3DWHQWH860iTXLQDGLQDPRHOpFWULFD*RRJOH3DWHQWHV
,QLFLDUVHVLyQ

3DWHQWHV

%XVFDU&RQRFLPLHQWRV3UHYLRV

&RPHQWDUWKLVSDWHQWH

9HU3')

'HVFDUJDU3')


'\QDPRPiTXLQDHOpFWULFDGH
ORV(VWDGRV8QLGRV$
5(680(1DYDLODEOHLQ

,0*(1(6 

1~PHURGHSXEOLFDFLyQ
7LSRGHSXEOLFDFLyQ
)HFKDGHSXEOLFDFLyQ
)HFKDGH3UHVHQWDFLyQ
)HFKDGH3ULRULGDG

86$
&RQFHVLyQ
GHPDU]R
(QH
(QH

,QYHQWRUHV

/DOX]HOpFWULFDWHVOD

&HVLRQDULRRULJLQDOHV

(O7HVOD(OHFWULF/LJKWDQG0DQXIDFWXULQJ
&RPSDQ\

([SRUWDUFLWD

%LE7H;(QG1RWH5HI0DQ

&ODVLILFDFLRQHV
(QODFHV([WHUQRV86372FHVLyQGH86372(VSDFHQHW

'(6&5,3&,1(OWH[WR3URFHVDGRSRU2&538('(&RQWHQHU(UURUHV

5(&/$0$&,21(6DYDLODEOHLQ

1RKD\PRGHORVKRMDVGHKRMDV17(6/$

048,1$(/e&75,&$'<1$02
13DWHQWDGR0DQ
,,,,,,,,,,,,,,,,,,)LFKDV+RMD
1RKD\PRGHOR
17(6/$048,1$(/e&75,&$'<1$02
3DWHQWDGR0DOD@OO1U7(Q81,'26DWHQW'DUUHQ
1LNROD7HVOD'(6PLOMDQ/LND$XVWULD+XQJUtDFHGHQWHDO(/(&75,&/,*+77(6/$DQG0DQXIDFWXULQJ&RPSDQ\'(
5$789$<
1(:-(56(<
(63(&,),&$&,21(6'<1$0*IRUPDQGRSDUWHGH&DUWDV3DWHQWHV1GHIHFKDGHPDU]R
$SSOLFDWLRQWLOHG-DXXDU\$FWXDOL]DGRGLFLHPEUH6HULDO1R1RKD\PRGHOR
$WRGRVTXLHQHVSXHGHFRQFHUQ
6HDQRWRULRTXH\R1LNROD7HVODGH6PLOMDQ/LNDSDtVIURQWHUL]RGH$XVWULD+XQJUtDKHLQYHQWDGRFLHUWDVPHMRUDVHQ
0iTXLQDV'\QDPHHOpFWULFRVGHORVFXDOHVWKFIROORZ
LQJHVXQDHVSHFLILFDFLyQ
/RVSULQFLSDOHVREMHWRVGHPLLQYHQFLyQVRQSDUDLQFUHPHQWDUODHILFLHQFLDGHODPiTXLQD\SDUDIDFLOLWDU\DEDUDWDUOD
FRQVWUXFFLyQGHODPLVPD\WRWKLVWHUPLQDUPLLQYHQFLyQVHUHILHUHDOPDUFRPDJQpWLFR\HOLQGXFLGR\RWUDVFDUDFWHUtVWLFDV
GHODFRQVWUXFFLyQHQDGHODQWHPiVFRPSOHWDPHQWHH[SOLFDGR
0LLQYHQFLyQVHLOXVWUDHQODDFFRPSDUX\LQJGLEXMRVHQORVTXHODILJXUDOHVXQDVHFFLyQORQJLWXGLQDO\ODILJDFURVV
VHFFLyQGHODPiTXLQD)LJHVXQDYLVWDVXSHULRU\ODILJXQDYLVWDODWHUDOGHOPDUFRPDJQpWLFR)LJHVXQDYLVWDGH
H[WUHPRGHODVEDUUDVHRQ
XQXWDWRU\ODILJLHVXQDVHFFLyQGHODVEDUUDVGHHMH\HOFRQPXWDGRU)LJGLDJUDPDGHLVD
TXHLOXVWUDODVERELQDVGHODDUPDGXUD\ODVFRQH[LRQHVDODVSODFDVGHFROHFWRUY
/RVQ~FOHRVFFGHOFDPSRLPDQHVSXHGHVHUHVWUHFKDHQDPEDVGLUHFFLRQHVFRPRVHPXHVWUDDORVHIHFWRVGH
FRQFHQWUDUHOPDJQHWLVPRHQHOFHQWURGHORVSRORVSLH]DV
(O))FRQHFWDUPDUFRGHORVLPDQHVOLHOGHVHQODIRUPDLQGLFDGDHQODYLVWDODWHUDO
)LJODSDUWHLQIHULRUHVWDQGRSURYLVWDFRQODVSLHUQDVFRODGR\FXUYDGRGHHQVDQFKDPLHQWRXQGHPRGRTXHOD
PiTXLQDYDDGHVFDQVDUILUPHPHQWHVREUHGRVEDUUDVGHEDVHUU
(QHOSRORLQIHULRU6GHOFDPSRGHLPiQ0VHILMDSUHIHUHQWHPHQWHSRUPHGLRGH%DEELWWXRWURPDWHULDOGLDPDJQpWLFR
IXVLEOHODEDVH%TXHVHSURSRUFLRQDFRQFRMLQHWHVGHESDUDHO+DUPDGXUDHMHGHODEDVH%WLHQHXQDSUR\HFFLyQ"
TXHDSR\DORVSRUWDHVFRELOODV\ORVGLVSRVLWLYRVGHUHJXODFLyQTXHSXHGHVHUGHFXDOTXLHUFDUiFWHURUGLQDULRRSXHGHVHU

KWWSZZZJRRJOHFRPSDWHQWV86





3DWHQWH860iTXLQDGLQDPRHOpFWULFD*RRJOH3DWHQWHV

WDOFRPRVHPXHVWUDHQODVROLFLWXGGHIHFKDFRPRODSUHVHQWH
/DDUPDGXUDHVWiFRQVWUXLGDFRQHOILQGHUHGXFLUDOPtQLPRODSpUGLGDGHSRWHQFLDGHELGRDODVFRUULHQWHVWUDQVYHUVDOHVRGH
)RXFDXOW\SDUDHOFDPELRGHODSRODULGDG\WDPELpQSDUDDFRUWDUWDQWRFRPRVHDSRVLEOHODORQJLWXGGHODODPEUHHQUROODGR
LQDFWLYDVREUHODDUPDGXUDFRUH
(VELHQVDELGRTXHFXDQGRODDUPDGXUDVHKDFHJLUDUHQWUHORVSRORVGHODVUHGHVGHFDPSRPDJFRUULHQWHVVHJHQHUDQHQHO
FXHUSRGHKLHUURGHODDUPDGXUDTXHVHGHVDUUROODQFDORUDQG
FRQVHTXHQWO\FDXVDXQDSpUGLGDGHSRWHQFLD'HELGRDOD
DFFLyQPXWXDGHODVOtQHDVGHIXHU]DODVSURSLHGDGHVPDJQpWLFDVGHKLHUUR\ODYHORFLGDGGHODVGLIHUHQWHVSRUFLRQHVGHOD
DUPDGXUDFRUHHVWDVFRUULHQWHVVHJHQHUDQSULQFLSDOPHQWHHQ\FHUFDGHODVXSHUILFLHGHODDUPDGXUDGHQ~FOHR
GLVPLQX\HQGRHQIXHU]DJUDGXDOPHQWHKDFLDHOFHQWURGHOQ~FOHR6XFDQWLGDGHVHQODVPLVPDVFRQGLFLRQHVSURSRUFLRQDOD
ODORQJLWXGGHOFXHUSRGHKLHUURHQODGLUHFFLyQHQODTXHVHJHQHUDQHVWDVFRUULHQWHV$OVXEGLYLGLUHOQ~FOHRGHKLHUUR
HOpFWULFDPHQWHHQHVWDGLUHFFLyQODJHQHUDFLyQGHHVWDVFRUULHQWHVSXHGHUHGXFLUVHHQJUDQPHGLGD3RUHMHPSORVLOD
ORQJLWXGGHODDUPDGXUDGHQ~FOHRHVGHGRFHSXOJDGDV\SRUXQDFRQVWUXFFLyQDGHFXDGDGHODPLVPDVHVXEGLYLGH
HOpFWULFDPHQWHSRUORTXHKD\HQODGLUHFFLyQGHJHQHUDFLyQGHVHLVSXOJDGDVGHKLHUUR\VHLVSXOJDGDVGHLQWHUYHQLU
DLUVSDHHVRPDWHULDODLVODQWHODVFRUULHQWHVVHUHGXFLUiQDOFLQFXHQWDSRUFLHQWR
&RPRVHPXHVWUDHQORVGLEXMRVODDUPDGXUDHVWiFRQVWUXLGDGHGLVFRVGHKLHUURILQR'''GHGLIHUHQWHVGLiPHWURV
VXMHWDGRVVREUHODDUPDWXUHVKDIWGHXQDPDQHUDDGHFXDGD\GLVSXHVWRVGHDFXHUGRDVXVWDPDxRVGHPRGRTXHVHIRUPD
XQDVHULHGHFXHUSRVGHKLHUUR+]FDGDXQRGHTXHGLVPLQX\HHQJURVRUQHVVGHVGHHOFHQWURKDFLDODSHULIHULD(QDPERV
H[WUHPRVGHODDUPDGXUDGHORVGLVFRVKDFLDHOLQWHULRUFXUYDGDSUHIHULEOHPHQWHGH
FDVWLURQVHVXMHWDQDORV
DUPDWXUHVKD
IW
(OQ~FOHRGHOLQGXFLGRVHFRQVWUX\HFRPRVHPXHVWUDVHYHIiFLOPHQWHTXHHQODVSDUWHVGHODDUPDGXUDTXHVRQORVPiV
DOHMDGRVGHOHMH\GRQGHODVFRUULHQWHVVRQGHVDUUROODURQSULQFLSDOPHQWHODORQJLWXGGHKLHUURHQODGLUHFFLyQGH
JHQHUDFLyQHVVyORXQDSHTXHxDIUDFFLyQGHODORQJLWXGWRWDOGHODDUPDGXUDGHQ~FOHR\DGHPiVGHHVWHFXHUSRTXHHO
KLHUURVHVXEGLYLGHHQODGLUHFFLyQGHJHQHUDFLyQ\SRUORWDQWRODVFRUULHQWHVGH)RXFDXOWVHUHGXFHQFRQVLGHUDEOHPHQWH
2WUDHDXVHGHFDOHQWDPLHQWRHVHOGHVSOD]DPLHQWRGHORVSRORVGHODDUPDGXUDFRUH&RPRFRQVHFXHQFLDGHODVXEGLYLVLyQ
GHOKLHUURHQODDUPDGXUD\HODXPHQWRGHODVXSHUILFLHGHODUDGLDFLyQGHOULHVJRGHFDOHQWDPLHQWRVHGLVPLQX\H
/RVGLVFRVGHKLHUUR'''SRGUiHVWDUDLVODGRRUHFXELHUWRVFRQDOJ~QDLVODQWHSLQWXUDPX\FXLGDGRLQWDLVODPLHQWRVLHQGR
LQQHFHVDULD\DTXHXQFRQWDFWRHOpFWULFRHQWUHYDULRVGLVFRVVyORSXHGHQRFXUULUHQOXJDUHVGRQGHODVFRUULHQWHVJHQHUDGDV
VRQFRPSDUDWLYDPHQWHGpELO8QDUPDWXUHFRUHFRQVWUXLGRGHODPDQHUDGHVFULWDSXHGHVHUJLUDGRHQWUHORVSRORVGHORV
LPDQHVGHFDPSRVLQPRVWUDUHOPHQRUDXPHQWRGHODWHPSHUDWXUD
/RVGLVFRVILQDOHVGGTXHVRQGHXQHVSHVRUVXILFLHQWH\SRUHOELHQGHEDUDWXUDSUHIEOHPHQWHGHKLHUURIXQGLGRVH
FXUYDQKDFLDGHQWURFRPRVHLQGLFDHQORVGLEXMRV(OJUDGRGHODFXUYDGHSHQGHGHODFDQWLGDGGHFDEOHTXHVHHQUROOD
VREUHODVDUPDGXUDV(QPLSUHVHQWHLQYHQFLyQHODODPEUHVHHQUROODVREUHODDUPDGXUDHQGRVSDUWHVVXSHUSXHVWDV\OD
FXUYDGHORVGLVFRVILQDOHVGVHFDOFXODUVHGHPDQHUDWDOTXHODSULPHUDSDUWWKDWLVSUDHWLFDOO\KDOIRIHOFDEOH
VLPSOHPHQWHVHOOHQDHOHVSDFLRKXHFRDODOtQHDGHDRVLHODODPEUHVHHQUROODHQFXDOTXLHURWUDIRUPDODFXUYDHVWDO
TXHFXDQGRHOZKROH
R
WHODODPEUHVHHQUROODODPDVDIXHUDGHDODPEUHVZ\ODPDVDHQHOLQWHULRUGHORVFDEOHVVRQ
LJXDOHVHQFDGDODGRGHOSODQR$(QHVWHFDVRVHYHUiORVFDEOHVSDVLYRVRHOpFWULFDPHQWHLQDFWLYRVVRQGHODORQJLWXG
PtQLPDSRVLEOHGHO/DGLVSRVLFLyQWLHQHDGHPiVODYHQWDMDGHTXHODVORQJLWXGHVWRWDOHVGHORVDODPEUHVGHFUXFHHQORV
GRVODGRVGHOSODQRHQ[VRQSUiFWLFDPHQWHLJXDOHV
3DUDLJXDODUPiVORV$UPDGXUDGHERELQDVHQDPERVODGRVGHODSODFDVTXHHVWiQHQFRQWDFWRFRQORVFHSLOORVOD
FRQQHFWLQJXSERELQDGR\VHHIHFW~DGHODPDQHUDVLJXLHQWH7RGRHODODPEUHVHHQUROODVREUHHOLQGXFLGRGHQ~FOHRHQGRV
SDUWHVVXSHUSXHVWDVTXHHVWiQDLVODGRVFRPSOHWDPHQWHHQWUHVt&DGDXQDGHHVWDVGRVSDUWHVVHFRPSRQHGHWUHVJUXSRV
VHSDUDGRVGHERELQDV(OSULPHUJUXSRGHERELQDVGHODSULPHUDSDUWHGHDODPEUHTXHVHHVWiHQUROODGD\VHFRQHFWDDO
FRQPXWDGRUEDUUDVGHODPDQHUDXVXDOHVWHJUXSRHVWiDLVODGD\HOVHJXQGRJUXSRGHODKHULGDSHURODVERELQDVGHHVWH
VHJXQGRJUXSRHQOXJDUGHHVWDUFRQHFWDGRDORVSUy[LPRVVLJXLHQWHVGHOJDVGHOFROHFWRUHVWiQFRQHFWDGRVDODVEDUUDV
GLUHFWO\RSSRVLWHGHOFRQPXWDGRU(OVHJXQGRJUXSRHVWiHQWRQFHVDLVODGR\HOWHUFHUJUXSRGHODKHULGDODVERELQDVGHHVWH
JUXSRHVWiFRQHFWDGRDORVEDUHVDORVTXHHVWDUtDQFRQHFWDGRVGHODPDQHUDKDELWXDO/RVFDEOHVHVWiQDLVODGRVOXHJRD
IRQGR\ODVHJXQGDSDUWHGHDODPEUHHQUROODGR\VHFRQHFWDQGHODPLVPDPDQHUD6XSRQJDPRVSRUHMHPSORTXHKD\
YHLQWLFXDWURFRLOVWKDWHVGRFHHQFDGDSDUWH\FRQVHFXHQFLDGHYHLQWLFXDWURFRPPXWDWRUSODWHV+DEUiEHLQFDGDSDUWHWUHV
JUXSRVFDGDXQRFRQFXDWURERELQDV\VHUiQFRQHFWDGDVODVERELQDVGHODVLJXLHQWHPDQHUD
*UXSRV&RPPXWDLRUEDUUDV3ULPHUR3ULPHUDSDUWHGHDODPEUH6HJXQGDO7HUFHUD3ULPHUD6HJXQGD
SDUWRIZLUH6HJXQGD7HUFHUDO(QODFRQVWUXFFLyQGHODDUPDGXUDFRUH\VLQXRVR\FRQHFWHLQJODVERELQDV
HQODIRUPDLQGLFDGDHODODPEUHSDVLYDRHOpFWULFDPHQWHLQDFWLYRVHUHGXFHDXQPtQLPR\ODVERELQDVHQFDGDODGRGHODV
SODFDVTXHHVWiQHQFRQWDFWRFRQORVFHSLOORVVRQSUiFWLFDPHQWHLJXDOHV\GHHVWDPDQHUDODHLLLFLHQF\HOpFWULFDGHOD
PiTXLQDVHLQFUHPHQWD
/RVFRPPXWDWRQSODWHVWVHPXHVWUDQFRPRIXHUDGHOURGDPLHQWRGHODUPDWXUHVKDIWORV
HMH+HVWXEXODU\VHGLYLGHHQODSDUWHH[WUHPD\
ORVFDEOHVVHOOHYDQDWUDYpVGHODPLVPDGHFXDOTXLHUPDQHUDXVXDO\VH

FRQHFWDDODVUHVSHFWLYDVSODFDVGHFROHFWRU(OFRQPXWDGRUSODFDVHVWiQVREUHXQFLOLQGURHQ\DLVODGRV\HVWHFLOLQGUR
VHYDDFRORFDUFRUUHFWDPHQWH\DVHJXUDGRPHGLDQWHODH[SDQVLyQGHOH[WUHPRSDUWLGRGHOHMHPHGLDQWHXQWRUQLOORGH
FRQH[LyQVHHVWUHFKDY
1RSUHWHQGRHQHVWHGRFXPHQWRORVQ~FOHRVGHORVILHOGPDJQHWVTXHFRQYHUJHQKDFLDORVSROHTLLHFHVQLPHUHLYLQGLFRHO

KWWSZZZJRRJOHFRPSDWHQWV86





3DWHQWH860iTXLQDGLQDPRHOpFWULFD*RRJOH3DWHQWHV

PpWRGRGHILMDFLyQGHODEDVHDODILHOGPDJQFWLQIHULRU\DTXHVHKDDILUPDGRHQPLDQWHULRUDSOLFDFLyQHQPiTXLQDV
GLQDPRHOpFWULFDV
TXHUHFODPRHV(QXQDPiTXLQDGLQDPRHOpFWULFDODDUPDGXUDFRQVWUXLGDGHGLVFRVGHKLHUURGHGLYHUVRVGLDPFWHUV
GLVSXHVWDVVREUHODVHUiVGHWDOPDQHUDTXHVHIRUPDXQDVHULHGHFXHUSRVGHKLHUURFDGDGLVPLQX\HQGRHQHVSHVRUGHVGH
HOWFHQWFUODSHULIHULDVXVWDQFLDOPHQWHFRPR\SDUDORVILQHVSUHYLVWRV
(QXQDPiTXLQDGLQDPRHOpFWULFDODDUPDGXUDQ~FOHRTXHWLHQHGLVFRVGHKLHUURGHYDULRVGLDPFWRUVHQFRPELQDFLyQFRQ
ORVGLVFRVGHJDPDLQWHULRUPHQWHDQKHODGRDORVHIHFWRV\VXVWDQFLDOPHQWHFRPRVHLQGLFD
(QXQDPiTXLQDGLQDPRHOpFWULFD$1Q~FOHRGHODDUPDGXUDTXHWLHQHH[WUHPRVFXUYDGRVKDFLDGHQWURHQFRPELQDFLyQFRQ
HOLQGXFLGRFRLOVORVFDEOHVGH,1*WUDQVYHUVDOHVGHORVFXDOHVSDVDQODVERELQDVHQODVFDEH]DVFyQFDYDV\SUR\HFWRSRU
LJXDOVXVWDQFLDOPHQWHFRPRVHH[SRQH
(QXQDPiTXLQDGLQDPRHOpFWULFDXQDDUPDGXUDGHKDEHUERELQDVVHSDUDGDVVXSHUSRQH\VHFRQHFWDDORV
FRPPXWDWRUSODWHVHQJUXSRV1$7LQJDOWHUVXVWDQFLDOPHQWHFRPRVHLQGLFD
8QDDUPDGXUDSDUDPiTXLQDVGLQDPRHOpFWULFDTXHWLHQHXQQ~FOHRFRPSXHVWRSRUGLVFRVGHGLIHUHQWHVGLiPHWURVHQ
FRPELQDFLyQFRQERELQDVVXSHUSXHVWDVVHSDUDGDVFRQHFWDGDVDOFROHFWRUSODFDVHQJUXSRVDOWHUQRVVXVWDQFLDOPHQWHFRPR
VHLQGLFD
(QXQDPiTXLQDG\QDPRHOFFWULFHOPDUFRPDJQpWLFRFRPSXHVWRSRUORVQ~FOHRVFFFORVSRORVSLH]DVFXUYDGDV16\
HOFRQQHFWLQJIUDPHFRQODVSLHUQDVFXUYDGDV\H[WHUQDPHQWHSURMFFWLQJDVXVWDQFLDOPHQWHFRPRVHGHVFULEH
)LUPDGRSRUPtHVWHGtDGHHQHURGH$'
1QURLQU7(6/$
7HVWLJRV
*(273,12.1(<:$//$&(/6(QQQ//

&/$6,),&$&,21(6
&ODVLILFDFLyQHXURSHD

+.+.

3iJLQDSULQFLSDOGH*RRJOH0DSDGHOVLWLR'HVFDUJDV0DVLYDVGH863723ROtWLFDGHSULYDFLGDG&RQGLFLRQHVGHVHUYLFLR$FHUFDGH*RRJOH3DWHQWHV
6XJHUHQFLDV(QYLDU/RV
'DWRVSURSRUFLRQDGRV3255(&/$026,),3DWHQW6HUYLFHV

KWWSZZZJRRJOHFRPSDWHQWV86