Está en la página 1de 266

UNIVERSIDAD DE MURCIA

ESCUELA INTERNACIONAL DE DOCTORADO

El Santuario como Centro Unificador de


las Teologías del Pentateuco/Torá

D. José Roberto Ouro Agromartín


2018
EL SANTUARIO COMO CENTRO UNIFICADOR DE LAS
TEOLOGÍAS DEL PENTATEUCO/TORÁ

Tesis doctoral presentada por


D. José Roberto Ouro Agromartín

Dirigida por
Dr. D. Juan Fernando Cuenca Molina

UNIVERSIDAD DE MURCIA
INSTITUTO TEOLÓGICO DE MURCIA
Programa de Doctorado en Artes y Humanidades
Línea de Investigación en Teología

Murcia 2018
!"#!$%&'('%)*+,
!"#$%&'(%#)*+,%-#.*&(%/#(0$%(1,%#'&#'21#1&"3(%/#,+%,4(3&'&("5/#,#'&#4&%(35/%#
4(# 5(1&1-# ()# 6%7# 8*,"# 9(%","4/# :*("3,# ;/)&",# <# ,)# 5*5/%-# ()# 6%7# =(%",%4/# >?%(@#
$QGUHRSRUVXDSR\RFRQÀDQ]DGLUHFFLyQGLVSRQLELOLGDG\FRQVHMRVTXHKHUHFLELGR
GHHOORVGHVGHHOLQLFLRGHHVWHWUDEDMRGHLQYHVWLJDFLyQFRQXQDPDJQtÀFDODERUGH
5*5(),#4(#(15,#5(1&1#4/35/%,)7

$PLVWUHV/ROLV/ROLPLPDGUHTXHPHHGXFyHQORVYDORUHVFULVWLDQRVGHVGH
QLxR HVRV YDORUHV PH KDQ JXLDGR D OR ODUJR GH ORV DxRV KDVWD FRQVROLGDU HQ Pt HO
GHVHR GH FRQRFHU PHMRU DO 'LRV GH OD %LEOLD $ PL KHUPDQD /ROL SRU VX FRQVWDQWH
HVWtPXOR\PRWLYDFLyQHQHVWHSUR\HFWRHOODIXHTXLHQPHLQIRUPy\PHSURSXVROD
RSFLyQGHDFFHGHUDHVWHGRFWRUDGRHQ$UWHV\+XPDQLGDGHVOtQHDGHWHRORJtDVLQ
HOODQRKDEUtDVLGRSRVLEOHOOHJDUKDVWDHVWHPRPHQWR$PLHVSRVD/ROLTXHKDVLGR
XQDFRQWLQ~DIXHQWHGHVDELGXUtDYLVLyQ\D\XGDTXHKDYLYLGR\VXIULGRFRQPLJR
WRGRVORVDYDWDUHVGHPLPLQLVWHULRDORODUJRGHORVDxRV\WRGRHOODUJRSURFHVRGH
HVWD WHVLV GRFWRUDO KDVWD OOHJDU D OD SUHVHQWDFLyQ GH HVWH WUDEDMR GH LQYHVWLJDFLyQ
/DVWUHV/ROLVKDQVLGRODFODYH\HOFHQWURGHPLYLGDHQWRGRHVWHSURFHVRGHVGHHO
SULQFLSLRKDVWDHVWHPRPHQWRÀQDO

(Q ~OWLPR OXJDU SHUR VLQ GXGD HQ HO OXJDU PiV VLJQLÀFDWLYR H LPSRUWDQWH
GHVHR H[SUHVDU PL PiV SURIXQGR DJUDGHFLPLHQWR \ DODEDQ]D D QXHVWUR 'LRV SRU HO
SODQ \ SUR\HFWR SDUD PL YLGD SODVPDGR GH HVWD PDQHUD WDQ EHOOD \ KHUPRVD FRQ OD
FRQVHFXFLyQ GH HVWH ORJUR WDQ ODUJDPHQWH DQKHODGR \ SHUVHJXLGR GXUDQWH PXFKRV
DxRVGHPLH[LVWHQFLD/DIHHVFRQÀDUHQ'LRVFDPLQDUFRQpOFDGDGtD\HVSHUDUHO
FXPSOLPLHQWRGHVXVSURPHVDVHQHOWLHPSRRSRUWXQR*UDFLDVPL'LRVSRUHVWDUDKt
FDGDGtD\KDEHUPHUHJDODGRWRGRHOSURFHVRGHLQYHVWLJDFLyQ

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

-/0123.03.456758##7777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777# AB
91845.03.56:3;154<:58#77777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777# AC
'/4:=0<221>/#77777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777# BA
 /RVREMHWLYRV.GHODWHRORJtDEtEOLFDGHO3HQWDWHXFR+,-.#777777777777777777777777777# BB
 /DHVWUXFWXUDGHODWHRORJtDEtEOLFDGHO3HQWDWHXFR+,-.#777777777777777777777777777# BD
 (OVDQWXDULRFRPRFHQWURWHROyJLFRXQLÀFDGRUGHO3HQWDWHXFR!"#$#77777# BE
  /DPHWRGRORJtDGHODWHRORJtDGHO$7\GHO3HQWDWHXFR/+,-.#777777777777# FA
  (OWHPDFHQWUDOGHO$7\GHO3HQWDWHXFR/+,-.#77777777777777777777777777777777777777# GA
  (OFHQWUREtEOLFRHKLVWyULFRGHO$7\GHO3HQWDWHXFR/+,-.#7777777777777777# HI
 /DV WHRORJtDV GHO 3HQWDWHXFR!"#$ HQ HO FHQWUR XQLÀFDGRU GHO .
. 85/4<5:1=#7777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777# HE
  ,QWURGXFFLyQDO3HQWDWHXFR/+,-.77777777777777777777777777777777777777777777777777777777777777# CA
  /DVWHRORJtDVGH*pQHVLVHQHOVDQWXDULR#77777777777777777777777777777777777777777777777# CI
  7HRORJtDGHODFUHDFLyQ#7777777777777777777777777777777777777777777777777777777777777777777# CB
  7HRORJtDGHOMDUGtQGHO(GpQ#777777777777777777777777777777777777777777777777777777777# DI
  7HRORJtDGH&DtQ\$EHO#77777777777777777777777777777777777777777777777777777777777777777# EJ
  7HRORJtDGH1Rp\GHOGLOXYLR#777777777777777777777777777777777777777777777777777777# EF
  7HRORJtDGHODWRUUHGH%DEHO#777777777777777777777777777777777777777777777777777777777# AJA
  7HRORJtDSDWULDUFDO#777777777777777777777777777777777777777777777777777777777777777777777777777# AJF
  /DVWHRORJtDVGHe[RGRHQHOVDQWXDULR#7777777777777777777777777777777777777777777777777# AAC
  7HRORJtDGHOD3DVFXD#777777777777777777777777777777777777777777777777777777777777777777777# AIA
  7HRORJtDGHO6LQDt#7777777777777777777777777777777777777777777777777777777777777777777777777777# AIG
  7HRORJtDGHOSDFWR#777777777777777777777777777777777777777777777777777777777777777777777777777# AIE
  7HRORJtDGHODFRQVWUXFFLyQGHOVDQWXDULR77777777777777777777777777777777777# ABI
  7HRORJtDVGHOPRELOLDULR#77777777777777777777777777777777777777777777777777777777777777777# ABE
  7HRORJtDGHOVDFHUGRFLR#777777777777777777777777777777777777777777777777777777777777777777# AFH
  7HRORJtDVDGLFLRQDOHV#7777777777777777777777777777777777777777777777777777777777777777777777# AGA
  /DVWHRORJtDVGH/HYtWLFRHQHOVDQWXDULR#7777777777777777777777777777777777777777777777# AHA
  7HRORJtDGHORVVDFULÀFLRV\RIUHQGDV#777777777777777777777777777777777777777777# AHF
  7HRORJtDGHODVDQWLGDG#777777777777777777777777777777777777777777777777777777777777777777# ACF
  7HRORJtDGHODFRQWDPLQDFLyQ#77777777777777777777777777777777777777777777777777777777# ACE
  7HRORJtDGHO'tDGHODH[SLDFLyQ#77777777777777777777777777777777777777777777777777# #ADG
  7HRORJtDVDGLFLRQDOHV#7777777777777777777777777777777777777777777777777777777777777777777777# AEF
  /DVWHRORJtDVGH1~PHURVHQHOVDQWXDULR#77777777777777777777777777777777777777777777# IJA
  7HRORJtDGHORVOHYLWDV#77777777777777777777777777777777777777777777777777777777777777777777# IJB
  7HRORJtDGHODSXUH]DGHODFRPXQLGDG#77777777777777777777777777777777777777# IJD
+,.-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

  7HRORJtDGHODFRPXQLGDGGHIH#777777777777777777777777777777777777777777777777777# IAI
  /DVWHRORJtDVGH'HXWHURQRPLRHQHOVDQWXDULR#77777777777777777777777777777777777# IAG
  7HRORJtDGHODFRPXQLGDGGHDGRUDFLyQ#7777777777777777777777777777777777777# IAC
  7HRORJtDGHOGLH]PR#777777777777777777777777777777777777777777777777777777777777777777777777# IIA
  7HRORJtDGHOD3UHVHQFLDGLYLQD#7777777777777777777777777777777777777777777777777777# IIB
&=/27<81=/38##777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777# IBA
?1671=@:5AB57777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777# IBE
-)$'&%.$%.*!?9!,
!"#$%&' #&' )08/0*' +,9-'

7DEOD (QIRTXHVDODPHWRGRORJtDGHODWHRORJtDGHO$7\GHO3HQWDWHXFR
+,-.#7777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777# FG

7DEOD 3UHVXSRVLFLRQHVSUHOLPLQDUHVGHODWHRORJtDEtEOLFD#77777777777777777777777# GA

7DEOD (OFHQWURGHO$7\GHO3HQWDWHXFR+,-.#7777777777777777777777777777777777777# HA

7DEOD (OFHQWUREtEOLFRHKLVWyULFRGHO$7\GHO3HQWDWHXFR+,-.#77777777777# HH

7DEOD 3DUDOHORV OLQJtVWLFRV HQWUH HO UHODWR GH OD FUHDFLyQ \ HO
1,"5*,%&/#7777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777# CC

7DEOD (O SULQFLSLR RUJDQL]DGRU GH JUDGDFLRQHV GH VDQWLGDG HQ HO
1,"5*,%&/#7777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777# DA

7DEOD 3DUDOHORVHQWUHHOUHODWRGHOMDUGtQGHO(GpQ\HOVDQWXDULR#77777777777# EJ

7DEOD 3DUDOHORVHVWUXFWXUDOHVGHJUDGDFLRQHVGHVDQWLGDGHQWUHHO6LQDt
<#()#1,"5*,%&/#77777777777777777777777777777777777777777777777777777777777777777777777777777777777777777# AIC

7DEOD /DHVWUXFWXUDGHOVDQWXDULR#77777777777777777777777777777777777777777777777777777777777777777# ABG

7DEOD(OSURFHVRGHWUDQVIHUHQFLDGHODFRQWDPLQDFLyQDOVDQWXDULR#777777## ACF

7DEOD6DQWXDULRVLVWHPDVDFULÀFLDOGHO$7WHRORJtDGHO17\&ULVWR#7777## ACF

7DEOD(OSURSyVLWRGH'LRVFRQHOVDQWXDULR#77777777777777777777777777777777777777777777777# ACG

7DEOD7HPDVWHROyJLFRVDGLFLRQDOHVHQHOVDQWXDULR#7777777777777777777777777777777777# IJA

7DEOD/DFRQWLQXLGDGHQWUHHO$7\ODFRQFHSFLyQWHROyJLFDGHOVDQWXDULR
GHO17#77777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777# IJA

7DEOD(OPRGHORGHDGRUDFLyQHQHOVDQWXDULR#7777777777777777777777777777777777777777777# IAI
9',*!.$%.!?#%C'!*D#!,
/$*)0' #&' 082&:$0)120*' +,;-'

"%)%#!9

$7 $QWLJXR7HVWDPHQWR
FI 0,123--#3/'$2%(1(
(4K1L7# (4&5/%K(1L
HGUHY HGLFLyQUHYLVDGD
(7+7# 3435678%9-:;8:SRUHMHPSOR
(5#,)7# (5#,)&&-#<#/5%/1
&7(7# 8<%3=;-#(1#4(3&%
17 1XHYR7HVWDPHQWR
32$ 3Uy[LPR2ULHQWH$QWLJXR
6%( 6RFLHGDG%tEOLFD(VSDxROD
1K11L# 1&+*&("5(K1L
70 7H[WR0DVRUpWLFR
Y YY  YHUVtFXOR V

C%#,'+)%,.?-?9'&!,

%+6 %LEOLD+HEUHD6WWXWJDUWHQVLD
%- %LEOLDGH-HUXVDOpQ
/;; 6HSWXDJLQWD
19, 1XHYD9HUVLyQ,QWHUQDFLRQDO

9'?#+,.?-?9'&+,E

$7
M?"(1&1# M"
e[RGR# !0
/HYtWLFR /Y
1~PHURV 1P
6(*5(%/"/'&/# 65
8/1*?# 8/1

 6%($PHQRVTXHVHLQGLTXHRWUDYHUVLyQDSDUWLUGHDTXtXVDUHPRVOD19,SDUDORVWH[WRV
EtEOLFRV
+.<-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

8*(3(1# 8*(
N*5# N5
6DPXHO 6
6DPXHO 6
A#N(<(1# A#N
I#N(<(1# I#N
&UyQLFDV &U
&UyQLFDV &U
!14%,1# !14
1HKHPtDV 1HK
!15(%# !15
-RE -RE
6DOPRV 6DO
3URYHUELRV 3U
!3)(1&,15?1# !3
:,"5,%(1# :"5
,VDtDV ,V
-HUHPtDV -HU
O,'("5,3&/"(1# O'
!@(.*&()# !@
6,"&()# 6"
P1(,1# P1
8/()# 8)
$PyV $P
$EGtDV $EG
8/"21# 8/"
;&.*(,1# ;&.
1DK~P 1DK
+DEDFXF +DE
6RIRQtDV 6RI
+DJHR +DJ
/$*)0' #&' 082&:$0)120*' +.,-'

=DFDUtDV =DF
0DODTXtDV 0DO

17
;,5(/# ;5
;,%3/1# ;3
O*3,1# O3
8*,"# 8"
+HFKRV +FK
N/',"/1# N/
A#:/%&"5&/1# A#:/
I#:/%&"5&/1# I#:/
M2),5,1# M)
(IHVLRV (I
9&)&$("1(1# 9)$
:/)/1("1(1# :/)
7HVDORQLFHQVHV 7V
7HVDORQLFHQVHV 7V
7LPRWHR 7L
7LPRWHR 7L
7LWR 7LW
)LOHPyQ )OP
+HEUHRV +HE
6DQWLDJR 6WJ
A#>(4%/# A#>
I#>(4%/# I#>
A#8*,"# A#8"
I#8*,"# I#8"
B#8*,"# B#8"
8*4,1# 8*4
Q$/3,)&$1&1# Q$
+..-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

FD%)*%,.GD$-!,.!)*'"D!,

E 7DOPXGEDELOyQLFR

FD%)*%,.,%&D)$!#'!,

$% $QFKRU%LEOH
Q=6# *10>,-% ?8@73% &80;8,1:-A HG ' 1 )UHHGPDQ  YROV *DUGHQ
&LW\'RXEOHGD\
$%( $VRFLDFLyQ%tEOLFD(VSDxROD
$%5/ $QFKRU%LEOH5HIHUHQFH/LEUDU\
$1(7 *10831;%B3:-%':=;3-1%+34;=%)37:;819%;,%;>3%"7<%+3=;:531;-#(47#87#=7#
3ULWFKDUG 3ULQFHWRQ3ULQFHWRQ8QLYHUVLW\BL
$2$7 $OWHU2ULHQWXQG$OWHV7HVWDPHQW
$625'6 $PHULFDQ6FKRROVRI2ULHQWDO5HVHDUFK'LVVHUWDWLRQ6HULHV
$866 $QGUHZV8QLYHUVLW\6HPLQDU\6WXGLHV
%$5 %LEOLFDO$UFKDHRORJLVW5HDGHU
%%56XS %XOOHWLQIRU%LEOLFDO5HVHDUFK6XSSOHPHQWV
%'% ) %URZQ 6 5 'ULYHU DQG & $ %ULJJV *% C3@-3D% :1<% '1978=>%
#3480,1%,2%;>3%"7<%+3=;:531; 2[IRUG2[IRUG8QLYHUVLW\
%LE %LEOLFD
%LE,QW %LEOLFDO,QWHUSUHWDWLRQ
%LE5HY %LEOLFDO5HYLHZ
%.$7 %LEOLVFKHU.RPPHQWDU$OWHV7HVWDPHQW
%1 %LEOLVFKH1RWL]HQ
%5HY %LEOH5HYLHZ
%6DF %LEOLRWKHFD6DFUD
%6& %LEOH6WXGHQW·V&RPPHQWDU\
%76 %LEOLFDO7RROVDQG6WXGLHV
%=$: %HLKHIWH]XU=HLWVFKULIWIUGLH$OWWHVWDPHQWOLFKH:LVVHQVFKDIW
&% &XDGHUQRV%tEOLFRV
&%(7 &RQWULEXWLRQVWR%LEOLFDO([HJHVLVDQG7KHRORJ\
&%4 &DWKROLF%LEOLFDO4XDUWHUO\
/$*)0' #&' 082&:$0)120*' +.=-'

&%406 &DWKROLF%LEOLFDO4XDUWHUO\0RQRJUDSK6HULHV
::# :/"5&"("5,)#:/''("5,%<
&+$1( &XOWXUHDQG+LVWRU\RIWKH$QFLHQW1HDU(DVW
&RQ%27 &RQLHFWDQLD%LEOLFD2OG7HVWDPHQW
'$5&20 'DQLHODQG5HYHODWLRQ&RPPLWWHH6HULHV
'&+ +>3% &80;8,1:-A% ,2% E7:==80:7% C3@-3D HG ' - $ &OLQHV 6KHIÀHOG
6KHIÀHOG$FDGHPLF
'273 &80;8,1:-A%,2%;>3%"7<%+3=;:531;F%G31;:;3H0>HGV7'$OH[DQGHU
DQG':%DNHU 'RZQHUV*URYH,QWHU9DUVLW\
(% (VWXGLRV%tEOLFRV
(%& ([SRVLWRU·V%LEOH&RPPHQWDU\
!"38*4# '10A07,6:3<8:%IH<:80:HG&HFLO5RWK YROV-HUXVDOHP.HWHU
AECIL
(U,VU (UHW],VUDHO
(Y4 (YDQJHOLFDO4XDUWHUO\
(Y7 (YDQJHOLVFKH7KHRORJLH
)$7 )RUVFKXQJHQ]XP$OWHQ7HVWDPHQW
)27/ )RUPVRI2OG7HVWDPHQW/LWHUDWXUH
)5/$17 )RUVFKXQJHQ ]XU 5HOLJLRQ XQG /LWHUDWXU GHV $OWHQ XQG 1HXHQ
7HVWDPHQWV
+$/27 +>3% C3@-3D% :1<% *-:5:80% #3480,1% ,2% ;>3% "7<% +3=;:531;-# (417# O7#
.RHKOHU:%DXPJDUWQHUDQG--6WDPP YROV/HLGHQ%ULOO

+$5 +HEUHZ$QQXDO5HYLHZ
+$7 +DQGEXFK]XP$OWHQ7HVWDPHQW
+%0 +HEUHZ%LEOH0RQRJUDSKV
+%7 +RUL]RQVLQ%LEOLFDO7KHRORJ\
+60 +DUYDUG6HPLWLFV0RQRJUDSKV
+75 +DUYDUG7KHRORJLFDO5HYLHZ
+8&$ +HEUHZ8QLRQ&ROOHJH$QQXDO
,% ,QWHUSUHWHU·V%LEOH
R::# R"5(%",5&/",)#:%&5&3,)#:/''("5,%<
+.>-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

R6=# $1;3-6-3;3-J=% &80;8,1:-A% ,2% ;>3% ?8@73 HG * $ %XWWULFN  YROV
1DVKYLOOH$ELQJGRQ
,'%6XS ,QWHUSUHWHU·V'LFWLRQDU\RIWKH%LEOH6XSSOHPHQWDU\9ROXPH
R!=# ,QWURGXFFLyQDO(VWXGLRGHOD%LEOLD
R!8# R1%,()#!0$)/%,5&/"#8/*%",)
R"5# R"5(%$%(5,5&/"
,7& ,QWHUQDWLRQDO7KHRORJLFDO&RPPHQWDU\
-$26 -RXUQDORIWKH$PHULFDQ2ULHQWDO6RFLHW\
-$76 -RXUQDORIWKH$GYHQWLVW7KHRORJLFDO6RFLHW\
-%/ -RXUQDORI%LEOLFDO/LWHUDWXUH
--6 -RXUQDORI-HZLVK6WXGLHV
-1(6 -RXUQDORI1HDU(DVWHUQ6WXGLHV
-367& -HZLVK3XEOLFDWLRQ6RFLHW\7RUDK&RPPHQWDU\
-45 -HZLVK4XDUWHUO\5HYLHZ
-627 -RXUQDOIRUWKH6WXG\RIWKH2OG7HVWDPHQW
-6276XS -RXUQDOIRUWKH6WXG\RIWKH2OG7HVWDPHQW6XSSOHPHQW6HULHV
-66 -RXUQDORI6HPLWLF6WXGLHV
.(/ .UHJHO([HJHWLFDO/LEUDU\
/%7 /LEUDU\RI%LEOLFDO7KHRORJ\
1$& 1HZ$PHULFDQ&RPPHQWDU\
1&% 1HZ&HQWXU\%LEOH
1*77 1HGHUGXLWVHJHUHIRUPHHUGHWHRORJLHVHW\GVNULI
1,% +>3#B3D%$1;3-6-3;3-J=%?8@73HG/(.HFNHWDO YROV1DVKYLOOH
$ELQJGRQ
1,%&27 1HZ,QWHUQDWLRQDO%LEOLFDO&RPPHQWDU\RQWKH2OG7HVWDPHQW
1,&27 1HZ,QWHUQDWLRQDO&RPPHQWDU\RQWKH2OG7HVWDPHQW
1,'277( B3D%$1;3-1:;8,1:7%&80;8,1:-A%,2%"7<%+3=;:531;%+>3,7,9A%:1<%'4393=8=-#
HG:$9DQ*HPHUHQ YROV*UDQG5DSLGV=RQGHUYDQ
1,9$& 1,9$SSOLFDWLRQ&RPPHQWDU\
16%7 1HZ6WXGLHVLQ%LEOLFDO7KHRORJ\
2%7 2YHUWXUHVWR%LEOLFDO7KHRORJ\
P%# P%&("5,)&,
/$*)0' #&' 082&:$0)120*' +.9-'

27/ 2OG7HVWDPHQW/LEUDU\
276 2XGWHVWDPHQWLVFKH6WXGLsQ
>!S# >,)(15&"(#!0$)/%,5&/"#S*,%5(%)<
5% 5HYXH%LEOLTXH
6%/'6 6RFLHW\RI%LEOLFDO/LWHUDWXUH'LVVHUWDWLRQ6HULHV
6%/63 6RFLHW\RI%LEOLFDO/LWHUDWXUH6HPLQDU3DSHUV
6%/:$:6XS 6RFLHW\ RI %LEOLFDO /LWHUDWXUH :ULWLQJV IURP WKH $QFLHQW :RUOG
6XSSOHPHQW6HULHV
6%7 6WXGLHVLQ%LEOLFDO7KHRORJ\
6%76 6RXUFHVIRU%LEOLFDODQG7KHRORJLFDO6WXG\
6+6 6FULSWXUHDQG+HUPHQHXWLFV6HULHV
6-/$ 6WXGLHVLQ-XGDLVPLQ/DWH$QWLTXLW\
7' 7KHRORJ\'LJHVW
7'17 +>3,7,980:7%&80;8,1:-A%,2%;>3%B3D%+3=;:531;-#(417#M7#T&55()#,"4#M7#
)ULHGULFK YROV*UDQG5DSLGV(HUGPDQV
7'27 +>3,7,980:7%&80;8,1:-A%,2%;>3%"7<%+3=;:531;HGV*-%RWWHUZHFN
+5LQJJUHQDQG+-)DEU\ YROV*UDQG5DSLGV(HUGPDQV

7/27 +>3,7,980:7% #3480,1% ,2% ;>3% "7<% +3=;:531;-# (417# !7# 8(""&# ,"4# :7#
:HVWHUPDQQ YROV3HDERG\+HQGULFNVRQ
7/= 7KHRORJLVFKH/LWHUDWXU]HLWXQJ
727& 7\QGDOH2OG7HVWDPHQW&RPPHQWDULHV
76 7KHRORJLVFKH6WXGLsQ
7:27 +>3,7,980:7%K,-<@,,L%,2%;>3%"7<%+3=;:531;HGV5/+DUULV*/
$UFKHUDQG%.:DOWNH YROV&KLFDJR0RRG\
7\Q%XO 7\QGDOH%XOOHWLQ
7= 7KHRORJLVFKH=HLWVFKULIW
8&31(6 8QLYHUVLW\RI&DOLIRUQLD3XEOLFDWLRQV1HDU(DVWHUQ6WXGLHV
97 9HWXV7HVWDPHQWXP
976XS 9HWXV7HVWDPHQWXP6XSSOHPHQWV
:%& :RUG%LEOLFDO&RPPHQWDU\
:7- :HVWPLQVWHU7KHRORJLFDO-RXUQDO
=$: =HLWVFKULIWIUGLHDOWWHVWDPHQWOLVFKH:LVVHQVFKDIW
2&*13&"' +.?-'

#%,D(%)

+?G%*'C+,

(Q OD LQWURGXFFLyQ GH QXHVWUD WHVLV GRFWRUDO SODQWHDPRV GRV FXHVWLRQHV
HVHQFLDOHV \ OD E~VTXHGD GH XQ QXHYR PRGHOR PHWRGROyJLFR SDUDGLJPD  GH
OD WHRORJtD EtEOLFD GHO 3HQWDWHXFR+,-.   ¢+D\ XQ FHQWUR EtEOLFRWHROyJLFR
HQWUHOD]DQGR OD UHOLJLyQ LVUDHOLWD"   ¢+D\ XQ HOHPHQWR XQLÀFDGRU HQ HO
3HQWDWHXFR+,-. $7  R H[LVWHQ HOHPHQWRV XQLÀFDGRUHV" /RV REMHWLYRV GH HVWD
WHRORJtDEtEOLFDIXHURQLQWHQWDUUHVROYHUHVWHSUREOHPDH[LVWHQWHKDVWDKR\WUDWDU
GHUHVSRQGHUDODVSUHJXQWDVSODQWHDGDVDQWHULRUPHQWH\  ODE~VTXHGDGHXQ
PDUFR GH UHIHUHQFLD SDUDGLJPD  R XQD HVWUXFWXUD JHQHUDO GH DOJ~Q WLSR SDUD
FRPSUHQGHUODPDVDFRPSOHMD\GLYHUVDGHOPDWHULDOEtEOLFRFDQyQLFR! 3/'/#*"#
WRGRHQHO3HQWDWHXFR+,-.FRQHOSURSyVLWRGHSUHWHQGHUVROXFLRQDUHOPD\RU
GHVDItRTXHHQIUHQWDODLQYHVWLJDFLyQEtEOLFDHQODpSRFDDFWXDO

(%*+$+9+"-!

(VWHWUDEDMRGHLQYHVWLJDFLyQ.DQDOL]yHVSHFtÀFDPHQWHODWHRORJtDEtEOLFDGH
ODIRUPDFDQyQLFDÀQDOGHO3HQWDWHXFR+,-.8WLOL]yWDQWRORVFRQRFLPLHQWRVWDQ
,'$)&,'("5(# ,3($5,4/1# 4(# ),1# 53;,<,7,9M:=% =810-N180:= FRPR OD QXHYD WHRORJtD
EtEOLFDTXHVHFHQWUDHQODIRUPDÀQDOGHOWH[WREtEOLFR1XHVWUD53;,<,7,9M:#"/#1/)/#
KDVLGR=810-N180:VLQRWDPELpQ81<H0;8O:8QPpWRGRDUHFKD]DUFRPSOHWDPHQWH
HVWRGRVORVLQWHQWRVGHLPSRQHUXQDFODYHRXQVLVWHPDVREUHHO3HQWDWHXFR+,-.-#
SHURRWUDFRVDHVGHULYDU81<H0;8O:531;3WDOQ~FOHRGHO3HQWDWHXFR+,-.#'&1'/7#
(VWR HV SUHFLVDPHQWH GRQGH OD PD\RUtD GH ODV WHRORJtDV GHO $7 KDQ IUDFDVDGR
(OREMHWLYRÀQDOGHODWHRORJtDGHO3HQWDWHXFR+,-. GHO$7 HVPRVWUDUVLH[LVWH
RQRXQDXQLGDGLQWHUQDTXHXQHODVGLYHUVDVWHRORJtDV\WHPDVORQJLWXGLQDOHV
FRQFHSWRV\PRWLYRV

&+)&9D,'+)%,

A7%PC:A%H1%031;-,%@M@780,Q;3,7N980,%31;-37:R:1<,%7:%-37898N1%8=-:378;:S%6tVHJ~Q
ORVKHFKRVDSRUWDGRVSRUQXHVWUDLQYHVWLJDFLyQKD\XQ031;-,EtEOLFRHKLVWyULFR
4()#>("5,5(*3/+,-.HQWUHOD]DQGRODUHOLJLyQLVUDHOLWD/DXQLGDGGHO3HQWDWHXFR
+,-. VROR HV SRVLEOH HQFRQWUDUOD HQ HO FHQWUR GH OD YLGD UHOLJLRVD \ WHROyJLFD
&1%,()&5,U#37%!:1;H:-8,7
+.@-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

I7#¢+D\XQHOHPHQWRXQLÀFDGRUHQHO3HQWDWHXFR7RUi $7 RH[LVWHQHOHPHQWRV
XQLÀFDGRUHV"% 6t VHJ~Q ORV GDWRV DSRUWDGRV SRU QXHVWUD LQYHVWLJDFLyQ KD\ XQ
FHQWUR XQLÀFDGRU GHO 3HQWDWHXFR+,-.-# .*(# (1# ()# ()('("5/# 3("5%,)&@,4/%# 4(# ),#
UHOLJLyQ \ WHRORJtD GH OD FRPXQLGDG GH ,VUDHO VH WUDWD GHO !:1;H:-8,# .*(# (1# ),#
FROXPQD YHUWHEUDO HO 5:0-,0,1036;,# K5:0-,;35:L# O3-;3@-:<,- GH OD WHRORJtD TXH
LQVHUWDHQVXHVWUXFWXUDWRGDODPXOWLSOLFLGDG\SOXUDOLGDGGHWHRORJtDVDPRGR
GH YpUWHEUDV TXH FRQVWLWX\HQ ORV FRQFHSWRV H LGHDV GH ORV OLEURV EtEOLFRV TXH
FRQIRUPDQHOHVTXHOHWRWHROyJLFRGHODWHRORJtDEtEOLFDGHO3HQWDWHXFR+,-.7

B7#/DE~VTXHGDGHXQPDUFRGHUHIHUHQFLD SDUDGLJPD RXQDHVWUXFWXUDJHQHUDO


<3%:79T1%;86,%6:-:%0,56-31<3-%7:%5:=:%0,5673U:%A%<8O3-=:%<37%5:;3-8:7%@M@780,%0:1N180,!
0,5,%H1%;,<,%31%37%G31;:;3H0,/+,-.6tVHJ~QODVHYLGHQFLDVDSRUWDGDVSRUQXHVWUD
LQYHVWLJDFLyQ KHPRV HQFRQWUDGR HQ QXHVWUD E~VTXHGD XQ PDUFR GH UHIHUHQFLD
K$,%,4&+',L#/#*",#3=;-H0;H-:%;3,7N980:%9313-:7SDUDFRPSUHQGHUODPDVDFRPSOHMD
\GLYHUVDGHOPDWHULDOEtEOLFRFDQyQLFR! FRPRXQWRGRHQHO3HQWDWHXFR+,-.7#!)#
PDUFR GH UHIHUHQFLD SDUDGLJPD  R 3=;-H0;H-:% ;3,7N980:% 9313-:7 GHO 3HQWDWHXFR
+,-. QR HV QL HO VXMHWR 'LRV  QL HO REMHWR OD KXPDQLGDG  GH OD WHRORJtD VLQR
TXHHVXQYHKtFXOR RQH[R GHXQLyQHQWUHHOVXMHWR\HOREMHWRGHODWHRORJtD
(VWHYtQFXORGHXQLyQHVHO%&'()&#*"TXHXQHD'LRV VXMHWR \DODKXPDQLGDG
REMHWR GHODWHRORJtD'LRV\ODKXPDQLGDGHVWiQSUHVHQWHVHQHOVDQWXDULRSDUD
OOHYDU D FDER FRQMXQWDPHQWH HO SODQHFRQRPtD GH OD VDOYDFLyQ 3RU OR WDQWR
HO VDQWXDULR DVRFLDUtD ORV WUHV FRQFHSWRV IXQGDPHQWDOHV GH OD WHRORJtD &8,=Q
CH5:18<:<Q!:7O:08N17

/D KLSyWHVLV GH LQYHVWLJDFLyQ +A GH HVWD WHVLV GRFWRUDO IXH HO VDQWXDULR
FRPR FHQWUR XQLÀFDGRU GH ODV WHRORJtDV GHO 3HQWDWHXFR+,-.-# '(4&,"5(# *",#
PHWRGRORJtD VLQFUyQLFD LQGXFWLYD /D LQYHVWLJDFLyQ WHROyJLFD DO LJXDO TXH OD
LQYHVWLJDFLyQ FLHQWtÀFD VH IXQGDPHQWD GHVDUUROOD \ DYDQ]D VREUH OD EDVH GH OD
:0H5H7:08N1% <3% 3O8<3108:=% ;3,7N980:=FLHQWtÀFDV IDYRUDEOHVGHVIDYRUDEOHV GDWRV
KHFKRVHWF DODVWHVLVHKLSyWHVLVH[SOtFLWDVHLPSOtFLWDVDOSURFHVRPHWRGROyJLFR
GHLQYHVWLJDFLyQ1XHVWUDWHVLVGH(OVDQWXDULRFRPRFHQWURXQLÀFDGRUGHODVWHRORJtDV
<37%G31;:;3H0,/+,-.\ODKLSyWHVLVFRUUHVSRQGLHQWHVHKDGHPRVWUDGRDSDUWLUGH
),#:0H5H7:08N1%<3%3O8<3108:=%<3%7:=%;3,7,9M:=%6-3=31;3=%3%8153-=:=%31%37%=:1;H:-8,%0,5,%
O3-,=8587%A%:7;:531;3%6-,@:@73WDQWRSDUDODWHRORJtDEtEOLFDGHO3HQWDWHXFR+,-.#
FRPR DVLHQWDORVFLPLHQWRVSDUD ODFRQVWUXFFLyQGHXQQXHYRSDUDGLJPDGHOD
WHRORJtDEtEOLFDGHO$7
2&*13&"' +.;-'

!?,*#!&*

+?G%&*'C%,

,QWKHLQWURGXFWLRQRIRXUGRFWRUDOWKHVLVZHSRVHWZRHVVHQWLDOTXHVWLRQV
DQGWKHVHDUFKIRUDQHZPHWKRGRORJLFDOPRGHO SDUDGLJP RIWKHELEOLFDOWKHRORJ\
RIWKH3HQWDWHXFK+,-:>  ,VWKHUHDQXQGHUJLUGLQJELEOLFDOWKHRORJLFDOFHQWHU
LQ,VUDHOLWHUHOLJLRQ"!  ,VWKHUHDXQLI\LQJHOHPHQWLQWKH3HQWDWHXFK+,-:>-#/%#
DUHWKHUHXQLI\LQJHOHPHQWV"7KHREMHFWLYHVRIWKLVELEOLFDOWKHRORJ\ZHUHWRWU\
WRVROYHWKLVSUREOHPXQWLOWRGD\WU\WRDQVZHUWKHTXHVWLRQVSRVHGDERYHDQG
 WKHVHDUFKIRUDIUDPHZRUN! SDUDGLJP RUVRPHNLQGRIRYHUDOOVWUXFWXUHIRU
XQGHUVWDQGLQJ WKH FRPSOH[ DQG GLYHUVH PDVV RI FDQRQLFDO! ELEOLFDO! ',5(%&,)# ,1#
D ZKROH LQ WKH 3HQWDWHXFK+,-:> ZLWK WKH SXUSRVH RI SUHWHQGLQJ WR VROYH WKH
JUHDWHVWVLQJOHFKDOOHQJHIDFLQJELEOLFDOVFKRODUVKLSDWWKHSUHVHQW! 5&'(7

(%*H+$+9+"I

7KLV UHVHDUFK ZRUN VSHFLÀFDOO\ DQDO\]HG ELEOLFDO WKHRORJ\ RI WKH ÀQDO
FDQRQLFDO IRUP RI WKH 3HQWDWHXFK+,-:> ,W XVHG ERWK WKH ZLGHO\ DFFHSWHG
NQRZOHGJH RI =A10>-,180% 53;>,<,7,983= DQG WKH QHZ ELEOLFDO WKHRORJ\ ZKLFK
IRFXVHVRQWKHÀQDOIRUPRIWKHELEOLFDOWH[W2XU53;>,<,7,9AKDVQRWRQO\EHHQ
=A10>-,180% EXW DOVR 81<H0;8O3 2QH PHWKRG WR UHMHFW FRPSOHWHO\ LV DOO DWWHPSWV
WR LPSRVH D NH\ RU D V\VWHP RQ WKH 3HQWDWHXFK+,-:> EXW DQRWKHU WKLQJ LV WR
81<H0;8O37AGHULYHVXFKDFRUHIURPWKH3HQWDWHXFK+,-:>LWVHOI7KLVLVSUHFLVHO\
ZKHUHPRVWRIWKH27WKHRORJLHVKDYHIDLOHG7KHXOWLPDWHJRDORIWKHWKHRORJ\
RIWKH3HQWDWHXFK+,-:> RIWKH27 LVWRVKRZLIWKHUHLVDQLQWHUQDOXQLW\WKDW
XQLWHVWKHGLIIHUHQWWKHRORJLHVDQGORQJLWXGLQDOWKHPHVFRQFHSWVDQGPRWLYHV

&+)&9D,'+),

A7#$=%;>3-3%:1%H1<3-98-<819%@8@780:7Q;>3,7,980:7%031;3-%81%$=-:378;3%-37898,1"<HV
DFFRUGLQJWRWKHIDFWVSURYLGHGE\RXUUHVHDUFKWKHUHLVDELEOLFDODQGKLVWRULFDO
FHQWHU RIWKH 3HQWDWHXFK+,-:> LQWHUWZLQLQJ WKH ,VUDHOLWH UHOLJLRQ 7KHXQLW\ RI
WKH3HQWDWHXFK+,-:>FDQRQO\EHIRXQGDWWKHFHQWHURI,VUDHOLWHUHOLJLRXVDQG
WKHRORJLFDOOLIHWKH!:10;H:-A7
+=<-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

I7# ,V WKHUH D XQLI\LQJ HOHPHQW LQ WKH 3HQWDWHXFK7RUDK RU DUH WKHUH XQLI\LQJ
373531;="<HVDFFRUGLQJWRWKHGDWDSURYLGHGE\RXUUHVHDUFKWKHUHLVDXQLI\LQJ
FHQWHURIWKH3HQWDWHXFK+,-:>ZKLFKLVWKHFHQWUDOL]LQJHOHPHQWRIWKHUHOLJLRQ
DQGWKHRORJ\RIWKHFRPPXQLW\RI,VUDHOLWLVWKH!:10;H:-AWKDWLVWKHEDFNERQH
WKHYHUWHEUDWRUPDFURFRQFHSW PDFURWKHPH RIWKHWKHRORJ\WKDWLQVHUWVLQLWVVWUXFWXUH
DOO WKH PXOWLSOLFLW\ DQG SOXUDOLW\ RI WKHRORJLHV DV YHUWHEUDH WKDW FRQVWLWXWH WKH
FRQFHSWVDQGLGHDVRIWKHELEOLFDOERRNVWKDWPDNHXSWKHWKHRORJLFDOVNHOHWRQ
RIWKHELEOLFDOWKHRORJ\RIWKH3HQWDWHXFK+,-:>7

B7# +>3% =3:-0>% 2,-% :% 2-:53D,-L! SDUDGLJP  RU VRPH NLQG RI RYHUDOO VWUXFWXUH
2,-% H1<3-=;:1<819% ;>3% 0,56734% :1<% <8O3-=3% 5:==% ,2% 0:1,180:7! @8@780:7! 5:;3-8:7% :=% :%
D>,73% 81% ;>3% G31;:;3H0>/+,-:> <HV DFFRUGLQJ WR WKH HYLGHQFHV SURYLGHG E\ RXU
UHVHDUFK ZH KDYH IRXQG LQ RXU VHDUFK D IUDPHZRUN SDUDGLJP  RU DQ ,O3-:77%
;>3,7,980:7% =;-H0;H-3 WR XQGHUVWDQG WKH FRPSOH[ DQG GLYHUVH PDVV RI FDQRQLFDO
ELEOLFDOPDWHULDODVDZKROHLQWKH3HQWDWHXFK+,-:>7KHIUDPHZRUN SDUDGLJP 
/%#,O3-:77%;>3,7,980:7%=;-H0;H-3RIWKH3HQWDWHXFK+,-:>LVQHLWKHUWKHVXEMHFW *RG 
QRUWKHREMHFW KXPDQLW\ RIWKHRORJ\EXWLVDYHKLFOH RUQH[XV RIXQLRQEHWZHHQ
WKHVXEMHFWDQGWKHREMHFWRIWKHRORJ\7KLVERQGRIXQLRQLVWKH%&'+()&#,WKDW
XQLWHV*RG VXEMHFW DQGKXPDQLW\ REMHFW RIWKHRORJ\*RGDQGKXPDQLW\DUH
SUHVHQW LQ WKH VDQFWXDU\ WR FDUU\ RXW MRLQWO\ WKH SODQHFRQRP\ RI VDOYDWLRQ
7KHUHIRUH WKH VDQFWXDU\ ZRXOG DVVRFLDWH WKH WKUHH IXQGDPHQWDO FRQFHSWV RI
WKHRORJ\(,<QCH5:18;AQ!:7O:;8,17

7KH K\SRWKHVLV RI UHVHDUFK +A RI WKLV GRFWRUDO WKHVLV ZDV WKH VDQFWXDU\
DV WKH XQLI\LQJ FHQWHU RI WKH WKHRORJLHV RI WKH 3HQWDWHXFK+,-:> E\ PHDQV RI
DQLQGXFWLYHV\QFKURQLFPHWKRGRORJ\7KHRORJLFDOUHVHDUFKDVZHOODVVFLHQWLÀF
UHVHDUFK LV EDVHG GHYHORSV DQG DGYDQFHV RQ WKH EDVLV RI WKH :00H5H7:;8,1 RI
IDYRUDEOHXQIDYRUDEOH ;>3,7,980:7VFLHQWLÀF 3O8<3103= GDWD IDFWV HWF  WR WKH
WKHVHV DQG K\SRWKHVHV H[SOLFLW DQG LPSOLFLW WR WKH PHWKRGRORJLFDO SURFHVV RI
UHVHDUFK 2XU WKHVLV RI +>3% =:10;H:-A% :=% H182A819% 031;3-% ,2% ;>3% ;>3,7,983=% ,2% ;>3%
G31;:;3H0>/+,-:>DQGWKHFRUUHVSRQGLQJK\SRWKHVLVKDVEHHQGHPRQVWUDWHGIURP
WKH:00H5H7:;8,1%,2%3O8<3103=%,2%;>3%;>3,7,983=%6-3=31;%:1<%8553-=3<%81%;>3%=:10;H:-A%
:=%67:H=8@73%:1<%>89>7A%6-,@:@73ERWKIRUWKHELEOLFDOWKHRORJ\RIWKH3HQWDWHXFK
+,-:> DV ODLG WKH IRXQGDWLRQV IRU WKH FRQVWUXFWLRQ RI D QHZ SDUDGLJP RI WKH
ELEOLFDOWKHRORJ\RIWKH27
')*#+$D&&'J)
$")2(#1%%$A"' +==-'

$ FRPLHQ]RV GH ORV DxRV  *HUKDUG +DVHO VHxDOy HQ XQ DUWtFXOR
VLJQLÀFDWLYRDFHUFDGHOIXWXURGHODWHRORJtDGHO$7TXHHOWHPDGHOFHQWURGHO
$7 VHJXtD VLHQGR XQ SUREOHPD VLQ UHVROYHU ´'7% :=H1;,% <37% V8;;3% ,% W031;-,J% <37%
*1;89H,%+3=;:531;,%0,1;81H:%=831<,%H1%6-,@735:%=81%-3=,7O3-%31%37%3=;H<8,%<37%*1;89H,%
+3=;:531;,X>«@6HKDFHXQDGLVWLQFLyQHQWUHHOFHQWURFRPRXQDDSUR[LPDFLyQ
TXH HVWUXFWXUD OD VLVWHPDWL]DFLyQ GH OD WHRORJtD GHO $QWLJXR 7HVWDPHQWR \
FRPRXQFRQFHSWRWHROyJLFR+D\YDULRVHUXGLWRVTXHVRVWLHQHQTXHHO$QWLJXR
7HVWDPHQWRWLHQHXQFHQWUR;3,7N980,SHURTXHQRKD\XQFHQWUR>8=;N-80,#$,%,#),#
HVWUXFWXUDFLyQGHXQDWHRORJtDGHO$QWLJXR7HVWDPHQWR'HVSXpVHVWiQDTXHOORV
TXH QLHJDQ FXDOTXLHU FHQWUR GHO $QWLJXR 7HVWDPHQWR D FXDOTXLHU QLYHO YL]
=,%%L7#¢+D\XQFHQWURWHROyJLFR31;-37:R:1<,%7:%-37898N1%8=-:378;:S%PC:A%H1%373531;,%
XQLÀFDGRUHQHO$QWLJXR7HVWDPHQWRRH[LVWHQHOHPHQWRVXQLÀFDGRUHV"VI

6(1$*?1# 4(# $/3/# '21# 4(# *",# 4?3,4,-# ,# $%&"3&$&/1# 4()# 1&+)/# WWR# KIJJBL-#
&KDUOHV 6FRELH UHPDUFy HQ 1*# 5:91H5% ,6H= GH WHRORJtD EtEOLFD OD IDOWD \ OD
QHFHVLGDGGH´H1%5:-0,%<3%-323-3108:%,%H1:%3=;-H0;H-:%<3%:79T1%;86,%5.=%:5678,%6:-:%
0,56-31<3-% 37% 5:;3-8:7% 0:1N180,% 0,5,% H1% ;,<,# XYZ# :79T1% ;86,% <3% 3=;-H0;H-:% 9313-:7%
6:-:%0,56-31<3-%7:%5:=:%0,5673U:%A%<8O3-=:%<37%5:;3-8:7%@M@780,>«@>HV@GHKHFKR37%
5:A,-%<3=:2M,%YH3%312-31;:%7:%3-H<808N1%@M@780:%31%37%;8356,%6-3=31;3V7B

/262%-(7,926'(/$7(2/2*Ì$%Ì%/,&$'(/3(17$7(8&2!-./

/RV REMHWLYRV. GH HVWD WHRORJtD EtEOLFD HV LQWHQWDU UHVROYHU HVWH SUREOHPD
H[LVWHQWH KDVWD KR\ WUDWDU GH UHVSRQGHU D ODV SUHJXQWDV SODQWHDGDV DUULED#

I# ´+>3%5:;;3-%,2%;>3%V8;;3%,-%W031;3-J%,2%;>3%"7<%+3=;:531;%-35:81=%:1%H1-3=,7O3<%6-,@735%2,-%"7<%
+3=;:531;% !;H<A >«@ $ GLVWLQFWLRQ LV PDGH EHWZHHQ WKH FHQWHU DV D VWUXFWXULQJ DSSURDFK
IRUWKHV\VWHPDWL]LQJRI2OG7HVWDPHQW7KHRORJ\DQGDVDWKHRORJLFDOFRQFHSW7KHUHDUH
YDULRXVVFKRODUVZKRDUJXHWKDWWKH2OG7HVWDPHQWKDVD;>3,7,980:7FHQWHUEXWWKDWWKHUHLQ
"/#>8=;,-80:7FHQWHUIRUWKHVWUXFWXULQJRIDQ2OG7HVWDPHQWWKHRORJ\7KHQWKHUHDUHWKRVH
ZKRGHQ\DQ\FHQWHUWRWKH2OG7HVWDPHQWRQDQ\OHYHO YL]%DUU $=%;>3-3%:1%H1<3-98-<819%
WKHRORJLFDO FHQWHU LQ ,VUDHOLWH UHOLJLRQ" ,V WKHUH D XQLI\LQJ HOHPHQW LQ WKH 2OG 7HVWDPHQW RU DUH
WKHUH XQLI\LQJ HOHPHQWV"µ * ) +DVHO ´7KH )XWXUH RI 2OG 7HVWDPHQW 7KHRORJ\ 3URVSHFWV
DQG7UHQGVµLQ+>3%Z7,D3-819%,2%"7<%+3=;:531;%+>3,7,9AF%*%)3:<3-%81%+D31;83;>QE31;H-A%"7<%
7HVWDPHQW7KHRORJ\HG%&2OOHQEXUJHU($0DUWHQVDQG*)+DVHO6%76
 :LQRQD/DNH(LVHQEUDXQV FXUVLYDDxDGLGD
 ´*% @-,:<3-% 2-:53D,-L% ,-% =;-H0;H-3% ,2% =,53% L81<# 2,-% H1<3-=;:1<819% ;>3% 0:1,180:7% 5:;3-8:7% :=% :%
D>,73#XYZ#=,53%L81<%,2%,O3-:77%=;-H0;H-3%2,-%H1<3-=;:1<819%;>3%0,56734%:1<%<8O3-=3%5:==%,2%@8@780:7%
5:;3-8:7 >«@ >LV@ LQ IDFW ;>3% 9-3:;3=;% =81973% 0>:773193% 2:0819% @8@780:7% =0>,7:-=>86% :;% ;>3% 6-3=31;%
WLPHV#&++6FRELH+>3%K:A=%,2%"H-%(,<F%*1%*66-,:0>%;,%?8@780:7%+>3,7,9A#KM%,"4#N,$&41U#
(HUGPDQV FXUVLYDDxDGLGD
+=>-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

KAL#¢+D\XQFHQWUREtEOLFRWHROyJLFRHQWUHOD]DQGRODUHOLJLyQLVUDHOLWD"  ¢+D\XQ
HOHPHQWRXQLÀFDGRUHQHO3HQWDWHXFR+,-. $7 RH[LVWHQHOHPHQWRVXQLÀFDGRUHV"
\  ODE~VTXHGDGHXQPDUFRGHUHIHUHQFLDRXQDHVWUXFWXUDJHQHUDOGHDOJ~Q
WLSRSDUDFRPSUHQGHUODPDVDFRPSOHMD\GLYHUVDGHOPDWHULDOEtEOLFRFRPRXQ
WRGR HQ HO 3HQWDWHXFR+,-. FRQ HO SURSyVLWR GH SUHWHQGHU VROXFLRQDU HO PD\RU
GHVDItRTXHHQIUHQWDODLQYHVWLJDFLyQEtEOLFDHQODpSRFDDFWXDO

(O FDPSR GH OD WHRORJtD EtEOLFD VH KD VXEGLYLGLGR GXUDQWH ORV ~OWLPRV
GRVFLHQWRV DxRV HQ ODV HVSHFLDOLGDGHV GH WHRORJtD GHO $7 \ WHRORJtD GHO 17
3HUR QXHVWUD WHRORJtD EtEOLFD HV OD FRQVWUXFFLyQ GH XQD VROD WHRORJtD GH WRGR
HO 3HQWDWHXFR+,-. LH GH OD SULPHUD VHFFLyQ GHO FDQRQ FULVWLDQR $7 >3@-3,#
K?8@78:% >3@-3:  /D WHRORJtD EtEOLFD VH UHODFLRQD HVSHFLDOPHQWH FRQ HO PHQVDMH
WHROyJLFR JHQHUDO GH WRGD OD %LEOLD ,QWHQWD FRPSUHQGHU ODV SDUWHV HQ UHODFLyQ
FRQHOWRGRGHQWURGHOFDQRQEtEOLFRFRPSOHWRF7UDWDGHFRQRFHUORTXHOD%LEOLD
GHVFULEH\H[SOLFDDFHUFDGH'LRV\GHVXUHODFLyQFRQODKXPDQLGDG

(VWHHVWXGLRDQDOL]DHVSHFtÀFDPHQWHODWHRORJtDEtEOLFDGHODIRUPDFDQyQLFD
ÀQDO GHO 3HQWDWHXFR+,-. 8WLOL]D WDQWR ORV FRQRFLPLHQWRV WDQ DPSOLDPHQWH
DFHSWDGRVGHODVPHWRGRORJtDVVLQFUyQLFDVFRPRODQXHYDWHRORJtDEtEOLFDTXH
VH FHQWUD HQ OD IRUPD ÀQDO GHO WH[WR EtEOLFR 1R LQGDJDUHPRV VREUH OD SRVLEOH
KLVWRULDSUHFDQyQLFDGHOWH[WRVLQRTXHEXVFDUHPRVFRPSUHQGHUODLGHDWHROyJLFD
SUHGRPLQDQWHGHO3HQWDWHXFR+,-.GHIRUPDKROtVWLFDFRPRVHSUHVHQWDKR\HQ
HOFDQRQEtEOLFR

Q#(15(#%(1$(35/-#M,%3tDVHxDODTXHVHKDFRQVHJXLGRXQDPSOLRFRQVHQVRGH
)/1#5(yORJRVSDUDFRPHQ]DUODLQYHVWLJDFLyQGHO3HQWDWHXFR+,-.#$/%#()#WH[WRÀQDO7#
(OHVWXGLRVLQFUyQLFRGHEHSUHFHGHUDOHVWXGLRGLDFUyQLFR'HVSXpVDxDGHDFHUFDGH
),%031;-:78<:<%<37%;34;,TXH´6RODPHQWHHOWH[WRÀQDOHQWRGDVXSXUH]DHLQWHJULGDG
SXHGH JDUDQWL]DU DO HVWXGLRVR XQ SXQWR GH SDUWLGD VyOLGR \ ÀDEOHµ 3RU [)5&'/#
%(1,)5,#),#&'$/%5,"3&,#4(#*",%730;H-:%;3,7N980:GHO3HQWDWHXFR+,-.\TXHHVWDVHFFLyQ
FDQyQLFD ´HV HO UHVXOWDGR QR VROR GH XQD FRPSRVLFLyQ OLWHUDULD R GH XQ GHYHQLU
KLVWyULFRVLQRWDPELpQGHXQSURFHVRHVSLULWXDO\FDQyQLFR3RUFRQVLJXLHQWHXQD
OHFWXUDLQWHJUDOHVWiSLGLHQGRTXHVHYDORUHVXPHQVDMHWHROyJLFRµG

F# 7'$OH[DQGHUDQG%65RVQHUHGVB3D%&80;8,1:-A%,2%?8@780:7%+>3,7,9A 'RZQHUV*URYH
/HLFHVWHU,93 
 )*DUFtD/ySH]'7%G31;:;3H0,F%81;-,<H008N1%:%7:%730;H-:%<3%7,=%0810,%6-853-,=%78@-,=%<3%7:%?8@78:-#
,(%$ (VWHOOD9HUER'LYLQRI YpDVHWDPELpQLGHP#:%+,-.F%3=0-8;,=%=,@-3%37%
G31;:;3H0,$%( (VWHOOD9HUER'LYLQR 
$")2(#1%%$A"' +=9-'

(VWDWHRORJtDEtEOLFDGLÀHUHGHODWDUHD\GHORVUHVXOWDGRVGHODGLVFLSOLQDGH
ODWHRORJtDVLVWHPiWLFD/DWHRORJtDVLVWHPiWLFDKDRUJDQL]DGRWUDGLFLRQDOPHQWHVX
PHWRGRORJtDDOUHGHGRUGHWySLFRV\WHPDVWDOHVFRPR'LRVKXPDQLGDGSHFDGR
&ULVWRVDOYDFLyQODLJOHVLD\ORVHYHQWRVÀQDOHV(QFRQWUDVWHODWHRORJtDEtEOLFD
KD VLGR PiV D PHQXGR XQD GLVFLSOLQD GHGLFDGD D OD E~VTXHGD GH XQD PLVLyQ
\XQDHVWUXFWXUD'HVGHVXFRQFHSFLyQODWHRORJtDEtEOLFDKDWHQLGRXQDIXHUWH
SUHVLyQ GLDFUyQLFD TXH LQVLVWH HQ WUD]DU HO GHVDUUROOR KLVWyULFR GH OD GRFWULQD
FRPRDSDUHFLyFURQROyJLFDPHQWHHQODKLVWRULDGH,VUDHO\GHODLJOHVLD'HHVWH
PRGRPLHQWUDVWHQtDTXHVHU(VFULWXUDHQ2,-5:#<#5[;,<,DVtFRPRHQFXDQWRDO
2,1<, WHQtD TXH SUHVHQWDUVH HQ HO RUGHQ TXH 'LRV GHVSOLHJD VX UHYHODFLyQ D OR
),%+/#4(#)/1#1&+)/1#/#4?3,4,17

'HEHVHUXQD;3,7,9M:%@M@780:QRXQDFRPSLODFLyQGH;3,7,9M:=%@M@780:=#K("#),#
DVXQFLyQDOWHUQDWLYDTXHQRKD\DXQLGDGRFHQWURGHOFDQRQ (OXVRGHOQRPEUH
VLQJXODU HQ OD WHRORJtD EtEOLFD LPSOLFD TXH KD\D XQ FHQWUR RUJDQL]DGRU TXH VH
SXHGH GHVFXEULU ²TXH WRGR HO 3HQWDWHXFR+,-. GHO FDQRQ FULVWLDQR \ KHEUHR
H[SUHVD OD XQLGDG GH OD PHQWH \ HO SURSyVLWR XQLÀFDGR GH 'LRV (VWD XQLGDG
VH WLHQH TXH GHVFXEULU DQWHV GH H[SORUDU HO SODQ \ SURSyVLWR GH 'LRV FRPR VH
UHYHODHQORVOLEURVEtEOLFRVLQGLYLGXDOHVGHODVHFFLyQFDQyQLFDGHO3HQWDWHXFR
+,-. (VWD WHRORJtD EtEOLFD HPHUJH GHO DQiOLVLV H[HJpWLFR GH SDVDMHV UHOHYDQWHV
\ GH HVWD PDQHUD VH EDVD HQ XQD WHRORJtD H[HJpWLFD TXH VH FRQVWUX\H VREUH
HO WUDEDMR H[HJpWLFR GH RWURV DXWRUHV GRQGH KHPRV HQFRQWUDGR OD H[SOLFDFLyQ
WH[WXDOSHUWLQHQWHHQORVOLEURVEtEOLFRVGHO3HQWDWHXFR+,-.#<#,$/%5,"4/#"*(15%/#
SURSLRDQiOLVLVGRQGHKDVLGRQHFHVDULR\UHTXHULGR

/D PHMRU SURSXHVWD SDUD OD XQLGDG GHO 3HQWDWHXFR+,-.# 4()# 3,"/"#
EtEOLFRVHHQFXHQWUDH[DFWDPHQWHGRQGHOD(VFULWXUDORVHxDODHQVXVUHSHWLGDV
UHIHUHQFLDV3HQVDPRVTXHHOFDQGLGDWRPiVDGHFXDGRSDUDODXQLGDGRFHQWUR
GH OD UHYHODFLyQ GH 'LRV HQ HO 3HQWDWHXFR+,-.# 1(# ("3*("5%,# ("# ()# !:1;H:-8,#
FRPRDSDUHFHUHYHODGRHQUHSHWLGDVUHIHUHQFLDVHQWRGDHVWDVHFFLyQFDQyQLFD
'H HVWH PRGR HO VDQWXDULR QR VHUtD VLPSOHPHQWH XQ FRQFHSWR WHROyJLFR
TXH SHUPDQHFLy LQHUWH KDVWD TXH ÀQDOPHQWH VH FXPSOLy HQ VX SXQWR ÀQDO
VHUtD XQ PDFURFRQFHSWR PDFURWHPD  WHROyJLFR TXH VH PDQWXYR D OR ODUJR
GHO HVSDFLR WHPSRUDO HQ XQD VHULH FRQWLQXD GH FXPSOLPLHQWRV KLVWyULFRV TXH
WRGDYtDVHxDODURQDOFXPSOLPLHQWR~OWLPRRÀQDO'HHVWDPDQHUDHVSRVLEOH
WDPELpQ TXH ORV HVFULWRUHV GHO 17 HQFRQWUDUDQ HO PDFURWHPD GHO VDQWXDULR
PiVHVSHFtÀFDPHQWHE-8=;,%31%37%!:1;H:-8,SDUDVHUQRVRORHOFHQWURXQLÀFDGRU
+=B-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

DOUHGHGRUGHOFXDOFRPSUHQGLHURQHO$7VLQRWDPELpQHO>87,%0,1<H0;,-%;3,7N980,#
SDUDWUD]DUHODYDQFH\GHVDUUROORFRQWLQXRGHODUHYHODFLyQSURJUHVLYDGH'LRV
("#),#!13%&5*%,7

9pDVHSRUHMHPSOR0W´3XHV\ROHVGLJRTXHDTXtHVWiH1,%5.=%9-:1<3%
YH3%37%;3567,µ-Q´$OGtDVLJXLHQWH-XDQYLRDI3=T=TXHVHDFHUFDEDDpO
\GLMR\$TXtWLHQHQDO&RUGHURGH'LRVTXHTXLWDHOSHFDGRGHOPXQGR>«@$OYHUD
I3=T=TXHSDVDEDSRUDKtGLMR\*YHM%;83131%:7%E,-<3-,%<3%&8,=µ3´6LQRFRQ
),#$%(3&/1,#VDQJUHGH&ULVWRFRPRGHXQFRUGHURVLQPDQFKD\VLQGHIHFWRV7

/D SUHPLVD FHQWUDO GH HVWD QXHYD WHRORJtD EtEOLFD GHO 3HQWDWHXFR+,-.#
(1# .*(# ()# !:1;H:-8,-# 3/'/# *",# 5:0-,3=;-H0;H-:% 2M=80:-# *"# 5:0-,373531;,% >8=;N-80,Q
;356,-:7-#*",#5:0-,-323-3108:%@M@780:-#*"#PDFURFRQFHSWR PDFURWHPD WHROyJLFR-#<#*",#
5:0-,;86,7,9M:%53=8.180:SRGUtDFRQVWLWXLUODEDVH\HOIXQGDPHQWRGHOUHVWRGHODV
WHRORJtDVGHO3HQWDWHXFR+,-.3RUORWDQWRSURSRQHPRVXQQXHYRSDUDGLJPDD
ODHUXGLFLyQWHROyJLFDPRGHUQDHVGHFLUWDQWRSDUDODWHRORJtDGHO3HQWDWHXFR
+,-.FRPRSDUDODWHRORJtDGHO$7

(O WtWXOR GH HVWD WHVLV GRFWRUDO (O VDQWXDULR FRPR FHQWUR XQLÀFDGRU GH ODV
;3,7,9M:=%<37%G31;:;3H0,/+,-.GHVFULEHH[DFWDPHQWHHODOFDQFHGHQXHVWUDWHRORJtD
(15/# (1-# $%(5("4(# '/15%,%# .*(# ()# !:1;H:-8, HV HO FHQWUR EtEOLFR GH OD WHRORJtD
GHO 3HQWDWHXFR+,-. TXH DEDUFD WRGRV ORV FRQFHSWRV WHPDV \ WHRORJtDV GH VXV
HOHPHQWRVSDUWHVFRPSRQHQWHVSHUVRQDO VDFHUGRWHVVXPRVDFHUGRWHOHYLWDV \
FRPXQLGDG6HJ~QODFRQFHSFLyQODWLQD+,;H5%6-,%6:-;3TXHVLJQLÀFD´ WRPDU HO
WRGRSRUODSDUWHµODWRWDOLGDGGHXQREMHWRRFRQFHSWR PDFURFRQFHSWR FRPR
()# !:1;H:-8, UHSUHVHQWD OD SRUFLyQ R SRUFLRQHV GHO PLVPR VDFHUGRWHV OHYLWDV
PRELOLDULRHWF WDQWRGHVXHVWUXFWXUDItVLFDIXQFLRQDOFRPRGHODVLGHDV\WHPDV
WHROyJLFRVTXHHPDQDQGHWRGDVHOODV

(Q HO VDQWXDULR GHQWUR GHO DUFD GHO SDFWR HQ OD VHFFLyQ PiV LQWHUQD R
/XJDU 6DQWtVLPR ´HO FRUD]yQ GHO VDQWXDULRµ HVWDEDQ ODV WDEODV GH OD OH\ GHO
SDFWRRGHFiORJRHOPDQiODYDUDGH$DUyQ\HOOLEURGHODOH\FRORFDGRDOODGR
GHODUFD (['W([1P+HE´>«@'HQWURGHO
DUFD KDEtDXQDXUQDGHRURTXHFRQWHQtDHOPDQiODYDUDGH$DUyQTXHKDEtD
UHWRxDGR \ ODV WDEODV GHO SDFWRµ 'W  ´>«@ 7RPHQ HVWH OLEUR GH OD OH\
>VřSHUKDW{Uk@\SyQJDQORMXQWRDODUFDGHOSDFWRGHO6HxRUVX'LRVµ5
´(OVXPRVDFHUGRWH-LOTXtDVOHGLMRDOFURQLVWD6DIiQ¶+HHQFRQWUDGRHOOLEURGH
ODOH\>VřSHUKDW{Uk@HQHOWHPSORGHO6HxRU·µ 
$")2(#1%%$A"' +=?-'

(VWRV WH[WRV EtEOLFRV SUHWHQGHQ PRVWUDU \ GHVFULELU VLPEyOLFDPHQWH TXH


WRGDV ODV WHRORJtDV GHO 3HQWDWHXFR+,-. HVWiQ LQVHUWDGDV HQ OD PDWUL] WHROyJLFD
GHOVDQWXDULRGHQWURGHOVDQWXDULRUHSUHVHQWDQGRXQDFDMDRFRIUHWHROyJLFR ´HO
,%3,V#X!"#$%@HUDXQDFDMDFRIUHUHFWDQJXODUFRQVWUXtGDHQPDGHUD\DELHUWDHQ
OD SDUWH VXSHULRU  TXH FRQWHQtD WRGDV ODV MR\DV WHROyJLFDV TXH GHVFULELUHPRV \
3/"15%*&%('/1#'21#,4(),"5(#,#)/#),%+/#4(ORVOLEURVEtEOLFRVGHO3HQWDWHXFR+,-.7#
8WLOL]DQGRXQDWHUPLQRORJtDPRGHUQDGHOFDPSRGHODVDSOLFDFLRQHVLQIRUPiWLFDV
GLUtDPRV TXH HO VDQWXDULR HV XQD +,,7@,4-# (1# 4(3&%-# *",# 0:U:% <3% >3--:5831;:=%
;3,7N980:= TXH FRQWHQGUtD WRGDV ODV WHRORJtDV TXH VHUtDQ ODV KHUUDPLHQWDV GHO
SODQHFRQRPtDGHODVDOYDFLyQGLYLQRSDUDODKXPDQLGDG

(O SURSyVLWR GH HVWDV >3--:5831;:=% ;3,7N980:=% <37% =:1;H:-8, VHUtD FXPSOLU HO
SODQHFRQRPtD GH OD VDOYDFLyQ GH OD 'HLGDG FRQ HO SXHEOR GHO SDFWR ,VUDHO
SDUDORJUDUXQUHLQRGHVDFHUGRWHV\XQDQDFLyQVDQWD´VHUiQSDUDPtXQUHLQR
GH VDFHUGRWHV\XQDQDFLyQVDQWD¶&RPXQtFDOHVWRGRHVWRDORVLVUDHOLWDV·µ ([
 (VHHUDHOYHUGDGHURREMHWLYRGLYLQRPHGLDQWHHOVDQWXDULRFRQWRGDVVXV
WHRORJtDVGHVDUUROODU\FRQVWUXLUHOUHLQRGH'LRVHQODWLHUUDFRQXQVDFHUGRFLR
VDQWR \ XQD QDFLyQ VDQWD TXH IXHVH HO SDUDGLJPD PRGHOR PHWRGROyJLFR  \ PRGHOR
;3,7N980,SDUDWRGDVODVQDFLRQHVGHODWLHUUD(VHSURSyVLWRGLYLQRVRORSRGUtDVHU
ORJUDGRPHGLDQWHXQHVSDFLRVDQWRXQVDQWXDULR WDEHUQiFXORWHPSOR GRQGH
SUHYDOHFLHVH HO UHLQR GLYLQR HQ XQ PXQGR GH FDRV \ SHFDGR GRQGH OD ERQGDG
GH OD FUHDFLyQ  YHFHV GHVFULWD HQ *pQHVLV   \D QR SUHYDOHFtD HQ XQ PXQGR
GRPLQDGRSRUODFDtGD\HOPDOGRQGHVRORXQDSRUFLyQRHVSDFLRGHODFUHDFLyQ
HO VDQWXDULR SRGUtD PDQWHQHU GtD D GtD \ DxR WUDV# ,]/# '(4&,"5(# HO 'tD GH OD
H[SLDFLyQ DQXDO HO HVWDWXV RULJLQDO \ HO FXPSOLPLHQWR HVFDWROyJLFR ÀQDO GLYLQR
GHOUHWRUQRDODVDQWLGDGLQWHJUDOGHORVFLHORV\ODWLHUUD *QFI+HE
´%XVTXHQ>«@ODVDQWLGDGVLQODFXDOQDGLHYHUiDO6HxRUµ 

$GHPiV ORV WH[WRV DQWHULRUHV SUHWHQGHQ H[SOLFDU HO SURSyVLWR GHO


VDQWXDULRTXHLQWHQWDUtDDEDUFDUWRGRVORVFRQFHSWRVWHPDV\WHRORJtDVHLQGLFDU
TXHQLQJXQDWHRORJtDVLJQLÀFDWLYDHVWDUtDIXHUDGHOVDQWXDULR,VUDHOQRWHQGUtD#
PiV WHRORJtDV SDUD GHVDUUROODU \ GHVSOHJDU D OR ODUJR GHO 3HQWDWHXFR+,-.# .*(#
WRGDV DTXHOODV TXH FRQWLHQHQ WRGDV ODV VHFFLRQHV DSDUWDPHQWRV \ DUWtFXORV GHO
PRELOLDULR TXH FRQVWLWX\HQ OD PDWUL] WHROyJLFD FRPSOHMD GHO VDQWXDULR $Vt HQ
QXHVWUDLQYHVWLJDFLyQLQWHQWDUHPRVHQFRQWUDUFRPRYHUHPRVSRVWHULRUPHQWHHO
FHQWUREtEOLFRHKLVWyULFRGHODWHRORJtDGHO3HQWDWHXFR+,-.#("#()#',3%/3/"3($5/#
R PDFURWHPD GHO VDQWXDULR SRUTXH ,VUDHO QR WHQGUtD PiV WHRORJtDV TXH WRGDV
+=@-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

,.*()),1# .*(# ('(%+&(%/"# <# (',",%/"# 4(14(# ()# 1,"5*,%&/# <# 4(14(# 5/4/1# 1*1#
()('("5/17

3RU RWUD SDUWH ORV GRV ~OWLPRV WH[WRV FLWDGRV DUULED 'W  \  5
GRQGHDSDUHFHODIyUPXODKHEUHD´HOOLEURGHODOH\µ>VřSHUKDW{Uk@KDUtDQ
UHIHUHQFLD D OD +,-.3HQWDWHXFR TXH HVWi FRORFDGR GHQWUR WDQWR GHO VDQWXDULR
GXUDQWHHOSHUtRGRKLVWyULFRWHPSRUDOGHOWDEHUQiFXORVDQWXDULRFRPRGXUDQWH
HO SHUtRGR KLVWyULFRWHPSRUDO GHO WHPSORVDQWXDULR HVWH KHFKR PRVWUDUtD OD
UHODFLyQ\FRQH[LyQH[LVWHQWHHQWUHODVHFFLyQFDQyQLFDGHO3HQWDWHXFR+,-.#<#4(#
ORV 3URIHWDV DQWHULRUHV B3@8J85 ODV GRV VHFFLRQHV FDQyQLFDV PiV LPSRUWDQWHV
GHO$7 GXUDQWHHOSHUtRGRGHOUHLQDGRGH-RVtDVLQWHQWDQGRGHVFULELU\PRVWUDU
TXH HO VDQWXDULR LQVHUWDED HQ VX PDFURFRQFHSWRPDFURWHPD WHROyJLFR WRGD OD
SOXUDOLGDG\PXOWLSOLFLGDGGHWHRORJtDVGHOD+,-.3HQWDWHXFR

6(# (15(# '/4/-# ()# !:1;H:-8, SUHWHQGH VHU OD FROXPQD YHUWHEUDO HO
5:0-,0,1036;,# K5:0-,;35:L# O3-;3@-:<,- GH OD WHRORJtD TXH LQWHQWD LQVHUWDU HQ VX
(15%*35*%,#5/4,1#),1#'[)5&$)(1#5(/)/+tDVDPRGRGHYpUWHEUDV#.*(#3/"15&5*<("#)/1#
FRQFHSWRVHLGHDVGHORVOLEURVEtEOLFRVTXHFRQIRUPDQHOHVTXHOHWRWHROyJLFRGH
ODWHRORJtDEtEOLFDGHO3HQWDWHXFR+,-.7

/$(6758&785$'(/$7(2/2*Ì$%Ì%/,&$'(/3(17$7(8&2!-./

(OSULPHUFDStWXORGHHVWDWHVLVHVWXGLD37%=:1;H:-8,%0,5,%031;-,%;3,7N980,%
XQLÀFDGRUGHO3HQWDWHXFR7RUiSUHVHQWDQGRHOVDQWXDULRFRPRODFODYHFDQyQLFD
GHO $7 \ GHO 3HQWDWHXFR/+,-. HVSHFtÀFDPHQWH VH FRQFHQWUD VREUH   OD
PHWRGRORJtD GH OD WHRORJtD GHO $7 \ GHO 3HQWDWHXFR/+,-.   HO WHPD FHQWUDO
GHO $7 \ GHO 3HQWDWHXFR/+,-. \   HO FHQWUR EtEOLFR H KLVWyULFR GHO $7 \ GHO
>("5,5(*3//+,-.(OVHJXQGRFDStWXORDQDOL]D7:=%;3,7,9M:=%<37%G31;:;3H0,/+,-.%31%
HOFHQWURXQLÀFDGRUGHOVDQWXDULRHVSHFtÀFDPHQWH  GHVDUUROODODVWHRORJtDVGHO
OLEURGH*pQHVLVHQHOVDQWXDULR  H[DPLQDODVWHRORJtDVGHOOLEURGHe[RGR
HQHOVDQWXDULR  GHVFULEHODVWHRORJtDVGHOOLEURGH/HYtWLFRHQHOVDQWXDULR
  HODERUD ODV WHRORJtDV GHO OLEUR GH 1~PHURV HQ HO VDQWXDULR ÀQDOPHQWH  
FRQVWUX\HODVWHRORJtDVGHOOLEURGH'HXWHURQRPLRHQHOVDQWXDULR
EK.%9.,!)*D!#'+.&+(+.&%)*#+.
*%+9J"'&+.D)'F'&!$+#.$%9.
3(17$7(8&2!-./
&/' *0")102$(' %(3(' %&")2(' )&(/A5$%(' 1"$4$%0#(2' #&/'6&")0)&1%(7!"#$' +>,-'

/$0(72'2/2*Ì$'(/$7(2/2*Ì$'(/$7<'(/3(17$7(8&2
!-./

(ODVXQWRGHODPHWRGRORJtDHVXQDFXHVWLyQIXQGDPHQWDO6HH[SXVRHQ
XQDIRUPD~QLFDSRU*DEOHUHQ\VLJXHVLHQGRKR\HQGtDXQWHPDFUXFLDOH#
/DPHWRGRORJtDHVODEDVHSULQFLSDOGHWRGDWHRORJtDHVHOFLPLHQWRIXQGDPHQWDO
VREUHHOTXHVHDVLHQWDFRQVWUX\H\GHVDUUROODWRGDWHRORJtDEtEOLFDGHO$7\GHO
3HQWDWHXFR+,-.0HGLDQWHODPHWRGRORJtDVHHODERUDWRGDVODVSUHVXSRVLFLRQHV
\HOSDUDGLJPDGHODWHRORJtDGHO$7\GHODVHFFLyQFDQyQLFDGHO3HQWDWHXFR
+,-.7

&RQODPHWRGRORJtDODWHRORJtDEtEOLFDYDDDGTXLULU0:-;:%<3%1:;H-:73R:#3/"#
WRGDVODVFRQFHSFLRQHVPRGHORV\SURSXHVWDVTXHFRQVWLWX\HQHOHGLÀFLRGHOD
WHRORJtDEtEOLFDDORODUJRGHORVOLEURVEtEOLFRV\GHO>87,%0,1<H0;,-%;3,7N980,#.*(#)/1#
SXHGHFRQHFWDU\UHODFLRQDUDWUDYpVGHWRGDOD(VFULWXUD/DPHWRGRORJtDVRQORV
UDtOHVSRUORVFXDOHVFLUFXODHO;-31%<37%631=:5831;,GHODWHRORJtDEtEOLFDTXHWLHQH
VX SDUDGD HQ ODV HVWDFLRQHV GH ORV OLEURV EtEOLFRV GRQGH UHFRJH ORV FRQFHSWRV
LGHDV\WHRORJtDVTXHVHYDQHQFDUULODQGR\DUWLFXODQGRHQVXUHFRUULGRDWUDYpV
GHORVWH[WRVEtEOLFRVGHO$7\GHO3HQWDWHXFR+,-.7

(QODV~OWLPDVGpFDGDVKDKDELGRXQDPSOLRGHEDWHVREUHODFXHVWLyQGHOD
PHWRGRORJtDHQODWHRORJtDGHO$7C.+DFLDPHGLDGRVGHORVDxRVVHSURGXMR

 - 3 *DEOHU HQ VX FODVH LQDXJXUDO ´2UDWLR GH MXVWR GLVFULPLQH WKHRORJLDH ELEOLFDH HW
GRJPDWLFDHUHJXQGLVTXHUHFWHXWULXVTXHÀQLEXVµ>´2UDFLyQVREUHODMXVWDGLVWLQFLyQHQWUH
ODWHRORJtDEtEOLFD\GRJPiWLFD\ORVÀQHVHVSHFtÀFRVGHFDGDXQDµ@LQ\73813-3%+>3,7,98=0>3%
!0>-82;31 HG 7K $ *DEOHU DQG - * *DEOHU 8OP    SURQXQFLDGD HQ OD
8QLYHUVLGDGGH$OWGRUIHOGHPDU]RGH(VWHDxRPDUFDHOFRPLHQ]RGHODWHRORJtD
EtEOLFD FRPR XQD GLVFLSOLQD SXUDPHQWH KLVWyULFD FRPSOHWDPHQWH LQGHSHQGLHQWH GH OD
GRJPiWLFDDXQTXHQRIXHHOSULPHURHQXVDUHOWpUPLQRWHRORJtDEtEOLFDYpDVH.0|OOHU
´7KH1DWXUHDQG*HQUHRI%LEOLFDO7KHRORJ\µLQ"H;%,2%'9A6;F%?8@780:7%+>3,7,9A%:1<%?8@780:7%
$1;3-6-3;:;8,1HG&*%DUWKRORPHZHWDO6+6 *UDQG5DSLGV=RQGHUYDQ 
/D FRQFHSFLyQ KLVWyULFD GH *DEOHU GH OD WHRORJtD EtEOLFD IXH HVHQFLDOPHQWH GH QDWXUDOH]D
GHVFULSWLYD+R\HQGtDODWHRORJtDEtEOLFDHVHVHQFLDOPHQWHXQDGLVFLSOLQDKLVWyULFDFRQXQ#
PpWRGRLQGXFWLYR\GHVFULSWLYR7
C# 6REUH OD KLVWRULD \ OD PHWRGRORJtD GH OD WHRORJtD GHO $7 YpDVH SRU HMHPSOR 3 5 +RXVH
"7<%+3=;:531;%+>3,7,9A 'RZQHUV*URYH,QWHU9DUVLW\ WDPELpQ5/
6PLWK 2OG 7HVWDPHQW 7KHRORJ\ ,WV +LVWRU\ 0HWKRG DQG 0HVVDJH 1DVKYLOOH %URDGPDQ 
+ROPDQ 5&'HQWDQG-32:03%;,%"7<%+3=;:531;%+>3,7,9A 1HZ<RUN6HDEXU\
AEHBI  5 3 .QLHULP 7KH 7DVN RI 2OG 7HVWDPHQW 7KHRORJ\ 6XEVWDQFH 0HWKRG DQG &DVHV#
*UDQG 5DSLGV (HUGPDQV   6 - .UDIWFKLFN &K ' 0\HUV DQG % & 2OOHQEXUJHU
K(417L-# ?8@780:7% +>3,7,9AF% G-,@735=% :1<% G3-=630;8O3=% 81% C,1,-% ,2% IX% E>-8=;8::1% ?3L3- 1DVKYLOOH
$ELQJGRQ +7&6XQHWDO HG G-,@735=%81%?8@780:7%+>3,7,9AF%'==:A=%81%C,1,-%,2%),72%
+>.-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

XQ UHFRQRFLPLHQWR GH TXH HO SDUDGLJPD HVWDEOHFLGR GH OD PHWRGRORJtD GH OD
WHRORJtDGHO$7\DQRHUDDGHFXDGR3HURHQUHDOLGDGD~QQRKDEtDQHPHUJLGR
QXHYRV HQIRTXHV %UXHJJHPDQQ VHxDOy D HVWH UHVSHFWR ´#:=% <,=% T180:=# 0,=:=%
VHJXUDVDKRUDVREUHODWHRORJtDGHO$QWLJXR7HVWDPHQWRVRQ  ODVYtDVGH(LFKURGW\
9RQ5DG\DQRVRQDGHFXDGDV  1RH[LVWHXQFRQVHQVRHQWUHQRVRWURVDFHUFDGHORTXH
O8313%:%0,1;81H:08N17VD(ODxDGLyDFRQWLQXDFLyQ´B,=%9H=;:-M:%31%6-810868,%;313-%H1%
6:-:<895:%97,@:7%YH3%-37:08,13%;,<:=%7:=%6:-;3=%31;-3%=MX%<HVSDUDOL]DQWHQRWHQHUXQR
>@ $KRUD VRPRV WDQ OLEUHV FRPR HV SRVLEOH VHUOR GH ORV DQWLJXRV SDUDGLJPDV
'1%7:%:0;H:78<:<%348=;3%7:%1303=8<:<%<3%6-,6H3=;:=%=H=;:1;8O:=7VE

$GHPiV+DVHOLQGLFy´+R\HQGtDKD\XQDPD\RUYDULHGDGGHPHWRGRORJtDV
HPSOHDGDVTXHQXQFDDQWHVHQODWHRORJtDGHO$7+,<:OM:%1,%>:A%0,1=31=,%=,@-3%7:%
53;,<,7,9M:%<3%7:%;3,7,9M:%<37%*+%A%1819H1:%6:-303%3=;:-%353-9831<,V7AJ

5HFLHQWHPHQWH PiV GH  DxRV GHVSXpV GH ODV DÀUPDFLRQHV DQWHULRUHV
GH %UXHJJHPDQQ XQR GH ORV HUXGLWRV GHO $7 PiV LQÁX\HQWHV GH ODV ~OWLPDV
GpFDGDV VRVWLHQH TXH QDGLH FRQRFH HO IXWXUR HQ OD WHRORJtD GHO $7 SHUR TXH
´'RVFRVDVSDUHFHQFODUDV3ULPHURHVSUREDEOHTXHQRVVRUSUHQGDQQXHYRVPpWRGRV\
SHUVSHFWLYDVHPHUJHQWHVQXHYRVMXLFLRVFUtWLFRV\QXHYDVH[WUDSRODFLRQHVLQWHUSUHWDWLYDV7#
XYZ#(VSHURTXHSRGDPRVHQFXDOTXLHUPRPHQWRSUHVHQFLDUHOPLVPRWLSRGHQRYHGDG
31;-3%1,=,;-,=%0HA:%2,-5:%1,%6,<35,=%6-3O3-6HJXQGRHVWDPRVVHJXURVGHVHJXLU
ODULFDGLYHUVLGDGHQHOPpWRGRODSHUVSHFWLYDHOMXLFLRFUtWLFR\ODH[WUDSRODFLyQ
LQWHUSUHWDWLYDLQÁXHQFLDGDFRPRFDGDXQRGHQRVRWURVHVSRUODXELFDFLyQVRFLDO
HOKiELWRODFRQYLFFLyQ\ODWUDGLFLyQV.=%YH3%;:7%=,-6-3=:%A%;:7%<8O3-=8<:<%0,1;81H:%

\183-85 *UDQG5DSLGV(HUGPDQV 6-+DIHPDQQ HG ?8@780:7%+>3,7,9AF%)3;-,=630;%]%


G-,=630; 'RZQHUV*URYH,93$FDGHPLF -.0HDG%LEOLFDO7KHRORJ\,VVXHV0HWKRGV
:1<% +>353= /RXLVYLOOH :-.   / * 3HUGXH 5 0RUJDQ DQG % ' 6RPPHU ?8@780:7%
+>3,7,9AF%$1;-,<H0819%;>3%E,1O3-=:;8,1/%7 1DVKYLOOH$ELQJGRQ \&:DOVKDQG0
^7#!))&/55#K(417L-#%LEOLFDO7KHRORJ\3DVW3UHVHQWDQG)XWXUH (XJHQH:LSI 6WRFN 
D# ´7KH RQO\ WZR WKLQJV VXUH DERXW 2OG 7HVWDPHQW WKHRORJ\ QRZ DUH   WKH ZD\V RI (LFKURGW DQG
YRQ5DGDUHQRORQJHUDGHTXDWH  7KHUHLVQRFRQVHQVXVDPRQJXVDERXWZKDWFRPHVQH[WV#^7#
%UXHJJHPDQQ´)XWXUHVLQ2OG7HVWDPHQW7KHRORJ\µC?+  FXUVLYDDxDGLGD
E# ´K3%D,H7<%78L3%:;%;>3%@39811819%;,%>:O3%:%0,56-3>31=8O3%6:-:<895%;>:;%-37:;3=%:77%;>3%6:-;=%;,%3:0>%
,;>3-$QGLWLVLPPRELOL]LQJQRWWRKDYHRQH>«@:HDUHQRZDVIUHHDVZHDUHOLNHO\WREH
RIWKHROGSDUDGLJPV7KHUHLVQRZQHHGIRUVXEVWDQWLYHSURSRVDOVµ,ELGFXUVLYDDxDGLGD
AJ# ´7KHUH LV WRGD\ D JUHDWHU YDULHW\ RI PHWKRGRORJLHV HPSOR\HG WKDQ HYHU EHIRUH LQ 27
WKHRORJ\ +>3-3% 8=% =;877% 1,% 0,1=31=H=% ,1% 53;>,<,7,9A% 2,-% "+% ;>3,7,9A% :1<% 1,13% =335=% ;,% @3%
HPHUJLQJµ*)+DVHO´0DMRU5HFHQW,VVXHVLQ2OG7HVWDPHQW7KHRORJ\µI!"+#
  FXUVLYDDxDGLGD
&/' *0")102$(' %(3(' %&")2(' )&(/A5$%(' 1"$4$%0#(2' #&/'6&")0)&1%(7!"#$' +>=-'

1,% 6,<35,=% =:@3-V7AA (Q HVWH MXVWR PRPHQWR TXL]iV GHEHUtDPRV SUHJXQWDUQRV
VL QXHVWUD QXHYD WHRORJtD EtEOLFD GHO 3HQWDWHXFR+,-.# ¢SRGUtD VHU HVD QXHYD
SHUVSHFWLYDHPHUJHQWHHVDQRYHGDG\VRUSUHVDQRSUHYLVWD"

3RU HVR ¢FyPR SRGUtDPRV KDFHU OD WHRORJtD GHO $7 \ GHO 3HQWDWHXFR
+,-."¢&XiOVHUtDHOPHMRUHQIRTXHRPpWRGRSDUDHQWHQGHUHOPHQVDMHWHROyJLFR
GHO $7 \ GHO 3HQWDWHXFR+,-." (O $7 HV XQ PDQXDO WHROyJLFR 8QD H[SRVLFLyQ
GHODWHRORJtDGHO$7\GHO3HQWDWHXFR+,-.-#$/%#)/#5,"5/-#"/#"(3(1&5,#"&"+*",#
MXVWLÀFDFLyQ HVSHFLDO 6LQ HPEDUJR HO SXQWR GH YLVWD WHROyJLFR GHO FXDO VH
GHVDUUROODXQDWHRORJtDSDUWLFXODUGHEHVHUMXVWLÀFDGR(QODKLVWRULDWHROyJLFDGH
ODWHRORJtDGHO$7DSDUHFHQYDULRVPRGHORVDOUHVSHFWRAI(VWDKLVWRULDPXHVWUD
FODUDPHQWH TXH OD FRQFHSFLyQ GH XQD WHRORJtD GHO $7 HVWi GHWHUPLQDGD SRU
PXFKDVSUHVXSRVLFLRQHVSUHOLPLQDUHV\WDPELpQUHÁHMDODVWHQGHQFLDVJHQHUDOHV
GHODWHRORJtDAB

/DWHRORJtDGHO$7\GHO3HQWDWHXFR+,-.GHEHSUHVHQWDUVHHQXQSDWUyQ
FRKHUHQWHGHEHWUDWDUGHKDFHUTXHHOPHQVDMHGHO$7\GHO3HQWDWHXFR+,-.#1(,#
WDQFODUR\SUHFLVRFRPRVHDSRVLEOHSDUDXQDDXGLHQFLDGDGD'HEHSUHVHQWDUVH
FRPR XQ WRGR LQWHJUDGR 'HEH PRVWUDU FyPR HQFDMDQ ODV SDUWHV HQ HO WRGR
'H KHFKR XQR GH ORV SULQFLSDOHV SRVWXODGRV SDUD OD WDUHD GH OD WHRORJtD GHO
$7 KD VLGR TXH HO $7 VH GHEH HQWHQGHU FRPR XQ WRGRAF# O,1# (15%*35*%,1# 4(#

AA# ´7ZR WKLQJV VHHP FOHDU )LUVW ZH DUH OLNHO\ WR EH VXUSULVHG E\ QHZ HPHUJLQJ PHWKRGV DQG
SHUVSHFWLYHVQHZFULWLFDOMXGJPHQWVDQGQHZLQWHUSUHWLYHH[WUDSRODWLRQV7#XYZ#$%:1;8086:;3%;>:;%D3%
PLJKWDWDQ\WLPHZLWQHVVWKHVDPHVRUWRIQHZQHVVDPRQJXVWKHVKDSHRIZKLFKZHFDQQRWIRUHVHH7#
6HFRQGZHDUHVXUHWRFRQWLQXHULFKGLYHUVLW\LQPHWKRGSHUVSHFWLYHFULWLFDOMXGJPHQWDQG
LQWHUSUHWLYHH[WUDSRODWLRQLQÁXHQFHGDVHDFKRIXVLVE\VRFLDOORFDWLRQKDELWFRQYLFWLRQ
,"4# 5%,4&5&/"7# 0RUH WKDQ VXFK VXUSULVH DQG VXFK FRQWLQXLQJ GLYHUVLW\ ZH FDQQRW NQRZV# ^7#
%UXHJJHPDQQ´)XWXUHVLQ2OG7HVWDPHQW7KHRORJ\'LDORJLF(QJDJHPHQWµC?+#BC#KIJAGLU#
FXUVLYDDxDGLGD
AI# -++D\HVDQG)&3UXVVQHU"7<%+3=;:531;%+>3,7,9AF%$;=%C8=;,-A%:1<%&3O37,6531;#KQ5),"5,U#
-RKQ .QR[   * ) +DVHO "7<% +3=;:531;% +>3,7,9AF% ?:=80% $==H3=% 81% ;>3% EH--31;% &3@:;3#
KM%,"4#N,$&41U#!(%4',"1-#AEEAF :%UXHJJHPDQQ7KHRORJ\RIWKH2OG7HVWDPHQW7HVWLPRQ\
'LVSXWH $GYRFDF\ 0LQQHDSROLV )RUWUHVV   - %DUU +>3% E,1036;% ,2% ?8@780:7% +>3,7,9AF%
*1% "7<% +3=;:531;% G3-=630;8O3 0LQQHDSROLV )RUWUHVV   % & 2OOHQEXUJHU HG  "7<%
+3=;:531;%+>3,7,9AF%Z7,D3-819%:1<%ZH;H-36%76 :LQRQD/DNH(LVHQEUDXQVIL7
AB# 9pDVH*)+DVHO´$'HFDGHRI2OG7HVWDPHQW7KHRORJ\5HWURVSHFWDQG3URVSHFWµ^*K#EB#
 LGHP´2OG7HVWDPHQW7KHRORJ\IURPµ*_!!  
AF# 3RUHMHPSORYpDVH53.QLHULP´7KH7DVNRI2OG7HVWDPHQW7KHRORJ\µC?+#H#KAEDFLU#IG7#
(QIDWL]yHOSOXUDOLVPRGHWHRORJtDVGHQWURGHOFDQRQGHO$7´'7%*1;89H,%+3=;:531;,%0,1;8313%
H1:%67H-:78<:<%<3%;3,7,9M:=µ´7KH2OG7HVWDPHQWFRQWDLQVDSOXUDOLW\RIWKHRORJLHVV#T"&(%&'-#+:=L%
"7<%+3=;:531;FXUVLYDDxDGLGD
+>>-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

SUHVHQWDFLyQ HOHJLGDV SRU ORV WHyORJRV GHO $7 HQ OD KLVWRULD GH OD WHRORJtD GHO
$7SXHGHQDJUXSDUVHHQFLQFRHQIRTXHVDFHUFDPLHQWRVRPpWRGRVAG#$%&"3&$,)(1U#
AL#!8=;35.;80,GHVFULEHHOHVTXHPDEiVLFRGHOSHQVDPLHQWR\ODFUHHQFLDGHO$7
HQ XQLGDGHV WRPDGDV GH OD WHRORJtD VLVWHPiWLFD OD VRFLRORJtD R ORV SULQFLSLRV
WHROyJLFRVVHOHFFLRQDGRV\OXHJRWUD]DVXUHODFLyQFRQORVFRQFHSWRVVHFXQGDULRV
IL# C8=;N-80, HVWDEOHFH OD WHRORJtD GH ORV VXFHVLYRV SHUtRGRV GH WLHPSR \
HVWUDWLÀFDFLRQHV GH OD KLVWRULD LVUDHOLWD   +35:% E31;-:7 RUJDQL]D OD WHRORJtD
GHO $7 DOUHGHGRU GH XQ VROR WHPD LQWHJUDGRU   E:1N180,U# *"# (15*4&/# 4(# ),1#
(VFULWXUDV FDQyQLFDV GH DFXHUGR DO FDQRQ KHEUHR HQ OXJDU GH XQ HQIRTXH GH
OD KLVWRULD GH ODV UHOLJLRQHV \   G7H-:78=;: HO $7 FRQWLHQH XQD SOXUDOLGDG GH
WHRORJtDV\ODWHRORJtDGHO$7HVXQDVHULHGHWHRORJtDVFRPSLWLHQGRHQWUHVLTXH
VHGHÀQHQHQJUDQSDUWHSRUVXVFRQWH[WRVVRFLRSROtWLFRV YpDVH7DEOD AH

AG (OXVRGHORVFRQFHSWRVHQIRTXHDFHUFDPLHQWR :66-,:0>L#/#'?5/4/#K53;>,< FRPRVLQyQLPRV


VLJXH RWURV HVWXGLRV SHUR HVWRV WpUPLQRV VH SXHGHQ GLIHUHQFLDU (QIRTXH R DFHUFDPLHQWR
K:66-,:0>  HV XQ FRQFHSWR PiV DPSOLR TXH DEDUFD WDQWR ORV PpWRGRV TXH VH XVDQ SDUD
HVWXGLDUOD%LEOLDFRPRWDPELpQODSHUVSHFWLYDVREUHHOOD\ODVPRWLYDFLRQHVSDUDKDFHUOD
5,%(,7#!)#3/"3($5/#'?5/4/#K53;>,< VHFHQWUDHQODVWpFQLFDV\ORVLQVWUXPHQWRVSDUDREWHQHU
HOPHQVDMHGHOD%LEOLD0HDG
AH# 3RU HMHPSOR YpDVH : & .DLVHU +,D:-<% :1% "7<% +3=;:531;% +>3,7,9A# KM%,"4# N,$&41U#
=RQGHUYDQ -+6DLOKDPHU$1;-,<H0;8,1%;,%"7<%+3=;:531;%+>3,7,9AF%*%E:1,180:7%
*66-,:0> *UDQG5DSLGV=RQGHUYDQ +RXVH+DVHOKDUHVXPLGR
ODPD\RUtDGHORVHQIRTXHVDSOLFDGRVSRUORVWHyORJRVGHO$7HQODKLVWRULDGHODWHRORJtD
GHO $7 \ ORV FODVLÀFy HQ DO PHQRV GLH] PHWRGRORJtDV GLIHUHQWHV   HO 5[;,<,% <,95.;80,Q
<8<.0;80, TXH RUJDQL]D OD WHRORJtD GHO $7 VLJXLHQGR ODV OtQHDV GH OD WHRORJtD VLVWHPiWLFD
%DXHU .|KOHU -DFRE    HO 5[;,<,# 931[;80,Q6-,9-3=8O, TXH WUD]D HO FUHFLPLHQWR GH OD IH
GH ,VUDHO HQ OD KLVWRULD &OHPHQWV    HO 5[;,<,# <3# =3008N1% ;-:1=O3-=:7# K0-,==Q=30;8,1L-# .*(#
XWLOL]DXQVRORWHPDSDUDH[SOLFDUORVFRQWHQLGRVGHO$7 (LFKURGW9ULH]HQ.DLVHU   HO
5[;,<,# ;N680, TXH VH FHQWUD HQ ODV LGHDV SULQFLSDOHV LQGHSHQGLHQWHPHQWH GH VX DSDULFLyQ
KLVWyULFD R OD FDSDFLGDG GH XQLÀFDU HO $7 0F.HQ]LH )RKUHU =LPPHUOL    HO 5[;,<,%
<8:0-N180, TXH LOXVWUD HO XVR GH WUDGLFLRQHV EiVLFDV HQ HO $7 9RQ 5DG    HO 5[;,<,% <3%
2,-5:08N1% <3% 7:% ;-:<808N1 TXH YD PiV DOOi GH ORV DUJXPHQWRV GH 9RQ 5DG SDUD DÀUPDU
TXH XQD VHULH GH WUDGLFLRQHV XQLÀFDQ DPERV 7HVWDPHQWRV *HVH    HO 5[;,<,# ;35.;80,Q
<8:7[0;80,TXHRUJDQL]DVXVHVWXGLRVHQWRUQRDLGHDV´RSXHVWDVµFRPRSUHVHQFLDDXVHQFLD
7HUULHQ  OLEHUDFLyQEHQGLFLyQ :HVWHUPDQQ  \ OHJLWLPDFLyQ GH OD HVWUXFWXUDDEUD]DQGR
HOGRORU %UXHJJHPDQQ   5[;,<,=%0-M;80,=%-30831;3=TXHHVODFDWHJRUtDGH+DVHOSDUDORV
HUXGLWRVTXHVHFXHVWLRQDQVLODWHRORJtDGHO$7VHSXHGHKDFHUHQDEVROXWR %DUU&ROOLQV 
KEL# ()# 5[;,<,% <3% 7:% 1H3O:% ;3,7,9M:% @M@780: TXH LQWHQWD UHODFLRQDU ORV 7HVWDPHQWRV HQWUH Vt HO
SULQFLSDO SURSRQHQWH GH HVWH PpWRGR HV &KLOGV TXH XWLOL]D XQ HQIRTXH FDQyQLFR SDUD OD
WHRORJtD EtEOLFD +DVHO WDPELpQ SRQH D 9ULH]HQ \ &OHPHQWV HQ HVWH JUXSR    HO 5[;,<,%
0:1N180,%5T7;8673#K5H7;86734%0:1,180:7 TXHHVHOSURJUDPDGHOSURSLR+DVHOSDUDODGLVFLSOLQD
FRQVLVWHHQFXDWURSXQWRVSULQFLSDOHVXQHVWXGLRGHODV(VFULWXUDVFDQyQLFDVXQUHVXPHQ
GHORVFRQFHSWRV\WHPDVGHOFDQRQODXWLOL]DFLyQGHPiVGHXQHVTXHPDPHWRGROyJLFR\
&/' *0")102$(' %(3(' %&")2(' )&(/A5$%(' 1"$4$%0#(2' #&/'6&")0)&1%(7!"#$' +>9-'

7DEOD(QIRTXHVDODPHWRGRORJtDGHODWHRORJtDGHO$7\GHO3HQWDWHXFR!"#$

(L4=0=.,1843MN412=
(L4=0=.H184>:12=
(L4=0=.03.*3M5.&3/4:57
(L4=0=.&5/>/12=
0pWRGR3OXUDOLVWD

0XFKDV WHRORJtDV GHO $7 HVSHFLDOPHQWH HQ OD SDUWH LQLFLDO GHO SHUtRGR
PRGHUQR GH  KDQ VRVWHQLGR FRQH[LRQHV FRQ HO 17 \ DOJXQDV KDQ
DÀUPDGR TXH HO HVWDEOHFLPLHQWR GH WDOHV FRQH[LRQHV HV XQ REMHWLYR FHQWUDO GH
OD WHRORJtD GHO $7 R LQFOXVR VX SURSyVLWR HVHQFLDO (Q HO SHUtRGR SRVWHULRU D
SDUWLU GH  HQ DGHODQWH SDUHFH KDEHU XQ FDPELR HQ HVWH DVSHFWR 3RU XQD
SDUWH REVHUYDPRV XQD PDUFDGD WHQGHQFLD D PLQLPL]DU OD LPSRUWDQFLD GHO 17
SDUDFXDOTXLHUWHRORJtDGHO$7 =LPPHUOL6FKPLGW&OHPHQWV3UHXVV SRURWUD
SDUWH YHPRV DOJXQDV REUDV TXH SHUVLJXHQ HVWDV FRQH[LRQHV FRQ PD\RU YLJRU
:HVWHUPDQQ 8QDYLVLyQSURSLDPHQWHWHROyJLFDGHO$7WDPELpQGHMDUtDFODUD
VXUHODFLyQRUJiQLFDFRQHO17AC

(QWpUPLQRVJHQHUDOHVSRGHPRVVHxDODUTXHSDUDXQRVHVWXGLRVRVKDEUtD
XQDXQLGDGHQWUHHO$7\HO17PLHQWUDVTXHSDUDRWURVDXWRUHVHO$7SXHGH
H[SOLFDUVH SRU Vt PLVPR VLQ XQD OtQHD GH FRQWLQXLGDG FRQ HO 17 /RV WHyORJRV
EtEOLFRV FULVWLDQRV KDQ VLGR UHDFLRV SDUD GHVDUUROODU WHRORJtDV FRPSUHKHQVLYDV
TXHWUDWHQVREUHODWHRORJtDGHDPERV7HVWDPHQWRV

6FRELH VRVWLHQH HQ VX WHRORJtD EtEOLFD TXH GHEHPRV EXVFDU OD XQLGDG
\ FRQWLQXLGDG GH OD (VFULWXUD SHUR VLQ VDFULÀFDU OD ULTXH]D GH VX GLYHUVLGDG
$O WUDWDU GH GHOLQHDU OD HVWUXFWXUD GH OD WHRORJtD EtEOLFD 6FRELH DGYLHUWH TXH
ORV WHyORJRV HYLWHQ LPSRQHU SDWURQHV FRQFHSWXDOHV DMHQRV D OD (VFULWXUD \ HQ

XQ DQiOLVLV GH EORTXHV GH PDWHULDO VLQ VHJXLU HO RUGHQ HVSHFtÀFR GHO FDQRQ KHEUHR  "7<%
+3=;:531;% +>3,7,9A  !,@-3% 3=;3% 6H1;,% 0,10H3-<,% 0,1# C:=37% 31% -3:78R:-% 37% 3=;H<8,% <3% 7:=%
(VFULWXUDV FDQyQLFDV SHUR HVWR\ HQ GHVDFXHUGR FRQ pO VREUH XQ UHVXPHQ GH ORV FRQFHSWRV \ WHPDV
GHOFDQRQ.\XQDQiOLVLVGHEORTXHVGHPDWHULDOVLQVHJXLUHORUGHQHVSHFtÀFRGHOFDQRQKHEUHR7#O,#
WHRORJtDGHO$7TXHEXVFDFRQWULEXLUDODWHRORJtDEtEOLFDGHEHGHKHFKRDQDOL]DUHOFDQRQ
KHEUHR\DTXHHVHVWHFDQRQHOTXHHO17PHQFLRQD /F 3XHVWRTXHHVXQHVTXHPDGH
WUHVSDUWHV 3HQWDWHXFR3URIHWDV(VFULWRV HOTXHHO17PHQFLRQDFRPRUHYHODFLyQGLYLQD
HO RUGHQ JHQHUDO GHO FDQRQ VH GHEH VHJXLU WDPELpQ SRUTXH HV XQ FDQRQ TXH VH GHVSOLHJD
SURJUHVLYDPHQWH$GHPiVVLJXLHQGRHORUGHQFDQyQLFRVHPDQWLHQHHOFRQWH[WRKLVWyULFR
GHO$7\SHUPLWHVHJXLUORVFRQWRUQRVEiVLFRVGHODKLVWRULDLVUDHOLWD
AC# %DUU
+>B-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

FDPELRSHUPLWDQTXHODHVWUXFWXUDGHVXVWHRORJtDVEtEOLFD1#('(%+,#4()#$%/$&/#
PDWHULDOEtEOLFRAD

(QHOFDQRQGHOD%LEOLDFULVWLDQDHO$7\HO3HQWDWHXFR+,-.\HO17HVWiQ
XQLGRVFULVWROyJLFDPHQWHHVGHFLUFDGDXQRGDWHVWLPRQLRGHO'LRVUHYHODGRHQ
-HVXFULVWR HJ/F´WHQtDTXH0H5678-=3%;,<,%7,%YH3%3=;.%3=0-8;,%:03-0:%<3%5M%
31%7:%73A%4(#;/&1?1#X+,-.3HQWDWHXFR@HQORVSURIHWDV\HQORVVDOPRVµ &RPR
KD LQGLFDGR 0DLHU ´'H HVWH PRGR SRGHPRV GHVLJQDU D &ULVWR FRPR HO SXQWR
FHQWUDO\HVHQFLDOGHOD(VFULWXUDVXFHQWURVXFRUD]yQµAE

(VWD WHRORJtD EtEOLFD GHO 3HQWDWHXFR+,-.# ,4/$5,# *"# 312,YH3% ,% 5[;,<,%


0:1N180, GH ORV HVFULWRV EtEOLFRV SHUR QR VROR DVXPH FRPR EDVH OD GLVSRVLFLyQ
FDQyQLFD GH OD %LEOLD KHEUHD VLQR TXH WDPELpQ DGRSWD ORV WH[WRV EtEOLFRV HQ OD
IRUPDFDQyQLFDÀQDOHQODTXHDSDUHFHQ(OFDQRQVHUiWUDWDGRFRPROD(VFULWXUD
FRPR WH[WRV GLYLQDPHQWH LQVSLUDGRV TXH UHFODPDQ \ VRQ DFHSWDGRV FRPR TXH
WLHQHQ HO HVWDWXV GH DXWRULGDG /D SUHVHQWDFLyQ VLJXH HO RUGHQ FDQyQLFR GH ORV
OLEURV EtEOLFRV \ HQ OD VHFXHQFLD GHO FDQRQ KHEUHR \ FULVWLDQR /RV WH[WRV VHUiQ
HVWXGLDGRV SDVR D SDVR SDUD GDU YLGD D VXV LPSOLFDFLRQHV WHROyJLFDV $GHPiV
ODV FRQH[LRQHV LQWHUWH[WXDOHV HQWUH FDGD OLEUR GHO 3HQWDWHXFR+,-.# 3/"# ()# %(15/#
GHO FDQRQ \ ORV OLEURV GHO 17 VHUiQ VHxDODGDV /D WHRORJtD DTXt SUHVHQWDGD HV
FDQyQLFD WDPELpQ SRUTXH FRQVLGHUD VHULDPHQWH OD %LEOLD FRPR XQ GRFXPHQWR
IXQGDPHQWDOWDQWRGHODIHMXGtDFRPRFULVWLDQD

(Q HO SHQVDPLHQWR KHEUHR OD %LEOLD KHEUHD VH OODPD D PHQXGR ´ORV
OLEURVµ >&'()*'#+,@R´ORVOLEURVVDJUDGRVµ>-.*#/0 1'23456@RWDPELpQ´ORV
(13%&5/1#1,+%,4/1V#X7.89/0 1'23456@PiVWDUGHFRPR´OHFWXUDµ>:.;#<!Z-#/#3/"#
HODFUyQLPR!""#$#K+:1:U IRUPDGRFRQODVLQLFLDOHVGHODVWUHVVHFFLRQHVGHOFDQRQ
KHEUHR8=#<& /H\RLQVWUXFFLyQ %>9+!+, 3URIHWDV \0?)8@9+,#K!13%&5/1L7

(OFDQRQGHOD%LEOLDKHEUHDVHGLYLGHHQWUHVVHFFLRQHV´7RUiµHVGHFLUORV
FLQFROLEURVTXHVRQOODPDGRVSRUODH[SUHVLyQJULHJD´3HQWDWHXFRµ´3URIHWDVµ
TXHFRQWLHQHQORVOLEURVGH-RVXpD5H\HVOODPDGRV´3URIHWDVDQWHULRUHVµ>%>9+!+,0
#.!6=%+,@ \ ORV OLEURV SURSLRV GH ORV SURIHWDV OODPDGRV ´3URIHWDV SRVWHULRUHVµ
X%>9+!+,0 !'A'#=%+,@ \ ´(VFULWRVµ GRQGH VH UHFRJHQ WRGRV ORV OLEURV TXH QR

AD# 6FRELH
AE# ´7KXVZHFDQGHVLJQDWH&KULVWDVWKHPLGGOHRI6FULSWXUHDQGLWVSLYRWDOSRLQWLWVFHQWHU
LWV KHDUWµ * 0DLHU +>3% '1<% ,2% ;>3% C8=;,-80:7QE-8;80:7% V3;>,< (XJHQH :LSI  6WRFN
 YpDVHWDPELpQ**ROGVZRUWK\E>-8=;QE31;3-3<%?8@780:7%+>3,7,9AF%C3-5313H;80:7%
Z,H1<:;8,1=%:1<%G-8108673= 'RZQHUV*URYH,93$FDGHPLF 
&/' *0")102$(' %(3(' %&")2(' )&(/A5$%(' 1"$4$%0#(2' #&/'6&")0)&1%(7!"#$' +>?-'

SHUWHQHFHQ D XQR GH ORV GRV SULPHURV JUXSRV /D VXEGLYLVLyQ GHO FDQRQ GH OD
%LEOLD KHEUHD HQ WUHV VHFFLRQHV SULQFLSDOHV ´7RUiµ ´3URIHWDVµ \ ´(VFULWRVµ HV
3/"1&15("5(#3/"#()#3&(%%(#4()#3,"/"#("#()#1&+)/#RR#,7:7IJ

/HLPDQORH[SUHVDHQHVWRVWpUPLQRV´/DHYLGHQFLDWDOP~GLFD\PLGUiVKLFD
HV WRWDOPHQWH FRQVLVWHQWH FRQ OD IHFKD GHO VLJOR ,, D& SDUD HO FLHUUH GHO FDQRQ
EtEOLFRµIA(VWDVGLYLVLRQHVIXHURQPHQFLRQDGDVSRUSULPHUDYH]HQXQSUyORJR
DO OLEUR DSyFULIR GHO (FOHVLiVWLFR R 6DELGXUtD GH 6LUDF  D&  TXH KDEOD WUHV
YHFHVGHODOH\ORVSURIHWDV\ORVRWURVOLEURV\VHUHÁHMDQHQ/F´>«@WHQtD
.*(# 3*'$)&%1(# 5/4/# )/# .*(# (152# 3=0-8;, DFHUFD GH Pt HQ OD 73A# 4(# ;/&1?1-# ("# )/1#
6-,23;:=#<#("#)/1#=:75,=µTXHPHQFLRQDODOH\GH0RLVpVORVSURIHWDV\ORVVDOPRV
3XHVWRTXHHVHOHVTXHPDGHWUHVSDUWHV ´/H\µ´3URIHWDVµ´(VFULWRVµ HOTXHHO
17PHQFLRQDVHGHEHVHJXLUWDPELpQHORUGHQJHQHUDOGHOFDQRQ'HELGRDTXH
HVXQFDQRQTXHVHGHVSOLHJDVHGHEHQFRQVLGHUDUGHELGDPHQWHODVFRQH[LRQHV
LQWHUWH[WXDOHVHQWUHORVOLEURVII

/D VHFXHQFLD GH ODV WUHV VHFFLRQHV GHO FDQRQ KHEUHR FRUUHVSRQGH D VX
VLJQLÀFDGR WHROyJLFR #:% +,-./G31;:;3H0,% 0,1=;8;HA3% 37% 2H1<:531;,% <3% 7:% O8<:% A% 37%
SHQVDPLHQWRGH,VUDHOGHVXFRPSUHQVLyQGH'LRV\GHOPXQGRGHODFRPSUHQVLyQGHVt
58=5,%A%<3%7:%:<,-:08N1%A%37%0H7;,X%#:=%=3008,13=%-3=;:1;3=%<37%0:1,1%<3631<31%@M@780:%
A% ;3,7N980:531;3% <3% 7:% +,-./G31;:;3H0, 6HJ~Q /HYHQVRQ OD SULPHUD GH ODV WUHV
VHFFLRQHVGHO7DQDM $7 OD+,-.3HQWDWHXFRHVDQWHULRU\QRUPDWLYDORVSURIHWDV
VRORODDSOLFDURQ\QRLQQRYDURQHVGHFLUKD\XQDSULRUL]DFLyQGHO3HQWDWHXFR

IJ# 9pDVH ' 1 )UHHGPDQ ´&DQRQ RI WKH 2OG 7HVWDPHQWµ $&?!H6    LGHP
´+RZ WKH +HEUHZ %LEOH DQG WKH &KULVWLDQ 27 'LIIHUµ ?8@)3O     6 =
O(&',"-# +>3% E:1,18R:;8,1% ,2% C3@-3D% !0-86;H-3F% +>3% +:75H<80% :1<% V8<-:=>80% 'O8<3103-#
7UDQVDFWLRQV RI WKH &RQQHFWLFXW $FDGHP\ RI $UWV DQG 6FLHQFHV YRO  +DPGHQ
Q)'/"4-# AECH-# AEEAI  5 7 %HFNZLWK +>3% "7<% +3=;:531;% E:1,1% ,2% ;>3% B3D% +3=;:531;%
E>H-0> *UDQG 5DSLGV (HUGPDQV   6 7DOPRQ ´+RO\ :ULWLQJV DQG &DQRQLFDO
%RRNV LQ -HZLVK 3HUVSHFWLYH &RQVLGHUDWLRQV &RQFHUQLQJ WKH )RUPDWLRQ RI WKH (QWLW\
¶6FULSWXUH· LQ -XGDLVPµ LQ V8;;3% <3-% !0>-82;S HG 0 .ORSIHQVWHLQ HW DO %HUQ /DQJ
 *)+DVHO´3URSRVDOVIRUD&DQRQLFDO%LEOLFDO7KHRORJ\µ*_!!#BF#KAEEHLU#
 5 5HQGWRUII +3,7,98:% <377J*1;80,% +3=;:531;,  YROV 7RULQR &ODXGLDQD 
IJJBL-#AUAG7
IA# ´+>3%;:75H<80%:1<%58<-:=>80%3O8<3103%8=%31;8-37A%0,1=8=;31;%D8;>%:%=30,1<%031;H-A%?XEX%<:;819%2,-%
WKHFORVLQJRIWKHELEOLFDOFDQRQµ/HLPDQFXUVLYDDxDGLGD
II# 9pDVH35+RXVH´&DQRQRIWKH2OG7HVWDPHQWµLQZ,H1<:;8,1=%2,-%?8@780:7%$1;3-6-3;:;8,1F%
*%E,5673;3%#8@-:-A%,2%+,,7=%:1<%)3=,H-03=HG'6'RFNHU\.$0DWWKHZVDQG5%6ORDQ
1DVKYLOOH%URDGPDQ +ROPDQ 
+>@-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

+,-. VREUH HO UHVWR GHO $7 7DQDM IB $GHPiV FXDQGR HO 17 FDUDFWHUL]D D WRGR
HO $7 FRPR XQ OLEUR GH OD ´/H\µ *ULHJR 1,5,= +HEUHR 8=#<&  HVWR UHÁHMD OD
SULRULGDGFDQyQLFDDWULEXLGDDO3HQWDWHXFR+,-.#K(7+7-#8"#AI-BFL7IF

$OÀQDOGHOD+,-.3HQWDWHXFRGLFH´'HVGHHQWRQFHVQRYROYLyDVXUJLUHQ
R1%,()#/5%/#6-,23;:#X%"9+!@FRPR0RLVpVFRQTXLHQHO6HxRUWHQtDWUDWRGLUHFWR6ROR
0RLVpVKL]RWRGDVDTXHOODVVHxDOHV\SURGLJLRVTXHHO6HxRUOHPDQGyUHDOL]DU
HQ(JLSWRDQWHHOIDUDyQVXVIXQFLRQDULRV\WRGRVXSDtV1DGLHKDGHPRVWUDGR
MDPiVWHQHUXQSRGHUWDQH[WUDRUGLQDULRQLKDVLGRFDSD]GHUHDOL]DUODVSURH]DV
TXHKL]R0RLVpVDQWHWRGR,VUDHOµ 'W 

O,#+,-.3HQWDWHXFRFRQFOX\HFRQHVWDUHIHUHQFLDDODSURIHFtDSHURWRGRV
ORV SURIHWDV SRVWHULRUHV DSDUHFHQ VXERUGLQDGRV DO ~QLFR SURIHWD SRU HO FXDO
6&/1# 4&/# 1*# +,-.3HQWDWHXFR 0RLVpV HV HO PiV JUDQGH GH WRGRV ORV GHPiV
SURIHWDV 6X +,-.3HQWDWHXFR HV LQFRPSDUDEOH LQVXSHUDEOH \ SHUPDQHFHUi
SDUD VLHPSUH YiOLGD 3RU OR WDQWR HQ HO FDQRQ 0RLVpV SUHFHGH D ORV ´3URIHWDV
DQWHULRUHVµ -RVXp 5H\HV  \ D ORV ´3URIHWDV SRVWHULRUHVµ ,VDtDV0DODTXtDV  \
WDPELpQ SUHFHGH D ORV ´(VFULWRVµ /D DXWRULGDG GHO 3HQWDWHXFR+,-.# 4($("4(#
GHÀQLWLYDPHQWHGHODDXWRULGDGGH0RLVpVIG

6NDPXHVWUDTXHODFRQFOXVLyQGHOFDQRQGHORV3URIHWDVUHÁHMDODPLVPD
LGHD SHUR D OD LQYHUVD ´$FXpUGHQVH GH OD 73A# X8=#"&@ GH PL VLHUYR 0RLVpV
5HFXHUGHQORVSUHFHSWRV\ODVOH\HVTXHOHGLHQ+RUHESDUDWRGR,VUDHO(VWR\
SRU HQYLDUOHV DO SURIHWD (OtDV DQWHV TXH OOHJXH HO GtD GHO 6HxRU GtD JUDQGH \
WHUULEOHµ 0DO 7RGRVORV3URIHWDVVHGHEHQHQWHQGHUGHVGHODSHUVSHFWLYD
4(#),#+,-.3HQWDWHXFR(VWHWH[WRFRQFOX\HWRGRVORVOLEURVSURIpWLFRV>%>9+!+,Z7
&RQWLHQHWUHVHOHPHQWRVHVHQFLDOHVVREUHODUHODFLyQGHORVOLEURVSURIpWLFRVFRQ
OD OH\ GH 0RLVpV3HQWDWHXFR   /D OHFWXUD GH ORV SURIHWDV GHEH VHU ´UHFRUGDUµ
ODOH\GH0RLVpV6HJ~QHVWDYLVLyQFDQyQLFDGHO$7ODSURIHFtDDFWXDOL]DODOH\

IB# -'/HYHQVRQ7KH+HEUHZ%LEOHWKH2OG7HVWDPHQWDQG+LVWRULFDO&ULWLFLVP-HZVDQG&KULVWLDQV
81%?8@780:7%!;H<83= /RXLVYLOOH:-. (VWRWLHQHXQSDUDOHORHQHOSHQVDPLHQWRUDEtQLFR
´FXDUHQWD\RFKRSURIHWDVPDVFXOLQRV\VLHWHIHPHQLQRVSURIHWL]DURQD,VUDHO\QRTXLWDURQ
QLDxDGLHURQDORTXHHVWiHVFULWRHQOD7RUiFRQODH[FHSFLyQGHODOHFWXUDGHO5ROOR>GH(VWHU
("#>*%&'ZV-#@X%V39XD´)RUW\HLJKWPDOHDQGVHYHQIHPDOHSURSKHWVSURSKHVLHGWR,VUDHO
DQGWKH\QHLWKHUWRRNDZD\IURPQRUDGGHGWRWKDWZKLFKLVZULWWHQLQWKH7RUDKZLWKWKH
H[FHSWLRQRIWKHUHDGLQJRIWKH6FUROO>RI(VWKHURQ3XULP@µ@X%V39X#AF,7
IF# 9pDVH 5 ( &OHPHQWV "7<% +3=;:531;% +>3,7,9AF% *% Z-3=>% *66-,:0> $WODQWD -RKQ .QR[
/RQGRQ0DUVKDOO0RUJDQ 6FRWW 
IG# %6&KLOGV$1;-,<H0;8,1%;,%;>3%"7<%+3=;:531;%:=%!0-86;H-3 3KLODGHOSKLD)RUWUHVV 
-/6ND$1;-,<HR8,13%:77:%73;;H-:%<37%G31;:;3H0,#K=/)/+",U#!6=-#IJJJL-#IJ7
&/' *0")102$(' %(3(' %&")2(' )&(/A5$%(' 1"$4$%0#(2' #&/'6&")0)&1%(7!"#$' +>;-'

\ODPDQWLHQHYLYDHQODPHQWHGH,VUDHO /DOH\GH0RLVpVHVXQDOH\GLYLQD
6X DXWRULGDG QR HV GH RULJHQ KXPDQR VLQR GLYLQR HV GHFLU OD OH\ GH 0RLVpV
HV HO UHVXOWDGR GH XQD UHYHODFLyQ QR GHO UD]RQDPLHQWR KXPDQR   (QWUH ORV
SURIHWDV VROR (OtDV HV PHQFLRQDGR SRUTXH HV HO PiV SDUHFLGR D 0RLVpV (OtDV
FRPR0RLVpVKDHVWDGRHQHOPRQWH+RUHE 5H\HV 

(VWH DXWRU H[SOLFD DGHPiV TXH OD WHUFHUD VHFFLyQ GHO FDQRQ ´(VFULWRV´ 
WDPELpQ VH UHÀHUH D OD +,-.3HQWDWHXFR ´'LFKRVR HO KRPEUH TXH QR VLJXH HO
FRQVHMRGHORVPDOYDGRVQLVHGHWLHQHHQODVHQGDGHORVSHFDGRUHVQLFXOWLYDOD
DPLVWDG GH ORV EODVIHPRV VLQR TXH HQ OD 73A# X8=#"&@ GHO 6HxRU VH GHOHLWD \ GtD
\ QRFKH PHGLWD HQ HOODµ 6DO   (O SULPHU 6DOPR HV OD LQWURGXFFLyQ D WRGD
OD WHUFHUD SDUWH GHO FDQRQ GH OD %LEOLD KHEUHD \ WDPELpQ FRQWLHQH UHIHUHQFLDV D
ODOH\(OFULWHULRTXHGLVWLQJXHDOMXVWRGHOLPStR\SHFDGRUHVODPHGLWDFLyQGH
OD OH\ /D OH\ WDPELpQ VHUi OD QRUPD GHO MXLFLR 6DO   /D OH\ VH OODPD ´OH\
GHO 6HxRUµ >8=#"&0 B&C&@ (O 6DOPR LQYLWD D OHHU WRGRV ORV 6DOPRV \ WRGRV ORV
´(VFULWRVµ FRPR XQD PHGLWDFLyQ GH OD OH\ GHO 6HxRU /D +,-.3HQWDWHXFR WLHQH
WDPELpQXQYtQFXORFRQODVDELGXUtD 6DO TXHDOFDQ]DVXFOtPD[HQOD
DODEDQ]DLQWHUPLQDEOHGHOD+,-.3HQWDWHXFRGHO6DOPR

(QWUH ORV ~OWLPRV OLEURV GH ORV ´(VFULWRVµ VH HQFXHQWUDQ ORV OLEURV GH
(VGUDV \ 1HKHPtDV TXH FXOPLQDQ FRQ OD SURFODPDFLyQ VROHPQH GH OD ´OH\ GH
;/&1?1VDQWHWRGRHOSXHEOR 1HKHPtDV 1RHVSRVLEOHFRQFHELUHOVDQWXDULR
VLQUHIHUHQFLDDODOH\\DODVSUHVFULSFLRQHVGHFXOWRFRQWHQLGDVHQHO3HQWDWHXFR
+,-.(QHO/XJDU6DQWtVLPRGHOVDQWXDULRHVWiHODUFD\GHQWURGHODUFDVRORKD\
XQDFRVDODVGRVWDEODVTXH'LRVOHGLRD0RLVpVHQHOPRQWH+RUHE &U 
/DOH\HVWiHQHOFRUD]yQGHOVDQWXDULR\HOFXOWRVLJXHODVSUHVFULSFLRQHVGHOD
)(<#4(#;/&1?1#KI#:%#D-ABL7

(VWRVWH[WRVTXHHQPDUFDQODVWUHVSDUWHVGHOFDQRQGHOD%LEOLDKHEUHD
VRQ LPSRUWDQWHV GHELGR D VX FRQWHQLGR \ VREUH WRGR SRUTXH HVWiQ VLWXDGRV HQ
SXQWRV HVWUDWpJLFRV GHO $7 /D GLYLVLyQ GHVWDFD OD SRVLFLyQ ~QLFD GH OD OH\ (O
3HQWDWHXFR+,-. HV ~QLFR SRUTXH 0RLVpV RFXSD XQ OXJDU ~QLFR HQ OD KLVWRULD
GHODUHYHODFLyQIH'HHVWHPRGRORVFLQFROLEURVGHO3HQWDWHXFR+,-.#5&("("#*"#
FDUiFWHU´QRUPDWLYRµTXHORVRWURVOLEURVEtEOLFRVQRWLHQHQIC

IH# 6ND-#IF7
IC# 87# =)("_&"1/$$-# +>3% G31;:;3H0>F% *1% $1;-,<H0;8,1% ;,% ;>3% Z8-=;% Z8O3% ?,,L=% ,2% ;>3% ?8@73-# Q=NO# G#
1HZ<RUN'RXEOHGD\ 
+9<-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

3RU ~OWLPR FRPR VHxDOD 5HQGWRUII HQ WRGDV ODV VHFFLRQHV GHO FDQRQ
DSDUHFHQ EDMR HO WpUPLQR GH ´+,-.3HQWDWHXFRµ P~OWLSOHV UHIHUHQFLDV D OD
SULPHUDVHFFLyQDWRGRORTXHDOOtVHQDUUD\RUGHQDDODFUHDFLyQ\DOFRPLHQ]R
GH OD KLVWRULD GH OD KXPDQLGDG D OD KLVWRULD GH 'LRV FRQ ORV 3DGUHV GH ,VUDHO
D OD UHYHODFLyQ GH 'LRV HQ HO PRQWH 6LQDt \ DO GRQ GH ORV PDQGDPLHQWRV 6H
SXHGHGHFLUTXHODPD\RUSDUWHGHORVRWURVOLEURVGHOFDQRQGHOD%LEOLDKHEUHD
QR SXHGHQ HQWHQGHUVH SOHQDPHQWH VLQ HO 3HQWDWHXFR+,-.-# ,)# .*(# 1(# ,)*4(# 4(#
GLIHUHQWHVPDQHUDVGLUHFWDRLQGLUHFWDPHQWHID

3RU OR WDQWR FRQ QXHVWUR HVWXGLR LQWHQWDUHPRV HQFRQWUDU HO FHQWUR EtEOLFR \
WHROyJLFRGHO$7HQOD7RUi3HQWDWHXFR\HQORTXHOD7RUi3HQWDWHXFRGLFHVHUiGRQGH
YDPRVDLQWHQWDUGHVFXEULU\GHVFULELUTXHHOFHQWURGHODWHRORJtDGHO$7FRPRYHUHPRV
VXJHULUiFRPRPDFURFRQFHSWRFHQWUDOHOVDQWXDULR\WRGRVXVLPEROLVPR\HOVLJQLÀFDGR
WHROyJLFR HO0HVtDV&ULVWR GHOTXHGHSHQGHUtDQODVVHFFLRQHVUHVWDQWHVGHOFDQRQKHEUHR
´3URIHWDV´\´(VFULWRV´ 7

1XHVWUD ~OWLPD SUHVXSRVLFLyQ SUHOLPLQDU PHWRGROyJLFDPHQWH KDEODQGR


GHDFXHUGRD3HUGXHHVTXHXQHQIRTXHDFHUFDPLHQWRSXUDPHQWHGHVFULSWLYRTXH
HVHSLVWHPROyJLFDPHQWHFXHVWLRQDEOHHQVtPLVPRUHVXOWDHQODIUDJPHQWDFLyQGH
ODWHRORJtDHQXQDYDULHGDGGHLGHDVGHVFRQHFWDGDV\DPHQXGRFRQWUDGLFWRULDV
'HKHFKRHOHQIRTXHDFHUFDPLHQWRGHVFULSWLYRHVFDSD]GHSUHVHQWDUP~OWLSOHV
WHRORJtDVGHORVGRV7HVWDPHQWRV63-,%1,%H1:%=,7:%;3,7,9M:7IE

(Q FRQVHFXHQFLD HO SURSyVLWR GH HVWD WHRORJtD EtEOLFD GHO 3HQWDWHXFR+,-.%
VHUtD GHVFULSWLYR \ WDPELpQ FRQVWUXFWLYR HQ VXV SURSLRV WpUPLQRV XQD WHRORJtD GHO
G31;:;3H0,7RUi XQLÀFDGD HQ Vt PLVPD (O REMHWLYR VHUi XQLÀFDU OD WHRORJtD EtEOLFD
0,1%H1%031;-,%@M@780,%H%,-9:18R:08,1:7%A%;3,7N980,%<37%G31;:;3H0,+,-.F%'7%=:1;H:-8,%
A%E-8=;,%31%37%=:1;H:-8,7UDWDQGRDVtGHUHVSRQGHUDORVSUREOHPDVQRUHVXHOWRV
SRUODWHRORJtDGHO$7\ODWHRORJtDEtEOLFDFRQXQDWHRORJtDGHDPSOLRHVSHFWUR
TXH SUHWHQGH XQLÀFDU WRGRV ORV WHPDV \ DVSHFWRV GHO 3HQWDWHXFR+,-. YpDVH
7DEOD 

ID# 5HQGWRUII
IE# O7#M7#>(%4*(-#+>3%E,77:6=3%,2%C8=;,-AF%)30,1=;-H0;819%"7<%+3=;:531;%+>3,7,9A2%7 0LQQHDSROLV
9/%5%(11-# AEEFL-# E7 9pDVH WDPELpQ 1 3 /HPFKH-# +>3% "7<% +3=;:531;% @3;D331% +>3,7,9A% :1<%
C8=;,-AF%*%E-8;80:7%!H-O3A /RXLVYLOOH:-. 
&/' *0")102$(' %(3(' %&")2(' )&(/A5$%(' 1"$4$%0#(2' #&/'6&")0)&1%(7!"#$' +9,-'

7DEOD3UHVXSRVLFLRQHVSUHOLPLQDUHVGHODWHRORJtDEtEOLFD

%7.!*.O.37.)*.384N/.</10=8.3/.G38<2:184=
(L4=0=.=.523:25M13/4=.25/>/12=.O.03.43M5.23/4:57
3ULRULGDGFDQyQLFDGHO3HQWDWHXFR!"#$
3HQWDWHXFR!"#$.83221>/.23/4:57.03.75.43=7=@B5.037.!*
(OSURSyVLWRGHODWHRORJtDEtEOLFDHVGHVFULSWLYR\FRQVWUXFWLYR

(/7(0$&(175$/'(/$7<'(/3(17$7(8&2!-./

$OFRQVLGHUDUFyPRHVWUXFWXUDUXQDWHRORJtDEtEOLFDXQRGHORVSUREOHPDV
PiVLPSRUWDQWHVTXHDIURQWDPRVKR\HVODWHQVLyQHQWUHODXQLGDG\ODGLYHUVLGDG
WHPiWLFD HQ OD %LEOLD GHQWUR GH FDGD 7HVWDPHQWR HQ FDGD VHFFLyQ GHO FDQRQ \
HQFDGDOLEUREtEOLFR7BJ/DWHQVLyQHQWUHODXQLGDG\ODGLYHUVLGDGGHO$7\GHO
3HQWDWHXFR+,-.HVXQDGHODVPD\RUHVSUHVLRQHV\FRQWLQXDVLHQGRXQGHVDÀR
SDUDODWHRORJtDEtEOLFDODLQWHUDFFLyQHQWUHDPEDVBA

¢'HEHUtDPRV HVWXGLDU HO $7 \ HO 3HQWDWHXFR+,-. PiV HQ UHODFLyQ D VX
XQLGDG R D VX GLYHUVLGDG" \ ¢TXp WLSR GH FRQWLQXLGDGHV \ GLVFRQWLQXLGDGHV
H[LVWHQHQWUHHOORV"/RTXHHQFRQWUDPRVHQWUHORVHVWXGLRVRVHVXQDYDULHGDGGH
SURSXHVWDVTXHEXVFDQH[SOLFDUODXQLGDG\ODGLYHUVLGDGRODFRQWLQXLGDG\OD
GLVFRQWLQXLGDGHQHO$7\HQHO3HQWDWHXFR+,-.7

¢(OPHQVDMHWHROyJLFRGHO3HQWDWHXFR+,-.VHSXHGHGHVFULELUGHWDOPDQHUD
TXHDUWLFXOHWDQWRVXVFDUDFWHUtVWLFDVXQLÀFDGRUDVFRPRVXVHOHPHQWRVGLYHUVRV
\DVHDHQFDGDOLEURLQGLYLGXDOPHQWHRHQWRGRHO3HQWDWHXFR+,-."/DPD\RUtD
GH ORV WHyORJRV EtEOLFRV UHFRQRFHQ TXH HO 3HQWDWHXFR+,-.# 5&("(# ()('("5/1#
VLJQLÀFDWLYRV TXH XQLÀFDQ VX PHQVDMH SHUR PXFKRV WDPELpQ FRQVLGHUDQ TXH
H[LVWH GLYHUVLGDG HQ HO 3HQWDWHXFR+,-. \ HQ VXV SDUWHV FRQVWLWX\HQWHV 6HJ~Q
0HDGHOGHEDWHVHFHQWUDHQWUHVDVSHFWRV  FXiOHVVRQHVRVHOHPHQWRV  FXiO
HVHOSHVRUHODWLYRGDGRDODXQLGDGRDODGLYHUVLGDG\  FXiOHVODPDQHUDHQ
.*(#(152"#%(),3&/",4,17BI

'HVGHORVDxRVORVDXWRUHVTXHHQIDWL]DURQODXQLGDGHQODHVWUXFWXUD
\HOSURSyVLWRGHOPHQVDMHEtEOLFRUHWRUQDURQDODQDWXUDOH]DGHOFDQRQEtEOLFR

BJ# 9pDVH0HDG
BA# 9pDVH $ - .|VWHQEHUJHU ´7KH 3UHVHQW DQG )XWXUH RI %LEOLFDO 7KHRORJ\µ +>35378,=# BC#
 HVS
BI# ;(,4-#FE7
+9.-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

PLHQWUDV TXH ORV DXWRUHV FX\R REMHWLYR SULQFLSDO IXH FRQVLGHUDU ORV GLYHUVRV
WHVWLPRQLRV EtEOLFRV EXVFDURQ QXHYDV YtDV SDUD HQIDWL]DU OD GLYHUVLGDG GHO
3HQWDWHXFR+,-. HQ VX HVWUXFWXUD GH OD WHRORJtD EtEOLFD 'H HVWH PRGR ODV
SRVLFLRQHVTXHHQIDWL]DQODXQLGDGORKDFHQVXJLULHQGRTXHORVGLYHUVRVHOHPHQWRV
VHSXHGHQLQVHUWDUGHQWURGHXQPDUFRRPDWUL]WHROyJLFRFRKHUHQWHBB

0HDG DxDGH TXH ODV OLPLWDFLRQHV GH ODV GLYHUVDV WHRUtDV VREUH OD H18<:<#
²TXH VRQ R GHPDVLDGR VHOHFWLYDV R GHPDVLDGR DEVWUDFWDV² SURSRUFLRQDQ SHVR
HVSHFtÀFR D XQD SHUVSHFWLYD GH <8O3-=8<:< (Q JHQHUDO ORV WHyORJRV DSHODQ D
PHQXGRDOFDQRQFRPRHOJUDQIDFWRUXQLÀFDGRUHQODWHRORJtDEtEOLFDVLQHPEDUJR
RWURVVHxDODQDORVP~OWLSOHVOLEURVIRUPDVOLWHUDULDVFRQWH[WRVKLVWyULFRV\WHPDV
GHO FDQRQ FRPR DUJXPHQWR FRQWUD OD XQLGDG $GHPiV OD FUtWLFD SRVWPRGHUQD
.*(# 1/15&("(# .*(# "/# $/4('/1# %(3*$(%,%# ),# 81;3108N1 GH ORV HVFULWRUHV EtEOLFRV
/%&+&",)(1-#5/4/#$,%(3(#&"4&3,%#.*(#),#*"&4,4#(1#*",#3,*1,#$(%4&4,7BF

3RU XQD SDUWH FRPR LQGLFDQ .OLQN ,,, \ /RFNHWW ´7HQLHQGR HQ FXHQWD
WRGDV ODV GLYHUVDV SHUVSHFWLYDV FRQWH[WRV \ JpQHURV OLWHUDULRV FRQWHQLGRV HQ
OD %LEOLD LQHYLWDEOHPHQWH OOHYD>Q@ D HQIDWL]DU OD GLYHUVLGDG GH OD %LEOLDµ SHUR
SRURWUDSDUWH´HQIDWL]D>Q@ODXQLGDGJHQHUDOGHOD%LEOLD>«@(QHOLQWHQWRGH
GLVFHUQLU OD XQLGDG WHROyJLFD GHO PDWHULDO EtEOLFR DOJXQRV KDQ SURSXHVWR XQ
WHPDFHQWUDOTXHVRVWLHQHODGLYHUVLGDGGHSHUVSHFWLYDV\FRQWH[WRVMXQWRVEDMR
XQD VROD LGHD JHQHUDO (V SUHFLVDPHQWH DTXt GRQGH OD WHRORJtD EtEOLFD KD VLGR
LPSOLFDGDHQHO¶GHEDWHVREUHODXQLGDGGLYHUVLGDG·µBG

%UXHJJHPDQQ FRQFOX\H TXH ´/D WHRORJtD GHO $QWLJXR 7HVWDPHQWR GHEH


YLYLU FRQ HVD SUiFWLFD SOXUDOLVWD GH GLVSXWD \ FRPSURPLVR GH PRGR TXH ORV
WH[WRVQRVHSXHGHQDUUHJODUHQXQSDWUyQ~QLFRRXQLODWHUDOµBH

BB# ,ELG
BF# ,ELG
BG# ´7DNLQJLQWRDFFRXQWDOOWKHYDULRXVSHUVSHFWLYHVFRQWH[WVDQGOLWHUDU\JHQUHVFRQWDLQHGLQ
WKH%LEOHLQHYLWDEO\OHDGVWRVWUHVVLQJWKH%LEOH·VGLYHUVLW\>«@VWUHVVWKHRYHUDUFKLQJXQLW\
RIWKH%LEOH>«@,QWKHDWWHPSWWRGLVFHUQWKHWKHRORJLFDOXQLW\RIWKHELEOLFDOPDWHULDOVRPH
KDYH SURSRVHG D FHQWUDO WKHPH ZKLFK KROGV WKH GLYHUVLW\ RI SHUVSHFWLYHV DQG FRQWH[WV
WRJHWKHU XQGHU RQH XPEUHOOD LGHD ,W LV SUHFLVHO\ KHUH WKDW ELEOLFDO WKHRORJ\ KDV EHHQ
LPSOLFDWHGLQWKH¶XQLW\GLYHUVLW\GHEDWH·µ(:.OLQN,,,DQG'5/RFNHWW_1<3-=;:1<819%
?8@780:7%+>3,7,9AF%*%E,56:-8=,1%,2%+>3,-A%:1<%G-:0;803 *UDQG5DSLGV=RQGHUYDQ 
BH# ´2OG7HVWDPHQWWKHRORJ\PXVWOLYHZLWKWKDWSOXUDOLVWLFSUDFWLFHRIGLVSXWHDQGFRPSURPLVH
VR WKDW WKH WH[WV FDQQRW EH DUUDQJHG LQ DQ\ VLQJOH RU XQLODWHUDO SDWWHUQµ %UXHJJHPDQQ
+>3,7,9A%"7<%+3=;:531;-#CAJ7
&/' *0")102$(' %(3(' %&")2(' )&(/A5$%(' 1"$4$%0#(2' #&/'6&")0)&1%(7!"#$' +9=-'

(V GLItFLO HQFRQWUDU XQ FDPLQR D VHJXLU HQ HO GHEDWH XQLGDGGLYHUVLGDG
3RUXQDSDUWHODHOHFFLyQGHXQWHPDFHQWUDO~QLFRSDUDXQLÀFDUXQ7HVWDPHQWR
$7  R HO 3HQWDWHXFR+,-. HV GHPDVLDGR HVSHFtÀFR SDUD PDQHMDU ORV P~OWLSOHV
WHVWLPRQLRVGHORVOLEURVEtEOLFRVLQGLYLGXDOHV3RURWUDSDUWHPLHQWUDVODHOHFFLyQ
GH XQ FRQFHSWR JHQHUDO WLHQH OD YHQWDMD GH FRQVLGHUDU GLIHUHQWHV SHUVSHFWLYDV
VX XQLGDG SXHGH VHU GHPDVLDGR JHQHUDO SDUD VHU GH D\XGD FRQVWUXFWLYD 'H
DFXHUGR D 0HDG LGHQWLÀFDU HVWRV SUREOHPDV REYLRV HQ OD E~VTXHGD GH OD
XQLGDGVLQHPEDUJRQRLPSOLFDQHFHVDULDPHQWHTXHHOSpQGXORGHEHUtDRVFLODU
FRPSOHWDPHQWHKDFLDXQDGHVXQLyQLQFRKHUHQWHBC

$Vt 5HQGWRUII FRQVLGHUD TXH ODV FRQVHFXHQFLDV GH OHHU HO *pQHVLV HO
3HQWDWHXFR+,-.\WRGDOD%LEOLDKHEUHDFRPRXQWRGRVHUiQPiVIDVFLQDQWHVVL
PiVDOOiGHODREVHUYDFLyQGLDFUyQLFDGHODGLYHUVLGDGOOHJDPRVDGHVFXEULUOD
XQLGDGTXHKDFHGHSLHGUDDQJXODUBD

$HVWHUHVSHFWRODHYDOXDFLyQGH%DUUSDUHFHHTXLOLEUDGDHVWRHVTXHHO
3/"3($5/#4(#*"#031;-,WLHQHXQDIXQFLyQYiOLGDQRVRORDFDXVDGHODVGHPDQGDV
SDUDGHVDUUROODUXQYROXPHQRUJDQL]DGRGHWHRORJtDEtEOLFDVLQRWDPELpQFRPR
*",# >86N;3=8= TXH VH SURSRQH SDUD OD FRQVLGHUDFLyQ GH RWURV HUXGLWRVBE# ;(,4#
FRQFOX\HTXH ´"2-303-% 6-,6H3=;:=% 0,1=;-H0;8O:=% 6:-:%-37:08,1:-% 7:%<8O3-=8<:<%0,1% 7:%
XQLGDGDSHVDUGHTXHHVWDVSXHGHQVHUFRQGHQDGDVURWXQGDPHQWHSRUDOJXQRVHUXGLWRV
6:-303%=3-%H1%0:581,%5.=%6-,53;3<,-%YH3%<8=0H;8-%=81%03=:-%7,=%-83=9,=%53;,<,7N980,=%<3%
;:73=%3=2H3-R,=V7FJ(QHVWHFRQWH[WR\SODQWHDPLHQWRFRQVWUXFWLYRHVGRQGHVHVLW~D
QXHVWUDSURSXHVWDGHXQDQXHYDWHRORJtDEtEOLFD

(Q HVWH SXQWR WHQHPRV TXH SUHJXQWDUQRV ¢FXiO GHEH VHU HO HQIRTXH
DFHUFDPLHQWRDO3HQWDWHXFR+,-."¢/DXQLGDGRODGLYHUVLGDGGHOFRQWHQLGRGH
OD WHRORJtD EtEOLFD GHO 3HQWDWHXFR+,-." 5HVSHFWR D OD SULPHUD SUHJXQWD KD\
DO PHQRV FXDWUR HQIRTXHVDFHUFDPLHQWRV D FRQVLGHUDU HQ UHODFLyQ D OD XQLGDG
\ OD GLYHUVLGDG   VROR ´XQLGDGµ WHPD FHQWUDO ~QLFR    VROR ´GLYHUVLGDGµ
SOXUDOLGDG GH WHRORJtDV    ´XQLGDG HQ OD GLYHUVLGDGµ FDQRQ \ P~OWLSOHV
WHRORJtDV \  ´GLYHUVLGDGHQODXQLGDGµ P~OWLSOHVWHRORJtDV\PDFURFRQFHSWR
PDFURWHPDYHUWHEUDGRU 1XHVWUDUHVSXHVWDDODVHJXQGDSUHJXQWDHV7:%<8O3-=8<:<%

BC# ;(,4-#DJ7
BD# 55HQGWRUIIµ7KH3DUDGLJPLV&KDQJLQJ+RSHVDQG)HDUVµ?8@$1;  
BE# %DUU
FJ# ´2IIHULQJ FRQVWUXFWLYH SURSRVDOV IRU UHODWLQJ GLYHUVLW\ WR XQLW\ WKRXJK WKHVH PD\ EH
URXQGO\ FRQGHPQHG E\ VRPH VFKRODUV VHHPV WR EH D PRUH SURPLVLQJ ZD\ IRUZDUG WKDQ
HQGOHVVO\GLVFXVVLQJWKHPHWKRGRORJLFDOULVNVRIVXFKHIIRUWVµ0HDGFXUVLYDDxDGLGD
+9>-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

31%7:%H18<:<HVWRHVODGLYHUVLGDGGHWHRORJtDVGHO3HQWDWHXFR+,-.#("#),#*"&4,4#
GHO FRQWHQLGR GHO 3HQWDWHXFR+,-. HV GHFLU XQ HQIRTXHDFHUFDPLHQWR GH OD
SOXUDOLGDGGHWHRORJtDVHQODXQLGDGGHXQPDFURWHPDXQLÀFDGRU(VWDGLYHUVLGDG
WHROyJLFDFRQWULEX\HDODXQLGDGPDFURWHROyJLFDQRODQLHJD

3RU HVR XQR GH ORV SUREOHPDV PHWRGROyJLFRV IXQGDPHQWDOHV SDUD OD
WHRORJtD GHO $7 \ GHO 3HQWDWHXFR+,-.-# 4*%,"5(# )/1# 4/1# [)5&'/1# 1&+)/1-# (1# ),#
FXHVWLyQ GHO FHQWUR \ OD XQLGDG GHO $7 \ GHO 3HQWDWHXFR+,-.7# ;,&(%# 1(],),#
DFHUWDGDPHQWHDOUHVSHFWRTXHHOLOXPLQLVPRVHSDUy)/1#,1*"5/1#4(#),#*"&4,4#<#()#
3("5%/-#4(#5,)#',"(%,#.*(#()#031;-,%<3%7:%'=0-8;H-:VHFRQYLUWLyHQHOVXVWLWXWRGHOD
$?%4&4,#4(#),#H18<:<%<3%7:%'=0-8;H-:7FA$VtHVWDFXHVWLyQHVWiHQPXFKRVDVSHFWRV
HQHOFRUD]yQPLVPRGHOGHEDWHVREUHODQDWXUDOH]DGHODWHRORJtDGHO$7\GHO
3HQWDWHXFR+,-. (O SUREOHPD GH OD XQLGDG GHO $7 \ GHO 3HQWDWHXFR+,-.# "/#
VHSXHGHVHSDUDUGHOSUREOHPDGHO031;-,SRUTXHHVWHVHFRQFLEHKDELWXDOPHQWH
0,5,%7:%07:O3%<3%7:%H18<:<%<37%*+%A%<37%G31;:;3H0,+,-.7#!"#[)5&',#&"15,"3&,-#(1#),#
FXHVWLyQGHVLXQRSXHGHHQFRQWUDUH1:%;3,7,9M:GHO$7RGHO3HQWDWHXFR+,-.#/#
VLHO$7\HO3HQWDWHXFR+,-.#5&("("#H1:%O:-83<:<%;:1%<8O3-=:%<3%;3,7,9M:=#.*(#"/#
1(#$*(4(#4&13(%"&%#"&"+*",#*"&4,47

/D WDUHD GH HVWDEOHFHU GH PDQHUD DGHFXDGD HO PHQVDMH FHQWUDO GHO $7 \
GHO3HQWDWHXFR+,-.HVGHVDÀDQWH\HVRSRUYDULDVUD]RQHV/DGLYHUVLGDGGHO
PDWHULDO GHO $7 \ GHO 3HQWDWHXFR+,-. DSDUWH GH VX WDPDxR RIUHFH XQ UHWR D
TXLHQ SUHWHQGD KDFHU XQ UHVXPHQ GH VXV FRQWHQLGRV (O $7 LQFOX\H KLVWRULDV
SRHPDV ODPHQWRV SURIHFtDV GLVFXUVRV GH MXLFLR SURYHUELRV FDQWRV \ OH\HVFI#
`6H SXHGH GH WDO GLYHUVLGDG GH PDWHULDO HVFULWR GXUDQWH XQ SHUtRGR GH YDULRV
VLJORVOOHJDUDXQVRORWHPDFHQWUDO"/RVHVWXGLRVRVQRKDQVLGRXQiQLPHVHQVX
UHVSXHVWD$VtSRUHMHPSOR%DUUGLFHVREUHODVGLYHUVDVVXJHUHQFLDVTXHVHKDQ
KHFKRSDUDXQFHQWURTXHQRGHEHUtDVHUQXHVWURREMHWLYROOHJDUDXQDVROXFLyQ
GHÀQLWLYD \ TXL]iV GHEHUtD DGPLWLUVH TXH QR VH SXHGH HQFRQWUDU XQD VROXFLyQ
GHÀQLWLYDFB

$XQTXH PXFKRV GH ORV WHyORJRV TXH WUDEDMDQ HQ OD WHRORJtD GHO $7 KDQ
FRQVLGHUDGRODWHRORJtDGH9RQ5DGFRPRHOPHMRUSURGXFWRGHHVWHWLSR WUDEDMD
PHGLDQWHXQDYDULHGDGGHWHRORJtDVHQOD]DGDVKLVWyULFDPHQWH SRFRVGHORVTXH

FA# M7#;,&(%-#?8@780:7%C3-5313H;80= :KHDWRQ&URVVZD\ 


FI# !7#Q7#;,%5("1-#(,<J=%&3=891F%*%Z,0H=%,1%"7<%+3=;:531;%+>3,7,9A *UDQG5DSLGV%DNHU1RUWK
5LFKODQG+LOOV' )6FRWWBL-#AA7
FB# 9pDVH%DUU
&/' *0")102$(' %(3(' %&")2(' )&(/A5$%(' 1"$4$%0#(2' #&/'6&")0)&1%(7!"#$' +99-'

YLQLHURQ GHVSXpV GH VX WLHPSR KDQ VHJXLGR VX PRGHOR OD SULQFLSDO WHRORJtD
HVFULWDGHVSXpVGH9RQ5DGTXHSHUWHQHFLyHQJUDQSDUWHDVXSURSLRPRGHOR
IXHODGH:HVWHUPDQQ (VHOPRGHORJHQHUDOGH(LFKURGWHOTXHVHKDVHJXLGR
PiV FRP~QPHQWH $Vt OD PD\RUtD GH ODV WHRORJtDV GHO $7 HVFULWDV GXUDQWH HO
SHUtRGR FHQWUDO GH  VLJXLHURQ PiV R PHQRV HO HQIRTXHDFHUFDPLHQWR
JHQHUDO GH (LFKURGW XQ UHODWR VLQWpWLFR \ HVWUXFWXUDO FRQ XQ FHQWUR GHÀQLEOH
8QDLQGLFDFLyQGHHVWRHVODDPSOLDGLVFXVLyQVREUHODFXHVWLyQGHXQFHQWURGHO
$7/RVQXPHURVRVLQWHQWRVGHGHÀQLUHOFHQWURGHO$7DXQTXHPX\GLIHUHQWHV
HQWUHVt<3U:1%07:-,%YH3%7:%139:08N1%<3%`,1%):<%<3%YH3%1,%>:@M:%H1%031;-,%31%:@=,7H;,%
1,%>:@M:%<:<,%=:;8=2:008N17FF

6HJ~Q0DUWHQVODVUD]RQHVSDUDRUJDQL]DUXQDWHRORJtDGHO$7DOUHGHGRU
GH XQ WHPD FHQWUDO VRQ YDULDV   SRU PHGLR GH XQ FRQFHSWR FHQWUDO VH SXHGH
PDQHMDU OD JUDQ FDQWLGDG GH PDWHULDO GHO $7 \ VX QDWXUDOH]D GLVSDU ²SRHVtD
QDUUDWLYDRUiFXORVSURIpWLFRV²VHVLPSOLÀFDHQRUPHPHQWH FODVLÀFDUHOPDWHULDO
DOUHGHGRU GH XQ WHPD JREHUQDQWH D\XGD HQ HO SURFHVR GH FRPSUHQVLyQ GHO
$7   XQ FHQWUR RIUHFH FODULGDG HQ FXDQWR D FyPR RWURV WHPDV GHO $7 GHEHQ
HVWDU UHODFLRQDGRV \ IDFLOLWD HQRUPHPHQWH OD DSUHFLDFLyQ \ FRPSUHQVLyQ GH ORV
P~OWLSOHVWHPDV\ SRUPHGLRGHXQFHQWURVHKDFHPiVIiFLOFRQHFWDUHO$7
DO177FG

8QR GH ORV SULQFLSDOHV HQIRTXHVDFHUFDPLHQWRV R PpWRGRV SDUD OD


SUHVHQWDFLyQ GH OD WHRORJtD GHO $7 YpDVH PiV DUULED  HV SRU PHGLR GH XQ
3("5%/# KV8;;3 HQ DOHPiQ  WHPD FRQFHSWR FODYH SXQWR IRFDO R VLPLODUHV (Q
OD LQYHVWLJDFLyQ PiV WHPSUDQD FRPR 6PHQG KD PRVWUDGR GH XQD PDQHUD
LQVWUXFWLYD VH KL]R UHIHUHQFLD D HVWH FHQWUR FRPR HO ´SULQFLSLR IXQGDPHQWDOµ
´SHQVDPLHQWR IXQGDPHQWDOµ ´FDUiFWHU IXQGDPHQWDOµ ´LGHD IXQGDPHQWDOµ R
´Q~FOHR>IXQGDPHQWDO@µFH(OGHVDItRGHGHVFULELUHO´FRUD]yQµGHO$7VHFRPSOLFD
PiV WRGDYtD SRU OD YDULHGDG GH SURSXHVWDV KHFKDV SRU ORV HVSHFLDOLVWDV HQ ORV
[)5&'/1#1(5("5,#,]/17FC

FF# ,ELG
FG# ;,%5("1-#BHH7
FH# 56PHQG&83%V8;;3%<3=%*7;31%+3=;:531;=76 =XULFK(YDQJHOLVFKHU VV
FC# &I-(*ROGLQJD\´7KH6WXG\RI2OG7HVWDPHQW7KHRORJ\LWV$LPVDQG3XUSRVHµ+A1?H7#
  
+9B-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

1RHVQHFHVDULRWUDWDU81%34;31=,HOSUREOHPDGHOFHQWURGHO$7FDRGHO17FE#
FRQ UHVSHFWR D OD HVWUXFWXUDFLyQ R VLVWHPDWL]DFLyQ GH ODV UHVSHFWLYDV WHRORJtDV
$OJXQRV DXWRUHV SURSRQHQ XQ FHQWUR XQ WHPD R XQ FRQFHSWR FODYH TXH XQH
OD WHRORJtD GHO $7 \ GHO 17 3DUD (LFKURGW HO FRQFHSWR FHQWUDO TXH DVHJXUD OD
XQLGDG EtEOLFD HV HO SDFWRGJ $Vt OD WHRORJtD GH (LFKURGW UHSUHVHQWD XQR GH ORV
LQWHQWRVPiVLPSUHVLRQDQWHVSDUDHQWHQGHUHO$7FRPRXQWRGRQRVRORGHVGH
XQ FHQWUR VLQR GHVGH HO FRQFHSWR XQLÀFDGRU GHO ´SDFWRµ 'HVGH (LFKURGW FDVL
WRGDV ODV WHRORJtDV WLHQHQ VX SURSLR FRQFHSWR FHQWUDO 3RU OR WDQWR DKRUD KD\
QXPHURVDV SURSXHVWDV SDUD XQ FHQWUR XQ WpUPLQR FODYH XQ SXQWR GH YLVWD
EiVLFRRVLPLODUHV9DULRVHUXGLWRVKDQSHQVDGRTXHHO$7WLHQHRWURVFHQWURV

6HKDQKHFKRPXFKDVVXJHUHQFLDVSDUDHOFHQWUR\HOSULQFLSLRRUJDQL]DGRU
GHXQDWHRORJtDEtEOLFDFRPR´H[SHULHQFLDGH'LRVµ %DDE GA´VDQWLGDGGH'LRVµ
6HOOLQ GI´JRELHUQRGH'LRV\ODFRPXQLyQHQWUH'LRV\HOKRPEUHµ )RKUHU GB#
´OLEUR GH 'HXWHURQRPLRµ +HUUPDQQ GF ´<+:+ FRPRXQ 'LRVYLYR\ DFWLYRµ
-DFRE GG´UHLQRGH'LRVµ .OHLQ GH´'LRV+RPEUH6DOYDFLyQµ .QLJKW GC´<+:+
FRPRHO6HxRUµ .|KOHU GD´UHLQRVREHUDQRGH'LRVPHGLDQWHODDJHQFLDKXPDQDµ

FD# 9pDVH * ) +DVHO ´7KH 3UREOHP RI WKH &HQWHU LQ WKH 2OG 7HVWDPHQW 7KHRORJ\ 'HEDWHµ
^*K     LGHP "7<% +3=;:531;% +>3,7,9A  LGHP G-,6,=:7=  :
& .DLVHU ´7KH &HQWHU RI 27 7KHRORJ\ 7KH 3URPLVHµ +>35378,=     LGHP
´:LVGRP 7KHRORJ\ DQG WKH &HQWHU RI 2OG 7HVWDPHQW 7KHRORJ\µ 'Oa    
:=LPPHUOL´=XP3UREOHPGHU¶0LWWHGHV$OWHQ7HVWDPHQWV·µ'O+  
FE# 3RU HMHPSOR YpDVH * ) +DVHO B3D% +3=;:531;% +>3,7,9AF% ?:=80% $==H3=% 81% ;>3% EH--31;% &3@:;3#
*UDQG5DSLGV(HUGPDQV +5LHVHQIHOG´5HÁHFWLRQVRQWKH8QLW\RIWKH
1HZ7HVWDPHQWµ)37898,1  
GJ# :(LFKURGW+>3,7,9A%,2%;>3%"7<%+3=;:531;YROV27/ 3KLODGHOSKLD:HVWPLQVWHU
AEHCL-#AUAB17
GA# 27%DDE+>3%+>3,7,9A%,2%;>3%"7<%+3=;:531; 1HZ<RUN$ELQJGRQ 
GI# (6HOOLQ+>3,7,983%<3=%*7;31%+3=;:531;= /HLS]LJ9RQ4XHOOHXQG0H\HUIL-#AE7
GB# *)RKUHU´7KH&HQWUHRID7KHRORJ\RIWKH27µB(++  HVSLGHP
´'HU0LWWHOSXQNWHLQHU7KHRORJLHGHV$7µ+^  HVS
GF# 6 +HUUPDQQ ´'LH NRQVWUXNWLYH 5HVWDXUDWLRQ 'DV 'HXWHURQRPLXP DOV 0LWWH ELEOLVFKHU
7KHRORJLHµ LQ 3UREOHPH ELEOLVFKHU 7KHRORJLH *HUKDUG YRQ 5DG ]XP  *HEXUWVWDJ HG + :
:ROII 0QFKHQ&KU.DLVHU 
GG# (-DFRE+>[,7,983%<3%7J*10831%+3=;:531; 1HXFKkWHO'HODFKDX[HW1LHVWOpIL7
GH# *.OHLQ´5HLFK*RWWHV·DOVELEOLVFKHU=HQWUDOEHJULIIµ'O+  
GC# *$).QLJKW*%E>-8=;8:1%+>3,7,9A%,2%;>3%"7<%+3=;:531; 5LFKPRQG-RKQ.QR[ 
GD# /.|KOHU"7<%+3=;:531;%+>3,7,9A 3KLODGHOSKLD:HVWPLQVWHU 
&/' *0")102$(' %(3(' %&")2(' )&(/A5$%(' 1"$4$%0#(2' #&/'6&")0)&1%(7!"#$' +9?-'

K;(%%&))L-GE´JRELHUQRGH'LRVµ 6HHEDVV HJ´<DKZHKHO'LRVGH,VUDHO,VUDHOHO


SXHEOR GH <DKZHKµ 6PHQG HA ´FRPXQLyQµ 9ULH]HQ HI \ ´HOHFFLyQ GH ,VUDHO
FRPRHOSXHEORGH'LRVµ :LOGEHUJHU3UHXVV HB

2WURV KDQ VXJHULGR WDPELpQ ´GLDOpFWLFD GH OD OH\ \ OD SURPHVDµ
K:)('("51L-HF ´GRPLQLR \ GLQDVWtDµ 'HPSVWHU HG ´MXVWLFLDµ 'LHWULFK HH ´OD
JORULDGH'LRVHQODVDOYDFLyQPHGLDQWHHOMXLFLRµ +DPLOWRQ HC´PRQRWHtVPR²OD
H[LVWHQFLD\ODDGRUDFLyQGHXQ'LRVµ +RXVH HD´SURPHVDµ .DLVHU HE´MXVWLFLD\
%(35&5*4V#KT"&(%&'L-CJ´HOSODQGH'LRV\VXVSURSyVLWRVµ 0DUWHQV CA´HOSULPHU
PDQGDPLHQWRµ 6FKPLGW CI ´OD SUHVHQFLD GH 'LRVµ 7HUULHQ CB ´HQWUDQGR HQ HO
%(&"/# 4(# 6&/1V# K^,)5_(L-CF ´ORV DFWRV GH 'LRV HQ OD KLVWRULDµ :ULJKW CG \ ´HO

GE# (+0HUULOO'O3-7:=;819%&,5818,1F%*%+>3,7,9A%,2%;>3%"7<%+3=;:531; 1DVKYLOOH%URDGPDQ 


+ROPDQ 
HJ# +6HHEDVV´'HU%HLWUDJGHV$7]XP(QWZXUIHLQHUELEOLVFKHQ7KHRORJLHµK,-;%H1<%&831=;#
  HVS
HA# 6PHQG
HI# 7K&9ULH]HQ*1%"H;7813%,2%"7<%+3=;:531;%+>3,7,9A 1HZWRQ%UDQIRUG2[IRUG%ODFNZHOO
AEGD-#AECJIL-#D7
HB# +:LOGEHUJHU´$XIGHP:HJH]XHLQHUELEOLVFKHQ7KHRORJLHµ%'O+  HVS
+'3UHXVV"7<%+3=;:531;%+>3,7,9AYROV (GLQEXUJK7 7&ODUN/RXLVYLOOH:-.
 
HF# :)('("51-#IB7
HG# 6*'HPSVWHU&,5818,1%:1<%&A1:=;AF%*%?8@780:7%+>3,7,9A%,2%;>3%C3@-3D%?8@731HZ6WXGLHV
LQ%LEOLFDO7KHRORJ\ 'RZQHUV*URYH,QWHU9DUVLW\ 
HH# :'LHWULFK´'HUURWH)DGHQLP$OWHQ7HVWDPHQWµ'O+  HVS
HC# - 0 +DPLOWRQ (,<J=% (7,-A% 81% !:7O:;8,1% ;>-,H9>% IH<9531;F% *% ?8@780:7% +>3,7,9A :KHDWRQ
&URVVZD\ 3DUDXQUHFLHQWHHVWXGLRGHOGHEDWHVREUHHOFHQWURWHROyJLFRGHOD%LEOLD\
ODMXVWLÀFDFLyQEtEOLFDSDUDFRQWLQXDUODE~VTXHGDGHXQFHQWURWHROyJLFRGHHVWHWLSRYpDVH
WDPELpQ LGHP ´7KH *ORU\ RI *RG LQ 6DOYDWLRQ WKURXJK -XGJPHQW 7KH &HQWHU RI %LEOLFDO
7KHRORJ\"µ+A1?H7%  HVS
HD# +RXVH
HE# 9pDVHUHFLHQWHPHQWH:&.DLVHU+>3%G-,58=3QG7:1%,2%(,<F%*%?8@780:7%+>3,7,9A%,2%;>3%"7<%:1<%
B3D%+3=;:531;= *UDQG5DSLGV=RQGHUYDQ 
CJ# T"&(%&'-#+:=L%"7<%+3=;:531;HVS
CA# ;,%5("1-#AG7
CI# :+6FKPLGW&:=%3-=;3%(3@,;X%!3813%?3<3H;H19%2b-%<:=%*7;3%+3=;:531; 0XQLFK&KU.DLVHU
 
CB# 6/7HUULHQ+>3%'7H=8O3%G-3=3103F%+,D:-<%:%B3D%?8@780:7%+>3,7,9A 6DQ)UDQFLVFR+DUSHU 
5RZ 
CF# % . :DOWNH ZLWK &K <X *1% "7<% +3=;:531;% +>3,7,9AF% *% E:1,180:7% :1<% +>35:;80% *66-,:0>#
*UDQG5DSLGV=RQGHUYDQ HVS
CG# *(:ULJKW(,<%K>,%*0;=F%?8@780:7%+>3,7,9A%:=%)308;:7 /RQGRQ6&0 
+9@-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

QRPEUH GH <DKZHKµ =LPPHUOL CH 7RGDV HVWDV VXJHUHQFLDV HVWiQ GHVWLQDGDV D
SURSRUFLRQDUFRQFHSWRVHVWUXFWXUDQWHVSDUDODWHRORJtDEtEOLFDCC#!15,#'*(15%,#4(#
SURSXHVWDVLQGLFDTXHQRKD\FRQVHQVRVREUHFXiOHVHOVXSXHVWRFHQWURGHO$7
\GHO3HQWDWHXFR+,-.7CD

'H HVWD PDQHUD *ROGLQJD\ FRQFOX\H ´8Q DVSHFWR GH HVWH GHEDWH QR
UHVXHOWRKDVLGRODE~VTXHGDGHDOJ~QWHPDFHQWUDORFRQFHSWRFODYHSRUPHGLR
GHO FXDO OD IH GHO $QWLJXR 7HVWDPHQWR HQ VXV GLYHUVDV FDUDFWHUtVWLFDV VH SXHGH
("5("4(%#3/'/#*"#5/4/7#'=;:%@T=YH3<:%=3%<3@3%0,1=8<3-:-%H1%2-:0:=,X%B819T1%0,1036;,%
;8313%7:%856,-;:108:%07:O3%YH3%@H=0:5,=V7CE7UHLQWDDxRVGHVSXpV0RUDOHVDxDGLy#
´/D E~VTXHGD GH XQ ¶FHQWUR· SDUD OD WHRORJtD EtEOLFD KD VLGR FDVL DEDQGRQDGD
FRPRXQDWDUHDGHVFDEHOODGDµDJ

/DSRVLFLyQGH9RQ5DGVREUHODFXHVWLyQGHOFHQWURGHO$7DÀUPDTXH
´VREUH OD EDVH GHO $QWLJXR 7HVWDPHQWR HQ Vt HV UHDOPHQWH GLItFLO UHVSRQGHU
D OD FXHVWLyQ GH OD XQLGDG GH HVH 7HVWDPHQWR \D TXH QR WLHQH SXQWR IRFDO
XV8;;3@ FRPR VH HQFXHQWUD HQ HO 1XHYR 7HVWDPHQWRµDA 0LHQWUDV TXH HO 17
WLHQH D -HVXFULVWR FRPR VX FHQWUR HO $7 FDUHFH GH WDO FHQWURDI 6LQ HPEDUJR
HO9RQ5DGSRVWHULRUDGPLWLyTXH´VHSXHGHGHFLUTXH<DKYpHVHOFHQWURGHO

CH# ^7#a&''(%)&-#"7<%+3=;:531;%+>3,7,9A%81%"H;7813 $WODQWD-RKQ.QR[ 


CC# 3DUD XQDV FLQFXHQWD SURSXHVWDV GLIHUHQWHV GHO FHQWUR WHROyJLFR GHO $7 R GH OD (VFULWXUD
HQXQRUGHQFURQROyJLFR YpDVH50'DYLGVRQ´%DFNWRWKH%HJLQQLQJ*HQHVLVDQG
WKH7KHRORJLFDO&HQWHURI6FULSWXUHµLQ&KULVW6DOYDWLRQDQGWKH(VFKDWRQ(VVD\VLQ+RQRU
,2%C:1=%\X%#:),1<3773HG'+HLQ]-0RVNDODDQG30YDQ%HPPHOHQ %HUULHQ6SULQJV
$QGUHZV8QLYHUVLW\ ²
CD# +DVHO"7<%+3=;:531;%+>3,7,9ALGHPG-,6,=:7=/HYHQVRQ
GF7
CE# ´2QH DVSHFW RI WKLV XQUHVROYHG GHEDWH KDV EHHQ WKH TXHVW IRU VRPH FHQWUDO WKHPH RU NH\
FRQFHSWE\PHDQVRIZKLFK2OG7HVWDPHQWIDLWKLQLWVGLYHUVHIHDWXUHVFDQEHXQGHUVWRRG
DV RQH ZKROH +>8=% YH3=;% 5H=;% @3% <3353<% :% 2:87H-3X% B,% ,13% 0,1036;% >:=% ;>3% L3A% 856,-;:103% D3%
DUHORRNLQJIRUµ-(*ROGLQJD\´'LYHUVLW\DQG8QLW\LQ2OG7HVWDPHQW7KHRORJ\µ`+#BF#
 FXUVLYDDxDGLGD
DJ# ´7KH VHDUFK IRU D ¶FHQWHU· IRU ELEOLFDO WKHRORJ\ KDV EHHQ DOO EXW DEDQGRQHG DV D IRRO·V
(%%,"4-V#O7#;7#;/%,)(1#K(47L#EH7;%:1<%E,=5,=F%+87;819%+,D:-<%:%+35673QE31;3-3<%+>3,7,9A%76
 /RXYDLQ3HHWHUV FXUVLYDDxDGLGD
DA# ´2QWKHEDVLVRIWKH2OG7HVWDPHQWLWVHOILWLVWUXO\GLIÀFXOWWRDQVZHUWKHTXHVWLRQRIWKH
XQLW\RIWKDW7HVWDPHQWIRULWKDVQRWIRFDOSRLQW>V8;;3@DVLVIRXQGLQWKH1HZ7HVWDPHQWµ
*YRQ5DG"7<%+3=;:531;%+>3,7,9AYROV 1HZ<RUN+DUSHU 5RZ 
FXUVLYDHQHORULJLQDO
DI ,ELG '=;,% 7,% :-9H531;N% 6,-% 6-853-:% O3R% 0,1% 5.=% 2H3-R:% `,1% ):< \ KD UHFLELGR HO DSR\R GH
PXFKRVHUXGLWRV YpDVHPiVDGHODQWH 
&/' *0")102$(' %(3(' %&")2(' )&(/A5$%(' 1"$4$%0#(2' #&/'6&")0)&1%(7!"#$' +9;-'

$QWLJXR7HVWDPHQWRµDB(OPHQVDMHSURIpWLFRHVVLQHPEDUJRLQWHUSUHWDGRSRU
9RQ5DGVREUHODEDVHGHOFHQWURFRPRVHHQFXHQWUDHQODWHRORJtDGHODKLVWRULD
4(*5(%/"/'&15,7

$Vt9RQ5DGLQWURGXFHHQODWHRORJtDGHO$7XQFLHUWRFHQWURKLVWyULFR
WHROyJLFRHOGHODWHRORJtDGHODKLVWRULDGHOKLVWRULDGRUGHXWHURQRPLVWD(VWHHV
GHKHFKRVXHVTXHPDKHUPHQpXWLFRSDUDODLQWHUSUHWDFLyQGHWRGRHO$7DF#6(#
(15(#'/4/-#$,%(3(#.*(#()#B,LQLFLDOGH9RQ5DGDODFXHVWLyQGHOFHQWURGHO$7
QRHVWDQWRGLULJLGRFRQWUDXQFHQWURFRPRWDOVLQRFRQWUDKDFHUTXHHVHFHQWUR
VHD´PHQRVXQDVXQWRGHFRQRFLPLHQWRKLVWyULFRRWHROyJLFR\PiVXQSULQFLSLR
ÀORVyÀFRHVSHFXODWLYRTXHVHYXHOYHRSHUDWLYRFRPRXQDSUHPLVDFRQVFLHQWHµDG#
HQODUHDOL]DFLyQGHODWHRORJtDGHO$7

(QHVWHSXQWRVHSODQWHDXQDFXHVWLyQEiVLFD\XQDGHODVFXHVWLRQHVKHUPHQpXWLFDV
PiVFUXFLDOHV\GHFLVLYDVVLXQVRORWHPDFRQFHSWRFHQWUDO PDFURWHPDPDFURFRQFHSWR
FHQWUDOSDUDHOHVFULWRU WRPDGRGHORVWH[WRVEtEOLFRVVHUtDVXÀFLHQWH\DGHFXDGRSDUD
6-,<H08-% H1:% ,-9:18R:08N1% <37% *+% A% <37% G31;:;3H0,/+,-.% 31% ;[-581,=% <3% H1:% H18<:<%
3=;-H0;H-:7%=8=;35:;8R:<:7

$OJXQRVHUXGLWRVFRPR:ULJKW+DVHO/HYHQVRQ:K\EUD\\:HVWHUPDQQ
GDQXQDUHVSXHVWDQHJDWLYDDHVWDSUHJXQWDKHUPHQpXWLFD:ULJKWKDGHFODUDGR
TXH´'HEHDGPLWLUVHTXHQLQJ~QWHPD["&3/#HVVXÀFLHQWHPHQWHFRPSOHWRSDUD
LQFOXLUGHQWURGHpOWRGDODYDULHGDGGHSXQWRVGHYLVWDµDH+DVHOSRURWUDSDUWH
KDDÀUPDGR´/DVLQVXÀFLHQFLDVLQQHJDEOHVGHXQVRORFRQFHSWRWHPDPRWLYRR
LGHDSDUDFRQVWLWXLUHOFHQWURVREUHODEDVHGHOFXDOORVPDWHULDOHVGLYHUVLÀFDGRV
GHO $7 SRGUtDQ RUJDQL]DUVH HQ XQD HVWUXFWXUD VLVWHPDWL]DGDµDC /HYHQVRQ KD
GLFKR´<RVR\SRUUD]RQHVTXHVHKDUiQHYLGHQWHVHVFpSWLFRDWRGDE~VTXHGD
4(#*"#3("5%/7VDD:K\EUD\VRVWLHQHTXHHQFRQWUDVWHFRQODWHRORJtDGHO17\OD

DB# *YRQ5DG´2IIHQH)UDJHQLP8PNUHLVHLQHU7KHRORJLHGHV$7µ+#^#DD#KAEHBLU#FJH7
DF# 9pDVH*)+DVHO´7KH3UREOHPRI+LVWRU\LQ2OG7HVWDPHQW7KHRORJ\µ*_!!#D#KAECJLU#

DG# 9RQ5DG%"22313%Z-:931-#FJG#"7#B,7
DH# ´,WPXVWEHDGPLWWHGWKDWQRVLQJOHWKHPHLVVXIÀFLHQWO\FRPSUHKHQVLYHWRLQFOXGHZLWKLQ
LW DOO YDULHW\ RI YLHZSRLQWµ * ( :ULJKW ´7KH 7KHRORJLFDO 6WXG\ RI WKH %LEOHµ LQ +>3%
$1;3-6-3;3-J=%"13Q`,7H53%E,5531;:-A%,1%;>3%?8@73 1DVKYLOOH$ELQJGRQ 
DC# ´8QGHQLDEOHLQDGHTXDFLHVRIDVLQJOHFRQFHSWWKHPHPRWLIRULGHDDVFRQVWLWXWLQJWKHFHQWHU
RQWKHEDVLVRIZKLFKWKHGLYHUVLÀHG27PDWHULDOVFRXOGEHRUJDQL]HGLQWRDV\VWHPDWL]HG
VWUXFWXUHµ+DVHO"7<%+3=;:531;%+>3,7,9AYpDVHWDPELpQLGHPG-,6,=:7=-#IH-#IE-#BJ7
DD# ´, DP IRU UHDVRQV WKDW ZLOO EHFRPH HYLGHQW VNHSWLFDO RI WKH HQWLUH SXUVXLW RI D FHQWHUµ
/HYHQVRQ
+B<-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

WHRORJtDEtEOLFD´VRORHQHOFDVRGHODWHRORJtDGHO$QWLJXR7HVWDPHQWRKD\XQ
SUREOHPDGHFRKHUHQFLDGHXQ¶FHQWUR·µDE

3RU~OWLPR:HVWHUPDQQDOSULQFLSLRGHVXOLEURVREUHODWHRORJtDGHO$7
DÀUPD ´(O1XHYR7HVWDPHQWRWLHQH VXFHQWUR FODUDPHQWH HQ HO VXIULPLHQWROD
PXHUWH\ODUHVXUUHFFLyQGH&ULVWRDOFXDOHVWiGLULJLGRORV(YDQJHOLRV\TXHODV
(StVWRODVWRPDQFRPRSXQWRGHSDUWLGD(O$QWLJXR7HVWDPHQWRVLQHPEDUJR
QR WLHQH QLQJXQD VLPLOLWXG HQ DEVROXWR FRQ HVWD HVWUXFWXUD \ SRU OR WDQWR QR
HV SRVLEOH WUDQVIHULU OD FXHVWLyQ GH XQ FHQWUR WHROyJLFR GHO 1XHYR DO $QWLJXR
7HVWDPHQWR´EJ

6LQ HPEDUJR +DVHO SRU HMHPSOR VRVWLHQH XQ SRFR GHVSXpV TXH HO $7
UHDOPHQWH WLHQHXQFHQWURTXHORLPSUHJQDWRGR<HVXQFHQWUR;3,7N980,-#$(%/#
QR HV XQ FHQWUR RUJDQL]DFLRQDO VREUH OD EDVH GHO FXDO VH SXHGH VLVWHPDWL]DU HO
$7 'LRV HV HO FHQWUR GHO $7 (O 17 WDPELpQ UHYHOD XQ FHQWUR RPQLSUHVHQWH
HQ -HVXFULVWR HQ TXLHQ 'LRV VH KD UHYHODGR D Vt PLVPR (VWR DSXQWD DO KHFKR
TXH HO $7 HV ;3,0[1;-80, DVt FRPR HO 17 HV 0-8=;,0[1;-80,-# (1# 4(3&%-# 6&/1# (1# ()#
FHQWURXQLÀFDGRUGHO$7EA)LQDOPHQWHKDGHIHQGLGRXQHQIRTXHDFHUFDPLHQWR
FDQyQLFRP~OWLSOH ODVWHRORJtDVGHORVOLEURVGHO$7 EI

(V DOWDPHQWH VLJQLÀFDWLYR TXH SUiFWLFDPHQWH WRGDV ODV SURSXHVWDV SDUD


XQFHQWURWLHQHQD'LRVRXQDVSHFWRGH'LRV\RVXDFWLYLGDGSDUDHOPXQGR
\ODKXPDQLGDGFRPRXQGHQRPLQDGRUFRP~Q(VWRVHVIXHU]RVSDUDHVWDEOHFHU
´'LRVOD DXWRUHYHODFLyQ GH 'LRVµ FRPR HO FHQWUR GHO $7 QR SURYHHQ PXFKD
D\XGD YpDVH 5HYHQWORZEB \ +DVHO DUULED  SXHVWR TXH HQ FXDOTXLHU FDVR HV
4(',1&,4/#+("(%,)7#6&/1#(152#("#()#3("5%/#4(#5/4/-#$(%/#(15/#"/#(1#()#%(1*)5,4/#

DE# ´2QO\LQWKHFDVHRI2OG7HVWDPHQWWKHRORJ\LVWKHUHDSUREOHPRIFRKHUHQFHRID¶FHQWUH·µ
5 1 :K\EUD\ ´2OG 7HVWDPHQW 7KHRORJ\ $ 1RQH[LVWHQW %HDVW"µ LQ !0-86;H-3F% V3:1819%
:1<% V3;>,<X% '==:A=% G-3=31;3<% ;,% *1;>,1A% +X% C:1=,1% 2,-% C8=% !3O31;83;>% ?8-;><:A-# (47# =7# >7#
7KRPSVRQ +XOO+XOO8QLYHUVLW\ 
EJ# ´7KH1HZ7HVWDPHQWFOHDUO\KDVLWVFHQWHULQWKHVXIIHULQJGHDWKDQGUHVXUUHFWLRQRI&KULVW
WRZKLFKWKH*RVSHOVDUHGLUHFWHGDQGZKLFKWKH(SLVWOHVWDNHDVWKHLUVWDUWLQJSRLQW7KH2OG
7HVWDPHQW KRZHYHU EHDUV QR VLPLODULW\ DW DOO WR WKLV VWUXFWXUH DQG LW LV WKXV QRW SRVVLEOH
WR WUDQVIHU WKH TXHVWLRQ RI D WKHRORJLFDO FHQWHU IURP WKH 1HZ WR WKH 2OG 7HVWDPHQWµ &
^(15(%',""-#'73531;=%,2%"7<%+3=;:531;%+>3,7,9A $WODQWD-RKQ.QR[ 
EA# +DVHO"7<%+3=;:531;%+>3,7,9ALGHPG-,6,=:7=-#BI7
EI# ,ELG,ELGLGHPB3D%+3=;:531;%+>3,7,9A
EB# +*5HYHQWORZG-,@735=%,2%"7<%+3=;:531;%+>3,7,9A%81%;>3%+D31;83;>%E31;H-A 3KLODGHOSKLD
)RUWUHVV/RQGRQ6&0 9pDVHWDPELpQVREUHORVSUREOHPDVGHODWHRORJtDGHO$7-
+¡JHQKDYHQG-,@735=%:1<%G-,=630;=%,2%"7<%+3=;:531;%+>3,7,9A 6KHIÀHOG-627 
&/' *0")102$(' %(3(' %&")2(' )&(/A5$%(' 1"$4$%0#(2' #&/'6&")0)&1%(7!"#$' +B,-'

GH XQ DQiOLVLV WHROyJLFR VLVWHPiWLFR GHO $7 \ GHO 3HQWDWHXFR+,-.7# !"# [)5&',#
&"15,"3&,-#37%2-:0:=,%31%7:%@T=YH3<:%<37%031;-,%=3%5H3=;-:%6,-%7:%:<58=8N1%<3%YH3%&8,=%
3=%37%031;-,7EF

Q4('21-# 4(3&%# .*(# 1/)/# 6&/1# (1# (1,# *"&4,4# '(%,'("5(# &"4&3,# .*&?"# (1#
()# =HU3;, GH OD WHRORJtD SHUR QR QRV GD HO ,@U3;, OD KXPDQLGDG  \ HO QH[R R
HOHPHQWR GHXQLyQHQWUHHO=HU3;,#<#()#,@U3;,\WDPELpQGLVWRUVLRQDHOYHUGDGHUR
3/"3($5/#4(#-3O37:08N1TXHVLJQLÀFDUHYHODUDODKXPDQLGDGODWHRORJtDHVGHFLU
HO FRQRFLPLHQWR GH 'LRV GH VX SODQ GH UHODFLyQ FRQ pO \ GH OD VDOYDFLyQ GH OD
KXPDQLGDG 0,1;-:+DVHOHWDO EG3HURKD\XQDIyUPXODFRPSOHWDRXQSDUDJ,1-#
EDMRHOFXDOVHSXHGHSUHVHQWDUODULTXH]DGHWRGRHO$7\GHO3HQWDWHXFR+,-.-#
TXHSXHGHDEDUFDUORVGDWRVEtEOLFRVVREUH'LRV\ORVVHUHVKXPDQRV

'HEHPRV DxDGLU VHJ~Q HO HVFULWRU TXH HO FHQWUR GHO $7 \ GHO 3HQWDWHXFR7RUi
QRSRGUtDVHUQLHOVXMHWR 'LRV QLHOREMHWR ODKXPDQLGDG SRUTXHHQWRQFHVVHUtDXQD
WHRORJtDDUELWUDULDVXEMHWLYD\UHGXFFLRQLVWDVLQRTXHGHEHUtDVHUXQYHKtFXOR RQH[R 
<3% H18N1% 31;-3% 37% =HU3;,% A% 37% ,@U3;,% <3% 7:% ;3,7,9M:X% '=;3% OM10H7,% <3% H18N1% 6-,6,135,=%
YH3%=3:%37%%&'()&#*"TXHXQLUtDD'LRV VXMHWR \DODKXPDQLGDG REMHWR GHODWHRORJtD
&8,=%A%7:%>H5:18<:<%3=;:-M:1%6-3=31;3=%31%37%=:1;H:-8,%6:-:%773O:-%:%0:@,%0,1UH1;:531;3%
HOSODQHFRQRPtDGHODVDOYDFLyQ3RUORWDQWRHOVDQWXDULRDVRFLDUtDORVWUHVFRQFHSWRV
IXQGDPHQWDOHVGHODWHRORJtD'LRV+XPDQLGDG6DOYDFLyQGHQRPLQDGRVGHDFXHUGRFRQ
HO HVTXHPD GH OD WHRORJtD VLVWHPiWLFD 7HRORJtD$QWURSRORJtD6RWHULRORJtD HQOD]DQGR
:=M% 7:% 5:0-,3=;-H0;H-:% <3% 7:% ;3,7,9M:% @M@780:% YH3% 0,1=8<3-:% 3=;,=% ;-3=% 0,1036;,=% 0,5,%
3=3108:73=%,%@21&3/1%6:-:%31;31<3-%7:%-3O37:08N1%@M@780:%A%37%531=:U3%;:1;,%<37%*+%0,5,%
<37%G31;:;3H0,/+,-. YpDVH7DEOD 

7DEOD(OFHQWURGHO$7\GHO3HQWDWHXFR!"#$

$1=8. VXMHWR ń01&'()&#*"0 YHKtFXORQH[RGHXQLyQ .ń#H<M5/1050. REMHWR

6LQHPEDUJRORVWHyORJRVEtEOLFRVTXHRSWDURQSRUVLVWHPDWL]DUORVWH[WRV
EtEOLFRV FRQ HO HVTXHPD WRPDGR GH OD WHRORJtD VLVWHPiWLFD 'LRV+XPDQLGDG

EF# 9pDVH 5 ( 0XUSK\ ´5HÁHFWLRQV RQ D &ULWLFDO %LEOLFDO 7KHRORJ\µ LQ G-,@735=% 81% ?8@780:7%
+>3,7,9AF%'==:A=%81%C,1,-%,2%),72%\183-85-#(47#+7&6XQHWDO *UDQG5DSLGV(HUGPDQV
AEECL-#IHD7
EG (V PX\ LPSRUWDQWH HVER]DU HO KHFKR TXH ORV MXGtRV KDQ HQWUDGR HQ OD GLVFXVLyQ VREUH HO
FHQWUR GHO $7 (O LQWHUpV MXGtR HQ OD GHWHUPLQDFLyQ GH XQ FHQWUR HVWi FODUR SRU HO pQIDVLV
4,4/#,#),#+,-.#3/'/#()#3/%$*1#'21#&'$/%5,"5(#4(#5(05/1#4("5%/#4()#+:1:U(VWDYLVLyQGHULYD
GHOYDORU\ODXELFDFLyQGHOD+,-.#4("5%/#4()#+:1:UFRPRXQWRGRYpDVHPiVDUULED
+B.-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

6DOYDFLyQ 7HRORJtD$QWURSRORJtD6RWHULRORJtD  KDQ HPSOHDGR XQ FRQFHSWR


34;3-1, EDVDGR HQ FDWHJRUtDV GH SHQVDPLHQWR DMHQDV D OD WHRORJtD EtEOLFD (O
DFHUFDPLHQWR DO $7 \ DO 3HQWDWHXFR+,-. TXH EXVFD XQ FRQFHSWR 81;3-1,-# *"/#
TXHHPHUJHGHORVSURSLRVWH[WRVEtEOLFRVHVHO~QLFRTXHSXHGHVHUDGHFXDGR\
DSURSLDGRSDUDXQDWHRORJtDEtEOLFD6HJ~Q+DVHO´#:%@T=YH3<:%<37%031;-,%<37%*+%
\GHO17 TXHVHEDVDHQORVWHVWLPRQLRV%@M@780,=%81;3-1,=%1,%VRORHVWiMXVWLÀFDGDVLQR
YH3%<3@3%773O:-=3%:%0:@,%0,1%37%5.485,%O89,-V7EH#3RUORWDQWRVLQXHVWURFHQWURGHO$7
\GHO3HQWDWHXFR7RUiHVSRVLEOHTXHVHDXQFRQFHSWRLQWHUQRTXHSURFHGHGHORVPLVPRV
WH[WRVEtEOLFRVHQWRQFHVVHUtDDSURSLDGR\GHEHUtDGHVDUUROODUVHHQSURIXQGLGDGFRPRHV
37%,@U3;8O,%<37%3=0-8;,-X%'7%031;-,%0,5,%0-8;3-8,%,-9:18R:<,-%,%=8=;35:;8R:<,-%<3@3-M:%3=;:-%
:--:89:<,%31%37%*+%A%31%37%G31;:;3H0,+,-.7

8QPpWRGRSDUDUHFKD]DUFRPSOHWDPHQWHHVWRGRVORVLQWHQWRVGHLPSRQHU
XQD FODYH R XQ VLVWHPD VREUH HO $7 \ HO 3HQWDWHXFR+,-. SHUR RWUD FRVD VHUtD
GHULYDU81<H0;8O:531;3WDOQ~FOHRGHO7HVWDPHQWRRGHO3HQWDWHXFR+,-.#'&1'/7#
(VWR HV SUHFLVDPHQWH GRQGH OD PD\RUtD GH ODV WHRORJtDV GHO $7 KDQ IUDFDVDGR
(O REMHWLYR ÀQDO GH OD WHRORJtD GHO $7 \ GHO 3HQWDWHXFR+,-. VHUtD LQWHQWDU
PRVWUDUVLH[LVWHRQRXQDXQLGDGLQWHUQDTXHXQHODVGLYHUVDVWHRORJtDV\WHPDV
ORQJLWXGLQDOHVFRQFHSWRV\PRWLYRV$VtDÀUPDPRV\PDQWHQHPRVTXHKDEUtD#*"#
FHQWURFDQyQLFRGHODWHRORJtDGHO$7\GHO3HQWDWHXFR+,-.1RVHUtDLPSXHVWR
VLQR TXH SRGUtD VHU GHULYDGR 81<H0;8O:531;3# 4(# *",# )(35*%,# 3*&4,4/1,# 4(# )/1#
HVFULWRUHV\ORVHVFULWRVGHODSURSLD(VFULWXUD1RREVWDQWHDÀUPDUTXHKDEUtD
XQFHQWUREtEOLFRHKLVWyULFRQRVLJQLÀFDUtDHLPSOLFDUtDTXHWRGRSDVDMHRWH[WR
EtEOLFR HVWDUtD H[SOtFLWDPHQWH UHODFLRQDGR FRQ HVH FRQFHSWR R PDFURFRQFHSWR
VLQR PiV ELHQ TXH FDGD VHFFLyQ GHO FDQRQ 3HQWDWHXFR+,-.  \ OLEUR EtEOLFR
HVWDUtDUHODFLRQDGDFRQHVHFRQFHSWRRPDFURFRQFHSWRSRUFRQH[LRQHVFDQyQLFDV
KLVWyULFDVRWHPiWLFDV

 (/ &(1752 %Ì%/,&2 ( +,67Ð5,&2 '(/ $7 < '(/ 3(17$7(8&2
!-./

¢+DEUtD XQ WHPD R PDFURWHPD ~QLFR TXH UHFRUUHUtD WRGR HO $7 \ HO
3HQWDWHXFR+,-." ¢([LVWLUtD XQD FODYH SDUD XQD RUJDQL]DFLyQ RUGHQDGD \
SURJUHVLYD GH ORV FRQFHSWRV WHPDV \ PRWLYRV GHO $7 \ GHO 3HQWDWHXFR

EH# ´7KHTXHVWIRUWKHFHQWHURIWKH27 DQGWKH17 ZKLFKLVEDVHGRQWKHLQQHUELEOLFDOZLWQHVVHVLVQRW


RQO\MXVWLÀHGEXWPXVWEHFDUULHGRQZLWKXWPRVWYLJRUµ+DVHO"7<%+3=;:531;%+>3,7,9A
FXUVLYDDxDGLGDYpDVHWDPELpQ%DUU
&/' *0")102$(' %(3(' %&")2(' )&(/A5$%(' 1"$4$%0#(2' #&/'6&")0)&1%(7!"#$' +B=-'

+,-." ¢6X PHQVDMH VH PDQWHQGUtD XQLGR" (Q FDVR DÀUPDWLYR ¢FXiO VHUtD HVWH
WHPD R PDFURWHPD FHQWUDO \ FyPR GHEHUtD GHVDUUROODUVH" ¢/R HVWDEOHFHUtDPRV
HQ FDWHJRUtDV GHULYDGDV GHO $7 \ GHO 3HQWDWHXFR+,-. PLVPR" ¢(O WHPD GHO
VDQWXDULRVHUtDVXÀFLHQWHPHQWHDPSOLRSDUDLQFOXLUDGHFXDGDPHQWHGHQWURGHVX
DOFDQFHODWRWDOLGDGGHODWHRORJtDGHO$7\GHO3HQWDWHXFR+,-."/DUHVSXHVWDD
HVWDVSUHJXQWDVGHWHUPLQDUiHOGHVWLQR\ODGLUHFFLyQGHODWHRORJtDGHO$7\GHO
3HQWDWHXFR+,-.6LHVWHWHPDFODYHQRVHSXHGHPRVWUDU81<H0;8O:531;3#,#$,%5&%#
GHORVOLEURVEtEOLFRVHQWRQFHVWHQGUtDPRVTXHFRQWHQWDUQRVFRQKDEODUVREUHODV
GLIHUHQWHVWHRORJtDVGHO$7\GHO3HQWDWHXFR+,-.7EC

(Q FRQVHFXHQFLD OD LGHD GH XQD WHRORJtD GHO $7 \ GHO 3HQWDWHXFR+,-.#
FRPRWDOGHEHUtDVHUFRPSOHWDPHQWHDEDQGRQDGD1RVRORKDEUtDTXHUHFRQRFHU
TXHQRKD\XQLGDGHQHO$7\HQHO3HQWDWHXFR+,-.VLQRTXHWDPELpQKDEUtD
TXHDEDQGRQDUODE~VTXHGDGHODVOtQHDVOHJtWLPDV\DXWRULWDWLYDVGHFRQWLQXLGDG
FRQ HO 17 3RU OR WDQWR XQR GDUtD# *",# %(1$*(15,# 6,=8;8O:# ,# (15,1# $%(+*"5,17#
9HDPRVHQTXpVHEDVDUtDQXHVWUDUHVSXHVWDDÀUPDWLYD7

!)# 031;-, EtEOLFR H KLVWyULFR GHO $7 \ GHO 3HQWDWHXFR+,-. QR VHUtD XQR
GHORVFHQWURVSUHVHQWDGRVHQODVHFFLyQDQWHULRUSRUTXHQLQJXQRGHORVWHPDV
FHQWUDOHVSURSXHVWRVSRUORVGLIHUHQWHVWHyORJRVGHVFULELUtD\FRQVWUXLUtDWRGDOD

EC# 3RU HMHPSOR YpDVH 5HQGWRUII YRO  ( 6 *HUVWHQEHUJHU +>3,7,983=% 81% ;>3% "7<% +3=;:531;#
0LQQHDSROLV )RUWUHVV    ´(O $QWLJXR 7HVWDPHQWR XQD FROHFFLyQ GH PXFKRV
WHVWLPRQLRVGHIHGHDOUHGHGRUGHPLODxRVGHODKLVWRULDGHODQWLJXR,VUDHOQRWLHQHWHRORJtD
XQLWDULD QL SXHGHµ ´7KH 2OG 7HVWDPHQW D FROOHFWLRQ RI PDQ\ WHVWLPRQLHV RI IDLWK IURP
DURXQGDWKRXVDQG\HDUVRIWKHKLVWRU\RIDQFLHQW,VUDHOKDVQRXQLWDU\WKHRORJ\QRUFDQ
&57V#0XFKRVWHyORJRVHVWiQGHDFXHUGRFRQ*HUVWHQEHUJHUVREUHHVWHDVXQWRPLHQWUDVRWURV
EXVFDQ OD XQLGDG WHPiWLFD HQ OD GLYHUVLGDG 9RQ 5DG "7<% +3=;:531;% +>3,7,9A  ´'7%
$QWLJXR7HVWDPHQWRFRQWLHQHQRVRORXQDVLQRXQEXHQQ~PHURGHWHRORJtDV#.*(#1/"#,'$)&,'("5(#
GLYHUJHQWHVWDQWRHQODHVWUXFWXUDFRPRHQHOPpWRGRGHDUJXPHQWDFLyQµFXUVLYDDxDGLGD
´7KH2OG7HVWDPHQWFRQWDLQVQRWPHUHO\RQHEXWTXLWHDQXPEHURIWKHRORJLHVZKLFKDUHZLGHO\
GLYHUJHQW ERWK LQ VWUXFWXUH DQG PHWKRG RI DUJXPHQWµ 5HQGWRUII FRQÀHVD ´7HQJR TXH
DGPLWLU TXH PXFKDV YHFHV PH LPSUHVLRQD XQD QXHYD SURSXHVWD TXH DJUHJD XQ QXHYR
DVSHFWR D ODV SRVLEOHV YtDV GH YHU HO $QWLJXR 7HVWDPHQWR FRPR XQ WRGR DXQTXH QR HVWp
GHDFXHUGRHQTXHSXHGDVHUODFODYHRHOFHQWURG3-,%;319,%YH3%0,123=:-%YH3%1H10:%3=;,A%<3%
:0H3-<,%6,-YH3%;,<:OM:%0-3,%31%7:%O3-<:<%<37%WB,J%<3%O,1%):<µ´,KDYHWRDGPLWWKDWPDQ\WLPHV
,DPLPSUHVVHGE\DQHZSURSRVDOWKDWDGGVDQHZDVSHFWWRWKHSRVVLEOHZD\VWRORRNDW
WKH2OG7HVWDPHQWDVDZKROHHYHQLI,GRQRWDJUHHWKDWLWPLJKWEHWKHNH\RUWKHFHQWHU
%XW,KDYHWRFRQIHVVWKDW,QHYHUDJUHHEHFDXVH,VWLOOEHOLHYHLQWKHWUXWKRIYRQ5DG·V¶1R·V#N7#
5HQGWRUII´$SSURDFKHVWR2OG7HVWDPHQW7KHRORJ\µLQG-,@735=%81%?8@780:7%+>3,7,9AF%'==:A=%
81%C,1,-%,2%),72%\183-85-#(47#+7&6XQHWDO *UDQG5DSLGV(HUGPDQV FXUVLYD
,],4&4,7
+B>-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

ULTXH]D\PDJQLWXGGHODWHRORJtDGHO$7\GHO3HQWDWHXFR+,-.7#O,#*"&4,4#4()#
$7\GHO3HQWDWHXFR+,-.SHQVDPRVTXHVRORVHUtDSRVLEOHLQWHQWDUHQFRQWUDUOD
HQHOFHQWURGHODYLGDUHOLJLRVD\WHROyJLFDLVUDHOLWD37%!:1;H:-8,1~PHURV
HVSHFLDOPHQWH1P´#,=%8=-:378;:=%:0:56:-.1%:7-3<3<,-%<3%7:%+831<:%<3%-3H18N1-#
PLUDQGRKDFLDHOODFDGDFXDOEDMRHOHVWDQGDUWHGHVXSURSLDIDPLOLDSDWULDUFDOµ 
VHJ~Q $UWXV GHVFULEH OD RUJDQL]DFLyQ GH OD FRPXQLGDG GH ,VUDHO HQ WRGDV VXV
GLPHQVLRQHV HV XQ SXHEOR HQ PDUFKD HVWUXFWXUDGR D QLYHO MHUiUTXLFR 0,1% 37%
=:1;H:-8,%31%=H%031;-,TXHVHSRQHHQRUGHQKDFLDODWLHUUDSURPHWLGDED#6(1$*?1#
DxDGH TXH OD RUJDQL]DFLyQ GH OD FRPXQLGDG VH IXQGDPHQWD HQ OD =:1;8<:<-#
GHVFULELHQGRHORUGHQGH,VUDHOGHVGHODSHULIHULDDO031;-,FRPXQLGDGOHYLWDV
1,3(%4/5(1-#=:1;H:-8,7EE

3RU FRQVLJXLHQWH OD KLSyWHVLV GH LQYHVWLJDFLyQ + GHQRPLQDGD KLSyWHVLV


DOWHUQDWLYD TXH HV OR TXH VH HVSHUD SUREDU TXH HV FLHUWR  GH HVWD WHVLV GRFWRUDO VHUtD HO
VDQWXDULR FRPR FHQWUR XQLÀFDGRU GH ODV WHRORJtDV GHO 3HQWDWHXFR7RUi PHGLDQWH XQD
PHWRGRORJtDVLQFUyQLFD ODIRUPDÀQDOGHOWH[WREtEOLFR LQGXFWLYD REWHQHUGHORVKHFKRV
SDUWLFXODUHVXQDFRQFOXVLyQJHQHUDO 7

(O VLJQLÀFDGR EtEOLFR \ WHROyJLFR TXH SURFHGH GHO VDQWXDULR SHUPLWLUtD


FRQFHQWUDU\DJOXWLQDUWRGRVORVFRQFHSWRVWHROyJLFRVWUDWDGRVSUHYLDPHQWH HJ
´HO SDFWRµ ´VDQWLGDG GH 'LRVµ ´'LRV FRPR HO 6HxRUµ ´OD HOHFFLyQ GH ,VUDHO
FRPRHOSXHEORGH'LRVµ´JRELHUQRGH'LRVµ´UHLQRGH'LRVµ´HOJRELHUQRGH
'LRV\ODFRPXQLyQHQWUH'LRV\HOKRPEUHµ´FRPXQLyQµ´<DKZHKHO'LRVGH
,VUDHO ,VUDHO HO SXHEOR GH <DKZHKµ ´MXVWLFLDµ ´MXVWLFLD \ UHFWLWXGµ ´SUHVHQFLD
GH 'LRVµ ´ORV DFWRV GH 'LRV HQ OD KLVWRULDµ ´SURPHVDµ HWF  \ RWURV TXH KDQ
VLGR SUHVHQWDGRV KDVWD DKRUD FRPR WHPDV FHQWUDOHV GHO $7 \ SDUD H[SOLFDUORV
FRPRXQWRGRDUPRQLRVRHQVXYHUGDGHUDSHUVSHFWLYD\GiQGROHVVXYHUGDGHUR
VLJQLÀFDGRGLPHQVLyQ\SRVLFLyQHQODWHRORJtDGHO$7\GHO3HQWDWHXFR+,-.7AJJ

$QWHV GH SDVDU D GHÀQLU HO FRQFHSWR GH VDQWXDULR GHEHPRV FODULÀFDU
TXH SDUD HO SURSyVLWR GH HVWH WUDEDMR GH LQYHVWLJDFLyQ XVDUHPRV ORV WpUPLQRV
WDEHUQiFXORWHPSOR\VDQWXDULRGHIRUPDSDUDOHODHLQWHUFDPELDEOHSRUWDQWR

ED# P7#Q%5*1-%*6-,485:08N1%:0;H:7%:7%G31;:;3H0,&% (VWHOOD9HUER'LYLQR 


EE# P7# Q%5*1- (O 3HQWDWHXFR KLVWRULD \ WHRORJtD &%  (VWHOOD 9HUER 'LYLQR    >,%,#
XQD WHRORJtD EtEOLFD FHQWUDGD HQ OD SUHVHQFLD GHO WHPSOR YpDVH 6 & 6PLWK +>3% C,H=3% ,2%
;>3%#,-<F%*%E:;>,780%?8@780:7%+>3,7,9A%,2%(,<J=%+35673%G-3=3103%81%;>3%"7<%:1<%B3D%+3=;:531;=#
6WHXEHQYLOOH)UDQFLVFDQ8QLYHUVLW\ 
AJJ# 9pDVH52XUR´7KH6DQFWXDU\7KH&DQRQLFDO.H\RI2OG7HVWDPHQW7KHRORJ\µ*_!!#GJ#
 
&/' *0")102$(' %(3(' %&")2(' )&(/A5$%(' 1"$4$%0#(2' #&/'6&")0)&1%(7!"#$' +B9-'

FRPR FRQFHSWRV LQWHUFDPELDEOHV TXH KDFHQ UHIHUHQFLD D OD PLVPD FRQFHSFLyQ


WHROyJLFD DXQTXH SUHVHQWHQ GLIHUHQFLDV HVWUXFWXUDOHV HQ HO HVSDFLR HO WLHPSR
\ OD PRYLOLGDG (O XVR SDUDOHOR H LQWHUFDPELDEOH HQ OD FRQFHSFLyQ WHROyJLFD
VHUiLQGLFDGRPHGLDQWHXQDEDUUD  HVGHFLUWDEHUQiFXORVDQWXDULRWHPSOR
VDQWXDULR HWF (O FRQFHSWR HVHQFLDO QR REVWDQWH VHUi VLHPSUH HO GH VDQWXDULR
FRPRFRQFHSWRWHROyJLFREiVLFRSDUDLQGLFDUODLGHDGHVDQWLGDG\VHSDUDFLyQ
HVSDFLR VDQWR TXH LQFOX\H HQ VX FRQWHQLGR WHROyJLFR WDQWR HO FRQFHSWR GH
WDEHUQiFXORFRPRHOFRQFHSWRGHWHPSOR\TXHYLHQHGHVFULWRSRUODVSDODEUDV
KHEUHDVXVDGDVWDQWRHQHO3HQWDWHXFR+,-.FRPRHQHOUHVWRGHO$7

(QWRQFHV D SDUWLU GH DTXt GHÀQLPRV HO WpUPLQR %&'()&#*"# '(4&,"5(# )/1#
VLJXLHQWHVFRQFHSWRVRFRQFHSFLRQHVHVSHFtÀFDV  /D2&+#"3%(#)+()#&045%*+&#
.*(# &"3)*<(# 5/4/1# 1*1# ()('("5/1-# $,%5(1-# 3/'$/"("5(1-# $(%1/",)# <# 3/'*"&4,4#
DWULR /XJDU 6DQWR /XJDU 6DQWtVLPR DUWtFXORV GHO PRELOLDULR VDFHUGRFLR
YHVWLPHQWDVVDFULÀFLRVRIUHQGDVRIHUHQWHVOtGHUHVHWF 7

KIL# !)0 2&+#"36323'("0 7*%(8#*+"9(32:"#&6 TXH LQFOX\H WRGRV ORV SHUtRGRV


KLVWyULFRV\WHPSRUDOHVGHOWDEHUQiFXORWHPSORGH6DORPyQRWHPSORVSRVWHULRUHV
FRQVWUXLGRVSRU=RUREDEHO\+HURGHV  OD2&+#"#343#3'+*&0;5;6*+&#.*(#&"3)*<(#
WRGDVVXVUHIHUHQFLDVWH[WXDOHVHQORVOLEURVEtEOLFRVPHGLDQWHUHIHUHQFLDVGLUHFWDV
D WRGR HO VDQWXDULR PHGLDQWH DOXVLRQHV D ODV VHFFLRQHV GHO VDQWXDULR DUWtFXORV
GHOPRELOLDULRIHVWLYDOHVULWXDOHVVDFHUGRFLRVDFULÀFLRVRIUHQGDVHWFWRGRHOOR
LPSUHJQDWRGRHO$7\HO3HQWDWHXFR+,-.7

KFL#!)#2&+#"+"'+3:("0<2&+#"(32&=#(3"68>*+"0.*(#&"3)*<(#5/4,1#),1#&4(,1-#
FRQFHSWRV \ WHPDV WHROyJLFRV GH VXV HOHPHQWRV SDUWHV FRPSRQHQWHV SHUVRQDO
\ FRPXQLGDG DWULR /XJDU 6DQWR /XJDU 6DQWtVLPR DUWtFXORV GHO PRELOLDULR
VDFHUGRFLRYHVWLPHQWDVVDFULÀFLRVRIUHQGDVRIHUHQWHVOtGHUHVHWF TXHIRUPDQ
*"# ',3%/3/"3($5/# 3/"3("5%,"4/# 3/'/# ',3%/5(',# 3("5%,)# 5/4/1# )/1# +%,"4(1#
WHPDVWHROyJLFRVGHO$7\GHO3HQWDWHXFR+,-.7

KGL# O,# 2&+#"(*:"6">5&0 23%*$'*+& TXH LQFOX\H WRGRV ORV WLSRV \ VtPERORV
GHO0HVtDV&ULVWR-HV~VPHGLDQWHWRGDVODVLGHDVFRQFHSWRV\WHRORJtDVGHVXV
HOHPHQWRVSDUWHVFRPSRQHQWHV\SHUVRQDO DWULR/XJDU6DQWR/XJDU6DQWtVLPR
DUWtFXORV GHO PRELOLDULR VDFHUGRFLR VDFULÀFLRV RIUHQGDV H[SLDFLyQ VDQWLGDG
(537L7# >/%# )/# 5,"5/-# "*(15%/# PDFURFRQFHSWR PDFURWHPD  WHROyJLFR GHO VDQWXDULR VHUtD
H1:%1H3O:%OM:%,%:03-0:5831;,%:%7:%;3,7,9M:%<37%*+%A%<37%G31;:;3H0,+,-.%<823-31;3%:%7:=%
OM:=%,%:03-0:5831;,=%<3%'80>-,<;%A%`,1%):< YpDVHDUULED (QFRQVHFXHQFLD3=;:5,=%
=H98-831<,%H1%1H3O,%6:-:<895: PRGHORPHWRGROyJLFR\PDUFRGHUHIHUHQFLDTXH
+BB-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

VHSURSRQHSDUDXQGHWHUPLQDGRFDPSRGHLQYHVWLJDFLyQ <3%7:%;3,7,9M:%<37%*+%A%
<3%7:%;3,7,9M:%@M@780:%<37%G31;:;3H0,/+,-.7

`>/%#.*?#()#1,"5*,%&/#VHUtDXQDQXHYDYtDRDFHUFDPLHQWRDODWHRORJtDGHO
$7\DODWHRORJtDEtEOLFDGHO3HQWDWHXFR+,-.GLIHUHQWHGHODVYtDVGH(LFKURGW
\ 9RQ 5DG" (O VDQWXDULR VHUtD XQ QXHYR SDUDGLJPD SDUD RUJDQL]DU OD WHRORJtD
GHO$7\ODWHRORJtDEtEOLFDGHO3HQWDWHXFR+,-.HQWRUQRDXQPDFURFRQFHSWR
PDFURWHPDFHQWUDOSRUFXDWURUD]RQHVIXQGDPHQWDOHV HOVDQWXDULRQRVHUtDXQ
WHPDFRQFHSWRVLPSOHFRPRODYtDRDFHUFDPLHQWRGH(LFKURGW\VXVVHJXLGRUHV
VLQR TXH VHUtD XQ PDFURFRQFHSWRPDFURWHPD HV GHFLU XQ WHPDFRQFHSWR
FRPSOHMR WRWDOPHQWH DEDUFDQWH \ FRPSUHKHQVLYR   (O VDQWXDULR QR VHUtD
FRPR OD YtD R DFHUFDPLHQWR GH 9RQ 5DG \ VXV VHJXLGRUHV XQD SOXUDOLGDG GH
WHRORJtDVLQFRQH[DV\GLYHUJHQWHVVLQRTXHVHUtDXQPDFURFRQFHSWRPDFURWHPD
TXHLQFOXLUtDDEDUFDUtD\GHVDUUROODUtDODVP~OWLSOHVWHRORJtDVEtEOLFDVGHIRUPD
FRQH[D\FRQYHUJHQWHGHQWURGHVXPDWUL]WHROyJLFDFRPSOHMD

  (O PDFURFRQFHSWRPDFURWHPD GHO VDQWXDULR XQLÀFDUtD H LQFOXLUtD ODV


YtDV R DFHUFDPLHQWRV GH (LFKURGW XQ WHPDFRQFHSWR ~QLFR VLPSOH  \ GH 9RQ
5DG P~OWLSOHV WHRORJtDV  \ VXV VHJXLGRUHV HQOD]DQGR DPERV PHGLDQWH WRGRV
VXV WHPDV FRQFHSWRV \ WHRORJtDV GHVDUUROODGRV D OR ODUJR GH WRGR HO $7 \ HO
3HQWDWHXFR+,-.   )LQDOPHQWH HO VDQWXDULR QR WHQGUtD VROR XQD GLPHQVLyQ
HVSDFLDO EtEOLFD \ WHROyJLFD VLQR WDPELpQ WHPSRUDO TXH VH GHVSOHJDUtD HQ
WRGRV ORV SHUtRGRV KLVWyULFRV EtEOLFRV KDVWD HO ~OWLPR FXPSOLPLHQWR HQ &ULVWR
HO0HVtDVFRPRODUHDOLGDGGHWRGRVORVWLSRV\VtPERORVGHOVDQWXDULRWHUUHQDO
YpDVH7DEOD 

7DEOD(OFHQWUREtEOLFRHKLVWyULFRGHO$7\GHO3HQWDWHXFR!"#$

(OVDQWXDULRFRPRHOFHQWURXQLÀFDGRUGHO$7\GHO3HQWDWHXFR7RUi
&ULVWRHQHOVDQWXDULRFRPRHOFHQWURXQLÀFDGRUGHO3HQWDWHXFR7RUi\GHO17

(V LPSUHVLRQDQWH OD LQPHQVD FDQWLGDG GH WH[WRV TXH KD\ HQ HO $7
UHODFLRQDGRVFRQHOVDQWXDULR8QRVFDStWXORVGHO3HQWDWHXFR+,-.#1(#4(4&3,"#
H[FOXVLYDPHQWHDODFRQVWUXFFLyQ\DORVULWXDOHVGHOVDQWXDULRRWURVFDStWXORV
GHORV3URIHWDVWUDWDQGLUHFWDPHQWHFRQHOVDQWXDULR\WRGRHOOLEURGHORV6DOPRV
²HO KLPQDULR GHO WHPSOR² HQ OD VHFFLyQ FDQyQLFD GH ORV (VFULWRV WLHQH PXFKDV
UHIHUHQFLDV H[SOtFLWDV DO VDQWXDULR SURPHGLDQGR XQD SRU VDOPR 6H SRGUtD
DUJXPHQWDU TXH KDEUtD# '21# 5(05/1# HQ HO $7 \ HQ HO 3HQWDWHXFR+,-. VREUH HO
VDQWXDULRTXHVREUHFXDOTXLHURWURWHPD
&/' *0")102$(' %(3(' %&")2(' )&(/A5$%(' 1"$4$%0#(2' #&/'6&")0)&1%(7!"#$' +B?-'

_1:% ;3,7,9M:% <37% *+% A% <37% G31;:;3H0,/+,-.% YH3% -30,1,083-:% 37% =:1;H:-8,% 0,5,%
HO FHQWUR GLQiPLFR \ XQLÀFDGRU GHO $7 \ GHO 3HQWDWHXFR7RUi RIUHFHUtD OD SRVLELOLGDG
<3%<3=0-8@8-%7:=%-80:=%A%O:-8:<:=%;3,7,9M:=%A%6-3=31;:-M:ORVGLYHUVRVWHPDVFRQFHSWRV\
PRWLYRVORQJLWXGLQDOHV$ODÀUPDUTXHHOVDQWXDULRVHUtDHOFHQWURGLQiPLFR\XQLÀFDGRU
GHO $7 \ GHO 3HQWDWHXFR7RUi WDPELpQ DÀUPDUtDPRV TXH HVWH FHQWUR SRGUtD VHU XQ
6-810868,%,-9:18R:<,-%,%=8=;35:;8R:<,-%=,@-3%37%0H:7%=3%6,<-M:%3=;-H0;H-:-%H1:%;3,7,9M:%
GHO$7\GHO3HQWDWHXFR7RUi&RQHOVDQWXDULRFRPRHOFHQWURGLQiPLFR\XQLÀFDGRUHO
$7SHUPLWLUtDDORVHVFULWRVRVHFFLRQHVEtEOLFDVGHOFDQRQ 3HQWDWHXFR7RUi SUHVHQWDU
=H=% 6-,68:=% ;3,7,9tDV (Q FRQVHFXHQFLD VH SHUPLWLUtD TXH OD WHRORJtD GH OD FUHDFLyQ
OD WHRORJtD GHO SDFWR OD WHRORJtD GH OD VDELGXUtD HWF WRPDVHQ VX OXJDU OHJtWLPR \ QR
YH3<:=31%-3739:<:=%:%H1%3=;:;H=%8123-8,-%,%0,5673;:531;3%3407H8<:=7

(OpQIDVLVHQHOVDQWXDULRFRPRXQPDFURWHPDFODYHXQLÀFDGRU\RUJDQL]DGRU
GH ORV PDWHULDOHV GHO $7 \ GHO 3HQWDWHXFR+,-. VXUJLUtD 81<H0;8O:531;3# 4(# *",#
WHRORJtDGHORVOLEURVEtEOLFRV/RVOLEURVEtEOLFRVVRQHVHQFLDOPHQWHGHQDWXUDOH]D
WHROyJLFD$VtODWDUHDGHODWHRORJtDEtEOLFDVHSRGUtDGHVFULELUHQWRQFHVFRPR
OD FRPSOHFLyQ \ UHVXPHQ GH ODV WHRORJtDV GH ORV OLEURV EtEOLFRV /D WHRORJtD
EtEOLFDQRVRORGHVFULEHORVWH[WRV\VXWHRORJtDVLQRTXHWDPELpQLQFOX\HHQVXV
GHVFULSFLRQHVHOKHFKRTXHORVWH[WRVDÀUPDQVXYHUDFLGDGYDOLGH]\DXWRULGDG
SRUORTXHDGRSWDUHPRVORVWH[WRVEtEOLFRVHQVXIRUPDÀQDOAJA

'HHVWHPRGRGHVFULELUHPRVORVWH[WRVGHORVOLEURVEtEOLFRVFRQVWUXLUHPRV
ODV WHRORJtDV TXH KD\ HQ HO VDQWXDULR \ GHVDUUROODUHPRV VX PDFURFRQFHSWR
WHROyJLFR $Vt FRPR HO WHPSORVDQWXDULR VH FRQVWUX\y ´SLHGUD VREUH SLHGUDµ
+DJ   GHO PLVPR PRGR DxDGLUHPRV ´WHRORJtD VREUH WHRORJtDµ SDUD OD
FRQVWUXFFLyQ GHO VDQWXDULR FRPR OD WHRORJtD EtEOLFD GHO 3HQWDWHXFR+,-.7# 6(#
HVWD PDQHUD VH FRQVWUXLUi ´WHRORJtD D WHRORJtDµ VHJ~Q QXHVWUD SUHVXSRVLFLyQ
SUHOLPLQDUSDUDGHVDUUROODUXQDWHRORJtDGHVFULSWLYD\FRQVWUXFWLYDGHORVOLEURV
EtEOLFRVGHO3HQWDWHXFR+,-. YpDVHDUULED 

'HODPLVPDIRUPDFRQVWUXLUHPRV´FtUFXORVFRQFpQWULFRVWHROyJLFRVµ#4/"4(#
GHVFULELUHPRVODV;3,7,9M:=%9313-:73=GHFDGDOLEUREtEOLFRGHO3HQWDWHXFR+,-.#("#
HO VDQWXDULR \ GHQWUR GH FDGD XQD GH HVWDV WHRORJtDV JHQHUDOHV FRQVWUXLUHPRV
/5%,1#;3,7,9M:=%:<808,1:73=KDFLHQGRYDULRVFtUFXORVFRQFpQWULFRVGHWHRORJtDVGH
ODPLVPDPDQHUDFRPRHQHOVDQWXDULRKD\FtUFXORVFRQFpQWULFRVGHJUDGDFLyQ

AJA# 9pDVH53.QLHULP´2QWKH7DVNRI2OG7HVWDPHQW7KHRORJ\µLQ)3:<819%;>3%C3@-3D%?8@73%
IRUD1HZ0LOOHQQLXP)RUP&RQFHSWDQG7KHRORJLFDO3HUVSHFWLYHYROHG:RQLO.LPHWDO
+DUULVEXUJ7ULQLW\ 
+B@-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

HVWUXFWXUDOGHVXVDSDUWDPHQWRV\DUWtFXORVGHOPRELOLDULR DWULR>HODOWDUGHORV
KRORFDXVWRVODIXHQWH@HO/XJDU6DQWR>ODPHVDGHORVSDQHVGHODSURSRVLFLyQ
HOFDQGHODEURHODOWDUGHOLQFLHQVR@HO/XJDU6DQWtVLPR>HODUFD@ 

3RU FRQVLJXLHQWH XQDV WHRORJtDV ODV ;3,7,9M:=% 9313-:73=L# ,],4&%2"-#


´DUUDVWUDUiQµ RWUDV WHRORJtDV ODV ;3,7,9M:=% :<808,1:73=  SURGXFLHQGR XQ HIHFWR
("# 3,4(",# .*(# 4("/'&",'/1# 3230;,% <,581N# ;3,7N980, TXH HPSXMDUi FRQHFWDUi \
HQOD]DUi´XQDVWHRORJtDVVREUHRWUDVWHRORJtDVµGHVDUUROODQGRHOPDFURFRQFHSWR
PDFURWHPDWHROyJLFRGHOVDQWXDULRFRQWRGRVORVFRQFHSWRVLGHDV\WHRORJtDVGH
ORVOLEURV\WH[WRVEtEOLFRVGHO3HQWDWHXFR+,-.7
PK.9!,.*%+9+"-!,.$%9.
3(17$7(8&2!-./.%).%9.
&%)*#+.D)'F'&!$+#.$%9.
,!)*D!#'+
/0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$% &"' &/' %&")2(' 1"$4$%0#(2' #&/' *0")102$(' +?,-'

,1752'8&&,Ð1$/3(17$7(8&2!-./

(O3HQWDWHXFR+,-.#K4()#+%&(+/#6[1;3´FLQFRµ\;[HL>,=´UROORHVWXFKHµHV
GHFLU´FLQFRUROORVµSRUORVHVWXFKHVFLOtQGULFRVGRQGHVHJXDUGDEDQHQUROODGRV
ORV WH[WRV KHEUHRV  HV HO FRQMXQWR IRUPDGR SRU ORV FLQFR SULPHURV OLEURV GH OD
%LEOLDFULVWLDQD\KHEUHDAJI

*DUFtDVHxDODTXHHOJpQHURQDUUDWLYRSUHGRPLQDHQ*pQHVLVe[RGR
\HOJpQHUROHJDOHVGRPLQDQWHHQe[RGR'HXWHURQRPLR'HVSXpVDxDGHTXH
´'HVGH XQD SHUVSHFWLYD FDQyQLFD OD 7RUi HV XQD PH]FOD GH QDUUDFLyQ \ OH\
DPEDVGLVFXUUHQMXQWDVIRUPDQGRXQD¶XQLGDG·/DLQVHUFLyQGHODVOH\HVHQXQD
WUDPDQDUUDWLYDHVHOUDVJRPiVFDUDFWHUtVWLFRGHO3HQWDWHXFRµAJB

!)#>("5,5(*3/#3/"5&("(#),#+,-.HQFXDGUDGDHQODKLVWRULDGHOSXHEORGH,VUDHO
KDVWDODFRQTXLVWDGHOD7LHUUD3URPHWLGDHQODTXHODYLGDGH0RLVpV\VXODERU
OHJLVODWLYDWLHQHXQSURWDJRQLVPRSULQFLSDOGHVGHVXQDFLPLHQWRHQe[RGRKDVWD
VX FRQFOXVLyQ HQ 'HXWHURQRPLR  FRQ VX PXHUWH 3HUR HV VREUH WRGR OD YLGD GH
0RLVpVHQVHUYLFLRD'LRV\DOSXHEORGH,VUDHOAJF(O3HQWDWHXFR+,-.#3/"5&("(#4/1#
HOHPHQWRVDEVROXWDPHQWHHVHQFLDOHVSDUDGHÀQLUODLGHQWLGDGGH,VUDHOORVSDWULDUFDV
\ 0RLVpV ,VUDHO HV HO SXHEOR TXH GHVFLHQGH GH ORV SDWULDUFDV \ TXH KD YLYLGR OD
H[SHULHQFLDGHOp[RGREDMRODJXtDGH0RLVpVAJG(VWiFODURTXHHO3HQWDWHXFR+,-.#
SRQH XQ pQIDVLV FRQVLGHUDEOH HQ ODV OH\HV ULWXDOHV WDOHV LQVWUXFFLRQHV ULWXDOHV \
'/%,)(1#3/"15&5*<("#,$%/0&',4,'("5(#H1%;3-08,GHVXQDUUDWLYDWRWDOAJH

/RV SULPHURV FLQFR OLEURV GH OD (VFULWXUD VH UHFRQRFHQ FRPR 7RUi /D
SHUVSHFWLYD WHROyJLFD HV TXH HVWRV OLEURV RIUHFHQ XQD ´LQVWUXFFLyQµ >8=#"&Z#
IXQGDFLRQDO GH 'LRV /D 7RUi VH FHQWUD HQ ODV LQVWUXFFLRQHV FRQWHQLGDV HQ HO
WHUFHU OLEUR HO OLEUR GH /HYtWLFR (VWH OLEUR HV HO FHQWUR GHO 3HQWDWHXFR+,-.7#
(Q HVWD FRQFHSWXDOL]DFLyQ HO 3HQWDWHXFR+,-. SUHVHQWD OD DGRUDFLyQ FRPR HO
REMHWLYRGHODFUHDFLyQAJC

AJI# 9pDVH7K%'R]HPDQ+>3%G31;:;3H0>F%$1;-,<H0819%;>3%+,-:>#K;&""(,$/)&1U#9/%5%(11-#IJACL-#

AJB# *DUFtD/ySH]
AJF# 9pDVH93+DPLOWRQC:1<@,,L%,1%;>3%G31;:;3H0>#KM%,"4#N,$&41U#=,_(%-#AEDI-#IJJGIL7
AJG# 9pDVH03DUDQZ,-5=%,2%;>3%G-83=;7A%!;A73%81%;>3%G31;:;3H0>#K8(%*1,)('U#;,+"(1-#AEDEL7
AJH# 6(%DOHQWLQH+>3%+,-:>J=%`8=8,1%,2%K,-=>862%7 0LQQHDSROLV)RUWUHVV 6REUHHO
VLJQLÀFDGRHVWUXFWXUDO\WHROyJLFRGHODSURPLQHQFLDGHHVWDVOH\HVHQHO3HQWDWHXFR+,-.-#
YpDVH%OHQNLQVRSSG31;:;3H0>
AJC# =)("_&"1/$$-# G31;:;3H0>   YpDVH WDPELpQ 5 3 .QLHULP ´7KH &RPSRVLWLRQ RI WKH
3HQWDWHXFKµLQ!?#!GHG.+5LFKDUGV $WODQWD6%/ 
+?.-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

(QHO3HQWDWHXFR+,-.HOWDEHUQiFXORVDQWXDULRHVWiHQHO031;-,GHOSXHEOR
LVUDHOLWDGHODFRPXQLGDGGHIHGHÀQLHQGRVXFRKHVLyQLQWHUQD\GLULJLHQGRVX
WHRORJtD &RPR )UHWKHLP KD REVHUYDGR WDQWR HO DUFD FRPR HO WDEHUQiFXOR VRQ
1,"5*,%&/1# $/%525&)(1# $,%,# R1%,()# ("# '(4&/# 4(# *"# '*"4/# 4(# $(3,4/# <# 3,/1-# <#
DPERVWUDHQD,VUDHOVHJXULGDGHQHOFRPSOHMRPXQGRGHPiVDOOiAJD

/D HVWUXFWXUD GHO 3HQWDWHXFR+,-. \ OD RUJDQL]DFLyQ GHO FDQRQ KHEUHR HV
IXQGDPHQWDO SDUD HQWHQGHU HO 17 6ND VHxDOD TXH OD YLGD S~EOLFD GH -HVXFULVWR
HQ ORV FXDWUR HYDQJHOLRV FRPLHQ]D FHUFD GHO UtR -RUGiQ GRQGH -XDQ HO %DXWLVWD
EDXWL]D¢3RUTXpHVWDHVFHQD"eOVHSUHJXQWD/DUHVSXHVWDHVREYLDDTXLHQKDOHtGR
HO 3HQWDWHXFR+,-. 0RLVpV OOHJy HQ IUHQWH GHO -RUGiQ FRQ HO SXHEOR \ PXULy VLQ
SRGHULUPiVDOOiGHHVWD~OWLPDIURQWHUD$VtVXREUDSHUPDQHFLyLQFRPSOHWD/D
FRQFOXVLyQGHO3HQWDWHXFR+,-.HVXQDFRQFOXVLyQDELHUWDKDFLDODWLHUUDTXH0RLVpV
PLUD-RVXpWHUPLQDUiODREUDLQLFLDGD&XDQGR-HV~VDSDUHFHHQORVHYDQJHOLRVVX
PLVLyQHVVLPLODUDQXQFLDODOOHJDGDGHO´UHLQRµHVGHFLUHOPRPHQWRHQTXH,VUDHO
ÀQDOPHQWHSRGUiWRPDUSRVHVLyQGHVXWLHUUD(OFRPLHQ]RGHO17DSDUHFHFRPR
HOFXPSOLPLHQWRGHODREUDLQFRPSOHWDGH0RLVpV-HV~VHVRWUR-RVXp(QUHDOLGDG
DPERVQRPEUHVVRQLGpQWLFRV-RVXpHQODIRUPDKHEUHD\-HV~VHQODIRUPDDUDPHDAJE

PKPK.9!,.*%+9+"-!,.$%."Q)%,',.%).%9.,!)*D!#'+

*pQHVLVFRPLHQ]DGHVFULELHQGRODFUHDFLyQGHOPXQGRGHXQDPDQHUDTXH
SUHÀJXUDODFRQVWUXFFLyQGHOVDQWXDULRAAJ(O-DUGtQGHO(GpQVHUHSUHVHQWDFRPR
XQVDQWXDULRGHFRUDGRFRQUDVJRVTXHSRVWHULRUPHQWHDGRUQDURQHOWDEHUQiFXOR
\HOWHPSORRURSLHGUDVSUHFLRVDVTXHUXELQHV\iUEROHV(O(GpQIXHXQOXJDU
GRQGH 'LRV FDPLQy \ IXQFLRQy FRPR# *"# )*+,%# 4(# ("3*("5%/# 4(# 6&/1# 3/"# ),#
KXPDQLGDG DOOt $GiQ VLUYLy FRPR VDFHUGRWH +HVV LQGLFD TXH HO SHFDGR OOHYy
DO GHUUDPDPLHQWR GH VDQJUH DQLPDO FRPR XQ PHGLR SDUD FXEULU ORV HIHFWRV
UHVXOWDQWHVGHODFXOSD *Q \DODH[SXOVLyQGHOMDUGtQ´VDQWXDULRµ *Q
 ORPLVPRTXHVXFHGHUiFRQHOSHFDGRGH,VUDHOTXHWHUPLQDUiFRQHOH[LOLR
H[SXOVLyQGH-HUXVDOpQ\GHVXWHPSORVDQWXDULRAAA

AJD# 7()UHWKHLP'4,<H= /RXLVYLOOH-RKQ.QR[ 


AJE 6NDYpDVHWDPELpQLGHP(O3HQWDWHXFRXQÀOyQLQDJRWDEOH3UREOHPDVGHFRPSRVLFLyQ\GH
81;3-6-3;:08N1X%*=630;,=%78;3-:-8,=%A%;3,7N980,=(% (VWHOOD9HUER'LYLQR 
AAJ# 0:HLQIHOG´6DEEDWK7HPSOHDQGWKH(QWKURQHPHQWRIWKH/25'WKH3UREOHPRIWKH6LW]
LP/HEHQRI*HQHVLVµLQV[7:193=%@8@78YH3=%3;%,-831;:H4%31%7J>,113H-%<3%CX%E:R3773=-#(47#
$&DTXRWDQG0'HOFRU$2$7 .HYHODHU%XW]RQ %HUFNHU 
AAA# 5 6 +HVV 7KH 2OG 7HVWDPHQW $ +LVWRULFDO 7KHRORJLFDO DQG &ULWLFDO ,QWURGXFWLRQ# KM%,"4#
N,$&41U#=,_(%#Q3,4('&3-#IJAHL-#GI7
/0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$% &"' &/' %&")2(' 1"$4$%0#(2' #&/' *0")102$(' +?=-'

Q4('21-#("#3,4,#*"/#4(#)/1#5%(1#%(),5/1#/#",%%,3&/"(1#("#)/1#.*(#M?"(1&1#
GLYLGHODKLVWRULDKXPDQDGHVFULEHXQVDFULÀFLRTXHHVXQJUDQPRPHQWRHQFDGD
QDUUDFLyQ HO VDFULÀFLR GH $EHO 1Rp \ ODV QDUUDFLRQHV SDWULDUFDOHV $EUDKDP
,VDDF \ -DFRE  TXH SUHÀJXUD HO VLVWHPD VDFULÀFLDO GHO VDQWXDULR /RV VDFULÀFLRV
GH$EHO1Rp\$EUDKDPSDUHFHQWHQHUXQVLJQLÀFDGRSDUDGLJPiWLFRHVGHFLU
LOXVWUDQSXQWRVHVHQFLDOHVVREUHODSUiFWLFDVDFULÀFLDO\ODFRQFHSFLyQWHROyJLFD
GHOFRPSOHMRGHOVDQWXDULR

PKPKEK.*3=7=@B5.03.75.2:3521>/

´'LRVHQHOSULQFLSLRFUHyORVFLHORV\ODWLHUUDµ *Q &RQHVWDIUDVH


FRPLHQ]D HO SULPHU FDStWXOR GHO OLEUR GH *pQHVLV /D SULPHUD SDODEUD KHEUHD
9>#D!6+8 ´HQ HO SULQFLSLRµ KD GDGRDO OLEUR VX QRPEUH HQ OD %LEOLD KHEUHD (VWD
IUDVHHVWDEOHFHDOPLVPRWLHPSRHOFRPLHQ]RGHO3HQWDWHXFR+,-.-#()#3/'&("@/#
GHO$7\SRUWDQWRHOFRPLHQ]RGHOD%LEOLDWDQWRKHEUHDFRPRFULVWLDQD(VWD
IUDVH WDPELpQ HV HO FRPLHQ]R GH XQD WHRORJtD GHO 3HQWDWHXFR7RUi GHO $7# .*(#
FRQVLGHUDHO$7 %LEOLDKHEUHD FRPRXQWH[WRWHROyJLFROHtGRHLQWHUSUHWDGRHQ
(1(#',%3/#<#3/"5(05/7

(VWD IUDVH GHVFULEH HO FRPLHQ]R GH OD KLVWRULD GH 'LRV FRQ HO PXQGR
FRQODKXPDQLGDG\FRQ,VUDHOAAI(VXQFRPLHQ]RDEVROXWRDQWHVGHTXHKD\D
KLVWRULD GH DOJR (Q HO $7 OD IyUPXOD 9>#D!6+8 ´HQ HO SULQFLSLRµ VROR DSDUHFH
FRQHVWHVLJQLÀFDGRHQHVWHWH[WR(OWHPDGHHVWDIUDVHHV'LRV6XLQWHUYHQFLyQ
GD RULJHQ \ VHQWLGR D OD KLVWRULD (O UHODWR GH OD FUHDFLyQ GH *pQHVLV  OOHJD D
VX FXOPLQDFLyQ FRQ HO UHODWR GH OD FRQVWUXFFLyQ GHO VDQWXDULR HQ e[RGR 
6HJ~Q*DUFtD´ODFRQFHSFLyQVXE\DFHQWHHQHVWRVUHODWRVHVTXHHO'LRVFUHDGRU
UHLQDVREUHODFUHDFLyQQRVRORGHVGHHOFLHORVLQRWDPELpQGHVGHVXPRUDGDHQ
),#5&(%%,V7AAB

(O WDEHUQiFXORVDQWXDULR WDPELpQ VH HULJLy ´HO SULPHU GtD GHO SULPHU
PHVµ ([FI([ TXHHVHOGtDGH,]/#QXHYRXQSRGHURVRVtPEROR
GHOFRPLHQ]RGHODFUHDFLyQGHOPXQGR *Q /DFHOHEUDFLyQGHOGtDGH,]/#

AAI 3DUD XQ HVWXGLR GHWDOODGR GH OD KLVWRULD GH 'LRV FRQ OD WLHUUD \ OD YLGD ´HQ HO SULQFLSLRµ
YpDVH 5 2XUR ´7KH (DUWK RI *HQHVLV  $ELRWLF RU &KDRWLF" >,%5# R-V# *_!!# BH# KAEEDLU#
LGHP´7KH(DUWKRI*HQHVLV$ELRWLFRU&KDRWLF"3DUW,,µ*_!!  
 LGHP ´7KH (DUWK RI *HQHVLV  $ELRWLF RU &KDRWLF" 3DUW ,,,µ *_!!    
7DPELpQ-6FXUORFNDQG5+%HDO HGV E-3:;8,1%:1<%E>:,=F%*%)30,1=8<3-:;8,1%,2%C3-5:11%
(H1L37J=%E>:,=L:562%CA6,;>3=8= :LQRQD/DNH(LVHQEUDXQV HVS
AAB *DUFtD/ySH]
+?>-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

QXHYR LQDXJXUD DQXDOPHQWH XQ QXHYR FLFOR HQ OD YLGD GH OD KXPDQLGDG /D
DGRUDFLyQGH'LRVHQHOVDQWXDULRWDEHUQiFXORHVXQFDPLQRSDUDTXHHOSXHEOR
GH,VUDHOSDUWLFLSHHQHOWUDEDMRGLYLQRGHODFUHDFLyQ

+D\ FRQH[LRQHV FODUDV HQWUH OD FUHDFLyQ GHO PXQGR \ OD FUHDFLyQ GHO
VDQWXDULRHQHO3HQWDWHXFR/D7RUiHVWDEOHFHXQDVHULHGHHQODFHVOLQJtVWLFRV\
WHPiWLFRVHQWUHHOVDQWXDULRWDEHUQiFXOR\HOUHODWRGHODFUHDFLyQHQ*pQHVLV
TXHVHSXHGHQWUD]DUGHORVWH[WRVPLVPRVGRQGHODFRQVWUXFFLyQGHOVDQWXDULR
GH ,VUDHO \ HO PXQGR ULWXDO TXH HPHUJH VH SUHVHQWD FRPR OD ÀQDOL]DFLyQ GH OD
REUDLQLFLDGDHQODFUHDFLyQAAF

(O SDWUyQ KHSWiGLFR GHO UHODWR GH OD FUHDFLyQ WDPELpQ DSDUHFH HQ ODV
LQVWUXFFLRQHV UHIHUHQWHV DO WDEHUQiFXORVDQWXDULRAAG /D WHRIDQtD HQ OD TXH ODV
LQVWUXFFLRQHVVHUHYHODQD0RLVpVFRPLHQ]DHOVpSWLPRGtDGHVSXpVGHVHLVGtDV
GH SUHSDUDFLyQ SDUD HQWUDU HQ OD QXEH GH OD 3UHVHQFLD GLYLQD HQ HO PRQWH 6LQDt
([   /DV LQVWUXFFLRQHV SDUD FRQVWUXLU HO WDEHUQiFXORVDQWXDULR GHVSXpV
1(# 4(1,%%/)),"# '(4&,"5(# 1&(5(# 4&13*%1/1# 4(# 6&/1# ,# ;/&1?1-# 3,4,# *"/# 4&15&"+*&4/#
SRU OD IyUPXOD LQWURGXFWRULD ´(O 6HxRU GLMR >4"9'#@KDEOy >!":'#Z# ,# ;/&1?1V#
ORVVLHWHGLVFXUVRVVRQ([
 (OVpSWLPRGLVFXUVR ([ FXOPLQDODVLQVWUXFFLRQHVSDUDHO
WDEHUQiFXORVDQWXDULRFRQORVSODQHVGLYLQRVSDUDHOGtDViEDGRDOLJXDOTXHHQ
)/1#1&(5(#4&13*%1/1#("#()#%(),5/#3%(,3&/",)#4(#M?"(1&1#A#KM"#A-B7H7E7AA7AF7IJ7IF7IHL7#
/DFUHDFLyQ\HOVDQWXDULRYLQLHURQDODH[LVWHQFLDSRUPHGLRGHODSDODEUDGLYLQDAAH

AAF 3DUD HO PDUFR GHO ViEDGR GH ([  HQ SHUVSHFWLYD H[HJpWLFD \ WHROyJLFD YpDVH ' &
7LPPHU&UHDWLRQ7DEHUQDFOHDQG6DEEDWK7KH6DEEDWK)UDPHRI([RGXVLQ([HJHWLFDO
:1<%+>3,7,980:7%G3-=630;8O3)5/$17 *|WWLQJHQ9DQGHQKRHFN 5XSUHFKW 
AAG (OSDWUyQKHSWiGLFRVHKDVHxDODGRDPSOLDPHQWHHQORVWH[WRVGHOWDEHUQiFXORVDQWXDULR
9pDVH-%OHQNLQVRSS´7KH6WUXFWXUHRI3µE?a  -.HDUQH\´&UHDWLRQ
DQG/LWXUJ\7KH35HGDFWLRQRI([µ^*K  106DUQD'467,-819%
'4,<H=F% +>3% C3-8;:93% ,2% ?8@780:7% $=-:37 1HZ <RUN 6FKRFNHQ    ) + *RUPDQ
7KH,GHRORJ\RI5LWXDO6SDFH7LPHDQG6WDWXVLQWKH3ULHVWO\7KHRORJ\-6276XS 6KHIÀHOG
6KHIÀHOG$FDGHPLF 
AAH# /DVFRQH[LRQHVOLWHUDULDV\FRQFHSWXDOHVHQWUHHOUHODWRGHODFUHDFLyQ\ODSHUtFRSDGHO6LQDt
VHKDQREVHUYDGRDPHQXGRHJ%OHQNLQVRSS!;-H0;H-3%,2%GLGHPG31;:;3H0>
.HDUQH\0)LVKEDQH+34;%:1<%+34;H-3F%E7,=3%)3:<819=%,2%!3730;3<%?8@780:7%+34;= 1HZ
<RUN 6FKRFNHQ    1 /RKÀQN ´&UHDWLRQ DQG 6DOYDWLRQ LQ 3ULHVWO\ 7KHRORJ\µ
+&  9$+XURZLW]´7KH3ULHVWO\$FFRXQWRI%XLOGLQJWKH7DEHUQDFOHµI*"!#
    - ' /HYHQVRQ E-3:;8,1% :1<% ;>3% G3-=8=;3103% ,2% 'O87F% +>3% &-:5:% ,2% &8O813%
"5186,;3103 6DQ)UDQFLVFR+DUSHU 5RZ -**DPPLHC,7813==%81%$=-:372%7
0LQQHDSROLV)RUWUHVV *RUPDQ)UHWKHLP%DOHQWLQH
/0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$% &"' &/' %&")2(' 1"$4$%0#(2' #&/' *0")102$(' +?9-'

$PERVODFUHDFLyQ\HOVDQWXDULRVHJ~Q)UHWKHLP´VRQORVSURGXFWRVGH
ODRUGHQGLYLQD$VtFRPRODFUHDFLyQSRUPHGLRGHODSDODEUDGH'LRVVLJQLÀFy
TXH OD FUHDFLyQ VH FRPSOHWy SUHFLVDPHQWH GH DFXHUGR D OD YROXQWDG GH 'LRV
DVt WDPELpQ OD WHUPLQDFLyQ GHO WDEHUQiFXOR VHJ~Q XQ SDWUyQ FHOHVWLDO  
VLJQLÀFyTXHFRUUHVSRQGtDH[DFWDPHQWHDODYROXQWDGGLYLQDµAAC

/HYHQVRQ VXJLHUH WDPELpQ TXH HO PLVPR VLJQLÀFDGR VH GHEH DO KHFKR
TXH6DORPyQHPSOHyVLHWHDxRVSDUDFRQVWUXLUHOWHPSORVDQWXDULR 5 
TXHORGHGLFyHQHOVpSWLPRPHVGXUDQWHODÀHVWDGHODVFDEDxDV XQIHVWLYDO
4(# 1&(5(# 4tDV > 5 @  \ TXH VX GLVFXUVR GHGLFDWRULR VH HVWUXFWXUy
DOUHGHGRU GH VLHWH SHWLFLRQHV  5   3RU OR WDQWR OD FRQVWUXFFLyQ GHO
WHPSORVDQWXDULRSDUHFHKDEHUVHPRGHODGRVREUHODFUHDFLyQGHOPXQGRHQ
VLHWHGtDVAAD

(Qe[RGRODFRQVWUXFFLyQUHDOGHOWDEHUQiFXORVDQWXDULRFRPLHQ]D
FRQ LQVWUXFFLRQHV FRQFHUQLHQWHV DO GtD GH ViEDGR ([   GHVSXpV GH OR
FXDO HO UHODWR HQ HVWRV FDStWXORV FRQWLQ~D FRQ UHIHUHQFLDV UHSHWLGDV D OD REUD
TXH VH HVWi KDFLHQGR ´FRPR HO 6HxRU KDEtD RUGHQDGR D 0RLVpVµ (VWD IUDVH
HV SDUWLFXODUPHQWH SURPLQHQWH HQ ([  GRQGH VH UHSLWH VLHWH YHFHV
SDUD GHVFULELU OD HUHFFLyQ UHDO GHO WDEHUQiFXORVDQWXDULR SRU 0RLVpVAAE# !1# ("#
REHGLHQFLDD'LRV\VLJXLHQGRVXVLQVWUXFFLRQHVHVSHFtÀFDVTXHHOVDQWXDULRVH
FRQVWUX\HSURJUHVLYDPHQWH(OpQIDVLVVREUHVLHWHVXJLHUHXQPRYLPLHQWRGHOD
QDGDDXQDFUHDFLyQRFRQVWUXFFLyQWHUPLQDGD

/D LQVWLWXFLyQ GHO ViEDGR DSDUHFH FODUDPHQWH HQ HO 6LQDt ([  
PRPHQWR HQ HO FXDO OD REVHUYDQFLD GHO ViEDGR VH FRQYLHUWH HQ HO FOLPD[ GH OD
3/"15%*33&yQGHOWDEHUQiFXORVDQWXDULR ([ /RVVHLVGtDVGHODFUHDFLyQ
FXOPLQDURQHQODFRPXQLyQSHUPDQHQWHHQWUH'LRV\ODKXPDQLGDG\ORPLVPR
VXFHGLy HQ HO VDQWXDULR (Q DPERV FDVRV DOJR VDQWR YLQR D OD H[LVWHQFLD 8QR
IXHXQVDQWXDULRHQHOWLHPSR DOÀQDOGHODVHPDQDGHODFUHDFLyQVHLQVWLWX\y
HO ViEDGR  HO RWUR IXH XQ VDQWXDULR HQ HO HVSDFLR *DUFtD UHDÀUPD DO UHVSHFWR
´/DREVHUYDQFLDGHOViEDGR\ODFRQVWUXFFLyQGHOVDQWXDULRVRQGRVFDUDVGHOD

AAC# ´$UHWKH SURGXFWVRIWKHGLYLQHFRPPDQG-XVW DVWKH FUHDWLRQWKURXJK WKH ZRUGRI*RG


PHDQW WKDW WKH FUHDWLRQ ZDV FRPSOHWHG SUHFLVHO\ DFFRUGLQJ WR WKH ZLOO RI *RG VR DOVR
WKHFRPSOHWLRQRIWKHWDEHUQDFOHDFFRUGLQJWRDKHDYHQO\¶SDWWHUQ·  PHDQWWKDWLW
FRUUHVSRQGHGH[DFWO\WRWKHGLYLQHZLOOµ)UHWKHLP
AAD /HYHQVRQE-3:;8,1
AAE# =,)("5&"(-#ABD7
+?B-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

PLVPDUHDOLGDGHQHOVHQWLGRGHTXHDPEDVDVHJXUDQODVDQWLGDGGH,VUDHO ([
 \DWHVWLJXDQHOJRELHUQRGH'LRVVREUHODFUHDFLyQ  µAIJ

3DUDOHORVOLQJtVWLFRVDGLFLRQDOHVUHIXHU]DQODVLPHWUtDKHSWiGLFDHQWUHORV
WH[WRVGHOWDEHUQiFXORVDQWXDULR\HOUHODWRGHODFUHDFLyQ YpDVH7DEOD AIA$Vt
FRPRHO(VStULWXGH'LRVVHPRYLyVREUHODID]GHODWLHUUD *Q DVtWDPELpQ
HO(VStULWXGH'LRVLQVSLUyDORVTXHFUHDEDQHOWDEHUQiFXORVDQWXDULR ([ 
/D LQWULQFDGD DUWHVDQtD GH DTXHOORV XWLOL]DGRV SRU HO (VStULWX ´UHÁHMD OD SURSLD
REUD GH 'LRV /RV PHWDOHV SUHFLRVRV FRQ ORV TXH WUDEDMDQ WRPDQ ORV PLVPRV
SURGXFWRVGHODEHOODFUHDFLyQGH'LRV\GDQQXHYDIRUPDDHVDEHOOH]DGHQWUR
GHODFUHDFLyQµAII

$Vt FRPR 'LRV WHUPLQy OD REUD GH OD FUHDFLyQ *Q  >@  \ EHQGLMR
HO VpSWLPR GtD *Q   DVt 0RLVpV WHUPLQy OD REUD GHO WDEHUQiFXORVDQWXDULR
([ \ODGHFODUyGLJQDGHEHQGLFLyQ ([ (OWDEHUQiFXORVDQWXDULR
SXHVHV´XQOXJDUHQPHGLRGHXQPXQGRGHGHVRUGHQGRQGHHOWUDEDMRFUHDGRU
\RUGHQDGRGH'LRVVHFRPSOHWDVHJ~QODLQWHQFLyQGLYLQDWDOFRPRORIXHHQHO
$%&"3&$&/7VAIB

$GHPiVGHHVWRVSDUDOHORVOLQJtVWLFRVXQDVHULHGHWHPDVFRPXQHVHQOD]DQ
ODFUHDFLyQ\HOWDEHUQiFXORVDQWXDULRHQXQDSHUVSHFWLYDWHROyJLFDFRPSDUWLGD
VHxDODQGR OD LQVHUFLyQ GH OD WHRORJtD GH OD FUHDFLyQ HQ HO PDFURFRQFHSWR
PDFURWHPD WHROyJLFR GHO VDQWXDULR /D OLWXUJLD GH OD FUHDFLyQ DÀUPD TXH ORV
DFWRVEiVLFRVGHVHSDUDFLyQ\GLYLVLyQGH'LRVGHÀQHQORVOtPLWHVHQWUHORVDQWR
\ORFRP~Q(OSODQGHOWDEHUQiFXORVDQWXDULRVXJLHUHTXHHQODDGRUDFLyQ\HO
FXOWRODFRPXQLGDGSDUWLFLSDHQXQDFWRVLPLODUGHGLYLGLU\RUGHQDUHOPXQGR
1(+["#()#4(1&+"&/#4(#6&/17

AIJ *DUFtD/ySH]
AIA# !15/1# $,%,)()/1# 1(# 3&5,"# ,# '("*4/7# 3RU HMHPSOR YpDVH %OHQNLQVRSS G31;:;3H0> 
/HYHQVRQE-3:;8,1*DPPLH
AII# ´0LUURUV *RG·V RZQ ZRUN 7KH SUHFLRXV PHWDOV ZLWK ZKLFK WKH\ ZRUN WDNH XS WKH YHU\
SURGXFWVRI*RG·VEHDXWLIXOFUHDWLRQDQGJLYHQHZVKDSHWRWKDWEHDXW\ZLWKLQWKHFUHDWLRQµ
)UHWKHLP
AIB# ´2QH VSRW LQ WKH PLGVW RI D ZRUOG RI GLVRUGHU ZKHUH *RG·V FUHDWLYH RUGHULQJ ZRUN LV
FRPSOHWHGDFFRUGLQJWRWKHGLYLQHLQWHQWLRQMXVWDVLWZDVLQWKHEHJLQQLQJµ,ELG
/0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$% &"' &/' %&")2(' 1"$4$%0#(2' #&/' *0")102$(' +??-'

7DEOD3DUDOHORVOLQJtVWLFRVHQWUHHOUHODWRGHODFUHDFLyQ\HOVDQWXDULR

&:3521>/.037.M</0= &=/84:<221>/.037.85/4<5:1=
´>«@ \ 37% '=6M-8;H% <3% &8,= VH PRYtD ´< OR KH OOHQDGR <37% '=6M-8;H% <3% &8,=#
VREUHODID]GHODVDJXDVµ *Q AIF XYZ.<ORKDOOHQDGR<37%'=6M-8;H%<3%&8,=#
XYZV# ([
´< YLR 'LRV WRGR OR TXH KDEtD KHFKR \ ´<YLR0RLVpVWRGDODREUD\KHDTXtTXH
>3% :YHM% YH3% c3-:d% @H31,% 31% 9-:1% 5:13-:# 7:%>:@M:1%>30>,#XYZV#K!0#BE-FBL
XYZV#KM"#A-BAL7AIG
´<IXHURQDFDEDGRVORVFLHORV\ODWLHUUD ´<IXHDFDEDGDWRGDODREUDGHOWDEHUQiFXOR
A%;,<,%=H%,-1:531;,V#KM"#I-AL7AIH <37%;:@3-1.0H7,%<37%;3=;85,18,V#K!0#BE-BIL
´<:0:@N%&8,=HQHOGtDVpSWLPR=H%,@-:# ´>«@<:0:@N%V,8=[=%7:%,@-:V#K!0#FJ-BBL
TXHKL]R>«@µKM"#I-IL7AIC
´< @31<8U,% &8,=% :7% <M:% =[6;85,-# <# )/# ´>«@<%V,8=[=%7,=%@31<8U,V#K!0#BE-FBL
VDQWLÀFy>«@µKM"#I-BL7AID

AIFAIGAIHAICAID

'XUDQWHODVHPDQDGHODFUHDFLyQ'LRV´VHSDUyµODOX]´GHµODRVFXULGDG
HODJXDGHODJXDHOGtDGHODQRFKH *Q 'HVSXpVGH*pQHVLVHO
YHUER %&'AIE# X94E@ ´VHSDUDUµ VH XVy GH QXHYR HQ HO FRQWH[WR GHO WDEHUQiFXOR
VDQWXDULR'LRVR0RLVpVKDQVHSDUDGRHOVDFHUGRFLRGHOSXHEOR 1P
65#AJ-DL7#O,#5,%(,#$%&"3&$,)#4()#1,3(%4/5(#(1#4&15&"+*&%#/#1($,%,%#("5%(#)/#1,"5/#
\ORSURIDQRHQWUHORSXUR\ORLPSXUR /Y +D\HOHPHQWRV
HVSHFLDOHV GHO VDQWXDULR TXH VLUYHQ SDUD VHSDUDU HO /XJDU 6DQWR GHO /XJDU

AIF *Q>«@Z)#@'A0 !DE$&+:0 >«@´>«@\HO(VStULWXGH'LRV>«@µFI([>«@


#@'A0!DE$&+:>«@´>«@GHO(VStULWXGH'LRV>«@µYHFHV
AIG *QZ'F'#!0 !DE$&+:0 !58G73EG!"65#0 H"IJ0 C)&.K/GL=90 :)!$40 >«@´<YLR'LRVWRGROR
TXHKDEtDKHFKR\KHDTXtTXH>HUD@EXHQRHQJUDQPDQHUD>«@µFI([C'F'#!0:$
6/0!58G73EG&'M)E"!7J0C)&.K/0H"I@0!$8"&0>«@´<YLR0RLVpVWRGDODREUD\KHDTXtTXH
ODKDEtDQKHFKR>«@µ
AIH# M"#I-AU#C'B)7NO@0 &'P":'B.:0 C)&"!"#5Q0 C)73EGQ)9"!":0 ´<IXHURQDFDEDGRVORVFLHORV
\ODWLHUUD\WRGRVXRUQDPHQWRµFI([C'88D75E0 73EGH"9$4'80 :.67'%0 !$&5E0 :=HD40
>«@´<IXHDFDEDGDWRGDODREUDGHOWDEHUQiFXORGHOWDEHUQiFXORGHOWHVWLPRQLR>«@µ
AIC# M"#I-IU#C'B)7'E0!DE$&+:09'F=:0&'P)9+H+0:)E'!7)8=>«@´<DFDEy'LRVHQHOGtDVpSWLPR
VX REUD >«@µ FI ([  >«@ C'B)7'E0 :$6/0 !58G&'M)E"!7J0 ´>«@ < DFDEy 0RLVpV OD
REUDµ?'B)7'E0HVXQSLHOLPSHUIHFWR
AID# M"# I-BU0 C'B)9"#570 !DE$&+:0 !58GB=:0 &'P)9+H+0 C'B);'44D6 >«@ ´< EHQGLMR 'LRV DO GtD
VpSWLPR \ OR VDQWLÀFy >«@µ FI ([  >«@ C'B)9"#570 !$8":0 :$6/ ´>«@ < 0RLVpV ORV
EHQGLMRµ?'B)9"#57HVXQSLHOLPSHUIHFWR
AIE# %+6
+?@-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

6DQWtVLPR HOYHOR([ (ODXWRUXVDODSDODEUD%&'ABJFRQHOÀQGHHQIDWL]DU


.*(#()#6&/1#3%(,4/%#(1#*"#6&/1#4(#/%4("7ABA

&RQMXQWDPHQWHHVWRVSDUDOHORVGHVFULEHQODFRQVWUXFFLyQGHOWDEHUQiFXOR
1,"5*,%&/# 3/'/# *"# 3/'$)('("5/# &"5("3&/",)# ,# )/1# 4&1(]/1# 3%(,3&/",)(1# 4(#
'LRV SDUD HO FRVPRV %OHQNLQVRSS KD OODPDGR OD DWHQFLyQ VREUH OD ´IyUPXOD
GH FRQFOXVLyQµ HQ ([  ´< DFDEy 0RLVpV OD REUDµ >C'B)7'E# :$6/# !58G
&'M)E"!7J@ (O SDUDOHOLVPR HQWUH HVWD IUDVH \ OD GH *Q  ´< DFDEy 'LRV VX
REUDµ>C'B)7'E#!DE$&+:#:)E'!7)8=@VXJLHUHTXHODFRQVWUXFFLyQGHOVDQWXDULRHV
GHKHFKRODÀQDOL]DFLyQGHODREUDLQLFLDGDHQODFUHDFLyQFRQVWLWX\HHOFOtPD[
GHODFUHDFLyQABI

(QOD7RUiHOWDEHUQiFXORVDQWXDULRQRVRORFRPSOHWDHOGLVHxRFyVPLFR
VLQR TXH WDPELpQ UHFXSHUD ODV LQWHQFLRQHV FUHDFLRQDOHV GH OD GHVWUXFFLyQ
SURGXFLGD SRU HO SHFDGR \ OD GHVREHGLHQFLD &RQ HO WDEHUQiFXORVDQWXDULR OD
FRPXQLGDGKDFHPiVTXHVRVWHQHUODVHVSHUDQ]DVSULPRUGLDOHVGH'LRVSDUDOD
KXPDQLGDGODV-3Q0-3:)UHWKHLPKDGLVFHUQLGRHOSDWUyQWHROyJLFRTXHVXE\DFH
DODHVWUXFWXUDDFWXDOGHe[RGRTXHHVHOGHFUHDFLyQFDtGDUHFUHDFLyQABB#
+D\XQSDWUyQGHFUHDFLyQFDtGDUHFUHDFLyQHQe[RGRVLPLODU
D*pQHVLV

(O UHODWR GHO LQFLGHQWH GHO EHFHUUR GH RUR e[RGR   FUHD XQD
VXVSHQVLyQ DEUXSWD GH ORV GLVHxRV FUHDFLRQDOHV GH *pQHVLV  UHFRUGDGRV HQ
ODV LQVWUXFFLRQHV GH e[RGR  $O LJXDO TXH OD LQYHUVLyQ SULPRUGLDO GHO
GLVHxR FyVPLFR *pQHVLV   HO EHFHUUR GH RUR VRFDYD ODV LQWHQFLRQHV GH
'LRVSDUDODUHODFLyQH[FOXVLYDFRQHOSXHEORGH,VUDHO/DVLQVWUXFFLRQHVSDUD
HO WDEHUQiFXORVDQWXDULR VH UHDQXGDQ HQ e[RGR  TXH DQXQFLD TXH HO
SULPHU DFWR HQ OD UHFUHDFLyQ GH OD UHODFLyQ HQWUH 'LRV \ OD KXPDQLGDG HV OD
FRQVWUXFFLyQGHOVDQWXDULR

(VWRV SDUDOHORV HQWUH OD FUHDFLyQ \ HO WDEHUQiFXORVDQWXDULR OOHYDQ HO


PHQVDMH WHROyJLFR TXH HO HGLÀFLR GHO VDQWXDULR HV XQ DFWR GH FRQVWUXFFLyQ GHO
'*"4/7ABF$VtFRPR'LRVGLVHxDHOFRVPRVFRPRXQDDUPRQtDRUGHQDGDGHOFLHOR

ABJ# %+6
ABA# 7'27*RUPDQ
ABI# =)("_&"1/$$-#!;-H0;H-3%,2%GLGHPG31;:;3H0>-#IAD7
ABB# )UHWKHLP
ABF# =)("_&"1/$$-#G31;:;3H0>-#HI7
/0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$% &"' &/' %&")2(' 1"$4$%0#(2' #&/' *0")102$(' +?;-'

\ODWLHUUDDVt'LRVRUGHQDXQOXJDUVDQWRHQODWLHUUDGRQGHODDUPRQtDHQWUHOR
VDQWR\ORFRP~QVHSXHGHSUHVHUYDUVRVWHQHU\UHVWDXUDUABG

/DIXQFLyQWHROyJLFDGHHVWDVFRUUHVSRQGHQFLDVHVVXEUD\DU7:%-36-3=31;:08N1%
<37%=:1;H:-8,%0,5,%H1%5H1<,HVGHFLUXQHQWRUQRRUGHQDGRGHDSR\R\REHGLHQWH
<# 7:% -36-3=31;:08N1% <37% 5H1<,% 0,5,% H1% =:1;H:-8,-# (1# 4(3&%-# *"# )*+,%# ("# ()# .*(# ()#
UHLQRGH'LRVHVYLVLEOHHLQFRQWHVWDEOH\VXVDQWLGDGHVSDOSDEOHVLQDPHQD]D
<#/'"&$%(1("5(7ABH

$KRUD HQ HVWH SXQWR GHEHPRV SUHJXQWDUQRV ¢FyPR 'LRV SODQLÀFy


SUHVHUYDUVRVWHQHU\UHVWDXUDUORVGLVHxRVFUHDFLRQDOHVDWUDYpVGHODKLVWRULD\
GHVXSUR\HFWRVDOYtÀFR"3HQVDPRVTXHORVGLVHxRVFUHDFLRQDOHVGHERQGDG *Q
 \GHEHQGLFLyQ\VDQWLÀFDFLyQ *Q IXHURQSUHVHUYDGRVVRVWHQLGRV
<# %(15,*%,4/1-# ,)# '("/1-# '(4&,"5(# 3&"3/# O30;,-3=# KXYH3% 0,1<H031Z# ,+("5(1#
5%,"1$/%5,4/%(1#4(#3/"3($5/1#3%(,3&/",)(1#4(#*"#)*+,%#,#/5%/L#$%&'/%4&,)(1#4(#),#
SODQLÀFDFLyQVDOYtÀFDGLYLQD  3=6:08,HOVDQWXDULRFRPRHVWUXFWXUDWHROyJLFD
GRQGHOREXHQREHQGLWR\VDQWRVHSUHVHUYDSHUPDQHFH\VHUHVWDXUDFRPROD
]RQDWHROyJLFDWHUUHQDOTXHUHSUHVHQWDORVSULQFLSLRVWHROyJLFRVFHOHVWLDOHVVREUH
),#5&(%%,7

KIL# +8356, HO ViEDGR FRPR FRQFHSWR WHROyJLFR GRQGH OR EXHQR EHQGLWR
\ VDQWR VH SUHVHUYD SHUPDQHFH \ VH UHVWDXUD FDGD FLFOR WHPSRUDO VHPDQDO
TXH HVWi HQ UHODFLyQ GLUHFWD FRQ OD HVWUXFWXUD WHROyJLFD HVSDFLDO GHO VDQWXDULR
GHVDUUROODQGRXQSRWHQFLDOWHROyJLFRGHGLPHQVLyQ3=6:08,Q;356,-:77#KBL#G3-=,1:=-#
VDFHUGRWHV OHYLWDV  FRPR FRQFHSFLyQ WHROyJLFD LQGLYLGXDO GRQGH OR EXHQR
EHQGLWR\VDQWRVHSUHVHUYDVRVWLHQH\UHVWDXUDHQFDGDSHUVRQDFRQHVWDIXQFLyQ
HQ OD FRPXQLGDG TXH HVWi HQ UHODFLyQ GLUHFWD FRQ OD HVWUXFWXUD WHROyJLFD GHO
VDQWXDULR GHVDUUROODQGR XQ SRWHQFLDO WHROyJLFR GH GLPHQVLyQ 3=6:08,Q;356,-:7Q
=:03-<,;:77

KFL# E,5H18<:< HO SXHEOR FRPR FRQVWUXFWR WHROyJLFR FROHFWLYR GRQGH OR
EXHQREHQGLWR\VDQWR YpDVH([ VHSUHVHUYDVRVWLHQH\UHVWDXUDHQWRGDOD
FRPXQLGDGTXHHVWiHQUHODFLyQGLUHFWDFRQODHVWUXFWXUDWHROyJLFDGHOVDQWXDULR
GHVDUUROODQGR XQ SRWHQFLDO WHROyJLFR GH GLPHQVLyQ 3=6:08,Q;356,-:7Q=:03-<,;:7Q
0,5H18;:-8:7#9&",)'("5(-#KGL#:185:73=ODQDWXUDOH]DFRPRLGHDWHROyJLFDJHQHUDO

ABG# 3DUDHOFLHORHQODWLHUUDHQODWHRORJtDEtEOLFDYpDVH7'$OH[DQGHUDQG6*DWKHUFROH HGV 


C3:O31%,1%':-;>F%+>3%+35673%81%?8@780:7%+>3,7,9A &DUOLVOH3DWHUQRVWHU HVS
ABH# /HYHQVRQE-3:;8,1-#DH7
+@<-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

GRQGH OR EXHQR EHQGLWR \ VDQWR VH SUHVHUYD VRVWLHQH \ UHVWDXUD HQ WRGD OD
QDWXUDOH]DDQLPDOPHGLDQWHODGLVWLQFLyQGHORSXURHLPSXUR *Q TXHHVWi
HQ UHODFLyQ GLUHFWD FRQ OD HVWUXFWXUD WHROyJLFD GHO VDQWXDULR GHVDUUROODQGR XQ
SRWHQFLDO WHROyJLFR GH GLPHQVLyQ 3=6:08,Q;356,-:7Q=:03-<,;:7Q0,5H18;:-8:Q1:;H-:7-#
,)3,"@,"4/# 5/4/1# )/1# 4&1(]/1# (# &"5("3&/"(1# 3%(,3&/",)(1# $%&'/%4&,)(1# 4(# ),#
SODQLÀFDFLyQGLYLQDSDUDODKXPDQLGDG

6HJ~Q$UWXV\1LKDQHORUGHQ´FUHDFLRQDOµVHUtDUHVWDXUDGRHQHOVHQRGH
R1%,()-#3/'/#*",#0,5H18<:<%0H7;H:7WUDQVIRUPDGRHQQDFLyQVDFHUGRWDOHQPHGLR
GH RWUDV QDFLRQHV ,VUDHO VH FRQYHUWLUtD HQ XQ PLFURFRVPRV GHO RUGHQ RULJLQDO
TXHULGRSRU'LRVRUGHQVHJ~QHOFXDOFDGDIDPLOLDGHEHHVFRJHUFRQVWDQWHPHQWH
ODSXUH]D²SDUWLFXODUPHQWHHQODDOLPHQWDFLyQ /HYtWLFR ²\ODVHSDUDFLyQFRQ
%(1$(35/#,#)/#&'$*%/7ABC

$GHPiVDQLYHOGHRUJDQL]DFLyQHVWUXFWXUDOHOSULQFLSLRRUJDQL]DGRUHQHO
WDEHUQiFXORVDQWXDULRHVODGHPDUFDFLyQGHOHVSDFLRVDQWRHQ]RQDVRUGHQDGDV
4(# 1,"5&4,4# ("# *",# (13,),# ,13("4("5(7ABD 'HO PXQGR FRP~Q GHO iUHD IXHUD GHO
WDEHUQiFXORVDQWXDULR VH HQWUD HQ HO HVSDFLR VDQWR SDVDQGR SULPHUR DO DWULR
H[WHULRU OXHJR DO /XJDU 6DQWR \ ÀQDOPHQWH DO /XJDU 6DQWtVLPR &DGD DVSHFWR
GHOSDVDMHHVFXLGDGRVDPHQWHRUGHQDGR$OSXHEORVHOHSHUPLWHDFFHGHUKDVWD
HODWULRSHURQRPiVDOOi/RVVDFHUGRWHVRUGLQDULRVPLQLVWUDQHQHO/XJDU6DQWR
SHUR QR SXHGHQ HQWUDU HQ HO /XJDU 6DQWtVLPR 6ROR HO VXPR VDFHUGRWH SRGtD
PLQLVWUDUHQHO/XJDU6DQWtVLPRVRORSRGtDHQWUDUXQDYH]DODxRHQHO'tDGHOD
H[SLDFLyQSDUDFUHDUXQDFRDOHVFHQFLDSHUIHFWD\QRWDEOHGHODSHUVRQDPiVVDQWD
GHOHVSDFLRPiVVDQWRGHOGtDPiVVDQWRGHODxR\GHOULWRPiVVDQWR7ABE

(O 'tD GH OD H[SLDFLyQ HUD HQ UHDOLGDG H1% <M:% <3% -3Q0-3:08N1% :1H:7% 6:-:% 37%
;:@3-1.0H7,/=:1;H:-8,% A% 7:% 0,5H18<:< FI *Q   /RV JUDGRV GH
VDQWLGDG GHÀQLGRV SRU HVWDV ]RQDV VH YHQ UHIRU]DGRV SRU XQ RUGHQDPLHQWR
FRPSDUDGR GH ORV REMHWRV ULWXDOHV FRORFDGRV GHQWUR GH HOODV ORV PDWHULDOHV

ABC# Q%5*1- 3HQWDWHXFR KLVWRULD  &K 1LKDQ Z-,5% G-83=;7A% +,-:>% ;,% G31;:;3H0>F% *% !;H<A% 81% ;>3%
E,56,=8;8,1%,2%;>3%?,,L%,2%#3O8;80H=)$7 7ELQJHQ0RKU6LHEHFN-#IJJCL7
ABD# /D GLVFXVLyQ VHPLQDO GH ORV ´JUDGRV GH VDQWLGDGµ HQ HO WDEHUQiFXORVDQWXDULR HV GH 0
+DUDQ+35673=%:1<%+35673Q!3-O803%81%*10831;%$=-:37F%*1%$1YH8-A%81;,%?8@780:7%EH7;%G>31,531:%
:1<%;>3%C8=;,-80:7%!3;;819%,2%;>3%G-83=;7A%!0>,,7 2[IRUG&ODUHQGRQ:LQRQD/DNH(LVHQEUDXQV
 YpDVHWDPELpQ6DUQD33-HQVRQ(-:<3<%C,7813==F%*%
\3A%;,%;>3%G-83=;7A%E,1036;8,1%,2%;>3%K,-7<-6276XS 6KHIÀHOG6KHIÀHOG$FDGHPLF 

ABE# ([/Y
/0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$% &"' &/' %&")2(' 1"$4$%0#(2' #&/' *0")102$(' +@,-'

XWLOL]DGRV SDUD FRQVWUXLU HVWRV REMHWRV OD DUWHVDQtD QHFHVDULD SDUD KDFHUORV \
ODV JUDGDFLRQHV GH FRORU TXH H[KLEHQAFJ# O,1# +%,4,3&/"(1# 4(# 1,"5&4,4# 1/"# *",#
PDQHUDGHDUWLFXODUGHGDUYR]DODVDQWLGDGLQDFFHVLEOHGH'LRV\GHHQIDWL]DU
VXLQHIDEOHPDMHVWDG YpDVH7DEOD 

(QODFRQVWUXFFLyQGHOWDEHUQiFXORVDQWXDULR'LRVHVWDEDUHVWDEOHFLHQGR
ODDUPRQtDRULJLQDOGHVFULWDHQ*pQHVLVH[FOX\HQGRORVHOHPHQWRVGHLPSXUH]D
GHVXSUHVHQFLD\GHODYLGDGHVXSXHEOR(VHRUGHQIXHHVWDEOHFLGR\PDQWHQLGR
PHGLDQWHODFXLGDGRVDREVHUYDFLyQGHFDWHJRUtDVFRQFHSWXDOHVHVSDFLRWLHPSR\
3=;:;H= 6HJ~Q *RUPDQ ´FDGD XQD GH HVWDV FDWHJRUtDV FRQFHSWXDOHV VH H[SUHVD
FRQFUHWDPHQWH PHGLDQWH XQD LPDJHQ IXQGDFLRQDO GH VHSDUDFLyQ HVSDFLR HQ OD
VHSDUDFLyQ GHO /XJDU 6DQWtVLPR GH RWUDV iUHDV WLHPSR HQ OD VHSDUDFLyQ GHO
6iEDGR GH WRGRV ORV GHPiV GtDV HVWDWXV HQ OD VHSDUDFLyQ GH ORV VDFHUGRWHV GH
5/4,1#),1#4('21#$(%1/",17VAFA

7DEOD(OSULQFLSLRRUJDQL]DGRUGHJUDGDFLRQHVGHVDQWLGDGHQHOVDQWXDULR

R=/58 3HUVRQDV (543:15738 !:4385/B5


Q5%&/ :/'*"&4,4 =%/"3( =%/"3(
/XJDU6DQWR 6DFHUGRWHV P%/#$*%/ >),5,#<#/%/
/XJDU6DQWtVLPR 6XPR6DFHUGRWH P%/ >),5,#<#/%/

'LRV HVWDED DKRUD PRUDQGR HQWUH VX SXHEOR \ HVWR ´FRQVWLWX\H HO
FRPLHQ]RGHODFUHDFLyQGH'LRVTXHUHWRUQDDORTXHRULJLQDOPHQWHSUHWHQGtD
1(%7VAFI (O WDEHUQiFXORVDQWXDULR HV XQD UHDOL]DFLyQ GHO RUGHQ FUHDGR SRU 'LRV
HQ OD KLVWRULD (VWH PLFURFRVPRV GH OD FUHDFLyQ HV HO FRPLHQ]R GH XQ HVIXHU]R
PDFURFyVPLFRSRUSDUWHGH'LRV(Q\SRUPHGLRGHVXSXHEORODSUHVHQFLDGH
'LRVHVWiHQPRYLPLHQWRKDFLDXQDQXHYDFUHDFLyQSDUDWRGRV/DSUHVHQFLDGH
'LRV HQ HO WDEHUQiFXORVDQWXDULR HV XQD GHFODUDFLyQ DFHUFD GH OD SUHVHQFLD GH

AFJ# =,)("5&"(-#ABE7
AFA# ´(DFKRIWKHVHFRQFHSWXDOFDWHJRULHVLVJLYHQFRQFUHWHH[SUHVVLRQWKURXJKDIRXQGDWLRQDO
LPDJH RI VHSDUDWLRQ ²VSDFH LQ WKH VHSDUDWLRQ RI WKH KRO\ RI KROLHV IURP RWKHU DUHDV WLPH
LQWKHVHSDUDWLRQRIWKH6DEEDWKIURPDOORWKHUGD\VVWDWXVLQWKHVHSDUDWLRQRIWKHSULHVWV
IURPDOORWKHUSHUVRQVµ*RUPDQ
AFI# ´>,W@ FRQVWLWXWHV WKH EHJLQQLQJV RI *RG·V EULQJLQJ FUHDWLRQ EDFN WR ZKDW LW ZDV RULJLQDOO\
LQWHQGHGWREHµ,ELG
+@.-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

'LRVSUHYLVWDHQWRGRHOPXQGR/DJORULDTXHVHPDQLÀHVWDDOOtHVSDUDLUUDGLDU
IXHUDKDFLDHOPXQGRHQWHURAFB

(OVDQWXDULRHVXQDSRUFLyQUHFRQVWUXLGDGHODFUHDFLyQRULJLQDOGH'LRVHQ
HOHVWDGRGHSXUH]D\DUPRQtDFRQTXHODGRWyDOSULQFLSLR(OVDQWXDULRVLJQLÀFDED
SDUD ORV LVUDHOLWDV HQWUH RWUDV FRVDV XQD ULFD \ SRGHURVD UHSUHVHQWDFLyQ GH
OD FUHDFLyQ (O WDEHUQiFXORVDQWXDULR VH FRQVWUX\y GH DFXHUGR D XQ PRGHOR
3()(15&,)# '/15%,4/# ,# ;/&1?1-# *"# 8'9%+8 ([   HV GHFLU HO IUDJPHQWR GH OD
FUHDFLyQ RULJLQDO VH PRGHOy GHVGH XQD UHDOLGDG FHOHVWLDO &RPR /HYHQVRQ GLFH
TXHHOWHPSORVDQWXDULRLVUDHOLWD´HVVLPSOHPHQWHODPDQLIHVWDFLyQWHUUHQDOGHO
7HPSORFHOHVWLDO>«@(O7HPSORGH6LyQHVHODQWtWLSRGHODUTXHWLSRFyVPLFRµAFF#
!)#)*+,%#4(#%(1&4("3&,#4(#6&/1#("#()#%(&"/#3()(15&,)#1(#(05&("4(#,)#'*"4/#4(#)/1#
KXPDQRV\FUHDXQHVSDFLRVDQWRGRQGH'LRVVHORFDOL]D

'HQWURGHHVWHPDUFRWHROyJLFRGHUHIHUHQFLDHOVLVWHPDVDFULÀFLDOVLUYLy
SDUDHOSURSyVLWRGHLQLFLDUSUHVHUYDU\UHVWDXUDUHOHVWDGRGHRUGHQ\DUPRQtD
%(3%(,4/#$/%#6&/1#("#()#1,"5*,%&/7AFG

PKPKPK.*3=7=@B5.037.S5:0B/.037.%0L/

&RQUHVSHFWRD*pQHVLVODLPSOLFDFLyQWHROyJLFDPiVLPSRUWDQWHHVTXH
HOUHODWRGHOMDUGtQGHO(GpQQRHVXQUHODWRGHODFUHDFLyQFHQWUDGRHQORVFLHORV\
ODWLHUUDFRPR*pQHVLVVLQRTXHODQDUUDWLYDVHFHQWUDHQODWLHUUD\VXVKDELWDQWHV
LHKXPDQRVDQLPDOHV\SODQWDV DOJ~QWLHPSRGHVSXpVGHVXFUHDFLyQ

!"#3/"1(3*("3&,-#*pQHVLVSUHVHQWDXQDQXHYDKLVWRULDTXHHVHO%-37:;,%
<37%,-8931%<37%5:7%A%7:%5H3-;3 *QVV PLHQWUDVTXH*pQHVLV#1(#3("5%,#
("#()#,-8931%<3%7:%@,1<:<%A%7:%O8<: *QVV /DLPSRUWDQFLDGHODQDUUDFLyQ
GH *pQHVLV  UDGLFD HQ VX LQWURGXFFLyQ GHO RULJHQ GHO PDO HQ HO PXQGR 6LQ
HVWH UHODWR HO SRVWXODGR EiVLFR GHO UHODWR GH OD FUHDFLyQ GH *pQHVLV  LH OD
ERQGDGHVHQFLDOGHO&UHDGRUGLYLQR\ODERQGDGGHVXFUHDFLyQRULJLQDOFI*Q
 VHUtDLQFRPSUHQVLEOHAFH

AFB# 106DUQD'4,<H=-367& 1HZ<RUN-HZLVK3XEOLFDWLRQ6RFLHW\ 


AFF# ´>,W@LVVLPSO\WKHHDUWKO\PDQLIHVWDWLRQRIWKHKHDYHQO\7HPSOH>«@7KH7HPSOHRQ=LRQ
LV WKH DQWLW\SH WR WKH FRVPLF DUFKHW\SHµ - ' /HYHQVRQ !81:8% :1<% ^8,1F% *1% '1;-A% 81;,% ;>3%
I3D8=>%?8@73 6DQ)UDQFLVFR+DUSHU 5RZ 
AFG# *RUPDQ
AFH# 3DUD XQ HVWXGLR GHWDOODGR GH *pQHVLV  \ VX UHODFLyQ OLQJtVWLFD FRQ *pQHVLV  YpDVH
52XUR´7KH*DUGHQRI(GHQ$FFRXQW7KH&KLDVWLF6WUXFWXUHRI*HQHVLVµ*_!!#FJ#
/0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$% &"' &/' %&")2(' 1"$4$%0#(2' #&/' *0")102$(' +@=-'

(OMDUGtQGHO(GpQVHSHUFLEHSRUHODXWRUGHO*pQHVLVFRPRXQVDQWXDULR
DUTXHWtSLFRHVGHFLUXQOXJDUGRQGH'LRVPRUD\GRQGHHOKRPEUHGHEHDGRUDUOR
$Vt (OLDGH VXJLHUH TXH OD KLVWRULD GHO MDUGtQ GHO (GpQ FRQ VX iUERO GH OD YLGD
HQ HO FHQWUR SXHGH VHU XQ WLSR GHO VDQWXDULR LVUDHOLWD SRVWHULRU TXH WDPELpQ VH
FRQVLGHUyFRPRIXHQWHGHYLGDAFC0iVUHFLHQWHPHQWH&KLOWRQREVHUYyWDPELpQ
YDULRV SDUDOHOLVPRV HQWUH HO MDUGtQ GHO (GpQ \ HO WDEHUQiFXORVDQWXDULRAFD# <#
$QGHUVRQ VHxDOy TXH ´HO (GpQ HQ OD %LEOLD KHEUHD HV XQ VtPEROR ULFR SDUD HO
3*)5/#4()#5('$)/V7AFE

0XFKDV GH ODV FDUDFWHUtVWLFDV GHO MDUGtQ WDPELpQ VH SXHGHQ HQFRQWUDU
HQ HO WDEHUQiFXOR R WHPSOR GH -HUXVDOpQ 3DUD HVWDEOHFHU TXH *pQHVLV  HVWi
XVDQGRVLPEROLVPRGHOVDQWXDULR:HQKDPSURSRQHHQXPHUDUHOJUDQQ~PHUR
GHHOHPHQWRVHQHOMDUGtQTXHHQFXHQWUDQSDUDOHORVHQVDQWXDULRVSRVWHULRUHVAGJ#
(VWRV QXPHURVRV SDUDOHORV LQWHUWH[WXDOHV VXJLHUHQ TXH HO SURSLR MDUGtQ VH
("5&("4(#3/'/#*"#1,"5*,%&/7

(O MDUGtQ GHO (GpQ HVWDED VLWXDGR FRQ XQD RULHQWDFLyQ KDFLD HO HVWH DO
LJXDO TXH ORV VDQWXDULRV SRVWHULRUHV ´'LRV HO 6HxRU SODQWy XQ U:-<M1% :7% ,-831;3#
X:.2545:@GHO(GpQ\DOOtSXVRDOKRPEUHTXHKDEtDIRUPDGRµ *QFI([
(] /DHQWUDGDGHOWDEHUQiFXORVDQWXDULRLVUDHOLWDHVWDEDWDPELpQ
VLWXDGDDOHVWH ([ (OPLVPRWpUPLQRVHXWLOL]DSDUDGHVFULELU
HO VDQWXDULR SRVWHULRU HQ (]  ´(O KRPEUH PH WUDMR GH YXHOWD D OD HQWUDGD
4()#;3567,\YLTXHEURWDEDDJXDSRUGHEDMRGHOXPEUDOHQGLUHFFLyQ:7%,-831;3#
X;"4+,J@TXHHVKDFLDGRQGH ,-831;3#X;"4+,@ GDODIDFKDGDGHO;3567,7#!)#,+*,#
FRUUtDSRUODSDUWHEDMDGHOODGRGHUHFKRGHOWHPSORDOVXUGHODOWDUµ

 LGHP´/LQJXLVWLFDQG7KHPDWLF3DUDOOHOVEHWZHHQ*HQHVLVDQGµI*+!#
  
AFC# ;7#!)&,4(-#G:;;3-1=%81%E,56:-:;8O3%)37898,1 /RQGRQ6KHHGDQG:DUG 
AFD# '&KLOWRQG:-:<8=3%)3=;,-3<F%*%?8@780:7%+>3,7,9A%,2%&,5818,1 7\OHU5HFRQVWUXFWLRQ 
IE7
AFE# ´(GHQ LQ WKH +HEUHZ %LEOH LV D ULFK V\PERO IRU WKH FXOW RI WKH WHPSOHµ * $ $QGHUVRQ
´7KH&RVPLF0RXQWDLQ(GHQDQGLWV(DUO\,QWHUSUHWHUVLQ6\ULDF&KULVWLDQLW\µLQ(313=8=%
 LQ WKH +LVWRU\ RI ([HJHVLV ,QWULJXH LQ WKH *DUGHQ HG * $ 5REELQV /HZLVWRQ (GZLQ
0HOOHQ WDPELpQLGHP´&HOLEDF\RU&RQVXPPDWLRQLQWKH*DUGHQ"5HÁHFWLRQV
RQ(DUO\-HZLVKDQG&KULVWLDQ,QWHUSUHWDWLRQVRIWKH*DUGHQRI(GHQµC+)  
AFD7
AGJ# * - :HQKDP µ6DQFWXDU\ 6\PEROLVP LQ WKH *DUGHQ RI (GHQ 6WRU\µ LQ G-,033<819=% ,2% ;>3%
B81;>% K,-7<% E,19-3==% ,2% I3D8=>% !;H<83= -HUXVDOHP :RUOG 8QLRQ RI -HZLVK 6WXGLHV  

+@>-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

'LRV´SODQWyµ>%"8'H@HOMDUGtQHQ(GpQ *Q´/XHJR67:1;N#XC'F.R'HZ#
<DKYp'LRVXQU:-<M1HQ(GpQDORULHQWH>«@ \eO´SODQWDUiµ>%"8'H@,VUDHOVREUH
VX VDQWR PRQWH HO OXJDU GH VX VDQWXDULR ([  ´7~ ORV KDUiV HQWUDU \ ORV
67:1;:-.=%XC)8.R"HD:=@HQHOPRQWHTXHWHSHUWHQHFHHQHOOXJDUGRQGHW~6HxRU
KDELWDVHQHO=:1;H:-8,TXHW~6HxRUWHKLFLVWHµ 

(OiUEROGHODYLGDHVWDED´HQPHGLRµ>9)8=7@GHOMDUGtQ *Q´>«@'1%
53<8,#X9)8=7Z#<37%U:-<M1KL]RFUHFHUHOiUEROGHODYLGD>«@µ \HVWHHVHOWpUPLQR
SUHFLVR SDUD OD SUHVHQFLD GH 'LRV ´HQ PHGLRµ GH VX SXHEOR HQ HO VDQWXDULR
([  ´'HVSXpV PH KDUiQ XQ =:1;H:-8, SDUD TXH \R KDELWH 31;-3% H=;3<3=#
X9)8=7":@µ  $GHPiV JHQHUDOPHQWH VH YH TXH HO iUERO GH OD YLGD HVWLOL]DGR VH
UHSUHVHQWyGHQWURGHOVDQWXDULRSRUHOFDQGHODEURGHVLHWHEUD]RV>:)%$#JZ7#!15(#
WHQtD VLHWH UDPLÀFDFLRQHV \ ODV FRSDV GH FDGD UDPLÀFDFLyQ WHQtDQ OD IRUPD GH
ÁRUHVGHDOPHQGURGHFRUDGDVFRQFiOLFHV\SpWDORV ([ 

(VWRV WH[WRV TXH VHxDODQ OD IRUPD DUWtVWLFD GHO FDQGHODEUR VH H[WUDMHURQ
GH OD YLGD YHJHWDO GHO DOPHQGUR (O DOPHQGUR VH OODPDED OLWHUDOPHQWH HO iUERO
GHVSHUWDGRURiUEROUHORM GHOYHUER6";'4´GHVSHUWDUµ SRUTXHHUDHOiUEROPiV
WHPSUDQR HQ GHVSHUWDU \ ÁRUHFHU HQ OD SULPDYHUD /D SUHVHQFLD GH WpUPLQRV
ERWiQLFRV \ OD IRUPD EiVLFD GHO HMH FHQWUDO PiV VHLV UDPDV R EUD]RV GDQ OD
LPSUHVLyQ GH XQ REMHWR HQ IRUPD GH iUEROAGA /D LGHQWLÀFDFLyQ H[SOtFLWD HQ ODV
IXHQWHVEtEOLFDVGHODOX]DUGLHQWHGHO:)%$#J#3/"#),#+)/%&,#4(#6&/1#/#1*#'&1',#
DSDULHQFLD TXH WUDH OD SUHVHQFLD GH ODV OXFHV DVt FRPR OD IRUPD DUEyUHD GH VX
VRSRUWHVLPEROL]yDOD'HLGDGLQYLVLEOHHQHOVDQWXDULRLVUDHOLWDAGI#!"5/"3(1-#()#
MDUGtQ\HOVDQWXDULRIXHURQOXJDUHVGRQGHVHHQFRQWUDEDODIXHQWHGHODYLGDAGB

(OEUHYHUHODWRGHODJHRJUDItDGHOMDUGtQHQ*QHVWDEOHFHHQODFHV
5(05*,)(1#3/"#()#4&1(]/#$/15(%&/%#4()#1,"5*,%&/7#N(1$(35/#,#(15/1#("),3(1#5(05*,)(1#
RLQWHUWH[WXDOLGDG TXHHVODUHODFLyQTXHXQWH[WRPDQWLHQHFRQRWURVWH[WRV\D
VHDQ SRVWHULRUHV R DQWHULRUHV  GHEHPRV KDFHU FRQVWDU DQWHV GH FRQWLQXDU FRQ
OD GHVFULSFLyQ \ FRQVWUXFFLyQ GH OD LGHD WHROyJLFD TXH QR HV SRUTXH HVWXYLHUD
DOOtHOVDQWXDULRHQ*pQHVLVVLQRSRUTXHDVtORHQWHQGLHURQHLQWHUSUHWDURQORV
(13%&5/%(1#$/15(%&/%(17#6(#(15,#',"(%,-#3*,"4/#('$)(,'/1#,%+*'("5/1#4(#5(05/1#
SRVWHULRUHV SDUD UDWLÀFDU WH[WRV DQWHULRUHV HV FRQ HO SURSyVLWR GH PRVWUDU VX

AGA# &/0H\HUV´/DPSVWDQGµ*?&#F#KAEEILU#AFI7
AGI# :7# O7# ;(<(%1-# +>3% +:@3-1:073% V31,-:>F% *% !A1;>3;80% !;H<A% ,2% :% !A5@,7% 2-,5% ;>3% ?8@780:7% EH7;-#
$625'6 0LVVRXOD6FKRODUV 
AGB# *-:HQKDP*HQHVLV-#^=:#A#K^,3/U#^/%4-#AEDCL-#HI7
/0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$% &"' &/' %&")2(' 1"$4$%0#(2' #&/' *0")102$(' +@9-'

XVR\XWLOL]DFLyQLQGLUHFWDFRPRSUXHED\HYLGHQFLDWHROyJLFD WpQJDVHHQFXHQWD
HVWHDUJXPHQWRWH[WXDO\WHROyJLFRODVGLYHUVDVYHFHVTXHORHPSOHDPRVDQWHV\
4(1$*?1L7

+DEtD XQ UtR GH FXDWUR FDEH]DV ÁX\HQGR GHVGH OD XELFDFLyQ FHQWUDO HQ
HO MDUGtQ *Q  ´'HO (GpQ QDFtD XQ UtR TXH UHJDED HO MDUGtQ \ TXH GHVGH
DOOtVHGLYLGtDHQFXDWURUtRVPHQRUHVµ SDUDOHORDOUtRGHODYLGDTXHÁX\HGHO
VDQWXDULR PRVWUDGR D (]HTXLHO (]   (]HTXLHO  GHVFULEH XQ JUDQ UtR
TXHÁX\HGHOWHPSORGHODQXHYD-HUXVDOpQAGF#6()#'&1'/#'/4/-#("#()#5('$)/#4(#
$SVHGHVFULEH´XQUtRGHDJXDGHYLGD>«@TXHVDOtDGHOWURQRGH'LRV\
GHO&RUGHURµHQXQDFLXGDGFRPRXQMDUGtQTXHKDVLGRPRGHODGRGHOSULPHU
MDUGtQVDQWXDULR HQ *pQHVLV  FRPR KD VLGR JUDQ SDUWH GH OD UHSUHVHQWDFLyQ
4(#!@(.*&()7

+D\ XQD PHQFLyQ HVSHFLDO GHO ´RUR ÀQRµ \ yQLFH HQ *Q  ´(O ,-,# 4(#
HVDUHJLyQHUDÀQR\WDPELpQKDEtDDOOtUHVLQDPX\EXHQD\SLHGUDGHyQLFHµ(O
RUR\HOyQLFHUHFXHUGDQHOPRELOLDULRGHOWDEHUQiFXORVDQWXDULR\ODVYHVWLGXUDV
VDFHUGRWDOHV HJ([ (O´RURSXURµVHXWLOL]yDPSOLDPHQWHSDUDFXEULU
ORVPXHEOHVVDJUDGRVFRPRHODUFDHODOWDUGHOLQFLHQVRHOFDQGHODEURODPHVD
GH ORV SDQHV GH OD SURSRVLFLyQ HQ ODV SDUWHV PiV VDJUDGDV GHO WDEHUQiFXOR
VDQWXDULR ([ 

3DUWLFXODUPHQWHLPSRUWDQWHIXHODSLHGUDGHyQLFHDPSOLDPHQWHXWLOL]DGD
HQ OD GHFRUDFLyQ GHO WDEHUQiFXOR \ HO WHPSOR ([   &U   \ HQ HO HIRG
VDFHUGRWDOHQHOTXHHVWDEDQLQVFULWRVORVQRPEUHVGHODVGRFHWULEXV ([
 \HOyQLFHGHOSHFWRUDOGHOVXPRVDFHUGRWH ([ 
/RVQRPEUHVGHODVGRFHWULEXVGH,VUDHOVHJUDEDURQVREUHGRVSLHGUDVGHyQLFH
X6$&':@HQJDVWDGDVHQRUR\XQLGDVDOKRPEURGHOHIRG(OMDUGtQGHO(GpQ\HO
WDEHUQiFXORVDQWXDULRSRVWHULRUFRPSDUWHQXQVLPEROLVPRFRP~QTXHVXJLHUH
),#$%(1("3&,#4(#6&/17AGG

/DSULQFLSDOFRPLVLyQGHOVHUKXPDQRGH´FXOWLYDUµ\´JXDUGDUµVXMDUGtQ
HQHO(GpQWDPELpQVXJLHUHTXHHVXQVDQWXDULR´'LRVHO6HxRUWRPyDOKRPEUH
\ OR SXVR HQ HO MDUGtQ GHO (GpQ SDUD TXH 7,% 0H7;8O:-:% A% 7,% 0H8<:-:# XE)H394"1#
@E)63,#"1@µ *Q   (O WpUPLQR ´FXOWLYDUWUDEDMDUµ H"9'4-# )&5(%,)'("5(#

AGF# 9pDVH-'/HYHQVRQ7KHRORJ\RIWKH3URJUDPRI5HVWRUDWLRQRI(]HNLHO+60 0LVVRXOD


6FKRODUV 
AGG# :HQKDP*HQHVLV-#HG7
+@B-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

´VHUYLUµ VHXVDDPHQXGRHQODDGRUDFLyQ HJ([ (OYHUER\VXQRPEUH


GHULYDGR ´VHUYLFLRµ >H'9$4J@ GHVFULEH IUHFXHQWHPHQWH ORV GHEHUHV OHYtWLFRV HQ
OD DGRUDFLyQ HQ HO WDEHUQiFXOR \ HO WHPSOR HJ ([  1P    &U
  &U  7DPELpQ KDEOD GHOD ´REUDµ FRPSOHWDGDHQ HO WDEHUQiFXOR
1,"5*,%&/#K!0#BE-BI7FIL7

´*XDUGDUFXLGDUµ >6":'#@ HVSHFLÀFD OD QDWXUDOH]D GH OD ODERU GH


$GiQ 3DUD ORV GHEHUHV GH ORV VDFHUGRWHV GHVFULEH HO FXPSOLPLHQWR ÀHO GH ODV
LQVWUXFFLRQHV GH 'LRV HJ /Y   \ HO FXLGDGR GHO WDEHUQiFXORVDQWXDULR
HJ1P $PERVWpUPLQRVDSDUHFHQMXQWRVSDUDGHVFULELUODWDUHDGH
ORVOHYLWDVGHFXVWRGLDU\PLQLVWUDUHQHOVDQWXDULR 1P&U
(] VXJLULHQGRDVtXQDUHODFLyQWHROyJLFRFRQFHSWXDOHQWUHHO(GpQ
\HOWDEHUQiFXORVDQWXDULR6LHO(GpQVHYHFRPRXQVDQWXDULRHQWRQFHV$GiQ
GHEHUtD GHVFULELUVH FRPR XQ OHYLWD DUTXHWtSLFRAGH# 6()# '&1'/# '/4/-# ^,)5/"#
FRQFOX\H TXH ODV WDUHDV GH $GiQ HUDQ GH QDWXUDOH]D VDFHUGRWDO GHELGR DO XVR
GH ORV GRV YHUERV KHEUHRV H"9'4# <# 6":'# HQ RWURV OXJDUHV \ OD DWPyVIHUD GHO
1,"5*,%&/#4()#!4?"7AGC

(O YHUER ´PDQGDUµ >Q"CJ@ DSDUHFH SRU SULPHUD YH] HQ *Q  ´\ OH
4&/# (15(# 5:1<:;,# XC'B)Q'C@ SXHGHV FRPHU GH WRGRV ORV iUEROHV GHO MDUGtQµ
SHUR HVWD SULPHUD DSDULFLyQ HV HO ~QLFR OXJDU HQ *pQHVLV GRQGH OD QDUUDFLyQ
LQWURGXFH XQ PDQGDPLHQWR GLYLQR SRU HVWD IyUPXOD ´\ OH GLR HVWH PDQGDWRµ
(VWHYHUERHVFRP~QHQHO$7\VHHQFXHQWUDDPHQXGRHQODVOH\HVSHQWDWHXFDOHV
SDUWLFXODUPHQWHHQ'HXWHURQRPLR GRQGH,VUDHO´PDQGDGRµSRU'LRVDWUDYpV
GH 0RLVpV UHFLELy ORV ´PDQGDPLHQWRVµ >:.QC=8@ GHO 6HxRU SDUD VX PRGR GH
YLYLU /D H[SUHVLyQ HQFRQWUDGD HQ HO 3HQWDWHXFR+,-. ´>WRGR@ OR TXH HO 6HxRU
PDQGyµFRQVXVOLJHUDVYDULDFLRQHVHVHVSHFLDOPHQWHIUHFXHQWHHQODQDUUDFLyQ
GH OD FRQVWUXFFLyQ GHO WDEHUQiFXORVDQWXDULR e[RGR  AGD# !"# ()# ,%3,-# ("#
OD 7LHQGD GH UHXQLyQ 'LRV VH UHXQLy FRQ 0RLVpV GRQGH GLR D WRGRV ´WRGR >HO
6HxRU@ORTXHWLHQHVTXHPDQGDU>0RLVpV@DORVLVUDHOLWDVµ ([FIWDPELpQ
BF-BIL7

*Q  GHVFULEH D 'LRV FRPR FDPLQDQGR 1.8&'OD7 ´FDPLQDU KDFLD \


GHVGHµ GHO YHUER &"E'7 ´FDPLQDUµ  HQ HO MDUGtQ ´&XDQGR HO GtD FRPHQ]y D

AGH# :HQKDP!:10;H:-A%!A5@,78=5-#IA7
AGC# -+:DOWRQ(313=8=1,9$& *UDQG5DSLGV=RQGHUYDQ 
AGD# ([   7DPELpQ FI   

/0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$% &"' &/' %&")2(' 1"$4$%0#(2' #&/' *0")102$(' +@?-'

UHIUHVFDUR\HURQHOKRPEUH\ODPXMHUTXH'LRV:1<:@:%-30,--831<,#X:.8&'OD7Z#()#
MDUGtQ HQWRQFHV FRUULHURQ D HVFRQGHUVH HQWUH ORV iUEROHV SDUD TXH 'LRV QR ORV
YLHUDµ (O PLVPR YHUER VH XVD HQ /Y  'W  >70 @  6  SDUD
GHVFULELUOD3UHVHQFLDGLYLQDHQORVVDQWXDULRVSRVWHULRUHV(O6HxRUFDPLQyHQHO
(GpQFRPRGHVSXpVFDPLQyHQHOVDQWXDULRAGE

(O OHQJXDMH GH *Q  DOXGH DO FRQWH[WR GHO WDEHUQiFXORVDQWXDULR D
OD DGRUDFLyQ \ DO URO VDFHUGRWDO GH $GiQ ´'LRV HO 6HxRU KL]R -,6:% <3% 68373=#
X738)%=8#H=#@SDUDHOKRPEUH\VXPXMHU\ORVO8=;8N#XC'F'E9.6D:@µ´5RSDGH
$&()(1V#X738)%=8#H=#@\´YLVWLyµ KLÀOGHE"9'6L#1/"#5?%'&"/1#%('&"&13("5(1#4(#),#
GHVFULSFLyQGHO3HQWDWHXFR+,-.GHODVYHVWLGXUDVVDFHUGRWDOHVSDUWLFXODUPHQWH
GH$DUyQFRPRVXPRVDFHUGRWHAHJ9DULDVYHFHVHQODRUGHQDFLyQGHORVVDFHUGRWHV
VH PHQFLRQD D 0RLVpV YLVWLpQGRORV KLÀO GH E"9'6L# 3/"# 1*1# %/$,1# K738)%=8-# !0#
   /Y   (VWH HV RWUR HQODFH OLQJtVWLFR FRQ ORV VtPERORV GHO
WDEHUQiFXORVDQWXDULR GRQGH HO VDFHUGRWH VH GHEH YHVWLU DGHFXDGDPHQWH DQWH
'LRVHQODDGPLQLVWUDFLyQGHVXVHUYLFLR ([ AHA

3HURODYHVWLGXUDVDFHUGRWDOGH$DUyQHVWDEDWHMLGDFRQKLORVGHFRORUHV\
OLQRÀQR\VXVKLMRVOOHYDEDQURSDGHOLQRÀQR HJ([/Y
 PLHQWUDVTXHODVYHVWLGXUDVGH$GiQ\(YDHVWDEDQKHFKDVGH´SLHOµ(V
VLJQLÀFDWLYRTXHODSDODEUDXVDGDSDUD´SLHOµ>H=#@VHUHÀHUHHVSHFtÀFDPHQWHD
ODVSLHOHVGHDQLPDOHVUHODFLRQDGDVFRQODFRQVWUXFFLyQGHOVDQWXDULRHOVLVWHPD
GHVDFULÀFLRV\ORVULWRVF~OWLFRVAHI(QODOH\PRVDLFDODSLHOGHXQDQLPDORIUHFLGD
SRU OD H[SLDFLyQ SRU HO SHFDGR R OD FXOSD HVWDED UHVHUYDGD SDUD HO VDFHUGRWH
RÀFLDQWH /Y   $TXt 'LRV FRORFD ´URSD GH SLHOHVµ VREUH ORV FXOSDEOHV HQ
HO MDUGtQ $XQTXH HO WH[WR QR HVSHFLÀFD TXH ORV DQLPDOHV IXHURQ VDFULÀFDGRV
SDUD SURSRUFLRQDU HVWDV FXELHUWDV HV XQD LPSOLFDFLyQ UD]RQDEOHAHB# 6,4/# .*(#
ODQDUUDWLYDGHOMDUGtQFRPSDUWHODVLPiJHQHVGHOWDEHUQiFXORVDQWXDULRQRHV
VRUSUHQGHQWHTXHODDOXVLyQDOVDFULÀFLRGHDQLPDOHVVHHQFXHQWUHWDPELpQHQHO

AGE# :HQKDP!:10;H:-A%!A5@,78=576WRUGDOHQ(FKRHVRI(GHQ*HQHVLVDQG6\PEROLVPRI
;>3%'<31%(:-<31%81%?8@780:7%C3@-3D%#8;3-:;H-3&%(7 /HXYHQ3HHWHUV 
AHJ (JSDUD´URSDVµ([/YSDUD´YHVWLGRµ([
/Y1P
AHA :HQKDP*HQHVLV-#DF7
AHI 3RU HMHPSOR *Q  ([       /Y    
1P
AHB# /$7XUQHU*11,H103531;=%,2%G7,;%81%(313=8=-6276XS 6KHIÀHOG6KHIÀHOG$FDGHPLF
AEEJL-#FH7
+@@-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

MDUGtQ/DQDUUDFLyQEtEOLFDSDUHFHDQWLFLSDUODQRFLyQGHVDFULÀFLRHQHOVDFULÀFLR
4(#)/1#,"&',)(17AHF

)LQDOPHQWH*QPHQFLRQDDORVTXHUXELQHVFRORFDGRVDOHVWHGHOMDUGtQ
SDUD JXDUGDU HO FDPLQR KDFLD HO iUERO GH OD YLGD &XDQGR $GiQ QR JXDUGy HO
VDQWXDULRGHO(GpQSHFDQGR\GHMDQGRHQWUDUXQDVHUSLHQWHSDUDFRQWDPLQDUHO
VDQWXDULRSHUGLyVXUROVDFHUGRWDO\ORVTXHUXELQHVDVXPLHURQODUHVSRQVDELOLGDG
GH FXVWRGLDU HO VDQWXDULR GHO MDUGtQ /D IXQFLyQ SURWHFWRUD GH ORV TXHUXELQHV
SUREDEOHPHQWH LPSOLFy PDQWHQHU IXHUD OR SHFDPLQRVR H LPSXURAHG ´/XHJR GH
H[SXOVDUOR >DO KRPEUH@ SXVR >C'F'67D%@ DO RULHQWH GHO MDUGtQ GHO (GpQ D ORV
TXHUXELQHV>7)#@9+:@\XQDHVSDGDDUGLHQWHTXHVHPRYtDSRUWRGRVODGRVSDUD
3*15/4&,%#XE.6:$#@HOFDPLQRTXHOOHYDDOiUEROGHODYLGDµ

'HEHREVHUYDUVHTXHODHQWUDGDDOWDEHUQiFXOR\DOWHPSORGH-HUXVDOpQ
IXH WDPELpQ GHVGH HO HVWH 4XH OD HQWUDGD DO MDUGtQ HVWXYLHVH FXVWRGLDGD
$/%# 7)#@9+: HV RWUD LQGLFDFLyQ GH TXH VH SHUFLEH FRPR XQ VDQWXDULR 'RV
7)#@9+: HQFLPD GHO DUFD IRUPy HO WURQR GH 'LRV HQ HO VDQWXDULR LQWHULRU#
²/XJDU 6DQWtVLPR² ([   H LPiJHQHV GH 7)#@9+:# 4(3/%,%/"# ),1#
FRUWLQDV GHO WDEHUQiFXOR \ ODV SDUHGHV GHO WHPSOR ([   5   (Q
HO WHPSOR GH 6DORPyQ RWURV GRV 7)#@9+:# 3*15/4&,%/"# ()# 1,"5*,%&/# &"5(%&/%#
²/XJDU6DQWtVLPR² 5 (VWRV7)#@9+:IXHURQSXHVWRV C'F'67D%-#
GHOYHUER6"7'%´KDELWDUPRUDUµ DOHVWHGHOMDUGtQGHO(GpQHOPLVPRYHUER
HVSHFtÀFRXVDGRSDUDODPRUDGDGH'LRVHQWUHVXSXHEOR ([C>6"7'%8+#
´KDELWDUPRUDUµ AHH

/D IXQFLyQ GH ORV TXHUXELQHV IXH OD GH ´JXDUGDUFXVWRGLDU E.6:$#-#
GHOYHUER6':'# HOFDPLQRTXHOOHYDDOiUEROGHODYLGDµHVGHFLUSURWHJtDQ
OD VDQWLGDG GHO MDUGtQ \ HO DFFHVR DO VtPEROR GH OD YLGD /RV OHYLWDV IXHURQ
FRORFDGRV DOUHGHGRU GHO VDQWXDULR SDUD ´>«@ FXLGDU :.6:5#58 GHO YHUER
6':'# HOVDQWXDULRGHOSDFWRµSDUD´>«@HVWDU>iQ@DFDUJR>:.6:5#58Z#4(#),1#
3/1,1#1,+%,4,1#<#X:.6:5#58@GHODOWDU>«@µ 1P ´(QWDOFDSDFLGDG
ORV TXHUXELQHV IXQFLRQDQ PX\ SDUHFLGR D ORV OHYLWDV SRVWHULRUHV TXH VRQ
SXHVWRV FRPR JXDUGLDV DOUHGHGRU GHO WDEHUQiFXOR \ TXH YDQ D GHUULEDU D

AHF# - + 6DLOKDPHU ´*HQHVLVµ LQ '?E HG ) $ *DHEHOHLQ DQG 5 3 3ROF\Q *UDQG 5DSLGV
=RQGHUYDQ 
AHG# 9pDVH ' &DOOHQGHU *<:5% 81% VA;>% :1<% C8=;,-A +DUYDUG 6HPLWLF 0XVHXP 3XEOLFDWLRQV
:LQRQD/DNH(LVHQEUDXQV 
AHH# :HQKDP*HQHVLV-#DH7
/0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$% &"' &/' %&")2(' 1"$4$%0#(2' #&/' *0")102$(' +@;-'

FXDOTXLHU SHUVRQD TXH LQYDGD ORV OXJDUHV VDQWRV SURKLELGRV 1XP 
GBLV7AHC

(OKHFKRTXHHOMDUGtQGHO(GpQIXHUDHOSULPHUVDQWXDULRWDPELpQVHVXJLHUH
REVHUYDQGR TXH HO WHPSOR GH 6DORPyQ IXH GHVFULWR FRQ LPiJHQHV ERWiQLFDV
\ DUEyUHDV TXH OH GLHURQ XQD DSDULHQFLD GH MDUGtQAHD (O UHODWR HQ  5H\HV 
GH OD FRQVWUXFFLyQ GHO WHPSOR LQFOX\H XQD SUROLIHUDFLyQ GH GHVFULSFLRQHV GHO
LQWHULRUGHMDUGtQPXFKDVGHODVFXDOHVVRQGHVFULSFLRQHVGHWDOODVHVWUXFWXUDV
R PXHEOHV FXELHUWRV GH PHWDOHV SUHFLRVRV WDOODGRV HQ PDGHUD ´GH FDODED]DV \
ÁRUHVDELHUWDVµ 5 ´SDOPHUDV\ÁRUHVDELHUWDVµ 5>YHFHV@ OD
SDUWHPiVDOWD\PiVDQFKDGHORVFDSLWHOHVGHDPEDVFROXPQDV´HVWDEDURGHDGD
SRU GRVFLHQWDV JUDQDGDV GLVSXHVWDV HQ KLOHUDV MXQWR D OD UHG GH FDGHQDVµ 
5  FI   VH FRORFDURQ HQ OD SDUWH VXSHULRU ´ODV ÀJXUDV HQ IRUPD GH
D]XFHQDVµ 5 ODIXHQWHGHEURQFHHQHODWULRWHQtDGRVKLOHUDVGHFDODED]DV
GHEDMRGHVXERUGHTXH´VHDVHPHMDED>Q@DXQFDSXOORGHD]XFHQDµ 5 
´FXDWURFLHQWDVJUDQDGDVµTXHGHFRUDEDQORVGRVFDSLWHOHVGHODVGRVFROXPQDV 
5 GLH]FDQGHODEURVTXHVHFRQÀJXUDURQFRPRiUEROHVFRQÁRUHV 5 
DVHPHMiQGRVHDVtDXQSHTXHxRMDUGtQAHE#!"#3/"1(3*("3&,-#),#)&5(%,5*%,#*)5(%&/%#
GHO$7LGHQWLÀFDHOWHPSORGH6DORPyQFRQXQMDUGtQRUHSUHVHQWDQGRFRPRXQ
MDUGtQ FRQ HO ÀQ GH LGHQWLÀFDUOR FRQ HO (GpQ 6DO   /P  YpDVH
SDUDXQUHVXPHQOD7DEOD ACJ

(QFRQWUDPRV HQ OD QDUUDWLYD GHO MDUGtQ HO GHVDUUROOR GH OD WHRORJtD GHO
VDQWXDULRLQLFLDGDHQODQDUUDFLyQGHODFUHDFLyQGH*pQHVLVACA#6(14(#*"#',%3/#
GHUHIHUHQFLDWHROyJLFRWDQWRHOMDUGtQGHO(GpQFRPRHOVDQWXDULRLVUDHOLWDHUDQ

AHC# ´,Q VXFK D FDSDFLW\ WKH FKHUXELP IXQFWLRQ PXFK OLNH WKH ODWHU /HYLWHV ZKR DUH SRVWHG DV
JXDUGV DURXQG WKH WDEHUQDFOH DQG ZKR DUH WR VWULNH GRZQ DQ\ SHUVRQ ZKR HQFURDFKHV
XSRQ WKH IRUELGGHQ VDQFWD 1XP   µ 9 3 +DPLOWRQ +>3% ?,,L% ,2% (313=8=F% E>:6;3-=%
1,&27 *UDQG5DSLGV(HUGPDQV 
AHD 3DUDHOWHPSORGH6DORPyQFRPRXQDUpSOLFDLQWHQFLRQDOGHOMDUGtQGHO(GpQHVSHFLDOPHQWH
HQVXVLPLOLWXGDUEyUHDYpDVH/(6WDJHU´-HUXVDOHPDQGWKH*DUGHQRI(GHQµ'-$=-#IH#
 
AHE# 9pDVH * . %HDOH +>3% +35673% :1<% ;>3% E>H-0>J=% V8==8,1F% *% ?8@780:7% +>3,7,9A% ,2% ;>3% &D377819%
G7:03%,2%(,<16%7 'RZQHUV*URYH,QWHU9DUVLW\ 
ACJ 9pDVH 6WRUGDOHQ  SDUD XQD GLVFXVLyQ GH RWURV FRPHQWDULVWDV TXH GH GLYHUVDV
PDQHUDVKDQLGHQWLÀFDGRHOMDUGtQGHO(GpQFRQXQVDQWXDULRRWHPSORDIDYRUGHORFXDO
RIUHFHPiVHYLGHQFLDV  
ACA 3DUDXQHVWXGLRPiVUHFLHQWHVREUHHOSULPHUVDQWXDULRHQODWLHUUDHQ*pQHVLVYpDVH5
0'DYLGVRQ´(DUWK·V)LUVW6DQFWXDU\*HQHVLVDQG3DUDOOHO&UHDWLRQ$FFRXQWVµ*_!!#
  
+;<-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

OXJDUHVGRQGH'LRV\ORVVHUHVKXPDQRVVHHQFRQWUDEDQ\PRUDEDQMXQWRV&DGD
YH]TXHORVLVUDHOLWDVLEDQDOVDQWXDULRYROYtDQDUHFUHDUODH[SHULHQFLDGHDUPRQtD
\ XQLGDG HQWUH 'LRV \ ORV VHUHV KXPDQRV TXH H[LVWtD HQ HO MDUGtQ GHO (GpQ /D
QDUUDFLyQ GHO(GpQSURSRUFLRQDDOJXQRVGHORVHOHPHQWRVPiVLPSRUWDQWHVGH
XQDWHRORJtDGHOVDQWXDULR\GHVXVVHUYLFLRVHQHOVLVWHPDGHFXOWRLVUDHOLWD/RV
YtQFXORVOLQJtVWLFRVDVtFRPRHOXVRGHLPiJHQHVVLPLODUHVDSXQWDQDODFODUD
FRQH[LyQHQWUHORVGRV(VWDFRQH[LyQHVD~QPiVIXHUWHDQLYHOWHROyJLFR

7DEOD3DUDOHORVHQWUHHOUHODWRGHOMDUGtQGHO(GpQ\HOVDQWXDULR

G5:0B/.037.%0L/ ,5/4<5:1=
2ULHQWDFLyQKDFLDHOHVWH O,#("5%,4,#,)#(15(
6&/1#$),"5, 6&/1#$),"5,
(OiUEROGHODYLGDHQPHGLR 6&/1#("#'(4&/
(OiUEROGHODYLGDHVWLOL]DGR &DQGHODEURGHVLHWHEUD]RV
(OUtRGHFXDWURFDEH]DV (OUtRGHODYLGD
2UR\yQLFH 2UR\yQLFH
&XOWLYDU\FXLGDU &XOWLYDU\FXLGDU
'LRVPDQGy 'LRVPDQGy
'LRVFDPLQy 'LRVFDPLQy
'LRVKL]RURSDGHSLHOHV\ORVYLVWLy 0RLVpVORVYLVWHFRQVXVURSDV
4XHUXELQHV 4XHUXELQHV
4XHUXELQHVSDUDJXDUGDU /HYLWDVSDUDJXDUGDUODFDUJD
-DUGtQ ,PiJHQHVERWiQLFDV\DUEyUHDV

(OMDUGtQ\HOVDQWXDULRVRQXQ031;-,GHYLGDSRUTXHHO6HxRUHVWiSUHVHQWH
HQ DPERV 6RQ OXJDUHV GRQGH 'LRV \ ORV VHUHV KXPDQRV SXHGHQ XQLUVH (Q
DPERVOXJDUHV'LRVMX]JDHOSHFDGR\SURPHWHODUHGHQFLyQ(QDPERVOXJDUHV
OD VDOYDFLyQ VH SURSRUFLRQD PHGLDQWH OD PXHUWH GH XQD YtFWLPD VDFULÀFLDO 'H
KHFKRORTXHHVHPEULRQDULRHQHOMDUGtQGHO(GpQ *pQHVLV VHFRQYLHUWHHQ
XQ FXHUSR FRPSOHWDPHQWH GHVDUUROODGR GH FRQFHSWRV WHROyJLFRV 5:0-,0,1036;,%
;3,7N980,-#("#()#1,"5*,%&/#&1%,()&5,7

PKPKTK.*3=7=@B5.03.&5B/.O.!637

&DtQ\$EHOQRVSURSRUFLRQDQUHSUHVHQWDFLRQHVDUTXHWtSLFDVGHGRVWLSRV
GHSHUVRQDVHQXQFRQWH[WRGHDGRUDFLyQFXOWR/DWUDPDGHOUHODWRVHGHVDUUROOD
/0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$% &"' &/' %&")2(' 1"$4$%0#(2' #&/' *0")102$(' +;,-'

D SDUWLU GHO UHFKD]R GH 'LRV GH &DtQ \ VX RIUHQGD (Q *Q  DSDUHFHQ ODV
SDODEUDV C'F"9D! ´WUDMRµ YpDVH XQD PLFURHVWUXFWXUD TXLiVWLFD HQWUH $ ´WUDMR
&DtQµ >Y @ __ $· ´$EHO WUDMRµ >Y @  IUHFXHQWHPHQWH XVDGD SDUD OD RIUHQGD
GH VDFULÀFLR HQ WH[WRV FXOWXDOHV HJ /Y    HWF  \
:.%AJ ´RIUHQGDµ TXH KDFH UHIHUHQFLD JHQHUDOPHQWH D RIUHQGDV GH JUDQR HQ
WH[WRVFXOWXDOHV HJ/HYtWLFR1P DXQTXHHOVHQWLGRGHOWH[WR
FRQFXHUGD DGHFXDGDPHQWH FRQ OD RIUHQGD GH &DtQ HO YHUVtFXOR  OD XVD SDUD
GHVFULELUODRIUHQGDGHDQLPDOHVGH$EHO HJ6 

(OQDUUDGRUGHVLJQDWUHVYHFHV YY ODVRIUHQGDVGHORVKHUPDQRVSRU


()# 5?%'&"/# :.%AJ XQD RIUHQGD GH JUDQR (O HOHPHQWR LQXVXDO HQ OD QDUUDWLYD
GHVGHXQSXQWRGHYLVWDOLQJtVWLFRQRHVTXHODRIUHQGDGH&DtQVHDH[DQJH
VLQR TXH OD GH $EHO HV FRQ VDQJUH (Q FXDOTXLHU FDVR XVDQGR :.%AJ-# ()# ,*5/%#
SUiFWLFDPHQWHH[FOX\HODSRVLELOLGDGGHTXH'LRVQRPLUDUtDODRIUHQGDGH&DtQ
SRUTXHHUDH[DQJH

5RWKNRIIGLFH´/DWHUPLQRORJtDXWLOL]DGDFRQUHVSHFWRDODHUDSDWULDUFDO
HV OD GH OD 7RUi HQ VX FRQMXQWR HV SRFR SUREDEOH TXH ODV PLVPDV SDODEUDV HQ
HO*pQHVLVVLJQLÀTXHQDOJRGLIHUHQWHHQORVRWURVOLEURVGH0RLVpV$Vt&DtQ\
$EHO WUDMHURQ FDGD XQR XQ ¶UHJDOR· :.%A'& *Q V  TXH HUD JHQHUDOPHQWH
GHXQDQDWXUDOH]DGHFHUHDOFRPRORWUDtGRSRU&DtQ /YHWDO SHURWDPELpQ
SRGUtDUHIHULUVHDXQDRIUHQGDDQLPDO 6 1RpRIUHFLyXQDRIUHQGD
.*(',4,#KH3E'&*QVV \VHUHVDOWDHODJUDGDEOHRORUGHOVDFULÀFLRµACI

+D\ XQD PLFURHVWUXFWXUD TXLiVWLFD HQ *Q ED GRQGH ´$EHO \ VX
RIUHQGDµ E FRUUHVSRQGHD´&DtQ\VXRIUHQGDµ D 

% <HO6HxRUPLUyFRQDJUDGRD$EHO\DVXRIUHQGD E
# XC'F+6'H#B&C&#!5EG&595E#C)!5EG:.%A"8=Z
%·SHURQRPLUyDVtD&DtQQLDVXRIUHQGD D
# XC)!5EG;'B.%#C)!5EG:.%A"8=#E$!#6"HJZ

0LHQWUDV TXH &DtQ QR WUDMR ODV SULPLFLDV 9.??@#+: /Y   RIUHFLy
VLPSOHPHQWH´XQDRIUHQGDGHOIUXWRGHODWLHUUDµ  $EHO ´SHUR$EHOµ RIUHFLy

ACI# ´7KHWHUPLQRORJ\XVHGZLWKUHJDUGWRWKHSDWULDUFKDODJHLVWKDWRIWKH7RUiDVDZKROHLW
LVXQOLNHO\WKDWWKHVDPHZRUGVLQ*HQHVLVPHDQVRPHWKLQJGLIIHUHQWLQWKHRWKHU%RRNVRI
0RVHV7KXV&DLQDQG$EHOHDFKEURXJKWD´JLIWµ :.%A'&*HQI ZKLFKZDVXVXDOO\RI
DFHUHDOQDWXUHDVEURXJKWE\&DLQ /HYHWDO EXWFRXOGDOVRUHIHUWRDQDQLPDORIIHULQJ
6 1RDKRIIHUHGXSDEXUQWRIIHULQJ H3E'&*HQII DQGWKHSOHDVLQJRGRU
RIWKHVDFULÀFHLVVWUHVVHGµ$5RWKNRII´6DFULÀFHµ'10IH<#AG#KAECILU#HJG7
+;.-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

QRVRORDOJXQRVGHVXV´SULPRJpQLWRVµ>9)7$#=8Z#1&"/#)/1#,"&',)(1#'21#1()(35/1#
GH VX UHEDxR ´OR PHMRU GH VX UHEDxR HV GHFLU ORV SULPRJpQLWRV FRQ VX JUDVDµ
  $O RIUHFHU ORV SULPRJpQLWRV $EHO LQGLFDED TXH UHFRQRFtD D 'LRV FRPR HO
$XWRU\3URSLHWDULRGHOD9LGD/DVSULPLFLDVGHODVSODQWDV\ORVSULPRJpQLWRV
GH ORV DQLPDOHV \ GHO KRPEUH HUDQ VX\RV /D RIUHQGD GH $EHO VH DMXVWy D HVWD
WHRORJtDODGH&DtQQRORKL]R

/DOH\VDFULÀFLDOVXEUD\DFRQIUHFXHQFLDTXHVRORORVDQLPDOHVSHUIHFWRV\
VLQPDQFKDVHSXHGHQRIUHFHUHQVDFULÀFLR /YHWF (QWDOQDUUDWLYD
HO H[pJHWD QR SXHGH LJQRUDU TXH PLHQWUDV TXH HO GRQ GH $EHO HV FDOLÀFDGR
SRU ´SULPRJpQLWRVµ HO SDUDOHOR ´IUXWR GH OD WLHUUDµ QR PRGLÀFD OD GH &DtQ
$EHO WDPELpQ RIUHFLy OD ´JUDVDµ TXH SHUWHQHFtD DO 6HxRU \ TXH IXH TXHPDGD
VLPEyOLFDPHQWHSRUORVVDFHUGRWHV(VWDSDUWHPiVVDEURVD\PHMRUTXHPDGDGH
ODRIUHQGDUHSUHVHQWyORPHMRU(OVDFULÀFLRGH&DtQVLQHPEDUJRFDUHFHGHXQ
SDUDOHORD´JUDVDµACB

3RVWHULRUPHQWH,VUDHOUHFRQRFLyODHÀFDFLDWDQWRGHODVRIUHQGDVGHJUDQR
3/'/# 4(# 1,"+%(-# $(%/# 4(# (15,1# $,%5&3*),%'("5(# ),1# $%&'&3&,1-# &"3)*<("4/# )/1#
SULPHURV JUDQRV TXH PDGXUDQ HQ FDGD HVWDFLyQ HJ ([   1P
'W \ORVSULPRJpQLWRV ([/Y'W 
VHGHEtDQSUHVHQWDUFRPRRIUHQGDD'LRV

(QWRGRVORVVDFULÀFLRVGHDQLPDOHVODJUDVDIXHTXHPDGDSRUTXHWDPELpQ
SHUWHQHFtD DO 6HxRU VLHQGR FRQVLGHUDGD FRPR OD SDUWH PiV VHOHFWD GHO DQLPDO
/Y'W6DO ACF(QHOVLVWHPDVDFULÀFLDOGHO$7ODVSRUFLRQHVGH
+%,1,#XADE59@TXHFXEUtDQODVHQWUDxDVGHODQLPDOHUDQORPiVGHVHDEOHSDUD'LRV
(VWDVSRUFLRQHVGHJUDVDHVWDEDQSURKLELGDVSDUDHOFRQVXPRKXPDQRSRUTXHOD
JUDVDFRPRODVDQJUHSHUWHQHFtDD'LRVACG7DOJUDVDIXHTXHPDGDHQHODOWDU\HO
KXPRUHVXOWDQWHIXHXQDJUDGDEOHDURPDD'LRV *Q([/YHWF 

)XHUD GHO MDUGtQ &DtQ \ $EHO IXHURQ FRQVFLHQWHV GHO VLVWHPD VDFULÀFLDO
\ WUDMHURQ VXV RIUHQGDV D OD SXHUWD GHO MDUGtQ LPSOtFLWD HQ OD QDUUDWLYD HQ *Q
 ´>«@ 0DV VL QR REUDV ELHQ D OD SXHUWD >E'**58'AZ# (152# ()# $(3,4/# XA'R"!8Z#
DFHFKDQGRFRPRÀHUDTXHWHFRGLFLD\DTXLHQWLHQHVTXHGRPLQDUµACH#;&("5%,1#

ACB# %.:DOWNH´&DLQDQG+LV2IIHULQJµK+I#FD#KAEDHLU#BHD7
ACF 7'27
ACG 9pDVH([/Y6(]ORVFXDOHV
FRQHFWDQ´JUDVDµ\´VDQJUHµ
ACH# =87
/0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$% &"' &/' %&")2(' 1"$4$%0#(2' #&/' *0")102$(' +;=-'

TXH HQ HO $7 VH XVD OD SDODEUD A'R"!8 SDUD ´RIUHQGD SRU HO SHFDGRµ HJ ([
  /Y        HWF 
1(# *1,# A"L"!J SDUD ´SHFDGRµ *Q  ([  HWF ACC (Q /Y  SRU
HMHPSOR DSDUHFHQ DPERV WpUPLQRV ´6L HO TXH SHFD >B5ASL"!Z# (1# ()# 1,3(%4/5(#
XQJLGRKDFLHQGRDVtFXOSDEOHDOSXHEORRIUHFHUiD<DKYpSRUHOSHFDGR>A"L"!Z#
TXHKDFRPHWLGRXQQRYLOORVLQGHIHFWRFRPRVDFULÀFLRSRUHOSHFDGR>A'R"!8ZV7ACD

(VWRV WpUPLQRV SDUHFHQ LQGLVWLQJXLEOHV SHUR OD SDODEUD A'R"!8 ´RIUHQGD


$/%# ()# $(3,4/V# 5&("(# ()# <:93=> PLHQWUDV OD SDODEUD SDUD ´SHFDGRµ A"L"!J# "/#
5&("(# ()# <:93=> $]HYHGR KD PRVWUDGR TXH OD PHMRU WUDGXFFLyQ GH OD SDODEUD
JHQHUDOPHQWH WUDGXFLGD SRU ´SHFDGRµ A'R"!8 HQ *Q  GHEHUtD VHU HQ HVWH
FRQWH[WR ´RIUHQGD SRU HO SHFDGRµACE $GHPiV HQ  VH HQFXHQWUD OD SDODEUD
*58'A´SXHUWDµXVDGDDPHQXGRHQWH[WRVFXOWXDOHVSDUDODSXHUWDRODHQWUDGD
DO WDEHUQiFXORVDQWXDULR ([     5  ADJ# O,# ("5%,4,# 4()#
VDQWXDULRHUDHOOXJDUGRQGHHORIHUHQWHWUDHUtDVXRIUHQGDVDFULÀFLDOGHODQWHGHO
6HxRUSDUDVHUFRORFDGDVREUHHODOWDUTXHHVWDEDXELFDGRGHODQWHGHODSXHUWD
GHOWDEHUQiFXORADA3RUORWDQWRDPERVWpUPLQRVMXQWRVA'R"!8´RIUHQGDSRUHO
$(3,4/V#<#*58'A´SXHUWDHQWUDGDµLQGLFDQTXHHOUHODWRGH&DtQ\$EHOVHYH
SRUHODXWRUFRPRXQVDQWXDULRDUTXHWtSLFR(VWHHVHOSULPHUUHODWRH[SOtFLWRGHO
FRQFHSWRGHVDFULÀFLRHQHO$7

/D SHUVSHFWLYD WHROyJLFD GHO 3HQWDWHXFR+,-. WDPELpQ QRV SHUPLWH


GHVFXEULUHLQWHUSUHWDUFODYHVVREUHORVKHUPDQRVFRPRVDFHUGRWHV/HYtWLFR
HQVHxDTXHHOFDUiFWHUGHOVDFHUGRWHORFDOLÀFyRORGHVFDOLÀFyGHVGHHODOWDU
$ODOX]GHHVWRODGHFODUDFLyQHQORVYYTXHHO6HxRUDFHSWyDXQVDFHUGRWH
$EHO\UHFKD]yDORWUR&DtQFREUDXQQXHYRVLJQLÀFDGR0LHQWUDVTXHHOWH[WR
FDUDFWHUL]DH[SOtFLWDPHQWHODRIUHQGDGH$EHOHLQÀHUHODGH&DtQVHFHQWUDHQ
HOFDUiFWHUGH&DtQHLQÀHUHHOGH$EHOADI

ACC 3DUDORVGLYHUVRVVLJQLÀFDGRVGHA'R"!8YpDVH'&+
ACD# =87
ACE# - $]HYHGR ´$W WKH 'RRU RI 3DUDGLVH $ &RQWH[WXDO ,QWHUSUHWDWLRQ RI *HQ µ% ?B# AJJ#
 
ADJ (QFDVRVHVWiDVRFLDGDFRQHO´WDEHUQiFXOROD7LHQGDGHUHXQLyQµ3DUDRWURVHMHPSORV
YpDVH * /LVRZVN\ \,1L,-<:1R% RH5% C3@-e8=0>31% *7;31% +3=;:531; 6WXWWJDUW 'HXWVFKH
%LEHOJHVHOOVFKDIW 
ADA# 9pDVH-0LOJURP/HYLWLFXV$% 1HZ<RUN'RXEOHGD\ 
ADI# 9pDVH-0LOJURP6WXGLHVLQ/HYLWLFDO7HUPLQRORJ\,7KH(QFURDFKHUDQGWKH/HYLWH7KH7HUP
H*@,<:>8&31(6 %HUNHOH\8QLYHUVLW\RI&DOLIRUQLD 
+;>-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

'HPDQHUDVLPLODUD*pQHVLVGRQGHODGHVFULSFLyQGHOMDUGtQGHO(GpQ
HYRFD ODV LPiJHQHV GHO WDEHUQiFXORVDQWXDULR \ VXJLHUH TXH OD SOHQLWXG GH OD
YLGD VH HQFXHQWUD VROR HQ OD SUHVHQFLD GH 'LRV 'HO PLVPR PRGR *pQHVLV 
H[SUHVDPHGLDQWHODQDUUDWLYDODDFHSWDFLyQGHOVDFULÀFLRGH$EHOHQFRQWUDVWH
FRQHOUHFKD]RGHOGH&DtQSDUDHQIDWL]DUTXHVRORDTXHOORVTXHRIUHFHQORPHMRU
HQVXVVDFULÀFLRVVRQDFHSWDEOHVSDUD'LRVADB8QDH[LJHQFLDFDUGLQDOGHODOH\HV
TXHORVDQLPDOHVVDFULÀFLDOHVGHEHQVHUVLQPDQFKDXQSULQFLSLRUHDÀUPDGRSRU
SURIHWDVFRPR0DODTXtDV  ADF

PKPKUK.*3=7=@B5.03.)=L.O.037.017<;1=

/D UHODFLyQ FUHDFLRQDO HQWUH 'LRV \ OD KXPDQLGDG VH YD D URPSHU GH
IRUPDVXVWDQFLDOGXUDQWHHOSHUtRGRGHOGLOXYLRSHURVHYDDUHVWDXUDUGHQXHYR
SDUFLDOPHQWHHQODFRPXQLGDGGH,VUDHOSRUPHGLRGHOVDQWXDULR6HJ~Q$UWXV
([  µ(QWRQFHV XQD QXEH FXEULy HO WDEHUQiFXOR GH UHXQLyQ \ 7:% 97,-8:% <3%
fCKC%7731N%37%;:@3-1.0H7,µ PDUFDHOUHJUHVRGHODSUHVHQFLDGH<+:+HQWUHOD
KXPDQLGDG SRU SULPHUD YH] GHVGH HO GLOXYLR 'HVSXpV DxDGH ´3RU WDQWR >«@
HVHOFXOWRGH,VUDHOHOTXHJDUDQWL]DODSHUPDQHQFLDGHODSUHVHQFLDGLYLQDHQHO
PXQGR\ODHVWDELOLGDGGHORUGHQFyVPLFRµADG3RUVXSDUWH1LKDQYHXQPRWLYR
JHQHUDO GH UHFRQFLOLDFLyQ HQWUH OD 'HLGDG \ OD KXPDQLGDG TXH HV ÀQDOPHQWH
DOFDQ]DGR FRPSOHWDPHQWH PHGLDQWH HO HVWDEOHFLPLHQWR GHO VDQWXDULR \ HO FXOWR
VDFULÀFLDOTXHUHVWDEOHFLyODUHODFLyQtQWLPDHQWUH'LRV\ORVVHUHVKXPDQRVTXH
H[LVWLyHQHOPXQGRDQWHGLOXYLDQRADH

6HSXHGHQGLVFHUQLUYDULDVFRUUHVSRQGHQFLDVHQWUH1Rp\0RLVpV\HQWUHHO
DUFD\HOWDEHUQiFXORVDQWXDULRADC(OOLEURGHOe[RGRLQWURGXFHD0RLVpVFRPRHO
QLxRTXHÁRWDVREUHODVDJXDVGHO1LORHQXQD´FHVWDµGHEHW~Q\EUHD ([
´&XDQGR\DQRSXGRVHJXLURFXOWiQGRORSUHSDUyXQD03=;:#X8D9"8Z#4(#$,$&%/-#),#
HPEDGXUQy FRQ EUHD \ DVIDOWR \ SRQLHQGR HQ HOOD DO QLxR IXH D GHMDU OD FHVWD

ADB 9pDVH:HQKDP*HQHVLV-#AAC7
ADF (QHO17HOVLJQLÀFDGRGHHVWDOH\VDFULÀFLDOVHFRQÀUPDFRQH[DFWLWXGFRPRXQVtPEROR
GH&ULVWRUHSUHVHQWDGRHQHOVDQWXDULRFRPRXQFRUGHURVLQPDQFKDRGHIHFWR´VLQRFRQOD
$%(3&/1,#VDQJUHGH&ULVWRFRPRGHXQFRUGHURVLQPDQFKD\VLQGHIHFWRV#KA#>#A-AEL7#>/%#)/#5,"5/-#
ODRIUHQGDGH$EHOVLPEROL]DDSDUWLUGHHVWDQDUUDFLyQGHORVRUtJHQHVGHODSULPHUDIDPLOLD
KXPDQDORTXHPiVWDUGHUHSUHVHQWDUiHQHOVDQWXDULRHVGHFLUXQVtPERORGHOVDFULÀFLR
4(#:%&15/#3/"#1*#1,"+%(#$%(3&/1,7
ADG# Q%5*1-3HQWDWHXFRKLVWRULD-#BI7
ADH# 1LKDQ
ADC# )UHWKHLP
/0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$% &"' &/' %&")2(' 1"$4$%0#(2' #&/' *0")102$(' +;9-'

HQWUH ORV MXQFRV TXH KDEtD D OD RULOOD GHO 1LOR >«@µ  (O WpUPLQR SDUD ´FHVWDµ
X8D9"8@ HV OD PLVPD SDODEUD TXH SDUD ´DUFDµ >8D9"8Z# .*(# ,$,%(3(# 4(# ',"(%,#
SURPLQHQWH HQ ODV QDUUDFLRQHV GHO GLOXYLR GH *pQHVLV  YpDVH SRU HMHPSOR
*Q´&RQVWU~\HWHXQ:-0:#X8D9"8@GHPDGHUDUHVLQRVDKD]OHFRPSDUWLPHQWRV
\ F~EUHOD FRQ EUHD SRU GHQWUR \ SRU IXHUDµ  8QD GHVFULSFLyQ WDO LGHQWLÀFD D
0RLVpVHQHIHFWRFRPRXQ´QXHYR1RpµHOTXHOLEUDUiDVXSXHEORGHOFDRVTXH
DPHQD]DVXGHVWLQRFRPRSXHEORHVSHFLDOGH'LRVADD

7DPELpQ ODV RUDFLRQHV GH LQWHUFHVLyQ GH 0RLVpV e[RGR   VH
DVHPHMDQDOVDFULÀFLRGH1Rp *Q HQTXHVHGLULJHQD'LRVGHVGHXQ
PXQGRTXH\DQRHV´PX\EXHQRµ\DVHJXUDQGHSDUWHGH'LRVXQFRPSURPLVR
UHQRYDGR SDUD SHUVHJXLU ODV LQWHQFLRQHV GHO SDFWR *Q   FI e[RGR
BFL7ADE $GHPiV WDQWR 1Rp FRPR 0RLVpV HQFXHQWUDQ IDYRU D ORV RMRV GH 'LRV
*Q  FI ([  AEJ DPERV UHFLEHQ PDQGDPLHQWRV SDUD FRQVWUXLU XQD
HVWUXFWXUD \ OOHYDU D FDER HVWRV PDQGDWRV REHGLHQWHPHQWH *Q  FI ([
 AEA

([LVWHQ SDUDOHORV TXH VH FRUUHVSRQGHQ HQWUH HO WDEHUQiFXORVDQWXDULR \


HO DUFD (O WDEHUQiFXORVDQWXDULR FRPR XQD HVWUXFWXUD SRUWiWLO TXH HO SXHEOR
OOHYDFRQVLJRPLHQWUDVYLDMDQKDFLD&DQDiQHVHQWpUPLQRVVLPEyOLFRVXQ´6LQDt
SRUWiWLOµ XQ KRJDU PyYLO SDUD 'LRV HQ PHGLR GH XQ SXHEOR HQ PRYLPLHQWRAEI#
7DQWRHODUFDFRPRHOWDEHUQiFXORVRQ´VDQWXDULRVµTXHSURSRUFLRQDQHOPHGLR
SUHVFULWR SRU HO FXDO 'LRV \ HO SXHEOR ´VH PXHYHQ GH XQD PDQHUD VHJXUD \
RUGHQDGD D WUDYpV GH XQ PXQGR GH GHVRUGHQ HQ VX FDPLQR KDFLD XQD QXHYD
FUHDFLyQµAEB

ADD# 7()UHWKHLP´7KH%RRNRI*HQHVLVµB$?YRO 1DVKYLOOH$ELQJGRQ 


ADE# 9pDVH : - 'XPEUHOO E,O31:1;% :1<% E-3:;8,1 *UDQG 5DSLGV %DNHU([HWHU 3DWHUQRVWHU
 FI7'27
AEJ# M"#H-DU#C)%$'A#:"Q"!#AD%#9)H/%/#B&C&´3HUR1RpKDOOyJUDFLDHQORVRMRVGHO6HxRUµFI([
>«@:"Q"!8"#AD%#9)H/%"B#XYZ#7+:"Q"!8"#AD%#9)H/%"B´>«@\KDVKDOODGRWDPELpQ
JUDFLDHQPLVRMRV>«@SRUFXDQWRKDVKDOODGRJUDFLDHQPLVRMRVµ
AEA# M"# H-IIU# C'F'H'I# %$'A# 7)7$E# !"65## Q.CCJ# !$8=# !DE$&+:# 7D%# H"IJ ´( KL]R 1Rp FRQIRUPH D
WRGRORTXHOHPDQGy'LRVDVt>OR@KL]RµFI([7)7$E#!"65#Q.CCJ#B&C&#!58G:$6/#
XYZ# C'F'#!# :$6/# !58G73EG&'M)E"!7J# C)&.K/. H"I@# !$8"&# 7'!"65## Q.CCJ# B&C&# 7D%# H"I@#
>«@ ´(Q FRQIRUPLGDG D WRGDV ODV FRVDV TXH HO 6HxRU KDEtD PDQGDGR D 0RLVpV >«@ < YLR
0RLVpVWRGDODREUD\KHDTXtTXHODKDEtDQKHFKRFRPRHO6HxRUKDEtDPDQGDGR>«@µ
AEI# )UHWKHLP'4,<H=-#ICF7
AEB# ´0RYH LQ D VHFXUH DQG RUGHUHG ZD\ WKURXJK D ZRUOG RI GLVRUGHU RQ WKHLU ZD\ WR D QHZ
FUHDWLRQµ,ELG
+;B-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

)LQDOPHQWH 0RLVpV HULJLy HO WDEHUQiFXORVDQWXDULR ´HQ HO GtD SULPHUR


GHO PHV SULPHURµ ([   HO PLVPR GtD HQ TXH ´ODV DJXDV >GHO GLOXYLR@ VH
VHFDURQ (O SULPHU GtD GHO SULPHU PHV GH HVH DxR 1Rp TXLWy OD FXELHUWD GHO
DUFD \ YLR TXH OD WLHUUD HVWDED VHFDµ *Q   $PERV HYHQWRV UHSUHVHQWDQ XQ
HYHQWRSULPRUGLDOHQODYLGDGHODFRPXQLGDGHOGtDHQTXHVHGDDXQSXHEOR
ODRSRUWXQLGDGGHWHQHUXQQXHYRFRPLHQ]RFRQ'LRV

([LVWH XQD FRQH[LyQ OLQJtVWLFD \ WHPiWLFD HQWUH HO UHODWR GHO EHFHUUR GH
RUR \ HO UHODWR GH 1Rp &RPR 1Rp 0RLVpV VH HQFXHQWUD PLUDQGR ÀMDPHQWH OD
EUHFKD GH XQ PXQGR GHVKHFKR GRQGH ODV LQWHQFLRQHV GLYLQDV VRQ DQXODGDV \
ODV yUGHQHV GH OD FUHDFLyQ FHGHQ XQD YH] PiV D XQ PDU GH FDRV /D FULVLV TXH
RFDVLRQDODIDEULFDFLyQGHOEHFHUURGHRURLQGLFDTXH'LRVYHDOEHFHUURGHRUR
FRPR XQD YLRODFLyQ GH ORV GRV SULPHURV PDQGDPLHQWRV 7DO DSRVWDVtD QR VROR
GHURJD ORV UHTXLVLWRV HVHQFLDOHV GH OD DVRFLDFLyQ GHO SDFWR VLQR TXH WDPELpQ
DPHQD]D FRQ OD UHSHWLFLyQ GH OD FRUUXSFLyQ SULPRUGLDO GH OD KXPDQLGDG TXH
KDEtDDQXODGRXQDYH]HOGLVHxRFUHDFLRQDOFRPSOHWRGH'LRV ([ 

(O SXHEOR ´VH KD FRUURPSLGRµ >6.AD8@ ([   /D PLVPD UDt] DSDUHFH
GRV YHFHV HQ HO SUHIDFLR GHO UHODWR GHO GLOXYLR ´$O YHU 'LRV WDQWD FRUUXSFLyQ
X%.6A"8"&@HQODWLHUUD\WDQWDSHUYHUVLyQ>&.6A+8Z#("#),#+("5(V#KM"#H-AIL7#!"#(1,#
RFDVLyQ'LRVUHVSRQGLyFRQXQFDVWLJRLQWHJUDOTXHVHxDOyHOÀQGHODFUHDFLyQ
´>«@$VtTXHYR\DGHVWUXLU>:'6A+8":@DODJHQWHMXQWRFRQODWLHUUDµ *Q 

/D SULPHUD GLVWLQFLyQ HQWUH DQLPDOHV SXURV H LPSXURV HQ HO $7 VH
HQFXHQWUDHQ*Q ODOLVWDGHDQLPDOHVSXURVHLPSXURVVHHVSHFLÀFDVRORHQ
/HYtWLFR\'HXWHURQRPLR /DHVWUXFWXUDOLWHUDULDGH*QSUHVHQWDWUHV
'&3%/(15%*35*%,1#("#6:-:737,=%:7;3-1:1;3=$%&__$·%·&·AEF

$ ´7RPDUiVSDUDWLVLHWHSDUHMDVµ>8.;;'AE)7"#6.9)TJ#6.9)TJZAEG
% ´GHWRGRVORVDQLPDOHVSXURVµ>:.7UE#&'9)&D:J#&'L)&=#JZAEH

AEF 3DUDXQHVWXGLROLQJtVWLFRGHWDOODGRGH*QYpDVH52XUR´7KH7HUPL)&=#J#&"#M("#
$/LQJXLVWLF6WXG\µI*+!  
AEG ([LVWHXQSDUDOHOLVPRHQWUH$´7RPDUiVSDUDWLVLHWHSDUHMDVµ>8.;;'AE)7"#6.9)TJ#6.9)TJ@__
$·´XQDSDUHMDµ>&.CV#6)%'B.:@HVSHFLDOPHQWHHQWUH´VLHWHSDUHMDVµ>6.9)TJ#6.9)TJ@__´XQD
SDUHMDµ>&.CV#6)%'B.:@&RPRVHxDOD:DWVRQFXDQGRVHUHÀHUHDORVWLSRVGHSDODEUDVSDUDOHODV
´=A1,1A5,H=%D,-<Q6:8-=FRPSULVHDODUJHFODVVZLWKDEURDGVSHFWUXP>«@R51#3/'$/"("51#,%(#
V\QRQ\PV RU QHDUV\QRQ\PV DQG WKHUHIRUH DOPRVW LQWHUFKDQJHDEOH LQ FKDUDFWHUµ : * (
^,51/"-#E7:==80:7%C3@-3D%G,3;-A-6276XS 6KHIÀHOG-627 
AEH (OSDUDOHOLVPRDQWLWpWLFRVHPiQWLFR\VLQWiFWLFRSRVLWLYRQHJDWLYRHVHYLGHQWHHQWUH%´GH
5/4/1# )/1# ,"&',)(1# $*%/1V# X:.7UE# &'9)&D:J# &'L)&=#J@ __ %· ´\ GH WRGRV ORV DQLPDOHV
/0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$% &"' &/' %&")2(' 1"$4$%0#(2' #&/' *0")102$(' +;?-'

&´HOPDFKRFRQVXKHPEUDµ>V+6#C)V.68=ZAEC
$·´XQDSDUHMDµ>&.CV#6)%'B.:Z
%·´\GHWRGRVORVDQLPDOHVTXHQRVRQSXURVµ>@:.%&'9)&D:J#VW65##E$V#
L)&$#JZ
&·´HOPDFKRFRQVXKHPEUDµ>V+6#C)V.68=ZAED

(O YHUER 8.;;'A TDO LPSHUIHFWR GHO YHUER E";'A  ´WRPDUµ VH XWLOL]D
FRP~QPHQWHSDUDODSUHSDUDFLyQGHDQLPDOHVSDUDVDFULÀFLRV HJ*Q
([HWF (ODGMHWLYRIHPHQLQRVLQJXODUL)&=#JVHKDGHÀQLGRFRPR´SXUR
)&'$&/V7AEE# +X&# VH DSOLFD HQ HO $7 D OD SXUH]D FRUSRUDO PRUDO \ UHOLJLRVDIJJ# !1#
HYLGHQWH TXH SXUR >L&#Z# <# 1,"5/# X;46@ DSDUHFHQ HVWUHFKDPHQWH XQLGRV HQ ORV
WH[WRVGHO$7PLHQWUDVTXHSXUROLPSLR>L&#Z#(#&'$*%/#XL:!Z#1&('$%(#,$,%(3("#
3/'/# 5?%'&"/1# /$*(15/17IJA (V OD IXQFLyQ GH ORV VDFHUGRWHV GLVWLQJXLU &.94+E0
X94E@  HQWUH OR SXUR \ OR LPSXUR /Y   (]   /D OH\ TXH UHJXOD
ORVDQLPDOHVSXURVHLPSXURVWLHQHSRUREMHWRGLVWLQJXLUL"&=#´SXURµORVTXH
1(#$*(4("#3/'(%-#4(#L":D!´LPSXURµGHDTXHOORVTXHQRVHSXHGHQFRPHU /Y
'W 

.*(#"/#1/"#$*%/1V#X@:.%&'9)&D:J# VW65## E$V# L)&$#J@(QDPERVFDVRVDQLYHOVHPiQWLFR


ODV PLFURHVWUXFWXUDV VH UHÀHUHQ D ´DQLPDOHVµ >&'9)&D:J@ $ QLYHO VLQWiFWLFR KD\ XQ
SDUDOHOLVPR SUHSRVLFLyQVXVWDQWLYRDGMHWLYR __ SUHSRVLFLyQVXVWDQWLYRDGMHWLYR SHUR
FRQ ORV FRPSRQHQWHV HQ HO FDVR SRVLWLYRQHJDWLYR (Q SDODEUDV GH :DWVRQ ´:1;,1A580%
D,-<Q6:8-=DUHPDGHXSRIZRUGVRSSRVLWHLQPHDQLQJDQGDUHQRUPDOO\XVHGLQDQWLWKHWLF
SDUDOOHOLVPµ,ELG
AEC )LQDOPHQWHWDPELpQREVHUYDPRVXQSDUDOHOLVPRVLQRQtPLFRJUDPDWLFDO\VLQWiFWLFRHQWUH
& ´HO PDFKR FRQ VX KHPEUDµ >V+6# C)V.68=@ __ &· ´HO PDFKR FRQ VX KHPEUDµ >V+6# C)V.68=Z7#
(VWH SDUDOHOLVPR SXHGH REVHUYDUVH D QLYHO JUDPDWLFDO HQWUH ORV VXVWDQWLYRV V+6# (# V.68=-# V+6#
HV XQ VXVWDQWLYR PDVFXOLQR VLQJXODU HQ DPEDV PLFURHVWUXFWXUDV H V.68= HV WDPELpQ XQ
VXVWDQWLYRIHPHQLQRVLQJXODUFRQVWUXFWRHQDPEDVPLFURHVWUXFWXUDV$QLYHOVLQWiFWLFRKD\
XQ SDUDOHOLVPR VXVWDQWLYRVXVWDQWLYR FRQVWUXFWR __ VXVWDQWLYRVXVWDQWLYR FRQVWUXFWR HQ
DPEDVPLFURHVWUXFWXUDV3DUDXQHVWXGLRGHOSDUDOHOLVPRJUDPDWLFDOVHPiQWLFR\VLQWiFWLFR
EtEOLFRYpDVH$%HUOLQ+>3%&A1:580=%,2%?8@780:7%G:-:77378=5 %ORRPLQJWRQ,QGLDQD8QLYHUVLW\
 
AED# =87
AEE# %'%  '&+  +$/27  ( -HQQL \ & :HVWHUPDQQ HGV  &8008,1:-8,%
+3,7N980,%<37%*1;89H,%+3=;:531;, 0DGULG&ULVWLDQGDG (.OHLQ*%E,56-3>31=8O3%
';A5,7,980:7%&80;8,1:-A%,2%;>3%C3@-3D%#:19H:93%2,-%)3:<3-=%,2%'1978=> -HUXVDOHP8QLYHUVLW\RI
+DLID 7'277:27
IJJ# 8(""&#<#^(15(%',""-#AUDEH7
IJA# ,ELG
+;@-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

(O FRQWH[WR GH WRGR *pQHVLV  HV XQLYHUVDO HQ SHUVSHFWLYDIJI# O,#
GLVWLQFLyQHQWUHORSXUR\ORLPSXURHVLPSRUWDQWHHQHVWHWLHPSRSULPRUGLDO\
HQHOFRQWH[WRXQLYHUVDO1RVRORVHXWLOL]DURQDQLPDOHV\SiMDURVSXURVSDUDHO
VDFULÀFLR *Q VLQRTXHGHVSXpVGHOGLOXYLRVHOHVSHUPLWLyDORVKXPDQRV
FRPHU DQLPDOHV *Q   /D LPSOLFDFLyQ HV TXH VH OHV SHUPLWLy FRPHU VROR
DQLPDOHV SXURV 3RU OR WDQWR OD GLVWLQFLyQ HQWUH DQLPDOHV SXURV H LPSXURV VH
FRQRFLy DQWHV GH TXH ORV LVUDHOLWDV YLQLHUDQ D OD H[LVWHQFLD HQ XQ FRQWH[WR \
SDVDMHXQLYHUVDOIJB(VWRVKHFKRVDÀUPDQTXHODGLVWLQFLyQHQWUHDQLPDOHVSXURV
HLPSXURVQRHVHOSURGXFWRGHODOHJLVODFLyQFXOWXDOKHEUHDVLQRTXHODSUHFHGH
HQ ORV WLHPSRV DQWHGLOXYLDQRV /D GLVWLQFLyQ DQLPDO SXURLPSXUR VH XQH D
RWUDVLQVWLWXFLRQHVIXQGDPHQWDOHVTXHDQWHFHGHQORVWLHPSRVGHORVLVUDHOLWDV\
UHWRUQDQDODKLVWRULDGHORVRUtJHQHVFRPRHOPDWULPRQLR *Q HOViEDGR
*Q \VLPLODUHVIJF

/RV VDFULÀFLRV VH WRPDURQ VROR GH HQWUH ORV DQLPDOHV SXURV \ VROR
XQRV SRFRV DQLPDOHV SXURV VH XWLOL]DURQ HQ ORV VHUYLFLRV VDFULÀFLDOHV WUHV
HVSHFLHV GH DQLPDOHV >JDQDGR RYHMDV \ FDEUDV /Y  ([  HWF@
\ GRV HVSHFLHV GH DYHV >WyUWRODV \ SDORPDV /Y  @  *Q  PXHVWUD TXH
1Rp HV FDSD] GH GLVWLQJXLU HQWUH DQLPDOHV SXURV FRPHVWLEOHV  H LPSXURV QR
FRPHVWLEOHV IJG&HUHPRQLDOPHQWHORVDQLPDOHVSXURVVHUtDQQHFHVDULRVWDPELpQ
SDUDORVKRORFDXVWRVTXH1RpVDFULÀFDUtD *Q \SDUDODFRPLGD *Q (Q
FRQVHFXHQFLDORVDQLPDOHVSXURVVHVDOYDURQHQVLHWHSDUHMDVSDUDTXHSXGLHUDQ
XVDUVHSDUDVDFULÀFLRV\SDUDFRPLGD

(OVDFULÀFLRGH1RpFRQVWLWX\HHOSXQWRSULQFLSDOHQODVHFFLyQÀQDOGHOD
QDUUDFLyQ1RpFRQVWUX\yXQDOWDUDO6HxRU\RIUHFLyKRORFDXVWRVVREUHpOGHWRGR
DQLPDO SXUR (Q UHVSXHVWD HO 6HxRU VH DJUDGy GH DFHSWDU HO VDFULÀFLR ´/XHJR
1Rp>%$'A@FRQVWUX\yXQDOWDU>:.X9D'A@DO6HxRU\VREUHHVHDOWDURIUHFLyFRPR
KRORFDXVWR>H$E$8Z#,"&',)(1#$*%/1#X&'R)&=#J@\DYHVSXUDV>&'R"&$#Z7#:*,"4/#
HO6HxRUSHUFLELy>#D'AZ#()#+%,5/#X&'K+A$'A@DURPD>«@µ *Q 

IJI# *pQHVLV  VH UHFRQRFH FRPR ´XQLYHUVDOµ HQ SHUVSHFWLYD \ WHQLHQGR HO PXQGR HQWHUR
HQ YLVWD YpDVH 8 &DVVXWR *% E,5531;:-A% ,1% ;>3% ?,,L% ,2% (313=8=F% Z-,5% B,:>% ;,% *@-:>:5#
-HUXVDOHP0DJQHV ($6SHLVHU(313=8=$% *DUGHQ&LW\'RXEOHGD\ 
OLLL & :HVWHUPDQQ *HQHVLV  $ &RPPHQWDU\ && 0LQQHDSROLV $XJVEXUJ )RUWUHVV
 +DPLOWRQ:HQKDP*HQHVLV[OYLOLLL
IJB# 9pDVH:HVWHUPDQQ
IJF# 9pDVH:HQKDP*HQHVLV-#ACC7
IJG# ,ELG
/0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$% &"' &/' %&")2(' 1"$4$%0#(2' #&/' *0")102$(' +;;-'

/D WHUPLQRORJtD GH HVWRV YHUVtFXORV UHÁHMD /HYtWLFR  TXH OHJLVOD WRGR
KRORFDXVWR\ORGHVFULEHFRPRXQDRIUHQGDGHDURPDJUDWRIJH(OWpUPLQRKHEUHR
H$EJVLJQLÀFDOLWHUDOPHQWH´ORTXHDVFLHQGHµHVWiUHODFLRQDGRFRQH"EJXQYHUER
TXH VLJQLÀFD ´DVFHQGHUµ UHÀULpQGRVH DO KXPR \ VX DURPD TXH VXEH KDFLD HO
FLHOR R OR TXH HV HQWHUDPHQWH FRQVXPLGR SRU HO IXHJR HQ HO DOWDU 'W  
´+RORFDXVWRµ H$E$8 VH HQFXHQWUD GH QXHYR HQ *pQHVLV GRQGH 'LRV SUXHED OD
REHGLHQFLD GH $EUDKiQ RUGHQiQGROH TXH RIUH]FD D ,VDDF *Q  
3XHVWRTXHHVWDRIUHQGDVHTXHPyWRWDOPHQWHLQGLFyODFRPSOHWDDGRUDFLyQGH
ODSHUVRQDDO6HxRU

6LJQLÀFDWLYDPHQWH1RpQRRIUHFHXQDOLEDFLyQODRPLVLyQGHODOLEDFLyQ
DUURMD OX] VREUH OD GHFODUDFLyQ TXH ´FXDQGR HO 6HxRU SHUFLELy HO JUDWR DURPD
X#D'A# &'K+A$'A@µ /D IUDVH HV WtSLFD HQ HO 3HQWDWHXFR+,-.-# $,%,# (0$%(1,%# ()#
IDYRU GH 'LRV KDFLD HO VDFULÀFLR \ HO DGRUDGRU HJ ([  /Y  
1PHWF>YHFHVHQ/HYtWLFR\YHFHVHQ1~PHURV@ 6LPSOHPHQWH
FRQQRWDODDFHSWDFLyQGH'LRVGHOVDFULÀFLR(OMXHJRGHSDODEUDVFRQODUDt]GH
OD SDODEUD ´JUDWRDJUDGDEOHµ >%+A$'A@ HV OR PLVPR TXH HQ HO QRPEUH GH 1Rp
X%$'A@  VLJQLÀFD HO SODFHU TXH 'LRV WRPD HQ OD REHGLHQFLD \ DGRUDFLyQ GH VX
SXHEORIJC (O UHFKD]R D ´ROHUµ VLJQLÀFDED HO UHFKD]R GH 'LRV DO FXOWR GH ,VUDHO
/Y$P IJD&RPRUHVXOWDGRGHOKRORFDXVWRGH1Rp'LRVGHWHUPLQD
HQ´VXFRUD]yQµGHWHQHUFXDOTXLHUPDOGLFLyQ\GHVWUXFFLyQIXWXUDV *Q 

$XQTXHVHFRQRFtDODDGRUDFLyQGHVGHHOUHODWRGH&DtQ\$EHO HJ*Q
 HVWDHVODSULPHUDUHIHUHQFLDDXQDOWDU:.X9D'AHQHO$7 HYLGHQWHPHQWHVH
SUHVXSRQHSHURQRVHPHQFLRQDHQ*Q \ODSULPHUDRIUHQGDGH´KRORFDXVWRµ
H$E$8 (O WpUPLQR KHEUHR :.X9D'A ´DOWDUµ GHULYD GH XQ YHUER TXH GHQRWD HO
VDFULÀFLRGHDQLPDOHVRODVRIUHQGDVGHVDFULÀFLRVGHVDQJUHORTXHVLJQLÀFDOD
FRQH[LyQLQWHJUDOHQWUHHOVLWLR\VXIXQFLyQ'HELGRDTXHORVDOWDUHVFRQVWLWX\HQ
HOHPHQWRV FHQWUDOHV GHO FXOWR VDFULÀFLDO PXFKD GH OD OHJLVODFLyQ VDFHUGRWDO GHO
3HQWDWHXFR+,-.VHRFXSDGHUHJXODUODVDFWLYLGDGHVDVRFLDGDVFRQHOORV

1Rp FRQVWUX\H HO DOWDU SDUD 'LRV /D SULPHUD WDUHD HQ OD QXHYD YLGD HV
XQDWDUHDGHGLFDGDDO6HxRUODSULPHUDFRQVWUXFFLyQHVXQDOWDUFRQVWUXLGRSDUD

IJH# Q7# >7# N/11-# E-3:;8,1% :1<% ?73==819F% *% (H8<3% ;,% ;>3% !;H<A% :1<% '46,=8;8,1% ,2% ;>3% ?,,L% ,2% (313=8=#
KM%,"4#N,$&41U#=,_(%-#AEDDL-#AEC7
IJC# %.:DOWNHZLWK&-)UHGULFNV(313=8=F%*%E,5531;:-A *UDQG5DSLGV=RQGHUYDQ 
AFI7
IJD# 106DUQD(313=8=-367& 1HZ<RUN-HZLVK3XEOLFDWLRQ6RFLHW\ 
+,<<-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

'LRV/RTXHHVYDOLRVR\SUHFLRVRHVSDUDRIUHFHUVHD'LRV(OH$E$8HVHVDIRUPD
GH VDFULÀFLR HQ HO TXH WRGR HO DQLPDO HV TXHPDGR $TXt VH PXHVWUD TXH 1Rp
HVWi DFWXDQGR GH DFXHUGR FRQ HO VLVWHPD VDFULÀFLDO LVUDHOLWD SRVWHULRU TXH VROR
SHUPLWLy OD RIUHQGD GH DQLPDOHV \ DYHV GRPpVWLFRV SXURV SDUD ORV VDFULÀFLRV
(VWHPLVPROHQJXDMHGHVFULEHODFRVWXPEUHSDWULDUFDOGHFRQVWUXLUXQDOWDUSDUD
OD DGRUDFLyQ GRQGHTXLHUD TXH ORV SDGUHV UHVLGLHUDQ HQ VXV SHUHJULQDFLRQHV
HVSHFLDOPHQWH $EUDKiQ TXH FRQVWUX\y VX DOWDU ´DO 6HxRUµ *Q  
YpDVHWDPELpQ 

0RLVpV SHUSHWXy HVWD SUiFWLFD LQFOXVR DQWHV GH OD FRQVWUXFFLyQ GHO
WDEHUQiFXORVDQWXDULR GHVSXpV GH VX YLFWRULD VREUH ORV DPDOHFLWDV \ PiV
LPSRUWDQWHD~QPiVWDUGHHQODFHUHPRQLDGHUDWLÀFDFLyQGHOSDFWRGHO6LQDt ([
FI $GHPiVODVLQVWUXFFLRQHVGHO6LQDtSDUDODFRQVWUXFFLyQ
GHO ´DOWDU GH ORV KRORFDXVWRVµ GH EURQFH GHO WDEHUQiFXORVDQWXDULR >:.X9D'A#
&"H$EJ@ \ SDUDHOVDFULÀFLROHYtWLFRFRPSDUWHQHOOHQJXDMHGHQXHVWURWH[WR *Q
 ´DOWDUµ HJe[RGR ´DQLPDOHVSXURVµ\´DYHVSXUDVµ HJ
/Y \´KRORFDXVWRVVDFULÀFDGRVµ HJ([/Y'W 
(ODOWDUFRQFXHUQRVGHOWDEHUQiFXORVDQWXDULRVHGHVFULEtDFRP~QPHQWHFRPR
´HODOWDUGHORVKRORFDXVWRVµ ([ KDFLHQGRGH
1RpXQSURWRWLSRGH0RLVpVTXHKL]RVDFULÀFLRVHQHOGHVLHUWRIJE

$XQTXH QR VH GHVFULEH HO DOWDU GH 1Rp VH FRQIRUPy FRQ OD OHJLVODFLyQ
PRVDLFDTXHUHTXLHUHTXHWRGRVORVDOWDUHVWHPSRUDOHVVHDQFRQVWUXLGRVGH´WLHUUDµ
R´SLHGUDVVLQWDOODUµ HJ(['W (OVDFULÀFLRGH´KRORFDXVWRµ
XH$E$8@ HV HVSHFtÀFDPHQWH ´DQLPDOHV SXURVµ \ ´DYHV SXUDVµ SUHÀJXUDQGR OD
SUiFWLFDSRVWHULRUGH,VUDHO(O´KRORFDXVWRµIXHXQDRIUHQGDGHVDQJUHGDGDHQ
ODFRPXQLGDGPRVDLFDFRPRRIUHQGDYROXQWDULDSRUHOSHFDGR /Y 
\FRPRXQDFWRGHDFFLyQGHJUDFLDVHQODDGRUDFLyQGRQGHXVXDOPHQWHVHXQtD
FRQRIUHQGDVGHSD] HJ/Y1P (UDODRIUHQGD
GLDULD\FRQWLQXDSUHVHQWDGDFDGDPDxDQD\WDUGHHQHOWDEHUQiFXORVDQWXDULR
([/Y1P 

3RGHPRV YHU HO VDFULÀFLR GH 1Rp FRPR XQ SURWRWLSR GH OD REUD GH
ORV VDFHUGRWHV SRVWHULRUHV TXLHQHV KLFLHURQ H[SLDFLyQ SRU ,VUDHO R GH -RE
TXH RIUHFLy KRORFDXVWRV SRU VXV KLMRV \ SRU VXV DPLJRV -RE    $TXt
VLQ HPEDUJR HO VDFULÀFLR GH 1Rp HV HIHFWLYR SDUD WRGD OD KXPDQLGDGIAJ# >/%#

IJE# .$0DWKHZV*HQHVLV1$&$ 1DVKYLOOH%URDGPDQ +ROPDQ 


IAJ :HQKDP*HQHVLV-#AEJ7
/0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$% &"' &/' %&")2(' 1"$4$%0#(2' #&/' *0")102$(' +,<,-'

FRQVLJXLHQWH OD WHRORJtD GH 1Rp \ GHO GLOXYLR VH LQVHUWD HQ HO PDUFR GHO
5:0-,0,1036;,/5:0-,;35:% ;3,7N980,# 4()# 1,"5*,%&/# 3/"# 5/4/1# )/1# 3/"3($5/1# <#
WHPDVWHROyJLFRVTXHVHFRQÀJXUDQHQVDPEODQ\DQFODQHQODPDWUL]WHROyJLFD
FRPSOHMDGHOVDQWXDULR

PKPKVK.*3=7=@B5.03.75.4=::3.03.?5637

3RU XQD SDUWH OD PD\RUtD GH ORV KLVWRULDGRUHV VRVWLHQHQ TXH HO ]LJXUDW
HUDFRQVLGHUDGRFRPRXQYtQFXORGHFRPXQLFDFLyQHQWUHODWLHUUD\HOFLHOR3RU
RWUDSDUWHODJUDQPD\RUtDGHORVH[pJHWDVVRVWLHQHQTXHODWRUUHGH%DEHOIXH
XQ]LJXUDW WHPSORVDQWXDULRGHODDQWLJXD0HVRSRWDPLDTXHWHQtDODIRUPDGH
XQDWRUUHRSLUiPLGHHVFDORQDGD ORTXHKDFHSHQVDUTXHHVPX\SRVLEOHTXHOD
QDUUDWLYDGH*QHVWDUtDKDFLHQGRUHIHUHQFLDDXQVDQWXDULRWHPSORWHUUHQDO
EDELOyQLFRPHVRSRWiPLFR 'HEHPRV UHFRUGDU TXH OD SULQFLSDO FRQVWUXFFLyQ GH
XQDFLXGDGDQWLJXDHUDHOWHPSORVDQWXDULR\TXHODYLGDUHOLJLRVD\VRFLDOGH
OD FLXGDG JLUDED DOUHGHGRU GHO VDQWXDULRWHPSOR =LJXUDW HQ DFDGLR ]LTTXUDW#
GHO YHUER R:Y:-H  VLJQLÀFD 0,1=;-H8-% 31% :7;, /RV ]LJXUDW HVWDEDQ FRQVDJUDGRV D
XQDGHLGDG6HDO]DEDQVREUHODFLXGDGFRPRXQHQFODYHHULJLGRHQWUHODWLHUUD
\HOFLHOR(VWDVFRQVWUXFFLRQHVSRUWDEDQXQVLJQLÀFDGRUHOLJLRVRHVSHFLDOPHQWH
HOWHPSORVDQWXDULRVLWXDGRHQODFXPEUHGHODHGLÀFDFLyQ3DUDORVSXHEORVGH
0HVRSRWDPLD $VLULD%DELORQLD\8U HUDQFRPRXQDHVSHFLHGHHVFDOHUDTXHOHV
SHUPLWtDFRPXQLFDUVHFRQHOPXQGRFHOHVWLDOGHORVGLRVHVIAA

(O UHODWR GH ´OD WRUUH R OD FLXGDG GH %DEHOµ GH *Q  GHVFULEH
FRPR SURSyVLWR SULQFLSDO GH IRUPD FODUD OD FLXGDG >T+#Z# <# ),# 3&*4,4# 3/'/#
FHQWUR GH FXOWR HO ]LJXUDW GH OD FLXGDG GH %DELORQLD HVWDED GHGLFDGR D VX
GLRVSDWUyQ 0DUGXN  /D H[SUHVLyQ TvU €PLJśGœO HV XQD HQGtDGLVKHQGtDGLV
´XQRPHGLDQWHGRVµÀJXUDUHWyULFDTXHFRQVLVWHHQODH[SUHVLyQGHXQ~QLFR
FRQFHSWR PHGLDQWH GRV WpUPLQRV FRRUGLQDGRV  ´XQD FLXGDG FRQ XQD WRUUHµ
$VtTXH*QGHVDUUROODHOSODQKXPDQRSDUDFRQVWUXLUFLXGDGHV\OXJDUHV
GHFXOWR3HURHOSODQFXOWXDOKXPDQRFKRFDIURQWDOPHQWHFRQHOSODQFXOWXDO
GLYLQR/D'HLGDGSHUFLEHHOSODQWHROyJLFRKXPDQRGHODFRQVWUXFFLyQGHXQD
3&*4,4#<#*"#3("5%/#4(#3*)5/#3/"#),#&"5("3&/",)&4,4#4(#1*15&5*&%#<#1*$),"5,%#()#

IAA ´/DWRUUHGH%DEHO *Q SUREDEOHPHQWHUHSUHVHQWDRWURFDVRGRQGHPLJGœOVHUHÀHUH


D XQ WHPSOR 1R KD\ GXGD TXH HO UHODWR UHFXHUGD ORV WHPSORV ]LJXUDW GH 0HVRSRWDPLDµ
´7KHWRZHURI%DEHO *HQ SUREDEO\UHSUHVHQWVDQRWKHUFDVHZKHUHPLJGœOUHIHUVWRD
WHPSOH7KHUHLVOLWWOHGRXEWWKDWWKHDFFRXQWUHFDOOVWKH]LJJXUDWWHPSOHVRI0HVRSRWDPLDµ
(%%DQQLQJ´7RZHUVµ*?&  
+,<.-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

SODQWHROyJLFRGLYLQRFRQXQDFRQVWUXFFLyQWHROyJLFDKXPDQD YpDVH*Q
FI*Q IAI

$XQTXHHOWH[WRGH*QQRHVSHFLÀFDHOOXJDUGHVGHHOFXDO<DKYp
EDMDGHVFLHQGH SDUD REVHUYDU OD FLXGDG \ OD WRUUH TXH ORV KRPEUHV HVWDEDQ
FRQVWUX\HQGR OD LPSOLFDFLyQ HV TXH EDMyGHVFHQGLy GHVGH ´HO FLHORµ Y  
VX 0RUDGD FHOHVWLDO LH VX VDQWXDULRWHPSOR FHOHVWLDO  3RU OR WDQWR VL HVWD
LQWHUSUHWDFLyQHVFRUUHFWDHQWRQFHVQRVHQFRQWUDPRVDTXtFRQXQDFRQIURQWDFLyQ
GH GLVHxRV WHROyJLFRVFXOWXDOHV RSXHVWRV 3RU XQD SDUWH HO GLVHxR WHROyJLFR
FXOWXDO GH OD KXPDQLGDG \ SRU RWUD SDUWH HO GLVHxR WHROyJLFRFXOWXDO GH OD
6(&4,47

'HVGH HO UHODWR GH &DtQ \ $EHO HQ *pQHVLV  VH SRQH HQ PRYLPLHQWR
XQ GLVHxR WHROyJLFRFXOWXDO KXPDQR PHGLDQWH &DtQ ´7LHPSR GHVSXpV &DtQ
SUHVHQWy DO 6HxRU XQD RIUHQGD GHO IUXWR GH OD WLHUUD $EHO WDPELpQ SUHVHQWy DO
6HxRUORPHMRUGHVXUHEDxRHVGHFLUORVSULPRJpQLWRVFRQVXJUDVD<HO6HxRU
PLUyFRQDJUDGRD$EHO\DVXRIUHQGDSHURQRPLUyDVtD&DtQQLDVXRIUHQGD
>«@µ *Q &DtQSODQWHyDO6HxRUXQQXHYRGLVHxRWHROyJLFRFXOWXDOEDVDGR
HQ RIUHQGDV GH OD WLHUUD TXH QR VXSRQtDQ OR PHMRU GH ODV RIUHQGDV QL OR PHMRU
GHORVVDFULÀFLRVDQLPDOHVVLQRTXHHOSURSyVLWRHUDFRQVWUXLUXQQXHYRPRGHOR
WHROyJLFRFXOWXDOSDUDVXVWLWXLUVXSODQWDUHOGLVHxRWHROyJLFRFXOWXDOGLYLQRSRU
HVR'LRVQRPLUyFRQDJUDGRVXRIUHQGDFRPRVtPLURFRQDJUDGRODRIUHQGDGH
$EHOTXHVHDMXVWDEDDOSODQWHROyJLFRFXOWXDOGHOD'HLGDG

$GHPiVUHVXOWDUHOHYDQWHODFRPSDUDFLyQFRQHOUHODWRGHODWRUUHGH%DEHO
GRQGH´HO6HxRUEDMySDUDREVHUYDUODFLXGDG\ODWRUUHTXHORVKRPEUHVHVWDEDQ
FRQVWUX\HQGRµ *Q \ORTXHYLRQROHDJUDGy´VHUiPHMRUTXHEDMHPRVD
FRQIXQGLUVXLGLRPDSDUDTXH\DQRVHHQWLHQGDQHQWUHHOORVPLVPRVµ  FRPR
HQHOFDVRGH&DtQORVVHUHVKXPDQRVSUHWHQGtDQVXSODQWDUHOGLVHxRWHROyJLFR
FXOWXDOGHOD'HLGDGPHGLDQWHXQDFRQVWUXFFLyQFRQXQVDQWXDULRWHPSORHQOD
F~VSLGHGHODWRUUHTXHWHQtDFRPRREMHWLYROOHJDUKDVWDHOFLHOR´XQDFLXGDGFRQ
XQDWRUUHTXHOOHJXHKDVWDHOFLHORµ  (VWHQLYHOGHFRPSDUDFLyQVHFRPSOHWD
FRQODDFFLyQGH&DtQGHFRQVWUXLUXQDFLXGDGDODTXHWDPELpQSXVRQRPEUH
HVWD HV OD SULPHUD UHIHUHQFLD D XQD FLXGDG TXH DSDUHFH HQ HO 3HQWDWHXFR+,-.#

IAI# 9pDVH 3 ' 0LOOHU ´(ULGX 'XQQX DQG %DEHO $ 6WXG\ LQ &RPSDUDWLYH 0\WKRORJ\µ
&"# , 6WXGLHG ,QVFULSWLRQV IURP %HIRUH WKH )ORRG $QFLHQW 1HDU (DVWHUQ /LWHUDU\ DQG /LQJXLVWLF
$SSURDFKHV WR *HQHVLV  HG 5 6 +HVV DQG ' 7 7VXPXUD 6%76  :LQRQD /DNH
(LVHQEUDXQV 7
/0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$% &"' &/' %&")2(' 1"$4$%0#(2' #&/' *0")102$(' +,<=-'

\ SRU WDQWR HQ HO $7 ´&DtQ KDEtD HVWDGR FRQVWUX\HQGR XQD FLXGDG D OD TXH
OHSXVRHOQRPEUHGHVXKLMR(QRFµ *Q (QDPERVFDVRVVHXVDODPLVPD
WHUPLQRORJtD OLQJtVWLFD KHEUHD WDQWR SDUD FRQVWUXLUHGLÀFDU >EżQHKQLEśQHK
EœQ€Z#3/'/#$,%,#3&*4,4%XTg-@HQ*Q\*QUHVSHFWLYDPHQWH

(O SURSyVLWR GH <DKYp HUD HVWDEOHFHU HO GLVHxR WHROyJLFRFXOWXDO GHO
VDQWXDULRWHPSOR WHUUHQDO D SDUWLU GHO GLVHxR WHROyJLFRFXOWXDO GHO VDQWXDULR
WHPSOR FHOHVWLDO PHGLDQWH GRV YLVLRQHV \ SURFHVRV KLVWyULFRWHPSRUDOHV
SRVWHULRUHV 3ULPHUR FRQ HO VXHxRYLVLyQ GH -DFRE TXH YLR XQD HVFDOHUD TXH
XQtD OD WLHUUD FRQ HO FLHOR 'LRV PDQLIHVWy PHGLDQWH HVWH VXHxR D -DFRE TXH HO
IUDFDVRGHOSUR\HFWRKXPDQRGHFRQVWUXLUXQPRGHORWHROyJLFRFXOWXDOWHUUHQDO
HQ *Q  PHGLDQWH ´XQD WRUUH TXH OOHJXH KDVWD HO FLHORµ TXH VXVWLWX\HVH \
VXSODQWDVHDOGLVHxRWHROyJLFRFXOWXDOGHOD'HLGDGHUDDKRUDUHYHODGRD-DFRE
PHGLDQWHXQDFRQH[LyQHQWUH´ODFDVDGH'LRVµ>VDQWXDULRWHPSORWHUUHQDO@\µOD
SXHUWDGHOFLHORµ>VDQWXDULRWHPSORFHOHVWLDO@ *Q 

6HJXQGR HVWH SODQ WHROyJLFRFXOWXDO GH OD 'HLGDG TXHGy SOHQDPHQWH


FRQÀUPDGR \ UDWLÀFDGR FRQ OD YLVLyQ TXH UHFLELy 0RLVpV HQ HO PRQWH 6LQDt
´(O VDQWXDULR \ WRGR VX PRELOLDULR GHEHUiQ VHU XQD UpSOLFD H[DFWD GHO PRGHOR
X8'9%+8@ TXH \R WH PRVWUDUpµ ([   GRQGH VH SUHVHQWD HO PRGHOR TXH GHEH
FRQVWUXLUHGLÀFDU GHO VDQWXDULR WHUUHQDO EDVDGR HQ HO PRGHOR GHO VDQWXDULR
FHOHVWLDO SDUD GHVDUUROODU \ DVHQWDU VX GLVHxR WHROyJLFRFXOWXDO GLYLQR SDUD OD
VDOYDFLyQKXPDQD$VtPLHQWUDVHOGLVHxRWHROyJLFRFXOWXDOKXPDQRSUHWHQGtD
VXVWLWXLU \ VXSODQWDU HO GLVHxR WHROyJLFRFXOWXDO GLYLQR PHGLDQWH OD WHRORJtD
FXOWXDOGH&DtQ\ODWHRORJtDFXOWXDOGHODWRUUHGH%DEHO'LRVWHQtDVXSUR\HFWR
WHROyJLFRFXOWXDO SUHYLVWR \ SODQLÀFDGR HQ OD KLVWRULD \ HQ HO WLHPSR HV GHFLU
FXiQGR \ FyPR WHQtD TXH OOHYDUVH D FDER SDUD OD KXPDQLGDG GH WDO PDQHUD
TXH VLJXLHVH HO SODQ GLYLQR VDOYtÀFR SULPRUGLDO \ VX SUR\HFWR WHROyJLFR GHVGH
ODSHUVSHFWLYDFXOWXDOFRQODSUR\HFFLyQKLVWyULFRPHVLiQLFD YpDVH*Q 

)LQDOPHQWHODWHRORJtDGHODWRUUHGH%DEHOVHYHUWHEUDHQHO5:0-,0,1036;,%
;3,7N980, GHO VDQWXDULR SRUTXH VXSRQH OD FRQIURQWDFLyQ \ UHFKD]R GHO GLVHxR
PRGHOR WHROyJLFRFXOWXDO EDELOyQLFRPHVRSRWiPLFR UHSUHVHQWDGR SRU HO LQWHQWR
PHGLDQWHHOVDQWXDULRWHPSOR]LJXUDWGHVXVWLWXLUVXSODQWDUHOPRGHORWHROyJLFR
FXOWXDO GH <DKYp ´'H HVWD PDQHUD HO 6HxRU ORV GLVSHUVy GHVGH DOOt SRU WRGD OD
WLHUUD \ SRU OR WDQWR GHMDURQ GH FRQVWUXLU OD FLXGDG >0,1% H1:% ;,--3Z7# >/%# (1/# ,# ),#
FLXGDGVHOHOODPy%DEHOSRUTXHIXHDOOtGRQGHHO6HxRUFRQIXQGLyHOLGLRPDGH
WRGDODJHQWHGHODWLHUUD\GHGRQGHORVGLVSHUVySRUWRGRHOPXQGRµ *Q 
+,<>-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

(O SODQSUR\HFWR WHROyJLFRFXOWXDO GH OD 'HLGDG VH HVWDEOHFHUi FRQ ORV
SDWULDUFDV ORV DQWHSDVDGRV GH ,VUDHO $EUDKiQ ,VDDF \ -DFRE HVSHFLDOPHQWH
FRQ HVWH ~OWLPR PHGLDQWH VX VXHxRYLVLyQ HQ *Q  FRPR H[SOLFDPRV
DQWHULRUPHQWH \ GHVFULELUHPRV SRVWHULRUPHQWH HQ OD WHRORJtD SDWULDUFDO PiV
WDUGHSOHQDPHQWHGHVDUUROODGRPHGLDQWHODYLVLyQGH0RLVpVHQHOPRQWH6LQDt
HQ ([  YpDVH DUULED  FRQ OD FRPXQLGDG FXOWXDO GHO SXHEOR GH ,VUDHO 3RU
FRQVLJXLHQWH HO UHODWR GH OD WRUUH GH %DEHO SUHVHQWD XQD WHRORJtD SROpPLFD
UHVSHFWR DO PRGHOR WHROyJLFRFXOWXDO EDELOyQLFRPHVRSRWiPLFR SDUD FLPHQWDU
TXH HO GLVHxR WHROyJLFRFXOWXDO GH <DKYp GHVGH ´HO FLHORµ VDQWXDULRWHPSOR
FHOHVWLDO  VH LQVWDXUDUi PiV WDUGH HQ OD WLHUUD PHGLDQWH XQ VDQWXDULRWHPSOR
WHUUHQDOFRQXQPDUFR\SHUVSHFWLYDWHROyJLFDGHSROpPLFDFRQWUDORVVDQWXDULRV
WHPSORVEDELOyQLFRV\PHVRSRWiPLFRV

7HRORJtDSDWULDUFDO

/D DGRUDFLyQFXOWR GH ,VUDHO WXYR SURIXQGDV UDtFHV HQ ODV QDUUDWLYDV
SDWULDUFDOHV \ IXH XQ GHVDUUROOR QDWXUDO SRU GLUHFFLyQ GLYLQD  GHO VLVWHPD
VDFULÀFLDOSDWULDUFDO(QHO6LQDt,VUDHOHQWUyHQXQDUHODFLyQGHSDFWRFRQ'LRV
TXHKDEtDKHFKRXQSDFWRFRQVXVDQWHSDVDGRVPiVLQPHGLDWRV$EUDKiQ,VDDF
\ -DFRE *Q ([ (OVDQWXDULRLVUDHOLWDSUHVHUYyHOVDFULÀFLR
EiVLFRGHOFXOWRSDWULDUFDOHO´KRORFDXVWRµ>H$EJ@FRPRVXVDFULÀFLRIXQGDFLRQDO
([ (ODOWDUVDFULÀFLDOUHWXYRHOQRPEUH´HODOWDUGHOKRORFDXVWRµ ([
  HWF  $Vt HO FXOWR GHO WHPSORVDQWXDULR HVWDED LQFRUSRUDGR HQ HO
FXOWRUHOLJLRVRDQWHULRUGHORVDQWHSDVDGRVGH,VUDHO(VXQHMHPSORGHUHYHODFLyQ
SURJUHVLYDGHVSOHJDGD6HSXHGHYHUHQHOVDQWXDULRGHO6LQDtXQDSURJUHVLyQ
HQ ODV IRUPDV GH DGRUDFLyQFXOWR TXH UHYHOy PiV SOHQDPHQWH HO SURSyVLWR GH
6&/17IAB

'7% 031;-,% -37898,=,% A% ;3,7N980,% <3% $=-:37% ;HO,% H1:% 7,0:78R:08N1% 63-5:131;3% 0,1%
7:%3-3008N1%<37%;3567,%<3%!:7,5N1%31%37%5,1;3%V,-8:´6DORPyQ0,531RN%:%0,1=;-H8-%
HO WHPSOR GHO 6HxRU HQ HO PRQWH 0RULD HQ -HUXVDOpQ GRQGH HO 6HxRU VH OH KDEtD
DSDUHFLGRDVXSDGUH'DYLG>«@µ &U 063-,%=81%0:5@8,=%31%37%-8;H:7%0,5,%=3%
3=;:@7303%31%7:=%<8-30;8O:=%6:;-8:-0:73=%A%5,=:80:=X%#,%58=5,%=H03<3%6:-:%37%0H7;,%31%7,=%
;3567,=% 6,=;3-8,-3=% 0,1=;-H8<,=% 6,-% ^,-,@:@37% A% C3-,<3=X% &3=6H[=% <3% 7:=% -3O37:08,13=%

IAB# ) % +ROEURRN ´7KH ,VUDHOLWH 6DQFWXDU\µ LQ 7KH 6DQFWXDU\ DQG WKH $WRQHPHQW %LEOLFDO
C8=;,-80:7% :1<% +>3,7,980:7% !;H<83= HG $ 9 :DOOHQNDPSI DQG : 5 /HVKHU :DVKLQJWRQ
5HYLHZ +HUDOG 
/0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$% &"' &/' %&")2(' 1"$4$%0#(2' #&/' *0")102$(' +,<9-'

HQHO6LQDt 3HQWDWHXFR7RUi QRKXER#5.=%37:@,-:08N1%6,-%6:-;3%<3%&8,=%<3%7:=%2,-5:=%


A% -8;,=% <37% =:1;H:-8,X% '=;,% ;:5@8[1% 856780:% YH3% 7,=% 3=0-8;,-3=% <37% *+% 1,% <3=0-8@83-,1%
QLQJ~Q FDPELR HQ ORV FRQFHSWRV WHROyJLFRV GH OD UHOLJLyQ GHO $7 \D VHD SDWULDUFDO
;:@3-1.0H7,/=:1;H:-8,%,%63-M,<,=%6,=;3-8,-3=%<37%;3567,7

$VtHOWHPSORHQORV5ROORVGHO0DU0XHUWRHVHTXLYDOHQWHDOWDEHUQiFXOR
VDQWXDULRHQHOFDPSDPHQWRGHOGHVLHUWR(VWHVDQWXDULRGHOGHVLHUWRVHUHFRUGy
SRUWRGRVORVMXGtRVGHOVHJXQGRWHPSORFRPRVHFRQFUHWyHQHOSULPHUWHPSOR\
OXHJRHQHOVHJXQGR´3HURVRVWHQHPRVODYLVLyQTXHHO7HPSORHV>HO HTXLYDOHQWH
GHO  7DEHUQiFXOR GH OD 7LHQGD GH 5HXQLyQ \ -H@ UXVDOpQ HV HO FDPSDPHQWR \
IXHUD GHO FDPSDPHQWR >HV HTXLYDOHQWH D  IXHUD GH -HUXVDOpQ@ HV HO FDPSR GH
1*1#3&*4,4(1V#KE:-;:%>:7.U80:#% $TXtHOVDQWXDULRVHFRQVLGHUyHTXLYDOHQWH
DO FDPSDPHQWR LVUDHOLWD HQ HO SHUtRGR GHO GHVLHUWR HO WHPSOR HQ HO FHQWUR
FRUUHVSRQGHDOWDEHUQiFXOR\ODFLXGDGGH-HUXVDOpQDWRGRHOFDPSDPHQWRHQ
()#4(1&(%5/7IAF

!6:5WN/

´$OOtHO6HxRUVHOHDSDUHFLyD$EUDP\OHGLMR¶<ROHGDUpHVWDWLHUUDDWX
GHVFHQGHQFLD·(QWRQFHV$EUDPHULJLyXQDOWDU>:.X9D'A@DO6HxRUSRUTXHVHOH
KDEtDDSDUHFLGR'HDOOtVHGLULJLyDODUHJLyQPRQWDxRVDTXHHVWiDOHVWHGH%HWHO
GRQGH DUPy VX FDPSDPHQWR WHQLHQGR D %HWHO DO RHVWH \ +DL DO HVWH 7DPELpQ
HQHVHOXJDUHULJLyXQDOWDU>:.X9D'A@DO6HxRUHLQYRFyVXQRPEUHµ *Q 
(VWD HV OD SULPHUD DSDULFLyQ UHJLVWUDGD GHO 6HxRU D XQ SDWULDUFD HJ *Q 
 TXHDVXYH]SUHÀJXUDVXVDSDULFLRQHVHQHO6LQDt\HQ
HOWDEHUQiFXORVDQWXDULR HJ([/Y 

+D\ GRV pQIDVLV HQ HVWH SDVDMH HO YLDMH FRQWLQXR GH $EUDKiQ KDFLD OD
UHJLyQ GHO JUDQ VXU HO 1HJXHY \ OD UHVSXHVWD GH $EUDKiQ D OD UHYHODFLyQ GH
'LRV PHGLDQWH OD DGRUDFLyQ /D UHVSXHVWD D OD DSDULFLyQ FRQÀUPDWLYD GH 'LRV
IXH OD DGRUDFLyQ (O SULPHU DFWR GH $EUDKiQ IXH FRQVWUXLU XQ DOWDU >:.X9D'AZ#
\SUHVXPLEOHPHQWHRIUHFLyVDFULÀFLRVFRPRORKL]R1RpWDQSURQWRFRPRVDOLy

IAF# ´%XW ZH KROG WKH YLHZ WKDW WKH 7HPSOH LV >WKH HTXLYDOHQW RI WKH  7DEHUQDFOH RI WKH 7HQW
RI0HHWLQJDQG-H@UXVDOHPLVWKHFDPSDQGRXWVLGHWKHFDPS>LV HTXLYDOHQWWR RXWVLGH
-HUXVDOHP@LWLVWKHFDPSRIWKHLUFLWLHVµC:7:L>80##3;;3-#%/+6FKLIIPDQ)307:85819%
WKH'HDG6HD6FUROOV7KH+LVWRU\RI-XGDLVPWKH%DFNJURXQGRI&KULVWLDQLW\WKH/RVW/LEUDU\RI
aH5-:1$%5/ 1HZ<RUN'RXEOHGD\ YpDVHWDPELpQLGHP´7KH,PSRUWDQFH
RIWKH7HPSOHIRU$QFLHQW-HZVµLQI3=H=%:1<%+35673F%+34;H:7%:1<%*-0>:3,7,980:7%'467,-:;8,1=-#
HG-+&KDUOHVZRUWK 0LQQHDSROLV)RUWUHVV 
+,<B-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

GHODUFD *Q 3HURHQODVHJXQGDPHQFLyQGHVXFRQVWUXFFLyQGHXQDOWDU


X:.X9D'A@SDUDDGRUDUDO6HxRUHQHOUHODWRGLFHTXH´LQYRFyVXQRPEUH GHO6HxRU 
XC'F.;#"!#9)6D:#B&C&@µ(VWDH[SUHVLyQVHXVySULPHURHQ*Q´7DPELpQ
6HW WXYR XQ KLMR D TXLHQ OODPy (QyV 'HVGH HQWRQFHV VH FRPHQ]y D LQYRFDU
HO QRPEUH GHO 6HxRU >C'F.;#"!# 9)6D:# B&C&@µ \ VH UHÀHUH D OD SURFODPDFLyQ
S~EOLFD GH OD IH HQ HO 6HxRU /D FDUDFWHUtVWLFD LQWHUHVDQWH GH HVWD SURFODPDFLyQ
HQHODOWDUHVODVXVWDQFLD²HOQRPEUHGHO6HxRU(O6HxRUSURPHWLyKDFHUJUDQGH
HOQRPEUHGH$EUDKiQSDUDKDFHUOHIDPRVR\$EUDKiQUHVSRQGLySURFODPDQGR
HOQRPEUHGHO6HxRU²KDFLHQGRIDPRVRDO6HxRUHQ&DQDiQSRUDVtGHFLUORIAG

3RVWHULRUPHQWH$EUDKiQFRQVWUX\yDOWDUHVHQ%HWHO+HEUyQ\HQHOPRQWH
0RULD *Q     ,VDDF HQ %HUVHED   -DFRE HQ /X]   \
0RLVpVHQ5HÀGtQ\HQHO6LQDt ([ (OVDFULÀFLRHUDHOPRGRQRUPDO
GHDGRUDFLyQFXOWRHQHO$7\ODVWHRIDQtDVDPHQXGRORLQGXFtDQ *Q([
-XH5 

´(QHVHOXJDUKDEtDHULJLGRDQWHVXQDOWDU>:.X9D'A@\DOOtLQYRFy$EUDP
HO QRPEUH GHO 6HxRU >«@ (QWRQFHV $EUDP OHYDQWy VX FDPSDPHQWR \ VH IXH D
YLYLUFHUFDGH+HEUyQMXQWRDOHQFLQDUGH0DPUp$OOtHULJLyXQDOWDU>:.X9D'AZ#
DO 6HxRUµ *Q   (VWH HV HO WHUFHU DOWDU HULJLGR SRU $EUDKiQ (O SULPHU
YHUVtFXOR  UHVDOWDHOUHJUHVRGH$EUDKiQDOOXJDUGRQGHKDEtDHVWDGRDQWHV
DOOXJDUGRQGHKDEtDFRQVWUXLGRHODOWDU ODVRUDFLRQHVGHUHODWLYRGHVWDFDQORV
SXQWRV \ ODV SDODEUDV ´SULPHURµ \ ´SULQFLSLRµ UHFXHUGDQ HO FRQWH[WR SUHYLR
GH*Q XQUHWRUQRDODDGRUDFLyQFXOWR FIODIyUPXODGHFRQODGH
  (VWDED UHDOL]DQGR XQ QXHYR FRPLHQ]R ´(Q HVH OXJDU XQ DOWDUµ Y   HV
XQDIUDVHIUHFXHQWHPHQWHHPSOHDGDSDUDVDQWXDULRVGRQGHORVKRPEUHVHVSHUDQ
HQFRQWUDUVH FRQ 'LRV HJ *Q   'W  HWF  (O FDStWXOR
FLHUUD HO FDPLQR TXH FRPHQ]y FRQ OD FRQVWUXFFLyQ GH $EUDKiQ GH XQ DOWDU DO
6HxRU'HSULQFLSLRDÀQHQHVWHUHODWR$EUDKiQIXHXQKRPEUHGHIHHQHO6HxRU
&RPRDGRUDGRUHVSHUDUtDSDFLHQWHPHQWHTXHHO6HxRUFXPSOLHUDVXSURPHVD

´< 0HOTXLVHGHF UH\ GH 6DOpQ \ VDFHUGRWH >7$&D%@ GHO 'LRV DOWtVLPR OH
RIUHFLy SDQ \ YLQR /XHJR EHQGLMR D $EUDP FRQ HVWDV SDODEUDV £4XH HO 'LRV
DOWtVLPRFUHDGRUGHOFLHOR\GHODWLHUUDEHQGLJDD$EUDPµ *Q ´3DQ
\YLQRµHVFRPLGDUHDO 63U TXHDFRPSDxyUHJXODUPHQWHHOVDFULÀFLR
DQLPDO 1P6 0HOTXLVHGHFTXHVHJ~QHOXVRWUDGLFLRQDOGHO

IAG# 9pDVH5RVV
/0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$% &"' &/' %&")2(' 1"$4$%0#(2' #&/' *0")102$(' +,<?-'

32$FRPELQDEDORVRÀFLRVGHUH\\VDFHUGRWHGHELyWHQHUVXÀFLHQWHVSURYLVLRQHV
GHSDQ\YLQR$TXtVHGHVFULEHFRPRKDFLHQGRXQEDQTXHWHUHDOSDUD$EUDKiQ
´6DFHUGRWH >7$&D%@ GHO 'LRV DOWtVLPRµ 0HOTXLVHGHF HV HO SULPHU VDFHUGRWH >7$
&D%@QRPEUDGRHQHO$7HOKHEUHRQRWLHQHHODUWtFXORGHWHUPLQDGR ´VDFHUGRWHµ
\QR´HOVDFHUGRWHµ VXJLULHQGRODH[LVWHQFLDGHRWURVVDFHUGRWHVGH'LRVIAH#!15,#
FDSDFLGDGVLW~DD0HOTXLVHGHFFRQ$EUDKiQTXHGHVHPSHxDDOJXQDVIXQFLRQHV
VDFHUGRWDOHV FRQVWUXFWRU GH DOWDUHV \ FLUFXQFLGDGRU *pQHVLV  \   ´'LRV
DOWtVLPRµ >!DE# H5EB=%@ HV XQR GH ORV WtWXORV GHO 'LRV DGRUDGR SRU ORV SDWULDUFDV
0HOTXLVHGHFLQYRFyODEHQGLFLyQGH'LRVVREUHHOSDWULDUFD´EHQGLJDD$EUDPµ
XQDFWRTXHUHFXHUGD*QIAC

´(O 6HxRU OH UHVSRQGLy 7UiHPH XQD WHUQHUD XQD FDEUD \ XQ FDUQHUR
WRGRVHOORVGHWUHVDxRV\WDPELpQXQDWyUWROD\XQSLFKyQGHSDORPD$EUDP
OOHYy WRGRV HVWRV DQLPDOHV ORV SDUWLy SRU OD PLWDG \ SXVR XQD PLWDG IUHQWH
D OD RWUD SHUR D ODV DYHV QR ODV SDUWLy >«@ &XDQGR HO VRO VH SXVR \ FD\y OD
QRFKHDSDUHFLHURQXQDKRUQLOODKXPHDQWH\XQDDQWRUFKDHQFHQGLGDODVFXDOHV
SDVDEDQHQWUHORVDQLPDOHVGHVFXDUWL]DGRVµ *Q 

(VWHWpUPLQRPX\FRP~Q´WUDHUWRPDUµ>;)AJ@ TDOLPSHUDWLYRGHOYHUER
E";'A LQWURGXFHDPHQXGRXQULWXDOFRPRXQVDFULÀFLR HJ([/Y
  /D OLVWD GH DQLPDOHV TXH VLJXH DEDUFD WRGDV DTXHOODV HVSHFLHV TXH SRGUtDQ
RIUHFHUVH HQ VDFULÀFLR /Y   'H QXHYR HQ XQD DFFLyQ TXH UHFXHUGD
D XQ VDFULÀFLR FRUWD ORV JUDQGHV DQLPDOHV SHUR QR GLYLGH ODV DYHV FI /Y
 6LHVWRIXHUDXQVDFULÀFLRODVSLH]DVDKRUDVHUtDQFRORFDGDVHQHODOWDU
\TXHPDGDV(QVXOXJDUVHFRORFDQHQGRVÀODV(VWDFDUDFWHUtVWLFD~QLFDGHHVWH
ULWRVHGHEHKDEHULQFOXLGRHQHOPDQGDPLHQWRGLYLQR Y 

(OXVRGHODWHUPLQRORJtDVDFULÀFLDOHQHOYVXJLHUHTXHHOULWRVHGHEH
LQWHUSUHWDUXVDQGRODVFDWHJRUtDVVXE\DFHQWHVHQRWURVULWXDOHVGHO$7(QWRQFHV
VHKDFHHYLGHQWHTXHORVDQLPDOHVVDFULÀFLDOHVGHEHQUHSUHVHQWDUD,VUDHORDVXV
OtGHUHV VDFHUGRWDOHV (Q RWUDV SDUWHV GHO $7 ´DYHV GH UDSLxDµ  TXH VRQ
LPSXUDV /Y  'W   UHSUHVHQWDQ QDFLRQHV H[WUDQMHUDV LPSXUDV
(]  =DF   PX\ SUREDEOHPHQWH (JLSWR $Vt ODV DFFLRQHV GH $EUDKiQ

IAH# ^,)5_(-#(313=8=-#IBB7
IAC 0HOTXLVHGHF HO QRPEUH VLJQLÀFD ´UH\ GH MXVWLFLDµ R ´PL UH\ HV MXVWRµ +HE   VH HULJH
FRPRXQWLSRGH&ULVWRHQ*pQHVLV(OOLEURGH+HEUHRVGLFHTXHpOHUDVLQSDGUH\PDGUH
+HE HVGHFLUHQXQOLEURGHGLFDGRDODVJHQHDORJtDVHVWHKRPEUHDSDUHFLyHQOD
HVFHQD VLQ WDO DYLVR (O HVFULWRU GH +HEUHRV DUJXPHQWD GHVGH HO SURSLR WH[WR TXH &ULVWR
SHUWHQHFHDODRUGHQGHHVWHVDFHUGRWHUH\YpDVH+$/27
+,<@-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

DO DOHMDU D ODV DYHV OR UHSUHVHQWDQ GHIHQGLHQGR D VXV GHVFHQGLHQWHV FRQWUD ORV
DWDFDQWHV H[WUDQMHURV &DGD WLSR GH DQLPDO VDFULÀFLDO HVWi UHSUHVHQWDGR SDUD
VXEUD\DUHOVLJQLÀFDGRGHODHVFHQDIAD

+DVHO HVWDEOHFH TXH ´/D PDWDQ]D \ VHFFLRQDPLHQWR GH ORV DQLPDOHV SRU
$EUDKiQ HV XQD 6-36:-:;8, SUHSDUDFLyQ  VDFULÀFLDO SDUD OD SRVWHULRU UDWLÀFDWLR#
UDWLÀFDFLyQ GLYLQDGHOSDFWRSRUSDUWHGH<DKYpTXLHQHVWiSDVDQGRHQWUHODV
SLH]DVTXHSURPHWHLUUHYRFDEOHPHQWHHOFXPSOLPLHQWRGHVXSURPHVDGHSDFWR
,)#$,5%&,%3,V7IAE

/D QDUUDFLyQ GH *Q  QRV SURSRUFLRQD XQD LPSRUWDQWH


HQVHxDQ]DWHROyJLFDDFHUFDGHODVUHODFLRQHVGHO6HxRUFRQVXSXHEOR²ORVSUXHED
´3DVDGRFLHUWRWLHPSR'LRVSXVRDSUXHEDD$EUDKDP>«@µ *Q &XDQGR
'LRVSUREyDVXSXHEORHVWDEDGHWHUPLQDQGRODFDOLGDGGHVXÀGHOLGDG FI([
  6DUQD H[SOLFD ´(VWD LQIRUPDFLyQ VH LPSDUWH DO OHFWRU QR VH GLYXOJD
D $EUDKiQ FRQ HO ÀQ GH HOLPLQDU FXDOTXLHU PDOHQWHQGLGR SRVLEOH TXH 'LRV
UHTXLHUH HO VDFULÀFLR KXPDQR FRPR WDO 3RU OR WDQWR VH HQIDWL]D OD QDWXUDOH]D
SXUDPHQWHSUREDWRULDGHODSHWLFLyQGLYLQD>«@$KRUDHOOHFWRUVDEHTXHHOKLMR
QRVHUiVDFULÀFDGRµIIJ

/D RFDVLyQ SDUD OD SUXHED HV HO FRQFHSWR WHROyJLFR GH VDFULÀFLR \ HVWH
SDVDMHIRUPDXQDSDUWHLPSRUWDQWHGHODFRPSUHQVLyQGHHVHFRQFHSWR$XQTXH
HOPDQGDPLHQWRHUDVDFULÀFDUD,VDDFFRPRXQDRIUHQGDDO6HxRUHOYHUGDGHUR
SXQWRGHODFWRIXHHOVDFULÀFLRGH$EUDKiQGHVtPLVPRHVGHFLUGHVXYROXQWDG
\VXVDELGXUtDFRQUHVSHFWRDVXKLMR,VDDF3RUTXHHOTXHWUDMRDODYtFWLPDHVWDED
KDFLHQGRHOVDFULÀFLRDVX'LRV&XDQGRHOiQJHOGHO6HxRUGHWXYRHOVDFULÀFLRGH
$EUDKiQ\VHxDOyHOFDUQHURDWUDSDGRHQHOPDWRUUDOVLJQLÀFyTXHHOVDFULÀFLR
GH$EUDKiQHUDDFHSWDEOH(QYHUGDG$EUDKiQKDEtDKHFKRHOVDFULÀFLR7RGR
,VUDHO RIUHFHUtD DQLPDOHV VXVWLWXWLYRV DO 6HxRU SHUR VXV VDFULÀFLRV VHUtDQ WDQWR

IAD# 9pDVH:HQKDP*HQHVLV*)+DVHO´7KH0HDQLQJRIWKH$QLPDO5LWHLQ*HQHVLV
AG-V#I!"+  
IAE# ´7KH NLOOLQJ DQG VHFWLRQLQJ RI WKH DQLPDOV E\ $EUDP LV D VDFULÀFLDO 6-36:-:;8, IRU WKH
VXEVHTXHQWGLYLQHUDWLÀFDWLRRIWKHFRYHQDQWE\<DKZHKZKRLVSDVVLQJEHWZHHQWKHSLHFHV
LUUHYRFDEO\SOHGJHVWKHIXOÀOOPHQWRIKLVFRYHQDQWSURPLVHWRWKHSDWULDUFKµ+DVHOV3:1819%
*185:7%)8;3-#CJ7
IIJ# ´7KLVLQIRUPDWLRQLVLPSDUWHGWRWKHUHDGHUQRWGLYXOJHGWR$EUDKDPLQRUGHUWRUHPRYH
DQ\SRVVLEOHPLVXQGHUVWDQGLQJWKDW*RGUHTXLUHVKXPDQVDFULÀFHDVVXFK7KHUHIRUHWKH
SXUHO\ SUREDWLYH QDWXUH RI WKH GLYLQH UHTXHVW LV HPSKDVL]HG >«@ 1RZ WKH UHDGHU NQRZV
WKDWWKHVRQZLOOQRWEHVODXJKWHUHGµ6DUQD(313=8=-#AGA7
/0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$% &"' &/' %&")2(' 1"$4$%0#(2' #&/' *0")102$(' +,<;-'

SRU ORV SHFDGRV FRPR SDUD OD DGRUDFLyQ /HYtWLFR DVXPH LQFXHVWLRQDEOHPHQWH
HVWHVLJQLÀFDGRWHROyJLFRGH=H=;8;H08N1HQODDGRUDFLyQFXOWRVDFULÀFLDO$OKDFHU
WDORIUHQGDHODGRUDGRUHQFRQWUyDFHSWDFLyQFRQ'LRVIIA

/DOHJLVODFLyQOHYtWLFDHVWDEOHFHODFRQVDJUDFLyQGHWRGRVORVSULPRJpQLWRV
LQFOX\HQGRORVKLMRVSULPRJpQLWRVD'LRV/RVDQLPDOHVVDFULÀFLDOHVSULPRJpQLWRV
VRQVDFULÀFDGRVSHURRWURVLQFOX\HQGRORVKLMRVVHGHEHQUHGLPLUXQFRUGHUR
VDFULÀFLDO WRPy VX OXJDU ([   $TXt HVWH SULQFLSLR VH LOXVWUD HQ XQ
FRQWH[WR SDWULDUFDO GH KHFKR HO FDUQHUR HV SURSRUFLRQDGR SRU 'LRV PLVPR
5HHPSOD]DD,VDDF\WRGDYtFWLPDVDFULÀFLDOVHFRQVLGHUDFRPRXQ=H=;8;H;,#4()#
,4/%,4/%7III

´7RPDDWXKLMR>9.%7"Z-#()#["&3/#XB)A+47"Z#.*(#5&("(1#<#,)#.*(#5,"5/#,',1#
X!"&'98"@µ/DVH[SUHVLRQHVVHUHSLWHQ HQORVYY\IRUPDQGRXQPRWLYR
PD\RUHQHOUHODWR$GHPiVHOXVRGH´VXKLMRµHQORVYY\´PLKLMRµHQ
HOYDSXQWDDODIXHU]DGHODSUXHED ODSDODEUD´KLMRµ>95%Z#1(#%($&5(#("#5/4/#
HO UHODWR  YHFHV >@  (O KHEUHR DxDGH HO SDUWLFLSLR %"!#
OD OODPDGD SDUWtFXOD GH V~SOLFD ´SRU IDYRUµ  DO TDO LPSHUDWLYR ;'A GHO YHUER
E";'A TXH D PHQXGR LQWURGXFH XQ VDFULÀFLR >/Y @  ;'A%"!# .*(-# $/%# )/#
JHQHUDO VXDYL]D HO PDQGDWR D XQD V~SOLFD HJ 1P  -XH  
,V$P $EUDKiQWLHQHDEVROXWDOLEHUWDGGHHOHFFLyQ/DSDODEUD
B"A+4VLJQLÀFD´KLMR~QLFRµ *Q3U-XH-HU$P=DF
AI-AJL-IIB´DOTXHWDQWRDPDV>!"&'98"@µHVWHHVHOSULPHUXVRGHOWpUPLQREtEOLFR
FODYH !"&59 VLJQLÀFDWLYR HQ OD UHODFLyQ SDGUHKLMR 6X VLJXLHQWH XVR *Q  
HVWiHQODUHODFLyQHVSRVRHVSRVDIIF

8Q´KRORFDXVWRµ>H$EJZ#&'$)&3,#3/%5,%#<#.*(',%#5/4/#()#,"&',)#("#()#,)5,%#<#
IXHHOWLSRGHVDFULÀFLRPiVFRP~Q3DUHFHKDEHUH[SUHVDGRDOPHQRVGRVLGHDV
TXH HO RIHUHQWH VH HVWi HQWUHJDQGR FRPSOHWDPHQWH D 'LRV SRUTXH HO DQLPDO
UHSUHVHQWDDORIHUHQWH \TXHODPXHUWHGHODQLPDOH[StDHOSHFDGRGHODGRUDGRU
/DV YtFWLPDV XVXDOHV GH ORV KRORFDXVWRV HUDQ DYHV RYHMDV R VL HO DGRUDGRU HUD
PX\ ULFR XQ WRUR 2IUHFHU D VX KLMR HVWDED IXHUD GH WRGD FRQVLGHUDFLyQ SDUD

IIA# N/11-#BEB7
III# 9pDVH*-:HQKDP´7KH$NHGDK$3DUDGLJPRI6DFULÀFHµLQG,539-:1:;3=%:1<%(,7<31%
%HOOV6WXGLHVLQ%LEOLFDO-HZLVKDQG1HDU(DVWHUQ5LWXDO/DZDQG/LWHUDWXUHLQ+RQRURI-DFRE
V879-,5 HG ' 3 :ULJKW ' 1 )UHHGPDQ DQG $ +XUYLW] :LQRQD /DNH (LVHQEUDXQV
AEEGL-#AJJ7
IIB# +$/27
IIF# 6DUQD(313=8=-#AGA7
+,,<-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

ORVDGRUDGRUHV FI/Y 3HURVHKDFtDRFDVLRQDOPHQWHHQHOPXQGR


EtEOLFRHVSHFLDOPHQWHHQWLHPSRVGHJUDYHFULVLV -XH5 'H
KHFKRODOH\EtEOLFDHVSHUDTXHFDGDKLMRSULPRJpQLWRVHDGHGLFDGRD'LRVSHUR
LQVLVWHHQTXHVHDUHGLPLGR\XQDQLPDORIUHFLGRHQVXOXJDU ([>@
 0iVWDUGHORVOHYLWDVSRUVXVHUYLFLRVHYLHURQFRPRFRQVDJUDGRVD'LRV
HQOXJDUGHORVSULPRJpQLWRVHQFDGDIDPLOLD 1P 

(V HVWH WUDVIRQGR GH SHQVDPLHQWR TXH FRPR VHxDOD :HVWHUPDQQ KDFH
FRPSUHQVLEOH OD SUXHED ´'HVSXpV GH ([  VH FRQVLGHUD SRVLEOH TXH 'LRV
SXHGDH[LJLUWDOVDFULÀFLR(QUHDOLGDGVLQHPEDUJRHOVDFULÀFLRKXPDQRQRHV
SRVLEOH ([ (VSUHFLVDPHQWHSRUHVWDDPELYDOHQFLDTXHHOPDQGDPLHQWR
D$EUDKiQHVXQDSUXHEDSDUWLFXODUPHQWHDGHFXDGDµIIG

´/XJDUµ >:";=:@ DSDUHFH DTXt Y   XQ OXJDU VDQWR R VDQWXDULR HJ
*Q([ IIH´$OWHUFHUGtD$EUDKDPDO]yORVRMRV\D
OROHMRVYLRHOOXJDU>:";=:@µ *Q (OYLDMHGH$EUDKiQDOPRQWH0RULD\
VXDGRUDFLyQVDFULÀFLDODOOtSUHÀJXUDODDGRUDFLyQGH,VUDHOHQHOPRQWH6LQDt
(QODPHQFLyQGHORVWUHVGtDVSXHGHKDEHUXQSUHVDJLRGHOYLDMHGHWUHVGtDV
GH ,VUDHO HQ HO GHVLHUWR SDUD VDFULÀFDU D 'LRV ([    >70 @ 
'HVSXpVGHVXYLDMHGHWUHVGtDV$EUDKiQRIUHFHXQFDUQHURHQHOPRQWH0RULD
FRPRXQDFWRGHDGRUDFLyQ0iVWDUGHORVLVUDHOLWDVIXHURQDXQYLDMHGHWUHV
GtDVDOGHVLHUWRSDUDDGRUDUD'LRV(OpQIDVLVHQWUHVGtDVVLJQLÀFDXQSHUtRGR
GHSUHSDUDFLyQSDUDHODFRQWHFLPLHQWRPiVLPSRUWDQWH *Q
FI-ADL7

(OVDFULÀFLRWLHQHOXJDUHQXQOXJDUGLYLQDPHQWHGHVLJQDGR´HQHOPRQWH
.*(# </# 5(# &"4&3,%?V7# !15/# ,"5&3&$,# )/1# ',"4,'&("5/1# ("# ),# )(<# ,3(%3,# 4(# ),#
DGRUDFLyQHQOXJDUHVGHVLJQDGRV\DVHDHVWHHO´OXJDUGRQGHOHVSLGDLQYRFDUPL
QRPEUHµ ([ HODWULRGHOWDEHUQiFXOR /Y R´DOOXJDUGRQGHHO6HxRU
VX 'LRV GHFLGD KDELWDUµ 'W   (O VDFULÀFLR GHEH WHQHU OXJDU HQ XQ OXJDU
GLYLQDPHQWH GHVLJQDGR *pQHVLV  PXHVWUD TXH HO VDFULÀFLR VH RIUHFLy HQ XQ
OXJDUHOHJLGRSRU'LRV'HKHFKRVLFRQ&U´6DORPyQFRPHQ]yDFRQVWUXLU
HOWHPSORGHO6HxRUHQHOPRQWH0RULDHQ-HUXVDOpQ>«@µHOPRQWH0RULDGHEH

IIG# ´)ROORZLQJ ([  LW LV VHHQ DV SRVVLEOH WKDW *RG FDQ GHPDQG VXFK D VDFULÀFH ,Q
UHDOLW\ KRZHYHU KXPDQ VDFULÀFHLVQRW SRVVLEOH ([   ,W LVSUHFLVHO\ EHFDXVH RI WKLV
DPELYDOHQFHWKDWWKHFRPPDQGWR$EUDKDPLVDSDUWLFXODUO\VXLWDEOHWHVWµ&:HVWHUPDQQ
*HQHVLV$&RPPHQWDU\&& 0LQQHDSROLV$XJVEXUJ)RUWUHVV 
IIH# 7'27
/0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$% &"' &/' %&")2(' 1"$4$%0#(2' #&/' *0")102$(' +,,,-'

VHU LGHQWLÀFDGR FRQ -HUXVDOpQ WHQHPRV OD ~QLFD LQGLFDFLyQ HQ HO 3HQWDWHXFR
+,-.GHOIXWXURHVWDWXVGHODFLXGDGFRPRODFLXGDGGHOVDFULÀFLRIIC

(OWH[WRPHQFLRQDTXH,VDDFIXHDWDGR>B'H';$4@DQWHVGHVHUFRORFDGRVREUH
HO DOWDU ,PiJHQHV GHO 32$ PXHVWUDQ DQLPDOHV TXH \DFHQ VREUH VXV HVSDOGDV
FRQ ODV SLHUQDV VXMHWDV DQWHV GH VHU VDFULÀFDGRVIID \ XQD FRVWXPEUH VLPLODU VH
PHQFLRQDHQOD0LVKQi +:58< SHURHVWHHVHO~QLFRWH[WRHQHO$7%LEOLD
KHEUHDTXHPHQFLRQDXQDDWDGXUDTXHSRUVXSXHVWRKDGDGROXJDUDOWtWXORGH
$NHGiSDUDHVWHSDVDMH

/D SULPHUD SDUWH GHO UHODWR GH OD REHGLHQFLD GH $EUDKiQ FRQFOX\H FRQ
VX GLVFXUVR D ORV MyYHQHV VLUYLHQWHV TXH HVWDED GHMDQGR DWUiV ´4XpGHQVH DTXt
FRQHODVQR(OPXFKDFKR\\RVHJXLUHPRVDGHODQWHSDUDDGRUDUD'LRV\OXHJR
UHJUHVDUHPRVMXQWRDXVWHGHV>C)%.68'A"C/#C)%"6@9J#!"E/75:ZV#KM"#II-GL7#`S*?#
HVWDEDSDVDQGRSRUODPHQWHGH$EUDKiQFRQHVWDUHVROXFLyQGHUHJUHVDUGHVSXpV
GH OD DGRUDFLyQ VDFULÀFLDO" (O OLEUR GH +HEUHRV VXJLHUH TXH $EUDKiQ FRQFOX\y
TXH 'LRV HUD FDSD] GH UHVXFLWDU D ,VDDF GH HQWUH ORV PXHUWRV ´&RQVLGHUDED
$EUDKDP TXH 'LRV WLHQH SRGHU KDVWD SDUD UHVXFLWDU D ORV PXHUWRV \ DVt HQ
VHQWLGRÀJXUDGRUHFREUyD,VDDFGHHQWUHORVPXHUWRVµ+HE 

´(QWRQFHV WRPyµ   LQGLFD D PHQXGR TXH HO VLJXLHQWH DFWR HV XQ
JUDQPRPHQWR *Q(['W 3RUVHJXQGDYH]VHPHQFLRQD
´HO FXFKLOORµ SDUD HQIDWL]DU HO KRUURU GH OD DFFLyQ OD SDODEUD SDUD ´FXFKLOORµ
X:'!'75E58@VHXVDHQRWURVOXJDUHVVRORSDUDHOFXFKLOORTXHHOVDFHUGRWHXWLOL]D
SDUDGLVHFFLRQDUVXFRQFXELQD>-XH@\HQSDUDOHORFRQODHVSDGD>3U@ 
´6DFULÀFDUµ>6"A'L@HVXQWpUPLQRVDFULÀFLDO /Y TXHLQGLFDJHQHUDOPHQWH
3/%5,%#),#+,%+,"5,7IIE

/DREHGLHQFLDGH$EUDKiQGHPRVWUyTXHHOUHODWRVHPXHYHGLUHFWDPHQWH
KDFLDOD,2-31<:%=H=;8;H;8O:/DQDUUDWLYDHQIDWL]DTXH$EUDKiQ´DO]yODYLVWD\HQ
XQPDWRUUDOYLRXQFDUQHUR>!'B.E@HQUHGDGRSRUORVFXHUQRVµ6XDFFLyQSRVWHULRU
LQYLWD D OD FRPSDUDFLyQ FRQ 1Rp 7DQ SURQWR FRPR 1Rp VDOLy GHO DUFD RIUHFLy
XQVDFULÀFLR'HOPLVPRPRGRWDQSURQWRFRPR$EUDKiQKDEtDGHVDWDGRDVX
KLMRRIUHFLyXQVDFULÀFLRHQOXJDUGHVXKLMR(QDPERVVHH[SUHVDDGRUDFLyQ\

IIC# :HQKDP*L3<:>-#AJA7
IID# 9pDVH55HQGWRUII#3O8;80H=%.$7 1HXNLUFKHQ9OX\Q1HXNLUFKHQHU 
IIE# 9pDVH * $ .OLQJEHLO ´$OWDUV 5LWXDO DQG 7KHRORJ\ 3UHOLPLQDU\ 7KRXJKWV RQ WKH
,PSRUWDQFH RI &XOW DQG 5LWXDO IRU D 7KHRORJ\ RI WKH +HEUHZ 6FULSWXUHVµ `+# GF# KIJJFLU#
HVS
+,,.-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

+%,5&5*47#(QHOVDFULÀFLRHODQLPDOUHSUHVHQWDEDVLPEyOLFDPHQWHDORIHUHQWHFX\ROXJDU
;,5N /Y $TXtHOFDUQHUR>!'B.EZ#1*15&5*<(#,#R1,,3#XB.QA";Z-#$/%#)/#.*(#*"#
FDUQHURDGXOWRHQFRQWUDSRVLFLyQDXQFRUGHURPiVMRYHQWRPDDSURSLDGDPHQWH
VXOXJDU´(QOXJDUGHµ>8'A'8@HVWDHVODSULPHUDPHQFLyQH[SOtFLWDGHOVDFULÀFLR
=H=;8;H;8O,GHXQDYLGDSRURWUDHQHO$7IBJ9HPRVRWUDYH]HVWDPHQFLyQHQHO

IBJ# 9pDVH 5 'DO\ ´7KH 6RWHULRORJLFDO 6LJQLÀFDQFH RI WKH 6DFULÀFH RI ,VDDFµ E?a# BE# KAECCLU#
(OUHODWRGH$EUDKiQGHVDFULÀFDUDOKLMRGHODSURPHVDWLSLÀFDHOVDFULÀFLRGH&ULVWR
/DSURYLVLyQGH'LRVGHOFDUQHURHQHOPRQWH0RULDWLSLÀFDVXVDFULÀFLRGH-HVXFULVWR(Q
~OWLPDLQVWDQFLD'LRVSURYHHHOYHUGDGHUR&RUGHURVLQPDQFKDTXHVHSRQHHQHOOXJDUGH
ODKXPDQLGDG(VWH&RUGHURGH'LRVPXHUHHQOXJDUGHORVHOHJLGRVSDUDTXHSXHGDQYLYLU
3´&RPRELHQVDEHQXVWHGHVIXHURQ-3=0:;:<,=GHODYLGDDEVXUGDTXHKHUHGDURQ
GHVXVDQWHSDVDGRV(OSUHFLRGHVXUHVFDWHQRVHSDJyFRQFRVDVSHUHFHGHUDVFRPRHORUR
/#),#$),5,-#1&"/#FRQODSUHFLRVDVDQJUHGH&ULVWRFRPRGHXQFRUGHURVLQPDQFKD\VLQGHIHFWRVL7#
(V H[WUDRUGLQDULD OD UHODFLyQ HQWUH *Q  \ -Q  ´3RUTXH WDQWR DPy 'LRV DO PXQGR
TXH GLR D VX +LMR XQLJpQLWR >«@µ GRQGH VH SUHVHQWD OD PLVPD UHODFLyQ DPRURVD GH 'LRV
KDFLD HO PXQGR GDQGR D VX +LMR XQLJpQLWR ([LVWH XQ FODUR SDUDOHOLVPR LQWHUWH[WXDO HQWUH
*QHQOD/;; ´!"#$% &#'(&)%*"+&$% ,-$)%.#/-0)%1-.%,-$)%"02"(3,-0)%-4)%302"0(31"9%,-$)%51""!%
>«@µ \-Q ´6.7,89%2"$9%302"0(31&)%-/% :&-$9%,-$)%!-01;-)<%871,&%,-$)%.#/-$)%,-$)%;-)-2&)3=%
&>?8!&)>«@µ SUHVHQWDQGRXQFRQFHSWRWHROyJLFRVLPLODUGH$EUDKiQKDFLD'LRVFRPRGH
'LRVKDFLDHOPXQGR'HHVWDPDQHUD,VDDFHVXQWLSRGHO0HVtDVVLHQGRHODQWLWLSR&ULVWR
TXHFRPR0HVtDVGDVXYLGDFRPRXQVDFULÀFLRFRPRHQXQVHQWLGRVLPEyOLFR\ÀJXUDGR
KL]R ,VDDF ´HO ~QLFR TXH WLHQHV \ DO TXH WDQWR DPDVµ $Vt :DOWNH H[SOLFD ´&RPR ,VDDF
&ULVWRHVXQ&RUGHURFRQGXFLGRDOVDFULÀFLRVLQHPEDUJRQRDEUHVXERFD$VtFRPR,VDDF
OOHYDVXSURSLDPDGHUDSDUDHODOWDUSRUHOPRQWHHPSLQDGR&ULVWROOHYDVXSURSLDFUX]GH
PDGHUDKDFLDHO*yOJRWD YpDVH-Q $VtFRPR$EUDKiQVDFULÀFLDO\REHGLHQWHPHQWH
SRQHD,VDDFVREUHHODOWDU *Q DVt&ULVWRVHVRPHWHVDFULÀFLDO\REHGLHQWHPHQWHDOD
YROXQWDGGHVXSDGUH 5R)OS3 >«@6LPEyOLFDPHQWH$EUDKiQUHFLEHD
,VDDFGHODPXHUWHTXHWLSLÀFDODUHVXUUHFFLyQGH&ULVWRGHODPXHUWHGHFUX] +HE µ
´/LNH,VDDF&KULVWLVD/DPEOHGWRWKHVODXJKWHU\HWKHGRHVQRWRSHQKLVPRXWK8*15#,1#
,VDDFFDUULHVKLVRZQZRRGIRUWKHDOWDUXSWKHVWHHSPRXQW&KULVWFDUULHVKLVRZQZRRGHQ
FURVVWRZDUG*ROJRWKD VHH-RKQ -XVWDV$EUDKDPVDFULÀFLDOO\DQGREHGLHQWO\OD\V
,VDDFRQWKH DOWDU *HQ VR&KULVWVDFULÀFLDOO\DQGREHGLHQWO\ VXEPLWVWRKLVIDWKHU·V
ZLOO 5RP  3KLO   3HW   >«@ 6\PEROLFDOO\ $EUDKDP UHFHLYHV ,VDDF EDFN
IURPGHDWKZKLFKW\SLÀHV&KULVW·VUHVXUUHFWLRQIURPWKHGHDWKRIWKHFURVV +HE µ
^,)5_(-# (313=8=  &ULVWR OR GLMR GH XQD PDQHUD PX\ SUHFLVD \ FODUD HQ -Q 
´$EUDKDPHOSDGUHGHXVWHGHVVHUHJRFLMyDOSHQVDUTXHYHUtDPLGtD\7,%O8,%A%=3%:739-NV7#
!)# 3,%"(%/# X!'B.E@ RIUHFLGR HQ HO OXJDU GH ,VDDF UHSUHVHQWy DO +LMR GH 'LRV TXH LED D VHU
VDFULÀFDGRHQQXHVWUROXJDU -Q´$OGtDVLJXLHQWH-XDQYLRDI3=T=TXHVHDFHUFDED
DpO\GLMR¶£$TXtWLHQHQDO&RUGHURGH'LRVTXHTXLWDHOSHFDGRGHOPXQGR·>«@$OYHUDI3=T=#
TXH SDVDED SRU DKt GLMR ¶£$TXt WLHQHQ :7% E,-<3-,% <3% &8,=·µ  ¢4Xp TXHUtD GHFLU -HV~V FRQ
´GtDµ".DLVHULQGLFD´6L¶GtD·IXQFLRQDGHODPLVPDPDQHUDTXH¶WLHPSR·\¶KRUD·ORKDFHQ
HQ ¶VX WLHPSR D~Q QR KDEtD OOHJDGR· -Q   >«@ R ¶OD KRUD KD OOHJDGR SDUD TXH HO +LMR
GHO +RPEUH VHD JORULÀFDGR· -Q   HQWRQFHV HO ¶GtD· GH &ULVWR VH UHÀHUH D ORV HYHQWRV
TXHURGHDURQVXSDVLyQ\REUDGHUHGHQFLyQHQODFUX]µ´,I¶GD\·IXQFWLRQVWKHVDPHZD\
/0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$% &"' &/' %&")2(' 1"$4$%0#(2' #&/' *0")102$(' +,,=-'

UHODWRGHOD3DVFXDFXDQGRFDGDSDGUHLVUDHOLWDUHGLPHDVXKLMRSULPRJpQLWRSRU
XQDQLPDOVXVWLWXWR ([ IBA

'8552

´(VDQRFKHVHOHDSDUHFLyHO6HxRU\OHGLMR¶<RVR\HO'LRVGHWXSDGUH
$EUDKDP 1R WHPDV TXH \R HVWR\ FRQWLJR 3RU DPRU D PL VLHUYR $EUDKDP WH
EHQGHFLUp\PXOWLSOLFDUpWXGHVFHQGHQFLD·$OOt,VDDFFRQVWUX\yXQDOWDU>:.X9D'AZ#
H LQYRFy HO QRPEUH GHO 6HxRU $FDPSy HQ HVH OXJDU \ VXV VLHUYRV FDYDURQ XQ
SR]Rµ *Q 

(Q %HUVHED HO DQWLJXR KRJDU GH $EUDKiQ DSDUHFLy >C'FD#"!@ HO 6HxRU
D ,VDDF \ UHLWHUy ODV SURPHVDV &RPR $EUDKiQ KL]R DQWHV GH pO ,VDDF H[SUHVD
VX IH \ JUDWLWXG SRU ODV SURPHVDV FRQ OD FRQVWUXFFLyQ GH XQ DOWDU >:.X9D'AZ-#
RIUHFLHQGRXQVDFULÀFLRDGRUDQGRDO6HxRUHKL]RSURFODPDFLyQGHO6HxRU *Q
>´LQYRFyHOQRPEUHGHO6HxRUµC'F.;#"!#9)6D:#B&C&@ (O
VDQWXDULRGH$EUDKiQHQ%HUVHEDOOHJyDVHUHOGH,VDDF *Q 

G52=6

:HVWHUPDQQOODPDDWRGRHOUHODWRGH*QXQDQDUUDWLYDIXQGDFLRQDO
4()#1,"5*,%&/7IBI%HWHOOOHJyDVHUXQFHQWURWDQLPSRUWDQWHSDUDODDGRUDFLyQGHO

DV¶WLPH·DQG¶KRXU·GRLQ¶KLVWLPHKDGQRW\HWFRPH· -Q >«@RU¶WKHKRXUKDVFRPH


IRU WKH 6RQ RI 0DQ WR EH JORULÀHG· -Q   WKHQ &KULVW·V ¶GD\· UHIHUV WR WKH HYHQWV WKDW
VXUURXQGHGKLVSDVVLRQDQGZRUNRIUHGHPSWLRQRQWKHFURVVµ:&.DLVHU+>3%V3==8:>%
81%;>3%"7<%+3=;:531; *UDQG5DSLGV=RQGHUYDQ ¢&XiQGR$EUDKiQSXGRKDEHU
YLVWR HO ´GtDµ GH &ULVWR" .DLVHU DxDGH ´3UREDEOHPHQWH FXDQGR pO OOHYy D VX KLMR ,VDDF
DO PRQWH 0RULD SDUD VHU RIUHFLGR D SHVDU GH TXH KDEtD HVSHUDGR WDQWR WLHPSR SRU pO \
SUREDEOHPHQWHQXQFDFRQVHJXLUtDRWURSDUDUHHPSOD]DUOR>«@'LRVHQVXOXJDUSURYH\yXQ
VXVWLWXWR²XQFDUQHURDWUDSDGRHQHOPDWRUUDOTXHDSDUHFLyFXDQGR'LRVOODPyDXQDOWRD
ODSUXHED Y '=%6,-%3=,%YH3%*@-:>.1%77:5N%37%7H9:-%Wf:>O[%I8-:>J-#¶(O6HxRU3URYHHUi· Y 7#
(QRWUDVSDODEUDV*@-:>.1%O8,%YH3%&8,=%58=5,%6-,O33-M:%H1%=H=;8;H;,DOJXLHQHQHVD¶VHPLOOD·
TXHHVWDUtDFRQHFWDGRGHDOJXQDPDQHUDFRQHOVDFULÀFLR\ODOLEHUDFLyQGH,VDDFHOKLMRGH
ODSURPHVDµ´3UREDEO\ZKHQKHWRRNKLVVRQ,VDDFXSRQ0RXQW0RULDKWREHRIIHUHGHYHQ
WKRXJKKHKDGZDLWHGVRORQJIRUKLPDQGZRXOGSUREDEO\QHYHUJHWDQRWKHUWRUHSODFHKLP
XYZ#*RGLQVWHDGSURYLGHGDVXEVWLWXWH²DUDPFDXJKWLQWKHWKLFNHWZKLFKDSSHDUHGDV*RG
FDOOHGDKDOWWRWKHWHVW Y 7KDWLVZK\$EUDKDPQDPHGWKHSODFH¶<DKZHK-LUDK·¶7KH/RUG
:LOO3URYLGH· Y ,QRWKHUZRUGV*@-:>:5%=:D%;>:;%(,<%>85=372%D,H7<%6-,O8<3%:%=H@=;8;H;3-#
VRPHRQHLQWKDWFRPLQJ¶VHHG·ZKRZRXOGVRPHKRZEHFRQQHFWHGZLWKWKHVDFULÀFHDQG
GHOLYHUDQFHRI,VDDFWKHVRQRISURPLVHµ,ELGFXUVLYDDxDGLGD
IBA# 3RUHMHPSORYpDVH35'DYLHV´3DVVRYHUDQGWKH'DWLQJRIWKH$THGDKµII!  
IBI# :7#^(15(%',""-#+>3%G-,58=3=%;,%;>3%Z:;>3-= 3KLODGHOSKLD)RUWUHVV 
+,,>-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

6HxRU'HELGRDTXH'LRVUHDOPHQWHVHHQFRQWUyFRQHOSDWULDUFDHQHVWHOXJDU
IXHWLHUUDVDQWD$TXtHQWRQFHVHUDXQOXJDUGRQGHODDGRUDFLyQHUDDSURSLDGD
/DWULSOHPHQFLyQGH:";=:´HOOXJDUµHQHOY\GHVSXpVGHQXHYRHQORV
YYTXHFXOPLQDHQHOFDPELRGHQRPEUHGHOOXJDUHQHOYDOXGHDO
VLJQLÀFDGRGH´HOOXJDUµ(OWpUPLQRVHXVDDYHFHVHQVHQWLGRFXOWXDOFRPRXQ
´OXJDUGHDGRUDFLyQFXOWRµ HJ'W ´(OOXJDUµVHKDFHUHFRQRFLEOHFRPR
VDQWRFRPROXJDUGH'LRVSRUODHUHFFLyQGHODSLHGUD/DDFFLyQGH-DFREGHO
DVHQWDPLHQWR GH OD SLHGUD VREUH OD TXH GHVFDQVy VX FDEH]D FXDQGR WXYR HO
VXHxRHVWiGLFLHQGRTXHODSLHGUDHVWDEDFHUFDGHpOFXDQGRVRxDEDORTXHOH
UHYHOyODVDQWLGDGGHOOXJDU YY -DFREWLHQHXQVXHxR Y (VWDHVOD
SULPHUDQDUUDFLyQGHXQVXHxRHQHO$7(OVXHxROHKDPRVWUDGRTXHHVWHHVXQ
OXJDUVDQWR Y (VXQDYLVLyQHQVHQWLGRHVWULFWR(OWpUPLQRKHEUHR&.KD&#
PDUFD ODV WUHV FDUDFWHUtVWLFDV GHO VXHxR   OD HVFDOHUD TXH XQH OD WLHUUD FRQ HO
FLHOR  ORViQJHOHVTXHVXEHQ\EDMDQ\  HO6HxRUPLVPRIBB

(OFRQFHSWRWHROyJLFRGHGRVVDQWXDULRVFRQHFWDGRVSRUHVFDORQHVVHSXHGH
UHSUHVHQWDUHQHOVXHxRGH-DFRE  /DHVFDOHUD>-YO":Z#3/"(35,#()#1,"5*,%&/#
WHUUHQDO ´(V QDGD PHQRV TXH OD FDVD GH 'LRVµ  FRQ HO FHOHVWLDO ´£HV OD SXHUWD
4()#3&()/bVL7IBF(OYHUERHYRFDXQDFRQVWUXFFLyQDSLODGD GHSLHGUD XQDUDPSD
.*(#))(+,#4(#),#5&(%%,#,)#3&()/-#4()#3&()/#,#),#5&(%%,7#!1#(1("3&,)#.*(#),#(13,)(%,#.*(#
XQHHOFLHOR\ODWLHUUDHQHOVXHxRGH-DFREVHHVWDEOH]FD>:YZ"9Z#("#()#1*()/-#
HQHOOXJDUGRQGHGXHUPHKDFLpQGROHVDEHUTXHHVXQOXJDUVDQWR/RV´iQJHOHV
GH'LRVµVRQVHUHVFHOHVWLDOHV HJ-RE TXHSRUPHGLRGHVXDVFHQVR\
GHVFHQVRVXEUD\DQHOYtQFXORHQWUHHOFLHOR\ODWLHUUD\DGHVFULWRSRUODHVFDOHUD
/RV VHUHV FHOHVWLDOHV WDPELpQ HVWiQ SUHVHQWHV HQ ,VDtDV  HQ UHODFLyQ FRQ 'LRV
HQWURQL]DGRHQVXVDQWXDULR$TXtWDPELpQHVHVHQFLDOTXHORV´iQJHOHVGH'LRVµ
TXHVXEHQ\EDMDQHQOD]DQHOOXJDUGRQGH-DFREVHHQFXHQWUDFRQHOFLHORIBG

´$ OD PDxDQD VLJXLHQWH -DFRE VH OHYDQWy WHPSUDQR WRPy OD SLHGUD TXH
KDEtDXVDGRFRPRDOPRKDGDODHULJLyFRPRXQDHVWHOD\GHUUDPyDFHLWHVREUH
HOOD>«@<HVWDSLHGUDTXH\RHULJtFRPRSLODUVHUiFDVDGH'LRV>«@µ YY 
'HUUDPDUHODFHLWHDQWHHO6HxRUHUDXQUHJDORSDUD'LRVSRUTXHWUDQVPLWLyOD

IBB# C.KD& PDUFD D PHQXGR OD SHUFHSFLyQ GH XQ FDUiFWHU H LQGLFD XQ FDPELR HQ HO SXQWR
GH YLVWD YpDVH $ %HUOLQ G,3;80=% :1<% $1;3-6-3;:;8,1% ,2% ?8@780:7% B:--:;8O3# K^&"/",# O,_(U#
(LVHQEUDXQV 
IBF# 9pDVH6DUQD(313=8=6SHLVHU*YRQ5DG(313=8=F%*%E,5531;:-A27/ 3KLODGHOSKLD
^(15'&"15(%-#AECIL-#ICE7
IBG 9pDVH:HVWHUPDQQ*HQHVLV
/0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$% &"' &/' %&")2(' 1"$4$%0#(2' #&/' *0")102$(' +,,9-'

PLVPD DFWLWXG TXH KDFHU XQ VDFULÀFLR (UD XQ DFWR ULWXDO VLPEyOLFR SRU HO FXDO
-DFREGHPRVWUyVXDGRUDFLyQDO6HxRU\FRQVDJUyHOOXJDUFRPRVDQWRSDUDpOIBH#
(O DFHLWH VH XVy HQ OD DGRUDFLyQ SDUD VDQWLÀFDU ORV OXJDUHV VDQWRV \ ODV FRVDV
VDQWDV ([   /Y  1P   ´(VWD SLHGUD >«@ VHUi FDVD
GH 'LRVµ HVWR HV XQD IRUPD FRQFUHWD GH FXOWR VLJQLÀFD TXH OD SLHGUD VH GHEH
H[WHQGHU D XQ VDQWXDULR R DGTXLULU HO HVWDWXV GH XQ VDQWXDULR GRQGH VH GHEH
,4/%,%#,#6&/17

0iV WDUGH HQ OD KLVWRULD GH ,VUDHO HVWH WHPSOR LH ´FDVD GH 'LRVµ  VH
UHHPSOD]ySRUXQVDQWXDULRSRUWiWLOLGyQHRSDUDODVSHUHJULQDFLRQHVGH,VUDHO\
OXHJRSRUXQWHPSORGHSLHGUD\FHGURDSURSLDGRSDUDTXH,VUDHOHVWpÀUPHPHQWH
HVWDEOHFLGRHQODWLHUUDIBC$EUDKiQKDEtDSDJDGRDQWHVXQGLH]PRGHOERWtQGH
JXHUUDD0HOTXLVHGHFHOVDFHUGRWHUH\GH6DOpQ *Q -DFREDKRUDSURPHWH
SDJDU XQ GLH]PR D 'LRV GH WRGDV VXV SRVHVLRQHV IXWXUDV D VX UHJUHVR (VWH
GLH]PRSDUHFHVHUXQDRIUHQGDYRWLYD~QLFDGHORVUHEDxRV\ORVSURGXFWRVGHO
VXHOR 'W /DLQVWLWXFLyQGHODGRQDFLyQGHOGLH]PRD
ORVWHPSORVHVWiELHQDWHVWLJXDGDHQWRGRHO32$IBD

´/XHJR RIUHFLy XQ VDFULÀFLR >C'F.X9'A# B'H";$9# X59'AZ# ("# )/# ,)5/# 4(# *"#
PRQWHHLQYLWyDVXVSDULHQWHVDSDUWLFLSDUHQODFRPLGD'HVSXpVGHTXHWRGRV
FRPLHURQ SDVDURQ OD QRFKH DOOtµ *Q   (ULJLU XQ PRQXPHQWR GH SLHGUD
\ RIUHFHU XQ VDFULÀFLR TXH VHOOD HO WUDWDGR VRQ GRV DVSHFWRV LPSRUWDQWHV GHO
SURFHVRGHKDFHUHOSDFWR&RPRHUDFRVWXPEUHHQHO32$H,VUDHOHOSDFWRVH
FRQFOX\yFRQODRIUHQGDGHXQVDFULÀFLR\XQDFRPLGDFRPXQLWDULD FI([
'W /DFRPLGDFRQVLVWHHQORVDQLPDOHVUHFLpQVDFULÀFDGRV\FRQVWLWX\H
$,%5(#4()#%&5*,)7

´/XHJRSRUFLHQPRQHGDVGHSODWDOHVFRPSUyXQDSDUFHODDORVKLMRVGH
-DPRUHOSDGUHGH6LTXpQ\DOOtLQVWDOyVXFDUSD7DPELpQFRQVWUX\y>C'F'Z59Z#
*"#,)5,%#X:.X9D'A@\OROODPy(O(ORKp,VUDHOµ *Q /DOOHJDGDGH-DFRE
D OD WLHUUD SURPHWLGD HO HVWDEOHFLPLHQWR GHO DOWDU \ OD FRPSUD GH XQD SDUFHOD
GHWLHUUDDOOtOHLQGXMHURQDDGRUDUFRPRORKDEtDQKHFKRVXVDQWHSDVDGRV *Q

IBH# N/11-#FEI7
IBC (VWRVWHPSORVVRQVRPEUDVTXHHQFXHQWUDQVXFXPSOLPLHQWRDQWLWtSLFRHQ&ULVWR -Q
 $S  ´1R YL QLQJ~Q WHPSOR HQ OD FLXGDG SRUTXH HO 6HxRU 'LRV 7RGRSRGHURVR \
()#E,-<3-,%1/"%=H%;3567,µ -HV~VVHUHÀHUHDORViQJHOHVTXHDVFLHQGHQ\GHVFLHQGHQHQOD
HVFDOHUDHQWUHHOFLHOR\ODWLHUUDFRPRXQWLSRGHVtPLVPR -Q´&LHUWDPHQWHOHVDVHJXUR
.*(#*15(4(1#YHUiQDEULUVHHOFLHOR\DORViQJHOHVGH'LRVVXELU\EDMDUVREUHHO+LMRGHOKRPEUHVL7
IBD 6DUQD(313=8=-#IJA7
+,,B-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

 \PDUFDHVWHFDStWXORFRPRODFXOPLQDFLyQGHODQDUUDWLYDGH
-DFRE´(ULJLy>C'F'Z59KLÀOLPSHUIHFWRGHOYHUER%"Q'9Z#*"#,)5,%#X:.X9D'AZV7#
(Q RWURV OXJDUHV HO YHUER XVXDOPHQWH XVDGR HQ OD FRQVWUXFFLyQ GHO DOWDU HV
9"%"1 ´FRQVWUXLUµ PLHQWUDV TXH OD SDODEUD XVDGD DTXt %"Q'9 ´HULJLUµ VH XVD
GRVYHFHVHQ*pQHVLVGHODHUHFFLyQGHSLODUHVVDJUDGRV HJ \WDPELpQ
VHXWLOL]DGHHULJLUXQPRQWyQGHSLHGUDV 6 SUREDEOHPHQWHDOXGHDHVRV
RWURVJUDQGHVPRPHQWRVGHVXWUD\HFWRULDFXDQGR-DFREHULJLyWDOHVSLHGUDVGH
SLH FI 

$O OODPDU DO DOWDU ´(O HO 'LRV GH ,VUDHOµ FI *Q  ([  -XH  
-DFREUHFRQRFHTXHHO'LRVTXHKDEtDFDPELDGRVXQRPEUHHQHO-DERFD,VUDHO
HUDDKRUDVX'LRV+DEtDSURPHWLGRHQ%HWHOTXHVLHO6HxRUORWUDtDGHUHJUHVR
D OD FDVD GH VX SDGUH HQ SD] ´HO 6HxRU VHUi PL 'LRVµ   7RGDYtD WLHQH
TXHOOHJDUD%HWHOGRQGHFXPSOLUiHOUHVWRGHOYRWRSHURDOQRPEUDUHVWHDOWDU
UHDÀUPDVXOHDOWDGD'LRV\OHGHFODUDHO'LRVGH,VUDHOIBE#!15(#(%,#3&(%5,'("5(#
XQDOWDULVUDHOLWDSRUTXHFRPSUyODWLHUUD\ODKL]RVX\DFRPR$EUDKiQKDEtD
KHFKRFRQODFXHYDGH0DFSHOD *pQHVLV 

/RVYYGH*QGLFHQFyPR-DFREYROYLyD%HWHOHOOXJDUGRQGH
'LRVOHKDEtDDSDUHFLGRFXDQGRVHHVWDEDHVFDSDQGRGHODHVSDGDGHVXKHUPDQR
(Q%HWHOKDEtDKHFKRXQYRWR  SURPHWLHQGRHQHIHFWRYROYHU\DGRUDUD
'LRVDOOt$KRUDSRUÀQFXPSOHVXYRWR´(ULJHDOOtXQDOWDU>:.X9D'AZ#,X)Z#6&/1V-#
HVODSULPHUDYH]TXHXQSDWULDUFDVHOHRUGHQDFRQVWUXLUXQDOWDUSHURVXPDUFR
FRQWH[WXDOHQHVWDHWDSDGHODWUD\HFWRULDGH-DFRELQYLWDDODFRPSDUDFLyQFRQ
HOPDQGDWRGH'LRVD$EUDKiQ´RIUpFHORFRPRKRORFDXVWRµ  -DFREIXHWDQ
UiSLGR FRPR $EUDKiQ FI   H LQPHGLDWDPHQWH OHV RUGHQD TXH VH SUHSDUHQ
SDUDODSHUHJULQDFLyQ

/DSUHSDUDFLyQSDUDFRPSOHWDUORVYRWRVLQFOX\yXQSURFHVRGHSXULÀFDFLyQ
/D IDPLOLD GH ,VUDHO SHUWHQHFtD DO 6HxRU \ DVt WHQtDQ TXH KDFHUVH VDQWRV DQWHV
GH SRGHU DGRUDU HQ VX DOWDU 4XLWDU ORV IDOVRV GLRVHV FRQYHUWLUVH HQ OLPSLRV \
FDPELDU ORV YHVWLGRV HUDQ SDVRV QHFHVDULRV HQ OD FRQVDJUDFLyQ DO DFHUFDUVH DO
6HxRU SDUD DGRUDUOH /D DGRUDFLyQ TXH OOHYD D XQR D OD SUHVHQFLD GH XQ 'LRV
VDQWR H[LJH OD SXUH]D LQWHULRU \ H[WHULRU VLHQGR HVWD ~OWLPD YLVWD FRPR XQD
H[SUHVLyQGHODSULPHUD/DSXULÀFDFLyQXVXDOPHQWHWRPDEDODIRUPDGHEDxR
FRUSRUDOODYDUODURSD\DIHLWDUVH /Y1P $QWHVGHODUHYHODFLyQGHO

IBE# *-:HQKDP*HQHVLV-#^=:#I#K6,)),1U#^/%4-#AEEFL-#BJA7
/0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$% &"' &/' %&")2(' 1"$4$%0#(2' #&/' *0")102$(' +,,?-'

6LQDt D WRGR HO SXHEOR VH OH GLMR TXH ODYDUD VX URSD ([   $TXt -DFRE
LQVLVWH HQ TXH FDPELHQ VXV ´URSDV H[WHUQDVµ 6X FDPELR GH URSD VLPEROL]D XQ
PRGRGHYLGDQXHYR\SXULÀFDGR FI*Q/Y1P
6(]=DF IFJ

(OSDVDMHWDPELpQVHVXSHUSRQHFODUDPHQWHFRQHQHOTXH-DFRE
OHYDQWyODSLHGUDODXQJLyFRQDFHLWH\SXVRHOQRPEUHGH%HWHO$TXtHQHOY
 -DFRE HULJLy HO SLODU \ YHUWLy DFHLWH HQFLPD GH pO XQD YH] PiV DGRUDQGR D
'LRV +DPLOWRQ H[SOLFD ´/RV UHFXHUGRV GH -DFRE GH GRV H[SHULHQFLDV HQ %HWHO
FDStWXORV\ UHFRUGDUiQGXUDQWHPXFKRWLHPSRHO'LRVGH-DFREHQFRQWUDGR
DOOtHQOXJDUGHUHFRUGDUD%HWHOFRPRXQDUHVLGHQFLDGLYLQDXQOXJDUVDQWR¶(O
'LRVGHOD&DVDGH'LRV·HQYH]GHVLPSOHPHQWH¶/D&DVDGH'LRV·µIFA

+DFLD HO ÀQDO GH VX YLGD -DFRE KL]R VDFULÀFLRV GH DQLPDOHV HQ %HUVHED
FXDQGR LED GH FDPLQR SDUD YHU D -RVp HQ (JLSWR ´,VUDHO HPSUHQGLy HO YLDMH
FRQWRGDVVXVSHUWHQHQFLDV$OOOHJDUD%HUVHEDRIUHFLyVDFULÀFLRV>X)9"A+:Z#,)#
'LRV GH VX SDGUH ,VDDFµ *Q   $KRUD GH OD DEXQGDQFLD GH VXV UHEDxRV \
PDQDGDV -DFRE OOHYy DGHODQWH OD WUDGLFLyQ SDWULDUFDO GH DGRUDU D 'LRV FRQ HO
3*)5/#<#%&5*,)#,$%/$&,4/17

PKTK.9!,.*%+9+"-!,.$%.QX+$+.%).%9.,!)*D!#'+

´(VWRV VRQ ORV QRPEUHV GH ORV KLMRV GH ,VUDHO TXH DFRPSDxDGRV GH VXV
IDPLOLDVOOHJDURQFRQ-DFRED(JLSWRµ ([ $VtFRPLHQ]DHOOLEURGHe[RGR
TXHREWLHQHVXQRPEUHKHEUHRGHHVWDRUDFLyQ6>:=8´QRPEUHVµ(OPRYLPLHQWR
WHROyJLFR HQ HO OLEUR GH e[RGR YD GHVGH OD HVFODYLWXG D OD DGRUDFLyQFXOWR
GHVGH HO VHUYLFLR D )DUDyQ DO VHUYLFLR GH 'LRV 0iV SDUWLFXODUPHQWH HV XQ
PRYLPLHQWR WHROyJLFR GH OD FRQVWUXFFLyQ IRU]DGD GH ,VUDHO GH ORV HGLÀFLRV GH
)DUDyQ D OD RIUHQGD DOHJUH \ REHGLHQWH GH Vt PLVPRV SDUD XQ HGLÀFLR SDUD OD
DGRUDFLyQGH'LRV²HOWDEHUQiFXORVDQWXDULR FI([VV 6HLQLFLDSRUWDQWR
FRQODHVFODYLWXGIRU]DGD\REOLJDGDD)DUDyQ\VHWHUPLQDHQHOVHUYLFLROLEUH\
YROXQWDULRD'LRVIFI

IFJ# ,ELG
IFA# ´-DFRE·V PHPRULHV RI WZR H[SHULHQFHV DW %HWKHO FKDSV  DQG   ZLOO UHFDOO IRU D ORQJ
WLPHWRFRPHWKH*RG-DFREHQFRXQWHUHGWKHUHUDWKHUWKDQUHFDOO%HWKHODVDGLYLQHUHVLGH
DKRO\VLWH¶7KH*RGRIWKH+RXVHRI*RG·UDWKHUWKDQVLPSO\¶7KH+RXVHRI*RG·µ93
+DPLOWRQ7KH%RRNRI*HQHVLV&KDSWHUV1,&27 *UDQG5DSLGV(HUGPDQV 
IFI 9pDVH*DUFtD/ySH]
+,,@-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

+D\ YDULRV pQIDVLV HQ HO PRYLPLHQWR \ VHFXHQFLD GH HYHQWRV GHQWUR GHO
OLEURGHe[RGR(OSULPHUJUXSRGHHYHQWRVSHUWHQHFHDOD78@3-:08N1#4(#R1%,()#4(#
ODHVFODYLWXGHJLSFLDSRUORVSRGHURVRVDFWRVGH'LRVFXOPLQDQGRHQHOFDQWRGH
WULXQIRGH0RLVpV e[RGR (OVHJXQGRJUXSRGHDFRQWHFLPLHQWRVLQYROXFUD
()#)&4(%,@+/#4(#+%,3&,#4(#6&/1#<#()#3*&4,4/#4(#R1%,()#("#()#4(1&(%5/#.*(#3*)'&",#
HQHOHVWDEOHFLPLHQWRGHODQDFLyQHQXQDUHODFLyQGH6:0;,FRQpOPLVPR e[RGR
 (OWHUFHUpQIDVLVVHUHÀHUHDODFRQVWUXFFLyQGHO;:@3-1.0H7,/=:1;H:-8,#3/'/#
XQD PRUDGD DGHFXDGD SDUD 'LRV TXH DKRUD KD HOHJLGR UHVLGLU FRQ VX SXHEOR
HOHJLGR e[RGR 

:,1&# H1% ;3-08, GHO OLEUR GH e[RGR HVWi GHGLFDGR D FRQVLGHUDFLRQHV FRQ
UHVSHFWR DO WDEHUQiFXOR HV GHFLU ;-303 FDStWXORV TXH WLHQHQ TXH YHU FRQ HO
VDQWXDULRGHOGHVLHUWRGH,VUDHO/DLQIRUPDFLyQVREUHHOWDEHUQiFXORVDQWXDULR
VHGDHQXQPLQXFLRVRGHWDOOH\HQODPD\RUtDGHORVFDVRVGRVYHFHVXQDYH]
SUHVFULSWLYDPHQWH e[RGR   \ RWUD YH] GHVFULSWLYDPHQWH e[RGR  
$GHPiV WDQWR OD LQFOXVLyQ FRPR OD RPLVLyQ GH GHWDOOHV HQ HVWRV WH[WRV VRQ
LQGLFDGRUHV VLJQLÀFDWLYRV GH VX LPSRUWDQFLD WHROyJLFD /RV GHWDOOHV UHODWLYRV D
ODV GLPHQVLRQHV \ FRPSRVLFLRQHV GH ORV GLYHUVRV REMHWRV ULWXDOHV DFODUDQ TXH
OD DGRUDFLyQ QR GHEH WRPDUVH D OD OLJHUD (O YROXPHQ GH PDWHULDO PXHVWUD 7:%
856,-;:108:%<3%7:%:<,-:08N1/0H7;,SDUDHOQDUUDGRU7RGRVORVREMHWRVTXHVHFRORFDQ
GHQWUR GH OD HVWUXFWXUD VH GHVFULEHQ ²DUFD SURSLFLDWRULR DOWDU FDQGHODEUR
'(1,# <# /5%/1# %&5*,)(1-# ,)# &+*,)# .*(# 3&(%5/1# $%/3(4&'&("5/1# %&5*,)(1# <# ,1*"5/1#
FRQFHUQLHQWHV D ORV VDFHUGRWHV DVRFLDGRV FRQ VX PLQLVWHULR (O HQIRTXH GH ORV
WH[WRV QR HV VREUH FRGRV \ ÀJXUDV Q~PHURV \ IRUPDV VLQR VREUH OD SUHVHQFLD
4(#6&/1#("#1*#&"5(%&/%-#.*(#*"#1,"5*,%&/#<#1*1#%(3&"5/1#1,+%,4/1#$(%'&5("#,#*",#
FRPXQLGDGFHOHEUDU FI([ IFB

0XFKRV KDQ REVHUYDGR TXH e[RGR  VH GHVSOLHJD HQ VLHWH VHFFLRQHV
SULQFLSDOHV ([     VHJ~Q OD
UHFXUUHQFLD GH OD IyUPXOD LQWURGXFWRULD HQ HO SULPHU YHUVtFXOR GH FDGD VHFFLyQ
´HO6HxRUKDEOyGLMRD0RLVpVµ IFF/DSULPHUDVHFFLyQ([HVUHDOPHQWH
XQ GLVFXUVR QDUUDWLYR GHO 6HxRU D 0RLVpV $GHPiV .QLHULP VHxDOD TXH HVWR

IFB# 3RUHMHPSORYpDVH&5.RHVWHU7KH'ZHOOLQJRI*RG7KH7DEHUQDFOHLQWKH2OG7HVWDPHQW
,QWHUWHVWDPHQWDO -HZLVK /LWHUDWXUH DQG WKH 1HZ 7HVWDPHQW &%406  :DVKLQJWRQ 7KH
&DWKROLF%LEOLFDO$VVRFLDWLRQRI$PHULFD 
IFF# 5(/RQJDFUH´%XLOGLQJIRUWKH:RUVKLSRI*RG([RGXVµLQ&8=0,H-=3%*1:7A=8=%
,2%?8@780:7%#8;3-:;H-3F%K>:;%$;%$=%:1<%K>:;%$;%"223-=HG:5%RGLQH $WODQWD6FKRODUV 

/0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$% &"' &/' %&")2(' 1"$4$%0#(2' #&/' *0")102$(' +,,;-'

HV HVSHFLDOPHQWH VLJQLÀFDWLYR SRUTXH SUHVHQWD ODV LQVWUXFFLRQHV SDUD TXH HO
WDEHUQiFXORVDQWXDULRWHQJDVXRULJHQQRVRORHQ0RLVpVVLQRHQHO6HxRUPLVPR
/DGHFLVLyQGHFRQVWUXLUXQVDQWXDULRDVtFRPRVXGLVHxRIXHXQDGHFLVLyQGH
),#6(&4,47IFG(VWRHVFLHUWRGHQWURGHO$7 FI6 \HQHOPXQGRGHO32$
WDPELpQIFH

$GLIHUHQFLDGHODVLQVWUXFFLRQHVHQe[RGRODVHFFLyQGHWHUPLQDFLyQ
VLJXH HO RUGHQ SUDJPiWLFR QDWXUDO GH OD FRQVWUXFFLyQ (Q SULPHU OXJDU HVWi OD
FRQYRFDWRULD SDUD UHFRJHU PDWHULDOHV GH FRQVWUXFFLyQ \ UHXQLU D DUWHVDQRV \
D RWURV WUDEDMDGRUHV ([   VHJXLGR SRU OD UHVSXHVWD DEXQGDQWH GH ORV
LVUDHOLWDVDHVWDOODPDGD ([ /DFRQVWUXFFLyQDFWXDOFRPLHQ]DFRQOD
IDEULFDFLyQGHODSURSLD7LHQGDGHOWDEHUQiFXORVDQWXDULR ([ GHVSXpV
HOPRELOLDULRGHOD7LHQGD ([ VHJXLGRSRUHODOWDUODIXHQWH\HODWULR
TXH URGHD OD 7LHQGD e[RGR   /DV YHVWLPHQWDV GH ORV VDFHUGRWHV FRQFOX\HQ
OD VHFFLyQ GH WHUPLQDFLyQ SURSLDPHQWH GLFKD ([   /D FRQFOXVLyQ ÀQDO
LQGLFD OD ÀQDOL]DFLyQ GHO WDEHUQiFXORVDQWXDULR FRQ OD SUHVHQWDFLyQ GH WRGR D
0RLVpVSDUDVXH[DPHQ\DSUREDFLyQ ([ IFC

+XURZLW] KD PRVWUDGR TXH FRQ ODV YDULDFLRQHV QHFHVDULDV HO UHODWR GH
OD FRQVWUXFFLyQ \ HUHFFLyQ GHO WDEHUQiFXORVDQWXDULR HQ e[RGR  VLJXH
HO SDWUyQ JHQHUDO GH ORV UHODWRV GH FRQVWUXFFLyQ GH WHPSORV HQ HO 32$  
HO PDQGDPLHQWR GLYLQR SDUD FRQVWUXLU HO WDEHUQiFXORVDQWXDULR ([ 
    OD WUDQVPLVLyQ GHO PDQGDPLHQWR GLYLQR D ODV SHUVRQDV HQFDUJDGDV
GH VX LPSOHPHQWDFLyQ ([     OD UHFROHFFLyQ GH ORV PDWHULDOHV GH
FRQVWUXFFLyQ\HODOLVWDPLHQWRGHORVDUWHVDQRV ([   HOUHODWRGHOD
FRQVWUXFFLyQUHDOGHOWDEHUQiFXORVDQWXDULR\GHVXPRELOLDULR ([ 
\   OD HUHFFLyQ ÀQDO \ OD GHGLFDFLyQ GHO WDEHUQiFXORVDQWXDULR e[RGR  FI
/HYtWLFR IFD

IFG# 5 3 .QLHULP ´&RQFHSWXDO $VSHFWV LQ ([RGXV µ LQ G,539-:1:;3=% :1<% (,7<31% ?377=F%
6WXGLHVLQ%LEOLFDO-HZLVKDQG1HDU(DVWHUQ5LWXDO/DZDQG/LWHUDWXUHLQ+RQRURI-DFRE0LOJURP-#
HG'3:ULJKW'1)UHHGPDQDQG$+XUYLW] :LQRQD/DNH(LVHQEUDXQV 
AAE7
IFH# 5($YHUEHFN´7KH&\OLQGHUVRI*XGHDµLQ+>3%E,1;34;%,2%!0-86;H-3F%V,1H531;:7%$1=0-86;8,1=%
2-,5%;>3%?8@780:7%K,-7<HG::+DOORDQG./<RXQJHU /HLGHQ%ULOO Q
D#<#E7
IFC# 5:.OHLQ´%DFNWRWKH)XWXUH7KH7DEHUQDFOHLQWKH%RRNRI([RGXVµ$1;  
IHH7
IFD# +XURZLW]G-83=;7A%*00,H1;
+,.<-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

(O OLEUR GH e[RGR HV HO SULPHU OLEUR GHO $7 TXH PHQFLRQD HO VDQWXDULR
&1%,()&5,7# !)# 3/"3($5/# 4()# 1,"5*,%&/# (1# 031;-:7 HQ HO OLEUR GH e[RGR (VWH OLEUR
SURSRUFLRQD QR VROR XQD LQIRUPDFLyQ SUHFLVD DFHUFD GH OD HVWUXFWXUD \ HO
PRELOLDULR GHO VDQWXDULR VLQR WDPELpQ VXV PRWLYRV WHROyJLFRV EiVLFRV TXH
HPHUJHQHQUHODFLyQFRQHOVDQWXDULRLVUDHOLWDDQWLJXR3RURWUDSDUWHHOOLEURGH
e[RGRHVIXQGDPHQWDOSDUDXQDDGHFXDGDFRPSUHQVLyQGHXQPRWLYRWHROyJLFR
EiVLFR OD SUHVHQFLD GH 'LRV \D TXH GHVFULEH FyPR HO SXHEOR GH ,VUDHO IXH
PLODJURVDPHQWHOLEHUDGRGHODHVFODYLWXGHJLSFLDSRU'LRV\FyPReOHQWUyHQ
XQDUHODFLyQGHSDFWRFRQHOORV\OHVGLRHOGRQSUHFLRVRGHVXSURSLDSUHVHQFLD
/D SURYLVLyQ GH XQ VDQWXDULR IXH HO FXPSOLPLHQWR GH OD SURPHVD GHO SDFWR (O
VDQWXDULRUHSUHVHQWDEDGHKHFKRHOPD\RUGRQTXH<DKYpSRGtDRWRUJDUDVX
SXHEORHOGRQGHVXSURSLDSUHVHQFLD

(Q HO FRPLHQ]R GH e[RGR VH HVWDEOHFH XQD FODYH WHROyJLFD HVHQFLDO FRQ
UHVSHFWRDOWDEHUQiFXORVDQWXDULR´<RHVWDUpFRQWLJROHUHVSRQGLy'LRV<WHYR\
DGDUXQDVHxDOGHTXHVR\\RTXLHQWHHQYtD&XDQGRKD\DVVDFDGRGH(JLSWRD
PLSXHEORWRGRVXVWHGHVPHUHQGLUiQFXOWRHQHVWDPRQWDxD>«@/RVDQFLDQRV
GH,VUDHOWHKDUiQFDVR(QWRQFHVHOORV\W~VHSUHVHQWDUiQDQWHHOUH\GH(JLSWR
\OHGLUiQ(O6HxRU'LRVGHORVKHEUHRVKDYHQLGRDQXHVWURHQFXHQWUR'pMDQRV
KDFHU XQ YLDMH GH WUHV GtDV DO GHVLHUWR SDUD RIUHFHUOH VDFULÀFLRV >%.[9)A"&-# .,)#
LPSHUIHFWR@DO6HxRUQXHVWUR'LRVµ ([ (Q([HVWHPRWLYRWHROyJLFR
VH UHSLWH ´'HVSXpV GH HVR 0RLVpV \ $DUyQ VH SUHVHQWDURQ DQWH HO IDUDyQ \ OH
GLMHURQ$VtGLFHHO6HxRU'LRVGH,VUDHO'HMDLUDPLSXHEORSDUDTXHFHOHEUH
HQHOGHVLHUWRXQDÀHVWDHQPLKRQRU¢<TXLpQHVHO6HxRUUHVSRQGLyHOIDUDyQ
SDUDTXH\ROHREHGH]FD\GHMHLUD,VUDHO"£1LFRQR]FRDO6HxRUQLYR\DGHMDU
TXH,VUDHOVHYD\D(O'LRVGHORVKHEUHRVQRVKDVDOLGRDOHQFXHQWURFRQWHVWDURQ
$Vt TXH GHEHPRV KDFHU XQ YLDMH GH WUHV GtDV KDVWD HO GHVLHUWR SDUD RIUHFHU
VDFULÀFLRV >%.[9)A"& TDO LPSHUIHFWR@ DO 6HxRU QXHVWUR 'LRV 'H OR FRQWUDULR
SRGUtDFDVWLJDUQRVFRQSODJDVRPDWDUQRVDÀORGHHVSDGDµ

/D VHxDO SDUD 0RLVpV HUD TXH HO SXHEOR DGRUDUtD D <DKYp HQ HO PLVPR
PRQWHGHVSXpVGHODOLEHUDFLyQGH(JLSWR/DFRQVWUXFFLyQSDUDOHODVHHQFXHQWUD
HQ  6   5   5   \ -HU  (Q FDGD FDVR VH SURQXQFLD
XQDDPHQD]DRSURPHVDSRUXQSURIHWDGH'LRVTXHWHQGUiOXJDUHQHOIXWXUR
(QWRQFHV VH RIUHFH XQD VHxDO FRPR FRQÀUPDFLyQ GH OD SDODEUD SURIpWLFD SRU
PHGLR GH OD IyUPXOD ´HVWD VHUi OD VHxDO SDUD WLµ >C)X5&# E)7"# &"!=8Z7# O,# 1(],)#
$%(3(4(# ("# ()# 5&('$/# ,# ),# ,'(",@,# /# ,# ),# $%/'(1,7# O,# 1(],)# <,# $,%5&3&$,# ("#
OD SURPHVD IXWXUD GH XQ SXHEOR UHGLPLGR DGRUDQGR D 'LRV HQ VX VDQWXDULR
/0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$% &"' &/' %&")2(' 1"$4$%0#(2' #&/' *0")102$(' +,.,-'

$GHPiV HO UHJUHVR GHO SXHEOR D OD DGRUDFLyQ HQ OD PLVPD PRQWDxD LQGLFDUtD
XQHOHPHQWREiVLFRGHDÀQLGDGHQWUHODVHxDO\VXFXPSOLPLHQWR(OOXJDU\OD
SUiFWLFDVHKDQSUHÀJXUDGRGHDOJXQDPDQHUDHQHVWDSULPHUDRFDVLyQ

¢&XiO HV OD IXQFLyQ GHO UHJUHVR GH ,VUDHO DO 6LQDt SDUD DGRUDU" 6HJ~Q
&KLOGV OD WHRIDQtD D 0RLVpV VH OH\y D OD OX] GH ORV DFRQWHFLPLHQWRV XOWHULRUHV
HQ HO 6LQDt HV GHFLU KDEtD XQD UHODFLyQ WLSROyJLFD HQWUH OD ]DU]D DUGLHQWH HQ
OD PRQWDxD VDQWD \ HO IXHJR GHYRUDGRU HQ HO 6LQDt /D VHxDO D 0RLVpV VH YLy
FRPRXQDSUHÀJXUDFLyQGHODH[SHULHQFLDGH,VUDHO/DVHxDOGHOD]DU]DDKRUD
DSXQWDEDDOFXPSOLPLHQWRHOYHUVtFXORHQWRQFHVVHUtDFRPRVLJXH´HVWD]DU]D
DUGLHQWHHVXQDVHxDOGHTXHVR\\RTXLHQWHHQYtD\HVWXJDUDQWtDTXHFXDQGR
KD\DVUHVFDWDGRDOSXHEORGH(JLSWRDGRUDUiVD'LRVHQHVWDPLVPDPRQWDxDµIFE

7HRORJtDGHOD3DVFXD

/RV WpUPLQRV FXOWXDOHV XVDGRV HQ ([  VXJLHUHQ TXH HO DQLPDO
GHOD3DVFXDHUDXQVDFULÀFLR(VWRHVHVSHFLDOPHQWHLQGLFDGRSRUODH[SUHVLyQ
´HO VDFULÀFLR >R3@:>X@ GH OD 3DVFXD GH <DKYpµ   \ SRU HO KHFKR GH TXH IXH
&"'/),4/# Xh:>XĆWX i @ 6HJ~Q HO e[RGR OD 3DVFXD HUD PiV ELHQ XQD ÀHVWD
UHOLJLRVDIDPLOLDU/RTXHWHQHPRVHQOD3DVFXDHVXQWLSRSDUWLFXODUGHVDFULÀFLR
TXHVHGLVWLQJXHGHFXDOTXLHURWURVDFULÀFLRLVUDHOLWD(VXQVDFULÀFLR~QLFR

/RTXHSRGHPRVFRQVWDWDUHQ([HVXQDFWRGHUHGHQFLyQUHDOL]DGR
PHGLDQWH XQ VDFULÀFLR VXVWLWXWLYR   /D UHGHQFLyQ IXH OD GHO SULPRJpQLWR
GHORVKHEUHRV0LHQWUDVTXHHQ(JLSWRWRGRVORVSULPRJpQLWRVPXULHURQHQWUH
ORVKHEUHRVPXULyXQDQLPDO/DLGHDGHVXVWLWXFLyQHVWiFODUDPHQWHLPSOtFLWD
(O6HxRUHVWDEDGLVSXHVWRDDFHSWDUGHORVKHEUHRVXQDQLPDOVDFULÀFLDOHQOXJDU
4(#1*#$%&'/+?"&5/7IGJ

([WUDWDFRQODSUHSDUDFLyQSDUDOD3DVFXDPLHQWUDVORVYY
VHSUHRFXSDQSRUODÀHVWDGHORVSDQHVVLQOHYDGXUD/RVYYGHVFULEHQOD
SUHSDUDFLyQSDUDODQRFKHGHORVHYHQWRVGHODOLEHUDFLyQTXHFRPHQ]DURQFRQHO
AJ#4(#B8=.1HVGHFLUGHVFULEHQORVDFRQWHFLPLHQWRVHQODQRFKHGHOGHB8=.17#
(QWRQFHV ORV YY  SUHVFULEHQ FyPR HVWH HYHQWR UHGHQWRU VH GHEH FHOHEUDU

IFE# % 6 &KLOGV 7KH %RRN RI ([RGXV $ &ULWLFDO 7KHRORJLFDO &RPPHQWDU\ 27/ /RXLVYLOOH
^(15'&"15(%-#AECFL-#HJ7
IGJ# -$0RW\HU´3ULHVWO\6DFULÀFHVLQWKH27µLQ(XFKDULVWLF6DFULÀFH-#(47#87#R7#>,3_(%#KO/"4/"U#
&KXUFK%RRN5RRP 
+,..-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

F~OWLFDPHQWH(QFRQVHFXHQFLDORVYYGHVFULEHQOD3DVFXDHQWpUPLQRVGH
VX VHFXHQFLD FURQROyJLFD PLHQWUDV TXH ORV YY  VH RFXSDQ GH OD GXUDFLyQ
GHOWLHPSRSDUDHOFXOWRHVGHFLUORVYYSXHGHQHQWHQGHUVHFRPRXQWRGR
FRKHUHQWH

/D VHOHFFLyQ GHO DQLPDO SDUD VDFULÀFDU VH HVSHFLÀFD FRQ SUHFLVLyQ /D
RIUHQGDDQLPDOGHEtDOLPLWDUVHDXQFRUGHURVLQGHIHFWRGHXQDxRGHHGDG(O
GtDFDWRUFHGHOPHVVHVDFULÀFDEDDODWDUGHFHUIGA3DUWHGHVXVDQJUHVHGHUUDPDED
HQ ORV GRV SRVWHV GH OD SXHUWD \ HQ HO GLQWHO GH ODV FDVDV /D VLJQLÀFDFLyQ GH
HVWHDFWRVHH[SOLFDHQHOY/DVDQJUHVLUYHFRPRXQDVHxDOWDQWRSDUD,VUDHO
FRPRSDUD<DKYpTXHQLQJ~QGDxRRFXUULUiDODIDPLOLDGXUDQWHODQRFKHGHOD
PDWDQ]D GH ORV SULPRJpQLWRV ([   ([  FRQWLHQH YDULRV GHWDOOHV
TXHQRVHHVSHFLÀFDQHQ([

+D\ LQGLFLRV GHO RULJHQ QyPDGD GH OD 3DVFXD 6HJ~Q +DUDQ HVWDV
HYLGHQFLDV VRQ   OD SDUWLFLSDFLyQ FROHFWLYD HQ OD SUHSDUDFLyQ \ HO FRQVXPR
GHOVDFULÀFLR  ODHOHFFLyQGHODRIUHQGDHVSHFtÀFDPHQWHGHOUHEDxRQRGHOD
PDQDGD   FRPHU HQ OD QRFKH TXH HV FXDQGR ORV QyPDGDV VROtDQ FRPHU  
FRPHUODFDUQHGHOVDFULÀFLRDVDGDQRFUXGDRKHUYLGDFRQDJXD  HOpQIDVLV
GDGRDOUROGHODVDQJUH\DOXVRSDUWLFXODUTXHVHKDFHGHHOODHQUHODFLyQFRQ
HVWHVDFULÀFLR\  ODFRPLGDDSUHVXUDGD\ODDWPyVIHUDGHGUDPDHQODTXHVH
3/'(7IGI

/DFRPLGDVDFULÀFLDOHVHOSUHOXGLRGHOp[RGR3RUORWDQWRDXQTXHVHUi
FRPLGD DSUHVXUDGDPHQWH ORV LVUDHOLWDV \D HVWDUtDQ FRPSOHWDPHQWH YHVWLGRV \
)&15/1#$,%,#),#1,)&4,#4(#!+&$5/7#O/#.*(#(1#4(#$,%5&3*),%#&"5(%?1#(1#.*(#),#3/'&4,#
VDFULÀFLDO VH GHQRPLQD ´OD 3DVFXD >*5-'A@ GH <DKYpµ ([  FI   (VWH
5(05/#*1,#()#5?%'&"/#*5-'AFRPRVLIXHUDDOJRELHQFRQRFLGRIGB#6()#'&1'/#'/4/-#
HO SDQ VLQ OHYDGXUD VH GHQRPLQD :'Z=8# K1&"+*),%# :'Z"&  VLQ PiV GHÀQLFLyQ
([    DVXPLHQGR QXHYDPHQWH XQD FRPSUHQVLyQ LQPHGLDWD SRU
SDUWHGHOSXHEOR(VWRLPSOLFDTXHORVGRVWpUPLQRVWpFQLFRV*5-'A#<#:'Z"&-#
SUHH[LVWLHURQDODDVRFLDFLyQFRQHOp[RGR\VXVRUtJHQHVQRGHULYDQGHpO(QHO
3,1/# 4(# :'Z"& OD SURSLD 7RUi FRQÀUPD VX SUHKLVWRULD \D TXH VH UHODWD HQ HO
OLEURGH*pQHVLVTXH/RWVREULQRGH$EUDKiQFRFLQyDSUHVXUDGDPHQWHSDQVLQ
OHYDGXUD>:'Z=8@SDUDVXVGRVKXpVSHGHVLQHVSHUDGRV´3HURWDQWROHVLQVLVWLy

IGA# 6REUHHVWHSXQWRFI/Y1P
IGI +DUDQ
IGB 1,'277(
/0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$% &"' &/' %&")2(' 1"$4$%0#(2' #&/' *0")102$(' +,.=-'

/RW TXH IXHURQ FRQ pO \ HQWUDURQ HQ VX FDVD $OOt /RW OHV SUHSDUy XQD EXHQD
FRPLGD\FRFLySDQHVVLQOHYDGXUD>:'Z=8Z-#<#())/1#3/'&(%/"V#KM"#AE-BL7

/DSDODEUD*5-'AVHKDWUDGXFLGRXQLIRUPHPHQWHFRPR´3DVFXDµ6HGDSRU
VHQWDGRTXHHOQRPEUHVHGHULYDGHODIRUPDYHUEDOTXHVHHQFXHQWUDWUHVYHFHVHQ
e[RGRTXHDVXYH]VHVXSRQHTXHWUDQVPLWHODLGHDGHTXH'LRV´SDVyµVREUH
ODVFDVDVGHORVLVUDHOLWDVFXDQGRKLULyDORVSULPRJpQLWRVHJLSFLRV ([ 
'HELGRDTXHODSURKLELFLyQGHODOHYDGXUDWLHQHXQDDSOLFDFLyQPiVDPSOLDTXH
OD3DVFXD6DUQDGLFHTXHHVSUREDEOHTXHHOSURFHVRGHIHUPHQWDFLyQVHDVRFLy
FRQ OD GHVFRPSRVLFLyQ \ OD SXWUHIDFFLyQ \ DVt VH FRQYLUWLy HQ HPEOHPiWLFR GH
OD FRUUXSFLyQ 3RU FRQVLJXLHQWH VHUtD LQDGHFXDGR DVRFLDU HVWH VtPEROR FRQ XQ
ULWXDOVDFULÀFLDOFX\DIXQFLyQHUDUHDOL]DUODUHFRQFLOLDFLyQHQWUHHOVHUKXPDQR
\'LRV\HOHYDUDOVHUKXPDQRDXQQLYHOVXSHULRUGHHVSLULWXDOLGDGIGF

/D HOHFFLyQ GH OD VDQJUH SDUD VHxDOL]DU ODV FDVDV LVUDHOLWDV WLHQH XQ
VLJQLÀFDGRVLPEyOLFRHQTXHHQHOSHQVDPLHQWRKHEUHRODVDQJUHIXHLGHQWLÀFDGD
FRQYLWDOLGDG\GHKHFKRVHFRQVLGHUyTXHFRQVWLWXtDODHVHQFLDGHODYLGD(VWH
FRQFHSWRHQFXHQWUDXQDPHQFLyQH[SOtFLWDHQHO3HQWDWHXFR+,-.\HQHO$7 *Q
 /Y  'W  6DO   /D VDQJUH HUD OD YLGD GH OD FUHDFLyQ GDGD
SDUDODJHQWHTXHYLYtDHQODVFDVDVPDUFDGDV(VODYLGDTXHGDODYLGDD,VUDHO
QR VLPSOHPHQWH OD VDQJUH FRPR XQ PDUFDGRU GH SURWHFFLyQ /D VDQJUH GH OD
FUHDFLyQHVGHUUDPDGDSDUDTXHODVDQJUHGH,VUDHOSXHGDVHUSHUGRQDGD3HUR
WLHQH HVWH SRGHU GHELGR D OD SDODEUD GH 'LRV TXH DVt SURFODPD VX VLJQLÀFDGR
´&8,=% H=:% 7:% 0-3:08N1% 6:-:% 7,9-:-% 7:% -3<3108N1V7IGG /D WHRORJtD GH OD 3DVFXD FRQ

IGF 6DUQD'467,-819%'4,<H=(VWHVLQyQLPRÀJXUDGRGHOHYDGXUDFRQFRUUXSFLyQVHHQFXHQWUD
WDPELpQHQHO17 0W0F/F&RVV*O 
IGG ´*RG XVHV FUHDWLRQ WR DFKLHYH UHGHPSWLRQµ )UHWKHLP '4,<H=  FXUVLYD HQ HO RULJLQDO /D
3DVFXD VLUYH WDPELpQ FRPR DQWHFHGHQWH LPSRUWDQWH SDUD OD SUHVHQWDFLyQ HQ HO 17 GH OD
PXHUWH GH -HV~V \ OD FRPSUHQVLyQ GH OD &HQD GHO 6HxRU -HV~V FRPR ,VUDHO HV ´OODPDGR
GH(JLSWRµ 0W \WHQWDGRHQHOGHVLHUWR 0W eOQRVRORFHOHEUDOD3DVFXD 0W
0F/F-Q&R VLQRTXHHQXQH[WUDRUGLQDULR
FXPSOLPLHQWR WHROyJLFRWLSROyJLFR VH LGHQWLÀFD D Vt PLVPR FRPR HO 0,-<3-,% 6:=0H:7U#
´'HVKiJDQVHGHODYLHMDOHYDGXUDSDUDTXHVHDQPDVDQXHYDSDQHVVLQOHYDGXUDFRPROR
1/"# ("# %(,)&4,47# >/%.*(# &ULVWR QXHVWUR &RUGHUR SDVFXDO \D KD VLGR VDFULÀFDGRµ  &R  FI
([ (VWDUHSUHVHQWDFLyQVLPEyOLFD\WLSROyJLFDVHYHFODUDPHQWHHQTXHHOVDFULÀFLRGH
OD3DVFXDIXHXQFRUGHUR ([ WDPELpQ&ULVWRORIXH´>«@£$TXtWLHQHQDOE,-<3-,%<3%
&8,= TXH TXLWD HO SHFDGR GHO PXQGRµ -Q   (O FRUGHUR WHQtD TXH VHU VLQ GHIHFWR ([
 WDPELpQ&ULVWRIXHVLQGHIHFWR´>«@XQ0,-<3-,%=81%5:10>:%A%=81%<3230;,V#KA#>#A-AEL7#!"#
ODFUXFLÀ[LyQQRVHURPSLyQLQJ~QKXHVRGHOFXHUSRGH&ULVWR -Q DVtFRPRQRVH
URPSLyWDPSRFRQLQJ~QKXHVRGHOFRUGHURSDVFXDO ([1P (OFRUGHURSDVFXDO
+,.>-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

WRGRVHVWRVFRQFHSWRV\WHPDVWHROyJLFRVVHLQVHUWDHQHO5:0-,0,1036;,/5:0-,;35:%
;3,7N980,FRPSOHMRGHOVDQWXDULRIGH

$KRUDPHGLDQWHODWHRORJtDGHOD3DVFXD<DKYpGHVSXpVGHVXSURPHVDD
$EUDKiQ\D,VDDFOOHYDDFDERVXFXPSOLPLHQWRGHFROPDUGHEHQGLFLRQHVDVX
JUDQGHVFHQGHQFLD,VUDHODSOLFDQGRHQHVWHSHUtRGRKLVWyULFRDXQDFRPXQLGDG
TXHHVWiHQHVFODYLWXGHQXQDQDFLyQGRPLQDQWHFRPR(JLSWRWRGDODDPSOLWXG
GHODWHRORJtDGHODVXVWLWXFLyQUHGHQFLyQOLEHUDFLyQ'LRVGHVSOLHJDFRPRXQD
FiPDUDWRGRVORVSODQRV\IRFRVGHHVWDVWHRORJtDV\DSUHVHQWHVHQORVSDWULDUFDV
GH,VUDHOFRQWRGDVXGLPHQVLyQWHROyJLFDPHGLDQWHOD3DVFXDODVDQJUHGHORV
DQLPDOHVODVXVWLWXFLyQGHORVSULPRJpQLWRVKHEUHRVSRUORVDQLPDOHVVDFULÀFLDOHV
ODUHGHQFLyQ\OLEHUDFLyQGH,VUDHOFRPRFRPXQLGDGGHVXHVFODYLWXGHJLSFLD

<DKYp H[SDQGH WRGRV HVWRV FRQFHSWRV LGHDV \ WHPDV WHROyJLFRV D VX


Pi[LPD H[SUHVLyQ FRQ WRGR XQ SXHEOR SDUD TXH TXHGDVH SODVPDGR TXH HVWDV
WHRORJtDV \D GHVFULWDV HQWUH ORV SDWULDUFDV VXV DQWHSDVDGRV DKRUD DOFDQ]DQ VX
SOHQDSUR\HFFLyQ\VHFRQVROLGDQHQ,VUDHO\HQHOIXWXURVDQWXDULRWDEHUQiFXOR
GRQGHFRQÁXLUiQFRQRWUDVP~OWLSOHVWHRORJtDVSDUDFRQVWUXLUHVDPDFURHVWUXFWXUD
ItVLFRWHROyJLFD7RGDHVWDSDQRSOLDPDFURFRQFHSWXDO\PDFURWHPiWLFDIXHIUXWR
GHODDFXPXODFLyQDWUDYpVGHODKLVWRULD\GHOWLHPSRGHWRGDHVWDSOXUDOLGDGGH
FRQFHSWRVLGHDV\WHRORJtDVTXHVHYHUWHEUDURQHQHOVDQWXDULR\TXHFRQÀJXUDURQ
HOIXQGDPHQWRGHODIH\ODSUiFWLFDWHROyJLFDGHODFRPXQLGDGFXOWXDOGH,VUDHOHQ
HO3HQWDWHXFR+,-.\HQHOUHVWRGHO$7PHGLDQWHODLPSODQWDFLyQGHOVDQWXDULR
5('$)/7

VHPDWyHOGH*@8<\VHFRPLyHO ([ &ULVWRIXHHO&RUGHURGH'LRVPXHUWR


GXUDQWHORVGtDVGHODÀHVWDGHOD3DVFXD -Q /DFDUQHGHOFRUGHURVHWHQtDTXH
FRPHU ([ DVtWDPELpQSRGHPRVSDUWLFLSDUGHODFDUQHGH&ULVWR -Q $OÀQDOGHO
17HQHOOLEURGH$SRFDOLSVLV&ULVWRHO&RUGHURSDVFXDOHVWiHQHOFHQWURGHODYLVLyQGH
-XDQGHODIXWXUDUHGHQFLyQGHORVFLHORV\ODWLHUUD´(QWRQFHVYLHQPHGLRGHORVFXDWUR
VHUHVYLYLHQWHV\GHOWURQR\ORVDQFLDQRVDXQE,-<3-,TXHHVWDEDGHSLH\SDUHFtDKDEHU
1&4/# VDFULÀFDGR >«@ &DQWDEDQ FRQ WRGDV VXV IXHU]DV ¶\6&+"/# (1# ()# E,-<3-, TXH KD VLGR
VDFULÀFDGRGHUHFLELUHOSRGHUODULTXH]D\ODVDELGXUtDODIRUWDOH]D\ODKRQUDODJORULD\
ODDODEDQ]D·µ $S 
IGH /RV FRQFHSWRV GH VXVWLWXFLyQ UHGHQFLyQ VDFULÀFLR VXVWLWXWLYR HWF \D VH LQFUXVWDURQ HQ
ODPDWUL]WHROyJLFDGHOVDQWXDULRHQHOUHODWRGH$EUDKiQH,VDDFHQ*QGRQGHORV
GRV SDWULDUFDV GH ,VUDHO FRPR YLPRV DQWHULRUPHQWH HQ OD WHRORJtD SDWULDUFDO UHODWDURQ OD
H[SHULHQFLDGHODWHRORJtDGHODVXVWLWXFLyQGHODUHGHQFLyQ\GHOVDFULÀFLRVXVWLWXWLYRSHUR
HOORVORYLYLHURQFRPRDQFHVWURVGH,VUDHO  
/0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$% &"' &/' %&")2(' 1"$4$%0#(2' #&/' *0")102$(' +,.9-'

PKTKPK.*3=7=@B5.037.,1/5B

,VUDHOOOHJyDO6LQDtHOSULPHUGtDGHOWHUFHUPHV ([ FRQWDQGRGHVGH


HOp[RGR\SDUWLyHOYLJpVLPRGtDGHOVHJXQGRPHVGHODxRVLJXLHQWH 1P 
GHVSXpVGHTXHHOWDEHUQiFXORVDQWXDULRVHKDEtDHULJLGRHOGtDGHDxRQXHYRGHO
VHJXQGRDxR ([ 1RVRORHOVDQWXDULRUHYHODEDODLQPDQHQFLDGH'LRV
VLQRWDPELpQVXWUDVFHQGHQFLD7DOFRPELQDFLyQGHLQPDQHQFLD\WUDVFHQGHQFLD
VH PDQLIHVWy FXDQGR 'LRV GHVFHQGLy VREUH HO 6LQDt SDUD KDFHU HO SDFWR FRQ VX
SXHEOR (O 'HFiORJR SURYH\y HO FRQWHQLGR GHWDOODGR GHO SDFWR KL]R FRQRFHU OD
YROXQWDGGH'LRVDOSXHEOR

(Q OD WHRIDQtD ,VUDHO HPSH]y D H[SHULPHQWDU OD QDWXUDOH]D GH VX 'LRV
(Q FXDQWR D OD H[SHULHQFLD HQ HO 6LQDt WDQ SURQWR FRPR HO SXHEOR OOHJy DOOt HO
6HxRUOHVRUGHQyTXHVHSUHSDUDUDQSDUDODUHXQLyQFRQeO'LRVH[LJLyD0RLVpV
TXHSUHSDUDVHDOSXHEORSDUDHODFRQWHFLPLHQWRTXHWHQGUtDOXJDUDOWHUFHUGtD
FXDQGR 'LRV GHVFHQGHUtD VREUH HO PRQWH /RV LVUDHOLWDV GHEtDQ FRQVDJUDUVH \
ODYDUVXVYHVWLGRV ([ XQDFWRTXHSUHFHGtDDXQDFRQWHFLPLHQWRJUDQGH
\VROHPQH *Q-RV $OWHUFHUGtD0RLVpVORVVDFyGHOFDPSDPHQWRSDUD
("3/"5%,%1(#3/"#6&/1#K!0#AE-ACL7IGC

$XQTXH <DKYp \ VX SXHEOR GHEtDQ UHXQLUVH OD JHQWH PLVPD QR GHEtD
WHQHUDFFHVRDODPRQWDxD´3RQXQFHUFRDOUHGHGRUGHOPRQWHSDUDTXHHOSXHEOR
QRSDVH'LOHVTXHQRVXEDQDOPRQWH\TXHQLVLTXLHUDSRQJDQXQSLHHQpO>«@µ
  (O 6LQDt VH KL]R VDQWR D FDXVD GH OD SUHVHQFLD GH 'LRV \ IXH OLPLWDGR
SDUDHYLWDUFXDOTXLHUYLRODFLyQGHVXVDQWLGDGSRUORVLVUDHOLWDVIGD&ROHDÀUPD
´(O iUHD GH OD PRQWDxD HQ Vt HVWDED ¶VHOODGD· SRU DOJ~Q WLSR GH OLPLWDGRUHV
>*(15/#.*(#),#'/"5,],#(%,#1,+%,4,-#XYZ#3*,).*&(%#3/1,#/#$(%1/",#.*(#),#5/3,%,#
VHFRQYHUWLUtDWDPELpQHQ¶VDQWD·RGHGLFDGDD'LRV3DUDXQDFULDWXUDYLYLHQWH
HVRVLJQLÀFDEDHOVDFULÀFLRTXHDVXYH]VLJQLÀFDEDODPXHUWHµIGE

7DPELpQVHFRQVWUX\yXQDOWDUDOSLHGHODPRQWDxD ([ DOTXHVROR


DOJXQRV MyYHQHV VHOHFFLRQDGRV SRU 0RLVpV HQWUH HO SXHEOR SRGtDQ LU D RIUHFHU
VDFULÀFLRV  (ODFFHVRDODPRQWDxDHVWDEDOLPLWDGRD0RLVpV$DUyQ1DGDE

IGC 9pDVH&KLOGV?,,L%'4,<H=
IGD (O YHUER \'9'E VLJQLÀFD ´HVWDEOHFHU XQD IURQWHUDµ DTXt VH UHÀHUH DO OtPLWH GH XQ iUHD GH
FXOWRYpDVH7'27
IGE# ´7KHDUHDRIWKHPRXQWDLQLWVHOIZDV¶VHDOHGRII·E\VRPHNLQGRIPDUNHUV6LQFHWKHPRXQWDLQ
ZDVKRO\>«@WKHQDQ\WKLQJRUDQ\RQHWKDWWRXFKHGLWZRXOGDOVREHFRPH¶KRO\·RUGHYRWHG
WR*RG)RUDOLYLQJFUHDWXUHWKDWPHDQWVDFULÀFHZKLFKLQWXUQPHDQWGHDWKµ5$&ROH
'4,<H=F%*1%$1;-,<H0;8,1%:1<%E,5531;:-A 'RZQHUV*URYH,QWHU9DUVLW\ 
+,.B-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

$ELK~\VHWHQWDDQFLDQRVGH,VUDHO  TXHSRGtDQVXELUDXQDFLHUWDGLVWDQFLD


HQ OD PRQWDxD VROR GHVSXpV GH TXH HO SDFWR KDEtD VLGR UDWLÀFDGR   $OOt
DGRUDUtDQ DO 6HxRU   \ SDUWLFLSDUtDQ HQ OD FRPLGD GHO SDFWR SRUTXH OD
H[SUHVLyQ ´FRPLHURQ \ EHELHURQµ   VLW~D WRGR HO UHODWR HQ HO FRQWH[WR
GH XQD FRPLGD GH SDFWR FI *Q  ([   $OOt WDPELpQ YLHURQ D
'LRVRHOOXJDUGRQGHHVWDEDHO6HxRU  IHJ6ROR0RLVpVSRGtDDVFHQGHU
KDVWDODFLPDGHODPRQWDxDFHUFDGH<DKYp  GRQGHODJORULDGH<DKYpVH
PDQLIHVWyGHXQDPDQHUDHVSHFLDO6XELyDOOtSDUDUHFLELUODVWDEODVGHSLHGUDTXH
FRQWHQtDQOD/H\GH'LRV  

/D VLPLOLWXG HVWUXFWXUDO TXH DFDEDPRV GH YHU FRQ OD GHO WDEHUQiFXOR
VDQWXDULRSRVWHULRUHVH[WUDRUGLQDULD'XUDQWHODWHRIDQtDHOPRQWHIXHVHSDUDGR
HQWUHV]RQDVGLVWLQWDVGHJUDGDFLRQHVFUHFLHQWHVGHVDQWLGDG\GHUHVWULFFLyQGHO
,33(1/7#!)#3(%3,4/#,)%(4(4/%#4(#),#'/"5,],-#3/"#*"#,)5,%#,)#$&(#4(#),#'/"5,],-#
FRUUHVSRQGHUtDDODWULRGHOVDQWXDULRFRQVXDOWDUGHORVKRORFDXVWRVIHA0iVDUULED
HQHOPRQWHHVWDEDODVHJXQGD]RQDGHVDQWLGDGDODTXHVRORVHDGPLWLHURQORV
VDFHUGRWHV\DQFLDQRVFRUUHVSRQGHUtDDORVVDFHUGRWHVGHOVDQWXDULRTXHSRGtDQ
HQWUDUHQHOSULPHUDSDUWDPHQWRR´/XJDU6DQWRµIHI/DFXPEUHGHODPRQWDxD
FRQVWLWXtD OD WHUFHUD ]RQD D OD TXH VROR 0RLVpV SRGtD VXELU KDVWD OD PLVPD
SUHVHQFLDGH<DKYpFRUUHVSRQGHUtDDODDFWLYLGDGGHOVXPRVDFHUGRWHHO~QLFR
TXHSRGtDHQWUDUHQODSUHVHQFLDGH<DKYpHQHOVHJXQGRDSDUWDPHQWRHOPiV
LQWHUQRGHOVDQWXDULRR´/XJDU6DQWtVLPRµIHB

$Vt FRPR HO 6HxRU VH FRPXQLFy FRQ 0RLVpV HQ OD FLPD GH OD PRQWDxD
WDPELpQ OR KL]R HQ HO ´/XJDU 6DQWtVLPRµ \ GH OD PLVPD PDQHUD TXH OD QXEH
FXEULy HO PRQWH 6LQDt GHVSXpV TXH 0RLVpV KXER DVFHQGLGR DVt HO WDEHUQiFXOR
VDQWXDULR VH HQYROYLy HQ XQD QXEH DO VHU WHUPLQDGR \ OD FROXPQD GH IXHJR VH
PRYtDWDQWRVREUHHO6LQDtFRPRVREUHHOWDEHUQiFXORVDQWXDULRIHF#9&",)'("5(-#$/%#
1*$*(15/-# ()# %(3/%4,5/%&/# '21# $/4(%/1/# (# &'$%(1&/","5(# 4(# ),# (0$(%&("3&,# ("# ()#
6LQDtORSURSRUFLRQyODVGRVWDEODVGHSLHGUDDORMDGDVHQHODUFDGHQWURGHO´/XJDU
6DQWtVLPRµTXHFRQVWLWX\yOD]RQD031;-:7GHOVDQWXDULR YpDVH7DEOD IHG

IHJ# &KLOGV?,,L%'4,<H=
IHA# (['W&I([
IHI# ([&I1P
IHB ([&I([/Y
IHF ([1P([FI([FI
IHG 6DUQD'467,-819%'4,<H=9pDVHWDPELpQ*+'DYLHV´7DEHUQDFOHµ$&?#F#KAEHILU#

/0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$% &"' &/' %&")2(' 1"$4$%0#(2' #&/' *0")102$(' +,.?-'

5\ODDUVGDPGLFH´6HOHSLGHD0RLVpVTXHVXEDD'LRVSDUDHQWUDUHQORTXH
HQHOWHPSORVHFRQRFtDFRPRHOOXJDUVDQWtVLPRµIHH.QLJKWDÀUPDTXH´0RLVpV
HQWUDHQHOPLVWHULRDOLJXDOTXHHO6XPR6DFHUGRWHHQORVGtDVSRVWHULRUHVFXDQGR
HQWUDHQHO/XJDU6DQWRHQHO7HPSORµIHC)LQDOPHQWH0LOJURPKDUHPDUFDGRTXH
HOPRQWH6LQDt´HVHODUTXHWLSRGHOWDEHUQiFXORµIHD

/DV LPSOLFDFLRQHV WHROyJLFDV GH HVWRV SDUDOHORV HVWUXFWXUDOHV VRQ PX\


&'$/%5,"5(1# $,%,# ()# 5:0-,0,1036;,% ;3,7N980, FRPSOHMR GHO VDQWXDULR (Q SULPHU
OXJDU HO WDEHUQiFXORVDQWXDULR LVUDHOLWD LED D VHU XQD SHUSHWXDFLyQ GH OD
H[SHULHQFLDGHO6LQDt'HHVWHPRGRODPLVPDGHFODUDFLyQDFHUFDGHOD´JORULDGHO
6HxRUµHVWDEOHFLGDHQHOPRQWH6LQDt  XVDHOYHUER6"7'%´PRUDED PRUDU µ
PiVOLWHUDOPHQWH´WDEHUQDFXODED>WDEHUQDFXODU@µ ´\ODJORULDGHO6HxRUVHSRVy
X6"7'%@VREUHHO6LQDt6HLVGtDVODQXEHFXEULyHOPRQWH$OVpSWLPRGtDGHVGH
HOLQWHULRUGHODQXEHHO6HxRUOODPyD0RLVpVµ/DUHODFLyQHQWUHORVHYHQWRVHQ
HO6LQDt\HOUROGHOWDEHUQiFXORVDQWXDULRVHH[SUHVDFODUDPHQWHDOSULQFLSLR\
DOÀQDOGHORVFDStWXORVGHOWDEHUQiFXORVDQWXDULR6HOHRUGHQDD0RLVpVVXELU
DODPRQWDxDSDUDUHFLELUODVWDEODVHQWUDHQODQXEH\´>«@ODJORULDGHO6HxRU
HQODFXPEUHGHOPRQWHSDUHFtDXQIXHJRFRQVXPLGRUµ ([ 

7DEOD3DUDOHORVHVWUXFWXUDOHVGHJUDGDFLRQHVGHVDQWLGDGHQWUHHO6LQDt\
37.85/4<5:1=

,1/5t ,5/4<5:1=
!)#3(%3,4/#,)%(4(4/%#4(#),#'/"5,],# Q5%&/#4()#1,"5*,%&/#3/"#1*#,)5,%#4(#)/1#
3/"#*"#,)5,%#,)#$&(#4()#'/"5( KRORFDXVWRV
0iVDUULEDHQHOPRQWHGRQGHVRORVH O/1#1,3(%4/5(1#4()#1,"5*,%&/#.*(#
,4'&5&(%/"#)/1#1,3(%4/5(1#<#,"3&,"/1 $/4tDQHQWUDUHQHO/XJDU6DQWR
/DFXPEUHGHODPRQWDxDDODTXH (OVXPRVDFHUGRWHTXHVRORSRGtD
VROR0RLVpVSRGtDVXELUDODPLVPD HQWUDUDO/XJDU6DQWtVLP/#("#),#
SUHVHQFLDGH<DKYp SUHVHQFLDGH<DKYp

$OOtUHFLEHLQVWUXFFLRQHVSDUDFRQVWUXLUHOWDEHUQiFXORVDQWXDULR'HVSXpV
GHKDEHUVLGRFRQVWUXLGRODJORULDGH'LRVTXHXQDYH]FXEULyHOPRQWH6LQDtOOHQy

IHH# ´0RVHVLVDVNHGWRFRPHXSWR*RGWRHQWHUZKDWLQWKHWHPSOHZDVNQRZQDVWKHKRO\RI
KROLHVµ-&5\ODDUVGDP´7KH%RRNRI([RGXVµ$?#AUAJAD7
IHC# ´0RVHVHQWHUVLQWRWKHP\VWHU\MXVWDVGRHVWKH+LJK3ULHVWLQODWHUGD\VZKHQKHHQWHUV
WKH+RO\3ODFHLQWKH7HPSOHµ*$).QLJKW+>3,7,9A%:=%B:--:;8,1F%*%E,5531;:-A%,1%;>3%
?,,L%,2%'4,<H= *UDQG5DSLGV=RQGHUYDQ 
IHD ´>,W@LVWKHDUFKHW\SHRIWKHWDEHUQDFOHµ0LOJURP
+,.@-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

HO WDEHUQiFXORVDQWXDULR HVWD LGHD VH UHSLWH GRV YHFHV DO ÀQDO GH ORV FDStWXORV
GHOWDEHUQiFXORVDQWXDULR´(QHVHLQVWDQWHODQXEHFXEULyOD7LHQGDGHUHXQLyQ
<# 7:% 97,-8:% <37% !3j,-% 7731N% 37% =:1;H:-8, 0RLVpV QR SRGtD HQWUDU HQ OD 7LHQGD GH
UHXQLyQ SRUTXH OD QXEH VH KDEtD SRVDGR HQ HOOD \ 7:% 97,-8:% <37% !3j,-% 7731:@:% 37%
=:1;H:-8,µ ([   /D QXEH TXH UHSUHVHQWD OD SUHVHQFLD GH 'LRV DKRUD
DFRPSDxDD,VUDHOSRUHQFLPDGHOWDEHUQiFXORVDQWXDULRHQVXYLDMH  
$VtTXHHOWDEHUQiFXORVLUYHFRPRXQVDQWXDULRSRUWiWLOGHODSUHVHQFLDGH'LRV
FX\RSDFWRVHKDGDGRDFRQRFHUHQHO6LQDt(OWDEHUQiFXORVDQWXDULRHUDSRU
WDQWRXQDHVSHFLHGH6LQDtPyYLO

6HJ~Q HVWRV YY GH e[RGR  HO VDQWXDULR VH GHVFULEH FRQ GRV WpUPLQRV
GLVWLQWRV FRPR WDEHUQiFXOR \ FRPR 7LHQGD GH UHXQLyQ (Q UHDOLGDG HVWRV GRV
YY SUHVHQWDQ XQ SDUDOHOLVPR DOWHUQDQWH $%$·%· FRQ XQ VLJQLÀFDGR SDUDOHOR
HQWUH WDEHUQiFXOR \ 7LHQGD GH UHXQLyQ KDFLHQGR UHIHUHQFLD HQ HO FDVR GH OD
7LHQGDGHUHXQLyQDORVHOHPHQWRVKXPDQRVGHODQXEH\0RLVpV\DOOXJDUGH
UHXQLyQGHOVHUKXPDQRFRQOD'HLGDG\HQHOFDVRGHOWDEHUQiFXORVDQWXDULR
KDFLHQGR UHIHUHQFLD DO HOHPHQWR GLYLQR GH OD JORULD GHO 6HxRU \ D VX ´PRUDGD
KDELWDUWDEHUQDFXODUµFRQODKXPDQLGDG9pDVHODHVWUXFWXUD6:-:737:%:7;3-1:1;3#
GH([

Q# !"#(1(#&"15,"5(#7:%1H@3%0H@-8N%7:%+831<:%<3%-3H18N1
# XZD\śNDVKHHœQœQ!3;Q!żKHOP{HřGZ
=##<#7:%97,-8:%<37%!3j,-%7731N%37%=:1;H:-8,
 >€NśE{G\śKZkPœOř!%!HWKDPPLåśNœQ@
$·0RLVpV QR SRGtD HQWUDU HQ 7:% +831<:% <3% -3H18N1% $/%.*(% 7:% 1H@3% =3% >:@M:%
6,=:<,%31%377:#XZśOż!\œNżOPżåHKOœE{!%!37Q!żKHOP{HřGNvåœNDQHœOœ\ZKHHœQœQZ
%·\7:%97,-8:%<37%!3j,-%7731:@:%37%=:1;H:-8,
# X€NśE{G\śKZkPœOř!%!HWKDPPLåśNœQZ

3RUVXSDUWH'R]HPDQVRVWLHQHTXHHOWpUPLQRWDEHUQiFXORVHOLPLWDDOD
GHVFULSFLyQGHOFRPSOHMRGHOVDQWXDULR ([ LQFOX\HQGRODHVWUXFWXUD
DUTXLWHFWyQLFD \ HO PRELOLDULR 'HVSXpV DxDGH TXH HO WpUPLQR WDEHUQiFXOR VH
UHHPSOD]DSRUHOWpUPLQR7LHQGDGHUHXQLyQFXDQGRFDPELDODGHVFULSFLyQGHO
WH[WRDORVULWXDOHVF~OWLFRV\DODRUGHQDFLyQGHOVDFHUGRFLR ([ IHE

/D FRQH[LyQ RULJLQDO HQWUH HO 6LQDt \ HO WDEHUQiFXORVDQWXDULR IXH


UHFRQRFLGDHQHO3HQWDWHXFR+,-.\HQODSRHVtDEtEOLFDSRVWHULRU3RUHMHPSOR

IHE 'R]HPDQ
/0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$% &"' &/' %&")2(' 1"$4$%0#(2' #&/' *0")102$(' +,.;-'

HQFRQWUDPRVHQHO3HQWDWHXFR+,-.FODUDVDÀQLGDGHVHQWUHODVWHRIDQtDVF~OWLFDV
HQHOWDEHUQiFXORVDQWXDULR\HQHO6LQDt ([\/Y ICJ#O/#'&1'/#/3*%%(#
FRQODVGHVFULSFLRQHVHQFRQWUDGDVHQORV6DOPRVFRQFHUQLHQWHVDOVDQWXDULRFRPR
HOOXJDUGRQGH'LRVVHUHYHODDVtPLVPR/DVH[SUHVLRQHVGHODWHRIDQtDGHO6LQDt
WDPELpQVHXVDQHQXQDVHULHGHFDVRVDOOt HJ6DOHWF &KLOGV
KD VHxDODGR TXH ´OR TXH VXFHGLy HQ HO 6LQDt FRQWLQXy HQ HO WDEHUQiFXORµICA \
&OHPHQWVTXHODSUHVHQFLDGH'LRVHQHOVDQWXDULRKDFHTXHODWHRIDQtDGHO6LQDt
´VHUHSLWDHQODYLGDF~OWLFDGH,VUDHOµICI

8QDVHJXQGDLPSOLFDFLyQWHROyJLFDFRQWLQJHQWHFRQODSULPHUDHVODGHO
GHVHRGH<DKYpGHHVWDUSUHVHQWHFRQVXSXHEORGRQGHTXLHUDTXHVHHQFXHQWUH(V
VXGHVHRGHSHUPDQHFHUDFFHVLEOHHQXQDUHODFLyQGHSDFWR$VtHOWDEHUQiFXOR
VDQWXDULRLVUDHOLWD VHFRQYLHUWH WDPELpQ HQXQDH[WHQVLyQ GHODH[SHULHQFLD GHO
SDFWRGHO6LQDtHQODTXHHO'LRVWUDVFHQGHQWHVHKDYXHOWRLQPDQHQWHICB#:/'/#
VHxDOy (LFKURGW OD PDQLIHVWDFLyQ GH OD JORULD GH 'LRV >7"9=4 ´JORULDµ@ HQ HO
VDQWXDULRWHVWLÀFDGHXQD´HQWUDGDUHDOGHO'LRVWUDVFHQGHQWHHQHOUHLQRGHOR
YLVLEOHVLQVLQHPEDUJRSHUMXGLFDU6XWUDVFHQGHQFLDµICF

7HRORJtDGHOSDFWR

6H KDFH UHIHUHQFLD YDULDV YHFHV HQ HO 3HQWDWHXFR+,-. DO WDEHUQiFXOR
VDQWXDULR FRPR HO ´7DEHUQiFXOR0RUDGD GHO ;3=;85,18,# XHD4@8ZV# K!0# BD-IAL# /# ),#
´7LHQGDGHO;3=;85,18,#XHD4@8@µ 1P (VWRIXHGHELGRDTXHODVGRVWDEODV
GHO 'HFiORJR DORMDGDV GHQWUR GHO VDQWXDULR VH GHQRPLQDURQ FRPR ODV ´WDEODV
4()#;3=;85,18,#XHD4@8ZV#K!0#BA-ADL#$/%.*(#WHVWLÀFDEDQGHOSDFWRTXHVHKL]RHQWUH
HO6HxRUH,VUDHO\HODUFDTXHODVFRQWHQtDHQHO/XJDU6DQWtVLPRGHOVDQWXDULR
VHGHQRPLQyFRPRHO´DUFDGHO;3=;85,18,#XHD4@8ZV#K!0#IG-IIL7

(QRWURVWH[WRVHO'HFiORJRVHFRQRFHFRPRODV´SDODEUDVGHO6:0;,#X9)#+8ZV#
([FI'W \HODUFDFRPRHO´DUFDGHO6:0;,#X9)#+8@µ 1PHWDO 
'HHVWHXVRVHGHVSUHQGHTXHORVWpUPLQRV´;3=;85,18,V#XHD4@8@\´6:0;,V#X9)#+8Z#

ICJ (VWRKDVLGRVHxDODGRHVSHFLDOPHQWHSRU02OLYD´,QWHUSUHWDFLyQWHROyJLFDGHOFXOWRHQOD
SHUtFRSDGHO6LQDtGHOD+LVWRULD6DFHUGRWDOµ?8@  7:27
ICA# ´:KDWKDSSHQHGDW6LQDLLVFRQWLQXHGLQWKHWDEHUQDFOHµ&KLOGV?,,L%'4,<H=-#GFJ7
ICI ´7REHUHSHDWHGLQ,VUDHO·VFXOWLFOLIHµ#N7#!7#:)('("51-#(,<%:1<%+35673 2[IRUG&ODUHQGRQ
3KLODGHOSKLD)RUWUHVV 
ICB# $05RGUtJXH]´6DQFWXDU\7KHRORJ\LQWKH%RRNRI([RGXVµ*_!!#IF#KAEDHLU#ABG7
ICF# ´5HDOHQWU\RIWKHWUDQVFHQGHQW*RGLQWRWKHUHDOPRIWKHYLVLEOHZLWKRXWKRZHYHUWKHUHE\
SUHMXGLFLQJ+LVWUDQVFHQGHQFHµ(LFKURGW
+,=<-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

VRQVLQyQLPRV(OWpUPLQRHD4@8HUDXQDSDODEUDDQWLJXDTXHOOHYDEDHOPDWL]GH
6:0;,\SRUORWDQWRHUDVLPLODUHQVLJQLÀFDGRDODPiVFRP~Q9)#+87

(O´KDELWDUHQ7LHQGDµGH'LRVFRQ,VUDHOHVWDEDtQWLPDPHQWHUHODFLRQDGR
FRQ VX UHODFLyQ GH SDFWR FRQ HOORVICG (O SDFWR KHFKR FRQ ,VUDHO HQ HO 6LQDt IXH
XQDUHDÀUPDFLyQGHODUHODFLyQGHSDFWRTXH'LRVHVWDEOHFLyDQWHULRUPHQWHFRQ
$EUDKiQ\TXHKDEtDSURPHWLGRPDQWHQHUFRQVXVGHVFHQGLHQWHV´(VWDEOHFHUp
'&# $,35/# 3/"5&+/# <# 3/"# 5*# 4(13("4("3&,-# 3/'/# $,35/# $(%$(5*/-# $/%# 5/4,1# ),1#
JHQHUDFLRQHV<RVHUpWX'LRV\HO'LRVGHWXVGHVFHQGLHQWHVµ *QFI6DO
 ICH

(O WLHPSR GHO HVWDEOHFLPLHQWR IRUPDO GHO SDFWR WXYR OXJDU DQWHV GH OD
HUHFFLyQGHOWDEHUQiFXORVDQWXDULR e[RGR SHUR,VUDHO\DHVWDEDSDUWLFLSDQGR
HQHOFXOWRSDWULDUFDOTXHWXYRFDUDFWHUtVWLFDVVLPLODUHV(OVLVWHPDGHOVDQWXDULR
VLPSOHPHQWHUHHPSOD]yODVIRUPDVDQWHULRUHVFRQXQVLVWHPDGHDGRUDFLyQFXOWR
VLPLODUSHURPiVHODERUDGRICC'HEHUHFRUGDUVHTXHODUHODFLyQHQWUH'LRVH,VUDHO
IXH SULQFLSDOPHQWH UHOLJLRVD \ WHROyJLFD PLHQWUDV TXH ORV PRGHORV GH SDFWRV
TXHIXQFLRQDEDQHQHO32$IXHURQGHQDWXUDOH]DSROtWLFD(OSDFWRIRUPDGRHQ
HO6LQDtHUDHQWUHXQD'HLGDGVDQWD\XQSXHEORSHFDGRU

(OGtDHQTXHVHHVWDEOHFLyHOSDFWRVHHULJLyXQDOWDUDOSLHGHODPRQWDxD
FRQGRFHFROXPQDVGHSLHGUDTXHUHSUHVHQWDEDQDODVGRFHWULEXVGH,VUDHO6H
VDFULÀFDURQORVKRORFDXVWRV\ODVRIUHQGDVGHSD]\ODPLWDGGHODVDQJUHVHDUURMy
FRQWUDHODOWDU0RLVpVHQWRQFHVOH\y´HOOLEURGHOSDFWRµH[SUHVDQGRODYROXQWDG
GH'LRVSDUD,VUDHO\GHVSXpVGHKDEHUUHFLELGRVXUHVSXHVWDDÀUPDWLYDDUURMy
ODVDQJUHUHVWDQWHVREUHHOSXHEORDOSURFODPDU´>«@(VWDHV7:%=:19-3%<37%6:0;,#
TXHFRQEDVHHQHVWDVSDODEUDVHO6HxRUKDKHFKRFRQXVWHGHVµ ([ 

(VWRV YHUVtFXORV   GHVFULEHQ OD FHUHPRQLD GH VHOODU HO SDFWR FRQ
0RLVpVDFWXDQGRFRPRPHGLDGRUHQWUHHOSXHEOR\'LRV+D\XQSDWUyQUHJXODU
SDUD OD UDWLÀFDFLyQ GHO SDFWR TXH LQFOX\H OD OHFWXUD GH OD OH\ OD UHVSXHVWD GHO
SXHEOR HO VDFULÀFLR \ HO VHOODPLHQWR GHO MXUDPHQWR (O SDFWR HVWi VHOODGR HQ
1,"+%(7ICD&RPRHVIUHFXHQWHHQHO$7HOVLJQLÀFDGRSUHFLVRGHODFHUHPRQLDQR
VHH[SOLFDHQHOSDVDMH&KLOGVFRPHQWDTXHODGLYLVLyQGHODVDQJUHSRUODPLWDG

ICG ´$KRUD ELHQ HO SULPHU SDFWR >HQ HO 6LQDt@ WHQtD VXV QRUPDV SDUD HO FXOWR \ XQ VDQWXDULR
WHUUHQDOµ +HE 
ICH# :)('("51-#(,<%+35673
ICC# +ROEURRN
ICD# 9pDVH*)+DVHOE,O31:1;%81%?7,,< 0RXQWDLQ9LHZ3DFLÀF 
/0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$% &"' &/' %&")2(' 1"$4$%0#(2' #&/' *0")102$(' +,=,-'

SDUHFHUtDVHxDODUXQGREOHDVSHFWRGHOSDFWR3RUXQDSDUWHODVDQJUHDUURMDGD
VREUH HO DOWDU HQ OXJDU GH XQ VDFULÀFLR KDEOD GHO SHUGyQ GH JUDFLD GH 'LRV DO
DFHSWDU HVWR FRPR XQD RIUHQGD 3RU RWUD SDUWH OD VDQJUH HVSDUFLGD VREUH HO
SXHEORORVXQHHQXQMXUDPHQWRGHVDQJUHICE$GHPiVHOYKDFHH[SOtFLWRTXH
´HOOLEURGHOSDFWRµSRUHOFXDOVHHQWLHQGHWRGRHOFRUSXVGHODVOH\HVGHO6LQDt
IRUPyODEDVHVREUHODFXDOVHKL]RHOSDFWR

(OpQIDVLVHQODFHUHPRQLDGHOSDFWRQRIXHVREUHORVFDGiYHUHVGHDQLPDOHV
GLYLGLGRVFRPRORIXHHQDOJXQDVIRUPDVGHKDFHUHOSDFWRHQHO32$0iVELHQ
HOpQIDVLVIXHVREUHOD=:19-3(VWDVDQJUHIXHVDQJUHVDFULÀFLDO/YDÀUPD
TXHORVHIHFWRVGHODVDQJUHVDFULÀFLDOVRQ´>«@KDFHU3468:08N1VREUHHODOWDU6,-%
YXHVWUDVYLGDVSXHVODH[SLDFLyQSRUODYLGDVHKDFHFRQODVDQJUHµ²H[SLDFLyQSRUHO
$(3,4/7IDJ

'HVSXpVGHODLQVWLWXFLyQRÀFLDOGHOSDFWRHOWDEHUQiFXORVDQWXDULR\ORV
WHPSORVSRVWHULRUHVWDPELpQVLUYLHURQFRPRXQUHFRUGDWRULRFRQWLQXR\YLVLEOH
GHOSDFWRHVSHFLDOGH,VUDHOFRQ'LRV6XQRPEUH´HOWDEHUQiFXORVDQWXDULRGHO
;3=;85,18,µKDEUtDUHFRUGDGRDODPHQWHKHEUHDODOH\PRUDOGHHVHSDFWRSRUTXH
HO'HFiORJRHVWDEDGHSRVLWDGRGHQWUR0HGLDQWHHOFXOWRGHOVDQWXDULRVHSRGtD
REWHQHU PLVHULFRUGLD SDUD ORV YHUGDGHUDPHQWH DUUHSHQWLGRV $TXt HO LVUDHOLWD
SURIHVRSRGtDUHFLELUHOSHUGyQGHOSHFDGR\ODOLEHUDFLyQGHVXFXOSDIDA

ICE &KLOGV?,,L%'4,<H=-#GJH7
IDJ %-(VWDHVWDPELpQODFRPSUHQVLyQGHO17GHODFWRVLPEyOLFRTXHLQLFLyHOSDFWRHQHO6LQDt
´'H DKt TXH QL VLTXLHUD HO SULPHU SDFWR VH KD\D HVWDEOHFLGR VLQ VDQJUH >«@ 'H KHFKR OD
OH\H[LJHTXHFDVLWRGRVHDSXULÀFDGRFRQVDQJUHSXHV=81%<3--:5:5831;,%<3%=:19-3%1,%>:A%
63-<N1µ +HE )LQDOPHQWHGHEHLQGLFDUVHTXHHQODLQVWLWXFLyQGHOD&HQDGHO6HxRU
&ULVWRLQGLUHFWDPHQWHDOXGLyDODPDQLSXODFLyQGHODVDQJUHGHOSDFWRGHO6LQDt\DFODUyVX
VLJQLÀFDGR´>«@(VWRHV58%=:19-3%<37%6:0;,TXHHVGHUUDPDGDSRUPXFKRV6:-:%37%63-<N1%
<3%630:<,=µ 0W (OOLEURGH+HEUHRVHPSLH]DHQDFRQWUDVWDUODPHGLDFLyQGHO
QXHYRSDFWRGH&ULVWRFRQODGHODQWLJXR\GHVFULEHHOFXDGURGHOWDEHUQiFXORVDQWXDULR
GHO $7 SDUD LOXVWUDU OD UHJXODFLyQ GHO FXOWR &XDQGR SUHVHQWD OD UDWLÀFDFLyQ GHO SULPHU
SDFWREDMR0RLVpVFRPRVHGHVFULEHHQe[RGR +HE HOHVFULWRUFRQWLQ~DXVDQGR
ODVLPiJHQHVGHOUROGHOVXPRVDFHUGRWHHQHOWDEHUQiFXORVDQWXDULRGHO$7SDUDVLPEROL]DU
WLSROyJLFDPHQWHD&ULVWRFRPRHOPHGLDGRUGHOQXHYRSDFWR´>«@/DVDQJUHGHE-8=;,-#$/%#
()# 3/"5%,%&/-# ,)# $%(1("5,%1(# 3/'/# =H5,% =:03-<,;3 GH ORV ELHQHV GHÀQLWLYRV HQ HO ;:@3-1.0H7,%
5.=%(03()("5(#<#63-230;,-#1,%>30>,%6,-%5:1,=%>H5:1:=#KHVGHFLUTXHQRHVGHHVWDFUHDFLyQL-#31;-N%
H1:%=,7:%O3R#<#$,%,#1&('$%(#31%37%#H9:-%!:1;M=85,1RORKL]RFRQVDQJUHGHPDFKRVFDEUtRV
\ EHFHUURV =81,% 0,1% =H% 6-,68:% =:19-3 ORJUDQGR DVt XQ UHVFDWH HWHUQR >«@ G,-% 3=,% E-8=;,% 3=%
53<8:<,-%<3%H1%1H3O,%6:0;,>«@µ  
IDA .QLJKW+>3,7,9A%B:--:;8,1-#IJG7
+,=.-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

/DVWHRORJtDVGHOSDFWRODOH\ODVDQJUHHOSHUGyQHWFVHLQFRUSRUDQHQ
()#5:0-,0,1036;,/5:0-,;35:%;3,7N980,#4()#1,"5*,%&/-#&"1(%52"4/1(#3/'/#3/"3($5/1#
HLGHDVTXHVHYDQDFXPXODQGR\FRQVWUX\HQGRODHQRUPHFRPSOHMLGDGULTXH]D
EHOOH]D\GLQDPLVPRGHOVDQWXDULRTXHDPHGLGDTXHDYDQ]DPRVHQHOSURFHVR
GHLQYHVWLJDFLyQYDGHVFULELHQGRXQDSHUVSHFWLYDFDOHLGRVFySLFDGHODUHDOLGDG
WHROyJLFDP~OWLSOH\SOXUDOTXHFRQÀJXUD\HQPDUFDODFRQFHSFLyQ5:0-,;3,7N980:#
PXOGLPHQVLRQDO\PXOWLWHPiWLFDGHOVDQWXDULREtEOLFR

PKTKUK.*3=7=@B5.03.75.2=/84:<221>/.037.85/4<5:1=

(Q([VHLQVWUX\HD0RLVpVSDUDTXHGLMHUDDOSXHEOR´TXHWRGRVHOORV
KRPEUHV \ PXMHUHV GHEHQ SHGLUOHV D VXV YHFLQRV \ YHFLQDV REMHWRV GH RUR \ GH
SODWDµ(QWRQFHVVLJXLHQGRODVLQVWUXFFLRQHVTXH0RLVpVOHVKDEtDGDGR´SLGLHURQ
DORVHJLSFLRVTXHOHVGLHUDQREMHWRVGHRUR\GHSODWD\WDPELpQURSD(O6HxRU
KL]R TXH ORV HJLSFLRV YLHUDQ FRQ EXHQRV RMRV D ORV LVUDHOLWDV DVt TXH OHV GLHURQ
WRGRORTXHOHVSHGtDQ'HHVWHPRGRORVLVUDHOLWDVGHVSRMDURQSRUFRPSOHWRDORV
HJLSFLRVµ ([   8Q PRWLYR GHO GHVSRMR GH ORV HJLSFLRV HV SDUD H[SOLFDU
FyPRRFXUULyPiVWDUGHTXHORVLVUDHOLWDVHQHOGHVLHUWRIXHUDQFDSDFHVGHHULJLUHO
VDQWXDULR\GHSURSRUFLRQDUOHWRGRWLSRGHPDWHULDOHVSUHFLRVRV HJ([ 

(O QH[R HQWUH ,VUDHO \ HO WDEHUQiFXORVDQWXDULR HV XQD SURORQJDFLyQ


SHUSHWXD GHO YtQFXOR TXH VH IRUMy HQ HO 6LQDt HQWUH HO SXHEOR \ VX 'LRV 'RV
FDUDFWHUtVWLFDV GLVWLQWLYDV \ GRPLQDQWHV GHO UHODWR GH OD FRQVWUXFFLyQ GHO
WDEHUQiFXORVDQWXDULR PHUHFHQ DWHQFLyQ /D SULPHUD HV TXH OD LQLFLDWLYD SDUD
OD REUD \ ODV LQVWUXFFLRQHV GHWDOODGDV SDUD VX HMHFXFLyQ VH GHVFULEH TXH KDQ
VLGR FRPXQLFDGDV SRU 'LRV /D VHJXQGD HVWUHFKDPHQWH UHODFLRQDGD FRQ OD
SULPHUD HV OD UHIHUHQFLD D PHQXGR UHSHWLGD D ODV LPiJHQHV FHOHVWLDOHV GH OD
HVWUXFWXUD WHUPLQDGD \ GH FLHUWRV HOHPHQWRV LQGLYLGXDOHV TXH VH VHxDOD TXH VH
KDQPRVWUDGRD0RLVpVHQHOPRQWH6LQDt6HOHGLFH´(OVDQWXDULR>:.67"%ZIDI#
\WRGRVXPRELOLDULRGHEHUiQVHUXQDUpSOLFDH[DFWDGHOPRGHOR>8'9%+8Z#.*(#</#
WH PRVWUDUpµ ([   6H OH LQVWUX\y GH PRGR VLPLODU FRQ UHVSHFWR DO DUFD VX
FXELHUWDVXPHVD\VXFDQGHODEUR´3URFXUDTXHWRGRHVWRVHDXQDUpSOLFDH[DFWD
X8'9%+8@GHORTXHVHWHPRVWUyHQHOPRQWHµ ([FI1P 

(QHOOLEURGHe[RGRVHOHGDD0RLVpVLQVWUXFFLRQHVGHWDOODGDVFRQUHVSHFWR
D OD FRQVWUXFFLyQ GHO WDEHUQiFXORVDQWXDULR \ VX PRELOLDULR (VWD LQIRUPDFLyQ

IDI# 1,'277(
/0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$% &"' &/' %&")2(' 1"$4$%0#(2' #&/' *0")102$(' +,==-'

VH OH GLR D 0RLVpV GH GRV IRUPDV D  RUDOPHQWH HO 6HxRU OH GLMR D 0RLVpV OR
TXH TXHUtD \ TXp PDWHULDOHV GHEtDQ XVDUVH e[RGR   \ E  SRU PHGLR GH
XQDYLVLyQ<DKYpKL]RTXH0RLVpVYLHUDHO´PRGHORµ>8'9%+8@GHOWDEHUQiFXOR
VDQWXDULR    IDB (O YHUER ´YHUµ >#'!"&Z# ,$,%(3(# ("# 5/4,1# ),1#
UHIHUHQFLDV6HFRQMXJDHQODVIRUPDVKLÀOXKRIDOTXHGDQXQVHQWLGRFDXVDWLYR
/DV IRUPDV FDXVDOHV VXJLHUHQ TXH 0RLVpV IXH OOHYDGR D XQ HVWDGR GH YLVLyQ
/D SDODEUD :'#!5& HQ 1P  WLHQGH D DSR\DU HVWD H[SOLFDFLyQ (O WpUPLQR HV
XQ VXVWDQWLYR PDVFXOLQR TXH SXHGH OOHYDU ORV PDWLFHV GH ´DSDULHQFLD YLVWD
YLVLyQµIDF

!)# 5?%'&"/# 8'9%+8 ´GLVHxRPRGHORµ  SRGUtD GHQRWDU HO RULJLQDO GHO TXH
VHKDFHXQDFRSLDRSRGUtDLQGLFDUODFRSLDPLVPD+D\FLQFRLQWHUSUHWDFLRQHV
GLIHUHQWHV VREUH HO VLJQLÀFDGR GH 8'9%+8 XQ VXVWDQWLYR IHPHQLQR GHULYDGR GHO
YHUER9"%"1´FRQVWUXLUµTXHDSDUHFHYHFHVHQHO$7  XQPRGHORRULJLQDO
HQPLQLDWXUD  XQSODQRGHDUTXLWHFWR  XQPRGHORHQPLQLDWXUDTXHHVXQD
FRSLDGHXQRULJLQDO  XQSODQRGHDUTXLWHFWREDVDGRHQXQRULJLQDO\  HO
/%&+&",)#'&1'/-#("#(15(#3,1/-#()#1,"5*,%&/#3()(15&,)7IDG3RGUtDLPSOLFDUODFUHHQFLD
HQ OD H[LVWHQFLD GH XQ WHPSOR UHDO YLVLEOH \ FHOHVWLDO GHO FXDO HO WDEHUQiFXOR
VDQWXDULR WHUUHQDO VHUtD XQD UpSOLFDIDH (VWD LQWHUSUHWDFLyQ VH IDYRUHFH SRU OD
YLVLyQ GH ,VDtDV  HQ OD FXDO pO YH XQD YLVLyQ GHO ULWXDO TXH VH HVWi UHDOL]DQGR
HQHOWHPSORFHOHVWLDO(QODPD\RUtDGHODVUHIHUHQFLDVD8'9%+8HQHO$7SDUHFH
TXHKD\XQDLQGLFDFLyQGHXQREMHWRVyOLGRQRGHXQSODQRGHDUTXLWHFWRSRUOR
JHQHUDOVHUHÀHUHDODUHSURGXFFLyQLPLWDWLYDGHXQDHQWLGDGPDWHULDOTXHH[LVWH
("#),#%(,)&4,47IDC3RUORWDQWRVHUtDXVXDOHQFRQWUDUHOWpUPLQRDSOLFDGRHQe[RGR
DXQREMHWRVyOLGRRWULGLPHQVLRQDO

3DUHFH PiV SUREDEOH TXH OR TXH 0RLVpV YLR IXH R HO DUTXHWLSR GHO
1,"5*,%&/# 3()(15&,)# '&1'/# K&7(7-# ()# /%&+&",)L# /# *"# '/4()/# 5%&4&'("1&/",)# ("#
PLQLDWXUD GH pO 9DULRV DVSHFWRV DSXQWDQ HQ HVWD GLUHFFLyQ   OD PHQWDOLGDG
HQHO32$FRQWHPSODEDODPRUDGDWHUUHQDOGHORVGLRVHVFRPRFRUUHVSRQGLHQWH

IDB# 9pDVH8&DVVXWR*%E,5531;:-A%,1%;>3%?,,L%,2%'4,<H=#K8(%*1,)('U#;,+"(1-#AEHCL-#BII7
IDF# =6=-#EJE7
IDG# 3DUDXQDGLVFXVLyQGHHVWDVGLIHUHQWHVLQWHUSUHWDFLRQHVFRQUHIHUHQFLDVELEOLRJUiÀFDVYpDVH
5 0 'DYLGVRQ +A6,7,9A% 81% !0-86;H-3F% *% !;H<A% ,2% C3-5313H;80:7% +H6,=% !;-H0;H-3=# K=(%%&("#
6SULQJV$QGUHZV8QLYHUVLW\ 
IDH 6DUQD'467,-819%'4,<H=-#IJA7
IDC $Vt'W-RV5&U6DO,V(]
AJ-D7
+,=>-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

(15%*35*%,)'("5(# 3/"# 1*# '/%,4,# 3()(15&,)7IDD   < GH PD\RU LPSRUWDQFLD HO
SURSLR $7 LQGLFD TXH HQ HO FLHOR KD\ XQ WHPSOR GRQGH <DKYp KDELWDIDE# !1#
H[HJpWLFDPHQWH IXQGDGR SRU WDQWR FRQVLGHUDU TXH HO VDQWXDULR FHOHVWLDO R XQ
'/4()/#4(#?)#(1#()#8'9%+8TXHYLR0RLVpVIEJ#!)#5?%'&"/#8'9%+8HQWRQFHVGHVLJQDUtD
WDQWRHORULJLQDOFRPRHOPRGHOREDVDGRHQHORULJLQDO

$O PRGHODU HO WDEHUQiFXORVDQWXDULR GHO VDQWXDULR FHOHVWLDO VH IRUMD XQ
YtQFXORHQWUHHOFLHOR\ODWLHUUD'HXQDPDQHUDOLPLWDGDHOWDEHUQiFXORVDQWXDULR
HVHOFLHORHQODWLHUUD/DHYLGHQFLDEtEOLFDDSR\DSOHQDPHQWHODSHUVSHFWLYDTXH
,VUDHOHUDFRQVFLHQWHGHXQYtQFXORYHUWLFDOHQWUHODPRUDGDFHOHVWLDOGH'LRV\VX
PRUDGDWHUUHQDOHQVXWDEHUQiFXORVDQWXDULR'LRVHVDPHQXGRGHVFULWRFRPR
4(13("4&("4/#XB"#'4@GHVGHHOFLHORDODWLHUUDSDUDGLYHUVRVSURSyVLWRV *Q
([ /RVLVUDHOLWDVVDEtDQTXHHOOXJDUVDQWRWHUUHQDOUHÁHMDED
ODVUHDOLGDGHVFHOHVWLDOHV´0LUD<3=<3%37%0837,-#4(14(#()#1,"5/#)*+,%#4/"4(#%(1&4(1#
\>«@EHQGLFHDWXSXHEOR,VUDHO>«@µ 'W (OHVWDEOHFLPLHQWRGHOSULPHU
WHPSORUHYHOyWDPELpQHOYtQFXORHQWUHODVPRUDGDVWHUUHQDO\FHOHVWLDO 5
5´2\HODV~SOLFDGHWXVLHUYR\GHWXSXHEOR,VUDHOFXDQGRRUHQHQ
(15(#)*+,%7#P<(#GHVGHHOFLHORGRQGHKDELWDV£HVFXFKD\SHUGRQDµ /RVTXHUXELQHV

IDD ´/D QRFLyQ GH XQ PRGHOR FHOHVWLDO SDUD ORV WHPSORV ORV REMHWRV GH FXOWR \ ODV OH\HV HV
XQLYHUVDO HQ HO 3Uy[LPR 2ULHQWH DQWLJXRµ ´7KH QRWLRQ RI D KHDYHQO\ PRGHO IRU WHPSOHV
FXOW REMHFWV DQG ODZV LV XQLYHUVDO LQ WKH DQFLHQW 1HDU (DVWµ 5\ODDUVGDP  9pDVH
WDPELpQ*(:ULJKW´7KH7HPSOHLQ3DOHVWLQH6\ULDµ?*)  %$/HYLQH
´7KH'HVFULSWLYH7DEHUQDFOH7H[WVRIWKH3HQWDWHXFKµI*"!  5-&OLIIRUG
´7KH7HQWRI(ODQGWKH,VUDHOLWH7HQWRI0HHWLQJµE?a  !15/1#$,%,)()/1#
QR GHPXHVWUDQ TXH ,VUDHO VH DSURSLDVH GH ODV LGHDV WHROyJLFDV GH ODV RWUDV UHOLJLRQHV GHO
32$0iVELHQVXVLGHDVWHROyJLFDVSXHGHQUHPRQWDUVHDXQDIXHQWHFRP~Q
IDE# 9pDVH1($QGUHDVHQ´7KH+HDYHQO\6DQFWXDU\LQWKH2OG7HVWDPHQWµLQ+>3%!:10;H:-A%
DQG WKH $WRQHPHQW %LEOLFDO +LVWRULFDO DQG 7KHRORJLFDO 6WXGLHV HG $ 9 :DOOHQNDPSI DQG
: 5 /HVKHU :DVKLQJWRQ 5HYLHZ  +HUDOG    &XDQGR HO SXHEOR RUD HQ HO
VDQWXDULR WHUUHQDO 'LRV HVFXFKD VXV RUDFLRQHV HQ VX VDQWXDULR FHOHVWLDO FI  5  
:*,"4/# ()# 1,)'&15,# /%,# ,# 6&/1-# 6&/1# /<(# 4(14(# 1*# 5('$)/# 3()(15&,)# <# 4(13&("4(# 4()# 3&()/#
SDUDD\XGDUDVXVLHUYR 6DO>70@ (QRWUDVSDUWHVGHO6DOWHULRDVtFRPR
HQORVOLEURVSURIpWLFRVHQFRQWUDPRVRWUDVUHIHUHQFLDVDOWHPSORFHOHVWLDOGH'LRV HJ6DO
  >70 @  >70 @ ,V   (]   
 0LT  =DF   3DUD XQ FXDGUR FRPSOHWR GH ORV SDVDMHV GHO $7 TXH FRQWLHQHQ
HO PRWLYR GHO VDQWXDULRWHPSOR FHOHVWLDO HQ OD %LEOLD KHEUHD YpDVH ( % GH 6RX]D +>3%
C3:O317A%!:10;H:-A/+35673%V,;82%81%;>3%C3@-3D%?8@73F%ZH10;8,1%:1<%)37:;8,1=>86%;,%;>3%':-;>7A%
E,H1;3-6:-;='LVVHUWDWLRQ6HULHV %HUULHQ6SULQJV$GYHQWLVW7KHRORJLFDO6RFLHW\ 
IEJ (OFRQFHSWRGHXQVDQWXDULRFHOHVWLDOWDPELpQDSDUHFHHQHO17HJ+HE$S
9pDVHWDPELpQ*:0DF5DH´+HDYHQO\7HPSOHDQG(VFKDWRORJ\LQWKH/HWWHUWR
WKH+HEUHZVµ!3538:  
/0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$% &"' &/' %&")2(' 1"$4$%0#(2' #&/' *0")102$(' +,=9-'

UHSUHVHQWDGRV FRPR ÀJXUDV WULGLPHQVLRQDOHV VREUH HO DUFD \ FRPR ÀJXUDV GH
GRVGLPHQVLRQHVWUDEDMDGDVHQODHVWUXFWXUDGHODVFRUWLQDV\GHOYHORLQWHULRUHV
GHOWDEHUQiFXORVDQWXDULRUHÁHMDQGHXQDPDQHUDDUWtVWLFDORVVHUHVVDQWRVTXH
%/4(,"#()#5%/"/#4(#6&/1#("#),1#3/%5(1#3()(15&,)(17IEA

(O UHODWR GH OD FRQVWUXFFLyQ GHO VDQWXDULR GHO GHVLHUWR HVWi FRQWHQLGR HQ
e[RGR\/DSULPHUDVHFFLyQSUHVHQWDHOUHODWRGHODVLQVWUXFFLRQHV
PLQXFLRVDV GDGDV SRU 'LRV D 0RLVpV OD VHJXQGD LQIRUPD VREUH OD UHDOL]DFLyQ
UHDO GHO SODQ (O WDEHUQiFXORVDQWXDULR HVWDED GLYLGLGR HQ WUHV ]RQDV HO DWULR
(05(%&/%# XA"QD#@ HO /XJDU 6DQWR >&'2$456@ HO /XJDU 6DQWtVLPR >;$456# &'2$
4"6+:Z7IEI 8Q ´YHORµ >*"#$758-# 4(# *#7 ´FHUUDU HQFHUUDUµ@IEB VHSDUy HO /XJDU
6DQWtVLPR VDQFWXPLQWHULRU GHO/XJDU6DQWR VDQFWXPH[WHULRU 

&DGD XQD GH ODV WUHV ]RQDV HVWDED HTXLSDGD FRQ DUWtFXORV GH PRELOLDULR
GLVWLQWLYRV(ODWULRFRQWHQtDGRVHOHPHQWRVSULQFLSDOHVHODOWDUGHORVKRORFDXVWRV
X:.X9D'A#&"H$EJ@\HOODYDWRULRRSLODGHDJXD>7+B=#@(O/XJDU6DQWR VDQFWXP
H[WHULRU WHQtDWUHVDUWtFXORVGHPRELOLDULRODPHVDGHORVSDQHVGHODSURSRVLFLyQ
X6NEA'%# &'**"%+:@ VREUH OD TXH VH FRORFDEDQ GRFH SDQHV IUHVFRV FDGD GtD GH
ViEDGR HO FDQGHODEUR >:)%$#JZ# <# ()# ,)5,%# 4()# &"3&("1/# X:.X9D'A# &'2)L$#58Z7#
)LQDOPHQWHHO/XJDU6DQWtVLPR VDQFWXPLQWHULRU FRQWHQtDVRORODVGRVWDEODVGH
SLHGUDTXHGHVFDQVDEDQGHQWURGHODUFD>!"#$%#&"HD4N8@ YpDVH7DEOD 

*5675.YK.95.384:<24<:5.037.85/4<5:1=

R=/58 !:4B2<7=8.037.M=61715:1=
Q5%&/#(05(%&/% $OWDUGHORVKRORFDXVWRV
/DYDWRULR
/XJDU6DQWR VDQFWXPH[WHULRU 0HVDGHORVSDQHVGHODSURSRVLFLyQ
&DQGHODEUR
Q)5,%#4()#&"3&("1/
/XJDU6DQWtVLPR VDQFWXPLQWHULRU Q%3,
/DVGRVWDEODVGHSLHGUD 'HFiORJR

IEA $Vt,$EUDKDPV´7DEHUQDFOHµ'10IH<#AG#KAECILU#HDC7
IEI 3DUD OD PD\RUtD GH ODV GHVFULSFLRQHV GHO WDEHUQiFXORVDQWXDULR YpDVH +DUDQ 
6DUQD '467,-819% '4,<H=  5 ( )ULHGPDQ ´7DEHUQDFOHµ *?&     \
9$+XURZLW]´7KH)RUPDQG)DWHRIWKH7DEHUQDFOH5HÁHFWLRQVRQD5HFHQW3URSRVDOµ
Ia)  
IEB# 1,'277(
+,=B-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

+DVWD KDFH SRFR WLHPSR OD RSLQLyQ GH ORV HVWXGLRVRV FRQVLGHUDED TXH
HO UHODWR GHO WDEHUQiFXORVDQWXDULR HUD FRPSOHWDPHQWH DKLVWyULFR 6H DÀUPy
TXH VXUJLy GH XQD UHWUR\HFFLyQ ÀFWLFLD GHO WHPSOR GHO UH\ 6DORPyQ HQ ODV
QDUUDFLRQHVVREUHODVDQGDQ]DVSRUHOGHVLHUWRHVGHFLUWRGRHOUHODWRHUDVROR
XQ FXDGUR LPDJLQDULR FUHDGR \ HVFULWR SRU ORV VDFHUGRWHV GXUDQWH HO SHUtRGR
SRVWH[tOLFR VHJXQGRWHPSOR IEF$HVWHUHVSHFWR*DUUHWWVHxDODTXHHVWDSRVLFLyQ
HVWDQWRLQQHFHVDULDFRPRLPSUREDEOH(VLQQHFHVDULDSRUTXHVDEHPRVTXHWDOHV
WDEHUQiFXORVVDQWXDULRVH[LVWLHURQ(VWDWHRUtDHVDGHPiVLPSUREDEOHSRUTXHHV
GtÀFLOVRVWHQHUTXHXQHVFULWRUVDFHUGRWDOSRVWH[tOLFRSXGLHUDGHVFULELUFRQWDQWD
SUHFLVLyQXQWLSRGHWDEHUQiFXORVDQWXDULRSRUWiWLOGHOVHJXQGRPLOHQLRIEG

3RURWUDSDUWH5RLWPDQLQGLFDTXH´GHVGHFRPLHQ]RVGHOVLJOR;;VHKDQ
DFXPXODGRHYLGHQFLDVTXHOOHYDUtDQDSHQVDUTXHODWUDGLFLyQVREUHODH[LVWHQFLD
GH XQD 7LHQGD \ XQ $UFD HQ OD pSRFD PRViLFD WHQGUtD EDVHV KLVWyULFDV VyOLGDV
3RUHMHPSORVHKDPRVWUDGRFRQDUJXPHQWRVÀUPHVTXHHOXVRGHWLHQGDVVHD
("#3/"5(05/1#1(3*),%(1#/#%()&+&/1/1-#(%,#<,#3/"/3&4/#("#()#,"5&+*/#P%&("5(#("#()#
1(+*"4/#'&)("&/#,7:7V7IEH

IEF# 9pDVH - :HOOKDXVHQ G-,739,531:% ;,% ;>3% C8=;,-A% ,2% *10831;% $=-:37 *ORXFHVWHU 3HWHU 6PLWK
   - 3 +\DWW '4,<H= 1&% *UDQG 5DSLGV (HUGPDQV    +XURZLW]
G-83=;7A%*00,H1;\HVS&KLOGV?,,L%'4,<H=
IEG# 67#Q7#M,%%(55-#*%E,5531;:-A%,1%'4,<H=.(/ *UDQG5DSLGV.UHJHO$FDGHPLF 
IEH# Q7#67#N/&5',"-#&37%+:@3-1.0H7,%:7%+3567,F%!,@-3%37%3=6:08,%=:9-:<,%31%37%UH<:8=5,%:1;89H,#K!15()),U#
9HUER'LYLQR YpDVHWDPELpQ-.+RIIPHLHU*10831;%$=-:37%81%!81:8F%+>3%'O8<3103%
2,-%;>3%*H;>31;808;A%,2%;>3%K87<3-13==%+-:<8;8,1 1HZ<RUN2[IRUG8QLYHUVLW\ 
(VEDVWDQWHIDOWRGHULJRUQHJDUODUHDOLGDGKLVWyULFDEiVLFDGHXQWDEHUQiFXORVDQWXDULRGHO
GHVLHUWR(QSULPHUOXJDUODHYLGHQFLDEtEOLFDLQWHUQDQRVHSXHGHLJQRUDU6RORSRUUD]RQHV
ÀOROyJLFDVQRGHEHUtDKDEHUPRWLYRSDUDFXHVWLRQDUODH[LVWHQFLDGHXQVDQWXDULRSRUWiWLOHQ
,VUDHO HQ HO FXUVR GH ODV SHUHJULQDFLRQHV SRU HO GHVLHUWR 6DUQD '467,-819% '4,<H=-# AEC7# O/1#
KDOOD]JRVDUTXHROyJLFRV\ODVIXHQWHVOLWHUDULDVGHO32$WDPELpQKDQWHQLGRHOHIHFWRHQORV
~OWLPRVWLHPSRVSDUDSURPRYHUXQDHYDOXDFLyQPiVSRVLWLYDGHODKLVWRULDGHOWDEHUQiFXOR
1,"5*,%&/# &1%,()&5,7# 6H KD OODPDGR OD DWHQFLyQ VREUH ODV SUiFWLFDV DQiORJDV GH ORV EHGXLQRV
iUDEHV YpDVH - 0RUJHQVWHUQ ´7KH $UN 7KH (SKRG DQG WKH ¶7HQW RI 0HHWLQJ·µ C_E*# AC#
   LGHP C_E*     5 GH 9DX[ *10831;% $=-:37F% $;=% #823%
:1<%$1=;8;H;8,1= 1HZ<RUN0F*UDZ+LOO 0+:RXGVWUD´7KH7DEHUQDFOH
LQ%LEOLFDO7KHRORJLFDO3HUVSHFWLYHµLQB3D%G3-=630;8O3=%,1%;>3%"7<%+3=;:531;-#(47#87#=7#>,<"(#
:DFR:RUG 'HEHUHFRUGDUVHTXHODIRUPDGHOWDEHUQiFXORVDQWXDULRHVXQWLSR
GHPRUDGDTXHUHÁHMDHQVXHVWUXFWXUDODVFRQGLFLRQHVQyPDGDV'HKHFKRHOWDEHUQiFXOR
VDQWXDULRHVXQDHVSHFLHGH7LHQGD´7LHQGDGHUHXQLyQµ>!$&5E#:=HD4@TXHHVFDUDFWHUtVWLFD
GHODYLGDQyPDGD(OXVRIUHFXHQWHGHOYHUER6"7'%´KDELWDUPRUDUµHQHO$7SDUDGHQRWDU
ODUHVLGHQFLDGLYLQDRKXPDQDWDPELpQVHUHPRQWDDODVFRQGLFLRQHVGHYLGDQyPDGDV
 5HFLHQWHPHQWH.LWFKHQ\)OHPLQJ FIWDPELpQ&URVV KDQDSRUWDGRHYLGHQFLDVGHJUDQGHV
VDQWXDULRVGHWLHQGDVSRUWiWLOHVGHODHGDGGHEURQFHHQ(JLSWRHOQRUWHGH0HVRSRWDPLD\
/0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$% &"' &/' %&")2(' 1"$4$%0#(2' #&/' *0")102$(' +,=?-'

/RV HVWXGLRVRV WDPELpQ KDQ VHxDODGR FRQ IUHFXHQFLD HO KHFKR TXH LGHDV
VLPLODUHV VREUH ORV RUtJHQHV \ OD FRQVWUXFFLyQ GH ORV HGLÀFLRV VDJUDGRV IXHURQ
+("(%,)&@,4,1#("#()#>PQ7IEC3DUDGyMLFDPHQWHHQYLUWXGGHOFRQFHSWRPLVPRTXH

HO/HYDQWH6HFRQRFHQSDEHOORQHVGHPDGHUDGH(JLSWRHQHOWHUFHU\VHJXQGRPLOHQLRD&
,)+*"/1# 3/"# 3/%5&",1# %&3,'("5(# 4(3/%,4,1-#,)+*"/1# $,%,# *1/1# 1(3*),%(1# <# /5%/1# $,%,# *1/1#
UHOLJLRVRV&DGDIDUDyQGHOQXHYRUHLQR GXUDQWHDOPHQRVHOSHUtRGRTXHYDGHVGH
D& WHQtDXQDPRUDGDUHVLGHQFLDGHWDEHUQiFXORVGRUDGRVGHSDUHGHVPDFL]DVVREUH
VX DWD~G HQ HO YDOOH GH ORV UH\HV FRPR HO FRQMXQWR LQWDFWR GH OD WXPED GH 7XWDQNDPyQ
'*(15%,#3),%,'("5(7
 (QHOVLJOR;,,,ODWLHQGDGHJXHUUDGH5DPVpV,, D& IXHGLYLGLGDHQGRVVDODVOD
H[WHUQD GRV YHFHV PiV ODUJD TXH OD LQWHUQD \ VLWXDGD GHQWUR GH XQ UHFLQWR UHFWDQJXODU
FRPRHOWDEHUQiFXORVDQWXDULRLVUDHOLWD/DVWDEOLOODVGH0DULPHQFLRQDQWDOHVWDEHUQiFXORV
SDUD XVR UHOLJLRVR FRQ UHYHVWLPLHQWRV VREUH WDEOHURV /D JUDQ WLHQGD HQ 0DUL  D& 
WHQtD GLH] ´XQLGDGHV HQPDUFDGDVµ )XHURQ QHFHVDULRV YHLQWH KRPEUHV SDUD OOHYDUODV \ HO
WpUPLQRHVDItQD;)#"6+:´WDEOHURVGHPDGHUDµGHOHGLÀFLRGHOWDEHUQiFXORVDQWXDULR ([
 7DPELpQHQHOPXQGRVHPtWLFRHOGLRV'7HQ8JDULWVHGHVFULEHFRPRYLYLHQGRHQ
XQWDEHUQiFXOR WDPELpQGH;#6:L#("#()#1&+)/#WRRR#,7:7
 2WURVSDUDOHORVLQFOX\HQSRUHMHPSORODGLVSRVLFLyQGHOFDPSRGHJXHUUDHJLSFLRFRPRVH
UHÁHMDHQORVUHOLHYHVGHODEDWDOODGH4DGHVKGH5DPVpV,,FRQODWLHQGDGH5DPVpVFRPR
XQWDEHUQiFXORFHUFDGRHQPHGLRGHOFDPSDPHQWR/DVFDMDVOOHYDGDVHQORVSRVWHVDWUDYpV
GH ORV DQLOORV DWDGRV D ODV FDMDV WDPELpQ HVWiQ ELHQ DWHVWLJXDGDV HQ OD HGDG GH EURQFH HQ
!+&$5/7#2ULJLQDOPHQWHFRQWHQtDQYDVLMDVSDUDULWXDOHVGHOLEDFLyQ)0&URVV´7KH3ULHVWO\
7DEHUQDFOH DQG WKH 7HPSOH RI 6RORPRQµ LQ Z-,5% '680% ;,% E:1,1F% C8=;,-A% :1<% #8;3-:;H-3% 81%
*10831;%$=-:37HG)0&URVVHWDO %DOWLPRUH-RKQV+RSNLQV8QLYHUVLW\ '
()OHPLQJ´0DUL·V/DUJH3XEOLF7HQWDQGWKH3ULHVWO\7HQW6DQFWXDU\µ`+  
.$.LWFKHQ´7KH7DEHUQDFOH²$%URQ]H$JH$UWLIDFWµ'-$=-  
 8QYHUGDGHURWDEHUQiFXORGHOVLJOR;,,D&VHHVWDEOHFLyHQ7LPQD HQHOERUGHQRUHVWHGHO
6LQDt  GH SRVWHV GH PDGHUD FRORFDGRV HQ PXURV GH SLHGUD FRQ UHYHVWLPLHQWR GH WHOD GH
ODQD SUREDEOHPHQWH SRU ORV PDGLDQLWDV $Vt TXH VH SXHGH GHVHFKDU TXH HO WDEHUQiFXOR
VDQWXDULR GHO e[RGR VHD XQD ÀFFLyQ IXH XQ DQWLJXR FRQFHSWR VHPtWLFR DTXt HMHFXWDGR
FRQWHFQRORJtDHJLSFLD3DUDGHWDOOHVYpDVH-.+RIIPHLHU´7KH([RGXVDQG:LOGHUQHVV
1DUUDWLYHVµLQ*10831;%$=-:37J=%C8=;,-AF%*1%$1;-,<H0;8,1%;,%$==H3=%:1<%!,H-03=HG%7$UQROG
DQG56+HVV *UDQG5DSLGV%DNHU$FDGHPLF 00+RPDQ´7KH'LYLQH
:DUULRU LQ +LV 7HQW $ 0LOLWDU\ 0RGHO IRU <DKZHK·V 7DEHUQDFOHµ ?)3O    
LGHP7R<RXU7HQWV2,VUDHO7KH7HUPLQRORJ\)XQFWLRQ)RUPDQG6\PEROLVPRI7HQWVLQ
;>3% C3@-3D% ?8@73% :1<% ;>3% *10831;% B3:-% ':=; &+$1(  /HLGHQ %ULOO   FDStWXOR  .
$ .LWFKHQ ´7KH 'HVHUW 7DEHUQDFOH 3XUH )LFWLRQ RU 3ODXVLEOH $FFRXQW"µ ?)3O# AH# KIJJJLU#
WDPELpQLGHP"1%;>3%)378:@878;A%,2%;>3%"7<%+3=;:531; *UDQG5DSLGV(HUGPDQV 
,:3URYDQ93/RQJDQG7/RQJPDQ,,,*%?8@780:7%C8=;,-A%,2%$=-:37 /RXLVYLOOH:-.
IJAGIL-#ADC7#$ODOX]GHWRGRVORVGDWRVYDULDGRVDQWHULRUHVSRGHPRVGHFLUTXHKD\EXHQD
HYLGHQFLDSDUDVXJHULUTXHXQDHVWUXFWXUDGHOWLSRWDEHUQiFXORVDQWXDULRHVUHDOLVWDHQHO
PXQGRGHODHGDGGHEURQFHGHO32$
IEC# 9pDVH 0 (OLDGH E,=5,=% :1<% C8=;,-AF% +>3% VA;>% ,2% ;>3% ';3-1:7% )3;H-1 1HZ <RUN +DUSHU
 $6.DSHOUXG´7HPSOH%XLOGLQJD7DVNIRU*RGVDQG0HQµ"-  
+XURZLW]G-83=;7A%*00,H1;Q
+,=@-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

,VUDHO WHQtD HQ FRP~Q FRQ VXV YHFLQRV HO WDEHUQiFXORVDQWXDULR GHO GHVLHUWR
DGTXLULy XQD GLPHQVLyQ FRPSOHWDPHQWH QXHYD 1XHVWUD QDUUDFLyQ QR FRQRFH
QDGD GH QLQJXQD KLVWRULD DQWHULRU D OD LQVWLWXFLyQ TXH VH SUHVHQWD FRPR XQD
LQQRYDFLyQ WDQ LQpGLWD TXH VLQ LQVWUXFFLRQHV GLYLQDV YHUEDOHV \ YLVXDOHV VHUtD
LQLQWHOLJLEOH (Q RWUDV SDODEUDV OD QDUUDWLYD GH HVWD PDQHUD GHOLEHUDGDPHQWH
GHVFRQHFWD\GLVRFLDHOWDEHUQiFXORVDQWXDULRGHWRGRORTXHHVWiHQHOPXQGR
4(#),#(0$(%&("3&,#4(#R1%,()7IED

(OWDEHUQiFXORVDQWXDULRVHHULJHQRVRORHQXQGHVLHUWRItVLFR\JHRJUiÀFR
VLQR TXH VH FRQVWUX\H HQ XQ GHVLHUWR VLPEyOLFR HQ XQ ´GHVLHUWR WHROyJLFRµ VH
DO]D FRPR XQD ´FRQVWUXFFLyQ WHROyJLFDµ FRPR XQ QXHYR SDUDGLJPD WHROyJLFR
TXH VXSRQH XQD UXSWXUD LQQRYDGRUD FRQ ODV FRQFHSFLRQHV WHROyJLFRUHOLJLRVDV
HJLSFLDV EDELOyQLFRPHVRSRWiPLFDV \ FDQDDQLWDV $GHPiV VX FRQVWUXFFLyQ
WHROyJLFDHPHUJHGHVGHXQD´7LHQGDGHUHXQLyQµQRGHVGHXQWHPSORFRPRODV
GHPiV FRQVWUXFFLRQHV WHROyJLFRUHOLJLRVDV (O WDEHUQiFXORVDQWXDULR SRUWiWLO
PyYLOQRVRORIXHFRQFHELGRSDUDHOPRQWDMHWUDQVSRUWHGHVPRQWDMHGHXQSXHEOR
HQ PRYLPLHQWR SRU HO GHVLHUWR VLQR FRQ OD FRVPRYLVLyQ GH FUHDU GHVDUUROODU
GLVFRQWLQXDU LQQRYDU XQ QXHYR PRGHOR WHROyJLFR SDUDGLJPD  GH UHODFLyQ GH
XQSXHEORFRQVX'HLGDG <DKYp 

$VtHPHUJHXQDQXHYDLGHQWLGDGFXOWXDOWHROyJLFDGHVFULWDHQXQPXQGR
GH´DUHQD\DULGH]µSDUDFRQVWUXLUXQ5:0-,0,1036;,/5:0-,;35:%;3,7N980,#1&'$)(-#("#
VXHVWUXFWXUDItVLFD´XQD7LHQGDµSHURQRVLPSOLVWDVLQRFRPSOHMRHQVXPDWUL]
WHROyJLFD 0HGLDQWH XQD ´7LHQGD GH HQFXHQWURUHXQLyQµ OD 'HLGDG <DKYp \
XQ SXHEOR OLEUH GH OD HVFODYLWXG VH HQFXHQWUDQ HQ HO GHVLHUWR SDUD FRQVWUXLU
MXQWRVXQQXHYRPDUFRWHROyJLFRXQDQXHYD´FRVPRYLVLyQWHROyJLFDµSOHQDGH
´YLGD\EHOOH]DµSDUDGDUOHXQJLURDODKLVWRULDWHROyJLFDGHXQPXQGRFDyWLFR
SURFHGHQWH GH OD HVFODYLWXG  \ HQ UHFRQVWUXFFLyQ WHROyJLFD GH VX OLEHUWDG (O
GHVLHUWR IXH VLHPSUH \ VLHPSUH VHUi HQ OD KLVWRULD GHO SXHEOR GH <DKYp XQ
´OXJDUWDEHUQiFXOR GH UHXQLyQµ XQ ´HVSDFLR GH HQFXHQWURµ SDUD XQ QXHYR
FRPLHQ]R XQD QXHYD YLGD XQD LQQRYDFLyQ WHROyJLFD HQWUH <DKYp \ VX SXHEOR
OLEHUDGR

7HROyJLFDPHQWHHVWHHQIRTXHVHDMXVWDDOSDWUyQGHOUHODWRGH1Rp\DODV
QDUUDFLRQHV SDWULDUFDOHV HQ HO OLEUR GH *pQHVLV 3RU HMHPSOR $EUDKiQ ,VDDF \
-DFREHULJHQDOWDUHV\SLODUHVVDJUDGRVHQYDULRVVLWLRVHQ&DQDiQHQHOFXUVRGH

IED# 6DUQD'467,-819%'4,<H=
/0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$% &"' &/' %&")2(' 1"$4$%0#(2' #&/' *0")102$(' +,=;-'

VXV SHUHJULQDFLRQHV 1XQFD KDFHQ XVR GH XQ DOWDU H[LVWHQWH ,QYDULDEOHPHQWH
FRQVWUX\HQ RWURV QXHYRV 7DPSRFR VH QRV GLFH QDGD DFHUFD GH ORV FHQWURV GH
FXOWR FDQDQHRV HQ HO *pQHVLV (Q RWUDV SDODEUDV ODV QDUUDWLYDV SUHVHQWDQ OD
UHOLJLyQ\ODWHRORJtDGHORVSDWULDUFDVFRPRXQDGLVFRQWLQXLGDGHLQQRYDGRUD
/DV LQVWUXFFLRQHV GLYLQDPHQWH GDGDV \ ODV LPiJHQHV FHOHVWLDOHV UHODFLRQDGDV
FRQ HO WDEHUQiFXORVDQWXDULR VLUYHQ DTXt SDUD OD PLVPD IXQFLyQ GLVFRQWLQXD H
LQQRYDGRUDIEE

PKTKVK.*3=7=@B58.037.M=61715:1=

3XHVWRTXHHOVDQWXDULRLVUDHOLWDHUDFRQVLGHUDGRFRPR´OD0:=:GHO6HxRUµ
R ´OD 0:=:# 4(# 6&/1V-BJJ HV SRVLEOH TXH WUHV GH ORV DUWtFXORV GHO PRELOLDULR DUFD
PHVD \ FDQGHODEUR  UHÁHMHQ XQ pQIDVLV HQ HO DVSHFWR GH ´KDELWDUPRUDUµ XQD
´FDVDµHODUFDVLJQLÀFDQGRXQWURQRRDVLHQWRODPHVDSDUDFRPLGD\EHELGD\
HOFDQGHODEURFRQVXVOiPSDUDVSDUDODOX]BJA(VWDUHSUHVHQWDFLyQItVLFDWHQGUtD
HOSURSyVLWRWHROyJLFRGHPRVWUDUDOSXHEORGH,VUDHOODYHUGDGHUDÀQDOLGDGGH
<DKYpGHKDELWDUPRUDUHQPHGLRGHHOORV\GHGHVFULELUHOVHQWLGRGH´UHXQLyQ
HQFXHQWURIDPLOLDUµHQHOWDEHUQiFXORVDQWXDULRFRQVWUXLGRFRPRXQD´7LHQGD
GHUHXQLyQHQFXHQWURµHVSLULWXDOFXOWXDO\UHOLJLRVRHQWUH'LRV\VXSXHEOR

*3=7=@B5.037.5745:.03.7=8.W=7=25<84=8.O.037.1/213/8=

/RV PLQLVWHULRV VDFHUGRWDOHV HQ ORV GRV DOWDUHV VH FRORFDQ MXQWRV HQ HO
OLEURGHe[RGRHOPLQLVWHULRHQHODOWDUGHORVKRORFDXVWRVVHGHVFULEHHQSULPHU
OXJDU ([ 0RLVpVHQIDWL]DWDPELpQHVWRVGRVPLQLVWHULRVHQVX
EHQGLFLyQVREUH/HYtDXQTXHHQRUGHQLQYHUVR´>«@3UHVHQWyDQWHWLVREUHWX
DOWDUHOLQFLHQVR\ODVRIUHQGDVGHOWRGRTXHPDGDVµ 'W /RVKRORFDXVWRV
PDWXWLQRV \ YHVSHUWLQRV VLHQGR VDFULÀFLRV GH VDQJUH KDEUtDQ UHFRUGDGR
GLDULDPHQWHD,VUDHOHOFRVWRGHH[SLDUHOSHFDGR /Y BJI

IEE# 9pDVH52XUR´6LPLODULWLHVDQG'LIIHUHQFHVEHWZHHQWKH2OG7HVWDPHQWDQGWKH$QFLHQW
1HDU(DVWHUQ7H[WVµ*_!!  
BJJ# -RV-XHHWF
BJA# 9pDVH0+DUDQ´7KH'LYLQH3UHVHQFHLQWKH,VUDHOLWH&XOWDQGWKH&XOWLF,QVWLWXWLRQVµ?8@#
  
BJI# 6REUH /Y  YpDVH - 6NODU 6LQ ,PSXULW\ 6DFULÀFH $WRQHPHQW 7KH 3ULHVWO\ &RQFHSWLRQV-#
+%0  3KRHQL[ 6KHIÀHOG 3KRHQL[   (O OLEUR GH +HEUHRV YH HVWH DOWDU FRPR XQD
LPDJHQGHOPHMRUDOWDUGH&ULVWR´1RVRWURVWHQHPRVXQ:7;:-GHOFXDOQRWLHQHQGHUHFKRD
FRPHUORVTXHRÀFLDQHQHOWDEHUQiFXOR3RUTXHHOVXPRVDFHUGRWHLQWURGXFHODVDQJUHGH
ORVDQLPDOHVHQHO/XJDU6DQWtVLPRFRPRVDFULÀFLRSRUHOSHFDGRSHURORVFXHUSRVGHHVRV
+,><-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

(O $7 QR H[SOLFD H[SOtFLWDPHQWH HO VLPEROLVPR GHO ´LQFLHQVR IUDJDQWHµ
TXHPDGRSRUODPDxDQD\ODWDUGHHQHODOWDUGHOLQFLHQVR´$DUyQTXHPDUiHQpO
LQFLHQVRDURPiWLFRORTXHPDUiWRGDVODPDxDQDVDOSUHSDUDUODVOiPSDUDVµ ([
BJ-CL7BJB3XHVWRTXHKD\PXFKDVUHIHUHQFLDVHQHO$7DOKHFKRTXH,VUDHOSHFyHQ
.*(',%#&"3&("1/#,#/5%/1#4&/1(1-BJFSDUHFHHYLGHQWHTXHHOLQFLHQVRTXHPDGRHQHO
VDQWXDULRLVUDHOLWDVLPEROL]DEDODDGRUDFLyQGHOD'HLGDG+RPHQDMHRDGRUDFLyQ
HQUHODFLyQFRQHOLQFLHQVRTXHPDGRHVWiFODUDPHQWHLQGLFDGRHQODH[SHULHQFLD
GH 'DQLHO HQ %DELORQLDBJG# >(%/# /5%/1# 5(05/1# 1*+&(%("# .*(# ()# &"3&("1/# .*(',4/#
LQGLFDEDPXFKRPiVTXHODDGRUDFLyQBJH

DQLPDOHVVHTXHPDQIXHUDGHOFDPSDPHQWR3RUHVRWDPELpQI3=T=SDUDVDQWLÀFDUDOSXHEOR
PHGLDQWHVXSURSLDVDQJUHVXIULyIXHUDGHODSXHUWDGHODFLXGDGµ +HE (O17
WDPELpQ SUHÀJXUD D &ULVWR FRPR ´>«@ RIUHQGD \ VDFULÀFLR IUDJDQWH SDUD 'LRVµ (I   \
FRPR´>«@HOVDFULÀFLRGHOFXHUSRGH-HVXFULVWR-#,2-308<,XQDYH]\SDUDVLHPSUHµ +HE 
BJB ´,QFLHQVRµGHODUDt]´KXPHDUµ3DUDXQHVWXGLRPiVH[KDXVWLYRGHOWHPDYpDVH0+DUDQ
´7KH 8VHV RI ,QFHQVH LQ WKH $QFLHQW ,VUDHOLWH 5LWXDOµ `+    ² 6DORPyQ
FRPHQWD VREUH HO UH\ IHQLFLR +LUDP ´9R\ D FRQVWUXLU XQ WHPSOR HQ KRQRU GHO 6HxRU PL
6&/17# O/# 3/"1,+%,%?# ,# ?)-# $,%,# .*(',%# &"3&("1/# ,%/'25&3/# ("# 1*# $%(1("3&,# XYZV# KI# :%# I-F#
>70@ 
BJF &UHWF
BJG ´$ORtUHVWRHOUH\1DEXFRGRQRVRUVHSRVWUyDQWH'DQLHO\OHULQGLySOHLWHVtD,-<31N%YH3%=3%
73%6-3=31;:-:%H1:%,2-31<:%3%810831=,V#K6"#I-FHL7
BJH (OVDOPLVWDFRPSDUDVXRUDFLyQWDQWRFRQHOLQFLHQVRTXHPDGRFRPRFRQHOVDFULÀFLRGLDULR
TXHRFXUULyDOPLVPRWLHPSR´4XHVXEDDWXSUHVHQFLDPL6739:-8:FRPRXQDRIUHQGDGH
810831=,TXHKDFLDWLVHHOHYHQPLVPDQRVFRPRXQVDFULÀFLRYHVSHUWLQRµ 6DO (O17
YLQFXOD HO DFWR ULWXDO GH TXHPDU LQFLHQVR HQ HO DOWDU GHO LQFLHQVRGH RUR FRQ OD RUDFLyQ
/XFDV UHJLVWUD ´&XDQGR OOHJy OD KRUD GH RIUHFHU HO 810831=, OD PXOWLWXG UHXQLGD DIXHUD
HVWDED,-:1<,µ /F (O17YHWDPELpQHVWHDOWDUFRPRXQDLPDJHQGH&ULVWR\ODRUDFLyQ
´&XDQGRORWRPyORVFXDWURVHUHVYLYLHQWHV\ORVYHLQWLFXDWURDQFLDQRVVHSRVWUDURQGHODQWH
4()#E,-<3-,&DGDXQRWHQtDXQDUSD\FRSDVGHRUROOHQDVGH810831=,-#.*(#1/"#),1#,-:08,13=#
GHO SXHEOR GH 'LRVµ $S   $GHPiV $S  DUURMD PiV OX] VREUH HO VLPEROLVPR GHO
DOWDUGHOLQFLHQVRGHRUR\DTXHKDFHXQDUHIHUHQFLDGLUHFWDDVXFRQWUDSDUWHFHOHVWLDOHV
GHFLUHOVDQWXDULRFHOHVWLDO´6HDFHUFyRWURiQJHO\VHSXVRGHSLHIUHQWHDODOWDU7HQtDXQ
LQFHQVDULRGHRUR\VHOHHQWUHJyPXFKRLQFLHQVRSDUDRIUHFHUORMXQWRFRQODVRUDFLRQHV#4(#5/4/#
HOSXHEORGH'LRV=,@-3%37%:7;:-%<3%,-,#.*(#(152#4(),"5(#4()#5%/"/7#<MXQWRFRQHVDVRUDFLRQHV
=H@8N% 37 KXPR GHO% 810831=, GHVGH OD PDQR GHO iQJHO KDVWD OD SUHVHQFLD GH 'LRVµ (Q HVWH
SDVDMH HO iQJHO HVWi IXQFLRQDQGR FRPR XQ VDFHUGRWH HQ HO DOWDU GH RURGHO LQFLHQVR 6X
WDUHDVHGHVFULEHSLFWyULFDPHQWHFRPRPH]FODQGRHOLQFLHQVRFRQODVRUDFLRQHVGHOSXHEOR
GH 'LRV (Q RWUDV SDODEUDV HO iQJHO VH YH FRPR XQ LQWHUFHVRU TXH SUHVHQWD ODV RUDFLRQHV
GHORVVDQWRVDxDGLHQGRLQFLHQVRDHOODVFRPRSDUDDVHJXUDUODDFHSWDFLyQGH'LRV,VUDHO
GHELyFRPSUHQGHUDOJ~QFRQFHSWRVLPLODUGXUDQWHODDGRUDFLyQPDWXWLQD\YHVSHUWLQDHQ
()#1,"5*,%&/7
/0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$% &"' &/' %&")2(' 1"$4$%0#(2' #&/' *0")102$(' +,>,-'

*3=7=@B5.037.75;54=:1=

0RLVpV LQLFLy HO FXOWR ULWXDO UHJXODU GHO WDEHUQiFXORVDQWXDULR LH HO
´FRQWLQXRUHJXODUµ>8":+4@([ HQHOGtDGHVXWHUPLQDFLyQBJC#Q4('21#4()#
FXOWRGLDULRUHJXODUTXH0RLVpVLQLFLyHQHOGtDGHODHUHFFLyQGHOWDEHUQiFXOR
VDQWXDULRpOWDPELpQLQVWDOyHOODYDWRULRSLODGHDJXDHQWUHHODOWDU\OD7LHQGD
\SXVRDJXDHQpO ([ SDUDTXHpO$DUyQ\VXVKLMRVSXGLHUDQODYDUVHODV
PDQRV\ORVSLHVFXDQGRHQWUDUDQHQOD7LHQGDRVHDFHUFDUDQDODOWDU´<0RLVpV
$DUyQ\VXVKLMRVVHODYDURQDOOtODVPDQRV\ORVSLHV6LHPSUHTXHHQWUDEDQHQ
OD7LHQGDGHUHXQLyQRVHDFHUFDEDQDODOWDUVHODYDEDQWDO\FRPRHO6HxRUVHOR
KDEtDRUGHQDGRµ ([FI([ 

(O VLJQLÀFDGR WHROyJLFR GHO ODYDPLHQWR GH ODV PDQRV \ ORV SLHV HVWDED
UHODFLRQDGR FRQ OD SXULÀFDFLyQ \ OD VDQWLGDG H[WHUQD FRQ OD TXH ORV VDFHUGRWHV
GHEtDQ DFFHGHU DO WDEHUQiFXORVDQWXDULR \ D VX PRELOLDULR SDUD UHDOL]DU VXV
IXQFLRQHV VDFHUGRWDOHV GHODQWH GH XQ 'LRV VDQWR TXH H[LJtD SXUH]D \ VDQWLGDG
QRVRORLQWHULRUVLQRWDPELpQH[WHULRURItVLFDSDUDHQWUDUHQUHODFLyQHQUHXQLyQ
HQ HQFXHQWUR FRQ <DKYp HQ OD ´7LHQGD GH UHXQLyQHQFXHQWURµ ´6LHPSUH TXH
HQWUHQ HQ OD 7LHQGD GH UHXQLyQ R FXDQGR VH DFHUTXHQ DO DOWDU \ SUHVHQWHQ DO
6HxRUDOJXQDRIUHQGDSRUIXHJRGHEHUiQODYDUVHFRQDJXDODVPDQRV\ORVSLHV
SDUDTXHQRPXHUDQ(VWDVHUiXQDOH\SHUSHWXDSDUD$DUyQ\VXVGHVFHQGLHQWHV
SRUWRGDVODVJHQHUDFLRQHVµ ([ BJD

7HRORJtDGHODPHVDGHORVSDQHVGHODSURSRVLFLyQ

(O VLJQLÀFDGR WHROyJLFR GH HVWH DUWtFXOR GHO PRELOLDULR UHVLGH HQ HO
VLPEROLVPR GHO SDQ SXHVWR VREUH OD PHVD (Q HO OLEUR GH e[RGR VH OH FRQRFH
FRPR ´HO SDQ GH OD 3UHVHQFLDµ >E5A5:# *"%+: OLWHUDOPHQWH ´HO SDQ GH OD ID]µ@
([ /DH[SUHVLyQ´HOSDQGHOD3UHVHQFLDµLQGLFDTXHORVSDQHVVDJUDGRV
1(#3/)/3,%/"#/#$%(1("5,%/"#,"5(#),#$%(1("3&,#4(#6&/17BJE

BJC 9pDVH+DUDQ+35673=%+35673Q!3-O803
BJD (OODYDWRULRVHYHHQHO17FRPRXQWLSRGH&ULVWR´>«@FRPRE-8=;,DPyDODLJOHVLD\VH
HQWUHJySRUHOODSDUDKDFHUODVDQWDeOODSXULÀFyODYiQGRODFRQDJXDPHGLDQWHODSDODEUDµ (I
 
BJE (O17FRQÀUPDHVWHVLJQLÀFDGRFRQODIUDVHRORJtD´HOSDQGHODSURSRVLFLyQµR´ODH[SRVLFLyQ
GHORVSDQHVµ 0W0F/F+HE 
+,>.-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

(OSDQWDPELpQVHGHVFULEHFRPR´SDQVDJUDGRµBAJGHELGRDVXHVWDWXVGH
VDJUDGR´SDQHVGHODSURSRVLFLyQµBAARVLPSOHPHQWH´ODSURSRVLFLyQµBAI#$/%.*(#
HVWDEDQGLVSXHVWRVHQ´GRVÀODVµHVGHFLUHQGRVSLODVGHVHLVSDQHVFDGDXQD
MXQWRFRQHOLQFLHQVRSXUR /Y /RVSDQHVWDPELpQVHFRQRFHQFRPR´HO
SDQ FRQWLQXRµ\ODGLVSRVLFLyQ´FRQWLQXDµ 1P BAB#$/%.*(#%(+*),%'("5(#1(#
UHQRYDEDQFDGDVHPDQD HOGtDGHViEDGR \SRUORWDQWRHOSDQVDJUDGR\DFtD
FRQWLQXDPHQWH VREUH OD PHVD HQ HO /XJDU 6DQWR GHODQWH GHO 6HxRU (VWH SXQWR
FRQWUDVWDFRQODSUiFWLFDGLDULDKDELWXDOHQHOFXOWRULWXDOGHO32$HQHOTXHOD
FRORFDFLyQGHOSDQ\HOYHUWLGRGHODOLEDFLyQDQWHODHVWDWXDGHFXOWRGHODGHLGDG
VHFRQFLELyFRPRDOLPHQWDUDODGHLGDG\WXYROXJDUGLDULDPHQWHBAF

(Q OD UHOLJLyQ LVUDHOLWD QR VROR HUD LQFRQFHELEOH DVRFLDU ORV FRQFHSWRV GH
FRPHU\EHEHUHQVXVHQWLGRPDWHULDOFRQODFRQFHSFLyQGHOD'LYLQLGDGVLQR
TXHVHUHODFLRQDLQFOXVRFRQXQVHUKXPDQRFRPR0RLVpVTXHFXDQGRVHDFHUFDED
D OD HVIHUDGLYLQDORKDFtD´VLQFRPHUQLEHEHUQDGDµ (['W /RV
GRFHSDQHVGHQRWDEDQODVGRFHWULEXVGH,VUDHO\SUREDEOHPHQWHIXQFLRQDEDQGH
PDQHUDVLPLODUDORVGRVFRQMXQWRVGHSLHGUDVLQVFULWDV HQODLQGXPHQWDULDGHO
VXPRVDFHUGRWH ´SDUDUHFRUGDUµD'LRVODVQHFHVLGDGHVGH,VUDHO(VWDVXJHUHQFLD
VHDSR\DHQHOKHFKRTXHHOLQFLHQVRTXHDFRPSDxDEDDORVSDQHVVHOODPy´XQD
SRUFLyQPHPRULDOµHQ/Y´(QFDGDKLOHUDSRQGUiVLQFLHQVRSXUR*=M%37%6:1%
=3-.%H1:%,2-31<:%535,-8:7SUHVHQWDGDSRUIXHJRDO6HxRUµ

(O VLJQLÀFDGR VLPEyOLFR GHO SDQ VH SXHGH REWHQHU FRPSDUiQGROR FRQ
HO VDFULÀFLR DQLPDO GH OD PDxDQD \ GH OD WDUGH D  WDQWR ORV SDQHV FRPR ORV
FRUGHURV VH YLHURQ FRPR ´RIUHQGD>V@ SUHVHQWDGD SRU IXHJRµ ([  /Y
  E  DPERV VH RIUHFLHURQ 6,- HO VDFHUGRFLR SRU SDUWH GH ,VUDHO F  DPERV
VHRIUHFLHURQ´DQWHHO6HxRUµ ([ XQRHQHODWULRVREUHHODOWDUGH
ORV KRORFDXVWRVGH EURQFH HO RWUR GHQWUR GHO VDQWXDULR VREUH OD PHVD GH ORV
SDQHVGHODSURSRVLFLyQGHRUR G DPERVVHRIUHFLHURQFRQWLQXDPHQWHIXHXQD
RIUHQGD-363;8<:HOIXHJRQXQFDPXULyHQHODOWDU /Y>70@ HOSDQ
VHUHHPSOD]yLQPHGLDWDPHQWHFXDQGRVHTXLWyHOYLHMR H ODTXHPDGHLQFLHQVR
VH DVRFLy FRQ DPERV /D GLIHUHQFLD SULQFLSDO HQWUH ODV GRV RIUHQGDV DSDUWH GH
ODFRPSRVLFLyQXQDYHJHWDOODRWUDDQLPDO SDUHFHVHUTXHXQDHUDXQDRIUHQGD

BAJ# 6
BAA# &U1HK
BAI# A#:%#ID-AH7
BAB# &U>70@
BAF# 9pDVH5(*DQH´·%UHDGRIWKH3UHVHQFH·DQG&UHDWRULQ5HVLGHQFHµ`+  
/0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$% &"' &/' %&")2(' 1"$4$%0#(2' #&/' *0")102$(' +,>=-'

1,"+%&("5,-#$(%/#),#/5%,#"/#)/#(%,7BAG6HSXHGHLQIHULUTXHFXDQGR,VUDHORIUHFtDORV
GRFH SDQHV GHODQWH GH 'LRV SRU HO VDFHUGRFLR HVWDED H[SUHVDQGR XQD SHWLFLyQ
FRQWLQXDGHDOLPHQWRWDQWRItVLFRFRPRHVSLULWXDOBAH

*3=7=@B5.037.25/03756:=

(O FDQGHODEUR GH VLHWH EUD]RV >:)%$#J@ VH PHQFLRQD YDULDV YHFHV ([
  HWF  \ KDEtD GLH] FDQGHODEURV HQ HO WHPSOR GH 6DORPyQBAC#
VLQ HPEDUJR QR VH GD LQIRUPDFLyQ VREUH HO VLPEROLVPR GHO FDQGHODEURBAD#
2EYLDPHQWH HO FDQGHODEUR WHQtD XQD IXQFLyQ SUiFWLFD SURSRUFLRQDU OX] SDUD
ODVIXQFLRQHVVDFHUGRWDOHVHQHO/XJDU6DQWR6XFRQVWUXFFLyQ~QLFDVXJLHUHXQD
VLJQLÀFDFLyQVLPEyOLFD /Y 

(O VLJQLÀFDGR GHO FDQGHODEUR FRPR VtPEROR HVWi UHODFLRQDGR HQ SDUWH
FRQODSDODEUDKHEUHD8":+4´FRQWLQXRµ(OVHQWLGRGH8":+4DVXYH]HVWiHQ
UHODFLyQFRQODVOiPSDUDVVLJQLÀFDQGR´FRQWLQXDPHQWHµHVGHFLUODVOiPSDUDV
HVWDEDQHQFHQGLGDVGtD\QRFKHBAE/DIyUPXOD´GHODWDUGHDODPDxDQDµLQGLFD
TXH ODV OiPSDUDV LOXPLQDURQ LQLFLDOPHQWH SRU OD QRFKH HV GHFLU VH UHÀHUH DO
;8356,GHODLOXPLQDFLyQ(VWDH[SOLFDFLyQSDUHFHFRQÀUPDUVHHQ([´E:<:%
PDxDQDFXDQGR$DUyQSUHSDUHODVOiPSDUDVTXHPDUiLQFLHQVRDURPiWLFRVREUHHO
,)5,%-#<#WDPELpQDOFDHUODWDUGHFXDQGRODVHQFLHQGD#XYZV7

O,# :)%$#J VH YH JHQHUDOPHQWH FRPR XQ iUERO HVWLOL]DGR TXH UHÁHMD HO
iUEROGHODYLGDBIJ0H\HUVDÀUPDTXHODIRUPDGHOFDQGHODEURHVXQDH[SUHVLyQ
DUWtVWLFDGHODYLGDYHJHWDO\FRQFOX\HTXHWDOIRUPDGHDUWHUHWUDWyXQWHPDGH
ODYLGDWDQWRHQHO$7FRPRHQHO32$$FRQWLQXDFLyQVRVWXYRTXHHOWHPDGH
ODYLGDUHWUDWDGRSRUOD:)%$#JVLPEROL]DEDOD'HLGDGLQYLVLEOHHQHOVDQWXDULR
&1%,()&5,7BIA

BAG +ROEURRN
BAH /DPHVDGHORVSDQHVGHODSURSRVLFLyQVHYHHQHO17FRPRXQWLSRGH&ULVWR´f,%=,A%37%6:1%
<3%O8<:µ -Q \´/DFRSDGHEHQGLFLyQTXHEHQGHFLPRV¢QRHVDFDVRFRPXQLyQFRQOD
VDQJUHGH&ULVWR"<HO6:1TXHSDUWLPRV¢QRHVFRPXQLyQFRQHOFXHUSRGHE-8=;,"3RUTXH
H1,%=,7,#(1#()#6:1DXQVLHQGRPXFKRVXQVRORFXHUSRVRPRVSXHVWRGRVSDUWLFLSDPRVGHO
'&1'/#6:1µ &R 
BAC# I#:%#F-C7
BAD# (5*RRGHQRXJK´7KH0HQRUDKDPRQJWKH-HZVRIWKH5RPDQ:RUOGµC_E* 
AEGALU#FGJ7
BAE# +\DWW
BIJ# *RRGHQRXJK
BIA# ;(<(%1-#+:@3-1:073%V31,-:>
+,>>-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

9DULRVWH[WRVDSR\DQHVWHFRQFHSWRWHROyJLFRTXHHOFDQGHODEURVLPEROL]D
ODSUHVHQFLDGH'LRVRFDUDFWHUtVWLFDVGHOD'HLGDG D ODYLVLyQGHOFDQGHODEUR
GDGD D =DFDUtDVBII# !15,# :)%$#J QR WHQtD OD PLVPD IRUPD FRPR OD TXH KL]R
%H]DOHO SDUD HO WDEHUQiFXORVDQWXDULR VLQ HPEDUJR WHQtD VLHWH OiPSDUDV 'RV
ROLYRV VXPLQLVWUDURQ DFHLWH D XQ UHFLSLHQWH FHQWUDO TXH D VX YH] VXUWLy D ODV
OiPSDUDV(QHVWHHVFHQDULRHOiQJHOH[SOLFDHOVLJQLÀFDGRGHODVVLHWHOiPSDUDV
HQFHQGLGDV HQ HO FDQGHODEURBIB# !"# (15(# 3,1/-# ),1# )2'$,%,1# 1(# ("5&("4(# .*(#
GHQRWDQ OD RPQLVFLHQFLD \ RPQLSUHVHQFLD GH 'LRV E  /RV WH[WRV TXH VHxDODQ
TXHODIRUPDGHDUWHGHOFDQGHODEURVHH[WUDMRGHODYLGDYHJHWDOODDOPHQGUD ([
HWF (O6HxRUXVyXQDUHSUHVHQWDFLyQGHODOPHQGURFRQHOSURIHWD-HUHPtDV
UHÀULpQGRVHDODUHYHODFLyQGH'LRVBIF$VtTXHHOFDQGHODEURDGHPiVGHODUFD
IXHRWURPHGLRSRUHOFXDOVHVLPEROL]yODSUHVHQFLDGH'LRVHQHOVDQWXDULRBIG

*3=7=@B5.037.5:25

(ODUWtFXORPiVVDJUDGRGHOPRELOLDULRHQHOVDQWXDULRLVUDHOLWDHUDHODUFD
TXHFRQWHQtDODVWDEODVGHODOH\TXHHVWDEDFXELHUWDFRQRURXQLGDWDPELpQDGRV
TXHUXELQHVGHRURHQVXSDUWHVXSHULRU\TXHHVWDEDVRODHQHOVDQFWXPLQWHULRU
GH OD 7LHQGD HO /XJDU 6DQWtVLPR ([   3HUR ¢FXiO IXH OD IXQFLyQ GH
HVWHDUFD"¢(UDVLPSOHPHQWHXQUHFHSWiFXORSDUDODVWDEODVGHO'HFiORJR\QDGD
PiV"/RVWH[WRVEtEOLFRVVXJLHUHQIXHUWHPHQWHPXFKRPiV(ODUFDVHSHUFLELyHQ
,VUDHOLPDJLQDULDPHQWHFRPRHOHTXLYDOHQWHDXQHVWUDGRBIH

BII =DF
BIB ´>«@\!15/1#1/"#)/1#1&(5(#,U,=%<37%!3j,--#.*(#%(3/%%("#5/4,#),#5&(%%,bV#Ka,3#F-AJL7
BIF ´/DSDODEUDGHO6HxRUYLQRDPt\PHGLMR¶¢4XpHVORTXHYHV-HUHPtDV"·¶9HRXQDUDPD
GHDOPHQGUR·UHVSRQGtµ -HU 
BIG (O 17 SURSRUFLRQD XQD QXHYD YLVLyQ GHO VLJQLÀFDGR GHO FDQGHODEUR (O FDQGHODEUR VH YH
FRPRXQWLSRGH&ULVWRVREUHODEDVHGH-Q´8QDYH]PiVI3=T=VHGLULJLyDODJHQWH\
OHVGLMR¶f,%=,A%7:%7HR%<37%5H1<,(OTXHPHVLJXHQRDQGDUiHQWLQLHEODVVLQRTXHWHQGUiOD
OX]GHODYLGD·µ\$S´>«@(QPHGLRGHORV0:1<37:@-,=HVWDEDDOJXLHQ¶VHPHMDQWH
,)% C8U,% <37% >,5@-3· YHVWLGR FRQ XQD W~QLFD TXH OH OOHJDED KDVWD ORV SLHV \ FHxLGR FRQ XQD
EDQGDGHRURDODDOWXUDGHOSHFKR>«@µ  
BIH 9pDVH*+'DYLHV´)RRWVWRROµ$&?  7'27/DHYLGHQFLDGHÀQLGD
GHWDOFRQFHSFLyQVHHQFXHQWUDGHKHFKRHQ&U´3XHVWRGHSLHHOUH\'DYLGGLMR
¶+HUPDQRVGHPLSXHEORHVF~FKHQPH<RWHQtDHOSURSyVLWRGHFRQVWUXLUXQWHPSORSDUD
.*(# ("# ?)# %($/1,%,# ()# ,%3,# 4()# $,35/# <37% !3j,-% 1H3=;-,% &8,= \ VLUYLHUD 0,5,% 3=;-:<,# 4(# 1*1#
SLHV<DWHQtDWRGROLVWRSDUDFRQVWUXLUOR·µ6DO\´([DOWHQDO6HxRUQXHVWUR'LRV
:<N-317,%:1;3%37%3=;-:<,GHVXVSLHV£pOHVVDQWR>«@·9D\DPRVKDVWDVXPRUDGD6,=;-[5,1,=%
:1;3% 37% 3=;-:<, GH VXV SLHV·µ WLHQHQ HQ PHQWH HO /XJDU 6DQWtVLPR )LQDOPHQWH FXDQGR /P
 XVD ´HVWUDGRµ HQ UHIHUHQFLD DO WHPSOR HPSOHD OD ÀJXUD GHO GLVFXUVR FRQRFLGD FRPR
/0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$% &"' &/' %&")2(' 1"$4$%0#(2' #&/' *0")102$(' +,>9-'

/D FXELHUWD GHO DUFD HO SURSLFLDWRULR R 7'**$#58# X#/*"1,309#-) /;;@ HVWDED
DGRUQDGDFRQGRVTXHUXELQHVGHRURXQRHQFDGDH[WUHPR\HUDGHVGHHVWHiUHD
TXH'LRVVHFRPXQLFDEDFRQ0RLVpV ([1P BIC(QRWUDVSDODEUDVVH
FUHtDTXHOD3UHVHQFLDGLYLQDVHPDQLIHVWDEDSRUDVtGHFLUORHQHOHVSDFLRHQWUHORV
GRVTXHUXELQHVVREUHHODUFD3RUHVRODH[SUHVLyQDFHUFDGH'LRVFRPR-381:%31;-3%
7,=%YH3-H@813=HQUHDOLGDGSURSRUFLRQDODFODYHSDUDHQWHQGHUHOWURQRGLYLQRFRPR
DVHQWDGRVREUHHODUFD\DTXHFODUDPHQWHLQGLFDXQDFRQFHSFLyQGHORVTXHUXELQHV
FRPRSRUWDGRUHVGHOWURQRGH'LRV\GDGRTXHVRQGHVFULWRVLQYDULDEOHPHQWHFRQ
DODVODLQWHQFLyQHVH[SUHVDUODPRYLOLGDGGH'LRVRVXRPQLSUHVHQFLDXQDWULEXWR
TXHWDPELpQVHGHVWDFDHQHOWDEHUQiFXORVDQWXDULRGHRWUDVPDQHUDVBID

(QHOWDEHUQiFXORVDQWXDULRLVUDHOLWDQRKDEtDWURQRUHDOVRORHODUFDFRQ
ODV WDEODV GH SLHGUD HQ VX LQWHULRU \ VXV TXHUXELQHV HQFLPD ´XQ UHFRUGDWRULR
SHUPDQHQWH WDQWR GH OD SUHVHQFLD LQYLVLEOH GHO 'LRV VREHUDQR FRPR GH VXV
LQHOXGLEOHVGHPDQGDVVREUHVXSXHEORµBIE

/DVWDEODVGHODOH\JXDUGDGDVHQHODUFDHUDQXQDHVSHFLHGHGRFXPHQWR
OHJDO YLQFXODQWH SDUD DPEDV SDUWHV HVSHFLDOPHQWH SDUD OD SDUWH TXH VH KDEtD
HQFDUJDGR GH JXDUGDU ORV PDQGDPLHQWRV JUDEDGRV HQ SLHGUD 3DUD OD PHQWH
KHEUHD QLQJ~Q OXJDU SRGUtD VHU PiV DSURSLDGR SDUD WDO GRFXPHQWR TXH XQ
DUFDTXHHUDHOHVWUDGRGHOWURQRGH'LRV(OKHFKRGHTXHHVWHGRFXPHQWROHJDO
HVWp HVFULWR HQ SLHGUD HV SRU VXSXHVWR VLPSOHPHQWH XQ VLJQR GH DQWLJHGDG

1&"?34/.*(-#(1#4(3&%-#'("3&/","4/#),#$,%5(#3*,"4/#1(#("5&("4(#()#5/4/7#6(#(15(#'/4/-#(15/1#
WH[WRV FRQOOHYDQ OD LPSOLFDFLyQ TXH HO WURQR GLYLQR VH LPDJLQDED TXH HVWDED VLWXDGR SRU
HQFLPDGHOHVWUDGRGHQWURGHO/XJDU6DQWtVLPR
BIC (O DUFD VH YH FRPR XQ WLSR VLPEyOLFR GH &ULVWR (O 17 WRPD WDPELpQ HO SURSLFLDWRULR R
7'**$#58#X#/*"1,309#-)/;;@FRPRXQDLPDJHQGH&ULVWR´\VRQMXVWLÀFDGRVSRUHOGRQGH
VX JUDFLD HQ YLUWXG GH OD UHGHQFLyQ UHDOL]DGD HQ E-8=;,% I3=T= D TXLHQ H[KLELy 'LRV FRPR
&"15%*'("5/#4(#6-,6808:08N1#X#/*"1,309#-)@SRUVXSURSLDVDQJUHPHGLDQWHODIHSDUDPRVWUDU
VXMXVWLFLDKDELHQGRSDVDGRSRUDOWRORVSHFDGRVFRPHWLGRVDQWHULRUPHQWHµ 5R%- 
BID# 9pDVH0+DUDQ´7KH$UNDQGWKH&KHUXELP7KHLU6\PEROLF6LJQLÀFDQFHLQ%LEOLFDO5LWXDOµ
$'I  9DULRVWH[WRVEtEOLFRVGHVFULEHQHVWDFXDOLGDGGLYLQD´$VtTXHHQYLDURQ
XQGHVWDFDPHQWRD6LOySDUDVDFDUGHDOOiHODUFDGHOSDFWRGHO6HxRU7RGRSRGHURVRTXH
-381:%31;-3%7,=%YH3-H@813=>«@HODUFDGH'LRVVREUHODTXHVHLQYRFDVXQRPEUHHOQRPEUH
GHO6HxRU7RGRSRGHURVRTXH-381:%31;-3%7,=%YH3-H@813=>«@6HxRU'LRVGH,VUDHO31;-,18R:<,%
=,@-3%7,=%YH3-H@813=>«@3DVWRUGH,VUDHOW~TXHJXtDVD-RVpFRPRDXQUHEDxRW~TXH-381:=%
31;-3% 7,=% YH3-H@813= >«@ (O 6HxRU HV UH\ TXH WLHPEOHQ ODV QDFLRQHV eO WLHQH VX ;-,1,% 31;-3%
YH3-H@813=>«@6HxRU7RGRSRGHURVR'LRVGH,VUDHO31;-,18R:<,%=,@-3%7,=%YH3-H@813=#XYZV#KA#
665 &U6DO,VFI-HU 
BIE# ´$Q DELGLQJ UHPLQGHU ERWK RI WKH LQYLVLEOH SUHVHQFH RI WKH VRYHUHLJQ *RG DQG RI KLV
LQHVFDSDEOHGHPDQGVXSRQKLVSHRSOHµ6DUQD'467,-819%'4,<H=-#IAA7
+,>B-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

$GHPiVHOOLEURGHOD8=#"&VHSXVRWDPELpQ´MXQWRDODUFDGHOSDFWRGHO6HxRU
VX'LRV$OOtSHUPDQHFHUiFRPRWHVWLJR>E)HD4Z#3/"5%,#*15(4(1#)/1#&1%,()&5,1V#K65#
 (ODUFDVHGHVLJQDEDFRPR´HODUFDGHOSDFWRµFRQORVWpUPLQRV>!"#$%#&"HD
4@8ZBBJ#<#X!"#=%#&'99)#+8Z7BBA

)LQDOPHQWH 6DUQD DÀUPD ´(Q WRGDV SDUWHV \ HQ WRGR PRPHQWR OD
FDUDFWHUtVWLFDPiVLPSRUWDQWHGHXQWHPSORHUDODFHOGDRVDQWXDULRPiVLQWHULRU
TXHDOEHUJDEDODLPDJHQGHOGLRV(Q,VUDHOFRQVXLQWUDQVLJHQWHUHOLJLyQDLFyQLFD
VLQLPiJHQHVHQOXJDUGHODUHSUHVHQWDFLyQGHOD'HLGDGHVWXYRHOVtPERORWDQJLEOHGH
!H%G:7:@-:%k7:=%;:@7:=%<3%683<-:%<37%6:0;,(ODUFD\VXVFRQWHQLGRVVHFRQYLUWLHURQ
HQ HO IRFR GH OD FRQFLHQFLD FROHFWLYD GH OD FRPXQLGDG (VWD HUD QR XQD LPDJHQ
7:% YH3% ,0H6:@:% 37% 031;-,% <3% :;3108N1% A% YH3% 3=;:@:% 31% 37% 0,-:RN1% <3% 7:% -37898N17# !15(#
UHFRUGDWRULR HVFULWR GH OD SDODEUD UHYHODGD GH 'LRV FRQVWLWX\y HO VLJQR GH 6X
SUHVHQFLD\6XPRUDGDHQPHGLRGH,VUDHO(O¶DUFDGHOSDFWR·SRUWDQWRHQFDUQDED
H1:% <3% 7:=% 8<3:=% 2H1<:531;:73=% <3% 7:% -37898N1F% YH3% =,7,% 53<8:1;3% !H% G:7:@-:% =3% 6H3<3%
DSUHKHQGHURSRUORPHQRVSHUVHJXLUHOYHUGDGHURFRQRFLPLHQWRGH'LRVODFRPSUHQVLyQ
<3%!H%1:;H-:73R:%3=3108:7V7BBI

PKTKZK.*3=7=@B5.037.8523:0=21=

&RPR YLPRV DQWHULRUPHQWH HQ *pQHVLV HO VDFHUGRFLR HV XQ GHVDUUROOR
WHROyJLFR GHO VLVWHPD SDWULDUFDO GH DGRUDFLyQFXOWR (O FRQFHSWR GH VDFHUGRWH
HUDHPEULRQDULRHQHOFXOWRSDWULDUFDOVLHQGRHQFDUQDGRHQHOSDGUHTXHRIUHFLy
VDFULÀFLRV D 'LRV HQ QRPEUH GH VX IDPLOLD &RQ HO HVWDEOHFLPLHQWR GHO SDFWR \
XQVDQWXDULRYLQRWDPELpQODLQVWLWXFLyQGHXQVDFHUGRFLRRÀFLDO e[RGR 

1RpSRUHMHPSORRIUHFLyVDFULÀFLRVSRUVXIDPLOLDGHVSXpVTXHVDOLHURQ
GHODUFD\HVRVVDFULÀFLRVIXHURQXQDURPDJUDWRDO6HxRU *Q $EUDKiQ

BBJ ([1P-RV
BBA# 1P'W-RVHWDO
BBI# ´(YHU\ZKHUH DQG DW DOO WLPHV WKH PRVW LPSRUWDQW IHDWXUH RI D WHPSOH ZDV WKH FHOOD
RU LQQHUPRVW VKULQH WKDW KRXVHG WKH LPDJH RI WKH JRG ,Q ,VUDHO ZLWK LWV XQFRPSURPLVLQJ
DQLFRQLFLPDJHOHVVUHOLJLRQLQSODFHRIWKHUHSUHVHQWDWLRQRIWKH'HLW\FDPHWKHWDQJLEOHV\PERORI
C8=%K,-<%k;>3%=;,13%;:@73;=%,2%;>3%E,O31:1;7KH$UNDQGLWVFRQWHQWVEHFDPHWKHIRFXVRIWKH
FROOHFWLYHFRQVFLRXVQHVVRIWKHFRPPXQLW\,WZDVWKLVQRWDQLPDJHWKDWRFFXSLHGWKHFHQWHU
,2% :;;31;8,1% :1<% ;>:;% D:=% :;% ;>3% 0,-3% ,2% ;>3% -37898,1 7KLV ZULWWHQ UHPLQGHU RI *RG·V UHYHDOHG
ZRUG FRQVWLWXWHG WKH VLJQ RI +LV SUHVHQFH DQG +LV LQGZHOOLQJ LQ WKH PLGVW RI ,VUDHO +>3%
¶$UN RI WKH &RYHQDQW· WKHUHIRUH HPERGLHG RQH RI WKH IXQGDPHQWDO LGHDV RI WKH UHOLJLRQ WKDW LW LV
RQO\WKURXJK+LV:RUGWKDWWUXHNQRZOHGJHRI*RGWKHXQGHUVWDQGLQJRI+LVHVVHQWLDOQDWXUHFDQ
EHDSSUHKHQGHGRUDWOHDVWSXUVXHGµ6DUQD'467,-819%'4,<H=FXUVLYDDxDGLGD
/0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$% &"' &/' %&")2(' 1"$4$%0#(2' #&/' *0")102$(' +,>?-'

WDPELpQRIUHFLyVDFULÀFLRVUHJXODUPHQWHHQVXVDOWDUHVSUREDEOHPHQWHSRUWRGR
HOJUXSRTXHLEDFRQpO HJ*Q -DFREIXQGy%HWHOFRPRXQOXJDU
GRQGHVHSRGtDHQFRQWUDUD'LRV  \OXHJRVDFULÀFyDOOt\SXULÀFyDVX
IDPLOLDGHORVtGRORVTXHKDEtDQDFXPXODGR  <-RERIUHFLyVDFULÀFLRVSRU
VX IDPLOLD H LQWHUFHGLy SRU HOORV FXDQGR SHQVy TXH SRGtDQ KDEHU SHFDGR -RE
 

7UDVODHQWUHJDGHO'HFiORJR\HOHVWDEOHFLPLHQWRGHOSDFWRFRQHOSXHEOR
<DKYpWRPyODLQLFLDWLYDGHHVWDEOHFHUIRUPDV\PHGLRVGHFXOWRRÀFLDOHV e[RGR
  /D SULPHUD PHQFLyQ IRUPDO GH SHUVRQDV GHVLJQDGDV FRPR VDFHUGRWHV
DO 'LRV GH ,VUDHO DSDUHFH HQ ([  GRQGH VH OODPD D $DUyQ KHUPDQR GH
0RLVpV \ D ORV KLMRV GH $DUyQ (O WpUPLQR KHEUHR FRP~Q SDUD VDFHUGRWH HV#
7$&D%0XFKRVH[pJHWDVSLHQVDQTXHODSDODEUDGHULYDGHOYHUER7@%#V(15,%#("#
SLHµ$VtODUDt]GHVDFHUGRWHVLJQLÀFDUtD´DTXHOTXHHVWiGHODQWHGH'LRV\GH
6XVLHUYRRPLQLVWURµBBB

<DKYpHVWDEOHFLyHVWLSXODFLRQHVHVSHFtÀFDVSDUDHOVDFHUGRFLRLVUDHOLWDVXV
WDUHDV\YHVWLPHQWDV\ORVSURFHGLPLHQWRVHVSHFLDOHVSDUDFRQVDJUDUORVDORÀFLR
/RVVDFHUGRWHVIXHURQVHSDUDGRVSDUDODREUDGHOVDQWXDULR\\DQRSHUWHQHFtDQ
DOPXQGRSURIDQR1RSRGtDQFDVDUVHFRQSURVWLWXWDVRGLYRUFLDGDVQRSRGtDQ
YLYLUHQWLHUUDVKHUHGDGDV\QRSRGtDQWHQHUQLQJ~QGHIHFWRItVLFR6HVXSRQtD
TXHVXVYLGDVHVWDEDQSRUHQFLPDGHORFRP~QSDUDUHÁHMDUORVDQWR/DWULEXGH
/HYtIXHVHSDUDGDHQHO6LQDtSDUDD\XGDUHQHOIXQFLRQDPLHQWRGHOVDQWXDULR 'W
 SHURIXH$DUyQ\VXVGHVFHQGLHQWHVPDVFXOLQRVTXLHQHVVHVHOHFFLRQDURQ
SDUDGHVHPSHxDUORVGHEHUHVGHOVDFHUGRFLR ([ 

1RKXERPXMHUHVVDFHUGRWHVHQHOVHUYLFLRGHOVDQWXDULRLVUDHOLWDHO$7QR
OR GHFODUD FRPR XQD SURKLELFLyQ SHUR WDPSRFR GD UD]RQHV SDUD VX H[FOXVLyQ
6HJ~Q 5RVV VH SXHGH FRQFOXLU SODXVLEOHPHQWH YDULDV UD]RQHV SDUD HVWR   HO
ULWXDO HVWDED UHODFLRQDGR FRQ HO WLHPSR GH GHGLFDFLyQ HQ HO VDQWXDULR \ ODV
PXMHUHVWHQGUtDQGLÀFXOWDGSDUDHVWDUFXDOLÀFDGDVSDUDVHUYLFLRVUHJXODUHVSRU
VXVP~OWLSOHVWDUHDVIDPLOLDUHV  JUDQSDUWHGHOWUDEDMRHUDPX\ItVLFR\  ODV
VDFHUGRWLVDVHQHO32$HUDQDPHQXGRSURVWLWXWDVGHFXOWR\ODOH\KHEUHDVH
RFXSyPXFKRGHHYLWDUFXDOTXLHUFRVDTXHUHÁHMDVHHVRHQHOVDQWXDULRBBF

BBB# R6=-#BUDCC7
BBF# Q7# >7# N/11-# C,7813==% ;,% ;>3% #")&F% *% (H8<3% ;,% ;>3% '46,=8;8,1% ,2% ;>3% ?,,L% ,2% #3O8;80H=# KM%,"4#
N,$&41U#=,_(%-#IJJIL-#IJA#"7#AF7
+,>@-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

(VH VDFHUGRFLR VH OH GLR VRODPHQWH D OD WULEX GH /HYt (VWR VH DÀUPD
H[SOtFLWDPHQWHHQ([TXHHVWiLQVHUWDGRHQODQDUUDFLyQVREUHHOEHFHUUR
GH RUR ´&RQVDJUDUµ HV OD IyUPXOD KDELWXDO SDUD OD GHGLFDFLyQRUGHQDFLyQ DO
VDFHUGRFLR ([1P-XHHWF ORTXHLPSOLFDTXHHVWDEHQGLFLyQ
GHO VDFHUGRFLR VH OH GLR D HVWD WULEX FRPR XQD UHFRPSHQVD SRU VX ÀGHOLGDG \
REHGLHQFLD HQ XQ PRPHQWR GH FULVLV GHO SXHEOR GH ,VUDHO /RV PLHPEURV GH OD
WULEX GH /HYt VH GHVFULEHQ HQWRQFHV FRPR VDFHUGRWHV PHQFLRQDQGR WUHV GH VXV
IXQFLRQHV WtSLFDV LQVWUXLU DO SXHEOR HQ OD OH\ SRQHU LQFLHQVR DQWH HO 6HxRU \
VDFULÀFDUXQKRORFDXVWRVREUHHODOWDU 'W 

3DUD UHDOL]DU VXV IXQFLRQHV F~OWLFDV HVWDEDQ YHVWLGRV FRQ YHVWLGXUDV


VDFHUGRWDOHVTXHVHFRQVLGHUDEDQXQDSDUWHLQVHSDUDEOHGHODVSHUWHQHQFLDVGHO
WDEHUQiFXORVDQWXDULR e[RGR \HUDQXQJLGRVFRQHODFHLWHVDJUDGR
FRPR OR HUDQWRGRVORVXWHQVLOLRVGHOWDEHUQiFXORVDQWXDULR ([
 (VWDVYHVWLGXUDVVHUYtDQSDUDLQGLFDUXQHVWDWXVPiVDOWRHQODHVIHUDGHOD
VDQWLGDGTXHFDUDFWHUL]DEDHOWDEHUQiFXORVDQWXDULR\VXVDFFHVRULRV'HQWURGH
ODIDPLOLDGHORVVDFHUGRWHV$DUyQ\HOSULPRJpQLWRGHVXVGHVFHQGLHQWHVIXHURQ
VHSDUDGRV\UHFLELHURQHOVXPRVDFHUGRFLR$OVXPRVDFHUGRWHVHOHRWRUJDEDXQ
UDQJRPiVDOWRGHVDQWLGDG\ODSRVLFLyQF~OWLFDPiVHOHYDGD8QQRVDFHUGRWH
QR SRGtD WRFDU QLQJ~Q PXHEOH HQ HO WDEHUQiFXORVDQWXDULR (VWR FUHDED XQD
GLVWLQFLyQFODUD\GUiVWLFDHQWUHODHVIHUDGHFXOWR\HOUHVWRGHOPXQGR\DFWXDED
FRPR XQD EDUUHUD SURWHFWRUD DOUHGHGRU GH OD 5:0-,3=;-H0;H-:% 2M=80,Q;3,7N980:# 4(#
'20&',#1,"5&4,47

/D QDWXUDOH]D WHRFpQWULFD GHO VDFHUGRFLR KHEUHR VH UHVDOWD HQ ORV WH[WRV
EtEOLFRV /RV VDFHUGRWHV ´53 >'LRV@ VHUYLUiQ >«@ 53 VLUYDQµ ([   (O
VDFHUGRFLRORQRPEUy'LRV\PLQLVWUySDUD'LRV/DWHUPLQRORJtDKHEUHDVXJLHUH
1*# 3,$,3&4,4# 53<8:<,-: SDUD UHSUHVHQWDU D 'LRV DQWH HO SXHEOR DVt FRPR SDUD
UHSUHVHQWDUDOSXHEORDQWH'LRV3RUFRQVLJXLHQWHHOPLQLVWHULRVDFHUGRWDOUHTXHUtD
7:% 2H108N1% ;3,7N980:% 53<8:08,1:7 HQWUH 'LRV \ HO VHU KXPDQRBBG# 6(# (15(# '/4/-# ()#
VDFHUGRFLRIXHXQDLQVWLWXFLyQSOHQDPHQWHGHVDUUROODGDHQHOVDQWXDULRLVUDHOLWD
(QHOVLVWHPDGHOVDQWXDULRHODELVPRTXHVHSDUDEDD'LRV\DOVHUKXPDQRIXH
VLPEyOLFDPHQWH SXHQWHDGR SRU HO VDFHUGRFLR VHOHFFLRQDGR \ UHVSDOGDGR SRU
'LRVORUHSUHVHQWDURQDQWHHOSXHEORSHURVLHQGRHVFRJLGRV´GHHQWUHWRGRVORV
&1%,()&5,1#XYZV#K!0#ID-AL7

BBG# 9pDVHUHFLHQWHPHQWH$60DORQH(,<J=%V3<8:;,-=F%*%?8@780:7%+>3,7,9A%,2%G-83=;>,,<16%7
 'RZQHUV*URYH,QWHU9DUVLW\ 
/0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$% &"' &/' %&")2(' 1"$4$%0#(2' #&/' *0")102$(' +,>;-'

(Q XQ VHQWLGR ÀJXUDGR HO VDFHUGRFLR LVUDHOLWD SHUWHQHFtD D GRV HVIHUDV
GLIHUHQWHV OD FHOHVWLDO \ OD WHUUHQDO (VWD LGHD VH SXHGH H[SOLFDU SRU OD URSD
VDFHUGRWDO VXPR VDFHUGRWH  /DV ´SUHQGDV LQWHULRUHVµ XVDGDV SRU WRGRV ORV
VDFHUGRWHV  HUDQ GH PDWHULDO \ PDQR GH REUD VLPLODUHV D ODV FRUWLQDV GHO DWULR
HVIHUD WHUUHQDO  /DV ´YHVWLGXUDV H[WHULRUHVµ OOHYDGDV VRODPHQWH SRU HO VXPR
VDFHUGRWH  HVWDEDQ KHFKDV GH PDWHULDO \ PDQR GH REUD VLPLODUHV D ODV GH ODV
FRUWLQDVLQWHULRUHV\DOYHORLQWHULRUGHOWDEHUQiFXORVDQWXDULR HVIHUDFHOHVWLDO BBH

'RVSLH]DVGHODWXHQGRWUDMHGHOVXPRVDFHUGRWHPDUFDURQHVSHFLDOPHQWH
VXUROFRPRUHSUHVHQWDQWHGHOSXHEOR  ODVGRVSLHGUDVGHyQLFHHQODVKRPEUHUDV
GHO HIRG \   ODV  SLHGUDV GHO SHFWRUDO $PERV FRQMXQWRV GH SLHGUDV IXHURQ
JUDEDGRVFRQORVQRPEUHVGHODVWULEXVGH,VUDHO´\ODVVXMHWDUi>ODVGRV683<-:=Z#
DODVKRPEUHUDVGHOHIRG$Vt$DUyQOOHYDUiHQVXVKRPEURVORVQRPEUHVGHORV
KLMRV GH ,VUDHO 6:-:% -30,-<:-7,= DQWH HO 6HxRUµ ([   (O OOHYy HVWDV SLHGUDV
´SRU,VUDHOµ´3LHGUDVGHUHFXHUGRµVLJQLÀFDEDQSLHGUDVTXHUHFRUGDEDQD'LRV
WUDtDQ DO UHFXHUGR D 'LRV 6H XWLOL]D XQD WHUPLQRORJtD VLPLODU GH ODV SLHGUDV
LQVFULWDVGHOSHFWRUDO´'HHVWHPRGRVLHPSUHTXH$DUyQHQWUHHQHO/XJDU6DQWR
OOHYDUi VREUH VX FRUD]yQ HQ HO SHFWRUDO SDUD LPSDUWLU MXVWLFLD ORV QRPEUHV GH
ORVKLMRVGH,VUDHO6:-:%-30,-<:-7,=%=8356-3DQWHHO6HxRUµ ([ $VtHOVXPR
VDFHUGRWH KDFtD XQD GREOH UHSUHVHQWDFLyQ GHO SXHEOR DQWH 'LRV FDGD YH] TXH
HQWUDEDHQHOVDQWXDULR

7UHVSDVDMHVLQGLFDQTXHHOVDFHUGRFLRQRVRORUHSUHVHQWDEDD,VUDHODQWH
'LRVVLQRTXHWDPELpQVHFRQVLGHUDEDFRPRSRUWDGRUGHODUHVSRQVDELOLGDGGH
VX FXOSD \D VHD ULWXDO R PRUDO ([  /Y  1P   (VWRV WH[WRV
&"4&3,"#*"#%/)#=H=;8;H;8O,7#>/%#)/#5,"5/-#$=-:37%2H3%:036;:<,%6,-%&8,=%0,5,%=81%0H76:%
SRUXQVDFHUGRFLRVDQWRTXHVHSUHVHQWDEDYLFDULDPHQWHHQVXOXJDUOOHYDQGRVXVSHFDGRV
A%>:0831<,%3468:08N1%6,-%377,=7

!)# VDFULÀFLR VREUH HO FXDO XQ SHQLWHQWH FRQIHVy VX SHFDGR OOHYDUtD
QDWXUDOPHQWH OD LQLTXLGDG GHO SHQLWHQWH ÀJXUDGDPHQWH KDEODQGR \ DKRUD HO
=:03-<,;3 WDPELpQ VH GLFH TXH OOHYD OD LQLTXLGDG GH OD FRQJUHJDFLyQ (Q HVWH
SXQWR ORV GRV VtPERORV VH XQHQ 3RU OR WDQWR HQ FLHUWR VHQWLGR HO VtPEROR GH
ODYtFWLPDVDFULÀFLDO\HOVtPERORGHOVDFHUGRWHWHQGtDQDPH]FODUVHRVRODSDUVH
HQ HO VDQWXDULR LVUDHOLWD $GHPiV VHUtD PiV IiFLO SDUD XQ SHFDGRU SHQLWHQWH
LGHQWLÀFDUVHFRQOD63-=,1:#4()#1,3(%4/5(#.*(#3/"#()#:185:7VDFULÀFLDOVRORBBC

BBH# 9pDVH0+DUDQ´7KH3ULHVWO\,PDJHRIWKH7DEHUQDFOHµC_E*  


BBC# +ROEURRN
+,9<-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

(Q OD PHGLGD HQ TXH HO VDFHUGRFLR UHSUHVHQWDED WDQWR D 'LRV DQWH HO
KRPEUHFRPRDOKRPEUHDQWH'LRVVXURO53<8:<,-VHSUHVWyDXQDYDULHGDGGH
WDUHDV UHODFLRQDGDV 'HVGH OD SHUVSHFWLYD GLYLQD ODV GLUHFWLYDV GH ORV RUiFXORV
IXHURQGDGDVSRUPHGLRGHODVSLHGUDVGH8ULP\7XPLPHQHOSHFWRUDOGHOVXPR
VDFHUGRWH ([6HWF 0iVH[WHQVRHUDHOUROVDFHUGRWDOFRPRPDHVWURV
GH,VUDHOLQVWUX\HQGRDODQDFLyQHQWRGRVORVDVSHFWRVGHODDGRUDFLyQGH'LRV
FRQUHVSHFWRDORSXURLPSXUR\ORVDQWRFRP~Q /Y'W0DO
 -XQWRFRQORVSULQFLSDOHVMXHFHVGHODQDFLyQHOVXPRVDFHUGRWHFRPSDUWLy
HO DUELWUDMH GH ORV FDVRV GLItFLOHV HQ HO WULEXQDO PiV DOWR GH OD QDFLyQ XELFDGR
HQHOVDQWXDULR 'W BBD/RVVDFHUGRWHVHUDQWDPELpQORV
RÀFLDOHVPpGLFRVSDUDGHWHUPLQDUFXDQGRODOHSUDHVWDEDSUHVHQWH\FXDQGRVH
FXUy\SDUDGLULJLUORVULWXDOHVQHFHVDULRVSDUDODSXULÀFDFLyQ /HYtWLFR 

'HVGH OD SHUVSHFWLYD KXPDQD ORV VDFHUGRWHV RÀFLDURQ HQ HO DOWDU GH ORV
KRORFDXVWRV\HQHODOWDUGHOLQFLHQVR3RUODVDQJUH\HOLQFLHQVRVHDFHUFDURQD
'LRV HQ IDYRUGHORVLVUDHOLWDVSHQLWHQWHV\DGRUDGRUHV$XQTXHORVVDFHUGRWHV
GH ,VUDHO QR HUDQ JREHUQDQWHV SROtWLFRV WDQWR HO VDFHUGRWH FRPR HO UH\ IXHURQ
XQJLGRVFRQDFHLWHSDUDVXVUHVSHFWLYDVSRVLFLRQHV ([6 (Q
FRQVHFXHQFLD VH KL]R UHIHUHQFLD DO VXPR VDFHUGRWH D YHFHV FRPR HO VDFHUGRWH
´XQJLGRµ /Y \HOUH\FRPR´HOXQJLGRGHO6HxRUµ 66DO 
/DV ULFDV YHVWLGXUDV GH FRORUHV GHO VXPR VDFHUGRWH \ OD FRVWXPEUH UHFRQRFLGD
TXHVXPXHUWHPDUFyHOFLHUUHGHXQDpSRFD 1P DVtFRPRHOKHFKRGH
TXHWDQWRHOUH\FRPRHOVXPRVDFHUGRWHRFXSDURQHOFDUJRGHSRUYLGDUHÁHMDQ
/5%,1#1&'&)&5*4(17

)LQDOPHQWH HO VXPR VDFHUGRWH HUD OD FDEH]D HVSLULWXDO GH OD QDFLyQ \ HO
UHSUHVHQWDQWHGHORVVDFHUGRWHV/DHVWUXFWXUDMHUiUTXLFDGHSXHEORVDFHUGRWHV
VXPR VDFHUGRWH QRV LQGLFD HO RUGHQ \ HO SURFHGLPLHQWR GH ORV VDFULÀFLRV \ ODV
SXULÀFDFLRQHVHQODVDFWLYLGDGHVUHOLJLRVDVGH,VUDHO(VWDGLYLVLyQWULSOHVHUHÁHMD
HQODGLVSRVLFLyQGHOVDQWXDULR  HODWULRSDUDHOSXHEOR  HO/XJDU6DQWRSDUD
ORVVDFHUGRWHV\  HO/XJDU6DQWtVLPR GRQGHHVWDEDHODUFDGHOSDFWR SDUDHO
1*'/#1,3(%4/5(7BBE

BBD# -$7KRPSVRQ&3H;3-,1,5A 'RZQHUV*URYH,QWHU9DUVLW\ 


BBE (O17YHTXHWRGRVORVUROHVGHOVDFHUGRWHXQJLGRHQFXHQWUDQVXFXPSOLPLHQWRFRPSOHWR
HQ-HVXFULVWRHO0HVtDV +HE 
/0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$% &"' &/' %&")2(' 1"$4$%0#(2' #&/' *0")102$(' +,9,-'

PKTK[K.*3=7=@B58.50121=/5738

(O OLEUR GH e[RGR SRVWXOD TXH GHWUiV GHO VDQWXDULR GH ,VUDHO KD\ XQD
UHDOLGDG VXSUHPD OD PRUDGD FHOHVWLDO GH 'LRV $Vt VHJ~Q 5RGUtJXH] FRQ OD
PRUDGD FHOHVWLDO FRPR XQ PRGHOR SDUD OD WHUUHQDO GHEHUtD H[LVWLU QR VROR XQD
0,--3=6,1<3108:# 3=;-H0;H-:7 EiVLFD VLQR WDPELpQ XQD 0,--3=6,1<3108:% 2H108,1:77#
3RU FRQVLJXLHQWH HO VDQWXDULR FHOHVWLDO VHUtD HO OXJDU HQ ORV FLHORV GRQGH
6&/1# 031;-:-M: VX DFWLYLGDG GH PRUDU HQWUH VXV FULDWXUDV HQ WRGR HO XQLYHUVR
'HVGHHVHVDQWXDULRpOJRELHUQDWRGDVXFUHDFLyQEHQGLFLHQGRDVXVFULDWXUDV
UHGLPLpQGRODV\MX]JiQGRODV(VHQUHDOLGDGGHVGHHVHOXJDUSDUWLFXODUTXHVX
YROXQWDGVHUHYHOD\HVHOXJDUVHUtDHO031;-,GHDGRUDFLyQSDUDWRGRHOXQLYHUVR
(Q WpUPLQRV GH VLJQLÀFDGR WHROyJLFR HO VLJQLÀFDGR GHO WDEHUQiFXORVDQWXDULR
FRQVWUXLGR SRU 0RLVpV HVWDED FODUDPHQWH GHWHUPLQDGR SRU HO KHFKR GH TXH
VHxDODEDDODYHUGDGHUDPRUDGDGH'LRVHQORVFLHORVBFJ

*3=7=@B5.03.75.@7=:15.O.:3;37521>/.01;1/58

(O WDEHUQiFXORVDQWXDULR HV XQ OXJDU HQ GRQGH 'LRV VH HQFRQWUDUtD \
KDEODUtDFRQ0RLVpV ([ \VHUHXQLUtDFRQHOSXHEOR  'HDFXHUGR
D )UHWKHLP HO WDEHUQiFXORVDQWXDULR IXQFLRQD DVt FRPR OXJDU GH -3O37:08N1 FI
 (QVXYLDMHSRUHOGHVLHUWR'LRVOHGLRD,VUDHOGRVLQVWLWXFLRQHVEiVLFDV
7:% 73A% A% 37% ;:@3-1.0H7,/=:1;H:-8, 6DO  FDSWD HVWD UHDOLGDG SDUD ,VUDHO ²73A% A%
;:@3-1.0H7,/=:1;H:-8,-#("#()#4(1&(%5/-#("#()#3,'&"/7#!15/1#4/"(1#1/"#1&'&),%(1#("#
TXH DPERV VRQ SRUWiWLOHV DPERV HVWiQ GLVHxDGRV SDUD WUDHU DOJ~Q RUGHQ GHO
GHVRUGHQ\DPERVSURSRUFLRQDQH1%5,<37,%[;80,Q5,-:7%A%;3,7N980,7BFA

&RQIRUPHD([\  ODQXEHFXEULyHOPRQWH\  OD97,-8:%


<37%!3j,-DFDPSyWDEHUQDFXOy>67%@  VREUHHOPRQWH6LQDt>«@\  OODPyD
0RLVpVHQHOVpSWLPRGtDGHVGHGHQWURGHODQXEH>«@<ODDSDULFLyQGHOD97,-8:%
<37%!3j,-IXHFRPRXQIXHJRFRQVXPLGRUHQODFLPDGHOPRQWHDODYLVWDGHORV
LVUDHOLWDV(QWRQFHV  0RLVpVHQWUyHQPHGLRGHODQXEH\VXELyDODPRQWDxD
>«@\  HO6HxRUKDEOyD0RLVpVGLFLHQGR´+DEODDORVLVUDHOLWDVµ8QSDWUyQ
SUiFWLFDPHQWH LGpQWLFR GH OD QXEH GH 97,-8:% <8O81:# <# -3O37:08N1 WDPELpQ WLHQH
OXJDUGHIRUPDGHWDOODGDDOÀQDOGHOUHODWRGHODFRQVWUXFFLyQGHOWDEHUQiFXOR
VDQWXDULR LQPHGLDWDPHQWH GHVSXpV TXH 0RLVpV KDEtD HULJLGR \ GHGLFDGR HO

BFJ 5RGUtJXH]
BFA )UHWKHLP'4,<H=-#ICC7
+,9.-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

WDEHUQiFXORVDQWXDULR 6HJ~Q ([  \ /Y    OD QXEH FXEULy OD
7LHQGD GH UHXQLyQ \   OD 97,-8:% <37% !3j,- OOHQy   HO WDEHUQiFXORVDQWXDULR
X:.67"%@<  0RLVpVQRSXGRHQWUDUHQOD7LHQGDGHUHXQLyQSRUTXHODQXEH
KDEtD DFDPSDGRWDEHUQDFXODGR >67%@ VREUH HOOD \ OD 97,-8:% <37% !3j,- OOHQy HO
WDEHUQiFXORVDQWXDULR (QWRQFHV   HO 6HxRU OODPy D 0RLVpV \   HO 6HxRU OH
KDEOyGHVGHOD7LHQGDGHUHXQLyQGLFLHQGR´+DEODDORVLVUDHOLWDVµBFI

(OOLEURGHe[RGRFRQFOX\HFRQODFRQVDJUDFLyQGHOWDEHUQiFXORVDQWXDULR
([   (VWH SDVDMH VHUtD OD FODYH SDUD OD LQWHUSUHWDFLyQ GH WRGR HO OLEUR
¢4Xp VXFHGH HQ ([ " <DKYp WRPD SRVHVLyQ GHO WDEHUQiFXORVDQWXDULR
HVGHFLUYLHQHDPRUDUHQPHGLRGHVXSXHEOR FI /RVJUDQGHV
VtPERORVGHODSUHVHQFLDGLYLQDVRQOD´97,-8:µ\OD´QXEHµBFB

(VWH PRPHQWR SUHÀJXUD  5  FXDQGR 'LRV YHQGUi D PRUDU HQ HO
WHPSOR GH 6DORPyQ FI  &U   2WUR WH[WR UHODFLRQDGR FRQ e[RGR  HV
(]GRQGHOD97,-8:%<37%!3j,-UHWRUQDDOWHPSORTXHKDEtDDEDQGRQDGRHQ
(](OWHPSORGHVWUXLGRSRUORVEDELORQLRVVHUtDUHFRQVWUXLGRGHVSXpV
GHO H[LOLR (VGUDV   (Q HO 32$ OD FRQVDJUDFLyQ GHO WHPSOR HV HO PRPHQWR
HQTXHODGLYLQLGDGDÀUPDVXVREHUDQtD'HODPLVPDPDQHUD<DKYpDOYHQLUD
PRUDUHQPHGLRGH,VUDHODÀUPDVXVREHUDQtDVREUHHOSXHEORGH,VUDHO\VREUH
HOXQLYHUVR,VUDHOHVHOSXHEORGH<DKYp\GHQLQJ~QRWURGLRV/DFRQVDJUDFLyQ
GH OD 7LHQGD GH UHXQLyQ FRUUHVSRQGH D OD DÀUPDFLyQ FDWHJyULFD GHO SULPHU
PDQGDPLHQWRGHODOH\´<RVR\HO6HxRUWX'LRV<RWHVDTXpGH(JLSWRGHOSDtV
GRQGHHUDVHVFODYR1RWHQJDVRWURVGLRVHVDGHPiVGHPtµ ([ 

*3=7=@B5.03.75.7163:450

(OFRPLHQ]RGHOOLEURGHe[RGRGHVFULEHODHVFODYLWXGGH,VUDHOHQ(JLSWR
e[RGR   $O ÀQDO GHO OLEUR ,VUDHO VLUYH D 'LRV SHUR HO ´VHUYLFLR DO 6HxRUµ QR
HVRWUDIRUPDGHHVFODYLWXG/DSDODEUDH'9$4JTXHVLJQLÀFD´VHUYLFLRWUDEDMRµ
HV XQ ´VHUYLFLRµ HVSRQWiQHR \ OLEUH QR XQ ´WUDEDMR IRU]DGRµ (Q ([ 
HO SXHEOR DFW~D \ WUDEDMD ´YROXQWDULDPHQWHµ ´7RGR HO TXH VH VLHQWD PRYLGR
D KDFHUOR SDUD HO 6HxRU >«@ WRGRV ORV TXH VH VLQWLHURQ PRYLGRV D KDFHUOR DO
6HxRUµ  ´\ WRGRV ORV TXH HQ VX LQWHULRU VH VLQWLHURQ PRYLGRV D KDFHUOR
OOHYDURQ XQD RIUHQGD DO 6HxRUµ   $GHPiV HO GHVFDQVR GHO ViEDGR ([

BFI 9pDVH5($YHUEHFN´7DEHUQDFOHµ&"+G
BFB 6ND
/0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$% &"' &/' %&")2(' 1"$4$%0#(2' #&/' *0")102$(' +,9=-'

 GLVWLQJXtDHO´WUDEDMROLEUHµGHODHVFODYLWXG(OHVFODYRQRWHQtDGHUHFKR
,#4(13,"1,%7

&XDQGR0RLVpVKDEtDVLGRLQVWUXLGRSRU<DKYpHQODWHRIDQtDDQWHULRUHQ
HOPRQWH+RUHEHOPDQGDPLHQWRGLYLQRKDEtDVLGR´/RVDQFLDQRVGH,VUDHOWH
KDUiQFDVR(QWRQFHVHOORV\W~VHSUHVHQWDUiQDQWHHOUH\GH(JLSWR\OHGLUiQ
¶(O6HxRU'LRVGHORVKHEUHRVKDYHQLGRDQXHVWURHQFXHQWUR'pMDQRVKDFHUXQ
YLDMHGHWUHVGtDVDOGHVLHUWRSDUDRIUHFHUOHVDFULÀFLRV>X"9'A@DO6HxRUQXHVWUR
'LRV·µ ([FI 6HOHGLMRWDPELpQD)DUDyQTXHHO6HxRU
TXHUtD TXH ORV LVUDHOLWDV IXHUDQ OLEUHV SDUD FHOHEUDU XQD ÀHVWD SDUD pO HQ HO
GHVLHUWR ([FI\ 

/DV WUHV UD]RQHV GDGDV SRU 0RLVpV SDUD HO e[RGR VDFULÀFDU VHUYLU
DO 6HxRU \ FHOHEUDU XQD ÀHVWD  HVWiQ HVWUHFKDPHQWH UHODFLRQDGDV (O DFWR
GH ORV VDFULÀFLRV SRGUtD UHIHULUVH SDUWLFXODUPHQWH D ORV VDFULÀFLRV GHO SDFWR
PHQFLRQDGRV HQ ([  HO DFWR GH VHUYLU DO 6HxRU R HO FXOWR LQFOX\H OD
RIUHQGD GH VDFULÀFLRV SHUR WDPELpQ H[SUHVD OD LGHD GHO 6HxRUtR GH <DKYp
VREUH,VUDHOODFHOHEUDFLyQGHXQDÀHVWDD<DKYpSUREDEOHPHQWHVHUHÀHUHDOD
SHUHJULQDFLyQ GHVGH (JLSWR DO 6LQDt TXH FXOPLQD HQ OD RIUHQGD GH VDFULÀFLRV
(VWi FODUR TXH )DUDyQ FRPSUHQGLy OR TXH VH OH HVWDED SLGLHQGR SRUTXH XQD
GHVXVVXJHUHQFLDVIXHKDFHUTXHHOSXHEORRIUHFLHUDVXVVDFULÀFLRVHQ(JLSWR
([  FI     $ HVWD VXJHUHQFLD 0RLVpV UHVSRQGLy TXH
SDUD TXH ORV LVUDHOLWDV RIUHFLHUDQ VDFULÀFLRV D <DKYp OD OLEHUWDG FRPSOHWD HUD
LQGLVSHQVDEOH ([ 

(VDOLEHUWDGÀQDOPHQWHYLQRPHGLDQWHODH[SHULHQFLDGHODUHGHQFLyQGHO
p[RGR HQ OD FXDO HO FRUGHUR SDVFXDO VH FRQYLUWLy HQ LQVWUXPHQWDO \ VLPEyOLFR
e[RGR   )XH HVWD QXHYD OLEHUWDG OD TXH KL]R SRVLEOH TXH ,VUDHO HQWUDUD HQ
XQDUHODFLyQGHSDFWRFRQ<DKYpHQHO6LQDt e[RGR ²FRQ,VUDHOFRPRSXHEOR
GH<DKYp\<DKYpFRPR'LRVGH,VUDHO(QUHVXPHQODUHGHQFLyQHVWDEDHQHO
PLVPRIXQGDPHQWRGHODUHODFLyQGHSDFWRHQWUH<DKYpH,VUDHO(Q([HO
VLJQLÀFDGRGHHVWDQXHYDHQWLGDGHQVXUHODFLyQGHSDFWRFRQ<DKYpVHH[SUHVy
FRPR ´XVWHGHV VHUiQ SDUD Pt H1# -381,% <3% =:03-<,;3=# X:':E5758# 7$1'%+:Z# A% H1:%
1:08N1%=:1;:#X\=B#;"4=6@&RPXQtFDOHVWRGRHVWRDORVLVUDHOLWDVµBFF

BFF 5RGUtJXH]
+,9>-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

*3=7=@B5.03.75.M=:505.01;1/5

(O SURSyVLWR GHO WDEHUQiFXORVDQWXDULR VH KDFH H[SOtFLWR HQ HO PDQGDWR
LQLFLDOGH'LRVD0RLVpV´'HVSXpVPHKDUiQXQVDQWXDULRSDUDTXH\RKDELWH
HQWUH XVWHGHVµ ([   6DUQD DÀUPD DO UHVSHFWR TXH QR VH GLFH TXH 'LRV
KDELWH31%[7-#1&"/#31;-3#)/1#&1%,()&5,1-#QRGHQWURGHODHVWUXFWXUDPDWHULDOVLQR´HQWUH
377,=l OLWHUDOPHQWH ´31% =H% 53<8,# X9)8=7":ZV7BFG 3RU VX SDUWH &KLOGV OR UHDÀUPD
VHxDODQGR TXH HO WDEHUQiFXOR HV SRU OR WDQWR XQ VDQWXDULR >:.;4"6Z# 4/"4(#
6&/1#'/%,#X6"7'%8+Z#("#'(4&/#X9)8=7":@GH,VUDHO(OFRQWHQLGRGHVX´PRUDGDµ
VH SURSRUFLRQD HQ OD GHVFULSFLyQ GHO SURSLR WDEHUQiFXORVDQWXDULR 'LRV HVWi
FRQWLQXDPHQWHSUHVHQWHHQHOWDEHUQiFXORVDQWXDULRSRUWiWLOBFH$OOtVHUH~QHFRQ
VXSXHEOR\FDPLQDHQWUHHOORV´&DPLQDUpHQWUH>9)8=7)75:@XVWHGHV<RVHUpVX
'LRV\XVWHGHVVHUiQPLSXHEORµ /Y $GHPiVHVWHYHUVtFXORGHMDFODUR
TXHHOWDEHUQiFXORVDQWXDULRUHSUHVHQWDODSUHVHQFLDGH'LRVHQHOFXPSOLPLHQWR
GHVXSURPHVDSDFWXDO´<RVHUpVX'LRV\XVWHGHVVHUiQPLSXHEORµ

(Q ([  HO YHUER ´KDELWDUPRUDUµ HV 6"7'%# K-@A:301-;"#-# OWWL# .*(#
VLJQLÀFD ´WDEHUQDFXODU DFDPSDUµBFC OD UDt] YHUEDO VXE\DFHQWH GHO VXVWDQWLYR
:.67"%´WDEHUQiFXORVDQWXDULRµ HVXQYHUERWpFQLFR\VHGLVWLQJXHFODUDPHQWH
GHOWpUPLQRKHEUHRKDELWXDOSDUDKDELWDUXQOXJDU>B"6'9@&DGDLVUDHOLWDWHQtD
XQDWLHQGDDKRUDHO6HxRUWDPELpQH[SUHVyHOGHVHRGHPRUDUHQXQD7LHQGDHQ
PHGLRGH,VUDHO/DGHFLVLyQGH<DKYpGHPRUDUHQWUHVXSXHEORQRIXHPRWLYDGD
SRU QLQJXQD QHFHVLGDG ItVLFD /RV VDFULÀFLRV QR HUDQ DOLPHQWR SDUD <DKYp 'H
KHFKRFXDQGRORVLVUDHOLWDVDGRSWDURQHOFRQFHSWRGHORVVDFULÀFLRVHQHO32$
HO 6HxRU UHFKD]y VXV VDFULÀFLRV \ RIUHQGDV FI 6DO   (Q HO VDQWXDULR
KHEUHR ORV LVUDHOLWDV QR SRGtDQ GDU QDGD D <DKYp SDUD HQULTXHFHUOR VLQR TXH
HUDUHDOPHQWH<DKYpTXLHQHUDHOGDGRU

(Q  5  ´/OHJy D 6DORPyQ OD SDODEUD GH <DKYp TXH GHFtD ¶3RU
HVWH WHPSOR TXH HVWiV FRQVWUX\HQGR VL FDPLQDV VHJ~Q PLV SUHFHSWRV REUDV
VHJ~QPLVVHQWHQFLDV\JXDUGDVWRGRVPLVPDQGDPLHQWRVFDPLQDQGRFRQIRUPH
D HOORV \R WH FXPSOLUp PL SDODEUD OD TXH SURPHWt D 'DYLG WX SDGUH +DELWDUp
X6"7'% !","1!3)8@18 /;;@ HQ PHGLR GH ORV KLMRV GH ,VUDHO \ QR DEDQGRQDUp
D PL SXHEOR ,VUDHO·µBFD \ HQ (]  ´0H GLMR +LMR GH KRPEUH HVWH HV HO

BFG 6DUQD'467,-819%'4,<H=-#IJF7
BFH# &KLOGV?,,L%'4,<H=-#GFJ7
BFC# 9pDVH7'17
BFD# =87
/0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$% &"' &/' %&")2(' 1"$4$%0#(2' #&/' *0")102$(' +,99-'

OXJDUGHPLWURQRHOOXJDUGRQGHVHSRVDODSODQWDGHPLVSLHV$TXtKDELWDUp
X6"7'% !","1!3)801&# /;;@ HQ PHGLR GH ORV KLMRV GH ,VUDHO SDUD VLHPSUH \ OD
FDVDGH,VUDHODVtFRPRVXVUH\HVQRFRQWDPLQDUiQPiVPLVDQWRQRPEUHFRQ
VXV SURVWLWXFLRQHV \ FRQ ORV FDGiYHUHV GH VXV UH\HV >«@ 'H DKRUD HQ DGHODQWH
DOHMDUiQ GH Pt VXV SURVWLWXFLRQHV \ ORV FDGiYHUHV GH VXV UH\HV \ \R KDELWDUp
X6"7'%!","1!3)8018/;;@HQPHGLRGHHOORVSDUDVLHPSUHµBFE#1(#*1,#()#'&1'/#
YHUER´KDELWDUPRUDUµHQOD]DQGROD+,-.FRQORV´3URIHWDV´ODVHJXQGDVHFFLyQ
PiVLPSRUWDQWHGHOFDQRQKHEUHRGHO$7

)UHWKHLPVHxDODTXHHOFDPELRHQODPRUDGDGLYLQD<3%7:%5,1;:j:%0,5,%7H9:-%
<3%5,-:<:%:7%;:@3-1.0H7,/=:1;H:-8,HQPHGLRGH,VUDHOQRHVVRORXQPRYLPLHQWR
HVSDFLDOVLQRTXHHVXQPRYLPLHQWRWHROyJLFRLPSRUWDQWH(OOHQJXDMHXVDGRSDUD
ODSUHVHQFLDGH'LRVHQHOPRQWH6LQDt ([ VHFRQYLHUWHHQHOOHQJXDMH
SDUDODPRUDGDGHOWDEHUQiFXORVDQWXDULRGH'LRV  DEDUFDQGRWRGRHO
UHODWRGHOWDEHUQiFXORVDQWXDULR'LRVGHMDODPRQWDxD ODPRUDGDWtSLFDGHORV
GLRVHVHQHO32$ \YLHQHDPRUDUHQWUHHOSXHEORGH'LRV'LRVDGLIHUHQFLDGH
RWURVGLRVHVGHMDODPRQWDxDGHODOHMDQtD\ODLQHIDEOHPDMHVWDG\WDEHUQDFXOD
MXVWRHQHO031;-,GHXQDFRPXQLGDGKXPDQD<DQRHVDOSXHEORRDVXPHGLDGRU
DTXLHQVHOHSLGHTXH´VXEDµD'LRVVLQRTXHHV'LRVTXLHQ´EDMDµDHOORVBGJ

*3=7=@B5.03.75.8=63:5/B5.01;1/5

(OWHPDGHODVREHUDQtDGH'LRVVREUH,VUDHODEDUFDWRGRHOOLEURGHe[RGR
(Qe[RGRHOSUREOHPDHVHQFLDOHVVDEHUTXLpQHVHOYHUGDGHURVREHUDQRGH
,VUDHO\DTXLpQGHEHVHUYLU,VUDHOD)DUDyQRD<DKYp(QHVWRVFDStWXORV'LRV
UHYHODVXVREHUDQtD(O~OWLPRYHUVtFXORGHO´FiQWLFRGH0RLVpVµ([DÀUPD
GHVSXpV GH OD YLFWRULD ÀQDO GH e[RGR  ´£(O 6HxRU UHLQD SRU VLHPSUH \ SDUD
VLHPSUHµ(OYHUVtFXORDQWHULRUKDEODGHOIXWXURVDQWXDULRHOREMHWLYRÀQDOGHO
e[RGR´7~ORVKDUiVHQWUDU\ORVSODQWDUiVHQHOPRQWHTXHWHSHUWHQHFHHQHO
OXJDUGRQGHW~6HxRUKDELWDVHQHO=:1;H:-8,TXHW~6HxRUWHKLFLVWHµ  
(O 6HxRU UHLQD VHUi UH\ \ WHQGUi VX PRUDGD HQ PHGLR GH VX SXHEOR /RV GRV
WHPDV UHODFLRQDGRV FRQ OD VREHUDQtD \ HO OXJDU GH UHVLGHQFLD VDQWXDULR  HVWiQ
YLQFXODGRVHQHVWRVYHUVtFXORVÀQDOHVGHO´FiQWLFRGH0RLVpVµ

BFE# =87
BGJ# )UHWKHLP'4,<H=
+,9B-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

*3=7=@B5.037.8N650=

(O YLDMH SRU HO GHVLHUWR KDFLD HO 6LQDt HV UHJXODUPHQWH SXQWXDGR FRQ
()# =.@:<, ([    (O ViEDGR GHVHPSHxD XQ URO LPSRUWDQWH HQ OD
FRQVWUXFFLyQ GHO WDEHUQiFXORVDQWXDULR SRUTXH WHUPLQD FRQ HO PDQGDPLHQWR
GHOViEDGR  \FRPLHQ]DFRQHOPDQGDPLHQWRGHOViEDGR  3RU
ORWDQWRODREVHUYDQFLDGHOViEDGR\ODFRQVWUXFFLyQGHOWDEHUQiFXORVDQWXDULR
VRQGRVFDUDVGHODPLVPDUHDOLGDG/RVREUHURVJXDUGDQHOViEDGRGHVFDQVDQGR
GH VXV ODERUHV 6H DSDUWDQ GH VX SURSLD DFWLYLGDG FUHDGRUD SDUD FHOHEUDU \
UHFRQRFHU S~EOLFDPHQWH OD REUD GHO &UHDGRU GLYLQR (O ViEDGR UHYHOD HO ULWPR
VXE\DFHQWHGHODFUHDFLyQJXDUGDUHOViEDGRHVHVWDUHQVLQWRQtDFRQXQULWPR
IXQGDPHQWDO GH OD YLGDBGA (O WHVWLPRQLR GHO WDEHUQiFXORVDQWXDULR \ HO GHO
ViEDGRGDQWHVWLPRQLRGHOJRELHUQRGH'LRVVREUHVXFUHDFLyQ´H1:%=3j:7%3;3-1:%
31;-3% 377,=% A% A, (Q HIHFWR HQ VHLV GtDV KL]R HO 6HxRU ORV FLHORV \ OD WLHUUD \ HO
VpSWLPR GtD GHVFDQVyµ ([   (Q FRQVHFXHQFLD HO WDEHUQiFXORVDQWXDULR
UHSUHVHQWDHOFXPSOLPLHQWRGHODSURPHVDGHOSDFWRPLHQWUDVTXHODYHUGDGHUD
VHxDOGHOSDFWRHVHOViEDGR

8QD FRQH[LyQ HQWUH HO ;:@3-1.0H7,/=:1;H:-8,# <# ()# =.@:<,# (152# 3&'("5,4,#
SRU OD UHLQWURGXFFLyQ GH OD OH\ GHO ViEDGR HQ HO SUHiPEXOR GHO UHODWR GH OD
FRQVWUXFFLyQUHDOGHOWDEHUQiFXORVDQWXDULRGHVSXpVGHOLQWHUOXGLRGHOEHFHUUR
GH RUR ([   /D PLVPD FRQMXQFLyQ GH ORV GRV WHPDV VH HQFXHQWUD GRV
YHFHV PiV HQ HO 3HQWDWHXFR+,-. ´2EVHUYHQ PLV ViEDGRV \ WHQJDQ UHYHUHQFLD SRU
58% =:1;H:-8, <R VR\ HO 6HxRUµ /Y    3DUHFHUtD TXH OD VHFXHQFLD DTXt
WUDQVPLWHXQDGHFODUDFLyQVREUHXQDHVFDODGHYDORUHVHVGHFLUODLPSRUWDQFLD
4()#5&('$/#1,+%,4/#<#4()#(1$,3&/#1,+%,4/-#$/%#(15(#/%4("7

(QHOVLVWHPDWHROyJLFRGHO$76DUQDLQGLFDTXHHOFRQFHSWRGHODVDQWLGDG
GHO WLHPSR SUHFHGH DO GH OD VDQWLGDG GHO HVSDFLR (VWD MHUDUTXtD GH YDORUHV HV
["&3,#("#()#3/"5(05/#4()#>PQ7#!)#3/"5%,15(#$/),%#("5%(#)/1#3/"3($5/1#&1%,()&5,#<#
GHO32$HVWiFODUDPHQWHLOXVWUDGRSRUHOKHFKRGHTXHODHSRSH\DPHVRSRWiPLFD
GH OD FUHDFLyQ FRQRFLGD FRPR '1H5:% 378=> WHUPLQD FRQ OD FRQVWUXFFLyQ GH XQ
5('$)/#,)#4&/1#V:-<HLHVGHFLUFRQODVDQWLÀFDFLyQGHOHVSDFLR

(Q HO UHODWR GH OD FUHDFLyQ EtEOLFD 6DUQD VHxDOD TXH HV OD VDQWLGDG GHO
WLHPSR²HOViEDGR²ORTXHVHFHOHEUySULPHUR/DVDQWLGDGGHOHVSDFLRDSDUHFH
H[SOtFLWDPHQWHSRUSULPHUDYH]DTXtHQe[RGR(OWDEHUQiFXORVDQWXDULRLVUDHOLWD

BGA# ,ELG
/0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$% &"' &/' %&")2(' 1"$4$%0#(2' #&/' *0")102$(' +,9?-'

HQ HO GHVLHUWR HMHPSOLÀFD LQKHUHQWHPHQWH HVWH SULQFLSLR SRUTXH HQ YLUWXG GH
VX PRYLOLGDG HO WHUUHQR HQ HO TXH VH DVLHQWD QR SXHGH SRVHHU XQD VDQWLGDG
LQWUtQVHFDRSHUPDQHQWH(OOXJDUGHOVDQWXDULRVHFRQYLHUWHHQHVSDFLRVDJUDGR
VRORWHPSRUDOPHQWH\SLHUGHHVHHVWDWXVHQHOPRPHQWRHQTXHHOWDEHUQiFXOR
1(#5%,1),4,#,#/5%/#1&5&/7BGI

*3=7=@B5.03.75.:303/21>/

/D VDOLGD GH (JLSWR QR VH SXHGH DLVODU GH OD pSRFD TXH LQDXJXUy \ TXH
OOHJyDVXÀQFRQODHUHFFLyQGHOWHPSORGHOUH\6DORPyQHQ-HUXVDOpQ(VSRUHVR
TXHHVWH~OWLPRHVHO~QLFRHYHQWRHQHO$7TXHVHIHFKDGHDFXHUGRFRQHOSDVR
GHORVDxRVGHVGHHOp[RGR´6DORPyQFRPHQ]yDFRQVWUXLUHOWHPSORGHO6HxRU
("#()#3*,%5/#,]/#4(#1*#%(&",4/#("#R1%,()-#("#()#'(1#4(#R82-#.*(#(1#()#'(1#1(+*"4/7#
+DEtDQWUDQVFXUULGRFXDWURFLHQWRVRFKHQWDDxRVGHVGHTXHORVLVUDHOLWDVVDOLHURQ
GH(JLSWRµ 5 (VWDLGHDGHTXHODFRQVWUXFFLyQGHOWHPSORHVODVXSUHPD
FRQVXPDFLyQ GH OD HUD GHO p[RGR HQ UHDOLGDG HQFXHQWUD VX H[SUHVLyQ HQ HO
´FiQWLFRGH0RLVpVµ ([ 

(FRVLQFRQIXQGLEOHVGHHVWHWHPDVHHQFXHQWUDQHQHOUHODWRGHODGHFLVLyQ
GH6DORPyQGHFRQVWUXLUHOWHPSOR(QVXGLVFXUVRHQODGHGLFDFLyQGHOWHPSOR
UHFLpQ WHUPLQDGR HO UH\ 6DORPyQ FLWD XQD SURIHFtD GLYLQD ´'HVGH HO GtD HQ
TXH VDTXp GH (JLSWR D PL SXHEOR ,VUDHOQRHOHJt QLQJXQD FLXGDGGHODVWULEXV
GH,VUDHOSDUDTXHHQHOODVHPHFRQVWUX\HUDXQWHPSORGRQGH\RKDELWDUD>«@
£%HQGLWR VHD HO 6HxRU TXH FRQIRUPH D VXV SURPHVDV KD GDGR GHVFDQVR D VX
SXHEOR,VUDHO1RKDGHMDGRGHFXPSOLUQLXQDVRODGHODVJUDWDVSURPHVDVTXH
KL]RSRUPHGLRGHVXVLHUYR0RLVpVµ 5 

&RPR VHxDOD 6DUQD ´(O SXQWR GH WRGR HVWR HV TXH OD FRQVWUXFFLyQ GHO
WHPSOR VH FRQFLEH FRPR OD FXOPLQDFLyQ GH ORV JUDQGHV DFWRV GH UHGHQFLyQ GH
'LRVTXHFRPHQ]DURQFRQHOe[RGR(OHGLÀFLRPLVPRHVHOVtPERORPDWHULDOGH
OD SOHQD UHDOL]DFLyQ GH OD SURPHVD GLYLQD RULJLQDO GH UHGHQFLyQ GHO SXHEOR GH
,VUDHO'HVGHODSHUVSHFWLYDGHOQDUUDGRUEtEOLFRHOODSVRGHWLHPSRLQYROXFUDGR
HQ ORV HYHQWRV GHO e[RGR QR VH OLPLWD SRU OR WDQWR D ORV FXDUHQWD DxRV GH
YDJDEXQGHRV HQ HO GHVLHUWR VLQR TXH DEDUFD HO SHUtRGR GHVGH 0RLVpV KDVWD
6DORPyQ(VWDHVODHUDGHOe[RGRµBGB

BGI 6DUQD'467,-819%'4,<H=YpDVHWDPELpQ$1(7
BGB# ´7KHSRLQWRIDOOWKLVLVWKDWWKHEXLOGLQJRIWKHWHPSOHLVFRQFHLYHGDVEHLQJWKHFXOPLQDWLRQ
RI *RG·V JUHDW DFWV RI UHGHPSWLRQ WKDW EHJDQ ZLWK WKH ([RGXV 7KH HGLÀFH LWVHOI LV WKH
+,9@-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

#:% 3-3008N1% <37% ;:@3-1.0H7,/=:1;H:-8,% 2H3% 7:% -3=6H3=;:% ;3,7N980:% <3% &8,=% :% 7:=%
QHFHVLGDGHV KXPDQDV 6HJ~Q HO SHQVDPLHQWR KHEUHR OD WHRORJtD HV OD PDQHUD SUiFWLFD
GHYLYLUODFRPSUHQVLyQ\HOFRQRFLPLHQWRGH'LRVPHGLDQWHHOVDQWXDULRODHVWUXFWXUD
YLVLEOH WDQJLEOH \ UHDO GH OD SUHVHQFLD \ OD FRPXQLFDFLyQ FRQ 'LRV (O WDEHUQiFXOR
VDQWXDULRFRPRHOHYHQWRGHO6LQDtLQYROXFUyDOSXHEORGH,VUDHOHQVXWRWDOLGDG(VWDED
GHVWLQDGRDDWHQGHUODVQHFHVLGDGHVUHOLJLRVDV\WHROyJLFDVGHWRGR,VUDHODVHUVXDOLPHQWR
HVSLULWXDO\HOFHQWURYLVLEOHGHODXQLGDGWULEDO\WHROyJLFD$VtHOWDEHUQiFXORVDQWXDULR
FRQWHQtDWRGRVORVFRQFHSWRVLGHDV\WHRORJtDVGHO3HQWDWHXFR7RUi \GHO$7 SDUDWRGRHO
SXHEORGH,VUDHO1LQJ~QFRQFHSWRLGHD\WHRORJtDGH,VUDHOHVWDEDIXHUDGHOWDEHUQiFXOR
VDQWXDULRTXHLQFOXtDWRGDWHRORJtDTXHJREHUQDEDODYLGDUHOLJLRVD\WHROyJLFDGHOSXHEOR
GH,VUDHO HJODWHRORJtDGHODFUHDFLyQGHOSHFDGRGHODUUHSHQWLPLHQWRGHODFRQIHVLyQ
GH OD H[SLDFLyQ GHO SHUGyQ GH OD MXVWLÀFDFLyQ GH OD VDQWLÀFDFLyQ GH OD VDOYDFLyQ GH
ODFRQGHQDFLyQGHOMXLFLRGHODOH\GHOSDFWRGHODRUDFLyQGHO(VStULWXHWF 3RUOR
WDQWRODQDUUDWLYDHVWiSXQWXDGDFRQWH[WRVTXHHQIDWL]DQODQDWXUDOH]DSDQLVUDHOLWD\
6:1Q;3,7N980:%<3%7:%81=;8;H08N1%<37%;:@3-1.0H7,/%=:1;H:-8,X

*3=7=@B5.03.75.1/M5/3/215.O.4:5823/03/215.01;1/58

(O WDEHUQiFXORVDQWXDULR HV VROR HO VtPEROR PDWHULDO QXPLQRVR GH OD
&"',"("3&,# 4(# 6&/1-# 4(# 1*# >%(1("3&,# ("# ),# 3/'*"&4,4# 4(# R1%,()7# 6()# '&1'/#
PRGR'LRVGHFODUD´+DELWDUpHQWUHORVLVUDHOLWDV\VHUpVX'LRV$VtVDEUiQTXH
\RVR\HO6HxRUVX'LRVTXHORVVDFyGH(JLSWRSDUDKDELWDUHQWUHHOORV<RVR\
HO 6HxRU VX 'LRVµ ([   &XDQGR 0RLVpV VH FRPXQLTXH FRQ 'LRV HQ HO
VDQWXDULRVHUi´SDUDORVLVUDHOLWDVµ ([ QRSDUDVHUYLUDVXVQHFHVLGDGHV
SULYDGDV $GHPiV HO WDEHUQiFXORVDQWXDULR WHVWLÀFD HQ VX HVWUXFWXUD \ HQ VX
IXQFLyQGHODVDQWLGDGGH'LRV$DUyQOOHYDJUDEDGRHQODGLDGHPD´6DQWLGDG
>TżGHå@D<DKYpµ ([ 

0LHQWUDV OD JORULD GH <DKYp HVWDED HQ HO VDQWXDULR VX UHVLGHQFLD UHDO \
SHUPDQHQWHHVWDEDHQORVFLHORV6LHPSUHTXHHO$7VHUHÀHUHDODPRUDGDFHOHVWLDO
GH'LRVXVDHOYHUERB"6'9 OLWHUDOPHQWH´VHQWDUVHµ <DKYp´VHVLHQWDµ>B"6'9Z#
HQ ORV FLHORV SHUR ´WDEHUQDFXODµ >6"7'%@ HQWUH VX SXHEOR HQ OD WLHUUDBGF $Vt HO

PDWHULDOV\PERORIWKHIXOOUHDOL]DWLRQRIWKHRULJLQDOGLYLQHSURPLVHRIUHGHPSWLRQWRWKH
SHRSOH RI ,VUDHO )URP WKH SHUVSHFWLYH RI WKH ELEOLFDO QDUUDWRU WKH WLPH VSDQ LQYROYHG LQ
WKH([RGXVHYHQWVLVWKHUHIRUHQRWUHVWULFWHGWRWKHIRUW\\HDUVRIZLOGHUQHVVZDQGHULQJV
EXWHQFRPSDVVHVWKHSHULRGIURP0RVHVWR6RORPRQ7KLVLVWKH([RGXVHUDµ,ELG
BGF# 6REUHODGLVWLQFLyQHQWUH6"7'%#<#B"6'9YpDVH)0&URVV´7KH3ULHVWO\7DEHUQDFOHµ?*)#
  \&OHPHQWV(,<%+35673
/0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$% &"' &/' %&")2(' 1"$4$%0#(2' #&/' *0")102$(' +,9;-'

'LRV TXH VH UH~QH FRQ ,VUDHO HQ OD ´7LHQGD GH UHXQLyQµ >!3&5E# :=HD4ZBGG# (1# ()#
'LRVWUDVFHQGHQWDOGHOXQLYHUVRTXHPRUDHQORVFLHORV<DVtHOVDQWXDULRVHKD
FRQYHUWLGRHQHOOXJDURHVSDFLRGRQGHHO'LRVWUDVFHQGHQWDOYLHQHDHQFRQWUDUVH
FRQ VX SXHEOR 6HJ~Q H[SOLFD 5RGUtJXH] HO =:1;H:-8,# "/# (1# 1&'$)('("5(# *"#
VtPEROR GH OD 3UHVHQFLD GLYLQD HV XQ O3>M0H7,% -3:7% 6:-:% 7:% 815:13108:% <8O81:-# ("#
\ SRU PHGLR GHO FXDO HO 'LRV WUDVFHQGHQWH PRUDWDEHUQDFXOD (O 'LRV TXH HVWi
SUHVHQWHHVWiSUHVHQWHFRPRHOWUDVFHQGHQWH'LRVHVWiSUHVHQWHFRPRHO6DQWR
&8,=%63-5:1303%;-:=031<31;3%31%7:%815:13108:7BGH

7HRORJtDGHOSHFDGR

(OOLEURGHe[RGRLOXVWUDODWHRORJtDGHOSHFDGRDSDUWLUGHXQDH[SHULHQFLD
GHORVLVUDHOLWDVXQDH[SHULHQFLDTXHDVXYH]QRVSHUPLWHYLVXDOL]DUODPDQHUD
HQ TXH HO VDQWXDULR \ VXV VHUYLFLRV OOHJDURQ D WUDWDU HO SUREOHPD GHO SHFDGR
0LHQWUDV 0RLVpV HVWDED HQ OD FLPD GHO PRQWH 6LQDt ORV LVUDHOLWDV URPSLHURQ HO
SDFWR TXH \D KDEtD VLGR UDWLÀFDGR DGRUDQGR DO EHFHUUR GH RUR 'HVGH OD FLPD
GHODPRQWDxD'LRVYLRORTXH,VUDHOHVWDEDKDFLHQGR´(QWRQFHVHO6HxRUOHGLMR
D 0RLVpV ¶%DMD SRUTXH \D VH KD FRUURPSLGR >6.AD8@ HO SXHEOR TXH VDFDVWH GH
(JLSWR·µ ([ 

$TXtHQFRQWUDPRVGRVFRQFHSWRVWHROyJLFRVLPSRUWDQWHV3ULPHUR,VUDHO
VH KD VHSDUDGR GH 'LRV 'LRV VH UHÀHUH D HOORV FRPR ´HO SXHEOR >GH 0RLVpV@µ
(OORVSHUWHQHFHQD0RLVpVTXHORVKDEtDVDFDGRGH(JLSWR(QVHJXQGROXJDUHO
SXHEORVHKD´FRUURPSLGRµ>6.AD8@(OYHUERKHEUHR6.AD8VHDSOLFDHQ/Y
DDQLPDOHVTXHGHELGRDDOJ~QGHIHFWRItVLFR  QRVHSXGLHURQXWLOL]DU
FRPR YtFWLPDV VDFULÀFLDOHV 1R SRGtDQ OOHYDUVH DO VDQWXDULR 7DPELpQ HQ HVH
PLVPRYHUVR6.AD8VHXVDWDPELpQHQSDUDOHOLVPRFRQ:@:-#*"#5?%'&"/#.*(#("#
/YGHVLJQDDORVVDFHUGRWHVTXHGHELGRDGHIHFWRVItVLFRVQRSXGLHURQ
RÀFLDU HQ HO VDQWXDULR (O VLJQLÀFDGR WHROyJLFR D VHxDODU DTXt HV TXH HO SXHEOR
GH,VUDHOFRPRXQWRGRDKRUDWLHQHXQGHIHFWRPRUDOTXHORVVHSDUDGH'LRV1R
SXHGHQYHQLUDOVDQWXDULRSRUTXHKDQUHFKD]DGRD'LRV\DVtVHKDQFRQYHUWLGR
HQXQ´DQLPDOGHIHFWXRVRµRXQVDFHUGRWHGHVFDOLÀFDGRLQFDSDFHVGHHQWUDUHQ
),#$%(1("3&,#4(#6&/17BGC

BGG 1,'277(
BGH 5RGUtJXH]YpDVHWDPELpQ5($YHUEHFN´7DEHUQDFOHµ&"+G-#DJE7
BGC# 5RGUtJXH]
+,B<-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

(O VDQWXDULR WDPELpQ OOHJy D YHUVH QR VROR FRPR HO OXJDU GH HQFXHQWUR
SDUD<DKYpFRQVXSXHEORUHGLPLGRVLQRWDPELpQFRPRHOOXJDUGHODH[SLDFLyQ
$Vt 37% 58=;3-8,% <3% 7:% 3468:08N1% -3=8<M:% 31% 37% =:1;H:-8, (Q RWUDV SDODEUDV DKRUD
HUD PDQLÀHVWR TXH 'LRV HVWDED GLVSXHVWR D OLGLDU FRQ HO SUREOHPD GHO SHFDGR
GHVGHVXPRUDGD\HOVDQWXDULRDVtVHFRQYLUWLyHQHOOXJDUGHHQFXHQWURSDUD
<DKYp\ORVSHFDGRUHVDUUHSHQWLGRV(OPLVWHULR\HOSUHFLRGHOSHUGyQGH'LRV
VHUHYHODQSDUFLDOPHQWHPHGLDQWHHOVLVWHPDVDFULÀFLDOGHVFULWRHQGHWDOOHHQHO
OLEURGH/HYtWLFRBGD#'7%63-<N1%3=;:@:%<8=6,18@73%6:-:%37%630:<,-%31%37%=:1;H:-8,%<3%&8,=7#
(VDH[SLDFLyQFRPRVHLQGLFDHQ([VHEDVyH[FOXVLYDPHQWHHQODJUDFLD
XA"%'%@\FRPSDVLyQ>#.AW:@GH<DKYp$Vt'LRV\HOSHFDGRUSHUGRQDGRTXH
\DQRHVWDED´FRUURPSLGRµ>6.AD8@SRGUtDQSHUPDQHFHUMXQWRV

*3=7=@B5.03.75.</1050

6HJ~Q 6DUQD HO WDEHUQiFXORVDQWXDULR FRPR HQWLGDG ItVLFD WDPELpQ


DEDUFyRWUDVLGHDV\FRQFHSWRV WHRORJtDV DFHUFDGH'LRVTXHHVWiQHQHOFHQWUR
PLVPR GH OD UHOLJLyQ \ WHRORJtD GH ,VUDHO 7DQWR HQ ODV LQVWUXFFLRQHV SDUD VX
HUHFFLyQ FRPR HQ OD GHVFULSFLyQ GH VX PHWLFXORVD LPSOHPHQWDFLyQ VH GHVWDFD
ODFDOLGDGGHODXQLGDGHVWUXFWXUDO\ODLQWHJULGDGDUTXLWHFWyQLFDGHOVDQWXDULR
,QGHSHQGLHQWHPHQWH GH OD YDULHGDG GH VXV FRPSRQHQWHV GH VX FRPSRVLFLyQ
\ GH VXV JUDGDFLRQHV LQWHUQDV OD FRQVWUXFFLyQ FRPSOHWD GHEtD FRQVWLWXLU \ DVt
OR KL]R XQD XQLGDG VDJUDGD LQWHJUDGD ´>«@ GH PRGR TXH HO VDQWXDULR WHQJD
XQLGDG GH FRQMXQWR >«@ GH PRGR TXH HVWH WHQJD XQLGDG GH FRQMXQWR >«@ GH
PRGRTXHHOVDQWXDULRWHQtDXQLGDGGHFRQMXQWR>«@SDUDXQLUOD7LHQGDHQXQ
VRORFRQMXQWR´ ([FI([ BGE

(V GLItFLO QR YHU HQ HVWRV WH[WRV OD LQWHQFLyQ GH H[SUHVDU GH IRUPD VLJQLÀFDWLYD
ODXQLGDGGHODWHRORJtDLVUDHOLWDODXQLGDGGHODWHRORJtDGHO3HQWDWHXFR7RUi GHO$7 
0HA:=% 1303=8<:<3=% -37898,=:=% 3=;:@:1% <3=;81:<:=% :% :;31<3-=3% 53<8:1;3% 7,=% :-;M0H7,=% <37%
PRELOLDULR HO DOWDU GH ORV KRORFDXVWRV HO ODYDWRULR DWULR  OD PHVD HO FDQGHODEUR HO
DOWDU GHO LQFLHQVR /XJDU 6DQWR  \ HO DUFD /XJDU 6DQWtVLPR  &DGD XQR UHSUHVHQWDED
XQFRQFHSWRVGHODWHRORJtDGHO3HQWDWHXFR7RUi GHO$7 \WRGRVUHSUHVHQWDEDQWRGRV
ORV FRQFHSWRV HVHQFLDOHV GH OD WHRORJtD GHO 3HQWDWHXFR7RUi GHO $7  \ OD XQLGDG GH OD

BGD# $05RGUtJXH]!H@=;8;H;8,1%81%;>3%C3@-3D%EH7;H=%:1<%81%EH7;80Q)37:;3<%+34;= %HUULHQ6SULQJV


$QGUHZV 8QLYHUVLW\    3RU VXSXHVWR FRPR KHPRV YLVWR DQWHULRUPHQWH OD
RIUHQGDGHVDFULÀFLRV\HOFRQFHSWRGHSHUGyQGLYLQRQRHUDQQXHYRVHQHO6LQDtFRPROR
PXHVWUDDPSOLDPHQWHHOOLEURGH*pQHVLV
BGE 6DUQD'467,-819%'4,<H=-#IJC7
/0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$% &"' &/' %&")2(' 1"$4$%0#(2' #&/' *0")102$(' +,B,-'

WHRORJtDGHO 3HQWDWHXFR7RUi GHO $7  UHSUHVHQWDGD SRU HO WDEHUQiFXORVDQWXDULR HQ VX


0,1UH1;,7BHJ

6HJ~Q )UHWKHLP HO XVR GH XQ VDQWXDULR XQ OXJDU HVSHFtÀFR SDUD OD
DGRUDFLyQ GH ,VUDHO WLHQH HVWRV SXQWRV GH LPSRUWDQFLD D  XQ VDQWXDULR WUDH
,-<31 DO FXOWR GH 'LRV E  XQ VDQWXDULR SURYHH XQ DVSHFWR ;:198@73# $,%,# ),#
3UHVHQFLD GLYLQD F  XQ VDQWXDULR SURSRUFLRQD XQ SXQWR GH =39H-8<:<# 4(# ),#
3UHVHQFLDGLYLQD\XQSXQWRGH3=;:@878<:<HQPHGLRGHOGHVLHUWRLQHVWDEOH'LRV
6-,53;3HVWDUSUHVHQWH´+DELWDUpHQWUHORVLVUDHOLWDV\VHUpVX'LRVµ ([ 
HO SXHEOR SXHGH WHQHU OD FRQÀDQ]D GH TXH SXHGH H[SHULPHQWDU OD SUHVHQFLD
4(# 6&/17BHA# 9&",)'("5(# ,],4&'/1# .*(-# K4L# *"# 1,"5*,%&/# 4,# FRKHVLyQ FRKHUHQFLD
A% H18<:<% ;3,7N980: D XQ SXHEOR GH HVFODYRV UHFLpQ OLEHUDGRV QHFHVLWDGR GH JXtD
RULHQWDFLyQ \ GLUHFWULFHV XQLÀFDGRUDV SDUD GLULJLU \ HQFDX]DU VX OLEHUWDG pWLFR
PRUDO\VXVQHFHVLGDGHVWHROyJLFDVGH'LRV

PKUK.9!,.*%+9+"-!,.$%.9%C-*'&+.%).%9.,!)*D!#'+

´(O6HxRUOODPyD0RLVpV\OHKDEOyGHVGHOD7LHQGDGHUHXQLyQµ /Y 
7RPDQGRODSULPHUDSDODEUDGHOOLEURHOQRPEUHKHEUHRFRP~QGH/HYtWLFRHV
C'F.;#"!´OODPyµ/HYtWLFRHVHOQRPEUHODWLQRGHOJULHJR#3A8;8L,1 ´UHODWLYRDORV
VDFHUGRWHVµ (OQRPEUHHQHO7DQDMHV8$#"&#7$&'%+:´ODOH\GHORVVDFHUGRWHVµ
(VWRVQRPEUHVVXJLHUHQTXHHOOLEURWUDWDGHDVXQWRVVDFHUGRWDOHV

/HYtWLFRHVXQRGHORVOLEURVPiVLPSRUWDQWHVGHO$71RVRORSUHVHQWD37%
=8=;35:%0H7;H:7Q-8;H:7Q-37898,=,%<3%$=-:37VLQRTXHWDPELpQVLHQWDODV@:=3=#;3,7N980:=#

BHJ 7RGR HO WDEHUQiFXORVDQWXDULR VH LQWHUSUHWD WLSROyJLFDPHQWH FRPR UHIHUHQWH D &ULVWR /R
PLVPRHVFLHUWRSDUDODV]RQDVGHOWDEHUQiFXORVDQWXDULRGHVFULWDV+D\XQDPSOLRVRSRUWH
GHO17SDUDHVWDLQWHUSUHWDFLyQFRPRKHPRVPRVWUDGRDQWHULRUPHQWHYpDVH-+6DLOKDPHU
+>3% G31;:;3H0>% :=% B:--:;8O3F% *% ?8@780:7Q+>3,7,980:7% E,5531;:-A *UDQG 5DSLGV =RQGHUYDQ
 /DUHIHUHQFLDGHO17DOWDEHUQiFXORVDQWXDULRGHO$7HVPiVIUHFXHQWHHQHO
OLEURGH+HEUHRVDXQTXHDSDUHFHHQRWURVOLEURVGHO17 +FK$S $TXt
ODUHIHUHQFLDDOWDEHUQiFXORVDQWXDULRYDPXFKRPiVDOOiGHODLQWHUSUHWDFLyQGHORVSDVDMHV
LQGLYLGXDOHVGHO$7'HKHFKRHOFXOWRVDFHUGRWDOOHYtWLFRTXHVHFHQWUDHQHOWDEHUQiFXOR
VDQWXDULR SURSRUFLRQD HO FRQWH[WR HQ HO TXH HO DXWRU GH +HEUHRV KD GHVDUUROODGR WRGD VX
FULVWRORJtD(ODQiOLVLVWHROyJLFRVREUHHOUROGHOWDEHUQiFXORVDQWXDULRMXQWRFRQVXVRÀFLRV
\ULWXDOHVSURSRUFLRQDXQPRGHORLPSRUWDQWHSDUDHQWHQGHUODUHODFLyQGHO17FRQHO$7
(O HVFULWRU GH +HEUHRV VH SUHRFXSD GH PRVWUDU TXH HO FXDGUR GHO WDEHUQiFXORVDQWXDULR
GHO $7 HV XQ WHVWLPRQLR GH -HVXFULVWR \D VHD HQ VX FXPSOLPLHQWR R HQ VX DEURJDFLyQ
PHGLDQWH XQD IRUPD PiV SHUIHFWD (O WDEHUQiFXORVDQWXDULR PRViLFR HV VROR XQD VRPEUD
GHOVDQWXDULRFHOHVWLDOYHUGDGHUR +HE 
BHA# )UHWKHLP'4,<H=-#ICB7
+,B.-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

4(#),#("1(],"@,#<37%B+VREUHODREUDH[SLDWRULDGH&ULVWRBHI3DUD,VUDHOHOOLEUR
GH/HYtWLFRIXHXQRGHORVOLEURVPiVLPSRUWDQWHV\SRUORWDQWRPiVFRQRFLGR
GH OD %LEOLD KHEUHD 3DUD HO FULVWLDQR HV XQ VHPLOOHUR SDUD OD WHRORJtD GHO 17
FRPR GLFH +DUULVRQ ´HQ HVWH OLEUR VH HQFXHQWUD OD EDVH GH OD IH \ OD GRFWULQD
3%&15&,",1V7BHB

(OFRQWHQLGRGHORVFDStWXORVGHDSHUWXUDGH/HYtWLFRHVXQDFRQWLQXDFLyQ
QDWXUDOGHOWHPDGHORV~OWLPRVFDStWXORVGHe[RGR8QHQODFHOLWHUDULRLPSRUWDQWH
TXH VXJLHUH OD XQLGDG GH ORV GRV OLEURV HV HO FXPSOLPLHQWR HQ /HYtWLFR  GH
OD RUGHQDFLyQ VDFHUGRWDO TXH VH SUHVFULEH HQ e[RGR  $XQTXH HO OLEUR GH
/HYtWLFR HV GLVWLQWR GHO OLEUR GH e[RGR FRQWLQ~D WHPiWLFDPHQWH OD KLVWRULD GH
e[RGR /HYtWLFR  LQLFLD HO GLVFXUVR FRQ ODV SDODEUDV ´(O 6HxRU OODPy >;"#"!Z#
D 0RLVpV \ OH KDEOy >4"9"#@µ /Y   /HYtWLFR  WHUPLQD HO GLVFXUVR FRQ XQD
IUDVH VLPLODU ´(O 6HxRU KDEOy >4"9"#@ D 0RLVpV GLFLHQGR >«@µ < HQWUH HVWRV
FDStWXORVODIUDVH´(O6HxRUKDEOyD0RLVpVµDSDUHFHFLQFXHQWD\VHLVYHFHV(VWD
IUDVH DEUH GLHFLVLHWH GH ORV YHLQWLVLHWH FDStWXORV GHO OLEUR /HYtWLFR SUHVHQWD QR
VRORHOGLVFXUVRGLYLQRVLQRWDPELpQHOSULPHUGLVFXUVRGLYLQRGHVGHHOQXHYR
VDQWXDULRHO~QLFROXJDUHVSHFtÀFRHQODWLHUUDTXHVHGLFH´OOHQRµGHODJORULD
GHODSUHVHQFLDGH'LRV ([ 

(O UHODWR GH OD FRQVWUXFFLyQ GHO WDEHUQiFXORVDQWXDULR FRQFOX\H FRQ VX
HUHFFLyQHQe[RGRSHURe[RGRWDPELpQVHH[WLHQGHD/HYtWLFR\1~PHURV
HQOD]DQGR e[RGR  FRQ ORV VDFULÀFLRV \ RWURV SULQFLSLRV \ SURFHGLPLHQWRV
ULWXDOHV GHQWUR GHO WDEHUQiFXORVDQWXDULR /HYtWLFR   \ HYHQWXDOPHQWH ODV
SUHVFULSFLRQHV \ GHVFULSFLRQHV GH VX FHQWUDOLGDG ItVLFD UHOLJLRVD \ PRUDO D OD
FRPXQLGDGGHOGHVLHUWRTXHORURGHy /HYtWLFR1~PHURV /HYtWLFR
VHHQIRFDHQPDQWHQHUODVDQWLGDGGHODFRPXQLGDGTXHURGHDEDHOWDEHUQiFXOR
VDQWXDULR0LOODUGKDVHxDODGRUHFLHQWHPHQWHTXHORVULWXDOHVHQ/HYtWLFRSXHGHQ
FRPSDUDUVHPHMRUFRQORVSURFHGHQWHVGHOPHGLRUHOLJLRVRGHOEURQFHWDUGtRBHF

/HYtWLFR HV XQ OLEUR ELHQ RUJDQL]DGR GLYLGLGR QDWXUDOPHQWH HQ GRV
PLWDGHV²ORVFDStWXORV\(OSULPHUEORTXHKDVWDHOFDStWXORWUDWD

BHI# 3RUHMHPSORYpDVH'7LGEDOO&8=0,O3-819%#3O8;80H= /HLFHVWHU&URVVZD\ 


BHB# ´,Q WKLV ERRN LV WR EH IRXQG WKH EDVLV RI &KULVWLDQ IDLWK DQG GRFWULQHµ 5 . +DUULVRQ
#3O8;80H=F%*1%$1;-,<H0;8,1%:1<%E,5531;:-A727& 'RZQHUV*URYH,QWHU9DUVLW\ 
BHF# $ 5 0LOODUG ´7KH +LVWRU\ RI ,VUDHO DJDLQVW WKH %DFNJURXQG RI $QFLHQW 1HDU (DVWHUQ
5HOLJLRXV +LVWRU\µ LQ )URP WKH $QFLHQW 6LWHV RI ,VUDHO (VVD\V RQ $UFKDHRORJ\ +LVWRU\ DQG
+>3,7,9A%81%V35,-A%,2%*:6378%!::-8=:7,HG7(VNRODDQG(-XQNNDDOD +HOVLQNL7KHRORJLFDO
,QVWLWXWHRI)LQODQG 
/0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$% &"' &/' %&")2(' 1"$4$%0#(2' #&/' *0")102$(' +,B=-'

GH YDULRVDVSHFWRVGHOVLVWHPDVDFULÀFLDO\FXOPLQDFRQHO'tDGHODH[SLDFLyQ
HQHOFDStWXOR/DVHJXQGDPLWDGGHOOLEUR²ORVFDStWXORV²VHGHQRPLQD
FRP~QPHQWH FRPR ´HO FyGLJR GH VDQWLGDGµ SRUTXH HQ HVWDV LQVWUXFFLRQHV XQ
'LRVVDQWROODPDDVXSXHEORDXQDYLGDVDQWD

'RXJODV KD SURSXHVWR XQD HVWUXFWXUD TXLiVWLFD FRQFpQWULFD SDUD HO


OLEUR 'H DFXHUGR D VX DQiOLVLV /HYtWLFR HVWi HVWUXFWXUDGR TXLiVWLFDPHQWH HQ
FtUFXORV FRQFpQWULFRV SRU VXV WHPDVBHG 6KHD WDPELpQ VXJLULy SUHYLDPHQWH TXH
HO OLEUR HQWHUR VH KD HVFULWR HQ XQD HVWUXFWXUD OLWHUDULD TXLiVWLFDBHH# 9&",)'("5(-#
:DUQLQJ UHDOL]y XQ HVWXGLR GHWDOODGR GH ORV HOHPHQWRV PLFURHVWUXFWXUDOHV \
PDFURVWUXFWXUDOHVHQ/HYtWLFRBHC

/RV WHyORJRV GLVWLQJXHQ XQD HVWUXFWXUD GHO OLEUR GH /HYtWLFR FRQ FXDWUR
VHFFLRQHVLPSRUWDQWHV\XQHStORJR/HYtWLFRWUDWDGHORVVDFULÀFLRV/HYtWLFR
WUDWDGHODLQDXJXUDFLyQGHOFXOWR/HYtWLFRWUDWDGHODVOH\HVGHSXUH]D
HLPSXUH]D/HYtWLFRWUDWDGHODOH\GHVDQWLGDGÀQDOPHQWHHOFDStWXOR
HVXQHStORJRVREUHYDULDVRIUHQGDVSDUDHOVDQWXDULR/HYtWLFRGHVFULEHOD
FRQVDJUDFLyQGHORVVDFHUGRWHVGH$DUyQ\GHVXVKLMRV\ODLQDXJXUDFLyQGHO
FXOWR0RLVpV$DUyQ\VXVKLMRVVRQORVSHUVRQDMHVSULQFLSDOHVGHHVWRVFDStWXORV
    (O YRFDEXODULR GH SXUH]D H LPSXUH]D SUHYDOHFH HQ /HYtWLFR 
 ´SXURµ >L"&=#@ ´LPSXURµ >L":D!@ ´DERPLQDFLyQµ >65;5]@ \ VXV YHUERV
FRUUHVSRQGLHQWHV /HYtWLFR  WUDWD VREUH HO ULWXDO HQ HO ´'tD GH OD H[SLDFLyQµ
XB=:#&'77.**Y#+:@HOFHQWURGHODWHRORJtDGH/HYtWLFRBHD

BHG# 0 'RXJODV ´3RHWLF 6WUXFWXUH LQ /HYLWLFXVµ LQ G,539-:1:;3=% :1<% (,7<31% ?377=F% !;H<83=% 81%
%LEOLFDO-HZLVKDQG1HDU(DVWHUQ5LWXDO/DZDQG/LWHUDWXUHLQ+RQRURI-DFRE0LOJURP-#(47#67#>7#
:ULJKW'1)UHHGPDQDQG$+XUYLW] :LQRQD/DNH(LVHQEUDXQV LGHP
#3O8;80H=%:=%#8;3-:;H-3 2[IRUG2[IRUG8QLYHUVLW\ 
BHH# 9pDVH:+6KHD´/LWHUDU\)RUPDQG7KHRORJLFDO)XQFWLRQLQ/HYLWLFXVµLQ7KH6HYHQW\:HHNV
/HYLWLFXV DQG WKH 1DWXUH RI 3URSKHF\-# (47# ) % +ROEURRN '$5&20  :DVKLQJWRQ %LEOLFDO
5HVHDUFK,QVWLWXWH 6XJLULyODVLJXLHQWHHVWUXFWXUD$OHJLVODFLyQF~OWLFD FDStWXORV
 %KLVWRULDVDFHUGRWDO FDStWXORV &OH\HVSHUVRQDOHVGHLPSXUH]D FDStWXORV '
'tDGHODH[SLDFLyQ FDStWXOR &·OH\HVPRUDOHVSHUVRQDOHV FDStWXORV %·OHJLVODFLyQ
VDFHUGRWDO FDStWXORV   $· OHJLVODFLyQ F~OWLFD FDStWXORV   ,ELG  'RV FDStWXORV
DGLFLRQDOHV  FRPSOHWDQHOOLEURSHURVHFRORFDQIXHUDGHODHVWUXFWXUDTXLiVWLFD
BHC# ^7#^,%"&"+-##8;3-:-A%*-;8=;-A%81%#3O8;80H=#KO(&4("U#=%&))-#AEEEL7
BHD# 3RU HMHPSOR YpDVH ( 6 *HUVWHQEHUJHU #3O8;80H=F% *% E,5531;:-A 27/ /RXLVYLOOH :-.
  - ( +DUWOH\ #3O8;80H= :%&  'DOODV :RUG   % $ /HYLQH #3O8;80H= -367&
3KLODGHOSKLD -HZLVK 3XEOLFDWLRQ 6RFLHW\   0LOJURP /HYLWLFXV  LGHP #3O8;80H=%
 $% $ 1HZ <RUN 'RXEOHGD\   LGHP /HYLWLFXV  $% % 1HZ <RUN
'RXEOHGD\ 5HQGWRUII#3O8;80H=*-:HQKDP+>3%?,,L%,2%#3O8;80H=1,&27 *UDQG
N,$&41U#!(%4',"1-#AECEL7
+,B>-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

/HYtWLFRFRPLHQ]DXQDQXHYDVHFFLyQGHODVQDUUDFLRQHVGHO6LQDtSHUR
WDPELpQ VLUYH FRPR SLYRWH HQWUH /HYtWLFR  \  (VWD VHJXQGD VHFFLyQ
SULQFLSDO GH /HYtWLFR VH UHIHUHQFLD D PHQXGR FRPR HO ´FyGLJR GH VDQWLGDGµ
HVSHFtÀFDPHQWHGHELGRDODH[SUHVLyQUHFXUUHQWH´6HGVDQWRVSRUTXH\R<DKYp
YXHVWUR'LRVVR\VDQWRµ /Y BHE\ODDEUHYLDWXUDGHODIyUPXOD
´<R VR\ <DKYp YXHVWUR 'LRVµ D OR ODUJR GH OD VHFFLyQ QXPHURVDV DSDULFLRQHV
GHVGH /Y  D /Y  BCJ /D IyUPXOD QR DSDUHFH QL HQ /HYtWLFR  QL HQ
/HYtWLFR7DQWR/HYtWLFRFRPRVHRFXSDQGHODUHODFLyQLQPHGLDWDHQWUH
HOSXHEORHODOWDUGHOWDEHUQiFXORVDQWXDULR\ODVRIUHQGDV

$Vt HO WHPD HQ /HYtWLFR  FRQWLQXD VLHQGR HO WDEHUQiFXORVDQWXDULR
SHURKD\XQFDPELRHQODRULHQWDFLyQJHQHUDOGHOFDPSRGHWRGRVORVLVUDHOLWDV
KDFLD HO WDEHUQiFXORVDQWXDULR \ OD DGRUDFLyQ GH <DKYp PLHQWUDV YLDMDEDQ SRU
HOGHVLHUWR&XDOTXLHUDTXHKD\DVDFULÀFDGRXQDQLPDOFRPRRIUHQGDGHSD]R
FRPRXQKRORFDXVWRHQWHUR\DVHDGHQWURRIXHUDGHOFDPSDPHQWRVLQWUDHUORDO
WDEHUQiFXORVDQWXDULRSDUDSUHVHQWDUOR\VDFULÀFDUORFRPRRIUHQGDDOOt /Y
 VHUi´HOLPLQDGRGHVXSXHEORµ  (OSURSyVLWRGHHVWDVUHJXODFLRQHVHUD
PDQWHQHUODDGRUDFLyQH[FOXVLYDGH<DKYpHQHOGHVLHUWR /Y 

/HYtWLFR  VH HQIRFD HQ OD SXUH]D \ VDQWLGDG GHO FDPSR HQ JHQHUDO
SHUR WDPELpQUHFRQRFHTXHHOWDEHUQiFXORVDQWXDULRHVWDED HQHO 031;-,#4(#(1,#
FRPXQLGDG \ VLHPSUH OR PDQWLHQH D OD YLVWD HQ OD OHJLVODFLyQ /Y  
  /DV VHFFLRQHV HQWHUDV VH RFXSDQ GH OD SUHVHQFLD GHO WDEHUQiFXOR
VDQWXDULR GHO 6HxRU HQ PHGLR GH HOORV 3RU HMHPSOR ODV UHJXODFLRQHV SDUD ORV
VDFHUGRWHV /HYtWLFR   VXV IDPLOLDV /Y   OD FDOLGDG GH ORV VDFULÀFLRV
HQ ,VUDHO /Y   HO FLFOR DQXDO GH IHVWLYDOHV /HYtWLFR   HO FDQGHODEUR
\ OD PHVD GH ORV SDQHV GH OD SURSRVLFLyQ /Y   H LQFOXVR ODV OH\HV GH OD
FRQVDJUDFLyQDOÀQDOGHOOLEUR /HYtWLFR ;,<,%=3%031;-:%31%37%6-,68,%;:@3-1.0H7,/
VDQWXDULR OD UHODFLyQ HQWUH ORV VDFHUGRWHV HO SXHEOR \ HO# ;:@3-1.0H7,/=:1;H:-8,% ,% 7:=%
:0;8O8<:<3=%-8;H:73=%<31;-,%,%:7-3<3<,-%<37%;:@3-1.0H7,/=:1;H:-8,7

7HRORJtDGHORVVDFULÀFLRV\RIUHQGDV

(Q KHEUHR HO WpUPLQR SDUD ´RIUHQGDµ >;3#9"%-# (152# %(),3&/",4/#


3/"# ;"#'90 ´DFHUFDUVHµ@BCA HV XQ WpUPLQR PiV JHQHUDO TXH ´VDFULÀFLRµ#

BHE# =87
BCJ# 9pDVH%-6FKZDUW]´6HOHFWHG&KDSWHUVRIWKH+ROLQHVV&RGH$/LWHUDU\6WXG\RI/HYLWLFXV
µ3K'GLVV+HEUHZ8QLYHUVLW\>HQKHEUHR@
BCA# 1,'277(
/0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$% &"' &/' %&")2(' 1"$4$%0#(2' #&/' *0")102$(' +,B9-'

XX59'AZ7BCI# a3#9"% LQGLFy \D VHD OD RIUHQGD WUDtGD R ORV PHGLRV SRU ORV FXDOHV
XQR SXHGH YLYLU HQ FHUFDQtD D 'LRV /RV LVUDHOLWDV FRQ UHVSHFWR D ODV RIUHQGDV
X;3#9"%@ GHEtDQ SUHVHQWDUVH DQWH <DKYp HV GHFLU GHQWUR GH ORV UHFLQWRV GHO
WDEHUQiFXORVDQWXDULR\HQPHGLRGHODSUHVHQFLDGH'LRV

3RU HMHPSOR HQ /HYtWLFR  OD H[SUHVLyQ ´SUHVHQWDU XQD RIUHQGDµ HO
KLÀO &.;#+9 FRQ VX VXVWDQWLYR DÀQ ;3#9"%  LQWURGXFH WRGD OD VHFFLyQ GH ODV
UHJXODFLRQHV SDUD ORV KRORFDXVWRV ODV RIUHQGDV GH JUDQR \ GH SD] /D SDODEUD
X59'A ´VDFULÀFLRµ QR DSDUHFH KDVWD /Y  HQ OD LQWURGXFFLyQ D OD VHFFLyQ GH
´RIUHQGD GH SD]µ ´< VL VX RIUHQGD IXHUH VDFULÀFLR >X59'A@ GH SD] >«@µ YpDVH
/Y GRQGH´RIUHQGDµVLJXHDSDUHFLHQGR /Y 

/HYtWLFR SURSRUFLRQD HO WUDWDPLHQWR PiV FRPSOHWR SDUD HO VLVWHPD


VDFULÀFLDOWDQWRHQHO$7FRPRHQOD%LEOLD(OVLVWHPDVDFULÀFLDOSURSRUFLRQyXQ
PpWRGRSDUDTXHORVLVUDHOLWDVVHDFHUFDUDQD'LRVUHVSRQGLHQGRDODVSURIXQGDV
QHFHVLGDGHVUHOLJLRVDV\WHROyJLFDVGHOSXHEOR'HKHFKRHVWHHVHOVLJQLÀFDGRGH
ODSDODEUDKHEUHDSDUD´VDFULÀFLRµ>X59'A@TXHYLHQHGHXQYHUERTXHVLJQLÀFD
´DFHUFDUµ $Vt XQ VDFULÀFLR HV HVH WLSR GH RIUHQGD TXH QRV SHUPLWH DFHUFDUQRV
,#6&/17

0LHQWUDVTXHODFUtWLFDKLVWyULFDKDVRVWHQLGRTXHORVULWXDOHVVDFULÀFLDOHV
GHO3HQWDWHXFR+,-.SURYLHQHQGHOSHUtRGRSRVWH[tOLFRDKRUDHVHYLGHQWHVREUH
OD EDVH GH GHVFXEULPLHQWRV DUTXHROyJLFRV HQ ODV FXOWXUDV PHVRSRWiPLFDVBCB# <#
VLULRSDOHVWLQDVBCF TXH ORV ULWXDOHV VDFULÀFLDOHV FRPSOHMRV HVWDEDQ HQ H[LVWHQFLD
("#()#E-30831;3%Z[-;87PXFKRDQWHVGHODpSRFDGH0RLVpV(QFXDQWRDORULJHQGHO
VDFULÀFLRHO$7VRVWLHQHTXHHOVDFULÀFLRVHUHPRQWDDODSULPHUDIDPLOLDKXPDQD
HQ OD WLHUUD *Q   \ VH SUHVHQWD FRPR XQ GRQ GH 'LRV FRQ HO SURSyVLWR GH
UHVWDXUDUODUHODFLyQURWDHQWUH'LRV\HOVHUKXPDQR

6HJ~Q+DVHOHQWUHORVP~OWLSOHVDVSHFWRVGHORULJHQSURSyVLWR\IXQFLyQ
4()# VDFULÀFLR ORV VLJXLHQWHV SDUHFHQ VHU HVHQFLDOHV   HO VDFULÀFLR HV HO 5[;,<,%
<8O81, SDUD UHVWDEOHFHU OD UHODFLyQ HQWUH 'LRV \ HO VHU KXPDQR URWD SRU ORV

BCI# 1,'277(
BCB# 9pDVH ' 0 / 8ULH ´6DFULÀFH DPRQJ WKH :HVW 6HPLWHVµ G'a     $ /
2SSHQKHLP*10831;%V3=,6,;:58: &KLFDJR&KLFDJR8QLYHUVLW\ %
$/HYLQHDQG::+DOOR´2IIHULQJVWRWKH7HPSOH*DWHVDW8UµC_E*  
BCF# 9pDVH - *UD\ ´&XOWLF $IÀQLWLHV EHWZHHQ ,VUDHO DQG 5DV 6KDPUDµ ^*K   
$*XJOLHOPR´6DFULÀFHLQWKH8JDULWLF7H[WVµE?a  %$/HYLQH
´8JDULWLF'HVFULSWLYH5LWXDOVµI!!  
+,BB-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

SHFDGRVGHOVHUKXPDQR  HOVDFULÀFLRIXQFLRQDFRPR=H=;8;H08N1GHORIHQVRU
XQSULPHUHMHPSORGHOSURFHVRGHVXVWLWXFLyQVHHQFXHQWUDHQODQDUUDFLyQGH
$EUDKiQ GRQGH HO VDFULÀFLR DQLPDO WRPD HO OXJDU GH OD SHUVRQD >,VDDF@ SDUD
VDFULÀFDU>*pQHVLV@   HOVDFULÀFLRD\XGDDORIHUHQWHDPRGLÀFDU#1*#3=;:;H=-#
GHXQHVWDGRFXOSDEOH\SHFDGRUDQWH'LRVDXQRLQRFHQWH\SHUGRQDGR  HO
VDFULÀFLRFXPSOHODGREOHIXQFLyQGH785683R:#<#378581:08N1#4(#),#0,1;:581:08N1-#
OLPSLDDOVDFULÀFDGRU\OOHYDODFRQWDPLQDFLyQDOOXJDUGHOVDFULÀFLRHOVDQWXDULR
 HOVDFULÀFLRHV6-,2[;80,SRUTXHXQDQLPDOQRSXHGHSRUVtPLVPRH[SLDUHO
SHFDGR \ OD FXOSD $Vt HO VDFULÀFLR DQLPDO HQ HO $7 HV XQ ;86, GHO 6LHUYR GH
6&/1-#:1;8;86,TXHPRULUtDFRPR=H=;8;H;,GHODVWUDQVJUHVLRQHVGHODKXPDQLGDG
,V BCG

/Y>70@SUHVHQWDFLQFRVDFULÀFLRV\RIUHQGDVSULQFLSDOHVTXH
VH KDUiQ HQ HO WDEHUQiFXORVDQWXDULR   HO >,7,0:H=;,# XH$EJ@ /HYtWLFR     OD
,2-31<:%<3%9-:1,#X:.%AJ@ /HYtWLFR   OD,2-31<:%<3%6:R#X6)E":+:@ /HYtWLFR 
KFL#),#RIUHQGDSRUHOSHFDGR SXULÀFDFLyQ #XA'R"!8@ /Y   \7:%,2-31<:%6,-%7:%
FXOSD UHSDUDFLyQ #X!"6":@ /Y>70@ /RVVDFULÀFLRV\ODVRIUHQGDV
VRQORVPHGLRVSDUDTXHORVLVUDHOLWDVVHDFHUTXHQD'LRV\DVtWHQJDQFRPXQLyQ
FRQeO(OPDWHULDOGHODVRIUHQGDVHVHODOLPHQWRRUGLQDULRGHORVLVUDHOLWDVFRPR
),#3,%"(#<#)/1#+%,"/17

/RV FLQFR WLSRV GH RIUHQGDV VH VRODSDQ SDUFLDOPHQWH HQ VXV ULWRV 3RU
HMHPSOR ORV HOHPHQWRV ULWXDOHV FRPR HO VDFULÀFLR HO PDQHMR GH OD VDQJUH \ OD
TXHPDGHODJUDVDVRQFRPXQHVDOKRORFDXVWRDODRIUHQGDGHSD]DODRIUHQGD
SRU HO SHFDGR \ D OD RIUHQGD SRU OD FXOSD PLHQWUDV TXH GLÀHUHQ HQ FyPR VH
GHEHQ UHDOL]DU (VWi FODUR TXH DXQTXH FDGD VDFULÀFLR WLHQH VX SURSLR pQIDVLV
WRGRV VH VXSHUSRQHQ HQ PXFKRV DVSHFWRV 6L HVWR HV FLHUWR FXDQGR VH FRPSDUD
XQ WLSR GH RIUHQGD FRQ RWUD OR HV D~Q PiV FXDQGR VH FRPELQDQ YDULRV WLSRV
GH RIUHQGDV FRPR HQ HO VHUYLFLR GHO RFWDYR GtD /HYtWLFR   \ HQ HO 'tD GH OD
H[SLDFLyQ /HYtWLFR   $O DFXPXODU ULWRV VLPLODUHV VH ORJUD XQ PD\RU HIHFWR
VLPEyOLFR

KAL#!)#>,7,0:H=;,#XH$EJ@ /HYtWLFR>70@ &RQIRUPHD/Y


´3RQGUiVXPDQRVREUHODFDEH]DGHODYtFWLPDODFXDOOHVHUiDFHSWDGD

BCG# 9pDVH * ) +DVHO ´6WXGLHV LQ %LEOLFDO $WRQHPHQW , &RQWLQXDO 6DFULÀFH 'HÀOHPHQW
&OHDQVLQJ DQG 6DQFWXDU\µ LQ 7KH 6DQFWXDU\ DQG WKH $WRQHPHQW %LEOLFDO +LVWRULFDO DQG
+>3,7,980:7%!;H<83=HG$9:DOOHQNDPSIDQG:5/HVKHU :DVKLQJWRQ5HYLHZ +HUDOG
AEDAL-#EA7
/0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$% &"' &/' %&")2(' 1"$4$%0#(2' #&/' *0")102$(' +,B?-'

HQVXOXJDU\OHVHUYLUiGHSURSLFLDFLyQ>E)7'**D#@µ/DLPSRVLFLyQGHPDQRV
LGHQWLÀFy OD RIUHQGD FRQ HO TXH OD SUHVHQWy \ OD FRQVDJUy FRPR KRORFDXVWR
D<DKYp&RQUHVSHFWRDODH[SLDFLyQKHFKDSRUHOKRORFDXVWRHOVLJQLÀFDGR
EiVLFR GH 7.**D# ´KDFHU H[SLDFLyQµ HV ´OLPSLDU SXUJDU SXULÀFDUµBCH# !)#
SURSyVLWRFODUDPHQWHHVWDEOHFLGRGHWRGRHOKRORFDXVWRIXHSDUDODH[SLDFLyQ
XE)7'**D#Z7

(OKRORFDXVWRDQLPDOGHEtDVHUXQ´PDFKRVLQGHIHFWRµ /Y (ODGMHWLYR


´VLQ GHIHFWRµ >8":+:@ HV GH OD PLVPD UDt] TXH HO YHUER 8":': TXH VLJQLÀFD
´HVWDU FRPSOHWRµ (VWH WpUPLQR LQGLFDUtD TXH OD RIUHQGD GHEH VHU ItVLFDPHQWH
SHUIHFWDSRUORWDQWRVLQGHIHFWRVFRPRFHJXHUDKHULGDVRWHVWtFXORVGDxDGRVBCC#
(ORIHUHQWHQRUPDOPHQWHVDFULÀFy>GHOYHUER6"A'L´VDFULÀFDUµ@HODQLPDOm"A'L#
DSDUHFH RFKHQWD \ FXDWUR YHFHV HQ HO $7 \ PiV D PHQXGR FRPR XQ WpUPLQR
WpFQLFRSDUDODPDWDQ]DVDFULÀFLDOBCD

(O KRORFDXVWR GH OD RIUHQGD IXH ´DURPD JUDWR DO 6HxRUµ  BCE# O,#
IUDVH #/'A# %+A='A# EB&C& ´DURPD JUDWR DO 6HxRUµ QR GHEH HQWHQGHUVH HQ XQ
VHQWLGR ItVLFR FRQHFWDGR FRQ HO VHQWLGR GHO ROIDWR \D TXH IXH XQD H[SUHVLyQ
DUFDLFDTXHGHVFULEHODVDWLVIDFFLyQFRQODRIUHQGDBDJ&RPR+DUULVORH[SOLFD´(O
SXQWRHVTXHHOVDFULÀFLRGDXQDURPDGHWUDQTXLOLGDGDOWUDHUSD]HQWUH'LRV\HO
,4/%,4/%V7BDA3RUORWDQWRODDGRUDFLyQSUHVFULWDHVWUDHUSODFHUD'LRV$GHPiV

BCH 1,'277(
BCC 9pDVH +DUWOH\  (O UHTXLVLWR GH TXH ODV RIUHQGDV VDFULÀFLDOHV VHDQ SHUIHFWDV \ VLQ
GHIHFWRSUHÀJXUDHOVDFULÀFLRGH&ULVWR/D/;;WUDGXMRHODGMHWLYR8":+:FRQODSDODEUD
"7;8;-)#K4(#"7;8;-B 3HGURHPSOHyHVWHDGMHWLYRJULHJRSDUDUHIHULUVHDODPXHUWHGH&ULVWR
FRPRODRIUHQGDGHXQFRUGHUR´VLQPDQFKD\VLQGHIHFWR>"@;80;-.ZV#KA#>#A-AEL7
BCD %'%(OYHUERJULHJR1A"0C-.1##K4(#1A"0C8/Y XVDGRSDUDWUDGXFLUHOKHEUHR6"A'L#
HQOD/;;DSDUHFHFXDWURYHFHVHQHOOLEURGH$SRFDOLSVLVHQUHIHUHQFLDD&ULVWRFRPRXQ
FRUGHUR´VDFULÀFDGRµ  
BCE (OYHUER&.;L+# KLÀOGH;L# HVXQWpUPLQRWpFQLFRSDUDKDFHUVXELUKXPRHQODDGRUDFLyQ
ULWXDO(OVXVWDQWLYR;)L$#58VHUHÀHUHDOKXPRGHORVVDFULÀFLRVHOYHUERVHXVDDPHQXGR
$,%,#.*(',%#&"3&("1/#("#()#,)5,%#4(#/%/7#ģ<#'*´TXHPDU´SRURWURODGRFRQQRWD´FRQYHUWLUVH
HQKXPRµ²ODRIUHQGDVHWUDQVIRUPDHQKXPRHVVXEOLPDGD
BDJ /DLGHDTXHXQDGHLGDGUHDOPHQWH´ROtDµXQVDFULÀFLR\HQFRQVHFXHQFLDVHFRPSODFtDFRQ
pOHUDXQDQRFLyQSDJDQDFRP~Q +DUULVRQ 3RUHOFRQWUDULRHO6HxRUHVPiVJUDWLÀFDGR
SRU OD REHGLHQFLD TXH SRU ORV VDFULÀFLRV  6  2V   /D IUDVH QR VROR VH XVD SDUD
GHVFULELUODDFHSWDFLyQGHO6HxRUGHOKRORFDXVWRVLQRTXHWDPELpQVHXVDFRQUHIHUHQFLDD
RWUDVRIUHQGDVLQFOXLGDODRIUHQGDGHJUDQRFHUHDO\ODRIUHQGDGHSD]
BDA# ´7KH SRLQW LV WKDW WKH VDFULÀFH JLYHV DQ DURPD RI WUDQTXLOLW\ E\ EULQJLQJ SHDFH EHWZHHQ
*RGDQGWKHZRUVKLSHUµ5/+DUULV´/HYLWLFXVµ(%& *UDQG5DSLGV=RQGHUYDQ 
IUGBE7
+,B@-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

),#OWW#5%,4*3(##/'A#%+A='A´DURPDJUDWRµODIUDVHKHEUHDUHSHWLGDWUHVYHFHVHQ
/HYtWLFRFRQODIUDVHJULHJD-@1;3$% &.@8?#0"9´GXOFHDURPDµBDI

KIL#O,#,2-31<:%<3%9-:1,#X:.%AJ@ /HYtWLFR>70@ /HYtWLFR


 \  SUHVHQWDQ ODVQRUPDVEiVLFDVSDUD OD ´RIUHQGDGHJUDQRµ WDO FRPR
GHEtDRIUHFHUVHHQHOWDEHUQiFXOR\OXHJRHQHOWHPSOR &U (VWRFRQÀUPD
TXH ORV (VFULWRV\3;H@85 WDPELpQ ORV 3URIHWDVB3@8J85L# 1/)/# ,$)&3,%/"# <# "/#
LQQRYDURQFRQFHSWRVWHROyJLFRVQLTXLWDURQQLDJUHJDURQDORTXHHVWiHVFULWR\
DSOLFDGRHQHO3HQWDWHXFR+,-.7

/DRIUHQGDGHJUDQRFHUHDOIXHXQDGiGLYDGDGDD'LRV6LELHQ/HYtWLFR
 QR HVSHFLÀFD SDUD TXp IXH HO HVWXGLR GH FyPR VH XVy LQGLFD TXH IXH XQD
RIUHQGDGDGDDO6HxRUSDUDH[SUHVDU9-:;8;H<%A%0,56-,58=,$GHPiVODRIUHQGD
GHJUDQRVFHUHDOHVHUDXQDRIUHQGDGH<3<80:08N1XQDRIUHQGD=81%0,--H608N1-#H1%
0,56-,58=,%<3%6-3=3-O:-%37%6:0;,\HODFWRGHGHGLFDFLyQFRPRXQUHFRUGDWRULRGH
ODVREOLJDFLRQHVGHOSDFWR

KBL#O,#,2-31<:%<3%6:R#X6)E":+:@ /HYtWLFR (OFDUiFWHUWHROyJLFR


GLVWLQWLYR GH HVWD RIUHQGD IXH OD FHOHEUDFLyQ FRPXQLWDULD GH ORV DGRUDGRUHV DO
FRPSDUWLUODFDUQHGHODRIUHQGD)XHXQDRIUHQGDGH´FRPXQLyQµTXHLQGLFy\
SURPXOJyHOKHFKRGHTXHKDEtD´SD]µHQWUH'LRV\VXSXHEOR\TXHODSHUVRQD
ODIDPLOLDRODFRPXQLGDGHVWDEDSRUORWDQWRHQXQHVWDGRGH´ELHQHVWDUµ(VWD
HVODUD]yQSRUODFXDOODRIUHQGDGHSD]VLHPSUHIXHOD~OWLPDRIUHFLGDFXDQGR
VHSUHVHQWyHQVHULHFRQRWURVWLSRVGHRIUHQGDVBDB#:/"#%(1$(35/#,#),#",5*%,)(@,#
FRPXQLWDULD \ GH ´ELHQHVWDUµ GH HVWD RIUHQGD YpDVH 'W  ´RIUHFHUiV DOOt
VDFULÀFLRV GH FRPXQLyQ \ ORV FRPHUiV \ ;3% -39,08U:-.=% 31% 7:% 6-3=3108:% <37% !3j,-%
;H%&8,=µ\6´>«@7DPELpQDOOtDQWHHO6HxRURIUHFLHURQVDFULÀFLRVGH
FRPXQLyQ\6D~O\;,<,=%7,=%8=-:378;:=%0373@-:-,1ODRFDVLyQ0,1%9-:1%:739-M:V7#9*(#
XQD RFDVLyQ DOHJUH \ VLUYLy SDUD IRUWDOHFHU OD UHODFLyQ GHO SDFWR PHGLDQWH OD
FRPXQLyQFRQ'LRV\FRQRWURVLVUDHOLWDV

/DJHQWHFRP~QGHOSXHEORSRGtDFRPHUVRORODFDUQHGHODRIUHQGDGHSD]
/Y $GHPiV/YH[SOLFDSRUTXpQDGLHHQ,VUDHOLEDDFRPHUODVDQJUH
GH QLQJXQD RIUHQGD GH SD] DQLPDO ´3RUTXH OD YLGD >%5*56Z# 4(# ),# 3,%"(# X9"I"#Z#
(152#("#),#1,"+%(#X4":@\\RRVODKHGDGRSDUDKDFHUH[SLDFLyQVREUHHODOWDUSRU

BDI (VWDIUDVHJULHJDVHXVDSDUDGHVFULELUHOVDFULÀFLRGH-HVXFULVWRHQ(I&ULVWRGLRVXYLGD
FRPRXQD´RIUHQGD\VDFULÀFLRIUDJDQWH>-@1;3$)% &.@8?#0"9Z#$,%,#6&/1V7
BDB# 9pDVH 5 ( $YHUEHFN ´6DFULÀFHV DQG 2IIHULQJVµ &"+G  LGHP ´6DFULÀFHV DQG
2IIHULQJVµ1,'277(  
/0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$% &"' &/' %&")2(' 1"$4$%0#(2' #&/' *0")102$(' +,B;-'

YXHVWUDVYLGDV>%5*"6=8@SXHVODH[SLDFLyQSRUODYLGDVHKDFHFRQODVDQJUHµ FI
/Y  \ *Q  BDF /D VDQJUH TXH KD VLGR FDOLÀFDGD FRPR HO YHKtFXOR GH OD
´YLGDµ>%5*56@GHODQLPDOH[SLDUiODV´YLGDVµ>%5*"6=8@GHORVKXPDQRV/DIUDVH
ÀQDOHQIDWL]DTXHHVOD%5*56#4()#,"&',)#$/%#),#3*,)#(0$&,#),#1,"+%(7BDG

KFL#O,#RIUHQGDSRUHOSHFDGR SXULÀFDFLyQ #XA'R"!8@ /Y>70


@ BDH# O/1# 3*(%"/1# X;5#5%;"#5%Z# ("# )/1# ,)5,%(1# 1(# '/4(),%/"# 1(+["# )/1#
FXHUQRVGHORVDQLPDOHV HJXQWRURRXQFDUQHUR SDUDLQGLFDUSRGHUIXHU]D\
YLJRUBDC(Q,VUDHOORVFXHUQRVGHODOWDUHUDQFODUDPHQWHHVHQFLDOHVFRUWDUORVIXH
SURIDQDU HO DOWDUBDD /D XQFLyQ GH ORV FXHUQRV GHO DOWDU VDFULÀFLDO FRQ OD VDQJUH
GH SXULÀFDFLyQ VLJQLÀFy OD H[SLDFLyQ GH WRGR HO DOWDU SRU HO SULQFLSLR GH 6:-=%
6-,%;,;,7BDE6HJ~Q5RVVORVFXHUQRVUHSUHVHQWDEDQODSRGHURVDIXHU]DGHWRGRHO
DOWDUVXUROHÀFD]GHQWURGHWRGRHOVDQWXDULR3RQHUVDQJUHHQORVFXHUQRVIXH
ODPHMRUIRUPDGHSXULÀFDUWRGRHOiUHDHQODTXHVHFHQWUyHODOWDUBEJ

(OFRQFHSWRFHQWUDOHVTXHODVDQJUHSHQHWUyHQHOWDEHUQiFXORVDQWXDULRWDQ
OHMRVFRPRODFRQWDPLQDFLyQORKL]R(OVDFHUGRWHSRGtDHQWUDUHQHO/XJDU6DQWR
\HOVDFHUGRWHUHSUHVHQWDEDDODFRQJUHJDFLyQSRUORTXHODVDQJUHGHODRIUHQGD
SRUHOSHFDGRSDUDHOVDFHUGRWH\WRGDODFRQJUHJDFLyQVHDGPLQLVWUyGHQWURGHO
/XJDU6DQWR'DGRTXHHOOtGHU QROHYtWLFR GH,VUDHO\ODSHUVRQDFRP~QVROR
SRGtDQHQWUDUHQHODWULRGHOWDEHUQiFXORVDQWXDULR\OXHJRQRPiVDOOiGHODOWDU
GHORVKRORFDXVWRVHOULWXDOGHODVDQJUHH[SLDWRULDGHVXVRIUHQGDVSRUHOSHFDGR
VHUHDOL]yHQHODOWDUGHORVKRORFDXVWRV(QDPERVFDVRVODVDQJUHIXHWDQOHMRV
FRPRODSHUVRQDSDUWLFXODURHOJUXSRFROHFWLYRGHSHUVRQDVSXGLHURQLQJUHVDU
DOWDEHUQiFXORVDQWXDULR\SRUORWDQWRSXULÀFDURQ OLPSLDURQ HOWDEHUQiFXOR

BDF# %-3RUHMHPSORYpDVH+&%ULFKWR´2Q6ODXJKWHUDQG6DFULÀFH%ORRGDQG$WRQHPHQWµ
C_E*  
BDG# 9pDVH-0LOJURP´$3UROHJRPHQRQWR/HYLWLFXVµI?#  55HQGWRUII
´$QRWKHU 3UROHJRPHQRQ WR /HYLWLFXV µ LQ G,539-:1:;3=% :1<% (,7<31% ?377=F% !;H<83=% 81%
%LEOLFDO-HZLVKDQG1HDU(DVWHUQ5LWXDO/DZDQG/LWHUDWXUHLQ+RQRURI-DFRE0LOJURP-#(47#67#
3:ULJKW'1)UHHGPDQDQG$+XUYLW] :LQRQD/DNH(LVHQEUDXQV 6REUH
HOULWXDOGHVDQJUHHQHO$7YpDVH:.*LOGHUV?7,,<%)8;H:7%81%;>3%C3@-3D%?8@73F%V3:1819%
:1<%G,D3- %DOWLPRUH-RKQV+RSNLQV8QLYHUVLW\ 
BDH# 9pDVH - 0LOJURP ´6LQ 2IIHULQJ RU 3XULÀFDWLRQ 2IIHULQJ"µ `+     LGHP
´7ZR.LQGVRIA'R"!8-V#`+  
BDC# (J666DO>70@>70@'DQLHO-HU
=DF>70@
BDD# Q'#B-AF7
BDE# 9pDVH0LOJURP/HYLWLFXV-#IBH7
BEJ# N/11-#C,7813==%#")&-#ABI7
+,?<-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

VDQWXDULR KDVWD HVH SXQWR (VWH IXH HO SURSyVLWR SULQFLSDO GH OD RIUHQGD SRU HO
SHFDGRSXULÀFDURGHVFRQWDPLQDUHOWDEHUQiFXORVDQWXDULRPLVPRBEA

/DRIUHQGDSRUHOSHFDGRHUDSRUORWDQWRODRIUHQGDFHQWUDOGHH[SLDFLyQGH
VDQJUHHQHOVLVWHPDGHRIUHQGDVGHOVDQWXDULR(QDOJXQRVFDVRVHOUHVXOWDGRGH
WUDHUXQDRIUHQGDSRUHOSHFDGRIXHTXHORVDGRUDGRUHVSRGtDQ´VHUSHUGRQDGRVµ
SRU VXV SHFDGRV HJ /Y  HWF  DO WUDWDU FRQ OD FRQWDPLQDFLyQ GHO
WDEHUQiFXORVDQWXDULRTXHFDXVy/DUDt]-EA´SHUGyQµDSDUHFHSRUSULPHUDYH]
HQ/Y(VWHHVHO~QLFRWpUPLQRSDUDHOSHUGyQHQHO$7\VRORWLHQHD'LRV
FRPRVXVXMHWR

KGL# O,# RIUHQGD SRU OD FXOSD UHSDUDFLyQ # X!"6":@ /Y  >70 @
  (O WpUPLQR SDUD ´RIUHQGD SRU OD FXOSDµ HV !"6":7BEI /DV RIUHQGDV SRU
()# $(3,4/# <# $/%# ),# 3*)$,# 1/"# ,'$)&,'("5(# 3/"1&4(%,4,1# 3/'/# ),1# $%&"3&$,)(1#
RIUHQGDV H[SLDWRULDV HQ HO VLVWHPD OHYtWLFR GH RIUHQGDV (O YHUER !"6': ´VHU
FXOSDEOHµHQIDWL]DHOHVWDGRGHFXOSDELOLGDGHQTXHVHHQFXHQWUDODSHUVRQDTXH
SHFyDVtFRPRHOKHFKRGHTXHHVVXVFHSWLEOHGHFDVWLJR'HKHFKRHVWDSDODEUD
SDUHFHHQIDWL]DUPiVHOFDVWLJRTXHVHGHEHUHFLELUTXHODFXOSDTXHSUHVXSRQHBEB

'HDFXHUGRD/Y´6LDOJXLHQSHFDLQDGYHUWLGDPHQWHHLQFXUUHHQDOJR
TXHORVPDQGDPLHQWRVGHO6HxRUSURKtEHQHVFXOSDEOH\VXIULUiODVFRQVHFXHQFLDV
GHVXSHFDGRµODH[SUHVLyQ´HVFXOSDEOHµVHUHÀHUHDOHVWDWXVOHJDOGHORIHUHQWHFRPR
SHUVRQDFXOSDEOHPLHQWUDVTXH´VXIULUiODVFRQVHFXHQFLDVGHVXSHFDGRµVLJQLÀFD
TXHGHEHVREUHOOHYDUODVFRQVHFXHQFLDVGHVHUFXOSDEOHDSHVDUGHTXHQRVDEtDTXH
KDEtD FRPHWLGR XQD YLRODFLyQBEF /D RIUHQGD SRU OD FXOSD WDPELpQ VH DSOLFy HQ OD
OLPSLH]DGHOOHSURVR /Y HQHOFDVRGHOVH[RSUHPDWULPRQLDOFRQXQDPXMHU
HVFODYD /Y \HQODSURIDQDFLyQGHXQYRWRGHQD]DUHR 1P BEG

BEA# 9pDVH+DUWOH\1.LXFKL7KH3XULÀFDWLRQ2IIHULQJLQWKH3ULHVWO\/LWHUDWXUH,WV0HDQLQJ
:1<%ZH10;8,1-6276XS 6KHIÀHOG-627 \0LOJURP/HYLWLFXV
BEI# 1,'277(
BEB# 9pDVH % $ /HYLQH $1% ;>3% G-3=3103% ,2% ;>3% #")&F% *% !;H<A% ,2% EH7;% :1<% !,53% EH7;80% +3-5=% 81%
*10831;%$=-:376-/$ /HLGHQ%ULOO 
BEF +DUWOH\
BEG 7DPELpQHVGHJUDQLPSRUWDQFLDFULVWROyJLFDTXHODRIUHQGDGHO6LHUYRVXIULHQWHHQ,VDtDV
VHGHVFULEDFRPRXQDRIUHQGDSRUODFXOSD´>«@HO6HxRUKDFHGHVXYLGDXQD,2-31<:%6,-%7:%
0H76:#X!"6":@µ ,V 'DGRTXHORVHVFULWRUHVGHO17LQWHUSUHWDURQHVWHSDVDMHFRPRXQD
SURIHFtDGHOVXIULPLHQWRGH&ULVWR YpDVH0W/F-Q5R3
 ODPXHUWHGH-HV~VGHEHHQWHQGHUVHFRPRXQDRIUHQGDSRUODFXOSDTXHKDHOLPLQDGR
ODGHXGDTXHOHGHEHPRVD'LRV(VWDQRFLyQHVVLQGXGDODEDVHGHODSURFODPDFLyQTXH
&ULVWRSDJySRUQXHVWURVSHFDGRV YpDVH+FK&R$S 
/0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$% &"' &/' %&")2(' 1"$4$%0#(2' #&/' *0")102$(' +,?,-'

(ODOWDUIXQFLRQyFRPRXQDSODWDIRUPDRUGHQDGDGLYLQDPHQWHGRQGHORV
yUJDQRV GHVLJQDGRV OD JUDVD \ ODV H[WUHPLGDGHV GH ORV DQLPDOHV VH SRGtDQ
TXHPDU GRQGH XQD FLHUWD VDQJUH GH DQLPDOHV VDFULÀFLDOHV VH SRGtD PDQLSXODU
GH PDQHUDV SUHVFULWDV \ GRQGH XQD SL]FD GH OD RIUHQGD GH JUDQR >:.%AJZ# 1(#
SRGtDTXHPDU/DVDQJUHGHORVKRORFDXVWRV>H$EJ@GHODVRIUHQGDVGHSD]>X59'A#
6)E":+:@ \ SRU OD FXOSD UHSDUDFLyQ  >!"6":@ VH DUURMy >X"#;@Z# ,)%(4(4/%# 4()#
,)5,%#XH'E&'M.X9D'A0-"9+9@FXDQGRHOVDFULÀFLRHUDGHODPDQDGDRGHOUHEDxR
/Y 6LQHPEDUJRVLODRIUHQGDHUDXQSiMDURVXVDQJUHVH
H[SULPtDGHOFXHUSR>%.:QJZ#("#*"#),4/#4()#,)5,%#X;+#@ /Y BEH

(O SURFHGLPLHQWR SDUD PDQLSXODU OD VDQJUH IXH EDVWDQWH GLIHUHQWH SDUD
ODRIUHQGDSRUHOSHFDGR SXULÀFDFLyQ >A'R"!8Z7#Q)+/#4(#),#1,"+%(#4(#A'R"!8#
VH XQWDED HQ ORV FXHUQRV GHO DOWDU PLHQWUDV TXH OD VDQJUH UHVWDQWH UHFRJLGD
VH´YHUWtDµ>6*7@R´GHFDQWDEDµ>BQ;@VREUHOD´EDVHIXQGDPHQWRµ>B)-=4Z#4()#
DOWDU /Y     /D VDQJUH GH ODV SDORPDV R SLFKRQHV VH URFLy
X%X&@HQHOFRVWDGRGHODOWDUGLUHFWDPHQWHGHOFXHUSR\ODVDQJUHTXHTXHGDED
VH H[SULPLy >:Q&@ VREUH OD B)-=4 GHO DOWDU /Y  BEC $Vt TXH ODV FHUHPRQLDV
GH VDQJUH LQYROXFUDURQ WDQWR D ORV FXHUQRV GHO DOWDU FRPR D VX B)-=4 ´EDVH
IXQGDPHQWRµ

7HRORJtDGHODLPSRVLFLyQGHPDQRV

(OULWXDOGH´ODLPSRVLFLyQGHPDQRVµVHSUDFWLFDEDHQDOJXQRVFDVRVQR
VDFULÀFLDOHV\HQORVKRORFDXVWRVRIUHQGDVGHSD]\SRUHOSHFDGR7DPELpQVH
SUDFWLFyHQODRIUHQGDSRUODFXOSDBED&XDQGRHOULWXDOVHOOHYyDFDERHQFRQWH[WRV
QR VDFULÀFLDOHVBEE# $,%(3(# 3/"5("(%# 4/1# &4(,1# $%&"3&$,)(1U# K,L# 7:% ;-:1=23-3108:% <3%
:79,%:%:79H831\ E 37%3=;:@73085831;,%<3%:79H1:%-37:08N1%31;-3%37%=HU3;,%A%37%,@U3;,%<37%

BEH# 3DUDXQDDPSOLDKLVWRULDGHOHVWXGLRGHOULWXDOEtEOLFR\ODVFRQH[LRQHVHQWUHORVHVWXGLRV
ULWXDOHV\WHROyJLFRVYpDVH*$.OLQJEHLO ?-8<9819%;>3%(:6F%)8;H:7%:1<%)8;H:7%+34;=%81%;>3%
?8@73%%56XS :LQRQD/DNH(LVHQEUDXQV 
BEC# 9pDVH==HYLW´3KLORORJ\$UFKDHRORJ\DQGD7HUPLQXVD4XRIRU3·VA'R"!8#O(+&1),5&/"-V#
&"#3RPHJUDQDWHVDQG*ROGHQ%HOOV6WXGLHVLQ%LEOLFDO-HZLVKDQG1HDU(DVWHUQ5LWXDO/DZDQG
#8;3-:;H-3% 81% C,1,-% ,2% I:0,@% V879-,5 HG ' 3 :ULJKW ' 1 )UHHGPDQ DQG $ +XUYLW]
:LQRQD/DNH(LVHQEUDXQV 
BED# 9pDVH'3:ULJKW´7KH*HVWXUHRI+DQG3ODFHPHQWLQWKH+HEUHZ%LEOHDQGLQWKH+LWWLWH
O&5(%,5*%(-V#I*"!  
BEE /DVRFDVLRQHVLQYROXFUDGDVVRQ D ODGHGLFDFLyQGHORVOHYLWDV 1P  E ODFRQVDJUDFLyQ
GH-RVXp 1P'W \ F ODODSLGDFLyQGHOEODVIHPR /Y 
+,?.-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

-8;H:77FJJ(QODPD\RUtDGHORVFDVRVODUHODFLyQHVWDEOHFLGDHVGH=H=;8;H08N1 1P
  FJA 0RLVpV SRQH VXV PDQRV VREUH -RVXp \ HVWH ~OWLPR UHFLEH ´HO
HVStULWXGHODVDELGXUtDµ 'WFI1P /DLGHDGH;-:1=23-3108:#1(#*"(#
3/"# ),# 4(# =H=;8;H08N1 HQ 1P  /RV OHYLWDV VH GHGLFDURQ WDPELpQ SRU OD
LPSRVLFLyQGHPDQRV\VXVWLWX\HURQ´HQOXJDUGHWRGRVORVSULPRJpQLWRVGHORV
LVUDHOLWDVµ 1P $GHPiVORVOHYLWDVWUDQVÀULHURQVREUHHOORVODIXQFLyQGHO
$%&'/+?"&5/#,)#'&"&15%,%#("#()#1,"5*,%&/7#O,1#&4(,1#4(#;-:1=23-3108:#<#=H=;8;H08N1#
HVWiQSUHVHQWHVHQHVWRVWH[WRVQRVDFULÀFLDOHV

/D LGHD GH OD ´LPSRVLFLyQ >-":'7@ GH PDQRV VREUH OD FDEH]Dµ VH XVy
HVSHFLDOPHQWH HQ UHODFLyQ FRQ HO DQLPDO VDFULÀFLDO  YHFHV HQ HO $7 FJI# !)#
YHUER-":'7VLJQLÀFD´LPSRQHUDSR\DUµHLPSOLFDHOHMHUFLFLRGHFLHUWDSUHVLyQ
FRPRHOKRPEUHTXHVHDSR\DHQODSDUHGFJB8QDSDUWHGHODFRQVDJUDFLyQGHO
VDFHUGRFLR DDUyQLFR IXH OD LQVWUXFFLyQ TXH ´$DUyQ \ VXV KLMRV OH SRQJDQ ODV
PDQRVVREUHODFDEH]Dµ ([/Y VREUHHOFDUQHUR ([/Y 
\ VREUH HO VHJXQGR FDUQHUR ([  /Y   FRPR RIUHQGD SRU HO SHFDGR
KRORFDXVWR\VDFULÀFLRGHRUGHQDFLyQUHVSHFWLYDPHQWH

(OULWRGHOD´LPSRVLFLyQGHPDQRVVREUHODFDEH]DµGHODQLPDOVDFULÀFLDO
HVSDUWLFXODUPHQWHSURQXQFLDGRHQHOVHQWLGRGHTXHVHSUHVFULEHH[SOtFLWDPHQWH
SDUDHOKRORFDXVWR /Y ODRIUHQGDGHSD] /Y \ODRIUHQGDSRUHOSHFDGR
HQ ORV FDVRV LQGLYLGXDOHV /Y   \ OD FRPXQLGDG /Y  DTXt ORV
DQFLDQRVGHEHQSRQHUODVPDQRVVREUHHODQLPDO (OULWXDOGHODRIUHQGDSRUOD
FXOSDQRVHGHVFULEHSRUORTXHSXHGHHQWHQGHUVHTXHODLPSRVLFLyQGHPDQRV
SXHGH DSOLFDUVH DTXt WDPELpQ (VWD VXJHUHQFLD HQFXHQWUD VX DSR\R PHGLDQWH
OD FRQIHVLyQ VDFULÀFLDO KHFKD SRU HO RIHUHQWH SHQLWHQWH FRPR SDUWH LQWHJUDO GHO
ULWXDO /Y (OULWRGHODLPSRVLFLyQGHPDQRVVREUHODFDEH]DGHODRIUHQGD

FJJ# 9pDVH-/0D\V7KH%RRNRI/HYLWLFXV7KH%RRNRI1XPEHUV $WODQWD-RKQ.QR[ ;,<1#


GLFHTXHFRORFDUXQDPDQRVREUHHODQLPDOHUDXQDIRUPDGHLGHQWLÀFDUVHFRQHOVDFULÀFLR
HODFWRGHOVDFULÀFLRVHFRQYLHUWHDVtHQODHQWUHJDGHORIHUHQWHD'LRVSDUDHOSURSyVLWRSRU
HOFXDOVHSUHVHQWyODRIUHQGD  
FJA# 9pDVH$05RGUtJXH]´6DFULÀFLDO6XEVWLWXWLRQDQGWKH2OG7HVWDPHQW6DFULÀFHVµLQ+>3%
6DQFWXDU\DQGWKH$WRQHPHQW%LEOLFDO+LVWRULFDODQG7KHRORJLFDO6WXGLHVHG$9:DOOHQNDPSI
DQG:5/HVKHU :DVKLQJWRQ5HYLHZ +HUDOG 
FJI# ([/Y1P
'W&U
FJB $P´DSR\D>-":'7@ODPDQRHQODSDUHGµWDPELpQ-XH,V%'%
/DOLWHUDWXUDUDEtQLFDGLFHTXHHODGRUDGRUWXYRTXHDSR\DUVXPDQRFRQSUHVLyQFRQWRGD
VXIXHU]D@X#C:989:>E
/0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$% &"' &/' %&")2(' 1"$4$%0#(2' #&/' *0")102$(' +,?=-'

\ OD FRQIHVLyQ GHO SHFDGR LQGLFD TXH VH HVWDEOHFH XQD UHODFLyQ LQWHQVD HQWUH HO
RIHUHQWH \ OD RIUHQGD (O DFWR VLPEROL]DED OD WUDQVIHUHQFLD GH ORV SHFDGRV GHO
,4/%,4/%#,)#,"&',)7FJF

&RPR GLFH .DLVHU ´&XDQGR VH SRQHQ ODV PDQRV VREUH OD YtFWLPD HO
TXH KDFH OD RIUHQGD WLHQH TXH KDFHUOD SRU IH TXH OD YtFWLPD HQ OD GLVSRVLFLyQ
PLVHULFRUGLRVD GH 'LRV H[SUHVDUi VLPEyOLFDPHQWH OR TXH HO RIHUHQWH PHUHFH
SHURDKRUDVHH[LPHHQYLUWXGGHRWURTXH=H=;8;HA3%7:%O8<:%6,-%7:%O8<:V7FJG

(O VLJQLÀFDGR GH OD LPSRVLFLyQ GH PDQRV VREUH OD FDEH]D VH HQFXHQWUD
HQ /Y  HQ HO 'tD GH OD H[SLDFLyQ (O WH[WR HVSHFLÀFD OD VHFXHQFLD GH OD
LPSRVLFLyQ GH DPEDV PDQRV OD 0,123=8N1# 4(# )/1# $(3,4/1# <-# $/%# )/# 5,"5/-# ),#
;-:1=23-3108:GHHOORVDOPDFKRFDEUtR´LPSRQGUiDPEDVPDQRVVREUHODFDEH]D
GHOPDFKRFDEUtRYLYR\0,123=:-.VREUHpOWRGDVODVLQLTXLGDGHVGHORVLVUDHOLWDV
WRGDVVXVUHEHOGtDV\WRGRVVXVSHFDGRV7,=%0:-9:-.%=,@-3%7:%0:@3R:%<37%5:0>,%0:@-M,#
XYZV7FJH(VWHHVHOWH[WRFODYHSDUDHOFRQFHSWRWHROyJLFRGHOD;-:1=23-3108:7FJC

/DVHFXHQFLDGHOULWRHV D LPSRVLFLyQGHODVGRVPDQRV E FRQIHVLyQGH


ORVSHFDGRV\ F VDFULÀFLRGHODYtFWLPD/DLPSRVLFLyQGHPDQRVVREUHODFDEH]D
GHODYtFWLPDVLPEROL]DMXQWRFRQOD0,123=8N1#4(#)/1#$(3,4/1-#),#;-:1=23-3108:#4()#
SHFDGR GHO RIHUHQWH D OD YtFWLPD /D YtFWLPD ´OOHYDµ HO SHFDGR GHO RIHUHQWH \
(1# 1*# =H=;8;H;, FRPR HO VDFULÀFLR TXH WRPD HO OXJDU GHO VDFULÀFDGRU (O ULWR GH
ODLPSRVLFLyQGHPDQRVWLHQHXQDGREOHFDUD&RQUHVSHFWRDORIHUHQWHHOLPLQD
HO SHFDGR \ OD FXOSD GH OD SHUVRQD R SHUVRQDV SHFDGRUDV R LPSXUDV \ ODV KDFH
OLPSLDV \ SXUDV (Q FXDQWR DO DQLPDO VDFULÀFLDO DKRUD ´OOHYDµ HO SHFDGR \ OD
FXOSDGHORIHUHQWHFRPRVXVXVWLWXWR\WUDQVÀHUHODLPSXUH]DRFRQWDPLQDFLyQ
DVRFLDGDFRQHOSHFDGRDOVDQWXDULR YpDVH7DEOD FJD

FJF# 9pDVH$6+DUWRPDQG0'&DVVXWR´/HYLWLFXVµ#&"#7RUDK3URSKHWV:ULWLQJV 7HO$YLY


<DYQHK >HQKHEUHR@$1RRUGW]LJ#3O8;80H=%6& *UDQG5DSLGV=RQGHUYDQ 
+DUULV+DPLOWRQC:1<@,,L%G31;:;3H0>\.LXFKL3XULÀFDWLRQ2IIHULQJ

FJG# ´:KHQWKHKDQGVDUHODLGRQWKHYLFWLPWKHRQHPDNLQJWKHRIIHULQJKDVWRWDNHLWE\IDLWK
WKDW WKH YLFWLP ZLOO LQ *RG·V PHUFLIXO SURYLVLRQ V\PEROLFDOO\ H[SUHVV ZKDW WKH RIIHUHU
GHVHUYHVEXWLVQRZH[FXVHGE\YLUWXHRIDQRWKHUZKRVXEVWLWXWHVOLIHIRUOLIHV#^7#:7#T,&1(%-#
´/HYLWLFXVµ,% 1DVKYLOOH$ELQJGRQ FXUVLYDDxDGLGD
FJH# =87
FJC# 9pDVHSRUHMHPSOR-(6WHLQPXHOOHU´6DFULÀFLDO%ORRGLQWKH%LEOHµ?8@  
FJD# 9pDVH+DVHO?8@780:7%*;,13531;%$-#EE7#(O17VHUHÀHUHDPHQXGRDORVVDFULÀFLRV\RIUHQGDV
GHO$7(QFRQWUDPRVD0DUtDWUD\HQGRGRVSiMDURVDOWHPSORFRPRKRORFDXVWR\RIUHQGD
SRUHOSHFDGRDO6HxRUSDUDODSXULÀFDFLyQVDFULÀFLDOGHODLPSXUH]DGHVXÁXMRGHVDQJUH
+,?>-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

7DEOD(OSURFHVRGHWUDQVIHUHQFLDGHODFRQWDPLQDFLyQDOVDQWXDULR

3HFDGRUo3HFDGRo.&=/A381>/.o.*:5/8A3:3/215.o.,<8414<21>/.o.
$QLPDOVDFULÀFLDOo.,5/@:3.o.&=/45M1/521>/.o.,5/4<5:1=

PKUKPK.*3=7=@B5.03.75.85/41050

/DUDt]SDUD´VDQWRµ>;46@DSDUHFHPiVGHYHFHVHQHOOLEURGH/HYtWLFR
(VWDFRQFHQWUDFLyQGHOWpUPLQRHVPiVGHQVDTXHHQFXDOTXLHURWUROLEURGHO$7\
GHOD%LEOLD\UHYHODDOJRGHOSURSyVLWRGHOOLEUR/DVDQWLGDGLPSOLFDVHSDUDFLyQ
\VHGHÀQHDVtHQ/Y´6HDQXVWHGHVVDQWRVSRUTXH\RHO6HxRUVR\VDQWR
\ORVKHGLVWLQJXLGRHQWUHODVGHPiVQDFLRQHVSDUDTXHVHDQPtRVµ/DVDQWLGDG
HVDQWHVTXHQDGDXQDWULEXWRWUDVFHQGHQWDOGH'LRV

/DVDQWLGDGGH'LRVHVVLQGXGDHOpQIDVLVSULQFLSDOHQHOOLEURGH/HYtWLFR
(OOLEURORDVXPHDORODUJRGHWRGDODOHJLVODFLyQGHOULWXDO\OXHJRORDÀUPDHQ

GHELGRDTXHHOODGLRDOX]D-HV~V /FFI/HYtWLFR -HV~VPLVPRVLJXLyODVUHJODV


VDFULÀFLDOHV\DFRQVHMyDRWURVTXHORKLFLHUDQWDPELpQ HJ0W DXQTXHHVWDEDDÁLJLGR
SRUODVSUiFWLFDVUDEtQLFDVGHVXpSRFDTXHDYHFHVVRFDYDEDQHOSURSyVLWRGHHVWDVOH\HV
HJFRUEiQHQ0DUFRV 
 (O17WDPELpQWHVWLÀFDVREUHHOIXQFLRQDPLHQWRFRQWLQXRGHOVLVWHPDVDFULÀFLDOGHOVDQWXDULR
WHPSORGHO$7\ORPiVLPSRUWDQWHGHVGHXQSXQWRGHYLVWDWHROyJLFRODUHODFLyQHQWUH
-HV~V\HOVLVWHPDVDFULÀFLDOGHO$7DVtFRPRODGHOVLVWHPDVDFULÀFLDOGHO$7\HOFULVWLDQR
8QDOHFWXUDVHULDGHO17DSRUWDUiPXFKRHQUHODFLyQD-HV~VFRPRQXHVWURVDFULÀFLREDVDGR
HQHOWUDVIRQGRGHOVLVWHPDVDFULÀFLDOGHO$7 HJ0F-Q5R&R(I
\HVS+HE -HV~VFRPRQXHVWURVXPRVDFHUGRWH +HE \QXHVWUR
FRPSURPLVR\PLQLVWHULRFULVWLDQRFRPRXQVDFULÀFLRD'LRVGHQRVRWURVPLVPRV HJ5R
)OS+HE 
 (OIXQGDPHQWRKLVWyULFRSDUDFRPSUHQGHUPXFKDGHOD;3,7,9M:#3%&15&,",#4()#B+VHEDVDHQ
()#VLVWHPDVDFULÀFLDOGHO$72WUDGLPHQVLyQGHODUHODFLyQHQWUH-HV~V\HOVLVWHPDVDFULÀFLDO
GHO $7 VHJ~Q HO 17 HV VX LGHQWLÀFDFLyQ SHUVRQDO FRQ GLIHUHQWHV DVSHFWRV GHO VLVWHPD
(VSHFLDOPHQWHKD\GRV-HV~VFRPRQXHVWUR=H5,%=:03-<,;3#("#()#=:1;H:-8,%0373=;8:7 +HEUHRV
 \-HV~VFRPRYtFWLPDVDFULÀFLDORIUHFLGDD'LRVVREUHHODOWDU +HEUHRV &RQVX
PXHUWHSXVRÀQDOVDFHUGRFLRDDUyQLFR\OHYtWLFR\HVWDEOHFLyVXSURSLRVDFHUGRFLRHWHUQR
3/'/#"*(15%/#1*'/#1,3(%4/5(7#6(14(#()#:1;89H,%6:0;,-#()#=:1;H:-8,%;3--31:7-#)/1#=:03-<,;3=-#)/1#
VDFULÀFLRV-#),1#,2-31<:=-#),1#SXULÀFDFLRQHV#<#),1#ÀHVWDVIXHURQWRGRVSDUWHGHOVLVWHPDOHYtWLFR
.*(#=3%0H5678N%31%E-8=;,-#37%V3=M:=#K()#1H3O,%6:0;,  YpDVH7DEOD 

7DEOD6DQWXDULRVLVWHPDVDFULÀFLDOGHO$7WHRORJtDGHO17\&ULVWR

,5/4<5:1=.43::3/57.o.,523:0=438.o6DFULÀFLRV2IUHQGDVo3XULÀFDFLRQHVo.F138458.
\*1;89H,%6:0;,].o.&:184=^.37.(38B58.o9tFWLPDVDFULÀFLDOo.,<M=.8523:0=43.o.,5/4<5:1=.
237384157.\BH3O,%6:0;,]
/0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$% &"' &/' %&")2(' 1"$4$%0#(2' #&/' *0")102$(' +,?9-'

)/1#)),',4/1#,#),#1,"5&4,47#!)#3/"3($5/#4(#),#1,"5&4,4#4(#6&/1#1(#("5&("4(#4(14(#
HO SULQFLSLR SRU OD SURKLELFLyQ GH 'LRV GH VX SUHVHQFLD D WRGD SHUVRQD R FRVD
SHFDGRUD\HQIHUPD/DVDQWLGDGHVODH[WHQVLyQGHVXQDWXUDOH]DHVODDJHQFLD
GHVXYROXQWDG6LFLHUWDVFRVDVVHGHQRPLQDQVDQWDVFRPRODWLHUUD &DQDiQ OD
SHUVRQD VDFHUGRWH HOOXJDU VDQWXDULR RHOWLHPSR GtDVDQWRViEDGR ORVRQ
HQYLUWXGGHODGLVSHQVDFLyQGLYLQD<DKYpH[LJLyWDPELpQTXHORVDGRUDGRUHV
SRWHQFLDOHV VH VDQWLÀFDUDQ PHGLDQWH ULWXDOHV VDFULÀFLDOHV HODERUDGRV DQWHV GH
TXH SXGLHUDQ HQWUDU HQ OD 3UHVHQFLD GLYLQD ,QFOXVR H[LJLy TXH WRGD DGRUDFLyQ
VH PHGLDUD SRU LQGLYLGXRV VHSDUDGRV SDUD WDO GHEHU eO HOLJLy D ,VUDHO SDUD VHU
XQDQDFLyQVDQWD\XQUHLQRGHVDFHUGRWHV ([ ([LJLyTXH,VUDHOVHDSDUWDVH
SDUDVXOH\VDQWD\TXHQRYLYLHUDFRPRODVQDFLRQHVGHOPXQGR'HSULQFLSLR
D ÀQ /HYtWLFR UHFXHUGD DO SXHEOR TXH 'LRV HV VDQWR \ TXH VX VDQWLGDG HV HO
HVWiQGDU YpDVH7DEOD FJE

7DEOD(OSURSyVLWRGH'LRVFRQHOVDQWXDULR

$1=8.o.,5/4<5:1=.o.,5/41050.o3XHEORGH,VUDHOo.H<M5/1050

'HVGHODSHUVSHFWLYDGHODFRVPRYLVLyQOHYtWLFDQRKD\VHSDUDFLyQHQWUH
ODYLGDHVSLULWXDO\ODItVLFDFRUSRUDO/DVDQWLGDGDEDUFDWRGRHOHVSDFLRItVLFR
GHOWDEHUQiFXORVDQWXDULRDVtFRPRHOHVSDFLRLQWHJUDOItVLFR\FRUSRUDOGHOVHU
KXPDQR LVUDHOLWD TXH LQFOXtD WDQWR OR ItVLFR FRPR OR LQGLYLGXDO OR PRUDO \ OR
FRPXQLWDULR (VWD FRVPRYLVLyQ WHROyJLFD HUD LQWHJUDO \ KROtVWLFD \ WHQtD FRPR
PHWD WRGR HO VHU KXPDQR ItVLFR PHQWDO HVSLULWXDO \ VRFLDO HUD XQD GLPHQVLyQ
WHROyJLFDGHDPSOLRHVSHFWURTXHORLQXQGDEDWRGR

1R H[LVWtD QLQJXQD GXDOLGDG QLQJXQD GLFRWRPtD UHVSHFWR D OD VDQWLGDG


HVWDORLQYDGtDWRGRODHVWUXFWXUDGHOWDEHUQiFXORVDQWXDULR\WRGRVHUKXPDQR
TXHVHFRQHFWDEDFRQOD0RUDGDFRPRXQDH[WUDSRODFLyQGHODVDQWLGDGGLYLQD
TXHWHQtDTXHLUUDGLDUORWRGR\DWRGRVHQWRGDVODVGLPHQVLRQHVKXPDQDV(VWD
FRVPRYLVLyQ VH GHVFULEH HVSHFLDOPHQWH GH IRUPD HYLGHQWH HQ ODV UHJXODFLRQHV
VREUH OD LPSXUH]D HQ /HYtWLFR  /HYtWLFR  SUHVHQWD HO FXHUSR GHO
DGRUDGRU FRPR OD HVWUXFWXUD GHO WDEHUQiFXORVDQWXDULR HV GHFLU TXLHQ HVWi
LPSXURRFRQWDPLQDGRFRQYLHUWHHQLPSXUD\FRQWDPLQDGDOD0RUDGD

/HYtWLFR  GHVFULEH ODV LPSXUH]DV TXH SXHGHQ FRQWDPLQDU HO FXHUSR
KXPDQRGHVGHODVGLPHQVLRQHVH[WHUQDHLQWHUQDODVOH\HVTXHUHJXODQORTXH

FJE# 9pDVH5RVVC,7813==%#")&
+,?B-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

SXHGH FRQWDPLQDU HO FXHUSR GHVGH IXHUD PHGLDQWH OD GLHWD /HYtWLFR   \ ODV
)(<(1# .*(# %(+*),"# )/# .*(# $*(4(# 3/"5,'&",%# ()# 3*(%$/# 4(14(# 4("5%/# '(4&,"5(#
ORVÁXLGRV\ODHQIHUPHGDG /HYtWLFR $PERVWLSRVGHLPSXUH]DDIHFWDQ
ODSXUH]D\VDQWLGDGGHOWDEHUQiFXORVDQWXDULRFAJ

/DFRQH[LyQHQWUHODVDQWLGDGGH'LRV\ODVDQWLGDGGH,VUDHOHQODYLGD
3/'["# (152# 1(],),4,# $/%# ),1# )(<(1# 4&(5?5&3,17# !)# 1&15(',# 4&(5?5&3/# 3/"3)*<(#
FRQ XQD UD]yQ IXQGDPHQWDO SDUD OD REVHUYDQFLD TXH UHSLWH OD UDt] EiVLFD
;"4=6 ´VDQWRµ QR PHQRV GH FLQFR YHFHV ´<R VR\ HO 6HxRU VX 'LRV DVt TXH
=:1;82MYH31=3#X&.8;'44.685:Z#<#',"5?"+,"1(#=:1;,=#X&)B+85:#;)4$6+:Z-#$/%.*(#
</# 1/<# =:1;,# X;"4=6# !"%+@ 1R VH KDJDQ LPSXURV SRU FDXVD GH ORV DQLPDOHV
TXH VH DUUDVWUDQ <R VR\ HO 6HxRU TXH ORV VDFy GH OD WLHUUD GH (JLSWR SDUD
VHUVX'LRV6HDQSXHV=:1;,=#X&)B+85:#;)4$6+:Z-#$/%.*(#</#1/<#=:1;,#X;"4=6#
!"%+@µ /Y FAA

/D HOHFFLyQ GHO DOLPHQWRFRPLGD DQLPDO HVWi VHULDPHQWH OLPLWDGD HQ


/HYtWLFR  &RQVLGHUDQGR OD YDULHGDG GH IDXQD TXH UHFRUUH OD WLHUUD UHVXOWD
VRUSUHQGHQWH YHU FXiQ SRFRV VRQ FRPSDUDWLYDPHQWH SDUD OD PHVD \ TXH VRQ
VROR GH ODV HVSHFLHV KHUEtYRUDV GRPHVWLFDGDV 1R KD\ UHVWULFFLyQ DOJXQD VREUH
HO UHLQR YHJHWDO \ IUXWDO (O SXQWR REYLR GH ODV OH\HV GLHWpWLFDV HV OD DVXQFLyQ
EtEOLFDGHTXHORVKXPDQRVHUDQRULJLQDOPHQWHYHJHWDULDQRV3DUDDTXHOORVTXH
GHVFRQRFHQ HVWD SUHPLVD XQD UHOHFWXUD GHO UHODWR GH OD FUHDFLyQ GH *pQHVLV 
VHUiXQDUHYHODFLyQ$$GiQ\(YDVHOHVGLFHTXH´>«@¶GRPLQHQDORVSHFHVGHO
PDU\DODVDYHVGHOFLHOR\DWRGRVORVUHSWLOHVTXHVHDUUDVWUDQSRUHOVXHOR·
7DPELpQOHVGLMR¶<ROHVGR\GHODWLHUUDWRGDVODVSODQWDVTXHSURGXFHQVHPLOOD
\WRGRVORViUEROHVTXHGDQIUXWRFRQVHPLOODWRGRHVWROHVVHUYLUiGHDOLPHQWR·µ
*Q FAI

6HJ~Q 0LOJURP OD FODVLÀFDFLyQ GHO PXQGR DQLPDO FRQVLGHUD WUHV


GLYLVLRQHVGHDQLPDOHVTXHVHSXHGHQUHSUHVHQWDUSRU0M-0H7,=%0,10[1;-80,=U#KAL#,)#
VDFHUGRWHVHOHSHUPLWHVDFULÀFDUVRORDORVDQLPDOHVGRPpVWLFRV\VLQGHIHFWRGH
HQWUHORVDQLPDOHVFRPHVWLEOHV  D,VUDHOVHOHSHUPLWHFRPHUVRORXQRVSRFRV
DQLPDOHVFRPRVHGHWDOODHQ/HYtWLFR\HQ'HXWHURQRPLR\ÀQDOPHQWH  

FAJ 9pDVH'R]HPDQ
FAA# 9pDVH(%)LUPDJH´7KH%LEOLFDO'LHWDU\/DZVDQGWKH&RQFHSWRI+ROLQHVVµLQ!;H<83=%
81%;>3%G31;:;3H0>HG-$(PHUWRQ976XS /HLGHQ%ULOO 
FAI# 9pDVH - 0LOJURP #3O8;80H=F% *% ?,,L% ,2% )8;H:7% :1<% ';>80=-# ::# K;&""(,$/)&1U# 9/%5%(11-# IJJFL-#

/0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$% &"' &/' %&")2(' 1"$4$%0#(2' #&/' *0")102$(' +,??-'

OD KXPDQLGDG HQ JHQHUDO WLHQH GHUHFKR D XVDU WRGRV ORV DQLPDOHV H[FHSWR VX
1,"+%(L7FAB

$GHPiV GHVGH HO SXQWR GH YLVWD EtEOLFR 0LOJURP GHVFULEH TXH HO
VDFHUGRFLR,VUDHO\HOKRPEUHUHVSHFWLYDPHQWHIRUPDQWUHV0M-0H7,=%0,10[1;-80,=%
<3% <8=581H08N1% <3% 7:% =:1;8<:< VREUH HO FHQWUR 'LRV $Vt FRPR HO VDFHUGRWH YLYH
D XQ QLYHO PiV HOHYDGR GH VDQWLGDG TXH HO LVUDHOLWD VH HVSHUD TXH HO LVUDHOLWD
VLJD HVWiQGDUHV PiV HVWULFWRV GH VDQWLGDG TXH VXV VHPHMDQWHV (O LGHDO EtEOLFR
VLQHPEDUJRHVTXHWRGR,VUDHOVHD´XQUHLQRGHVDFHUGRWHV\XQDQDFLyQVDQWD
X;"4=6ZV#K!0#AE-HL7FAF

(OPRELOLDULRHVHOFRPSRQHQWHHVHQFLDOHQHOFXOWR\HQODVDQWLGDGF~OWLFD
PLHQWUDV TXH WRGRV ORV GHPiV REMHWRV PHUDPHQWH VLUYHQ FRPR DFFHVRULRV GH
SURWHFFLyQ\VHSDUDFLyQ6HJ~Q+DUDQXQRUGHQGHLPSRUWDQFLD\XQD9-:<:08N1#
<3% 7:% =:1;8<:< FODUD \ PHWLFXORVD SXHGHQ GLVFHUQLUVH IiFLOPHQWH LQFOXVR HQ ORV
PXHEOHVGHQWURGHFDGDXQRGHORVWUHVDSDUWDPHQWRVGHOWDEHUQiFXORVDQWXDULR
eOVHxDODTXHKD\XQ6-810868,PDQLÀHVWRHQHVWDVJUDGDFLRQHVGHVDQWLGDGHVHO
4(#)/1#0M-0H7,=%0,10[1;-80,=7FAG

6HSXHGHQGLVWLQJXLUIiFLOPHQWHGRVFtUFXORVFRQFpQWULFRVHOLQWHULRUGHO
WDEHUQiFXORVDQWXDULRGLYLGLGRHQGRV /XJDU6DQWR\/XJDU6DQWtVLPR SRUXQ
ODGR\HODWULRSRUHORWUR(OLQWHULRUHVWiKHFKRGHRURHOH[WHULRUHVWiKHFKRHQ
VXPD\RUSDUWHGHEURQFH(VWRVGRVFtUFXORVGHOLPLWDQGRVHVIHUDVJUDGXDGDV
FDGDXQDGHODVFXDOHVFRQWLHQHVXSURSLRFRQMXQWRGHDFWRV\VtPERORVULWXDOHV
+DUDQ GLFH ´(Q HO SXQWR IRFDO HQFRQWUDPRV HO 7'**$#58 FRQ VXV TXHUXELQHV
7:% =:1;8<:<% A% 37% O:7,-% <3% H1% ,@U3;,% <8=581HA3% 6-,9-3=8O:531;3% 0,1% =H% <8=;:108:% <3=<3%
:77MV7FAH

/HYtWLFR  H[WLHQGH HO SURSyVLWR GH OD VDQWLGDG D ODV LPSOLFDFLRQHV
TXHWLHQHHQODYLGDGHORVLVUDHOLWDV(VWDVOH\HVHVWiQGLULJLGDVPD\RUPHQWHDO
SXHEORSDUDYLYLUXQDYLGDVDQWD\QRDORVVDFHUGRWHV/HYtWLFRPXHVWUD
XQD VHFXHQFLD SUiFWLFD VL ORV LVUDHOLWDV QR SUHVHUYDEDQ OD VDQWLGDG GH VXV
VDFULÀFLRV SDUD <DKYp VLQR TXH FRPHQ]DEDQ D VDFULÀFDU D RWURV GLRVHV  

FAB# ,ELG
FAF# ;&)+%/'-#/HYLWLFXV-#CII-#CBJ7
FAG# +DUDQ+35673=%+35673Q!3-O803-#AGD7
FAH# ´,Q WKH IRFDO SRLQW ZH ÀQG WKH7'**$#58 ZLWK LWV FKHUXELP ;>3% >,7813==% :1<% ;>3% O:7H3% ,2%:1%
REMHFWSURJUHVVLYHO\GLPLQLVKLQJZLWKLWVGLVWDQFHWKHUHIURPµ,ELGFXUVLYDDxDGLGD
+,?@-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

HQWRQFHVFRPHQ]DUtDQDYLYLUFRPRSROLWHLVWDV  FAC$VtPLHQWUDVTXH/HYtWLFR
LQVWUX\yDOSXHEORDVDFULÀFDUVRORDO6HxRU/HYtWLFRIXHXQOODPDGRSDUD
HYLWDUODVDERPLQDFLRQHVGHORVSXHEORVSROLWHLVWDVFAD

(OOODPDGRDODVDQWLGDGVHHQFXHQWUDVRORHQ/HYtWLFR 
 \HQRWURVGRVSDVDMHV 1P /HYtWLFRLQGLFD
ORTXHVLJQLÀFDVHUVDQWR(VXQDH[KRUWDFLyQDOSXHEORDYLYLUODVDQWLGDGGH'LRV
FRPR XQD SDUWH QDWXUDO GH VXV YLGDVFAE /D LQVWUXFFLyQ VH DEUH FRQ HO PDQGDWR
TXHHVHOREMHWLYRGHWRGRVORVPDQGDWRV´6HDQVDQWRVSRUTXH\RHO6HxRUVX
'LRVVR\VDQWRµ /Y $TXtHVWiHOPHQVDMHGHOFDStWXORDVtFRPRGHWRGR
HO OLEUR (V XQD H[KRUWDFLyQ SDUD TXH OD QDFLyQ VLJD VX OODPDGR VDQWR SDUD VHU
XQD´QDFLyQVDQWDµ ([ FIJ<HOHVWiQGDUSDUDHOORVHVODQDWXUDOH]DVDQWDGH
'LRVVHVXSRQHTXHLPLWDQORVDWULEXWRVGH'LRV3RUORWDQWRODFRQIRUPLGDG
FRQHOHVWiQGDUGH'LRVGHEHLPSUHJQDUODVYLGDVGHOSXHEOR\DTXHODVDQWLGDG
GH'LRVHVODDQWtWHVLVGHWRGDVODVLPSHUIHFFLRQHVKXPDQDVFIA

/HYtWLFRFRQWLQ~DHOpQIDVLVHQODVDQWLGDGFRQH[KRUWDFLyQDHYLWDUODV
SUiFWLFDVUHOLJLRVDVSROLWHLVWDV\ODVYLRODFLRQHVGHORUGHQFUHDGRSRU'LRV(OWH[WR
LQFOXLGRDTXtHVVLPLODUDOGH/HYtWLFRH[FHSWRTXHDTXtVHLQFOX\HQODVSHQDV
SRUGHVREHGLHQFLD/DSULPHUDVHFFLyQGH/HYtWLFRUHJLVWUDDGYHUWHQFLDVFRQWUD
ODDGRUDFLyQIDOVD(VWDDGYHUWHQFLDLQFOX\HWRGRGHVGHODVLPSOHGHVHUFLyQGH
ODDGRUDFLyQYHUGDGHUDKDVWDODGHYRFLyQWRWDOD0RORFTXHLQFOXtDHOVDFULÀFLR
4(#"&]/17FII/DVUHOLJLRQHVGHO32$HVWDEDQOOHQDVGHPDJLD\VXSHUVWLFLyQFIB#O,#
DGRUDFLyQGH0RORFFRQHOVDFULÀFLRGHQLxRVSURIDQyHOVDQWXDULRFIF

/HYtWLFR  LQGLFD TXH DTXHOORV TXH PLQLVWUDQ GHODQWH GHO 6HxRU GHEHQ
SUHVHQWDUODSXUH]DGHOSDFWRHQVXVPDWULPRQLRV6LODVDQWLGDGGHOPDWULPRQLR
(%,#&'$/%5,"5(#$,%,#)/1#1,3(%4/5(1-#)/#(%,#,["#'21#$,%,#()#1*'/#1,3(%4/5(U#1/)/#

FAC 9pDVH.(OOLJHU´/HYLWLFXVµ+#^  


FAD# 9pDVH6)%LJJHU´7KH)DPLO\/DZVRI/HYLWLFXVLQ7KHLU6HWWLQJµI?#  
IJB7
FAE# 7LGEDOO
FIJ# 9pDVH-0DJRQHW´7KH6WUXFWXUHDQG0HDQLQJRI/HYLWLFXVµC*)  
FIA# +DUWOH\
FII# 9pDVH-'D\0ROHFK$*RGRI+XPDQ6DFULÀFHLQWKH2OG7HVWDPHQW &DPEULGJH&DPEULGJH
8QLYHUVLW\ 
FIB# 9pDVH $ 5 : *UHHQ 7KH 5ROH RI +XPDQ 6DFULÀFH LQ WKH $QFLHQW 1HDU (DVW# K;&11/*),U#
6FKRODUV 
FIF# 9pDVH*&+HLGHU+>3%EH7;%,2%V,73LF%*%)3:==3==531;-6276XS 6KHIÀHOG-627 
/0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$% &"' &/' %&")2(' 1"$4$%0#(2' #&/' *0")102$(' +,?;-'

SRGtDFDVDUVHFRQXQDYLUJHQ>9)8@EJ@GHVXSURSLRSXHEOR  FIG#!"#R1%,()-#


ORVVDFHUGRWHVWHQtDQTXHVHUVDQRV\FRPSOHWRVVLQGHIHFWRVQLLPSHUIHFFLRQHV
/RV GHIHFWRV GHVFDOLÀFDGRUHV VH HQXPHUDQ HQ /Y  /RV VDFHUGRWHV HUDQ
VDQWRVSRUTXHHVWDEDQHQODSUHVHQFLDGHO6DQWR7RGDVXFRQGLFLyQItVLFDWHQtDTXH
PRVWUDUODSHUIHFFLyQGHODFUHDFLyQGH'LRVDVtFRPRORVVDFULÀFLRVWHQtDQTXH
VHUORPHMRUGHOPXQGRDQLPDO/DOLVWDGHGHIHFWRVFRUUHVSRQGHDODGDGDSDUD
ORVDQLPDOHVHQ/Y/RVDQLPDOHVWUDtGRVDQWHHO6HxRUWDPELpQWHQtDQ
TXHVHUSHUIHFWRV/DSHUIHFFLyQFRUSRUDOHUDXQDH[WHQVLyQGHODVDQWLGDGFIH

6LORVVDFHUGRWHVWHQtDQTXHHMHPSOLÀFDUODVDQWLGDGGH<DKYpHQVXVYLGDV
WDPELpQ WHQtDQ TXH VDOYDJXDUGDU OD VDQWLGDG HQ HO VHUYLFLR \ HVR VLJQLÀFDED
RIUHFHU VDFULÀFLRV TXH IXHUDQ DFHSWDEOHV SDUD 'LRV /Y   (O SXQWR HV
TXHWDQWRORVVDFHUGRWHVFRPRORVVDFULÀFLRVWHQtDQTXHVHUDFHSWDEOHVSDUD'LRV
WHQtDQTXHVHUSHUIHFWRV3DUDKDFHUH[SLDFLyQXRIUHFHUDODEDQ]DDO'LRVVDQWR
TXHHUDSHUIHFWR\VLQFXOSDXQRWHQtDTXHRIUHFHUHOPHMRUVDFULÀFLRSRVLEOH

PKUKTK.*3=7=@B5.03.75.2=/45M1/521>/

/HYtWLFRHQVHxyTXHHO'LRVVDQWRQRSRGtDPRUDUFRQQLQJXQDLPSXUH]DR
HQ XQ VDQWXDULR FRQWDPLQDGR 3RU OR WDQWR VH UHTXHUtD OLPSLH]D DQWHV GH TXH ODV
SHUVRQDV R HO SXHEOR FRQ LPSXUH]DV SXGLHUDQ HQWUDU HQ VX SUHVHQFLD $Vt FRPR
ODV LPSXUH]DV FRUSRUDOHV SHQHWUDEDQ HQ HO VDQWXDULR FRQWDPLQiQGROR OR PLVPR
VXFHGtDFRQHOSHFDGRODFRQWDPLQDFLyQGHOVDQWXDULRVHGHEtDHOLPLQDUSRUPHGLR
GH OD RIUHQGD SRU HO SHFDGR SXULÀFDFLyQ  >A'R"!8Z7# 6(# ),# '&1',# ',"(%,# .*(# ),#
1,"+%(# 4()# %&5*,)# A'R"!8 H[SLDED OD LPSXUH]D HOLPLQDED ORV SHFDGRV QR GHVGH OD
3/'*"&4,4#1&"/#<3ODFRPXQLGDGQRGHOVDQWXDULRVLQR<3=<3#()#1,"5*,%&/-#),#'/%,4,#
GHOD3UHVHQFLDGLYLQDFIC#O/#.*(#(1#'21#&'$/%5,"5(-#:5@,=%;86,=%GHGHVFRQWDPLQDFLyQ
VHPHQFLRQDQFRQXQVRORWpUPLQRHOYHUER7.**D#´KDFHUH[SLDFLyQµFID

FIG# 9pDVH 7 ) 7RUUDQFH ),A:7% G-83=;>,,<F% *% +>3,7,9A% ,2% "-<:813<% V818=;-A (GLQEXUJK 7 7
:),%_-#AEEBIL7
FIH# 9pDVH - 0LOJURP ´(WKLFV DQG 5LWXDOµ LQ 5HOLJLRQ DQG /DZ %LEOLFDO -HZLVK DQG ,VODPLF
G3-=630;8O3=HG(%)LUPDJHHWDO :LQRQD/DNH(LVHQEUDXQV HVS
FIC# 9pDVH % - 6FKZDUW] ´7KH %HDULQJ RI 6LQ LQ WKH 3ULHVWO\ /LWHUDWXUHµ LQ G,539-:1:;3=% :1<%
*ROGHQ%HOOV6WXGLHVLQ%LEOLFDO-HZLVKDQG1HDU(DVWHUQ5LWXDO/DZDQG/LWHUDWXUHLQ+RQRURI
I:0,@%V879-,5HG'3:ULJKW'1)UHHGPDQDQG$+XUYLW] :LQRQD/DNH(LVHQEUDXQV
AEEGL-#AH7
FID# 9pDVH-0LOJURP´7KH3ULHVWO\,PSXULW\6\VWHPµLQG-,033<819=%,2%;>3%B81;>%K,-7<%E,19-3==%
,2%I3D8=>%!;H<83= -HUXVDOHP:RUOG8QLRQRI-HZLVK6WXGLHV LGHP´5DWLRQDOH
IRU&XOWLF/DZ7KH&DVHRI,PSXULW\µ!3538:  
+,@<-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

(OSHFDGRGHXQLVUDHOLWDKDFHTXHODVLPSXUH]DVVHDGKLHUDQDOVDQWXDULR
/Y   $GHPiV FLHUWRV SHFDGRV VH GHVFULEHQ H[SOtFLWDPHQWH FRPR
FRQWDPLQDQGR HO VDQWXDULR 6L XQD SHUVRQD QR VH SXULÀFD GH OD FRQWDPLQDFLyQ
GHXQFDGiYHUHVDSHUVRQDFRQWDPLQDHOWDEHUQiFXORVDQWXDULRGHO6HxRU 1P
AE-AB7IJL7#O,1#&'$*%(@,1#1(0*,)(1#5&("("#()#$/5("3&,)#4(#3/"5,'&",%#()#1,"5*,%&/#
VL ODV SUHVFULSFLRQHV QR VH REVHUYDQ DGHFXDGDPHQWH /Y   'HO PLVPR
PRGR RIUHFHU KLMRV D 0RORF FRQWDPLQD HO VDQWXDULR /Y   3RU ORV SHFDGRV
FRPHWLGRV SRU XQ OtGHU LVUDHOLWD R SRU XQ LVUDHOLWD LQGLYLGXDO HO DOWDU H[WHULRU
VHVRPHWHDODSXULÀFDFLyQSDUDORVSHFDGRVGHOVDFHUGRWHXQJLGRRGHWRGDOD
FRPXQLGDGHOVDQWXDULR\HODOWDUGHOLQFLHQVRVHGHEHQSXULÀFDU/DUHJODTXH
VXE\DFHDHVWDVSUHVFULSFLRQHVHVFODUDFXDQWRPiVUHVSRQVDEOHHVHOSHFDGRUR
FXDQWRPiVXQLYHUVDOHVHOSHFDGRPiVVHYHUDHVODFRQWDPLQDFLyQTXHSHQHWUD
HQ HO VDQWXDULR (Q FRQVHFXHQFLD VH QHFHVLWD XQD SXULÀFDFLyQ PiV ULJXURVD DO
OOHYDUODVDQJUHDOVDQWXDULRFIE

/D LPSXUH]D HV GLVWLQWD VHJ~Q VXV FDXVDV FXHUSRV FDGiYHUHV ÁXMRV GH
ÁXLGRVGHODYLGD\HQIHUPHGDGHVGHODSLHOQRVRQODFRQWDPLQDFLyQHQVtPLVPD
PiV ELHQ SURGXFHQ FRQWDPLQDFLyQLPSXUH]D 7RGR HO VLVWHPD VDFHUGRWDO GH
LPSXUH]D \ VX HOLPLQDFLyQ GHVFDQVD HQ HO SRVWXODGR TXH OD LPSXUH]D QR HV
VLPSOHPHQWHXQDFRQGLFLyQXQ´HVWDGRµULWXDOHVODLPSXUH]DPLVPD(V-3:77FBJ#
(O SHFDGR JHQHUD LPSXUH]DFRQWDPLQDFLyQ OD FRPLVLyQ GH XQD RIHQVD FDXVD
FRQWDPLQDFLyQ SHQHWUD HQ OD HVIHUD VDJUDGD \ VH GHEH HOLPLQDU SRU HO ULWXDO
7.**D#GHOVDFULÀFLRA'R"!87FBA/DFRQWDPLQDFLyQFDXVDGDSRUHOSHFDGRDXQTXH
SHQHWUDHQODHVIHUDGHORVDJUDGRLQFOXVRHQHOFDVRGHLQDGYHUWHQFLDVQXQFD
1(#4&3(#.*(#1(,#3/"5,+&/1,7FBI

+D\ VROR XQRV SRFRV WH[WRV HQ HO 3HQWDWHXFR+,-. $7  TXH DÀUPDQ
H[SOtFLWDPHQWH OD FRQWDPLQDFLyQ GHO VDQWXDULR /Y  ´8VWHGHV GHEHQ
PDQWHQHU DSDUWDGRV GH OD LPSXUH]D D ORV LVUDHOLWDV $Vt HYLWDUiQ TXH HOORV
PXHUDQSRUKDEHU0,1;:581:<,%58%=:1;H:-8,-#.*(#(152#("#'(4&/#4(#())/1V#,$,%(3(#
DOÀQDOGHODVLQVWUXFFLRQHVGHWDOODGDVVREUHORVVDFULÀFLRV\ODVRIUHQGDV\VXV
SURSyVLWRVGHOOHYDUODOLPSLH]DDOVDFULÀFDGRUTXHFRPHQ]yHQ/HYtWLFR

FIE# :ULJKW&8=6,=:7%$56H-8;A-#IJ7
FBJ# /HYLQHG-3=3103%#")&\+DUDQ+35673=%+35673Q!3-O803-#ACH7
FBA# 9pDVH-0LOJURP´,VUDHO·V6DQFWXDU\7KH3ULHVWO\¶3LFWXUHRI'RULDQ*UD\·µ)?#DB#KAECHLU#

FBI# 6FKZDUW]?3:-819%!81-#H7
/0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$% &"' &/' %&")2(' 1"$4$%0#(2' #&/' *0")102$(' +,@,-'

(OVDQWXDULRVHSXHGHFRQWDPLQDUSURIDQDUSRUHOLVUDHOLWDTXHWRFDXQ
FDGiYHUSHURQRVHSXULÀFD 1P SRUHOVDFULÀFLRGHQLxRVD0RORF /Y
  SRU VHJXLU ODV DERPLQDFLRQHV GH ODV QDFLRQHV  &U   SRU FRORFDU
FRVDVGHWHVWDEOHVHQpO -HU \SRUORVVDFHUGRWHV 6RI 'HEHHQIDWL]DUVH
TXH HO WDEHUQiFXORVDQWXDULR VH FRQWDPLQy GXUDQWH ORV VHUYLFLRV VDFULÀFLDOHV
GLDULRVDQWHVGHO'tDGHODH[SLDFLyQ(OULWXDOGHO'tDGHODH[SLDFLyQDÀUPD
H[SOtFLWDPHQWH TXH OD H[SLDFLyQ SRU HO VDQWXDULR VH HIHFW~D PHGLDQWH OD
DVSHUVLyQGHVDQJUHGHELGRDODVFRQWDPLQDFLRQHVRLPSXUH]DVGHORVLVUDHOLWDV
/Y 

O,#1,"+%(#X4":@VLHPSUHVHDSOLFDDOWDEHUQiFXORVDQWXDULRDOH[WHULRUFBB#
/# ,)# &"5(%&/%-FBF# ,# )/1# ,)5,%(1-# ,)# 7'**$#58-# ,)# ,4<5*'-FBG# /# ,)# 1,"5*,%&/FBH# 3/"# ()#
SURSyVLWR GH H[SLDU HO REMHWR GH ODV LPSXUH]DV TXH VH KDQ DGKHULGR D pO /D
1,"+%(#1(#*1,#6:-=%6-,%;,;,SRUWRGRHODQLPDO/DHOLPLQDFLyQHVWiGHVFULWDSRU
ORV YHUERV 6"*'7FBC# <# B"Q';-FBD DPERV VLJQLÀFDQGR ´GHUUDPDUµ (Q ORV ULWXDOHV
A'R"!8-#4($("4&("4/#4()#5&$/#4(#A'R"!8TXHVHHMHFXWDODVDQJUHSXHGHDSOLFDUVH
X%"8'%@DORVFXHUQRVGHORVDOWDUHVGHOLQFLHQVR\GHORVKRORFDXVWRV\VHSXHGH
%/3&,%#X&.[[J@HQHOVDQWXDULR\HQHO/XJDU6DQWtVLPR DG\WXP (VWDVGLYHUVDV
DSOLFDFLRQHVGHODVDQJUHH[StDQORVVDQFWDGHODLPSXUH]D\FRQVWLWX\HQHODFWR
ULWXDOFHQWUDOGHOVDFULÀFLRA'R"!8(QORVVDFULÀFLRV\RIUHQGDVH$EJ-#6)E":+:#<#
!"6":ODVDQJUHVHDUURMD>X"#';Z#("#)/1#3*,5%/#),4/1#4()#,)5,%7FBE

(Q HO $7 4": ´VDQJUHµ WLHQH GRV FDUDV /D FRQFHSFLyQ LQPHQVDPHQWH
SRVLWLYD GH OD VDQJUH HQ HO ULWXDO LVUDHOLWD DSDUHFH SRU HMHPSOR HQ /Y 
´3RUTXH OD YLGD GH OD FDUQH HVWi HQ OD VDQJUH \ \R RV OD KH GDGR SDUD KDFHU
H[SLDFLyQVREUHHODOWDUSRUYXHVWUDVYLGDVSXHVODH[SLDFLyQSRUODYLGDVHKDFH
FRQ OD VDQJUHµ TXH DVLJQD XQ VLJQLÀFDGR HVSHFtÀFR D OD VDQJUH HQ WpUPLQRV
GH OD IXQFLyQ H[SLDWRULD TXH WLHQH ´SRU UD]yQ GH OD YLGDµ (QWRQFHV OD VDQJUH
MXHJDXQUROFHQWUDOHQHOULWXDOVDFULÀFLDOGHO$7SDUDH[SLDFLyQSXULÀFDFLyQ\
VDQWLÀFDFLyQFRQVDJUDFLyQ ([/Y 

FBB# ([/YFI(]
FBF ([/Y
FBG /Y
FBH /Y
FBC ([/Y
FBD /Y
FBE ([/Y1PFI5&U
(]
+,@.-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

/Y´3HURQRVHFRPHUiQLQJ~QVDFULÀFLRH[SLDWRULRFX\DVDQJUHKD\D
VLGROOHYDGDDOD7LHQGDGHUHXQLyQSDUDKDFHUSURSLFLDFLyQHQHOVDQWXDULRHVWH
VDFULÀFLR VH FRQVXPLUi HQ HO IXHJRµ >70 @  GHFODUD H[SOtFLWDPHQWH TXH OD
VDQJUH GHO VDFULÀFLR SRU HO SHFDGR VH WUDH D OD 7LHQGD GH UHXQLyQ ´SDUD KDFHU
SURSLFLDFLyQ HQ HO VDQWXDULRµ $TXt QXHYDPHQWH HQFRQWUDPRV TXH OD VDQJUH
DIHFWD OD H[SLDFLyQ R OD OLPSLH]D GHO SHFDGRU (Q HO ULWXDO VDFULÀFLDO GHO $7
OD VDQJUH VLHPSUH WLHQH XQD IXQFLyQ OLPSLDGRUD VREUH ODV SHUVRQDV X REMHWRV
FRQWDPLQDGRV SRU HO SHFDGR 7LHQH XQ SRGHU SXULÀFDGRU VREUH HO VDFULÀFDGRU
HQORVVHUYLFLRVVDFULÀFLDOHVGLDULRVSRUTXHHOVDFULÀFDGRUIXHFRQWDPLQDGRSRU
()#$(3,4/7

/D FRQFHSFLyQ QHJDWLYD GH OD VDQJUH VH H[SUHVD PHGLDQWH ORV WpUPLQRV
´FRQWDPLQDUµ \ ´SURIDQDUµ GRQGH HQ FDGD FDVR HV OD VDQJUH GH ORV VHUHV
KXPDQRV TXH PXULHURQ HQ OD JXHUUD  6   R DVHVLQDGRV 1P 
 ,V  /P   R VDFULÀFDGRV D ORV tGRORV 6DO   (VWRV SDVDMHV GH
FRQWDPLQDFLyQSROXFLyQFDXVDGDSRUODVDQJUHDÀUPDQTXHODVDQJUHWLHQHXQD
IXQFLyQ FRQWDPLQDQWH0LHQWUDVTXHODVDQJUHHVHODJHQWH OLPSLDGRUTXHWUDH
ORV EHQHÀFLRV H[SLDWRULRV DO RIHUHQWH FRQWDPLQDGR FRQ HO SHFDGR R OD FRVD DVt
FRQWDPLQDGD(VDOPLVPRWLHPSRXQDJHQWHTXHWUDQVÀHUHODFRQWDPLQDFLyQ
SROXFLyQGHOSHFDGRGHOSHFDGRUDOVDQWXDULR

(Q /Y  \ 1P  FI /Y   GRQGH ORV PDOHV FRQWDPLQDQ HO
VDQWXDULR D GLVWDQFLD FXDQGR VH FRPHWHQ 0LOJURP FUHH KDEHU HQFRQWUDGR OD
UHVSXHVWD D OD SUHJXQWD GH FyPR VH FRQWDPLQD HO VDQWXDULR $ FRQWLQXDFLyQ
YDPRVDDQDOL]DU\HYDOXDUVXWHRUtDGHODFRQWDPLQDFLyQGHOVDQWXDULR/Y
SUHVHQWDODUHDFFLyQGH'LRVDXQDSHUVRQDTXHOHGDFXDOTXLHUDGHVXVKLMRVDOD
GHLGDG0RORF´>«@6-,2:1:%58%=:1;H:-8,\PLVDQWRQRPEUHµ1PH[SUHVD
ORV UHVXOWDGRV GH GHVREHGHFHU HO PDQGDPLHQWR GH <DKYp GH SXULÀFDUVH GH OD
FRQWDPLQDFLyQGHFDGiYHU´>«@0,1;:581:%37%=:1;H:-8,%<37%!3j,-#XYZV7

6HJ~Q0LOJURPWUHVIXHQWHVGHLPSXUH]DULWXDOJUDYH:H;,5.;80:531;3#K&7(7-#
DSDUWH GH OD YROXQWDG KXPDQD  JHQHUDQ LPSXUH]D TXH DIHFWD ´DpUHDPHQWHµ DO
VDQWXDULRFRPRXQDHVSHFLHGH´PLDVPDµ LHGHVGHXQDGLVWDQFLDVLQFRQWDFWR
GLUHFWR  OD SDUWXULHQWD /Y   OD SHUVRQD FRQ XQD GHVFDUJD JHQLWDO DQRUPDO
/Y   \ OD SHUVRQD HQIHUPD FRQ SLHO HVFDPRVD OODPDGD ´OHSURVDµ  /Y 
  /D FRQFOXVLyQ GH 0LOJURP GH TXH HVWDV IXHQWHV JHQHUDQ DXWRPiWLFDPHQWH
´PLDVPDµ VH EDVD HQ VX WHRUtD JHQHUDO GH OD RIUHQGD GH SXULÀFDFLyQ VHJ~Q OD
FXDOODFRQWDPLQDFLyQGHOVDQWXDULRA:KDWHQLGROXJDUVLHPSUHTXHVHSUHVFULEH
/0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$% &"' &/' %&")2(' 1"$4$%0#(2' #&/' *0")102$(' +,@=-'

HOVDFULÀFLRA'R"!87FFJ0LOJURPFRQFOX\HTXHHVWDVLPSXUH]DVItVLFDVFRQWDPLQDQ
()#1,"5*,%&/7

eO DUJXPHQWD TXH HO SHFDGRLPSXUH]D WLHQH XQD QDWXUDOH]D DpUHD ´8QD
VXVWDQFLD ItVLFD XQ PLDVPD DpUHR TXH SRVHtD DWUDFFLyQ PDJQpWLFD SRU OD HVIHUD
4(# )/# 1,+%,4/V7FFA 8QD YH] TXH XQ LVUDHOLWD SHFy HO VDQWXDULR VH FRQWDPLQy
DXWRPiWLFDPHQWH SRUTXH HO VDQWXDULR IXQFLRQDED FRPR XQ LPiQ TXH DWUDtD HO
PLDVPDGHOSHFDGRLPSXUH]D6HPRYLyDWUDYpVGHODLUH\VHDGKLULyDODOWDURDORV
/XJDUHV6DQWRR6DQWtVLPR(VWHWLSRGHWUDQVIHUHQFLDHUDDXWRPiWLFD\QRUHTXHUtD
HOUROGHXQDYtFWLPDVDFULÀFLDO\GHVXVDQJUHSDUDWUDQVIHULUHOSHFDGRDOVDQWXDULR
3RUORWDQWR0LOJURPFULVWDOL]DVXWHRUtDJHQHUDOTXHLQGLFDTXHODFRQWDPLQDFLyQ
GHOVDQWXDULRGH,VUDHOVLJXHXQHVTXHPDJUDGXDGRFXDQWRPiVJUDYHHVHOSHFDGR
RODLPSXUH]DPiVFRQWDPLQDGRHVWiHOVDQWXDULR/DFRQWDPLQDFLyQGHEHHVSHUDU
ODH[SLDFLyQDQXDOGHOVDQWXDULRHQHO'tDGHODH[SLDFLyQFFI

0LOJURPVRVWLHQHTXHWRGDVODVRIUHQGDVGHSXULÀFDFLyQDORODUJRGHODxR
HOLPLQDQODFRQWDPLQDFLyQTXH\DKDOOHJDGRDOVDQWXDULRGHIRUPDDXWRPiWLFD
DpUHDHQHOPRPHQWRHQTXHVHSURGXMRXQSHFDGRRLPSXUH]DULWXDOJUDYH6LQ
HPEDUJRHVWDGLQiPLFDGHFRQWDPLQDFLyQHVWiDWHVWLJXDGDVRORHQFLHUWRVWLSRV
GHRIHQVDVF~OWLFDVJUDYHVFRPRHOFXOWRD0RORF/RVFDVWLJRVSRUHVWDVRIHQVDV
VRQWHUPLQDOHV /Y1P 

(O KHFKR HV TXH OD FRQWDPLQDFLyQ DXWRPiWLFD \ OD H[SLDFLyQ VDFULÀFLDO
TXHEHQHÀFLDDOSHFDGRUVHH[FOX\HQPXWXDPHQWH\H[FOX\HODDSOLFDFLyQGHOD
SULPHUDHQSDVDMHVWDOHVFRPR/YSDUDH[SOLFDUFyPRHOVDQWXDULRVH
FRQWDPLQDFRQUHODFLyQDODVRIUHQGDVGHSXULÀFDFLyQSRURIHQVDVLQDGYHUWLGDV
H[SLDEOHV R LPSXUH]DV ItVLFDV ULWXDOHV JUDYHV (O KHFKR TXH OD FRQWDPLQDFLyQ
,*5/'25&3,# "/# /$(%,# ("# 3,1/1# 4(# $(3,4/# /# &'$*%(@,# $/%# ),# 3*,)# ()# $(3,4/%#
R SHUVRQD LPSXUD SXHGH UHFLELU HO EHQHÀFLR GH 7.**D## (03)*<(# (15,# 4&"2'&3,#
GH WRGRV ORV FDVRV UHVXHOWRV SRU RIUHQGDV GH SXULÀFDFLyQ UHDOL]DGDV HQ GtDV
GLVWLQWRVDO'tDGHODH[SLDFLyQFFB

FFJ# 9pDVH - 0LOJURP ´,PSXULW\ ,V 0LDVPD $ 5HVSRQVH WR +\DP 0DFFRE\µ I?## AAE# KIJJJLU#
CBJ7
FFA# ´$SK\VLFDOVXEVWDQFHDQDHULDOPLDVPDWKDWSRVVHVVHGPDJQHWLFDWWUDFWLRQIRUWKHUHDOP
RIWKHVDFUHGµ0LOJURP/HYLWLFXVFILGHP$=-:37J=%!:10;H:-A-#BEI7
FFI# 3DUDXQDUHVSXHVWDH[WHQVD\XQDFUtWLFDULJXURVDDODWHRUtDGH0LOJURPYpDVH5(*DQHEH7;%
DQG&KDUDFWHU3XULÀFDWLRQ2IIHULQJV'D\RI$WRQHPHQWDQG7KHRGLF\ :LQRQD/DNH(LVHQEUDXQV
 WDPELpQLGHP/HYLWLFXV1XPEHUV1,9$& *UDQG5DSLGV=RQGHUYDQ 
FFB# M,"(-#EH7;%E>:-:0;3-
+,@>-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

(Q/Y\1PODFRQWDPLQDFLyQSXQLEOHGHOVDQWXDULRRFXUUH
VROR FXDQGR OD LPSXUH]D ItVLFD ULWXDO QR VH PDQHMD DGHFXDGDPHQWH HV GHFLU
FXDQGR KD\ XQ SHFDGR FRQ UHVSHFWR D HVWD LPSXUH]D 3RU OR WDQWR QR KD\
HYLGHQFLD FODUD GH OD FRQWDPLQDFLyQ DXWRPiWLFD GHO VDQWXDULR SRU QLQJ~Q WLSR
GHLPSXUH]DItVLFDULWXDOHQVtPLVPDFFF

*DQHFRQFOX\HFRQUHVSHFWRDODFRQWDPLQDFLyQDXWRPiWLFDGHOVDQWXDULR
´3RU OR WDQWR HQ DUPRQtD FRQ QXHVWUD FRQFOXVLyQ DQWHULRU FRQ UHVSHFWR D ODV
IyUPXODV ()* >«@ OD WHRUtD GH 0LOJURP GH TXH ODV RIUHQGDV GH SXULÀFDFLyQ
GXUDQWH WRGR HO DxR /Y   HWF  OLPSLDQ HO VDQWXDULR GH PDOHV TXH
IXQFLRQDQ FRPR PLDVPD SDUD FRQWDPLQDUOR SRU YtD DpUHD FXDQGR RFXUUHQ 1,%
2H108,1:V7FFG (O KHFKR HV TXH HO 3HQWDWHXFR+,-. VLPSOHPHQWH QR HVSHFLÀFD OD
IRUPD HQ TXH ODV RIHQVDV F~OWLFDV JUDYHV GH GHGLFDFLyQ D 0RORF \ OD RPLVLyQ
GH OD SXULÀFDFLyQ GH OD FRQWDPLQDFLyQ GH FDGiYHU VH WUDQVÀHUHQ DO VDQWXDULR
3DUD *DQH OD FRQWDPLQDFLyQ HQ FXHVWLyQ HV 0,1036;H:7-# (1# 4(3&%-# 5%,13&("4(# ),1#
FRQVLGHUDFLRQHVItVLFDV SDUDHOHVFULWRUHV5,-:7 3XHGHWHQHUXQHIHFWRDWUDYpV
GHOHVSDFLRHQHOVHQWLGRGHTXHFDXVDXQFDPELRGHHVWDGRDFLHUWDGLVWDQFLDFFH

$GHPiV0DFFRE\HVWDEOHFHTXHHOSURSyVLWRGHODVRIUHQGDVGHSXULÀFDFLyQ
SRUHOSHFDGRGXUDQWHWRGRHODxRHVH[SLDUHOSHFDGRGHORIHUHQWHFRPRSDUWH
GH XQ SURFHVR GH H[SLDFLyQ R UHFRQFLOLDFLyQ FRQ 'LRV HQ OXJDU GH OLPSLDU HO
1,"5*,%&/7FFC 3RU RWUD SDUWH *DPPLH HQFXHQWUD TXH 0LOJURP ´KD IUDFDVDGR
SDUD HVWDEOHFHU   TXH ORV VHUHV KXPDQRV QR VRQ SXUJDGRV FRQ ODV ¶RIUHQGDV
GH SXUJDFLyQ· \   TXH 0:<: ¶RIUHQGD GH SXUJDFLyQ· SXUJXH XQD SRUFLyQ GHO
1,"5*,%&/# /# 1,"35,V7FFD eO VRVWLHQH TXH ODV RIUHQGDV GH SXULÀFDFLyQ ´SXUJDQ GH
1*1#$(3,4/1#/#&'$*%(@,1#,#),#63-=,1:#/#63-=,1:=HQFX\RQRPEUHVHSUHVHQWDURQ
YpDVHHVS/Y µFFE

FFF# .LXFKL
FFG# ´7KHUHIRUHLQKDUPRQ\ZLWKRXUSULRUFRQFOXVLRQUHJDUGLQJ()*IRUPXODV>«@0LOJURP·V
WKHRU\ WKDW SXULÀFDWLRQ RIIHULQJV WKURXJKRXW WKH \HDU /HY   HWF  FOHDQVH WKH
VDQFWXDU\IURPHYLOVWKDWIXQFWLRQDVPLDVPDWRDHULDOO\SROOXWHLWZKHQWKH\RFFXU<,3=%1,;%
ZRUNV#M,"(-#EH7;%E>:-:0;3-FXUVLYDDxDGLGD
FFH# ,ELG
FFC# +0DFFRE\)8;H:7%:1<%V,-:78;AF%+>3%)8;H:7%GH-8;A%!A=;35%:1<%$;=%G7:03%81%IH<:8=5 &DPEULGJH
&DPEULGJH8QLYHUVLW\ 
FFD# ´>0LOJURP@KDVIDLOHGWRHVWDEOLVK  WKDWKXPDQEHLQJVDUHQRWSXUJHGZLWKWKH¶SXUJDWLRQ
RIIHULQJV· DQG   WKDW 3O3-A ¶SXUJDWLRQ RIIHULQJ· SXUJHV D SRUWLRQ RI WKH VDQFWXDU\ RU
VDQFWDµ*DPPLHFXUVLYDHQHORULJLQDO
FFE# ´3XUJH IURP WKHLU VLQV RU XQFOHDQQHVVHV WKH 63-=,1# /%# 63-=,1= LQ ZKRVH EHKDOI WKH\ ZHUH
SUHVHQWHG VHHHVS/HY µ,ELGFXUVLYDHQHORULJLQDO
/0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$% &"' &/' %&")2(' 1"$4$%0#(2' #&/' *0")102$(' +,@9-'

&RQFOX\H FRQ XQD REVHUYDFLyQ IDVFLQDQWH ´'H DFXHUGR FRQ OD YLVLyQ GH
0LOJURPODSL]DUUDVHERUUDEDFRQVWDQWHPHQWHSRUDVtGHFLUORFRQFDGDRIUHQGD
SRU HO SHFDGR 6HJ~Q OD YLVLyQ DUJXPHQWDGD DQWHULRUPHQWH HO VDQWXDULR SDUD
ORVHVFULWRUHVVDFHUGRWDOHVHUDPXFKRPiVXQUHWUDWRGH'RULDQ*UD\GHORTXH
ODSURSLDWHRUtDGH0LOJURPSHUPLWLUtD/DVRIUHQGDVSRUHOSHFDGRSXUJDURQDO
SXHEORGHVXVSHFDGRVSHURVRORODVRIUHQGDVSRUHOSHFDGRXQDYH]DODxRHQ
HO 'tD GH OD H[SLDFLyQ SXUJDURQ OD 7LHQGD GH UHXQLyQ \ VROR ODV RIUHQGDV SRU
HOSHFDGRHQODRUGHQDFLyQSXUJDURQHODOWDUH[WHULRU$VtSRGHPRVFRQFOXLU37%
VDQWXDULR\ORVVDQFWDUHÁHMDEDQHOHVWDGRGHODSHFDPLQRVLGDGGHOSXHEORSUHFLVDPHQWH
6,-YH3% 7:=% 856H-3R:=% YH3% 37% 6-853-,% :0H5H7:@:% 1,% =3% 378581:@:1% 31% 0:<:% ,2-31<:%
A'R"!8V7FGJ

)LQDOPHQWH VHJ~Q 0LOJURP OD YtFWLPD VDFULÀFLDO QR OLPSLy DO SHFDGRU
VLQR TXH VH XVy SDUD HOLPLQDU GHO VDQWXDULR HO SHFDGRLPSXUH]D TXH VH OH
DGKLULyGHELGRDODDFFLyQSHFDPLQRVDGHOSHFDGRU(ODQLPDOVDFULÀFLDOQRHUD
XQVXVWLWXWRGHOSHFDGRU6XIXQFLyQHUDSURSRUFLRQDUODVDQJUHTXHVHXWLOL]DUtD
SDUDHOLPLQDUODFRQWDPLQDFLyQSURGXFLGDSRUHOSHFDGRGHOLQGLYLGXR(VWRVH
KL]RWRGRVORVGtDVPHGLDQWHHOVLVWHPDVDFULÀFLDOGHORFRQWUDULRODDFXPXODFLyQ
GHLPSXUH]DVHQHOVDQWXDULRSURYRFDUtDTXH'LRVORDEDQGRQDUD\WDPELpQDVX
SXHEOR

(QWRQFHVORVLQGLYLGXRVHUDQSHUGRQDGRVQRSRUTXHODYtFWLPDVDFULÀFLDO
PXULy HQ VX OXJDU ;3,7,9M:% <3% 7:% =H=;8;H08N1  (UDQ SHUGRQDGRV SRUTXH VHQWtDQ
UHPRUGLPLHQWR\VHDUUHSHQWtDQGHVXSHFDGR7UDMHURQODYtFWLPDVDFULÀFLDOSDUD
OLPSLDUHOVDQWXDULRGHOSHFDGRTXHFRPHWLHURQ3RUORWDQWRPDQLIHVWDURQFRQ
HOORVXGHVHRGHTXH'LRVFRQWLQXDVHKDELWDQGRHQWUHVXSXHEOR

7HRORJtDGHO'tDGHODH[SLDFLyQ

/DVDQJUHGHODYtFWLPDVDFULÀFLDOKDFHH[SLDFLyQSRUHODGRUDGRUSRUTXH
OD VDQJUH YLGD  GH OD YtFWLPD VH RIUHFH HQ HO OXJDU GHO DGRUDGRU 3RU OR WDQWR

FGJ# ´8QGHU0LOJURP·VYLHZWKHVODWHZDVFRQVWDQWO\EHLQJZLSHGFOHDQVRWRVSHDNZLWKHYHU\
VLQRIIHULQJ8QGHUWKHYLHZDUJXHGDERYHWKHVDQFWXDU\IRUWKHSULHVWO\ZULWHUVZDVIDU
PRUHDSRUWUDLWRI'RULDQ*UD\WKDQ0LOJURP·VRZQWKHRU\ZRXOGDOORZ7KHVLQRIIHULQJV
SXUJHG WKH SHRSOH IURP WKHLU VLQV EXW RQO\ WKH VLQ RIIHULQJV RQFH D \HDU RQ WKH 'D\ RI
$WRQHPHQW SXUJHG WKH WHQW RI PHHWLQJ DQG RQO\ WKH VLQ RIIHULQJV DW RUGLQDWLRQ SXUJHG
WKHRXWHUDOWDU7KXVZHPD\FRQFOXGH!:10;H:-A%:1<%=:10;:%81<33<%-3530;3<%;>3%=;:;3%,2%;>3%
63,673J=%=812H713==%6-308=37A%@30:H=3%;>3%H1073:113==3=%;>:;%;>3%2,-53-%:00-H3<%D3-3%1,;%-35,O3<%:;%
3O3-A%A'R"!8RIIHULQJµ,ELGFXUVLYDHQHORULJLQDO
+,@B-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

37% 0,1036;,% ;3,7N980,% <3% =H=;8;H08N1% 3=% 2H1<:531;:7% 6:-:% 7:% 0,56-31=8N1% <37% =8=;35:%
VDFULÀFLDO LVUDHOLWD (O pQIDVLV HQ OD VDQJUH QR HV VLPSOHPHQWH OD H[LVWHQFLD GH
VDQJUHGHQWURGHOFXHUSRRODYLWDOLGDGQDWXUDOGHODVDQJUHTXHIXHHIHFWLYDSDUD
ODH[SLDFLyQ(OIRFRHVWiHQODVDQJUHTXHVHGHUUDPDFGA

&RPR9RVKDGLFKR´/DVDQJUHWLHQHVXULFRVLPEROLVPRHQHOVDFULÀFLR
$%&'(%/-# $/%.*(# %($%(1("5,# ),# '*(%5(-# ("# 1(+*"4/# )*+,%# $/%.*(# %($%(1("5,# ),#
PXHUWHGHXQLQGLYLGXRSHUVRQDVXVWLWXWLYD\HQWHUFHUOXJDUSRUTXHUHSUHVHQWD
XQDPXHUWHTXHLPSOLFDVXIULPLHQWRµFGI/DVDQJUHIXHHVWDEOHFLGDSRU'LRVSDUD
WHQHUHVWHSURSyVLWRH[SLDWRULR /Y 

!15,#("1(],"@,#["&3,#3/"#%(1$(35/#,#),#1,"+%(#(1#$,%5&3*),%#4(#R1%,()-#<,#
TXHKD\SRFDHYLGHQFLDGHTXHODVDQJUHMXHJXHXQUROLPSRUWDQWHHQFXDOTXLHU
RWUR VLVWHPD VDFULÀFLDO \D VHD HQ %DELORQLD 6LULD R )HQLFLDFGB# !"# R1%,()-# 1&"#
HPEDUJR OD PDQLSXODFLyQ GH OD VDQJUH IXH XQ IDFWRU XQLÀFDGRU SDUD WRGR HO
VLVWHPD VDFULÀFLDO :HQKDP SXHGH GH KHFKR HVWDU HQ OR FLHUWR DO DÀUPDU TXH
OD VDQJUH GHUUDPDGD HQ WRGRV ORV VDFULÀFLRV DQLPDOHV KDFH H[SLDFLyQFGF# !1#
LPSRUWDQWH HQWHQGHU TXH WRGRV ORV SHFDGRV VH SRGtDQ H[SLDU HQ HO $7 (VWH
KHFKR VH H[SOLFD SDUWLFXODUPHQWH HQ HO 'tD GH OD H[SLDFLyQ GRQGH VH FRQÀUPD
TXHWRGRVORVSHFDGRVLQFOXLGDVODV´WUDQVJUHVLRQHVµ>*.6H/&5:@ODIRUPDPiV
JUDYHGHSHFDGRHQHO$7VHH[SLDURQHQHVWHGtD6RORORVSHFDGRVGHVREHUELD
QRVHH[SLDURQ 1P 

/D GHVFULSFLyQ SULQFLSDO GHO 'tD GH OD H[SLDFLyQ >B=:# &W77.**Y#+:Z#
DSDUHFHHQ/HYtWLFRHOFHQWURWHROyJLFRGHOOLEURGH/HYtWLFRTXHDVXYH]HV
HOFHQWURGHO3HQWDWHXFR+,-.(O'tDGHODH[SLDFLyQREVHUYDGRHOGpFLPRGtD
4()#1?$5&'/#'(1#K';>:185KHEUHR+8=>-8EDELOyQLFR HVHOGtDPiVVROHPQHGHO
FDOHQGDULRMXGtRFGG/DREVHUYDQFLDGHHVWHGtDHQ,VUDHOVHQWyODVEDVHVSDUDTXH

FGA# 9pDVH0)5RRNHU#3O8;80H=1$&$ 1DVKYLOOH%URDGPDQ +ROPDQ 


FGI# ´%ORRGKDVLWVULFKV\PEROLVPLQVDFULÀFHÀUVWEHFDXVHLWVWDQGVIRUGHDWKVHFRQGO\EHFDXVHLW
VWDQGVIRUWKHGHDWKRIDQLQGLYLGXDOVXEVWLWXWLRQDU\SHUVRQDQGWKLUGO\EHFDXVHLWVWDQGVIRU
DGHDWKLQYROYLQJVXIIHULQJµ*9RV?8@780:7%+>3,7,9A#KM%,"4#N,$&41U#!(%4',"1-#AEFDL-#AHG7
FGB# 9pDVH'H9DX['-0F&DUWK\´7KH6\PEROLVPRI%ORRGDQG6DFULÀFHµI?##DD#
 \(5&OHQGHQHQµ5HOLJLRXV%DFNJURXQGRIWKH2OG7HVWDPHQWµLQ%Z,H1<:;8,1=%
2,-%?8@780:7%$1;3-6-3;:;8,1F%*%E,5673;3%#8@-:-A%,2%+,,7=%:1<%)3=,H-03=HG'6'RFNHU\.$
0DWWKHZVDQG5%6ORDQ 1DVKYLOOH%URDGPDQ +ROPDQ 
FGF# *-:HQKDP´7KH7KHRORJ\RI2OG7HVWDPHQW6DFULÀFHµLQ6DFULÀFHLQWKH%LEOHHG57
%HFNZLWKDQG0-6HOPDQ *UDQG5DSLGV%DNHU 
FGG# 9pDVH-0LOJURP´$WRQHPHQWLQWKH27µ$&?!H6  LGHP´$WRQHPHQW'D\
RIµ$&?!H6  
/0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$% &"' &/' %&")2(' 1"$4$%0#(2' #&/' *0")102$(' +,@?-'

'LRVSHUGRQHDOSXHEORWRGRVORVSHFDGRVFRPHWLGRVGHVGHHO'tDGHODH[SLDFLyQ
DQWHULRU3RUORWDQWR'LRVSRGtDFRQWLQXDUHVWDQGRSUHVHQWHEHQGLFLHQGRDOD
3/'*"&4,4#4()#$,35/7

/DLQYHVWLJDFLyQVREUH/HYtWLFRVHKDLQWHUHVDGRSULQFLSDOPHQWHHQOD
KLVWRULD UHGDFFLRQDO GHO FDStWXOR \ KD PRVWUDGR SRFR LQWHUpV HQ OD HVWUXFWXUD
OLWHUDULDGHHVWHSDVDMHEtEOLFRFGH$OJXQRVHVWXGLRVRVKDQHQFRQWUDGRHYLGHQFLD
GH HVWUXFWXUDV OLWHUDULDV HQ /HYtWLFR  TXH VXJLHUHQ XQ LQWHQWR GHÀQLGR SRU
$,%5(#4()#(13%&5/%#4(#&"5(+%,%)/#("#*"#5/4/7FGC$OJXQRVWHyORJRVKDQHQFRQWUDGR
WDPELpQ SHTXHxRV TXLDVPRV GHQWUR GHO FDStWXOR EDVDGRV HQ ORV SDUDOHORV
OLQJtVWLFRVGHOSDVDMHFGD

/HYtWLFR  HV OD FXOPLQDFLyQ WHPiWLFD \ HO FOtPD[ GHO VLVWHPD VDFULÀFLDO
GHOOLEUR(VWDPELpQHOFHQWUR\HOFOtPD[GHVXHVWUXFWXUDOLWHUDULD8QDQiOLVLV
OLWHUDULRGH/HYtWLFRLQGLFDTXHVHSXHGHGLYLGLUHQFLQFRVHFFLRQHVSULQFLSDOHV
FDGDXQDELHQHVWUXFWXUDGDFGE5RGUtJXH]HQFXHQWUDXQDHVWUXFWXUDTXLiVWLFDHQ

FGH# 3RUHMHPSORYpDVH01RWK#3O8;80H=F%*%E,5531;:-A27/ 3KLODGHOSKLD:HVWPLQVWHU


 .(OOLJHU%#3O8;80H=+$7 7ELQJHQ0RKU6LHEHFN 1+6QDLWK#3O8;80H=%
:1<% BH5@3-= 1&% /RQGRQ 7KRPDV 1HOVRQ   - 0LOJURP EH7;% :1<% E,1=083103F%
+>3% !*=>:5% :1<% ;>3% G-83=;7A% &,0;-813% ,2% )3631;:103 6-/$  /HLGHQ %ULOO   - 5
>/%5(%-# #3O8;80H=F% *% E,5531;:-A 1HZ <RUN &DPEULGJH   : .RUQIHOG #3O8;8LH=#
:U]EXUJ (FKWHU   ) % +ROEURRN HG  7KH 6HYHQW\ :HHNV /HYLWLFXV DQG WKH
B:;H-3% ,2% G-,6>30A '$5&20  :DVKLQJWRQ %LEOLFDO 5HVHDUFK ,QVWLWXWH   * $
$QGHUVRQ DQG 6 0 2O\DQ HGV  G-83=;>,,<% :1<% EH7;% 81% *10831;% $=-:37 -6276XS 
6KHIÀHOG 6KHIÀHOG $FDGHPLF   5 3pWHU&RQWHVVH /pYLWLTXH  *HQqYH /DERU
HW)LGHV '3:ULJKW'1)UHHGPDQDQG$+XUYLW] HGV G,539-:1:;3=%:1<%
*ROGHQ %HOOV 6WXGLHV LQ %LEOLFDO -HZLVK DQG 1HDU (DVWHUQ 5LWXDO /DZ DQG /LWHUDWXUH LQ
C,1,-%,2%I:0,@%V879-,5 :LQRQD/DNH(LVHQEUDXQV $05RGUtJXH]´/HYLWLFXV
 ,WV /LWHUDU\ 6WUXFWXUHµ *_!!     0 - + 0 3RRUWKXLV DQG % -
6FKZDUW] HGV  GH-8;A% :1<% C,7813==F% +>3% C3-8;:93% ,2% #3O8;80H= -HZLVK DQG &KULVWLDQ
3HUVSHFWLYHV  /HLGHQ %ULOO   : + %HOOLQJHU /HYLWLFXV 1XPEHUV 1,%&27
3HDERG\+HQGULFNVRQ 
FGC 3RUHMHPSORYpDVH+DUWOH\
FGD 3RUHMHPSOR'3:ULJKWHQ/Y´'D\RI$WRQHPHQWµ*?&  0LOJURP
LGHQWLÀFD RWUR HQ  /HYLWLFXV   \ :HQKDP VHxDOD FXDWUR HQ VX FRPHQWDULR
VREUH/HYtWLFR HQORVFDStWXORV 6XDQiOLVLVGH/YHVWtSLFR#3O8;80H=-#
BAI7
FGE 5RGUtJXH] VXJLULy OD VLJXLHQWH HVWUXFWXUD  ,QWURGXFFLyQ    SULPHU GHVDUUROOR
   VHJXQGR GHVDUUROOR    FRQFOXVLyQ GH ORV DFWRV ULWXDOHV   
LQVWLWXFLRQDOL]DFLyQGHOULWXDO  /HYLWLFXV/DVFLQFRXQLGDGHVOLWHUDULDV
SULQFLSDOHV HVWiQ FXLGDGRVDPHQWH HVWUXFWXUDGDV H LQWHJUDGDV HQWUH Vt PHGLDQWH HO XVR GH
WHUPLQRORJtDHVSHFtÀFD\HOÁXMRGHORVGLIHUHQWHVDFWRVULWXDOHV
+,@@-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

/HYtWLFREDVDGDHQSDUDOHORVOLQJtVWLFRVGHVSXpVGHOHHUODFXLGDGRVDPHQWH
\QRWDUVXVPXFKDVUHSHWLFLRQHVDSDUHQWHVFHJ

6H DÀUPD H[SOtFLWDPHQWH TXH HO ULWXDO GHO 'tD GH OD H[SLDFLyQ /HYtWLFR
  IXQFLRQDED SDUD OLPSLDUSXULÀFDU HO VDQWXDULR GH ODV LPSXUH]DV \ ODV
WUDQVJUHVLRQHV GH ORV KLMRV GH ,VUDHO /Y   /D 856H-3R:# <# ),# ;-:1=9-3=8N1#
VRQ ODV GRV iUHDV SULQFLSDOHV WUDWDGDV HQ /HYtWLFR  /DV WUDQVJUHVLRQHV VH
WUDWDQHQ/HYtWLFR\ODVLPSXUH]DVVHWUDWDQHQ/HYtWLFR(VWDHVWUHFKD
UHODFLyQ LPSOLFD TXH HO 'tD GH OD H[SLDFLyQ VLUYLy SDUD OLPSLDU HO VDQWXDULR GH
DTXHOODVWUDQVJUHVLRQHVHLPSXUH]DVTXHKDEtDQVLGRSHUGRQDGDV\WUDQVIHULGDV
DpOGXUDQWHWRGRHODxRSRUPHGLRGHORVULWXDOHVSUHVFULWRVHQ/HYtWLFRFHA

/DSRVLFLyQFHQWUDOGH/HYtWLFRHQODOHJLVODFLyQOHYtWLFDSXHGHYHUVHFRPR
XQDHVSHFLHGHUHVXPHQGHOVLVWHPDVDFULÀFLDO/HYtWLFRWDPELpQFRQVWLWX\HXQ
SXQWRSULQFLSDOGHWUDQVLFLyQHQHOOLEUR3RUORWDQWRHO'tDGHODH[SLDFLyQQR
VROR PDUFD HO FOtPD[ GH OD OHJLVODFLyQ GHO VHUYLFLR VDFULÀFLDO VLQR TXH WDPELpQ
GHPDUFDHOFHQWURWHPiWLFR\HOSXQWRGHLQÁH[LyQHQHOOLEURGH/HYtWLFR

(QODLQWURGXFFLyQGH/HYtWLFR YY HQFRQWUDPRVWHUPLQRORJtDTXH


VHXVDUiHQRWUDVVHFFLRQHVGHOFDStWXORFRPRSRUHMHPSORHOYHUER:=8´PRULUµ
ORVVXVWDQWLYRV&'2$456´DG\WXP>/XJDU6DQWtVLPR@µ7'**$#58´SURSLFLDWRULRµ
<# H"%"% ´QXEHµ \ OD IUDVH :^99/8# E'**"#$758 ´GHWUiV GHO YHORµ /D HVWUXFWXUD
GH HVWD VHFFLyQ VH LGHQWLÀFD PHGLDQWH HO XVR GH ORV WpUPLQRV A'R"!8 ´RIUHQGD
$/%# ()# $(3,4/V# <# H$EJ ´KRORFDXVWRµ /D LQWURGXFFLyQ GHÀQH SULQFLSDOPHQWH ORV
HOHPHQWRV EiVLFRV QHFHVDULRV SDUD HO -8;,% <3% 31;-:<: GH $DUyQ (O -8;,% <3% 31;-:<:#
UHTXLHUH HO XVR GH XQD YHVWLPHQWD VDFHUGRWDO HVSHFLDO \ XQ Q~PHUR HVSHFtÀFR

FHJ 6XJLULy OD VLJXLHQWH HVWUXFWXUD TXLiVWLFD GH /HYtWLFR  $ $DUyQ QR GHEHUtD HQWUDU HQ HO
/XJDU6DQWtVLPRFXDQGRORGHVHH  %ODVYtFWLPDVVDFULÀFLDOHV\ODYHVWLPHQWDHVSHFLDO
GH $DUyQ   & ODV YtFWLPDV VDFULÀFLDOHV SURSRUFLRQDGDV SRU HO SXHEOR   ' HO
EHFHUUR GH $DUyQ HO PDFKR FDEUtR SDUD <DKYp HO PDFKR FDEUtR SDUD $]D]HO   (
$DUyQ VDFULÀFD VX EHFHUUR FRPR RIUHQGD SRU HO SHFDGR   ) HO PDFKR FDEUtR GH
OD FRPXQLGDG VH VDFULÀFD FRPR XQD RIUHQGD SRU HO SHFDGR   * KDFH OD H[SLDFLyQ
 *·ÀQDOL]DODH[SLDFLyQ D )·HOPDFKRFDEUtRGHODFRPXQLGDGSDUD$]D]HO
HQYLDGRDOGHVLHUWR E (·ODVDFWLYLGDGHVGHFLHUUHGH$DUyQ  '·HOPDFKR
FDEUtR SDUD $]D]HO HO EHFHUUR GH $DUyQ HO PDFKR FDEUtR SDUD OD RIUHQGD SRU HO SHFDGR
  &· HO SXHEOR GHVFDQVD \ VH KXPLOOD   %· HO VDFHUGRWH XQJLGR RÀFLD
OOHYDQGRYHVWLGXUDVHVSHFLDOHV  $·HOVDFHUGRWHXQJLGRKDFHH[SLDFLyQXQDYH]DO
DxR  ,ELG/DHVWUXFWXUDTXLiVWLFDFRPELQDORVHOHPHQWRVSULQFLSDOHVGHOULWXDO
GHO'tDGHODH[SLDFLyQFRQVXSURSyVLWRIXQGDPHQWDOIRUPDQGRXQDXQLGDGOLWHUDULDELHQ
(15%*35*%,4,7
FHA# 6KHD
/0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$% &"' &/' %&")2(' 1"$4$%0#(2' #&/' *0")102$(' +,@;-'

GHRIUHQGDVVDFULÀFLDOHV/DLQWURGXFFLyQSURSRUFLRQDWDPELpQXQDOLVWDGHODV
YtFWLPDV VDFULÀFLDOHV TXH HVWDUiQ LQYROXFUDGDV HQ ODV DFWLYLGDGHV GHO 'tD GH OD
H[SLDFLyQ

/DFRQFOXVLyQGH/HYtWLFR YY HQIDWL]DGRVLGHDVSULQFLSDOHVHO


WLHPSRSDUDODFHOHEUDFLyQGHO'tDGHODH[SLDFLyQ\VXVLJQLÀFDGRIXQGDPHQWDO
OD OLPSLH]D GHO VDQWXDULR \ GHO SXHEOR  (O SXHEOR HV OLPSLDGR ´GH WRGRV VXV
$(3,4/1V# :^77$E# A'R$!8/75:   (O Y  VLUYH SDUD UHVXPLU OD VHFFLyQ HO
FDOHQGDULR SDUD OD FHOHEUDFLyQ GHO 'tD GH OD H[SLDFLyQ \ OD HVHQFLD PLVPD GHO
VLJQLÀFDGRGHOULWXDO´SDUDKDFHUH[SLDFLyQSRU>H'E@ORVKLMRVGH,VUDHOSRUWRGRV
1*1#$(3,4/1#X:^77$EGA'R$!8':ZV7

(QWUH OD LQWURGXFFLyQ \ OD FRQFOXVLyQ GHO FDStWXOR HO DXWRU VLW~D VX
SHQVDPLHQWR SULQFLSDO   (Q  HO HOHPHQWR PiV LPSRUWDQWH HV
SUHFLVDPHQWH HFKDU D VXHUWHV OD VHOHFFLyQ GHO PDFKR FDEUtR SDUD <DKYp \ SDUD
$]D]HO 6H LQWURGXFHQ GRV ULWRV DGLFLRQDOHV 6H QRV GLFH SRU SULPHUD YH] HQ HO
FDStWXORTXHHOEHFHUURGH$DUyQVHUiSDUWHGHXQ-8;,%<3%785683R:VHXVDUiSDUD
KDFHU H[SLDFLyQ SRU Vt PLVPR \ SRU VX FDVD 7.**D## 9'H'4L7# !)# 1(+*"4/# %&5/#
HVWi DVRFLDGR FRQ $]D]HO (O VHJXQGR PDFKR FDEUtR HV ´HQYLDGR DO GHVLHUWRµ
XQDH[SUHVLyQTXHLPSOLFDODHMHFXFLyQGHXQ-8;,%<3%378581:08N1$PERVULWRVVH
GHVDUUROODUiQFRQPiVGHWDOOHHQHOUHVWRGHOFDStWXOR

(Q  HO ULWXDO GHO 'tD GH OD H[SLDFLyQ VH GHVFULEH HQ GHWDOOH \ HV
SRUORWDQWRXQGHVDUUROORFRPSOHWRGHORTXHVHGLMRHQORVYHUVtFXORVDQWHULRUHV
 (QHQFRQWUDPRVODUHJXODFLyQFRQUHVSHFWRDODSXULÀFDFLyQGHO
DOWDU)LQDOPHQWHHVWiEiVLFDPHQWHGRPLQDGRSRUODVLGHDVGHODVURSDV
\ORVEDxRVULWXDOHVHQORVTXHHOVXPRVDFHUGRWHODSHUVRQDTXHOOHYyHOPDFKR
FDEUtR DO GHVLHUWR \ HO TXH TXHPy OD FDUQH GHO A'R"!8 HVWiQ LQYROXFUDGRVFHI#
/HYtWLFR  FRPELQD HQ XQD VLPHWUtD FRQFHSWXDO PX\ HTXLOLEUDGD HO -8;,% <3%
31;-:<:-#()#-8;,%<3%785683R:UHDOL]DGRFRQODVGRVRIUHQGDVSRUHOSHFDGR\HO-8;,%
<3%378581:08N1+D\XQDFRQH[LyQFODUD\GLUHFWDHQWUHHO-8;,%<3%31;-:<:-#()#-8;,%<3%
785683R:# <# ()# -8;,% <3% 378581:08N1 TXH FRQWULEX\H D OD XQLGDG OLWHUDULD \ WHROyJLFD
GH/HYtWLFRFHB

FHI# 9pDVH $ 5 7UHL\HU ´/H -RXU GHV ([SLDWLRQV HW OD 3XULÀFDWLRQ GX 6DQFWXDLUH´ WKqVH
GRFWRUDOH 8QLYHUVLWp GH 6WUDVERXUJ   LGHP ´7KH 'D\ RI $WRQHPHQW DV UHODWHG
WR WKH &RQWDPLQDWLRQ DQG 3XULÀFDWLRQ RI WKH 6DQFWXDU\µ LQ 7KH 6HYHQW\ :HHNV /HYLWLFXV
:1<%;>3%B:;H-3%,2%G-,6>30AHG)%+ROEURRN'$5&20 :DVKLQJWRQ%LEOLFDO5HVHDUFK
R"15&5*5(-#AEDHL-#IFE7
FHB# 5RGUtJXH]/HYLWLFXV
+,;<-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

/RV ULWXDOHV FODYH UHDOL]DGRV HQ HVWH GtD DQXDO GH OLPSLH]DSXULÀFDFLyQ
OR FRQYLHUWHQ HQ XQ GtD GH MXLFLR \ ORJUDURQ WUHV REMHWLYRV WHROyJLFRV   ODV
RIUHQGDV SRU HO SHFDGR SXULÀFDFLyQ  \ ODV RIUHQGDV FRPSOHWDV H[SLDURQ ORV
SHFDGRV GH ORV VDFHUGRWHV \ GH WRGR HO SXHEOR   OLPSLy HO VDQWXDULR GH OD
FRQWDPLQDFLyQGHHVRVSHFDGRV\  ODOLEHUDFLyQGHOPDFKRFDEUtRSDUD$]D]HO
HOLPLQy GH OD FRPXQLGDG WRGDV HVDV WUDQVJUHVLRQHV $O WUDWDU GH FRPSUHQGHU
(15/1# )/+%/1-# (1# &'$/%5,"5(# 1(%# 3/"13&("5(1# 4(# ),1# '[)5&$)(1# 3/"1(3*("3&,1# .*(#
%(1*)5,"#4(#*"#$(3,4/7#Q)#3/'(5(%#*"#$(3,4/-#*",#$(%1/",#4,],#3/"5%,#()#.*(#
SHFy\VLPXOWiQHDPHQWHFRPHWHXQDRIHQVDFRQWUD'LRV$GHPiVFDGDDFWRGH
SHFDGROLEHUDXQDFRQWDPLQDFLyQ

(Q ,VUDHO OD IXHU]D SHQHWUDQWH GH HVD FRQWDPLQDFLyQ HQ HO WDEHUQiFXOR
VDQWXDULRGHSHQGtDGHODSRVLFLyQGHOTXHKDEtDSHFDGR\GHOFDUiFWHUGHOSHFDGR
FI/HYtWLFR /DFRQWDPLQDFLyQSRUORVSHFDGRVLQDGYHUWLGRVFRPHWLGRVSRUORV
LQGLYLGXRVVHDGKLULyDORVFXHUQRVGHODOWDUGHORVKRORFDXVWRV/DFRQWDPLQDFLyQ
GH ORV SHFDGRV GH OD FRPXQLGDG LVUDHOLWD HQ VX FRQMXQWR \ GH ORV VDFHUGRWHV
DDUyQLFRVHQSDUWLFXODUSHQHWUDURQKDVWDHODOWDUGHOLQFLHQVRHQHO/XJDU6DQWR
GHOVDQWXDULR/DFRQWDPLQDFLyQOLEHUDGDSRUORVSHFDGRVÁDJUDQWHVHQWUyHQHO
PLVPtVLPR/XJDU6DQWtVLPRFHF

3DUD ORJUDU OD H[SLDFLyQ FRPSOHWD VH GHEHQ FRQVLGHUDU WRGDV HVWDV
3/"1(3*("3&,1# 4(# *"# $(3,4/7# !"# R1%,()-# *",# $(%1/",# /# 3/'*"&4,4-# ,)# 4,%1(#
FXHQWDGHTXHKDEtDFRPHWLGRXQSHFDGRDERUGyODVGRVSULPHUDVFRQVHFXHQFLDV
SUHVHQWDQGRXQDRIUHQGDSRUHOSHFDGR SXULÀFDFLyQ  /Y RXQDRIUHQGD
SRUODFXOSD UHSDUDFLyQ  /Y>70@ GHSHQGLHQGRGHODQDWXUDOH]D
GHODWUDQVJUHVLyQ/DVRWUDVFRQVHFXHQFLDVVHHOLPLQDURQSRUORVULWRVUHDOL]DGRV
HQHO'tDGHODH[SLDFLyQ(QHVHGtDORVULWRVGHVDQJUHGHODVGRVRIUHQGDVSRU
HOSHFDGR SXULÀFDFLyQ OLPSLDURQHOVDQWXDULRGHODFRQWDPLQDFLyQDFXPXODGD
OLEHUDGD SRU WRGRV ORV SHFDGRV FRPHWLGRV GXUDQWH HO DxR FRPR UHVXOWDGR HO
VDQWXDULRHVWDEDIDFXOWDGRSDUDFRQWLQXDUIXQFLRQDQGRFRPRHOOXJDUSDUDTXH
HOSXHEORVHHQFRQWUDVHFRQ'LRV

$OFRPLHQ]RGHO'tDGHODH[SLDFLyQHOVXPRVDFHUGRWH\ORVUHSUHVHQWDQWHV
GHO SXHEOR GH ,VUDHO WUDMHURQ ORV DQLPDOHV SDUD HO VDFULÀFLR DO WDEHUQiFXOR
VDQWXDULR(OVXPRVDFHUGRWHSUHVHQWyXQEHFHUURQRYLOORSDUDXQDRIUHQGDSRU
HOSHFDGR SXULÀFDFLyQ \XQFDUQHURSDUDXQKRORFDXVWRFRPSOHWR /Y 6H

FHF# 9pDVH3-%XGG#3O8;80H=1&% *UDQG5DSLGV(HUGPDQV $1RRUGW]LM#3O8;80H=-#


%6& *UDQG5DSLGV=RQGHUYDQ 
/0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$% &"' &/' %&")2(' 1"$4$%0#(2' #&/' *0")102$(' +,;,-'

UHTXLULyXQEHFHUURHODQLPDOVDFULÀFLDOPiVSUHFLDGRGHELGRDODDOWDSRVLFLyQ
4()# 1*'/# 1,3(%4/5(# ("# ),# 3/'*"&4,4# 4()# $,35/7# !"5/"3(1# ()# 1*'/# 1,3(%4/5(#
UHFLELy GH OD FRPXQLGDG GRV PDFKRV FDEUtRV XQR SDUD XQD RIUHQGD SRU HO
SHFDGR SXULÀFDFLyQ  \ HO RWUR SDUD VHU OLEHUDGR HQ HO GHVLHUWR \ XQ FDUQHUR
SDUDXQKRORFDXVWRFRPSOHWR /Y (OVXPRVDFHUGRWHWRPyORVGRVPDFKRV
FDEUtRV D OD HQWUDGD GHO WDEHUQiFXORVDQWXDULR \ ORV SUHVHQWy DQWH <DKYp $OOt
HFKyVXHUWHVVREUHHOORV8QDVXHUWHGHVLJQyHOPDFKRFDEUtRTXHHUDSDUD<DKYp
GHEtD VHU VDFULÀFDGR HQ HO DOWDU /D RWUD VXHUWH GHVLJQy HO PDFKR FDEUtR SDUD
$]D]HOLEDDVHUOLEHUDGRHQHOGHVLHUWR /Y FHG

(OULWXDOFHQWUDOSDUDHO'tDGHODH[SLDFLyQVHGHVFULEHHQ/Y(O
VXPRVDFHUGRWHVDFULÀFyVXEHFHUURFRPRRIUHQGDSRUHOSHFDGR SXULÀFDFLyQ 
SRUpO\VXFDVDHQHODOWDUSULQFLSDO /Y /XHJRVDOLyDODOWDUSULQFLSDOWRPy
GHODVDQJUHGHOEHFHUURVDFULÀFDGR\ODOOHYyDO/XJDU6DQWtVLPR$OOtHOVXPR
VDFHUGRWH OD DVSHUMy VLHWH YHFHV DQWH HO SURSLFLDWRULR R FXELHUWD GH H[SLDFLyQ
X7'**$#58@(VWHQRPEUHWUDQVPLWHTXHVXSURSyVLWRSULQFLSDOHUDIXQFLRQDUFRPR
HOOXJDUGRQGH,VUDHOSRGtDHQFRQWUDUODH[SLDFLyQFRPSOHWDGHVXVSHFDGRVDÀQ
GHPDQWHQHUHQYLJRUVXUHODFLyQGHSDFWRFRQHO'LRVVDQWRFHH

+DELHQGR KHFKR OD H[SLDFLyQ SRU VXV SURSLRV SHFDGRV \ ORV GH VX FDVD
HOVXPRVDFHUGRWHVDOLyDODOWDUSULQFLSDO\VDFULÀFyHOPDFKRFDEUtRGHOSXHEOR
FRPR RIUHQGD SRU HO SHFDGR SXULÀFDFLyQ  HQ HO DWULR $OOt XQWy OD VDQJUH GH
HVWDV RIUHQGDV HQ ORV FXDWUR FXHUQRV GHO DOWDU SULQFLSDO \ OR URFLy FRQ VDQJUH
VLHWHYHFHV(VWRVULWRVGHVDQJUHIXHURQSDUD´OLPSLDUµ>L.&W#=Z#()#,)5,%#$%&"3&$,)#
GH OD FRQWDPLQDFLyQ GH ORV SHFDGRV LQDGYHUWLGRV GH OD FRPXQLGDG /Y 
  /XHJR WRPy VDQJUH GH HVWH PDFKR FDEUtR HQ HO /XJDU 6DQWtVLPR $OOt
URFLy OD VDQJUH WDO FRPR OR KDEtD KHFKR FRQ VX SURSLD RIUHQGD SRU HO SHFDGR
SXULÀFDFLyQ OLPSLDQGRHOVDQWXDULRGHODVLPSXUH]DVOLEHUDGDVSRUORVSHFDGRV
4(#),#3/'*"&4,47

'HVSXpV HO PDFKR FDEUtR YLYR VH OOHYy DO VXPR VDFHUGRWH TXLHQ SXVR
DPEDV PDQRV VREUH pO \ FRQIHVy ORV SHFDGRV GH ORV VDFHUGRWHV \ GHO SXHEOR
WUDQVÀULHQGR DVt OD FDUJD GH WRGRV ORV SHFDGRV FRPHWLGRV HQ HO ~OWLPR DxR D
HVWHPDFKRFDEUtR7UHVWpUPLQRVSDUDORVSHFDGRVVHHPSOHDQHQVXFRQIHVLyQ
´LQLTXLGDGHVµ>H'CU%U8@´UHEHOLRQHVµ>*)6"H+:Z#<#$(3,4/1#XA'R"!=8@ /Y 

FHG# 9pDVH-(+DUWOH\´$WRQHPHQW'D\RIµ&"+G-#GH7
FHH# 9pDVH-0LOJURP´7KH'D\RI$WRQHPHQWµ'10IH<  
+,;.-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

(VWRV WUHV WpUPLQRV DEDUFDQ WRGR HO HVSHFWUR GHO SHFDGR KXPDQRFHC +DELHQGR
FRPSOHWDGRHVWRVULWXDOHVHVSHFLDOHVHOVXPRVDFHUGRWHVHTXLWyVXURSDVHEDxy
\VHSXVRVXDWXHQGR(QHODOWDUSULQFLSDOGHODWULRRIUHFLyORVGRVKRORFDXVWRV
FRPSOHWRVXQRSRUpO\RWURSRUHOSXHEOR&RPRODVSULPHUDVRIUHQGDVGHVSXpV
GHORVULWRVFHQWUDOHVGHH[SLDFLyQLQDXJXUDURQODDGRUDFLyQSDUDHOQXHYRDxR
OLW~UJLFRHKLFLHURQH[SLDFLyQSRUHORUGHQVDFHUGRWDO\ODFRPXQLGDG /Y
  (O SiUUDIR DO ÀQDO GHO ULWXDO /Y   HVWDEOHFH OD UHJXODFLyQ DQWHULRU
FRPRODEDVHSDUDODVREVHUYDQFLDVDQXDOHVGHO'tDGHODH[SLDFLyQ

(O VHJXQGR PDFKR FDEUtR GH OD FRPXQLGDG VH GHVLJQy SDUD $]D]HO
XH X"!XDEZ7FHD (O REMHWLYR GHO ULWXDO GHO FKLYR H[SLDWRULR IXH TXH HO PDFKR FDEUtR
'

´>«@ VH OOHYDUi D WLHUUD iULGD ;,<:=% 7:=% 818YH8<:<3=# X&7(7-# 4(# 5/4,# ),# 3/'*"&4,4ZV#
/Y (VLPSRUWDQWHVHxDODUTXHHOULWRGH$]D]HOVHOOHYDDFDER<3=6H[=#4(#
TXH VH KL]R OD H[SLDFLyQ SRU HO VDQWXDULR FRQ UHVSHFWR DO SXHEOR /D LQIHUHQFLD
HVFODUDORVSHFDGRVSXHGHQWUDQVIHULUVHDOFKLYRH[SLDWRULRHQHVWHSXQWR\1,%
:1;3=+DQHVWDGRDFXPXOiQGRVHHQHO/XJDU6DQWtVLPR DG\WXP \HOVDQWXDULR
DKRUD HO VXPR VDFHUGRWH ORV WUDQVÀHUH D OD FDEH]D GHO FKLYR H[SLDWRULRFHE# !"#
FRQWUDVWH FRQ ORV ULWRV UHODFLRQDGRV FRQ HO EHFHUUR \ HO PDFKR FDEUtR HO FKLYR
H[SLDWRULR QR VH VDFULÀFy \ VX VDQJUH QR VH GHUUDPy 1R KXER PDQLSXODFLyQ
GH VDQJUH \ SRU OR WDQWR QR KXER H[SLDFLyQ 3RU WDQWR HO HQYtR GHO FKLYR
H[SLDWRULRDOGHVLHUWRQRHVXQDFWRGHVXVWLWXFLyQH[SLDWRULD /Y HVXQ-8;,%
<3%378581:08N1TXHVLPEROL]DODHOLPLQDFLyQHQHOGHVLHUWRGHWRGRVORVSHFDGRV
,3*'*),4/1#4(#R1%,()7FCJ

(VWHHVHO~QLFRPRPHQWRHQORVULWRVGHO'tDGHODH[SLDFLyQHQTXHODV
PDQRVVHFRORFDQVREUHHODQLPDO6LJQLÀFDEDODFRORFDFLyQGHWRGRVORVSHFDGRV
GHOSXHEORTXHVHKDEtDQDFXPXODGRHQHOVDQWXDULRVREUHHODQLPDOSDUDTXH
VHORVOOHYDUDDOGHVLHUWR(VXQDFWRGH;-:1=23-3108:VLPEyOLFDGHOSHFDGRVREUH
HO FKLYR H[SLDWRULR /R TXH HV GH SDUWLFXODU LPSRUWDQFLD DTXt HV TXH HO ULWR GH
OD LPSRVLFLyQ GH PDQRV YD DFRPSDxDGR GH XQD FRQIHVLyQ RUDO GH OD WRWDOLGDG
GHORVSHFDGRVGHOSXHEORGH<DKYpVREUHHOPDFKRFDEUtRYLYR$VtWRGRVORV
SHFDGRVGHOSXHEORGHORVFXDOHVHOVDQWXDULRKDEtDVLGROLPSLDGRPHGLDQWHOD

FHC# 9pDVH-0LOJURP!;H<83=%81%EH7;80%+>3,7,9A%:1<%+3-581,7,9A6-/$ /HLGHQ%ULOO 


FHD# 9pDVH&/)HLQEHUJ´7KH6FDSHJRDWRI/HYµ?!:0  -$*ODGVRQ
´7KH(QLJPDRI¶$]D]HO·LQ/HYLWLFXVµ0$WKHVLV9DQGHUELOW8QLYHUVLW\
FHE# 9pDVH-0LOJURP´7KH3DUDGR[RIWKH5HG&RZ 1XPWRWL-V#`+  WDPELpQ
&4('-#/HYLWLFXV-#FC-#EDA7
FCJ /HYLQHG-3=3103%#")&YpDVHWDPELpQ5RGUtJXH]/HYLWLFXV
/0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$% &"' &/' %&")2(' 1"$4$%0#(2' #&/' *0")102$(' +,;=-'

FRQIHVLyQ RUDO \ OD LPSRVLFLyQ GH PDQRV IXHURQ WUDQVIHULGRV DO PDFKR FDEUtR
YLYRSDUDVX378581:08N1#4(#),#3/'*"&4,4#&1%,()&5,7FCA

(OULWXDOGHVDUUROODGRHQHO'tDGHODH[SLDFLyQFRPSURPHWHDODFRPXQLGDG
GH,VUDHOHQXQDUHSDUDFLyQDFWLYD\UHVWDXUDFLyQGHOVDQWXDULRQRVRORSRUVX
SURSLRELHQVLQRSRUHOELHQGHOPXQGR&XDQGRHOVDQWXDULRHVVDQWR'LRVHVWi
SUHVHQWH\HOPXQGRHVVHJXURSRUTXHHOFLHOR\ODWLHUUDVHXQHQHQODE~VTXHGD
3/'["#4(#),1#&"5("3&/"(1#3%(,3&/",)(1#4(#6&/17FCI

/RV SHFDGRV FRQIHVDGRV GH ORV SHFDGRUHV DUUHSHQWLGRV VH WUDQVÀULHURQ


DOVDQWXDULRGH'LRVPHGLDQWHORVVDFULÀFLRVGLDULRV(QORVVHUYLFLRVGLDULRVHO
SHFDGRLPSXUH]DGHOSHFDGRUVHWUDQVÀULyPHGLDQWHXQVXVWLWXWRVDFULÀFLDODO
VDQWXDULR\ODSHUVRQDTXHGyHQSD]FRQ'LRV(QOXJDUGHTXLWDUDOSHFDGRUGH
VXSUHVHQFLD<DKYpOLPSLyDOSHFDGRUDÀQGHSUHVHUYDUODUHODFLyQGHOSDFWR
(OVDQWXDULRVHGHEtDOLPSLDUGH´WRGDVODVLQLTXLGDGHV>LN:!$8Z#<#5%,"1+%(1&/"(1#
X*.6H/&5:@ GH ORV LVUDHOLWDV FXDOHVTXLHUD TXH KD\DQ VLGR VXV SHFDGRV#
XAWR$!8":@µ /Y FI   /DDFXPXODFLyQGHHVWRVWpUPLQRVSDUD
HOSHFDGRGHVLJQDWRGRWLSRGHSHFDGRHVGHFLUORVSHFDGRVH[SLDGRVHQHO'tD
GHODH[SLDFLyQ

/RVULWXDOHVGHO'tDGHODH[SLDFLyQSXULÀFDURQHOVDQWXDULRORVDOWDUHV /Y
([ \HOSXHEORSRUTXHVXSXULÀFDFLyQIXHÀQDO´A%>:-.%7:%3468:08N1#
X7.**D## !58Z# GHO VDQWXDULR FRQVDJUDGR# X7.**D## !58Z# <3% 7:% +831<:% <37% '10H31;-,% A% <37%
:7;:-X%C:-.%;:5@8[1%7:%3468:08N1%X7.**D##H'EZ#6,-%7,=%=:03-<,;3=%A%6,-%;,<:%7:%:=:5@73:%
<37% 6H3@7,µ /Y  FCB $TXt WHQHPRV GRV XVRV GH 7.**D# VHJXLGR GH REMHWRV
4&%(35/1# X7.**D## !58  VDQWXDULR WDEHUQiFXOR \ DOWDU@ $ FRQWLQXDFLyQ VLJXH OD
FRQVWUXFFLyQ7.**D##H'ELQGLFDQGRTXHORVLVUDHOLWDVVRQORVEHQHÀFLDULRVÀQDOHV
X7.**D##H'EVDFHUGRWHV\SXHEOR@

(O HVSDFLR VDJUDGR FRQWDPLQDGR HUD HO VDQWXDULR \ VH KL]R H[SLDFLyQ
SDUDOLPSLDUOR3HURGHELGRDTXHPHGLDQWHORVVHUYLFLRVGLDULRVHOSHFDGR\OD
LPSXUH]DGHORVLVUDHOLWDVVHWUDQVÀULHURQDOVDQWXDULRVXHOLPLQDFLyQHQHO'tD
GH OD H[SLDFLyQ KL]R TXH VX SXULÀFDFLyQ IXHUD GHÀQLWLYD DQWH <DKYp ´3RUTXH
HVH GtD VH KDUi H[SLDFLyQ SRU YRVRWURV SDUD SXULÀFDURV 'H WRGRV YXHVWURV

FCA# 9pDVH * ) +DVHO ´6WXGLHV LQ %LEOLFDO $WRQHPHQW ,, 7KH 'D\ RI $WRQHPHQWµ LQ +>3%
6DQFWXDU\DQGWKH$WRQHPHQW%LEOLFDO+LVWRULFDODQG7KHRORJLFDO6WXGLHVHG$9:DOOHQNDPSI
DQG:5/HVKHU :DVKLQJWRQ5HYLHZ +HUDOG 
FCI# =,)("5&"(-#AHG7
FCB# =87
+,;>-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

SHFDGRVTXHGDUpLVOLPSLRVGHODQWHGH<DKYpµ /Y FCF(QWRQFHVHO'tDGH


OD H[SLDFLyQ HV XQD SURFODPDFLyQ GH OD VREHUDQtD GH 'LRV \ GH OD VXSUHPDFtD
GH OD VDQWLGDG VREUH HO SHFDGRLPSXUH]D $GHPiV HO 'tD GH OD H[SLDFLyQ IXH
("# %(,)&4,4# *"# GtD DQXDO GH UHSXULÀFDFLyQ UHFRQVDJUDFLyQ \ UHLQDXJXUDFLyQ SDUD HO
=:1;H:-8,%A%7:%0,5H18<:<7FCG

PKUKVK.*3=7=@B58.50121=/5738

7RGR HO VLVWHPD VDFULÀFLDO KDEOD GH OD 9-:08:% GH 'LRV SRUTXH SHUPLWLy D
ODV SHUVRQDV SHFDGRUDV \ FRQWDPLQDGDV HQFRQWUDU OD H[SLDFLyQ \ OD DFHSWDFLyQ
GH 'LRV (O ULWXDO GHO KRORFDXVWR UHYHOy TXH QDGLH SRGtD DFHUFDUVH DO 6HxRU
VDQWR HQ QLQJ~Q PRPHQWR VLQ XQ DQLPDO VXVWLWXWR SDUD KDFHU OD H[SLDFLyQ /D
YLGD UHSUHVHQWDGD JUiÀFDPHQWH SRU OD VDQJUH WHQtD TXH GDUVH D FDPELR GH
TXH FXDOTXLHU DGRUDGRU VH DFHUFDUD D 'LRV /RV DGRUDGRUHV WHQtDQ TXH WHQHU
("# 3*("5,# .*(-# 3/'/# $(%1/",1# $(3,4/%,1# /# 3/"5,'&",4,1-# 1*# $%(1("3&,# ("# ()#
VDQWXDULR SRU FXDOTXLHU PRWLYR VROR VH EDVDED HQ VX VDQWLÀFDFLyQ PHGLDQWH OD
H[SLDFLyQVXVWLWXWLYDGHOVDFULÀFLRGHVDQJUH

6HJ~Q 5RVV WUHV pQIDVLV HVHQFLDOHV HVWiQ HQ HO FRUD]yQ GH HVWH PHQVDMH
WHROyJLFR   HO SURSyVLWR SULQFLSDO GHO VDFULÀFLR HV OD H[SLDFLyQ 0HGLDQWH OD
SURYLVLyQGHXQVDFULÀFLRVHH[StDQHOSHFDGR\ODFRQWDPLQDFLyQGHPRGRTXH
HORIHUHQWHXQDYH]PiVSXHGDGLVIUXWDUGHODFRPXQLyQFRQHO'LRVVDQWR7DO
H[SLDFLyQHVSRVLEOHVRORSRUODLGHDGHODVXVWLWXFLyQ(VWHWHPDFRQHFWDWRGRHO
ULWXDOFRQODJUDFLDGH'LRVTXHSHUPLWHDOSHFDGRUYLYLU\HQWUDUHQVXSUHVHQFLD
PHGLDQWH OD PXHUWH GH XQ VXVWLWXWR   'LRV HOLJH OD VDQJUH FRPR XQD IRUPD
JUiÀFDSDUDDVHJXUDUODPXHUWHGHODYtFWLPDSRUTXHODYLGDHVWiHQODVDQJUH
/D VDQJUH DVSHUMDGD FRQWUD ORV FRVWDGRV GHO DOWDU IXH HO WHVWLPRQLR S~EOLFR GH
TXHHOVDFULÀFLRKDEtDVLGRKHFKR  (OVDFULÀFLRDJUDGyDO6HxRU(VWRVLJQLÀFD
TXHHOVDFULÀFLRIXHH[LWRVRTXHFXPSOLyVXSURSyVLWRFCH

FCF# =87
FCG 9pDVH$YHUEHFN&"+G(OOLEURGH+HEUHRVHQHO17GHVFULEHDE-8=;,#3/'/#()#+%,"#1*'/#
VDFHUGRWH6LHQGRpOPLVPROLEUHGHOSHFDGR-HV~VIXQFLRQyFRPRHO=H5,%=:03-<,;3%63-230;,7#
(QFRQWUDVWHFRQHOVXPRVDFHUGRWHGHO$7-HV~VQRWHQtDTXHRIUHFHUQLQJ~QVDFULÀFLRSRU
Vt PLVPR SULPHUR QL WHQtD TXH RIUHFHU XQ VDFULÀFLR FDGD DxR +HE   (Q VX PXHUWH
-HV~VIXHDOPLVPRWLHPSRHOVDFULÀFLRSHUIHFWR7#6(1$*?1#4(#4(%%,',%#1*#1,"+%(#("#),#5&(%%,-#
-HV~VDVFHQGLyDOFLHORGRQGHFRPSOHWyODREUDGHH[SLDFLyQHQHO=:1;H:-8,%0373=;8:7%63-230;,-#
HO SURWRWLSR GHO VDQWXDULR WHUUHQDO FI -Q   YpDV(# ^7# O7# O,"(-# +HEUHZV ²-# ^=:# FCQ#
'DOODV:RUG%RRNV LGHP+HEUHZV²-#^=:#FC=#K6,)),1U#^/%4#=//_1-#AEEAL7
FCH# N/11-#C,7813==%#")&-#DH7
/0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$% &"' &/' %&")2(' 1"$4$%0#(2' #&/' *0")102$(' +,;9-'

(OpQIDVLVSULQFLSDOGHODRIUHQGDGHFHUHDOJUDQRHVVXLGHDGHOD<3<80:08N1#
D'LRV(OFRQFHSWRHVTXHDTXHOORVTXHKDQVLGRUHFRQFLOLDGRVFRQ'LRV\WLHQHQ
DFFHVR D VX SUHVHQFLD UHFRQRFHUiQ UHJXODUPHQWH TXH OH GHEHQ WRGR D 'LRV OD
GHGLFDFLyQVLJXHDODH[SLDFLyQ(VWDRIUHQGDOHSURSRUFLRQyDODGRUDGRULVUDHOLWD
DJUDGHFLGR HO FDPLQR SDUD KDFHU HVWR /DV FDOLÀFDFLRQHV SDUD OD RIUHQGD GH
FHUHDOJUDQRSURSRUFLRQDQLGHDVWHROyJLFDVDGLFLRQDOHV/RTXHVHOHGDD<DKYp
GHEHVHUVLQFRUUXSFLyQRFRQWDPLQDFLyQ(VWRKDEODGHODGHYRFLyQGHDTXHOORV
TXHIXHURQOHDOHVDOSDFWR\GHVHDEDQPRVWUDUHVDOHDOWDGDOGDUD'LRVORPHMRU
TXHWHQtDQ

(OpQIDVLVWHROyJLFRSULQFLSDOGHODRIUHQGDGHSD]GHEHVHUFHOHEUDUWRGRV
ORV EHQHÀFLRV GH HVWDU HQ SD] FRQ 'LRV LQGLFD TXH WRGR HVWi ELHQ HQWUH HO
DGRUDGRU \ 'LRV 7RGDV ODV RFDVLRQHV SDUD OD RIUHQGD GH SD] HVWiQ FRQHFWDGDV
D ODV EHQGLFLRQHV GH 'LRV VREUH ORV MXVWRV /D RIUHQGD GH SD] IXH OD 0373@-:08N1#
'21#,)(+%(#("#()#%&5*,)#4(#R1%,()7#:/'(%#*",#3/'&4,#3/'*"&5,%&,#("#),#$%(1("3&,#
GH<DKYpGHELGRDORVEHQHÀFLRVGHHVWDUHQSD]FRQ'LRVVHFRQYLUWLyHQXQD
JUDQÀHVWDHQHOVDQWXDULR\HQHOSXQWRFXOPLQDQWHGHODDGRUDFLyQLVUDHOLWDFCC

/DLGHDVREUHODRIUHQGDSRUHOSHFDGR SXULÀFDFLyQ VRQORVHIHFWRVGHOD


FRQWDPLQDFLyQGHGLIHUHQWHVSHFDGRVHVSHFLDOPHQWHORVSHFDGRVGHORVOtGHUHVHQ
RSRVLFLyQDORVGHOSXHEORFRP~QRORVSHFDGRVGHODFRPXQLGDGHQRSRVLFLyQ
DORVGHOLQGLYLGXR3HURHOFRQFHSWRWHROyJLFRGRPLQDQWHHVODSXULÀFDFLyQOD
FRQH[LyQLQWHUQDHQWUHHOULWXDOGHVDQJUHSDUDODSXULÀFDFLyQ\HO63-<N1#4(#)/1#
$(3,4/17

(OSULQFLSDOSXQWRWHROyJLFRDFHUFDGHODRIUHQGDSRUODFXOSD UHSDUDFLyQ 
(1#.*(#),#-36:-:08N1HVHYLGHQFLDGHXQYHUGDGHUR:--3631;85831;,7#Q*".*(#6&/1#
KDFHSURYLVLyQSRUVXJUDFLDSDUDHOSHUGyQ\ODUHVWDXUDFLyQGHORVFXOSDEOHV
UHTXLHUHDUUHSHQWLPLHQWRJHQXLQRFRPRXQUHTXLVLWRSUHYLRSDUDHOSHUGyQ

/D LGHD FHQWUDO GH /HYtWLFR  HV OD 0,1=:9-:08N1 DO VHUYLFLR +D\ WDPELpQ
RWURV PRWLYRV WHROyJLFRV UHOHYDQWHV OD SXULÀFDFLyQ ODYDPLHQWR FRQ DJXD  OD
6-36:-:08N1 YHVWLUVHFRQURSD OD0,1=:9-:08N1 XQFLyQFRQDFHLWH ODVDQWLÀFDFLyQ
DSOLFDFLyQGHODVDQJUH \ODGHGLFDFLyQ OOHQDUODVPDQRV 

3XHVWRTXH/HYtWLFRUHJLVWUDODLQDXJXUDFLyQGHODDGRUDFLyQGH,VUDHOEDMR
HOVLVWHPDOHYtWLFRHOSXQWRWHROyJLFRFHQWUDOHVHO6:;-N1%<3%:<,-:08N17#Q4('21-#

FCC# ,ELG
+,;B-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

VH GHEH DJUHJDU OD VHFXHQFLD GH DFWRV GH DGRUDFLyQ (O ULWXDO VH GLVHxy SDUD
OOHYDUDODVSHUVRQDVGHOFDPSDPHQWRDODSUHVHQFLDGH'LRV(VWRUHTXLULyTXH
ORVVDFULÀFLRVQHFHVDULRVVHGLHUDQHQVHFXHQFLDDPHGLGDTXHORVDGRUDGRUHVVH
DFHUFDEDQD'LRVWDQWRItVLFDFRPRHVSLULWXDOPHQWH/HYtWLFRPXHVWUDHORUGHQ
GHORVVDFULÀFLRVTXHFXOPLQDFRQODDSDULFLyQGHODJORULDGH<DKYpDOHQWUDUHQ
HOWDEHUQiFXORVDQWXDULRFCD

(O RUGHQ GH ORV VDFULÀFLRV HV VLJQLÀFDWLYR /D RIUHQGD SRU HO SHFDGR
SXULÀFDFLyQ  IXH OD SULPHUD SDUD PRVWUDU TXH OD SULRULGDG HUD OD 785683R:# 4()#
/XJDU 6DQWR GHELGR D OD FRQWDPLQDFLyQ \ HO SHFDGR (QWRQFHV ORV DGRUDGRUHV
SRGtDQ HQFRQWUDU SOHQD :036;:08N1 HQ OD SUHVHQFLD GH 'LRV PHGLDQWH HO HIHFWR
H[SLDWRULR GHO KRORFDXVWR < HVWR HVWLPXOy VX GHGLFDFLyQ D <DKYp WDO FRPR
VH H[SUHVD PHGLDQWH OD RIUHQGD GH JUDQRFHUHDO )LQDOPHQWH ORV DGRUDGRUHV
SRGtDQGLVIUXWDUODFHOHEUDFLyQGHODSD]FRQ'LRVFRQODFRPLGDFRPXQLWDULDGH
ODRIUHQGDGHSD]

/HYtWLFRWUDWDVREUHHOUH808,GLYLQRQRVREUHHOSXHEORPDOYDGRHQHO
PXQGRVLQRVREUHVDFHUGRWHVGHVREHGLHQWHVGHQWURGHOVDQWXDULR/DUDSLGH]\
ODVHYHULGDGGHODGLVFLSOLQDVRQXQDDGYHUWHQFLDSDUDWRGRVORVTXHMXHJDQFRQ
ODV VDQWDV RUGHQDQ]DV GH 'LRV /RV VDFHUGRWHV GHEHQ DVHJXUDUVH TXH SXHGHQ
GLVWLQJXLUVHSDUDUHQWUHORVDQWR\ORSURIDQRHQWUHORSXUR\ORLPSXURPLHQWUDV
HQVHxDQORVGHFUHWRVGH<DKYpFCE

/HYtWLFR VH SUHRFXSD GH OODPDU D OD VDQWLGDG HQ ODV HVIHUDV RUGLQDULDV
GH OD YLGD FRWLGLDQD /D FRQH[LyQ HQWUH OD VDQWLGDG GH 'LRV \ HO OODPDGR D VHU
VDQWR HQ ORV DVXQWRV FRWLGLDQRV GH OD YLGD FRP~Q A$E ´FRP~Q SURIDQRµ GH
A"E'EL#1(#1(],),#4(14(#()#3/'&("@/#4(#(15,1#)(<(1#4(#6H-3R:/RVFDStWXORV
DGYLHUWHQDODFRPXQLGDGTXHREVHUYHODGLVWLQFLyQHQWUHORSXUR\ORLPSXURFDJ#
$OPLVPRWLHPSRHVWDVLQVWUXFFLRQHVDQWLFLSDQ\SUHSDUDQSDUDHOJUDQ'tDGHOD
H[SLDFLyQTXHVHGHVFULEHHQ/HYtWLFR(VWDVOH\HVGHSXUH]DHQHQVHxDQ
TXHODIRUPDHQTXHXQRYLYHIXHUDGHOVDQWXDULRWDPELpQHVLPSRUWDQWHSDUDOD
DGRUDFLyQHQODSUHVHQFLDGH'LRVFDA

/RV VDFHUGRWHV WUDEDMDURQ SDUD FUHDU PDQWHQHU \ UHVWDEOHFHU HO RUGHQ


GLYLQR VLPEROL]DGR SRU ORV VLVWHPDV GH FODVLÀFDFLyQ GH OR SXURLPSXUR \ OR

FCD# ,ELG
FCE# 9pDVH36HJDO´7KH'LYLQH9HUGLFWRI/HYLWLFXV;µ`+  
FDJ# 1,'277(
FDA# 9pDVH:HQKDP#3O8;80H=
/0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$% &"' &/' %&")2(' 1"$4$%0#(2' #&/' *0")102$(' +,;?-'

VDQWRFRP~Q /D FDUJD GDGD D ORV VDFHUGRWHV HQ /Y  SDUD ´GLVWLQJXLU
1($,%,%V# X&'94+E# 4(# 9"4'EZ# ("5%(# )/# 1,"5/# <# )/# 3/'["# <# ("5%(# )/# $*%/# <# )/#
LPSXURXWLOL]DODPLVPDUDt]KHEUHDSDUDODDFFLyQGLYLQDGHKDFHUGLVWLQFLRQHV
HQ HO SURFHVR GH FUHDFLyQ *Q  >&'94+E@  (VWD IXQFLyQ GLYLQD GHEH
FRQWLQXDUOD,VUDHOORVVDFHUGRWHVHQVHxDUOD\HOSXHEORSUDFWLFDUOD(OSURSyVLWR
GH ODV GLVFULPLQDFLRQHV TXH ,VUDHO GHEH LPSRQHU DO PXQGR DQLPDO VH H[SOLFD
LQHTXtYRFDPHQWH HQ /Y  /D VHSDUDFLyQ GH ORV DQLPDOHV HQ SXURV H
LPSXURVHVWDQWRXQPRGHORFRPRXQDOHFFLyQSDUDTXH,VUDHOVHVHSDUHGHODV
QDFLRQHV3RUORWDQWR,VUDHOGHEHDEVWHQHUVHGHSDUWLFLSDUGHVXVSUiFWLFDV\DVt
VHUHOHJLEOHSDUDXQDYLGDGHVDQWLGDGFDI

!)# 3("5%/# 4()# /%4("# 3%(,4/# (1# *"# /%4("# %&5*,)7# !15(# /%4("# %&5*,)# 1(#
PDQLÀHVWD HQ OD VHPDQD GH OD FUHDFLyQ HQ OD TXH 'LRV KDEOD \ FUHD XQ RUGHQ
FyVPLFR TXH HQFXHQWUD VX FXOPLQDFLyQ HQ HO GtD GH ViEDGR 6H PDQLÀHVWD FRQ
OD PLVPD FODULGDG HQ HO SDFWR GHO 6LQDt HQ HO TXH 'LRV KDEOD \ FUHD XQ ,-<31%
0T7;80,%YH3%310H31;-:%=H%031;-,%31%37%=:1;H:-8,%<,1<3%&8,=%-3=8<3%31%53<8,%<37%5H1<,7#
(ORUGHQULWXDODOLJXDOTXHHORUGHQFyVPLFRHVWDEOHFHOtPLWHV\FDWHJRUtDVTXH
SHUPLWHQ TXH XQ 'LRV VDQWR PRUH HQ PHGLR GH XQ PXQGR VXMHWR DO SHFDGR \
),#&'$*%(@,7FDB&XDQGRHVWRVOtPLWHVFRODSVDQHOHVSDFLRVDJUDGRGH'LRVHQOD
WLHUUD LHHOVDQWXDULR HVWiFRPSURPHWLGR\ODDUPRQtDHQWUH'LRV\HOPXQGR
HVWi URWD 3DUD ,VUDHO FX\D FRVPRYLVLyQ FRPLHQ]D FRQ 'LRV HO ULWXDO QXQFD
SXHGHVHUVLPSOHPHQWHXQDVHULHGHDFFLRQHVIRUPDOHVHPSUHQGLGDVSRUHOELHQ
GH ORV DFWRV PLVPRV (Q FDPELR HO ULWXDO VHUi XQ PHGLR GH FRPXQLFDFLyQ FRQ
'LRV ,VUDHO GHMD OD PRQWDxD VDJUDGD 6LQDt  SHUR SHUPDQHFH FHUFD GH 'LRV DO
FHQWUDUVXYLGDHQHOVDQWXDULRVDJUDGR\ORVULWXDOHVTXHVRVWLHQHQXQDFRQH[LyQ
3/"5&"*,#3/"#)/#1,"5/7

*RUPDQ PXHVWUD TXH ORV ULWXDOHV OHYtWLFRV VH HQWLHQGHQ PHMRU FRPR OD
UHSUHVHQWDFLyQ VLJQLÀFDWLYD GHO PXQGR RUGHQDGR \ WHROyJLFR GH ORV GLVHxRV
FUHDFLRQDOHV GH 'LRV $Vt FRPR VLHWH GLVFXUVRV FRPSUHQGHQ OD FUHDFLyQ GHO
PXQGR *Q   \ VLHWH GLVFXUVRV e[RGR   \ VLHWH DFWRV ([  
WUDHQHOWDEHUQiFXORVDQWXDULRDODH[LVWHQFLDDVtWDPELpQVLHWHGLVFXUVRVGLYLQRV
HVWDEOHFHQ ODV LQVWUXFFLRQHV SDUD OD DFWLYLGDG VDFULÀFLDO /HYtWLFR   \ VLHWH
DFWRVFRPSOHWDQODRUGHQDFLyQDOVDFHUGRFLR /HYtWLFR FDF#!"#3/"1(3*("3&,-#()#

FDI# 9pDVH0LOJURP#3O8;80H=-#AIA7
FDB# *RUPDQ
FDF# ,ELG
+,;@-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

VLVWHPDULWXDOVHEDVDHQODWHRORJtDGHODFUHDFLyQHVGHFLUHVH1%53<8,%6:-:%7:%
0,1=;-H008N1%<37%5H1<,7FDG/DGLVFULPLQDFLyQHQWUHORSXUR\ORLPSXURHVSDUWHGH
XQDFRQVWUXFFLyQWHROyJLFDLQWHQFLRQDO\OOHQDGHSURSyVLWRGHOPXQGRFDH

'RVpQIDVLVSDUWLFXODUHVGHQWURGH/HYtWLFRDSR\DQHOYtQFXORWHROyJLFR
HQWUH XQ VDQWXDULR SXULÀFDGR \ XQ PXQGR UHVWDXUDGR D VX RUGHQ FUHDFLRQDO
  6H SXHGH UHFRUGDU TXH HO WDEHUQiFXORVDQWXDULR UHÁHMD OD VHSDUDFLyQ
RUGHQDGD\ODGLYLVLyQHQWUHORFRP~Q\ORVDJUDGRTXHHVLQKHUHQWHHQHOGLVHxR
FUHDFLRQDO&XDQGRHVWRVOtPLWHVHVWiQHQVXOXJDUHOPXQGRGLVIUXWDGHORUGHQ
\ODDUPRQtD(OWDEHUQiFXORVDQWXDULRUHÁHMDHVWHPXQGRRUGHQDGRPDUFDQGR
FXLGDGRVDPHQWHORVOtPLWHVHQWUHORVDJUDGR\ORFRP~QORSXUR\ORLPSXUR\
HVIRU]iQGRVHSRUVRVWHQHUORVPHGLDQWHULWXDOHVVDQWRVGHDGRUDFLyQ\PHGLDQWH
OD FRQGXFWD VDQWD HQ ODV HVIHUDV GH OD YLGD FRWLGLDQD   (O VLVWHPD VHSWHQDULR
TXHFRQHFWDHOULWXDOGHO'tDGHODH[SLDFLyQFRQHOGLVHxRFUHDFLRQDO/DOLPSLH]D
GHOVDQWXDULRHVXQULWXDOWULSDUWLWRTXHLQYROXFUDXQVpSWXSORDVSHUMDPLHQWRGH
VDQJUHHQFDGDXQDGHODViUHDVVDJUDGDVHO/XJDU6DQWtVLPR /Y HO/XJDU
6DQWR  \HODOWDUGHORVKRORFDXVWRV  FDC(O'tDGHODH[SLDFLyQTXH
VHSURGXFHDOÀQDOGHODSXULÀFDFLyQHV´HOFOtPD[\ODFRURQDGHODWHRORJtDGH
ODVDQWLÀFDFLyQGH,VUDHOµFDD)XHHOGtDPiVVDJUDGRGHODxR\VLJXHVLpQGRORHQ
HOMXGDtVPRKDVWDHOGtDGHKR\

(OWHPDWHROyJLFRSULQFLSDOGH/HYtWLFRHVODVDQWLGDGGHODVDQJUH/D
EDVHGHHVWHpQIDVLVIRUPDODVHJXQGDLGHDLPSRUWDQWHODYLGDHVWiHQODVDQJUH
'HUUDPDU VDQJUH HV GHUUDPDU YLGD 9DULRV PRWLYRV WHROyJLFRV LPSRUWDQWHV
DSDUHFHQ HQ /HYtWLFR  (VSHFLDOPHQWH WHQHPRV HO pQIDVLV HQ OD ,@3<83108:# ,# ),#
YROXQWDG GH 'LRV /D SHUVSHFWLYD GH XQD YLGD ODUJD \ SURGXFWLYD VH RIUHFH D
DTXHOORV TXH YLYHQ HQ DUPRQtD FRQ OD YROXQWDG GH 'LRV (VWR VLJQLÀFD TXH QR
YLYHQ GH DFXHUGR FRQ ODV DERPLQDFLRQHV SROLWHLVWDVFDE# !"5/"3(1-# ("# ()# 3("5%/#
GHHVWHFDStWXORHVWiHOFRQWUDVWHHQWUHODVDQWLGDG\ODVYLRODFLRQHVVH[XDOHV(O
MXLFLRHVWDPELpQXQPRWLYRLPSRUWDQWHDTXt$TXHOORVTXHYLRODQODYROXQWDG
GH'LRV\GLVWRUVLRQDQVXSODQGHLQWLPLGDGVH[XDOSLHUGHQVXGHUHFKRDYLYLU
\ÁRUHFHUHQODWLHUUDFEJ

FDG# ,ELG
FDH# 9pDVH*DPPLH5'1HOVRQ):8=819%_6%:%Z:8;>2H7%G-83=;F%E,55H18;A%:1<%G-83=;>,,<%81%
?8@780:7%+>3,7,9A /RXLVYLOOH:-. 
FDC# 9pDVH0LOJURP/HYLWLFXV
FDD# ´7KHFOLPD[DQGFURZQRI,VUDHO·VWKHRORJ\RIVDQFWLÀFDWLRQµ0D\V
FDE# 9pDVH$35RVV´7KH&XUVHRI&DQDDQµ?!:0  
FEJ# 9pDVH5RVVC,7813==%#")&-#BFJ7
/0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$% &"' &/' %&")2(' 1"$4$%0#(2' #&/' *0")102$(' +,;;-'

/D UHODFLyQ GH OH\HV GH /HYtWLFR  GHVDUUROOD YDULRV WHPDV WHROyJLFRV
FODURV (O REMHWLYR GH OD VXPD GH HOORV HV OD VDQWLGDG 3HUR HO FDStWXOR PXHVWUD
FyPRGHEHUtDVHUODVDQWLGDGDGRUDFLyQKRQHVWLGDGLQWHJULGDGMXVWLFLD\DPRU
ÔQLFR HQ HVWH FDStWXOR GH OD OH\ HV HO GREOH OODPDGR D ORV PLHPEURV GHO SDFWR
,# :5:-# X!"&'9@ D RWUD JHQWH 6X DPRU SRU 'LRV \D HUD OD LQVSLUDFLyQ SDUD OD
REHGLHQFLDDeOSHURHOPHGLRSRUHOFXDOFXPSOLHURQORVGHEHUHVGHOSDFWRHQWUH
HOORV\FRQORVIRUDVWHURVIXHWDPELpQHO:5,-TXHQRVHUHÀHUHDORVVHQWLPLHQWRV
VLQRDODVDFFLRQHV(OXVRGHOYHUER!"&'9´DPDUµPiVODSUHSRVLFLyQE)´DSDUDµ
XQLGD D VX REMHWR SXHGH WHQHU OD FRQQRWDFLyQ GH ´D\XGDU VHU ~WLOµFEA# O,# &4(,#
DTXtHVFODUDPHQWHODGHODDFFLyQEHQHÀFLRVDPRWLYDGDSRUODSUHRFXSDFLyQSRU
,)+*&("7FEI

/D3DVFXDHUDHOIHVWLYDOGHODOLEHUWDGSDUDHOSXHEORGH,VUDHO /Y 
VXVLGHDVWHROyJLFDVLQFOX\HQODUHGHQFLyQHOMXLFLR\ODOLEHUWDGFEB/DÀHVWDGH
ODV SULPLFLDV /Y   \ OD ÀHVWD GH ODV VHPDQDV /Y   WLHQHQ FRPR
SULQFLSDOpQIDVLVWHROyJLFRHO:9-:<3085831;,\ODGHGLFDFLyQGHOSXHEORD'LRVSRU
ODJHQHURVLGDGTXHKDEtDQUHFLELGR

/D LGHD WHROyJLFD SULQFLSDO GH /HYtWLFR  HV OD @31<808N1 GH 'LRV 8QD
EHQGLFLyQHVXQUHJDORXQHQULTXHFLPLHQWRGHODYLGDRXQDKDELOLWDFLyQSDUDOD
SURVSHULGDGTXHSURYLHQHGH'LRVFEF3RUXVRDPHQXGRUHSUHVHQWDXQEHQHÀFLR
ItVLFRFRPRULTXH]DSURVSHULGDGKLMRVp[LWRRSD]SHURODEHQGLFLyQWDPELpQ
SXHGHVHUHVSLULWXDOFRPRODJUDFLD\ODSD]GH'LRV 1P RODFRPXQLyQ
FRQ 'LRV 6DO   7DQWR ODV EHQGLFLRQHV ItVLFDV FRPR ODV HVSLULWXDOHV VH
HQFXHQWUDQ HQ /HYtWLFR  (O UHVWR GH /HYtWLFR  VH GLULJH D OD DPHQD]D GH
PDOGLFLRQHVSRUGHVREHGLHQFLD(OFRQFHSWRKHEUHRGHPDOGLFLyQHVVLPSOHPHQWH
HOGHTXLWDURDOHMDUDXQDSHUVRQDGHOOXJDUGHEHQGLFLyQFEG

(OpQIDVLVSDUWLFXODUGH/HYtWLFRDSDUHFHHQORVYYVHUHÀHUHDODV
GRVOtQHDVSULQFLSDOHVGHDGRUDFLyQPHGLDQWHODVFXDOHVVHSXHGHUHSUHVHQWDU\
VRVWHQHUODOHDOWDGD'LRVHOViEDGR\HOVDQWXDULR(OViEDGRPDUFDXQ ;8356,%

FEA# 9pDVH $ 0DODPDW ´/RYH <RXU 1HLJKERU DV <RXUVHOI :KDW LW 5HDOO\ 0HDQVµ ?*)# AH#
 
FEI# +DUWOH\#3O8;80H=-#BAD7
FEB# 3RUHMHPSORYpDVH0+DUDQ´7KH3DVVRYHU6DFULÀFHµLQ!;H<83=%81%;>3%)37898,1%,2%*10831;%
$=-:37976XS /HLGHQ%ULOO 
FEF# 9pDVH&:HVWHUPDQQ?73==819%81%;>3%?8@73%:1<%;>3%#823%,2%;>3%E>H-0> 3KLODGHOSKLD)RUWUHVV
 WDPELpQ7'27
FEG# 7'27
+.<<-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

=:9-:<,HQODWLHUUDHQUHFXHUGRGHORUGHQSULPRUGLDOTXH'LRVKDRUGHQDGRSDUD
()#3/1'/17#!)#1,"5*,%&/#',%3,#*"#)*+,%#1,+%,4/#("#),#5&(%%,#4/"4(#),#$%(1("3&,#
PRUDQGR GH 'LRV FRQYRFD D XQD FRPXQLGDG D FRQFUHWDU HO GLVHxR FUHDFLRQDO
PHGLDQWHODVDQWLGDGGHOSDFWR YpDVHSDUDXQUHVXPHQ7DEOD FEH

(O SXHEOR PRVWUy VX OHDOWDG D <DKYp HYLWDQGR ORV tGRORV REVHUYDQGR
HO ViEDGR FRPR XQ WHVWLPRQLR GH VX UHODFLyQ GH SDFWR FRQ HO &UHDGRU \
UHYHUHQFLDQGRHOVDQWXDULRFRPRHOOXJDUGRQGH'LRVVHUHXQLyFRQVXSXHEOR
+DUULVRQORH[SOLFDDVt´/DREVHUYDQFLDGHOViEDGR\ODSXQWXDODVLVWHQFLDDOD
DGRUDFLyQHQHOVDQWXDULRVHUiQORVPHMRUHVPHGLRVSDUDSUHYHQLUODVFRUUXSFLRQHV
GHODUHOLJLyQFDQDQHDµFEC

FEH# 9pDVH,.QRKO+>3%!:10;H:-A%,2%!873103F%+>3%G-83=;7A%+,-:>%:1<%;>3%C,7813==%!0>,,7#K;&""(,$/)&1U#
)RUWUHVV 
FEC# ´2EVHUYDQFH RI WKH 6DEEDWK DQG SXQFWLOLRXV DWWHQGDQFH WR ZRUVKLS DW WKH VDQFWXDU\ ZLOO
EH WKH EHVW PHDQV RI IRUHVWDOOLQJ WKH FRUUXSWLRQV RI &DQDDQLWH UHOLJLRQµ +DUULVRQ 
/D WHRORJtD GH -HV~V HQ HO 17 FRPR XQ VDFULÀFLR TXH KL]R H[SLDFLyQ SRU ORV SHFDGRV HV
WDQWR EiVLFD FRPR SURIXQGD SDUD OD WHRORJtD FULVWLDQD 3RU VXSXHVWR HO WUDVIRQGR SDUD
FRPSUHQGHUODVGLYHUVDVGLPHQVLRQHVGHOVDFULÀFLRGH&ULVWRHVHOVLVWHPDVDFULÀFLDOGHO$7
+HEUHRVHVXQSDVDMHFHQWUDOGHO17SHURKD\PXFKRVRWURVFRPRKHPRVYLVWRHQHVWD
WHRORJtDEtEOLFD&RQUHVSHFWRDODDGRUDFLyQVDFULÀFLDOORTXH&ULVWRKL]RHQODFUX]VHYH
HQHO17FRPRHOVDFULÀFLRH[SLDWRULRKHFKRGHXQDYH]SRUWRGDVSRUWRGDODKXPDQLGDG
TXHVXSHUDFRQFUHFHVODDGRUDFLyQVDFULÀFLDOGHO$73RUORWDQWRODDGRUDFLyQVDFULÀFLDO
GHO $7 FHVy /D HMHFXFLyQ OLWHUDO GHO ULWXDO VDFULÀFLDO FHVy SHUR 7:% 3=3108:% A% 37% 6-,6N=8;,% <37%
VDFULÀFLR ORV VDFHUGRWHV \ HO VDQWXDULR HQFXHQWUDQ VX FXPSOLPLHQWR HQ &ULVWR7# >/%# )/# 5,"5/-# ()#
VLVWHPDVDFULÀFLDOGHO$7GHOLQHyHQVRPEUDV\WLSRVHOSODQGHUHGHQFLyQFHQWUDGRHQOD
YHQLGDGHOUHGHQWRUPHVLiQLFR -HVXFULVWR 
 $GHPiVSXHVWRTXH-HV~VVHRIUHFLyDVtPLVPRSRUORVSHFDGRUHV\VXVGLVFtSXORVHVWiQ
OODPDGRVDVHJXLUORORVFULVWLDQRVHVWiQOODPDGRVDRIUHFHUVHSRUFRPSOHWRDO6HxRUFRPR
VDFULÀFLRV \ RIUHQGDV DFHSWDEOHV ´2V H[KRUWR SXHV KHUPDQRV SRU OD PLVHULFRUGLD GH
6&/1-# ,# .*(# RV RIUH]FiLV D YRVRWURV PLVPRV FRPR XQ VDFULÀFLR YLYR VDQWR DJUDGDEOH D 'LRV WDO
=3-.% OH3=;-,% 0H7;,% 3=68-8;H:7µ 5R  %-  (Q FRQVHFXHQFLD H[LVWH XQD IXHUWH \ SURIXQGD
FRQWLQXLGDGHQWUHODFRQFHSFLyQWHROyJLFDGHOVDFULÀFLR\ODRIUHQGDGHO$7\HO17
 $KRUDSRUORWDQWRHVWDIXHUWH\SURIXQGDFRQWLQXLGDGHQWUHODFRQFHSFLyQWHROyJLFDGHO
$7\HO17QRVRORGHOVDFULÀFLR\ODRIUHQGDVLQRWDPELpQGHWRGRHOVDQWXDULRWHUUHQDOHVHOVHU
KXPDQRHOFULVWLDQRFRPRHVWDEOHFHH[DFWDPHQWHHOPHQVDMHEtEOLFRGHO17´¢1RVDEpLVTXH
=,8=% ;3567,% <3% &8,= \ TXH HO (VStULWX GH 'LRV KDELWD HQ YRVRWURV"µ >«@ ´¢2 QR VDEpLV TXH
OH3=;-,%0H3-6,%3=%;3567,%<37%'=6M-8;H%!:1;,TXHHVWiHQYRVRWURV\KDEpLVUHFLELGRGH'LRV\
TXHQRRVSHUWHQHFpLV"µ>«@´¢4XpFRQIRUPLGDGHQWUHHOWHPSORGH'LRV\HOGHORVtGRORV"
>/%.*(# 1,=,;-,=% =,5,=% ;3567,% <3% &8,=% O8O, FRPR GLMR 'LRV +DELWDUp HQ PHGLR GH HOORV \
FDPLQDUp HQWUH HOORV \R VHUp VX 'LRV \ HOORV VHUiQ PL SXHEORµ >«@ ´$Vt SXHV \D QR VRLV
H[WUDxRV QL IRUDVWHURV VLQR FRQFLXGDGDQRV GH ORV VDQWRV \ IDPLOLDUHV GH 'LRV HGLÀFDGRV
VREUH HO FLPLHQWR GH ORV DSyVWROHV \ SURIHWDV VLHQGR OD SLHGUD DQJXODU &ULVWR PLVPR HQ
TXLHQ WRGD HGLÀFDFLyQ ELHQ WUDEDGD VH HOHYD KDVWD IRUPDU H1% ;3567,% =:1;,% 31% 37% !3j,--# ("#
/0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$% &"' &/' %&")2(' 1"$4$%0#(2' #&/' *0")102$(' +.<,-'

*5675.ETK.*3M58.43=7>@12=8.50121=/5738.3/.37.85/4<5:1=

":5215 $3012521>/
&3736:521>/ 3HUGyQ
5HSDUDFLyQ $UUHSHQWLPLHQWR
&=/85@:521>/ 3UHSDUDFLyQ
3DWUy/.03.50=:521>/ /LPSLH]D
$FHSWDFLyQ G<121=
3XUH]D +63013/215
!M=: !@:50321M13/4=
?3/0121>/ 7LHPSRVDJUDGR

PKVK.9!,.*%+9+"-!,.$%.)_(%#+,.%).%9.,!)*D!#'+

´(O 6HxRU OH KDEOy D 0RLVpV HQ HO GHVLHUWR GH 6LQDt HQ OD 7LHQGD GH
UHXQLyQHOGtDSULPHURGHOPHVVHJXQGRHQHOVHJXQGRDxRGHVSXpVGHTXHORV
LVUDHOLWDV VDOLHURQ GH (JLSWRµ 1P   ´<DKYp KDEOyµ >C'B)4'99D## B&C&Z# (1#
FDUDFWHUtVWLFRGHWRGRHOOLEURFEDGRQGHPiVGHYHFHV\HQDSUR[LPDGDPHQWH
YHLQWH PDQHUDV GLIHUHQWHV VH GLFH TXH HO 'LRV GH ,VUDHO GLMR DOJR HVSHFLDO D VX
SXHEORFEE(OWtWXOR´1~PHURVµGHULYDGHOJULHJR *-8;>5,8 \GHOODWtQ BH53-8L-#
EDViQGRVHSULQFLSDOPHQWHHQODVGRVQXPHUDFLRQHVGHWDOODGDVROLVWDVFHQVDOHV
GHODVGRFHWULEXVGH,VUDHOHQ1~PHURV\

6HWRPDHOSULPHUFHQVRGHODJHQHUDFLyQGHLVUDHOLWDVGHOp[RGR´KDJDQ
XQFHQVRGHWRGDODFRPXQLGDGGH,VUDHOSRUFODQHV\SRUIDPLOLDVSDWULDUFDOHV
DQRWDQGR XQR SRU XQR ORV QRPEUHV GH WRGRV ORV YDURQHVµ   (O VHJXQGR
FHQVR GH OD QXHYD JHQHUDFLyQ GH LVUDHOLWDV QDFLGRV HQ HO GHVLHUWR WLHQH OXJDU
DSUR[LPDGDPHQWH FXDUHQWD DxRV GHVSXpV GHO p[RGR GH ,VUDHO GH (JLSWR 1P
 

TXLHQ WDPELpQ YRVRWURV FRQ HOORV HVWiLV VLHQGR HGLÀFDGRV SDUD VHU PRUDGD GH 'LRV HQ HO
(VStULWXµ &R&R(I%-  YpDVH7DEOD 

7DEOD/DFRQWLQXLGDGHQWUHHO$7\ODFRQFHSFLyQWHROyJLFDGHOVDQWXDULRGHO17

6DQWXDULRWHUUHQDO\VDFULÀFLR\RIUHQGD $7 .o#,3:.H<M5/=.`&:18415/=a0 17
FED# >,%,#)/1#*1/1#4(#C'B)4'99D#FRPRPDUFDGRUSULQFLSDOHQ1~PHURVYpDVH


FEE# 9pDVH5%$OOHQBH5@3-=(%& *UDQG5DSLGV=RQGHUYDQ 
+.<.-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

(QOD%LEOLDKHEUHDHOQRPEUHGHOOLEURQRHV1~PHURVVLQR9>:.49"#´HQ
HO GHVLHUWR >GHO 6LQDt@µ &RPR FRQ ORV RWURV OLEURV GHO 3HQWDWHXFR+,-.-# 1(# *1,#
XQDSDODEUDRIUDVHVLJQLÀFDWLYDGHODSULPHUDOtQHDGHOOLEURFRPRWtWXOR(VWH
WtWXORVXEUD\DHOHQWRUQRGHOGHVLHUWRHQHOOLEURFXDQGR,VUDHOYLDMDGHVGH(JLSWR
,#1*#5&(%%,#$%/'(5&4,#("#:,",2"7GJJ

(O OLEUR GH 1~PHURV UHODWD TXH DTXHOORV TXH SDUWLHURQ GHO 6LQDt VH
/%+,"&@,%/"#("#0M-0H7,=%0,10[1;-80,=%<3%=:1;8<:<7#!"#37%031;-,%3=;:@:%37%;:@3-1.0H7,
=:1;H:-8,HOVtPERORFHQWUDOGHODSUHVHQFLDGH'LRV5RGHDQGRHOWDEHUQiFXOR
VDQWXDULR HVWDED OD WULEX GH ORV OHYLWDV FXVWRGLRV HVSHFLDOHV GHO WDEHUQiFXOR
VDQWXDULRVDQWR\WRGDVVXVSHUWHQHQFLDV 1P $OUHGHGRUGHORVOHYLWDV
HQFtUFXORVHQH[SDQVLyQHVWDEDQODVWULEXVUHVWDQWHVGH,VUDHOFRQVXVUHVSHFWLYDV
WLHQGDV RULHQWDGDV KDFLD HO WDEHUQiFXORVDQWXDULR 1P   <D VHD TXH
HVWXYLHUDQ DFDPSDGRV R HQ PDUFKD ,VUDHO HUD XQD FRPXQLGDG GH IH HO FHQWUR
GHVXYLGD\FXOWRVHUtDHOOODPDGRDDGRUDUD'LRVHQODVDQWLGDGGHOSDFWRGJA#
(VWDLPDJHQGHODRUJDQL]DFLyQGH,VUDHOHQHOFDPSDPHQWRHVXQDH[SUHVLyQGH
),#;3,7,9M:%<3%7:%G-3=3108:%<8O81:7GJI

5RLWPDQ DÀUPD DFHUFD GH OD FHQWUDOLGDG GHO WDEHUQiFXORVDQWXDULR HQ


OD YLGD UHOLJLRVDVRFLDO\WHROyJLFDGH,VUDHOTXH´GHHVWDPDQHUDVHURPStDOD
KRPRJHQHLGDGGHOHVSDFLRSURIDQRFRQYLUWLpQGRVHHQVDJUDGDHOiUHDRFXSDGD
SRUHVWDHVWUXFWXUD$OÀMDUHQHOFHQWURGHOFDPSDPHQWROD7LHQGDVDQWD,VUDHO
FRQVWUXtDDVtVXH[LVWHQFLDVRFLDO\UHOLJLRVDHQWRUQRDO6DQWXDULRRUJDQL]DQGRHO
HVSDFLRFDyWLFRGHOGHVLHUWRHQIXQFLyQGHXQ:48=%5H1<8V7GJB#;21#,4(),"5(#,],4(#
TXH´HOOXJDUVDJUDGRSDUHFHUtDKDEHUVLGRHQWHQGLGRFRPRDOJRIXQFLRQDOQR
ORFDWLYR\GLQiPLFR\QRDOJRHVWiWLFRHLQDPRYLEOHµGJF

'LRV KDEOy HQ XQ OXJDU GHVLJQDGR 37% ;:@3-1.0H7,/=:1;H:-8,% <3% -3H18N17# O/1#
SULPHURVFDStWXORVGH1~PHURVWUDWDQVREUHVXXELFDFLyQ  FXLGDGR 
 SURWHFFLyQ  WUDQVSRUWH  PDQWHQLPLHQWR  LOXPLQDFLyQ
  \ XQLFLGDG   9DULRV HYHQWRV FODYH HQ FDStWXORV SRVWHULRUHV WLHQHQ
OXJDU HQ HVWD 7LHQGD GH UHXQLyQ GRQGH 'LRV GLR VXV LQVWUXFFLRQHV UHYHOy VX
YROXQWDGYLQGLFyDVXVVLHUYRVH[SUHVyVXGHVFRQWHQWR\PDQLIHVWyVXPLVHULFRUGLD

GJJ# 9pDVH-0LOJURPBH5@3-=-367& 3KLODGHOSKLD-HZLVK3XEOLFDWLRQ6RFLHW\ 


GJA# =,)("5&"(-#ACC7
GJI# 9pDVH3-%XGGBH5@3-=-#^=:#G#K^,3/U#^/%4-#AEDF-#IJJIL-#IG7
GJB 5RLWPDQFXUVLYDHQHORULJLQDO
GJF ,ELG
/0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$% &"' &/' %&")2(' 1"$4$%0#(2' #&/' *0")102$(' +.<=-'

1~PHURVGHVFULEH\SUHVHQWDHVDFRPXQLGDGFRPRXQFDPSDPHQWR
'&)&5,%-# $(%/# 0,1;81T:% 37% 312,YH3% 31% 37% ;:@3-1.0H7,/=:1;H:-8,% 0,5,% 37% 031;-,% <3% 7:%
0,5H18<:<(VWDVHFFLyQ  FRPLHQ]DFRQXQFHQVRFX\RSULQFLSDOREMHWLYR
HUDFRQWDUORVKRPEUHVGHYHLQWHDxRVRPiVTXHVHUYLUtDQHQHOHMpUFLWR 1P
 /RVOHYLWDVQRIXHURQLQFOXLGRVHQHOFHQVRSRUTXHHQOXJDUGHVHUYLUHQ
HOHMpUFLWR0RLVpVGHEtDDVLJQDUORVSDUDHOVHUYLFLRGHOVDQWXDULRGHOSDFWRGH
WRGRV VXV XWHQVLOLRV \ GH WRGR OR UHODFLRQDGR FRQ pO 1P  FI 1P  
WUDQVSRUWDUORPLHQWUDVYLDMDEDQ 1~PHURV \SHUPDQHFHUFHUFDGHpOFXDQGR
DFDPSDEDQ SDUD HYLWDU TXH ORV RWURV LVUDHOLWDV LQYDGLHUDQ LOHJtWLPDPHQWH OD
SUHVHQFLD GH 'LRV HQ HO WDEHUQiFXORVDQWXDULR 1P  FI /Y  \
AG-BAL7

7RGDV ODV GHPiV WULEXV GHEtDQ DFDPSDU DOUHGHGRU GHO WDEHUQiFXOR


VDQWXDULR D GLVWDQFLD \ SRU VXV SRVLFLRQHV RUGHQDGDV FDGD IDPLOLD EDMR OD
LQVLJQLD GH LGHQWLÀFDFLyQ LH HVWDQGDUWH R EDQGHUD  GH VX WULEX HQ SDUWLFXODU
1~PHURV (ORUGHQJLUDEDHQHOVHQWLGRKRUDULR DJXMDVGHOUHORM DOUHGHGRU
GHO WDEHUQiFXORVDQWXDULR /RV OHYLWDV IXHURQ XQJLGRV \ FRQVDJUDGRV SDUD HO
VHUYLFLRGHOWDEHUQiFXORVDQWXDULRGH<DKYpHQOXJDUGHOSULPRJpQLWRGHWRGRV
ORV LVUDHOLWDV 1P   FI ([   'H ODV IDPLOLDV GH ORV
OHYLWDV*XHUVyQDFDPSyHQHOODGRRFFLGHQWDOGHOWDEHUQiFXORVDQWXDULR&RDW
HQHOVXU0HUDULHQHOQRUWHPLHQWUDVTXH0RLVpV\$DUyQ\VXVKLMRVHVWDEDQ
HQHOODGRHVWHMXQWRDODSXHUWDTXHOOHYDEDDOWDEHUQiFXORVDQWXDULRGHPRGR
TXHSRGtDQHYLWDUTXHHOSXHEORVHDFHUFDUDGHPDVLDGRRHQWUDVHDOFRPSOHMRGHO
WDEHUQiFXORVDQWXDULR\TXH<DKYpDFWXDVHFRQWUDHOORV 1P GJG

PKVKEK.*3=7=@B5.03.7=8.73;1458

$0RLVpVVHOHRUGHQD´WUDHU\SUHVHQWDUµDORVOHYLWDVGHODQWHGH$DUyQ
\ DPERV WpUPLQRV WLHQHQ FRQQRWDFLRQHV F~OWLFDV HQ HVWH FRQWH[WR 'H PDQHUD
FHUHPRQLDO ORV OHYLWDV HVWiQ GHGLFDGRV DO VHUYLFLR GH SURSRUFLRQDU DVLVWHQFLD
D $DUyQ HO VXPR VDFHUGRWH FXVWRGLDQGR \ PDQWHQLHQGR ORV GLYHUVRV PXHEOHV
GHO WDEHUQiFXORVDQWXDULR \ VLUYLHQGR D ODV QHFHVLGDGHV F~OWLFDV GH WRGD OD
FRPXQLGDG(OWpUPLQR´D\XGDUµ>6D#8@@GHQRWDXQPLQLVWHULRVXERUGLQDGRTXH
ORV OHYLWDV WLHQHQ HQ OXJDU GHO SXHEOR LVUDHOLWD 'RV YHFHV OD VHFXHQFLD GH OD
IUDVHRORJtD YHUEDO KHEUHD C)6":#@# XYZ# E'H'9$4# !58GH'9$4'8 ´HVWiQ SDUD UHDOL]DU
GHEHUHV >«@ KDFLHQGR HO WUDEDMRµ 1P   \ ´GHEHQ FXLGDU >«@ KDFLHQGR HO

GJG# 9pDVH53.QLHULPDQG*:&RDWVBH5@3-=)27/ *UDQG5DSLGV(HUGPDQV 


+.<>-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

WUDEDMRµ  GHVFULEHODVUHVSRQVDELOLGDGHVGHFXLGDU\FXVWRGLDUHOWDEHUQiFXOR


1,"5*,%&/7GJH

(Q 1P  OD SRVLFLyQ GH ORV OHYLWDV DOUHGHGRU GHO WDEHUQiFXOR
VDQWXDULR SURSRUFLRQy XQD HVSHFLH GH EDUUHUD VDJUDGD DOUHGHGRU GHO FHQWUR
GH DGRUDFLyQ SDUD UHDOL]DU HO VHUYLFLR VDJUDGR GHO VDQWXDULR \ JDUDQWL]DU OD
VHJXULGDGGHORVPLHPEURVGHODVRWUDVWULEXVGHODFRPXQLGDG/DLQWUXVLyQ
HQ HO HVSDFLR VDJUDGR SRU SDUWH GH DOJXLHQ TXH QR IXHUD XQ VDFHUGRWH R
XQ OHYLWD HUD XQ FULPHQ FDSLWDO $Vt ORV VDFHUGRWHV \ ORV OHYLWDV GHEtDQ VHU
DSDUWDGRV FRPR   VLHUYRV HVSHFLDOHV GH FXOWR GHO VDFHUGRFLR DDUyQLFR HO
SXHEOR \ 'LRV   SHUVRQDO GH WUDQVSRUWH \ PDQWHQLPLHQWR GH WRGRV ORV
HOHPHQWRVItVLFRVGHOWDEHUQiFXORVDQWXDULR\  JXDUGLDQHVGHODVDQWLGDG
4()#1,"5*,%&/7GJC

/RV OHYLWDV HVWiQ GHGLFDGRV WRWDOPHQWH ´'DU >«@ GDUVH HQ VX WRWDOLGDGµ
X%"8'8J# %)8@%.:# %)8@%.:@ FRPR ORV ~QLFRV LVUDHOLWDV TXH SXHGHQ HMHUFHU HQ HO
FXOWR8QQRPEUDPLHQWR>8.*;$4@HVSHFLDODGLFLRQDOGH$DUyQ\VXVKLMRVFRPR
VDFHUGRWHV VREUH HO WDEHUQiFXORVDQWXDULR WLHQH XQ DVSHFWR UHVWULFWLYR HQ HO
VHQWLGR GH TXH VROR ORV VDFHUGRWHV XQJLGRV SXHGHQ SURSRUFLRQDU HO VHUYLFLR
3[)5&3/#4()#1,"35*'#&"5(%&/%#<#(05(%&/%#4()#1,"5*,%&/7

(QHOVDQWXDULRORVDQLPDOHVVHVDFULÀFDURQ\ORVKXPDQRVVHGHGLFDURQ
GH DKt OD FRQVDJUDFLyQ GH ORV OHYLWDV FRPR VLHUYRV HVSHFLDOHV GH $DUyQ \ ORV
VDFHUGRWHVGH<DKYp/YGHVFULEHHOSURSyVLWRVXVWLWXWLYRGHORVOHYLWDV
HQODGHGLFDFLyQD<DKYpHQOXJDUGHODVRWUDVGRFHWULEXVTXHHVVHUYLUHQOXJDU
GHORVSULPRJpQLWRVGHOSXHEORTXHGHRWURPRGRSRGtDQVHUGHVLJQDGRVSDUD
5,)#5,%(,#("#),#(15%*35*%,#$,5%&,%3,)#4(#),#3/'*"&4,47

/DV IDPLOLDV H[WHQGLGDV GH ORV WUHV KLMRV GH /HYt *XHUVyQ &RDW \
0HUDUL IRUPDURQ WUHV FODQHV DVLJQDGRV D GLIHUHQWHV UHVSRQVDELOLGDGHV /DV
UHVSRQVDELOLGDGHV JHQHUDOHV HVWiQ GHOLQHDGDV   ´OOHYDUµ HO WUDQVSRUWH GH OD
7LHQGD\HOPRELOLDULRKDVWDTXHHOVDQWXDULROOHJXHDVXGHVWLQRÀQDO  ´FXLGDU
4(V# X6"#D8@ PDQWHQLHQGR \ JXDUGDQGR WRGR HO PRELOLDULR \ ORV XWHQVLOLRV GHO
WDEHUQiFXORVDQWXDULR  ´DFDPSDUDOUHGHGRUµSURWHFFLyQGHODFRQWDPLQDFLyQ
H[WHULRU \ SUR[LPLGDG SDUD HO VHUYLFLR   ´GHVPRQWDUµ GHVPDQWHODU SDUD HO
WUDQVSRUWH\  ´PRQWDUµHULJLUGHVSXpVGHOWUDQVSRUWH

GJH &IHOFXLGDGRGH$GiQGHOMDUGtQGHO(GpQHQ*Q
GJC# 9pDVH5'&ROHBH5@3-=1$&% 1DVKYLOOH%URDGPDQ +ROPDQ 
/0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$% &"' &/' %&")2(' 1"$4$%0#(2' #&/' *0")102$(' +.<9-'

3DUDFXDOTXLHUSHUVRQDPiVTXHVHDFHUFDUDDOWDEHUQiFXORVDQWXDULRRD
VXPRELOLDULRXVXUSDQGRORVGHEHUHVVDQWRVGHORVOHYLWDVRYLRODQGRODVDQWLGDG
GHO WDEHUQiFXORVDQWXDULR HUD XQ JUDYH DFWR GH FRQWDPLQDFLyQ FDVWLJDGR FRQ
OD PXHUWH /D DPHQD]D GH PXHUWH SDUD FXDOTXLHUD TXH YLRODUD HO WDEHUQiFXOR
VDQWXDULRRVXPRELOLDULR\HTXLSRSDUDHOVHUYLFLRUHÁHMDODVDQWLGDGDEVROXWD
GHOD3UHVHQFLDGLYLQD

&XDQGR HO WDEHUQiFXORVDQWXDULR VH HULJLy HQ VX OXJDU FHQWUDO HQ HO
FDPSDPHQWR LVUDHOLWD ORV JXHUVRQLWDV   VH KLFLHURQ UHVSRQVDEOHV GH ORV
PXHEOHVVHFXQGDULRVGHOFHQWURGHFXOWRHOFXLGDGRGHOWDEHUQiFXORVDQWXDULR
VXVFXELHUWDVFRUWLQDVFXHUGDV\WRGRORUHODFLRQDGRFRQVXVXVRV6HDVXPLHURQ
EDMR VXV GHEHUHV UHSDUDFLRQHV UHVWDXUDFLyQ \ OLPSLH]D /RV FRDWLWDV HUDQ
JXDUGLDQHV\WUDQVSRUWDGRUHVGHORVGLYHUVRVDUWtFXORVGHOPRELOLDULRLQFOXLGRV
HO DUFD GHO SDFWR OD PHVD GH ORV SDQHV GH OD SURSRVLFLyQ HO FDQGHODEUR ORV
,)5,%(1-#)/1#*5("1&)&/1#'("/%(1#*1,4/1#$,%,#'&"&15%,%-#),#3/%5&",#4()#,5%&/#<#5/4/#
ORUHODFLRQDGRFRQVXVXVRV  /RVPHUDULWDVGHEtDQFXLGDUORVPDUFRVGHO
WDEHUQiFXORVDQWXDULR VXV EDUUDV WUDQVYHUVDOHV SRVWHV EDVHV WRGR VX HTXLSR
DVt FRPR ORV SRVWHV DOUHGHGRU GHO DWULR FRQ VXV EDVHV FODYLMDV \ FXHUGDV GH OD
7LHQGD\HOHTXLSRQHFHVDULRSDUDHULJLU\GHVPRQWDUODVHVWUXFWXUDV  

(O FODQ GH ORV FRDWLWDV WXYR SULRULGDG HQWUH ORV OHYLWDV HQ HO FXLGDGR GH
ODVFRVDVPiVVDQWDV  $DUyQHVWiLQFOXLGRHQHOUHFXHQWRGHORVFRDWLWDV
FRQ TXLHQHV pO \ VXV KLMRV ORV VDFHUGRWHV WUDEDMDUtDQ PiV HVWUHFKDPHQWH SDUD
SURWHJHUODVDQWLGDGGHORVREMHWRVVDJUDGRVGHOWDEHUQiFXORVDQWXDULR0LOJURP
VHxDODTXHHVWHWLSRGHVHUYLFLRItVLFR>H'9$4'8@HVWiDVLJQDGRH[FOXVLYDPHQWHD
ORV OHYLWDV QXQFD D ORV VDFHUGRWHV 7DPELpQ GHVFULEH TXH 1~PHURV  HQIDWL]D
OD WXWHOD GHO WDEHUQiFXORVDQWXDULR PLHQWUDV TXH 1~PHURV  VH HQIRFD HQ HO
VHUYLFLRItVLFRGHOGHVPRQWDMHGHOWDEHUQiFXORVDQWXDULRODSUHSDUDFLyQGHVXV
HOHPHQWRVSDUDHOYLDMH\HOWUDQVSRUWHUHDOGHORVREMHWRVGJD

/DV FXELHUWDV \ ORV SRVWHV VHUYtDQ SDUD SUHVHUYDU OD VDQWLGDG GH ORV
GLYHUVRVREMHWRVGHODFRQWDPLQDFLyQKXPDQD/DDGYHUWHQFLDVHDUWLFXODFRQWUD
HOFRQWDFWRFRQHOREMHWRSRUSDUWHGHDOJXLHQPiVTXHORVVDFHUGRWHVULWXDOPHQWH
SXURV/DVDQWLGDGDEVROXWDGH<DKYpGHEHPDQWHQHUVHVLPEyOLFDPHQWHPHGLDQWH
OD SUHVHUYDFLyQ GH OD VDQWLGDG GH ODV FRVDV TXH VLUYHQ SDUD DGRUDUOR /DV
UHVSRQVDELOLGDGHVGH(OHD]DUHOKLMRGH$DUyQVRQGREOHV  ODVXSHUYLVLyQGH

GJD# ;&)+%/'-#BH5@3-=
+.<B-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

ORVLQJUHGLHQWHVXWLOL]DGRVFRQORVGLYHUVRVREMHWRVVDJUDGRV\  ODVXSHUYLVLyQ
GHWRGRHOFRPSOHMRGHOWDEHUQiFXORVDQWXDULRFRQVXPRELOLDULRSUHYLDPHQWH
GHOLQHDGR3RUORWDQWR(OHD]DUVXSHUYLVyDORVVDFHUGRWHV\DORVFRDWLWDVHQOD
SUHSDUDFLyQ\HOWUDQVSRUWHGHORVREMHWRVVDJUDGRVDVtFRPRDORVJXHUVRQLWDV
\PHUDULWDVHQHOFXPSOLPLHQWRGHVXVGHEHUHVUHVSHFWLYRVGJE

'HVSXpV GH TXH HO MXLFLR VH LPSRQH FRQWUD ORV OtGHUHV GH OD UHEHOLyQ
OLGHUDGRV SRU &RUp \ DSR\DGRV SRU  OtGHUHV GH OD FRPXQLGDG LVUDHOLWD OD
SULPDFtD GHO VDFHUGRFLR DDUyQLFR \ GH ORV OHYLWDV SRU HOHFFLyQ GLYLQD TXHGD
YLQGLFDGD HQ HO PLVPR HVFHQDULR GHO WDEHUQiFXORVDQWXDULR 1~PHURV   /D
373008N1%<8O81:GHOVDFHUGRFLRHVXQWHPDWHROyJLFRFODYHGHOOLEURGH1~PHURV
(OOLGHUD]JRGH0RLVpV\ODSULRULGDGVDFHUGRWDOGH$DUyQ\ORVOHYLWDVVHKDEtD
GHVDÀDGRHQYDULRVIUHQWHVGHVGHHOFDVRGHOLQIRUPHGHORVHVStDV  KDVWD
ODUHEHOLyQGH&RUp  <DKYpYLRODQHFHVLGDGGHHVWDEOHFHUÀQDOPHQWH\
HQ~OWLPDLQVWDQFLDODSUHHPLQHQFLDGH$DUyQFRPRVXPRVDFHUGRWH\ORVOHYLWDV
FRPRORVFXLGDGRUHVGHOFXOWRLVUDHOLWD >70@ 

1~PHURVTXHWUDWDVREUHDVXQWRVUHODFLRQDGRVFRQORVVDFHUGRWHV\ORV
OHYLWDVFRQWLHQHYDULRVHOHPHQWRVTXHGHULYDQGHOFRQWH[WRDQWHULRU  HOUROGH
ORVVDFHUGRWHV\ORVOHYLWDVFRPRJXDUGLDQHVGHOVDQWXDULRTXHGHEtDQSUHVHUYDU
OD VDQWLGDG GHO WDEHUQiFXORVDQWXDULR \ HYLWDU OD XVXUSDFLyQ GH ORV LVUDHOLWDV
IXHUD GHO OLQDMH OHYtWLFR   SURYLVLRQHV SDUD ORV VDFHUGRWHV \ ORV OHYLWDV GH ORV
GLH]PRV\RIUHQGDVGHWRGDODFRPXQLGDGLVUDHOLWD\  ODUHVSRQVDELOLGDGGH
ORVVDFHUGRWHV\ORVOHYLWDVHQGLH]PDUVXVSURYLVLRQHVGHODPLVPDPDQHUDTXH
),#3/'*"&4,4#3/'/#*"#5/4/7GAJ

  /RV VDFHUGRWHV \ ORV OHYLWDV FRPR JXDUGLDQHV GHO VDQWXDULR 'HVSXpV


GHODUHLYLQGLFDFLyQGHOVDFHUGRFLRDDUyQLFRHOUROGHORVVDFHUGRWHVDDUyQLFRV\
ORVOHYLWDVFRPRJXDUGLDQHVGHOWDEHUQiFXORVDQWXDULRDGTXLHUHXQVLJQLÀFDGR
DGLFLRQDO   /D UHVSRQVDELOLGDG EiVLFD HV VREUHOOHYDU ODV FRQVHFXHQFLDV
GHODVYLRODFLRQHVFRQWUDHOVDQWXDULR/HYLQHGHÀQLyODIUDVHH'C$%#&'M.;4"6#
´RIHQVDVFRQWUDHOVDQWXDULRµFRPRLQIUDFFLRQHVFRQWUDODSXUH]DGHOVDQWXDULRGAA

 3URYLVLRQHVSDUDORVVDFHUGRWHV\ORVOHYLWDV&RPRORVVDFHUGRWHVWHQtDQ
ODJUDYHUHVSRQVDELOLGDGGHPDQWHQHUODVDQWLGDGGHOUHFLQWRVDJUDGR\VXVGLYHUVRV

GJE# :/)(-#AJF7
GAJ# ,ELG
GAA# /HYLQHG-3=3103%#")&-#CH7
/0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$% &"' &/' %&")2(' 1"$4$%0#(2' #&/' *0")102$(' +.<?-'

XWHQVLOLRV VH KLFLHURQ SURYLVLRQHV HVSHFLDOHV SDUD HOORV PHGLDQWH ODV RIUHQGDV
SUHVHQWDGDVSRUORVLVUDHOLWDV  (QXQDHVWUXFWXUDTXLiVWLFDVLPSOHXWLOL]DQGR
GRVXVRVFRPXQHVGHOYHUER%"8'%´GDUµVHKDFHKLQFDSLpHQODGHFLVLyQSHUVRQDO
GH <DKYp GH EHQGHFLU HO OLQDMH DDUyQLFR FRQ HO PDQWHQLPLHQWR GH VX WULEXWR ODV
FRQWULEXFLRQHVTXHOHKLFLHURQORVLVUDHOLWDV ORVGLH]PRV\ODVRIUHQGDV /DVRIUHQGDV
VDFHUGRWDOHVVHGLYLGHQHQGRVQLYHOHVGHVDQWLGDGODV´RIUHQGDVVDQWtVLPDVµ>;$456#
&'2_4"6+:´ODVFRVDVPiVVDJUDGDVµ@\ODVRIUHQGDVJHQHUDOPHQWHVDQWDV
8)#@:'8#:'88"%":´ODVFRQWULEXFLRQHVGHWRGDVODVRIUHQGDVµ  GAI#+)#@:'8#
VHUHÀHUHDORVGRQHVQRVDFULÀFLDOHVGHGLFDGRVD<DKYpIXHUDGHOVDQWXDULRFRPR
PXFKDVGHODVFRQWULEXFLRQHVGHODVSULPLFLDV\GHOGLH]PR

(OYRIUHFHXQUHVXPHQGHODVIXQFLRQHVGHODVRIUHQGDVVDQWDVFRPR
XQ GRQ DO VDFHUGRFLR \ FRPR XQ ´SDFWR GH VDOµ >9)#+8# :5E'A@ TXH GHVFULEH
OD SUHVHUYDFLyQ \ SHUPDQHQFLD GHO SDFWR SDUD OD FRPXQLGDG LVUDHOLWD SRU OD
IXQFLyQGHODVDOHQHO32$/DVDOTXHDFRPSDxyDPXFKRVVDFULÀFLRVLVUDHOLWDV
FRQWULEX\y D OD FDOLGDG GH OD UHODFLyQ GHO SDFWR HQWUH OD KXPDQLGDG \ 'LRV
/Y  GAB (O GLH]PR R ´GpFLPRµ >:'H'ID#@ HUD HO SRUFHQWDMH UHTXHULGR GH
OD SURGXFWLYLGDG GH ODV ODERUHV LVUDHOLWDV TXH GHEtD HQWUHJDUVH D <DKYp HQ HO
VDQWXDULR(OFRQFHSWRGHGDUXQGLH]PRVHFRQRFHGHVGHIXHQWHVGHO32$GHO
/HYDQWH\GH0HVRSRWDPLDGAF

 'LH]PRV\RIUHQGDVGHORVVDFHUGRWHV\ORVOHYLWDV/RVOHYLWDVVHUtDQ
UHVSRQVDEOHV GH GLH]PDU D <DKYp \ SRU WDQWR DO VDFHUGRFLR GH ORV GLH]PRV
UHFLELGRVGHORVLVUDHOLWDV$GHPiVORVOHYLWDVGHEHQFRQWULEXLUHQHVWHGLH]PR
FRQHOGLH]PRGHORPHMRUGHORPHMRUOLWHUDOPHQWH´VXJRUGXUDµ>ADE59Z-#.*(#1(#
OHVRWRUJyFRPRGRQHVD'LRVGHORVLVUDHOLWDV\GH'LRVDORVOHYLWDV  
>/%#)/#5,"5/-#1/)/#),#0-353%<3%7:%0-353HUDDSURSLDGDSDUDODFRQWULEXFLyQOHYLWDDO
VDFHUGRFLR(QHOFHQWURGHHVWDSHUtFRSDHVWiODHQWUHJDGHOGLH]PROHYLWDGHVXV
GLH]PRV UHFDXGDGRV D $DUyQ HO VXPR VDFHUGRWH 0RLVpV LQVWUX\y D ORV OHYLWDV
VREUHHOSURFHVRGHUHFDXGDFLyQGHORVGLH]PRVGHORVLVUDHOLWDV\VXGHEHUGH
GLH]PDUORPHMRU\PiVVDQWRSDUD$DUyQGAG

GAI# 9pDVH1+6QDLWK^´$1RWHRQ1XPEHUVµ`+  


GAB 9pDVH0LOJURPBH5@3-=
GAF 3DUDXQHVWXGLRH[WHQVRGHOGLH]PRHQ,VUDHO\HQHO32$YpDVHLELG
GAG (O17SUHVHQWDHOSULQFLSLRGHVRVWpQGHORVPLQLVWURVGH-HVXFULVWRDSDUWLUGHHVWRV\RWURV
WH[WRVGHO$7&RPRFXDOTXLHUREUHURHUDGLJQRGHVXVDODULRRSURYLVLRQHV 0W DVt
TXHDTXHOORVTXHSUHGLFDQHOHYDQJHOLRGHEHQWHQHUVXVQHFHVLGDGHVFXELHUWDV &R
7L 
+.<@-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

7HRORJtDGHODSXUH]DGHODFRPXQLGDG

(O FDPSDPHQWR VH QXPHUy \ RUJDQL]y FRQ ORV OHYLWDV FRQVWLWX\HQGR HO
SULPHU QLYHO GH OD FRPXQLGDG DO VHUYLFLR GH <DKYp 1~PHURV  FRQWLHQH
WUDWDGRV VREUH FXDWUR iUHDV GH SXULÀFDFLyQ \ VDQWLÀFDFLyQ SRU PHGLR GH ORV
FXDOHV VH PDQWLHQH R DVHJXUD OD VDQWLGDG GHO FDPSDPHQWR   VHSDUDFLyQ GH
SHUVRQDV LPSXUDV GHO FDPSDPHQWR GH ORV VDQWRV     UHVWLWXFLyQ SRU
PDOGDGFRQWUDRWUDSHUVRQD    DVHJXUDUODÀGHOLGDGFRQ\XJDOPHGLDQWH
ODSUXHEDGHORVFHORV  \  ODVDQWLÀFDFLyQLQGLYLGXDOPHGLDQWHHOYRWR
QD]DUHR  

/DVDQWLGDGGH'LRV\ODDÀUPDFLyQGHTXHHOSXHEORGH'LRVGHEHPDQWHQHU
ORV HVWiQGDUHV GH SXUH]D \ VDQWLGDG VRQ DVSHFWRV RPQLSUHVHQWHV HQIDWL]DGRV
HQ HO 3HQWDWHXFR+,-. /RV FtUFXORV FRQFpQWULFRV GHÀQHQ HO HVSDFLR VDJUDGR
GHVGH HO /XJDU 6DQWtVLPR TXH URGHD HO DUFD >4)9+#Z# ,)# ,5%&/# 4()# 1,"5*,%&/# 4()#
4(1&(%5/# X1/7"EZ-# <# (05("4&?"4/1(# ,)# 3,'$,'("5/# X:'1'%51Z7# O,1# %(15%&33&/"(1#
FRQUHVSHFWRDORVWLSRVGHLPSXUH]DTXHVHH[SRQHQHQ1~PHURVVHDERUGDURQ
SUHYLDPHQWHHQe[RGR\/HYtWLFR'RXJODVREVHUYDTXHHQ/HYtWLFR\HQ1~PHURV
ODSXULÀFDFLyQHVIiFLO\HVWiDELHUWDDWRGRVORVTXHODGHVHHQGAH

1~PHURV  FRPLHQ]D FRQ OD IyUPXOD LQWURGXFWRULD GHO GLVFXUVR GLYLQR


´< <DKYp KDEOy D 0RLVpV GLFLHQGRµ >C'B)4'99D## B&C&# !5EG:$6/# ED!:$#Z7# O,#
UHSHWLFLyQ GH HVWD IyUPXOD HVWi GLVHxDGD SDUD UHIRU]DU OD QDWXUDOH]D VHULD GH
PDQWHQHU OD SXUH]D GH OD FRPXQLGDG GHO SXHEOR LVUDHOLWD /DV SULPHUDV OH\HV
DERUGDQ HO SUREOHPD GH UHVWULQJLU D ODV SHUVRQDV GH ORV FtUFXORV LQWHUQRV GH
VDQWLGDGTXHKDEtDQFRQWUDtGRXQDGHODVWUHVHQIHUPHGDGHVItVLFDVJUDYHV  
FXDOTXLHU HQIHUPHGDG LQIHFFLRVD GH OD SLHO >Q"#@'H ´HUXSFLyQµ@   FXDOTXLHU
4(13,%+,# XX"9@ R   FXDOTXLHU FRQWDPLQDFLyQ GH XQ FDGiYHU >L":D!# E"%"*56#
´LPSXUH]D GHO FDGiYHUµ@ 7DOHV SHUVRQDV VH GHEtDQ HQYLDU D ORV VDFHUGRWHV D
TXLHQHVVHOHVKDEtDHQFRPHQGDGRODUHVSRQVDELOLGDGGHPDQWHQHUODSXUH]DGHO
FDPSDPHQWR \ VX FRPXQLGDG /Y   'HO PLVPR PRGR VH OHV DVLJQy D
ORVVDFHUGRWHVODWDUHDGHHYDOXDUODSXUH]DGHXQDSHUVRQDTXHVHKDEtDYXHOWR
&'$*%,#$/%#3*,).*&(%,#4(#(1/1#'(4&/17

6H WUDWD D ORV PLHPEURV PDVFXOLQRV \ IHPHQLQRV GH OD FRPXQLGDG GH OD
PLVPDPDQHUDODVHSDUDFLyQGHODVDQWLGDGGHODFRPXQLGDGQRWLHQHXQWUDWR

GAH# ;7#6/*+),1-#,QWKH:LOGHUQHVV7KH'RFWULQHRI'HÀOHPHQWLQWKH%RRNRI1XPEHUV-6276XS
6KHIÀHOG6KHIÀHOG$FDGHPLF 
/0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$% &"' &/' %&")2(' 1"$4$%0#(2' #&/' *0")102$(' +.<;-'

SUHIHUHQFLDOGHJpQHUR'HOPLVPRPRGRDTXHOORVTXHYROXQWDULDPHQWHWRPDQ
XQYRWRQD]DUHR 1P GHEHQDEVWHQHUVHGHWRFDUXQFDGiYHUQRVHDTXH
VHFRQWDPLQHQ\SDVHQSRUHOSURFHVRHVSHFtÀFRGHSXULÀFDFLyQ$VtPLVPROD
1,"5&4,4# 4(# 6&/1-# 1*# 1,"5*,%&/# <# ),# 3/'*"&4,4-# <# ),# $*%(@,# %&5*,)# 1/"# 5(',1#
WHROyJLFRVUHFXUUHQWHVHQHVWDVHFFLyQLQWURGXFWRULD  

/DVHJXQGDGHODVWUHVSHUtFRSDVGHSXULÀFDFLyQGHOFDPSDPHQWRFRPLHQ]D
FRQODIyUPXODLQWURGXFWRULDGHODLQVWUXFFLyQGLYLQD  /DUHVSRQVDELOLGDG
GH OD UHSDUDFLyQ SRU HO PDO KHFKR FRQWUD RWUD SHUVRQD FDH LJXDOPHQWH VREUH
ORV JpQHURV KXPDQRV HO KRPEUH \ OD PXMHU VRQ LJXDOPHQWH UHVSRQVDEOHV DQWH
'LRV SRU VX SHFDGR /D LQWHJULGDG \ OD VDQWLGDG GH OD FRPXQLGDG VRQ PRWLYR
GH JUDQ SUHRFXSDFLyQ /D SHUVRQD FRPR SDUWH GH OD FRPXQLGDG WLHQH FLHUWDV
UHVSRQVDELOLGDGHVGHQWURGHOFRQWH[WRPiVDPSOLR\HOSHFDGRWLHQHXQHIHFWR
SHUMXGLFLDOHQDPEDV3RUORWDQWRVHGHEHPDQWHQHUODVDQWLGDGGHODSHUVRQD
),#3/'*"&4,4#<#()#1,"5*,%&/7

/DVDQWLGDGFRQUHVSHFWRDODUHODFLyQPDWULPRQLDOHVWDQHVHQFLDOSDUDOD
FRPXQLGDGGHIHTXHODUHTXLHUH<DKYp'LRVGH,VUDHO(OWHUFHUFDVRSDUDDVHJXUDU
ODSXULÀFDFLyQGHODFRPXQLGDGHVHOTXHFRQFLHUQHDXQDPXMHUVRVSHFKRVDSRU
SDUWHGHVXPDULGRGHWHQHUXQDUHODFLyQDG~OWHUD  GAC/RVKRPEUHV\ODV
PXMHUHVVRQLJXDOPHQWHUHVSRQVDEOHVDQWH'LRVSRUODVUHODFLRQHVVH[XDOHVIXHUD
GHOPDWULPRQLR0LOJURPKDGLVFHUQLGRXQDHVWUXFWXUDTXLiVWLFDHQODSHUtFRSD
FRPSOHWDGRQGHHOFHQWURGHOFDVRHVHO´MXUDPHQWRGHLPSUHFDFLyQµGHORVYY
GDQGRXQLGDGDOWH[WRFRPRXQWRGRGAD

(Q OD PD\RUtD GH ORV SXHEORV GHO 32$ VH FUHtD TXH HO DGXOWHULR HUD XQ
´JUDQ SHFDGRµ R XQ ´JUDYH SHFDGRµ FRQWUD ORV GLRVHV \ ODV GLRVDV GHO FXOWRGAE#
/DSXUH]D\ODVDQWLGDGGHODFRPXQLGDGHVWiQDVHJXUDGDVSDUDTXHHOSXHEOR
SXHGD HVWDU SUHSDUDGR SDUD DYDQ]DU GHVGH HO 6LQDt D OD WLHUUD SURPHWLGD \
H[SHULPHQWDU OD EHQGLFLyQ PiV FRPSOHWD GH 'LRV /RV WUHV SUREOHPDV GH

GAC# 9pDVH 0 )LVKEDQH ´$FFXVDWLRQV RI $GXOWHU\ $ 6WXG\ RI /DZ DQG 6FULEDO 3UDFWLFH LQ
1XPEHUV µ C_E*     7 )U\PHU.HQVN\ ´7KH 6WUDQJH &DVH RI WKH
6XVSHFWHG!,;:> 1XPEHUV9 µ`+  
GAD# ;&)+%/'-#BH5@3-=$(OFDVR>SUHVHQWDGR@ YY %3UHSDUDFLyQGHODSUXHEDGHO
ULWXDO YY   & (O MXUDPHQWR GH LPSUHFDFLyQ YY   %· (MHFXFLyQ GH OD SUXHED
ULWXDO YY $·(OFDVR>UHVXPLGR@ YY 
GAE ,ELG7RGRVORVWH[WRVEDELOyQLFRVDVLULRVXJDUtWLFRV\HJLSFLRVDERUGDQODJUDYHGDG
GHODGXOWHULR/DSHQDVROtDVHUODPXHUWHSHURHOPDULGRSRGtDFRQPXWDUODPHGLDQWHXQD
FRPSHQVDFLyQPRQHWDULDRGHRWURWLSR
+.,<-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

SXULÀFDFLyQDSXQWDQDFXHVWLRQHVFODYHHQODYLGDFRPXQLWDULDODSXUH]DItVLFD
ODVUHODFLRQHVLQWHUSHUVRQDOHVFRUUHFWDV\ODÀGHOLGDGFRQ\XJDO

6LJXLHQGRHOFDStWXORVREUHODVOH\HVGHSXULÀFDFLyQSDUDHOFDPSDPHQWR
GHELGRDODLPSXUH]DHLQÀGHOLGDGLQGLYLGXDO1~PHURVGHOLQHDORVPHGLRVSDUD
TXHORVPLHPEURVGHODFRPXQLGDGWDQWRKRPEUHVFRPRPXMHUHVVHGHGLTXHQ
WRWDOPHQWHDOVHUYLFLRGH<DKYp6HKDEtDQSHUÀODGRODVIXQFLRQHVVDFHUGRWDOHV
\OHYtWLFDV\DKRUDVHOHVSURSRUFLRQDDOSXHEORFRP~QLVUDHOLWDXQPHGLRSDUD
ODVHSDUDFLyQYROXQWDULDDXQDYLGDGHSXUH]D\VDQWLGDG

(OSURSyVLWRGHHVWDSHUtFRSDHVGHOLQHDUODVSDXWDV\UHJXODUODSUiFWLFD
(VWH SDVDMH UHÁHMD TXH HO QD]DUHDWR HUD XQD LQVWLWXFLyQ H[LVWHQWH \D TXH HO
3/"3($5/# 4(# %"X+# GHULYD GHO YHUER KHEUHR %X# XVDGR HQ QLIDO H KLÀO SDUD
GHVFULELUODQHJDFLyQGHXQRPLVPRRDOJRGHXQXVRGHVHDGRXQDDEVWHQFLyQ
R UHVWULFFLyQ GHWHUPLQDGD (O WpUPLQR %"X+# GHQRWD SRU HMHPSOR OD HVWDWXUD
FRQVDJUDGDGH-RVpFRPRHO´SUtQFLSHµHQWUHVXVKHUPDQRV *Q 

/RVYRWRVPHVRSRWiPLFRVKLWLWDV\XJDUtWLFRVVXJLHUHQHOVLJXLHQWHSDWUyQ
  HO YRWR VXUJH GH XQD VLWXDFLyQ GH QHFHVLGDG R DQJXVWLD   HV KHFKR SRU XQ
KXPDQRDORVGLRVHV  JHQHUDOPHQWHHVGHQDWXUDOH]DFRQGLFLRQDO\  VHRIUHFH
S~EOLFDPHQWH XQD RIUHQGD YRWLYD HQ XQ VDQWXDULR HQ DOJ~Q PRPHQWR GXUDQWH
R DO ÀQDOL]DU ODV FRQGLFLRQHV GHO YRWRGIJ /RV YRWRV HQ OD %LEOLD KHEUHD UHÁHMDQ
SDUDOHOLVPRVFHUFDQRVHQIRUPD\FRQWHQLGRJHQHUDOFRQORVGHOPXQGRGHO32$

/DSUHRFXSDFLyQGH1~PHURVHVFRQODFRQVDJUDFLyQ\HOPDQWHQLPLHQWR
GHO YRWR HQ OXJDU GH FRQ ODV GLYHUVDV FRQGLFLRQHV FRQWH[WRV R WLSRV GH YRWRV
QD]DUHRV D ORV TXH VH SXHGH LQJUHVDU (Q OXJDU GHO WLSR GH YRWRV SDUD WRGD OD
YLGDLQGLFDGRSRUORVUHODWRVGH6DQVyQ\6DPXHO1~PHURVVHHQIRFDHQODV
UHVWULFFLRQHV\HQORVDVSHFWRVGHSXULÀFDFLyQGHOYRWR0LOJURPKDGLVFHUQLGR
XQD HVWUXFWXUD TXLiVWLFD HQ OD SHUtFRSD FRPSOHWD (O FHQWUR GHO TXLDVPR HV OD
FRQWDPLQDFLyQ SRWHQFLDO SRU OD FXDO XQ QD]DUHR TXH VH YROYLy LPSXUR GHELGR
D OD H[SRVLFLyQ D XQ FDGiYHU GHEH SXULÀFDUVH SDUD FRQWLQXDU HO VHUYLFLR HQ
OD FRPXQLGDG GH IHGIA 3RU OR WDQWR HVWH FDStWXOR HV XQD FRQWLQXDFLyQ GH OD
OHJLVODFLyQ GH SXULÀFDFLyQ GH  TXH GHVSXpV FRQFOX\H FRQ OD EHQGLFLyQ
1,3(%4/5,)7

GIJ 3DUDHOHVWXGLRGHORVYRWRVHQHOFRQWH[WRGHO32$YpDVH7&DUWOHGJH`,D=%81%;>3%C3@-3D%
?8@73%:1<%;>3%*10831;%B3:-%':=;-6276XS 6KHIÀHOG6KHIÀHOG$FDGHPLF 
GIA# ;&)+%/'-#BH5@3-=$,QWURGXFFLyQ YY %3URKLELFLRQHV YY &&RQWDPLQDFLyQ
YY %·)LQDOL]DFLyQ YY $·5HVXPHQ>RIUHQGDVYROXQWDULDV@ Y 
/0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$% &"' &/' %&")2(' 1"$4$%0#(2' #&/' *0")102$(' +.,,-'

1P  FRPLHQ]D FRQ OD IyUPXOD LQWURGXFWRULD IDPLOLDU GHO GLVFXUVR
GLYLQR ´< <DKYp KDEOy D 0RLVpV GLFLHQGRµ >C'B)4'99D## B&C&# !5EG:$6/##
ED!:$#@ TXH SURSRUFLRQD FRQWLQXLGDG FRQ ODV LQWURGXFFLRQHV SUHYLDV /D
UHSHWLFLyQGHHVWDIUDVHHVWiGLVHxDGDSDUDUHIRU]DUODVDQWLGDG\ODSXUH]DGHOD
FRPXQLGDGGHOSXHEORGH<DKYp(OFRQWH[WRHQIDWL]DH[SOtFLWDPHQWHHOSRWHQFLDO
GHODVPXMHUHVTXHLQJUHVDQHQHVWHVHUYLFLRGHFRQVDJUDFLyQD'LRV/DVPXMHUHV
QRSRGtDQVHUYLUFRPRVDFHUGRWHVHQHOFXOWRLVUDHOLWDSHURHVWDIRUPDGHVHUYLFLR
HVWDED DELHUWD SDUD HOODV \ SRGtDQ FXPSOLU VX GHVHR GH VDQWLGDG \ VHUYLFLR
(1$(3&,)#,#6&/17

1PFRQFOX\HFRQXQDEHQGLFLyQVDFHUGRWDODQWLFLSDGDSURQXQFLDGD
SRU$DUyQ\VXVKLMRVVREUHHOSXHEORGH,VUDHO$OOHQDJUHJDTXHPLHQWUDVTXH
HOYRWRQD]DUHRHVXQULWRUHVWULQJLGRDODVSHUVRQDVODVSDODEUDVGHODEHQGLFLyQ
VDFHUGRWDOVRQH[SDQVLYDVHLQFOX\HQDWRGDODFRPXQLGDGGII#O,#(15%*35*%,#$/?5&3,#
YHUEDO\UtWPLFDGHHVWDEUHYHEHQGLFLyQODKDQGHVDUUROODGRYDULRVHVWXGLRVRVGIB

0LOOHU GHVFULEH TXH ´OD SULPHUD FOiXVXOD GH FDGD OtQHD >LQYRFD@ HO
PRYLPLHQWR GH 'LRV KDFLD VX SXHEOR OD VHJXQGD FOiXVXOD VX DFWLYLGDG GH VX
$,%5(V7GIF/DEHQGLFLyQGH1~PHURVFRQFOX\HXQDVHFFLyQGHPDWHULDOHQIRFDGR
HQODFRPXQLGDGÀHO\XQLÀFDGDGHOSXHEORGH<DKYpFRQODSUHVHQFLDVLPEyOLFD
4(#6&/1#("#37%;:@3-1.0H7,/=:1;H:-8,%0,5,%031;-,7

O,# 1,"5&4,4# 4(# 6&/1# "/# $*(4(# 5/)(%,%# ),# &'$*%(@,# 4(# ),# '*(%5(# <# 4()#
SHFDGR\SURSRUFLRQDXQPHGLRGHOLPSLH]D\SXULÀFDFLyQGHORTXHVHSDUDUtD
D XQD SHUVRQD GH H[SHULPHQWDU SOHQDPHQWH OD EHQGLFLyQ GH 'LRV GHQWUR GH OD
FRPXQLGDG GH IH (O SURFHVR FHUHPRQLDO GH ORV ULWRV GH SXULÀFDFLyQ GH DJXD
GHVFULWRVSDUDORVVDFHUGRWHVVHH[WHQGLyDOSXHEORFRP~QHQHOWHPDGHOFRQWDFWR
FRQORVPXHUWRV1~PHURVGHWDOODHOSURFHVRGHSXULÀFDFLyQULWXDOTXHHVWDUtD
FRQWLQXDPHQWHGLVSRQLEOHSDUDHOSXHEORVLQWHQHUTXHVDFULÀFDUXQDQLPDOFDGD
YH] TXH KXER XQD PXHUWH HQ OD IDPLOLD SRU OR TXH IDFLOLWD 37% 5:1;3185831;,% <3%
7:% 6H-3R:% <3% 7:% 0,5H18<:<. GH IH /D FRQWDPLQDFLyQ WDPELpQ OOHJy DO LQWHULRU GHO
;:@3-1.0H7,/=:1;H:-8,-#.*(#3-:%37%0,-:RN1%A%37%031;-,%<3%7:%0,5H18<:<#KAE-IJL7

GII# Q))("-#CGF7
GIB# 9pDVH'1)UHHGPDQ´7KH$DURQLF%OHVVLQJµLQB,%Z:5813%81%;>3%#:1<F%!;H<83=%81%C,1,-%
,2%IX%#X%V0\31R83HG-/)ODQDJDQHWDO $WODQWD6FKRODUV FIWDPELpQ*-
:HQKDPBH5@3-=727& 'RZQHUV*URYH,QWHU9DUVLW\ 
GIF# ´7KH ÀUVW FODXVH RI HDFK OLQH >LQYRNHV@ *RG·V PRYHPHQW WRZDUGV KLV SHRSOH WKH VHFRQG
FODXVHKLVDFWLYLW\RQWKHLUEHKDOIµ3'0LOOHU´7KH%OHVVLQJRI*RG$Q,QWHUSUHWDWLRQRI
1XPEHUVµ$1;#IE#KAECGLU#IFB7
+.,.-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

PKVKTK.*3=7=@B5.03.75.2=M</1050.03.A3

(V HVSHFLDOPHQWH VLJQLÀFDWLYR TXH 1~PHURV  UHWURFHGH XQD YH] PiV DO
WLHPSR GH OD HUHFFLyQ GHGLFDFLyQ \ FRQVDJUDFLyQ GHO WDEHUQiFXORVDQWXDULR
GHVFULWR HQ e[RGR  \ /HYtWLFR  (VH GtD ORV ´OtGHUHVµ >%)I+!+:Z# 4(# ),1# 4/3(#
WULEXV 1P FROHFWLYDPHQWHWUDMHURQXQDRIUHQGDGHVHLVFDUURVFXELHUWRV
\ GRFHEXH\HV GRVSDUDWLUDUGHFDGDFDUUR TXHVHGLVWULEX\HURQDORVOHYLWDV
HVSHFtÀFDPHQWH FRQ HO SURSyVLWR GH WUDQVSRUWDU HO WDEHUQiFXORVDQWXDULR 1P
  $GHPiV GHVSXpV GH TXH HO DOWDU VH KDEtD XQJLGR GXUDQWH XQ SHUtRGR
GH GRFH GtDV XQ MHIH SRU GtD WUDtD XQ FRQMXQWR HVWiQGDU GH RIUHQGDV SDUD OD
GHGLFDFLyQ GHO DOWDU GH ORV KRORFDXVWRV HQ HO WDEHUQiFXORVDQWXDULR (VWRV
LQFOXtDQUHFLSLHQWHVGHSODWD\RURMXQWRFRQJUDQRVFHUHDOHVLQFLHQVR\RIUHQGDV
GHDQLPDOHV 1P 

/DOLVWDGHODVGRFHWULEXVHVWiLQWHJUDGDHQODVRIUHQGDVSDUDHOWDEHUQiFXOR
VDQWXDULR OR TXH UHÁHMD OD XQLGDG GH OD 0,5H18<:<% 8=-:378;:% 31% :<,-:08N17# O,#
UHSHWLFLyQGHODVRIUHQGDVSURSRUFLRQDXQUHFRUGDWRULRFRQWLQXRGHOVRSRUWHWULEDO
5/5,)#$,%,#()#FHQWURGHDGRUDFLyQ VDQWXDULR -#HOOLGHUD]JRGHDGRUDFLyQ VDFHUGRFLR -#37%
SURFHVRGHDGRUDFLyQ VDFULÀFLR #<#()#&8,=%:<,-:<,#Kf:>O[  YpDVH7DEOD 

*5675.EVK.%7.M=037=.03.50=:521>/.3/.37.85/4<5:1=

@*"%0 IXHQWH 0o01&'()&#*"0 FHQWUR 0o6DFHUGRFLR OLGHUD]JR 0o6DFULÀFLR


SURFHVR 0o0A%#&360 FRPXQLGDG

&DGDXQRGHORVGRFHOtGHUHVWULEDOHVWUDHFRQWULEXFLRQHVFRUUHVSRQGLHQWHV
GH XWHQVLOLRV F~OWLFRV \ RIUHQGDV VDFULÀFLDOHV SUHVHQWDGDV DQWH HO DOWDU SDUD
OD DGRUDFLyQ FRPXQLWDULD GH <DKYp 'LRV GH ,VUDHO :HQKDP VHxDOD TXH OD
SUHVHQWDFLyQGHRIUHQGDVGHORVUHSUHVHQWDQWHVGHFDGDXQDGHODVWULEXVVHQWDURQ
XQSUHFHGHQWH\PRVWUDURQTXHODDGRUDFLyQHUDSDUDFDGDWULEX\VRVWHQLGDSRU
FDGD WULEX eO DJUHJD TXH SDUHFH SUREDEOH TXH XQ SURSyVLWR WHROyJLFR VXE\DFH
SDUDHQIDWL]DUORPiVIXHUWHPHQWHSRVLEOHTXHFDGDWULEXWHQtDXQLQWHUpVVLPLODU
HQ OD DGRUDFLyQ D 'LRV \ TXH FDGD XQR HVWDED FRPSOHWDPHQWH FRPSURPHWLGR
FRQHOVRSRUWHGHOWDEHUQiFXORVDQWXDULR\VXVDFHUGRFLRGIG

(O SDWUyQ GHO WH[WR SDUD FDGD XQD GH ODV SUHVHQWDFLRQHV WULEDOHV HV HO
VLJXLHQWH   GtD GH SUHVHQWDFLyQ   LGHQWLGDG GHO OtGHU WULEDO   RIUHQGDV

GIG# :HQKDPBH5@3-=-#EB7
/0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$% &"' &/' %&")2(' 1"$4$%0#(2' #&/' *0")102$(' +.,=-'

GH UHFLSLHQWHV   RIUHQGDV VDFULÀFLDOHV \   LQFOXVLyQ GH OD LGHQWLGDG GHO


OtGHU WULEDOGIH (O SURSyVLWR SULQFLSDO GHO WH[WR HQ HO OLEUR GH 1~PHURV HV HO
HVWDEOHFLPLHQWRGHXQD;3,7,9M:%<3%7:%:<,-:08N1%A%0373@-:08N1%YH3%312:;8R:%7:%H18<:<%
0,730;8O:%<3%7:%0,5H18<:<%<3%23ODDEXQGDQWHHQWUHJDGHVDFULÀFLRVGHOSXHEORHO
HVWDWXV GH LJXDOGDG GH WRGRV ORV RIHUHQWHV HO URO GH OLGHUD]JR UHSUHVHQWDWLYR
<# ),# 3,$,3&4,4# 4(# %(1$*(15,# 4(# 6&/1-# .*(# $%/$/%3&/",# <# 1(# 3/'*"&3,# 3/"# 1*1#
VLHUYRVÀHOHV

(VWHSDVDMHSURSRUFLRQDHOFRQWH[WRDSURSLDGRGHODVOiPSDUDVGHDFHLWH
HQ HO FDQGHODEUR GHO WDEHUQiFXORVDQWXDULR D ÀQ GH SURSRUFLRQDU XQD DPSOLD
OX] SDUD HO DOWDU GHO LQFLHQVR \ OD PHVD GH ORV SDQHV GH OD SURSRVLFLyQ  
$GHPiVHOFDQGHODEURHUDQHFHVDULRSDUDDVHJXUDUODLOXPLQDFLyQDGHFXDGDGH
ODVGLYHUVDVDFWLYLGDGHVF~OWLFDVGHQWURGHOWDEHUQiFXORVDQWXDULR'DGRTXHHQ
1~PHURVORVOtGHUHVMHIHVGHODVGRFHWULEXVWUDHQRIUHQGDVSDUDODFHOHEUDFLyQ
GHOWDEHUQiFXORVDQWXDULRHQ1~PHURVVHSURSRUFLRQDLQVWUXFFLyQDOMHIHGH
OD WULEX GH /HYt SDUD OD GLVSRVLFLyQ DGHFXDGD \ OD DVLVWHQFLD DO FDQGHODEUR OR
TXH SHUPLWH TXH OD FHOHEUDFLyQ FRQWLQ~H GHQWUR GHO UHFLQWR GHO WDEHUQiFXOR
1,"5*,%&/7GIC 3RU OR WDQWR SURSRUFLRQD FRQWLQXLGDG \ H[SDQVLyQ GH ORV SDVDMHV
DQWHULRUHVUHODFLRQDGRVFRQHOWDEHUQiFXORVDQWXDULR\HOVDFHUGRFLR

6HOHGDQLQVWUXFFLRQHVPHGLDQWH0RLVpVSDUDTXH$DUyQFRORTXHODVVLHWH
OiPSDUDV LQGLYLGXDOHV TXH VH DVHQWDURQ VREUH ORV VLHWH QLYHOHV GH OD PHQRUi
GHO WDEHUQiFXORVDQWXDULR GH WDO PDQHUD TXH SUR\HFWHQ OX] ´KDFLD HO IUHQWHµ
X!5EG:@E@ GHO FDQGHODEUR (VWH iUERO GH OX] UHFXHUGD HO iUERO GH OD YLGD GH *Q
HODERUDGRFRQVLHWHQLYHOHVVtPERORGHODSHUIHFFLyQ\FRPRGLFH
$VKOH\ ´WRGD OD PHQRUi SRGUtD VLPEROL]DU OD SUHVHQFLD SHUIHFWD \ OD YLGD GH
'LRVLOXPLQDQGRVXVDQWXDULR\PHGLDQWH0RLVpVDVXSXHEORµGID

0LOJURP KD GLVFHUQLGR XQD HVWUXFWXUD TXLiVWLFD HQ 1P  'HOLQHD
HQFXDWURHOHPHQWRV  VHSDUDDORVOHYLWDVSDUD'LRV  FDOLÀFDDORV
OHYLWDV SDUD HO WUDEDMR GHO VDQWXDULR   UHHPSOD]D DO SULPRJpQLWR FRQ OHYLWDV
\   UHVFDWD D ORV LVUDHOLWDV GHO VDFULOHJLR GH OD XVXUSDFLyQGIE /D LQVWDODFLyQ

GIH# 9pDVH%$/HYLQH1XPEHUV$% 1HZ<RUN'RXEOHGD\ 


GIC# :HQKDPBH5@3-=-#EF7
GID# ´7KHZKROHPHQRUDKPLJKWEHVDLGWRV\PEROL]H*RG·VSHUIHFWSUHVHQFHDQGOLIHLOOXPLQDWLQJ
KLVVDQFWXDU\DQGWKURXJK0RVHVKLVSHRSOHµ75$VKOH\+>3%?,,L%,2%BH5@3-=1,&27
KM%,"4#N,$&41U#!(%4',"1-#AEEBL-#AHH7
GIE# ;&)+%/'-#BH5@3-=$,QWURGXFFLyQ  %3URFHGLPLHQWRSUHVFULSWLYR  
&/DUD]yQ  %·3URFHGLPLHQWRGHVFULSWLYR D $·&RQFOXVLyQ E 
+.,>-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

FHUHPRQLDO GH ORV OHYLWDV LPSOLFy YDULRV DFWRV ULWXDOHV     SXULÀFDFLyQ
SRUDVSHUVLyQGHO´DJXDGHOLPSLH]Dµ  UDVXUDGRGHOFXHUSR  ODYDGRGHODV
URSDV  VHOHFFLyQGHDQLPDOHVVDFULÀFLDOHV  SUHVHQWDFLyQGHORVOHYLWDVDQWH
ORVLVUDHOLWDVHQOD7LHQGDGHUHXQLyQ  LPSRVLFLyQGHPDQRV  SUHVHQWDFLyQ
GH ORV OHYLWDV DQWH <DKYp FRPR RIUHQGD PHFLGD   VDFULÀFLR GHO QRYLOOR GH OD
RIUHQGDSRUHOSHFDGROXHJRHOQRYLOORGHOKRORFDXVWRSDUDODH[SLDFLyQGHORV
OHYLWDV  SUHVHQWDFLyQD<DKYpFRPRRIUHQGDPHFLGD

&ODUDPHQWHHOUROGHORVOHYLWDVHQHOVHUYLFLRGHOWDEHUQiFXORVDQWXDULR
IXH PXOWLIDFpWLFR 3DUD ODV LQVWDODFLRQHV ItVLFDV IXQFLRQDURQ FRPR JXDUGLDQHV
VLUYLHQWHV GH VHUYLFLR \ PDQWHQLPLHQWR \ WUDQVSRUWLVWDV EDMR OD GLUHFFLyQ GH
$DUyQ \ ORV VDFHUGRWHV 3DUD OD FRPXQLGDG GH IH IXQFLRQDURQ HQ OD SRVLFLyQ
H[FOXVLYDFRPRSHUVRQDOHVSHFLDOPHQWHGHGLFDGRSDUDHOVHUYLFLRGHOVDQWXDULR
/D HGDG GH MXELODFLyQ SDUD ORV OHYLWDV HQ HO VHUYLFLR GHO WDEHUQiFXORVDQWXDULR
OOHJy GHVSXpV GH ORV FLQFXHQWD DxRV <D QR GHVPRQWDUtDQ \ WUDQVSRUWDUtDQ HO
WDEHUQiFXORVDQWXDULR \ VX PRELOLDULR SHUR SRGtDQ FRQWLQXDU VLUYLHQGR FRPR
JXDUGLDVDVHJXUDQGRODVDQWLGDGGHOFRPSOHMRGHOVDQWXDULR

/D VHJXQGD 3DVFXD TXH IXH OD SULPHUD 3DVFXD FHOHEUDGD GHVSXpV GH OD
UHGHQFLyQGH'LRVGHODFRPXQLGDGLVUDHOLWDXQDxRGHVSXpVGHOp[RGRGH(JLSWR
VH FHOHEUy HQ HO GHVLHUWR GHO 6LQDt GH DFXHUGR FRQ VXV LQVWUXFFLRQHV RULJLQDOHV
´VHJ~QKDEtDPDQGDGR<DKYpD0RLVpVµ 1P /D3DVFXDHUDXQDDVDPEOHD
VDQWD TXH UHTXHUtD SXUH]D FHUHPRQLDO TXH FRPHQ]y DOUHGHGRU GHO GtD FDWRUFH
GHOSULPHUPHVGHOVHJXQGRDxR  'HVSXpVTXH'LRVLQVWUX\HD0RLVpV\
0RLVpVREHGHFHDOLQVWUXLUDORVLVUDHOLWDVSDUDFHOHEUDUOD3DVFXDORVLVUDHOLWDV
REHGHFHQODSDODEUDGH'LRVPHGLDQWH0RLVpVHQODFHOHEUDFLyQFRQPHPRUDWLYD
 

/D HVFHQD YXHOYH DO FRPLHQ]R GHO PHV FXDQGR OD FRQVWUXFFLyQ GHO
WDEHUQiFXORVDQWXDULRVHFRPSOHWy\ORVVtPERORVGHODSUHVHQFLD\HOOLGHUD]JR
GH'LRV²ODQXEH>H"%"%@VREUHOD7LHQGDGXUDQWHHOGtD\ODFROXPQDGHIXHJR
SRUODQRFKH²KDEtDGHVFHQGLGRVREUHHVWHVDQWXDULRGHOGHVLHUWRPyYLO 
  &RPR OD FROXPQD GH QXEH PLJUDUtD D WUDYpV GH ODV UHJLRQHV GHVpUWLFDV
HO UHFLQWR VDJUDGR \ OD FRPXQLGDG ÀHO VHJXLUtDQ (O 'LRV GH ,VUDHO QR HVWi
OLPLWDGRSRUHOHVSDFLR\HOWLHPSR\HVWiDOOtFRQVWDQWHPHQWHSDUDSURSRUFLRQDU
GLUHFFLyQVXVWHQWR\SURWHFFLyQUHDO]DQGROD8<3:%;3,7N980:%<37%78<3-:R9,%<3%&8,=7#
(OSDVDMHSUHVHQWDXQDPDJQtÀFD85:931%<3%&8,=%A%=H%0,5H18<:<%<3%23%31%0,5H18N1%
0,1UH1;:7
/0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$% &"' &/' %&")2(' 1"$4$%0#(2' #&/' *0")102$(' +.,9-'

0LOJURP QRWD HVWR HQ OD PDQHUD HQ TXH <DKYp JXtD DO SXHEOR GXUDQWH
OD H[SHULHQFLD GHO GHVLHUWR ´HO 6HxRU UHQXHYD ODV PDUDYLOODV GHO e[RGR PDQi
1XP([RG FRGRUQLFHV 1XP([RG DJXDGHOD
URFD ([RG <ODVYLFWRULDVHQHO1HJHE\7UDQVMRUGDQLDDQWLFLSDQ
),1#4(#:,",2"V7GBJ

/DGLVSRVLFLyQGHODVGRFHWULEXVHQIRUPDVLPpWULFDDOUHGHGRUGHOVDQWXDULRUHÁHMD
HO RUGHQ GH XQD FRPXQLGDG GH IH XQLÀFDGD TXH VLJXH ÀHOPHQWH ORV PDQGDPLHQWRV
GHO 6HxRU &DGD KRPEUH GHEH DFDPSDU VHJ~Q HO HVWiQGDUWH TXH VLJQLÀFD VX
FDVDDQFHVWUDODOUHGHGRU\IXHUDGHOWDEHUQiFXORVDQWXDULR$OOHQGHVFULEHHVWH
HVFHQDULRGHODVLJXLHQWHPDQHUD´(OSXHEORGH,VUDHOHUDXQDFRPXQLGDGTXH
WHQtDVXVLJQLÀFDGRHVHQFLDOHQUHODFLyQFRQ'LRV\FRQORVGHPiV3HURVLHPSUH
HQ OD FRPXQLGDG HVWDED HO FRQWLQXR HVWUpV HQ HO LQGLYLGXR GH VDEHU D GyQGH
SHUWHQHFtDHQODDJUXSDFLyQPiVDPSOLDµGBA

PKZK.9!,.*%+9+"-!,.$%.$%D*%#+)+('+.%).%9.,!)*D!#'+

(VWH OLEUR WDPELpQ UHFLEH VX QRPEUH KHEUHR 4>9"#+, ´SDODEUDVµ GH OD
RUDFLyQ LQLFLDO GHO WH[WR KHEUHR ´(VWDV VRQ ODV SDODEUDVµ 'W   6X QRPEUH
JULHJRODWLQR ´'HXWHURQRPLRµ VLJQLÀFD ´VHJXQGD OH\µ \ SURYLHQH GH OD
WUDGXFFLyQJULHJDGHOD/;;GH'WGRQGHHOWH[WRKHEUHRGLFH?&.,&9-)-0;#-)#
´XQDFRSLDGHOOLEURGHODOH\µ

'HXWHURQRPLR GHSHQGH HVSHFLDOPHQWH GH e[RGR FRQ VX HQXPHUDFLyQ


GH ORV HYHQWRV GH e[RGR HJ 'W   OD UHSHWLFLyQ FDVL H[DFWD GH ORV 'LH]
0DQGDPLHQWRV²'HFiORJR 'W ODUHIXVLyQGHODVOH\HVGHe[RGR FIHJ
([FRQ'W \ORVOODPDGRVH[KRUWDWRULRVDODDFWLYLGDGGHOp[RGR
GH'LRVFRPRXQDPRWLYDFLyQSDUDODFRQÀDQ]D\ODREHGLHQFLDGHHVWHSXHEOR
UHGLPLGR HJ'W GBI

'HXWHURQRPLRHVHQJUDQSDUWHHQIRUPDGHGLVFXUVRVGH0RLVpV(VWRVVRQ
HVHQFLDOPHQWH FXDWUR 'W      ORV ~OWLPRV

GBJ# ´7KH/RUGUHQHZVWKHZRQGHUVRIWKH([RGXVPDQQD 1XP([RG TXDLO


1XP([RG ZDWHUIURPWKHURFN ([RG $QGWKHYLFWRULHV
LQWKH1HJHEDQG7UDQVMRUGDQDQWLFLSDWHWKRVHLQ&DQDDQµLELGFI$VKOH\
GBA# ´7KH SHRSOH RI ,VUDHO ZHUH D FRPPXQLW\ WKDW KDG WKHLU HVVHQWLDO PHDQLQJ LQ UHODWLRQVKLS
WR *RG DQG WR RQH DQRWKHU %XW HYHU LQ WKH FRPPXQLW\ ZDV WKH FRQWLQXLQJ VWUHVV RQ WKH
LQGLYLGXDOWRNQRZZKHUHKHEHORQJHGLQWKHODUJHUJURXSLQJµ$OOHQ
GBI# 9pDVH-7LJD\&3H;3-,1,5A-367& 3KLODGHOSKLD-HZLVK3XEOLFDWLRQ6RFLHW\ 
+.,B-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

FXDWURFDStWXORVVRQXQDPH]FODGHQDUUDFLyQ\GLFKRVÀQDOHV/RVGLVFXUVRVVH
GHVDUUROODQHQODVOODQXUDVGH0RDEODSRVLFLyQTXHHOSXHEORGH,VUDHODOFDQ]y
GHVSXpV GH VX p[RGR GH (JLSWR HO SDFWR KHFKR HQ HO 6LQDt e[RGR   \ HO
SHUtRGRGHFXDUHQWDDxRVGHYDJDEXQGHRSRUHOGHVLHUWRGHO6LQDt/RVGLVFXUVRV
VRQSRUORWDQWRUHWURVSHFWLYRV\SURVSHFWLYRVGBB

8QD FRPSDUDFLyQ GH ORV UHODWRV GHO 'HFiORJR GH ([  \ 'W 
PXHVWUDTXHORVGRVVRQEDVWDQWHVLPLODUHVHQVHFXHQFLD\VXVWDQFLD$PERVVH
PXHYHQ GHVGH ORV PDQGDPLHQWRV TXH FRQYRFDQ OD ÀGHOLGDG H[FOXVLYD D 'LRV
PDQGDPLHQWRV DORVPDQGDPLHQWRVTXHRUGHQDQODVUHODFLRQHVKXPDQDVGH
DFXHUGRFRQODQDWXUDOH]D\ORVSURSyVLWRVGH'LRV PDQGDPLHQWRV $PERV
SUHVHQWDQHOPDQGDPLHQWRGHOViEDGR PDQGDPLHQWR FRPRHOFHQWURDOUHGHGRU
GHO FXDO FRQYHUJHQ WRGRV ORV PDQGDPLHQWRV HO SXQWR GH LQWHUVHFFLyQ HQWUH HO
DPRUD'LRV\HODPRUDOSUyMLPR(QODVOODQXUDVGH0RDEHVWDSUHRFXSDFLyQSRU
HOViEDGRHPHUJHXQDYH]PiVHQHOFHQWURGHODSUHSDUDFLyQGHODFRPXQLGDG
SDUD FUX]DU DO PXQGR TXH 'LRV KDEtD SUHSDUDGR SDUD HOORVGBF (O ViEDGR VH
SUHVHQWD FRPR HO SULQFLSDO PDQGDPLHQWR HQ 'HXWHURQRPLR 7DQ FHQWUDO HV HO
PDQGDPLHQWRGHOViEDGRHQ'HXWHURQRPLRTXH/RKÀQNKDVXJHULGROODPDUDO
'HFiORJRHO´'HFiORJRGHOViEDGRµGBG

'HXWHURQRPLRSUHVHQWDODFHQWUDOL]DFLyQGHODDGRUDFLyQFRPRHOUHVXOWDGR
GHODHOHFFLyQGH<DKYpGHXQOXJDU~QLFRGHDGRUDFLyQHOVDQWXDULRFHQWUDO(O
6HxRUKDHOHJLGRHVWDUSUHVHQWH\GLVSRQLEOHHQHOVDQWXDULRFHQWUDOHOLJLpQGROR
FRPRXQ´OXJDUµHVSHFLDODOFRORFDUHOQRPEUHGLYLQRDOOt 
HWF (QHVHOXJDUXQRDGRUD´DQWH<DKYpµ>E.*%/#B1C1@  
,VUDHOVHUH~QHUHJXODUPHQWHHQHVHOXJDU\ODVFHOHEUDFLRQHVVDFULÀFLDOHVIHVWLYDV
TXH LQYROXFUDQ D WRGD OD FRPXQLGDG WLHQHQ OXJDU DOOt 'HXWHURQRPLR HQIDWL]D
ODVRIUHQGDVSULYDGDVKHFKDVGXUDQWHORVIHVWLYDOHVGHSHUHJULQDFLyQUHDOL]DGDV
SDUD FXPSOLU ORV YRWRV \ RIUHFLGDV SDUD H[SUHVDU JUDWLWXG DO 6HxRU 
 GBH

GBB# 9pDVH-*0F&RQYLOOH&3H;3-,1,5A 'RZQHUV*URYH,QWHU9DUVLW\ 


GBF# 3DUD HVWXGLRV LPSRUWDQWHV VREUH HO ViEDGR YpDVH 1 ( $QGUHDVHQ ´5HFHQW 6WXGLHV RI
WKH 2OG 7HVWDPHQW 6DEEDWKµ ^*K     * ) +DVHO ´7KH 6DEEDWK LQ WKH
3HQWDWHXFKµLQ+>3%!:@@:;>%81%!0-86;H-3%:1<%C8=;,-A :DVKLQJWRQ5HYLHZ +HUDOG 
07VHYDW´7KH%DVLF0HDQLQJRIWKH%LEOLFDO6DEEDWKµ^*K  
GBG# ´6DEEDWK 'HFDORJXHµ 1 /RKÀQN ´7KH 'HFDORJXH LQ 'HXWHURQRP\ µ LQ +>3,7,9A% ,2% ;>3%
G31;:;3H0>F% +>353=% ,2% ;>3% G-83=;7A% B:--:;8O3% :1<% &3H;3-,1,5A# K;&""(,$/)&1U# 9/%5%(11-# AEEFL-#

GBH# 9pDVH5'1HOVRQ&3H;3-,1,5AF%*%E,5531;:-A27/ /RXLVYLOOH:-. 
/0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$% &"' &/' %&")2(' 1"$4$%0#(2' #&/' *0")102$(' +.,?-'

$XQTXH'HXWHURQRPLRFRQWLHQHYDULRVWHPDVWHROyJLFRV7:%031;-:78R:08N1%
GH OD DGRUDFLyQ \ HO VDFULÀFLR UHSUHVHQWD HO PiV IXQGDPHQWDO GH HVWRV 7LHQH
XQ HIHFWR 031;-:78R:<,- VREUH PXFKRV RWURV FRQFHSWRV WHROyJLFRV SULPDULRV HQ
'HXWHURQRPLR PiV FODUDPHQWH OD FHOHEUDFLyQ MXELORVD OD LQFOXVLYLGDG GH OD
DGRUDFLyQGHODFRPXQLGDG.\ODLQVLVWHQFLDHQODDGRUDFLyQFRUUHFWDFRPRHVHQFLDO
SDUDODOHDOWDGH[FOXVLYDD<DKYp

PKZKEK.*3=7=@B5.03.75.2=M</1050.03.50=:521>/

/DH[FOXVLYLGDGGH<DKYpFRPRVHUHYHODHQORVGRVSULPHURVPDQGDPLHQWRV
'W WLHQHTXHYHUFRQODDGRUDFLyQS~EOLFDGHO6HxRUHQXQOXJDUFHQWUDO
(OSULPHUPDQGDPLHQWR  LGHQWLÀFDEDD<DKYpFRPRHO~QLFR'LRVHOTXH
UHGLPLy D ,VUDHO \ HO FXDO QR WROHUDUtD FRPSHWLU FRQ RWURV GLRVHV (O VHJXQGR
PDQGDPLHQWR    WUDWDED FRQ WDOHV GLRVHV DO SURKLELU DEVROXWDPHQWH VX
DGRUDFLyQRLQFOXVRVXUHSUHVHQWDFLyQLFyQLFD

(ORUGHQGHHVWRVVHLQYLHUWHHQ'HXWHURQRPLR\DTXHREYLDPHQWHVHUtD
GLItFLO VL QR LPSRVLEOH DGRUDU D <DKYp VROR HQ &DQDiQ PLHQWUDV KD\D FHQWURV
SROLWHLVWDV GH DGRUDFLyQ &RPR VHxDOD 'ULYHU OD GHVWUXFFLyQ GH ORV OXJDUHV GH
FXOWRFDQDQHRVHUDXQDFRQGLFLyQIXQGDPHQWDO\QHFHVDULDSDUDODDGRUDFLyQSXUD
\QRFRQWDPLQDGDGH<DKYpGBC3RUORWDQWRORVtGRORV\VXVVDQWXDULRVSULPHUR
WXYLHURQTXHVHUGHPROLGRV  OXHJRVHWXYRTXHHVWDEOHFHUXQOXJDU~QLFR
\FHQWUDOSDUDODDGRUDFLyQD<DKYp  XQRDOTXHODFRPXQLGDGGHOSDFWR
HQWHUDUHFXUULUtDHQPRPHQWRV\SDUDSURSyVLWRVHVWDEOHFLGRV  

(OFRQWHQLGRGH'W>70@VHSXHGHGHOLQHDUHQXQDHVWUXFWXUD
.*&215&3,U

$ 5HVXPHQ´(VWRVVRQORVSUHFHSWRV\ODVQRUPDVTXHFXLGDUpLVGHSRQHU
("#$%235&3,V#KAI-AL
% 1RKD\RWURVGLRVHVGHVWUXLUOXJDUHVGHDGRUDFLyQSROLWHtVWDHQODWLHUUD

& $GRUDFLyQVRORD<DKYpHQHOVDQWXDULRFHQWUDO\ORFDOPHQWH 
%·1R KD\ RWURV GLRVHV QR VLUYDV D ORV GLRVHV GH DTXHOORV D TXLHQHV
GHVSRVHHV 
$·5HVXPHQ ´&XLGDUpLV GH SRQHU HQ SUiFWLFD WRGR HVWR TXH RV PDQGRµ
>70@ 

GBC# 6 5 'ULYHU *% E-8;80:7% :1<% '4393;80:7% E,5531;:-A% ,1% &3H;3-,1,5A ,&& (GLQEXUJK 7 7
:),%_-#AEJIL-#ABE7
+.,@-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

/DGHVFULSFLyQGHOFXOWRS~EOLFRHQHOVDQWXDULRFHQWUDO\GHOFXOWRHQORV
SXHEORVORFDOHVDORODUJRGHODWLHUUDSURPHWLGDHQVHHQPDUFDGRVYHFHV
/D OLPLWDFLyQ GHO FXOWR VDFULÀFLDO D XQ VDQWXDULR FHQWUDO HV GH LPSRUWDQFLD SULPRUGLDO
31% 37% 78@-,% <3% &3H;3-,1,58, \ DWHVWLJXD OD DQWLJHGDG GH ODV HVWLSXODFLRQHV GHO
SDFWRHQpO/DQDWXUDOH]DGHODDGRUDFLyQDSURSLDGDGH<DKYpVHYXHOYHFODUD
D PHGLGD TXH XQR VH PXHYH PiV SURIXQGDPHQWH GHQWUR GH HVWD HVWUXFWXUD
)&5(%,%&,-#3*</#3("5%/#1(#$*(4(#4()&"(,%#4(#),#1&+*&("5(#',"(%,UGBD

$ 2IUHFHVDFULÀFLRV\FyPHORVDOOtDQWH<DKYp 
% 7DPELpQSXHGHVVDFULÀFDU\FRPHUFDUQHHQWXVSXHEORV 
& 'LH]PRV\VDFULÀFLRVSDUDVHUFRPLGRVVRORHQHOVDQWXDULRFHQWUDO 
AEL
%·7DPELpQSXHGHVVDFULÀFDU\FRPHUFDUQHHQWXVSXHEORV 
$·3XHGHVFRPHUFDUQHSHURQRODVDQJUHHQHOVDQWXDULRFHQWUDO  

!)#',"4,5/#4(#4(15%*&%#(152#%(4,35,4/#("#)/1#5?%'&"/1#'21#("?%+&3/1-#<,#
TXH QR GHEH TXHGDU QLQJ~Q UHVLGXR GH SROLWHLVPR GHVSXpV GH OD FRQTXLVWDGBE#
< OD HVWUDWHJLD GH GHVWUXFFLyQ VHUtD OD HOLPLQDFLyQ GH ORV OXJDUHV GH FXOWR
DGRUDFLyQ´/XJDUHVµ>&'M);$:=8@HVXQWpUPLQRFXDVLWpFQLFRTXHVHUHÀHUH
D VLWLRV TXH VH FRQVLGHUDQ VDJUDGRV GHELGR D XQD YLVLWD HVSHFLDO GH OD GHLGDG
(VWRVJHQHUDOPHQWHVHHQFRQWUDEDQHQDUEROHGDV TXHUHSUHVHQWDQODIHUWLOLGDG 
<#("#),1#,)5,1#3/)&",1-#(15&',4,1#$/%#),#,)5*%,#$,%,#(15,%#'21#3(%3,#4(#)/1#4&/1(17#
(QFRQWUDVWHFRQWDOHVOXJDUHVVHUtDHOOXJDUGRQGHVHGHEHDGRUDUD<DKYp6LHWH
YHFHV  VHPHQFLRQDHQHVWHSDVDMHVRORHVWHOXJDU>:";=:Z#
HQHOTXHVHHQIDWL]DODH[FOXVLYLGDGGH<DKYpGFJ

/RV REMHWRV HVSHFtÀFRV TXH VH GHVWUXLUiQ DOWDUHV SLHGUDV VDJUDGDV HWF 
VRQ DFFHVRULRV GH DGRUDFLyQ GH tGRORV SRU OR TXH ORV tGRORV PLVPRV VH GHEHQ
GHVPDQWHODU \ VXV PLVPRV QRPEUHV HV GHFLU VX PHPRULD  ERUUDGRV  
3RUTXHODHOLPLQDFLyQGHORVQRPEUHVGHORVGLRVHVGHORVSXHEORVSROLWHtVWDVKDFH
SRVLEOHODLQWURGXFFLyQGHOQRPEUHGH<DKYpHVGHFLUVXPLVPDSUHVHQFLDXQ
WHPDSULQFLSDOHQHOFXOWRDGRUDFLyQD<DKYp FI
IH-IL7GFA

GBD# 9pDVH ' / &KULVWHQVHQ 'HXWHURQRP\ -# ^=:# HQ# K^,3/U# ^/%4-# IJJA-# IJJII  
IBG7
GBE# 9pDVH7'27
GFJ# 9pDVH379RJW'HXWHURQRPLF7KHRORJ\DQGWKH6LJQLÀFDQFHRI7RUDK$5HDSSUDLVDO#K^&"/",#
/DNH(LVHQEUDXQV 
GFA# 9pDVH3&&UDLJLH+>3%?,,L%,2%&3H;3-,1,5A1,&27 *UDQG5DSLGV(HUGPDQV 
/0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$% &"' &/' %&")2(' 1"$4$%0#(2' #&/' *0")102$(' +.,;-'

'HVSXpVGHKDEHURUGHQDGRODHOLPLQDFLyQGHORVtGRORV\VXVOXJDUHVGH
FXOWRHOUHODWRWH[WXDOUHFXUUHDODFXHVWLyQGHGyQGH\FyPRVHGHEHDGRUDUD
<DKYp&XDOTXLHURWUDFRVDTXHVHGLJDVHUtDWRWDOPHQWHFRQWUDULDDODSUiFWLFD
SROLWHtVWD  'HEHHVWDUHQHOOXJDUSDUDVHUHOHJLGR>9"A'#Z#$/%#6&/1#'&1'/-#
XQ OXJDU \ XQR VROR HQWUH ODV DVLJQDFLRQHV WULEDOHV $OOt FRORFDUtD VX QRPEUH
´PRUDQGR HQ pOµ HV GHFLU DOOt KDELWDUtD   (O OXJDU GHO QRPEUH GH <DKYp
HQWRQFHVHVHOWDEHUQiFXORVDQWXDULRHQHOTXHUHVLGHHQWUHVXSXHEOR

8QD YH] TXH HO OXJDU GH DGRUDFLyQFXOWR GH OD FRPXQLGDG VH KDEtD
LGHQWLÀFDGR HO SXHEOR GH ,VUDHO GHEtD LU DOOt SDUD SUHVHQWDU VXV GLH]PRV \
RIUHQGDV4XHHVWRHV7:%:<,-:08N1%<3%7:%0,5H18<:<%0,5,%H1%;,<,%A%31%H1%=,7,%7H9:-%
\XQDYH]HVFODURQRVRORGHVGHODFRPSDUDFLyQGHHVWHPDQGDWRKDVWDHOGHODV
UHXQLRQHVGHORVIHVWLYDOHV FI/Y1PHVS'W
 VLQRWDPELpQGHOXVRGHORVSURQRPEUHVSOXUDOHVDORODUJRGH1PGFI#
7RGDODFRPXQLGDGGHEtDYHQLUDO~QLFROXJDUHQORVPRPHQWRVGHVLJQDGRV

/RV GRQHV TXH VH SUHVHQWDURQ IXHURQ KRORFDXVWRV >H$E=8@ VDFULÀFLRV


XX)9"A+:Z-# 4&(@'/1# X:'H'I#$8Z# <# 4/"(1# (1$(3&,)(1# X8)#@:=8Z-# 5/4/1# )/1# 3*,)(1#
H[FHSWR ORV GLH]PRV  DSDUHFHQ MXQWRV HQ RWUD SDUWH VROR HQ /HYtWLFR  /D
QDWXUDOH]D GH HVWDV DVDPEOHDV ²WLHPSRV GH UHDÀUPDFLyQ \ UHQRYDFLyQ GHO
SDFWR²HVHYLGHQWHSRUODIHVWLYLGDGOOHYDGDDFDERHQDTXHOORVWLHPSRV\HQHO
1,"5*,%&/#3("5%,)#KAI-CL7#:/"1&15(#(1("3&,)'("5(#("#*",#3/'&4,#3/'$,%5&4,#$/%#
WRGRVORVPLHPEURVGH7:%0,5H18<:<%<3%:<,-:08N1%31%37%=:1;H:-8,XQDFRPLGD´HQ
ODSUHVHQFLDGH<DKYpWX'LRVµ(VWRHUDHVWiQGDUHQORVWLHPSRVGHODUHDOL]DFLyQ
RUHQRYDFLyQGHOSDFWRFRPRORDWHVWLJXDQYDULRVWH[WRVEtEOLFRV FI(['W
 GFB

'7% 0,56:-;8-% 9,R,=,% <3% 7:=% @31<808,13=% 5:;3-8:73=% <3% f:>O[% 3=% ;:5@8[1% H1%
0,1036;,/;35:%6-81086:7%<3%7:%;3,7,9M:%<3%7:%0,5H18<:<%<3%:<,-:08N1%31%&3H;3-,1,58,-#
´>OD@EHQGLFLyQTXHWHKDGDGR<DKYpWX'LRVµ  GFF(OOHQJXDMHGH´JUDQR
YLQRDFHLWHJDQDGRVUHEDxRVµHVLQGLFDWLYRGHEHQGLFLRQHVGLYLQDV 
 (VWDVFRVDVEXHQDVGH'LRVVRQSDUDHOEHQHÀFLRGH7:%0,5H18<:<%
0,5,%H1%;,<,\VHGHEHQOOHYDUDOOXJDUHOHJLGRDOVDQWXDULR´5HJRFLMDUVHµ  

GFI# 9pDVH ' / &KULVWHQVHQ ´7KH 1XPHUXVZHFKVHO LQ 'HXWHURQRP\ µ LQ G-,033<819=% ,2%
;>3%B81;>%K,-7<%E,19-3==%,2%I3D8=>%!;H<83=HG5*LYHRQHWDO -HUXVDOHP:RUOG8QLRQRI
-HZLVK6WXGLHV 
GFB# 9pDVH'-0F&DUWK\"7<%+3=;:531;%E,O31:1; $WODQWD-RKQ.QR[ 
GFF# =87
+..<-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

HQ XQ EDQTXHWH VDFULÀFLDO HUD DOJR EiVLFR DO FRPSDUWLU FRPLGD VDFULÀFLDO
´5HJRFtMDWHµDSDUHFHVLHWHYHFHV  \HVHOGLVIUXWH
GHORVEHQHÀFLRVGH<DKYpGFG

'HVSXpV GH KDEHU LQWURGXFLGR 37% 0,1036;,% <3% H1% =:1;H:-8,% 031;-:7# KAI-GL-#
0RLVpVSDVyDHODERUDUORVGHWDOOHVVREUHHOPRPHQWRGHVXVHOHFFLyQ  =H%
2H108N1%0,5,%37%6H1;,%2,0:7%<3%7:%:<,-:08N1%0,5H18;:-8:#KAI-AAL#<#)/1#$%/3(4&'&("5/1#
DVHJXLUDOOt  /RTXHHVWiHQYLVWDHVODSHUPDQHQFLDGHXQVLWLRFHQWUDO
XQR SDUD VHU HOHJLGR SRU 'LRV HQ DOJ~Q SXQWR LQGHWHUPLQDGR HQ HO IXWXURGFH#
+DVWD HVH PRPHQWR HO VDQWXDULR VHUtD SRUWiWLO FRPR OR KDEtD VLGR GHVGH HO
6LQDt LQFOXVRHQHOSHUtRGRIXWXURLQPHGLDWRGHFRQTXLVWD\RFXSDFLyQ

0LHQWUDV ,VUDHO VH PRYLHUD \ VH DJUXSDUD DOUHGHGRU GHO WDEHUQiFXOR


VDQWXDULR HVH VHUtD HO OXJDU FHQWUDO \ H[FOXVLYR GH FRQYRFDFLyQ &RPR HV ELHQ
VDELGR OD SULPHUD XELFDFLyQ SHUPDQHQWH GHO WDEHUQiFXORVDQWXDULR IXH 6LOy
´7RGDODFRPXQLGDGGHORVLVUDHOLWDVVHUHXQLyHQ6LOyGRQGHDO]DURQOD7LHQGD
4()# !"3*("5%/# XYZV# K8/1# AD-AL-GFC# *"# 1&5&/# ()(+&4/# 1/)/# 4(1$*?1# 4(# .*(# ),# 5&(%%,#
KD\DVLGRFRQWURODGD)DPLOLDVHQWHUDVHVFODYRVHLQFOXVRDTXHOORVVLQKHUHQFLD
FRPR ORV OHYLWDV GHEtDQ YHQLU DO OXJDU GHVLJQDGR FRPR FHQWUDO \ VROR D HVH
OXJDU  \UHQGLUDGRUDFLyQFXOWRD<DKYp  /DUHIHUHQFLDDORVOHYLWDV
FRQÀUPD OD YLVLyQ GH TXH 7:% :<,-:08N1% 0,5H18;:-8: VH GHEtD OOHYDU D FDER SRU 7:%
0,5H18<:<%0,5,%H1%;,<,%A%31%H1%=,7,%7H9:-7

(O WHPD GHO VDQWXDULR FHQWUDO HQFXHQWUD XQD FRQWLQXD HODERUDFLyQ HQ 1P
 SHUR FRQ XQ HQIRTXH HVSHFLDO HQ HO XVR R PDO XVR  GH OD VDQJUH HQ HO
VDFULÀFLRGHDQLPDOHV\HQHOVDFULÀFLRHQHODOWDU/DYLGDHQODWLHUUDWUDHUtDXQ
DVHQWDPLHQWRJHQHUDOL]DGRKDVWDWDOSXQWRTXHVHUtDLPSRVLEOHGHVGHHOSXQWRGH
YLVWDSUiFWLFRTXHWRGRVORVDFWRVGHDGRUDFLyQLQFOXLGRHOVDFULÀFLRVHOOHYDUDQ
D FDER HQ FXDOTXLHU OXJDU FHQWUDO 3RU OR WDQWR ORV DQLPDOHV VH SRGtDQ VDFULÀFDU
HQ ORV SXHEORV \ DOGHDV ORFDOHV SDUD SURSRUFLRQDU XQ VXPLQLVWUR GH DOLPHQWRV
  )LQDOPHQWH HQ XQ UHVXPHQ \ FRQFOXVLyQ GHO WHPD GHO VDQWXDULR
FHQWUDO0RLVpVLQVWyD7:%0,5H18<:<%<3%:<,-:08N1DODREHGLHQFLDWRWDODODVSDODEUDV
TXHKDEtDSURQXQFLDGR\DTXHDOKDFHUORDJUDGDUtDQDO6HxRU  

GFG# 6REUHHVWHWHPDYpDVH70:LOOLV´(DWDQG5HMRLFHEHIRUHWKH/25'7KH2SWLPLVPRI
:RUVKLSLQWKH'HXWHURQRPLF&RGHµLQK,-=>86%:1<%;>3%C3@-3D%?8@73HG03*UDKDPHW
DO-6276XS 6KHIÀHOG6KHIÀHOG$FDGHPLF 
GFH# 9pDVH&UDLJLH
GFC# =87
/0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$% &"' &/' %&")2(' 1"$4$%0#(2' #&/' *0")102$(' +..,-'

7HRORJtDGHOGLH]PR

(OGLH]PRTXH<DKYpUHTXHUtDGHODFRPXQLGDGLVUDHOLWDHUDHOSRUFLHQWR
GH ORV SURGXFWRV DQXDOHV GH OD SHUVRQD R GH OD IDPLOLD 0iV HVSHFtÀFDPHQWH
HVWRVIXHURQWRGRVFRPHVWLEOHV3DUDODSUHVHQWDFLyQGHHVWRVSURGXFWRVHQOtQHD
FRQORVSURFHGLPLHQWRVGHUDWLÀFDFLyQ\UHQRYDFLyQGHOSDFWRVHWUDWDEDGHXQD
FRPLGDFRPSDUWLGDSRUHO6HxRU\HOSXHEORHQODPRUDGDGH'LRVHOVDQWXDULR
FHQWUDO (O ´FRPHUµ GH <DKYp VH UHSUHVHQWy SRU VXSXHVWR SRU HO KRORFDXVWR
GH ODV RIUHQGDV PLHQWUDV TXH HO UHDOL]DGR SRU HO SXHEOR IXH OLWHUDO \ UHDO (VWH
GLH]PRVHGHEtDSUHVHQWDUHQODÀHVWDGHODVWLHQGDVDOÀQDOGHODxRDJUtFRODGFD

8Q SUREOHPD FRQ OD SUHVHQWDFLyQ GHO GLH]PR FRPR HO JDQDGR \ RWUDV
RIUHQGDVJUDQGHVHUDODGLVWDQFLDTXHGHEtDUHFRUUHUVHHQWUHORVSXHEORV\DOGHDV
("#$,%5(1#%('/5,1#4(#),#5&(%%,#<#()#1,"5*,%&/#3("5%,)7#>,%,#,+&)&@,%#)/1#5%2'&5(1-#),#
OH\SHUPLWtDODFRQYHUVLyQGHOSURGXFWRHQGLQHUR OLWHUDOPHQWH´SODWDµ>NœVHS@
HO PHWDO GH FDPELR PiV FRP~Q  TXH OXHJR SRGtD XVDUVH SDUD FRPSUDU ORV
PLVPRVSURGXFWRVDOOOHJDUDODFDVDGH'LRV 'W GFE

(O OHYLWD TXH QR WHQtD QLQJXQD SURSLHGDG X RFXSDFLyQ VHFXODU SDUD
SURYHHUVH D Vt PLVPR WHQtD TXH VHU VRVWHQLGR SRU OD FRPXQLGDG GH IH  
(VWR VH KL]R DVLJQDQGR HO GLH]PR GH FDGD WUHV DxRV D ORV OHYLWDV \ GH KHFKR
D WRGRV ORV PLHPEURV GHSHQGLHQWHV GH OD FRPXQLGDG WDOHV FRPR H[WUDQMHURV
KXpUIDQRV \ YLXGDV  GGJ 3DUHFH TXH OD SUHVHQWDFLyQ GHO WULEXWR SRU
HQFLPDGHOGLH]PRGHOWHUFHUDxRWXYRTXHOOHYDUVHDOVDQWXDULRFHQWUDOLQFOXVR
HQDTXHOORVDxRV FI GGA

(O GLH]PR PHQFLRQDGR DTXt QR IXH HO ~QLFR PHGLR GH VRSRUWH SDUD HO
OHYLWD \D TXH 1~PHURV  H[SOLFD RWUDV GLVSRVLFLRQHV SDUD pO (Q OD PHGLGD
HQTXHHOOHYLWDVHUYtDD'LRVSRGtDFRPSDUWLU37%<83R5,RIUHFLGRDO6HxRU 1P
 (VGHFLUQRWRGRORTXHVHOOHYyDOWDEHUQiFXORVDQWXDULRVHFRQVXPLy
HQHODOWDU*UDQSDUWHGHHOORGHKHFKRVHUHVHUYySDUDORVOHYLWDVTXHWHQtDQ
TXHRIUHFHUXQSRUFLHQWRD<DKYpFRPRVXSURSLDH[SUHVLyQGH:<,-:08N1/0H7;,%
31%37%=:1;H:-8, 1P GGI

GFD# 9pDVH+-DJHUVPD´7KH7LWKHVLQWKH2OG7HVWDPHQWµ"+!  


GFE# 9pDVH0:HLQIHOG´7LWKHµ'10IH<  ²
GGJ# 9pDVH)&)HQVKDP´:LGRZ2USKDQDQGWKH3RRULQ$QFLHQW1HDU(DVWHUQ/HJDODQG
^&14/'#O&5(%,5*%(-V#IB'!  
GGA 9pDVH'H9DX[FI'W
GGI# 9pDVH%XGGBH5@3-=
+...-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

(OSURSyVLWRGHOGLH]PRWULHQDOHQORVSXHEORV\DOGHDVORFDOHVHUDSURYHHU
DORVOHYLWDV\DVXVIDPLOLDVHQVXSURSLROXJDUGHUHVLGHQFLDPLHQWUDVTXHHO
TXHVHOHVGDEDHQHOVDQWXDULRWHQtDHOSURSyVLWRGHXVDUORHQHVHPRPHQWRFRPR
VXVWHQWR\VDFULÀFLRSDUDVXVQHFHVLGDGHVLQPHGLDWDV&RPRWRGRVORVPLHPEURV
GHSHQGLHQWHVGHODFRPXQLGDGIXHURQEHQGHFLGRVSRUVXVFLXGDGDQRVDVtHVWRV
~OWLPRVSRGtDQHVSHUDUODEHQGLFLyQGH'LRVVREUHVXVYLGDV\ODERUHV  

(QODFRPXQLGDGUHFLELyLQVWUXFFLRQHVSDUDDVLJQDUHOGLH]PRGHO
WHUFHUDxRDORVVLHUYRVGH'LRVSHURHOFRQWHQLGRGHHVHGLH]PRQRVHH[SOLFy
6H GHÀQH HQ  FRPR OD HVSDOGLOOD ODV TXLMDGDV \ ORV LQWHVWLQRV   ODV
SULPLFLDV GH JUDQR YLQR QXHYR \ DFHLWH \ OD ODQD GHO SULPHU HVTXLOHR GH ODV
RYHMDV  /DOLVWDDXQTXHSDUFLDOPHQWHSDUDOHODHQ/Y\1P
 HV OD PiV GHWDOODGD GH WRGDV ODV GHO $7GGB (Q ~OWLPD LQVWDQFLD HVWDEDQ D
PHUFHGGHORVPLHPEURVGHODFRPXQLGDGGHIHTXHWHQtDQODUHVSRQVDELOLGDG\
HOSULYLOHJLRGHFXLGDUORV(VWRORVOLEHUDUtDSDUDUHDOL]DUVXUROGDGRSRU<DKYp
3/'/#'&"&15%/1#4(#6&/1#KAD-GL7GGF

(QODYLGDVRFLRHFRQyPLFDDJUtFRODHQODFXDOVHKDEtDQDGRSWDGRSDWURQHV
GH VLHPEUD FXOWLYR \ FRVHFKD HO SULPHUR >#D!-+8@ GH ORV FXOWLYRV GHO FDPSR VH
GHEtD FRORFDU HQ XQD FDQDVWD \ OOHYDUOR DO ´OXJDU TXH <DKYp WX 'LRV HVFRJHUi
FRPRPRUDGDSDUDVXQRPEUHµHVGHFLUHOWDEHUQiFXORRVDQWXDULRFHQWUDO 
FI GGG'HDFXHUGRFRQORVFDOHQGDULRVDJUtFRODV\GHFXOWRHVWRVHUtD
DSULQFLSLRVGHOYHUDQRHOVH[WRGH!8O:1 PD\RMXQLR HOWLHPSRGHOFRPLHQ]R
GHODFRVHFKDGHOWULJR FI/Y GGH

+DELHQGROOHJDGRDOVDQWXDULRHODGRUDGRUSUHVHQWyODFDQDVWDDOVDFHUGRWH
TXHRÀFLDED  \OXHJRKDELHQGRUHFLWDGRODOLWXUJLDGHSRVLWyVXGRQDQWH
<DKYpSUHVHQWiQGRVHWDPELpQHQSRVWUDFLyQ  GGC/DUHIHUHQFLDDOGLH]PR
FRPR ´OD SRUFLyQ VDJUDGDµ >&'2$456 ´FRVD VDQWDµ @ HV XQ WpUPLQR TXH
VXJLHUHODSURSLHGDGH[FOXVLYDGH<DKYp FI/Y GGD#Q4('21-#

GGB# 9pDVH(+0HUULOO&3H;3-,1,5A1$& 1DVKYLOOH%URDGPDQ +ROPDQ 


GGF# 9pDVH 5 . 'XNH ´7KH 3RUWLRQ RI WKH /HYLWH $QRWKHU 5HDGLQJ RI 'HXWHURQRP\ µ
I?#  
GGG# 9pDVH$'+0D\HV&3H;3-,1,5A1&% *UDQG5DSLGV(HUGPDQV 
GGH# 9pDVH/+6FKLIIPDQZ-,5%+34;%;,%+-:<8;8,1F%*%C8=;,-A%,2%!30,1<%+35673%:1<%):@@8180%IH<:8=5#
+RERNHQ.7$9 
GGC# 9pDVH'/&KULVWHQVHQ'HXWHURQRP\-#^=:#H=#K^,3/U#^/%4-#IJJIL-#HBH7
GGD# 9pDVH - * 0F&RQYLOOH #:D% :1<% +>3,7,9A% 81% &3H;3-,1,5A -6276XS  6KHIÀHOG -627
AEDFL-#CI7
/0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$% &"' &/' %&")2(' 1"$4$%0#(2' #&/' *0")102$(' +..=-'

HORIHUHQWHGHEtDGHFLU´<DKHUHWLUDGRGHPLFDVDODSRUFLyQVDJUDGDµ Y 
HOYHUER>9"H'#@VHUHIHUtDDTXtHQHVWHFRQWH[WRF~OWLFRDODSUHVHQWDFLyQD'LRV
GHODVFRVDVVDJUDGDVTXHOHSHUWHQHFHQ(OVLJQLÀFDGROLWHUDOHV´H[WHUPLQDUµ
(1# 4(3&%-# 1($,%,%# 5/5,)'("5(# )/# .*(# (1# 4(# 6&/1# 4(# ),# 3,1,# 4(# *"/# $,%,# .*(# 1(#
$*(4,# ("5%(+,%# ,# /5%/17GGE# 9&",)'("5(-# ()# ,4/%,4/%# ("# ()# 5&('$/# 4()# 4&(@'/#
GHOWHUFHUDxRLQYRFDUtDODEHQGLFLyQGH<DKYpVREUHODFRPXQLGDG\ODWLHUUD
KIH-AGL7

7HRORJtDGHOD3UHVHQFLDGLYLQD

0XFKRV WHyORJRV FRQVLGHUDQ TXH HO OLEUR GH 'HXWHURQRPLR GHVFULEH D


OD 'HLGDG FRQ XQ FRQFHSWR GLIHUHQWH GH OD 3UHVHQFLD GLYLQD /RV HVWXGLRVRV
UHSUHVHQWDQ HVWH HQIRTXH FRQ HO WpUPLQR ;3,7,9M:% <37% 1,5@-3 \ OR GHULYDQ GH
GRVFRQMXQWRVGHWH[WRVTXHKDFHQUHIHUHQFLDDODPRUDGDGHO1,5@-3GH<DKYp
/# ,# (15,%# ("# ,)+["# /5%/# 1("5&4/# $%(1("5(# ("# ()# 1,"5*,%&/# K(7+7-# 6(*5(%/"/'&/#
 \DTXHOORVHQORVTXH<DKYp58=5,#
KDELWDRHVWiHQHOFLHOR HJ'W 7DOFRPSUHQVLyQGHOVLJQLÀFDGR
GHOOXJDUGHDGRUDFLyQFXOWRHQ'HXWHURQRPLRVHVXJLULy\DDÀQDOHVGHOVLJOR
WRW7GHJ

6LQ HPEDUJR IXH 9RQ 5DG TXLHQ OD SRSXODUL]y HQ HO EUHYH HQVD\R
SXEOLFDGRHQGHA(QSDODEUDVGH9RQ5DG´(OWHRORJ~PHQRGHXWHURQyPLFR
GHO QRPEUH GH <DKYp FODUDPHQWH WLHQH XQ HOHPHQWR SROpPLFR R SDUD GHFLUOR
PHMRUHVXQFRUUHFWLYRWHROyJLFR1RHVHOSURSLR<DKYpHOTXHHVWiSUHVHQWHHQ
HOVDQWXDULRVLQRVRORVXQRPEUHFRPRODJDUDQWtDGHVXYROXQWDGGHVDOYDU>«@
'HXWHURQRPLRHVWiUHHPSOD]DQGRODLGHDFUXGDDQWLJXDGHODSUHVHQFLDGH<DKYp
\GHVXPRUDGDHQHOVDQWXDULRSRUXQDLGHDWHROyJLFDPHQWHVXEOLPDGDµGHI

GGE# 'ULYHU
GHJ# 3RU%6WDGH(3=0>80>;3%<3=%`,7L3=%$=-:37YRO %HUOLQ*URWH 
GHA# * YRQ 5DG% &3H;3-,1,58H5Q!;H<831 )5/$17  *|WWLQJHQ 9DQGHQKRHFN  5XSUHFKW
 
GHI# ´7KH'HXWHURQRPLFWKHRORJXPHQRQRIWKHQDPHRI-DKZHKFOHDUO\KROGVDSROHPLFHOHPHQW
RUWRSXWLWEHWWHULVDWKHRORJLFDOFRUUHFWLYH,WLVQRW-DKZHKKLPVHOIZKRLVSUHVHQWDWWKH
VKULQHEXWRQO\KLVQDPHDVWKHJXDUDQWHHRIKLVZLOOWRVDYH>«@'HXWHURQRP\LVUHSODFLQJ
WKH ROG FUXGH LGHD RI -DKZHK·V SUHVHQFH DQG GZHOOLQJ DW WKH VKULQH E\ D WKHRORJLFDOO\
VXEOLPDWHGLGHDµ*YRQ5DG!;H<83=%81%&3H;3-,1,5A6%7 /RQGRQ6&0E 
YpDVHWDPELpQ'HXWHURQRP\$&RPPHQWDU\27/ 3KLODGHOSKLD:HVWPLQVWHU ´(O
QRPEUHKDELWDHQODWLHUUDHQHOVDQWXDULR<DKYpPLVPRHVWiHQHOFLHOR>'W@µ´7KH
QDPHGZHOOVRQHDUWKLQWKHVDQFWXDU\<DKZHKKLPVHOILVLQKHDYHQ>'HXW@µ
+..>-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

/RV FRPHQWDULRV GH 9RQ 5DG FLWDGRV D PHQXGR VRQ OD IRUPXODFLyQ
FOiVLFD GH OD WHRORJtD GHO QRPEUHGHB TXH JR]D GH XQD DPSOLD DFHSWDFLyQGHF#
(VWD GLVWLQFLyQ HQWUH <DKYp \ VX QRPEUH HV IXQGDPHQWDO SDUD OD WHRORJtD GHO
QRPEUH (Q FRQWUDVWH FRQ DTXHOORV WH[WRV HQ ORV TXH OD 'HLGDG VH UHSUHVHQWD
3/'/# )/3,)&@,4,# ("# ),# 5&(%%,-# ("# 6(*5(%/"/'&/# (1# 1*# 1,5@-3 HO TXH VH FRQFLEH
FRPR HVWDQGR SUHVHQWH HQ HVWH FDVR HQ HO VDQWXDULR <DKYp PLVPR HVWi HQ HO
FLHOR(OQRPEUHFRORFDGRHQHOVDQWXDULRJHQHUDOPHQWHVHYHFRPRGLVWLQWRQR
REVWDQWHUHODFLRQDGRFRQHOPLVPR<DKYp\VHXWLOL]yXQDYDULHGDGGHWpUPLQRV
SDUD GHVFULELU OD UHODFLyQ HQWUH ORV GRV *HQHUDOPHQWH HO QRPEUH -36-3=31;:# ,#
<DKYpHQHOVDQWXDULRRHVOD2,-5:GHVXPDQLIHVWDFLyQDOOt

9HDPRV DOJXQRV HMHPSORV ´(O QRPEUH GH <DKYp HV >«@ HO UHSUHVHQWDQWH
GH <DKYp PLVPRµGHG ´'HXWHURQRPLR SUHWHQGH DÀUPDU >«@ TXH QR HV <DKYp
HQ SHUVRQD HO TXH PRUD HQ HO 7HPSOR VLQR TXH HVWi UHSUHVHQWDGR SRU VX
QRPEUHµGHH ´7HQHPRV HQ HVWRV YHKtFXORV TXH WpFQLFDPHQWH VH FRQRFHQ FRPR
;3,7,9T531,= ODV ¶UHSUHVHQWDFLRQHV· R ¶SUHVHQWDFLRQHV· GH OD 'HLGDG FXDQGR VH
DFHUFDDOKRPEUHHQVXQDWXUDOH]DUHDOSHURQXQFDFRPSOHWDPHQWHUHYHODGDµGHC
´<DKYp>«@VHUHSUHVHQWySRU>«@6XQRPEUH>'W«@µGHD´>(@O1,5@-3%
<3%&8,=#$*(4(#,$,%(3(%#3/'/#,)+/#&"4($("4&("5(#.*(#%($%(1("5,#,#6&/1VGHE´>(@

GHB# 3RUHMHPSORYpDVH6'0F%ULGH´7KH'HXWHURQRPLF1DPH7KHRORJ\µ3K'GLVV+DUYDUG
8QLYHUVLW\71'0HWWLQJHU+>3%&3;>-,13531;%,2%!:@:,;>F%!;H<83=%81%;>3%!>35%:1<%
\:@,<%+>3,7,983=&RQ%27 /XQG*OHHUXS (:1LFKROVRQ&3H;3-,1,5A%:1<%
+-:<8;8,1 2[IRUG%ODFNZHOO 
GHF# 9pDVH 5 ( &OHPHQWV &3H;3-,1,5A 2OG 7HVWDPHQW *XLGHV 6KHIÀHOG -627   
) 5 0F&XUOH\ ´7KH +RPH RI 'HXWHURQRP\ 5HYLVLWHG $ 0HWKRGRORJLFDO $QDO\VLV RI
WKH1RUWKHUQ7KHRU\µLQ*%#89>;%H1;,%VA%G:;>HGV+1%UHDP5'+HLPDQG&$
0RRUH 3KLODGHOSKLD 7HPSOH 8QLYHUVLW\    0 :HLQIHOG &3H;3-,1,5A% :1<% ;>3%
&3H;3-,1,580%!0>,,7 2[IRUG2[IRUG8QLYHUVLW\D 
GHG# ´<DKZHK·V QDPH LV >«@ WKH UHSUHVHQWDWLYH RI <DKZHK KLPVHOIµ 5 ( &OHPHQWV (,<J=%
E>,=31%G3,673 /RQGRQ6&0 
GHH ´/H'HXWpURQRPHHQWHQGDIÀUPHU>«@TXHFHQ·HVWSDV<DKZHKHQSHUVRQQHTXLKDELWHOH
7HPSOHPDLVTX·LOV·\IDLWUHSUpVHQWHUSDUVRQQRPµ-DFRE
GHC# ´>:@H KDYH LQ WKHVH YHKLFOHV ZKLFK DUH WHFKQLFDOO\ NQRZQ DV ;>3,7,9,H531: WKH
¶UHSUHVHQWDWLRQV·RU¶SUHVHQWDWLRQV·RIWKH'HLW\DVKHGUDZVQHDUWRPDQLQKLVUHDO\HWQHYHU
IXOO\ UHYHDOHG QDWXUHµ - . .XQW] +>3% !372Q-3O37:;8,1% ,2% (,< 3KLODGHOSKLD :HVWPLQVWHU
 FXUVLYDHQHORULJLQDO
GHD# ´<DKZHK >«@ ZDV UHSUHVHQWHG E\ >«@ +LV QDPH >'HXW   «@µ - /LQGEORP
´7KHRSKDQLHVLQ+RO\3ODFHVLQ+HEUHZ5HOLJLRQµC_E*#BI#KAEHALU#EI7
GHE# ´>7@KH1:53%,2%(,<FDQRFFXUDVVRPHWKLQJLQGHSHQGHQWUHSUHVHQWLQJ*RGµ9ULH]HQ
FXUVLYDHQHORULJLQDO
/0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$% &"' &/' %&")2(' 1"$4$%0#(2' #&/' *0")102$(' +..9-'

O ¶QRPEUH· >HV@ OD IRUPD GH OD PDQLIHVWDFLyQ GH <DKYpµGCJ 7DPELpQ VH SURSXVR
TXHODV´IyUPXODVGHOQRPEUHµGCA#(%,#*",#34;31=8N1GHOD'HLGDGRGHQRWDEDVX
6-3=3108:%0T7;80:RÀQDOPHQWHH[SUHVDEDOD6-,683<:<GH<DKYpGHOWHPSOR

$GHPiV ORV WH[WRV GHXWHURQyPLFRV GH OD SUHVHQFLD GHO QRPEUH HQ HO
OXJDU GH FXOWR JHQHUDOPHQWH VH FRQVLGHUDQ FRQ 9RQ 5DG  FRPR OD FRUUHFFLyQ
GHODSHUVSHFWLYDTXH<DKYpUHVLGtDDOOtGCI6HRIUHFLHURQYDULDVVXJHUHQFLDVSDUD
H[SOLFDUHVHFDPELRGHFUHHQFLD$OJXQRVH[pJHWDVFRQVLGHUDQTXHODDÀUPDFLyQ
GHXQDPRUDGDSHUVRQDOGH<DKYpHQHOVDQWXDULRSRGUtDLQWHUSUHWDUVHTXHLPSOLFD
OD OLPLWDFLyQ GH VX SUHVHQFLD D HVH OXJDUGCB 2WURV UHODFLRQDQ OD LQWURGXFFLyQ
GH ODV ´IyUPXODV GHO QRPEUHµ FRPR VH ODV GHQRPLQD D PHQXGR FRQ HYHQWRV
KLVWyULFRV SDUWLFXODUHV SRU HMHPSOR OD FHQWUDOL]DFLyQ GHO FXOWR OD SpUGLGD GHO

GCJ# ´>7@KH¶QDPH·>LV@WKHIRUPRI<DKZHK·VPDQLIHVWDWLRQµ1LFKROVRQ
GCA /DV IyUPXODV GHO QRPEUH VH UHÀHUHQ D IUDVHV TXH LQFRUSRUDQ HO QRPEUH L# 3*,"4/# 1(#
UHÀHUHDOD'HLGDG
GCI 3RUHMHPSORYpDVH&OHPHQWV(,<%+35673´>(@QOXJDUGHODPLWRORJtDPiVDQWLJXDSRU
ODFXDOVHSHQVDEDTXHODPRUDGDGH<DKYpHQODWLHUUDVHXQtDDVXPRUDGDHQHOFLHORORV
GHXWHURQRPLVWDVRIUHFLHURQXQFRQFHSWRWHROyJLFR>«@TXHHOQRPEUHGH<DKYp>«@HVWDED
HQHOOXJDUTXHWHQtDHOHJLGRµ´>,@QSODFHRIWKHROGHUP\WKRORJ\E\ZKLFK<DKZHK·VDERGH
RQ HDUWK ZDV WKRXJKW WR EH XQLWHG WR KLV DERGH LQ KHDYHQ WKH 'HXWHURQRPLVWV RIIHUHG D
WKHRORJLFDOFRQFHSW>«@WKDWRI<DKZHK·VQDPH>«@VHWLQWKHSODFHZKLFKKHKDGFKRVHQµ
0F%ULGH´6HJ~Q6WDGH\ODPD\RUtDGHORVFRPHQWDGRUHVGHVGHHQWRQFHVODWHRORJtD
GHOQRPEUHVHSURPXOJyFRPRXQVXVWLWXWRGHODSHUVSHFWLYDTXHHOPLVPR<DKYpPRUDED
HQ XQD PRUDGD WHUUHQDO 4XHGD SRU YHU VL HVWH IXH HO ~QLFR R LQFOXVR HO PRWLYR SULQFLSDO
TXH LQIRUPD GH VX XVR PiV WHPSUDQR SHUR HV XQ 81;31;,% 0,--30;8O, GHFLVLYR HQ OD IRUPD
HQ TXH VH KD HPSOHDGR OD WUDGLFLyQ SRU ORV KLVWRULDGRUHV GHXWHURQyPLFRVµ ´$FFRUGLQJ
WR6WDGHDQGPRVWFRPPHQWDWRUVVLQFH1DPH7KHRORJ\ZDVSURPXOJDWHGDVDVXEVWLWXWH
IRUWKHYLHZWKDW<DKZHKKLPVHOIGZHOWLQDQHDUWKO\DERGH:KHWKHUWKLVZDVWKHVROHRU
HYHQSULPDU\PRWLYHLQIRUPLQJLWVHDUOLHVWXVDJHUHPDLQVWREHVHHQEXWD0,--30;8O3%81;31;#
LVGHFLVLYHLQWKHZD\WKHWUDGLWLRQKDVEHHQHPSOR\HGE\WKH'HXWHURQRPLFKLVWRULDQVµ
FXUVLYDDxDGLGD:HLQIHOG&3H;3-,1,5A´>(@OHPSOHRUHSHWLGRGH>ODH[SUHVLyQ·KDFHU
TXH VX QRPEUH PRUH·@ WLHQH OD LQWHQFLyQ GH FRPEDWLU OD FUHHQFLD SRSXODU DQWLJXD TXH OD
'HLGDG HQ UHDOLGDG PRUDED GHQWUR GHO VDQWXDULRµ ´>7@KH UHSHDWHG HPSOR\PHQW RI >WKH
H[SUHVVLRQ¶WRFDXVHKLVQDPHWRGZHOO·@LVLQWHQGHGWRFRPEDWWKHDQFLHQWSRSXODUEHOLHI
WKDWWKH'HLW\DFWXDOO\GZHOOHGZLWKLQWKHVDQFWXDU\µ
GCB# : %UXHJJHPDQQ ´3UHVHQFH RI *RG &XOWLFµ $&?!H6    , &DLUQV K,-<% :1<%
G-3=3103F% *% E,5531;:-A% ,1% ;>3% ?,,L% ,2% &3H;3-,1,5A ,7& *UDQG 5DSLGV (HUGPDQV  
 &OHPHQWV (,<% +35673  ( + 0DO\ ´·«7KH +LJKHVW +HDYHQV &DQQRW &RQWDLQ
<RX«· >VLF@.JV ,PPDQHQFHDQG7UDQVFHQGHQFHLQWKH'HXWHURQRPLVWµLQ!;:1<819%
@32,-3% (,< HGV $ )LQNHO DQG / )UL]]HO 1HZ <RUN .7$9    6 / 7HUULHQ ´7KH
2PSKDORV0\WKDQG+HEUHZ5HOLJLRQµ`+  *(:ULJKW´*RG$PLGVW+LV
3HRSOH7KH6WRU\RIWKH7HPSOHµLQ+>3%)H73%,2%(,<F%'==:A=%81%?8@780:7%+>3,7,9A 1HZ<RUN
'RXEOHGD\ 
+..B-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

,%3,#4()#%(&"/#4()#"/%5(-GCFRODGHVWUXFFLyQGHOWHPSORGCG6LQHPEDUJRVHJ~QHVWD
SHUVSHFWLYDHOVDQWXDULRFRQVHUYDVXLPSRUWDQFLDSDUDHODGRUDGRULVUDHOLWD\D
TXHVHFRQVLGHUDTXHODSUHVHQFLDGHOQRPEUHDOOtSURSRUFLRQDDFFHVRLQGLUHFWR
,#),#6(&4,4#'&1',7GCH

/DWHRUtDGHODWHRORJtDGHOQRPEUHVHKDHQWHQGLGRGXUDQWHPXFKRWLHPSR
SRUODLQYHVWLJDFLyQEtEOLFDFRPRHYLGHQFLDGHXQFDPELRGHSDUDGLJPDGHQWUR
GHODWHRORJtDLVUDHOLWDGHOD3UHVHQFLDGLYLQD(VWHFDPELRGHSDUDGLJPDLPSOLFD
XQD VXSXHVWD HYROXFLyQ HQ OD UHOLJLyQ LVUDHOLWD DOHMiQGRVH GH ODV LPiJHQHV
DQWURSRPyUÀFDV H LQPDQHQWHV GH OD 'HLGDG KDFLD OD LPDJHQ PiV DEVWUDFWD
GHVPLWRORJL]DGD\WUDVFHQGHQWHGHOD'HLGDG(QHVWDHYDOXDFLyQHVTXHPDWL]DGD
'HXWHURQRPLRVHLGHQWLÀFDFRPRHOSXQWRGHWUDQVLFLyQHQODSURJUHVLyQGHOD
SHUFHSFLyQHQHOVHQWLGRGHTXHUHHPSOD]DOD´LGHDPiVDQWLJXD\PiVSRSXODUµ
.*(#6&/1#O8O3#("#()#5('$)/#3/"#),#&4(,#4(#.*(#("#%(,)&4,4#1/)/#(152#>86,=;.;80:531;3%
HQ VXVWDQFLD HVHQFLD  SUHVHQWH HQ HO WHPSOR $GHPiV VH HQWLHQGH TXH OD QXHYD
SHUFHSFLyQVHFRPXQLFDSRU´ODGLIHUHQFLDFLyQWHROyJLFDHQWUH<DKYpSRUXQODGR
\VXQRPEUHSRUHORWURµGCC

(O UHVLGXR GH HVWH FUHGR HV PX\ HYLGHQWH HQ HO HVTXHPD GH LQPDQHQFLD
D WUDVFHQGHQFLD GH OD WHRORJtD GHO QRPEUH XQ SDUDGLJPD GLFRWyPLFR TXH
:HQKDP 9DQ GHU :RXGH 0D\HV \ :LOVRQ GHVDÀDURQ FRQ p[LWR YpDVH PiV
DGHODQWH  /D HYLGHQFLD TXH VH XWLOL]y SDUD IXQGDPHQWDU \ VRVWHQHU HVWD WHRUtD
HQ HO ~OWLPR VLJOR VH SXHGH UHVXPLU HQ GRV FDWHJRUtDV /D SULPHUD HV HO XVR
4()#1,5@-3DQWHVPHQFLRQDGRSDUDLQGLFDUODSUHVHQFLDDEVWUDFWDGH<DKYpHQ
()# 5('$)/7# O,# 1(+*"4,# (1# ),# ,$,%("5(# <3=58;,7,98R:08N1# 4()# 5('$)/# <# ()# ,%3,# 5,)#
FRPRVHHQFXHQWUDHQHORUiFXORGH1DWiQ 6 \HOGLVFXUVRGHGLFDWRULR
GH6DORPyQ 5 $TXtORVLQWpUSUHWHVLGHQWLÀFDURQXQWHPDUHSHWLWLYR
ODVXSXHVWDUHLQWHUSUHWDFLyQGH<DKYpFRPRXQD'HLGDGWUDVFHQGHQWHHQOXJDU
4(#&"',"("5(7GCD

6LQ HPEDUJR OD WHRORJtD GHO QRPEUH HQ 'HXWHURQRPLR VH FXHVWLRQy \
.*&("(1# 1(# /$/"("# ,# ()),# $%/$*1&(%/"# 5%(1# &"5(%$%(5,3&/"(1# $%&"3&$,)(1# 4(# ),1#

GCF# 1LFKROVRQ
GCG# 0F&XUOH\0HWWLQJHU
GCH# &DLUQV0F%ULGH1LFKROVRQ7HUULHQ'7H=8O3%G-3=3103-#IJJ7
GCC# ´7KH WKHRORJLFDO GLIIHUHQWLDWLRQ EHWZHHQ -DKZHK RQ WKH RQH KDQG DQG KLV QDPH RQ WKH
RWKHUµ9RQ5DG"7<%+3=;:531;%+>3,7,9A-#AUADF7
GCD# 6/5LFKWHU+>3%&3H;3-,1,58=;80%C8=;,-A%:1<%;>3%B:53%+>3,7,9AF%E>6W77D%#6),=#6":%81%;>3%?8@73%
:1<%;>3%*10831;%B3:-%':=;%=$: %HUOLQ:GH*UX\WHU 
/0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$% &"' &/' %&")2(' 1"$4$%0#(2' #&/' *0")102$(' +..?-'

IyUPXODVGHOQRPEUHTXHH[SUHVDQOD3UHVHQFLDUHDOGH<DKYpGCE#/#1*#5/',#4(#
SRVHVLyQGHOVDQWXDULRGDJRODSURFODPDFLyQGHVXQRPEUHHQHOFXOWR9DQGHU
:RXGHWDPELpQGHVDÀyODWHRORJtDGHOQRPEUHHQGRVIUHQWHVVXSUHVXSRVLFLyQ
4(#*"#3/"3($5/# GDA#X6D:´QRPEUHµ@XQLYHUVDOHQHO32$\VXSUHVXSRVLFLyQGH
XQDGLFRWRPtDHQWUHLQPDQHQFLD\WUDVFHQGHQFLDGDI(OHQIRTXHGH9DQGHU:RXGH
EDVDGR HQ DVSHFWRV OLQJtVWLFRV \ VX UHIXWDFLyQ GHO SDUDGLJPD LQPDQHQFLD
WUDVFHQGHQFLD VRQ H[WUHPDGDPHQWH VLJQLÀFDWLYRV &LWDQGR D :HQKDP 0D\HV
DÀUPDTXHHQ'HXWHURQRPLR<DKYpHVWUDVFHQGHQWHHLQPDQHQWH\TXHHOXVR
4()#1,5@-3VHKDPDOLQWHUSUHWDGRGDB

3HUR FUtWLFDV PiV UHFLHQWHV HVSHFLDOPHQWH ODV GH :LOVRQGDF \ 5LFKWHUGDG#


GHVDÀDURQ VHULDPHQWH OD WHRORJtD GHO QRPEUH WUDGLFLRQDO \ FRPR WDO UHTXLHUH
XQD UHHYDOXDFLyQ 3RU XQD SDUWH :LOVRQ DUJXPHQWD FRQYLQFHQWHPHQWH TXH
(15,"4/# $%(1("5(# ("# ()# 3&()/-# 6&/1# $(%',"(3(# $%(1("5(# ("# ),# 5&(%%,# 4(# ,3*(%4/#
D'HXWHURQRPLRHQPD\RUPHGLGDTXHORTXHORVGHIHQVRUHVGHODWHRORJtDGHO
QRPEUHDVXPLHURQ3RURWUDSDUWH5LFKWHUDÀUPDFRUUHFWDPHQWHTXHODVGLYHUVDV
IyUPXODVGHOQRPEUHVHDSOLFDURQLQFRUUHFWDPHQWH

5LFKWHUPRVWUyTXHODVH[SUHVLRQHV GDH
#XE>6W77D%#6),=#6":Z#<#
GDC
#XE"I@,#6),=#6":@VRQVLQyQLPDV\GHEHQWUDGXFLUVHSRU´SRQHU
VX QRPEUH DOOtµ VREUH OD EDVH GH ORV SDUDOHORV DFDGLRVGDD +XQGOH\ DFHSWD OD

GCE# - * 0F&RQYLOOH ´*RG·V ¶1DPH· DQG *RG·V ¶*ORU\·µ +A1?H7     - 0 0\HUV
´7KH5HTXLVLWHVIRU5HVSRQVH2QWKH7KHRORJ\RI'HXWHURQRP\µ$1;#AG#KAEHALU#IC7
GDJ# *-:HQKDP´'HXWHURQRP\DQGWKH&HQWUDO6DQFWXDU\µ+A1?H7#II#KAECALU#AAF7
GDA %+6
GDI $6YDQGHU:RXGH+#"+
GDB 0D\HV  ´'H KHFKR VLQ HPEDUJR HVWR LQWURGXFH XQD GLVWLQFLyQ IDOVD HQWUH <DKYp \
VXQRPEUH(OQRPEUH\ODUHDOLGDGVLJQLÀFDGRVGHHVHPRGRQRVRQGLVWLQJXLEOHV0H:1<,%
VHGLFHTXH<DKYpKL]RTXHVXQRPEUHKDELWDUDHQXQVDQWXDULRODLQWHQFLyQHVLQGLFDUODSUHVHQFLD
-3:7% A% 3230;8O:% <3% f:>O[% 58=5,% 31% 3=3% =:1;H:-8,µ ´,Q IDFW KRZHYHU WKLV LQWURGXFHV D IDOVH
GLVWLQFWLRQEHWZHHQ<DKZHKDQKLVQDPH7KHQDPHDQGWKHUHDOLW\VLJQLÀHGWKHUHE\DUH
QRW GLVWLQJXLVKDEOH ZKHQ <DKZHK LV VDLG WR KDYH FDXVHG KLV QDPH WR GZHOO DW D VDQFWXDU\ WKH
LQWHQWLRQLVWRLQGLFDWHWKHUHDODQGHIIHFWLYHSUHVHQFHRI<DKZHKKLPVHOIDWWKDWVDQFWXDU\µFXUVLYD
,],4&4,7
GDF# R7#^&)1/"-#"H;%,2%;>3%V8<=;%,2%;>3%Z8-3F%&8O813%G-3=3103%81%&3H;3-,1,5A6%/'6 $WODQWD
6FKRODUV 
GDG# 5LFKWHU &3H;3-,1,58=;80% C8=;,-A LGHP ´7KH 3ODFH RI WKH 1DPH LQ 'HXWHURQRP\µ `+# GC#
 
GDH# %+6
GDC# ,ELG
GDD# 5LFKWHUG7:03%B:53-#BFB7
+..@-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

VXJHUHQFLD GH 5LFKWHU TXH E>6W77D%# 6),=# 6": GHEH WUDGXFLUVH FRPR ´SRQHU
VX QRPEUH DOOtµ SHUPLWLHQGR DO PLVPR WLHPSR OD SRVLELOLGDG GH TXH WDPELpQ
SXHGHFRQQRWDU´PRUDUµGDE%DViQGRVHHQHOWUDEDMRGH-DFRE&URVV'H9DX[\
0FEULGHGEJ5LFKWHUDUJXPHQWDTXHE>6W77D%#6),=#6":TXHDSDUHFHVLHWHYHFHV
HQ'HXWHURQRPLR 'W \VHFLWDHQ(VG1HK
\ -HU  HV XQD DGDSWDFLyQ WRPDGD GH OD IUDVH DFDGLD 6N:W# 6'7"%N# <# E"I@,#
6),=#6":#(1#*"#3,)3/#4(#),#'&1',7

(OOD KDFH XQ HVWXGLR H[WHQVR GH HVWD IUDVH \ VX VLQyQLPD FHUFDQD 6N:W#
6'L#'# 6'7"%N HQ HO FRUSXV DFDGLR HQFRQWUDQGR HYLGHQFLD VLJQLÀFDWLYD GH OD
SULPHUDSDUWLFXODUPHQWHHQODVLQVFULSFLRQHVYLFWRULRVDV\YRWLYDV\GHOD~OWLPD
$,%5&3*),%'("5(# ("# ),1# &"13%&$3&/"(1# 4(# 3/"15%*33&/"(17GEA# !)),# $/15*),# .*(# ),#
IUDVH´HQFRQWUyVXFDPLQRKDFLDHOQRUWHGHO/HYDQWHDWUDYpVGHODVHVWHODVGH
YLFWRULDGHORVUH\HVDFDGLRV\DVLULRVDQWLJXRV\DOVXUGHO/HYDQWHSRUPHGLR
4(#),1#3,%5,1#4(#Q',%",V7GEI

&RPR VH LQGLFy DQWHULRUPHQWH OD WHRORJtD GHO QRPEUH VH EDVD
SULQFLSDOPHQWH HQ GRV FRQMXQWRV GH GDWRV UHIHUHQFLDV DO QRPEUH GLYLQR HQ HO
VDQWXDULR\UHIHUHQFLDVDOFLHORFRPRODPRUDGDGH<DKYp(VHQJUDQPHGLGDHQ
HVWHFRQWH[WRTXHVHKDOOHYDGRDFDERODGLVFXVLyQVREUHODLQWHUSUHWDFLyQGHODV
GLYHUVDVIyUPXODVGHOQRPEUH6LQHPEDUJRDXQTXHJUDQSDUWHGHHVDGLVFXVLyQ

GDE# 0%+XQGOH\´7R%HRU1RWWR%H$5HH[DPLQDWLRQRI1DPH/DQJXDJHLQ'HXWHURQRP\
DQG WKH 'HXWHURQRPLVWLF +LVWRU\µ `+# GE# KIJJELU# GFB7# ;21# UHFLHQWHPHQWH YpDVH LGHP
.HHSLQJ+HDYHQRQ(DUWK6DIHJXDUGLQJWKH'LYLQH3UHVHQFHLQWKH3ULHVWO\7DEHUQDFOH)$7
7ELQJHQ0RKU6LHEHFN LGHP(,<=%81%&D377819=F%+35673=%:1<%&8O813%G-3=3103%81%;>3%
*10831;%B3:-%':=;6%/:$:6XS $WODQWD6%/ WDPELpQ-'+D\V+>3%+35673%:1<%
;>3% +:@3-1:073F% *% !;H<A% ,2% (,<J=% &D377819% G7:03=% 2-,5% (313=8=% ;,% )3O37:;8,1# KM%,"4# N,$&41U#
=,_(%#=//_1-#IJAHL7
GEJ# 9pDVH%-DFRE$1%B:531%(,;;3=F%3813%=6-:0>780>3%H1<%-37898,1=93=0>80>;780>3%_1;3-=H0>H19%RH5%
*7;31%H1<%B3H31%+3=;:531; %HUOLQ9RQ6&DOYDU\ %HQQR-DFREUHFKD]yIXHUW('("5(#
OD LQWHUSUHWDFLyQ PiJLFRKLSRVWiWLFD GHO ´QRPEUHµ >6D:@ GH <DKYp GHQRPLQDQGR WDOHV
HYDOXDFLRQHV LPDJLQDWLYDV \ H[DJHUDGDV &ULWLFy D VXV SUHGHFHVRUHV SRU VX LQFDSDFLGDG
SDUD HYDOXDU FRUUHFWDPHQWH OD FRQVWUXFFLyQ LGLRPiWLFD LQYROXFUDGD $GHPiV UHFKD]y HO
FRQFHSWRGHXQDFRUUHFFLyQGHXWHURQRPLVWDHQHOXVRGHO1,5@-3DÀUPDQGRTXHVXVFROHJDV
VHJXtDQ LPSOtFLWDPHQWH XQ HVTXHPD GH GHVDUUROOR :HOOKDXVLDQR HQ VX LGHQWLÀFDFLyQ GH
GLFKDSURJUHVLyQ7DPELpQ&URVVG-83=;7A%+:@3-1:073
GEA# 5LFKWHU&3H;3-,1,58=;80%C8=;,-A
GEI# ´)RXQG LWV ZD\ WR WKH QRUWKHUQ /HYDQW YLD WKH YLFWRU\ VWHODH RI WKH 2OG $NNDGLDQ DQG
$VV\ULDQNLQJVDQGWRWKHVRXWKHUQ/HYDQWE\PHDQVRIWKH$PDUQDOHWWHUVµLELG6H
EDVDHQYDULDVLQVFULSFLRQHVIHQLFLDV\HVSHFLDOPHQWHHQODVLQVFULSFLRQHVYRWLYDVELOLQJHV
GH7HOO)DNKDUL\HKGHOVLJOR,;SDUDHVWDEOHFHUTXHODIUDVHGHKHFKRDSDUHFLyHQHO/HYDQWH
/0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$% &"' &/' %&")2(' 1"$4$%0#(2' #&/' *0")102$(' +..;-'

LPSOLFy XQD DSHODFLyQ D RWURV GDWRV GHO 32$ \ HQ SDUWLFXODU D ODV FDUWDV GH
Q',%",-GEBSRFRVXVWDQFLDODSDUHFLySUHJXQWiQGRVHVLORVGRVFRQMXQWRVGHGDWRV
,"5(%&/%(1#,+/5,"#)/1#;34;,=%@M@780,=HQ'HXWHURQRPLRHQUHODFLyQFRQHOWHPDGH
OD3UHVHQFLDGLYLQD

6LQHPEDUJRDSDUWLUGHXQHVWXGLRPiVGHWDOODGRGHOOLEURTXHGDFODUR
TXH HQ 'HXWHURQRPLR OD PD\RUtD GH ORV HVFULWRUHV VREUH HO WHPD SDVDURQ SRU
,)5/# /# &+"/%,%/"# *"# 3*(%$/# 1*15,"3&,)# 4(# 5:;3-8:7% @M@780, 6HJ~Q :LOVRQ KD\
VXÀFLHQWHV HYLGHQFLDV SDUD VRVWHQHU HO UHFRQRFLPLHQWR GH OD 6-3=3108:% ;3--31:7%
<3% f:>O[ HQ 'HXWHURQRPLR HVSHFLDOPHQWH HQ ORV FDStWXORV  (QWRQFHV VX
DQiOLVLV VH FRQFHQWUD HQ H[DPLQDU XQD FDQWLGDG GH SRVLEOHV UHIHUHQFLDV D OD
3UHVHQFLDGLYLQDHQ'HXWHURQRPLRGEF

5LFKWHU DÀUPD TXH PHGLDQWH XQ HVWXGLR H[KDXVWLYR GH ODV SHUtFRSDV
SDUDOHODVHQe[RGR1~PHURV\'HXWHURQRPLR:LOVRQPXHVWUDFRQYLQFHQWHPHQWH
OR VLJXLHQWH   HQ FRPSDUDFLyQ FRQ VXV SDUDOHORV GH e[RGR1~PHURV
'HXWHURQRPLRQRGLVPLQX\HQLHOLPLQDODVUHIHUHQFLDVDODSUHVHQFLDWHUUHQDOGH
<DKYp  ODDÀUPDFLyQGHOD3UHVHQFLDGLYLQDHVXQDFDUDFWHUtVWLFDFODUDGHDO
PHQRVDOJXQDVGHODVVHFFLRQHVKLVWyULFDVGH'HXWHURQRPLR\  HQHODQWLJXR
Q~FOHROHJDOGH'HXWHURQRPLR FDStWXORV QRVRORVHDUWLFXODUHJXODUPHQWH
OD SUHVHQFLD ORFDOL]DGD GH <DKYp HQ HO VDQWXDULR FHQWUDO \D TXH VH OHV RUGHQD
DORVLVUDHOLWDVUHDOL]DUVXDGRUDFLyQ´DQWH<DKYpµ+,+"-"#)%GEG#XE.*%/#B1C1Z-#1&"/#
TXHHVWRVPLVPRVFDStWXORVHVWiQUHSOHWRVGHODVIyUPXODVGHOQRPEUHGEH

5HFLHQWHPHQWH +XQGOH\ HVWi GH DFXHUGR TXH FXDQGR 'HXWHURQRPLR


GLFH TXH <DKYp KDEOD GHVGH HQ PHGLR GHO IXHJR 'W  
  FI   ´SRGHPRV DVXPLU TXH eO HVWi SUHVHQWH PXFKR PiV TXH
XQD YR] LQFRUSyUHD 2WURV HOHPHQWRV FRQWH[WXDOHV WDPELpQ UHVSDOGDQ XQD
SUHVHQFLD UHDO \ YHODGDµGEC /XHJR FRQFOX\H ´SDUHFH PHMRU FRQFOXLU TXH 'LRV
(152# 1&'*)52"(,'("5(# ("# ()# 3&()/# <# ("# ),# 5&(%%,7# :/'/# )/1# 4&/1(1# 4()# >PQ# .*(#
SXHGHQHVWDUSUHVHQWHVHQVXVGLYHUVDVHVWDWXDV\HQHOFLHOR<+:+SXHGHHVWDU
SUHVHQWHHQGRVOXJDUHVDODYH]HQHOFLHOR\HQVXVDQWXDULRHQODWLHUUDµGED

GEB (VSHFLDOPHQWH0F%ULGH6HUHÀHUHDOUH\TXH´HVWDEOHFLyVXQRPEUHµ åDNDQåXPåX 


GEF# ^&)1/"-#AI7
GEG# %+6
GEH# 5LFKWHU&3H;3-,1,58=;80%C8=;,-A-#BF7
GEC# ´:H PD\ DVVXPH WKDW KH LV SUHVHQW DV PXFK PRUH WKDQ D GLVHPERGLHG YRLFH 2WKHU
FRQWH[WXDOHOHPHQWVDOVRVXSSRUWDUHDOYHLOHGSUHVHQFHµ+XQGOH\Q
GED# ´,WVHHPVEHVWWRFRQFOXGHWKDW*RGLVVLPXOWDQHRXVO\ERWKLQKHDYHQDQGRQHDUWK/LNH
+.=<-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

(QSDODEUDVGH)UHWKHLP´(VWiFODURTXHORVGHXWHURQRPLVWDVQRSHQVDEDQ
TXH OD ~QLFD IRUPD HQ TXH 'LRV SRGtD HVWDU SUHVHQWH HQWUH VX SXHEOR HUD SRU
PHGLR GH VX QRPEUH 7DOHV UHIHUHQFLDV D OD SUHVHQFLD GH 'LRV VH HQFXHQWUDQ
QR VROR HQ 'HXWHURQRPLR VLQR WDPELpQ HQ OD LQWURGXFFLyQ DO WUDEDMR KLVWyULFR
GHXWHURQRPLVWDµGEE \ :HQKDP ´3DUHFH TXH 'HXWHURQRPLR FRQVLGHUD D 'LRV
FRPRSUHVHQWHHQHOFLHOR\HQ6XVDQWXDULRµHJJ

WKH JRGV RI WKH $1( ZKR FDQ EH SUHVHQW LQ WKHLU YDULRXV VWDWXHV DQG LQ KHDYHQ <+:+
FDQEHSUHVHQWLQWZRSODFHVDWRQFHLQKHDYHQDQGLQKLVVDQFWXDU\RQHDUWKµLELG
YpDVH WDPELpQ Q  ´(Q HO 32$ ORV GLRVHV SXHGHQ HVWDU SUHVHQWHV HQ P~OWLSOHV IRUPDV
HQP~OWLSOHVOXJDUHVLQFOXLGRVHOFLHOR\ODWLHUUDVLQGLVPLQXFLyQ3RUHMHPSORHQ(JLSWR
$PyQ HVWi SUHVHQWH HQ YDULRV OXJDUHV PLHQWUDV TXH 5D HVWi SUHVHQWH HQ YDULRV WHPSORV
WHUUHQDOHV HVSHFLDOPHQWH HQ +HOLySROLV \ HQ HO VRO PLVPRµ ´,Q WKH $1( WKH JRGV FDQ
EH SUHVHQW LQ PXOWLSOH IRUPV LQ PXOWLSOH SODFHV LQFOXGLQJ KHDYHQ DQG HDUWK ZLWKRXW
GLPLQLVKPHQW )RU H[DPSOH LQ (J\SW $PXQ LV SUHVHQW LQ YDULRXV ORFDOHV ZKLOH 5D LV
SUHVHQWLQYDULRXVHDUWKO\WHPSOHVPRVWQRWDEO\+HOLRSROLVDQGLQWKHVXQLWVHOIµ
GEE# ´,W LV FOHDU WKDW WKH 'HXWHURQRPLVWV GLG QRW WKLQN WKDW WKH RQO\ ZD\ WKDW *RG FRXOG EH
SUHVHQW DPRQJ KLV SHRSOH ZDV E\ PHDQV RI KLV QDPH 6XFK UHIHUHQFHV WR *RG·V SUHVHQFH
DUH IRXQG QRW RQO\ LQ 'HXWHURQRP\ EXW DOVR LQ WKH LQWURGXFWLRQ WR WKH 'HXWHURQRPLVWLF
KLVWRULFDOZRUNµ7()UHWKHLP´7KH$UNLQ'HXWHURQRP\µE?a#BJ#KAEHD,LU#C7
HJJ# ´,WVHHPVWKDW'HXWHURQRP\UHJDUGV*RGDVSUHVHQWLQKHDYHQDQGLQ+LVVDQFWXDU\µ*-
:HQKDP´'HXWHURQRP\DQGWKH&HQWUDO6DQFWXDU\µ+A1?H7#II#KAECALU#AAB7
&+)&9D,'+)%,
%("%/1*$("&*' +.==-'

(Q OD LQWURGXFFLyQ GH QXHVWUD WHVLV GRFWRUDO QRV KHPRV SODQWHDGR
GRV FXHVWLRQHV HVHQFLDOHV \ OD E~VTXHGD GH XQ QXHYR PRGHOR PHWRGROyJLFR
SDUDGLJPD GHODWHRORJtDEtEOLFDGHO3HQWDWHXFR+,-.TXHDKRUDHVWDPRVHQ
FRQGLFLRQHV GH SRGHU UHVSRQGHU \ GDU FXHQWD GH ORV KDOOD]JRV REWHQLGRV HQ
QXHVWUDLQYHVWLJDFLyQ/DVSUHJXQWDVTXHQRVSODQWHDPRVIXHURQ  ¢+D\XQ
FHQWUREtEOLFRWHROyJLFRHQWUHOD]DQGRODUHOLJLyQLVUDHOLWD"  ¢+D\XQHOHPHQWR
XQLÀFDGRUHQHO3HQWDWHXFR+,-. $7 RH[LVWHQHOHPHQWRVXQLÀFDGRUHV"/RV
REMHWLYRV GH HVWD WHRORJtD EtEOLFD KDQ VLGR LQWHQWDU UHVROYHU HVWH SUREOHPD
H[LVWHQWH KDVWD KR\ WUDWDU GH UHVSRQGHU D ODV SUHJXQWDV SODQWHDGDV
DQWHULRUPHQWH\  ODE~VTXHGDGHXQPDUFRGHUHIHUHQFLD SDUDGLJPD RXQD
HVWUXFWXUDJHQHUDOGHDOJ~QWLSRSDUDFRPSUHQGHUODPDVDFRPSOHMD\GLYHUVD
GHOPDWHULDOEtEOLFRFRPRXQWRGRHQHO3HQWDWHXFR+,-.FRQHOSURSyVLWRGH
SUHWHQGHUVROXFLRQDUHOPD\RUGHVDItRTXHHQIUHQWDODLQYHVWLJDFLyQEtEOLFDHQ
),#?$/3,#,35*,)7

(VWHWUDEDMRGHLQYHVWLJDFLyQ.DQDOL]yHVSHFtÀFDPHQWHODWHRORJtDEtEOLFDGH
ODIRUPDFDQyQLFDÀQDOGHO3HQWDWHXFR+,-.8WLOL]yWDQWRORVFRQRFLPLHQWRVWDQ
,'$)&,'("5(# ,3($5,4/1# 4(# ),1# 53;,<,7,9M:=% =810-N180:= FRPR OD QXHYD WHRORJtD
EtEOLFDTXHVHFHQWUDHQODIRUPDÀQDOGHOWH[WREtEOLFR1RLQGDJyVREUHODSRVLEOH
KLVWRULD SUHFDQyQLFD GHO WH[WR VLQR TXH EXVFy FRPSUHQGHU OD LGHD WHROyJLFD
SUHGRPLQDQWHGHO3HQWDWHXFR+,-.GHIRUPDKROtVWLFDFRPRVHSUHVHQWDKR\HQ
HOFDQRQEtEOLFR

1XHVWUD53;,<,7,9M:QRVRORKDVLGR=810-N180:VLQRWDPELpQ81<H0;8O:8Q
PpWRGRSDUDUHFKD]DUFRPSOHWDPHQWHHVWRGRVORVLQWHQWRVGHLPSRQHUXQDFODYH
RXQVLVWHPDVREUHHO3HQWDWHXFR+,-.SHURRWUDFRVDHVGHULYDU81<H0;8O:531;3#
WDOQ~FOHRGHO3HQWDWHXFR+,-.PLVPR(VWRHVSUHFLVDPHQWHGRQGHODPD\RUtDGH
ODVWHRORJtDVGHO$7KDQIUDFDVDGR(OREMHWLYRÀQDOGHODWHRORJtDGHO3HQWDWHXFR
+,-. GHO$7 HVPRVWUDUVLH[LVWHRQRXQDXQLGDGLQWHUQDTXHXQHODVGLYHUVDV
WHRORJtDV\WHPDVORQJLWXGLQDOHVFRQFHSWRV\PRWLYRV

$VtDÀUPDPRV\PDQWHQHPRVTXHKDEUtDXQFHQWURFDQyQLFRGHODWHRORJtD
GHO3HQWDWHXFR+,-.1RHVLPSXHVWRVLQRTXHVHSXHGHGHULYDU81<H0;8O:531;3#
4(#*",#)(35*%,#3*&4,4/1,#4(#)/1#(13%&5/%(1#<#)/1#(13%&5/1#4(#),#$%/$&,#!13%&5*%,7#
1RREVWDQWHDÀUPDUTXHKD\XQFHQWUREtEOLFRHKLVWyULFRQRVLJQLÀFDHLPSOLFD
TXHWRGRSDVDMHRWH[WREtEOLFRHVWiH[SOtFLWDPHQWHUHODFLRQDGRFRQHVHFRQFHSWR
R PDFURFRQFHSWR VLQR PiV ELHQ TXH FDGD VHFFLyQ GHO FDQRQ 3HQWDWHXFR
+,-.  \ OLEUR EtEOLFR HVWi UHODFLRQDGD FRQ HVH FRQFHSWR R PDFURFRQFHSWR SRU
+.=>-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

FRQH[LRQHVFDQyQLFDVKLVWyULFDVRWHPiWLFDV$FRQWLQXDFLyQYDPRVDUHVSRQGHU
HVSHFtÀFDPHQWHDODVSUHJXQWDVSODQWHDGDVDQWHULRUPHQWH

A7#PC:A%H1%031;-,%@M@780,Q;3,7N980,%31;-37:R:1<,%7:%-37898N1%8=-:378;:S6tVHJ~QORV
KHFKRVDSRUWDGRVSRUQXHVWUDLQYHVWLJDFLyQKD\XQ031;-,EtEOLFRHKLVWyULFRGHO
3HQWDWHXFR+,-.HQWUHOD]DQGRODUHOLJLyQLVUDHOLWDTXHQRHVXQRGHORVFHQWURV
SUHVHQWDGRVHQHOFDStWXORSRUTXHQLQJXQRGHORVWHPDVFHQWUDOHVSURSXHVWRV
SRUORVGLIHUHQWHVWHyORJRVGHVFULEH\FRQVWUX\HWRGDODULTXH]D\PDJQLWXGGH
OD WHRORJtD GHO 3HQWDWHXFR+,-. GHO $7  /D XQLGDG GHO 3HQWDWHXFR+,-.# 1/)/#
HV SRVLEOH HQFRQWUDUOD HQ HO FHQWUR GH OD YLGD UHOLJLRVD \ WHROyJLFD LVUDHOLWD 37%
!:1;H:-8, 1~PHURV  HVSHFLDOPHQWH 1P   GHVFULEH OD RUJDQL]DFLyQ GH
OD FRPXQLGDG GH ,VUDHO HQ WRGDV VXV GLPHQVLRQHV HV XQ SXHEOR HQ PDUFKD
HVWUXFWXUDGRDQLYHOMHUiUTXLFR0,1%37%=:1;H:-8,%31%=H%031;-,-#.*(#1(#$/"(#("#/%4("#
KDFLDODWLHUUDSURPHWLGD/DRUJDQL]DFLyQGHODFRPXQLGDGVHIXQGDPHQWDHQOD
=:1;8<:<GHVFULELHQGRHORUGHQGH,VUDHOGHVGHODSHULIHULDDO031;-,U#3/'*"&4,4-#
OHYLWDVVDFHUGRWHV=:1;H:-8,7

I7#¢+D\XQHOHPHQWRXQLÀFDGRUHQHO3HQWDWHXFR7RUi $7 RH[LVWHQHOHPHQWRV
XQLÀFDGRUHV" 6t VHJ~Q ORV GDWRV DSRUWDGRV SRU QXHVWUD LQYHVWLJDFLyQ KD\ XQ
FHQWUR XQLÀFDGRU GHO 3HQWDWHXFR+,-.-# .*(# (1# ()# ()('("5/# 3("5%,)&@,4/%# 4(# ),#
UHOLJLyQ \ WHRORJtD GH OD FRPXQLGDG GH ,VUDHO VH WUDWD GHO !:1;H:-8,# .*(# (1# ),#
FROXPQD YHUWHEUDO HO 5:0-,0,1036;,# K5:0-,;35:L# O3-;3@-:<,- GH OD WHRORJtD TXH
LQVHUWDHQVXHVWUXFWXUDWRGDODPXOWLSOLFLGDG\SOXUDOLGDGGHWHRORJtDVDPRGR
GH YpUWHEUDV TXH FRQVWLWX\HQ ORV FRQFHSWRV H LGHDV GH ORV OLEURV EtEOLFRV TXH
FRQIRUPDQHOHVTXHOHWRWHROyJLFRGHODWHRORJtDEtEOLFDGHO3HQWDWHXFR+,-.7

B7#/DE~VTXHGDGHXQPDUFRGHUHIHUHQFLD SDUDGLJPD RXQDHVWUXFWXUDJHQHUDO


<3% :79T1% ;86,% 6:-:% 0,56-31<3-% 7:% 5:=:% 0,5673U:% A% <8O3-=:% <37% 5:;3-8:7% @M@780,% 0,5,%
H1% ;,<,% 31% 37% G31;:;3H0,/+,-. 6t VHJ~Q ODV HYLGHQFLDV DSRUWDGDV SRU QXHVWUD
LQYHVWLJDFLyQ KHPRV HQFRQWUDGR HQ QXHVWUD E~VTXHGD XQ PDUFR GH UHIHUHQFLD
K$,%,4&+',L#/#*",#3=;-H0;H-:%;3,7N980:%9313-:7SDUDFRPSUHQGHUODPDVDFRPSOHMD
\GLYHUVDGHOPDWHULDOEtEOLFRFRPRXQWRGRHQHO3HQWDWHXFR+,-.7#!)#',%3/#4(#
UHIHUHQFLD SDUDGLJPD  R 3=;-H0;H-:% ;3,7N980:% 9313-:7 GHO 3HQWDWHXFR+,-.# "/# (1#
QL HO VXMHWR 'LRV  QL HO REMHWR OD KXPDQLGDG  GH OD WHRORJtD SRUTXH HQWRQFHV
VHUtDXQDWHRORJtDDUELWUDULDVXEMHWLYD\UHGXFFLRQLVWDVLQRTXHHVXQYHKtFXOR
R QH[R  GH XQLyQ HQWUH HO VXMHWR \ HO REMHWR GH OD WHRORJtD (VWH YtQFXOR GH
XQLyQ HV HO %&'()&#*" TXH XQH D 'LRV VXMHWR  \ D OD KXPDQLGDG REMHWR  GH
OD WHRORJtD 'LRV \ OD KXPDQLGDG HVWiQ SUHVHQWHV HQ HO VDQWXDULR SDUD OOHYDU D
%("%/1*$("&*' +.=9-'

FDERFRQMXQWDPHQWHHOSODQHFRQRPtDGHODVDOYDFLyQ3RUORWDQWRHOVDQWXDULR
DVRFLDUtD ORV WUHV FRQFHSWRV IXQGDPHQWDOHV GH OD WHRORJtD &8,=QCH5:18<:<Q
!:7O:08N1 GHQRPLQDGRV VHJ~Q HO HVTXHPD GH OD WHRORJtD VLVWHPiWLFD +3,7,9M:Q
*1;-,6,7,9M:Q!,;3-8,7,9M:HQOD]DQGRDVtODPDFURHVWUXFWXUDGHODWHRORJtDEtEOLFD
TXH FRQVLGHUD HVWRV WUHV FRQFHSWRV FRPR HVHQFLDOHV R EiVLFRV SDUD HQWHQGHU OD
UHYHODFLyQEtEOLFD\HOPHQVDMHGHO3HQWDWHXFR+,-.7

8QDWHRORJtDEtEOLFDGHO3HQWDWHXFR+,-.#.*(#%(3/"/3(#()#1,"5*,%&/#3/'/#
HO FHQWUR GLQiPLFR \ XQLÀFDGRU GHO 3HQWDWHXFR+,-. RIUHFH OD SRVLELOLGDG GH
GHVFULELUODVULFDV\YDULDGDVWHRORJtDV\SUHVHQWDORVGLYHUVRVWHPDVFRQFHSWRV
\ PRWLYRV ORQJLWXGLQDOHV $O DÀUPDU TXH HO VDQWXDULR HV HO FHQWUR GLQiPLFR
\ XQLÀFDGRU GHO 3HQWDWHXFR+,-. WDPELpQ DÀUPDPRV TXH HVWH FHQWUR HV XQ
SULQFLSLR RUJDQL]DGRU R VLVWHPDWL]DGRU VREUH HO FXDO VH SXHGH HVWUXFWXUDU XQD
WHRORJtD EtEOLFD GHO 3HQWDWHXFR+,-. (Q FRQVHFXHQFLD SHUPLWH TXH OD WHRORJtD
GHODFUHDFLyQODWHRORJtDGHOSDFWRODWHRORJtDGHOVDFHUGRFLRODWHRORJtDGHOD
VDQWLGDGODWHRORJtDGHODH[SLDFLyQHWFWRPHQVXOXJDUOHJtWLPR\QRTXHGHQ
UHOHJDGDVDXQHVWDWXVLQIHULRURFRPSOHWDPHQWHH[FOXLGDV

/D SUHPLVD FHQWUDO GH HVWD QXHYD WHRORJtD EtEOLFD GHO 3HQWDWHXFR+,-.#
(1# .*(# ()# !:1;H:-8,-# 3/'/# *",# 5:0-,3=;-H0;H-:% 2M=80:-# *"# 5:0-,373531;,% >8=;N-80,Q
;356,-:7-#*",#5:0-,-323-3108:%@M@780:-#*"#PDFURFRQFHSWR PDFURWHPD WHROyJLFR#<#*",#
5:0-,;86,7,9M:% 53=8.180: FRQVWLWX\H OD EDVH \ HO IXQGDPHQWR GHO UHVWR GH ODV
WHRORJtDVGHO3HQWDWHXFR+,-.3RUORWDQWRSURSRQHPRVXQQXHYRSDUDGLJPDD
ODHUXGLFLyQWHROyJLFDPRGHUQDHVGHFLUWDQWRSDUDODWHRORJtDGHO3HQWDWHXFR
+,-.FRPRSDUDODWHRORJtDGHO$7

/D KLSyWHVLV GH LQYHVWLJDFLyQ +A GHQRPLQDGD KLSyWHVLV DOWHUQDWLYD TXH


HVORTXHVHHVSHUDSUREDUTXHHVFLHUWR GHHVWDWHVLVGRFWRUDOIXHHOVDQWXDULR
FRPR FHQWUR XQLÀFDGRU GH ODV WHRORJtDV GHO 3HQWDWHXFR+,-.-# '(4&,"5(# *",#
PHWRGRORJtD VLQFUyQLFD OD IRUPD ÀQDO GHO WH[WR EtEOLFR  LQGXFWLYD REWHQHU GH
ORVKHFKRVSDUWLFXODUHVXQDFRQFOXVLyQJHQHUDO 

/D LQYHVWLJDFLyQ WHROyJLFD DO LJXDO TXH OD LQYHVWLJDFLyQ FLHQWtÀFD VH
IXQGDPHQWD GHVDUUROOD \ DYDQ]D VREUH OD EDVH GH OD :0H5H7:08N1% <3% 3O8<3108:=%
;3,7N980:=FLHQWtÀFDV IDYRUDEOHVGHVIDYRUDEOHV GDWRV KHFKRV HWF  D ODV WHVLV
H KLSyWHVLV H[SOtFLWDV H LPSOtFLWDV DO SURFHVR PHWRGROyJLFR GH LQYHVWLJDFLyQ
1XHVWUDWHVLVGH(OVDQWXDULRFRPRFHQWURXQLÀFDGRUGHODVWHRORJtDVGHO3HQWDWHXFR
+,-.\ODKLSyWHVLVFRUUHVSRQGLHQWHVHKDGHPRVWUDGRDSDUWLUGHOD:0H5H7:08N1%
+.=B-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

<3% 3O8<3108:=% <3% 7:=% ;3,7,9M:=% 6-3=31;3=% 3% 8153-=:=% 31% 37% =:1;H:-8,% 0,5,% O3-,=8587%
A% :7;:531;3% 6-,@:@73 WDQWR SDUD OD WHRORJtD EtEOLFD GHO 3HQWDWHXFR+,-.# 3/'/#
DVLHQWDORVFLPLHQWRVSDUDODFRQVWUXFFLyQGHXQQXHYRSDUDGLJPDGHODWHRORJtD
EtEOLFDGHO$7

'H HVWH PRGR KHPRV GHVFULWR ORV WH[WRV GH ORV OLEURV EtEOLFRV KHPRV
FRQVWUXLGR ODV WHRORJtDV TXH KD\ HQ HO VDQWXDULR \ KHPRV GHVDUUROODGR VX
PDFURFRQFHSWR WHROyJLFR $Vt FRPR HO WHPSORVDQWXDULR VH FRQVWUX\y ´SLHGUD
VREUH SLHGUDµ +DJ   GHO PLVPR PRGR KHPRV DxDGLGR ´WHRORJtD VREUH
WHRORJtDµ SDUD OD FRQVWUXFFLyQ GHO VDQWXDULR FRPR OD WHRORJtD EtEOLFD GHO
3HQWDWHXFR+,-.'HHVWDPDQHUDKHPRVFRQVWUXLGR´WHRORJtDDWHRORJtDµVHJ~Q
QXHVWUD SUHVXSRVLFLyQ SUHOLPLQDU SDUD GHVDUUROODU XQD WHRORJtD GHVFULSWLYD \
FRQVWUXFWLYDGHORVOLEURVEtEOLFRVGHO3HQWDWHXFR+,-.7

'HODPLVPDIRUPDKHPRVFRQVWUXLGR´FtUFXORVFRQFpQWULFRVWHROyJLFRVµ
GRQGHKHPRVGHVFULWRODV;3,7,9M:=%9313-:73=GHFDGDOLEUREtEOLFRGHO3HQWDWHXFR
+,-. HQ HO VDQWXDULR \ GHQWUR GH FDGD XQD GH HVWDV WHRORJtDV JHQHUDOHV KHPRV
3/"15%*&4/# /5%,1# ;3,7,9M:=% :<808,1:73= KDFLHQGR YDULRV FtUFXORV FRQFpQWULFRV GH
WHRORJtDVGHODPLVPDPDQHUDFRPRHQHOVDQWXDULRKD\FtUFXORVFRQFpQWULFRVGH
JUDGDFLyQHVWUXFWXUDOGHVXVDSDUWDPHQWRV\DUWtFXORVGHOPRELOLDULR

3RU FRQVLJXLHQWH XQDV WHRORJtDV ODV ;3,7,9M:=% 9313-:73=L# ,],4&(%/"-#


´DUUDVWUDURQµ RWUDV WHRORJtDV ODV ;3,7,9M:=% :<808,1:73=  SURGXFLHQGR XQ HIHFWR
("# 3,4(",# .*(# 4("/'&",'/1# 3230;,% <,581N% ;3,7N980, TXH HPSXMy FRQHFWy \
HQOD]y´XQDVWHRORJtDVVREUHRWUDVWHRORJtDVµGHVDUUROODQGRHOPDFURFRQFHSWR
PDFURWHPDWHROyJLFRGHOVDQWXDULRFRQWRGRVORVFRQFHSWRVLGHDV\WHRORJtDVGH
ORV OLEURV \ WH[WRV EtEOLFRV GHO 3HQWDWHXFR+,-.7# !1# 3/'/# *"# 5:-% 5:0-,;3,7N980,#
GRQGHFRQÁX\HQUtRVGHFRQFHSWRVLGHDVWHRORJtDVDWUDYpVGHWRGRHO3HQWDWHXFR
+,-.GHVGH*pQHVLVKDVWD'HXWHURQRPLR´GHVHPERFDQGRµHQHOPDFURFRQFHSWR
PDFURWHPDWHROyJLFRGHOVDQWXDULR

$Vt KHPRV GHVFULWR \ FRQVWUXLGR ODV VLJXLHQWHV WHRORJtDV HQ HO


PDFURFRQFHSWR WHROyJLFR GHO VDQWXDULR WHRORJtD GH OD FUHDFLyQ WHRORJtD GHO MDUGtQ
GHO(GpQWHRORJtDGH&DtQ\$EHOWHRORJtDGH1Rp\GHOGLOXYLRWHRORJtDGHODWRUUHGH
?:@37%A%;3,7,9M:%6:;-8:-0:7#KBC'3%*% WHRORJtDGHOD3DVFXDWHRORJtDGHO6LQDtWHRORJtD
GHO SDFWR WHRORJtD GH OD FRQVWUXFFLyQ GHO VDQWXDULR WHRORJtDV GHO PRELOLDULR WHRORJtD
GHO DOWDU GH ORV KRORFDXVWRV \ GHO LQFLHQVR WHRORJtD GHO ODYDWRULR WHRORJtD GH OD PHVD
GHORVSDQHVGHODSURSRVLFLyQWHRORJtDGHOFDQGHODEUR\WHRORJtDGHODUFD WHRORJtDGHO
VDFHUGRFLRWHRORJtDVDGLFLRQDOHV WHRORJtDGHODJORULD\UHYHODFLyQGLYLQDVWHRORJtDGHOD
%("%/1*$("&*' +.=?-'

OLEHUWDGWHRORJtDGHODPRUDGDGLYLQDWHRORJtDGHODVREHUDQtDGLYLQDWHRORJtDGHOViEDGR
WHRORJtDGHODUHGHQFLyQWHRORJtDGHODLQPDQHQFLD\WUDVFHQGHQFLDGLYLQDVWHRORJtDGHO
SHFDGR\WHRORJtDGHODXQLGDG  e[RGR 

7HRORJtDGHORVVDFULÀFLRV\RIUHQGDV WHRORJtDGHODLPSRVLFLyQGHPDQRV WHRORJtD


GHODVDQWLGDGWHRORJtDGHODFRQWDPLQDFLyQWHRORJtDGHO'tDGHODH[SLDFLyQWHRORJtDV
DGLFLRQDOHV WHRORJtD GH OD JUDFLD WHRORJtD GH OD GHGLFDFLyQ WHRORJtD GH OD FHOHEUDFLyQ
WHRORJtD GHO SHUGyQ WHRORJtD GH OD UHSDUDFLyQ WHRORJtD GHO DUUHSHQWLPLHQWR WHRORJtD
GH OD FRQVDJUDFLyQ WHRORJtD GH OD SUHSDUDFLyQ WHRORJtD GH OD DGRUDFLyQ WHRORJtD GH OD
OLPSLH]DWHRORJtDGHODDFHSWDFLyQWHRORJtDGHOMXLFLRWHRORJtDGHODSXUH]DWHRORJtDGH
ODREHGLHQFLDWHRORJtDGHODPRUWHRORJtDGHODJUDGHFLPLHQWRWHRORJtDGHODEHQGLFLyQ\
WHRORJtDGHOWLHPSRVDJUDGR #KD3E5(*+" WHRORJtDGHORVOHYLWDVWHRORJtDGHODSXUH]DGH
7:%0,5H18<:<%A#;3,7,9M:%<3%7:%0,5H18<:<%<3%23#K1~PHURV ;3,7,9M:%<3%7:%0,5H18<:<%<3%
DGRUDFLyQWHRORJtDGHOGLH]PR\WHRORJtDGHOD3UHVHQFLDGLYLQD#K@3)(3#"'"2*"L7

(Q FRQVHFXHQFLD HO VDQWXDULR QR HV XQ WHPDFRQFHSWR VLPSOH FRPR
OD YtD R DFHUFDPLHQWR GH (LFKURGW \ VXV VHJXLGRUHV QL HV XQD SOXUDOLGDG GH
WHRORJtDVLQFRQH[DV\GLYHUJHQWHVFRPRODYtDRDFHUFDPLHQWRGH9RQ5DG\VXV
VHJXLGRUHVVLQRTXHHVXQQXHYRSDUDGLJPDSDUDRUJDQL]DU\XQLÀFDUODWHRORJtD
EtEOLFD GHO 3HQWDWHXFR+,-. HQ WRUQR D XQ PDFURFRQFHSWRPDFURWHPD FHQWUDO
FRPSOHMRWRWDOPHQWHDEDUFDQWH\FRPSUHKHQVLYRTXHXQLÀFDHLQFOX\HODVYtDV
RDFHUFDPLHQWRVGH(LFKURGW\9RQ5DGHQOD]DQGRDDPERVPHGLDQWHWRGRVVXV
WHPDVFRQFHSWRV\WHRORJtDVGHVDUUROODGRVDWUDYpVGHWRGRHO3HQWDWHXFR+,-.7

'7% =:1;H:-8,% 3=% H1% 0:738<,=0,68,% <3% 7:% ;3,7,9M:% @M@780:% <37% G31;:;3H0,/+,-.7#
0HGLDQWHORVPHWDOHVEiVLFRVGHODDQWLJHGDGWHODVGHGLYHUVRVWLSRV\FRORUHV
SLHOHV PDGHUD GH DFDFLD DFHLWH HVSHFLDV \ SLHGUDV SUHFLRVDV RIUHFLGDV SRU HO
SXHEORGH,VUDHOFRPRRIUHQGDVSDUDODFRQVWUXFFLyQGHOVDQWXDULRVHSUHVHQWDQ
VLPEyOLFDPHQWH WRGDV ODV LGHDV WHROyJLFDV FRQFHSWRV \ WHPDV GHO 3HQWDWHXFR
+,-.´&RPRRIUHQGDVHOHVDFHSWDUiORVLJXLHQWHRURSODWDEURQFH-#),",#5(]&4,#4(#
S~USXUDFDUPHVt\HVFDUODWDOLQRÀQRSHORGHFDEUDSLHOHVGHFDUQHURWHxLGDVGH
URMR >«@ PDGHUD GH DFDFLD DFHLWH SDUD ODV OiPSDUDV HVSHFLDV SDUD DURPDWL]DU
HODFHLWHGHODXQFLyQ\HOLQFLHQVR\683<-:=%<3%N1803%A%,;-:=%683<-:=%6-308,=:=#$,%,#
DGRUQDUHOHIRG\HOSHFWRUDOGHOVDFHUGRWH'HVSXpVPHKDUiQXQ=:1;H:-8,-#$,%,#
TXH\RKDELWHHQWUHYRVRWURV>«@µ ([ 

&RPR ODV IRUPDV JHRPpWULFDV SUHVHQWDGDV HQ XQ FDOHLGRVFRSLR FRQ


FULVWDOHV GH FRORUHV TXH GDQ IRUPD D WRGR WLSR GH EHOODV FRPSRVLFLRQHV OOHQDV
GHOX]\FRQRFLPLHQWRHVGHFLUIRUPDV\FRPSRVLFLRQHVGHEHOOH]DFRQDUPRQtD
+.=@-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

\DUTXLWHFWXUDUDFLRQDO$VtHO=:1;H:-8,-#3/'/#*"#0:738<,=0,68,%989:1;3#4(1$)&(+,#
HQ VX HVWUXFWXUD \ FRPSRVLFLyQ FRPSOHWD OD EHOOH]D \ HO FRQRFLPLHQWR GH WRGD
OD WHRORJtD GHO 3HQWDWHXFR/+,-. OR PLVPR TXH OD WHRORJtD GH OD UHGHQFLyQ HO
SURSyVLWRÀQDOGHODUHYHODFLyQGH'LRVSDUDODKXPDQLGDGHQOD(VFULWXUD $7
\17 

&DGD IRUPD \ FRPSRVLFLyQ SHUFLELGD HQ HVWH 0:738<,=0,68,% ;3,7N980,#


UHSUHVHQWD FDGD WHPD \ DVSHFWR GH OD WHRORJtD EtEOLFD 'H DFXHUGR FRQ OD
SHUVSHFWLYDYLVWDDWUDYpVGHORVFRPSRQHQWHVGHXQFDOHLGRVFRSLRGHODPLVPD
PDQHUDFDGDHOHPHQWRGHODHVWUXFWXUDGHOVDQWXDULR DWULR/XJDU6DQWR/XJDU
6DQWtVLPRDUWtFXORVGHOPRELOLDULRVDFHUGRFLRYHVWLPHQWDVVDFULÀFLRVRIUHQGDV
RIHUHQWHVFRPXQLGDGOtGHUHVLQGLYLGXRVHWF VHSXHGHREVHUYDUSHUFLELHQGR
5/4/1# )/1# ',5&3(1-# &4(,1-# 3/"3($5/1# <# 5(',1# 4()# >("5,5(*3//+,-.# 3/'/# *",#
UHDOLGDG WHROyJLFD PXOWLFRORU PXOWLIDFpWLFD PXOWLWHPiWLFD \ PXOWLGLPHQVLRQDO
9&",)'("5(-#37%=:1;H:-8,%3=%7:%77:O3%<3%,-,%YH3%:@-3%;,<,=%7,=%58=;3-8,=%<37%G31;:;3H0,/
+,-.%A%<3%7:%;3,7,9M:%@M@780:%<37%G31;:;3H0,/+,-.7

3RUFRQVLJXLHQWHFRQFOXLPRVTXHODKLSyWHVLVGHWUDEDMRGHQXHVWUDWHVLV
GRFWRUDOKDGHVFULWR\FRQVWUXLGRXQQXHYRSDUDGLJPDGHODWHRORJtDEtEOLFDGHO
3HQWDWHXFR+,-.\KDDELHUWRXQDQXHYDYtDGHLQYHVWLJDFLyQSDUDDYDQ]DUHQ
HOFRQRFLPLHQWRGHO$7HLQWHQWDUGHPRVWUDUHVWHQXHYRSDUDGLJPDHQHOUHVWR
GHOFDQRQGHO$7 (VFULWRV\3URIHWDV \HQODWHRORJtDEtEOLFDGHO$7PHGLDQWH
HOHQIRTXHDFHUFDPLHQWRGHLQYHVWLJDFLRQHVWHROyJLFDVIXWXUDVFRQPHWRGRORJtDV
VLQFUyQLFDV LQGXFWLYDV TXH DPSOtHQ \ HODERUHQ OD SOXUDOLGDG GH WHRORJtDV \D
GHVDUUROODGDVHQHOVDQWXDULRFRPRFHQWURWHROyJLFRXQLÀFDGRUGHWRGRHOFDQRQ
EtEOLFRKHEUHR
?'?9'+"#!F-!
8$8/$(5204!0' +.>,-'

$EUDKDPV,´7DEHUQDFOHµ'10IH<  

$OH[DQGHU 7 ' DQG % 6 5RVQHU HGV B3D% &80;8,1:-A% ,2% ?8@780:7% +>3,7,9A7#
'RZQHUV*URYH/HLFHVWHU,93

Ɇ DQG 6 *DWKHUFROH HGV C3:O31% ,1% ':-;>F% +>3% +35673% 81% ?8@780:7% +>3,7,9A7#
:,%)&1)(U#>,5(%"/15(%-#IJJF7

Q))("-#N7#=7#BH5@3-=(%&*UDQG5DSLGV=RQGHUYDQ

$QGHUVRQ * $ ´&HOLEDF\ RU &RQVXPPDWLRQ LQ WKH *DUGHQ" 5HÁHFWLRQV RQ
(DUO\-HZLVKDQG&KULVWLDQ,QWHUSUHWDWLRQVRIWKH*DUGHQRI(GHQµC+)#DI#
 

Ɇ ´7KH&RVPLF0RXQWDLQ(GHQDQGLWV(DUO\,QWHUSUHWHUVLQ6\ULDF&KULVWLDQLW\µ
R"#*HQHVLVLQWKH+LVWRU\RI([HJHVLV,QWULJXHLQWKH*DUGHQHGLWHGE\*$
5REELQV/HZLVWRQ(GZLQ0HOOHQ

Ɇ DQG 6 0 2O\DQ HGV G-83=;>,,<% :1<% EH7;% 81% *10831;% $=-:37 -6276XS 
6KHIÀHOG6KHIÀHOG$FDGHPLF

$QGUHDVHQ 1 ( ´5HFHQW 6WXGLHV RI WKH 2OG 7HVWDPHQW 6DEEDWKµ ^*K# DH#
 

Ɇ ´7KH +HDYHQO\ 6DQFWXDU\ LQ WKH 2OG 7HVWDPHQWµ ,Q +>3% !:10;H:-A% :1<%
WKH $WRQHPHQW %LEOLFDO +LVWRULFDO DQG 7KHRORJLFDO 6WXGLHV HGLWHG E\ $ 9
:DOOHQNDPSIDQG:5/HVKHU:DVKLQJWRQ5HYLHZ +HUDOG

Q%5*1-#P7#*6-,485:08N1%:0;H:7%:7%G31;:;3H0,&%(VWHOOD9HUER'LYLQR

Ɇ (O3HQWDWHXFRKLVWRULD\WHRORJtD&%(VWHOOD9HUER'LYLQR

$VKOH\75+>3%?,,L%,2%BH5@3-=1,&27*UDQG5DSLGV(HUGPDQV

$YHUEHFN5(´6DFULÀFHVDQG2IIHULQJVµ&"+G  

Ɇ ´6DFULÀFHVDQG2IIHULQJVµB$&"++'  

Ɇ ´7DEHUQDFOHµ&"+G  

Ɇ ´7KH&\OLQGHUVRI*XGHDµ,Q+>3%E,1;34;%,2%!0-86;H-3F%V,1H531;:7%$1=0-86;8,1=%
2-,5%;>3%?8@780:7%K,-7<HGLWHGE\::+DOORDQG./<RXQJHU
O(&4("U#=%&))-#IJJJ7

$]HYHGR-´$WWKH'RRURI3DUDGLVH$&RQWH[WXDO,QWHUSUHWDWLRQRI*HQµ%
?B  
+.>.-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

%DDE27+>3%+>3,7,9A%,2%;>3%"7<%+3=;:531;1HZ<RUN$ELQJGRQ

%DOHQWLQH6(+>3%+,-:>J=%`8=8,1%,2%K,-=>862%70LQQHDSROLV)RUWUHVV

%DQQLQJ(%´7RZHUVµ*?&  

=,%%-#87#+>3%E,1036;%,2%?8@780:7%+>3,7,9AF%*1%"7<%+3=;:531;%G3-=630;8O37#;&""(,$/)&1U#
9/%5%(11-#AEEE7

=(,)(-#M7#T7#+>3%+35673%:1<%;>3%E>H-0>J=%V8==8,1F%*%?8@780:7%+>3,7,9A%,2%;>3%&D377819%
G7:03%,2%(,<16%7'RZQHUV*URYH,QWHU9DUVLW\

%HFNZLWK 5 7 +>3% "7<% +3=;:531;% E:1,1% ,2% ;>3% B3D% +3=;:531;% E>H-0>7# M%,"4#
N,$&41U#!(%4',"1-#AEDG7

%HOOLQJHU:+/HYLWLFXV1XPEHUV1,%&273HDERG\+HQGULFNVRQ

=(%)&"-#Q7#G,3;80=%:1<%$1;3-6-3;:;8,1%,2%?8@780:7%B:--:;8O3:LQRQD/DNH(LVHQEUDXQV
AEEF7

Ɇ +>3%&A1:580=%,2%?8@780:7%G:-:77378=5%ORRPLQJWRQ,QGLDQD8QLYHUVLW\

%LJJHU6)´7KH)DPLO\/DZVRI/HYLWLFXVLQ7KHLU6HWWLQJµI?##ED#KAECELU#


%OHQNLQVRSS-´7KH6WUXFWXUHRI3µE?a  

Ɇ +>3% G31;:;3H0>F% *1% $1;-,<H0;8,1% ;,% ;>3% Z8-=;% Z8O3% ?,,L=% ,2% ;>3% ?8@737# Q=NO# G7#
1HZ<RUN'RXEOHGD\

%ULFKWR + & ´2Q 6ODXJKWHU DQG 6DFULÀFH %ORRG DQG $WRQHPHQWµ C_E*# FC#
 

%UXHJJHPDQQ:´)XWXUHVLQ2OG7HVWDPHQW7KHRORJ\'LDORJLF(QJDJHPHQWµ
C?+  

Ɇ ´)XWXUHVLQ2OG7HVWDPHQW7KHRORJ\µC?+  

Ɇ ´3UHVHQFHRI*RG&XOWLFµ$&?!H6  

Ɇ 7KHRORJ\ RI WKH 2OG 7HVWDPHQW 7HVWLPRQ\ 'LVSXWH $GYRFDF\7# ;&""(,$/)&1U#


9/%5%(11-#AEEC7

=*44-#>7#87##3O8;80H=1&%*UDQG5DSLGV(HUGPDQV

Ɇ BH5@3-=7#^=:#G7#^,3/U#^/%4-#AEDF-#IJJI7
8$8/$(5204!0' +.>=-'

:,&%"1-# R7# K,-<% :1<% G-3=3103F% *% E,5531;:-A% ,1% ;>3% ?,,L% ,2% &3H;3-,1,5A ,7&
M%,"4#N,$&41U#!(%4',"1-#AEEI7

:,))("4(%-#67#*<:5%81%VA;>%:1<%C8=;,-A+DUYDUG6HPLWLF0XVHXP3XEOLFDWLRQV
:LQRQD/DNH(LVHQEUDXQV

&DUWOHGJH 7 `,D=% 81% ;>3% C3@-3D% ?8@73% :1<% ;>3% *10831;% B3:-% ':=; -6276XS 
6KHIÀHOG6KHIÀHOG$FDGHPLF

&DVVXWR8*%E,5531;:-A%,1%;>3%?,,L%,2%'4,<H=7#8(%*1,)('U#;,+"(1-#AEHC7

Ɇ *% E,5531;:-A% ,1% ;>3% ?,,L% ,2% (313=8=F% Z-,5% B,:>% ;,% *@-:>:57# 8(%*1,)('U#
;,+"(1-#AEHF7

&KLOGV%6$1;-,<H0;8,1%;,%;>3%"7<%+3=;:531;%:=%!0-86;H-33KLODGHOSKLD)RUWUHVV
AECE7

Ɇ 7KH %RRN RI ([RGXV $ &ULWLFDO 7KHRORJLFDO &RPPHQWDU\ 27/ /RXLVYLOOH


^(15'&"15(%-#AECF7

&KLOWRQ'G:-:<8=3%)3=;,-3<F%*%?8@780:7%+>3,7,9A%,2%&,5818,17\OHU5HFRQVWUXFWLRQ
AEDG7

&KULVWHQVHQ'/´7KH1XPHUXVZHFKVHOLQ'HXWHURQRP\µ,QG-,033<819=%,2%
;>3%B81;>%K,-7<%E,19-3==%,2%I3D8=>%!;H<83=HGLWHGE\5*LYHRQHWDO
-HUXVDOHP:RUOG8QLRQRI-HZLVK6WXGLHV

Ɇ 'HXWHURQRP\7#^=:#HQ7#^,3/U#^/%4-#IJJA-#IJJII7

Ɇ 'HXWHURQRP\7#^=:#H=7#^,3/U#^/%4-#IJJI7

:)('("51-#N7#!7#&3H;3-,1,5A2OG7HVWDPHQW*XLGHV6KHIÀHOG-627

Ɇ (,<%:1<%+356732[IRUG&ODUHQGRQ3KLODGHOSKLD)RUWUHVV

Ɇ (,<J=%E>,=31%G3,673/RQGRQ6&0

Ɇ "7<% +3=;:531;% +>3,7,9AF% *% Z-3=>% *66-,:0> $WODQWD -RKQ .QR[/RQGRQ


0DUVKDOO0RUJDQ 6FRWW

&OHQGHQHQ(5´5HOLJLRXV%DFNJURXQGRIWKH2OG7HVWDPHQWµ,Q%Z,H1<:;8,1=%
2,-% ?8@780:7% $1;3-6-3;:;8,1F% *% E,5673;3% #8@-:-A% ,2% +,,7=% :1<% )3=,H-03=-# (4&5(4#
E\ ' 6 'RFNHU\ . $ 0DWWKHZV DQG 5 % 6ORDQ  1DVKYLOOH
%URDGPDQ +ROPDQ
+.>>-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

&OLIIRUG5-´7KH7HQWRI(ODQGWKH,VUDHOLWH7HQWRI0HHWLQJµE?a#BB#KAECALU#


:/)(-#N7#Q7#'4,<H=F%*1%$1;-,<H0;8,1%:1<%E,5531;:-A'RZQHUV*URYH,QWHU9DUVLW\
AECB7

:/)(-#N7#67#BH5@3-=1$&%1DVKYLOOH%URDGPDQ +ROPDQ

:%,&+&(-#>7#:7#+>3%?,,L%,2%&3H;3-,1,5A1,&27*UDQG5DSLGV(HUGPDQV

&URVV)0´7KH3ULHVWO\7DEHUQDFOHDQGWKH7HPSOHRI6RORPRQµ,QZ-,5%'680%
;,%E:1,1F%C8=;,-A%:1<%#8;3-:;H-3%81%*10831;%$=-:37HGLWHGE\)0&URVVHWDO
%DOWLPRUH-RKQV+RSNLQV8QLYHUVLW\

Ɇ ´7KH3ULHVWO\7DEHUQDFOHµ?*)  

'DO\5´7KH6RWHULRORJLFDO6LJQLÀFDQFHRIWKH6DFULÀFHRI,VDDFµE?a#BE#KAECCLU#


'DYLGVRQ50´%DFNWRWKH%HJLQQLQJ*HQHVLVDQGWKH7KHRORJLFDO&HQWHU
RI6FULSWXUHµ,Q&KULVW6DOYDWLRQDQGWKH(VFKDWRQ(VVD\VLQ+RQRURI+DQV.
#:),1<3773HGLWHGE\'+HLQ]-0RVNDODDQG30YDQ%HPPHOHQ
%HUULHQ6SULQJV$QGUHZV8QLYHUVLW\

Ɇ ´(DUWK·V)LUVW6DQFWXDU\*HQHVLVDQG3DUDOOHO&UHDWLRQ$FFRXQWVµ*_!!#
  

Ɇ +A6,7,9A% 81% !0-86;H-3F% *% !;H<A% ,2% C3-5313H;80:7% +H6,=% !;-H0;H-3=7# =(%%&("#


6SULQJV$QGUHZV8QLYHUVLW\

'DYLHV*+´)RRWVWRROµ$&?#I#KAEHILU#BJE7

Ɇ ´7DEHUQDFOHµ$&?  

'DYLHV35´3DVVRYHUDQGWKH'DWLQJRIWKH$THGDKµII!  

6,<-# 87# 0ROHFK $ *RG RI +XPDQ 6DFULÀFH LQ WKH 2OG 7HVWDPHQW &DPEULGJH
&DPEULGJH8QLYHUVLW\

'H6RX]D(%+>3%C3:O317A%!:10;H:-A/+35673%V,;82%81%;>3%C3@-3D%?8@73F%ZH10;8,1%
:1<% )37:;8,1=>86% ;,% ;>3% ':-;>7A% E,H1;3-6:-;= 'LVVHUWDWLRQ 6HULHV  %HUULHQ
6SULQJV$GYHQWLVW7KHRORJLFDO6RFLHW\

'H9DX[5*10831;%$=-:37F%$;=%#823%:1<%$1=;8;H;8,1=1HZ<RUN0F*UDZ+LOO
8$8/$(5204!0' +.>9-'

'HPSVWHU 6 * &,5818,1% :1<% &A1:=;AF% *% ?8@780:7% +>3,7,9A% ,2% ;>3% C3@-3D% ?8@737#
1HZ6WXGLHVLQ%LEOLFDO7KHRORJ\'RZQHUV*URYH,QWHU9DUVLW\

6("5,"-#N7#:7#G-32:03%;,%"7<%+3=;:531;%+>3,7,9A1HZ<RUN6HDEXU\I7

'LHWULFK:´'HUURWH)DGHQLP$OWHQ7HVWDPHQWµ'O+  

'RXJODV 0 ´3RHWLF 6WUXFWXUH LQ /HYLWLFXVµ ,Q G,539-:1:;3=% :1<% (,7<31% ?377=F%
6WXGLHVLQ%LEOLFDO-HZLVKDQG1HDU(DVWHUQ5LWXDO/DZDQG/LWHUDWXUHLQ+RQRU
,2%I:0,@%V879-,5HGLWHGE\'3:ULJKW'1)UHHGPDQDQG$+XUYLW]
:LQRQD/DNH(LVHQEUDXQV

Ɇ ,QWKH:LOGHUQHVV7KH'RFWULQHRI'HÀOHPHQWLQWKH%RRNRI1XPEHUV-6276XS
6KHIÀHOG6KHIÀHOG$FDGHPLF

Ɇ #3O8;80H=%:=%#8;3-:;H-32[IRUG2[IRUG8QLYHUVLW\

'R]HPDQ 7K % +>3% G31;:;3H0>F% $1;-,<H0819% ;>3% +,-:>7# ;&""(,$/)&1U# 9/%5%(11-#
IJAC7

'ULYHU65*%E-8;80:7%:1<%'4393;80:7%E,5531;:-A%,1%&3H;3-,1,5A,&&(GLQEXUJK
7 7&ODUN

'XNH5.´7KH3RUWLRQRIWKH/HYLWH$QRWKHU5HDGLQJRI'HXWHURQRP\
D7V#I?#  

'XPEUHOO:-E,O31:1;%:1<%E-3:;8,1*UDQG5DSLGV%DNHU([HWHU3DWHUQRVWHU
AEDF7

(LFKURGW:+>3,7,9A%,2%;>3%"7<%+3=;:531;YROV27/3KLODGHOSKLD:HVWPLQVWHU


!)&,4(-#;7#E,=5,=%:1<%C8=;,-AF%+>3%VA;>%,2%;>3%';3-1:7%)3;H-11HZ<RUN+DUSHU
AEGE7

Ɇ G:;;3-1=%81%E,56:-:;8O3%)37898,1/RQGRQ6KHHGDQG:DUG

(OOLJHU.´/HYLWLFXVµ+#^  

Ɇ #3O8;80H=+$77ELQJHQ0RKU6LHEHFN

)HLQEHUJ&/´7KH6FDSHJRDWRI/HYµ?!:0  

)HOLNV < ´7KH ,QFHQVH RI WKH 7DEHUQDFOHµ ,Q G,539-:1:;3=% :1<% (,7<31% ?377=F%
6WXGLHVLQ%LEOLFDO-HZLVKDQG1HDU(DVWHUQ5LWXDO/DZDQG/LWHUDWXUHLQ+RQRU
+.>B-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

,2%I:0,@%V879-,5HGLWHGE\'3:ULJKW'1)UHHGPDQDQG$+XUYLW]
:LQRQD/DNH(LVHQEUDXQV

)HQVKDP )&´:LGRZ2USKDQDQGWKH3RRULQ$QFLHQW1HDU(DVWHUQ/HJDO
,"4#^&14/'#O&5(%,5*%(7V#IB'!  

)LUPDJH ( % ´7KH %LEOLFDO 'LHWDU\ /DZV DQG WKH &RQFHSW RI +ROLQHVVµ ,Q
!;H<83=%81%;>3%G31;:;3H0>HGLWHGE\-$(PHUWRQ976XS/HLGHQ
=%&))-#AEEJ7

)LVKEDQH0´$FFXVDWLRQVRI$GXOWHU\$6WXG\RI/DZDQG6FULEDO3UDFWLFHLQ
1XPEHUVµC_E*  

Ɇ +34;%:1<%+34;H-3F%E7,=3%)3:<819=%,2%!3730;3<%?8@780:7%+34;=1HZ<RUN6FKRFNHQ
AECE7

)OHPLQJ'(´0DUL·V/DUJH3XEOLF7HQWDQGWKH3ULHVWO\7HQW6DQFWXDU\µ`+#
  

)RKUHU*´'HU0LWWHOSXQNWHLQHU7KHRORJLHGHV$7µ+^  

Ɇ ´7KH&HQWUHRID7KHRORJ\RIWKH27µB(++  

)UHHGPDQ'1´&DQRQRIWKH2OG7HVWDPHQWµ$&?!H6  

Ɇ ´+RZWKH+HEUHZ%LEOHDQGWKH&KULVWLDQ27'LIIHUµ?8@)3O  

Ɇ ´7KH $DURQLF %OHVVLQJµ ,Q B,% Z:5813% 81% ;>3% #:1<F% !;H<83=% 81% C,1,-% ,2% IX% #X%
V0\31R83HGLWHGE\-/)ODQDJDQHWDO$WODQWD6FKRODUV

)UHWKHLP7(´7KH$UNLQ'HXWHURQRP\µE?a D 

Ɇ ´7KH%RRNRI*HQHVLVµB$?1DVKYLOOH$ELQJGRQ

Ɇ '4,<H=/RXLVYLOOH-RKQ.QR[

Ɇ +>3%!H223-819%,2%(,<2%73KLODGHOSKLD)RUWUHVV

)ULHGPDQ5(´7DEHUQDFOHµ*?&  

)U\PHU.HQVN\ 7 ´7KH 6WUDQJH &DVH RI WKH 6XVSHFWHG !,;:> 1XPEHUV 9 
BAL7V#`+  

*DEOHU - 3 ´2UDWLR GH MXVWR GLVFULPLQH WKHRORJLDH ELEOLFDH HW GRJPDWLFDH
UHJXQGLVTXHUHFWHXWULXVTXHÀQLEXVµ>´$Q2UDWLRQRQWKH3URSHU'LVWLQFWLRQ
8$8/$(5204!0' +.>?-'

EHWZHHQ %LEOLFDO DQG 'RJPDWLF 7KHRORJ\ DQG WKH 6SHFLÀF 2EMHFWLYHV RI
(DFKµ@ ,Q \73813-3% +>3,7,98=0>3% !0>-82;31 HGLWHG E\ 7K $ *DEOHU DQG - *
*DEOHU8OP

M,''&(-#87#M7#C,7813==%81%$=-:372%70LQQHDSROLV)RUWUHVV

*DQH 5 ( ´¶%UHDG RI WKH 3UHVHQFH· DQG &UHDWRULQ5HVLGHQFHµ `+# FI# KAEEILU#


Ɇ &XOW DQG &KDUDFWHU 3XULÀFDWLRQ 2IIHULQJV 'D\ RI $WRQHPHQW DQG 7KHRGLF\7#
:LQRQD/DNH(LVHQEUDXQV

Ɇ /HYLWLFXV1XPEHUV1,9$&*UDQG5DSLGV=RQGHUYDQ

*DUFtD/ySH])'7%G31;:;3H0,F%81;-,<H008N1%:%7:%730;H-:%<3%7,=%0810,%6-853-,=%78@-,=%
<3%7:%?8@78:,(%$(VWHOOD9HUER'LYLQRI7

Ɇ #:%+,-.F%3=0-8;,=%=,@-3%37%G31;:;3H0,$%((VWHOOD9HUER'LYLQR

M,%%(55-#67#Q7#*%E,5531;:-A%,1%'4,<H=7#T!O7#M%,"4#N,$&41U#T%(+()#Q3,4('&3-#
IJAF7

*HUVWHQEHUJHU(6#3O8;80H=F%*%E,5531;:-A27//RXLVYLOOH:-.

Ɇ +>3,7,983=%81%;>3%"7<%+3=;:531;7#;&""(,$/)&1U#9/%5%(11-#IJJI7

M&)4(%1-# ^7# T7# ?7,,<% )8;H:7% 81% ;>3% C3@-3D% ?8@73F% V3:1819% :1<% G,D3-7# =,)5&'/%(U#
-RKQV+RSNLQV8QLYHUVLW\

*ODGVRQ-$´7KH(QLJPDRI¶$]D]HO·LQ/HYLWLFXVµ0$WKHVLV9DQGHUELOW
8QLYHUVLW\

*ROGLQJD\-(´'LYHUVLW\DQG8QLW\LQ2OG7HVWDPHQW7KHRORJ\µ`+#BF#KAEDFLU#


Ɇ ´7KH6WXG\RI2OG7HVWDPHQW7KHRORJ\LWV$LPVDQG3XUSRVHµ+A1?H7#IJ#
 

*ROGVZRUWK\*E>-8=;QE31;3-3<%?8@780:7%+>3,7,9AF%C3-5313H;80:7%Z,H1<:;8,1=%:1<%
G-8108673='RZQHUV*URYH,93$FDGHPLF

*RRGHQRXJK(5´7KH0HQRUDKDPRQJWKH-HZVRIWKH5RPDQ:RUOGµC_E*#
  
+.>@-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

*RUPDQ)+7KH,GHRORJ\RI5LWXDO6SDFH7LPHDQG6WDWXVLQWKH3ULHVWO\7KHRORJ\7#
-6276XS6KHIÀHOG6KHIÀHOG$FDGHPLF

*UD\-´&XOWLF$IÀQLWLHVEHWZHHQ,VUDHODQG5DV6KDPUDµ^*K  


M%(("-# Q7# N7# ^7# 7KH 5ROH RI +XPDQ 6DFULÀFH LQ WKH $QFLHQW 1HDU (DVW7# ;&11/*),U#
6FKRODUV

*XJOLHOPR$´6DFULÀFHLQWKH8JDULWLF7H[WVµE?a  

+DIHPDQQ6-HG?8@780:7%+>3,7,9AF%)3;-,=630;%]%G-,=630;'RZQHUV*URYH,93
Q3,4('&3-#IJJI7

+DPLOWRQ-0´7KH*ORU\RI*RGLQ6DOYDWLRQWKURXJK-XGJPHQW7KH&HQWHU
RI%LEOLFDO7KHRORJ\"µ+A1?H7%  

Ɇ (,<J=% (7,-A% 81% !:7O:;8,1% ;>-,H9>% IH<9531;F% *% ?8@780:7% +>3,7,9A :KHDWRQ


&URVVZD\

+DPLOWRQ93C:1<@,,L%,1%;>3%G31;:;3H0>7#M%,"4#N,$&41U#=,_(%-#AEDI-#IJJGI7

Ɇ 7KH%RRNRI*HQHVLV&KDSWHUV1,&27*UDQG5DSLGV(HUGPDQV

Ɇ 7KH%RRNRI*HQHVLV&KDSWHUV1,&27*UDQG5DSLGV(HUGPDQV

+DUDQ0´7KH$UNDQGWKH&KHUXELP7KHLU6\PEROLF6LJQLÀFDQFHLQ%LEOLFDO
N&5*,)7V#$'I  

Ɇ ´7KH 'LYLQH 3UHVHQFH LQ WKH ,VUDHOLWH &XOW DQG WKH &XOWLF ,QVWLWXWLRQVµ ?8@#
  

Ɇ ´7KH3DVVRYHU6DFULÀFHµ,Q!;H<83=%81%;>3%)37898,1%,2%*10831;%$=-:37976XS
/HLGHQ%ULOO

Ɇ ´7KH3ULHVWO\,PDJHRIWKH7DEHUQDFOHµC_E*  

Ɇ ´7KH8VHVRI,QFHQVHLQWKH$QFLHQW,VUDHOLWH5LWXDOµ`+  ²

Ɇ +35673=% :1<% +35673Q!3-O803% 81% *10831;% $=-:37F% *1% $1YH8-A% 81;,% ?8@780:7% EH7;%
G>31,531:%:1<%;>3%C8=;,-80:7%!3;;819%,2%;>3%G-83=;7A%!0>,,72[IRUG&ODUHQGRQ
:LQRQD/DNH(LVHQEUDXQV

+DUULV5/´/HYLWLFXVµ(%&*UDQG5DSLGV=RQGHUYDQ
8$8/$(5204!0' +.>;-'

+DUULVRQ5.#3O8;80H=F%*1%$1;-,<H0;8,1%:1<%E,5531;:-A727&'RZQHUV*URYH
,QWHU9DUVLW\

+DUWOH\-(´$WRQHPHQW'D\RIµ&"+G  

Ɇ #3O8;80H=7#^=:#F7#6,)),1U#^/%4-#AEEI7

+DUWRP$6DQG0'&DVVXWR´/HYLWLFXVµ,Q7RUDK3URSKHWV:ULWLQJV7HO
$YLY<DYQHK>LQ+HEUHZ@

+DVHO*)´$'HFDGHRI2OG7HVWDPHQW7KHRORJ\5HWURVSHFWDQG3URVSHFWµ
^*K  

Ɇ ´0DMRU5HFHQW,VVXHVLQ2OG7HVWDPHQW7KHRORJ\µI!"+#BA#KAEDGLU#


Ɇ ´2OG7HVWDPHQW7KHRORJ\IURPµ*_!!  

Ɇ ´3URSRVDOVIRUD&DQRQLFDO%LEOLFDO7KHRORJ\µ*_!!  

Ɇ ´6WXGLHVLQ%LEOLFDO$WRQHPHQW,&RQWLQXDO6DFULÀFH'HÀOHPHQW&OHDQVLQJ
DQG 6DQFWXDU\µ ,Q 7KH 6DQFWXDU\ DQG WKH $WRQHPHQW %LEOLFDO +LVWRULFDO DQG
+>3,7,980:7%!;H<83=HGLWHGE\$9:DOOHQNDPSIDQG:5/HVKHU
:DVKLQJWRQ5HYLHZ +HUDOG

Ɇ ´6WXGLHVLQ%LEOLFDO$WRQHPHQW,,7KH'D\RI$WRQHPHQWµ,Q+>3%!:10;H:-A%
DQGWKH$WRQHPHQW%LEOLFDO+LVWRULFDODQG7KHRORJLFDO6WXGLHVHGLWHGE\$9
:DOOHQNDPSI DQG : 5 /HVKHU  :DVKLQJWRQ 5HYLHZ  +HUDOG
AEDA7

Ɇ ´7KH )XWXUH RI 2OG 7HVWDPHQW 7KHRORJ\ 3URVSHFWV DQG 7UHQGVµ ,Q +>3%
Z7,D3-819% ,2% "7<% +3=;:531;% +>3,7,9AF% *% )3:<3-% 81% +D31;83;>QE31;H-A% "7<%
7HVWDPHQW 7KHRORJ\  HGLWHG E\ % & 2OOHQEXUJHU ( $ 0DUWHQV
DQG*)+DVHO6%76:LQRQD/DNH(LVHQEUDXQV

Ɇ ´7KH0HDQLQJRIWKH$QLPDO5LWHLQ*HQHVLVµI!"+  

Ɇ ´7KH3UREOHPRI+LVWRU\LQ2OG7HVWDPHQW7KHRORJ\µ*_!!  

Ɇ ´7KH3UREOHPRIWKH&HQWHULQWKH2OG7HVWDPHQW7KHRORJ\'HEDWHµ^*K#
  

Ɇ ´7KH6DEEDWKLQWKH3HQWDWHXFKµ,Q+>3%!:@@:;>%81%!0-86;H-3%:1<%C8=;,-A
:DVKLQJWRQ5HYLHZ +HUDOG
+.9<-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

Ɇ E,O31:1;%81%?7,,<0RXQWDLQ9LHZ3DFLÀF

Ɇ B3D% +3=;:531;% +>3,7,9AF% ?:=80% $==H3=% 81% ;>3% EH--31;% &3@:;37# M%,"4# N,$&41U#
!(%4',"1-#AECI7

Ɇ "7<% +3=;:531;% +>3,7,9AF% ?:=80% $==H3=% 81% ;>3% EH--31;% &3@:;37# M%,"4# N,$&41U#
!(%4',"1-#AEEAF7

+D\HV - + DQG ) & 3UXVVQHU "7<% +3=;:531;% +>3,7,9AF% $;=% C8=;,-A% :1<%
&3O37,6531;$WODQWD-RKQ.QR[

+D\V - ' +>3% +35673% :1<% ;>3% +:@3-1:073F% *% !;H<A% ,2% (,<J=% &D377819% G7:03=% 2-,5%
(313=8=%;,%)3O37:;8,17#M%,"4#N,$&41U#=,_(%#=//_1-#IJAH7

+HLGHU * & +>3% EH7;% ,2% V,73LF% *% )3:==3==531; -6276XS  6KHIÀHOG -627
AEDG7

+HUUPDQQ 6 ´'LH NRQVWUXNWLYH 5HVWDXUDWLRQ 'DV 'HXWHURQRPLXP DOV 0LWWH


ELEOLVFKHU 7KHRORJLHµ ,Q G-,@7353% @8@78=0>3-% +>3,7,983X% (3->:-<% O,1% ):<% RH5%
*HEXUWVWDJHGLWHGE\+::ROII0QFKHQ&KU.DLVHU

+HVV 5 6 7KH 2OG 7HVWDPHQW $ +LVWRULFDO 7KHRORJLFDO DQG &ULWLFDO ,QWURGXFWLRQ7#
M%,"4#N,$&41U#=,_(%#Q3,4('&3-#IJAH7

+RIIPHLHU - . ´7KH ([RGXV DQG :LOGHUQHVV 1DUUDWLYHVµ ,Q *10831;% $=-:37J=%
C8=;,-AF%*1%$1;-,<H0;8,1%;,%$==H3=%:1<%!,H-03=HGLWHGE\%7$UQROGDQG5
6+HVV*UDQG5DSLGV%DNHU$FDGHPLF

Ɇ *10831;% $=-:37% 81% !81:8F% +>3% 'O8<3103% 2,-% ;>3% *H;>31;808;A% ,2% ;>3% K87<3-13==%
+-:<8;8,11HZ<RUN2[IRUG8QLYHUVLW\

+¡JHQKDYHQ-G-,@735=%:1<%G-,=630;=%,2%"7<%+3=;:531;%+>3,7,9A6KHIÀHOG-627
AEDD7

+ROEURRN ) % ´7KH ,VUDHOLWH 6DQFWXDU\µ ,Q +>3% !:10;H:-A% :1<% ;>3% *;,13531;F%
%LEOLFDO+LVWRULFDODQG7KHRORJLFDO6WXGLHVHGLWHGE\$9:DOOHQNDPSIDQG
:5/HVKHU:DVKLQJWRQ5HYLHZ +HUDOG

Ɇ HG 7KH 6HYHQW\ :HHNV /HYLWLFXV DQG WKH 1DWXUH RI 3URSKHF\7# 6QN:P;# B7#
:DVKLQJWRQ%LEOLFDO5HVHDUFK,QVWLWXWH

+RPDQ00´7KH'LYLQH:DUULRULQ+LV7HQW$0LOLWDU\0RGHOIRU<DKZHK·V
7DEHUQDFOHµ?)3O  
8$8/$(5204!0' +.9,-'

Ɇ 7R <RXU 7HQWV 2 ,VUDHO 7KH 7HUPLQRORJ\ )XQFWLRQ )RUP DQG 6\PEROLVP RI
+31;=%81%;>3%C3@-3D%?8@73%:1<%;>3%*10831;%B3:-%':=;&+$1(/HLGHQ%ULOO
IJJI7

+RXVH35´&DQRQRIWKH2OG7HVWDPHQWµ,QZ,H1<:;8,1=%2,-%?8@780:7%$1;3-6-3;:;8,1F%
*% E,5673;3% #8@-:-A% ,2% +,,7=% :1<% )3=,H-03= HGLWHG E\ ' 6 'RFNHU\ . $
0DWWKHZVDQG5%6ORDQ1DVKYLOOH%URDGPDQ +ROPDQ

Ɇ "7<%+3=;:531;%+>3,7,9A'RZQHUV*URYH,QWHU9DUVLW\

+XQGOH\ 0 % ´7R %H RU 1RW WR %H $ 5HH[DPLQDWLRQ RI 1DPH /DQJXDJH LQ
'HXWHURQRP\DQGWKH'HXWHURQRPLVWLF+LVWRU\µ`+  

Ɇ (,<=% 81% &D377819=F% +35673=% :1<% &8O813% G-3=3103% 81% ;>3% *10831;% B3:-% ':=;7#
6%/:$:6XS$WODQWD6%/

Ɇ \336819% C3:O31% ,1% ':-;>F% !:239H:-<819% ;>3% &8O813% G-3=3103% 81% ;>3% G-83=;7A%
+:@3-1:073)$77ELQJHQ0RKU6LHEHFN

+XURZLW]9$´7KH)RUPDQG)DWHRIWKH7DEHUQDFOH5HÁHFWLRQVRQD5HFHQW
>%/$/1,)7V#Ia)  

Ɇ ´7KH3ULHVWO\$FFRXQWRI%XLOGLQJWKH7DEHUQDFOHµI*"!  

+\DWW-3'4,<H=1&%*UDQG5DSLGV(HUGPDQV

-DFRE%$1%B:531%(,;;3=F%3813%=6-:0>780>3%H1<%-37898,1=93=0>80>;780>3%_1;3-=H0>H19%
RH5%*7;31%H1<%B3H31%+3=;:531;%HUOLQ9RQ6&DOYDU\

-DFRE(+>[,7,983%<3%7J*10831%+3=;:531;1HXFKkWHO'HODFKDX[HW1LHVWOpI7

-DJHUVPD+´7KH7LWKHVLQWKH2OG7HVWDPHQWµ"+!  

8(""&-# !7-# <# :7# ^(15(%',""-# (417# &8008,1:-8,% +3,7N980,% <37% *1;89H,% +3=;:531;,7# I#
YROV0DGULG&ULVWLDQGDG

8("1/"-#>7#>7#(-:<3<%C,7813==F%*%\3A%;,%;>3%G-83=;7A%E,1036;8,1%,2%;>3%K,-7<-6276XS
6KHIÀHOG6KHIÀHOG$FDGHPLF

.DLVHU:&´/HYLWLFXVµ,%1DVKYLOOH$ELQJGRQ

Ɇ ´7KH&HQWHURI277KHRORJ\7KH3URPLVHµ+>35378,=%  

Ɇ ´:LVGRP 7KHRORJ\ DQG WKH &HQWHU RI 2OG 7HVWDPHQW 7KHRORJ\µ 'Oa# GJ#
 
+.9.-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

Ɇ +>3%V3==8:>%81%;>3%"7<%+3=;:531;*UDQG5DSLGV=RQGHUYDQ

Ɇ +>3% G-,58=3QG7:1% ,2% (,<F% *% ?8@780:7% +>3,7,9A% ,2% ;>3% "7<% :1<% B3D% +3=;:531;=7#
*UDQG5DSLGV=RQGHUYDQ

Ɇ +,D:-<%:1%"7<%+3=;:531;%+>3,7,9A*UDQG5DSLGV=RQGHUYDQ

.DSHOUXG$6´7HPSOH%XLOGLQJD7DVNIRU*RGVDQG0HQµ"-  


HI7

.HDUQH\-´&UHDWLRQDQG/LWXUJ\7KH35HGDFWLRQRI([µ^*K#DE#KAECCLU#


.LWFKHQ.$´7KH'HVHUW7DEHUQDFOH3XUH)LFWLRQRU3ODXVLEOH$FFRXQW"µ?)3O#
  

Ɇ ´7KH7DEHUQDFOH²$%URQ]H$JH$UWLIDFWµ'-$=-  

Ɇ "1%;>3%)378:@878;A%,2%;>3%"7<%+3=;:531;7#M%,"4#N,$&41U#!(%4',"1-#IJJB7

.LXFKL 1 7KH 3XULÀFDWLRQ 2IIHULQJ LQ WKH 3ULHVWO\ /LWHUDWXUH ,WV 0HDQLQJ DQG
ZH10;8,1-6276XS6KHIÀHOG-627

T)(&"-# !7# *% E,56-3>31=8O3% ';A5,7,980:7% &80;8,1:-A% ,2% ;>3% C3@-3D% #:19H:93% 2,-%
)3:<3-=%,2%'1978=>-HUXVDOHP8QLYHUVLW\RI+DLID

.OHLQ*´5HLFK*RWWHV·DOVELEOLVFKHU=HQWUDOEHJULIIµ'O+  

.OHLQ5:´%DFNWRWKH)XWXUH7KH7DEHUQDFOHLQWKH%RRNRI([RGXVµ$1;#GJ#
 

.OLQJEHLO * $ ´$OWDUV 5LWXDO DQG 7KHRORJ\ 3UHOLPLQDU\ 7KRXJKWV RQ WKH
,PSRUWDQFH RI &XOW DQG 5LWXDO IRU D 7KHRORJ\ RI WKH +HEUHZ 6FULSWXUHVµ
`+  

Ɇ ?-8<9819%;>3%(:6F%)8;H:7%:1<%)8;H:7%+34;=%81%;>3%?8@73%%56XS:LQRQD/DNH
(LVHQEUDXQV

T)&"_#RRR-#!7#^7-#,"4#67#N7#O/3_(557#_1<3-=;:1<819%?8@780:7%+>3,7,9AF%*%E,56:-8=,1%
,2%+>3,-A%:1<%G-:0;803*UDQG5DSLGV=RQGHUYDQ

.QLHULP53´&RQFHSWXDO$VSHFWVLQ([RGXVµ,QG,539-:1:;3=%:1<%(,7<31%
%HOOV6WXGLHVLQ%LEOLFDO-HZLVKDQG1HDU(DVWHUQ5LWXDO/DZDQG/LWHUDWXUHLQ
C,1,-% ,2% I:0,@% V879-,5 HGLWHG E\ ' 3 :ULJKW ' 1 )UHHGPDQ DQG $
+XUYLW]:LQRQD/DNH(LVHQEUDXQV
8$8/$(5204!0' +.9=-'

Ɇ ´2QWKH7DVNRI2OG7HVWDPHQW7KHRORJ\µ,Q)3:<819%;>3%C3@-3D%?8@73%2,-%:%
1HZ 0LOOHQQLXP )RUP &RQFHSW DQG 7KHRORJLFDO 3HUVSHFWLYH YRO  HGLWHG E\
:RQLO.LPHWDO+DUULVEXUJ7ULQLW\

Ɇ ´7KH&RPSRVLWLRQRIWKH3HQWDWHXFKµ,Q!?#!GHGLWHGE\.+5LFKDUGV
$WODQWD6%/

Ɇ ´7KH7DVNRI2OG7HVWDPHQW7KHRORJ\µC?+  

Ɇ 7KH7DVNRI2OG7HVWDPHQW7KHRORJ\6XEVWDQFH0HWKRGDQG&DVHV7#M%,"4#N,$&41U#
!(%4',"1-#AEEG7

Ɇ DQG*:&RDWVBH5@3-=)27/*UDQG5DSLGV(HUGPDQV

.QLJKW*$)*%E>-8=;8:1%+>3,7,9A%,2%;>3%"7<%+3=;:531;5LFKPRQG-RKQ.QR[
AEGE7

Ɇ +>3,7,9A% :=% B:--:;8,1F% *% E,5531;:-A% ,1% ;>3% ?,,L% ,2% '4,<H=7# M%,"4# N,$&41U#
=RQGHUYDQ

.QRKO , +>3% !:10;H:-A% ,2% !873103F% +>3% G-83=;7A% +,-:>% :1<% ;>3% C,7813==% !0>,,77#
;&""(,$/)&1U#9/%5%(11-#AEEG7

T/(15(%-#:7#N7#7KH'ZHOOLQJRI*RG7KH7DEHUQDFOHLQWKH2OG7HVWDPHQW,QWHUWHVWDPHQWDO
-HZLVK/LWHUDWXUHDQGWKH1HZ7HVWDPHQW&%406:DVKLQJWRQ7KH&DWKROLF
%LEOLFDO$VVRFLDWLRQRI$PHULFD

.|KOHU/"7<%+3=;:531;%+>3,7,9A3KLODGHOSKLD:HVWPLQVWHU

.RUQIHOG:#3O8;8LH=:U]EXUJ(FKWHU

.|VWHQEHUJHU$-´7KH3UHVHQWDQG)XWXUHRI%LEOLFDO7KHRORJ\µ+>35378,=#BC#
 

.UDIWFKLFN 6 - &K ' 0\HUV DQG % & 2OOHQEXUJHU HGV ?8@780:7% +>3,7,9AF%
G-,@735=%:1<%G3-=630;8O3=%81%C,1,-%,2%IX%E>-8=;8::1%?3L3-1DVKYLOOH$ELQJGRQ
AEEG7

T*"5@-#87#T7#+>3%!372Q-3O37:;8,1%,2%(,<3KLODGHOSKLD:HVWPLQVWHU

O,"(-#^7#O7#+HEUHZV7#^=:#FCQ7#6,)),1U#^/%4#=//_1-#AEEA7

Ɇ +HEUHZV7#^=:#FC=7#6,)),1U#^/%4#=//_1-#AEEA7
+.9>-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

/HLPDQ 6 = +>3% E:1,18R:;8,1% ,2% C3@-3D% !0-86;H-3F% +>3% +:75H<80% :1<% V8<-:=>80%
'O8<3103 7UDQVDFWLRQV RI WKH &RQQHFWLFXW $FDGHP\ RI $UWV DQG 6FLHQFHV
YRO+DPGHQ$OPRQGI7

/HPFKH13+>3%"7<%+3=;:531;%@3;D331%+>3,7,9A%:1<%C8=;,-AF%*%E-8;80:7%!H-O3A7#
/RXLVYLOOH:-.

/HYHQVRQ-'E-3:;8,1%:1<%;>3%G3-=8=;3103%,2%'O87F%+>3%&-:5:%,2%&8O813%"5186,;31037#
6DQ)UDQFLVFR+DUSHU 5RZ

Ɇ !81:8%:1<%^8,1F%*1%'1;-A%81;,%;>3%I3D8=>%?8@736DQ)UDQFLVFR+DUSHU 5RZ
AEDC7

Ɇ 7KH+HEUHZ%LEOHWKH2OG7HVWDPHQWDQG+LVWRULFDO&ULWLFLVP-HZVDQG&KULVWLDQV
81%?8@780:7%!;H<83=/RXLVYLOOH:-.

Ɇ 7KHRORJ\ RI WKH 3URJUDP RI 5HVWRUDWLRQ RI (]HNLHO  +60  0LVVRXOD
6FKRODUV

/HYLQH % $ ´7KH 'HVFULSWLYH 7DEHUQDFOH 7H[WV RI WKH 3HQWDWHXFKµ I*"!# DG#
 

Ɇ ´8JDULWLF'HVFULSWLYH5LWXDOVµI!!  

Ɇ $1%;>3%G-3=3103%,2%;>3%#")&F%*%!;H<A%,2%EH7;%:1<%!,53%EH7;80%+3-5=%81%*10831;%
$=-:376-/$/HLGHQ%ULOO

Ɇ #3O8;80H=-367&3KLODGHOSKLD-HZLVK3XEOLFDWLRQ6RFLHW\

Ɇ 1XPEHUV$%1HZ<RUN'RXEOHGD\

Ɇ DQG::+DOOR´2IIHULQJVWRWKH7HPSOH*DWHVDW8UµC_E*#BD#KAEHCLU#


/LQGEORP-´7KHRSKDQLHVLQ+RO\3ODFHVLQ+HEUHZ5HOLJLRQµC_E*#BI#KAEHALU#


/LVRZVN\ * \,1L,-<:1R% RH5% C3@-e8=0>31% *7;31% +3=;:531; 6WXWWJDUW 'HXWVFKH


%LEHOJHVHOOVFKDIW

/RKÀQN1´&UHDWLRQDQG6DOYDWLRQLQ3ULHVWO\7KHRORJ\µ+&  

Ɇ ´7KH'HFDORJXHLQ'HXWHURQRP\µ,Q+>3,7,9A%,2%;>3%G31;:;3H0>F%+>353=%,2%
;>3%G-83=;7A%B:--:;8O3%:1<%&3H;3-,1,5A0LQQHDSROLV)RUWUHVV
8$8/$(5204!0' +.99-'

/RQJDFUH5(´%XLOGLQJIRUWKH:RUVKLSRI*RG([RGXVµ,Q&8=0,H-=3%
*1:7A=8=% ,2% ?8@780:7% #8;3-:;H-3F% K>:;% $;% $=% :1<% K>:;% $;% "223-= HGLWHG E\ : 5
%RGLQH$WODQWD6FKRODUV

0DFFRE\+)8;H:7%:1<%V,-:78;AF%+>3%)8;H:7%GH-8;A%!A=;35%:1<%$;=%G7:03%81%IH<:8=57#
&DPEULGJH&DPEULGJH8QLYHUVLW\

0DJRQHW-´7KH6WUXFWXUHDQG0HDQLQJRI/HYLWLFXVµC*)  

;,&(%-#M7#?8@780:7%C3-5313H;80=:KHDWRQ&URVVZD\

Ɇ +>3%'1<%,2%;>3%C8=;,-80:7QE-8;80:7%V3;>,<(XJHQH:LSI 6WRFN

0DODPDW$´/RYH<RXU1HLJKERUDV<RXUVHOI:KDWLW5HDOO\0HDQVµ?*)#AH#
 

0DORQH$6(,<J=%V3<8:;,-=F%*%?8@780:7%+>3,7,9A%,2%G-83=;>,,<16%7'RZQHUV
*URYH,QWHU9DUVLW\

0DO\(+´·«7KH+LJKHVW+HDYHQV&DQQRW&RQWDLQ<RX«· >VLF@.JV 
,PPDQHQFH DQG 7UDQVFHQGHQFH LQ WKH 'HXWHURQRPLVWµ ,Q !;:1<819% @32,-3%
(,<HGLWHGE\$)LQNHODQG/)UL]]HO1HZ<RUN.7$9

;,%5("1-#!7#Q7# (,<J=%&3=891F%*% Z,0H=% ,1%"7<%+3=;:531;%+>3,7,9A7#M%,"4#N,$&41U#


%DNHU1RUWK5LFKODQG+LOOV' )6FRWWB7

0DWKHZV.$*HQHVLV1$&$1DVKYLOOH%URDGPDQ +ROPDQ

0D\HV$'+&3H;3-,1,5A1&%*UDQG5DSLGV(HUGPDQV

;,<1-#87#O7#7KH%RRNRI/HYLWLFXV7KH%RRNRI1XPEHUV$WODQWD-RKQ.QR[

0F%ULGH 6 ' ´7KH 'HXWHURQRPLF 1DPH 7KHRORJ\µ 3K' GLVV +DUYDUG
8QLYHUVLW\

0F&DUWK\'-´7KH6\PEROLVPRI%ORRGDQG6DFULÀFHµI?#  

Ɇ "7<%+3=;:531;%E,O31:1;$WODQWD-RKQ.QR[

0F&RQYLOOH-*´*RG·V¶1DPH·DQG*RG·V¶*ORU\·µ+A1?H7  

Ɇ &3H;3-,1,5A'RZQHUV*URYH,QWHU9DUVLW\

Ɇ #:D%:1<%+>3,7,9A%81%&3H;3-,1,5A-6276XS6KHIÀHOG-627
+.9B-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

0F&XUOH\ ) 5 ´7KH +RPH RI 'HXWHURQRP\ 5HYLVLWHG $ 0HWKRGRORJLFDO


$QDO\VLV RI WKH 1RUWKHUQ 7KHRU\µ ,Q *% #89>;% H1;,% VA% G:;> HGLWHG E\ +
1 %UHDP 5 ' +HLP DQG & $ 0RRUH  3KLODGHOSKLD 7HPSOH
8QLYHUVLW\

;(,4-#87#T7#%LEOLFDO7KHRORJ\,VVXHV0HWKRGVDQG7KHPHV/RXLVYLOOH:-.

0HUULOO(+&3H;3-,1,5A1$&1DVKYLOOH%URDGPDQ +ROPDQ

Ɇ 'O3-7:=;819%&,5818,1F%*%+>3,7,9A%,2%;>3%"7<%+3=;:531;1DVKYLOOH%URDGPDQ
DQG+ROPDQ

0HWWLQJHU 7 1 ' +>3% &3;>-,13531;% ,2% !:@:,;>F% !;H<83=% 81% ;>3% !>35% :1<% \:@,<%
+>3,7,983=&RQ%27/XQG*OHHUXS

0H\HUV&/´/DPSVWDQGµ*?&  

Ɇ +>3% +:@3-1:073% V31,-:>F% *% !A1;>3;80% !;H<A% ,2% :% !A5@,7% 2-,5% ;>3% ?8@780:7% EH7;7#
$625'60LVVRXOD6FKRODUV

0LOJURP-´$3UROHJRPHQRQWR/HYLWLFXVµI?#  

Ɇ ´$WRQHPHQWLQWKH27µ$&?!H6  

Ɇ ´$WRQHPHQW'D\RIµ$&?!H6  

Ɇ ´(WKLFVDQG5LWXDOµ,Q5HOLJLRQDQG/DZ%LEOLFDO-HZLVKDQG,VODPLF3HUVSHFWLYHV-#
HGLWHGE\(%)LUPDJHHWDO:LQRQD/DNH(LVHQEUDXQV

Ɇ ´,PSXULW\,V0LDVPD$5HVSRQVHWR+\DP0DFFRE\µI?#  


CBB7

Ɇ ´,VUDHO·V6DQFWXDU\7KH3ULHVWO\¶3LFWXUHRI'RULDQ*UD\·µ)?  


BEE7

Ɇ ´5DWLRQDOHIRU&XOWLF/DZ7KH&DVHRI,PSXULW\µ!3538:  

Ɇ ´6LQ2IIHULQJRU3XULÀFDWLRQ2IIHULQJ"µ`+  

Ɇ ´7KH'D\RI$WRQHPHQWµ'10IH<  

Ɇ ´7KH3DUDGR[RIWKH5HG&RZ 1XP;,; µ`+  

Ɇ ´7KH3ULHVWO\,PSXULW\6\VWHPµ,QG-,033<819=%,2%;>3%B81;>%K,-7<%E,19-3==%,2%
I3D8=>%!;H<83=-HUXVDOHP:RUOG8QLRQRI-HZLVK6WXGLHV
8$8/$(5204!0' +.9?-'

Ɇ ´7ZR.LQGVRIA'R"!87V#`+  

Ɇ EH7;%:1<%E,1=083103F%+>3%!*=>:5%:1<%;>3%G-83=;7A%&,0;-813%,2%)3631;:1036-/$
AD7#O(&4("U#=%&))-#AECH7

Ɇ /HYLWLFXV$%1HZ<RUN'RXEOHGD\

Ɇ /HYLWLFXV$%$1HZ<RUN'RXEOHGD\

Ɇ /HYLWLFXV$%%1HZ<RUN'RXEOHGD\

Ɇ #3O8;80H=F%*%?,,L%,2%)8;H:7%:1<%';>80=7#::7#;&""(,$/)&1U#9/%5%(11-#IJJF7

Ɇ BH5@3-=-367&3KLODGHOSKLD-HZLVK3XEOLFDWLRQ6RFLHW\

Ɇ !;H<83=%81%EH7;80%+>3,7,9A%:1<%+3-581,7,9A6-/$/HLGHQ%ULOO

Ɇ 6WXGLHV LQ /HYLWLFDO 7HUPLQRORJ\ , 7KH (QFURDFKHU DQG WKH /HYLWH 7KH 7HUP0
H*@,<:>8&31(6%HUNHOH\8QLYHUVLW\RI&DOLIRUQLD

0LOODUG $ 5 ´7KH +LVWRU\ RI ,VUDHO DJDLQVW WKH %DFNJURXQG RI $QFLHQW 1HDU
(DVWHUQ 5HOLJLRXV +LVWRU\µ ,Q Z-,5% ;>3% *10831;% !8;3=% ,2% $=-:37F% '==:A=% ,1%
$UFKDHRORJ\+LVWRU\DQG7KHRORJ\LQ0HPRU\RI$DSHOL6DDULVDORHGLWHGE\7
(VNRODDQG(-XQNNDDOD+HOVLQNL7KHRORJLFDO,QVWLWXWHRI)LQODQG
AEED7

0LOOHU3'´(ULGX'XQQXDQG%DEHO$6WXG\LQ&RPSDUDWLYH0\WKRORJ\µ,Q
,6WXGLHG,QVFULSWLRQVIURP%HIRUHWKH)ORRG$QFLHQW1HDU(DVWHUQ/LWHUDU\DQG
/LQJXLVWLF$SSURDFKHVWR*HQHVLVHGLWHGE\56+HVVDQG'77VXPXUD
6%76:LQRQD/DNH(LVHQEUDXQV

Ɇ ´7KH%OHVVLQJRI*RG$Q,QWHUSUHWDWLRQRI1XPEHUVµ$1;#IE#KAECGLU#


0|OOHU.´7KH1DWXUHDQG*HQUHRI%LEOLFDO7KHRORJ\µ,Q"H;%,2%'9A6;F%?8@780:7%
+>3,7,9A%:1<%?8@780:7%$1;3-6-3;:;8,1HGLWHGE\&*%DUWKRORPHZHWDO
6+6*UDQG5DSLGV=RQGHUYDQ

;/%,)(1-#O7#;7#K(47L#EH7;%:1<%E,=5,=F%+87;819%+,D:-<%:%+35673QE31;3-3<%+>3,7,9A7#
%76/RXYDLQ3HHWHUV

0RUJHQVWHUQ - ´7KH $UN 7KH (SKRG DQG WKH ¶7HQW RI 0HHWLQJ·µ C_E*# AC#
 
+.9@-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

Ɇ ´7KH $UN 7KH (SKRG DQG WKH ¶7HQW RI 0HHWLQJ·µ C_E*   


0RW\HU-$´3ULHVWO\6DFULÀFHVLQWKH27µ,Q(XFKDULVWLF6DFULÀFHHGLWHGE\-
,3DFNHU/RQGRQ&KXUFK%RRN5RRP

0XUSK\5(´5HÁHFWLRQVRQD&ULWLFDO%LEOLFDO7KHRORJ\µ,QG-,@735=%81%?8@780:7%
+>3,7,9AF%'==:A=%81%C,1,-%,2%),72%\183-85HGLWHGE\+7&6XQHWDO
ICF7#M%,"4#N,$&41U#!(%4',"1-#AEEC7

0\HUV-0´7KH5HTXLVLWHVIRU5HVSRQVH2QWKH7KHRORJ\RI'HXWHURQRP\µ
$1;  

1HOVRQ5'&3H;3-,1,5AF%*%E,5531;:-A27//RXLVYLOOH:-.

Ɇ ):8=819% _6% :% Z:8;>2H7% G-83=;F% E,55H18;A% :1<% G-83=;>,,<% 81% ?8@780:7% +>3,7,9A7#
/RXLVYLOOH:-.

1LFKROVRQ(:&3H;3-,1,5A%:1<%+-:<8;8,12[IRUG%ODFNZHOO

1LKDQ&KZ-,5%G-83=;7A%+,-:>%;,%G31;:;3H0>F%*%!;H<A%81%;>3%E,56,=8;8,1%,2%;>3%?,,L%
,2%#3O8;80H=)$77ELQJHQ0RKU6LHEHFN-#IJJC7

1RRUGW]LJ$#3O8;80H=%6&*UDQG5DSLGV=RQGHUYDQ

1RWK0#3O8;80H=F%*%E,5531;:-A27/3KLODGHOSKLD:HVWPLQVWHU

2OLYD0´,QWHUSUHWDFLyQWHROyJLFDGHOFXOWRHQODSHUtFRSDGHO6LQDtGHOD+LVWRULD
6DFHUGRWDOµ?8@  

2OOHQEXUJHU % & HG "7<% +3=;:531;% +>3,7,9AF% Z7,D3-819% :1<% ZH;H-3 6%76 
:LQRQD/DNH(LVHQEUDXQVI7

2SSHQKHLP$/*10831;%V3=,6,;:58:&KLFDJR&KLFDJR8QLYHUVLW\

2XUR5´/LQJXLVWLFDQG7KHPDWLF3DUDOOHOVEHWZHHQ*HQHVLVDQGµI*+!#AB#
 

Ɇ ´6LPLODULWLHV DQG 'LIIHUHQFHV EHWZHHQ WKH 2OG 7HVWDPHQW DQG WKH $QFLHQW
1HDU(DVWHUQ7H[WVµ*_!!  

Ɇ ´7KH(DUWKRI*HQHVLV$ELRWLFRU&KDRWLF"3DUW,µ*_!!  


ICH7

Ɇ ´7KH(DUWKRI*HQHVLV$ELRWLFRU&KDRWLF"3DUW,,µ*_!!  


GB7
8$8/$(5204!0' +.9;-'

Ɇ ´7KH(DUWKRI*HQHVLV$ELRWLFRU&KDRWLF"3DUW,,,µ*_!!  


HC7

Ɇ ´7KH*DUGHQRI(GHQ$FFRXQW7KH&KLDVWLF6WUXFWXUHRI*HQHVLVµ*_!!#
  

Ɇ ´7KH6DQFWXDU\7KH&DQRQLFDO.H\RI2OG7HVWDPHQW7KHRORJ\µ*_!!#GJ#
 

Ɇ ´7KH7HUPL)&=#JLQ*HQ$/LQJXLVWLF6WXG\µI*+!  

>,%,"-#;7#Z,-5=%,2%;>3%G-83=;7A%!;A73%81%;>3%G31;:;3H0>7#8(%*1,)('U#;,+"(1-#AEDE7

>(%4*(-#O7#M7#+>3%E,77:6=3%,2%C8=;,-AF%)30,1=;-H0;819%"7<%+3=;:531;%+>3,7,9A2%7
;&""(,$/)&1U#9/%5%(11-#AEEF7

Ɇ 50RUJDQDQG%'6RPPHU?8@780:7%+>3,7,9AF%$1;-,<H0819%;>3%E,1O3-=:;8,17#
/%71DVKYLOOH$ELQJGRQ

3pWHU&RQWHVVH5/pYLWLTXH*HQqYH/DERUHW)LGHV

3RRUWKXLV0-+0DQG%-6FKZDUW]HGVGH-8;A%:1<%C,7813==F%+>3%C3-8;:93%
,2%#3O8;80H=-HZLVKDQG&KULVWLDQ3HUVSHFWLYHV/HLGHQ%ULOO

>/%5(%-#87#N7##3O8;80H=F%*%E,5531;:-A1HZ<RUN&DPEULGJH

3UHXVV+'"7<%+3=;:531;%+>3,7,9AYROV(GLQEXUJK7 7&ODUN/RXLVYLOOH
:-.

3URYDQ,:93/RQJDQG7/RQJPDQ,,,*%?8@780:7%C8=;,-A%,2%$=-:37/RXLVYLOOH
^8T-#IJAGI7

5HQGWRUII 5 ´$QRWKHU 3UROHJRPHQRQ WR /HYLWLFXV µ ,Q G,539-:1:;3=% :1<%
*ROGHQ %HOOV 6WXGLHV LQ %LEOLFDO -HZLVK DQG 1HDU (DVWHUQ 5LWXDO /DZ DQG
#8;3-:;H-3%81%C,1,-%,2%I:0,@%V879-,5HGLWHGE\'3:ULJKW'1)UHHGPDQ
DQG$+XUYLW]:LQRQD/DNH(LVHQEUDXQV

Ɇ ´$SSURDFKHV WR 2OG 7HVWDPHQW 7KHRORJ\µ ,QG-,@735=% 81% ?8@780:7%+>3,7,9AF%


'==:A=% 81% C,1,-% ,2% ),72% \183-85 HGLWHG E\ + 7 & 6XQ HW DO  *UDQG
N,$&41U#!(%4',"1-#AEEC7

Ɇ ´7KH3DUDGLJPLV&KDQJLQJ+RSHVDQG)HDUVµ?8@$1;  

Ɇ #3O8;80H=%.$71HXNLUFKHQ9OX\Q1HXNLUFKHQHU
+.B<-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

Ɇ +3,7,98:%<377J*1;80,%+3=;:531;,YROV7RULQR&ODXGLDQD

5HYHQWORZ + * G-,@735=% ,2% "7<% +3=;:531;% +>3,7,9A% 81% ;>3% +D31;83;>% E31;H-A7#
3KLODGHOSKLD)RUWUHVV/RQGRQ6&0

5LFKWHU6/´7KH3ODFHRIWKH1DPHLQ'HXWHURQRP\µ`+  

Ɇ +>3%&3H;3-,1,58=;80%C8=;,-A%:1<%;>3%B:53%+>3,7,9AF%E>6W77D%06),=06":%81%;>3%
?8@73%:1<%;>3%*10831;%B3:-%':=;7#=aQ^#BAD7#=(%)&"U#^7#4(#M%*<5(%-#IJJI7

5LHVHQIHOG + ´5HÁHFWLRQV RQ WKH 8QLW\ RI WKH 1HZ 7HVWDPHQWµ )37898,1# B#
 

5RGUtJXH]$0´/HYLWLFXV,WV/LWHUDU\6WUXFWXUHµ*_!!  

Ɇ ´6DFULÀFLDO6XEVWLWXWLRQDQGWKH2OG7HVWDPHQW6DFULÀFHVµ,Q+>3%!:10;H:-A%
DQGWKH$WRQHPHQW%LEOLFDO+LVWRULFDODQG7KHRORJLFDO6WXGLHVHGLWHGE\$9
:DOOHQNDPSI DQG : 5 /HVKHU  :DVKLQJWRQ 5HYLHZ  +HUDOG
AEDA7

Ɇ ´6DQFWXDU\7KHRORJ\LQWKH%RRNRI([RGXVµ*_!!  

Ɇ !H@=;8;H;8,1%81%;>3%C3@-3D%EH7;H=%:1<%81%EH7;80Q)37:;3<%+34;=%HUULHQ6SULQJV
$QGUHZV8QLYHUVLW\

N/&5',"-# Q7# 67# &37% +:@3-1.0H7,% :7% +3567,F% !,@-3% 37% 3=6:08,% =:9-:<,% 31% 37% UH<:8=5,%
:1;89H,(VWHOOD9HUER'LYLQR

N//_(%-#;7#97##3O8;80H=1$&$1DVKYLOOH%URDGPDQ +ROPDQ

5RVV$3´7KH&XUVHRI&DQDDQµ?!:0  

Ɇ E-3:;8,1%:1<%?73==819F%*%(H8<3%;,%;>3%!;H<A%:1<%'46,=8;8,1%,2%;>3%?,,L%,2%(313=8=7#
M%,"4#N,$&41U#=,_(%-#AEDD7

Ɇ C,7813==%;,%;>3%#")&F%*%(H8<3%;,%;>3%'46,=8;8,1%,2%;>3%?,,L%,2%#3O8;80H=7#M%,"4#
N,$&41U#=,_(%-#IJJI7

5RWKNRII$´6DFULÀFHµ'10IH<#AG#KAECILU#HJG7

5\ODDUVGDP-&´7KH%RRNRI([RGXVµ$?

6DLOKDPHU-+´*HQHVLVµ,Q'?EHGLWHGE\)$*DHEHOHLQDQG533ROF\Q
*UDQG5DSLGV=RQGHUYDQ
8$8/$(5204!0' +.B,-'

Ɇ $1;-,<H0;8,1%;,%"7<%+3=;:531;%+>3,7,9AF%*%E:1,180:7%*66-,:0>7#M%,"4#N,$&41U#
=RQGHUYDQ

Ɇ +>3%G31;:;3H0>%:=%B:--:;8O3F%*%?8@780:7Q+>3,7,980:7%E,5531;:-A7#M%,"4#N,$&41U#
=RQGHUYDQ

6DUQD10'4,<H=-367&1HZ<RUN-HZLVK3XEOLFDWLRQ6RFLHW\

Ɇ '467,-819%'4,<H=F%+>3%C3-8;:93%,2%?8@780:7%$=-:371HZ<RUN6FKRFNHQ

Ɇ (313=8=-367&1HZ<RUN-HZLVK3XEOLFDWLRQ6RFLHW\

6FKLIIPDQ/+´7KH,PSRUWDQFHRIWKH7HPSOHIRU$QFLHQW-HZVµ,QI3=H=%:1<%
+35673F%+34;H:7%:1<%*-0>:3,7,980:7%'467,-:;8,1=HGLWHGE\-+&KDUOHVZRUWK
0LQQHDSROLV)RUWUHVV

Ɇ Z-,5% +34;% ;,% +-:<8;8,1F% *% C8=;,-A% ,2% !30,1<% +35673% :1<% ):@@8180% IH<:8=57#
+RERNHQ.7$9

Ɇ 5HFODLPLQJ WKH 'HDG 6HD 6FUROOV 7KH +LVWRU\ RI -XGDLVP WKH %DFNJURXQG RI
&KULVWLDQLW\WKH/RVW/LEUDU\RI4XPUDQ$%5/1HZ<RUN'RXEOHGD\

6FKPLGW:+&:=%3-=;3%(3@,;X%!3813%?3<3H;H19%2b-%<:=%*7;3%+3=;:531;0XQLFK
&KU.DLVHU

6FKZDUW] % - ´7KH %HDULQJ RI 6LQ LQ WKH 3ULHVWO\ /LWHUDWXUHµ ,Q G,539-:1:;3=%
DQG*ROGHQ%HOOV6WXGLHVLQ%LEOLFDO-HZLVKDQG1HDU(DVWHUQ5LWXDO/DZDQG
#8;3-:;H-3%81%C,1,-%,2%I:0,@%V879-,5HGLWHGE\'3:ULJKW'1)UHHGPDQ
DQG$+XUYLW]:LQRQD/DNH(LVHQEUDXQV

Ɇ ´6HOHFWHG&KDSWHUVRIWKH+ROLQHVV&RGH$/LWHUDU\6WXG\RI/HYLWLFXV
µ3K'GLVV+HEUHZ8QLYHUVLW\>LQ+HEUHZ@

6FRELH & + + +>3% K:A=% ,2% "H-% (,<F% *1% *66-,:0>% ;,% ?8@780:7% +>3,7,9A7# M%,"4#
N,$&41U#!(%4',"1-#IJJB7

6FXUORFN-DQG5+%HDOHGVE-3:;8,1%:1<%E>:,=F%*%)30,1=8<3-:;8,1%,2%C3-5:11%
(H1L37J=%E>:,=L:562%CA6,;>3=8=X:LQRQD/DNH(LVHQEUDXQV

6HHEDVV+´'HU%HLWUDJGHV$7]XP(QWZXUIHLQHUELEOLVFKHQ7KHRORJLHµK,-;%
H1<%&831=;  

6HJDO3´7KH'LYLQH9HUGLFWRI/HYLWLFXV;µ`+  


+.B.-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

6HOOLQ(+>3,7,983%<3=%*7;31%+3=;:531;=/HLS]LJ9RQ4XHOOHXQG0H\HUI7

6KHD : + ´/LWHUDU\ )RUP DQG 7KHRORJLFDO )XQFWLRQ LQ /HYLWLFXVµ ,Q +>3%
6HYHQW\:HHNV/HYLWLFXVDQGWKH1DWXUHRI3URSKHF\HGLWHGE\)%+ROEURRN
'$5&20:DVKLQJWRQ%LEOLFDO5HVHDUFK,QVWLWXWH

6ND-/(O3HQWDWHXFRXQÀOyQLQDJRWDEOH3UREOHPDVGHFRPSRVLFLyQ\GHLQWHUSUHWDFLyQ
*=630;,=%78;3-:-8,=%A%;3,7N980,=(%(VWHOOD9HUER'LYLQR

Ɇ $1;-,<HR8,13%:77:%73;;H-:%<37%G31;:;3H0,7#=/)/+",U#!6=-#IJJJ7

6NODU - 6LQ ,PSXULW\ 6DFULÀFH $WRQHPHQW 7KH 3ULHVWO\ &RQFHSWLRQV +%0 
3KRHQL[6KHIÀHOG3KRHQL[

6PHQG5&83%V8;;3%<3=%*7;31%+3=;:531;=76=XULFK(YDQJHOLVFKHU

6PLWK5/2OG7HVWDPHQW7KHRORJ\,WV+LVWRU\0HWKRGDQG0HVVDJH1DVKYLOOH
%URDGPDQ +ROPDQ

6PLWK 6 & +>3% C,H=3% ,2% ;>3% #,-<F% *% E:;>,780% ?8@780:7% +>3,7,9A% ,2% (,<J=% +35673%
G-3=3103%81%;>3%"7<%:1<%B3D%+3=;:531;=6WHXEHQYLOOH)UDQFLVFDQ8QLYHUVLW\
IJAC7

6QDLWK1+´$1RWHRQ1XPEHUVµ`+  ²

Ɇ #3O8;80H=%:1<%BH5@3-=1&%/RQGRQ7KRPDV1HOVRQ

6SHLVHU($(313=8=$%*DUGHQ&LW\'RXEOHGD\

6WDGH%(3=0>80>;3%<3=%`,7L3=%$=-:379RO%HUOLQ*URWH

6WDJHU/(´-HUXVDOHPDQGWKH*DUGHQRI(GHQµ'-$=-  

6WHLQPXHOOHU-(´6DFULÀFLDO%ORRGLQWKH%LEOHµ?8@  

6WRUGDOHQ 7 (FKRHV RI (GHQ *HQHVLV  DQG 6\PEROLVP RI WKH (GHQ *DUGHQ LQ
?8@780:7%C3@-3D%#8;3-:;H-3&%(7/HXYHQ3HHWHUV

6XQ + 7 & HW DO HG G-,@735=% 81% ?8@780:7% +>3,7,9AF% '==:A=% 81% C,1,-% ,2% ),72%
\183-857#M%,"4#N,$&41U#!(%4',"1-#AEEC7

6ZHHQH\0$´7DQDNYHUVXV2OG7HVWDPHQW&RQFHUQLQJWKH)RXQGDWLRQIRU
D -HZLVK 7KHRORJ\ RI WKH %LEOHµ ,Q G-,@735=% 81% ?8@780:7% +>3,7,9AF% '==:A=% 81%
C,1,-%,2%),72%\183-85HGLWHGE\+7&6XQHWDO*UDQG5DSLGV
!(%4',"1-#AEEC7
8$8/$(5204!0' +.B=-'

7DOPRQ 6 ´+RO\ :ULWLQJV DQG &DQRQLFDO %RRNV LQ -HZLVK 3HUVSHFWLYH
&RQVLGHUDWLRQV &RQFHUQLQJ WKH )RUPDWLRQ RI WKH (QWLW\ ¶6FULSWXUH· LQ
8*4,&1'7V#R"#V8;;3%<3-%!0>-82;SHGLWHGE\0.ORSIHQVWHLQHWDO%HUQ
O,"+-#AEDC7

7HUULHQ 6 / ´7KH 2PSKDORV 0\WK DQG +HEUHZ 5HOLJLRQµ `+    
BBD7

Ɇ +>3%'7H=8O3%G-3=3103F%+,D:-<%:%B3D%?8@780:7%+>3,7,9A6DQ)UDQFLVFR+DUSHU 
5RZ

7KRPSVRQ-$&3H;3-,1,5A'RZQHUV*URYH,QWHU9DUVLW\

7LGEDOO'&8=0,O3-819%#3O8;80H=/HLFHVWHU&URVVZD\

7LJD\-&3H;3-,1,5A-367&3KLODGHOSKLD-HZLVK3XEOLFDWLRQ6RFLHW\

7LPPHU'&&UHDWLRQ7DEHUQDFOHDQG6DEEDWK7KH6DEEDWK)UDPHRI([RGXV
  LQ ([HJHWLFDO DQG 7KHRORJLFDO 3HUVSHFWLYH )5/$17  *|WWLQJHQ
9DQGHQKRHFN 5XSUHFKW

7RUUDQFH7)),A:7%G-83=;>,,<F%*%+>3,7,9A%,2%"-<:813<%V818=;-A(GLQEXUJK7 7
:),%_-#AEEBI7

7UHL\HU $ 5 ´7KH 'D\ RI $WRQHPHQW DV UHODWHG WR WKH &RQWDPLQDWLRQ DQG
3XULÀFDWLRQRIWKH6DQFWXDU\µ,Q7KH6HYHQW\:HHNV/HYLWLFXVDQGWKH1DWXUH
,2% G-,6>30A HGLWHG E\ ) % +ROEURRN '$5&20   :DVKLQJWRQ
%LEOLFDO5HVHDUFK,QVWLWXWH

Ɇ ´/H -RXU GHV ([SLDWLRQV HW OD 3XULÀFDWLRQ GX 6DQFWXDLUHµ 7KqVH GRFWRUDOH
8QLYHUVLWpGH6WUDVERXUJ

7VHYDW0´7KH%DVLF0HDQLQJRIWKH%LEOLFDO6DEEDWKµ^*K  

7XUQHU/$*11,H103531;=%,2%G7,;%81%(313=8=-6276XS6KHIÀHOG6KHIÀHOG
Q3,4('&3-#AEEJ7

8ULH'0/´6DFULÀFHDPRQJWKH:HVW6HPLWHVµG'a  

9DQGHU:RXGH$6+#"+

9RJW 3 7 'HXWHURQRPLF 7KHRORJ\ DQG WKH 6LJQLÀFDQFH RI 7RUDK $ 5HDSSUDLVDO7#
:LQRQD/DNH(LVHQEUDXQV
+.B>-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

9RQ5DG*´2IIHQH)UDJHQLP8PNUHLVHLQHU7KHRORJLHGHV$7µ+#^#DD#KAEHBLU#


Ɇ &3H;3-,1,58H5Q!;H<831)5/$17*|WWLQJHQ9DQGHQKRHFN 5XSUHFKW
AEFC7

Ɇ 'HXWHURQRP\$&RPPHQWDU\27/3KLODGHOSKLD:HVWPLQVWHU

Ɇ (313=8=F%*%E,5531;:-A27/3KLODGHOSKLD:HVWPLQVWHU

Ɇ "7<%+3=;:531;%+>3,7,9AYROV1HZ<RUN+DUSHU 5RZ

Ɇ !;H<83=%81%&3H;3-,1,5A6%7/RQGRQ6&0E

9RV*?8@780:7%+>3,7,9A7#M%,"4#N,$&41U#!(%4',"1-#AEFD7

9ULH]HQ7K&*1%"H;7813%,2%"7<%+3=;:531;%+>3,7,9A1HZWRQ%UDQIRUG2[IRUG
%ODFNZHOOI7

:DOVK & DQG 0 : (OOLRWW HGV %LEOLFDO 7KHRORJ\ 3DVW 3UHVHQW DQG )XWXUH7#
(XJHQH:LSI 6WRFN

:DOWNH%.´&DLQDQG+LV2IIHULQJµK+I  

Ɇ ZLWK&-)UHGULFNV(313=8=F%*%E,5531;:-A*UDQG5DSLGV=RQGHUYDQ

Ɇ ZLWK&K<X*1%"7<%+3=;:531;%+>3,7,9AF%*%E:1,180:7%:1<%+>35:;80%*66-,:0>7#
*UDQG5DSLGV=RQGHUYDQ

:DOWRQ-+(313=8=1,9$&*UDQG5DSLGV=RQGHUYDQ

^,%"&"+-#^7##8;3-:-A%*-;8=;-A%81%#3O8;80H=7#O(&4("U#=%&))-#AEEE7

^,51/"-#^7#M7#!7#E7:==80:7%C3@-3D%G,3;-A-6276XS6KHIÀHOG-627

:HLQIHOG0´6DEEDWK7HPSOHDQGWKH(QWKURQHPHQWRIWKH/25'WKH3UREOHP
RIWKH6LW]LP/HEHQRI*HQHVLVµ,QV[7:193=%@8@78YH3=%3;%,-831;:H4%31%
7J>,113H-%<3%CX%E:R3773=HGLWHGE\$&DTXRWDQG0'HOFRU$2$7
.HYHODHU%XW]RQ %HUFNHU

Ɇ ´7LWKHµ'10IH<  

Ɇ &3H;3-,1,5A%:1<%;>3%&3H;3-,1,580%!0>,,72[IRUG2[IRUG8QLYHUVLW\D

:HOOKDXVHQ-G-,739,531:%;,%;>3%C8=;,-A%,2%*10831;%$=-:37*ORXFHVWHU3HWHU6PLWK
AEDB7
8$8/$(5204!0' +.B9-'

:HQKDP * - ´'HXWHURQRP\ DQG WKH &HQWUDO 6DQFWXDU\µ +A1?H7# II# KAECALU#


Ɇ ´6DQFWXDU\ 6\PEROLVP LQ WKH *DUGHQ RI (GHQ 6WRU\µ ,Q G-,033<819=% ,2% ;>3%
B81;>% K,-7<% E,19-3==% ,2% I3D8=>% !;H<83=  -HUXVDOHP :RUOG 8QLRQ RI
-HZLVK6WXGLHV

Ɇ ´7KH $NHGDK $ 3DUDGLJP RI 6DFULÀFHµ ,Q G,539-:1:;3=% :1<% (,7<31% ?377=F%
6WXGLHVLQ%LEOLFDO-HZLVKDQG1HDU(DVWHUQ5LWXDO/DZDQG/LWHUDWXUHLQ+RQRU
,2%I:0,@%V879-,5HGLWHGE\'3:ULJKW'1)UHHGPDQDQG$+XUYLW]
:LQRQD/DNH(LVHQEUDXQV

Ɇ ´7KH7KHRORJ\RI2OG7HVWDPHQW6DFULÀFHµ,Q6DFULÀFHLQWKH%LEOHHGLWHGE\
57%HFNZLWKDQG0-6HOPDQ*UDQG5DSLGV%DNHU

Ɇ *HQHVLV7#^=:#A7#^,3/U#^/%4-#AEDC7

Ɇ *HQHVLV7#^=:#I7#6,)),1U#^/%4-#AEEF7

Ɇ BH5@3-=727&'RZQHUV*URYH,QWHU9DUVLW\

Ɇ +>3%?,,L%,2%#3O8;80H=1,&27*UDQG5DSLGV(HUGPDQV

^(15(%',""-# :7# ?73==819% 81% ;>3% ?8@73% :1<% ;>3% #823% ,2% ;>3% E>H-0> 3KLODGHOSKLD
9/%5%(11-#AECD7

Ɇ '73531;=%,2%"7<%+3=;:531;%+>3,7,9A$WODQWD-RKQ.QR[

Ɇ *HQHVLV$&RPPHQWDU\&&0LQQHDSROLV$XJVEXUJ)RUWUHVV

Ɇ *HQHVLV$&RPPHQWDU\&&0LQQHDSROLV$XJVEXUJ)RUWUHVV

Ɇ +>3%G-,58=3=%;,%;>3%Z:;>3-=3KLODGHOSKLD)RUWUHVV

:K\EUD\51´2OG7HVWDPHQW7KHRORJ\$1RQH[LVWHQW%HDVW"µ,Q!0-86;H-3F%
V3:1819%:1<%V3;>,<X%'==:A=%G-3=31;3<%;,%*1;>,1A%+X%C:1=,1%2,-%C8=%!3O31;83;>%
?8-;><:AHGLWHGE\%37KRPSVRQ+XOO+XOO8QLYHUVLW\

:LOGEHUJHU+´$XIGHP:HJH]XHLQHUELEOLVFKHQ7KHRORJLHµ%'O+#AE#KAEGELU#


:LOOLV 7 0 ´(DW DQG 5HMRLFH EHIRUH WKH /25' 7KH 2SWLPLVP RI :RUVKLS LQ
WKH 'HXWHURQRPLF &RGHµ ,Q K,-=>86% :1<% ;>3% C3@-3D% ?8@73 HGLWHG E\ 0 3
*UDKDPHWDO-6276XS6KHIÀHOG6KHIÀHOG$FDGHPLF
+.BB-' &/' *0")102$(' %(3(' %&")2(' 1"$4$%0#(2' #&' /0*' )&(/(5!0*' #&/'6&")0)&1%(7!"#$

^&)1/"-#R7#"H;%,2%;>3%V8<=;%,2%;>3%Z8-3F%&8O813%G-3=3103%81%&3H;3-,1,5A6%/'6
$WODQWD6FKRODUV

:RXGVWUD 0 + ´7KH 7DEHUQDFOH LQ %LEOLFDO 7KHRORJLFDO 3HUVSHFWLYHµ ,Q B3D%
G3-=630;8O3=%,1%;>3%"7<%+3=;:531;HGLWHGE\-%3D\QH:DFR:RUG
AECJ7

:ULJKW'3´'D\RI$WRQHPHQWµ*?&  

Ɇ ´7KH'LVSRVDORI,PSXULW\LQWKH3ULHVWO\:ULWLQJVRIWKH%LEOHZLWK5HIHUHQFH
WR 6LPLODU 3KHQRPHQD LQ +LWWLWH DQG 0HVRSRWDPLDQ &XOWXUHVµ 3K' GLVV
8QLYHUVLW\RI&DOLIRUQLD%HUNHOH\

Ɇ ´7KH *HVWXUH RI +DQG 3ODFHPHQW LQ WKH +HEUHZ %LEOH DQG LQ WKH +LWWLWH
O&5(%,5*%(7V#I*"!  

Ɇ +>3% &8=6,=:7% ,2% $56H-8;AF% '78581:;8,1% )8;3=% 81% ;>3% ?8@73% :1<% 81% C8;;8;3% :1<%
V3=,6,;:58:1%#8;3-:;H-36%/'6$WODQWD6FKRODUV

Ɇ '1)UHHGPDQDQG$+XUYLW]HGVG,539-:1:;3=%:1<%(,7<31%?377=F%!;H<83=%
LQ%LEOLFDO-HZLVKDQG1HDU(DVWHUQ5LWXDO/DZDQG/LWHUDWXUHLQ+RQRURI-DFRE
V879-,5:LQRQD/DNH(LVHQEUDXQV

:ULJKW*(´*RG$PLGVW+LV3HRSOH7KH6WRU\RIWKH7HPSOHµ,Q+>3%)H73%,2%
(,<F%'==:A=%81%?8@780:7%+>3,7,9A1HZ<RUN'RXEOHGD\

Ɇ ´7KH7HPSOHLQ3DOHVWLQH6\ULDµ?*)  

Ɇ ´7KH 7KHRORJLFDO 6WXG\ RI WKH %LEOHµ ,Q +>3% $1;3-6-3;3-J=% "13Q`,7H53%
E,5531;:-A%,1%;>3%?8@731DVKYLOOH$ELQJGRQ

Ɇ (,<%K>,%*0;=F%?8@780:7%+>3,7,9A%:=%)308;:7/RQGRQ6&0

=HYLW = ´3KLORORJ\ $UFKDHRORJ\ DQG D 7HUPLQXV D 4XR IRU 3·V A'R"!8#
O(+&1),5&/"7V#R"#3RPHJUDQDWHVDQG*ROGHQ%HOOV6WXGLHVLQ%LEOLFDO-HZLVKDQG
1HDU (DVWHUQ 5LWXDO /DZ DQG /LWHUDWXUH LQ +RQRU RI -DFRE 0LOJURP-# (4&5(4#
E\ ' 3 :ULJKW ' 1 )UHHGPDQ DQG $ +XUYLW]  :LQRQD /DNH
(LVHQEUDXQV

=LPPHUOL:´=XP3UREOHPGHU¶0LWWHGHV$OWHQ7HVWDPHQWV·µ'O+#BG#KAECGLU#


Ɇ "7<%+3=;:531;%+>3,7,9A%81%"H;7813$WODQWD-RKQ.QR[

También podría gustarte