDQGR+HLGHJJHUVHUHHUHDRWURVFRPR
+*& 8$%$)45+"8*6<& +*& $6%")N"& $O58$+35"+8*& $,& \(+*_<&
$+& %"+%*& 54#$)6*+",& :& F($& 6$& O($,O$& #")%$& 8$& ,"& $6J
%)(3%()"&8$,&\6$)&$+&$,&4(+8*_<&65+&F($&54#,5F($&+$3$J
6")5"4$+%$&(+"&6(4565K+&8$,&\6$)&"MN_&*&I&+(01$"+%$&
(+&\(+*_&#$)6*+",&F($&#*8)N"&3")"3%$)5P")6$&3*4*&(+&
#*8$)&")75%)")5*<&%",&3*4*&,*&L($&$,&3"6*&8$,&+"35*+",J
6*35",564*&:&6(6&85)5;$+%$6-&
/D ORVRItD GHO VHU TXH H[SRQH +HLGHJJHU HV XQ
SHQVDPLHQWRDQWLGLDOpFWLFR\DTXHH[LVWHXQDGRPLJ
+"35K+&+*%"7,$-&?,&#)*#*+$)&F($&$,&\6$)&"MN_&+*&%5$J
+$&+"8"&#*)&M"3$)&65+*&$6#$)")&,"&,,"4"8"&8$,&6$)<&,*&
F($&M"3$&$6&3*+%$+$)&$,&4*O545$+%*<&#$)8$)&8$&O56%"&
,"&3*+%)"85335K+&:&8$G")&F($&,"6&3*6"6&#"6$+&6*7)$&$,&
#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

HE

!',&-.$./$0&-%)$//0 %#&0K.%)&"2&/3.%5)!'&(/#)2%*)-'!,"

I&+(01'HHVWHPRGR$GRUQR  VRVWLHQH


TXH8QDORVRItDTXHWDQWRVHODVGDGHVXFDSDFLGDG
8$&$6%")&"&,"&$63(3M"<&6$&O($,O$&6*)8"&"&,"6&#","7)"6<&
45$+%)"6&6(&I+L"656&6(635%"&,"&3")$+35"&8$&F($&$,,"<&%"J
#"8$)"&8$&,"&")75%)")5$8"8<&6$&"G(6%"&"&,"6&#","7)"6_?8*)+*& "3(6"& "& D$58$;;$)& 8$& #*6%(,")<& "& %)"OI6&
8$&,"&G$);"&8$&,"&"(%$+%5358"8&e8$&,"&3(",<&"&G(535*&8$&
$GRUQR+HLGHJJHUHVHOPHMRUH[SRQHQWH XQDQWLJ
M(4"+564*<&*&4$G*)&853M*<&8$&8$6M(4"+5P")&",&M*4J
7)$&3*+O5)%5I+8*,*&$+&(+&$+%$&496&$+%)$&,*6&$+%$6&8*J
PLQDGRVSRUHOXQRLPSHUVRQDO<HVTXHODMHUJD
SURFXUDODSpUGLGDGHODFRQDQ]DHQODGLJQLGDGGHO
6$)& M(4"+*<& #"6"+8*& I6%$& "& 6$)& (+& )$8(3%*<& (+& 39,J
3(,*&L)N*<&(+&654#,$&\6$)&"MN_&"))*G"8*&$+&$,&4(+8*&
$GRUQR    \ VL OD SRVWXUD GH +HLGHJ
JJHUVHDVXPHFRPRXQDORVRItDGHQXHVWURWLHPSR\
QRVHHMHUFHVREUHHOODXQDFWRGHUHH[LyQSHURVREUH
%*8*&8$&3)N%53"<&$+%*+3$6<&\>,&6(L)545$+%*<&$,&4",&:&,"&
4($)%$&M"7)N"&F($<&3*4*&853$&,"&G$);"<&"3$#%"),*6[&+*&
3"475"),*6-& ?,& #S7,53*& 6$& ,*& $+%)$+"& $+& $,& $G$)3535*&
$F(5,57)56%"&8$&"G(6%")6$&"&,"&+(,58"8&3*4*&",&6$)&hoi&
GHSRUDPRUGHODLQQDWDLQVXFLHQFLDKXPDQD&/&=
%&#ODDXWRULGDGFRPRWDO $GRUQR 
]$;S+&?8*)+*<&,"&85",I3%53"&+*&6$&)$8(3$&"&8$63)5J
75)&$,&4*O545$+%*&8$&(+"&8$%$)45+"8"&)$",58"8&6*35",&
65+*&F($&$6&"#)$M$+65K+&8$&%",&4*O545$+%*<&:&"MN&$6&
GRQGHHQFXHQWUDODOLEHUWDG'RQGHHOSHQVDPLHQWR
O"&496&",,9&8$&"F($,,*&"&,*&F($&O5+3(,"<&)$656%5I+8*6$&
DHOORHVWiVXOLEHUWDG $GRUQR /DDSXHVJ
%"&8$&?8*)+*&$6&#$)4"+$3$)&$+&,"&"+%N%$656&F($&G($;"&
$+& ,*& )$",& $+& ,(;")& 8$& $,545+"),"-& C"& 3*+%)"85335K+&
DQWHVTXHH[SUHVDUODLGHQWLFDFLyQWRWDOHVGHFLUOD
VtQWHVLVHVODLPSRVLELOLGDGGHLGHQWLFDFLyQ(QHVWH
VHQWLGR VL VX Q HV UHDOL]DU XQD DFWLYLGDG FUtWLFD \
GHVPLWLFDGRUDHOSHQVDPLHQWRGHEHQHJDUWRGDSRJ
VLELOLGDGGHEHQHJDUVHDVtPLVPR3HQVDUHV\DHQ
6N<&+$;")&&%*8*&3*+%$+58*&#")%53(,")&hoi&$,&3*+3$#%*&
4564*&8$,&#$+6")&$6&:"&+$;"%5O*<&6(7,$O"35K+&3*+%)"&
ODH[LJHQFLDGHSOHJDUVHDHOORTXHWLHQHWRGRORLQPHJ
GLDWR $GRUQR 
/$,10(',$7(=

>,&\6$)&"MN_&3*4*&6$)J$+J$,J4(+8*&#$)357$&:"&5+4$J
85"%"4$+%$&(+&8$%$)45+564*&M56%K)53*-&>6&8$35)<&(+"&
L*)4"&$+&,"&F($&65$+%$&$,&\6$)&"MN_&3*4*&#")%$&8$&",;*-&
]5+&$47");*<&#")"&D$58$;;$)<&$6%$&8$%$)45+564*&6K,*&
6$&8"&$+&$,&+5O$,&8$&,*6&$+%$6<&:"&F($&$+&$,&+5O$,&*+J
%*,K;53*&$,&\6$)&"MN_&+(+3"&$6%9&8$%$)45+"8*<&654#,$J
4$+%$&$6&(+&6$)&\#*657,$_-&
C"&#)$3*4#)$+65K+&8$,&6$)&F($&6$&8"&$+&$,&\(+*_&
$6&"%$*)I%53"<&+*&)$F(5$)$&8$&%$*)N"6&#)$O5"6&+5&8$&#$+J
#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

HG

6"45$+%*&+5&8$&$G$)3535*6&85",I3%53*6<&65+*&F($&$6&5+J
4$85"%"-& >+& $6%$& 6$+%58*<& $,& I&+(01$ $6& )"853",4$+%$&
#)$3*4#)$+65K+&8$,&6$)R&$6&8$35)<&$6%9&5+4$)6*&:"&$+&
HVDFRPSUHQVLyQ'HRWUDIRUPDVLJXLHQGRD+HLGHJ
;;$)<&+*&#*8)N"4*6&4*O$)+*6&$+&$,&4(+8*<&65+*&F($&
65$4#)$&6$&8"&#*)&6(#($6%*&$,&6$)-&>+%*+3$6<&,"&%")$"&
GHODRQWRORJtDVyORVHUtDH[SOLFLWDUORLPSOtFLWRHQODV
8$496&35$+35"6[&M"3$)&F($&$,&6$)&6$&4($6%)$-&
EWK4*& $6& ,"& )$,"35K+& 8$,& \6$)& "MN_& 3*+& ,*6& $+%$6&
F($&$6%9+&\"&,"&4"+*_<&$6&8$35)<&3*+&,*6&*7G$%*6&F($&,$&
M"3$+&L)$+%$&$+&,"&)$",58"8&3*%585"+"<&5+3,(:$+8*&"&,*6&
*%)*6&$+%$6&F($&%5$+$+&,"&4564"&L*)4"&8$,&\6$)&"MN_H&
D$58$;;$)&853$&F($&,"&)$,"35K+&$6&65$4#)$&8$&(%5,58"8-&
>+&*%)"6&#","7)"6<&6"7$4*6&,*&F($&6*+&,"6&3*6"6&#*)J
TXHODVUHIHULPRVDXQSDUDDOJR3RUHMHPSORXQ
\6$)&"MN_&+*&3*4#)$+8$&,*&F($&$6&(+"&4$6"&#*)&6N&456J
4"<&65+*&F($&#($8$&3*4#)$+8$)&,*&F($&$6&6K,*&#*)F($&
+0#,($#")"&",;*-&>,&\6$)&"MN_&%5$+$&(+"&#)$3*4#)$+65K+&
8$&,"&(%5,58"8&8$&,"&4$6"&e8$&,"&4564"&L*)4"&F($&%5$+$&
XQDSUHFRPSUHQVLyQGHOVHU \HQHVDSUHFRPSUHQVLyQ
$6&3("+8*&$,&6$)&F($8"&$+3(75$)%*&$+&%"+%*&F($&6$&,$&
3*+L(+8$&3*+&(+&$+%$-&>4#$)*<&+*&M":&3*+35$+35"&8$&
$6%*<&8"8*&F($&",&\6$)&"MN_&,$&$6&L"45,5")&4*O$)6$&8$&
$6"&4"+$)"-&C"6&3*6"6&+*6&6*+&8"8"6&3*4*&01+%#.>(1=
%"+<&+*&3*4*&*7G$%*6&5+8$#$+85$+%$6&"&+*6*%)*6<&65+*&
F($&65$4#)$&$6%9+&$+&)$,"35K+&3*+&+*6*%)*6-&]5+&$4J
7");*<&$+&,"&3*%585"+58"8&$,&\6$)&"MN_&+*&6$&8"&3($+%"&
8$&$6%*<&65+*&F($&,"&%)"8535K+&+5$;"&$,&4*8*&5+4$85"%*&
8$,&6$)&8$,&\6$)&"MN_<&F($&$6&$,&\6$)&$+&$,&4(+8*_&:&
#)5O5,$;5"& ,"& )$,"35K+& 6(G$%*J*7G$%*<& 65+& #$)45%5),$& ",&
\6$)&"MN_&8")6$&3($+%"&8$&3K4*&6*+&,"6&)$,"35*+$6&8$&
(%5,58"8&$+&$,&4(+8*&$+&F($&I6%$&6$&4($O$-&
?8*)+*&*76$)O"&F($&,*&54#$)"+%$&$+&$6%"&I#*3"&$6&
HOKDFHUXVRGHODVFRVDV\SHUVRQDVFRVLFDQGRDHVJ
%"6&S,%54"6<&8$G"+8*&"&(+&,"8*&,"&3",58"8&M(4"+"<&%"+J
%*&,"&#)*#5"&3*4*&,"&"G$+"<&)$8(35$+8*&%*8*&",&+5O$,&8$&
(%$+65,5*6-&?8*)+*&8$+(+35"&,"6&+($O"6&L*)4"6&$+&F($&
$,&M*47)$&6$&)$,"35*+"&3*+&*%)*6&6$)$6&M(4"+*6<&#($6&
6$a","&F($&6$&,545%"+&"&,"&4$)"&(%5,58"8<&8$6#*G"+8*&
,"&M(4"+58"8&8$&,*6&6$)$6&M(4"+*6-&V"G*&$6%"&L*)4"&
GH UHODFLRQDUVH OR TXH TXHGD HV OD H[SORWDFLyQ GHO
M*47)$&"&4"+*6&8$,&M*47)$&4564*?8*)+*& M"7,"& 8$& (+"& 5+4$85"%$P& 4$85"8"& e(+"&
PHGLDFLyQGLDOpFWLFD TXHFRQVLVWHHQXQSURFHVRGH
856*,(35K+&8$&,*&3*+3)$%*<&:&$+&$6$&6$+%58*&,*&F($&6$&
7(63"&$6&$,&+*&$6%"+3"45$+%*&8$,&#$+6"45$+%*<&65+*&$,&
#)5O5,$;5*&8$&,*&;$+$)",&6*7)$&,*&#")%53(,")<&$+&%"+%*&
TXHJHQHUDXQGHWHQLPLHQWRGHODUHH[LyQYROYLHQGR
"76*,(%*&(+*&8$&,*6&4*4$+%*6&8$&,"&85",I3%53"/DSRVLELOLGDGGHODORVRItDVyORVHHQFXHQWUDHQ
$,&4*O545$+%*&3)N%53*&:&+$;"%5O*<&,"&#*6575,58"8&8$&,*&

(8%"2"&)9:)'2"&#");)*')-&/(0-')')8%02%33%&

O$)8"8$)*&6$&$+3($+%)"&$+&,*&"(6$+%$<&$+&,*&F($&"S+&
+*&$6<&#$)*&F($&#($8$&6$)&4$85"+%$&,"&"3%5O58"8&8$&6(&
QHJDWLYLGDG(VGHFLUODORVRItDQRHVXQDDFWLYLGDG
3*+%$4#,"%5O"<&$6&%)9+65%*<&#)*3$6*&8$&3*+6%)(335K+&8$&
8563()6*6&:<&#*)&,*&%"+%*<&"+%5J8*;49%53"-&>6%"&L*)4"&
GHORVRIDUHVODE~VTXHGDLQDFDEDGDGHODYHUGDGHQ
HVIXHU]R SHUPDQHQWH H LQFRQFOXVR GH OD H[SHULHQFLD
O5%",<&4$85"+%$&$,&)$3()6*&8$&,*6&3*+3$#%*6[&\>,&3*+J
3$#%*&$6&(+&4*4$+%*&3*4*&3(",F(5$)"&*%)*&$+&,"&,K;5J
3"&85",I3%53"[&6(&6$)&4$85"8*&#*)&,*&+*J3*+3$#%(",&6*J
EUHYLYHHQpOJUDFLDVDVXVLJQLFDGRTXHSRUVXSDUWH
IXQGDPHQWDVXVHUFRQFHSWR $GRUQR 
j>T>j>'WB?]

0)!',&-.$./$0&-%)$

$GRUQR7:  I0&*V/%0/&$1(3&%0,&HQ7:


?8*)+*<&PF#&$/">'*(%&$[<&Q"8)58<&?m",-&
%UXJJHU:  I0//0"1&#0"$-($\0*"+":T&<&V")3$J
,*+"<&D$)8$))DUtDV9  M(0-(33(#$2$(*$1&;0+>"<&V")3$,*+"<&
Q(3M+53m&>85%*)$6+HJHO*:)  <0(1/0&$-($*&$*H30/&<&V($+*6&
?5)$6<&]*,")-&
+HLGHJJHU0  L*$+(#$2$(*$%0(>'"0p[LFR)&(
+HLGHJJHU 0   !#"F*(>&+$ :.1-&>(1%&*(+$ -($
*&$:(1">(1"*"3T&<&Q"8)58<&!)*%%"+HLGHJJHU0  6REUHHOKXPDQLVPRHQ0
+HLGHJJHU\-36DUWUHLW0+%(1/0&*0+>"$2$9.>&=
10+>"<&V($+*6&?5)$6<&>85%*)5",&]()-

$GRUQR 7 :   <"1+031&+<& V($+*6& ?5)$6<&


?4*))*)%(-

#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

HH

DEBATES

+!&$26'"($&.+.-2)!"(;)!:5(#2&2#'),%.$2(:(2<2-6'-'=

'

*&$6&(+"&+*O$8"8&8$35)&F($&$,&3)54$+&$6&6K,*&
.1$ &+'(/%"$ D WUDYpV GHO FXDO VH H[WHULRUL]DQ
DFFLRQHVGHYLROHQFLD\SRUHOORH[LVWHQDFJ
%*6& 3)545+",$6& :& *%)*6& F($& 654#,$4$+%$& +*& ,*& 6*+-&
'HOPLVPRPRGRSRGUtDPRVVXJHULUTXHHOFULPHQHV
/.&*E.0(#$#($6%"&$+&"3%*<&5+85O58(",&*&3*,$3%5O"<&F($&
F(5$7)"&$,&*)8$+&%$))5%*)5",&"6$;()"8*&#*)&$,&8$)$3M*&
:&,"&,$:<&3*+&,*&3(",&$,&"3%*&3)545+",&&'&#(/($3*4*&(+&
SXURUHHMRGHXQDIRUPDHVSHFtFDGHOOHQJXDMHHV
GHFLUDTXHOODTXHSURYRFD\KDFLDHOODQRVHPSXMDQ
FDVLWRGRHOWLHPSRODSHUFHSFLyQ\SURGXFFLyQGHO
3)54$+&#*)&#")%$&8$&,"6&5+6%5%(35*+$6&#S7,53*J#*,N%53"6&
"&#")%5)&8$&,"6&GHQLFLRQHVTXHODOH\OHVFRQHUH\FRQ
ODVFXDOHVVXVJHQGDUPHVOWUDQLQWHUSUHWDQ\DOWHUDQ
SDUDDEDQGRQDUORHQORTXH+HQQHU+HVVGHQHFRPR
\)(#%()"& 8$,& 8$)$3M*_-& >+%*+3$6<& L)$+%$& "& ,"& )(#%()"&
GHOGHUHFKRDRUDHOSURFHVRLQVWLWXFLRQDOTXHMX]JD
",&3"(6"+%$&8$&,"&/#0+0+$8$68$&$,&,(;")&F($&,$&"65;+"&
$,&,$+;("G$&#*,N%53*<&",&O*,O$),*&6(G$%*&#(+57,$&:&&.=
%"#$8$&,"&,$+;("&8$&,"&O5*,$+35"-&]5+&$47");*<&$,&"3%*&
8$&G(P;")&+*&",3"+P"&#")"&+*47)")&$,&$L$3%*&8$&%*8*&
FULPHQ 'HVGH HVWD SHUVSHFWLYD DSDUHFH GHO VXMHWR
3)545+",&#$)*&8$6"#")$3$&$,&"3%*&3)545+",-&>+%*+3$6<&
$,&3)54$+&$+3($+%)"&6(6&,N45%$6&:&6(&)$6*,(35K+&$+&(+&
&/%013R&#*)&$,,*<&3*4S+4$+%$&M"7,"4*6&8$&(+/(1&$8$,&
FULPHQ(QVXPDQRH[LVWHFULPHQTXHSXHGDHVFDSDU

"&,"&)$#)$6$+%"35K+&8$,&,$+;("G$-&
C($;*&$+%*+3$6<&E3(9+8*&:&8K+8$&"#")$3$&$,&"3%*&
FULPLQDOVLQGHQLFLyQVLQOHQJXDSURSLDVLQDXWRU"
?#")$3$& 3("+8*& $,& 3)54$+& 6$& O($,O$& /"1+%&1%($ VXJ
JLHUHHOVRFLyORJR/XFLDQR*DOOLQRDWUDYpVGHODYLRJ
,$+35"&F($&54#*+$&",&";)$85)&:&%)"+6;)$85)&,"6&+*)4"6&
VRFLDOHV\PRUDOHVSDUDHOPDQWHQLPLHQWRGHODH[DJHJ
)"35K+& L(+35*+",& 8$& ,"6& $6%)(3%()"6& 8$& ,"& O58"& 6*35",<&
"6N&3*4*&$+&,"&O5*,"35K+&8$&,"6&O")5"+%$6&"L$3%5O"6&:&
3(,%()",$6&8$,&*)8$+R&#*)&$G$4#,*<&$+&,"&L*)4"&8$&,"&L"J
EULFDFLyQGHODJXUDGHODYtFWLPDHQGRVGHVXVPiV
FODUDVH[SHULHQFLDVHOTXHPXHUHSRUTXHHVDVHVLQDGR
:& $,& F($& 6(L)$& #*)& ,"& 4($)%$& 8$& "F($,& "6$65+"8*-& >6&
8$35)<&$,&"3%*&3)545+",&65+&,$+;("&#)*#5"&"#")$3$&$+&,*6&
9+;(,*6&F($&"#$+"6&8$G"+&O$)&$6%*6&8*6&#)*3$6*6&F($&
8$6#(I6&#($8$+&3*+$3%")6$<&"(+F($&+*&65$4#)$&$6&"6N<&
FRQODIRUPDGHHQXQFLDFLyQGHODVGHQLFLRQHVGHOD
,$:&:&6(6&(6*6<&:&#")%53(,")4$+%$&$+&$,&4$+*6&#)$356*&
8$&6(6&9+;(,*6[&,"6&L*)4"6&&/.+&%"#0&+$F($&,$&6(3$8$+&
",&"3%*&3)545+",&:&F($&6*+<&$+&)$",58"8<&,*6&4*8*6&8$&
QRPEUDUODRIHQVDVXLQWHQVLGDG GRORU DSDUWLUGHVX
VLQJXODULGDG QR KD\ GRORU FRPSDUWLGR ODV IRUPDV
8$&)$"335*+")&"&$6$&8*,*)&:&"&$6"&*L$+6"<&#$)*&6*7)$&
%*8*&6(6&#*6575,58"8$6&8$&35)3(,"35K+<&F($&$6&$,&856#*J
65%5O*&8*+8$&$,&3)54$+&5+6%5%(:$&6(&>(#/&-"4

)2(3.')!-$.2(6!()2()!%&2(:(#'"%>)!%&29

Reflexiones"'<&!(

2)/*-'"(2"#!$%'"(6!()2(<.'#'),%.$2

8",#"(9-&8-&:%,;-..-9&<,="6"(*
]^_$2$(1$(+%&$'(#+'(/%0,&$-(F(#T&$+(#$01-&3&-&$*&$3(1(&*"3T&$-($
*&$/V*(F#($0>&3(1$-($*&$`>&1"$01,0+0F*($ $JDPEHQ 

'

$&"3($)8*&3*+&Q53M$,&Q"LL$6*,5<&,*&$4$);$+J
%$& 3*+6%5%(%5O*& 8$& ,"6& 85+9453"6& 8$& +($6%)"6&
6*35$8"8$6& "3%(",$6& +*& 6$& #($8$& "#)$M$+8$)&
\PHQRVHQWHQGHUVLQHVWDEOHFHUSULPHURFRQH[LRQHV
HVSHFtFDV FRQ HVWUDWRV YLYHQFLDOHV R HPRFLRQDOHV
"+%$)5*)$6&"&+($6%)*&4*4$+%*&M56%K)53*<&#")"&$,,*&)$J
6(,%"& +$3$6")5*& )"6%)$")& $+& "F($,,*& F($& 6$& 8$+*45+"&
\#)$J4*8$)+58"8_-& >6& 8$35)<& #*)& 496& +*O$8*6*6& *&
6*)#)$+8$+%$6&F($&#($8"+&#")$3$)&35$)%*6&L$+K4$+*6&
RVXFHVRVORPiVSUREDEOHHVTXHSDUWHGHVXH[SOLJ
3"35K+&6$&%$+;"&F($&3*+6%)(5)&$3M"+8*&(+"&45)"8"&"&
,*6&")3M5O*6&8$&,*&6*35",-&!*4"+8*&$+&3($+%"&F($&$,&
O56%"P*&"&"F($,,*&F($&6$&65;+"&3*4*&\*)5;$+&8$_&#$)J
PLWHQRVRODPHQWHUHH[LRQDUVREUHORFRQVWLWXWLYRGH
(+& #*657,$& &#/9($ 65+*& %"475I+& 35$)%*& %5#*& 8$& $+%$+J
8545$+%*&6*7)$&,"6&6*,(35*+$6&"+%$)5*)$6&8"8"6&"&(+"&
SUREOHPiWLFD VRFLDO HVSHFtFD \ VX DGPLQLVWUDFLyQ
F($<& "& 6(& O$P& #$)45%$& )$$+L*3")& $,& "+9,5656& :& $+%$+J
8545$+%*&8$&,*&"3%(",&*&8$&,*&$4$);$+%$&$+&,*&"3%(",-&
W"7$& 6(7)":")& F($& $6%$& $+L*F($& 4$%*8*,K;53*&
%5$+$&$+%)$&*%)"6&3*+6$3($+35"6&,"&$,545+"35K+&8$&,"6&
FODVLFDFLRQHV \ VHSDUDFLRQHV TXH KDQ DFRPSDxDGR
,"& 3*+6%5%(35K+& :& #*6535*+"45$+%*& 8$& ,"& #,"%"L*)4"&
$#56%$4*,K;53"& 8$& ,"& 4*8$)+58"8<& 6$#")"+8*& +*& 6*J
,"4$+%$&,*6&*7G$%*6&8$&$6%(85*&3*4*&%",&65+*&%"475I+&
,*6&8563()6*6&;$+$)"8*6&*&#*)&;$+$)")&6*7)$&$6%*6&*7J
G$%*6&:&8$496&#)93%53"6&M(4"+"6<&8$&%",&4"+$)"&F($&
#")$35$)"&F($&$,&3"4#*&8$,&6"7$)&:&$,&$+%$+8$)&6$&M(J
75$)"&3*+6%5%(58*&3*+&(+&65+LN+&8$&L)*+%$)"6&5+%$)+"6&
85LN35,4$+%$&L)"+F($"7,$6&:&6$&$6%(O5$)"&,,$+"+8*&8$&
8QLYHUVLGDGGH/DV$PpULFDV&KROXOD3XHEOD

3"8"& O$P& 496& ,$%)$)*6& %5#*[& "F(N& ")%$<& "F(N& )$,5;5K+<&


"F(N&#*,N%53"<&"F(N&$3*+*4N"<&"F(N&,5+;lN6%53"-&
'HHVWHPRGRHQODSUHVHQWHUHH[LyQVHDQDOL]DJ
)9& 5+L*)4"35K+& #)*3$8$+%$& 8$& 856%5+%"6& L($+%$6& #")"&
#$+6")&$,&3*+3$#%*&8$&75*#*,N%53"<&$+%$+85$+8*&F($&65&
75$+&$6%$&$6&(+&3*+3$#%*&8$&3)$"35K+&)$,"%5O"4$+%$&)$J
35$+%$&F($<&65+&$47");*&#$)45%$&)$$+L*3")&:&";)(#")&
%*8"&(+"&6$)5$&8$&L$+K4$+*6&F($<&8$758*&"&,"6&L)*+%$J
)"6&6$a","8"6&$63"#"7"+&8$&35$)%"&4"+$)"&"&6(&#)*#5"&
YLVLELOLGDG\UHH[LyQ'LFKRDODPDQHUDGH0LFKHO
T*(3"(,%[&$,&3*+3$#%*&8$&75*#*,N%53"&#$)45%$&6$a",")&:&
)"6%)$")&(+&35$)%*&0>'(1+V&8$&,*&6*35",(QHOPDUFRGHHVWDUHH[LyQH[LVWHQFLHUWDVSUiFJ
%53"6& 8$,& ;*75$)+*& 8$& ,*6& M*47)$6& F($& O"+& "& )$F($J
)5)& +($6%)"& "%$+35K+<& 6(& $+%$+8545$+%*& )$F(5$)$& "& (+&
4564*& %5$4#*& $,& $+%$+8545$+%*& 8$& (+& 496& ",,9& 8$&
$6%"6&#)93%53"6<&8*+8$&6$&5+63)57$+&:&"&#")%5)&8$&F($&
VH JHQHUDQ 3RU HVWD UD]yQ HO FDPLQR D VHJXLU VHxDJ
,")9&$+&#)54$)&,(;")<&,*6&#)5+35#",$6&#(+%*6&8$&,"6&5+J
O$6%5;"35*+$6&8$6"))*,,"8"6&#*)&j$+I&U5)")8&F($&M"+&
)$#*6535*+"8*&,"&"845+56%)"35K+&8$&,*&6*35",&"&#")%5)&
8$&,"&"845+56%)"35K+&6";)"8"&8$&,"&O5*,$+35"&*)5;5+",&
8$)5O"8"&(+"&:&*%)"&O$P&8$&,"6&)5O",58"8$6&454I%53"6&
:&8$&,"6&3)5656&454I%53"6<&3")"3%$)N6%53"6&54#)$635+85J
EOHVGHOHPSOD]DPLHQWRH[LVWHQFLDOGHOVHUKXPDQRHQ
$6%$&4(+8*&8$&,*6&M*47)$6-&
>+&(+&6$;(+8*&4*4$+%*&4$&$+L*3")I&$+&",;(+"6&
3")"3%$)N6%53"6& 8$& ,"& 6*35$8"8& )$6%5%(58"& ",& *0F#($ .+"$
-($*"+$9">F#(+<&$+&#")%53(,")&35$)%"6&54#,53"35*+$6&8$&
ORTXH-DFTXHV'HUULGDKDVHxDODGRFRPRODSUREOHJ
49%53"&8$,&*"3"/(1%#0+>"[&,"&4"+$)"&$+&F($&,"&$63)5J
#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

HI

.-0$)-!//0 *'.&'#-%)*%)=".8%**%-)3.;'!'#

%()"&M"&,,$O"8*&"&,"&G$)")F(5P"35K+&8$&,"6&6*35$8"8$6&
:&M"&8$%$)45+"8*&35$)%*&M*)5P*+%$&8$&,"&O5*,$+35"&5+J
%$)6(7G$%5O"&O5;$+%$-&>6%"6&58$"6&6$&)$,"35*+")9+&3*+&
",;(+"6&3*+658$)"35*+$6&8$&W,"(8$&CIO5J]%)"(66&8$J
6"))*,,"8"6&"&#")%5)&8$&6(&$6%"+35"&$+&,"&#)54$)"&45%"8&
8$,&65;,*&11&$+&4$85*&8$&/.*%.#&+$:#T&+$8$&,"&3($+3"&
DPD]yQLFDGHO%UDVLO\HQSDUWLFXODUFRQVXUHH[LyQ
6*7)$& ,"6& 54#,53"35*+$6& :& #$)%()7"35*+$6& ;$+$)"8"6&
#*)&$,&#"6*&"&,"&,$%)"&$+&,"&*);"+5P"35K+&#*,N%53"&M(J
PDQD(O~OWLPRSXQWRGHODUHH[LyQWRPDHQFXHQWD
,"&#)*;)$65O"&$&M56%K)53"&54#*)%"+35"&3*7)"8"&#*)&,"&
O58"&$+&,"&S,%54"&$%"#"&8$&8$6"))*,,*&8$&,"6&3*4(+5J
8"8$6&M(4"+"6<&6(&5+6%)(4$+%"35K+&:&"845+56%)"35K+&
:&,"&4"+$)"&$+&F($&,*6&"#")"%*6&8$&#*8$)&6$&M"+&58*&
5+%$)$6"+8*&$+&$,,"&M"6%"&$4#(G")&,"&#*,N%53"&M"35"&6(&
)$%$))5%*)5",5P"35K+&#*)&4$85*&8$&,"&75*#*,N%53"'(/$6&26$62&8/7$6'(6'(
/$)81'$&,1'(/081'2.
Y($ 1(/(+0%&$ +0(>'#($ -(+"F(-(/(#$ &$ *"+$ ,0"*(1%"+)$ 1"$ +"*&=
>(1%($ '"#E.($ 1"+$ (>'.N&1$ &*$ >&*$ +01"$ '"#E.($ +"*&>(1%($
1.(+%#&$-(+"F(-0(1/0&$'.(-($/"#%&#$&E.(**&$(>'#(+&$/"*(/=
%0,&$E.($(+$+0(>'#($*&$'("#$,0"*(1/0&)$*&$E.($+($(W'&1-($-($
>&1(#&$/"1%&30"+&$ *LUDUG 

>+%)$&,"6&#)$;(+%"6&496&3*4S+4$+%$&L*)4(,"8"6&$+&
QXHVWURVGtDVH[LVWHXQDTXHVREUHVDOHSRUTXpWDQJ
%"&O5*,$+35"&$+%)$&+*6*%)*6<&#*)&F(I&%"+%"&O5*,$+35"&"&
QXHVWUR DOUHGHGRU" 3UHJXQWD D OD TXH VXHOH UHVSRQJ
8$)6$&8$&,"&4"+$)"&496&5+"#)*#5"8"&:&8$3$#35*+"+J
WHVHJ~QORDUPD5HQp*LUDUGDOUHSHWLUXQD\RWUD
O$P& ,*6& 4564*6& ");(4$+%*6& $6%)(3%()"8*6& 3*+& 7"6$&
HQGRVSRVLFLRQDPLHQWRVHOSULPHURSROtWLFR\ORJ
VyFRFRQVLGHUDTXHHOKRPEUHHVEXHQRSRUHQGH
%*8*&,*&F($&O5$+$&$+&,*6&M$3M*6&"&3*+%)"8$35)&$,&#*6J
%(,"8*&6$&$+3($+%)"&85)$3%"4$+%$&)$,"35*+"8*&3*+&,"6&
54#$)L$335*+$6&8$&,"&6*35$8"8<&,"&54#$)L$335K+&8$&6(6&
4$3"+564*6& 8$& "845+56%)"35K+& :& ;*75$)+*& F($& 6*+&
7($+*6& #$)*& F($& L",,"+& #*)& ",;S+& 8$%",,$& +*& #)$O56J
%*R&*&75$+&#*)&3(,#"&8$&,"&*#)$65K+&$G$)358"&6*7)$&,"6&
3,"6$6&#*#(,")$6&#*)&,"6&3,"6$6&85)5;$+%$6-&>,&6$;(+8*&
"3$)3"45$+%*&$6&75*,K;53*[&$+&4$85*&8$&,"&O58"&"+5J
PDOQDWXUDOPHQWHWUDQTXLOD\SDFtFDVyORODHVSHFLH
M(4"+"&$6&3"#"P&8$&$G$)3$)&O5*,$+35"R&8$&"MN&F($&,"6&
LQYHVWLJDFLRQHV FLHQWtFDV VH HQFDPLQHQ D OD GHWHFJ
35K+&8$&,*6&;$+$6&8$&,"&";)$65O58"8-&
>6%*6& 8*6& "3$)3"45$+%*6& )$6(,%"+& %"+& $6%I)5,$6&
3*4*&8$3$#35*+"+%$6[&+*&#$)45%$+&#$+6")&"8$3("8"J
4$+%$&$,&#)*7,$4"&#,"+%$"8*&:&%"4#*3*&#$)45%$+&)$J
.

&A%5,5P*&5+%$+35*+",4$+%$&$,&%N%(,*&8$&(+"&*7)"&j$+I&U5)")8-&

#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

HJ

VROYHUOR'HDKtTXHSDUD*LUDUGVHUHTXLHUDSHQVDUXQ
%$)3$)& $+L*F($& F($& )$6(,%"& %"+& "+%5;(*& 3*4*& "3%(",<&
\DTXHYLHQHFRQVLJQDGRHQORVWH[WRVDQWLJXRVGHOD
WUDGLFLyQ GHO SHQVDPLHQWR RFFLGHQWDO HQ SDUWLFXODU
HQORVGLVFXUVRVFODVLFDGRVFRPRUHOLJLRVRVTXHD
6(& O$P& 3*7)"+& O5;$+35"& $+& $,& 4*4$+%*& $+& F($& (+*&
6$&$+3($+%)"&"+%$&,"&$6%$)5,58"8&8$&,*6&8*6&#(+%*6&8$&
YLVWDPHQFLRQDGRV *LUDUG 6LQHPEDUJR
$6%$&%$)3$)&$+L*F($&%5$+$&"S+&8*6&*76%93(,*6&#")"&6(&
"3$#%"35K+&:&85L(65K+[&$,&#)54$)*&:&496&)$35$+%$<&$6&
$,&)*4"+%53564*&:&6(&$+L*F($&8*45+"+%$4$+%$&5+85J
O58(",56%"& 8$,& 6$)& M(4"+*& F($& 3"(6"& $6%)";*6& $+& ,"&
UHH[LyQVRFLROyJLFDRORVyFD(OVHJXQGRPXFKR
496&"+%5;(*&#$)*&F($&65;($&"3%5O*&$+&+($6%)*&54";5J
+")5*&F($&3*,*3"&#)$L$)$+%$4$+%$&"&,"&3(,%()"&;)5$;"&
3*4*& #(+%*& 8$& *)5;$+& 8$,& #$+6"45$+%*& :& ,"& 3(,%()"&
*3358$+%",&$6&,"&O565K+&#,"%K+53"&F($&)$,"35*+"&,"&545J
%"35K+&:&,*6&#)*3$6*6&545%"%5O*6&3*+&",;*&+$;"%5O*&:&
M"6%"&#$,5;)*6*<&#*)F($&6$&",$G"&8$&,*&*)5;5+",&:&8$&,"&
YHUGDG1RROYLGHPRVTXH3ODWyQFRQVLGHUDYiOLGDOD
URWXQGDH[FOXVLyQGHORVOtPLWHVGHODFLXGDGDFXDOJ
F(5$)&%5#*&8$&545%"8*)$6&6$"+&#*$%"6<&#5+%*)$6-&
>+& 3*+%)"#")%$<& $,& $+L*F($& 8$& j$+I& U5)")8& 6$&
+(%)$& 85)$3%"4$+%$& 8$& ,*& )$,"%"8*& :& *#*+$& "& ,"6& +$J
3$658"8$6& 8$%$)45+"8"6& #*)& ,"& 75*,*;N"<& $,& 8$6$*& :&
,"& #"65K+[& %*8*& ,*& F($& ,"& M(4"+58"8& 8*%"& 8$& 35$)%*&
#)$6%5;5*<&6$&%)"+6L*)4"&$+&4*8$,*&:<&#*)&$+8$<&8$6J
$+3"8$+"&$,&8$6$*R&#$)*&$,&8$6$*<&,$G*6&8$&6$)&%*%",&:&
;$+(5+"4$+%$&+($6%)*<&$6&;$+$)"8*&#*)&$,&*%)*&#*)F($&
$6&",;*&$45+$+%$4$+%$&6*35",<&",;*&"&,"&O$P&8$%$)45J
+"8*&#*)&:&3*+6%5%(%5O*&8$,&%$G58*&6*35",<&8$&3(",F(5$)&
%5#*&8$&85+9453"&5+%$)M(4"+"&65+&54#*)%")&$,&,(;")&+5&
$,&4*4$+%*-&C"&#"65K+&*&$,&8$6$*&8$,&6$)&M(4"+*&6$&
"3%5O"+&"&#")%5)&8$&$6%$&#)$356*&4*4$+%*&3("+8*&6(6&
DVSLUDFLRQHVVHMDQVREUHXQPRGHORTXHOHVXJLHUH
,*&F($&6$&8$7$&8$6$")&:&F($&$+&,"&4":*)&#")%$&8$&,*6&
3"6*6&%$)45+"&8$6$"+8*&%"475I+-&>6*&$6&8$&,*&F($&6$&
+(%)$+&#)$356"4$+%$&,*6&")3M5O*6&8$,&#$+6"45$+%*&*3J
358$+%",&:&8$68$&6(6&496&,$G"+*6&*)N;$+$6<&,"&,5%$)"%()"&
*3358$+%",&$+&#")%53(,")&M"&3*+3$758*&(+"&:&*%)"&O$P&
,"& %)"4"& 8$& 6(6& )$6#$3%5O"6& %)";$85"6& :& +*O$,"6& 3*+&
");(4$+%*6&$6%)(3%()"8*6&"&#")%5)&8$&,*&F($&,"&85+9J
PLFDHVSHFtFDGHO-(+("$>0>V%0/"&*&8$&,"&0>0%&/0H1$
-(+(&1%($;$+$)"+&$+&,"6&)$,"35*+$6&5+%$)M(4"+"6<&(+"&
%)"4"& $O$+%(",4$+%$& 3*4#")%58"& 3*+& ",;(+*6& 45%*6&
IXQGDFLRQDOHV *LUDUG\ 
(VWH PLVPR DUJXPHQWR IXQFLRQD SDUD H[SOLFDU HO
*85*&8$&35$)%*6&#"N6$6&*&#*,*6&3(,%()",$6&M"35"&@335J
8$+%$&:&%*8*&,*&F($&)$#)$6$+%"&*&,$&$6&"6*35"8*R&853M*&
$+& *%)*6& %I)45+*6& +*& $6& #*)F($& @3358$+%$& $+3")+"&
35$)%*&%5#*&8$&\#)*;)$6*_&",&F($&853M*6&#"N6$6&*&#*J

*')10"*%#-0')2%)*')*%(&');),"$(<*%(&'

,*6& 3(,%()",$6& 6$& $6%(O5$)"+& +$;"+8*& *& 3*+658$)"6$+&


%*%",4$+%$& 5+"#)*#5"8*& $+& 6(& 3"6*<& 65+*& #*)F($& @3J
358$+%$& ;$+$)"& 4*8$,*6& 8$& 3*4#$%$+35"& :& )5O",58"8&
"&,*6&3(",$6&6$&O5$+$+&$+L)$+%"+8*&8$&(+"&4"+$)"&*&
GHRWUDFRQVFLHQWHRPiVELHQLQFRQVFLHQWHPHQWH'H
DKtTXHGHPDQHUDJHQHUDOVHSXHGHOOHJDUDDUPDU
TXHHOYHUGDGHURVHFUHWRGHOFRQLFWR\ODYLROHQFLD
6$"&,"&545%"35K+&8$6$"+%$<&$6&$,&8$6$*&454I%53*&:&,"6&
L$)*3$6&)5O",58"8$6&F($&;$+$)"&"&6(&#"6*&)$#$%5%5O"&$&
LPSODFDEOHPHQWHLQGHSHQGLHQWHPHQWHGHORHVSHFtJ
3*&8$,&4*4$+%*&M56%K)53*&*&8$,&$4#,"P"45$+%*&;$*J
JUiFRGHORVDFWRUHVGHHVWHFRQLFWR *LUDUG
 5HQp*LUDUGFRQFOX\HDOUHVSHFWR HVXQDWHRJ
)N"&3*4#,$%"&8$&,"&3(,%()"&M(4"+"&F($&6$&O"&"&857(G")&
DSDUWLUGHHVWHVROR\~QLFRSULQFLSLR *LUDUG
  HVWHVHFUHWRGHOKRPEUHVRODPHQWHORUHOLJLRJ
VRORSXHGHGDUDFRQRFHU *LUDUG HQODV
S,%54"6&8I3"8"6&#*)&3($6%5*+$6&8$&4*8"6&%$K)53"6&6$&
KDLGRH[FOX\HQGRORUHOLJLRVRGHOFDPSRGHUHH[LyQ
8$& ,"& "+%)*#*,*;N"& #*)& 3*+658$)"),*& #*3*& #$)%5+$+%$&
SDUD JHQHUDU HQWHQGLPLHQWR R H[SOLFDFLRQHV GH ODV
3*+8(3%"6&M(4"+"6&:&8$&6(6&)$6#$3%5O*6&656%$4"6&8$&
FRGLFDFLRQHVVRFLRFXOWXUDOHVTXL]iSDUWHGHHOORVHD
#*)&+*&3*+%")&3*+&(+"&%$)45+*,*;N"&3*M$)$+%$&$+&4"J
WHULDUHOLJLRVD *LUDUG 
T)$+%$& "& %",& 85";+K6%53*& EF(I& 6*,(35K+& %$+$4*6H&
$QWURSyORJRV KLVWRULDGRUHV \ OyVRIRV GH ODV UHOLJ
;5*+$6<&F($&M"+&%)"7"G"8*&:&"+",5P"8*&,*6&3*4#*)%"J
45$+%*6&M(4"+*6&8$&;)(#*6&*&3*4(+58"8$6&+*&3)56J
%5"+5P"8*6&M"+&8$%$3%"8*&F($<&$+&6(&4":*)N"<&6($,$+&
)$3())5)&8$&",;(+"&4"+$)"&"&,"&8$63");"&6547K,53"&8$&
,"&O5*,$+35"&454I%53"&L)$+"8"&:&8$%$+58"&"&%5$4#*&#*)&
OD QRUPDWLYLGDG VRFLDO 3ULQFLSDOPHQWH D WUDYpV GHO
ULWR GHO FKLYR H[SLDWRULR R GHO VDFULFLR GRV DFRQJ
%$3545$+%*6& #$)L$3%"4$+%$& #)*;)"4"8*6<& ,,$O"8*6&
"& 3"7*& 3*+& #$)5*85358"8& $+& 8$%$)45+"8*6& ,(;")$6& :&
#*)&8$%$)45+"8"6&#$)6*+"6&#")"&3"+",5P")&,"&"3(4(,"J
35K+&8$&$+$);N"&+$;"%5O"&:&)$6*,O$)&,"&3)5656&454I%53"&
,"%$+%$&8$&,"&3*4(+58"8&M(4"+"&5+O*,(3)"8"-&'*&$6&
F($&+($6%)*6&"+3$6%)*6&M":"+&658*&496&6"+;(5+")5*6&
F($&+*6*%)*6&65+*&F($&,"&8$63");"&8$&O5*,$+35"&6$&)$"J
,5P"7"&$+%)$&$,,*6&3*+&#)$3565K+&3",$+89)53"&:&"8$496&
8$&4"+$)"&#S7,53"&#")"&#$)45%5)&F($&%*8*6&"656%5$)"+&$&
5+%$)O5+5$)"+&$+&$,&"3%*&)5%(",&:<&#*)&$+8$<&6$+%5)6$&3*J
#")%535#$6-&]5&75$+&$,&3)56%5"+564*&6$&54#*+$&$+&6(&4*J
4$+%*&3*4*&.1&$3#&1$#(,"*./0H1$/.*%.#&*$",&#)*M575)&
FXDOTXLHUIRUPDGHVDFULFLRHQWLHUUDVFRQTXLVWDGDV
]5+&$47");*<&$3*6&,$G"+*6&8$&"+%5;("6&#)93%53"6&6"3)5J
FLDOHVS~EOLFDVVHYDQDPDQWHQHUSRUVLJORVFRPR
,*6&"(%*&8$&L$&3$,$7)"8*6&#*)&,"&]"+%"&B+F(56535K+<&"3J
%*6&F($&6*,N"+&3*+;)$;")&"&+(4$)*6*6&$6#$3%"8*)$6&:&

0).-0$)-!

+*&6*,"4$+%$&"&,"6&"(%*)58"8$6&$3,$6596%53"6&54#,53"J
8"6-&]5&75$+&853M*6&"3%*6&\#$)45%N"h+i&"&,"6&85L$)$+%$6&
3*,$3%5O58"8$6&4*6%)")6$&8$&4"+$)"&*)8$+"8"&:&G$)9)J
TXLFD 3RUW~V SHUPLWtDQDODYH]DFWLYDU
$,& #)*3$6*& 8$& %#&1+:(#$ 6547K,53*& 8$& O5*,$+35"& 3*4*&
ORVROtDQDFWLYDUORVDQWLJXRVULWRVVDFULFLDOHV(QODV
FROHFFLRQHVGHO0XVHRGHO3UDGRHQ0DGULG (VSDxD 
,"& #)$6$+35"& 8$& #5+%()"6& 8$& "(%*& 8$& L$& )$L($)P"& $6%"&
LGHD 3RU TXp PDQGDU D SLQWDU HVWH WLSR GH VXFHVR
65+*&$6&#")"&)$3*)8"),*&(+"&:&*%)"&O$P&:&)$"3%5O")&"6N&
(+"&:&*%)"&O$P&#*)&4$85*&8$&$6%"&54";$+&$,&#)*3$6*&
8$& %#&1+:(#$ 6547K,53*& 8$& O5*,$+35"& "MN& 3*+65;+"8*H&
(OPLODJURGHOVDFULFLRHVODIRUPLGDEOHHFRQRPtD
GH YLROHQFLD TXH UHDOL]D 3RODUL]D HQ FRQWUD GH XQD
6*,"&ON3%54"&%*8"&,"&O5*,$+35"&F($<&(+&5+6%"+%$&"+%$6<&
"4$+"P"7"&"&,"&3*4(+58"8&$+%$)"-&?F($,,"&,57$)"35K+&
#")$3$&"(+&496&45,";)*6"&#*)F($&6(3$8$&65$4#)$&5+&
H[WUHPLV HQ HO LQVWDQWH FXDQGR WRGR SDUHFtD KDEHU
IUDFDVDGR *LUDUG 'HDKtTXH5HQp*LUDUG
QRGXGHHQFDOLFDUDOVDFULFLRULWXDO\GHPDQHUD
;$+$)",<&"&3(",F(5$)&L*)4"&8$&)$#)$65K+&8$&,"&454$656&
8$&"#)*#5"35K+&$+&%I)45+*6&8$&'#0>(#&$010/0&%0,&$/.*=
%.#&*$-($*&$9.>&10-&-$ *LUDUG 
]5& #*)& (+"& #")%$& ,*6& )5%*6& 3*+656%$+<& 8$& 4"+$)"&
#")"8KG53"<& $+& %)"+6L*)4")& $+& "3%*& 8$& 3*,"7*)"35K+&
VRFLDO OD GHVDJUHJDFLyQ FRQLFWXDO TXH DPHQD]D
3*+6%"+%$4$+%$&"&,"&3*4(+58"8&"&)"NP&8$&,"&)$#$%5%5J
YLGDGGHFULVLVPLPpWLFDVH[DFHUEDGDVSRURWUDSDUJ
WHODVSURKLELFLRQHVTXHDPHQXGRSDUHFHQUD\DUHQ
OR DEVXUGR HQ FLHUWRV WLSRV GH GLVFXUVRV UHOLJLRVRV
#)$%$+8$+& #)$O$+5)& #*657,$6& )5O",58"8$6& 454I%53"6&
HQWUH ORV PLHPEURV GH OD FRPXQLGDG $Vt OR DUPD
j$+I& U5)")8[& \C"6& #)*M57535*+$6& %5$+$+& 3*4*& *7G$J
%5O*& "#")%")& %*8*& ,*& F($& "4$+"P"& "& ,"& 3*4(+58"8-_&
*LUDUG 'LFKRHQRWURVWpUPLQRVGHVGHVX
496& )$4*%*& *)5;$+<& ,*6& 656%$4"6& )$,5;5*6*6& M"+& 658*&
496& F($& 654#,$6& 8563()6*6& 4$)"4$+%$& #)$*3(#"8*6&
#*)&,"&*);"+5P"35K+&:&,"&5+%$)#)$%"35K+&8$&,*&6";)"8*R&
6$&M"+&L(+8"4$+%"8*&6*7)$&,"&4$%53(,*6"&*76$)O"35K+&
GHODVFRQGXFWDVKXPDQDV\HQHVSHFtFRVREUHODV
3*+8(3%"6&F($&,,$O"+&"&,*6&M*47)$6&$+&$,&3"45+*&8$&,"&
O5*,$+35"-&\C*&)$,5;5*6*&O5*,$+%*&+*&M(75$)"&3*+6$)O"J
8*&M"6%"&$6%*6&S,%54*6&"a*6&,"&8*45+"35K+&#)*85;5*6"&
F($& ,*;)*& $G$)3$)& 6*7)$& ,"& M(4"+58"8& 65& 6*,"4$+%$&
L($6$&3M"),"%"+$)N"-&hoi&](&#*%$+35"&O5$+$&8$&,*&F($&
853$& )$",4$+%$& "& ,*6& M*47)$6& ,*& F($& 6$& 8$7$& M"3$)&
:&,*&F($&+*&6$&8$7$&M"3$)&#")"&F($&,"6&)$,"35*+$6&6$&
4"+%$+;"+&%*,$)"7,$6&$+&$,&6$+*&8$&,"6&3*4(+58"8$6&
KXPDQDVHQGHWHUPLQDGRFRQWH[WRFXOWXUDO *LUDUG
 'HDKtTXHVLORFRQVLGHUDGRUHOLJLRVRPiV
F($& (+"& %$*)N"& 8$& ,*& )$,5;5*6*& #)*#5"4$+%$& 853M*& $6&
#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

HF

.-0$)-!//0 *'.&'#-%)*%)=".8%**%-)3.;'!'#

(+"&%$*)N"&8$&,"6&)$,"35*+$6&M(4"+"6<&3("+8*&:"&+*&6$&
%5$+$&)$6#$3%*&"&,*&)$,5;5*6*<&"(%*49%53"4$+%$&6$&8$J
JUDGDQODVUHODFLRQHVKXPDQDV3HURSRURWUDSDUWHDO
SURKLELUHOFULVWLDQLVPRFXDOTXLHUIRUPDGHVDFULFLR
M"&8$G"8*&",&M*47)$&$+L)$+%")6$&"&6(&#)*#5"&O5*,$+J
FLD'HVGHXQHVWULFWRSXQWRGHYLVWDHSLVWHPROyJLFR
ODUDGLFDOQRYHGDGGHORVWH[WRVEtEOLFRV\GHORVUHJ
ODWRVGHODFUXFL[LyQKDVLGRHOPDQLIHVWDUGHIRUPD
WRWDOPHQWHDELHUWD\H[SOtFLWDHQHOiPELWRWHROyJLFR
(+"&O$)8"8&"+%$6&G"496&)$O$,"8"&#*)&+5+;S+&*%)*&856J
3()6*&",&3*+L)*+%")+*6&"75$)%"4$+%$&"&+($6%)"&#)*#5"&
O5*,$+35"& :<& #*)& $+8$<& "& ,*6& 4$3"+564*6& )$F($)58*6&
#")"& 6(& 8$758*& 3*+%)*,& 3*+& O56%"& "& ,"& 6(#$)O5O$+35"&
SDFtFDGHODVRFLHGDG6LELHQWDQWRORV(YDQJHOLRV
3*4*&,*6&45%*6&6$&$+L*3"+&"&)$,"%")&$,&4564*&L$+K4$J
QRGHOFKLYRH[SLDWRULR\GHODYLROHQFLDVDFULFLDO
,*6&>O"+;$,5*6&+*&6*,"4$+%$&+*6&,*&)$O$,"+&3*4*&%",&
65+*& F($& $+& ,"& 4$858"& F($& 853M"& )$O$,"35K+& $6& "65J
45,"8"& #*)& $,& ;)(#*& 6$& 8$6"3%5O"+& "(%*49%53"4$+%$&
ODQHFHVLGDG\SHUWLQHQFLDVRFLDOGHOPLVPRVDFULFLR
FRPR WDO /R TXH VLJQLFD TXH HQ ODV FRPXQLGDGHV
FULVWLDQDV\DQRSRGUiH[LVWLUQLQJ~QPHFDQLVPRGH
3"+",5P"35K+&6547K,53"&#*)&#")%$&8$&,"&4564"&3*4(J
+58"8&%"+%*&8$&,"6&)5O",58"8$6&454I%53"6&3*4*&8$&,"&
YLROHQFLDTXHVHJHQHUDDSDUWLUGHHOODV'LFKRHQORV
%I)45+*6&8$&j$+I&U5)")8[&\C*&7N7,53*&:&,*&$O"+;I,5J
3*& ,$& F(5%"+& ,$+%"4$+%$& "& ,"& M(4"+58"8& 6(6& S,%54"6&
PXOHWDVVDFULFLDOHVQRVFRQIURQWDQDQXHVWUDSURSLD
YLROHQFLD *LUDUG <ELHQSRGHPRVSHQVDU
F($& $6%"& M56%K)53"<& 8$3565O"& $& 5))$O$)657,$& 3*+L)*+%"J
35K+&8$,&M*47)$&3*+65;*&4564*<&$6&8$35)&"&6(&#)*#5"&
O5*,$+35"&:&"&,"&8$&6(6&3*+;I+$)$6&;$+$)")N"&+$3$6"J
)5"4$+%$&",;S+&*%)*&%5#*&8$&"845+56%)"35K+&8$&,"&3*J
4(+58"8&M(4"+"&F($<&#)*;)$65O"4$+%$<&O"&"&$4$);$)&
"(+F($&6$"&65;,*6&8$6#(I6&8$,&#(+%*&8$&)(#%()"-&\C*6&
MXULVWDVURPDQRVVDEtDQSHUIHFWDPHQWHTXpVLJQLFDJ
7"& \#)*L"+")_-& ]";)"8"6& *& )$,5;5*6"6& $)"+& ,"6& 3*6"6&
F($& #$)%$+$3N"+& 8$& ",;S+& 4*8*& "& ,*6& 85*6$6-& W*4*&
%",$6<&$,,"6&$)"+&6(6%)"N8"6&",&,57)$&(6*&:&",&3*4$)35*&
8$&,*6&M*47)$6<&+*&#*8N"+&6$)&O$+858"6&+5&8"8"6&$+&
#)I6%"4*<&3$858"6&$+&(6(L)(3%*&*&;)"O"8"6&8$&6$)O5J
8(47)$-&]"3)N,$;*&$)"&%*8*&"3%*&F($&O5*,")"&*&5+L)5+J
;5$)"&$6%"&$6#$35",&5+856#*+575,58"8<&F($&,"6&)$6$)O"7"&
H[FOXVLYDPHQWHDORVGLRVHVFHOHVWHV \HQWRQFHVHUDQ
OODPDGDVSURSLDPHQWHVDJUDGDV RLQIHUQDOHV \HQ
HVWHFDVRVHODVOODPDEDVLPSOHPHQWHUHOLJLRVDV <
VLFRQVDJUDU VDFUDUH HUDHOWpUPLQRTXHGHVLJQDEDOD
6",58"&8$&,"6&3*6"6&8$&,"&$6L$)"&8$,&8$)$3M*&M(4"+*<&
SURIDQDUVLJQLFDEDSRUHOFRQWUDULRUHVWLWXLUORDOOLJ
EUHXVRGHORVKRPEUHV $JDPEHQ $KRUD
75$+<&EF(I&6$)9&8$&,"&"845+56%)"35K+&8$&(+"&3*4(+5J
#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

HK

8"8&#(+%0%.0-&$&*$*0F#($.+"$-($*"+$9">F#(+H
>C&C@U@W>'!jB]Q@[&
/$9,2/(1&,$'(/$/(75$
M&FT&$ (1$ (:(/%"$ .1&$ '#0>(#&$ ,0"*(1/0&$ (1$ 1">F#&#4$ S">=
F#&#)$ -&#$ 1">F#(+$ E.($ (,(1%.&*>(1%($ (+%&#G$ '#"90F0-"$
'#"1.1/0&#)$%&*$(+$*&$,0"*(1/0&$"#0301&#0&$-(*$*(13.&N($E.($
FRQVLVWHHQLQVFULELUHQXQDGLIHUHQFLDHQFODVLFDUHQVXV=
'(1-(#$(*$,"/&%0,"$&F+"*.%"$ 'HUULGD 

'*&M"&8$&6*)#)$+8$)&65<&$+&,"&3*4(+58"8&#(+%0%.0-&$&*$
*0F#($.+"$-($*"+$9">F#(+<&(+*&8$&,*6&#)54$)*6&"3%*6&
L(+8"35*+",$6&$6&$,&8$&3*+3$75)&:&"3%5O")&(+"&;)"+&:&
#*8$)*6"& 49F(5+"& #)*8(3%*)"& 8$& 5,(65*+$6<& (+"& >G=
E.01&$&1%#"'"*H30/&$SDUD LQWHQWDU SRVLFLRQDUORKXJ
PDQRHQHOPXQGR GH'LRV HQWUHODVGHPiVFUHDWXUDV
F($&%"475I+&,*&M"75%"+&:&3*+&F(5$+$6&%5$+$&F($&3*4J
#")%5),*-& \M">"$ +&'0(1+$ +*& $6<& #*)& ,*& %"+%*<& +5& (+"&
VXVWDQFLDQLXQDHVSHFLHFODUDPHQWHGHQLGDHVPiV
ELHQXQDPiTXLQDRXQDUWLFLRSDUDSURGXFLUHOUHJ
FRQRFLPLHQWRGHORKXPDQR $JDPEHQ 
3HURHQODSUiFWLFD\WUDVGpFDGDVGHLQYHVWLJDFLRQHV
DTXHOFRPSOHMRDUWLFLRKDUHVXOWDGRWRWDOPHQWHSDUDJ
8KG53*&$+&6(6&3*+3,(65*+$6&",&6$a",")&(+"&:&*%)"&O$P&
ODURWXQGDQRH[LVWHQFLDGHODVSRVLEOHV\WDQDQKHODJ
8"6& 3(",58"8$6& 856%5+%5O"6& $+%)$& $,& M*47)$& :& ,*6& 8$J
496& )$#)$6$+%"+%$6& 8$,& 4(+8*& "+54",-&?6N& F($& 75$+&
SDUHFHVHUQDOPHQWHTXHODPiTXLQDDQWURSROyJLFD
8$,&M(4"+564*&h+*i&$6&h496&F($i&(+&856#*65%5O*&5)KJ
QLFRTXHYHULFDODDXVHQFLDSDUDM">"$8$&(+"&+"J
%()",$P"&#)*#5"<&4"+%$+5I+8*,*&6(6#$+858*&$+%)$&(+"&
+"%()",$P"&3$,$6%$&:&(+"&%$))$+"<&$+%)$&,*&"+54",&:&,*&
M(4"+*R&:&#*)&$,,*<&65$+8*&65$4#)$&4$+*6&:&496&F($&
Vt PLVPR $JDPEHQ    'H DKt TXH M">"$
3*4*&6$)&3(:"&S+53"&8$%$)45+"35K+&*+%*,K;53"&#")$3$&
VHUODGHHVFDSDUFRQWLQXDPHQWHDVXSURSLDGHQLFLyQ
#($8$&)$3575)&:&"8"#%")6$&65+&+5+;S+&#)*7,$4"&"&%*8"6&
,"6& +"%()",$P"6& :& %*8*6& ,*6& )*6%)*6-& W"7$& ";)$;")& ",&
)$6#$3%*&F($&"F($,,*6&3*+%5+(*6&:&"&4$+(8*&)"853",$6&
)$$4#,"P"45$+%*6&F($8"+&"4#,5"4$+%$&3*+65;+"8*6&
$+%)$&,"6&*7)"6&8$&")%$&#")35",4$+%$&")3M5O"8"6&#*)&,"&
M56%*)5"&8$,&")%$&:&F($&%)"+65%"+&"&,*&,");*&8$&45,$+5*6&
8$68$&,*6&3($)#*6&65+&)*6%)*&8$&,*6&M*47)$6&8$,&M*)5J
P*+%$&L(+8"35*+",&"&,"&3"8"&O$P&4":*)&4(,%5#,5358"8&
:& 85L$)$+35"35K+& 8$& ,*6& )*6%)*6& 8$& ,"& "3%(",58"8& eC$&
%RXKHOOHF 
>,& #)5O5,$;5*& 3*+3$858*& ",& *"3"+$ #*)& $+354"& 8$&
3(",F(5$)& *%)*& %5#*& 8$& 8$%$)45+"35*+$6& 8$,& 6$)& $6& $,&
*)5;$+&8$&,"&3*+8535K+&8$&,"&('0+%(>($:<&#*)&$+8$<&8$&
,"&3*+6%5%(35K+&8$,&6"7$)&$+&85635#,5+"6&$+&(+&8$%$)45J

*')10"*%#-0')2%)*')*%(&');),"$(<*%(&'

+"8*&#$)5*8*&8$&,"&M56%*)5"&8$&,"6&58$"6&$+&$,&9475%*&
RFFLGHQWDO'HUULGD  QRPEUDDHVWHSHULRGR
3*4*&*"3"/(1%#0+>"-&>6&"8$496&(+&#$)5*8*&F($&%$)J
45+"&3*+L(+85I+8*6$&3*+&,"&M56%*)5"&8$&,"&4$%"LN653"&
:&$+&,"&F($&$3M"&6(6&)"N3$6&$,&#$+6"45$+%*&8$&,"&4"J
\RUtDGHORVOyVRIRVHLQWHOHFWXDOHVRFFLGHQWDOHV6LQ
$47");*<& ,*& #$,5;)*6*& 8$& ,*6& #)5O5,$;5*6& 3*+3$858*6&
",&0>'(#0&*0+>"$-(*$*"3"+$ 'HUULGD VHHPJ
SLH]DDPRVWUDUHQHOVLJOR;9,,,VLJORGHOWULXQIRGH
,"&)"PK+&#)*+%*&3*+O$)%58"&$+&#&;H1$'&#&1"0/&$eQ"J
IIHVROL VLJORGHOWULXQIRGHODFRQVLJQDFLyQGHO
6$+%58*&8$&,"6&#","7)"6&$+&,"&$63)5%()"&8$&,"&>+353,*J
#$85"& :& 8$,& %)5(+L*& 8$& ,"& 3*+6%5%(35K+& 8$,& 6"7$)& 6$J
;S+&,"&8$%$)45+"35K+&8$&,"&#)$6$+35"&8$,&6$)-&>+&$6%$&
6$+%58*<& ",;(+*6& 8$& ,*6& 6(3$6*6& $47,$49%53*6& 8$& ,"&
j$O*,(35K+&L)"+3$6"&+*&8$G"+&8(8"&",&)$6#$3%*&8$&,*&
F($&$6%9&#"6"+8*&%"+%*&$+&,"6&#)93%53"6&3*4*&$+&,*6&
$6#N)5%(6& F($& ;$+$)"+& :& "3$#%"+& 853M"6& #)93%53"6& $+&
$6%$& #)$356*& 4*4$+%*& 8$& ,"& M56%*)5"[& #*)& (+& ,"8*& ,"&
#)*4*35K+&8$,&3(,%*&",&6$)&6(#)$4*&$+%$+858*&3*4*&
GHLFDFLyQ GH OD UD]yQ \ SRU HO RWUR OD PXHUWH HQ
,"&;(5,,*%5+"&8$&@,:4#$&8$&U*(;$6&#)*4*%*)"&8$&,*6&
8$)$3M*6&8$&,"&4(G$)&:&8$&,"&35(8"8"+"-/&E]$)9&F($&$,&
VLJOR;9,,,PiVTXHVLJORGHODVOXFHVQRHVPiVTXH
$,&65;,*&8$,&5+535*&8$&,"&3)5656&8$&,"&+(3.#0-&-$*"3"/V1=
%#0/&" 'HUULGD 8QDFULVLVHQSDUWHQXWULJ
8"<&3"7$&6(7)":"),*<&+*&6K,*&#*)&$,&8$63(7)545$+%*&8$&
$63)5%()"6&+*&$()*#$"6&65+*&%"475I+&:&6*7)$&%*8*&#*)&
$,&54#)$65*+"+%$&"O"+3$&8$&6(6&%I3+53"6&8$&8$635L)"J
45$+%*&:&8$&,*&F($&54#,53"&,"&"))*;"+%$&6$;()58"8&8$,&
$%+*3$+%)564*&$()*#$*-&]5+&*,O58")&$,&8$63(7)545$+%*&
8$&\#($7,*6&65+&$63)5%()"_&#)*+%*&3*+L(+858*6&3*+&(+&
$6%"8*& *)5;5+",& (& $6%"8*& 8$& +"%()",$P"& $+L)$+%"8*& "&
XQHVWDGRKLVWyULFDPHQWHSRVWHULRU\SDUDPXFKRVXQ
HVWDGRGHQLWLYDPHQWHVXSHULRUHQWRGRVORVVHQWLGRV
GHODSDODEUDHOHVWDGRGHFXOWXUD
(QHVWHFRQWH[WRQRKDGHVRUSUHQGHUTXHXQRGH
,*6&$6#N)5%(6&\5,(45+"8*6_&8$&$6%$&65;,*<&:&496&)$3$#J
%5O*& "& $6%*6& \8$63(7)545$+%*6_& :& ",& 54#"3%*& 85)$3%*&
F($&57"+&"&%$+$)&6*7)$&,"&L*)4"&8$&#$+6")&",&M*47)$&
$+&$,&%5$4#*&:&$+&$,&4(+8*<&=$"+J="3F($6&j*(66$"(<&
M":"&658*&",&4564*&%5$4#*&(+&#$+6"8*)&8$,&"7564*&
F($&6$#")"&$,&$6%"8*&8$&+"%()",$P"&8$,&$6%"8*&8$&3(,J
%()"&:&(+&#$+6"8*)&8$,&"7564*&F($&6$#")"&,"6&3(,%(J
)"6&"845+56%)"8"6&#*)&(+"&,$+;("&65+&$63)5%()"&8$&,"6&
3(,%()"6& "845+56%)"8"6& #*)& (+"& ,$+;("J$63)5%()"-& ]5&
ODHVFULWXUDVHSXHGHSHQVDUFRPRVXSOHPHQWRHQHO
6$+%58*& F($& $6& (+& 6(#,$4$+%*& M56%K)53*& "& ,"& ,$+;("&
2O\PSHGH*RXJHVSXEOLFDHQODIDPRVD'HFODUDFLyQGHORVGHJ
UHFKRVGHODPXMHU\GHODFLXGDGDQD0XHUHJXLOORWLQDGDHQ(O
)$3M"P*&)*%(+8*&"&6(6&#)*#($6%"6&4($6%)"&"&6(&4"+$)"&M"6%"&F(I&#(+%*&
$,&,*;*3$+%)564*&+*&6$&#($8$&8$6,5;")&8$&35$)%*&L",*;*3$+%)564*-&

0).-0$)-!

FRPR WDO HV DQWH WRGR \ VREUH WRGR XQ VXSOHPHQWR


#$,5;)*6*-&\](#,$4$+%*&#$,5;)*6*-&]*+&$6%"6&#","7)"6&
F($& j*(66$"(& (%5,5P"& $+& ,"6& <"1:(+0"1(+ 'HUULGD
 3HURDFDVRQRUHVXOWDVRUSUHQGHQWHTXH
,"&$63)5%()"&"6*35"8"&#*)&,"&4":*)N"&"&,"&3*+6$)O"35K+&
:&85O(,;"35K+&8$,&6"7$)&:<&#*)&$+8$<&"&6(&\8$4*3)"J
%5P"35K+_&#($8"&%"475I+&6$)&3*+658$)"8"&"(+F($&6$"&
#*)& (+"& #$F($a"& 45+*)N"& 3*4*& #$,5;)*6"H<& E$+& F(I&
#($8$&,"&$63)5%()"&6$)&*&O*,O$)6$&#$,5;)*6"H
>,& #)54$)*& :& #)5+35#",& #$,5;)*& 8$& ,"& $63)5%()"& $6&
,,$O")&"&3"7*&8$&4"+$)"&656%$49%53"&,"&8$6%)(335K+&8$&
,"& #)$6$+35"& 8$& ,"& 3*6"& #*)F($& ,"& #","7)"& $63)5%"& 6$&
WUDQVIRUPDHQXQDSDODEUDMDTXHQRX\HSRUTXHQR
X\HSRUODYR]GHTXLHQODSRGtDSURQXQFLDUMDHQ
$,&4564*&"3%*&#*)&$,&F($&6$&M"&O$+58*&6$8$+%")5P"+J
8*&6*7)$&",;S+&%5#*&8$&6*#*)%$&$,&6$+%58*&F($&"3%5O"J
ED5HVXPLHQGRSULPHUDFWRMDFLyQGHODSDODEUD
6HJXQGRDFWRMDFLyQGHOVHQWLGRYHKLFXODGRSRUOD
#","7)"-& !$)3$)& "3%*[& 8$6%)(335K+& 8$& ,"& #)$6$+35"& 8$&
,"&3*6"&"+%$)5*)4$+%$&8$65;+"8"&#*)&,"&#","7)"&$+&6(&
#)*#5"&%$4#*)",58"8-&W(")%*&"3%*[&)$"#)*#5"35K+&654J
7K,53"&8$&,"&#)$6$+35"&8$&,"&3*6"&#*)&,"&)$#)$6$+%"35K+&
8$&4"+$)"&65$4#)$&"%$4#*)",-&W*+&$,&,*;*3$+%)564*<&
$,&M*47)$&$+%)"&-($:&/%"$$+&$,&4(+8*&8$&,"&)$#)$6$+J
%"35K+<& $+& $,& F($& ,"6& #","7)"6& ;*75$)+"+& ,"6& 3*6"6& :&
3(",F(5$)&L*)4"&8$&6$)&8$&4"+$)"&%*%",4$+%$&;$+$)",&
:& "76%)"3%"& 65+& #)$*3(#"35K+& #*)& ,"6& 3")"3%$)N6%53"6&
HVSHFtFDVGHORTXHVHHVWiGHQLHQGRRMX]JDQGR
#*)& 4$85*& 8$& $,,"6-& C"& $63)5%()"& 3*4*& 6(#,$4$+%*&
SHOLJURVR  D OD OHQJXD JHQHUD D VX YH] XQ VHJXQGR
6(#,$4$+%*[&,"&)$#)$6$+%"35K+&3*4*&6(#,$4$+%*&e#$J
OLJURVR DODFRVD>/DHVFULWXUD@QRHVQDWXUDO+DFH
8$)5O")&$+&,"&)$#)$6$+%"35K+&:&$+&,"&54";5+"35K+&(+"&
#)$6$+35"& 5+4$85"%"& 8$,& #$+6"45$+%*& "& ,"& #","7)"-&
(VWHUHFXUVRUHVXOWDQRVRODPHQWHH[WUDxRVLQRTXH
$6&#$,5;)*6*-&>6&$,&";)$;")&(+"&%I3+53"<&$6&(+"&$6#$35$&
GH WUDPSD DUWLFLDO \ DUWLFLRVD SDUD TXH OD SDODEUD
6$& M";"& #)$6$+%$& 3("+8*& $6%9& 8$& O$)8"8& "(6$+%$-& >6&
(+"&O5*,$+35"&M$3M"&",&8$6%5+*&+"%()",&8$&,"&,$+;("_&
'HUULGD 3RUHQGHHVXQDYLROHQFLDKHJ
FKDDODVFRVDVPLVPDV3HQVHPRVSRUHMHPSORHQOD
)5;58$P&8$&3(",F(5$)&3K85;*&#$+",&(&"845+56%)"%5O*&:&
$+&6(6&54#,53"35*+$6&35$;"4$+%$&)$6#",8"8"6&#*)&(+"&
OyJLFD WDQ LPSODFDEOH FRPR DEVWUDFWD )HUDW  
3HQVHPRVWDPELpQHQHOPDQXDOGHSVLTXLDWUtDSRUH[J
FHOHQFLD'LDJQRVWLFDQG6WDWLVWLFDO0DQXDORI0HQJ
WDO'LVRUGHUV&$+&,"&5+$6%"75,58"8&8$&6(6&3")%*;)"LN"6&

&W*+658$)"8*&#*)&O9($S(A$a"#7$O0>(+&3*4*&,"&$+353,*#$85"&E.($-(/0-($
*"$E.($(+$1"#>&*$2$*"$E.($1"$*"$(+<&$6%"&#(7,53"35K+&%5$+$&$+*)4$6&54J
#,53"35*+$6&#")"&5+O$6%5;"8*)$6<&3*4#"aN"6&L")4"3I(%53"6<&"6$;()"8*)"6&
PpGLFDVSROtWLFRV\SDFLHQWHV <SXHGHOOHYDUDPXFKDVSHUVRQDVDWRJ
PDUPHGLFDFLyQLQQHFHVDULDPHQWH 

#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

HO

.-0$)-!//0 *'.&'#-%)*%)=".8%**%-)3.;'!'#

8$&,"6&#"%*,*;N"6&4$+%",$6&:<&#*)&3*+65;(5$+%$<&$+&,"&
5+$6%"75,58"8& *+%*,K;53"& 8$& 4(3M"6& #$)6*+"6& $O$+J
%(",4$+%$& 5+O*,(3)"8"6& $+& ,*6& )$6(,%"8*6& 8$& 853M"&
FDUWRJUDItD\FX\RGHVWLQRTXHGDMDGRHQDOJXQDSiJ
;5+"&8$&"F($,,"&757,5"&8$,&6"7$)&4I853*&3*+&%*8"6&,"6&
54#,53"35*+$6&F($&3*+,,$O"&$,&M$3M*-&\^($&$,&65;+*<&
,"& 54";$+& *& $,& )$#)$6$+%"+%$& 6$& O($,O"+& L($)P"6& :&
KDJDQPRYHUDOXQLYHUVRWDOHVHOHVFiQGDOR 'HJ
UULGD 7DOHVHQHIHFWRHOHVFiQGDORGHO
,*;*3$+%)564*&3*+&$,&F($&"&6(&4"+$)"&6$&$+3*+%)K&$,&
"+%)*#K,*;*& W,"(8$& CIO5J]%)"(66& 8()"+%$& 6(& $6%"+J
35"&$+%)$&$,&;)(#*&'"475md")"&$+&V)"65,&$+&,"&#)5J
4$)"&45%"8&8$,&65;,*&#"6"8*&3("+8*&(+&7($+&8N"&6$&
,$&*3())5K&8")&5+535*&"&,"&,$335K+&8$&$63)5%()"&eCIO5J
6WUDXVV;;,,, 
>+&$6%"&#")%$&8$&6(&)$,"%*<&CIO5J]%)"(66&6$&8$G"&,,$J
YDUSRUXQDUHH[LyQJHQHUDOVREUHDVSHFWRVHVSHFtJ
3*6&8$&,"&85+9453"&M56%K)53"&8$&",;(+"6&35O5,5P"35*+$6&
:&F(I&%"+%*&6$&M"+&3")"3%$)5P"+8*&#*)&%5#*6&#")%53(,"J
)$6&8$&8$6"))*,,*6&*&8$63(7)545$+%*6&F($&6$&M"+&58*&
*&+*&%)"+645%5$+8*-&>,&7)(63*&3*,"#6*&8$&8$%$)45+"J
8"6&3(,%()"6&*&35O5,5P"35*+$6&3(:"6&M($,,"6&F($8"+&8$&
)$#$+%$&7*))"8"6&#*)&,"6&")$+"6&8$&,*6&8$65$)%*6&*&$,&
3)$3545$+%*&8$&,*6&")7*,$6&8$&,"6&6$,O"6&65;($&65$+8*&
(+"& 8$& ,"6& 5+3K;+5%"6& #*)& )$6*,O$)<& "6N& 3*4*& ,"& 6*J
7)$O5O$+35"& 8$& *%)*6& ;)(#*6& M(4"+*6& $+& 3*+8535*J
+$6& 6(4"4$+%$& #)$3")5"6-& C*& F($& ,,"4"& 6*7)$& %*8*&
,"& "%$+35K+& 8$,& "+%)*#K,*;*& $6& ,"& #)$6$+35"& *& +*& 8$&
ODHVFULWXUDHQDOJXQRVFRQWH[WRVFXOWXUDOHV\FXDQGR
H[LVWHODVFRQVHFXHQFLDVTXHGLFKDSUHVHQFLDFRQOOHJ
O"&)$6#$3%*&"&,"&*);"+5P"35K+&:&"845+56%)"35K+&8$&,"&
3*4(+58"8&M(4"+"-&>+&#)54$)&,(;")&F($8"&3,")*&F($&
"&,*&,");*&8$&,"&M56%*)5"&8$&,"&M(4"+58"8&,"&$63)5%()"&
+*&$6&+5&M"&658*&(+&5+6%)(4$+%*&",&",3"+3$&8$&%*8*6&
,*6& 45$47)*6& 8$,& ;)(#*& :& F($& #*)& 85O$)6"6& )"P*+$6&
6(&3*+*3545$+%*&M"&F($8"8*&)$6%)5+;58*&"&(+*6&3("+J
%*6[&\8()"+%$&45,$+5*6&:&"(+&M*:&$+&8N"&$+&(+"&;)"+&
SDUWHGHOPXQGRODHVFULWXUDH[LVWHFRPRXQDLQVWLWXJ
35K+& $+& 6*35$8"8$6& 3(:*6& 45$47)*6<& $+& 6(& 5+4$+6"&
PD\RUtD QR OD VDEHQ PDQHMDU /pYL6WUDXVV 
 (QVHJXQGROXJDUODVSHUVRQDVTXHVtORJUDQWHJ
+$)&$,&3*+*3545$+%*&8$&,"&$63)5%()"&6$&3")"3%$)5P"+&#*)&
*3(#")&8$%$)45+"8*6&#($6%*6&*&$G$)3$)&8$%$)45+"8"6&
L(+35*+$6& $+& $,& ;)(#*& ",& F($& #$)%$+$3$+<& ,"6& 3(",$6&
,"6&3*,*3"+&$+&(+"&#*6535K+&G$)9)F(53"4$+%$&6(#$)5*)&
HQUHODFLyQFRQODVTXHQRVDEHQHVFULELU'HDKtTXH
(+"&3*+6%"+35"&M56%K)53"&$+%)$&,"6&3(,%()"6&3*+&$63)5J
%()"& $6& ,"& 5+4$85"%"& #*6575,58"8& 8$& 5+%$;)")& (+& ;)"+&
+S4$)*&8$&5+85O58(*6&$+&6*35$8"8$6&G$)")F(5P"8"6&$+&
FDVWDVRFODVHV/DHVFULWXUDSDUHFHIDYRUHFHUODH[J
#,*%"35K+&8$&,*6&M*47)$6&"+%$6&F($&6(&5,(45+"35K+_&
#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

DP

+*6&853$&CIO5J]%)"(66&:&8$&#)*6$;(5)&",&)$6#$3%*[&\]5&
PLKLSyWHVLVHVH[DFWDKD\TXHDGPLWLUTXHODIXQFLyQ
#)54")5"& 8$& ,"& 3*4(+53"35K+& $63)5%"& $6& ,"& 6(G$35K+-&
(OHPSOHRGHODHVFULWXUDDQHVGHVLQWHUHVDGRVSDUD
*7%$+$)&6"%56L"335*+$6&5+%$,$3%(",$6&:&$6%I%53"6<&$6&(+&
UHVXOWDGRVHFXQGDULR /pYL6WUDXVV 'HJ
QLWLYDPHQWHODHVFULWXUDUHVXOWDVHUDOJREDVWDQWHH[J
%)"a*&$+&,"&4$858"&F($&65&+*&M"&,*;)"8*&3(4#,5)&3*+&
,"& 85L(65K+& 8$,& 3*+*3545$+%*<& 6N& M"& ,*;)"8*& ;$+$)")&
FDPELRVUDGLFDOHVHQODH[LVWHQFLDGHODKXPDQLGDGDO
6$)&,"&3*+8535K+&8$&#*6575,58"8&8$,&8$6"))*,,*&$&54#,$J
4$+%"35K+&8$&3*4#,$G*6&656%$4"6&8$&8*45+"35K+&8$,&
KRPEUHSRUHOKRPEUH9HDPRVODDFFLyQVLVWHPiJ
%53"&8$&,*6&>6%"8*6&$()*#$*6&"&L"O*)&8$&,"&5+6%)(335K+&
*7,5;"%*)5"<&F($&6$&8$6"))*,,"&"&,*&,");*&8$,&65;,*&1B1<&
YDGHODPDQRFRQODH[WHQVLyQGHOVHUYLFLRPLOLWDU\
,"&#)*,$%")5P"35K+-&C"&,(3M"&$+&3*+%)"&8$,&"+",L"7$%56J
4*&6$&3*+L(+8$&"6N&3*+&$,&)$L*)P"45$+%*&8$,&3*+%)*,&
GH ORV FLXGDGDQRV SRU HO 3RGHU 3RUTXH VH QHFHVLWD
F($&%*8*6&6$#"+&,$$)&#")"&F($&$6%$&S,%54*&#($8"&8$35)[&
QDGLHGHEHLJQRUDUODOH\ /pYL6WUDXVV 
>+&,"&3*4(+58"8&#(+%0%.0-&$&*$*0F#($.+"$-($*"+$9">=
F#(+$,"&$63)5%()"&+*&$6&496&F($&(+&%5#*&#")%53(,")&8$&
O5*,$+35"&5+%$)6(7G$%5O"<&(+"&O5*,$+35"&#$)L$3%"4$+%$&
MXVWLFDGD\UHJODPHQWDGD7DOHV\KDVLGRODFDUDFJ
%$)N6%53"&#)5+35#",&8$,&,*;*3$+%)564*&:&8$&6(&3*+6%"+%$&
54#,$4$+%"35K+&M"6%"&+($6%)*6&8N"6/$9,2/(1&,$3267/(75$
(/(67$'2'((;&(3&,1
L1$ .1$ +0+%(>&$ '#("/.'&-"$ '"#$ (*$ #(+'(%"$ -($ *"+$ +.N(%"+$
-($ -(#(/9"$ 2$ '"#$ *&$ *0F(#%&-$ -($ 010/0&%0,&$ -($ *"+$ 01-0,0=
-."+$ b/H>"$ (*$ :(1H>(1"$ `'"F*&/0H1c$ /"1$ +.+$ (:(/%"+$ 2$
VXVSUREOHPDVHVSHFtFRVSXHGHWRPDUVHHQFXHQWD"(Q
1">F#($-($E.V$2$+(3d1$E.V$#(3*&+$+($'.(-($&->010+%#&#8$
)RXFDXOW 
I.#&1%($>0*(10"+)$(*$9">F#($+03.0H$+0(1-"$*"$E.($(#&$'&#&$
Q#0+%H%(*(+R$.1$&10>&*$,0,0(1%($2$&-(>G+$/&'&;$-($.1&$(W0+=
%(1/0&$ '"*T%0/&X$ (*$ 9">F#($ >"-(#1"$ (+$ .1$ &10>&*$ (1$ /.2&$
'"*T%0/&$ (+%G$ '.(+%&$ (1$ (1%#(-0/9"$ +.$ ,0-&$ -($ +(#$ ,0,0(1%($
)RXFDXOW 

?6N&#($6<&6$&3*+6%"%"&F($&,"&L($)P"&8$,&,*;*3$+%)564*&
PiVDOOiGHFRQVLJQDUHOH[LVWLUFRPRWDOVHLQWHUHVHHQ
XQPRPHQWRGDGRDODSRVLELOLGDGPLVPDGHOH[LVWLU
ODYLGD<PHQRVKDGHVRUSUHQGHUTXHHVWHSDUWLFXODU
5+%$)I6&6$&$4#5$3$&"&;$+$)")&$+&(+&4*4$+%*&M56%K)53*&
$+&$,&F($&$,&"(4$+%*&3*+%5+(*&8$&,"&#*7,"35K+&#*)&(+&
ODGRFRLQFLGLHQGRFRQHOQGHODVJUDQGHVHSLGHPLDV
:&,"&54#,$4$+%"35K+&8$&35$)%"6&4$858"6&8$&M5;5$+$&:<&

*')10"*%#-0')2%)*')*%(&');),"$(<*%(&'

#*)&$,&*%)*<&$,&5+535*&8$&;)"+8$6&4*O545$+%*6&8$&#*J
7,"35K+& "& )"NP& 8$& ,"& )$O*,(35K+& 5+8(6%)5",& $+& 35$)%*6&
#"N6$6&$()*#$*6&$4#5$3$&"&;$+$)")&%*8"&(+"&6$)5$&8$&
SUREOHPiWLFDV HVSHFtFDV SDUD VX GHELGR FRQWURO \
DGPLQLVWUDFLyQ'HDKtTXHVLGXUDQWHVLJORVHOSRGHU
8$,&6*7$)"+*&6$&M"7N"&4"+5L$6%"8*&8$&4"+$)"&$47,$J
49%53"&$+&$,&M$3M*&8$&%$+$)&$,&#*8$)&8$&4($)%$&6*7)$&
3(",F(5$)&8$&6(6&6S785%*6<&"&#")%5)&8$,&65;,*&1B1<&$6%$&
SRGHUVHGHVSOD]D\UHGHQHHQHOSRGHUGHKDFHUYLJ
YLU3RGUtDGHFLUVHTXHHOYLHMRGHUHFKRGH9&/(#$4*J
)5)&*&-(N&#&O5O5)&L($&)$4#,"P"8*&#*)&$,&#*8$)&8$&M"3$)&
,0,0#&*&8$&#(/9&;&#$M"35"&,"&4($)%$_&eT*(3"(,%<&/00/[&
  3HUR PiV TXH OD LUUXSFLyQ GH DOJR WRWDOPHQWH
+*O$8*6*<&#")$3$&6$)&F($&",;*&8$&,"&85+9453"&8$&,*6&
DQWLJXRVULWRVVDFULFLDOHVDPSOLDPHQWHDQDOL]DGRV\
;,*6"8*6&#*)&U5)")8&6$&$6%(O5$)"&)$#*6535*+"+8*&,$+J
%"4$+%$&$+&,"&3*4(+58"8&#(+%0%.0-&$&*$*0F#($.+"$-($*"+$
9">F#(+<&#*)F($&65&75$+&,"6&L*)4"6&8$,&$G$)3535*&8$,&
#*8$)&M"+&#*858*&3"475")<&$,&#*%$+35",&8$&O5*,$+35"&
8$)5O"8*&8$&,"6&)5O",58"8$6&454I%53"6&:&8$&6(6&7)*%$6&
3)N%53*6&$+%)$&,*6&45$47)*6&8$&,"&3*4(+58"8&M(4"+"<&
+*-&>+%*+3$6<&,"&3*4(+58"8&M(4"+"&"845+56%)"8"&$+&
O56%"&8$&6(&#)*#5"&6*7)$O5O$+35"&#*)&8$%$)45+"8"6&)$J
;,"6<&85O5+"6&$+&",;S+&4*4$+%*&8$&,"&M56%*)5"&:&"M*)"&&
M(4"+"6<& 6$& 6$#")"& 65$4#)$& :& +$3$6")5"4$+%$& 8$& ,"&
PHUD H[SUHVLyQ GH OD YLGD TXH OD SXHGH OOHYDU D VX
#)*#5"& 8$6%)(335K+& #*)& ,"& 856#$)65K+& O5*,$+%"& 8$& 6(6&
FDPSRVGHHQHUJtD'LFKRHQRWURVWpUPLQRVODH[LVJ
%$+35"&8$&,"&#*,N%53"&$6%9&L(+8"4$+%"8"&:&8$%$)45+"J
GDSRUODURWXQGDH[FOXVLyQGHODYLGDQDWXUDO3HUR
SRU RWUD SDUWH HVWD H[FOXVLyQ HV XQD (W/('%0"-& \C"&
H[FHSFLyQHVXQDHVSHFLHGHODH[FOXVLyQ $JDPEHQ
 3DUD*LRUJLR$JDPEHQQRKD\SRUORWDQWR
OD PHQRU GXGD DO UHVSHFWR SHQVDU OD H[FHSFLyQ HV OD
3,"O$&#")"&#*8$)&#$+6")&:&$+%$+8$)&"&6(&O$P&,"&6*7$)"J
QtD<GHFRPHQWDUDOUHVSHFWR>@VLODH[FHSFLyQHV
$,&856#*65%5O*&*)5;5+",&"&%)"OI6&8$,&3(",&$,&8$)$3M*&6$&
UHHUHDODYLGD\ODLQFOX\HGHQWURGHVtSRUPHGLRGH
,"&#)*#5"&6(6#$+65K+<&$+%*+3$6&(+"&%$*)N"&8$,&$6%"8*&8$&
H[FHSFLyQHVFRQGLFLyQSUHOLPLQDUSDUDGHQLUODUHODJ
35K+&F($&,5;"&:&",&4564*&%5$4#*&"7"+8*+"&$,&O5O5$+%$&
HQPDQRVGHOGHUHFKR $JDPEHQ 'HDKt
6$&8$8(3$&$+%*+3$6&F($&$,&6*7$)"+*&6$&8$7$&$+%$+8$)&
3*4*&,"&#$)6*+"&"(%*)5P"8"&#*)&,"&,$:&#")"&$O$+%(",J
4$+%$&6(6#$+8$),"?M*)"&75$+<&3"7$&6(7)":")&*%)*&$,$4$+%*&8$%$)45J
QDQWH HQ HVWD ~OWLPD SDUWH GH OD UHH[LyQ \ TXH REJ
O5"4$+%$&)$%)*",54$+%"&85)$3%"4$+%$&,"&)$%$))5%*)5",5J
P"35K+& 8$,& #*8$)& 8$,& 6*7$)"+*& :& 8$& 6(& $G$)3535*& %",&
3*4*&6$&M"&8"8*&$+&,"6&S,%54"6&8I3"8"6<&,"6&3"#"35J
8"8$6&8$&"335K+&8$&,"&$6#$35$&M(4"+"&6*7)$&65&4564"&

0).-0$)-!

%"+%*&#")"&6(&)$#)*8(335K+&*&+*&)$#)*8(335K+&3*4*&
%"475I+& #")"& ,"& ;$6%5K+& 8$& 6(6& $+L$)4$8"8$6& *& 856J
%()75*6&3*)#*)",$6&*&#6NF(53*6<&6$&M"+&58*&856#")"+8*&
$+& 3*4#")"35K+& 3*+& ,*& #*657,$& $+& 65;,*6& "+%$)5*)$6-&
V5$+&#")$3$&6$)&F($&$,&6$)&M(4"+*&M"&$+%)"8*&$+&$,&
%5$4#*&8$&,"&5+6%)(4$+%"35K+&8$&65&4564*&F($<&"&6(&
PDQHUD3HWHU6ORWHUGLMNSODQWHDHQWpUPLQRVGHQXHJ
O"6&#(3*&+$'&#&$(*$'&#E.($9.>&1"$ 6ORWHUGLMN 
3DUDHOOyVRIRDOHPiQVLELHQHOKRPEUHQRHVPiV
F($&$,&#)*8(3%*&8$&(+&3*+%5+(*&#)*3$6*&8$&3)N"&:&6$J
,$335K+<&$6&"8$496&(+&6$)&F($&+"3$&#)$4"%()*&:&F($&
DO OOHJDU DO PXQGR GHVSUHYHQLGR VH YD D H[SRQHU DO
4(+8*& 3*+& (+"& 4963")"& 8$& M*47)$& F($& ,*;)"& %"#")&
6(&)*6%)*&8$&"+54",R&8$&"MN&6$&$+%5$+8$&%"475I+&F($&$,&
M*47)$&6$&O($,O$&M*47)$&+*&6*,"4$+%$&",&6$#")")6$&
GHODQLPDODOHFKDUDDQGDUODVWUDPSDVORJRFpQWULFDV
8$&,"&L"4*6"&>GE.01&$&1%#"'"*H30/&VLQRTXHYXHOWR
M*47)$&6$&O($,O$&\5+M(4"+*_&3*+&$,&"+54",<&(+"&4"J
QHUDRWUDGHDUPDUVXVXSXHVWDGLIHUHQFLDGHODQLPDO
3HURSRURWUDSDUWHVLHOKRPEUHGRPHVWLFD\FUtDDO
"+54",<&8*4$6%53"&:&3)N"&5;(",4$+%$&",&6$)&M(4"+*<&
$+6$a"&"&O*,O$)6$&M(4"+*<&"&3*4#*)%")6$&3*4*&M(J
4"+*<&"&3"45+")&3*4*&M(4"+*<&"&M"7,")&3*4*&M(4"J
+*<&"&O$6%5)6$&3*4*&M(4"+*<&$%3I%$)"-&C"&"+;(6%5"&:&
$O$+%(",4$+%$&$,&45$8*&8$6"%"8*&(+"&:&*%)"&O$P&#*)&
,"& "#")535K+& 8$& \+5a*6& 6",O"G$6_& $+%)$& M*47)$6& 6",5J
8*6&8$,&$6%"8*&8$&+"%()",$P"<&3*4*&65&+*6&)$3*)8")9+&
F($&\M">"$$6&(+&"+54",&3*+6%5%(%5O"4$+%$&`"+%)*#*J
4*)L*g& e$6%*& $6<& `#")$358*& ",& M*47)$g<& 6$;S+& $,& %I)J
45+*&F($&C5++$*&(6"&3*+6%"+%$4$+%$&M"6%"&,"&8I354"&
$8535K+&8$,&Y2+%(>& TXHWLHQHTXHSDUDVHUKXPDQR
UHFRQRFHUVHHQXQQRKRPEUH $JDPEHQ 
]5+&$47");*<&$+&,"6&3*4(+58"8$6&M(4"+"6<&+*&%*8*6&
ORV VHUHV KXPDQRV WLHQHQ OD PLVPD RSRUWXQLGDG R
FDSDFLGDGSDUDHMHUFHUODFULDQ]D\GRPHVWLFDFLyQGH
,*6&45$47)*6&8$&6(&$6#$35$-&W*4*&65&L($6$&6*,"4$+J
%$&(+&#)5O5,$;5*&%935%*&8$&,*6&45$47)*6&#*6535*+"8*6&
$+&,"&3$)3"+N"&8$,&#$F($a*&3N)3(,*&8$&,"&6*7$)"+N"&*&
SHUWHQHFLpQGROH'HVGHHVWHSXQWRGHYLVWDODIDPRJ
6"& 4$%9L*)"& 8$,& #*8$)& #"6%*)",& 3*7)"& (+& 6$+%58*& 85J
L$)$+%$&",&6$+%58*&8$6#,$;"8*&#*)&,"&O565K+&58N,53"&8$&
(+&"#"357,$&#"6%*)35%*&3(58"+8*&"&6(&)$7"a*&$+&",;S+&
%)"+F(5,*&)5+3K+&8$&,"&3"4#5a"[&$+&$,&#")F($&M(4"+*&
DFWXDO H[LVWHQ ORV TXH YLJLODQ \ ORV TXH VRQ YLJLODJ
GRV 6ORWHUGLMN \ORVYLJLODGRVWLHQHQTXH
"#)$+8$)&"&4$+(8*&"&3(58")6$&8$&,*6&F($&,*6&O5;5,"+&
#*)F($&3"8"&O$P&496&;$+%$&#($8$&#")%535#")&-($:&/%"$
$+&",;S+&#)*3$6*&8$&6$,$335K+&65+&M"7$)6$&#$)3"%"8*&
L*)P*6"4$+%$& 8$,& #)$356*& "6(+%*& ",& F($& ,*6& $6%(O5$J
)*+& 5+8(35$+8*& *& $4#(G"+8*& #*3*& "& #*3*& e],*%$)J
GLMN TXHVHDQPpGLFRVHGXFDGRUHVR
#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

DE

.-0$)-!//0 *'.&'#-%)*%)=".8%**%-)3.;'!'#

)$$8(3"8*)$6<& *)5$+%"8*)$6& :& )$3,(%"8*)$6& 8$& %*8*6&


%5#*6<& 65+& 4$+35*+")& "& ,"6& #)*#5"6& #")$G"6& F($& 8$35J
8$+&5+%$)O$+5)&#(+%(",4$+%$&6*7)$&,"6&3")"3%$)N6%53"6&
;$+I%53"6&8$&6(6&M5G*6-$OUHVSHFWR3HWHU6ORWHUGLMN
   FRQFOX\H TXH HQ OXJDU GH SUHWHQGHU LJJ
+*)")&,*&F($&$6%9&#"6"+8*<&E#*)&F(I&+*&#")%535#")&$+&
$6$&G($;*&:&#*+$)6$&"&%)"7"G")&$+&,"&L*)4(,"35K+&8$&
(+&8$%$)45+"8*&3K85;*&#")"&,"&)$;,"4$+%"35K+&8$&,"6&
"+%)*#*%I3+53"6H& ]5& 75$+& +*& 6$& M"& ,,$;"8*& "S+& "& ,"&
L*)4(,"35K+&8$&%",$6&3K85;*6<&$+&,"&#)93%53"&M"&$6%"8*&
L(+35*+"+8*&"75$)%"4$+%$&%*8"&(+"&6$)5$&8$&4$3"+56J
4*6&8$&6$,$335K+&"&;)"+&$63","'H DKt TXH HQ HVWRV WLHPSRV GH OD LPSOHPHQWDJ
35K+&8$&,"&5+6%)(4$+%"35K+&8$,&M*47)$&#*)&6N&4564*&
:& 8$,& 8$6"))*,,*& 65+& #)$3$8$+%$& $+& ,"& M56%*)5"& 8$& ,"&
M(4"+58"8& 8$& ,"& "+%)*#*%I3+53"<& +*& M"& 8$& 6*)#)$+J
GHU TXH HO HVWDGR GH H[FHSFLyQ VH KD\D YXHOWR XQR
8$& ,*6& 5+6%)(4$+%*6& 496& #)$35"8*6& 8$& ,"& 75*#*,N%53"&
$+3")+"+8*&3*4*&+(+3"&"+%$6&(*$'"-(#$-($9&/(#$,0,0#$
"$-($#(/9&;&#$9&/0&$*&$>.(#%(-&>+%)$&,"6&$+6$a"+P"6&
8$& Q53M$,& T*(3"(,%& %)"6& M"7$)& )$O56"8*& ,"6& #")%53(J
,")58"8$6& $& 54#,53"35*+$6& 8$& ,*6& #)*3$6*6& M56%K)53*6&
3")"3%$)N6%53*6&8$&,"&L*)4"35K+&:&8$6"))*,,*&8$&,"&6*J
35$8"8&*3358$+%",&4*8$)+"<&M":&(+"&$+&#")%53(,")&F($&
F($8"&3,")"[&3*+&,"&)$;(,")58"8&8$&(+&4*O545$+%*&8$&
#I+8(,*<&3"8"&O$P&F($&,*6&"3%*)$6&8$&,"&M56%*)5"&,*;)"+&
3*+F(56%")&3*+%)"&,*6&"#")"%*6&8$&#*8$)&8$%$)45+"8"6&
,57$)%"8$6&*&8$)$3M*6<&,"&)$6#($6%"&+*&6$&M"3$&$6#$)")[&
5+535"+8*&#*)&$,&3#&1-$(1:(#>(>(1%$:&%)"+65%"+8*&ON"&
$,&'&1H'%0/.>$KDFLDHOFDPSRGHFRQFHQWUDFLyQTXH
+*&5+3,(:$&$+&6(6&"+9,5656&#$)*&F($&6$&#($8$&5+3,(5)&
UHVSHWDQGRODSURSLDOyJLFDGHVXUHH[LyQORVDSDJ
)"%*6&8$&#*8$)&6$&5+%$)$6"+&8$&4"+$)"&3"8"&O$P&496&
"75$)%"&:&#)$356"&#*)&,"&1.-&$,0-&$F($&O"+&5+63)575$+J
8*&"#)$6()"8"4$+%$&$+&,"&+*)4"%5O58"8&8$,&*)8$+&#*J
,N%53*-&>6&8$&$6%"&4"+$)"&F($&$,&G($;*&8$&,"&#*,N%53"&6$&
M"&58*&%)"+6L*)4"+8*&3*+&496&#)$3565K+&:&L($)P"&$+&
$,&G($;*&8$&,"&75*#*,N%53"&3*4*&65&\,"&O58"&75*,K;53"&
3*+&6(6&+$3$658"8$6&6$&hM(75$6$i&3*+O$)%58*&$+&%*8"6&
#")%$6& $+& $,& M$3M*& '"*T%0/&>(1%($ 8$3565O*_& e?;"4J
EHQ 3RUORWDQWRTXHGDFODURTXHHO
$G$)3535*&8$&,"&#*,N%53"&8*45+"+%$4$+%$&3*4*&75*#*J
,N%53"&+*&,,$;"&"&3")"3%$)5P")&8$&4"+$)"&#)5O5,$;5"8"&
"&,*6&>6%"8*6&%*%",5%")5*6<&65&75$+&6*+&$,,*6&F($&$+&8$J
%$)45+"8*& 4*4$+%*& 8$& ,"& M56%*)5"& 8$& ,"& M(4"+58"8&
M"+& 58*& 4"+5L$6%"+8*& 3*+& %*%",& 3,")58"8& ,"& #$3(,5")&
)$%$))5%*)5",5P"35K+& 8$,& $G$)3535*& 8$,& #*8$)& 6*7$)"+*&
3*+& 6"7*)& "& %&1&%"'"*T%0/&$ $JDPEHQ   
3("+8*&,"&8$3565K+&6*7)$&,"&O58"<&496&F($&(+"&8$35J
7DOHVHOFDVRSRUHMHPSORGHORVQLxRVPHGLFDPHQWRVSURFUHDGRVH[
SURIHVRFRQHOQGHSRGHUVHUYLUGHIXHQWHSDUDORVFXLGDGRVHVSHFtFRV
)$F($)58*6&#*)&$,&M$)4"+*&*&M$)4"+"&$+L$)4*-&

#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

DG

65K+&6*7)$&,"&O58"&3*4*&%",&$6&(+"&8$3565K+&6*7)$&,"&
PXHUWH<VLODH[FHSFLyQHVODHVWUXFWXUDGHODVREHJ
UDQtDpVWDQRHVHQWRQFHVQLXQFRQFHSWRH[FOXVLYDJ
PHQWHSROtWLFRQLXQDFDWHJRUtDH[FOXVLYDPHQWHMXJ
UtGLFDQLXQDSRWHQFLDH[WHULRUDOGHUHFKR 6FKPLWW 
QLODQRUPDVXSUHPDGHORUGHQMXUtGLFR .HOVHQ HV
OD HVWUXFWXUD RULJLQDULD HQ TXH HO GHUHFKR VH UHHUH
"& ,"& O58"& :& ,"& 5+3,(:$& $+& I,& #*)& 4$85*& 8$& ,"& #)*#5"&
VXVSHQVLyQ $JDPEHQ HVORTXHSHUPLWH
$+%*+3$6& $+%$+8$)& %"475I+& #*)& F(I& ,*6& >6%"8*6& %*J
%",5%")5*6&:&,"6&8$4*3)"35"6&#"),"4$+%")5"6&%$)45+"+&
3*4#")%5$+8*& 35$)%"6& 4"+$)"6& 8$& M"3$)& #*,N%53"[& ,"&
QXGDYLGDVHKDYXHOWRHOREMHWRFHQWUDOGHOFRQLFWR
#*,N%53*-&\>+&$6%"&#$)6#$3%5O"<&$,&3"4#*&8$&3*+3$+J
%)"35K+<& 3*4*& #()*<& "76*,(%*& $& 5+6(#$)"7,$& $6#"35*&
ELRSROtWLFR IXQGDGRHQFXDQWRWDOH[FOXVLYDPHQWHHQ
HOHVWDGRGHH[FHSFLyQ DSDUHFHFRPRHOSDUDGLJPD
*3(,%*&8$,&$6#"35*&#*,N%53*&8$&,"&4*8$)+58"8<&8$,&F($&
%$+8)$4*6&F($&"#)$+8$)&"&)$3*+*3$)&,"6&4$%"4*)L*J
VLV\ORVGLVIUDFHV $JDPEHQ 
EC"& 75*#*,N%53"& $6& (+"& 3*+6$3($+35"& +$3$6")5"&
8$& ,"& $O*,(35K+& 8$& ,"6& )$;,"6& 8$& "845+56%)"35K+& 8$&
,"6&6*35$8"8$6&M(4"+"6&:&8$&,"6&#(+%(",$6&)$5O5+85J
3"35*+$6& 8$,& 6$)& M(4"+*& #")"& 6(& #)*#5*& #*6535*+"J
45$+%*& $+& $,,"6H& ?6N& #")$3$<& #*)& 496& 3*+6%$)+"35K+&
F($& #($8"& ;$+$)")& ,"& *76$)O"35K+& 8$& "F($,,"& T1%0>&$
/"1%#&-0//0H1$-($*&$-(>"/#&/0&$>"-(#1&$e?;"47$+<&
   'LFKR HQ RWURV WpUPLQRV OD HVWULGHQWH
)$%$))5%*)5",5P"35K+& 8$& ,*& #*,N%53*& $+& ,"6& S,%54"6& 8IJ
3"8"6&)$F(5$)$&#")"&6(&8$758*&$+%$+8545$+%*&F($&6$&
)$O56$+& #)54$)*& ,*6& ")3M5O*6& M56%K)53*6& 8$& ,*6& 3"4J
75*6&;$+$)"8*6&$+&,"&"845+56%)"35K+&8$&,"6&6*35$8"8$6&
*3358$+%",$6&:&8$&6(6&3*+6$3($+35"6&85)$3%"6&$&5+85J
UHFWDVDPHGLDQR\ODUJRSOD]R3RUTXHDOPRPHQWR
8$&6$a",")&,*&F($&$+%)"a"&$,&6();5)&8$&,"&75*#*,N%53"<&6$&
)$F(5$)$&)$;)$6")&$+&$,&%5$4#*&:&#$)3"%")6$&8$,&,$+%*&
#)*3$6*&F($&6$&5+535*&M"3$&65;,*6<&"#")$+%$4$+%$&3*+&
*%)*6&*7G$%5O*6&3*+635$+%$6<&#$)*&F($&M"&58*&#*6535*J
+"+8*&#*3*&"&#*3*&,"6&#5$P"6&8$,&;)"+&)*4#$3"7$P"6&
8$&,"&65%("35K+&"3%(",&$+&,"&F($&O5O$+&,"6&3*4(+58"8$6&
M(4"+"6&F($&M"+&58*&5+3,(:$+8*&,"&+(8"&O58"&3*4*&
#")%$&4$8(,")&8$&6(&"845+56%)"35K+&:&O565K+&#*,N%53"&
:&F($&#($8$+<&3*+&%*%"&,$;",58"8<&5)&8$6#,"P"+8*&(+"&
:&*%)"&O$P&$,&(47)",&F($&6$#")"&,"&O58"&8$&,"&4($)J
WH XQ XPEUDO TXH VH PXHYH FRQ WRGD IDFLOLGDG GLJ
FKRVHDGHSDVRDODKRUDGHH[LVWLUXQDELVPRFDGD
O$P& 496& #)*L(+8*& $+%)$& ,*6& 8$)$3M*6& 8$,& M*47)$& :&
,*6& 8$)$3M*6& 8$,& 35(8"8"+*-& '*& *76%"+%$<& #")$35$)"&
F($&4(3M*6&*);"+564*6&+*&6$&M"+&#$)3"%"8*&"S+&8$,&
3"475*&8$&)$;,"6&8$,&G($;*&54#($6%*&#*)&,*&75*#*,NJ
%53*&:&L(+8"4$+%"8*&$+&,"&)"853",&6$#")"35K+&8$&,*6&

*')10"*%#-0')2%)*')*%(&');),"$(<*%(&'

8$)$3M*6&8$,&M*47)$&:&,*6&8$)$3M*6&8$,&35(8"8"+*&8$&
"MN&F($&\4"+%5$+$+<&"&#$6")&6(:*<&(+"&6$3)$%"&6*,58"J
)58"8&3*+&,"6&L($)P"6&"&,"6&F($&%$+8)N"+&F($&3*47"%5)_&
$JDPEHQ 4XHGDFODURTXHODVFDWHJRJ
)N"6& %)"8535*+",$6& 8$,& #$+6"45$+%*& 8$& ,"& "845+56%)"J
35K+&8$&,"&3*4(+58"8&M(4"+"&6();58"6&8$,&M*)5P*+%$&
;)5$;*& :& F($& M"+& L(+8"4$+%"8*& :& +(%)58*& 65;,*6& 8$&
UHH[LyQSROtWLFDHQHOiPELWRRFFLGHQWDOKDQOOHJDGR
"&6(&L$3M"&8$&3"8(358"8&$+&$,&#)$356*&5+6%"+%$&$+&F($&
,"&75*#*,N%53"&6$&M"&54#($6%*&3*4*&,"&%K+53"&8$,&F($J
M"3$)&#*,N%53*&:&F($&6$&M"+&7*))"8*&,"6&L)*+%$)"6&F($&
#$)45%N"+&(+"&3,")"&85L$)$+35"35K+&$+%)$&,*&#)5O"8*&8$&
,"&O58"&M(4"+*&:&,*&+*&#)5O"8*-&\W(",F(5$)&5+%$+%*&8$&
)$#$+6")&$,&$6#"35*&#*,N%53*&8$&@3358$+%$&8$7$&#")%5)&
8$&,"&3,")"&3*+635$+35"&8$&F($&8$&,"&856%5+35K+&3,965J
3"& $+%)$& ;"(& :& F0"+ HQWUH YLGD SULYDGD \ H[LVWHQFLD
#*,N%53"<&$+%)$&$,&M*47)$&3*4*&654#,$&6$)&O5O*<&F($&
%5$+$& 6(& ,(;")& #)*#5*& $+& ,"& 3"6"<& :& $,& M*47)$& 3*4*&
6(G$%*&#*,N%53*<&F($&%5$+$&6(&,(;")&#)*#5*&$+&,"&35(8"8<&
\DQRVDEHPRVQDGD $JDPEHQ 3HQVDU
$,& $G$)3535*& 8$,& #*8$)& 6*7$)"+*& 8$68$& ,"& 75*#*,N%53"&
6$a","&,"&+$3$658"8&8$&;$+$)")&(+&+($O*&4")3*&#")"&
#*8$)&5+%$)#$,")6$&3*+&%*8"&#$)%5+$+35"&3*+&,"6&+($J
O"6&L*)4"6&8$,&$G$)3535*&8$,&#*8$)&6*7$)"+*&6",5$+8*&
F(5P9<&#)54$)*<&8$&,"&%$,")"a"&8$,&,*;*3$+%)564*&:&65+&
#$)8$)&8$&O56%"&,"&+$3$658"8&8$&6$;(5)&"845+56%)"+8*&
,*&#)*#5*&8$,&6$)&M(4"+*<&$6&8$35)&,"&O5*,$+35"&8$)5J
O"8"&8$&,"6&3)5656&454I%53"6-&
/DWDUHDGHORVSUy[LPRVDxRVHVHOQHFHVDULR\XUJ
;$+%$&)$#*6535*+"45$+%*&8$&,"&L(+8"4$+%"35K+&8$&,*&
SROtWLFRDQWHVGHTXHGDUIDJRFLWDGRV9ROYHUDSHQVDU
,"&#*6575,58"8&4564"&8$,&$6%")JG(+%*6&3*+&*%)*6&#")9J
4$%)*6&)$;(,"+8*&,"&"335K+&:&$,&54";5+")5*&$+&$,&F($&
6$&#($8"&5+63)575)j>T>j>'WB?]

$JDPEHQ *   !#":&1&/0"1(+)& V($+*6&?5)$6<&


?8)5"+"&D58",;*-&
$JDPEHQ *   C"$ &F0(#%"<& V($+*6& ?5)$6<&
?8)5"+"&D58",;*$JDPEHQ*  M">"$+&/(#-&L*$'"-(#$+"F(#&1"$
2$*&$1.-&$,0-&9DOHQFLD3UH7H[WRV
$JDPEHQ *   L+%&-"$ -($ (W/('/0H1<& V($+*6&
?5)$6<&?8)5"+"&D58",;*-

0).-0$)-!

$JDPEHQ *   L*$ #(01"$ 2$ *&$ 3*"#0&4& e1&$ 3(=


1(&*"3T&$%("*H30/&$-($*&$(/"1">T&$2$-(*$3"F0(#1"<&
V($+*6&?5)$6<&?8)5"+"&D58",;*'HUULGD-  C&$3#&>>&%"*"30(3DUtV/HVeGLJ
%5*+6&8$&Q5+(5%)HUDW&UX](  M(.#T+%0/&$N.#T-0/&$2$-0*(>&$-($
K"#3f1+(1WHVLVGHOLFHQFLDWXUDHQ'HUHFKR3XHJ
EOD8QLYHUVLGDGGHODV$PpULFDV3XHEOD
)RXFDXOW0  Cg"#-#($-.$-0+/".#+3DUtV*DOOLPDUG
)RXFDXOW0  C(+$>"%+$(%$*(+$/9"+(+3DUtV*DOOLPDUG
)RXFDXOW0  M0+%"#0&$-($*&$+(W.&*0-&-)$h=$C&$
,"*.1%&-$-($+&F(#0p[LFR6LJOR;;,(GLWRUHV
)RXFDXOW0  i030*&#$2$/&+%03&#0p[LFR6LJ
;,*&11B&>85%*)$6)RXFDXOW 0   S&0++&1/($ -($ *&$ F0"'"*0%0E.()$
3DUtV*DOOLPDUG6HXLO
*LUDUG5  ?(1+"13($#">&1%0E.($(%$,V#0%V$#"=
>&1(+E.()3DUtV*UDVVHW )DVTXHOOH
*LUDUG5  C&$,0"*(1/($(%$*($+&/#V3DUtV*UDVVHW
*LUDUG5  I(+$/9"+(+$/&/9V(+$-('.0+$*&$:"1=
-&%0"1$-.$>"1-(3DUtV*UDVVHW )DVTXHOOH
*LUDUG5  <(*.0$'&#$E.0$*($+/&1-&*($&##0,(<&
3DUtV'HVFOpHGH%URXZHU
*LUDUG 5   /H VDFULFH 3DUtV %LEOLRWKqTXH
'"%5*+",$&8$&T)"+3$/pYL6WUDXVV&  O#0+%(+$%#"'0E.(+)$3DUtV3ORQ
/pYL6WUDXVV&O  C&$'(1+V($+&.,&3(3DUtV3ORQ
/H %RXKHOOHF /   %UHYH UHH[LyQ VREUH OD
"(%*#,"6%5358"8&M(4"+"[&549;$+$6&6$,$3%"6&$+&75&:&
%)5854$+65*+",58"8&8$68$&$,&M*)5P*+%$&L(+8"35*+",&
M"6%"&,"&"3%(",58"8_<&?"-"+$-($+.FN(%0,&/0H1<&QIJ
[LFR8QLYHUVLGDGGH*XDQDMXDWR
/RUHQ].  Cg&3#(++0"14$e1($90+%"0#($1&%.#(=
**($-.$>&*3DUtV)ODPPDULRQ
0DIIHVROL 0   L*"30"$ -($ *&$ #&;H1$ +(1+0F*(<&
%DUFHORQD3DLGyV
0DIIHVROL0  C&$%&N&-&$-(*$-0&F*"0p[LFR
]5;,*&11B&>85%*)$6-&
6ORWHUGLMN3  Dj3*(+$'".#$*($'&#/$9.>&013DJ
)N6<&Q5,,$&$%&(+$&+(5%63RUW~V -   /D HVWD HQ (VSDxD GXUDQWH OD
>8"8&Q*8$)+"_<&L*$>.1-"$-($<&#*"+$i)$-($*&$L+=
'&Z&$>(-0(,&*$&*$+03*"$-($"#"0p[LFR81$0

#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

DH

#2-6.))2"(%&2-"-2$.'-2)!"?(
+!&$2-$,2"(#2&2(!)(

poltico

mercado

6!()2($&.+.-2).42$.@-

>,+%&5?@"#&!%#-(%&>-#(A(/-4*
#")"&#$+6")&(+&3"#5%",564*&8$&+($O*&3(a*<&(+&3"#5%"J
,564*&8$&3*+6(4*<&#$+6")&$+&4$)3"8*6&3)545+",$6&*&
,& 656%$4"& 8$& 6*35$8"8& 3*+%$4#*)9+$*& $6& (+"& 5,$;",$6&e65$4#)$&4$)3"8*6&,$;5%54"8*6&#*)&,"&;"+"+J
5+(+8"35K+& 8$& 4$)3"8*-& >6& 8$35)<& ,"& $3*+*J FLD FRQUHODFLyQDODDSDULFLyQ\WUDWDPLHQWRGHODV
4N"& 8$& 4$)3"8*& M"& #$)4$"8*& 3"4#*6& 6*35"J ,,"4"8"6&#"+85,,"6&%)"+6+"35*+",$6,$6<& 656%$4"6& 6*35",$6<& 5+6%5%(35*+$6<& $6L$)"6& *& 3*4*&
F(5$)"&8$+*45+")6$&,"&*#$)"35K+&8$&85L$)$+35"&$+%)$&
C?&Q>jW?'Wn?&
OR SROtWLFR UHOLJLRVR FLHQWtFR DUWtVWLFR \ OR SXUDJ
3$1',//$75$161$&,21$/
4$+%$& $3*+K453*& *<& 4$G*)& 853M*<& $,& 4$)3"8*<& #($6& A+&656%$4"&8$&6*35$8"8&5+(+8"8*<&3*4*&$,&3"#5%",56J
65& +*6& "%$+$4*6& "& (+"& 58$"& $,$4$+%",& 8$& $3*+*4N"<& WDH[DFHUEDGRHQHOFDSLWDOLVPRGHFRQVXPRLPSOLFD
I6%"&M"3$&)$L$)$+35"&",&G($;*&$+$);I%53*<&"&,"&3*+L)*+J ODLPSRVLELOLGDGGHOtPLWHV1RKD\OtPLWHVH[WHULRUHV
%"35K+&"&,"&$63"6$P<&",&5+%$)3"475*&8$&)$3()6*6-&>6&$,& !*8*&$6&$4#"#"8*&6$;S+&$,&L(+35*+"45$+%*&8$,&656%$J
GLOXYLRDTXHKDFHUHIHUHQFLD'HOHX]H  FRPR 4"&8$&6*35$8"8<&"S+&3("+8*&#")$35$)"&"O$35+")6$&$,&
54#*6575,58"8& 8$& ,"& 856%5+35K+& 656%I453"& ,(M4"++5"J GHUUXPEH DQGHFXHQWDVODVRFLRORJtDWUDEDMDFRQHO
+"&8$758*&"&F($&,"&$+$);N"&+$3$6")5"&#")"&$,&L(+35*J #$)$++$&%$))*)&8$&,"&#)$;(+%"&E3K4*&$6&F($&65;($&$+&
+"45$+%*&:&"3*#,"45$+%*&8$&,*6&656%$4"6&%$*)5P"8*6& SLH" \HVHQHVHWDPEDOHDUVHGyQGHVHGDODGLIHUHQJ
SRU HO VRFLyORJR DOHPiQ GHQH ORV FyGLJRV HQ TXH FLDVHJ~QXQDHVWUDWLFDFLyQXQDYHUWLFDOLGDGTXHQR
,"6&*#$)"35*+$6&"(%*#*5$%53"6&:&"(%*)$L$)$+35",$6&6(J %5$+$&4(3M*&F($&O$)&3*+&,"6&G$)")F(N"6&8$&#*8$)<&65+*&
3$8$+&$+&3"8"&656%$4"[&$,&8$&,"&#*,N%53"<&$,&8$)$3M*<&,"& 3*+&,"&#*6535K+&$3*+K453"<&#*6535K+&$+&$,&4$)3"8*<&
35$+35"<&$%3I%$)"-&>+%*+3$6<&$,&656%$4"&8$&,"&6*35$8"8& FRPRSLHQVD:HEHUODVGLIHUHQFLDVGHFODVHGHXGRJ
FRPRFDSLWDOLVPRGRQGHORVHQHUJpWLFRVFRGLFDGRV UHV DFUHHGRUHV GpELOHV \ IXHUWHV 3RU VXSXHVWR DVt
#*)&$,&4$85*&85+$)*&e3"8"&O$P&496&3K85;*&",$G"8*&8$& 6($+"& 8$4"65"8*& "& (+& $6%"8*& 8$& +"%()",$P"f;($))"-&
XQD PDWHULDOLGDG WDQJLEOH  FRQYLHUWHQ HO GLFKR PDUJ '*& $6& $,& 3"6*-& C*& #*,N%53*& $6%9& $6%)(3%()"8*& "& #")%5)&
[LVWD VREUH HO IHWLFKH HQ XQD UHDOLGDG TXH FRQYLHUWH 8$&,"6&)$,"35*+$6&8$&3,"6$<&8$&,(3M"6&8$&3,"6$<&3*+&,"&
DOXMRHQHUJpWLFRHQXQDLOXVLyQSHUIRUPiWLFDEUXWDO 8$4*3)"35"&6$&,*;)"&#)*L(+85P")&,"&5+(+8"35K+&#($6&
%*8"&#)*8(335K+&8$&)$",58"8<&M"6%"&,"&496&8*,*)*6"&$& F($8"&,545%"8"&,"&O$)%53",58"8&8$&(+"&G$)")F(N"&#*,NJ
54#$+6"7,$<&$6%9&3*+6%)(58"&#*)&)$,"35*+$6&8$&4$)3"J WLFD D SHVDU GH TXH H[LVWDQ IXHUWHV HQ ORV VLVWHPDV
GR 6HUtD PX\ H[WHQVR GDU FXHQWD WHyULFD GH ORV DUJ #*,N%53*6<&,"&8$4*3)"35"&%5$+$&,"&L"3(,%"8&8$&%)"+6L*)J
;(4$+%*6& 6$a","8*6<& F($8"+& 3*4*& #)*O*3"35K+-& >+& 4")& ,"6& 3*))$,"35*+$6& 8$& L($)P"& $+& ,*& #*,N%53*<& #$)*&
%*8*&3"6*<&$,&*7G$%5O*&8$,&#)$6$+%$&")%N3(,*&$6<&%*4"+J +*&8$&%)"+6L*)4")&$,&656%$4"&$3*+K453*<&"#$+"6&%N45J
8*&$+&3($+%"&,"&54";$+&8$&,"&5+(+8"35K+&8$&4$)3"8*& GDVGHFLVLRQHVGHSROtWLFDHFRQyPLFD \VHHVFHQLFD
(+"&M*)5P*+%",58"8&#*,N%53"&3"#"P&8$&3)$")&35(8"8"+*6&
Z&

>

&$3,7$/,602'(&216802
62&,('$''(0(5&$'2

'RFWRUHQ&LHQFLDV6RFLDOHV\3ROtWLFDVSRUOD8QLYHUVLGDG,EHURDPHULFDQD

#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

DD

,'#20**'$)(&'#$#'-0"#'*%$

8$6$+%$+858*6&8$&,"&%*4"&8$&8$3565*+$6>,& 3"#5%",564*& %(O*& (+"& )$"335K+& #*,N%53"& 54#*)J


%"+%$&3*+&$,&>6%"8*&8$&75$+$6%")&$+&(+&4*4$+%*&M56J
%K)53*&$+&$,&F($&$,&%)"7"G*<&",&6$)&,"&)$,"35K+&#*)&8*+8$&
6$&$+$);$%5P"7"&$,&656%$4"<&%$+N"&"S+&L"3(,%"8$6&#")"&
QHJRFLDU < HO (VWDGR DGTXLULy XQ SDSHO LPSRUWDQWH
HQODWRPDGHGHFLVLRQHVUHVSHFWRDFyPRVHGHQtDQ
,"6&3*6"6&$+&,*6&4$)3"8*6&:<&#*)&$+8$<&$+&,"&,(3M"&8$&
FODVHV3HURFRQODHUDGHORVQHROLEHUDOLVPRV HQUHDJ
,58"8&(+&3"475*&#*,N%53*&$4#(G"8*&#*)&$,&%)5(+L*&8$,&
3"#5%",&L)$+%$&",&%)"7"G*&",3"+P"8*&;)"35"6&"&)$O*,(35*J
+$6&%$3+*,K;53"6<&"845+56%)"%5O"6&$<&5+3,(6*<&;$*#*,NJ
WLFDV VREUHWRGRORV(VWDGRVSHULIpULFRVDUUDVWUDGRV
#*)& 3*+6$+6*6& 3$+%)",56%"6<& %*)+")*+& $+& >6%"8*6& 3*+&
#*3"& 5+G$)$+35"& $+& ,"& )$;(,"35K+& 8$& 4$)3"8*6<& 3*+J
O5)%5I+8*6$&$+&>6%"8*6&#$+",$6-&C57$)%"8&8$&4$)3"8*&
#)*8(3%*)"&8$&8$65;(",8"8$6&#)*L(+8"6<&5+I85%"6&$+&,"&
KLVWRULD HQ XQ PDUFR GH XLGH] GH FDSLWDOHV \ SURJ
GXFWRVHPSDxDGD RSRVLELOLWDGD SRUODULJLGH]GHOD
35(8"8"+N"-&C"&35(8"8"+N"&65;($&65$+8*&#*,N%53"<&#$)*&
VHXVDFRQQHVFRPHUFLDOHVXQDDPDOJDPDHQWUHOR
SROtWLFR \ OR HFRQyPLFR ORFDOL]DEOH HQ OD JXUD GH
,*6&45;)"+%$6&$3*+K453*6<&"F($,,*6&F($&+*&M(:$+&8$&
,"& 4($)%$& #*)& ;($))"<& F(5P9& %"4#*3*& #*)& 5+"+535K+<&
VLQRSRUXQHQWRUQRHFRQyPLFRTXHORVH[SXOVD'H
"MN& F($& #*6%()"6& 3*4*& ,"& 8$& U5"3*4*& Q"))"4"*<&
8*+8$& #$+6")& $+& $6L$)"& #S7,53"& $+& ,(;")& 8$& >6%"8*J
+"35K+&#$)45%$&857(G")&,"&"#")535K+&8$&(+"&6*35$8"8&
35O5,&%)"+6+"35*+",-&A+&5)&:&O$+5)<&(+&,,$+")&:&O"35")&
,*6& %$))5%*)5*6& 4*O5,5P"8*6<& 8$6%$))5%*)5",5P"8*6& #*)&
ODHFRQRPtDJOREDOL]DQWH6LJQLFDQRDJRQL]DUHQHO
4")&8$&,"&54#*,N%53"&$3*+K453"&*&8$&,"&#*,N%53"&$3*J
+*45P"8"<&65+*&M"3$)&*%)"&#*,N%53"-&>6&$,&L"3%*)&8*+8$<&
$+&$,&3)(3$<&$+&$,&$+%)$%"+%*<&$+&$,&$+%)$&8$&,"&8$6")J
%53(,"35K+&8$,&>6%"8*J+"35K+&6$&#($8$&M"3$)&#*,N%53"-&
>,& #)*7,$4"& $6& 8$& 4"6"6<& $6& 8$35)<& +$3$6")5"4$+%$<&
#*)&,"6&54#,53"35*+$6&8$,&4$)3"8*<&+*&%*8*6&#*8)9+&
"8F(5)5)&(+"&35(8"8"+N"&%)"+6+"35*+",<&#($6&$,&"6(+%*&
6$&%)"%"<&4$G*)&853M*<&8$&(+"&35(8"8"+N"&;,*7",<&8*+8$&
$,&6",O*3*+8(3%*&$+%)$&L)*+%$)"6&6$"&,"&3"#"358"8&8$&
FRQVXPR'HKHFKRHVWR\DVXFHGHPLJUDQWHVLOHJDJ
,$6&,(#+.+WXULVWDV %DXPDQ 
3RU VX SDUWH OD JOREDOL]DFLyQ FRPR VtQWRPD GHO
8$75,5%"45$+%*&8$,&>6%"8*&6*7$)"+*&:&6(&3*+6$3($+J
%$&85645+(35K+&8$&35(8"8"+N"<&6(;5$)$&*%)*&)(47*&8$&
8$6#*,5%5P"35K+&65;(5$+8*&$,&3"45+*&8$&,*6&8$))"4$6&
HFRQyPLFRVTXHORHPSDSDQWRGR3HURLQYLWDDSHQJ
6")&(+"&#*,5%5P"35K+&8$&,*&54#*,N%53*<&8$&,"&+*J6*7$J
)"+N"& :& ,"& 8$6J35(8"8"+5P"35K+-& C"& "%)"335K+& 8$& ,*6&
8$)$3M*6&#*,N%53*6&M"35"&(+"&$6L$)"&8$&3*+6(4*<&)$,"J
35K+&8$&3,5$+%$,"6<&8$&O(,;")$6&O";"7(+8*6&:&%()56%"6&

0).-0$)-!

FRVPRSROLWDVVLQLGLRPDVFRQOHQJXDH[FOXVLYD\H[J
3,(:$+%$<&#$)*&3*+&,"&5+6$45+"35K+&"&,"6&,$+;("6&6*J
4$%58"6<&4(%"35K+&8$&,*6&,$+;("G$6-&C*&,*3",&:&,*&;,*J
7",&$+L)$+%"8*6&:&)$O5%",5P"8*6&$+&,"&5+%$)#$+$%)"35K+<&
*%)"6&#*,N%53"6<&*%)*6&"3%*)$6&#*,N%53*6&%)"+6+"35*+",$6<&
%)"+63(,%()",$6<&5+%$)58$+%5%")5*6&:&3*4(+5%")5*6&"75$)J
%*6<&\>,&L*3*&8$,&"+9,5656&6$&8$6#,"P"&M"35"&,"&,K;53"&
F($& 85)5;$& ,"& '#"-.//0H1$ 3*"F&*$ -($ *"/&*0-&-$ $+& (+&
4(+8*&3"8"&O$P&496&%)"+6+"35*+",&:&`8$6%$))5%*)5",5J
P"8*g-&C"&#)*,5L$)"35K+&8$&3*4(+58"8$6&$+&8596#*)"&
3*+6%5%(:$& "M*)"<& $+& $,& #,"+*& 3(,%()",& `(+& 5+853"8*)&
HVSHFtFRGHORPRGHUQRJOREDO 0DUUDPDR
 PDWULDVHQIUHQWDGDVDODVSDWULDVHOQDFHUFRQHO
6$)& :& 6*7)$& %*8*& 3*+& $,& F($)$)& 6$)-& C"& 856%5+35K+& 8$&
3,"6$&*#$)"8"&$+&$,&3"#5%",564*&8$&3*+6(4*<&"&4"+$J
)"&8$&#)*8(335K+&$+&4"6"<&4$)3"+%5,5P"[&#*)&(+&,"8*<&
L($)P"&8$&%)"7"G*&#"(#$)5P"8"&65+&*#35*+$6&#*,N%53"6&
#")"&4$G*)")&6(&65%("35K+<&",&3*+%)")5*<&,"6&,$;56,"35*J
+$6&3)545+",5P"8*)"6&8$&,"&45;)"35K+&5+8*3(4$+%"8"&
LOHJDO OHMRVGHUHSULPLUORVXMRVPLJUDWRULRVPHJ
G*)"+_&,"&3",58"8&8$,&#)*8(3%*[&496&L($)%$6<&496&"(8"J
3$6&:&6*7)$&%*8*&496&%$4$)*6*6&:&+$3$65%"8*6&eF(5P9&
HQHVWR~OWLPRUDGLFDODPHMRUtDGHOSURGXFWR SRUHO
*%)*<&,"&%)"+6+"35*+",58"8&8$&,"6&5+8(6%)5"6&4*O5,5P"<&
$+& 4(3M*& 4$+*)& 4$858"<& $G$3(%5O*6& :& %)"7"G"8*)$6&
VXSHUFDOLFDGRVSDUDVXSHUYLVDUODIXHU]DGHWUDEDMR
ORFDO HQFRQGLFLRQHVTXHODH[LELOL]DFLyQGHOWUDEDJ
MRKDGHVPHMRUDGRSDUDFDSWDULQYHUVLyQH[WUDQMHUDHQ
SDtVHVHQYtDVGHGHVDUUROOR ORVWXULVWDVHQFXHQWUDQ
)$#)*8(335*+$6&8$&#*6%",&*)+"4$+%"8"6&;)"35"6&"&,"6&
H[LJHQFLDVFRPHUFLDOHVEXHQDVSHFWR\FDSDFLGDGGH
3*4(+53")6$&$+&,*6&,$+;("G$6&3*4$)35",$6>6%"&#*,")5P"35K+&#)*8(3$&$6#"35*6&6*35",$6&85O$)J
;$+%$6-&?,;(+*6<&$+&"L9+&+*)4",5P"8*)<&,$6&,,"4")N"+&
8$6O5"8*6-& >,& "6(+%*& $6& F($& +*& M":& %",& 8$6O5"35K+<&
#($6& 6$& 65;($& $,& 853%"8*& 8$,& 4$)3"8*<& 6$& 7(63"& $,&
3*+6(4*<&",5O5")&,"6&+$3$658"8$6&#)*8(358"6&#*)&I6%$&
:& :"& 6$& 6$"& O";"7(+8*& *& %()56%"<& $,& *7G$%5O*& $6%9& $+&
$,& 4564*& M*)5P*+%$-& WK4*& ",3"+P"),*& $6& $,& #)*7,$J
4"& *+%*,K;53*& 8$,& 3"#5%",564*& 8$& 3*+6(4*[& 3*4*&
6$)& (+& 7($+& 3*+6(458*)& :& (+& 7($+& 35(8"8"+*-& C"6&
85+9453"6&6*35",$6&;,*7",$6&:&,*3",$6&3M56#$"+&:&#)*J
8(3$+& L$+K4$+*6& F($& 65& 75$+& +*& 6*+& +($O*6& $+& 6(&
%*%",58"8<&65&%*4"+&L*)4"6&5+I85%"6<&3*4*&$,&3"6*&8$&
,"6&,,"4"8"6&#"+85,,"6&%)"+6+"35*+",$6-&U)(#*6&8$&GKJ
YHQHVPDUJLQDOHV\H[FOXLGRVTXHGHDPEXODQSRUHO
$6#"35*&#S7,53*&;,*7",&:"&6$"&#*)&$,&4*O545$+%*<&:"&
6$"&#*)&$,&3*+6(4*-&>+&,"&8$65;+"35K+&%)"+6+"35*+",&
H[LVWHXQMXHJRSURGXFWLYRGHLPiJHQHV\REMHWRVTXH
6$&O$+8$+&#")"&#)*3()")&,"&$7(,,535K+&8$,&4$)3"8*&:&
"4#")")&,"&%)"+6L*)4"35K+&8$&,"&L(+35K+&8$,&>6%"8*<&
#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

DI

.-0$)-!//0 8.3")-L$'&)!"&%#")8%&#B#2%5

3"8"&O$P&4$+*6&8$&75$+$6%")<&3"8"&O$P&496&#$+",-&?,&
,,"4"),"6&#"+85,,"6&%)"+6+"35*+",$6&6$&5+%$+%"&*3(,%")&
6(&*)5;$+<&#")"&8$35),*&8$&",;S+&4*8*<&$+&,*6&#)*3$J
6*6&8$&8*45+"35K+&$3*+K453"-&]$&,$6&#*,5%5P"<&3*4*&
";$+%$6&8$&)5$6;*&5+%$)+"35*+",<&"&%)"OI6&8$&$6%5;4"%5J
P"),*6&3*4*&#()"4$+%$&3)545+",$66XOOLYDQ   DUJXPHQWD TXH HQ  WUDV 
DxRV GH GHSRUWDFLRQHV PDVLYDV LQLFLDGDV HQ 
6$& $L$3%(")*+& \496& 8$& X0& 000& 8$#*)%"35*+$6& 8$& 5+J
45;)"+%$6& 3*+& "+%$3$8$+%$6& 3)545+",$6& "& ?4I)53"&
W$+%)",_-&>6%*<&65&+*&$6&$,&8$%*+"+%$&#)54*)85",&8$&,"&
L*)4"35K+& 8$& #"+85,,"6<& #($6& $,& L$+K4$+*& $6%9& O$)J
%$7)"8*&#*)&,"6&)$,"35*+$6&$3*+K453"6&$+%)$&>6%"8*6&
8QLGRV\/DWLQRDPpULFDPHGLDQWHODFUHDFLyQGHXJ
G*6&45;)"%*)5*6&3*"335*+"8*6&#*)&,"&$3*+*4N"<&6N&$6&
#")%$& L(+8"4$+%",& 8$& ,*& F($& $,& $6#$35",56%"& $+& *#$J
)"35*+$6&8$&5+%$,5;$+35"<&3*+%)"%$))*)564*&:&3*+%)"5+J
6();$+35"& ()7"+"6<& ,,"4"& #"+85,,"6& %)"+6+"35*+",$6-&
C"6&8$#*)%"35*+$6&4*O5,5P")*+&#"+85,,$)*6&$6%"8*(+5J
8$+6$6<&#)5+35#",4$+%$&"&W$+%)*"4I)53"B))$4$85"7,$4$+%$<&,*6&GKO$+$6&45;)"8*6&"&,*6&#*J
,*6&8$&"%)"335K+&$3*+K453"&,,$;"+&"&*3(#")&$,&$6#"J
35*&6*35",&5+L$)5*)-&>63"#"+&8$&,"&456$)5"&#")"&3"$)&$+&
7()7(G"6& 8$& "56,"45$+%*& 8*+8$& ,"& 4$G*)& #*6575,58"8&
8$&6*7)$O5O5)<&$+&(+&"475$+%$&O5*,$+%*<&$6&,"&)$(+5K+<&
,"&";)(#"35K+&$+&#"+85,,"6-&C"&4$%9L*)"&8$&!M)"6M$)&
 PLHPEURGHOD(VFXHODGH&KLFDJRHVSDFLRV
LQWHUVWLFLDOHVDVXPLHQGRODH[LVWHQFLDGHHVSDFLRVVRJ
35",$6&L*)4"8*6&$+%)$&,"6&;)5$%"6<&)$3*O$3*6<&";(G$)*6&
:& 8$496& )5+3*+$6& 8$& ,*6& $6#"35*6& 6*35",$6& ()7"+*6<&
8*+8$& 6$& 3*+;)$;"+& 8$6#$)8535*6& :& #*)F($)N"6<& L(+J
35*+"+&3*4*&,(;")$6&8$&$+3($+%)*&#")"&F(5$+$6&F($J
8")*+&L($)"&8$&,*6&35)3(5%*6&8$&\+*)4",58"8_-&>,&WM5J
3";*&8$&,*6&O$5+%$&:&%)$5+%"&8$,&65;,*&11&L($&#$)L$3%"&
#,"%"L*)4"&8$&*76$)O"35K+-&]5+&$47");*<&"S+&*#$)"7"&
ODHVSHUDQ]DPRGHUQDGHOGHVDUUROORIXWXUR$QDOHV
8$,& 65;,*& 11& :& ,"& #)54$)"& 8I3"8"& 8$,& 11B<& ,"& #*6J
PRGHUQLGDGKDSUHJXUDGRHVRVOXJDUHVLQWHUVWLFLDOHV
3*+&L*)4"&8$&#)565K+&*&3"4#*&8$&3*+3$+%)"35K+-&>6%*&
$6& 6$;S+& ,"& $,545+"35K+& #)*;)$65O"& 8$& (+& >6%"8*& 8$&
75$+$6%")<&3(:"6&$6%)"%$;5"6&$)"+&85645+(5)&,"6&3(5%"6&
$3*+K453"6& :& 6*35",$6& 8$& ,*6& \4$+*6& L"O*)$358*6_-&
]$&M"&#"6"8*&"&(+&>6%"8*&#(+5%5O*<&3*+&,"6&65$+$6&3"J
+"6&8$&#"8)$&"(%*)5%")5*<&3("+8*&,"&#)*#5"&5+6%5%(35K+&
L"45,5")& \+*)4",& 8$354*+K+53"_& M"& "7"+8*+"8*& ,"&
"(%*)58"8&7)(%",&8$,&#"8)$&:&*#%"8*&#*)&(+"&#,()",5J
8"8& 8$& ,"& L*)4"& L"45,5"-& >6%$& >6%"8*& #"%$)+",& G($;"&
",& O5$G*& -".F*($ F01-[& \?MN& $6%9+& ,"6& *#*)%(+58"8$6<&
%K4","6_<& \E'*& M"6& O56%*& %*8"6& ,"6& *#*)%(+58"8$6<&
M"6&$,$;58*&,"&#$*)H&>+%*+3$6&%$&3"6%5;*&#*)&$,$;5)_<&
"(+F($<&$+&)$",58"8<&$6%$&O5)"G$&6$&8"<&#)$356"4$+%$<&
#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

DJ

#*)F($&$,&>6%"8*&:"&+*&#($8$&*L)$3$)&*#*)%(+58"8$6<&
6",O*&,"&6$;()58"8<&$6&8$35)<&*L)$3$&S+53"4$+%$&6$;(J
)58"8<&+*&*#*)%(+58"8$6<&I6%"6&,"6&*L$)%"&$,&,57)$&4$)J
FDGR:DFTXDQW  ORH[SOLFDDVt
!"475I+&M":&F($&%$+$)&$+&3($+%"&6(&3*4#,$4$+%*&6*35*,KJ
JLFRHOGHVDUUROORH[FHVLYRGHODVLQVWLWXFLRQHVTXHPLWLJ
;"+&,"6&3")$+35"6&8$&,"&#)*%$335K+&6*35",&e+&:(%2$1(% FRQHO
8$6#,5$;($&$+&,"6&)$;5*+$6&5+L$)5*)$6&8$,&$6#"35*&6*35",&8$&
(+"&)$8&#*,535",&:&#$+",&e-#&31(% FRQXQDWUDPDFDGDYH]
PiVFHUUDGD\VyOLGD3XHVDODDWURDGHOLEHUDGDGHO(V=
WDGRVRFLDOFRUUHVSRQGHODKLSHUWURDGLVWySLFDGHO(VWDGR
'(1&*ODPLVHULD\ODH[WLQFLyQGHXQRWLHQHQFRPRFRQJ
%)"#")%58"&85)$3%"&:&+$3$6")5"&,"&;)"+8$P"&:&,"&#)*6#$)58"8&
5+6*,$+%$&8$,&*%)*-

>,&3"#5%",564*&$6&(+&656%$4"&F($&M"&,*;)"8*&54#*+$)&
$6%)"%$;5"6& 8$& 4"+%$+35K+& ",%"4$+%$& $L$3%5O"6& #")"&
DVHJXUDUVXIXQFLRQDPLHQWR'HVGHHOSDQySWLFR\OD
85635#,5+"&"&%)"OI6&8$&,"&5+%$)5*)5P"35K+&$+&$,&6(G$%*<&
6(G$%"+&8$68$&8$+%)*&:&,57$)"+&",&656%$4"&8$&*#$)"8*J
)$6&8$&,"&O5;5,"+35"<&,"&45)"8"&$6&M"35"&8$+%)*<&"(%*O5J
;5,"+35"&:&3*+&,"&,57$)"35K+<&3*+3$65K+&8$&,57$)%"8<&$,&
656%$4"&*#$)"&(+&3*+%)*,&8$&,"&,57$)"35K+<&4$85"+%$&,5J
7$)",564*6&,"7*)",$6&:&$6%)"%$;5"6&$4#)$6")5",$6&e$4J
SRGHUDPLHQWR /RPLVPRHOFDSLWDOLVPRSXHGHXWLOLJ
P")&,"&58$*,*;N"&8$&,"&8$4*3)"35"&F($&,"&54#*6535K+&
8$&)$;N4$+$6&45,5%")$6<&#($8$&%)"+65%")&%$)6"4$+%$&8$,&
%*%",5%")564*&",&#,()",564*<&#($8$&(%5,5P")&(+&4$)3"8*&
GHWUDEDMRUtJLGRRH[LEOHSXHGHXWLOL]DUORVPHUFDJ
8*6&3$))"8*6&3*+&",%*6&")"+3$,$6&*&$,&4$)3"8*&,57)$-&
'HSHQGLHQGRGHORVSHOLJURVSXHGHXWLOL]DUGLVWLQWRV
4$3"+564*6<& M"35$+8*& (+"& ;$6%5K+& 4$PF(5+"& 8$& ,"&
OLEHUWDG 3RU VX SDUWH HO FDSLWDOLVPR GH FRQVXPR
6$&)$;*8$"&$+&,"&,57$)%"8<&%*8*&$6&,57)$4$+%$&$,$;58*<&
SXHVWRGRHVWiDKtH[KLELpQGRVH/DSRVPRGHUQLGDG
SUHFLVDGHH[LELOLGDG\GHORSUHFDULR(QWDOVHQWLGR
ODWHFQRORJtDGHOSDQySWLFREULQGDGLYLGHQGRVH[DQJ
;l$6-&]5&,*&F($&54#*)%"&$6&8$G")6$&6$8(35)&#")"&3*+6(J
45)<&$6&+$3$6")5*&#*8$)&O$),*&%*8*-&C"&%$3+*,*;N"&8$,&
65+K#%53*&$6&,"&6$)5$&8$&856#*65%5O*6&6*35",$6<&$3*+KJ
453*6&:&#*,N%53*6&8$6#,$;"8*6&6*7)$&$,&3($)#*&8$&,"&
6*35$8"8&F($<&65&75$+&+*&$,545+"+&,"&$6%)"%$;5"&#"+K#J
%53"&8$,&%*8*<&%*4"&$,&,(;")&#)5+35#",&#")"&,"&*);"+5P"J
35K+&8$&,"&6*35$8"8<&"&%)"OI6&8$,&"(%*3*+%)*,&F($&#$)J
45%$&$,&L(+35*+"45$+%*&8$,&3"#5%",564*&8$&3*+6(4*-&
A+"& 6*35$8"8& 8$,& $6#$3%93(,*& 8*+8$& ,"& ,57$)%"8& 8$&
#)93%53"6&6$"&,"&4*+$8"[&#*8$)&3"475")&6$;S+&,*&853%$&
$,&$6#$3%93(,*-&C"&%$3+*,*;N"&8$,&65+K#%53*<&3*+%)")5*&
8$,&#"+K#%53*<&$6&,"&45)"8"&8$&4(3M*6&6*7)$&4(:&#*J
3*6<& F(5$+$6& 3*+& 6(& 3*4#*)%"45$+%*& 853%"+& L*)4"6&
8$& "3%(")<& M"35$+8*& 8$,& 3*+%)*,& "(%*3*+%)*,& ",& M"3$)&

,'#20**'$)(&'#$#'-0"#'*%$

3)$$)&F($&,"&*#35K+&%*4"8"&L($&$,$;58"&,57)$4$+%$&:&
\8$&$6%"&L*)4"<&$,&65+K#%53*&65)O$<&3*4*&65)O5K&$,&#"J
+K#%53*&$+&6(&4*4$+%*<&8$&856#*65%5O*&8$&3*+%)*,&F($&
#$)45%$&5+%$)5*)5P")&,"6&)$,"35*+$6&8$&#*8$)&:&M"3$)J
,"6&+($6%)"6<&M"3$),"6&#)*#5"6&hoi&M"35$+8*&8$,&#*8$)&
XQD H[SHULHQFLD LQFOXVR LQGLYLGXDO \ SULYDGD *LO
 /DJOREDOL]DFLyQOLEHUDOHFRQyPLFDDJXJ
GL]DHOVtQWRPDGHRUIDQGDG<DQRKD\SDGUHDTXLHQ
"6$65+")<&,*6&+*47)$6&8$&M*47)$6&6*+&6(6%5%(58*6&#*)&
+*45+"35*+$6& $4#)$6")5",$6<& #$)6*+"6& 4*)",$6& F($&
$,$O"+&,"&5+4*)",58"8&8$&,"&8$6$6#$)"35K+&8$&,*6&65+&
+*47)$<& 65+& %5$))"<& 65+& %)"7"G*<& $%3I%$)"-& C"& L()5"& 6$&
85)5;$& "& (+& M*)5P*+%$& 8*+8$& +*& 6$& 6"7$& F(5I+& $63(J
FKDUiRVHVDEHTXHQDGLHUHVSRQGHUi3HURVtH[LVWHOD
54";$+&*&6$)5$&8$&549;$+$6&F($&54#*+$+&3*+8(3%"6<&
"(%*3*+%)*,$6<&,57$)%"8&8$&$,$;5)&6*7)$&,"&#)*#5"&"#"J
)5$+35"<&6$;S+&6$&*L$)%$&$+&$,&4$)3"8*?+%$&$,&4(%564*<&,*6&;)5%*6&#*)&":(8"&6$&8$L*)4"+&
$+&7(,,535*&6",O"G$-&C*6&3*+6(458*)$6&L",,58*6<&3*4*&
ORVOODPD%DXPDQ  LJXDOVRQVHGXFLGRVSHUR
6(6&%93%53"6&6$&O($,O$+&5,$;",$6&:&,*6&*N8*6&$+6*)8$35J
8*6&#*)&,"&L)"3%()"&5+6%5%(35*+",<&)$3(#$)"+&$,&6$+%58*&
:&)$6#*+8$+&#(+5%5O"4$+%$-&W)545+",5P"35K+&8$&,"&#*J
7)$P"-&C"6&7()7(G"6&8$&"56,"45$+%*&$6%",,"+3$1',//$675$161$&,21$/(6

/DPDUJLQDFLyQ\H[FOXVLyQHQHOFDSLWDOLVPRGHFRQJ
VXPR VH H[SDQGHQ \ ORV VXMHWRV LQPHUVRV HQ OD GLJ
QiPLFD GHO PDUJHQ HVWiQ LJXDOPHQWH H[SXHVWRV D OD
%$3+*,*;N"& 8$,& 65+K#%53*<& $6& 8$35)<& 6$& ,$6& 6$8(3$& 3*+&
,"6& 4564"6& 549;$+$6& :& ",& M"3$),*& 6$& ,$& )$%5)"& 3*+&
4":*)&O$M$4$+35"-&C"&"#")535K+&8$&#"+85,,"6&%)"+6J
QDFLRQDOHVVLELHQQRVHH[SOLFDH[FOXVLYDPHQWHSRU
,"&54#*6575,58"8&8$&M"75,5%")&"&%*8*6&3*4*&3*+6(45J
8*)$6& 3*4#$%$+%$6& e6*7)$& %*8*& #$+6"+8*& $+& ,"& #"+J
85,,"6& 3$+%)*"4$)53"+"6<& 8*+8$& ,"6& ;($))"6& 35O5,$6& :&
ORV DXWRULWDULVPRV H[SXOVDURQ JUDQGHV FRQWLQJHQWHV 
6N&$+3($+%)"&$+&$,&$F(5#"45$+%*&8$,&656%$4"&8$&6*35$J
8"8&5+(+8"8*&#*)&$,&4$)3"8*&(+*&8$&,*6&#)5+35#",$6&
GHWRQDQWHV3ULQFLSDOPHQWHODFUHDFLyQGH\HUPRVGH
6*,58")58"8&6*35",&e,*&F($&M$&,,"4"8*&7()7(G"6&8$&"56J
,"45$+%*&6*35",<&#")"&#$+6")&$+&$,&M5#$);($%*&8$63)5%*&
SRU:DFTXDQW>@SHURVLQHOHOHPHQWRpWQLFRHVJ
SHFLFR DQWHODGHUURWDGHOWUDEDMRIUHQWHDOFDSLWDO
>,&3*+%"3%*&F($&$,&>6%"8*&%5$+$&3*+&$6%*6&,(;")$6&4")J
;5+",$6&$6&4$85"+%$&,"&#*,53N"&:&,"&39)3$,C"&"335K+&#()"4$+%$&#$+",&$6%9&L($)%$4$+%$&,5;"8"&
"& ,"& #)*8(335K+& 8$& L$+K4$+*6& O5*,$+%*6& 3*4*& #"+J
85,,"6&%)"+6+"35*+",$6-&C"6&45;)"35*+$6&3*"335*+"8"6&
#*)& $,& 656%$4"& $3*+K453*& L"7)53"+& $6L$)"6& 8$& "56,"J
PLHQWRVRFLDO KLSHUJXHWRV \FRQODFULPLQDOL]DFLyQ

0).-0$)-!

3*+&,"&8$635(8"8"+5P"35K+&e85645+(35K+&;)"8(",&*<&8$&
SODQRHOLPLQDFLyQGHGHUHFKRVSROtWLFRVFLXGDGDQRV 
3*4*& #)5+35#",& M$))"45$+%"& 5+6%5%(35*+",& $+& $,& #)*J
:$3%*& 8$,& 3"#5%",564*& 8$& 3*+6(4*<& %*)+"& 3"8"& O$P&
496&9358*&:&3*))*65O*&$,&"3%(")&8$&,"6&#"+85,,"6&%)"+6J
+"35*+",$6<&8$6"3%5O"+8*&,"6&#*6575,58"8$6&8$&F($&,*6&
,"P*6&6*35",$6&"MN&3*+6%)(58*6&6$"+&3*+6%5%(:$+%$6&8$&
L"3%*)&8$&3"475*&6*35",<&$+&%I)45+*6<&+*&8$&$4"+35#"J
35K+<&65+*&8$&3*+%$+35K+&8$&,*6&$L$3%*6&8$O"6%"8*)$6&
8$&,"6&)$,"35*+$6&8$&#*8$)&"3%(",$6W*4*& 6(3$8$& $+& $,& %)5"+;(,*& +*)%$& 8$& W$+%)*"J
4I)53"<& 8*+8$& ,"6& ,$:$6& )$#)$65O"6& ,,$+")*+& 39)3$,$6&
3*+&#"+85,,$)*6<&,*&F($&#*6575,5%K&(+"&$6%)(3%()"35K+&
8$& ,"6& #"+85,,"6& F($& ,*6& 3"#"35%K& #")"& *);"+5P")6$& :&
WRPDUGHFLVLRQHVFRPRJUXSR8QDUHHVWUDWLFDFLyQ
L*)P"8"&#*)&,"&4"+*&8()"-&?&#")%5)&8$&$6%*<&,"&#"+85,,"&
,*;)K&$6%"7,$3$)&(+"&)$,"35K+&$3*+K453"&3)545+",&3*+&
6(&$+%*)+*&5+4$85"%*<&#$)*&+*&+$3$6")5"4$+%$&(+"&)$8&
5+%$)+"35*+",&8$&3)54$+&*);"+5P"8*-&C*&\%)"+6+"35*J
+",_&8$&,"6&#"+85,,"6&$6%9&$+&$,&\#,"+*&8$&,*&6547K,53*<&
$6& 8$35)<& "& ,"& )$#)*8(335K+& 8$& ,"& 3(,%()"& #"+85,,$)5,&
8$& ,"6& 4")"6& 8$& *)5;$+& 3",5L*)+5"+*<& 3(,%()"& F($& 6$&
SRQHGHPDQLHVWRHQHOXVRGHFLHUWRVWDWXDMHVYHVWLJ
PHQWDJUDWLVVLPERORJtDHVFULWDOHQJXDMHFRUSRUDO
HQWUH RWURV 6DQWDPDUtD VI   \ QR HQ XQD UHG
8$&3*4(+53"35*+$6&:&4"+8*6&F($&%$+;"&3*4*&3$+%)",&
C*6&k+;$,$6&*&",;(+"&*%)"&35(8"8&$+&>6%"8*6&A+58*6B+3,(6*<&8$758*&"&,"6&#*,N%53"6&8$&4"+*&8()"&$6%*6&
$,$4$+%*6&6547K,53*6&F($&8$65;+"+&#$)%$+$+35"&"&,"&
SDQGLOOD DOEDUULRH[WHQGLGRPiVDOOiGHORJHRJUiJ
FR  VH KDQ LGR DWHPSHUDQGR LQWURGXFLHQGR D ORV
#"+85,,$)*6&$+&(+"&3,"+8$6%5+58"8&F($&6$&6(4"&"&,"&
PDUJLQDFLyQ \ OD H[FOXVLyQ REOLJiQGRORV D LPSOHJ
4$+%")& +*)4"6& )N;58"6& $+& $,& 5+%$)5*)& 8$& ,"& #"+85,,"&
3*4*&4$3"+564*&8$&6(#$)O5O$+35"<&#($6<&\,"6&6$a"6&
8$& 58$+%58"8& :& ,"& $6%I%53"& %N#53"& 8$,& 4")$)*<& 3")"3J
%$)5P"8"& #*)& %"%("G$6& 856%5+%5O*6& $+& $,& )*6%)*& :& $+&
HOFXHUSRRHOXVRGHXQDYHVWLPHQWDHVSHFtFDVH
O($,O$+&6(4"4$+%$&3*6%*6"6&:&"))5$6;"8"6&L)$+%$&"&
#*,N%53"6& 8$& 3*47"%$& F($& G(6%"4$+%$& %5$+8$+& "& 3)5J
45+",5P")&%*8*&"F($,&)"6;*&F($&O5+3(,$&"&,*6&GKO$+$6&
FRQODVSDQGLOODV 6DQWDPDUtDVI 
5HWRPHPRVORVDUJXPHQWRVGH6XOOLYDQ  VRJ
7)$&,"&L*)4"35K+&8$&,"6&#"+85,,"6&%)"+6+"35*+",$6[
C"&"%)"335K+&8$&,"&O58"&#"+85,,$)"&$6&(+&"6#$3%*&8$&,*6&7"J
))5*6&496&#*7)$6&:&,"&L",%"&8$&*#*)%(+58"8$6&$+&,"&$3*+*4N"&
JOREDOL]DGD(VDGHPiVH[DJHUDGDSRUHOSRGHUJOREDOGHORV
PHGLRVGHFRPXQLFDFLRQHVHLQIRUPiWLFRV3DQGLOODVFDOOHJ
G$)"6& 3)$"+& 656%$4"6& 8$& )$8$6& 6*35",$6-& !",$6& )$8$6& 8$#$+J
GHQGHOFULPHQSDUDQDQFLDUORTXHHVHVHQFLDOPHQWHXQD
L*)4"& 8$& O58"& F($& #$)45%$& "& ,*6& GKO$+$6& 6*7)$O5O5)& $+& (+&

#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

DF

.-0$)-!//0 8.3")-L$'&)!"&%#")8%&#B#2%5
PXQGRGRQGHH[LVWHQRSRUWXQLGDGHVOLPLWDGDVXQDFDUHQFLD
8$& #)$6$+35"& #"%$)+",& :& 4"%$)+",& :& #*3"& $6#$)"+P"& 8$& (+"&
O58"&4$G*)_-&]$&#($8$&$+3*+%)")&$6%"&+$3$658"8&"&%)"OI6&8$&
ODVUHJLRQHVGRQGHODVPDUDV\VXVFROHJDVRUHFHQ8Q
UHVXOWDGRGHHVWDXQLFDFLyQVRFLDOFULPLQDOHQUHGHVHQOD
H[SDQVLyQGHQRUPDVFULPLQDOHV\HQIRUPDFUHFLHQWHGHOD
LPSXQLGDG\ODEDUEDUL]DFLyQGHOFRQLFWRFULPLQDO

/DREVHUYDFLyQHVFODUD3DUDUHFXSHUDUODPHWiIRUD
,*6&5+%$)6%535*6&8$&,*6&,(;")$6&6*35",$6<&3"8"&O$P&4$J
+*6&,(;")$6&:&496&$6#"35*6<&6$&$+6"+3M"+&:&6$&4*O5J
,5P"+&3*+&,*6&8$6"))"#"8*6-&>,&#)*7,$4"&+*&O56%*&*&+*&
"7*)8"8*&$6&F(I&#)*8(3$+&$6*6&+*J,(;")$6<&$6"6&7()J
EXMDVGHDLVODPLHQWRVLHPSUHHQH[SDQVLyQ\VLHPSUH
HQH[SORVLyQSXHVSRUPiVTXHVHDtVOHQGHOUHVWRGH
,"&\6*35$8"8_&6*+&$+;)"+$6&8$&,"&49F(5+"&6*35",-&!5$J
+$+&(6*6&#*,N%53*6<&(6*6&$3*+K453*6&:&6$&3*+O5$)%$+&
$+&#(+%",$6&8$&$6%)"%$;5"6&8$&#*8$)C"6& #"+85,,"6& %)"+6+"35*+",$6<& 8$& %$)3$)"& ;$+$J
UDFLyQ VHJ~Q OD FODVLFDFLyQ KHFKD SRU 6XOOLYDQ
 0DQZDULQJ  \RWURV
%XQNHU%UHYp)UDQFR RPDUDV
6*+&3M5))58*6&*45+*6*6&8$&,"&49F(5+"&6*35",&3"#5%"J
,56%"& L(+35*+"+8*-& ](7#)*8(3%*& 8$& 853M*& L(+35*+"J
45$+%*-&>+&$,,"6&6$&*76$)O"&8$6+(8"&,"&O*3"35K+&8$6J
%$))5%*)5",5P"+%$& 8$,& 3"#5%",564*[& GKO$+$6& :& L"45,5"6&
8$6%$))5%*)5",5P"8"6<& $+& $,& 3"6*& 8$& >,& ]",O"8*)& $6& ,"&
;($))"&35O5,<&#$)*&+*&S+53"4$+%$&$6&3*"335K+&7I,53"-&
>6%9&$,&O5"G$&"&C*6&k+;$,$6&54#$,58*&#*)&$,&%$4*)&"&
ODFRQVFULSFLyQIRU]DGDSHUROD3DQGLOOD\DHVWDED
DKt IRUPDGD SRU MyYHQHV H[SXOVDGRV R KLMRV GH H[J
SXOVDGRV SRU OD HFRQRPtD 'HVWHUULWRULDOL]DGRV SDUD
7(63")& )$%$))5%*)5",5P"35*+$6& #)*#5"6-& C*& 3*+65;($+&
3*+&,"6&#"+85,,"6&F($&"&6(&O$P&6*+&)$%$))5%*)5",5P"8"6&
#*)&,*6&"#")"%*6&#*,535",$6&:&8$#*)%"8*6<&8$6%$))5%*)5"J
OL]DGRVQXHYDPHQWH(QHVHH[FHVRODSDQGLOODUDVJD
ODPHPEUDQDHQH[SORVLyQGHPRJUiFD\JHRJUiFD
>6&3,")*&F($&,"&O5*,$+35"&8$6"%"8"&#*)&,"6&#"+85,,"6&
%)"+6+"35*+",$6&+*&6$&OI)%$7)"&#*)&$,&8$,5%*<&,*&3(",&+*&
VLJQLFDTXHQRORFRPHWDQ/DYLROHQFLDSDQGLOOHUDVH
")%53(,"&L$)*P4$+%$&#*)&,"&;($))"&$+%)$&$,,"6<&,"&Q")"&
6DOYDWUXFKD\OD3DQGLOODVRQHQHPLJRVPRUWDJ
,$6-&>+&(+"&$6#$35$&8$&")3"+*&6$&M"&#$)858*&$,&*)5;$+&
8$,&*85*<&#$)*&I6%$&65;($&L)$63*&3*4*&6"+;)$&8$&M$)58"&
UHFLpQDELHUWD3HUHD5HVWUHSR  REVHUYDVRJ
7)$&$6%"&O5*,$+35"[&\D($,;"&8$35)&F($&,"&8$#*)%"35K+&
+*& L($& 6(& S+53*& *)5;$+<& $+& 6(& 3*+L*)4"35K+& 3*+%)5J
EX\HURQ WDQWR ORV UHFLpQ GHSRUWDGRV FRPR OD H[SHJ
ULHQFLDSDQGLOOHUDSURSLDH[LVWHQWHGHDxRVDWUiVPiV
,"&54#*)%"35K+&8$&,*6&4*8*6&"#)$+858*6&$+&$,&+*)%$<&
5+3(7"8*6& $+& ,"& %)";$85"& F($& $+L)$+%"& $,& 5+45;)"+%$&
#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

DK

F($&,,$;"&",&4(+8*&8$6"))*,,"8*&$+&3*+8535*+$6&496&
F($&#)$3")5"6<&6$47)K&:&#)*:$3%K&,"&#)*O$)75",&;($))"&
HQWUHODPDUD6DOYDWUXFKD\HOEDUULR(QODGHVWHJ
))5%*)5",5P"35K+&,*6&GKO$+$6&#"+85,,$)*6&3)$"+&)$%$))5J
WRULDOL]DFLRQHV\UHFRGLFDFLRQHVTXHORVDtVODQSHUR
\DQRHQEXUEXMDVVLQRHQH[SORVLRQHVFRUURVLYDV/D
O5*,$+35"&#"+85,,$)"&%5$+$&(+&(6*[&$6#"+%"-&>6&(%5,5P"J
8"&#")"&)$L*)P")&,"6&7()7(G"6&8$&"56,"45$+%*&:&65&,"6&
WiFWLFDVGHORVVRPHWLGRVVHKDFHQPiVORVDVGLFKRV
ORVVHUiQXVDGRVSDUDGLVRFLDU
>,&"56,"45$+%*&$6&%"475I+&)$"335K+&#*)&#")%$&8$&,*6&
4");5+"8*6<&)$L($)P"+&6(&65%("35K+&4");5+"8"&3*+&,"&
";)(#"35K+<&3*4*&(+"&$6%)"%$;5"&8$&6(#$)O5O$+35"&$+&
:&8$68$&$,&4");$+-&C"&#"+85,,"&+*&6$&3*+658$)"&#")%$&
GHODVRFLHGDG9DULRVSDQGLOOHURVDUPDQTXHHOXVR
8$& ,"& #","7)"& 3K85;*& %5$+$& (6*& #*,N%53*& #")"& 3)$")& $,&
54";5+")5*&8$&$+%$&45,5%")5P"8*<&3*4*&65&6$&%)"%")"&8$&
(+"&L($)P"&5+6();$+%$<&3("+8*&$+&)$",58"8&$6%9+&",&4")J
;$+&:&6*+&5+3,(58*6&6K,*&"&#")%5)&8$&,"&3)545+",5P"35K+&
eF($&+*&8$&,"&,$:&:&$,&8$)$3M*<&65+*&8$&,$:$6&L*)G"8"6&
DSDUWLUGHXQDOHFWXUDGHOGHUHFKR (VWHDLVODPLHQWR
HV WDPELpQ REVHUYDEOH HQ OD GHQLFLyQ GHO UHVWR GH
,"&6*35$8"8_&3*4*&35O5,[&%*8*&"F($,&+*&#"+85,,$)*&6$&
GHQHFRPRFLYLO(QVXH[SORVLYLGDGORVODPHQWRV
+*&3*+65;($+&3*+$3%")&3*+&*%)*6&:&,*6&*%)*6&%$4$+&:&
UHDFFLRQDQRUJDQL]DQGRYLROHQFLDGHFRQWURO/D2J
FLQDGH:DVKLQJWRQSDUD$PpULFD/DWLQD :2/$ HQ
6(&5+L*)4$&$6#$35",&8$&/002<&"7(+8"&6*7)$&,"&)$"335K+&
L)$+%$& ",& $6#"+%*& "& %)"OI6& 8$& *#$)"35*+$6& 35O5,$6& e$+&
$,&G($;*&8*7,$&8$&,"&#","7)"<&#($6&+*&6*+&";$+%$6&8$,&
(VWDGR GHOLPSLH]DVRFLDOHVGHFLUHMHFXFLRQHVH[J
WUDMXGLFLDOHV :2/$    /D YLROHQFLD VH OHJ
O"+%"&$+&$6#5)",-&C*6&3*+%)"#*8$)$6&F($&3*";(,"+&"MN&
6$&$+L)$+%"+&7(63"+8*&6*7)$O5O5)&:&$,&$+3*+%)*+"P*&$6&
)$O5)"8*&#*)&,"&49F(5+"&6*35",<&)$%$))5%*)5",5P"8*&3*+&
4":*)&O5*,$+35"<&3*+&4":*)&$6#"+%*C"&)$,"35K+&3*+&\$,&)$6%*&8$&,"&6*35$8"8_&#*)&#")%$&
8$&,*6&#"+85,,$)*6&$6&8$&"7"+8*+*<&$+&$,&6$+%58*&F($&,$&
GD$JDPEHQ  HVGHFLUHVWiQDOHMDGRVGHMDGRV
#$)*&6$a","8*6&#*)&$,&7"+8*&,$;",<&3*+O$)%58*6&$+&*7J
MHWLYRMR\UHFHSWiFXORGHWHUURUHVVRFLDOHVWLQWDSDUD
$63)575)& ,*6& )"6;*6& F($& L*)4(,"+& (+& \#9+53*& 4*)",_-&
>,,*6&,*&6"7$+&"6N<&#$)*&+*&#*)&,"&#"+85,,"&*&+*&#*)&$6%")&
HQODSDQGLOODVLQRSRUVXFRQGLFLyQVRFLDOH[FOXLJ
8"&e45;)"+%$6&5,$;",$6<&8$#*)%"8*6&3)545+",$6<&#*7)$6&
JXHWLFDGRV GHVRUJDQL]DGRV  (O (VWDGR OD VRFLHGDG
6*+& $,& ;)"+& @%)*<& 8$4"65"8*& ,$G"+*<& #")"& 3*";(,")6$&
3)$"+&$6$&*%)*&5+4$85"%*<&,"&*%)"&#"+85,,"<&$,&$+$45;*&
PRUWDOTXHORVURVWULFD\DVHDHQHOWDWXDMHFRQHOEDJ
UULRPDQFKDQGRHOFXHUSRFXDODULVWDORVDTXHFRQHFWD
:&M"3$&3*4(+58"8&*&3*+&$,&,$+;("G$&*&,"&O$6%54$+%"-

,'#20**'$)(&'#$#'-0"#'*%$

+D\XQDH[FOXVLyQGHGREOHFXxRSRUXQODGROD
H[FOXVLyQ VRFLDO SURGXFWR GHO PRGR GH SURGXFFLyQ
GHO FDSLWDOLVPR GH FRQVXPR ([FOXVLyQ QRUPDO VHJ
;S+&,"6&58$*,*;N"6&,57$)",$6<&)$L*)P"8"6&#*)&(+&6"7$)J
SRGHU SUHVWLJLDGR SRU H[SOLFDFLRQHV FRQVHFXHQWHV DO
4$)3"8*[&,57$)%"8&8$&$,$;5)-&>+&$,&8$4*3)9%53*&$G$)J
3535*& 8$& ,"& ,57$)%"8& 8$& $,$335K+<& ,*6& #"+85,,$)*6& $,5J
JHQ VREUHH[FOXLUVH FRORFDUVH IXHUD GH OD VRFLHGDG
8$& 4"+$)"& 8$6O5"8"& :& "6$65+"-& >+%*+3$6& $,& "#")"%*&
8$&6*7)$J5+3,(65K+&"6(4$&6(&$,$335K+&3*4*&"+($+35"&
#")"&$G$3(%")&$6%)"%$;5"6&8$&$,545+"35K+[&3)545+",5P"J
35K+&3*4*&L)$+%$&#)54*)85",&8$&)$,"35K+[&8$6M(4"+5J
P"35K+&",&85645+(5)&35(8"8"+N"[&+(8"&O58"<&#()"&O58"<&
#()"&3")+$&65+&3(",58"8$6-&
>+&"#")5$+35"<&6$&5+85O58(",5P"&$,&3"6%5;*<&6$&)$6J
%)5+;$&$,&$6#$3%93(,*<&6$&;$+$)"+&+($O*6&$6#$3%93(,*6&
:&$,&$6#$3%"8*)&:"&+*&$6%9&3*8*&"&3*8*&3*+&*%)*&$6#$3J
%"8*)&65+*&$+&$,&6*L9&L)$+%$&",&%$,$O56*)<&3*+L*)%&7()J
;(I6<&*"656&4$+%5)*6*&8$&%)"+F(5,58"8-&]$&$+$456%"&"&
,*6&)$656%$+%$6&L)*+%",$6&3*+&,*6&)$656%$+%$6&3*)#*)",$6-&
>,&"6$65+*&+$;)*&6K,*&$6&+$;)*<&#$)*&$6&496&"6$65+*&
TXH QHJUR HO WUDFDQWH ODWLQR VyOR HV ODWLQR SHUR HV
PiVWUDFDQWHTXHODWLQR\DVtKDVWDGHVFXEULUTXHODV
,,"4"8"6&45+*)N"6&I%+53"6&%5$+8$+&",&3)54$+<&#$)*&$6&
$,&3)54$+&,*&F($&,$;",4$+%$&6$&3"6%5;"<&"(+F($&3*)#*J
UDOPHQWHVHHQYtHXQPHQVDMHGHH[FOXVLyQGHPRQVJ
%)(*658"8-& >+& $6%"& 4*+6%)(*658"8& $6%9& ,"& #"+85,,"&
3*4*&3*,$3%5O*<&3*4*&L*)4"&8$6O5"8"&8$&";)$;"35K+&
8$& 5+85O58(*6& F($& $+& ,"& 7S6F($8"& 8$& 3*+6%)(5)6$& (+&
HQWRUQRFDSD]GHGLVPLQXLUODKRVWLOLGDGGHOH[WHULRU
+*&6K,*&3*+6%5%(:$+&(+"&L($)P"&8$&3*+6(458*)$6&L"J
,,58*6&F($&"33$8$+&"&,*6&#)*8(3%*6&5,$;",4$+%$<&65+*&
F($&"7"+8*+"+<&4$85"+%$&,"&,57)$&$,$335K+<&$,&3"45+*&
8$&,"&5+85O58(",58"8[&(+"&7"+8"&8$&O";"7(+8*6&M"4J
EULHQWRV GH DOWD SHOLJURVLGDG < HO VLVWHPD QR WLHQH
*%)"&L*)4"&#")"&\)$5+6$)%"),*6_&6",O*&,"&39)3$,-RKQ36XOOLYDQ  RWUDYH]HVYRFHURGH
,"6&",%()"6[
C"6& #"+85,,"6& )$5+"+& 3("+8*& ,*6& 5+6%)(4$+%*6& 8$,& 3*+%)*,&
VRFLDO VRQ GpELOHV R QR H[LVWHQ /DV HPSUHVDV FULPLQDOHV
WUDGLFLRQDOHVLQFOX\HQGRODVSDQGLOODVQREXVFDURQGHVDDU
DOHVWDGRGHORFRQWUDULRH[SORWDURQODFRUUXSFLyQ\ODLQJ
XHQFLDSROtWLFDSDUDDYDQ]DUD~QPiVVXVDFWLYLGDGHV(VWR
#")$3$& M"7$)& 3"475"8*& "& 4$858"& F($& (+"& +($O"& 6$)5$& 8$&
JiQJVWHUHVWUDQVQDFLRQDOHVH[SORWDQODVHFRQRPtDVDOWHUQDWLJ
O"6<&,"&"(6$+35"&8$&$6%"8*6&$L$3%5O*6&:&,"&3*))(#35K+&$+8I45J
3"-&C*(56$&]M$,,:$)&*76$)O"&F($&\,*6&;)(#*6&3)545+",$6&496&
)$35$+%$6&+*&%5$+$+&5+%$)I6&$+&(+&$6%"8*&6$;()*_-&T*4$+%"+&
\H[SORWDQODVTXHMDVTXHH[LVWHQDQLYHOORFDO\PHGLDQWHOD
JOREDOL]DFLyQ GHO FRQLFWR PDQLREUDQ SDUD FDSWXUDU OXFUR
>6%"6&85+9453"6&%5$+$+&)$6(,%"8*6&#")%53(,")4$+%$&54#)$65*J

0).-0$)-!

+"+%$6&$+&,"6&\35(8"8$6&;,*7",$6_&:&3$+%)*6&6(7+"35*+",$6&*&
L)*+%$)5P*6&*&$+&,"6&P*+"6&65+&,$:$6-&!",$6&P*+"6&#($8$+&6$)&
M",,"8"6&$+&,*6&7"))5*6<&,"6&:&,(*&+<&,*6&39(%%"+&:&,*6&7"))5*6&
$4#*7)$358*6& $+& ;$+$)",& 8$& ,"6& 35(8"8$6& ;,*7",$6R& $+& ,*6&
3$+%)*6&)()",$6&*&L)*+%$)5P*6&"6N&3*4*&$+&,*6&#($7,*6&()7"J
+*6&e-(+&7"%&+ HQGRQGHHOGHVDUUROORKDERUUDGRODGLVWLQJ
35K+&$+%)$&,*&()7"+*&:&,*&)()",<&$,&3$+%)*&:&,"&#$)5L$)5"-

]$;S+&$,&\54";5+")5*_&F($&856$a"&,"6&5+%$)O$+35*+$6&
8$,&>6%"8*&#*64*8$)+*J#(+5%5O*<&,"6&7()7(G"6&8$&"56J
,"45$+%*& 6*+& )$3$#%93(,*6& 8$& 6(G$%*6& ",%$)"8*6& #*)&
8$3565*+$6&#)*#5"6-&C"&",%$)"35K+<&6$&$+%5$+8$<&$6&#)*J
GXFWRGHXQDPDODWRPDGHGHFLVLRQHVTXHURVWULFDD
ORVVXMHWRVHVIpULFRVFRQID]PRQVWUXRVD\ORVH[FOXJ
:$-&j$%*4$4*6&",&656%$4"&8$&6*35$8"8&,(M4"++5"+*<&
GRQGHODVVXEMHWLYLGDGHVKRPEUHSHUVRQDLQGLYLGXR
RLQGLYLGXDOLGDGVRQHQWRUQRHVWiQIXHUDFRPROtPLJ
%$&3*4(+53"+%$<&6K,*&$,&6(G$%*&$6LI)53*&#($8$&3"7$)&$+&
$6$&$+%)"4"8*&%$K)53*<&#($6&$+&6(&$+654564"45$+%*<&
ODH[WHULRULGDGVyORHMHUFHLUULWDFLRQHV&XDQGRXQ
6(G$%*&+*&)$6#*+8$&"8$3("8"4$+%$<&$+%*+3$6&6$&6(#*J
+$&F($&M"&$,$;58*&$,&,"8*&*63()*&3*4*&$G$&8$&"335K+&
$+&$,&656%$4"&6*35",-&?6N<&,*6&;($%*6<&L"O$,"6&*&O5,,"6&
456$)5"&+*&6*+&496&F($&$,&4$85*&"475$+%$&#)*#535*<&
3*+&3(",58"8$6&4";+I%53"6<&8*+8$&,"&\4",8"8&6$&)$"J
OL]D VREUH WRGR SRU IDOWD GH FRQWURO DXWRFRQWURO 
C"6&7()7(G"6&8$&"56,"45$+%*&6*35",&+*&6*+&,(;")&#)*J
#535*&#")"&,"&3*+6*,58"35K+&8$&6*,58")58"8$6&*&3"#5%",&
6*35",&3"#"P&8$&#$)45%5)&6*7)$O5O5)&"&6(6&M"75%"+%$6<&$,&
4564*&54#(,6*&;(7$)+"4$+%",<&"#*:"+8*&$,&8$O$+5)&
3*+6(456%"& 8$& ,"& #*64*8$)+58"8<& ,$6& #)*8(3$& 3*4*&
UHVHUYRULRVGRQGHVHHFKDDODSREODFLyQH[FHGHQWH
pVD TXH QR VLUYH SDUD FRQVXPLU \ HVWi H[FOXLGD GH
,*6&4$)3"8*6&,"7*)",$6&#$)*&$6&(6"8"&#")"&,$;5%54")&
$6%)"%$;5"6&8$&6$;)$;"35K+&6*35",<&6*+&,"&3)$"35K+&8$&
#9+53*6&4*)",$6<&%$))*)$6&"3*+;*G"+%$6&:&,,"4"8"6&8$&
DX[LOLRFODPDQGRSRUVHJXULGDG(QHVRVVXEPXQGRV
,"6& #"+85,,"6& 6();$+& 3*4*& 6",O"O58"6& $+& (+& 4")& 65+&
3*6%"6-&C*6&GKO$+$6&6$&";)(#"+&#")"&6*7)$O5O5)&6$;S+&
6(&4$85*&"475$+%$-&]5&+*&M":&496&6*,58")58"8$6<&$+&
$6"6& P*+"6& 8*+8$& ,"& 6*,58")58"8& #($8$& 6$)& ,"& 85L$J
)$+35"& $+%)$& 3*+%5+(")& *& 6(3(475)& "& ,"& 5+"+535K+<& ,"&
#"+85,,"<& "8$496& 8$& #)*O$$)& ,$",%"8<& *L)$3$& #*8$)& :&
UHVSHWRHOFXDOGHEHVHUUHDUPDGRGtDDGtD
(QPXFKRVFDVRVORVSDQGLOOHURVHVSHFLDOPHQWH>&#(#"+
6*+& $+& )$",58"8& \10Z"+$ +"*-&-"+$ .#F&1"+_& hoi& \+5a*6& :&
GKO$+$6&$4#,$"8*6&*&8$&*%)"&L*)4"&#")%535#"+8*&$+&,"&O5*J
,$+35"&")4"8"&*);"+5P"8"&$+&8*+8$&6*+&$,$4$+%*6&8$&,"&$6J
%)(3%()"&8$&3*4"+8*&:&#*8$)&6*7)$&(+&%$))5%*)5*<&#*7,"35K+&
,*3",&*&)$3()6*6-&C*6&;)(#*6&")4"8*6&*);"+5P"8*6&5+3,(:$+&
,"6&#"+85,,"6&3",,$G$)"6&5+6%5%(35*+",5P"8"6<&>&#&+<&L"335*+$6&

#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

DO

.-0$)-!//0 8.3")-L$'&)!"&%#")8%&#B#2%5
8$&8)*;"6<&45,535"6&I%+53"6<&O5;5,"+%$6&:&M"6%"&;)(#*6&#")"J
45,5%")$6&"3%("+8*&$+&$63$+")5*6&8$&+*&;($))"_-&W*4*&%",$6<&
$6%$& +5O$,& 8$& O5*,$+35"& 8$& #"+85,,"6& 8$& %$)3$)"& ;$+$)"35K+&
,,$;"&"&6$)&(+"&5+6();$+35"&3)545+",&F($&8$6"LN"&,"&,$;5%545J
8"8&8$&,"6&L(+35*+$6&$6%"%",$6&:&8$,&54#$)5*&8$&,"&,$:-&C*6&
+5a*6& 6*+& ,*6& F($& $G$3(%"+& $6%"6& 5+6();$+35"6& #"+85,,$)"6&
6XOOLYDQ 

OtPLWHGHODVEHOLJHUDQFLDVHQWUHSDQGLOODVSDUDH[WHQJ
8$),"6&"&+5O$,$6&%$))5%*)5",$6&F($&+*&3*+*3$+&L)*+%$)"6&
#*,N%53"6<&"3%("+8*&3*4*&3*))$,"%*&8$,&4$)3"8*<&)$6J
#*+85$+8*&"&,"&O5*,$+35"&8$,&4$)3"8*&3*+&(+"&O5*,$+J
35"&F($&6$&4$)3"+%5,5P"&$+&$,&$6#$3%93(,*&:&6$&(6"&$+&
,*&#*,N%53*&"&4"+$)"&8$&#)*8(3%*-

C"&)$6#($6%"&75*#*,N%53"&"&,"6&#"+85,,"6&%)"+6+"35*+"J
,$6& $6& (+"& )$3())$+35"& "& ,*6& *)N;$+$6& 8$,& L$+K4$+*<&
$6&8$35)<&6$&*3(,%"&)$%K)53"4$+%$&3K4*&,"&*);"+5P"35K+&
"3%(",& 8$,& 3"#5%",564*& ;,*7",<& ",& )*4#$)& 3*+& L*)4"6&
LQVWLWXFLRQDOHV (VWDGRGHELHQHVWDU \DEULUIURQWHUDV
",& 4$)3"8*& :& )$6%)5+;5)& $,& ,57)$& %)9+65%*& M(4"+*<& 8$J
%*+"& ,"& 3)$"35K+& 8$& 7()7(G"6& 8$& "56,"45$+%*& 6*35",$6&
:& #$)45%$& ,"& "#")535K+& 8$& 6*,58")58"8$6& 3*4(+5%")5"6&
3*))*65O"6<&3*+6%5%(:$+%$6&8$&3*+%)"#*8$)$6&F($&"&6(&
O$P&6*+&)$(%5,5P"8"6&3*4*&4")3*6&8$&,$;5%54"35K+&8$&
DFWLYLGDGHVGHVHJUHJDFLyQH[WUHPDFRPRODGHVFLXJ
8"8"+5P"35K+<& #)*8(335K+& 8$& +(8"& O58"& :& 8563()6*6&
ELRSROtWLFRVGHVHJXULGDG<DVtIRPHQWDUODVRFLHGDG
8$&3*+%)*,-&C"&#*,53N"&3*4*&$,&$,$4$+%*&;(7$)+"4$+J
%",&496&3$)3"+*&"&,*6&;*7$)+"8*6<&F(5$+$6<&"6(6%"8*6<&
3,"4"+&#*)&4":*)&6$;()58"8<&#*)&6$)&8$L$+858*6&8$&,*6&
4*+6%)(*6<&3$))"+8*&,"&#5+P"&75*#*,N%53"&:&"3$5%"+8*&
,"&4")3M"&8$&,"&49F(5+"&3"#5%",56%"&8$&3*+6(4*-

$JDPEHQ*  L+%&-"$-($(W/('/0H14$M">"$+&=


/(#$UU)$h9DOHQFLD3UH7H[WRV
$JDPEHQ*  M">"$+&/(#4$L*$'"-(#$+"F(#&1"$
2$*&$1.-&$,0-&9DOHQFLD3UH7H[WRV
$JDPEHQ *   C"$ E.($ E.(-&$ -($ Q.+/9A0%;4$
L*$&#/90,"$2$(*$%(+%03"4$M">"$+&/(#$UUU9DOHQFLD
3UH7H[WRV
%DXPDQ =   @*"F&*0;&/0H1)$ /"1+(/.(1/0&+$
9.>&1&+0p[LFR)&(
%DXPDQ=  i0-&$-($/"1+.>"0p[LFR)&(
%UHYp)  7KH0DUDV$0HQDFHWRWKH$PHJ
)53"6_<& ?0*0%&#2$ D(,0(A YRO  Q~P  MXOLR
DJRVWR HQ KWWSQGDUWLFOHVFRPSDUWLFOHVPLB
P3%=LVBBDLBQ
%XQNHU 5 -   6WUHHW *DQJV)XWXUH 3DUDPLJ
,5%"):& U)*(#6H_<& O9($ !"*0/($ <90(: YRO  Q~P
2<&G(+5*'HOHX]H*  I(##&>(+4$L1%#($(*$/&'0%&*0+>"$2$
*&$(+E.0;":#(10&<&V($+*6&?5)$6<&W"3%(6)UDQFR&  7KH06DQGWK6WUHHW*DQJV
>4$);5+;&!)"+6+"%5*+",&U"+;&!M)$"%6H_<&Wj]&j$J
SRUWIRU&RQJUHVV:DVKLQJWRQ&RQJUHVVLRQDO5HJ
VHDUFK6HUYLFH 5/ GHQRYLHPEUH
*LO 5RGUtJXH] ( 3   e*%#&01-0,0-.&*0+>"$ 2$
VLPXODFURHQHOQXHYRRUGHQPXQGLDOUHH[LRQHV
+"F#($*&$+.N(/0H1$2$*&$+.FN(%0,0-&-<&V")3$,*+"<&!$J
VLVGH'RFWRUDGRHQSVLFRORJtDVRFLDO)DFXOWDWGH
3VLFRORJLD8QLYHUVLWDW$XWyQRPDGH%DUFHORQD
0DQZDULQJ0*  /DVREHUDQtDEDMRDVHGLR
C"6&#"+85,,"6&:&*%)"6&*);"+5P"35*+$6&3)545+",$6&$+&
&HQWURDPpULFD\HQ0p[LFRQ0#$k$Y'&/($!"A(#$
K".#1&*$ L+'&Z"*<& 6$;(+8*& %)54$6%)$<& $+[& M%%#[ff
ZZZDLUSRZHUPD[ZHOODIPLODSMLQWHUQDWLRQDO
DSMVWULPDQZDULQJKWP >UHFXSHUDGR HO
GHIHEUHURGH@
0DUUDPDR*  !&+&N($&$P//0-(1%(4$\0*"+":T&$
2$3*"F&*0;&/0H1<&V($+*6&?5)$6<&b"%P6DQWDPDUtD%DOPDFHGD* 6) 0DUDV\SDQGLOODV
,N45%$6&8$&6(&%)"+6+"35*+",58"8_<&D(,0+%&$>(W0/&1&$
-($'"*T%0/&$(W%(#0"#Q~PHQKWWSSRUWDOVUH
JREP[LPUSRSXSVDUWLFOHVZLQGRZSKS"LG 
>UHFXSHUDGRHOGHRFWXEUHGH@
3HUHD5HVWUHSR&0  3DQGLOODVHQ0p[LFR

j>T>j>'WB?]

$0$1(5$'(&21&/86,1

C"&$6%)"%$;5"&8$&3)545+",5P"35K+&4$85"+%$&,"&"6545,"J
35K+&8$&#"+85,,"6&%)"+6+"35*+",$6&"&*);"+5P"35*+$6&8$&
3)54$+&*);"+5P"8*<&"8$496&8$&"76*,(%5P")&",&6(G$%*&$+&
,"&4*,")58"8&8$,&3)545+",&3*4*&S,%54"&L(+35K+&8$,&>6J
WDGRHQWpUPLQRVGHVHJXULGDGGHQLHQGRDOFULPLQDO
3*4*& $+%58"8& "76*,(%"<& 8$6+(89+8*,*& 6*35*,K;53"J
PHQWH :DFTXDQW \OOHQiQGRORFRQXQYDFtR
GHVXSHULQGLYLGXDOL]DFLyQ HOFXOSDEOHSRUVtPLVPR 
#)*L(+85P"&,"&O*,(+%"8&8$&$6%")&3*+%)"&(+&4*O545$+%*&
8$&5)&$+&3*+%)"-&?6N<&,"&$6%)"%$;5"&8$,&>6%"8*&#$+",&;$J
+$)"&,"&)$656%$+35"&$+&"F($,,*&F($&#)$%$+8$&8$6"3%5O")-&
3HUPLWHODUHWHUULWRULDOL]DFLyQ HQ IRUPD GH SDQGLOODV
WUDQVQDFLRQDOHVTXHVRQH[SORVLyQGHODVSUHVLRQHVGHO
656%$4"&8$&6*35$8"8&$+&$,&9475%*&8$,&3"#5%",564*&8$&
3*+6(4*-&C"&O5*,$+35"&8$,&>6%"8*&#$+",&"&%)"OI6&8$&,"&
3)545+",5P"35K+&6$&3)56%",5P"&$+&(+"&O5*,$+35"&3)545+",&
#*)&#")%$&8$&GKO$+$6&8$6"))"5;"8*6&#*)&,"&,53($L"335K+&
GHORVHQWHQGLGRVVRFLDOHVGHVGHHOWUDEDMR VDODULR 
KDVWD HO GHVDUUROOR QDFLyQ  6H SURGXFH XQD GHULYD
6*35",&6K,*&8$6")%53(,"7,$&"&%)"OI6&8$&,"&3*";(,"35K+&
8$&3*,$3%5O*6&%)57",$6<&79)7")*6&F($&(6"+&,"&O5*,$+35"&
85)5;58"&8$68$&"))57"&$+&(+"&M*)5P*+%",58"8&F($&3)$"&
HVWDGRGHYLROHQFLDH[WUHPDFDSD]GHWUDQVJUHGLUHO
#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

IP

,'#20**'$)(&'#$#'-0"#'*%$

B+L*)4$& 8$& 5+O$6%5;"35K+_<& j$8& %)"+6+"35*+",& 8$&


DQiOLVLVVREUHPDUDV\SDQGLOODVGHQRYLHPEUH
6XOOLYDQ-3  )XWXUH&RQLFW&ULPLQDO,QJ
VXUJHQFLHV *DQJV DQG ,QWHOOLJHQFH 6PDOO :DUV
T*(+8"%5*+<& $+[& 64",,d")6G*()+",-3*4& h)$3(#$)"J
GRHOGHDJRVWRGH@
6XOOLYDQ-3  3DQGLOODVWUDQVQDFLRQDOHV(O
54#"3%*&8$&,"6&#"+85,,"6&8$&,"&%$)3$)"&;$+$)"35K+&
$+& ?4I)53"& 3$+%)",_<& Q0#$ k$ Y'&/($ !"A(#$ K".#=
1&*$ L+'&Z"*<& 6$;(+8*& %)54$6%)$<& $+[& M%%#[ffdddDLUSRZHUPD[ZHOODIPLODSMLQWHUQDWLRQDODSM
VWULVXOOLYDQKWP>UHFXSHUDGRHOGHIHJ
7)$)*&8$&/0.0i6XOOLYDQ-3  7KLUG*HQHUDWLRQ6WUHHW*DQJV
!()L<& W")%$,6& "+8& '$%d"))5*)6_<& <#0>($ k$ K.+%0/($
U1%(#1&%0"1&*YROQ~PRFWXEUHQRYLHPEUH
7UDVKHU)  O9($@&13R$&$Y%.-2$":$<90/&3"$":$

0).-0$)-!

hlhl$3&13+$01$<90/&3"<&WM53";*<&!M$&A+5O$)65%:&
RI&KLFDJR3UHVV
:DFTXDQW/  C&+$/G#/(*(+$-($*&$>0+(#0&<&V($J
+*6&?5)$6<&Q"+"+%5",:DFTXDQW/  C"+$/"1-(1&-"+$-($*&$/0.-&-4$
@.(%")$ '(#0:(#0&+$ 2$ L+%&-"<& V($+*6& ?5)$6<& ]5;,*&
11B&>85%*)$6:DFTXDQW/  !&#0&+$.#F&1"+4$?&#301&*0-&-$
(1$*&$/0.-&-$&$/">0(1;"+$-(*$>0*(10"<&V($+*6&?5J
)$6<&Q"+"+%5",:2/$  !&1-0**&+$N.,(10*(+$(1$<(1%#"&>V#0=
/&R$/.(+%0"1(+$#(*&%0,&+$&$*"+$-(#(/9"+$9.>&1"+)$
*&$*&F"#$'"*0/0&*$(:(/%0,&$2$*&$'#(,(1/0H14$e1$U1=
:"#>($L+'(/0&*$-($6PCQ<&*3%(7)$<&$+[&M%%#[ffdddDOIRQVR]DPEUDQRFRPEDQGDVBSDQGLOODV
EMSSDQGLOODVBFHQWURDPHULFDSGI >UHFXSHUDGR 
8$&4":*&8$&/0.0i-

#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

IE

A-'"'%&'"(-'(+./&2+'"(#'&(<.))!%!B9

Jvenes colombianos

!-(+./&2$.@-5($'-C).$%'(2&+26'(:(3.')!-$.2"
!"#3"&!"#+"#$)"&09;-B-##$*
?($'&#(/($E.($+T)$E.($&E.T$%(1(>"+$(*$'&T+$(1$/90E.0%"
W*+6($,*<&(+"&%")8$&8$&/00Y&$+&Q"8)58-

0,5$'$66(6*$'$6
,19,6,%,/,=$&,1$6(*85$'$

,;(+"6& 5+O$6%5;"35*+$6& ,,$O"8"6& "& 3"7*& 3*+& ,"&


#*7,"35K+&45;)"+%$&5+%$)+"35*+",&$+&W*,*475"<&
QRVPXHVWUDQFyPRHVWDVHKDLGRFRQJXUDQGR
8$&4"+$)"&M$%$)*;I+$"&"&%)"OI6&8$&856%5+%*6&O$3%*)$6[&
4*%5O*6& 8$& ,"& 45;)"35K+<& )$;5*+$6& 8$& #)*3$8$+35"& :&
8$6%5+*<&3,"6$&6*35*$3*+K453"<&;I+$)*<&;$+$)"35K+<&+5J
O$,& 8$& $6%(85*6<& $%+5"<& $+%)$& *%)*6-& >6%"& 85O$)658"8& +*&
SHUPLWHJHQHUDOL]DFLRQHVHQWDQWRLQX\HVLJQLFDWLYDJ
4$+%$&$+&,*6&#)*3$6*6&8$&5+3*)#*)"35K+&$+&,"6&6*35$8"J
8$6&8$&,,$;"8"&8$&,*6&45;)"+%$6&:&$+&,*6&ON+3(,*6&F($&
65;($+&$6%"7,$35$+8*&:&4"+%$+5$+8*&3*+&6(6&6*35$8"8$6&
8$&*)5;$+-&C*&F($&M"3$&F($&W*,*475"&6$"&%"+&85O$)6"&",&
H[WHULRUFRPRHQVXLQWHULRU (FKHYHUUL 
6LQHPEDUJRQRHVH[WUDxRREVHUYDUODPDQHUDHQ
F($&$,&8563()6*&"3"8I453*<&#S7,53*&:&#(7,53"8*&65;($&
35)3(+63)575$+8*& ,"& 45;)"35K+& 3*,*475"+"& 3*4*& #)$J
8*45+"+%$4$+%$& $3*+K453"<& $+L"%5P"+8*& F($& ,*6& :&
ODVFRORPELDQDVPLJUDQWUDVODE~VTXHGDGHFRQWH[WRV
$3*+K453*6&496&L"O*)"7,$6&:&6$;()*6<&M(:$+8*&#)5+J
35#",4$+%$&8$&,"&3)5656&$3*+K453"&:&,"6&",%"6&%"6"6&8$&
GHVHPSOHR *DUD\\0HGLQD$UGLOD $Vt
,*6&#)5+35#",$6&%$4"6&8$&5+O$6%5;"35K+&$+&45;)"35*+$6&
F($&8$6%"3"+&#")"&,"&#*7,"35K+&3*,*475"+"&#*)&#")%$&
8$&85L$)$+%$6&$+%$6&3*4*&$,&V"+3*&B+%$)"4$)53"+*&8$&
'HVDUUROOR HO JRELHUQR FRORPELDQR OD 2UJDQL]DFLyQ
,QWHUQDFLRQDO SDUD ODV 0LJUDFLRQHV 2,0  \ \ OD UHJ
H[LyQDFDGpPLFDVHUHHUHQFRQPDUFDGRpQIDVLVDO
3URIHVRUDHQOD)DFXOWDGGH3VLFRORJtDGHOD3RQWLFLD8QLYHUVLGDG-DJ
O$)5"+"<&V*;*%9<&W*,*475"-&T(+8"8*)"&8$,&U)(#*&B+%$)85635#,5+")5*&8$&
,QYHVWLJDGRU#V0LJUDQWHV *,,0 

Z&

#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

IG

$L$3%*&8$&,"6&)$4$6"6&:&,"&#I)858"&8$,&3"#5%",&M(4"+*&
SDUDHOSDtV 6DQDEULD 6HGHVWDFDODYLVLyQHFRJ
+*45356%"& F($& 65;($& 54#$)"+8*& $+& ,"6& %$*)N"6& 45;)"J
WRULDV TXH H[FOX\HQ H LQYLVLELOL]DQ HQ DOJXQRV FDVRV
"&,*6&)$L(;5"8*6&*&"65,"8*6&#*,N%53*6<&"&,*6&F($&6",$+&"&
"O$+%()")<&"&$6%(85")<&*&"&"F($,,*6<&3*4*&$,&3"6*&8$&,*6&
:&,"6&GKO$+$6&F($&45;)"+&$+&#)*3$6*6&8$&45;)"35K+&L"J
45,5")-&]5+&$47");*<&,"6&$O58$+35"6&4($6%)"+&F($&*%)*6&
L"3%*)$6& $6%9+& G(;"+8*& 8$& 4"+$)"& 8$%$)45+"+%$& $+& ,"&
45;)"35K+&8$&(+"&#")%$&54#*)%"+%$&8$&,"&#*7,"35K+&3*J
,*475"+"<&3*4*&6*+&,*6&4*%5O*6&8$&6$;()58"8&)$,"35*J
QDGRVFRQHOFRQLFWRDUPDGRLQWHUQRODSHUVHFXFLyQ\
,"&5+3$)%58(47)$&#*,N%53"&;$+$)"8"6&#*)&,"&";(85P"35K+&
8$&(+"&;($))"&5))$;(,")&F($&,,$O"&:"&496&8$&3("%)*&8IJ
FDGDV &iUGHQDV\0HMtD*XDUQL]R 
>,&6$6;*&6$&)$L($)P"&3("+8*&"&,"6&45)"8"6&$3*+*J
45356%"6& ,$6& 6(4"4*6& ,"6& 549;$+$6& "8(,%*3$+%)56%"6&
6*7)$& $,& 4*8$,*& 8$& L"45,5"& #"%)5")3",& :& %)"8535*+",<&
8*+8$&$,&#*8$)&6$&3$+%)"&$+&$,&OI)%53$&496&",%*&8$&,"&
G$)")F(N"<&$6%*&$6<&$+&,*6&"8(,%*6&e#"8)$6<&4"8)$6<&3(5J
GDGRUHV LQYLVLELOL]DQGRDRWURVDFWRUHVVRFLDOHVTXH
WDPELpQFRPSRQHQFRQJXUDQ\FRQVWUX\HQORVQLJ
xRVQLxDV\MyYHQHVHQPLJUDFLyQ (FKHYHUUL .
>+& $6%$& 6$+%58*<& $,& ")%N3(,*& %5$+$& 3*4*& *7G$%5O*&
"+",5P")&,"6&35)3(+6%"+35"6&45;)"%*)5"6&8$&,"&#*7,"35K+&
&]$&#,"+%$"&$,&3*+3$#%*&+5a*6<&+5a"6&*&GKO$+$6&$+&45;)"35K+&7"6"8"&$+&$,&
3*+3$#%*&\4$+*)$6&$+&,"&45;)"35K+_&#)*#($6%*&#*)&](9)$P<&F($&#$)45%$&
$+;,*7")&8$&(+"&L*)4"&"4#,5"<&#$)*&)5;()*6"&(+&3*+G(+%*&8$&L$+K4$+*6&
4(:&85O$)6*6[&GKO$+$6&F($&O5"G"+&#*)&6N&4564*6&8$&L*)4"&"(%K+*4"&*&
3*4*&#")%$&8$&(+"&45;)"35K+&L"45,5")<&GKO$+$6&F($&6$&)$";)(#"+&3*+&6(&
L"45,5"&$+&8$6%5+*<&"F($,,*6&F($&%$+5$+8*&3*4*&)$L$)$+35"&O5%",&(+*6&#"J
8)$6&$45;)"+%$6<&6$&M"+&F($8"8*&"&3");*&8$&,*6&L"45,5")$6&$+&$,&,(;")&8$&
RULJHQ 6XiUH] $HOORV\HOODVGHEHPRVDJUHJDUORVQLxRV
+5a"6&:&GKO$+$6&F($&)$;)$6"+&"&6(6&#"N6$6&8$&*)5;$+-&

?#"$"(&"$)#")!03&'!"$),"&)=0**%(%@

G*O$+& 3*,*475"+"& $+& >6#"a"<& :& 856%5+;(5)& ,"& L*)4"&


HQTXHODJXHUUD\ODYLROHQFLDHQ&RORPELDLQX\H\
8$%$)45+"+&,*6&4*O545$+%*6&45;)"%*)5*6&:&,"6&%)":$3J
%*)5"6& O5%",$6& 8$& 45,$6& 8$& +5a*6<& +5a"6& :& GKO$+$6& 3*J
,*475"+"6&F($&O5O$+&496&",,9&8$&,"6&L)*+%$)"6-&?(+F($&
",;(+*6&8563()6*6&5+%$+%"+&45+545P")&,"&)$,"35K+&$+%)$&
45;)"35K+&5+%$)+"35*+",&:&O5*,$+35"&$+&W*,*475"<&,*6&
GKO$+$6&45;)"+%$6&3*,*475"+*6&$+&>6#"a"&+*6&+"))"+&
M56%*)5"6&F($&4($6%)"+&3K4*&$6%$&ON+3(,*&$6%9&8$%$)J
45+"+8*&,"6&%)":$3%*)5"6&O5%",$6&8$&,*6&GKO$+$6&3*,*4J
75"+*6<&$+&3(",F(5$)&,"8*&8$&,"&L)*+%$)"&21)/,&72$50$'2<9,2/(1&,$
0$5&$6'(/&217(;72
&2/20%,$12'(0,*5$&,1

'LYHUVRVIDFWRUHVGHODVVRFLHGDGHVGHRULJHQ\GHVWLQR
$+&6(&%)"+6L*)4"35K+&$&5+%$))$,"35K+&$6%9+&4")3"+8*&,"&
%*4"&8$&8$3565K+&6*7)$&,"&4*O5,58"8&:&,*6&#)*:$3%*6&8$&
O58"& #")"& ,*6& GKO$+$6& 3*,*475"+*6& :& 6(6& L"45,5"6-& ]5J
JXLHQGRD*DUD\\0HGLQD  &RORPELDQRHVFDJ
#"&"&,*6&#)*7,$4"6&$6%)(3%()",$6&F($&3")"3%$)5P"+&"&;)"+&
#")%$&8$&,"&)$;5K+&,"%5+*"4$)53"+"[&#*,N%53"6&+$*,57$)",$6&
:&#,"+$6&8$&"G(6%$&$6%)(3%()",<&F($&8$68$&,"&8I3"8"&8$&,*6&
*3M$+%"&54#"3%")*+&$,&8$6"))*,,*&8$&,"&)$;5K+<&8$%$)5*)"+J
8*&,"&$3*+*4N"&+"35*+",&:&#)*8(35$+8*&$+%)$&*%)"6<&(+&
",%*&3)$3545$+%*&8$&%)"7"G*&5+L*)4",&:&8$6$4#,$*<&F($&6$&
3*475+"+&3*+&",%*6&+5O$,$6&8$&8$65;(",8"8&$+&,"&856%)5J
7(35K+&8$&,*6&5+;)$6*6<&F($&6$&)$#)*8(3$+&5+%$);$+$)"J
35*+",4$+%$-&
>+&N+%54*&ON+3(,*&3*+&,*6&L"3%*)$6&$3*+K453*6&$6%)(3%(J
)",$6<&W*,*475"&$+L)$+%"&8$68$&M"3$&496&8$&3("%)*&8IJ
FDGDVXQFRQLFWRDUPDGR\XQDJXHUUDTXHSHUPHDOD
O58"&3*%585"+"&8$&%*8*6&6(6&M"75%"+%$6-&C"&;$+$)",5P"35K+&
\SUROLIHUDFLyQGHODVYLROHQFLDVFRP~QGHODGURJDSRJ
OtWLFDVLJXHQFUHDQGRXQDPELHQWHGHLQVHJXULGDGHLQJ
3$)%58(47)$&$+&$,&F($&,"&45;)"35K+&$6&(+"&6",58"&O5"7,$&:&
M"6%"&)$3*4$+8"7,$&#")"&"4#,5*6&6$3%*)$6&8$&,"&6*35$8"8&
*XDUQL]RE&UX]\*RQ]iOH] 
(OFRQLFWRHQ&RORPELDVHUHPRQWDDOVLJOR;,;
$+&$,&4")3*&8$&,"6&3*+L)*+%"35*+$6&$+%)$&,*6&#")%58*6&
SROtWLFRVWUDGLFLRQDOHV/LEHUDO\&RQVHUYDGRUTXH
6$&M535$)*+&496&L($)%$6&8()"+%$&,"&U($))"&8$&,*6&Q5,&
'tDVGDQGRSDVRDXQODUJRSHULRGRGHYLROHQFLDFRJ
QRFLGRFRPR/DYLROHQFLD D 8QFRQJ
LFWRTXHDSDUWLUGHODGpFDGDGHORVVHWHQWD\SULQFLJ
SLRVGHORVRFKHQWDVHH[SUHVDHQODH[SDQVLyQGHOD
5+6();$+35"/&:&,"&3*+6*,58"35K+&8$,&#")"45,5%")564*<&
/
&C"&,(3M"&8$&,"6&*);"+5P"35*+$6&;($))5,,$)"6&3*,*475"+"6[&T($)P"6&?)J
PDGDV5HYROXFLRQDULDVGH&RORPELD )$5& HO(MpUFLWRGH/LEHUDFLyQ
1DFLRQDO (/1  0RYLPLHQWR  GH$EULO 0  (MpUFLWR 3RSXODU GH
/LEHUDFLyQ (3/ 4XLQWtQ/DPHHQWUHRWUDV

&?&#")%5)&8$&,"&8I3"8"&8$&,*6&6$%$+%"&6$&3*+6%5%(:$+&;)(#*6&")4"8*6&",&
PDUJHQGHODOH\FRQHOQGHFRPEDWLUDORVJUXSRVDUPDGRVGHH[WUHPD

0).-0$)-!

:& 6$& ";(85P"& #*)& ,"& #)$6$+35"& 8$& 4S,%5#,$6& "3%*)$6<&


H[SDQVLyQGHJUXSRVDUPDGRVLOHJDOHV\GLYHUVRVIHJ
QyPHQRV DVRFLDGRV FRPR HO QDUFRWUiFR *DUD\ \
0HGLQD 
(O UHFUXGHFLPLHQWR GHO FRQLFWR D QDOHV GH ORV
6$%$+%"& :& #)5+35#5*6& 8$& ,*6& *3M$+%"& $6%(O*& "6*35"8*& ",&
8$6#$;($&8$&,"&$3*+*4N"&8$&,"&8)*;"<&F($&6$&3*+6%5%(:$&
#*)&(+"&#")%$&$+&$,&#*%$+35"8*)&496&54#*)%"+%$&8$&,*6&
"+%5;(*6&#)*7,$4"6&8$,&#"N6[&"(6$+35"&8$&85)$3%)53$6&#*J
,N%53"6<&7()*3)"%5P"35K+<&3,5$+%$,564*<&3*))(#35K+<&5+$6%"J
75,58"8&5+6%5%(35*+",<&3)5656&8$&,"&"845+56%)"35K+&8$&,"&G(6J
%535"<&8$6$F(5,57)5*&8$&,"6&3,"6$6&:&(+&8$75,5%"45$+%*&8$&
ODHFRQRPtD3RURWUDSDUWHVHKDGDGRD&RORPELD\D
,*6&3*,*475"+*6&(+"&%)"63$+8$+35"&"&+5O$,&5+%$)+"35*+",<&
8*+8$&,*6&54";5+")5*6&:&$6%5;4"6&;$+$)",5P"8*6&6*7)$&,"&
YLQFXODFLyQGHVXSREODFLyQDOQDUFRWUiFRJHQHUDXQ
)*4#545$+%*&8$&,"6&)$,"35*+$6&$+%)$&,*6&3*++"35*+",$6&
45;)"+%$6<&F($&L)";4$+%"&,"6&)$,"35*+$6&3*+&7"6$&$+&,"&
GHVFRQDQ]DJHQHUDGDHQWUHXQRV\RWURV
/D PDUFDGD GHJUDGDFLyQ GHO FRQLFWR FRORPELDJ
QRHQHOFXDOORVGLYHUVRVDFWRUHVDUPDGRVJXHUULJ
,,"<&#")"45,5%")$6<&"(%*8$L$+6"6<&$GI)35%*6&#)5O"8*6&8$,&
QDUFRWUiFR GLULJHQ VXV DFFLRQHV FRQWUD ORV FLYLOHV
$+&#)*3()"&8$,&3*+%)*,&$+&)$;5*+$6&8$&",%*&O",*)&$6%)"J
WpJLFRFXOWLYRVLOtFLWRVH[SORWDFLyQPLQHUDUHFXUVRV
+"%()",$6&3*4*&$,&";("<&#)*:$3%*6&8$&5+L)"$6%)(3%()"<&
%$))5%*)5*6&3*+&#*6535*+$6&;$*$6%)"%I;53"6&#)5O5,$;5"J
GDVKDQGHVHQFDGHQDGRXQGHVSOD]DPLHQWRIRU]DGR
8$& ,"& #*7,"35K+& 3*,*475"+"& 65+& #)$3$8$+%$6<& :& (+&
#)*3$6*&8$&)$#*7,"45$+%*&8$&,*3",58"8$6&:&)$;5*+$6-&
6HVXPDDHVWRODXUEDQL]DFLyQGHOFRQLFWRGRQGH
,*6&3$+%)*6&()7"+*6&+"35*+",$6&6*+&)$3*))58*6&#*)&,"&
H[SUHVLyQGHP~OWLSOHVYLROHQFLDVSURYHQLHQWHGHGLJ
YHUVRVDFWRUHVGHOFRQLFWRHQHOFXDOORVMyYHQHVVRQ
L]TXLHUGDJXHUULOODV6LQHPEDUJRHVDLQLFLRVGHORVRFKHQWDFXDQGR
VXUJHXQSDUDPLOLWDULVPRTXHUHVSRQGHDODH[WHQVLyQGHORVHMpUFLWRVSULJ
YDGRVGHORVTXHGLVSRQHQODVLQGXVWULDVLOHJDOHVQDUFRWUiFRFRPHUFLR
GH HVPHUDOGDV TXH HQ ORV QRYHQWD VH XQHQ \ FRQIRUPDQ ODV$XWRGHJ
IHQVDV8QLGDVGH&RORPELD $8& RUJDQL]DFLyQSDUDPLOLWDUFUHDGDHQ
(QODHVIHUDGHOSDUDPLOLWDULVPRHQ&RORPELDKDQDFWXDGRDJHQWHV
GHO (VWDGR SROLFtDV PLOLWDUHV UHSUHVHQWDQWHV SROtWLFRV \ GH GLYHUVRV
VHFWRUHVGHODVRFLHGDGGRQGHHOSURFHVRGHODSDUDSROtWLFDSROtWLJ
FRVFRORPELDQRVFRQQH[RVFRQJUXSRVSDUDPLOLWDUHVHVQRWLFLDGLDULD
HQHOiPELWRQDFLRQDO(OSDUDPLOLWDULVPRHQ&RORPELDKDVLGRH[SOLFDGR
8$68$&85O$)6"6&#*6535*+$6[&"(%*8$L$+6"6&L)$+%$&"&,"6&;($))5,,"6<&$6%)"%$J
;5"6&8$&6$3%*)$6&8*45+"+%$6&#")"&$,&8$6"))*,,*&8$&#)*:$3%*6&8$&5+L)"$6J
%)(3%()"<&6$;()58"8&8$&,"6&P*+"6&;"+"8$)"6&*&8$&%$))5%*)5*6&F($&54#,53"+&
XQLQWHUpVHFRQyPLFRVLJQLFDWLYRHQWUHRWURV$OJXQDVLQYHVWLJDFLRQHV
8"+&3($+%"&8$&,"&3*+6*,58"35K+&8$&,"&$6%)(3%()"&#")"45,5%")&$+&W*,*475"<&
VXLQVHUFLyQHQODVRFLHGDG\ODSDUWLFLSDFLyQHQODSROtWLFD *DUFtD3HxD
3L]DUUR/HRQJyPH] 

 $OJXQDV LQYHVWLJDFLRQHV VHxDODQ ORV QLYHOHV GH GHVFRQDQ]D PXWXD
$+%)$&,*6&5+45;)"+%$6&3*,*475"+*6&F($&#)*O5$+$+&#)5+35#",4$+%$&8$&,"&
5+6$;()58"8&F($&6$&O5O$&$+&$,&#"N6&:&,"&6*47)"&8$,&3*4$)35*&8$&,"6&8)*;"6&
*XDUQL]R\'tD] 5DUDPHQWHORVFRORPELDQRVVHFRQVWLWX\HQHQ
3*4(+58"8$6&(+58"6&$6%"+8*&856#$)6*6&$+&;)"+8$6&9)$"6&4$%)*#*,5%"+"6&
*XDUQL]R3RUWHV\+DOOHU 

#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

IH

.-0$)-!//0 !'&/')!'&3'&0(')%-8%1%&&0

VXMHWRVGHYXOQHUDFLyQSRUH[FHOHQFLDX
>,&#"+*)"4"&)$6#$3%*&"&,"&O(,+$)"75,58"8&8$&,*6&+5J
xRVQLxDV\MyYHQHVSRUHOFRQLFWRDUPDGR\ODYLRJ
,$+35"<&+*&$6&4$+*6&",")4"+%$-&C"&$6#$)"+P"&8$&O58"&
+*&M"&"(4$+%"+8*&$+&)"PK+&8$&,"&3",58"8&8$&O58"&:&,"&
O5*,$+35"[&,*6&M*453585*6&:&"3358$+%$6&8$&%)9+65%*&6*+&
,"6&#)5+35#",$6&3"(6"6&8$&4*)%",58"8&8$&+5a*6&4":*J
)$6&8$&35+3*&"a*6<&"8*,$63$+%$6&:&GKO$+$6<&F($&6$;S+&
HO'$1(DIHFWDGHPDQHUDDFXFLDQWHDORVKRPEUHV
(OQGHODJXHUUD\ODYLROHQFLDFRWLGLDQDSHUPLWLUtDD
4(3M*6&M*47)$6&6(#$)")&,"&"8*,$63$+35"&:&"(4$+%")&
VXHVSHUDQ]DGHYLGD %RQLOOD 
$SHVDUGHODUDWLFDFLyQGH&RORPELDGHO3URWRFRJ
OR)DFXOWDWLYRGH OD&RQYHQFLyQ GH ORV 'HUHFKRVGHO
1LxR UHODWLYR D VX SDUWLFLSDFLyQ HQ ORV FRQLFWRV DUJ
PDGRVTXHSURKtEHHOUHFOXWDPLHQWRREOLJDWRULRROD
(%5,5P"35K+& $+& M*6%5,58"8$6& 8$& +5a*6& :& +5a"6& 4$+*)$6&
GHDxRVHQODVIXHU]DVDUPDGDVHVWDWDOHV\QRHVWDWDJ
OHVHQHOSDtVpVWDVLJXHVLHQGRXQDVLWXDFLyQTXHFDGD
GtDFREUDPiVYtFWLPDV$XQTXHQRKD\FLIUDVH[DFWDV
",;(+*6&*);"+564*6&)$#*)%"+&,"&O5+3(,"35K+&8$&$6%"&#*J
7,"35K+&"&,*6&;)(#*6&")4"8*6-2
>,&)$3,(%"45$+%*&8$&+5a*6&$6%9&$6%)$3M"4$+%$&)$,"J
35*+"8*&3*+&$,&8$6#,"P"45$+%*&5+%$)+*<&$+&%"+%*&$6&(+*&
8$&,*6&4$85*6&F($&$+3($+%)"+&,"6&L"45,5"6&#")"&$O5%")&
F($&6(6&M5G*6&6$"+&)$3,(%"8*6-&C*6&+5a*6&6*+&)$3,(%"8*6&
#*)&,"6&;($))5,,"6<&$,&#")"45,5%")564*&$&5+3,(6*&,"&L($)P"&
#S7,53"&3*4*&5+L*)4"+%$6<&3"4#"+$)*6<&3*47"%5$+%$6<&
8$6"))*,,*& 8$& "3%5O58"8$6& 8$& 5+%$,5;$+35"<& 3"4#"a"6&
3NO53*J45,5%")$6&:&$+&$,&3"6*&8$&,"6&+5a"6&3*4*&$63,"J
YDVVH[XDOHVVLHQGRODVPiVYXOQHUDEOHVHQFDVRVGH
YLROHQFLD VH[XDO \ GH JpQHUR (QWUH ORV IDFWRUHV TXH
LQFLGHQVLJQLFDWLYDPHQWHHQHOUHFOXWDPLHQWRGHHVWD
#*7,"35K+& $6%9+& ,*6& )$,"35*+"8*6& 3*+& ,"6& 3*+8535*+$6&
8$&4");5+",58"8&:&#*7)$P"<&",;(+"6&L"45,5"6&$+ON"+&"&
6(6& M5G*6& "& 3*47"%5)& #*)F($& +*& #($8$+& 4"+%$+$),*6<&
(OLQIRUPHVREUHGHUHFKRVKXPDQRVHQ&RORPELD  DUPDTXH
,*6& 3*,*475"+*6& 3*+%5+S"+& M(:$+8*& 8$& 6(6& 3"6"6& $& 5+3,(6*& 8$& 6(& #"N6&
$+&3"+%58"8$6&)I3*)8<&$+L)$+%9+8*6$&",&M"47)$&:&,"&$+L$)4$8"8&$+&6(6&
$6L($)P*6&8$6$6#$)"8*6&8$&6",O")&6(6&O58"6&:&,"6&8$&6(6&L"45,5"6-&C"&>+J
FXHVWD&RQWLQXDGH+RJDUHV0RGXOR0LJUDFLyQ  UHSRUWyTXHGH
ORVPLOORQHVGHFRORPELDQRVFRQH[SHULHQFLDGHPLJUDFLyQLQWHUQD
)$35$+%$&$+&$,&#"N6<&$,&X2-Y&#*)&35$+%*&6*+&+5a"6<&+5a*6&:&GKO$+$6<&$O58$+J
35"+8*&$,&%)"6,"8*&8$&L"45,5"6&+(4$)*6"6&:&$+%$)"6&$+&7(63"&8$&+($O"6&
RSRUWXQLGDGHVGHWUDEDMRHVWXGLRRGHVHJXULGDG %RQLOOD 
2
&>,&5+L*)4$&C&$10Z(;$/"*">F0&1&$(1$/0:#&+&8$&A'BW>T&$+&/00/&)$#*)%K&
F($&$,&+S4$)*&8$&+5a*6&:&GKO$+$6&O5+3(,"8*6&"&;)(#*6&")4"8*6&*635,"&
HQWUHVHLV\VLHWHPLO3RUVXSDUWH+XPDQ5LJKWV:DWFKHQHOUHSRUWH
Q'#(1-(#G+$&$1"$**"#&#4$S0Z"+$/">F&%0(1%(+$(1$<"*">F0&HQFRQJ
VLGHUyTXHODFLIUDSRGtDOOHJDUDH[FHGHUORVRQFHPLOPLHQWUDVTXHOD
$OWD&RPLVLRQDGDGHODV1DFLRQHV8QLGDVSDUDORV'HUHFKRV+XPDQRV
HQKDEODEDGHFDWRUFHPLO6HHVWLPDTXHXQRGHFDGDFXDWURFRPJ
EDWLHQWHVHVPHQRUGHDxRV\HQRFDVLRQHVSXHGHOOHJDUDOR
#*)& 35$+%*& $+& ",;(+"6& (+58"8$6& 8$& ,"6& ;($))5,,"6& *& $,& #")"45,5%")564*<&
3*+&$8"8$6&8$&O5+3(,"35K+&F($&O"+&$+%)$&,*6&Y&:&,*6&.Y&"a*6&eW*",53*<&
&RPLVLyQ&RORPELDQDGH-XULVWDV 
X

#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

ID

45$+%)"6&F($&4(3M*6&*%)*6&6*+&)$3,(%"8*6&"&,"&L($)P"&
&RDOLFR&RPLVLyQ&RORPELDQDGH-XULVWDV 
)LQDOPHQWHODUHFRQJXUDFLyQGHORUGHQLQWHUQDJ
FLRQDOHQHOTXHVHLQVFULEHHOFRQLFWRLQWHUQRFRORPJ
75"+*&$+&,"&S,%54"&8I3"8"&M"&8$6$+3"8$+"8*&+($O"6&
IRUPDVGHLQWHUDFFLyQ\FRQLFWLYLGDGHVWUDQVQDFLRJ
+",$6-&>+&$6%$&4")3*<&,"&)$;5K+&"+85+"&6$&3*+6%5%(:$&
$+&(+&9)$"&$6%)"%I;53"&#")"&,"6&*#$)"35*+$6&8$&,(3M"&
3*+%)"&,"6&8)*;"6&:&$,&%$))*)564*<&F($&6$&3*+3)$%"&3*+&
HO3ODQ&RORPELD  \OD,QLFLDWLYD5HJLRQDO
$QGLQD ,5$ DSUREDGDSRUHO&RQJUHVRGH(VWDGRV
8QLGRVHQ/DOXFKDFRQWUDHOQDUFRWUiFRODV
#*,N%53"6& 8$& ,57$)",5P"35K+& $3*+K453"& :& 3*4$)35",&
\ODFUX]DGDPXQGLDOFRQWUDHOWHUURULVPRKDQH[DJ
3$)7"8*&,*6&L"3%*)$6&8$&O5*,$+35"<&$,&8$%$)5*)*&8$&,"6&
3*+8535*+$6& $3*+K453"6& :& 6*35",$6& 8$& ,*6& #"N6$6& :&
3"475*6&8$&;)"+&%)"63$+8$+35"&$+&,*6&#)*3$6*6&#*,NJ
%53*6<&$3*+K453*6<&6*35",$6&:&3(,%()",$6&8$&,*6&#"N6$6&
8$&,"&)$;5K+&:&6(6&L)*+%$)"6<&8*+8$&$,&8$6#,"P"45$+%*&
%)"+6L)*+%$)5P*& 8$& 3*,*475"+*6& M"35"& ,*6& #"N6$6& "+J
85+*6&$6&(+*&8$&,*6&)$6(,%"8*6&e?M(4"8"&:&Q*)$+*<&
3L]DUUR/HRQJyPH] 
$OJXQDVFLIUDVUHHMDQGHVSOD]DPLHQWRVLQWHUQRVH
5+%$)+"35*+",$6&8$&,"&#*7,"35K+&3*,*475"+"&$+&$,&4")J
FRGHOFRQLFWRDUPDGRODJXHUUD\ODYLROHQFLDHQVXV
P~OWLSOHVGLQiPLFDV GHVSOD]DPLHQWRLQWHUQRIRU]DJ
8*<&3"4#*&8$&8$7"%$&5+6%5%(35*+",&$+%)$&,"6&*);"+5P"J
35*+$6& +*& ;(7$)+"4$+%",$6& :& $,& >6%"8*& 3*,*475"+*-&
6HJ~Q &2'+(6 HQ &RORPELD HQWUH  \  VH
GHVSOD]DURQXQWRWDOGHSHUVRQDVTXHLQWHJ
JUDQXQSURPHGLRGHIDPLOLDVPLHQWUDVHOJRJ
ELHUQRFRORPELDQRUHJLVWUDGHSHUVRQDVGHVJ
SOD]DGDVHQWUH\ L*$?.1-" 
(O2EVHUYDWRULRGHO'HVSOD]DPLHQWR,QWHUQRRUJDQLVJ
PRGHSHQGLHQWHGHO&RQVHMR1RUXHJRGH5HIXJLDGRV
"6$;()K&$+&/00Y&F($&$+&W*,*475"&M"7N"&3("%)*&45,,*J
+$6&8$&8$6#,"P"8*6&5+%$)+*6<&$6&8$35)<&3"65&(+*&8$&3"8"&
85$P&35(8"8"+*6<&65$+8*&6(#$)"8*&6*,*&#*)&](89+<&3*+&
PLOORQHVGHGHVSOD]DGRVLQWHUQRV ,QIRUPH&($5
 Y   UHIXJLDGRV TXH FUX]DQ OD IURQWHUD D SDtVHV
O$35+*6&3*4*&>3("8*)<&8*+8$&6$;S+&8"%*6&8$&?W'Aj&
KD\ DSUR[LPDGDPHQWH   SHUVRQDV UHIXJLDGDV
#)*3$8$+%$6&3"65&%*8"6&$,,"6&8$&W*,*475"-&]5+&$47")J
;*<&#*)&,"&L",%"&8$&5+L*)4"35K+<&$,&8$63*+*3545$+%*&8$&
,"6&,$:$6&F($&,*6&"4#")"+<&$,&45$8*<&,"&5+6$;()58"8&:&
&W*+&)$,"35K+&"&,*6&4*%5O*6&8$,&8$6#,"P"45$+%*&L*)P"8*&$,&$6%(85*&8$&
*DUD\  PXHVWUDTXHORVJUXSRVIDPLOLDUHVGHVSOD]DGRVLQFOXLGRV
HQHO5HJLVWURQLFRGH3REODFLyQ'HVSOD]DGD 583' UHSRUWDURQODV
DPHQD]DVGLUHFWDVFRPRODSULQFLSDOFDXVD SRUFLHQWR VHJXLGDSRU
ODVPDVDFUHV SRUFLHQWR ORVDVHVLQDWRVIDPLOLDUHV SRUFLHQWR 
ORVFRPEDWHV SRUFLHQWR ORVDVHVLQDWRVGHYHFLQRVRDPLJRV 
SRUFLHQWR ODVDPHQD]DVLQGLUHFWDV SRUFLHQWR \HOUHFOXWDPLHQWR
IRU]DGR SRUFLHQWR 

?#"$"(&"$)#")!03&'!"$),"&)=0**%(%@

ODGHVSURWHFFLyQTXHVXIULHURQGHVXJRELHUQRVyOR
000&#$)6*+"6&6$&M"+&)$;56%)"8*&3*4*&)$L(;5"8*6&"+%$&
$,&;*75$)+*&8$&$6%$&#"N6&*&,"&8$,$;"35K+&8$&?W'Aj-&
>+&3*+6$3($+35"<&496&8$&/00&000&35(8"8"+*6&3*,*4J
75"+*6&6(7656%$+&$+&$6%$&#"N6&65+&#)*%$335K+&,$;",&:&3*+&
HQRUPHVGLFXOWDGHVGHDFFHVRDORVVHUYLFLRVS~EOLFRV
,QIRUPH &($5     DVLODGRV SROtWLFRV HO Q~J
4$)*&8$&#$%535*+$6&8$&"65,*&8$&3*,*475"+*6&$+&>6#"J
xDUHSUHVHQWDXQSRUFHQWDMHVLJQLFDWLYRHQHOWRWDOGH
6*,535%(8$6&8$&"65,*&:&)$L(;5*&F($&$,&;*75$)+*&$6#"a*,&
UHFLEHHQUHSUHVHQWDURQHOSRUFLHQWRGHOWRJ
%",&8$&6*,535%(8$6&8$&"65,*<&$+&/000&$,&.Y</&#*)&35$+%*<&
HQHOSRUFLHQWR\HQHOSRUFLHQWR
]*,535%(8$6&F($&$+&6(&4":*)N"&6$&)$6($,O$+&+$;"%5O"J
PHQWHGRQGHORVH[SHGLHQWHVGHFRORPELDQRVQRVXSHJ
)"+&$,&.0&#*)&35$+%*&8$&)$6*,(35K+&#*65%5O"&8$68$&$,&"a*&
 6DQDEULD   &RORPELD HQ  HV HO SDtV
3*+&4":*)&+S4$)*&8$&6*,535%"+%$6&8$&"65,*&$+&>6#"a"12627526120,*5$026325%,//(7(
0,*5$&,1-89(1,/&2/20%,$1$
<9,2/(1&,$

C*6&4*%5O*6&8$&,"&45;)"35K+&+*&65$4#)$&$6%9+&%"+&85J
L$)$+35"8*6<&6*+&4S,%5#,$6<&85O$)6*6&:&*#$)"+&",&456J
4*&%5$4#*-&]5+&$47");*<&"&$L$3%*6&"+",N%53*6&",;(+"6&
L*)4"6<&$+%)$&4(3M"6&*%)"6<&#*8)N"+&$6%"7,$3$)6$&#")"&
GHQLU ODV PRWLYDFLRQHV \ FRPSUHQGHU ODV H[SHULHQJ
35"6&8$&,*6&GKO$+$6&$+&45;)"35K+[&L"3%*)$6&6*35*$3*+KJ
453*6&:&L"3%*)$6&)$,"35*+"8*6&3*+&$,&45$8*&"&,"&#$)6$J
3(35K+&#*)&4*%5O*6&#*,N%53*6<&I%+53*6&*&8$&#$)6$3(35K+&
UHOLJLRVD 6XiUH]2UR]FR\6XiUH]2UR]FR /RV
GKO$+$6&3*,*475"+*6&$+&>6#"a"&+"))"+&F($&M"+&45;)"J
GRSRUPRWLYRVDVRFLDGRVFRQGLIHUHQWHVH[SUHVLRQHV
GHYLROHQFLDSROtWLFDGHOLQFXHQFLDFRP~QQDUFRWUiJ
3*<&O5*,$+35"&5+%)"L"45,5")<&$+%)$&*%)"6-&>6&54#*)%"+%$&
)$6",%")&F($&4(3M*6&8$&,*6&GKO$+$6&+*&6*+&"65,"8*6&*&
)$L(;5"8*6& $+& 6$+%58*& $6%)53%*& :& +*& $6%"7"+& M(:$+8*&
GHODVDPHQD]DVGHQLQJ~QVHFWRUGHOFRQLFWRFRORPJ
75"+*&$+&#")%53(,")-&>+&6(6&M56%*)5"6&,"6&"4$+"P"6&#)*J
O5$+$+& 8$& 4S,%5#,$6& "3%*)$6& e;($))5,,"<& #")"45,5%")$6<&
QDUFRWUiFR 6HWUDWDGHXQDH[SUHVLyQJHQHUDOL]DGD
8$&O5*,$+35"&:&#*)&%"+%*&(+"&#$)3$#35K+&8$&5+6$;()58"8&
F($&5+O"8$&,"&O58"&8$&,"&#*7,"35K+&3*,*475"+"&eA))$"&
 $OJRGHORTXHQDUUDURQ
>3*+K453"4$+%$& 6N& h"L$3%K& #")"& F($& 45;)9)"4*6i& #*)F($&
$+& W*,*475"& 3*4*& 3"65& +*& M":& %)"7"G*<& M":& 3*4*& 4(3M"&
SREUH]D<WDPELpQSXHVODJXHUUD\WRGR3RUHMHPSORHQ
$,&#($7,*&8*+8$&:*&O5ON"&M":&4(3M"&;($))5,,"<&$+&]"+%"+8$)&
8$&^(5,53M"*<&#($6&",,9&,"&;($))5,,"&:&,*6&#")"45,5%")$6&4"+J
%$+N"+&4(3M*&#*)&",,9&:&(+*&#($6&+*&#*8N"&6",5)&8$&+*3M$-&]5&
O$N"+&"&(+"&3M53"&$+&,"&3",,$&"&,"6&8*3$&8$&,"&+*3M$<&#($6&6$&

0).-0$)-!

,"&,,$O"7"+&"&,"O")&)*#"&:&,"&8$O*,ON"+&"&,"&4"8)(;"8"&*&",&
RWURGtD<VLODYHtDQFRQEOXVDVFRUWLFDV\QROHVJXVWDED
#($6&,$&)":"7"+&3*+&(+&3(3M5,,*&$,&$6%*4";*<&*&h65&,"&O$N"+i&
FRQIDOGDVFRUWDV>OHUD\DEDQ@ODVSLHUQDV3RUTXHDHOORVQR
,$6&;(6%"7"&$6*-&C*6&#")"45,5%")$6&M"+&4"%"8*&"&4(3M"&;$+%$&
$+&$,&#($7,*&:&#($6&(+*&",,9&+*&#($8$&"+8")&,57)$<&+5&+"8"-&
<QRVRODPHQWHHOORVVLQRWDPELpQPXFKDVSDUWHVTXHDXQR
%"475I+&,*&)*7"+-&A+*&6",$&3*+&(+"6&P"#"%5,,"6&:&6$&,"6&)*7"+&
\ORGHMDQGHVFDO]R<SXHVXQRQRSXHGHWHQHUQDGDFROJDGR
GHRURSRUTXHVHOHOOHYDQODFDEH]D -HVVLPLJUyGHDxRV
FRQVXIDPLOLD0DGULG 

'LDQDMRYHQTXHOOHJyD0DGULGGHYHLQWLGyVDxRVHQ
QRVFRQWyFyPRIXHHOQDUFRWUiFR\VXVDMXVWHV
GHFXHQWDVORTXHODOOHYyDPLJUDU<RGLMH\DOD
S,%54"&3")%"<&:"&+*&%$+;*&4"49<&:"&+*&%$+;*&M$)4"J
+*6<& :"& +*& %$+;*& +"8"<& #($6& 4$& O*:-& ]"7$)& F($& +*&
O"& "& O$+5)& (+& %5#*& #*)& 8$%)96& :& F($& #*)F($& :*& 6$#"&
3*6"6<&#*)&,*&4$+*6&8$&45&L"45,5"<&:&F($&#*)&$6*&L($&
F($&,*6&4"%")*+&"&%*8*6[&"&45&4"49<&"&45&#"#9<&"&45&
M$)4"+*<&"&%*8*6&,*6&4"%")*+&"&%5)*6-&C"&S,%54"&L($&45&
PDPi (QWUHYLVWD'LDQD0DGULG 
C"&#$)3$#35K+&8$&5+6$;()58"8&%"475I+&L(+8"4$+J
WD OD GHFLVLyQ GH PLJUDU LQGHSHQGLHQWHPHQWH GH VX
SRVLFLyQVRFLRHFRQyPLFD$VtORFXHQWDXQDPDGUH
3*,*475"+"<& 8$& 3,"6$& 4$85"J",%"& $+& W*,*475"<& F($&
45;)K&#")"&7)5+8"),$&(+&"475$+%$&496&6$;()*&:&%)"+J
F(5,*&"&6(&M5G"[&\hQ$&O5+$i&#*)F($&$6%"7"&"7())58"&8$&
$6%")&$+&W*,*475"<&$6%"7"&4(:&5+6$;()*&$,&"475$+%$&
:&3*4*&>45,5"&$6%"7"&#$F($a5%"<&>45,5"&45&M5G"<&$+J
%*+3$6&4$&"7())N&8$&%$+$)&F($&8$35),$&F($&6$&3(58")"&
65&",;S+&8$63*+*358*&,$&M"7,"7"<&,"&3*;N"<&,*&F($&L($)"&
>@<RQRPHYLQHSRUIDOWDGHWUDEDMRVLQRSRULQVHJ
;()58"8&:&#*)&,"&$8(3"35K+&F($&,$&$6%"7"&8"+8*&"&>45J
,5"<&F($&$)"&3*4*&8$68$&$,&45$8*&:&#*)&$6*&4$&85$)*+&
JDQDVGHLUPH (QWUHYLVWDD-XDQD0DGULG 
C"6& 549;$+$6& 6*7)$& $,& *)5;$+& 6$& %)"+6+"35*+",5J
P"+-&D56%*)5"6&+"8"&#)*4$%$8*)"6<&O5O58"6&#*)&"45;*6&
\ IDPLOLDUHV >@ <R QR KH LGR SHUR D Pt PH KDQ
3*+%"8*<& 4$& M"& 3*+%"8*& 4(3M"& ;$+%$& F($& M"& 58*& "&
W*,*475"-& Q(3M"<& 4(3M"& ;$+%$& M"& 58*& "& W*,*475"&
\KDYHQLGR\KDGLFKR'LRVPtRVLHVWiDFDEDGRHO
#"N6p&>6%9&"3"7"8*<&#*)F($&%S&$6%96&"MN&:&+*&,*&O$6<&+*&
,*&+*%"6<&#*)F($&%S&$6%96&"MN&65$4#)$-&>+%*+3$6&%S&O$6&
TXHODVFRVDVQRFDPELDQ *'MyYHQHVFRORPELDJ
QRV0DGULG 
>+&,"&5+8";"35K+&3*+&,*6&GKO$+$6&3*,*475"+*6&$+&
(VSDxDDSDUHFLHURQORVUHHMRVGLUHFWRVGHXQDUHFDOJ
35%)"+%$&;($))"[&*"+$90N"+$2$*&+$90N&+$-(*$(W0*0"-&>,,*6&
+*&45;)"+<&$63"#"+&M"35"&,"&,57$)%"8&e](9)$P&@)*P3*&:&
6XiUH]2UR]FR \UHVSRQGHQDQWHXQFRQLFWR
F($&,$6&)*4#$&,"&O58"&:&6$&,$6&M"3$&)$6#*+6"7,$6&8$&
(+"&;($))"&F($&+*&,$6&#$)%$+$3$-&'*&M":&%5$4#*&#")"&
#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

II

.-0$)-!//0 !'&/')!'&3'&0(')%-8%1%&&0

SHQVDUGHVSHGLUVHRSUHSDUDUVH1RKD\H[SHFWDWLYDV
+5& *7G$%5O*6<& 654#,$& :& ,,"+"4$+%$& #*)F($& +*& M"7N"&
\#)*:$3%*_<&+5&8$&$,,*6<&+5&8$&6(6&#"8)$6-&=(,5"<&M5G"&8$&
H[LOLDGRVTXHOOHJDD(VSDxDDORVGLHFLQXHYHDxRVHQ
/00.&3*+%"7"[
<R VDEtD TXH VDOtD \ QR YROYtD WRGR IXH V~SHU UiSLGR IXH
UHOiPSDJR\RQRWXYHWLHPSRGHKDFHUPHH[SHFWDWLYDVODV
H[SHFWDWLYDV PH ODV KLFH HQ HO DYLyQ WRGR VH KL]R HQ XQD
6$4"+"<&,*6&#"#$,$6&:&8$496<&45&#"8)$&85G*[&\M";"+&4",$%"6&
F($&6$&O"+&#")"&W(7"_-&>6%(O54*6&#)54$)*&35+3*&4$6$6&$+&
W(7"<&#$)*&%*8*&L($&6S#$)&)9#58*<&65+&#)$;(+%"6<&65&F(5$)$6&
5)&*&+*<&65&$6%96&8$&"3($)8*&*&+*<&65+&%5$4#*&#")"&54";5+")6$&
+"8"&+5&+"8"-&>)"&$,&3*))$<&3*))$<&#*)&%(&O58"-&>,&#)54$)&8N"&
F($&,,$;(I&"&>6#"a"<&,,$;"4*6&$+&#,$+*&O$)"+*&"&O5O5)&$+&(+&
M*6%",<&+*&$+%$+8N"&+"8"<&+*&6"7N"&F(I&M"3N"&"F(N<&+*&6"7N"&
F(I& 57"& "& M"3$)& "F(N<& :*& $6%(85"7"& 35+$& $+& ,"& (+5O$)658"8<&
M"7N"&M$3M*&(+&"a*&h$+&W*,*475"i-&C,$O*&8*6&"a*6&"39&:&+*&
M$&#*858*&$6%(85")-&W("+8*&6",N&8$&W*,*475"&+*&%(O$&%5$4#*&
8$&)$3*;$)&,*6&#"#$,$6&$+&$,&3*,$;5*<&,,$;(I&"F(N&:&,"&8$65+J
L*)4"35K+&$6&%*%",[&,*6&L(+35*+")5*6&+*&5+L*)4"+&"8$3("8"J
4$+%$& 6*7)$& ,*6& 8*3(4$+%*6& F($& 8$7N"& M"7$)& M$3M*& 8$68$&
,*6&#)54$)*6&8N"6&#")"&,"&M*4*,*;"35K+&8$,&7"3M5,,$)"%*<&45&
KHUPDQR\\RQRWHQtDPRVQLLGHD *'-yYHQHVFRORPELDJ
QRV0DGULG 

>6%$& \+*& #)*:$3%*& 45;)"%*)5*_<& $6%"& 6",58"& L*)P"8"<&


GHWHUPLQDODVUHODFLRQHVFRQHORULJHQ\SRQHHQH[J
%)$4*&,"&3"#"358"8&8$&,"6&#$)6*+"6&#")"&)$3*+6%)(5)6$&
$+& 6(& +($O*& $6#"35*-& C"& M(58"& #*)& 4*%5O*6& 8$& #$)J
6$3(35K+& 54#58$& M"75%(",4$+%$& $,"7*)")& (+& #)*:$3J
WR PLJUDWRULR TXH DO OOHJDU D GHVWLQR VH H[SUHVD HQ
(+"& $63"6"& 3"#"358"8& 8$& 8$3565K+<& 8*+8$& 6(& L(%()*&
8$#$+8$&8$&,*6&*);"+564*6&8$,&#"N6&8$&8$6%5+*&eB+L*)J
PH&($5 /DVH[SHFWDWLYDVVHFRQVWUX\HQHQ
4$85*&8$&,"&5+3*4#)$+65K+&:&$,&8*,*)&$+&(+"6&#*3"6&
M*)"6&8$&"O5K+<&3("+8*&6$&85)5;$+&M"35"&(+&,(;")&F($&
$+&4(3M*6&8$&,*6&3"6*6&+*&%5$+$&+*47)$-&?6N<&,*&+"))K&
/X]KLMDGHH[LOLDGRVFRORPELDQRVTXHOOHJyD(VSDxD
HQHOGHFDWRUFHDxRV3XHVQRVRWURVQRKDEtDJ
4*6&#,"+$"8*&+(+3"&O$+5)+*6&:&L($&8$&)$#$+%$<&#*)&,"&
65%("35K+&8$&,"&;($))"&$+&W*,*475"&#($6&"4$+"P")*+&
"&45&#"#9&:&%(O54*6&F($&6",5)&3*))5$+8*-&>+%*+3$6&+*&
$)"&F($&%(O5I)"4*6&(+&#)*:$3%*&8$&O$+5)+*6<&+5&+"8"-&
T($&"6N&:&,"&,,$;"8"&"F(N&L($&8()"&O5+54*6&65+&+"8"<&
65+& 6"7$)& +"8"<& 65+& %$+$)& ",;*& :"& 3*+3)$%*& hoi& Q$&
#)$;(+%"7"&3K4*&6$)N"&$,&#"N6&",&F($&57"&"&5)<&#*)F($&
6"7N"&F($&$)"&>()*#"<&#$)*&+*&6"7N"&"&F(I&#"N6&57"&"&
HPLJUDU (QWUHYLVWD/X]0DGULG 
C*6& 4*%5O*6& 8$& ,"& 45;)"35K+& 8$& ,"6& L"45,5"6& 8$,&
H[LOLR YDQ FRQJXUDQGR XQD VHULH GH FRQLFWRV FRQ
(+"&3");"&#653*,K;53"&54#*)%"+%$<&F($&#")"&,*6&GKO$J
+$6& +*& $6& +"8"& L935,& +$;*35")-& ]$& 3*475+"+& )"75"6<&
#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

IJ

3(,#"6&:&8*,*)$6<&3*+&"845)"35K+&$&58$",5P"35K+&6*7)$&
$6*6&#"8)$6&:&4"8)$6&F($&+*&%(O5$)*+&496&",%$)+"%5O"&
F($&6"3"),*6&8$,&#"N6-&C*&F($&*%)*6&GKO$+$6&)$#*)%"+&
FRPRH[WUDxH]DDOOOHJDUD(VSDxDORVKLMRVGHOH[LOLR
,*&+"))"+&3*4*&(+"&#)*L(+8"&8$#)$65K+&F($&#")$3$&+*&
6$&%5$+$&$+&3($+%"&#*)&,*6&6$)O535*6&6*35",$6&$6#"a*,$6&
HQHOPRPHQWRHQTXHRWRUJDHOHVWDWXWRGHH[LOLDGRV
#")"&$6%"6&L"45,5"6[&\Q/[&C"&)"75"&3*+&45&#"#9&$6&496&
#)*8(3%*&8$&,"&4$,"+3*,N"&:&8$&,"&%)56%$P"<&3*4*&$,&+*&
F($)$)&6$+%5)4$&%)56%$&65+*&%)"+6L*)4")&$6"&%)56%$P"<&:&
HFKDUOH OD PDGUH \ TXH \D FRQ HVR PH SDJDUD 3HUR
)$",4$+%$&,"&)"75"&+*&$6&3*+&I,<&,*&F($&$6%9&#"6"+8*&+*&
$6&#*)&3(,#"&8$&45&#"8)$&65+*&#*)&,"&7"+8"&8$&653")5*6&
F($&$6%9+&"MN&h$+&W*,*475"i-&Q$&8"&%)56%$P"&8$&6$+%5)J
4$&6*,"<&+*&6"7$)&#")"&8K+8$&3*;$)&*&"&F(5I+&#$85),$&
":(8"&3("+8*&6$&$6%9&$+L$)4"<&:*&F(I&M";*&"F(N<&6*,"<&
VROD -yYHQHVFRORPELDQRV0DGULG 
$OFUX]DUODIURQWHUDODVH[SHFWDWLYDVGHVHJXLUVXV
$6%(85*6&3*4*&,*&M"3N"+&$+&W*,*475"&6$&)*4#$+&3*+J
%)"&,*6&#)54$)*6&4()*6&F($&,$6&"6$;()"+<&F($&"&#$6")&
8$&%$+$)&$6%"%(%*&8$&"65,*<&$+&$6$&+($O*&#"N6&+*&6*+&
75$+O$+58*6-&!"+%*&,*6&GKO$+$6&3*4*&6(6&#"8)$6&:"&
M"7N"+&$4#$P"8*&(+"&3"))$)"&(+5O$)65%")5"&$+&W*,*4J
75"&:&6(&L(%()*&6$&857(G"7"&3*+&7($+"6&#*6575,58"8$6-&
?,&,,$;")&"&>6#"a"<&6$&O$+&*7,5;"8*6&"&"7"+8*+")&6(6&
$6%(85*6<& #*)F($& *& 75$+& ,"& M(58"& +*& ,$6& #$)45%$& %)"J
PLWDUORVGRFXPHQWRVTXHOHVH[LJHQRELHQHOVLVWHJ
4"&$8(3"%5O*&$6#"a*,&+*&,$6&M*4*,*;"&6(6&$6%(85*6&
#)$O5*6-& ](& ,,$;"8"& ",& #"N6& 8$& 8$6%5+*& $6%9& 4")3"8"&
#*)& (+"& ;)"+& "(6$+35"& 8$& 6$)O535*6& 6*35",$6<& #653*J
,K;53*6& :& 4"%$)5",$6<& 6(4"8*& "& ,"& ;)"+& 6$+6"35K+& :&
#$)3$#35K+&8$&O5*,$+35"&3*+&,"&3(",&6*+&)$35758*6&$+&
$,&+($O*&#"N6&8$&)$658$+35"&e](9)$P&@)*P3*&:&](9)$P&
2UR]FR $VtORFRQWDURQHQHOJUXSRGHGLVFXJ
VLyQHQ0DGULGHQ
<R HVWXGLDED PHUFDGHR \ SXEOLFLGDG LED D HQWUDU D VpSWLJ
4*&6$4$6%)$<&"M*)"&8$6#(I6&8$&%)$6&"a*6&$6%*:&$+&$,&4564*&
#(+%*&F($&$6%"7"&$+&V*;*%9-&C,$;(I&"&"O$)5;(")&3K4*&$)"+&
,"6&3*6"6&"39&hoi&Q$&#)$6$+%I&"&,"&A+5O$)658"8&W*4#,(%$+J
6$&#$+6"+8*&F($&4$&M*4*,*;")"+&",;(+"6&"65;+"%()"6&hoi&
'HVSXpVGHDVLVWLUWUHVPHVHVDFODVHVPHHQYLDURQXQDFDUWD
8535I+8*4$&F($&+*&4$&#*8N"+&M*4*,*;")&+5+;(+"&"65;+"%(J
)"<&#*)F($&+5+;(+"&8$&$,,"6&4$&6(4"7"&,*6&#(+%*6&+$3$6")5*6&
#")"&3*+O",58"),"<&:&F($&$6"&3"))$)"&%$+N"&4(3M"&8$4"+8"&:&
 &RQ OD QDOLGDG GH PHMRUDU HO SURFHVR GH LQWHJUDFLyQ HO (&5(
VLJODV LQJOHVDV GHO &RQVHMR (XURSHR GH 5HIXJLDGRV \ ([LOLDGRV TXH
DJUXSDDPiVGHRUJDQL]DFLRQHVGHGHIHQVDGHORVUHIXJLDGRVUHJ
FRPLHQGD HO UHFRQRFLPLHQWR HQ SOD]RV UHDOLVWDV GH ODV FXDOLFDFLRQHV
#)*L$65*+",$6&:&,"6&%5%(,"35*+$6&"3"8I453"6<&$,&L*4$+%*&8$&,"&L*)4"35K+&
#)*L$65*+",& 8$& $6%"6& #$)6*+"6<& ,"& #)*4*35K+& 8$& ,"& #")%535#"35K+& $+& ,"&
O58"&#*,N%53"&:&$,&)$3*+*3545$+%*&8$&,*6&8$)$3M*6&#*,N%53*6<&,"&)$L*)4"&
\ VLPSOLFDFLyQ GHO SURFHVR GH QDWXUDOL]DFLyQ \ GREOH QDFLRQDOLGDG
,QIRUPH&($5 

?#"$"(&"$)#")!03&'!"$),"&)=0**%(%@
F($& "8$496& 8$& +*& 3*+O",58")4$& +"8"& +*& M"7N"& #,"P"& #")"&
4N-& >+%*+3$6& +($O"4$+%$& 4$& %*3K& 7(63")& :& %$)45+I& $+& ,"&
(+5O$)658"8&#)5O"8"&8*+8$&$6%*:<&$+&,"&F($&4$&3*+O",58")*+&
(+&"a*&hoi&?F(N&+*&6$&O",*)"&,*&F($&M$4*6&M$3M*&",,9<&,"&
L*)4"35K+& "3"8I453"& "F(N& $6& #$*)& hoi& %$+;*& F($& %)"7"G")&
4(:&8()*&#")"&#";")4$&,"&3"))$)"<&6",;*&8$&,"&(+5O$)658"8&
GLUHFWDPHQWHDWUDEDMDUHQXQEDU\WUDEDMDUORVQHVGHVHJ
PDQD 0DGULG 

0).-0$)-!

F($&+*&O"&"&3*))$)&#$,5;)*&6(&O58"&:&F($&6*+&$6#"35*6&8$&3*+J
DQ]D (QWUHYLVWDPHGLDGRUDLQWHUFXOWXUDO0DGULG 

A+&G*O$+&M"7,"&6*7)$&,"&O5*,$+35"&F($&6$&O5O$&:&#$)357$&
3*%585"+"4$+%$<&3*4*&\#")%$&$6$+35",&8$&,"&58$+%58"8&
3*,*475"+"_&F($<&#*)&;$+$)",5P"8"&$&5+3*4#)$+657,$<&
6$&"6*35"&"&(+"&$6#$35$&8$&;$+&8$L$3%(*6*&F($&6$&,,$O"&
\$+& ,"& 6"+;)$_-& >6%"& )"35*+",5P"35K+& 5+3*+635$+%$& 6$&
6RQQLxRV\MyYHQHVH[SXOVDGRV\GHVSRMDGRVGHOUHJ )$,"35*+"&3*+&35$)%*6&3*4#*)%"45$+%*6&6*35",$6&:&3*+&
FRQRFLPLHQWRVRFLDOH[SHFWDWLYDV\FDSLWDOHVHFRQyJ ,"6&\O$);*+P*6"6_&549;$+$6&$&5+L*)4"35*+$6&F($&35)J
453*6&:&6547K,53*6&"3(4(,"8*6&$+&$,&,(;")&8$&*)5;$+-& FXODQHQ(VSDxDH[SUHVDQGRHOWHPRUTXHSURGXFHHQ
9LGDVTXHVHGHEHQUHFRQVWUXLUDJROSHGHUHVLVWHQFLD *3"65*+$6&)$3*+*3$)6$&3*4*&3*,*475"+*&$+&$,&+($O*&
DQWH XQ SDtV TXH ORV H[SXOVy \ RWUR TXH ORV UHFLEH FRQWH[WRPLJUDWRULR
#$)*&F($&+*&,*6&#)*%$;$&8$,&%*8*75$161$&,21$/,=$&,1'(/&21)/,&72
0,5$'$6'(6&21),$'$6
62/,'$5,'$'(6527$6

C"6& +"))"%5O"6& 8$& ,*6& GKO$+$6& 3*,*475"+*6& $+& >6#"a"&


PXHVWUDQ OD LQXHQFLD GH ORV FRQWH[WRV SROtWLFRV HFRJ
+K453*6<&6*35",$6&:&3(,%()",$6&8$&*)5;$+&:&8$&8$6%5+*&$+&
6(&#*6535*+"45$+%*&:&%)":$3%*)5"6&8$&O58"-&?6N<&6(&58$+%5J
FDFLyQFRPRFRORPELDQRVWUDHLPSOtFLWRORTXHKHGHJ
+*45+"8*&\L)"3%()"6&58$+%5%")5"6_&eW"))"6F(5,,"&:&>3M$J
YHUUL(FKHYHUUL HVGHFLUODIUDJPHQWDFLyQ
8$&\,*&3*,*475"+*_&"&%)"OI6&8$&85L$)$+%$6&#*6535*+$6&$+&
$,&3"4#*&6*35",[&3,"6$&6*35*$3*+K453"<&+5O$,&$8(3"%5O*<&
;I+$)*<&)$;5K+&8$&#)*3$8$+35"<&$%3I%$)"R&:&(+"&#")%53(,")&
L)";4$+%"35K+& #)*8(358"& #*)& $,& 6$+%545$+%*& 8$& \8$6J
FRQDQ]DHQWUHODSREODFLyQFRORPELDQD(OFRQLFWR
3*,*475"+*&6$&%)"+6+"35*+",5P"-&?(+"8*&"&$,,*&$6%9+&,*6&
$L$3%*6&8$&(+&$6%$)$*%5#*&8*45+"+%$&8$&,*6&3*,*475"+*6&
HQ (VSDxD FRPR QDUFRWUDFDQWHV R VLFDULRV TXH
#)*8(3$&$+&$,&5+%$)5*)&8$&$6%"&#*7,"35K+&"3%5O58"8$6&M$J
%$)*;I+$"6<&L)";4$+%"8"6&:&85L$)$+35"8"6<&",&5;(",&F($&
(+&7"G*&+5O$,&8$&"6*35"35*+564*-&>+&/00.<&(+"&L(+35*J
QDULDGHOD\XQWDPLHQWRGH0DGULGFRORPELDQDDUPy
<R GR\ XQD DWHQFLyQ SURIHVLRQDO OR PiV HFD]PHQWH TXH
#($8*<& $6%"7,$P3*& (+"& )$,"35K+& 3$)3"+"& :& $4#9%53"<& #$)*&
M"6%"&+*&3*+*3$)&"&(+"&#$)6*+"&"&,");*&#,"P*&+*&4$&"%)$O$)N"&
DPDQWHQHUXQDUHODFLyQPiVSURIXQGDFRQHOOD3RUTXHVRQ
WDQWRVORVDFWRUHVGHOFRQLFWRDOOiFRPRDFiHQ(VSDxD\W~
QRVDEHVTXLpQHVTXLpQ>@'HSURQWRHQFXHQWUDVJHQWHTXH
M"&$6%"8*&3$)3"+"&"&,"&;($))5,,"&:&853$&F($&O5$+$&#$)6$;(58"&
#*)&,"&;($))5,,"<&3*6"&F($&+*&$6&35$)%*<&#$)*&F($&"F(N&O$+8$-&
W("+8*& ,,$;"+<& ,"& ;$+%$& +*& 853$& F($& #*)& ,*6& #")"45,5%")$6<&
#*)F($&%*8*&$,&4(+8*&6"7$&F($&,*6&45,5%")$6&:&,*6&#")"45J
,5%")$6&%5$+$+&(+"&)$,"35K+&4(:&#)*L(+8"<&F($&6*+&#)93%53"J
4$+%$&,"&4564"&3*6"<&$+%*+3$6&+*&M":&,"&4564"&6$;()58"8&
8$&8$35),*-&>6*&,*&85)9+&#$)6*+"6&F($&O$+;"+&3*+&(+&#)*:$3J
WRHVSHFtFRGHGHUHFKRVKXPDQRV\HQHVSDFLRVGRQGHVHSD

(OFRQLFWRHQ&RORPELDHVWDQJUDYHHQWRQFHVFUHDPXFKD
GHVFRQDQ]D4XHODJHQWHQRWLHQHSDUDFRPHU\TXHYLHQHD
EXVFDU<TXHFRPRGHVDIRUWXQDGDPHQWHKD\TXHVHUUHDOLVWDV
WDPELpQ<ODVHVWDGtVWLFDVPXHVWUDQTXHTXLpQUREDMR\HJ
UtDV"&RORPELD4XLpQWUDHODGURJD"&RORPELD4XLpQ
PDWDSRUTXLpQVHDJDUUDDWLURVSRUTXHOHVGLMRIHR"&RJ
ORPELD(VXQDSVLFRVLVORTXHSURGXFH<VtpVWHYLHQHGH
W*,*475"<&6$)9&F(I&O5$+$&"&)*7")H<&E6$)9&F(I&O5$+$&$+&#,"+&
GH WUDEDMDU" 3RUTXH \R FRQR]FR PXFKD JHQWH GH &RORPELD
F($&O5$+$&"&%)"7"G")&:&6*+&M*+)"8*6-&>6&F($&#")$3$&F($&%"4J
75I+& ,,$O"4*6& ",;*& $+& ,"& 6"+;)$& F($& $6& 8()*<& #*)& $G$4#,*<&
8$35)&$,&+*47)$&8$,&#"N6<&#*)F($&(+*&#5$+6"&$+%*+3$6&4$&O"+&
DDVRFLDUFRQGURJDRFRQDOJR\PHYDQDGHSRUWDU<VDJ
ELHQGRXQRTXHQRGHEHQDGDTXHKDVLGRFRUUHFWR3RUTXH
"3(I)8$6$& F($& ,*6& 3*,*475"+*6_<& $6& (+"& L)"6$& "a"858"& F($&
O"&"MN[&\C*6&3*,*475"+*6&M":&4(3M*6&#53")*6&#*)&"MN<&%$+;"&
FXLGDGRFRQHVR4XHXQPXHUWRTXHRWURPXHUWR3RUTXp
6*4*6&%"+&O5*,$+%*6<&:&+*&#5$+6"+&F($&%5$+$+&L"45,5"&+5&+"8"-&
C"&;$+%$&:"&%5$+$&$6"&O5*,$+35"&4$%58"&:&4(:&8()*&F($&6",;"_&
(QWUHYLVWD-XDQ&DUORV0DGULG 

(Q HO FRQWH[WR FRORPELDQR OD GHVFRQDQ]D \ HO


45$8*&M"+&#$+$%)"8*&$+&,"6&)$,"35*+$6&6*35",$6-&\C"&
8(8"_&"3*4#"a"&,*6&#)*3$6*6&6*35",$6&$4#)$+858*6&
SRUODVLQVWLWXFLRQHV\VHH[WLHQGHDODYLGDFRWLGLDJ
+"& M"6%"& #$+$%)")& $+& ,"6& )$,"35*+$6& 496& #)5O"8"6& $&
N+%54"6[&\6N&,*&3*;5$)*+&$6&#*)&",;*_<&\6N&,*&4"%")*+&
TXLpQVDEHTXpKL]RVRQIUDVHVFRWLGLDQDVTXHH[J
SUHVDQODGHVFRQDQ]DHQWUHXQRV\RWURV8QDPXMHU
FRORPELDQDH[LOLDGDQRVFRQWyFyPRVXPDGUHGHVJ
FRQDEDGHHOODFXDQGRUHFLELyODVDPHQD]DVTXHOD
KLFLHURQKXLUGHOSDtVFRQVXVKLMRV<HQWRQFHVFODJ
)*<&:*&6",;*&8$&",,N&h8$&W*,*475"i&3*+&4(3M"6&5+3$)J
%58(47)$6&#*)F($&4$&$+3($+%)*&3*+&F($&45&L"45,5"&
#5$+6"&F($&:*&$6%*:&4$%58"&$+&",;*<&:&7($+*&$+&(+&
4*4$+%*&:*&4$&"3($)8*&F($&(+"&O$P&45&4"8)$&4$&
GLFH%XHQR\W~"<RWHFUHRSHURHVTXHDYHFHV
PHGDSRUSHQVDU<W~HQTXpHVTXHDQGDV" (QJ
WUHYLVWD&RQVXHOR0DGULG 
#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

IF

.-0$)-!//0 !'&/')!'&3'&0(')%-8%1%&&0

8QRGHORVIDFWRUHVTXHH[SOLFDODIUDJPHQWDFLyQGH
,"6& )$8$6& 8$& ,"& #*7,"35K+& 3*,*475"+"& $+& >6#"a"<& $6& ,"&
M56%*)5"&8$&3*))(#35K+&:&O5*,$+35"&O5O58"&#*)&,*6&GKO$+$6&
HQ&RORPELDRHQRWURVFDVRVDWUDYpVGHODH[SHULHQFLD
8$&6(6&#"8)$6&(&*%)*6&45$47)*6&8$&6(&L"45,5"<&F($&O"+&
%)"+645%5$+8*&8$&85O$)6"6&L*)4"6&F($&+*&6$&#($8$&3*+J
DUHQODVLQVWLWXFLRQHVS~EOLFDVHQHOVLVWHPDGHMXVWLFLD
HQHORWUR/DWUDQVPLVLyQGHOPLHGR\ODGHVFRQDQ]D
)$3*))$&,"6&;$+$)"35*+$6&8$&,"6&L"45,5"6&3*,*475"+"6&:&6$&
%)"6+"35*+",5P"&$+&,"&45;)"35K+-&?6N&,*&3($+%"&C(P&8$68$&
Q"8)58&$+&$,&"a*&8$&/00Y[&\]N<&:*&3)$*&F($&6N&hM":&8$6J
FRQDQ]D@>@(QWUHORVFRORPELDQRVHVRVHYHPXFKR
7($+*& +*& 6*,*& 8$+%)*& 8$& ,*6& 3*,*475"+*6<& ,*& F($& #"6"&
HVTXHORGHODGHVFRQDQ]DHVXQWHPDTXHQRVpVLD
%5&%$&#")$3$&%"475I+<&F($&%5$+$&F($&O$)&3*+&%*8*&+($6%)*&
$6%"8*&5+%$)+*<&$6%"8*&+*&8$,&>6%"8*&3*,*475"+*<&65+*&8$&
(+&$6%"8*&5+%$)+*&$+&W*,*475"&8$&4(3M"&O5*,$+35"<&8$&
4(3M"&;($))"<&8$&+*&6"7$)&#*)&8K+8$&$6&F($&O5$+$&$,&%5)*<&
65&4$&,*&O"&"&#$;")&I6%$&*&"F($,_C"6&58$+%58"8$6&6$&3*+6%)(:$+&:&6$&)$3)$"+<&%"475I+&
$+&%I)45+*6&8$&,"6&549;$+$6&F($&,*6&\*%)*6&;$+$)",5P"J
8*6_&#)*:$3%"+&6*7)$&$,&6(G$%*&*&;)(#*&6*35",&:&6*+&L(+J
8"4$+%",$6&#")"&$,&4"+%$+545$+%*&8$&6(&)$",58"8&6(7G$%5J
YD %HUJHU\/XFNPDQ /RVMyYHQHVFRORPELDQRV
"6(4$+&6(7G$%5O"4$+%$&,"6&549;$+$6&F($&6*7)$&,"&#*7,"J
FLyQFRORPELDQDVHJHQHUDOL]DQHQHOFRQWH[WRHVSDxRO
6*7)$&,"&7"6$&8$&6(&*)5;$+&+"35*+",&:&$+&,*6&$6%5;4"6&F($&
6$&"6*35"+&"&$6%"&#$)%$+$+35"-&]$&8$6%"3"+&#")"&$,&"+9,5656&
ORVWUDEDMRVGH5HWLV DE TXLHQDQDOL]D
3K4*&,"&$6L$)"&#S7,53"&:&,"&$6L$)"&4$859%53"&3*+6*,58"+&
XQHVFHQDULRGHUHSUHVHQWDFLRQHVVRFLDOHVHQORVFRQWH[J
%*6&45;)"%*)5*6-&>,&6$;(545$+%*&8$&,"6&#(7,53"35*+$6&85"J
)5"6&"&,*&,");*&8$&/00.&)$",5P"8*&#*)&,"&"(%*)"<&3*4#)($7"&
,"&6*7)$))$#)$6$+%"35K+&8$&,"&\8$,5+3($+35"&3*,*475"+"_&
$+&8$64$8)*&8$,&3*+G(+%*&8$&3*,*475"+*6&)$658$+%$6&$+&
>6#"a"<&8*+8$&,"&O5+3(,"35K+&$+%)$&5+45;)"35K+&3*,*4J
75"+"&:&8$,5+3($+35"&6$&L($&3*+6%5%(:$+8*&$+&(+&75+*45*&
3*+6%"+%$&$+&$,&8$7"%$&6*35",&F($&3*+%)57(:K&",&)$L*)P"J
45$+%*&8$,&#)*3$6*&8$&3)545+",5P"35K+&8$&,"6&#$)6*+"6<&
#"6"+8*&8$6"#$)35758"&,"&#)$6$+35"&8$&,"&4":*)&#")%$&8$&
,*6&5+45;)"+%$6&3*,*475"+*6&:&6(&5+6$)35K+&\+*)4",5P"J
8"_&$+&,"&O58"&3*%585"+"-&
?6N<&,"&",%$)58"8&3*,*475"+"&$6%9&N+%54"4$+%$&,5;"8"&
"&");(4$+%"35*+$6&F($&#)*O*3"+&$,&45$8*&:&$,&)$3M"P*<&
&C"6&%$4"%5P"35*+$6&8$&,"6&+*%535"6&$+&,"6&F($&"#")$3$+&,*6&3*,*475"+*6&
;$+$)",4$+%$& $6%"7"+& ,5;"8"6& "[& 5+45;)"35K+& 5))$;(,")& ,5;"8"& "& ,"& O5*J
OHQFLDGHOSDtVGHRULJHQWUiFRGHGURJDVDWUDFRVYLROHQFLDDMXVWHVGH
3($+%"6<&$&5+L*)4"35*+$6&6*7)$&W*,*475"&)$,"35*+"8"6&3*+&,"&;($))5,,"<&
ODFRUUXSFLyQ\ODH[WUHPDSREUH]DSURGXFLpQGRVHXQDHVSHFLHGHPHWRJ
+545"&8563()65O"&$+&$,&%)"%"45$+%*&8$&,"&#)$6$+35"&8$&,*6&5+45;)"+%$6&3*J
,*475"+*6&$+&>6#"a"<&F($&$4#5$P"&#*)&8$65;+"),*6&3*4*&\8$,5+3($+%$6&
3*,*475"+*6_&#")"<&$+&",;(+*6&3"6*6<&,,$;")&"&%*4")&$,&;$+%5,535*&3*4*&
65+K+54*&8$&8$,5+3($+%$6-&

#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

IK

5+3)$4$+%"+8*&$,&%$4*)&"&,"&5+6$;()58"8&35(8"8"+"&#*)&,"&
SUHVHQFLDGHHVWDSREODFLyQHQ(VSDxD 5HWLV 
C*6&:&,"6&GKO$+$6&8$&*)5;$+&3*,*475"+*&"6N&,*&#$)357$+[&
3XHVVtODYHUGDGHVTXHODVRUJDQL]DFLRQHVQRVpWLHQHQ
6(6&4","6&3*6"6&3*+&+*6*%)*6&hoi&3*+&,*6&3*,*475"+*6&
%5$+$+&6(&*76$65K+-&C"&#*,53N"&496&F($&%*8*<&(+"&8$&,"6&
3*6"6&#*)&,"6&F($&4$&M"&%*3"8*&"&4N&#"6")<&$6&$,&$+L)$+J
%")4$&3*+&$,,*6<&$6%")&"8$+%)*&$+&$,&3","7*P*&:&$,,*6&85J
35I+8*4$& F($& #*)F($& 6*:& 3*,*475"+*& $+%*+3$6& %$+;*&
F($&%$+$)&8)*;"<&(+"&+"O"G"&*&",;*&"6N<&6*,"4$+%$&3*+&$,&
654#,$&M$3M*&8$&6$)&3*,*475"+*_&e=KO$+$6&3*,*475"+*6<&
0DGULG 
>6%$&#)*3$6*&;$+$)"&(+&$,$O"8*&+5O$,&8$&L)";4$+J
%"35K+&6*35",&F($&54#58$&,"&L*)4"35K+&8$&"6*35"35*+$6&
%)"+6+"35*+",$6&$3*+K453"6<&#*,N%53"6&:&6*35*3(,%()"J
,$6<&$&54#58$&%"475I+&$,&"6*35"35*+564*&8$&,"&#*7,"J
35K+& 8$& *)5;$+& 3*,*475"+*-& >6%5;4"6& F($& 8$75,5%"+&
VXV YtQFXORV \ VRFDYDQ D SDVR OHQWR SHUR UPH ORV
,"P*6&8$&6*,58")58"8&F($&#(85$)"+&6*6%$+$)&",)$8$8*)&
GHVXLGHQWLFDFLyQQDFLRQDO
5(725126&210$5&$6'(*e1(52

(O FRQLFWR DUPDGR LQWHUQR ODV YLROHQFLDV \ OD LQJ


6$;()58"8&$+&W*,*475"&5+%$)O5$+$&$+&,"&8$3565K+&8$&
45;)")<&#$)*&6*7)$&%*8*&$+&+*&8$6$")&)$%*)+")<&$6#$J
FLDOPHQWHSDUDODVPXMHUHV (FKHYHUUL /RVOXJ
;")$6&:&%$))5%*)5*6&+*&6*+&654#,$6&)$35#5$+%$6&LN653*6&
RFRQWH[WRVSDUDODDFFLyQ/DUHODFLyQTXHVHHVWDJ
7,$3$&$+%)$&5+85O58(*6&:&,(;")$6&\%5$+$&F($&O$)&3*+&
,*6& 4*8*6& $+& F($& ,*6& 5+85O58(*6& %*4"+& 3*+35$+35"&
8$&6(&#)$6$+35"&$+&$,&"475$+%$&F($&,$6&)*8$"<&8$&,*6&
4*8*6&3*4*&$,&,(;")&+*6&85)5;$&:&$6%"75,5P"<&+*6&4$J
PRULDOL]D H LGHQWLFD SDUD GHFLUQRV TXLpQHV VRPRV
HQWpUPLQRVGHOGyQGHHVWDPRV\WDPELpQGHOGyQGH
QRHVWDPRV>@(OVHQWLGRGHOOXJDUHVXQDH[SUHVLyQ
4$%"LK)53"& #")"& #$+6")& ,"6& 58$+%58"8$6& :& ,"6& #$)%$J
QHQFLDV 5LDxR 
>,& +($O*& %$))5%*)5*& 6$& 3*+O5$)%$& #")"& ,"6& GKO$+$6&
3*,*475"+"6&$+&(+&,(;")&$6%)"%I;53*&8*+8$&6"7$+&F($&
VHSXHGHWHQHUFLHUWDPRYLOLGDG 5LDxR (VWRV
+($O*6&$6#"35*6&M"75%"8*6&F($&$+&$,&#"N6&8$&*)5;$+&6$&
3*+658$)"7"+&54#$+6"7,$6&#")"&,"6&4(G$)$6<&ON3%54"6&
GLUHFWDVGHODYLROHQFLDHQWRGDVVXVH[SUHVLRQHV(O
65;(5$+%$& )$,"%*& )$3*;$& ,"& #*6%()"& 8$& 4(3M"6& 8$& ,"6&
GKO$+$6& F($& #")%535#")*+& $+& ,"& 5+O$6%5;"35K+<& 8*+8$&
6(&#)$L$)$+35"&#*)&>6#"a"&)"853"&$+&,"&#*6575,58"8&F($&
%5$+$+&8$&M"3$)<&3"45+")&:&)$3*))$)&$6#"35*6&F($& $+&
*)5;$+&$)"+&\#)*M5758*6_-&C*6&$6#"35*6&#S7,53*6&%5$J
QHQKXHOODVPX\SURIXQGDVGHXQFRQWH[WRYLROHQWR\
8*,*)*6*<&"F(N&:&",,9-

?#"$"(&"$)#")!03&'!"$),"&)=0**%(%@
0<RHQ%RJRWiQRVDOtDPiVDOOiGHODVRFKRGHODQRFKH
"&,"6&+($O$&4$&%$+N"&F($&4$%$)&$+&3"6"+3RUTXpQRVDOtDV"
03RUTXHVR\FKLFDQRYR\DVDOLUVROD
Q.[&'*&O$&F($&,"&O5*,"7"+-&>+&W*,*475"&#*)&$G$4#,*<&:*&
6",N"&#*)&$,&7"))5*&3*+&4(3M*&3(58"8*<&#*)F($&"&4N&4$&8$J
3N"+&,*6&#")3$)*6&F($&,"&4(G$)&F($&6",$&8$&+*3M$&+*&6$&)$6J
#$%"-&?6N&$)"0$VtHUD
hoi
Q/[&>6*&$6&,*&S+53*&"F(N&$+&>6#"a"[&,"&6$;()58"8-&^($&"F(N&
>HQ (VSDxD@ QR WLHQHV SUREOHPD HQ VDOLU SRU OD QRFKH<R
#*)&$G$4#,*&6",;*&#*)&,"&+*3M$&:&+*&4$&65$+%*&%"+&5+6$;()"&
3*4*&3("+8*&$6%"7"&$+&W*,*475"_&e=KO$+$6&3*,*475"+*6<&
0DGULG

/DSHUFHSFLyQGHLQVHJXULGDGIUHQWHDODVGLYHUVDVH[J
#)$65*+$6&8$&,"&O5*,$+35"&$+&W*,*475"&"#")$3$&3*4*&
(+*&8$&,*6&L"3%*)$6&F($&"L$3%"&,"6&%)":$3%*)5"6&%)"+6+"J
35*+",$6<&)$6#$3%*&"&(+&#*657,$&)$%*)+*[
'*<&+*&F(5$)*&h)$;)$6")i<&#*)F($&4$&6$+%5)N"&$+3$))"8"<&"%"J
8"<&:&+*&6*#*)%*&F($&4$&85;"+<&$+%)$&3*45,,"6&hoi&,*&F($&
#($8*&*&+*&#($8*&M"3$)-&>+%*+3$6&4$&6$+%5)N"&4(:&"%"8"-&
@&6$"<&6N<&%*8*6&$+%$+8$4*6&F($&"&,*6&3"%*)3$&"a*6&%(&4"49&
%$&853$[&\O($,O$&"&%",&M*)"<&*&M"6&$6%*&*&M"6&,*&*%)*_<&#$)*&
$+& $,& 6$+%58*& 8$& +*& 6",;"6& #*)F($& %$& #($8$+& 4"%")& $+& ,"&
HVTXLQDQR>@SUHHURYLYLUDTXtSRUTXHPHYR\FXDQGR
F(5$)*&:&O($,O*&3("+8*&F(5$)*<&:&+*&M":&$6$&#)*7,$4"&8$&
5+6$;()58"8& %"+& ;5;"+%$63*& hoi& >+& W*,*475"& $6%"7"& 3)(J
P"+8*&(+&#($+%$&$+&,"&6I#%54"&:&M"7N"&8*6&#*,53N"6&$+354"&
\HVWXYHODVGRVVHPDQDVSUHJXQWiQGRPH3RUTXpKD\GRV
#*,53N"6&$+354"&8$,&#($+%$H&!*8"ON"&+*&M$&6"758*&#*)&F(I-&
3RUTXpKD\GRVSROLFtDVHQFLPDGHOSXHQWH"7~VDEHV"
(PLOLD0DGULG 

>+& $6%$& #"+*)"4"& 6$& 5+63)57$+& ,"6& 45;)"35*+$6& 8$&


QLxRV\MyYHQHVFRORPELDQRV/DJXHUUDHOFRQLFJ
%*& :& ,"& #)*,5L$)"35K+& 8$& ,"6& O5*,$+35"6& $+& W*,*475"&
6$& $)5;$+& 3*4*& (+"& 8$& ,"6& #)5+35#",$6& 3"(6"6& 8$& ,"&
PLJUDFLyQ H[SXOVLyQ  \ FRPR XQR GH ORV IDFWRUHV
496&8$%$)45+"+%$6&$+&6(&8$3565K+&8$&+*&)$%*)+")-&C*6&
GKO$+$6& 8$6%"3"+& F($& "& #$6")& 8$& ,"& 8563)545+"35K+&
FRWLGLDQD UDFLVPR \ [HQRIRELD TXH YLYHQ HQ (VSDJ
a"&#*)&6(&3*+8535K+&8$&5+45;)"+%$6<&,"&6$+6"35K+&8$&
VHJXULGDGTXHHOFRQWH[WRHVSDxROOHVEULQGDPDUFD
6(&#)$L$)$+35"&M"35"&$,&#"N6&57I)53*<&6*7)$&%*8*&$+&$,&
3"6*&8$&,"6&4(G$)$6(OFRQLFWR\ODVYLROHQFLDVH[LVWHQWHVHQ&RORPJ
ELD VH WUDQVQDFLRQDOL]DQ H LQX\HQ ODV WUD\HFWRULDV
58$+%5%")5"6&:&O5%",$6&8$&,*6&6(G$%*6<&,*&F($&6$&O$&)$L*)J
P"8*&#*)&,"6&549;$+$6&F($&$,&8563()6*&#S7,53*&:&4$J
GLiWLFR FRQVROLGDQ HQ HO QXHYR FRQWH[WR PLJUDWRULR
$6#"a*,<& L"7)53"+8*& $6%5;4"6& F($& O5+3(,"+& #$)4"J

0).-0$)-!

+$+%$4$+%$&$,&#)*3$6*&8$&5+45;)"35K+&3*,*475"+"&",&
QDUFRWUiFR\ODGHOLQFXHQFLD,PiJHQHV\HVWLJPDV
TXHUHIXHU]DQHOGHVPRURQDPLHQWRGHODFRQDQ]DHQ
$,&\*%)*&3*,*475"+*_<&3*+%)57(:$+8*&8$&$6%"&4"+$J
)"&",&)*4#545$+%*&8$&,*6&ON+3(,*6<&,"6&)$,"35*+$6&8$&
6*,58")58"8& :& $,& "6*35"35*+564*& F($& 3*4*& :"& 6$& M"&
DUPDGRHQPXFKRViPELWRVDFDGpPLFRVVRQSLODUHV
L(+8"4$+%",$6& $+& ,*6& #)*3$6*6& 8$& 5+3*)#*)"35K+& 8$&
,*6&:&,"6&45;)"+%$6&$+&,"6&6*35$8"8$6&8$&8$6%5+*-&
C"6&M56%*)5"6&8$&,*6&GKO$+$6&45;)"+%$6&6*+&$,&$6#$J
G*&F($&O5O$&W*,*475"&$+&$,&5+%$)5*)&8$&,"6&L)*+%$)"6<&
3*+& %*8"6& 6(6& 85O565*+$6& :& 3*",535*+$6<& 3*+& %*8"6&
6(6& L*)%",$P"6& :& 8$75,58"8$6<& 3*+& %*8*6& 6(6& "35$)J
WRV \ IDOHQFLDV *XDUQL]R   0LHQWUDV WDQWR
HQ&RORPELDHOPLHGRSHUVLVWH\VHH[SUHVDHQODV
FDOOHV3RUFXOSDGHOPLHGRQDGLHSXHGHWUDEDMDU
6L QR IXHUD SRU HO PLHGR WH GLUtD OD YHUGDG 3RU
FXOSD GHO PLHGR HO KRPEUH QR TXLHUH OORUDU 3RU
3(,#"&8$,&45$8*<&+*&3*+*3$&,"&45%"8&8$&6(&35(8"8_&
3RU FXOSD GHO PLHGR 'RFWRU .UiSXOD  
3HVHDORFXDOWDPELpQGHPDQHUDVLPXOWiQHDORV
GKO$+$6& 3*,*475"+*6& 4*O5,5P"+& ,"& $6#$)"+P"<& ",&
%5$4#*&F($&3)(P"+&,"6&L)*+%$)"6&:&,"6&)*4#$+-&'*&
#*8$4*6&#$)8$)&8$&O56%"&6(6&4*O545$+%*6-&
j>T>j>'WB?]

$KXPDGD&\$0RUHQR  3ULRULGDGHVGHO


+($O*& *)8$+& 4(+85",& :& 8$6#,"P"45$+%*& L*)P"8*&
8$& 3*,*475"+*6& M"35"& >3("8*)_<& C&$ 01+0310&$ mUn)$
mUUn$ 2$ mUUUn<& $+[& & M%%#[ffddd-(6#-7)f#)*,"4f8*d+J
ORDGVB2BSGI FRQVXOWDGR 
$UGLOD*  4XHUtDPRVEUD]RV\QRVOOHJDURQ
#$)6*+"6_<& !(#+'(/%0,&4$ D(,0+%&$ *&%01"&>(#0/&1&$
-($'"*T%0/&)$(/"1">T&$2$+"/0(-&-Q~P
%HUJHU3\7/XFNPDQ  C&$/"1+%#.//0H1$+"=
/0&*$-($*&$#(&*0-&-<&V($+*6&?5)$6<&?4*))*)%(-&
%RQLOOD5  Y0%.&/0H1$&/%.&*$2$'#"+'(/%0,&$-($
*&$10Z(;$2$*&$N.,(1%.-$(1$<"*">F0&<&V*;*%9<&B+6%5J
WXWR&RORPELDQRGH%LHQHVWDU)DPLOLDU3URJUDPD
3UHVLGHQFLDO&RORPELD-RYHQ)RQGRGHODV1DFLRJ
QHV8QLGDVSDUDOD,QIDQFLD81,&()$JHQFLDGH
&RRSHUDFLyQ 7pFQLFD $OHPDQD*7= HQ KWWS
ZZZFRORPELDMRYHQJRYFRGRFBHQFXHVWDVKWP
FRQVXOWDGR 
&iUGHQDV0\&0HMtD  0LJUDFLRQHVLQWHUJ
QDFLRQDOHVHQ&RORPELDTXpVDEHPRV"'RFXJ
PHQWRGH7UDEDMRQ~P%RJRWi)HGHVDUUROOR
&DUUDVTXLOOD 0 & 0 0 (FKHYHUUL   /RV
#)*3$6*6&8$&5+%$;)"35K+&6*35",&8$&,*6&GKO$+$6&$3("J
%*)5"+*6&:&3*,*475"+*6&$+&>6#"a"[&(+&G($;*&58$+J
%5%")5*&$+&,*6&#)*:$3%*6&45;)"%*)5*6_<&L+%.-0"+$-($
#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

IO

.-0$)-!//0 !'&/')!'&3'&0(')%-8%1%&&0

N.,(1%.-<&+S4-&20-&
&RDOLFR &RPLVLyQ &RORPELDQD GH -XULVWDV  
L*$-(*0%"$01,0+0F*(4$<#0%(#0"+$'&#&$*&$01,(+%03&/0H1$
-(*$-(*0%"$-(*$#(/*.%&>0(1%"$0*T/0%"$-($10Z"+$2$10Z&+$
(1$ <"*">F0&<& V*;*%9-& W*",53*fW*4565K+& W*,*4J
ELDQDGH-XULVWDV81,&():DU&KLOG+RODQGDHQ
&RORPELD*7=
&RPLVLyQ (VSDxROD GH$\XGD DO UHIXJLDGR &($5 
 C&$+0%.&/0H1$-($*"+$#(:.30&-"+$(1$L+'&Z&4$
U1:"#>($oppq<&Q"8)58&UX]3\$*RQ]iOH]  C&$-0G+'"#&$/"*">=
F0&1&4$ I(#(/9"+$ 9.>&1"+$ 2$ >03#&/0H1$ :"#;&-&4$
<"*">F0&=L+'&Z&$hrrs=opps<&]$O5,,"<&?)357$,(FKHYHUUL00  )UDFWXUDVLGHQWLWDULDVFLUJ
3(+6%"+35"6&45;)"%*)5"6&:&#)*3$6*6&8$&5+%$;)"35K+&
6*35",&8$&,*6&GKO$+$6&3*,*475"+*6&$+&>6#"a"_<&?0=
3#&/0"1(+$U1%(#1&/0"1&*(+Q~P
(FKHYHUUL00  9LGDVYRFHV\FLXGDGDQtDV
%)"+6+"35*+",$6-&=KO$+$6&3*,*475"+*6&$+&>6#"a"_<&
D(,0+%&$K&,(#0&1&<&+S4-&Y2<&G(,5*(FKHYHUUL00  /RV\ODVMyYHQHVFRORPJ
75"+"6&"3%*)$6&6*35",$6&$+&,*6&#)*3$6*6&8$&45;)"J
35K+& L"45,5")[& 4S,%5#,$6& %)":$3%*)5"6<& 85O$)6"6& $6J
%)"%$;5"6_<& D(,0+%&$ C&%01"&>(#0/&1&$ -($ L+%.-0"+$
-($\&>0*0& HQSUHQVD 
*DUD\ / -   L*$ #(%"$ &1%($ *&$ %#&3(-0&$ 9.>&=
10%&#0&$-(*$-(+'*&;&>0(1%"$:"#;&-"4$@&#&1%0;&#$*&$
"F+(#,&1/0&$-($*"+$-(#(/9"+$-($*&$'"F*&/0H1$-(+=
'*&;&-&4$i"*.>(1$o%RJRWi&RPLVLyQDOD3ROtWLFD
3~EOLFDGH'HVSOD]DPLHQWR)RU]DGR &2'+(6 
*DUD\ / - \ 0 & 0HGLQD   C&$ >03#&/0H1$
/"*">F0&1&$&$L+'&Z&4$L*$/&'T%.*"$>G+$#(/0(1%($-($
.1&$ 90+%"#0&$ /">'&#%0-&<& Q"8)58<& Q5+56%$)5*& 8$&
7UDEDMR H ,QPLJUDFLyQ2EVHUYDWRULR 3HUPDQHQWH
8$&B+45;)"35K+-&
*DUFtD3HxD '   /D UHODFLyQ GHO (VWDGR FRJ
,*475"+*& 3*+& $,& L$+K4$+*& #")"45,5%")[& #*)& $,& $6J
3,")$3545$+%*&M56%K)53*_<&Q1G*0+0+$'"*T%0/"Q~P
*XDUQL]R / (   C"1-#(+$ C&%01&4$ C&$ '#(+(1/0&$
/"*">F0&1&$(1$*&$/&'0%&*$F#0%G10/&0p[LFR8QLYHUJ
VLGDG$XWyQRPDGH=DFDWHFDV0LJXHOQJHO3RUU~D
*XDUQL]R/(  (OHVWDGR\ODPLJUDFLyQJOREDO
3*,*475"+"_<&?03#&/0H1$2$-(+&##"**"<&#)54$)&6$4$6%)$*XDUQL]R / ( / 0 'LD]   7UDQVQDWLRQDO
0LJUDWLRQ D 9LHZ IURP &RORPELD L%910/$ &1-$
#&/0&*$Y%.-0(+<&O*,-&/<&+S4-&&/<&4")P*-&
*XDUQL]R/($3RUWHV\:+DOOHU  $VVLPLODJ

#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

JP

WLRQDQG7UDQVQDWLRQDOLVP'HWHUPLQDQWVRI7UDQVQDWLRJ
QDO3ROLWLFDO$FWLRQDPRQJ&RQWHPSRUDU\0LJUDQWV
Q>(#0/&1$K".#1&*$":$Y"/0"*"32YROQ~P
+XPDQ5LJWKV:DWFK  U1:"#>($<"*">F0&<&$+$)*&/0.0<&
$+[&M%%#[ffddd-M)d-*);f$6fd*),8J)$#*)%J/0.0f3*,*475"J0
3L]DUUR/HRQJyPH](  e1&$-(>"/#&/0&$&+(=
GLDGD%DODQFH\SHUVSHFWLYDVGHOFRQLFWRDUPD=
-"$(1$<"*">F0&<&V*;*%9<&'*)4"5HWLV -   L*$ -0+/.#+"$ -(*$ >0(-"$ &*$ F01">0"$
01>03#&/0H1=01+(3.#0-&-$ /0.-&-&1&4$ <"*">F0&=
1"+$(1$*&$'#(1+&$-($#(:(#(1/0&$(+'&Z"*&<&V*;*%9<&
3RQHQFLDSUHVHQWDGDHQHO&RQJUHVR)(/$)$&
5HWLV- D L*$-0+/.#+"$'dF*0/"$+"F#($*&$01>0=
3#&/0H1$(W%#&/">.10%&#0&$(1$L+'&Z&4$Q1G*0+0+$-($
*&$/"1+%#.//0H1$-($*&+$0>G3(1(+$-($*"+$01>03#&1=
%(+$ *&%01"&>(#0/&1"+$ (1$ *&$ '#(1+&$ -($ #(:(#(1/0&<&
0DGULG 7HVLV GH 'RFWRUDGR HQ $PpULFD /DWLQD
W*+%$4#*)9+$"<& B+6%5%(%*& A+5O$)65%")5*& @)%$;"& :&
U"66$%fA+5O$)658"8&W*4#,(%$+6$&8$&Q"8)58-&
5HWLV- E /DWLQRDPHULFDQRVHQODSUHQVDHVSDxROD
HQWUHODFRPSDVLyQ\HOPLHGRHQ0/DULR FRRUG 
?(-0"+$-($/">.10/&/0H1$($01>03#&/0H1<&Q()35"<&W?Q-&
5HWLV - FRPS    U1>03#&/0H1$ 2$ >(-0"+$ -($
/">.10/&/0H1$(1$L+'&Z&4$Q'#"W0>&/0"1(+$2$'#"=
'.(+%&+$ '&#&$ *&+$ F.(1&+$ '#G/%0/&+$ '(#0"-T+%0/&+<&
Q"8)58<&Q5+56%$)5*&8$&!)"7"G*&:&?6(+%*6&]*35",$6f
)XQGDFLyQ&KDQGUD)XQGDFLyQ'LUHFWD
5LDxR3  /DPHPRULDYLYDGHODVPXHUWHV
,(;")$6&$&58$+%58"8$6&G(O$+5,$6&$+&Q$8$,,N+_<&Q1G=
*0+0+$!"*T%0/"Q~P
6DQDEULD+  /RVLQPLJUDQWHVFRORPELDQRVHQ
>6#"a"[& %)":$3%*)5"& :& #$)6#$3%5O"6_<& Q"8)58<& j$",&
,QVWLWXWR(OFDQR'RFXPHQWRGH7UDEDMRQ~P
6XiUH] 1DYDV /   8Q QXHYR DFWRU PLJUDWRULR
GKO$+$6<&)(%"6&:&)5%*6&G(O$+5,$6&%)"+6+"35*+",$6_<&$+&T-&
&KHFD$$UMRQD\-&  ?(1"#(+$%#&+$*&$:#"1=
%(#&4$P%#&$01>03#&/0H1$E.($&3.&#-&<&V")3$,*+"<&B3")5"6XiUH] 2UR]FR & \ 0 6XiUH] 2UR]FR   C&$
01:&1/0&$ -($ *&$ 01>03#&/0H1<& Q"8)58<& >8535*+$6&
Q*)"%"-&
81,&()   U1:"#>($ *&$ 10Z(;$ /"*">F0&1&$ (1$
/0:#&+<& $+[& M%%#[ffddd-(+53$L-*);f3*,*475"f#8Lf
FLIUDVSGI FRQVXOWDGRIHEUHUR 
8UUHD*LUDOGR)  L,&*.&/0H1$-($*&$>03#&/0H1$
01%(#1&/0"1&*$-($/"*">F0&1"+$(1$(*$>(#/&-"$*&F"=
#&*&DOL8QLYHUVLGDGGHO9DOOH,QIRUPHQDOGHO
FRQWUDWR)15

TRNSITOS
0,($9-&C%@$"(-

(&B#$0("$

0).-0$)-!

?+%*+5*-&Q","7")56%"&8$,&3)(3$-

#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

JH

.-0$)-!//0 %.#0-%)A"$0'#%

?+%*+5*-&\!"475I+&4$&#")*&8$&4"+*6&$MH_-

#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

JD

(&B#$0("$

0).-0$)-!

?+%*+5*-&V"P")-

#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

JI

.-0$)-!//0 %.#0-%)A"$0'#%

(OHQD&DUPHQ9HQGHGRUDGHVHUYLOOHWDVPXHVWUDVGHWHMLGR\MXJXHWHVGHVHJXQGRXVR

#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

JJ

(&B#$0("$

0).-0$)-!

(OHQD&DUPHQ9HQGHGRUDGHVHUYLOOHWDVPXHVWUDVGHWHMLGR\MXJXHWHVGHVHJXQGRXVR

#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

JF

.-0$)-!//0 %.#0-%)A"$0'#%

D5$)7$)*&"47(,"+%$

#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

JK

BO9+-&T($;($)*&$+&%$"%)*&:&3",,$-

.-0$)-!//0 %.#0-%)A"$0'#%

W"+%"+%$

#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

FP

(&B#$0("$

0).-0$)-!

-HV~V,YiQ\-RUJH9HQGHGRUHVGHOODYHURV

#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

FE

V*,$)*-

(&B#$0("$

0).-0$)-!

!(##$)d")$-

#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

FH

.-0$)-!//0 %.#0-%)A"$0'#%

>,&W"%9,*;*-

#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

FD

(&B#$0("$

0).-0$)-!

3D\DVR

#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

FI

.-0$)-!//0 %.#0-%)A"$0'#%

9HQGHGRUGH3(7\DOXPLQLR

#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

FJ

consumo

.-C'&+2$.@-(.-C'&+2)(:(

!-()2(!$'-'+,2($*)%*&2)(6./.%2)
C%@?&D.E-#)%&FA(9;-4&!"#)3(-4*

,17(51(7%$-26263(&+$

"6& $+%)"a"6& 8$& 5+%$)+$%& 6$& M"+& $+;)*6"8*& 8$&


4"+$)"& 5+6*6#$3M"8"<& (+& ;)*6*)& #*7,"8*& 8$&
4"%53$6<& )$3*O$3*6<& *#5+5*+$6& O")5"8"6<& L*)J
PDV JXUDV DFWLYLGDGHV LPiJHQHV SRU GRTXLHU /D
)$8& :"& +*& $6& 6K,*& $,& ,(;")& 8$& 5+%$)3"475*6& 3*4(+5J
3"%5O*6<&",&O5$G*&$6%5,*<&$,&,(;")&8*+8$&$,&ON+3(,*&3*+&
,*6&*%)*6&L*)4"7"&,"6&+*35*+$6&8$&5+%$)"335K+<&M*:&$+&
$,&L*)4"%*&"3%(",<&,"&5+L*)4"35K+&e7"6$&8$&6(&L(+35*J
QDPLHQWR  TXHGD HVWDEOHFLGD SRU XQD FRGLFDFLyQ
)$#)$6$+%"%5O"J*7G$%(",<&$6&8$35)<&(+&#)*8(3%*&3(,%()",&
UHSUHVHQWDGR\FRGLFDGRSDUDLQWHUFDPELRVGHWRGD
tQGROH ,QWHUQHW UHFRQJXUD HO FRQFHSWR GH FRPXQLJ
3"35K+<&8$&(+"&$6%)(3%()"&#$)6*+"&"&#$)6*+"&"&(+"&8$&
#$)6*+"&"&)$#)$6$+%"35K+>+& 5+%$)+$%& $6& #*657,$& $+3*+%)")& #$,N3(,"6<& 8*3(J
PHQWDOHV \ UHH[LRQHV VREUH HO FRQWHQLGR GH HVWRV
4"%$)5",$6-&](3$8$&%"475I+&3*+&,"&4S653"<&$+&85O$)J
6*6&$6#"35*6&$6&#*657,$&$+3*+%)")&(+"&)$%)*J#)$6$+35"&
GHGLVFRJUDItDVH[WUDYLDGDVHQODVIXHQWHVGHOPHUFDJ
8*&RILQH-&>,&4")$49;+(4&8$&7,*;6&"7*3"8*6&"&%$J
PDVHVSHFtFRVFRPRODSRHVtDODQDUUDWLYDODIRWRJ
;)"LN"&:&,"6&45,$6&8$&)$O56%"6&"(%K+*4"6&4")3M"+&$+&
HOWLHPSRFLEHUQpWLFRPRVWUDQGRSRVLELOLGDGHVH[SDQJ
65O"6&8$&,"&3(,%()"-&
>,&O58$*<&,"&3(,%()"&8$&,"&O56(",58"8&$+&4*O545$+J
%*& 4$)$3$& (+& "#")%"8*& $6#$35",<& ,*& 4564*& 6$& #($8$&
O$)&,*&F($&,"6&#$)6*+"6&)$;56%)"+&$+&$,&4$%)*&3*+&6(6&
4KO5,$6<& 65%("35*+$6<& 3()5*658"8$6& 3*%585"+"6& *& (+"&
LQQLGDGGHURVWURVGHODYLGDXUEDQDTXHXQGHVOH
5+%$)45+"7,$& 8$& $6%)$,,"6& 5+%$,$3%(",$6<& 8$& 8*3(4$+J
%",$6&6$335*+"8*6<&%)*P"8*6-&?&$6%*&M":&F($&"a"85)&$,&
3)$3545$+%*&8$&"33$6*&"&,57)*6<&L($+%$6&757,5*%$3")5"6<&
3URIHVRULQYHVWLJDGRUHQHO'HSDUWDPHQWRGH5HODFLRQHV6RFLDOHVGHOD
A?QJ1*3M545,3*-

8"%*6& 8$& #$)6*+"6<& ,"6& )$8$6& 6*35",$6& 3*4*& +($O*6&


HVSDFLRVGHODOWUDFLyQGHVtGHSHUIRUPDQFHGHVt
8$& "(%*+"))"%5O"<& 8$& $63(,%()"& 8$& 6N& :& 8$& %"(%*,*;N"&
8$& 6N[& %*8*& (+& L*,m,*)$& "7*3"8*& "& ,"& 453)*M56%*)535J
8"8-&>,&")%$<&,"&#*,N%53"<&,"&$8(3"35K+<&,"&)$,5;5K+<&,"&
$3*+*4N"<&M"+&3"475"8*&8$&#"56"G$6<&45;)"+8*&,$+%"<&
#)*;)$65O"&:&3*+%)*,"8"4$+%$&M"35"&$,&357$)$6#"35*B+%$)+$%& 6$& #)$6$+%"& 3*4*& (+& ")3*5)56& 8*+8$& ,"&
5+L*)4"35K+&M"&6(6%5%(58*&",&#)*8(3%*&8$&,"&O5$G"&$6J
3($,"&8$,&3*+6(4*<&8*+8$&F($8"4*6&*7,5;"8*6&"&)$J
#,"+%$")&$,&,(;")&,"6&5+%$)"335*+$6&:&,*6&4$3"+564*6&
8$&O",*)&8$&,"&3(,%()"[&,"&$3*+*4N"&3(,%()",&85;5%",<&,*&
F($&$,&6(G$%*&853$<&#5$+6"<&M"3$<&$6<&6$&$6%"7,$3$&3*4*&
#)*8(3%*-&C"&#)$;(+%"&$6&*7,5;"%*)5"<&EF(5I+&#)*8(3$&
%*8"&$6"&5+L*)4"35K+H<&E3(9,&$6&$,&$6%"%(%*&8$&$6"&5+J
IRUPDFLyQ"<D~QGHULYDUODHQRWUDVTXLpQODDGPLJ
+56%)"H<&EF(5I+&6$&$+)5F($3$&3*+&853M"&5+L*)4"35K+H&
'*& M":& (+"& )$6#($6%"<& #($6%*& F($& $+& $,& #)*3$6*& 6$&
5+O*,(3)"&$,&)*,&8$&,"&,57$)%"8<&,"&+($O"&(%*#N"<&,"6&#")J
%535#"35*+$6&3*,$3%5O"6<&,"&3)$"%5O58"8<&8$&,"&%$3+*O5J
JLODQFLDORVQXHYRVHVWDWXWRVGHFRQWURO'HEHPRVD
PDQHUDGHH[LJHQFLDSRQHUEDMRVRVSHFKDDLQWHUQHW
/$(&2120$&8/785$/',*,7$/

C"&6*6#$3M"&$6&,"&65;(5$+%$[&,"&5+L*)4"35K+&:"&+*&$6&
(+&:&/%.>&8$&,"&3*4(+53"35K+<&$6&8$35)&F($&+*&6$&$6J
%"7,$3$& :"& "& #")%5)& 8$& ,"& +*35K+& 8$& #$)6*+"<& 65+*& 8$&
(6(")5*<&\.+(#$$6&F(5$+&#($8$&4*O$)6$&%"+&6K,*&$+&,"&
VXSHUFLH GH XQ VLVWHPD SRU PiV TXH LQWX\D RVFXJ
UDPHQWHTXHH[LVWHXQPiVDOOiGHGLFKDVXSHUFLH
6ORWHUGLMN %DMRHVDIRUPDGHVXSHUFLH
,"&5+L*)4"35K+&6$&3*+6%5%(:$&3*4*&(+&#)*3$6*&8$&O"J
,*)"35K+<& $,& O",*)& 6$& 5+6%5%(:$& 496& ",,9& 8$,& #)*8(3%*&
:&$6&,*&F($&8$)5O"&$+&,"6&,(3M"6&#*)&$,&;*75$)+*&8$&,"&
#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

FF

.-0$)-!//0 A"$L)'*=%&(")$B#-8%5)!'&(/#%5

5+L*)4"35K+&8$+%)*&8$&,"&)$8-&C"&O",*)5P"35K+&$6&#")J
%$&8$&,"&;)"+&#")"8*G"[&45$+%)"6&,*6&656%$4"6&%I3+53*6&
$+&4"+*6&8$&3*)#*)"%5O*6&#$)45%$+&$,&(6*&5))"35*+",&
8$&,*6&6$)O535*6&8$&5+%$)+$%<&4*8*&$+&$,&3(",&6$&#)*J
8(3$&;)"+&#")%$&8$&,"&5+L*)4"35K+&5+L*)4",&#*)&#")%$&
8$& ,*6& (6(")5*6<& 6*+& $6"6& 4564"6& $4#)$6"6& ,"6& F($&
$+6"+3M"+&6(6&)5F($P"6&6*7)$&,"&7"6$&8$&,*&5+L*)4",&
7ZLWWHU )DFHERRN <RXWXEH VRQ ORV HMHPSORV PiV
3*+*358*6&8$&)$8$6&M*)5P*+%",$6&"75$)%"6&$+&,*6&3(",$6&
VHHVWDEOHFHHVWHPRGHOR 
>6%"&O",*)"35K+&$6&,"&7"6$&8$&,*&F($&"F(N&,,"4*&$3*J
+*4N"&3(,%()",&85;5%",-&C"&$3*+*4N"&3(,%()",&85;5%",&$6&
$,&$6%"7,$3545$+%*&8$&(+&#"(,"%5+*&3*+;,*4$)"8*&8$&
5+%$)3"475*6& 8$& 5+L*)4"35K+& "& %)"OI6& 8$& #)*8(3%*6&
FXOWXUDOHVSURGXFLGRVH[SOtFLWDPHQWHSDUDVXIXQFLRJ
QDPLHQWRHQPRGHORVGLJLWDOHV(QHVWHFRQWH[WRGHOD
3(,%()"&85;5%",<&$,&#)*8(3%*&8$7$&6$)&$+%$+858*&3*4*&
*7G$%*&3(,%()",&:&)$L$)$+35"&+*&6K,*&"&,"&O5$G"&+*35K+&
8$&*7G$%*&4"%$)5",<&65+*&F($&6(&8$+*%"35K+&6$&$+6"+J
3M"&M"35"&M*)5P*+%$6&F($&5+3,(:$+&+($O*6&$6%"%(%*6&8$&
#)*8(335K+&e*#5+5*+$6<&3*4$+%")5*6<&549;$+$6<&)$,"J
WRVSHUVRQDOHVQDUUDWLYDVGHYLGD HVGHFLUHOREMHWR
3(,%()",&$6&%*8*&,*&F($&#($8$&6$)&5+%$)3"475"8*<&856J
%)57(58*&:&)$856%)57(58*<&7"G*&#"%)*+$6&8$&)$5+%$)#)$%"J
35K+<&)$"8"#%"35K+<&8$6%$))5%*)5",5P"35K+<&$+&%I)45+*6&
8$&O",*)&8$&(6*&:&3"475*<&#$)*&%"475I+&:&6*7)$&%*8*&
8$&O",*)&6547K,53*-&
C"&7"6$&8$&,"&$3*+*4N"&3(,%()",&85;5%",&$6&,"&5+L*)J
4"35K+& F($& "#")$3$& )$#)$6$+%"8"& $+& (+& *7G$%*& 3(,J
%()",&6547K,53*-&>6&#*)&$,,*&F($&$+&5+%$)+$%&,"&357$)J
JXHUUDSRUHOSRGHU\DQRVHGHQHHQHOWHUUHQRGHO
$J3*4$)35*<&65+*&$+&$,&8*45+5*&8$&,*6&$6#"35*6&8$&,"6&
)$8$6&6*35",$6<&$+&,"&5+;$+5$)N"&O56(",&8$&*)8$+&#*,NJ
%53*&8563()65O*&*&4")m$%5+;<&*&$+&$,&#*6535*+"45$+%*&
8$& :#((A&#($ *$ +":%A&#($ F($& %$+;"& 54#"3%*6& 8$& ",%*&
3*+6(4*-& A+"& "+*%"35K+& 54#*)%"+%$& $+& $6%$& %$))$+*&
$6& F($& $,& #)*8(3%*& 3(,%()",& $6& (+& ")3M5O*<& 8$68$& 6(&
"#")535K+&$+&5+%$)+$%&6$&$6%"7,$3$&:"&3*4*&4$4*)5"&
")3M5O"8"<& ,*& F($& *7,5;"& "& 6$a",")& F($& ,"& $3*+*4N"&
3(,%()",&#)*#*+$&%"475I+&(+"&,K;53"&$3*+K453"-&
C"&,K;53"&$3*+K453"&3(,%()",&85;5%",&$6&856%5+%"&"&,"&
,K;53"&3(,%()",&"+",K;53"<&#*)F($&"#")$3$&6(6%$+%"8"&
$+&(+&#)*3$6*&8$&O",*)5P"35K+&5+85O58(",<&:"&+*&$+&(+&
)I;54$+&"845+56%)"8*&#*)&5+6%5%(35*+$6&*&4$85*6<&8$&
"MN&$,&3")93%$)&5+L*)4",&8$&,"&5+L*)4"35K+-&>6%*&F(5$)$&
8$35)&F($&,"&#")%535#"35K+&8$&,*6&5+85O58(*6&%5$+$&(+&
",%*& ;)"8*& 8$& $L$3%*& $+& ,"6& 4"+$)"6& 8$& 856%)57(5)& ,"&
5+L*)4"35K+<&$,&6(G$%*&$6&"M*)"&%"475I+&(+&";$+%$&F($&
")3M5O"<&496&",,9&8$&6$)&#)*8(3%*)<&6(&O$)8"8$)"&#")J
%535#"35K+&$+&,"&,K;53"&$3*+K453"&85;5%",&$6&,"&3"#"J
FLGDGGHDUFKLYDU FRQWUDDFXPXODFLyQ /RTXHHQOD
#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

FK

3*))5$+%$&"3%(",&6$&,,"4"&3*,"7*)"35K+&85;5%",&%5$+$&6(&
)"PK+&8$&6$)&$+&,"&#)$6$+35"&8$,&")3M5O*&3*4*&";$+%$&
GHH[SORVLyQGHODFXOWXUDGRQGHHODUFKLYRDFXPXJ
ODGRVLUYHSDUDH[SDQGLUODFXOWXUD(OPRPHQWRGH
ODH[SORVLyQHVWDPELpQHOOXJDUGHOEUXVFRDXPHQWR
8$&5+L*)4"%5O58"8&8$&%*8*&$,&656%$4"-&C"&3()O"&8$&8$J
6"))*,,*& 6",%"& "F(N& "& (+"& ON"& 3*4#,$%"4$+%$& +($O"<&
LPSUHYLVLEOH\PiVFRPSOHMD /RWPDQ (V
$+&$6%$&6$+%58*&%"475I+&F($&$,&")3M5O*&$+&,"&$3*+*J
4N"&3(,%()",&85;5%",&#$)45%$&3*+6%)(5)&O")5"+%$6&8$&,"&
4$4*)5"&3*,$3%5O"-&]5&75$+&$6&+$3$6")5*&6$a",")&F($&
,"& %$+8$+35"& $6& 3*,$3%5O"4$+%$& M"35"& (+"& 4$4*)5"&
5+8(358"&#*)&$,&$6%$)$*%5#*&8*45+"+%$<&65$4#)$&$+&5+J
%$)+$%<& #*)& 6(6& 3*+8535*+$6& #")"8KG53"6<& M":& L*)4"6&
",%$)+"%5O"6&8$&+"))")&,"&4$4*)5"-&
C*& F($& $,& 5+85O58(*& )$",5P"& 3*+& 6(6& ")3M5O*6& $6&
(+"& )$856%)57(35K+& 6$,$335*+"8"& :& O",*)5P"8"& #*)& 6N&
4564*<& "& %)"OI6& 8$& $,,*& 5+%$)+$%& 6$& O($,O$& 54#)$O5J
657,$<&#($6&#($8$&(%5,5P")&O")5*6&3"+",$6&"&,"&O$P&#")"&
M"3$),*-&?3*4#"a"+8*&6(6&")3M5O*6&6$&%)"P"+&L*)4"6&
8$&,*&#)$O5657,$&:&$6%$&)(7)*&$6&$,&F($&$,&*)8$+&G()NJ
853*&:&,"6&5+6%5%(35*+$6&#($8$+&3*+%)*,")[&$,&3*4$+J
%")5*& :& ,"6& *#5+5*+$6& $+& ;$+$)",-& C*& #)$O5657,$& $6& ,"&
5+L*)4"35K+&F($&$,&(6(")5*&3*+6(4$&:&$6&$,&$63$+")5*&
58$",&#")"&,*6&F($&F(5$)$+&)$6;(")8")&$,&3*+%)*,&8$&,"&
)$8R&,*&54#)$O5657,$<&#*)&6(&#")%$<&$6&$,&#)*3$6*&F($&
QRVHSXHGHFRQWURODUODFDQWLGDGH[RUELWDQWHGHLQJ
L*)4"35K+&L(;5%5O"<&"3*4#"a"8"&8$,&O",*)&5+85O58(",&
F($&6$&5+%$)3"475"&:&6$&)$5+%$)#)$%"<&#*)&$,,*&L)$+%$&"&
,"& 5+L*)4",58"8& 8$& ,"& 5+L*)4"35K+& $+& 5+%$)+$%& $,& *)J
8$+& G()N853*& 6$& $+3($+%)"& 8$6")4"8*-& ?F(N& ,"& )$5+J
%$)#)$%"35K+& 8$& ,*& 3*+6(458*& $6& %"475I+& (+"& L*)4"&
8$& )$J")3M5O"45$+%*-& >+& 5+%$)+$%& +*& M":& )$;,"6& #")"&
HVER]DU OD IURQWHUD HQWUH OD YHUDFLGDG \ OD FFLyQ
:"&F($&65$4#)$&F($8"&(+&)"6;*&8$&#$)L*)4"+3$-&>+&
6N+%$656<&$6&$,&5+85O58(*&F($&"63$+858*&",&$6%"%(%*&8$&
OWUR SRQGHUD XQD OyJLFD GH FRODERUDFLyQ GRQGH OD
5+L*)4"35K+&6$&3*+O5$)%$&$+&",;*&5+"3"7"8*<&F($&+*&
65$4#)$&$6%9&$+&$,&%$))$+*&8$&,"&O$)"358"8<&$6&$6%*&,*&
F($&#*8$4*6&,,"4")&5+L*)4"35K+&5+L*)4",C*&F($&$+&$,&,$+;("G$&8$&,"&)$8&6$&,,"4"&+01-0/&/0H1&
566 REHGHFHDPHFDQLVPRVSDUDFRQWURODUORSUHYLJ
657,$<&:"&F($&#$)45%$&(753")&F(I&6$&O$<&$63(3M"<&8K+8$<&
:&M"6%"&#*)&F(I-&!"475I+&#$)45%$&$6%"7,$3$)&4"#"6&8$&
6$;(545$+%*&3*,$3%5O*&:&#)*3$6*6&8$&"3(4(,"35K+&8$&
5+L*)4"35K+&O",*)5P"8"&#*)&,*6&(6(")5*6-&?,;*&F($&$6&
PX\~WLOHQODH[SORWDFLyQSROtWLFD\FRPHUFLDO3HUR
,*& 54#)$O5657,$& $6& 65$4#)$& 5+L*)4",& "& ,"& ,(P& 8$& ,*6&
4*8$,*6&8$&3*+%)*,&F($&5+%$+%"+&4")3")&,*6&)5%4*6&8$&
VXSUDYDORUHVGHODLQIRUPDFLyQ<DTXtQRHVWDPRVGHJ
7"%5$+8*&,"&3",58"8&8$&,*6&3*+%$+58*6<&65+*&,*&5+L*)4",&

0#7"&!'-0>#)0#7"&!'*);)-"#$.!")%#)*')%-"#"!/')-.*(.&'*)2030('*

0).-0$)-!

3*4*& L(;"<& 3*4*& #)*3$6*& 8$& (6()#"35K+<& 3*4*& (+"& 9DUJDV KDVWDODDOWHUDFLyQGHORVFRQWHQLGRV
C"&5+L*)4",58"8&$+&5+%$)+$%&%5$+$&8*6&;)"+8$6&)(7)*6<&
+($O"&,K;53"&8$&,"&3(,%()"&4$85"8"&#*)&,*&85;5%",#*)&(+&,"8*&$,&#)*7,$4"&8$&,"&3*#5"<&8$&,"&3,*+"35K+<&
F($& )$3"$& $+& ,"& 856%)57(35K+& 8$& *7)"6& 3(,%()",$6& #*)&
,1)250$&,1,1)250$/
C"&5+L*)4",58"8&$6&(+&%$4"&3*+6*,58"8*&$+&)(7)*6&8$& 4$85*&8$&3"+",$6&5+85O58(",$6<&,"&3*4#)$65K+&8$&")J
$6%(85*& 3*4*& $,& ,"7*)",& :& $,& $8(3"%5O*-& >+& $,& #)54$)& FKLYRVUHVSDOGDGDSRUXQDFXOWXUD363GHVHUYLFLRVGH
3"6*&%5$+$&F($&O$)&3*+&$,&*)8$+&8$&,"&#)*8(335K+<&3*+& ",*G"45$+%*&8$&")3M5O*6&eOHVKDULQJ $\7RUUHQW9DOH
,*6& #)*3$6*6& 8$& 8$65;(",8"8& $6%"7,$358*6& #*)& ,"& L",%"& ,"&#$+"&6$a",")&F($&,"&;)"+&4":*)N"&8$&$6%*6&%)"6#"6*6&
8$&$F(58"8&6*35",<&$+%)$&*%)*6&3*+8535*+"+%$6R&45$+%)"6& 496&",,9&8$&;$+$)")&)5F($P"6<&7(63"+&6*35",5P")&#)*J
TXHHOVHJXQGRTXHWRFDDODHGXFDFLyQVHUHHUHPiVD 8(3%*6&F($&%5$+$+&(+&O",*)<&M"+&658*&O",*)5P"8*6&#*)&
ODLQVHUFLyQGHLQXHQFLDVVLJQLFDWLYDVHQODH[SHULHQJ ,*6& (6(")5*6<& #($8$+& 6$)& #)*8(3%*6& 8$63*+%5+("8*6&
35"&#*)&#")%$&8$&;)(#*6&3*+6%5%(%5O*6&3*4*&,"&L"45,5"<& #*)&$,&4$)3"8*&*&8$&#,$+"&O5;$+35"-&!"475I+&O",$&,"&
3N)3(,*6&8$&"456%"8$6&:&+S3,$*6&8$&#$)%$+$+35"&85O$)J #$+"&6$a",")&,"&%$+8$+35"&8563()65O"&#*)&#")%$&8$&,"6&
5+8(6%)5"6& :& 8$& ,*6& "#")"%*6& 8$,& >6%"8*& F($& 3)545J
VRVTXHLQX\HQHQODFRQVWLWXFLyQGHODVSHUVRQDV
'HVGHHOSXQWRGHYLVWDGHORVELHQHVTXHWRFDQDO +",5P"+&$6%"6&"335*+$6<&8$G"+8*&8$&,"8*&");(4$+%*6&
9475%*&8$&,"&5+8(6%)5"&3(,%()",<&,*&5+L*)4",&M"&F($8"J 3*4*& $,& M$3M*& 8$& F($& $+& ;$+$)",& +*& 6$& 3*7)"& #*)&
8*&$+4")3"8*&3*4*&(+"&O5*,"35K+&"&,*6&8$)$3M*6&8$& #*+$)&(+&")3M5O*&"&856#*6535K+&3*,$3%5O"<&:&8*6<&F($&
"(%*)N"<&"&#)*3$6*6&8$&)$856%)57(35K+&:&3*#5"&,,"4"8*6& ,*6& (6(")5*6& F($& (%5,5P"+& ,"& )$8& 6*+& "S+& (+"& 45+*J
LOHJDOHV(VWHFRQWH[WRHVLPSRUWDQWHSRUTXHWUDWDXQ )N"<&8$758*&"&,"&7)$3M"&85;5%",&F($&496&F($&85645+(5)&
#)*7,$4"&8$&;$6%5K+&8$&,"&5+L*)4"35K+<&F($&,*&4564*& SDUHFHH[SDQGLUVHHQWHQGLHQGRHVWDEUHFKDWDQWRGH
YDGHXQWH[WRXQDLPDJHQKDVWDWUDEDMRVGHWLSRVRJ SULPHURUGHQ ORVTXHQRWLHQHQ FRPRGHVHJXQGR
+*)*-&>+&3(",F(5$)&3"6*<&,*&5+L*)4",<&M"&658*&%)"%"8*& ORVTXHQRVDEHQXVDU 
>6%$&%5#*&8$&5+L*)4",58"8&#$)45%$&#$+6")&(+"&$6J
3*4*&(+"&3*+8535K+&8$&)(#%()"&8$&,"&+*)4"-&C*&5+J
L*)4",&%)"P"&(+"&L)*+%$)"&$+%)$&,*&$6%"7,$358*&:&,*&+*& #$35$&8$&45;)"35K+&8$&,*6&#)*7,$4"6<&:"&F($&,"&4":*)&
$6%"7,$358*<&$6&%*8*&,*&F($&+*&;(")8"&,"&L*)4"<&F($&6$& #")%$&8$&$6*6&")3M5O*6&6*+&3"%",*;"8*6&3*4*&3*#5"6<&
GHVERUGDKDFLDRWURVGHUURWHURV<DTXtKD\PXFKRV 7"G*&$,&8(",564*&8$&*)5;5+",f3*#5"-&]*7)"&8$35)&F($&"&
"6#$3%*6&"&8$7"%5)<&#($6&+*6*%)*6&%$+$4*6&$,&)$,"%*&8$,& #$6")& 8$& ,"6& ;)"+8$6& $6%)"%$;5"6& 8$& 3*+%)*,& ,"& )$#)*J
4$)3"8*&3*4*&#"%)K+&8$&,*6&4*8$,*6&+*)4"8*6&F($& 8(335K+&8$&(+&")3M5O*&#*+$&$+&4")3M"&%*8"&(+"&)$8&8$&
6*+&4*8$,*6&#)*8(3%*)$6&8$&;)(#*6&6$;)$;"8*6<&:&F($& 856%)57(35K+&F($&$6&3"65&54#*657,$&8$&3*+%)*,")<&#($6&
JHVWLRQDQGRVHJUHJDQ\HVWDEOHFHQJXUDVGHDFFHVRD "(+F($& 5+%$)+$%& $6& 3*4#")"7,$& "& (+"& ",8$"& ;,*7",<&
75$+$6<&*#*)%(+58"8$6&:&3*+8535*+$6-&>6&8$35)<&,"&+*)J #")"& (%5,5P")& $,& %I)45+*& 8$& Q3C(M"+<& ,"6& )$6%)5335*J
+$6&8$&%5#*&G()N853*&6$&$6%"7,$3$+&"&+5O$,&,*3",<&8$+%)*&
4"&$6;)54$&F(5I+&:&3K4*&8$7$&\"33$8$)&"_-&
C"&"#")535K+&8$&(+&)I;54$+&85;5%",&,5;"8*&"&,"&,57$J 8$&(+&4")3*&8$&6*7$)"+N"-&C"&3*#5"&6$&3*+O5$)%$&$+&
)"35K+&8$&,"&%$3+*,*;N"<&"&,"&6(#$)#*7,"35K+&8$&)$3()J XQPHFDQLVPRGHIXJDGHODFXOWXUDGHOWUDFLyQGH
VRVWpFQLFRV TXHLQFOX\HHOVRIWZDUH \DODSUROLIHUDJ 5+L*)4"35K+& O",*)5P"8"-& Q"+L)$8& @6%$+& 6(;5$)$& F($&
35K+&8$&5+%$)+$%&3*4*&4$3"+564*&8$&3*4(+53"35K+&M"& $6%$&4$3"+564*&8$&$6%)(3%()"&L(+35*+",&5+L*)4",&#$)J
#$)45%58*&%"475I+&(+&3)$3545$+%*&8$&,"&5+L*)4",58"8-& 45%$&,"&3*+6$)O"35K+&8$&,"&4$4*)5"&8$&,"&3(,%()"&65+&
?,&3*4#)")&(+"&3*4#(%"8*)"&6$&"8F(5$)$&%"475I+&,"& 5+%$)O$+35K+&8$&,"&O5$G"&L*)4"&5+6%5%(35*+",<&85;"4*6&
#*6575,58"8& 8$& )$#)*8(35)& :& ",%$)")& ",;S+& ")3M5O*<& ",& F($&6$&%)"%"&8$&(+&"3%*&8$&6(#$)O5O$+35"&8$&,"&3(,%()"&
6(45+56%)")6$&$+&(+&4"5,&6$&"8F(5$)$&%"475I+&8$&#*J #*%$+35",5P"8*& #*)& $,& "'(1& +":%A&#($ 2VWHQ  
6575,58"8&8$&%)"+6L$)5)&")3M5O*6<&",&$+%)")&"&5+%$)+$%&6$& 3DUDHYDGLUODOHFWXUDGHORGXDOHQFXDQWRDODFRJ
"7)$&,"&#*6575,58"8&8$&3*+6(45)&*%)*6&")3M5O*6&856%5+J SLD0HUFHGHV%XQ]  ODGLVWLQJXHHQHOWHUUHQR
%*6&"&,*6&#)*#5*6-&D"6%"&"F(N&#*8)N"4*6&6*6#$3M")&F($& 8$&,"&3(,%()"&85;5%",&,,"49+8*,"&\3*#5"&58I+%53"_<&F($&
,"&,K;53"&8$&,*&5+L*)4",&*#$)"&7"G*&,"6&4564"6&3*+85J 6$&$+%5$+8$&3*4*&(+&%5#*&#")%53(,")&8$&3*#5"&F($&:"&
35*+$6&F($&$+&,*&,"7*)",&*&$+&,"6&5+8(6%)5"6&3(,%()",$6- +*&6$&7"6"&$+&$,&)$3*+*3545$+%*&8$&(+&*)5;5+",<&65+*&
>+&$L$3%*<&,"&#)$*3(#"35K+&4":*)&)$3"$&$+&,"6&5+J "& (+"& ,K;53"& 8$& 8(#,53"35K+-& W*#5"J#)*8(335K+& e656J
8(6%)5"6&3(,%()",$6<&8$68$&$,&#)*7,$4"&8$&,"&3,*+"35K+<& WHPDFDSLWDOLVWD FRSLDGXSOLFDFLyQ VLVWHPDGLJLWDO 
F($&65;($&65$+8*&(+&L"3%*)&8$&3*+6(4*&$+&,"6&4"6"6& >+&,"&3(,%()"&85;5%",&,"&3*#5"&$6&(+&L"+%"64">,&L(+35*+"45$+%*&8$&$6%"6&L*)4"6&8$&$+J)$8"8*6&
RILQHVHFDOFXODTXHRFKRGHFDGDGLH]PH[LFDQRV
3*4#)"+&#5)"%$)N"&:&F($&$+&/0..&,"&5+8(6%)5"&8$&,"&3,*J 6$&7"6"&$+&,*&F($&6$&,$&3*+*3$&3*4*&>0##"#013$*&54"J
QDFLyQJHQHUyPLOPLOORQHVGHSHVRV &UX] ;$+&85;5%",<&(+"&$6%)"%$;5"&8$&$6#$G*6<&8*+8$&,"&5+L*)J
#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

FO

.-0$)-!//0 A"$L)'*=%&(")$B#-8%5)!'&(/#%5

PDFLyQHVUHHMDGDSDUDVXGLVWULEXFLyQORVHVSHMRV
SXHGHQVHULQQLWRV\PXFKRVGHHOORVVRQPRPHQJ
%9+$*6<&*%)*6&8$6"#")$3$+&:&*%)*6&496&M"3$+&6(&"#"J
ULFLyQ 'H PDQHUD TXH OD LQIRUPDFLyQ UHERWD GH XQ
,"8*&"&*%)*<&#$)*&3*4*&$,&6(G$%*&$6&(+&6$)&F($&")3M5O"<&
+*&6$&#($8$&3",3(,")&8K+8$&+5&3("+8*&,"&5+L*)4"35K+&
8$6"#")$3$)9& *& )$6();5)9-& C"& 3)N%53"& 496& 3"%$;K)53"&
)"853"&$+&$6%"7,$3$)&$,&)*,&8$&,"&3*#5"&3*4*&$,&#)5+J
35#",&8$6$6%"75,5P"8*)&8$,&6$+%58*&8$&3*+6$)O"35K+&8$&
,"&3(,%()"<&$+&8*6&+5O$,$6[&#)54$)*<&#*)F($&8$6"#")$3$&
(+&3$+%)*&8$&3*+6$)O"35K+<&:"&+*&6*+&,"6&757,5*%$3"6<&
+5& ,"6& 8563*%$3"6<& +5& ,"6& M$4$)*%$3"6<& +5& *%)"& 5+6%"+J
35"&?)3*+%$&e5+6%"+35"&F($&)$6;(")8"7"&:&8$358N"&F(I&
KDEtDTXHFRQVHUYDUFRQYDORUFXOWXUDO VHJXQGRVH
#5$)8$& ,"& *)5;5+",58"8& $+& (+& 8*3(4$+%*<& ",& 8$6"#"J
)$3$)&,"&L($+%$&$,&8*3(4$+%*&"8F(5$)$&O")5"6&549;$J
+$6&F($&#($8$+&6$)&#)$6$+%"8"6&$+&L*)4"%*6&856%5+%*6<&
7"G*& 3"+",$6& O")5*6<& $& 5)6$& "8"#%"+8*& ",& 8$O$+5)& 8$,&
3"475*&%I3+53*-&\]*7)$&$6%*6&L(+8"4$+%*6&%*8*6&,*6&
8"%*6&5+85O58(",$6&:&3*,$3%5O*6&8$&,"&4$4*)5"&#5$)8$+&
6(&"()"&8$&*)5;5+",<&#($6&6*7)$&$,&O",*)&8$&,*6&85;5%",5J
]DGRVVHGHFLGHVXGLVSRQLELOLGDG 2VWHQ 
>6&G(6%"4$+%$&,"&3)N%53"&6*7)$&$,&8*3(4$+%*&*)5;5J
+",&:&,"&3*#5"&,*&F($&#$)45%$&$+%)")&"&(+"&8563(65K+&
496& 3*4#,$G"& 6*7)$& ,"& 5+L*)4",58"8& $+& 5+%$)+$%-& ]5&
75$+& M"6%"& "F(N& 6K,*& 6$& M"7N"& $67*P"8*& $,& #)*7,$4"&
8$68$&$,&"6(+%*&8$,&8*3(4$+%*&3*4*&$6%)(3%()"<&(+*&
8$&,*6&)"6;*6&4(:&"3%(",$6&)"853"&$+&$,&"63$+6*&8$&,"&
5+L*)4"35K+&5+85O58(",&:&,"&",%$)"35K+&8$&3*+%$+58*6-&
'HVGH OD DSDULFLyQ GH ORV IRURV EROHWLQHV \ FXOWXUD
EORJ OD LPDJHQ GHO H[SHUWR VH VXVWLWX\H SRU OD GHO
DFLRQDGRTXLHQXWLOL]DQGRWRGDODWUDPDGHLQIUDHVJ
%)(3%()"& %$3+*,K;53"& $& 5+%$)+$%& 6$& "%)$O$& "& *#5+")& :&
)$;56%)")&$,&4(+8*-&>+&$6%$&3"6*<&+*&6$&%)"%"&8$&5+L*)J
PDFLyQFRSLDVLQRGHLQIRUPDFLyQRULJLQDO'yQGH
$6%9&6(&3")93%$)&8$&5+L*)4",H&>6&,"&,$;5%5458"8&F($&6$&
3*%$G"&3*+&,*6&Q#/"1%(+$8$&,"&3(,%()"&85;5%",&,*&F($&,$&
GDVXFDUiFWHUGHLQIRUPDO PHGLRVGHFRPXQLFDFLyQ 
'HVGHHVWHSXQWRGHYLVWDWRGDODLQIRUPDFLyQTXHVH
$6%"7,$3$&"&%)"OI6&8$&,"&3(,%()"&d$7/-0<&,"&"6(+35K+&8$&
VtFRPRQDUUDWLYDWH[WXDO\YLVXDOHVGHFLUOLWHUDWXUD
;)56<&$6&3*+658$)"8"&3*4*&5+L*)4",<&"MN&6$&O($,3"+&%*J
GDVODVKLVWRULDVFRWLGLDQDVHOUHHMRGHODVHQWUDxDV
8$&,"6&#$)6*+"6<&6(3$6*6&$+&"#")5$+35"&65+&54#*)%"+J
35"<&65+&3*+%$+58*<&)$,$O"+%$6&6K,*&#")"&"F($,,*6&F($&
6$&$+;")P"+&3*4*&"45;*6&$&5+358$+&(+*&",&*%)*&$+&,*&
F($&6$&3*4#")%$<&#$F($a"6&56,"6&3*,$3%5O"6<&#$)*&3*+&
(+& ",%*& 6$+%58*& 8$& #")%535#"35K+-& ]$)N"& 5+G(6%*& 8$35)&
TXH WRGR HQ HVH XQLYHUVR HV EDQDO XELFXR ([LVWHQ
#5+3$,"8"6&8$&L($;*<&)"6%)*6&8$&,"&3)$"%5O58"8<&#($6&,"&
3)$"%5O58"8&$+&5+%$)+$%&+*&8$#$+8$&8$&,"6&L*)4"6&%I3J
#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

KP

+53"6<&65+*&8$&,"&3*+6%)(335K+&:&%)"7"G*&#$)6*+",-&C"&
,5%$)"%()"& ;)56& 3*+6%)(:$& (+5O$)6*6& 8$& 6$+%58*& :& 65;J
QLFDFLyQFROHFWLYDDWUDYpVGHLQIRUPDFLyQUHDOGH
#)*3$6*6&%"(%*,K;53*6&8$&6N<&#$)*&F($&$+&,"&%)"4"&8$&
SUHVHQWDFLyQVHHVWDEOHFHQFRPRFFLRQDOHVPRGHOR
F($&+*6&,,$O"&",&3($6%5*+"45$+%*&8$,&,N45%$&8$&,"&+"J
))"35K+&:&8$,&6(G$%*&F($&+"))"<&:"&+*&3*4*&"(%*)<&65+*&
3*4*&"(%*J3*+%"8*)>6&,"&5+L*)4",58"8&6(6%$+%"8"&$+&,"6&)$8$6&6*35",$6&
,"&F($&)5;$&,"&3*+8(3%"&"3%(",&8$&5+%$)+$%<&:&$6&%"4J
75I+&,"&F($&M"&3)$"8*&+($O"6&L*)4"6&8$&6*35",5P"35K+<&
"L$3%5O58"8<&"335K+-&U(7$)+&,$&,,"4"&,"&3(,%()"&5+%$)6J
%535",<&$6&8$35)<&F($&8$+%)*&8$&,"6&L($)%$6&%$+8$+35"6&",&
FRQWURO \ VLPSOLFDFLyQ GH ODV SHUVRQDV VH DEUH XQ
M($3*&F($&#$)45%$&,"&L(;"&:&,"&3*4#,$G58"8-&C"&4"65J
FDFLyQGHXQDLQIRUPDFLyQSXHGHFRQYHUWLUVHHQXQD
"335K+& #$,5;)*6"& #")"& $,& 656%$4"<& 3*4*& M"& *3())58*&
FRQ OD PDVLFDFLyQ GH ODV HVWUXFWXUDV GHO FRPHUFLR
5+L*)4",<&F($&(%5,5P"+8*&4$85*6&5,$;",$6<&#$)45%$&6"J
WLVIDFHUREMHWLYRVOHJDOHV 'H6RWR 3RGHPRV
8$35)&F($&,"&5+L*)4"35K+&$6&5+L*)4",<&#$)*&+*&5,$;",<&
"(+F($&S,%54"4$+%$&6$&#)$%$+8"&3*+%)*,")&$,&6$+%58*&
8$&,"&,$;",58"8&8$&$6"&5+L*)4"35K+3HURKD\RWURURVWURGHODLQIRUPDOLGDGGLJLWDOPiV
3*4#,$G*-& ]5& 75$+& M"6%"& "F(N& ,"& 5+L*)4",58"8& #($8$&
6$)&3*4#)$+858"&3*4*&%*8"&,"&5+L*)4"35K+&#)*8(35J
8"&#*)&5+%$)O$+35K+&8$&,*6&(6(")5*6&e$,&6(6%$+%*&8I75,&
VREUHHOFXDOMXVWLFDEDQODLGHDGH'#"+.>(# \UHJ
#)$6$+%"8"&$+&#*6%$*6<&!d5%%6<&4$+6"G$6<&L*%*6<&+*%"6<&
YLGHRVXQDLQIRUPDOLGDGFDELOGHDGDSRUODVLPSOLJ
3"35K+&8$,&(6(")5*&"&%)"OI6&8$&,*6&4$3"+564*6&8$&85J
O$)65K+&:&$+%)$%$+545$+%*-&?&$6"&5+L*)4",58"8&,$&6*J
7)$O5$+$&*%)"[&$,&-(:&/(>(1%=/"1%(1%$F($&)$658$&$+&,"6&
3"#"358"8$6&8$&",%$)")&,*6&3*+%$+58*6&8$,&8*3(4$+%*<&
ODREUDRHODUFKLYR5HPL[>&+9.'$<&4$P3,"<&$6%I%53"&
MN7)58"<& $6%I%53"& )$,"35*+",<& #")"85;4"& 3*,"7*)"%5O*<&
6*+&",;(+*6&"#$,"%5O*6&"&$6$&%)"%"45$+%*<&4(3M*6&8$&
$,,*6& 65+& (+& "3$)O*& 8$& 8$7"%$& 3*+656%$+%$R& $+& %*8*&
FDVRVHWUDWDGHXQDGHVJXUDFLyQGHOFRQWHQLGR/D
3")"3%$)N6%53"&3$+%)",&$6&F($&6$&8"&#*)&(+"&3*+%"45+"J
35K+&8$&,"&+"))"%5O"&;)56&3*+&",;S+&#)*8(3%*&8$&,"6&5+J
GXVWULDVFXOWXUDOHVGHODVFXDOHVVHVLUYHSDUDH[LVWLU
>,& -(:&/(>(1%=/"1%(1%$ 54#,53"& (+"& 5+L*)4",58"8&
)"853",<&#($6&4(3M*6&8$&,*6&#)*8(3%*6&*&8*3(4$+%*6&
6$&*);"+5P"+&"&#")%5)&8$&(+"&)$%"3$)N"&8$&*%)*6<&F($J
8"+8*& 6$;4$+%*6& *);"+5P"8*6& 7"G*& 856%5+%*6& +5O$,$6&
8$& 5+%$)#)$%"35K+-& >+& $6%*& $,& (6*& 8$& ,"& %$3+*,*;N"&
%5$+$&(+&;)"+&O",*)<&:"&F($&8$&$,,*&8$#$+8$&,"&8$3*J
GLFDFLyQ GH XQ GRFXPHQWR 8Q IUDJPHQWR PXVLFDO
:&(+&L)";4$+%*&O56(",&8$&856%5+%*6&8*3(4$+%*6&#($J
8$+& $+;")P")6$& %*4"+8*& 3*4*& 656%$4"& (+"& #$,N3(J

0#7"&!'-0>#)0#7"&!'*);)-"#$.!")%#)*')%-"#"!/')-.*(.&'*)2030('*

,"<& (+"& L*%*;)"LN"<& (+"& 3"+35K+-& C"& 3*475+"%*)5"& 8$&


GLVWLQWRV VLVWHPDV GH VLJQLFDFLyQ SHUPLWH HYDGLU HO
656%$4"& 8$& ,*& L*)4",<& %"+%*& $+& ,"& $6%)(3%()"& $6%I%53"&
3*4*&$+&,"&$6%)(3%()"&G()N853"-&?F(N&,"&5+L*)4",58"8&
$63"#"& 3*+%5+("4$+%$& :& %5$+$& (+"& 4$G*)& #)*#($6%"<&
:"&F($&8$#$+8$&8$&(+&656%$4"&3*4#,$%"4$+%$&"75$)%*<&
\ SDUDGyMLFDPHQWH FDGD SURGXFWR LQIRUPDO GH GHVJ
;()"35K+<& 6$& 3*+O5$)%$& $+& (+"& #)*#($6%"& "(%K+*4"<&
5+8$#$+85$+%$-&A+&#)*7,$4"&496&"&$6%$&%5#*&8$&5+L*)J
4",58"8[&",&$6%"7,$3$)6$&(+&8*3(4$+%*&+($O*&e$+&6(&
VLJQLFDFLyQ FRPSURPHWHODIRUPDHQODTXHVHSUHJ
VHQWDODYHUDFLGDGHVWRHVODYHUGDGVHFRQJXUDEDMR
#)$456"6&8$&#$)L*)4"+3$[&L*)4"6&)5%(",5P"8"6&#*)&,"&
"3%("35K+&8$&3*+%$+58*6<&:"&+*&8$&#$)6*+"6<&#*)&$,,*&
VHSXHGHXWLOL]DUORPLVPRXQDJXUDGHSHOtFXODSDUD
+5a*6&4"+5L$6%9+8*6$&#*,N%53"4$+%$&*&3*4*&M"&*3(J
))58*&)$35$+%$4$+%$&3*+&,"&3"4#"a"&8$&V$+$%%*+&#*)&
ODSD]GRQGHDSDUHFHQJXUDVS~EOLFDVGHODSROtWLFD
#)*85;9+8*6$&7$6*6C"&5+L*)4",58"8&%$3+*,K;53"&+*&$,545+"&,"&O$)8"8<&
+5&"%$+%"&3*+%)"&$,,"<&65+*&F($&,"&3*4#)*4$%$&3*+&856J
%5+%"6&L*)4"6&8$&6$+%58*&$+&,"&)$#)$6$+%"35K+<&"8$496&
8$& F($& $6%"7,$3$& L*)4"6& 496& ,S853"6& 8$& #)*8(35)& )$J
#)$6$+%"35*+$6-& ^($& $6%"6& )$#)$6$+%"35*+$6& #($8$+&
3*+658$)")6$&L","3$6&*&+"8"&3)$"%5O"6<&$6&O$)8"8<&#$)*&
WDPELpQHVFLHUWRTXHH[LVWHQSUiFWLFDVHQHODUWHGLJLJ
%",<&F($&$6%9+&(%5,5P"+8*&$6%"6&L*)4"6&5+L*)4",$6&#")"&
;$+$)")&#)*#($6%"6&$6%I%53"6<&$+&*%)*6&3"6*6&#")"&4"J
+5L$6%"35*+$6&#*,N%53"6<&:&,"6&496&#")"&;$+$)")&)5F($P"-&
T)$+%$&"&,"&,K;53"&54#$)"+%$&8$&,"&$3*+*4N"&RIL=
1()$ ,"& 5+L*)4",58"8& $+& 5+%$)+$%& "8F(5$)$& (+& 6$+%58*&
PiVDPSOLR\DQRUHJLGR RQRGHOWRGR SRUHOVXVJ
%)"%*&3*4$)35",-&>6&+$3$6")5*&3*4#)$+8$)&F($&,*&5+J
L*)4",&$+&5+%$)+$%&:"&+*&6$&$6%"7,$3$&#*)&$,&5+3(4#,5J
45$+%*&8$&%)"+6"335*+$6&4*+$%")5"6<&#*)&,"&O5*,"35K+&
GH SDJRV GH HVFDSH MXUtGLFR PRQHWDULR 2WUDV JXJ
)"6& $6%9+& $+& "(;$<& ,*& 5+L*)4",& 3*4*& ,5%$)"%()"& ;)56<&

0).-0$)-!

FRPR FRQWUDLQIRUPDFLyQ FXOWXUD 363 /R LQIRUPDO


$6&"M*)"&(+"&",%$)"35K+&8$&,"6&L)*+%$)"6&F($&)$*);"+5J
P")9+&$,&3*4$)35*<&8*+8$&$,&$6%"%(%*&8$,&#)*8(3%*&:"&
+*&$6&)$;58*&#*)&,"&3*6"<&65+*&#*)&$,&3*+6(4*&8$&(+&
#)*8(3%*&6547K,53*-&>,&#")"85;4"&8$,&)$3*+*3545$+J
%*<&%)5(+L*<&L"4"<&6%"%(6<&L$,5358"8<&6$&$6%"7,$3$&3"8"&
YH]PiV DXQTXHQRSDUDWRGRV HQHOWHUUHQRGHHVD
6547K,53"&85;5%",[&+S4$)*&8$&O565%"+%$6<&4":*)&65+85J
3"35K+<&$%3I%$)"-&A+"&,K;53"&O*)9;5+$&8$&,*&5+L*)4",&
3*4*&)$3*+*3545$+%*&F($&"%"3"&"&%*8*&$,&)(7)*&8$&,"6&
5+6%5%(35*+$6<&$,&")%$<&,"&$8(3"35K+<&,"&#*,N%53"-&C"&$3*J
+*4N"&3(,%()",&85;5%",&6$&#)$6$+%"&3*4*&,"&"845+56%)"J
35K+&8$&+($O"6&L*)4"6&8$&#)*8(35)f8(#,53")&,"&3(,%()"<&
:&3"8"&O$P&496&$6%"6&L*)4"6&8$G")9+&8$&6$)&L"+%"64"6&
#")"&5+%$;)")6$&"&,"6&%$+%"%5O"6&8$&3*+%)*,&8*+8$&,*&5+J
L*)4",&O($,O"&"&%*4")&+($O*6&3"(6$6-&
j>T>j>'WB?]

%XQ]0  C&$.%"'T&$-($*&$/"'0&4$L*$'"'$/">"$


0##0%&/0H1<&V($+*6&?5)$6<&B+%$)P*+"-&
&UX]9DUJDV-&  2FKRGHFDGDPH[LJ
3"+*6& 3*4#)"& #5)"%$)N"[& 394")"& 8$& 3*4$)35*&
>-A-_<&!#"/(+"$"1*01(<&./&8$&*3%(7)$&$+[&M%%#[ff
ZZZSURFHVRFRPP["S  >UHFXSHUDGR
$+&+*O5$47)$&/0..i/RWPDQ<0  <.*%.#&$2$(W'*"+0H14$C"$'#(,0=
+0F*($2$*"$0>'#(,0+0F*($(1$*"+$'#"/(+"+$-($/&>F0"$
+"/0&*<&V")3$,*+"<&U$856"-&
2VWHQ0  C"+$+0+%(>&+$-030%&*(+$2$*&$-(+%#./=
/0H1$-($*&$/.*%.#&$-(*$#(/.(#-"4$5#(,($90+%"#0&$-(*$
"*,0-"<&Q"8)58<&]5)($,"-&
6ORWHUGLMN 3   $FWLRQV LQ GLVWDQV 6REUH ODV
L*)4"6& 8$& #)*8(335K+& %$,$))"35*+",& 8$,& 4(+8*_<&
HQ*$UDQ]XHTXH HG P1%"*"3T&$-($*&$-0+%&1/0&4$
\0*"+":T&+$-($*&$/">.10/&/0H1$(1$*&$(#&$%(*(>G%0=
/&0DGULG$%$'$
6RWR+GH  L*$"%#"$+(1-(#"0p[LFR'LDQD

#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

KE

-!').<!&2)."+'5(%&DC.$'(:(

descriminalizacin
6!()2"(6&'/2"

06$.$%&G"($-.&5,(H"6"&8I7-4*

"6& #)93%53"6& +$*,57$)",$6<& F($& #)$6(#*+$+& (+&


8$75,5%"45$+%*&8$,&>6%"8*&:&(+&#)$8*45+"+%$&
#*8$)&8$,&,57)$&4$)3"8*<&M"+&%$+58*&;)"+&54J
SDFWRHQHOGHVDUUROORGHOWUiFRGHGURJDV'HVGHODV
JXHUUDVGHO2SLRHQ&KLQDKDVWDODVJUDQGHVQDQ]DV
5,$;",$6&F($&"3%(",4$+%$&6$&$6%"7,$3$+&3*4*&#")%$&8$&
ODDFWLYLGDGGHOWUiFRGHGURJDVHQQXHVWURSDtVKDQ
#*%$+35"8*&8$,5%*6&8$&",%*&54#"3%*&3*4*&$,&,"O"8*&8$&
GLQHURHOQDUFRPHQXGHRHOWUiFRGHDUPDVORVVHJ
3($6%)*6&:&,*6&M*453585*6-&>6%*6&S,%54*6&M"+&",3"+P"J
8*&35L)"6&$63",*L)5"+%$6&$+&,*6&S,%54*6&"a*6<&%"+&6*,*&
HQHOVHUHJLVWUDURQKRPLFLGLRVGRORVRV
"+%$&";$+35"6&8$,&45+56%$)5*&#S7,53*&8$&,"6&$+%58"8$6&
IHGHUDWLYDV ,&(6,+RPLFLGLRVGRORVRV 
FLIUDTXHQRKDEtDWHQLGRSUHFHGHQWHGHVGH
&RPR SURGXFWR GH HVWDV FLIUDV HQ 0p[LFR VH KD
$6%"7,$358*&(+"&;)"+&#")"8*G"[&65&,*6&8$,5%*6&3*+658$J
UDGRVHQHOWtWXORVpSWLPRGHO&yGLJR3HQDO)HGHUDO
'HOLWRVFRQWUDODVDOXGUHIHUHQWHVDODSURGXFFLyQ
WUDQVSRUWH WUiFR FRPHUFLR GH VXVWDQFLDV SURKLELJ
GDV SRU OD /H\ *HQHUDO GH 6DOXG /*6  SURWHJHQ
3*4*&,*&"+(+35"&$,&4564*&%N%(,*&6$;(+8*<&,"&6",(8R&
$+%*+3$6<& ,"6& 4($)%$6& )$;56%)"8"6& $+& M"3$)& O",$)& $,&
75$+& G()N853*& %(%$,"8*& +*6& 4($6%)"& (+"& ;)"+& 5+3*+J
;)($+35"&$+&6(&3*47"%$-&>+&*%)"6&#","7)"6<&6$&#($8$&
8$35)&F($&#")"&#)*%$;$)&,"&6",(8&6$&M"&4$+*63"7"8*&
;)"O$4$+%$&,"&O58"<&$6%"&#")"8*G"&6$&6*6%5$+$&3("+8*&
*76$)O"4*6&,*6&8"%*6&)$;56%)"8*6&#*)&,"6&496&)$35$+J
%$6&$6%"8N6%53"6&#(7,53"8"6&$+&$6%$&6$+%58*&F($&8"%"+&
8$,&/00.&:&,"6&35L)"6&)$;56%)"8"6&8$&M*453585*6&8*,*J
,QVWLWXWR1DFLRQDOGH&LHQFLDV3HQDOHV

Z&

#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

KG

VRVUHODFLRQDGRVFRQHOFRPEDWHDOQDUFRWUiFRGHO
4564*&"a*-.&
>6&3*4S+&F($&"+%$&$6%$&#"+*)"4"&6$&M";"&(6*&#*J
,N%53*&8$&,*6&"+9,5656&8$&,"&6$;()58"8&#S7,53"&$+&L$3M"6&
)$35$+%$6<&)$,"35*+"8*6&3*+&$,&3*47"%$&",&3)54$+&*)J
;"+5P"8*&"&,"&,(P&8$&,"6&$,$335*+$6&#)$658$+35",$6&8$&
$6%$&"a*-&]5&75$+&$6&35$)%*&F($&(+"&#*,N%53"&3)545+",&
4",& $+3"45+"8"& #($8$& "3$+%(")& ,"& O5*,$+35"& $+& ,"&
,(3M"&3*+%)"&$,&3)54$+&*);"+5P"8*&:&$+&$,&$6%"7,$35J
45$+%*&8$&,"&6$;()58"8&#S7,53"&$+&+($6%)*&#"N6<&+*&6$&
#($8$&8$G")&8$&,"8*&,"6&54#,53"35*+$6&8$&,"6&#*,N%53"6&
+$*,57$)",$6&$+&$,&L*)%",$3545$+%*&8$&,*6&;)(#*6&3)5J
45+",$6&8$853"8*6&",&4$)3"8*&+"35*+",&$&5+%$)+"35*J
+",&8$&,"6&8)*;"6<&#($6%*&F($&,"6&3")"3%$)N6%53"6&#)*J
#5"6& 8$,& 656%$4"& $3*+K453*& O5;$+%$& $,& 3(",& 6$& 7"6"&
$+&,"&,57)$&3*4#$%$+35"&8$,&4$)3"8*<&,"&#")%535#"35K+&
,545%"8"&8$,&>6%"8*&$+&,"&)$;(,"35K+&8$&,"&$3*+*4N"&:&
(+"&"#$)%()"&3*4$)35",&#*%$+%$<&M"+&3)$"8*&(+&3,54"&
6*35",&:&#*,N%53*&#)*#535*&#")"&$,&3)$3545$+%*&8$&;)(J
#*6&3)545+",$6&8$853"8*6&"&,"&#)*8(335K+<&%)"+6#*)%$<&
WUiFR\FRPHUFLRGHGURJDVSURKLELGDVSRUOD/*6
'HHVWDPDQHUDVHDUJXPHQWDUiODUHODFLyQH[LVJ
%$+%$&$+%)$&,"6&#*,N%53"6&+$*,57$)",$6&3*4*&4*%*)&8$&
ORV PHUFDGRV FULPLQDOHV UHODFLRQDGRV FRQ HO WUiFR
6HJ~QGDWRVGHO6LVWHPD(SLGHPLROyJLFR\(VWDGtVWLFRGHODV'HIXQFLRJ
QHV 6((' HQHODxRGHOVHUHJLVWUDURQPXHUWHVUHODFLRQDGDV
3*+&",;S+&%5#*&8$&8)*;"&5,$;",<&45$+%)"6&F($&,*6&M*453585*6&8*,*6*6&)$J
JLVWUDURQXQDFLIUDGHVHJ~QFLIUDVGHO,&(6,(VQHFHVDULRFRJ
4$+%")&F($&$6%"6&35L)"6<&6K,*&4")3"+&(+"&%$+8$+35"&85;+"&8$&6$)&*76$)O"J
8"<&#($6%*&F($&,*6&8"%*6&)$;56%)"8*6&%5$+$+&6",O$8"8$6&F($&#($8$+&O")5")&
,"&3*4#")"35K+<&+*&*76%"+%$<&4")3"+&(+"&%$+8$+35"&8$&,"&#)*#*)35K+&8$&
4($)%$6&*3"65*+"8"6&#*)&$,&3*+6(4*&8$&8)*;"6&:&4($)%$6&)$,"35*+"8"6&
",&3*47"%$&8$&,*6&8$,5%*6&3*+%)"&,"&6",(8-&

#%"*0=%&'*0$!"6)(&B70-");)2%$-&0!0#'*05'-0>#)2%)*'$)2&"3'$

0).-0$)-!

GHGURJDVVXLQKHUHQWHFRQH[LyQFRQODYLROHQFLD\ #*,N%53*6& :& 6*35",$6<& 65+*& F($& %"475I+& M"& "8*#%"8*&


$,&8$7"%$&)$35$+%$&6*7)$&6(&8$6#$+",5P"35K+&*&8$63)5J (+&656%$4"&+*)4"%5O*&7"6"8*&$+&,"6&#$+"6&3*)#*)",$6&
3*4*& ,"& 8$& 4($)%$& :& ,"& 8$& %*)%()"& F($& $+& #)5+35#5*&
45+",5P"35K+&$+&+($6%)*&#"N6FRQPRFLRQDURQ D OD VRFLHGDG PH[LFDQD SHUR TXH
#*3*&"&#*3*&M"&#$)858*&$6%$&54#"3%*9,2/(1&,$1(2/,%(5$/<'(/,1&8(1&,$
(OHQDOWHFLPLHQWRGHOp[LWRPRQHWDULRFRPRSDUWH
25*$1,=$'$
8$&,*6&58$",$6&+$*,57$)",$6<&M"&#)*#535"8*&,"&6(6%5%(J
0p[LFRDGRSWDHOPRGHORQHROLEHUDODSDUWLUGHOVH[HJ
QLRGH0LJXHOGHOD0DGULG  \VHIRUWDOHJ 35K+&8$&O",*)$6&54#*)%"+%$6&#")"&,"&3*M$65K+&6*35",&
FHHQHOVH[HQLRGH&DUORV6DOLQDV  (VWRV %",$6& 3*4*& ,"& -0310-&-$ 9.>&1&<& 8$& $6%"& 4"+$)"& ,"&
;*75$)+*6& 54#,$4$+%"+& (+"& 6$)5$& 8$& #*,N%53"6& $+3"J 8$L$+6"&8$&,"6&)(%"6&:&8$&,"6&#,"P"6&8$+%)*&8$&,"&"3J
45+"8"6& ",& 6*6%$+545$+%*& 8$& ,*6& #)5+35#5*6& +$*,57$J WLYLGDG GHO QDUFRWUiFR ODV FXDOHV UHSUHVHQWDQ XQ
UDOHVGHQWURGHORVTXHGHVWDFDQ SULYDWL]DFLyQ  ;)"+&O",*)&4*+$%")5*<&6*+&8$L$+858"6&#*)&,*6&;)(#*6&
8$6)$;(,"35K+&8$&,"&"3%5O58"8&$3*+K453"&#*)&#")%$&8$,& 3)545+",$6&3*+&%*8*&$,&M*))*)&F($&)$#)$6$+%"&,"&%*)J
(VWDGR OLEHUDFLyQGHODDFWLYLGDGFRPHUFLDO SRJ %()"&:&,"6&8$3"#5%"35*+$6-&A+"&O5*,$+35"&8$67*3"8"<&
OtWLFDVVFDOHV UHVWULFWLYDV TXH LQFHQWLYHQ ODSURGXFJ DOLPHQWDGDSRUORVH[FHVRVIXQGDQWHVGHORVYDORUHV
FLyQ\ODUHQWD\ SROtWLFDVPRQHWDULDVUHVWULFWLYDV FDSLWDOLVWDVTXHVHUHHMDQHQODVSUiFWLFDVFRPHUFLDJ
>6%"6&#*,N%53"6&$3*+K453"6&M"+&%$+58*&54#"3%*&$+& OHVGHOWUiFRGHGURJDV
?& $6%"& $6#5)",& 8$& O5*,$+35"& +*& M"+& $63"#"8*& ,"6&
$,&8$6"))*,,*&6*35",&8$&+($6%)*&#"N6<&#($6%*&F($&M"+&
#)*#535"8*&,"&3*+3$+%)"35K+&8$&,"&)5F($P"&8$&4"+$)"& 6"+35*+$6&8$&,*6&%)"7"G"8*)$6&8$&,"&8)*;"&#*)&$,&5+J
6*)#)$+8$+%$&:&(+&4"+%$+545$+%*&8$&6",")5*6&7"G*6<& 3(4#,545$+%*& 8$& ,"6& )$;,"6& 5+%$)+"6& 8$& ,"& $4#)$6"&
8*6&8$&,*6&$,$4$+%*6&$6$+35",$6&F($&M"+&#*6535*+"8*& QDUFRWUDFDQWH GH PRGR TXH TXLHQ KD YLRODGR XQD
D0p[LFRHQXQSDtVFRQJUDQGHVSRUFHQWDMHVGHSRJ +*)4"%5O58"8<&#*)&$G$4#,*&$,&%)"+645%5)&5+L*)4"35K+&
EUH]D\PDUJLQDOLGDG'HDFXHUGRDO&RQVHMR1DFLRJ FRQGHQFLDOHVVDQFLRQDGRDEUXSWDPHQWHGHVSHUVRJ
QDOGH(YDOXDFLyQGHOD3ROtWLFDGH'HVDUUROOR6RFLDO +",5P9+8*,*&3*+&(+"&4*%*65$))"&8$6#(I6&8$&(+&5+%$J
&21(9$/ HQHOHOSRUFLHQWRGHODSRJ ))*;"%*)5*-&>6%$&%5#*&8$&O5*,$+35"&+*&#($8$&6$)&"+"J
7,"35K+&6$&$+3*+%)"7"&$+&#*7)$P"<&$,&/0-2&#*)&35$+%*& ,5P"8"&65+*&"&,"&,(P&8$&,*6&L(+8"4$+%*6&+$*,57$)",$6<&
PDQWLHQHXQUH]DJRHGXFDWLYRHOSRUFLHQWRFDJ #($6%*& F($& "& %)"OI6& 8$& ,*6& $L$3%*6& 8$& 6(6& #*,N%53"6<&
)$3$&8$&"33$6*&"&,"&6",(8<&$,&20-Y&#*)&35$+%*&%5$+$&3"J $6&8$35)&8$&,"&#*7)$P"&:&,"&4");5+"35K+<&$6&3*4*&M"&
UHQFLDHQHODFFHVRDODVHJXULGDGVRFLDO\HOSRU 658*&#*657,$C"6& $6%)"%$;5"6& 8$& 3*47"%$& ",& 4$)3"8*& 8$& ,"6&
35$+%*&%5$+$&3")$+35"&$+&$,&"33$6*&"&,"&",54$+%"35K+W*+& $6%$& #"+*)"4"& :& $,& L*4$+%*& 8$& ,*6& 58$",$6& 8)*;"6&M"+&,$O"+%"8*&(+"&6$)5$&8$&3*+%)*O$)65"6&#*)&
+$*,57$)",$6<&$6&8$35)<&8$,&#*6535*+"45$+%*&8$&4$%"6& ,*6&$L$3%*6&F($&M"&%$+58*<&#)5+35#",4$+%$&,"6&4($)J
FXOWXUDOHVHQODVFXDOHVODPHGLGDGHOp[LWRVHWUDGXFH %$6& F($& M"& 3*7)"8*-& '*& *76%"+%$& ,"& ,(3M"& $+%)$& ,*6&
$+&$,&#*8$)&"8F(565%5O*&:&$,&3*+6(4*&8$&4$)3"+3N"6& 4564*6&39)%$,$6&:&,"6&L($)P"6&#*,535"3"6&:&45,5%")$6&
#)5+35#",4$+%$&8$&O"+;(")85"&%$3+*,K;53"<&$,&3)54$+& M"+&M$3M*&#$+6")&"&85L$)$+%$6&"3%*)$6&6*35",$6&6*7)$&
*);"+5P"8*&$+3*+%)K&(+&$GI)35%*&8$&6*,8"8*6&856#($6J ,"&O5"75,58"8&8$&8$6#$+",5P")&$,&3*4$)35*&8$&,"6&8)*J
%*6&"&%*8*<&"&3"475*&8$&(+&+5O$,&$3*+K453*&4$G*)&8$,& ;"6&3*+&$,&");(4$+%*&8$&F($<&(+"&O$P&,$;",5P"8"&,"&
F($&M"&#*858*&*L$)%")&,"&,$;",58"8<&8$,&)$3*+*3545$+J HPSUHVDGHOQDUFRWUiFRHOHVFHQDULRGHODYLROHQFLD
WRVRFLDOSURSLRGHODVVXEFXOWXUDVQDUFRWUDFDQWHV\ 85645+(5)9,"&6"%56L"335K+&8$&,"6&4$%"6&3(,%()",$6&F($&#)$;*+"+&
,*6&58$",$6&+$*,57$)",$6-&
'(63(1$/,=$&,1'(/$6'52*$6
(O QDUFRWUiFR FRQVWLWX\H XQR GH ORV PHUFDGRV /DVUHFLHQWHVPRGLFDFLRQHVDOD/H\*HQHUDOGH6DJ
5,$;",$6&496&#*%$+%$6&8$,&4(+8*<&$+&$,&3(",&,"&5,$;"J OXGDO&yGLJR3HQDO)HGHUDO\DO&yGLJR)HGHUDOGH
,58"8&M"&54#)$6*&,"&O5*,$+35"&3*4*&#")%$&3*+6%5%(%5J 3URFHGLPLHQWRV3HQDOHVEXVFDURQUHJXODUGHPDQHUD
O"&8$&6(6&#)93%53"6&,"7*)",$6&",&:"&8$&#*)&65&O5*,$+%*& 3,")"<&856%5+%*6&"6#$3%*6&)$L$)$+%$6&"&,"&O$+%"&:&3*+6(J
VLVWHPDVRFLDOVXPHUJLGRHQODH[FOXVLyQODSREUH]D 4*&8$&8)*;"6&$+&+($6%)*&#"N6-&?654564*<&6$&$6%"7,$J
\ OD PDUJLQDFLyQ 'H LJXDO PDQHUD HO QDUFRWUiFR FLyFRQFODULGDGFXiQGRHO0LQLVWHULR3~EOLFR)HGHUDO
3*+6%5%(58*&3*4*&(+"&$4#)$6"&$6$+35",4$+%$&3"#5%"J 8$7$)9& "%$+8$)& $6%*6& "6(+%*6& :& 3(9+8*& 6$)9& 3*4#$J
,56%"<&+*&6K,*&6$&M"&+(%)58*&8$&,"6&#*,N%53"6&+$*,57$)"J %$+35"&8$,&L($)*&3*4S+<&8$,545%"+8*&$+&F(I&3"6*6&6$&
,$6&:&6$&M"&%)"+6L*)4"8*&$+&(+&;)"+&+$;*35*&%)"+6+"J $6%")N"&L)$+%$&"&(+&8$,5%*&8$&+")3*4$+(8$*&*&+")3*%)9J
35*+",&F($&M"&5))(4#58*&O5*,$+%"4$+%$&,*6&656%$4"6& FR(VWHSDTXHWHGHUHIRUPDVFRQRFLGRFRPR/H\
#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

KH

.-0$)-!//0 %!0*0")2'#0%*)-.#A'!')*>,%5

8$&'")3*4$+(8$*_<&;$+$)K&(+"&6$)5$&8$&#*,I453"6&$+&
,"& 35(8"8"+N"<& #($6& $,& 8$63*+*3545$+%*& 8$& 6(& 6$+%5J
8*<&$,&8$&)$;(,")<&6$&3*+L(+85K&#*)&,"&,$;",5P"35K+&8$&
,"6&8)*;"6<&$6#$35",4$+%$&#*)&$6%"7,$3$)&(+"&%"7,"&8$&
RULHQWDFLyQGHGRVLVPi[LPDVGHFRQVXPRSHUVRQDOH
LQPHGLDWRGHGLIHUHQWHVVXVWDQFLDV $UWtFXORGHOD
/H\*HQHUDOGH6DOXG 
$ FDVL XQ DxR GH VX SXEOLFDFLyQ HO  GH DJRVWR
GH  GXUDQWH HO VHJXQGR GtD GHO 'LiORJR SRU
,"& ]$;()58"8-& >O",("35K+& :& T*)%",$3545$+%*_& $,& )$J
#)$6$+%"+%$& 8$,& $G$3(%5O*& L$8$)",& T$,5#$& W",8$)K+&
3*4$+%K&F($<&7"G*&,"6&)$35$+%$6&8563(65*+$6&6*7)$&,"&
)$;(,"35K+&8$&,"6&8)*;"6&$+&(+"&6*35$8"8&#,()",&:&8$J
4*3)9%53"<&8$7$&8")6$&(+&8$7"%$&6*7)$&6(&)$;(,"35K+R&
3*+&$,,*<&"7)5K&,"&#($)%"&#")"&8563(%5)&,"&#*6575,58"8&:&
3*+O$+5$+35"&8$&,$;",5P")&,"6&8)*;"6&$+&+($6%)*&#"N6-&
W*4*&$)"&8$&$6#$)")6$<&85L$)$+%$6&"3%*)$6&6$&#)*+(+J
35")*+&8$&L*)4"&5+4$85"%"<& (+*6& "& L"O*)& :& *%)*6&$+&
3*+%)"<&+*&6K,*&8$&,$;",5P")&,"6&8)*;"6<&65+*&8$&"7)5)&"&
8$7"%$&$6%"&#*6575,58"8'LFKD GLVFXVLyQ VH KD JHQHUDGR GHVGH GLVWLQWRV
$+L*F($6<&4(3M*6&8$&$,,*6&#$)6*+",$6&:&354$+%"8*6&
$+&3)$$+35"6<&F($&496&F($&L*)%",$3$)&(+&8$7"%$&6$)5*&:&
ULJXURVRDQLGDSUHMXLFLRV\IDOVDVFRQFHSFLRQHV'HO
4564*&4*8*<&6$&;$+$)")*+&*#5+5*+$6&3*+&$63$+")5*6&
H[WUHPRVHQFDVRGHOOHYDUVHDFDERODOHJDOL]DFLyQ
GHODVGURJDVWDOHVFRPR0p[LFRVHFRQYHUWLUtDHQ
$,&;)"+&#53"8$)*&8$,&4(+8*_<&"S+&496<&M(7*&F(5$+$6&
DUPDURQ TXH &RQ HVWD QXHYD HVWUDWHJLD VH WHUPLJ
+")N"& ,"& O5*,$+35"& F($& "F($G"& "& +($6%)*& #"N6_<& +"8"&
496& "76()8*-& C*& %)"63$+8$+%$& $6& 8563(%5)& ,"& O5"75,5J
8"8&8$&(+"&#*,N%53"&%*,$)"+%$&)$6#$3%*&"&,"6&8)*;"6<&:&
+*& 6"%"+5P")& $,& 8$7"%$& +5& 4(3M*& 4$+*6& ");(4$+%")&
8$68$&,"&3)$$+35"&:&,"&4*)",&,"&3*+6%)(335K+&8$&(+"&
#*,N%53"& #S7,53"& F($& %$+8)N"& )$#$)3(65*+$6& 6*35",$6<&
$3*+K453"6<&#*,N%53"6<&8$&6",(8&:&6$;()58"8&#S7,53"&
54#*)%"+%$6&$+&+($6%)*&#"N6>4#$)*<& $6& +$3$6")5*& #(+%(",5P")& (+"& 6$)5$& 8$&
FXHVWLRQHV3ULPHURGHEHUiTXHGDUFODURTXpWLSRVGH
8)*;"6&6*+&,"6&F($&6$&,$;",5P")N"+<&#($6%*&F($&$+&,"6&
8563(65*+$6&6$&M"7,"&8$&4"+$)"&5+856%5+%"&8$&,"6&3*+J
6$3($+35"6&+$;"%5O"6&8$&,"&8)*;"<&3*4*&65&,*6&$L$3%*6&
8$&,"6&85L$)$+%$6&8)*;"6&L($)"+&5;(",$6<&#*)&$G$4#,*<&
$,&(6*&8$&*#593$*6&6$45J65+%I%53*6&%",$6&3*4*&,"&M$J
)*N+"&*&$,&(6*&8$&/&11&F0+$ PDULKXDQD 'HLPSXOVDU
(+"& #*,N%53"& %*,$)"+%$& $+& +($6%)*& #"N6& )$6#$3%*& "& ,"6&
8)*;"6<&6$&$6%")9&#$+6"+8*&#)5+35#",4$+%$&$+&/&11&=
F0+ XQD GURJD FRQVLGHUDGD SRU ORV FLHQWtFRV FRPR
7,"+8"& #*)& ,*6& $L$3%*6& 4$+*6& #$)G(8535",$6& $+& 3*4J
#")"35K+& 3*+& *%)"6& 6(6%"+35"6& #)*M5758"6-& ]5+& 8(8"<&
3(",F(5$)&%5#*&8$&8)*;"<&%"+%*&,$;",&3*4*&5,$;",<&%5$+$&
#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

KD

(+&$L$3%*&#$)G(8535",&#")"&,"&6",(8<&M97,$6$&8$&%"7"3*<&
",3*M*,<&3"LI&*&/&11&F0+8QDGHODVH[SHULHQFLDVLQJ
%$)+"35*+",$6&$+&$6%"&4"%$)5"&6$)N"&$,&3"6*&8$&D*,"+J
8"<&#"N6&$+&$,&3(",&8$68$&,*6&"a*6&Y0&54#,$4$+%K&(+"&
#*,N%53"&%*,$)"+%$&M"35"&$,&3*+6(4*&8$&,"&/&11&F0+$:&
"3%(",4$+%$&8563(%$&,"&#*6575,58"8&8$&#$)45%5)&$,&3*+J
VXPRGHRWUDVVXVWDQFLDVFRPRODFRFDtQD\HOp[WDVLV
]$;(+8*<&M"7)9&F($&#$+6")&F(I&#")%$&8$&,"&3"8$J
+"&8$&#)*8(335K+J3*+6(4*&6$&)$;(,")N"&:<&#*6%$)5*)J
PHQWHFyPRVHUHJXODUtD3XHVWRTXHFDGDXQDGHODV
L"6$6R&#)*8(335K+<&%)"+6#*)%$<&3*4$)35*<&6(45+56%)*&*&
3*+6(4*<&$+35$))"+&$+&6N&4564"6&(+"&6$)5$&8$&3*4#,5J
3"35*+$6&:&)$#$)3(65*+$6&F($&8$7$)9+&3*+%$4#,")6$-&
3DUDHOORHVQHFHVDULRSUHJXQWDUVHFXiOHVHOYHUGDJ
8$)*& #)*7,$4"& 3*+& ,"6& 8)*;"6& $+& +($6%)*& #"N6H<& E$6&
(+&#)*7,$4"&8$&6",(8&*&496&75$+&(+&#)*7,$4"&8$&6$J
;()58"8&#S7,53"H<&#($6%*&F($&,"6&$6%)"%$;5"6&)$35$+%$6&
SDUDFRPEDWLUHOQDUFRWUiFRKDQGHMDGRPiVPXHUWHV
F($&,*6&F($&#(85$)"+&)$;56%)")6$&#*)&6(&3*+6(4*-&!"+&
6*,*&$,&WB]>'&$6%54"&F($&8$&/002&"&/0.0&6$&M"+&)$J
JLVWUDGRPiVGHPLODVHVLQDWRVSURGXFWRGHOD
,(3M"&3*+%)"&$,&3)54$+&*);"+5P"8*-&]5&3*+658$)"4*6&
,"6&4($)%$6&)$,"35*+"8"6&3*+&,"6&8)*;"6<&$+%*+3$6&6N&
#*8)N"4*6&8$35)&F($&$6&(+&#)*7,$4"&8$&6",(8&#S7,53"<&
#$)*&+*&#*)&F($&4($)"+&,*6&3*+6(458*)$6&#*)&(%5,5P")&
$6%"&8)*;"<&65+*&#*)&,*6&M*453585*6&)$,"35*+"8*6&3*+&
HOFRPEDWHDOWUiFR
7HUFHURFyPRLQX\HODRIHUWD\ODGHPDQGDGH
,"6&8)*;"6&$+&+($6%)*&#"N6H<&E3(9,&$6&,"&6(6%"+35"&F($&
496&6$&3*+6(4$&$+&+($6%)*&#"N6H&?&6"7$)[&6$;S+&8"J
WRV GH OD (QFXHVWD 1DFLRQDO GH $GLFFLRQHV  HO
/&11&F0+$$6&,"&8)*;"&496&3*+6(458"<&F($&"8$496&M"&
)$#*)%"8*&(+&"(4$+%*&$+&6(&3*+6(4*&)$6#$3%*&"&,*6&
DxRVDQWHULRUHV1RREVWDQWHHVWHSDQRUDPDQRHVH[J
FOXVLYRGH0p[LFRSXHVWRTXHVHJ~QGDWRVGHO,QIRUPH
0XQGLDO6REUHODV'URJDV ,06' HVODGURJD
496&3*+6(458"&$+&%*8*&$,&4(+8*<&#*)&,*&3(",&3*+6%5%(J
\HHOPD\RUPHUFDGRGHGURJDVLOtFLWDVFDVLHOSRU
35$+%*&8$&#"N6$6&:&%$))5%*)5*6&,"&#)*8(3$+<&6$&$+3($+%)"&
HVWLPDGDHQWUHXQWRWDOGHWRQHODGDVPpWULFDV\
WRQHODGDVPpWULFDV0p[LFRHVXQRGHORVSDtJ
6$6&3*+&4":*)&#)*8(335K+&8$&/&11&F0+$$+&$,&#,"+$%"<&
$6%*& ,*& 3*+6%5%(:$& +*& 6K,*& 3*4*& (+& #"N6& 8$& %)9+65%*<&
65+*&%"475I+&(+&#"N6&#)*8(3%*)&:&3*+6(458*)-&]$;S+&
'DWRVGHO,06'  ODPD\RUtDGHODVLQFDXWDFLRJ
+$6&8$&/&11&F0+$$+&$,&4(+8*&8()"+%$&$,&/00Y&L($)*+&
HQ0p[LFR SRUFLHQWR \MXQWRFRQ(VWDGRV8QLGRV
3*+L*)4")*+& $,& 2X& #*)& 35$+%*& 8$,& %*%",& 5+3"(%"8*<& ,*&
F($&,*6&65%S"&$+&,*6&8*6&#"N6$6&3*+&4":*)&4$)3"8*&8$&
4")5M("+"& $+& ,"& %5$))"-& ]5+& $47");*<& "& #$6")& 8$& F($&
>6%"8*6&A+58*6&#)*8(3$&(+"&;)"+&3"+%58"8&8$&/&11&=

#%"*0=%&'*0$!"6)(&B70-");)2%$-&0!0#'*05'-0>#)2%)*'$)2&"3'$

F0+$0p[LFRHVVXSULQFLSDOSURYHHGRU
3RUVXSDUWHH[LVWHXQDJUDQGHPDQGDGH/&11&F0+$
$+&,*6&#"N6$6&8$&?4$)53"&8$,&'*)%$-&?3%(",4$+%$&,"&
#)$O",$+35"&8$&3*+6(4*&$+&$6"&)$;5K+&$6&,"&65;(5$+%$[&
&DQDGi(VWDGRV8QLGRV\0p[LFR 3UHJ
O",$+35"& "+(",& 8$,& (6*& 5+8$758*& $+& #*)3$+%"G$& 8$& ,"&
SREODFLyQGHDDxRVGHHGDG,06' HVWR
VLJQLFDTXHORVJUDQGHVFRQVXPLGRUHVSRUWDQWRORV
#)5+35#",$6& 8$4"+8"+%$6& 8$& $6%"& 8)*;"<& 6*+& ,*6& #"NJ
VHVFRQPD\RUSUHYDOHQFLDGHFRQVXPR\0p[LFRVX
"7"6%$3$8*)-&A+"&O$P&496<&E8$&F(I&6$)O5)9&8$6#$+",5J
]DUODYHQWD\RSRVHVLyQHQ0p[LFRVLJUDQSDUWHGHOD
#)*8(335K+&8$&/&11&F0+$VHH[SRUWDD(VWDGRV8QLGRV
:&$+&",;(+"&4$858"&"&W"+"89H&>6&8$35)<&$,&#)5+35#",&
SUREOHPDGH0p[LFRUHVSHFWRDHVWDGURJDHVHOWUiJ
FRKDFLDORVSDtVHVGHOQRUWH\QRHOPHUFDGRORFDO
?8$496<&#*8$4*6&*76$)O")&F($&,*6&$6%"8*6&$+&,*6&
F($& 496& 6$& #)*8(3$& $6%"& 8)*;"& $+& +($6%)*& #"N6[& ]5J
+",*"<&Q53M*"39+<&U($))$)*<&WM5M("M("&:&V"G"&W",5J
L*)+5"<&6*+&",&4564*&%5$4#*&$6%"8*6&$+&,*6&F($&496&
HUUDGLFDFLyQ GH HVWD SODQWD VH KD UHDOL]DGR ,06'
  DGHPiV GH TXH &KLKXDKXD \ %DMD &DOLIRUQLD
6*+&#($)%"6&"&>6%"8*6&A+58*6&:<&3*4*&$6&,K;53*<&6*+&
8*6&8$&,*6&$6%"8*6&$+&,*6&F($&6$&M"&)$;56%)"8*&4":*)&
YLROHQFLD UHODFLRQDGD FRQ HO QDUFRWUiFR DVt FRPR
LQFDXWDFLRQHV \ FRQLFWRV HQWUH ODV RUJDQL]DFLRQHV
3)545+",$6& #*)& ,*6& #"6"G$6& "& >6%"8*6& A+58*6-& ]$;S+&
8"%*6&8$,&BW>]B<&,*6&$6%"8*6&3*+&496&M*453585*6&8*J
ORVRVUHJLVWUDGRVDQWHDJHQFLDVGHO0LQLVWHULR3~EOLFR
HQ HO  VRQ 6LQDORD   &KLKXDKXD  
%DMD &DOLIRUQLD   (VWDGR GH 0p[LFR   \
*XHUUHUR  WRGRVHOORVUHODFLRQDGRVFRQODSURJ
GXFFLyQ\WUiFRGH/&11&F0+'HHVWDPDQHUDHVQHFHVDULRSODQWHDUTXpSDUWHGH
,"& #)*8(335K+J3*+6(4*& 8$& /&11&F0+$ 6$& 3*+658$)")9&
#")"&6(&)$;(,"35K+<&#($6&65&75$+&,"&8)*;"&496&3*+6(J
PLGDHQ0p[LFRHVpVWDHQWpUPLQRVFXDQWLWDWLYRV\
FXDOLWDWLYRVODSURGXFFLyQ\HOWUiFRFRQVWLWX\HQHO
#)5+35#",&#)*7,$4"&8$&6$;()58"8&#S7,53"-&
W(")%*<& 5+O$6%5;"35*+$6& )$35$+%$6& M"+& 8$4*6%)"8*&
F($& $,& 3*+6(4*& 8$& /&11&F0+<& 3*+658$)"8*& 3*4*& (+&
#)*7,$4"& 8$& 6",(8& $+& 3*4#")"35K+& 3*+& *%)"6& 8)*;"6&
#$)45%58"6<&#*)&$G$4#,*&$,&",3*M*,&:&,"&+53*%5+"<&+*&$6&
%"+&#)$*3(#"+%$<&#($6&M"6%"&$,&4*4$+%*&6$&M"+&)$;56J
%)"8*& 4":*)$6& $L$3%*6& +*35O*6& #*)& 6(& 3*+6(4*& F($&
#*)&$,&8$,&/&11&F0+-&'*&*76%"+%$<&,*6&");(4$+%*6&6*J
7)$&,*6&$L$3%*6&+*35O*6&8$,&3*+6(4*&8$&,"&4")5M("+"&
VRQFRQWURYHUVLDOHVORVFLHQWtFRVQRKDQOOHJDGRDORV
4564*6& )$6(,%"8*6& 6*7)$& ,*6& $L$3%*6& 8$& 6(& 3*+6(4*<&
$6& "6N& F($& (+"& #*,N%53"& 8$63)545+",5P"8*)"& 8$& ,"& 4"J
ULKXDQDGHEHUiGHWHQHUXQVRSRUWHFLHQWtFRVREUHVX

0).-0$)-!

3*+6(4*<& "(+F($& $6%*& +*& 6$& M":"& %*4"8*& $+& 3($+%"&


#")"&*%)"6&8)*;"6&F($&"M*)"&6*+&,$;",$6&$+&+($6%)*&#"N64XLQWRVLFRQVLGHUDPRVTXHHOSULQFLSDOFRQLFWR
HQPDWHULDGHVHJXULGDGHVHOQDUFRWUiFRHQWRQFHV
+*6&65%("4*6&L)$+%$&"&(+&#)*7,$4"&75+"35*+",<&#($6%*&
F($& 3*4*& ");(4$+%"4*6& $+& ,N+$"6& "+%$)5*)$6<& >6%"J
8*6&A+58*6&$6&$,&#)5+35#",&#"N6&8$4"+8"+%$&8$,&/&1=
1&F0+<$ OD GURJD PiV SURGXFLGD HQ 0p[LFR \ OD PiV
WUDFDGDHQHOPXQGRHQWRQFHVTXpHIHFWRVWHQGUi
,$;",5P")&,"&O$+%"&:f*&#*6$65K+&$+&+($6%)*&#"N6&65&>6J
%"8*6&A+58*6&4"+%5$+$&(+"&#*,N%53"&#)*M57535*+56%"H&
6LELHQHVFLHUWRTXHH[LVWHXQDWHQGHQFLDDUHJXODUHO
(6*&4$8535+",&8$,&/&11&F0+$HQHVWDGRVGH1RUWHDJ
4I)53"<&8$+%)*&8$&$,,*6&W",5L*)+5"&3*+&(6*&)$3)$"%5O*<&
HOWUiFRGH/&11&F0+$M"35"&>6%"8*6&A+58*6&6$;(5)9&
*3"65*+"+8*&#)*7,$4"6&8$&6$;()58"8&$+&,"&L)*+%$)"&8$&
+($6%)*&#"N6&8$&+*&6$)&F($&"47*6&#"N6$6&"8*#%$+&(+"&
#*,N%53"& %*,$)"+%$& M"35"& $,& 3*+6(4*<& ,"& O$+%"<& %)"+6J
#*)%$&:&#*6$65K+&8$&,"&4")5M("+"?(+"8*&"&$6%*<&8$7$4*6&8$&#$+6")&$+&,"&O5*,$+35"&
RFDVLRQDGDSRUHOWUiFRGHFRFDtQDHQQXHVWURSDtV
65&75$+&+*&6*4*6&(+&#"N6&#)$8*45+"+%$4$+%$&#)*8(3J
%*)<&65&$6&,"&6$;(+8"&8)*;"&496&3*+6(458"&$+&+($6%)*&
SDtVSHURVREUHWRGRHOWHUULWRULRPH[LFDQRFRQVWLWXJ
:$&(+&)(%"&*7,5;"8"&#")"&,"&$+%)"8"&8$&3*3"N+"&"&>6J
WDGRV 8QLGRV OD FXDO SURYLHQH GH 3HU~ \ &RORPELD
$+%)"+8*&#)5+35#",4$+%$&#*)&U($))$)*<&Q53M*"39+&:&
]5+",*"&:&6",5$+8*&#*)&W5(8"8&=(9)$P<&'($O*&C$K+<&
!"4"(,5#"6&:&V"G"&W",5L*)+5"3HQVDUTXHODOHJDOL]DFLyQGHODPDULKXDQDWHUPLJ
QDUtDFRQODYLROHQFLDGHOSDtVHVXQH[WUHPR1RREVJ
%"+%$<&,"&4")5M("+"&$6&,"&8)*;"&496&#)*8(358"<&3*+6(J
PLGD\WUDFDGDHQ0p[LFRORTXHQRVKDFHHVSHFXODU
8$68$& $,& #(+%*& 8$& O56%"& 3("+%5%"%5O*<& (+"& )$8(335K+&
LPSRUWDQWHGHODYLROHQFLDDXQTXHQRVXH[WHUPLQLR
V"G*&$6%$&#"+*)"4"&$6&3,")*&F($&$,&#)*M57535*+56J
4*<&"(+"8*&"&,"&54#$)"+%$&8$4"+8"&8$&4")5M("+"&$+&
(VWDGRV8QLGRV&DQDGi\0p[LFRKDRFDVLRQDGRXQD
*,"&3)$35$+%$&8$&O5*,$+35"&#*)&6(#,5)&,"6&8$4"+8"6&8$,&
4$)3"8*&%)"+6+"35*+",-&'*&*76%"+%$<&O",8)N"&,"&#$+"&
#)$;(+%")6$& #")"& F(I& 6$& ,,$O")N"& "& 3"7*& ,"& ,$;",5P"J
35K+&8$&,"6&8)*;"6&:&3(9,$6&6*+&,*6&*7G$%5O*6&F($&6$&
#$)6$;(5)N"&3*+&$,,*<&"8$496&8$&#$+6")&$+&3(",$6&8)*J
;"6&6$&,$;",5P")N"+&:&F(I&#)*3$6*6&8$&,"&#)*8(335K+J
3*+6(4*& 6$& )$;(,")N"& :& 3K4*& 6$& )$;(,")N"-& C"& %*4"&
8$& $6%"6& 8$3565*+$6& +*6& 8")9& $L$3%*6& 856%5+%*6<& %"+%*&
#*65%5O*6&3*4*&+$;"%5O*6<&#*)&$G$4#,*<&65&6$&,$;",5P"&
$,&3*+6(4*&:&,"&O$+%"<&M"7)N"&F($&$6%54")&65&$,&+5O$,&
GHFRQVXPRDXPHQWDUtD\VLODVJDQDQFLDVVFDOHVGH
6(&)$;(,"35K+&6$)N"+&54#*)%"+%$6&#")"&,"&$3*+*4N"&8$,&
#"N6&3*4*&M"&6(3$858*&$+&*%)*6&#"N6$6<&#*)&$G$4#,*&
#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

KI

.-0$)-!//0 %!0*0")2'#0%*)-.#A'!')*>,%5

D*,"+8"R&*&65&,*6&$L$3%*6&+*35O*6&8$&,"&8)*;"<&$+&3"6*&
8$&6$)&4")5M("+"<&6*+&O$)8"8$)"4$+%$&8$O"6%"8*)$6&
#")"&,"&6",(8&3*4*&,*&M"&4"+$G"8*&,"&*#5+5K+&#S7,53">,&#"+*)"4"&"3%(",&$+&+($6%)*&#"N6&)$,"35*+"8*&",&
4$)3"8*&8$&,"6&8)*;"6&:&,"&O5*,$+35"&F($&M"&;$6%"8*<&
+*&#($8$&$+%$+8$)6$&65+&3*+%$4#,")&,"6&#")%$6&$6%)(3J
%()",$6&F($&M"3$+&#*657,$&,"&#)*8(335K+<&$,&3*+6(4*&
:& ,"& 8$4"+8"-& C"6& #*,N%53"6& :& O565*+$6& 58$*,K;53"6&
+$*,57$)",$6&M"+&3*+%)57(58*&",&8$6"))*,,*&8$&(+*&8$&
,*6&4$)3"8*6&496&;)"+8$6&8$,&4(+8*<&8$68$&,"&3*+J
IRUPDFLyQGHODVRUJDQL]DFLRQHVFULPLQDOHVHOWUiFR
8$&")4"6&F($&*3(#"+<&,"&)$8&8$&3*))(#35K+&F($&M"3$&
#*657,$& 6(& L(+35*+"45$+%*<& $,& )$3,(%"45$+%*& 8$& #$)J
6*+"6&856#($6%"6&"&$4#)$+8$)&,"6&"335*+$6&4"6&%$))*J
UtFDV TXH SRGDPRV LPDJLQDU HQ Q OD SURGXFFLyQ
3*+6(457,$&8$&3"65&%*8*&$+&,"&O58"&6*35",<&5+3,(:$+8*&
,"&O58"&4564"'HULYDGR GHO SDQRUDPD GHYDVWDGRU SRU OD OXFKD
3*+%)"& ,"6& 8)*;"6<& ",;(+*6& 6$3%*)$6& 8$& ,"& 6*35$8"8<&
%"+%*& "3"8I453*6& 3*4*& 8$& ,"& 6*35$8"8& 35O5,<& 6$& M"+&
#)*+(+35"8*&"&L"O*)&8$&,"&8$6#$+",5P"35K+&8$&8)*;"6&
7,"+8"6& 3*4*& ,"& 4")5M("+"<& ,$;",5P"+8*& ,"& $4#)$6"&
FDSLWDOLVWDGHOWUiFRGHGURJDVQRREVWDQWHHOGHEDJ
%$& 3*+%5+S"& 6*7)$& ,"& 4$6"<& #($6%*& F($& $6%"& 8$3565K+&
*7,5;"&"&$3M")&4"+*&8$&,"6&85L$)$+%$6&85635#,5+"6&#")"&
3*+*3$)&6(&3*+O$+5$+35"-&
3RURWUDSDUWHHVQHFHVDULRWHQHUFODULGDGGHOREJ

#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

KJ

G$%5O*&",&54#,$4$+%")&(+"&#*,N%53"&8$&%*,$)"+35"&M"35"&
,"6& 8)*;"6<& 65& 3*+& $,,*& 6$& #)$%$+8$& 7"G")& ,*6& N+853$6&
8$& O5*,$+35"& $+& +($6%)*& #"N6& *3"65*+"8*6& #*)& ,"& ,(J
FKDFRQWUDHOQDUFRWUiFRVLVHSUHWHQGHFRPEDWLUXQ
#)*7,$4"&8$&6",(8&#S7,53"&4$85"+%$&,"&)$;(,"35K+&8$&
ODV GURJDV R JHQHUDU XQD HQWUDGD VFDO SURYHQLHQWH
8$&,*6&54#($6%*6&)$3"(8"8*6&#*)&6(&3*4$)35",5P"35K+-&
>6&8$35)<&8$7$)9&F($8")&3,")*&3(9,&$6&$,&#)*7,$4"&)$",&
3*+&,"6&8)*;"6&$+&+($6%)*&#"N6&:&$+&3*+6$3($+35"&$6J
WUXFWXUDUXQDSROtWLFDFRQOtQHDVGHDFFLyQHVSHFtFDV
'*&6$&#($8$&8$G")&8$&,"8*&,"&3)$35$+%$&8$4"+8"&8$&
4")5M("+"&$+&+($6%)*&#"N6&:&$+&%*8*&$,&4(+8*<&F($&
8$7$)9& 8$& $+L)$+%")6$& +*& 6K,*& 3*+& 6(& ,$;",5P"35K+<&
65+*&%"475I+&3*+&(+&#)*;)"4"&8$&5+L*)4"35K+&:&"%$+J
35K+&"&,*6&3*+6(458*)$6&*&8$#$+85$+%$63RURWUDSDUWHQRSRGHPRVHVSHUDUTXHHOSUREOHJ
4"& 8$& ,"& O5*,$+35"& $+& +($6%)*& #"N6& 6$& 6*,(35*+$& $+&
VXWRWDOLGDGSXHVTXHGDUiHOSUREOHPDGHOWUiFRGH
*%)"6&8)*;"6&3*4*&,"&3*3"N+"<&#*)&$G$4#,*<&F($&#*)&6(&
+"%()",$P"&:&$L$3%*6&#$)G(8535",$6&$+&,"&6",(8<&%5$+$&(+&
",%*&3*6%*&6*35",-&>6&3,")*&F($&,"&#)*M57535K+&8$&(+"&
$4#)$6"&3"#5%",56%"&%"+&#*%$+%$&3*4*&,*&$6&,"&8$&,"6&
8)*;"6&$+&(+&4*8$,*&+$*,57$)",&F($&#)*#535"&$,&5+85J
YLGXDOLVPRVDOYDMH\HOp[LWRPRQHWDULRDWRGDFRVWD
QR GHWHQGUi VX H[LVWHQFLD R SHRU D~Q OD YLROHQFLD
#$)#$%)"8"&#*)&6(&$G$)3535*-&

2(+!&$!6(6!()2(+*!&%!9(

Abandono, !0$)*".@-(:(6!"#&!$.'(
:-(H"63(&J#)-+"*
LW(/#&F*($&F"#%")$-(F(#T&$&F&1-"1&#%($&E.T$>0+>")$*0F#&#=
%($&*$-(+'#(/0"$E.($%d$+"*"$01+'0#&+^
Q")F(I6&8$&]"8$<&\&1%&+>&+

Q*$>&(+%#"$D(1V$D4$5(/(##0*$@&#/T&$E.0(1$-(:(1-0H$/"1$01=
/(1-0&#0&$01%(*03(1/0&$*&$/.*%.#&$01-T3(1&

81$1,f$48('250,7$%$(/68(f2'(/$
08(57(3$5$'(63(57$5(1$*21$

+535",4$+%$& ",& O$)& ,"& L*%*;)"LN"& #$+6"7"& %5%(,")&


$6%"& #)54$)"& #")%$& 3*4*[& \A+& 3"89O$)& F($& 8*)J
PLWDEDHOVXHxRGHODYLGD3RUTXpXQFDGiYHU
57"& *& 8$6$"7"& 6*a")& F($& O5ON"H& C"& )$6#($6%"& $6& 3"65&
LPSOtFLWD VL XQR REVHUYD FRQ GHWHQLPLHQWR UHH[LYR
ODIRWRJUDItDGHQJHO/ODPDV5DPRVWLWXODGD'XUJ
Z&

A+5O$)658"8&?(%K+*4"&8$&^($)I%")*-

45$+8*&7"G*&$,&6*,g&8$&,"&6$)5$&\C*6&M5G*6&8$,&3"4#*_<&
%*4"8"&$+&(+&6$47)"8N*&8$&G5%*4"%$&$+&=",563*<&:&F($&
REWXYR HO VHJXQGR OXJDU GHO 3UHPLR 1DFLRQDO 
8$& T*%*#$)5*8564*& IT&$ Y0(%(<& *);"+5P"8*& #*)& $,& #$J
)5K853*&L*$e10,(#+&*-&>,&3($)#*&8$6+(8*&$&5+$)4$&8$&
,"&+5a"&#(&*>(1%(&#")$3$&(+&3"89O$)&45$+%)"6&8($)4$&
H[SXHVWDDODYLROHQFLDGHFXDOTXLHUSHUVRQD
/DIRWRJUDItDHVH[SUHVLyQGHODSDXSpUULPDFRQGLJ
35K+&M(4"+"<&"6N&3*4*&8$&,"6&3*%585"+"6&35)3(+6%"+J
#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

KF

.-0$)-!//0 =%#A'!/#)"&(%3'

FLDVODERUDOHVGHQXHVWURSDtVODVFXDOHVUHDUPDQOR
5+L"4$&8$&,"&75*#*,5%5P"35K+&8$&,"&O58"-&>6%"&M"75%(",&
:&O$);*+P*6"&L*)4"&8$&6*7)$O5O5)&8$&4(3M*6&3"4#$J
VLQRVHQ0p[LFRQRVFRQGXFHDODVVLJXLHQWHVLQWHUURJ
;"+%$6[&E8$&F(I&4"+$)"&,"&8$6+(8$P&8$&,"&+5a"&)$O$,"&
$,&(47)",&8$&(+"&#*657,$&4($)%$&%*8"ON"&$6%"+8*&O5O"<&
#$*)&"S+<&#$)O5O5$+8*&:&3K4*&I6%"&65%("35K+&6$&)$,"J
35*+"&3*+&,"&75*#*,N%53"H<&E$6%$&3($)#*&8$&"#")5$+35"&
FDGDYpULFRHVUHHMRH[SOtFLWRGHOGHVGpQGHO(VWDGR
M"35"&,"&#)*%$335K+&8$&,"&O58"&M(4"+"H<&E$+&F(I&4$J
858"&$,&>6%"8*&#)*8(3$&(+"&1.-&$,0-&&$+&(+"&+5a"H
]5& #*)& 75*#*,N%53"& $+%$+8$4*6& ,"& 5+%$)O$+35K+& 8$&
(+&#*8$)&;(7$)+"4$+%",&6*7)$&,"&O58"&M(4"+"&$+&%*J
8"6&6(6&854$+65*+$6&#")"&*)5,,"),"&M"35"&,"&4($)%$&8$&
4"+$)"&85)$3%"&*&5+85)$3%"<&$+%*+3$6&,"&O58"&8$&,"&+5a"&
6$&$+3($+%)"&$+&(+&#)*3$6*&8$&75*#*,5%5P"35K+-&>6&8$J
35)<&,"&+5a"&5+8N;$+"&",&3")$3$)&8$&6$)O535*6&4I853*6&
:&8$&;(")8$)N"&F($&$,&>6%"8*&+*&,$&#)*#*)35*+"<&L",J
%"+8*&"6N&"&6(6&*7,5;"35*+$6&G()N853"6<&%5$+8$&"&4*)5)-&
?,&O5*,")&6(6&8$)$3M*6<&6$"&#*)&5+85L$)$+35"&:&8$6*7$J
85$+35"&"&,"&,$:<&$,&>6%"8*&#*8)N"&#)*O*3"&8$&4"+$J
)"& 5+85)$3%"& 6(& 4($)%$-& >,& #*657,$& 8$3$6*& 8$& ,"& +5a"&
+*&6$)9&(+"&4($)%$&+"%()",<&65+*&5+8(358"<&:"&F($&,"6&
*4565*+$6&;(7$)+"4$+%",$6&6$&%)"+6L*)4"+&$+&"6$65J
+"%*<& $+& 3)54$+& 8$& >6%"8*& :<& #*)& ,*& %"+%*<& $,& #*8$)&
#*,N%53*&6$&%)"+64(%"&$+&75*#*,N%53"-&
(VLQGLVSHQVDEOHUHDOL]DUXQDH[SOtFLWDDFODUDFLyQ
DO UHVSHFWR GH OD DSUR[LPDFLyQ GH ELRSROtWLFD \ VX
UHODFLyQ FRQ HO JRELHUQR PH[LFDQR D VDEHU HO JRJ
ELHUQRPH[LFDQRVHSURSRQHDFDSDUDUHOFXHUSRGHOD
QLxDSDUDH[WHUPLQDUOD"HVELRSROtWLFRDOUHVSHFWR"
1RORHVGHPDQHUDH[SOtFLWDHVXQFULPLQDOGHPDJ
QHUDLQGLUHFWDQRJHQHUDSROtWLFDVS~EOLFDVGHH[WHUJ
45+5*<& 3*4*& ,*& )$",5PK& $,& +"35*+",6*35",564*& $+& $,&
65;,*&11-&]5+&$47");*<&6(&"7"+8*+*<&+$;,5;$+35"&:&
8$6J*7,5;"35K+&G()N853"&3*+&,*6&8$)$3M*6&$,$4$+%",$6&
GHODLQIDQWHGHPXHVWUDQTXHHOJRELHUQRPH[LFDQR
"3%S"& 8$& 4"+$)"& 75*#*,N%53"-& >+& $6%$& 6$+%58*<& $,& ;*J
ELHUQRPH[LFDQRQRDFW~DFRPRXQSRGHUGHPRFUiWLJ
3*&"&L"O*)&8$&6(6&35(8"8"+*6<&F(5$+$6&,$&M"+&8$,$;"8*&
G()N853"4$+%$<&#*)&(+&4*4$+%*<&6(&6*7$)"+N"<&6(&#*J
8$)&:&O*,(+%"8-.&Q96&75$+<&3*4*&(+&#*8$)&6*7$)"+*&
GHVSyWLFRGHOVLJOR;9,,,HXURSHRTXHHQFXDOTXLHU
4*4$+%*&#*8N"&:&-(FT&$eF($&#*)&8$)$3M*&,$&3*))$6J
&>6&54#*)%"+%$&6(7)":")&,"&3($6%5K+&8$&,"&8$,$;"35K+&8$,&#*8$)<&:&G(+%*&
FRQ'XVVHO  GLUtDPRVTXH(OSRGHUHVXQD:&/.*%&-)$(+"&
/&'&/0-&-<&F($&6$&%0(1(&*&+*&6$&%0(1(<&#$)*&3*+&#)$3565K+&+(+3"&6$&%">&-&&
]5&,"&'"%(1%0&&$6&$,&#*8$)&(1=+T<&,"&'"%(+%&+&$6&$,&#*8$)&:.(#&=-(=+T$e+*&
+$3$6")5"4$+%$& %*8"ON"& $+& '&#&=+T FRPR UHWRUQR  (O SRGHU OR WLHQH
VyOR \ VLHPSUH HQ SRWHQFLD OD FRPXQLGDG SROtWLFD HO SXHEOR 'HYLHQH
#(&*&;)"35"6&"&,"&5+6%5%(35*+",5P"35K+&e'"%(+%&+ (VGHFLUHO(N(#/0/0"$-(*$
'"-(#&65$4#)$&$6&(+&4*4$+%*&8$&,"&'"%(+%&+RGHODVIXQFLRQHVMDGDV
#*)&,"6&5+6%5%(35*+$6&hoi_-&

#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

KK

SRQGtD UHFODPDUODYLGDGH+.+$6S785%*6<&3*4*&65&L($J
6$+&6(6&#*6$65*+$6<&6(6&3*6"6&#")"&$G$)3$)&6(&8$)$3M*&
8$&M"3$)&4*)5)&*&8$&8$G")&O5O5)&eT*(3"(,%<&/00/[&/.YJ
)RXFDXOWD 
?6N& #($6<& EF(I& %5#*& 8$& O58"& #)*8(3$& $,& ;*75$)+*&
PH[LFDQR" 5HGXFH OD YLGD GH OD QLxD D 1.-&$ ,0-&-&
'*&6$&*,O58$&F($&1.-&$,0-&$$6&(+"&3"%$;*)N"&F($&$6%9&
$6%)$3M"4$+%$&)$,"35*+"8"&3*+&,"&8$&9">"$+&/(#<&8$&
DFXHUGR FRQ HO WUDEDMR GH *LRUJLR $JDPEHQ 
 /DHVWUXFWXUDGHOD+&/#&%0"<&6$;S+&6$&8$6#)$+J
8$& 8$& ,"6& L($+%$6& :& 8$,& #")$3$)& 3*+3*)8"+%$& 8$& ,*6&
$6%(85*6*6<& $6& (+& )$6(,%"8*& 8$& ,"& 3*+G(+35K+& 8$& 8*6&
FDUDFWHUtVWLFDVODLPSXQLGDGGHPDWDU\ODH[FOXVLyQ
GHOVDFULFLR(O0>'.1($"//0-0$FRQJXUDVREUHWRGR
XQDH[FHSFLyQGHO0.+$9.>&1.1<&$+&3("+%*&6(6#$+8$&
OD DSOLFDFLyQ GH OD OH\ VREUH HO KRPLFLGLR 'H HVWH
PRGR OR TXH HO OyVRIR LWDOLDQR SUHWHQGH H[SOLFDU
)$6#$3%*&8$&,"&3"%$;*)N"&9">"$+&/(#$e$,&M*47)$&6";)"J
GRODFRVDVDJUDGDTXHVHYDDVDFULFDUVLQFRPHWHU
KRPLFLGLR /&$6&(+&%)*#*&F($&"3%(",5P"&:&6$&"#,53"&3*+&
HOXVRGHODELRSROtWLFD3DUDHOORVHDSR\DSULQFLSDOJ
PHQWH HQ )RXFDXOW SDUD HODERUDU VX UHH[LyQ VREUH
ORVH[WHUPLQLRVPDVLYRVGHVHUHVKXPDQRVGXUDQWHHO
+"P564*-&e?;"47$+&+*&(%5,5P"&(+"&*7)"&F($&3*+658$)*&
$6$+35",&8$&U$*);$&V"%"5,,$<&,"&O("#T&$-($*&$#(*030H1$
HQ VX GHQLFLyQ \ GLIHUHQFLDFLyQ HQWUH VDFULFDU \
4"%")-&>+&,"&*7)"&4$+35*+"8"&8$&V"%"5,,$<&6$&8$6%"3"&
,*&65;(5$+%$[&\>,&#*8$)&F($&%5$+$&,"&4($)%$&$+&;$+$J
)",&5,(45+"&$,&6$+%58*<&F($&*#$)"&3*4*&,"&4($)%$&F($&
)$6%5%(:$&(+&O",*)&#$)858*&#*)&4$85*&8$&(+&"7"+8*+*&
GHHVHYDORU3HURODPXHUWHQROHHVWiQHFHVDULDPHQWH
(+58"&:&HOVDFULFLRPiVVROHPQHSXHGHQRVHUVDQ=
JUDQWH6DFULFDUQRHVPDWDUVLQRDEDQGRQDU\GDU-&
/DHMHFXFLyQQRHVPiVTXHXQDH[SRVLFLyQGHXQVHQJ
WLGRSURIXQGR %DWDLOOH 
>6&5+856#$+6"7,$&M"3$)&$,&I+L"656&6*7)$&,"6&3")"3%$J
UtVWLFDVGHOVDFULFLRODYtFWLPD\HO9">"$+&/(#$#")"&
FODULFDUHOXVRFRQWHPSRUiQHRTXHVHOHRWRUJDDGLJ
3M"&3"%$;*)N"<&3*4*&%"475I+&"&,"&1.-&$,0-&$:&3*4J
SUHQGHUDGHPiVODIRWRJUDItDH[KLELGD'HHVWDPDQHJ
)"<&$,&$4#,$*&8$,&3*+3$#%*&8$&+(8"&O58"&5+%$)#)$%"7,$&
3*4*&(+"&&O58"&8$6#*G"8"&8$&%*8*&"%)57(%*&3(",5%"%5O*&
/
5HVSHFWRDODVXQWRGHOVDFULFLRH[SOLFRORVLJXLHQWH(OVDFULFLXP<&
$6&8$35)<&+&/#.>$:&/(#(<&,"&3*6"<&,"&,T/%0>&&F($&$,&O53")5*&M")9&6";)"8"<&
+&/(#<&(+&+&/(#$(++(<&",&6$)&5+535"8*<&#($6&,"&ON3%54"&$+3")+5P")9&,"&#)5+J
FLSDOKLHURIDQtD PDQLIHVWDFLyQVDJUDGDGHODGLYLQLGDG GHWRGRHOVDFULJ
FLR/LWHUDOPHQWHHVWRHVXQDPHWRQLPLDGHIDFWLFXV&e+*&6$)&+"%()",&:&
KHFKRSRUDUWH D9">"$+&/(#<HQORYLYHQFLDOHV\DXQDWUDQVJXUDJ
35K+<&#($6&",&$6%")&:&6$)&856#($6%*<&8$6+(8*&",&8$6%5+*&8$&,"&6"3)",58"8<&6$&
6(7,54")9&$+&+(8"&O58"&"&%)"OI6&8$&,"&5+535"35K+&8$,&6"3$)8*%$&F($&,*&3*+J
VDJUDKDFHUVDJUDGR FRQVFUDUH 'HDTXtTXHVXDXWpQWLFDHVHQFLDGH
9">"$+&/(#SUHYDOHFH\QRVXIiFWLFD\YXOJDUH[LVWHQFLD IDFWLFXV 3DUD
(+"& 4":*)& #)*L(+85P"35K+& 8$,& %$4"<& 3*+6S,%$+6$& ,"6& 65;(5$+%$6& *7)"6[&
*UDQLHUV  %DWDLOOH \ (OLDGH  

')!%&-%2)2%)*')!.%&(%:)'='#2"#"6)%4-*.$0>#);)2%$,&%-0")

:&F($&3(",F(5$)"&#($8$&"6$65+")&65+&3*4$%$)&M*4535J
GLRFRPRHOULHVJRTXHSRGUtDH[SHULPHQWDUODQLxD
8$&,"&L*%*<&:&F($&8$4"65"8*6&+5a*6&)$",4$+%$&M"+&#"J
8$358*<&$6&#*)&8$6;)"35"&(+&3,")*&$G$4#,*&8$&,*&F($&$6&
,"&+(8"&O58"&$+&+($6%)*&#"N6&e496&"8$,"+%$&O*,O$)I&6*J
EUHHODVXQWR \VXUHODFLyQFRQHODEDQGRQR\GHVSUHJ
35*-&C($;*&$+%*+3$6<&%*8"&O58"&M(4"+"&F($&#"8$P3"&
KDPEUHLJQRUDQFLDHQIHUPHGDGH[SORWDFLyQODERUDO
4",%)"%*<&#*7)$P"<&45$8*<&*,O58*&:&4($)%$<&$6&8$;)"J
8"8"& M"6%"& ,"& 3(",58"8& 8$& 8$6$3M"7,$& :& 456$)"7,$-&
&XDOLGDGHVTXHH[SHULPHQWyXQHVFULWRU-DFN/RQGRQ
HQHQHOL&+%$L1-$,*+85+$+6$<&:&F($&+*6&65)O$+&
8$&$G$4#,*&#")"&,"&#)*7,$4"%5P"35K+&8$&,"&+(8"&O58"[
\C"& 3,"6$& 8*45+"+%$<& ,"& 3,"6$& 8$& ,*6& F($& 8$%$+J
WDQHOSRGHUYLYHDH[SHQVDVGHODFODVH-(3#&-&-&-&
W("+8*&,*6&*7)$)*6&F($8"+&4");5+"8*6&$+&$,&;($%*<&
+*&#($8$+&$63"#")&"&$6"&54#")"7,$&8$;)"8"35K+-&?6N<&
M"+&3)$"8*&,*6&#*8$)*6*6&(+&#($7,*&)"F(N%53*<&8$6+(J
WULGR XQD FDVWD H[WUDRUGLQDULDPHQWH GLVWLQWD D OD GH
6(6&"4*6<&35(8"8"+*6&8$6#*6$N8*6&8$&6(&O5;*)&+"%(J
)",-& C*6& M*47)$6& 6*+& 3")53"%()"6& 8$& ,*& F($& #*8)N"+&
6$)<&6(6&4(G$)$6&$&M5G*6&4($6%)"+&(+"&#",58$P&$+L$)J
45P"<&"+I453"R&%5$+$+&,*6&*G*6&$+&3*+6%"+%$&6*47)"<&
,*6&M*47)*6&3"N8*6<&$,&3($)#*&$+3*)O"8*-&'*&M":&$+&
$,,*6&+5&,"&4$+*)&#)*#*)35K+&+5&$,&496&,$O$&)"6;*&8$&
7$,,$P"-&?8$496<&:&#*)&65&%*8*&$6%*&+*&L($)"&,"3$)"+%$<&
,*6&M*47)$6&8$,&;($%*&6*+&,*6&-(+(/9&-"+<&,*6&%)*+3*6&
#*8)58*6& F($& 6$& &F&1-"1&1$ #")"& F($& 65;"+& $,& 3()6*&
GHVXFRQVXQFLyQQDWXUDO /RQGRQ &RQJ
6$3($+35"&8$&,*&"+%$)5*)&$6&,"&\#)*8(335K+_&8$&+(8"6&
O58"6&"7"+8*+"8"6&"&,"&#$*)&8$&6(6&6($)%$6<&"&4$)3$8&
8$&,"&4($)%$&:&$,&3)54$+Q$?LD<LI$IL^&C?&QA>j!>-&Wjn!BW?&]>Qk'!BJ
&$'(/$&$7(*25$'($%$1'212

W*4$+3$4*6& 3*+& ,"& 3*++*%"35K+& $%54*,K;53"<& #")"&


SURVHJXLUFRQODLQIHUHQFLDVRFLROyJLFDMXUtGLFD\ORJ
VyFDGHODFDWHJRUtD&F&1-"1"-&]5&8$&4"%")&",&;I+$)*&
KXPDQRVHWUDWDSULPHURGHEHUiVHUH[FOXLGRDEDQJ
GRQDGR(QWRQFHVTXpVLJQLFDGRWLHQHHODEDQGRQR
#")"&)$,"35*+"),*&3*+&,*&L(+$6%*<&,"&4($)%$-&C"&#)54$J
UD LQIHUHQFLD TXH VH WLHQH GHO VLJQLFDGR DEDQGRQDU
$6& (+"& "#,53"35K+& #(+5%5O"& 8$,& 8$)$3M*& "+%5;(*& ;$)J
4"+*[&F&11<&*)8$+&8$&3"6%5;*-&?&$6%$&)$6#$3%*<&?;"4J
EHQ  DFXGHDOMXULVWD-KHULQSDUDDQDOL]DUHO
3*+3$#%*&3*+&(+"&5+%$)#)$%"35K+&6$49+%53"<&G()N853"&:&
ORVyFD7RGRHOFDUiFWHUGHO+&/(#$(++($4($6%)"&F($&
+*&M"&+"358*&6*7)$&$,&6($,*&8$&(+&*)8$+&G()N853*&$6%"J
7,$358*<&65+*&F($&6$&)$4*+%"&M"6%"&$,&#$)N*8*&8$&,"&O58"&
#)$J6*35",-&>6&(+&L)";4$+%*&8$&,"&O58"&#)545%5O"&8$&,*6&
#($7,*6&5+8*$()*#$*6o&C"&"+%5;l$8"8&;$)49+53"&:&,"&

0).-0$)-!

$63"+85+"O"&+*6&*L)$3$+&496&",,9&8$&3(",F(5$)&8(8"&(+&
M$)4"+*&8$,&9">"$+&/(#$$+&$,&F&10-"$$:&$,&L($)"&8$&,"&
,$:o&C*&F($&,"&"+%5;l$8"8&&)*4"+"&3*+658$)"&3*4*&
XQDSRVLELOLGDGHOPDWDUDOSURVFULWRVLQFHOHEUDUXQ
MXLFLR\DOPDUJHQGHOGHUHFKRIXHXQDUHDOLGDGLQFRQJ
%$6%"7,$&$+&,"&"+%5;l$8"8&;$)49+53"_/R H[SUHVDGR H[KLEH OR TXH HVWi IXHUD GH OH\ \
TXHGDH[SXHVWRDXQDYLROHQFLDDE\HFWDFRPRORHVHO
M*453585*& 65+& )$6#*+6"75,58"8& ,$;",& ",;(+"<& 5+3,(6*<&
4*)5)&#*)&5+6*,"35K+&3*4*&,$&#($8$&*3())5)&"&,"&+5a"&
GHODIRWRJUDItD'HWDOPDQHUDHOF&10-"<&F&11<&3*+J
6$3($+35"& 8$& (+"& *)8$+& 8$& 3"6%5;*<& F($8"& "& 4$)3$8&
8$&6$)&"6$65+"8*-&>6%"&S,%54"&5+L$)$+35"<&,"&8$&$6%")&"&
>(#/(-$-()$4($6%)"&,"&O(,+$)"75,58"8&8$,&5+85O58(*&"&
,"& O5*,$+35"& 8$& 6(6& 6$4$G"+%$6& ",& $6%")& "7"+8*+"8*<&
65+&+5+;S+&"4#")*&G()N853*-&!"475I+&$6&9">"$+&/(#<&
FXDOREMHWRVDJUDGRVDFULFDEOHVLQODFRQQRWDFLyQGH
DVHVLQDWR \D TXH VDFULFDU QR HV PDWDU GH DFXHUGR
D OR H[SXHVWR SRU %DWDLOOH SRUTXH HV XQD YLGD TXH
6$&/"1+&3#&<&F($&6$&*L)$+8"&$+&3$)$4*+5"6&)$,5;5*6"6&
)UD]HU*LUDUG &RP~QPHQWH
$6%*&;$+$)"&(+"&P*+"&8$&5+856%5+35K+&$+%)$&$,&8$)$J
3M*& #$+",& :& ,"& )$,5;5K+-& ]*7)$& ,"& "#)*#5"35K+& 8$& ,"&
O58"&M(4"+"&#*)&(+&#*8$)&6*7$)"+*<&$,&3(",&%5$+$&,"&
L"3(,%"8& 8$& 8$G")& 4*)5)& :& M"3$)& O5O5)<& Q53M$,& T*(J
FDXOW  VHxDODORVLJXLHQWH(OVREHUDQR
+*&$G$)3$&6(&8$)$3M*&6*7)$&,"&O58"&65+*&#*+5$+8*&$+&
"335K+&6(&8$)$3M*&8$&4"%")<&*&)$%$+5I+8*,*R&+*&5+85J
3"&6(&#*8$)&6*7)$&,"&O58"&65+*&$+&O5)%(8&8$&,"&4($)%$&
TXH SXHGH H[LJLU (O GHUHFKR TXH VH IRUPXOD R GH
O58"& :& 4($)%$g& $6& $+& )$",58"8& $,& 8$)$3M*& 8$& M"3$)&
4*)5)&*&8$&8$G")&O5O5)_>6%"&\O58"_&F($&$6%9&"&>(#/(-$-($,"&4($)%$<&"7"+J
8*+"8"& $+& (+"& *635,"35K+& 4"3"7)"& $+%)$& $6%"6& 8*6<&
3*4*& $6& $,& 3"6*& 8$& ,*6& %*)%()"8*6<& +*& $6& 496& F($&
+(8"& O58"<& O58"& #*,5%5P"8"<& *& 4$G*)& 853M*<& F0"'"*0=
%0;&-&\TXHHQSDODEUDVGH5H\HV0DWH  
VHUtD'HXQDPDQHUDVLOHQFLRVD\FDOODGDVHKDEtD
*#$)"8*& (+& 3"475*& $#*3",& $+& $,& %)"%"45$+%*& 8$& ,"&
#*,N%53"[&$,&3($)#*&O5O5$+%$&6$&3*+O5$)%$&$+&$,&3$+%)*&
8$& ,"& #*,N%53"o& h$6i& $,& #)*3$6*& 8$& #*,5%5P"35K+& 8$,&
3($)#*<&8$&,"&75*#*,5%5P"35K+_9ROYDPRVDODFRQQRWDFLyQHWLPROyJLFDGHODEDQJ
8*+*-&]5&,"&#)54$)"&$O*3"35K+&8$,&"7"+8*+*&$6&#(+5%5J
YDRWUDGHVXVP~OWLSOHVDFHSFLRQHVHVODGH'HMDUD
",;(5$+&+01$/.0-&-"$(+"&3*6"&F($&%5$+$&"F*03&/0H1$-($
/.0-&#$*&"%$+8$)<&"#")%9+8*6$&*&+*&8$&$,,"_&eQ*,5+$)<&
   (Q HVWH VHQWLGR HO SULPHU DEDQGRQR HV HO
8$63(58*&$&5))$6#*+6"75,58"8&8$,&>6%"8*&",&+*&3(4#,5)&
3*+& 6(6& #)$))*;"%5O"6& 8$& 6",(8& :& O5O5$+8"& 85;+"<& :"&
F($&"7"+8*+"&"&,*6&+5a*6<&:&"&,"6&#$)6*+"6&496&O(,J
#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

KO

.-0$)-!//0 =%#A'!/#)"&(%3'

+$)"7,$6-&>6%*&$6&(+"&O5*,$+35"&#"65O"&F($&$,&>6%"8*&
$G$)3$&3*+&35+564*<&F($&">0%($)$",5P")&"335*+$6&$+&L"J
O*)&8$&,*6&5+85O58(*6&:&,*6&#*+$&"&4$)3$8&8$&,"&4($)J
WH3RUHOORXQDGHODVFRQQRWDFLRQHVGHODEDQGRQRHV
8$G")&"&4$)3$8&8$&,*&54#)$O56%*<&8$&,"&5+3$)%58(47)$&
O5*,$+%"-&C"&6*35$8"8&+*&;*P"&8$&,"&%(%$,"&G()N853"&8$&
,"&G(6%535"&F($&",&>6%"8*&,$&3*))$6#*+8$&*%*);"),$<&85J
FKD LQVWLWXFLyQ MXUtGLFRSROtWLFD VH WRUQD H[FOX\HQWH
8$&,"&3*4(+58"8&#*,N%53"?8$496<& $+%)$& ,"6& 4S,%5#,$6& "3$#35*+$6& 3*+& ,"6&
3(",$6&#*8$4*6&)$,"35*+")&"S+&496&,"&3"%$;*)N"&"7"+J
GRQRVHHQFXHQWUDQODGHH[FOXVLyQ\FRPXQLGDG(V
GHFLUORTXHLPSRUWDDTXtHVHOFDPSRGHDQLGDGHV
FRQODH[FOXVLyQODYLROHQFLD\ODPXHUWHRFDVLRQDGDV
SRUXQJRELHUQRDXWRULWDULR3RUHVWDVUD]RQHVYROYDJ
4*6& "& =M$)5+& 35%"8*& #*)& ?;"47$+<& $+& )$L$)$+35"& ",&
"+%5;(*&8$)$3M*&;$)49+53*&F($&)$,"35*+"&,"&3"%$;*)N"&
8$&"7"+8*+*&#")"&)$6",%")&F($&$6&(+&5+85O58(*&65+&#"P<&
:& #*8)N"4*6& ";)$;")<& %"475I+& 65+& 8$)$3M*& "& ,"& #)*J
%$335K+[& \>,& "+%5;(*& 8$)$3M*& ;$)49+53*& 6$& L(+8"7"&
6*7)$&$,&8$)$3M*&8$&#"P&e\#0(- \VREUHODFRUUHVSRQJ
GLHQWHH[FOXVLyQGHODFRPXQLGDGGHOPDOKHFKRUTXH
6$& 3*+O$)%N"& #*)& $6*& $+& \#0(-*"+<& 65+& #"P<& :& ",& F($<&
3*4*& %",<& 3(",F(5$)"& #*8)N"& 8")& 4($)%$& 65+& 3*4$%$)&
KRPLFLGLR $JDPEHQ 
'HWDOVXHUWHHODEDQGRQDGRHVXQLQGLYLGXRGHVSRJ
MDGRGHODSURWHFFLyQMXUtGLFDTXHDGHPiVHVH[FOXLGR
8$&,"&3*4(+58"8&#*)&3*4$%$)&(+&8$,5%*-&C"&+5a"&8$&,"&
L*%*;)"LN"&+*&$6%")N"&$+&$6%"&,K;53"&G()N853"J#(+5%5O"<&
#$)*&6N&$+&,"&65%("35K+&8$&8$6#*G*&$&5+85L$)$+35"&3*4*&
,0"*(1/0&+$ '&+0,&+$ ;(7$)+"4$+%",$6& 8$& "6$65+"%*& ",&
+*&*L)$3$),$&(+"&$6%"+35"&*&;(")8$)N"&5+L"+%5,<&",&$6%")&
H[SXHVWDDXQDH[WUHPDLQVRODFLyQPLHQWUDVVXVSDJ
GUHVH[SORWDGRVODERUDOPHQWHWUDEDMDQSRUODQHFHVLJ
8"8&8$&3*4$)&:&8")&",54$+%*&"&6(&5+$)4$&+5a">,&;*75$)+*&+*&$6&$,&S+53*&5+85L$)$+%$&"&,"&$+L$)J
4$8"8&:&,"&4($)%$-&C*&$6&%"475I+&,"&6*35$8"8&3*+&6(&
";)$65O"&5;+*)"+35"&8$,&$+%*)+*&6*35",<&#*,N%53*<&$3*J
+K453*<&#$)*&6*7)$&%*8*<&3*4(+5%")5*-&C*6&45,5%")$6<&
#*,53N"6<&653")5*6&:&4$)3$+")5*6<&"6N&3*4*&6$3)$%")5*6&
8$&$3*+*4N"<&6",(8<&%)"7"G*<&6*+&,*6&";$+%$6&85)$3%*6&
8$,& ;*75$)+*& $+& 853M"& ,5F(58"35K+& M(4"+"-& C"& 4"J
\RUtDGHODVRFLHGDGPH[LFDQDDOFDUHFHUGHXQVHQJ
WLGR GH H[LVWHQFLD FROHFWLYD GHYLHQH HQ ORV DJHQWHV
3ULPHUROLTXtGHQVH\OXHJRYHPRVODVYtDVGHUHLQVHUFLyQODERUDOOD
RIHUWDRFLDO(VWDIXHODGHFODUDFLyQGHOH[VHFUHWDULRGH*REHUQDFLyQ
T$)+"+8*& UK4$P& Q*+%& "+%$& $,& L",,58*& 859,*;*& 3*+& )$#)$6$+%"+%$6& 8$,&
60( 6LQGLFDWR0H[LFDQRGH(OHFWULFLVWDVKWWSZZZVPHRUJP[ 
\ODQRWDSULQFLSDOHQSULPHUDSODQDGHOGLDULRPH[LFDQRC&$K"#1&-&&8$,&
GHRFWXEUHGH(OWURSRQHFUROyJLFRVHUtD+iJDQRVHOIDYRUGH
KDFHUHOWUDEDMRVXFLRPDWiQGRVHDVtPLVPRV9pDVHWDPELpQODUHDFJ
FLyQGH(QULTXH'XVVHODOVLJQLFDGRGHODVGHFODUDFLRQHVJXEHUQDPHQJ
WDOHVHQVXDUWtFXORGHOGHRFWXEUHGHHQC&$K"#1&-&4&

#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

OP

5+85)$3%*6&8$,&;*75$)+*&3*+&6(&5+85L$)$+35"&M"35"&,*6&
"7"+8*+"8*6-&
%,232/7,&$<18'$9,'$
(1(/$%$1'212

3DUDHO(VWDGRODELRSROLWL]DFLyQGHODYLGDHVHPSXJ
G"),"&M"35"&,"&+(8"&O58"&*&"&,"&,5F(58"35K+-&>+%*+3$6<&
,"&O58"&3*+O$)%58"&$+&654#,$&M$3M*&8$&O5O5)&6$&O($,O$&
$,&3$+%)*&8$&,"&#*,N%53"<&+*&3*4*&(+"&#)$))*;"%5O"&#")"&
6(&#)*%$335K+<&65+*&#")"&%*8*&,*&3*+%)")5*<&6(&"7"+8*J
QRHOLPLQDFLyQ\GHVSUHFLR(VWDHVODH[SUHVLyQGH
,"&,$:&6*7$)"+"&8$&8$G")&*&M"3$)&4*)5)&:&8$&F(5$+&%5$+$&
,"&S,%54"&-(/0+0H1$N.#T-0/&&6*7)$&,"&(W/('/0"1&*0-&-$
HQSROtWLFDFRPRHOLPSRQHUHOHVWDGRGHH[FHSFLyQ
6*7)$&,*6&6(7O$)65O*6&:&*#)5458*6<&$+&(+"&#")9L)"656&
GH6FKPLWW  (QWRQFHVODUHGXFFLyQKXPLOODQWH
GHODEDQGRQRGHODYLGDH[SXHVWDDODPXHUWHFRPR
+(8"&O58"<&:"&6$"&"&#")%5)&8$&3(",F(5$)&35)3(+6%"+35"&
75*,K;53"& "8O$)6"& *& 8$& (+& 856#*65%5O*& G()N853*<& 6*+&
DFFLRQHV VXFLHQWHV SDUD TXH HO JRELHUQR SRQJD HQ
)5$6;*&8$&4($)%$&*&"6$65+"%*&,"&O58">+&3*+6$3($+35"<&$,&#")"85;4"&5+L"4$&8$&,"&+(8"&
YLGD VH H[SUHVD FRPR ELHQ OR HQXQFLD $JDPEHQ HQ
"F($,,"&O58"&01$(W%#(>0+$F($&:"&3(",F(5$)"&#($8$&"6$J
65+")&65+&3*4$%$)&M*453585*-&>+&$6%*&%"475I+&)"853"&
,*&65+5$6%)*-&]5;(5$+8*&$6%"&,K;53"&$6&#)$635+857,$&8$6J
%"3")&,"&85L$)$+35"&$+%)$&FT"+&:&;"V$:&,"&547)53"35K+&
3*+& ,"& +(8"& O58"-& D"7N"& %)$6& L*)4"6& 8$& O58"& :& %)$6&
#","7)"6& $+& ,"& "+%5;("& 3(,%()"& ;)5$;"& F($& 8$,545%"+&
OD H[SHULHQFLD SDUWLFXODU GH FDGD XQD GH HOODV$ (1$ (*$
,0,0#4$  ,QLFLDUHPRV FRQ DTXHOODV TXH :HUQHU -DHJHU
  GLVWLQJXH D SDUWLU GH VX IRUPD SDUWLFXODU GHO
#,"3$)&e(.-(>"1T& 3RVWHULRUPHQWHODFT"+&:&,"&;"V$
VHXELFDUiQHQODORVRItDSROtWLFDGH*LRUJLR$JDPJ
EHQ(QJULHJRH[LVWHQYDULDVSDODEUDVSDUDH[SUHVDU
,*&F($&+*6*%)*6&,,"4"4*6&`O58"g[&&0"1$8$65;+"&,"&O58"&
3*4*&8()"35K+&:&%5$4#*&8$&O58"&8$,545%"8*R&;"V$65;J
QLFDPiVELHQHOIHQyPHQRQDWXUDOGHODYLGDHOKHJ
3M*&8$&$6%")&O5O*R&FT"+$$6&,"&O58"&3*+658$)"8"&3*4*&
XQLGDGGHYLGDLQGLYLGXDODODTXHSRQHQODPXHUWH
:&$6&%"475I+&$,&6(6%$+%*&8$&O58"R&$6<&#*)&%"+%*<&,"&O58"&
$+&3("+%*&6$&856%5+;($&3(",5%"%5O"4$+%$&8$&,"&8$&*%)*6&
VHUHVKXPDQRV<SUHFLVDHVWHDVSHFWRH[SUHVDGRHQ
,"&#","7)"&FT"+$$6&$,&4$G*)&F($&3("8)"&",&+($O*&3*+J
3$#%*&8$&,"&O58"&3*4*&#,"64"35K+&8$&(+&8$%$)45+"8*&
(%9"+GHXQDFRQGXFWDMDGHYLGDGHOKRPEUH -DHJ
JHU 
&XDQGRVRVWHQJRTXHKHPRVSHUGLGRHOVHQWLGRGHQXHVWUDH[LVWHQFLD
FROHFWLYDORTXHTXLHURGHFLUHVTXHDORVPH[LFDQRVQRVIDOWDFRKHVLyQ
GLUHFFLyQ \ FRQDQ]D &XDQGR XQD FROHFWLYLGDG FDUHFH GH VHQWLGR KD
#$)858*& 6(& )"PK+& 8$& 6$)<& M"& *,O58"8*& F($& 8$7$& )$6#$%")<& M"& #$)858*& $,&
UXPER +XUWDGR 

')!%&-%2)2%)*')!.%&(%:)'='#2"#"6)%4-*.$0>#);)2%$,&%-0")

C"&+5a"&8$&,"&L*%*;)"LN"<&&6$&)$8(3$&"&;"V<&",&654J
#,$&M$3M*&$6%")&O5O"<&*);9+53"4$+%$&M"7,"+8*<&$6&(+&
$G$4#,*&8$&,"&+(8"&O58"&e;"V FRPRWDPELpQORIXHJ
)*+&,*6&45,,*+$6&8$&6$)$6&M(4"+*6&3*+O$)%58*6&$+&%)"J
7"G"8*)$6J$63,"O*6& $+& ,*6& 3"4#*6& 8$& 3*+3$+%)"35K+&&
+"P5&:&)(6*6<&,*6&$+L$)4*6&4$+%",$6&F($&L($)*+&*7G$%*&
GHH[SHULPHQWRVORVSULVLRQHURVGHJXHUUDUHFOXLJ
8*6& $+& ,"6& #)565*+$6& ?7(& UM")57<& B)"m& :& U("+%9+"J
4*<&W(7"-&C*6&%*)%()"8*6&8$&%*8*6&,*6&#"N6$6&:&8$&,"&
I#*3"&4*8$)+"&M"+&658*&$,&3$+%)*&8$&,"&75*#*,N%53"&8$&
,"&%*)%()"-&C"&#$)656%$+35"&8$&,"&5;+*45+5"&$6&F($&:"&
+*&54#*)%"&65&6*+&)$;N4$+$6&8$4*3)9%53*6&*&"(%*)5%"J
)5*6-&!$+$4*6&,"&65%("35K+&8$&,"6&4(G$)$6&"6$65+"8"6<&
O5*,"8"6<&5+35+$)"8"6&:&3$)3$+"8"6&8$&W5(8"8&=(9)$P-&
C*6&"3%5O56%"6&6*35",$6&F($&6*+&)$#)5458*6<&8$%$+58*6<&
8$6#")$358*6&:&$+&",;(+"6&*3"65*+$6<&"6$65+"8*6-&?6N&
$6&,"&5+L"45"&;(7$)+"4$+%",&F($&"7"+8*+"&"&6(6&35(J
8"8"+*6&#")"&)$8(35),*6&"&;"V-&E>6&$6%*&(+&M*47)$H&
6HSUHJXQWDED3ULPR/HYLDQWHGLFKDVLQIDPLDVTXH
"S+&,"4$+%")N"&3*+&,"&4564"&F($G"&#")"&$6%*6&%5$4J
SRV 'yQGH HVWi 'LRV VH FXHVWLRQDED HO MRYHQ SULJ
VLRQHUR(OLH:LHVHO  DQWHHOUHFLHQWH\D~Q
39,58*&3"89O$)&3*,;"8*&8$&(+&+5a*H&Q9T$(+%G<&,$&6(6(J
))"7"&6(&$63$#%53564*&:&#I)858"&8$&L$[&?MN<&3*,;"8*&
GHXQDVRJDHQHOFDGDOVRHVHHV'LRV
6LHOJRELHUQRPH[LFDQRQHJDUDWRGRUHVSHFWRD
6(6& "3%*6& 3)545+",$6<& %$+8)N"& ",;S+& #")$358*& 3*+& ,"6&
DFFLRQHV GH H[WHUPLQLR QD]L" (QWRQFHV FyPR XQ
3"89O$)&#($8$&+"))")&6(&5+M$)$+%$&O$)65K+&8$&6(&3)5J
4$+H<&E3K4*&$6&,"&65475*656&$+%)$&,"&#*,N%53"<&,"&FT"+$
:&,"&;"V$#")"&F($&8I&(+&)$6(,%"8*&%"+&4"3"7)*&:&3*+J
WHPSRUiQHR" /D SROtWLFD PRGHUQD DVHYHUD $JDPJ
EHQ  XQDYH]TXHHQWUDHQVLPELRVLVFRQ
,"& +(8"& O58"<& #5$)8$& $6"& 5+%$,5;575,58"8& F($& %*8"ON"&
+*6& #")$3$& 3")"3%$)N6%53"& 8$& ,"& h$6%)(3%()"i& G()N853*J
#*,N%53*& 8$& ,"& #*,N%53"& 3,9653"_-& D":& $6%)(3%()"6& F($&
$+6*47)$3$+& ,"& 65475*656& +*& 6K,*& 8$& ,"& +(8"& O58"&
3*+&,"&#*,N%53"<&65+*&5;(",4$+%$&,*&F($&"3*+%$3$&$+%)$&
+.'(#'"+0/0"1(+&8$&,"&O5*,$+35"&:&,"&:.(#;&$8$&,"&,$:&
SDUDMXVWLFDUODUHSUHVLyQODWRUWXUDHOVHFXHVWURODV
KXPLOODFLRQHVVH[XDOHV\ORVDVHVLQDWRVTXHOHVLUYHQ
3*4*& 856#*65%5O*6& 8$& 5+4(+58"8& "& ,"& $6%)(3%()"& ;(J
7$)+"4$+%",& F($& 6$& O$& 3*+L)*+%"8"& 6*35",4$+%$-& >6&
3*4S+&F($&,"&O5*,$+35"&$6%"%",&6$&$4#(G$&$+&+*47)$&
8$&,"&+"35K+<&$,&#($7,*<&$,&75$+&3*4S+<&,"&6$;()58"8&
VRFLDO FRQ OD QDOLGDG GH HOLPLQDU D ORV FLXGDGDQRV
F($&,$&6*+&5+3K4*8*6[&$6%*6&6*+&6$+35,,"4$+%$<&$(L$J
4564*6&8$&%$))*)564*&8$&>6%"8*?M*)"& 856$335*+$4*6& ,"& *#$)"35K+& 8$,& 856#*65%5J
O*& \O5*,$+%*& 8$& ,"& ,$:_<& $6*& F($& ,*6& >6%"8*6& 3("65J
8$4*3)9%53*6&,$&8$+*45+"+&\)$3(#$)"35K+&8$,&>6%"8*&

0).-0$)-!

8$&8$)$3M*_-&>+&#)54$)"&5+6%"+35"<&+*&)$3())$+&",&8$J
UHFKR SRUTXH HO PHGLR QL HV pVWH QL VX Q OD MXVWLJ
35"<&65+*&,"&)$#)$65K+<&,"&O5*,$+35"<&,"&$,545+"35K+&8$,&
HQHPLJR3RUWDQWRVXUD]yQRDSHODFLyQDOGHUHFKR
HV FRPR $JDPEHQ    DQDOL]D HQ XQD SDUiJ
IUDVLV GH :DOWHU %HQMDPtQ >@ OD GLDOpFWLFD HQWUH
,"&O5*,$+35"&F($&L(+8"&",&8$)$3M*&:&,"&O5*,$+35"&F($&
,*&3*+6$)O"_-&>+%)$&$6%"&L(+8"35K+J454$656&8$&8$)$J
3M*&:&O5*,$+35"&6$&$+3($+%)"&$,&6$)&M(4"+*&)$8(358*&
"&+(8"&O58"<&#*)F($&,"&O5*,$+35"&3*+6$)O"&",&8$)$3M*&
8$&4($)%$&F($&6K,*&,$&#$)%$+$3$&",&6*7$)"+*<&+*&"&(+&
;*75$)+*&8$4*3)9%53*&4(3M*&4$+*6&",&5+85O58(*-&?6N&
#($6<&6$&$G$3(%"+&,*6&3$)3*6&#*,535"3*6&$+&8$L$+6"&8$&
ODpOLWHJREHUQDQWHQRDIDYRUGHODFRPXQLGDG3RU
$6*&,"&,$:&8$&M5$))*&8$&Q53M$,6&65;($&O5;$+%$[&\F(5$+&
GLFHRUJDQL]DFLyQGLFHROLJDUTXtD3RUHVWDVPLVPDV
)"P*+$6<&O5*,$+35"&:&8$)$3M*&6*+&5+5+%$,5;57,$6C*&3*+%5+;$+%$&:"&+*&$6&3"(6"+%$&8$&,"&\4($)%$_&
$+&,*6&5+85O58(*6&496&O(,+$)"7,$6<&65+*&,"&"3%5O58"8&
FULPLQDO GHO (VWDGR \ OD GLVFULPLQDFLyQ VRFLDO 9DQ
'LMN (O(VWDGRPD[LPL]DODYLROHQJ
35"&4"+5#(,"+8*&,"6&65;(5$+%$6&"475;l$8"8$6&"&6(&L"J
O*)[&,*&F($&8$7$&$6%")&"8$+%)*&:&"L($)"<&,*&F($&8$7$&
6$)&"6$65+"8*&:&3**#%"8*R&,*&F($&8$7$&4*)5)&:&O5O5)R&,*&
F($&$6&O5*,$+35"<&L($)P"&8$&,$:&:&>6%"8*&8$&8$)$3M*R&,*&
TXHHVWHUURULVPRROXFKDSRUODGHPRFUDFLD'LFKDV
DPELJHGDGHVVyORODVSXHGHOHJDOL]DU\MXVWLFDUHO
#*8$)&"(%*)5%")5*<&496&+*&,*6&5+85O58(*6&3*+6%)(3%*J
UHVGHDXWpQWLFDGHPRFUDFLD3RUHQGHTXpRTXLpJ
QHVGHQLUiQDODGHPRFUDFLD\DODYLROHQFLDIXQGDGD
8$4";K;53"4$+%$& "& L"O*)& 8$& 6(& >6%"8*& 8$& 8$)$3M*<&
DOPHQRVHQSDtVHVFRPR0p[LFR"HOLQGLYLGXR\OD
VRFLHGDGVHJXLUiQVLHQGRH[FOXLGRVGHVGHODVDUWLPDJ
a"6&496&6(%5,$6&M"6%"&,"6&496&"%)*3$6H<&E$6&$,&$G$)3535*&
8$,& #*8$)& (+"& 8$4*3)"35"& 65+& -(>"+<& 6K,*& 7#&%"+& $&
92F#0+$'"*T%0/&H&
3DUD WHUPLQDU KD\ TXH GHFLU TXH XQD GH ODV YLRJ
OHQFLDVHLQGLUHFWDVWHQGHQFLDVGHOJRELHUQRPH[LFDJ
QRUHVSHFWRDODEDQGRQRHOGHVSUHFLR\ODH[FOXVLyQ
GHORVEHQHFLRVGHWRGRVLVWHPDGHPRFUiWLFRHVOD
'#"-.//0H1$+0+%(>G%0/&$e3)5656&8$,&656%$4"&$8(3"%5O*<&
GHYLYLHQGDGHMXVWLFLD\VDOXGHQWUHRWURV GHQXGDV
O58"6<&)$8(35)&$,&FT"+$8$&,"6&#$)6*+"6&496&8$6"4#")"J
8"6<&G()N853"&:&#*,N%53"4$+%$<&",&654#,$&M$3M*&8$&#$)J
O5O5)-&C"&75*#*,5%5P"35K+&8$,&6$)&M(4"+*&F($&#$)O5O$&
HQODH[FOXVLyQ\GLVFULPLQDFLyQHVOHJLWLPDGD\DOHQJ
WDGDSRUXQDVRFLHGDGPH[LFDQDTXHHQVXPD\RUtDHV
8563)545+"+%$&3*+&6(&6$4$G"+%$<&3*+&F(5$+&%5$+$&(+"&
FRQYLYHQFLD FRWLGLDQD (QWRQFHV HO PH[LFDQR QR
8$7$)N"&"6(45)&(+"&"3%5O"&:&I%53"&#*6%()"&8$4*3)9%5J
3"&"+%$&,"6&O$G"35*+$6&"+%$6&8$63)5%"6H&W"6*&6*6%$+N"&
#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

OE

.-0$)-!//0 =%#A'!/#)"&(%3'

1(+0p[LFR(UD
)RXFDXOW0  I(:(1-(#$*&$+"/0(-&-0p[LFR)&(
)RXFDXOW0 D M0+%"#0&$-($*&$+(W.&*0-&-$hX$*&$
,"*.1%&-$-($+&F(#0p[LFR6LJOR;;,(GLWRUHV
)UD]HU-*  C&$#&>&$-"#&-&0p[LFR)&(
*LUDUG 5   C&$ ,0"*(1/0&$ 2$ *"$ +&3#&-"<& Q"J
8)58<&?+";)"4"*UDQLHUV-  C&+$#(*030"1(+$&*$-(+1.-"4$<"1=
LFWRVPLVWHULRV\UHVSXHVWDVDFHUFDGHODH[LVWHQ=
/0&$-($I0"+<&V")3$,*+"<&WN)3(,*&C"%5+*+XUWDGR*  ?VW0/"$+01$+(1%0-"0p[LFR6LJ
;,*&11B&>85%*)$6-DHJHU:  !&0-(0&0p[LFR)&(
/RQGRQ-  L*$'.(F*"$-(*$&F0+>"0DGULG9DOGHPDU
0DWH5  ?(>"#0&$-($Q.+/9A0%;4$Q/%.&*0-&-$
>"#&*$2$'"*T%0/&<&Q"8)58<&!)*%%"0ROLQHU0  I0//0"1&#0"$-($.+"$(+'&Z"*<&Q"J
8)58<&?;(5,")j>T>j>'WB?]
1HUXGD3  &RQHVRTXHKHYLYLGR0HPRULDV<&
$JDPEHQ*  M">"$Y&/(#4$L*$'"-(#$+"F(#&1"$
0p[LFR6HL[%DUUDO
2$*&$1.-&$,0-&)$U9DOHQFLD3UH7H[WRV
$JDPEHQ*  L+%&-"$-($(W/('/0H14$M">"$Y&= 2UHVWHV$JXLODU+ HG   <&#*$Y/9>0%%)$%(H*"=
3"$-($*&$'"*T%0/&0p[LFR)&(
/(#$UU)$h9DOHQFLD3UH7H[WRV
9DQ'LMN7$  D&/0+>"$2$-0+/.#+"$(1$Q>V#0=
%DWDLOOH*  L*$(#"%0+>"0p[LFR7XVTXHWV
/&$C&%01&<&V")3$,*+"<&U$856"%DWDLOOH*  C&$%("#T&$-($*&$#(*030H1<&Q"8)58<&!"()(6%DWDLOOH*  C&$'&#%($>&*-0%&<&V($+*6&?5)$6<& :LHVHO(  C&$1"/9(4$L*$&*F&4$L*$-T&<&V($+*6&
?5)$6<&Q5,9C*6&W(")$+%"(OLDGH0  O#&%&-"$-($90+%"#0&$-($*&+$#(*030"=
F($&#")"&,*;)")&(+"&4$G*)&8$4*3)"35"&h#*#(,")<&F($&
+*& #*#(,56%"i& +*& 7"6%"7"& 3*+& %$+$)& 4$G*)$6& ,$:$6& *&
4$G*)$6&5+6%5%(35*+$6<&65+*&F($&$)"&5+856#$+6"7,$&F($&
KXELHUDPHMRUHVFLXGDGDQRV +XUWDGR 
/D tQPD WUDQVLFLyQ GHPRFUiWLFD TXH VH KD REVJ
WUXLGR SRU XQ IDOOLGR FRPEDWH DO QDUFRWUiFR GHEH
7(63")&(+"&();$+%$&$8(3"35K+&8$4*3)9%53"&:&$6%I%53"-&&
>+&6(4"<&(+"&%")$"&#$+85$+%$&$6&,"&8$&)$3*7)")&$,&(+=
'T#0%.$TXHQRVSHUPLWLUiUHFXSHUDUHVHVHQWLGRGHH[LVJ
WHQFLDFXOWXUDO\FROHFWLYR6yORDVtQRKDEUiPH[LFDJ
QRVGLIHUHQWHV\ODV~QLFDVGLVFUHSDQFLDVTXHH[LVWDQ
$+%)$&+*6*%)*6<&6$)9+&,"6&4S,%5#,$6&3(,%()"6&F($&#*6$$J
4*6& $+& $6%$& RULGR \ HVSLQXGR VHFR \ KXUDFDQDGR
,0"*(1%"$-($-0F.N"$2$-($/"*"#)$,0"*(1%"$-($(#.'/0H1$2$
/#(&/0H1<&hF($&+*6&3(7)$i&/"1$+.$+"#%0*(30"$2$+.$*.;$
+"#'#(+0,&TXHHV0p[LFR 1HUXGD 

#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

OG

IMPRENTA PBLICA&
A!E(FGHG(IJKLMN5(FGHG(NKOG(HP(GOMP(Q(FGHG(RNOJG(ESPTG(FOPG(P(LE>
TPEMG(PE(FGHG(NFGULVE(US(GSHLPEFLG(Q(USU(HPUMLEGMGOLNUB(
5;#$@)$"(&G-@9"67@

!"#"$%"&'(#")*+,*+-.%-+#/01(-+2-#3.1(-

.-%!&&'/2&(2)($'-$!#%'(6!(

desarrollo

5;#$@)$"(&G-@9"67@**

>

+&6(&")%N3(,*&\j5;M%6&"+8&W"#"75,5%5$6_<&?4")J
W\D6HQFLWDQGRD:LOOLDP-DPHVVXEUD\DLUyJ
QLFDPHQWH 3DUD YROYHUQRV VDELRV GHEHPRV
8$63(7)5)&,*&F($&3*+O5$+$&O",*)5P")<&#$)*&%"475I+&,*&
F($&8$7$4*6&*,O58")_-&>+&$6%$&")%N3(,*&#)$%$+8*&856J
3(%5)&"3$)3"&8$,&6$+%58*&8$,&8$6"))*,,*<&#$)*&%"475I+&
6*7)$&,"&"8*#35K+&8$&,"6&4$858"6&#*,N%53"6&:&,"6&"335*J
+$6& #S7,53"6<& 9475%*6& 6(63$#%57,$6& 8$& *%*);")& "& $6%$&
FRQFHSWRXQDSURIXQGLGDGHPStULFD3RVWHULRUPHQWH
KDFLHQGRD~QUHIHUHQFLDD6HQDHVWHHFRQRPLVWDJ
OyVRIR H[DPLQDUp ODV FDSDFLGDGHV /&'&F0*0%0(+  GH
4*O5,5P"35K+<&,"&#*6575,58"8&*&+*&8$&"+(,")&+($6%)*6&
H[FHVRVHFRQyPLFRV
5($&&,21$5$/$(6&$6(=

3DUD QXHVWUR DXWRU VyOR GHWHUPLQDGDV UHJLRQHV GH


B+85"& M"+& 6"758*& M"3$),$& L)$+%$& "& ,*6& L$+K4$+*6& 8$&
OD HVFDVH] WDOHV H[SHULHQFLDV QR VyOR OOHYDQ D DVHJ
;()")& ,"6& 3"+%58"8$6& 8$& ",54$+%*& 856#*+57,$6-& ?+%$&
%*8*&54#,53"+&,"6&\3"#"358"8$6_&8$&4*O5,5P"35K+&F($&
,*6& 8$)$3M*6& 6(6%"+35",$6& #($8$+& *%*);")& *& +*& "& ,*6&
;)(#*6& 496& O(,+$)"7,$6-& D":& F($& %*4")& $+& 3($+%"<&
"8$496<&$,&M$3M*&8$&F($&8()"+%$&,"6&#$*)$6&#$+()5"6&
SRUHMHPSORODGH,UODQGDHQ ODVH[SRUWDFLRJ
!)"8(335K+&8$&B6)"$,&W*O"))(75"6T*)4"&#")%$&8$,&W*45%I&8$&)$8"335K+&8$&t.01;&01($*0%%V#&0#(4

Z&

ZZ&

#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

OD

QHV FRQWLQXDURQ 'HVGH HVWD SHUVSHFWLYD GHVFLIUDU


ODV FDWiVWURIHV QR VLJQLFD FRQWHQWDUVH SXUDPHQWH
FRQODVH[SOLFDFLRQHVTXHRIUHFHODHFRQRPtDFOiVLFD
>+&$L$3%*<&+*6&$+3*+%)"4*6&L)$+%$&"&(+"&"3$,$)"35K+&
8$& ,*6& 3*6%*6& 8$,& ",54$+%*<& (+"& 3)$35$+%$& 8$6*3(#"J
35K+<& (+"& 3"N8"& 7)(%",& 8$& ,*6& #)$35*6& 8$& ,*6& #)*8(3J
%*6& 4"+(L"3%()"8*6R& 8$& 3(",F(5$)& 4*8*<& 6$& %)"%"& 8$&
3*4#)$+8$)&3K4*&,"6&#*7,"35*+$6&)$"335*+"+&"&$6%*6&
L$+K4$+*6-&>6&O$)8"8&F($&3*+&L)$3($+35"&,*6&3"4#$J
65+*6&6(L)$+&496&M"47)$&F($&,*6&35(8"8"+*6R&8$&M$J
3M*<&,"6&#$)6*+"6&8$&,"6&35(8"8$6<&(+&#*3*&496&)53"6<&
%5$+$+&,"&#*6575,58"8&8$&"8F(5)5)&,"6&3(*%"6&4N+54"6&
GHDOLPHQWR(Q&KLQDHQWUH\ODVDXWRULJ
8"8$6&#)$%$+85$)*+&85)5;5)&,"&496&",%"&3"+%58"8&8$&,"&
SURGXFFLyQKDFLDODVJUDQGHVFLXGDGHV'HFXDOTXLHU
4*8*<&+*&%*8*6&,*6&$G$4#,*6&6*+&+$;"%5O*6-&D"&658*&
#*657,$&8$%$+$)&,"&$63"6$P<&F($&6$&856%5+;($&8$&,"&8$6J
+(%)535K+& $+8I453"<& *);"+5P"+8*& (+"& 4$G*)& )$#")%5J
35K+&8$&,*6&)$3()6*6&856#*+57,$6-&?,;(+*6&#"N6$6&M"+&
6"758*&"+%535#")&,*6&$L$3%*6&3)$"+8*&496&#($6%*6&8$&
WUDEDMRSRUFRQVLJXLHQWHHOEHQHFLRSDUDODVSRWHQJ
35",$6&ON3%54"6&8$&(+"&$63"6$P&#*)&O$+5)j$3*)8$4*6&F($&65&,"&$63"6$P&3*+&L)$3($+35"&$6%9&
)$,"35*+"8"&3*+&,"&6$F(N"<&3*+&,"6&5+(+8"35*+$6<&3*+&
,"6&;($))"6&35O5,$6<&$6%9&O5+3(,"8"&%"475I+&:&8$&4"J
+$)"&\+"%()",_&3*+&,*6&#)$6(#($6%*6&8$&,"&456$)5"<&:&

0#(%&&"3'&)'*)-"#-%,(")2%)2%$'&&"**"

HVWRV ~OWLPRV VRQ VXFLHQWHV HQ DXVHQFLD GH OD LQJ


%$)O$+35K+& #S7,53"& :& 8$& #*7,"35*+$6& 3*))$3%"4$+%$&
LQIRUPDGDV SDUD GHVRUJDQL]DU SRU FRPSOHWR D ORV
VHFWRUHV GH OD GLVWULEXFLyQ (Q %HQJDOD HQ  HO
#$63"8*&$)"&(+&",54$+%*&8$&,(G*<&$,&$4#$*)"45$+%*&8$&
,"&)$,"35K+&8$&5+%$)3"475*&$+%)$&$,&"))*P&:&$,&#$63"8*&
KDSURGXFLGRXQWLSRSDUWLFXODUGHHVFDVH]'HLJXDO
4*8*<&$+&]"M$,<&3*+&,"&4564"&3"+%58"8&8$&3")+$<&,*6&
;"+"8$)*6& +K4"8"6& +*& #*8N"+& "8F(5)5)& 3$)$",$6-& >+&
Q HVWDV FXHVWLRQHV VRQ DFWXDOHV FRPR OR PXHVWUD
$,& 3)$3545$+%*& 8$,& M"47)$& $+& >;5#%*<& D"5%N& :& W*6%"&
G$YRULRHQODSULPDYHUDGH
?,&3*+%)")5*<&$+&$,&$6%"8*&5+85"+*&8$&Q"M")"6%)"<&$+&
HOJRELHUQRKDVDELGRFUHDUGXUDQWHXQSHULRGR
8$&;)"+&6$F(N"<&496&8$&35+3*&45,,*+$6&8$&%)"7"G*6&%$4J
SRUDOHVFRQORTXHSXGRHYLWDUHOKDPEUH3URSRQHUOH
DORVFLXGDGDQRVUHPHGLRVFRQWUDODHVFDVH]VLJQLFD
3*4#)$+8$)&,"&54#*)%"+35"&8$&,"6&#*,N%53"6&8$&3")93%$)&
#S7,53*<&3*4*&,*&$6&,"&3)$"35K+&8$,&%)"7"G*&%$4#*)",-&
]5+&$47");*<&$6%"6&L*)4"6&8$&)$;(,"35K+&54#,53"+&,"&
H[LVWHQFLDGHXQLPDJLQDULRVRFLDOFDSD]GHIDYRUHFHU
(+"&#)$+6"&,57)$<&(+"&$8(3"35K+&F($&+*&6$"&(+"&654#,$&
",L"7$%5P"35K+<& $,$335*+$6& +*& L)"(8(,$+%"6<& (+"& G(6%5J
35"&)$,"%5O"4$+%$&5+%$;)"<&#")%58*6&8$&*#*6535K+&"3%5J
YRV'DGDVHVWDVFRQGLFLRQHVQLQJ~QJRELHUQRSXHGH
$63"#")6$&"&6"+35*+$6&6$O$)"6&65&+*&"8*#%"&,"6&4$858"6&
#")"&$O5%")&$,&M"47)$&:&,*6&8$6"6%)$6-&
/$12&,1'('(6$552//2

C"&+*35K+&8$&8$6"))*,,*&8$)5O"&8$,&;)5$;*&'92+0+$e$+J
FRQWUDPRV HO WpUPLQR HQ +RPHUR  'HVFULEH OR TXH
FUHFHGHVDUUROODFUHD3DUDORVJULHJRV QRHVSRVLEOH
3*+%$+%")+*6&3*+&%)"8(35)&'92+0+$3*+&$,&,"%5+*&1&%.#&R&
VLQHVWDGLVWLQFLyQQRVHFRPSUHQGHQDGD OD1&%.#&$
+*6&,,$O"&"&,"&;$+$)"35K+<&"&"F($,,*&F($&#")%535#"&$+&
(+& 8$6"))*,,*& ")4*+5*6*<& 6"+*<& 4$6()"8*& e$,& 4*+6J
%)(*&+*&%5$+$&")4*+N"<&3*4*&,*&$6&$,&4*O545$+%*&8$&,"&
EDLODULQDFXDQGRVHYXHOYHPX\UiSLGRRPX\OHQWR 
W*+&,"&;$+$)"35K+&6$&$+3($+%)"+&,"6&,$:$6&5+4"+$+%$6&
8$&,"&O58"<&,*6&456%$)5*6&8$&,"&6(6%"+35"-&
3DUD $ULVWyWHOHV VH WUDWD GH SHQVDU OR LQPyYLO OD
PHWDItVLFD SHURWDPELpQORYLYLHQWHHOPRYLPLHQWR
ODItVLFD (QHVWHVHQWLGRHQFRQWUDUODDUPRQtDHQ
6(& +*35K+& 3"65& 4(653",<& +*6& ,,$O"& "& ,"& '9#"1V+0+<& ,"&
6"758()N"&#)93%53"-&>6%"&S,%54"&6$&3*+$3%"<&3*4*&,*&M"&
6$a","8*&D"++"M&?)$+8%<&3*+&,"&3*475+"35K+&8$&,0%&$
&/%0,&&:&,0%&$/"1%(>'*&%0,&-&?,&)$6#$3%*<&,"&#")%535#"J
35K+&$+&,*6&"6(+%*6&8$&,"&35(8"8&e6K,*&,"&"3%5O58"8&#*J
OtWLFDPHKDFHSOHQDPHQWHKRPEUH QRVHHQFXHQWUD
$+&3*+%)"85335K+&3*+&,"&3*+%$4#,"35K+-&C"&O58"&3*+J
WHPSODWLYDQXQFDHVSHUPDQHQWHQLHQWUHORVKXPDJ

0)&#(%-L)$/(M0+&,$

QRVQLHQWUHORVGLRVHV(QHIHFWRHVGHFLVLYRSDUD
6(&3"7",&3(4#,545$+%*<&3*+%$4#,")&:&#")%535#")&$+&,"&
YLGDGHODFLXGDG'HHVWHPRGRHVSRVLEOHRSRQHUVH
"& ,"& 92F#0+<& ,*& 8$64$6()"8*-& ?M*)"& 75$+<& $,& 4(+8*&
3*+%$4#*)9+$*&F($&O",*)5P"&$,&8$6"))*,,*&$+&3("+%*&
WDO HO FUHFLPLHQWR GH OD SURGXFFLyQ SRU OD SURGXFJ
FLyQ HO FRQVXPR RVWHQWRVR GHVFULWR SRU 9HEOHQ
E"3"6*&+*&6$&M"&L*)4"8*&",)$8$8*)&8$&(+&54";5+")5*&
$3*+K453*&"%)"O$6"8*&#*)&,"&92F#0+H
>6&+$3$6")5*&)$3*+*3$)&F($&$,&\8$6"))*,,*_&"3%(",&
8$& ,"6& 5+8(6%)5"6<& 8$& ,"& 3*+%"45+"35K+& 8$& 3(",F(5$)&
WLSRDFHOHUDHOGHVRUGHQGHOSODQHWD'HVSXpVGHDOJ
;(+"& 3"%96%)*L$& 4(+85",<& E+*& 3*))$4*6& $,& )5$6;*& 8$&
L*)4")&(+&%*%",5%")564*&8$&+($O*&;I+$)*<&F($&6$)9&$,&
S+53*&3"#"P&8$&)$856%)57(5)&"(%*)5%")5"4$+%$&,*6&)$3()J
6*6&8$,&#,"+$%"H
?+%$&%*8*&$6&*#*)%(+*&)$3*)8")&3*+&?)56%K%$,$6<&$+&
,"&L%0/&$&$S0/">&/"<&\F($&,"&)5F($P"&+*&$6&$O58$+%$J
4$+%$&$,&`V5$+g&F($&7(63"4*6<&$6&6*,"4$+%$&(+"&3*6"&
S%5,<& (+& 4$85*& 3*+& 45)"6& "& *%)"& 3*6"_-& >+& ,"& O565K+&
;)5$;"&e#")"&,"&"07"1">0& SDUDXQDHFRQRPtDGHODV
QHFHVLGDGHVH[LVWHXQVXFLHQWH$OFRQWUDULRSDUD
ODFUHPDWtVWLFDHOLQWHUFDPELRJHQHUDOL]DGR\JHJ
QHUDOL]DEOHFRPRHOGHOFRPHUFLR QRH[LVWHPHGLGD
#*)&,*&%"+%*<&$+&+($6%)*6&8N"6<&$6&$O58$+%$4$+%$&F($&
,"&\3)$4"%N6%53"_&%)5(+L"-&?6N&#($6<&$+&+($6%)*&65;,*<&
$,& 3)$3545$+%*& \$+& 6N_& $6& #$)35758*& 3*4*& #*65%5O*-&
W*+& 6"758()N"<& ?)56%K%$,$6& 6*6%$+N"& F($& \$,& M*47)$&
8$&+$;*35*6&$6&(+&6$)&L($)"&8$&,"&+"%()",$P"<&:"&F($&
#")"&I,&,"&)5F($P"&$6&$,&75$+&6(#)$4*_-&>+&$L$3%*<&#")"&
HO OyVRIR JULHJR OD HFRQRPtD QR HV VLPSOHPHQWH
~WLO GHEH WHQHU RWUR Q TXH Vt PLVPR (Q HVWD
#$)6#$3%5O"&%$+$4*6&F($&#)*#*+$)&8$&+($O"&3($+%"&,"&
FXHVWLyQGHODXWLOLGDGGHOR~WLO3RUVXSDUWH0DUJ
%M"&'(667"(4<&3$)3"+"&"&]$+<&M"&#(7,53"8*&(+"&*7)"&
%5%(,"8"&S&%.#()$\.1/%0"1$&1-$<&'&F0*0%2-&Q#0+%"%*($"1$
!"*0%0/&*$I0+%#0F.%0"14$>+&6N+%$656<&$6%"6&3($6%5*+$6&+*&
VRQDEVWUDFWDV3DUDFRQYHQFHUQRVHVVXFLHQWHWRPDU
$+&3($+%"&,"&\L*)4"35K+_&8$&45,,*+$6&8$&"8*,$63$+J
WHV GH &-.*(+/(1%+ QRUWHDPHULFDQRV DOLPHQWDGRV
3*+&M"47();($6"6<&O58$*&G($;*6<&%$,$+*O$,"6<&:&F($&
#"6"+&M*)"6&L)$+%$&"&,"&3*4#(%"8*)"&$+&(+&$6%"8*&8$&
6$45J"(%564*&e,"&S"$*0:( 
EWAkC&Wj>WBQB>'!@H

'*6& $+3*+%)"4*6& 3*+& ,"6& $O58$+35"6& #$)%()7"8*)"6&


F($& ;$+$)",4$+%$& %$+$4*6& ,"& %$+8$+35"& "& 8$G"),"6&
3*4*& $,& #*,O*& 7"G*& (+& %"#$%$-& ]"7$4*6& 3*+& 6$;()5J
8"8& F($& $,& $6%5,*& 8$,& 8$6"))*,,*<& 8$& 3*+6(4*& 8$& (+&
HXURSHRRQRUWHDPHULFDQRQRSXHGHVHUH[SRUWDGRDO
PXQGR VLQ SURGXFLU XQD H[SORVLyQ GHO SODQHWD 3RU
#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

OI

&#(%-L)$/(M0+&,$//0 -8&0$(0'#)2%$-'!,$

,*&%"+%*<&+*&6$&%)"%"<&$+&(+"&654#,$&5+O$)65K+<&8$&M"J
3$)+*6&#")%N35#$6&8$&(+&#()*&8$3)$3545$+%*<&65+&#)$J
;(+%")+*6&#*)&F(5I+&:&#*)&3(9,$6&3*+8535*+$6-&>+&(+&
#,"+$%"& 8*+8$& %)$6& 45,& 45,,*+$6& 8$& M"75%"+%$6& O5O$+&
3*+&4$+*6&8$&8*6&8K,")$6&",&8N"&eQ"P*:$)&:&j*(8")%<&
 H[LVWHXQSUREOHPDGHODJXD.'HEHPRVSRQHU
"%$+35K+&",&M$3M*&8$&F($&,"&$6$+35"&8$&,"&3"+%58"8&8$&
";("&7"G*&L*)4"&6K,58"<&,NF(58"&*&;"6$*6"&65;"&$6%"7,$&
e,*6&#)*:$3%*6&8$&8$6",5+5P"35K+&8$,&";("&8$,&4")&6*+&
FDUtVLPRV 1LHODLUHQLHODJXDVHDJRWDQFXDQWLWDWLYDJ
4$+%$<&65+&$47");*<&6(&3",58"8&6$&8$%$)5*)"&:&)$M"75J
,5%"),*6&3*+,,$O"&(+&3*6%*-&>,&";("&:"&%5$+$&(+&#)$35*<&
$,&"5)$&%"475I+<&3*+&$,&#$)456*&8$&3*+%"45+")-&>6&(+"&
)$",58"8&F($&,*6&#)*7,$4"6&;$*#*,N%53*6&8$&"%)57(35K+&
8$,&";("&+*6&*7,5;"+&"&O5O5)&6*7)$&(+"&#*,O$)"-&B+3,(6*&
$,&#$%)K,$*&$6&$,&3*)"PK+&8$&+($6%)"&92F#0+-&W",3(,")&$+&
PRGRH[DFWRORVFRVWRVGHOSHWUyOHRVHUtDFRPRPHGLU
$,&#)$35*&8$&,*6&5+358$+%$6&$+%)$&"(%*4KO5,$6<&,"&3*+J
%"45+"35K+&8$,&"5)$&:&,*6&;"6%*6&45,5%")$6&$4#,$"8*6&
#")"&$,&3*+%)*,&8$&,"6&9)$"6&#$%)*,$)"6(/'(6$552//2'(/$6&21&,(1&,$6

>,& 8$6"))*,,*& 8$& ,"6& 3*+35$+35"6<& 5+3,(58"6& ,"6& 3*+J


35$+35"6& 8$6O5"8"6<& $6& 65+& 8(8"& 8$6$"7,$-&?,& 35(8"J
GDQR GHO VLJOR ;9,,, &RQGRUFHW D GLIHUHQFLD GH
Q",%M(6J&#)*#*+$&F($&,"&%"6"&8$&L$3(+858"8&L($6$&7"J
G"8"&3*+&$,&#)*;)$6*&8$&,"&)"PK+<&8$&,"&3*+%)"3$#35K+-&
>+&6(4"<&6$&%)"%"&8$&8")+*6&,*6&4$85*6&#")"&$O",(")&,*&
F($&$+%$+8$4*6&3*4*&8$6"))*,,*-&?M*)"&6"7$4*6&F($&
XQ FUHFLPLHQWR HWHUQR LQGHQLGR QR HV FRPSDWLEOH
3*+& $,& 4"+%$+545$+%*& 8$& ,*6& $F(5,57)5*6& $3*,K;53*6<&
SDUD QR KDEODU GH ORV SUREOHPDV VRFLDOHV 'H FXDOJ
F(5$)& 4*8*<& +($6%)*& 54";5+")5*<& +($6%)"6& )$#)$6$+J
%"35*+$6&8*45+"+%$6<&6$&3*+3$+%)"+&6*7)$&(+&"3)N%53*&
\8$6"))*,,*&$3*+K453*_3HQVHPRVHQ$GDP6PLWKHOFXDOVRVWHQtDFLWDQJ
8*& "& Q",$7)"+3M$J& F($& \%*8"6& +($6%)"6& #"65*+$6& 6$&
MXVWLFDQSRUVtPLVPDV6RPRVIUiJLOHVSHURPX\
"& 4$+(8*& 3"#"3$6& 8$& )"35*+",5P")& +($6%)*6& 496& $+J
$OUHVSHFWRHODPSOLRGHVDUUROORGHORVDJURFDUEXUDQWHVJUDQGHVFRQJ
VXPLGRUHVGHDJXDFRUUHHOULHVJRGHH[DFHUEDUODSHQXULDDOLPHQWDULD
\DH[LVWHQWH(Q(XURSDOD2UJDQL]DFLyQSDUDOD&RRSHUDFLyQ\HO'HVDJ
UUROOR(FRQyPLFRV 2&'( UHFXHUGDTXHVHQHFHVLWDUtDFRQYHUWLUHO
#*)&35$+%*&8$&,"6&%5$))"6&3(,%5O"8"6&#")"&#)*8(35)&$,&.0&#*)&35$+%*&8$&,"6&
+$3$658"8$6&#")"&%)"+6#*)%$&8$&)($8"-&?8$496<&,"&6*,(35K+&8$,&M"47)$&
$+&$,&4(+8*&$6%9&"4$+"P"8"&#*)&,"&3*+O$)65K+&8$&%5$))"6&$+&L"O*)&8$&,*6&
DJURFDUEXUDQWHV 'H WDO PRGR HO FDPELR GH GLUHFFLyQ GH QXPHURVDV
H[SORWDFLRQHVHQIDYRUGHORVELRFDUEXUDQWHVKDPRGLFDGRODVLPSRUJ
%"+%$6&P*+"6&8$&%5$))"6&3(,%5O"8"6&8$&,"&3"8$+"&",54$+%")5"-&>,&#)$35*&8$&
,*6& #)*8(3%*6& 8$& 7"6$& ",3"+P"+& $+& kL)53"& (+& +5O$,& %",& F($& (+& ,57)*& 8$&
"3$5%$&8$&#",4"&3($6%"&%"+%*&3*4*&(+&,57)*&8$&;"6*,5+"-&C"&"(6$+35"&8$&
%5$))"<&$,&$+*)4$&3*+6(4*&8$&";("<&,*6&)5$6;*6&8$,&3"475*&3,549%53*<&6*+&
GLFXOWDGHVYLQFXODGDVDOFUHFLPLHQWRGHORVDJURFDUEXUDQWHV\PHUHJ
3$+&(+&8$7"%$&#)$,545+")&:&3*))$3%"4$+%$&5+L*)4"8*&6*7)$&,"&6$;()58"8&
",54$+%")5"-&

#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

OJ

,*F($358*6& 4*O545$+%*6-& ?M*)"& 75$+<& 65& $,& 8$6"))*J


,,*&8$,&4(+8*&"3%(",&6(L)$&,"&8*45+"35K+&*3358$+%",<&
3*+O5$+$&+*&3"+3$,")&,"&"(%*)58"8&3,9653"&$G$)358"&$+&
,"6&6*35$8"8$6&%)"8535*+",$6-&>+&#")%53(,")<&$6&L(+8"J
4$+%",&"O"+P")&,"6&5+%$))*;"+%$6&$+&%*)+*&",&O",*)&8$&
(6*-& '*& "3$#%$4*6<& "8$496<& ,*6& #6$(8*J$L$3%*6& 8$&
(+"& %)"+6L$)$+35"& e%#0/7*($ -"A1$ (::(/%  HV GHFLU OD
FUHHQFLDHQXQEHQHFLRGHULYDGRSRUXQLQFUHPHQWR
8$&,"&)5F($P"&4(+85",&F($&3"7",;"+8*&eE49;53"4$+J
WH" RIUHFHUtDVXVPLJDMDVDORVGHVKHUHGDGRV'DGDV
$6%"6& 3"(6"6<& 6$& %)"%"& 8$& )$3M"P")& ,"& O565K+& 8$& (+"&
$3*+*4N"& #)$*3(#"8"& 6*,"4$+%$& #*)& ,*6& 5+85O58(*6&
VHSDUDGRV GH VXV JUXSRV VRFLDOHV 'H KHFKR OD YHUJ
8"8$)"&#*7)$P"&$6&65$4#)$&)$,"%5O"&"&(+"&3*4(+58"8R&
,"&456$)5"&)"853",&$6&,"&#)5O"35K+&8$&,"6&3"#"358"8$6<&
#")"&6$;(5)&$,&O*3"7(,")5*&8$&]$+-&W*4*&,*6&6$)$6&M(J
4"+*6&+*&+"3$+&O$6%58*6<&8$&5;(",&4*8*&+*&+"3$+&8*J
%"8*6&8$&8$)$3M*6R&$6%*6&S,%54*6&#)*O5$+$+&8$&+($6%)"&
LQFRUSRUDFLyQ HQ LQVWLWXFLRQHV HFDFHV TXH SXHGDQ
JDUDQWL]DU GHUHFKRV \ GHEHUHV OR TXH QR H[LVWH HQ
GRVWHUFLRVGHOSODQHWD /DGHVLJXDOGDGQRSXHGHVHU
)$8(358"&6*,"4$+%$&"&,"&8$65;(",8"8&8$,&5+;)$6*<&3*+J
35$)+$&%"475I+&",&"33$6*&",&3)I85%*<&",&#"%)54*+5*<&",&
$4#,$*<& ",& 3*+*3545$+%*-& >6& L(+8"4$+%",& 3*4#)$+J
8$)&F($&,"&+*35K+&8$&/&'&F0*0%2$8$6$+;"+3M"&$,&3*+J
3$#%*&8$&#*7)$P"&8$&(+"&5+%$)#)$%"35K+&654#,$4$+%$&
4*+$%")5"<& "+%$6& 75$+<& ,"& (753"& 6*35*,K;53"4$+%$& $+&
(+&9475%*&)$,"35*+",&$+&$,&+5O$,&4$85*<&8$+%)*&8$&(+"&
#")%53(,")&3*,$3%5O58"8/$,1&25325$&,1'(/26,1',9,'826

!*4")&$+&3*+658$)"35K+<&3*4*&+*6&5+O5%"&]$+<&$,&"33$J
6*&",&3)I85%*<&",&453)*J3)I85%*<&,"6&5+$6%"75,58"8$6&#*,NJ
%53"6<&,"6&)$,"35*+$6&8$&8$#$+8$+35"&)$6#$3%*&"&,*6&4$)J
FDGRVPXQGLDOHVVLJQLFDLQWHQWDUWRPDUDOJRGLVWLQWR
GHORVLQGLYLGXRVH[FOXLGRVDQLYHOPXQGLDO(QWRGRV
,"8*6<& $,& 54";5+")5*& O5+3(,"8*& ",& ,(G*<& "& ,*6& #,"3$)$6&
3*6%*6*6<&"&,*6&3*4#*)%"45$+%*6&)$,"%5O*6&"&,"6&"8F(5J
6535*+$6&e&/E.0+0%0,(1(++n)$)$L($)P"+&,"6&8$65;(",8"8$6!*4$4*6&$,&$G$4#,*&8$,&#")F($&#S7,53*<&"75$)%*&"&
%*8*6<&,"&3"#"358"8&8$&(+&$6#"35*&O$)8$&6$&4(,%5#,5J
FDUiHQUHODFLyQDVXXWLOL]DFLyQSULYDGD'HFXDOTXLHU
4"+$)"<&(+&#")F($&#)$6(#*+$&(+"&#*7,"35K+&$8(3"8"<&
DQGHTXHQRVHDGHJUDGDGRHQHOHVSDFLRGHDOJXQDV
M*)"6-&>+&3*+3,(65K+<&(+"&6"75"&;$6%5K+&+*&6$&)$8(3$&
G"496&"&(+"&#()"&6"%56L"335K+&8$&,"6&+$3$658"8$6<&8$&
*%)*& 4*8*& +*6& F($8"4*6& #)565*+$)*6& 8$& (+"& O565K+&
8*+8$&,"&#*,N%53"&+*&$6&65+*&(+"&L*)4"&8$&*);"+5P"J
35K+&F($&;$6%5*+"&(+&\P**,K;53*&M(4"+*_?,&)$6#$3%*<&8$6"))*,,")&5+853"8*)$6&8$&8$6"))*,,*&
QRFHQWUDGRVVREUHHOSURGXFWRLQWHUQREUXWRVLJQLFD

0#(%&&"3'&)'*)-"#-%,(")2%)2%$'&&"**"

5+%$+%")&8"),$&(+&3*+%$+58*&6(6%"+35",&"&,"6&#*,N%53"6&
#S7,53"6-& V"G*& $6%$& "6#$3%*<& (+& "+9,5656& $3*+K453*<&
VRFLROyJLFR ORVyFR GH ORV PHFDQLVPRV GH FUHFLJ
45$+%*&8$7$)9&6$)&,,$O"8*&"&3"7*&#"N6&#*)&#"N6<&)$;5K+&
#*)&)$;5K+-&
/262%67&8/26$18(675$&2035(16,1

'*&#*8$4*6&3*+6$)O")&$,&4*8$,*&8$&(+&3)$3545$+%*&
LQQLWRHQXQPXQGRQLWR'LFKRHVWRHVQHFHVDULR
"3*)8")+*6&8$&V)"(8$,<&F(5$+&8$63)57$&,*6&4$)3"8*6&
8$& ,"& #)54$)"& 4(+85",5P"35K+<& ,"& 8$,& j$+"3545$+%*-&
>6& 8$35)<& 65& ,*6& 3*4$)35"+%$6& O$+$35"+*6<& ;$+*O$6$6&
*& #56"+*6& M535$)*+& L*)%(+"<& +*& L($& 6*,"4$+%$& 3*+& $,&
3*4$)35*&8$&$6*&F($&,$6&L",%"7"&"&,"&5+4$+6"&4":*)N"&
8$&,*6&M"75%"+%$6&8$&$6%$&#,"+$%"<&O$+8N"+&"&,"6&3,"6$6&
8*45+"+%$6&,*6&75$+$6&8$&,(G*<&,"6&$6#$35"6<&,"6&6$8"6<&
#$)45%5$+8*&"3)$3$+%")&6(6&856%5+35*+$6-&
2WUD LPDJHQ TXH QRV LPSLGH UHH[LRQDU VHUHQDJ
PHQWHVREUHHOGHVDUUROORHVDTXHOODGHODFODVLFDFLyQ
GHODVQDFLRQHVFRQVROLGDGDVFDEDOJDQGRFRQLQJHJ
QXLGDGHQXQDSVHXGRORVRItDGHODKLVWRULDSDUDODV
FXDOHV H[LVWHQ DOJXQDV QDFLRQHV D~Q HQ HVWDGLR GH
"8*,$63$+35"_-& >+& $6%"& #$)6#$3%5O"<& 3*+6%)(5)& (+& 5+J
853"8*)&8$&8$6"))*,,*&M(4"+*&e]$+&M"&#")%535#"8*&$+&
,"& $,"7*)"35K+& 8$& $6%"& 58$"& $+& $,& 9475%*& 8$& (+& #)*J
JUDPDGH1DFLRQHV8QLGDV TXL]iSHUPLWLUtDDUWLFXODU
(+&#$+6"45$+%*&F($&+*&6K,*&F($8$&,5;"8*&",&3*+6(4*&
#*)&M"75%"+%$-&]$&%)"%"<&$+&%*8*6&,*6&3"6*6<&8$&%*4")&
$+&3($+%"&8$&4"+$)"&#)*#*)35*+",&%"+%*&,"6&$6#$)"+J
]DV GH YLGD \ HGXFDFLyQ HIHFWLYDV GH ORV GRV VH[RV
\DTXtLPSRUWDVLVHTXLHUHSURORQJDUODYHQWDMDGH
ODVSRVLELOLGDGHVRIUHFLGDVDORVLQGLYLGXRVQRFRQJ
L*)4")6$&3*+&(+"&654#,$&",L"7$%5P"35K+-&](7)":$4*6&
*%)*&*76%93(,*-&W*+&L)$3($+35"&6$&,$$&F($&$,&+S4$)*&
8$& #*7)$6& M"& 85645+(58*& $+& ?65"-& >6%"& 3*+6%"%"35K+&
*,O58"&F($&$,&)$6(,%"8*&L($&*7%$+58*&",&#)$35*&8$&(+&
5+3)$4$+%*&8$&,"&3*+%"45+"35K+<&8$&,"6&8$65;(",8"8$6&
3)$35$+%$6&:&8$&,"&8$6%)(335K+&8$&,*6&)$3()6*6&3(,%()"J
,$6&%)"8535*+",$6-&=*6$#M&]%5;,5%P&+*6&)$3($)8"&F($&,*6&
#"N6$6&+$3$65%"+&%5$4#*&#")"&8$6"))*,,")6$R&,"+P"),*6&
VLQSUHFDXFLyQKDFLDXQPHUFDGRQDQFLHURXQLIRUPH
VLJQLFDSULYDUORVGHDTXHOORTXHHOGHVDUUROORSXHGH
LQLFLDU\DTXHODVSRVLELOLGDGHVGHp[LWRQDFHQDWUDJ
OI6&8$&(+"&"8"#%"35K+&)"P*+"7,$-&
]$& #($8$& ,$$)& $+& e1$ "%#"$ >.1-"[& \]5& ,*6& #"N6$6&
8$6"))*,,"8*6&$6%54"+&%$+$)&+$3$658"8&8$&(+&#$)5*8*&
8$&%)"+6535K+&#")"&"7*,5)&,"6&6(7O$+35*+$6<&$6&7($+*&
F($& ,*& M";"+& 6(#)545$+8*& %*8"& ":(8"& "& ,*6& ";)53(,J
%*)$6&F($&;"+"+<&#*)&$G$4#,*<&496&8$&45,&8K,")$6<&:&
$6%"7,$35$+8*& (+& %$3M*& "& ,*6& 6(76585*6& *%*);"8*6& "&
FDGDDJULFXOWRUGLJDPRVHQFLHQGyODUHV'DGRTXH

0)&#(%-L)$/(M0+&,$

,"&5+4$+6"&4":*)N"&8$&,*6&M"75%"+%$6&8$&,*6&#"N6$6&$+&
ON"6& 8$& 8$6"))*,,*& 8$#$+8$& 85)$3%"& *& 5+85)$3%"4$+%$&
8$&,"&";)53(,%()"<&$,545+")&,"6&6(7O$+35*+$6&:&"7)5)&,*6&
PHUFDGRV DJUtFRODV VHUtD H[WUHPDGDPHQWH EHQpFR
$+&3("+%*&F($&6(75)N"+&,*6&#)$35*6-&!*8*6&,*6&#"N6$6&
$+&ON"6&8$&8$6"))*,,*<&65+&$47");*<&+*&%$+8)N"+&7$+$J
FLRORVTXHVRQLPSRUWDGRUHVGHSURGXFWRVDJUtFRODV
6(L)5)N"+&"&3"(6"&8$&,*6&",%*6&#)$35*6-&>+%)$&,*6&#"N6$6&
$+&ON"6&8$&8$6"))*,,*<&"6N&3*4*&$+%)$&6(6&#*7,"35*+$6<&
6$&%$+8)N"+&#$)8$8*)$6&5+3,(6*&$+&"F($,,*6&F($&#($8"+&
*7%$+$)&O$+%"G"6-&C*6&";)53(,%*)$6&O$)N"+&6(&65%("35K+&
4$G*)")<&#$)*&,*6&%)"7"G"8*)$6&8$&,"6&35(8"8$6&8$7$)9+&
SDJDUPiVSRUVXDOLPHQWDFLyQ3DUDUHVROYHUHVWHSURJ
7,$4"&8$&%)"+6535K+<&,*6&#"N6$6&5+8(6%)5",5P"8*6&#*8)N"+&
#)*O$$)&(+"&":(8"&"&,*6&#"N6$6&$+&ON"6&8$&8$6"))*,,*&8(J
)"+%$&$,&#$)5*8*&8$&"6$+%"45$+%*[&(+"&#$F($a"&L)"335K+&
8$& "F($,,*& F($& $,,*6& 856#$+6"+& M*:& $+& 6(7O$+35*+$6&
DJUtFRODVEDVWDUtD 6WLJOLW] 
3RUVXSDUWHHOPLVPR6WLJOLW]QRVUHFXHUGDODPDJ
+$)"&$+&F($&$,&T*+8*&Q*+$%")5*&B+%$)+"35*+",&M"&54J
#$858*&"&>%5*#N"&(%5,5P")&,"&":(8"&5+%$)+"35*+",&#")"&
FRQVWUXLUHVFXHODVFRQHOSUHWH[WRWHUJLYHUVDGRSHUR
RUWRGR[RHFRQyPLFDPHQWHTXHORVQDQFLDPLHQJ
WRVQRVRQSDUDVRVWHQHUORVSUR\HFWRVORFDOHV'HWRJ
8"6&L*)4"6<&65&$6&3*))$3%*&8$35)&F($&(+&8$%$)45+"8*&
+S4$)*&8$&>6%"8*6&8$,&!$)3$)&4(+8*&6$&M"+&3*+6%)(5J
8*&6*7)$&,*6&$63*47)*6&8$&,*6&#*8$)$6&%)"8535*+",$6&
TXHUHIXHU]DQHOFOLHQWHOLVPR\ODFRUUXSFLyQWDPJ
ELpQHVSRVLEOHDUPDUTXHODGLVPLQXFLyQGHOJDVWR
$+&$8(3"35K+&:&6",(8&M"&;$+$)"8*&$+&%*8*6&,"8*6&$,&
$4#*7)$3545$+%*&8$&,*6&496&8I75,$6-&
?S+&496<&+5+;S+&3*+%5+$+%$&$6&O5)%(*6*<&)$3*)8$4*6&
(+"&65%("35K+&F($&+*&$6&6$;()"4$+%$&3*+L*)%"7,$<&$6&8$J
FLUHOSRUFLHQWRGHODKRUURDIULFDQRHVWiHQODDFWXDJ
OLGDGFRORFDGRVREUHORVPHUFDGRVQDQFLHURVLQWHUQDJ
35*+",$6-&>+&$,&4564*&6$+%58*<&M":&F($&%$+$)&#)$6$+%$&
,"&4"+$)"&3*+&,"&3(",<&$+&4(3M*6&#"N6$6&"L)53"+*6<&,*6&
SURGXFWRV GH LPSRUWDFLyQ FKLQRV SRU HMHPSOR VRQ
O$+858*6&"&3*6%*6&5+L$)5*)$6&",&#)$35*&8$&#)*8(335K+&,*J
FDOORTXHFDXVDXQDGHVRFXSDFLyQFDWDVWUyFD
3RUORWDQWRSREUHVFRPRULFRVHOPRGHORGHFUHJ
3545$+%*&8$,&+*)%$&6$&O($,O$&(+"&L*)4"&8$&853%"8()"&
#*%$+%$-& EWK4*& *,O58")& F($& $+& >6%"8*6& A+58*6& ,"6&
"845+56%)"35*+$6& +*& 8$G"+& 8$& $+8$(8")6$H& C"& 3)5656&
8$&,*6&+.F'#0>($M"&4(,%5#,53"8*&,*6&$L$3%*6&#$)O$)6*6&
GHORVPHUFDGRVQDQFLHURVDOJUDGRGHFRORFDUFRQJ
658$)"7,$6&6(4"6&$+&(+&+"+*6$;(+8*-&?&#")%5)&8$&(+"&
GHFLHQFLDPRQHWDULDGHORV+.F'#0>(<&6$&M"&#"6"8*&
"&(+"&8$#)$35"35K+&8$&,"6&"335*+$6&8$&,*6&7"+3*6<&F($&
;$+$)K&(+"&3)5656&8$&,5F(58$P<&,"&3(",&"&6(&O$P&3*))$&$,&
)5$6;*&8$&#)*8(35)&$L$3%*6&8$&)$3$65K+&L*)%N654*6-&
#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

OF

&#(%-L)$/(M0+&,$//0 -8&0$(0'#)2%$-'!,$

(VWDVGLFXOWDGHVHQRUPHVDPHQXGRVRQUHOHJDJ
8"6&$+%)$&,*6&"6#$3%*6&%I3+53*6&8$&,"6&#9;5+"6&$3*+KJ
453"6<&$+&$,&4*4$+%*&$+&$,&3(",&#*)&%*8"6&#")%$6&%5$+$&
HVSDFLRODSXEOLFLGDGSRUORV;SRUODVWHOHYLVLRJ
QHVGHSDQWDOODSODQDRSRUODVYDFDFLRQHVH[DJHUDGDV
8$#$+85$+%$6&8$,&"5)$&"3*+8535*+"8*-&T*)4"8"6&$+&,"6&
\7(65+$66&63M**,6_<&,"6&#6$(8*JI,5%$6&8$&,"&;($))"&$3*J
+K453"& #)$6$+%"+& ,*6& 3*6%*6<& 45$+%)"6& $+& ,*6& #"N6$6&
8$,& 6()& 3*4#")%$+& $,& 54";5+")5*& 8$& (+& 3)$3545$+%*&
8$64$858*-&?&+5O$,&4(+85",<&"MN&8*+8$&$6&#*657,$<&$,&
FRQVXPRJLUDDOPi[LPRHQODLUUHVSRQVDELOLGDGDEJ
6*,(%"&8$&,*6&3*+6(458*)$6<&,*6&3(",$6&5;+*)"+&%*8*6&
ORVIHQyPHQRVGHWR[LFLGDGSODQHWDULD
6$/,5'(/$+<%5,6"

(OSUR\HFWRGHXQDVRFLHGDGDXWyQRPDVLJQLFDVXJ
7)":")&$,&8$6"LN*&8$&(+"&$3*+*4N"&F($&M"&6",58*&8$&
,"&92F#0+SDUDHVWDUHQJUDGRGHFRPSUHQGHUORH[FHJ
VLYR5HFRUGHPRVTXH(WLRStD\6RPDOLDH[SRUWDEDQ
D SHVDU GH VXV UHFLHQWHV FDUHQFLDV DOLPHQWRV SDUD
"+54",$6&8*4I6%53*6-&?8$496<&3"8"&8N"&,*6&3"+;)$G*6&
8"+$6$6&6*+&8$6*,,"8*6&$+&Q"))($3*6&e8*+8$&,"&4"+*&
GHREUDHVPHQRVFDUD SDUDUHJUHVDUHQODPLVPDQRJ
3M$&6*7)$&$,&4$)3"8*&8"+I6-&B4";5+")&(+"&\54#)*+%"&
HFROyJLFD YLYLEOH SUHVXSRQH XQD UHH[LyQ VREUH \
8$68$&,*6&*);"+564*6&8$&)$;(,"35K+&5+%$)+"35*+",$6-&
/D SXHVWD HQ DFWR GH HVWH SURJUDPD VHUtD H[J
WUDRUGLQDULDPHQWH FRPSOHMD 3RU HO PRPHQWR VDEHJ
4*6&(+&8$%$)45+"8*&+S4$)*&8$&3*6"6<&#*)&$G$4#,*<&
8$68$&:"&3*+O$+8)N"&)$8(35)&,*6&%)"+6#*)%$6<&,*6&3*+J
6(4*6&8$&$+$);N"<&$,&%()564*&8$&4"6"<&$,&"(%*4KO5,&
5+85O58(",<&,"&#(7,5358"8<&,*6&$47","G$6<&8")&54#(,6*&
"&,"&#)*8(335K+&8$&75$+$6&3(,%()",$6&F($&+*&3($6%"+&
FDVL QDGD (O VDEHU HO FRQRFLPLHQWR ORV OLEURV GH
EROVLOORRHOVRIWZDUHOLEUHTXHVRQEDUDWRVHODUWH
#($8$+&6$)&3*4#")%58*6&"&3*+8535K+&F($&6$"&85)5;58*&
"& (+"& #*7,"35K+& $8(3"8"-& W*4*& %*8*6& ,*6& $6%(85*6&
KDQGHPRVWUDGRQRH[LVWHXQDGHPDQGDFXOWXUDOEUXJ
%"-& >+& 3"8"& 9475%*<& 3"8"& *7)"& 8$& ")%$& :& 3"8"& L*)4"&
+($O"&3)$"&$&5+O$+%"&$+&3"8"&*3"65K+&6(&"(85$+35"&:&
VXVGHVWLQDWDULRV(QEUHYHUHH[LRQDUVREUHXQGHVDJ
UUROORFRQWURODGRQRVLJQLFDVLPSOHPHQWHYDORUL]DU
$,&%5$4#*&,57$)"8*&#*)&$,&%)"7"G*<&:"&F($&$6%$&S,%54*&
+*&)$6#$3%"&$O58$+%$4$+%$&,"&$3*+*4N"&8$&4$)3"8*-&
/$12&,1'(&$3$&,'$'

?L)*+%$4*6& ,"& +*35K+& 8$& \3"#"75,5%:_<& $6%"& \3"#"35J


8"8_& 8$& 4*O5,5P")6$<& 8$& )$",5P")& 3"475*6-& ]$+& +*6&
LQWHUHVDSRUTXHHQWDQWRKLQG~VDEHGHVFULELUODVH[J
#$)5$+35"6& ,*;)"8"6-&?6N<& $+& 6(& #"N6& 8$& *)5;$+<& ,"& )$J
O*,(35K+& ";)")5"& M"& %$+58*<& $+& 496& )$;5*+$6<& $L$3%*6&
#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

OK

)$",$6R&65+&$47");*<&+*&M"&8"8*&)$6(,%"8*6&65&+*&6*+&
3*4#)$+858*6&$+&$,&5+%$)5*)&8$&(+&8$%$)45+"8*&9475J
%*<&$6&8$35)<&$+&$,&5+%$)5*)&8$&(+&>6%"8*&3*+&"(%*)58"8$6&
,*3",$6&$+&;)"8*&8$&*L)$3$)&"&,*6&#$F($a*6&";)53(,%*)$6&
,"&#*6575,58"8&8$&"33$8$)&",&453)*3)I85%*&:&"&,"6&M$))"J
PLHQWDVPRGHUQDV%DMRHVWHDVSHFWRODH[WHQVLyQGHO
;"+"8*&,$3M$)*&M"&3*+%)57(58*&"&4$G*)")&,"6&)"P*+$6&
",54$+%")5"6&8$&(+"&#")%$&+*%"7,$&8$&,"&#*7,"35K+-&
(QIUHQWHPRVRWURWLSRGHSUREOHPD3RUHMHPSOR
,"&6",58"&8$&,"&3)5656&8$&W*)$"&M"&658*&#*657,$&3*+&7"6$&
$+&,"6&\3"#"358"8$6_&$8(3"%5O"6&#($6%"6&$+&"335K+&#*)&
(+"&,");"&L)"335K+&8$&,"&#*7,"35K+-&?,&)$6#$3%*<&]$+&
XWLOL]D OD H[SUHVLyQ GH HPSRGHUDPLHQWR 6H WUDWD GH
4$85)&$+&$,&%$))$+*&3*+3)$%*<&,"6&3"#"358"8$6&8$&,57$)J
WDGUHDOHQFRQWH[WRVHQJUDGRGHGHQLUHOGHVDUUROOR
$+&$,&5+%$)5*)&8$&(+&"475$+%$&#)$356*-&
6HQGHVFULEHHQPRGRHFD]ODVFDSDFLGDGHVSRU
4*O5,5P")-&>+%*+3$6<&6$&%)"%"&8$&+*&6$)&$,&$63,"O*&8$&
+5+;(+*<&6$&)$+($O"&"F(N&$,&58$",&8$,&B,(45+564*&F($&
b"+%&$63)57$[&\,"&"(%*+*4N"&$6&$,&#)*:$3%*&8$,&M*4J
7)$& #")"& 6",5)& 8$& ,"& 45+*)N"& 8$& ,"& 3(",& I,& $6& 6(& )$6J
#*+6"7,$_-&]$+&4($6%)"&F($&+*&$6&5+;$+(*<&#*)&3*+65J
;(5$+%$&L",6*<&6(#*+$)&F($&,*6&5+85O58(*6<&#)5O"8*6&8$&
LQXHQFLDVRFLDOWRPHQGHFLVLRQHVUDFLRQDOHV/&3*+&
7"6$&$+&5+L*)4"35K+&#$)L$3%"&:&#$)L$3%"4$+%$&8*45J
+"7,$6-&>+&$6%$&6$+%58*<&75$+&$+%$+858*<&6$)N"&%*+%*&+*&
3*4#)*7")&35$)%*6&$L$3%*6&#$)O$)6*6&8$&,"&;,*7",5P"J
35K+-&C"6&6(7O$+35*+$6&8$&,*6&";)53(,%*)$6&8$,&+*)%$&
%5$+$+&(+&$L$3%*&8$6%)(3%5O*&#")"&,*6&";)53(,%*)$6&8$,&
7HUFHUPXQGRDTXLHQHVOHVYHQGHQHOH[WUDGHFHUHDJ
OHV\GHERYLQRV3RUHMHPSORHQ&DPHU~QORVSURJ
GXFWRUHVGHDYHVVHKDQPRYLOL]DGRFRQp[LWRFRQWUD
,"&54#*)%"35K+&"&7"G*&#)$35*&8$&"O$6&3*+;$,"8"6-&
C"6&8$63)5#35*+$6&$4#N)53"6&",3"+P"&$,&3*)"PK+&8$&
ODUHH[LyQWHyULFD3RUVXSDUWHHVDSR\iQGRVHVREUH
?8"4&]45%M&:&6(&O("#T&$-($*"+$+(1%0>0(1%"+$>"#&*(+<&
TXH6HQFXHVWLRQDODOHFWXUDGHPDVLDGRVXSHUFLDOGH
,"6&U1,(+%03&/0"1(+$+"F#($*&$1&%.#&*(;&$2$*&+$/&.+&+$
-($*&$#0E.(;&$-($*&+$1&/0"1(+-&]$&6"7$&F($&]45%M&3*+J
8$+"&"&,*6&$6#$3(,"8*)$6<&",)$8$8*)&8$&,*6&3(",$6<&#*)&
*%)"&#")%$<&]45%M&$3*+*456%"&+*&M"3$&+5+;S+&$6L($)P*&
& ]5& +*& F($)$4*6& O*,O$)+*6& \585*%"6& )"35*+",$6_<& #)565*+$)*6& 8$& (+"&
3*+3$#35K+& 8$,& 5+85O58(*& 4(8*& $+& ,"6& 3*+L)*+%"35*+$6& 8$& 5+%$)$6$6&
#()"4$+%$&$;*N6%"6<&$6&+$3$6")5*&#*+$)&$+&8563(65K+&,"&58$"&654#,$&8$&
(+"& \)"35*+",58"8& "JM56%K)53"_<& #()"& $& S+53"-& !*4$4*6& ",;S+& $G$4#,*&
$+& #)I6%"4*& 8$& Q53M$,& T*(3"(,%-& C"& 3*+3$#35K+& 8$,& #"#$,& 8$,& >6%"8*&
GHSHQGHGHVLWXDFLRQHVODUJDPHQWHKLVWyULFDV(QHOVLJOR;9,HOMHIH
8$&>6%"8*&$6&3*+3$758*&3*4*&(+&#"6%*)&F($&;(N"&",&)$7"a*&8$&*O$G"6&"&
ODVFXDOHVGHEHFRUWDUODODQDSDUDUHSDUWLUOD(QHOVLJOR;9,,HO5H\HV
FRQVLGHUDGRFRPRXQDJXtDUHVSRQVDEOHGHODpWLFDGHVXVV~EGLWRV'HO
VLJOR;9,,DO;,;ORVMHIHVGH(VWDGRVHUiQUHVSRQVDEOHVGHORVXMRV
$3*+K453*6-&>+&,"&3*+3$#35K+&8$,&>6%"8*&"656%$+35",&8$,&65;,*&11<&,*6&
UHVSRQVDEOHVVRQREOLJDGRVDJHVWLRQDUGHODPHMRUPDQHUDODH[LVWHQFLD
8$&6(6&35(8"8"+*6-&

0#(%&&"3'&)'*)-"#-%,(")2%)2%$'&&"**"

8$& 3*4#)$+65K+& 3*+3$#%(",-& >+& $L$3%*<& $+& ]45%M<& $,&


DQiOLVLVSROtWLFRVXIUHXQGHVSOD]DPLHQWRUDGLFDO'H
KHFKRSDUDHVWHDXWRUODUHS~EOLFDQRHVGHQLGDSRU
,"6& \3*4#$%$+35"6_& 8$,& #($7,*& 65+*& #*)& $,& +5O$,& 8$,&
6(6%)"%*&$3*+K453*-&>+&6(4"<&65&3*+&,"&O("#T&$-($*"+$
+(1%0>0(1%"+$>"#&*(+$:*&%*4*&$+&3*+658$)"35K+&"&,*6&
*%)*6<&E,"&O565K+&8$,&$3*+*456%"&6$&"#*:"&S+53"4$+%$&
6*7)$&$,&$;*N64*H&>+&$,&L*+8*<&M":&F($&*76$)O")&F($&
6$&%)"%"&8$&5+%$))*;")&,"&+*35K+&8$&(%5,58"8o&>+&$6%$&
6$+%58*<&]$+&6*6%5$+$&F($&$6&+$3$6")5*&)$6%"7,$3$)&,*6&
ON+3(,*6&$+%)$&I%53"&:&$3*+*4N"-&>+&S,%54"&5+6%"+35"<&
$6&,"&I%53"&F($&+*6&O($,O$&6$)$6&M(4"+*6<&,"&#)$*3(J
SDFLyQ FDUH TXHVDOYDODFDUUHUDFKRFDFRQORVPHJ
3"+564*6&\8")d5+5"+*6_&8$&6$,$335K+-&
&

0)&#(%-L)$/(M0+&,$

1R H[LVWHQ UHVSXHVWDV VLPSOHV D ODV LQTXLHWXGHV


"7564",$6& 3*+& F($& +*6& $+L)$+%"4*6-& ?8$496<& #")"&
VHUH[DFWRVHVWDPRVVLQXQDQiOLVLVSUHFLVRGHODVUHJ
ODFLRQHVFRVWREHQHFLRGHFRQVHUYDFLyQGHODV FXOJ
WXUDVTXHVRQOODPDGDVWUDGLFLRQDOHV'LFKRHVWRXQD
$O",("35K+& $L$3%5O"& 54#,53")N"& (+"& 3"#"358"8& 8$& ,"6&
#*7,"35*+$6&#")"&$+%)")&$+&$,&3"4#*&8$&,"&8563(65K+&
#S7,53"<& 3*+& ,*6& )$#)$6$+%"+%$6<& :& $6%")& $+& ;)"8*& 8$&
");(4$+%")&6$)5"4$+%$-&>+&6N+%$656<&,(3M")&3*+%)"& ,"&
5+8(6%)5",5P"35K+&8$,&8$6$*<&3*+%)"&,"&8$J6(7,54"35K+&
HQ PDUFKD VLJQLFD XQ LQWHQWR SRU SRQHU HQ DFFLyQ
PHFDQLVPRV GH UHJXODFLyQ pWLFD \ SROtWLFD 3DUD KDJ
3$),*<& 3*+O5$+$& F($& \,*6& $3*+*456%"6& #()*6_& )$+($J
YHQ ODV EDVHV UHH[LYDV GH VX GLVFLSOLQD (Q YHUGDG
+"8"&$6%9&"S+&#$)858*-&

6$/,5'(/(&2120,&,602

W5%"+8*& "& ?)56%K%$,$6<& ]$+& $+3($+%)"& ,"& 3($6%5K+& 8$&


,"& \7($+"& O58"_-& >,& $6%";5)5%"& 3*+8$+"& $,& 5+%$)3"4J
75*&#()*<&$6%$&")%$&8$&"8F(5)5)&(+"&)5F($P"&65+&,N45%$6-&
?M*)"&75$+<&+($6%)"&"(6$+35"&8$&,N45%$6<&+($6%)*&\$3*J
+*453564*_<&"3$#%"+8*&3*+&5+;$+(58"8&(+"&$3*+*4N"&
FRPR FDWHJRUtD VHSDUDGD PHUHFH XQ VHULR H[DPHQ
]"7$4*6& F($& $6& 654#,56%"& 6(#*+$)& "& ,*6& 5+85O58(*6&
LQGHPQHV GH FXDOTXLHU WLSR GH LQXHQFLD VRFLDO 6LQ
$47");*<&,*6&$3*+*456%"6&\6$)5*6_&#5$+6"+&$+&8$3565*J
+$6&\)"35*+",$6_&%*4"8"6&"&#")%5)&8$&(+"&5+L*)4"35K+&
SHUIHFWD(VWiIXHUDGHWRGDSURSRUFLyQH[LJLUDORV
DFFLRQLVWDVQDQFLHURVHOFHGHUXQSRFRPiVORTXH
SHUPLWLUtDHOLQFUHPHQWRGHVXVULTXH]DV3RUHMHPSOR
$6#$3(,"+8*& 6*7)$& $,& 4$)3"8*& ",54$+%")5*<& ,*6& *#$J
)"8*)$6&8$&,"6&7*,6"6&8$&O",*)$6&+*&8$G"+<&"&#$6")&8$&
,"&3)5656<&8$&5+O$+%")&#)*8(3%*6&F($&$6%9+&$+&;)"8*&8$&
3)$3$)&496&8$,&85$P&*&F(5+3$&#*)&35$+%*&",&"a*-&
'HEHPRVWRPDUHQFXHQWDTXHORViUEROHVQRWRJ
3"+& $,& 35$,*_-& ]5+& $47");*<& 65;($+& M"7,"+8*<& 3*4*&
65& +"8"& M(75$)"& #"6"8*<& 8$& 8$6"))*,,*& 65+& 4*O5,5P")&
+($6%)"6& 3*+35$+35"6& #")"& #*+$)& $+& $+%)$853M*& $6%"&
QRFLyQ6DOLUGHOHFRQRPLFLVPRVLJQLFDUHODQ]DUOD
8563(65K+&8$&,*6&3)5%$)5*6&8$&,"&G(6%535"<&8$,&75$+<&8$&,*&
DFHSWDEOH 'HEHUtDPRV SUHJXQWDUQRV VL QXHVWUR PRJ
GHOR GH GHVDUUROOR WLHQH DOJ~Q VHQWLGR 'HMHPRV GH
OHJLWLPDUODVSURGXFFLRQHVVXSHUXDV RQRFLYDV FRQ
HOSUHWH[WRGHTXHGDQWUDEDMRDODSREODFLyQ&yPR
5;+*)")&M*:&F($&(+&75$+&O$+858*&"&(+&#)$35*&;,*7",&
S+53*&%$+;"&\O",*)$6_&85L$)$+%$6&6$;S+&65&$6&#)*8(35J
8*&$+&$,&3$+%)*&*&$+&,"&#$)5L$)5"H

j>T>j>'WB?]

$UHQGW +   <"1-0%0"1$ -($ *g9">>($ >"-(#1(<&


3DUtV&DOPDQQ/pY\
$ULVWyWHOHV   u%90E.($ J$ S0/">&E.() 3DUtV
T,"44")5*+%UDXGHO)  u/#0%+$+.#$*g90+%"0#(3DUtV)ODPPDULRQ
)RXFDXOW0  I0%+$(%$V/#0%+3DUtV*DOOLPDUG
-DPHV:  U1%#"-./%0"1$J$*&$'90*"+"'90(3DJ
)N6<&C$6&$4#q3M$()6&8$&#$+6$)&$+&)*+8.DQW ,   5pSRQVH j OD TXHVWLRQ TXHVWFH
OHV /XPLqUHV" HQ , .DQW C&$ '90*"+"'90($ -($
*g90+%"0#(3DUtV*RQWKLHU
0D]R\HU 0 \ / 5RXGDUW GLU    C&$ :#&/%.#($
&3#0/"*($(%$&*0>(1%&0#($>"1-0&*(4$S".##0#$*g9.>&10%V$
&.N".#-g9.0$(%$-(>&013DUtV8QLYHUVDOLV
1XVVEDXP 0   S&%.#()$ \.1/%0"1$ &1-$ <&'&=
F0*0%2R$Q#0+%"%*($"1$!"*0%0/&*$I0+%#0F.%0"1<&Q54$*J
;)"#M$8<&V)*d+&A+5O$)65%:-&
6HQ$  5LJKWVDQG&DSDELOLWLHVHQ$6HQ
D(+".#/(+)$ i&*.(+$ &1-$ I(,(*"'>(1%<& D")O")8<&
+DUYDUG8QLYHUVLW\3UHVV
6PLWK $   O9V"#0($ -(+$ +(1%0>(1%+$ >"#&.W<&
/RQGUHV3HQJXLQ%RRN
6PLWK$  D(/9(#/9(+$+.#$*&$1&%.#($(%$*(+$/&.=
+(+$-($*&$#0/9(++($-(+$1&%0"1+3DUtV*DOOLPDUG
6WLJOLW]-  e1$&.%#($>"1-(4$<"1%#($*($:&1&%0+=
>($-.$>&#/9V3DUtV)D\DUG
9HEOHQ7  O9V"#0($-($*&$/*&++($-($*"0+0#3DJ
)N6<&U",,54")8-

#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

OO

)2(&!)./.@-(:()2(!"$*!)2(6!()2(

ignorancia

!"#$%&K-#($%."**
h@,5O5$)& j*:<& C&$ +&1%&$ 031"=
#&1/0&R$L*$%0(>'"$-($*&$#(*030H1$
+01$ /.*%.#& 0DGULG 3HQtQVXOD
/0.0-i

>

OH[FHOHQWHOLEURGH2OLYLHU5R\C&$+&1%&$03=
1"#&1/0&R$L*$%0(>'"$-($*&$#(*030H1$+01$/.*%.#&)$
3*+6%5%(:$& (+"& ,$3%()"& *7,5;"8"& +*& 6K,*& #")"&
"F($,,*6& F($& (753"+& 6(6& 5+%$)$6$6& $+& $,& 3"4#*& 8$,&
$6%(85*& 8$& ,"6& )$,5;5*+$6<& 65+*& #")"& ,*6& F($& "S+& %5$J
+$+&$,&5+%$)I6<&$,&%5$4#*&:&,"&M*+$6%58"8&8$&5+%$+%")&
,"& 3*4#)$+65K+& 8$& ,*& F($& 6(3$8$& $+& ,"& I#*3"& $+& ,"&
FXDOYLYLPRV(QHIHFWRODGRFXPHQWDFLyQH[WUHPDJ
GDPHQWHYDVWDVREUHODTXHIXQGDVXUHH[LyQDOXGH
"&"6#$3%*6&#*3*6&3*+*358*6&8$,&#)$6$+%$&:&8$,&#"6"8*&
8*+8$&,"&854$+65K+&)$,5;5*6"&6$&3)(P"&3*+&,"&#)*L"+"<&
3*+&$L$3%*6&)$,"35*+"8*6&3*+&,"&O58"&8$&,*6&6(G$%*6&:&
3*4(+58"8$6<&"6N&3*4*&8$&,"6&85+9453"6&$3*+K453"6<&
VRFLDOHVVH[XDOHV\GHPRJUiFDV
>,& #(+%*& 8$& #")%58"& 8$& 6(& 8563()6*& $6& ,"& )$,"35K+&
$+%)$&)$,5;5K+&:&3(,%()"-&T*)4(,"8"&$+&%I)45+*6&654J
#,$6<& $6& #*657,$& 3*+3$+%)")& 6(& %$656& $+& (+"& 3($6%5K+&
;$+$)",[&$+&,"&7"6$&8$&,"6&)$,5;5*+$6&M56%K)53"6&65$4J
SUHKDH[LVWLGRXQDUHODFLyQHVHQFLDOHQWUHUHOLJLyQ\
3(,%()"-& >6%"& )$,"35K+& 6$& 85,(:$& $+& ,"6& +(4$)*6"6& :&
HQ PXFKRV FDVRV H[WUDYDJDQWHV VXEFXOWXUDV UHOLJLRJ
6"6&F($&#)$635+8$+&8$&3(",F(5$)&3*+*3545$+%*&:&#*)&
$,,*&#($8$+&)$",5P")&#)*6$,5%564*&8*+8$&6$"-&>+&$6%"6&
VXEFXOWXUDVORUHOLJLRVRVHH[KLEHFRPRWDO\UHFKD]D
3(",F(5$)&656%$4"&6547K,53*-&!",&#)$%$+65K+&$6%9&O5+J
!)"8(335K+&8$&B6)"$,&W*O"))(75"63URIHVRUGHHVWpWLFDHQOD8QLYHUVLGDGGH5RPD7RU9HUJDWD(VGLJ
)$3%*)&8$&,"&)$O56%"&v3&*>&4$D0,0+%&$-0$+%.-0$/.*%.#&*0$($-0$(+%V%0/&4

ZZ&

#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

EPP

3(,"8"&3*+&,"&;,*7",5P"35K+&:&3*+&,"&8$6%$))5%*)5P"35K+&
F($& ,$& 6(3$8$& "& ,"& #)54$)"[& ,"6& 6(73(,%()"6& "6(4$+&
(+"&54#)*+%"&L(+8"4$+%",56%"<&,"&3(",&$6&,"&4$G*)&L*)J
4"&F($&6$&"3*4*8"&3*+&,"&4(+85",5P"35K+&:&$,&$6#"J
35*&M*4*;I+$*&$&5+85L$)$+35"8*&"75$)%*&#*)&5+%$)+$%>6&3*4#)$+657,$&&,*&F($&j*:&$+%5$+8$&#*)&)$,5;5*J
QHVFXOWXUDOHVQFDGDVVREUHHOKHFKRGHTXHPXFKDV
#)*8(335*+$6&3(,%()",$6&:&3"4#*6&8$&6"7$)&F($&6$&M"J
7N"+&#)$6$+%"8*&$+&,"&4*8$)+58"8&3*4*&\,"53*6_<&M"+&
VLGRWUDQVSRVLFLRQHVHQWpUPLQRVPXQGDQRVGHH[SHJ
)5$+35"6&F($&*)5;5+",4$+%$&$)"+&)$,5;5*6"6[&$,&3"6*&8$&
OD HVWpWLFD HQWHQGLGD FRPR GLVFLSOLQD ORVyFD TXH
QDFHHQHOVLJOR;9,,,EDMRHVWHDVSHFWRHVHMHPSODU
>+& 3"475*<& +*& $6%9& 3,")*& F($& $+%5$+8$& #*)& /.*%.#&<&
+*35K+& F($& $+& 6(& 6$#")"35K+& 8$& ,"& )$,5;5K+& "#")$3$&
VyORUDUDPHQWHHQVXWH[WRWDOYH]HVGHQLGDFRPR
*g(1%#(=-(.W<&\,"&;)"8"35K+<&,*&"475;(*_<&*%)"6&O$3$6&
85)$3%"4$+%$&3*4*&,"&%)"+6;)$65K+<&$,&4");$+<&,"&O58"&
#)5O"8"&*&,"&*#*6535K+&"&,"&#*,N%53"-&>+&*%)"6&#","7)"6<&
HVWRLQGXFHDSHQVDUTXHSDUD5R\QRH[LVWHXQDFXOJ
%()"&F($&+*&M":"&658*&)$,5;5*6"-&>,&M$3M*&$6%9&$+&F($&
$,&*)5;$+&8$&,"6&8*6&;)"+8$6&35O5,5P"35*+$6<&,"&;)5$;"&:&
,"&3M5+"<&$6&#()"4$+%$&3(,%()",&:&+*&)$,5;5*6*[&,"&#)5J
4$)"&%5$+$&(+&3")93%$)&$6$+35",4$+%$&#*I%53*J,5%$)")5*&
ORVSRHPDVKRPpULFRVODWUDJHGLD\ODORVRItDSUHJ
VRFUiWLFD ODVHJXQGDXQFDUiFWHUpWLFRSROtWLFR GHODV
3("%)*&$63($,"6&F($&6$&8$6"))*,,"+&$+&$,&#$)5*8*&8$&,*6&

*')&%*030>#);)*')%$-.%*')2%)*')03#"&'#-0'

54#$)5*6<&%)$6&+*&%5$+$+&+"8"&F($&O$)&3*+&,"&)$,5;5K+&
:&$6%9&$+&8(8"&F($&,"&3(")%"<&$,&%"*N64*<&%$+;"&(+&3"J
UiFWHUUHOLJLRVRHQHOVHQWLGRRFFLGHQWDOGHOWpUPLQR 
2OLYLHU5R\HVWXGLDFRQH[FOXVLYDUHIHUHQFLDDOD
)$,5;5K+&3*4*&(+&L$+K4$+*&8$&3")93%$)&496&;$+$)",&
F($&6$&#)$6$+%"&$+&3(",F(5$)&"6#$3%*&8$&,"&O58"&"3%(",[&
"&,"&)$,5;5K+&#()"&e$6&8$35)<&65+&+5+;(+"&)$L$)$+35"&3(,J
WXUDO VHOHDSUR[LPDXQDGLGiFWLFDSXUD ODHQVHxDQ]D
65+&$,&5+%$)I6&#*)&$6%"7,$3$)&)$,"35K+&3*+&$,&8$6"))*,,*&
8$&,"&$+$);N"&5+%$,$3%(",&:&3*+&,"6&3"#"358"8$6&3)N%53"6&
GHORVGRFHQWHV\DOXPQRV XQDSRUQRJUDItDSXUD XQD
SXHVWDHQDFFLyQGHDFWRVVH[XDOHVVLQQLQJXQDPHGLDJ
FLyQ VLPEyOLFD  XQD HGLWRULDO SXUD XQD SURGXFFLyQ
VLQHVWUDWHJLDFXOWXUDO XQSROtWLFRSXUR DJLWDFLyQ\
SURSDJDQGDVLQODVRPEUDGHXQDWHRUtD XQDWpFQLFD
#()"&e(+&5+%$)I6&M"35"&$,&L(+35*+"45$+%*&8$&,"&%$3+*J
,*;N"&65+&)$L$)$+35"&"&,"6&3*+6$3($+35"6&#653*,K;53"6&
\VRFLDOHV HWFpWHUD/DSXUH]DGHWRGDDFWLYLGDGVH
458$& #*)& 6(& )$#(;+"+35"& $+& ,"6& 3*+L)*+%"35*+$6& 8$&
WRGRVLJQLFDGR\HQODH[FOXVLYDGHGLFDFLyQDODJDJ
QDQFLDHFRQyPLFDLQPHGLDWD3DUDGyMLFDPHQWHH[LVWH
%"475I+& (+"& 3*+%)"85335K+& 8$& %I)45+*6[& ,*& 3(,%()",&
#()*& e3("+8*& ,"& "3%5O58"8& 8$& #)*4*35K+& 3(,%()",& 6$&
PDQWLHQHQHQSLHFRQPLUDVDODJDQDQFLDH[FOXVLYD
8$& ,*6& *);"+5P"8*)$6& *& #")"& $63*+8$)& %)"+6L$)$+35"6&
LOHJDOHVGHGLQHUR 
'H HVWH PRGR HQWUDPRV HQ HO UHLQR GH OD '.#&$
031"#&1/0&$ $+& $,& 3(",& %*8*& 3*+6#5)"& #")"& "%()85)& :&
3*+L(+85)&,"6&4$+%$6&"&%)"OI6&8$&(+&8$6#,"P"45$+%*&
3*+%5+(*&8$&,"&"%$+35K+&8$,&#S7,53*&M"35"&3($6%5*+$6&
6$3(+8")5"6&$&5))$,$O"+%$6&",&;)"8*&8$&O*,O$)6$&3*4J
SOHWDPHQWH H[WUDxDV D OD FRPSHWHQFLD (Q JUDQ PHJ
858"<& ,"& )$6#*+6"75,58"8& 8$& $6%"& 65%("35K+& )$3"$& $+&
,"6& 5+6%5%(35*+$6& :& $+& ,"6& $+%58"8$6& 3(:"& %")$"& $6& ,"&
8$&%)"+645%5)&$,&6"7$)<&,"6&3(",$6&M"+&658*&3"#%()"8"6&
8$68$&M"3$&3("%)*&8I3"8"6&#*)&(+"&$6#$35$&8$&3*+L(J
65K+&"(%*8$6%)(3%5O"<&#*)&(+"&#(,65K+&8$&4($)%$&F($&
%5$+$&3*4*&+*47)$&8*%"8*&8$&(+"&#*%$+35"&49;53"[&
&/%.&*0;&/0H14$3DUDXELFDUQRVVyORHQHOiPELWRGHOD
3($6%5K+&)$,5;5*6"<&F($&3*+6%5%(:$&$,&");(4$+%*&8$,&,5J
7)*&8$&j*:<&$6&5+3)$N7,$&F($&:"&+*&6$&M"7,$&8$&,"&S+53"&
;)"+&*3"65K+&#$)858"&#*)&,"6&)$,5;5*+$6&M56%K)53"6&$+&

0)&#(%-L)$/(M0+&,$

$,&5+535*&8$&$6%$&65;,*[&,"&,(3M"&3*+%)"&,"&;($))"]5+&$47");*<&M":&(+"&3($6%5K+&8$3565O"&F($&F($8"&
65+&)$6#($6%"-&]5&,"6&#6$(8*J)$,5;5*+$6&#($8$+&*7%$+$)&
XQp[LWREUXWDOHVSRUTXHHOODVVDWLVIDFHQQHFHVLGDGHV
F($&,"6&)$,5;5*+$6&%)"8535*+",$6&+*&,*;)"+&"#";")[&6*+&
GHQDWXUDOH]DH[LVWHQFLDOPiVTXHFXOWXUDORHFRQyJ
453"-&j*:&8563(%$&"4#,5"4$+%$&8*6&%$*)N"6[&,"&8$&,"&
"3(,%()"35K+&3*4*&8*45+5*&e)$#)$6$+%"8"&#*)&,*6&$6J
WXGLRVFXOWXUDOHV\OOHYDGDDVXVH[WUHPDVFRQVHFXHQJ
FLDVSRU3LHUUH%RXUGLHX \ODGHOPHUFDGRGHORUHOLJ
;5*6*&eF($&6$&7"6"&6*7)$&,"&3*4#,$%"&6$#")"35K+&$+%)$&
PHUFDGRUHOLJLRVR\PHUFDGRFXOWXUDO 6XSUHIHUHQJ
35"&$6&"75$)%"4$+%$&#*)&,"&6$;(+8"<&F($&65+&$47");*&
+*&*L)$3$&)$6#($6%"&"&,"&#)$;(+%"&L(+8"4$+%",[&E#*)&
F(I&,"6&)$,5;5*+$6&M56%K)53"6&+*&#($8$+&6"%56L"3$)&,"6&
+$3$658"8$6&$6#5)5%(",$6&8$&45,,*+$6&8$&#$)6*+"6<&,"6&
3(",$6&6$&",$G"+&$+&L"O*)&8$&,"6&6(73(,%()"6H&>+&*%)"6&
#","7)"6<&$6&#)*7"7,$&F($&$6%"&65%("35K+&+*&8$#$+8"&
6*,"4$+%$&8$&,"&;,*7",5P"35K+<&,"&4$)3"+%5,5P"35K+&:&
,"&$6%(#58$P&3*,$3%5O"&(+5O$)6",-&>6&8$68$&$,&5+%$)5*)&
8$&,"6&)$,5;5*+$6&M56%K)53"6&F($&M":&",;*&F($&+*&L(+J
35*+"[&$,&454$%564*&$6%)"%I;53*<&,"&)5O",58"8&454I%5J
3"&3*+&$,&4(+8*&8$,&$6#$3%93(,*<&8$&,"&3*4(+53"35K+&
:&8$,&3*+6(4*&,"6&3*))*$&8$68$&6(&5+%$)5*)<&M"35$+8*&
SHUGHU VX FUHGLELOLGDG 'H HVWH PRGR ODV UHOLJLRQHV
F($<&3*4*&$,&3"%*,53564*<&G"496&L($)*+&L(+8"4$+%"J
OLVWDVVLQRPiVELHQOD[DVVHYXHOYHQIXQGDPHQWDOLVJ
%"6&#")"&$6%")&",&8N"&3*+&,*6&#)$853"8*)$6&$O"+;I,53*6&
:&3*+&$,&B6,"4&)"853",-&T5+",4$+%$<&,,"4"&,"&"%$+35K+&
8$,&,57)*&8$&j*:&,"&"(6$+35"&8$&",;(+"&)$L$)$+35"&",&
6$+%545$+%*&)$,5;5*6*&F($&$6&(+"&3*6"&3*4#,$%"4$+%$&
GLVWLQWD GH OD RUWRGR[LD \ GH OD RUWRSUiFWLFD GH ODV
3)$$+35"6&:&8$&,"6&#)I853"6-&]5&,"6&)$,5;5*+$6&M56%K)53"6&
F(5$)$+&%$+$)&"S+&(+&$6#"35*&6*35*3(,%()",<&$6&6*7)$&
*%)*&%$))$+*&F($&8$7$+&4*O$)6$[&#)$356"4$+%$&$,&8$&
,*6&)5%*6&65+&45%*6&:&$,&8$&,"&$6%I%53"<&F($&)$#)$6$+%"+&
HOPi[LPRGHXQDGLVSRQLELOLGDGH[SRUWDEOH(VQHFHJ
6")5*&";)$;")&F($&$,&6$+%5)&)5%(",&$6&*#($6%*&"&,"&#($6%"&
$+&"3%*&$6#$3%"3(,")&8$&,*6&4$85*6&8$&3*4(+53"35K+<&
"6N&3*4*&*#($6%*&"&,"&5+G$)$+35"&$+&%$))5%*)5*6&8$&,*6&
3(",$6&6$&5;+*)"+&6(6&,K;53"6&:&6(6&3K85;*6-&

#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

EPE

#').32)!-$.2"(:(".+!%&,2"?

poltica

W)2(3!&626(!-()2(

'()2(#'),%.$2(!-()2(3!&626X
D()%($%&CL&>-#(A(/-4*

h=*"F(N+&?7$,,9+&:&="O5$)&T)"+J
]p HGV !"*T%0/&$2$,(#-&-<&Q"J
GULG3OD]D\9DOGpV@

'

$6$+3"+%"45$+%*<&+5M5,564*&*&)$,"%5O564*&6*+&
",;(+*6&8$&,*6&+*47)$6&F($&)$3*;$+&,"&65%("J
35K+&5+%$,$3%(",&:&#*,N%53"&"&,"&F($&$6%9+&)$L$J
)58*6<&8$&(+"&(&*%)"&4"+$)"<&,*6&%)"7"G*6&8$& !"*T%0/&$
2$ ,(#-&-<& (+"& 3*4#5,"35K+& 8$& ")%N3(,*6& "3"8I453*6&
$85%"8"& )$35$+%$4$+%$& #*)& =*"F(N+& ?7$,,9+& :& ="O5$)&
T)"+PI-&>,&$+L*F($&#)$8*45+"+%$&8$,&,57)*&$6&3*+3$#J
WXDO0D[:HEHU/HR6WUDXVVH,VDLDK%HUOLQDSDUHFHQ
FRPR OXJDUHV WHyULFRV SULYLOHJLDGRV HQ VX UHH[LyQ
>,&3*45$+P*&8$,&8$6$+3"+%"45$+%*<&$,&+5M5,564*&*&$,&
)$,"%5O564*<&#*)&6(#($6%*<&M"&8$G"8*&8$&$6%")&3)*+*,KJ
;53"4$+%$&3$)3"+*&"&+*6*%)*6-&'*&*76%"+%$<&65&"%$+8$J
4*6&"&,"&;$+$",*;N"&8$,&8$7"%$&F($&6$&#)*#*+$&$+&$,&
OLEURHVWRVWpUPLQRV VHSRGUtDQDxDGLURWURV VLUYHQ
SDUD DEUHYLDU OLQJtVWLFDPHQWH XQD H[SHULHQFLD KLVJ
%K)53*J#*,N%53"&F($&65;($&65$+8*<&65+&8(8"<&,"&+($6%)"-&
C*6&")%N3(,*6&8$&!"*T%0/&$2$,(#-&-$H[WUDHQVXIXHU]D\
VHQWLGRSUHFLVDPHQWHGHHVWDH[SHULHQFLD'HVGHGLVJ
WLQWDVSHUVSHFWLYDVEXVFDQDIURQWDU\DSRUWDUUHH[LRJ
+$6& 6*7)$& #)*7,$4"6& 8$,& #)$6$+%$& 3*4*& 8$4*3)"35"<&
,57$)",564*<&#,()",564*<&4(,%53(,%()",564*<&%*,$)"+35"<&
8$)$3M*6&M(4"+*6&:&,"53564*(QODSULPHUDVHFFLyQWLWXODGD3ROtWLFD\YHUGDG
L(+8"4$+%*6& $& M56%*)5"& 8$& (+& 8$7"%$_<& $63)57$+& =*"J
TXtQ$EHOOiQ(OHQD*DUFtD*XLWLiQ1LFROiV3DWULFL\
="O5$)&T)"+PI-&?7$,,9+&)"6%)$"&,"&M56%*)5"&8$&,"&)$,"35K+&
HQWUHYHUGDG\SROtWLFD\VXVHTXLYDOHQWHVORVRItD\
JRELHUQRUD]yQ\SRGHUGHVGHVXIRUPXODFLyQLQLFLDO
HQ3ODWyQKDVWDODVUHFHSFLRQHVFUtWLFDVGHODWHVLVSODJ
%K+53"&$+&,"&4*8$)+58"8<&$+&#")%53(,")&$+&,"6&*7)"6&8$&
,PPDQXHO .DQW 0D[ :HEHU \ +DQQDK $UHQGW (VWD
7LHQHHVWXGLRVGHORVRItD\FLHQFLDSROtWLFD

Z&

#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

EPG

M56%*)5"<& "& G(535*& 8$& ?7$,,9+<& #($8$& 6$)& 3")"3%$)5P"8"&


3*4*&(+&#"(,"%5+*&856%"+35"45$+%*&$+%)$&#*,N%53"&:&O$)J
GDGFX\RUHVXOWDGRHVODDUPDFLyQGHODDXWRQRPtD
GHODSROtWLFD S 
U")3N"&U(5%59+&$6%(85"&,"6&+*35*+$6&8$&5+3$)%58(4J
7)$<&#,()",564*&O",*)"%5O*&:&,57$)",564*&$+&,"&*7)"&8$&
,VDLDK%HUOLQ3DUDODDXWRUD%HUOLQSDUWHGHXQDLUUHJ
8(3%57,$&3*+3$#35K+&#,()",56%"&:&7$,5;$)"+%$&8$&,*6&O"J
ORUHVSHURHQVXORVRItDSROtWLFDHVWRQRVXSRQHXQD
DUPDFLyQUHODWLYLVWDDERFDGDDUHFKD]DUGHDQWHPDQR
%*8"6&,"6&3$)%$P"6-&W*4$+P"+8*&#*)&,*&F($&U")3N"&,,"4"&
\,"&O$)8"8&8$&,"&5+3$)%58(47)$_<&$+&V$),5+&#$)4"+$3$J
)N"&(+&3*+%$+58*&O",*)"%5O*&4N+54*[&,*6&8$)$3M*6&M(J
4"+*6<&F($&6*+&(+&)$6(,%"8*&8$,&#)*3$6*&35O5,5P"%*)5*-&
?&#")%5)&8$&$6%$&\4N+54*_<&V$),5+&#5$+6"&F($&$6&#*657,$&
HGLFDULQVWLWXFLRQHVOLEHUDOHVTXHDVHJXUHQHOPDQWHQLJ
PLHQWRGHOSOXUDOLVPR\PRGHUHQHOFRQLFWRSRWHQFLDO
3DWULFL \ )UDQ]p TXH HQ VXV UHVSHFWLYRV WUDEDMRV
FRLQFLGHQHQDQDOL]DUWH[WRVGH/HR6WUDXVVVHLQFOLQDQ
#*)&"3$#%")&$6%"&85L$)$+35"&$+%)$&#,()",564*&:&)$,"%5O56J
PR SSQRWDSS 3DWULFLKDFHXQD
UHH[LyQVREUHODWROHUDQFLD\ODH[FOXVLyQGHORLQWROHJ
)"7,$&$+&,"6&8$4*3)"35"6&,57$)",$6&"3%(",$6<&)$3())5$+8*&
"&,*6&");(4$+%*6&8$&]%)"(66&3*+%)"&$,&,57$)",564*&4*J
8$)+*-& C"6& 5+%$)#)$%"35*+$6& 8$& ]%)"(66& 6*7)$& !M*4"6&
D*77$6&:&8$&+($O*&B6"5"M&V$),5+&6*+&$,&+S3,$*&8$&6(&
WUDEDMR3DUD3DWULFLPiVTXHXQDWDTXHDOOLEHUDOLVPR
3*4*& %",<& ]%)"(66& 3)5%53"& "F($,,"6& #)$456"6& 4*8$)+"6&
F($&,*&3*+8(3$+&",&)$,"%5O564*&:&",&"7"+8*+*&8$,&8$)$J
3M*&+"%()",&$+%$+858*&3*4*&(+"&\$63","&8$&O",*)$6&M"J
FLDODFXDORULHQWDUVH S (QHO~OWLPRHQVD\RGH
$6%"&6$335K+<&T)"+PI&6$&*3(#"&8$&,"6&5+%$)#)$%"35*+$6&8$&

Z*')1%&2'2)%#)*'),"*/(0-')")*'),"*/(0-')%#)*')1%&2'2[

6WUDXVVVREUH0D[:HEHU\&DUO6FKPLWWHQWpUPLQRV
GH QLKLOLVPR \ WRWDOLWDULVPR 3DUD HO DXWRU OD DUPDJ
FLyQGHOFDUiFWHUQRIXQGDPHQWDGRGHORVQHV\YDORUHV
8$&,"&#*,N%53"&*<&$+&*%)"6&#","7)"6<&,"&5+8$#$+8$+35"&8$&
,"&#*,N%53"&)$6#$3%*&"&,"&O$)8"8<&$6&35$)%"4$+%$&3$+%)",&
WDQWRHQ:HEHUFRPRHQ6FKPLWW3HURHVWDDUPDFLyQ
,$G*6&8$&3*+8(35)&",&+5M5,564*&:&",&%*%",5%")564*<&#($8$&
FRQVWLWXLUVLQQHJDUVXVULHVJRVXQDQWHFHGHQWHGHODV
%$*)N"6&8$4*3)9%53*J)"853",$6&"3%(",$6&7"6"8"6&$+&,"&8$J
,57$)"35K+&:&,"&\,(3M"&#*)&$,&6$+%58*_(Q9HUGDG\SROtWLFDHQHOGHEDWH\ODSROtWLFDDFJ
%(",$6_<&6$;(+8"&6$335K+&8$,&,57)*<&6$&)$3*;$+&,"6&3*+J
%)57(35*+$6&8$&Q*+%6$))"%&D$))$)*<&=*6I&C(56&CK#$P&8$&
C5P";"&:&Q5;($,&k+;$,&]54K+-&]5+&+$;")&6(6&85L$)$+J
FLDV+HUUHURFRORFDD&DUO6FKPLWW\D-DFTXHV'HUULJ
GD HVWH~OWLPRDMXLFLRGHODDXWRUDOOHYDDOH[WUHPR
FLHUWDVWHVLVGH6FKPLWW FRPRGRVSHQVDGRUHVFUtWLFRV
)$6#$3%*&"&,"&)$8(335K+&8$&,*&#*,N%53*&:&,"&$+$456%"8&",&
\,$;",564*_<&$6&8$35)<&",&*)8$+&G()N853*&#*65%5O*-&W$+J
%)9+8*6$&$+&,"&8$3*+6%)(335K+<&)$#"6"&+*35*+$6&3*4*&
$63)5%()"<&85L$)$+35"<&G(6%535"<&8$3565K+&:&)$6#*+6"75,5J
8"8<&6$a","+8*&F($&$+&+($6%)"&I#*3"&6$&%5$+8$&"&+$(%)"J
OL]DU\PDUJLQDOL]DUORSROtWLFRH[SXOViQGRORGHOGHUHJ
3M*-&'*&*76%"+%$<&$+&$6%$&#)*3$6*<&$+&,(;")&8$&%$)45+")&
3*+&,*&#*,N%53*<&,*&F($&6$&",3"+P"&$6&,*&F($&$,,"&,,"4"&
XQDIRUPDGHKLSHUSROLWL]DFLyQ S 6XUHH[LyQ
QDO VREUH OD UHVSRQVDELOLGDG SROtWLFD OD KDFH WRPDU
XQDFLHUWDGLVWDQFLDUHVSHFWRD'HUULGD
CK#$P&8$&C5P";"&"+",5P"&,"&#*6535K+&8$&=l);$+&D"J
7$)4"6&6*7)$&$,&#"#$,&8$&,"&)$,5;5K+&$+&$,&$6#"35*&#S7,5J
3*&:&8"&3($+%"&8$&,"6&)"P*+$6&%$K)53"6&#*)&,"6&F($&I6%$&
,,$;K&"&%",&3*+3,(65K+-&>,&3$+%)*&8$&6(&");(4$+%*&$6%9&
$+&$,&3*+%)"6%$&$+%)$&D"7$)4"6&:&,"&8$L$+6"&,"5356%"&8$&
=*M+&j"d,6&7"6"8"&$+&$,&3*+3$#%*&8$&\)"PK+&#S7,53"_-&
/RVGLVFXUVRVUHOLJLRVRVDVXMXLFLRHQFXHQWUDQGLJ
3(,%"8$6&54#*)%"+%$6&#")"&6$)&\%)"8(358*6_&"&");(4$+J
%*6&3(:"6&#)$456"6&#($8"+&6$)&3*4#")%58"6&#*)&%*8*6&
,*6& 45$47)*6& 8$& (+"& 6*35$8"8<& $6& 8$35)<& "& ,"& \)"PK+&
#S7,53"_-&>+&$,&S,%54*&")%N3(,*&8$,&,57)*<&]54K+<&%"4J
75I+&5+%$)$6"8*&$+&$,&L$+K4$+*&8$&,"&5+3()65K+&8$&,"&)$J
OLJLyQHQODSROtWLFDUHWRUQDDODRSRVLFLyQHQWUH:HEHU
:&]%)"(66&#")"&"+",5P")&,"&\4*)",5P"35K+_&8$&,"&#*,N%53"&
8$L$+858"&#*)&$,&+$*3*+6$)O"8()564*&$6%"8*(+58$+6$&
ODPRUDODUPDGD $UJXPHQWDTXHHQVXUHLYLQGLJ
3"35K+&8$&(+"&L(65K+&$+%)$&4*)",&:&#*,N%53"&F($&6(#$)$&
$,&)$,"%5O564*&4*8$)+*&e$,&75$+&3*+%)"&$,&4",&:&*%)"6&
RSRVLFLRQHVGHHVWHWLSR ORVJUXSRVQHRFRQVHUYDGRUHV
M"+&%$)45+"8*&#*)&)$3M"P")&$,&#,()",564*&O",*)"%5O*&:&
6$&M"+&,"+P"8*&"&(+"&#*,N%53"&8$&3*+O5335*+$6&F($&+*&
65$4#)$&#)$OI&+5&"6(4$&)$6#*+6"75,58"8$6&#*)&,"6&3*+J
6$3($+35"6&8$&6(6&"335*+$6-

0)&#(%-L)$/(M0+&,$

!",& O$P& ,"& 35L)"& 8$& $6%$& ,57)*& $6%I& 3*+%$+58"& $+& ,"&
3*+G(+35K+&\:_&F($&"#")$3$&$+&6(&%N%(,*-&C*6&"(%*)$6<&
3*+&I+L"656&856%5+%*6<&#")$3$+&F($)$)&4"+%$+$)&"&,"&456J
4"&856%"+35"&"&*&+$,(#-&-(+$E.($10(3&1$%"-"$(+'&/0"$
&$ *&$ '"*T%0/&$ 2$ &$ *&+$ '"*T%0/&+$ E.($ 10(3&1$ %"-&$ #&;H1$
&$ *&$ ,(#-&-4$ C"& #*,5O",$+35"& 8$& ,*6& %I)45+*6& O$)8"8&
:&#*,N%53"&M"3$+&85LN35,&,"&)$8(335K+&8$&,*6&")%N3(,*6&"&
(+"& L*)4"& (+5%")5"<& 6(6& "(%*)$6& )"P*+"+& $+& (+& 9475J
WR LQWHUPHGLR TXL]i VLPSOHPHQWH GLVWLQWR  HQ HO TXH
WDQWRODUHDFWXDOL]DFLyQGHODWHVLVFOiVLFDGHOOyVRIR
;*7$)+"+%$&3*4*&,"&4*8$)+"&&./%"#0%&+$1"1$,(#0%&+$:&=
/0%$*(3(>$KDQGHYHQLGRSUREOHPiWLFDV3DUWLHQGRGHOD
7)$3M"&$+%)$&O$)8"8&:&#*,N%53"<&,*6&")%N3(,*6&O56,(47)"+&
P*+"6&8$&5+%$)6$335K+&$+%)$&(+"&:&*%)"-&?&$6%$&)$6#$3%*<&
UHDSDUHFHQDORODUJRGHORVWH[WRVORVWHPDVGHODUHVJ
#*+6"75,58"8&*&#)(8$+35"&#*,N%53"6&L)$+%$&"&,"6&3*+6$J
3($+35"6&8$&,"6&"335*+$6&e856%5+%"6&O")5"+%$6&8$&,*&F($&
$EHOOiQOODPDHOGHFLVLRQLVPRFUtWLFRGH:HEHU XQ
SROLWHtVPREHOLJHUDQWHSHURQRLGHQWLFDGRFRQHOUHJ
,"%5O564*&:&,"&#*6575,58"8&8$&(+"&856#(%"&#$)4"+$+%$J
4$+%$&"75$)%"&#*)&$,&6$+%58*&$+&,"6&8$4*3)"35"6>6%"6&P*+"6&8$&5+%$)6$335K+&$+%)$&#*,N%53"&:&O$)8"8<&
VLQ HPEDUJR QR DSXQWDQ D VX UHDUWLFXODFLyQ H[KDXVJ
%5O"& :& S,%54"[& ,"& 7)$3M"& 65;($& 65$+8*& 5))$#")"7,$-& !",&
YH]XQDH[FHSFLyQSRGUtDVHUHOSURJUDPDORVyFRGH
]%)"(66<&$+%$+858*<&3*4*&,*&#5$+6"&T)"+PI<&$+&$,&6$+%5J
8*&8$&(+&5+%$+%*&#*)&)$6%"()")&,"&#$)858"&(+58"8&$+%)$&
YHUGDG \ SROtWLFD S   (Q FXDOTXLHU FDVR SDUHFH
F($&,"6&"#$,"35*+$6&"3%(",$6&"&%",&(+58"8<&$+&,(;")&8$&
5+65+(")& ,*6& 3*+%*)+*6& )$",5P"7,$6& 8$& (+"& )$#S7,53"&
LGHDO FRPR OD SHQVDGD SRU 3ODWyQ WLHQGHQ D GHVHPJ
7*3")& 496& 75$+& $+& L$+K4$+*6& 3*4*& ,*6& ;*75$)+*6&
HFRQyPLFRWpFQLFRV WHFQRFUDFLD  HO UHWRUQR GH OR
TXH(ULF9RHJHOLQOODPyODVUHOLJLRQHVSROtWLFDVRODV
)$35$+%$6&4*)",5P"35*+$6&+$*3*+6$)O"8*)"6<&#*)&+*4J
7)")&",;(+*6&$G$4#,*6C*&F($&(+$&"&,*6&"(%*)$6&8$&!"*T%0/&$2$,(#-&-$$6&,"&
3*+35$+35"&8$&#$)%$+$3$)&"&(+"&%)"8535K+&3*+3$#%(",&$&
M56%K)53"&$+&,"&F($&,"&#)$;(+%"&#*)&,"6&)$,"35*+$6&$+J
%)$&O$)8"8&:&#*,N%53"&6$&M"&%*)+"8*&*7,5;"%*)5"-&W*4*&
6$&6$a","&$+&,"&B+%)*8(335K+<&%*8*6&$,,*6&#5$+6"+&/"1$
2$ /"1%#&$ OD WUDGLFLyQ S   SHUR QLQJXQR IXHUD GH
$,,"-&C"&#)$;(+%"&#*)&,"&O$)8"8&:&,"&#*,N%53"&#$)4"+$3$&
"75$)%"&#*)F($&8$#$+8$&8$&(+"&M56%*)5"&8$&#)*7,$4"6&
PiVTXHGHVROXFLRQHV(QFRQVHFXHQFLDHOOHFWRUDJ
35*+"8*&"&)$6#($6%"6&+*&$+3*+%)")9&$+&,"&3*4#5,"35K+&
GH$EHOOiQ\)UDQ]pORTXHEXVFD$TXHOTXHSUHHJ
)"<&#*)&$,&3*+%)")5*<&6$;(5)&#$+6"+8*&$+&,*6&#)*7,$4"6&
%$K)53*J#*,N%53*6& -(& +0(>'#($ SHUR TXH SUHFLVDPHQWH
#*)&$,,*<&6*+&%*8"ON"&,*6&1.(+%#"+HQFRQWUDUiHQHVWH
OLEURXQDGLFLRQDOLPSXOVRSDUDVXUHH[LyQ
#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

EPH

abierta

$2&%2(

6!(*-(#').%@)'/'

M@#"-.&5%B"##,E$"@*
>-RUJH 'DYLG &RUWpV 0RUHQR \
=*6I& j"4K+& CK#$P& j(7N& W",J
GHUyQ FRRUGV  <&#%&+$ &$ *"+$
(+%.-0&1%(+$ -($ /0(1/0&$ '"*T%0/&4$
i"*.>(1$h0p[LFR0LJXHOQJ
JHO3RUU~D%8$3@

5& *76$)O"4*6& ,*6& 8$6"))*,,*6& )$35$+%$6& 8$& ,"&


FLHQFLD SROtWLFD PH[LFDQD HV SRVLEOH VXJHULU
F($& ,"& 85635#,5+"& :& 6(& #)93%53"<& "6N& 3*4*& 6(&
$+6$a"+P"<& +*& M"7N"+& $+3*+%)"8*& $+& 6(& 3"45+*& (+"&
\$L$)O$63$+35"_& %"+& $O58$+%$& :& %"+%*6& #)*4*%*)$6&
3*4*&$+&,"&"3%(",58"8<&,*&F($&M"&M$3M*&8$&$6%"&856J
35#,5+"&(+&+S3,$*&8$&%)"7"G*&#)*L$65*+",&:&(+"&*L$)%"&
L*)4"%5O"& )$,$O"+%$& e3*+%)"85335*+$6& :& ",%$)"35*+$6&
LQWHOHFWXDOHVLQFOXLGDV HQHOLQWHULRUGHODVFLHQFLDV
VRFLDOHVPH[LFDQDV /:#4$$JXLODU5LYHUD/RDHJ
]D 0HSDUHFHTXHHOLQWHUpVFUHFLHQWHSRUHO
$6%(85*&85635#,5+")5*&:&L*)4"%5O*&-(+-($,"&35$+35"&#*J
OtWLFD HQ 0p[LFR WLHQH XQD UHODFLyQ FHUFDQD FRQ ODV
4*8",58"8$6& %$4#*)",$6& :& #*,N%53"6& 8$& ,"& 5+6%5%(35*J
QDOL]DFLyQGHOSURFHVRGHGHPRFUDWL]DFLyQPH[LFDQR
8*+8$&"&4":*)$6&,*6&+5O$,$6&8$&8$6"))*,,*&5+6%5%(35*J
+",& :& #*,N%53*& 8$& ,"& 8$4*3)"35"& e3*+G(+%"4$+%$& 3*+&
VXV UHJUHVLRQHV \ VXVSHQVLRQHV  PD\RU WDPELpQ OD
QHFHVLGDG GH H[SOLFDU EDMR OD PLUDGD \ OD GXGD SRJ
,5%*,K;53"<& ,*6& "O"%")$6& #*,N%53*6& 8$,& #)54$)& #)*3$6*&
:<&",&4564*&%5$4#*<&#*8$4*6&3*+6%"%")&3*4*&8$)5O"J
35K+&F($&+*6&$+3*+%)"4*6&%"475I+&L)$+%$&"&(+"&4":*)&
5+6%5%(35*+",5P"35K+&8$&,"&35$+35"&#*,N%53"&$+&%I)45+*6&
#")"85;49%53*6&:&85635#,5+")5*6&$+&+($6%)*&#"N6&eW*J
YDUUXELDV 
Z&

3URIHVRUGHWHRUtDSROtWLFDHQOD8QLYHUVLGDG$XWyQRPDGHOD&LXGDGGH
0p[LFR\'LUHFWRUHGLWRULDOGH?(%&'"*T%0/&-

#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

EPD

>4#$)*<&6*6%$+$)&F($&,"&6*,"&$O58$+35"&8$&,"&$O*,(J
FLyQLQVWLWXFLRQDOL]DFLyQGHODGLVFLSOLQDHVVXFLHQWH
#")"&,$;5%54")&:&F(5P9&3*)*+")&,*6&"O"+3$6&4$%*8*,KJ
;53*6&:&"+",N%53*6&8$&,"&35$+35"&#*,N%53"&+"35*+",&$6<&$+&
#*3"6&#","7)"6<&(+"&"3%5%(8&#)*O5+35"+"&:&,$G*6&)$3*J
+*3$)&$,&"O"+3$&:&,"&"3(4(,"35K+&8$&3*+*3545$+%*6<&
#*8)N"&*3"65*+")&(+"&#I)858"&8$&6(&\8$+658"8_&#")"J
85;49%53"-& >6& 8$35)<& %*8"& 85635#,5+"<& "6N& 3*4*& 3(",J
F(5$)& 3*+G(+%*& 8$& 6"7$)$6& F($& #)$%$+8"& 3*+6*,58")&
XQ iUHD HVSHFtFD GHO FRQRFLPLHQWR VLHPSUH HVWDUi
*7,5;"8"&"&45)")6$&L)$+%$&",&$6#$G*<&"&+*&)$3*+*3$)6$&
$+&I,&#")"&#*8$)&"%)"O$6"),*&3*+&$,&*7G$%5O*&8$&#)*#*J
QHUPiV\PHMRUHVSUREOHPDV\QRH[FOXVLYDPHQWHXQ
3*+G(+%*&8$&6*,(35*+$6&"&,*6&#)54$)*6&eW*O"))(75"6<&
 'HKHFKRHOSUREOHPDTXHSUHWHQGHORFDOL]DU
:&"7)5)&3*4*&8$6"LN*&<&#%&+$&$*"+$(+%.-0&1%(+$-($/0(1=
/0&$'"*T%0/&$+*&#*,$45P"&,"&O$)%5$+%$&8$&,"&5+6%5%(35*J
QDOL]DFLyQGHODGLVFLSOLQDHQ0p[LFRVLQRORV(:(/%"+$
'(#,(#+"+$ F($& #)*8(3$& :& F($& #*3"6& O$3$6& M"+& 658*&
#($6%*6& $+& ,"& 4$6"& #")"& 6(& 8$7"%$& #*)& "L($)"& 8$& ,"&
#)$6(#*6535K+&58$*,K;53"&:&"L$3%5O"-&>+&#)54$)&,(;")<&
HOGHGLVFXWLUODXQLYHUVLGDGFRPROXJDUSRUH[FHOHQJ
35"&8*+8$&6$&8$6"))*,,"&(+"&85635#,5+"&3*4*&,"&35$+35"&
#*,N%53"-& >+& $6%$& 6$+%58*<& (+"& 8$& ,"6& #)$*3(#"35*+$6&
8$& ,"& #)$6$+%$& *7)"<& 5+3,(6*& 65+& +*47)"),"& $+& 4*8*&
H[SOtFLWR HV OD IUDJPHQWDFLyQDVLPHWUtD GH ODV LQVWLJ

-'&(')'=0%&(')2%).#),"*0(>*"3"

WXFLRQHVDFDGpPLFDVPH[LFDQDVGHORVDFDGpPLFRV\
8$,&656%$4"&8$&$6%N4(,*6&#")"&,"&5+O$6%5;"35K+&F($&M"&
*3"65*+"8*&,"&)$#)*8(335K+&8$&(+&$G$)3535*&#)*L$65*J
+",J(+5O$)65%")5*&8$&,"&#*,5%*,*;N"<&"6N&3*4*&8$&*%)"6&
35$+35"6&6*35",$6&:&6K,*&#")"&$+3("8)")&",;(+*6&8$&,*6&
9+;(,*6&F($&"F(N&+*6&5+%$)$6"+<&6(#$85%"8*&:&4(3M"6&
YHFHVGHVJDMDGR HQ XQ FRQWH[WR GH+.F,&*"#&/0H1$
3)$35$+%$& 8$& ,"6& "3%5O58"8$6& 8*3$+%$6<& ",& ;)"8*& 8$&
H[SUHVDUFDPELRVUDGLFDOHVGHGLUHFFLyQHQWpUPLQRV
L*)4"%5O*6[& ",;(+*6& 8$& ,*6& 4$G*)$6& $6L($)P*6& 5+%$J
OHFWXDOHVGHODFLHQFLDSROtWLFDPH[LFDQDKDQDFDEDJ
8*<&*&496&75$+&6$&M"+&"%)5+3M$)"8*<&$+&#)5O5,$;5")&,"&
5+O$6%5;"35K+<& ,*& F($& "L$3%"& 85)$3%"4$+%$& +*& 6K,*& "&
,"&8*3$+35"&65+*&%"475I+&"&,"6&#(7,53"35*+$6<&:&496&
FXDQGRpVWDVQRVRQH[FOXVLYDPHQWHSDUDXQS~EOLFR
KLSHUHVSHFLDOL]DGR\QRSHUVLJXHQODQDOLGDGGH
5+63)575)6$&$+&",;S+&35)3(5%*&8$&5+%$)3"475*6&6547KJ
,53*J"3"8I453*&3*+&",3"+3$&+"35*+",&$&5+%$)+"35*+",&
(VFDODQWH*RQ]DOER 'HHVWHPRGR
8$3)$3$&$,&6$+%58*&#$8";K;53*&F($&,"&35$+35"&#*,N%53"&
%)"$&3*+65;*&:&F($<&$+&#*3"6&#","7)"6<&6(#*+$&$8(3")&
'&#&&:&(1$,"&8$4*3)"35"<&#*)F($&3*4*&,*&6(;5$)$&Q"J
+($,&?,39+%")"&]9$P&$+&6(&3")%"<&#*)&,*&4$+*6&$+&,"6&
,,"4"8"6& #*,5%*,K;53"4$+%$& \+($O"6_& 8$4*3)"35"6<&
\hoi&,*6&%$4"6&8$&#)*O$3M*&#")"&F(5$+$6&6$&8$853"+&
DODFLHQFLDSROtWLFDVRQSUiFWLFDPHQWHLOLPLWDGRV<
0p[LFRKD\TXHGHFLUORHVXQDQXHYDGHPRFUDFLDD
#$6")&8$&6(&,");*&#)*3$6*&8$&8$4*3)"%5P"35K+?M*)"&75$+<&+*&M":&F($&3*+L(+85)-&C*&5,545%"8*&+*&
VXSRQH DFLGH] LQWHOHFWXDO UHSHWLFLyQ GHVJDQDGD R
8$6"%$+35K+&L*)4"%5O"-&?+%$6&75$+<&,*&5,545%"8*&3*4*&
M*)5P*+%$& $6%9& O5+3(,"8*& 3*+& ,"& $8(3"35K+& :& ,"& #)*J
EOHPDWL]DFLyQGHORVOtPLWHVQHFHVDULRVDHVHH[FHVR
>+%*+3$6<&65&\$8(3")&$6&M"3$)&6$a",$6&hoi&35$)%"6&6$J
xDOHV FRPR OR DUPD /ySH] 5XEt &DOGHUyQ HQ OD
B+%)*8(335K+& 8$,& ,57)*<& <&#%&+$ &$ *"+$ (+%.-0&1%(+$ -($
/0(1/0&$'"*T%0/&$%5$+$&$,&#)*#K65%*&8$&M"3$)&\6$a",$6_&
"3"8I453"6&$&5+%$,$3%(",$6&#")"&3(7)5)&$+&,*&4N+54*<&
HOUHWRSRUGHPiVDPELFLRVR\VLHPSUHDELHUWRGH
(+"&4$G*)&L*)4"35K+&#")"&8$63)575)&:&3*+6%)(5)&,*6&,NJ
45%$6&8$&+($6%)*&%5$4#*&#)$6$+%$<&3*+&#")%53(,")&"%$+J
35K+& "& ,*6& $6%(85"+%$6& F($& $6%9+& L*)49+8*6$& 3*4*&
#*,5%K,*;*6-& Q96& "S+<& 3("+8*& 35$+35"& #*,N%53"<& #*,5J
%*,*;N"<& "+9,5656& #*,N%53*<& 6*+& #","7)"6& F($& M"+& 658*&
VXVWUDtGDV GH VX iPELWR HVHQFLDO OD XQLYHUVLGDG  \
M"+&,,$;"8*&"&*3(#")f3(4#,5)&,"6&L(+35*+$6<&4(3M"6&
8$&,"6&O$3$6&$+&4*8*&$))K+$*<&8$&,"&8$3565K+&#*,N%53"-&
B+3,(6*& 65+& )$#")")& $+& ,*6& $L$3%*6& +*& $6#$)"8*6& F($&
%*8"&8$3565K+&#*,N%53"&#)*8(3$-&
&RQWRGRDTXtQRVHDJRWDHOSUREOHPD3DUHFHTXH
$+&+($6%)*&#"N6&6$)&\7($+_&#*,5%K,*;*&"8$496&+$3$65%"&

0)&#(%-L)$/(M0+&,$

#"6")&:&*#$)")&#*)&$,&656%$4"&8$&*#5+5K+&#S7,53"&:&6(6&
3"+",$6&8$&,$;5%54"35K+<&F($&3*+&4":*)&N4#$%(&6$&5+6%"J
,K&$+&,"6&$6%"+35"6&8$&,"&$6L$)"&#S7,53"&#*6%J",%$)+"+35"-&
T)$+%$&"&$,,*<&%"+%*&,*6&3**)85+"8*)$6&3*4*&,*6&#")%535J
#"+%$6&F($&M"+&)$8"3%"8*&,"6&856%5+%"6&3")%"6&+*6&*L)$J
FHQXQDVHULHGHH[SHULHQFLDV\VHxDOHVTXHQRFDHQ
$+&$,&9475%*&8$,&656%$4"&8$&,"&*#5+5K+&#S7,53"<&65+*&$+&
"F($,&8*+8$&%5$+$&,(;")&$,&+"3545$+%*&8$&6(&3*+8535K+&
8$&#*6575,58"8[&,"&(+5O$)658"8&:&,"6&4"+$)"6&8$&"#)$+8$)&
"&$,"7*)")&(+&\,(;")_&8$68$&$,&3(",&6$"&#*657,$&M"7,")f
DQDOL]DUSROtWLFDPHQWHHOSUHVHQWHPH[LFDQR
W*+6%)(5)&(+&,(;")&8$68$&$,&3(",&6$&M"7,")9&$6&3)(J
FLDOHQODHQVHxDQ]DGHODFLHQFLDSROtWLFDHQ0p[LFR
(QVXFDUWD'LHWHU1RKOHQQRVHQYtDXQDVHxDOFODUtJ
654"[&+*&M":&5+O$6%5;"35K+&65+&%)"+64565K+&"&%)"OI6&8$&
,"&8*3$+35"<&,*&F($&3*+%)"853$&,"&"#($6%"&#*)&8$6O5+J
3(,"),"&8$&,"&5+O$6%5;"35K+-&>+%*+3$6<&5+O$6%5;")&8$68$&
:&#")"&,"&35$+35"&#*,N%53"<&";)$;"<&6(#*+$&"#)$+8$)&"&
HQVHxDU WUDQVPLWLU \ SRU H[WHQVLyQ KHUHGDU S  
"(+F($&%"4#*3*&M":&F($&*,O58")&F($&%*8"&M$)$+35"&6$&
%)"+645%$&"&#")%5)&8$&6(6&",$G"45$+%*6&:&8563*+%5+(58"J
8$6<&#*)&+*&8$35)&8$&6(6&)(#%()"6<&:"&F($&+*&M":&M$)$+J
35"&3*+%5+("&6",O*&"F($,,"&F($&+*&6$&8$6$"&%)"+645%5)-&
3RUVXSDUWH-RUJH'DYLG&RUWpV0RUHQRWDPELpQVH
DSUR[LPDDHVWDGLUHFFLyQDXQTXHVXREMHWLYRHVGLVJ
WLQWRLQYHVWLJDU\HQVHxDUFLHQFLDSROtWLFDHQ0p[LFR
#"6"&L*)P*6"4$+%$&#*)&$,&$6#"35*&8563()65O*&$&M56%K)5J
3*&8$&,"6&M$)$+35"6&#*,N%53"6<&$6&8$35)<&#*)&$,&"+9,5656&8$&
,*6&"7"+8*+*6&:&*,O58*6&8$&,*&F($&,,"4"&\)$6%)5335*+$6&
#)*#5"6&8$,&65;,*&11_<&:&F($&65;($+&*)8$+"+8*&,"&O58"&
#S7,53*J#*,N%53"&+"35*+",<&3*4*&,*&6*+&,*6&#)*7,$4"6&
8$&,"&)$#)$6$+%"35K+&#*,N%53"<&,"&6",(8&8$,&3($)#*&#*,NJ
%53*<&,"&#*,5%5P"35K+&L)"3%()"8"&8$&,"6&+($O"6&;)(#",5J
8"8$6&:&6(&O56575,58"8&$+&,"&$63$+"&#S7,53"<&,"&3*))(#J
FLyQ\ODUHQGLFLyQGHFXHQWDV SS 
'H HVWH PRGR HO OLEUR FRQWULEX\H D GLIHUHQFLDU
,"6& 854$+65*+$6& 8$& 5+%$,5;575,58"8& 8$,& "+9,5656& #*65J
7,$& F($& *%*);"+& ,*6& 6"7$)$6& 4$%*8*,K;53*6<& %$K)53*6&
:&3*4#")"8*6&8$&,"&35$+35"&#*,N%53"-&]5&75$+&$6&35$)%*&
F($& ,"& L$(8",5P"35K+& 8$,& )I;54$+& 8$& ,"& *#5+5K+& #SJ
7,53"&$6&(+&L$+K4$+*&F($&:"&$6%9&#)$6$+%$&8$68$&,*6&
"a*6&*3M$+%"&$+&,"&4$858"&8$&F($&#)$%$+8$&8$6"))*J
,,")&$,&)$;56%)*&8$&,*6&#)*3$6*6&:&,*6&L$+K4$+*6&F($&
6();N"+& ",& 3",*)& 8$& ,"6& %)"+6L*)4"35*+$6& #*,N%53"6& :&
VRFLDOHV GHO SDtV (VFDODQWH *RQ]DOER   KR\
#*)& 8$6;)"35"<& $6%$& L$+K4$+*& 6$& M"& O($,%*& $)*65O*&
#")"& ,"& L*)4"35K+& $+& 9475%*& 8$& 35$+35"& #*,N%53"<& :"&
F($&$6%9&3*4#,$%"4$+%$&85)5;58*&"&,"&#)*8(335K+&8$&
(47)",$6&8$&)$#(%"35K+&:&O56575,58"8&8$&,"&"3%5O58"8&
#*,5%*,K;53"&$+&$,&)I;54$+&8$&,"&*#5+5K+&#S7,53"&e%$,$J
YLVLyQSUHQVDHVFULWDUDGLR DOJUDGRGHHVWHULOL]DUHO
#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

EPI

&#(%-L)$/(M0+&,$//0 0$&'%*)-"1'&&.=0'$

"+9,5656&8$&6(&854$+65K+&3)N%53*JI%53"-&?,&)$6#$3%*<&$+&
6(&4565O"<&j*7$)%*&U");")$,,"&853$[&\j$6(,%"&+*%"7,$<&
$+&$L$3%*<&8$&F(I&4*8*&,"6&$63($,"6&496&#)*L$65*+"J
OHV VRQ ODV TXH PiV SURGXFHQ PDWHULDOHV H[WUDRUGLJ
QDULDPHQWHDOHMDGRVGHOPXQGRFLUFXQGDQWH S 
(Q HVWD PLVPD GLUHFFLyQ 3DWULFLR 1DYLD QRV RIUHFH
(+"&6($)%$&8$&4N+54"&"(%*75*;)"LN"&#*,5%*,K;53"&e##-&
 DOLJXDOTXHODPLVLYDGH2FWDYLR5RGUtJXH]
$UDXMRTXHQDOL]D7HQHPRVPiVLQWHUURJDQWHVTXH
)$6#($6%"6<&:<&8$68$&,($;*<&(+&)$%*&"&,"&54";5+"35K+&
#")"&5+%$+%")&3"%$;*)N"6&F($&+*6&":(8$+&"&3*4#)$+8$)&
+*&6K,*&,"6&8$%$)45+"35*+$6&F($&6(L)$&$,&#*8$)<&%"4J
75I+&,"6&)$,"35*+$6&4564"6&8$&I6%$&:&,"6&"335*+$6&#")"&
;")"+%5P")&,"&"4#,5"35K+&8$4*3)9%53"<&+*&6K,*&L*)4",&
VLQRWDPELpQVRFLDO SS 
?6N&#($6<&,"&"8O$)%$+35"&8$&,*6&"(%*)$6&8$&,"6&3")%"6&
$6&#)$356"4$+%$&6(7)":")&F($&,"&35$+35"&#*,N%53"&:&$,&
"+9,5656& #*,N%53*& F($& ,$& 6(7:"3$<& #)*8(3$+& 01:"#>&=
/0H1$#")"&8$6#(I6&#$)45%5)&,"&"'010H1-&?8$496<&M":&
F($& 85L$)$+35")& F($& ,$;5%54")& ,"& *#5+5K+& $+& $,& )I;5J
4$+&8$&,"&3*4(+53"35K+&+*&$6&65+K+54*&8$&"+9,5656&
#*,N%53*<&5+3,(6*&:&"&#$6")&8$&F($&6$&M"&)$3())58*&656J
%$49%53"4$+%$&"&,"&#)*8(335K+&8$&,"&$+3($6%"&3*4*&
PHFDQLVPRTXHLQWHQWDFXEULUODH[LJLELOLGDGGHVHJ
ULHGDG FLHQWLFLGDG \ FUHGLELOLGDG (VFDODQWH
*RQ]DOER   <&#%&+$ &$ *"+$ (+%.-0&1%(+$ -($ /0(1=
/0&$'"*T%0/&$",$)%"&:&M"3$&6(:"&,"&85L$)$+35"35K+&$+%)$&
$,&)$;56%)*&8$68$&,"&35$+35"&#*,N%53"&8$&,"&M56%*)5"&8$,&
%5$4#*&#)$6$+%$&F($&+*&3*5+358$&e:&G"496&,*&M"&#*85J
GR KDFHU  FRQ DTXHOOR TXH ORV IUDQFHVHV GHQRPLQDQ
\,"&M56%K)53"&8$,&M$3M*&5+4$85"%*_-&
'H HVWH PRGR KDEUtD TXH HPSH]DU D UHSODQWHDU
,*6&8*6&#)*3$6*6&F($&6*4$)"4$+%$&$6%*:&$67*P"+8*[&
,"&)$3(#$)"35K+&8$&,"&$+6$a"+P"&#*)&(+"&#")%$<&:&,*6&
QHVSHGDJyJLFRVGHODFLHQFLDSROtWLFD GXGDFUtWLJ
FD SRUODRWUD<SDUDFRPHQ]DUWRPHPRVDODOHWUD
,"6&8*6&#","7)"6&F($&)$3*))$+&3"8"&(+"&8$&,"6&3")%"6&
:&F($&"#")$3$+&65+%$%5P"8"6&$+&,"&8$&>+)5F($&@3M*"&
5H]DHORFLRGHOSROLWyORJRQHFHVLWDGHKXPLOGDG\
DQWHWRGRGLJQLGDG SS 
>+&6(4"<&3*+658$)*&F($&(+*&8$&,*6&*7G$%5O*6&;$J
+$)",$6& 8$& ,"& #)$6$+%$& *7)"& $6& "7)5)& (+& $6#"35*& #")"&
L(+8")& :& %$G$)& ,(;")$6& F($& ,,$O$+& $,& 3*+*3545$+%*& "&
,"&3()5*658"8&8$,&$6%(85"+%$&#")"&6$#")")&,"&%)"+645J
VLyQIRUPDFLyQGHODH[FLWDFLyQHVWpULOGHODSROtWLFD
FRWLGLDQD S (OORSRGUiVHUSRVLEOHGLFH1ROHQ
65&6$&#($8$&\6(6%5%(5)&,"&3(,%()"&8$&,"&*#5+5K+&#*)&,"&
FXOWXUDGHODUJXPHQWR$XQTXHFXHQWDFRQXQVLJQLJ
3"8*&F($&O"&496&",,9&8$&,"&(+5O$)658"8<&$6&$+&,"6&"(,"6&
(+5O$)65%")5"6&8*+8$&$6%$&#)*3$6*&8$7$&5+535")6$_&e#-&
 $GHPiVHVWHDUJXPHQWRFREUDLPSRUWDQFLDSRUJ
#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

EPJ

F($&"S+&6$;(54*6&$+3")"+8*&4(3M*6&8$&,*6&#)*7,$J
4"6&:&L$+K4$+*6&#*,N%53*6&+"35*+",$6&:&,*3",$6&8$68$&
(+&3*+G(+%*&8$&3"%$;*)N"6&8$&"+9,5656&F($&+*&M"+&658*&
#)*8(358"6&$+&$,&9475%*&(+5O$)65%")5*&+"35*+",<&,*&F($&
54#"3%"&)"853",4$+%$&$+&,"6&L*)4"6&8$&%)"+64565K+&:&
35)3(,"35K+&8$,&3*+*3545$+%*-&>+&$6%$&6$+%58*<&$6&35$)J
%*&e:&F(5P9&6*+&#*3*6&,*6&F($&#($8"+&8$35)&,*&3*+%)"J
ULR TXHQRSRGHPRVGHVDWHQGHUHOGHVDUUROORFRQFHSJ
%(",<&M56%K)53*&:&4$%*8*,K;53*&8$&,"&85635#,5+"&$+&,*6&
35)3(5%*6& 5+%$)+"35*+",$6& 8$& 5+%$)3"475*& "3"8I453*J
6547K,53*<& $,& $G$4#,*& 5+$,(857,$& $6& >6%"8*6& A+58*6&
:& 6*7)$& %*8*& )$6#$3%*& ",& 8$6"))*,,*& 8$& ,*6& $6%(85*6&
FRPSDUDGRVFRPRORH[SUHVDQ0XQFN\6Q\GHUHQVX
FDUWD SS \WDPELpQ$OFiQWDUDFXDQGRDOXGH
DOFRQRFLPLHQWRGHOYHFLQR S WDPELpQHVYHUJ
8"8&F($&,"6&L*)4"6&8$&)$3$#35K+&:&%#&-.//0H1$$+&$6%$&
FDVR FLHQFLDSROtWLFDQRUWHDPHULFDQD HQHOFRQWH[WR
PH[LFDQRKDQPDQLIHVWDGRXQDDFWLWXGDFUtWLFD\SRFR
3(58"8*6"&3*+&)$,"35K+&"&,"&8$6")%53(,"35K+&*7,5;"8"&
8$& ,"6& 4"+$)"6& "& #")%5)& 8$& ,"6& 3(",$6& $,& ,$+;("G$& 8$&
XQDGLVFLSOLQDKDFUHFLGRHQHOLQWHULRUGHXQFRQWH[WR
,5+;lN6%53*J3(,%()",&8$%$)45+"8*[&,"&3"%$;*)N"&D.*($":$
*&A$$6&5,(6%)"%5O"&8$,&#*3*&%)"7"G*&8$&)$6$4"+%5P"35K+&
3(,%()",& :& 65+%93%53"<& #($6& 4(3M"6& O$3$6& 6$& %)"8(3$&
,57)$4$+%$& 3*4*& ;*75$)+*& 8$& ,"& ,$:& e3*6"& F($& +*&
H[LVWH QL VLTXLHUD HQ OD FRQVWLWXFLyQ PH[LFDQD  \ HQ
$,&#$*)&8$&,*6&3"6*6&3*4*&>6%"8*&8$&8$)$3M*<&3("+J
8*&6(6&;$+$",*;N"6&3*+3$#%(",$6&+*&6*+&$F(5O",$+%$6-&
?);(4$+%*&496&O9,58*&65&*76$)O"4*6&F($&,"&35$+35"&
#*,N%53"&$6&(+"&85635#,5+"&3*4#")"8"&:&$+&+($6%)*&#"N6&
+*&6$&#)*8(3$&35$+35"&#*,N%53"&3*4#")"8"-&>6&8$35)<&6$&
54#*)%"&,"&\3"G"&8$&M$))"45$+%"6_&#")"&(%5,5P"),"&$+&(+&
3*+G(+%*&8$&L$+K4$+*6&#*,N%53*6&F($&+*&6*+&5+O$6%5J
;"8*6&$+&3,"O$&3*4#")"8"-&!*4$4*6<&#*)&$G$4#,*<&,"&
UHH[LyQGHOVLVWHPDSROtWLFRPH[LFDQRTXHKDVLGR
LQYHVWLJDGR\H[SOLFDGRFRPRHVWXGLRGHFDVRFRQ
SRFDVH[FHSFLRQHVGHLQWHQWRVELHQORJUDGRVGHLQYHVJ
%5;"),*&$+&3,"O$&3*4#")"8"<&8"8*&$,&6(#($6%*&:&$6F(5J
O*&3")93%$)&+.0$3V1(#0+$GHOVLVWHPDSROtWLFRPH[LFDQR
WHPDVREUHHOFXDO-DFTXHOLQH3HVFKDUGHQYtDDOJXQDV
VHxDOHVVXJHUHQWHV S 
(Q Q HQ 0p[LFR D WUDYpV GH OD FLHQFLD SROtWLFD
\ GH VXV GHVDUUROORV FRQWHPSRUiQHRV H[LVWH XQD VHJ
)5$& 8$& ,*;)*6<& 65+& 8(8"<& 54#*)%"+%$6-& ]5+& $47");*<&
QR HV VXFLHQWH SDUD XQ SDtV TXH H[SUHVD XQ GpFLW
#)*L(+8*&$+&6(6&4"+$)"6&8$&$+6$a")<&%)"+645%5)<&;$J
QHUDU\DFXPXODUFRQRFLPLHQWRV3DUHFLHUDTXHODRULJ
;5+",58"8& $6%9& ,$G*6& 8$& 6$)& (+& $,$4$+%*& 3*+6%5%(%5O*&
8$& ,"& 3*4(+58"8& "3"8I453"& ,*3",<& $+& 3(:*& 5+%$)5*)&
%$+$4*6& (+"& L($)%$& :& #$)+535*6"& 85O565K+& :& 6(785O5J
65K+&8$,&%)"7"G*&5+%$,$3%(",&F($&3*))$6#*+8$&496&"&,"6&

-'&(')'=0%&(')2%).#),"*0(>*"3"

856#(%"6&$+%)$&5+6%5%(35*+$6&:&"3"8I453*6&:&4$+*6&"&
ODGLIHUHQFLDFLyQHQWUHHVFXHODVGHSHQVDPLHQWR3RU
$G$4#,*<& +*& 6$& *76$)O"& (+"& %)"+64565K+& :& )$3"475*&
;$+$)"35*+",& $+& ,"& 35$+35"& #*,N%53"& #)*L$65*+",& $+&
QXHVWURSDtV([LVWHQSRFRVHOHPHQWRVHQFRP~QHQWUH
,*6&;)(#*6&;$+$)"35*+",$6&F($&3(,%5O"+&,"&85635#,5+"-&
!*8"ON"&6$&(%5,5P"+&,*6&\;)"+8$6&+*47)$6_&e-#"''013$
1&>(+ SDUDLQGLFDUSURSRQHUUHIHULUGDUODVSDXWDV
8$& ,"6& +($O"6& ,N+$"6& 8$& 5+O$6%5;"35K+& :& 8$7"%$6& F($&
KDEUiQ GH JHQHUDUVH &RYDUUXELDV   /RV PDUJ
3*6&8$&)$L$)$+35"&65;($+&$+&(+"&65%("35K+&#*3*&"3*)8$&
FRQORVWLHPSRVTXHFRUUHQHQ0p[LFR6LKDFRVWDGR
$+*)458"8$6&8$4*3)"%5P")&$6%$&#"N6<&3*6"&F($&#*)&,*&
8$496&M":&F($&L$6%$G")&:&8$L$+8$)&&/&-V>0/&>(1%(<&
#")$35$)"&F($&,"&"3(4(,"35K+&8$&,"&5+O$6%5;"35K+&$+&,"&
35$+35"&#*,N%53"&3"45+"&$+&(+&6$+%58*&85"4$%)",4$+%$&
*#($6%*&"&$6%"&85)$335K+-&
3DUDWHUPLQDU<&#%&+$&$*"+$(+%.-0&1%(+$-($/0(1/0&$
'"*T%0/&$$6&(+&,,"4"8*&",&$6%(85*&8$&,*6&L$+K4$+*6&8$,&
#*8$)<& F($& +*& $6& 85)$3%"4$+%$& #)*#*)35*+",& "& ,,$;")&
#(+%(",4$+%$&",&,,"4"8*&F($&6(#*+$&6(&$G$)3535*-&>+&
OD FDUWD TXH FLHUUD OD REUD &ODXGLD =LOOD KDFH FODUD
HVWD LQWHQFLyQ H[LVWHQ FXDWUR DFWLYLGDGHV EiVLFDV GH
3(",F(5$)&#*,5%K,*;*[&\*76$)O")<&,$$)<&#$+6")&:&$63)575)&
VREUHIHQyPHQRVSROtWLFRV S (OOODPDGRYRFDJ

0)&#(%-L)$/(M0+&,$

35K+&F($&6$&,"+P"&L)$+I%53"4$+%$&"&8*+8$&6$"&3*+&%",&
8$&*7%$+$)&3(",F(5$)&%5#*&8$&)$6#($6%"&e01$'#0>0+<&%)"J
EDMR\SULYLOHJLRV HVGLFHLUyQLFDPHQWH=LOODDVXQWR
8$&'#0>&%(+$'"*T%0/"+)$:&"+%$&,*&3(",&,$&F($8"&",&#*,5J
%K,*;*&,"&8$L$+6"&8$&6(&45)"8"&L)$+%$&"&,"&4*+*#*,5J
P"35K+&8$,&(+5O$)6*&8$&,"&5+%$)#)$%"35K+<&:"&F($&853$[&
\%*8"&45)"8"&$6&(+"&O56%"&85)5;58"&:&+*&M":&85)$335K+&
VLQFULWHULRVGHSRVLFLyQ S 
j>T>j>'WB?]

$JXLODU5LYHUD-$  (OHQFODYH\HOLQFHQJ


85*_<&S(W"+Q~PHQHUR
&RYDUUXELDV,  /DFLHQFLDSROtWLFDIUHQWHDO
$6#$G*_<&O(>&+$2$-(F&%(+4$D(,0+%&$.10,(#+0%&#0&$-($
/0(1/0&+$+"/0&*(+YROQ~PGLFLHPEUH
&RYDUUXELDV,  0p[LFRDWUDYpVGHODFLHQFLD
#*,N%53"_<&I"W&YROQ~PSULPHUVHPHVWUH
(VFDODQWH*RQ]DOER)  (OHVFiQGDORLQWHUPLJ
+"7,$[&"#(+%$6&6*7)$&$,&656%$4"&8$&*#5+5K+&#S7,53"_<&
HQ 6 /RDH]D \ -) 3UXGKRPPH FRRUGV  wUi-&
U1+%0%./0"1(+$2$'#"/(+"+$'"*T%0/"+0p[LFR&ROPH[
/RDH]D6ROHGDG  /DFLHQFLDSROtWLFDHOSXOVR
GHOFDPELRPH[LFDQRD(,0+%&$-($/0(1/0&$'"*T%0/&<&
O*,-&/X<&+S4-&.-&

#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

EPF

)'"(

principios

6!()2(Y*"%.$.29(

*-2(%2&!2(-'&+2%.32($'-(C.-!"(

prcticos
K-/#%&CL&!-4"&>-#(A(/-4*

>-HV~V 5RGUtJXH] =HSHGD L*$


03.&*0%&#0+>"$ *0F(#&*$ -($ K"91$
D&A*+4& L+%.-0"$ -($ *&& !$*)N"& 8$&
ODMXVWLFLD0p[LFR0LJXHOQJ
JHO 3RUU~D8$0,]WDSDODSD
/0.0-i

("+8*&M"7,"4*6&8$,&#)*7,$4"&8$&,"&,$;5%545J
8"8& 8$& (+& )I;54$+& #*,N%53*& +*6& )$L$)54*6& "&
ODQHFHVLGDGGHMXVWLFDUODH[LVWHQFLDGHXQD
5+6%5%(35K+&#*,N%53"&:&6*35",-&>6&8$35)<&8$354*6&F($&(+&
)I;54$+&$6&,$;N%54*&3("+8*&6(#*+$4*6&F($&,*6&5+85J
O58(*6&6(G$%*6&"&$6$&)I;54$+&$+3($+%)"+&85O$)6"6&)"J
P*+$6&#")"&"3$#%"),"<&*&75$+&F($&"F($,&F(5$+&$6;)54$&
WDOHVMXVWLFDFLRQHVVHGLULJHDODUD]yQGHORVVXMHWRV
#")"& F($& $,,*6& #($8"+& 3*4#)$+8$),"6& *& "3$#%"),"6-&
>6%*& 54#,53"& F($& ,"6& )"P*+$6& $6;)5458"6& 54#,53"+&
XQDMXVWLFDFLyQUDFLRQDOSDUDOHJLWLPDUXQDUHODFLyQ
O$)%53",&8$&8*45+"35K+&#*,N%53"&8*+8$&,*6&35(8"8"+*6&
$6%9+&*7,5;"8*6&"&*7$8$3$)&"&(+&;*75$)+*&#*,N%53*&:&"&
,"6&5+6%5%(35*+$6&F($&,*6&)$6#",8"+-&]5+&$47");*<&8$J
354*6<&#*)&$,&3*+%)")5*<&F($&(+&)I;54$+&$6&5,$;N%54*&
FXDQGRORVFULWHULRVRUD]RQHVTXHMXVWLFDQDWDOUpJ
;54$+&+*&6*+&"3$#%"8*6&#*)&,*6&35(8"8"+*6-&>,&G()56%"&
\ OyVRIR SROtWLFR 1RUEHUWR %REELR    QRV
H[SOLFDTXHGHVGHHOSODQRGHODORVRItDSROtWLFDHO
SUREOHPDHVYLVWRDWUDYpVGHODMXVWLFDFLyQ~OWLPD
8$,&#*8$)&#*,N%53*&3("+8*&\M"3$&)$L$)$+35"&"&%$*)N"6&
TXHSDUWLHQGRJHQHUDOPHQWHGHVXSXHVWRVORVyFRV
3URIHVRU GH WHRUtD SROtWLFD HQ OD 8QLYHUVLGDG$XWyQRPD GH OD &LXGDG
GH0p[LFR

#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

EPK

6*7)$& ,"& +"%()",$P"& M(4"+"<& ,"& 6*35$8"8& *& ,"& M56%*J


)5"<& "6#5)"+& "& $6;)545)& 7($+"6& )"P*+$6<& 5+3,(6*& ,"6&
4$G*)$6<&#*)&,"6&3(",$6&$,&#*8$)&8$7$&e*&+*&8$7$<&$+&
GHWHUPLQDGRVFDVRV VHUREHGHFLGRHVGHFLUVHSURJ
SRUFLRQDXQDMXVWLFDFLyQGHODREOLJDFLyQSROtWLFD\
6$&8$,545%"&6(&9475%*&#)*#5*_8Q HMHPSOR GH HVWH SURFHVR GH MXVWLFDFLyQ GHO
#*8$)& #*,N%53*& ,*& $+3*+%)"4*6& $+& $,& 3*+%)"3%(",56J
4*& 4*8$)+*& 8$& =*M+& C*3m$<& F(5$+& ");(4$+%"& F($&
$,& *)5;$+& 8$,& #*8$)& #*,N%53*& 6();$& 3*4*& )$6#($6%"& "&
(+&$6%"8*&+"%()",4$+%$&*)8$+"8*&#$)*&3*+&3")$+35"6<&
8*+8$&,"&M(4"+58"8&$6%9&$+&(+"&3*+8535K+&$+&,"&3(",&
6$&#"8$35$)"&(+"&$+L$)4$8"8&#*)&,"&L",%"&8$&(+&*);"J
+5P"35K+& #*,N%53"-& ]5+& $47");*<& ,"& 8*45+"35K+& #*,NJ
%53"&6K,*&#($8$&6$)&"3$#%"8"&65&6$&3*+658$)"&$,&O",*)&
M(4"+*&8$&,*6&M*47)$6&8$%$)45+"8*&#*)&6(&,57$)%"8&$&
LJXDOGDG/RFNH  DUPDHQHOSDUiJUDIR
8$,&Y(3.1-"$%#&%&-"$-(*&3"F0(#1"$/0,0*$F($&\h6i5$+8*&
,*6&M*47)$6&,57)$6&$&5;(",$6&$&5+8$#$+85$+%$6&#*)&+"J
%()",$P"&hoi&+"85$&#($8$&6",5)&8$&$6%$&$6%"8*&:&O$)6$&
6*4$%58*&",&#*8$)&#*,N%53*&8$&*%)*<&&$>(1"+$E.($>(-0($
+.$'#"'0"$/"1+(1%0>0(1%"$<&,"&S+53"&4"+$)"&#*)&,"&F($&
(+*&)$+(+35"&"&6(&,57$)%"8&+"%()",&:&6$&65%S"&7"G*&,*6&
,N45%$6&8$&,"&6*35$8"8&35O5,&$6&",3"+P"+8*&(+&"3($)8*&

*"$),&0#-0,0"$)2%)*')A.$(0-0'

3*+&*%)*6&M*47)$6&#")"&)$(+5)6$&:&O5O5)&$+&3*4(+5J
8"8<&#")"&O5O5)&(+*6&3*+&*%)*6&$+&#"P<&%)"+F(5,58"8&:&
3*+&8$758"&3*4*858"8<&$+&$,&856L)(%$&8$&6(6&#)*#5$J
8"8$6&)$6#$3%5O"6&:&3*+&,"&4":*)&6",O";(")85"&L)$+%$&
"&"F($,,*6&F($&+*&L*)4"+&#")%$&8$&$6"&3*4(+58"8_(Q HVWH IUDJPHQWR SRGHPRV LGHQWLFDU WUHV HOHJ
4$+%*6&$6$+35",$6&8$&,"&%$*)N"&3*+%)"3%(",-&>,&#)54$)*&
$6%9&$+&$,&4$85*&#")"&8")&*)5;$+&",&#*8$)&#*,N%53*[&$,&
3*+6$+%545$+%*&8$&,*6&5+85O58(*6&*&#")%$6&3*+%)"%"+J
%$6-&>,&6$;(+8*&$6&$,&$L$3%*&8$&$6$&3*+6$+%545$+%*&F($&
8$%$)45+"&,"&*7,5;"35K+&8$&,*6&3*+%)"%"+%$6&3*+&)$6J
SHFWRDOSRGHUSROtWLFR(O~OWLPRHVHOTXHGHQHHO
QGHOSRGHUSROtWLFRHQWDQWRTXHHVWHDFXHUGRRFRQJ
%)"%*&",&5+%$)3"475")&*7$85$+35"&L)$+%$&",&#*8$)&#*,NJ
WLFRVHOHH[LJHDFDPELRJDUDQWL]DUODSD]ODOLEHUJ
%"8&5+85O58(",&:&,"6&#*6$65*+$6<&,*6&3(",$6&L(+35*+"+&
3*4*& ,N45%$6& 8$& ,"& L($)P"& 8$,& >6%"8*-& ]5+& $47");*<&
$6%"&#)*#($6%"&,57$)",&8$&C*3m$&%5$+$&3*4*&*7G$%5O*&
GHQLUHOiPELWRGHHMHUFLFLRGHOSRGHUHVWDWDO\H[J
#,53")& #*)& F(I& ,*6& 35(8"8"+*6& 8$7$+& *7$8$3$)& "& $6$&
#*8$)&3("+8*&+*&"L$3%"&,*6&5+%$)$6$6&5+85O58(",$6&8$&
I6%*6-&>+&4(3M"6&*3"65*+$6&$6%$&#(+%*&"#")$3$&3*4*&
$,&,(;")&8$68$&$,&3(",&6$&3)5%53"&",&,57$)",564*&#*,N%53*>+&$,&,57)*&L*$03.&*0%&#0+>"$*0F(#&*$-($K"91$D&A*+4$
L+%.-0"$-($*&$!$*)N"&8$&,"&=(6%535"<&=$6S6&j*8)N;($P&
=HSHGD LGHQWLFD D 5DZOV FRPR XQ FRQWLQXDGRU GH
,"&%)"8535K+&%$K)53"&,57$)",<&#$)*&+*6&,,"4"&,"&"%$+35K+&
TXH SDUD UHDOL]DU WDO LGHQWLFDFLyQ SULPHUR XELFD DO
"(%*)& 8$& ,"& O("#T&$ -($ *&$ N.+%0/0&$ 8$+%)*& 8$& ,"& %)"85J
35K+&#*,N%53"&+*)%$"4$)53"+"&#")"&,,$;")&"&(+"&3*4J
SUHQVLyQPiVH[DFWDGHHVWHUDVJROLEHUDO5RGUtJXH]
=HSHGD DGYLHUWH TXH HO DGMHWLYR OLEHUDO HQ HO GHEDWH
$6%"8*(+58$+6$&)$6#*+8$&"&,"&8$L$+6"&8$,&>6%"8*&8$&
75$+$6%")&"&#")%5)&8$,&S(A$I(&*$8$&j**6$O$,%<&496&F($&
"&,"&"6*35"35K+&8$,&4564*&3*+&$,&,57$)",564*&$3*+KJ
PLFR3RUHOORGHHQGHTXHDOKDEODUGHOOLEHUDOLVPR
8$&j"d,6&$+3*+%)"4*6&(+&#")$358*&8$&L"45,5"&3*+&,"6&
VRFLDOGHPRFUDFLDVHXURSHDVORFXDOH[SOLFDSRUTXp
6(&%$*)N"&4*)",&8$&,"&G(6%535"&856%)57(%5O"&+*&+$3$65%"J
7"&#")"&I,&(+"&6*,(35K+&8$&3*+%5+(58"8&3*+&)$6#$3%*&"&
6(&%$*)N"&#*,N%53"&8$,&>6%"8*&54#")35",&)$6#$3%*&"&,"6&
FXHVWLRQHV PRUDOHV \ UHOLJLRVDV 3DUD 5DZOV VX SURJ
;)"4"& %$K)53*& 6*7)$& ,"& G(6%535"& 3*4*& 54#")35",58"8&
:&8$6#(I6&$,&%)"7"G*&F($&)$",5PK&6*7)$&$,&,57$)",564*&
#*,N%53*&)$6#*+8N"&"&(+&%)"7"G*&#)*;)$65O*&:&(+5%")5*-&
]5+&$47");*<&$,&"(%*)&8$&L*$03.&*0%&#0+>"$*0F(#&*$-($
K"91$D&A*+^<&,"4$+%"&F($&$+&$6%$&6$;(+8*&4*4$+%*&
6$&85$)"&(+"&85645+(35K+&8$&,"&*7,5;"%*)5$8"8&4*)",&
8$,&856%)57(35*+564*&)"853",&F($&6$&M"7N"&O56%*&$+&,"&
#)54$)"&#")%$&8$&,"&*7)"&8$&j"d,6<&3*+&)$6#$3%*&",&,5J
EHUDOLVPRSROtWLFR'HKHFKRHODUJXPHQWRSULQFLSDO

0)&#(%-L)$/(M0+&,$

GHOOLEURGH5RGUtJXH]=HSHGDH[SRQHODUHOHYDQFLD
%$K)53"&8$,&,57$)",564*&5;(",5%")5*&8$&j"d,6-&>,&#(+%*&
8$&#")%58"&8$&$6%"&8$L$+6"&$6%9&$+&$,&)$3*+*3545$+%*&
8$,&;5)*&F($&j"d,6&,$&85*&"&,"&4564"&%$*)N"&3*+%)"3J
%(",56%"<& #($6& %(O*& ,"& "(8"35"& 8$& ");(4$+%")& F($& $,&
REMHWRGHODORVRItDSROtWLFDQRHVWiHQODMXVWLFDJ
35K+&8$&,"&8*45+"35K+&#*,N%53"&8$,&>6%"8*<&65+*&$+&,"&
GHMXVWLFDUORVSULQFLSLRVGHMXVWLFLDSDUDXQDVRFLHJ
GDGELHQRUGHQDGD$UPD5RGUtJXH]=HSHGDTXH
hoi& $,& #)5+35#",& *7G$%5O*& 8$,& ,57$)",564*& 856%)57(%5O*& 8$&
j"d,6& 3*+656%$& $+& $6%"7,$3$)& ,*6& #)5+35#5*6& 8$& G(6%535"& F($&
M"7)9+&8$&)$;5)&,"&"65;+"35K+&8$&8$)$3M*6&:&8$7$)$6&:&)$;(,")&
,"&856%)57(35K+&8$&,"6&O$+%"G"6&:&3");"6&6*35",$6&:&$3*+K45J
FDV>@PHGLDQWHODVJXUDVGHODSRVLFLyQRULJLQDULD\HO
O$,*&8$&,"&5;+*)"+35"<&,"&$F(58"8&%"+%*&8$&,"6&3*+8535*+$6&8$&
$,$335K+&8$&$6*6&#)5+35#5*6&3*4*&8$&,"6&5+6%5%(35*+$6&:&,$:$6&
TXHGHHOORVVHGHULYDQ S 

C"&*#*)%(+58"8&F($&6$&"7)$&"&j"d,6&"&#")%5)&8$&(+"&
MXVWLFDFLyQ GH ORV SULQFLSLRV GH MXVWLFLD QR VyOR OH
#$)45%$&)$6#*+8$)&",&M$3M*&M56%K)53*&F($&$+4")3"&,"&
6*,$8"8& 8$& ,"6& 8$4*3)"35"6& 3*+6%5%(35*+",$6& 8$& 8$J
)$3M*& #")"& "))*#")6$& 3*4*& $,& 656%$4"& 6*35",& F($& M"&
,*;)"8*&(+&3*+6$+6*&;$+$)",5P"8*&6*7)$&6(&,$;5%545J
8"8&%)"6&,"&3"N8"&8$,&6*35",564*&)$",&:&L)$+%$&",&L(+8"J
4$+%",564*&#*,N%53*&:&)$,5;5*6*&8$&,"6&%)"8535*+$6&+*&
*3358$+%",$6<&65+*&F($&%"475I+&,$&"7)$&,"&*#*)%(+58"8&
8$&3($6%5*+")&,*6&4564*6&3)5%$)5*6&F($&L(+8"4$+%"+&"&
$6%"6&8$4*3)"35"6-&]5+&$47");*<&$,&"3$+%*&#($6%*&#*)&
j"d,6&$6%9&$+&)$3*+*3$)&$,&,*;)*&8$&,"6&8$4*3)"35"6&
4*8$)+"6&$+&3("+%*&",&)$3*+*3545$+%*<&;")"+%N"&:&8$J
L$+6"&8$&,"6&,57$)%"8$6&:&8$)$3M*6&3*+6$;(58*6&$+&$,&
5+%$)5*)&8$&,*6&>6%"8*6&"&%)"OI6&8$,&3*+6%5%(35*+",564*&
4*8$)+*<&:<&",&4564*&%5$4#*<&$,&#)*:$3%*&5;(",5%")56%"&
GH5DZOVH[SOLFDODQHFHVLGDGGHXQDFUtWLFDVREUHORV
3)5%$)5*6&#")"&,"&856%)57(35K+&8$&,*6&75$+$6&#)54")5*6<&
#($6&$6&(+&M$3M*&5++$;"7,$&F($&,"&8$65;(",8"8&54#$J
UD'HDKtTXHODREUDGH5DZOVSXHGDVHUFRQVLGHUDGD
FRPR OLEHUDO H LJXDOLWDULVWD 3DUD LGHQWLFDU HQ TXp
6$+%58*&$6&,57$)",&$&5;(",5%")56%"&#")%"4*6&8$&,"&5++$J
;"7,$&)$O565K+&8$&,*6&#)5+35#5*6&8$&G(6%535"&#)*#($6%*6&
SRU5DZOVTXHOOHYDDFDER5RGUtJXH]=HSHGD
3DUD FRPHQ]DU KDEUi TXH GHFLU TXH WDOHV SULQFLJ
#5*6&)$6#*+8$+&"&(+&#)*;)"4"&+*)4"%5O*&F($&7(63"&
%"+%*&)$63"%")&,"&3*4#,$G58"8&8$&,"&+*35K+&8$&5;(",8"8&
:&$+4")3")&$+&6(&G(6%"&854$+65K+&$,&O",*)&4*)",&8$&,"&
SHUVRQDDVtFRPRH[WUDHUGHORVORJURVDOFDQ]DGRVSRU
,"6& 5+6%5%(35*+$6& 8$& ,*6& >6%"8*6& 8$4*3)9%53*6& 3*+6J
%5%(35*+",$6& 8$& 8$)$3M*& ,"& 8$L$+6"& 8$& $6%*6& O",*)$6&
"& %)"OI6& 8$,& ,$+;("G$& 8$& ,*6& 8$)$3M*6& :& ,57$)%"8$6& :&
4$85"+%$& ,"& *7%$+35K+& 8$& $6%*6& #)5+35#5*6& 8$%$)45J
#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

EPO

&#(%-L)$/(M0+&,$//0 ,%2&")A:)!%5')8%&#B#2%5

+"8*6&#*)&(+&#)*3$6*&3*+6$+6(",&8$&)"NP&3*+%)"3%(",-&
3RU HOOR HO SULPHU SULQFLSLR H[SUHVD HO TXH VH GHED
)$3*+*3$)&"&3"8"&#$)6*+"&(+&8$)$3M*&5;(",&"&,"&496&
H[WHQVD OLEHUWDG EiVLFD FRPSDWLEOH FRQ XQD OLEHUWDG
VLPLODUSDUDWRGRV(OVHJXQGRSULQFLSLRH[SOLFDTXH
,"6& 8$65;(",8"8$6& 6*35",$6& :& $3*+K453"6& M"+& 8$& 6$)&
RUGHQDGDVFRQHOQGHTXHWDOHVGHVLJXDOGDGHVVHDQ
O$+%"G*6"6& #")"& %*8*6& :& 6$& $+3($+%)$+& O5+3(,"8"6& "&
HPSOHRV\FDUJRVDVHTXLEOHVSDUDWRGRV S 
(QHO&DStWXOR5RGUtJXH]=HSHGDDQDOL]DHODOJ
3"+3$&+*)4"%5O*&8$&$6%*6&8*6&#)5+35#5*6&F($&$6%9+&$+&
,"& 7"6$& 8$& ,"& +*35K+& 8$& G(6%535"& 3*4*& 54#")35",58"8&
8$& j"d,6& 65+& 8$G")& 8$& )$O56")& 6(6& ",3"+3$6-& C*& 496&
LQWHUHVDQWHGHVXH[SRVLFLyQHVWiHQODDFODUDFLyQGH
,"&856%5+35K+&$+%)$&,"&3*+3$#35K+&;$+$)",&8$&G(6%535"&:&
(+"&3*+3$#35K+&$6#$35",&8$&,"&G(6%535"[&\6$&*,O58"&F($&
,"&3*+3$#35K+&;$+$)",&$6%9&#*6%(,"8"&3*4*&(+&$+(+J
35"8*&4*)",&8$&3")93%$)&(+5O$)6",56%"<&45$+%)"6&F($&,"&
3*+3$#35K+& $6#$35",& 6$& #)$6$+%"& 3*4*& ,"& "#,53"35K+&
8$&$6"&3*+3$#35K+&"&,"&65%("35K+&8$&,"6&8$4*3)"35"6&
FRQVWLWXFLRQDOHV FRQWHPSRUiQHDV S   0iV DGHJ
ODQWHDUPDTXHODFRQFHSFLyQHVSHFLDOUHSUHVHQWDUtD
(+"&,545%"35K+&"&,"&O",58$P&8$&,"&%$*)N"&8$&,"&G(6%535"&
3*4*& 54#")35",58"8& 8$& j"d,6& #*)F($& 6K,*& O",8)N"&
#")"&,*6&656%$4"6&6*35",$6&:&#*,N%53*6&8$&>6%"8*6&A+5J
GRV\(XURSDRFFLGHQWDO6LQHPEDUJR5RGUtJXH]=HJ
SHGDGHHQGHTXHODOHFWXUDGHODFRQFHSFLyQJHQHUDO
"7)$&,"&#*6575,58"8&(+5O$)6",56%"&F($&#$)45%"&8$L$+8$)&
(+& )$3,"4*& 856%)57(35*+56%"& 8$L$+857,$& %"+%*& $+& 6*J
35$8"8$6&8$4*3)9%53"6&3*4*&#")"&6*35$8"8$6&3*+&(+&
PHQRUGHVDUUROORSROtWLFRVRFLDO\HFRQyPLFR'HDKt
F($&$,&;)"+&O",*)&8$&3*+658$)")&$6%"&856%5+35K+&$+%)$&,"&
3*+3$#35K+&;$+$)",&:&"F($,,"&3*+3$#35K+&$6#$35",&6$"&
6(6%"+%5O"<&#($6&M"3$&#*657,$&%*4"),"&3*4*&7"+8$)"&
5+3,(6*& $+& ,*6& #"N6$6& 4$+*6& L"O*)$358*6& :& 3*+& (+"&
3")$+35"&8$&#)*3$6*6&8$4*3)9%53*6/R DQWHULRU SHUPLWH DO DXWRU H[SOLFDU TXH MXQWR D
,*6&8*6&#)5+35#5*6&8$&G(6%535"&8$&j"d,6&6$&$+3($+%)"&
(+"& #(3*&$ -($ '#0"#0-&-$ TXH WLHQH SRU Q HVWDEOHFHU
(+&)$F(565%*&5+$,(857,$&F($&8$3,")"&$,&)$6#$%*&$6$+35",&
8$&,"6&,57$)%"8$6&:&8$)$3M*6&5+85O58(",$6&8$&(+"&35(J
8"8"+N"&8$4*3)9%53"&L)$+%$&"&3(",F(5$)&)$3,"4*&#")"&
,"&856%)57(35K+&8$&)"+;*6<&#*8$)$6&*&)5F($P"-&>6&8$35)<&
HVWDUHJODLPSOLFDTXHODH[LJHQFLDGHDSOLFDFLyQGHO
6$;(+8*&#)5+35#5*&8$7$)9&6$)&%*4"8*&$+&3($+%"&65&:&
6K,*&65&,"6&3*+8535*+$6&8$,&#)54$)*&+*&6*+&6(6#$+85J
8"6-&W*+&$6%"&)$;,"&8$&#)5*)58"8&6$&#*+$&(+&3"+8"8*&
SDUDOLPLWDUODVH[LJHQFLDVUHODFLRQDGDVFRQFXDOTXLHU
RWUDGHPDQGDVRFLDO\TXHGDH[SXHVWRHOFDUiFWHUOLJ
7$)",&8$&,"&*7)"&8$&j"d,6&",&"#*6%")&3*4*&O",*)&L(+J
8"4$+%",&$,&8$&,"&,57$)%"8&5+85O58(",&L)$+%$&"&3(",F(5$)&
#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

EEP

*%)*&O",*)<&5+3,(58*&$,&8$&,"&5;(",8"8]5+&$47");*<&$,&3")93%$)&5;(",5%")5*&8$&j"d,6&F($J
GDH[SXHVWRSRUGRVSULQFLSLRVFRQWHQLGRVGHQWURGHO
6$;(+8*&#)5+35#5*&8$&G(6%535"-&>,&#)54$)*&8$&$6%*6&8*6&
#)5+35#5*6&$6&$,&8$&,"&G(6%"&5;(",8"8&8$&*#*)%(+58"8$6&
:&$,&6$;(+8*&$6&$,&#)5+35#5*&8$&85L$)$+35"<&F($&3*4J
#,$%"& $,& G($;*& 8$& M5#K%$656& 8$& ,"& 3(",& #")%$& ,"& %$*)N"&
8$&,"&G(6%535"&3*4*&54#")35",58"8&8$&j"d,6&:&F($&%5$J
QHQFRPRQHOJHQHUDUODVFRQGLFLRQHVGHLJXDOGDG
$+&%*8*6&,*6&+5O$,$6&8$&,"&O58"&6*35",-&]5+&$47");*<&
HO DOFDQFH GH HVWD LJXDOGDG TXHGDUi H[SXHVWR HQ OD
3*4#)$+65K+&8$&$+%)$&F(5I+$6&:&3*+&)$6#$3%*&"&F(I&$6&
#*657,$&$6%"&5;(",8"8-&C"&#)54$)"&3($6%5K+&%5$+$&(+"&
H[FHOHQWHH[SRVLFLyQ\GLVFXVLyQHQHO&DStWXORGH
5RGUtJXH]=HSHGDMXQWRDODVFDWHJRUtDVFHQWUDOHVGH
,"&*7)"&8$&j"d,6&3*4*&,*6&6*+&,"&'"+0/0H1$"#0301&#0&)$
(*$,(*"$-($*&$031"#&1/0&$:&,"&$6%)"%$;5"&3*+%)"3%(",56%"-&
]K,*&#")"&%$+$)&3,")*&3(9,&$6&$,&6(G$%*&$+%)$&F(5$+$6&
#*8$4*6&$6%"7,$3$)&(+"&)$,"35K+&8$&5;(",8"8<&35%*&01$
(W%(1+"&",&"(%*)[
>,& )$3()6*& "& ,"& %)"8535K+& 3*+%)"3%(",56%"& #$)45%$& "& j"d,6&
8*%")&"&6(&+*35K+&8$&#*6535K+&*)5;5+")5"&8$&(+"&854$+65K+&
PRUDOTXHODGHQLFLyQHQSULPHUDLQVWDQFLDGHVXVVXMHWRV
FRPRDXWRLQWHUHVDGRVQRSHUPLWtDGHULYDU(OSDVRGHODJ
JXUD GH VXMHWRV DXWRLQWHUHVDGRV SURSLRV GHO PRGHOR GH OD
WHRUtDGHODHOHFFLyQUDFLRQDO\GHODHFRQRPtDQHRFOiVLFD
"&6(G$%*6&4*)",$6&3")"3%$)5P"8*6&#*)&6(&,57$)%"8&$&5;(",8"8&
VyORVHSXHGHORJUDUFRQODLQWURGXFFLyQGHODJXUDGHOD
#*6535K+& *)5;5+")5"-& >+& $6%$& 6$+%58*<& $,& $6%"%(%*& 4*)",& 8$,&
856%)57(35*+564*&)"d,65"+*&6$&M"3$&#*657,$&;)"35"6&",&$6%"J
7,$3545$+%*&8$&(+&#(+%*&8$&O56%"&F($&4($6%)"&,"&#$)%5+$+35"&
4*)",&8$,&G(535*&+*)4"%5O*&F($&6*6%5$+$&F($&+"85$&8$7$&#*J
6$$)&O$+%"G"6&#)*O$+5$+%$6&8$&,"&L*)%(+"<&*&8$&,"6&35)3(+6%"+J
35"6& 6*35",$6<& O",$& 8$35)<& O$+%"G"6& F($& #($8$+& 3*+658$)")6$&
DUELWUDULDVGHVGHXQSXQWRGHYLVWDPRUDO/DGHQLFLyQGHOR
G(6%*&54#,53"8"&$+&$6%$&G(535*&$6&$6$+35",[&6K,*&$6&G(6%*&"F($J
,,*&F($&$6&$,&)$6(,%"8*&8$&(+&"3($)8*&$+%)$&#$)6*+"6&,57)$6&
HLJXDOHVEDMRFRQGLFLRQHVGHSOHQDHTXLGDG SS 

C"&3($6%5K+&F($&;)"O5%"&",)$8$8*)&8$,&#)*7,$4"&8$&6"J
7$)&$+&F(I&6*+&5;(",$6&,"6&#$)6*+"6&4*)",$6&6$&$+3($+J
%)"&$6%"7,$358"&"&#")%5)&8$&8*6&854$+65*+$6-&C"&#)54$)"&
TXHGDGHQLGDSRUODQHFHVLGDGGHHVWDEOHFHUXQFULWHJ
)5*&8$&856%)57(35K+&#")"&,*6&75$+$6&6*35",$6&F($&M";"+&
#*657,$& (+"& )$,"35K+& 8$& $F(58"8& $+& $,& 9475%*& 8$& ,*6&
8$)$3M*6&:&,"6&,57$)%"8$6&35(8"8"+"6&:&F($&)$6#*+8$&
85)$3%"4$+%$&",&#)54$)&#)5+35#5*&8$&G(6%535"-&C"&6$;(+J
GDGLPHQVLyQUHVSRQGHDOiPELWRHFRQyPLFRFRQHOQ
8$&)$8(35)&,"6&8$65;(",8"8$6&F($&6$&8"+&$+&,"&$6%)(3%(J
UDEiVLFDGHODVRFLHGDG3RUHOORSRGHPRVGHFLUTXH
,"&%$*)N"&8$&,"&G(6%535"&8$&j"d,6&$6&)"853",&#*)F($&7(6J
3"&(+"&856%)57(35K+&5;(",5%")5"&8$&%*8*6&,*6&75$+$6&F($&

*"$),&0#-0,0"$)2%)*')A.$(0-0'

7(63"&8$L$+8$)&,"6&,57$)%"8$6&8$&(+"&35(8"8"+N"&#)*#5"&
8$&(+"&8$4*3)"35"<&7"6"8"&6*7)$&(+"&3*+3$#35K+&4*J
UDOGHODSHUVRQD(VWRVLJQLFDTXHSDUD5DZOVHVQHJ
3$6")5*<&"+%$6&8$&"(%*)5P")&3(",F(5$)&8$)$3M*<&,57$)%"8&
RFDUJDVRFLDOTXHVHRIUH]FDXQDMXVWLFDFLyQPRUDO
8$&,"&$6%)(3%()"&#*,N%53"&,$;",&8$&,"6&6*35$8"8$6&4*8$)J
+"6-&?8$496<&,"&%$*)N"&$6&3*4#,$%"<&#($6&5+3,(:$&%*8*6&
ORVELHQHVVRFLDOHVVLJQLFDWLYRVFX\DSRVHVLyQ\GLVJ
L)(%$&$6&,"&3")"3%$)N6%53"&8$&,*6&35(8"8"+*6&F($&M"75%"+&
XQDVRFLHGDGELHQRUGHQDGD S 
A+"& 8$& ,"6& 4":*)$6& O5)%(8$6& 8$,& %)"7"G*& 8$& j*J
GUtJXH] =HSHGD FRQVLVWH QR VyOR HQ XQD H[SRVLFLyQ
EDVDGDHQXQDFODULGDGDQDOtWLFDGHORVFRQFHSWRVH[J
SXHVWRVSRU-RKQ5DZOVVLQRWDPELpQHQODGHH[SRQHU
3*+&#$)%5+$+35"&,"&3)N%53"&F($&M"&)$35758*&,"&*7)"&8$,&
"(%*)&8$&O("#T&$-($*&$N.+%0/0&-&A+&$G$4#,*&8$&$6%*&,*&
$+3*+%)"4*6&3("+8*&)$3*+*3$&F($&,"&%$*)N"&8$&,"&G(6J
%535"&3*4*&54#")35",58"8&8$&j"d,6&M":&F($&3*,*3"),"&
8$+%)*&8$,&9475%*&+*)4"%5O*&3*+&$,&*7G$%5O*&8$&58$+%5J
FDUODFRPRXQDMXVWLFDFLyQPRUDOGHORVSULQFLSLRV
F($&;(N"+&,"&3*+6%)(335K+&8$&(+"&6*35$8"8&75$+&*)8$J
QDGD HQ OD FXDO TXHGD H[FOXLGD OD DUELWUDULHGDG PHJ
85"+%$&,"&"76%)"335K+&8$,&3")93%$)&4*)",-&]5+&$47");*<&
",&#)*3$8$)&8$&$6%"&4"+$)"&6$&8$63")%"&,"&8$65;(",8"8&
)$",&F($&3")"3%$)5P"&,"&O58"&$L$3%5O"&8$&,"6&6*35$8"8$6-&
5RGUtJXH]=HSHGDDSXQWDTXHXQDGHODVSULQFLSDJ
OHVFUtWLFDVDODREUDGH5DZOVTXHGDH[SXHVWDFRQOD
+*35K+&,(*"$-($*&$031"#&1/0&3DUD5DZOVHOYHORGHOD
5;+*)"+35"& $6& (+"& )$6%)5335K+& 5+L*)4"%5O"& F($& ,545%"&
,"& 3"+%58"8& 8$& 5+L*)4"35K+& F($& %5$+$+& ,*6& 6(G$%*6& ",&
"3$#%")&4$85"+%$&(+&3*+%)"%*&,*6&#)5+35#5*6&8$&G(6%535"&
FRQHOQGHTXHHVWRVGDWRVFHQVXUDGRVQRSXHGDQLQJ
%$)L$)5)&$+&,"&"3$#%"35K+&8$&,*6&#)5+35#5*6&+*)4"%5O*6-&
>6%$&6(#($6%*&O$,*&8$&,"&5;+*)"+35"&6(#*+$&"&6(G$%*6&
4*)",$6& F($& #*6$$+& (+"& 58$"& 8$,& 75$+& :& F($& #($8$+&
8$6"))*,,")&(+&6$+%58*&8$&G(6%535"<&#$)*&F($&+*&%5$+$+&
5+L*)4"35K+&6*7)$&,"&$63"6$P&$L$3%5O"&8$&,"&6*35$8"8&
SDUWLFXODU(VWDKLSyWHVLVHVH[SXHVWDFRQHOQGHJDJ
)"+%5P")&(+"&#*6535K+&8$&5;(",8"8&:&,57$)%"8&4*)",&$+J
%)$&,*6&6(G$%*6&8$,&3*+%)"%*<&#$)*&L)$+%$&"&$,,"&6$&*#*+$&
XQDSULPHUDFUtWLFDH[SXHVWDDSDUWLUGHODREUDGH5RJ
QDOG'ZRUNLQ\TXHSODQWHDODIDOWDGHXQDVyOLGDEDVH
#")"&;$+$)")&(+&ON+3(,*&#*,N%53*<&$+&%"+%*&F($&,"6&3*+J
8535*+$6& #($6%"6& 7"G*& ,"& 58$"& 8$,& 3*+%)"%*& 8$& j"d,6<&

0)&#(%-L)$/(M0+&,$

8*+8$& 54#$)"+& %"+%*& ,*6& #)5+35#5*6& 8$& G(6%535"& 3*4*&


,"6& )$;,"6& 8$& G(6%535"& :& F($& $6%"7,$3$+& ,"& *7,5;"35K+&
4*)",<&+*&6$&4"+%5$+$+&$+&,"6&3*+8535*+$6&$L$3%5O"6-&
'H DKt TXH OD REOLJDFLyQ PRUDO LPSOtFLWD D SDUWLU GH
,*6&#)5+35#5*6&8$&G(6%535"&+*&;$+$)$&+$3$6")5"4$+%$&(+&
ON+3(,*&#*,N%53*-&C"&*%)"&3)N%53"<&,"&3(",&$6&3*+658$)"8"&
SRU5RGUtJXH]=HSHGDFRPRODPiVIXHUWHGHHVWDVGRV
3)N%53"6&M"3$&)$L$)$+35"&"&,"&#,()",58"8&8$&#*6535*+$6&
F($&$6&#*657,$&#$+6")&$+&,"&8$,57$)"35K+&8$&,*6&#)5+35J
#5*6&8$&G(6%535"-&j"d,6&6(#*+$&F($&,"&#*6535K+&*)5;5J
+")5"& #($8$& )$#)$6$+%")6$& 3*4*& (+"& \)$#)$6$+%"35K+&
WHDWUDOFRQHOQGHSRQHUVHHQHVFHQDWDQWDVYHFHV
3*4*&6$"+&+$3$6")5"6&#")"&"3%(",5P")&,"6&)"P*+$6&F($&
MXVWLFDQ ORV SULQFLSLRV GH OD MXVWLFLD 6LQ HPEDUJR
$6%"&4"+$)"&8$&#)*3$8$)&8$&j"d,6&L",,"&#*)F($&"+(,"&
$,&3")93%$)&85",K;53*&$&5+%$)6(7G$%5O*&F($&6(7:"3$&$+&,"&
58$"&3*+%)"3%(",<&#*)F($&\"(+F($&%*8*6&,*6&45$47)*6&
8$,&;I+$)*&M(4"+*&6$&)$#)$6$+%")"+&$,&#)*3$8545$+%*&
3*+%)"3%(",&#")"&$6%"7,$3$)&,*6&#)5+35#5*6&8$&,"&G(6%535"<&
$6%*&+*&,*6&O5+3(,")N"&+$3$6")5"4$+%$&$+&L*)4"&3*+J
%)"3%(",<&#($6&3"8"&(+*&8$&$,,*6&#*8)N"&,,$O")&"&3"7*&
HO SURFHVR GH IRUPD LQGHSHQGLHQWH S   (VWH
DUJXPHQWRDUPD5RGUtJXH]=HSHGDHVLQVDOYDEOHD
4$+*6&F($&6$&8$75,5%$&,"&)$6%)5335K+&8$,&O$,*&8$&,"&5;J
+*)"+35"&#)*#($6%"&#*)&j"d,6-&>6%*&54#,53")N"<&6*7)$&
%*8*<&)$6",%")&,"&854$+65K+&$45+$+%$4$+%$&4*)",&8$,&
SULQFLSLRGHGLIHUHQFLDHVWRHVODREOLJDFLyQGHKDFHU
,"6& #*6535*+$6& 4$+*6& L"O*)$358"6& +*& 6K,*& $,& 3)5%$)5*&
EiVLFR VLQR WDPELpQ PRUDO SDUD ODV HVWUDWLFDFLRQHV
VRFLDOHV FRQ HO Q GH TXH XQ DUUHJOR GLVWULEXWLYR
6$)N"& G(6%*& 65$4#)$& F($& ,"& #")%$& )$#)$6$+%"%5O"& #$*)&
65%("8"&,"&"#)*7")"<&65+&F($&M(75$)"&+$3$658"8&8$&3*+J
VLGHUDU ORV EHQHFLRV GH ODV SRVLFLRQHV VLWXDGDV SRU
$+354"&8$&$,,"<&%*8"&O$P&F($&65&(+"&856%)57(35K+&&L($)"&
"3$#%"8"&#*)&F(5$+$6&4$+*6&6$&L"O*)$3$+&8$&$,,"<&,*6&
4$G*)$6& 65%("8*6& F($& $6%*6<& 3(",F(5$)"& F($& L($)"& 6(&
#*6535K+&)$,"%5O"<&+*&%$+8)N"+&,$;5%5458"8&4*)",&#")"&
UHFODPDURWURWLSRGHDUUHJOR S 
j>T>j>'WB?]

%REELR1  O("#T&$3(1(#&*$-($*&$'"*T%0/&<&Q"J


8)58<&!)*%%"/RFNH-  Y(3.1-"$%#&%&-"$+"F#($(*$3"F0(#1"$
/0,0*<&Q"8)58<&!$3+*6-

#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

EEE

Paz y trabajo

0,($9-&C%@$"(-

,'5);)(&'='A") 0)!',&-.$./N/($)%&#'L&'

#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

EEH

!',&-.$./N/($)%&#'L&'//0 %.#0-%)A"$0'#%

#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

EED

,'5);)(&'='A") 0)!',&-.$./N/($)%&#'L&'

#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

EEI

!',&-.$./N/($)%&#'L&'//0 %.#0-%)A"$0'#%

#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

EEJ

,'5);)(&'='A") 0)!',&-.$./N/($)%&#'L&'

#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

EEF

!',&-.$./N/($)%&#'L&'//0 %.#0-%)A"$0'#%

#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

EEK

,'5);)(&'='A") 0)!',&-.$./N/($)%&#'L&'

#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

EEO

!',&-.$./N/($)%&#'L&'//0 %.#0-%)A"$0'#%

#-)$('+Q)&,$&QRS:)TU6)DQDHI)<)SVHWI)CD)XYOX

EGP

También podría gustarte